A 52-week International, Multicenter, Randomized, Double-Blind, Active-Controlled, Parallel Group, Phase 3bTrial With a Blinded 104-week Long -Term Extension Period to Evaluate the Efficacy and Safety of Saxagliptin Co-administered With Dapagliflozin in Combination With Metformin Compared to Glimepiride in Combination With Metformin ≥1500 mg in Adult Patients With Type 2 Diabetes Who Have Inadequate Glycemic Control on Metformin Therapy Alone
Phase: PHASE3
Conditions: Diabetes
Sponsor: AstraZeneca




3DJH 
3URWRFRO1XPEHU &9
$VWUD=HQHFD$%3URWRFRO1XPEHU '&
,1'1XPEHU 

([86 1RQ,1'

(8'5$&71XPEHU 
'DWH -DQ

5HYLVHG'DWH )HE

&OLQLFDO3URWRFRO&9
$ZHHN,QWHUQDWLRQDO0XOWLFHQWHU5DQGRPL]HG'RXEOH%OLQG$FWLYH&RQWUROOHG3DUDOOHO
*URXS3KDVHE7ULDOZLWKD%OLQGHGZHHN/RQJWHUP([WHQVLRQ3HULRGWR(YDOXDWHWKH
(IILFDF\DQG6DIHW\RI6D[DJOLSWLQ&RDGPLQLVWHUHGZLWK'DSDJOLIOR]LQLQ&RPELQDWLRQZLWK
0HWIRUPLQ&RPSDUHGWR*OLPHSLULGHLQ&RPELQDWLRQZLWK0HWIRUPLQLQ$GXOW3DWLHQWVZLWK
7\SH'LDEHWHV:KR+DYH,QDGHTXDWH*O\FHPLF&RQWURORQ0HWIRUPLQ7KHUDS\$ORQH
5HYLVHG3URWRFRO1XPEHU
,QFRUSRUDWHVDPHQGPHQW

0HGLFDO0RQLWRU




6SRQVRU$VWUD=HQHFD$%6|GHUWlOMH6ZHGHQ
6WXG\EHLQJFRQGXFWHGE\$VWUD=HQHFD$%



7KLVGRFXPHQWLVWKHFRQILGHQWLDODQGSURSULHWDU\LQIRUPDWLRQRI $VWUD=HQHFD$%$=
KHUHRQLQUHIHUUHGWRDVWKH6SRQVRUDQGLWVJOREDODIILOLDWHV%\UHYLHZLQJWKLVGRFXPHQW
\RX DJUHH WR NHHS LW FRQILGHQWLDO DQG WR XVH DQG GLVFORVH LW VROHO\ IRU WKH SXUSRVH RI
DVVHVVLQJ ZKHWKHU \RXU RUJDQL]DWLRQ ZLOO SDUWLFLSDWH LQ DQGRU WKH SHUIRUPDQFH RI WKH
SURSRVHGVSRQVRUHGVWXG\$Q\SHUPLWWHGGLVFORVXUHVZLOOEHPDGHRQO\RQDFRQILGHQWLDO
QHHGWRNQRZEDVLVZLWKLQ\RXURUJDQL]DWLRQRUWR\RXULQGHSHQGHQWHWKLFVFRPPLWWHHV
$Q\ RWKHU XVH FRS\LQJ GLVFORVXUH RU GLVVHPLQDWLRQ RI WKLV LQIRUPDWLRQ LV VWULFWO\
SURKLELWHG XQOHVV H[SUHVVO\ DXWKRUL]HG LQ ZULWLQJ E\ WKH 6SRQVRU $Q\ VXSSOHPHQWDO
LQIRUPDWLRQHJDPHQGPHQWVWKDWPD\EHDGGHGWRWKLVGRFXPHQWLVDOVRFRQILGHQWLDODQG
SURSULHWDU\ WR WKH 6SRQVRU DQG PXVW EH NHSW LQ FRQILGHQFH LQ WKH VDPH PDQQHU DV WKH
PPD

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

FRQWHQWV RI WKLV GRFXPHQW $Q\ SHUVRQ ZKR UHFHLYHV WKLV GRFXPHQW ZLWKRXW GXH
DXWKRUL]DWLRQ IURP WKH 6SRQVRU LV UHTXHVWHG WR UHWXUQ LW WR WKH 6SRQVRU RU SURPSWO\
GHVWUR\LW$OORWKHUULJKWVUHVHUYHG5HIHUHQFHVWRWKH6SRQVRULQWKLVSURWRFROPD\DSSO\
WR SDUWQHUV WR ZKLFK WKH 6SRQVRU KDV WUDQVIHUUHG REOLJDWLRQV HJ D &RQWUDFW 5HVHDUFK
2UJDQL]DWLRQ&52
5HSODFHDOOSUHYLRXVYHUVLRQVRIWKHSURWRFROZLWKWKLVUHYLVHGSURWRFRODQGSOHDVHSURYLGHD
FRS\ RI WKLV UHYLVHG SURWRFRO WR DOO VWXG\ SHUVRQQHO XQGHU \RXU VXSHUYLVLRQ DQG DUFKLYH WKH
SUHYLRXVYHUVLRQV

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

'2&80(17+,6725<
'RFXPHQW
'DWHRI,VVXH
6XPPDU\RI&KDQJH
5HYLVHG
3URWRFRO
)HE
,QFRUSRUDWHV$PHQGPHQW
$PHQGPHQW
)HE
7KHSXUSRVHRIWKLVDPHQGPHQWLVWRSURYLGHDQXSGDWHRQODQJXDJHIRU
VDIHW\GHWDLOVDGGHGUHJDUGLQJWKH'LDEHWLF.HWRDFLGRVLV$GMXGLFDWLRQ
&RPPLWWHHDQGFODULILFDWLRQWKDWORFDOODERUDWRU\UHVXOWVZLOODOVREH
PRQLWRUHGIRUOLYHUIXQFWLRQWH[WDEQRUPDOLWLHVDGYHUVHHYHQWV
FODULILFDWLRQSURYLGHGIRUFROOHFWLRQDQGUHSRUWLQJLQFOXGLQJWKRVH
OHDGLQJWRDPSXWDWLRQDQGWKRVHZLWKSRWHQWLDOULVNIDFWRUIRU
DPSXWDWLRQVFRQILUPHGK\SRJO\FHPLDPDJQHWLFUHVRQDQFHLPDJLQJ
SUHJQDQF\FODULILFDWLRQWKDWVWXG\GUXJZLOOEHSHUPDQHQWO\GLVFRQWLQXHG
LQDQ\VXEMHFWVWKDWEHFRPHSUHJQDQWGXULQJWKHVWXG\EOLQGLQJ
LQYHVWLJDWLRQDOPHGLFLQDOSURGXFWVHIILFDF\DQDO\VHVUHVFXHWKHUDSLHV
DQGSURKLELWHGWUHDWPHQWVWRGHILQHWKHHQGRIWKHVWXG\DQGWR
LQFRUSRUDWHDGPLQLVWUDWLYHFKDQJHV
5HYLVHG
3URWRFRO
0D\
,QFRUSRUDWHV$PHQGPHQW
$PHQGPHQW
0D\
3URYLGHXSGDWHGVDIHW\LQIRUPDWLRQDQGSURWRFROJXLGDQFHUHJDUGLQJ
NHWRDFLGRVLVXURVHSVLVDQGS\HORQHSKULWLV$OVRXSGDWHGFRQWUDFHSWLYH
ODQJXDJHDQGVXEVWXG\FODULILFDWLRQRQHYDOXDEOHGDWD
5HYLVHG
3URWRFRO
$XJ
,QFRUSRUDWHV$PHQGPHQW
$PHQGPHQW
$XJ
7KHSULPDU\SXUSRVHRIWKLVDPHQGPHQWLVWRUHYLVHWKH&U&O
GLVFRQWLQXDWLRQFULWHULD,QDGGLWLRQFKDQJHVZHUHPDGHWRDFFRPPRGDWH
LQWHUQDOIHHGEDFNDQGFRPPHQWVPDGHE\UHJXODWRU\LQVWLWXWLRQV
5HYLVHG
3URWRFRO
0DU
,QFRUSRUDWHV$PHQGPHQW
$PHQGPHQW
0DU
7KHSULPDU\SXUSRVHRIWKLVDPHQGPHQWLVWRFRUUHFWLQIRUPDWLRQLQWKH
,QFOXVLRQDQG([FOXVLRQ&ULWHULDUHJDUGLQJJOLPHSLULGHDQGWRDOLJQWKH
FXUUHQWSURWRFROWRLWVVLVWHUVWXG\&9
2ULJLQDO
3URWRFRO
-DQ
1RWDSSOLFDEOH

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

6<1236,6
&OLQLFDO3URWRFRO&9
3URWRFRO 7LWOH  $ ZHHN ,QWHUQDWLRQDO 0XOWLFHQWHU 5DQGRPL]HG 'RXEOH%OLQG $FWLYH&RQWUROOHG 3DUDOOHO
*URXS3KDVHE7ULDOZLWKD%OLQGHGZHHN/RQJWHUP([WHQVLRQ3HULRGWR(YDOXDWHWKH(IILFDF\DQG6DIHW\RI
6D[DJOLSWLQ &RDGPLQLVWHUHG ZLWK 'DSDJOLIOR]LQ LQ &RPELQDWLRQ ZLWK 0HWIRUPLQ &RPSDUHG WR *OLPHSLULGH LQ
&RPELQDWLRQZLWK0HWIRUPLQLQ$GXOW3DWLHQWVZLWK7\SH'LDEHWHV:KR+DYH,QDGHTXDWH*O\FHPLF&RQWURORQ
0HWIRUPLQ7KHUDS\$ORQH
,QYHVWLJDWLRQDO 3URGXFWV 'RVH DQG 0RGH RI $GPLQLVWUDWLRQ 'XUDWLRQ RI 7UHDWPHQW ZLWK ,QYHVWLJDWLRQDO
3URGXFWV6D[DJOLSWLQPJDQGGDSDJOLIOR]LQPJWDEOHWVRUJOLPHSLULGHPJWDEOHWVDGPLQLVWHUHGRUDOO\
RQFHGDLO\IRUWKHZHHNEOLQGHGWUHDWPHQWSHULRG
6WXG\3KDVHE
5HVHDUFK+\SRWKHVLV7KHUHVHDUFKK\SRWKHVLVRIWKHSUHVHQWVWXG\LVWKDWWKHFRDGPLQLVWUDWLRQRIVD[DJOLSWLQDQG
GDSDJOLIOR]LQLQDGGLWLRQWRPHWIRUPLQUHVXOWVLQEHWWHUJO\FHPLFFRQWURODVPHDVXUHGE\+E$FRYHUDWUHDWPHQW
SHULRGRIZHHNVFRPSDUHGWRWKHDGGLWLRQRIJOLPHSLULGHWRPHWIRUPLQLQVXEMHFWVZLWKLQDGHTXDWHO\FRQWUROOHG
7'0
2EMHFWLYHV
3ULPDU\REMHFWLYH
7R FRPSDUH WKH PHDQ FKDQJH IURP EDVHOLQH LQ +E$F DFKLHYHG ZLWK VD[DJOLSWLQ LQ FRDGPLQLVWUDWLRQ ZLWK
GDSDJOLIOR]LQ DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK PHWIRUPLQ FRPSDUHG WR JOLPHSLULGH DGGHG WR FXUUHQW
EDFNJURXQGWKHUDS\ZLWKPHWIRUPLQDW:HHN
6HFRQGDU\HIILFDF\REMHFWLYHV
6KRUWWHUP
x
7RFRPSDUHWKHPHDQFKDQJHIURPEDVHOLQHLQWRWDOERG\ZHLJKWDFKLHYHGZLWKVD[DJOLSWLQLQFRDGPLQLVWUDWLRQ
ZLWK GDSDJOLIOR]LQ DGGHG WR FXUUHQWEDFNJURXQG WKHUDS\ ZLWK PHWIRUPLQ FRPSDUHG WR JOLPHSLULGH DGGHG WR
FXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQDW:HHN
x
7RFRPSDUHWKHSURSRUWLRQRIVXEMHFWVDFKLHYLQJDWKHUDSHXWLFJO\FHPLFUHVSRQVHGHILQHGDV+E$FDW
:HHNZLWKVD[DJOLSWLQLQFRDGPLQLVWUDWLRQZLWKGDSDJOLIOR]LQDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWK
PHWIRUPLQFRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQ
x
7R FRPSDUH WKH PHDQ FKDQJH IURP EDVHOLQH LQ V\VWROLF EORRG SUHVVXUH 6%3 DFKLHYHG ZLWK VD[DJOLSWLQ LQ
FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK PHWIRUPLQ FRPSDUHG WR
JOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQDW:HHN
x
7RFRPSDUHWKHWLPHWRWUHDWPHQWLQWHQVLILFDWLRQDGGLWLRQRILQVXOLQRURWKHUJOXFRVHORZHULQJDJHQWIRUUHVFXH
WKHUDS\RUGLVFRQWLQXDWLRQIRUODFNRIJO\FHPLFFRQWURODFKLHYHGZLWKVD[DJOLSWLQLQFRDGPLQLVWUDWLRQZLWK
GDSDJOLIOR]LQDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQFRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQW
EDFNJURXQGWKHUDS\ZLWKPHWIRUPLQGXULQJWKHZHHNGRXEOHEOLQGWUHDWPHQWSHULRG

/RQJWHUP
x
7RFRPSDUHWKHWLPHWRWUHDWPHQWLQWHQVLILFDWLRQDGGLWLRQRILQVXOLQRURWKHUJOXFRVHORZHULQJDJHQWIRUUHVFXH
WKHUDS\RUGLVFRQWLQXDWLRQIRUODFNRIJO\FHPLFFRQWURODFKLHYHGZLWKVD[DJOLSWLQLQFRDGPLQLVWUDWLRQZLWK
GDSDJOLIOR]LQDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQFRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQW
EDFNJURXQGWKHUDS\ZLWKPHWIRUPLQGXULQJWKHZHHNWUHDWPHQWSHULRG
x
7RFRPSDUHWKHSURSRUWLRQRIVXEMHFWVDFKLHYLQJWKHUDSHXWLFJO\FHPLFUHVSRQVHGHILQHGDV+E$FDW
:HHNZLWKVD[DJOLSWLQLQFRDGPLQLVWUDWLRQZLWKGDSDJOLIOR]LQDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWK
PHWIRUPLQFRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQ


&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

([SORUDWRU\2EMHFWLYHV
6KRUWWHUP
x
7R DVVHVV WKH SURSRUWLRQ RI VXEMHFWV DFKLHYLQJ D WKHUDSHXWLF JO\FHPLF UHVSRQVH GHILQHG DV +E$F 
ZLWKRXWDQ\K\SRJO\FHPLDDW:HHNDFKLHYHGZLWKVD[DJOLSWLQLQFRDGPLQLVWUDWLRQZLWKGDSDJOLIOR]LQDGGHG
WRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQFRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\
ZLWKPHWIRUPLQ
x
7R DVVHVV WKH SURSRUWLRQ RI VXEMHFWV DFKLHYLQJ D WKHUDSHXWLF JO\FHPLF UHVSRQVH GHILQHG DV +E$F 
ZLWKRXWDQ\K\SRJO\FHPLDDQGZHLJKWJDLQDW:HHNDFKLHYHGZLWKVD[DJOLSWLQLQFRDGPLQLVWUDWLRQZLWK
GDSDJOLIOR]LQDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQFRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQW
EDFNJURXQGWKHUDS\ZLWKPHWIRUPLQ
x
7R DVVHVV PHDQ FKDQJH IURP EDVHOLQH LQ IDVWLQJ SODVPD JOXFRVH )3* DFKLHYHG ZLWK VD[DJOLSWLQ LQ
FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK PHWIRUPLQ FRPSDUHG WR
JOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQDW:HHN
x
7RDVVHVVFKDQJHIURPEDVHOLQHRIPHWDEROLFPHDVXUHVJOXFDJRQ&SHSWLGHSURLQVXOLQLQVXOLQL+20$DW
:HHN  DFKLHYHG ZLWK VD[DJOLSWLQ LQ FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ DGGHG WR FXUUHQW EDFNJURXQG
WKHUDS\ZLWKPHWIRUPLQFRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQ
x
7RDVVHVVFKDQJHIURPEDVHOLQHLQDYHUDJHJOXFRVHYDOXHVDQGSRVWSUDQGLDOJOXFRVHYDOXHVPHDVXUHGE\SRLQW
VHOIPRQLWRUHGEORRGJOXFRVH60%*SURILOHVDW:HHNDFKLHYHGZLWKVD[DJOLSWLQLQFRDGPLQLVWUDWLRQZLWK
GDSDJOLIOR]LQDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQFRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQW
EDFNJURXQGWKHUDS\ZLWKPHWIRUPLQ
x
7RDVVHVVFKDQJHIURPEDVHOLQHRIXULQDU\DOEXPLQWRFUHDWLQLQHUDWLRDW:HHNDFKLHYHGZLWKVD[DJOLSWLQLQ
FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK PHWIRUPLQ FRPSDUHG WR
JOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQ
x
7R DVVHVV FKDQJH IURP EDVHOLQH RI ELRPDUNHUV KLJKVHQVLWLYLW\ &UHDFWLYH SURWHLQ >KV&53@ 1WHUPLQDO
SUREUDLQQDWULXUHWLFSHSWLGH>173UR%13@DW:HHNRIGRXEOHEOLQGWUHDWPHQWDFKLHYHGZLWKVD[DJOLSWLQLQ
FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK PHWIRUPLQ FRPSDUHG WR
JOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQ
x
7RDVVHVVFKDQJHVLQSDWLHQWUHSRUWHGWUHDWPHQWVDWLVIDFWLRQTXDOLW\RIOLIHDQGEDUULHUVWRPHGLFDWLRQDGKHUHQFH
DFKLHYHGZLWKVD[DJOLSWLQLQFRDGPLQLVWUDWLRQZLWKGDSDJOLIOR]LQDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWK
PHWIRUPLQFRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQDW:HHN
x
7RDVVHVVFKDQJHIURPEDVHOLQHLQJO\FHPLFYDULDELOLW\DVGHILQHGE\PHDQDPSOLWXGHRIJO\FHPLFH[FXUVLRQV
0$*( LQ D VXEJURXS XVLQJ FRQWLQXRXV JOXFRVH PRQLWRULQJ &*0 DFKLHYHG ZLWK VD[DJOLSWLQ LQ
FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK PHWIRUPLQ FRPSDUHG WR
JOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQDW:HHNLQWKHVXESRSXODWLRQRIVXEMHFWV
ZKRXQGHUJR&*0
x
7RDVVHVVFKDQJHVIURPEDVHOLQHWR:HHNLQYLVFHUDODQGVXEFXWDQHRXVDGLSRVHWLVVXHYROXPHDQGSHUFHQW
KHSDWLF OLSLG FRQWHQW DFKLHYHG ZLWK VD[DJOLSWLQ LQ FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ DGGHG WR FXUUHQW
EDFNJURXQG WKHUDS\ ZLWK PHWIRUPLQ FRPSDUHG WR JOLPHSLULGH DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK
PHWIRUPLQLQWKHVXESRSXODWLRQRIVXEMHFWVZKRXQGHUJRPDJQHWLFUHVRQDQFHLPDJLQJ05,HVWLPDWHGSURWRQ
GHQVLW\IDWIUDFWLRQ3'))

/RQJWHUP
x
7R DVVHVV WKH PHDQ FKDQJH IURP EDVHOLQH LQ +E$F DFKLHYHG ZLWK VD[DJOLSWLQ LQ FRDGPLQLVWUDWLRQ ZLWK
GDSDJOLIOR]LQDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQFRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQW
EDFNJURXQGWKHUDS\ZLWKPHWIRUPLQDW:HHN
x
7R DVVHVV WKH WLPH VSHQW DW RU EHORZ +E$F WDUJHW +E$F   DFKLHYHG ZLWK VD[DJOLSWLQ LQ
FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK PHWIRUPLQ FRPSDUHG WR
JOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQGXULQJZHHNV
x
7R DVVHVV WKH SURSRUWLRQ RI VXEMHFWV DFKLHYLQJ D WKHUDSHXWLF JO\FHPLF UHVSRQVH GHILQHG DV +E$F 
ZLWKRXW DQ\ K\SRJO\FHPLD DW :HHN  DFKLHYHG ZLWK VD[DJOLSWLQ LQ FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

DGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQFRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQG
WKHUDS\ZLWKPHWIRUPLQ
x
7R DVVHVV WKH SURSRUWLRQ RI VXEMHFWV DFKLHYLQJ D WKHUDSHXWLF JO\FHPLF UHVSRQVH GHILQHG DV +E$F 
ZLWKRXWDQ\K\SRJO\FHPLDDQGZHLJKWJDLQDW:HHNDFKLHYHGZLWKVD[DJOLSWLQLQFRDGPLQLVWUDWLRQZLWK
GDSDJOLIOR]LQDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQFRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQW
EDFNJURXQGWKHUDS\ZLWKPHWIRUPLQ
x
7RDVVHVVPHDQFKDQJHIURPEDVHOLQHLQ)3*DFKLHYHGZLWKVD[DJOLSWLQLQFRDGPLQLVWUDWLRQZLWKGDSDJOLIOR]LQ
DGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQFRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQG
WKHUDS\ZLWKPHWIRUPLQDW:HHN
x
7RDVVHVVFKDQJHIURPEDVHOLQHRIPHWDEROLFPHDVXUHVJOXFDJRQ&SHSWLGHSURLQVXOLQLQVXOLQL+20$DW
:HHN  DFKLHYHG ZLWK VD[DJOLSWLQ LQ FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ DGGHG WR FXUUHQW EDFNJURXQG
WKHUDS\ZLWKPHWIRUPLQFRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQ
x
7RDVVHVVFKDQJHIURPEDVHOLQHRIXULQDU\DOEXPLQWRFUHDWLQLQHUDWLRDW:HHNDFKLHYHGZLWKVD[DJOLSWLQLQ
FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK PHWIRUPLQ FRPSDUHG WR
JOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQ
x
7RDVVHVVFKDQJHIURPEDVHOLQHRIELRPDUNHUVKLJKVHQVLWLYLW\&UHDFWLYHSURWHLQ>KV&53@1WHUPLQDOSUR
EUDLQ QDWULXUHWLF SHSWLGH >17 3UR%13@ DW :HHN  DFKLHYHG ZLWK VD[DJOLSWLQ LQ FRDGPLQLVWUDWLRQ ZLWK
GDSDJOLIOR]LQDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQFRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQW
EDFNJURXQGWKHUDS\ZLWKPHWIRUPLQ
x
7RFRPSDUHWKHPHDQFKDQJHIURPEDVHOLQHLQWRWDOERG\ZHLJKWDFKLHYHGZLWKVD[DJOLSWLQLQFRDGPLQLVWUDWLRQ
ZLWK GDSDJOLIOR]LQ DGGHG WR FXUUHQWEDFNJURXQG WKHUDS\ ZLWK PHWIRUPLQ FRPSDUHG WR JOLPHSLULGH DGGHG WR
FXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQDW:HHN
x
7R FRPSDUH WKH PHDQ FKDQJH IURP EDVHOLQH LQ 6%3 DFKLHYHG ZLWK VD[DJOLSWLQ LQ FRDGPLQLVWUDWLRQ ZLWK
GDSDJOLIOR]LQDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQFRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQW
EDFNJURXQGWKHUDS\ZLWKPHWIRUPLQDW:HHN
x
7RDVVHVVFKDQJHVLQSDWLHQWUHSRUWHGWUHDWPHQWVDWLVIDFWLRQTXDOLW\RIOLIHDQGEDUULHUVWRPHGLFDWLRQDGKHUHQFH
DFKLHYHGZLWKVD[DJOLSWLQLQFRDGPLQLVWUDWLRQZLWKGDSDJOLIOR]LQDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWK
PHWIRUPLQFRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQDW:HHN
x
7RDVVHVVFKDQJHVIURPEDVHOLQHWR:HHNLQYLVFHUDODQGVXEFXWDQHRXVDGLSRVHWLVVXHYROXPHDQGSHUFHQW
KHSDWLF OLSLG FRQWHQW DFKLHYHG ZLWK VD[DJOLSWLQ LQ FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ DGGHG WR FXUUHQW
EDFNJURXQG WKHUDS\ ZLWK PHWIRUPLQ FRPSDUHG WR JOLPHSLULGH DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK
PHWIRUPLQLQWKHVXESRSXODWLRQRIVXEMHFWVZKRXQGHUJR05,3'))

6DIHW\REMHFWLYHV
x
&RQILUPHGK\SRJO\FHPLDGHILQHGDVEORRGJOXFRVHdPJG/PPRO/UHFRUGHGLQWKHK\SRJO\FHPLD
PRGXOH RI WKH HOHFWURQLF &DVH 5HSRUW )RUP H&5) IRU VD[DJOLSWLQ FRDGPLQLVWHUHG ZLWK GDSDJOLIOR]LQ YV
JOLPHSLULGHDWDQGZHHNVRIWKHUDS\
x
7RHYDOXDWHWKHVDIHW\DQGWROHUDELOLW\RIEOLQGHGWUHDWPHQWDFKLHYHGZLWKVD[DJOLSWLQLQFRDGPLQLVWUDWLRQZLWK
GDSDJOLIOR]LQDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQFRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQW
EDFNJURXQGWKHUDS\ZLWKPHWIRUPLQDWDQGZHHNVRIWKHUDS\

6WXG\ 'HVLJQ  7KLV LV DQ LQWHUQDWLRQDO PXOWLFHQWHU UDQGRPL]HG GRXEOHEOLQG DFWLYHFRQWUROOHG SDUDOOHOJURXS
3KDVHEVWXG\ZKRVHSULPDU\HQGSRLQWLVWKHFKDQJHIURPEDVHOLQHLQ+E$FZLWKVD[DJOLSWLQLQFRPELQDWLRQZLWK
GDSDJOLIOR]LQ RQ WRS RI EDFNJURXQG WKHUDS\ ZLWK PHWIRUPLQ FRPSDUHG WR JOLPHSLULGH LQ FRPELQDWLRQ ZLWK
PHWIRUPLQ 7KH SULPDU\ HQGSRLQW RI +E$F ZLOO EH DVVHVVHG DW  ZHHNV KRZHYHU WKH WULDO ZLOO FRQWLQXH IRU
ZHHNVDVDVXEMHFWDQGVLWHEOLQGHGH[WHQVLRQ
6XEMHFWVZLWKGRFXPHQWHG7'0WUHDWHGZLWKPHWIRUPLQPRQRWKHUDS\ZLOOEHHQUROOHG6XEMHFWVZLOOFRQWLQXHWR
UHFHLYHEDFNJURXQGPHWIRUPLQPJGD\WKURXJKRXWWKHGXUDWLRQRIWKHVWXG\XQOHVVPHWIRUPLQWUHDWPHQWLV
WHPSRUDULO\ ZLWKKHOG GXH WR GHFUHDVHG FUHDWLQLQH FOHDUDQFH &U&O $OO VXEMHFWV VKRXOG EH WUHDWHG DFFRUGLQJ WR
UHJLRQDOVWDQGDUGVRIFDUHIRUGLDEHWHV

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

0DJQHWLF 5HVRQDQFH ,PDJLQJ 05, 6XEVWXG\  %RG\ FRPSRVLWLRQ PHDVXUHPHQWV E\ 05, FDQ VHSDUDWHO\
TXDQWLI\ WKH VXEFXWDQHRXV DQG YLVFHUDO DGLSRVH WLVVXH 1RQLQYDVLYH TXDQWLILFDWLRQ RI OLYHU OLSLG FRQWHQW E\
05,HVWLPDWHGSURWRQGHQVLW\IDWIUDFWLRQ3'))LVDQHPHUJLQJELRPDUNHUIRUDVVHVVPHQWRIWKHEHQHILFLDOHIIHFWV
RIZHLJKWORVVDQGLPSURYHPHQWLQJO\FHPLFFRQWURORQOLYHUOLSLGPHWDEROLVP
,QWKLVSURWRFRODVXESRSXODWLRQRIDSSUR[LPDWHO\UDQGRPL]HGVXEMHFWVaVXEMHFWWUHDWPHQWDUPZKRDJUHH
WR SDUWLFLSDWH VHSDUDWH LQIRUPHG FRQVHQW ZLOO XQGHUJR 05,3')) PHDVXUHPHQW RI VXEFXWDQHRXV DQG YLVFHUDO
DGLSRVHWLVVXHWRJHWKHUZLWKKHSDWLFOLSLGFRQWHQWDWEDVHOLQHDQG:HHN$W:HHNWKHVXEMHFWVZLOOXQGHUJR
DQ05,3'))PHDVXUHPHQWRIVXEFXWDQHRXVDQGYLVFHUDODGLSRVHWLVVXHWRJHWKHUZLWKOLYHUYROXPHDQGOLYHUOLSLG
FRQWHQW 6XEMHFWV ZKR UHTXLUH UHVFXH WKHUDS\ RU GLVFRQWLQXH IURP WUHDWPHQW HDUO\ ZLOO EH DVNHG WR UHWXUQ IRU DQ
XQVFKHGXOHG05,YLVLWZLWKLQZHHNVRILQLWLDWLRQRIUHVFXHWKHUDS\RUWKH(DUO\7HUPLQDWLRQYLVLW
&RQWLQXRXV *OXFRVH 0RQLWRULQJ &*0 6XEVWXG\  &*0 LV D XVHIXO WHFKQRORJ\ LQ DGGLWLRQ WR +E$F WR
TXDOLWDWLYHO\ DV ZHOO DV TXDQWLWDWLYHO\ PRQLWRU WKH TXDOLW\ RI JO\FHPLF FRQWURO LQ WKH IRUP RI WLPH VSHQW LQ WKH
HXJO\FHPLFK\SHUJO\FHPLFK\SRJO\FHPLF UDQJHV EORRG JOXFRVH d  PJG/  PPRO/ DQG WKH PHDQ
DPSOLWXGH RI JOXFRVH H[FXUVLRQV 0$*( &RDGPLQLVWUDWLRQ RI VD[DJOLSWLQ DQG GDSDJOLIOR]LQ LV H[SHFWHG WR
GHPRQVWUDWHOHVVYDULDELOLW\LQJO\FHPLFFRQWURODQGPRUHWLPHVSHQWLQWKHHXJO\FHPLFUDQJHFRPSDUHGWRWUHDWPHQW
ZLWKJOLPHSLULGH
,QWKLVSURWRFRODVXESRSXODWLRQRIDSSUR[LPDWHO\UDQGRPL]HGVXEMHFWVaVXEMHFWWUHDWPHQWDUPZKRDJUHH
WRSDUWLFLSDWHVHSDUDWHLQIRUPHGFRQVHQWZLOOKDYH&*0SHUIRUPHGIRUSHULRGVRIGD\VDWEDVHOLQHEHWZHHQ
:HHNDQG:HHN>LHSULRUWRUHFHLYLQJVWXG\PHGLFDWLRQ@DQGDW:HHNRIWUHDWPHQW
6WXG\6FKHPDWLF

6WXG\ 3RSXODWLRQ  6XEMHFWV VKRXOG EH VHOHFWHG ZLWKRXW ELDV (DFK VXEMHFW RQ VWDEOH EDFNJURXQG WKHUDS\ ZLWK
PHWIRUPLQPRQRWKHUDS\VKRXOGPHHWDOORIWKHLQFOXVLRQFULWHULDDQGQRQHRIWKHH[FOXVLRQFULWHULDIRUWKLVVWXG\
8QGHUQRFLUFXPVWDQFHVFDQWKHUHEHDQ\H[FHSWLRQVWRWKLVUXOH$OOVXEMHFWVZKRZHUHVFUHHQHGDQGKDYHVXEPLWWHG
DEORRGVDPSOHVKRXOGEHOLVWHGRQWKHVXEMHFWHQUROOPHQWDQGLGHQWLILFDWLRQORJ,QYHVWLJDWRUVPXVWNHHSDUHFRUG
RIVXEMHFWVZKRHQWHUHGSUHWULDOVFUHHQLQJEXWZHUHQHYHUHQUROOHG
6XEMHFWVZLOOEHHQUROOHGJOREDOO\LQFOXGLQJUHSUHVHQWDWLRQIURP1RUWK$PHULFDDQG(XURSH

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

6WXG\ 'UXJ LQFOXGHV ERWK ,QYHVWLJDWLRQDO 0HGLFLQDO 3URGXFWV ,03 DQG 1RQLQYHVWLJDWLRQDO 0HGLFLQDO
3URGXFWV1RQ,03DVOLVWHG
6WXG\'UXJIRU&9
0HGLFDWLRQ
3RWHQF\
,031RQ,03
'DSDJOLIOR]LQ
PJ
,03
0DWFKLQJSODFHERIRU
GDSDJOLIOR]LQ
PJ
,03
6D[DJOLSWLQ
PJ
,03
0DWFKLQJSODFHERIRU
VD[DJOLSWLQ
PJ
,03
*OLPHSLULGH
PJWLWUDWHG
,03
0DWFKLQJSODFHERIRU
JOLPHSLULGH
PJ
,03

'DSDJOLIOR]LQVD[DJOLSWLQJOLPHSLULGHDQGWKHLUPDWFKLQJSODFHERWDEOHWVFDSVXOHVZLOOEHSDFNDJHGLQERWWOHV7KH
WDEOHWVFDSVXOHVPD\FRQWDLQODFWRVHZKLFKPD\FDXVHGLVFRPIRUWLQODFWRVHLQWROHUDQWLQGLYLGXDOV
'RVHDQGWUHDWPHQWUHJLPHQV%OLQGHG6WXG\0HGLFDWLRQ
6D[DJOLSWLQ  PJ WDEOHWV RU PDWFKLQJ SODFHER WDEOHWV DGPLQLVWHUHG RUDOO\ RQFH GDLO\ ZLOO EH SURYLGHG IRU WKH
ZHHN EOLQGHG WUHDWPHQW SHULRG 6D[DJOLSWLQ  PJ LV WKH PD[LPXP UHFRPPHQGHG GDLO\ GRVH 1R XS RU
GRZQWLWUDWLRQRIVD[DJOLSWLQZLOOEHDOORZHG
'DSDJOLIOR]LQPJWDEOHWVRUPDWFKLQJSODFHERWDEOHWVDGPLQLVWHUHGRUDOO\RQFHGDLO\ZLOOEHSURYLGHGIRUWKH
ZHHN EOLQGHG WUHDWPHQW SHULRG 'DSDJOLIOR]LQ  PJ LV WKH PD[LPXP UHFRPPHQGHG GDLO\ GRVH 1R XS RU
GRZQWLWUDWLRQRIGDSDJOLIOR]LQZLOOEHDOORZHG
*OLPHSLULGHPJRUPDWFKLQJSODFHERFDSVXOHVDGPLQLVWHUHGRUDOO\RQFHGDLO\ZLOOEHSURYLGHGIRUWKHZHHN
EOLQGHG WUHDWPHQW SHULRG 'XULQJ WKH ILUVW  ZHHNV WKH JOLPHSLULGHSODFHER GRVH ZLOO EH VORZO\ WLWUDWHG LQ D
VWHSZLVHEOLQGHGIDVKLRQGHSHQGLQJRQJO\FDHPLFFRQWURO)RUWKHGXUDWLRQRIWKHVWXG\)3*ZLOOEHPHDVXUHGDWWKH
VWXG\FHQWHUXVLQJDJOXFRVHDQDO\]HUSURYLGHGE\WKH6SRQVRU7KHLQYHVWLJDWRU¶VGHFLVLRQRQGRVHWLWUDWLRQHLWKHU
XSZDUGV RU GRZQZDUGV ZLOO WDNH ERWK WKH SODVPD JOXFRVH PHDVXUHPHQWV PHDVXUHG SULRU WR WKH YLVLW DQG WKH
LQYHVWLJDWRU¶V PHDVXUHPHQWV DW WKH WLWUDWLRQ YLVLWV LQWR DFFRXQW 7KH JOLPHSLULGHSODFHER GRVH ZLOO EH WLWUDWHG WR
RSWLPDO HIIHFW )3* d  PJG/ >PPRO/@ RU WKH KLJKHVW WROHUDEOH GRVH GXULQJ WKH ILUVW  ZHHNV 7KH
VWDUWLQJGRVHIRUJOLPHSLULGHSODFHERLVPJSHUGD\RQFHGDLO\ZKLFKFDQEHIXUWKHULQFUHDVHGE\LQFUHPHQWVRI
PJDWZHHNLQWHUYDOVWRDPD[LPXPRIPJSHUGD\PD[LPXPUHFRPPHQGHGGRVHDVSHUWKH6XPPDU\RI
3URGXFW&KDUDFWHULVWLFVDQGWKXVWKHPD[LPXPGRVHWREHXVHGLQWKLVVWXG\7KHWLWUDWLRQVWHSVZLOOEHPJPJ
PJ DQG  PJ RQFH GDLO\ LI QHHGHG ,Q VXEMHFWV IRU ZKRP WLWUDWLRQ LV QRW PHGLFDOO\ LQGLFDWHG DW :HHN
UHDVVHVVPHQWIRUWLWUDWLRQZLOORFFXUDW:HHN:HHNDQG:HHN
7KHJOLPHSLULGHSODFHERGRVHFDQEHGRZQWLWUDWHGGXULQJWKHWLWUDWLRQSHULRGLIK\SRJO\FHPLFHYHQWVRFFXU7KH
WUHDWPHQWFDQWKHUHDIWHUEHXSWLWUDWHGRQFHGXULQJWKHWLWUDWLRQSHULRG6XEMHFWVUHDFKLQJWKHPJGRVHDW:HHN
ZLOOKDYHDIROORZXSSKRQHFDOOZHHNVODWHU7KHJOLPHSLULGHGRVHFDQEHGRZQWLWUDWHGIURP:HHNRQZDUGV
PDLQWHQDQFHSHULRGLIK\SRJO\FHPLFHYHQWVRFFXU
'XULQJWKHUDQGRPL]HGWUHDWPHQWSHULRGGLHWDQGOLIHVW\OHPRGLILFDWLRQZLOOFRQWLQXHWREHUHLQIRUFHG

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

$OOUDQGRPL]HGVXEMHFWVUHVFXHGZLWKLQVXOLQDQGWDNLQJUDQGRPL]HGLQYHVWLJDWLRQDOPHGLFLQDOSURGXFW,03VKRXOG
FRQWLQXHVFKHGXOHGVWXG\YLVLWVDVSODQQHGLQWKH7LPHDQG(YHQWV7DEOH6HFWLRQ
6XEMHFWV ZKR GHFLGH WR SUHPDWXUHO\ GLVFRQWLQXH WKH ,03 ZLOO DOZD\V EH DVNHG DERXW WKH UHDVRQV IRU
GLVFRQWLQXDWLRQDQGWKHSUHVHQFHRIDQ\DGYHUVHHYHQWV$(V6XEMHFWVVKRXOGUHWXUQDQGFRPSOHWHWKHSURFHGXUHV
GHVFULEHGIRUWKH(QGRI7UHDWPHQW(27YLVLWDVVRRQDVSRVVLEOHEXWDWWKHODWHVWGD\VDIWHUGLVFRQWLQXDWLRQRI
,03 6XEMHFWV ZLWK XQUHVROYHG $(V VKRXOG DOVR EH IROORZHGXS DV ORQJ DV PHGLFDOO\ LQGLFDWHG DV MXGJHG E\
LQYHVWLJDWRU
$OOVXEMHFWVZKRGLVFRQWLQXHIURPWUHDWPHQWVKRXOGDOVRFRPSO\ZLWKSURWRFROVSHFLILHGIROORZXSSURFHGXUHV7KH
RQO\H[FHSWLRQWRWKLVUHTXLUHPHQWLVZKHQDVXEMHFWZLWKGUDZVFRQVHQWIRUDOOVWXG\SURFHGXUHVRUORVHVWKHDELOLW\
WRFRQVHQWIUHHO\LHLVLPSULVRQHGRULQYROXQWDULO\LQFDUFHUDWHGIRUWKHWUHDWPHQWRIHLWKHUDSV\FKLDWULFRUSK\VLFDO
LOOQHVV
6XEMHFWVORVWWRIROORZXSDUHGHILQHGE\XQDEOHWRUHDFKDIWHUWKUHHGRFXPHQWHGSKRQHFDOOVID[HPDLORU
DWWHPSWVWRFRQWDFWKLPKHUWKURXJKVXEMHFWORFDWRUDJHQFLHVLIDOORZHGSHUQDWLRQDOUHJXODWLRQDQGKDYLQJVHQW
RQHOHWWHUE\UHJLVWHUHGFHUWLILHGPDLO$OOVKRXOGEHGRFXPHQWHGLQWKHVXEMHFW¶VPHGLFDOUHFRUGV
&RQFRPLWDQWDQGRWKHUWUHDWPHQWV
7UHDWPHQW ZLWK VXOIRQ\OXUHDV RWKHU WKDQ ,03 SLRJOLWD]RQH URVLJOLWD]RQH JOXFDJRQOLNH SHSWLGH */3
UHFHSWRUDJRQLVWVGLSHSWLG\OSHSWLGDVH'33LQKLELWRUVRWKHUWKDQ,03DQGDQ\VRGLXPJOXFRVHFRWUDQVSRUWHU
6*/7LQKLELWRUVRWKHUWKDQ,03LVQRWSHUPLWWHGIRUWKHGXUDWLRQRIWKHVWXG\
2WKHUFRQFRPLWDQWWUHDWPHQW
0HGLFDWLRQRWKHUWKDQWKDWGHVFULEHGDERYHZKLFKLVFRQVLGHUHGQHFHVVDU\IRUWKHVXEMHFW¶VVDIHW\DQGZHOOEHLQJ
PD\EHJLYHQDWWKHGLVFUHWLRQRIWKHLQYHVWLJDWRUDQGUHFRUGHGLQWKHDSSURSULDWHVHFWLRQVRIWKH&DVH5HSRUW)RUP
&5)
,QDGGLWLRQDOOQHZRUFKDQJHGFRQFRPLWDQWPHGLFDWLRQVWKDWWKHVXEMHFWLVWUHDWHGZLWKZKHQDQ$(6HFWLRQ
RFFXUVQHHGVWREHUHFRUGHGRQDVSHFLILFH&5)SDJHUHJDUGOHVVRIWKHWUHDWPHQWGXUDWLRQ1RWHWKDWWKLVVKRXOGDOVR
DSSO\WRFRQFRPLWDQWPHGLFDWLRQVZKLFKKDYHEHHQGLVFRQWLQXHGEHIRUHWKHVWDUWRIWKH$(LIMXGJHGDVLPSRUWDQWE\
WKHLQYHVWLJDWRU
6WXG\$VVHVVPHQWV
(IILFDF\DVVHVVPHQWV
$VVHVVPHQWVFRQVLVWRIWKHFHQWUDOODERUDWRU\PHDVXUHPHQWRI+E$FDQGRWKHUUHOHYDQWODERUDWRU\WHVWVFROOHFWHG
GXULQJWKHVWXG\
$FRUHODERUDWRU\HYDOXDWHVDOO05,PHDVXUHPHQWVFHQWUDOO\1RORFDOHYDOXDWLRQZLOOEHSHUIRUPHG5HVXOWVRI05,
PHDVXUHPHQWVZLOOEHEOLQGHGWRLQYHVWLJDWRUV05,VLWHVVXEMHFWVDQGWKH6SRQVRUGXULQJWKHGXUDWLRQRIWKHVWXG\
05,
%RG\ FRPSRVLWLRQ ZLOO EH PHDVXUHG ZLWK 05, XVLQJ D ERG\ VFDQ EDVHG RQ WKH 'L[RQ PHWKRG ZLWK PXOWLSOH
JUDGLHQWHFKRHVDQGPXOWLVOLFHDFTXLVLWLRQFHQWHUHGDWWKH//LQWHUIDFH$OODFTXLVLWLRQVZLOOEHSHUIRUPHGXVLQJ
FOLQLFDO 05, VFDQQHUV ZLWK WKH VXEMHFWV LQ WKH VXSLQH SRVLWLRQ 7KH DQDO\VLV ZLOO EH GRQH FHQWUDOO\ XVLQJ
VHPLDXWRPDWHGVRIWZDUHWKDWZLOOJLYHYLVFHUDOVXEFXWDQHRXVDQGWRWDOIDWYROXPHDVRXWSXWLQOLWHUVO
/LYHUOLSLGFRQWHQWZLOOEHFDOFXODWHGIURPDVHSDUDWHVFDQFRYHULQJWKHOLYHUXVLQJWKH'L[RQWHFKQLTXHJLYLQJOLYHU
OLSLGVDVRXWSXWLQSHUFHQW
6DIHW\DVVHVVPHQWV
6HOIPRQLWRUHGEORRGJOXFRVH60%*DQGUHSRUWLQJRIK\SRJO\FHPLD
*OXFRVHPHWHUVZLOOEHVXSSOLHGWRHDFKVWXG\VLWH$WWKHOHDGLQSHULRGVXEMHFWVZLOOUHFHLYHDJOXFRVHPHWHU
VXSSOLHV DQG LQVWUXFWLRQ RQ WKHLU XVH 6XSSOLHV ZLOO EH SURYLGHG WR DOORZ IRU DSSUR[LPDWHO\  EORRG JOXFRVH
DVVHVVPHQWVSHUPRQWKIRUWKHGXUDWLRQRIWKHVWXG\7KHLQYHVWLJDWRUPD\UHTXLUHPRUHIUHTXHQWUHDGLQJVEDVHGRQ
ORFDOFOLQLFDOSUDFWLFH6XEMHFWVVKRXOGEULQJWKHLUJOXFRVHPHWHUZLWKWKHPWRHDFKVWXG\YLVLWWRHQVXUHWKDWLWLV
IXQFWLRQLQJSURSHUO\

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

6XEMHFWVVKRXOGVHOIPRQLWRUWKHLUEORRGJOXFRVHDSSUR[LPDWHO\WZRWLPHVSHUGD\DQGZKHQV\PSWRPVVXJJHVWLYH
RIK\SRJO\FHPLDRFFXU$OOVXEMHFWVZLOODOVREHDVNHGWRSHUIRUPGD\VRISRLQW60%*GRQRWKDYHWREH
FRQVHFXWLYHEHWZHHQ:HHNDQG:HHNLHSULRUWRWKH'D\5DQGRPL]DWLRQYLVLWDQGEHWZHHQ:HHNDQG
:HHNZLWKFDSLOODU\EORRGJOXFRVHPHDVXUHPHQWVWDNHQSULRUWRDQGDIWHUWKHWKUHHPDLQPHDOVRIWKHGD\6WXG\
VXEMHFWVVKRXOGFRQWDFWWKHLQYHVWLJDWRULQWKHHYHQWRIDQXQXVXDOO\KLJKRUORZEORRGJOXFRVHYDOXH
7KHLQYHVWLJDWRUPD\UHTXLUHPRUHIUHTXHQWUHDGLQJVEDVHGRQORFDOFOLQLFDOSUDFWLFH,QDGGLWLRQVWXG\VXEMHFWV
VKRXOG FRPSO\ ZLWK WKH VLWH¶V LQVWUXFWLRQVZLWK UHJDUG WR VHOIPRQLWRULQJ RIEORRGJOXFRVH DQG VKRXOGSURPSWO\
UHSRUWEORRGJOXFRVHYDOXHVDQGRUVLJQVDQGV\PSWRPVVXJJHVWLYHRIDK\SRJO\FHPLFHSLVRGHWRWKHVLWH
7KHJOXFRVHYDOXHVVKRXOGEHUHYLHZHGE\WKHVLWHWRLGHQWLI\DQ\XQXVXDOKLJKRUORZYDOXHVDQGWRFRQILUPWKDWWKH
YDOXHVIURPWKHJOXFRVHPHWHU¶VPHPRU\DQGRUIURPWKHVXEMHFW¶VK\SRJO\FHPLDORJGLDU\ZHUHREWDLQHGIRUWKH
VXEMHFW,IILQJHUVWLFNJOXFRVHYDOXHVDUHGLVFRUGDQWIURPJO\FHPLFFRQWURODVVHVVHGE\WKHFHQWUDOODERUDWRU\RUZLWK
FOLQLFDOV\PSWRPVWKHVXEMHFW¶VJOXFRVHPHWHUVKRXOGEHWHVWHGDQGWKHSURFHGXUHIRUXVLQJLWUHYLHZHGZLWKWKH
VXEMHFW $GGLWLRQDOO\ RWKHU SRWHQWLDO IDFWRUV WKDW PD\ DFFRXQW IRU WKH GLVFUHSDQF\ EHWZHHQ JOXFRVH PHWHU
PHDVXUHPHQWV DQG FHQWUDO ODERUDWRU\ PHDVXUHPHQWV VXFK DV YDULDWLRQ ZLWK DOWHUQDWH VLWH WHVWLQJ K\SRWHQVLRQ
GHFUHDVHGSHUIXVLRQYDULDWLRQLQKHPDWRFULWDQGKHPRO\VLVVKRXOGEHDOVRFRQVLGHUHG
/DERUDWRU\VDIHW\DVVHVVPHQWV
%ORRGDQGXULQHVDPSOHVIRUGHWHUPLQDWLRQRIFOLQLFDOFKHPLVWU\KDHPDWRORJ\DQGXULQDO\VLVZLOOEHWDNHQDWWKH
WLPHVLQGLFDWHGLQWKHSURWRFRO
$GGLWLRQDOVDIHW\VDPSOHVPD\EHFROOHFWHGLIFOLQLFDOO\LQGLFDWHGDWWKHGLVFUHWLRQRIWKHLQYHVWLJDWRU7KHGDWHWLPH
RIFROOHFWLRQDQGUHVXOWVYDOXHVXQLWVDQGUHIHUHQFHUDQJHVZLOOEHUHFRUGHGRQWKHDSSURSULDWHH&5)
7KHLQYHVWLJDWRUVKRXOGPDNHDQDVVHVVPHQWRIWKHDYDLODEOHUHVXOWVZLWKUHJDUGWRFOLQLFDOO\UHOHYDQWDEQRUPDOLWLHV
7KHODERUDWRU\UHVXOWVVKRXOGEHVLJQHGDQGGDWHGDQGUHWDLQHGDWWKHVLWHDVVRXUFHGDWDIRUODERUDWRU\YDULDEOHV
6XEMHFWVZLWKDFHQWUDOODERUDWRU\DODQLQLQHDPLQRWUDQVIHUDVH$/7DQGRUDVSDUWDWHDPLQRWUDQVIHUDVH$67![
WKHXSSHUOLPLWRIQRUPDO8/1ZLOOEHVFKHGXOHGIRUDIROORZXSYLVLWZLWKLQGD\VIROORZLQJWKHUHFHLSWRIWKH
UHVXOWVHH$SSHQGL[IRUIXUWKHUJXLGDQFH6XEMHFWVVKRXOGEHGLVFRQWLQXHGIURPVWXG\LIWKHLQLWLDODQGUHSHDW
ODERUDWRU\WHVWVPHHWDQ\RIWKHIROORZLQJFULWHULD
x
$/7DQGRU$67DUH![8/1DQGWRWDOELOLUXELQ7%![8/1
x
$/7DQGRU$67DUH![8/1IRUtFRQVHFXWLYHGD\VDWDQ\WLPHDIWHULQLWLDOFRQILUPDWRU\UHVXOWV
x
$/7DQGRU$67DUHt[8/1

6WDWLVWLFDO&RQVLGHUDWLRQV
6DPSOH 6L]H (VWLPDWHV $VVXPLQJ D PHDQ FKDQJH IURP EDVHOLQH LQ +E$F GLIIHUHQFH HIIHFW RI  IRU WKH
VD[DJOLSWLQGDSDJOLIOR]LQSOXVPHWIRUPLQYVJOLPHSLULGHSOXVPHWIRUPLQJURXSVDFRPPRQVWDQGDUGGHYLDWLRQRI
DQGXVLQJDVLGHGVLJQLILFDQFHOHYHORIDQGDVVXPLQJDQRQHYDOXDELOLW\UDWHWKHQDVDPSOHVL]HRI
VXEMHFWVSHUDUPZLOO\LHOGDSSUR[LPDWHO\SRZHU
6FUHHQHG

6)
(QUROOHG

()
5DQGRPL]HG

5DQG'URS
(QGSRLQWVDQG$QDO\VLV
7KHSULPDU\HQGSRLQWIRUDQDO\VLVLVFKDQJHIURPEDVHOLQHWRZHHNLQ+E$F
$UHSHDWHGPHDVXUHVDQDO\VLVXVLQJD0,;('PRGHOZLOOEHXVHGWRDQDO\]HWKHFKDQJHIURPEDVHOLQHLQ+E$FDW
:HHNXVLQJYDOXHVSULRUWRUHVFXHLQWHQVLILFDWLRQRIWUHDWPHQW7KHPRGHOZLOOFRQWDLQWHUPVIRUWUHDWPHQWJURXS
EDVHOLQH PHDVXUHPHQW WLPH HDFKUHOHYDQW YLVLW WKH LQWHUDFWLRQ RI WUHDWPHQW DQG WLPH DQG WKH LQWHUDFWLRQ RI
EDVHOLQH YDOXH DQG WLPH 'HVFULSWLYH VWDWLVWLFV DV ZHOO DV DGMXVWHG PHDQV DQG FRQILGHQFH LQWHUYDOV ZLOO EH
FDOFXODWHGIRUWKHFKDQJHIURPEDVHOLQHLQ+E$FDVZHOODVIRUWKHGLIIHUHQFHEHWZHHQWUHDWPHQWJURXSV

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

7KHSULPDU\HQGSRLQWDQDO\VLVZLOOEHUHSHDWHGXVLQJDOODYDLODEOHYDOXHVLQFOXGLQJWKRVHDIWHUUHVFXHLQWHQVLILFDWLRQ
DQGDOVRXVLQJDOODYDLODEOHGDWDDQGLQFOXGLQJDWLPHYDU\LQJFRYDULDWHZKLFKLQGLFDWHVUHVFXHVWDWXV
7KHFRPSDUDWRUJOLPHSLULGHZLOOEHWHVWHGDJDLQVWVD[DJOLSWLQGDSDJOLIOR]LQIRUWKHSULPDU\HQGSRLQWDWWKHDOSKD
 OHYHOVLGHG7KHVHFRQGDU\HQGSRLQWVGHVFULEHGEHORZZLOOWKHQEHWHVWHGVHTXHQWLDOO\(DFKFRPSDULVRQ
ZLOOEHWHVWHGDWWKHDOSKD VLGHGOHYHO
6HFRQGDU\HQGSRLQWVIRUDQDO\VLVIRUWKHVKRUWWHUPWUHDWPHQWSHULRGLQFOXGH
x
0HDQFKDQJHIURPEDVHOLQHLQWRWDOERG\ZHLJKWDW:HHN
x
3URSRUWLRQRIVXEMHFWVDFKLHYLQJDWKHUDSHXWLFJO\FHPLFUHVSRQVH+E$FDW:HHN
x
0HDQFKDQJHIURPEDVHOLQHLQV\VWROLFEORRGSUHVVXUH6%3DW:HHN
x
7LPHWRWUHDWPHQWLQWHQVLILFDWLRQDGGLWLRQRILQVXOLQRURWKHUJOXFRVHORZHULQJDJHQWVIRUUHVFXHWKHUDS\RU
GLVFRQWLQXDWLRQIRUODFNRIJO\FHPLFFRQWUROGXULQJWKHZHHNGRXEOHEOLQGFRQWUROOHGWUHDWPHQWSHULRG

6HFRQGDU\HQGSRLQWVIRUDQDO\VLVIRUWKHORQJWHUPWUHDWPHQWSHULRGLQFOXGH
x
7LPHWRWUHDWPHQWLQWHQVLILFDWLRQDGGLWLRQRILQVXOLQRURWKHUJOXFRVHORZHULQJDJHQWVIRUUHVFXHWKHUDS\RU
GLVFRQWLQXDWLRQIRUODFNRIJO\FHPLFFRQWUROGXULQJWKHZHHNWUHDWPHQWSHULRG
x
3URSRUWLRQRIVXEMHFWVDFKLHYLQJWKHUDSHXWLFJO\FHPLFUHVSRQVH+E$FDW:HHN

$QDO\VHV
7KHDQDO\VLVRIFKDQJHIURPEDVHOLQHIRUWRWDOERG\ZHLJKWDQGV\VWROLFEORRGSUHVVXUHZLOOEHSHUIRUPHGXVLQJWKH
VDPHORQJLWXGLQDOUHSHDWHGPHDVXUHVPRGHODVIRUWKHSULPDU\HIILFDF\HQGSRLQW
7KH SURSRUWLRQ RI VXEMHFWV DFKLHYLQJ D WKHUDSHXWLF JO\FHPLF UHVSRQVH GHILQHG DV +E$F   ZLOO EH
VXPPDUL]HGE\WUHDWPHQWJURXSDQGFRPSDUHGEHWZHHQWUHDWPHQWJURXSVXVLQJORJLVWLFUHJUHVVLRQZLWKDGMXVWPHQW
IRUEDVHOLQH+E$FFRQILGHQFHLQWHUYDOVIRUWKHUHVSRQVHUDWHZLWKLQHDFKWUHDWPHQWJURXSRGGVUDWLRDQG
FRQILGHQFHLQWHUYDOVIRURGGVUDWLRZLOOEHFDOFXODWHG
7LPHWRWUHDWPHQWLQWHQVLILFDWLRQZLOOEHDQDO\]HGXVLQJD&R[SURSRUWLRQDOKD]DUGVPRGHO(VWLPDWHVRIWKHKD]DUG
UDWLR DQG  FRQILGHQFH LQWHUYDOV ZLOO EH SURYLGHG .DSODQ0HLHU (VWLPDWHV ZLOO EH FDOFXODWHG DQG SORWWHG E\
WUHDWPHQWJURXS
6DIHW\ DQDO\VHV ZLOO EH SHUIRUPHG IRU WKH ZHHN GRXEOHEOLQGSHULRG DQG FRPELQHG VKRUWWHUP DQG ORQJWHUP
VXEMHFWDQGVLWHGEOLQGHGWUHDWPHQWSHULRGVLQFOXGLQJGDWDDIWHUUHVFXH$GGLWLRQDODQDO\VHVIRUDGYHUVHHYHQWVDQG
ODERUDWRU\ PDUNHG DEQRUPDOLWLHV ZLOO EH SHUIRUPHG H[FOXGLQJ GDWD DIWHU UHVFXH IRU WKH VKRUWWHUP GRXEOHEOLQG
WUHDWPHQWSHULRG7KHSULPDU\DQDO\VHVRIHYHQWVRIK\SRJO\FHPLDZLOOEHSHUIRUPHGH[FOXGLQJGDWDDIWHUUHVFXH

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

7$%/(2)&217(176
'2&80(17+,6725< 
6<1236,6 
 
,1752'8&7,21$1'678'<5$7,21$/( 
 
6WXG\5DWLRQDOH 
 
5HVHDUFK+\SRWKHVLV 
 
2EMHFWLYHVV 
 
3ULPDU\2EMHFWLYHV 
 
6HFRQGDU\2EMHFWLYHV 
 
([SORUDWRU\2EMHFWLYHV 
 
([SORUDWRU\6DIHW\2EMHFWLYHV 
 
3URGXFW'HYHORSPHQW%DFNJURXQG 
 
2YHUDOO5LVN%HQHILW$VVHVVPHQW 
 
(7+,&$/&216,'(5$7,216 
 
*RRG&OLQLFDO3UDFWLFH 
 
,QVWLWXWLRQDO5HYLHZ%RDUG,QGHSHQGHQW(WKLFV&RPPLWWHH 
 
,QIRUPHG&RQVHQW 
 
,19(67,*$7,21$/3/$1 
 
6WXG\'HVLJQDQG'XUDWLRQ 
 
3RVW6WXG\$FFHVVWR6WXG\ 
 
6WXG\3RSXODWLRQ 
 
,QFOXVLRQ&ULWHULD 
 
([FOXVLRQ&ULWHULD 
 
:RPHQRI&KLOGEHDULQJ3RWHQWLDO 
 
&RQFRPLWDQW7UHDWPHQWV 
 
3URKLELWHGDQGRU5HVWULFWHG7UHDWPHQWV 
 
2WKHU5HVWULFWLRQVDQG3UHFDXWLRQV 
 
'LVFRQWLQXDWLRQRI6XEMHFWVIROORZLQJDQ\7UHDWPHQWZLWK6WXG\'UXJ 
 
3URFHGXUHVIRUKDQGOLQJSDWLHQWVLQFRUUHFWO\HQUROOHGRUUDQGRPL]HG 
 
5HVFXH*XLGHOLQHVIRU6XEMHFWVZLWK3URWRFRO'HILQHG/DFNRI*O\FHPLF
&RQWURO 
 
'LVFRQWLQXDWLRQ*XLGHOLQHVGXHWR3URWRFRO'HILQHG+\SRJO\FHPLD(SLVRGHV 
 
'LVFRQWLQXDWLRQ*XLGHOLQHVGXHWR.HWRDFLGRVLV 
 
3RVW6WXG\'UXJ6WXG\)ROORZXS 
 
:LWKGUDZDORI&RQVHQW 
 
/RVWWR)ROORZ8S 
 
(QGRI6WXG\ 
 
678'<'58* 
 
,QYHVWLJDWLRQDO3URGXFW 
 
1RQLQYHVWLJDWLRQDO3URGXFW 
 
6WRUDJHDQG'LVSHQVLQJ 
 
0HWKRGRI$VVLJQLQJ6XEMHFW,GHQWLILFDWLRQ 
 
6HOHFWLRQDQG7LPLQJRI'RVHIRU(DFK6XEMHFW 
 
%OLQGLQJ8QEOLQGLQJ 

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

 
7UHDWPHQW&RPSOLDQFH 
 
'HVWUXFWLRQRI6WXG\'UXJ 
 
5HWXUQRI6WXG\'UXJ 
 
5HWDLQHG6DPSOHVIRU%LRDYDLODELOLW\%LRHTXLYDOHQFH 
 
678'<$66(660(176$1'352&('85(6 
 
)ORZ&KDUW7LPHDQG(YHQWV6FKHGXOH 
 
5HWHVWLQJ'XULQJ6FUHHQLQJRU/HDGLQ3HULRG 
 
6WXG\0DWHULDOV 
 
6DIHW\$VVHVVPHQWV 
 
6HOI0RQLWRUHG%ORRG*OXFRVH60%*DQG*XLGDQFHRQ0DQDJHPHQWDQG
5HSRUWLQJRI+\SRJO\FHPLD(SLVRGHV 
 
6HOI0RQLWRULQJRI%ORRG*OXFRVH60%* 
 
*XLGDQFHRQ0DQDJHPHQWDQG5HSRUWLQJRI+\SRJO\FHPLD(SLVRGHV 
 
*XLGDQFHRQ$VVHVVPHQWRI8ULQDU\,QIHFWLRQV	+HPDWXULD 
 
*XLGDQFHRQ$VVHVVPHQWRI8ULQDU\7UDFW,QIHFWLRQV 
 
*XLGDQFHRQ$VVHVVPHQWRI+HPDWXULD 
 
*XLGDQFHRQ$VVHVVPHQWRI&DUGLRYDVFXODU(YHQWV 
 
*XLGDQFHRQ$VVHVVPHQWRI+HSDWLF/DERUDWRU\$EQRUPDOLWLHV 
 
3K\VLFDO([DPLQDWLRQ 
 
%ORRG3UHVVXUHDQG+HDUW5DWH 
 
*XLGDQFHRQ9ROXPH'HSOHWLRQ 
 
6XSSOHPHQWDO9LVLWV 
 
5HVFXHRU(DUO\7UHDWPHQW'LVFRQWLQXDWLRQ9LVLW 
 
2WKHU6XSSOHPHQWDO8QVFKHGXOHG9LVLWV 
 
(IILFDF\$VVHVVPHQWV 
 
3KDUPDFRNLQHWLF$VVHVVPHQWV 
 
%LRPDUNHU$VVHVVPHQWV 
 
2XWFRPHV5HVHDUFK$VVHVVPHQWV 
 
2WKHU$VVHVVPHQWV 
 
'LHWDQG([HUFLVH&RXQVHOLQJ 
 
:HLJKW 
 
+HLJKWDQG%RG\0DVV,QGH[%0, 
 
:DLVW&LUFXPIHUHQFH 
 
6XUYH\RI6XEMHFW9LWDO6WDWXV 
 
0DJQHWLF5HVRQDQFH,PDJLQJ05, 
 
&RQWLQXRXV*OXFRVH0RQLWRULQJ&*0 
 
)DVWLQJ3ODVPD*OXFRVH 
 
SRLQW60%*SURILOHV 
 
3DWLHQWUHSRUWHGRXWFRPHV352 
 
5HVXOWVRI&HQWUDO$VVHVVPHQWV 
 
$'9(56((9(1WV 
 
6HULRXV$GYHUVH(YHQWV 
 
6HULRXV$GYHUVH(YHQW&ROOHFWLRQDQG5HSRUWLQJ 
 
1RQVHULRXV$GYHUVH(YHQWV 
 
1RQVHULRXV$GYHUVH(YHQW&ROOHFWLRQDQG5HSRUWLQJ 

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

 
$GYHUVH(YHQWV$(V/HDGLQJWR$PSXWDWLRQDQG3RWHQWLDO5LVN)DFWRU$(V
IRU$PSXWDWLRQV$IIHFWLQJ/RZHU/LPEV³3UHFHGLQJ(YHQWV´ 
 
/DERUDWRU\7HVW5HVXOW$EQRUPDOLWLHV 
 
3UHJQDQF\ 
 
2YHUGRVH 
 
3RWHQWLDO'UXJ,QGXFHG/LYHU,QMXU\',/, 
 
2WKHU6DIHW\&RQVLGHUDWLRQV 
 
$(VRI6SHFLDO,QWHUHVW 
 
'$7$021,725,1*&200,77(($1'27+(5(;7(51$/
&200,77((6 
 
&DUGLRYDVFXODU$GMXGLFDWLRQ&RPPLWWHH 
 
+HSDWLF$GMXGLFDWLRQ&RPPLWWHH 
 
'LDEHWLF.HWRDFLGRVLV$GMXGLFDWLRQ&RPPLWWHH 
 
67$7,67,&$/&216,'(5$7,216 
 
6DPSOH6L]H'HWHUPLQDWLRQ 
 
3RSXODWLRQVIRU$QDO\VHV 
 
(QGSRLQWV 
 
3ULPDU\(QGSRLQWV 
 
6HFRQGDU\(QGSRLQWV 
 
([SORUDWRU\(QGSRLQWV 
 
$QDO\VHV 
 
'HPRJUDSKLFVDQG%DVHOLQH&KDUDFWHULVWLFV 
 
(IILFDF\$QDO\VHV 
 
3ULPDU\(IILFDF\$QDO\VLV 
 
6HFRQGDU\(IILFDF\$QDO\VHV 
 
2WKHU(IILFDF\$QDO\VHV 
 
6DIHW\$QDO\VHV 
 
3KDUPDFRNLQHWLF$QDO\VHV 
 
%LRPDUNHU$QDO\VHV 
 
2XWFRPHV5HVHDUFK$QDO\VHV 
 
3DWLHQWUHSRUWHGRXWFRPHV352 
 
6XEJURXSDQDO\VLV 
 
2WKHU$QDO\VHV 
 
,QWHULP$QDO\VHV 
 
678'<0$1$*(0(17 
 
&RPSOLDQFH 
 
&RPSOLDQFHZLWKWKH3URWRFRODQG3URWRFRO5HYLVLRQV 
 
0RQLWRULQJ 
 
6RXUFH'RFXPHQWDWLRQ 
 
,QYHVWLJDWLRQDO6LWH7UDLQLQJ 
 
5HFRUGV 
 
5HFRUGV5HWHQWLRQ 
 
6WXG\'UXJ5HFRUGV 
 
&DVH5HSRUW)RUPV 
 
&OLQLFDO6WXG\5HSRUWDQG3XEOLFDWLRQV 
 
*/266$5<2)7(506 

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

 
/,672)$%%5(9,$7,216 
 
5()(5(1&(6 



&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE



,1752'8&7,21$1'678'<5$7,21$/(
7\SHGLDEHWHVPHOOLWXV7'0LVDFKURQLFGLVHDVHFKDUDFWHUL]HGE\K\SHUJO\FHPLDDQGDQ
LQFUHDVHGULVNRIPLFURYDVFXODUDQGPDFURYDVFXODUFRPSOLFDWLRQV*LYHQWKHSURJUHVVLYHQDWXUH
RI7'0LWLVFKDOOHQJLQJWRDFKLHYHDQGPDLQWDLQJO\FHPLFWDUJHWV7\SLFDOO\WKHWUHDWPHQW
SDUDGLJP FRQVLVWV RI D VWHSZLVH DGGLWLRQ RI GLIIHUHQW FODVVHV RI DQWLK\SHUJO\FHPLF GUXJV DV
PRVW SDWLHQWV HYHQWXDOO\ UHTXLUH WZR RU PRUH DJHQWV WRDFKLHYHRU PDLQWDLQ JO\FHPLF WDUJHWV
$PRQJWKHPHGLFDWLRQVDSSURYHGIRUWKHWUHDWPHQWRI7'0PHWIRUPLQLVWKHUHFRPPHQGHG
GUXJRIFKRLFHIRULQLWLDWLQJRUDOWKHUDS\ZKLOHRWKHUFODVVHVRIDQWLGLDEHWLFDJHQWVDUHW\SLFDOO\
DGGHGVHTXHQWLDOO\DVVHFRQGDQGWKLUGOLQHDJHQWV'HVSLWHWKHDYDLODELOLW\RIPXOWLSOHFODVVHVRI
PHGLFDWLRQVPDQ\SDWLHQWVDUHVWLOOLQDGHTXDWHO\FRQWUROOHG$QLGHDODGGRQWRPHWIRUPLQZRXOG
SURYLGH VWURQJ +E$F UHGXFWLRQ WKURXJK FRPSOHPHQWDU\ PHFKDQLVPV RI DFWLRQ 0R$ ZLWK
ZHLJKWORVVDQGQRK\SRJO\FHPLD
6D[DJOLSWLQ%06LVDKLJKO\SRWHQWVHOHFWLYHUHYHUVLEOHDQGFRPSHWLWLYHGLSHSWLG\O
SHSWLGDVH '33 LQKLELWRU '33 LV WKH HQ]\PH UHVSRQVLEOH IRU WKH LQDFWLYDWLRQ RI
JOXFDJRQOLNH SHSWLGH */3 DQG JOXFRVHGHSHQGHQW LQVXOLQRWURSLF SRO\SHSWLGH *,3 %\
LQKLELWLQJWKHHQ]\PH'33VD[DJOLSWLQSRWHQWLDWHVDFWLYHHQGRJHQRXV*/3FRQFHQWUDWLRQV
DXJPHQWLQJWKHSK\VLRORJLFDOPHFKDQLVPRILQVXOLQVHFUHWLRQDQGVXSSUHVVLQJJOXFDJRQUHOHDVH
WKHUHE\UHGXFLQJSRVWSUDQGLDODQGIDVWLQJJOXFRVHOHYHOVLQSDWLHQWVZLWK7'0
7KHUHVXOWVIURPWKHHLJKWFOLQLFDOVWXGLHVLQWKHVD[DJOLSWLQ3KDVHEDQGSURJUDPVLQRYHU
SDWLHQWVFRPELQHGZLWKWKHUHVXOWVIURPFOLQLFDOSKDUPDFRORJ\VWXGLHVVXSSRUWWKHRUDO
GRVH RI VD[DJOLSWLQ  PJ RQFH GDLO\ LQ D ZLGH UDQJH RI SDWLHQWV ZLWK 7'0 DV HLWKHU
PRQRWKHUDS\ DGGRQ FRPELQDWLRQ WKHUDS\ ZLWK PHWIRUPLQ D WKLD]ROLGLQHGLRQH 7=' D
VXOIRQ\OXUHD68LQVXOLQRULQLWLDOFRPELQDWLRQWKHUDS\ZLWKPHWIRUPLQ7KHUHVXOWVIURPWKH
3KDVH VWXGLHV FRQILUPHG FOLQLFDOO\ PHDQLQJIXO EHQHILWV RI VD[DJOLSWLQ  PJ RQ JO\FRV\ODWHG
KHPRJORELQ +E$F DV ZHOO DV IDVWLQJ SODVPD JOXFRVH )3* SRVWSUDQGLDO JOXFRVH 33*
LQVXOLQ &SHSWLGH DQG JOXFDJRQ OHYHOV ,Q DQ H[WHQVLYH 3KDVH E SURJUDP PRVW UHSRUWHG
DGYHUVH HYHQWV $(V ZHUH QRQVHULRXV DQG GLG QRW UHTXLUH GLVFRQWLQXDWLRQ RI WUHDWPHQW 7KH
VDIHW\SURILOHZDVFRPSDUDEOHWRSODFHERDQGJHQHUDOO\FRQVLVWHQWZKHQVD[DJOLSWLQZDVJLYHQDV
PRQRWKHUDS\ DV DGG RQ FRPELQDWLRQ WUHDWPHQW WR PHWIRUPLQ WR LQVXOLQ ZLWK RU ZLWKRXW
EDFNJURXQGPHWIRUPLQDQGDVLQLWLDOWKHUDS\LQFRPELQDWLRQZLWKPHWIRUPLQ7UHDWPHQWZLWK
VD[DJOLSWLQOHGWRUDWHVRIK\SRJO\FHPLDWKDWZHUHJHQHUDOO\VLPLODUFRPSDUHGWRSODFHERH[FHSW
LQFRPELQDWLRQZLWKLQVXOLQRUDVXOIRQ\OXUHD
'DSDJOLIOR]LQLVDVWDEOHFRPSHWLWLYHUHYHUVLEOHKLJKO\VHOHFWLYHDQGRUDOO\DFWLYHLQKLELWRURI
KXPDQ UHQDO VRGLXP JOXFRVH FRWUDQVSRUWHU  6*/7 WKH PDMRU WUDQVSRUWHU UHVSRQVLEOH IRU
UHQDO JOXFRVH UHDEVRUSWLRQ LQ WKH NLGQH\ 'DSDJOLIOR]LQ¶V PHFKDQLVP RI DFWLRQ UHVXOWV LQ WKH
GLUHFWDQGLQVXOLQLQGHSHQGHQWHOLPLQDWLRQRIJOXFRVHE\WKHNLGQH\
7KH GDSDJOLIOR]LQ FOLQLFDO GHYHORSPHQW SURJUDP ZDV GHVLJQHG WR GHPRQVWUDWH WKH VDIHW\ DQG
HIILFDF\RIGDSDJOLIOR]LQLQDZLGHUDQJHRIVXEMHFWVZLWK7'07KHSURJUDPLQFOXGHGERWK
SODFHERFRQWUROOHG DQG DFWLYH FRPSDUDWRU VWXGLHV LQ GUXJ QDwYH SDWLHQWV DW DQ HDUO\ VWDJH RI

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

GLVHDVH DQG VXEMHFWV ZKR UHTXLUH DGGLWLRQDO WKHUDS\ DIWHU IDLOXUH WR UHDFK DGHTXDWH JO\FHPLF
FRQWUROZLWKWKHLUFXUUHQWUHJLPHQ7RGDWHWKHSURJUDPKDVFRQVLVWHGRIDWRWDORIFOLQLFDO
SKDUPDFRORJ\VWXGLHVFRUH3KDVHEVWXGLHVFRUH3KDVHVWXGLHVDQGUHJLRQDO3KDVH
VWXGLHV2QH3KDVHEVWXG\0%DQGRQH3KDVHVWXG\'&VSHFLILFDOO\
IRFXVHGRQWKHVDIHW\DQGHIILFDF\RIGDSDJOLIOR]LQZKHQDGGHGRQWRLQVXOLQLQVXEMHFWVZLWK
7'0
'DSDJOLIOR]LQ¶V SKDUPDFRG\QDPLF HIIHFW RI JOXFRVXULD LV GHWHFWHG DOPRVW LPPHGLDWHO\
ZLWKLQKRXU SRVWGRVH LV PDLQWDLQHG WKURXJK  ZHHNV RI WUHDWPHQW DQG UHVXOWV LQ
UHGXFWLRQV LQ )3* 33* DQG +E$F &OLQLFDOO\ PHDQLQJIXO UHGXFWLRQV LQ +E$F ZHUH
FRQVLVWHQWO\REVHUYHGZLWKGDSDJOLIOR]LQPJ7UHDWPHQWZLWKGDSDJOLIOR]LQZLWKLWVXQLTXH
PHFKDQLVPRIDFWLRQLQGXFHVDSHUVLVWHQWORVVRIJOXFRVHZLWKDVVRFLDWHGFDORULHVLQWKHXULQH
UHVXOWLQJLQDFRQVLVWHQWDQGPDLQWDLQHGUHGXFWLRQRIWRWDOERG\ZHLJKWLQDGGLWLRQWRLPSURYHG
JO\FHPLF FRQWURO ,Q D ZHHN VWXG\ GDSDJOLIOR]LQ  PJ UHGXFHG WRWDO ERG\ ZHLJKW
SUHGRPLQDQWO\E\UHGXFLQJIDWPDVVYLVFHUDODGLSRVHWLVVXHDQGVXEFXWDQHRXVDGLSRVHWLVVXHLQ
VXEMHFWV ZLWK 7'0 LQDGHTXDWHO\ FRQWUROOHG ZLWK PHWIRUPLQ 'DSDJOLIOR]LQ DOVR KDV D PLOG
GLXUHWLFHIIHFWZKLFKLQFRPELQDWLRQZLWKZHLJKWORVVKDVWKHSRWHQWLDOWRUHGXFHEORRGSUHVVXUH
$FURVVFOLQLFDOVWXGLHVWUHDWPHQWZLWKGDSDJOLIOR]LQPJGHFUHDVHGWKHSODFHERFRUUHFWHG
V\VWROLFEORRGSUHVVXUHE\DQDYHUDJHRIWRPP+JIURPEDVHOLQHDWZHHNVLQDOORIWKH
PRQRWKHUDS\DQGSODFHERFRQWUROOHGDGGRQFRPELQDWLRQWKHUDS\VWXGLHV'$3$&&'6
*LYHQ WKHLU FRPSOHPHQWDU\ PHFKDQLVPV RI DFWLRQ VD[DJOLSWLQ FRDGPLQLVWHUHG ZLWK
GDSDJOLIOR]LQKDVEHHQVWXGLHGWRVXSSRUWWKHGHYHORSPHQWRIDIL[HGGRVHFRPELQDWLRQ)'&
$3KDVHVWXG\&9GHPRQVWUDWHGWKDWHDUO\FRPELQDWLRQWUHDWPHQWZLWKVD[DJOLSWLQ
DQGGDSDJOLIOR]LQDGGHGWRJHWKHUZLWKPHWIRUPLQDVWULSOHWKHUDS\HOLFLWHGVXSHULRUUHGXFWLRQLQ
+E$FDVFRPSDUHGWRWKHDGGLWLRQRIHDFKRIWKHVHLQGLYLGXDODJHQWVWRPHWIRUPLQDORQHLQ
VXEMHFWV ZLWK LQDGHTXDWHO\ FRQWUROOHG 7'0 7KH FXUUHQW VWXG\ VHHNV WR H[SDQG RQ WKHVH
ILQGLQJVDQGSURYLGHIXUWKHUVXSSRUWIRUHDUO\LQWHQVLILHGWUHDWPHQWRI7'0

6WXG\5DWLRQDOH
7KLV LV D 3KDVH E VWXG\ SHUIRUPHG DV SDUW RI WKH GHYHORSPHQW SURJUDP IRU
VD[DJOLSWLQGDSDJOLIOR]LQ)'&%06WRLPSURYHJO\FHPLFFRQWURODVDQDGMXQFWWRGLHW
H[HUFLVH DQG PHWIRUPLQ WUHDWPHQW ZKHQ WUHDWPHQW ZLWK ERWK VD[DJOLSWLQ DQG GDSDJOLIOR]LQ LV
DSSURSULDWH
7KHVWXG\LVLQWHQGHGWRFRPSDUHHIIHFWVRIVD[DJOLSWLQFRDGPLQLVWHUHGZLWKGDSDJOLIOR]LQLQ
FRPELQDWLRQZLWKPHWIRUPLQDQGJOLPHSLULGHLQFRPELQDWLRQZLWKPHWIRUPLQ
0DQ\PHGLFDWLRQVDUHDSSURYHGIRUWKHWUHDWPHQWRI7'0KRZHYHUWKHFKDOOHQJHRIDFKLHYLQJ
DQG PDLQWDLQLQJ WUHDWPHQW JRDOV ZLWKLQ WKH FXUUHQW VHTXHQWLDO WKHUDS\ DSSURDFK LV OLQNHG WR
VKRUWFRPLQJVRIROGHUFODVVHVRIGUXJV0HWIRUPLQLVWKHILUVWOLQHJROGVWDQGDUGIRURUDODJHQWV
0HWIRUPLQLVDELJXDQLGHLWVPDMRUPHFKDQLVPRIDFWLRQLVWRGHFUHDVHKHSDWLFJOXFRVHRXWSXW
WKXVORZHULQJIDVWLQJK\SHUJO\FHPLD0HWIRUPLQLVUHFRPPHQGHGDVWKHLQLWLDOSKDUPDFRORJLFDO
WKHUDS\ EHFDXVH RI LWV JO\FHPLF HIILFDF\ ZHLJKW QHXWUDOLW\ ORZ ULVN RI K\SRJO\FHPLD DQG

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

EHQHILFLDOFDUGLRYDVFXODU&9SURILOH&XUUHQWVHTXHQWLDODGGRQQGDQGUGOLQHRUDOWKHUDS\
LQFOXGHVRUDOGUXJVVXFKDVVXOIRQ\OXUHDV68VDQGWKLD]ROLGLQHGLRQHV7='V6RPHRIWKHLU
NH\OLPLWDWLRQVDUHZHLJKWJDLQDQGLQFUHDVHGULVNRIK\SRJO\FHPLD68RQO\+\SRJO\FHPLDLV
D FOLQLFDOO\ LPSRUWDQW LVVXH LQ RSWLPL]LQJ WUHDWPHQW DQG WKHUH LV HPHUJLQJ HYLGHQFH WKDW
K\SRJO\FHPLD LV DVVRFLDWHG ZLWK QHJDWLYH &9 RXWFRPHV 6XOIRQ\OXUHDV DQG LQVXOLQ DUH
DVVRFLDWHG ZLWK D KLJK ULVN IRU K\SRJO\FHPLD DQG FDXWLRQ LV UHFRPPHQGHG ZKHQ XVLQJ
FRPELQDWLRQWKHUDS\ZLWKRWKHUDJHQWVNQRZQWRFDXVHK\SRJO\FHPLD(IIRUWVE\SDWLHQWVWRORVH
ZHLJKWDVSDUWRIDWKHUDSHXWLFOLIHVW\OHSURJUDPDUHXQGHUPLQHGE\WKHUDSLHVWKDWOHDGWRZHLJKW
JDLQ7KHPDMRULW\RISDWLHQWVZLWK7'0DUHRYHUZHLJKWRUREHVHDQGDGGLWLRQDOZHLJKWJDLQ
RIWHQ UHVXOWV LQ UHGXFHG WUHDWPHQW FRPSOLDQFH 7KLD]ROLGLQHGLRQHV 68V DQG LQVXOLQ DUH DOO
DVVRFLDWHGZLWKDVLJQLILFDQWZHLJKWJDLQ
2YHUWKHSDVWIHZ\HDUVLWKDVEHHQZLGHO\UHFRJQL]HGWKDWWKHPDQDJHPHQWDSSURDFKIRUHDFK
SDWLHQW ZLWK 7'0 QHHGV WR EH SHUVRQDOL]HG EDVHG RQ KLV RU KHU FOLQLFDO FKDUDFWHULVWLFV IRU
H[DPSOHWKHOLNHOLKRRGRIZHLJKWJDLQFRPRUELGLWLHVVXFKDVWKHULVNIRUK\SRJO\FHPLDDVZHOO
DVOLIHVW\OHSUHIHUHQFHVPDQ\SDWLHQWVPD\EHUHOXFWDQWWRXVHLQMHFWLRQV%DVHGRQGDWDIURP
WKH1DWLRQDO+HDOWKDQG1XWULWLRQ([DPLQDWLRQ6XUYH\1+$1(6LQ±LWLVHVWLPDWHG
WKDW +E$F LV QRW DSSURSULDWHO\ FRQWUROOHG LQ DERXW RQHWKLUG RI SDWLHQWV HYHQ XVLQJ OHVV
VWULQJHQWWDUJHWV
%HFDXVHRIWKHFKDOOHQJHWRDFKLHYHJO\FHPLFFRQWUROLQSDWLHQWVZLWK7'0WKHSURJUHVVLYH
QDWXUH RI WKH GLVHDVH DQG WKH OLPLWDWLRQV RI DYDLODEOH RUDO DQG QRQRUDO WKHUDSLHV WKHUH LV D
VLJQLILFDQWPHGLFDOQHHGQRWRQO\IRURUDOFRPELQDWLRQWUHDWPHQWRSWLRQVEXWDOVRIRUGXDODGG
RQWKHUDS\LQSDWLHQWVZLWKKLJKEDVHOLQH+E$F7RLPSURYHJO\FHPLFFRQWUROH[SHUWJURXSV
KDYH LQFUHDVLQJO\ VXJJHVWHG PDNLQJ XVH RI FRPELQDWLRQ WKHUDS\ HDUO\ DIWHU GLDJQRVLV ,Q D
UHFHQW VWXG\ LQLWLDWLQJ WKHUDS\ LQ SDWLHQWV ZLWK QHZ RQVHW 7'0 ZLWK WULSOH WKHUDS\
SDWKRSK\VLRORJLFEDVHG DSSURDFK YHUVXV PHWIRUPLQ IROORZHG E\ VHTXHQWLDO DGGLWLRQ RI
VXOIRQ\OXUHD DQG EDVDO LQVXOLQ WUHDWWRIDLO DSSURDFK GHPRQVWUDWHG PRUH GXUDEOH +E$F
UHGXFWLRQRYHUPRQWKVDQGOHVVK\SRJO\FHPLDZLWKLQLWLDOWULSOHWKHUDS\,QLWLDOFRPELQDWLRQ
WKHUDS\ZLWKVD[DJOLSWLQDQGGDSDJOLIOR]LQDGGHGWRPHWIRUPLQPD\KDYHVLPLODUSRWHQWLDOIRU
GXUDEOHJOXFRVHORZHULQJLQFRPELQDWLRQZLWKORZULVNRIK\SRJO\FHPLD
6D[DJOLSWLQ DQG GDSDJOLIOR]LQ KDYH GHPRQVWUDWHG ERWK LQGLYLGXDOO\ DQG LQ FRPELQDWLRQ ZLWK
PHWIRUPLQDIDYRUDEOHVDIHW\DQGWROHUDELOLW\SURILOH7KH\KDYHGHPRQVWUDWHGDORZSURSHQVLW\
IRU K\SRJO\FHPLD WKHUHIRUH DGGUHVVLQJ D SRWHQWLDO NH\ FRQFHUQ ZKHQ DGGLQJ WZR JOXFRVH
ORZHULQJ DJHQWV VLPXOWDQHRXVO\ %RWK GUXJV KDYH HLWKHU GHPRQVWUDWHG ZHLJKW QHXWUDOLW\
VD[DJOLSWLQ RU PRGHUDWH ZHLJKW UHGXFWLRQ GDSDJOLIOR]LQ %RWK GDSDJOLIOR]LQDQG VD[DJOLSWLQ
KDYHDOVRGHPRQVWUDWHGSHUVLVWHQWHIIHFWVRQ+E$FRYHU\HDUVRIWKHUDS\
7KH UHGXFWLRQ LQ ERG\ ZHLJKW FRQVLVWHQWO\ REVHUYHG GXULQJ WUHDWPHQW GDSDJOLIOR]LQ KDV EHHQ
VKRZQWRUHVXOWLQWRWDOERG\IDWUHGXFWLRQ,WLVQRWNQRZQKRZHYHUZKHWKHUWKLVUHGXFWLRQLQ
ERG\IDWLVHTXDOO\GLVWULEXWHGDPRQJVXEFXWDQHRXVDQGYLVFHUDODGLSRVHWLVVXHRULIWKHUHLVD
SUHIHUHQWLDOORVVRIDGLSRVHWLVVXHLQWKHYLVFHUDOFRPSDUWPHQW%RG\FRPSRVLWLRQPHDVXUHPHQWV
E\PDJQHWLFUHVRQDQFHLPDJLQJ05,FDQVHSDUDWHO\TXDQWLI\WKHVXEFXWDQHRXVDQGWKHYLVFHUDO

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

DGLSRVH WLVVXH 1RQLQYDVLYH TXDQWLILFDWLRQ RI OLYHU OLSLG FRQWHQW E\ PDJQHWLF UHVRQDQFH
LPDJLQJHVWLPDWHG SURWRQ GHQVLW\ IDW IUDFWLRQ 05,3')) LV DQ HPHUJLQJ ELRPDUNHU IRU
DVVHVVPHQWRIWKHEHQHILFLDOHIIHFWVRIZHLJKWORVVDQGLPSURYHPHQWLQJO\FHPLFFRQWURORQOLYHU
OLSLGPHWDEROLVP
,Q
WKLV
SURWRFRO
D
VXESRSXODWLRQ
RI
DSSUR[LPDWHO\

UDQGRPL]HG
VXEMHFWV
aVXEMHFWWUHDWPHQWDUPZKRDJUHHWRSDUWLFLSDWHVHSDUDWHLQIRUPHGFRQVHQWZLOOXQGHUJR
05,3'))PHDVXUHPHQWRIVXEFXWDQHRXVDQGYLVFHUDODGLSRVHWLVVXHWRJHWKHUZLWKOLYHUOLSLG
FRQWHQW DW EDVHOLQH DQG :HHN  $W :HHN WKH VXEMHFWV ZLOO XQGHUJR DQ 05,3'))
PHDVXUHPHQWRIVXEFXWDQHRXVDQGYLVFHUDODGLSRVHWLVVXHWRJHWKHUZLWKOLYHUYROXPHDQGOLYHU
OLSLGFRQWHQW
&RQWLQXRXV *OXFRVH 0RQLWRULQJ &*0 LV D XVHIXO WHFKQRORJ\ LQ DGGLWLRQ WR +E$& WR
TXDOLWDWLYHO\DVZHOODVTXDQWLWDWLYHO\PRQLWRUWKHTXDOLW\RIJO\FHPLFFRQWUROLQWKHIRUPRI
WLPH VSHQW LQ WKH HXJO\FHPLFK\SHUJO\FHPLFK\SRJO\FHPLF EORRG JOXFRVH d  PJG/
PPRO/UDQJHVDQGWKHPHDQDPSOLWXGHRIJOXFRVHH[FXUVLRQV0$*(&RDGPLQLVWUDWLRQ
RI VD[DJOLSWLQ DQG GDSDJOLIOR]LQ LVH[SHFWHG WR EHWWHU GHPRQVWUDWHOHVV YDULDELOLW\LQ JO\FHPLF
FRQWURODQGPRUHWLPHVSHQWLQWKHHXJO\FHPLFUDQJHFRPSDUHGWRWUHDWPHQWZLWKJOLPHSLULGH
DGPLQLVWUDWLRQ
,Q
WKLV
SURWRFRO
D
VXESRSXODWLRQ
RI
DSSUR[LPDWHO\

UDQGRPL]HG
VXEMHFWV
aVXEMHFWWUHDWPHQW DUP ZKR DJUHH WR SDUWLFLSDWH VHSDUDWH LQIRUPHG FRQVHQW ZLOO KDYH
&*0SHUIRUPHGIRUSHULRGVRIGD\VDWEDVHOLQHDQGDW:HHNRIWUHDWPHQW
7KXV D VHFRQGOLQH RUDO GXDO DGGRQ WKHUDS\ ZLWK VD[DJOLSWLQ FRDGPLQLVWHUHG ZLWK
GDSDJOLIOR]LQFRXOGEHDQHZRSWLRQDVSDUWRIDWULSOHFRPELQDWLRQWKDWLQFOXGHVGUXJVZLWK
FRPSOHPHQWDU\PHFKDQLVPVRIDFWLRQORZULVNRIK\SRJO\FHPLDDQGWKHSRWHQWLDOIRUPRGHUDWH
ZHLJKWORVVSURYLGLQJDPRUHHIIHFWLYHDQGSDWLHQWIULHQGO\DSSURDFKWRWKHWUHDWPHQWRI7'0

5HVHDUFK+\SRWKHVLV
7KH UHVHDUFK K\SRWKHVLV RI WKH SUHVHQW VWXG\ LV WKDW WKH FRDGPLQLVWUDWLRQ RI VD[DJOLSWLQ DQG
GDSDJOLIOR]LQ LQ DGGLWLRQ WR PHWIRUPLQ UHVXOWV LQ EHWWHU JO\FHPLF FRQWURO DV PHDVXUHG E\
+E$F RYHU D WUHDWPHQW SHULRG RI  ZHHNV FRPSDUHG WR WKH DGGLWLRQ RI JOLPHSLULGH WR
PHWIRUPLQLQVXEMHFWVZLWKLQDGHTXDWHO\FRQWUROOHG7'0

2EMHFWLYHVV

3ULPDU\2EMHFWLYHV
7R FRPSDUH WKH PHDQ FKDQJH IURP EDVHOLQH LQ +E$F DFKLHYHG ZLWK VD[DJOLSWLQ LQ
FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK PHWIRUPLQ
FRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQDW:HHN

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE


6HFRQGDU\2EMHFWLYHV
6HFRQGDU\HIILFDF\REMHFWLYHV
6KRUWWHUP
x 7RFRPSDUHWKHPHDQFKDQJHIURPEDVHOLQHLQWRWDOERG\ZHLJKWDFKLHYHGZLWKVD[DJOLSWLQ
LQ FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK
PHWIRUPLQFRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQDW
:HHN
x 7RFRPSDUHWKHSURSRUWLRQRIVXEMHFWVDFKLHYLQJDWKHUDSHXWLFJO\FHPLFUHVSRQVHGHILQHGDV
+E$FDW:HHNZLWKVD[DJOLSWLQLQFRDGPLQLVWUDWLRQZLWKGDSDJOLIOR]LQDGGHG
WRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQFRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQW
EDFNJURXQGWKHUDS\ZLWKPHWIRUPLQ
x 7R FRPSDUH WKH PHDQ FKDQJH IURP EDVHOLQH LQ V\VWROLF EORRG SUHVVXUH DFKLHYHG ZLWK
VD[DJOLSWLQLQFRDGPLQLVWUDWLRQZLWKGDSDJOLIOR]LQDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\
ZLWK PHWIRUPLQ FRPSDUHG WR JOLPHSLULGH DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK
PHWIRUPLQDW:HHN
x 7R FRPSDUH WKH WLPH WR WUHDWPHQW LQWHQVLILFDWLRQ DGGLWLRQ RI LQVXOLQ RU RWKHU JOXFRVH
ORZHULQJDJHQWIRUUHVFXHWKHUDS\RUGLVFRQWLQXDWLRQIRUODFNRIJO\FHPLFFRQWURODFKLHYHG
ZLWK VD[DJOLSWLQ LQ FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ DGGHG WR FXUUHQW EDFNJURXQG
WKHUDS\ZLWKPHWIRUPLQFRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWK
PHWIRUPLQGXULQJWKHZHHNGRXEOHEOLQGWUHDWPHQWSHULRG

/RQJWHUP
x 7R FRPSDUH WKH WLPH WR WUHDWPHQW LQWHQVLILFDWLRQ DGGLWLRQ RI LQVXOLQ RU RWKHU JOXFRVH
ORZHULQJDJHQWVIRUUHVFXHWKHUDS\RUGLVFRQWLQXDWLRQIRUODFNRIJO\FHPLFFRQWURODFKLHYHG
ZLWK VD[DJOLSWLQ LQ FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ DGGHG WR FXUUHQW EDFNJURXQG
WKHUDS\ZLWKPHWIRUPLQFRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWK
PHWIRUPLQGXULQJWKHZHHNWUHDWPHQWSHULRG
x 7RFRPSDUHWKHSURSRUWLRQRIVXEMHFWVDFKLHYLQJWKHUDSHXWLFJO\FHPLFUHVSRQVHGHILQHGDV
+E$F   DW :HHN  ZLWK VD[DJOLSWLQ LQ FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ
DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK PHWIRUPLQ FRPSDUHG WR JOLPHSLULGH DGGHG WR
FXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQ


([SORUDWRU\2EMHFWLYHV
6KRUWWHUP
x 7R DVVHVV WKH SURSRUWLRQ RI VXEMHFWV DFKLHYLQJWKHUDSHXWLFJO\FHPLF UHVSRQVH GHILQHG DV
+E$F   ZLWKRXW DQ\ K\SRJO\FHPLD DW :HHN  DFKLHYHG ZLWK VD[DJOLSWLQ LQ
FRDGPLQLVWUDWLRQZLWKGDSDJOLIOR]LQDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQ
FRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQ
x 7R DVVHVV WKH SURSRUWLRQ RI VXEMHFWV DFKLHYLQJWKHUDSHXWLF JO\FHPLF UHVSRQVH GHILQHG DV
+E$F   ZLWKRXW DQ\ K\SRJO\FHPLD DQG ZHLJKW JDLQ DW :HHN  DFKLHYHG ZLWK

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

VD[DJOLSWLQLQFRDGPLQLVWUDWLRQZLWKGDSDJOLIOR]LQDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\
ZLWK PHWIRUPLQ FRPSDUHG WR JOLPHSLULGH DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK
PHWIRUPLQ
x 7R DVVHVV PHDQ FKDQJH IURP EDVHOLQH LQ )3* DFKLHYHG ZLWK VD[DJOLSWLQ LQ
FRDGPLQLVWUDWLRQZLWKGDSDJOLIOR]LQDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQ
FRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQDW:HHN
x 7RDVVHVVFKDQJHIURPEDVHOLQHRIPHWDEROLFPHDVXUHVJOXFDJRQ&SHSWLGHSURLQVXOLQ
LQVXOLQ L+20$ DW :HHN  DFKLHYHG ZLWK VD[DJOLSWLQ LQ FRDGPLQLVWUDWLRQ ZLWK
GDSDJOLIOR]LQ DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK PHWIRUPLQ FRPSDUHG WR
JOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQ
x 7RDVVHVVFKDQJHIURPEDVHOLQHLQDYHUDJHJOXFRVHYDOXHVDQGSRVWSUDQGLDOJOXFRVHYDOXHV
PHDVXUHGE\SRLQWVHOIPRQLWRUHGEORRGJOXFRVH60%*SURILOHVDW:HHNDFKLHYHG
ZLWK VD[DJOLSWLQ LQ FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ DGGHG WR FXUUHQW EDFNJURXQG
WKHUDS\ZLWKPHWIRUPLQFRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWK
PHWIRUPLQ
x 7RDVVHVVFKDQJHIURPEDVHOLQHRIXULQDU\DOEXPLQWRFUHDWLQLQHUDWLRDW:HHNDFKLHYHG
ZLWK VD[DJOLSWLQ LQ FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ DGGHG WR FXUUHQW EDFNJURXQG
WKHUDS\ZLWKPHWIRUPLQFRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWK
PHWIRUPLQ
x 7RDVVHVVFKDQJHIURPEDVHOLQHRIELRPDUNHUVKLJKVHQVLWLYLW\&UHDFWLYHSURWHLQ>KV&53@
1WHUPLQDO SUREUDLQ QDWULXUHWLF SHSWLGH >17 3UR%13@ DW :HHN  RI GRXEOHEOLQG
WUHDWPHQW DFKLHYHG ZLWK VD[DJOLSWLQ LQ FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ DGGHG WR
FXUUHQW EDFNJURXQG WKHUDS\ ZLWK PHWIRUPLQ FRPSDUHG WR JOLPHSLULGH DGGHG WR FXUUHQW
EDFNJURXQGWKHUDS\ZLWKPHWIRUPLQ
x 7RDVVHVVFKDQJHVLQSDWLHQWUHSRUWHGWUHDWPHQWVDWLVIDFWLRQTXDOLW\RIOLIHDQGEDUULHUVWR
PHGLFDWLRQ DGKHUHQFH DFKLHYHG ZLWK VD[DJOLSWLQ LQ FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ
DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK PHWIRUPLQ FRPSDUHG WR JOLPHSLULGH DGGHG WR
FXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQDW:HHN
x 7RDVVHVVFKDQJHIURPEDVHOLQHLQJO\FHPLFYDULDELOLW\DVGHILQHGE\PHDQDPSOLWXGHRI
JO\FHPLF H[FXUVLRQV 0$*( LQ D VXEJURXS XVLQJ &*0 DFKLHYHG ZLWK VD[DJOLSWLQ LQ
FRDGPLQLVWUDWLRQZLWKGDSDJOLIOR]LQDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQ
FRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQDW:HHN
LQWKHVXESRSXODWLRQRIVXEMHFWVZKRXQGHUJR&*0
x 7RDVVHVVFKDQJHVIURPEDVHOLQHWR:HHNLQYLVFHUDODQGVXEFXWDQHRXVDGLSRVHWLVVXH
YROXPHDQGSHUFHQWKHSDWLFOLSLGFRQWHQWDFKLHYHGZLWKVD[DJOLSWLQLQFRDGPLQLVWUDWLRQ
ZLWK GDSDJOLIOR]LQ DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK PHWIRUPLQ FRPSDUHG WR
JOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQLQWKHVXESRSXODWLRQRI
VXEMHFWVZKRXQGHUJR05,3'))

/RQJWHUP
x 7R DVVHVV WKH PHDQ FKDQJH IURP EDVHOLQH LQ +E$F DFKLHYHG ZLWK VD[DJOLSWLQ LQ
FRDGPLQLVWUDWLRQZLWKGDSDJOLIOR]LQDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQ
FRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQDW:HHN

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

x 7R DVVHVV WKH WLPH VSHQW DW RU EHORZ +E$F WDUJHW +E$F   DFKLHYHG ZLWK
VD[DJOLSWLQLQFRDGPLQLVWUDWLRQZLWKGDSDJOLIOR]LQDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\
ZLWK PHWIRUPLQ FRPSDUHG WR JOLPHSLULGH DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK
PHWIRUPLQGXULQJZHHNV
x 7R DVVHVV WKH SURSRUWLRQ RI SDWLHQWV DFKLHYLQJ WKHUDSHXWLF JO\FHPLF UHVSRQVH GHILQHG DV
+E$F ZLWKRXW DQ\ K\SRJO\FHPLD DW :HHN  DFKLHYHG ZLWK VD[DJOLSWLQ LQ
FRDGPLQLVWUDWLRQZLWKGDSDJOLIOR]LQDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQ
FRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQ
x 7R DVVHVV WKH SURSRUWLRQ RI SDWLHQWV DFKLHYLQJ WKHUDSHXWLF JO\FHPLF UHVSRQVH GHILQHG DV
+E$F ZLWKRXW DQ\ K\SRJO\FHPLD DQG ZHLJKW JDLQ DW :HHN  DFKLHYHG ZLWK
VD[DJOLSWLQLQFRDGPLQLVWUDWLRQZLWKGDSDJOLIOR]LQDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\
ZLWK PHWIRUPLQ FRPSDUHG WR JOLPHSLULGH DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK
PHWIRUPLQ
x 7R DVVHVV PHDQ FKDQJH IURP EDVHOLQH LQ )3* DFKLHYHG ZLWK VD[DJOLSWLQ LQ
FRDGPLQLVWUDWLRQZLWKGDSDJOLIOR]LQDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQ
FRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQDW:HHN
x 7RDVVHVVFKDQJHIURPEDVHOLQHRIPHWDEROLFPHDVXUHVJOXFDJRQ&SHSWLGHSURLQVXOLQ
LQVXOLQ L+20$ DW :HHN  DFKLHYHG ZLWK VD[DJOLSWLQ LQ FRDGPLQLVWUDWLRQ ZLWK
GDSDJOLIOR]LQ DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK PHWIRUPLQ FRPSDUHG WR
JOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQ
x 7RDVVHVVFKDQJHIURPEDVHOLQHRIXULQDU\DOEXPLQWRFUHDWLQLQHUDWLRDW:HHNDFKLHYHG
ZLWK VD[DJOLSWLQ LQ FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ DGGHG WR FXUUHQW EDFNJURXQG
WKHUDS\ZLWKPHWIRUPLQFRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWK
PHWIRUPLQ
x 7RDVVHVVFKDQJHIURPEDVHOLQHRIELRPDUNHUVKLJKVHQVLWLYLW\&UHDFWLYHSURWHLQ>KV&53@
1WHUPLQDO SUREUDLQ QDWULXUHWLF SHSWLGH >17 3UR%13@ DW :HHN  DFKLHYHG ZLWK
VD[DJOLSWLQLQFRDGPLQLVWUDWLRQZLWKGDSDJOLIOR]LQDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\
ZLWK PHWIRUPLQ FRPSDUHG WR JOLPHSLULGH DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK
PHWIRUPLQ
x 7RFRPSDUHWKHPHDQFKDQJHIURPEDVHOLQHLQWRWDOERG\ZHLJKWDFKLHYHGZLWKVD[DJOLSWLQ
LQ FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK
PHWIRUPLQFRPSDUHGWRJOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQDW
:HHN
x 7R FRPSDUH WKH PHDQ FKDQJH IURP EDVHOLQH LQ V\VWROLF EORRG SUHVVXUH DFKLHYHG ZLWK
VD[DJOLSWLQLQFRDGPLQLVWUDWLRQZLWKGDSDJOLIOR]LQDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\
ZLWK PHWIRUPLQ FRPSDUHG WR JOLPHSLULGH DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK
PHWIRUPLQDW:HHN
x 7RDVVHVVFKDQJHVLQSDWLHQWUHSRUWHGWUHDWPHQWVDWLVIDFWLRQTXDOLW\RIOLIHDQGEDUULHUVWR
PHGLFDWLRQ DGKHUHQFH DFKLHYHG ZLWK VD[DJOLSWLQ LQ FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ
DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK PHWIRUPLQ FRPSDUHG WR JOLPHSLULGH DGGHG WR
FXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQDW:HHN
x 7RDVVHVVFKDQJHVIURPEDVHOLQHWR:HHNLQYLVFHUDODQGVXEFXWDQHRXVDGLSRVHWLVVXH
YROXPH DQG SHUFHQW KHSDWLF OLSLG FRQWHQW DFKLHYHG ZLWK VD[DJOLSWLQ LQ FRDGPLQLVWUDWLRQ
ZLWK GDSDJOLIOR]LQ DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK PHWIRUPLQ FRPSDUHG WR

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

JOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQLQWKHVXESRSXODWLRQRI
VXEMHFWVZKRXQGHUJR05,3'))


([SORUDWRU\6DIHW\2EMHFWLYHV
x &RQILUPHGK\SRJO\FHPLDGHILQHGDVEORRGJOXFRVHdPJG/PPRO/UHFRUGHGLQ
WKH K\SRJO\FHPLD PRGXOH RI WKH HOHFWURQLF &DVH 5HSRUW )RUP H&5) IRU VD[DJOLSWLQ
FRDGPLQLVWHUHGZLWKGDSDJOLIOR]LQYVJOLPHSLULGHDWDQGZHHNVRIWKHUDS\
x 7R HYDOXDWH WKH VDIHW\ DQG WROHUDELOLW\ RI WUHDWPHQW DFKLHYHG ZLWK VD[DJOLSWLQ LQ
FRDGPLQLVWUDWLRQZLWKGDSDJOLIOR]LQDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\ZLWKPHWIRUPLQ
FRPSDUHG WR JOLPHSLULGH DGGHG WRFXUUHQW EDFNJURXQG WKHUDS\ ZLWKPHWIRUPLQ DW  DQG
ZHHNVRIWKHUDS\


3URGXFW'HYHORSPHQW%DFNJURXQG
'DSDJOLIOR]LQKDVEHHQGHVLJQHGDVDSRWHQWDQGVHOHFWLYHLQKLELWRURIWKHUHQDOVRGLXPJOXFRVH
WUDQVSRUWHU 6*/7 0XOWLSOH SKDVH  DQG SKDVH  VWXGLHV ZKHUH GDSDJOLIOR]LQ ZDV XVHG DV
PRQRWKHUDS\RULQFRPELQDWLRQZLWKRWKHURUDOK\SRJO\FHPLFDJHQWVRULQVXOLQLQVXEMHFWVZLWK
7'0KDYHVKRZQWKDWGDSDJOLIOR]LQLVDVVRFLDWHGZLWKDVLJQLILFDQWUHGXFWLRQRI+E$FIURP
EDVHOLQH FRPSDUHG WR SODFHER    DQG    IRU WKH  DQG  PJ GRVHV
UHVSHFWLYHO\
5HVXOWVIURP6WXGLHV0%DQG'&ZKHUHGDSDJOLIOR]LQZDVDGGHGLQVXEMHFWV
ZLWK 7'0 UHFHLYLQJ KLJK GRVHV RI LQVXOLQ FRQILUPHG WKDW GDSDJOLIOR]LQ ZDV HIIHFWLYH LQ
ORZHULQJ$&ZKHQFRPELQHGZLWKLQVXOLQLQWKLVSRSXODWLRQ+E$FUHGXFWLRQRIUHODWLYH
WRSODFHER
2YHUDOO GDSDJOLIOR]LQ DV PRQRWKHUDS\ DQG LQ FRPELQDWLRQ ZLWK RWKHU DQWLGLDEHWLF DJHQWV
PHWIRUPLQ687='LQVXOLQZDVJHQHUDOO\VDIHDQGZHOOWROHUDWHGLQVXEMHFWVZLWK7'0
,Q3KDVHVWXGLHVWKHIUHTXHQF\RIRYHUDOODGYHUVHHYHQWV$(VZDVVLPLODUWRSODFHER0RVW
$(VZHUHPLOGRUPRGHUDWHLQLQWHQVLW\DQGUHVROYHGZKLOHFRQWLQXLQJWUHDWPHQW1RFOLQLFDOO\
UHOHYDQW FKDQJHV IURP EDVHOLQH ZHUH VHHQ LQ HLWKHU UHQDO IXQFWLRQ RU VHUXP HOHFWURO\WHV LQ
VXEMHFWV WUHDWHG ZLWK GDSDJOLIOR]LQ 7KH IUHTXHQF\ RI JHQLWDO LQIHFWLRQV DQG XULQDU\ WUDFW
LQIHFWLRQVZDVKLJKHULQVXEMHFWVWUHDWHGZLWKGDSDJOLIOR]LQ0RVWRIWKHJHQLWDOLQIHFWLRQVDQG
XULQDU\WUDFWLQIHFWLRQVZHUHPLOGWRPRGHUDWHLQLQWHQVLW\DQGZHUHHDVLO\WUHDWDEOH
%HVLGHV GDWD REWDLQHG IURP VXEMHFWV ZLWK 7'0 UHVXOWV IURP 6WXG\ 0% ZKHUH
GDSDJOLIOR]LQZDVDGGHGWRLQVXOLQWKHUDS\LQVXEMHFWVZLWK7'0VKRZHGWKDWGDSDJOLIOR]LQ
PJDQGPJPD\LPSURYHJO\FHPLFFRQWUROGXULQJDZHHNVWXG\SHULRG,QWKLVSLORWVWXG\
DGYHUVHHYHQWVLQFOXGLQJK\SRJO\FHPLDDQGJHQLWRXULQDU\LQIHFWLRQVZHUHJHQHUDOO\EDODQFHG
DFURVVWUHDWPHQWJURXSV
$GGLWLRQDOFOLQLFDOVDIHW\DQGHIILFDF\LQIRUPDWLRQLVDYDLODEOHLQWKH,QYHVWLJDWRU%URFKXUH

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE


2YHUDOO5LVN%HQHILW$VVHVVPHQW
6D[DJOLSWLQDQGGDSDJOLIOR]LQDVZHOODVWKHLUPHWIRUPLQ IL[HGGRVHFRPELQDWLRQVKDYHEHHQ
DSSURYHG DV DQWLGLDEHWLF DJHQWV LQ PDQ\ FRXQWULHV LQFOXGLQJ WKH 8QLWHG 6WDWHV 86 DQG WKH
(XURSHDQ8QLRQ(8&OLQLFDOVWXGLHVZLWKWKHFRPELQDWLRQRIVD[DJOLSWLQDQGGDSDJOLIOR]LQDUH
RQJRLQJ
&RQVLGHULQJ WKH FRPSOHPHQWDU\ PHFKDQLVP RI DFWLRQ WKH FRPSUHKHQVLYH SUHYLRXV FOLQLFDO
H[SHULHQFH ZLWK VD[DJOLSWLQ DQG GDSDJOLIOR]LQ WKH VWXG\¶V GHVLJQ IHDWXUHV LQFOXGLQJ WKH
LQFOXVLRQ H[FOXVLRQ DQG GLVFRQWLQXDWLRQ FULWHULD DQG WKH SODQQHG VDIHW\ SURFHGXUHV
SDUWLFLSDWLRQLQWKLVVWXG\ZLOOFDXVHDPLQLPDODQGDFFHSWDEOHULVNWRWKHLQGLYLGXDOVXEMHFWV7KH
IUHTXHQW IROORZXS YLVLWV DQG GLHWDU\ FRQVXOWDWLRQ PD\ UHVXOW LQ LPSURYHG JO\FHPLF FRQWURO
FRPSDUHGZLWKQRWSDUWLFLSDWLQJLQWKHWULDO
6D[DJOLSWLQ
3ULRU WR DSSURYDO VD[DJOLSWLQ ZDV HYDOXDWHG LQ  FRUH 3KDVH  UDQGRPL]HG GRXEOHEOLQG
FRQWUROOHGWULDOV&RPSDUHGWRFRQWUROWUHDWPHQWZLWKVD[DJOLSWLQDWGRVHVRIPJWRPJ
UHVXOWHG LQ FOLQLFDOO\ UHOHYDQW DQG VWDWLVWLFDOO\ VLJQLILFDQW LPSURYHPHQWV LQ +E$F )3* DQG
KRXU33*5HGXFWLRQVLQ+E$FZHUHVHHQDFURVVVXEJURXSVLQFOXGLQJDJHJHQGHUUDFHDQG
EDVHOLQHERG\PDVVLQGH[%0,
2YHUDOOVD[DJOLSWLQKDVEHHQZHOOWROHUDWHGLQFOLQLFDOVWXGLHV7KHPDMRULW\RI$(VUHSRUWHGLQ
FOLQLFDOVWXGLHVKDYHEHHQRIPLOGLQWHQVLW\DQGIHZKDYHUHTXLUHGWUHDWPHQWGLVFRQWLQXDWLRQ7KH
IROORZLQJ LGHQWLILHG ULVNV DUH LQFOXGHG LQ WKH 5LVN 0DQDJHPHQW 3ODQ IRU VD[DJOLSWLQ
K\SHUVHQVLWLYLW\ UHDFWLRQV SDQFUHDWLWLV DQG LQIHFWLRQV 7KH IROORZLQJ SRWHQWLDO ULVNV LQFOXGH
O\PSKRSHQLD K\SRJO\FHPLD FDUGLDF IDLOXUH OHDGLQJ WR KRVSLWDOL]DWLRQ DQG VHYHUH FXWDQHRXV
DGYHUVHUHDFWLRQV
:KHQ DGGHG WR VWDQGDUG RI FDUH LQ SDWLHQWV ZLWK 7'0 DW KLJK &9 ULVN VD[DJOLSWLQ QHLWKHU
UHGXFHG QRU LQFUHDVHG WKH ULVN RI WKH SULPDU\ FRPSRVLWH HQGSRLQW RI &9 GHDWK P\RFDUGLDO
LQIDUFWLRQ 0, RU LVFKHPLF VWURNH LQ WKH 6D[DJOLSWLQ $VVHVVPHQW RI 9DVFXODU 2XWFRPHV
5HFRUGHGLQ3DWLHQWVZLWK'LDEHWHV0HOOLWXV6$925WULDO
+\SHUVHQVLWLYLW\UHDFWLRQV
+\SHUVHQVLWLYLW\UHDFWLRQVDUHFODVVLILHGDVDQLGHQWLILHGULVNEDVHGRQWKHDQDO\VLVRIFOLQLFDOWULDO
GDWD DQG UHSRUWV RI K\SHUVHQVLWLYLW\ SULPDULO\ RI VSRQWDQHRXV RULJLQ LQ WKH SRVW PDUNHWLQJ
VHWWLQJ7KHVHILQGLQJVPD\UHSUHVHQWDFODVVHIIHFWIRU'33LQKLELWRUV
3DQFUHDWLWLV
7KHVH HYHQWV KDYH EHHQ UHSRUWHG ZLWK '33 LQKLELWRUV LQFOXGLQJ VD[DJOLSWLQ 5HSRUWV RI
SDQFUHDWLWLVKDYHEHHQUHFHLYHGLQWKHSRVWPDUNHWLQJVHWWLQJSULPDULO\RIVSRQWDQHRXVRULJLQ
DOWKRXJKDFDXVDODVVRFLDWLRQKDVQRWEHHQHVWDEOLVKHG+RZHYHUQRH[FHVVRISDQFUHDWLWLVZDV
LGHQWLILHGLQWKHFRQWUROOHGFOLQLFDOWULDOVH[SHULHQFHRUDVLJQLILFDQWLQFUHDVHIURPSODFHERLQWKH
6$925&9RXWFRPHVWULDO

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

,QIHFWLRQV
7KHVHDUHSRWHQWLDOO\DFODVVHIIHFW7KHVSHFLILFLQIHFWLRQVJHQHUDOO\DVVRFLDWHGZLWKWKHXVHRI
VD[DJOLSWLQ  PJ ZHUH XSSHU UHVSLUDWRU\ LQIHFWLRQ XULQDU\ WUDFW LQIHFWLRQ VLQXVLWLV DQG
JDVWURHQWHULWLV7KHVHDUHOLVWHGDVFRPPRQUHDFWLRQVLQWKHSURGXFWODEHOLQJ
/\PSKRSHQLD
7KH IUHTXHQF\ RI LQYHVWLJDWRUUHSRUWHG $(V RI O\PSKRSHQLD ZDV VLPLODU IRU SDWLHQWV ZKR
UHFHLYHGVD[DJOLSWLQDQGSODFHER0HDQO\PSKRF\WHFRXQWVUHPDLQHGVWDEOHDQGZLWKLQQRUPDO
OLPLWVZLWKGDLO\GRVLQJXSWRZHHNVLQGXUDWLRQ2YHUDOODVPDOOGHFUHDVHLQPHDQDEVROXWH
O\PSKRF\WHFRXQWZDV REVHUYHGDWGRVHVRIVD[DJOLSWLQRI PJDQG DERYH7KLVGHFUHDVHLQ
O\PSKRF\WHFRXQWGRHVQRWDSSHDUWRUHVXOWLQWKHVHOHFWLYHORVVRIDSDUWLFXODUSRSXODWLRQRI
O\PSKRF\WHV EH UHODWHG WR D GHIHFW LQ SUROLIHUDWLRQ RU LQ WKH LQFUHDVHG GHVWUXFWLRQ RI
O\PSKRF\WHV :KLOHWKHFOLQLFDOVLJQLILFDQFH RIWKH GHFUHDVHVLQO\PSKRF\WHFRXQWUHODWLYHWR
SODFHERLVQRWNQRZQWKHUHGXFWLRQVZHUHQRWDVVRFLDWHGZLWKFOLQLFDOO\UHOHYDQWDGYHUVHHYHQWV
RURSSRUWXQLVWLFLQIHFWLRQV
+\SRJO\FHPLD
7UHDWPHQWZLWKVD[DJOLSWLQOHGWRUDWHVRIK\SRJO\FHPLDWKDWZHUHJHQHUDOO\VLPLODUWRSODFHER
H[FHSWLQFRPELQDWLRQZLWKD68RULQVXOLQ7KLVLVFRQVLVWHQWZLWKWKHPHFKDQLVPRIDFWLRQRI
'33LQKLELWRUVZKLFKH[HUWWKHLULQVXOLQRWURSLFHIIHFWVRQWKHEFHOOLQDJOXFRVHGHSHQGHQW
PDQQHU
*DVWURLQWHVWLQDOUHODWHG$(V
*DVWURHQWHULWLV DQG YRPLWLQJ DUH WKH WZR JDVWURLQWHVWLQDOUHODWHG HYHQWV WKDW SUHVHQWHG ZLWK
KLJKHULQFLGHQFHVWKDQWKRVHRIWKHSODFHERFRPSDUDWRUVDQGDUHOLVWHGDVFRPPRQUHDFWLRQVLQ
WKHSURGXFWODEHOLQJ
&DUGLRYDVFXODURXWFRPHV
$UHFHQWODUJHUDQGRPL]HGSODFHERFRQWUROOHG&9RXWFRPHVVWXG\6$925ZDVFRQGXFWHGLQ
LQGLYLGXDOVZLWK7'0DQGHLWKHUDKLVWRU\RI&9GLVHDVHRUPXOWLSOHULVNIDFWRUVIRUYDVFXODU
GLVHDVH6D[DJOLSWLQQHLWKHULQFUHDVHGQRUGHFUHDVHGWKHIUHTXHQF\RIDFRPELQHGFDUGLRYDVFXODU
HQGSRLQWRI&9GHDWK0,RUVWURNH
,QVXPPDU\WKHFOLQLFDOVDIHW\DQGHIILFDF\GDWDDFFXPXODWHGWRGDWHGHPRQVWUDWHVDSRVLWLYH
EHQHILWULVNSURILOHIRUVD[DJOLSWLQ
'DSDJOLIOR]LQ
'DSDJOLIOR]LQ LV DSSURYHG LQ DSSUR[LPDWHO\  FRXQWULHV LQFOXGLQJ WKH 86 DQG (8 3ULRU WR
DSSURYDOGDSDJOLIOR]LQZDVHYDOXDWHGLQFRUH3KDVHEVWXGLHVFRUH3KDVHVWXGLHVDQG
UHJLRQDO3KDVHVWXGLHV7KHVHVWXGLHVHVWDEOLVKHGWKDWGDSDJOLIOR]LQLVHIIHFWLYHLQUHGXFLQJ
+E$FLQDEURDGUDQJHRIVXEMHFWVUHJDUGOHVVRIGLVHDVHSURJUHVVLRQGXUDWLRQRUFRQFRPLWDQW
XVHRIDQWLGLDEHWLFWKHUDSLHV'DSDJOLIOR]LQFRQVLVWHQWO\GHPRQVWUDWHGVWDWLVWLFDOO\DQGFOLQLFDOO\
VLJQLILFDQWPHDQUHGXFWLRQVLQ+E$FYHUVXVSODFHERDPRQJWKHWKUHHGRVHVW\SLFDOO\VWXGLHG

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

  DQG  PJ 2YHUDOO WKH GRVH RI  PJ SURYLGHG EHWWHU HIILFDF\ WKDQ WKH WZR ORZHU
GRVHV(IIHFWVRQVHFRQGDU\JO\FHPLFHIILFDF\SDUDPHWHUVLQFOXGLQJ)3*DQG33*VXSSRUWWKH
SULPDU\+E$FHIILFDF\ILQGLQJV'DSDJOLIOR]LQDOVRUHVXOWHGLQDPRGHVWUHGXFWLRQLQWRWDOERG\
ZHLJKWUHODWLYHWRSODFHERRUFRPSDUDWRUODUJHO\DWWULEXWDEOHWRDGHFUHDVHLQERG\IDWPDVVDV
ZHOODVUHGXFWLRQVLQV\VWROLFEORRGSUHVVXUH3ODFHERFRQWUROOHGGDWDIRUXSWR\HDUVLQGLFDWH
WKDWWKHEHQHILFLDOHIIHFWVRQJO\FHPLFDQGQRQJO\FHPLFSDUDPHWHUVZHUHPDLQWDLQHG
2YHUDOO GDSDJOLIOR]LQ KDV EHHQ ZHOO WROHUDWHG LQ FOLQLFDO VWXGLHV ,QFOXGHG LQ WKH 5LVN
0DQDJHPHQW3ODQIRUGDSDJOLIOR]LQDUHWKHLGHQWLILHGULVNVRIJHQLWDOLQIHFWLRQVDQGXULQDU\WUDFW
LQIHFWLRQV3RWHQWLDOULVNVLQFOXGHK\SRJO\FHPLDYROXPHGHSOHWLRQFOLQLFDOFRQVHTXHQFHVUHODWHG
WRDQLQFUHDVHLQKHPDWRFULWUHQDOLPSDLUPHQWIDLOXUHERQHIUDFWXUHOLYHULQMXU\EODGGHUFDQFHU
DQGEUHDVWFDQFHU
+\SHUVHQVLWLYLW\UHDFWLRQV
+\SHUVHQVLWLYLW\UHDFWLRQVDUHFODVVLILHGDVDQLGHQWLILHGULVNEDVHGRQWKHDQDO\VLVRIFOLQLFDOWULDO
GDWD DQG UHSRUWV RI K\SHUVHQVLWLYLW\ SULPDULO\ RI VSRQWDQHRXV RULJLQ LQ WKH SRVW PDUNHWLQJ
VHWWLQJ
*HQLWDOWUDFWLQIHFWLRQV
7KHUHZDVDVOLJKWO\LQFUHDVHGIUHTXHQF\RIJHQLWDOLQIHFWLRQVZLWKGDSDJOLIOR]LQZKLFKLVOLNHO\
DFRQVHTXHQFHRIXULQDU\JOXFRVHIDYRULQJWKHJURZWKRIPLFURELDOSDWKRJHQV7KHVHLQIHFWLRQV
ZHUHPRUHIUHTXHQWO\UHSRUWHGLQIHPDOHVDQGZHUHJHQHUDOO\QRWVHULRXVZHUHHDVLO\WUHDWHGDQG
UDUHO\OHGWRGLVFRQWLQXDWLRQ
8ULQDU\WUDFWLQIHFWLRQV
7KHUH ZDV D VOLJKWO\ LQFUHDVHG IUHTXHQF\ RI XULQDU\ WUDFW LQIHFWLRQV DQG F\VWLWLV SULPDULO\ LQ
IHPDOHV0RVWUHVSRQGHGWRVWDQGDUGWUHDWPHQWV7KHUHKDYHDOVREHHQSRVWPDUNHWLQJUHSRUWVRI
VHULRXVXULQDU\WUDFWLQIHFWLRQVLQFOXGLQJXURVHSVLVDQGS\HORQHSKULWLVUHTXLULQJKRVSLWDOL]DWLRQ
LQSDWLHQWVUHFHLYLQJGDSDJOLIOR]LQDQGRWKHU6*/7LQKLELWRUV
+\SRJO\FHPLD
&RQVLVWHQWZLWKLWVLQVXOLQLQGHSHQGHQWPHFKDQLVPGDSDJOLIOR]LQVKRZHGDORZSURSHQVLW\IRU
FDXVLQJ K\SRJO\FHPLD +RZHYHU ZKHQ XVHG LQ FRPELQDWLRQ ZLWK DJHQWV NQRZQ WR FDXVH
K\SRJO\FHPLDVXFKDV68VRULQVXOLQDQLQFUHDVHLQWKHIUHTXHQF\RIK\SRJO\FHPLFHYHQWVZDV
REVHUYHG
9ROXPHGHSOHWLRQKHPDWRFULWUHQDOLPSDLUPHQWIDLOXUH
&RQVLVWHQWZLWKLWVGLXUHWLFHIIHFWWKHUHZDVDWUHQGWRZDUGVDUHGXFWLRQLQPHDQV\VWROLFDQG
GLDVWROLF EORRG SUHVVXUH LQ GDSDJOLIOR]LQWUHDWHG VXEMHFWV +RZHYHU WKH GLXUHWLF DFWLRQ RI
GDSDJOLIOR]LQLVUHODWLYHO\PLOGDQGVHULRXVDGYHUVHHYHQWVUHODWHGWRYROXPHGHSOHWLRQLQFOXGLQJ
UHSRUWVRIGHK\GUDWLRQK\SRYROHPLDRUK\SRWHQVLRQZHUHIHZDQGEDODQFHGEHWZHHQ
WUHDWPHQWJURXSVDFURVVWKHFOLQLFDOVWXG\SURJUDP,QDGGLWLRQQRFOLQLFDOO\PHDQLQJIXOFKDQJHV
LQVHUXPHOHFWURO\WHVVXFKDVVRGLXPDQGSRWDVVLXPZHUHREVHUYHG$VH[SHFWHGSRO\XULDDQG
SROODNLXULDZHUHPRUHRIWHQUHSRUWHGZLWKGDSDJOLIOR]LQWKDQIRUFRPSDUDWRURUSODFHER6PDOO

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

LQFUHDVHV LQ PHDQ KHPDWRFULW ZHUH DOVR REVHUYHG DOVR OLNHO\ UHODWHG WR WKH GLXUHWLF HIIHFW RI
GDSDJOLIOR]LQDQGDFRQVHTXHQWUHGXFWLRQLQSODVPDYROXPHEXWZHUHQRWDVVRFLDWHGZLWKDQ\
LPEDODQFH LQ WKURPERHPEROLF HYHQWV EHWZHHQ GDSDJOLIOR]LQ DQG FRPSDUDWRU $ FOLQLFDOO\
LQVLJQLILFDQWHDUO\GHFUHDVHLQHVWLPDWHGJORPHUXODUILOWUDWLRQUDWHH*)5ZLWKVXEVHTXHQWUHWXUQ
WREDVHOLQHZDVREVHUYHGZLWKGDSDJOLIOR]LQWKHUDS\7KHUHZHUHQRFDVHVRIWXEXORQHFURVLVRU
RWKHU QHSKURWR[LF HIIHFWV DQG QR HYLGHQFH RI SURJUHVVLYH UHQDO G\VIXQFWLRQ LQ WKH FOLQLFDO
GHYHORSPHQWSURJUDP
%RQHIUDFWXUH
,QWKHRYHUDOOGDSDJOLIOR]LQFOLQLFDOSURJUDPWKHUHZDVQRLPEDODQFHLQWKHIUHTXHQF\RIERQH
IUDFWXUHVZLWKXSWR\HDUVRIWUHDWPHQWEHWZHHQGDSDJOLIOR]LQDQGSODFHER
/LYHULQMXU\
7KHUHZDVDOVRQRHYLGHQFHRIDQDVVRFLDWLRQRIGDSDJOLIOR]LQWKHUDS\ZLWKOLYHUWR[LFLW\DQGQR
HYLGHQFHRIVHYHUHGUXJLQGXFHGOLYHULQMXU\6LPLODUSURSRUWLRQVRIVXEMHFWVZLWKHOHYDWLRQVRI
OLYHUHQ]\PHVZHUHVHHQLQGDSDJOLIOR]LQDQGSODFHERWUHDWHGVXEMHFWVDFURVVWKH3KDVHEDQG
VWXGLHV
0DOLJQDQFLHV
'XULQJFOLQLFDOWULDOVWKHRYHUDOOSURSRUWLRQRIVXEMHFWVZLWKPDOLJQDQWRUXQVSHFLILHGWXPRUV
ZDVVLPLODUEHWZHHQWKRVHWUHDWHGZLWKGDSDJOLIOR]LQDQGSODFHERFRPSDUDWRU
DQGWKHUHZHUHQRFDUFLQRJHQLFLW\RUPXWDJHQLFLW\VLJQDOVLQDQLPDOGDWD:KHQFRQVLGHULQJWKH
FDVHV RI WXPRUV RFFXUULQJ LQ WKH GLIIHUHQW RUJDQ V\VWHPV WKH UHODWLYH ULVN DVVRFLDWHG ZLWK
GDSDJOLIOR]LQZDVDERYHIRUVRPHWXPRUVEODGGHUSURVWDWHEUHDVWDQGEHORZIRURWKHUV
HJEORRG DQG O\PSKDWLF RYDU\ UHQDO QRW UHVXOWLQJ LQ DQ RYHUDOO LQFUHDVHG WXPRU ULVN
DVVRFLDWHG ZLWK GDSDJOLIOR]LQ 7KH ULVN ZDV QRW VWDWLVWLFDOO\ VLJQLILFDQW IRU DQ\ RUJDQ V\VWHP
&RQVLGHULQJ WKH ODFN RI WXPRU ILQGLQJV LQ QRQFOLQLFDO VWXGLHV DV ZHOO DV WKH VKRUW ODWHQF\
EHWZHHQILUVWGUXJH[SRVXUHDQGWXPRUGLDJQRVLVLQWKHFOLQLFDOSURJUDPDFDXVDOUHODWLRQVKLSWR
GDSDJOLIOR]LQLVFRQVLGHUHGXQOLNHO\7KHLPEDODQFHRIEUHDVWEODGGHUDQGSURVWDWHWXPRUVZLOO
EH IXUWKHU LQYHVWLJDWHG LQ SRVWDXWKRULVDWLRQ VWXGLHV DQG KDV EHHQ LQFOXGHG LQ WKH 5LVN
0DQDJHPHQW3ODQIRUGDSDJOLIOR]LQ
$SUHVSHFLILHG&9VDIHW\PHWDDQDO\VLVRIFRQILUPHGDGMXGLFDWHGHYHQWVGHPRQVWUDWHGQR&9
KDUPZLWKGDSDJOLIOR]LQWUHDWPHQW7KHUHLVDQRQJRLQJODUJHUDQGRPL]HGSODFHERFRQWUROOHG
FDUGLRYDVFXODURXWFRPHVVWXG\'(&/$5(WRH[SORUHLIGDSDJOLIOR]LQZKHQDGGHGWRVXEMHFWV¶
FXUUHQW DQWLGLDEHWHV WKHUDS\ LV HIIHFWLYH LQ UHGXFLQJ &9 HYHQWV 0, LVFKHPLF VWURNH DQG
&9UHODWHGGHDWKFRPSDUHGZLWKSODFHER
.HWRDFLGRVLV
7KHUHKDYHEHHQSRVWPDUNHWLQJUHSRUWVRINHWRDFLGRVLVLQFOXGLQJGLDEHWLFNHWRDFLGRVLV'.$
LQ SDWLHQWV ZLWK W\SH  DQG W\SH  GLDEHWHV PHOOLWXV WDNLQJ GDSDJOLIOR]LQ DQG RWKHU 6*/7
LQKLELWRUVDOWKRXJKDFDXVDOUHODWLRQVKLSKDVQRWEHHQHVWDEOLVKHG'DSDJOLIOR]LQLVQRWLQGLFDWHG
IRUWKHWUHDWPHQWRISDWLHQWVZLWKW\SHGLDEHWHVPHOOLWXV

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

3DWLHQWV WUHDWHG ZLWK GDSDJOLIOR]LQ ZKR SUHVHQW ZLWK VLJQV DQG V\PSWRPV FRQVLVWHQW ZLWK
NHWRDFLGRVLV LQFOXGLQJ QDXVHD YRPLWLQJ DEGRPLQDO SDLQ PDODLVH DQG VKRUWQHVV RI EUHDWK
VKRXOG EH DVVHVVHG IRU NHWRDFLGRVLV HYHQ LI EORRG JOXFRVH OHYHOV DUH EHORZ  PPRO/
PJG/ ,I NHWRDFLGRVLV LV VXVSHFWHG GLVFRQWLQXDWLRQ RU WHPSRUDU\ LQWHUUXSWLRQ RI
GDSDJOLIOR]LQVKRXOGEHFRQVLGHUHGDQGWKHSDWLHQWVKRXOGEHSURPSWO\HYDOXDWHG
3UHGLVSRVLQJ IDFWRUV WR NHWRDFLGRVLV LQFOXGH D ORZ EHWDFHOO IXQFWLRQ UHVHUYH UHVXOWLQJ IURP
SDQFUHDWLFGLVRUGHUVHJW\SHGLDEHWHVKLVWRU\RISDQFUHDWLWLVRUSDQFUHDWLFVXUJHU\LQVXOLQ
GRVHUHGXFWLRQUHGXFHGFDORULFLQWDNHRULQFUHDVHGLQVXOLQUHTXLUHPHQWVGXHWRLQIHFWLRQVLOOQHVV
RUVXUJHU\DQGDOFRKRODEXVH'DSDJOLIOR]LQVKRXOGEHXVHGZLWKFDXWLRQLQWKHVHSDWLHQWV
,QVXPPDU\HYDOXDWLRQRIWKHFOLQLFDOVDIHW\DQGHIILFDF\GDWDDFFXPXODWHGVRIDULQGLFDWHVD
SRVLWLYHEHQHILWULVNSURILOHIRUGDSDJOLIOR]LQ
*OLPHSLULGH
*OLPHSLULGH D VXOIRQ\OXUHD LV D ZLGHO\ XVHG DQWLGLDEHWLF WUHDWPHQW *OLPHSLULGH ZLOO EH
SUHVFULEHG DFFRUGLQJ WR LWV DSSURYHG ODEHO 'DWD IURP FOLQLFDO WULDOV LQGLFDWH WKDW WKH RYHUDOO
LQFLGHQFHRIDGYHUVHHYHQWVDVVRFLDWHGZLWKJOLPHSLULGHLVJHQHUDOO\ORZHUFRPSDUHGZLWKRWKHU
68VLQFOXGLQJDORZHUULVNRIK\SRJO\FHPLDDQGZHLJKWJDLQ
3URWHFWLRQDJDLQVWULVNV
7KHSUHVHQWVWXG\KDVEHHQGHVLJQHGZLWKDSSURSULDWHPHDVXUHVWRPRQLWRUDQGPLQLPL]HDQ\
SRWHQWLDOKHDOWKULVNVWRSDUWLFLSDWLQJVXEMHFWV7RHQVXUHSDWLHQWVDIHW\WKH6SRQVRUZLOOFRQGXFW
D UHDOWLPH UHYLHZ RI DOO VDIHW\ LQIRUPDWLRQ IURP DOO RQJRLQJ FOLQLFDO VD[DJOLSWLQ DQG
GDSDJOLIOR]LQ VWXGLHV DV WKH\ EHFRPH DYDLODEOH 6DIHW\ VLJQDO GHWHFWLRQ ZLOO LQFOXGH WKH
LQWHJUDWLRQRIDOODYDLODEOHVRXUFHVRIVDIHW\LQIRUPDWLRQLQFOXGLQJFOLQLFDOVWXG\GDWDDGYHUVH
HYHQW UHSRUWV SUHFOLQLFDO GDWD HSLGHPLRORJLFDO VWXGLHV DQGOLWHUDWXUHUHSRUWV WR LGHQWLI\ DQG
FKDUDFWHUL]HXQUHFRJQL]HGVDIHW\ULVNVRUFKDQJHVLQWKRVHZKLFKDUHFXUUHQWO\H[SHFWHG$GYHUVH
'UXJ5HDFWLRQV$'5V$Q\LQIRUPDWLRQWKDWPD\DIIHFWWKHEHQHILWULVNSURILOHRIVD[DJOLSWLQ
DQG GDSDJOLIOR]LQ ZLOO EH LPPHGLDWHO\ FRPPXQLFDWHG WR UHOHYDQW +HDOWK $XWKRULWLHV DQG
DSSURSULDWHDFWLRQVZLOOEHWDNHQUHJDUGLQJWKHFOLQLFDOSURJUDPDVQHHGHG
05,
7KH 05, LQYHVWLJDWLRQV ZLOO EH SHUIRUPHG WR DVVHVV VXEFXWDQHRXV DQGYLVFHUDODGLSRVH WLVVXH
YROXPHOLYHUYROXPHDQGSHUFHQWKHSDWLFOLSLGFRQWHQWXVLQJVWDQGDUGFOLQLFDOVFDQQHUV7KH
PDJQHWLF ILHOG FUHDWHG DWWUDFWV IHUURPDJQHWLF REMHFWV LQWR WKH VFDQQHU 6XEMHFWV ZLWK D
IHUURPDJQHWLFLPSODQWRUGHYLFHVXFKDVSDFHPDNHUVPHWDOOLFVSOLQWHUVLQWKHH\HDQGFOLSVLQ
WKHFHQWUDOQHUYRXVV\VWHPDUHFRQWUDLQGLFDWHGIRU05,$VWDQGDUGL]HGTXHVWLRQQDLUHZLOOEH
XVHGEHIRUHHDFK05,VFDQLVSHUIRUPHGWRVFUHHQVXEMHFWVIRUDQ\FRQWUDLQGLFDWLRQWR05,1R
FRQWUDVWDJHQWZLOOEHXVHG
&*0
&*0LVXVHGWRPHDVXUHVXEFXWDQHRXVLQWHUVWLWLDOJOXFRVHDQGZLOOJLYHSURILOHVRIPHDQJOXFRVH
YDOXHVRYHUKRXUVXVLQJWKHV\VWHPUHFRUGHGGDWDDSSUR[LPDWHO\HYHU\PLQXWHV7KHUHLV

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

DORZULVNWKDWLQVHUWLQJWKH&*0VHQVRUDQGZHDULQJWKHDGKHVLYHSDWFKPLJKWFDXVHEOHHGLQJ
LQIHFWLRQRUVNLQLUULWDWLRQVUHGQHVVVZHOOLQJ
3RWHQWLDOEHQHILWVWRVXEMHFWV
$OO VXEMHFWV ZLOO UHFHLYH DFWLYH GXDO DQWLK\SHUJO\FHPLF WKHUDS\ 7KH HIILFDF\ DQG VDIHW\ RI
VD[DJOLSWLQLQFRPELQDWLRQZLWKGDSDJOLIOR]LQDVZHOODVWKHGXDODGGRQRIERWKDJHQWVLQWKLV
FOLQLFDOVHWWLQJKDVEHHQUHFHQWO\HVWDEOLVKHG$3KDVHVWXG\&9GHPRQVWUDWHGWKDW
HDUO\FRPELQDWLRQWUHDWPHQWZLWKVD[DJOLSWLQDQGGDSDJOLIOR]LQDGGHGWRJHWKHUZLWKPHWIRUPLQ
DVWULSOHWKHUDS\HOLFLWHGVXSHULRUUHGXFWLRQLQ+E$FDVFRPSDUHGWRWKHDGGLWLRQRIHDFKRI
WKHVHLQGLYLGXDODJHQWVWRPHWIRUPLQDORQHLQVXEMHFWVZLWKLQDGHTXDWHO\FRQWUROOHG7'0,Q
WKHSUHVHQWVWXG\WKHGRVHVRIVD[DJOLSWLQPJDQGGDSDJOLIOR]LQPJDUHWKHPD[LPXP
GRVHV WKDW DUH FXUUHQWO\ DSSURYHG DQG XVHG LQ FOLQLFDO SUDFWLFH ,Q DGGLWLRQ VD[DJOLSWLQ LV
H[SHFWHGWREHZHLJKWQHXWUDODQGGDSDJOLIOR]LQLVDQWLFLSDWHGWRUHGXFHZHLJKWPRGHUDWHO\DQG
ERWKKDYHVKRZQDORZULVNIRUK\SRJO\FHPLDLQFRPELQDWLRQZLWKPHWIRUPLQ6XEMHFWVDUHDOVR
H[SHFWHG WR UHFHLYH VRPH EHQHILW LQ WKH IRUP RI LQFUHDVHG PHGLFDO FDUHDWWHQWLRQ ZKHQ
SDUWLFLSDWLQJLQVWXG\SURFHGXUHVZKLFKLQFOXGHVPXOWLSOHFOLQLFYLVLWVDQGSK\VLFDOH[DPLQDWLRQV
RYHU WKH GXUDWLRQ RI WKH VWXG\ 6XEMHFWV ZLOODOVRUHFHLYH FRXQVHOLQJ RQ GLHWDU\DQG OLIHVW\OH
PRGLILFDWLRQV

(7+,&$/&216,'(5$7,216

*RRG&OLQLFDO3UDFWLFH
7KLVVWXG\ZLOOEHFRQGXFWHGLQDFFRUGDQFHZLWK*RRG&OLQLFDO3UDFWLFH*&3DVGHILQHGE\WKH
,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ,&+DQGLQDFFRUGDQFHZLWKWKHHWKLFDOSULQFLSOHV
XQGHUO\LQJ (XURSHDQ 8QLRQ 'LUHFWLYH (& DQG WKH 8QLWHG 6WDWHV &RGH RI )HGHUDO
5HJXODWLRQV7LWOH3DUW&)5
7KHVWXG\ZLOOEHFRQGXFWHGLQFRPSOLDQFHZLWKWKHSURWRFRO7KHSURWRFRODQGDQ\DPHQGPHQWV
DQG WKH VXEMHFW LQIRUPHG FRQVHQW ZLOO UHFHLYH ,QVWLWXWLRQDO 5HYLHZ %RDUG,QGHSHQGHQW (WKLFV
&RPPLWWHH,5%,(&DSSURYDOIDYRUDEOHRSLQLRQSULRUWRLQLWLDWLRQRIWKHVWXG\
$OOSRWHQWLDOVHULRXVEUHDFKHVPXVWEHUHSRUWHGWRWKH6SRQVRULPPHGLDWHO\$VHULRXVEUHDFKLVD
EUHDFKRIWKHFRQGLWLRQVDQGSULQFLSOHVRI*&3LQFRQQHFWLRQZLWKWKHVWXG\RUWKHSURWRFRO
ZKLFKLVOLNHO\WRDIIHFWWRDVLJQLILFDQWGHJUHHWKHVDIHW\RUSK\VLFDORUPHQWDOLQWHJULW\RIWKH
VXEMHFWVLQWKHVWXG\RUWKHVFLHQWLILFYDOXHRIWKHVWXG\
3HUVRQQHO LQYROYHG LQ FRQGXFWLQJ WKLV VWXG\ ZLOO EH TXDOLILHG E\ HGXFDWLRQ WUDLQLQJ DQG
H[SHULHQFHWRSHUIRUPWKHLUUHVSHFWLYHWDVNV
7KLVVWXG\ZLOOQRWXVHWKHVHUYLFHVRIVWXG\SHUVRQQHOZKHUHVDQFWLRQVKDYHEHHQLQYRNHGRU
ZKHUHWKHUHKDVEHHQVFLHQWLILFPLVFRQGXFWRUIUDXGHJORVVRIPHGLFDOOLFHQVXUHGHEDUPHQW

,QVWLWXWLRQDO5HYLHZ%RDUG,QGHSHQGHQW(WKLFV&RPPLWWHH
3ULRUWRVWXG\LQLWLDWLRQWKHLQYHVWLJDWRUPXVWKDYHZULWWHQDQGGDWHGDSSURYDOIDYRUDEOHRSLQLRQ
IURP WKH ,5%,(& IRU WKH SURWRFRO FRQVHQW IRUP VXEMHFW UHFUXLWPHQW PDWHULDOV

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

HJDGYHUWLVHPHQWV DQG DQ\ RWKHU ZULWWHQ LQIRUPDWLRQ WR EH SURYLGHG WR VXEMHFWV 7KH
LQYHVWLJDWRU RU WKH 6SRQVRU VKRXOG DOVR SURYLGH WKH ,5%,(& ZLWK D FRS\ RI WKH ,QYHVWLJDWRU
%URFKXUHRUSURGXFWODEHOLQJLQIRUPDWLRQWREHSURYLGHGWRVXEMHFWVDQGDQ\XSGDWHV
7KH LQYHVWLJDWRU RU WKH 6SRQVRU VKRXOG SURYLGH WKH ,5%,(& ZLWK UHSRUWV XSGDWHV DQG RWKHU
LQIRUPDWLRQHJH[SHGLWHGVDIHW\UHSRUWVDPHQGPHQWVDQGDGPLQLVWUDWLYHOHWWHUVDFFRUGLQJWR
UHJXODWRU\UHTXLUHPHQWVRULQVWLWXWLRQSURFHGXUHV

,QIRUPHG&RQVHQW
,QYHVWLJDWRUVPXVWHQVXUHWKDWVXEMHFWVDUHFOHDUO\DQGIXOO\LQIRUPHGDERXWWKHSXUSRVHSRWHQWLDO
ULVNVDQGRWKHUFULWLFDOLVVXHVUHJDUGLQJFOLQLFDOVWXGLHVLQZKLFKWKH\YROXQWHHUWRSDUWLFLSDWH
,QVLWXDWLRQVZKHUHFRQVHQWFDQQRWEHJLYHQE\VXEMHFWVWKHLUOHJDOO\DFFHSWDEOHUHSUHVHQWDWLYHV
DVSHUFRXQWU\JXLGHOLQHVDUHFOHDUO\DQGIXOO\LQIRUPHGDERXWWKHSXUSRVHSRWHQWLDOULVNVDQG
RWKHUFULWLFDOLVVXHVUHJDUGLQJFOLQLFDOVWXGLHVLQZKLFKWKHVXEMHFWYROXQWHHUVWRSDUWLFLSDWH
7KH6SRQVRURUGHVLJQHHZLOOSURYLGHWKHLQYHVWLJDWRUZLWKDQDSSURSULDWHLHJOREDORUORFDO
VDPSOH LQIRUPHG FRQVHQW IRUP ZKLFK ZLOO LQFOXGH DOO HOHPHQWV UHTXLUHG E\ ,&+ *&3 DQG
DSSOLFDEOHUHJXODWRU\UHTXLUHPHQWV7KHVDPSOHLQIRUPHGFRQVHQWIRUPZLOODGKHUHWRWKHHWKLFDO
SULQFLSOHVWKDWKDYHWKHLURULJLQLQWKH'HFODUDWLRQRI+HOVLQNL
,QYHVWLJDWRUVPXVW
 3URYLGHDFRS\RIWKHFRQVHQWIRUPDQGZULWWHQLQIRUPDWLRQDERXWWKHVWXG\LQWKHODQJXDJH
LQZKLFKWKHVXEMHFWLVSURILFLHQWSULRUWRFOLQLFDOVWXG\SDUWLFLSDWLRQ7KHODQJXDJHPXVWEH
QRQWHFKQLFDODQGHDVLO\XQGHUVWRRG
 $OORZ WLPH QHFHVVDU\ IRU WKH VXEMHFW RU WKH VXEMHFW
V OHJDOO\ DFFHSWDEOH UHSUHVHQWDWLYH WR
LQTXLUHDERXWWKHGHWDLOVRIWKHVWXG\
 2EWDLQ DQ LQIRUPHG FRQVHQW VLJQHG DQG SHUVRQDOO\ GDWHG E\ WKH VXEMHFW RU WKH VXEMHFW
V
OHJDOO\ DFFHSWDEOH UHSUHVHQWDWLYH DQG E\ WKH SHUVRQ ZKR FRQGXFWHG WKH LQIRUPHG FRQVHQW
GLVFXVVLRQ
 2EWDLQ WKH ,5%,(&¶V ZULWWHQ DSSURYDOIDYRUDEOH RSLQLRQ RI WKH ZULWWHQ LQIRUPHG FRQVHQW
IRUPDQGDQ\RWKHULQIRUPDWLRQWREHSURYLGHGWRWKHVXEMHFWVSULRUWRWKHEHJLQQLQJRIWKH
VWXG\DQGDIWHUDQ\UHYLVLRQVDUHFRPSOHWHGIRUQHZLQIRUPDWLRQ
 ,ILQIRUPHGFRQVHQWLVLQLWLDOO\JLYHQE\DVXEMHFW¶VOHJDOO\DFFHSWDEOHUHSUHVHQWDWLYHRUOHJDO
JXDUGLDQDQGWKHVXEMHFWVXEVHTXHQWO\EHFRPHVFDSDEOHRIPDNLQJDQGFRPPXQLFDWLQJKLV
RUKHULQIRUPHGFRQVHQWGXULQJWKHVWXG\FRQVHQWPXVWDGGLWLRQDOO\EHREWDLQHGIURPWKH
VXEMHFW
 5HYLVHWKHLQIRUPHGFRQVHQWZKHQHYHULPSRUWDQWQHZLQIRUPDWLRQEHFRPHVDYDLODEOHWKDWLV
UHOHYDQWWRWKHVXEMHFW
VFRQVHQW7KHLQYHVWLJDWRURUDSHUVRQGHVLJQDWHGE\WKHLQYHVWLJDWRU
VKRXOG IXOO\ LQIRUP WKH VXEMHFW RU WKH VXEMHFW
V OHJDOO\ DFFHSWDEOH UHSUHVHQWDWLYH RU OHJDO
JXDUGLDQRIDOOSHUWLQHQWDVSHFWVRIWKHVWXG\DQGRIDQ\QHZLQIRUPDWLRQUHOHYDQWWRWKH
VXEMHFW
VZLOOLQJQHVVWRFRQWLQXHSDUWLFLSDWLRQLQWKHVWXG\7KLVFRPPXQLFDWLRQVKRXOGEH
GRFXPHQWHG


&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

7KH FRQILGHQWLDOLW\ RI UHFRUGV WKDW FRXOG LGHQWLI\ VXEMHFWV PXVW EH SURWHFWHG UHVSHFWLQJ WKH
SULYDF\ DQG FRQILGHQWLDOLW\ UXOHV DSSOLFDEOH WR UHJXODWRU\ UHTXLUHPHQWV WKH VXEMHFWV
 VLJQHG
,QIRUPHG&RQVHQW)RUP,&)DQGLQWKH86WKHVXEMHFWV¶VLJQHG+HDOWK,QIRUPDWLRQ3RUWDELOLW\
	$FFRXQWDELOLW\$FW+,3$$$XWKRUL]DWLRQ
7KHFRQVHQWIRUPPXVWDOVRLQFOXGHDVWDWHPHQWWKDWWKH6SRQVRUDQGUHJXODWRU\DXWKRULWLHVKDYH
GLUHFWDFFHVVWRVXEMHFWUHFRUGV
7KHULJKWVVDIHW\DQGZHOOEHLQJRIWKHVWXG\VXEMHFWVDUHWKHPRVWLPSRUWDQWFRQVLGHUDWLRQVDQG
VKRXOGSUHYDLORYHULQWHUHVWVRIVFLHQFHDQGVRFLHW\

,19(67,*$7,21$/3/$1

6WXG\'HVLJQDQG'XUDWLRQ
6WXG\&9LVDQLQWHUQDWLRQDOPXOWLFHQWHUUDQGRPL]HGGRXEOHEOLQGDFWLYHFRQWUROOHG
SDUDOOHOJURXS3KDVHEVWXG\ZKRVHSULPDU\HQGSRLQWLVWKHFKDQJHIURPEDVHOLQHLQ+E$F
ZLWK VD[DJOLSWLQ LQ FRPELQDWLRQ ZLWK GDSDJOLIOR]LQ RQ WRS RI EDFNJURXQG WKHUDS\ ZLWK
PHWIRUPLQ FRPSDUHG WR JOLPHSLULGH DV DQ DGMXQFW WR PHWIRUPLQ PRQRWKHUDS\ 7KH SULPDU\
HQGSRLQWRI+E$FZLOOEHDVVHVVHGDWZHHNVKRZHYHUWKHWULDOZLOOFRQWLQXHIRUZHHNV
DVDVXEMHFWDQGVLWHEOLQGHGH[WHQVLRQ
6XEMHFWV ZLWK GRFXPHQWHG 7'0 WUHDWHG ZLWK PHWIRUPLQ PRQRWKHUDS\ ZLOO EH HQUROOHG $OO
VXEMHFWVVKRXOGEHWUHDWHGDFFRUGLQJWRUHJLRQDOVWDQGDUGVRIFDUHIRUGLDEHWHV
6XEMHFWVPXVWEHUHFHLYLQJPHWIRUPLQLQDFFRUGDQFHZLWKWKHSURGXFWODEHOIRUWKHLUFRXQWU\
$SSUR[LPDWHO\VXEMHFWVPHHWLQJDOOHOLJLELOLW\FULWHULDDWDSSUR[LPDWHO\VWXG\VLWHVZLOO
EH UDQGRPL]HG  WR UHFHLYH HLWKHU VD[DJOLSWLQ FRDGPLQLVWHUHG ZLWK GDSDJOLIOR]LQ RU
JOLPHSLULGH
(QUROOPHQWRIVXEMHFWVEDVHGRQGLVHDVHVWDWHDQGJHRJUDSKLFUHJLRQZLOOEHPRQLWRUHGDQGPD\
EHFDSSHGWRHQVXUHDGHTXDWHUHSUHVHQWDWLRQ
$OO SRWHQWLDOO\ HOLJLEOH VXEMHFWV ZLOO XQGHUJR D VFUHHQLQJ YLVLW (DFK VXEMHFW ZLOO VLJQ DQ
,QIRUPHG &RQVHQW )RUP ,&) SULRU WR KDYLQJ DQ\ VFUHHQLQJ HYDOXDWLRQV SHUIRUPHG 6XEMHFWV
ZKRIXOILOODOOHOLJLELOLW\UHTXLUHPHQWVZLOOHQWHULQWRDZHHNVFUHHQLQJSHULRGDQGDZHHN
OHDGLQSHULRGGXULQJZKLFKWKH\ZLOOFRQWLQXHWRWDNHWKHLUEDFNJURXQGPHGLFDWLRQZLWKDWOHDVW
PJPHWIRUPLQ
$SSUR[LPDWHO\ZHHNVDIWHUHQWHULQJWKHOHDGLQSHULRGVXEMHFWVZLOOEHH[SHFWHGWRXQGHUJRD
UDQGRPL]DWLRQYLVLW6XEMHFWVPD\ZLWKGUDZSULRUWRWKHUDQGRPL]DWLRQYLVLWRUEHZLWKGUDZQE\
VWXG\VWDIIIRUDQ\UHDVRQ$WWKLVYLVLWVXEMHFWVZLOOEHUHHYDOXDWHGE\VWXG\VWDIIWRGHWHUPLQH
LIDIWHUWHVWLQJSHUIRUPHGDWWKHVFUHHQLQJYLVLWDIWHUDVVHVVPHQWRIFRPSOLDQFHDQGDQ\FOLQLFDO
FKDQJHV WKDW PD\ KDYH RFFXUUHG GXULQJ WKH UXQLQ SHULRG WKH VXEMHFW UHPDLQV HOLJLEOH DQG
FRPPLWWHGWRSDUWLFLSDWLRQLQWKHVWXG\,IIRUDQ\UHDVRQSULRUWRRUGXULQJWKHUDQGRPL]DWLRQ
YLVLWWKHVXEMHFWLVQRORQJHUHOLJLEOHRULQWHUHVWHGLQSDUWLFLSDWLQJLQWKHWULDOKHRUVKHZLOOEH
FRQVLGHUHGDUXQLQIDLOXUHZLOOQRWEHUDQGRPL]HGDQGZLOOQRWKDYHDGGLWLRQDOIROORZXS

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

,IDVXEMHFWLVFRPPLWWHGWRSDUWLFLSDWLRQFRPSOHWHVWKHOHDGLQSHULRGDQGFRQWLQXHVWRPHHW
HOLJLELOLW\FULWHULDDWWKHUDQGRPL]DWLRQYLVLWKHRUVKHZLOOEHUDQGRPL]HGDQGZLOOUHFHLYHHLWKHU
VD[DJOLSWLQPJFRDGPLQLVWHUHGZLWKGDSDJOLIOR]LQPJSOXVPHWIRUPLQRUJOLPHSLULGHSOXV
PHWIRUPLQLQDGRXEOHEOLQGIDVKLRQ6XEMHFWVZLOOFRQWLQXHWRUHFHLYHEDFNJURXQGPHWIRUPLQ
PJGD\WKURXJKRXWWKHGXUDWLRQRIWKHVWXG\XQOHVVPHWIRUPLQWUHDWPHQWLVWHPSRUDULO\
ZLWKKHOGGXHWRGHFUHDVHGFUHDWLQLQHFOHDUDQFH&U&O6HFWLRQ
6XEMHFWVZLOOUHWXUQWRWKHVLWHHYHU\ZHHNVWRHQDEOHWLWUDWLRQRIJOLPHSLULGHIURP:HHNXSWR
:HHNDQGWKHQDSSUR[LPDWHO\HYHU\WRZHHNVXQWLOWKHODVWYLVLWXSWR:HHNIRU
DVVHVVPHQWRIHYHQWVUHODWHGWRWKHREMHFWLYHVRIWKHVWXG\WROHUDELOLW\DQGVDIHW\$VVHVVPHQWRI
WUHDWPHQWFRPSOLDQFHDQGSURYLVLRQRI,03ZLOOEHGRQHDWWKHVHYLVLWV
'RVHDQG7UHDWPHQW5HJLPHQV%OLQGHG6WXG\0HGLFDWLRQ
6D[DJOLSWLQ  PJ WDEOHWV RU PDWFKLQJ SODFHER WDEOHWV DGPLQLVWHUHG RUDOO\ RQFH GDLO\ ZLOO EH
SURYLGHG IRU WKH ZHHN EOLQGHG WUHDWPHQW SHULRG 6D[DJOLSWLQ  PJ LV WKH PD[LPXP
UHFRPPHQGHGGDLO\GRVH1RXSRUGRZQWLWUDWLRQRIVD[DJOLSWLQZLOOEHDOORZHG
'DSDJOLIOR]LQPJWDEOHWVRUPDWFKLQJSODFHERWDEOHWVDGPLQLVWHUHGRUDOO\RQFHGDLO\ZLOOEH
SURYLGHG IRU WKH ZHHN EOLQGHG WUHDWPHQW SHULRG 'DSDJOLIOR]LQ  PJ LV WKH PD[LPXP
UHFRPPHQGHGGDLO\GRVH1RXSRUGRZQWLWUDWLRQRIGDSDJOLIOR]LQZLOOEHDOORZHG
*OLPHSLULGH  PJ RU PDWFKLQJ SODFHER FDSVXOHV DGPLQLVWHUHG RUDOO\ RQFH GDLO\ ZLOO EH
SURYLGHGIRUWKHZHHNEOLQGHGWUHDWPHQWSHULRG'XULQJWKHILUVWZHHNVWKHJOLPHSLULGH
GRVHZLOOEHVORZO\WLWUDWHGLQDVWHSZLVHEOLQGHGIDVKLRQGHSHQGLQJRQJO\FHPLFFRQWURO)RUWKH
GXUDWLRQ RI WKH VWXG\ )3* ZLOO EH PHDVXUHG DW WKH VWXG\ FHQWHU XVLQJ D JOXFRVH DQDO\]HU
SURYLGHG E\ WKH 6SRQVRU 7KH LQYHVWLJDWRU¶V GHFLVLRQ RQ GRVH WLWUDWLRQ HLWKHU XSZDUGV LI QR
LVVXHVZLWKK\SRJO\FHPLDRUGRZQZDUGVLIUHFXUUHQWK\SRJO\FHPLDRFFXUVZLOOWDNHERWKWKH
SODVPDJOXFRVHPHDVXUHPHQWVPHDVXUHGSULRUWRWKHYLVLWDQGWKHLQYHVWLJDWRU¶VPHDVXUHPHQWV
DW WKH WLWUDWLRQ YLVLWV LQWR DFFRXQW 7KH JOLPHSLULGH GRVH ZLOO EH WLWUDWHG WR RSWLPDO HIIHFW
)3*dPJG/>dPPRO/@RUWKHKLJKHVWWROHUDEOHGRVHGXULQJWKHILUVWZHHNV7KH
VWDUWLQJGRVHIRUJOLPHSLULGHLVPJSHUGD\RQFHGDLO\ZKLFKFDQEHIXUWKHULQFUHDVHGE\
LQFUHPHQWV RI  PJ DW ZHHN LQWHUYDOV WR D PD[LPXP RI PJ SHU GD\ PD[LPXP
UHFRPPHQGHGGRVHLQWKH6XPPDU\RI3URGXFW&KDUDFWHULVWLFVDQGWKXVWKHPD[LPXPGRVHWR
EHXVHGLQWKLVVWXG\7KHWLWUDWLRQVWHSVZLOOEHPJPJPJDQGPJRQFHGDLO\LI
QHHGHG,QVXEMHFWVIRUZKRPWLWUDWLRQLVQRWPHGLFDOO\LQGLFDWHGDW:HHNUHDVVHVVPHQWIRU
WLWUDWLRQZLOORFFXUDW:HHN:HHNDQG:HHN
7KH JOLPHSLULGH GRVH FDQ EH GRZQWLWUDWHG GXULQJ WKH WLWUDWLRQSHULRG LI K\SRJO\FHPLF HYHQWV
RFFXU 7KH WUHDWPHQW FDQ WKHUHDIWHU EH XSWLWUDWHG RQFH GXULQJ WKH WLWUDWLRQ SHULRG 6XEMHFWV
ZKRVH,03GRVHZDVXSWLWUDWHGWRWKHPD[LPXPOHYHOZLOOKDYHDIROORZXSSKRQHFDOOZHHNV
ODWHU7KHJOLPHSLULGHGRVHFDQEHGRZQWLWUDWHGIURP:HHNRQZDUGVPDLQWHQDQFHSHULRGLI
K\SRJO\FHPLFHYHQWVRFFXU
'XULQJ WKH UDQGRPL]HG WUHDWPHQW SHULRG GLHW DQG OLIHVW\OH PRGLILFDWLRQ ZLOO FRQWLQXH WR EH
UHLQIRUFHG

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

$OOUDQGRPL]HGVXEMHFWVZKRDUHUHVFXHGDQGWDNLQJUDQGRPL]HG,03VKRXOGFRQWLQXHWRDWWHQG
VFKHGXOHGVWXG\YLVLWVDVSODQQHGLQWKHWLPHDQGHYHQWVWDEOH6HFWLRQ
6XEMHFWV ZKR GHFLGH WR SUHPDWXUHO\ GLVFRQWLQXH WKH ,03 ZLOO DOZD\V EH DVNHG DERXW WKH
UHDVRQVIRUGLVFRQWLQXDWLRQDQGWKHSUHVHQFHRIDQ\$(V6XEMHFWVVKRXOGUHWXUQDQGFRPSOHWH
WKHSURFHGXUHVGHVFULEHGIRUWKH(QGRI7UHDWPHQW(27YLVLWDVVRRQDVSRVVLEOHEXWDWWKH
ODWHVW GD\V DIWHU GLVFRQWLQXDWLRQ RI ,03 6XEMHFWV ZLWK XQUHVROYHG $(V VKRXOG DOVR EH
IROORZHGXSDVORQJDVPHGLFDOO\LQGLFDWHGDVMXGJHGE\WKHLQYHVWLJDWRU
$OO VXEMHFWV ZKR GLVFRQWLQXH IURP WUHDWPHQW VKRXOG UHPDLQ LQ WKH VWXG\ DQG FRPSO\ ZLWK
SURWRFROVSHFLILHG IROORZXS SURFHGXUHV 7KH RQO\ H[FHSWLRQ WR WKLV UHTXLUHPHQW LV ZKHQ D
VXEMHFW ZLWKGUDZV FRQVHQW IRU DOO VWXG\ SURFHGXUHV RU ORVHV WKH DELOLW\ WR FRQVHQW IUHHO\
LHLVLPSULVRQHG RU LQYROXQWDULO\ LQFDUFHUDWHG IRU WKH WUHDWPHQW RI HLWKHU D SV\FKLDWULF RU
SK\VLFDOLOOQHVV
6XEMHFWVORVWWRIROORZXSDUHGHILQHGE\XQDEOHWRUHDFKWKHVXEMHFWDIWHUWKUHHGRFXPHQWHG
SKRQH FDOOV ID[ HPDLO RU DWWHPSWV WR FRQWDFW KLPKHU WKURXJK VXEMHFW ORFDWRU DJHQFLHV
LIDOORZHGSHUQDWLRQDOUHJXODWLRQDQGKDYLQJVHQWRQHOHWWHUE\UHJLVWHUHGFHUWLILHGPDLODOO
VKRXOGEHGRFXPHQWHGLQWKHVXEMHFW¶VPHGLFDOUHFRUGV
05,3'))
$ 05,3')) VXEVWXG\ ZLOO EH FRQGXFWHG DW DSSUR[LPDWHO\  05, VLWHV LQ (XURSH
$SSUR[LPDWHO\SHUDUPVXEMHFWVIURPVHOHFWHGUHFUXLWLQJVLWHVDUHH[SHFWHGWRSDUWLFLSDWH
LQWKH05,3'))VXEVWXG\(DFKVXEMHFWSDUWLFLSDWLQJLQWKH05,VXEVWXG\ZLOOEHUHIHUUHGWR
D05,VLWHIRU05,PHDVXUHPHQWV6HYHUDOUHFUXLWPHQWVLWHVFDQUHIHUVXEMHFWVWRRQH05,VLWH
6XEMHFWVSDUWLFLSDWLQJLQWKH05,3'))VXEVWXG\ZLOOEHUHTXLUHGWRSURYLGHLQIRUPHGFRQVHQW
7KHGDWHRIWKHVH05,DVVHVVPHQWVQHHGQRWEHWKHVDPHDVIRU9LVLWEXWVKRXOGEHSHUIRUPHG
EHIRUH9LVLW
$OO VXEMHFWV VXLWDEOH IRU WKH VWXG\ LQFOXGLQJ WKH 05,3')) VXEVWXG\ ZLOO EH VFUHHQHG DQG
UHFUXLWHGE\WKHUHFUXLWLQJVLWHVVLWHVWUHDWLQJVXEMHFWVZLWK7'07KHUHFUXLWLQJLQYHVWLJDWRU
ZLOOEHWKHPDLQSRLQWRIFRQWDFWIRUWKHVXEMHFWDQGDOVRUHVSRQVLEOHIRUWKHGRFXPHQWDWLRQRI
VWXG\ GDWD ZLWKLQ WKH H&5) $OO VXEMHFWV VKRXOG KDYH 05, YLVLWV VFKHGXOHG WR FRLQFLGH ZLWK
UDQGRPL]DWLRQ:HHNDQG:HHN
$OO 05,V ZLOO EH VHQW IRU FHQWUDO HYDOXDWLRQ WR D FRUH ODERUDWRU\ 1R ORFDO UHDGLQJ ZLOO EH
SHUIRUPHG7KHUHVXOWVZLOOEHNHSWEOLQGHGWRUHFUXLWLQJVLWHVWKH05,VLWHVWKHVXEMHFWVDQGWKH
6SRQVRUXQWLOWKHVWXG\LVFRPSOHWHG
&RQWLQXRXV*OXFRVH0RQLWRULQJ&*0
&*0PHDVXUHVWKHVXEMHFW¶VLQWHUVWLWLDOJOXFRVHOHYHOXVLQJHOHFWURGHVWKDWPHDVXUHDQHOHFWULF
VLJQDOSURGXFHGE\WKHJOXFRVHR[LGDVHUHDFWLRQ7KHV\VWHPUHFRUGVGDWDDSSUR[LPDWHO\HYHU\
PLQXWHVJLYLQJSURILOHVRIPHDQJOXFRVHYDOXHVRYHUKRXUV7KHGDWDZLOOUHPDLQEOLQGHGWR
WKHVXEMHFWGXULQJWKHUHFRUGLQJDQGZLOOEHGRZQORDGHGLQWRDGDWDILOH$&*0VHQVRUZLOOEH
LQVHUWHGVXEFXWDQHRXVO\DWWKHVLWHIRUDGD\PRQLWRULQJSHULRGSULRUWRUDQGRPL]DWLRQDQGSULRU
WR :HHN  ,QVHUWLRQ RQ DOWHUQDWHGD\V LV SHUPLWWHG LQ WKH HYHQWWKDW WKH VHQVRUQHHGV WR EH

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

UHSODFHG'HWDLOHGSURFHGXUHVLQFOXGLQJFDOLEUDWLRQZLOOEHGHVFULEHGLQDQRSHUDWLRQVPDQXDO
DQGVLWHVWDIIZLOOEHIXOO\WUDLQHGRQWKHXVHRIWKH&*06XEMHFWVZLOOEHLQVWUXFWHGRQXVHRI
WKHGHYLFHDFFRUGLQJWRWKHPDQXIDFWXUHU¶VLQVWUXFWLRQV
7KHVWXG\GHVLJQVFKHPDWLFLVSUHVHQWHGLQ)LJXUH
)LJXUH
6WXG\'HVLJQ6FKHPDWLF
6WXG\6FKHPDWLF

6WXG\3RSXODWLRQ6XEMHFWVVKRXOGEHVHOHFWHGZLWKRXWELDV(DFKVXEMHFWRQVWDEOHEDFNJURXQG
WKHUDS\ZLWKPHWIRUPLQPRQRWKHUDS\VKRXOGPHHWDOORIWKHLQFOXVLRQFULWHULDDQGQRQHRIWKH
H[FOXVLRQFULWHULDIRUWKLVVWXG\8QGHUQRFLUFXPVWDQFHVFDQWKHUHEHDQ\H[FHSWLRQVWRWKLVUXOH
$OO VXEMHFWV ZKR ZHUH VFUHHQHG DQG KDYH VXEPLWWHG D EORRG VDPSOH VKRXOG EH OLVWHG RQ WKH
VXEMHFW HQUROOPHQW DQG LGHQWLILFDWLRQ ORJ ,QYHVWLJDWRUV PXVW NHHS D UHFRUG RI VXEMHFWV ZKR
HQWHUHGSUHWULDOVFUHHQLQJEXWZHUHQHYHUHQUROOHG
6XEMHFWVZLOOEHHQUROOHGJOREDOO\LQFOXGLQJUHSUHVHQWDWLRQIURP1RUWK$PHULFDDQG(XURSH

3RVW6WXG\$FFHVVWR6WXG\
$W WKH HQG RI WKH  ZHHN VWXG\ SHULRG WKH 6SRQVRU ZLOO QRW FRQWLQXH WR SURYLGH
6SRQVRUVXSSOLHGVWXG\GUXJWRVXEMHFWVLQYHVWLJDWRUVXQOHVVWKH6SRQVRUFKRRVHVWRH[WHQGWKH
VWXG\7KHLQYHVWLJDWRUVKRXOGHQVXUHWKDWWKHVXEMHFWUHFHLYHVDSSURSULDWHVWDQGDUGRIFDUHWR
WUHDWWKHFRQGLWLRQXQGHUVWXG\

6WXG\3RSXODWLRQ
)RUHQWU\LQWRWKHVWXG\WKHIROORZLQJFULWHULD0867EHPHW

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE


,QFOXVLRQ&ULWHULD
 6LJQHG:ULWWHQ,QIRUPHG&RQVHQW
D 6XEMHFWVRUGHVLJQHHPXVWEHZLOOLQJDQGDEOHWRJLYHVLJQHGDQGGDWHGZULWWHQLQIRUPHG
FRQVHQW
 7DUJHW3RSXODWLRQ
D 6XEMHFWVZLWK7'0ZLWKLQDGHTXDWHJO\FHPLFFRQWUROGHILQHGDVDFHQWUDOODERUDWRU\
+E$FtDQGdREWDLQHGDWWKHVFUHHQLQJYLVLW
L 1RWH7KHSURSRUWLRQRIVXEMHFWZLWK+E$FZLOOEHFDSSHGDW
LL 1RWH$W:HHN/HDG,QDTXDOLILFDWLRQFKHFNZLOOEHSHUIRUPHGDQGVXEMHFWVZLOO
EHLQFOXGHGLIWKHLU)3*LVdPJG/$UHWHVWZLOOEHSHUPLWWHGZLWKLQGD\VLI
WKHLQLWLDOUHVXOWZDV!PJG/EXWPJG/6XEMHFWVZLOOEHH[FOXGHGLIWKH
PHDQYDOXHRIWKH:HHN/HDG,QUHVXOWDQGWKHUHWHVWUHVXOWLV!PJG/
E 6XEMHFWV VKRXOG EH WDNLQJ WKH VDPH GDLO\ GRVH RI PHWIRUPLQt PJ IRU DW OHDVW
ZHHNV SULRU WR WKH HQUROOPHQW YLVLW DQG PXVW QRW WDNH DQ\ RWKHU DQWLK\SHUJO\FHPLF
WKHUDS\IRUPRUHWKDQGD\VFRQVHFXWLYHRUQRWGXULQJZHHNVSULRUWRVFUHHQLQJ
F %0,WRNJPLQFOXVLYHDWWKHHQUROOPHQWYLVLW
G 6XEMHFW5HHQUROOPHQW7KLVVWXG\SHUPLWVWKHUHHQUROOPHQWRIDVXEMHFWZKRKDVEHHQ
GLVFRQWLQXHG IURP WKH VWXG\ DV D SUHWUHDWPHQW IDLOXUH LH VXEMHFW KDV QRW EHHQ
UDQGRPL]HGKDVQRWEHHQWUHDWHG,IUHHQUROOHGWKHVXEMHFWPXVWEHUHFRQVHQWHG

,QFOXVLRQFULWHULDDWUDQGRPL]DWLRQ9LVLWEDVHGRQODERUDWRU\UHVXOWVIURP9LVLW
D )3*dPJG/dPPRO/

)RULQFOXVLRQLQWKH05,3'))VXEVWXG\DQGRU&*0VXEVWXG\VXEMHFWVPXVWIXOILOOWKH
IROORZLQJFULWHULD
E 3URYLVLRQRILQIRUPHGFRQVHQWIRUWKH05,3'))DQGRU&*0VXEVWXG\
F %0,WRNJPLQFOXVLYHDWWKHHQUROOPHQWYLVLWDQGXSSHUZHLJKWRINJ
PD[05,3'))VXEVWXG\RQO\

,IDVXEMHFWGHFOLQHVWRSDUWLFLSDWHLQWKH05,3'))VXEVWXG\RU&*0VXEVWXG\WKHUHZLOOEH
QR FRQVHTXHQFHV IRU WKH VXEMHFW¶V SDUWLFLSDWLRQ LQ WKH PDLQ VWXG\ 7KH VXEMHFW ZLOO QRW EH
H[FOXGHGIURPRWKHUDVSHFWVRIWKHVWXG\GHVFULEHGLQWKLV&OLQLFDO6WXG\3URWRFRODVORQJDV
SURSHUFRQVHQWLVREWDLQHG

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

 $JHDQG5HSURGXFWLYH6WDWXV
D 0DOHVDQGIHPDOHVDJHGt\HDUVROGDWWKHWLPHRIWKHVFUHHQLQJYLVLW
E :RPHQ RI FKLOGEHDULQJ SRWHQWLDO :2&%3 PXVW KDYH D QHJDWLYH VHUXP RU XULQH
SUHJQDQF\ WHVW PLQLPXP VHQVLWLYLW\  ,8/ RU HTXLYDOHQW XQLWV RI +&* ZLWKLQ
KRXUVSULRUWRWKHVWDUWRIVWXG\GUXJ
F :RPHQPXVWQRWEHEUHDVWIHHGLQJ
G :2&%3PXVWDJUHHWRIROORZLQVWUXFWLRQVIRUPHWKRGVRIFRQWUDFHSWLRQIRUWKHGXUDWLRQ
RI WUHDWPHQW ZLWK VWXG\ GUXJV VD[DJOLSWLQ DQG GDSDJOLIOR]LQ DQG JOLPHSLULGH SOXV
KDOIOLYHV RI VWXG\ GUXJV VD[DJOLSWLQ GDSDJOLIOR]LQ DQG JOLPHSLULGH  GD\V SOXV
GD\VGXUDWLRQRIRYXODWRU\F\FOHIRUDWRWDORIGD\VSRVWWUHDWPHQWFRPSOHWLRQ
H 0DOHV ZKR DUH VH[XDOO\ DFWLYH ZLWK :2&%3 PXVW DJUHH WR IROORZ LQVWUXFWLRQV IRU
PHWKRGVRIFRQWUDFHSWLRQIRUWKHGXUDWLRQRIWUHDWPHQWZLWKVWXG\GUXJVVD[DJOLSWLQ
GDSDJOLIOR]LQDQGJOLPHSLULGHSOXVKDOIOLYHVRIWKHVWXG\GUXJGD\VSOXVGD\V
GXUDWLRQRIVSHUPWXUQRYHUIRUDWRWDORIGD\VSRVWWUHDWPHQWFRPSOHWLRQ
I $]RRVSHUPLF PDOHV DQG :2&%3 ZKR DUH FRQWLQXRXVO\ QRW KHWHURVH[XDOO\ DFWLYH DUH
H[HPSW IURP FRQWUDFHSWLYH UHTXLUHPHQWV +RZHYHU WKH\ PXVW VWLOO XQGHUJR SUHJQDQF\
WHVWLQJDVGHVFULEHGLQWKLVVHFWLRQ

,QYHVWLJDWRUVVKDOOFRXQVHO:2&%3DQGPDOHVXEMHFWVZKRDUHVH[XDOO\DFWLYHZLWK:2&%3RQ
WKH LPSRUWDQFH RI SUHJQDQF\ SUHYHQWLRQ DQG WKH LPSOLFDWLRQV RI DQ XQH[SHFWHG SUHJQDQF\
,QYHVWLJDWRUVVKDOODGYLVH:2&%3DQGPDOHVXEMHFWVZKRDUHVH[XDOO\DFWLYHZLWK:2&%3RQ
WKHXVHRIKLJKO\HIIHFWLYHPHWKRGVRIFRQWUDFHSWLRQ+LJKO\HIIHFWLYHPHWKRGVRIFRQWUDFHSWLRQ
KDYHDIDLOXUHUDWHRISHU\HDUZKHQXVHGFRQVLVWHQWO\DQGFRUUHFWO\
$WDPLQLPXPVXEMHFWVPXVWDJUHHWRWKHXVHRIRQHPHWKRGRIKLJKO\HIIHFWLYHFRQWUDFHSWLRQDV
OLVWHGEHORZ
+,*+/<())(&7,9(0(7+2'62)&2175$&(37,21
x
3URJHVWRJHQRQO\KRUPRQDOFRQWUDFHSWLRQDVVRFLDWHGZLWKLQKLELWLRQRIRYXODWLRQ
x
+RUPRQDOPHWKRGVRIFRQWUDFHSWLRQLQFOXGLQJFRPELQHGRUDOFRQWUDFHSWLYHSLOOVFRQWDLQLQJ
D FRPELQDWLRQ RI HVWURJHQ  SURJHVWHURQH YDJLQDO ULQJ LQMHFWDEOHV LPSODQWV DQG
LQWUDXWHULQHGHYLFHV,8'
x
1RQKRUPRQDO,8'V
x
%LODWHUDOWXEDORFFOXVLRQ
x
9DVHFWRPLVHGSDUWQHUZLWKGRFXPHQWHGD]RRVSHUPLDGD\VDIWHUSURFHGXUH
x
9DVHFWRPL]HGSDUWQHULVDKLJKO\HIIHFWLYHELUWKFRQWUROPHWKRGSURYLGHGWKDWSDUWQHULVWKH
VROHVH[XDOSDUWQHURIWKH:2&%3WULDOSDUWLFLSDQWDQGWKDWWKHYDVHFWRPL]HGSDUWQHUKDV
UHFHLYHGPHGLFDODVVHVVPHQWRIWKHVXUJLFDOVXFFHVV
x
,QWUDXWHULQHKRUPRQHUHOHDVLQJV\VWHP,86

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

x
&RPSOHWH$EVWLQHQFH

&RPSOHWH DEVWLQHQFH DV GHILQHG DV FRPSOHWH DYRLGDQFH RI KHWHURVH[XDO LQWHUFRXUVH LV DQ
DFFHSWDEOH IRUP RI FRQWUDFHSWLRQ IRU DOO VWXG\ GUXJV 7KLV DOVR PHDQV WKDW DEVWLQHQFH LV WKH
SUHIHUUHGDQGXVXDOOLIHVW\OHRIWKHSDWLHQW7KLVGRHVQRWPHDQSHULRGLFDEVWLQHQFHHJFDOHQGDU
RYXODWLRQV\PSWRWKHUPDOSURIHVVLRQRIDEVWLQHQFHIRUHQWU\LQWRDFOLQLFDOWULDOSRVWRYXODWLRQ
PHWKRGV DQG ZLWKGUDZDO ZKLFK DUH QRW DFFHSWDEOH PHWKRGV RI FRQWUDFHSWLRQ 6XEMHFWV ZKR
FKRRVH FRPSOHWH DEVWLQHQFH DUH QRW UHTXLUHG WR XVH D VHFRQG PHWKRG RI FRQWUDFHSWLRQ EXW
:2&%3VXEMHFWVPXVWFRQWLQXHWRKDYHSUHJQDQF\WHVWV$FFHSWDEOHDOWHUQDWHPHWKRGVRIKLJKO\
HIIHFWLYH FRQWUDFHSWLRQ PXVW EH GLVFXVVHG LQ WKH HYHQW WKDW WKH VXEMHFW FKRRVHV WR IRUHJR
FRPSOHWHDEVWLQHQFH

([FOXVLRQ&ULWHULD
 7DUJHW'LVHDVH([FHSWLRQV
D &OLQLFDOGLDJQRVLVRIW\SH,GLDEHWHVNQRZQGLDJQRVLVRIPDWXUHRQVHWGLDEHWHVRI\RXWK
02'<VHFRQGDU\GLDEHWHVPHOOLWXVRUGLDEHWHVLQVLSLGXV
E +LVWRU\RIGLDEHWLFNHWRDFLGRVLV
 0HGLFDO+LVWRU\DQG&RQFXUUHQW'LVHDVHV
D $Q\RIWKHIROORZLQJFDUGLRYDVFXODUYDVFXODUGLVHDVHVZLWKLQPRQWKVRIWKHHQUROOPHQW
YLVLW
L 0\RFDUGLDOLQIDUFWLRQ
LL &DUGLDF
VXUJHU\
RU
UHYDVFXODUL]DWLRQ
FRURQDU\
DUWHU\
E\SDVV
VXUJHU\
>&$%*@SHUFXWDQHRXVWUDQVOXPLQDOFRURQDU\DQJLRSODVW\>37&$@
LLL8QVWDEOHDQJLQD
LY8QVWDEOHFRQJHVWLYHKHDUWIDLOXUH&+)
Y 7UDQVLHQWLVFKHPLFDWWDFN7,$RUVLJQLILFDQWFHUHEURYDVFXODUGLVHDVH
YL8QVWDEOHRUSUHYLRXVO\XQGLDJQRVHGDUUK\WKPLD
YLL&RQJHVWLYHKHDUWIDLOXUHGHILQHGDV1HZ<RUN+HDUW$VVRFLDWLRQ1<+$&ODVV,,,
DQG ,9 XQVWDEOH RU DFXWH FRQJHVWLYH KHDUW IDLOXUH DQGRU NQRZQ OHIW YHQWULFXODU
HMHFWLRQIUDFWLRQRId

1RWHHOLJLEOHSDWLHQWVZLWKFRQJHVWLYHKHDUWIDLOXUHHVSHFLDOO\WKRVHZKRDUHRQGLXUHWLF
WKHUDS\VKRXOGKDYHFDUHIXOPRQLWRULQJRIWKHLUYROXPHVWDWXVWKURXJKRXWWKHVWXG\
E 5HQDOGLVHDVH
L +LVWRU\RIXQVWDEOHRUUDSLGO\SURJUHVVLQJUHQDOGLVHDVH

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

LL ,PSDLUPHQW RI UHQDO IXQFWLRQ GHILQHG DV &U&O  P/PLQ >HVWLPDWHG E\
&RFNFURIW*DXOW@RUVHUXPFUHDWLQLQH>6&U@tPJG/LQPDOHVRUtPJG/LQ
IHPDOHV
LLL+HPDWXULDFRQILUPHGE\PLFURVFRS\DWVFUHHQLQJZLWKQRH[SODQDWLRQDVMXGJHGE\
WKHLQYHVWLJDWRUXSWRUDQGRPL]DWLRQ,IEODGGHUFDQFHULVLGHQWLILHGVXEMHFWVDUHQRW
HOLJLEOHWRSDUWLFLSDWH
F +HSDWLFGLVHDVHV
L 6HYHUH KHSDWLF LQVXIILFLHQF\ DQGRU VLJQLILFDQW DEQRUPDO OLYHU IXQFWLRQ GHILQHG DV
DVSDUWDWHDPLQRWUDQVIHUDVH$67![XSSHUOLPLWRIQRUPDO8/1DQGRUDODQLQH
DPLQRWUDQVIHUDVH$/7![8/1
LL 6HUXPWRWDOELOLUXELQ!PJG/!PPRO/
LLL6HYHUHKHSDWLFGLVHDVHLQFOXGLQJFKURQLFDFWLYHKHSDWLWLV3RVLWLYHVHURORJLFHYLGHQFH
RIFXUUHQWLQIHFWLRXVOLYHUGLVHDVHLQFOXGLQJVXEMHFWVZKRDUHSRVLWLYHIRUKHSDWLWLV%
YLUDODQWLERG\,J0KHSDWLWLV%VXUIDFHDQWLJHQDQGKHSDWLWLV&YLUXVDQWLERG\
G 3DQFUHDWLFGLVHDVH
L +LVWRU\RIRUFXUUHQWDFXWHRUFKURQLFSDQFUHDWLWLV
H +HPDWRORJLFDODQGRQFRORJLFDOGLVHDVHFRQGLWLRQV
L +LVWRU\ RI KHPRJORELQRSDWK\ ZLWK WKH H[FHSWLRQ RI VLFNOH FHOO WUDLW 6$ RU
WKDODVVHPLDPLQRURUFKURQLFRUUHFXUUHQWKHPRO\VLV
LL 0DOLJQDQF\ZLWKLQ\HDUVRIWKHVFUHHQLQJYLVLWZLWKWKHH[FHSWLRQRIWUHDWHGEDVDO
FHOORUWUHDWHGVTXDPRXVFHOOFDUFLQRPD
LLL+LVWRU\ RI EODGGHU FDQFHU RU KLVWRU\ RI UDGLDWLRQ WKHUDS\ WR WKH ORZHU DEGRPHQ RU
SHOYLVDWDQ\WLPH
 3K\VLFDODQG/DERUDWRU\7HVW)LQGLQJV
D +HPRJORELQ d JG/  J/ IRU PHQ KHPRJORELQ d JG/  J/ IRU
ZRPHQ
E $QDEQRUPDO76+YDOXHDWHQUROOPHQWZLOOEHIXUWKHUHYDOXDWHGIRUIUHH76XEMHFWVZLWK
DEQRUPDO IUHH 7 YDOXHV ZLOO EH H[FOXGHG 1RWH $ RQHWLPH UHWHVW RI 76+ PD\ EH
DOORZHGDVGHWHUPLQHGE\WKHLQYHVWLJDWRUDIWHUDPLQLPXPRIZHHNVIROORZLQJWKH
DGMXVWPHQW RI WK\URLG KRUPRQH UHSODFHPHQW WKHUDS\ LQ VXEMHFWV ZKR KDYH KDG D SULRU
GLDJQRVLV RI D WK\URLG GLVRUGHU DQG ZKR DUH FXUUHQWO\ UHFHLYLQJ WK\URLG UHSODFHPHQW
WKHUDS\6XFKFDVHVVKRXOGEHGLVFXVVHGZLWKWKH6SRQVRUSULRUWRUHWHVWLQJ7KHVXEMHFW
PXVWKDYHDOOHQUROOPHQWSURFHGXUHVDQGODERUDWRU\DVVHVVPHQWVSHUIRUPHGDVSDUWRIWKLV
UHWHVWDQGDOORIWKHVHPXVWPHHWHQUROOPHQWHOLJLELOLW\FULWHULD7KHVXEMHFW¶VQXPEHU
ZLOOKRZHYHUUHPDLQWKHVDPHDVLQLWLDOO\DVVLJQHG
F $Q\ FOLQLFDOO\ VLJQLILFDQW DEQRUPDOLW\ LGHQWLILHG RQ SK\VLFDO H[DPLQDWLRQ (&* RU
ODERUDWRU\ WHVWV ZKLFK LQ WKH MXGJPHQW RI WKH LQYHVWLJDWRU ZRXOG FRPSURPLVH WKH
VXEMHFWV¶VDIHW\RUVXFFHVVIXOSDUWLFLSDWLRQLQWKHFOLQLFDOVWXG\

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

 $OOHUJLHVDQG$GYHUVH'UXJ5HDFWLRQ
D 6XEMHFWV ZKR KDYH FRQWUDLQGLFDWLRQV WR WKHUDS\ DV RXWOLQHG LQ WKH VD[DJOLSWLQ DQG
GDSDJOLIOR]LQ,QYHVWLJDWRU%URFKXUHVWKHORFDOVD[DJOLSWLQRUGDSDJOLIOR]LQRUJOLPHSLULGH
RU PHWIRUPLQ SDFNDJH LQVHUW LQFOXGLQJ FXUUHQW WUHDWPHQW ZLWK SRWHQW F\WRFKURPH
3$ LQKLELWRUV LQ FRXQWULHV ZKHUH GRVH DGMXVWPHQW ZRXOG EH UHTXLUHG E\ WKH
ORFDOVD[DJOLSWLQODEHO
 2WKHU([FOXVLRQ&ULWHULD
D 3ULVRQHUVRUVXEMHFWVZKRDUHLQYROXQWDULO\LQFDUFHUDWHG
E 6XEMHFWVZKRDUHFRPSXOVRULO\GHWDLQHGIRUWUHDWPHQWRIHLWKHUDSV\FKLDWULFRUSK\VLFDO
HJLQIHFWLRXVGLVHDVHLOOQHVV
F 6XEMHFWV RQ D FRPPHUFLDO ZHLJKW ORVV SURJUDP ZLWK RQJRLQJ ZHLJKW ORVV RU RQ DQ
LQWHQVLYHH[HUFLVHSURJUDP
G 6XEMHFWV ZKR DUH WDNLQJ DQ\ SUHVFULSWLRQ RU RYHUWKHFRXQWHU 27& PHGLFDWLRQV IRU
ZHLJKWORVVZLWKLQPRQWKVRIWKHVFUHHQLQJYLVLW
H +LVWRU\RIDQ\EDULDWULFVXUJLFDOSURFHGXUH1LVVHQIXQGRSOLFDWLRQRURWKHUSURFHGXUHV
WKDWFDQDIIHFWHQGRJHQRXV*/3OHYHOVSULRUWRVFUHHQLQJ
I 5HSODFHPHQWRUFKURQLFV\VWHPLFFRUWLFRVWHURLGWKHUDS\GHILQHGDVDQ\GRVHRIV\VWHPLF
FRUWLFRVWHURLGWDNHQIRU!ZHHNVZLWKLQPRQWKVSULRUWRWKH'D\YLVLW
L 127(7RSLFDORULQKDOHGFRUWLFRVWHURLGVDUHDOORZHG
J $Q\XQVWDEOHHQGRFULQHSV\FKLDWULFRUUKHXPDWLFGLVRUGHUVDVMXGJHGE\WKHLQYHVWLJDWRU
K 9ROXPH GHSOHWHG VXEMHFWV 6XEMHFWV DW ULVN IRU YROXPH GHSOHWLRQ GXH WR FRH[LVWLQJ
FRQGLWLRQVRUFRQFRPLWDQWPHGLFDWLRQVVXFKDVORRSGLXUHWLFVVKRXOGFDUHIXOO\PRQLWRU
WKHLUYROXPHVWDWXV
L 6XEMHFWZLWKDQ\FRQGLWLRQZKLFKLQWKHMXGJPHQWRIWKHLQYHVWLJDWRUPD\UHQGHUWKH
VXEMHFWXQDEOHWRFRPSOHWHWKHVWXG\RUZKLFKPD\SRVHDVLJQLILFDQWULVNWRWKHVXEMHFWRU
VXEMHFWVXVSHFWHGRUZLWKFRQILUPHGSRRUSURWRFRORUPHGLFDWLRQFRPSOLDQFH
M 6XEMHFW LV FXUUHQWO\ DEXVLQJ DOFRKRO RU RWKHU GUXJV RU KDV GRQH VR ZLWKLQ WKH ODVW
PRQWKVSULRUWRWKHVFUHHQLQJYLVLW
N 6XEMHFWLVDSDUWLFLSDWLQJLQYHVWLJDWRUVWXG\FRRUGLQDWRUHPSOR\HHRIDQLQYHVWLJDWRURU
LPPHGLDWHIDPLO\PHPEHURIDQ\RIWKHDIRUHPHQWLRQHG
O ,QYROYHPHQWLQWKHSODQQLQJDQGRUFRQGXFWRIWKHVWXG\DSSOLHVWRERWK6SRQVRUVWDII
DQGRUVWDIIDWWKHVWXG\VLWH
P3UHYLRXVUDQGRPL]DWLRQLQWKHSUHVHQWVWXG\
Q $GPLQLVWUDWLRQRIDQ\RWKHULQYHVWLJDWLRQDOGUXJZLWKLQGD\VRIWKHVFUHHQLQJYLVLW
R &OLQLFDO FRQGLWLRQV RU FOLQLFDOO\ VLJQLILFDQW DEQRUPDOLWLHV LQ DQ\ ODERUDWRU\ YDOXHV
FROOHFWHG DIWHU VFUHHQLQJ DQG SULRU WR UDQGRPL]DWLRQ ZKLFK LQ WKH LQYHVWLJDWRU¶V
MXGJPHQWVKRXOGSUHFOXGHHQWU\LQWRWKHWUHDWPHQWSHULRG


&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

(OLJLELOLW\FULWHULDIRUWKLVVWXG\KDYHEHHQFDUHIXOO\FRQVLGHUHGWRHQVXUHWKHVDIHW\RIWKHVWXG\
VXEMHFWVDQGWKDWWKHUHVXOWVRIWKHVWXG\FDQEHXVHG,WLVLPSHUDWLYHWKDWVXEMHFWVIXOO\PHHWDOO
HOLJLELOLW\FULWHULD

:RPHQRI&KLOGEHDULQJ3RWHQWLDO
$ ZRPDQ RI FKLOGEHDULQJ SRWHQWLDO :2&%3 LV GHILQHG DV DQ\ IHPDOH ZKR KDVH[SHULHQFHG
PHQDUFKH DQG ZKR KDV QRW XQGHUJRQH VXUJLFDO VWHULOL]DWLRQ K\VWHUHFWRP\ RU ELODWHUDO
RRSKRUHFWRP\DQGLVQRWSRVWPHQRSDXVDO0HQRSDXVHLVGHILQHGDVPRQWKVRIDPHQRUUKHDLQ
D ZRPDQ RYHU DJH  \HDUV LQ WKH DEVHQFH RI RWKHU ELRORJLFDO RU SK\VLRORJLFDO FDXVHV ,Q
DGGLWLRQ IHPDOHV XQGHU WKH DJH RI  \HDUV PXVW KDYH D VHUXP IROOLFOH VWLPXODWLQJ KRUPRQH
)6+OHYHO!P,8P/WRFRQILUPPHQRSDXVH
)HPDOHV WUHDWHG ZLWK KRUPRQH UHSODFHPHQW WKHUDS\ +57 DUH OLNHO\ WR KDYH DUWLILFLDOO\
VXSSUHVVHG)6+OHYHOVDQGPD\UHTXLUHDZDVKRXWSHULRGLQRUGHUWRREWDLQDSK\VLRORJLF)6+
OHYHO7KHGXUDWLRQRIWKHZDVKRXWSHULRGLVDIXQFWLRQRIWKHW\SHRI+57XVHG7KHGXUDWLRQRI
WKH ZDVKRXW SHULRG EHORZ DUH VXJJHVWHG JXLGHOLQHV DQG WKH LQYHVWLJDWRUV VKRXOG XVH WKHLU
MXGJPHQWLQ FKHFNLQJVHUXP)6+OHYHOV,IWKHVHUXP )6+OHYHOLV !P,8PO DW DQ\ WLPH
GXULQJWKHZDVKRXWSHULRGWKHZRPDQFDQEHFRQVLGHUHGSRVWPHQRSDXVDO
x ZHHNPLQLPXPIRUYDJLQDOKRUPRQDOSURGXFWVULQJVFUHDPVJHOV
x ZHHNPLQLPXPIRUWUDQVGHUPDOSURGXFWV
x ZHHNPLQLPXPIRURUDOSURGXFWV

2WKHUSDUHQWHUDOSURGXFWVPD\UHTXLUHZDVKRXWSHULRGVDVORQJDVPRQWKV

&RQFRPLWDQW7UHDWPHQWV

3URKLELWHGDQGRU5HVWULFWHG7UHDWPHQWV
2QFHHQUROOHGVXEMHFWVPD\QRWUHFHLYHDQ\RIWKHIROORZLQJIRUWKHGXUDWLRQRIWKHVFUHHQLQJ
TXDOLILFDWLRQSHULRGOHDGLQGRXEOHEOLQGHGVKRUWWHUPDQGVXEMHFWDQGVLWHEOLQGHGORQJWHUP
WUHDWPHQWSHULRGV
x 7UHDWPHQW ZLWK VXOIRQ\OXUHDV RWKHU WKDQ ,03 SLRJOLWD]RQH URVLJOLWD]RQH JOXFDJRQOLNH
SHSWLGH*/3UHFHSWRUDJRQLVWVGLSHSWLG\OSHSWLGDVH'33RWKHUWKDQ,03DQG
DQ\VRGLXPJOXFRVHFRWUDQVSRUWHU6*/7LQKLELWRUVRWKHUWKDQ,03LVQRWSHUPLWWHGIRU
WKHGXUDWLRQRIWKHVWXG\,IUHVFXHWKHUDS\LVUHTXLUHGDQGDVXEMHFWUHIXVHVWUHDWPHQWZLWK
LQVXOLQ RU LV QRW D FDQGLGDWH IRU LQVXOLQ RWKHU GLDEHWLF DJHQWV FDQ EH FRQVLGHUHG DV
VHFRQGOLQHUHVFXHWKHUDS\6HFWLRQ
x ,QVXOLQWKHUDS\ZLWKLQRQH\HDURIHQUROOPHQWZLWKWKHH[FHSWLRQRILQVXOLQWKHUDS\GXULQJD
KRVSLWDOL]DWLRQ RU XVH LQ JHVWDWLRQDO GLDEHWHV RWKHU WKDQ DV D ILUVWOLQH UHVFXH WKHUDS\
6HFWLRQ
x &XUUHQWWUHDWPHQWZLWKSRWHQWF\WRFKURPH3$LQKLELWRUVLQFRXQWULHVZKHUHGRVH
DGMXVWPHQWZRXOGEHUHTXLUHGE\WKHVD[DJOLSWLQODEHO

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

x $GPLQLVWUDWLRQ RI DQ\ RWKHU LQYHVWLJDWLRQDO GUXJ RU SDUWLFLSDWLRQ LQ DQ\ LQWHUYHQWLRQDO
FOLQLFDOVWXGLHVGD\VSULRURISODQQHGVFUHHQLQJWRWKLVVWXG\
x 1HZO\ LQLWLDWHG WUHDWPHQW ZLWK DQ\ V\VWHPLF FRUWLFRVWHURLG WKHUDS\ LQFOXGLQJ RUDO DQG
LQMHFWDEOHWKDWZLOOLQYROYHtGD\VRIWKHUDS\LVQRWSHUPLWWHGLQKDOHGDQGWRSLFDODUH
DOORZHG7KH6SRQVRU0HGLFDO0RQLWRUVKRXOGEHFRQVXOWHGSULRUWREHJLQQLQJWKHUDS\ZLWK
FRUWLFRVWHURLGVIRUVXEMHFWVZKRUHTXLUHV\VWHPLFFRUWLFRVWHURLGWUHDWPHQW


2WKHU5HVWULFWLRQVDQG3UHFDXWLRQV
x 6XEMHFWVPXVWFRPSO\ZLWKWKHLUSUHVFULEHGGRVLQJUHJLPHQWRSUHVHUYHVWXG\LQWHJULW\DQG
HQVXUHVXEMHFWVDIHW\
x 6XEMHFWVVKRXOGEHFDXWLRQHGWKDWDQ\QHZSUHVFULSWLRQ27&RUKHUEDOQXWULWLRQDOWKHUDSLHV
VKRXOG EH GLVFXVVHG WKRURXJKO\ ZLWK WKH LQYHVWLJDWRU DV FRQFRPLWDQW XVH FRXOG UHVXOW LQ
DOWHUDWLRQVWRWKHLUJO\FHPLFFRQWURODQGPD\SODFHWKHPDWULVNIRUVLJQLILFDQWK\SRJO\FHPLF
HSLVRGHV
x 6XEMHFWVPXVWPDNHHYHU\DWWHPSWWRDGKHUHWRWKHGLHWDQGH[HUFLVHFRXQVHOLQJDQGWRWKH
VWXG\IORZFKDUWWLPHDQGHYHQWVFKHGXOHVHH6HFWLRQ
x :RPHQRIFKLOGEHDULQJSRWHQWLDOPXVWLPPHGLDWHO\FRQWDFWWKHLQYHVWLJDWRULIWKH\VXVSHFW
WKH\ PLJKW EH SUHJQDQW DQG LI WKH\ KDYH FKDQJHG RU SODQ WR FKDQJH WKHLU ELUWK FRQWURO
PHWKRGVHH6HFWLRQ


'LVFRQWLQXDWLRQRI6XEMHFWVIROORZLQJDQ\7UHDWPHQWZLWK6WXG\'UXJ
6XEMHFWV0867GLVFRQWLQXH,03DQGQRQ,03DWWKHGLVFUHWLRQRIWKHLQYHVWLJDWRUIRUDQ\RI
WKHIROORZLQJUHDVRQV
x 6XEMHFW¶VUHTXHVWWRVWRSVWXG\WUHDWPHQW
x $Q\FOLQLFDODGYHUVHHYHQW$(ODERUDWRU\DEQRUPDOLW\RULQWHUFXUUHQWLOOQHVVZKLFKLQWKH
RSLQLRQRIWKHLQYHVWLJDWRULQGLFDWHVWKDWFRQWLQXHGSDUWLFLSDWLRQLQWKHVWXG\LVQRWLQWKH
EHVWLQWHUHVWRIWKHVXEMHFW
x 7HUPLQDWLRQRIWKHVWXG\E\WKH6SRQVRU
x /RVVRIDELOLW\WRIUHHO\SURYLGHFRQVHQWWKURXJKLPSULVRQPHQWRULQYROXQWDULO\LQFDUFHUDWLRQ
IRUWUHDWPHQWRIHLWKHUDSV\FKLDWULFRUSK\VLFDOHJLQIHFWLRXVGLVHDVHLOOQHVV
 8QEOLQGLQJDVXEMHFWIRUDQ\UHDVRQHPHUJHQF\RUQRQHPHUJHQF\
x 6HYHUHQRQFRPSOLDQFHWRSURWRFRODVMXGJHGE\WKHLQYHVWLJDWRUDQGRU6SRQVRU
x 6DIHW\UHDVRQVDVMXGJHGE\WKHLQYHVWLJDWRUDQGRU6SRQVRU
x ,QFRUUHFWHQUROOPHQWLHWKHVXEMHFWGRHVQRWPHHWWKHUHTXLUHLQFOXVLRQH[FOXVLRQFULWHULD
IRUWKHVWXG\
x 3UHJQDQF\
x &U&OP/PLQHVWLPDWHGE\&RFNFURIW*DXOWZLWKDUHSHDWFRQILUPDWLRQWHVWUHVXOWWR
GD\VIROORZLQJWKHUHFHLSWRIWKHLQLWLDOUHVXOW6XEMHFWVZLWKD&U&OPOPLQZLOOKDYH
EDFNJURXQGWKHUDS\PHWIRUPLQZLWKKHOGXQWLOWKHFRQILUPDWRU\UHSHDW&U&OLVUHFHLYHG

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

 ,IWKHUHSHDW&U&O!POPLQWKHVXEMHFWPD\UHVXPHEDFNJURXQGWKHUDS\PHWIRUPLQ
 ,I WKH UHSHDW &U&O   POPLQ WKH VXEMHFW PXVW EH GLVFRQWLQXHG IURP DOO VWXG\
PHGLFDWLRQ
x 6XEMHFWV ZLWK D FHQWUDO ODERUDWRU\ $/7 DQGRU $67 ! [8/1 ZLOO EH VFKHGXOHG IRU D
IROORZXSYLVLWZLWKLQGD\VIROORZLQJWKHUHFHLSWRIWKHUHVXOWVHH$SSHQGL[IRUIXUWKHU
JXLGDQFH 6XEMHFWV VKRXOG EH GLVFRQWLQXHG IURP VWXG\ LI WKH LQLWLDO DQG UHSHDW ODERUDWRU\
WHVWVPHHWDQ\RIWKHIROORZLQJFULWHULD
 $/7DQGRU$67DUH![8/1DQGWRWDOELOLUXELQ7%![8/1
 $/7 DQGRU $67 DUH ! [ 8/1 IRU t  FRQVHFXWLYH GD\V DW DQ\ WLPH DIWHU LQLWLDO
FRQILUPDWRU\UHVXOWV
 $/7DQGRU$67DUHt[8/1

,Q WKH FDVH RI SUHJQDQF\ WKH LQYHVWLJDWRU PXVW LPPHGLDWHO\ QRWLI\ WKH 6SRQVRU 0HGLFDO
0RQLWRUGHVLJQHHRIWKLVHYHQW6WXG\GUXJZLOOEHSHUPDQHQWO\GLVFRQWLQXHGLQDQ\VXEMHFWVWKDW
EHFRPH SUHJQDQW GXULQJ WKH VWXG\ WKH VWXG\ GUXJ ZLOO EH SHUPDQHQWO\ GLVFRQWLQXHG LQ DQ
DSSURSULDWHPDQQHUHJGRVHWDSHULQJLIQHFHVVDU\IRUVXEMHFWVDIHW\
$OO VXEMHFWV ZKR GLVFRQWLQXH VWXG\ GUXJ VKRXOG FRPSO\ ZLWK SURWRFRO VSHFLILHG IROORZXS
SURFHGXUHVDVRXWOLQHGLQ7DEOH7KHRQO\H[FHSWLRQWRWKLVUHTXLUHPHQWLVZKHQDVXEMHFW
ZLWKGUDZVFRQVHQWIRUDOOVWXG\SURFHGXUHVLQFOXGLQJSRVWWUHDWPHQWVWXG\IROORZXSRUORVHVWKH
DELOLW\WRFRQVHQWIUHHO\LHLVLPSULVRQHGRULQYROXQWDULO\LQFDUFHUDWHGIRUWKHWUHDWPHQWRIHLWKHU
DSV\FKLDWULFRUSK\VLFDOLOOQHVV
,IVWXG\GUXJLVGLVFRQWLQXHGSULRUWRWKHVXEMHFW¶VFRPSOHWLRQRIWKHVWXG\WKHUHDVRQIRUWKH
GLVFRQWLQXDWLRQ PXVW EH GRFXPHQWHG LQ WKH VXEMHFW¶V PHGLFDO UHFRUGV DQG HQWHUHG RQ WKH
DSSURSULDWH&DVH5HSRUW)RUP&5)SDJH

3URFHGXUHVIRUKDQGOLQJSDWLHQWVLQFRUUHFWO\HQUROOHGRUUDQGRPL]HG
6XEMHFWVZKRIDLOWRPHHWWKHLQFOXVLRQH[FOXVLRQFULWHULDPXVWQRWXQGHUDQ\FLUFXPVWDQFHVEH
HQUROOHGRUUDQGRPL]HG7KHUHFDQEHQRH[FHSWLRQVWRWKLVUXOH
6XEMHFWVZKRDUHLQFRUUHFWO\HQUROOHGEXWDUHQRW\HWUDQGRPL]HGVKRXOGEHZLWKGUDZQIURPWKH
VWXG\7KHSURFHGXUHVLQFOXGHGLQWKHSURWRFROIRUWKHGLVFRQWLQXDWLRQRIVXFKVXEMHFWVPXVWEH
IROORZHG 6WXG\ PHGLFDWLRQ VKRXOGEH SHUPDQHQWO\ VWRSSHG DQG WKH VXEMHFW VKRXOG EH IXUWKHU
WUHDWHGDFFRUGLQJWRWKHLQYHVWLJDWRUVMXGJPHQWDQGORFDOWKHUDS\WUDGLWLRQ
,IDVXEMHFWQRWPHHWLQJWKHVWXG\FULWHULDLVUDQGRPL]HGLQHUURUDQGLIWKHHUURULVLGHQWLILHG
DIWHU UDQGRPL]DWLRQ D GLVFXVVLRQ PXVW RFFXU EHWZHHQ WKH 6SRQVRU 0HGLFDO 0RQLWRU DQG WKH
LQYHVWLJDWRU UHJDUGLQJ ZKHWKHU WR FRQWLQXH RU GLVFRQWLQXH WKH VXEMHFW IURP WKH VWXG\ ,I
DJUHHPHQWLVUHDFKHGWKHVXEMHFWVKRXOGFRPSOHWHWKHVWXG\XQOHVVWKHUHDUHVDIHW\FRQFHUQVRULI
WKHVXEMHFWZLWKGUDZVWKHFRQVHQW,QVLWXDWLRQVLQZKLFKDQDJUHHPHQWFDQQRWEHUHDFKHGWKH
VXEMHFWVKRXOGKDYHWKHUDQGRPL]HGWKHUDS\VWRSSHGDQGEHGLVFRQWLQXHGIURPWKHVWXG\7KH
SURFHGXUHVLQFOXGHGLQWKHSURWRFROIRUWKHGLVFRQWLQXDWLRQRIVXFKVXEMHFWVPXVWEHIROORZHG

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

7KH 6SRQVRU 0HGLFDO 0RQLWRU LV WR HQVXUH DOO VXFK FRQWDFWV ZLWK WKH LQYHVWLJDWRU DQG VXFK
GHFLVLRQVDUHDSSURSULDWHO\GRFXPHQWHG

5HVFXH*XLGHOLQHVIRU6XEMHFWVZLWK3URWRFRO'HILQHG/DFNRI*O\FHPLF
&RQWURO
'XULQJ WKH FRXUVH RI WKH WULDO VXEMHFWV PD\ EH HOLJLEOH IRU WKH DGGLWLRQ RI RSHQODEHO UHVFXH
PHGLFDWLRQWRWKHLUEOLQGHGWUHDWPHQWUHJLPHQLQRUGHUWRWUHDWRQJRLQJK\SHUJO\FHPLD,QVXOLQLV
UHFRPPHQGHG DV WKH ILUVWOLQH UHVFXH WKHUDS\ DV VXEMHFWV ZLOO DOUHDG\ EH WDNLQJ GXDO RU
WULSOHWKHUDS\ EDVHG RQ WKHLU UDQGRPL]DWLRQ DVVLJQPHQW ,I D VXEMHFW UHIXVHV WUHDWPHQW ZLWK
LQVXOLQ RU LV QRW D FDQGLGDWH IRU LQVXOLQ RWKHU RSWLRQV IRU UHVFXH WKHUDS\ FDQ EH FRQVLGHUHG
+RZHYHU LQLWLDWLRQ RI D '33 LQKLELWRU 6*/7 LQKLELWRU RU 68 LV QRW SHUPLWWHG IRU UHVFXH
WKHUDS\7KHVXEVHFWLRQVDQGWDEOHVOLVWHGEHORZGHILQHWKHODFNRIJO\FHPLFFRQWUROFULWHULDIRU
LQLWLDWLRQRIUHVFXHPHGLFDWLRQLQERWKVKRUWWHUPDQGORQJWHUPSHULRGVRIWKHVWXG\
3UHVSHFLILHGJO\FHPLFFULWHULDVHH7DEOHEDVHGXSRQFHQWUDOODERUDWRU\+E$F)3*
DQG UHSHDW FRQILUPDWRU\ )3* ZHUH HVWDEOLVKHG GXULQJ WKH WUHDWPHQW SHULRG WR GHWHUPLQH
HOLJLELOLW\IRURSHQODEHOUHVFXHPHGLFDWLRQ)3*LVWREHXVHGIURP:HHNWR:HHNDQG
+E$FDIWHU:HHNWR:HHN
7DEOH
/DFNRI*O\FHPLF&RQWURO&ULWHULDIRU,QLWLDWLRQRI5HVFXH
0HGLFDWLRQ
9LVLW/DEHO 
&HQWUDO/DERUDWRU\)3*+E$F 
:HHN
)3*!PJG/PPRO/
$IWHU:HHNWR:HHNLQFOXGLQJ:HHN
)3*!PJG/PPRO/
$IWHU:HHNWR:HHNLQFOXGLQJ:HHN
)3*!PJG/PPRO/
$IWHU:HHNWR:HHNLQFOXGLQJ:HHN
)3*!PJG/PPRO/
$IWHU:HHNWR:HHN
+E$F!

6XEMHFWVZLWKDFHQWUDOODERUDWRU\)3*YDOXHPHHWLQJWKHODFNRIJO\FHPLFFRQWUROFULWHULRQDWD
SUHVSHFLILHGYLVLWZLOOEHVFKHGXOHGIRUDIROORZXSYLVLWZLWKLQGD\VWRREWDLQDVHFRQG
FHQWUDOODERUDWRU\)3*YDOXHDQGUHYLHZWKHVXEMHFW¶VJOXFRVHPHWHUUHDGLQJV
,IWKHUHSHDWFHQWUDOODERUDWRU\)3*YDOXHVWLOOPHHWVWKHFULWHULRQWKHVXEMHFWPXVWEHUHVFXHG
6XEMHFWVZKRPHHWUHVFXHFULWHULDLQWKHEOLQGHGWUHDWPHQWSHULRGPXVWILUVWFRPSOHWHWKH5HVFXH
9LVLW SURFHGXUHV EHIRUH UHFHLYLQJ RSHQODEHO UHVFXH PHGLFDWLRQ WR HQVXUH WKDW LPSRUWDQW WULDO
HQGSRLQWPHDVXUHPHQWVDUHFROOHFWHG
)ROORZLQJFRPSOHWLRQRIWKH5HVFXH9LVLWUHVFXHGVXEMHFWVZLOOEHJLYHQRSHQODEHODQWLGLDEHWLF
UHVFXHPHGLFDWLRQLQVXOLQLVUHFRPPHQGHGZLWKLQZHHNVRIPHHWLQJWKHUHVFXHFULWHULDZKLFK
VKRXOG EH LQLWLDWHG DW WKH ORZHVW VWDUWLQJ GRVH DQG WLWUDWHG LQ DFFRUGDQFH ZLWK WKH DSSURYHG
SURGXFWODEHOLQWKHDSSOLFDEOHFRXQWU\DWWKHGLVFUHWLRQRIWKHLQYHVWLJDWRULQDGGLWLRQWRWKHLU

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

EOLQGHGVWXG\PHGLFDWLRQ5HVFXHGVXEMHFWVZLOOWKHQFRQWLQXHLQWKHEOLQGHGWUHDWPHQWSHULRG
DFFRUGLQJWRWKHLURULJLQDOYLVLWVFKHGXOH
1RWH 5HVFXH PHGLFDWLRQ ZLOO 127 EH SURYLGHG E\ WKH 6SRQVRU LQ WKLV VWXG\
5HLPEXUVHPHQWZLOOEHSURYLGHGIRULQVXOLQJLYHQDVUHVFXHPHGLFDWLRQ
)ROORZLQJ LQLWLDWLRQ RI RSHQODEHO UHVFXH DQWLGLDEHWLF PHGLFDWLRQ UHVFXHG VXEMHFWV VKRXOG EH
VFKHGXOHGIRUWLWUDWLRQYLVLWVWRLQFUHDVHWKHLUUHVFXHDQWLGLDEHWLFPHGLFDWLRQGRVHDVWROHUDWHG
DQG LQ DFFRUGDQFH ZLWK WKH DSSURYHG SURGXFW ODEHO IRU WKDW FRXQWU\ DQG E\ WKHLU JO\FHPLF
UHVSRQVHDQGDVSHUWKHLQYHVWLJDWRU¶VMXGJPHQW

'LVFRQWLQXDWLRQ*XLGHOLQHVGXHWR3URWRFRO'HILQHG+\SRJO\FHPLD
(SLVRGHV
6XEMHFWV VKRXOG QRW EH GLVFRQWLQXHG IURP DQ\ WUHDWPHQW SKDVH EDVHG RQ VLQJOH HSLVRGHV RI
K\SRJO\FHPLD RU V\PSWRPV RI K\SRJO\FHPLD XQOHVV FOLQLFDOO\ LQGLFDWHG 7KH DVVHVVPHQW RI D
VLQJOHILQJHUVWLFNRUFHQWUDOODERUDWRU\JOXFRVHYDOXHVKRXOGQRWEHWKHVROHDVVHVVPHQWXVHGWR
GHWHUPLQHVXEMHFWGLVFRQWLQXDWLRQIRUK\SRJO\FHPLD
&OLQLFDOLQGLFDWLRQVIRUGLVFRQWLQXDWLRQEHFDXVHRIK\SRJO\FHPLDPD\LQFOXGHWKHIROORZLQJ
0XOWLSOHRFFDVLRQVRIHSLVRGHVRXWOLQHGEHORZWKDWLQWKHRSLQLRQRIWKHLQYHVWLJDWRULQGLFDWH
WKDW FRQWLQXHG WUHDWPHQW ZLWK VWXG\ WKHUDS\ LV QRW LQ WKH EHVW LQWHUHVW RI WKH VXEMHFW 7KLV
LQFOXGHVEXWLVQRWOLPLWHGWR
x 5HFXUUHQWV\PSWRPVVXJJHVWLYHRIK\SRJO\FHPLDHJVZHDWLQJVKDNLQHVVLQFUHDVHGKHDUW
UDWH FRQIXVLRQ GL]]LQHVV OLJKWKHDGHGQHVV RU KXQJHU LQ WKH DEVHQFH RI HQYLURQPHQWDO
IDFWRUVNQRZQWRFRQWULEXWHWRK\SRJO\FHPLDLHH[FHVVSK\VLFDODFWLYLW\FRQFXUUHQWLOOQHVV
RUPLVVHGRUGHOD\HGPHDO
x 5HFXUUHQW
GRFXPHQWHG
FDSLOODU\
RU
SODVPD
EORRG
JOXFRVH
YDOXHV
PJG/
PPRO/
x $ VXEMHFW PD\ DOVR EH GLVFRQWLQXHG IURP WKH VWXG\ EHFDXVH RI VHYHUH K\SRJO\FHPLD DV
GHWHUPLQHGE\WKHLQYHVWLJDWRU
'RZQWLWUDWLRQRIEOLQGHGVWXG\GUXJDQGRUEDFNJURXQGDQWLK\SHUJO\FHPLFDJHQWGXULQJ
WKHVWXG\
7KH JOLPHSLULGH GRVH FDQ EH GRZQWLWUDWHG GXULQJ WKH WLWUDWLRQSHULRG LI K\SRJO\FHPLF HYHQWV
RFFXU 7KH WUHDWPHQW PD\ WKHUHDIWHU EH XSWLWUDWHG RQFH GXULQJ WKH WLWUDWLRQ SHULRG 7KH
JOLPHSLULGH GRVH FDQ EH GRZQ WLWUDWHG IURP :HHN RQZDUGV PDLQWHQDQFH SHULRG LI
K\SRJO\FHPLFHYHQWVRFFXU'RZQWLWUDWLRQRIRWKHUEOLQGHGVWXG\GUXJZLOOQRWEHDOORZHGDW
DQ\ WLPH GXULQJ WKH VWXG\ 7KH GRVH RI PHWIRUPLQ PXVW EH PJGD\ WKURXJKRXW WKH
GXUDWLRQ RI WKH VWXG\ XQOHVV PHWIRUPLQ WUHDWPHQW LV WHPSRUDULO\ ZLWKKHOG GXH WR &U&O
P/PLQHVWLPDWHGE\&RFNFURIW*DXOW6HFWLRQ
,I ILQJHUVWLFN JOXFRVH YDOXHV DUH GLVFRUGDQW IURP JO\FHPLF FRQWURO DVVHVVHG E\ WKH FHQWUDO
ODERUDWRU\ RU ZLWK FOLQLFDO V\PSWRPV WKH VXEMHFW¶V JOXFRVH PHWHU VKRXOG EH WHVWHG DQG WKH

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

SURFHGXUHIRUXVLQJLWUHYLHZHGZLWKWKHVXEMHFW6HFWLRQSURYLGHVDGGLWLRQDOJXLGDQFHRQ
PDQDJHPHQWDQGUHSRUWLQJRIK\SRJO\FHPLD

'LVFRQWLQXDWLRQ*XLGHOLQHVGXHWR.HWRDFLGRVLV
3DWLHQWVZKRSUHVHQWZLWKVLJQVDQGV\PSWRPVFRQVLVWHQWZLWKNHWRDFLGRVLVLQFOXGLQJQDXVHD
YRPLWLQJDEGRPLQDOSDLQPDODLVHDQGVKRUWQHVVRIEUHDWKVKRXOGEHDVVHVVHGIRUNHWRDFLGRVLV
HYHQLIEORRGJOXFRVHOHYHOVDUHEHORZPPRO/PJG/,INHWRDFLGRVLVLVVXVSHFWHG
GLVFRQWLQXDWLRQRUWHPSRUDU\LQWHUUXSWLRQRIEOLQGHGVWXG\GUXJVKRXOGEHFRQVLGHUHGDQGWKH
SDWLHQWVKRXOGEHSURPSWO\HYDOXDWHG
'HWDLOVUHJDUGLQJWKHUHFRUGLQJDQGDGMXGLFDWLRQRI'.$HYHQWVDUHSURYLGHGLQ6HFWLRQ

3RVW6WXG\'UXJ6WXG\)ROORZXS
,QWKLVVWXG\VDIHW\LVDNH\HQGSRLQWRIWKHVWXG\3RVWVWXG\IROORZXSLVRIFULWLFDOLPSRUWDQFH
DQG LV HVVHQWLDO WR SUHVHUYLQJ VXEMHFW VDIHW\ DQG WKH LQWHJULW\ RI WKH VWXG\ 6XEMHFWV ZKR
GLVFRQWLQXHVWXG\GUXJPXVWFRQWLQXHWREHIROORZHGIRUFROOHFWLRQRIRXWFRPHDQGRUVXUYLYDO
IROORZXSGDWDDVUHTXLUHGDQGLQOLQHZLWK6HFWLRQXQWLOGHDWKRUWKHFRQFOXVLRQRIWKHVWXG\
7KHUHIRUHDOOVXEMHFWVZKRGLVFRQWLQXH,03LQWKHZHHNGRXEOHEOLQGHGVKRUWWHUPWUHDWPHQW
SHULRGRULQWKHORQJWHUPWUHDWPHQWSHULRGVKRXOGEHDVNHGWRFRQWLQXHVWXG\SDUWLFLSDWLRQIRU
HDFK VFKHGXOHG YLVLW IRU WKH UHPDLQLQJ OHQJWK RI WKH VWXG\ DQG FRPSOHWH DOO SURFHGXUHV DV
RXWOLQHG LQ 6HFWLRQ  >7DEOH @ VWXG\ IORZFKDUW ZLWK WKH H[FHSWLRQ RI VWXG\ GUXJ
PDQDJHPHQW,IFRQWLQXHGVWXG\SDUWLFLSDWLRQDFFRUGLQJWRWKHSURWRFROVFKHGXOHLVQRWSRVVLEOH
WKH LQYHVWLJDWRU VKRXOG FRQWDFW WKH 6SRQVRU WR GLVFXVV DOWHUQDWLYHV HJ UHWXUQ WR WKH FOLQLF 
ZHHNV DIWHU GLVFRQWLQXDWLRQ RI VWXG\ GUXJ WR SHUIRUP WKH :HHN  SRVWWUHDWPHQW IROORZXS
SURFHGXUHVDVRXWOLQHGLQ6HFWLRQ>7DEOH@VWXG\IORZFKDUWRUEHFRQWDFWHGE\WHOHSKRQH
ZHHNVDIWHUGLVFRQWLQXDWLRQRIVWXG\GUXJWRHYDOXDWHWKHIROORZLQJVDIHW\DVVHVVPHQWV$(VDQG
K\SRJO\FHPLDHYHQWV3OHDVHQRWHWKDWDIWHUWKHGLVFRQWLQXDWLRQRIVWXG\GUXJWKHPDQDJHPHQWRI
WKHVXEMHFW¶VGLDEHWHVZLOOEHXQGHUWKHFDUHDQGGLUHFWLRQRIWKHLQYHVWLJDWRU
7KHRQO\H[FHSWLRQWRDQ\RIWKHVHIROORZXSPHWKRGVDUHZKHQDVXEMHFWZLWKGUDZVFRQVHQWIRU
DOO VWXG\ SURFHGXUHV LQFOXGLQJ SRVWWUHDWPHQW VWXG\ IROORZXS RU ORVHV WKH DELOLW\ WR FRQVHQW
IUHHO\LHLVLPSULVRQHGRULQYROXQWDULO\LQFDUFHUDWHGIRUWKHWUHDWPHQWRIHLWKHUDSV\FKLDWULFRU
SK\VLFDOLOOQHVV

:LWKGUDZDORI&RQVHQW
6XEMHFWVZKRUHTXHVWWRGLVFRQWLQXHVWXG\GUXJZLOOUHPDLQLQWKHVWXG\DQGPXVWFRQWLQXHWREH
IROORZHG IRU SURWRFROVSHFLILHG IROORZXS SURFHGXUHV 7KH RQO\ H[FHSWLRQ WR WKLV LV ZKHQ D
VXEMHFWVSHFLILFDOO\ZLWKGUDZVFRQVHQWIRUDQ\IXUWKHUFRQWDFWZLWKKLPKHURUSHUVRQVSUHYLRXVO\
DXWKRUL]HGE\WKHVXEMHFWWRSURYLGHWKLVLQIRUPDWLRQ6XEMHFWVVKRXOGQRWLI\WKHLQYHVWLJDWRURI
WKH GHFLVLRQ WR ZLWKGUDZ FRQVHQW IURP IXWXUH IROORZXS LQ ZULWLQJ ZKHQHYHU SRVVLEOH 7KH
ZLWKGUDZDORIFRQVHQWVKRXOGEHH[SODLQHGLQGHWDLOLQWKHPHGLFDOUHFRUGVE\WKHLQYHVWLJDWRUDV
WR ZKHWKHU WKH ZLWKGUDZDO LV IURP IXUWKHU WUHDWPHQW ZLWK VWXG\ GUXJRQO\ RU DOVR IURP VWXG\
SURFHGXUHVDQGRUSRVWWUHDWPHQWVWXG\IROORZXSDQGHQWHUHGRQWKHDSSURSULDWHH&5)SDJH,Q

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

WKH HYHQW WKDW YLWDO VWDWXV ZKHWKHU WKH VXEMHFW LV DOLYH RU GHDG LV EHLQJ PHDVXUHG SXEOLFO\
DYDLODEOHLQIRUPDWLRQVKRXOGEHXVHGWRGHWHUPLQHYLWDOVWDWXVRQO\DVDSSURSULDWHO\GLUHFWHGLQ
DFFRUGDQFHZLWKORFDOODZ

/RVWWR)ROORZ8S
$OO UHDVRQDEOH HIIRUWV PXVW EH PDGH WR ORFDWH VXEMHFWV WR GHWHUPLQH DQG UHSRUW WKHLU RQJRLQJ
VWDWXV7KLVLQFOXGHVIROORZXSZLWKSHUVRQVDXWKRUL]HGE\WKHVXEMHFWDVQRWHGDERYH/RVWWR
IROORZXSLVGHILQHGDVWKHLQDELOLW\WRUHDFKWKHVXEMHFWDIWHUDPLQLPXPRIWKUHHGRFXPHQWHG
SKRQHFDOOVID[HVRUHPDLOVDVZHOODVODFNRIUHVSRQVHE\WKHVXEMHFWWRRQHUHJLVWHUHGPDLO
OHWWHU$OODWWHPSWVVKRXOGEHGRFXPHQWHGLQWKHVXEMHFW¶VPHGLFDOUHFRUGV,ILWLVGHWHUPLQHG
WKDWWKHVXEMHFWKDVGLHGWKHVLWHZLOOXVHSHUPLVVLEOHORFDOPHWKRGVWRREWDLQWKHGDWHDQGFDXVH
RIGHDWK
,IDQLQYHVWLJDWRU¶VXVHRIDWKLUGSDUW\UHSUHVHQWDWLYHWRDVVLVWLQWKHIROORZXSSRUWLRQRIWKH
VWXG\ KDV EHHQ LQFOXGHG LQ WKH VXEMHFW¶V LQIRUPHG FRQVHQW WKHQ WKH LQYHVWLJDWRU PD\ XVH D
6SRQVRUUHWDLQHGWKLUGSDUW\UHSUHVHQWDWLYHWRDVVLVWVLWHVWDIIZLWKREWDLQLQJWKHVXEMHFW¶VFRQWDFW
LQIRUPDWLRQRURWKHUSXEOLFYLWDOVWDWXVGDWDQHFHVVDU\WRFRPSOHWHWKHIROORZXSSRUWLRQRIWKH
VWXG\7KHVLWHVWDIIDQGUHSUHVHQWDWLYHZLOOFRQVXOWSXEOLFO\DYDLODEOHVRXUFHVVXFKDVSXEOLF
KHDOWK UHJLVWULHV DQG GDWDEDVHV LQ RUGHU WR REWDLQ XSGDWHG FRQWDFW LQIRUPDWLRQ ,I DIWHU DOO
DWWHPSWVWKHVXEMHFWUHPDLQVORVWWRIROORZXSWKHQWKHODVWNQRZQDOLYHGDWHDVGHWHUPLQHGE\
WKHLQYHVWLJDWRUVKRXOGEHUHSRUWHGDQGGRFXPHQWHGLQWKHVXEMHFW¶VPHGLFDOUHFRUGV

(QGRI6WXG\
7KHHQGRIWKHVWXG\LVGHILQHGDVWKHODVWYLVLWRIWKHODVWVXEMHFWXQGHUJRLQJWKHVWXG\

678'<'58*
6WXG\GUXJLQFOXGHVERWKLQYHVWLJDWLRQDOPHGLFLQDOSURGXFW,03DQGQRQ,03DQGFDQFRQVLVW
RIWKHIROORZLQJ
x $OOSURGXFWVDFWLYHRUSODFHEREHLQJWHVWHGRUXVHGDVDFRPSDUDWRULQDFOLQLFDOWULDO
x 2WKHU GUXJV DGPLQLVWHUHG DV SDUW RI WKH VWXG\ WKDW DUH FULWLFDO WR FODLPV RI HIILFDF\
HJEDFNJURXQGWKHUDS\UHVFXHPHGLFDWLRQV


&OLQLFDO3URWRFRO

&9
%06DQG%06

VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE


7DEOH
6WXG\'UXJVIRU&93URGXFW'HVFULSWLRQ6KRUWWHUP'RXEOH%OLQGHG7UHDWPHQW3HULRGDQG
/RQJWHUP6XEMHFWDQG6LWH%OLQGHG7UHDWPHQW3HULRG
3URGXFW'HVFULSWLRQ&ODVV
DQG'RVDJH)RUP
3RWHQF\
,03
1RQ,03
%OLQGHGRU2SHQ
/DEHO
3DFNDJLQJ$SSHDUDQFH
6WRUDJH&RQGLWLRQV
SHUODEHO
6D[DJOLSWLQ)LOP&RDWHG
7DEOHWDVWKHIUHHEDVH
PJ
,03
%OLQGHG/DEHO
3ODLQ\HOORZELFRQYH[URXQG
ILOPFRDWHGWDEOHW
+'3(%RWWOH
$OOVWXG\GUXJVVKRXOGEHNHSWLQ
DVHFXUHSODFHXQGHUDSSURSULDWH
VWRUDJHFRQGLWLRQV7KH,03
ODEHORQWKHERWWOHVSHFLILHVWKH
DSSURSULDWHVWRUDJH
3ODFHERIRU6D[DJOLSWLQ
)LOP&RDWHG7DEOHWV
PJ
,03
%OLQGHG/DEHO
3ODLQ\HOORZELFRQYH[URXQG
ILOPFRDWHGWDEOHW
+'3(%RWWOH
$OOVWXG\GUXJVVKRXOGEHNHSWLQ
DVHFXUHSODFHXQGHUDSSURSULDWH
VWRUDJHFRQGLWLRQV7KH,03
ODEHORQWKHERWWOHVSHFLILHVWKH
DSSURSULDWHVWRUDJH
'DSDJOLIOR]LQ)LOP&RDWHG
7DEOHW
PJ
,03
%OLQGHG/DEHO
*UHHQSODLQGLDPRQGVKDSHG
ILOPFRDWHGWDEOHW
+'3(%RWWOH
$OOVWXG\GUXJVVKRXOGEHNHSWLQ
DVHFXUHSODFHXQGHUDSSURSULDWH
VWRUDJHFRQGLWLRQV7KH,03
ODEHORQWKHERWWOHVSHFLILHVWKH
DSSURSULDWHVWRUDJH
3ODFHERIRU'DSDJOLIOR]LQ)LOP
&RDWHG7DEOHWV
PJ
,03
%OLQGHG/DEHO
*UHHQSODLQGLDPRQGVKDSHG
ILOPFRDWHGWDEOHW
+'3(%RWWOH
$OOVWXG\GUXJVVKRXOGEHNHSWLQ
DVHFXUHSODFHXQGHUDSSURSULDWH
VWRUDJHFRQGLWLRQV7KH,03
ODEHORQWKHERWWOHVSHFLILHVWKH
DSSURSULDWHVWRUDJH
*OLPHSLULGH&DSVXOH
PJ
PJ
PJ
,03
%OLQGHG/DEHO
2SDTXHJUD\&DSVXOH
+'3(%RWWOH
$OOVWXG\GUXJVVKRXOGEHNHSWLQ
DVHFXUHSODFHXQGHUDSSURSULDWH
VWRUDJHFRQGLWLRQV7KH,03
ODEHORQWKHERWWOHVSHFLILHVWKH
DSSURSULDWHVWRUDJH
3ODFHERIRU*OLPHSLULGH&DSVXOH
PJ
,03
%OLQGHG/DEHO
2SDTXHJUD\&DSVXOH
+'3(%RWWOH
$OOVWXG\GUXJVVKRXOGEHNHSWLQ
DVHFXUHSODFHXQGHUDSSURSULDWH
VWRUDJHFRQGLWLRQV7KH,03
ODEHORQWKHERWWOHVSHFLILHVWKH
DSSURSULDWHVWRUDJH

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE


,QYHVWLJDWLRQDO3URGXFW
$Q LQYHVWLJDWLRQDO SURGXFW DOVR NQRZQ DV ,03 LQ VRPH UHJLRQV LV GHILQHG D SKDUPDFHXWLFDO
IRUPRIDQDFWLYHVXEVWDQFHRUSODFHEREHLQJWHVWHGRUXVHGDVDUHIHUHQFHLQDFOLQLFDOVWXG\
LQFOXGLQJSURGXFWVDOUHDG\ZLWKDPDUNHWLQJDXWKRUL]DWLRQEXWXVHGRUDVVHPEOHGIRUPXODWHGRU
SDFNDJHGGLIIHUHQWO\WKDQWKHDXWKRUL]HGIRUPRUXVHGIRUDQXQDXWKRUL]HGLQGLFDWLRQRUZKHQ
XVHGWRJDLQIXUWKHULQIRUPDWLRQDERXWWKHDXWKRUL]HGIRUP
$OOVWXG\GUXJVVKRXOGEHNHSWLQDVHFXUHSODFHXQGHUDSSURSULDWHVWRUDJHFRQGLWLRQV7KH,03
ODEHORQWKHERWWOHVSHFLILHVWKHDSSURSULDWHVWRUDJH,WLVWKHUHVSRQVLELOLW\RIWKHLQYHVWLJDWRUWR
HQVXUH WKDW ,03 LV RQO\ GLVSHQVHG WR VWXG\ VXEMHFWV 7KH ,03 PXVW EH GLVSHQVHG RQO\ IURP
RIILFLDOVWXG\VLWHVE\DXWKRUL]HGSHUVRQQHODFFRUGLQJWRORFDOUHJXODWLRQV
,QWKLVSURWRFRO,03VLVDUHDOVRGHVFULEHGLQ7DEOHDUHVD[DJOLSWLQPJGDSDJOLIOR]LQ
PJJOLPHSLULGHPJJOLPHSLULGHPJJOLPHSLULGHPJDQGPDWFKLQJSODFHERV5HVFXH
PHGLFDWLRQ LQVXOLQ ZLOO EH UHLPEXUVHG DQG PHWIRUPLQ ZLOO QRW EH SURYLGHG E\ WKH 6SRQVRU
VLQFHLWLVSDUWRISDWLHQW¶VVWDQGDUGRIFDUH
x %OLQGHG VD[DJOLSWLQ  PJ DQG GDSDJOLIOR]LQ  PJ DGPLQLVWHUHG RUDOO\ IRU WKH ZHHN
GRXEOHEOLQGHGVKRUWWHUPWUHDWPHQWSHULRGDQGWKHZHHNVXEMHFWDQGVLWHEOLQGHG
ORQJWHUPWUHDWPHQWSHULRGRIWKHVWXG\
x %OLQGHGJOLPHSLULGHPJPJPJPJRUPJDGPLQLVWHUHGRUDOO\IRUWKHZHHN
GRXEOH EOLQGHG VKRUWWHUP WUHDWPHQW SHULRG DQG WKH ZHHN VXEMHFW DQG VLWHEOLQGHG
ORQJWHUPWUHDWPHQWSHULRGRIWKHVWXG\


1RQLQYHVWLJDWLRQDO3URGXFW
2WKHU PHGLFDWLRQV XVHG DV VXSSRUW RU UHVFXH PHGLFDWLRQ IRU SUHYHQWDWLYH GLDJQRVWLF RU
WKHUDSHXWLF UHDVRQV DV FRPSRQHQWV RI WKH VWDQGDUG RI FDUH IRU D JLYHQ GLDJQRVLV PD\ EH
FRQVLGHUHGDVQRQ,03V
,QWKLVSURWRFROQRQ,03VDUHLQVXOLQRURWKHUUHVFXHWKHUDSLHVDQGPHWIRUPLQWKH6SRQVRU
ZLOOQRWEHSURYLGLQJWKHVHPHGLFDWLRQV

6WRUDJHDQG'LVSHQVLQJ
7KHSURGXFWVWRUDJHPDQDJHUVKRXOGHQVXUHWKDWWKHVWXG\GUXJLVVWRUHGLQDFFRUGDQFHZLWKWKH
HQYLURQPHQWDO FRQGLWLRQV WHPSHUDWXUH OLJKW DQG KXPLGLW\ DVGHWHUPLQHG E\ WKH 6SRQVRU ,I
FRQFHUQVUHJDUGLQJWKHTXDOLW\RUDSSHDUDQFHRIWKHVWXG\GUXJDULVHWKHVWXG\GUXJVKRXOGQRW
EHGLVSHQVHGDQGWKHSURGXFWVWRUDJHPDQDJHUVKRXOGFRQWDFWWKH6SRQVRULPPHGLDWHO\
6WXG\GUXJQRWVXSSOLHGE\WKH6SRQVRUZLOOEHVWRUHGLQDFFRUGDQFHZLWKWKHSDFNDJHLQVHUW
,03GRFXPHQWDWLRQZKHWKHUVXSSOLHGE\WKH6SRQVRURUQRWPXVWEHPDLQWDLQHGWKDWLQFOXGHV
DOOSURFHVVHVUHTXLUHGWRHQVXUHGUXJLVDFFXUDWHO\DGPLQLVWHUHG7KLVLQFOXGHVGRFXPHQWDWLRQRI
GUXJVWRUDJHDGPLQLVWUDWLRQDQGDVDSSOLFDEOHVWRUDJHWHPSHUDWXUHVUHFRQVWLWXWLRQDQGXVHRI
UHTXLUHGSURFHVVHVHJUHTXLUHGGLOXHQWVDGPLQLVWUDWLRQVHWV

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE


0HWKRGRI$VVLJQLQJ6XEMHFW,GHQWLILFDWLRQ







6XEMHFWVHQWHULQJWKHZHHNGRXEOHEOLQGHGVKRUWWHUPWUHDWPHQWSHULRG
)ROORZLQJ FRPSOHWLRQ RI WKH OHDGLQ SHULRG VXEMHFWV ZKR PHHW WKH FULWHULD ZLOO EH UDQGRPO\
DVVLJQHGE\WKH,956DWWKH'D\5DQGRPL]DWLRQYLVLWWRRQHRIWKHIROORZLQJWZRGRXEOH
EOLQGWUHDWPHQWDUPVLQDUDWLR
x
%OLQGHGVD[DJOLSWLQPJDQGGDSDJOLIOR]LQPJ
x
7LWUDWHGWREOLQGHGJOLPHSLULGHPJPJPJPJRUPJ

5DQGRPL]DWLRQVFKHGXOHVIRUERWKVXEMHFWWUHDWPHQWDQGFRQWDLQHUVZLOOEHJHQHUDWHGDQGNHSWE\
WKH6SRQVRU
6XEMHFWVHQWHULQJWKHZHHNORQJWHUPVXEMHFWDQGVLWHEOLQGHGWUHDWPHQWSHULRG
)ROORZLQJFRPSOHWLRQRIWKHZHHNGRXEOHEOLQGHGWUHDWPHQWSHULRGVXEMHFWVHOLJLEOHIRUWKH
ORQJWHUP VXEMHFW DQG VLWHEOLQGHG WUHDWPHQW SHULRG ZLOO EH FRQWLQXHG LQ WKHLU VDPH
UDQGRPL]DWLRQ DVVLJQPHQW EDVHG RQ WKHLU RULJLQDO UDQGRPL]DWLRQ JURXSLQJ 6XEMHFWVWKDW ZHUH
DVVLJQHGWREHRQWKHEOLQGHGVD[DJOLSWLQPJDQGGDSDJOLIOR]LQPJDUPZLOOFRQWLQXHWR
UHFHLYHWKHEOLQGHGVD[DJOLSWLQPJDQGGDSDJOLIOR]LQPJ6XEMHFWVWKDWZHUHDVVLJQHGWREH
RQWKHEOLQGHGJOLPHSLULGHPJPJPJPJRUPJDUPZLOOFRQWLQXHWRUHFHLYHEOLQGHG
JOLPHSLULGH $W DOO VWXG\ YLVLWV ZKHQ VWXG\ GUXJ LV GLVSHQVHG HDFK VXEMHFW ZLOO EH DVVLJQHG
PXOWLSOHFRQWDLQHUQXPEHUVE\WKH,956&RQWDLQHUQXPEHUVZLOOEHDVVLJQHGQRQVHTXHQWLDOO\
DQGZLOOFRUUHVSRQGWRWKHQXPEHUVSULQWHGRQWKHFRQWDLQHUVDQGERWWOHVFRQWDLQLQJVWXG\GUXJ
DQGZLOOEHUHFRUGHGRQWKHDSSURSULDWHH&5)7KH,956ZLOOEHDYDLODEOHKRXUVSHUGD\
GD\VDZHHN

6HOHFWLRQDQG7LPLQJRI'RVHIRU(DFK6XEMHFW
6D[DJOLSWLQPJWDEOHWVRUPDWFKLQJSODFHERWDEOHWVZLOOEHDGPLQLVWHUHGRUDOO\RQFHGDLO\IRU
WKHZHHNWUHDWPHQWSHULRGZHHNGRXEOHEOLQGHGDQGZHHNVXEMHFWDQGVLWHEOLQGHG
WUHDWPHQW SHULRGV 6D[DJOLSWLQ  PJ LV WKH PD[LPXP UHFRPPHQGHG GDLO\ GRVH 1R XS RU
GRZQWLWUDWLRQRIVD[DJOLSWLQZLOOEHDOORZHG
'DSDJOLIOR]LQPJWDEOHWVRUPDWFKLQJSODFHERWDEOHWVZLOOEHDGPLQLVWHUHGRUDOO\RQFHGDLO\
IRU WKH ZHHN WUHDWPHQW SHULRG  ZHHN GRXEOHEOLQGHG DQG  ZHHN VXEMHFW DQG
CCI

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

VLWHEOLQGHGWUHDWPHQWSHULRGV'DSDJOLIOR]LQPJLVWKHPD[LPXPUHFRPPHQGHGGDLO\GRVH
1RXSRUGRZQWLWUDWLRQRIGDSDJOLIOR]LQZLOOEHDOORZHG
*OLPHSLULGHPJPJDQGPJWDEOHWVDQGPDWFKLQJSODFHERFDSVXOHVZLOOEHDGPLQLVWHUHG
RUDOO\ RQFH GDLO\ IRU WKH  ZHHN WUHDWPHQW SHULRG  ZHHN GRXEOHEOLQGHG DQG  ZHHN
VXEMHFWDQGVLWHEOLQGHGWUHDWPHQWSHULRGV7KHVWDUWLQJGRVHIRUJOLPHSLULGHLVPJSHUGD\
RQFHGDLO\ZKLFKFDQEHIXUWKHULQFUHDVHGE\LQFUHPHQWVRIPJDWZHHNLQWHUYDOVWRD
PD[LPXPRIPJSHUGD\LQWKLVVWXG\7KHWLWUDWLRQVWHSVZLOOEHPJPJPJDQGPJ
RQFH GDLO\ LI QHHGHG ,Q SDWLHQWV IRU ZKRP WLWUDWLRQ LV QRW PHGLFDOO\ LQGLFDWHG DW :HHN
UHDVVHVVPHQWIRUWLWUDWLRQZLOORFFXUDW:HHN:HHNDQG:HHN7KHJOLPHSLULGHGRVHFDQ
EH GRZQWLWUDWHG GXULQJ WKH WLWUDWLRQ SHULRG LI K\SRJO\FHPLF HYHQWV RFFXU 7KH WUHDWPHQW FDQ
WKHUHDIWHU EH XSWLWUDWHG RQFH GXULQJ WKH WLWUDWLRQ SHULRG 7KH SDWLHQWV ZKRVH ,03 GRVH ZDV
XSWLWUDWHG WR WKH PD[LPXP OHYHO ZLOO KDYH D IROORZXS SKRQH FDOO  ZHHNV ODWHU 7KH
JOLPHSLULGH GRVH FDQ EH GRZQWLWUDWHG IURP :HHN  RQZDUGV PDLQWHQDQFH SHULRG LI
K\SRJO\FHPLFHYHQWVRFFXU

%OLQGLQJ8QEOLQGLQJ
%OLQGLQJRIWUHDWPHQWDVVLJQPHQWLVFULWLFDOWRWKHLQWHJULW\RIWKLVFOLQLFDOVWXG\+RZHYHULQWKH
HYHQWRIDPHGLFDOHPHUJHQF\RUSUHJQDQF\LQDQLQGLYLGXDOVXEMHFWLQZKLFKNQRZOHGJHRIWKH
WUHDWPHQWDVVLJQPHQWLVFULWLFDOWRWKHVXEMHFW
VPDQDJHPHQWWKHEOLQGIRUWKDWVXEMHFWPD\EH
EURNHQE\WKHLQYHVWLJDWRU7KHVXEMHFW¶VVDIHW\WDNHVSULRULW\RYHUDQ\RWKHUFRQVLGHUDWLRQVLQ
GHWHUPLQLQJLIDWUHDWPHQWDVVLJQPHQWVKRXOGEHXQEOLQGHG
%HIRUHEUHDNLQJWKHEOLQGRIDQLQGLYLGXDOVXEMHFW
VWUHDWPHQWWKHLQYHVWLJDWRUVKRXOGGHWHUPLQH
WKDW WKH XQEOLQGHG LQIRUPDWLRQ LV QHFHVVDU\ LH WKDW LW ZLOO DOWHU WKH VXEMHFW
V LPPHGLDWH
PDQDJHPHQW,QPDQ\FDVHVSDUWLFXODUO\ZKHQWKHHPHUJHQF\LVFOHDUO\QRWUHODWHGWRWKH,03
WKHSUREOHPPD\EHSURSHUO\PDQDJHGE\DVVXPLQJWKDWWKHVXEMHFWLVUHFHLYLQJDFWLYHSURGXFW,W
LV KLJKO\ GHVLUDEOH WKDW WKH GHFLVLRQ WR XQEOLQG WUHDWPHQW DVVLJQPHQW EH GLVFXVVHG ZLWK WKH
6SRQVRU0HGLFDO0RQLWRUEXWWKHLQYHVWLJDWRUDOZD\VKDVXOWLPDWHDXWKRULW\IRUWKHGHFLVLRQWR
XQEOLQG7KHLQYHVWLJDWRUVKRXOGRQO\FDOOLQIRUHPHUJHQF\XQEOLQGLQJ$)7(5WKHGHFLVLRQWR
GLVFRQWLQXHWKHVXEMHFWKDVEHHQPDGH
)RUWKLVVWXG\WKHPHWKRGRIXQEOLQGLQJIRUHPHUJHQF\SXUSRVHVLV,956
)RULQIRUPDWLRQRQKRZWRXQEOLQGLQFDVHRIDQHPHUJHQF\FRQVXOWWKH,956PDQXDO
,QFDVHVRIDFFLGHQWDOXQEOLQGLQJFRQWDFWWKH6SRQVRU0HGLFDO0RQLWRUDQGHQVXUHHYHU\DWWHPSW
LVPDGHWRSUHVHUYHWKHEOLQG
$Q\ UHTXHVW WR XQEOLQG D VXEMHFW IRU QRQHPHUJHQF\ SXUSRVHV VKRXOG EH GLVFXVVHG ZLWK WKH
6SRQVRU0HGLFDO0RQLWRU

7UHDWPHQW&RPSOLDQFH
(DFKWLPHVWXG\PHGLFDWLRQLVGLVSHQVHGFRPSOLDQFHZLOOEHUHLQIRUFHG:KHQVWXG\PHGLFDWLRQ
LVUHWXUQHGFRPSOLDQFHZLOOEHDVVHVVHGEDVHGXSRQVXEMHFW¶VLQWHUYLHZDQGDFRXQWRIWKHWDEOHWV
UHWXUQHG&RPSOLDQFHVKRXOGEHEHWZHHQtDQGdRIWKDWSUHVFULEHG7KHLQYHVWLJDWRU

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

RUGHVLJQHHZLOOUHFRUGWKHDPRXQWVRIVWXG\PHGLFDWLRQGLVSHQVHGDQGUHWXUQHGDWHDFKYLVLWDV
ZHOODVGRFXPHQWUHDVRQVIRUQRQFRPSOLDQFHLQWKHVRXUFHGRFXPHQW7KHGDWHVRIDOOVWXG\
PHGLFDWLRQGRVLQJLQFOXGLQJLQWHUUXSWLRQVPLVVHGGRVHVRURYHUGRVHPXVWEHUHFRUGHGRQWKH
H&5),IWKHVXEMHFWLVQRWtFRPSOLDQWZLWKUHFRUGLQJVWXG\GUXJGRVHVGXULQJWKHVWXG\
WKHQWKHSHULRGRIQRQFRPSOLDQFHVKRXOGEHQRWHGDVDVLJQLILFDQWSURWRFROGHYLDWLRQDQGWKH
6SRQVRUVKRXOGEHQRWLILHG7KHVXEMHFWVKRXOGEHUHHGXFDWHGUHJDUGLQJUHFRUGLQJWKHVHYDOXHV

'HVWUXFWLRQRI6WXG\'UXJ
)RUWKLVVWXG\VWXG\GUXJVWKRVHVXSSOLHGE\WKH6SRQVRURUVRXUFHGE\WKHLQYHVWLJDWRUVXFKDV
SDUWLDOO\XVHGVWXG\GUXJFRQWDLQHUVYLDOVDQGV\ULQJHVPD\EHGHVWUR\HGRQVLWH
$Q\ XQXVHG VWXG\ GUXJV FDQ RQO\ EH GHVWUR\HG DIWHU EHLQJ LQVSHFWHG DQG UHFRQFLOHG E\ WKH
UHVSRQVLEOH 6WXG\ 0RQLWRU XQOHVV VWXG\ GUXJ FRQWDLQHUV PXVW EH LPPHGLDWHO\ GHVWUR\HG DV
UHTXLUHGIRUVDIHW\RUWRPHHWORFDOUHJXODWLRQVHJF\WRWR[LFVRUELRORJLFV
2QVLWHGHVWUXFWLRQLVDOORZHGSURYLGHGWKHIROORZLQJPLQLPDOVWDQGDUGVDUHPHW
x 2QVLWHGLVSRVDOSUDFWLFHVPXVWQRWH[SRVHKXPDQVWRULVNVIURPWKHGUXJ
x 2QVLWH GLVSRVDO SUDFWLFHV DQG SURFHGXUHV DUH LQ DJUHHPHQW ZLWK DSSOLFDEOH ODZV DQG
UHJXODWLRQVLQFOXGLQJDQ\VSHFLDOUHTXLUHPHQWVIRUFRQWUROOHGRUKD]DUGRXVVXEVWDQFHV
x :ULWWHQSURFHGXUHVIRURQVLWHGLVSRVDODUHDYDLODEOHDQGIROORZHG7KHSURFHGXUHVPXVWEH
ILOHG ZLWK WKH VLWH¶V VWDQGDUG RSHUDWLQJ SURFHGXUHV 623V DQG D FRS\ SURYLGHG WR WKH
6SRQVRURUGHVLJQHHXSRQUHTXHVW
x 5HFRUGV DUH PDLQWDLQHG WKDW DOORZ IRU WUDFHDELOLW\ RI HDFK FRQWDLQHU LQFOXGLQJ WKH GDWH
GLVSRVHGRITXDQWLW\GLVSRVHGDQGLGHQWLILFDWLRQRIWKHSHUVRQGLVSRVLQJWKHFRQWDLQHUV7KH
PHWKRG RI GLVSRVDO LH LQFLQHUDWRU OLFHQVHG VDQLWDU\ ODQGILOO RU OLFHQVHG ZDVWH GLVSRVDO
YHQGRUPXVWEHGRFXPHQWHG
x $FFRXQWDELOLW\DQGGLVSRVDOUHFRUGVDUHFRPSOHWHXSWRGDWHDQGDYDLODEOHIRUWKH0RQLWRU
WRUHYLHZWKURXJKRXWWKHFOLQLFDOWULDOSHULRG

,I FRQGLWLRQV IRU GHVWUXFWLRQ FDQQRW EH PHW WKH UHVSRQVLEOH 6WXG\ 0RQLWRU ZLOO PDNH
DUUDQJHPHQWVIRUUHWXUQRIVWXG\GUXJ
,WLVWKHLQYHVWLJDWRU¶VUHVSRQVLELOLW\WRDUUDQJHIRUGLVSRVDORIDOOHPSW\FRQWDLQHUVSURYLGHGWKDW
SURFHGXUHVIRUSURSHUGLVSRVDOKDYHEHHQHVWDEOLVKHGDFFRUGLQJWRDSSOLFDEOHIHGHUDOVWDWHORFDO
DQGLQVWLWXWLRQDOJXLGHOLQHVDQGSURFHGXUHVDQGSURYLGHGWKDWDSSURSULDWHUHFRUGVRIGLVSRVDODUH
NHSW

5HWXUQRI6WXG\'UXJ
,I VWXG\ GUXJ ZLOO QRW EH GHVWUR\HG XSRQ FRPSOHWLRQ RU WHUPLQDWLRQ RI WKH VWXG\ DOO XQXVHG
DQGRU SDUWLDOO\ XVHG VWXG\ GUXJ WKDW ZDV VXSSOLHG E\ WKH 6SRQVRU PXVW EH UHWXUQHG WR WKH
6SRQVRU RU GHVLJQHH 7KH UHWXUQ RI VWXG\ GUXJ ZLOO EH DUUDQJHG E\ WKH UHVSRQVLEOH 6WXG\
0RQLWRU

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

,WLVWKHLQYHVWLJDWRU¶VUHVSRQVLELOLW\WRDUUDQJHIRUGLVSRVDORIDOOHPSW\FRQWDLQHUVSURYLGHGWKDW
SURFHGXUHVIRUSURSHUGLVSRVDOKDYHEHHQHVWDEOLVKHGDFFRUGLQJWRDSSOLFDEOHIHGHUDOVWDWHORFDO
DQGLQVWLWXWLRQDOJXLGHOLQHVDQGSURFHGXUHVDQGSURYLGHGWKDWDSSURSULDWHUHFRUGVRIGLVSRVDODUH
NHSW
$UUDQJHPHQWVIRUWKHUHWXUQRIVWXG\GUXJZLOOEHPDGHE\WKHUHVSRQVLEOH6WXG\0RQLWRU

5HWDLQHG6DPSOHVIRU%LRDYDLODELOLW\%LRHTXLYDOHQFH
1RWDSSOLFDEOH


&OLQLFDO3URWRFRO

&9
%06DQG%06

VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE



678'<$66(660(176$1'352&('85(6

)ORZ&KDUW7LPHDQG(YHQWV6FKHGXOH
7DEOH
6FUHHQLQJ3URFHGXUDO2XWOLQH)ORZFKDUWIRU3URWRFRO&94XDOLILFDWLRQ3HULRG$:HHN
DQG/HDGLQ3HULRG%:HHN
3URFHGXUH
6FUHHQLQJ
:N
/HDG,Q
:ND
/HDG,Q
:NE
1RWHV
(OLJLELOLW\$VVHVVPHQWV



7KH:HHNYLVLWFDQQRWEHSHUIRUPHGXQWLODOO
ODERUDWRU\UHVXOWVIURPWKHVFUHHQLQJSHULRGKDYHEHHQ
UHFHLYHGDQGUHYLHZHGWRFRQILUPHOLJLELOLW\2QFH
HOLJLELOLW\LVFRQILUPHG:NFDQEHSHUIRUPHGZLWKLQ
ZHHNVRI:N
,QIRUPHGFRQVHQW
;



,QIRUPHGFRQVHQW05,VXEVWXG\

;

2QO\QHHGHGIRUVXEMHFWSDUWLFLSDWLQJLQWKH05,
VXEVWXG\
,QIRUPHGFRQVHQW&*0VXEVWXG\

;

2QO\QHHGHGIRUVXEMHFWSDUWLFLSDWLQJLQWKH&*0
VXEVWXG\
,QFOXVLRQH[FOXVLRQFULWHULD
;
;


0HGLFDOKLVWRU\
;



6DIHW\$VVHVVPHQWV




&RPSOHWHSK\VLFDOH[DPLQDWLRQ
;


6HFWLRQLQSURWRFRO
%ULHISK\VLFDOH[DPLQDWLRQ

;

6HFWLRQLQSURWRFRO
9LWDOVLJQVVHDWHGEORRGSUHVVXUHDQGKHDUWUDWH
;
;

6HFWLRQLQSURWRFRO
%RG\ZHLJKW
;
;

6HFWLRQLQSURWRFRO
+HLJKW
;


6HFWLRQLQSURWRFRO
%RG\PDVVLQGH[%0,
;


6HFWLRQLQSURWRFRO
:DLVWFLUFXPIHUHQFH

;

6HFWLRQLQSURWRFRO
5HYLHZFRQFRPLWDQWPHGLFDWLRQVSURFHGXUHV
;
;



&OLQLFDO3URWRFRO

&9
%06DQG%06

VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE


7DEOH
6FUHHQLQJ3URFHGXUDO2XWOLQH)ORZFKDUWIRU3URWRFRO&94XDOLILFDWLRQ3HULRG$:HHN
DQG/HDGLQ3HULRG%:HHN
3URFHGXUH
6FUHHQLQJ
:N
/HDG,Q
:ND
/HDG,Q
:NE
1RWHV
&RQWDFW,95V\VWHP
;
;

&DOOWRUHJLVWHUVXEMHFWDQGVWXG\WHUPLQDWLRQLI
DSSOLFDEOH
3URYLGHGLHWDQGH[HUFLVHFRXQVHOLQJ

;

6HFWLRQLQSURWRFRO
3URYLGHJOXFRVHPHWHUDQGVXSSOLHVLQVWUXFWLRQV

;


3URYLGHORJVLQVWUXFWLRQV

;


$VVHVVPHQWRIVLJQVDQGV\PSWRPVRIK\SRJO\FHPLD
HSLVRGHV

;


6HULRXV$(DVVHVVPHQW
;
;


$(DVVHVVPHQW

;


&HQWUDO/DERUDWRU\7HVWV




3UHJQDQF\WHVWXULQH:2&%3RQO\
;
;


'LSVWLFNXULQDO\VLV
;
;

3RVLWLYHGLSVWLFNDW:NZLOOUHTXLUHUHSHDWWHVWZLWK
PLFURVFRS\SULRUWRUDQGRPL]DWLRQ
6HFWLRQLQSURWRFRO$SSHQGL[LQSURWRFRO
0LFURVFRSLFXULQDO\VLV
;
;

0LFURVFRSLFXULQDO\VLVRQO\SHUIRUPHGDW:NLI
GLSVWLFNWHVWLVSRVLWLYH
6HFWLRQLQSURWRFRO$SSHQGL[LQSURWRFRO
6SRWXULQHIRUJOXFRVHDOEXPLQDQGFUHDWLQLQH
TXDQWLILFDWLRQDQGGHWHUPLQDWLRQRIJOXFRVHFUHDWLQLQHDQG
DOEXPLQFUHDWLQLQHUDWLRV
;



+E$F
;



)DVWLQJ&SHSWLGH
;



)3*
;
;

)3*PXVWEHdPJG/WREHHOLJLEOHVHH
LQFOXVLRQH[FOXVLRQFULWHULDVHFWLRQIRUPRUHGHWDLOV

&OLQLFDO3URWRFRO

&9
%06DQG%06

VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE


7DEOH
6FUHHQLQJ3URFHGXUDO2XWOLQH)ORZFKDUWIRU3URWRFRO&94XDOLILFDWLRQ3HULRG$:HHN
DQG/HDGLQ3HULRG%:HHN
3URFHGXUH
6FUHHQLQJ
:N
/HDG,Q
:ND
/HDG,Q
:NE
1RWHV
(VWLPDWHG&U&O&RFNFURIW*DXOWDQGVHUXPFUHDWLQLQH
6&U
;



+HSDWLWLVVFUHHQSDQHODQG76+
;



&OLQLFDOFKHPLVWU\KDHPDWRORJ\XULQDO\VLVVWDQGDUGVDIHW\
ODERUDWRU\SDQHO
;
;


6XEMHFWVLGHQWLILHGIRUUDQGRPL]DWLRQWR&*0VXEVWXG\

;


,QVHUW&*0

;

6HFWLRQLQSURWRFRO
&*0GHYLFHWREHZRUQIRUFRQVHFXWLYHGD\V
EHWZHHQWKH:HHNDQG:HHNYLVLWV
&*0GDWDFROOHFWLRQGDWDXSORDGDQGUHYLHZ


;
6HFWLRQLQSURWRFRO
2QO\VXEMHFWVLQWKH&*0VXEVWXG\ZRXOGEH
UHTXLUHGWRDWWHQGWKH:HHNYLVLWDWWKHVLWH
5HPRYH&*0GHYLFH


;
6HFWLRQLQSURWRFRO
SRLQW60%*SURILOHVIRUDOOVXEMHFWV

;

6HFWLRQLQSURWRFRO
05,3'))

;

6XEMHFWVZLOOEHLGHQWLILHGIRUUDQGRPL]DWLRQWR05,
GXULQJWKLVYLVLW
05,FRQVHQWHGVXEMHFWVZLOOWKHQKDYHDQDGKRFYLVLW
DWWKHLPDJLQJVLWHZLWKLQWKHZHHNV35,25WRWKH
'D\5DQGRPL]DWLRQYLVLWHJ:NRU:NDV
GHVFULEHGLQ6HFWLRQ
D /HDGLQ:HHNYLVLWVKRXOGEHVFKHGXOHGDWOHDVWGD\VEXWQRWORQJHUWKDQGD\VDIWHU:HHNYLVLWWRDFFRPPRGDWHIRU&*0GDWDFROOHFWLRQ,I
LVVXHVDULVHZLWKWKH&*0GHYLFHLQVHUWLRQRUGDWDXSORDGFRQWDFWWKH6SRQVRU0HGLFDO0RQLWRUWRGLVFXVVDOWHUQDWLYHYLVLWGDWHV
E :HHNYLVLWLVVSHFLILFWR&*0VXEMHFWVRQO\LIUHTXLUHG


&OLQLFDO3URWRFRO

&9
%06DQG%06

VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE


7DEOH
6KRUWWHUP3URFHGXUDO2XWOLQH&9ZHHN'RXEOHEOLQGHG7UHDWPHQW
3HULRG&'D\WR:HHN
3URFHGXUH
5DQG
'D\
DE
:N
E
:N
E
:N
E
:N
E
:N
E
:N
E
:N
E
:N
F
:N
5HVFXH
'&E
1RWHV

(OLJLELOLW\$VVHVVPHQWV











5HYLHZUDQGRPL]DWLRQFULWHULD
;










6DIHW\$VVHVVPHQWV











&RPSOHWHSK\VLFDOH[DPLQDWLRQ
;





;


;
6HFWLRQLQSURWRFRO
%ULHISK\VLFDOH[DPLQDWLRQ

;
;
;
;
;

;


6HFWLRQLQSURWRFRO
9LWDOVLJQVVHDWHGEORRGSUHVVXUH
DQGKHDUWUDWH
;
;
;
;
;
;
;
;

;
6HFWLRQLQSURWRFRO
%RG\ZHLJKW
;
;
;
;
;
;
;
;

;
6HFWLRQLQSURWRFRO
%RG\PDVVLQGH[%0,
;





;


;
6HFWLRQLQSURWRFRO
:DLVWFLUFXPIHUHQFH
;





;


;
6HFWLRQLQSURWRFRO
OHDG(&*
;








;

5HYLHZFRQFRPLWDQWPHGLFDWLRQV
SURFHGXUHV

;
;
;
;
;
;
;
;

;

3URYLGHGLHWDQGH[HUFLVH
FRXQVHOLQJ
;
;
;
;
;
;
;
;

;
6HFWLRQLQSURWRFRO
3URYLGHJOXFRVHPHWHUVXSSOLHV
LQVWUXFWLRQV
;
;
;
;
;
;
;
;

;

3URYLGHORJVLQVWUXFWLRQV
;
;
;
;
;
;
;
;

;

5HYLHZVWXG\ORJV
;
;
;
;
;
;
;
;

;

$VVHVV$(VDQGK\SRJO\FHPLD
HSLVRGHV

;
;
;
;
;
;
;
;

;
6HFWLRQLQSURWRFRO

&OLQLFDO3URWRFRO

&9
%06DQG%06

VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE


7DEOH
6KRUWWHUP3URFHGXUDO2XWOLQH&9ZHHN'RXEOHEOLQGHG7UHDWPHQW
3HULRG&'D\WR:HHN
3URFHGXUH
5DQG
'D\
DE
:N
E
:N
E
:N
E
:N
E
:N
E
:N
E
:N
E
:N
F
:N
5HVFXH
'&E
1RWHV

&HQWUDO/DERUDWRU\











3UHJQDQF\WHVWXULQH:2&%3
RQO\
;
;
;
;
;
;
;
;

;
+RPHSUHJQDQF\WHVWNLWVVHQWKRPH
ZLWK:2&%3VXEMHFWVWRSHUIRUP
SUHJQDQF\WHVWEHWZHHQYLVLWVDQG
UHFRUGUHVXOWLQORJERRN
&OLQLFDOFKHPLVWU\KDHPDWRORJ\
XULQDO\VLV
VWDQGDUGVDIHW\ODERUDWRU\SDQHO
;

;

;

;


;

0LFURVFRSLFXULQDO\VLV




;




;
6HFWLRQLQSURWRFRO
$SSHQGL[LQSURWRFRO
6SRWXULQHIRUJOXFRVHDOEXPLQ
DQGFUHDWLQLQHTXDQWLILFDWLRQDQG
GHWHUPLQDWLRQRIJOXFRVH
FUHDWLQLQHDQGDOEXPLQFUHDWLQLQH
UDWLRV

;





;


;

+E$F
;



;
;
;
;

;

)3*
;
;
;
;
;
;
;
;

;

(VWLPDWHG&U&O&RFNFURIW*DXOW
DQGVHUXPFUHDWLQLQH6&U
;
;
;
;
;
;
;
;

;

)DVWLQJ6HUXP/LSLGV7RWDO&
/'/&+'/&7*
;








;

)DVWLQJVHUXPLQVXOLQDQG
SURLQVXOLQIRUSURLQVXOLQLQVXOLQ
UDWLR&SHSWLGHDQGJOXFDJRQ
;








;

KV&5317SUR%13
;








;


&OLQLFDO3URWRFRO

&9
%06DQG%06

VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE


7DEOH
6KRUWWHUP3URFHGXUDO2XWOLQH&9ZHHN'RXEOHEOLQGHG7UHDWPHQW
3HULRG&'D\WR:HHN
3URFHGXUH
5DQG
'D\
DE
:N
E
:N
E
:N
E
:N
E
:N
E
:N
E
:N
E
:N
F
:N
5HVFXH
'&E
1RWHV

$GGLWLRQDO$VVHVVPHQWV











3DWLHQWUHSRUWHGRXWFRPHV
TXHVWLRQQDLUHV
;



;

;


;
6HFWLRQLQSURWRFRO
05,3'))
;







;
;
6XEMHFWVZLOOEHLGHQWLILHGIRU
UDQGRPL]DWLRQWR05,GXULQJWKLV
YLVLW05,FRQVHQWHGVXEMHFWVZLOO
WKHQKDYHDQDGKRFYLVLWDWWKH
LPDJLQJVLWHZLWKLQWKHZHHNV
35,25WRWKH'D\5DQGRPL]DWLRQ
YLVLWHJEHWZHHQ:HHNDQGXSWR
EXWQRWLQFOXGLQJ'D\
6HFWLRQLQSURWRFRO
6XEMHFWVDVVLJQHGWRWKH05,
3'))VXEVWXG\ZLOOKDYHDQDGKRF
YLVLWDWWKHLPDJLQJVLWHZLWKLQ
rZHHNVRIWKH:NYLVLW
HJEHWZHHQ:HHNXSWR:HHN
DVGHVFULEHGLQ6HFWLRQ
6XEMHFWVZKRUHTXLUHUHVFXHWKHUDS\
RUGLVFRQWLQXHIURPVWXG\WUHDWPHQW
HDUO\ZLOOEHDVNHGWRUHWXUQWRWKH
LPDJLQJVLWHIRUDQXQVFKHGXOHG05,
YLVLWLISRVVLEOHZLWKLQZHHNVRI
LQLWLDWLQJUHVFXHPHGLFDWLRQRUWKH
(DUO\7HUPLQDWLRQYLVLWDVGHVFULEHG
LQ6HFWLRQ

&OLQLFDO3URWRFRO

&9
%06DQG%06

VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE


7DEOH
6KRUWWHUP3URFHGXUDO2XWOLQH&9ZHHN'RXEOHEOLQGHG7UHDWPHQW
3HULRG&'D\WR:HHN
3URFHGXUH
5DQG
'D\
DE
:N
E
:N
E
:N
E
:N
E
:N
E
:N
E
:N
E
:N
F
:N
5HVFXH
'&E
1RWHV

,QVHUW&*0









;

2QO\VXEMHFWVLQWKH&*0VXEVWXG\
ZLOOEHUHTXLUHGWRDWWHQGWKH:HHN
YLVLWIRULQVHUWLRQRIWKH&*0
&*0GDWDFROOHFWLRQGDWDXSORDG
DQGUHYLHZ









;
&*0GDWDFROOHFWLRQQRWQHHGHGLI
&*0LQVHUWLRQZDVQRWFRPSOHWHG
5HPRYH&*0GHYLFH









;

SRLQW60%*SURILOHVDOO
VXEMHFWV
;







;

6HFWLRQLQSURWRFRO
$VVHVV)3*IRUUHVFXH



;
;
;
;
;

;

6WXG\'UXJ











'LVSHQVHEOLQGHGVD[DJOLSWLQ
EOLQGHGGDSDJOLIOR]LQRUEOLQGHG
SODFHER
;

;

;
;
;
;

;

'LVSHQVHEOLQGHGJOLPHSLULGHRU
EOLQGHGSODFHERDQGWLWUDWHGXULQJ
WLWUDWLRQSHULRG:HHNV
;
;
;
;
;
;
;
;

;

5HYLHZVWXG\PHGLFDWLRQ
FRPSOLDQFH

;
;
;
;
;
;
;

;

5HJLVWHUGRZQWLWUDWLRQRI
JOLPHSLULGHGXULQJPDLQWHQDQFH
SHULRGLIDSSOLFDEOHLQ,956

;
;
;
;
;
;
;

;

&RQWDFW,95V\VWHP
;
;
;
;
;
;
;
;

;

D ,ILVVXHVDULVHZLWKWKH&*0GHYLFHLQVHUWLRQRUGDWDXSORDGFRQWDFWWKH6SRQVRU0HGLFDO0RQLWRUWRGLVFXVVDOWHUQDWLYHYLVLWGDWHV,I&*0GHYLFHLVLQVHUWHG
RUUHLQVHUWHGDWWKH:HHNYLVLWWKHQ&*0GDWDFROOHFWLRQGDWDXSORDGUHYLHZRIGDWDDQGUHPRYDORIGHYLFHZLOORFFXUDWWKH'D\YLVLW
E 9LVLWVPD\EHVFKHGXOHGGD\VWRDOORZIOH[LELOLW\RIVFKHGXOLQJ
F :HHNYLVLWLVVSHFLILFWR&*0DQG05,VXEMHFWVRQO\LIUHTXLUHG

&OLQLFDO3URWRFRO

&9
%06DQG%06

VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE



7DEOH
/RQJWHUP3URFHGXUDO2XWOLQHIRU3URWRFRO&9ZHHN6XEMHFWDQG6LWH%OLQGHG
7UHDWPHQW3HULRG':HHNWR:HHN
3URFHGXUH
:N
D
:N
D
:N
D
:N
D
:N
D
:N
E
:N
D
:N
D
:N

5HVFXH
'&D
1RWHV
6DIHW\$VVHVVPHQWV










&RPSOHWHSK\VLFDO
H[DPLQDWLRQ




;



;
6HFWLRQLQSURWRFRO
%ULHISK\VLFDOH[DPLQDWLRQ
;
;
;
;


;
;

6HFWLRQLQSURWRFRO
9LWDOVLJQVVHDWHGEORRG
SUHVVXUHDQGKHDUWUDWH
;
;
;
;
;

;
;
;
6HFWLRQLQSURWRFRO
%RG\ZHLJKW
;
;
;
;
;

;
;
;
6HFWLRQLQSURWRFRO
%RG\PDVVLQGH[%0,
;
;
;
;
;

;
;
;
6HFWLRQLQSURWRFRO
:DLVWFLUFXPIHUHQFH
;



;



;
6HFWLRQLQSURWRFRO
OHDG(&*



;




;

5HYLHZFRQFRPLWDQW
PHGLFDWLRQVSURFHGXUHV
;
;
;
;
;

;
;
;

3URYLGHGLHWDQGH[HUFLVH
FRXQVHOLQJ
;
;
;
;
;

;
;
;
6HFWLRQLQSURWRFRO
3URYLGHJOXFRVHPHWHU
VXSSOLHVLQVWUXFWLRQV
;
;
;
;
;

;
;


3URYLGHORJVLQVWUXFWLRQV
;
;
;
;
;

;
;


5HYLHZVWXG\ORJV
;
;
;
;
;

;
;
;

$VVHVV$(VDQG
K\SRJO\FHPLDHSLVRGHV
;
;
;
;
;

;
;
;
6HFWLRQLQSURWRFRO

&OLQLFDO3URWRFRO

&9
%06DQG%06

VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE



7DEOH
/RQJWHUP3URFHGXUDO2XWOLQHIRU3URWRFRO&9ZHHN6XEMHFWDQG6LWH%OLQGHG
7UHDWPHQW3HULRG':HHNWR:HHN
3URFHGXUH
:N
D
:N
D
:N
D
:N
D
:N
D
:N
E
:N
D
:N
D
:N

5HVFXH
'&D
1RWHV
&HQWUDO/DERUDWRU\










3UHJQDQF\WHVWXULQH
:2&%3RQO\
;
;
;
;
;

;
;
;
+RPHSUHJQDQF\WHVWNLWVVHQW
KRPHZLWK:2&%3VXEMHFWVWR
SHUIRUPSUHJQDQF\WHVWEHWZHHQ
YLVLWVDQGUHFRUGUHVXOWLQORJ
ERRN
&OLQLFDOFKHPLVWU\
KDHPDWRORJ\XULQDO\VLV
VWDQGDUGVDIHW\ODERUDWRU\
SDQHO

;

;


;

;

0LFURVFRSLFXULQDO\VLV

;


;



;
6HFWLRQLQSURWRFRO
$SSHQGL[LQSURWRFRO
6SRWXULQHIRUJOXFRVH
DOEXPLQDQGFUHDWLQLQH
TXDQWLILFDWLRQDQG
GHWHUPLQDWLRQRIJOXFRVH
FUHDWLQLQHDQG
DOEXPLQFUHDWLQLQHUDWLRV




;



;

+E$F
;
;
;
;
;

;
;
;

)3*
;
;
;
;
;

;
;
;

(VWLPDWHG&U&O
&RFNFURIW*DXOWDQG
VHUXPFUHDWLQLQH6&U
;
;
;
;
;

;
;
;

)DVWLQJVHUXPOLSLGV
7RWDO&/'/&+'/&
7*








;


&OLQLFDO3URWRFRO

&9
%06DQG%06

VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE



7DEOH
/RQJWHUP3URFHGXUDO2XWOLQHIRU3URWRFRO&9ZHHN6XEMHFWDQG6LWH%OLQGHG
7UHDWPHQW3HULRG':HHNWR:HHN
3URFHGXUH
:N
D
:N
D
:N
D
:N
D
:N
D
:N
E
:N
D
:N
D
:N

5HVFXH
'&D
1RWHV
)DVWLQJ&SHSWLGH




;



;

KV&5317SUR%13








;

)DVWLQJVHUXPLQVXOLQDQG
SURLQVXOLQIRU
SURLQVXOLQLQVXOLQUDWLR
DQGJOXFDJRQ








;

$GGLWLRQDO$VVHVVPHQWV










3DWLHQWUHSRUWHGRXWFRPHV
TXHVWLRQQDLUHV



;




;
6HFWLRQLQSURWRFRO
05,3'))





;



6XEMHFWVDVVLJQHGWRWKH
05,3'))VXEVWXG\ZLOOKDYH
DQDGKRFYLVLWDWWKHLPDJLQJVLWH
ZLWKLQZHHNVRIWKH
:HHNYLVLWHJEHWZHHQ
:HHNXSWR:HHNDV
GHVFULEHGLQ6HFWLRQ
6XEMHFWVZKRUHTXLUHUHVFXH
WKHUDS\RUGLVFRQWLQXHIURP
VWXG\WUHDWPHQWHDUO\ZLOOEH
DVNHGWRUHWXUQWRWKHLPDJLQJ
VLWHIRUDQXQVFKHGXOHG05,YLVLW
LISRVVLEOHZLWKLQZHHNVRI
LQLWLDWLQJUHVFXHPHGLFDWLRQRU
WKH(DUO\7HUPLQDWLRQYLVLWDV
GHVFULEHGLQ6HFWLRQ
$VVHVV+E$FIRUUHVFXH
;
;
;
;
;

;
;



&OLQLFDO3URWRFRO

&9
%06DQG%06

VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE



7DEOH
/RQJWHUP3URFHGXUDO2XWOLQHIRU3URWRFRO&9ZHHN6XEMHFWDQG6LWH%OLQGHG
7UHDWPHQW3HULRG':HHNWR:HHN
3URFHGXUH
:N
D
:N
D
:N
D
:N
D
:N
D
:N
E
:N
D
:N
D
:N

5HVFXH
'&D
1RWHV
6WXG\'UXJ










'LVSHQVHEOLQGHGVWXG\
PHGLFDWLRQ
;
;
;
;
;

;
;


5HYLHZVWXG\PHGLFDWLRQ
FRPSOLDQFH
;
;
;
;
;

;
;
;

5HJLVWHUGRZQWLWUDWLRQRI
JOLPHSLULGHGXULQJ
PDLQWHQDQFHSHULRGLI
DSSOLFDEOHLQ,956
;
;
;
;
;

;
;


&RQWDFW,95V\VWHP
;
;
;
;
;

;
;
;

D 9LVLWVPD\EHVFKHGXOHGGD\VWRDOORZIOH[LELOLW\RIVFKHGXOLQJ
E 9LVLWVPD\EHVFKHGXOHGZHHNVWRDOORZIOH[LELOLW\RIVFKHGXOLQJ


&OLQLFDO3URWRFRO

&9
%06DQG%06

VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE


7DEOH
(DUO\'LVFRQWLQXHG'&(QGRI7UHDWPHQW(27)ROORZXS
1RQ7UHDWPHQW3KDVH3HULRG;
3URFHGXUH
1RQWUHDWPHQW
)ROORZXS;
2IILFH9LVLWDE
1RQWUHDWPHQW
)ROORZXS;
3KRQH$VVHVVPHQWEF
1RWHV
6DIHW\$VVHVVPHQWV
7DUJHWHGSK\VLFDOH[DPLQDWLRQ
;

6HFWLRQLQSURWRFRO
9LWDOVLJQV
;

6HFWLRQLQSURWRFRO
%RG\ZHLJKWDQGZDLVWFLUFXPIHUHQFH
;

6HFWLRQLQSURWRFRO
5HYLHZFRQFRPLWDQWPHGLFDWLRQV
;
;

$(DVVHVVPHQW
;
;
$VVHVVPHQWRIVHULRXVLQIHFWLRQVDQGRSSRUWXQLVWLFLQIHFWLRQV
XSSHUUHVSLUDWRU\LQIHFWLRQVXULQDU\WUDFWLQIHFWLRQVUHJDUGOHVV
RIVHULRXVQHVVFULWHULD
6WDQGDUGVDIHW\ODERUDWRU\SDQHO
%ORRG
;


+E$F
;


D ,QRIILFHDVVHVVPHQWVWRRFFXUDWWLPHSRLQWVFRUUHVSRQGLQJWRRULJLQDOO\VFKHGXOHG:HHN:HHNDQGYLVLWV
E 9LVLWVPD\EHVFKHGXOHGrGD\VWRDOORZIOH[LELOLW\RIVFKHGXOLQJ
F 3KRQHDVVHVVPHQWVRQO\WRRFFXUDWWLPHSRLQWVFRUUHVSRQGLQJWRRULJLQDOO\VFKHGXOHGWKDWLVQRWLGHQWLILHGDERYHDVDQLQRIILFHYLVLW


&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE


5HWHVWLQJ'XULQJ6FUHHQLQJRU/HDGLQ3HULRG
5HWHVWLQJ RI ODERUDWRU\ SDUDPHWHUV DQGRU RWKHU DVVHVVPHQWV GXULQJ WKH VFUHHQLQJ RU OHDGLQ
SHULRGZLOOQRWEHSHUPLWWHGWKLVGRHVQRWLQFOXGHSDUDPHWHUVWKDWUHTXLUHDFRQILUPDWRU\UHVXOW

6WXG\0DWHULDOV
7KH6SRQVRUZLOOVXSSO\WKHVLWHVZLWKWKHIROORZLQJPDWHULDOV
 %ORRGJOXFRVHPHWHUV2QHPHWHUZLOOEHSURYLGHGWRHDFKVWXG\VXEMHFWDWHQUROOPHQW
DQGRQHPHWHUZLOOEHSURYLGHGWRHDFKLQYHVWLJDWLYHVLWH
x
*OXFRVHWHVWVWULSV
x
/DQFHWV
x
*OXFRVHFRQWUROVROXWLRQV
x
&*0GHYLFHVDQGVRIWZDUHWRGRZQORDGGDWD
x
6XEMHFWHGXFDWLRQDQGVLWHVXSSRUWPDWHULDOVHJ&*0LQVWUXFWLRQPDQXDOV
x
H&5)V>6HULRXV$GYHUVH(YHQWV)RUPV3UHJQDQF\6XUYHLOODQFH)RUPV(YHQWVRI6SHFLDO
,QWHUHVW@
x
6XEMHFWDOHUWFDUGV
x
6WXG\GUXJLQYHQWRU\FRQWUROIRUPV
x
6LWHILOH
x
'.$$GMXGLFDWLRQ0DQXDOIRU6LWHV
x
6XEMHFWGLDU\
 )XOOGLDU\UHYLHZE\VLWHVWDIILVUHTXLUHGIRUWKLVVWXG\
 8VHRIVXEMHFWGLDULHVDUHPDQGDWRU\IRUWKHVWXG\DQGZLOOEHPDLQWDLQHGE\HDFKVWXG\
VXEMHFW IRU GRFXPHQWDWLRQ RI 60%* UHVXOWV VWXG\ PHGLFDWLRQ GRVLQJ K\SRJO\FHPLD
HSLVRGHV PHDO WLPHV DSSOLFDEOH GXULQJ SHULRGV RI SRLQW 60%* DQG &*0 DQG LI
DSSOLFDEOH:2&%3XULQHSUHJQDQF\UHVXOWV
i SRLQW 60%* SURILOHV 6XEMHFWV ZLOO EH LQVWUXFWHG WR SHUIRUP DQG UHFRUG LQ WKHLU
GLDULHV WKH UHVXOWV IRU WKHLU SRLQW 60%* SURILOHV 7KH SRLQWV FRQVLVW RI WKH
IROORZLQJJOXFRVHPHDVXUHPHQWVREWDLQHGSUHSUDQGLDOO\ZLWKLQPLQXWHVSULRUWR
PHDODQGJOXFRVHPHDVXUHPHQWVREWDLQHGSRVWSUDQGLDOO\KRXUVDIWHUWKH
PHDOIRUWKHPDLQPHDOVRIWKHGD\$OOVXEMHFWVVKRXOGSHUIRUPSRLQW60%*RQ
DQ\GD\VGRQRWKDYHWREHRQFRQVHFXWLYHGD\VGXULQJWKHIROORZLQJSHULRGV
R 3ULRUWRWKH'D\YLVLWEHWZHHQ:HHNVDQG
R 3ULRU WR WKH :HHN  YLVLW EHWZHHQ :HHN  DQG :HHN  (OHFWURQLF &5)
SDJHVZLOOEHSURYLGHGWRWKHVLWHVVRWKH\FDQUHFRUGWKHGDWDREWDLQHGIURPWKH
GLDULHVLQWRWKHVWXG\GDWDEDVH
i 6XEMHFWVDUHWRUHFRUGWKHLUPHDOWLPHVLQWKHLUGLDU\RQWKHGD\VWKDWWKH\SHUIRUP
SRLQW60%*

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

i 7KHGDWHVDQGQXPEHURIWDEOHWVRIVWXG\PHGLFDWLRQWDNHQE\WKHVXEMHFWDUHWREH
UHFRUGHGLQWKHVWXG\GLDU\(OHFWURQLF&5)SDJHVZLOOEHSURYLGHGWRWKHVLWHVVRWKH\
FDQUHFRUGWKHGDWDREWDLQHGIURPWKHGLDULHVLQWRWKHVWXG\GDWDEDVH
i 6XEMHFWVDUHWRUHFRUGDQ\K\SRJO\FHPLFV\PSWRPVWKH\PD\H[SHULHQFHDQG60%*
YDOXHVLIWKH\SHUIRUPFDSLOODU\JOXFRVHWHVWLQJZKHQWKH\KDYHV\PSWRPVLQWKHLU
GLDULHV$OOHYHQWVUHFRUGHGLQVXEMHFWGLDU\WREHUHYLHZHGE\VLWHVWDIIDFFRUGLQJWR
6HFWLRQ

$Q\RWKHUPDWHULDOVDVORFDOO\UHTXLUHGRUDJUHHG
7KHFHQWUDOODERUDWRU\ZLOOSURYLGHDOOODERUDWRU\UHODWHGPDWHULDOVLQFOXGLQJKRPHSUHJQDQF\
WHVWLQJNLWVIRU:2&%3WRWKHVWXG\VLWHV

6DIHW\$VVHVVPHQWV
6DIHW\ DVVHVVPHQWV ZLOO LQFOXGH DGYHUVH HYHQW UHSRUWLQJ DV ZHOO DV PDUNHG DEQRUPDOLWLHV LQ
FOLQLFDOODERUDWRU\WHVWV3OHDVHUHIHUWR$SSHQGL[IRUGHWDLOVRQFHQWUDOODERUDWRU\DVVHVVPHQWV
7KHSURFHGXUHVGHVFULEHGLQWKHVHFWLRQVWKDWIROORZZLOODOVREHFRPSOHWHGWRHQVXUHVXEMHFWV¶
VDIHW\

6HOI0RQLWRUHG%ORRG*OXFRVH60%*DQG*XLGDQFHRQ0DQDJHPHQW
DQG5HSRUWLQJRI+\SRJO\FHPLD(SLVRGHV

6HOI0RQLWRULQJRI%ORRG*OXFRVH60%*
*OXFRVHPHWHUVZLOOEHVXSSOLHGWRHDFKVWXG\VLWH$WWKHHQWU\LQWRWKHOHDGLQSHULRG:HHN
YLVLWVXEMHFWVZLOOUHFHLYHDJOXFRVHPHWHUVXSSOLHVDQGLQVWUXFWLRQRQWKHLUXVH6XSSOLHVZLOO
EHSURYLGHGWRDOORZIRUDSSUR[LPDWHO\EORRGJOXFRVHDVVHVVPHQWVSHUPRQWKIRUWKHGXUDWLRQ
RI WKH VWXG\ 7KH LQYHVWLJDWRU PD\ UHTXLUH PRUH IUHTXHQW UHDGLQJV EDVHG RQ ORFDO FOLQLFDO
SUDFWLFH6XEMHFWVVKRXOGEULQJWKHLUJOXFRVHPHWHUZLWKWKHPWRHDFKVWXG\YLVLWWRHQVXUHWKDWLW
LVIXQFWLRQLQJSURSHUO\6XEMHFWVPD\NHHSWKHJOXFRVHPHWHUDWWKHHQGRIWKHVWXG\EXWWKH
6SRQVRUZLOOQRWFRQWLQXHWRSURYLGHJOXFRVHPHWHUVXSSOLHV
6XEMHFWV VKRXOG VHOIPRQLWRU WKHLU EORRG JOXFRVH DSSUR[LPDWHO\  WLPHV SHU GD\ DQG ZKHQ
V\PSWRPV VXJJHVWLYH RI K\SRJO\FHPLD RFFXU 6XEMHFWV VKRXOG FRQWDFW WKH LQYHVWLJDWRU LQ WKH
HYHQWRIDQXQXVXDOO\KLJKRUORZEORRGJOXFRVHYDOXH,QDGGLWLRQVWXG\VXEMHFWVVKRXOGFRPSO\
ZLWKWKHVLWH¶VLQVWUXFWLRQVZLWKUHJDUGWRVHOIPRQLWRULQJRIEORRGJOXFRVHDQGVKRXOGUHSRUWWR
WKHVLWHEORRGJOXFRVHYDOXHVDQGRUVLJQVDQGV\PSWRPVVXJJHVWLYHRIDK\SRJO\FHPLFHSLVRGH
7KHPHPRU\RIWKHJOXFRVHPHWHUVKRXOGEHUHYLHZHGWRFRPSDUHUHDGLQJVZLWKWKHVXEMHFW¶V
K\SRJO\FHPLDHSLVRGHORJDVDSSOLFDEOH7KHJOXFRVHYDOXHVVKRXOGEHUHYLHZHGE\WKHVLWHWR
LGHQWLI\DQ\XQXVXDOKLJKRUORZYDOXHVDQGWRFRQILUPWKDWWKHYDOXHVIURPWKHJOXFRVHPHWHU¶V
PHPRU\DQGRUIURPWKHVXEMHFW¶VK\SRJO\FHPLDORJZHUHREWDLQHGIRUWKHVXEMHFW,IILQJHUVWLFN
JOXFRVHYDOXHVDUHGLVFRUGDQWIURPJO\FHPLFFRQWURODVVHVVHGE\WKHFHQWUDOODERUDWRU\RUZLWK
FOLQLFDOV\PSWRPVWKHVXEMHFW¶VJOXFRVHPHWHUVKRXOGEHWHVWHGDQGWKHSURFHGXUHIRUXVLQJLW
UHYLHZHGZLWKWKHVXEMHFW7KHJOXFRVHYDOXHVVKRXOGEHUHYLHZHGE\WKHVLWHWRLGHQWLI\DQ\

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

XQXVXDOKLJKRUORZYDOXHVDQGWRFRQILUPWKDWWKHYDOXHVIURPWKHJOXFRVHPHWHU¶VPHPRU\
DQGRU IURP WKH VXEMHFW¶V K\SRJO\FHPLD ORJ GLDU\ ZHUH REWDLQHG IRU WKH VXEMHFW ,I FDSLOODU\
EORRGJOXFRVHYDOXHVDUHGLVFRUGDQWIURPJO\FHPLFFRQWURODVVHVVHGE\WKHFHQWUDOODERUDWRU\RU
ZLWKFOLQLFDOV\PSWRPVWKHVXEMHFW¶VJOXFRVHPHWHUVKRXOGEHWHVWHGDQGWKHSURFHGXUHIRUXVLQJ
LW UHYLHZHG ZLWK WKH VXEMHFW $GGLWLRQDO UHDVRQV IRU GLVFUHSDQF\ VKRXOG DOVR EH FRQVLGHUHG
9DULDEOHV WKDW FDQ DIIHFW FDSLOODU\ EORRG JOXFRVH UHVXOWV LQFOXGH K\SRWHQVLRQ GHFUHDVHG
SHUIXVLRQ DOWHUQDWH VLWH WHVWLQJ HJ IRUHDUP SDOP WKLJK YHUVXV ILQJHU WLS DQG GUXJV
HJDFHWDPLQRSKHQ9DULDEOHVWKDWFDQDIIHFWFHQWUDOODERUDWRU\PHDVXUHPHQWLQFOXGHYDULDWLRQ
LQ KHPDWRFULW KHPRO\VLV DQG ODERUDWRU\ HUURU ZKROH EORRG JOXFRVH FRQFHQWUDWLRQ PHDVXUHG
LQVWHDGRISODVPDJOXFRVHFRQFHQWUDWLRQ

*XLGDQFHRQ0DQDJHPHQWDQG5HSRUWLQJRI+\SRJO\FHPLD(SLVRGHV
0LOGK\SRJO\FHPLDPD\RFFXULQVXEMHFWVZKRDUHWUHDWHGIRUW\SHGLDEHWHVSDUWLFXODUO\ZKHQ
WUHDWHG ZLWK DQ LQVXOLQ VHFUHWDJRJXH HJ 68 RU LQVXOLQ 6XEMHFWV DQG WKHLU IDPLO\ PHPEHUV
VKRXOGEHLQIRUPHGRIWKHGDQJHUVDVVRFLDWHGZLWKORZEORRGVXJDUDQGSURSHUO\LQVWUXFWHGRQ
WKHUHFRJQLWLRQDQGPDQDJHPHQWWUHDWPHQWRIK\SRJO\FHPLD
6XEMHFWV VKRXOG UHFRUG DQ\ K\SRJO\FHPLF V\PSWRPV LQ WKHLU ORJ ERRNV 7KH\ VKRXOG EH
HQFRXUDJHGWRPHDVXUHZKHQSRVVLEOHWKHLUEORRGJOXFRVHYDOXHVZKHQWKH\KDYHV\PSWRPVRI
K\SRJO\FHPLD 6XEMHFWV VKRXOG FDUU\ HDVLO\LQJHVWLEOH IRUPV RI FDUERK\GUDWH ZLWK WKHP DW DOO
WLPHVLQRUGHUWRWUHDWDQHYHQWRIK\SRJO\FHPLDVKRXOGLWRFFXU
'XULQJFOLQLFDOWULDOVVXEMHFWVIUHTXHQWO\UHSRUWV\PSWRPVRIK\SRJO\FHPLDZKHQDVNHGHYHQ
ZKHQ WUHDWHG ZLWK SODFHER RU PHGLFDWLRQV QRW RWKHUZLVH DVVRFLDWHG ZLWK K\SRJO\FHPLD $V
K\SRJO\FHPLDLVDQLPSRUWDQWHYHQWDVVRFLDWHGZLWKGLDEHWHVWKHUDS\DOOHSLVRGHVZKLFKFRXOG
EHFRQVLVWHQWZLWKWKHFOLQLFDOGHILQLWLRQRIK\SRJO\FHPLDDVDVVHVVHGE\WKHLQYHVWLJDWRUVKRXOG
EHGRFXPHQWHGDQGUHSRUWHGRQWKHDSSURSULDWHH&5)SDJH
7KHIROORZLQJGHILQLWLRQVRIK\SRJO\FHPLDZLOOEHXVHG
x
6HYHUH K\SRJO\FHPLD $Q HYHQW UHTXLULQJ DVVLVWDQFH RI DQRWKHU SHUVRQ WR DFWLYHO\
DGPLQLVWHUFDUERK\GUDWHJOXFDJRQRURWKHUUHVXVFLWDWLYHDFWLRQV7KHVH HSLVRGHVPD\EH
DVVRFLDWHG ZLWK VXIILFLHQW QHXURJO\FRSHQLD WR LQGXFH VHL]XUH RU FRPD 3ODVPD JOXFRVH
PHDVXUHPHQWV PD\ QRW EH DYDLODEOH GXULQJ VXFK DQ HYHQW EXW QHXURORJLFDO UHFRYHU\
DWWULEXWDEOHWRWKHUHVWRUDWLRQRISODVPDJOXFRVHWRQRUPDOLVFRQVLGHUHGVXIILFLHQWHYLGHQFH
WKDWWKHHYHQWZDVLQGXFHGE\DORZSODVPDJOXFRVHFRQFHQWUDWLRQ
x
'RFXPHQWHG V\PSWRPDWLF K\SRJO\FHPLD $Q HYHQW GXULQJ ZKLFK W\SLFDO V\PSWRPV RI
K\SRJO\FHPLD DUH DFFRPSDQLHG E\ D PHDVXUHG SODVPD JOXFRVH FRQFHQWUDWLRQ dPJGO
PPROO
x
$V\PSWRPDWLF K\SRJO\FHPLD $Q HYHQW QRW DFFRPSDQLHG E\ W\SLFDO V\PSWRPV RI
K\SRJO\FHPLDEXWZLWKDPHDVXUHGSODVPDJOXFRVHFRQFHQWUDWLRQdPJGOPPROO
x
3UREDEOHV\PSWRPDWLFK\SRJO\FHPLD$QHYHQWGXULQJZKLFKV\PSWRPVRIK\SRJO\FHPLD
DUHQRWDFFRPSDQLHGE\DSODVPDJOXFRVHGHWHUPLQDWLRQEXWWKDWZDVSUHVXPDEO\FDXVHGE\
DSODVPDJOXFRVHFRQFHQWUDWLRQdPJGO>PPROO@6LQFHPDQ\SHRSOHZLWKGLDEHWHV
FKRRVH WR WUHDW V\PSWRPV ZLWK RUDO FDUERK\GUDWH ZLWKRXW D WHVW RI SODVPD JOXFRVH LW LV

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

LPSRUWDQW WR UHFRJQL]H WKHVH HYHQWV DV ³SUREDEOH´ K\SRJO\FHPLD 6XFK VHOIUHSRUWHG
HSLVRGHVWKDWDUHQRWFRQILUPHGE\DFRQWHPSRUDQHRXVORZSODVPDJOXFRVHGHWHUPLQDWLRQ
PD\ QRW EH VXLWDEOH RXWFRPH PHDVXUHV IRU FOLQLFDO VWXGLHV WKDW DUH DLPHG DW HYDOXDWLQJ
WKHUDS\EXWWKH\VKRXOGEHUHSRUWHG
x
5HODWLYHK\SRJO\FHPLD$QHYHQWGXULQJZKLFKWKHSHUVRQZLWKGLDEHWHVUHSRUWVDQ\RIWKH
W\SLFDOV\PSWRPVRIK\SRJO\FHPLDDQGLQWHUSUHWVWKRVHDVLQGLFDWLYHRIK\SRJO\FHPLDEXW
ZLWK D PHDVXUHG SODVPD JOXFRVH FRQFHQWUDWLRQ !  PJGO  PPROO 7KLV FDWHJRU\
UHIOHFWV WKH IDFW WKDW SDWLHQWV ZLWK FKURQLFDOO\ SRRU JO\FHPLF FRQWURO FDQ H[SHULHQFH
V\PSWRPV RI K\SRJO\FHPLD DW SODVPD JOXFRVH OHYHOV !  PJGO PPROO DV SODVPD
JOXFRVHFRQFHQWUDWLRQVGHFOLQHWRZDUGWKDWOHYHO7KRXJKFDXVLQJGLVWUHVVDQGLQWHUIHULQJ
ZLWKWKHSDWLHQW¶VVHQVHRIZHOOEHLQJDQGSRWHQWLDOO\OLPLWLQJWKHDFKLHYHPHQWRIRSWLPDO
JO\FHPLFFRQWUROVXFKHSLVRGHVSUREDEO\SRVHQRGLUHFWKDUPDQGWKHUHIRUHPD\QRWEHD
VXLWDEOHRXWFRPHPHDVXUHIRUFOLQLFDOVWXGLHVWKDWDUHDLPHGDWHYDOXDWLQJWKHUDS\EXWWKH\
VKRXOGEHUHSRUWHG

+\SRJO\FHPLDH&5)SDJHVZLOOEHXVHGWRGRFXPHQWDOOUHSRUWHGHSLVRGHVRIK\SRJO\FHPLD7KH
LQYHVWLJDWRU LV UHVSRQVLEOH IRU TXHVWLRQLQJ WKH VXEMHFW DERXW DOO V\PSWRPV UHSRUWHG RQ WKH
K\SRJO\FHPLDORJDQGIRUGHWHUPLQLQJLIWKH\PHHWWKHFOLQLFDOGHILQLWLRQRIK\SRJO\FHPLD2QO\
V\PSWRPV DQGRU EORRG JOXFRVH YDOXHV GHHPHG E\ WKH LQYHVWLJDWRU WR PHHW WKH GHILQLWLRQ RI
K\SRJO\FHPLD VKRXOG EH UHSRUWHG RQ WKH K\SRJO\FHPLD H&5) SDJHV 6LJQV DQG V\PSWRPV RI
K\SRJO\FHPLDK\SRJO\FHPLFHSLVRGHVRUGLVFRQWLQXDWLRQGXHWRK\SRJO\FHPLDVKRXOGQRWEH
UHSRUWHGRQWKHDGYHUVHHYHQW$(H&5)SDJHXQOHVVWKHHYHQWIXOILOOVSURWRFROFULWHULDIRUD
6HULRXV$GYHUVH(YHQW6$(VHH6HFWLRQLQZKLFKFDVHDQ6$(IRUPPXVWEHFRPSOHWHG
LQDGGLWLRQWRWKHK\SRJO\FHPLDH&5)SDJHVIRUK\SRJO\FHPLD

*XLGDQFHRQ$VVHVVPHQWRI8ULQDU\,QIHFWLRQV	+HPDWXULD

*XLGDQFHRQ$VVHVVPHQWRI8ULQDU\7UDFW,QIHFWLRQV
7KH IROORZLQJ LV SUHVHQWHG WR DVVLVW LQ WKH FODVVLILFDWLRQ DQG PDQDJHPHQW RI XULQDU\ WUDFW
LQIHFWLRQV 87, ,W LV QRW LQWHQGHG WR VXSSODQW LQYHVWLJDWRUV¶ FOLQLFDO MXGJPHQW ,W LV DW WKH
GLVFUHWLRQRIDQLQYHVWLJDWRUWRGHWHUPLQHZKHWKHUDQGZKHQWRVHQGDQLQLWLDOXULQHFXOWXUH
8URVHSVLVDQG3\HORQHSKULWLV
7KHUHKDYHEHHQSRVWPDUNHWLQJUHSRUWVRIVHULRXVXULQDU\WUDFWLQIHFWLRQVLQFOXGLQJXURVHSVLV
DQGS\HORQHSKULWLVUHTXLULQJKRVSLWDOL]DWLRQLQSDWLHQWVUHFHLYLQJGDSDJOLIOR]LQDQGRWKHU6*/7
LQKLELWRUV 7UHDWPHQW ZLWK 6*/7 LQKLELWRUV LQFUHDVHV WKH ULVN IRU XULQDU\ WUDFW LQIHFWLRQV
(YDOXDWHSDWLHQWVIRUVLJQVDQGV\PSWRPVRIXULQDU\WUDFWLQIHFWLRQVDQGWUHDWSURPSWO\

6WXG\ GUXJ VKRXOG EH ZLWKKHOG LQ VXEMHFWV ZLWK FOLQLFDO HYLGHQFH RI XSSHU WUDFW 87,
HJS\HORQHSUKLWLVRUSUHVXPHGXURVHSVLVXQWLOWKHFRXUVHRIWUHDWPHQWRIWKHLQIHFWLRQKDVEHHQ
FRPSOHWHGDQGFOLQLFDOUHFRYHU\KDVRFFXUUHG

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

$V\PSWRPDWLFEDFWHULXULD
$V\PSWRPDWLF EDFWHULXULD LV GHILQHG DV WKH SUHVHQFH RI t FRORQ\ IRUPLQJ XQLWVP/ RI
EDFWHULD LQ D SURSHUO\ FROOHFWHG YRLGHG XULQH VSHFLPHQ ZLWKRXW VLJQV RU V\PSWRPV W\SLFDOO\
DWWULEXWHG WR XULQDU\ WUDFW LQIHFWLRQ $V\PSWRPDWLF EDFWHULXULD LV SUHYDOHQW DPRQJ GLDEHWLF
ZRPHQDQGLVDVVRFLDWHGZLWKS\XULDLQRIFDVHV1HLWKHUJXLGHOLQHVIURPWKH,QIHFWLRXV
'LVHDVH 6RFLHW\ RI $PHULFDQ ,'6$ DQG WKH 86 3UHYHQWLYH 6HUYLFHV 7DVN )RUFH
UHFRPPHQG VFUHHQLQJ IRU RU WUHDWPHQW RI DV\PSWRPDWLF EDFWHULXULD LQ QRQSUHJQDQW GLDEHWLF
SDWLHQWV ,Q WKLV VWXG\ WKH FHQWUDO ODERUDWRU\ ZLOO UHSRUW XULQDU\ GLSVWLFN WHVW UHVXOWV IRU
KHPRJORELQ EXW ZLOO QRW URXWLQHO\ UHSRUW WKH UHVXOWV RI XULQDU\ GLSVWLFN WHVWV IRU OHXNRF\WH
HVWHUDVHDVDVFUHHQLQJWHVWIRUS\XULDLQVXUYHLOODQFHXULQHH[DPLQDWLRQV
,WLVUHFRPPHQGHGWKDWDFXOWXUHEHREWDLQHGZLWKLQGD\VRIFOLQLFDOUHFRYHU\IRUDOOWUHDWHG
87,V :KHWKHU RU QRW DGGLWLRQDO WKHUDS\ LV SUHVFULEHG EHFDXVH RI FXOWXUH UHVXOWV VKRXOG EH
GHWHUPLQHGE\LQYHVWLJDWRUMXGJPHQWDIWHUFRQVXOWDWLRQZLWKWKH6SRQVRU0HGLFDO0RQLWRU
,WLVWKHLQYHVWLJDWRU
VUHVSRQVLELOLW\WRUHSRUWDVDSSOLFDEOHEDVHGRQWKHLQYHVWLJDWRU
VMXGJPHQW
DQG WKH VXEMHFW
V PHGLFDO KLVWRU\ UHODWHG DGYHUVH HYHQWV DV GHILQHG LQ 6HFWLRQ  $GGLWLRQDO
LQIRUPDWLRQLQFOXGLQJEXWQRWOLPLWHGWRFRPSOHWLRQRIVXSSOHPHQWDOH&5)VRUTXHVWLRQQDLUHV
PD\ EH UHTXHVWHG IRU FHUWDLQ DGYHUVH HYHQWV DQGRU ODERUDWRU\ DEQRUPDOLWLHV ZKLFK DUH
UHSRUWHGLGHQWLILHGGXULQJWKHFRXUVHRIWKHVWXG\

*XLGDQFHRQ$VVHVVPHQWRI+HPDWXULD
$OOHYHQWVRIKHPDWXULDPLFURVFRSLFDQGRUPDFURVFRSLFGXULQJWKHVWXG\VKRXOGEHZRUNHGXS
IRUDSRVVLEOHFDXVH,IQRLPPHGLDWHRUEHQLJQFDXVHLVLGHQWLILHGDVMXGJHGE\WKHLQYHVWLJDWRU
HJPHQVWUXDWLRQNLGQH\VWRQHXULQDU\WUDFWLQIHFWLRQ>87,@ZKHUHKHPDWXULDLVVXEVHTXHQWO\
UHVROYHG DIWHU VXFFHVVIXO WUHDWPHQW VXEMHFWV VKRXOG XQGHUJR IXUWKHU HYDOXDWLRQ E\ WKH
LQYHVWLJDWRURUDQRWKHUTXDOLILHGSURIHVVLRQDO7KHHYDOXDWLRQPD\LQFOXGHEXWLVQRWOLPLWHGWR
WHVWVVXFKDVXULQHF\WRORJ\103RUDEGRPLQDO&7VFDQV7KHFKRLFHRIWHVWVVKRXOGEHSHU
ORFDO VWDQGDUG RI FDUHSURIHVVLRQDO VRFLHW\ JXLGDQFH 7KH VXEMHFW VKRXOG FRQWLQXH WR UHFHLYH
,03WUHDWPHQW GXULQJ WKHVH LQYHVWLJDWLRQV XQOHVV RWKHUZLVH FRQWUDLQGLFDWHG $OO FRQILUPHG
HYHQWVRIEODGGHUFDQFHUVKRXOGOHDGWRWKHGLVFRQWLQXDWLRQRI,036HH$SSHQGL[
,W LV WKH LQYHVWLJDWRU
V UHVSRQVLELOLW\ WR UHSRUW DV DSSOLFDEOH EDVHG RQ WKH LQYHVWLJDWRU
V
MXGJPHQWDQGWKHVXEMHFW
VPHGLFDOKLVWRU\UHODWHGDGYHUVHHYHQWVDVGHILQHGLQ6HFWLRQ
$GGLWLRQDOLQIRUPDWLRQLQFOXGLQJEXWQRWOLPLWHGWRFRPSOHWLRQRIVXSSOHPHQWDOH&5)VRU
TXHVWLRQQDLUHV PD\ EH UHTXHVWHG IRU FHUWDLQ DGYHUVH HYHQWV DQGRU ODERUDWRU\
DEQRUPDOLWLHVZKLFKDUHUHSRUWHGLGHQWLILHGGXULQJWKHFRXUVHRIWKHVWXG\

*XLGDQFHRQ$VVHVVPHQWRI&DUGLRYDVFXODU(YHQWV
$&DUGLRYDVFXODU$GMXGLFDWLRQ&RPPLWWHHWKDWLVEOLQGHGWRWKHWUHDWPHQWRIWKHVXEMHFWVZLOO
LQGHSHQGHQWO\DGMXGLFDWHDOOHYHQWVRIKHDUWIDLOXUHUHTXLULQJKRVSLWDOL]DWLRQ

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE


*XLGDQFHRQ$VVHVVPHQWRI+HSDWLF/DERUDWRU\$EQRUPDOLWLHV
$QLQGHSHQGHQW+HSDWLF$GMXGLFDWLRQ&RPPLWWHHEOLQGHGWRWKHWUHDWPHQWRIWKHVXEMHFWVZLOO
GHWHUPLQH WKH SUREDELOLW\ WKDW GUXJLQGXFHG OLYHU LQMXU\ ',/, LV WKH FDXVH RI OLYHUUHODWHG
DEQRUPDOLWLHVLQFOXGHGEXWQRWOLPLWHGWR
x
+HSDWLFGLVRUGHUVOHDGLQJWRGHDWK
x
/LYHU ODERUDWRU\ DEQRUPDOLWLHV VXFK DV HOHYDWHG $67 DQGRU $/7 ZLWK RU ZLWKRXW WRWDO
ELOLUXELQHOHYDWLRQV

7KH IROORZLQJ LV SUHVHQWHG WR DVVLVW LQ WKH HYDOXDWLRQ DQG PDQDJHPHQW RI KHSDWLF ODERUDWRU\
YDOXHV ,W LV QRW LQWHQGHG WR VXSSODQW WKH LQYHVWLJDWRU¶V FOLQLFDO MXGJPHQW 6XEMHFWV ZKR
H[SHULHQFH $/7 DQGRU $67 YDOXHV ! [ 8/1 FRQILUPHG ZLWK D UHSHDWHG WHVW ZLOO KDYH WKH
IROORZLQJSHUIRUPHGZLWKLQGD\VRIWKHFRQILUPHGODERUDWRU\UHVXOWV
x
$(DVVHVVPHQW
x
3K\VLFDOH[DPLQDWLRQIRUMDXQGLFHDQGRWKHUVLJQVRIOLYHUGLVHDVHV
x
5HYLHZ RI UHOHYDQW ULVN IDFWRUV DQG FXUUHQW KLVWRU\ IRFXVLQJ RQ SRVVLEOH FDXVHV RI WKH
LQFUHDVHG$/7DQGRU$67DQGRUWRWDOELOLUXELQLQFOXGLQJ
 8VHRIVXVSHFWFRQFRPLWDQWPHGLFDWLRQLQFOXGLQJRYHUWKHFRXQWHU
>LHDFHWDPLQRSKHQSDUDFHWDPRO@KHUEDODQGYLWDPLQSUHSDUDWLRQV
 5HFHQWDOFRKROFRQVXPSWLRQRUUHFUHDWLRQDOGUXJQDUFRWLFXVH
 5HFHQWXQDFFXVWRPHGSK\VLFDOH[HUWLRQ
 2FFXSDWLRQDORUHQYLURQPHQWDOH[SRVXUHWRKHSDWRWR[LQV
 2WKHUFRQGLWLRQVZKLFKPD\FDXVHOLYHUGLVHDVHVRUZKLFKPD\FDXVHDEQRUPDOWHVW
UHVXOWV
 6SHFLDOL]HGOLYHUODERUDWRU\SDQHOVHH$SSHQGL[

$GGLWLRQDO LQIRUPDWLRQ LQFOXGLQJ EXW QRW OLPLWHG WR FRPSOHWLRQ RI VXSSOHPHQWDO H&5)V RU
TXHVWLRQQDLUHV PD\ EH UHTXHVWHG IRU FHUWDLQ DGYHUVH HYHQWV DQGRU ODERUDWRU\ DEQRUPDOLWLHV
ZKLFKDUHUHSRUWHGLGHQWLILHGDVSDUWRIWKHKHSDWLFVDIHW\VXUYHLOODQFH
)RUVXEMHFWVZKRDUHGLVFRQWLQXHGIURPVWXG\PHGLFDWLRQDVDUHVXOWRIVXVWDLQHGHOHYDWHGOLYHU
VDIHW\DEQRUPDOLWLHVDVGHVFULEHGLQ6HFWLRQDGGLWLRQDOEORRGVDPSOLQJPXVWEHGRQHZLWKLQ
GD\V RI WKH FRQILUPHG ODERUDWRU\ UHVXOWV VHH $SSHQGL[  LQ FRQMXQFWLRQ ZLWK DQ (DUO\
7UHDWPHQW'LVFRQWLQXDWLRQ(QGRI7UHDWPHQWYLVLWLQDGGLWLRQWRWKHSURFHGXUHVQRWHGDERYH
$UHIHUUDOFRQVXOWDWLRQWRDKHSDWRORJLVWRUJDVWURHQWHURORJLVWVSHFLDOL]LQJLQOLYHUDEQRUPDOLWLHV
VKRXOGEHREWDLQHG$Q\DGGLWLRQDOWHVWVDQGRUH[DPLQDWLRQVVKRXOGEHFDUULHGRXWDWWKH
GLVFUHWLRQRIWKHLQYHVWLJDWRU$Q\IXUWKHULQYHVWLJDWLRQVDQGODERUDWRU\UHVXOWVIRUVXEMHFWV
ZLWK DEQRUPDO ODERUDWRU\ YDOXHV DW WKH IROORZXS YLVLW VKRXOG EH PDGH DYDLODEOH WR WKH
6SRQVRUXSRQUHTXHVW

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE


3K\VLFDO([DPLQDWLRQ
x $ EULHI SK\VLFDO H[DPLQDWLRQ VKRXOG LQFOXGH FDUGLRYDVFXODU OXQJV DEGRPHQ DQG
H[WUHPLWLHVDQGDQ\RUJDQV\VWHPVSHUWLQHQWWRWKHVXEMHFW¶VVLJQVV\PSWRPVRUDGYHUVH
HYHQWV
x $FRPSOHWHSK\VLFDOH[DPLQDWLRQVKRXOGLQFOXGHJHQHUDODSSHDUDQFHKHDGH\HVHDUVQRVH
WKURDWQHFNFDUGLRYDVFXODUOXQJVDEGRPHQO\PSKQRGHVH[WUHPLWLHVQHXURORJLFDOVNLQ
DQGPXVFXORVNHOHWDO
x 7KH LQGLYLGXDO SHUIRUPLQJ WKH SK\VLFDO H[DPLQDWLRQV PXVW EH OLFHQVHG E\ VWDWH ODZ
RUDSSOLFDEOHORFDOODZWRSHUIRUPWKLVSURFHGXUH


%ORRG3UHVVXUHDQG+HDUW5DWH
%ORRGSUHVVXUH%3DQGKHDUWUDWH+5PHDVXUHPHQWVPXVWEHWDNHQFRQVLVWHQWO\WKURXJKRXW
WKHVWXG\2QO\WKHULJKWRUWKHOHIWDUPVKRXOGEHXVHGZKHQPHDVXULQJWKHVHSDUDPHWHUV7KH
DUPWKDWKDVEHHQXVHGVKRXOGEHGRFXPHQWHGDORQJZLWKWKHREVHUYHU¶VLQLWLDOVWKHVDPHDUP
VKRXOG EH XVHG IRU HDFK SRVLWLRQ DQG DW HDFK YLVLW 7KH VXEMHFW VKRXOG EH DOORZHG DW OHDVW
PLQXWHVRIUHVWEHIRUHPHDVXUHPHQW%ORRGSUHVVXUHVKRXOGEHPHDVXUHGZLWKWKHVXEMHFW¶VDUP
UHVWLQJRQDWDEOHDQGZLWKVXEMHFW¶VEDFNVXSSRUWDQGIHHWIODWRQWKHIORRU
%ORRGSUHVVXUHDQG+5ZLOOEHGHWHUPLQHGIURPWKUHHUHSOLFDWHPHDVXUHPHQWVREWDLQHGDWOHDVW
PLQXWH DSDUW 7KH DYHUDJH %3 DQG +5 ZLOO EH GHWHUPLQHG IURP WKHVH WKUHH UHSOLFDWH
PHDVXUHPHQWVDQGUHSRUWHGLQWKHH&5)
$OOPHDVXUHPHQWVVKRXOGRFFXUDWOHDVWKRXUVDIWHUWKHODVWLQJHVWLRQRIFDIIHLQHDOFRKRORU
QLFRWLQH
,WLVFULWLFDOWKDWWKH%3DQG+5PHDVXUHPHQWVEHREWDLQHGSULRUWRWKHDGPLQLVWUDWLRQRI
EOLQGHGVWXG\PHGLFDWLRQ

*XLGDQFHRQ9ROXPH'HSOHWLRQ
'DSDJOLIOR]LQKDVDPRGHVWGLXUHWLFHIIHFW7KHULVNRIYROXPHGHSOHWLRQLVHQKDQFHGZKHQWZR
GLXUHWLFVDUHXVHGLQFRPELQDWLRQDQGLQVXEMHFWVWKDWRWKHUZLVHDUHDWULVNIRUYROXPHGHSOHWLRQ
7KHUHIRUHFDXWLRQVKRXOGEHH[HUFLVHGZKHQDGPLQLVWHULQJGDSDJOLIOR]LQWRVXEMHFWVDWULVNIRU
YROXPH GHSOHWLRQ GXH WR FRH[LVWLQJ FRQGLWLRQV RU FRQFRPLWDQW PHGLFDWLRQV VXFK DV ORRS
GLXUHWLFV7KHVHVXEMHFWVVKRXOGEHFDUHIXOO\PRQLWRUHGIRUYROXPHVWDWXVHOHFWURO\WHVDQGUHQDO
IXQFWLRQ

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE


6XSSOHPHQWDO9LVLWV

5HVFXHRU(DUO\7UHDWPHQW'LVFRQWLQXDWLRQ9LVLW
6XEMHFWV UHVFXHG GXULQJ RU GLVFRQWLQXHG IURP WKH VKRUWWHUP GRXEOHEOLQG WUHDWPHQW
SHULRG
$Q\VXEMHFWZKRTXDOLILHVIRUUHVFXHRUGLVFRQWLQXHVIURPWKHVKRUWWHUPGRXEOHEOLQGWUHDWPHQW
SHULRGPXVWKDYHDOO5HVFXH(DUO\7UHDWPHQW'LVFRQWLQXDWLRQ(7'YLVLWSURFHGXUHVSHUIRUPHG
DWWKHWLPHRIVWXG\GLVFRQWLQXDWLRQRUUHVFXH7KH,956PXVWEHFDOOHGWRUHFRUGWKHVXEMHFW
VWDWXVLHUHVFXHRUGLVFRQWLQXDWLRQVWDWXV$OOVXEMHFWVZKRDUHUHVFXHGRUZKRGLVFRQWLQXH
VWXG\GUXJVKRXOGUHPDLQLQWKHVWXG\DQGIROORZWKHYLVLWVFKHGXOH
x
)RU VXEMHFWV TXDOLI\LQJ IRU UHVFXH 35,25 WR :HHN  5HVFXH(7' SURFHGXUHV ZLOO EH
SHUIRUPHGDQGWKHVXEMHFWZLOOWKHQFRQWLQXHLQWKHWUHDWPHQWSHULRGDFFRUGLQJWRWKHUHJXODU
YLVLWVFKHGXOH7KH5HVFXH(7'VXSSOHPHQWDOH&5)ZLOOQHHGWREHFRPSOHWHGWRFROOHFW
UHVFXHUHODWHGHQGSRLQWGDWD$:HHN5HVFXH(7'YLVLWODERUDWRU\NLWZLOOQHHGWREH
XVHGWRFROOHFWWKH5HVFXH9LVLWEORRGDQGXULQHVDPSOHV
x
6XEMHFWV ZKR GLVFRQWLQXH VWXG\ PHGLFDWLRQ GXULQJ WKH VKRUWWHUP GRXEOHEOLQG WUHDWPHQW
SHULRG VKRXOG KDYH DOO (7' SURFHGXUHV SHUIRUPHG 5HVFXH(7' YLVLW 7KH 5HVFXH(7'
H&5)ZLOODOVRQHHGWREHFRPSOHWHGDQGD:HHN5HVFXH(7'YLVLWODERUDWRU\NLWZLOO
QHHG WR EH XVHG WR FROOHFW WKH (7' 9LVLW EORRG DQG XULQH VDPSOHV 6XEMHFWV ZLOO WKHQ
FRQWLQXH LQ WKH VWXG\ DFFRUGLQJ WR WKH UHJXODU YLVLW VFKHGXOH LQFOXGLQJ WKH ORQJWHUP
VXEMHFWDQGVLWHEOLQGHGWUHDWPHQWSHULRG

6XEMHFWV UHVFXHG GXULQJ RU GLVFRQWLQXHG IURP WKH ORQJWHUP VXEMHFW DQG VLWHEOLQGHG
WUHDWPHQWSHULRG
$Q\VXEMHFWZKRTXDOLILHVIRUUHVFXHRUGLVFRQWLQXHVIURPWKHORQJWHUPVXEMHFWDQGVLWHEOLQGHG
WUHDWPHQWSHULRGPXVWKDYHDOO5HVFXH(DUO\7UHDWPHQW'LVFRQWLQXDWLRQ(7'YLVLWSURFHGXUHV
SHUIRUPHGDWWKHWLPHRIVWXG\GLVFRQWLQXDWLRQRUUHVFXH7KH,956PXVWEHFDOOHGWRUHFRUGWKH
VXEMHFW VWDWXV LH UHVFXH RU GLVFRQWLQXDWLRQ VWDWXV $OO VXEMHFWV ZKR DUH UHVFXHG RU ZKR
GLVFRQWLQXHVWXG\GUXJVKRXOGUHPDLQLQWKHVWXG\DQGIROORZWKHORQJWHUPYLVLWVFKHGXOH
x
)RU VXEMHFWV TXDOLI\LQJ IRU UHVFXH $)7(5 :HHN  5HVFXH(7' SURFHGXUHV ZLOO EH
SHUIRUPHGDQGWKHVXEMHFWZLOOWKHQFRQWLQXHLQWKHWUHDWPHQWSHULRGDFFRUGLQJWRWKHUHJXODU
ORQJWHUPYLVLWVFKHGXOH7KH5HVFXH(7'VXSSOHPHQWDOH&5)ZLOOQHHGWREHFRPSOHWHGWR
FROOHFWUHVFXHUHODWHGHQGSRLQWGDWD$:HHN5HVFXH(7'YLVLWODERUDWRU\NLWZLOOQHHG
WREHXVHGWRFROOHFWWKH5HVFXH9LVLWEORRGDQGXULQHVDPSOHV
x
6XEMHFWVZKRGLVFRQWLQXHVWXG\PHGLFDWLRQGXULQJWKHORQJWHUPVXEMHFWDQGVLWHEOLQGHG
WUHDWPHQW SHULRG VKRXOG KDYH DOO (7' SURFHGXUHV SHUIRUPHG 5HVFXH(7' YLVLW 7KH
5HVFXH(7' H&5) ZLOO DOVR QHHG WR EH FRPSOHWHG DQG D :HHN 5HVFXH(7' YLVLW
ODERUDWRU\NLWZLOOQHHGWREHXVHGWRFROOHFW(7'9LVLWEORRGDQGXULQHVDPSOHV6XEMHFWV
ZLOOWKHQFRQWLQXHLQVWXG\DFFRUGLQJWRWKHUHJXODUORQJWHUPYLVLWVFKHGXOH


&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE


2WKHU6XSSOHPHQWDO8QVFKHGXOHG9LVLWV
$WDQ\WLPHGXULQJWKHWULDOWKHLQYHVWLJDWRUPD\DWKLVKHUGLVFUHWLRQDUUDQJHIRUDVXEMHFWWR
KDYHDQXQVFKHGXOHGVXSSOHPHQWDODVVHVVPHQWVHVSHFLDOO\LQ WKH FDVHRI $(V WKDWUHTXLUH
IROORZXS ,I D VXEMHFW LV VHHQ IRU DQ XQVFKHGXOHG DVVHVVPHQW WKH DSSURSULDWH 6XSSOHPHQWDO
3DJHVRIWKHH&5)PXVWEHFRPSOHWHG

(IILFDF\$VVHVVPHQWV
$VVHVVPHQWV FRQVLVW RI WKH FHQWUDO ODERUDWRU\ PHDVXUHPHQW RI +E$F DQG RWKHU UHOHYDQW
ODERUDWRU\WHVWVFROOHFWHGGXULQJWKHVWXG\

3KDUPDFRNLQHWLF$VVHVVPHQWV
1RWDSSOLFDEOH

%LRPDUNHU$VVHVVPHQWV
%LRPDUNHUVVXFKDVEXWQRWOLPLWHGWRKV&53DQG17SUR%13ZLOOEHDVVHVVHGDW:HHNDQG
:HHN

2XWFRPHV5HVHDUFK$VVHVVPHQWV
1RWDSSOLFDEOH

2WKHU$VVHVVPHQWV

'LHWDQG([HUFLVH&RXQVHOLQJ
6WDUWLQJDWHQWU\LQWRWKHOHDGLQSHULRGVXEMHFWV ZLOO EHLQVWUXFWHG RQ D GLHW DQG DQ H[HUFLVH
SURJUDP LQ DFFRUGDQFH ZLWK WKH $PHULFDQ 'LDEHWHV $VVRFLDWLRQ $'$ RU VLPLODU ORFDO
JXLGHOLQHVWREHIROORZHGIRUWKHVWXG\GXUDWLRQ
$ UHJLVWHUHG GLHWLWLDQ UHJLVWHUHG QXUVH SK\VLFLDQ &HUWLILHG 'LDEHWHV (GXFDWRU &'(
QXWULWLRQLVW RU RWKHU TXDOLILHG PHPEHU RI WKH VWXG\ WHDP ZKR KDV DSSURSULDWH GRFXPHQWHG
WUDLQLQJZLOOSURYLGHWKLVFRXQVHOLQJ

:HLJKW
%RG\ZHLJKWZLOOEHPHDVXUHGDFFRUGLQJWRWKHVFKHGXOHSUHVHQWHGLQWKHVWXG\IORZFKDUWWLPH
DQG HYHQW VFKHGXOH VHH 6HFWLRQ  DQG ZLOO EH UHFRUGHG LQ WKH H&5) 7KH VWXG\VLWH VWDII
VKRXOGXVHDGLJLWDOSUHFLVLRQVFDOHLISRVVLEOHDQGUHFRUGWKHZHLJKWLQNLORJUDPVRUSRXQGVWR
WKHILUVWGHFLPDOSRLQWHJNJ7KHVXEMHFWVKRXOGZHDUDVWDQGDUGKRVSLWDOW\SHJRZQRU
HTXLYDOHQWOLJKWLQGRRUFORWKLQJKDYHVKRHVUHPRYHGDQGEODGGHUHPSW\IRUWKHERG\ZHLJKW
PHDVXUHPHQWDWHDFKYLVLW6XEMHFWVVKRXOGEHZHLJKHGRQWKHVDPHVFDOHDWDOOYLVLWV

+HLJKWDQG%RG\0DVV,QGH[%0,
x
0HDVXUHPHQW RI KHLJKW VKRXOG EH SHUIRUPHG ZLWK WKH VXEMHFW¶V VKRHV UHPRYHG 7KH
VXEMHFW¶VNQHHVVKRXOGEHVWUDLJKWHQHGKHDGKHOGHUHFWDQGH\HVIRUZDUG

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

x
%0,LVXVHGDVDQLQGH[RIREHVLW\DQGLVDPHWKRGRIGHILQLQJQRUPDOERG\ZHLJKWDQG
H[FHVVERG\IDW,WFRUUHODWHVLQDSRSXODWLRQZLWKSHUFHQWERG\IDW
x
%0,LVGHWHUPLQHGE\ZHLJKWNJGLYLGHGE\KHLJKWPVTXDUHG

0HWKRGRI%0,&DOFXODWLRQ
 8VHDFWXDOKHLJKWDQGZHLJKW
 7RFDOFXODWH%0,
 &RQYHUWSRXQGVOEVWRNLORJUDPVNJ OE
 &RQYHUWLQFKHVLQWRFHQWLPHWHUVFP LQ[
 %0, ZHLJKWLQNJKHLJKWLQFP
 5RXQGWRRQHGHFLPDOSODFHLIRUJUHDWHUURXQGXS


:DLVW&LUFXPIHUHQFH
7KH ZDLVW FLUFXPIHUHQFH PHDVXUHPHQWV ZLOO EH SHUIRUPHG DW YDULRXV WLPH SRLQWV GXULQJ WKH
FRXUVH RI WKH VWXG\ UHIHU WR 7DEOH  7DEOH  7DEOH  DQG 7DEOH  :DLVW
FLUFXPIHUHQFHZLOOEHPHDVXUHGE\SODFLQJDPHDVXULQJWDSHPLGZD\EHWZHHQWKHORZHUULEDQG
LOLDFFUHVW7KHPHDVXULQJWDSHVKRXOGSDVVRYHUWKHXPELOLFXV
7KH ZDLVW PHDVXUHPHQW UHSRUWHG RQ WKH H&5) VKRXOG UHSUHVHQW WKH DYHUDJH RI DW OHDVW
PHDVXUHPHQWV 7KH DYHUDJH PHDVXUHPHQW VKRXOG DJUHH ZLWK  FP ,I QRW DGGLWLRQDO
PHDVXUHPHQWVVKRXOGEHWDNHQ

6XUYH\RI6XEMHFW9LWDO6WDWXV
6XEMHFWV ZKR SUHPDWXUHO\ GLVFRQWLQXH IURP WKH VWXG\ PD\ EH FRQWDFWHG DIWHU GLVFRQWLQXDWLRQ
IURPWKHVWXG\WRFROOHFWYLWDOVWDWXVDQGVDIHW\LQIRUPDWLRQ
6XEVWXGLHV

0DJQHWLF5HVRQDQFH,PDJLQJ05,
7KHUHGXFWLRQLQERG\ZHLJKWFRQVLVWHQWO\REVHUYHGGXULQJWUHDWPHQWZLWKGDSDJOLIOR]LQKDVEHHQ
VKRZQWRUHVXOWLQWRWDOERG\IDWUHGXFWLRQ,WLVQRWNQRZQKRZHYHUZKHWKHUWKLVUHGXFWLRQLQ
ERG\IDWLVHTXDOO\GLVWULEXWHGDPRQJVXEFXWDQHRXVDQGYLVFHUDODGLSRVHWLVVXHRULIWKHUHLVD
SUHIHUHQWLDOORVVRIDGLSRVHWLVVXHLQWKHYLVFHUDOFRPSDUWPHQW%RG\FRPSRVLWLRQPHDVXUHPHQWV
E\05,FDQVHSDUDWHO\TXDQWLI\WKHVXEFXWDQHRXVDQGWKHYLVFHUDODGLSRVHWLVVXH1RQLQYDVLYH
TXDQWLILFDWLRQ RI OLYHU OLSLG FRQWHQW E\ 05, LV DQ HPHUJLQJ ELRPDUNHU IRU DVVHVVPHQW RI WKH
EHQHILFLDOHIIHFWVRIZHLJKWORVVDQGLPSURYHPHQWLQJO\FHPLFFRQWURORQOLYHUOLSLGPHWDEROLVP
%RG\FRPSRVLWLRQZLOOEHPHDVXUHGZLWK05,XVLQJDERG\VFDQEDVHGRQWKH'L[RQPHWKRG
ZLWK PXOWLSOH JUDGLHQWHFKRHV DQG PXOWLVOLFH DFTXLVLWLRQ FHQWHUHG DW WKH // LQWHUIDFH $OO
DFTXLVLWLRQV ZLOO EH SHUIRUPHG XVLQJ FOLQLFDO 05, VFDQQHUV ZLWK WKH VXEMHFWV LQ WKH VXSLQH

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

SRVLWLRQ 7KH DQDO\VLV ZLOO EH GRQH FHQWUDOO\ XVLQJ VHPLDXWRPDWHG VRIWZDUH WKDW ZLOO JLYH
YLVFHUDOVXEFXWDQHRXVDQGWRWDOIDWYROXPHDVRXWSXWLQOLWHUVO
/LYHU OLSLG FRQWHQW ZLOO EH FDOFXODWHG IURP D VHSDUDWH VFDQ FRYHULQJ WKH OLYHU XVLQJ D 'L[RQ
WHFKQLTXHJLYLQJOLYHUOLSLGVDVRXWSXWLQSHUFHQW
7KH05,LQYHVWLJDWLRQVZLOOEHSHUIRUPHGIRUDVVHVVLQJVXEFXWDQHRXVDQGYLVFHUDODGLSRVHWLVVXH
YROXPHOLYHUYROXPHDQGSHUFHQWKHSDWLFOLSLGFRQWHQWXVLQJVWDQGDUGFOLQLFDOVFDQQHUV7KH
PDJQHWLF ILHOG FUHDWHG DWWUDFWV IHUURPDJQHWLF REMHFWV LQWR WKH VFDQQHU 6XEMHFWV ZLWK D
IHUURPDJQHWLFLPSODQWRUGHYLFHVXFKDVSDFHPDNHUVPHWDOOLFVSOLQWHUVLQWKHH\HDQGFOLSVLQ
WKHFHQWUDOQHUYRXVV\VWHPDUHFRQWUDLQGLFDWHGIRU05,$VWDQGDUGL]HGTXHVWLRQQDLUHZLOOEH
XVHGEHIRUHHDFK05,VFDQLVSHUIRUPHGWRVFUHHQVXEMHFWVIRUDQ\FRQWUDLQGLFDWLRQIRU05,1R
FRQWUDVWDJHQWZLOOEHXVHG
7KH 05,3')) VXEVWXG\ ZLOO EH FRQGXFWHG DW DSSUR[LPDWHO\  05, VLWHV LQ (XURSH
$SSUR[LPDWHO\SHUDUPVXEMHFWVIURPVHOHFWHGUHFUXLWLQJVLWHVDUHH[SHFWHGWRSDUWLFLSDWH
LQ WKH 05,3')) VXEVWXG\ (DFK VXEMHFW SDUWLFLSDWLQJ LQ WKH 05,3')) VXEVWXG\ ZLOO EH
UHIHUUHGWRD05,VLWHIRU05,PHDVXUHPHQWV6HYHUDOUHFUXLWPHQWVLWHVFDQUHIHUVXEMHFWVWRRQH
05, VLWH 6XEMHFWV SDUWLFLSDWLQJ LQ WKH 05, VXEVWXG\ ZLOO EH UHTXLUHG WR SURYLGH LQIRUPHG
FRQVHQW
$OO 05, FRQVHQWHG VXEMHFWV VKRXOG KDYH 05, YLVLWV VFKHGXOHG DW WKH LPDJLQJ VLWH LQ FORVH
SUR[LPLW\WRWKH'D\5DQGRPL]DWLRQ:HHNDQG:HHNYLVLWVDWWKHFOLQLFDOVLWHV7KH
05,DVVHVVPHQWVGRQRWQHHGWRRFFXURQWKHVDPHGD\DVWKHVHYLVLWV$QDGKRFYLVLWDWWKH
LPDJLQJ VLWH ZLOO EH VFKHGXOHG ZLWKLQ  ZHHNV SULRU WR WKH 'D\  5DQGRPL]DWLRQ YLVLW
HJEHWZHHQ:HHNDQGXSWREXWQRWLQFOXGLQJ'D\$GKRFYLVLWVDWWKHLPDJLQJVLWHZLOO
EHVFKHGXOHGZLWKLQrZHHNVRIWKH:HHNYLVLWHJEHWZHHQ:HHNXSWR:HHNDQG
ZLWKLQrZHHNVRIWKH:HHNYLVLWHJEHWZHHQ:HHNXSWR:HHN$GGLWLRQDOO\
VXEMHFWVZKRUHTXLUHUHVFXHWKHUDS\RUGLVFRQWLQXHIURPVWXG\WUHDWPHQWHDUO\ZLOOEHDVNHGWR
UHWXUQIRUDQXQVFKHGXOHG05,YLVLWLISRVVLEOHZLWKLQZHHNVRILQLWLDWLQJUHVFXHPHGLFDWLRQ
RUWKH(DUO\7HUPLQDWLRQYLVLW
$OO 05,V ZLOO EH VHQW IRU FHQWUDO HYDOXDWLRQ WR D FRUH ODERUDWRU\ 1R ORFDO UHDGLQJ ZLOO EH
SHUIRUPHG'XULQJWKHGRXEOHEOLQGHGVKRUWWHUPWUHDWPHQWSHULRG'D\WR:HHNWKH05,
UHVXOWV ZLOO EH EOLQGHG WR UHFUXLWLQJ VLWHV LQYHVWLJDWRUV WKH 05, VLWHV WKH VXEMHFWV DQG WKH
6SRQVRU$IWHU:HHNWKH05,UHVXOWVZLOOQRWEHEOLQGHGIRUWKH6SRQVRUEXWZLOOUHPDLQ
EOLQGHGWRWKHUHFUXLWLQJVLWHVLQYHVWLJDWRUVWKH05,VLWHVDQGWKHVXEMHFWV6XEMHFWVZKRDUH
IRXQGWRKDYHXQHYDOXDEOHGDWDDWEDVHOLQHZLOOEHUHPRYHGIURPWKH05,VXEVWXG\SRSXODWLRQ
EXWZLOOUHPDLQDFWLYHLQWKHEDVHVWXG\WKURXJKWULDOFRPSOHWLRQ$GGLWLRQDOVXEMHFWVZLOOEH
DGGHGWRREWDLQWKHSURWRFROUHTXLUHGVXESRSXODWLRQ
$Q\LQFLGHQWDOILQGLQJVRISRWHQWLDOFOLQLFDOUHOHYDQFHWKDWDUHQRWGLUHFWO\DVVRFLDWHGZLWKWKH
REMHFWLYHVRIWKHSURWRFROVKRXOGEHHYDOXDWHGDQGKDQGOHGE\WKHLQYHVWLJDWRUDVSHUVWDQGDUG
PHGLFDOFOLQLFDOMXGJPHQW

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

7KH6SRQVRUZLOOQRWSURYLGH05,UHVXOWVWRVXEMHFWVRULQYHVWLJDWRUVDWWKHFRQFOXVLRQRIWKH
VWXG\XQOHVVVSHFLILFDOO\UHTXHVWHGE\WKHVXEMHFW

&RQWLQXRXV*OXFRVH0RQLWRULQJ&*0
&*0 PHDVXUHV WKH VXEMHFW¶V LQWHUVWLWLDO JOXFRVH OHYHO XVLQJ D VHQVRU ZKLFK XWLOL]HV D VPDOO
HOHFWURGHWKDWPHDVXUHVDQHOHFWULFDOVLJQDOSURGXFHGE\WKHJOXFRVHR[LGDVHUHDFWLRQ7KHV\VWHP
UHFRUGV GDWD DSSUR[LPDWHO\ HYHU\  PLQXWHV JLYLQJ SURILOHV RI PHDQ JOXFRVH YDOXHV RYHU
KRXUV7KHGDWDZLOOUHPDLQEOLQGHGWRWKHVXEMHFWDQGWKHLQYHVWLJDWRUGXULQJWKHUHFRUGLQJ
$&*0VHQVRUZLOOEHLQVHUWHGVXEFXWDQHRXVO\RQWKHVXEMHFWEHWZHHQ:HHNDQG:HHN
DQG UHPRYHG SULRU WR WKH ILUVW GRVH RQ 'D\  DQG EHWZHHQ :HHN  DQG :HHN 
DQGUHPRYHGSULRUWRWKHGRVHDWWKH:HHNYLVLWWRDOORZPRQLWRULQJIRUDGD\WLPHSHULRG
'XULQJHDFKGD\WKDWWKH&*0VHQVRULVZRUQVXEMHFWVZLOOGRFXPHQWWKHLUWKUHHPDLQPHDO
WLPHVDQGDQ\VQDFNVDORQJZLWKWKHLUEORRGJOXFRVHPHWHUUHDGLQJVLQWKHµ%ORRG*OXFRVHDQG
0HDO7LPH'LDU\¶$OVRVXEMHFWVZLOOEHUHTXLUHGWRSHUIRUPDSRLQW60%*SURILOHRQGD\V
WKDWWKH\DUHQRWSHUIRUPLQJWKHSRLQW60%*SURILOH7KLVSRLQW60%*VKRXOGEHSHUIRUPHG
DWWKHDSSUR[LPDWHWLPHVEHIRUHEUHDNIDVWEHIRUHOXQFKEHIRUHGLQQHUDQGEHIRUHEHGWLPH7KH
&*0GDWDZLOOEHXSORDGHGDORQJZLWKWKHEORRGJOXFRVHPHWHUGDWDDQGWKHµ%ORRG*OXFRVH
DQG 0HDO 7LPH 'LDU\¶ WR WKH 3KDVH 9 +HDOWK 2XWFRPHV ,QIRUPDWLRQ 6\VWHP 'HWDLOHG
SURFHGXUHVZLOOEHGHVFULEHGLQDQRSHUDWLRQVPDQXDODQGVLWHVWDIIZLOOEHIXOO\WUDLQHG
&*0LVDXVHIXOWHFKQRORJ\LQDGGLWLRQWR+E$FWRTXDOLWDWLYHO\DVZHOODVTXDQWLWDWLYHO\
PRQLWRU
WKH
TXDOLW\
RI
JO\FHPLF
FRQWURO
LQ
WKH
IRUP
RI
WLPH
VSHQG
LQ
HXJO\FHPLFK\SHUJO\FHPLFK\SRJO\FHPLFEORRGJOXFRVHdPJG/PPRO/UDQJHDQG
PHDQ DPSOLWXGH RI JOXFRVH H[FXUVLRQV 0$*( &RDGPLQLVWUDWLRQ RI VD[DJOLSWLQ DQG
GDSDJOLIOR]LQ RQ WRS RI EDFNJURXQG PHWIRUPLQ WKHUDS\ LV H[SHFWHG WR EHWWHU GHPRQVWUDWH
EHQHILWV LQ JO\FHPLF FRQWURO FRPSDUHG WR WUHDWPHQW ZLWK JOLPHSLULGH RQ WRS RI EDFNJURXQG
PHWIRUPLQWKHUDS\
,Q
WKLV
SURWRFRO
D
VXESRSXODWLRQ
RI
DSSUR[LPDWHO\

UDQGRPL]HG
VXEMHFWV
aVXEMHFWWUHDWPHQW DUP ZKR DJUHH WR SDUWLFLSDWH VHSDUDWH LQIRUPHG FRQVHQW ZLOO KDYH
&*0SHUIRUPHGIRUSHULRGVRIGD\VDWEDVHOLQHDQGDW:HHN6XEMHFWVZKRDUHIRXQGWR
KDYHXQHYDOXDEOHGDWDDWEDVHOLQHZLOOEHUHPRYHGIURPWKH&*0VXEVWXG\SRSXODWLRQEXWZLOO
UHPDLQDFWLYHLQWKHEDVHVWXG\WKURXJKWULDOFRPSOHWLRQ$GGLWLRQDOVXEMHFWVZLOOEHDGGHGWR
REWDLQWKHSURWRFROUHTXLUHGVXESRSXODWLRQ

)DVWLQJ3ODVPD*OXFRVH
%ORRGVDPSOHVZLOOEHGUDZQIRUPHDVXUHPHQWRI)3*FRQFHQWUDWLRQDFFRUGLQJWRWKHVFKHGXOH
SUHVHQWHGLQVWXG\IORZFKDUWWLPHDQGHYHQWVFKHGXOHVHH6HFWLRQ

SRLQW60%*SURILOHV
6XEMHFWVZLOOEHLQVWUXFWHGWRSHUIRUPSRLQW60%*SURILOHVRQDQ\GD\VGXULQJWKHSHULRG
EHWZHHQ:HHNDQG:HHNHJSULRUWRWKH'D\>5DQGRPL]DWLRQ@DQGZLWKLQDZHHNRI
WKH :HHN  YLVLW DFFRUGLQJ WR WKH VFKHGXOHV SUHVHQWHG LQ VWXG\ IORZ FKDUWWLPH DQG HYHQW

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

VFKHGXOHVHH6HFWLRQ(DFKVHSDUDWHSRLQW60%*SURILOHHQFRPSDVVHVRQHGD\ZLWKLQRQH
ZHHN EHIRUH WKH VFKHGXOHG YLVLWV ZLWK WKUHH JOXFRVH PHDVXUHPHQWV REWDLQHG SUHSUDQGLDOO\
ZLWKLQ PLQXWHV SULRU WR PHDO DQG WKUHH JOXFRVH PHDVXUHPHQWV REWDLQHG SRVWSUDQGLDOO\
KRXUVDIWHUWKHPHDOIRUWKHWKUHHPDLQPHDOVRIWKHGD\6XEMHFWVZLOOEHSURYLGHGZLWK
DGLDU\WRUHFRUGWKHVH60%*PHDVXUHPHQWVDQGPHDOWLPHVDQGH&5)VZLOODYDLODEOHIRUWKH
LQYHVWLJDWRUVLWHVWRFDSWXUHWKHVHUHVXOWV

3DWLHQWUHSRUWHGRXWFRPHV352
7KH3KDVH9+HDOWK2XWFRPHV,QIRUPDWLRQ6\VWHP'LDEHWHV0RGXOHZLOOEHXVHGIRUWKH352
DVVHVVPHQWV 7KH VHOIDGPLQLVWHUHG 352 TXHVWLRQQDLUHV FRQVLVW RI YDOLGDWHG JHQHULF DQG
GLDEHWHVVSHFLILF PRGXOHV RI WUHDWPHQW VDWLVIDFWLRQ TXDOLW\ RI OLIH DQG EDUULHUV WR PHGLFDWLRQ
DGKHUHQFH 7KHVH PHDVXUHV KDYH EHHQ IRXQG WR EH UHVSRQVLYH WR WKH HIIHFWV RI WKHUDSHXWLF
LQWHUYHQWLRQV DQG WKH LPSDFW RI VLGH HIIHFWV RI PHGLFDWLRQ V\PSWRPV RI GLDEHWHV FKDQJH LQ
+E$F GLDEHWHVUHODWHG WUHDWPHQW VDWLVIDFWLRQ GLDEHWHVUHODWHG ZHLJKW FKDQJHV DQG JO\FHPLF
YDULDELOLW\
6HH 8VHU *XLGH IRU LQVWUXFWLRQV DQG UHVSRQVH RSWLRQV IRU WKH 3KDVH 9 +HDOWK 2XWFRPHV
,QIRUPDWLRQ 6\VWHP 'LDEHWHV 0RGXOH 7KLV TXHVWLRQQDLUH ZLOO EH DGPLQLVWHUHG DW WKH 'D\
:HHN  :HHN  :HHN  :HHN  DQG :HHN  YLVLWV DV ZHOO DV DW WKH (DUO\
'LVFRQWLQXDWLRQ9LVLWLIDSSOLFDEOH
7UDQVODWLRQVRIWKH3KDVH9+HDOWK2XWFRPHV,QIRUPDWLRQ6\VWHP'LDEHWHV0RGXOHLQWRORFDO
ODQJXDJHVKDYHRUZLOOEHSHUIRUPHGDFFRUGLQJWRDOLQJXLVWLFYDOLGDWLRQSURFHVV

5HVXOWVRI&HQWUDO$VVHVVPHQWV
%ORRG DQG XULQH VDPSOHV ZLOO EH REWDLQHG DW VSHFLILHG WLPH SRLQWV IRU ODERUDWRU\ HYDOXDWLRQV
VHH$SSHQGL[7KHFHQWUDOODERUDWRU\IRUWKLVVWXG\ZLOOSHUIRUPWKHDQDO\VLVRIDOOVFKHGXOHG
ODERUDWRU\ WHVWV DQG ZLOO SURYLGH UHIHUHQFH UDQJHV IRU WKHVH WHVWV 7KH FHQWUDO ODERUDWRU\ ZLOO
SURYLGHVSHFLILFLQVWUXFWLRQVIRUFROOHFWLRQSURFHVVLQJSDFNDJLQJDQGVKLSSLQJRIDOOVDPSOHV
'XULQJ WKH 6KRUW 7HUP GRXEOHEOLQG WUHDWPHQW SHULRG LQ QRQUHVFXHG VXEMHFWV WKH +E$F
YDOXHV ZLOO EH EOLQGHG WR WKH ,QYHVWLJDWRU VXEMHFW DQG WR WKH 6SRQVRU 7KHVH YDOXHV ZLOO EH
SURYLGHGWRWKH,QYHVWLJDWRUDIWHUWKHVWXG\KDVEHHQFRPSOHWHGRUDIWHUFRPSOHWLRQRIWKHUHVFXH
YLVLW LQ VXEMHFWV ZKR UHTXLUH WKH LQLWLDWLRQ RI UHVFXH PHGLFDWLRQ 'XULQJ WKH VXEMHFW DQG VLWH
EOLQGHG ORQJWHUP WUHDWPHQW SHULRG DIWHU WKH :HHN  YLVLW WKH +E$F YDOXHV ZLOO QRW EH
EOLQGHG
6SRW XULQH VDPSOHV ZHUH WDNHQ IRU JOXFRVH DOEXPLQ FUHDWLQLQH DQG GHWHUPLQDWLRQ RI
JOXFRVHFUHDWLQLQHDQGDOEXPLQFUHDWLQLQHUDWLRV5HVXOWVIRUJOXFRVHDQGWKHJOXFRVHFUHDWLQLQH
UDWLRZLOOEHEOLQGHGWRWKH,QYHVWLJDWRUDQG6SRQVRUWKURXJKRXWWKHVWXG\VKRUWWHUPWUHDWPHQW
SHULRGDQGORQJWHUPWUHDWPHQWSHULRG7KHVHYDOXHVZLOOEHSURYLGHGWRWKH,QYHVWLJDWRUDIWHU
WKHVWXG\KDVEHHQFRPSOHWHG7KHDOEXPLQFUHDWLQLQHDQGDOEXPLQFUHDWLQLQHUDWLRUHVXOWVZLOO
QRWEHEOLQGHGGXULQJWKHVWXG\

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE


$'9(56((9(176
$Q$GYHUVH(YHQW$(LVGHILQHGDVDQ\QHZXQWRZDUGPHGLFDORFFXUUHQFHRUZRUVHQLQJRID
SUHH[LVWLQJPHGLFDOFRQGLWLRQLQDFOLQLFDOLQYHVWLJDWLRQVXEMHFWDGPLQLVWHUHGVWXG\GUXJDQGWKDW
GRHVQRWQHFHVVDULO\KDYHDFDXVDOUHODWLRQVKLSZLWKWKLVWUHDWPHQW$Q$(FDQWKHUHIRUHEHDQ\
XQIDYRUDEOHDQGXQLQWHQGHGVLJQVXFKDVDQDEQRUPDOODERUDWRU\ILQGLQJV\PSWRPRUGLVHDVH
WHPSRUDOO\DVVRFLDWHGZLWKWKHXVHRIVWXG\GUXJZKHWKHURUQRWFRQVLGHUHGUHODWHGWRWKHVWXG\
GUXJ
7KHFDXVDOUHODWLRQVKLSWRVWXG\GUXJLVGHWHUPLQHGE\DSK\VLFLDQDQGVKRXOGEHXVHGWRDVVHVV
DOODGYHUVHHYHQWV$(7KHFDXVDOUHODWLRQVKLSFDQEHRQHRIWKHIROORZLQJ
5HODWHG7KHUHLVDUHDVRQDEOHFDXVDOUHODWLRQVKLSEHWZHHQVWXG\GUXJDGPLQLVWUDWLRQDQG
WKH$(
1RW UHODWHG 7KHUH LV QRW D UHDVRQDEOH FDXVDO UHODWLRQVKLS EHWZHHQ VWXG\ GUXJ
DGPLQLVWUDWLRQDQGWKH$(
7KH WHUP UHDVRQDEOH FDXVDO UHODWLRQVKLS PHDQV WKHUH LV HYLGHQFH WR VXJJHVW D FDXVDO
UHODWLRQVKLS
$GYHUVH HYHQWV FDQ EH VSRQWDQHRXVO\ UHSRUWHG RU HOLFLWHG GXULQJ RSHQHQGHG TXHVWLRQLQJ
H[DPLQDWLRQRUHYDOXDWLRQRIDVXEMHFW,QRUGHUWRSUHYHQWUHSRUWLQJELDVVXEMHFWVVKRXOGQRWEH
TXHVWLRQHGUHJDUGLQJWKHVSHFLILFRFFXUUHQFHRIRQHRUPRUH$(V

6HULRXV$GYHUVH(YHQWV
$6HULRXV$GYHUVH(YHQW6$(LVDQ\XQWRZDUGPHGLFDORFFXUUHQFHWKDWDWDQ\GRVH
x
UHVXOWVLQGHDWK
x
LVOLIHWKUHDWHQLQJGHILQHGDVDQHYHQWLQZKLFKWKHVXEMHFWZDVDWULVNRIGHDWKDWWKHWLPH
RIWKHHYHQWLWGRHVQRWUHIHUWRDQHYHQWZKLFKK\SRWKHWLFDOO\PLJKWKDYHFDXVHGGHDWKLILW
ZHUHPRUHVHYHUH
x
UHTXLUHV LQSDWLHQW KRVSLWDOL]DWLRQ RU FDXVHV SURORQJDWLRQ RI H[LVWLQJ KRVSLWDOL]DWLRQ
VHH127(EHORZ
x
UHVXOWVLQSHUVLVWHQWRUVLJQLILFDQWGLVDELOLW\LQFDSDFLW\
x
LVDFRQJHQLWDODQRPDO\ELUWKGHIHFW
x
LVDQLPSRUWDQWPHGLFDOHYHQWGHILQHGDVDPHGLFDOHYHQWVWKDWPD\QRWEHLPPHGLDWHO\
OLIHWKUHDWHQLQJRUUHVXOWLQGHDWKRUKRVSLWDOL]DWLRQEXWEDVHGXSRQDSSURSULDWHPHGLFDODQG
VFLHQWLILFMXGJPHQWPD\MHRSDUGL]HWKHVXEMHFWRUPD\UHTXLUHLQWHUYHQWLRQ>HJPHGLFDO
VXUJLFDO@ WR SUHYHQW RQH RI WKH RWKHU VHULRXV RXWFRPHV OLVWHG LQ WKH GHILQLWLRQ DERYH
([DPSOHVRIVXFKHYHQWVLQFOXGHEXWDUHQRWOLPLWHGWRLQWHQVLYHWUHDWPHQWLQDQHPHUJHQF\
URRP RU DWKRPH IRU DOOHUJLF EURQFKRVSDVP EORRG G\VFUDVLDV RUFRQYXOVLRQV WKDW GR QRW
UHVXOWLQKRVSLWDOL]DWLRQ3RWHQWLDOGUXJLQGXFHGOLYHULQMXU\',/,LVDOVRFRQVLGHUHGDQ
LPSRUWDQWPHGLFDOHYHQW6HH6HFWLRQIRUWKHGHILQLWLRQRISRWHQWLDO',/,


&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

6XVSHFWHGWUDQVPLVVLRQRIDQLQIHFWLRXVDJHQWHJSDWKRJHQLFRUQRQSDWKRJHQLFYLDWKHVWXG\
GUXJLVDQ6$(
$OWKRXJK SUHJQDQF\ RYHUGRVH FDQFHU DQG SRWHQWLDO GUXJLQGXFHG OLYHU LQMXU\ ',/, DUH QRW
DOZD\V VHULRXV E\ UHJXODWRU\ GHILQLWLRQ WKHVH HYHQWV PXVW EH KDQGOHG DV 6$(V
6HH6HFWLRQIRUUHSRUWLQJSUHJQDQFLHV
$Q\FRPSRQHQWRIDVWXG\HQGSRLQWWKDWLVFRQVLGHUHGUHODWHGWRVWXG\WKHUDS\HJGHDWKLVDQ
HQGSRLQWDQGVKRXOGEHUHSRUWHGDVDQ6$()RUH[DPSOHLIGHDWKRFFXUUHGGXHWRDQDSK\OD[LV
DQDSK\OD[LVPXVWEHUHSRUWHGDVDQ6$(6HH6HFWLRQIRUUHSRUWLQJGHWDLOV
127(
7KHIROORZLQJKRVSLWDOL]DWLRQVDUHQRWFRQVLGHUHG6$(VLQWKLVFOLQLFDOVWXG\
x
DYLVLWWRWKHHPHUJHQF\URRPRURWKHUKRVSLWDOGHSDUWPHQWKRXUVWKDWGRHVQRWUHVXOW
LQDGPLVVLRQXQOHVVFRQVLGHUHGDQLPSRUWDQWPHGLFDORUOLIHWKUHDWHQLQJHYHQW
x
HOHFWLYHVXUJHU\SODQQHGSULRUWRVLJQLQJFRQVHQW
x
DGPLVVLRQVDVSHUSURWRFROIRUDSODQQHGPHGLFDOVXUJLFDOSURFHGXUH
x
URXWLQH KHDOWK DVVHVVPHQWV UHTXLULQJ DGPLVVLRQ IRU EDVHOLQHWUHQGLQJ RI KHDOWK VWDWXV
HJURXWLQHFRORQRVFRS\
x
PHGLFDOVXUJLFDODGPLVVLRQRWKHUWKDQWRUHPHG\LOOKHDOWKDQGSODQQHGSULRUWRHQWU\LQWR
WKHVWXG\$SSURSULDWHGRFXPHQWDWLRQLVUHTXLUHGLQWKHVHFDVHV
x
DGPLVVLRQHQFRXQWHUHGIRUDQRWKHUOLIHFLUFXPVWDQFHWKDWFDUULHVQREHDULQJRQKHDOWKVWDWXV
DQGUHTXLUHVQRPHGLFDOVXUJLFDOLQWHUYHQWLRQHJODFNRIKRXVLQJHFRQRPLFLQDGHTXDF\
FDUHJLYHUUHVSLWHIDPLO\FLUFXPVWDQFHVDGPLQLVWUDWLYHUHDVRQ


6HULRXV$GYHUVH(YHQW&ROOHFWLRQDQG5HSRUWLQJ
6HFWLRQV  DQG  LQ WKH ,QYHVWLJDWRU %URFKXUH ,% UHSUHVHQW WKH 5HIHUHQFH 6DIHW\
,QIRUPDWLRQWRGHWHUPLQHH[SHFWHGQHVVRI6$(VIRUH[SHGLWHGUHSRUWLQJ)ROORZLQJWKHVXEMHFW¶V
ZULWWHQFRQVHQWWRSDUWLFLSDWHLQWKHVWXG\DOO6$(VZKHWKHUUHODWHGRUQRWUHODWHGWRVWXG\GUXJ
PXVWEHFROOHFWHGLQFOXGLQJWKRVHWKRXJKWWREHDVVRFLDWHGZLWKSURWRFROVSHFLILHGSURFHGXUHV
$OO 6$(V PXVW EH FROOHFWHG WKDW RFFXU GXULQJ WKH VFUHHQLQJ SHULRG DQG ZLWKLQ  GD\V RI
GLVFRQWLQXDWLRQRIGRVLQJ
7KHLQYHVWLJDWRUVKRXOGUHSRUWDQ\6$(WKDWRFFXUVDIWHUWKHVHWLPHSHULRGVWKDWLVEHOLHYHGWREH
UHODWHGWRVWXG\GUXJRUDSURWRFROVSHFLILHGSURFHGXUH
$Q 6$( 5HSRUW )RUP VKRXOG EH FRPSOHWHG IRU DQ\ HYHQW ZKHUH GRXEW H[LVWV UHJDUGLQJ LWV
VHULRXVQHVV
,IWKHLQYHVWLJDWRUEHOLHYHVWKDWDQ6$(LVQRWUHODWHGWRVWXG\GUXJEXWLVSRWHQWLDOO\UHODWHGWR
WKHFRQGLWLRQVRIWKHVWXG\VXFKDVZLWKGUDZDORISUHYLRXVWKHUDS\RUDFRPSOLFDWLRQRIDVWXG\
SURFHGXUHWKHUHODWLRQVKLSVKRXOGEHVSHFLILHGLQWKHQDUUDWLYHVHFWLRQRIWKH6$(5HSRUW)RUP

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

6$(V ZKHWKHU UHODWHGRU QRW UHODWHG WR VWXG\GUXJ DQG SUHJQDQFLHVPXVW EH UHSRUWHGWR WKH
6SRQVRU RUGHVLJQHH ZLWKLQ  KRXUV 6$(V PXVW EH UHFRUGHG RQ WKH 6$( 5HSRUW )RUP
SUHJQDQFLHV RQ D 3UHJQDQF\ 6XUYHLOODQFH )RUP HOHFWURQLF RU SDSHU IRUPV 7KH SUHIHUUHG
PHWKRG IRU 6$( GDWD UHSRUWLQJ FROOHFWLRQ LV WKURXJK WKH H&5) 7KH SDSHU 6$(SUHJQDQF\
VXUYHLOODQFH IRUPV DUH RQO\ LQWHQGHG DV D EDFNXS RSWLRQ ZKHQ WKH H&5) V\VWHP LV QRW
IXQFWLRQLQJ,QWKLVFDVHWKHSDSHUIRUPVDUHWREHWUDQVPLWWHGYLDHPDLORUFRQILUPHGIDFVLPLOH
ID[WUDQVPLVVLRQWR
6$((PDLO$GGUHVV

6$()DFVLPLOH1XPEHU









1RWH$OOQXPEHUVUHGLUHFWWRWKHVDPHUHFLSLHQW±VRFKRVHWKHPRVWFRQYHQLHQWQXPEHU
)RUVWXGLHVFDSWXULQJ6$(VWKURXJKHOHFWURQLFGDWDFDSWXUH('&HOHFWURQLFVXEPLVVLRQLVWKH
UHTXLUHGPHWKRGIRUUHSRUWLQJ7KHSDSHUIRUPVVKRXOGEHXVHGDQGVXEPLWWHGLPPHGLDWHO\RQO\
LQWKHHYHQWWKDWWKHHOHFWURQLFV\VWHPLVXQDYDLODEOHIRUWUDQVPLVVLRQ:KHQSDSHUIRUPVDUH
XVHGWKHRULJLQDOSDSHUIRUPVDUHWRUHPDLQRQVLWH
6$(7HOHSKRQH&RQWDFWUHTXLUHGIRU6$(DQGSUHJQDQF\UHSRUWLQJ&RQWDFWVKRXOGEHPDGH
WRWKH6SRQVRURULWVGHVLJQHH5HIHUWRSURYLGHG&RQWDFW,QIRUPDWLRQOLVW
,IRQO\OLPLWHGLQIRUPDWLRQLVLQLWLDOO\DYDLODEOHIROORZXSUHSRUWVDUHUHTXLUHG1RWH)ROORZXS
6$(UHSRUWVVKRXOGLQFOXGHWKHVDPHLQYHVWLJDWRUWHUPVLQLWLDOO\UHSRUWHG
,IDQRQJRLQJ6$(FKDQJHVLQLWVLQWHQVLW\RUUHODWLRQVKLSWRVWXG\GUXJRULIQHZLQIRUPDWLRQ
EHFRPHV DYDLODEOH D IROORZXS 6$( UHSRUW VKRXOG EH VHQW ZLWKLQ  KRXUV WR WKH 6SRQVRU
RUGHVLJQHHXVLQJWKHVDPHSURFHGXUHXVHGIRUWUDQVPLWWLQJWKHLQLWLDO6$(UHSRUW
$OO6$(VVKRXOGEHIROORZHGWRUHVROXWLRQRUVWDELOL]DWLRQ
7KHUHSRUWLQJRI6HULRXV$GYHUVH(YHQWV6$(VWRWKH6SRQVRUIRUWKLVWULDOZLOOEHPRQLWRUHG
E\ &52 RQ EHKDOI RI WKH 6SRQVRU 7KH UHVSRQVLELOLWLHV IRU VDIHW\ UHSRUWLQJ WR UHJXODWRU\
DXWKRULWLHV,5%(&DQGLQYHVWLJDWRUVDUHEDVHGRQWKHORFDOUHJXODWRU\UHTXLUHPHQWVIRUHDFK
FRXQWU\
6DIHW\UHSRUWLQJWRORFDOUHJXODWRU\DXWKRULWLHV
7KH 6SRQVRU 0DUNHWLQJ &RPSDQ\ 0& RU GHVLJQHH ZLOO SHUIRUP DOO H[SHGLWHG DQG SHULRGLF
6DIHW\UHSRUWLQJWRWKHUHJXODWRU\DXWKRULW\DVUHTXLUHGORFDOO\7KH6SRQVRULVUHVSRQVLEOHIRU
WKH SURGXFWLRQ RI DOO H[SHGLWHG DQG SHULRGLF UHSRUWV IRU UHJXODWRU\ UHSRUWLQJ LH ,QYHVWLJDWRU
6DIHW\/HWWHUV&,206IRUPVIRU6XVSHFWHG8QH[SHFWHG6HULRXV$GYHUVH5HDFWLRQV686$5V
PPD
P
P
D

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

(% 0HG:DWFK 'HYHORSPHQW 6DIHW\ 8SGDWH 5HSRUWV '685V DQG 3HULRGLF 686$5 OLQH
OLVWLQJV36//V
6DIHW\UHSRUWLQJWRLQYHVWLJDWLRQDOUHYLHZERDUGVHWKLFVFRPPLWWHHVDQGLQYHVWLJDWRUV
,Q PRVW FRXQWULHV WKHUH DUH ORFDO UHTXLUHPHQWV WR UHSRUW VDIHW\ LQIRUPDWLRQ WR FRQFHUQHG
,QYHVWLJDWLRQDO5HYLHZ%RDUGV,5%(WKLFV&RPPLWWHHV(&DQGLQYHVWLJDWRUV
7KH 6SRQVRU LV UHVSRQVLEOH IRU WKH SURGXFWLRQ RI DOO VDIHW\ XSGDWH UHSRUWV H[SHGLWHG DQG
SHULRGLF WR LQIRUP ,5%V(&V DQG LQYHVWLJDWRUV LH ,QYHVWLJDWRU 6DIHW\ /HWWHUV &,206 IRU
686$5V'685VDQG3HULRGLF686$5OLQHOLVWLQJV36//V
,QWKHFRXQWULHVZLWKLQWKH(($DVZHOODVVRPHFRXQWULHVDGMDFHQWWR(($WKHSULQFLSOHVIRU
VDIHW\UHSRUWLQJWR(&VDQGLQYHVWLJDWRUVDUHJRYHUQHGE\$UWLFOHRIWKH(XURSHDQ8QLRQ(8
&OLQLFDO7ULDOV'LUHFWLYH(&DQG*XLGHOLQH175&75HYLVLRQEXWWKHUHDUH
FRXQWU\VSHFLILFYDULDWLRQV
,QRUGHUWRHQVXUHH[SHGLWHGUHSRUWLQJWLPHOLQHVDUHPHWWKH6SRQVRU¶V&OLQLFDO2SHUDWLRQVRU
GHVLJQHHZLOOKDQGOHDOOH[SHGLWHGUHSRUWLQJRILQGLYLGXDO686$5VWR(&VDQGZKHUHUHTXLUHGWR
LQYHVWLJDWRUV

1RQVHULRXV$GYHUVH(YHQWV
$QRQVHULRXVDGYHUVHHYHQWLVDQ$(QRWFODVVLILHGDVVHULRXV

1RQVHULRXV$GYHUVH(YHQW&ROOHFWLRQDQG5HSRUWLQJ
1RQVHULRXV$(LQIRUPDWLRQVKRXOGEHFROOHFWHGIURPWKHVWDUWRIDSODFHEROHDGLQSHULRGRU
RWKHUREVHUYDWLRQDOSHULRGLQWHQGHGWRHVWDEOLVKDEDVHOLQHVWDWXVIRUWKHVXEMHFWVXQWLOWKHHQGRI
WKHIROORZXSSHULRG
1RQVHULRXV$(VVKRXOGEHIROORZHGWRUHVROXWLRQRUVWDELOL]DWLRQRUUHSRUWHGDV6$(VLIWKH\
EHFRPHVHULRXVVHH6HFWLRQ)ROORZXSLVDOVRUHTXLUHGIRUQRQVHULRXV$(VWKDWFDXVH
LQWHUUXSWLRQRUGLVFRQWLQXDWLRQRIVWXG\GUXJDQGIRUWKRVHSUHVHQWDWWKHHQGRIVWXG\WUHDWPHQW
DVDSSURSULDWH$OOLGHQWLILHGQRQVHULRXV$(VPXVWEHUHFRUGHGDQGGHVFULEHGRQWKHQRQVHULRXV
$(SDJHRIWKH&5)SDSHURUHOHFWURQLF
&RPSOHWLRQ RI VXSSOHPHQWDO &5)V PD\ EH UHTXHVWHG IRU QRQVHULRXV $(V DQGRU ODERUDWRU\
DEQRUPDOLWLHVWKDWDUHUHSRUWHGLGHQWLILHGGXULQJWKHFRXUVHRIWKHVWXG\

$GYHUVH(YHQWV$(V/HDGLQJWR$PSXWDWLRQDQG3RWHQWLDO5LVN)DFWRU
$(VIRU$PSXWDWLRQV$IIHFWLQJ/RZHU/LPEV³3UHFHGLQJ(YHQWV´
7R HQVXUH WKDW GDWD RQ DPSXWDWLRQV DUH V\VWHPDWLFDOO\ FROOHFWHG DPSXWDWLRQV DQG XQGHUO\LQJ
FRQGLWLRQVUHOHYDQWWRDPSXWDWLRQZLOOEHUHFRUGHGRQDVSHFLILFH&5)SDJH
,IDQ\RIWKHVHUHOHYDQWHYHQWVKDYHRFFXUUHGUHOHYDQWLQIRUPDWLRQPXVWEHSURYLGHGWKLVZLOOEH
FROOHFWHGRQDGHGLFDWHGH&5)SDJH

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE


/DERUDWRU\7HVW5HVXOW$EQRUPDOLWLHV
7KH IROORZLQJ ODERUDWRU\ WHVW UHVXOW DEQRUPDOLWLHV VKRXOG EH FDSWXUHG RQ WKH QRQVHULRXV $(
&5)SDJHRU6$(5HSRUW)RUPSDSHURUHOHFWURQLFDVDSSURSULDWH
x
$Q\ODERUDWRU\WHVWUHVXOWWKDWLVFOLQLFDOO\VLJQLILFDQWRUPHHWVWKHGHILQLWLRQRIDQ6$(
x
$Q\ ODERUDWRU\ WHVW UHVXOW DEQRUPDOLW\ WKDW UHTXLUHG WKH VXEMHFW WR KDYH VWXG\ GUXJ
GLVFRQWLQXHGRULQWHUUXSWHG
x
$Q\ODERUDWRU\WHVWUHVXOWDEQRUPDOLW\WKDWUHTXLUHGWKHVXEMHFWWRUHFHLYHVSHFLILFFRUUHFWLYH
WKHUDS\
x
$Q\PLFURVFRSLFKHPDWXULDZLWK12FRPPRQFDXVHLGHQWLILHGLIDPDOLJQDQF\LVRWKHUZLVH
VXVSHFWHGRUSRVLWLYHKHPDWXULDE\ PLFURVFRS\ LVIRXQGDWWKHXQVFKHGXOHGUHSHDWYLVLW
6HHVHFWLRQ	$SSHQGL[

,WLVH[SHFWHGWKDWZKHUHYHUSRVVLEOHWKHFOLQLFDOUDWKHUWKDQODERUDWRU\WHUPZRXOGEHXVHGE\
WKHUHSRUWLQJLQYHVWLJDWRUHJDQHPLDYHUVXVORZKHPRJORELQYDOXH

3UHJQDQF\
,IIROORZLQJLQLWLDWLRQRIWKHVWXG\GUXJLWLVVXEVHTXHQWO\GLVFRYHUHGWKDWDVWXG\VXEMHFWLV
SUHJQDQW RU PD\ KDYH EHHQ SUHJQDQW DW WKH WLPH RI VWXG\ H[SRVXUH LQFOXGLQJ GXULQJ DW OHDVW
KDOIOLYHVGD\VDIWHUSURGXFWDGPLQLVWUDWLRQWKHLQYHVWLJDWRUPXVWLPPHGLDWHO\QRWLI\WKH
6SRQVRU 0HGLFDO 0RQLWRUGHVLJQHH RI WKLV HYHQW DQG FRPSOHWH DQG IRUZDUG D 3UHJQDQF\
6XUYHLOODQFH)RUPWR6SRQVRU'HVLJQHHZLWKLQKRXUVDQGLQDFFRUGDQFHZLWK6$(UHSRUWLQJ
SURFHGXUHVGHVFULEHGLQ6HFWLRQ
6WXG\GUXJZLOOEHSHUPDQHQWO\GLVFRQWLQXHGLQDQ\VXEMHFWVWKDWEHFRPHSUHJQDQWGXULQJWKH
VWXG\ WKH VWXG\ GUXJ ZLOO EH SHUPDQHQWO\ GLVFRQWLQXHG LQ DQ DSSURSULDWH PDQQHU HJGRVH
WDSHULQJLIQHFHVVDU\IRUVXEMHFWVDIHW\
3URWRFROUHTXLUHGSURFHGXUHVIRUVWXG\GLVFRQWLQXDWLRQDQGIROORZXSPXVWEHSHUIRUPHGRQWKH
VXEMHFW XQOHVV FRQWUDLQGLFDWHG E\ SUHJQDQF\ HJ [UD\ VWXGLHV 2WKHU DSSURSULDWH SUHJQDQF\
IROORZXSSURFHGXUHVVKRXOGEHFRQVLGHUHGLILQGLFDWHG
7KH LQYHVWLJDWRU PXVW LPPHGLDWHO\ QRWLI\ WKH 6SRQVRU RU GHVLJQHH 0HGLFDO 0RQLWRU RI WKLV
HYHQWDQGFRPSOHWHDQGIRUZDUGD3UHJQDQF\6XUYHLOODQFH)RUPWRWKH6SRQVRURUGHVLJQHH
ZLWKLQKRXUVDQGLQDFFRUGDQFHZLWK6$(UHSRUWLQJSURFHGXUHVGHVFULEHGLQ6HFWLRQ
)ROORZXSLQIRUPDWLRQUHJDUGLQJWKHFRXUVHRIWKHSUHJQDQF\LQFOXGLQJSHULQDWDODQGQHRQDWDO
RXWFRPHV DQG ZKHUH DSSOLFDEOH RIIVSULQJ LQIRUPDWLRQ PXVW EH UHSRUWHG RQ WKH 3UHJQDQF\
6XUYHLOODQFH)RUP
$Q\SUHJQDQF\WKDWRFFXUVLQDIHPDOHSDUWQHURIDPDOHVWXG\SDUWLFLSDQWVKRXOGEHUHSRUWHGWR
WKH 6SRQVRU ,QIRUPDWLRQ RQ WKLV SUHJQDQF\ ZLOO EH FROOHFWHG RQ WKH 3UHJQDQF\ 6XUYHLOODQFH
)RUP

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE


2YHUGRVH
$QRYHUGRVHLVGHILQHGDVWKHDFFLGHQWDORULQWHQWLRQDODGPLQLVWUDWLRQRIDQ\GRVHRIDSURGXFW
WKDWLVFRQVLGHUHGERWKH[FHVVLYHDQGPHGLFDOO\LPSRUWDQW$OORFFXUUHQFHVRIRYHUGRVHPXVWEH
UHSRUWHGDV6$(VVHH6HFWLRQIRUUHSRUWLQJGHWDLOV

3RWHQWLDO'UXJ,QGXFHG/LYHU,QMXU\',/,
6SHFLILF FULWHULD IRU LGHQWLI\LQJ SRWHQWLDO ',/, KDYH QRW EHHQ LGHQWLILHG IRU WKLV SURWRFRO
6WDQGDUGPHGLFDOSUDFWLFHLQLGHQWLI\LQJDQGPRQLWRULQJKHSDWLFLVVXHVVKRXOGEHIROORZHG
:KHUHYHUSRVVLEOHWLPHO\FRQILUPDWLRQRILQLWLDOOLYHUUHODWHGODERUDWRU\DEQRUPDOLWLHVVKRXOG
RFFXUSULRUWRWKHUHSRUWLQJRIDSRWHQWLDO',/,HYHQW$OORFFXUUHQFHVRISRWHQWLDO',/,PHHWLQJ
WKHGHILQHGFULWHULDPXVWEHUHSRUWHGDV6$(VVHH6HFWLRQIRUUHSRUWLQJGHWDLOV
3RWHQWLDOGUXJLQGXFHGOLYHULQMXU\LVGHILQHGDV
 $PLQRWUDQVIHUDVH$/7RU$67HOHYDWLRQ![XSSHUOLPLWRIQRUPDO8/1
$1'
7RWDO ELOLUXELQ ! [ 8/1 ZLWKRXW LQLWLDO ILQGLQJV RI FKROHVWDVLV HOHYDWHG VHUXP DONDOLQH
SKRVSKDWDVH
$1'
1R RWKHU LPPHGLDWHO\ DSSDUHQW SRVVLEOH FDXVHV RI DPLQRWUDQVIHUDVH HOHYDWLRQ DQG
K\SHUELOLUXELQHPLDLQFOXGLQJEXWQRWOLPLWHGWRYLUDOKHSDWLWLVSUHH[LVWLQJFKURQLFRUDFXWH
OLYHUGLVHDVHRUWKHDGPLQLVWUDWLRQRIRWKHUGUXJVNQRZQWREHKHSDWRWR[LF


2WKHU6DIHW\&RQVLGHUDWLRQV
$Q\
VLJQLILFDQW
ZRUVHQLQJ
QRWHG
GXULQJ
LQWHULP
RU
ILQDO
SK\VLFDO
H[DPLQDWLRQV
HOHFWURFDUGLRJUDP[UD\ILOPLQJDQ\RWKHUSRWHQWLDOVDIHW\DVVHVVPHQWUHTXLUHGRUQRWUHTXLUHG
E\SURWRFROVKRXOGDOVREHUHFRUGHGDVDQRQVHULRXVRUVHULRXV$(DVDSSURSULDWHDQGUHSRUWHG
DFFRUGLQJO\

$(VRI6SHFLDO,QWHUHVW
(YHQW FDWHJRULHV RI VSHFLDO LQWHUHVW IRU WKLV VWXG\ PD\ LQFOXGH EXW DUH QRW OLPLWHG WR VNLQ
GHFUHDVHG O\PSKRF\WH FRXQW GHFUHDVHG WKURPERF\WH FRXQW LQIHFWLRQ RSSRUWXQLVWLF LQIHFWLRQ
SDQFUHDWLWLVKHSDWLFDEQRUPDOLWLHVIUDFWXUHK\SHUVHQVLWLYLW\UHQDOIDLOXUHDQGUHQDOLPSDLUPHQW
JHQLWDOLQIHFWLRQVXULQDU\WUDFWLQIHFWLRQVEODGGHUQHRSODVPDQGEUHDVWQHRSODVP
)RU WKH SXUSRVHV RI UHJXODWRU\ UHSRUWLQJ WKH IROORZLQJ HYHQWV PXVW EH UHSRUWHG LQ KRXUV
UHJDUGOHVVRIZKHWKHUWKHHYHQWVDUHFODVVLILHGDVVHULRXVRUQRQVHULRXV
/LYHUIXQFWLRQWHVW/)7DEQRUPDOLWLHVDFFRPSDQLHGE\MDXQGLFHRUK\SHUELOLUXELQHPLD
7KLVFDWHJRU\RIHYHQWVLQFOXGHVDOO$(VZKHUHKHSDWRFHOOXODUGDPDJHZLWKHOHYDWLRQRI$/7RU
$67![8/1 LV FRPELQHG ZLWK KHSDWLF G\VIXQFWLRQ ZLWK HOHYDWLRQ RI WRWDO ELOLUXELQ

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

![8/1 RU MDXQGLFH :LWK UHVSHFW WR /)7 DEQRUPDOLWLHV ERWK FHQWUDO DQG ORFDO ODERUDWRU\
UHVXOWVDQGDGYHUVHHYHQWVZLOOEHPRQLWRUHG
2SSRUWXQLVWLFLQIHFWLRQV
7KLV FDWHJRU\ RI HYHQWV LQFOXGHVLQIHFWLRQV RI LQWHUHVWWKDWDUH FRQVLVWHQW ZLWK $,'6GHILQLQJ
GLDJQRVHV DQG DUH VSHFLILF IRU LPPXQRVXSSUHVVLRQ LQFOXGLQJ XQXVXDO LQIHFWLRQV FDXVHG E\
EDFWHULDP\FREDFWHULDIXQJLYLUXVHVDQGSURWR]RD+HUSHV]RVWHULVRILQWHUHVWRQO\LIWKHFDVHLV
PXOWLGHUPDWRPDOQHXURORJLFDOHJWUDQVYHUVHP\HOLWLVHQFHSKDOLWLVDVHSWLFPHQLQJLWLVRURWKHU
QHXURORJLFFRPSOLFDWLRQVRUV\VWHPLF
6HYHUH+\SHUVHQVLWLYLW\
7KLV FDWHJRU\ RI HYHQWV LQFOXGHV DOO FDVHV RI VHYHUH K\SHUVHQVLWLYLW\ LQFOXGLQJ DQJLRHGHPD
DQDSK\OD[LVDQG6WHYHQV-RKQVRQ6\QGURPH
:KHQRQHRIWKHVHHYHQWVPHHWVWKHFULWHULDIRUDVHULRXVDGYHUVHHYHQWUHSRUWWKHHYHQWXVLQJ
6$(UHSRUWLQJSURFHGXUHV6HFWLRQ:KHQRQHRIWKHVHHYHQWVGRHVQRWPHHWWKHFULWHULD
IRUDVHULRXVDGYHUVHHYHQWUHSRUWWKHHYHQWZLWKLQKRXUVDVDQRQVHULRXVHYHQW
)RUHDFKQRQVHULRXVHYHQWLQWKHVHWKUHHFDWHJRULHVQRWLI\WKH6SRQVRU0HGLFDO0RQLWRU
ZLWKLQKRXUVWRGLVFXVVWKHQH[WVWHSVLQUHSRUWLQJ

'$7$021,725,1*&200,77(($1'27+(5(;7(51$/
&200,77((6

&DUGLRYDVFXODU$GMXGLFDWLRQ&RPPLWWHH
$Q LQGHSHQGHQW &DUGLRYDVFXODU $GMXGLFDWLRQ &RPPLWWHH EOLQGHG WR WKH WUHDWPHQW RI WKH
VXEMHFWVZLOODGMXGLFDWHDOOSRWHQWLDOHYHQWVRIKHDUWIDLOXUHUHTXLULQJKRVSLWDOL]DWLRQVHH6HFWLRQ
IRUPRUHGHWDLOV
$ VHSDUDWH $GMXGLFDWLRQ &KDUWHU ZLOO GHILQH DQG GHVFULEH WKH SURFHGXUH IRU WKH KDQGOLQJ
UHSRUWLQJDQGFODVVLILFDWLRQRIWKHVHHYHQWV

+HSDWLF$GMXGLFDWLRQ&RPPLWWHH
$QLQGHSHQGHQW+HSDWLF$GMXGLFDWLRQ&RPPLWWHHEOLQGHGWRWKHWUHDWPHQWRIWKHVXEMHFWVZLOO
GHWHUPLQH WKH SUREDELOLW\ WKDW GUXJLQGXFHG OLYHU LQMXU\ ',/, LV WKH FDXVH RI OLYHUUHODWHG
DEQRUPDOLWLHV LQFOXGLQJ EXW QRW OLPLWHG WR KHSDWLF GLVRUGHUV OHDGLQJ WR GLVFRQWLQXDWLRQ IURP
GHDWKDQGOLYHUODERUDWRU\DEQRUPDOLWLHVVXFKDVHOHYDWHG$67DQGRU$/7ZLWKRUZLWKRXWWRWDO
ELOLUXELQHOHYDWLRQVVHH6HFWLRQIRUPRUHGHWDLOV
$ VHSDUDWH $GMXGLFDWLRQ &KDUWHU ZLOO GHILQH DQG GHVFULEH WKH SURFHGXUH IRU WKH KDQGOLQJ
UHSRUWLQJDQGFODVVLILFDWLRQRIWKHVHHYHQWV

'LDEHWLF.HWRDFLGRVLV$GMXGLFDWLRQ&RPPLWWHH
7KH '.$ $GMXGLFDWLRQ &RPPLWWHH ZLOO DVVHVV DYDLODEOH LQIRUPDWLRQ RQ HDFK SRWHQWLDO '.$
HYHQWDQGZLOOFODVVLI\WKHHYHQWLQDFFRUGDQFHZLWKWKHGHILQLWLRQVLQWKH'.$$GMXGLFDWLRQ

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

&KDUWHU7'0$OOSRWHQWLDOHYHQWVRI'.$ZLOOEHUHFRUGHGLQWKHHOHFWURQLFFDVHUHSRUWIRUP
H&5)DQGVXEPLWWHGWRDQLQGHSHQGHQW'.$$GMXGLFDWLRQ&RPPLWWHH
7KH'.$$GMXGLFDWLRQ&RPPLWWHHZLOOEHNHSWEOLQGHGWRWKHVWXG\GUXJWUHDWPHQWUHFHLYHGE\
HDFKVXEMHFWZLWKDSRWHQWLDO'.$HYHQWLQWKHFOLQLFDOVWXG\$VHSDUDWH'.$$GMXGLFDWLRQ
0DQXDOZLOOGHILQHDQGGHVFULEHWKHSURFHGXUHVIRUWKHFROOHFWLRQRI'.$LQIRUPDWLRQKDQGOLQJ
DGMXGLFDWLRQFULWHULDDQGUHSRUWLQJRIWKHVHHYHQWVFDVHV

67$7,67,&$/&216,'(5$7,216

6DPSOH6L]H'HWHUPLQDWLRQ
7KHPHDQFKDQJHLQEDVHOLQHLQ+E$FDW:HHNZLOOEHDVVHVVHGE\FRPSDULQJVD[DJOLSWLQLQ
FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ DGGHG WR FXUUHQW EDFNJURXQG WKHUDS\ ZLWK PHWIRUPLQ
YHUVXVWKHDFWLYHFRPSDUDWRUWUHDWPHQWJURXSJOLPHSLULGHDGGHGWRFXUUHQWEDFNJURXQGWKHUDS\
ZLWKPHWIRUPLQ
3RZHU FDOFXODWLRQV IRU ORQJLWXGLQDO UHSHDWHG PHDVXUHV DQDO\VHV GHSHQG RQ PDQ\ IDFWRUV
LQFOXGLQJ WKH SDWWHUQ RI GURSRXWV RYHU WLPH DQG FRUUHODWLRQV DPRQJ WKH YDULRXV WLPH SRLQWV
LQFOXGHGLQWKHPRGHO7KHFKRLFHRIWKHVHSDUDPHWHUVZLOODIIHFWDQ\HVWLPDWHVRISRZHUDQG
WKHLUWUXHYDOXHVPD\QRWEHNQRZQ%DVHGRQFRPSDULVRQVRIUHVXOWVRIORQJLWXGLQDOUHSHDWHG
PHDVXUHVDQDO\VHVDQGDQDO\VLVRIFRYDULDQFHXVLQJODVWREVHUYDWLRQFDUULHGIRUZDUG$1&29$
ZLWK /2&) IURP SUHYLRXV GLDEHWHV WULDOV WKH HVWLPDWHG VWDQGDUG HUURUV RI WKH WUHDWPHQW
GLIIHUHQFHV ZHUH VLPLODU EHWZHHQ DQDO\VHV 7KHUHIRUH SRZHU FDOFXODWLRQV DUH EDVHG RQ
$1&29$ZLWK/2&)ZLWKWKHH[SHFWDWLRQWKDWWKLVZLOOSURYLGHDJRRGHVWLPDWHRIWKHSRZHU
IRUWKHSULPDU\DQDO\VLVXVLQJDORQJLWXGLQDOUHSHDWHGPHDVXUHVPRGHO
$VVXPLQJDPHDQFKDQJHIURPEDVHOLQHLQ+E$FGLIIHUHQFHHIIHFWRIIRUVD[DJOLSWLQLQ
FRDGPLQLVWUDWLRQZLWKGDSDJOLIOR]LQSOXVPHWIRUPLQYVJOLPHSLULGHSOXVPHWIRUPLQDFRPPRQ
VWDQGDUGGHYLDWLRQRIDQGXVLQJDVLGHGVLJQLILFDQFHOHYHORIIRUWKHFRPSDULVRQ
DQGDVVXPLQJDQRQHYDOXDELOLW\UDWHWKHQDVDPSOHVL]HRISDWLHQWVSHUDUPZLOO\LHOG
 SRZHU IRU WKH FRPSDULVRQ RI VD[DJOLSWLQ LQ FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ SOXV
PHWIRUPLQDJDLQVWJOLPHSLULGHSOXVPHWIRUPLQ

3RSXODWLRQVIRU$QDO\VHV
x
7KH(QUROOHG6XEMHFWV'DWD6HWZLOOFRQVLVWRIDOOVXEMHFWVZKRVLJQLQIRUPHGFRQVHQW
x
7KH5DQGRPL]HG6XEMHFWV'DWD6HWZLOOFRQVLVWRIDOOUDQGRPL]HGVXEMHFWVZKRUHFHLYHDW
OHDVWRQHGRVHRIVWXG\PHGLFDWLRQGXULQJWKHWUHDWPHQWSHULRG7KLVLVDOVRNQRZQDVWKH
,QWHQWWR7UHDW,77SRSXODWLRQ7KLVZLOOEHWKHSULPDU\HIILFDF\GDWDVHW'DWDLQWKLVGDWD
VHWZLOOEHDQDO\]HGEDVHGRQUDQGRPL]HGWUHDWPHQWJURXS
x
7KH(YDOXDEOH6XEMHFWV'DWD6HWZLOOEHDVXEVHWRIWKH5DQGRPL]HG6XEMHFWVZLWKDOO
GDWD SRLQWV FROOHFWHG DIWHU UHOHYDQW SURWRFRO GHYLDWLRQV DUH H[FOXGHG IURP WKH GDWD VHW
5HOHYDQW SURWRFRO GHYLDWLRQV DUH GHILQHG DV GHYLDWLRQV WKDW FRXOG SRWHQWLDOO\ DIIHFW WKH
LQWHUSUHWDELOLW\RIWKHVWXG\UHVXOWV7KLVLVDOVRNQRZQDVWKHSHUSURWRFROSRSXODWLRQ7KLV
GDWDVHWZLOOEHXVHGIRUVHQVLWLYLW\DQDO\VHVRIWKHSULPDU\HIILFDF\HQGSRLQWLI!RI
VXEMHFWVLQDQ\WUHDWPHQWJURXSKDYHUHOHYDQWSURWRFROGHYLDWLRQV

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

x
7KH7UHDWHG6XEMHFWV'DWD6HWZLOOFRQVLVWRIDOOVXEMHFWVZKRUHFHLYHDWOHDVWRQHGRVHRI
VWXG\PHGLFDWLRQGXULQJWKHWUHDWPHQWJURXS7KLVZLOOEHWKHSULPDU\VDIHW\GDWDVHW'DWD
LQWKLVGDWDVHWZLOOEHDQDO\]HGEDVHGRQUDQGRPL]HGWUHDWPHQWH[FHSWLQFDVHVZKHUHD
VXEMHFW UHFHLYHG D GLIIHUHQW WUHDWPHQW IRU WKH HQWLUH FRXUVH RI KLVKHU SDUWLFLSDWLRQ LQ WKH
WUHDWPHQWSHULRG,QWKLVFDVHVDIHW\GDWDIRUVXFKDVXEMHFWZLOOEHDQDO\]HGEDVHGRQWKH
ILUVWWUHDWPHQWWKHVXEMHFWDFWXDOO\UHFHLYHG


(QGSRLQWV

3ULPDU\(QGSRLQWV
0HDQFKDQJHIURPEDVHOLQHLQ+E$FDW:HHN

6HFRQGDU\(QGSRLQWV
7KHVHFRQGDU\HIILFDF\HQGSRLQWVIRUWKHVKRUWWHUPWUHDWPHQWSHULRGLQFOXGH
x
0HDQFKDQJHIURPEDVHOLQHLQWRWDOERG\ZHLJKWDW:HHN
x
3URSRUWLRQ RI VXEMHFWV DFKLHYLQJ D WKHUDSHXWLF JO\FHPLF UHVSRQVH GHILQHG DV +E$F
DW:HHN
x
0HDQFKDQJHIURPEDVHOLQHLQV\VWROLFEORRGSUHVVXUH6%3DW:HHN
x
7LPHWRWUHDWPHQWLQWHQVLILFDWLRQDGGLWLRQRILQVXOLQRURWKHUJOXFRVHORZHULQJDJHQWIRU
UHVFXHWKHUDS\RUGLVFRQWLQXDWLRQIRUODFNRIJO\FHPLFFRQWUROGXULQJWKHZHHNGRXEOH
EOLQGWUHDWPHQWSHULRG

7KHVHFRQGDU\HIILFDF\HQGSRLQWVIRUWKHORQJWHUPWUHDWPHQWSHULRGLQFOXGH
x
7LPHWRWUHDWPHQWLQWHQVLILFDWLRQDGGLWLRQRILQVXOLQRURWKHUJOXFRVHORZHULQJDJHQWIRU
UHVFXH WKHUDS\ RU GLVFRQWLQXDWLRQ IRU ODFN RI JO\FHPLF FRQWURO GXULQJ WKH ZHHN
WUHDWPHQWSHULRG
x
3URSRUWLRQ RI VXEMHFWV DFKLHYLQJ D WKHUDSHXWLF JO\FHPLF UHVSRQVH GHILQHG DV
+E$FDW:HHN


([SORUDWRU\(QGSRLQWV
7KHH[SORUDWRU\HQGSRLQWVIRUWKHVKRUWWHUPWUHDWPHQWSHULRGLQFOXGH
x
3URSRUWLRQ RI VXEMHFWV DFKLHYLQJ D WKHUDSHXWLF JO\FHPLF UHVSRQVH GHILQHG DV +E$F
ZLWKRXWDQ\K\SRJO\FHPLDDW:HHN
x
3URSRUWLRQ RI VXEMHFWV DFKLHYLQJ D WKHUDSHXWLF JO\FHPLF UHVSRQVH GHILQHG DV +E$F
ZLWKRXWDQ\K\SRJO\FHPLDDQGZHLJKWJDLQDW:HHN
x
0HDQFKDQJHIURPEDVHOLQHLQ)3*DW:HHN
x
0HDQ FKDQJH IURP EDVHOLQH RI PHWDEROLF PHDVXUHV JOXFDJRQ &SHSWLGH SURLQVXOLQ
LQVXOLQL+20$DW:HHN

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

x
0HDQ FKDQJH IURP EDVHOLQH LQ DYHUDJH JOXFRVH YDOXHV DQG SRVWSUDQGLDO JOXFRVH YDOXHV
PHDVXUHGE\SRLQW60%*SURILOHVDW:HHN
x
0HDQFKDQJHIURPEDVHOLQHLQXULQDU\DOEXPLQWRFUHDWLQLQHUDWLRDW:HHN
x
0HDQFKDQJHIURPEDVHOLQHLQELRPDUNHUVKV&53DQG173UR%13DW:HHN
x
0HDQFKDQJHIURPEDVHOLQHLQSDWLHQWUHSRUWHGWUHDWPHQWVDWLVIDFWLRQTXDOLW\RIOLIHDQG
EDUULHUVWRPHGLFDWLRQDGKHUHQFHDW:HHN
x
,Q D VXEVWXG\ 0HDQ FKDQJH IURP EDVHOLQH LQ JOXFRVH YDULDELOLW\ DV GHILQHG E\ PHDQ
DPSOLWXGHRIJO\FHPLFH[FXUVLRQV0$*(XVLQJ&*0DW:HHN
x
,Q D VXEVWXG\ 0HDQ FKDQJH IURP EDVHOLQH LQ YLVFHUDO DQG VXEFXWDQHRXV DGLSRVH WLVVXH
YROXPH DQG SHUFHQW KHSDWLF OLSLG FRQWHQW DV DVVHVVHG E\ 05, DW :HHN  LQ WKH
VXESRSXODWLRQRIVXEMHFWVZKRXQGHUJR05,3'))

7KHH[SORUDWRU\HQGSRLQWVIRUWKHORQJWHUPWUHDWPHQWSHULRGLQFOXGH
x
0HDQFKDQJHIURPEDVHOLQHLQ+E$FDW:HHN
x
0HDQWLPHVSHQWDWRUEHORZ+E$FWDUJHW+E$FGXULQJZHHNV
x
3URSRUWLRQ RI VXEMHFWV DFKLHYLQJ D WKHUDSHXWLF JO\FHPLF UHVSRQVH GHILQHG DV +E$F
ZLWKRXWDQ\K\SRJO\FHPLDDW:HHN
x
3URSRUWLRQ RI VXEMHFWV DFKLHYLQJ D WKHUDSHXWLF JO\FHPLF UHVSRQVH GHILQHG DV +E$F
ZLWKRXWDQ\K\SRJO\FHPLDDQGZHLJKWJDLQDW:HHN
x
0HDQFKDQJHIURPEDVHOLQHLQ)3*DW:HHN
x
0HDQ FKDQJH IURP EDVHOLQH RI PHWDEROLF PHDVXUHV JOXFDJRQ &SHSWLGH SURLQVXOLQ
LQVXOLQL+20$DW:HHN
x
0HDQFKDQJHIURPEDVHOLQHLQXULQDU\DOEXPLQWRFUHDWLQLQHUDWLRDW:HHN
x
0HDQFKDQJHIURPEDVHOLQHLQELRPDUNHUVKV&53DQG173UR%13DW:HHN
x
0HDQFKDQJHIURPEDVHOLQHLQWRWDOERG\ZHLJKWDW:HHN
x
0HDQFKDQJHIURPEDVHOLQHLQV\VWROLFEORRGSUHVVXUH6%3DW:HHN
x
0HDQFKDQJHIURPEDVHOLQHLQSDWLHQWUHSRUWHGWUHDWPHQWVDWLVIDFWLRQTXDOLW\RIOLIHDQG
EDUULHUVWRPHGLFDWLRQDGKHUHQFHDW:HHN
x
0HDQFKDQJHIURPEDVHOLQHLQYLVFHUDODQGVXEFXWDQHRXVDGLSRVHWLVVXHYROXPHDQGSHUFHQW
KHSDWLFOLSLGFRQWHQWDVDVVHVVHGE\05,DW:HHNLQWKHVXESRSXODWLRQRIVXEMHFWVZKR
XQGHUJR05,3'))


$QDO\VHV
$QDO\VLVRIGDWDIURPWKHGRXEOHEOLQGWUHDWPHQWSHULRGZLOOEHSHUIRUPHGDIWHUDOOVXEMHFWVKDYH
FRPSOHWHGRUGLVFRQWLQXHGIURPWKLVSHULRG,QDGGLWLRQDOOUHOHYDQWTXHULHVPXVWEHDQVZHUHG
DQGWKHGDWDEDVHPXVWEHORFNHGDQGXQEOLQGHGIRUWKHGRXEOHEOLQGWUHDWPHQWSHULRGSULRUWRWKH
DQDO\VLV

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

$QDO\VLV RI GDWD IURP WKH FRPELQHG VKRUWWHUP DQG ORQJWHUP WUHDWPHQW SHULRGV ZLOO EH
SHUIRUPHG DIWHU DOO VXEMHFWV KDYH FRPSOHWHG RU GLVFRQWLQXHG IURP WKH VWXG\ ,Q DGGLWLRQ DOO
UHOHYDQWTXHULHVPXVWEHDQVZHUHGDQGWKHGDWDEDVHPXVWEHORFNHGIRUWKHFRPELQHGVKRUWWHUP
DQGORQJWHUPWUHDWPHQWSHULRGVSULRUWRWKHDQDO\VLV

'HPRJUDSKLFVDQG%DVHOLQH&KDUDFWHULVWLFV
'HPRJUDSKLFDQGEDVHOLQHFKDUDFWHULVWLFVZLOOEHVXPPDUL]HGXVLQJIUHTXHQF\GLVWULEXWLRQVDQG
GHVFULSWLYHVWDWLVWLFVXVLQJWKH5DQGRPL]HG6XEMHFWVGDWDVHWIRUHDFKWUHDWPHQWJURXSDVZHOODV
IRU DOO VXEMHFWV FRPELQHG .H\ EDVHOLQH FKDUDFWHULVWLFV WKDW ZLOO EH VXPPDUL]HG LQFOXGH DJH
JHQGHU UDFH HWKQLFLW\ JHRJUDSKLF UHJLRQ ERG\ ZHLJKW ERG\ PDVV LQGH[ %0, GXUDWLRQ RI
7'0EDVHOLQH+E$FDQGEDVHOLQH)3*7KHEDVHOLQHYDOXHRIDSDUDPHWHULVGHILQHGDVWKH
ODVWDVVHVVPHQWRQRUSULRUWRWKHGDWHRIWKHILUVWGRVHRIWKHGRXEOHEOLQGVWXG\PHGLFDWLRQ
1RVWDWLVWLFDOWHVWVZLOOEHSHUIRUPHGWRFRPSDUHWUHDWPHQWJURXSVDWEDVHOLQH

(IILFDF\$QDO\VHV
$OOHIILFDF\DQDO\VHVZLOOEHSHUIRUPHGXVLQJWKH5DQGRPL]HG6XEMHFWVGDWDVHW,QDGGLWLRQWKH
SULPDU\HIILFDF\DQDO\VLVZLOOEHSHUIRUPHGXVLQJWKH(YDOXDEOH6XEMHFWVGDWDVHWLI!RI
VXEMHFWVLQDQ\WUHDWPHQWJURXSKDYHUHOHYDQWSURWRFROGHYLDWLRQV
$OO DQDO\VHV ZLOO EH GRQH XVLQJ YDOXHV SULRU WR UHVFXHLQWHQVLILFDWLRQ RI WUHDWPHQW 9DOXHV
FROOHFWHGDIWHUWKLVWLPHZLOOEHH[FOXGHGIURPDQDO\VHV6HQVLWLYLW\DQDO\VHVZLOOEHFRQGXFWHG
IRUWKHSULPDU\HQGSRLQWXVLQJDOODYDLODEOHGDWDDQGDOVRXVLQJDOODYDLODEOHGDWDDQGLQFOXGLQJD
WLPHYDU\LQJFRYDULDWHZKLFKLQGLFDWHVUHVFXHVWDWXV6HQVLWLYLW\DQDO\VHVZLOODOVREHFRQGXFWHG
IRUHQGSRLQWVRIWRWDOERG\ZHLJKWVDW:HHNDQG:HHN)RUWKHHQGSRLQWRIWKHSURSRUWLRQ
RISDWLHQWVDFKLHYLQJDWKHUDSHXWLFJO\FHPLFUHVSRQVHDW:HHN:HHNDOODYDLODEOHGDWD
ZLOOEHXVHGEXWVXEMHFWVUHVFXHGSULRUWR:HHN:HHNZLOOEHWUHDWHGDVQRQUHVSRQGHUV
7KH FRPSDUDWRU JOLPHSLULGH SOXV PHWIRUPLQ ZLOO EH WHVWHG DJDLQVW VD[DJOLSWLQ LQ
FRDGPLQLVWUDWLRQ ZLWK GDSDJOLIOR]LQ SOXV PHWIRUPLQ IRU WKH SULPDU\ HIILFDF\ HQGSRLQW DW WKH
DOSKD OHYHOWZRVLGHG7KHVHFRQGDU\HIILFDF\HQGSRLQWVZLOOWKHQEHWHVWHGVHTXHQWLDOO\
HDFK FRPSDULVRQ WHVWHG DW WKH DOSKD  OHYHO WZRVLGHG 7KH IROORZLQJ WHVWLQJ KLHUDUFK\
VKRZQLQRUGHURIWKHVWHSZLVHWHVWLQJVHTXHQFHIRUWUHDWPHQWFRPSDULVRQVZLOOEHXVHG
x
0HDQFKDQJHIURPEDVHOLQHLQ+E$FDW:HHNSULPDU\HQGSRLQW
x
0HDQFKDQJHIURPEDVHOLQHLQWRWDOERG\ZHLJKWDW:HHN
x
3HUFHQWRIVXEMHFWVDFKLHYLQJDWKHUDSHXWLFJO\FHPLFUHVSRQVHGHILQHGDV+E$FDW
:HHN
x
0HDQFKDQJHIURPEDVHOLQHLQV\VWROLFEORRGSUHVVXUH6%3DW:HHN
x
7LPHWRWUHDWPHQWLQWHQVLILFDWLRQDGGLWLRQRILQVXOLQRURWKHUJOXFRVHORZHULQJDJHQWIRU
UHVFXH WKHUDS\ RU GLVFRQWLQXDWLRQ IRU ODFN RI JO\FHPLF FRQWURO GXULQJ WKH ZHHN
GRXEOHEOLQGWUHDWPHQWSHULRG

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

x
7LPHWRWUHDWPHQWLQWHQVLILFDWLRQDGGLWLRQRILQVXOLQRURWKHUJOXFRVHORZHULQJDJHQWIRU
UHVFXH WKHUDS\ RU GLVFRQWLQXDWLRQ IRU ODFN RI JO\FHPLF FRQWURO GXULQJ WKH ZHHN
WUHDWPHQWSHULRG
x
3URSRUWLRQ RI VXEMHFWV DFKLHYLQJ D WKHUDSHXWLF JO\FHPLF UHVSRQVH GHILQHG DV +E$F
DW:HHN


3ULPDU\(IILFDF\$QDO\VLV
7KH SULPDU\ HIILFDF\ DQDO\VLV RI +E$F DW :HHN  ZLOO EH SHUIRUPHG XVLQJ D ORQJLWXGLQDO
UHSHDWHGPHDVXUHVPRGHOZLWKWHUPVIRUWUHDWPHQWJURXSEDVHOLQHYDOXHWLPHWKHLQWHUDFWLRQRI
WUHDWPHQW DQG WLPH DQG WKH LQWHUDFWLRQ RI EDVHOLQH YDOXH DQG WLPH LQ WKH PRGHO LQFOXGLQJ
REVHUYDWLRQVSULRUWRUHVFXH3RLQWHVWLPDWHVDQGFRQILGHQFHLQWHUYDOVZLOOEHFDOFXODWHGIRU
WKHDGMXVWHGPHDQFKDQJHVZLWKLQHDFKWUHDWPHQWJURXSDVZHOODVIRUWKHGLIIHUHQFHVLQDGMXVWHG
PHDQFKDQJHVEHWZHHQWUHDWPHQWJURXSV
6HQVLWLYLW\DQDO\VHVIRU+E$FZLOOLQFOXGHDGGLWLRQDOUHSHDWHGPHDVXUHVDQDO\VHVDQGDQDO\VLV
RIFRYDULDQFH$1&29$DQDO\VHV7KHUHSHDWHGPHDVXUHVDQDO\VHVZLOOLQFOXGHWZRVHSDUDWH
DQDO\VHVLQFOXGLQJYDOXHVDIWHUUHVFXHDQGLQFOXGLQJDQGH[FOXGLQJDWLPHGHSHQGHQWFRYDULDWH
IRUUHVFXH7ZRVHSDUDWH$1&29$DQDO\VHVRIWKHFKDQJHIURPEDVHOLQHDW:HHNZLOOEH
SHUIRUPHGZLWKWHUPVIRUWUHDWPHQWJURXSDQGEDVHOLQHYDOXHLQWKHPRGHO2QHDQDO\VLVZLOOEH
EDVHGRQPHDVXUHPHQWVDW:HHNLISULRUWRUHVFXHLIDSSOLFDEOHRUWKHODVWSRVWEDVHOLQH
PHDVXUHPHQWSULRUWR:HHNDQGSULRUWRUHVFXHLIDSSOLFDEOHLIQR:HHNDVVHVVPHQWLV
DYDLODEOHHJODVWREVHUYDWLRQFDUULHGIRUZDUG>/2&)@7KHVHFRQGVHQVLWLYLW\DQDO\VLVXVLQJ
$1&29$ZLOOEHEDVHGRQDOOVXEMHFWVFRPSOHWLQJWKHGRXEOHEOLQGWUHDWPHQWSHULRGZLWKRXW
UHTXLULQJJO\FHPLFUHVFXHWKHUDS\

6HFRQGDU\(IILFDF\$QDO\VHV
,QRUGHUWRSURWHFWWKHRYHUDOOW\SH,HUURUUDWHWKHLQWHUSUHWDWLRQRIWKHVWDWLVWLFDOVLJQLILFDQFHRI
WUHDWPHQW FRPSDULVRQV IRU HDFK VHFRQGDU\ HIILFDF\ HQGSRLQW ZLOO EH GRQH XVLQJ D VWHSZLVH
SURFHGXUHDVRXWOLQHGLQ6HFWLRQ
7KHDQDO\VLVRIFKDQJHIURPEDVHOLQHIRUWRWDOERG\ZHLJKWDQGV\VWROLFEORRGSUHVVXUHZLOOEH
SHUIRUPHG XVLQJ WKH VDPH ORQJLWXGLQDO UHSHDWHG PHDVXUHV PRGHO DV IRU WKH SULPDU\ HIILFDF\
HQGSRLQW
7KH SURSRUWLRQ RI VXEMHFWV DFKLHYLQJ D WKHUDSHXWLF JO\FHPLF UHVSRQVH GHILQHG DV +E$F
 DW :HHN  DQG :HHN  ZLOO EH VXPPDUL]HG E\ WUHDWPHQW JURXS DQG FRPSDUHG
EHWZHHQ WUHDWPHQW JURXSV XVLQJ ORJLVWLF UHJUHVVLRQ ZLWK DGMXVWPHQW IRU EDVHOLQH +E$F7KH
FRQILGHQFHLQWHUYDOVIRUWKHUHVSRQVHUDWHZLWKLQHDFKWUHDWPHQWJURXSRGGVUDWLRDQG
FRQILGHQFHLQWHUYDOVIRURGGVUDWLRZLOOEHFDOFXODWHG6XEMHFWVZKRDUHUHVFXHGGLVFRQWLQXHGRU
KDYH PLVVHG PHDVXUHPHQWV DW :HHN W W    DQG  UHVSHFWLYHO\ ZLOO EH FRQVLGHUHG QRW
DFKLHYLQJJO\FHPLFUHVSRQVH

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

7LPH WR WUHDWPHQW LQWHQVLILFDWLRQ ZLOO EH DQDO\]HG XVLQJ D &R[ SURSRUWLRQDO KD]DUGV PRGHO
(VWLPDWHV RI WKH KD]DUG UDWLR DQG  FRQILGHQFH LQWHUYDOV ZLOO EH SURYLGHG .DSODQ0HLHU
HVWLPDWHV ZLOO EH FDOFXODWHG DQG SORWWHG E\ WUHDWPHQW JURXS )RU WKH DQDO\VLV GXULQJ
ZHHNVDOOVXEMHFWVZLOOEHFHQVRUHGDWZHHNVLIWUHDWPHQWLQWHQVLILFDWLRQKDV
QRWRFFXUUHGE\WKHQ6XEMHFWVUHVFXHGDW:HHNZLOOEHFRXQWHGDVKDYLQJDQHYHQWIRU
WKHDQDO\VLV

2WKHU(IILFDF\$QDO\VHV
$QDO\VHVIRURWKHUHIILFDF\REMHFWLYHVZLOOXVHWKHVDPHPHWKRGRORJ\IRUFRQWLQXRXVHQGSRLQWV
DVGHVFULEHGDERYH)RUFRPSRVLWHUHVSRQVHHQGSRLQWVJO\FHPLFFRQWUROZLWKRXWK\SRJO\FHPLD
RUZHLJKWJDLQWKHSURSRUWLRQRIVXEMHFWVDFKLHYLQJWDUJHWVZLOOEHVXPPDUL]HGE\WUHDWPHQW
JURXSZLWKRXWDGMXVWPHQWIRUEDVHOLQH$OOH[SORUDWRU\HQGSRLQWVZLOOQRWEHVWDWLVWLFDOO\WHVWHG

6DIHW\$QDO\VHV
7KHQXPEHUDQGSHUFHQWRIVXEMHFWVZLWKDWOHDVWRQHDGYHUVHHYHQWZLOOEHVXPPDUL]HGIRUHDFK
WUHDWPHQWJURXSLQFOXGLQJVXPPDULHVRI$(V6$(V$(VOHDGLQJWRGLVFRQWLQXDWLRQRIVWXG\
PHGLFDWLRQDQG$(VRIVSHFLDOLQWHUHVW6XPPDULHVZLOOLQFOXGHWKHQXPEHURIVXEMHFWVZLWK
HYHQWVE\VSHFLILHG6\VWHP2UJDQ&ODVV62&DQG3UHIHUUHG7HUPV37V
$GGLWLRQDOO\WKHLQFLGHQFHRI$(VDQGIUHTXHQF\RIUHFXUULQJ$(VZLOOEHVXPPDUL]HGIRUHDFK
WUHDWPHQWJURXSIRUERWKIUHTXHQWHYHQWVRFFXUULQJLQDWOHDVWRIVXEMHFWVDQGIRUVHOHFWHG
$(VRIVSHFLDOLQWHUHVW
9DOXHV DQG FKDQJHV IURP EDVHOLQH DW HDFK VFKHGXOHG WLPH SRLQW IRU FOLQLFDO ODERUDWRU\
SDUDPHWHUVERG\ZHLJKWDQGYLWDOVLJQVLQFOXGLQJVHDWHG%3DQG+5ZLOOEHVXPPDUL]HGE\
WUHDWPHQW JURXS XVLQJ GHVFULSWLYH VWDWLVWLFV 7KH QRUPDOLW\DEQRUPDOLW\ RI (&* WUDFLQJV DV
GHWHUPLQHGE\WKHLQYHVWLJDWRUZLOOEHVXPPDUL]HGE\VKLIWWDEOHVRYHUDOODQGE\(&*WUDFLQJDW
EDVHOLQH 7KH QXPEHU DQG SHUFHQW RI VXEMHFWV ZLWK ODERUDWRU\ YDOXHV PHHWLQJ PDUNHG
DEQRUPDOLW\ FULWHULD ZLOO EH VXPPDUL]HG IRU HDFK WUHDWPHQW JURXS 2WKHU VDIHW\ DVVHVVPHQWV
LQFOXGLQJ VHUXP FUHDWLQLQH DQG &U&O E\ WKH &RFNFURIW*DXOW HTXDWLRQ DQG H*)5 E\ WKH
0RGLILFDWLRQRI'LHWLQ5HQDO'LVHDVH0'5'HTXDWLRQZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXS
XVLQJGHVFULSWLYHVWDWLVWLFVRIYDOXHVDQGFKDQJHVIURPEDVHOLQHDWHDFKVFKHGXOHGWLPHSRLQW
6DIHW\ DQDO\VHV IRU WKH ZHHN GRXEOHEOLQG WUHDWPHQW SHULRG DQG FRPELQHG VKRUWWHUP DQG
ORQJWHUPWUHDWPHQWSHULRGVZLOOEHSHUIRUPHGXVLQJWKH7UHDWHG6XEMHFWVGDWDVHWLQFOXGLQJGDWD
DIWHUUHVFXH$GGLWLRQDODQDO\VHVIRUDGYHUVHHYHQWVDQGODERUDWRU\PDUNHGDEQRUPDOLWLHVZLOOEH
SHUIRUPHGH[FOXGLQJGDWDDIWHUUHVFXH7KHSULPDU\DQDO\VHVRIHYHQWVRIK\SRJO\FHPLDZLOOEH
SHUIRUPHGH[FOXGLQJGDWDDIWHUUHVFXH

3KDUPDFRNLQHWLF$QDO\VHV
1RWDSSOLFDEOH

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE


%LRPDUNHU$QDO\VHV
7KHH[SORUDWRU\ELRPDUNHUPHDVXUHPHQWVRIKV&53DQG17SUR%13ZLOOEHVXPPDUL]HGZLWK
GHVFULSWLYHVWDWLVWLFVE\WUHDWPHQW

2XWFRPHV5HVHDUFK$QDO\VHV

3DWLHQWUHSRUWHGRXWFRPHV352
0HDQFKDQJHIURPEDVHOLQHLQSDWLHQWUHSRUWHGWUHDWPHQWVDWLVIDFWLRQTXDOLW\RIOLIHDQGEDUULHUV
WRPHGLFDWLRQDGKHUHQFHZLOOEHDQDO\]HGXVLQJORQJLWXGLQDOUHSHDWHGPHDVXUHVPRGHOZLWKWHUPV
IRU WUHDWPHQW JURXS EDVHOLQH YDOXH WLPH WKH LQWHUDFWLRQ RI WUHDWPHQW DQG WLPH DQG WKH
LQWHUDFWLRQ RI EDVHOLQH YDOXH DQG WLPH 3RLQW HVWLPDWHV DQG  FRQILGHQFH LQWHUYDOV ZLOO EH
FDOFXODWHG IRU WKH DGMXVWHG PHDQ FKDQJHV ZLWKLQ HDFK WUHDWPHQW JURXS DV ZHOO DV IRU WKH
GLIIHUHQFHVLQDGMXVWHGPHDQFKDQJHVEHWZHHQWUHDWPHQWJURXSV

6XEJURXSDQDO\VLV
6XEJURXSDQDO\VHVIRUDJHJHQGHUUDFHIHPDOHDJHUHJLRQDQGEDVHOLQH+E$FFDWHJRU\IRU
FRQWLQXRXV HQGSRLQWV ZLOO EH DQDO\]HG DV ZDV GRQH IRU WKH RULJLQDO DQDO\VLV EXW IRU WKH
DSSOLFDEOHVXEVHWRISDWLHQWV,QWHUDFWLRQWHVWVZLOOEHSHUIRUPHGIRUWLPHWRHYHQWDQGFRQWLQXRXV
HQGSRLQWVXVLQJWKHRULJLQDOPRGHOZLWKWUHDWPHQWLQWHUDFWLRQWHUPVDGGHG

2WKHU$QDO\VHV
1RWDSSOLFDEOH

,QWHULP$QDO\VHV
1RWDSSOLFDEOH

678'<0$1$*(0(17

&RPSOLDQFH

&RPSOLDQFHZLWKWKH3URWRFRODQG3URWRFRO5HYLVLRQV
7KHVWXG\VKDOOEHFRQGXFWHGDVGHVFULEHGLQWKLVDSSURYHGSURWRFRO$OOUHYLVLRQVWRWKHSURWRFRO
PXVWEHGLVFXVVHGZLWKDQGEHSUHSDUHGE\WKH6SRQVRU7KHLQYHVWLJDWRUVKRXOGQRWLPSOHPHQW
DQ\GHYLDWLRQRUFKDQJHWRWKHSURWRFROZLWKRXWSULRUUHYLHZDQGGRFXPHQWHGDSSURYDOIDYRUDEOH
RSLQLRQIURPWKH,5%,(&RIDQDPHQGPHQWH[FHSWZKHUHQHFHVVDU\WRHOLPLQDWHDQLPPHGLDWH
KD]DUGVWRVWXG\VXEMHFWV
,IDGHYLDWLRQRUFKDQJHWRDSURWRFROLVLPSOHPHQWHGWRHOLPLQDWHDQLPPHGLDWHKD]DUGVSULRU
WRREWDLQLQJ,5%,(&DSSURYDOIDYRUDEOHRSLQLRQDVVRRQDVSRVVLEOHWKHGHYLDWLRQRUFKDQJH
ZLOOEHVXEPLWWHGWR
x
,5%,(&IRUUHYLHZDQGDSSURYDOIDYRUDEOHRSLQLRQ
x
7KH6SRQVRU

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

x
5HJXODWRU\$XWKRULW\LHVLIUHTXLUHGE\ORFDOUHJXODWLRQV
x
'RFXPHQWDWLRQRIDSSURYDOVLJQHGE\WKHFKDLUSHUVRQRUGHVLJQHHRIWKH,5%V,(&VPXVW
EHVHQWWRWKH6SRQVRU

,I DQ DPHQGPHQW VXEVWDQWLDOO\ DOWHUV WKH VWXG\ GHVLJQ RU LQFUHDVHV WKH SRWHQWLDO ULVN WR WKH
VXEMHFWWKHFRQVHQWIRUPPXVWEHUHYLVHGDQGVXEPLWWHGWRWKH,5%V,(&VIRUUHYLHZDQG
DSSURYDOIDYRUDEOHRSLQLRQWKHUHYLVHGIRUPPXVWEHXVHGWRREWDLQFRQVHQWIURPVXEMHFWV
FXUUHQWO\HQUROOHGLQWKHVWXG\LIWKH\DUHDIIHFWHGE\WKHDPHQGPHQWDQGWKHQHZIRUPPXVW
EHXVHGWRREWDLQFRQVHQWIURPQHZVXEMHFWVSULRUWRHQUROOPHQW
,IWKHUHYLVLRQLVGRQHYLDDQDGPLQLVWUDWLYHOHWWHULQYHVWLJDWRUVPXVWLQIRUPWKHLU,5%V,(&V

0RQLWRULQJ
6SRQVRU UHSUHVHQWDWLYHV ZLOO UHYLHZ GDWD FHQWUDOO\ WR LGHQWLI\ SRWHQWLDO LVVXHV WR GHWHUPLQH D
VFKHGXOHRIRQVLWHYLVLWVIRUWDUJHWHGUHYLHZRIVWXG\UHFRUGV
6SRQVRUUHSUHVHQWDWLYHVPXVWEHDOORZHGWRYLVLWDOOVWXG\VLWHORFDWLRQVSHULRGLFDOO\WRDVVHVVWKH
GDWD TXDOLW\ DQG VWXG\ LQWHJULW\ 2Q VLWH WKH\ ZLOO UHYLHZ VWXG\ UHFRUGV DQG GLUHFWO\ FRPSDUH
WKHPZLWKVRXUFHGRFXPHQWVGLVFXVVWKHFRQGXFWRIWKHVWXG\ZLWKWKHLQYHVWLJDWRUDQGYHULI\
WKDWWKHIDFLOLWLHVUHPDLQDFFHSWDEOH&HUWDLQ&5)SDJHVDQGRUHOHFWURQLFILOHVPD\VHUYHDVWKH
VRXUFHGRFXPHQWV&*0GDWDILQJHUVWLFNEORRGJOXFRVHYDOXHVUHFRUGHGLQWKHGLDU\DQGPHWHU
GDWD60%*VDQGWKHGLDU\GDWDDVQRWHGLQ6HFWLRQ
,Q DGGLWLRQ WKH VWXG\ PD\ EH HYDOXDWHG E\ WKH 6SRQVRU¶V LQWHUQDO DXGLWRUV DQG JRYHUQPHQW
LQVSHFWRUVZKRPXVWEHDOORZHGDFFHVVWR&5)VVRXUFHGRFXPHQWVRWKHUVWXG\ILOHVDQGVWXG\
IDFLOLWLHV$XGLWUHSRUWVZLOOEHNHSWFRQILGHQWLDO
7KHLQYHVWLJDWRUPXVWQRWLI\WKH6SRQVRUSURPSWO\RIDQ\LQVSHFWLRQVVFKHGXOHGE\5HJXODWRU\
$XWKRULWLHVDQGSURPSWO\IRUZDUGFRSLHVRILQVSHFWLRQUHSRUWVWRWKH6SRQVRU

6RXUFH'RFXPHQWDWLRQ
7KH LQYHVWLJDWRU LV UHVSRQVLEOH IRU HQVXULQJ WKDW WKH VRXUFH GDWD DUH DFFXUDWH OHJLEOH
FRQWHPSRUDQHRXV RULJLQDO DQG DWWULEXWDEOH ZKHWKHU WKH GDWD DUH KDQGZULWWHQ RQ SDSHU RU
HQWHUHGHOHFWURQLFDOO\,IVRXUFHGDWDDUHFUHDWHGILUVWHQWHUHGPRGLILHGPDLQWDLQHGDUFKLYHG
UHWULHYHG RU WUDQVPLWWHG HOHFWURQLFDOO\ YLD FRPSXWHUL]HG V\VWHPV DQGRU DQ\ RWKHU NLQG RI
HOHFWURQLFGHYLFHVDVSDUWRIUHJXODWHGFOLQLFDOWULDODFWLYLWLHVVXFKV\VWHPVPXVWEHFRPSOLDQW
ZLWKDOODSSOLFDEOHODZVDQGUHJXODWLRQVJRYHUQLQJXVHRIHOHFWURQLFUHFRUGVDQGRUHOHFWURQLF
VLJQDWXUHV6XFKV\VWHPVPD\LQFOXGHEXWDUHQRWOLPLWHGWRHOHFWURQLFPHGLFDOKHDOWKUHFRUGV
>(05V(+5V@ DGYHUVH HYHQW WUDFNLQJUHSRUWLQJ SURWRFRO UHTXLUHG DVVHVVPHQWV DQGRU GUXJ
DFFRXQWDELOLW\UHFRUGV
:KHQ SDSHU UHFRUGV IURP VXFK V\VWHPV DUH XVHG LQ SODFH RI HOHFWURQLF IRUPDW WR SHUIRUP
UHJXODWHGDFWLYLWLHVVXFKSDSHUUHFRUGVVKRXOGEHFHUWLILHGFRSLHV$FHUWLILHGFRS\FRQVLVWVRID

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

FRS\RIRULJLQDOLQIRUPDWLRQWKDWKDVEHHQYHULILHGDVLQGLFDWHGE\DGDWHGVLJQDWXUHDVDQH[DFW
FRS\KDYLQJDOORIWKHVDPHDWWULEXWHVDQGLQIRUPDWLRQDVWKHRULJLQDO

,QYHVWLJDWLRQDO6LWH7UDLQLQJ
7KH6SRQVRUZLOOSURYLGHTXDOLW\LQYHVWLJDWLRQDOVWDIIWUDLQLQJSULRUWRVWXG\LQLWLDWLRQ7UDLQLQJ
WRSLFV ZLOO LQFOXGH EXW DUH QRW OLPLWHG WR *&3 $( UHSRUWLQJ VWXG\ GHWDLOV DQG SURFHGXUH
HOHFWURQLF&5)VVWXG\GRFXPHQWDWLRQLQIRUPHGFRQVHQWDQGHQUROOPHQWRI:2&%3

5HFRUGV

5HFRUGV5HWHQWLRQ
7KHLQYHVWLJDWRUPXVWUHWDLQDOOVWXG\UHFRUGVDQGVRXUFHGRFXPHQWVIRUWKHPD[LPXPSHULRG
UHTXLUHG E\ DSSOLFDEOH UHJXODWLRQV DQG JXLGHOLQHV RU LQVWLWXWLRQ SURFHGXUHV RU IRU WKH SHULRG
VSHFLILHGE\WKH6SRQVRUZKLFKHYHULVORQJHU7KHLQYHVWLJDWRUPXVWFRQWDFWWKH6SRQVRUSULRUWR
GHVWUR\LQJDQ\UHFRUGVDVVRFLDWHGZLWKWKHVWXG\
7KH6SRQVRUZLOOQRWLI\WKHLQYHVWLJDWRUZKHQWKHVWXG\UHFRUGVDUHQRORQJHUQHHGHG
,I WKH LQYHVWLJDWRU ZLWKGUDZV IURP WKH VWXG\ HJ UHORFDWLRQ UHWLUHPHQW WKH UHFRUGV VKDOO EH
WUDQVIHUUHGWRDPXWXDOO\DJUHHGXSRQGHVLJQHHHJDQRWKHULQYHVWLJDWRU,5%1RWLFHRIVXFK
WUDQVIHUZLOOEHJLYHQLQZULWLQJWRWKH6SRQVRU

6WXG\'UXJ5HFRUGV
,WLVWKHUHVSRQVLELOLW\RIWKHLQYHVWLJDWRUWRHQVXUHWKDWDFXUUHQWGLVSRVLWLRQUHFRUGRIVWXG\GUXJ
LQYHQWRULHG DQG GLVSHQVHG LV PDLQWDLQHG DW WKH VWXG\ VLWH WR LQFOXGH ,03 DQG WKH IROORZLQJ
QRQ,03V5HFRUGVRUORJVPXVWFRPSO\ZLWKDSSOLFDEOHUHJXODWLRQVDQGJXLGHOLQHVDQGVKRXOG
LQFOXGH
x
DPRXQWUHFHLYHGDQGSODFHGLQVWRUDJHDUHD
x
DPRXQWFXUUHQWO\LQVWRUDJHDUHD
x
ODEHOLGHQWLILFDWLRQQXPEHURUEDWFKQXPEHU
x
DPRXQWGLVSHQVHGWRDQGUHWXUQHGE\HDFKVXEMHFWLQFOXGLQJXQLTXHVXEMHFWLGHQWLILHUV
x
DPRXQWWUDQVIHUUHGWRDQRWKHUDUHDVLWHIRUGLVSHQVLQJRUVWRUDJH
x
QRQVWXG\GLVSRVLWLRQHJORVWZDVWHG
x
DPRXQWGHVWUR\HGDWVWXG\VLWHLIDSSOLFDEOH
x
DPRXQWUHWXUQHGWRWKH6SRQVRU
x
UHWDLQVDPSOHVIRUELRDYDLODELOLW\ELRHTXLYDOHQFHLIDSSOLFDEOH
x
GDWHV DQG LQLWLDOV RI SHUVRQ UHVSRQVLEOH IRU ,03 GLVSHQVLQJDFFRXQWDELOLW\ DV SHU WKH
'HOHJDWLRQRI$XWKRULW\)RUP

7KH6SRQVRUZLOOSURYLGHIRUPVWRIDFLOLWDWHLQYHQWRU\FRQWUROLIWKHLQYHVWLJDWLRQDOVLWHGRHVQRW
KDYHDQHVWDEOLVKHGV\VWHPWKDWPHHWVWKHVHUHTXLUHPHQWV

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE


&DVH5HSRUW)RUPV
$QLQYHVWLJDWRULVUHTXLUHGWRSUHSDUHDQGPDLQWDLQDGHTXDWHDQGDFFXUDWHFDVHKLVWRULHVGHVLJQHG
WRUHFRUGDOOREVHUYDWLRQVDQGRWKHUGDWDSHUWLQHQWWRWKHLQYHVWLJDWLRQRQHDFKLQGLYLGXDOWUHDWHG
RUHQWHUHGDVDFRQWUROLQWKHLQYHVWLJDWLRQ'DWDWKDWDUHGHULYHGIURPVRXUFHGRFXPHQWVDQG
UHSRUWHGRQWKH&5)PXVWEHFRQVLVWHQWZLWKWKHVRXUFHGRFXPHQWVRUWKHGLVFUHSDQFLHVPXVWEH
H[SODLQHG$GGLWLRQDOFOLQLFDOLQIRUPDWLRQPD\EHFROOHFWHGDQGDQDO\]HGLQDQHIIRUWWRHQKDQFH
XQGHUVWDQGLQJRISURGXFWVDIHW\&5)VPD\EHUHTXHVWHGIRU$(VDQGRUODERUDWRU\DEQRUPDOLWLHV
WKDWDUHUHSRUWHGRULGHQWLILHGGXULQJWKHFRXUVHRIWKHVWXG\
)RUVLWHVXVLQJWKH6SRQVRU¶VHOHFWURQLFGDWDFDSWXUHWRROHOHFWURQLF&5)VZLOOEHSUHSDUHGIRU
DOOGDWDFROOHFWLRQILHOGVH[FHSWIRUILHOGVVSHFLILFWR6$(VDQGSUHJQDQF\ZKLFKZLOOEHUHSRUWHG
RQWKHSDSHURUHOHFWURQLF6$(IRUPDQG3UHJQDQF\6XUYHLOODQFHIRUPUHVSHFWLYHO\6SDFHVPD\
EHOHIWEODQNRQO\LQWKRVHFLUFXPVWDQFHVSHUPLWWHGE\VWXG\VSHFLILF&5)FRPSOHWLRQJXLGHOLQHV
SURYLGHGE\WKH6SRQVRU
7KH FRQILGHQWLDOLW\ RI UHFRUGV WKDW FRXOG LGHQWLI\ VXEMHFWV PXVW EH SURWHFWHG UHVSHFWLQJ WKH
SULYDF\DQGFRQILGHQWLDOLW\UXOHVLQDFFRUGDQFHZLWKWKHDSSOLFDEOHUHJXODWRU\UHTXLUHPHQWV
7KHLQYHVWLJDWRUZLOOPDLQWDLQDVLJQDWXUHVKHHWWRGRFXPHQWVLJQDWXUHVDQGLQLWLDOVRIDOOSHUVRQV
DXWKRUL]HGWRPDNHHQWULHVDQGRUFRUUHFWLRQVRQ&5)V
7KHFRPSOHWHG&5)LQFOXGLQJDQ\SDSHURUHOHFWURQLF6$(SUHJQDQF\&5)VPXVWEHSURPSWO\
UHYLHZHGVLJQHGDQGGDWHGE\WKHLQYHVWLJDWRURUTXDOLILHGSK\VLFLDQZKRLVDVXELQYHVWLJDWRU
DQGZKRLVGHOHJDWHGWKLVWDVNRQWKH'HOHJDWLRQRI$XWKRULW\)RUP)RUHOHFWURQLF&5)VUHYLHZ
DQGDSSURYDOVLJQDWXUHLVFRPSOHWHGHOHFWURQLFDOO\WKURXJKWKH6SRQVRU¶VHOHFWURQLFGDWDFDSWXUH
WRRO 7KH LQYHVWLJDWRU PXVW UHWDLQ D FRS\ RI WKH &5)V LQFOXGLQJ UHFRUGV RI WKH FKDQJHV DQG
FRUUHFWLRQV
(DFK LQGLYLGXDO HOHFWURQLFDOO\ VLJQLQJ HOHFWURQLF &5)V PXVW PHHW WKH 6SRQVRU¶V WUDLQLQJ
UHTXLUHPHQWVDQGPXVWRQO\DFFHVVWKH6SRQVRU¶VHOHFWURQLFGDWDFDSWXUHWRROXVLQJWKHXQLTXH
XVHUDFFRXQWSURYLGHGE\WKH6SRQVRU8VHUDFFRXQWVDUHQRWWREHVKDUHGRUUHDVVLJQHGWRRWKHU
LQGLYLGXDOV

&OLQLFDO6WXG\5HSRUWDQG3XEOLFDWLRQV
$6LJQDWRU\,QYHVWLJDWRUPXVWEHVHOHFWHGWRVLJQWKHFOLQLFDOVWXG\UHSRUW
)RU WKLV SURWRFRO WKH 6LJQDWRU\ ,QYHVWLJDWRU ZLOO EH VHOHFWHG DV DSSURSULDWH EDVHG RQ WKH
IROORZLQJFULWHULD
x
1DWLRQDO&RRUGLQDWLQJ,QYHVWLJDWRU
x
6XEMHFWUHFUXLWPHQWHJDPRQJWKHWRSTXDUWLOHRIHQUROOHUV
x
5HJLRQDO UHSUHVHQWDWLRQ HJ DPRQJ WRS TXDUWLOH RI HQUROOHUV IURP D VSHFLILHG UHJLRQ RU
FRXQWU\
x
2WKHUFULWHULDDVGHWHUPLQHGE\WKHVWXG\WHDP


&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

7KH GDWD FROOHFWHG GXULQJ WKLV VWXG\ DUH FRQILGHQWLDO DQG SURSULHWDU\ WR WKH 6SRQVRU $Q\
SXEOLFDWLRQV RU DEVWUDFWV DULVLQJ IURP WKLV VWXG\ UHTXLUH DSSURYDO E\ WKH 6SRQVRU SULRU WR
SXEOLFDWLRQ RU SUHVHQWDWLRQ DQG PXVW DGKHUH WR WKH 6SRQVRU¶V SXEOLFDWLRQ UHTXLUHPHQWV DV VHW
IRUWKLQWKHDSSURYHGFOLQLFDOWULDODJUHHPHQW&7$$OOGUDIWSXEOLFDWLRQVLQFOXGLQJDEVWUDFWVRU
GHWDLOHG VXPPDULHV RI DQ\ SURSRVHG SUHVHQWDWLRQV PXVW EH VXEPLWWHG WR WKH 6SRQVRU DW WKH
HDUOLHVWSUDFWLFDEOHWLPHIRUUHYLHZEXWDWDQ\HYHQWQRWOHVVWKDQGD\VEHIRUHVXEPLVVLRQRU
SUHVHQWDWLRQXQOHVVRWKHUZLVHVHWIRUWKLQWKH&7$7KH6SRQVRUVKDOOKDYHWKHULJKWWRGHOHWHDQ\
FRQILGHQWLDORUSURSULHWDU\LQIRUPDWLRQFRQWDLQHGLQDQ\SURSRVHGSUHVHQWDWLRQRUDEVWUDFWDQG
PD\GHOD\SXEOLFDWLRQIRUXSWRGD\VIRUSXUSRVHVRIILOLQJDSDWHQWDSSOLFDWLRQ

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE


*/266$5<2)7(506
7HUP
'HILQLWLRQ
&RPSOHWH$EVWLQHQFH
,IRQHIRUPRIFRQWUDFHSWLRQLVUHTXLUHG&RPSOHWH$EVWLQHQFHLVGHILQHGDVFRPSOHWH
DYRLGDQFHRIKHWHURVH[XDOLQWHUFRXUVHDQGLVDQDFFHSWDEOHIRUPRIFRQWUDFHSWLRQIRU
DOOVWXG\GUXJV:2&%3VXEMHFWVPXVWFRQWLQXHWRKDYHSUHJQDQF\WHVWV$FFHSWDEOH
DOWHUQDWHPHWKRGVRIKLJKO\HIIHFWLYHFRQWUDFHSWLRQPXVWEHGLVFXVVHGLQWKHHYHQW
WKDWWKHVXEMHFWFKRRVHVWRIRUHJRFRPSOHWHDEVWLQHQFH
,IWZRIRUPVRIFRQWUDFHSWLRQLVUHTXLUHG&RPSOHWHDEVWLQHQFHLVGHILQHGDV
FRPSOHWHDYRLGDQFHRIKHWHURVH[XDOLQWHUFRXUVHDQGLVDQDFFHSWDEOHIRUPRI
FRQWUDFHSWLRQIRUDOOVWXG\GUXJV6XEMHFWVZKRFKRRVHFRPSOHWHDEVWLQHQFHDUHQRW
UHTXLUHGWRXVHDVHFRQGPHWKRGRIFRQWUDFHSWLRQEXW:2&%3VXEMHFWVPXVW
FRQWLQXHWRKDYHSUHJQDQF\WHVWV$FFHSWDEOHDOWHUQDWHPHWKRGVRIKLJKO\HIIHFWLYH
FRQWUDFHSWLRQPXVWEHGLVFXVVHGLQWKHHYHQWWKDWWKHVXEMHFWFKRRVHVWRIRUHJR
FRPSOHWHDEVWLQHQFH
([SDQGHGGHILQLWLRQ&RPSOHWHDEVWLQHQFHDVGHILQHGDVFRPSOHWHDYRLGDQFHRI
KHWHURVH[XDOLQWHUFRXUVHLVDQDFFHSWDEOHIRUPRIFRQWUDFHSWLRQIRUDOOVWXG\GUXJV
7KLVDOVRPHDQVWKDWDEVWLQHQFHLVWKHSUHIHUUHGDQGXVXDOOLIHVW\OHRIWKHSDWLHQW
7KLVGRHVQRWPHDQSHULRGLFDEVWLQHQFHHJFDOHQGDURYXODWLRQV\PSWRWKHUPDO
SURIHVVLRQRIDEVWLQHQFHIRUHQWU\LQWRDFOLQLFDOWULDOSRVWRYXODWLRQPHWKRGVDQG
ZLWKGUDZDOZKLFKDUHQRWDFFHSWDEOHPHWKRGVRIFRQWUDFHSWLRQ6XEMHFWVZKR
FKRRVHFRPSOHWHDEVWLQHQFHDUHQRWUHTXLUHGWRXVHDVHFRQGPHWKRGRI
FRQWUDFHSWLRQEXW:2&%3VXEMHFWVPXVWFRQWLQXHWRKDYHSUHJQDQF\WHVWV
$FFHSWDEOHDOWHUQDWHPHWKRGVRIKLJKO\HIIHFWLYHFRQWUDFHSWLRQPXVWEHGLVFXVVHGLQ
WKHHYHQWWKDWWKHVXEMHFWFKRRVHVWRIRUHJRFRPSOHWHDEVWLQHQFH


&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE


/,672)$%%5(9,$7,216
7HUP
'HILQLWLRQ
$'$
$PHULFDQ'LDEHWHV$VVRFLDWLRQ
$(
DGYHUVHHYHQW
$/7
DODQLQHDPLQRWUDQVIHUDVH
$0RUDP
0RUQLQJDQWHPHULGLDQ
$129$
DQDO\VLVRIYDULDQFH
D377
DFWLYDWHGSDUWLDOWKURPERSODVWLQWLPH
$67
DVSDUWDWHDPLQRWUDQVIHUDVH
$7
DPLQRWUDQVDPLQDVHV
$8&
DUHDXQGHUWKHFRQFHQWUDWLRQWLPHFXUYH
$9
DWULRYHQWULFXODU
$VWUD=HQHFD$%
$=
%0,
ERG\PDVVLQGH[
%3
EORRGSUHVVXUH
&
&HOVLXV
&D
FDOFLXP
&$%*
&RURQDU\$UWHU\%\SDVV*UDIW
&DYJ
DYHUDJHFRQFHQWUDWLRQ
&%&
FRPSOHWHEORRGFRXQW
&)5
&RGHRI)HGHUDO5HJXODWLRQV
&*0
&RQWLQXRXV*OXFRVH0RQLWRULQJ
&,
FRQILGHQFHLQWHUYDO
&
FKORULGH
FP
FHQWLPHWHU
&PD[&0$;
PD[LPXPREVHUYHGFRQFHQWUDWLRQ
&PLQ&0,1
WURXJKREVHUYHGFRQFHQWUDWLRQ
&5&
&OLQLFDO5HVHDUFK&HQWHU
&U&O
FUHDWLQLQHFOHDUDQFH
&5)
&DVH5HSRUW)RUPSDSHURUHOHFWURQLF
&7$
&OLQLFDO7ULDO$JUHHPHQW

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

7HUP
'HILQLWLRQ
&63
&OLQLFDO6DIHW\3URJUDP
&9
FDUGLRYDVFXODU
'&
GLVFRQWLQXH
'.$
GLDEHWLFNHWRDFLGRVLV
G/
GHFLOLWHU
'33
GLSHSWLG\OSHSWLGDVHLQKLELWRU
(&*
HOHFWURFDUGLRJUDP
H&5)
(OHFWURQLF&DVH5HSRUW)RUP
('&
(OHFWURQLF'DWD&DSWXUH
HJ
H[HPSOLJUDWLDIRUH[DPSOH
(27
(QGRI7UHDWPHQW9LVLW
(65
([SHGLWHG6DIHW\5HSRUW
(8
(XURSHDQ8QLRQ
)3*
)DVWLQJ3ODVPD*OXFRVH
)'$
)RRGDQG'UXJ$GPLQLVWUDWLRQ
))$
)UHHIDWW\DFLGV
)6+
IROOLFOHVWLPXODWLQJKRUPRQH
J
JUDP
*,
*DVWURLQWHVWLQDO
*&3
*RRG&OLQLFDO3UDFWLFH
H*)5
(VWLPDWHGJORPHUXODUILOWUDWLRQUDWH
**7
JDPPDJOXWDP\OWUDQVIHUDVH
*,3
*DVWULFLQKLELWRU\SRO\SHSWLGH
*/3
*OXFDJRQOLNHSHSWLGH
KURUK
KRXU
+E$F
JO\FRV\ODWHGKHPRJORELQ
+%V$J
KHSDWLWLV%VXUIDFHDQWLJHQ
+%9
KHSDWLWLV%YLUXV
+&*
+XPDQ&KRULRQLF*RQDGRWURSLQ
+&9
KHSDWLWLV&YLUXV
+'/&
+LJKGHQVLW\OLSRSURWHLQFKROHVWHURO

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

7HUP
'HILQLWLRQ
+,9
+XPDQ,PPXQRGHILFLHQF\9LUXV
+5
KHDUWUDWH
+57
KRUPRQHUHSODFHPHQWWKHUDS\
,%
,QYHVWLJDWLRQ%URFKXUH
,&'
,QWHUQDWLRQDO&ODVVLILFDWLRQRI'LVHDVHV
,&+
,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ
LH
LGHVWWKDWLV
,(&
,QGHSHQGHQW(WKLFV&RPPLWWHH
,03
LQYHVWLJDWLRQDOPHGLFLQDOSURGXFW
,1'
,QYHVWLJDWLRQDO1HZ'UXJ([HPSWLRQ
,5%
,QVWLWXWLRQDO5HYLHZ%RDUG
,77
,QWHQWWR7UHDW
,8
,QWHUQDWLRQDO8QLW
,9
LQWUDYHQRXV
,956
,QWHUDFWLYH9RLFH5HVSRQVH6\VWHP
.
VORSHRIWKHWHUPLQDOSKDVHRIWKHORJFRQFHQWUDWLRQWLPHFXUYH
.
SRWDVVLXP
NJ
NLORJUDP
/
OLWHU
/'+
ODFWDWHGHK\GURJHQDVH
/'/&
/RZGHQVLW\OLSRSURWHLQFKROHVWHURO
//&
/LYHUOLSLGFRQWHQW
/2&)
/DVWREVHUYDWLRQFDUULHGIRUZDUG
0RUP
0HWHU
0$*(
PHDQDPSOLWXGHRIJOXFRVHH[FXUVLRQV
PD[
0D[LPXP
0&+
0HDQFHOOKHPRJORELQ
0&+&
0HDQFHOOKHPRJORELQFRQFHQWUDWLRQ
0&9
0HDQFHOOYROXPH
0'5'
0RGLILFDWLRQLQ'LHWDQG5HQDO'LVHDVH
PJ
PLOOLJUDP

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

7HUP
'HILQLWLRQ
0J
PDJQHVLXP
PLQ
PLQXWH
P/
PLOOLOLWHU
PP+J
PLOOLPHWHUVRIPHUFXU\
PPRO
0LOOLPROH
0R$
PHFKDQLVPVRIDFWLRQ
05,
0DJQHWLF5HVRQDQFH,PDJLQJ
02'<
0DWXULW\2QVHW'LDEHWHVRI<RXQJ
PJ
PLFURJUDP
1
QXPEHURIVXEMHFWVRUREVHUYDWLRQV
1D
VRGLXP
1$
QRWDSSOLFDEOH
QJ
QDQRJUDP
103
1XFOHDU0DWUL[3URWHLQ
1<+$
1HZ<RUN+HDUW$VVRFLDWLRQ
3'
SKDUPDFRG\QDPLFV
3'))
SURWRQGHQVLW\IDWIUDFWLRQ
3.
SKDUPDFRNLQHWLFV
30RUSP
$IWHUQRRQRUSRVWPHULGLDQ
32
SHURVE\PRXWKURXWHRIDGPLQLVWUDWLRQ
33*
SRVWSUDQGLDOJOXFRVH
37
SURWKURPELQWLPH
37&$
3HUFXWDQHRXV7UDQVOXPLQDO&RURQDU\$QJLRSODVW\
377
SDUWLDOWKURPERSODVWLQWLPH
4&
TXDOLW\FRQWURO
4'TG
TXDTXHGLHRQFHGDLO\
5%&
UHGEORRGFHOO
6$
6LFNOHFHOOWUDLW
6$(
VHULRXVDGYHUVHHYHQW
6$7
6XEFXWDQHRXVDGLSRVHWLVVXHO

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

7HUP
'HILQLWLRQ
6%3
6\VWROLF%ORRG3UHVVXUH
6&U
6HUXP&UHDWLQLQH
6'
VWDQGDUGGHYLDWLRQ
6*/7
VRGLXPJOXFRVHFRWUDQVSRUWHU
6*/7
VRGLXPJOXFRVHFRWUDQVSRUWHU
6,
6\VWpPH,QWHUQDWLRQDOG¶8QLWpV
60%*
6HOIPRQLWRULQJRIEORRGJOXFRVH
623
6WDQGDUG2SHUDWLQJ3URFHGXUHV
VS
VSHFLHV
6XEM
VXEMHFW
68
VXOIRQ\OXUHD
W
WHPSHUDWXUH
7
WLPH
7'0
7\SHGLDEHWHVPHOOLWXV
7$7
7RWDODGLSRVHWLVVXHO
7%
7RWDOELOLUXELQ
7*
7ULJO\FHULGHV
7,$
7UDQVLHQW,VFKHPLF$WWDFN
7PD[70$;
WLPHRIPD[LPXPREVHUYHGFRQFHQWUDWLRQ
7RWDO&
7RWDOFKROHVWHURO
75B&PD[
&PD[WUHDWPHQWUDWLR
76+
7K\URLG6WLPXODWLQJ+RUPRQH
7640
7UHDWPHQW6DWLVIDFWLRQ4XHVWLRQQDLUHIRU0HGLFDWLRQ
7='
7KLD]ROLGLQHGLRQH
8
8QLWV
8$
8ULQDO\VLV
8$&5
8ULQHDOEXPLQFUHDWLQLQHUDWLR
8/1
8SSHUOLPLWQRUPDO
PRO
0LFURPROH
85
XULQDU\UHFRYHU\
86
8QLWHG6WDWHV
9$7
9LVFHUDODGLSRVHWLVVXHO
:%&
ZKLWHEORRGFHOO

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE

7HUP
'HILQLWLRQ
:.RU:N
:HHN
:2&%3
ZRPHQRIFKLOGEHDULQJSRWHQWLDO

&OLQLFDO3URWRFRO
&9
%06DQG%06
VD[DJOLSWLQDQGGDSDJOLIOR]LQ
5HYLVHG3URWRFRO1R
'DWH)HE


5()(5(1&(6
 %ROLQGHU - HW DO (IIHFWV RI GDSDJOLIOR]LQ RQ ERG\ ZHLJKW WRWDO IDW PDVV DQG UHJLRQDO
DGLSRVHWLVVXHGLVWULEXWLRQLQSDWLHQWVZLWKW\SHGLDEHWHVPHOOLWXVZLWKLQDGHTXDWHJO\FHPLF
FRQWURORQPHWIRUPLQ-&(00DU
 ,Q]XFFKL 6( HW DO 0DQDJHPHQW RI K\SHUJO\FHPLD LQ W\SH  GLDEHWHV D SDWLHQWFHQWHUHG
DSSURDFKSRVLWLRQVWDWHPHQWRIWKH$PHULFDQ'LDEHWHV$VVRFLDWLRQ$'$DQGWKH(XURSHDQ
$VVRFLDWLRQIRUWKH6WXG\RI'LDEHWHV($6''LDEHWHV&DUH-XQ
 $OL 0. HW DO $FKLHYHPHQW RI JRDOV LQ 86 GLDEHWHV FDUH ± 1 (QJO - 0HG
±
 ,Q]XFFKL 6( HW DO 0DQDJHPHQW RI K\SHUJO\FHPLD LQ W\SH  GLDEHWHV D SDWLHQWFHQWHUHG
DSSURDFKSRVLWLRQVWDWHPHQWRIWKH$PHULFDQ'LDEHWHV$VVRFLDWLRQ$'$DQGWKH(XURSHDQ
$VVRFLDWLRQIRUWKH6WXG\RI'LDEHWHV($6''LDEHWHV&DUH-XQ
 5RGEDUG
+:
HW
DO
6WDWHPHQW
E\
DQ
$PHULFDQ
$VVRFLDWLRQ
RI
&OLQLFDO
(QGRFULQRORJLVWV$PHULFDQ &ROOHJH RI (QGRFULQRORJ\ FRQVHQVXV SDQHO RQ W\SH  GLDEHWHV
PHOOLWXVDQDOJRULWKPIRUJO\FHPLFFRQWURO(QGRFU3UDFW6HS2FW
 5$'H)URQ]R&3XFNHWWHWDO,QLWLDOWULSOHFRPELQDWLRQWKHUDS\LVPRUHHIIHFWLYHDQGVDIHU
WKDQ VWHSZLVH DGG RQ FRQYHQWLRQDO WKHUDS\ LRQ QHZO\ GLDJQRVHG W\SH  GLDEHWHV PHOOLWXV
$EVWUDFW($6'%DUFHORQD6SDLQ6HSWHPEHU
 6FLULFD%0HWDO6D[DJOLSWLQDQGFDUGLRYDVFXODURXWFRPHVLQSDWLHQWVZLWKW\SHGLDEHWHV
PHOOLWXV1(-02FW
 5RVVNDPS5HWDO&OLQLFDOSURILOHRIWKHQRYHOVXOIRQ\OXUHDJOLPHSLULGH'LDEHWHVUHV&OLQ
3UDFW-XO6XSSO6
 6XPPDU\RI3URGXFW&KDUDFWHULVWLFV$PDU\O6DQRIL$YHQWLV0DUFK$FFHVVHG
YLDZZZVDQRILDYHQWLVFRXNSURGXFWV$PDU\OB63&SGIRQ'HF
 1LFROOH /( %UDGOH\ 6 &ROJDQ 5 5LFH -& 6FKDHIIHU $ +RRWRQ 70 ,QIHFWLRXV GLVHDVHV
VRFLHW\RI$PHULFDJXLGHOLQHVIRUWKHGLDJQRVLVDQGWUHDWPHQWRIDV\PSWRPDWLFEDFWHULXULD
LQDGXOWV&OLQ,QIHFW'LV
 86
3UHYHQWDWLYH
6HUYLFHV
7DVNIRUFH
5HFRPPHQGDWLRQ
6WDWHPHQW
6FUHHQLQJ
RU
$V\PSWRPDWLF
%DFWHULXULD
5HYLVHG

$YDLODEOH
DWKWWSZZZDKUTJRYFOLQLFXVSVWIXVSVEDFWKWP
 7HVWD0$4XDOLW\RI/LIHDQG6DWLVIDFWLRQLQ'LDEHWHV3KDVH9+HDOWK2XWFRPHV
,QIRUPDWLRQ6\VWHP:HOOHVOH\+LOOV0$3KDVH97HFKQRORJLHV,QF

PPD

 
 
 
 
Page: 1 
 
Protocol Number:
CV181365 
 
Site Number:
All 
 
IND Number
63,634 
 
EUDRACT Number
201-003721-18 
 
Date:
28-Jan-2015 
 
Protocol CV181365: A 52-week International, Multicenter, Randomized, Double-Blind, 
Active-Controlled, Parallel Group, Phase 3b Trial with a Blinded 104-week Long-term 
Extension Period to Evaluate the Efficacy and Safety of Saxagliptin Co-administered with 
Dapagliflozin in combination with Metformin Compared to Glimepiride in Combination with 
Metformin in Adult Patients with Type 2 Diabetes Who Have Inadequate Glycemic Control on 
Metformin Therapy Alone. 
 
Pharmacogenetics Blood Sample Amendment 
Number 01 - Site Specific 
Site All 
 
Medical Monitor 
 
 
 
 
24-hr Emergency Telephone Number: 
 
 
Sponsor: AstraZeneca Research and Development 
Study being conducted by Bristol-Myers Squibb on behalf of AstraZeneca 
 
Bristol-Myers Squibb Research and Development 
Avenue de Finlande 4 
B-1420 Braine-l’Alleud, Belgium 
Route 206 & Province Line Road 
Lawrenceville, NJ 08543 
 
This protocol amendment contains information that is confidential and proprietary to 
Bristol-Myers Squibb (BMS) and AstraZeneca. 
This amendment must be maintained with the referenced protocol. 
2.0
Approved
1.0
v
930086679
PPD
PPD

Pharmacogenetics Blood Sample Amendment 01 
CV181365 
BMS-477118 and BMS-512148 
saxagliptin and dapagliflozin 
 
 
2 
TABLE OF CONTENTS 
TABLE OF CONTENTS .................................................................................................................2 
1 
AMENDMENT RATIONALE ....................................................................................3 
2 
OBJECTIVES ...............................................................................................................3 
3 
STUDY SITES .............................................................................................................3 
4 
SUBJECT SELECTION CRITERIA ...........................................................................3 
5 
PROCEDURES ............................................................................................................4 
6 
PHARMACOGENETIC STATISTICAL ANALYSIS ...............................................4 
7 
CODING AND STORAGE OF DNA SAMPLES .......................................................5 
8 
SUBJECT DATA PROTECTION ...............................................................................5 
9 
DATA MANAGEMENT .............................................................................................5 
10 
SUBJECT RIGHTS ......................................................................................................6 
11 
RECORD RETENTION ...............................................................................................6 
12 
WITHDRAWAL OF SUBJECTS FROM PHARMACOGENETIC 
RESEARCH .................................................................................................................7 
13 
DESTRUCTION OF BLOOD SAMPLE AND RELATED MATERIAL ..................7 
14 
FLOW CHART/TIME AND EVENTS SCHEDULE ..................................................8 
15 
PHARMACOGENETIC SAMPLE COLLECTION AND PROCESSING .................8 
16 
INFORMED CONSENT ..............................................................................................8 
16.1 
Informed Consent Procedures .......................................................................................8 
17 
INSTITUTIONAL REVIEW BOARD/INDEPENDENT ETHICS 
COMMITTEE (IRB/IEC) .............................................................................................9 
18 
REFERENCES .............................................................................................................9 
APPENDIX 1 
SAMPLE WITHDRAWAL PROCEDURES ............................................10 
2.0
Approved
1.0
v
930086679

Pharmacogenetics Blood Sample Amendment 01 
CV181365 
BMS-477118 and BMS-512148 
saxagliptin and dapagliflozin 
 
 
3 
1 
AMENDMENT RATIONALE 
The information gained from Pharmacogenetic research studies is expected to result in safer and 
more effective therapies and to lead to the discovery of new diagnostics, prognostics and 
molecular targets and pathways. To learn more about the association between a subject’s genetic 
makeup and drug response, subjects will be asked to voluntarily give a blood sample so that 
scientists can perform exploratory pharmacogenetic research. 
This research will be limited to information recorded on the case report form or generated from 
the main clinical trial and results from the associated pharmacogenetic blood sample. Subjects 
will not be contacted in the future by the sponsor to provide any further information.  
Pharmacogenetics can be defined as the study of how variations in genes influence drug 
response. Genetic factors are considered to play an important role in the observed inter- 
individual differences in the metabolism, toxicity, and pharmacological response of drugs. The 
ability to determine which genes and their variants are associated with toxicity and efficacy for a 
specific drug will improve drug therapy and subsequently be beneficial to patients. 
2 
OBJECTIVES 
The objective of this Amendment is to permit the collection and storage of blood samples for use 
in future exploratory pharmacogenetic research. Bristol-Myers Squibb is conducting this study 
on behalf of AstraZeneca. AstraZeneca is the sponsor for the CV181365 study and they will be 
responsible for the pharmacogenetic portion of this study including the logistically aspects 
related to this amendment. 
AstraZeneca will use DNA obtained from the blood sample and health information collected 
from the main clinical trial, CV181365, to study the association between genetic variation and 
drug response. AstraZeneca may also use the DNA to study the causes and further progression of 
Type 2 Diabetes and other Metabolic Diseases. Samples from this study may also be used in 
conjunction with pharmacogenetic research results from other clinical studies to accomplish this 
objective. 
3 
STUDY SITES 
Pharmacogenetic sample collection will be performed at sites that permit pharmacogenetic 
studies to be conducted in compliance with all applicable laws, rules, and regulations.  
4 
SUBJECT SELECTION CRITERIA 
To participate in this Pharmacogenetic Sample Amendment, subjects must provide a signed 
Pharmacogenetic Blood DNA informed consent and must have consented to participate in the 
main clinical trial CV181365. 
2.0
Approved
1.0
v
930086679

Pharmacogenetics Blood Sample Amendment 01 
CV181365 
BMS-477118 and BMS-512148 
saxagliptin and dapagliflozin 
 
 
4 
Inclusion criteria 
For inclusion in this Pharmacogenetic Sample Amendment: 
• Subjects must fulfill all of the inclusion criteria described in the main body of the Clinical 
Study Protocol and must have consented to participate in the main clinical trial CV181365 
• Provide informed consent for the genetic sampling and analyses 
 
Exclusion criteria 
Exclusion from this genetic research may be for any of the exclusion criteria specified in the 
main study or any of the following: 
• Previous bone marrow transplant 
• Whole blood transfusion within 120 days of genetic sample collection 
 
5 
PROCEDURES 
Subjects who have consented to participate in this study and who have voluntarily given written 
informed consent for pharmacogenetic sample collection will have a one-time blood sample 
collected at Day 1. If the pharmacogenetic blood sample is not collected at visit Day 1, it may be 
collected at any other subsequent scheduled sample collection. For each subject, approximately 
10mL of blood (less than 2 teaspoons) will be collected. The sample will be stored at 
AstraZeneca Sample Bank for pharmacogenetic research. 
No pre-determined number of study subjects is required, as participation for pharmacogenetic 
analysis is strictly voluntary. Subjects will be asked to read, understand, and sign an informed 
consent form designed for the purpose of collecting a one time sample for pharmacogenetic 
research. Subjects will be informed that they will not be excluded from the main clinical 
trial CV181365 if they do not wish to participate in the Pharmacogenetics Sample 
Amendment. 
6 
PHARMACOGENETIC STATISTICAL ANALYSIS 
Joint exploratory data analysis may be performed in the future to investigate if genetic variants 
(genotypes) are associated with clinical outcomes (phenotypes) such as, but not limited to, drug 
response, efficacy, safety, toxicity, and overall survival. The following potential analyses may be 
performed as appropriate: 
• Examine demographic factors such as race/ethnicity, age and gender to determine appropriate 
stratification or adjustment for the analysis. 
• Summarize allele and genotype frequencies from the sample with 95% confidence intervals.  
• Explore the relationship among genetic variation, expression of genes and proteins and 
clinical outcomes using methods such as, but not limited to, chi-squared tests, linear models, 
generalized linear models, non-parametric models, survival models or clustering algorithms.  
 
2.0
Approved
1.0
v
930086679

Pharmacogenetics Blood Sample Amendment 01 
CV181365 
BMS-477118 and BMS-512148 
saxagliptin and dapagliflozin 
 
 
5 
7 
CODING AND STORAGE OF DNA SAMPLES 
The processes adopted for the coding and storage of samples for genetic analysis are important to 
maintain patient confidentiality. Samples will be stored for a maximum of 15 years, from the 
date of last subject last visit, after which they will be destroyed. DNA is a finite resource that is 
used up during analyses. Samples will be stored and used until no further analyses are possible or 
the maximum storage time has been reached. 
The samples and data for genetic analysis in this study will be de-identified. The sample and data 
will not be labeled with a personal identifier. The study number and patient number will be 
linked to a second unique identifier.   
Once DNA is extracted from the de-identified blood sample it is given another unique identifier. 
The DNA number will be used to identify the sample and corresponding data at the designated 
contract laboratory. No personal details identifying the individual donor will be available to any 
AstraZeneca or external provider working with the DNA. A link between the blood sample and 
the DNA extracted from the sample will be maintained in a confidential link file maintained by 
AstraZeneca DNA Biobank or contracted storage facility. 
All genetic samples will be stored under secure conditions with restricted access at AstraZeneca. 
The blood or data derived from the samples may be made available to groups or organizations 
working with AstraZeneca on this study or as part of the development drug project. However, the 
samples and any results will remain the property of AstraZeneca at all times. AstraZeneca will 
not give blood, DNA samples or data derived from the samples to any other parties, except as 
required by law. All samples and DNA will be destroyed maximum of 15 years from the date of 
last subject last visit after or according to local legislation. Samples may be destroyed prior to 
this timeframe if the patient has withdrawn consent 
8 
SUBJECT DATA PROTECTION 
AstraZeneca will not provide individual genotype results to subjects, any insurance company, 
any employer, their family members, general physician or any other third party, unless required 
to do so by law. 
Extra precautions are taken to preserve confidentiality and prevent genetic data being linked to 
the identity of the subject. In exceptional circumstances, however, certain individuals might see 
both the genetic data and the personal identifiers of a subject. For example, in the case of a 
medical emergency, an AstraZeneca Physician or an investigator might know a subject’s identity 
and also have access to his or her genetic data. Also Regulatory authorities may require access to 
the relevant files, though the subject’s medical information and the genetic files would remain 
physically separate. 
9 
DATA MANAGEMENT 
Any genotype data generated in this study will be in the secure system within AstraZeneca 
and/or third party contracted to work with AstraZeneca to analyze the samples.   
The results from this genetic research may be reported in the CSR for the main study, or in a 
separate report as appropriate. 
2.0
Approved
1.0
v
930086679

Pharmacogenetics Blood Sample Amendment 01 
CV181365 
BMS-477118 and BMS-512148 
saxagliptin and dapagliflozin 
 
 
6 
Some or all of the clinical datasets from the main study may be merged with the genetic data in a 
suitable secure environment separate from the clinical database. 
10 
SUBJECT RIGHTS 
Study subjects can withdraw their consent to participate in the Pharmacogenetic Sample 
Amendment even after the sample has been shipped to the AstraZeneca Sample Bank. As long as 
the Investigator or Investigator’s designee retains the clinical trial records, a study subject will be 
able to contact his/her Investigator or the Investigator’s designee and ask for his/her sample to be 
withdrawn from the Sample Bank and destroyed.  
As the collection of the biological samples is an optional part of the study, the subject may 
continue in the main study even if they choose not to participate in this amendment. 
The Principal Investigator: 
• Ensures subjects’ withdrawal of informed consent to the use of the donated samples is timely 
communicated to AZ or its representative 
• Ensures that biological samples from that subject, if stored at the study site, are immediately 
identified, disposed of/destroyed, and the action documented in subject’s source documents 
• Ensures that the subject and AZ are informed about the sample disposal 
 
In the instance that the samples have been sent from the study site: 
• On receipt of the notification of withdrawal of consent, (Appendix 1), AZ or its 
representative ensure the relevant samples are located and sample disposal/destruction is 
requested and appropriately documented 
• A copy of the completed disposal/destruction documentation is returned to the study site 
 
11 
RECORD RETENTION 
The Investigator must retain essential documents for the maximum period required by applicable 
regulations and guidelines1 or Institutional procedures, or for the period specified by the sponsor, 
whichever is longer. The Investigator must contact Astra Zeneca or its representative prior to 
destroying any records associated with the study.  
Astra Zeneca will notify the Investigator when the trial records are no longer needed. 
If the Investigator withdraws from the study (eg, relocation, retirement), the records shall be 
transferred to a mutually agreed upon designee (eg, another Investigator, IRB). Notice of such a 
transfer will be given in writing to Astra Zeneca. 
2.0
Approved
1.0
v
930086679

Pharmacogenetics Blood Sample Amendment 01 
CV181365 
BMS-477118 and BMS-512148 
saxagliptin and dapagliflozin 
 
 
7 
12 
WITHDRAWAL OF SUBJECTS FROM PHARMACOGENETIC RESEARCH 
Subjects have, at any time, the option to withdraw consent for participation from: 
1) Only the Pharmacogenetic Sample Amendment independent of the main clinical trial 
(CV181365); 
OR 
2) Only the main clinical trial (CV181365) independent of the Pharmacogenetic Sample 
Amendment; 
OR 
3) Both the main clinical trial (CV181365) and Pharmacogenetic Sample Amendment. 
 
Subjects who wish to withdraw their consent from the Pharmacogenetic Sample Amendment 
(ie, have their sample in the Sample Bank destroyed) should contact the Investigator. The 
Investigator will submit a Sample Withdrawal Form to the AstraZeneca Sample Bank 
(see Appendix 1). 
It is possible that subjects may decide to withdraw consent from the main clinical trial 
(CV181365) but continue with their consent for the Pharmacogenetic Sample Amendment. In 
such cases the Investigator should inform subjects that their sample would remain stored at the 
AstraZeneca Sample Bank and may be used for pharmacogenetic research. 
If a subject requests to withdraw consent for the Pharmacogenetic Sample Amendment after the 
time the Investigator is legally required to maintain the records linking the subject’s sample and 
coded health information to their identity, and the records have been destroyed, the sample will 
become anonymous and unable to be withdrawn.  
13 
DESTRUCTION OF BLOOD SAMPLE AND RELATED MATERIAL 
In the case of subjects who have withdrawn their consent for participation in the 
Pharmacogenetic Sample Amendment the Investigator will send a Sample Withdrawal Form to 
the AstraZeneca Sample Bank. Upon receipt of the Sample Withdrawal Form, AstraZeneca 
Sample Bank, will destroy any remaining blood sample and any material obtained from the 
sample in accordance with AstraZeneca procedure for Sample Destruction. A copy of the sample 
withdrawal form is provided in Appendix 1. After all samples have been destroyed AstraZeneca 
Sample Bank will provide the Investigator with verification of the sample destruction. In the case 
of samples that have been partially analyzed, the remaining sample will be destroyed but 
AstraZeneca shall be entitled to retain and use any research results obtained prior to the 
withdrawal of consent.  
2.0
Approved
1.0
v
930086679

Pharmacogenetics Blood Sample Amendment 01 
CV181365 
BMS-477118 and BMS-512148 
saxagliptin and dapagliflozin 
 
 
8 
14 
FLOW CHART/TIME AND EVENTS SCHEDULE 
Time and Events Schedule:  
Procedure 
Visit Day Day 1 
Pharmacogenetic Sample Informed Consent 
Xa 
Pharmacogenetic Sample Collection 
Xb 
a Informed consent for pharmacogenetic testing may be obtained at any time during the trial PRIOR to the 
collection of the pharmacogenetic sample. 
b If the pharmacogenetic sample is not collected at visit Day Day 1, it may be collected at any other subsequent 
scheduled sample collection. 
 
15 
PHARMACOGENETIC SAMPLE COLLECTION AND PROCESSING 
The whole blood pharmacogenetic sample will be shipped at frozen temperature to the 
designated central laboratory Quintiles Central Laboratory. The samples will be stored frozen 
and transferred to the designated extraction lab and then to AstraZeneca Sample Bank for storage 
and future analysis. Details for collection, processing, storing and shipping these samples will be 
provided in a separate procedure manual.  
16 
INFORMED CONSENT 
Investigators must ensure that subjects, or, in those situations where consent cannot be given by 
subjects, their legally acceptable representative are clearly and fully informed about the purpose, 
potential risks and other critical issues regarding clinical studies in which they volunteer to 
participate. Freely given written informed consent must be obtained from every subject or, in 
those situations where consent cannot be given by subjects, their legally acceptable 
representative, prior to study participation. 
The rights, safety, well-being of the study subjects are the most important considerations and 
should prevail over interests of science and society. 
The following section contains Bristol-Myers Squibb procedures on obtaining informed consent 
from subjects or their legally acceptable representative prior to participating in a clinical trial. 
Procedures are described for all subjects including those who are unable to give informed 
consent. The relevant procedures must be used whenever they are applicable. 
A separate informed consent will be obtained from study subjects who voluntarily agree to 
participate in the Pharmacogenetic Sample Amendment. The informed consent form for 
pharmacogenetic sample collection reflecting this Amendment will be submitted for review and 
approval to the IRB/Ethics Committee charged with this responsibility. 
16.1 
Informed Consent Procedures 
Preparation of the consent form is the responsibility of the Investigator and must include all 
elements required by ICH, GCP and applicable regulatory requirements, and must adhere to GCP 
and to the ethical principles that have their origin in the Declaration of Helsinki. The consent 
2.0
Approved
1.0
v
930086679

Pharmacogenetics Blood Sample Amendment 01 
CV181365 
BMS-477118 and BMS-512148 
saxagliptin and dapagliflozin 
 
 
9 
form must also include a statement that Bristol-Myers Squibb and regulatory authorities have 
direct access to subject records. Prior to the beginning of the study, the Investigator must have 
the IRB/IEC’s written approval/favorable opinion of the written informed consent form and any 
other information to be provided to the subjects. 
The Investigator must provide the subject or legally acceptable representative with a copy of the 
informed consent form and written information about the study in the language in which the 
subject is most proficient. The language must be non-technical and easily understood. The 
Investigator should allow time necessary for subject or subject’s legally acceptable 
representative to inquire about the details of the study, then informed consent must be signed and 
personally dated by the subject or the subject’s legally acceptable representative and by the 
person who conducted the informed consent discussion. The subject or legally acceptable 
representative should receive a copy of the signed informed consent and any other written 
information provided to study subjects prior to subject’s participation in the trial 
17 
INSTITUTIONAL REVIEW BOARD/INDEPENDENT ETHICS COMMITTEE 
(IRB/IEC) 
This amendment, the informed consent form for pharmacogenetic sample collection and any 
advertisement for subject recruitment will be submitted for review and approval to the 
IRB/Ethics Committee charged with this responsibility. The investigator must have on file 
written and dated approval/favorable for this amendment from the IRB/Ethics Committee before 
this sample is collected. 
18 
REFERENCES 
1. 
Code of Federal Regulations, CFR 312.57, and International Conference on 
Harmonisation, ICH Guidelines. 
2.0
Approved
1.0
v
930086679

Pharmacogenetics Blood Sample Amendment 01 
CV181365 
BMS-477118 and BMS-512148 
saxagliptin and dapagliflozin 
 
 
10 
APPENDIX 1 
SAMPLE WITHDRAWAL PROCEDURES 
AstraZeneca 
Research & Development 
 
FAX TRANSMITTAL SHEET 
 
FAX THIS COMPLETED PAGE TO: 
 
  
 
 
 
 
Email: 
 
 
 
 
WITHDRAWAL OF PERMISSION FOR USE OF SPECIMENS 
IN FUTURE PHARMACOGENETIC RESEARCH 
 
This section is to be completed by either the Investigator or the coordinator at the institution. 
The study subject indicated below (Only identify the study subject using the study subject number; DO NOT 
provide any other identifying information such as the study subject’s name or social security number) initially 
provided informed consent for his/her samples to be used for pharmacogenetic research by AstraZeneca. After 
discussion with a study staff member at our institution, he/she has now indicated that he/she wants to withdraw 
consent for future pharmacogenetic research by AstraZeneca and have his/her sample destroyed. 
PROTOCOL NUMBER:  
 
 
 
SITE NUMBER:  
 
 
 
STUDY SUBJECT NUMBER:   
 
 
 
INVESTIGATOR NAME:  
 
 
 
   INVESTIGATOR FAX:  
 
 
INVESTIGATOR SIGNATURE:  
 
 
 
 
 
 
 
 
DATE OF REQUEST:  ________________________________________ 
 
This section is to be completed by the AstraZeneca Sample Bank and faxed back to the Investigator. 
CONFIRMATION OF SAMPLE DESTRUCTION 
The pharmacogenetic sample and related material derived from the sample obtained from the study subject indicated 
above has been destroyed. Please notify the study subject that this has occurred. 
VERIFIED BY:   
 
 
 
 
 DATE:  
 
 
 
PRINT NAME: ______________________________ 
2.0
Approved
1.0
v
930086679
PPD
PPD

PPD

Page:
1
Protocol Number:
CV181365
IND Number:
63,634
EUDRACT Number
2014-003721-18
Date:
11-Mar-2015
Protocol CV181365: A 52-week International, Multicenter, Randomized, Double-Blind, 
Active-Controlled, Parallel Group, Phase 3bTrial with a Blinded 104-week Long -term 
Extension Period to Evaluate the Efficacy and Safety of Saxagliptin Co-administered with 
Dapagliflozin in combination with Metformin Compared to Glimepiride in Combination with 
Metformin in Adult Patients with Type 2 Diabetes Who Have Inadequate Glycemic Control on 
Metformin Therapy Alone.
Amendment Number 02
Site Number: All
Medical Monitor
24-hr Emergency Telephone Number:
Sponsor: AstraZeneca AB, 151 85 Södertälje, Sweden
Study being conducted by Bristol-Myers Squibb on behalf of AstraZeneca AB
Bristol-Myers Squibb Research and Development
Metabolics Clinical Research and Development
Avenue de Finlande 4
B-1420 Braine-l’Alleud, Belgium
Route 206 & Province Line Road
Lawrenceville, NJ 08543
This protocol amendment contains information that is confidential and proprietary to 
Bristol-Myers Squibb (BMS). 
This amendment must be maintained with the referenced protocol.
1.0
Approved
1.0
v
930087696
PPD
PPD

Protocol Amendment 02
CV181365
BMS-477118 and BMS-512148
saxagliptin and dapagliflozin
2
Amendment Rationale:
The primary purpose of this amendment is to correct information in the Inclusion and Exclusion 
Criteria pertaining to the active comparator (glimepiride) and to align the current protocol to its 
sister study, CV181-363. As enrollment has not yet started, these changes will be applicable to 
future enrolled subjects and will not impact the overall study conduct or proposed data analyses.
x
In the Inclusion Criteria described in Section 3.3.1 sitagliptin was erroneously listed as the 
active comparator. Glimepiride is now correctly identified as the active comparator.
x
In the Exclusion Criteria described in Section 3.3.2, it is now specified that subjects who 
have contraindications to therapy as described in the glimepiride package insert should be 
excluded.
x
In the Exclusion Criteria described in Section 3.3.2; the word “enrollment” was removed as 
an exclusion because the study does permit the re-enrollment of a subject who has been 
discontinued from the study as a pre-treatment failure (eg, was not randomized). The 
criterion now excludes only previous randomization in the present study.
x
In the Exclusion Criteria described in Section 3.3.2; the number of days that a subject may 
not have taken any other investigational agent prior to screening has been changed from 90 to 
30 days to be consistent with CV181-363 and other studies in the saxagliptin/dapagliflozin 
clinical development program.
x
Two efficacy objectives seek to compare the time to treatment intensification (defined as the 
addition of insulin for rescue therapy or discontinuation for lack of glycemic control) 
between the saxagliptin/dapagliflozin and glimepiride arms.
Although insulin is 
recommended as the initial choice for rescue therapy (since these subjects are already taking 
dual or triple therapy), the protocol permits other options to be considered. The definition for 
treatment intensification was broadened to include the addition of insulin or other glucose-
lowering agents for rescue therapy or discontinuation for lack of glycemic control.
x
Hypersensitivity has been identified as a potential risk for dapagliflozin (and is already 
specified as a potential risk for saxagliptin). In the Overall Risk/Benefit Section (Section 
1.5), we have added hypersensitivity as a potential risk for dapagliflozin.
Changes to Protocol
1) Synopsis, Investigational Product(s), Dose and Mode of Administration, Duration of 
Treatment with Investigational Products, added: glimepiride 1-6 mg.
2) Synopsis, Secondary efficacy objectives, Short-term, 4th bullet, added: or other glucose-
lowering agent.
3) Synopsis, Secondary efficacy objectives, Long-term, 1st bullet: added: or other glucose-
lowering agent.
4) Synopsis Exploratory Objectives, Short-term, 9th bullet revised: to assess CGM.
5) Synopsis, Exploratory Objectives, Long-term, 2nd
bullet, removed: for saxagliptin/
dapagliflozin.
6) Synopsis, Exploratory Objectives, Long-term, 6th bullet, revised: double-blind treatment.
1.0
Approved
1.0
v
930087696

Protocol Amendment 02
CV181365
BMS-477118 and BMS-512148
saxagliptin and dapagliflozin
3
7) Synopsis, Safety objectives, 1st bullet, added: for saxagliptin co-administered with 
dapagliflozin.
8) Synopsis, Study Schematic: removed: plus placebo.
9) Synopsis, Study Population: removed Asia
10) Synopsis, Study Drug: added: glimepiride
11) Synopsis, Dose and Treatment Regimens, added; Glimepiride 1-6mg or matching placebo 
capsules, administered orally once daily, will be provided for the 156-week blinded treatment 
period.
12) Synopsis, Concomitant and other treatments, added: other than IP.
13) Synopsis Sample Size Estimates: revised #Screened and #Enrolled
14) Synopsis, Secondary endpoints for analysis for the short-term treatment period include, 
added: or other glucose-lowering agents.
15) Synopsis, Secondary endpoints for analysis for the long-term treatment period include, 
added: or other glucose-lowering agents.
16) Section 1.3.2., Secondary objectives, Secondary efficacy objectives, Short-term, 4th bullet, 
add:  or other glucose-lowering agents.
17) Section 1.3.2., Secondary objectives, Secondary efficacy objectives, Long-term, 1st bullet, 
add:  or other glucose-lowering agents.
18) Section 
1.3.3, 
Exploratory 
Objectives, 
Long-term, 
2nd
bullet, 
removed:
for 
saxagliptin/dapagliflozin.
19) Section 1.3.3, Exploratory Objectives, Long term, 6th bullet revised: double-blind treatment.
20) Section 1.3.4, Exploratory Safety Objectives, 1st bullet, added: for saxagliptin co-
administered with dapagliflozin.
21) Section 1.5, Overall Risk/Benefit Assessment, Dapagliflozin, added section: Hypersensitivity 
reactions paragraph.
22) Section 3.1 Study Design added; Glimepiride 1-6mg or matching placebo capsules, 
administered orally once daily, will be provided for the 156-week blinded treatment period
23) Figure 3.1-1 Study Design Schematic: removed: plus placebo
24) Section 3.3.1 Inclusion Criteria; Number 1, added: or designee
25) Section 3.3.1 Inclusion Criteria; Number 3, Age and Reproductive Status; removed letter (d)
and (e) statements.
26) Section 3.3.1 Inclusion Criteria; Number 3, Age and Reproductive Status; revised letter (f)
and (g) statements.
27) Section 3.3.2 Exclusion Criteria; Number 4 Allergies and Adverse Drug Reaction; Letter a,
add: glimepiride
28) Section 3.3.2 Exclusion Criteria; Number 5, Other Exclusion Criteria; Letter m: remove 
enrollment.
29) Section 3.3.2 Exclusion Criteria; Number 5 Other Exclusion Criteria; Letter n: changed 
administration of any other investigational agent from within 90 days of the screening visit to 
30 days
30) Section 3.3.2 Exclusion Criteria; Number 5, Other Exclusion Criteria; Letter o” remove no
1.0
Approved
1.0
v
930087696

Protocol Amendment 02
CV181365
BMS-477118 and BMS-512148
saxagliptin and dapagliflozin
4
31) Section 3.4.1 Prohibited and/or Restricted Treatments; 1stth bullet added; other than IP
32) Section 3.4.1 Prohibited and/or Restricted Treatments; 4th bullet changed administration of 
any other investigational agent from within 90 days of the screening visit to 30 days
33) Table 3.5.2-1, Lack of Glycemic Control Criteria for Initiation of Rescue Medication, 
provided additional clarification to recue time points.
34) Section 3.5.3 Discontinuation Guidelines due to Protocol-Defined Hypoglycemia Episodes, 
removed term placebo
35) Section 4.5 Selection and Timing of Dose for Each Subject; replaced the paragraph
36) Section 4.10 Retained Samples for Bioavailability/Bioequivalence removed associated 
subsequent text, added; Not applicable
37) Table 5.1-1 Flow Chart/Time and Event Schedule, Eligibility, added ‘sub-study’ text to 
Informed consent for MRI and CGM
38) Table 5.1-1 Flow Chart/Time and Event Schedule, Safety Assessment, amended scheduling 
of ‘Complete physical examination’ and ‘Brief physical examination’; Screening week -4 
and Lead-in week -2 respectively
39) Table 5.1-1 Flow Chart/Time and Event Schedule, Central Laboratory Tests, removed 
procedure, Blood & Urine Standard Safety Laboratory Panel 
40) Table 5.1-1 Flow Chart/Time and Event Schedule, Central Laboratory Tests, Clinical 
Chemistry, hematology, urinalysis (new wording added)
41) Table 5.1-2 Flow Chart/Time and Event Schedule, Safety Assessment, reworded text
‘Provide glucose meter supplies / instructions’
42) Table 5.1-2 Flow Chart/Time and Event Schedule, Central Laboratory, removed Blood & 
Urine Standard Safety Laboratory Panel; added Clinical chemistry, haematology, urinalysis 
(standard safety laboratory panel) 
43) Table 5.1-2 Flow Chart/Time and Event Schedule, Safety Assessment, removed procedure 
‘Height’.
44) Table 5.1-2 Flow Chart/Time and Event Schedule, Central Laboratory, removed procedure, 
B* Clinical chemistry haematology, urinalysis
45) Table 5.1-2 Flow Chart/Time and Event Schedule, Central Laboratory, MRI-PDFF, notes, 
provided added clarification
46) Table 5.1-2 Flow Chart/Time and Event Schedule, Study Drug, added text ‘or blinded 
placebo’ to study drug dispensations
47) Table 5.1-2 Flow Chart/Time and Event Schedule, Study Drug, removed text ‘placebo’ from: 
Register down-titration of glimepiride/placebo during maintenance period (if applicable in 
IVRS).
48) Table 5.1-3 Flow Chart/Time and Event Schedule, Safety Assessment, removed procedure 
‘Height’.
49) Table 5.1-3 Flow Chart/Time and Event Schedule, Safety Assessment, reworded ‘Provide 
glucose meter supplies / instructions’
50) Table 5.1-3 Flow Chart/Time and Event Schedule, Central Laboratory, removed Blood & 
Urine Standard Safety Laboratory Panel; added Clinical chemistry, haematology, urinalysis 
(standard safety laboratory panel) 
1.0
Approved
1.0
v
930087696

Protocol Amendment 02
CV181365
BMS-477118 and BMS-512148
saxagliptin and dapagliflozin
5
51) Table 5.1-3 Flow Chart/Time and Event Schedule, Central Laboratory, removed procedure, 
B* Clinical chemistry haematology, urinalysis
52) Table 5.1-3 Flow Chart/Time and Event Schedule, Additional Assessment, MRI-PDFF,
notes, provided added clarification
53) Table 5.1-3 Flow Chart/Time and Event Schedule, Additional Assessment, amended to 
‘Assess HbA1c for rescue’.
54) Table 5.1-3 Flow Chart/Time and Event Schedule, Additional Assessment, removed
procedure, Contact IVR system
55) Table 5.1-3 Flow Chart/Time and Event Schedule, Study Drug, added schedule time-point 
wk 156
56) Table 5.1-3 Flow Chart/Time and Event Schedule, Study Drug, removed text ‘placebo’ from: 
Register down-titration of glimepiride/placebo during maintenance period (if applicable in 
IVRS).
57) Table 5.1-4 Flow Chart/Time and Event Schedule, Safety Assessment, amended terminology 
to Body weight and waist circumference.
58) Section 5.3.3 Guidance on Assessment of Cardiovascular Events; add Cardiovascular 
Adjudication Committee and delete Clinical Event Committee (CEC)
59) Section 5.3.7 Guidance on Volume Depletion, added dapagliflozin.
60) Section 5.8.7 Continuous Glucose Monitoring (CGM); second paragraph added term; on top 
of background metformin therapy
61) Section 5.9 Results of Central Assessments; update the language to clarify visits
62) Section 6.1.1 Revised segment to identify AstraZeneca (or designee) as point of contact for
SAE reporting.
63) Section 7.1 Cardiovascular Adjudication Committee; 2nd paragraph; replace manual with 
charter.
64) Section 8.3.2, Secondary Endpoint(s), short-term treatment & long-term treatment, added: or 
other glucose-lowering agent
65) Section 8.3.3 Exploratory Endpoint(s); add 5th bullet; Mean change from baseline in average 
glucose values and postprandial glucose values measured by 6-point SMBG profiles at 
Week 52
66) Section 8.3.3 Exploratory Endpoint(s); modify 9th bullet; add as defined by mean amplitude 
of glycemic excursions (MAGE)
67) Section 8.4.2, Efficacy Analyses(s), 5th & 6 th bullet, added: or other glucose-lowering agent
68) Section 11 List of abbreviations, removed BID, BUN, CYP, HCO3, K3EDTA, TID and 
WHO; added NMP 22 and SI
69) Appendix 4; step 2; replace total bilirubin (TB) d 1.5X upper limit of normal (ULN) with 
TB d 2X ULN in guidance for monitoring liver function
70) Appendix 5, Guidance on Contraception, removed: Any Single Method is Acceptable.
71) Addition of other minor clarifications and correction of typographical errors
1.0
Approved
1.0
v
930087696

Protocol Amendment 02
CV181365
BMS-477118 and BMS-512148
saxagliptin and dapagliflozin
6
Please maintain a copy of this amendment with your protocol. Please provide a copy to 
your Investigational Review Board / Ethics Committee, unless agreed otherwise with BMS.
1.0
Approved
1.0
v
930087696

PPD

Page:
1
Protocol Number:
CV181365
IND Number:
63,634
EUDRACT Number
2014-003721-18
Date:
12-Aug-2015
Protocol CV181365: A 52-week International, Multicenter, Randomized, Double-Blind, 
Active-Controlled, Parallel Group, Phase 3b Trial with a Blinded 104-week Long-term 
Extension Period to Evaluate the Efficacy and Safety of Saxagliptin Co-administered with 
Dapagliflozin in Combination with Metformin Compared to Glimepiride in Combination with 
Metformin in Adult Patients with Type 2 Diabetes Who Have Inadequate Glycemic Control on 
Metformin Therapy Alone.
Amendment Number 03
Site Number: All
Medical Monitor
24-hr Emergency Telephone Number:
Bristol-Myers Squibb Research and Development
Cardiovascular Clinical Research and Development
Route 206 & Province Line Road
Lawrenceville, NJ 08543
Avenue de Finlande 4
B-1420 Braine-l’Alleud, Belgium
This protocol amendment contains information that is confidential and proprietary to 
Bristol-Myers Squibb (BMS). 
This amendment must be maintained with the referenced protocol.
1.0
Approved
1.0
v
930093101
PPD
PPD

Protocol Amendment 03
CV181365
BMS-477118 AND BMS-512148
saxagliptin and dapagliflozin
2
Amendment Rationale:
The primary purpose of this amendment is to revise the CrCl discontinuation criteria. In addition 
the following changes were made to accommodate internal feedback and comments made by 
regulatory institutions.
x
Updated stability data that has been accumulated to allow the revision of the glimepiride 
storage conditions.
x
Emphasis and clarification to the overall ‘half-life’ of the treatments utilized in this study; 
denoting a computation of 30 days
x
Clarify the definition of abstinence throughout the protocol
x
Provide further details to define Adverse Event reporting.
Changes to the Protocol:
Secondary reasons for this amendment include:
1) Grammatical and spelling corrections throughout the document.
2) Synopsis (Safety Objectives): clarified ‘self monitored’ blood glucose.
3) In Section 1.3.4 (Exploratory Safety Objectives): clarified ‘self monitored’ blood glucose.
4) In Section 2.3 (Informed Consent) (1): removed ‘most’.
5) In Section 3.1 (Study Design and Duration/Dose and Treatment Regimens Blinded Study 
Medication): replace language for glimepiride IP dosing.
6) In Section 3.3.1 (Inclusion Criteria) (3) Age and Reproductive Status bullets (d) and (e): 
removed text.
7) In Section 3.3.1 (Inclusion Criteria) (3) Age and Reproductive Status bullets (f) and (g): 
replaced 33 day half-life to 30 days. Resulting in Total durations of 60 days and 123 days 
respectively.
8) In Section 3.3.1 (Inclusion Criteria) (3) Age and Reproductive, Highly Effective Methods of 
Contraception: Expanded language on Complete Abstinence.
9) In Section 3.4.1 (Prohibited and/or Restricted Treatments: removed 6th bullet 
(Acetaminophen (paracetamol) containing medications (such as Tylenol) while using the 
CGM device and 24 hours prior to insertion).
10) In Section 3.5 (Discontinuation of Subjects following any Treatment with Study Drug) 9th 
bullet: amended CrCl criteria for discontinuation.
11) Table 4.1 (Study Drug for CV181-365): updated storage conditions for glimepiride and 
placebo for glimepiride.
12) Section 4.5 (Selection and Timing of Dose for Each Subject) 3rd paragraph: replace language 
for glimepiride IP dosing.
13) Table 5.1-1 (Screening Procedural Outline Flow Chart for Protocol CV181-365) Procedure, 
FPG: amended < 270 mg/dL to d 270 mg/dL.
14) Table 5.1-1 (Screening Procedural Outline Flow Chart for Protocol CV181-365) footnote: 
amended lead-in to week-1.
1.0
Approved
1.0
v
930093101

Protocol Amendment 03
CV181365
BMS-477118 AND BMS-512148
saxagliptin and dapagliflozin
3
15) Table 5.1-2 (Short-term Procedural Outline Flow Chart for Protocol CV181-365) Procedure, 
MRI-PDFF: added additional note to reflect process when a subject has been rescued or 
undergone early termination
16) Table 5.1-2 (Short-term Procedural Outline Flow Chart for Protocol CV181-365) Procedure, 
Assess FPG for Rescue: removed Week 6 time-point visit.
17) Table 5.1-2 (Short-term Procedural Outline Flow Chart for Protocol CV181-365): amended 
procedure title to read “Dispense blinded glimepiride or blinded placebo and titrate during 
titration period (Weeks 3-12)”.
18) Table 5.1-2 (Short-term Procedural Outline Flow Chart for Protocol CV181-365) footnote: 
included MRI in Week 51 visit.
19) Table 5.1-3 (Long-term Procedural Outline Flow Chart for Protocol CV181-365) Procedure, 
Provide glucose meter supplies / instructions: removed Week 156 time-point visit.
20) Table 5.1-3 (Long-term Procedural Outline Flow Chart for Protocol CV181-365) Procedure, 
Provide logs / instructions: removed Week 156 time-point visit.
21) Table 5.1-4 footnote: amended to state Week 26
22) In Section 6.1.1 (Serious Adverse Event Collection and Reporting): added clarification of 
reporting including ‘Safety reporting to local regulatory authorities’ plus ‘Safety reporting to 
investigational review boards/ethics committees and investigators’ paragraphs
23) In Section 7.1 (Cardiovascular Adjudication Committee): removed ‘congestive’.
24) Appendix 5 (Guidance on Contraception) : Removed
25) Addition of other minor clarifications and correction of typographical errors.
Please maintain a copy of this amendment with your protocol. Please provide a copy to 
your Investigational Review Board / Ethics Committee, unless agreed otherwise with BMS.
1.0
Approved
1.0
v
930093101

PPD

Page:
1
Protocol Number:
CV181365
IND Number:
63,634
EUDRACT Number
2014-003721-18
Date:
27-May-2016
Protocol CV181365: A 52-week International, Multicenter, Randomized, Double-Blind, 
Active-Controlled, Parallel Group, Phase 3bTrial with a Blinded 104-week Long -term 
Extension Period to Evaluate the Efficacy and Safety of Saxagliptin Co-administered with 
Dapagliflozin in Combination with Metformin Compared to Glimepiride in Combination with 
Metformin in Adult Patients with Type 2 Diabetes Who Have Inadequate Glycemic Control on 
Metformin Therapy Alone.
Amendment Number 04
Site Number: All
Study Director / Central Medical Monitor
24-hr Emergency Telephone Number:
Sponsor: AstraZeneca AB, 151 85 Södertälje, Sweden
Study being conducted by Bristol-Myers Squibb on behalf of AstraZeneca AB
Bristol-Myers Squibb Research and Development
Metabolics Clinical Research and Development
Route 206 & Province Line Road
Lawrenceville, NJ 08543
Avenue de Finlande 4
B-1420 Braine-l’Alleud, Belgium
This protocol amendment contains information that is confidential and proprietary to 
Bristol-Myers Squibb (BMS). 
This amendment must be maintained with the referenced protocol.
1.0
Approved
1.0
v
930102613
PPD
PPD

Protocol Amendment 04
CV181365
BMS-477118 and BMS-512148
saxagliptin and dapagliflozin
2
Amendment Rationale:
The purpose of this amendment is to provide an update of the safety language for the 
investigational product, contraceptive language changes, and a clarification regarding the 
evaluable data in the sub-study populations to include the following: 
x
Provided updated safety information and protocol guidance regarding ketoacidosis, 
urosepsis, and pyelonephritis.
x
Updated the contraceptive section. Removed condoms as a highly effective method and 
provided clarification of language for other highly effective methods of contraception.
x
Addressed sub-study language to allow sites to provide additional patients in the sub-studies 
if a subject has unevaluable data at baseline.
x
Additional administrative corrections (typos, etc.):
This amendment should be implemented upon receipt of IRB/IEC/HA approval.
This amendment applies to all subjects participating in this study.
Changes to the Protocol:
1. Updated Cover Page:  Updated the name and contact information for the person responsible 
for the medical and safety oversight of the study
2. Section 1.5: Overall Risk/Benefit - Dapagliflozin - Updated UTI language and added DKA 
language.
3. Section 3.3.1: Inclusion Criteria - 3. Age and Reproductive Status - Updated WOCBP 
language and contraception language: 
4. Section 3.5.4: Added section - Discontinuation Guidelines due to Ketoacidosis
5. Section 5.3.2.1: Guidance on Assessment of Urinary Tract Infections - Added urosepsis and 
pyelonephritis language
6. Section 5.3.4: Guidance on Assessment of Hepatic Laboratory Abnormalities - Clarification 
of discontinuation language.
7. Section 5.8.6: Magnetic Resonance Imaging (MRI) - Added clarification on evaluable data 
and continuation in base study.
8. Section 5.8.7: Continuous Glucose Monitoring (CGM) - Added clarification on evaluable 
data and continuation in base study.
9. Section 7.2: Hepatic Adjudication Committee - Clarification of discontinuation language.
10. Additional minor typo and administrative updates 
Please maintain a copy of this amendment with your protocol. Please provide a copy to 
your Investigational Review Board / Ethics Committee, unless agreed otherwise with BMS.
1.0
Approved
1.0
v
930102613

PPD

 
3DJH 
 
3URWRFRO1XPEHU &9

$VWUD=HQHFD$%3URWRFRO1XPEHU
'&
 
,1'1XPEHU 
 
(8'5$&71XPEHU 
 
'DWH
)HE
3URWRFRO&9$ZHHN,QWHUQDWLRQDO0XOWLFHQWHU5DQGRPL]HG'RXEOH%OLQG
$FWLYH&RQWUROOHG3DUDOOHO*URXS3KDVHE7ULDOZLWKD%OLQGHGZHHN/RQJWHUP
([WHQVLRQ3HULRGWR(YDOXDWHWKH(IILFDF\DQG6DIHW\RI6D[DJOLSWLQ&RDGPLQLVWHUHGZLWK
'DSDJOLIOR]LQLQ&RPELQDWLRQZLWK0HWIRUPLQ&RPSDUHGWR*OLPHSLULGHLQ&RPELQDWLRQZLWK
0HWIRUPLQLQ$GXOW3DWLHQWVZLWK7\SH'LDEHWHV:KR+DYH,QDGHTXDWH*O\FHPLF&RQWURORQ
0HWIRUPLQ7KHUDS\$ORQH
$PHQGPHQW1XPEHU
6LWH1XPEHU$OO
6WXG\'LUHFWRU&HQWUDO0HGLFDO0RQLWRU



6SRQVRU$VWUD=HQHFD$%6|GHUWlOMH6ZHGHQ

7KLVSURWRFRODPHQGPHQWFRQWDLQVLQIRUPDWLRQWKDWLVFRQILGHQWLDODQGSURSULHWDU\WR
$VWUD=HQHFD$%$=
7KLVDPHQGPHQWPXVWEHPDLQWDLQHGZLWKWKHUHIHUHQFHGSURWRFRO



PPD

$PHQGPHQW5DWLRQDOH
7KHSXUSRVHRIWKLVDPHQGPHQWLVWRSURYLGHDQXSGDWHRQODQJXDJHIRUVDIHW\LQFOXGLQJGHWDLOV
UHJDUGLQJWKHUHFRUGLQJDQGDGMXGLFDWLRQRIGLDEHWLFNHWRDFLGRVLV>'.$@HYHQWVDGYHUVHHYHQWV
$(V LQFOXGLQJ $(V OHDGLQJ WR DPSXWDWLRQ DQG SRWHQWLDO ULVN IDFWRU $(V IRU DPSXWDWLRQV
DIIHFWLQJ ORZHU OLPEV FRQILUPHG K\SRJO\FHPLD PDJQHWLF UHVRQDQFH LPDJLQJ 05,
SUHJQDQF\ EOLQGLQJ LQYHVWLJDWLRQDO PHGLFLQDO SURGXFWV ,03V HIILFDF\ DQDO\VHV UHVFXH
WKHUDSLHV DQG SURKLELWHG WUHDWPHQWV WR GHILQH WKH HQG RI WKH VWXG\ DQG WR LQFRUSRUDWH
DGPLQLVWUDWLYHFKDQJHVWRLQFOXGHWKHIROORZLQJ

3URYLGHGGHWDLOVRIWKH'.$$GMXGLFDWLRQ&RPPLWWHHDQG'.$$GMXGLFDWLRQ0DQXDOIRU
6LWHV

&ODULILHG WKH FROOHFWLRQ DQG UHSRUWLQJ RI $(V LQFOXGLQJ WKRVH OHDGLQJ WR DPSXWDWLRQ DQG
SRWHQWLDOULVNIDFWRU$(VIRUDPSXWDWLRQV

'HILQLWLRQXSGDWHGIRUFRQILUPHGK\SRJO\FHPLD

05,ODQJXDJHXSGDWHGLQFOXGLQJWKHDGGLWLRQRIOLYHUYROXPHDW:HHNDPHQGLQJWKH
ILQDO 05,SURWRQ GHQVLW\ IDW IUDFWLRQ 3')) WR :HHN ZHHNV DQG WR SURYLGH
FODULILFDWLRQRIEOLQGLQJ

&ODULILHG WKDW VWXG\ GUXJ ZLOO EH SHUPDQHQWO\ GLVFRQWLQXHG LQ DQ\ VXEMHFWV WKDW EHFRPH
SUHJQDQWGXULQJWKHVWXG\

&ODULILHGEOLQGLQJRIODERUDWRU\UHVXOWVGXULQJWKHVWXG\DQGWKDWORFDOODERUDWRU\UHVXOWVZLOO
EHPRQLWRUHGIRUOLYHUIXQFWLRQWHVW/)7DEQRUPDOLWLHV

&ODULILHG WKH PHWIRUPLQ GRVH SHUPLWWHG GRVH DGMXVWPHQWV IRU JOLPHSLULGH DQG VWRUDJH
FRQGLWLRQVIRUWKH,03V

=KDQJ¶VPHWKRGUHPRYHGIURPDQ\VWDWLVWLFDODQDO\VHV

&ODULILHGWKHSUHVSHFLILHGJO\FHPLFFRQWUROFULWHULDSHUPLWWHGUHVFXHWKHUDSLHVSURKLELWHG
FRUWLFRVWHURLGWKHUDS\DQGLQLWLDWLRQRIUHVFXHWKHUDSLHV

'HILQLWLRQSURYLGHGIRUWKHHQGRIWKHVWXG\

$GGLWLRQDOPLQRUW\SRDQGDGPLQLVWUDWLYHXSGDWHV
7KLVDPHQGPHQWVKRXOGEHLPSOHPHQWHGXSRQUHFHLSWRI,5%,(&+$DSSURYDO
2

7KLVDPHQGPHQWDSSOLHVWRDOOVXEMHFWVSDUWLFLSDWLQJLQWKLVVWXG\
&KDQJHVWRWKH3URWRFRO
 6\QRSVLV
x 'HILQLWLRQIRUFRQILUPHGK\SRJO\FHPLDXSGDWHGWRFODULI\LWUHODWHVWREORRG
JOXFRVHPJG/PPRO/UHFRUGHGLQWKHK\SRJO\FHPLDPRGXOHRIWKH
HOHFWURQLF&DVH5HSRUW)RUPH&5)
x &ODULILHGWKDWVXEMHFWVZLOOFRQWLQXHWRUHFHLYHEDFNJURXQGPHWIRUPLQ
PJGD\WKURXJKRXWWKHGXUDWLRQRIWKHVWXG\XQOHVVPHWIRUPLQWUHDWPHQWLV
WHPSRUDULO\ZLWKKHOGGXHWRGHFUHDVHGFUHDWLQLQHFOHDUDQFH&U&O
x &ODULILHGWKDWWKHJOLPHSLULGHGRVHFDQEHGRZQWLWUDWHGIURP:HHNRQZDUGV
PDLQWHQDQFHSHULRGLIK\SRJO\FHPLFHYHQWVRFFXU
x &ODULILHGWKDW05,3'))LQYHVWLJDWLRQVLQFOXGHDQDVVHVVPHQWRIOLYHUYROXPHDW
:HHNWKDWWKH05,DQDO\VLVZLOOEHSHUIRUPHGXVLQJVHPLDXWRPDWHG
VRIWZDUHDQGDPHQGHGWKHILQDO05,3'))DVVHVVPHQWDQGUHODWHGH[SORUDWRU\
REMHFWLYHWR:HHN
x 7H[WRIµ6WXG\PHGLFDWLRQVKRXOGEHGLVFRQWLQXHGLIWKHHVWLPDWHG&U&OIDOOV
EHORZPOPLQE\&RFNFURIW*DXOWIRUDVXVWDLQHGSHULRGRIWLPH
ZHHNV¶GHOHWHG
x $QDO\VLVRIWKHWKHUDSHXWLFJO\FHPLFUHVSRQVHUHYLVHGWRUHPRYH=KDQJ¶VPHWKRG
DQGWRLQFOXGHORJLVWLFUHJUHVVLRQDQGRGGVUDWLRIRUWKHUHVSRQVHUDWH
x $GPLQLVWUDWLYHXSGDWHV
 6HFWLRQ6WXG\5DWLRQDOH6HFWLRQ2YHUDOO5LVN%HQHILW$VVHVVPHQW05,DQG
6HFWLRQ0DJQHWLF5HVRQDQFH,PDJLQJ05,&ODULILHGWKDWWKH05,3'))
LQYHVWLJDWLRQVLQFOXGHDQDVVHVVPHQWRIOLYHUYROXPHDW:HHN
 6HFWLRQ6WXG\5DWLRQDOH6HFWLRQ([SORUDWRU\2EMHFWLYHV/RQJWHUP6HFWLRQ
6WXG\'HVLJQDQG'XUDWLRQ05,3'))6HFWLRQ6WXG\$VVHVVPHQWVDQG3URFHGXUHV
7DEOH/RQJWHUP3URFHGXUDO2XWOLQHIRU3URWRFRO&9ZHHN6XEMHFWDQG
6LWH%OLQGHG7UHDWPHQW3HULRG':HHNWR:HHN6HFWLRQ0DJQHWLF
5HVRQDQFH,PDJLQJ05,DQG6HFWLRQ([SORUDWRU\(QGSRLQWVILQDO05,3'))
DVVHVVPHQWDQGDVVRFLDWHGREMHFWLYHHQGSRLQWDPHQGHGWR:HHNZHHNV
 6HFWLRQ([SORUDWRU\6DIHW\2EMHFWLYHV±'HILQLWLRQIRUFRQILUPHGK\SRJO\FHPLD
XSGDWHGWRFODULI\LWUHODWHVWREORRGJOXFRVHPJG/PPRO/UHFRUGHGLQWKH
K\SRJO\FHPLDPRGXOHRIWKHH&5)
 6HFWLRQ2YHUDOO5LVN%HQHILW$VVHVVPHQW05,DQG6HFWLRQ0DJQHWLF5HVRQDQFH
,PDJLQJ05,±&ODULILHGWKDWWKH05,LQYHVWLJDWLRQVZLOOEHSHUIRUPHGWRDVVHVV
VXEFXWDQHRXVDQGYLVFHUDODGLSRVHWLVVXHYROXPH
 6HFWLRQ6WXG\'HVLJQDQG'XUDWLRQ±&ODULILHGWKDWVXEMHFWVZLOOFRQWLQXHWRUHFHLYH
EDFNJURXQGPHWIRUPLQPJGD\WKURXJKRXWWKHGXUDWLRQRIWKHVWXG\XQOHVVPHWIRUPLQ
WUHDWPHQWLVWHPSRUDULO\ZLWKKHOGGXHWRGHFUHDVHG&U&O
 6HFWLRQ6WXG\'HVLJQDQG'XUDWLRQ6HFWLRQ'LVFRQWLQXDWLRQ*XLGHOLQHVGXHWR
3URWRFRO'HILQHG+\SRJO\FHPLD(SLVRGHVDQG6HFWLRQ6HOHFWLRQDQG7LPLQJRI'RVH
IRU(DFK6XEMHFW±&ODULILHGWKDWWKHJOLPHSLULGHGRVHFDQEHGRZQWLWUDWHGIURP:HHN
RQZDUGVPDLQWHQDQFHSHULRGLIK\SRJO\FHPLFHYHQWVRFFXU
 6HFWLRQ3URKLELWHGDQGRU5HVWULFWHG7UHDWPHQWV±&ODULILHGSHUPLWWHGUHVFXHWKHUDSLHV
DQGSURKLELWHGFRUWLFRVWHURLGWKHUDS\
3

 6HFWLRQ'LVFRQWLQXDWLRQRI6XEMHFWVIROORZLQJDQ\7UHDWPHQWZLWK6WXG\'UXJDQG
6HFWLRQ3UHJQDQF\±&ODULILHGWKDWVWXG\GUXJZLOOEHSHUPDQHQWO\GLVFRQWLQXHGLQDQ\
VXEMHFWVWKDWEHFRPHSUHJQDQWGXULQJWKHVWXG\
6HFWLRQ5HVFXH*XLGHOLQHVIRU6XEMHFWVZLWK3URWRFRO'HILQHG/DFNRI*O\FHPLF
&RQWURO±&ODULILHGZKHQJO\FRV\ODWHGKHPRJORELQ+E$FRUIDVWLQJSODVPDJOXFRVHDUHWR
EHXVHGDVWKHEDVLVIRUWKHSUHVSHFLILHGJO\FHPLFFRQWUROFULWHULDZKHQUHVFXHPHGLFDWLRQ
VKRXOGEHLQLWLDWHGDQGWKDWUHLPEXUVHPHQWZLOOEHSURYLGHGIRULQVXOLQUHVFXHPHGLFDWLRQ
6HFWLRQ'LVFRQWLQXDWLRQ*XLGHOLQHVGXHWR3URWRFRO'HILQHG+\SRJO\FHPLD(SLVRGHV
DQG6HFWLRQ'LVFRQWLQXDWLRQ*XLGHOLQHVGXHWR.HWRDFLGRVLV±7H[WUHODWLQJWR
GRZQWLWUDWLRQRIEOLQGHGVWXG\GUXJDQGRUEDFNJURXQGDQWLK\SHUJO\FHPLFDJHQWGXULQJWKH
VWXG\GXHWRK\SRJO\FHPLFHYHQWVPRYHGIURP6HFWLRQWR&ODULILHGWKDWWKH
EDFNJURXQGDQWLK\SHUJO\FHPLFDJHQWUHODWHGWRPHWIRUPLQZKLFKFDQEHGRZQWLWUDWHGLI
K\SRJO\FHPLFHYHQWVRFFXUEXWWKDWWKHGRVHRIPHWIRUPLQPXVWEHPJGD\XQOHVV
PHWIRUPLQWUHDWPHQWLVWHPSRUDULO\ZLWKKHOGGXHWR&U&OP/PLQHVWLPDWHGE\
&RFNFURIW*DXOW
6HFWLRQ'LVFRQWLQXDWLRQ*XLGHOLQHVGXHWR.HWRDFLGRVLV±&URVVUHIHUHQFHDGGHGWR
6HFWLRQSURYLGLQJGHWDLOVRI'.$HYHQWUHFRUGLQJDQGDGMXGLFDWLRQ
6HFWLRQ(QGRI6WXG\±1HZVHFWLRQDGGHGWRGHILQHWKHHQGRIWKHVWXG\
6HFWLRQ6WXG\'UXJ7DEOH6WXG\'UXJVIRU&93URGXFW'HVFULSWLRQ
6KRUWWHUP'RXEOH%OLQGHG7UHDWPHQW3HULRGDQG/RQJWHUP6XEMHFWDQG6LWH%OLQGHG
7UHDWPHQW3HULRGDQG6HFWLRQ,QYHVWLJDWLRQDO3URGXFW±6WRUDJHFRQGLWLRQVXSGDWHG
6HFWLRQ6WXG\'UXJ7DEOHDQG6HFWLRQ,QYHVWLJDWLRQDO3URGXFW&RQWHQWVRI
%OLQGHG*OLPHSLULGH%RWWOHNLW±7DEOHGHOHWHGDQGUHIHUHQFHWR7DEOHUHPRYHG
6HFWLRQ6WXG\0DWHULDOV±&RQILUPDWLRQWKDWD'.$$GMXGLFDWLRQ0DQXDOIRU6LWHVZLOO
EHSURYLGHG
6HFWLRQ0DJQHWLF5HVRQDQFH,PDJLQJ05,&ODULILHGWKDWDGXULQJWKHVKRUWWHUP
WUHDWPHQWSHULRGWKH05,UHVXOWVZLOOEHEOLQGHGWRUHFUXLWLQJVLWHVLQYHVWLJDWRUVWKH05,
VLWHVWKHVXEMHFWVDQGWKH6SRQVRUEXWZRXOGQRWEHEOLQGHGWRWKH6SRQVRUDIWHU:HHN
EWKH6SRQVRUZLOOQRWSURYLGH05,UHVXOWVWRVXEMHFWVRULQYHVWLJDWRUVDWWKHFRQFOXVLRQRI
WKHVWXG\XQOHVVVSHFLILFDOO\UHTXHVWHGE\WKHVXEMHFWDQGF05,DQDO\VLVZLOOEHSHUIRUPHG
XVLQJVHPLDXWRPDWHGVRIWZDUH
6HFWLRQ5HVXOWVRI&HQWUDO$VVHVVPHQWVDQG$SSHQGL[&HQWUDO/DERUDWRU\5HVXOWV±
&ODULILHGZKLFKODERUDWRU\UHVXOWVZHUHEOLQGHGLQHLWKHUWKHVKRUWRUORQJWHUPWUHDWPHQW
SHULRGVGXULQJWKHVWXG\
6HFWLRQ1RQVHULRXV$GYHUVH(YHQW&ROOHFWLRQDQG5HSRUWLQJ±&ODULILHGWKHFROOHFWLRQ
DQGUHSRUWLQJRI$(V
6HFWLRQ$GYHUVH(YHQWV$(V/HDGLQJWR$PSXWDWLRQDQG3RWHQWLDO5LVN)DFWRU$(VIRU
$PSXWDWLRQV$IIHFWLQJ/RZHU/LPEV³3UHFHGLQJ(YHQWV´±1HZVHFWLRQDGGHGWRFODULI\
WKHFROOHFWLRQDQGUHSRUWLQJRI$(VOHDGLQJWRDPSXWDWLRQDQGSRWHQWLDOULVNIDFWRU$(VIRU
DPSXWDWLRQV
6HFWLRQ$(VRI6SHFLDO,QWHUHVW/LYHUIXQFWLRQWHVW/)7DEQRUPDOLWLHVDFFRPSDQLHG
E\MDXQGLFHRUK\SHUELOLUXELQHPLD±FODULILHGWKDWORFDOODERUDWRU\UHVXOWVZLOODOVREH
PRQLWRUHGIRU/)7DEQRUPDOLWLHV
6HFWLRQ'LDEHWLF.HWRDFLGRVLV$GMXGLFDWLRQ&RPPLWWHH±1HZVHFWLRQLQFOXGHGWR
SURYLGHGHWDLOVRQWKH'.$$GMXGLFDWLRQ&RPPLWWHH
4

6HFWLRQ6HFRQGDU\(IILFDF\$QDO\VHVDQG6HFWLRQ2WKHU(IILFDF\$QDO\VHV±
$QDO\VLVRIWKHWKHUDSHXWLFJO\FHPLFUHVSRQVHDQGFRPSRVLWHUHVSRQVHHQGSRLQWVUHYLVHGWR
UHPRYH=KDQJ¶VPHWKRGDQDO\VLVRIWKHWKHUDSHXWLFJO\FHPLFUHVSRQVHDPHQGHGWRLQFOXGH
ORJLVWLFUHJUHVVLRQDQGRGGVUDWLR
$GGLWLRQDODGPLQLVWUDWLYHFRUUHFWLRQVPDGHWKURXJKRXWWKHGRFXPHQWVDVQHHGHGLQFOXGLQJ
GHWDLOV UHODWLQJ WR %ULVWRO0\HUV 6TXLEE GHOHWHG IROORZLQJ WUDQVLWLRQ RI WKH VWXG\ WR
$VWUD=HQHFD$%UHIHUHQFHVWR%ULVWRO0\HUV6TXLEEUHPRYHGWKURXJKRXWWKHGRFXPHQWDQG
UHSODFHG ZLWK $VWUD=HQHFD $% RU WKH 6SRQVRU DV DSSURSULDWH $VWUD=HQHFD $% SURWRFRO
QXPEHU DGGHG WR WKH WLWOH SDJH XSGDWH WR WKHQXPEHU RI 05, VLWHV WKH VXEVWXG\ ZLOO EH
FRQGXFWHGDWUHPRYDORIWKHKRXUHPHUJHQF\WHOHSKRQHQXPEHUVDVWKHVHDUHSURYLGHGLQ
WKHSDWLHQWLGHQWLILFDWLRQFDUGVPLQRUWH[WDQGIRUPDWWLQJFKDQJHVDPHQGLQJW\SRVHWF
3OHDVHPDLQWDLQDFRS\RIWKLVDPHQGPHQWZLWK\RXUSURWRFRO3OHDVHSURYLGHDFRS\WR
\RXU,QYHVWLJDWLRQDO5HYLHZ%RDUG(WKLFV&RPPLWWHHXQOHVVDJUHHGRWKHUZLVHZLWK$=

5

PPD