A Phase IV, Multicentre, Open Label, Single Group Exploratory Study to Assess the Clinical Value of Enumeration of Circulating Tumour Cells (CTCs) to Predict Clinical Symptomatic Response and Progression Free Survival in Patients Receiving Deep Subcutaneous Administrations of Somatuline® (Lanreotide) Autogel® to Treat the Symptoms of Functioning Midgut NeuroEndocrine Tumours (NET)
Phase: PHASE4
Conditions: NeuroEndocrine Tumours
Sponsor: Ipsen

,36(1*5283
$ 
&21),'(17,$/
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

3DJHRI


&$/01(7 $ 3KDVH ,9 0XOWLFHQWUH 2SHQ ODEHO 6LQJOH *URXS ([SORUDWRU\ 6WXG\ WR
$VVHVV WKH &OLQLFDO 9DOXH RI (QXPHUDWLRQ RI &LUFXODWLQJ 7XPRXU &HOOV &7&V WR 3UHGLFW
&OLQLFDO 6\PSWRPDWLF 5HVSRQVH DQG 3URJUHVVLRQ )UHH 6XUYLYDO LQ 3DWLHQWV UHFHLYLQJ 'HHS
6XEFXWDQHRXV$GPLQLVWUDWLRQVRI6RPDWXOLQHODQUHRWLGH$XWRJHOWRWUHDWWKH6\PSWRPV
RI)XQFWLRQLQJ0LGJXW1HXUR(QGRFULQH7XPRXUV1(7

678'<35272&2/

6WXG\1XPEHU$
620$78/,1($872*(/
(XGUD&71XPEHU
3URWRFRO9HUVLRQLQFRUSRUDWLQJ3URWRFRO$PHQGPHQW
'DWH2FWREHU


6SRQVRU¶V0HGLFDOO\5HVSRQVLEOH3HUVRQ
6WXG\6SRQVRU

,SVHQ/WG
%DWK5RDG6ORXJK
%HUNVKLUH6/;(8.



,SVHQ/WG
%DWK5RDG6ORXJK
%HUNVKLUH6/;(8.



0RQLWRULQJ2IILFH
&RRUGLQDWLQJ,QYHVWLJDWRU
&OLQLFDO3URMHFW0DQDJHU
,SVHQ/WG
%DWK5RDG6ORXJK
%HUNVKLUH6/;(8.


3URI7LP0H\HU
8QLYHUVLW\&ROOHJH/RQGRQ&DQFHU,QVWLWXWH
8QLYHUVLW\&ROOHJH/RQGRQ
+XQWOH\6WUHHW/RQGRQ
:&(%78.




3KDUPDFRYLJLODQFH(PHUJHQF\&RQWDFW
/RFDO3KDUPDFRYLJLODQFH0DQDJHU
,SVHQ/WG
%DWK5RDG6ORXJK
%HUNVKLUH6/;(8.



3HUVRQV VXSSOLHG ZLWK WKLV LQIRUPDWLRQ PXVW XQGHUVWDQG WKDW LW LV VWULFWO\ FRQILGHQWLDO
,QIRUPDWLRQFRQWDLQHGKHUHLQFDQQRWEHGLVFORVHGVXEPLWWHGIRUSXEOLFDWLRQRUXVHGIRUDQ\
SXUSRVHRWKHUWKDQWKDWFRQWHPSODWHGKHUHLQZLWKRXWWKH6SRQVRU¶VSULRUZULWWHQDXWKRULVDWLRQ
PPD
PPD
PPD
PPD
PPD
PP
D
PPD
PPD

PPD
PPD
PPD
PPD
PPD

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)
6800$5<2)&+$1*(6


7KH FXUUHQW YHUVLRQ RI WKH SURWRFRO ZDV UHOHDVHG RQ2FWREHU  DQG LQFOXGHV
$PHQGPHQW  )RU DOO SURWRFRO DPHQGPHQWV DPHQGPHQW IRUPV ZHUH SUHSDUHG DQG DUH
SURYLGHGLQ$SSHQGLFHVDQG7DEOH


7DEOH
/LVWRI3URWRFRO$PHQGPHQWV
$PHQGPHQW
5HOHDVHGDWH
$PHQGPHQWIRUP

0D\
1$±QRSHUPDQHQW
DPHQGPHQWWRSURWRFRO±
WHPSRUDU\VXVSHQVLRQRI
6675DQG6675EORRG
VDPSOLQJXQWLOYDOLGDWLRQ
DSSURYHG

'HFHPEHU
$SSHQGL[

2FWREHU
$SSHQGL[

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)
6<1236,6
6WXG\7LWOH
$ 3KDVH ,9 0XOWLFHQWUH 2SHQ ODEHO 6LQJOH *URXS ([SORUDWRU\
6WXG\ WR $VVHVV WKH &OLQLFDO 9DOXH RI (QXPHUDWLRQ RI &LUFXODWLQJ
7XPRXU&HOOV&7&VWR3UHGLFW&OLQLFDO6\PSWRPDWLF5HVSRQVHDQG
3URJUHVVLRQ)UHH6XUYLYDOLQ3DWLHQWVUHFHLYLQJ'HHS6XEFXWDQHRXV
$GPLQLVWUDWLRQVRI6RPDWXOLQHODQUHRWLGH$XWRJHOWRWUHDWWKH
6\PSWRPVRI)XQFWLRQLQJ0LGJXW1HXURHQGRFULQH7XPRXUV1(7

6KRUW WLWOH &LUFXODWLQJ 7XPRXU &HOOV LQ 6RPDWXOLQH $XWRJHO
WUHDWHG1(7SDWLHQWV
6WXG\2EMHFWLYHV
3ULPDU\6WXG\2EMHFWLYH

7R DVVHVV WKH FOLQLFDO YDOXH RI HQXPHUDWLRQ RI FLUFXODWLQJ WXPRXU
FHOOV &7&V WR SUHGLFW FOLQLFDO V\PSWRPDWLF UHVSRQVH LQ SDWLHQWV
UHFHLYLQJ6RPDWXOLQH$XWRJHO

([SORUDWRU\3ULPDU\6WXG\2EMHFWLYH

7R DVVHVV WKH FOLQLFDO YDOXH RI HQXPHUDWLRQ RI &7&V WR GHVFULEH
SURJUHVVLRQIUHHVXUYLYDOLQSDWLHQWVUHFHLYLQJ6RPDWXOLQH$XWRJHO

6HFRQGDU\6WXG\2EMHFWLYHV

7RDVVHVVWKHHIIHFWRI6RPDWXOLQH$XWRJHORQFOLQLFDOV\PSWRPVLQ
SDWLHQWVZLWKDIXQFWLRQLQJ1(7

7RDVVHVVWKHHIIHFWRI6RPDWXOLQH$XWRJHOWUHDWPHQWRQTXDOLW\RI
OLIH YLD D VSHFLILF 1(7 TXHVWLRQQDLUH (257& 4/41(7 LQ
DGGLWLRQWR(257&4/4&

7R DVVHVV SURJUHVVLRQ IUHH VXUYLYDO PHDVXUHG XVLQJ 5(&,67
FULWHULDDIWHURQH\HDURIILUVWVWXG\WUHDWPHQW

7RDVVHVVWKHVDIHW\RI6RPDWXOLQH$XWRJHOLQWKLVJURXS

([SORUDWRU\6HFRQGDU\2EMHFWLYHV

7RDVVHVVWKHHIIHFWRI6RPDWXOLQH$XWRJHORQSODVPDFKURPRJUDQLQ
$ XULQDU\ K\GUR[\LQGROHDFHWLF DFLG +,$$ SODVPD +,$$
DQGQHXURNLQLQ$DQGZKHWKHUWKHVHELRPDUNHUVFRUUHODWHZLWK&7&
QXPEHUV

7R DVVHVV ZKHWKHUXULQDU\ +,$$ DQG SODVPD +,$$ OHYHOV DUH
FRUUHODWHG


,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)
7RLQYHVWLJDWHWKHJHQRPLFSURILOHRI&7&VDWZHHNEDVHOLQHDQG
DWWKHWLPHRIDQ\REVHUYHGSURJUHVVLRQ5(&,67UHYLHZ
7RLQYHVWLJDWHWKHJHQRPLFSURILOHRIOLYHUPHWDVWDVHVDWWKHWLPHRI
DQ\ REVHUYHG SURJUHVVLRQ 5(&,67 UHYLHZ YLD DQDO\VLV RI OLYHU
ELRSVLHVLQDSSURSULDWHSDWLHQWV

7R HYDOXDWH WKH SUHVHQFH DQG GHQVLW\ RI VRPDWRVWDWLQ UHFHSWRU
6675 VXEW\SHVDQG  RQ &7&V DQG FRPSDUH WKH GHQVLW\ ZLWK
SDWLHQWV¶FOLQLFDOV\PSWRPDWLFUHVSRQVHDQGSURJUHVVLRQIUHHVXUYLYDO
GXULQJ6RPDWXOLQH$XWRJHOWUHDWPHQW

7R FRPSDUH WKH GHQVLW\ RI 6675 DQG 6675 RQ &7&V ZLWK WKH
GHQVLW\RQSULPDU\WXPRXUDQGOLYHUPHWDVWDVLVLQSDWLHQWVZKHUHWKH
SULPDU\WXPRXURUOLYHUPHWDVWDVLVVDPSOHVDUHDYDLODEOH

3KDVHRI7ULDO
,9
6WXG\'HVLJQ
7KLVLVDPXOWLFHQWUHRSHQODEHOVLQJOHJURXSVWXG\

3DWLHQWVZKRKDYHJLYHQSULRUZULWWHQLQIRUPHGFRQVHQWDQGZKRDUH
HOLJLEOHIRUWKHVWXG\ZLOOUHFHLYH6RPDWXOLQH$XWRJHOLQMHFWLRQVIRU
DSHULRGRIRQH\HDU2QH6RPDWXOLQH$XWRJHOPJLQMHFWLRQZLOO
EHDGPLQLVWHUHGHYHU\GD\VGD\VIRUWKHILUVWLQMHFWLRQV
3DWLHQWV¶ V\PSWRPVZLOO EH DVVHVVHG DIWHU WKUHH LQMHFWLRQV DQG WKH
GRVHZLOOEHWLWUDWHGDFFRUGLQJWRFOLQLFDOMXGJHPHQW

&7&VZLOOEHHQXPHUDWHGDWZHHNVDQG

5HFUXLWPHQW ZLOO EH DSSUR[LPDWHO\  PRQWKV WKHUHIRUH VWXG\
GXUDWLRQLVH[SHFWHGWREHPRQWKV

7KHUHZLOOEHDSSUR[LPDWHO\FHQWUHVLQWKH8.

6WXG\3RSXODWLRQ
7KH VWXG\ ZLOO UHFUXLW  SDWLHQWV ZKR ZLOO UHFHLYH RQH GHHS
VXEFXWDQHRXVLQMHFWLRQRI6RPDWXOLQH$XWRJHOPJHYHU\GD\V
  GD\V IRU WKH ILUVW  LQMHFWLRQV DQG WKHQ UHFHLYH IXUWKHU
6RPDWXOLQH$XWRJHOLQMHFWLRQVWLWUDWHGDFFRUGLQJWRV\PSWRPVIRU
WKHUHPDLQLQJFRXUVHRIWKHRQH\HDUVWXG\

3DWLHQWV ZLOO KDYH UHFHLYHG D UHFHQW SDWKRORJLFDOO\ FRQILUPHG
GLDJQRVLVRIDIXQFWLRQLQJPLGJXW*RU*1(7DQGZLOOUHTXLUH
PHGLFDOWUHDWPHQWZLWKDVRPDWRVWDWLQDQDORJXHIRUWXPRXUV\PSWRP
FRQWURO

3DWLHQWV PD\ KDYH XQGHUJRQH VXUJHU\ ZLWK FXUDWLYH RU GHEXONLQJ
LQWHQWEXWKDYHUHVLGXDO1(7WXPRXUDQGV\PSWRPV

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)

3DWLHQWV PD\ KDYH SUHYLRXVO\ UHFHLYHG HLWKHU VXEFXWDQHRXV
RFWUHRWLGH RU RQH LQMHFWLRQ RI D ORQJ DFWLQJ VRPDWRVWDWLQ DQDORJXH
SULRU WR VWXG\ HQWU\ $ ZDVKRXW SHULRG RI  ZHHNV DIWHU WKH ODVW
VXEFXWDQHRXVRFWUHRWLGHGRVHRURIZHHNVDIWHUDVLQJOHORQJDFWLQJ
VRPDWRVWDWLQDQDORJXHGRVHLVUHTXLUHGSULRUWRHQUROPHQW

3DWLHQWVZKRKDYHDOUHDG\EHHQRQDUHJLPHQRIORQJRUVKRUWDFWLQJ
VRPDWRVWDWLQDQDORJXHWUHDWPHQWSULRUWRVXUJHU\ZLWKGHEXONLQJRU
FXUDWLYHLQWHQWPD\VWLOOEHLQFOXGHGLQWKHVWXG\7KHVHSDWLHQWVPD\
KDYHUHFHLYHGRQHLQMHFWLRQRIDORQJDFWLQJVRPDWRVWDWLQDQDORJXHRU
VXEFXWDQHRXVRFWUHRWLGHSRVWVXUJHU\DQGPXVWEHZLOOLQJWRREVHUYH
WKHUHOHYDQWZDVKRXWSHULRGVGRFXPHQWHGDERYH

,QFOXVLRQ&ULWHULD
3DWLHQWV0867VDWLVI\DOORIWKHIROORZLQJHQWU\FULWHULDEHIRUHWKH\
ZLOOEHDOORZHGWRSDUWLFLSDWHLQWKHVWXG\
x 3URYLVLRQRIZULWWHQLQIRUPHGFRQVHQWSULRUWRDQ\VWXG\UHODWHG
SURFHGXUHV
x 3DWLHQWVHLWKHUVH[PXVWEH\HDUVRUROGHU
x 3DWLHQWV PXVW EH VXIIHULQJ IURP V\PSWRPV RI GLDUUKRHD DQGRU
IOXVKLQJDWWKHWLPHRIVWXG\HQUROPHQW
x 3DWLHQWV PXVW KDYH D GRFXPHQWHG GLDJQRVLV RI D IXQFWLRQLQJ
PLGJXW1(7
x ,QRUGHUWRDYRLGSDWLHQWVZLWKUDSLGO\SURJUHVVLQJWXPRXUVRQO\
SDWLHQWVZLWKZHOORUPRGHUDWHO\GLIIHUHQWLDWHGWXPRXUVDQGZLWK
D.LSUROLIHUDWLRQLQGH[RIZLOOEHUHFUXLWHG
x 7KH FOLQLFDOO\ DSSURSULDWH WUHDWPHQW IRU WKH SDWLHQW PXVW EH
WKHUDS\ZLWKDVRPDWRVWDWLQDQDORJXH
x 3DWLHQWV PXVW KDYH KDG HLWKHU D SRVLWLYH VRPDWRVWDWLQ UHFHSWRU
VFLQWLJUDSK\ UHVXOW RU D SRVLWLYH *DOOLXP'27$7$7( 3(7
LPDJLQJUHVXOW

([FOXVLRQ&ULWHULD
,IDQ\RIWKHIROORZLQJDSSO\WKHSDWLHQW0867QRWHQWHUFRQWLQXH
LQWKHVWXG\
x ,IWKHSDWLHQWLVDWULVNRISUHJQDQF\RULVEUHDVWIHHGLQJXQOHVV
WUHDWPHQW ZLWK 6RPDWXOLQH $XWRJHO LV FOHDUO\ QHHGHG DV
GHWHUPLQHGE\WKHFOLQLFLDQ

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)
x 7KH SDWLHQW LV LQ WKH RSLQLRQ RI WKH LQYHVWLJDWRU XQDEOH WR
FRPSO\ IXOO\ ZLWK WKH SURWRFRO DQG WKH VWXG\ LQVWUXFWLRQV RU
SUHVHQWDQ\FRQFRPLWDQWFRQGLWLRQZKLFKFRXOGFRPSURPLVHWKH
REMHFWLYHV RI WKH VWXG\ DQGRU SUHFOXGH WKH SURWRFROGHILQHG
SURFHGXUHV HJ VHYHUH PHGLFDO FRQGLWLRQV EUDLQ PHWDVWDVHV
SV\FKLDWULF GLVRUGHUV DFWLYH RU XQFRQWUROOHG LQIHFWLRQ NQRZQ
SLWXLWDU\GLVHDVH
x 7KH SDWLHQW KDV EHHQ WUHDWHG ZLWK DQ\ RWKHU XQOLFHQVHG GUXJ
ZLWKLQ WKH ODVW  GD\V EHIRUH VWXG\ HQWU\ RU ZLOO UHTXLUH D
FRQFXUUHQW WUHDWPHQW ZLWK DQ\ RWKHU H[SHULPHQWDO GUXJV RU
WUHDWPHQWV
x 7KHSDWLHQWKDVEHHQWUHDWHGZLWKDVRPDWRVWDWLQDQDORJXHSULRU
WRVWXG\HQWU\XQOHVVDZDVKRXWSHULRGRIDWOHDVWZHHNVIRU
VXEFXWDQHRXVRFWUHRWLGHRUDWOHDVWZHHNVIRUDVLQJOHGRVHRI
ORQJDFWLQJVRPDWRVWDWLQDQDORJXHKDVRFFXUUHG
x 7KH
SDWLHQW
KDV
UHFHLYHG
LQWHUIHURQ
FKHPRWKHUDS\
FKHPRHPEROLVDWLRQ RU UDGLRQXFOLGH WKHUDS\ ZLWKLQ  PRQWKV
SULRUWRVWXG\HQWU\
x 7KH SDWLHQW KDV D KLVWRU\ RI K\SHUVHQVLWLYLW\ WR GUXJV ZLWK D
VLPLODUFKHPLFDOVWUXFWXUH
x )HPDOHV RI FKLOGEHDULQJ SRWHQWLDO PXVW EH XVLQJ RUDO GRXEOH
EDUULHURULQMHFWDEOHFRQWUDFHSWLRQ1RQFKLOGEHDULQJSRWHQWLDOLV
GHILQHG DV EHLQJ SRVWPHQRSDXVH IRU DW OHDVW  \HDU VXUJLFDO
VWHULOLVDWLRQRUK\VWHUHFWRP\DWOHDVWWKUHHPRQWKVEHIRUHWKHVWDUW
RIWKHVWXG\
x 7KH SDWLHQW KDV DEQRUPDO EDVHOLQH ILQGLQJV DQ\ RWKHU PHGLFDO
FRQGLWLRQV RU ODERUDWRU\ ILQGLQJV WKDW LQ WKH RSLQLRQ RI WKH
,QYHVWLJDWRUPLJKWMHRSDUGLVHWKHSDWLHQW¶VVDIHW\RUGHFUHDVHWKH
FKDQFH RI REWDLQLQJ VDWLVIDFWRU\ GDWD QHHGHG WR DFKLHYH WKH
REMHFWLYHVRIWKHVWXG\
6WXG\7UHDWPHQW
,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW,036RPDWXOLQH$XWRJHO

6RPDWXOLQH$XWRJHOODQUHRWLGHDVDFHWDWHLVVXSSOLHGDVDZKLWHWR
RIIZKLWHWUDQVOXFHQWDQGYLVFRXVVXSHUVDWXUDWHGVROXWLRQLQDSUH
ILOOHGV\ULQJHUHDG\IRUXVH

6RPDWXOLQH $XWRJHO VKRXOG EH LQMHFWHG YLD WKH GHHS VXEFXWDQHRXV
URXWHLQWKHVXSHULRUH[WHUQDOTXDGUDQWRIWKHEXWWRFN7KHLQMHFWLRQ
VKRXOGEHJLYHQE\D+&37KHVNLQVKRXOGEHVWUHWFKHG7KHQHHGOH
VKRXOG EH LQVHUWHG UDSLGO\ WR LWV IXOO OHQJWK SHUSHQGLFXODUO\WRWKH
VNLQ,QMHFWLRQVVKRXOGEHDGPLQLVWHUHGDOWHUQDWLQJWKHOHIWDQGULJKW
VLGH

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)

6RPDWXOLQH $XWRJHO LV DYDLODEOH LQ WKUHH GRVHV   RU PJ
,QMHFWLRQVDUHJHQHUDOO\DGPLQLVWHUHGHYHU\GD\V7UHDWPHQWZLOO
EHIRUDSHULRGRIRQH\HDU7KHVWDUWLQJGRVHLQWKLVVWXG\ZLOOEH
PJ

3URGXFW ZLOO EH RUGHUHG YLD ,SVHQ &XVWRPHU 6HUYLFHV DV IUHH RI
FKDUJHVWRFN

7KH UHFUXLWPHQW SHULRG ZLOO EH  PRQWKV DOWKRXJK LW FRXOG EH
H[WHQGHGLIQHFHVVDU\WRREWDLQWKHWDUJHWHGQXPEHURISDWLHQWV


&RQWURO&RPSRXQG

1RFRPSDUDWLYHFRPSRXQGZLOOEHDGPLQLVWHUHG7KHUHZLOOQRWEHD
FRPSDUDWLYHJURXS

6WXG\(YDOXDWLRQV
3ULPDU\(IILFDF\(QGSRLQWDQG(YDOXDWLRQ
$VVHVVPHQW RI WKH FOLQLFDO YDOXH RI HQXPHUDWLRQ RI FLUFXODWLQJ
WXPRXU FHOOV &7&V WR SUHGLFW FOLQLFDO V\PSWRPDWLF UHVSRQVH LQ
SDWLHQWVUHFHLYLQJ6RPDWXOLQH$XWRJHO7KHHIIHFWRQERWKGLDUUKRHD
DQGIOXVKLQJZLOOEHDVVHVVHGLQDOOSDWLHQWVUHJDUGOHVVRIZKHWKHU
ERWKV\PSWRPVDUHSUHVHQWDWEDVHOLQH&7&VZLOOEHHQXPHUDWHGDW
ZHHNVDQG3DWLHQWVZLOOSURYLGHKRXUV\PSWRP
IUHTXHQF\DQGVHYHULW\RQDGDLO\EDVLVHOHFWURQLFDOO\IRUWKHILUVW
ZHHNV RI WKH VWXG\  6XEVHTXHQWO\ SDWLHQWV ZLOO SURYLGH  KRXU
V\PSWRP IUHTXHQF\ DQG VHYHULW\ RQ GD\V  WR  RI HDFK
VXEVHTXHQWLQMHFWLRQLQWHUYDOIRUWKHUHPDLQGHURIWKHVWXG\GXUDWLRQ
$IWHUWKHILQDOVWXG\GUXJLQMHFWLRQDWZHHNSDWLHQWVZLOOSURYLGH
KRXUV\PSWRPIUHTXHQF\DQGVHYHULW\RQDGDLO\EDVLVRQGD\V
WR   6\PSWRP IUHTXHQF\ DQG VHYHULW\ ZLOO EH SURYLGHG DIWHU
HQUROPHQW IRU WKH  GD\V SUHFHGLQJ WKH ILUVW VWXG\ WUHDWPHQW
6HYHULW\ ZLOOEHFODVVHGDVPLOGPRGHUDWHDQGVHYHUHIRUIOXVKLQJ
RQO\

([SORUDWRU\3ULPDU\(IILFDF\(QGSRLQWDQG(YDOXDWLRQ

7R DVVHVV WKH FOLQLFDO YDOXH RI HQXPHUDWLRQ RI &7&V WR GHVFULEH
SURJUHVVLRQIUHHVXUYLYDOLQSDWLHQWVUHFHLYLQJ6RPDWXOLQH$XWRJHO


6HFRQGDU\(IILFDF\(QGSRLQWV$QG(YDOXDWLRQV

7R DVVHVV WKH HIIHFW RI 6RPDWXOLQH $XWRJHO RQ WKH V\PSWRPV RI
GLDUUKRHDDQGIOXVKLQJLQSDWLHQWVZLWKDIXQFWLRQLQJ1(7

7RDVVHVVWKHHIIHFWRI6RPDWXOLQH$XWRJHOWUHDWPHQWRQTXDOLW\RI
OLIHYLDWKH(257&4/41(7DQGWKH(257&4/4&7KH

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)
TXHVWLRQQDLUHVZLOOEHFRQGXFWHGDWHQUROPHQWDQGDWZHHNV
DQG

$VVHVVPHQW RI SURJUHVVLRQ IUHH VXUYLYDO DW RQH \HDU 3DWLHQWV ZLOO
XQGHUJRD&7RU05,VFDQDWVFUHHQLQJZHHNDQGZLWKLQWKH
ORFDO LQYHVWLJDWRU VLWH 3URJUHVVLRQ ZLOO EH DVVHVVHG XVLQJ WKH
5(&,67FULWHULD

([SORUDWRU\6HFRQGDU\(IILFDF\(QGSRLQWVDQG(YDOXDWLRQV

7RDVVHVVWKHHIIHFWRI6RPDWXOLQH$XWRJHORQSODVPDFKURPRJUDQLQ
$ XULQDU\ DQG SODVPD K\GUR[\LQGROHDFHWLF DFLG +,$$ DQG
QHXURNLQLQ $ DQG ZKHWKHU WKHVH ELRPDUNHUV FRUUHODWH ZLWK &7&
QXPEHUV

7R DVVHVVZKHWKHU XULQDU\ +,$$ DQG SODVPD +,$$ OHYHOV DUH
FRUUHODWHG

7RLQYHVWLJDWHWKHJHQRPLFSURILOHRI&7&VDWZHHNDQGDWWKHWLPH
RI DQ\ REVHUYHG SURJUHVVLRQ 5(&,67 HYDOXDWLRQ DW  DQG 
ZHHNV7RLQYHVWLJDWHWKHJHQRPLFSURILOHRIOLYHUPHWDVWDVHVDWWKH
WLPHRIDQ\REVHUYHGSURJUHVVLRQ5(&,67HYDOXDWLRQDWDQG
ZHHNVLQDSSURSULDWHSDWLHQWV

7R HYDOXDWH WKH SUHVHQFH DQG GHQVLW\ RI VRPDWRVWDWLQ UHFHSWRU
6675VXEW\SHVDQGRQ&7&VDWZHHNVDQGRIWKH
VWXG\

7RFRPSDUHWKH6675DQG6675GHQVLW\RQ&7&VZLWKSDWLHQWV¶
FOLQLFDOV\PSWRPDWLFUHVSRQVHDQGSURJUHVVLRQIUHHVXUYLYDOGXULQJ
6RPDWXOLQH$XWRJHOWUHDWPHQW

7RFRPSDUHWKHGHQVLW\RI6675DQG6675RQ&7&VZLWKWKDWRQ
SULPDU\ WXPRXU DQG OLYHU PHWDVWDVLV LQ WKH SDWLHQWV ZKHUH WKH
SULPDU\WXPRXURUOLYHUPHWDVWDVLVVDPSOHVDUHDYDLODEOH


6DIHW\(QGSRLQWVDQG(YDOXDWLRQV

7KHIROORZLQJGDWDZLOOEHHYDOXDWHGLQRUGHUWRDVVHVVWKHORQJWHUP
VDIHW\RI6RPDWXOLQH$XWRJHO

,QFLGHQFHRIDGYHUVHHYHQWV$(V
,QFLGHQFHRIVHULRXVDGYHUVHHYHQWV6$(V

2WKHUDVVHVVPHQWUHVXOWVWRLQFOXGH
9LWDOVLJQVKHDUWUDWH+5DQGEORRGSUHVVXUH%3ZHLJKWKHLJKW


,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)
6WDWLVWLFDO0HWKRGV
$ VDPSOH VL]H RI  VXEMHFWV KDV EHHQ FKRVHQ DV DQ DSSURSULDWH
QXPEHUIRUWKLVH[SORUDWRU\VWXG\EDVHGRQSUDFWLFDOFRQVLGHUDWLRQV
ZLWKWKHNQRZOHGJHWKDWWKHUHZDVVRPHVWDWLVWLFDOSRZHUVKRXOGWKH
UHODWLRQVKLS EHWZHHQ WKRVH ZLWK PHDVXUHDEOH &7&V DQG WKRVH
ZLWKRXW PHDVXUHDEOH &7&V EH FOHDU  VXEMHFWV ZLOO JLYHDQ 
VWDWLVWLFDOSRZHUWREHDEOHWRGHWHFWDGLIIHUHQFHLQFOLQLFDOUHVSRQVH
UDWHV RI DURXQG  HJ  LQ VXEMHFWV ZLWK QR PHDVXUHDEOH
&7&VYHUVXVLQVXEMHFWVZLWKPHDVXUHDEOH&7&V

7KH UHODWLRQVKLS EHWZHHQ &7& SUHVHQFH DW EDVHOLQH DQG FOLQLFDO
V\PSWRPDWLFUHVSRQVHZLOOEHDVVHVVHGXVLQJORJLVWLFUHJUHVVLRQ7KH
RGGV UDWLR IRU WKH HIIHFW RI &7& SUHVHQFH RQ UHVSRQVH ZLOO EH
HVWLPDWHG IURP WKLV PRGHO DQG WKH DVVRFLDWHG  FRQILGHQFH
LQWHUYDOFDOFXODWHG

$GGLWLRQDOO\ WKH UHODWLRQVKLS EHWZHHQ &7& SUHVHQFH DQG FOLQLFDO
V\PSWRPDWLFUHVSRQVHZLOOEHDVVHVVHGDGMXVWHGIRUWKHSUHVHQFHRI
RWKHU SRWHQWLDOO\ LQIOXHQWLDO SDWLHQW FKDUDFWHULVWLFV VXFK DV GLVHDVH
VWDWXV VWDJH DQG JUDGLQJ RI 1(7 DQG SUHYLRXV WUHDWPHQW XVLQJ
PXOWLSOH
ORJLVWLF
UHJUHVVLRQ
7KH
SRWHQWLDOO\
LQIOXHQWLDO
FKDUDFWHULVWLFVZLOOEHVHOHFWHGLQLWLDOO\RQWKHEDVLVRIVLPSOHORJLVWLF
UHJUHVVLRQV:DOGWHVWSDQGLQFOXGHGLQDILQDOPXOWLSOHORJLVWLF
UHJUHVVLRQ PRGHO DORQJ ZLWK &7& SUHVHQFH 8VLQJ DQ DSSURSULDWH
VWHSZLVHSURFHGXUHDILQDOPXOWLSOHORJLVWLFUHJUHVVLRQPRGHOZLOOEH
GHULYHGWKDWLQFOXGHV&7&SUHVHQFHDORQJZLWKDQ\VWLOOLQIOXHQWLDO
FKDUDFWHULVWLFV)URPWKHILQDOPRGHOWKHRGGVUDWLRIRUWKHHIIHFWRI
&7&SUHVHQFHRQUHVSRQVHZLOOEHHVWLPDWHGDQGWKHDVVRFLDWHG
FRQILGHQFHLQWHUYDOFDOFXODWHG

7KH UHODWLRQVKLS EHWZHHQ WKH DEVROXWH YDOXH RI &7&V DQG FOLQLFDO
V\PSWRPDWLF UHVSRQVH DQG WKH XVH RI GLIIHUHQW &7& FXWRII YDOXHV
IRUSUHGLFWLQJFOLQLFDOUHVSRQVHZLOODOVREHLQYHVWLJDWHGLISRVVLEOH

7KH UHODWLRQVKLS EHWZHHQ &7& SUHVHQFH DQG SURJUHVVLRQ IUHH
VXUYLYDODWZHHNVZLOOEHLQYHVWLJDWHGGHVFULSWLYHO\

7KHFRUUHODWLRQEHWZHHQXULQDU\DQGSODVPD+,$$OHYHOVZLOOEH
SUHVHQWHG

6\PSWRPIUHTXHQF\TXDOLW\RIOLIHDQGDOORWKHUVHFRQGDU\HQGSRLQWV
ZLOOEHLQYHVWLJDWHGGHVFULSWLYHO\

6DIHW\GDWDZLOOEHVXPPDULVHGGHVFULSWLYHO\


,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)
7$%/(2)&217(176

 
/,672)$%%5(9,$7,216$1''(),1,7,212)7(506 
 
,1752'8&7,21 
 
'LVHDVH5HYLHZ 
 
&RPSRXQG5HYLHZ 
 
&OLQLFDO7ULDO5DWLRQDOH 
 
678'<2%-(&7,9(6 
 
3ULPDU\6WXG\2EMHFWLYH 
 
([SORUDWRU\3ULPDU\6WXG\2EMHFWLYH 
 
6HFRQGDU\6WXG\2EMHFWLYHV 
 
([SORUDWRU\6HFRQGDU\2EMHFWLYHV 
 
678'<'(6,*1 
 
2YHUYLHZ 
 
3RSXODWLRQ&KDUDFWHULVWLFV 
 
'HVLJQ 
 
7LWUDWLRQ 
 
$GPLQLVWUDWLRQRI,03 
 
&7&EORRGFROOHFWLRQ 
 
6675DQG6675 
 
8ULQH+,$$DQG3ODVPD+,$$6DPSOHV 
 
&KURPRJUDQLQ$&J$DQG1HXURNLQLQ$ 
 
&HOOIUHH'1$DQDO\VHV 
 
6\PSWRPV 
 
6\PSWRP6FRULQJ6\VWHP 
 
4R/ 
 
&705,6FDQ 
 
3DWLHQW'LVHDVH3URJUHVVLRQ 
 
6WRSSLQJ5XOHVDQG'LVFRQWLQXDWLRQ&ULWHULD 
 
(DUO\6WXG\7HUPLQDWLRQ 
 
(QGSRLQWV 
 
6DIHW\(QGSRLQWV 
 
-XVWLILFDWLRQRI'HVLJQ 
 
6WXG\3RSXODWLRQIRU$QDO\VLV 
6WXG\'XUDWLRQ 
 
%DQNLQJRI5HVLGXDO%ORRGDQG7LVVXH6DPSOHVIRU)XWXUH5HVHDUFK 
 
&203/,$1&(:,7+*22'&/,1,&$/35$&7,&((7+,&$/
&216,'(5$7,216	,1)250('&216(17 
 
&RPSOLDQFHZLWK*RRG&OLQLFDO3UDFWLFHDQG(WKLFDO&RQVLGHUDWLRQV 
 
,QIRUPHG&RQVHQW 
 
678'<3238/$7,21 
 
6FUHHQLQJ/RJDQG1XPEHURI3DWLHQWV 
 
,QFOXVLRQ&ULWHULD 
 
([FOXVLRQ&ULWHULD 
:DVKRXW&ULWHULD 
 
3DWLHQW:LWKGUDZDO&ULWHULD 
 
'LVFRQWLQXDWLRQ:LWKGUDZDO3URFHGXUHV 
 
0(7+2'2/2*< 

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)
 
6WXG\6FKHGXOH 
 
6WXG\9LVLWV 
 
6FUHHQLQJDQGZDVKRXW9LVLW 
 
6WXG\9LVLW$GPLQLVWUDWLRQRI,03 
 
6WXG\9LVLW 
 
6WXG\9LVLW 
 
6WXG\9LVLW 
 
6WXG\9LVLW 
 
6WXG\9LVLW 
 
6WXG\9LVLW 
 
6WXG\9LVLW 
 
6WXG\9LVLW 
 
6WXG\9LVLW 
 
6WXG\9LVLW 
 
6WXG\9LVLW 
 
6WXG\9LVLW 
 
6WXG\YLVLWVWXG\&RPSOHWLRQRUZLWKGUDZDO 
 
678'<(9$/8$7,216 
 
3ULPDU\(QGSRLQWVDQG(YDOXDWLRQV 
 
3ULPDU\(IILFDF\(QGSRLQWDQG(YDOXDWLRQ 
 
([SORUDWRU\3ULPDU\(IILFDF\(QGSRLQWDQG(YDOXDWLRQ 
 
6HFRQGDU\(QGSRLQWVDQG(YDOXDWLRQV 
 
6HFRQGDU\(IILFDF\(QGSRLQWVDQG(YDOXDWLRQV 
 
4XDOLW\RI/LIH(QG3RLQWV 
 
3URJUHVVLRQ)UHH6XUYLYDODW2QH\HDUHQGSRLQW 
 
([SORUDWRU\6HFRQGDU\(IILFDF\(QGSRLQWVDQG(YDOXDWLRQV 
 
6DIHW\(QGSRLQWVDQG(YDOXDWLRQV 
 
$GYHUVH(YHQWV 
 
3K\VLFDO([DPLQDWLRQ 
 
9LWDO6LJQV 
 
&OLQLFDO/DERUDWRU\7HVWV 
 
7RWDO%ORRG9ROXPH 
 
678'<75($70(176 
 
6WXG\7UHDWPHQWV$GPLQLVWHUHG 
 
6XEMHFW,GHQWLILFDWLRQDQG$OORFDWLRQWR6WXG\7UHDWPHQW 
 
5DQGRPLVDWLRQ 
 
6WXG\WUHDWPHQWVXSSO\SDFNDJLQJDQGODEHOOLQJ 
 
6WXG\7UHDWPHQW6WRUDJHDQG$FFRXQWDELOLW\ 
 
&RQFRPLWDQW0HGLFDWLRQ7KHUDS\ 
 
$'9(56((9(175(3257,1* 
 'LVHDVH3URJUHVVLRQ 
 &DWHJRULVDWLRQRI$GYHUVH(YHQWV 
 
,QWHQVLW\&ODVVLILFDWLRQ 
 
&DXVDOLW\&ODVVLILFDWLRQ 
 
$VVHVVPHQWRIH[SHFWHGQHVV 
 
/DERUDWRU\7HVW$EQRUPDOLWLHV 
 
$EQRUPDO3K\VLFDO([DPLQDWLRQ)LQGLQJV 
 
2WKHU,QYHVWLJDWLRQ$EQRUPDO)LQGLQJV 

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)
 5HFRUGLQJDQG)ROORZXSRI$GYHUVH(YHQWV 
 6HULRXV$GYHUVH(YHQWV 
 
'HILQLWLRQV 
 
5HSRUWLQJ5HTXLUHPHQWV 
 
0DQGDWRU\,QIRUPDWLRQIRU5HSRUWLQJDQ6$( 
 3UHJQDQF\ 
 'HDWKV 
 'LVFRQWLQXDWLRQ:LWKGUDZDOGXHWR$GYHUVH(YHQWV6HULRXV$GYHUVH(YHQWV 
 5HSRUWLQJWR&RPSHWHQW$XWKRULWLHV,(&V,5%V2WKHU,QYHVWLJDWRUV 
 
67$7,67,&$/&216,'(5$7,216 
 6XEMHFW&ODVVLILFDWLRQDQG'HILQLWLRQV 
 $QDO\VHV3RSXODWLRQV'HILQLWLRQV 
 3RSXODWLRQV$QDO\VHG 
 6DPSOH6L]H'HWHUPLQDWLRQ 
 6LJQLILFDQFH7HVWLQJDQG(VWLPDWLRQV 
 6WDWLVWLFDO$QDO\WLFDO0HWKRGV 
 'HPRJUDSKLFDQG2WKHU%DVHOLQH&KDUDFWHULVWLFV 
 6XEMHFW'LVSRVLWLRQDQG:LWKGUDZDOV 
 (IILFDF\(YDOXDWLRQ 
 
3ULPDU\(IILFDF\$QDO\VLV 
 
([SORUDWRU\3ULPDU\(IILFDF\$QDO\VLV 
 
6HFRQGDU\(IILFDF\$QDO\VHV 
 
(IIHFWRI6RPDWXOLQH$XWRJHORQWKHV\PSWRPVRIGLDUUKRHDDQGIOXVKLQJ
LQSDWLHQWVZLWKDIXQFWLRQLQJ1(7 
 
(IIHFWRI6RPDWXOLQH$XWRJHOWUHDWPHQWRQTXDOLW\RIOLIHYLDWKH(257&
4/41(7DQG(257&4/&& 
 
3URJUHVVLRQ)UHH6XUYLYDODWRQH\HDU 
 
([SORUDWRU\6HFRQGDU\$QDO\VHV 
 
(IIHFWRI6RPDWXOLQH$XWRJHORQSODVPD&J$XULQDU\DQGSODVPD
+,$$DQGSODVPDQHXURNLQLQ$DQGZKHWKHUWKHVHELRPDUNHUVFRUUHODWH
ZLWK&7&QXPEHUV 
 
&RUUHODWLRQEHWZHHQXULQDU\+,$$DQGSODVPD+,$$ 
7KHFRUUHODWLRQEHWZHHQXULQDU\DQGSODVPD+,$$OHYHOVZLOOEHSUHVHQWHG 
 
*HQRPLFSURILOHRI&7&VDWEDVHOLQHDQGDWWKHWLPHRIDQ\REVHUYHG
SURJUHVVLRQ 
 
*HQRPLFSURILOHRIOLYHUPHWDVWDVHVDWWKHWLPHRIDQ\REVHUYHG
SURJUHVVLRQ 
 
3UHVHQFHDQGGHQVLW\RI6675VXEW\SHVDQGRQ&7&V 
 
&RPSDULVRQRIWKH6675DQG6675GHQVLW\ZLWKSDWLHQWV¶FOLQLFDO
V\PSWRPDWLFUHVSRQVHDQGSURJUHVVLRQIUHHVXUYLYDOGXULQJ6RPDWXOLQH
$XWRJHOWUHDWPHQW 
 
&RPSDULVRQRIWKHGHQVLW\RI6675DQG6675RQ&7&VZLWKWKDWRQ
SULPDU\WXPRXUDQGOLYHUPHWDVWDVHVLQWKHSDWLHQWVZKHUHWKHSULPDU\
WXPRXURUOLYHUPHWDVWDVHVVDPSOHVDUHDYDLODEOH 
 6DIHW\(YDOXDWLRQ 
 
021,725,1*352&('85(6 
 5RXWLQH0RQLWRULQJ 
 
678'<0$1$*(0(17 

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)
 ,QVSHFWLRQVDQG$XGLWLQJ3URFHGXUHV 
 'DWD5HFRUGLQJRI6WXG\'DWD 
 6RXUFH'DWD9HULILFDWLRQ 
 'DWD4XDOLW\ 
 5HFRUG$UFKLYLQJDQG5HWHQWLRQ 
 
$'0,1,675$7,21352&('85(6 
 5HJXODWRU\$SSURYDO 
 3XEOLFDWLRQ3ROLF\ 
 &OLQLFDO6WXG\5HSRUW 
 &RQWUDFWXDODQG)LQDQFLDO'HWDLOV 
 ,QVXUDQFH,QGHPQLW\DQG&RPSHQVDWLRQ 
 
35272&2/$0(1'0(176 
 
5()(5(1&(6 


$33(1',&(6

$33(1',;±3URWRFRO$PHQGPHQW6$«««««««««««««««««

$33(1',;±3URWRFRO$PHQGPHQW$««««««««««««««««««

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)
/,672)7$%/(6
7DEOH([SUHVVLRQRI6RPDWRVWDWLQ5HFHSWRUVDLQ1HXURHQGRFULQH
*DVWURHQWHURSDQFUHDWLF7XPRXUV««««««««««««««
7DEOH 
6FKHGXOHRI$VVHVVPHQWV«««««««««««««««««««« 


/,672)),*85(6
1RWDSSOLFDEOH











,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)

/,672)$%%5(9,$7,216$1''(),1,7,212)7(506
$(
$GYHUVH(YHQW([SHULHQFH
&$
&RPSHWHQW$XWKRULWLHV
&''6
&OLQLFDO'HYHORSPHQW'DWD6FLHQFHVUHODWHVWR6SRQVRU
&J$
&/51
&5)
&KURPRJUDQLQ$
&RPSUHKHQVLYH/RFDO5HVHDUFK1HWZRUN
&DVH5HSRUW)RUP
&52
&RQWUDFW5HVHDUFK2UJDQLVDWLRQ
&768
&OLQLFDO7ULDO6XSSOLHV8QLWUHODWHVWR6SRQVRU
'0&
'DWD0RQLWRULQJ&RPPLWWHH
(
(OHFWURQLF
('&
(OHFWURQLF'DWD&DSWXUH
(8
(XURSHDQ8QLRQ
)'$
)RRGDQG'UXJ$GPLQLVWUDWLRQ
*(31(7V
*&3
*DVWURHQWHURSDQFUHDWLFWXPRXUV
*RRG&OLQLFDO3UDFWLFH
*03
+&3
*RRG0DQXIDFWXULQJ3UDFWLFHV
+HDOWK&DUH3URIHVVLRQDO
,&+
,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ
,(&
,QGHSHQGHQW(WKLFV&RPPLWWHH
,03
,QYHVWLJDWLRQDO0HGLFLQDO3URGXFWV\QRQ\PRXVZLWK³VWXG\GUXJ´
,5%
,QVWLWXWLRQDO5HYLHZ%RDUG
,77
,QWHQWLRQWR7UHDW
,956
,QWHUDFWLYH9RLFH5HVSRQVH6\VWHP
0HG'5$
0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV
1&,&7&
1(7
1DWLRQDO&DQFHU,QVWLWXWH±&RPPRQ7R[LFLW\&ULWHULD
1HXURHQGRFULQH7XPRXU
126
1RW2WKHUZLVH6SHFLILHG
3,
3DFNDJH,QVHUW
33
3HUSURWRFRO
3'
3KDUPDFRG\QDPLFV
3.
3KDUPDFRNLQHWLFV
4R/
5$3
4XDOLW\RI/LIH
5HSRUWLQJDQG$QDO\VLV3ODQ
5(&,67
6$(
5HVSRQVH(YDOXDWLRQ&ULWHULD6ROLG7XPRXUV
6HULRXV$GYHUVH(YHQW([SHULHQFH
6$6
6WDWLVWLFDO$QDO\VLV6\VWHP
6P3&
623
66$
6656
6675
6XPPDU\RI3URGXFW&KDUDFWHULVWLFV
6WDQGDUG2SHUDWLQJ3URFHGXUH
6RPDWRVWDWLQ$QDORJXHV
6RPDWRVWDWLQUHFHSWRUVFLQWLJUDSK\
6RPDWRVWDWLQ5HFHSWRU
686$5
6XVSHFWHG8QH[SHFWHG6HULRXV$GYHUVH5HDFWLRQV
7)/V
7DEOHV)LJXUHVDQG/LVWLQJV
7($(
70)
+,$$
7UHDWPHQW(PHUJHQW$GYHUVH(YHQW
7ULDO0DVWHU)LOH
+\GUR[\LQGROHDFHWLFDFLG

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)

,1752'8&7,21


'LVHDVH5HYLHZ

1HXURHQGRFULQH WXPRXUV 1(7V DUH D UDUH JURXS RI WXPRXUV ZLWK PDOLJQDQW
SRWHQWLDO ZKRVH LQFLGHQFH LV HVWLPDWHG WR EH DERXW  FDVHV\HDU ZLWK D
VOLJKW SUHGRPLQDQFH LQ IHPDOHV 7KHLU QDWXUDO KLVWRU\ LV YDULDEOH ZLWK PHGLDQ
VXUYLYDOUDQJLQJIURPDSSUR[LPDWHO\PRQWKVLQDJJUHVVLYHKLJKJUDGHWXPRXUVWR
XSWR\HDUVLQPRUHLQGROHQWGLVHDVH7KHDHWLRORJ\RI1(7LVFXUUHQWO\QRWFOHDU
0RVWRIWKHPDUHFRQVLGHUHGWREHRIVSRUDGLFRULJLQWKRXJKDVPDOOIDPLOLDOULVN
KDVDOVREHHQREVHUYHG

1(7WXPRXUVRULJLQDWHIURPQHXURHQGRFULQHFHOOVWKHLUORFDWLRQFDQEHWKURXJKRXW
WKHJDVWURLQWHVWLQDOWUDFWEXWDOVRLQWKHSDQFUHDVSXOPRQDU\EURQFKLDQG
WKH WK\URLG JODQG 1(7V KDYH EHHQ FODVVLILHG DFFRUGLQJ WR WKHLU HPEU\RORJLFDO
RULJLQ LQWR WXPRXUV RI IRUHJXW EURQFKL VWRPDFK SDQFUHDV JDOO EODGGHU DQG
GXRGHQXPPLGJXWMHMXQXPLOHXPDSSHQGL[ULJKWFRORQDQGKLQGJXWOHIWFRORQ
UHFWXP

1(7VDUH JHQHUDOO\VORZJURZLQJDQGLIDV\PSWRPDWLFPD\UHPDLQXQGLDJQRVHG
WKURXJKRXW OLIH 7KH\ DUH GHWHFWHG RQO\ RQFH V\PSWRPV EHFRPH DSSDUHQW 7KH
V\PSWRPVZLWKZKLFKWKH\SUHVHQWGHSHQGRQWKHVLWHRIWKHSULPDU\WXPRXUDQGWKH
H[WHQWRIWKHPHWDVWDWLFGLVHDVH1(7PHWDVWDVHVW\SLFDOO\RFFXULQWKHOLYHUEXWPD\
DOVRLQYROYHWKHERQHVO\PSKQRGHVH\HVDQGWKHVNLQ

7KH FDUFLQRLG V\QGURPH LV XVXDOO\ D UHVXOW RI PHWDVWDVLV WR WKH OLYHU ZLWK WKH
VXEVHTXHQW UHOHDVH RI KRUPRQHV VHURWRQLQ WDFK\NLQLQV DQG RWKHU YDVRDFWLYH
FRPSRXQGVGLUHFWO\LQWRWKHV\VWHPLFFLUFXODWLRQ7KLVV\QGURPHLVFKDUDFWHULVHG
E\ IOXVKLQJ DQG GLDUUKRHD 6RPH SDWLHQWV KDYH ODFU\PDWLRQ UKLQRUUKRHD DQG
HSLVRGLFSDOSDWLRQVZKHQWKH\IOXVK

'LVHDVH0RQLWRULQJDQG3URJUHVVLRQ

1(7V DUH FKDUDFWHUL]HG E\ WKH RYHUH[SUHVVLRQ RI VRPDWRVWDWLQ UHFHSWRUV 6675
ZLWK ILYH VXEW\SHV 66756675 KDYLQJ EHHQ LGHQWLILHG DOO RI ZKLFK DUH
H[SUHVVHGZLWKGLIIHUHQWIUHTXHQFLHVLQJDVWURHQWHURSDQFUHDWLFWXPRXUV*(31(7V
>7DEOH@

7DEOH  ([SUHVVLRQ RI 6RPDWRVWDWLQ 5HFHSWRUV LQ 1HXURHQGRFULQH *DVWURHQWHURSDQFUHDWLF
7XPRXUVD
1HXURHQGRFULQHWXPRXUV
6675
6675
6675
6675
6675
$OOWXPRXUV





1RQIXQFWLRQLQJ





0LGJXWQHXURHQGRFULQHWXPRXUV






D 8VLQJ UHFHSWRU VXEW\SH DQWLERGLHV 2EHUJ HW DO &RQVHQVXV UHSRUW RQ WKH XVH RI VRPDWRVWDWLQ
DQDORJXHV IRU WKH PDQDJHPHQW RI QHXURHQGRFULQH WXPRXUV RI WKH JDVWURHQWHURSDQFUHDWLF V\VWHP
$QQDOVRIRQFRORJ\


,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)
2YHUWKHSDVWWZRGHFDGHVWKHUHKDVEHHQVLJQLILFDQWSURJUHVVLQRXUXQGHUVWDQGLQJ
RI WKH PROHFXODU EDVLV IRU WKH DQWLSUROLIHUDWLYH HIIHFWV RI VRPDWRVWDWLQ DQG LWV
DQDORJXHV $QWLWXPRXUDO DFWLYLW\ DSSHDUV WR EH PHGLDWHG YLD GLUHFW DQG LQGLUHFW
PHFKDQLVPV

'LUHFW PHFKDQLVPV LQYROYH WKH DFWLYDWLRQ RI 6675 RQ WXPRXU FHOOV OHDGLQJ WR
PRGXODWLRQ RI LQWUDFHOOXODU VLJQDOOLQJ WUDQVGXFWLRQ SDWKZD\V 0XOWLSOH LQ YLWUR
VWXGLHV XVLQJ FHOO OLQHV WUDQVIHFWHG ZLWK 6675 LQGLFDWH WKDW DOO UHFHSWRU VXEW\SHV
6675PD\PHGLDWHLQKLELWLRQRIFHOOSUROLIHUDWLRQZKHUHDVVSHFLILFUHFHSWRU
VXEW\SHV6675PD\PHGLDWHDSRSWRVLV

,QGLUHFW DQWL SUROLIHUDWLYH PHFKDQLVPV LQFOXGH LQKLELWLRQ RI PLWRJHQLF JURZWK
IDFWRUV VXFK DV LQVXOLQOLNH JURZWK IDFWRU ,*) DV ZHOO DV LQKLELWLRQ RI WXPRXU
DQJLRJHQHVLVWKURXJKLQWHUDFWLRQZLWK6675RQHQGRWKHOLDOFHOOVDQGPRQRF\WHV

7KHUHFHQWO\FRPSOHWHG&/$5,1(7VWXG\,SVHQVSRQVRUHGVWXG\LVDSKDVH,,,
UDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGPXOWLFHQWUHVWXG\WRDVVHVVWKHHIIHFW
RIODQUHRWLGH$XWRJHOPJDGPLQLVWHUHGE\GHHSVXEFXWDQHRXVLQMHFWLRQHYHU\
GD\VRQSURJUHVVLRQIUHHVXUYLYDOLQSDWLHQWVZLWKQRQIXQFWLRQLQJHQWHURSDQFUHDWLF
HQGRFULQHWXPRXUVZKLFKDUH1HXURHQGRFULQH7XPRXUV1(7V&OLQLFDO7ULDOVJRY
LGHQWLILHU1&7(XGUD&71R

7UHDWPHQW ZLWK 6RPDWXOLQH ODQUHRWLGH $XWRJHO PJ ZDV IRXQG WR EH VWDWLVWLFDOO\
VLJQLILFDQWO\VXSHULRUWRSODFHERLQH[WHQGLQJWLPHWRHLWKHUGLVHDVHSURJUHVVLRQRUGHDWK
7KH VDIHW\ SURILOH REVHUYHG LQ WKH VWXG\ LV FRQVLVWHQW ZLWK WKH NQRZQ VDIHW\ SURILOH RI
6RPDWXOLQH&RPSUHKHQVLYHUHVXOWVIURPWKLVVWXG\ZLOOEHGLVFORVHGDWWKHDQQXDOPHHWLQJ
RIWKH(XURSHDQ6RFLHW\RI0HGLFDO2QFRORJ\(6026HSW±2FW

1(7ELRPDUNHUVPD\DOVREHPHDVXUHGWRDVVHVVGLVHDVHSURJUHVVLRQVXFKDVSODVPD
FKURPRJUDQLQ $ &J$ DQG K\GUR[\LQGROH DFHWLF DFLG +,$$ XULQH RYHU 
KRXUV

+,$$LVDPHWDEROLWHRIVHURWRQLQDFKHPLFDOQHXURWUDQVPLWWHUWKDWLVQHHGHGE\
WKHQHUYRXVV\VWHPPDLQO\WKHEUDLQDQGLVDOVRQHHGHGE\VSHFLDOFHOOVLQWKHOXQJ
DQGJDVWURLQWHVWLQDOWUDFW$IWHUWKHERG\XVHVVHURWRQLQK\GUR[\WU\SWRSKDQLWLV
GHJUDGHGLQWKHOLYHUDQGLVEURNHQGRZQLQWRPHWDEROLWHVLQFOXGLQJ+,$$ZKLFK
LVH[FUHWHGLQWKHXULQH

6HURWRQLQ DQG FRQVHTXHQWO\ +,$$ DUH SURGXFHG LQ H[FHVV E\ PRVW FDUFLQRLG
WXPRXUV HVSHFLDOO\ WKRVH SURGXFLQJ WKH FDUFLQRLG V\QGURPH RI IOXVKLQJ
KHSDWRPHJDO\ HQODUJHG OLYHU GLDUUKRHD EURQFKRVSDVP DQG KHDUW GLVHDVH
4XDQWLILFDWLRQRIXULQDU\+,$$LVWKHEHVWGLDJQRVWLFWHVWIRUIXQFWLRQLQJPLGJXW
1(7VEXWFDUHPXVWEHWDNHQWRHQVXUHVSHFLPHQFROOHFWLRQDQGSDWLHQWSUHSDUDWLRQ
DUH FRUUHFW 0LGJXW 1(7V PD\ FDXVH LQFUHDVHG H[FUHWLRQ RI WU\SWRSKDQ DQG
KLVWDPLQHDVZHOODVVHURWRQLQ7KHFROOHFWLRQRIXULQHIRU+,$$WHVWLQJLVGRQH
RYHUKRXUVDQGPXVWEHVWULFWO\FRQWUROOHG7KLVVWXG\ZLOOORRNDWKRXUXULQH
+,$$VDPSOLQJDQG+,$$SODVPDVDPSOLQJWRH[DPLQHLIVLPLODUDFFXUDF\DQG

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)
UHVXOWVFDQEHREWDLQHG&XUUHQWO\WHVWLQJRISODVPD+,$$LVQRWVWDQGDUGSUDFWLFH
LQDOO8.LQYHVWLJDWRUVLWHV

&J$LVXVHGDVDWXPRXUPDUNHU7KHWHVWPD\EHRUGHUHGLQFRPELQDWLRQZLWK
+,$$WRKHOSGLDJQRVHIXQFWLRQLQJPLGJXW1(7V,WLVDOVRXVHGWRKHOSPRQLWRUWKH
HIIHFWLYHQHVVRIWUHDWPHQWWRGHWHFWWKHUHFXUUHQFHRIWKHWXPRXU,WPD\DOVREHXVHG
WRGHWHFWWKHSUHVHQFHRIRWKHU1(7VHYHQWKRVHWKDWGRQRWVHFUHWHKRUPRQHV

&XUUHQW PHWKRGV RI PRQLWRULQJ SURJUHVVLRQ LQ 1(7V DQG UHVSRQVH WR WUHDWPHQW
LQFOXGHVHULDOLPDJLQJRYHUPDQ\\HDUVZLWKWKHDGGLWLRQRI5(&,67UHYLHZV

7UHDWPHQW

7KHLQLWLDOWUHDWPHQWRIIXQFWLRQLQJ1(7VFRQVLVWVRIVXUJLFDOUHPRYDORIWKHWXPRXU
ZKHUHSRVVLEOHLQSDWLHQWVZLWKOLPLWHGGLVHDVHSULPDU\WXPRXUDQGPHWDVWDVLVLQ
UHJLRQDO O\PSK QRGHV DQG WUHDWPHQW RI WKH KRUPRQDO V\QGURPH ,I WKH WXPRXU
HQWHUV LQWR D PRUH SURJUHVVLYH SKDVH WUHDWPHQW PD\ LQFOXGH KHSDWLF DUWHU\
HPEROL]DWLRQFKHPRWKHUDS\UDGLRODEHOOHGVRPDWRVWDWLQDQDORJXHVZLWKRUZLWKRXW
LQWHUIHURQ7KHVHWKHUDSLHVKRZHYHURIWHQGRQRWVWRSWKHSURJUHVVLRQRIWKHWXPRXU

6RPDWRVWDWLQDQDORJXHV66$VVXFKDVODQUHRWLGHDQGRFWUHRWLGHDUHWKHWUHDWPHQW
RIFKRLFHIRUKRUPRQHUHODWHGV\QGURPHV66$VZRUNE\LQKLELWLQJWKHVHFUHWLRQRI
VHURWRQLQDQGRWKHUKRUPRQHVZKLFKFDXVHWKHV\PSWRPV7KH\KDYHEHHQIRXQGWR
EH HIIHFWLYH LQ UHOLHYLQJ WKH IOXVKLQJ DQG GLDUUKRHD DVVRFLDWHG ZLWK WKH FDUFLQRLG
V\QGURPH  7KH V\PSWRPDWLF WUHDWPHQW LV XVXDOO\ ORQJ WHUP  0RUH UHFHQWO\
66$V KDYH DOVR EHHQ IRXQG WR KDYH D JURZWK LQKLELWRU\ HIIHFW LQ SDWLHQWV ZLWK
PLGJXWWXPRXUV,QWKH3520,'VWXG\SDWLHQWVZLWKPLGJXWWXPRXUVWUHDWHGZLWK
WKH 66$ RFWUHRWLGH KDG D PHGLDQ WLPH WR WXPRXU SURJUHVVLRQ RI  PRQWKV DV
FRPSDUHGWRRQO\PRQWKVLQSDWLHQWVWUHDWHGZLWKSODFHER

6RPDWXOLQH $XWRJHO LV UHJLVWHUHG IRU WKH WUHDWPHQW RI V\PSWRPV DVVRFLDWHG ZLWK
FDUFLQRLGWXPRXUVLQRYHUFRXQWULHVZRUOGZLGH

&LUFXODWLQJ7XPRXU&HOOV&7&V

,QUHFHQW\HDUVPDQ\QHZDQWLFDQFHUDJHQWVKDYHEHHQGHYHORSHGDQGLQWURGXFHG
LQWRFOLQLFDOFDUH:KLOHWKHVHQHZDJHQWVKDYHOHGWRVXEVWDQWLDOJDLQVLQUHVSRQVH
UDWHV DQG OLIH H[SHFWDQFLHV WKH\ KDYH DOVR LQFUHDVHG WKH QHHG IRU WRROV WR VHOHFW
SDWLHQWVZKRZRXOGEHQHILWIURPWKHVHWKHUDSLHV2QFHSDWLHQWVGHYHORSPHWDVWDWLF
GLVHDVHWUHDWPHQWLVWDLORUHGWRLPSURYLQJ4XDOLW\RI/LIH4R/DQGSURORQJLQJOLIH
H[SHFWDQF\EXWLWLVDOZD\VDWUDGHRIIDJDLQVWWKHVLGHHIIHFWVWKDWDUHLQHYLWDEO\
DVVRFLDWHG ZLWK DQWLWXPRXU WKHUDS\ XQGHUVFRULQJ WKH QHHG WR VHOHFW RQO\ WKRVH
SDWLHQWVZKRDUHOLNHO\WRUHVSRQGWRDGUXJ

&LUFXODWLQJWXPRXUFHOOV&7&VKDYHEHHQVKRZQWREHGHWHFWDEOHLQDURXQGRI
SDWLHQWV ZLWK PLGJXW 1(7 WXPRXUV XVLQJ WKH &HOO6HDUFK SODWIRUP DQG WKHLU
SUHVHQFHFRQIHUVDQDGYHUVHSURJQRVLV&7&VKDYHDOVREHHQVKRZQWREHYDOXDEOH
DV SUHGLFWLYH PDUNHUV IROORZLQJ WKHUDS\ DQG WKHUH LV LQFUHDVLQJ LQWHUHVW LQ WKH

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)
FKDUDFWHULVDWLRQRI&7&VDVµOLTXLGELRSVLHV¶WKDWFDQLQIRUPWUHDWPHQW GHFLVLRQV
&7& DQDO\VLV KDV WKH EHQHILW RI EHLQJ UHODWLYHO\ QRQLQYDVLYH FRPSDUHG ZLWK
FRQYHQWLRQDO ELRSV\ DQG LV WKHUHIRUH DQ DWWUDFWLYH PHWKRG WR PRQLWRU WKH WXPRXU
WKURXJKRXWWKHWKHUDSHXWLFVHTXHQFH

&7&$QDO\VLV

,QWKLVVWXG\&7&HQXPHUDWLRQZLOOEHSHUIRUPHGXVLQJWKH&HOO6HDUFK9HULGH[
5DULWDQ1-V\VWHP7KH&HOO6HDUFKSODWIRUPGHWHFWV&7&VZLWKKLJKVHQVLWLYLW\
VSHFL¿FLW\DQGUHSURGXFLELOLW\DQGLVWKHRQO\V\VWHPDSSURYHGE\WKH86)RRGDQG
'UXJ $GPLQLVWUDWLRQ 7KH &HOO6HDUFK SODWIRUP UHTXLUHV WKH FHOOXODU H[SUHVVLRQ RI
WKHHSLWKHOLDOFHOODGKHVLRQPROHFXOH(S&$0,WKDVEHHQUHSRUWHGWKDWDPDMRULW\
RI 1(7VKDYHVWURQJKHWHURJHQHRXV PHPEUDQRXV H[SUHVVLRQ RI (S&$0 DQG WKDW
&7&VFDQEHGHWHFWHGLQSDWLHQWVZLWK1(7V


&RPSRXQG5HYLHZ

6RPDWXOLQHODQUHRWLGH$XWRJHO
6RPDWXOLQH $XWRJHO LV D ORQJDFWLQJ YLVFRXV DTXHRXV IRUPXODWLRQ RI ODQUHRWLGH
ZKLFK LV VXSSOLHG LQ D UHDG\ WR XVH SUHILOOHG V\ULQJHV LQWHQGHG IRU GHHS
VXEFXWDQHRXVLQMHFWLRQ6RPDWXOLQH$XWRJHOSURYLGHVFRQVLVWHQWGUXJUHOHDVHDQGLV
HIIHFWLYHLQFRQWUROOLQJWKHV\PSWRPVRI1(7ZKHQLQMHFWHGHYHU\GD\V

6RPDWXOLQH $XWRJHO VKRXOG EH LQMHFWHG YLD WKH GHHS VXEFXWDQHRXV URXWH LQ WKH
VXSHULRUH[WHUQDOTXDGUDQWRIWKHEXWWRFN7KHLQMHFWLRQVKRXOGEHJLYHQE\D+HDOWK
&DUH 3URIHVVLRQDO +&3  7KH VNLQ VKRXOG EH VWUHWFKHG 7KH QHHGOH VKRXOG EH
LQVHUWHGUDSLGO\WRLWVIXOOOHQJWKSHUSHQGLFXODUO\WRWKHVNLQ,QMHFWLRQVVKRXOGEH
DGPLQLVWHUHGDOWHUQDWLQJEHWZHHQWKHOHIWDQGULJKWVLGH

6RPDWXOLQH$XWRJHOLVDYDLODEOHLQWKUHHGRVHVPJPJRUPJ,QMHFWLRQV
DUHJHQHUDOO\DGPLQLVWHUHGHYHU\GD\V

3URGXFWZLOOEHRUGHUHGYLD,SVHQ&XVWRPHU6HUYLFHVDVIUHHRIFKDUJHVWRFN


&OLQLFDO7ULDO5DWLRQDOH

6RPDWXOLQH$XWRJHOLVOLFHQVHGLQWKH8.IRUWKHWUHDWPHQWRI1(7V\PSWRPV7KH
VDIHW\ DVSHFWV RI 6RPDWXOLQH $XWRJHO KDYH EHHQ LQYHVWLJDWHG DQG REVHUYHG LQ
QXPHURXVSKDVH,9SRVWPDUNHWLQJVWXGLHVLQFOXGLQJUHFHQWO\WKHVDIHW\SURILOHDQG
HIILFDF\RIKRPHDGPLQLVWUDWLRQ

&7&V DUH FHOOV WKDW KDYH VKHG LQWR WKH YDVFXODWXUH IURP D SULPDU\ WXPRXU RU
PHWDVWDVHV DQG FLUFXODWH LQ WKH EORRGVWUHDP &7&V WKXV FRQVWLWXWH VHHGV IRU
VXEVHTXHQW JURZWK RI DGGLWLRQDO WXPRXUV PHWDVWDVLV LQ GLVWDQW RUJDQV DQG LW LV
PHWDVWDWLFGLVHDVHWKDWLVUHVSRQVLEOHIRUWKHYDVWPDMRULW\RIFDQFHUUHODWHGGHDWKV
,Q SDWLHQWV ZLWK PHWDVWDWLF EUHDVW FDQFHU VWXGLHV KDYH VKRZQ WKDW WKH QXPEHU RI
&7&VSUHVHQWSULRUWRFRPPHQFLQJDQHZWKHUDS\DUHSUHGLFWLYHRISURJUHVVLRQIUHH
DQGRYHUDOOVXUYLYDO

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)
7KLVVWXG\ZLOODVVHVVWKHFOLQLFDOYDOXHWKDWHQXPHUDWLRQZLOOKDYHLQSUHGLFWLQJWKH
FOLQLFDO V\PSWRPDWLF UHVSRQVH DQG SURJUHVVLRQ IUHH VXUYLYDO LQ SDWLHQWV UHFHLYLQJ
6RPDWXOLQH$XWRJHOIRUIXQFWLRQLQJPLGJXW1(7VRYHUDRQH\HDUSHULRG


678'<2%-(&7,9(6


3ULPDU\6WXG\2EMHFWLYH

7RDVVHVVWKHFOLQLFDOYDOXHRIHQXPHUDWLRQRIFLUFXODWLQJWXPRXUFHOOV&7&VWR
SUHGLFWWKHFOLQLFDOV\PSWRPDWLFUHVSRQVHLQSDWLHQWVUHFHLYLQJ6RPDWXOLQH$XWRJHO
3DWLHQWV ZLOO SURYLGH  KRXU V\PSWRP IUHTXHQF\ DQG VHYHULW\ RQ D GDLO\ EDVLV
HOHFWURQLFDOO\IRUWKHILUVWZHHNVRIWKHVWXG\DQGVXEVHTXHQWO\RQGD\VWR
RIHDFKVXEVHTXHQWLQMHFWLRQLQWHUYDOIRUWKHUHPDLQGHURIWKHVWXG\GXUDWLRQ$IWHU
WKHILQDOVWXG\GUXJLQMHFWLRQDWZHHNSDWLHQWVZLOOSURYLGHKRXUV\PSWRP
IUHTXHQF\DQGVHYHULW\RQDGDLO\EDVLVRQGD\VWR6\PSWRPIUHTXHQF\DQG
VHYHULW\ZLOOEHUHFRUGHGHOHFWURQLFDOO\DIWHUHQUROPHQWIRUWKHGD\VSUHFHGLQJWKH
ILUVW VWXG\ WUHDWPHQW 6HYHULW\ ZLOO EH FODVVHG DV PLOG PRGHUDWH DQG VHYHUH IRU
IOXVKLQJRQO\


([SORUDWRU\3ULPDU\6WXG\2EMHFWLYH

7RDVVHVVWKHFOLQLFDOYDOXHRIHQXPHUDWLRQRI&7&VWRGHVFULEHSURJUHVVLRQIUHH
VXUYLYDOLQSDWLHQWVUHFHLYLQJ6RPDWXOLQH$XWRJHO


6HFRQGDU\6WXG\2EMHFWLYHV

7R DVVHVV WKH HIIHFW RI 6RPDWXOLQH $XWRJHO RQ WKH V\PSWRPV RI GLDUUKRHD DQG
IOXVKLQJLQSDWLHQWVZLWKDIXQFWLRQLQJ1(7

7R DVVHVV WKH HIIHFW RI 6RPDWXOLQH $XWRJHO WUHDWPHQW RQ TXDOLW\ RI OLIH YLD WKH
(257& 4/41(7 DQG WKH (257&4/4& 7KH TXHVWLRQQDLUHV ZLOO EH
FRQGXFWHGDWZHHNVDQG

$VVHVVPHQWRISURJUHVVLRQIUHHVXUYLYDODWRQH\HDU3DWLHQWVZLOOXQGHUJRD&7RU
05, VFDQ DW VFUHHQLQJ ZHHN  DQG ZHHN  ZLWKLQ WKHLU ORFDO KRVSLWDO 7UXVW
3URJUHVVLRQZLOOEHDVVHVVHGXVLQJWKH5(&,67FULWHULD


([SORUDWRU\6HFRQGDU\2EMHFWLYHV

7RDVVHVVWKH HIIHFWRI 6RPDWXOLQH$XWRJHORQSODVPD&J$SODVPD DQGXULQH
K\GUR[\LQGROHDFHWLF DFLG +,$$ DQG QHXURNLQLQ $ DQG ZKHWKHU WKHVH
ELRPDUNHUVFRUUHODWHZLWK&7&QXPEHUV

7RDVVHVVZKHWKHUXULQDU\+,$$DQGSODVPD+,$$OHYHOVDUHFRUUHODWHG

7R LQYHVWLJDWH WKH JHQRPLF SURILOH RI &7&V DW EDVHOLQH DQG DW WKH WLPH RI DQ\
REVHUYHGSURJUHVVLRQ5(&,67UHYLHZ


,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)
7RLQYHVWLJDWHWKHJHQRPLFSURILOHRIOLYHUPHWDVWDVHVDWWKHWLPHRIDQ\REVHUYHG
SURJUHVVLRQ5(&,67UHYLHZLQDSSURSULDWHSDWLHQWV

7RHYDOXDWHWKHSUHVHQFHDQGGHQVLW\RIVRPDWRVWDWLQUHFHSWRU6675VXEW\SHV
DQG  RQ &7&V DQG FRPSDUH WKH GHQVLW\ ZLWK SDWLHQWV¶ FOLQLFDO V\PSWRPDWLF
UHVSRQVHDQGSURJUHVVLRQIUHHVXUYLYDOGXULQJ6RPDWXOLQH$XWRJHOWUHDWPHQW

7RFRPSDUHWKHGHQVLW\RI6675DQG6675RQ&7&VZLWKWKHGHQVLW\RQSULPDU\
WXPRXUDQGOLYHUPHWDVWDVLVLQSDWLHQWVZKHUHWKHSULPDU\WXPRXURUOLYHUPHWDVWDVLV
VDPSOHVDUHDYDLODEOH


678'<'(6,*1


2YHUYLHZ

7KLVLVDSURVSHFWLYHSLORWSKDVH,9PXOWLFHQWUHRSHQODEHOVLQJOHJURXSVWXG\WR
DVVHVV WKH FOLQLFDO YDOXH RI HQXPHUDWLRQ RI &7&V WR SUHGLFW FOLQLFDO V\PSWRPDWLF
UHVSRQVH LQ SDWLHQWV UHFHLYLQJ GHHS VXEFXWDQHRXV DGPLQLVWUDWLRQVRI6RPDWXOLQH
$XWRJHO WR WUHDW WKH V\PSWRPV RI IXQFWLRQLQJ PLGJXW 1(7V 7KH VWXG\ ZLOO EH
FRQGXFWHGDWVLWHVLQWKH8.ZLWKWKH5R\DO)UHH+RVSLWDOEHLQJWKHOHDGVLWHDQG
WKH &HQWUDO DQG (DVW /RQGRQ &RPSUHKHQVLYH /RFDO 5HVHDUFK 1HWZRUN &/51
EHLQJWKHOHDG&/51

3DWLHQWVZKRKDYHJLYHQSULRUZULWWHQLQIRUPHGFRQVHQWDQGZKRDUHHOLJLEOHIRUWKH
VWXG\ZLOOUHFHLYH6RPDWXOLQH$XWRJHOLQMHFWLRQVIRUDSHULRGRIRQH\HDU,QLWLDOO\
RQH6RPDWXOLQH$XWRJHOPJLQMHFWLRQZLOOEHDGPLQLVWHUHGHYHU\GD\V
GD\V IRU D SHULRG RI  PRQWKV 3DWLHQWV¶ V\PSWRPV ZLOO EH DVVHVVHG DIWHU 
LQMHFWLRQVDQGWKHGRVHZLOOEHWLWUDWHGDFFRUGLQJO\EDVHGRQDFOLQLFDOGHFLVLRQDQGD
UHYLHZRISDWLHQW¶VV\PSWRPV7KHGHFLVLRQZLOOEHUHFRUGHGRQWKHSDWLHQW¶VH&5)

'XULQJWKHFRXUVHRIWKHVWXG\SDWLHQWVZLOOKDYHEORRGWDNHQIRU&7&HQXPHUDWLRQ
DWZHHNVDQG7KHVHVDPSOHVZLOOEHXVHGIRU6675SURILOLQJDW
ZHHNVDQG$GGLWLRQDOVDPSOHVRIEORRGZLOOEHFROOHFWHGDWZHHN
 DQG  IRU 6675 SURILOLQJ ,I D SDWLHQW PLVVHV D EORRG VDPSOLQJ YLVLW WKH
VDPSOLQJPD\EHSHUIRUPHGDWWKHQH[WYLVLW

6\PSWRPV ZLOO EH PRQLWRUHG WKURXJKRXW WKH VWXG\ E\ WKH SDWLHQW 5HSRUWLQJ RI
V\PSWRPIUHTXHQF\IRUGLDUUKRHDDQGIOXVKLQJZLOOEHPDGHRQDGDLO\EDVLVIRUWKH
ILUVWZHHNVRIWKHVWXG\GXULQJWKLVSHULRGVHYHULW\RIIOXVKLQJHSLVRGHVRQO\ZLOO
EH UHFRUGHG 6XEVHTXHQWO\ SDWLHQWV ZLOO SURYLGH  KRXU V\PSWRP IUHTXHQF\
GLDUUKRHD DQG IOXVKLQJ DQG VHYHULW\ IOXVKLQJ RQO\ RQ GD\V  WR  RI HDFK
VXEVHTXHQWLQMHFWLRQLQWHUYDOXQWLOZHHN$IWHUWKHILQDOVWXG\GUXJLQMHFWLRQDW
ZHHNSDWLHQWVZLOOSURYLGHKRXUV\PSWRPIUHTXHQF\GLDUUKRHDDQGIOXVKLQJ
DQGVHYHULW\IOXVKLQJRQO\RQDGDLO\EDVLVRQGD\VWR6\PSWRPIUHTXHQF\
GLDUUKRHD DQG IOXVKLQJ DQG VHYHULW\ IOXVKLQJ RQO\ ZLOO EH SURYLGHG DIWHU
HQUROPHQW IRU WKH  GD\V SUHFHGLQJ WKH ILUVW VWXG\ WUHDWPHQW  6HYHULW\ ZLOO EH
FODVVHGDVPLOGPRGHUDWHDQGVHYHUHIRUIOXVKLQJRQO\


,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)
6\PSWRPV VXPPDULHV ZLOO EH PDGH DYDLODEOH WR WUHDWLQJ FOLQLFLDQV YLD D VWXG\
GDVKERDUGZKLFKZLOOEHUHYLHZHGWRPDNHGHFLVLRQVRQ,03GRVDJH

3DWLHQWV ZLOO DOVR KDYH WR FRPSOHWH 4R/ TXHVWLRQQDLUHV YLD WKH (257& 4/4
1(7DQGWKH(257&4/4&TXHVWLRQQDLUHVWRDVVHVVWKHHIIHFWRI6RPDWXOLQH
$XWRJHO WUHDWPHQW RQ 4R/ 7KH 4R/ TXHVWLRQQDLUHV ZLOO EH DGPLQLVWHUHG DQG
FRPSOHWHGE\SDWLHQWVZKLOVWWKH\DUHDZDLWLQJWKHLUFOLQLFDODSSRLQWPHQWV4R/ZLOO
EHDVVHVVHGDWZHHNVEDVHOLQHDQG

&7RU05,VFDQVZLOOEHFRQGXFWHGDWVFUHHQLQJVFDQVZKLFKKDYHEHHQFRQGXFWHG
ZLWKLQ  ZHHNV EHIRUH VFUHHQLQJ FDQ EH XVHG ZHHN  DQG ZHHN  WR DVVHVV
SURJUHVVLRQIUHHVXUYLYDODQGGLVHDVHSURJUHVVLRQXVLQJ5(&,67FULWHULD 9HUVLRQ


7KHJHQRPLFSURILOHRI&7&VZLOOEHH[DPLQHGDWEDVHOLQHDQGDWWKHWLPHRIDQ\
REVHUYHGSURJUHVVLRQ5(&,67UHYLHZDWZHHNVDQG7KHJHQRPLFSURILOHRI
OLYHU PHWDVWDVHV ZLOO EH H[DPLQHG YLD DQDO\VLV RI OLYHU ELRSVLHV LQ DSSURSULDWH
SDWLHQWVIROORZLQJREVHUYHGSURJUHVVLRQ5(&,67UHYLHZDWZHHNVDQG

$VVHVVPHQWV RI WKH HIIHFW RI 6RPDWXOLQH $XWRJHO RQ SODVPD FKURPRJUDQLQ $
XULQDU\DQGSODVPDK\GUR[\LQGROHDFHWLFDFLG+,$$DQGQHXURNLQLQ$ZLOOEH
PDGHDQGDUHYLHZRIZKHWKHUWKHVHELRPDUNHUVFRUUHODWHZLWK&7&QXPEHUV7KH
FRUUHODWLRQEHWZHHQXULQH+,$$DQGSODVPD+,$$ZLOOEHDVVHVVHG

3DWLHQWVZLOOKDYHSODVPDVDPSOHVWDNHQIRUFHOOIUHH'1$DQDO\VHVDWZHHNV
DQG

7KH SUHVHQFH DQG GHQVLW\ RI 6675 DQG 6675 RQ &7&V ZLOO EH DVVHVVHG DQG
FRPSDUHG ZLWK SDWLHQWV¶ FOLQLFDO V\PSWRPDWLF UHVSRQVH DQG SURJUHVVLRQ IUHH
VXUYLYDOGXULQJ6RPDWXOLQH$XWRJHOWUHDWPHQW7KHGHQVLW\RI6675DQG6675
RQ&7&VZLOOEHFRPSDUHGZLWKWKHGHQVLW\RQSULPDU\WXPRXUDQGOLYHUPHWDVWDVLV
LQSDWLHQWVZKHUHWKHSULPDU\WXPRXURUOLYHUPHWDVWDVLVVDPSOHVDUHDYDLODEOH


3RSXODWLRQ&KDUDFWHULVWLFV

$SSUR[LPDWHO\SDWLHQWVHLWKHUVH[ZKRKDYHUHFHLYHGDSDWKRORJLFDOGLDJQRVLV
RI IXQFWLRQLQJ PLGJXW * RU * 1(7 DQG LQ WKH PHGLFDO RSLQLRQ RI WKHLU
SUDFWLWLRQHUZLOOUHTXLUHPHGLFDOWUHDWPHQWZLWKDQ66$IRUWXPRXUV\PSWRPFRQWURO
ZLOOEHHOLJLEOHIRUWKLVVWXG\


'HVLJQ

7KLV LV D PXOWLFHQWUH RSHQ ODEHO VLQJOH JURXS SKDVH ,9 VWXG\ ZKLFK ZLOO EH
FRQGXFWHGDFURVVVLWHVLQWKH8. ,WLVLQWHQGHGWKDWWKHVWXG\ZLOOUXQIRU
PRQWKVZKLFKLQFOXGHVDPRQWKWUHDWPHQWSHULRGDQGDPRQWKUHFUXLWPHQW
SHULRG


,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)
(OLJLEOH SDWLHQWV ZLOO EH DVNHG WR SURYLGH ZULWWHQ LQIRUPHG FRQVHQW IRU WKHLU
SDUWLFLSDWLRQLQWKLVVWXG\3DWLHQWVZKRKDYHSURYLGHGZULWWHQLQIRUPHGFRQVHQW
ZLOO LQLWLDOO\ UHFHLYH 6RPDWXOLQH $XWRJHO PJ LQMHFWLRQV HYHU\  GD\V IRU WKH
ILUVWLQMHFWLRQV3DWLHQW¶VV\PSWRPVZLOOEHDVVHVVHGDIWHUWKUHHLQMHFWLRQVDQGWKH
GRVHZLOOEHWLWUDWHGDFFRUGLQJWRFOLQLFDOMXGJHPHQWIRUWKHUHPDLQLQJFRXUVHRIWKH
VWXG\


7LWUDWLRQ

&OLQLFLDQVZLOOUHYLHZSDWLHQW¶VV\PSWRPVYLDWKHVWXG\GDVKERDUGDIWHULQMHFWLRQV
RI 6RPDWXOLQH $XWRJHO PJ $FFRUGLQJ WR FOLQLFDO MXGJHPHQW SDWLHQWV PD\
UHPDLQRQWKHPJGRVHRUEHWLWUDWHGWRHLWKHUPJRUPJ$WHDFKVWXG\YLVLW
WKH UHVSRQVH WR WUHDWPHQW ZLOO EH HYDOXDWHG DQG WKH GRVDJH WLWUDWHG DFFRUGLQJ WR
V\PSWRPDWLFUHVSRQVH


$GPLQLVWUDWLRQRI,03

6RPDWXOLQH$XWRJHOZLOOEHLQMHFWHGYLDWKHGHHSVXEFXWDQHRXVURXWHLQWKHVXSHULRU
H[WHUQDOTXDGUDQWRIWKHEXWWRFN7KHLQMHFWLRQVKRXOGEHJLYHQE\D+&37KHVNLQ
VKRXOG EH VWUHWFKHG 7KH QHHGOH VKRXOG EH LQVHUWHG UDSLGO\ WR LWV IXOO OHQJWK
SHUSHQGLFXODUO\WRWKHVNLQ,QMHFWLRQVVKRXOGEHDGPLQLVWHUHGDOWHUQDWLQJEHWZHHQ
WKHOHIWDQGULJKWVLGHV


&7&EORRGFROOHFWLRQ

'XULQJ WKH FRXUVH RI WKH VWXG\ SDWLHQWV ZLOO KDYH EORRG POV WDNHQ IRU &7&
HQXPHUDWLRQ DW ZHHNV  EDVHOLQH    DQG  &7& HQXPHUDWLRQ ZLOO EH
FRQGXFWHGDWWKH8&/&DQFHU,QVWLWXWH2QFHWDNHQEORRGVDPSOHVPXVWEHVWRUHGDW
URRPWHPSHUDWXUHDQGEHVKLSSHGIRUDQDO\VLVZLWKLQKRXUV&7&HQXPHUDWLRQ
ZLOOEHFRQGXFWHGZLWKLQKRXUVDVSHUPDQXIDFWXUHU¶VLQVWUXFWLRQV


6675DQG6675

6DPSOHVGUDZQIRU&7&HQXPHUDWLRQIRUZHHNVDQGZLOODOVREHXWLOLVHG
IRU6675VXEW\SHSURILOLQJ6675VXEW\SHZLOOEHDVVHVVHGVHPLTXDQWLWDWLYHO\
XVLQJ DQ LPPXQRIOXRUHVFHQW PDUNHU VSHFLILFDOO\ GLUHFWHG WRZDUGV WKH 6675 $
IOXRUHVFHLQLVRWKLRF\DQDWH),7&RU3K\FRHU\WKULQ3(ODEHOOHGUDEELWPRQRFORQDO
DQWLERG\YDOLGDWHGIRULWVVSHFLILFLW\IRUWKHVHUHFHSWRUVXEW\SHVZLOOEHXVHGIRUWKLV
SXUSRVH

$Q DGGLWLRQDO POV RI EORRG ZLOO EH GUDZQ DW ZHHNV    DQG  IRU
6675SURILOLQJ 6675 VXEW\SH  ZLOO EH DVVHVVHG VHPLTXDQWLWDWLYHO\ XVLQJ DQ
LPPXQRIOXRUHVFHQWPDUNHUVSHFLILFDOO\GLUHFWHGWRZDUGVWKH6675$IOXRUHVFHLQ
LVRWKLRF\DQDWH ),7& RU 3K\FRHU\WKULQ3( ODEHOOHG UDEELW PRQRFORQDO DQWLERG\
YDOLGDWHGIRULWVVSHFLILFLW\IRUWKHVHUHFHSWRUVXEW\SHVZLOOEHXVHGIRUWKLVSXUSRVH

6DPSOHVRISUHYLRXVELRSVLHVRUVXUJLFDOH[FLVLRQVRIHLWKHUSULPDU\WXPRXUVRUOLYHU
PHWDVWDVHVZLOOEHXWLOLVHGIRU6675VXEW\SHDQGSURILOLQJZKHUHDYDLODEOHXVLQJ

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)
WKHDERYHPHWKRGV6LPLODUO\DQ\ELRSVLHVRUVXUJLFDOH[FLVLRQVRIHLWKHUSULPDU\
WXPRXUVRUOLYHUPHWDVWDVHVFRQGXFWHGGXULQJWKHFRXUVHRIWKHVWXG\DFFRUGLQJWR
FOLQLFDOQHHGZLOOEHXWLOLVHGIRU6675VXEW\SHDQGSURILOLQJXVLQJWKHDERYH
PHWKRGV  6DPSOHV RI SUHYLRXV ELRSVLHV RU VXUJLFDO H[FLVLRQV RI OLYHU PHWDVWDVHV
FRQGXFWHGHLWKHUSULRUWRWKHVWXG\RULIFOLQLFDOO\UHTXLUHGGXULQJWKHVWXG\ZLOODOVR
EHXWLOLVHGWRLQYHVWLJDWHWKHJHQRPLFSURILOHRIWKLVWLVVXH


8ULQH+,$$DQG3ODVPD+,$$6DPSOHV

3DWLHQWVZLOOEHUHTXLUHGWRSURYLGHKRXUXULQHVDPSOHVIRU+,$$DQDO\VHV$
+,$$WHVWLVDXULQHWHVWWKDWPHDVXUHVWKHDPRXQWRIK\GUR[\LQGROHDFHWLFDFLG
+,$$DEUHDNGRZQSURGXFWRIDKRUPRQHFDOOHGVHURWRQLQWKDWLVSUHVHQWLQWKH
XULQH%HIRUHWKHFROOHFWLRQRI+,$$XULQHVDPSOHSDWLHQWVZLOOEHLQIRUPHGWKDW
WKHIROORZLQJLWHPVPXVWEHDYRLGHGIRUKRXUVSULRUWRDQGGXULQJWKHKRXU
XULQHFROOHFWLRQEHLQJSHUIRUPHG

x )RRGVLQFOXGLQJIUXLWIUXLWMXLFHIUXLWMDPQXWVDQGFKRFRODWH
x $Q\SURFHVVHGIRRGWKDWPD\FRQWDLQWKHDERYHLQJUHGLHQWV
x $Q\KHDOWKIRRGVXSSOHPHQWVFRQWDLQLQJ+\GUR[\WU\SWRSKDQHJH[WUDFWRI
*ULIIRUQLD6LPSOLFLIROLDVHHG

8ULQHYROXPHVKRXOGEHPHDVXUHGDQGDPODOLTXRWWUDQVIHUUHGWRDVDPSOHWXEH
DQGIUR]HQDWR&7KHUHPDLQGHURIWKHXULQHPD\EHGLVFDUGHG

$ IDVWLQJ EORRG VDPSOH RI POV ZLOO EH GUDZQ WR FRPSOHWH SODVPD +,$$
DQDO\VLVDQGVKRXOGEHIUR]HQDWR&3DWLHQWVVKRXOGQRWHDWDQ\WKLQJIRUKRXUV
SULRU WR WKH EORRG WHVW KRZHYHU WKH\ PD\ GULQN D JODVV RU WZR RI FOHDU ZDWHU LI
UHTXLUHG

8ULQHDQGEORRGVDPSOHVZLOOEHFROOHFWHGIURPSDWLHQWVDWZHHNVEDVHOLQH
DQGDQGVKLSSHGWRWKHFOLQLFDOELRFKHPLVWU\ODERUDWRU\DWWKH/HHGV7HDFKLQJ
+RVSLWDOIRUDQDO\VLV


&KURPRJUDQLQ$&J$DQG1HXURNLQLQ$

$WRWDOEORRGVDPSOHRIPOVZLOOEHGUDZQWRFRPSOHWH&J$DQGQHXURNLQLQ$
DQDO\VHV %ORRG VDPSOHV ZLOO EH GUDZQ DW ZHHNV  EDVHOLQH    DQG 
ZHHNVDQGVKRXOGEHIUR]HQDWR&DQGVKLSSHGWRWKHSDWKRORJ\ODERUDWRU\DWWKH
5R\DO9LFWRULD+RVSLWDO%HOIDVWIRUDQDO\VLV


&HOOIUHH'1$DQDO\VHV

3DWLHQWVZLOOUHTXLUHDGGLWLRQDOVDPSOHVRIEORRGPOVWREHGUDZQDWZHHNV
EDVHOLQHDQGIRUFHOOIUHH'1$DQDO\VHV6DPSOHVFROOHFWHGZLOOEHIUR]HQDW
VLWHWRR&DQGVKLSSHGWRWKH8&/&DQFHU,QVWLWXWHIRUDQDO\VHVRIFHOOIUHH'1$


6\PSWRPV


,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)
3DWLHQWV ZLOO UHSRUW ERWK HSLVRGHV RI GLDUUKRHD DQG IOXVKLQJ WKURXJKRXW WKH WULDO
UHJDUGOHVV RI ZKHWKHU ERWK RI WKHVH V\PSWRPV DUH SUHVHQW DW EDVHOLQH 2QFH WKH
SDWLHQWKDVSURYLGHGLQIRUPHGFRQVHQWDQGPHWWKHHOLJLELOLW\FULWHULDIRUWKHVWXG\D
PHPEHU RI WKH VWXG\ WHDP ZLOO WHOHSKRQH DQ ,QWHUDFWLYH 9RLFH 5HVSRQVH 6\VWHP
,956 WR UHJLVWHU WKH SDWLHQW LQWR WKH VWXG\ 7KH ,956 V\VWHP ZLOO SURYLGH WKH
SDWLHQW¶VXQLTXHVWXG\LGHQWLILFDWLRQQXPEHU,QWKLVWULDOSDWLHQWVZLOOUHFRUGWKHLU
V\PSWRPVE\WHOHSKRQLQJWKH,956

6\PSWRP IUHTXHQF\ DQG VHYHULW\ ZLOO EH SURYLGHG DIWHU HQUROPHQW LQIRUPHG
FRQVHQWIRUWKHGD\VSUHFHGLQJWKHILUVWVWXG\WUHDWPHQW6HYHULW\ZLOOEHFODVVHG
DV PLOG PRGHUDWH DQG VHYHUH IRU IOXVKLQJ RQO\ 3DWLHQWV ZKR UHTXLUH D ZDVKRXW
SHULRGGXHWRSUHYLRXVWUHDWPHQWZLWKDVRPDWRVWDWLQDQDORJXHSULRUWRVWXG\HQWU\
ZLOO UHTXLUH D VHDUFK RI WKHLU PHGLFDO QRWHV WR LGHQWLI\ 1(7 V\PSWRPV XSRQ
GLDJQRVLVDQGGXULQJSULRUVRPDWRVWDWLQDQDORJXHWUHDWPHQW

3DWLHQWVZLOOUHFRUGKRXUV\PSWRPIUHTXHQF\DQGVHYHULW\RQDGDLO\EDVLVIRUWKH
ILUVWZHHNVVXEVHTXHQWO\SDWLHQWVZLOOSURYLGHKRXUV\PSWRPIUHTXHQF\DQG
VHYHULW\RQGD\VWRRIHDFKVXEVHTXHQWLQMHFWLRQLQWHUYDOXQWLOZHHN$IWHU
WKHILQDOVWXG\GUXJLQMHFWLRQDWZHHNSDWLHQWVZLOOSURYLGHKRXUV\PSWRP
IUHTXHQF\DQGVHYHULW\RQDGDLO\EDVLVRQGD\VWR6\PSWRPIUHTXHQF\DQG
VHYHULW\ ZLOO EH UHFRUGHG E\ DQVZHULQJ SUHGHWHUPLQHG TXHVWLRQV XVLQJ ,956
)OXVKLQJ V\PSWRP VHYHULW\ ZLOO EH UHFRUGHG XVLQJ D  SRLQW VFRULQJ V\VWHP
6\PSWRPIUHTXHQF\DQGVHYHULW\UHSRUWVZLOOEHDYDLODEOHWRFOLQLFLDQVYLDDVWXG\
GDVKERDUG


6\PSWRP6FRULQJ6\VWHP

6\PSWRPDWLFHIILFDF\ZLOOEHDVVHVVHGE\WKHXVHRIHOHFWURQLFV\PSWRPUHSRUWLQJ
WKURXJKRXW WKH VWXG\ WKH QXPEHU RI GLDUUKRHD DQG IOXVKLQJ HSLVRGHV SDWLHQWV
H[SHULHQFHZLOOEHUHFRUGHG3DWLHQWVZLOODOVRUHFRUGWKHVHYHULW\RIDQ\IOXVKLQJ
HSLVRGHVWKH\KDYHH[SHULHQFHGJUDGLQJWKHPDVPLOGPRGHUDWHDQGVHYHUH


4R/

3DWLHQWV ZLOO DOVR KDYH WR FRPSOHWH 4R/ TXHVWLRQQDLUHV XVLQJ WKH (257& 4/4
1(7DQGWKH(257&4/4&TXHVWLRQQDLUHVWRDVVHVVWKHHIIHFWRI6RPDWXOLQH
$XWRJHO WUHDWPHQW RQ 4R/ 7KH TXHVWLRQQDLUHV ZLOO EH DGPLQLVWHUHG DW ZHHNV 
EDVHOLQHDQG


&705,6FDQ

3DWLHQWVZLOOXQGHUJRD&7RU05,VFDQDWVFUHHQLQJZHHNVDQGZLWKLQWKHLU
ORFDOKRVSLWDOV6FDQVSHUIRUPHGZLWKLQWKHZHHNVSULRUWRWKHVFUHHQLQJYLVLWZLOO
QRWQHHGWREHUHSHDWHG5(&,67UHYLHZIURPWKLVVFDQZRXOGEHVXIILFLHQW

7RDVVHVVSURJUHVVLRQIUHHVXUYLYDODWRQH\HDUSURJUHVVLRQZLOOEHDVVHVVHGXVLQJ
WKH5(&,67FULWHULDYHUVLRQ


,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)



3DWLHQW'LVHDVH3URJUHVVLRQ

:KHQ D SDWLHQW¶V GLVHDVH SURJUHVVHV FOLQLFLDQV ZLOO GHFLGH LI WKH SDWLHQW VKRXOG
UHPDLQ RQ WKH WULDO RU ZLWKGUDZ IURP WKH WULDO ,I D SDWLHQW UHTXLUHV D IXUWKHU
LQWHUYHQWLRQ VXFK DV SHSWLGH UHFHSWRU UDGLRQXFOLGH WKHUDS\ WKH SDWLHQW ZLOO EH
ZLWKGUDZQIURPWKHVWXG\


6WRSSLQJ5XOHVDQG'LVFRQWLQXDWLRQ&ULWHULD

$Q\GHFLVLRQWDNHQDVSDUWRIURXWLQHPHGLFDOSUDFWLFHWKDWDIIHFWVZKHWKHURUQRWWKH
SDWLHQWFRQWLQXHVWRUHFHLYH6RPDWXOLQH$XWRJHOLQMHFWLRQVDIWHUHQUROPHQWLQWRWKH
WULDOZLOOEHUHFRUGHG7KHWUHDWLQJFOLQLFLDQZLOOEHDVNHGWRUHFRUGWKHUHDVRQIRU
WKHGHFLVLRQ,ILWLVGXHWRVDIHW\WROHUDELOLW\RUHIILFDF\FRQFHUQVGHWDLOVVKRXOGEH
VXSSOLHG


(DUO\6WXG\7HUPLQDWLRQ

7KH 6SRQVRU PD\ WHUPLQDWH WKLV VWXG\ DW DQ\ WLPH 5HDVRQV IRU WHUPLQDWLRQ PD\
LQFOXGHEXWDUHQRWOLPLWHGWRWKHIROORZLQJ

x
7KHLQFLGHQFHRUVHYHULW\RIDGYHUVHHYHQWV$(LQWKLVRURWKHUVWXGLHVSRLQW
WRDSRWHQWLDOKHDOWKKD]DUGIRUWULDOSDWLHQWV

x
,QVXIILFLHQWSDWLHQWHQUROPHQW

x
$Q\ LQIRUPDWLRQ EHFRPLQJ DYDLODEOH GXULQJ WKH VWXG\ WKDW VXEVWDQWLDOO\
FKDQJHVWKHH[SHFWHGEHQHILWULVNSURILOHRIWKHVWXG\WUHDWPHQW


(QGSRLQWV


6DIHW\(QGSRLQWV

7KH IROORZLQJ GDWD ZLOO EH HYDOXDWHG LQ RUGHU WR DVVHVV WKH ORQJWHUP VDIHW\ RI
6RPDWXOLQH$XWRJHO


 ,QFLGHQFHRIDGYHUVHHYHQWVDQGVHULRXVDGYHUVHHYHQWV$(V

2WKHUDVVHVVPHQWUHVXOWVWRLQFOXGHYLWDOVLJQVKHDUWUDWH+5DQGEORRGSUHVVXUH
%3ZHLJKWDQGKHLJKW

7KHLQFLGHQFHRIVDIHW\LVVXHVUHODWHG$(VGXULQJHDFKPRQWKUHSRUWLQJSHULRG
DVZHOODVFXPXODWLYHOLVWLQJVZLOOEHGHVFULEHG


-XVWLILFDWLRQRI'HVLJQ


,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)
7KLVVWXG\LVDSKDVH,9VWXG\WRDVVHVVWKHFOLQLFDOYDOXHWKDW&7&HQXPHUDWLRQKDV
RQ SUHGLFWLQJ WKH FOLQLFDO V\PSWRPDWLF UHVSRQVH DQG GHVFULELQJ SURJUHVVLRQ IUHH
VXUYLYDO LQ SDWLHQWV UHFHLYLQJ GHHS VXEFXWDQHRXV DGPLQLVWUDWLRQV RI 6RPDWXOLQH
$XWRJHOWRWUHDWWKHV\PSWRPVRIIXQFWLRQLQJPLGJXW1(7V

3DWLHQWV ZLOO UHFHLYH 6RPDWXOLQH $XWRJHO  PJ LQMHFWLRQV HYHU\  GD\V IRU 
LQMHFWLRQVIROORZHGE\WLWUDWLRQGHSHQGLQJRQSDWLHQWV¶V\PSWRPDWLFUHVSRQVH$
VWDUWLQJGRVHRI6RPDWXOLQH$XWRJHOPJLVZLWKLQWKH8.OLFHQFHIRUWKHXVHRI
6RPDWXOLQH$XWRJHOWRWUHDWWKHV\PSWRPVDVVRFLDWHGZLWK1(7V,Q)HEUXDU\
,SVHQ/LPLWHGUHFHLYHGDQHZOLFHQFHH[WHQVLRQRUWKHXVHRI6RPDWXOLQH$XWRJHO
CPJIRUWKHWUHDWPHQWRIJUDGHDQGDVXEVHWRIJUDGH.LLQGH[XSWR
JDVWURHQWHURSDQFUHDWLFQHXURHQGRFULQHWXPRXUV*(31(7VRIPLGJXWSDQFUHDWLF
RU XQNQRZQ RULJLQ ZKHUH KLQGJXW VLWHV RI RULJLQ KDYH EHHQ H[FOXGHG LQ DGXOW
SDWLHQWV ZLWK XQUHVHFWDEOH ORFDOO\ DGYDQFHG RU PHWDVWDWLF GLVHDVH 7KLV OLFHQFH
H[WHQVLRQZDVEDVHGXSRQWKH&/$5,1(7VWXG\VHHEHORZZKLFKXWLOLVHGDGRVH
RI6RPDWXOLQH$XWRJHORIPJ

&/$5,1(7,SVHQVSRQVRUHGVWXG\(XGUD&71RLVDSKDVH,,,
UDQGRPLVHGGRXEOHEOLQGSODFHERFRQWUROOHGPXOWLFHQWUHVWXG\WRDVVHVVWKHHIIHFW
RIODQUHRWLGH$XWRJHOPJDGPLQLVWHUHGE\GHHSVXEFXWDQHRXVLQMHFWLRQHYHU\
GD\VRQSURJUHVVLRQIUHHVXUYLYDOLQSDWLHQWVZLWKQRQIXQFWLRQLQJHQWHURSDQFUHDWLF
HQGRFULQHWXPRXUVDW\SHRI1(7&OLQLFDO7ULDOVJRYLGHQWLILHU1&7

$OO &7 RU 05, VFDQV FRQGXFWHG WR DVVHVV WKH H[WHQW RI GLVHDVH ZLOO LQFOXGH
HYDOXDWLRQRI5(&,67FULWHULDYHUVLRQ

7KHVWXG\LVDQRSHQODEHOVWXG\VRSDWLHQWV¶4R/DVZHOODVQXPEHURIV\PSWRPV
LHIOXVKLQJDQGGLDUUKRHDDQGDVVHVVPHQWVRIVHYHULW\IRUIOXVKLQJXVLQJDWKUHH
OHYHOVFRULQJV\VWHPPLOGPRGHUDWHDQGVHYHUHFDQEHLGHQWLILHGDQGUHSRUWHGZLWK
PLQLPXPELDV


6WXG\3RSXODWLRQIRU$QDO\VLV

7KHSULPDU\SRSXODWLRQIRUDQDO\VLVZLOOEHWKH,QWHQWLRQWR7UHDW,77SRSXODWLRQ
ZKLFKZLOOLQFOXGHDOOWUHDWHGSDWLHQWVDJHG\HDUVRIDJHRUROGHU7KLVZLOODOORZ
LQFOXVLRQRIDOOSDWLHQWVLQFOXGLQJZLWKGUDZQSDWLHQWVLQWKHSULPDU\DQDO\VLV

6WXG\'XUDWLRQ

7KH RYHUDOO GXUDWLRQ RI WKH VWXG\ ZLOO EH DSSUR[LPDWHO\  PRQWKV ZKLFK LV
LQFOXVLYH RI DQ DSSUR[LPDWH UHFUXLWPHQW SHULRG RI  PRQWKV DQG D  PRQWK
WUHDWPHQWSHULRG7KHVWXG\ZLOOEHFRQVLGHUHGWRKDYHVWDUWHGZKHQWKHILUVWSDWLHQW
KDVSURYLGHGVLJQHGLQIRUPHGFRQVHQWWRSDUWLFLSDWHLQWKHVWXG\

7KHVWXG\ZLOOEHFRQVLGHUHGWRKDYHILQLVKHGDIWHUWKHODVWSDWLHQWKDVFRPSOHWHGWKH
ODVWWUHDWPHQWSHULRGLQWKHVWXG\)RUQRWLILFDWLRQWRWKHFRPSHWHQWDXWKRULW\WKH
VWXG\ZLOOEHFRQVLGHUHGWRKDYHILQLVKHG³(QGRI6WXG\´ZKHQWKHODVWSDWLHQWKDV
FRPSOHWHGWKHODVWVWXG\YLVLW

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)


%DQNLQJRI5HVLGXDO%ORRGDQG7LVVXH6DPSOHVIRU)XWXUH5HVHDUFK

3DWLHQWVZLOOEHLQYLWHGWRGRQDWHDQ\UHVLGXDOEORRGWXPRXUDQGOLYHUVDPSOHVWKDW
KDYHEHHQVHQWWR8&/&DQFHU,QVWLWXWH¶VODERUDWRU\IRUFHOOIUHH'1$RUJHQRPLF
SURILOLQJGXULQJWKH&$/01(7VWXG\WRWKH8&/&DQFHU,QVWLWXWH¶V+XPDQ7LVVXH
$XWKRULW\+7$DSSURYHG7LVVXH%DQNIRUIXWXUHUHVHDUFK7KLVZLOOQRWLQYROYH
WDNLQJ DQ\ IXUWKHU VDPSOHV DQG SDWLHQWV ZLOO EH FOHDUO\ LQIRUPHG WKDW WKLV LV
FRPSOHWHO\YROXQWDU\


&203/,$1&(
:,7+
*22'
&/,1,&$/
35$&7,&(
(7+,&$/
&216,'(5$7,216	,1)250('&216(17


&RPSOLDQFHZLWK*RRG&OLQLFDO3UDFWLFHDQG(WKLFDO&RQVLGHUDWLRQV

7KLV VWXG\ PXVW EH FRQGXFWHG LQ FRPSOLDQFH ZLWK LQGHSHQGHQW HWKLFV
FRPPLWWHHVLQVWLWXWLRQDOUHYLHZERDUGV,(&V,5%VLQIRUPHGFRQVHQWUHJXODWLRQV
WKH'HFODUDWLRQRI+HOVLQNLDQG,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ,&+
5HIHUHQFH*RRG&OLQLFDO3UDFWLFH*&3*XLGHOLQHV

,Q DGGLWLRQ WKLV VWXG\ ZLOO DGKHUH WR DOO ORFDO UHJXODWRU\ UHTXLUHPHQWV %HIRUH
LQLWLDWLQJ D WULDO WKH ,QYHVWLJDWRULQVWLWXWLRQ VKRXOG KDYH ZULWWHQ DQG GDWHG
DSSURYDOIDYRXUDEOHRSLQLRQIURPWKH,(&,5%IRUWKHWULDOSURWRFRODPHQGPHQWV
ZULWWHQLQIRUPHGFRQVHQWIRUPDQ\FRQVHQWIRUPXSGDWHVSDWLHQWHPHUJHQF\VWXG\
FRQWDFW FDUGV VXEMHFW UHFUXLWPHQW SURFHGXUHV HJ DGYHUWLVHPHQWV DQ\ ZULWWHQ
LQIRUPDWLRQWREHSURYLGHGWRVXEMHFWVDQGDVWDWHPHQWIURPWKH,(&,5%WKDWWKH\
FRPSO\ZLWK*&3UHTXLUHPHQWV7KH,(&,5%DSSURYDOPXVWLGHQWLI\WKHSURWRFRO
YHUVLRQDVZHOODVWKHGRFXPHQWVUHYLHZHG

$IWHU,(&,5%DSSURYDOFKDQJHVZLOOUHTXLUHDIRUPDODPHQGPHQW2QFHWKHVWXG\
KDV VWDUWHG DPHQGPHQWV VKRXOG EH PDGH RQO\ LQ H[FHSWLRQDO FLUFXPVWDQFHV
&KDQJHV WKDW GR QRW DIIHFW VXEMHFW VDIHW\ RU GDWD LQWHJULW\ DUH FODVVLILHG DV
DGPLQLVWUDWLYH FKDQJHV DQG JHQHUDOO\ GR QRW UHTXLUH HWKLFDO DSSURYDO ,I HWKLFDOO\
UHOHYDQW DVSHFWV DUH FRQFHUQHG WKH ,(&,5% PXVW EH LQIRUPHG DQG LI QHFHVVDU\
DSSURYDO VRXJKW SULRU WR LPSOHPHQWDWLRQ (WKLFDO DSSURYDO RQ DGPLQLVWUDWLYH
FKDQJHVZLOOEHREWDLQHGLIUHTXLUHGE\ORFDOVLWH,(&,5%


,QIRUPHG&RQVHQW

3ULRUWRVWXG\HQWU\WKH,QYHVWLJDWRURUDSHUVRQGHVLJQDWHGE\WKH,QYHVWLJDWRUZLOO
H[SODLQWKHQDWXUHSXUSRVHEHQHILWVDQGULVNVRISDUWLFLSDWLRQLQWKHVWXG\WRHDFK
SDWLHQW SDWLHQW¶V OHJDOO\ DFFHSWDEOH UHSUHVHQWDWLYH RU LPSDUWLDO ZLWQHVV :ULWWHQ
LQIRUPHGFRQVHQWPXVWEHREWDLQHGSULRUWRWKHSDWLHQWHQWHULQJWKHVWXG\EHIRUH
LQLWLDWLRQRIDQ\VWXG\UHODWHGSURFHGXUHDQGDGPLQLVWUDWLRQRIWKH,036XIILFLHQW
WLPHZLOOEHDOORZHGWRGLVFXVVDQ\TXHVWLRQVUDLVHGE\WKHSDWLHQW


,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)
7KH 6SRQVRU ZLOO SURYLGH D VDPSOH LQIRUPHG FRQVHQW IRUP 7KH ILQDO YHUVLRQ
FRQWUROOHGIRUPPXVWEHDJUHHGWRE\WKH6SRQVRUDQGWKH,(&,5%DQGPXVWFRQWDLQ
DOO HOHPHQWV LQFOXGHG LQ WKH VDPSOH IRUP LQ ODQJXDJH UHDGLO\ XQGHUVWRRG E\ WKH
SDWLHQW (DFK SDWLHQW¶V RULJLQDO FRQVHQW IRUP SHUVRQDOO\ VLJQHG DQG GDWHG E\ WKH
SDWLHQWDQGE\WKHSHUVRQZKRFRQGXFWHGWKHLQIRUPHGFRQVHQWGLVFXVVLRQZLOOEH
UHWDLQHGE\WKH,QYHVWLJDWRU7KH,QYHVWLJDWRUZLOOVXSSO\DOOHQUROOHGSDWLHQWVZLWKD
FRS\RIWKHLUVLJQHGLQIRUPHGFRQVHQW

7KH FRQVHQW IRUP PD\ QHHG WR EH UHYLVHG GXULQJ WKH WULDO VKRXOG LPSRUWDQW QHZ
LQIRUPDWLRQEHFRPHDYDLODEOHWKDWPD\EHUHOHYDQWWRWKHVDIHW\RIWKHSDWLHQWRUDVD
UHVXOWRISURWRFRODPHQGPHQWV,QWKLVLQVWDQFHDSSURYDOVKRXOGDOZD\VEHJLYHQE\
WKH ,(&,5% ,W LV WKH ,QYHVWLJDWRU¶V UHVSRQVLELOLW\ WR HQVXUH WKDW DOO SDWLHQWV
VXEVHTXHQWO\ HQWHUHG LQWR WKH VWXG\ DQG WKRVH FXUUHQWO\ LQ WKH VWXG\ VLJQ WKH
DPHQGHG IRUP 7KLV LV GRFXPHQWHG LQ WKH VDPH ZD\ DV SUHYLRXVO\ GHVFULEHG
3DWLHQWVZKRKDYHFRPSOHWHGWKHVWXG\VKRXOGEHLQIRUPHGRIDQ\QHZLQIRUPDWLRQ
WKDWPD\LPSDFWRQWKHLUZHOIDUHZHOOEHLQJ

7KH,QYHVWLJDWRUVKRXOGZLWKWKHFRQVHQWRIWKHSDWLHQWLQIRUPWKHSDWLHQW¶VSULPDU\
SK\VLFLDQDERXWWKHLUSDUWLFLSDWLRQLQWKHFOLQLFDOWULDO


678'<3238/$7,21


6FUHHQLQJ/RJDQG1XPEHURI3DWLHQWV

(DFK,QYHVWLJDWRUZLOOPDLQWDLQDUHFRUGRIDOOSDWLHQWVZKRZHUHFRQVLGHUHGHOLJLEOH
IRUHQWU\LQWRWKHVWXG\ EXWZKRZHUHQRWHQUROOHG)RUHDFKSDWLHQWWKHSULPDU\
UHDVRQIRUH[FOXVLRQZLOOEHUHFRUGHG

(DFK,QYHVWLJDWRUZLOODOVRPDLQWDLQDUHFRUGRIDOOSDWLHQWVHQUROOHGLQWRWKHVWXG\
LHZKRVLJQHGWKHLQIRUPHGFRQVHQWIRUP,QWKHHYHQWWKDWWKHSDWLHQWZDVQRW
UHFHLYLQJ,03WKHSULPDU\UHDVRQZLOOEHUHFRUGHG

,WLVSODQQHGWRUHFUXLWSDWLHQWVDWFHQWUHVLQWKH8.6HFWLRQSURYLGHVD
GLVFXVVLRQRIVDPSOHVL]H


,QFOXVLRQ&ULWHULD

$OOSDWLHQWVPXVWIXOILOWKHIROORZLQJ
 3URYLVLRQRIZULWWHQLQIRUPHGFRQVHQWSULRUWRDQ\VWXG\UHODWHGSURFHGXUHV
 3DWLHQWVHLWKHUVH[PXVWEH\HDUVRUROGHU
 3DWLHQWVPXVWEHVXIIHULQJIURPV\PSWRPVRIGLDUUKRHDDQGRUIOXVKLQJDWWKH
WLPHRIVWXG\HQUROPHQW
 3DWLHQWVPXVWKDYHDGRFXPHQWHGGLDJQRVLVRIDIXQFWLRQLQJPLGJXW1(7
 ,QRUGHUWRDYRLGSDWLHQWVZLWKUDSLGO\SURJUHVVLQJWXPRXUVRQO\SDWLHQWVZLWK
ZHOORUPRGHUDWHO\GLIIHUHQWLDWHGWXPRXUVDQGZLWKD.LSUROLIHUDWLRQLQGH[
RIZLOOEHUHFUXLWHG
 7KHFOLQLFDOO\DSSURSULDWHWUHDWPHQWIRUWKHSDWLHQWPXVWEHWKHUDS\ZLWKD
VRPDWRVWDWLQDQDORJXH

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)
 3DWLHQWVPXVWKDYHKDGHLWKHUDSRVLWLYHVRPDWRVWDWLQUHFHSWRUVFLQWLJUDSK\
UHVXOWRUDSRVLWLYH*DOOLXP'27$7$7(3(7LPDJLQJUHVXOW


([FOXVLRQ&ULWHULD

3DWLHQWVZLOOQRWEHLQFOXGHGLQWKHVWXG\LIWKHSDWLHQW
 ,VDWULVNRISUHJQDQF\RULVEUHDVWIHHGLQJXQOHVVWUHDWPHQWZLWK6RPDWXOLQH
$XWRJHOLVFOHDUO\QHHGHGDVGHWHUPLQHGE\WKHFOLQLFLDQ
 ,VLQWKHRSLQLRQRIWKHLQYHVWLJDWRUXQDEOHWRFRPSO\IXOO\ZLWKWKHSURWRFRO
DQGWKHVWXG\LQVWUXFWLRQVRUSUHVHQWDQ\FRQFRPLWDQWFRQGLWLRQZKLFKFRXOG
FRPSURPLVH WKH REMHFWLYHV RI WKH VWXG\ DQGRU SUHFOXGH WKH SURWRFROGHILQHG
SURFHGXUHV HJ VHYHUH PHGLFDO FRQGLWLRQV EUDLQ PHWDVWDVHV SV\FKLDWULF
GLVRUGHUVDFWLYHRUXQFRQWUROOHGLQIHFWLRQNQRZQSLWXLWDU\GLVHDVH
 +DVEHHQWUHDWHGZLWKDQ\RWKHUXQOLFHQVHGGUXJZLWKLQWKHODVWGD\VEHIRUH
VWXG\HQWU\RUZLOOUHTXLUHDFRQFXUUHQWWUHDWPHQWZLWKDQ\RWKHUH[SHULPHQWDO
GUXJVRUWUHDWPHQWV
 +DV EHHQ WUHDWHG ZLWKDVRPDWRVWDWLQDQDORJXH SULRUWRVWXG\ HQWU\XQOHVV D
ZDVKRXWSHULRGRIDWOHDVWZHHNVIRUVXEFXWDQHRXVRFWUHRWLGHRUDWOHDVW
ZHHNVIRUDVLQJOHGRVHRIORQJDFWLQJVRPDWRVWDWLQDQDORJXHKDVRFFXUUHG
 +DV UHFHLYHG LQWHUIHURQ FKHPRWKHUDS\ FKHPRHPEROLVDWLRQ RU UDGLRQXFOLGH
WKHUDS\ZLWKLQPRQWKVSULRUWRVWXG\HQWU\
 +DVDKLVWRU\RIK\SHUVHQVLWLYLW\WRGUXJVZLWKDVLPLODUFKHPLFDOVWUXFWXUH
 )HPDOHV RI FKLOGEHDULQJ SRWHQWLDO PXVW EH XVLQJ RUDO GRXEOH EDUULHU RU
LQMHFWDEOH FRQWUDFHSWLRQ 1RQ FKLOGEHDULQJ SRWHQWLDO LV GHILQHG DV SRVW
PHQRSDXVH IRU DW OHDVW  \HDU VXUJLFDO VWHULOLVDWLRQ RU K\VWHUHFWRP\ DW OHDVW
WKUHHPRQWKVEHIRUHWKHVWDUWRIWKHVWXG\
 +DVDEQRUPDOEDVHOLQHILQGLQJVDQ\RWKHUPHGLFDOFRQGLWLRQVRUODERUDWRU\
ILQGLQJVWKDWLQWKHRSLQLRQRIWKH,QYHVWLJDWRUPLJKWMHRSDUGLVHWKHSDWLHQW¶V
VDIHW\RUGHFUHDVHWKHFKDQFHRIREWDLQLQJVDWLVIDFWRU\GDWDQHHGHGWRDFKLHYH
WKHREMHFWLYHVRIWKHVWXG\

:DVKRXW&ULWHULD

$Q\SDWLHQWVZKRKDYH SUHYLRXVO\ UHFHLYHGHLWKHUVXEFXWDQHRXVRFWUHRWLGHRURQH
LQMHFWLRQ RI D ORQJ DFWLQJ VRPDWRVWDWLQ DQDORJXH ZLOO DOVR EH FRQVLGHUHG IRU WKLV
VWXG\IROORZLQJDZDVKRXWSHULRGRIZHHNVDIWHUWKHODVWVXEFXWDQHRXVRFWUHRWLGH
GRVHRUDZHHNZDVKRXWSHULRGDIWHUDVLQJOHORQJDFWLQJVRPDWRVWDWLQDQDORJXH
GRVH

3DWLHQWVZKRKDYHDOUHDG\EHHQRQDUHJLPHQRIORQJRUVKRUWDFWLQJVRPDWRVWDWLQ
DQDORJXHWUHDWPHQWSULRUWRVXUJHU\ZLWKGHEXONLQJRUFXUDWLYHLQWHQWPD\VWLOOEH
LQFOXGHG LQ WKH VWXG\ 7KHVH SDWLHQWV PD\ KDYH UHFHLYHG RQH LQMHFWLRQ RI D ORQJ
DFWLQJVRPDWRVWDWLQDQDORJXHRUVXEFXWDQHRXVRFWUHRWLGHSRVWVXUJHU\DQGPXVWEH
ZLOOLQJWRREVHUYHWKHUHOHYDQWZDVKRXWSHULRGVGRFXPHQWHGDERYH




,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)

3DWLHQW:LWKGUDZDO&ULWHULD

$V WKLV VWXG\ LV LQYHVWLJDWLQJ WKH FOLQLFDO YDOXH RI &7& HQXPHUDWLRQ QR VSHFLILF
ZLWKGUDZDOFULWHULDDUHVSHFLILHGIRUWKHWULDO,IDFOLQLFLDQGHFLGHVWRZLWKGUDZD
SDWLHQWIURPWKHWULDORUWKHSDWLHQWZLVKHVWRZLWKGUDZFRQVHQWWKLVZLOOEHUHFRUGHG
LQWRWKHH&5)V

)RU SDWLHQWV ZKR KDYH GLVHDVH SURJUHVVLRQ ZKLOVW SDUWLFLSDWLQJ LQ WKLV VWXG\ WKH
WUHDWLQJSK\VLFLDQZLOOPDNHDFOLQLFDOGHFLVLRQWRFRQWLQXHWKHSDWLHQWRQWKHWULDORU
ZLWKGUDZWKHSDWLHQWIURPWKHFOLQLFDOWULDO-XVWLILFDWLRQZRXOGEHUHFRUGHGRQWKH
H&5)DQGSDWLHQW¶VQRWHV3DWLHQWVZKRKDYHGLVHDVHSURJUHVVLRQDQGGRFRQWLQXHLQ
WKHFOLQLFDOWULDOZLOOFRQWLQXHZLWKDOOVWXG\SURFHGXUHVLQFOXGLQJDGPLQLVWUDWLRQRI
,03


'LVFRQWLQXDWLRQ:LWKGUDZDO3URFHGXUHV

,IWKHSDWLHQWLVZLWKGUDZQIURPWKHVWXG\LHFHDVHVSDUWLFLSDWLRQLQWKHVWXG\SULRU
WR FRPSOHWLRQ RI WKH DVVHVVPHQWV SODQQHG LQ WKH SURWRFRO WKH SULPDU\ UHDVRQ
VKRXOG EH UHFRUGHG LQ WKH FDVH UHSRUW IRUP &5)HOHFWURQLF FDVH UHSRUW IRUP
H&5) :LWKGUDZDO GXH WR $(V VKRXOG EH GLVWLQJXLVKHG IURP ZLWKGUDZDO GXHWR
LQVXIILFLHQWUHVSRQVH

7KH,QYHVWLJDWRUZLOOSURYLGHRUDUUDQJHIRUDSSURSULDWHIROORZXSLIUHTXLUHGIRU
SDWLHQWVZLWKGUDZLQJIURPWKHVWXG\DQGZLOOGRFXPHQWWKHFRXUVHRIWKHSDWLHQW¶V
FRQGLWLRQ:KHUHWKHSDWLHQWKDVZLWKGUDZQGXHWRDQ$(WKH,QYHVWLJDWRUVKRXOG
IROORZWKHSURFHGXUHVGRFXPHQWHGLQ6HFWLRQLQRUGHUWRDVVHVVWKHVDIHW\RIWKH
,03

,36(1*5283





$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)


0(7+2'2/2*<

6WXG\6FKHGXOH
7KHVFKHGXOHRIREVHUYDWLRQVDQGDVVHVVPHQWVGXULQJWKHVWXG\DUHVXPPDULVHGEHORZ
7DEOH
6FKHGXOHRI$VVHVVPHQWV
9LVLW
6FUHHQLQJ
SHULRG
:DVKRXW
3HULRG 














HDUO\
ZLWKGUDZDO
6FUHHQLQJ3HULRG
















:DVKRXW3HULRG 

WR
ZHHNV














:HHNVIROORZLQJ
VFUHHQLQJ
















,QIRUPHG&RQVHQW
;















3UHJQDQF\7HVWLQJ8ULQH
;

;D













(OLJLELOLW\&ULWHULD&KHFN
;















6DPSOHVRISUHYLRXVOLYHU
ELRSV\RUVXUJLFDOH[FLVLRQ
RIWXPRXUIRUVWRUDJHZLWK
UHSRUWE


;













6DPSOHVRISUHYLRXV
SULPDU\WXPRXUELRSV\RU
VXUJLFDOH[FLVLRQIRU
VWRUDJHZLWKUHSRUWE


;













6DPSOHVRIOLYHUELRSV\RU
VXUJLFDOH[FLVLRQRIWXPRXU
IRUVWRUDJHZLWKUHSRUW
GXULQJVWXG\E


;
;
;
;
;
;
;
;
;
;
;
;
;
;
6DPSOHVRISULPDU\
WXPRXUELRSV\RUVXUJLFDO
H[FLVLRQIRUVWRUDJHZLWK
UHSRUWGXULQJVWXG\E


;
;
;
;
;
;
;
;
;
;
;
;
;
;
'HPRJUDSKLF'DWD
;















0HGLFDO+LVWRU\
;















9LWDO6LJQV
;

;
;
;
;
;
;
;
;
;
;
;
;
;
;

,36(1*5283





$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)

9LVLW
6FUHHQLQJ
SHULRG
:DVKRXW
3HULRG 














HDUO\
ZLWKGUDZDO
6FUHHQLQJ3HULRG
















:DVKRXW3HULRG 

WR
ZHHNV














:HHNVIROORZLQJ
VFUHHQLQJ
















3K\VLFDO([DPLQDWLRQ
;

;
;
;
;
;
;
;
;
;
;
;
;
;
;
+HLJKW:HLJKW


;












;
:+2710VWDWXV
;















&705,VFDQZLWK
5(&,67
;F







;






;
5HYLHZSDWLHQWV¶QRWHVIRU
1(7V\PSWRPVDW
GLDJQRVLVDQGGXULQJSULRU
VRPDWRVWDWLQDQDORJXH
WUHDWPHQWG
;















3DWLHQW1(7V\PSWRP
UHSRUWLQJGD\VH
;















3DWLHQW1(7V\PSWRP
UHSRUWLQJ


'DLO\SDWLHQW1(7V\PSWRP
UHSRUWLQJ,956
2QFHPRQWKO\GD\VSDWLHQW1(7V\PSWRPUHSRUWLQJ,956
'D\VSDWLHQW
1(7V\PSWRP
UHSRUWLQJ,956

&HOOIUHH'1$DQDO\VHV
EORRGVDPSOH


;





;






;
&7&EORRGVDPSOH


;
;


;

;






;
&7&JHQRPLFSURILOLQJ
EORRGVDPSOHI


;





;






;
&7&EORRGVDPSOHIRU
6675SURILOHI


;
;




;






;
&7&EORRGVDPSOHIRU
6675SURILOHJ


;
;




;






;
+,$$EORRGVDPSOH


;
;


;

;






;
+,$$KRXUXULQH
VDPSOH


;
;


;

;






;
&KURPRJUDQLQ$EORRG
VDPSOH


;
;


;

;






;

,36(1*5283





$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)

9LVLW
6FUHHQLQJ
SHULRG
:DVKRXW
3HULRG 














HDUO\
ZLWKGUDZDO
6FUHHQLQJ3HULRG
















:DVKRXW3HULRG 

WR
ZHHNV














:HHNVIROORZLQJ
VFUHHQLQJ
















1HXURNLQLQ$EORRG
VDPSOHK


;
;


;

;






;
/LYHUJHQRPLFSURILOLQJL


;





;






;
6XEMHFW4XHVWLRQQDLUHV
4R/


;


;


;






;
&OLQLFLDQUHYLHZRISDWLHQW
UHSRUWHG1(7V\PSWRPV


;
;
;
;
;
;
;
;
;
;
;
;
;
;
7LWUDWLRQUHYLHZ





;
'RVHWLWUDWLRQGHFLVLRQDWHDFKYLVLWEDVHGXSRQFOLQLFLDQUHYLHZRISDWLHQWUHSRUWHG1(7V\PSWRPV

$GPLQLVWUDWLRQRI,03
PJM


;M
;
;
;N


$GPLQLVWUDWLRQRIPJPJRUPJDWHDFKYLVLWDIWHUFOLQLFLDQUHYLHZRISDWLHQWUHSRUWHG
1(7V\PSWRPV

$GPLQLVWUDWLRQRI,03
PJM





;N

$GPLQLVWUDWLRQRI,03
PJM





;N

&RQFRPLWDQWPHGLFDWLRQ
1RQGUXJ
WKHUDSLHVVXUJLFDO
SURFHGXUHVFKHFN
;

;
;
;
;
;
;
;
;
;
;
;
;
;

$GYHUVH(YHQW5HSRUWLQJ
;

;
;
;
;
;
;
;
;
;
;
;
;
;
;
&5)&RPSOHWLRQ
;

;
;
;
;
;
;
;
;
;
;
;
;
;
;

 &DQUXQDORQJVLGHVFUHHQLQJYLVLWVRQO\LIUHTXLUHG
GD\V
D 2QO\IRUSDWLHQWVZKRKDYHKDGDGHOD\GXHWR&705,VFDQDQGRUZDVKRXWSHULRG
E 5HTXHVWVDPSOHIRUVWRUDJHDQGUHSRUWDWWKH8&/&DQFHU,QVWLWXWH
F 7REHSHUIRUPHGRQO\LID&705,VFDQLVQRWDYDLODEOHIURPZLWKLQWKHZHHNVSULRUWRVWXG\HQWU\
G 2QO\ZDVKRXWSDWLHQWV

,36(1*5283





$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)

H3DWLHQWV\PSWRPUHSRUWLQJIRUVHYHQGD\VEHIRUHILUVWGRVDJHRI6RPDWXOLQH$XWRJHO
I 6DPHEORRGVDPSOHDVWKDWWDNHQIRU&7&HQXPHUDWLRQ
J 6HSDUDWHEORRGVDPSOHWR&7&HQXPHUDWLRQVDPSOH
K6DPHEORRGVDPSOHDVWKDWWDNHQIRUFKURPRJUDQLQ$
L
3HUIRUPHGXVLQJOLYHUVDPSOHVDYDLODEOHSULRUWRVWXG\RULIFOLQLFDOO\UHTXLUHGGXULQJVWXG\VDPHVDPSOHDVXVHGIRU
6675SURILOLQJ
M2QFHDOOFOLQLFDOSURFHGXUHVKDYHEHHQFRPSOHWHG
N )LUVWGRVDJHIROORZLQJWLWUDWLRQUHYLHZ±PJPJRUPJ

,IDSDWLHQWPLVVHVDEORRGVDPSOLQJYLVLWWKHVDPSOLQJPD\EHSHUIRUPHGDWWKHQH[WYLVLW



,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)


6WXG\9LVLWV


6FUHHQLQJDQGZDVKRXW9LVLW

$OO SDWLHQWV ZLOO DWWHQG D VFUHHQLQJ YLVLW GXULQJ ZKLFK ZULWWHQ LQIRUPHG FRQVHQW
VKRXOGEHREWDLQHGSULRUWRHQUROPHQWRISDWLHQWVRQWRWKHWULDO$ZDVKRXWSHULRG
FDQUXQDORQJVLGHVFUHHQLQJYLVLWVRQO\LIUHTXLUHG'XULQJWKHVFUHHQLQJYLVLWWKH
IROORZLQJDVVHVVPHQWVZLOOEHSHUIRUPHGDQGUHFRUGHG

x
,QIRUPHG&RQVHQW
x
3UHJQDQF\WHVWLQJXULQHZLOOEHUHTXLUHGIRUIHPDOHSDWLHQWVRIFKLOGEHDULQJ
SRWHQWLDO
x
(OLJLELOLW\FKHFN
x
'HPRJUDSKLFV
x
0HGLFDOKLVWRU\LQFOXGLQJRQJRLQJPHGLFDOPDQDJHPHQW
x
9LWDOVLJQV
x
3K\VLFDOH[DPLQDWLRQ
x
&705,6FDQZLWK5(&,67UHYLHZVFDQQRWUHTXLUHGLISDWLHQWKDVKDGD
VFDQZLWKLQWKHZHHNVSULRUWRWKHVFUHHQLQJYLVLW
x
5HYLHZ SDWLHQW QRWHV IRU 1(7 V\PSWRPV DW GLDJQRVLV DQG GXULQJ SULRU
VRPDWRVWDWLQDQDORJXHWUHDWPHQWZDVKRXWSDWLHQWVRQO\
x
3DWLHQWV ZLOO EH DVNHG WR UHFRUG 1(7 V\PSWRPV IRU  GD\V SULRU WR
DGPLQLVWUDWLRQRIILUVW,03
x
3DWLHQWVZLOOEHDGYLVHGWKDW1(7V\PSWRPUHSRUWLQJZLOOEHRQDGDLO\EDVLV
IRUZHHNVDIWHUWKHILUVWLQMHFWLRQ
x
&RQFRPLWDQWPHGLFDWLRQFKHFN


6WXG\9LVLW$GPLQLVWUDWLRQRI,03

x
3UHJQDQF\WHVWLQJXULQHZLOOEHUHTXLUHGIRUIHPDOHSDWLHQWVRIFKLOGEHDULQJ
SRWHQWLDOZKRKDYHXQGHUJRQHDZDVKRXWSHULRG
x
,IOLYHUELRSV\RUVXUJLFDOH[FLVLRQRIWXPRXUKDVEHHQFOLQLFDOO\LQGLFDWHGDQG
SHUIRUPHGSUHYLRXVO\UHTXHVWVDPSOHIRUVWRUDJHDQGUHSRUWDWWKH8&/&DQFHU
,QVWLWXWH
x
,ISULPDU\WXPRXUELRSV\RUVXUJLFDOH[FLVLRQKDVEHHQFOLQLFDOO\LQGLFDWHGDQG
SHUIRUPHGSUHYLRXVO\UHTXHVWVDPSOHIRUVWRUDJHDQGUHSRUWDWWKH8&/&DQFHU
,QVWLWXWH
x
9LWDOVLJQV
x
3K\VLFDOH[DPLQDWLRQ
x
+HLJKWDQGZHLJKW
x
3DWLHQWV UHPLQGHG WKDW GDLO\ 1(7 V\PSWRPV ZLOO EH UHFRUGHG IRU WKH QH[W
PRQWK
x
&OLQLFLDQUHYLHZRISDWLHQWUHSRUWHG1(7V\PSWRPVIROORZLQJWKHODVWYLVLW
x
+,$$KRXUXULQHVDPSOHFROOHFWLRQ


,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)

x
%ORRGZLOOEHGUDZQIRUWKHIROORZLQJWHVWV
R
POVWHDVSRRQVIRU&7&HQXPHUDWLRQ&7&JHQRPLFSURILOLQJDQG
6675DQDO\VLV
R
POVWHDVSRRQVIRU6675DQDO\VLV
R
POVWHDVSRRQVIRUFHOOIUHH'1$DQDO\VLV
R
POVWHDVSRRQVIRU+,$$DQDO\VLV
R
POVWHDVSRRQVIRUFKURPRJUDQLQ$DQGQHXURNLQLQ$DQDO\VLV
x
/LYHU JHQRPLF SURILOLQJ  SHUIRUPHG XVLQJ OLYHU VDPSOHV DYDLODEOH SULRU WR
VWXG\ RU LI FOLQLFDOO\ UHTXLUHG GXULQJ VWXG\ VDPH VDPSOH DV XVHG IRU 6675
SURILOLQJ
x
6XEMHFW4XHVWLRQQDLUHV4R/
x
&RQFRPLWDQWPHGLFDWLRQFKHFN
x
$GYHUVHHYHQWUHSRUWLQJDVUHTXLUHG
x
$GPLQLVWUDWLRQRI,03PJIROORZLQJFRPSOHWLRQRIDOOFOLQLFDOSURFHGXUHV
IRUYLVLW


6WXG\9LVLW

x
,I OLYHU ELRSV\ RU VXUJLFDO H[FLVLRQ RI WXPRXU LV FOLQLFDOO\ LQGLFDWHG GXULQJ
VWXG\ GXUDWLRQ UHTXHVW VDPSOH IRU VWRUDJH DQG UHSRUW DW WKH 8&/ &DQFHU
,QVWLWXWH
x
,ISULPDU\WXPRXUELRSV\RUVXUJLFDOH[FLVLRQRIWXPRXULVFOLQLFDOO\LQGLFDWHG
GXULQJVWXG\GXUDWLRQUHTXHVWVDPSOHIRUVWRUDJHDQGUHSRUWDWWKH8&/&DQFHU
,QVWLWXWH
x
9LWDOVLJQV
x
3K\VLFDOH[DPLQDWLRQ
x
3DWLHQWV UHPLQGHG WKDW GDLO\ 1(7 V\PSWRPV ZLOO EH UHFRUGHG IRU WKH QH[W
PRQWK
x
&OLQLFLDQUHYLHZRISDWLHQWUHSRUWHG1(7V\PSWRPVIROORZLQJWKHODVWYLVLW
x
%ORRGZLOOEHGUDZQIRUWKHIROORZLQJWHVWV
R
POVWHDVSRRQVIRU&7&HQXPHUDWLRQ&7&JHQRPLFSURILOLQJDQG
6675DQDO\VLV
R
POVWHDVSRRQVIRU6675DQDO\VLV
R
POVWHDVSRRQVIRUFHOOIUHH'1$DQDO\VLV
R
POVWHDVSRRQVIRU+,$$DQDO\VLV
R
POVWHDVSRRQVIRUFKURPRJUDQLQ$DQGQHXURNLQLQ$DQDO\VLV
x
+,$$KRXUXULQHVDPSOHFROOHFWLRQ
x
$GPLQLVWUDWLRQRI,03PJIROORZLQJFRPSOHWLRQRIDOOFOLQLFDOSURFHGXUHV
IRUYLVLW
x
&RQFRPLWDQWPHGLFDWLRQFKHFN
x
$GYHUVHHYHQWUHSRUWLQJDVUHTXLUHG





,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)


6WXG\9LVLW

x
,I OLYHU ELRSV\ RU VXUJLFDO H[FLVLRQ RI WXPRXU LV FOLQLFDOO\ LQGLFDWHG GXULQJ
VWXG\ GXUDWLRQ UHTXHVW VDPSOH IRU VWRUDJH DQG UHSRUW DW WKH 8&/ &DQFHU
,QVWLWXWH
x
,ISULPDU\WXPRXUELRSV\RUVXUJLFDOH[FLVLRQRIWXPRXULVFOLQLFDOO\LQGLFDWHG
GXULQJVWXG\GXUDWLRQUHTXHVWVDPSOHIRUVWRUDJHDQGUHSRUWDWWKH8&/&DQFHU
,QVWLWXWH
x
9LWDOVLJQV
x
3K\VLFDOH[DPLQDWLRQ
x
3DWLHQWV UHPLQGHG WKDW GDLO\ 1(7 V\PSWRPV ZLOO EH UHFRUGHG IRU WKH QH[W
PRQWK
x
&OLQLFLDQUHYLHZRISDWLHQWUHSRUWHG1(7V\PSWRPIROORZLQJWKHODVWYLVLW
x
$GPLQLVWUDWLRQRI,03PJIROORZLQJFRPSOHWLRQRIDOOFOLQLFDOSURFHGXUHV
IRUYLVLW
x
&RQFRPLWDQWPHGLFDWLRQFKHFN
x
$GYHUVHHYHQWUHSRUWLQJDVUHTXLUHG


6WXG\9LVLW

x
,I OLYHU ELRSV\ RU VXUJLFDO H[FLVLRQ RI WXPRXU LV FOLQLFDOO\ LQGLFDWHG GXULQJ
VWXG\ GXUDWLRQ UHTXHVW VDPSOH IRU VWRUDJH DQG UHSRUW DW WKH 8&/ &DQFHU
,QVWLWXWH
x
,ISULPDU\WXPRXUELRSV\RUVXUJLFDOH[FLVLRQRIWXPRXULVFOLQLFDOO\LQGLFDWHG
GXULQJVWXG\GXUDWLRQUHTXHVWVDPSOHIRUVWRUDJHDQGUHSRUWDWWKH8&/&DQFHU
,QVWLWXWH
x
9LWDOVLJQV
x
3K\VLFDOH[DPLQDWLRQ
x
3DWLHQWV UHPLQGHG WKDW GDLO\ 1(7 V\PSWRPV ZLOO EH UHFRUGHG IRU WKH QH[W
PRQWK
x
6XEMHFW4XHVWLRQQDLUHV4R/
x
'RVH WLWUDWLRQ GHFLVLRQ EDVHG XSRQ FOLQLFLDQ UHYLHZ RI SDWLHQW UHSRUWHG 1(7
V\PSWRPV
x
$GPLQLVWUDWLRQRI,03PJPJRUPJIROORZLQJWLWUDWLRQUHYLHZDQG
FRPSOHWLRQRIDOOFOLQLFDOSURFHGXUHVIRUYLVLW
x
&RQFRPLWDQWPHGLFDWLRQFKHFN
x
$GYHUVHHYHQWUHSRUWLQJDVUHTXLUHG


6WXG\9LVLW

x
,I OLYHU ELRSV\ RU VXUJLFDO H[FLVLRQ RI WXPRXU LV FOLQLFDOO\ LQGLFDWHG GXULQJ
VWXG\ GXUDWLRQ UHTXHVW VDPSOH IRU VWRUDJH DQG UHSRUW DW WKH 8&/ &DQFHU
,QVWLWXWH

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)

x
,ISULPDU\WXPRXUELRSV\RUVXUJLFDOH[FLVLRQRIWXPRXULVFOLQLFDOO\LQGLFDWHG
GXULQJVWXG\GXUDWLRQUHTXHVWVDPSOHIRUVWRUDJHDQGUHSRUWDWWKH8&/&DQFHU
,QVWLWXWH
x
9LWDOVLJQV
x
3K\VLFDOH[DPLQDWLRQ
x
3DWLHQWV UHPLQGHG WKDW RQFH PRQWKO\ GD\V  1(7 V\PSWRPV ZLOO EH
UHFRUGHGIRUWKHQH[WPRQWK
x
%ORRGZLOOEHGUDZQIRUWKHIROORZLQJWHVWV
R
POVWHDVSRRQVIRU&7&HQXPHUDWLRQ
R
POVWHDVSRRQVIRU+,$$DQDO\VLV
R
POVWHDVSRRQVIRUFKURPRJUDQLQ$DQGQHXURNLQLQ$DQDO\VLV
x
+,$$KRXUXULQHVDPSOHFROOHFWLRQ
x
'RVH WLWUDWLRQ GHFLVLRQ EDVHG XSRQ FOLQLFLDQ UHYLHZ RI SDWLHQW UHSRUWHG 1(7
V\PSWRPV
x
$GPLQLVWUDWLRQ RI ,03PJPJRUPJIROORZLQJFRPSOHWLRQRIDOO
FOLQLFDOSURFHGXUHVIRUYLVLW
x
&RQFRPLWDQWPHGLFDWLRQFKHFN
x
$GYHUVHHYHQWUHSRUWLQJDVUHTXLUHG


6WXG\9LVLW

x
,I OLYHU ELRSV\ RU VXUJLFDO H[FLVLRQ RI WXPRXU LV FOLQLFDOO\ LQGLFDWHG GXULQJ
VWXG\ GXUDWLRQ UHTXHVW VDPSOH IRU VWRUDJH DQG UHSRUW DW WKH 8&/ &DQFHU
,QVWLWXWH
x
,ISULPDU\WXPRXUELRSV\RUVXUJLFDOH[FLVLRQRIWXPRXULVFOLQLFDOO\LQGLFDWHG
GXULQJVWXG\GXUDWLRQUHTXHVWVDPSOHIRUVWRUDJHDQGUHSRUWDWWKH8&/&DQFHU
,QVWLWXWH
x
9LWDOVLJQV
x
3K\VLFDOH[DPLQDWLRQ
x
3DWLHQWV UHPLQGHG WKDW RQFH PRQWKO\ GD\V  1(7 V\PSWRPV ZLOO EH
UHFRUGHGIRUWKHQH[WPRQWK
x
'RVH WLWUDWLRQ GHFLVLRQ EDVHG XSRQ FOLQLFLDQ UHYLHZ RI SDWLHQW UHSRUWHG 1(7
V\PSWRPV
x
$GPLQLVWUDWLRQ RI ,03PJPJRUPJIROORZLQJFRPSOHWLRQRI DOO
FOLQLFDOSURFHGXUHVIRUYLVLW
x
&RQFRPLWDQWPHGLFDWLRQFKHFN
x
$GYHUVHHYHQWUHSRUWLQJDVUHTXLUHG


6WXG\9LVLW

x
,I OLYHU ELRSV\ RU VXUJLFDO H[FLVLRQ RI WXPRXU LV FOLQLFDOO\ LQGLFDWHG GXULQJ
VWXG\ GXUDWLRQ UHTXHVW VDPSOH IRU VWRUDJH DQG UHSRUW DW WKH 8&/ &DQFHU
,QVWLWXWH

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)

x
,ISULPDU\WXPRXUELRSV\RUVXUJLFDOH[FLVLRQRIWXPRXULVFOLQLFDOO\LQGLFDWHG
GXULQJVWXG\GXUDWLRQUHTXHVWVDPSOHIRUVWRUDJHDQGUHSRUWDWWKH8&/&DQFHU
,QVWLWXWH
x
9LWDOVLJQV
x
3K\VLFDOH[DPLQDWLRQ
x
&705,VFDQZLWK5(&,67UHYLHZ
x
3DWLHQWV UHPLQGHG WKDW RQFH PRQWKO\ GD\V  1(7 V\PSWRPV ZLOO EH
UHFRUGHGIRUWKHQH[WPRQWK
x
%ORRGZLOOEHGUDZQIRUWKHIROORZLQJWHVWV
R
POVWHDVSRRQVIRU&7&HQXPHUDWLRQ&7&JHQRPLFSURILOLQJDQG
6675DQDO\VLV
R
POVWHDVSRRQVIRU6675DQDO\VLV
R
POVWHDVSRRQVIRUFHOOIUHH'1$DQDO\VLV
R
POVWHDVSRRQVIRU+,$$DQDO\VLV
R
POVWHDVSRRQVIRUFKURPRJUDQLQ$DQGQHXURNLQLQ$DQDO\VLV
x
+,$$KRXUXULQHVDPSOHFROOHFWLRQ
x
/LYHU JHQRPLF SURILOLQJ  SHUIRUPHG XVLQJ OLYHU VDPSOHV DYDLODEOH SULRU WR
VWXG\ RU LI FOLQLFDOO\ UHTXLUHG GXULQJ VWXG\ VDPH VDPSOH DV XVHG IRU 6675
SURILOLQJ
x
6XEMHFW4XHVWLRQQDLUHV4R/
x
'RVH WLWUDWLRQ GHFLVLRQ EDVHG XSRQ FOLQLFLDQ UHYLHZ RI SDWLHQW UHSRUWHG 1(7
V\PSWRPV
x
$GPLQLVWUDWLRQ RI ,03PJPJRUPJIROORZLQJFRPSOHWLRQRIDOO
FOLQLFDOSURFHGXUHVIRUYLVLW
x
&RQFRPLWDQWPHGLFDWLRQFKHFN
x
$GYHUVHHYHQWUHSRUWLQJDVUHTXLUHG


6WXG\9LVLW

x
,I OLYHU ELRSV\ RU VXUJLFDO H[FLVLRQ RI WXPRXU LV FOLQLFDOO\ LQGLFDWHG GXULQJ
VWXG\ GXUDWLRQ UHTXHVW VDPSOH IRU VWRUDJH DQG UHSRUW DW WKH 8&/ &DQFHU
,QVWLWXWH
x
,ISULPDU\WXPRXUELRSV\RUVXUJLFDOH[FLVLRQRIWXPRXULVFOLQLFDOO\LQGLFDWHG
GXULQJVWXG\GXUDWLRQUHTXHVWVDPSOHIRUVWRUDJHDQGUHSRUWDWWKH8&/&DQFHU
,QVWLWXWH
x
9LWDOVLJQV
x
3K\VLFDOH[DPLQDWLRQ
x
3DWLHQWV UHPLQGHG WKDW RQFH PRQWKO\ GD\V  1(7 V\PSWRPV ZLOO EH
UHFRUGHGIRUWKHQH[WPRQWK
x
'RVH WLWUDWLRQ GHFLVLRQ EDVHG XSRQ FOLQLFLDQ UHYLHZ RI SDWLHQW UHSRUWHG 1(7
V\PSWRPV
x
$GPLQLVWUDWLRQ RI ,03PJPJRUPJIROORZLQJFRPSOHWLRQRI DOO
FOLQLFDOSURFHGXUHVIRUYLVLW
x
&RQFRPLWDQWPHGLFDWLRQFKHFN
x
$GYHUVHHYHQWUHSRUWLQJDVUHTXLUHG

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)


6WXG\9LVLW

x
,I OLYHU ELRSV\ RU VXUJLFDO H[FLVLRQ RI WXPRXU LV FOLQLFDOO\ LQGLFDWHG GXULQJ
VWXG\ GXUDWLRQ UHTXHVW VDPSOH IRU VWRUDJH DQG UHSRUW DW WKH 8&/ &DQFHU
,QVWLWXWH
x
,ISULPDU\WXPRXUELRSV\RUVXUJLFDOH[FLVLRQRIWXPRXULVFOLQLFDOO\LQGLFDWHG
GXULQJVWXG\GXUDWLRQUHTXHVWVDPSOHIRUVWRUDJHDQGUHSRUWDWWKH8&/&DQFHU
,QVWLWXWH
x
9LWDOVLJQV
x
3K\VLFDOH[DPLQDWLRQ
x
3DWLHQWV UHPLQGHG WKDW RQFH PRQWKO\ GD\V  1(7 V\PSWRPV ZLOO EH
UHFRUGHGIRUWKHQH[WPRQWK
x
'RVH WLWUDWLRQ GHFLVLRQ EDVHG XSRQ FOLQLFLDQ UHYLHZ RI SDWLHQW UHSRUWHG 1(7
V\PSWRPV
x
$GPLQLVWUDWLRQ RI ,03PJPJRUPJIROORZLQJFRPSOHWLRQRIDOO
FOLQLFDOSURFHGXUHVIRUYLVLW
x
&RQFRPLWDQWPHGLFDWLRQFKHFN
x
$GYHUVHHYHQWUHSRUWLQJDVUHTXLUHG


6WXG\9LVLW

x
,I OLYHU ELRSV\ RU VXUJLFDO H[FLVLRQ RI WXPRXU LV FOLQLFDOO\ LQGLFDWHG GXULQJ
VWXG\ GXUDWLRQ UHTXHVW VDPSOH IRU VWRUDJH DQG UHSRUW DW WKH 8&/ &DQFHU
,QVWLWXWH
x
,ISULPDU\WXPRXUELRSV\RUVXUJLFDOH[FLVLRQRIWXPRXULVFOLQLFDOO\LQGLFDWHG
GXULQJVWXG\GXUDWLRQUHTXHVWVDPSOHIRUVWRUDJHDQGUHSRUWDWWKH8&/&DQFHU
,QVWLWXWH
x
9LWDOVLJQV
x
3K\VLFDOH[DPLQDWLRQ
x
3DWLHQWV UHPLQGHG WKDW RQFH PRQWKO\ GD\V  1(7 V\PSWRPV ZLOO EH
UHFRUGHGIRUWKHQH[WPRQWK
x
'RVH WLWUDWLRQ GHFLVLRQ EDVHG XSRQ FOLQLFLDQ UHYLHZ RI SDWLHQW UHSRUWHG 1(7
V\PSWRPV
x
$GPLQLVWUDWLRQ RI ,03PJPJRUPJIROORZLQJFRPSOHWLRQRI DOO
FOLQLFDOSURFHGXUHVIRUYLVLW
x
&RQFRPLWDQWPHGLFDWLRQFKHFN
x
$GYHUVHHYHQWUHSRUWLQJDVUHTXLUHG


6WXG\9LVLW

x
,I OLYHU ELRSV\ RU VXUJLFDO H[FLVLRQ RI WXPRXU LV FOLQLFDOO\ LQGLFDWHG GXULQJ
VWXG\ GXUDWLRQ UHTXHVW VDPSOH IRU VWRUDJH DQG UHSRUW DW WKH 8&/ &DQFHU
,QVWLWXWH

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)

x
,ISULPDU\WXPRXUELRSV\RUVXUJLFDOH[FLVLRQRIWXPRXULVFOLQLFDOO\LQGLFDWHG
GXULQJVWXG\GXUDWLRQUHTXHVWVDPSOHIRUVWRUDJHDQGUHSRUWDWWKH8&/&DQFHU
,QVWLWXWH
x
9LWDOVLJQV
x
3K\VLFDOH[DPLQDWLRQ
x
3DWLHQWV UHPLQGHG WKDW RQFH PRQWKO\ GD\V  1(7 V\PSWRPV ZLOO EH
UHFRUGHGIRUWKHQH[WPRQWK
x
'RVH WLWUDWLRQ GHFLVLRQ EDVHG XSRQ FOLQLFLDQ UHYLHZ RI SDWLHQW UHSRUWHG 1(7
V\PSWRPV
x
$GPLQLVWUDWLRQ RI ,03PJPJRUPJIROORZLQJFRPSOHWLRQRIDOO
FOLQLFDOSURFHGXUHVIRUYLVLW
x
&RQFRPLWDQWPHGLFDWLRQFKHFN
x
$GYHUVHHYHQWUHSRUWLQJDVUHTXLUHG


6WXG\9LVLW

x
,I OLYHU ELRSV\ RU VXUJLFDO H[FLVLRQ RI WXPRXU LV FOLQLFDOO\ LQGLFDWHG GXULQJ
VWXG\ GXUDWLRQ UHTXHVW VDPSOH IRU VWRUDJH DQG UHSRUW DW WKH 8&/ &DQFHU
,QVWLWXWH
x
,ISULPDU\WXPRXUELRSV\RUVXUJLFDOH[FLVLRQRIWXPRXULVFOLQLFDOO\LQGLFDWHG
GXULQJVWXG\GXUDWLRQUHTXHVWVDPSOHIRUVWRUDJHDQGUHSRUWDWWKH8&/&DQFHU
,QVWLWXWH
x
9LWDOVLJQV
x
3K\VLFDOH[DPLQDWLRQ
x
3DWLHQWV UHPLQGHG WKDW RQFH PRQWKO\ GD\V  1(7 V\PSWRPV ZLOO EH
UHFRUGHGIRUWKHQH[WPRQWK
x
'RVH WLWUDWLRQ GHFLVLRQ EDVHG XSRQ FOLQLFLDQ UHYLHZ RI SDWLHQW UHSRUWHG 1(7
V\PSWRPV
x
$GPLQLVWUDWLRQ RI ,03PJPJRUPJIROORZLQJFRPSOHWLRQRI DOO
FOLQLFDOSURFHGXUHVIRUYLVLW
x
&RQFRPLWDQWPHGLFDWLRQVFKHFN
x
$GYHUVHHYHQWUHSRUWLQJDVUHTXLUHG


6WXG\9LVLW

x ,IOLYHUELRSV\RUVXUJLFDOH[FLVLRQRIWXPRXULVFOLQLFDOO\LQGLFDWHGGXULQJVWXG\
GXUDWLRQUHTXHVWVDPSOHIRUVWRUDJHDQGUHSRUWDWWKH8&/&DQFHU,QVWLWXWH
x ,ISULPDU\WXPRXUELRSV\ RUVXUJLFDOH[FLVLRQRIWXPRXULVFOLQLFDOO\LQGLFDWHG
GXULQJVWXG\GXUDWLRQUHTXHVWVDPSOHIRUVWRUDJHDQGUHSRUWDWWKH8&/&DQFHU
,QVWLWXWH
x 9LWDOVLJQV
x 3K\VLFDOH[DPLQDWLRQ
x 3DWLHQWVUHPLQGHGWKDWRQFHPRQWKO\GD\V1(7V\PSWRPVZLOOEH
UHFRUGHGIRUWKHQH[WPRQWK

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)

x 'RVH WLWUDWLRQ GHFLVLRQ EDVHG XSRQ FOLQLFLDQ UHYLHZ RI SDWLHQW UHSRUWHG 1(7
V\PSWRPV
x $GPLQLVWUDWLRQ RI ,03 PJ PJ RU PJ IROORZLQJ FRPSOHWLRQ RI DOO
FOLQLFDOSURFHGXUHVIRUYLVLW
x &RQFRPLWDQWPHGLFDWLRQFKHFN
x $GYHUVHHYHQWUHSRUWLQJDVUHTXLUHG


6WXG\YLVLWVWXG\&RPSOHWLRQRUZLWKGUDZDO

$WWKHHQGRIVWXG\YLVLWWKHIROORZLQJSURFHGXUHVVKRXOGEHFRPSOHWHG
x ,IOLYHUELRSV\RUVXUJLFDOH[FLVLRQRIWXPRXULVFOLQLFDOO\LQGLFDWHGGXULQJVWXG\
GXUDWLRQUHTXHVWVDPSOHIRUVWRUDJHDQGUHSRUWDWWKH8&/&DQFHU,QVWLWXWH
x ,ISULPDU\WXPRXUELRSV\ RUVXUJLFDOH[FLVLRQRIWXPRXULVFOLQLFDOO\LQGLFDWHG
GXULQJVWXG\GXUDWLRQUHTXHVWVDPSOHIRUVWRUDJHDQGUHSRUWDWWKH8&/&DQFHU
,QVWLWXWH
x 9LWDOVLJQV
x 3K\VLFDOH[DPLQDWLRQ
x +HLJKWDQGZHLJKW
x %ORRGZLOOEHGUDZQIRUWKHIROORZLQJWHVWV
R
POV  WHDVSRRQV IRU &7& HQXPHUDWLRQ &7& JHQRPLF SURILOLQJ DQG
6675DQDO\VLV
R
POVWHDVSRRQVIRU6675DQDO\VLV
R
POVWHDVSRRQVIRUFHOOIUHH'1$DQDO\VLV
R
POVWHDVSRRQVIRU+,$$DQDO\VLV
R
POVWHDVSRRQVIRUFKURPRJUDQLQ$DQGQHXURNLQLQ$DQDO\VLV
x &705,VFDQZLWK5(&,67
x +,$$KRXUXULQHVDPSOHFROOHFWLRQ
x /LYHUJHQRPLFSURILOLQJSHUIRUPHGXVLQJOLYHUVDPSOHVDYDLODEOHSULRUWRVWXG\
RULIFOLQLFDOO\UHTXLUHGGXULQJVWXG\VDPHVDPSOHDVXVHGIRU6675SURILOLQJ
x 6XEMHFW4XHVWLRQQDLUHV4R/

,IDSDWLHQWGLVFRQWLQXHVIURPWKHVWXG\SUHPDWXUHO\HYHU\HIIRUWVKRXOGEHPDGHWR
SHUIRUPDQHDUO\ZLWKGUDZDOYLVLW


678'<(9$/8$7,216

)RUWKHWLPLQJRIDVVHVVPHQWVGXULQJWKHVWXG\UHIHUWRWKHVWXG\VFKHGXOHLQ6HFWLRQ


3ULPDU\(QGSRLQWVDQG(YDOXDWLRQV


3ULPDU\(IILFDF\(QGSRLQWDQG(YDOXDWLRQ

$VVHVVPHQWRIWKHFOLQLFDOYDOXHRIHQXPHUDWLRQRIFLUFXODWLQJWXPRXUFHOOV&7&V
WRSUHGLFWFOLQLFDOV\PSWRPDWLFUHVSRQVHLQSDWLHQWVUHFHLYLQJ6RPDWXOLQH$XWRJHO


,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)


([SORUDWRU\3ULPDU\(IILFDF\(QGSRLQWDQG(YDOXDWLRQ

7RDVVHVVWKHFOLQLFDOYDOXHRIHQXPHUDWLRQRI&7&VWRGHVFULEHSURJUHVVLRQIUHH
VXUYLYDOLQSDWLHQWVUHFHLYLQJ6RPDWXOLQH$XWRJHO


6HFRQGDU\(QGSRLQWVDQG(YDOXDWLRQV


6HFRQGDU\(IILFDF\(QGSRLQWVDQG(YDOXDWLRQV

7R DVVHVV WKH HIIHFW RI 6RPDWXOLQH $XWRJHO RQ WKH V\PSWRPV RI GLDUUKRHD DQG
IOXVKLQJLQSDWLHQWVZLWKDIXQFWLRQLQJ1(7


4XDOLW\RI/LIH(QG3RLQWV

7R DVVHVV WKH HIIHFW RI 6RPDWXOLQH $XWRJHO WUHDWPHQW RQ TXDOLW\ RI OLIH YLD WKH
(257&4/41(7DQGWKH(257&4/&&


3URJUHVVLRQ)UHH6XUYLYDODW2QH\HDUHQGSRLQW

$VVHVVPHQWRISURJUHVVLRQIUHHVXUYLYDODWRQH\HDU


([SORUDWRU\6HFRQGDU\(IILFDF\(QGSRLQWVDQG(YDOXDWLRQV

7RDVVHVVWKHHIIHFWRI6RPDWXOLQH$XWRJHORQSODVPD&J$XULQDU\DQGSODVPD
+,$$ DQG QHXURNLQLQ $ DQG ZKHWKHU WKHVH ELRPDUNHUV FRUUHODWH ZLWK &7&
QXPEHUV

7RDVVHVVZKHWKHUXULQDU\+,$$DQGSODVPD+,$$OHYHOVDUHFRUUHODWHG

7R LQYHVWLJDWH WKH JHQRPLF SURILOH RI &7&V DW EDVHOLQH DQG DW WKH WLPH RI DQ\
REVHUYHGSURJUHVVLRQ

7RLQYHVWLJDWHWKHJHQRPLFSURILOHRIOLYHUPHWDVWDVHVDWWKHWLPHRIDQ\REVHUYHG
SURJUHVVLRQLQDSSURSULDWHSDWLHQWV7RHYDOXDWHWKHSUHVHQFHDQGGHQVLW\RI6675
VXEW\SHVDQGRQ&7&V

7R FRPSDUH WKH 6675 DQG 6675 GHQVLW\ ZLWK SDWLHQWV¶ FOLQLFDO V\PSWRPDWLF
UHVSRQVHDQGSURJUHVVLRQIUHHVXUYLYDOGXULQJ6RPDWXOLQH$XWRJHOWUHDWPHQW

7RFRPSDUHWKHGHQVLW\RI6675DQG6675RQ&7&VZLWKWKDWRQSULPDU\WXPRXU
DQG OLYHU PHWDVWDVLV LQ WKH SDWLHQWV ZKHUH WKH SULPDU\ WXPRXU RU OLYHU PHWDVWDVLV
VDPSOHVDUHDYDLODEOH





,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)


6DIHW\(QGSRLQWVDQG(YDOXDWLRQV


$GYHUVH(YHQWV

$(VZLOOEHPRQLWRUHGIURPWKHWLPHWKDWWKHSDWLHQWJLYHVLQIRUPHGFRQVHQWWRWKH
WLPHZKHQWKHSDWLHQW¶VSDUWLFLSDWLRQLQWKHVWXG\LVFRQVLGHUHGWRKDYHHQGHGDV
GHILQHGLQ6HFWLRQ$(VZLOOEHHOLFLWHGE\GLUHFWQRQOHDGLQJTXHVWLRQLQJRU
E\VSRQWDQHRXVUHSRUWV)XUWKHUGHWDLOVIRU$(UHSRUWLQJFDQEHIRXQGLQ6HFWLRQ


3K\VLFDO([DPLQDWLRQ

$SK\VLFDOH[DPLQDWLRQZLOOEHFDUULHGRXWE\DSK\VLFLDQ,ILQWKHRSLQLRQRIWKH
,QYHVWLJDWRUWKHUHDUHDQ\FOLQLFDOO\VLJQLILFDQWFKDQJHVLQWKHSK\VLFDOH[DPLQDWLRQ
ILQGLQJVDEQRUPDOLWLHVWKH\ZLOOEHUHFRUGHGDV$(V


9LWDO6LJQV

%ORRGSUHVVXUHDQGKHDUWUDWHVXSLQHDIWHUUHVWLQJIRUPLQXWHVRUVWDQGLQJDIWHU
PLQXWH ZLOO EH UHFRUGHG DW HDFK VWXG\ YLVLW +HLJKW DQG ZHLJKW VKRXOG EH
PHDVXUHGDWZHHNVDQG


&OLQLFDO/DERUDWRU\7HVWV

%ORRGVDPSOHVIRUFOLQLFDOODERUDWRU\WHVWVZLOOEHWDNHQDWVFUHHQLQJZHHN
DQGDQGZLOOFRQVLVWRIWKHIROORZLQJ

&7&HQXPHUDWLRQEORRGVZLOOEHGUDZQLQVSHFLDOWXEHVZKLFKZLOOEHSURYLGHGE\
,SVHQ/WGPORIEORRGZLOOEHGUDZQDQGVKLSSHGWR8&/ZLWKLQKRXUVRI
VDPSOHVEHLQJWDNHQ

6675 SURILOLQJ RI &7&V EORRG VDPSOH EORRGV ZLOO EH GUDZQ LQ VSHFLDO WXEHV
ZKLFKZLOOEHSURYLGHGE\,SVHQ/WGPORIEORRGZLOOEHGUDZQDQGVKLSSHGWR
8&/ZLWKLQKRXUVRIVDPSOHVEHLQJWDNHQ

+,$$XULQHKRXUVDQGEORRGVDPSOHVZLOOEHFROOHFWHG8ULQHYROXPHZLOOEH
PHDVXUHGDQGDPODOLTXRWWUDQVIHUUHGWRDVHSDUDWHWXEHDQGIUR]HQDWR&IRU
VKLSPHQW3ODVPDVDPSOHVZLOOEHIUR]HQDWR&DWVLWH3ODVPDDQGXULQHVDPSOHV
ZLOOEHVHQWWRWKHSDWKRORJ\ODERUDWRU\DW/HHGV7HDFKLQJ+RVSLWDOIRUDQDO\VHV
PORIEORRGZLOOEHFROOHFWHGIURPSDWLHQWVDFFRUGLQJWRVHFWLRQ0HWKRGRORJ\RI
WKHSURWRFRO

&J$ DQG QHXURNLQLQ $ EORRG VDPSOHV ZLOO EH FROOHFWHG 3ODVPD VDPSOHV ZLOO EH
IUR]HQDWVLWHDWR&DQGVHQWWRWKHFOLQLFDOELRFKHPLVWU\ODERUDWRU\DWWKH5R\DO
9LFWRULD +RVSLWDO %HOIDVW IRU DQDO\VHV  PO RI EORRG ZLOO EH FROOHFWHG IURP
SDWLHQWVDFFRUGLQJWRVHFWLRQ0HWKRGRORJ\RIWKHSURWRFRO


,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)

3DWLHQWVZLOOKDYHDQDGGLWLRQDOPORIEORRGGUDZQDWZHHNVDQGIRUFHOO
IUHH'1$DQDO\VLV7KLVEORRGVDPSOHZLOOEHIUR]HQDWR&DQGVKLSSHGWRWKH
8QLYHUVLW\&ROOHJH/RQGRQ8&/,QVWLWXWHRI&DQFHU5HVHDUFK

3UHJQDQF\ $ XULQH VDPSOH ZLOO EH FROOHFWHG IRU D SUHJQDQF\ GLSVWLFN WHVW LQ WKH
FOLQLF DW VWXG\ HQWU\ IRU IHPDOH SDWLHQWV RI FKLOGEHDULQJ SRWHQWLDO WR WHVW IRU
SUHJQDQF\,IWKLVLVIRXQGWREHSRVLWLYHWKHLQYHVWLJDWRUZLOOGHFLGHZKHWKHUWKH
SDWLHQWVKRXOGEHLQFOXGHGLQWKHVWXG\

,ISUHJQDQF\RFFXUVGXULQJWUHDWPHQWRQXULQHWHVWLQJLWZLOOEHFRQILUPHGE\SODVPD
WHVWLQJDQGWKHLQYHVWLJDWRUZLOOGHFLGHZKHWKHUWUHDWPHQWZLWK6RPDWXOLQH$XWRJHO
VKRXOGEHFRQWLQXHG

&OLQLFDO ODERUDWRU\ WHVWV ZLOO EH SHUIRUPHG E\ WKH ODERUDWRULHV VSHFLILHG DERYH
'HWDLOV RI WKH PHWKRGRORJ\ DQG UHIHUHQFH UDQJHV ZLOO EH SURYLGHG LQ WKH 7ULDO
0DVWHU)LOH70)

$OOFOLQLFDOO\UHOHYDQWDEQRUPDOODERUDWRU\WHVWVRFFXUULQJGXULQJWKHVWXG\ZLOOEH
UHSHDWHGDWDSSURSULDWHLQWHUYDOVXQWLOWKH\UHWXUQWREDVHOLQHRUWRDOHYHOGHHPHG
DFFHSWDEOH E\ WKH ,QYHVWLJDWRU DQG WKH 6SRQVRU¶V FOLQLFDO PRQLWRU RU KLVKHU
GHVLJQDWHGUHSUHVHQWDWLYHRUXQWLOWKHDEQRUPDOLW\LVH[SODLQHGE\DQDSSURSULDWH
GLDJQRVLV6HH6HFWLRQIRUDEQRUPDOODERUDWRU\WHVWVWKDWVKRXOGEHUHFRUGHG
DV$(VLQWKHH&5)


7RWDO%ORRG9ROXPH

7KH WRWDO EORRG GXULQJ WKH ZKROH FRXUVH RI WKH VWXG\ ZLOO EH DSSUR[LPDWHO\
POVSHUSDWLHQW


678'<75($70(176


6WXG\7UHDWPHQWV$GPLQLVWHUHG

3DWLHQWVLQFOXGHGLQWKHSURJUDPPHZLOOEHUHFHLYLQJ6RPDWXOLQH$XWRJHOLQMHFWLRQV
IRU WKH WUHDWPHQW RI WKHLU 1(7 V\PSWRPV 7KH GHFLVLRQ WR SUHVFULEH 6RPDWXOLQH
$XWRJHO ZLOO EH PDGH SULRU WR DQG LQGHSHQGHQWO\ IURP WKH GHFLVLRQ WR HQURO WKH
SDWLHQWLQWKH&$/01(7VWXG\

6RPDWXOLQH $XWRJHO ODQUHRWLGH DV DFHWDWH LV VXSSOLHG DV D ZKLWH WR RIIZKLWH
WUDQVOXFHQWDQGYLVFRXVVXSHUVDWXUDWHGVROXWLRQLQDSUHILOOHGV\ULQJHUHDG\IRUXVH

6RPDWXOLQH $XWRJHO LV DYDLODEOH LQ WKUHH GRVDJHV PJ PJ RU PJ DQG
DGPLQLVWHUHGHYHU\GD\V7KHGRVHRIDGPLQLVWUDWLRQZLOOEHGHWHUPLQHGRQDQ
LQGLYLGXDOSDWLHQWEDVLVE\WKHWUHDWLQJFOLQLFLDQLQDFFRUGDQFHZLWKXVXDOPHGLFDO
SUDFWLFHDQGPD\EHWLWUDWHGGXULQJWKHSHULRGRIWKLVVWXG\


,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)

5HJDUGOHVVRIWKHVLWHRILQMHFWLRQWKHVNLQVKRXOGEHVWUHWFKHG7KHQHHGOHVKRXOG
EHLQVHUWHGUDSLGO\WRLWVIXOOOHQJWKSHUSHQGLFXODUO\WRWKHVNLQ,QMHFWLRQVVKRXOGEH
DGPLQLVWHUHGDOWHUQDWLQJWKHOHIWDQGULJKWVLGHV


6XEMHFW,GHQWLILFDWLRQDQG$OORFDWLRQWR6WXG\7UHDWPHQW

$OO SDWLHQWV ZLOO EH DXWRPDWLFDOO\ DOORFDWHG D XQLTXH SDWLHQW QXPEHU ZKHQ DQ
HQUROPHQW YLVLW LV FUHDWHG LQ WKH ,956 ,Q RUGHU WR PDLQWDLQ FRQILGHQWLDOLW\ WKLV
QXPEHULQFRQMXQFWLRQZLWKWKHSDWLHQW¶VLQLWLDOVZLOOEHXVHGWRLGHQWLI\WKHSDWLHQWV
VWXG\GDWD

$OOSDWLHQWVHQUROOHGPXVWEHLGHQWLILDEOHWKURXJKRXWWKHVWXG\7KH,QYHVWLJDWRUZLOO
PDLQWDLQDOLVWRISDWLHQWQXPEHUVDQGQDPHVWRHQDEOHUHFRUGVWREHIRXQGDWDODWHU
GDWHLIUHTXLUHG


5DQGRPLVDWLRQ

$VWKLVLVDQRSHQODEHOVLQJOHDUPVWXG\QRUDQGRPLVDWLRQSURFHGXUHVDSSO\


6WXG\WUHDWPHQWVXSSO\SDFNDJLQJDQGODEHOOLQJ

6RPDWXOLQH $XWRJHO ZLOO EH RUGHUHG IUHH RI FKDUJH IURP ,SVHQ /LPLWHG&XVWRPHU
6HUYLFHVDQGDGPLQLVWHUHGZLWKXVXDOPHGLFDOSUDFWLFH6RPDWXOLQH$XWRJHOSDFNV
ZLOOEHODEHOOHGLQDFFRUGDQFHZLWKWKHDSSURYHG8.ODEHOOLQJIRUWKHSURGXFW


6WXG\7UHDWPHQW6WRUDJHDQG$FFRXQWDELOLW\

7KH,QYHVWLJDWRURUDQDSSURYHGUHSUHVHQWDWLYHHJSKDUPDFLVWZLOOHQVXUHWKDWDOO
6RPDWXOLQH $XWRJHO LQMHFWLRQV DUH VWRUHG LQ D VHFXUHG DUHD XQGHU UHFRPPHQGHG
WHPSHUDWXUHPRQLWRUHGVWRUDJHFRQGLWLRQVLQDFFRUGDQFHZLWKDSSOLFDEOHUHJXODWRU\
UHTXLUHPHQWVDQGGLVSHQVHGE\TXDOLILHGVWDIIPHPEHUV

$OOVWXG\WUHDWPHQWVDUHWREHDFFRXQWHGIRURQWKH,03DFFRXQWDELOLW\ORJSURYLGHG
E\ WKH 6SRQVRU ,W LV HVVHQWLDO WKDW DOO XVHG DQG XQXVHG VXSSOLHV DUH UHWDLQHG IRU
YHULILFDWLRQE\WKH6SRQVRURU6SRQVRU¶VUHSUHVHQWDWLYH7KH,QYHVWLJDWRUVKRXOG
HQVXUHDGHTXDWHUHFRUGVDUHPDLQWDLQHGYLDWKH,03DFFRXQWDELOLW\ORJ


&RQFRPLWDQW0HGLFDWLRQ7KHUDS\

7KHIROORZLQJPHGLFDWLRQVVKRXOGEHXVHGFDXWLRXVO\ZKLOVWUHFHLYLQJ6RPDWXOLQH
$XWRJHO

x
&\FORVSRULQ &RQFRPLWDQW DGPLQLVWUDWLRQ RI ODQUHRWLGH LQMHFWLRQV ZLWK
F\FORVSRULQPD\GHFUHDVHEORRGOHYHOVRIF\FORVSRULQ



,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)


$'9(56((9(175(3257,1*

$Q$(LVWKHGHYHORSPHQWRIDQXQGHVLUDEOHPHGLFDOFRQGLWLRQRUWKHGHWHULRUDWLRQRIDSUH
H[LVWLQJPHGLFDOFRQGLWLRQIROORZLQJRUGXULQJH[SRVXUHWRDSKDUPDFHXWLFDOSURGXFWZKHWKHU
RUQRWFRQVLGHUHGFDXVDOO\UHODWHGWRWKHSURGXFW

$Q XQGHVLUDEOH PHGLFDO FRQGLWLRQ FDQ EH V\PSWRPV HJ QDXVHD FKHVW SDLQ VLJQV HJ
WDFK\FDUGLD HQODUJHG OLYHU RU WKH DEQRUPDO UHVXOWV RI DQ LQYHVWLJDWLRQ HJ ODERUDWRU\
ILQGLQJV HOHFWURFDUGLRJUDP ,Q FOLQLFDO VWXGLHV DQ $( FDQ LQFOXGH DQ XQGHVLUDEOH PHGLFDO
FRQGLWLRQ RFFXUULQJ DW DQ\ WLPH LQFOXGLQJ UXQLQ RU ZDVKRXW SHULRGV HYHQ LI QR VWXG\
WUHDWPHQWKDVEHHQDGPLQLVWHUHG

7KLVGHILQLWLRQLQFOXGHVHYHQWVRFFXUULQJIURPWKHWLPHRIWKHSDWLHQWJLYLQJLQIRUPHGFRQVHQW
XQWLOWKHHQGRIWKHVWXG\DVGHILQHGLQ6HFWLRQ


'LVHDVH3URJUHVVLRQ

7KHVWXG\LVDQRQFRORJ\EDVHGWULDOGLVHDVHSURJUHVVLRQZLOOQRWEHUHFRUGHGDVDQ
$(EXWZLOOEHUHSRUWHGRQWKHH&5)


&DWHJRULVDWLRQRI$GYHUVH(YHQWV


,QWHQVLW\&ODVVLILFDWLRQ

$(V ZLOO EH FODVVLILHG DV PLOG PRGHUDWH RU VHYHUH DFFRUGLQJ WR WKH IROORZLQJ
FULWHULD

0LOG
V\PSWRPVGRQRWDOWHUWKHSDWLHQW¶VQRUPDOIXQFWLRQLQJ

0RGHUDWH
V\PSWRPVSURGXFHVRPHGHJUHHRILPSDLUPHQWWRIXQFWLRQEXWDUH
QRWKD]DUGRXVXQFRPIRUWDEOHRUHPEDUUDVVLQJWRWKHSDWLHQW

6HYHUH
V\PSWRPV
GHILQLWHO\
KD]DUGRXV
WR
ZHOOEHLQJ
VLJQLILFDQW
LPSDLUPHQWRIIXQFWLRQRULQFDSDFLWDWLRQ


&DXVDOLW\&ODVVLILFDWLRQ

7KH UHODWLRQVKLS RI DQ $( WR WKH 6WXG\ 7UHDWPHQW 6RPDWXOLQH $XWRJHO ZLOO EH
FODVVLILHGDFFRUGLQJWRWKHIROORZLQJ

5HODWHG
UHSRUWV LQFOXGLQJ JRRG UHDVRQV DQG VXIILFLHQW LQIRUPDWLRQ HJ
SODXVLEOHWLPHVHTXHQFHGRVHUHVSRQVHUHODWLRQVKLSSKDUPDFRORJ\
SRVLWLYH GHFKDOOHQJH DQGRU UHFKDOOHQJH WR DVVXPH D FDXVDO
UHODWLRQVKLS ZLWK WKH ,03 LQ WKH VHQVH WKDW LW LV SODXVLEOH
FRQFHLYDEOHRUOLNHO\


,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)

1RWUHODWHG
UHSRUWV LQFOXGLQJ JRRG UHDVRQV DQG VXIILFLHQW LQIRUPDWLRQ HJ
LPSODXVLEOHWLPHVHTXHQFHDQGRUDWWULEXWDEOHWRFRQFXUUHQWGLVHDVH
RURWKHUGUXJVWRUXOHRXWDFDXVDOUHODWLRQVKLSZLWKWKH,03


$VVHVVPHQWRIH[SHFWHGQHVV

7KHH[SHFWHGQHVVRIDQ$(UHDFWLRQVKDOOEHGHWHUPLQHGE\WKH6SRQVRUDFFRUGLQJ
WRWKH6XPPDU\RI3URGXFW&KDUDFWHULVWLFV6P3&RU3DWLHQW,QIRUPDWLRQ/HDIOHW
IRUDQDXWKRULVHGPHGLFLQDOSURGXFWZKLFKLVEHLQJXVHGDFFRUGLQJWRWKHWHUPVDQG
FRQGLWLRQVRIWKHPDUNHWLQJDXWKRULVDWLRQ,IWKH,03KDVPDUNHWLQJDXWKRULVDWLRQV
LQ VHYHUDO FRXQWULHV ZLWK GLIIHUHQW 6P3&V RU 3,V RQH ZLOO EH VHOHFWHG DV WKH
UHIHUHQFHGRFXPHQWIRUDVVHVVLQJH[SHFWHGQHVV

7KHUHIHUHQFHGRFXPHQWIRUDVVHVVLQJH[SHFWHGQHVVRI$(VUHDFWLRQVLQWKLVVWXG\
ZLOO EH 7KH FXUUHQWO\ UHJLVWHUHG 8. 6XPPDU\ RI 3URGXFW &KDUDFWHULVWLFV IRU
6RPDWXOLQH $XWRJHO PJ 6RPDWXOLQH $XWRJHO PJ DQG 6RPDWXOLQH $XWRJHO
PJ


/DERUDWRU\7HVW$EQRUPDOLWLHV

$EQRUPDOLWLHVLQODERUDWRU\WHVWYDOXHVVKRXOGRQO\EHUHSRUWHGDV$(VLIDQ\RIWKH
IROORZLQJDSSO\

x
7KH\UHVXOWLQDFKDQJHLQ,03VFKHGXOHRIDGPLQLVWUDWLRQFKDQJHLQGRVDJH
>QRW LQFOXGLQJ WLWUDWLRQ EDVHG GRVDJH FKDQJHV@ GHOD\ LQ DGPLQLVWUDWLRQ ,03
GLVFRQWLQXDWLRQ

x
7KH\ UHTXLUH LQWHUYHQWLRQ RU D GLDJQRVLV HYDOXDWLRQ WR DVVHVV WKH ULVN WR WKH
SDWLHQW

x
7KH\DUHFRQVLGHUHGDVFOLQLFDOO\VLJQLILFDQWE\WKH,QYHVWLJDWRU


$EQRUPDO3K\VLFDO([DPLQDWLRQ)LQGLQJV

&OLQLFDOO\ VLJQLILFDQW FKDQJHV LQ WKH MXGJHPHQW RI WKH ,QYHVWLJDWRU LQ SK\VLFDO
H[DPLQDWLRQILQGLQJVDEQRUPDOLWLHVZLOOEHUHFRUGHGDV$(V


2WKHU,QYHVWLJDWLRQ$EQRUPDO)LQGLQJV

$EQRUPDO REMHFWLYH WHVW ILQGLQJV DV MXGJHG E\ WKH ,QYHVWLJDWRU DV FOLQLFDOO\
VLJQLILFDQWHJHOHFWURFDUGLRJUDPFKDQJHVWKDWUHVXOWLQDFKDQJHLQ,03GRVDJH
RUDGPLQLVWUDWLRQVFKHGXOHRULQGLVFRQWLQXDWLRQRIWKH,03RUUHTXLUHLQWHUYHQWLRQ
RUGLDJQRVWLFHYDOXDWLRQWRDVVHVVWKHULVNWRWKHSDWLHQWVKRXOGEHUHFRUGHGDV$(V




,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)


5HFRUGLQJDQG)ROORZXSRI$GYHUVH(YHQWV

$WHDFKYLVLWWKHSDWLHQWVKRXOGEHDVNHGDQRQOHDGLQJTXHVWLRQVXFKDV³'R\RX
IHHOGLIIHUHQWLQDQ\ZD\VLQFHVWDUWLQJWKHQHZWUHDWPHQWWKHODVWDVVHVVPHQW"´

)ROORZXS RI DOO $(V ZLOO EH FRQGXFWHG LQ DFFRUGDQFH ZLWK WKH XVXDO FOLQLFDO
SUDFWLFH

$(V DOUHDG\ UHFRUGHG DQG GHVLJQDWHG DV µFRQWLQXLQJ¶ VKRXOG EH UHYLHZHG DW HDFK
VXEVHTXHQWDVVHVVPHQW


6HULRXV$GYHUVH(YHQWV


'HILQLWLRQV

$OO6$(VDVGHILQHGEHORZUHJDUGOHVVRIWUHDWPHQWJURXSRUVXVSHFWHGUHODWLRQVKLS
WR ,03 PXVW EH UHSRUWHG LPPHGLDWHO\ ZLWKLQ  KRXUV RI WKH ,QYHVWLJDWRU¶V
NQRZOHGJHRIWKHHYHQWWRWKHSKDUPDFRYLJLODQFHFRQWDFWVSHFLILHGDWWKHEHJLQQLQJ
RI WKLV SURWRFRO ,I WKH LPPHGLDWH UHSRUW LV VXEPLWWHG E\ WHOHSKRQH WKLV PXVW EH
IROORZHGE\GHWDLOHGZULWWHQUHSRUWVXVLQJWKH6$(UHSRUWIRUP

$6$(LVDQ\$(RFFXUULQJDWDQ\GRVHWKDW

 UHVXOWVLQGHDWK
 ,VOLIHWKUHDWHQLQJWKDWLVDQ\HYHQWWKDWSODFHVWKHSDWLHQWDWLPPHGLDWHULVNRI
GHDWKIURPWKHUHDFWLRQDVLWRFFXUUHG",WGRHVQRWLQFOXGHDUHDFWLRQWKDWKDGLW
RFFXUUHGLQDPRUHVHYHUHIRUPPLJKWKDYHFDXVHGGHDWK
 UHVXOWVLQLQSDWLHQWKRVSLWDOLVDWLRQRUSURORQJDWLRQRIH[LVWLQJKRVSLWDOLVDWLRQ
H[FOXGLQJDGPLVVLRQIRUVRFLDORUDGPLQLVWUDWLYHUHDVRQVVHHIXUWKHU
 UHVXOWVLQDSHUVLVWHQWRUVLJQLILFDQWGLVDELOLW\LQFDSDFLW\ZKHUHGLVDELOLW\LVD
VXEVWDQWLDOGLVUXSWLRQRIDSHUVRQ
VDELOLW\WRFRQGXFWQRUPDOOLIHIXQFWLRQV
 UHVXOWV LQ FRQJHQLWDO DQRPDO\ELUWK GHIHFW LQ WKH RIIVSULQJ RI D SDWLHQW ZKR
UHFHLYHGWKH,03
 ,VDQLPSRUWDQWPHGLFDOHYHQWWKDWPD\QRWUHVXOWLQGHDWKEHOLIHWKUHDWHQLQJ
RU UHTXLUH KRVSLWDOLVDWLRQ ZKHQ EDVHG XSRQ DSSURSULDWH PHGLFDO MXGJHPHQW
PD\MHRSDUGLVHWKHSDWLHQWDQGPD\UHTXLUHPHGLFDORUVXUJLFDOLQWHUYHQWLRQWR
SUHYHQWRQHRIWKHRXWFRPHVOLVWHGLQWKLVGHILQLWLRQ([DPSOHVRIVXFKPHGLFDO
HYHQWV LQFOXGH DOOHUJLF EURQFKRVSDVP UHTXLULQJ LQWHQVLYH WUHDWPHQW LQ DQ
HPHUJHQF\URRPRUDWKRPHEORRGG\VFUDVLDVRUFRQYXOVLRQVWKDWGRQRWUHVXOW
LQ LQSDWLHQW KRVSLWDOLVDWLRQ RU WKH GHYHORSPHQW RI GUXJ GHSHQGHQF\ RU GUXJ
DEXVH

5HJDUGOHVV RI WKH DERYH FULWHULD DQ\ DGGLWLRQDO $( WKDW WKH 6SRQVRU RU DQ
,QYHVWLJDWRUFRQVLGHUVVHULRXVVKRXOGEHLPPHGLDWHO\UHSRUWHGWRWKH6SRQVRUDQG
LQFOXGHGLQWKHFRUSRUDWH6$(VGDWDEDVHV\VWHP


,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)

x
+RVSLWDOLVDWLRQ LV GHILQHG DV DQ\ LQSDWLHQW DGPLVVLRQ HYHQ LI OHVV WKDQ 
KRXUV)RUFKURQLFRUORQJWHUPLQSDWLHQWVLQSDWLHQWDGPLVVLRQDOVRLQFOXGHV
WUDQVIHUZLWKLQWKHKRVSLWDOWRDQDFXWHLQWHQVLYHFDUHLQSDWLHQWXQLW

x
3URORQJDWLRQ RI KRVSLWDOLVDWLRQ LV GHILQHG DV DQ\ H[WHQVLRQ RI DQ LQSDWLHQW
KRVSLWDOLVDWLRQEH\RQGWKHVWD\DQWLFLSDWHGUHTXLUHGLQUHODWLRQWRWKHRULJLQDO
UHDVRQ IRU WKH LQLWLDO DGPLVVLRQ DV GHWHUPLQHG E\ WKH ,QYHVWLJDWRU RU
WUHDWLQJ SK\VLFLDQ )RU SURWRFROVSHFLILHG KRVSLWDOLVDWLRQ LQ FOLQLFDO WULDOV
SURORQJDWLRQLVGHILQHGDVDQ\H[WHQVLRQEH\RQGWKHOHQJWKRIVWD\GHVFULEHGLQ
WKH SURWRFRO 3URORQJDWLRQ LQ WKH DEVHQFH RI D SUHFLSLWDWLQJ WUHDWPHQW
HPHUJHQWFOLQLFDO$(LHQRWDVVRFLDWHGZLWKWKHGHYHORSPHQWRIDQHZ$(RU
ZRUVHQLQJRIDSUHH[LVWLQJFRQGLWLRQPD\PHHWFULWHULDIRUVHULRXVQHVVEXW
LVQRWDQDGYHUVHH[SHULHQFHDQGWKXVLVQRWVXEMHFWWRLPPHGLDWHUHSRUWLQJWR
WKH6SRQVRU

x
3UHSODQQHGRUHOHFWLYHWUHDWPHQWVVXUJLFDOSURFHGXUHVVKRXOGEHQRWHGLQWKH
SDWLHQW¶VVFUHHQLQJGRFXPHQWDWLRQ+RVSLWDOLVDWLRQIRUDSUHSODQQHGRUHOHFWLYH
WUHDWPHQWVXUJLFDOSURFHGXUHVKRXOGQRWEHUHSRUWHGDVDQ6$(XQOHVVWKHUHDUH
FRPSOLFDWLRQV RU VHTXHOV ZKLFK PHHW WKH FULWHULD IRU VHULRXVQHVV GHVFULEHG
DERYH


5HSRUWLQJ5HTXLUHPHQWV

$Q\ 6$( PXVW EH UHSRUWHG LPPHGLDWHO\ ZLWKLQ  KRXUV LQGHSHQGHQW RI WKH
FLUFXPVWDQFHV RU VXVSHFWHG FDXVH LI LW RFFXUV RU FRPHV WR WKH DWWHQWLRQ RI WKH
,QYHVWLJDWRUDWDQ\WLPHGXULQJWKHVWXG\SHULRG

$Q\6$(ZLWK DVXVSHFWHGFDXVDOUHODWLRQVKLSWRWKH ,03RFFXUULQJDW DQ\ RWKHU
WLPHDIWHUFRPSOHWLRQRIWKHVWXG\PXVWEHSURPSWO\UHSRUWHG


0DQGDWRU\,QIRUPDWLRQIRU5HSRUWLQJDQ6$(

7KHIROORZLQJLQIRUPDWLRQLVWKHPLQLPXPWKDWPXVWEHSURYLGHGWRWKH6SRQVRU¶V
SKDUPDFRYLJLODQFHFRQWDFWZLWKLQKRXUVIRUHDFK6$(
x
7ULDOQXPEHU
x
&HQWUHQXPEHU
x
3DWLHQWQXPEHU
x
$(
x
,QYHVWLJDWRU
VQDPHDQGFRQWDFWGHWDLOV

7KH DGGLWLRQDO LQIRUPDWLRQ LQFOXGHG LQ WKH 6$( IRUP PXVW EH SURYLGHG WR WKH
6SRQVRURUUHSUHVHQWDWLYHDVVRRQDVLWLVDYDLODEOH8SRQUHFHLSWRIWKHLQLWLDOUHSRUW
WKH 6SRQVRU ZLOO DVN IRU WKH ,QYHVWLJDWRU
V FDXVDOLW\ DVVHVVPHQW LI LW ZDV QRW
SURYLGHGZLWKWKHLQLWLDOUHSRUW


,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)

7KH ,QYHVWLJDWRU VKRXOG UHSRUW D GLDJQRVLV RU D V\QGURPH UDWKHU WKDQ LQGLYLGXDO
VLJQV RU V\PSWRPV 7KH ,QYHVWLJDWRU VKRXOG DOVR WU\ WR VHSDUDWH D SULPDU\ $(
FRQVLGHUHG DV WKH IRUHPRVW XQWRZDUG PHGLFDO RFFXUUHQFH IURP VHFRQGDU\ $(V
ZKLFKRFFXUUHGDVFRPSOLFDWLRQV


3UHJQDQF\

3UHJQDQF\ LWVHOI LV QRW D FULWHULRQ IRU VHULRXVQHVV +RZHYHU DQ\ SUHJQDQF\
RFFXUULQJ GXULQJ WUHDWPHQW ZLWK 6RPDWXOLQH $XWRJHO VKRXOG EH UHSRUWHG WR WKH
SKDUPDFRYLJLODQFHFRQWDFWVSHFLILHGDWWKHEHJLQQLQJRIWKLVSURWRFROLQWKHVDPH
WLPHOLQHVDVDQ6$(ZLWKLQKRXUVRIEHFRPLQJDZDUHRILWXVLQJWKH6WDQGDUG
3UHJQDQF\ 2XWFRPH IRUP DQG HQWHUHG RQ WKH $( IRUP LQ WKH H&5) 7KH
LQYHVWLJDWRUPRQLWRULQJSK\VLFLDQZLOOEHLQVWUXFWHGE\WKHVSRQVRULQWKHWUDFNLQJ
RIWKHSUHJQDQF\RXWFRPHDVSHFLILFIRUPWRREWDLQWKHLQIRUPDWLRQUHTXLUHGZLOOEH
VHQWWRWKHPRQLWRULQJSK\VLFLDQ

,QYHVWLJDWRUVPXVWLQVWUXFWDOOIHPDOHSDWLHQWVWRLQIRUPWKHPLPPHGLDWHO\VKRXOG
WKH\EHFRPHSUHJQDQWGXULQJWKHVWXG\,QWKHHYHQWRIDSUHJQDQF\WKHLQYHVWLJDWRU
ZLOOGHFLGHZKHWKHUWUHDWPHQWZLWK6RPDWXOLQH$XWRJHOVKRXOGEHFRQWLQXHG


'HDWKV

$OO$(VUHODWHGWR6RPDWXOLQH$XWRJHODQGUHVXOWLQJLQGHDWKPXVWEHUHSRUWHGDVDQ
6$(ZLWKLQKRXUVRIWKH,QYHVWLJDWRU¶VNQRZOHGJHRIWKHHYHQW

7KHFRQYHQWLRQIRUUHFRUGLQJGHDWKLVDVIROORZV
x
$( WHUP OHDG FDXVH RI GHDWK HJ PXOWLSOH RUJDQ IDLOXUH SQHXPRQLD
P\RFDUGLDOLQIDUFWLRQ
x
2XWFRPHIDWDO


'LVFRQWLQXDWLRQ:LWKGUDZDOGXHWR$GYHUVH(YHQWV6HULRXV$GYHUVH(YHQWV

'LVFRQWLQXDWLRQZLWKGUDZDO
GXH
WR
$(V
VKRXOG
EH
GLVWLQJXLVKHG
IURP
GLVFRQWLQXDWLRQZLWKGUDZDOGXHWRLQVXIILFLHQWUHVSRQVHWR6RPDWXOLQH$XWRJHO

,I 6RPDWXOLQH $XWRJHO LV GLVFRQWLQXHG GXH WR DQ 6$( LW PXVW EH UHSRUWHG
LPPHGLDWHO\WRWKH6SRQVRU¶VGHVLJQDWHGUHSUHVHQWDWLYH

,Q DOO FDVHV WKH ,QYHVWLJDWRU PXVW HQVXUH WKH SDWLHQW UHFHLYHV DSSURSULDWH PHGLFDO
IROORZXS


5HSRUWLQJWR&RPSHWHQW$XWKRULWLHV,(&V,5%V2WKHU,QYHVWLJDWRUV

7KH 6SRQVRU ZLOO HQVXUH WKDW SURFHVVHV DUH LQ SODFH IRU VXEPLVVLRQ RI UHSRUWV RI
6XVSHFWHG8QH[SHFWHG6HULRXV$GYHUVH5HDFWLRQV686$5VRFFXUULQJGXULQJWKH
VWXG\ WR WKH &RPSHWHQW $XWKRULWLHV &$ ,(&V ,5%V DQG RWKHU ,QYHVWLJDWRUV

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)

LQYROYHG LQ WKLV VWXG\ 5HSRUWLQJ ZLOO EH GRQH LQ DFFRUGDQFH ZLWK WKH DSSOLFDEOH
UHJXODWRU\UHTXLUHPHQWV


67$7,67,&$/&216,'(5$7,216


6XEMHFW&ODVVLILFDWLRQDQG'HILQLWLRQV

x (QUROOHGVXEMHFW
3DWLHQW IXOO\ LQIRUPHG DERXW WKH VWXG\ ZKR KDV JLYHQ
ZULWWHQ LQIRUPHG FRQVHQW WR SDUWLFLSDWH EHIRUH DQ\
RFFXUUHQFHRIWULDOUHODWHGSURFHGXUH

x 6FUHHQHGIDLOXUH
VXEMHFW
(QUROOHG SDWLHQW ZKR IDLOV WR IXOILO RQH RU PRUH HQWU\
FULWHULD DQG WKXV GRHV QRW SURFHHG WR WKH WUHDWPHQW
SKDVH RI WKH VWXG\ $OWKRXJK QRW H[SRVHG WR VWXG\
PHGLFDWLRQWKH\PD\KDYHEHHQH[SRVHGWRVRPHVWXG\
UHODWHGSURFHGXUHV5HFRUGVXSWRWKHWLPHRISUHPDWXUH
WHUPLQDWLRQ VKRXOG EH FRPSOHWHG LQFOXGLQJ WKH UHDVRQ
IRUWHUPLQDWLRQ
x 7UHDWHGVXEMHFW
(QUROOHGSDWLHQWZKRLVWUHDWHGZLWKDWOHDVWRQHGRVHRI
VWXG\PHGLFDWLRQ

x 6WXG\&RPSOHWHG
VXEMHFW

7UHDWHG SDWLHQW ZKR KDV FRPSOHWHG DOO VSHFLILHG
SKDVHVDVVHVVPHQWV,03RIWKHVWXG\

x 'URSRXWVXEMHFWV

7UHDWHGSDWLHQWZKRGLGQRWFRPSOHWHWKHVWXG\DQGRU
WUHDWPHQW


$QDO\VHV3RSXODWLRQV'HILQLWLRQV

x
6FUHHQHG
SRSXODWLRQ

x
6DIHW\SRSXODWLRQ
$OOVXEMHFWVHQUROOHG


$OOVXEMHFWVZKRUHFHLYHGDWOHDVWRQHGRVHRIVWXG\
PHGLFDWLRQDQGKDYHDWOHDVWRQHSRVWEDVHOLQHVDIHW\
DVVHVVPHQW

x
,QWHQWLRQWR7UHDW
,777UHDWHG
SRSXODWLRQ

$OOVXEMHFWVZKRUHFHLYHGDWOHDVWRQHGRVHRIVWXG\
PHGLFDWLRQ

x
3HU3URWRFRO
3RSXODWLRQ
$OO VXEMHFWV LQ WKH ,77 SRSXODWLRQ IRU ZKRP QR
PDMRUSURWRFROGHYLDWLRQVRFFXUUHGGXULQJWKHWULDO




,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)


3RSXODWLRQV$QDO\VHG

7KHSULPDU\DQDO\VLVEDVHGRQWKHSULPDU\HIILFDF\HQGSRLQWVZLOOEHSHUIRUPHG
RQWKH,77SRSXODWLRQ,QDGGLWLRQDVXSSRUWLYHDQDO\VLVZLOOEHSHUIRUPHGRQWKH
33SRSXODWLRQLIVDPSOHVL]HDOORZV7KHDQDO\VHVRIVDIHW\GDWDZLOOEHSHUIRUPHG
EDVHGRQWKHVDIHW\SRSXODWLRQ


6DPSOH6L]H'HWHUPLQDWLRQ

$VDPSOHVL]HRIVXEMHFWVKDVEHHQFKRVHQIRUWKLVH[SORUDWRU\VWXG\EDVHGRQ
SUDFWLFDOFRQVLGHUDWLRQVZLWKWKHNQRZOHGJHWKDWWKHUHZDVVRPHVWDWLVWLFDOSRZHU
VKRXOG WKH UHODWLRQVKLS EHWZHHQ WKRVH ZLWK PHDVXUHDEOH &7&V DQG WKRVH ZLWKRXW
PHDVXUHDEOH&7&VEHDFOHDURQHVXEMHFWVZLOOJLYHDQVWDWLVWLFDOSRZHUWR
EHDEOHWRGHWHFWDGLIIHUHQFHLQFOLQLFDOUHVSRQVHUDWHVRIDURXQGHJLQ
VXEMHFWV ZLWK QR PHDVXUHDEOH &7&V YHUVXV  LQ VXEMHFWV ZLWK PHDVXUHDEOH
&7&V


6LJQLILFDQFH7HVWLQJDQG(VWLPDWLRQV

$V WKLV LV DQ H[SORUDWRU\ VWXG\ VWDWLVWLFDO WHVWLQJ ZLOO RQO\ EH FDUULHG RXW IRU
H[SORUDWRU\SXUSRVHV8QOHVVRWKHUZLVHVWDWHGWHVWLQJZLOOEHSHUIRUPHGDWWKH
OHYHO RI VLJQLILFDQFH :KHUH DSSURSULDWH  FRQILGHQFHV LQWHUYDOV IRU HVWLPDWHV
ZLOOEHSUHVHQWHG1RDGMXVWPHQWIRUPXOWLSOLFLW\ZLOOEHSHUIRUPHG


6WDWLVWLFDO$QDO\WLFDO0HWKRGV

6WDWLVWLFDO DQDO\VHV ZLOO EH SHUIRUPHG E\ DQ H[WHUQDO &RQWUDFW 5HVHDUFK
2UJDQLVDWLRQ &52 PDQDJHG E\ WKH VSRQVRU  $ 5HSRUWLQJ DQG $QDO\VLV SODQ
5$3GHVFULELQJWKHSODQQHGVWDWLVWLFDODQDO\VLVLQGHWDLOZLWKWDEOHVILJXUHVDQG
OLVWLQJV7)/VWHPSODWHVZLOOEHGHYHORSHGDVDVHSDUDWHGRFXPHQW

6WDWLVWLFDO HYDOXDWLRQ ZLOOEHSHUIRUPHGXVLQJ6WDWLVWLFDO$QDO\VLV6\VWHP6$6
YHUVLRQRUKLJKHU


'HPRJUDSKLFDQG2WKHU%DVHOLQH&KDUDFWHULVWLFV

,Q RUGHU WR FKDUDFWHULVH WKH VWXG\ SRSXODWLRQ GHVFULSWLYH VXPPDU\ VWDWLVWLFV Q
PHDQVWDQGDUGGHYLDWLRQ6'PHGLDQPLQLPXPPD[LPXPRUIUHTXHQF\FRXQWV
RI GHPRJUDSKLF DQG EDVHOLQH GDWD ZLOO EH SUHVHQWHG IRU WKH ,77 33 DQG 6DIHW\
SRSXODWLRQV


6XEMHFW'LVSRVLWLRQDQG:LWKGUDZDOV

7KHQXPEHUVDQGSHUFHQWDJHVRIVXEMHFWVHQUROOHGWUHDWHGZLWKGUDZQDQGLQFOXGHG
LQ HDFK SRSXODWLRQ ZLOO EH WDEXODWHG ,Q DGGLWLRQ SULPDU\ UHDVRQV IRU
GLVFRQWLQXDWLRQ RI VWXG\ WUHDWPHQW ZLOO EH WDEXODWHG 7KH QXPEHU RI GRVHV DQG
GRVDJHRIVWXG\GUXJUHFHLYHGZLOODOVREHWDEXODWHG

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)


(IILFDF\(YDOXDWLRQ


3ULPDU\(IILFDF\$QDO\VLV

$VLQGLFDWHGLQVHFWLRQWKHSULPDU\HIILFDF\HQGSRLQWLVDQDVVHVVPHQWRIWKH
FOLQLFDOYDOXHRIHQXPHUDWLRQRIFLUFXODWLQJWXPRXUFHOOV&7&VWRSUHGLFWFOLQLFDO
V\PSWRPDWLFUHVSRQVHLQSDWLHQWVUHFHLYLQJ6RPDWXOLQH$XWRJHO7KXVWKHHQGSRLQW
LVDVVHVVHGXVLQJWZRHIILFDF\YDULDEOHV&7&VZKLFKZLOOEHHQXPHUDWHGDWEDVHOLQH
DQG ZHHNV     DQG  DQG FOLQLFDO V\PSWRPDWLF UHVSRQVH &OLQLFDO
V\PSWRPDWLFUHVSRQVHZLOOEHEDVHGRQKRXU V\PSWRPIUHTXHQF\ DQGVHYHULW\
ZKLFK ZLOO EH PHDVXUHGRQDGDLO\EDVLVIRUWKHGD\VSUHFHGLQJ WKH ILUVW VWXG\
WUHDWPHQW IRU WKH ILUVW  ZHHNV RI WKH VWXG\ DQG RQ GD\V  WR  RI HDFK
VXEVHTXHQWLQMHFWLRQLQWHUYDOIRUWKHUHPDLQGHURIWKHVWXG\GXUDWLRQ$IWHUWKHILQDO
VWXG\GUXJLQMHFWLRQDWZHHNSDWLHQWVZLOOSURYLGHKRXUV\PSWRPIUHTXHQF\
DQGVHYHULW\RQDGDLO\EDVLVRQGD\VWR

7KH UHODWLRQVKLS EHWZHHQ &7& SUHVHQFH DW EDVHOLQH DQG FOLQLFDO V\PSWRPDWLF
UHVSRQVHZLOOEHDVVHVVHGXVLQJORJLVWLFUHJUHVVLRQ7KHRGGVUDWLRIRUWKHHIIHFWRI
&7& SUHVHQFH RQ UHVSRQVH ZLOO EH HVWLPDWHG IURP WKLV PRGHO DQG WKH DVVRFLDWHG
FRQILGHQFHLQWHUYDOFDOFXODWHG

7KHUHODWLRQVKLSEHWZHHQ&7&SUHVHQFHDQGFOLQLFDOV\PSWRPDWLFUHVSRQVHZLOODOVR
EH DVVHVVHG DGMXVWHG IRU WKH SUHVHQFH RI RWKHU SRWHQWLDOO\ LQIOXHQWLDO SDWLHQW
FKDUDFWHULVWLFV VXFK DV GLVHDVH VWDWXV VWDJH DQG JUDGLQJ RI 1(7 DQG SUHYLRXV
WUHDWPHQW XVLQJ PXOWLSOH ORJLVWLF UHJUHVVLRQ 7KH SRWHQWLDOO\ LQIOXHQWLDO
FKDUDFWHULVWLFVZLOOEHVHOHFWHGLQLWLDOO\RQWKHEDVLVRIVLPSOHORJLVWLFUHJUHVVLRQV
7KRVH FKDUDFWHULVWLFV ZLWK D :DOG WHVW S ZLOO EH UHWDLQHG IRU LQFOXVLRQ LQ D
PXOWLSOH ORJLVWLF UHJUHVVLRQPRGHOWKDWZLOODOVRLQFOXGH&7&SUHVHQFH 8VLQJ DQ
DSSURSULDWH VWHSZLVH SURFHGXUH DILQDOPXOWLSOHORJLVWLFUHJUHVVLRQPRGHOZLOOEH
GHULYHGWKDWLQFOXGHV&7&SUHVHQFHDORQJZLWKDQ\VWLOOLQIOXHQWLDOFKDUDFWHULVWLFV
)URP WKH ILQDO PRGHO WKH RGGV UDWLR IRU WKH HIIHFW RI &7& SUHVHQFH RQ UHVSRQVH
DGMXVWHG IRU DQ\ ZLOO EH HVWLPDWHG DQG WKH DVVRFLDWHG  FRQILGHQFH LQWHUYDO
FDOFXODWHG

7KH UHODWLRQVKLS EHWZHHQ WKH DEVROXWH YDOXH RI &7&V DQG FOLQLFDO V\PSWRPDWLF
UHVSRQVH DQG WKH XVH RI GLIIHUHQW &7& FXWRII YDOXHV RWKHU WKDQ  IRU SUHGLFWLQJ
FOLQLFDO UHVSRQVH ZLOO DOVR EH LQYHVWLJDWHG XVLQJ ORJLVWLF UHJUHVVLRQ LI WKHUH LV D
VXIILFLHQWUDQJHRI&7&YDOXHVREVHUYHGLQWKHVWXG\


([SORUDWRU\3ULPDU\(IILFDF\$QDO\VLV

7KHUH LV DQ DGGLWLRQDO H[SORUDWRU\ SULPDU\ HIILFDF\ HQGSRLQW RI SURJUHVVLRQ IUHH
VXUYLYDO DQG LWV UHODWLRQVKLS ZLWK &7& HQXPHUDWLRQ 7KH H[SORUDWRU\ SULPDU\
HIILFDF\ YDULDEOH RI SURJUHVVLRQ IUHH VXUYLYDO DW  ZHHNV ZLOO EH DVVHVVHG XVLQJ
5(&,67


,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)

7KHUHODWLRQVKLSEHWZHHQ&7&SUHVHQFHDQGSURJUHVVLRQIUHHVXUYLYDODWZHHNV
ZLOO EH LQYHVWLJDWHG GHVFULSWLYHO\ E\ VXPPDUL]LQJ WKH SHUFHQWDJH RI SDWLHQWV
SURJUHVVLRQIUHHDWZHHNVE\&7&SUHVHQFHDQGRYHUDOO


6HFRQGDU\(IILFDF\$QDO\VHV

 (IIHFWRI6RPDWXOLQH$XWRJHORQWKHV\PSWRPVRIGLDUUKRHDDQGIOXVKLQJLQSDWLHQWV
ZLWKDIXQFWLRQLQJ1(7

6\PSWRP IUHTXHQF\ DQG VHYHULW\ ZLOO EH VXPPDULVHG GHVFULSWLYHO\ RYHU WLPH
&OLQLFDOUHVSRQVHZLOOEHVXPPDULVHGGHVFULSWLYHO\E\&7&SUHVHQFH&7&V!DQG
RYHUDOO

 (IIHFW RI 6RPDWXOLQH $XWRJHO WUHDWPHQW RQ TXDOLW\ RI OLIH YLD WKH (257& 4/4
1(7DQG(257&4/&&

4XDOLW\RIOLIHGRPDLQVFRUHVZLOOEHVXPPDULVHGGHVFULSWLYHO\RYHUWLPH

 3URJUHVVLRQ)UHH6XUYLYDODWRQH\HDU

3URJUHVVLRQIUHHVXUYLYDODWZHHNVZLOOEHVXPPDULVHGGHVFULSWLYHO\


([SORUDWRU\6HFRQGDU\$QDO\VHV

 (IIHFW RI 6RPDWXOLQH $XWRJHO RQ SODVPD &J$ XULQDU\ DQG SODVPD +,$$ DQG
SODVPDQHXURNLQLQ$DQGZKHWKHUWKHVHELRPDUNHUVFRUUHODWHZLWK&7&QXPEHUV

3ODVPD&J$XULQDU\DQGSODVPD+,$$DQGSODVPDQHXURNLQLQ$OHYHOVZLOOEH
VXPPDULVHGGHVFULSWLYHO\DQGSORWWHGDJDLQVW&7&QXPEHUV

 &RUUHODWLRQEHWZHHQXULQDU\+,$$DQGSODVPD+,$$

7KHFRUUHODWLRQEHWZHHQXULQDU\DQGSODVPD+,$$OHYHOVZLOOEHSUHVHQWHG

 *HQRPLFSURILOHRI&7&VDWEDVHOLQHDQGDWWKHWLPHRIDQ\REVHUYHGSURJUHVVLRQ

7KHJHQRPLFSURILOHRI&7&VZLOOEHVXPPDULVHGGHVFULSWLYHO\

 *HQRPLFSURILOHRIOLYHUPHWDVWDVHVDWWKHWLPHRIDQ\REVHUYHGSURJUHVVLRQ

7KHJHQRPLFSURILOHRIOLYHUPHWDVWDVHVZLOOEHVXPPDULVHGGHVFULSWLYHO\

 3UHVHQFHDQGGHQVLW\RI6675VXEW\SHVDQGRQ&7&V

7KH SUHVHQFH DQG GHQVLW\ RI 6675 DQG 6675 RQ &7&V ZLOO EH VXPPDULVHG
GHVFULSWLYHO\RYHUWLPH


,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)

 &RPSDULVRQ RI WKH 6675 DQG 6675GHQVLW\ZLWKSDWLHQWV¶FOLQLFDO V\PSWRPDWLF
UHVSRQVHDQGSURJUHVVLRQIUHHVXUYLYDOGXULQJ6RPDWXOLQH$XWRJHOWUHDWPHQW

)XUWKHUPRUH WKH GHQVLW\ RI 6675 DQG 6675 RQ &7&V ZLOO EH VXPPDULVHG
GHVFULSWLYHO\E\FOLQLFDOV\PSWRPDWLFUHVSRQVHDQGE\SURJUHVVLRQIUHHVXUYLYDO

 &RPSDULVRQ RI WKH GHQVLW\ RI 6675 DQG 6675 RQ &7&V ZLWK WKDW RQ SULPDU\
WXPRXU DQG OLYHU PHWDVWDVHV LQ WKH SDWLHQWV ZKHUH WKH SULPDU\ WXPRXU RU OLYHU
PHWDVWDVHVVDPSOHVDUHDYDLODEOH

7KH GHQVLW\ RI 6675 DQG 6675 RQ &7&V ZLOO DOVR EH FRPSDUHG ZLWK WKDW RQ
SULPDU\ WXPRXU DQG OLYHU PHWDVWDVHV E\ VXPPDULVLQJ WKH GDWD GHVFULSWLYHO\ LQ
SDWLHQWVZLWKSULPDU\WXPRXUDQGOLYHUPHWDVWDVLVVDPSOHVDYDLODEOH


6DIHW\(YDOXDWLRQ

$OOVDIHW\GDWDZLOOEHLQFOXGHGLQWKHVXEMHFWGDWDOLVWLQJV$QDO\VHVDQGVXPPDU\
WDEOHVZLOOEHEDVHGXSRQWKHVDIHW\SRSXODWLRQ

$(VZLOOEHFRGHGDFFRUGLQJWRWKHODWHVWDYDLODEOHYHUVLRQRI0HGLFDO'LFWLRQDU\
IRU5HJXODWRU\$FWLYLWLHV0HG'5$DQGZLOOEHFODVVLILHGE\0HG'5$SUHIHUUHG
WHUPDQGV\VWHPRUJDQFODVV$(OLVWLQJVZLOOEHSUHVHQWHGE\VXEMHFWV\VWHPRUJDQ
FODVVDQGSUHIHUUHGWHUP

,QFLGHQFHRIDOOUHSRUWHG$(V7UHDWPHQW(PHUJHQW$(V7($(V6$(VDQGQRQ
VHULRXV $(V ZLOO EH WDEXODWHG ,Q DGGLWLRQ VXPPDU\ WDEOHV ZLOO EH SUHVHQWHG E\
PD[LPXP LQWHQVLW\ GUXJ UHODWLRQVKLS DQG $(V DVVRFLDWHG ZLWK SUHPDWXUH
ZLWKGUDZDORIVWXG\PHGLFDWLRQ

6XPPDU\VWDWLVWLFVPHDQPHGLDQ6'DQGUDQJHDVDSSURSULDWHE\WUHDWPHQWJURXS
DQGE\RYHUDOOZLOOEHSUHVHQWHGIRUYLWDOVLJQVEORRGSUHVVXUHDQGKHDUWUDWHDW
HDFKDVVHVVPHQWZLWKFKDQJHIURPEDVHOLQH

 $QDO\VHVDQG'DWD0RQLWRULQJ

1RLQWHULPDQDO\VLVZLOOEHSHUIRUPHG


021,725,1*352&('85(6

7KH,QYHVWLJDWRULVUHVSRQVLEOHIRUWKHYDOLGLW\RIDOOGDWDFROOHFWHGDWWKHVLWH7KH6SRQVRULV
UHVSRQVLEOH IRU PRQLWRULQJ WKLV GDWD WR YHULI\ WKDW WKH ULJKWV DQG ZHOOEHLQJ RI SDWLHQWV DUH
SURWHFWHGWKDWWULDOGDWDDUHDFFXUDWHFRPSOHWHDQGYHULILDEOHWRVRXUFHGDWDDQGWKDWWKHWULDO
LVFRQGXFWHGLQFRPSOLDQFHZLWKWKHSURWRFRO*&3DQGUHJXODWRU\UHTXLUHPHQWV




,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)


5RXWLQH0RQLWRULQJ

6SRQVRUDVVLJQHG PRQLWRUV ZLOO FRQGXFW UHJXODU VLWH YLVLWV 7KH ,QYHVWLJDWRU ZLOO
DOORZGLUHFWDFFHVVWRDOOUHOHYDQWILOHVIRUDOOSDWLHQWVDQGFOLQLFDOWULDOVXSSOLHV
GLVSHQVLQJ DQG VWRUDJH DUHDV IRU WKH SXUSRVH RI YHULI\LQJ HQWULHV PDGH LQ WKH
H&5) DQG DVVLVW ZLWK WKH PRQLWRU¶V DFWLYLWLHV LI UHTXHVWHG $GHTXDWH WLPH DQG
VSDFHIRUPRQLWRULQJYLVLWVVKRXOGEHPDGHDYDLODEOHE\WKH,QYHVWLJDWRU

7KHVLWHPXVWFRPSOHWHWKHH&5)VZLWKLQGD\VRIWKHSDWLHQW¶VYLVLWDQGRQDQRQ
JRLQJ EDVLV WR DOORZ UHJXODU UHYLHZ E\ WKH VWXG\ PRQLWRU ERWK UHPRWHO\ YLD WKH
LQWHUQHWDQGGXULQJVLWHYLVLWV7KHFHQWUDOVWXG\PRQLWRUDW,36(1ZLOOXVHIXQFWLRQV
RIWKH('&V\VWHPWRDGGUHVVDQ\TXHULHVUDLVHGZKLOHUHYLHZLQJWKHGDWDHQWHUHGE\
WKHVWXG\VLWHSHUVRQQHOLQDWLPHO\PDQQHU

:KHQHYHUDSDWLHQWQDPHLVUHYHDOHGRQDGRFXPHQWUHTXLUHGE\WKH6SRQVRUHJ
ODERUDWRU\ SULQWRXWV WKH QDPH PXVW EH EODFNHG RXW SHUPDQHQWO\ E\ WKH VLWH
SHUVRQQHO OHDYLQJ WKH LQLWLDOV YLVLEOH DQG DQQRWDWHG ZLWK WKH SDWLHQW QXPEHU DV
LGHQWLILFDWLRQ


678'<0$1$*(0(17


,QVSHFWLRQVDQG$XGLWLQJ3URFHGXUHV

$XWKRULVHGSHUVRQQHOIURPH[WHUQDO&$VDQG6SRQVRUDXWKRULVHG4XDOLW\$VVXUDQFH
SHUVRQQHOPD\FDUU\RXWLQVSHFWLRQVDQGDXGLWV7KHSXUSRVHRIDQDXGLWLVWRHQVXUH
WKDWHWKLFDOUHJXODWRU\DQGTXDOLW\UHTXLUHPHQWVDUHIXOILOOHGLQDOOVWXGLHVSHUIRUPHG
E\WKH6SRQVRU

$XGLWRUV DQG LQVSHFWRUV PXVW KDYH GLUHFW DFFHVV WR VWXG\ GRFXPHQWV DQG VLWH
IDFLOLWLHVDVVSHFLILHGLQVHFWLRQDQGWRDQ\RWKHUORFDWLRQVXVHGIRUWKHSXUSRVH
RIWKHVWXG\LQTXHVWLRQHJODERUDWRULHV
,Q WKH HYHQW RI WKH VLWH EHLQJ QRWLILHG GLUHFWO\ RI D UHJXODWRU\ LQVSHFWLRQ WKH
,QYHVWLJDWRU PXVW QRWLI\ WKH 6SRQVRU UHSUHVHQWDWLYH DV VRRQ DV SRVVLEOH WR DVVLVW
ZLWKSUHSDUDWLRQVIRUWKHLQVSHFWLRQ


'DWD5HFRUGLQJRI6WXG\'DWD

,QFRPSOLDQFHZLWK*&3WKHPHGLFDOUHFRUGVPHGLFDOQRWHVHWFVKRXOGEHFOHDUO\
PDUNHG DQG SHUPLW HDV\LGHQWLILFDWLRQRID SDWLHQW¶VSDUWLFLSDWLRQ LQ WKHVSHFLILHG
FOLQLFDOWULDO

7KH ,QYHVWLJDWRU PXVW UHFRUG DOO GDWD UHODWLQJ WR SURWRFRO SURFHGXUHV ,03
DGPLQLVWUDWLRQ ODERUDWRU\ GDWD VDIHW\ GDWD DQG HIILFDF\ UDWLQJV RQ WKH H&5)V
SURYLGHG IRU WKH VWXG\ 7KH ,QYHVWLJDWRU E\ FRPSOHWLQJ WKH VLJQDWXUH ORJ PD\
IRUPDOO\ GHVLJQDWH DXWKRULW\ WR FRPSOHWH H&5)V WR DSSURSULDWHO\ TXDOLILHG VWDII
KDYLQJFHUWLILHGXVHUDFFHVVWRWKHH&5)

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)

7KH,QYHVWLJDWRUPXVWDVDPLQLPXPSURYLGHDQHOHFWURQLFVLJQDWXUHHVLJQDWXUH
WRHDFK³YLVLWVWDWXV´H&5)SDJHWRDWWHVWWRWKHDFFXUDF\DQGFRPSOHWHQHVVRIDOOWKH
GDWD ,I DQ\ FKDQJHV DUH PDGH WR WKH H&5) DIWHU D IRUP KDV EHHQ ORFNHG DQG
HOHFWURQLFDOO\VLJQHGWKH,QYHVWLJDWRUZLOOEHUHTXLUHGWRSHUIRUPDQDGGLWLRQDOH
VLJQDWXUHDXWKRULVLQJDJUHHPHQWZLWKDQ\QHZLQIRUPDWLRQRUFKDQJHVWRWKHH&5)
$OOFRUUHFWLRQVRQWKHH&5)ZLOOEHDXWRPDWLFDOO\WUDFNHGDQGDUHDVRQIRUFKDQJHLV
DOZD\VUHTXLUHG,QWKHH&5)WKHDXGLWWUDLOIXQFWLRQZLOODOORZWKHFKDQJHVPDGHWR
EHYLHZHGRQHDFKLWHPHQWHUHG


6RXUFH'DWD9HULILFDWLRQ

7KH)'$&)53DUWLVDUHJXODWLRQZKLFKSURYLGHVFULWHULDIRUDFFHSWDQFHE\
WKH)'$XQGHUFHUWDLQFLUFXPVWDQFHVRIHOHFWURQLFUHFRUGVHVLJQDWXUHVDQGKDQG
ZULWWHQVLJQDWXUHVH[HFXWHGWRHOHFWURQLFUHFRUGVDVHTXLYDOHQWWRSDSHUUHFRUGVDQG
KDQGZULWWHQVLJQDWXUHVRQSDSHU

$VUHTXLUHGE\*&3WKH6SRQVRUDVVLJQHGPRQLWRUPXVWYHULI\E\GLUHFWUHIHUHQFHWR
WKHVRXUFHGRFXPHQWVWKDWWKHGDWDUHTXLUHGE\WKHSURWRFRODUHDFFXUDWHO\UHSRUWHGRQ
WKHH&5)

7KHVRXUFHGRFXPHQWVPXVWDVDPLQLPXPFRQWDLQWKHIROORZLQJDVWDWHPHQWWKDWWKH
SDWLHQWLVLQFOXGHGLQDFOLQLFDOWULDOWKHGDWHWKDWLQIRUPHGFRQVHQWZDVREWDLQHGSULRU
WRSDUWLFLSDWLRQLQWKHVWXG\WKHLGHQWLW\RIWKHVWXG\GLDJQRVLVDQGHOLJLELOLW\FULWHULD
YLVLW GDWHV ZLWK SDWLHQW VWDWXV ,03 DGPLQLVWUDWLRQ DQG DQ\ $(V DQG DVVRFLDWHG
FRQFRPLWDQWPHGLFDWLRQ

7KHIROORZLQJLQIRUPDWLRQLVH[SHFWHGWREHVHHQLQWKHLQYHVWLJDWRUVSDWLHQW¶VQRWHV
IRUWKLVWULDO
x
GHPRJUDSKLFV
x
GDWHRILQIRUPHGFRQVHQWLGHQWLW\RIWKHVWXG\SDWLHQWQXPEHU
x
YLVLWGDWHVZLWKSDWLHQWVVWDWXV
x
UHVXOWVRISK\VLFDOH[DPLQDWLRQV
x
GLDJQRVLVDQGPHGLFDOKLVWRU\
x
HOLJLELOLW\FULWHULD
x
FRQFRPLWDQWPHGLFDWLRQ
x
VWXG\WUHDWPHQWDGPLQLVWUDWLRQ
x
UHVXOWVRIODERUDWRU\WHVWV
x
&7&HQXPHUDWLRQ
x
&705,VFDQUHVXOWVDQG5(&,67UHSRUWVPHDVXUHPHQWV
x
YLWDOVLJQV
x
HYROXWLRQRIWKHFOLQLFDOSLFWXUH
x
DOO$(V6$(VZLWKVWDUWHQGGDWHV
x
WKH GDWH WKH SDWLHQW FRPSOHWHG RU ZLWKGUHZ IURP WKH VWXG\ DQG WKH UHDVRQ IRU
ZLWKGUDZDOLIDSSOLFDEOH


,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)

)XUWKHUPRUH FRPSOHWHG TXHVWLRQQDLUHV E\ SDWLHQW 4R/ ZLOO EH FRQVLGHUHG DV
VRXUFHGDWD(OHFWURQLFFRSLHVZLOOEHWUDQVPLWWHGDQGVHQWWRGDWDPDQDJHPHQW

'HILQLWLRQIRUVRXUFHGDWDDQGVRXUFHGRFXPHQWVDUHJLYHQEHORZ

x
6RXUFH'DWD
$OORULJLQDOUHFRUGVDQGFHUWLILHGFRSLHVRIRULJLQDOUHFRUGV
RI FOLQLFDO ILQGLQJV REVHUYDWLRQV RU RWKHU DFWLYLWLHV
QHFHVVDU\IRUWKHUHFRQVWUXFWLRQDQGHYDOXDWLRQRIWKHWULDO
6RXUFH GDWD DUH FRQWDLQHG LQ VRXUFH GRFXPHQWV RULJLQDO
UHFRUGVRUFHUWLILHGFRSLHV>,&+*&/6HFWLRQ@

x
6RXUFH'RFXPHQWV 2ULJLQDO GRFXPHQWV GDWD DQG UHFRUGV HJ KRVSLWDO
UHFRUGV FOLQLFDO DQG RIILFH FKDUWV ODERUDWRU\ QRWHV
PHPRUDQGD SDWLHQWV¶ GLDULHV RU HYDOXDWLRQ FKHFNOLVWV
SKDUPDF\ GLVSHQVLQJ UHFRUGV UHFRUGHG GDWD IURP
DXWRPDWHG LQVWUXPHQWV FRSLHV RU WUDQVFULSWLRQV FHUWLILHG
DIWHU YHULILFDWLRQ DV EHLQJ DFFXUDWH FRSLHV PLFURILFKHV
SKRWRJUDSKLFQHJDWLYHVPLFURILOPRUPDJQHWLFPHGLD[
UD\VSDWLHQWILOHVDQGUHFRUGVNHSWDWWKHSKDUPDF\DWWKH
ODERUDWRULHVDQGDWPHGLFRWHFKQLFDOGHSDUWPHQWVLQYROYHG
LQWKHFOLQLFDOWULDO>,&+*&36HFWLRQ@

7KH SDWLHQW PXVW KDYH FRQVHQWHG WR WKHLU PHGLFDO UHFRUGV EHLQJ YLHZHG E\
6SRQVRUDXWKRULVHG SHUVRQQHO DQG E\ ORFDO DQG SRVVLEO\ IRUHLJQ &$V 7KLV
LQIRUPDWLRQLVLQFOXGHGLQWKHLQIRUPHGFRQVHQW


'DWD4XDOLW\

0RQLWRUHG H&5)V WUDQVIHUUHG IURP WKH LQYHVWLJDWLRQDO VLWH WR WKH DVVLJQHG 'DWD
0DQDJHPHQW JURXS ZLOO EH UHYLHZHG VHFRQGDU\ PRQLWRULQJ IRU FRPSOHWHQHVV
FRQVLVWHQF\ OHJLELOLW\ DQG SURWRFRO FRPSOLDQFH  (DFK VLWH LV UHTXLUHG WR KDYH D
FRPSXWHUDQGLQWHUQHWFRQQHFWLRQDYDLODEOHIRUVLWHHQWU\RIFOLQLFDOGDWD$OOHQWULHV
LQWKHH&5)ZLOOEHGRQHXQGHUWKHHOHFWURQLFVLJQDWXUHRIWKHSHUVRQSHUIRUPLQJWKH
DFWLRQ7KHHOHFWURQLFVLJQDWXUHVFRQVLVWRIDQLQGLYLGXDODQGFRQILGHQWLDOXVHUQDPH
DQGSDVVZRUGFRPELQDWLRQ ,WLVGHFODUHGWREHOHJDOO\ELQGLQJ HTXLYDOHQWRIWKH
KDQGZULWWHQVLJQDWXUH2QO\VSRQVRUV¶DXWKRULVHGXVHUVZLOOJHWDFFHVVWRWKHH&5)
DV DSSURSULDWH WR WKHLU VWXG\ UHVSRQVLELOLWLHV 8VHUV PXVW KDYH VXFFHVVIXOO\
XQGHUJRQHVRIWZDUHDSSOLFDWLRQWUDLQLQJSULRUWRHQWHULQJGDWDLQWRWKHH&5)

3DSHU&5)VZLOOEH DYDLODEOHWRHQVXUHEXVLQHVVFRQWLQXLW\LQFDVHWKHH&5)DUH
XQDYDLODEOH DW WKH VLWH IRU D SURORQJHG SHULRG WKH\ ZLOO EH XVHG DIWHU SULRU
SHUPLVVLRQLVJDLQHGIURPWKHVSRQVRU

'DWDPDQDJHPHQWZLOOEHFRQGXFWHGE\D&52$OOGDWDPDQDJHPHQWSURFHGXUHV
ZLOOEHFRPSOHWHGLQDFFRUGDQFHZLWK,SVHQDQGFRQWUDFWHG&52623V'DWDZLOOEH
PRQLWRUHGDWWKHLQYHVWLJDWRUVLWHVHHVHFWLRQ&5)LHSDWLHQWTXHVWLRQQDLUHV

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)

DQGRWKHUGDWDGRFXPHQWDWLRQUHPRYHGIURPWKHLQYHVWLJDWRUVLWHVZLOOEHWUDFNHGE\
WKH&52DQGWKHPRQLWRU

7KHVSRQVRUZLOOHQVXUHWKDWDQDSSURSULDWHH&5)LVGHYHORSHGWRFDSWXUHWKHGDWD
DFFXUDWHO\ DQG VXLWDEOH TXHULHV DUH UDLVHG WR UHVROYH DQ\ PLVVLQJ RU LQFRQVLVWHQW
GDWD7KHLQYHVWLJDWRUZLOOUHFHLYHWKHLUGDWDIURPWKHFOLQLFDOWULDOLQDQHOHFWURQLF
IRUPDW3')ZKLFKZLOOEHDQH[DFWFRS\RIWKHH&5)DQGZLOOLQFOXGHWKHIXOO
DXGLWWUDLOIRUDUFKLYLQJSXUSRVHVDQGIXWXUHUHIHUHQFH

$Q\TXHULHVJHQHUDWHGGXULQJWKHGDWDPDQDJHPHQWSURFHVVZLOOEHUDLVHGZLWKLQWKH
('&V\VWHP,WLVWKHFHQWUDOVWXG\PRQLWRUVUHVSRQVLELOLW\WRHQVXUHWKDWDOOTXHULHV
DUHUHVROYHGE\WKHUHOHYDQWSDUWLHV
7KH VSRQVRU ZLOO DOVR HQVXUH WKDW 6$( GDWD FROOHFWHG LQ WKH H&5) DUH FRQVLVWHQW
ZLWKLQIRUPDWLRQSURYLGHGWRWKHVSRQVRU¶VSKDUPDFRYLJLODQFHGHSDUWPHQWDQGYLFH
YHUVD

7KH FRGLQJ RI DQ $( PHGLFDO KLVWRU\ DQG FRQFRPLWDQW PHGLFDWLRQ WHUPV ZLOO EH
SHUIRUPHG E\ WKH FRQWUDFWHG &52 DQG UHYLHZHG DQG DSSURYHG E\ WKH 6SRQVRU
&RQFRPLWDQW PHGLFDWLRQV ZLOO EH FRGHG XVLQJ :+2'58* DQG $(VPHGLFDO
KLVWRU\WHUPVZLOOEHFRGHGXVLQJ0HG'5$


5HFRUG$UFKLYLQJDQG5HWHQWLRQ

'XULQJ WKH SUHVWXG\ DQG LQLWLDWLRQ YLVLWV WKH PRQLWRU PXVW HQVXUH WKH DUFKLYLQJ
IDFLOLWLHV DUH DGHTXDWH DQG DUFKLYLQJUHWHQWLRQ UHVSRQVLELOLWLHV RI WKH ,QYHVWLJDWRU
KDYHEHHQGLVFXVVHG

7ULDOGRFXPHQWVVKRXOGEHUHWDLQHGXQWLODWOHDVW\HDUVDIWHUWKHODVWDSSURYDORID
PDUNHWLQJDSSOLFDWLRQLQDQ,&+UHJLRQDQGXQWLOWKHUHDUHQRSHQGLQJRUSODQQHG
PDUNHWLQJDSSOLFDWLRQVLQDQ,&+UHJLRQWKDWLVDWOHDVW\HDUVRUDWOHDVW\HDUV
KDYH HODSVHG VLQFH WKH IRUPDO GLVFRQWLQXDWLRQ RI FOLQLFDO GHYHORSPHQW RI WKH
SURGXFW +RZHYHU WKHVH GRFXPHQWV VKRXOG EH UHWDLQHG IRU D ORQJHU SHULRG LI
UHTXLUHG E\ WKH DSSOLFDEOH UHJXODWRU\ UHTXLUHPHQWV RU E\ DQ DJUHHPHQW ZLWK WKH
6SRQVRU 7KH ,QYHVWLJDWRUVKRXOGWDNHPHDVXUHVWRSUHYHQWDFFLGHQWDO RUSUHPDWXUH
GHVWUXFWLRQRIWKHVHGRFXPHQWV7KHILQDODUFKLYLQJDUUDQJHPHQWVZLOOEHFRQILUPHGE\
WKHPRQLWRUZKHQFORVLQJRXWWKHVLWH7KH6SRQVRUZLOOLQIRUPWKH,QYHVWLJDWRULQ
ZULWLQJDVWRZKHQWKHVHGRFXPHQWVQRORQJHUQHHGWREHUHWDLQHG

,I WKH 3ULQFLSDO ,QYHVWLJDWRU UHORFDWHV RU UHWLUHV RU RWKHUZLVH ZLWKGUDZV KLVKHU
UHVSRQVLELOLW\IRUPDLQWHQDQFHDQGUHWHQWLRQRIVWXG\GRFXPHQWVWKH6SRQVRUPXVW
EHQRWLILHGSUHIHUDEO\LQZULWLQJVRWKDWDGHTXDWHSURYLVLRQFDQEHPDGHIRUWKHLU
IXWXUHPDLQWHQDQFHDQGUHWHQWLRQ





,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)


$'0,1,675$7,21352&('85(6


5HJXODWRU\$SSURYDO

$VUHTXLUHGE\ORFDOUHJXODWLRQVWKH6SRQVRU¶V5HJXODWRU\$IIDLUVJURXSZLOOHQVXUH
DOO OHJDO UHJXODWRU\ DVSHFWV DUH FRYHUHG DQG REWDLQ DSSURYDO RI WKH DSSURSULDWH
UHJXODWRU\ERGLHVSULRUWRVWXG\LQLWLDWLRQLQUHJLRQVZKHUHDQDSSURYDOLVUHTXLUHG


3XEOLFDWLRQ3ROLF\

6SRQVRUHQFRXUDJHVDFNQRZOHGJHPHQWRIDOOLQGLYLGXDOVRUJDQLVDWLRQVLQYROYHGLQ
WKH IXQGLQJ RU FRQGXFW RI WKH VWXG\ LQFOXGLQJ PHGLFDO ZULWHUV RU VWDWLVWLFLDQV
VXEMHFW WR WKH FRQVHQW RI HDFK LQGLYLGXDO DQG HQWLW\ FRQFHUQHG LQFOXGLQJ
DFNQRZOHGJHPHQW RI 6SRQVRU )RU PXOWLFHQWUH VWXGLHV D SODQ IRU VFLHQWLILF
SXEOLFDWLRQDQGSUHVHQWDWLRQRIWKHUHVXOWVPD\EHDJUHHGDQGLPSOHPHQWHGE\WKH
VWXG\,QYHVWLJDWRUVRUD6WHHULQJ&RPPLWWHH

7KHUHVXOWVRIWKLVVWXG\PD\EHSXEOLVKHGRUFRPPXQLFDWHGWRVFLHQWLILFPHHWLQJV
E\ WKH ,QYHVWLJDWRUV LQYROYHG LQ WKH VWXG\ 6SRQVRU UHTXLUHV WKDW UHDVRQDEOH
RSSRUWXQLW\ EH JLYHQ WR UHYLHZ WKH FRQWHQW DQG FRQFOXVLRQV RI DQ\ DEVWUDFW
SUHVHQWDWLRQ RU SDSHU EHIRUH WKH PDWHULDO LV VXEPLWWHG IRU SXEOLFDWLRQ RU
FRPPXQLFDWHG7KLVFRQGLWLRQDOVRDSSOLHVWRDQ\DPHQGPHQWVWKDWDUHVXEVHTXHQWO\
UHTXHVWHGE\UHIHUHHVRUMRXUQDOHGLWRUV6SRQVRUZLOOXQGHUWDNHWRFRPPHQWRQWKH
GUDIW GRFXPHQWV ZLWKLQ WKH WLPH SHULRG DJUHHG LQ WKH FRQWUDFWXDO DUUDQJHPHQWV
LQFOXGLQJFOLQLFDOWULDODJUHHPHQWVJRYHUQLQJWKHUHODWLRQVKLSEHWZHHQ6SRQVRUDQG
DXWKRUVRUWKHDXWKRU¶VLQVWLWXWLRQ5HTXHVWHGDPHQGPHQWVZLOOEHLQFRUSRUDWHGE\
WKHDXWKRUSURYLGHGWKH\GRQRWDOWHUWKHVFLHQWLILFYDOXHRIWKHPDWHULDO

7KH6SRQVRUZLOOSXEOLVKUHVXOWVRIWKH&OLQLFDO7ULDOZKHWKHUSRVLWLYHRUQHJDWLYH
RQ D IUHH SXEOLFO\ DFFHVVLEOHFOLQLFDOWULDOUHVXOWVGDWDEDVHZLWKLQ RQH \HDU RI WKH
&OLQLFDO6WXG\5HSRUWFRPSOHWLRQ

,ISDWHQWDELOLW\ZRXOGEHDGYHUVHO\DIIHFWHGE\SXEOLFDWLRQWKLVZLOOEHGHOD\HGXQWLO
LDSDWHQWDSSOLFDWLRQLVILOHGIRUWKHFRQWHQWRIWKHSXEOLFDWLRQLQDFFRUGDQFHZLWK
DSSOLFDEOHSURYLVLRQVRIWKHFOLQLFDOWULDODJUHHPHQWFRQFHUQHGLL6SRQVRUFRQVHQWV
WR WKH SXEOLFDWLRQ RU LLL WKH WLPH SHULRG DV PD\ EH DJUHHG LQ WKH FRQWUDFWXDO
DUUDQJHPHQWV LQFOXGLQJ FOLQLFDO WULDO DJUHHPHQWV JRYHUQLQJ WKH UHODWLRQVKLS
EHWZHHQ6SRQVRUDQGDXWKRUVRUDXWKRUV¶LQVWLWXWLRQDIWHUUHFHLSWRIWKHSURSRVHG
SXEOLFDWLRQE\6SRQVRUZKLFKHYHURILLLRULLLRFFXUVILUVW

7KH DXWKRU XQGHUWDNHV WR UHDVRQDEO\ FRQVLGHU 6SRQVRU
V UHTXHVW IRU GHOD\ WR WKH
SURSRVHG SXEOLFDWLRQ VKRXOG 6SRQVRU UHDVRQDEO\ GHHP SUHPDWXUH WR SXEOLVK WKH
UHVXOWVREWDLQHGDWWKHWKHQVWDJHRIWKHVWXG\




,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)


&OLQLFDO6WXG\5HSRUW

$ ILQDO FOLQLFDO VWXG\ UHSRUW ZLOO EH SUHSDUHG DFFRUGLQJ WR WKH ,&+ JXLGHOLQH RQ
VWUXFWXUHDQGFRQWHQWVRIFOLQLFDOVWXG\UHSRUWV$ILQDOFOLQLFDOVWXG\UHSRUWZLOOEH
SUHSDUHGZKHUHDQ\SDWLHQWKDVVLJQHGLQIRUPHGFRQVHQWUHJDUGOHVVRIZKHWKHUWKHWULDO
LVFRPSOHWHGRUSUHPDWXUHO\WHUPLQDWHG:KHUHDSSURSULDWHDQDEEUHYLDWHGUHSRUWPD\
EH SUHSDUHG 7KH &65 ZLOO EH LQ FRPSOLDQFH ZLWK DQ\ DSSOLFDEOH UHJXODWRU\
UHTXLUHPHQWVQDWLRQDOODZVLQIRUFHDQGZLOOEHLQ(QJOLVK


&RQWUDFWXDODQG)LQDQFLDO'HWDLOV

7KH,QYHVWLJDWRUDQGRUDVDSSURSULDWHWKHKRVSLWDODGPLQLVWUDWLYHUHSUHVHQWDWLYHDQG
WKH6SRQVRUZLOOVLJQDFOLQLFDOVWXG\DJUHHPHQWSULRUWRWKHVWDUWRIWKHVWXG\RXWOLQLQJ
RYHUDOO 6SRQVRU DQG ,QYHVWLJDWRU UHVSRQVLELOLWLHV LQ UHODWLRQ WR WKH VWXG\ )LQDQFLDO
UHPXQHUDWLRQZLOOFRYHUWKHFRVWSHULQFOXGHGSDWLHQWEDVHGRQWKHFDOFXODWHGFRVWVRI
SHUIRUPLQJWKHVWXG\DVVHVVPHQWVLQDFFRUGDQFHZLWKWKHSURWRFRODQGWKHVSHFLILHG
WHUPV RI SD\PHQW ZLOO EH GHVFULEHG LQ WKH FRQWUDFW 7KH FRQWUDFW VKRXOG GHVFULEH
ZKHWKHUFRVWVIRUSKDUPDF\ODERUDWRU\DQGRWKHUSURWRFROUHTXLUHGVHUYLFHVDUHEHLQJ
SDLGGLUHFWO\RULQGLUHFWO\

)LQDQFLDO'LVFORVXUH6WDWHPHQWVZLOOQHHGWREHFRPSOHWHGDVUHTXHVWHGE\)'$
&)53DUW


,QVXUDQFH,QGHPQLW\DQG&RPSHQVDWLRQ

7KH6SRQVRUZLOOSURYLGH3URGXFW/LDELOLW\LQVXUDQFHIRUDOOSDWLHQWVLQFOXGHGLQWKH
FOLQLFDOVWXG\:KHUHUHTXLUHGDKRVSLWDOVSHFLILFLQGHPQLW\DJUHHPHQWZLOOEHXVHG


35272&2/$0(1'0(176

,Q WKH HYHQW WKDW DQ DPHQGPHQW WR WKLV SURWRFRO LV UHTXLUHG VHH VHFWLRQ  LW ZLOO EH
FODVVLILHGLQWRRQHRIWKHIROORZLQJWKUHHFDWHJRULHV

x
1RQ6XEVWDQWLDO $PHQGPHQWV DUH WKRVH WKDW DUH QRW FRQVLGHUHG µVXEVWDQWLDO¶ HJ
DGPLQLVWUDWLYH FKDQJHV DQG DV VXFK RQO\ QHHG WR EH QRWLILHG WR WKH ,(&V,5%V RU
&RPSHWHQW$XWKRULWLHV&$IRULQIRUPDWLRQSXUSRVHV

x
6XEVWDQWLDO$PHQGPHQWVDUHWKRVHFRQVLGHUHGµVXEVWDQWLDO¶WRWKHFRQGXFWRIWKHFOLQLFDO
WULDOZKHUHWKH\DUHOLNHO\WRKDYHDVLJQLILFDQWLPSDFWRQ
 WKHVDIHW\RUSK\VLFDORUPHQWDOLQWHJULW\RIWKHSDWLHQWV
 WKHVFLHQWLILFYDOXHRIWKHWULDO
 WKHFRQGXFWRUPDQDJHPHQWRIWKHWULDORU
 WKHTXDOLW\RUVDIHW\RIWKH,03XVHGLQWKHWULDO

6XEVWDQWLDO DPHQGPHQWV PXVW EH QRWLILHG WR WKH ,(&V,5%V DQG &$ 3ULRU WR
LPSOHPHQWDWLRQGRFXPHQWHGDSSURYDOPXVWEHUHFHLYHGIURPWKH,(&V,5%V,QWKHFDVH
RIWKH&$LQWKH(8PHPEHUVWDWHVDSSURYDORUµIDYRXUDEOHRSLQLRQ¶FDQEHDVVXPHGLI

,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)

WKH&$KDVUDLVHGQRJURXQGVIRUQRQDFFHSWDQFHGXULQJDQDOORFDWHGWLPHSHULRGWREH
FRQILUPHG ZLWK WKH 6SRQVRU¶V 5HJXODWRU\ $IIDLUV 5$ UHSUHVHQWDWLYH IROORZLQJ
DFNQRZOHGJPHQWRIUHFHLSWRIDYDOLGDSSOLFDWLRQWRPDNHDVXEVWDQWLDODPHQGPHQW

x
8UJHQW $PHQGPHQWV DUH WKRVH WKDW UHTXLUH XUJHQW VDIHW\ PHDVXUHV WR SURWHFW WKH WULDO
SDWLHQWV IURP LPPHGLDWH KD]DUGDQGDVVXFKPD\ EHLPSOHPHQWHGLPPHGLDWHO\ E\ WKH
6SRQVRUZLWKVXEVHTXHQW,(&V,5%VDQG&$QRWLILFDWLRQIRUWKZLWK



,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)


5()(5(1&(6

 ,&+ +DUPRQLVHG 7ULSDUWLWH *XLGHOLQH ( 1RWH IRU *XLGDQFH RQ *RRG &OLQLFDO 3UDFWLFH
&303,&+6WHSDGRSWHGE\&303-XO\
2EHUJ.'LDJQRVLVDQGWUHDWPHQWRIFDUFLQRLGWXPRXUV([SHUW5HY$QWLFDQFHU7KHU

 .ORSSHO * HW DO (SLGHPLRORJ\ WXPRXU ELRORJ\ DQG KLVWRSDWKRORJLFDO FODVVLILFDWLRQ RI
QHXURHQGRFULQH WXPRXUV RI WKH JDVWURLQWHVWLQDO WUDFW (QGRFULQH 7XPRXUV RI WKH
*DVWURLQWHVWLQDO7UDFW3DUW,9ROXPH,VVXH$XJXVW3DJHV±
:HLO&*DVWURHQWHURSDQFUHDWLFHQGRFULQHWXPRXUV.OLQ:RFKHQVFKU
2EHUJHWDO&RQVHQVXVUHSRUWRQWKHXVHRIVRPDWRVWDWLQDQDORJXHVIRUWKHPDQDJHPHQWRI
QHXURHQGRFULQHWXPRXUVRIWKHJDVWURHQWHURSDQFUHDWLFV\VWHP$QQDOVRIRQFRORJ\

 6WURVEHUJ - DQG .YROV / $QWLSUROLIHUDWLYH HIIHFWV RI VRPDWRVWDWLQ DQDORJV LQ
JDVWURHQWHURSDQFUHDWLFQHXURHQGRFULQHWXPRUV:RUOG-*DVWURHQWHURO
 ,SVHQ 3UHVV 5HOHDVH (XURQH[W,31$'5,36(< ,SVHQ DQQRXQFHV SRVLWLYH UHVXOWV IURP
SKDVH ,,, &/$5,1(7 VWXG\ RI 6RPDWXOLQH$XWRJHO PJ LQ JDVWURLQWHVWLQDO DQG
SDQFUHDWLFQHXURHQGRFULQHWXPRUV-XO\
 .KDQ 06 HW DO /RQJWHUP UHVXOWV RI WUHDWPHQW RI PDOLJQDQW FDUFLQRLG V\QGURPH ZLWK
SURORQJHG UHOHDVH ODQUHRWLGH 6RPDWXOLQH $XWRJHO $OLPHQW 3KDUPDFRORJ\ 7KHU 

5XV]QLHZVNL3HWDO5DSLGDQGVXVWDLQHGUHOLHIIURPWKHV\PSWRPVRIFDUFLQRLGV\QGURPH
UHVXOWVIURPDQRSHQPRQWKVWXG\RIWKHGD\SURORQJHGUHOHDVHIRUPXODWLRQRIODQUHRWLGH
1HXURHQGRFULQRORJ\
 5LQNH $ HW DO 3ODFHERFRQWUROOHG GRXEOHEOLQG SURVSHFWLYH UDQGRPL]HG VWXG\ RQ WKH
HIIHFW RI RFWUHRWLGH /$5 LQ WKH FRQWURO RI WXPRU JURZWK LQ SDWLHQWV ZLWK PHWDVWDWLF
QHXURHQGRFULQHPLGJXWWXPRUVDUHSRUWIURPWKH3520,'6WXG\*URXS-&OLQ2QFRO

 .KDQ 0 HW DO &LUFXODWLQJ 7XPRXU &HOOV $V 3URJQRVWLF PDUNHUV LQ 1HXURHQGRFULQH
7XPRXUV-RI&OLQ2QFRORJ\
 .KDQ 0 HW DO &LUFXODWLQJ 7XPRXU &HOOV DQG (S&$0 ([SUHVVLRQ LQ 1HXURHQGRFULQH
7XPRXUV&OLQ&DQF5HV
 &ULVWRIDQLOOL 0  HW DO &LUFXODWLQJ WXPRU FHOOV $ QRYHO SURJQRVWLF IDFWRU IRU QHZO\
GLDJQRVHGPHWDVWDWLFEUHDVWFDQFHU-&OLQ2QFRO
&ULVWRIDQLOOL0HWDO&LUFXODWLQJWXPRUFHOOVGLVHDVHSURJUHVVLRQDQGVXUYLYDOLQPHWDVWDWLF
EUHDVWFDQFHU1(QJO-0HG





,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)


 
 
 
APPENDIX 1 


Protocol Amendment SA02 
































)250())(&7,9('$7()(%58$5<
,36(1*/2%$/623)250
3$*(2)
180%(5)25
35272&2/$0(1'0(17)250



9HUVLRQ

9HUVLRQGDWHG'HFHPEHU


678'<180%(5
$
35272&2/7,7/(
&$/01(7$3KDVH,90XOWLFHQWUH2SHQ
ODEHO6LQJOH*URXS([SORUDWRU\6WXG\WR$VVHVV
WKH&OLQLFDO9DOXHRI(QXPHUDWLRQRI&LUFXODWLQJ
7XPRXU&HOOV&7&VWR3UHGLFW&OLQLFDO
6\PSWRPDWLF5HVSRQVHDQG3URJUHVVLRQ)UHH
6XUYLYDOLQ3DWLHQWVUHFHLYLQJ'HHS6XEFXWDQHRXV
$GPLQLVWUDWLRQVRI6RPDWXOLQHODQUHRWLGH
$XWRJHOWRWUHDWWKH6\PSWRPVRI)XQFWLRQLQJ
0LGJXW1HXUR(QGRFULQH7XPRXUV1(7
$0(1'('35272&2/9(56,21
180%(5	'$7(
3URWRFROYHUVLRQGDWHG'HFHPEHU
7+()2//2:,1*$0(1'0(176,6$5(352326('
9HUVLRQ'DWH
'(&(0%(5
'(&(0%(5
3DJH
6HFWLRQ
:$6
,6

6\QRSVLV
6WXG\
3RSXODWLRQ
3DWLHQWVPD\KDYHXQGHUJRQH
UHFHQWVXUJHU\ZLWKFXUDWLYH
LQWHQWEXWKDYHUHVLGXDO1(7
WXPRXUDQGV\PSWRPV
3DWLHQWVPD\KDYHXQGHUJRQHUHFHQW
VXUJHU\ ZLWK FXUDWLYH RU GHEXONLQJ
LQWHQW EXW KDYH UHVLGXDO 1(7
WXPRXUDQGV\PSWRPV


6WXG\'HVLJQ
±

'HVLJQ
7KLVLVDPXOWLFHQWUHRSHQODEHO
VLQJOH JURXS SKDVH ,9 VWXG\
ZKLFK ZLOO EH FRQGXFWHG DFURVV
VLWHVLQWKH8.,WLVLQWHQGHG
WKDW WKH VWXG\ ZLOO UXQ IRU 
\HDUV ZKLFK LQFOXGHV D  \HDU
WUHDWPHQWSHULRG

'HVLJQ
7KLV LV D PXOWLFHQWUH RSHQ ODEHO
VLQJOHJURXSSKDVH,9VWXG\ZKLFK
ZLOOEHFRQGXFWHGDFURVVVLWHVLQ
WKH8.,WLVLQWHQGHGWKDWWKHVWXG\
ZLOO UXQ IRU  \HDUV ZKLFK
LQFOXGHV D  \HDU WUHDWPHQW SHULRG
DQG DQ  PRQWK UHFUXLWPHQW
SHULRG

)250())(&7,9('$7()(%58$5<
,36(1*/2%$/623)250
3$*(2)
180%(5)25
35272&2/$0(1'0(17)250



9HUVLRQ

9HUVLRQGDWHG'HFHPEHU


6WXG\
'XUDWLRQ
6WXG\'XUDWLRQ
7KHRYHUDOOGXUDWLRQRIWKHVWXG\
ZLOO
EH
DSSUR[LPDWHO\

PRQWKVZKLFKLVLQFOXVLYHRIDQ
DSSUR[LPDWH UHFUXLWPHQW SHULRG
RI  PRQWKV DQG D  PRQWK
IROORZXSSHULRG7KHVWXG\ZLOO
EH FRQVLGHUHG WR KDYH VWDUWHG
ZKHQ
WKH
ILUVW
SDWLHQW
KDV
SURYLGHG
VLJQHG
LQIRUPHG
FRQVHQW WR SDUWLFLSDWH LQ WKH
VWXG\

7KHVWXG\ ZLOOEHFRQVLGHUHGWR
KDYH ILQLVKHG DIWHU WKH ODVW
SDWLHQW KDV FRPSOHWHG WKH ODVW
IROORZXS SHULRG LQ WKH VWXG\
)RUQRWLILFDWLRQWRWKHFRPSHWHQW
DXWKRULW\ WKH VWXG\ ZLOO EH
FRQVLGHUHG WR KDYH ILQLVKHG
³(QG RI 6WXG\´ ZKHQ WKH ODVW
SDWLHQW KDV FRPSOHWHG WKH ODVW
VWXG\YLVLW
6WXG\'XUDWLRQ
7KH RYHUDOO GXUDWLRQ RI WKH VWXG\
ZLOO EH DSSUR[LPDWHO\
 
PRQWKV ZKLFK LV LQFOXVLYH RI DQ
DSSUR[LPDWH UHFUXLWPHQW SHULRG RI
   PRQWKV DQG D  PRQWK
IROORZ XS WUHDWPHQW SHULRG 7KH
VWXG\ ZLOO EH FRQVLGHUHG WR KDYH
VWDUWHG ZKHQ WKH ILUVW SDWLHQW KDV
SURYLGHG VLJQHG LQIRUPHG FRQVHQW
WRSDUWLFLSDWHLQWKHVWXG\

7KH VWXG\ ZLOO EH FRQVLGHUHG WR
KDYH ILQLVKHG DIWHU WKH ODVW SDWLHQW
KDV FRPSOHWHG WKH ODVW IROORZXS
WUHDWPHQW SHULRG LQ WKH VWXG\ )RU
QRWLILFDWLRQ
WR
WKH
FRPSHWHQW
DXWKRULW\
WKH
VWXG\
ZLOO
EH
FRQVLGHUHG WR KDYH ILQLVKHG ³(QG
RI6WXG\´ZKHQWKHODVWSDWLHQWKDV
FRPSOHWHGWKHODVWVWXG\YLVLW


6WXG\
3RSXODWLRQ

6FUHHQLQJ
/RJ
DQG
1XPEHURI3DWLHQWV
,W
LV
SODQQHG
WR
UHFUXLW
DSSUR[LPDWHO\  SDWLHQWV DW
DSSUR[LPDWHO\

FHQWUHV
6HFWLRQ
SURYLGHV
D
GLVFXVVLRQRIVDPSOHVL]H

6FUHHQLQJ/RJDQG1XPEHURI
3DWLHQWV
,W
LV
SODQQHG
WR
UHFUXLW
DSSUR[LPDWHO\

SDWLHQWV
DW
DSSUR[LPDWHO\FHQWUHVLQWKH
8.
6HFWLRQ
SURYLGHV
D
GLVFXVVLRQRIVDPSOHVL]H

)250())(&7,9('$7()(%58$5<
,36(1*/2%$/623)250
3$*(2)
180%(5)25
35272&2/$0(1'0(17)250



9HUVLRQ

9HUVLRQGDWHG'HFHPEHU



6WXG\
3RSXODWLRQ
,QFOXVLRQ&ULWHULD
$OO SDWLHQWV PXVW IXOILO WKH
IROORZLQJ

3URYLVLRQ
RI
ZULWWHQ
LQIRUPHG FRQVHQW SULRU WR
DQ\
VWXG\
UHODWHG
SURFHGXUHV

3DWLHQWVHLWKHUVH[PXVWEH
\HDUVRUROGHU

3DWLHQWV
PXVW
KDYH
D
GRFXPHQWHG GLDJQRVLV RI D
IXQFWLRQLQJPLGJXW1(7

,Q RUGHU WR DYRLG SDWLHQWV
ZLWK
UDSLGO\
SURJUHVVLQJ
WXPRXUVRQO\SDWLHQWVZLWK
ZHOO
RU
PRGHUDWHO\
GLIIHUHQWLDWHG WXPRXUV DQG
ZLWK D .L SUROLIHUDWLRQ
LQGH[ RI  ZLOO EH
UHFUXLWHG

7KH FOLQLFDOO\ DSSURSULDWH
WUHDWPHQW IRU WKH SDWLHQW
PXVW
SULPDULO\
EH
PRQRWKHUDS\
ZLWK
D
VRPDWRVWDWLQDQDORJXH
 3DWLHQWV PXVW KDYH KDG
HLWKHU
D
SRVLWLYH
VRPDWRVWDWLQ
UHFHSWRU
VFLQWLJUDSK\ UHVXOW RU D
SRVLWLYH
*DOOLXP
'27$7$7( 3(7 LPDJLQJ
UHVXOW
 3DWLHQWV
PXVW
KDYH
D
GRFXPHQWHG
XULQDU\
RU
SODVPD
+,$$
UHVXOW
ZLWKLQ WKH \HDU SULRU WR
VWXG\ HQWU\ ZKLFK LV DERYH
WKH
ODERUDWRU\
UHIHUHQFH
UDQJH
,QFOXVLRQ&ULWHULD
$OO
SDWLHQWV
PXVW
IXOILO
WKH
IROORZLQJ
 3URYLVLRQ RI ZULWWHQ LQIRUPHG
FRQVHQW SULRU WR DQ\ VWXG\
UHODWHGSURFHGXUHV
 3DWLHQWVHLWKHUVH[PXVWEH
\HDUVRUROGHU
 3DWLHQWVPXVWEHVXIIHULQJIURP
V\PSWRPV RI GLDUUKRHD DQGRU
IOXVKLQJ DW WKH WLPH RI VWXG\
HQUROPHQW
 3DWLHQWV
PXVW
KDYH
D
GRFXPHQWHG GLDJQRVLV RI D
IXQFWLRQLQJPLGJXW1(7
 ,Q RUGHU WR DYRLG SDWLHQWV ZLWK
UDSLGO\ SURJUHVVLQJ WXPRXUV
RQO\ SDWLHQWV ZLWK ZHOO RU
PRGHUDWHO\
GLIIHUHQWLDWHG
WXPRXUV DQG ZLWK D .L
SUROLIHUDWLRQ LQGH[ RI 
ZLOOEHUHFUXLWHG
 7KH
FOLQLFDOO\
DSSURSULDWH
WUHDWPHQW IRU WKH SDWLHQW PXVW
SULPDULO\ EH PRQRWKHUDS\ ZLWK
DVRPDWRVWDWLQDQDORJXH
 3DWLHQWVPXVWKDYHKDGHLWKHUD
SRVLWLYH VRPDWRVWDWLQ UHFHSWRU
VFLQWLJUDSK\UHVXOWRUDSRVLWLYH
*DOOLXP'27$7$7(
3(7
LPDJLQJUHVXOW

3DWLHQWV
PXVW
KDYH
D
GRFXPHQWHGXULQDU\RUSODVPD
+,$$UHVXOWZLWKLQWKH\HDU
SULRU WR VWXG\ HQWU\ ZKLFK LV
DERYHWKHODERUDWRU\UHIHUHQFH
UDQJH


6WXG\
3RSXODWLRQ
([FOXVLRQ&ULWHULD
 5HTXLUHV PHGLFDO WUHDWPHQW
IRUWKHV\PSWRPVRIWKH1(7
RWKHU
WKDQ
SULPDULO\
PRQRWKHUDS\
ZLWK
D
VRPDWRVWDWLQDQDORJXH

([FOXVLRQ&ULWHULD
 5HTXLUHV PHGLFDO WUHDWPHQW IRU
WKHV\PSWRPVRIWKH1(7RWKHU
WKDQ
SULPDULO\
PRQRWKHUDS\
ZLWKDVRPDWRVWDWLQDQDORJXH

)250())(&7,9('$7()(%58$5<
,36(1*/2%$/623)250
3$*(2)
180%(5)25
35272&2/$0(1'0(17)250



9HUVLRQ

9HUVLRQGDWHG'HFHPEHU


6WXG\
3RSXODWLRQ
:DVKRXW&ULWHULD
$Q\
SDWLHQWV
ZKR
KDYH
SUHYLRXVO\
UHFHLYHG
HLWKHU
VXEFXWDQHRXV RFWUHRWLGH RU RQH
LQMHFWLRQ
RI
D
ORQJ
DFWLQJ
VRPDWRVWDWLQ DQDORJXH ZLOO DOVR
EH FRQVLGHUHG IRU WKLV VWXG\
IROORZLQJDZDVKRXWSHULRGRI
ZHHNV
DIWHU
WKH
ODVW
VXEFXWDQHRXV RFWUHRWLGH GRVH RU
DZHHNZDVKRXWSHULRGDIWHUD
VLQJOH ORQJ DFWLQJ VRPDWRVWDWLQ
DQDORJXHGRVH

:DVKRXW&ULWHULD
$Q\ SDWLHQWV ZKR KDYH SUHYLRXVO\
UHFHLYHG
HLWKHU
VXEFXWDQHRXV
RFWUHRWLGHRURQHLQMHFWLRQRIDORQJ
DFWLQJ VRPDWRVWDWLQ DQDORJXH ZLOO
DOVR EH FRQVLGHUHG IRU WKLV VWXG\
IROORZLQJ D ZDVKRXW SHULRG RI 
ZHHNV DIWHU WKH ODVW VXEFXWDQHRXV
RFWUHRWLGH GRVH RU D  ZHHN ZDVK
RXWSHULRGDIWHUDVLQJOHORQJDFWLQJ
VRPDWRVWDWLQDQDORJXHGRVH
3DWLHQWVZKRKDYHDOUHDG\EHHQRQ
D UHJLPHQ RI ORQJ RU VKRUW DFWLQJ
VRPDWRVWDWLQ DQDORJXH WUHDWPHQW
SULRU WR VXUJHU\ ZLWK GHEXONLQJ RU
FXUDWLYHLQWHQWPD\VWLOOEHLQFOXGHG
LQ WKH VWXG\ 7KHVH SDWLHQWV PD\
KDYH UHFHLYHG RQH LQMHFWLRQ RI D
ORQJ DFWLQJ VRPDWRVWDWLQ DQDORJXH
RU VXEFXWDQHRXV RFWUHRWLGH SRVW
VXUJHU\ DQG PXVW EH ZLOOLQJ WR
REVHUYH
WKH
UHOHYDQW
ZDVKRXW
SHULRGVGRFXPHQWHGDERYH
6800$5<	287&20(2)&+$1*(6
678'<180%(5
$
$0(1'('35272&2/
9(56,21180%(5	
'$7(

3URWRFROYHUVLRQGDWHG'HFHPEHU

68%67$17,$/

12168%67$17,$/


5($6216)25&+$1*(6

 &ODULILFDWLRQRIWKHZRUGLQJUHJDUGLQJVXUJLFDOKLVWRU\V\QRSVLV
SDJH
 $GGLWLRQ WR WKH LQFOXVLRQ FULWHULD VWDWLQJ WKDW SDWLHQWV PXVW EH
V\PSWRPDWLFDWWKHWLPHRUHQUROPHQWLQWRWKHVWXG\$OWKRXJK
WKLVLVLPSOLFLWLQWKHSULPDU\VWXG\RXWFRPHVRPHLQYHVWLJDWRUV
VXJJHVWHGJUHDWHUFODULILFDWLRQZDVUHTXLUHG
 7R LQFOXGH SDWLHQWV ZKR KDYH KDG PRUH WKDQ RQH LQMHFWLRQ RI
ORQJDFWLQJVRPDWRVWDWLQDQDORJXHSULRUWRVXUJHU\ZLWKFXUDWLYH
LQWHQW 2QFH SDWLHQWV KDYH KDG VXUJHU\ LW LV IHOW WKDW SULRU
WUHDWPHQWLVQRORQJHUUHOHYDQW
 7R FODULI\ WKH XVH RI FRQFRPLWDQW PHGLFDWLRQV IRU DFXWH
V\PSWRPDWLFHSLVRGHVGXULQJWKHVWXG\
 7R H[WHQG WKH UHFUXLWPHQW SHULRG IURP  WR  PRQWKV DV

)250())(&7,9('$7()(%58$5<
,36(1*/2%$/623)250
3$*(2)
180%(5)25
35272&2/$0(1'0(17)250



9HUVLRQ

9HUVLRQGDWHG'HFHPEHU

UHFUXLWPHQWKDVEHHQVORZHUWKDQH[SHFWHG
 &KDQJHRIWKHZRUGLQJ³IROORZXSSHULRG´WR³WUHDWPHQWSHULRG´
LQVHFWLRQDVWKHUHLVQRIROORZXSSHULRGLQWKLVVWXG\
$'',7,21$/,7(06±127,135272&2/
 5HPRYDO RI 2[IRUG VLWH 7KH 3, DW 2[IRUG IHOW WKDW KH KDG
LQVXIILFLHQWWLPHWRFRQGXFWWKHVWXG\DQGDUHSODFHPHQWFRXOG
QRWEHIRXQGWKHUHIRUHWKHVLWHZDVQHYHULQLWLDWHG
 $GGLWLRQ RI WKUHH QHZ VLWHV ,Q RUGHU WR IDFLOLWDWH UHFUXLWPHQW
WKUHH QHZ VLWHV KDYH EHHQ LGHQWLILHG WR UHSODFH 2[IRUG DQG WR
IXUWKHUERRVWUHFUXLWPHQW
R 8QLYHUVLW\+RVSLWDO6RXWKDPSWRQ
R 0DLGVWRQH+RVSLWDO
R %DVLQJVWRNHDQG1RUWK+DPSVKLUH+RVSLWDO
 7RSURYLGHDIORZFKDUWRIWKHSDWLHQWVFKHGXOHYHUVLRQGDWHG
'HFHPEHUWRVLPSOLI\LQIRUPHGFRQVHQWGLVFXVVLRQV,W
ZDV IHOW WKDW WKLV ZRXOG DVVLVW LQ LQIRUPLQJ SDWLHQWV LQ LQLWLDO
VWXG\ GLVFXVVLRQV SULRU WR WKHP UHDGLQJ WKH IXOO SDWLHQW
LQIRUPDWLRQOHDIOHW
7RSURYLGHDUHIHUUDOIO\HUYHUVLRQGDWHG'HFHPEHU
IRUXVHLQGRFWRU¶VRIILFHVDQGDUHIHUUDOOHWWHUYHUVLRQGDWHG
 'HFHPEHU  RIIHULQJ D VPDOO IHH WR FRYHU WKH FRVW RI
LGHQWLI\LQJ DQG DSSURDFKLQJ SDWLHQWV DQG SURYLGLQJ FRSLHV RI
UHOHYDQWKRVSLWDOQRWHV
7KLVLVDOVRWRERRVWSDWLHQWUHFUXLWPHQWSDUWLFXODUO\IRUWHUWLDU\
VLWHV ZKHUH SDWLHQWV DUH RIWHQ DOUHDG\ RQ HVWDEOLVKHG WUHDWPHQW
UHJLPHQV ,W LV KRSHG WKDW WKLV ZLOO IDFLOLWDWH WKH UHIHUUDO RI
SDWLHQWVZKRDUHPRUHWUHDWPHQWQDwYHDWWKHVHVLWHV
$ µ5HWDLQHG /DERUDWRU\ 6DPSOH ,QVWUXFWLRQ )RUP¶ KDV EHHQ
LQFOXGHGIRUSDWLHQWVWRLQGLFDWHKRZWKH\ZRXOGOLNHWKHIUR]HQ
'1$ EORRG VDPSOHV DQGDQ\ WXPRXUOLYHUWLVVXHVDPSOHV WR EH
WUHDWHGDWWKHHQGRIWKHVWXG\,ISDWLHQWVGRQRWZLVKWRGRQDWH
VDPSOHVWRWKH8&/&DQFHU,QVWLWXWH7LVVXH%DQNWKH\PD\RSWWR
KDYHWKHVDPSOHVGHVWUR\HGLQWKHODERUDWRU\RUUHWXUQHGWRWKHLU
UHIHUULQJKRVSLWDOVLWHYHUVLRQGDWHG'HFHPEHU
7KH*3OHWWHUKDVEHHQXSGDWHGZLWKWKHDPHQGHGLQFOXVLRQDQG
H[FOXVLRQFULWHULDYHUVLRQGDWHG'HFHPEHU
7KH3DWLHQW,QIRUPDWLRQ6KHHWKDVEHHQXSGDWHGZLWKWKHUHYLVHG
SURWRFROQXPEHUYHUVLRQGDWHG'HFHPEHU
27+(5$&7,215(48,5('"
&5)83'$7(

<HV


1R



WLFNRQH

/2&$/&216(17)25083'$7(
<HV


1R



)250())(&7,9('$7()(%58$5<
,36(1*/2%$/623)250
3$*(2)
180%(5)25
35272&2/$0(1'0(17)250



9HUVLRQ

9HUVLRQGDWHG'HFHPEHU


WLFNRQH

'$7$%$6(83'$7(
<HV


1R



WLFNRQH

5(3257,1*	$1$/<6,63/$1
5$383'$7(
<HV


1R



WLFNRQH


,36(1*5283

$
&21),'(17,$/



35272&2/9(56,21,1&25325$7,1*35272&2/$0(1'0(179(56,21'$7(2&72%(5
3$*(2)


 
 
 
APPENDIX 2 



Protocol Amendment A03 

)250())(&7,9('$7()(%58$5<
,36(1*/2%$/623)250
3$*(2)
180%(5)25
35272&2/$0(1'0(17)250



9HUVLRQ

9HUVLRQGDWHG2FWREHU
3DJHRI


678'<180%(5
$
35272&2/7,7/(
&$/01(7$3KDVH,90XOWLFHQWUH2SHQ
ODEHO6LQJOH*URXS([SORUDWRU\6WXG\WR$VVHVV
WKH&OLQLFDO9DOXHRI(QXPHUDWLRQRI&LUFXODWLQJ
7XPRXU&HOOV&7&VWR3UHGLFW&OLQLFDO
6\PSWRPDWLF5HVSRQVHDQG3URJUHVVLRQ)UHH
6XUYLYDOLQ3DWLHQWVUHFHLYLQJ'HHS6XEFXWDQHRXV
$GPLQLVWUDWLRQVRI6RPDWXOLQHODQUHRWLGH
$XWRJHOWRWUHDWWKH6\PSWRPVRI)XQFWLRQLQJ
0LGJXW1HXUR(QGRFULQH7XPRXUV1(7
$0(1'('35272&2/9(56,21
180%(5	'$7(
3URWRFROYHUVLRQGDWHG2FWREHU
7+()2//2:,1*$0(1'0(176,6$5(352326('
9HUVLRQ'DWH
'(&(0%(5
2&72%(5
3DJH
6HFWLRQ
:$6
,6


7LWOH3DJH
3URWRFRO
6LJQDWXUHV



6XPPDU\RI
&KDQJHV
1RWSUHVHQW
6HFWLRQDGGHG

6\QRSVLV±
6WXG\'HVLJQ
5HFUXLWPHQW
ZLOO
EH
DSSUR[LPDWHO\

PRQWKV
WKHUHIRUH
VWXG\
GXUDWLRQ
LV
H[SHFWHGWREHPRQWKV
5HFUXLWPHQW ZLOO EH DSSUR[LPDWHO\
  PRQWKV WKHUHIRUH VWXG\
GXUDWLRQ LV H[SHFWHG WR EH  
PRQWKV

6\QRSVLV±
6WXG\
7UHDWPHQW
7KHUHFUXLWPHQWSHULRGZLOOEH
PRQWKVDOWKRXJKLWFRXOGEH
H[WHQGHGLIQHFHVVDU\WRREWDLQWKH
WDUJHWHGQXPEHURISDWLHQWV
7KHUHFUXLWPHQWSHULRGZLOOEH
PRQWKVDOWKRXJKLWFRXOGEH
H[WHQGHGLIQHFHVVDU\WRREWDLQWKH
WDUJHWHGQXPEHURISDWLHQWV


6WXG\'HVLJQ
±

'HVLJQ
7KLV LV D PXOWLFHQWUH RSHQ ODEHO
VLQJOH JURXS SKDVH ,9 VWXG\
ZKLFKZLOOEHFRQGXFWHGDFURVV
VLWHVLQWKH8.,WLVLQWHQGHGWKDW
WKH VWXG\ ZLOO UXQ IRU  \HDUV
ZKLFKLQFOXGHVD\HDUWUHDWPHQW
SHULRG
DQG
DQ

PRQWK
UHFUXLWPHQWSHULRG
'HVLJQ
7KLV LV D PXOWLFHQWUH RSHQ ODEHO
VLQJOHJURXSSKDVH,9VWXG\ZKLFK
ZLOOEHFRQGXFWHGDFURVVVLWHVLQ
WKH8.,WLVLQWHQGHGWKDWWKHVWXG\
ZLOO UXQ IRU  PRQWKV  \HDUV
ZKLFK LQFOXGHV D  \HDU  PRQWK
WUHDWPHQW SHULRG DQG DQ  
PRQWKUHFUXLWPHQWSHULRG
PPD
PPD

)250())(&7,9('$7()(%58$5<
,36(1*/2%$/623)250
3$*(2)
180%(5)25
35272&2/$0(1'0(17)250



9HUVLRQ

9HUVLRQGDWHG2FWREHU
3DJHRI



-XVWLILFDWLRQ
RI'HVLJQ±

3DUDJUDSK
3DWLHQWV ZLOO UHFHLYH 6RPDWXOLQH
$XWRJHO  PJ LQMHFWLRQV HYHU\
GD\VIRULQMHFWLRQVIROORZHG
E\WLWUDWLRQGHSHQGLQJRQSDWLHQWV¶
V\PSWRPDWLFUHVSRQVH$VWDUWLQJ
GRVH
RI
6RPDWXOLQH
$XWRJHO
PJ LV ZLWKLQ WKH 8. OLFHQFH
IRUWKHXVHRI6RPDWXOLQH$XWRJHO
WR WUHDW WKH V\PSWRPV DVVRFLDWHG
ZLWK 1(7V DQG LV VXSSRUWHG E\
GDWD IURP UHFHQW ,SVHQ FOLQLFDO
WULDOV
&/$5,1(7
DQG
35,0$5<6ZKLFKKDYHXWLOLVHG
D VWDUWLQJ GRVH RI 6RPDWXOLQH
$XWRJHOPJ




















3DUDJUDSK
35,0$5<6 ,SVHQ VSRQVRUHG
VWXG\LVDSKDVH,,,EVLQJOHDUP
RSHQODEHO PXOWLFHQWUH VWXG\ WR
DVVHVV
WKH
WXPRXU
YROXPH
UHGXFWLRQ
DQG
JURZWK
KRUPRQHLQVXOLQOLNH
JURZWK
IDFWRU  FRQWURO ZLWK ODQUHRWLGH
$XWRJHOPJHYHU\GD\VLQ
SDWLHQWV
ZLWK
*+VHFUHWLQJ
PDFURDGHQRPD DVVRFLDWHG ZLWK
DFURPHJDO\
&OLQLFDO7ULDOVJRY
LGHQWLILHU
1&7
(XGUD&7 1R 
6RPDWXOLQH $XWRJHO PJ ZDV
ZHOOWROHUDWHGLQWKH35,0$5<6
VWXG\1RSDWLHQWVZLWKGUHZIURP
WKH VWXG\ GXH WR JDVWURLQWHVWLQDO
HIIHFWV
3DUDJUDSK
3DWLHQWV ZLOO UHFHLYH 6RPDWXOLQH
$XWRJHO  PJ LQMHFWLRQV HYHU\
 GD\V IRU  LQMHFWLRQV IROORZHG
E\WLWUDWLRQGHSHQGLQJRQSDWLHQWV¶
V\PSWRPDWLF UHVSRQVH  $ VWDUWLQJ
GRVHRI6RPDWXOLQH$XWRJHOPJ
LVZLWKLQWKH8.OLFHQFHIRUWKHXVH
RI6RPDWXOLQH$XWRJHOWRWUHDWWKH
V\PSWRPVDVVRFLDWHGZLWK1(7V
DQG LV VXSSRUWHG E\ GDWD IURP
UHFHQW
,SVHQ
FOLQLFDO
WULDOV
&/$5,1(7
DQG
35,0$5<6
ZKLFKKDYHXWLOLVHGDVWDUWLQJGRVH
RI 6RPDWXOLQH $XWRJHO PJ ,Q
)HEUXDU\

,SVHQ
/LPLWHG
UHFHLYHG D QHZ OLFHQFH H[WHQVLRQ
IRUWKHXVHRI6RPDWXOLQH$XWRJHO
PJIRUWKHWUHDWPHQWRIJUDGH
DQGDVXEVHWRIJUDGH.LLQGH[
XS WR  JDVWURHQWHURSDQFUHDWLF
QHXURHQGRFULQH
WXPRXUV
*(3
1(7V RI PLGJXW SDQFUHDWLF RU
XQNQRZQ RULJLQ ZKHUH KLQGJXW
VLWHVRIRULJLQKDYHEHHQH[FOXGHG
7KHOLFHQFHLVLQDGXOWSDWLHQWVZLWK
XQUHVHFWDEOH ORFDOO\ DGYDQFHG RU
PHWDVWDWLF GLVHDVH 7KLV OLFHQFH
H[WHQVLRQ ZDV EDVHG XSRQ WKH
&/$5,1(7 VWXG\ VHH EHORZ
ZKLFKXWLOLVHGDGRVHRI6RPDWXOLQH
$XWRJHORIPJ
3DUDJUDSKGHOHWHG
35,0$5<6
,SVHQ
VSRQVRUHG
VWXG\ LV D SKDVH ,,,E VLQJOH DUP
RSHQODEHO PXOWLFHQWUH VWXG\ WR
DVVHVV
WKH
WXPRXU
YROXPH
UHGXFWLRQ
DQG
JURZWK
KRUPRQHLQVXOLQOLNHJURZWKIDFWRU
 FRQWURO ZLWK ODQUHRWLGH $XWRJHO
PJ HYHU\  GD\V LQ SDWLHQWV
ZLWK *+VHFUHWLQJ PDFURDGHQRPD
DVVRFLDWHG
ZLWK
DFURPHJDO\
&OLQLFDO7ULDOVJRY
LGHQWLILHU
1&7
(XGUD&7
1R

6RPDWXOLQH
$XWRJHOPJZDVZHOOWROHUDWHG
LQ WKH 35,0$5<6 VWXG\  1R
SDWLHQWV ZLWKGUHZ IURP WKH VWXG\
GXHWRJDVWURLQWHVWLQDOHIIHFWV


)250())(&7,9('$7()(%58$5<
,36(1*/2%$/623)250
3$*(2)
180%(5)25
35272&2/$0(1'0(17)250



9HUVLRQ

9HUVLRQGDWHG2FWREHU
3DJHRI


6WXG\
'XUDWLRQ
6WXG\'XUDWLRQ
7KH RYHUDOO GXUDWLRQRI WKHVWXG\
ZLOOEHDSSUR[LPDWHO\PRQWKV
ZKLFK
LV
LQFOXVLYH
RI
DQ
DSSUR[LPDWHUHFUXLWPHQWSHULRGRI
 PRQWKV DQG D  PRQWK
WUHDWPHQW SHULRG 7KH VWXG\ ZLOO
EH FRQVLGHUHG WR KDYH VWDUWHG
ZKHQWKHILUVWSDWLHQWKDVSURYLGHG
VLJQHG
LQIRUPHG
FRQVHQW
WR
SDUWLFLSDWHLQWKHVWXG\
6WXG\'XUDWLRQ
7KH RYHUDOO GXUDWLRQ RI WKH VWXG\
ZLOO EH DSSUR[LPDWHO\  PRQWKV
ZKLFK
LV
LQFOXVLYH
RI
DQ
DSSUR[LPDWH UHFUXLWPHQW SHULRG RI
 PRQWKV DQG D  PRQWK
WUHDWPHQWSHULRG7KHVWXG\ZLOOEH
FRQVLGHUHGWRKDYHVWDUWHGZKHQWKH
ILUVW SDWLHQW KDV SURYLGHG VLJQHG
LQIRUPHG FRQVHQW WR SDUWLFLSDWH LQ
WKHVWXG\

$SSHQGLFHV
$SSHQGL[ , DQG $SSHQGL[ 
DGGHG
3URWRFRO DPHQGPHQW IRUPV IRU
6$DQG$LQVHUWHG
6800$5<	287&20(2)&+$1*(6
678'<180%(5
$
$0(1'('35272&2/
9(56,21180%(5	
'$7(

3URWRFROYHUVLRQGDWHG2FWREHU
68%67$17,$/

12168%67$17,$/


5($6216)25&+$1*(6

 1HZPHGLFDOGLUHFWRUIURP6HSW±

 6XPPDU\RIFKDQJHVSDJHQRWSUHVHQWLQRULJLQDOGRFXPHQW
 5HFUXLWPHQW KDV EHHQ VORZHU WKDQ H[SHFWHG ZLWK WKLV SDWLHQW
SRSXODWLRQ DQG DOWKRXJK  RI SDWLHQWV  KDYH EHHQ
UHFUXLWHGDQGWKHUHDUHVWLOOPRQWKVUHFUXLWPHQWSHULRGOHIWZH
DUHQRWFRQILGHQWWKDWZHFDQUHFUXLWSDWLHQWVLQWKDWWLPH:H
KDYHDOVRKDGVFUHHQIDLOXUHVWKDWVKRXOGEHUHSODFHG
 8SGDWH WR WKH 6RPDWXOLQH $XWRJHO OLFHQVLQJ LQIRUPDWLRQ 
DQGGHOHWLRQRIUHIHUHQFHUHODWLQJWRDFURPHJDO\35,0$5<6
 $SSHQGLFHVDQGSURWRFRODPHQGPHQWIRUPVIRU6XEVWDQWLDO
$PHQGPHQW6$DQG1RQ6XEVWDQWLDO$PHQGPHQW$

&5)83'$7(
<HV


1R



/2&$/&216(17)25083'$7(
<HV


1R



'$7$%$6(83'$7(
<HV


1R



5(3257,1*	$1$/<6,63/$1
5$383'$7(
<HV


1R



PPD