Clinical trial NCT04416633
Conditions: Unresectable Non-small Cell Lung Cancer (NSCLC)
Sponsor: AstraZeneca
Start date: 2021-11-30; Completion date: 2023-10-27
Enrollment: 100 participants; Allocation: NA; Intervention model: SINGLE_GROUP

Brief summary:
A prospective, multicenter, Phase-IV clinical trial to assess safety of Durvalumab in Indian adult patients with locally advanced, unresectable non-small cell lung cancer (NSCLC)

Detailed description:

Arms: arm 1: Single arm, Durvalumab , IV
Interventions: intervention 1: Durvalumab
Intervention descriptions: intervention 1: 500-mg/120-mg IV

Protocol documents:
Prot_000.pdf: 
&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH '859$/80$%
$VWUD=HQHFD
6WXG\&RGH  '+&
9HUVLRQ'DWH2FWREHU
&21),'(17,$/$1'35235,(7$5<
3DJH RI
&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH
'859$/80$%
6WXG\&RGH
'+&
9HUVLRQ

'DWH

$ SURVSHFWLYH PXOWLFHQWHU 3KDVH,9 FOLQLFDO WULDO WR DVVHVV VDIHW\ RI
'XUYDOXPDELQ,QGLDQDGXOWSDWLHQWVZLWKORFDOO\DGYDQFHGXQUHVHFWDEOHQRQ
VPDOOFHOOOXQJFDQFHU16&/&
6SRQVRU
$VWUD=HQHFD3KDUPD,QGLD/LPLWHG
%ORFN1WK)ORRU0DQ\DWD(PEDVV\%XVLQHVV3DUN
5DFKHQDKDOOL2XWHU5LQJ5RDG%DQJDORUH
Redacted for Public Disclosure
da
RVSHFWLYH P
RVSHFWLYH
PDELQ,QGLDQ
PDELQ,
XQJFDQFHU1
XQJFDQFHU
fo
HG
%XVLQHVV3DUN
VLQHVV3DUN






&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
7$%/(2)&217(176
 
7,7/(3$*( 
9(56,21+,6725< 
7$%/(2)&217(176 
 
35272&2/6800$5< 
 
7DEOH6FKHGXOHRI$FWLYLWLHV6R$ 
 
6\QRSVLV 
5DWLRQDOH«««««««««««««««««««««««««««««««« 
2EMHFWLYHVDQG(QGSRLQWV 
2YHUDOOGHVLJQ
6FUHHQLQJ3KDVH9LVLW 
(YDOXDWLRQ3KDVH9LVLW7R 
(QG2I±(YDOXDWLRQ9LVLW(RH 
)ROORZ8S3KDVH(QG2I6WXG\
3$7,(173238/$7,21
,QFOXVLRQFULWHULD 
([FOXVLRQFULWHULD 
6WXG\'UXJGRVDJHDQGPRGHRIDGPLQLVWUDWLRQ 
'XUDWLRQRIWUHDWPHQW 
3RVWWULDODFFHVV 
6DIHW\(YDOXDWLRQV 
6WDWLVWLFDOPHWKRGV
6DPSOH6L]H-XVWLILFDWLRQ«««««««««««««««««««««««««
+\SRWKHVLV 
6WDWLVWLFDO$QDO\VLV 
 
6FKHPD 
 
,1752'8&7,21 
 
6WXG\UDWLRQDOH 
 
%DFNJURXQG 
 
'XUYDOXPDE 
 
1RQVPDOOFHOO/XQJ&DQFHU 
 
%HQHILWULVNDVVHVVPHQW 
 
2%-(&7,9(6$1'(1'32,176 
 
678'<'(6,*1 
 
2YHUDOOGHVLJQ 
 
6FLHQWLILFUDWLRQDOHIRUVWXG\GHVLJQ 
 
-XVWLILFDWLRQIRU6WXG\GXUDWLRQ 
 
 
-XVWLILFDWLRQIRUGRVH 
 
(QGRIVWXG\GHILQLWLRQ 


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
 
678'<3238/$7,21 
 
,QFOXVLRQFULWHULD 
 
([FOXVLRQFULWHULD 
 
/LIHVW\OHUHVWULFWLRQV 
 
6FUHHQIDLOXUHV 
 
678'<75($70(176 
 
7UHDWPHQWVDGPLQLVWHUHG 
 
3UHSDUDWLRQKDQGOLQJVWRUDJHDFFRXQWDELOLW\ 
 
3UHSDUDWLRQRIVROXWLRQ 
$GPLQLVWUDWLRQ
'RVH&DOFXODWLRQ«««««««««««««««««««««««
 
0HDVXUHVWRPLQLPLVHELDVUDQGRPLVDWLRQDQGEOLQGLQJ 
 
7UHDWPHQWFRPSOLDQFH 
 
&RQFRPLWDQWWKHUDS\ 
 
2WKHUFRQFRPLWDQWWUHDWPHQW 
 
5HVFXHPHGLFDWLRQ 
 
'RVHPRGLILFDWLRQ 
 
3RVWWULDO$FFHVV 
 
',6&217,18$7,212)678'<'58* 
 
'LVFRQWLQXDWLRQRIVWXG\WUHDWPHQW 
 
:LWKGUDZDOIURPWKHVWXG\ 
 
678'<$66(660(176$1'352&('85(6 
 
(IILFDF\DVVHVVPHQWV 
 
&OLQLFDOVDIHW\ODERUDWRU\DVVHVVPHQWV 
 
3K\VLFDOH[DPLQDWLRQV 
 
9LWDOVLJQV 
 
(OHFWURFDUGLRJUDPV 
 
:HLJKW 
 
&ROOHFWLRQRIDGYHUVHHYHQWV 
 
0HWKRGRIGHWHFWLQJ$(VDQG6$(V 
 
7LPHSHULRGDQGIUHTXHQF\IRUFROOHFWLQJ$(DQG6$(LQIRUPDWLRQ 
 
)ROORZXSRI$(VDQG6$(V 
 
&DXVDOLW\FROOHFWLRQ 
 
$GYHUVHHYHQWVEDVHGRQVLJQVDQGV\PSWRPV 
 
$GYHUVHHYHQWVEDVHGRQH[DPLQDWLRQVDQGWHVWV 
 
6DIHW\UHSRUWLQJDQGPHGLFDOPDQDJHPHQW 
 
5HSRUWLQJRIVHULRXVDGYHUVHHYHQWV 
 
3UHJQDQF\
 
0DWHUQDOH[SRVXUH
 
2YHUGRVH 
 
67$7,67,&$/&216,'(5$7,216 


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
 
6WDWLVWLFDOK\SRWKHVHV 
 
6DPSOHVL]HGHWHUPLQDWLRQ 
 
3RSXODWLRQVIRUDQDO\VHV 
 
6WDWLVWLFDODQDO\VHV 
 
5()(5(1&(6 
 
6833257,1*'2&80(17$7,21$1'23(5$7,21$/
&216,'(5$7,216 


/,672)7$%/(6
7DEOH
6FKHGXOHRI$FWLYLWLHV 
7DEOH
6WXG\REMHFWLYHV 
7DEOH
0HGLDQWLPHWRRQVHWRI,PPXQHPHGLDWHG$GYHUVH(YHQWV 
7DEOH
6WXG\7UHDWPHQWV 
7DEOH
+DHPDWRORJLFDO7HVWV 
7DEOH
&OLQLFDOFKHPLVWU\VHUXPRUSODVPD

/,672)),*85(6
)LJXUH
6WXG\GHVLJQ 

/,672)$33(1',&(6
Appendix A
5HJXODWRU\HWKLFDODQGVWXG\RYHUVLJKWFRQVLGHUDWLRQV 
Appendix B
$GYHUVHHYHQWGHILQLWLRQVDQGDGGLWLRQDOVDIHW\LQIRUPDWLRQ 
Appendix C
+DQGOLQJRI+XPDQ%LRORJLFDO6DPSOHV 
Appendix D
5HFRPPHQGDWLRQVIRU7UHDWPHQW0RGLILFDWLRQVIRU'XUYDOXPDE
DQG0DQDJHPHQW5HFRPPHQGDWLRQV 
Appendix E
$EEUHYLDWLRQV 


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI

35272&2/6800$5<

7DEOH6FKHGXOHRI$FWLYLWLHV6R$
'RVH













'D\VGD\VRIZLQGRZVSHULRG
WR












:HHNVWGD\RIZHHN











/DVWGD\RI
ZHHN

9LVLW













6FUHHQLQJ
3HULRG
(YDOXDWLRQ3KDVH
)ROORZXS
SHULRG
6FUHHQLQJ
9LVLW
(YDOXDWLRQ9LVLW
(QGRI
(YDOXDWLRQ
9LVLW
(QGRI6WXG\
9LVLW
,QIRUPHG&RQVHQW)RUP
;












(OLJLELOLW\&ULWHULD
;
;











'HPRJUDSK\DQGKLVWRU\RIWREDFFRDQGDOFRKROXVH
;












0HGLFDODQGVXUJLFDOKLVWRU\LQFOXGLQJDOO
WUHDWPHQWVIRU16&/&P8&
;












3K\VLFDOH[DPLQDWLRQ
;
;
7DUJHWHGSK\VLFDOH[DPEDVHGRQV\PSWRPV
;

9LWDOVLJQVSUHDQGSRVWLQIXVLRQYLWDOVLJQV
DVVHVVPHQWVVHH6HFWLRQ

;
;
;
;
;
;
;
;
;
;
;

8ULQH3UHJQDQF\7HVW
;












:HLJKW

;

;

;

;

;



:RUOG+HDOWK2UJDQL]DWLRQSHUIRUPDQFHVWDWXV
;
;
;
;
;
;
;
;
;
;
;
;

&RQFRPLWDQWPHGLFDWLRQV
;
;
;
;
;
;
;
;
;
;
;
;

'LVHDVH&KDUDFWHULVWLFV$VVHVVPHQW

;


;


;


;
;

$GYHUVHHYHQWVHULRXVDGYHUVHHYHQWDVVHVVPHQW

;
;
;
;
;
;
;
;
;
;
;
;
(OHFWURFDUGLRJUDPEHIRUHGRVLQJRI,3

;



;



;



+DHPDWRORJ\

;
;
;
;
;
;
;
;
;
;
;

6HUXPFKHPLVWU\/)75)7(OHFWURO\WHV

;
;
;
;
;
;
;
;
;
;
;

8ULQH5RXWLQHDQGPLFURVFRS\

;
;
;
;
;
;
;
;
;
;
;

7K\URLGIXQFWLRQWHVWV76+7DQG7D

;



;



;

;

,3$GPLQLVWUDWLRQ

;
;
;
;
;
;
;
;
;
;



D
([FHSWVFUHHQLQJYLVLWIUHH7DQGIUHH7ZLOORQO\EHPHDVXUHGLI76+LVDEQRUPDORULIWKHUHLVFOLQLFDOVXVSLFLRQRIDQ$(UHODWHGWRWKHHQGRFULQHV\VWHP


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI

6\QRSVLV
3URWRFRO7LWOH$SURVSHFWLYHPXOWLFHQWHU3KDVH,9FOLQLFDOWULDOWRDVVHVVVDIHW\RI
'XUYDOXPDELQ,QGLDQDGXOWSDWLHQWVZLWKORFDOO\DGYDQFHGXQUHVHFWDEOHQRQVPDOOFHOO
OXQJFDQFHU16&/&
9HUVLRQ'DWH2FWREHU

6WXG\VLWHVDQGQXPEHURISDWLHQWVSODQQHG
1RRIWRWDOVFUHHQHGSDWLHQWV$SSUR[LPDWHO\
1RRIWRWDOHQUROOHGSDWLHQWV$SSUR[LPDWHO\
1RRIVWXG\VLWHVa
7RWDOSODQQHG6WXG\SHULRG

(VWLPDWHGGDWHRIILUVWSDWLHQWLQ
4±
(VWLPDWHGGDWHRIODVWSDWLHQWLQ
4±
(VWLPDWHGGDWHRIODVWSDWLHQWODVWYLVLW
4±
(VWLPDWHGGDWHRIGDWDEDVHORFN
4±
&OLQLFDOVWXG\UHSRUW
4±
5DWLRQDOH
7KHSUHVHQWVWXG\LVD3KDVH,9VDIHW\VWXG\RIGXUYDOXPDEWREHFRQGXFWHGLQFRPSOLDQFHZLWKD
FRQGLWLRQRIDSSURYDOVSHFLILHGE\WKH+HDOWK$XWKRULWLHVRI,QGLD$SSURYDOLQ,QGLDKDVEHHQ
JUDQWHGIRUWKHXVHRIGXUYDOXPDEIRUWKHWUHDWPHQWRISDWLHQWVZLWKORFDOO\DGYDQFHGXQUHVHFWDEOH
QRQVPDOOFHOOOXQJFDUFLQRPD16&/&ZKRVHGLVHDVHKDVQRWSURJUHVVHGIROORZLQJSODWLQXP
EDVHGFKHPRUDGLDWLRQWKHUDS\$VDFRQGLWLRQRIDSSURYDO$VWUD=HQHFDLVUHTXLUHGWRFRQGXFWD
3KDVH,9FOLQLFDOWULDOVRWKDWDGYHUVHUHDFWLRQVUHODWHGWRWUHDWPHQWZLWKGXUYDOXPDEDUHUHSRUWHG
WRWKH+HDOWK$XWKRULWLHVLQ,QGLDDQGVXEVHTXHQWO\DQ\UHJXODWRU\DFWLRQUHVXOWLQJIURPWKHUHYLHZ
RIUHSRUWHGDGYHUVHUHDFWLRQVVKRXOGEHFRPSOLHGZLWKE\WKH6SRQVRU
7KHSUHVHQWVWXG\ZLOOSURYLGHLQIRUPDWLRQRQWKHVDIHW\SURILOHRIGXUYDOXPDEIRUWKHWUHDWPHQW
RIORFDOO\DGYDQFHG16&/&LQ,QGLDQSDWLHQWVLQDFFRUGDQFHZLWKWKHUHTXLUHPHQWVRIWKH+HDOWK
$XWKRULWLHVRI,QGLD
2EMHFWLYHVDQG(QGSRLQWV
3ULPDU\REMHFWLYH
3ULPDU\2XWFRPH0HDVXUH
7RDVVHVVWKHVDIHW\RIGXUYDOXPDEDPRQJ
ORFDOO\DGYDQFHGXQUHVHFWDEOHQRQVPDOO
FHOOOXQJFDUFLQRPDLQ,QGLDQSDWLHQWV
1XPEHUIUHTXHQF\DQGSURSRUWLRQRI
SDWLHQWVZLWKDGYHUVHHYHQWV$(VVHULRXV
DGYHUVHHYHQWV6$(VDQG$(VRIVSHFLDO
LQWHUHVW$(6,LQFOXGLQJLQWHUVWLWLDOOXQJ
GLVHDVHSQHXPRQLWLVOLNHHYHQWVDQGRQ
VWXG\GHDWKV


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
2YHUDOOGHVLJQ
7KLVLVD3KDVH,9RSHQODEHOVLQJOHDUPPXOWLFHQWHUSURVSHFWLYHVWXG\WREHFRQGXFWHGLQ,QGLD
7ZR FRKRUWV RI SDWLHQWV ZLOO EH LQFOXGHG LQ WKH FXUUHQW VWXG\ SDWLHQWV ZLWK ORFDOO\ DGYDQFHG
XQUHVHFWDEOH16&/&ZKRVHGLVHDVHKDVQRWSURJUHVVHGIROORZLQJSODWLQXPEDVHGFKHPRUDGLDWLRQ
WKHUDS\1 3RWHQWLDOSDWLHQWVZLOOXQGHUJRHOLJLELOLW\GHWHUPLQDWLRQZLWKLQGD\VSULRUWR
ILUVWGRVH3DWLHQWVZKRPHHWWKHSURWRFROGHILQHGLQFOXVLRQH[FOXVLRQFULWHULDZLOOEHSURVSHFWLYHO\
HQUROOHGLQDVHTXHQWLDOPDQQHUDWFHQWUHVLQ,QGLD$OOHQUROOHGSDWLHQWVZLOOEHWUHDWHGZLWK
GXUYDOXPDEDGPLQLVWHUHGLQWUDYHQRXVO\RYHUPLQXWHVDWPJNJHYHU\ZHHNV7KHWUHDWPHQW
SHULRGIRUWKLVVWXG\LVZHHNVZKLFKFRUUHVSRQGVWRGRVHVRIVWXG\GUXJDGPLQLVWUDWLRQ
7UHDWPHQWZLOOFRQWLQXHDVORQJDVFOLQLFDOEHQHILWLVREVHUYHGIRUDPD[LPXPRIZHHNVRU
HLWKHURIWKHFULWHULDGHILQHGLQVHFWLRQDUHPHWZKLFKHYHULVHDUOLHU3DWLHQWVZKRDUHREVHUYHG
WRFRQWLQXHWRUHFHLYHFOLQLFDOEHQHILWIURPGXUYDOXPDEDWHQGRI:HHNDVGHILQHGLQ6R$ZLOO
FRQWLQXH WUHDWPHQW LQ SRVWWULDO SKDVH GHILQHG LQ VHFWLRQ  $Q\ SDWLHQW ZKR GLVFRQWLQXHV
WUHDWPHQWZLWKGXUYDOXPDEEHIRUHHQGRI:HHNRQVWXG\ZLOOEHIROORZHGIRUGD\VDIWHU
GLVFRQWLQXDWLRQRIVWXG\GUXJRUXQWLOWKHVWDUWRIDOWHUQDWHWUHDWPHQWLQWHUYHQWLRQZKLFKHYHULV
HDUOLHU
6DIHW\ZLOOEHHYDOXDWHGWKURXJKRXWWKHHYDOXDWLRQSKDVHDQGGXULQJWKHIROORZXSRISDWLHQWVZKR
GLVFRQWLQXHWUHDWPHQWEHIRUHHQGRI:HHNE\SK\VLFDOH[DPVLQFOXGLQJYLWDOVLJQV$(6$(
PRQLWRULQJODERUDWRU\HYDOXDWLRQVDQGUHFRUGLQJRIFRQFRPLWDQWPHGLFDWLRQV
6FUHHQLQJ3KDVH9LVLW
3DWLHQWVRUWKHLUOHJDOO\DFFHSWDEOHUHSUHVHQWDWLYHZLOOSURYLGHZULWWHQLQIRUPHGFRQVHQWEHIRUH
DQ\WULDOVSHFLILFSURFHGXUHVDUHSHUIRUPHG'XULQJWKH6FUHHQLQJ3KDVHHOLJLELOLW\FULWHULDZLOOEH
UHYLHZHGDQGDFRPSOHWHFOLQLFDOHYDOXDWLRQZLOOEHSHUIRUPHGDVVSHFLILHGLQWKH7LPHDQG(YHQW
6FKHGXOH6FUHHQLQJSURFHGXUHVZLOOEHSHUIRUPHGGD\VEHIRUHILUVWGRVHZHHNGD\$OO
EDVHOLQHGLVHDVHFKDUDFWHULVWLFVZLOOEHFDSWXUHGEDVHGHYDOXDWLRQSHUIRUPHGDVDSDUWRIURXWLQH
FOLQLFDO SUDFWLFH 7KH GRFXPHQWHG WHVWV WKDW DUH UHTXLUHG EHIRUH FRQVLGHUDWLRQ RI SDWLHQW IRU
GXUYDOXPDEWUHDWPHQWEDVHGRQWKHORFDOSUHVFULELQJLQIRUPDWLRQE\LQYHVWLJDWRUPXVWKDYHEHHQ
SHUIRUPHGGD\VEHIRUHILUVWGRVHZHHN'D\
(YDOXDWLRQ3KDVH9LVLW7R
7KH(YDOXDWLRQ3KDVHZLOOH[WHQGIURPILUVWGRVH:HHN'D\WRHQGRI:HHNRUXQWLO
VWXG\GUXJGLVFRQWLQXDWLRQGXHWRHLWKHUGLVHDVHSURJUHVVLRQRUXQDFFHSWDEOHWR[LFLW\RURWKHU
UHDVRQVZKLFKHYHURFFXUVILUVWDVOLVWHGLQ6HFWLRQ'HWDLOVRIWKHSURFHGXUHVSHUIRUPHGGXULQJ
WKH(YDOXDWLRQ 3KDVHDUHRXWOLQHGLQWKH7LPHDQG (YHQWV 6FKHGXOHV3DWLHQWV ZLOOEHFORVHO\
PRQLWRUHGIRUDGYHUVHHYHQWV DQGRWKHUVDIHW\HYDOXDWLRQV LQFOXGLQJODERUDWRU\LQYHVWLJDWLRQV
FRQFRPLWDQWPHGLFDWLRQV ,IGLVHDVHSURJUHVVLRQ LV GLDJQRVHGEHIRUHHQGRIZHHN WKHQWKH
SDWLHQWZLOOGLVFRQWLQXHVWXG\GUXJZLWKFRPSOHWLRQRIWKH(QGRI(YDOXDWLRQ9LVLWVRQWKHGD\RI
SURJUHVVLRQDQGZLOOHQWHUWKHVDIHW\)ROORZXS3KDVH
(QG2I±(YDOXDWLRQ9LVLW(R(
$Q(QGRI(YDOXDWLRQ9LVLWLVWREHVFKHGXOHGRQHQGRIZHHN'D\RIWKHVWXG\,QD
FDVHZKHUHSDWLHQWGLVFRQWLQXHVWKHVWXG\WUHDWPHQWIRUDQ\UHDVRQOLVWHGLQ6HFWLRQEHIRUH


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
ZHHNVODVWYLVLWRIWKHSDWLHQWZLOOEHFRQVLGHUHGDV(QGRI(YDOXDWLRQYLVLW(YHU\HIIRUWVKRXOG
EH PDGH WR FRQGXFW WKH WHOHSKRQLF (QGRI6WXG\ 9LVLW EHIRUH WKH SDWLHQW VWDUWV VXEVHTXHQW
WUHDWPHQW
)ROORZ8S3KDVH(QG2I6WXG\
$WHOHSKRQLFIROORZXSZLOOEHFRQGXFWHGGD\VDIWHUWKH(2(9LVLW7KLVZLOOEHFRQVLGHUHGDV
(QGRI6WXG\YLVLW
7KHREVHUYDWLRQSHULRGLQFOXGLQJWKH(YDOXDWLRQ3KDVHDQGVDIHW\)ROORZXSSKDVHZLOOEHXSWRD
PD[LPXPGXUDWLRQRIDSSUR[LPDWHO\GD\VIRUHDFKSDWLHQW

3$7,(173238/$7,21
,QFOXVLRQFULWHULD
3DWLHQWVDUHHOLJLEOHWREHLQFOXGHGLQWKHVWXG\RQO\LIDOORIWKHIROORZLQJLQFOXVLRQFULWHULDDQG
QRQHRIWKHH[FOXVLRQFULWHULDDSSO\
 3URYLVLRQ RI VLJQHG ZULWWHQ DQG GDWHG LQIRUPHG FRQVHQW SULRU WR DQ\ VWXG\ VSHFLILF
3URFHGXUHV
 0DOHRUIHPDOHDJHG\HDUVRUROGHU
 $VSHUORFDOSUHVFULELQJLQIRUPDWLRQDQGLQYLHZRISRVLWLYHEHQHILWULVNDVVHVVPHQWSDWLHQW
SUHVFULEHG 'XUYDOXPDE WUHDWPHQW DV SHU LQGHSHQGHQW FOLQLFDO MXGJPHQW RI WUHDWLQJ
SK\VLFLDQ IRU HLWKHU  WUHDWPHQW IRU ORFDOO\ DGYDQFHG XQUHVHFWDEOH QRQVPDOO FHOO OXQJ
FDUFLQRPDZKRVHGLVHDVHKDV QRW SURJUHVVHGIROORZLQJSODWLQXPEDVHGFKHPRUDGLDWLRQ
WKHUDS\1 
7KH,&)SURFHVVLVGHVFULEHGLQ$SSHQGL[$
([FOXVLRQFULWHULD
 &RQFXUUHQW HQUROPHQW LQ DQRWKHU FOLQLFDO VWXG\ XQOHVV LW LV DQ REVHUYDWLRQDO QRQ
LQWHUYHQWLRQDOFOLQLFDOVWXG\RUWKHIROORZXSSHULRGRIDQLQWHUYHQWLRQDOVWXG\
 &XUUHQWRUSULRUXVHRILPPXQRVXSSUHVVLYHPHGLFDWLRQZLWKLQGD\VEHIRUHWKHILUVW
GRVH RI VWXG\ GUXJ ZLWK WKH H[FHSWLRQV RI LQWUDQDVDO DQG LQKDOHG FRUWLFRVWHURLGV RU
V\VWHPLFFRUWLFRVWHURLGVDWSK\VLRORJLFDOGRVHVZKLFKDUHQRWWRH[FHHGPJGD\RI
SUHGQLVRQHRUDQHTXLYDOHQWFRUWLFRVWHURLG6\VWHPLFVWHURLGDGPLQLVWUDWLRQUHTXLUHGWR
PDQDJHWR[LFLWLHVDULVLQJIURPUDGLDWLRQWKHUDS\GHOLYHUHGDVSDUWRIWKHFKHPRUDGLDWLRQ
WKHUDS\IRUORFDOO\DGYDQFHG16&/&LVDOORZHG
 3ULRUH[SRVXUHWRDQ\DQWL3'RUDQWL3'/DQWLERG\LQFOXGLQJGXUYDOXPDE
 )RU16&/&FRKRUWRQO\
D 0L[HGVPDOOFHOODQGQRQVPDOOFHOOOXQJFDQFHUKLVWRORJ\
E $Q\XQUHVROYHGWR[LFLW\&7&$(!*UDGHIURPWKHSULRUFKHPRUDGLDWLRQWKHUDS\
F 3DWLHQWVZLWK*UDGHSQHXPRQLWLVIURPSULRUFKHPRUDGLDWLRQWKHUDS\


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
 $FWLYHRUSULRUGRFXPHQWHGDXWRLPPXQHGLVHDVHZLWKLQWKHSDVW\HDUVLQIODPPDWRU\
ERZHOGLVHDVHHJ&URKQ¶VGLVHDVHXOFHUDWLYHFROLWLVSULPDU\LPPXQRGHILFLHQF\RUJDQ
WUDQVSODQWWKDWUHTXLUHVWKHUDSHXWLFLPPXQRVXSSUHVVLRQK\SHUVHQVLWLYLW\WRVWXG\GUXJ
RUDQ\H[FLSLHQWOHSWRPHQLQJHDOFDUFLQRPDWRVLVWXEHUFXORVLV
127(3DWLHQWVZLWKYLWLOLJR*UDYH¶VGLVHDVHRUSVRULDVLVQRWUHTXLULQJV\VWHPLFWUHDWPHQW
ZLWKLQWKHSDVW\HDUVDUHQRWH[FOXGHG
 )HPDOH SDWLHQWV ZKR DUH SUHJQDQW EUHDVWIHHGLQJ RU PDOH RU IHPDOH SDWLHQWV RI
UHSURGXFWLYHSRWHQWLDOZKRDUHQRWHPSOR\LQJDQHIIHFWLYHPHWKRGRIELUWKFRQWURO
 $Q\FRQGLWLRQWKDWLQWKHRSLQLRQRIWKHLQYHVWLJDWRUZRXOGLQWHUIHUHZLWKHYDOXDWLRQRI
WKHVWXG\GUXJRULQWHUSUHWDWLRQRISDWLHQWVDIHW\RUVWXG\UHVXOWV
6WXG\'UXJGRVDJHDQGPRGHRIDGPLQLVWUDWLRQ
7KHUHFRPPHQGHGGRVHRI'XUYDOXPDELVPJNJDGPLQLVWHUHGDVDQLQWUDYHQRXVLQIXVLRQRYHU
PLQXWHVHYHU\ZHHNVXQWLOGLVHDVHSURJUHVVLRQRUXQDFFHSWDEOHWR[LFLW\'RVHHVFDODWLRQRU
UHGXFWLRQLVQRWUHFRPPHQGHG'RVHZLWKKROGLQJRUGLVFRQWLQXDWLRQPD\EHUHTXLUHGEDVHGRQ
LQGLYLGXDOVDIHW\DQGWROHUDELOLW\
'XUYDOXPDEZLOOEHVXSSOLHGDVHLWKHUPJPJP/RUPJPJP/VLQJOH
GRVHYLDODQGGRHVQRWFRQWDLQDQ\SUHVHUYDWLYHVDVHSWLFWHFKQLTXHPXVWEHREVHUYHG$GPLQLVWHU
LQIXVLRQVROXWLRQLQWUDYHQRXVO\RYHUPLQXWHVWKURXJKDQLQWUDYHQRXVOLQHFRQWDLQLQJDVWHULOH
ORZSURWHLQELQGLQJRUPLFURQLQOLQHILOWHU
'XUDWLRQRIWUHDWPHQW
7KH7UHDWPHQW3KDVHZLOOH[WHQGIURPVWDUWRI:HHNWRHQGRIZHHN'D\RUXQWLOVWXG\
GUXJGLVFRQWLQXDWLRQGXHWRHLWKHUGLVHDVHSURJUHVVLRQRUXQDFFHSWDEOHWR[LFLW\RURWKHUUHDVRQV
ZKLFKHYHURFFXUVHDUOLHUDVOLVWHGLQ6HFWLRQ3DWLHQWVPD\FRQWLQXHWRUHFHLYHGXUYDOXPDEDV
ORQJWKH\DUHFRQWLQXLQJWRVKRZFOLQLFDOEHQHILWDVMXGJHGE\WKHLQYHVWLJDWRUDQGLQWKHDEVHQFH
RIGLVFRQWLQXDWLRQFULWHULD
3RVWWULDODFFHVV
3DWLHQWVZKRDUHREVHUYHGWRUHFHLYHFOLQLFDOEHQHILWIURPGXUYDOXPDEDWWKHHQGRIZHHNPD\
FRQWLQXHJHWWKHGUXJIUHHRIFRVWSURYLGHGE\$VWUD=HQHFDWRDOOWKHUHVSRQGLQJSDWLHQWVXQWLO
XQDFFHSWDEOHWR[LFLW\GLVHDVHSURJUHVVLRQRUDVSHUWKHGHFLVLRQRIWKHWUHDWLQJSK\VLFLDQ


6DIHW\(YDOXDWLRQV
6DIHW\ HYDOXDWLRQV ZLOO LQFOXGH DGYHUVH HYHQW PRQLWRULQJ SK\VLFDO H[DPLQDWLRQV (&*
PRQLWRULQJ FOLQLFDO ODERUDWRU\ SDUDPHWHUV KHPDWRORJ\ DQG ELRFKHPLVWU\ YLWDO VLJQ
PHDVXUHPHQWVDQG:+2SHUIRUPDQFHVWDWXVDQGGHDWKDVREVHUYHGE\WKHLQYHVWLJDWRU%DVHGRQ
WKH SUHYLRXV KXPDQ H[SHULHQFH ZLWK GXUYDOXPDE LQ YLWUR VWXGLHV DQG DQLPDO WR[LFRORJLFDO


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
ILQGLQJVLPPXQHPHGLDWHGSQHXPRQLWLVKHSDWLWLVFROLWLVDQGHQGRFULQRSDWKLHVZLOOEHFORVHO\
PRQLWRUHG$Q\RIWKHVDIHW\PRQLWRULQJDVVHVVPHQWVPD\EHSHUIRUPHGPRUHIUHTXHQWO\DQG
DGYHUVH HYHQWV VKRXOG EH HYDOXDWHG E\ WKH LQYHVWLJDWRU DFFRUGLQJ WR WKH VWDQGDUG SUDFWLFH LI
FOLQLFDOO\LQGLFDWHG
6WDWLVWLFDOPHWKRGV
6DPSOH6L]H-XVWLILFDWLRQ

7KHSULPDU\HQGSRLQWRIWKHWULDOLVWRGHPRQVWUDWHWKHVDIHW\SURILOHRIGXUYDOXPDELQURXWLQH
FOLQLFDOSUDFWLFHDVDVVHVVHGE\WKHLQFLGHQFHRIDGYHUVHHYHQWV$(V6HULRXVDQG1RQVHULRXV
$(VREVHUYHGGXULQJWULDO%DVHGRQWKH'XUYDOXPDEKLVWRULFGDWDHVWLPDWHGSURSRUWLRQRI
IRUDGYHUVHHYHQWVSUHYDOHQFHUDWH:LWKDVDPSOHVL]HRIZRXOGEHDEOHWRDFKLHYHWKH
SUHFLVLRQRIWKHHVWLPDWHVZLWKWKHOHYHORIFRQILGHQFH$SSUR[LPDWHO\SDUWLFLSDQWVZLOO
EHVFUHHQHGWRDFKLHYHDURXQGSDUWLFLSDQWVHQUROOHGLQWKHVWXG\

6FHQDULR
HVWLPDWHGSURSRUWLRQ
3UHFLVLRQ
&RQILGHQFHOHYHO
5HTXLUHGVDPSOHVL]H































+\SRWKHVLV
1RIRUPDOK\SRWKHVLVWHVWLQJZLOOEHFRQGXFWHG
6WDWLVWLFDO$QDO\VLV
'DWDZLOOEHVXPPDUL]HGXVLQJGHVFULSWLYHVWDWLVWLFV&RQWLQXRXVYDULDEOHVZLOOEHVXPPDUL]HG
XVLQJWKHQXPEHURIREVHUYDWLRQVPHDQ6'PHGLDQDQGUDQJHDVDSSURSULDWH&DWHJRULFDOYDOXHV
ZLOOEHVXPPDUL]HGXVLQJWKHQXPEHURIREVHUYDWLRQVDQGSHUFHQWDJHVDVDSSURSULDWH
7KHVDIHW\DQDO\VLVSRSXODWLRQZLOOLQFOXGHDOOSDWLHQWVZKRVLJQWKH,&)DQGUHFHLYHDWOHDVWRQH
GRVHRIGXUYDOXPDE




&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI


,1752'8&7,21

6WXG\UDWLRQDOH
7KLVLVD3KDVH,9VDIHW\VWXG\RIGXUYDOXPDEWREHFRQGXFWHGLQFRPSOLDQFHZLWKDFRQGLWLRQ
RIDSSURYDOVSHFLILHGE\WKH+HDOWK$XWKRULWLHVRI,QGLD$SSURYDOLQ,QGLDKDVEHHQJUDQWHGIRU
WKHXVHRIGXUYDOXPDEIRUWKHWUHDWPHQWRISDWLHQWVZLWKORFDOO\DGYDQFHGXQUHVHFWDEOH16&/&
ZKRVH GLVHDVH KDV QRW SURJUHVVHG IROORZLQJ SODWLQXPEDVHG FKHPRUDGLDWLRQ WKHUDS\ $V D
FRQGLWLRQRIDSSURYDO$VWUD=HQHFDLVUHTXLUHGWRFRQGXFWD3KDVH,9FOLQLFDOWULDOVRWKDWDGYHUVH
UHDFWLRQVUHODWHGWRWUHDWPHQWZLWKGXUYDOXPDEDUHUHSRUWHGWRWKH+HDOWK$XWKRULWLHVLQ,QGLD
DQGVXEVHTXHQWO\DQ\UHJXODWRU\DFWLRQUHVXOWLQJIURPWKHUHYLHZRIUHSRUWHGDGYHUVHUHDFWLRQV
VKRXOGEHFRPSOLHGZLWKE\WKH6SRQVRU7KLV3KDVH,9FOLQLFDOWULDOLVUHTXLUHGLQDGGLWLRQWR
WKH3HULRGLF6DIHW\8SGDWH5HSRUWZKLFKPXVWEHVXEPLWWHGHYHU\PRQWKVIRUWKHILUVW\HDUV
DIWHUDSSURYDODQGDQQXDOO\WKHUHDIWHU

7KHSUHVHQWVWXG\ZLOOSURYLGHLQIRUPDWLRQRQWKHVDIHW\SURILOHRIGXUYDOXPDEIRUWKHWUHDWPHQW
RIORFDOO\DGYDQFHG16&/&LQ,QGLDQSDWLHQWVLQDFFRUGDQFHZLWKWKHUHTXLUHPHQWVRIWKH+HDOWK
$XWKRULWLHVRI,QGLD

%DFNJURXQG

'XUYDOXPDE
,PPXQHUHVSRQVHVGLUHFWHGDJDLQVWWXPRXUVDUHRQHRIWKHERG\¶VQDWXUDOGHIHQFHVDJDLQVWWKH
JURZWKDQGSUROLIHUDWLRQRIFDQFHUFHOOV+RZHYHURYHUWLPHDQGXQGHUSUHVVXUHIURPLPPXQH
DWWDFNFDQFHUVGHYHORSVWUDWHJLHVWRHYDGHLPPXQHPHGLDWHGNLOOLQJDOORZLQJWKHPWRGHYHORS
XQFKHFNHG2QHVXFKPHFKDQLVPLQYROYHVXSUHJXODWLRQRIVXUIDFHSURWHLQVWKDWGHOLYHULQKLELWRU\
VLJQDOVWRF\WRWR[LF7FHOOV3'/LVRQHVXFKSURWHLQDQGLVH[SUHVVHGLQDEURDGUDQJHRI
FDQFHUV
7KHLQKLELWRU\PHFKDQLVPGHVFULEHGDERYHLVFRRSWHGE\WXPRXUVWKDWH[SUHVV3'/DVDZD\
RIHYDGLQJLPPXQHGHWHFWLRQDQGHOLPLQDWLRQ7KHELQGLQJRIDQDQWL3'/DJHQWWRWKH3'/
UHFHSWRULQKLELWVWKHLQWHUDFWLRQRI3'/ZLWKWKH3'DQG&'UHFHSWRUVH[SUHVVHGRQ,&V
7KLVDFWLYLW\RYHUFRPHV3'/PHGLDWHGLQKLELWLRQRIDQWLWXPRXULPPXQLW\:KLOHIXQFWLRQDO
EORFNDGHRI3'/UHVXOWVLQ7FHOOUHDFWLYDWLRQWKLVPHFKDQLVPRIDFWLRQLVGLIIHUHQWIURPGLUHFW
DJRQLVPRIDVWLPXODWRU\UHFHSWRUVXFKDV&'
'XUYDOXPDELVDKXPDQP$ERIWKHLPPXQRJOREXOLQ*,J*NDSSDVXEFODVVWKDWEORFNVWKH
LQWHUDFWLRQRI3'/RQLPPXQHFHOOV7KHSURSRVHGPHFKDQLVPRIDFWLRQIRUGXUYDOXPDELV
LQWHUIHUHQFHLQWKHLQWHUDFWLRQRI3'/ZLWK3'DQG&'%ORFNDGHRI3'/3'DQG3'
/&'LQWHUDFWLRQVUHOHDVHVWKHLQKLELWLRQRILPPXQHUHVSRQVHVLQFOXGLQJWKRVHWKDWPD\
UHVXOW LQ WXPRU HOLPLQDWLRQ ,Q YLWUR VWXGLHV GHPRQVWUDWH WKDW GXUYDOXPDE DQWDJRQL]HV WKH
LQKLELWRU\HIIHFWRI3'/RQSULPDU\KXPDQ7FHOOVUHVXOWLQJLQWKHUHVWRUHGSUROLIHUDWLRQRI
LQWHUIHURQJDPPD,)1Ȗ%DVHGRQWKHVHGDWDGXUYDOXPDELVH[SHFWHGWRVWLPXODWHWKHSDWLHQW¶V
DQWLWXPRULPPXQHUHVSRQVHE\ELQGLQJWR3'/DQGVKLIWLQJWKHEDODQFHWRZDUGDQDQWLWXPRU
UHVSRQVH


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
6WLPXODWLQJDQDQWLWXPRXULPPXQHUHVSRQVHLVDPHFKDQLVPHPSOR\HGVXFFHVVIXOO\E\DQXPEHU
RIDSSURYHGFDQFHUWKHUDSLHV%ORFNLQJWKH3'3'/SDWKZD\LVDQDSSURDFKWKDWKDVEHHQ
VXFFHVVIXOO\ HPSOR\HG ZLWK WKHUDSLHV VXFK DV SHPEUROL]XPDE .(<758'$ QLYROXPDE
23',92DWH]ROL]XPDE7(&(175,4DQGGXUYDOXPDE,0),1=,ZKLFKKDYHEHHQ
DSSURYHGE\DQXPEHURIYDULRXV5HJXODWRU\$JHQFLHVLQFOXGLQJWKH8QLWHG6WDWHV86)RRG
DQG 'UXJ $GPLQLVWUDWLRQ )'$ DQG WKH (XURSHDQ 0HGLFLQHV $JHQF\ DV D WUHDWPHQW IRU D
QXPEHURIRQFRORJ\LQGLFDWLRQVLQFOXGLQJPDOLJQDQWPHODQRPD16&/&UHQDOFHOOFDUFLQRPD
EODGGHUFDQFHU+16&&DQGFODVVLFDO+RGJNLQO\PSKRPD

1RQVPDOOFHOO/XQJ&DQFHU
/XQJFDQFHULVWKHOHDGLQJFDXVHRIFDQFHUUHODWHGPRUWDOLW\ZRUOGZLGHDQGDPRQJVWPDOHVLQ
,QGLD$ERXWRIOXQJFDQFHUVDUHQRQVPDOOFHOOOXQJFDQFHUV16&/&6WDJH,,,GLVHDVH
FRPSULVHVDSSUR[LPDWHO\RIWKH16&/&GLDJQRVHV,WFRPSULVHVDKHWHURJHQHRXVSDWLHQW
SRSXODWLRQZLWKVXEVHWV6WDJH,,,$DQG,,,%$SSUR[LPDWHO\RQHWKLUGRIWKHSDWLHQWVZLWK
6WDJH,,,$GLVHDVHDUHFRQVLGHUHGRSHUDEOH+RZHYHUPDMRULW\RISDWLHQWVZLWK6WDJH,,,$%
KDYH LQRSHUDEOH XQUHVHFWDEOH GLVHDVH DQG DUH DPHQDEOH WR UHFHLYLQJ FXUDWLYH LQWHQWLRQ
FKHPRUDGLDWLRQWUHDWPHQW
/XQJFDQFHULQ,QGLDLVGHWHFWHGDWUHODWLYHO\DGYDQFHGVWDJHFRPSDUHGWRZHVWHUQGDWD0XOWLSOH
UHDVRQVKDYHEHHQSURSRVHGIRUWKHODWHSUHVHQWDWLRQLQFOXGLQJDFFHVVWRKHDOWKFDUHPLVGLDJQRVLV
GXHWRKLJKSUHYDOHQFHRIWXEHUFXORVLVDQGOLPLWHGPRGHUQLQIUDVWUXFWXUHWRGLDJQRVHWKHSDWLHQW
HDUO\
7KH FXUUHQW VWDQGDUGRIFDUH IRU SDWLHQWV ZLWK ORFDOO\ DGYDQFHG XQUHVHFWDEOH 16&/& LV
FRQFXUUHQW FKHPRUDGLDWLRQ DGPLQLVWHUHG ZLWK D FXUDWLYH LQWHQW :KLOH FKHPRUDGLDWLRQ FDQ
DFKLHYH LQLWLDO GLVHDVH FRQWURO PDMRULW\ RI SDWLHQWV HYHQWXDOO\ SURJUHVV 0RUH WKDQ  RI
SDWLHQWV GHYHORS GLVWDQW PHWDVWDVLV DQG XS WR  FDQ H[SHULHQFH ORFDO UHFXUUHQFH 7KH
SURJQRVLVUHPDLQVSRRUDQGWKH\HDUVXUYLYDOUDWHLVDSSUR[LPDWHO\

7KH3$&,),&VWXG\KDVGHPRQVWUDWHGWKHHIILFDF\RIGXUYDOXPDEYHUVXVSODFHERLQSDWLHQWVZLWK
ORFDOO\DGYDQFHGXQUHVHFWDEOH6WDJH,,,16&/&ZKRKDGFRPSOHWHGWUHDWPHQWZLWKDWOHDVW
F\FOHVRISODWLQXPEDVHGFKHPRWKHUDS\FRQFXUUHQWZLWKUDGLDWLRQWKHUDS\ZLWKLQWRGD\V
'XUYDOXPDE GHPRQVWUDWHG D VWDWLVWLFDOO\ VLJQLILFDQW +5   &,   SYDOXH
DQGDPHGLDQ3)6LPSURYHPHQWRIPRQWKVZKHQFRPSDUHGZLWKSODFHER

$VSHUUHFRPPHQGDWLRQFXUUHQWSKDVH,9VWXG\LVSODQQHGZLWKWKHDLPWRDVVHVVWKHVDIHW\RI
GXUYDOXPDELQ ,QGLDQSDWLHQWV DV DSRVWPDUNHWLQJUHTXLUHPHQW7KHGDWDREWDLQHGIURPWKH
SUHVHQWVWXG\ZLOOKHOSWRXQGHUVWDQGWKHVDIHW\SURILOHRIGXUYDOXPDELQ,QGLDQSDWLHQWVZLWK
ORFDOO\DGYDQFHGXQUHVHFWDEOH16&/&

%HQHILWULVNDVVHVVPHQW
3DWLHQWV ZLWK ORFDOO\ DGYDQFHG XQUHVHFWDEOH 16&/& ZKR KDYH SURJUHVVHG GXULQJ RU DIWHU
FKHPRUDGLRWKHUDS\HQUROOHGLQWKLVVWXG\ZLOOEHWUHDWHGZLWKGXUYDOXPDEDWWKHGRVHOHYHODQG
ZLWKWKHIUHTXHQF\DSSURYHGLQ,QGLDPJNJ,9RYHUPLQXWHVHYHU\ZHHNVWKURXJKRXW
WKHZHHNWUHDWPHQWSHULRGRUXQWLOXQDFFHSWDEOHWR[LFLW\'XULQJWKLVWLPHSDWLHQWVZLOOEH
PRQLWRUHGIRUVDIHW\DFFRUGLQJWRWKHDVVHVVPHQWIUHTXHQF\SUHVHQWHGLQ 7DEOHDQGWKRVH
SDWLHQWV ZKR GLVFRQWLQXH WUHDWPHQW EHIRUH WKH HQG RI WKH  ZHHN WUHDWPHQW SHULRG ZLOO EH
PRQLWRUHG IRU GD\V RU XQWLO WKH VWDUW RI VXEVHTXHQW LQWHUYHQWLRQDO WUHDWPHQW ZKLFKHYHU LV


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
HDUOLHVW7KRVHSDWLHQWVZKRFRQWLQXHWRUHFHLYHEHQHILWIURPGXUYDOXPDEDWWKHHQGRIWKHZHHN
WUHDWPHQWSKDVHPD\FRQWLQXHWUHDWPHQWYLDGUXJVXSSOLHGE\$VWUD=HQHFD
2YHUDOOWKHVDIHW\SURILOHRIGXUYDOXPDEPRQRWKHUDS\LVPDQDJHDEOHDQGJHQHUDOO\FRQVLVWHQW
DFURVVFRPSOHWHGDQGRQJRLQJFOLQLFDOWULDOVZLWKQRPD[LPXPWROHUDWHGGRVHUHDFKHGDWDQ\
GRVHWHVWHGXSWRPJNJ0RVW$(VZHUHORZJUDGH*UDGHWRZLWKUHODWLYHO\IHZUHODWHG
KLJKJUDGH*UDGHWR$(V7KHUHZDVQRSDWWHUQLQWKHLQFLGHQFHVHYHULW\RUFDXVDOLW\RI
$(VZLWKUHVSHFWWRGXUYDOXPDEGRVHOHYHO
$SDWWHUQRILPPXQHUHODWHG$(VKDVEHHQGHILQHGIRUZKLFKPDQDJHPHQWDOJRULWKPVKDYHEHHQ
GHYHORSHGWKHVHZLOOEHSURYLGHGWRWKHVWXG\VLWHVDVDVHSDUDWHGRFXPHQW0RVWKLJKJUDGH
HYHQWV ZHUH PDQDJHDEOH ZLWK WKH XVH RI FRUWLFRVWHURLGV RU KRUPRQH UHSODFHPHQW WKHUDS\
HQGRFULQRSDWKLHVDVLQVWUXFWHGLQWKHVHDOJRULWKPV
0RUHGHWDLOHGLQIRUPDWLRQDERXW WKHNQRZQDQGH[SHFWHGEHQHILWV DQGULVNVDQGUHDVRQDEO\
DQWLFLSDWHG DGYHUVH HYHQWV $(V RI GXUYDOXPDE PD\ EH IRXQG LQ WKH 'XUYDOXPDE ,QGLD
3UHVFULELQJ,QIRUPDWLRQ

2%-(&7,9(6$1'(1'32,176
7DEOH
6WXG\REMHFWLYHV

3ULPDU\2EMHFWLYH
(QGSRLQW9DULDEOH
7RDVVHVVWKHVDIHW\RIGXUYDOXPDEDPRQJ
ORFDOO\DGYDQFHGXQUHVHFWDEOH16&/&



1XPEHUIUHTXHQF\DQGSURSRUWLRQRISDWLHQWV
ZLWK DGYHUVH HYHQWV $(V VHULRXV DGYHUVH
HYHQWV 6$(V DQG $(V RI VSHFLDO LQWHUHVW
$(6,
LQFOXGLQJ
LQWHUVWLWLDO
OXQJ
GLVHDVHSQHXPRQLWLVOLNHHYHQWVDQGRQVWXG\
GHDWKV

678'<'(6,*1

2YHUDOOGHVLJQ
)RUDQRYHUYLHZRIWKHVWXG\GHVLJQVHH6HFWLRQ)RUGHWDLOVRQWUHDWPHQWVJLYHQGXULQJWKHV
WXG\VHH6HFWLRQ7UHDWPHQWV$GPLQLVWHUHG
)RUGHWDLOVRQZKDWLVLQFOXGHGLQWKHHIILFDF\DQGVDIHW\HQGSRLQWVVHH6HFWLRQ2EMHFWLYHVDQG
(QGSRLQWV


6FLHQWLILFUDWLRQDOHIRUVWXG\GHVLJQ
-XVWLILFDWLRQIRU6WXG\GXUDWLRQ
,QWKHFRPELQHGVDIHW\GDWDEDVHZLWK'XUYDOXPDEPRQRWKHUDS\WKHPHGLDQWLPHWRRQVHWRI
VHOHFWDGYHUVHHYHQWVLVVXPPDULVHGLQWKH7DEOHEHORZ7KHFXUUHQWSKDVH,9VWXG\LQFOXGHVD


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
WUHDWPHQWSKDVHRIGD\VZHHNVZKLFKZRXOGHQDEOHXVWRGHWHFWWKHLQFLGHQFHRIDGYHUVH
HYHQWVLQHOLJLEOH,QGLDQSDWLHQWSRSXODWLRQ


7DEOH0HGLDQWLPHWRRQVHWRI,PPXQHPHGLDWHG$GYHUVH(YHQWV
61R
,PPXQHPHGLDWHGDGYHUVHHYHQW
0HGLDQWLPHWRRQVHWGD\V

3QHXPRQLWLV


+HSDWLWLV


'LDUUKRHDFROLWLV


+\SRWK\URLGLVP


,PPXQHPHGLDWHGQHSKULWLV


'HUPDWLWLV


+\SHUWK\URLGLVP


,PPXQH0HGLDWHG3QHXPRQLWLV
,PPXQHPHGLDWHGSQHXPRQLWLVRULQWHUVWLWLDOOXQJGLVHDVHGHILQHGDVUHTXLULQJXVHRIV\VWHPLF
FRUWLFRVWHURLGVDQGZLWKQRFOHDUDOWHUQDWHHWLRORJ\RFFXUUHGLQSDWLHQWVUHFHLYLQJ'XUYDOXPDE
3DWLHQWVVKRXOGEHPRQLWRUHGIRUVLJQVDQGV\PSWRPVRISQHXPRQLWLV3DWLHQWVZLWKVXVSHFWHG
SQHXPRQLWLVVKRXOGEHHYDOXDWHGZLWKUDGLRJUDSKLFLPDJLQJDQGPDQDJHGDVUHFRPPHQGHGE\
ORFDOJXLGHOLQHV
5DGLDWLRQSQHXPRQLWLVLVIUHTXHQWO\REVHUYHGLQSDWLHQWVUHFHLYLQJUDGLDWLRQWKHUDS\WRWKHOXQJ
DQGWKHFOLQLFDOSUHVHQWDWLRQRISQHXPRQLWLVDQGUDGLDWLRQSQHXPRQLWLVLVYHU\VLPLODU,QWKH
3$&,),& 6WXG\ LQ SDWLHQWV ZKR KDG FRPSOHWHG WUHDWPHQW ZLWK FRQFXUUHQW FKHPRUDGLDWLRQ
ZLWKLQWRGD\VSULRUWRLQLWLDWLRQRIWKHWULDOSQHXPRQLWLVLQFOXGLQJERWKLPPXQHPHGLDWHG
SQHXPRQLWLVDQGUDGLDWLRQSQHXPRQLWLVRFFXUUHGLQSDWLHQWVUHFHLYLQJ'XUYDOXPDE3QHXPRQLWLV
RUUDGLDWLRQSQHXPRQLWLVRFFXUUHGLQSDWLHQWVLQWKH'XUYDOXPDEWUHDWHGJURXSDQG
LQWKHSODFHERJURXSLQFOXGLQJ*UDGHLQSDWLHQWVRQ'XUYDOXPDEYV
SDWLHQWVRQSODFHERDQG*UDGHLQSDWLHQWVRQ'XUYDOXPDEYVSDWLHQWV
RQSODFHER7KHPHGLDQWLPHWRRQVHWLQWKH'XUYDOXPDEWUHDWHGJURXSZDVGD\VUDQJH
GD\VYVGD\VUDQJHGD\VLQWKHSODFHERJURXS
5HIHUWRVHFWLRQ$SSHQGL['IRUUHFRPPHQGHGWUHDWPHQWPRGLILFDWLRQVDQGPDQDJHPHQW RI
LPPXQHPHGLDWHGDGYHUVHUHDFWLRQV

-XVWLILFDWLRQIRUGRVH
7KHGRVHXVHGLQWKHFXUUHQWVWXG\LVEDVHGRQWKHORFDOO\DSSURYHGSUHVFULELQJLQIRUPDWLRQ

(QGRIVWXG\GHILQLWLRQ
7KHHQGRIVWXG\LVGHILQHGDVWKHODVWH[SHFWHGYLVLWFRQWDFWRIWKHODVWSDWLHQWXQGHUJRLQJWKH
VWXG\


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
$SDWLHQWLVFRQVLGHUHGWRKDYHFRPSOHWHGWKHVWXG\ZKHQKHVKHKDVFRPSOHWHGKLVKHUODVW
VFKHGXOHGYLVLWRUODVWVFKHGXOHGSURFHGXUHVKRZQLQWKH6R$
6HH$SSHQGL[$IRUJXLGHOLQHVIRUWKHGLVVHPLQDWLRQRIVWXG\UHVXOWV
 678'<3238/$7,21
3URVSHFWLYHDSSURYDORISURWRFROGHYLDWLRQVWRUHFUXLWPHQWDQGHQUROPHQWFULWHULDDOVRNQRZQDV
SURWRFROZDLYHUVRUH[HPSWLRQVLVQRWSHUPLWWHG
(DFKSDWLHQWVKRXOGPHHWDOORIWKHLQFOXVLRQFULWHULDDQGQRQHRIWKHH[FOXVLRQFULWHULDIRUWKLV
VWXG\LQRUGHUWRDVVLJQHGUDQGRPLVHGWRDVWXG\LQWHUYHQWLRQ8QGHUQRFLUFXPVWDQFHVFDQWKHUH
EHH[FHSWLRQVWRWKLVUXOH
,QFOXVLRQFULWHULD
3DWLHQWVDUHHOLJLEOHWREHLQFOXGHGLQWKHVWXG\RQO\LIDOORIWKHIROORZLQJLQFOXVLRQFULWHULDDQG
QRQHRIWKHH[FOXVLRQFULWHULDDSSO\
3URYLVLRQRIVLJQHGZULWWHQDQGGDWHGLQIRUPHGFRQVHQWSULRUWRDQ\VWXG\VSHFLILF3URFHGXUHV
0DOHRUIHPDOHDJHG\HDUVRUROGHU
$VSHUORFDOSUHVFULELQJLQIRUPDWLRQDQGLQYLHZRISRVLWLYHEHQHILWULVNDVVHVVPHQWSDWLHQW
SUHVFULEHG'XUYDOXPDEWUHDWPHQWDVSHULQGHSHQGHQWFOLQLFDOMXGJPHQWRIWUHDWLQJSK\VLFLDQIRU
HLWKHUWUHDWPHQWIRUORFDOO\DGYDQFHGXQUHVHFWDEOHQRQVPDOOFHOOOXQJFDUFLQRPDZKRVHGLVHDVH
KDVQRWSURJUHVVHGIROORZLQJSODWLQXPEDVHGFKHPRUDGLDWLRQWKHUDS\1 
7KH,&)SURFHVVLVGHVFULEHGLQ$SSHQGL[$
([FOXVLRQFULWHULD
 &RQFXUUHQW HQUROPHQW LQ DQRWKHU FOLQLFDO VWXG\ XQOHVV LW LV DQ REVHUYDWLRQDO QRQ
LQWHUYHQWLRQDOFOLQLFDOVWXG\RUWKHIROORZXSSHULRGRIDQLQWHUYHQWLRQDOVWXG\
&XUUHQWRUSULRUXVHRILPPXQRVXSSUHVVLYHPHGLFDWLRQZLWKLQGD\VEHIRUHWKHILUVWGRVHRI
VWXG\ GUXJ ZLWK WKH H[FHSWLRQV RI LQWUDQDVDO DQG LQKDOHG FRUWLFRVWHURLGV RU V\VWHPLF
FRUWLFRVWHURLGVDWSK\VLRORJLFDOGRVHVZKLFKDUHQRWWRH[FHHGPJGD\RISUHGQLVRQHRUDQ
HTXLYDOHQWFRUWLFRVWHURLG6\VWHPLFVWHURLGDGPLQLVWUDWLRQUHTXLUHGWRPDQDJHWR[LFLWLHVDULVLQJ
IURPUDGLDWLRQWKHUDS\GHOLYHUHGDVSDUWRIWKHFKHPRUDGLDWLRQWKHUDS\IRUORFDOO\DGYDQFHG
16&/&LVDOORZHG
3ULRUH[SRVXUHWRDQ\DQWL3'RUDQWL3'/DQWLERG\LQFOXGLQJGXUYDOXPDE
)RU16&/&FRKRUWRQO\
D0L[HGVPDOOFHOODQGQRQVPDOOFHOOOXQJFDQFHUKLVWRORJ\
E$Q\XQUHVROYHGWR[LFLW\&7&$(!*UDGHIURPWKHSULRUFKHPRUDGLDWLRQWKHUDS\
F3DWLHQWVZLWK*UDGHSQHXPRQLWLVIURPSULRUFKHPRUDGLDWLRQWKHUDS\


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
$FWLYHRUSULRUGRFXPHQWHGDXWRLPPXQHGLVHDVHZLWKLQWKHSDVW\HDUVLQIODPPDWRU\ERZHO
GLVHDVHHJ&URKQ¶VGLVHDVHXOFHUDWLYHFROLWLVSULPDU\LPPXQRGHILFLHQF\RUJDQWUDQVSODQWWKDW
UHTXLUHV WKHUDSHXWLF LPPXQRVXSSUHVVLRQ K\SHUVHQVLWLYLW\ WR VWXG\ GUXJ RU DQ\ H[FLSLHQW
OHSWRPHQLQJHDOFDUFLQRPDWRVLVWXEHUFXORVLV
127(3DWLHQWV ZLWK YLWLOLJR*UDYH¶VGLVHDVHRUSVRULDVLVQRW UHTXLULQJV\VWHPLFWUHDWPHQW
ZLWKLQWKHSDVW\HDUVDUHQRWH[FOXGHG
)HPDOHSDWLHQWVZKRDUHSUHJQDQWEUHDVWIHHGLQJRUPDOHRUIHPDOHSDWLHQWVRIUHSURGXFWLYH
SRWHQWLDOZKRDUHQRWHPSOR\LQJDQHIIHFWLYHPHWKRGRIELUWKFRQWURO
$Q\FRQGLWLRQWKDWLQWKHRSLQLRQRIWKHLQYHVWLJDWRUZRXOGLQWHUIHUHZLWKHYDOXDWLRQRIWKH
VWXG\GUXJRULQWHUSUHWDWLRQRISDWLHQWVDIHW\RUVWXG\UHVXOWV

/LIHVW\OHUHVWULFWLRQV
1RW$SSOLFDEOH

6FUHHQIDLOXUHV
6FUHHQIDLOXUHVDUHGHILQHGDVSDWLHQWVZKRVLJQHGWKHLQIRUPHGFRQVHQWIRUPWRSDUWLFLSDWHLQ
WKHFOLQLFDOVWXG\EXWDUHQRWVXEVHTXHQWO\HQWHUHGLQWKHVWXG\$PLQLPDOVHWRIVFUHHQIDLOXUH
LQIRUPDWLRQLVUHTXLUHGWRHQVXUHWUDQVSDUHQWUHSRUWLQJRIVFUHHQIDLOXUH SDWLHQWVWRPHHWWKH
&RQVROLGDWHG 6WDQGDUGV RI 5HSRUWLQJ 7ULDOV &216257 SXEOLVKLQJ UHTXLUHPHQWV DQG WR
UHVSRQG WR TXHULHV IURP UHJXODWRU\ DXWKRULWLHV 0LQLPDO LQIRUPDWLRQ LQFOXGHV GHPRJUDSK\
VFUHHQIDLOXUHGHWDLOVHOLJLELOLW\FULWHULDDQGDQ\VHULRXVDGYHUVHHYHQW6$(
,QGLYLGXDOVZKRGRQRWPHHWWKHFULWHULDIRUSDUWLFLSDWLRQLQWKLVVWXG\VFUHHQIDLOXUHPD\QRW
EHUHVFUHHQHG
7KHVHSDWLHQWVVKRXOGKDYHWKHUHDVRQIRUVWXG\ZLWKGUDZDOUHFRUGHGLQWKH&5)HOHFWURQLFRU
SDSHU

678'<75($70(176
6WXG\ WUHDWPHQW LV GHILQHG DV DQ\ LQYHVWLJDWLRQDO SURGXFWV LQFOXGLQJ PDUNHWHG SURGXFW
FRPSDUDWRUDQGSODFHERRUPHGLFDOGHYLFHVLQWHQGHGWREHDGPLQLVWHUHGWRDVWXG\SDUWLFLSDQW
DFFRUGLQJWRWKHVWXG\SURWRFRO6WXG\WUHDWPHQWLQWKLVVWXG\UHIHUVWRGXUYDOXPDE

7UHDWPHQWVDGPLQLVWHUHG
7DEOH6WXG\7UHDWPHQWV

7UHDWPHQW
6WXG\WUHDWPHQWQDPH

'XUYDOXPDE


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
'RVDJHIRUPXODWLRQ
'XUYDOXPDE0(',ZLOOEHVXSSOLHGE\$VWUD=HQHFD
DVDPJPJYLDOVROXWLRQIRULQIXVLRQDIWHUGLOXWLRQ
7KHVROXWLRQFRQWDLQVPJP/GXUYDOXPDE0(',
P0KLVWLGLQHKLVWLGLQHK\GURFKORULGHP0WUHKDORVH
GLK\GUDWHDQGZYSRO\VRUEDWHLWKDVDS+RI
7KHQRPLQDOILOOYROXPHLVP/,3YLDOVDUHVWRUHGDW
&WR&)WR)DQGPXVWQRWEHIUR]HQ'UXJ
SURGXFWVKRXOGEHNHSWLQVHFRQGDU\SDFNDJLQJXQWLOXVHWR
SUHYHQWH[FHVVLYHOLJKWH[SRVXUH


5RXWHRIDGPLQLVWUDWLRQ
,QWUDYHQRXVLQIXVLRQRYHUPLQ
'RVLQJLQVWUXFWLRQV

)ROORZLQJSUHSDUDWLRQRIVWXG\GUXJWKHHQWLUHFRQWHQWVRIWKH
LY EDJ VKRXOG EH DGPLQLVWHUHG DV DQ LY LQIXVLRQ RYHU
DSSUR[LPDWHO\PLQXWHVPLQXWHVXVLQJDȝPLQ
OLQHILOWHU
3DFNDJLQJDQGODEHOOLQJ

6WXG\WUHDWPHQWZLOOEHSURYLGHGDQGODEHOOHGLQDFFRUGDQFH
ZLWK*RRG0DQXIDFWXULQJ3UDFWLFH*03$QQH[DQGSHU
FRXQWU\UHJXODWRU\UHTXLUHPHQW
3URYLGHU

$VWUD=HQHFDGHOHJDWHZLOOEHSURYLGLQJWKH,3WRVLWH

3UHSDUDWLRQKDQGOLQJVWRUDJHDFFRXQWDELOLW\

3UHSDUDWLRQRIVROXWLRQ
'XUYDOXPDELVVXSSOLHGDVDVLQJOHGRVHYLDODQGGRHVQRWFRQWDLQDQ\SUHVHUYDWLYHVDVHSWLF
WHFKQLTXHPXVWEHREVHUYHG
x 9LVXDOO\LQVSHFWGUXJSURGXFWIRUSDUWLFXODWHPDWWHUDQGGLVFRORXUDWLRQ'XUYDOXPDE
LVFOHDUWRRSDOHVFHQWFRORXUOHVVWRVOLJKWO\\HOORZVROXWLRQ'LVFDUGWKHYLDOLIWKH
VROXWLRQLVFORXG\GLVFRORXUHGRUYLVLEOHSDUWLFOHVDUHREVHUYHG'RQRWVKDNHWKH
YLDO
x :LWKGUDZWKHUHTXLUHGYROXPHIURPWKHYLDOVRI'XUYDOXPDEDQGWUDQVIHULQWRDQ
LQWUDYHQRXV,9EDJFRQWDLQLQJ6RGLXP&KORULGH,QMHFWLRQRU'H[WURVH
,QMHFWLRQ0L[GLOXWHGVROXWLRQE\JHQWOHLQYHUVLRQ7KHILQDOFRQFHQWUDWLRQRIWKH
GLOXWHGVROXWLRQVKRXOGEHEHWZHHQPJP/DQGPJP/'RQRWIUHH]HRUVKDNH
WKHVROXWLRQ
x &DUHPXVWEHWDNHQWRHQVXUHWKHVWHULOLW\RISUHSDUHGVROXWLRQV
x 'RQRWUHHQWHUWKHYLDODIWHUZLWKGUDZDORIGUXJRQO\DGPLQLVWHURQHGRVHSHUYLDO
x 'LVFDUGDQ\XQXVHGSRUWLRQOHIWLQWKHYLDO


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
$GPLQLVWUDWLRQ
x $GPLQLVWHULQIXVLRQVROXWLRQLQWUDYHQRXVO\RYHUPLQXWHVWKURXJKDQLQWUDYHQRXV
OLQHFRQWDLQLQJDVWHULOHORZSURWHLQELQGLQJRUPLFURQLQOLQHILOWHU
x 'RQRWFRDGPLQLVWHURWKHUGUXJVWKURXJKWKHVDPHLQIXVLRQOLQH
$Q\XQXVHGPHGLFLQDOSURGXFWRUZDVWHPDWHULDOVKRXOGEHGLVSRVHGRILQDFFRUGDQFHZLWKORFDO
UHTXLUHPHQWV
'RVHFDOFXODWLRQ
7KHYROXPHRIUHFRQVWLWXWHG'XUYDOXPDEP/WRDGGWRWKHLYEDJLVFDOFXODWHGDVIROORZV
PJNJî3DWLHQW:HLJKWNJ·GXUYDOXPDEFRQFHQWUDWLRQQRPLQDOPJP/
([DPSOH)RUDSDWLHQWZHLJKLQJNJGRVHGDWPJNJP/>PJNJîNJGLYLGHG
E\  PJP/@ RI GXUYDOXPDE LV WR EH GLOXWHG LQ D  P/ LY EDJ FRQWDLQLQJ 
ZHLJKWYROXPHVDOLQH)LUVWP/RIVDOLQHLVUHPRYHGIURPWKHLYEDJDQGWKHQP/RI
GXUYDOXPDELVDGGHGWRWKHEDJ7KHEDJLVPL[HGE\JHQWOHLQYHUVLRQWRHQVXUHKRPRJHQHLW\RI
WKHGRVHLQWKHEDJDQGWKHGLOXWHGGXUYDOXPDELVDGPLQLVWHUHGDVGHVFULEHGDERYH
7KH LQYHVWLJDWRU RU GHVLJQHH PXVW FRQILUP DSSURSULDWH WHPSHUDWXUH FRQGLWLRQV KDYH EHHQ
PDLQWDLQHGGXULQJWUDQVLWIRUDOOVWXG\WUHDWPHQWUHFHLYHGDQGDQ\GLVFUHSDQFLHVDUHUHSRUWHGDQG
UHVROYHGEHIRUHXVHRIWKHVWXG\WUHDWPHQW
2QO\SDWLHQWVHQUROOHGLQWKHVWXG\PD\UHFHLYHVWXG\WUHDWPHQWDQGRQO\DXWKRULVHGVLWHVWDII
PD\VXSSO\RUDGPLQLVWHUVWXG\WUHDWPHQW$OOVWXG\WUHDWPHQWVPXVWEHVWRUHGLQDVHFXUH
HQYLURQPHQWDOO\FRQWUROOHGDQGPRQLWRUHGPDQXDORUDXWRPDWHGDUHDLQDFFRUGDQFHZLWKWKH
ODEHOOHGVWRUDJHFRQGLWLRQVZLWKDFFHVVOLPLWHGWRWKHLQYHVWLJDWRUDQGDXWKRULVHGVLWHVWDII
7KH LQYHVWLJDWRU LQVWLWXWLRQ RU WKH KHDG RI WKH PHGLFDO LQVWLWXWLRQ ZKHUH DSSOLFDEOH LV
UHVSRQVLEOH IRU VWXG\ WUHDWPHQW DFFRXQWDELOLW\ UHFRQFLOLDWLRQ DQG UHFRUG PDLQWHQDQFH LH
UHFHLSWUHFRQFLOLDWLRQDQGILQDOGLVSRVLWLRQUHFRUGV

0HDVXUHVWRPLQLPLVHELDVUDQGRPLVDWLRQDQGEOLQGLQJ
6LQFH WKH SUHVHQW VWXG\ LV DQ RSHQ ODEHO SKDVH ,9 WULDO EOLQGLQJ DQG UDQGRPLVDWLRQ LV QRW
DSSOLFDEOH

7UHDWPHQWFRPSOLDQFH
$Q\FKDQJHIURPWKHGRVLQJVFKHGXOHGRHVLQWHUUXSWLRQVGRVHUHGXFWLRQVGRVHGLVFRQWLQXDWLRQV
VKRXOGEHUHFRUGHGLQH&5)
7KH,QYHVWLJDWLRQDO3URGXFW6WRUDJH0DQDJHU,QYHVWLJDWRUGHOHJDWHLVUHVSRQVLEOHIRUPDQDJLQJ
WKH,03IURPUHFHLSWE\WKHVWXG\VLWHXQWLOWKHGHVWUXFWLRQRUUHWXUQRIDOOXQXVHG,037KH
,QYHVWLJDWRUVLVUHVSRQVLEOHIRUHQVXULQJWKDWWKHSDWLHQWKDVUHWXUQHGDOOXQXVHG,03


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI

&RQFRPLWDQWWKHUDS\
$Q\ PHGLFDWLRQ RU YDFFLQH LQFOXGLQJ RYHUWKHFRXQWHU RU SUHVFULSWLRQ PHGLFLQHV YLWDPLQV
DQGRUKHUEDOVXSSOHPHQWVWKDWWKHSDWLHQWLVUHFHLYLQJDWWKHWLPHRIHQUROPHQWRUUHFHLYHVGXULQJ
WKHVWXG\PXVWEHUHFRUGHGDORQJZLWK
x
5HDVRQIRUXVH
x
'DWHVRIDGPLQLVWUDWLRQLQFOXGLQJVWDUWDQGHQGGDWHV
x
'RVDJHLQIRUPDWLRQLQFOXGLQJGRVHDQGIUHTXHQF\
,QYHVWLJDWRUVPD\SUHVFULEHFRQFRPLWDQWPHGLFDWLRQVRUWUHDWPHQWVHJDFHWDPLQRSKHQ
GLSKHQK\GUDPLQHGHHPHGQHFHVVDU\WRSURYLGHDGHTXDWHSURSK\ODFWLFRUVXSSRUWLYHFDUH
H[FHSWIRUWKRVHPHGLFDWLRQVLGHQWLILHGDV³H[FOXGHG´DVOLVWHGEHORZ
x $Q\LQYHVWLJDWLRQDODQWLFDQFHUWKHUDS\
x $Q\FRQFXUUHQWFKHPRWKHUDS\UDGLRWKHUDS\LPPXQRWKHUDS\ELRORJLFRUKRUPRQDO
WKHUDS\IRUFDQFHUWUHDWPHQW&RQFXUUHQWXVHRIKRUPRQHVIRUQRQFDQFHUUHODWHG
FRQGLWLRQVHJLQVXOLQIRUGLDEHWHVDQGKRUPRQHUHSODFHPHQWWKHUDS\LVDFFHSWDEOH
127(/RFDOWUHDWPHQWRILVRODWHGOHVLRQVH[FOXGLQJWDUJHWOHVLRQVIRUSDOOLDWLYH
LQWHQWLVDFFHSWDEOHHJE\ORFDOVXUJHU\RUUDGLRWKHUDS\
x ,PPXQRVXSSUHVVLYH PHGLFDWLRQV LQFOXGLQJ EXW QRW OLPLWHG WR V\VWHPLF
FRUWLFRVWHURLGV DW GRVHV EH\RQG  PJGD\ RI SUHGQLVRQH RU HTXLYDOHQW
PHWKRWUH[DWH D]DWKLRSULQH DQG WXPRXU QHFURVLV IDFWRU DOSKD EORFNHUV 8VH RI
LPPXQRVXSSUHVVLYH PHGLFDWLRQV LQ SDWLHQWV IRU WKH PDQDJHPHQW RI VWXG\ GUXJ
UHODWHG$(VRUWKHLUXVHLQSDWLHQWVZLWKFRQWUDVWDOOHUJLHVLVDFFHSWDEOH,QDGGLWLRQ
XVHRILQKDOHGDQGLQWUDQDVDOFRUWLFRVWHURLGVLVSHUPLWWHG
x /LYHDWWHQXDWHGYDFFLQHVZLWKLQGD\VRIGRVLQJ,QDFWLYDWHGYLUXVHVVXFKDVWKRVH
LQWKHLQIOXHQ]DYDFFLQHDUHSHUPLWWHG

2WKHUFRQFRPLWDQWWUHDWPHQW
2WKHUPHGLFDWLRQRWKHUWKDQWKDWGHVFULEHGDERYHZKLFKLVFRQVLGHUHGQHFHVVDU\IRUWKHSDWLHQW¶V
VDIHW\DQGZHOOEHLQJPD\EHJLYHQDWWKHGLVFUHWLRQRIWKH,QYHVWLJDWRUDQGUHFRUGHGLQWKH
DSSURSULDWHVHFWLRQVRIWKH&DVH5HSRUW)RUP

5HVFXHPHGLFDWLRQ
5HVFXH0HGLFDWLRQLIUHTXLUHGZLOOEHSURYLGHGE\WKHLQYHVWLJDWRUDVSHUWKH6WDQGDUGRI&DUH
7KHGDWHDQGWLPHRIUHVFXHPHGLFDWLRQDGPLQLVWUDWLRQDVZHOODVWKHQDPHDQGGRVDJHUHJLPHQ
RIWKHUHVFXHPHGLFDWLRQZLOOEHUHFRUGHG

'RVHPRGLILFDWLRQ
$OOGRVHPRGLILFDWLRQVVKRXOGEHGRFXPHQWHGZLWKFOHDUUHDVRQLQJDQGGRFXPHQWDWLRQRIWKH
DSSURDFKWDNHQ


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
,Q DGGLWLRQ WKHUH DUH FHUWDLQ FLUFXPVWDQFHV LQ ZKLFK VWXG\ GUXJ VKRXOG EH SHUPDQHQWO\
GLVFRQWLQXHG6HFWLRQ
)ROORZLQJ WKH ILUVW LQIXVLRQ RI VWXG\ GUXJ VXEVHTXHQW DGPLQLVWUDWLRQ RI VWXG\ GUXJ FDQ EH
PRGLILHGEDVHGRQWR[LFLWLHVREVHUYHG$OOWR[LFLWLHVZLOOEHJUDGHGDFFRUGLQJWR&7&$(9HUVLRQ
'RVHUHGXFWLRQVDUHQRWSHUPLWWHG
'RVHPRGLILFDWLRQVZLOOQRWEHUHTXLUHGIRU$(VWKDWDUHFOHDUO\QRWDWWULEXWHGWRVWXG\GUXJVXFK
DVDQDFFLGHQWRUIRUODERUDWRU\DEQRUPDOLWLHVWKDWDUHQRWGHHPHGWREHFOLQLFDOO\VLJQLILFDQW
'RVLQJPD\FRQWLQXHGHVSLWHFRQFXUUHQWYLWLOLJRRIDQ\$(JUDGH%DVHGRQWKHPHFKDQLVPRI
DFWLRQRI'XUYDOXPDEOHDGLQJWR7FHOODFWLYDWLRQDQGSUROLIHUDWLRQWKHUHLVWKHSRVVLELOLW\RI
REVHUYLQJLU$(VLPPXQHUHODWHG$GYHUVH(YHQWVGXULQJWKHFRQGXFWRIWKLVVWXG\3RWHQWLDO
LU$(VPD\EHVLPLODUWRWKRVHVHHQZLWKWKHXVHRILSLOLPXPDEDQGQLYROXPDELQFOXGLQJLPPXQH
PHGLDWHGHQWHURFROLWLVGHUPDWLWLVKHSDWLWLVDQGHQGRFULQRSDWKLHV%UDKPHUHWDO+RGLHW
DO3DWLHQWVVKRXOGEHPRQLWRUHGIRUVLJQVDQGV\PSWRPVRILU$(V,QWKHDEVHQFHRIDQ
DOWHUQDWHDHWLRORJ\HJLQIHFWLRQRU3'VLJQVRUV\PSWRPVRIHQWHURFROLWLVGHUPDWLWLVKHSDWLWLV
DQGHQGRFULQRSDWK\VKRXOGEHFRQVLGHUHGWREHLPPXQHUHODWHG

3RVWWULDO$FFHVV
3DWLHQWVZKRDUHREVHUYHGWRUHFHLYHFOLQLFDOEHQHILWIURPGXUYDOXPDEDWWKHHQGRIZHHNPD\
FRQWLQXHJHWWKHGUXJIUHHRIFRVWSURYLGHGE\$VWUD=HQHFDWRDOOWKHUHVSRQGLQJSDWLHQWVXQWLO
XQDFFHSWDEOHWR[LFLW\GLVHDVHSURJUHVVLRQRUDVSHUWKHGHFLVLRQRIWKHWUHDWLQJSK\VLFLDQ

',6&217,18$7,212)678'<'58*

'LVFRQWLQXDWLRQRIVWXG\WUHDWPHQW
3DWLHQWVPD\EHGLVFRQWLQXHGIURPLQYHVWLJDWLRQDOSURGXFWLQWKHIROORZLQJVLWXDWLRQV
x 3DWLHQW GHFLVLRQ 7KH SDWLHQW LV DW DQ\ WLPH IUHH WR GLVFRQWLQXH WUHDWPHQW ZLWKRXW
SUHMXGLFHWRIXUWKHUWUHDWPHQW
x $GYHUVH(YHQWWKDWLQWKHRSLQLRQRIWKHLQYHVWLJDWRURUWKHVSRQVRUFRQWUDLQGLFDWHV
IXUWKHUGRVLQJ
x 6HYHUH QRQFRPSOLDQFH WR VWXG\ SURWRFRO WKDW LQ WKH RSLQLRQ RI WKH LQYHVWLJDWRU RU
VSRQVRUZDUUDQWVZLWKGUDZDOHJUHIXVDOWRDGKHUHWRVFKHGXOHGYLVLWV
x $Q\$(WKDWPHHWVFULWHULDIRUGLVFRQWLQXDWLRQDVGHILQHGLQ$SSHQGL['
x $Q$(UHODWHGWRVWXG\GUXJWKDWLV*UDGHZLWKWKHH[FHSWLRQRIWR[LFLWLHVWKDWGRQRW
PHHWFULWHULDIRUGLVFRQWLQXDWLRQDVGHILQHG6HFWLRQ
x *UDGHLQIXVLRQUHDFWLRQ
x ,QLWLDWLRQRIDOWHUQDWLYHDQWLFDQFHUWKHUDS\LQFOXGLQJDQRWKHULQYHVWLJDWLRQDODJHQW
x 'LVHDVHSURJUHVVLRQDVSHULQYHVWLJDWRU¶VFOLQLFDODQGLPDJLQJDVVHVVPHQW
x 3UHJQDQF\RULQWHQWWREHFRPHSUHJQDQW
,IWKHSDWLHQWLVGLVFRQWLQXHGIURPVWXG\GUXJWKHSDWLHQWZLOOEHIROORZHGXSXQWLOWKHVWDUWRI
VXEVHTXHQWDQWLFDQFHULQWHUYHQWLRQRUXSWRDGXUDWLRQRIGD\VZKLFKHYHULVHDUOLHU


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI

:LWKGUDZDOIURPWKHVWXG\
$SDWLHQWPD\ZLWKGUDZIURPWKHVWXG\HJZLWKGUDZFRQVHQWDWDQ\WLPHLQYHVWLJDWLRQDO
SURGXFWDQGDVVHVVPHQWVDWKLVKHURZQUHTXHVWZLWKRXWSUHMXGLFHWRIXUWKHUWUHDWPHQW
$SDWLHQWZKRFRQVLGHUVZLWKGUDZLQJIURPWKHVWXG\PXVWEHLQIRUPHGE\WKH,QYHVWLJDWRUWKDW
WKHGD\RIZLWKGUDZDOZLOOEHFRQVLGHUHGDVWKHHQGRIVWXG\SKDVHIRUWKHSDWLHQW+RZHYHUWKH
SDWLHQWZLOOVWLOOKDYHWKHSURYLVLRQRIVSRQWDQHRXV$(UHSRUWLQJ
,IWKHSDWLHQWZLWKGUDZVFRQVHQWIRUGLVFORVXUHRIIXWXUHLQIRUPDWLRQWKHVSRQVRUPD\UHWDLQDQG
FRQWLQXHWRXVHDQ\GDWDFROOHFWHGEHIRUHVXFKDZLWKGUDZDORIFRQVHQW
,IDSDWLHQWZLWKGUDZVIURPWKHVWXG\KHVKHPD\UHTXHVWGHVWUXFWLRQRIDQ\VDPSOHVWDNHQDQG
WKHLQYHVWLJDWRUPXVWGRFXPHQWWKLVLQWKHVLWHVWXG\UHFRUGV
$SDWLHQWZKRZLWKGUDZVFRQVHQWZLOODOZD\VEHDVNHGDERXWWKHUHDVRQVDQGWKHSUHVHQFHRI
DQ\DGYHUVHHYHQWV$(7KH,QYHVWLJDWRUZLOOIROORZXSSDWLHQWVDVPHGLFDOO\LQGLFDWHG
$VWUD=HQHFDRULWVGHOHJDWHZLOOUHTXHVWLQYHVWLJDWRUVWRFROOHFWLQIRUPDWLRQRQSDWLHQWV¶YLWDO
VWDWXV GHDG RU DOLYH GDWH RI GHDWK ZKHQ DSSOLFDEOH DW WKH HQG RI WKH VWXG\ IURP SXEOLFO\
DYDLODEOHVRXUFHVLQDFFRUGDQFHZLWKORFDOUHJXODWLRQV.QRZOHGJHRIWKHYLWDOVWDWXVDWVWXG\
HQGLQDOOSDWLHQWLVFUXFLDOIRUWKHLQWHJULW\RIWKHVWXG\
6HH6R$7DEOHIRUGDWDWREHFROOHFWHGDWWKHWLPHRIVWXG\GLVFRQWLQXDWLRQDQGIROORZXSDQG
IRUDQ\IXUWKHUHYDOXDWLRQVWKDWQHHGWREHFRPSOHWHG

678'<$66(660(176$1'352&('85(6
6WXG\SURFHGXUHVDQGWKHLUWLPLQJDUHVXPPDULVHGLQWKH6R$
7KHLQYHVWLJDWRUZLOOHQVXUHWKDWGDWDDUHUHFRUGHGRQWKHSDSHURUHOHFWURQLF&DVH5HSRUW)RUPV
7KHLQYHVWLJDWRUHQVXUHVWKHDFFXUDF\FRPSOHWHQHVVIRU&5)VHOHFWURQLFRUSDSHULQFOXGH
OHJLELOLW\DQGWLPHOLQHVVRIWKHGDWDUHFRUGHGDQGRIWKHSURYLVLRQRIDQVZHUVWRGDWDTXHULHV
DFFRUGLQJ WR WKH &OLQLFDO 6WXG\ $JUHHPHQW 7KH LQYHVWLJDWRU ZLOO VLJQ WKH FRPSOHWHG
SDSHUHOHFWURQLF &DVH5HSRUW)RUPV $FRS\RIWKHFRPSOHWHGSDSHUHOHFWURQLF &DVH5HSRUW
)RUPVZLOOEHDUFKLYHGDWWKHVWXG\VLWH
,PPHGLDWHVDIHW\FRQFHUQVVKRXOGEHGLVFXVVHGZLWKWKHVSRQVRULPPHGLDWHO\XSRQRFFXUUHQFH
RUDZDUHQHVVWRGHWHUPLQHLIWKHSDWLHQWVKRXOGFRQWLQXHRUGLVFRQWLQXH6WXG\WUHDWPHQW
$GKHUHQFHWRWKHVWXG\GHVLJQUHTXLUHPHQWVLQFOXGLQJWKRVHVSHFLILHGLQWKH6R$LVHVVHQWLDO
DQGUHTXLUHGIRUVWXG\FRQGXFW
$OOVFUHHQLQJHYDOXDWLRQVPXVWEHFRPSOHWHGDQGUHYLHZHGWRFRQILUPWKDWSRWHQWLDOSDWLHQWV
PHHWDOOHOLJLELOLW\FULWHULD7KHLQYHVWLJDWRUZLOOPDLQWDLQDVFUHHQLQJORJWRUHFRUGGHWDLOVRIDOO
SDWLHQWVVFUHHQHGDQGWRFRQILUPHOLJLELOLW\RUUHFRUGUHDVRQVIRUVFUHHQLQJIDLOXUHDVDSSOLFDEOH
3URFHGXUHVFRQGXFWHGDVSDUWRIWKHSDWLHQW¶VURXWLQHFOLQLFDOPDQDJHPHQWHJEORRGFRXQWDQG
REWDLQHGEHIRUHVLJQLQJRIWKH,&)PD\EHXWLOLVHGIRUVFUHHQLQJRUEDVHOLQHSXUSRVHVSURYLGHG


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
WKHSURFHGXUHVPHWWKHSURWRFROVSHFLILHGFULWHULDDQGZHUHSHUIRUPHGZLWKLQWKHWLPHIUDPH
GHILQHGLQWKH6R$
7KHPD[LPXPDPRXQWRIEORRGFROOHFWHGIURPHDFKSDWLHQWZLOOQRWH[FHHGDSSUR[LPDWHO\
P/YLVLW5HSHDWRUXQVFKHGXOHGVDPSOHVPD\EHWDNHQIRUVDIHW\UHDVRQVRUIRUWHFKQLFDOLVVXHV
ZLWKWKHVDPSOHV

(IILFDF\DVVHVVPHQWV

&OLQLFDOVDIHW\ODERUDWRU\DVVHVVPHQWV
6HH7DEOH	IRUWKHOLVWRIFOLQLFDOVDIHW\ODERUDWRU\WHVWVWREHSHUIRUPHGDQGWRWKH6R$IRU
WKHWLPLQJDQGIUHTXHQF\$OOSURWRFROUHTXLUHGODERUDWRU\DVVHVVPHQWVDVGHILQHGLQWKHWDEOH
PXVWEHFRQGXFWHGLQDFFRUGDQFHZLWKWKHODERUDWRU\PDQXDODQGWKH6R$
7KH,QYHVWLJDWRUVKRXOGPDNHDQDVVHVVPHQWRIWKHDYDLODEOHUHVXOWVZLWKUHJDUGWRFOLQLFDOO\
UHOHYDQWDEQRUPDOLWLHV7KHODERUDWRU\UHVXOWVVKRXOGEHVLJQHGDQGGDWHGDQGUHWDLQHGDWFHQWUH
DVVRXUFHGDWDIRUODERUDWRU\YDULDEOHV
)RULQIRUPDWLRQRQKRZ$(VEDVHGRQODERUDWRU\WHVWVVKRXOGEHUHFRUGHGDQGUHSRUWHGVHH
6HFWLRQ
$GGLWLRQDO VDIHW\ VDPSOHV PD\ EH FROOHFWHG LI FOLQLFDOO\ LQGLFDWHG DW WKH GLVFUHWLRQ RI WKH
,QYHVWLJDWRU7KHGDWHWLPHRIFROOHFWLRQDQGUHVXOWVYDOXHVXQLWVDQGUHIHUHQFHUDQJHVZLOOEH
UHFRUGHGRQWKHDSSURSULDWH&5)
7KHFOLQLFDOFKHPLVWU\KDHPDWRORJ\DQGXULQDO\VLVZLOOEHSHUIRUPHGDWDORFDOODERUDWRU\DWRU
QHDUWRWKH,QYHVWLJDWRUVLWH6DPSOHWXEHVDQGVDPSOHVL]HVPD\YDU\GHSHQGLQJRQODERUDWRU\
PHWKRGXVHGDQGURXWLQHSUDFWLFHDWWKHVLWH
7DEOH+DHPDWRORJ\
+DHPDWRFULW
+DHPRJORELQ
%DVRSKLOV
(RVLQRSKLOV
0RQRF\WHV
$EVROXWH1HXWURSKLO&RXQW
3ODWHOHWFRXQW
7RWDO/\PSKRF\WHFRXQWLQFOXGLQJGLIIHUHQWLDO








&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI

7DEOH&OLQLFDOFKHPLVWU\VHUXPRUSODVPD
$OEXPLQ
*OXFRVH
$ONDOLQHSKRVSKDWDVHD
/DFWDWHGHK\GURJHQDVH
$ODQLQHDPLQRWUDQVIHUDVHD
/LSDVHE
$VSDUWDWHDPLQRWUDQVIHUDVHD
0DJQHVLXPE
$P\ODVHE
3RWDVVLXP
%LFDUERQDWH
6RGLXP
&DOFLXP
7RWDOELOLUXELQD
&KORULGH
7RWDOSURWHLQ
&UHDWLQLQHFUHDWLQLQHFOHDUDQFHE
8UHDRUEORRGXUHDQLWURJHQGHSHQGLQJRQORFDOSUDFWLFH
*DPPDJOXWDP\OWUDQVIHUDVH
8ULFDFLGE
76+
8ULQH5RXWLQHDQGPLFURVFRS\
D7HVWVIRUDVSDUWDWHDPLQRWUDQVIHUDVHDODQLQHDPLQRWUDQVIHUDVHDONDOLQHSKRVSKDWDVHDQGWRWDOELOLUXELQ
PXVWEHFRQGXFWHGFRQFXUUHQWO\DQGDVVHVVHGFRQFXUUHQWO\
E&UHDWLQLQHFOHDUDQFHPDJQHVLXPDP\ODVHOLSDVHDQGXULFDFLGWHVWHGDW6FUHHQLQJ'D\XQOHVV
VFUHHQLQJ ODERUDWRU\ DVVHVVPHQWV DUH SHUIRUPHG ZLWKLQ  GD\V SULRU WR 'D\  DQG HYHU\  ZHHNV
WKHUHDIWHU
F*DPPDJOXWDP\OWUDQVIHUDVHWHVWHGDW6FUHHQLQJ'D\DQGDVFOLQLFDOO\LQGLFDWHG&OLQLFDOFKHPLVWU\
DVVHVVPHQWVWREHSHUIRUPHGDWHDFKYLVLWDQGZKHQFOLQLFDOO\LQGLFDWHG
1%$OOSDWLHQWVZLWKDQ$67$/7RUELOLUXELQYDOXHWKHODWWHU[8/1DWWKHWLPHRIWKH
ODVWGRVHRIVWXG\GUXJVKRXOGKDYHDIXUWKHUOLYHUFKHPLVWU\SURILOH$67$/7ELOLUXELQDQG
DONDOLQH SKRVSKDWDVH SHUIRUPHG  GD\V GD\V DIWHU SHUPDQHQW GLVFRQWLQXDWLRQ RI VWXG\
GUXJ
+DHPDWRORJ\DQGFOLQLFDOFKHPLVWU\WHVWVZLOOEHSHUIRUPHGE\WKHKRVSLWDO¶VORFDOODERUDWRU\
$GGLWLRQDODQDO\VHVPD\EHSHUIRUPHGLIFOLQLFDOO\LQGLFDWHG
$Q\FOLQLFDOO\VLJQLILFDQWDEQRUPDOODERUDWRU\YDOXHVVKRXOGEHUHSHDWHGDVFOLQLFDOO\LQGLFDWHG
DQGUHFRUGHGRQWKHH&5)6HH6HFWLRQIRUZKHQDEQRUPDOODERUDWRU\YDOXHVVKRXOGEH
UHSRUWHGDV$(V
$OOSDWLHQWVZKRKDYHDQ\&RPPRQ7R[LFLW\&ULWHULD&7&*UDGHRUODERUDWRU\YDOXHVDW
WKHWLPHRIFRPSOHWLRQRUGLVFRQWLQXDWLRQIURPVWXG\GUXJPXVWKDYHIXUWKHUWHVWVSHUIRUPHG


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
XQWLOWKHODERUDWRU\YDOXHVKDYHUHWXUQHGWR&7&*UDGHRUXQOHVVWKHVHYDOXHVDUHQRWOLNHO\
WRLPSURYHEHFDXVHRIWKHXQGHUO\LQJGLVHDVH

3K\VLFDOH[DPLQDWLRQV
)RUWLPLQJRILQGLYLGXDOPHDVXUHPHQWVUHIHUWRWKHVWXG\VFKHGXOHV7DEOH>6FUHHQLQJDQGWKH
7UHDWPHQW3HULRG@
$ FRPSOHWH SK\VLFDO H[DPLQDWLRQ ZLOO EH SHUIRUPHG DQG ZLOO LQFOXGH DQ DVVHVVPHQW RI WKH
IROORZLQJDVFOLQLFDOO\LQGLFDWHGJHQHUDODSSHDUDQFHUHVSLUDWRU\FDUGLRYDVFXODUDEGRPHQ
VNLQKHDGDQGQHFNLQFOXGLQJHDUVH\HVQRVHDQGWKURDWO\PSKQRGHVWK\URLGPXVFXOR
VNHOHWDOLQFOXGLQJVSLQHDQGH[WUHPLWLHVJHQLWDOUHFWDODQGQHXURORJLFDOV\VWHPV
3HUIRUPDQFHVWDWXVZLOOEHDVVHVVHGXVLQJ:+2SHUIRUPDQFHVWDWXV

9LWDOVLJQV
x
)RUWLPLQJVRIDVVHVVPHQWVUHIHUWRWKHVWXG\SODQVLQ7DEOH6FUHHQLQJDQGWKH
7UHDWPHQW3HULRG
x
3DWLHQWVZLOOEHPRQLWRUHGZLWKDVVHVVPHQWRIYLWDOVLJQV%3SXOVHUHVSLUDWRU\UDWH
WHPSHUDWXUHDQGR[\JHQVDWXUDWLRQDW6FUHHQLQJDQGRQWKHGD\RIHDFKLQIXVLRQDQG
LQ WKH IROORZXS SHULRG 2Q LQIXVLRQ GD\V YLWDO VLJQV ZLOO DOO EH WDNHQ EHIRUH WKH
LQIXVLRQ
x
$GGLWLRQDO PRQLWRULQJ ZLWK DVVHVVPHQW RI YLWDO VLJQV LV DW WKH GLVFUHWLRQ RI WKH
,QYHVWLJDWRUSHUVWDQGDUGFOLQLFDOSUDFWLFHRUDVFOLQLFDOO\LQGLFDWHG
x
$GGLWLRQDOUHFRUGLQJRIYLWDOVLJQVPD\EHFDSWXUHGRQDQXQVFKHGXOHGYLWDOVLJQV
H&5)DQGRQWKHH&5)IRU$(6$(ZKHUHDSSOLFDEOH7KHGDWHDQGWLPHRIFROOHFWLRQ
DQGPHDVXUHPHQWZLOOEHUHFRUGHGRQWKHDSSURSULDWHH&5)
x
7KHGDWHDQGWLPHRIFROOHFWLRQDQGPHDVXUHPHQWZLOOEHUHFRUGHGRQWKHDSSURSULDWH
H&5)
x
7HPSHUDWXUHUHVSLUDWRU\UDWHDQGR[\JHQVDWXUDWLRQ2QLQIXVLRQGD\VWHPSHUDWXUH
UHVSLUDWRU\UDWHDQGR[\JHQVDWXUDWLRQVKRXOGEHFROOHFWHGEHIRUHWKHLQIXVLRQ

(OHFWURFDUGLRJUDPV
&OLQLFDOLQWHUSUHWDWLRQDQGPDQDJHPHQWRISDWLHQWVIRUDOO(&*VZLOOEHGRQHORFDOO\
7KHVDPHPHWKRGRIDVVHVVPHQWVKRXOGEHXVHGWKURXJKRXW(OHFWURFDUGLRJUDPVZLOO
EHUHFRUGHGDWPPVHF5HVWLQJOHDG(&*VZLOOEHUHFRUGHGDWVFUHHQLQJDQGDV
FOLQLFDOO\LQGLFDWHGWKURXJKRXWWKHVWXG\(&*VVKRXOGEHREWDLQHGDIWHUWKHSDWLHQW
KDVEHHQUHVWHGLQDVXSLQHSRVLWLRQIRUDWOHDVWPLQXWHVDQGUHFRUGHGZKLOHWKH
SDWLHQWUHPDLQVLQWKDWSRVLWLRQ,QFDVHRIFOLQLFDOO\VLJQLILFDQW(&*DEQRUPDOLWLHV
LQFOXGLQJD47FYDOXH!PVDGGLWLRQDOOHDG(&*VVKRXOGEHREWDLQHGRYHUD
EULHISHULRGHJPLQXWHVWRFRQILUPWKHILQGLQJ
$OO(&*VVKRXOGEHDVVHVVHGE\WKH,QYHVWLJDWRUDVWRZKHWKHUWKH\DUHFOLQLFDOO\
VLJQLILFDQWO\DEQRUPDOQRWFOLQLFDOO\VLJQLILFDQWO\DEQRUPDO,IWKHUHLVDFOLQLFDOO\


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
VLJQLILFDQWDEQRUPDOILQGLQJWKH,QYHVWLJDWRUZLOOUHFRUGLWDVDQ$(RQWKHH&5)VHH
6HFWLRQ
$W6FUHHQLQJPHDQ47FZLWK%D]HWW¶VFRUUHFWLRQ47F 47¥5PXVWEH
PVHF

:HLJKW
:HLJKWRIWKHSDWLHQWZLOOEHPHDVXUHPHQWDWDOWHUQDWHYLVLWV'RVHFDOFXODWLRQZLOOEHDVSHU
ZHLJKWRIWKHSDWLHQW

&ROOHFWLRQRIDGYHUVHHYHQWV
7KH3ULQFLSDO,QYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKDWDOOVWDIILQYROYHGLQWKHVWXG\DUH
IDPLOLDUZLWKWKHFRQWHQWRIWKLVVHFWLRQ
7KHGHILQLWLRQVRIDQ$(RU6$(FDQEHIRXQGLQ$SSHQGL[%
$(ZLOOEHUHSRUWHGE\WKHSDWLHQWRUZKHQDSSURSULDWHE\DFDUHJLYHUVXUURJDWHRUWKHSDWLHQW
V
OHJDOO\DXWKRUL]HGUHSUHVHQWDWLYH
7KHLQYHVWLJDWRUDQGDQ\GHVLJQHHVDUHUHVSRQVLEOHIRUGHWHFWLQJGRFXPHQWLQJDQGUHFRUGLQJ
HYHQWVWKDWPHHWWKHGHILQLWLRQRIDQ$(RU6$()RULQIRUPDWLRQRQKRZWRIROORZXS$(VVHH
VHFWLRQ

0HWKRGRIGHWHFWLQJ$(VDQG6$(V
&DUHZLOOEHWDNHQQRWWRLQWURGXFHELDVZKHQGHWHFWLQJ$(VDQGRU6$(V2SHQHQGHGDQG
QRQOHDGLQJ YHUEDO TXHVWLRQLQJ RI WKH SDWLHQW LV WKH SUHIHUUHG PHWKRG WR LQTXLUH DERXW
$(RFFXUUHQFHV

7LPHSHULRGDQGIUHTXHQF\IRUFROOHFWLQJ$(DQG6$(LQIRUPDWLRQ
$GYHUVH HYHQWV DQG 6$(V ZLOO EH FROOHFWHG IURP WLPH RI VLJQDWXUH RI LQIRUPHG FRQVHQW
WKURXJKRXWWKHWUHDWPHQWSHULRGZHHNVDQGLQFOXGLQJWKHIROORZXSSHULRGGD\VDIWHUWKH
ODVWGRVHRIVWXG\GUXJLQSDWLHQWVZKRGLVFRQWLQXHEHIRUHZHHNV
,IDSDWLHQWGLVFRQWLQXHVIURPVWXG\GUXJIRUUHDVRQVRWKHUWKDQGLVHDVHSURJUHVVLRQGUXJUHODWHG
6$(VPXVWEHFDSWXUHGXQWLOWKHSDWLHQWLVLQLWLDWHGRQDQDOWHUQDWHLQWHUYHQWLRQRUXSWRGD\V
ZKLFKHYHULVHDUOLHU
$OO6$(VZLOOEHUHFRUGHGDQGUHSRUWHGWRWKHVSRQVRURUGHVLJQHHZLWKLQKRXUVDVLQGLFDWHG
LQ$SSHQGL[%7KHLQYHVWLJDWRUZLOOVXEPLWDQ\XSGDWHG6$(GDWDWRWKHVSRQVRUZLWKLQ
KRXUVRILWEHLQJDYDLODEOH
,QYHVWLJDWRUVDUHQRWREOLJDWHGWRDFWLYHO\VHHN$(RU6$(LQIRUPHUVWXG\SDWLHQWV+RZHYHULI
WKHLQYHVWLJDWRUOHDUQVRIDQ\6$(LQFOXGLQJDGHDWKDWDQ\WLPHDIWHUDSDWLHQW¶VODVWYLVLWDQG
KHVKHFRQVLGHUVWKHHYHQWWREHUHDVRQDEO\UHODWHGWRWKH6WXG\WUHDWPHQWRUVWXG\SDUWLFLSDWLRQ
WKHLQYHVWLJDWRUPD\QRWLI\WKHVSRQVRU
7KHPHWKRGRIUHFRUGLQJHYDOXDWLQJDQGDVVHVVLQJFDXVDOLW\RI$(DQG6$(DQGWKHSURFHGXUHV
IRUFRPSOHWLQJDQGWUDQVPLWWLQJ6$(UHSRUWVDUHSURYLGHGLQ$SSHQGL[%


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI

)ROORZXSRI$(VDQG6$(V
'XULQJWKHFRXUVHRIWKHVWXG\DOO$(VDQG6$(VVKRXOGEHSURDFWLYHO\IROORZHGXSIRUHDFK
SDWLHQW(YHU\HIIRUWVKRXOGEHPDGHWRREWDLQDUHVROXWLRQIRUDOOHYHQWVHYHQLIWKHHYHQWV
FRQWLQXHDIWHUGLVFRQWLQXDWLRQVWXG\FRPSOHWLRQ
$Q\ $(V WKDW DUH XQUHVROYHG DW WKH SDWLHQW¶V ODVW YLVLW LQ WKH VWXG\ DUH IROORZHG XS E\ WKH
LQYHVWLJDWRUIRUDVORQJDVPHGLFDOO\LQGLFDWHGEXWZLWKRXWIXUWKHUUHFRUGLQJLQWKHH&5)
$VWUD=HQHFDUHWDLQVWKHULJKWWRUHTXHVWDGGLWLRQDOLQIRUPDWLRQIRUDQ\SDWLHQWZLWKRQJRLQJ
$(V6$(VDWWKHHQGRIWKHVWXG\LIMXGJHGQHFHVVDU\$GYHUVHHYHQWGDWDFROOHFWLRQ

7KHIROORZLQJYDULDEOHVZLOOEHFROOHFWIRUHDFK$(
x
$(YHUEDWLP
x
7KHGDWHDQGWLPHZKHQWKH$(VWDUWHGDQGVWRSSHG
x
&7&$(JUDGHRUPRUH:KHWKHUWKH$(LVVHULRXVRUQRW
x
,QYHVWLJDWRUFDXVDOLW\UDWLQJDJDLQVWWKH,QYHVWLJDWLRQDO3URGXFWV\HVRUQR
x
$FWLRQWDNHQZLWKUHJDUGWR,QYHVWLJDWLRQDO3URGXFWV
x
6HOHFWWKHDSSURSULDWHDVUHTXLUHG$(FDXVHGSDWLHQW¶VZLWKGUDZDOIURPVWXG\\HV
RUQR
x
2XWFRPH
,QDGGLWLRQWKHIROORZLQJYDULDEOHVZLOOEHFROOHFWHGIRU6$(V
x
'DWH$(PHWFULWHULDIRUVHULRXV$(
x
'DWH,QYHVWLJDWRUEHFDPHDZDUHRIVHULRXV$(
x
$(LVVHULRXVGXHWR
x
'DWHRIKRVSLWDOLVDWLRQ
x
'DWHRIGLVFKDUJH
x
3UREDEOHFDXVHRIGHDWK
x
'DWHRIGHDWK
x
$XWRSV\SHUIRUPHG
x
&DXVDOLW\DVVHVVPHQWLQUHODWLRQWR6WXG\SURFHGXUHV
x
&DXVDOLW\DVVHVVPHQWWRRWKHUPHGLFDWLRQ



&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI

&DXVDOLW\FROOHFWLRQ
7KH ,QYHVWLJDWRU ZLOO DVVHVV FDXVDO UHODWLRQVKLS EHWZHHQ ,QYHVWLJDWLRQDO 3URGXFW DQG HDFK
$GYHUVH (YHQW DQG DQVZHU µ\HV¶ RU µQR¶ WR WKH TXHVWLRQ µ'R \RX FRQVLGHU WKDW WKHUH LV D
UHDVRQDEOHSRVVLELOLW\WKDWWKHHYHQWPD\KDYHEHHQFDXVHGE\WKHLQYHVWLJDWLRQDOSURGXFW"¶
)RU6$(VFDXVDOUHODWLRQVKLSZLOODOVREHDVVHVVHGIRURWKHUPHGLFDWLRQDQGVWXG\SURFHGXUHV
1RWHWKDWIRU6$(VWKDWFRXOGEHDVVRFLDWHGZLWKDQ\VWXG\SURFHGXUHWKHFDXVDOUHODWLRQVKLSLV
LPSOLHGDVµ\HV¶
$JXLGHWRWKHLQWHUSUHWDWLRQRIWKHFDXVDOLW\TXHVWLRQLVIRXQGLQ$SSHQGL[%WRWKH&OLQLFDO
6WXG\3URWRFRO

$GYHUVHHYHQWVEDVHGRQVLJQVDQGV\PSWRPV
$OO$(VVSRQWDQHRXVO\UHSRUWHGE\WKHSDWLHQWRUFDUHSURYLGHURUUHSRUWHGLQUHVSRQVHWRWKH
RSHQTXHVWLRQIURPWKHVWXG\VLWHVWDIIRUUHYHDOHGE\REVHUYDWLRQZLOOEHFROOHFWHGDQGUHFRUGHG
LQWKH&5):KHQFROOHFWLQJ$(VWKHUHFRUGLQJRIGLDJQRVHVLVSUHIHUUHGZKHQSRVVLEOHWR
UHFRUGLQJDOLVWRIVLJQVDQGV\PSWRPV+RZHYHULIDGLDJQRVLVLVNQRZQDQGWKHUHDUHRWKHU
VLJQVRUV\PSWRPVWKDWDUHQRWJHQHUDOO\SDUWRIWKHGLDJQRVLVWKHGLDJQRVLVDQGHDFKVLJQRU
V\PSWRPZLOOEHUHFRUGHGVHSDUDWHO\

$GYHUVHHYHQWVEDVHGRQH[DPLQDWLRQVDQGWHVWV
7KHUHVXOWVIURPWKH&OLQLFDO6WXG\3URWRFROPDQGDWHGODERUDWRU\WHVWVDQGYLWDOVLJQVZLOOEH
VXPPDULVHGLQWKH&65'HWHULRUDWLRQDVFRPSDUHGWREDVHOLQHLQSURWRFROPDQGDWHGODERUDWRU\
YDOXHVYLWDOVLJQVVKRXOGWKHUHIRUHRQO\EHUHSRUWHGDV$(VLIWKH\IXOILODQ\RIWKH6$(FULWHULD
RUDUHWKHUHDVRQIRUGLVFRQWLQXDWLRQRIWUHDWPHQWZLWKWKHLQYHVWLJDWLRQDOSURGXFW
,IGHWHULRUDWLRQLQDODERUDWRU\YDOXHYLWDOVLJQLVDVVRFLDWHGZLWKFOLQLFDOVLJQVDQGV\PSWRPV
WKHVLJQRUV\PSWRPZLOOEHUHSRUWHGDVDQ$(DQGWKHDVVRFLDWHGODERUDWRU\UHVXOWYLWDOVLJQZLOO
EHFRQVLGHUHGDVDGGLWLRQDOLQIRUPDWLRQ:KHUHYHUSRVVLEOHWKHUHSRUWLQJ,QYHVWLJDWRUXVHVWKH
FOLQLFDOUDWKHUWKDQWKHODERUDWRU\WHUPHJDQDHPLDYHUVXVORZKDHPRJORELQYDOXH,QWKH
DEVHQFH RI FOLQLFDO VLJQV RU V\PSWRPV FOLQLFDOO\ UHOHYDQW GHWHULRUDWLRQV LQ QRQPDQGDWHG
SDUDPHWHUVVKRXOGEHUHSRUWHGDV$(V
'HWHULRUDWLRQRIDODERUDWRU\YDOXHZKLFKLVXQHTXLYRFDOO\GXHWRGLVHDVHSURJUHVVLRQVKRXOG
QRWEHUHSRUWHGDVDQ$(6$(
$Q\QHZRUDJJUDYDWHGFOLQLFDOO\UHOHYDQWDEQRUPDOPHGLFDOILQGLQJDWDSK\VLFDOH[DPLQDWLRQ
DVFRPSDUHGZLWKWKHEDVHOLQHDVVHVVPHQWZLOOEHUHSRUWHGDVDQ$(XQOHVVXQHTXLYRFDOO\UHODWHG
WRWKHGLVHDVHXQGHUVWXG\VHHVHFWLRQVDQG
'LVHDVHSURJUHVVLRQFDQEHFRQVLGHUHGDVDZRUVHQLQJRIDSDWLHQW¶VFRQGLWLRQDWWULEXWDEOHWRWKH
GLVHDVH IRU ZKLFK WKH LQYHVWLJDWLRQDO SURGXFW LV EHLQJ VWXGLHG ,W PD\ EH DQ LQFUHDVH LQ WKH
VHYHULW\ RI WKH GLVHDVH XQGHU VWXG\ DQGRU LQFUHDVHV LQ WKH V\PSWRPV RI WKH GLVHDVH 7KH
GHYHORSPHQWRIQHZRUSURJUHVVLRQRIH[LVWLQJPHWDVWDVLVWRWKHSULPDU\FDQFHUXQGHUVWXG\
VKRXOGEHFRQVLGHUHGDVGLVHDVHSURJUHVVLRQDQGQRWDQ$((YHQWVZKLFKDUHXQHTXLYRFDOO\GXH
WRGLVHDVHSURJUHVVLRQVKRXOGQRWEHUHSRUWHGDVDQ$(GXULQJWKHVWXG\
1HZFDQFHUV


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
7KHGHYHORSPHQWRIDQHZFDQFHUVKRXOGEHUHJDUGHGDVDQ6$(1HZSULPDU\FDQFHUVDUHWKRVH
WKDWDUHQRWWKHSULPDU\UHDVRQIRUWKHDGPLQLVWUDWLRQRIWKHVWXG\GUXJDQGKDYHEHHQLGHQWLILHG
DIWHUWKHSDWLHQW¶VLQFOXVLRQLQWKLVVWXG\
'HDWKV
$OOGHDWKVWKDWRFFXUGXULQJWKHVWXG\RUZLWKLQWKHSURWRFROGHILQHGIROORZXSSHULRGDIWHUWKH
DGPLQLVWUDWLRQRIWKHODVWGRVHRIVWXG\GUXJPXVWEHUHSRUWHGDVIROORZV
x 'HDWKFOHDUO\WKHUHVXOWRIGLVHDVHSURJUHVVLRQVKRXOGEHUHSRUWHGWRWKHVWXG\PRQLWRU
DWWKHQH[WPRQLWRULQJYLVLWDQGVKRXOGEHGRFXPHQWHGLQWKHH&5)EXWVKRXOGQRWEH
UHSRUWHGDVD6$(
x :KHUHGHDWKLVQRWGXHRUQRWFOHDUO\GXHWR3'XQGHUVWXG\WKH$(FDXVLQJWKH
GHDWKPXVWEHUHSRUWHGWRWKHVWXG\PRQLWRUDVD6$(ZLWKLQKRXUV7KHUHSRUW
VKRXOGFRQWDLQDFRPPHQWUHJDUGLQJWKHFRLQYROYHPHQWRI3'LIDSSURSULDWHDQG
VKRXOGDVVLJQPDLQDQGFRQWULEXWRU\FDXVHVRIGHDWK
x 'HDWKVZLWKDQXQNQRZQFDXVHVKRXOGDOZD\VEHUHSRUWHGDVD6$($SRVWPRUWHP
PD\EHKHOSIXOLQWKHDVVHVVPHQWRIWKHFDXVHRIGHDWKDQGLISHUIRUPHGDFRS\RIWKH
SRVWPRUWHPUHVXOWVVKRXOGEHIRUZDUGHGWR$VWUD=HQHFD0HG,PPXQH'UXJ6DIHW\
RULWVUHSUHVHQWDWLYHZLWKLQWKHXVXDOWLPHIUDPHV

6DIHW\UHSRUWLQJDQGPHGLFDOPDQDJHPHQW

5HSRUWLQJRIVHULRXVDGYHUVHHYHQWV
$OO6$(VKDYHWREHUHSRUWHGZKHWKHURUQRWFRQVLGHUHGFDXVDOO\UHODWHGWRWKHLQYHVWLJDWLRQDO
SURGXFWRUWRWKHVWXG\SURFHGXUHV$OO6$(VZLOOEHUHFRUGHGLQWKH&5)
,IDQ\6$(RFFXUVLQWKHFRXUVHRIWKHVWXG\WKHQ,QYHVWLJDWRUVRURWKHUVLWHSHUVRQQHOLQIRUP
WKHDSSURSULDWH$VWUD=HQHFDUHSUHVHQWDWLYHVZLWKLQRQHGD\LHLPPHGLDWHO\EXWQRODWHUWKDQ
KRXUVRIZKHQKHRUVKHEHFRPHVDZDUHRILW
7KHGHVLJQDWHG$VWUD=HQHFDUHSUHVHQWDWLYHZRUNVZLWKWKH,QYHVWLJDWRUWRHQVXUHWKDWDOOWKH
QHFHVVDU\LQIRUPDWLRQLVSURYLGHGWRWKH$VWUD=HQHFD3DWLHQW6DIHW\GDWDHQWU\VLWHZLWKLQ
FDOHQGDUGD\RILQLWLDOUHFHLSWIRUIDWDODQGOLIHWKUHDWHQLQJHYHQWVDQGZLWKLQFDOHQGDUGD\V
RILQLWLDOUHFHLSWIRUDOORWKHU6$(V
)RUIDWDORUOLIHWKUHDWHQLQJDGYHUVHHYHQWVZKHUHLPSRUWDQWRUUHOHYDQWLQIRUPDWLRQLVPLVVLQJ
DFWLYH IROORZXS LV XQGHUWDNHQ LPPHGLDWHO\  ,QYHVWLJDWRUV RU RWKHU VLWH SHUVRQQHO LQIRUP
$VWUD=HQHFDUHSUHVHQWDWLYHVRIDQ\IROORZXSLQIRUPDWLRQRQDSUHYLRXVO\UHSRUWHG6$(ZLWKLQ
RQHFDOHQGDUGD\LHLPPHGLDWHO\EXWQRODWHUWKDQKRXUVRIZKHQKHRUVKHEHFRPHVDZDUH
RILW
2QFHWKH,QYHVWLJDWRUVRURWKHUVLWHSHUVRQQHOLQGLFDWHDQ$(LVVHULRXVLQWKH('&V\VWHPDQ
DXWRPDWHGHPDLODOHUWLVVHQWWRWKHGHVLJQDWHG$VWUD=HQHFDUHSUHVHQWDWLYH
,IWKH('&V\VWHPLVQRWDYDLODEOHWKHQWKH,QYHVWLJDWRURURWKHUVWXG\VLWHVWDIIUHSRUWVD6$(
WRWKHDSSURSULDWH$VWUD=HQHFDUHSUHVHQWDWLYHE\WHOHSKRQH
7KH$VWUD=HQHFDUHSUHVHQWDWLYHZLOODGYLVHWKH,QYHVWLJDWRUVWXG\VLWHVWDIIKRZWRSURFHHG


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
,QYHVWLJDWRUV RU RWKHU VLWH SHUVRQQHO VHQG UHOHYDQW &5) PRGXOHV E\ ID[ WR WKH GHVLJQDWHG
$VWUD=HQHFDUHSUHVHQWDWLYH
)RUIXUWKHUJXLGDQFHRQWKHGHILQLWLRQRID6$(VHH$SSHQGL[%RIWKH&OLQLFDO6WXG\3URWRFRO

3UHJQDQF\
$OOSUHJQDQFLHVDQGRXWFRPHVRISUHJQDQF\VKRXOGEHUHSRUWHGWR$VWUD=HQHFDH[FHSWIRU
x
,IWKHSUHJQDQF\LVGLVFRYHUHGEHIRUHWKHVWXG\SDWLHQWKDVUHFHLYHGDQ\VWXG\GUXJ
x
3UHJQDQFLHVLQWKHSDUWQHURIPDOHSDWLHQWV
,IDSUHJQDQF\LVUHSRUWHGWKHLQYHVWLJDWRUVKRXOGLQIRUPWKHVSRQVRUZLWKLQKRXUVRI
OHDUQLQJRIWKHSUHJQDQF\
$EQRUPDOSUHJQDQF\RXWFRPHVHJVSRQWDQHRXVDERUWLRQIRHWDOGHDWKVWLOOELUWKFRQJHQLWDO
DQRPDOLHVHFWRSLFSUHJQDQF\DUHFRQVLGHUHG6$(V

0DWHUQDOH[SRVXUH
,IDQ\SUHJQDQF\RFFXUVLQFRXUVHRIWKHVWXG\WKHQWKH,QYHVWLJDWRURURWKHUVLWHSHUVRQQHO
LQIRUPVWKHDSSURSULDWH$VWUD=HQHFDUHSUHVHQWDWLYHVZLWKLQGD\LHLPPHGLDWHO\EXWQRODWHU
WKDQKRXUVRIZKHQKHRUVKHEHFRPHVDZDUHRILW
7KHGHVLJQDWHG$VWUD=HQHFDUHSUHVHQWDWLYHZRUNVZLWKWKH,QYHVWLJDWRUWRHQVXUHWKDWDOOUHOHYDQW
LQIRUPDWLRQLVSURYLGHGWRWKH$VWUD=HQHFD3DWLHQW6DIHW\GDWDHQWU\VLWHZLWKLQRUFDOHQGDU
GD\V IRU 6$(V VHH 6HFWLRQ  DQG ZLWKLQ  GD\V IRU DOO RWKHU SUHJQDQFLHV7KH VDPH
WLPHOLQHVDSSO\ZKHQRXWFRPHLQIRUPDWLRQLVDYDLODEOH

2YHUGRVH
8VHRIGXUYDOXPDELQGRVHVLQH[FHVVRIWKDWVSHFLILHGLQWKHSURWRFROLVFRQVLGHUHGWREHDQ
RYHUGRVH7KHUHLVFXUUHQWO\QRVSHFLILFWUHDWPHQWLQWKHHYHQWRIRYHUGRVHRIGXUYDOXPDEDQG
SRVVLEOHV\PSWRPVRIRYHUGRVHDUHQRWHVWDEOLVKHG
x $Q RYHUGRVH ZLWK DVVRFLDWHG $(V LV UHFRUGHG DV WKH $( GLDJQRVLVV\PSWRPV RQ WKH
UHOHYDQW$(PRGXOHVLQWKHH&5)DQGRQWKH2YHUGRVH&DVH5HSRUW)RUPPRGXOH
x $QRYHUGRVHZLWKRXWDVVRFLDWHGV\PSWRPVLVRQO\UHSRUWHGRQWKH2YHUGRVH&5)PRGXOH
,I DQ RYHUGRVH RQ DQ $VWUD=HQHFD VWXG\ GUXJ RFFXUV LQ WKH FRXUVH RI WKH VWXG\ WKHQ WKH
,QYHVWLJDWRURURWKHUVLWHSHUVRQQHOLQIRUPDSSURSULDWH$VWUD=HQHFDUHSUHVHQWDWLYHVLPPHGLDWHO\
RUQRODWHUWKDQKRXUVRIZKHQKHRUVKHEHFRPHVDZDUHRILW
7KHGHVLJQDWHG$VWUD=HQHFDUHSUHVHQWDWLYHZRUNVZLWKWKH,QYHVWLJDWRUWRHQVXUHWKDWDOOUHOHYDQW
LQIRUPDWLRQLVSURYLGHGWRWKH$VWUD=HQHFD3DWLHQW6DIHW\GDWDHQWU\VLWH
)RURYHUGRVHVDVVRFLDWHGZLWKD6$(WKHVWDQGDUGUHSRUWLQJWLPHOLQHVDSSO\VHH6HFWLRQ
)RURWKHURYHUGRVHVUHSRUWLQJPXVWRFFXUZLWKLQGD\V


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI

67$7,67,&$/&216,'(5$7,216

6WDWLVWLFDOK\SRWKHVHV
1RIRUPDOK\SRWKHVLVWHVWLQJZLOOEHFRQGXFWHG

6DPSOHVL]HGHWHUPLQDWLRQ
7KHSULPDU\HQGSRLQWRIWKHWULDOLVWRGHPRQVWUDWHWKHVDIHW\SURILOHRIGXUYDOXPDELQURXWLQH
FOLQLFDOSUDFWLFHDVDVVHVVHGE\WKHLQFLGHQFHRIDGYHUVHHYHQWV$(V6HULRXVDQG1RQVHULRXV
$(VREVHUYHGGXULQJWULDO
7KHVWXG\LVLQWHQGHGWRSURYLGHLQIRUPDWLRQUHJDUGLQJWKHVDIHW\SURILOHIRUSDWLHQWVLQ,QGLD
DQGZLOOFRQWULEXWHDGGLWLRQDOLQIRUPDWLRQWRWKHRYHUDOOVDIHW\SURILOHRIGXUYDOXPDE'XHWRWKH
VPDOOVDPSOHVL]HWKLVVWXG\VKRXOGQRWEHGLUHFWO\FRPSDUHGWRWKHGDWDIURPDQ\RWKHUFRXQWU\
,QWKLVVWXG\ZHH[SHFWWRUHFUXLWSDWLHQWVIURP6WDJH,,,XQUHVHFWDEOH16&/&SDWLHQWVDV
SHUWKH,QGLDQ+$DSSURYHGLQGLFDWLRQWRVDWLVI\WKH,PILQ]L0$FRQGLWLRQDODSSURYDO

3RSXODWLRQVIRUDQDO\VHV
)RUSXUSRVHVRIDQDO\VLVWKHIROORZLQJSRSXODWLRQVDUHGHILQHG
3RSXODWLRQ
'HVFULSWLRQ
(QUROOHG
$OOSDWLHQWVZKRVLJQWKH,&)
6DIHW\DQDO\VLVVHW
$OOSDWLHQWVDVVLJQHGWR6WXG\WUHDWPHQWDQGZKRWDNHDWOHDVWGRVH
RI,03


6WDWLVWLFDODQDO\VHV
$QDO\VHVZLOOEHSHUIRUPHGE\$VWUD=HQHFDRULWVUHSUHVHQWDWLYHV$FRPSUHKHQVLYHVWDWLVWLFDO
DQDO\VLVSODQZLOOEHGHYHORSHGDQGILQDOLVHGEHIRUHGDWDEDVHORFNDQGZLOOGHVFULEHWKHSDWLHQW
SRSXODWLRQVWREHLQFOXGHGLQWKHDQDO\VHVDQGSURFHGXUHVIRUDFFRXQWLQJIRUPLVVLQJXQXVHG
DQGVSXULRXVGDWD7KLVVHFWLRQLVDVXPPDU\RIWKHSODQQHGVWDWLVWLFDODQDO\VHVRIWKHSULPDU\
DQGVHFRQGDU\HQGSRLQWV$Q\GHYLDWLRQVIURPWKLVSODQZLOOEHUHSRUWHGLQWKHFOLQLFDOVWXG\
UHSRUW


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI

5()(5(1&(6
)'$*XLGDQFHIRU,QGXVWU\LVVXHG-XO\µ'UXJLQGXFHGOLYHULQMXU\3UHPDUNHWLQJFOLQLFDO
HYDOXDWLRQ¶
$JDUZDO-3+RWZDQL&3UDEKDVK.0XQVKL$0LVUD60DWKHZ$HWDO2SWLPL]LQJWUHDWPHQW
DQGDQDO\VLVRISURJQRVWLFIDFWRUVIRUORFDOO\DGYDQFHGQRQVPDOOFHOOOXQJFDQFHULQUHVRXUFH
OLPLWHGSRSXODWLRQ,QGLDQ-&DQFHU-DQ
%DEXUDR$1DUD\DQVZDP\+&OLQLFR3DWKRORJLFDO3URILOHDQG+DHPDWRORJLFDO$EQRUPDOLWLHV
$VVRFLDWHG ZLWK /XQJ &DQFHU LQ %DQJDORUH ,QGLD $VLDQ 3DF - &DQFHU 3UHY  -DQ
±
%DGZH5'¶&UX]$%XGUXNNDU$HGLWRUV7UHDWPHQWRI$OJRULWKPVLQ&DQFHUSGI>,QWHUQHW@
7DWD 0HPRULDO
&HQWUH 0XPEDL  >FLWHG  )HE @ $YDLODEOH IURP
KWWSVWPFJRYLQWPK3')7UHDWPHQWRI$OJRULWKPVSGI
%D\PDQ 1 %ODFNKDOO ) 0F&ORVNH\ 3 7D\ORU 3 )DLYUH)LQQ & +RZ FDQ ZH RSWLPLVH
FRQFXUUHQWFKHPRUDGLRWKHUDS\IRULQRSHUDEOHVWDJH,,,QRQVPDOOFHOOOXQJFDQFHU"/XQJ&DQFHU
$PVW1HWK)HE±
%ODQN&.XEDOO-9RHONO6:LHQGO+%HFNHU%:DOWHU%HWDO%ORFNDGHRI3'/%+
DXJPHQWVKXPDQWXPRUVSHFLILF7FHOOUHVSRQVHVLQYLWUR,QW-&DQFHU-XO±

)HLQVWHLQ$56RVLQ'0:HOOV&.7KH:LOO5RJHUVSKHQRPHQRQ6WDJHPLJUDWLRQDQGQHZ
GLDJQRVWLFWHFKQLTXHVDVDVRXUFHRIPLVOHDGLQJVWDWLVWLFVIRUVXUYLYDOLQFDQFHU1(QJO-0HG
-XQ±
)HUOD\-6RHUMRPDWDUDP,'LNVKLW5(VHU60DWKHUV&5HEHOR0HWDO&DQFHULQFLGHQFHDQG
PRUWDOLW\ZRUOGZLGHVRXUFHVPHWKRGVDQGPDMRUSDWWHUQVLQ*/2%2&$1,QW-&DQFHU
0DU(
-LZQDQL 6 /DVNDU 6* -RVKL $ HGLWRUV (YLGHQFH%DVHG PDQJHPHQW RI &DQFHUV LQ ,QGLD
*XLGHOLQHVIRU/XQJDQG(VRSKDJRJDVWULF&DQFHUV>,QWHUQHW@7DWD0HPRULDO&HQWUH0XPEDL
>FLWHG)HE@$YDLODEOHIURPKWWSVWPFJRYLQWPK3')/XQJ*DVWULFSGI
.DXU+6HKJDO,6%DO$*XSWD1%HKHUD''DV$HWDO(YROYLQJHSLGHPLRORJ\RIOXQJ
FDQFHULQ,QGLD5HGXFLQJQRQVPDOOFHOOOXQJFDQFHUQRWRWKHUZLVHVSHFLILHGDQGTXDQWLI\LQJ
WREDFFRVPRNHH[SRVXUHDUHWKHNH\,QGLDQ-&DQFHU-DQ
.HHJDQ 3 6XSSOHPHQW $SSURYDO >,QWHUQHW@  >FLWHG  )HE @ $YDLODEOH IURP
KWWSVZZZDFFHVVGDWDIGDJRYGUXJVDWIGDBGRFVDSSOHWWHU2ULJVOWUSGI
.HLU0(%XWWH0-)UHHPDQ*-6KDUSH$+3'DQGLWVOLJDQGVLQWROHUDQFHDQGLPPXQLW\
$QQX5HY,PPXQRO±
0DOLN360DOLN$'HR690RKDQ$0RKDQWL%.5DLQD98QGHUXWLOL]DWLRQRIFXUDWLYH
WUHDWPHQWDPRQJSDWLHQWVZLWKQRQVPDOOFHOOOXQJFDQFHUH[SHULHQFHIURPDWHUWLDU\FDUHFHQWUH
LQ,QGLD$VLDQ3DF-&DQFHU3UHY$3-&3±


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
0DOLN366KDUPD0&0RKDQWL%.6KXNOD1.'HR60RKDQ$HWDO&OLQLFRSDWKRORJLFDO
SURILOHRIOXQJFDQFHUDW$,,06 DFKDQJLQJSDUDGLJP LQ ,QGLD $VLDQ3DF-&DQFHU3UHY
$3-&3±
0DQGDO6.6LQJK776KDUPD7'$PULWKDOLQJDP9&OLQLFRSDWKRORJ\RIOXQJFDQFHULQD
UHJLRQDO FDQFHU FHQWHU LQ 1RUWKHDVWHUQ ,QGLD $VLDQ 3DF - &DQFHU 3UHY $3-&3
±
0LQLVWU\RI+HDOWK	)DPLO\:HOIDUH*RYHUQPHQWRI,QGLD7KH'UXJVDQG&RVPHWLFV5XOHV

>,QWHUQHW@
'HF


$YDLODEOH
IURP
KWWSFGVFRQLFLQZULWHUHDGGDWD'UXJV	&RVPHWLF$FWSGI
0RKDQ $ /DWLIL $1 *XOHULD 5 ,QFUHDVLQJ LQFLGHQFH RI DGHQRFDUFLQRPD OXQJ LQ ,QGLD
)ROORZLQJWKHJOREDOWUHQG",QGLDQ-&DQFHU-DQ
0XUDOL$15DGKDNULVKQDQ9*DQHVDQ765DMHQGUDQDWK5*DQHVDQ36HOYDOX[P\*HWDO
2XWFRPHVLQ/XQJ&DQFHU<HDU([SHULHQFH)URPD7HUWLDU\&DQFHU&HQWHULQ,QGLD-*ORE
2QFRO-DQ±
1DWLRQDO &DQFHU 5HJLVWU\ 3URJUDPPH &RQVROLGDWHG 5HSRUW RI +RVSLWDO %DVHG &DQFHU
5HJLVWULHVௗ>,QWHUQHW@%DQJDORUH,QGLD,QGLDQ&RXQFLORI0HGLFDO5HVHDUFK
6HS
$YDLODEOH
IURP
KWWSZZZQFUSLQGLDRUJ$//B1&53B5(32576+%&5B5(3257BB
1DWLRQDO&DQFHU5HJLVWU\3URJUDPPH7UHQGVRYHUWLPHIRUDOOVLWHVDQGRQVHOHFWHGVLWHVRI
FDQFHU	SURMHFWLRQRIEXUGHQRIFDQFHU%HQJDOXUX,QGLD,QGLDQ&RXQFLORI0HGLFDO5HVHDUFK
D0DU5HSRUW1R7KUHH<HDU5HSRUWRI3RSXODWLRQ%DVHG&DQFHU5HJLVWULHV
1DWLRQDO &DQFHU 5HJLVWU\ 3URJUDPPH &RQVROLGDWHG 5HSRUW RI +RVSLWDO %DVHG &DQFHU
5HJLVWULHVௗ>,QWHUQHW@%DQJDORUH,QGLD,QGLDQ&RXQFLORI0HGLFDO5HVHDUFKE
0DU
$YDLODEOH
IURP
KWWSZZZQFUSLQGLDRUJ$//B1&53B5(32576+%&5B5(3257BB
1DWLRQDO&RPSUHKHQVLYH&DQFHU1HWZRUN1&&1*XLGHOLQHV1RQ6PDOO&HOO/XQJ&DQFHU
9HUVLRQ

>,QWHUQHW@

>FLWHG

)HE
@
$YDLODEOH
IURP
KWWSVZZZQFFQRUJSURIHVVLRQDOVSK\VLFLDQBJOVSGIQVFOSGI
1RURQKD9'LNVKLW55DXW1-RVKL$3UDPHVK&6*HRUJH.HWDO(SLGHPLRORJ\RIOXQJ
FDQFHULQ,QGLD)RFXVRQWKHGLIIHUHQFHVEHWZHHQQRQVPRNHUVDQGVPRNHUV$VLQJOHFHQWUH
H[SHULHQFH,QGLDQ-&DQFHU-DQ
2ND]DNL 7 +RQMR 7 3' DQG 3' OLJDQGV IURP GLVFRYHU\ WR FOLQLFDO DSSOLFDWLRQ ,QW
,PPXQRO-XO±
3D]GXU 5 %/$ $SSURYDO >,QWHUQHW@  >FLWHG  )HE @ $YDLODEOH IURP
KWWSVZZZDFFHVVGDWDIGDJRYGUXJVDWIGDBGRFVDSSOHWWHU2ULJVOWUSGI
5DMDSSD6*XQGHWL67DOOXUL05'LJXPDUWL5&KHPRWKHUDS\IRUDGYDQFHGOXQJFDQFHU$
\HDUH[SHULHQFH,QGLDQ-&DQFHU-DQ


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
6LQJK1$JJDUZDO$1*XSWD'%HKHUD'-LQGDO6.4XDQWLILHGVPRNLQJVWDWXVDQGQRQ
VPDOOFHOOOXQJFDQFHUVWDJHDWSUHVHQWDWLRQ$QDO\VLVRID1RUWK,QGLDQFRKRUWDQGDV\VWHPDWLF
UHYLHZRIOLWHUDWXUH-7KRUDF'LV-DQ±
6WHZDUW50RUURZ0+DPPRQG6$0XOJUHZ.0DUFXV'3RRQ(HWDO,GHQWLILFDWLRQDQG
&KDUDFWHUL]DWLRQ RI 0(', DQ $QWDJRQLVWLF $QWL3'/ 0RQRFORQDO $QWLERG\ &DQFHU
,PPXQRO5HV6HS±
6XEUDPDQLDQ-9HOFKHWL9*DR)*RYLQGDQ53UHVHQWDWLRQDQG6WDJH6SHFLILF2XWFRPHVRI
/LIHORQJ1HYHUVPRNHUVZLWK1RQVPDOO&HOO/XQJ&DQFHU16&/&-7KRUDF2QFRO
6HS±
7LZDQD06/HH+16DLQL69HUPD6.*XSWD0*XSWD0HWDO2XWFRPHVRISDWLHQWVZLWK
XQUHVHFWHGVWDJH,,,DQGVWDJH,9QRQVPDOOFHOOOXQJFDQFHU	$VLQJOHLQVWLWXWLRQH[SHULHQFH
/XQJ,QGLD-DQ±



&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI

6833257,1*'2&80(17$7,21$1'23(5$7,21$/
&216,'(5$7,216
Appendix A 5HJXODWRU\HWKLFDODQGVWXG\RYHUVLJKWFRQVLGHUDWLRQV
A 1
5HJXODWRU\DQGHWKLFDOFRQVLGHUDWLRQV
7KLVVWXG\ZLOOEHFRQGXFWHGLQDFFRUGDQFHZLWKWKHSURWRFRODQGZLWKWKHIROORZLQJ
x
&RQVHQVXV HWKLFDO SULQFLSOHV GHULYHG IURP LQWHUQDWLRQDO JXLGHOLQHV LQFOXGLQJ WKH
'HFODUDWLRQ RI +HOVLQNL DQG &RXQFLO IRU ,QWHUQDWLRQDO 2UJDQL]DWLRQV RI 0HGLFDO
6FLHQFHV&,206,QWHUQDWLRQDO(WKLFDO*XLGHOLQHV
x
$SSOLFDEOH,&+*RRG&OLQLFDO3UDFWLFH*&3*XLGHOLQHV
x
$SSOLFDEOHODZVDQGUHJXODWLRQV
7KHSURWRFROSURWRFRODPHQGPHQWV,&),QYHVWLJDWRU%URFKXUHDQGRWKHUUHOHYDQWGRFXPHQWV
HJDGYHUWLVHPHQWVPXVWEHVXEPLWWHGWRDQ,5%,(&E\WKHLQYHVWLJDWRUDQGUHYLHZHGDQG
DSSURYHGE\WKH,5%,(&EHIRUHWKHVWXG\LVLQLWLDWHG
$Q\ DPHQGPHQWV WR WKH SURWRFRO ZLOO UHTXLUH ,5%,(& DSSURYDO EHIRUH LPSOHPHQWDWLRQ RI
FKDQJHVPDGHWRWKHVWXG\GHVLJQH[FHSWIRUFKDQJHVQHFHVVDU\WRHOLPLQDWHDQLPPHGLDWHKD]DUG
WRVWXG\SDWLHQWV
7KHLQYHVWLJDWRUZLOOEHUHVSRQVLEOHIRUWKHIROORZLQJ
x
3URYLGLQJZULWWHQVXPPDULHVRIWKHVWDWXVRIWKHVWXG\WRWKH,5%,(&DQQXDOO\RU
PRUH IUHTXHQWO\ LQ DFFRUGDQFH ZLWK WKH UHTXLUHPHQWV SROLFLHV DQG SURFHGXUHV
HVWDEOLVKHGE\WKH,5%,(&
x
1RWLI\LQJWKH,5%,(&RI6$(VRURWKHUVLJQLILFDQWVDIHW\ILQGLQJVDVUHTXLUHGE\
,5%,(&SURFHGXUHV
x
3URYLGLQJ RYHUVLJKW RI WKH FRQGXFW RI WKH VWXG\ DW WKH VLWH DQG DGKHUHQFH WR
UHTXLUHPHQWVRI&)5,&+JXLGHOLQHVWKH,5%,(&(XURSHDQUHJXODWLRQ
IRUFOLQLFDOVWXGLHVLIDSSOLFDEOHDQGDOORWKHUDSSOLFDEOHORFDOUHJXODWLRQV
7KHVWXG\ZLOOEHSHUIRUPHGLQDFFRUGDQFHZLWKWKH$VWUD=HQHFDSROLF\RQ%LRHWKLFVDQG+XPDQ
%LRORJLFDO6DPSOHV
A 2
)LQDQFLDOGLVFORVXUH
,QYHVWLJDWRUVDQGVXELQYHVWLJDWRUVZLOOSURYLGHWKHVSRQVRUZLWKVXIILFLHQWDFFXUDWHILQDQFLDO
LQIRUPDWLRQ DV UHTXHVWHG WR DOORZ WKH VSRQVRU WR VXEPLW FRPSOHWH DQG DFFXUDWH ILQDQFLDO
FHUWLILFDWLRQRUGLVFORVXUHVWDWHPHQWVWRWKHDSSURSULDWHUHJXODWRU\DXWKRULWLHV,QYHVWLJDWRUVDUH
UHVSRQVLEOHIRUSURYLGLQJLQIRUPDWLRQRQILQDQFLDOLQWHUHVWVGXULQJWKHFRXUVHRIWKHVWXG\DQG
IRU\HDUDIWHUFRPSOHWLRQRIWKHVWXG\
A 3
,QIRUPHGFRQVHQWSURFHVV


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
7KHLQYHVWLJDWRURUKLVKHUUHSUHVHQWDWLYHZLOOH[SODLQWKHQDWXUHRIWKHVWXG\WRWKHSDWLHQWRU
KLVKHUOHJDOO\DXWKRULVHGUHSUHVHQWDWLYHDQGDQVZHUDOOTXHVWLRQVUHJDUGLQJWKHVWXG\
3DWLHQWVPXVWEHLQIRUPHGWKDWWKHLUSDUWLFLSDWLRQLVYROXQWDU\3DWLHQWVRUWKHLUOHJDOO\DXWKRULVHG
UHSUHVHQWDWLYH ZLOO EH UHTXLUHG WR VLJQ D VWDWHPHQW RI LQIRUPHG FRQVHQW WKDW PHHWV WKH
UHTXLUHPHQWVRI&)5ORFDOUHJXODWLRQV,&+*&3JXLGHOLQHVDQG1HZ'UXJ	&OLQLFDO
7ULDO5XOHVZKHUHDSSOLFDEOHDQGWKH,5%,(&RUVWXG\FHQWUH
7KHPHGLFDOUHFRUGPXVWLQFOXGHDVWDWHPHQWWKDWZULWWHQLQIRUPHGFRQVHQWZDVREWDLQHGEHIRUH
WKHSDWLHQWZDVHQUROOHGLQWKHVWXG\DQGWKHGDWHDQGWLPHWKHZULWWHQFRQVHQWZDVREWDLQHG7KH
DXWKRULVHGSHUVRQREWDLQLQJWKHLQIRUPHGFRQVHQWPXVWDOVRVLJQWKH,&)
3DWLHQWVPXVWEHUHFRQVHQWHGWRWKHPRVWFXUUHQWYHUVLRQRIWKH,&)VGXULQJWKHLUSDUWLFLSDWLRQ
LQWKHVWXG\
$ FRS\ RI WKH ,&)V PXVW EH SURYLGHG WR WKH SDWLHQW RU WKH SDWLHQW¶V OHJDOO\ DXWKRULVHG
UHSUHVHQWDWLYH
A 4
'DWDSURWHFWLRQ
(DFKSDWLHQWZLOOEHDVVLJQHGDXQLTXHLGHQWLILHUE\WKHVSRQVRU$Q\SDWLHQWUHFRUGVRUGDWDVHWV
WUDQVIHUUHGWRWKHVSRQVRUZLOOFRQWDLQRQO\WKHLGHQWLILHUSDWLHQWQDPHVRUDQ\LQIRUPDWLRQZKLFK
ZRXOGPDNHWKHSDWLHQWLGHQWLILDEOHZLOOQRWEHWUDQVIHUUHG
7KHSDWLHQWPXVWEHLQIRUPHGWKDWKLVKHUSHUVRQDOVWXG\UHODWHGGDWDZLOOEHXVHGE\WKHVSRQVRU
LQDFFRUGDQFHZLWKORFDOGDWDSURWHFWLRQODZ7KHOHYHORIGLVFORVXUHPXVWDOVREHH[SODLQHGWR
WKHSDWLHQW
7KHSDWLHQWPXVWEHLQIRUPHGWKDWKLVKHUPHGLFDOUHFRUGVPD\EHH[DPLQHGE\&OLQLFDO4XDOLW\
$VVXUDQFH DXGLWRUV RU RWKHU DXWKRULVHG SHUVRQQHO DSSRLQWHG E\ WKH VSRQVRU E\ DSSURSULDWH
,5%,(&PHPEHUVDQGE\LQVSHFWRUVIURPUHJXODWRU\DXWKRULWLHV
A 5
&RPPLWWHHVVWUXFWXUH
7KHVDIHW\RIDOO$VWUD=HQHFDFOLQLFDO VWXGLHVLVFORVHO\PRQLWRUHGRQDQRQJRLQJEDVLVE\
$VWUD=HQHFD UHSUHVHQWDWLYHV LQ FRQVXOWDWLRQ ZLWK 3DWLHQW 6DIHW\  ,VVXHV LGHQWLILHG ZLOO EH
DGGUHVVHGIRULQVWDQFHWKLVFRXOGLQYROYHDPHQGPHQWVWRWKH&OLQLFDO6WXG\3URWRFRODQGOHWWHUV
WR,QYHVWLJDWRUV
A 6
'LVVHPLQDWLRQRIFOLQLFDOVWXG\GDWD
$ GHVFULSWLRQ RI WKLV FOLQLFDO WULDO ZLOO EH DYDLODEOH RQ KWWSDVWUD]HQHFDFOLQLFDOWULDOVFRP
KWWSZZZFOLQLFDOWULDOVJRYDQG&75,KWWSFWULQLFLQ&OLQLFDOWULDOVDVZLOOWKHVXPPDU\RI
WKHVWXG\UHVXOWVZKHQWKH\DUHDYDLODEOH7KHFOLQLFDOWULDOVXPPDU\RIVWXG\UHVXOWVPD\DOVREH
DYDLODEOHRQRWKHUZHEVLWHVDFFRUGLQJWRWKHUHJXODWLRQVRI,QGLDLQZKLFKWKHVWXG\LVFRQGXFWHG
A 7
'DWDTXDOLW\DVVXUDQFH
$OOSDWLHQWGDWDUHODWLQJWRWKHVWXG\ZLOOEHUHFRUGHGRQHOHFWURQLF&5)XQOHVVWUDQVPLWWHGWRWKH
VSRQVRURUGHVLJQHH HOHFWURQLFDOO\HJODERUDWRU\ GDWD 7KHLQYHVWLJDWRULV UHVSRQVLEOH IRU


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
YHULI\LQJWKDWGDWDHQWULHVDUHDFFXUDWHDQGFRUUHFWE\SK\VLFDOO\RUHOHFWURQLFDOO\VLJQLQJWKH
&5)
7KH LQYHVWLJDWRU PXVW PDLQWDLQ DFFXUDWH GRFXPHQWDWLRQ VRXUFH GDWD WKDW VXSSRUWV WKH
LQIRUPDWLRQHQWHUHGLQWKHH&5)
7KHLQYHVWLJDWRUPXVWSHUPLWVWXG\UHODWHGPRQLWRULQJDXGLWV,5%,(&UHYLHZDQGUHJXODWRU\
DJHQF\LQVSHFWLRQVDQGSURYLGHGLUHFWDFFHVVWRVRXUFHGDWDGRFXPHQWV
7KHVSRQVRURUGHVLJQHHLVUHVSRQVLEOHIRUWKHGDWDPDQDJHPHQWRIWKLVVWXG\LQFOXGLQJTXDOLW\
FKHFNLQJRIWKHGDWD
6WXG\PRQLWRUVZLOOSHUIRUPRQJRLQJVRXUFHGDWDYHULILFDWLRQWRFRQILUPWKDWGDWDHQWHUHGLQWR
WKH &5) E\ DXWKRULVHG VLWH SHUVRQQHO DUH DFFXUDWH FRPSOHWH DQG YHULILDEOH IURP VRXUFH
GRFXPHQWVWKDWWKHVDIHW\DQGULJKWVRISDWLHQWVDUHEHLQJSURWHFWHGDQGWKDWWKHVWXG\LVEHLQJ
FRQGXFWHGLQDFFRUGDQFHZLWKWKHFXUUHQWO\DSSURYHGSURWRFRODQGDQ\RWKHUVWXG\DJUHHPHQWV
,&+*&3DQGDOODSSOLFDEOHUHJXODWRU\UHTXLUHPHQWV
5HFRUGVDQGGRFXPHQWVLQFOXGLQJVLJQHG,&)VSHUWDLQLQJWRWKHFRQGXFWRIWKLVVWXG\PXVWEH
UHWDLQHG E\ WKH LQYHVWLJDWRU IRU  \HDUV DIWHU VWXG\ FRPSOHWLRQ XQOHVV ORFDO UHJXODWLRQV RU
LQVWLWXWLRQDOSROLFLHVUHTXLUHDORQJHUUHWHQWLRQSHULRG1RUHFRUGVPD\EHGHVWUR\HGGXULQJWKH
UHWHQWLRQSHULRGZLWKRXWWKHZULWWHQDSSURYDORIWKHVSRQVRU1RUHFRUGVPD\EHWUDQVIHUUHGWR
DQRWKHUORFDWLRQRUSDUW\ZLWKRXWZULWWHQQRWLILFDWLRQWRWKHVSRQVRU
A 8
6RXUFHGRFXPHQWV
6RXUFHGRFXPHQWVSURYLGHHYLGHQFHIRUWKHH[LVWHQFHRIWKHSDWLHQWDQGVXEVWDQWLDWHWKHLQWHJULW\
RIWKHGDWDFROOHFWHG6RXUFHGRFXPHQWVDUHILOHGDWWKHLQYHVWLJDWRU¶VVLWH
'DWDUHSRUWHGRQWKH&5)WKDWDUHWUDQVFULEHGIURPVRXUFHGRFXPHQWVPXVWEHFRQVLVWHQWZLWK
WKHVRXUFHGRFXPHQWVRUWKHGLVFUHSDQFLHVPXVWEHH[SODLQHG7KHLQYHVWLJDWRUPD\QHHGWR
UHTXHVWSUHYLRXVPHGLFDOUHFRUGVRUWUDQVIHUUHFRUGVGHSHQGLQJRQWKHVWXG\$OVRFXUUHQW
PHGLFDOUHFRUGVPXVWEHDYDLODEOH
A 9
3XEOLFDWLRQSROLF\
7KHUHVXOWVRIWKLVVWXG\PD\EHSXEOLVKHGRUSUHVHQWHGDWVFLHQWLILFPHHWLQJV,IWKLVLVIRUHVHHQ
WKHLQYHVWLJDWRUDJUHHVWRVXEPLWDOOPDQXVFULSWVRUDEVWUDFWVWRWKHVSRQVRUEHIRUHVXEPLVVLRQ
7KLVDOORZVWKHVSRQVRUWRSURWHFWSURSULHWDU\LQIRUPDWLRQDQGWRSURYLGHFRPPHQWV
7KHVSRQVRUZLOOFRPSO\ZLWKWKHUHTXLUHPHQWVIRUSXEOLFDWLRQRIVWXG\UHVXOWV,QDFFRUGDQFH
ZLWKVWDQGDUGHGLWRULDODQGHWKLFDOSUDFWLFHWKHVSRQVRUZLOOJHQHUDOO\VXSSRUWSXEOLFDWLRQRI
PXOWLFHQWUH VWXGLHV RQO\ LQ WKHLU HQWLUHW\ DQG QRW DV LQGLYLGXDO VLWH GDWD  ,Q WKLV FDVH D
FRRUGLQDWLQJLQYHVWLJDWRUZLOOEHGHVLJQDWHGE\PXWXDODJUHHPHQW
$XWKRUVKLSZLOOEHGHWHUPLQHGE\PXWXDODJUHHPHQWDQGLQOLQHZLWK,QWHUQDWLRQDO&RPPLWWHHRI
0HGLFDO-RXUQDO(GLWRUVDXWKRUVKLSUHTXLUHPHQWV


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
Appendix B $GYHUVHHYHQWGHILQLWLRQVDQGDGGLWLRQDOVDIHW\LQIRUPDWLRQ
B 1
'HILQLWLRQRIDGYHUVHHYHQWV
$QDGYHUVHHYHQWLVWKHGHYHORSPHQWRIDQ\XQWRZDUGPHGLFDORFFXUUHQFHLQDSDWLHQWRUFOLQLFDO
VWXG\SDWLHQWDGPLQLVWHUHGDPHGLFLQDOSURGXFWDQGZKLFKGRHVQRWQHFHVVDULO\KDYHDFDXVDO
UHODWLRQVKLSZLWKWKLVWUHDWPHQW$Q$(FDQWKHUHIRUHEHDQ\XQIDYRXUDEOHDQGXQLQWHQGHGVLJQ
HJDQDEQRUPDOODERUDWRU\ILQGLQJV\PSWRPIRUH[DPSOHQDXVHDFKHVWSDLQRUGLVHDVH
WHPSRUDOO\DVVRFLDWHGZLWKWKHXVHRIDPHGLFLQDOSURGXFWZKHWKHURUQRWFRQVLGHUHGUHODWHGWR
WKHPHGLFLQDOSURGXFW
7KHWHUP$(LVXVHGWRLQFOXGHERWKVHULRXVDQGQRQVHULRXV$(VDQGFDQLQFOXGHDGHWHULRUDWLRQ
RIDSUHH[LVWLQJPHGLFDORFFXUUHQFH$Q$(PD\RFFXUDWDQ\WLPHLQFOXGLQJUXQLQRUZDVKRXW
SHULRGVHYHQLIQR6WXG\WUHDWPHQWKDVEHHQDGPLQLVWHUHG
B 2
'HILQLWLRQVRIVHULRXVDGYHUVHHYHQW
$ VHULRXV DGYHUVH HYHQW LV DQ $( RFFXUULQJ GXULQJ DQ\ VWXG\ SKDVH LH UXQLQ WUHDWPHQW
ZDVKRXWIROORZXSWKDWIXOILOVRQHRUPRUHRIWKHIROORZLQJFULWHULD
x
5HVXOWVLQGHDWK
x
,VLPPHGLDWHO\OLIHWKUHDWHQLQJ
x
5HTXLUHVLQSDWLHQWKRVSLWDOLVDWLRQRUSURORQJDWLRQRIH[LVWLQJKRVSLWDOLVDWLRQ
x
5HVXOWVLQSHUVLVWHQWRUVLJQLILFDQWGLVDELOLW\RULQFDSDFLW\
x
,VDFRQJHQLWDODEQRUPDOLW\RUELUWKGHIHFW
x
,VDQLPSRUWDQWPHGLFDOHYHQWWKDWPD\MHRSDUGLVHWKHSDWLHQWRUPD\UHTXLUHPHGLFDO
WUHDWPHQWWRSUHYHQWRQHRIWKHRXWFRPHVOLVWHGDERYH
B 3
/LIHWKUHDWHQLQJ
µ/LIHWKUHDWHQLQJ¶ PHDQV WKDW WKH SDWLHQW ZDV DW LPPHGLDWH ULVN RI GHDWK IURP WKH $( DV LW
RFFXUUHGRULWLVVXVSHFWHGWKDWXVHRUFRQWLQXHGXVHRIWKHSURGXFWZRXOGUHVXOWLQWKHSDWLHQW¶V
GHDWKµ/LIHWKUHDWHQLQJ¶GRHVQRWPHDQWKDWKDGDQ$(RFFXUUHGLQDPRUHVHYHUHIRUPLWPLJKW
KDYHFDXVHGGHDWKHJKHSDWLWLVWKDWUHVROYHGZLWKRXWKHSDWLFIDLOXUH
B 4
+RVSLWDOLVDWLRQ
2XWSDWLHQWWUHDWPHQWLQDQHPHUJHQF\URRPLVQRWLQLWVHOIDVHULRXV$(DOWKRXJKWKHUHDVRQVIRU
LW PD\ EH HJ EURQFKRVSDVP ODU\QJHDO RHGHPD  +RVSLWDO DGPLVVLRQV DQGRU VXUJLFDO
RSHUDWLRQVSODQQHGEHIRUHRUGXULQJDVWXG\DUHQRWFRQVLGHUHG$(VLIWKHLOOQHVVRUGLVHDVH
H[LVWHGEHIRUHWKHSDWLHQWZDVHQUROOHGLQWKHVWXG\SURYLGHGWKDWLWGLGQRWGHWHULRUDWHLQDQ
XQH[SHFWHGZD\GXULQJWKHVWXG\
B 5
,PSRUWDQWPHGLFDOHYHQWRUPHGLFDOWUHDWPHQW


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
0HGLFDODQGVFLHQWLILFMXGJHPHQWVKRXOGEHH[HUFLVHGLQGHFLGLQJZKHWKHUDFDVHLVVHULRXVLQ
VLWXDWLRQVZKHUHLPSRUWDQWPHGLFDOHYHQWVPD\QRWEHLPPHGLDWHO\OLIHWKUHDWHQLQJRUUHVXOWLQ
GHDWKKRVSLWDOLVDWLRQGLVDELOLW\RULQFDSDFLW\EXWPD\MHRSDUGL]HWKHSDWLHQWRUPD\UHTXLUH
PHGLFDOWUHDWPHQWWRSUHYHQWRQHRUPRUHRXWFRPHVOLVWHGLQWKHGHILQLWLRQRIVHULRXV7KHVH
VKRXOGXVXDOO\EHFRQVLGHUHGDVVHULRXV
6LPSO\VWRSSLQJWKHVXVSHFWGUXJGRHVQRWPHDQWKDWLWLVDQLPSRUWDQWPHGLFDOHYHQWPHGLFDO
MXGJHPHQWPXVWEHXVHG
x
$QJLRHGHPDQRWVHYHUHHQRXJKWRUHTXLUHLQWXEDWLRQEXWUHTXLULQJLYK\GURFRUWLVRQH
WUHDWPHQW
x
+HSDWRWR[LFLW\FDXVHGE\SDUDFHWDPRODFHWDPLQRSKHQRYHUGRVHUHTXLULQJWUHDWPHQW
ZLWK1DFHW\OF\VWHLQH
x
,QWHQVLYHWUHDWPHQWLQDQHPHUJHQF\URRPRUDWKRPHIRUDOOHUJLFEURQFKRVSDVP
x
%ORRGG\VFUDVLDVHJQHXWURSHQLDRUDQDHPLDUHTXLULQJEORRGWUDQVIXVLRQHWFRU
FRQYXOVLRQVWKDWGRQRWUHVXOWLQKRVSLWDOLVDWLRQ
x
'HYHORSPHQWRIGUXJGHSHQGHQF\RUGUXJDEXVH
B 6
)RURQFRORJ\VWXGLHVWKHIROORZLQJPD\EHXVHGLQVWHDG
7KHJUDGLQJVFDOHVIRXQGLQWKHUHYLVHG1DWLRQDO&DQFHU,QVWLWXWH&7&$(ODWHVWYHUVLRQZLOOEH
XWLOLVHGIRUDOOHYHQWVZLWKDQDVVLJQHG&7&$(JUDGLQJ)RUWKRVHHYHQWVZLWKRXWDVVLJQHG
&7&$(JUDGHVWKHUHFRPPHQGDWLRQLQWKH&7&$(FULWHULDWKDWFRQYHUWVPLOGPRGHUDWHDQG
VHYHUHHYHQWVLQWR&7&$(JUDGHVVKRXOGEHXVHG$FRS\RIWKH&7&$(FDQEHGRZQORDGHG
IURPWKH&DQFHU7KHUDS\(YDOXDWLRQ3URJUDPZHEVLWHKWWSFWHSFDQFHUJRY7KHDSSOLFDEOH
YHUVLRQRI&7&$(VKRXOGEHGHVFULEHGFOHDUO\
,WLVLPSRUWDQWWRGLVWLQJXLVKEHWZHHQVHULRXVDQGVHYHUH$(V6HYHULW\LVDPHDVXUHRILQWHQVLW\
ZKHUHDVVHULRXVQHVVLVGHILQHGE\WKHFULWHULDLQ$SSHQGL[%$Q$(RIVHYHUHLQWHQVLW\QHHG
QRWQHFHVVDULO\EHFRQVLGHUHGVHULRXV)RUH[DPSOHQDXVHDWKDWSHUVLVWVIRUVHYHUDOKRXUVPD\
EHFRQVLGHUHGVHYHUHQDXVHDEXWQRWD6$(XQOHVVLWPHHWVWKHFULWHULDVKRZQLQ$SSHQGL[%
2QWKHRWKHUKDQGDVWURNHWKDWUHVXOWVLQRQO\DOLPLWHGGHJUHHRIGLVDELOLW\PD\EHFRQVLGHUHG
DPLOGVWURNHEXWZRXOGEHD6$(ZKHQLWVDWLVILHVWKHFULWHULDVKRZQLQ$SSHQGL[%
B 7
$*XLGHWR,QWHUSUHWLQJWKH&DXVDOLW\4XHVWLRQ
:KHQPDNLQJDQDVVHVVPHQWRIFDXVDOLW\FRQVLGHUWKHIROORZLQJIDFWRUVZKHQGHFLGLQJLIWKHUH
LVDµUHDVRQDEOHSRVVLELOLW\¶WKDWDQ$(PD\KDYHEHHQFDXVHGE\WKHGUXJ
x
7LPH&RXUVH([SRVXUHWRVXVSHFWGUXJ+DVWKHSDWLHQWDFWXDOO\UHFHLYHGWKHVXVSHFW
GUXJ"'LGWKH$(RFFXULQDUHDVRQDEOHWHPSRUDOUHODWLRQVKLSWRWKHDGPLQLVWUDWLRQRI
WKHVXVSHFWGUXJ"
x
&RQVLVWHQF\ ZLWK NQRZQ GUXJ SURILOH  :DV WKH $( FRQVLVWHQW ZLWK WKH SUHYLRXV
NQRZOHGJHRIWKHVXVSHFWGUXJSKDUPDFRORJ\DQGWR[LFRORJ\RUGUXJVRIWKHVDPH


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
SKDUPDFRORJLFDO FODVV" 2U FRXOG WKH $( EH DQWLFLSDWHG IURP LWV SKDUPDFRORJLFDO
SURSHUWLHV"
x
'HFKDOOHQJHH[SHULHQFH'LGWKH$(UHVROYHRULPSURYHRQVWRSSLQJRUUHGXFLQJWKH
GRVHRIWKHVXVSHFWGUXJ"
x
1RDOWHUQDWLYHFDXVH7KH$(FDQQRWEHUHDVRQDEO\H[SODLQHGE\DQRWKHUDHWLRORJ\
VXFKDVWKHXQGHUO\LQJGLVHDVHRWKHUGUXJVRWKHUKRVWRUHQYLURQPHQWDOIDFWRUV
x
5HFKDOOHQJHH[SHULHQFH'LGWKH$(UHRFFXULIWKHVXVSHFWHGGUXJZDVUHLQWURGXFHG
DIWHUKDYLQJEHHQVWRSSHG"$VWUD=HQHFDZRXOGQRWQRUPDOO\UHFRPPHQGRUVXSSRUWD
UHFKDOOHQJH
x
/DERUDWRU\WHVWV$VSHFLILFODERUDWRU\LQYHVWLJDWLRQLISHUIRUPHGKDVFRQILUPHG
WKHUHODWLRQVKLS
,QGLIILFXOWFDVHVRWKHUIDFWRUVFRXOGEHFRQVLGHUHGVXFKDV
x
,VWKLVDUHFRJQL]HGIHDWXUHRIRYHUGRVHRIWKHGUXJ"
x
,VWKHUHDNQRZQPHFKDQLVP"
&DXVDOLW\RIµUHODWHG¶LVPDGHLIIROORZLQJDUHYLHZRIWKHUHOHYDQWGDWDWKHUHLVHYLGHQFHIRUD
µUHDVRQDEOH SRVVLELOLW\¶ RI D FDXVDO UHODWLRQVKLS IRU WKH LQGLYLGXDO FDVH  7KH H[SUHVVLRQ
µUHDVRQDEOHSRVVLELOLW\¶RIDFDXVDOUHODWLRQVKLSLVPHDQWWRFRQYH\LQJHQHUDOWKDWWKHUHDUHIDFWV
HYLGHQFHRUDUJXPHQWVWRVXJJHVWDFDXVDOUHODWLRQVKLS
7KHFDXVDOLW\DVVHVVPHQWLVSHUIRUPHGEDVHGRQWKHDYDLODEOHGDWDLQFOXGLQJHQRXJKLQIRUPDWLRQ
WRPDNHDQLQIRUPHGMXGJPHQW:LWKOLPLWHGRULQVXIILFLHQWLQIRUPDWLRQLQWKHFDVHLWLVOLNHO\
WKDWWKHHYHQWVZLOOEHDVVHVVHGDVµQRWUHODWHG¶
&DXVDOUHODWLRQVKLSLQFDVHVZKHUHWKHGLVHDVHXQGHUVWXG\KDVGHWHULRUDWHGGXHWRODFNRIHIIHFW
VKRXOGEHFODVVLILHGDVQRUHDVRQDEOHSRVVLELOLW\
B 8
0HGLFDWLRQ(UURU
)RUWKHSXUSRVHVRIWKLVFOLQLFDOVWXG\DPHGLFDWLRQHUURULVDQXQLQWHQGHGIDLOXUHRUPLVWDNHLQ
WKHWUHDWPHQWSURFHVVIRUDQ$VWUD=HQHFDVWXG\GUXJWKDWHLWKHUFDXVHVKDUPWRWKHSDUWLFLSDQWRU
KDVWKHSRWHQWLDOWRFDXVHKDUPWRWKHSDUWLFLSDQW
$PHGLFDWLRQHUURULVQRWODFNRIHIILFDF\RIWKHGUXJEXWUDWKHUDKXPDQRUSURFHVVUHODWHG
IDLOXUHZKLOHWKHGUXJLVLQFRQWURORIWKHVWXG\VLWHVWDIIRUSDUWLFLSDQW
0HGLFDWLRQHUURULQFOXGHVVLWXDWLRQVZKHUHDQHUURU
x
RFFXUUHG
x
ZDVLGHQWLILHGDQGLQWHUFHSWHGEHIRUHWKHSDUWLFLSDQWUHFHLYHGWKHGUXJ
x
GLGQRWRFFXUEXWFLUFXPVWDQFHVZHUHUHFRJQL]HWKDWFRXOGKDYHOHGWRDQHUURU


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
([DPSOHVRIHYHQWVWREHUHSRUWHGLQFOLQLFDOVWXGLHVDVPHGLFDWLRQHUURUV
x
'UXJQDPHFRQIXVLRQ
x
'LVSHQVLQJHUURUHJPHGLFDWLRQSUHSDUHGLQFRUUHFWO\HYHQLILWZDVQRWDFWXDOO\
JLYHQWRWKHSDUWLFLSDQW
x
'UXJQRWDGPLQLVWHUHGDVLQGLFDWHGIRUH[DPSOHZURQJURXWHRUZURQJVLWHRI
DGPLQLVWUDWLRQ
x
'UXJQRWVWRUHGDVLQVWUXFWHG
x
([DPSOHVRIHYHQWVWKDWGRQRWUHTXLUHUHSRUWLQJDVPHGLFDWLRQHUURUVLQFOLQLFDO
VWXGLHV
x
3DUWLFLSDQWDFFLGHQWDOO\PLVVHGGUXJGRVHVHJIRUJRWWRWDNHPHGLFDWLRQ
x
$FFLGHQWDORYHUGRVHZLOOEHFDSWXUHGDVDQRYHUGRVH
x
3DUWLFLSDQWIDLOHGWRUHWXUQXQXVHGPHGLFDWLRQRUHPSW\SDFNDJLQJ
x
(UURUVUHODWHGWREDFNJURXQGDQGUHVFXHPHGLFDWLRQRUVWDQGDUGRIFDUHPHGLFDWLRQ
LQRSHQODEHOVWXGLHVHYHQLIDQ$=SURGXFW
0HGLFDWLRQHUURUVDUHQRWUHJDUGHGDV$(VEXW$(VPD\RFFXUDVDFRQVHTXHQFHRIWKHPHGLFDWLRQ
HUURU


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
Appendix C +DQGOLQJRI+XPDQ%LRORJLFDO6DPSOHV
C 1
&KDLQRIFXVWRG\RIELRORJLFDOVDPSOHV
$IXOOFKDLQRIFXVWRG\LVPDLQWDLQHGIRUDOOVDPSOHVWKURXJKRXWWKHLUOLIHF\FOH
7KH,QYHVWLJDWRUNHHSVIXOOWUDFHDELOLW\RIFROOHFWHGELRORJLFDOVDPSOHVIURPWKHSDWLHQWVZKLOH
LQVWRUDJHDWWKHFHQWUHXQWLOVKLSPHQWRUGLVSRVDOZKHUHDSSURSULDWH
7KHVDPSOHUHFHLYHUNHHSVIXOOWUDFHDELOLW\RIWKHVDPSOHVZKLOHLQVWRUDJHDQGGXULQJXVHXQWLO
XVHGRUGLVSRVHGRIRUXQWLOIXUWKHUVKLSPHQWDQGNHHSVGRFXPHQWDWLRQRIUHFHLSWRIDUULYDO
C 2
:LWKGUDZDORI,QIRUPHG&RQVHQWIRUGRQDWHGELRORJLFDOVDPSOHV
,IDSDWLHQWZLWKGUDZVFRQVHQWWRWKHXVHRIGRQDWHGELRORJLFDOVDPSOHVWKHVDPSOHVZLOOEH
GLVSRVHGRIGHVWUR\HGDQGWKHDFWLRQGRFXPHQWHG,IVDPSOHVDUHDOUHDG\DQDO\VHG$VWUD=HQHFD
LVQRWREOLJHGWRGHVWUR\WKHUHVXOWVRIWKLVUHVHDUFK
7KH,QYHVWLJDWRU
x
(QVXUHVSDWLHQWV¶ZLWKGUDZDORILQIRUPHGFRQVHQWWRWKHXVHRIGRQDWHGVDPSOHVLV
QRWLILHGLPPHGLDWHO\WR$VWUD=HQHFD
x
(QVXUHVWKDWELRORJLFDOVDPSOHVIURPWKDWSDWLHQWLIVWRUHGDWWKHVWXG\VLWHDUH
LPPHGLDWHO\LGHQWLILHGGLVSRVHGRIGHVWUR\HGDQGWKHDFWLRQGRFXPHQWHG
x
(QVXUHVWKHRUJDQL]DWLRQVKROGLQJWKHVDPSOHVLVDUHLQIRUPHGDERXWWKHZLWKGUDZQ
FRQVHQWLPPHGLDWHO\DQGWKDWVDPSOHVDUHGLVSRVHGRIGHVWUR\HGWKHDFWLRQ
GRFXPHQWHGDQGWKHVLJQHGGRFXPHQWUHWXUQHGWRWKHVWXG\VLWH
x
(QVXUHVWKDWWKHSDWLHQWDQG$VWUD=HQHFDDUHLQIRUPHGDERXWWKHVDPSOHGLVSRVDO
$VWUD=HQHFDHQVXUHVWKHRUJDQL]DWLRQVKROGLQJWKHVDPSOHVLVDUHLQIRUPHGDERXWWKHZLWKGUDZQ
FRQVHQWLPPHGLDWHO\DQGWKDWVDPSOHVDUHGLVSRVHGRIGHVWUR\HGDQGWKHDFWLRQGRFXPHQWHGDQG
UHWXUQHGWRWKHVWXG\VLWH
C 3
,QWHUQDWLRQDO $LUOLQH 7UDQVSRUWDWLRQ $VVRFLDWLRQ ,$7$ 
*XLGDQFH'RFXPHQW

7KLVVHFWLRQLVQRWDSSOLFDEOHDVQRELRORJLFDOVDPSOHVVKDOOEHWUDQVSRUWHGRXWRIWKHVWXG\VLWHV
GXULQJWKHFRXUVHRIVWXG\



&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
Appendix'5HFRPPHQGHG7UHDWPHQW0RGLILFDWLRQVIRU'XUYDOXPDEDQG
0DQDJHPHQW5HFRPPHQGDWLRQV
$GYHUVH5HDFWLRQV
6HYHULW\D
'859$/80$%
7UHDWPHQW
0RGLILFDWLRQ
&RUWLFRVWHURLG
7UHDWPHQW
8QOHVV
2WKHUZLVH6SHFLILHG
,PPXQHPHGLDWHGSQHXPRQLWLV
*UDGH
:LWKKROGGRVHE
,QLWLDWH

WR
PJNJGD\
SUHGQLVRQH
RU
HTXLYDOHQWIROORZHGE\
DWDSHU
*UDGH  RU

3HUPDQHQWO\
GLVFRQWLQXH
 WR  PJNJGD\
SUHGQLVRQH
RU
HTXLYDOHQWIROORZHGE\
DWDSHU
,PPXQHPHGLDWHGKHSDWLWLV
*UDGH

ZLWK$/7RU
$67
!
[8/1
DQGRU WRWDO
ELOLUXELQ
!
[8/1
:LWKKROGGRVHE
,QLWLDWH

WR
PJNJGD\
SUHGQLVRQH
RU
HTXLYDOHQWIROORZHGE\
DWDSHU
*UDGH

ZLWK$67RU
$/7
[8/1 RU
WRWDO
ELOLUXELQ
[8/1
*UDGH

ZLWK$67RU
$/7
![8/1 RU
WRWDO
ELOLUXELQ
![8/1
3HUPDQHQWO\
GLVFRQWLQXH
&RQFXUUHQW
$/7
RU
$67
![8/1
DQG
WRWDO
ELOLUXELQ
![8/1
ZLWK
QR
RWKHUFDXVH
,PPXQHPHGLDWHG FROLWLV RU
GLDUUKHD
*UDGH
:LWKKROGGRVHE
,QLWLDWH

WR
PJNJGD\
SUHGQLVRQH
RU


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
$GYHUVH5HDFWLRQV
6HYHULW\D
'859$/80$%
7UHDWPHQW
0RGLILFDWLRQ
&RUWLFRVWHURLG
7UHDWPHQW
8QOHVV
2WKHUZLVH6SHFLILHG
*UDGH  RU

3HUPDQHQWO\
GLVFRQWLQXH
HTXLYDOHQWIROORZHGE\
DWDSHU
,PPXQHPHGLDWHG
HQGRFULQRSDWKLHV
+\SHUWK\URLGLVP
*UDGH
:LWKKROG
GRVH
XQWLO
FOLQLFDOO\
VWDEOH
6\PSWRPDWLF
PDQDJHPHQW
,PPXQHPHGLDWHG
HQGRFULQRSDWKLHV
+\SRWK\URLGLVP
*UDGH
1RFKDQJHV
,QLWLDWH
WK\URLG
KRUPRQH UHSODFHPHQW
DVFOLQLFDOO\LQGLFDWHG
,PPXQHPHGLDWHG
HQGRFULQRSDWKLHV
$GUHQDO
LQVXIILFLHQF\
+\SRSK\VLWLVK\SRSLWXLWDULVP
*UDGH
:LWKKROG
GRVH
XQWLO
FOLQLFDOO\
VWDEOH
,QLWLDWH

WR
PJNJGD\
SUHGQLVRQH
RU
HTXLYDOHQWIROORZHGE\
D WDSHU DQG KRUPRQH
UHSODFHPHQW
DV
FOLQLFDOO\LQGLFDWHG
,PPXQHPHGLDWHG
HQGRFULQRSDWKLHV
7\SHGLDEHWHVPHOOLWXV
*UDGH
:LWKKROG
GRVH
XQWLO
FOLQLFDOO\
VWDEOH
,QLWLDWH WUHDWPHQW ZLWK
LQVXOLQ DV FOLQLFDOO\
LQGLFDWHG
,PPXQHPHGLDWHGQHSKULWLV
*UDGH

ZLWK VHUXP
FUHDWLQLQH
![
8/1
RU
EDVHOLQH
:LWKKROGGRVHE
,QLWLDWH

WR
PJNJGD\
SUHGQLVRQH
RU
HTXLYDOHQWIROORZHGE\
DWDSHU
*UDGH

ZLWK VHUXP
FUHDWLQLQH
![
EDVHOLQH RU
![8/1
*UDGH

ZLWK VHUXP
FUHDWLQLQH
![8/1
3HUPDQHQWO\
GLVFRQWLQXH
,PPXQHPHGLDWHG
UDVK
RU
GHUPDWLWLV
*UDGH  IRU
!ZHHN
:LWKKROGGRVHE
,QLWLDWH

WR
PJNJGD\
SUHGQLVRQH
RU
HTXLYDOHQWIROORZHGE\
DWDSHU
*UDGH
*UDGH
3HUPDQHQWO\
GLVFRQWLQXH
,PPXQHPHGLDWHGP\RFDUGLWLV
*UDGH
:LWKROGGRVHF
,QLWLDWH

WR

PJNJGD\ SUHGQLVRQH


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
$GYHUVH5HDFWLRQV
6HYHULW\D
'859$/80$%
7UHDWPHQW
0RGLILFDWLRQ
&RUWLFRVWHURLG
7UHDWPHQW
8QOHVV
2WKHUZLVH6SHFLILHG
*UDGH  RU
 RU DQ\
*UDGH ZLWK
SRVLWLYH
ELRSV\
3HUPDQHQWO\
GLVFRQWLQXH
RUHTXLYDOHQWIROORZHG
E\DWDSHU
,PPXQHPHGLDWHG
P\RVLWLVSRO\P\RVLWLV
*UDGH  RU

:LWKKROGGRVHG
,QLWLDWH

WR

PJNJGD\ SUHGQLVRQH
RUHTXLYDOHQWIROORZHG
E\DWDSHU
*UDGH
3HUPDQHQWO\
GLVFRQWLQXH
,QIXVLRQUHODWHGUHDFWLRQV
*UDGH  RU

,QWHUUXSW RU VORZ
WKH
UDWH
RI
LQIXVLRQ
0D\
FRQVLGHU
SUH
PHGLFDWLRQV
IRU
SURSK\OD[LV
RI
VXEVHTXHQW
LQIXVLRQ
UHDFWLRQV
*UDGH  RU

3HUPDQHQWO\
GLVFRQWLQXH


D&RPPRQ 7HUPLQRORJ\ &ULWHULD IRU $GYHUVH (YHQWV YHUVLRQ  $/7 DODQLQH
DPLQRWUDQVIHUDVH$67DVSDUWDWHDPLQRWUDQVIHUDVH8/1XSSHUOLPLWRIQRUPDO
E%DVHGRQVHYHULW\RIWKHDGYHUVHUHDFWLRQV'XUYDOXPDEVKRXOGEHZLWKKHOGDQGFRUWLFRVWHURLGV
DGPLQLVWHUHG &RQVLGHU LQFUHDVLQJ GRVH RI FRUWLFRVWHURLGV DQGRU XVLQJ RWKHU V\VWHPLF
LPPXQRVXSSUHVVDQWVLIWKHUHLVZRUVHQLQJRUQRLPSURYHPHQW8SRQLPSURYHPHQWWR*UDGH
FRUWLFRVWHURLGWDSHUVKRXOGEHLQLWLDWHGDQGFRQWLQXHGRYHUDWOHDVWPRQWK
$IWHUZLWKKROG'XUYDOXPDEFDQEHUHVXPHGLIWKHDGYHUVHUHDFWLRQVLPSURYHGWR*UDGHDQG
WKHFRUWLFRVWHURLGGRVHKDVEHHQUHGXFHGWRPJSUHGQLVRQHRUHTXLYDOHQWSHUGD\
F ,I QR LPSURYHPHQW ZLWKLQ  WR  GD\V GHVSLWH FRUWLFRVWHURLGV SURPSWO\ VWDUW DGGLWLRQDO
LPPXQRVXSSUHVVLYHWKHUDS\8SRQUHVROXWLRQ*UDGHFRUWLFRVWHURLGWDSHUVKRXOGEHLQLWLDWHG
DQGFRQWLQXHGRYHUDWOHDVWPRQWKDIWHUZKLFK'XUYDOXPDEFDQEHUHVXPHGEDVHGRQFOLQLFDO
MXGJPHQW
G3HUPDQHQWO\GLVFRQWLQXH'XUYDOXPDELIDGYHUVHUHDFWLRQGRHVQRWUHVROYHWR*UDGHZLWKLQ
GD\VRULIWKHUHDUHVLJQVRIUHVSLUDWRU\LQVXIILFLHQF\




&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
Appendix($EEUHYLDWLRQV
$EEUHYLDWLRQRU
VSHFLDOWHUP
([SODQDWLRQ
$(
DGYHUVHHYHQW
&5)
FDVHUHSRUWIRUPHOHFWURQLFSDSHU
&6$
FOLQLFDOVWXG\DJUHHPHQW
&65
FOLQLFDOVWXG\UHSRUW
&7&$(
&RPPRQ7HUPLQRORJ\&ULWHULDIRU$GYHUVH(YHQW
'$(
GLVFRQWLQXDWLRQRILQYHVWLJDWLRQDOSURGXFWGXHWRDGYHUVHHYHQW
'1$
GHR[\ULERQXFOHLFDFLG
(&
HWKLFVFRPPLWWHHV\QRQ\PRXVWRLQVWLWXWLRQDOUHYLHZERDUG,5%DQG
LQGHSHQGHQWHWKLFVFRPPLWWHH,(&
*&3
*RRG&OLQLFDO3UDFWLFH
,&+
,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ
,QWHUQDWLRQDO
&RRUGLQDWLQJ
LQYHVWLJDWRU
,IDVWXG\LVFRQGXFWHGLQVHYHUDOFRXQWULHVWKH,QWHUQDWLRQDO&RRUGLQDWLQJ
,QYHVWLJDWRULVWKH,QYHVWLJDWRUFRRUGLQDWLQJWKHLQYHVWLJDWRUVDQGRU
DFWLYLWLHVLQWHUQDWLRQDOO\
,956
LQWHUDFWLYHYRLFHUHVSRQVHV\VWHP
,:56
LQWHUDFWLYHZHEUHVSRQVHV\VWHP
/6/9
ODVWVXEMHFWODVWYLVLW
/,06
ODERUDWRU\LQIRUPDWLRQPDQDJHPHQWV\VWHP
2$(
RWKHUVLJQLILFDQWDGYHUVHHYHQW
3,
SULQFLSDOLQYHVWLJDWRU
6$(
VHULRXVDGYHUVHHYHQW
6$3
VWDWLVWLFDODQDO\VLVSODQ
:%'&
ZHEEDVHGGDWDFDSWXUH





&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
$675$=(1(&$6,*1$785(6
$ SURVSHFWLYH PXOWLFHQWHU 3KDVH,9 FOLQLFDO WULDO WR DVVHVV VDIHW\
'XUYDOXPDELQ,QGLDQDGXOWSDWLHQWVZLWKORFDOO\DGYDQFHGXQUHVHFWDE
QRQVPDOOFHOOOXQJFDQFHU16&/&

7KLV&OLQLFDO6WXG\3URWRFROKDVEHHQVXEMHFWHGWRDQLQWHUQDO$VWUD=HQHFDUHYLHZ

,DJUHHWRWKHWHUPVRIWKLV6WXG\SURWRFRO


$VWUD=HQHFDUHSUHVHQWDWLYH




BBBBBBBBBBBBBBBBBBBBB
$VWUD=HQHFD3KDUPD,QGLD/WG
%ORFN1WK)ORRU
0DQ\DWD(PEDVV\%XVLQHVV3DUN
%DQJDORUH.DUQDWDND
'DWH'D\0RQWK<HDU



7KLVGRFXPHQWFRQWDLQVFRQILGHQWLDOLQIRUPDWLRQZKLFKVKRXOGQRWEHFRSLHGUHIHUUHGWR
UHOHDVHG RU SXEOLVKHG ZLWKRXW ZULWWHQ DSSURYDO IURP $VWUD=HQHFD ,QYHVWLJDWRUV DUH
FDXWLRQHGWKDWWKHLQIRUPDWLRQLQWKLVSURWRFROPD\EHVXEMHFWWRFKDQJHDQGUHYLVLRQ



	
PPD


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
$675$=(1(&$6,*1$785(6
$ SURVSHFWLYH PXOWLFHQWHU 3KDVH,9 FOLQLFDO WULDO WR DVVHVV VDIHW\
'XUYDOXPDELQ,QGLDQDGXOWSDWLHQWVZLWKORFDOO\DGYDQFHGXQUHVHFWDE
QRQVPDOOFHOOOXQJFDQFHU16&/&

7KLV&OLQLFDO6WXG\3URWRFROKDVEHHQVXEMHFWHGWRDQLQWHUQDO$VWUD=HQHFDUHYLHZ

,DJUHHWRWKHWHUPVRIWKLV6WXG\SURWRFRO


$VWUD=HQHFDUHSUHVHQWDWLYH




BBBBBBBBBBBBBBBBBBBBB
$VWUD=HQHFD3KDUPD,QGLD/WG
%ORFN1WK)ORRU
0DQ\DWD(PEDVV\%XVLQHVV3DUN
%DQJDORUH.DUQDWDND
0RELOH

'DWH'D\0RQWK<HDU



7KLVGRFXPHQWFRQWDLQVFRQILGHQWLDOLQIRUPDWLRQZKLFKVKRXOGQRWEHFRSLHGUHIHUUHGWR
UHOHDVHG RU SXEOLVKHG ZLWKRXW ZULWWHQ DSSURYDO IURP $VWUD=HQHFD ,QYHVWLJDWRUV DUH
FDXWLRQHGWKDWWKHLQIRUPDWLRQLQWKLVSURWRFROPD\EHVXEMHFWWRFKDQJHDQGUHYLVLRQ



	
PPD
PPD


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH'859$/80$%
$VWUD=HQHFD
6WXG\&RGH'+&
9HUVLRQ'DWH2FWREHU


&21),'(17,$/$1'35235,(7$5<




3DJHRI
$675$=(1(&$6,*1$785(6
$ SURVSHFWLYH PXOWLFHQWHU 3KDVH,9 FOLQLFDO WULDO WR DVVHVV VDIHW\
'XUYDOXPDELQ,QGLDQDGXOWSDWLHQWVZLWKORFDOO\DGYDQFHGXQUHVHFWDE
QRQVPDOOFHOOOXQJFDQFHU16&/&

7KLV&OLQLFDO6WXG\3URWRFROKDVEHHQVXEMHFWHGWRDQLQWHUQDO$VWUD=HQHFDUHYLHZ

,DJUHHWRWKHWHUPVRIWKLV6WXG\SURWRFRO


$VWUD=HQHFDUHSUHVHQWDWLYH




BBBBBBBBBBBBBBBBBBBB
$VWUD=HQHFD3KDUPD,QGLD/WG
%ORFN1WK)ORRU
0DQ\DWD(PEDVV\%XVLQHVV3DUN
%DQJDORUH.DUQDWDND
0RELOH

'DWH'D\0RQWK<HDU



7KLVGRFXPHQWFRQWDLQVFRQILGHQWLDOLQIRUPDWLRQZKLFKVKRXOGQRWEHFRSLHGUHIHUUHGWR
UHOHDVHG RU SXEOLVKHG ZLWKRXW ZULWWHQ DSSURYDO IURP $VWUD=HQHFD ,QYHVWLJDWRUV DUH
FDXWLRQHGWKDWWKHLQIRUPDWLRQLQWKLVSURWRFROPD\EHVXEMHFWWRFKDQJHDQGUHYLVLRQ

	
PPD
PPD

SAP_001.pdf: 
Redacted for Public Disclosure