Clinical trial NCT02806232
Conditions: Schistosomiasis
Keywords: Praziquantel ODT formulation Biltricide
Sponsor: Merck KGaA, Darmstadt, Germany
Start date: 2016-06-12; Completion date: 2018-11-17
Enrollment: 444 participants; Allocation: RANDOMIZED; Intervention model: PARALLEL

Brief summary:
The Phase II study consisted of two parts, part 1 is open label, randomized, controlled and exploratory dose finding in children aged between 2 and 6 years infected with S. mansoni. Part 2 investigated efficacy and safety with the selected formulation and dosage in S. mansoni infected children aged between 3 months - 2 years.

Detailed description:

Arms: arm 1: Participants received Biltricide (600 mg tablet) administered orally at a dose of 20 milligram per kilogram (mg/kg), three times a day on treatment Day 1. arm 2: Participants received Biltricide (600 mg tablet) administered orally at a dose of 40 mg/kg as a single dose on treatment Day 1. arm 3: Participants received Racemate Praziquantel oral dispersible tablet (ODT) (150 mg) administered orally at a dose of 40 mg/kg as a single dose on treatment Day 1. arm 4: Participants received Racemate Praziquantel ODT (150 mg) administered orally at a dose of 60 mg/kg as a single dose on treatment Day 1. arm 5: Participants received Levo Praziquantel ODT (150 mg tablet) administered orally at a dose of 30 mg/kg as a single dose on treatment Day 1. arm 6: Participants received Levo Praziquantel ODT (150 mg tablet) administered orally at a dose of 45 mg/kg as a single dose on treatment Day 1. arm 7: Participants received Levo Praziquantel ODT (150 mg tablet) administered orally at a dose of 60 mg/kg as a single dose on treatment Day 1. arm 8: Participants aged 13-24 months months received Levo Praziquantel ODT (150 mg) administered orally at a dose of 50 mg/kg as a single dose on treatment day 1. arm 9: Participants aged 3 to 12 months received Levo Praziquantel ODT (150 mg) administered orally at a dose of 50 mg/kg as a single dose on treatment day 1.
Interventions: intervention 1: Biltricide (racemate praziquantel) oral tablets intervention 2: Racemate Praziquantel ODT intervention 3: Levo Praziquantel ODT
Intervention descriptions: intervention 1: Biltricide (600 mg tablet) was administered to participants at a dose of 20 mg/kg in Part 1, Cohort 1 and at a dose of 40mg/kg in Part 1, Cohort 2. intervention 2: Racemate Praziquantel (PZQ) (150) mg was administered at a dose of 40 mg/kg in Part 1, Cohort 3 and at a dose of 60 mg/kg in Part 1, Cohort 4. intervention 3: Levo PZQ (150 mg) was administered at a dose of 30 mg/kg in Part 1 Cohort 5, 45 mg/kg Part 1 Cohort 6, 60 mg/kg Part 1 Cohort 7, 50 mg/kg Part 2 Cohort 8, and 50 mg/kg Part 2 Cohort 9.

Protocol documents:
Prot_001.pdf: 
06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





&OLQLFDO7ULDO3URWRFRO
&OLQLFDO7ULDO3URWRFRO1XPEHU
06
7LWOH
2SHQODEHO GRVHILQGLQJ SDUWV HIILFDF\ SKDVH ,,
VWXG\ZLWKWKUHHIRUPXODWLRQVUDFHPDWHSUD]LTXDQWHO
FRPPHUFLDO RUDO WDEOHWV QHZ RUDO GLVLQWHJUDWLQJ
WDEOHWV RI UDFHPDWH SUD]LTXDQWHO DQG /SUD]LTXDQWHO
LQVFKLVWRVRPLDVLV6PDQVRQLLQIHFWHGFKLOGUHQDJHG
 \HDUV 3DUW  IROORZHG E\ DQ DVVHVVPHQW RI
HIILFDF\DQGVDIHW\ZLWKWKHVHOHFWHGIRUPXODWLRQDQG
GRVDJH LQ 6 PDQVRQL LQIHFWHG LQIDQWV DJHG 
PRQWKV3DUW
3KDVH
,,
,1'1XPEHU
1RW$SSOLFDEOH
(XGUD&71XPEHU
1RW$SSOLFDEOH
&RRUGLQDWLQJ,QYHVWLJDWRU







6SRQVRU
0HUFN.*D$
)UDQNIXUWHU6WUDVVH
'DUPVWDGW*HUPDQ\
0HGLFDO5HVSRQVLEOH

0HUFN .*D$ )UDQNIXUWHU 6WUDVVH  'DUPVWDGW
*HUPDQ\
3KRQH

)D[

(PDLO

&OLQLFDO7ULDO3URWRFRO9HUVLRQ
)HEUXDU\
5HSODFHV9HUVLRQ
$SULO

7KLVGRFXPHQWLVWKHSURSHUW\RI0HUFN.*D$'DUPVWDGW*HUPDQ\RURQHRILWVVXEVLGLDULHV,WLVLQWHQGHGIRU
UHVWULFWHGXVHRQO\DQGPD\QRW±LQIXOORUSDUW±EHSDVVHGRQUHSURGXFHGSXEOLVKHGRUXVHGZLWKRXWH[SUHVV
SHUPLVVLRQRI0HUFN.*D$'DUPVWDGW*HUPDQ\RULWVVXEVLGLDU\&RS\ULJKWE\0HUFN.*D$'DUPVWDGW
*HUPDQ\RULWVVXEVLGLDU\$OOULJKWVUHVHUYHG

PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





6XPPDU\RIFKDQJHVIURP9HUVLRQ$SUWR)HE

7H[WLQSURWRFRO9HUVLRQ$SU
7H[WLQSURWRFRO9HUVLRQ)HE

3ULQFLSDO,QYHVWLJDWRU

&RRUGLQDWLQJ,QYHVWLJDWRU





&RRUGLQDWLQJ,QYHVWLJDWRU








&RRUGLQDWLQJ,QYHVWLJDWRU




&RRUGLQDWLQJ,QYHVWLJDWRU




7DEOHVRILQWH[WILJXUHV

7DEOH 3.ULFKVDPSOLQJVFKHPH
7DEOH 3.VSDUVHVDPSOLQJVFKHPH
7DEOH 2YHUDOOFXUHUDWHSURMHFWLRQVDFFRUGLQJWR
DVVXPSWLRQVRIFXUHUDWHLQOLJKWDQGPRGHUDWHKHDY\
LQIHFWLRQV
7DEOH3UREDELOLW\ RI REVHUYLQJ DQ RYHUDOO FXUH
UDWHEDVHGRQGLIIHUHQWVFHQDULRVRIWUXHFXUH
UDWHVEDVHGRQGLIIHUHQWVWUDWD
7DEOH 3.ULFKVDPSOLQJVFKHPH
7DEOH 3.VSDUVHVDPSOLQJVFKHPH
7DEOH7DEOH
2YHUDOO FXUH UDWH SURMHFWLRQV
DFFRUGLQJ WR DVVXPSWLRQV RI FXUH UDWH LQ OLJKW DQG
PRGHUDWHKHDY\LQIHFWLRQV
7DEOH7DEOH
3UREDELOLW\ RI REVHUYLQJ DQ
RYHUDOOFXUHUDWHEDVHGRQGLIIHUHQWVFHQDULRV
RIWUXHFXUHUDWHVEDVHGRQGLIIHUHQWVWUDWD

$EEUHYLDWLRQV




6\QRSVLV&RRUGLQDWLQJLQYHVWLJDWRU

&RRUGLQDWLQJ,QYHVWLJDWRU





&RRUGLQDWLQJ,QYHVWLJDWRU




&RRUGLQDWLQJ,QYHVWLJDWRU




&RRUGLQDWLQJ,QYHVWLJDWRU





6\QRSVLV7ULDOFHQWUHVFRXQWULHV






6\QRSVLV3ODQQHGWULDOSHULRG

(QUROPHQWVWDUWGDWH)3,-XQ3DUW

-DQ3DUW
(QUROPHQWILQLVKGDWH/3,6HS3DUW

$SU3DUW
7UHDWPHQWSHULRGHQGGDWH/3RIIWUHDWPHQW

6HS3DUW
(QUROPHQWVWDUWGDWH)3,-XQ3DUW

$SU3DUW
(QUROPHQWILQLVKGDWH/3,'HF3DUW

$XJ3DUW
7UHDWPHQWSHULRGHQGGDWH/3RIIWUHDWPHQW

'HF3DUW
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
P
P
D
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V






$SU3DUW
)ROORZXSSHULRGHQGGDWH/3RIIVWXG\


2FW3DUW

0D\3DUW
3ODQQHGGDWHIRUSULPDU\DQDO\VLV1RY
3ODQQHGGDWHIRUILQDODQDO\VLV-XQ

$XJ3DUW
)ROORZXSSHULRGHQGGDWH/3RIIVWXG\


'HF3DUW

6HS3DUW
3ODQQHGGDWHIRUSULPDU\DQDO\VLV)HE
3ODQQHGGDWHIRUILQDODQDO\VLV2FW

6\QRSVLV6HFRQGDU\REMHFWLYHV

3DUW
x 7R
H[SORUH
WKH
GRVHH[SRVXUHUHVSRQVH
UHODWLRQVKLS IRU /3=4 '3=4 DQG UDF3=4 LQ
FKLOGUHQ DJHG  WR  \HDUV LQIHFWHG ZLWK 6
PDQVRQL
3DUW
x 7R
H[SORUH
WKH
GRVHH[SRVXUH
UHVSRQVH
UHODWLRQVKLSIRU/3=4'3=4DQGUDF3=4LQ
WRPRQWKLQIDQWVLQIHFWHGZLWK6PDQVRQL
3DUW
x 7R
H[SORUH
WKH
GRVHH[SRVXUH
UHVSRQVH
UHODWLRQVKLS IRU /3=4 '3=4 DQG UDF3=4 LQ
FKLOGUHQ DJHG  WR  \HDUV LQIHFWHG ZLWK 6
PDQVRQL
3DUW
x 7R
H[SORUH
WKH
GRVHH[SRVXUHUHVSRQVH
UHODWLRQVKLSIRU/3=4'3=4DQGUDF3=4LQ
WRPRQWKLQIDQWVLQIHFWHGZLWK6PDQVRQL

6\QRSVLV6WXG\GHVLJQDQGSODQ

7KLVLVDSKDVH,,VWXG\FRQVLVWLQJRIWZRSDUWV3DUW
DQG3DUW3DUWZLOORQO\VWDUWRQFH3DUWLV
FRPSOHWHG  7KH VWXG\ ZLOO EH FRQGXFWHG DW WKH
$QDGGLWLRQDO
VLWH DW
 PD\ EH DGGHG
GHSHQGLQJRQSDWLHQWV¶UHFUXLWPHQWUDWH
>«@

& ZLOO EH LQFOXGHG LQ WKH UDQGRPL]DWLRQ VFKHPH
RQO\ DIWHU 60& DSSURYDO ZKLOH UDQGRPL]DWLRQ IRU
WKHRWKHUJURXSVFDQFRQWLQXHWRVXEMHFWVSHUDUP
,Q DGGLWLRQ LQ FDVH RI VDIHW\ FRQFHUQV UDLVHG E\
60&RQWKH/3=42'7VWUHDWHGFRKRUWV3.GUXJ
H[SRVXUHLQDPLQLPXPRIVXEMHFWVIURPFRKRUWV
& DQG & ZLOO EH DVVHVVHG EHIRUH GHFLGLQJ WR
HVFDODWHWRWKHKLJKHU/3=42'7GRVHLQ&

>«@
,QIDQWV LQ FRKRUW & ZLOO EH WUHDWHG ZLWK UDF3=4
2'7 RU /3=4 2'7 DW WKH RSWLPDO GRVH OHYHO
VHOHFWHG E\ 60& IURP 3DUW  EDVHG RQ EHQHILWV
ULVNV HYDOXDWLRQ FRUUHFWHG E\ VWDQGDUG DOORPHWULF
VFDOLQJ RI WKH 3. DYDLODEOH GDWD ,Q DGGLWLRQ D
PDWXUDWLRQ IDFWRU ZLOO DOVR EH LQFOXGHG LI
DSSOLFDEOHWRGHFLGHRQWKHGRVHIRUWKHVHLQIDQWV
7KLVLVDSKDVH,,VWXG\FRQVLVWLQJRIWZRSDUWV3DUW
DQG3DUW3DUWZLOORQO\VWDUWRQFH3DUWLV
FRPSOHWHG  7KH VWXG\ ZLOO EH FRQGXFWHG DW WKH
$QDGGLWLRQDO
VLWH DW
 PD\ EH DGGHG
GHSHQGLQJRQSDWLHQWV¶UHFUXLWPHQWUDWH
>«@

& ZLOO EH LQFOXGHG LQ WKH UDQGRPL]DWLRQ VFKHPH
RQO\ DIWHU 60& DSSURYDO ZKLOH UDQGRPL]DWLRQ IRU
WKHRWKHUJURXSVFDQFRQWLQXHWRVXEMHFWVSHUDUP
,QFDVHRIVDIHW\FRQFHUQVREVHUYHGZLWKWKH/3=4
2'7VWUHDWHGFRKRUWVWKH60&FDQGHFLGHWRDVVHVV
WKHH[SRVXUHLQDPLQLPXPRIVXEMHFWVLQWKH/
3=4 2'7V FRKRUWV & DQG & EHIRUH GHFLGLQJ WR
HVFDODWHWRDKLJKHUGRVHRI/3=4

>«@
,QIDQWV LQ FRKRUW & ZLOO EH WUHDWHG ZLWK UDF3=4
2'7 RU /3=4 2'7 DW WKH RSWLPDO GRVH OHYHO
VHOHFWHG E\ 60& IURP 3DUW  EDVHG RQ EHQHILWV
ULVNV HYDOXDWLRQ FRUUHFWHG E\ VWDQGDUG DOORPHWULF
VFDOLQJ RI WKH 3. DYDLODEOH GDWD ,Q DGGLWLRQ D
PDWXUDWLRQ IDFWRU ZLOO DOVR EH LQFOXGHG LI
DSSOLFDEOHWRGHFLGHRQWKHGRVHIRUWKHVHLQIDQW

6\QRSVLV3KDUPDFRNLQHWLFV

3.SURILOHRI/3=4'3=4DQGUDF3=4$8&W
&PD[ WPD[ WODJ $8& $8&H[WUD Wò Ȝ] &/I DQG
9])3.ZLOOEHDVVHVVHGLQRIWKHVXEMHFWVRI
FRKRUWV&&ZLWKDULFKVDPSOLQJVFKHPHDQGLQ
1RWDSSOLFDEOH
PPD
PPD
PPD
PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





RIWKHVXEMHFWVZLWKDVSDUVHVDPSOLQJVFKHPH
3.ZLOOEHDVVHVVHGLQDOOVXEMHFWVRI3DUWFRKRUWV
&DQG&ZLWKDULFKVDPSOLQJVFKHPH

6\QRSVLV'LDJQRVLV

6FUHHQLQJGLDJQRVLVRI6PDQVRQLLQIHFWLRQZLOOEH
GRQHXVLQJDVLQJOH32&&&$XULQHFDVVHWWHWHVW
>«@

.DWR.DW] GLDJQRVLV RI 6 PDQVRQL LQIHFWLRQ WZR
VWRROVDPSOHVZLOOEHFROOHFWHGIURPHDFKVXEMHFWRQ
GLIIHUHQW GD\V ZLWKLQ D PD[LPXP RI ILYH GD\V DW
VFUHHQLQJ DV EDVHOLQH DQG  GD\V DIWHU GRVLQJ
IRUWUHDWPHQWHIILFDF\DVVHVVPHQW

>«@
2QH XULQH VDPSOH ZLOO EH FROOHFWHG IURP HDFK
VXEMHFWDWVFUHHQLQJ
'LDJQRVLVRI6PDQVRQLLQIHFWLRQZLOOEHGRQHXVLQJ
DVLQJOH32&&&$XULQHFDVVHWWHWHVW
>«@

.DWR.DW] GLDJQRVLV RI 6 PDQVRQL LQIHFWLRQ WZR
VWRROVDPSOHVZLOOEHFROOHFWHGIURPHDFKVXEMHFWRQ
GLIIHUHQW GD\V ZLWKLQ D PD[LPXP RI ILYH GD\V DW
VFUHHQLQJ GD\  WR GD\  DV EDVHOLQH DQG 
GD\V
DIWHU
GRVLQJ
IRU
WUHDWPHQW
HIILFDF\
DVVHVVPHQW
>«@
2QH XULQH VDPSOH ZLOO EH FROOHFWHG IURP HDFK
VXEMHFWDWVFUHHQLQJGD\WRGD\

6\QRSVLV±(OLJLELOLW\FULWHULD,QFOXVLRQ&ULWHULD

x 7RSURYLGHVWRRODQGXULQHVDPSOHVDWVFUHHQLQJ
KDQGGD\VDIWHUWUHDWPHQWDVZHOODV
GD\VDIWHUWUHDWPHQW
x 7R SURYLGH YHQRXV EORRG VDPSOHV IRU VDIHW\
DVVHVVPHQWV
x 7R SURYLGH VWRRO DQG XULQH VDPSOHV DW VFUHHQLQJ
GD\WRGD\KDQGGD\VDIWHUWUHDWPHQW
DVZHOODVGD\VDIWHUWUHDWPHQW
x 7R SURYLGH YHQRXV EORRG VDPSOHV IRU VDIHW\
DVVHVVPHQWV

6\QRSVLV,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW

3DUW
5DF3=42'7VRU/3=42'7VGRVHVHOHFWHGIURP
3DUW  DQG LQFOXGLQJ D GRVH FRUUHFWLRQ PDWXUDWLRQ
IDFWRU
3DUW
5DF3=42'7VRU/3=42'7VGRVHVHOHFWHGIURP
3DUW  DQG LQFOXGLQJ D GRVH FRUUHFWLRQ PDWXUDWLRQ
IDFWRU

6\QRSVLV±3ODQQHGWULDODQGWUHDWPHQWGXUDWLRQSHUVXEMHFW

0D[LPXPGD\VRIVFUHHQLQJSHULRGIROORZHGE\
GD\WUHDWPHQWDQGGD\VRIIROORZXSSHULRG

0D[LPXP  GD\V RI SUHVFUHHQLQJ DQG VFUHHQLQJ
SHULRGIROORZHGE\GD\WUHDWPHQWDQGGD\V
RIIROORZXSSHULRG

6\QRSVLV±6WDWLVWLFDOPHWKRGV

$OO HIILFDF\ VDIHW\ DQG SKDUPDFRNLQHWLF HQGSRLQWV
ZLOOEHDQDO\VHGGHVFULSWLYHO\
$OO HIILFDF\ DQG VDIHW\ DQG SKDUPDFRNLQHWLF
HQGSRLQWVZLOOEHDQDO\VHGGHVFULSWLYHO\

6SRQVRU,QYHVWLJDWRUVDQG7ULDO$GPLQLVWUDWLYH6WUXFWXUH

7KHWULDOZLOOEHFRQGXFWHGDWWKH

$QDGGLWLRQDOVLWHDW

 PD\ EH DGGHG GHSHQGLQJ RQ
SDWLHQWV¶UHFUXLWPHQWUDWH
7KH &RRUGLQDWLQJ ,QYHVWLJDWRUV




UHSUHVHQW DOO ,QYHVWLJDWRUV IRU GHFLVLRQV DQG
GLVFXVVLRQV UHJDUGLQJ WKLV WULDO FRQVLVWHQW ZLWK WKH
7KHWULDOZLOOEHFRQGXFWHGDWWKH

$QDGGLWLRQDOVLWHDW

 PD\ EH DGGHG GHSHQGLQJ RQ
SDWLHQWV¶UHFUXLWPHQWUDWH
7KH &RRUGLQDWLQJ ,QYHVWLJDWRUV




UHSUHVHQWV DOO ,QYHVWLJDWRUV IRU GHFLVLRQV DQG
GLVFXVVLRQV UHJDUGLQJ WKLV WULDO FRQVLVWHQW ZLWK WKH
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





,QWHUQDWLRQDO &RQIHUHQFH RQ +DUPRQLVDWLRQ ,&+
7RSLF ( *RRG &OLQLFDO 3UDFWLFH *&3 KHUHDIWHU
UHIHUUHG WR DV ,&+ *&3 7KH &RRUGLQDWLQJ
,QYHVWLJDWRUVZLOOSURYLGHH[SHUWPHGLFDOLQSXWDQG
DGYLFHUHODWLQJWRWULDOGHVLJQDQGH[HFXWLRQDQGDUH
UHVSRQVLEOHIRUWKHUHYLHZDQGVLJQRIIRIWKHFOLQLFDO
WULDOUHSRUW
6LJQDWXUH SDJHV IRU WKH 3URWRFRO /HDG DQG WKH
&RRUGLQDWLQJ ,QYHVWLJDWRUV DV ZHOO DV D OLVW RI
6SRQVRUUHVSRQVLEOHSHUVRQVDUHLQ$SSHQGL[,
,QWHUQDWLRQDO &RQIHUHQFH RQ +DUPRQLVDWLRQ ,&+
7RSLF ( *RRG &OLQLFDO 3UDFWLFH *&3 KHUHDIWHU
UHIHUUHG WR DV ,&+ *&3 7KH &RRUGLQDWLQJ
,QYHVWLJDWRU ZLOO SURYLGH H[SHUW PHGLFDO LQSXW DQG
DGYLFHUHODWLQJWRWULDOGHVLJQDQGH[HFXWLRQDQGDUH
LV UHVSRQVLEOH IRU WKH UHYLHZ DQG VLJQRII RI WKH
FOLQLFDOWULDOUHSRUW
6LJQDWXUH SDJHV IRU WKH 3URWRFRO /HDG DQG WKH
&RRUGLQDWLQJ ,QYHVWLJDWRUV DV ZHOO DV D OLVW RI
6SRQVRUUHVSRQVLEOHSHUVRQVDUHLQ$SSHQGL[,

6WXG\UDWLRQDOH

<RXQJHUFKLOGUHQWRPRQWKVLQIHFWHGZLWK6
PDQVRQL ZLOO VXEVHTXHQWO\ EH WUHDWHG ZLWK WKH
VHOHFWHG 2'7 GRVH IURP 3DUW  FRUUHFWHG GXH WR
DOORPHWULFVFDOLQJRI3.GDWDDVZHOODVDPDWXUDWLRQ
IDFWRU WR FRPSHQVDWH IRU WKH LPPDWXUH PHWDEROLF
V\VWHP LQ LQIDQWV 2QO\ ZKHQ WKLV FRUUHFWHG GRVH
KDVEHHQDVVHVVHGDVVDIHORZHUDJHGFKLOGUHQWR
PRQWKVZLOOEHLQFOXGHG
<RXQJHUFKLOGUHQWRPRQWKVLQIHFWHGZLWK6
PDQVRQL ZLOO VXEVHTXHQWO\ EH WUHDWHG ZLWK WKH
VHOHFWHG 2'7 GRVH IURP 3DUW  FRUUHFWHG GXH WR
DOORPHWULFVFDOLQJRI3.GDWDDVZHOODVDPDWXUDWLRQ
IDFWRU WR FRPSHQVDWH IRU WKH LPPDWXUH PHWDEROLF
V\VWHP LQ LQIDQWV 2QO\ ZKHQ WKLV FRUUHFWHG GRVH
KDVEHHQDVVHVVHGDVVDIHORZHUDJHGFKLOGUHQWR
PRQWKVZLOOEHLQFOXGHG

6HFRQGDU\REMHFWLYHV

3DUW
x 7R
H[SORUH
WKH
GRVHH[SRVXUHUHVSRQVH
UHODWLRQVKLS IRU /3=4 '3=4 2'7 DQG UDF
3=42'7LQFKLOGUHQDJHGWR\HDUVLQIHFWHG
ZLWK6PDQVRQL
3DUW
x 7R
H[SORUH
WKH
GRVHH[SRVXUHUHVSRQVH
UHODWLRQVKLSIRU/3=4'3=4DQGUDF3=4LQ
WRPRQWKLQIDQWVLQIHFWHGZLWK6PDQVRQL
3DUW
x 7R
H[SORUH
WKH
GRVHH[SRVXUHUHVSRQVH
UHODWLRQVKLS IRU /3=4 '3=4 2'7 DQG UDF
3=42'7LQFKLOGUHQDJHGWR\HDUVLQIHFWHG
ZLWK6PDQVRQL

3DUW
x 7R
H[SORUH
WKH
GRVHH[SRVXUHUHVSRQVH
UHODWLRQVKLSIRU/3=4'3=4DQGUDF3=4LQ
WRPRQWKLQIDQWVLQIHFWHGZLWK6PDQVRQL

2YHUDOO7ULDO'HVLJQDQG3ODQ

3DUW  LV DQ RSHQODEHO UDQGRPL]HG FRQWUROOHG
H[SORUDWRU\ GRVHILQGLQJ VWXG\ FRQGXFWHG LQ WZR
VWXG\ VLWHV ZLWK WKUHH IRUPXODWLRQV RI 3=4
FRPPHUFLDOUDF3=4WDEOHWV/3=42'7VDQGUDF
3=42'7VLQFKLOGUHQDJHGEHWZHHQDQG\HDUV
LQIHFWHGZLWK6PDQVRQL
>«@
,QFDVHRIVDIHW\FRQFHUQVREVHUYHGZLWKWKH/3=4
2'7VWUHDWHGFRKRUWVWKH60&FDQGHFLGHWRDVVHVV
WKHH[SRVXUHLQDPLQLPXPRIVXEMHFWVLQWKH/
3=4 2'7V FRKRUWV & DQG & EHIRUH GHFLGLQJ WR
HVFDODWHWRDKLJKHUGRVHRI/3=4,QDGGLWLRQWKH
60&PD\SURSRVHDFKDQJHLQWKHVDPSOLQJWLPHV
EXWQRWDQLQFUHDVHLQWKHWRWDOEORRGYROXPHDQG
PD\ GHFLGH WR VNLS IXUWKHU VSDUVH 3. VDPSOLQJ LQ
FDVH HUUDWLF 3. SURILOHV DUH REVHUYHG VHH DOVR
6HFWLRQ

3DUW  LQFOXGHV D FRKRUW ZLWK LQIDQWV RI 
PRQWKVLQIHFWHGZLWK6PDQVRQL&DQGDFRKRUW
3DUW  LV DQ RSHQODEHO UDQGRPL]HG FRQWUROOHG
H[SORUDWRU\GRVHILQGLQJVWXG\FRQGXFWHGLQRQHWZR
VWXG\ VLWHV ZLWK WKUHH IRUPXODWLRQV RI 3=4
FRPPHUFLDOUDF3=4WDEOHWV/3=42'7VDQGUDF
3=42'7VLQFKLOGUHQDJHGEHWZHHQDQG\HDUV
LQIHFWHGZLWK6PDQVRQL
>«@
,QFDVHRIVDIHW\FRQFHUQVREVHUYHGZLWKWKH/3=4
2'7VWUHDWHGFRKRUWVWKH60&FDQGHFLGHWRDVVHVV
WKHH[SRVXUHLQDPLQLPXPRIVXEMHFWVLQWKH/
3=4 2'7V FRKRUWV & DQG & EHIRUH GHFLGLQJ WR
HVFDODWHWRDKLJKHUGRVHRI/3=4,QDGGLWLRQWKH
60&PD\SURSRVHDFKDQJHLQWKHVDPSOLQJWLPHV
EXWQRWDQLQFUHDVHLQWKHWRWDOEORRGYROXPHDQG
PD\ GHFLGH WR VNLS IXUWKHU VSDUVH 3. VDPSOLQJ LQ
FDVH HUUDWLF 3. SURILOHV DUH REVHUYHG VHH DOVR
6HFWLRQ

3DUW  LQFOXGHV D FRKRUW ZLWK LQIDQWV RI 
PRQWKVLQIHFWHGZLWK6PDQVRQL&DQGDFRKRUW


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





ZLWK LQIDQWV RI  PRQWKV LQIHFWHG ZLWK 6
PDQVRQL & ZKLFK ZLOO EH HQUROOHG LQ DQ DJH
VWDJJHUHG DSSURDFK 7KLV SDUW RI WKH VWXG\ ZLOO EH
FRQGXFWHG DW RQH RU WZR VWXG\ VLWHV GHSHQGLQJ RQ
UHFUXLWPHQW
>«@

,QIDQWVLQFRKRUW&ZLOOEHWUHDWHGZLWKUDF3=4RU
/3=42'7VDWWKHRSWLPDOGRVHOHYHOVHOHFWHGE\
60& IURP 3DUW  EDVHG RQ EHQHILWVULVNV
HYDOXDWLRQFRUUHFWHGE\DPDWXUDWLRQIDFWRUZKLFK
WDNHVLQWRDFFRXQWDOOWKHNQRZQHQ]\PHVLQYROYHG
LQWKHPHWDEROLVPRI3=4DVZHOODVWKHLPPDWXUH
VWDWXVRIWKHVHHQ]\PHVLQWKHORZHUDJHGFKLOGUHQ
,QDGGLWLRQVWDQGDUGDOORPHWULFVFDOLQJZLOODOVREH
LQFOXGHG LI DSSOLFDEOH WR GHFLGH RQ WKH GRVH IRU
WKHVHFKLOGUHQ

$IWHU  LQIDQWV RI  WR  PRQWKV KDYH EHHQ
HQUROOHGWKHRYHUDOOVDIHW\DQGHIILFDF\GDWDLQWKHVH
FKLOGUHQ ZLOO EH HYDOXDWHG E\ WKH 60& IRU WKH
GHFLVLRQWRLQFOXGHWKHORZHUDJHJURXSFRKRUW&
'XHWRWKHORZQXPEHURIVXEMHFWVDQGWKHH[SHFWHG
KLJK YDULDELOLW\ LQ WKH 3. WKH 3. GDWD IURP WKHVH
LQIDQWVDUHQRWPDQGDWRU\IRUWKHGHFLVLRQWRLQFOXGH
& 60& ZLOO DOVR GHFLGH ZKHWKHU GRVH OHYHO
DGDSWDWLRQVDUHQHHGHGEHIRUHVWDUWLQJWRHQURO&
ZLWK LQIDQWV RI  PRQWKV LQIHFWHG ZLWK 6
PDQVRQL & ZKLFK ZLOO EH HQUROOHG LQ DQ DJH
VWDJJHUHG DSSURDFK 7KLV SDUW RI WKH VWXG\ ZLOO EH
FRQGXFWHG DW RQH RU WZR VWXG\ VLWHV GHSHQGLQJ RQ
UHFUXLWPHQW
>«@

,QIDQWVLQFRKRUW&ZLOOEHWUHDWHGZLWKUDF3=4RU
/3=42'7VDWWKHRSWLPDOGRVHOHYHOVHOHFWHGE\
60& IURP 3DUW  EDVHG RQ EHQHILWVULVNV
HYDOXDWLRQFRUUHFWHGE\DPDWXUDWLRQIDFWRUZKLFK
WDNHVLQWRDFFRXQWDOOWKHNQRZQHQ]\PHVLQYROYHG
LQWKHPHWDEROLVPRI3=4DVZHOODVWKHLPPDWXUH
VWDWXVRIWKHVHHQ]\PHVLQWKHORZHUDJHGFKLOGUHQ
,QDGGLWLRQVWDQGDUGDOORPHWULFVFDOLQJZLOODOVREH
LQFOXGHG LI DSSOLFDEOH WR GHFLGH RQ WKH GRVH IRU
WKHVHFKLOGUHQ

$IWHU  LQIDQWV RI  WR  PRQWKV KDYH EHHQ
HQUROOHGWKHRYHUDOOVDIHW\DQGHIILFDF\GDWDLQWKHVH
FKLOGUHQ ZLOO EH HYDOXDWHG E\ WKH 60& IRU WKH
GHFLVLRQWRLQFOXGHWKHORZHUDJHJURXSFRKRUW&
'XHWRWKHORZQXPEHURIVXEMHFWVDQGWKHH[SHFWHG
KLJK YDULDELOLW\ LQ WKH 3. WKH 3. GDWD IURP WKHVH
LQIDQWVDUHQRWPDQGDWRU\IRUWKHGHFLVLRQWRLQFOXGH
& 60& ZLOO DOVR GHFLGH ZKHWKHU GRVH OHYHO
DGDSWDWLRQVDUHQHHGHGEHIRUHVWDUWLQJWRHQURO&

'LVFXVVLRQRI7ULDO'HVLJQ

>«@

,Q VXPPDU\ GXH WR WKH XQFHUWDLQWLHV DERXW WKH
DYDLODEOH
H[SRVXUHUHVSRQVH
RU
FRQFHQWUDWLRQ
UHVSRQVH UHODWLRQVKLS DQG WKH SUHGLFWHG HIILFDF\
UHVSRQVHFRPELQHGZLWKWKH3.YDULDELOLW\REVHUYHG
IRU3=4DVZHOODVWKHXQFHUWDLQW\LQWKHWUDQVODWLRQ
RIDGXOWGDWDRI3=4WRFKLOGUHQD3.RQO\DSSURDFK
LV QRW GHHPHG DSSURSULDWH DQG WKHUHIRUH D SDUWLDO
H[WUDSRODWLRQ 3.3' GRVHUDQJLQJ DSSURDFK KDV WR
EH FRQVLGHUHG LQVWHDG 7KH GHVLJQ RI WKLV VWXG\
WKHUHIRUHFRQVLGHUVFXUHUDWHDQGHJJUHGXFWLRQUDWH
DV FOLQLFDO HIILFDF\ HQGSRLQWV ZLWK DGGLWLRQDO 3.
DQDO\VLVLQRUGHUWRDQDO\VHWKHH[SRVXUHUHVSRQVH
UHODWLRQVKLSLQWKHWDUJHWHGSRSXODWLRQ

>«@

,Q VXPPDU\ GXH WR WKH XQFHUWDLQWLHV DERXW WKH
DYDLODEOH
H[SRVXUHUHVSRQVH
RU
FRQFHQWUDWLRQ
UHVSRQVH UHODWLRQVKLS DQG WKH SUHGLFWHG HIILFDF\
UHVSRQVH FRPELQHG ZLWK WKH KLJK 3. YDULDELOLW\
REVHUYHGIRU3=4DVZHOODVWKHXQFHUWDLQW\LQWKH
WUDQVODWLRQ RI DGXOW GDWD RI 3=4 WR FKLOGUHQ D 3.
RQO\ DSSURDFK LV QRW GHHPHG DSSURSULDWH DQG
WKHUHIRUHDSDUWLDOH[WUDSRODWLRQ3.3'GRVHUDQJLQJ
DSSURDFK KDV WR EH FRQVLGHUHG LQVWHDG 'XH WR
LQFRQFOXVLYH3.GDWDIURPWKHILUVWVXEVHWRIVWXG\
SDUWLFLSDQWV3.VDPSOLQJLVDEDQGRQHG7KHGHVLJQ
RI WKLV VWXG\ WKHUHIRUH FRQVLGHUV FXUH UDWH DQG HJJ
UHGXFWLRQUDWHDVFOLQLFDOHIILFDF\HQGSRLQWVZLWKQR
DGGLWLRQDO 3. DQDO\VLV DQG HYDOXDWHV WKH GRVH
UHVSRQVH UHODWLRQVKLS LQVWHDG RI WKH H[SRVXUH
UHVSRQVHUHODWLRQVKLSLQWKHWDUJHWHGSRSXODWLRQ

,QFOXVLRQFULWHULD
x 
R 7RSURYLGHVWRRODQGXULQHVDPSOHVDWVFUHHQLQJ
KDQGGD\VDIWHUWUHDWPHQWDVZHOODV
GD\VDIWHUWUHDWPHQW
x 7RSURYLGHILQJHUSULFNEORRGVDPSOHVIRU3.
VWXGLHVDQGYHQRXVEORRGVDPSOHVIRUVDIHW\
R 7R SURYLGH VWRRO DQG XULQH VDPSOHV DW VFUHHQLQJ
GD\WRGD\KDQGGD\VDIWHUWUHDWPHQW
DVZHOODVGD\VDIWHUWUHDWPHQW
x 7R SURYLGH ILQJHU SULFN EORRG VDPSOHV IRU 3.
VWXGLHV
YHQRXV
EORRG
VDPSOHV
IRU
VDIHW\


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





DVVHVVPHQWV
DVVHVVPHQWV


'HVFULSWLRQRIWKH,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW

3UD]LTXDQWHO%LOWULFLGHPJ
>«@
,Q .HQ\D WKH*HUPDQ FRPPHUFLDO SURGXFWZLOO EH
XVHG7KHWDEOHWFRQWDLQVPJRISUD]LTXDQWHODQG
WKH IROORZLQJ LQDFWLYH LQJUHGLHQWV FRUQ VWDUFK
PDJQHVLXP VWHDUDWH PLFURFU\VWDOOLQH FHOOXORVH
SRYLGRQH  GRGpF\OVXOIDWH GH VRGLXP 0DFURJRO
WLWDQGLR[LGH(DQGK\SURPHOORVH
3UD]LTXDQWHO%LOWULFLGHPJ
>«@
,Q .HQ\D WKH*HUPDQ FRPPHUFLDO SURGXFWZLOO EH
XVHG7KHWDEOHWFRQWDLQVPJRISUD]LTXDQWHODQG
WKH IROORZLQJ LQDFWLYH LQJUHGLHQWV FRUQ VWDUFK
PDJQHVLXP VWHDUDWH PLFURFU\VWDOOLQH FHOOXORVH
SRYLGRQH  GRGpF\OVXOIDWH GH VRGLXP 0DFURJRO
WLWDQGLR[LGH(DQGK\SURPHOORVH

&RQFRPLWDQW0HGLFDWLRQVDQG3URFHGXUHV

>«@
$OO VXEMHFWV ZLOO XQGHUJR D GLDJQRVWLF WHVW IRU
PDODULDDWSUHVFUHHQLQJRUDWVFUHHQLQJ
>«@
$OO VXEMHFWV ZLOO XQGHUJR D GLDJQRVWLF WHVW IRU
PDODULDDWSUHVFUHHQLQJRUDWVFUHHQLQJ

3URKLELWHGPHGLFLQHV

>«@
$OVR DQ\ PHGLFDWLRQ IURP VFUHHQLQJ XQWLO ODVW 3.
VDPSOLQJLVQRWDOORZHGZLWKRXWSULRUDSSURYDOIURP
WKH ,QYHVWLJDWRU H[FHSW IRU RFFDVLRQDO XVH RI
SDUDFHWDPRORULEXSURIHQ
>«@
$OVR DQ\ PHGLFDWLRQ IURP VFUHHQLQJ XQWLO ODVW 3.
HQG RI FRQILQHPHQW LV QRW DOORZHG ZLWKRXW SULRU
DSSURYDO
IURP
WKH
,QYHVWLJDWRU
H[FHSW
IRU
RFFDVLRQDOXVHRISDUDFHWDPRORULEXSURIHQ

%OLQGLQJ

7KH VWXG\ LV RSHQ ODEHO )RU 3DUW  3.3'
ODERUDWRU\ WHVWLQJ DQG HYDOXDWLRQ RI SULPDU\
HQGSRLQW LH QXPEHU RI HJJV SHU JUDP RI IDHFHV
ZLOO EH HYDOXDWHG ZLWKRXW ODERUDWRU\ VWDII EHLQJ
DZDUHRIWKHDFWXDOWUHDWPHQWUHFHLYHGE\VXEMHFWV
7KH VWXG\ LV RSHQ ODEHO )RU 3DUW  3.3'
ODERUDWRU\ WHVWLQJ DQG HYDOXDWLRQ RI SULPDU\
HQGSRLQW LH QXPEHU RI HJJV SHU JUDP RI IDHFHV
ZLOO EH HYDOXDWHG ZLWKRXW ODERUDWRU\ VWDII EHLQJ
DZDUHRIWKHDFWXDOWUHDWPHQWUHFHLYHGE\VXEMHFWV

6FUHHQLQJ
6FUHHQLQJ3UHVFUHHQLQJ


6WXG\
SDUWLFLSDQWV
ZLOO
EH
VHOHFWHG
IURP
FRPPXQLWLHV OLYLQJ LQ WKH UHJLRQ RI

3ULRUWRVWXG\RQVHWDOLVWRIDOOFKLOGUHQDJHG
\HDUV3DUWDQGPRQWKV3DUWOLYLQJLQ
WKH VHOHFWHG DUHDV ZLOO EH SUHSDUHG XVLQJ UHFRUGV
REWDLQHGIURPWKHODWHVWFHQVXV

$W VWXG\ EHJLQQLQJ DOO KRXVHKROGV LQ WKH YLOODJHV
ZLOO EH LQIRUPHG DERXW WKH VWXG\ 3ULRU WR
SHUIRUPLQJDQ\WULDODVVHVVPHQWVWKDWDUHQRWSDUWRI
URXWLQHPHGLFDOFDUHIRUWKHVXEMHFWWKH,QYHVWLJDWRU
RU DQ DSSURSULDWH GHVLJQHH LI ORFDO UHJXODWLRQV
SHUPLW ZLOO REWDLQ ZULWWHQ SUHVFUHHQLQJ FRQVHQW
IURPRQHRIWKHSDUHQWVRUDOHJDOUHSUHVHQWDWLYHRI
WKHVXEMHFWWRDOORZWKHGLDJQRVLVDFWLYLWLHVDQGWKH
LGHQWLILFDWLRQ RI LQIHFWHG FKLOGUHQ DV GHVFULEHG LQ
6HFWLRQ

PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





3DUHQWVOHJDO
UHSUHVHQWDWLYHV
RI
SDUWLFLSDWLQJ
VXEMHFWV ZLOO EH SURYLGHG ZLWK SODVWLF FRQWDLQHUV
ODEHOOHGZLWKXQLTXHLGHQWLILFDWLRQQXPEHUV,'VDW
WKH ILUVW GD\ RI SUHVFUHHQLQJ 7KH\ ZLOO EH
LQVWUXFWHGWRFROOHFWVWRRODQGXULQHVDPSOHVRIWKH
FKLOG HDFK LQ RQH RI WKH WZR VHSDUDWH FRQWDLQHUV
6WRRO DQG XULQH VDPSOHV ZLOO EH SURFHVVHG RQ WKH
VDPHGD\

3UHVFUHHQLQJGLDJQRVLVRI6PDQVRQLLQIHFWLRQZLOO
EHGRQHXVLQJDVLQJOH32&&&$XULQHFDVVHWWHWHVW
6XEMHFWV ZKR DUH SRVLWLYH IRU 32&&&$ WHVW ZLOO
SURYLGH
x 2QHXULQHVDPSOHWRDVVHVV6KDHPDWRELXPFR
LQIHFWLRQ XVLQJ WKH ILOWUDWLRQ WHFKQLTXH 2QH
XULQHVDPSOHZLOOEHFROOHFWHGIURPHDFKVXEMHFW
PORIXULQHVDPSOHVZLOOEHILOWHUHGWKURXJKD
ILOWHU PHVK ZKLFK ZLOO EH WKHQ H[DPLQHG XQGHU
WKHPLFURVFRSHIRU6KDHPDWRELXPHJJFRXQW6
KDHPDWRELXP SRVLWLYH GLDJQRVLV LV GHILQHG DV
SRVLWLYHHJJFRXQWVRI6KDHPDWRELXPLQXULQH
!  HJJ PO RI XULQH DFFRUGLQJ WR :+2
FODVVLILFDWLRQ OLJKW  HJJVௗPO RI XULQH
DQGKHDY\HJJVௗPORIXULQHLQIHFWLRQV
x 7ZR VWRRO VDPSOHV WR DVVHVV LQIHFWLRQ LQWHQVLW\
XVLQJWKH.DWR.DW]PHWKRG7ZRVWRROVDPSOHV
ZLOOEHFROOHFWHGIURPHDFKVXEMHFWRQGLIIHUHQW
GD\VZLWKLQDPD[LPXPRIGD\VDWGD\WR
GD\DVEDVHOLQHDQGGD\VDIWHUGRVLQJ
,QIHFWLRQ LQWHQVLW\ H[SUHVVHG DV HJJ FRXQW SHU
JUDPRIVWRROHSJZLOOEHFDOFXODWHGIRUHDFK
LQGLYLGXDO 6 PDQVRQL SRVLWLYH GLDJQRVLV LV
GHILQHGDVSRVLWLYHHJJFRXQWVRI6PDQVRQLLQ
VWRRO!HJJRFFDVLRQDFFRUGLQJWRWKH:+2
FODVVLILFDWLRQ OLJKW  HJJV SHU JUDP RI
IDHFHV PRGHUDWH  HJJV SHU JUDP RI
IDHFHV DQG KHDY\   HJJV SHU JUDP RI
IDHFHVLQIHFWLRQV


6FUHHQLQJ
6FUHHQLQJ

6WXG\
SDUWLFLSDQWV
ZLOO
EH
VHOHFWHG
IURP
FRPPXQLWLHV OLYLQJ LQ WKH



3ULRUWRVWXG\RQVHWDOLVWRIDOOFKLOGUHQDJHG
\HDUV3DUWDQGPRQWKV3DUWOLYLQJLQWKH
VHOHFWHG DUHDV ZLOO EH SUHSDUHG XVLQJ UHFRUGV
REWDLQHGIURPWKHODWHVWFHQVXV
$W VWXG\ EHJLQQLQJ DOO KRXVHKROGV LQ WKH YLOODJHV
ZLOO EH LQIRUPHG DERXW WKH VWXG\ 3ULRU WR
SHUIRUPLQJDQ\WULDODVVHVVPHQWVWKDWDUHQRWSDUWRI
URXWLQHPHGLFDOFDUHIRUWKHVXEMHFWWKH,QYHVWLJDWRU
6WXG\
SDUWLFLSDQWV
ZLOO
EH
VHOHFWHG
IURP
FRPPXQLWLHV OLYLQJ LQ WKH



3ULRUWRVWXG\RQVHWDOLVWRIDOOFKLOGUHQDJHG
\HDUV3DUWDQGPRQWKV3DUWOLYLQJLQWKH
VHOHFWHG DUHDV ZLOO EH SUHSDUHG XVLQJ UHFRUGV
REWDLQHGIURPWKHODWHVWFHQVXV
$W VWXG\ EHJLQQLQJ DOO KRXVHKROGV LQ WKH YLOODJHV
ZLOO EH LQIRUPHG DERXW WKH VWXG\ 3ULRU WR
SHUIRUPLQJDQ\WULDODVVHVVPHQWVWKDWDUHQRWSDUWRI
URXWLQHPHGLFDOFDUHIRUWKHVXEMHFWWKH,QYHVWLJDWRU
PPD
PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





RU DQ DSSURSULDWH GHVLJQHH LI ORFDO UHJXODWLRQV
SHUPLW ZLOO REWDLQ ZULWWHQ LQIRUPHG FRQVHQW IURP
RQH RI WKH SDUHQWV RU D OHJDO UHSUHVHQWDWLYH RI WKH
VXEMHFWDVGHVFULEHGLQ6HFWLRQ
3DUHQWVOHJDO
UHSUHVHQWDWLYHV
RI
SDUWLFLSDWLQJ
VXEMHFWV ZLOO EH SURYLGHG ZLWK SODVWLF FRQWDLQHUV
ODEHOOHGZLWKXQLTXHLGHQWLILFDWLRQQXPEHUV,'VDW
WKHILUVWGD\RIVFUHHQLQJ7KH\ZLOOEHLQVWUXFWHGWR
FROOHFWVWRRODQGXULQHVDPSOHVRIWKHFKLOGHDFKLQ
RQHRIWKHWZRVHSDUDWHFRQWDLQHUV6WRRODQGXULQH
VDPSOHVZLOOEHSURFHVVHGRQWKHVDPHGD\
6FUHHQLQJGLDJQRVLVRI6PDQVRQLLQIHFWLRQZLOOEH
GRQH XVLQJ D VLQJOH 32&&&$ XULQH FDVVHWWH WHVW
6XEMHFWV ZKR DUH SRVLWLYH IRU 32&&&$ WHVW ZLOO
SURYLGH
x 2QH EORRG VDPSOH FROOHFWHG E\ ILQJHU SXQFWXUH
WR GHWHFW PDODULD LQIHFWLRQ XVLQJ D 5DSLG
'LDJQRVWLF
7HVW
5'7
7UHDWPHQW
RI
FRQFRPLWDQW GLVHDVHV VXFK DV PDODULD ZLOO EH
GRQH
DFFRUGLQJ
WR
WKH
FRXQWU\
QDWLRQDO
JXLGHOLQHV
6XEMHFWV
ZKR
UHTXLUH
PDODULD
WUHDWPHQWEHIRUHUHFHLYLQJWKHVWXG\GUXJZLOOEH
ZLWKGUDZQIURPWKHVWXG\
x 2QHXULQHVDPSOHWRDVVHVV6KDHPDWRELXPFR
LQIHFWLRQ XVLQJ WKH ILOWUDWLRQ WHFKQLTXH 6
KDHPDWRELXP SRVLWLYH GLDJQRVLV LV GHILQHG DV
SRVLWLYHHJJFRXQWVRI6KDHPDWRELXPLQXULQH
!  HJJ PO RI XULQH DFFRUGLQJ WR :+2
FODVVLILFDWLRQ OLJKW  HJJVௗPO RI XULQH
DQGKHDY\HJJVௗPORIXULQHLQIHFWLRQV
x 7ZR VWRRO VDPSOHV WR DVVHVV LQIHFWLRQ LQWHQVLW\
XVLQJWKH.DWR.DW]PHWKRG7ZRVWRROVDPSOHV
ZLOOEHFROOHFWHGIURPHDFKVXEMHFWRQGLIIHUHQW
GD\VZLWKLQDPD[LPXPRIGD\VDWVFUHHQLQJ
DV EDVHOLQH DQG  GD\V DIWHU GRVLQJ
,QIHFWLRQ LQWHQVLW\ H[SUHVVHG DV HJJ FRXQW SHU
JUDPRIVWRROHSJZLOOEHFDOFXODWHGIRUHDFK
LQGLYLGXDO 6 PDQVRQL SRVLWLYH GLDJQRVLV LV
GHILQHGDVSRVLWLYHHJJFRXQWVRI6PDQVRQLLQ
VWRRO!HJJRFFDVLRQDFFRUGLQJWRWKH:+2
FODVVLILFDWLRQ OLJKW  HJJV SHU JUDP RI
IDHFHV PRGHUDWH  HJJV SHU JUDP RI
IDHFHV DQG KHDY\   HJJV SHU JUDP RI
IDHFHVLQIHFWLRQV

6FKLVWRVRPHSRVLWLYH VXEMHFWV WRJHWKHU ZLWK RQH RI
WKHLUSDUHQWVOHJDOUHSUHVHQWDWLYHVZLOOEHWUDQVIHUUHG
WR WKH VWXG\ KRVSLWDO ZKHUH WKH IROORZLQJ
WHVWVLQIRUPDWLRQJDWKHULQJZLOOEHSHUIRUPHGZLWKLQ
PD[LPXPIRXUZHHNVSULRUWRWUHDWPHQWLQLWLDWLRQ

RU DQ DSSURSULDWH GHVLJQHH LI ORFDO UHJXODWLRQV
SHUPLW ZLOO REWDLQ ZULWWHQ LQIRUPHG FRQVHQW IURP
RQH RI WKH SDUHQWV RU D OHJDO UHSUHVHQWDWLYH RI WKH
VXEMHFWDVGHVFULEHGLQ6HFWLRQ
3DUHQWVOHJDO
UHSUHVHQWDWLYHV
RI
SDUWLFLSDWLQJ
VXEMHFWV ZLOO EH SURYLGHG ZLWK SODVWLF FRQWDLQHUV
ODEHOOHGZLWKXQLTXHLGHQWLILFDWLRQQXPEHUV,'VDW
WKHILUVWGD\RIVFUHHQLQJ7KH\ZLOOEHLQVWUXFWHGWR
FROOHFWVWRRODQGXULQHVDPSOHVRIWKHFKLOGHDFKLQ
RQHRIWKHWZRVHSDUDWHFRQWDLQHUV6WRRODQGXULQH
VDPSOHVZLOOEHSURFHVVHGRQWKHVDPHGD\
6FUHHQLQJGLDJQRVLVRI6PDQVRQLLQIHFWLRQZLOOEH
GRQH XVLQJ D VLQJOH 32&&&$ XULQH FDVVHWWH WHVW
6XEMHFWV ZKR DUH SRVLWLYH IRU 32&&&$ WHVW ZLOO
SURYLGH
x 2QH EORRG VDPSOH FROOHFWHG E\ ILQJHU SXQFWXUH
WR GHWHFW PDODULD LQIHFWLRQ XVLQJ D 5DSLG
'LDJQRVWLF
7HVW
5'7
7UHDWPHQW
RI
FRQFRPLWDQW GLVHDVHV VXFK DV PDODULD ZLOO EH
GRQH
DFFRUGLQJ
WR
WKH
FRXQWU\
QDWLRQDO
JXLGHOLQHV
6XEMHFWV
ZKR
UHTXLUH
PDODULD
WUHDWPHQWEHIRUHUHFHLYLQJWKHVWXG\GUXJZLOOEH
ZLWKGUDZQIURPWKHVWXG\
x 2QHXULQHVDPSOHWRDVVHVV6KDHPDWRELXPFR
LQIHFWLRQ XVLQJ WKH ILOWUDWLRQ WHFKQLTXH 6
KDHPDWRELXP SRVLWLYH GLDJQRVLV LV GHILQHG DV
SRVLWLYHHJJFRXQWVRI6KDHPDWRELXPLQXULQH
!  HJJ PO RI XULQH DFFRUGLQJ WR :+2
FODVVLILFDWLRQ OLJKW  HJJVௗPO RI XULQH
DQGKHDY\HJJVௗPORIXULQHLQIHFWLRQV
x 7ZR VWRRO VDPSOHV WR DVVHVV LQIHFWLRQ LQWHQVLW\
XVLQJWKH.DWR.DW]PHWKRG7ZRVWRROVDPSOHV
ZLOOEHFROOHFWHGIURPHDFKVXEMHFWRQGLIIHUHQW
GD\VZLWKLQDPD[LPXPRIGD\VDWVFUHHQLQJ
DV EDVHOLQH DQG  GD\V DIWHU GRVLQJ
,QIHFWLRQ LQWHQVLW\ H[SUHVVHG DV HJJ FRXQW SHU
JUDPRIVWRROHSJZLOOEHFDOFXODWHGIRUHDFK
LQGLYLGXDO 6 PDQVRQL SRVLWLYH GLDJQRVLV LV
GHILQHGDVSRVLWLYHHJJFRXQWVRI6PDQVRQLLQ
VWRRO!HJJRFFDVLRQDFFRUGLQJWRWKH:+2
FODVVLILFDWLRQ OLJKW  HJJV SHU JUDP RI
IDHFHV PRGHUDWH  HJJV SHU JUDP RI
IDHFHV DQG KHDY\   HJJV SHU JUDP RI
IDHFHVLQIHFWLRQV

6FKLVWRVRPHSRVLWLYH VXEMHFWV DIWHU DVVHVVPHQW E\
WKH .DWR .DW] PHWKRG WRJHWKHU ZLWK RQH RI WKHLU
SDUHQWVOHJDO UHSUHVHQWDWLYHV ZLOO EH LQYLWHG WR WKH
VWXG\KRVSLWDOZKHUHWKHIROORZLQJWHVWVLQIRUPDWLRQ
JDWKHULQJ ZLOO EH SHUIRUPHG ZLWKLQ PD[LPXP IRXU
ZHHNVSULRUWRWUHDWPHQWLQLWLDWLRQ7KH,QYHVWLJDWRU


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V














>«@

0DODULD UDSLG GLDJQRVWLF WHVW  LI QRW GRQH DW SUH
VFUHHQLQJ
RU DQ DSSURSULDWH GHVLJQHH LI ORFDO UHJXODWLRQV
SHUPLW ZLOO REWDLQ ZULWWHQ LQIRUPHG FRQVHQW WR
DOORZ WKH SDUWLFLSDWLRQ LQ WKH VWXG\ DQG  WKH
FRPSOHWLRQRIWKHVWXG\SURFHGXUHVIURPRQHRIWKH
SDUHQWV RU D OHJDO UHSUHVHQWDWLYH RI WKH VXEMHFW DV
GHVFULEHGLQ6HFWLRQ
,Q WKH KRVSLWDO WKH IROORZLQJ WHVWVLQIRUPDWLRQ
JDWKHULQJ ZLOO EH SHUIRUPHG ZLWKLQ PD[LPXP IRXU
ZHHNVRQHZHHNSULRUWRWUHDWPHQWLQLWLDWLRQ
>«@

0DODULD UDSLG GLDJQRVWLF WHVW  LI QRW GRQH DW SUH
VFUHHQLQJ
$ 5DSLG 'LDJQRVWLF 7HVW 5'7 WR GHWHFW PDODULD
LQIHFWLRQ RQH EORRG VDPSOH FROOHFWHG E\ ILQJHU
SXQFWXUH 7UHDWPHQW RI FRQFRPLWDQW GLVHDVHV VXFK
DV PDODULD ZLOO EH GRQH DFFRUGLQJ WR WKH FRXQWU\
QDWLRQDO JXLGHOLQHV 6XEMHFWV ZKR UHTXLUH PDODULD
WUHDWPHQW EHIRUH UHFHLYLQJ WKH VWXG\ GUXJ ZLOO EH
ZLWKGUDZQIURPWKHVWXG\


7UHDWPHQWSHULRG
7UHDWPHQWSHULRG

,QFDVHVHYHUDODVVHVVPHQWVDUHSODQQHGDWWKHVDPH
WLPHSRLQWWKH3.VDPSOHVZLOOEHWDNHQDWWKHSUH
GHILQHG WLPH SRLQW 9LWDO VLJQV ZLOO EH UHFRUGHG
EHIRUH3.VDPSOHV

3UHGRVHDVVHVVPHQWV
6XEMHFWV ZLOO XQGHUJR SK\VLFDO H[DPLQDWLRQ YLWDO
VLJQVDVVHVVPHQWDQGUHFKHFNRIHOLJLELOLW\FULWHULD
,IDVVHVVPHQWVKDYHEHHQGRQHRQWKHVDPHGD\WKH\
GRQRWQHHGWREHUHSHDWHG3.VDPSOHZLOOEHWDNHQ
ZLWKLQPD[LPXPKRXUSULRUWRGRVLQJ

3RVWGRVHDVVHVVPHQWV
3.VDPSOHVZLOOEHWDNHQDFFRUGLQJWRWKHVDPSOLQJ
VFKHPHVHH6HFWLRQ7KHDOORZHGGHYLDWLRQIURP
WKH SUHVSHFLILHG DVVHVVPHQW ZLOO EH   LQ
PLQXWHVRIWKHVFKHGXOHGWLPHSRLQW,QFDVHVHYHUDO
DVVHVVPHQWVDUHSODQQHGDWWKHVDPHWLPHSRLQWWKH
3. VDPSOHV ZLOO EH WDNHQ DW WKH SUHGHILQHG WLPH
SRLQW
,Q FRKRUW & YLWDO VLJQV ZLOO EH UHFRUGHG  KRXUV
DIWHU ILUVW GRVLQJ EHIRUH 3. VDPSOHV DUH WDNHQ
3K\VLFDO H[DPLQDWLRQ ZLOO EH SHUIRUPHG  DQG 
KRXUVLQKRXUVDIWHUILUVWGRVLQJEHIRUH3.
VDPSOHVDUHWDNHQ3.VDPSOLQJDIWHUWKHILUVWGRVH
VKRXOG EH WDNHQ EHIRUH WKH VHFRQG GRVH LV
DGPLQLVWHUHG
,Q FRKRUWV && YLWDO VLJQV ZLOO EH UHFRUGHG 
KRXUV DIWHU GRVLQJ EHIRUH 3. VDPSOHV DUH WDNHQ
3K\VLFDO H[DPLQDWLRQ ZLOO EH SHUIRUPHG  DQG 
KRXUV   LQ KRXUV DIWHU GRVLQJ EHIRUH 3.
VDPSOHVDUHWDNHQ
,QFDVHVHYHUDODVVHVVPHQWVDUHSODQQHGDWWKHVDPH
WLPHSRLQWWKH3.VDPSOHVZLOOEHWDNHQDWWKHSUH
GHILQHG WLPH SRLQW 9LWDO VLJQV ZLOO EH UHFRUGHG
EHIRUH3.VDPSOHV

3UHGRVHDVVHVVPHQWV
6XEMHFWV ZLOO XQGHUJR SK\VLFDO H[DPLQDWLRQ YLWDO
VLJQVDVVHVVPHQWDQGUHFKHFNRIHOLJLELOLW\FULWHULD
,IDVVHVVPHQWVKDYHEHHQGRQHRQWKHVDPHGD\WKH\
GRQRWQHHGWREHUHSHDWHG3.VDPSOHZLOOEHWDNHQ
ZLWKLQPD[LPXPKRXUSULRUWRGRVLQJ

3RVWGRVHDVVHVVPHQWV
3.VDPSOHVZLOOEHWDNHQDFFRUGLQJWRWKHVDPSOLQJ
VFKHPHVHH6HFWLRQ7KHDOORZHGGHYLDWLRQIURP
WKH SUHVSHFLILHG DVVHVVPHQW ZLOO EH   LQ
PLQXWHVRIWKHVFKHGXOHGWLPHSRLQW,QFDVHVHYHUDO
DVVHVVPHQWVDUHSODQQHGDWWKHVDPHWLPHSRLQWWKH
3. VDPSOHV ZLOO EH WDNHQ DW WKH SUHGHILQHG WLPH
SRLQW
,Q FRKRUW & 9LWDO VLJQV ZLOO EH UHFRUGHG  KRXUV
DIWHU ILUVW GRVLQJ EHIRUH 3. VDPSOHV DUH WDNHQ
3K\VLFDO H[DPLQDWLRQ ZLOO EH SHUIRUPHG  DQG 
KRXUVLQKRXUVDIWHUILUVWGRVLQJEHIRUH3.
VDPSOHVDUHWDNHQ3.VDPSOLQJDIWHUWKHILUVWGRVH
VKRXOG EH WDNHQ EHIRUH WKH VHFRQG GRVH LV
DGPLQLVWHUHG
,Q FRKRUWV && YLWDO VLJQV ZLOO EH UHFRUGHG 
KRXUV DIWHU GRVLQJ EHIRUH 3. VDPSOHV DUH WDNHQ
3K\VLFDO H[DPLQDWLRQ ZLOO EH SHUIRUPHG  DQG 
KRXUV   LQ KRXUV DIWHU GRVLQJ EHIRUH 3.
VDPSOHVDUHWDNHQ


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





&OLQLFDO
VDIHW\
ODERUDWRU\
HYDOXDWLRQV
LH
KHPDWRORJ\ELRFKHPLVWU\DQGXULQDO\VLVDQGXULQH
FROOHFWLRQIRU32&&&$WHVWZLOOEHSHUIRUPHG
KRXUVLQKRXUVDIWHUGRVLQJ$OOELRORJLFDO
DVVHVVPHQWVZLOOEHSHUIRUPHGLQIDVWLQJFRQGLWLRQ
LISRVVLEOH
&OLQLFDO
VDIHW\
ODERUDWRU\
HYDOXDWLRQV
LH
KHPDWRORJ\ELRFKHPLVWU\DQGXULQDO\VLVDQGXULQH
FROOHFWLRQIRU32&&&$WHVWZLOOEHSHUIRUPHG
KRXUVLQKRXUVDIWHUGRVLQJ$OOELRORJLFDO
DVVHVVPHQWVZLOOEHSHUIRUPHGLQIDVWLQJFRQGLWLRQ
LISRVVLEOH
,Q FDVH WKH SDUWLFLSDQW GXH WR ORJLVWLFDO RU VRFLDO
UHDVRQVZLOOKDYHWRVSHQGDQDGGLWLRQDOQLJKWLQWKH
KRVSLWDO
WKH
HQG
RI
FRQILQHPHQW
ZLOO
EH
GRFXPHQWHGDIWHUWKHVSHFLILHG+RXUVDQGWKH
DGGLWLRQDO QLJKW ZLOO QRW EH FRQVLGHUHG DV SDUW RI
FRQILQHPHQW$VVXFKLWZLOOQRWTXDOLI\DV6$(DV
GHVFULEHGLQVHFWLRQ

6DIHW\5HSRUWLQJWR+HDOWK$XWKRULWLHV,QGHSHQGHQW(WKLFV&RPPLWWHHV,QVWLWXWLRQDO5HYLHZ
%RDUGVDQG,QYHVWLJDWRUV

$WHDFKWULDOYLVLWWKHVXEMHFWDQGWKH
SDUHQWVUHSUHVHQWDWLYHVZLOOEHTXHULHGRQFKDQJHVLQ
KLVRUKHUFRQGLWLRQ
$W HDFK WULDO YLVLW )URP VFUHHQLQJ YLVLW WR HQG RI
VWXG\ WKH VXEMHFW DQG WKH SDUHQWVUHSUHVHQWDWLYHV
ZLOOEHTXHULHGRQFKDQJHVLQKLVRUKHUFRQGLWLRQ

'HILQLWLRQRIWKH$GYHUVH(YHQW5HSRUWLQJ3HULRG

7KH $( UHSRUWLQJ SHULRG IRU VDIHW\ VXUYHLOODQFH
EHJLQVZKHQWKHVXEMHFWLVLQLWLDOO\LQFOXGHGLQWKH
WULDOGDWHRIILUVWVLJQDWXUHRILQIRUPHGFRQVHQWDQG
FRQWLQXHVWKURXJKWKHWULDO¶VSRVWWUHDWPHQWIROORZ
XSSHULRGXQWLOWKH(QGRI7ULDO9LVLW
7KH $( UHSRUWLQJ SHULRG IRU VDIHW\ VXUYHLOODQFH
EHJLQVZKHQWKHVXEMHFWLVLQLWLDOO\LQFOXGHGLQWKH
WULDODWVFUHHQLQJYLVLWGDWHRIVLJQDWXUHRILQIRUPHG
VFUHHQLQJFRQVHQWDQGFRQWLQXHVWKURXJKWKHWULDO¶V
SRVW WUHDWPHQW IROORZXS SHULRG XQWLO WKH (QG RI
7ULDO9LVLW

3KDUPDFRN\QHWLFV

>«@
1RWDSSOLFDEOH

$QDO\VLVVHWV

>«@
3.DQDO\VLVVHWV
7KHUH ZLOO EH WZR DQDO\VLV VHWV RQH IRU QRQ
FRPSDUWPHQWDO 3. DQDO\VLV 1&$ DQG RQH IRU
3RSXODWLRQ3.7KH1&$$QDO\VLV6HWZLOOFRQVLVW
RIDOOVXEMHFWVZKRUHFHLYHDWOHDVWRQHGRVHRIDQ\
IRUPXODWLRQRI3=4KDYHEHHQDOORFDWHGWRULFK3.
VDPSOLQJKDYHQRSURWRFROGHYLDWLRQVDIIHFWLQJ3.
DQG SURYLGH DW OHDVW WKUHH PHDVXUDEOH SRVWGRVH
FRQFHQWUDWLRQV7KH3RSXODWLRQ3.$QDO\VLV6HWZLOO
FRQVLVWRIDOOVXEMHFWVZKRUHFHLYHDWOHDVWRQHGRVH
RI DQ\ IRUPXODWLRQ RI 3=4 KDYH QR SURWRFRO
GHYLDWLRQV DIIHFWLQJ 3. DQG SURYLGH DW OHDVW RQH
PHDVXUDEOHSRVWGRVHFRQFHQWUDWLRQ
6XEMHFWV ZLOO EH DQDO\]HG DFFRUGLQJ WR WKH DFWXDO
WUHDWPHQW
WKH\
UHFHLYHG
$OO
FRQFHQWUDWLRQV
PHDVXUHG ZLOO EH LQFOXGHG LQ WKH GHVFULSWLYH
VWDWLVWLFVIRUFRQFHQWUDWLRQGDWD
>«@
3.DQDO\VLVVHWV
7KHUH ZLOO EH WZR DQDO\VLV VHWV RQH IRU QRQ
FRPSDUWPHQWDO 3. DQDO\VLV 1&$ DQG RQH IRU
3RSXODWLRQ3.7KH1&$$QDO\VLV6HWZLOOFRQVLVW
RIDOOVXEMHFWVZKRUHFHLYHDWOHDVWRQHGRVHRIDQ\
IRUPXODWLRQRI3=4KDYHEHHQDOORFDWHGWRULFK3.
VDPSOLQJKDYHQRSURWRFROGHYLDWLRQVDIIHFWLQJ3.
DQG SURYLGH DW OHDVW WKUHH PHDVXUDEOH SRVWGRVH
FRQFHQWUDWLRQV7KH3RSXODWLRQ3.$QDO\VLV6HWZLOO
FRQVLVWRIDOOVXEMHFWVZKRUHFHLYHDWOHDVWRQHGRVH
RI DQ\ IRUPXODWLRQ RI 3=4 KDYH QR SURWRFRO
GHYLDWLRQV DIIHFWLQJ 3. DQG SURYLGH DW OHDVW RQH
PHDVXUDEOHSRVWGRVHFRQFHQWUDWLRQ
6XEMHFWV ZLOO EH DQDO\]HG DFFRUGLQJ WR WKH DFWXDO
WUHDWPHQW
WKH\
UHFHLYHG
$OO
FRQFHQWUDWLRQV
PHDVXUHG ZLOO EH LQFOXGHG LQ WKH GHVFULSWLYH
VWDWLVWLFVIRUFRQFHQWUDWLRQGDWD

$QDO\VLVVHWV


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V






$OO HIILFDF\ VDIHW\ DQG SKDUPDFRNLQHWLF HQGSRLQWV
ZLOO EH DQDO\VHG GHVFULSWLYHO\ *UDSKV ZLOO EH
SURGXFHGDVDSSURSULDWH3RLQWHVWLPDWLRQDQG
FRQILGHQFH LQWHUYDO &, ZLOO EH FDOFXODWHG IRU
SULPDU\ DQG NH\ VHFRQGDU\ HQGSRLQWV IRU HDFK
WUHDWPHQWDUP
$OO HIILFDF\ DQG VDIHW\ DQG SKDUPDFRNLQHWLF
HQGSRLQWV ZLOO EH DQDO\VHG GHVFULSWLYHO\ *UDSKV
ZLOO EH SURGXFHG DV DSSURSULDWH 3RLQW HVWLPDWLRQ
DQGFRQILGHQFHLQWHUYDO&,ZLOOEHFDOFXODWHG
IRU SULPDU\ DQG NH\ VHFRQGDU\ HQGSRLQWV IRU HDFK
WUHDWPHQWDUP

*HQHUDOFRQVLGHUDWLRQV

3KDUPDFRNLQHWLFFDOFXODWLRQV
6HH6HFWLRQ
3KDUPDFRNLQHWLFFDOFXODWLRQV
1RWDSSOLFDEOH

,QWHULPDQG$GGLWLRQDO3ODQQHG$QDO\VHV

>«@
$W WKH HQG RI 3DUW  WKH ILQDO DQDO\VLV ZLOO EH
FRQGXFWHGRQGDWDDVFOHDQDVSRVVLEOH7KH6DIHW\
0RQLWRULQJ&RPPLWWHHZLOODVVHVVWKHGDWDVDIHW\
HIILFDF\DQG3.LQRUGHUWRUHFRPPHQGDQRSWLPDO
2'7 GRVH /3=4 RU UDF3=4 IRU 3DUW  7KLV
RSWLPDO 2'7 GRVH /3=4 RU UDF3=4 ZLOO EH
FRUUHFWHGE\XVLQJDOORPHWULFVFDOLQJRIWKH3.GDWD
DYDLODEOHIURP3DUWDVZHOODVDPDWXUDWLRQIDFWRU
WR FRPSHQVDWH IRU WKH LPPDWXUH PHWDEROLF V\VWHP
LQ LQIDQWV LQ RUGHU WR LGHQWLI\ WKH DSSURSULDWH
GRVHVWRWUHDWFRKRUWVDQG
>«@
$W WKH HQG RI 3DUW  WKH ILQDO DQDO\VLV ZLOO EH
FRQGXFWHGRQGDWDDVFOHDQDVSRVVLEOH7KH6DIHW\
0RQLWRULQJ &RPPLWWHH ZLOO DVVHVV WKH GDWD VDIHW\
DQG HIILFDF\ LQ RUGHU WR UHFRPPHQG DQ RSWLPDO
2'7 GRVH /3=4 RU UDF3=4 IRU 3DUW  7KLV
RSWLPDO 2'7 GRVH /3=4 RU UDF3=4 ZLOO EH
FRUUHFWHGE\XVLQJDOORPHWULFVFDOLQJRIWKH3.GDWD
DYDLODEOHIURP3DUWDVZHOODVDPDWXUDWLRQIDFWRU
WR FRPSHQVDWH IRU WKH LPPDWXUH PHWDEROLF V\VWHP
LQ LQIDQWV LQ RUGHU WR LGHQWLI\ WKH DSSURSULDWH
GRVHVWRWUHDWFRKRUWVDQG

6XEMHFW,QIRUPDWLRQDQG,QIRUPHG&RQVHQW

>«@
$VXEMHFWLQIRUPDWLRQVKHHWPXVWEHSUHSDUHGLQWKH
ORFDO ODQJXDJH

 LQ DFFRUGDQFH ZLWK ,&+
*&3 DQG ZLOO EH SURYLGHG E\ WKH 6SRQVRU IRU WKH
SXUSRVHRIREWDLQLQJLQIRUPHGFRQVHQWDVVHQW
>«@
$VXEMHFWLQIRUPDWLRQVKHHWPXVWEHSUHSDUHGLQWKH
ORFDO ODQJXDJH

 LQ DFFRUGDQFH ZLWK ,&+
*&3 DQG ZLOO EH SURYLGHG E\ WKH 6SRQVRU IRU WKH
SXUSRVHRIREWDLQLQJLQIRUPHGFRQVHQWDVVHQW

,QGHSHQGHQW(WKLFV&RPPLWWHHRU,QVWLWXWLRQDO5HYLHZ%RDUG

3ULRUWRFRPPHQFHPHQWRIWKHWULDODWDJLYHQVLWH
WKLVFOLQLFDOWULDOSURWRFROZLOOEHVXEPLWWHGWRJHWKHU
ZLWK LWV DVVRFLDWHG GRFXPHQWV HJ LQIRUPHG
FRQVHQWIRUPGRFXPHQWVRIVXEMHFWVGDWDFROOHFWLRQ
FHUWLILFDWH RI LQVXUDQFH HWF WR WKH UHVSRQVLEOH
,(&V,5%V 



 IRU WKHLU IDYRXUDEOH RSLQLRQ RU
DSSURYDOZKLFKZLOOEHILOHGLQWKH,QYHVWLJDWRU6LWH
)LOH


&RQWDFW GHWDLOV RI WKH

 DUH DV
IROORZV



3ULRUWRFRPPHQFHPHQWRIWKHWULDODWDJLYHQVLWH
WKLVFOLQLFDOWULDOSURWRFROZLOOEHVXEPLWWHGWRJHWKHU
ZLWK LWV DVVRFLDWHG GRFXPHQWV HJ LQIRUPHG
FRQVHQWIRUPGRFXPHQWVRIVXEMHFWVGDWDFROOHFWLRQ
FHUWLILFDWH RI LQVXUDQFH HWF WR WKH UHVSRQVLEOH
,(&V,5%V



IRUWKHLUIDYRXUDEOHRSLQLRQ
RUDSSURYDOZKLFKZLOOEHILOHGLQWKH,QYHVWLJDWRU
6LWH )LOH $ FRS\ ZLOO EH ILOHG LQ WKH 7ULDO 0DVWHU
)LOHDW


&RQWDFW GHWDLOV RI WKH

 DUH DV
IROORZV



PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





7HO

(PDLO


7HO

(PDLO



+HDOWK$XWKRULWLHV

7KH FOLQLFDO WULDO SURWRFRO DQG DQ\ DSSOLFDEOH
GRFXPHQWDWLRQ
HJ
,QYHVWLJDWLRQDO
0HGLFLQDO
3URGXFW'RVVLHU6XEMHFW,QIRUPDWLRQDQG,QIRUPHG
&RQVHQW)RUPZLOOEHVXEPLWWHGRUQRWLILHGWRWKH
,YRU\ &RDVW DQG .HQ\DQ +HDOWK $XWKRULWLHV LQ
DFFRUGDQFH ZLWK WKHLU QDWLRQDO UHJXODWLRQV DQG
UHTXLUHPHQWV
7KH FOLQLFDO WULDO SURWRFRO DQG DQ\ DSSOLFDEOH
GRFXPHQWDWLRQ
HJ
,QYHVWLJDWLRQDO
0HGLFLQDO
3URGXFW'RVVLHU6XEMHFW,QIRUPDWLRQDQG,QIRUPHG
&RQVHQW)RUPZLOOEHVXEPLWWHGRUQRWLILHGWRWKH
,YRU\&RDVWDQG.HQ\DQ+HDOWK+HDOWK$XWKRULWLHV
LQ DFFRUGDQFH ZLWK LWV QDWLRQDO UHJXODWLRQV DQG
UHTXLUHPHQWV

0RQLWRULQJ4XDOLW\$VVXUDQFHDQG,QVSHFWLRQE\+HDOWK$XWKRULWLHV

7KLVWULDOZLOOEHPRQLWRUHGLQDFFRUGDQFHZLWKWKH
,&+ *&3 JXLGHOLQHV DQG DQ\ RWKHU DSSOLFDEOH
UHJXODWLRQV7KHVLWH0RQLWRUZLOOSHUIRUPYLVLWVWR
WKH WULDO VLWH DW UHJXODU LQWHUYDOV DFFRUGLQJ WR WKH
PRQLWRULQJSODQ
7KLVWULDOZLOOEHPRQLWRUHGLQDFFRUGDQFHZLWKWKH
,&+ *&3 JXLGHOLQHV DQG DQ\ RWKHU DSSOLFDEOH
UHJXODWLRQV 7KH VLWH 0RQLWRU ZLOO SHUIRUP RIIVLWH
DQG RQVLWH YLVLWV DW UHJXODU LQWHUYDOV DFFRUGLQJ WR
WKHPRQLWRULQJSODQ


6LJQDWXUH3DJH±6SRQVRU0HGLFDO5HVSRQVLEOH


1DPHDFDGHPLFGHJUHH

)XQFWLRQ7LWOH0HGLFDO5HVSRQVLEOH
,QVWLWXWLRQ0HUFN.*D$
$GGUHVV)UDQNIXUWHU6WUDVVH

'DUPVWDGW*HUPDQ\
7HOHSKRQHQXPEHU

)D[QXPEHU

(PDLODGGUHVV


6LJQDWXUH3DJH±&RRUGLQDWLQJ,QYHVWLJDWRU


1DPHDFDGHPLFGHJUHH

)XQFWLRQ7LWOH&RRUGLQDWLQJ,QYHVWLJDWRU
,QVWLWXWLRQ














7HOHSKRQHQXPEHU

(PDLODGGUHVV

1DPHDFDGHPLFGHJUHH

)XQFWLRQ7LWOH&RRUGLQDWLQJ,QYHVWLJDWRU
,QVWLWXWLRQ














7HOHSKRQHQXPEHU

(PDLODGGUHVV


$SSHQGL[,,7DEOHRIVWXG\SURFHGXUHVDQGDVVHVVPHQW±&RKRUW&

3.VDPSOLQJ


3.VDPSOLQJ
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V






$SSHQGL[,,7DEOHRIVWXG\SURFHGXUHVDQGDVVHVVPHQWV&RKRUW&&

3.VDPSOLQJ
3.VDPSOLQJ

$SSHQGL[,,7DEOHRIVWXG\SURFHGXUHVDQGDVVHVVPHQWV&RKRUW&&

x 
x ,&)VLJQDWXUHDWSUHVFUHHQLQJ'WR'
x 0DODULDUDSLGGLDJQRVWLFWHVWDWSUHVFUHHQLQJ'
 WR ' RU DW VFUHHQLQJ LI QRW GRQH DW SUH
VFUHHQLQJ
x 3.VDPSOLQJ
x
3UHVFUHHQLQJFRQVHQWDW'WR'
x
,&)VLJQDWXUHDWSUHVFUHHQLQJ'WR'
x
0DODULDUDSLGGLDJQRVWLFWHVWDWVFUHHQLQJ'
WR'

x
3.VDPSOLQJ

$SSHQGL[,,,9ROXPHRIELRORJLFDOIOXLGFROOHFWHGDWHDFKDVVHVVPHQWWLPHSRLQW&RKRUWV&&

7UHDWPHQW'



(QGRI&RQILQHPHQW9LVLW'

7UHDWPHQW'




(QGRI&RQILQHPHQW9LVLW'



$SSHQGL[,,,9ROXPHRIELRORJLFDOIOXLGFROOHFWHGDWHDFKDVVHVVPHQWWLPHSRLQW&RKRUWV&&



3UHVFUHHQLQJ'WR'
6FUHHQLQJ'WR'


(QGRI&RQILQHPHQW9LVLW'



)ROORZXS9LVLW'


(QGRI6WXG\9LVLW''


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V









06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





3URWRFRO7DEOHRI&RQWHQWV
6XPPDU\RIFKDQJHVIURP9HUVLRQ$SUWR)HE
3URWRFRO7DEOHRI&RQWHQWV
7DEOHRI,Q7H[W)LJXUHV
/LVWRI$EEUHYLDWLRQV

6\QRSVLV

6SRQVRU,QYHVWLJDWRUVDQG7ULDO$GPLQLVWUDWLYH6WUXFWXUH

%DFNJURXQGDQGUDWLRQDOH

%DFNJURXQGRQVFKLVWRVRPLDVLV

6WXG\UDWLRQDOH

,QYHVWLJDWLRQDOGUXJDQGSUHFOLQLFDOGDWD

&OLQLFDOHYLGHQFHWRGDWH

&OLQLFDOGDWDLQDGXOWV

&OLQLFDOGDWDLQFKLOGUHQ

'RVHUDWLRQDOH

([SODQDWLRQIRUFKRLFHRIFRPSDUDWRU

7ULDO2EMHFWLYHV

3ULPDU\2EMHFWLYHV

6HFRQGDU\2EMHFWLYHV

,QYHVWLJDWLRQDO3ODQ

2YHUDOO7ULDO'HVLJQDQG3ODQ

'LVFXVVLRQRI7ULDO'HVLJQ

,QFOXVLRQRI6SHFLDO3RSXODWLRQV

6HOHFWLRQRI7ULDO3RSXODWLRQ

,QFOXVLRQ&ULWHULD

([FOXVLRQ&ULWHULD

&ULWHULDIRU,QLWLDWLRQRI7ULDO7UHDWPHQW

&ULWHULDIRU6XEMHFW:LWKGUDZDO

:LWKGUDZDOIURPWKH7ULDO7UHDWPHQW

:LWKGUDZDOIURPWKH7ULDO

3UHPDWXUH7HUPLQDWLRQRIWKH7ULDO


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V






'HILQLWLRQRI(QGRI7ULDO

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFWDQG2WKHU'UXJV8VHGLQWKH7ULDO

'HVFULSWLRQRIWKH,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW

'RVDJHDQG$GPLQLVWUDWLRQ

'RVHDGDSWDWLRQ

$VVLJQPHQWWR7UHDWPHQW*URXSV

1RQLQYHVWLJDWLRQDO0HGLFLQDO3URGXFWVWREH8VHG

&RQFRPLWDQW0HGLFDWLRQVDQG3URFHGXUHV

3HUPLWWHG0HGLFLQHV

3URKLELWHG0HGLFLQHV

2WKHU,QWHUYHQWLRQV

6SHFLDO3UHFDXWLRQV

0DQDJHPHQWRI6SHFLILF$GYHUVH(YHQWVRU$GYHUVH'UXJ5HDFWLRQV

3DFNDJLQJDQG/DEHOOLQJRIWKH,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW

3UHSDUDWLRQ+DQGOLQJDQG6WRUDJHRIWKH,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW$FFRXQWDELOLW\

$VVHVVPHQWRI,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW&RPSOLDQFH

%OLQGLQJ

(PHUJHQF\8QEOLQGLQJ

7UHDWPHQWRI2YHUGRVH

0HGLFDO&DUHRI6XEMHFWVDIWHU(QGRI7ULDO

7ULDO3URFHGXUHVDQG$VVHVVPHQWV

6FKHGXOHRI$VVHVVPHQWV

3UHVFUHHQLQJ

6FUHHQLQJ

7UHDWPHQWSHULRG

)ROORZXSYLVLW

'HPRJUDSKLFDQG2WKHU%DVHOLQH&KDUDFWHULVWLFV

(IILFDF\$VVHVVPHQWV

$VVHVVPHQWRISULPDU\HIILFDF\HQGSRLQW

$VVHVVPHQWRIVHFRQGDU\HIILFDF\HQGSRLQWV

6DIHW\$VVHVVPHQWV


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V






$GYHUVH(YHQWV

3UHJQDQF\DQG,Q8WHUR'UXJ([SRVXUH

&OLQLFDO/DERUDWRU\$VVHVVPHQWV

9LWDO6LJQV3K\VLFDO([DPLQDWLRQVDQG2WKHU$VVHVVPHQWV

3KDUPDFRNLQHWLFV

%LRPDUNHUV3KDUPDFRJHQHWLFV3*[

6WDWLVWLFV

6DPSOH6L]H

5DQGRPL]DWLRQ

(QGSRLQWV

3ULPDU\(QGSRLQWV

6HFRQGDU\(QGSRLQWV

2WKHU(QGSRLQWV

$QDO\VLVVHWV

'HVFULSWLRQRI6WDWLVWLFDO$QDO\VHV

*HQHUDO&RQVLGHUDWLRQV

$QDO\VLVRI3ULPDU\(QGSRLQWV

$QDO\VLVRI6HFRQGDU\(QGSRLQWV

$QDO\VLVRI6DIHW\DQG2WKHU(QGSRLQWV

,QWHULPDQG$GGLWLRQDO3ODQQHG$QDO\VHV

(WKLFDODQG5HJXODWRU\$VSHFWV

5HVSRQVLELOLWLHVRIWKH,QYHVWLJDWRU

6XEMHFW,QIRUPDWLRQDQG,QIRUPHG&RQVHQW

6XEMHFW,GHQWLILFDWLRQDQG3ULYDF\

(PHUJHQF\0HGLFDO6XSSRUWDQG6XEMHFW&DUG

&OLQLFDO7ULDO,QVXUDQFHDQG&RPSHQVDWLRQWR6XEMHFWV

,QGHSHQGHQW(WKLFV&RPPLWWHHRU,QVWLWXWLRQDO5HYLHZ%RDUG

+HDOWK$XWKRULWLHV

7ULDO0DQDJHPHQW

&DVH5HSRUW)RUP+DQGOLQJ

6RXUFH'DWDDQG6XEMHFW)LOHV

,QYHVWLJDWRU6LWH)LOHDQG$UFKLYLQJ


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V






0RQLWRULQJ4XDOLW\$VVXUDQFHDQG,QVSHFWLRQE\+HDOWK$XWKRULWLHV

&KDQJHVWRWKH&OLQLFDO7ULDO3URWRFRO

&OLQLFDO7ULDO5HSRUWDQG3XEOLFDWLRQ3ROLF\

&OLQLFDO7ULDO5HSRUW

3XEOLFDWLRQ

5HIHUHQFHV&LWHGLQWKH7H[W

$SSHQGLFHV
$SSHQGL[,
6LJQDWXUH3DJHVDQG5HVSRQVLEOH3HUVRQVIRUWKH7ULDO6LJQDWXUH3DJH±
3URWRFRO/HDG
6LJQDWXUH3DJH6SRQVRU0HGLFDO5HVSRQVLEOH
6LJQDWXUH3DJH±&RRUGLQDWLQJ,QYHVWLJDWRU
6SRQVRU5HVSRQVLEOH3HUVRQ
$SSHQGL[,,
7DEOHRIVWXG\SURFHGXUHVDQGDVVHVVPHQWV&RKRUW&
$SSHQGL[,,,
9ROXPHRIELRORJLFDOIOXLGFROOHFWHGDWHDFKDVVHVVPHQWWLPHSRLQW&RKRUWV
&&
9ROXPHRIELRORJLFDOIOXLGFROOHFWHGDWHDFKDVVHVVPHQWWLPHSRLQW&RKRUWV&&
$QQH[H,9%LRORJLFDODQDO\VHV





06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





7DEOHRI,Q7H[W7DEOHV




7DEOHRI,Q7H[W)LJXUHV
7DEOH0HWDDQDO\VLVUHVXOWVRIFXUHUDWHVDQGHJJUHGXFWLRQUDWHVDIWHUDGPLQLVWUDWLRQRIVLQJOH
GRVH RI  PJNJ UDF3=4 E\ DJH JURXS FRXUWHV\ RI - =ZDQJ  SHUVRQDO
FRPPXQLFDWLRQ
7DEOH&XUHUDWHVDIWHUDGPLQLVWUDWLRQRIUDF3=4PJNJVLQJOHGRVHREVHUYHGLQ%UD]LOLDQ
FKLOGUHQ RI GLIIHUHQW DJH JURXSV LQIHFWHG ZLWK 6 PDQVRQL FRXUWHV\ RI 2 3LHUL
)LRFUX]%UD]LOSHUVRQDOFRPPXQLFDWLRQ



7DEOH  $GYHUVH HYHQW LQFLGHQFH ZLWKLQ  KRXUV E\ FKLOGUHQ DJH JURXS 3=4  PJNJ
FRXUWHV\RI-=ZDQJSHUVRQDOFRPPXQLFDWLRQ
7DEOH/3=4GRVHFDOFXODWLRQDVVXPLQJGRVHSURSRUWLRQDOLW\
7DEOH2EVHUYHGDQGSUHGLFWHG$8&WJHRPHWULFPHDQJHRPHDQLQDGXOWV
7DEOH  2YHUDOO FXUH UDWH SURMHFWLRQV DFFRUGLQJ WR DVVXPSWLRQV RI FXUH UDWH LQ OLJKW DQG
PRGHUDWHKHDY\LQIHFWLRQV
7DEOH3UREDELOLW\RIREVHUYLQJDQRYHUDOOFXUHUDWHEDVHGRQGLIIHUHQWVFHQDULRVRIWUXH
FXUHUDWHVEDVHGRQGLIIHUHQWVWUDWD

CCI
CCI


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V


1



/LVWRI$EEUHYLDWLRQV
$(
$GYHUVH(YHQW
$,'6
$FTXLUHG,PPXQRGHILFLHQF\6\QGURPH
$/7
$ODQLQH$PLQRWUDQVIHUDVH
$67
$VSDUWDWH$PLQRWUDQVIHUDVH
$8&
$UHDXQGHUWKHSODVPDFRQFHQWUDWLRQWLPHFXUYH
$8&H[WUD
([WUDSRODWHG$8&IURPWLPHWODVWWRLQILQLW\JLYHQDVSHUFHQWDJHIURP$8&
$8&
$8&IURPWLPH]HURWRLQILQLW\
$8&W
$8&IURPWLPH]HURWRWKHODVWVDPSOLQJWLPHDWZKLFKWKHFRQFHQWUDWLRQLVDW
RUDERYHWKHORZHUOLPLWRITXDQWLILFDWLRQ
%$
%LRDYDLODELOLW\
%3
%ORRGSUHVVXUH
&,
&RQILGHQFH,QWHUYDO
&/I
$SSDUHQWWRWDOERG\FOHDUDQFHRIGUXJIURPSODVPD
&PD[
0D[LPXPREVHUYHGFRQFHQWUDWLRQLQSODVPD
&02
&RQWUDFW0DQXIDFWXULQJ2UJDQL]DWLRQ


&5
&XUH5DWH
&5)
&DVH5HSRUW)RUP
&53
&UHDFWLYH3URWHLQ
&9
&RHIILFLHQWRI9DULDELOLW\
'%6
'ULHG%ORRG6DPSOH
'%3
'LDVWROLF%ORRG3UHVVXUH
(&*
(OHFWURFDUGLRJUDP
H&5)
(OHFWURQLF&DVH5HSRUW)RUP


(55
(JJ5HGXFWLRQ5DWH
(8
(XURSHDQ8QLRQ
)'$
)RRGDQG'UXJ$GPLQLVWUDWLRQ
)3,
)LUVW3DWLHQW,Q
*&3
*RRG&OLQLFDO3UDFWLFH
*03
*RRG0DQXIDFWXULQJ3UDFWLFH
+,9
+XPDQ,PPXQRGHILFLHQF\9LUXV
,%
,QYHVWLJDWRU¶VEURFKXUH
,&)
,QIRUPHG&RQVHQW)RUP
,&+
,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQL]DWLRQ
,'
,GHQWLILFDWLRQQXPEHU
CCI
CCI


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





,(&
,QGHSHQGHQW(WKLFV&RPPLWWHH
,03
,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW
,1'
,QYHVWLJDWLRQDO1HZ'UXJ
,5%
,QVWLWXWLRQDO5HYLHZ%RDUG
,67
,QYHVWLJDWRU6SRQVRUHG7ULDO
//24
/RZHU/LPLWRI4XDQWLILFDWLRQ
/3
/DVW3DWLHQW
/3,
/DVW3DWLHQW,Q
/3=4
/HYRURWDWRU\HQDQWLRPHURISUD]LTXDQWHO
0HG'5$
0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV
P,77
0RGLILHG,QWHQWLRQWR7UHDW
1&$
1RQ&RPSDUWPHQWDO$QDO\VLV
17'V
1HJOHFWHG7URSLFDO'LVHDVHV
2'7
2UDO'LVSHUVLEOH7DEOHW
3$&75
3DQ$IULFDQ&OLQLFDO7ULDOV5HJLVWU\
3'
3KDUPDFRG\QDPLFV
3*[
3KDUPDFRJHQHWLFV3KDUPDFRJHQRPLFV
3.
3KDUPDFRNLQHWLFV
32&&&$
3RLQWRI&DUH&LUFXODWLQJ&DWKRGLF$QWLJHQ
33
3HU3URWRFRO
343
3UHTXDOLILFDWLRQRI0HGLFLQHV3URJUDPPH
35
3XOVH5DWH
3UH6$&
3UHVFKRRODJHGFKLOGUHQ
3685
3HULRG6DIHW\8SGDWH5HSRUW
3=4
3UD]LTXDQWHO
5DF
5DFHPDWH
5'7
5DSLG'LDJQRVWLF7HVW
U,11
5HFRPPHQGHG,QWHUQDWLRQDO1RQSURSULHWDU\QDPH
6$(
6HULRXV$GYHUVH(YHQW
6$3
6WDWLVWLFDO$QDO\VLV3ODQ
6%3
6\VWROLF%ORRG3UHVVXUH
6&,
6FKLVWRVRPLDVLV&RQWURO,QLWLDWLYH
6(58
6FLHQWLILFDQG(WKLFV5HYLHZ8QLW
60&
6DIHW\0RQLWRULQJ&RPPLWWHH
63&
6XPPDU\RI3URGXFW&KDUDFWHULVWLFV
67+
6RLO7UDQVPLWWHG+HOPLQWKHV
686$5
6XVSHFWHGXQH[SHFWHGVHULRXVDGYHUVHUHDFWLRQV


CCI


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





W
$SSDUHQWWHUPLQDOKDOIOLIH
WODJ
7LPHSULRUWRWKHILUVWPHDVXUDEOHQRQ]HURFRQFHQWUDWLRQ
WPD[
7LPHWRUHDFKWKHPD[LPXPSODVPDFRQFHQWUDWLRQ
8/1
8SSHU/LPLWRI1RUPDO
9]I
$SSDUHQWYROXPHRIGLVWULEXWLRQGXULQJWKHWHUPLQDOSKDVH
:+$
:RUOG+HDOWK$VVHPEO\
:+2
:RUOG+HDOWK2UJDQL]DWLRQ
Ȝ]
$SSDUHQWWHUPLQDOHOLPLQDWLRQUDWHFRQVWDQW


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V






6\QRSVLV
&OLQLFDO7ULDO3URWRFRO
1XPEHU
06
7LWOH
2SHQODEHOGRVHILQGLQJSDUWVHIILFDF\SKDVH,,VWXG\ZLWKWKUHH
IRUPXODWLRQV UDFHPDWH SUD]LTXDQWHO FRPPHUFLDO RUDO WDEOHWV QHZ
RUDO GLVLQWHJUDWLQJ WDEOHWV RI UDFHPDWH SUD]LTXDQWHO DQG /
SUD]LTXDQWHOLQVFKLVWRVRPLDVLV6PDQVRQLLQIHFWHGFKLOGUHQDJHG
\HDUV3DUWIROORZHGE\DQDVVHVVPHQWRIHIILFDF\DQGVDIHW\
ZLWK WKH VHOHFWHG IRUPXODWLRQ DQG GRVDJH LQ 6 PDQVRQL LQIHFWHG
LQIDQWVDJHGPRQWKV3DUW
7ULDO3KDVH
,,
,1'1XPEHU
1RW$SSOLFDEOH
)'$FRYHUHGWULDO
1R
(XGUD&71XPEHU
1RW$SSOLFDEOH
&RRUGLQDWLQJ
,QYHVWLJDWRU







6SRQVRU
0HUFN.*D$
)UDQNIXUWHU6WUDVVH
'DUPVWDGW*HUPDQ\
7ULDOFHQWHUVFRXQWULHV


3ODQQHGWULDOSHULRG
(QUROPHQWVWDUWGDWH)3,
-XQ3DUW

$SU3DUW
(QUROPHQWILQLVKGDWH/3,'HF3DUW

$XJ3DUW
7UHDWPHQWSHULRGHQGGDWH/3RIIWUHDWPHQW 'HF3DUW

$XJ3DUW
)ROORZXSSHULRGHQGGDWH/3RIIVWXG\ 'HF3DUW

6HS3DUW
3ODQQHGGDWHIRUSULPDU\DQDO\VLV)HE
3ODQQHGGDWHIRUILQDODQDO\VLV2FW
7ULDO5HJLVWU\
&OLQLFDOWULDOVJRY3$&75

PPD
PPD
PPD
PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





6WXG\2EMHFWLYHV

3ULPDU\REMHFWLYH
3DUW
x 7RLGHQWLI\WKHRSWLPDOVLQJOHGRVHRIUDF3=42'7RU/3=4
2'7IRUPXODWLRQZKLFKKDVDFOLQLFDOO\PHDQLQJIXOFXUHUDWHDV
DVVHVVHGE\.DWR.DW]PHWKRGDQGDQDFFHSWDEOHVDIHW\SURILOH
LQWR\HDUROGFKLOGUHQLQIHFWHGZLWK6PDQVRQL
3DUW
x 7R HYDOXDWH WKH HIILFDF\ DQG VDIHW\ RI WKH VHOHFWHG 2'7
IRUPXODWLRQ/3=4RUUDF3=4IURP3DUWDWWKHDSSURSULDWH
DGMXVWHGGRVHVLQLQIDQWVDJHGWRPRQWKVLQIHFWHGZLWK6
PDQVRQL
6HFRQGDU\REMHFWLYHV
3DUW
x 7RGHWHUPLQHWKHVDIHW\RIGLIIHUHQWGRVHVRIUDF3=42'7DQG
/3=4 2'7 LQ FKLOGUHQ DJHG  WR  \HDUV LQIHFWHG ZLWK 6
PDQVRQL
x 7RH[SORUHWKHGRVHUHVSRQVHUHODWLRQVKLSIRU/3=42'7DQG
UDF3=4 2'7 LQ FKLOGUHQ DJHG  WR  \HDUV LQIHFWHG ZLWK 6
PDQVRQL
x 7RDVVHVVWKHHIILFDF\DQGVDIHW\RIUDF3=4FRPPHUFLDOWDEOHWDW
PJNJWLGGRVHDGPLQLVWUDWLRQDQGDWPJNJVLQJOHGRVH
DGPLQLVWUDWLRQ LQ FKLOGUHQ DJHG  WR  \HDUV LQIHFWHG ZLWK 6
PDQVRQL
x 7RDVVHVVWKHDFFHSWDELOLW\LQWHUPVRIHDVHRIDGPLQLVWUDWLRQRI
WKHUDF3=42'7DQG/3=42'7LQFKLOGUHQDJHGWR\HDUV
LQIHFWHGZLWK6PDQVRQL
3DUW
x 7RDVVHVVWKHDFFHSWDELOLW\LQWHUPVRIHDVHRIDGPLQLVWUDWLRQRI
WKHVHOHFWHG2'7VUDF3=4RU/3=4LQWRPRQWKLQIDQWV
LQIHFWHGZLWK6PDQVRQL
x 7R H[SORUH WKH GRVHUHVSRQVH UHODWLRQVKLS IRU /3=4 DQG UDF
3=4LQWRPRQWKLQIDQWVLQIHFWHGZLWK6PDQVRQL
6WXG\GHVLJQDQGSODQ
7KLVLVDSKDVH,,VWXG\FRQVLVWLQJRIWZRSDUWV3DUWDQG3DUW
3DUWZLOORQO\VWDUWRQFH3DUWLVFRPSOHWHG7KHVWXG\ZLOOEH
FRQGXFWHGDWWKH

3DUWLVDQRSHQODEHOUDQGRPL]HGFRQWUROOHGGRVHILQGLQJVWXG\
ZLWKWKUHHIRUPXODWLRQVRI3=4FRPPHUFLDOUDF3=4WDEOHWVRUDO
GLVLQWHJUDWLQJWDEOHWVRIUDF3=4DQG/3=4LQFKLOGUHQDJHG
\HDUVLQIHFWHGZLWK6PDQVRQL6XEMHFWVZLOOEHUDQGRPL]HGWRRQH
PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





RIWKHIROORZLQJDUPV
&FRPPHUFLDOUDF3=4%LOWULFLGHDWPJNJGRVHWLGWKUHH
WLPHVDGD\
& FRPPHUFLDO UDF3=4 WDEOHWV %LOWULFLGH DW  PJNJ VLQJOH
GRVH
&UDF3=42'7VDWPJNJVLQJOHGRVH
&UDF3=42'7VDWPJNJVLQJOHGRVH
&/3=42'7VDWPJNJVLQJOHGRVH
&/3=42'7VDWPJNJVLQJOHGRVH
&/3=42'7VDWPJNJVLQJOHGRVH
$IWHUSDWLHQWVIURPHDFKRIWKHFRKRUWV&WR&DUHWUHDWHGWKH
DFXWH KRXU VDIHW\ GDWD RI DOO JURXSV ZLOO EH VXPPDUL]HG DQG
HYDOXDWHGE\WKH60&WRGHFLGHRQLQFOXVLRQRIWKHWKDUP&
&ZLOOEHLQFOXGHGLQWKHUDQGRPL]DWLRQVFKHPHRQO\DIWHU60&
DSSURYDOZKLOHUDQGRPL]DWLRQIRUWKHRWKHUJURXSVFDQFRQWLQXHWR
VXEMHFWVSHUDUP,QFDVHRIVDIHW\FRQFHUQVREVHUYHGZLWKWKH/
3=4 2'7V WUHDWHG FRKRUWV WKH 60& FDQ GHFLGH WR DVVHVV WKH
H[SRVXUHLQDPLQLPXPRIVXEMHFWVLQWKH/3=42'7VFRKRUWV
&DQG&EHIRUHGHFLGLQJWRHVFDODWHWRDKLJKHUGRVHRI/3=4
3DUWLQFOXGHVDFRKRUWZLWKLQIDQWVRIPRQWKVLQIHFWHGZLWK
6PDQVRQL&DQGDFRKRUWZLWKLQIDQWVRIPRQWKVLQIHFWHG
ZLWK 6 PDQVRQL & ZKLFK ZLOO EH HQUROOHG LQ DQ DJHVWDJJHUHG
DSSURDFK
,QIDQWVLQFRKRUW&ZLOOEHWUHDWHGZLWKUDF3=42'7RU/3=4
2'7DWWKHRSWLPDOGRVHOHYHOVHOHFWHGE\60&IURP3DUWEDVHG
RQEHQHILWVULVNVHYDOXDWLRQ$IWHULQIDQWVDJHGWRPRQWKV
KDYH EHHQ HQUROOHG WKH RYHUDOO VDIHW\ DQG HIILFDF\ GDWD LQ WKHVH
SDWLHQWVZLOOEHHYDOXDWHGE\WKH60&IRUWKHGHFLVLRQWRLQFOXGHWKH
ORZHU DJH JURXS RI LQIDQWV FRKRUW & 60& ZLOO DOVR GHFLGH
ZKHWKHUGRVHOHYHODGDSWDWLRQVDUHQHHGHGEHIRUHVWDUWLQJHQUROOLQJ
&
3ODQQHGQXPEHURI
VXEMHFWV
7RWDO QXPEHU RI VXEMHFWV  LI & LV LQFOXGHG HQUROOHG
VXEMHFWVLQ3DUWDQGHQUROOHGVXEMHFWVLQ3DUW
1XPEHURIVXEMHFWVSHUWUHDWPHQWDUP
3DUW HQUROOHGVXEMHFWVLQHDFKFRKRUW&WR&
3DUW HQUROOHGVXEMHFWVLQWKHPRQWKVFRKRUW&

HQUROOHGVXEMHFWVLQWKHPRQWKVFRKRUW&
3ULPDU\HQGSRLQW

&OLQLFDOFXUHGHILQHGDVQRSDUDVLWHHJJVLQWKHVWRROV6PDQVRQL
LQIHFWLRQV  GD\V DIWHU WUHDWPHQW (JJ FRXQWV ZLOO EH
GHWHUPLQHGE\WKH.DWR.DW]PHWKRG



06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





6HFRQGDU\HQGSRLQWV
(IILFDF\HQGSRLQWV
x (JJ5HGXFWLRQ5DWH(55FDOFXODWHGEDVHGRQWKHDULWKPHWLF
DQGJHRPHWULFPHDQHJJFRXQWSHUJUDPRIVWRROHSJEHIRUH
DQG  GD\V DIWHU WUHDWPHQW DV GHWHUPLQHG E\ .DWR.DW]
PHWKRG
x &XUHGHILQHGDVDEVHQFHRISDUDVLWHDQWLJHQVLQXULQHDVDVVHVVHG
E\WKHFRPPHUFLDOO\DYDLODEOH32&&&$WHVWIRU6PDQVRQL
x 6DIHW\DQGWROHUDELOLW\HQGSRLQWV
x &KDQJHV LQ ODERUDWRU\ VDIHW\ SDUDPHWHUV DQG YLWDO VLJQV ERG\
WHPSHUDWXUHEORRGSUHVVXUHDQGSXOVHUDWH
x 2FFXUUHQFHQDWXUHVHYHULW\DQGRXWFRPHRIDGYHUVHHYHQWV
x 2FFXUUHQFHRI$GYHUVH'UXJ5HDFWLRQVSHUWUHDWPHQWJURXS
3KDUPDFRNLQHWLFV
1RWDSSOLFDEOH
'LDJQRVLV
'LDJQRVLVRI6PDQVRQLLQIHFWLRQZLOOEHGRQHXVLQJDVLQJOH32&
&&$XULQHFDVVHWWHWHVW%ULHIO\RQHXULQHVDPSOHZLOOEHFROOHFWHG
IURP HDFK VXEMHFW DQG HYDOXDWHG ZLWK D FRPPHUFLDOO\ DYDLODEOH
32&&&$FDVVHWWHWHVW
6XEMHFWV ZKR DUH SRVLWLYH IRU 32&&&$ WHVW ZLOO SURYLGH VWRRO
VDPSOHVWRDVVHVVLQIHFWLRQLQWHQVLW\XVLQJWKH.DWR.DW]PHWKRG
.DWR.DW]GLDJQRVLVRI6PDQVRQLLQIHFWLRQWZRVWRROVDPSOHVZLOO
EHFROOHFWHGIURPHDFKVXEMHFWRQGLIIHUHQWGD\VZLWKLQDPD[LPXP
RIILYHGD\VDWGD\WRGD\DVEDVHOLQHDQGGD\VDIWHU
GRVLQJ IRU WUHDWPHQW HIILFDF\ DVVHVVPHQW 7KUHH .DWR.DW] WKLFN
VPHDUVPJZLOOEHSUHSDUHGIURPHDFKVWRROVDPSOHDQGUHDG
XQGHU D PLFURVFRSH IROORZLQJ WKH LQVWUXFWLRQV RI WKH .DWR.DW]
PDQXDO IURP WKH :RUOG +HDOWK 2UJDQL]DWLRQ ,QIHFWLRQ LQWHQVLW\
H[SUHVVHGDVHJJFRXQWSHUJUDPRIVWRROHSJZLOOEHFDOFXODWHG
IRU HDFK LQGLYLGXDO 6 PDQVRQL SRVLWLYH GLDJQRVLV LV GHILQHG DV
SRVLWLYH HJJ FRXQWV RI 6 PDQVRQL LQ VWRRO ! HJJ RFFDVLRQ
DFFRUGLQJWRWKH:+2FODVVLILFDWLRQOLJKWHJJVSHUJUDPRI
IDHFHVPRGHUDWHHJJVSHUJUDPRIIDHFHVDQGKHDY\
HJJVSHUJUDPRIIDHFHVLQIHFWLRQV
6XEMHFWV ZLOO EH WHVWHG IRU 6 KDHPDWRELXP LQ RUGHU WR H[FOXGH 6
PDQVRQL6KDHPDWRELXPFRLQIHFWLRQV
'LDJQRVLV RI 6 KDHPDWRELXP LQIHFWLRQ ZLOO EH PDGH E\ XULQH
H[DPLQDWLRQXVLQJWKHILOWUDWLRQWHFKQLTXH2QHXULQHVDPSOHZLOOEH
FROOHFWHG IURP HDFK VXEMHFW DW GD\  WR GD\  PO RI XULQH
VDPSOHV ZLOO EH ILOWHUHG WKURXJK D ILOWHU PHVK ZKLFK ZLOO EH WKHQ
H[DPLQHGXQGHUWKHPLFURVFRSHIRU6KDHPDWRELXPHJJFRXQW6
KDHPDWRELXPSRVLWLYHGLDJQRVLVLVGHILQHGDVSRVLWLYHHJJFRXQWVRI
6KDHPDWRELXPLQXULQH!HJJPORIXULQH


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





(OLJLELOLW\FULWHULD
7REHHOLJLEOHIRUWKHVWXG\VXEMHFWVPXVWPHHWDOORIWKHLQFOXVLRQ
FULWHULDDQGQRQHRIWKHH[FOXVLRQFULWHULD
,QFOXVLRQFULWHULD
x :ULWWHQ LQIRUPHG FRQVHQW IURP RQH RI WKH SDUHQWVOHJDO
UHSUHVHQWDWLYHVSULRUWRDQ\WULDOUHODWHGSURFHGXUH
x 0DOHDQGIHPDOHFKLOGUHQDJHGWR\HDUV3DUWDQGWR
PRQWKV3DUW
x 6PDQVRQLSRVLWLYHGLDJQRVLVGHILQHGDVSRVLWLYHHJJFRXQWVLQ
VWRRO!HJJRFFDVLRQDFFRUGLQJWR:+2FODVVLILFDWLRQ>@
OLJKWHJJVSHUJUDPRIIDHFHVPRGHUDWHHJJVSHU
JUDP RI IDHFHV DQG KHDY\  HJJV SHU JUDP RI IDHFHV
LQIHFWLRQV
x 0LQLPXP ZHLJKW RI  NJ LQ  WR \HDUROG FKLOGUHQ DQG RI
NJLQWRPRQWKLQIDQWV
x 3DUHQWOHJDOUHSUHVHQWDWLYH¶VDELOLW\WRFRPPXQLFDWHZHOOZLWKWKH
,QYHVWLJDWRU WR XQGHUVWDQG WKH SURWRFRO UHTXLUHPHQWV DQG
UHVWULFWLRQV DQG ZLOOLQJ WKHLU FKLOGUHQ WR FRPSO\ ZLWK WKH
UHTXLUHPHQWVRIWKHHQWLUHWULDOLH
 7REHH[DPLQHGE\DVWXG\SK\VLFLDQDWVFUHHQLQJDQG
GD\VDIWHUWUHDWPHQW
 7RSURYLGHVWRRODQGXULQHVDPSOHVDWGD\WRGD\K
DQG  GD\V DIWHU WUHDWPHQW DV ZHOO DV  GD\V DIWHU
WUHDWPHQW
 7RSURYLGHYHQRXVEORRGVDPSOHVIRUVDIHW\DVVHVVPHQWV
([FOXVLRQFULWHULD
x 7UHDWPHQW LQ WKH  ZHHNV SULRU WR VWXG\ VFUHHQLQJ ZLWK 3=4
RWKHUDQWLKHOPLQWKLFDQWLPDODULDORUDQWLUHWURYLUDOFRPSRXQGV
RUDQ\RWKHUPHGLFDWLRQWKDWPLJKWDIIHFWWKH3.RI3=4VXFKDV
FHUWDLQ DQWLHSLOHSWLFV HJ FDUEDPD]HSLQH RU SKHQ\WRLQ
JOXFRFRUWLFRVWHURLGV
HJ
GH[DPHWKDVRQH
FKORURTXLQH
ULIDPSLFLQRUFLPHWLGLQHVHH6HFWLRQDQG%LOWULFLGH63&
x )RU FKLOGUHQ EHLQJ EUHDVW IHG WUHDWPHQW RI WKH PRWKHUVZHW
QXUVHVZLWK3=4LQWKHGD\VSULRUWRDGPLQLVWUDWLRQRI,03
x 3UHYLRXV KLVWRU\ RI DGYHUVH UHDFWLRQV DVVRFLDWHG ZLWK 3=4
WUHDWPHQW
x +LVWRU\ RI DFXWH RU VHYHUH FKURQLF GLVHDVH LQFOXGLQJ KHSDWR
VSOHQLFVFKLVWRVRPLDVLV
x 0DUNHG
LQFUHDVHV
RI
WKH
OLYHU
WUDQVDPLQDVHV
DODQLQH
DPLQRWUDQVIHUDVH DQGRU DVSDUWDWH DPLQRWUDQVIHUDVH DERYH [


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





8/1
x )HYHUGHILQHGDVWHPSHUDWXUHDERYH&
x 'HELOLWDWLQJ LOOQHVVHV VXFK DV WXEHUFXORVLV PDOQXWULWLRQ HWF DV
ZHOODVDPHGLFDOKLVWRU\RIVHL]XUHV
x 0L[HG6KDHPDWRELXPDQG6PDQVRQLLQIHFWLRQV
x )LQGLQJV LQ WKH FOLQLFDO H[DPLQDWLRQ RI VFKLVWRVRPHLQIHFWHG
FKLOGUHQ SDUWLFLSDWLQJ LQ WKH VWXG\ DV SHUIRUPHG E\ WKH VWXG\
FOLQLFLDQ RQ WKH WUHDWPHQW GD\ WKDW LQ WKH RSLQLRQ RI WKH
,QYHVWLJDWRU FRQVWLWXWHV D ULVN RU D FRQWUDLQGLFDWLRQ IRU WKH
SDUWLFLSDWLRQ RI WKH VXEMHFW LQ WKH VWXG\ RU WKDW FRXOG LQWHUIHUH
ZLWKWKHVWXG\REMHFWLYHVFRQGXFWRUHYDOXDWLRQ
x 8QOLNHOLKRRG WR FRPSO\ ZLWK WKH SURWRFRO UHTXLUHPHQWV
LQVWUXFWLRQV DQG WULDOUHODWHG UHVWULFWLRQV HJ XQFRRSHUDWLYH
DWWLWXGHLQDELOLW\WRUHWXUQIRUIROORZXSYLVLWVDQGLPSUREDELOLW\
RIFRPSOHWLQJWKHWULDO
,QYHVWLJDWLRQDO
0HGLFLQDO3URGXFW
x 5DF3=4PJRUDOO\GLVLQWHJUDWLQJWDEOHWV2'7V
x /3=4PJRUDOO\GLVLQWHJUDWLQJWDEOHWV2'7V
0RGHRIDGPLQLVWUDWLRQWDEOHWVZLOOEHGLVSHUVHGLQZDWHUDQGWKH
VROXWLRQZLOOEHVZDOORZHGDIWHUDPHDO
'RVHV
3DUW
x 5DF3=42'7VDWPJNJFRKRUW&DQGPJNJFRKRUW
&VLQJOHGRVHV
x /3=42'7VDWPJNJFRKRUW&PJNJFRKRUW&DQG
PJNJFRKRUW&RSWLRQDOVLQJOHGRVHV
3DUW
x 5DF3=42'7VRU/3=42'7VGRVHVHOHFWHGIURP3DUW
5HIHUHQFHWKHUDS\

5DF3=4RUDOWDEOHWV%LOWULFLGHPJLQFUXVKHGIRUP
0RGHRIDGPLQLVWUDWLRQWKHWDEOHWVVFRUHGZLOOEHGLYLGHGLQWR
PJSDUWVFUXVKHGVXVSHQGHGLQZDWHUDQGWKHVROXWLRQZLOOEH
VZDOORZHGDIWHUDPHDO
'RVHV  PJNJ WLG GRVH JLYHQ HYHU\  KRXUV FRKRUW & DQG
PJNJVLQJOHGRVHFRKRUW&
3ODQQHGWULDODQG
WUHDWPHQWGXUDWLRQ
SHUVXEMHFW
0D[LPXPGD\VRISUHVFUHHQLQJDQGVFUHHQLQJSHULRGIROORZHG
E\GD\WUHDWPHQWDQGGD\VRIIROORZXSSHULRG
7RWDOGXUDWLRQSHUVXEMHFWXSWRZHHNV
6WDWLVWLFDOPHWKRGV
$OO HIILFDF\ DQG VDIHW\ HQGSRLQWV ZLOO EH DQDO\VHG GHVFULSWLYHO\
3RLQWHVWLPDWLRQDQGFRQILGHQFHLQWHUYDO&,ZLOOEHFDOFXODWHG
IRU SULPDU\ DQG VHFRQGDU\ HIILFDF\ HQGSRLQWV IRU HDFK WUHDWPHQW


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





DUP 7KH FDOFXODWLRQ RI  &,V IRU SURSRUWLRQV ZLOO UHO\ RQ WKH
&ORSSHU3HDUVRQH[DFWPHWKRG
7KHSULPDU\HIILFDF\HQGSRLQWZLOOEHSUHVHQWHGDVFXUHUDWH.DWR
.DW]PHWKRG)RUHDFKWUHDWPHQWDUPWKHFXUHUDWHZLOOFRUUHVSRQG
WR WKH SHUFHQWDJH RI VXEMHFWV EHFRPLQJ HJJQHJDWLYH  GD\V
DIWHUWUHDWPHQWZLWKWKHVWXG\GUXJ&ULWHULDIRUGRVHVHOHFWLRQZLOO
EHGHVFULEHGLQD6$3SULRUWRILUVWSDWLHQWILUVWGRVH
6HFRQGDU\HQGSRLQWVZLOOEHGHVFULEHGE\WUHDWPHQWDUPV
x 0HDQ(JJ5HGXFWLRQ5DWH(55GD\VDIWHUWUHDWPHQW
.DWR.DW]PHWKRG
x &XUH UDWH 32&&&$ PHWKRG DV DVVHVVHG E\ WKH DEVHQFH RI
SDUDVLWH DQWLJHQV DV GHWHUPLQHG LQ XULQH ZLWK WKH FRPPHUFLDOO\
DYDLODEOH32&&&$DVVD\IRU6PDQVRQL
6DPSOHVL]HHVWLPDWLRQ
7KLVVWXG\LVH[SORUDWRU\7KHUHLVQRQXOOK\SRWKHVLVWHVWHG
3DUWWKHVDPSOHVL]HLVEDVHGRQWKHSUHFLVLRQRIWKH&,RIWKH
FXUH UDWH .DWR.DW] PHWKRG LQHDFK DUP $ FXUH UDWH RI  LV
FRQVLGHUHG DV WKH PLQLPXPFOLQLFDOO\ PHDQLQJIXO WKUHVKROG $
VDPSOH VL]H RI  HYDOXDEOH VXEMHFWV SURYLGHV D SUREDELOLW\ RI
DURXQGWRREVHUYHDFXUHUDWHRILIWKHRYHUDOOWUXHFXUH
UDWH LV  DVVXPLQJ  RI PRGHUDWHKHDY\ DQG  RI OLJKW
LQIHFWLRQV $VVXPLQJ DQ DSSUR[LPDWHO\  GURSRXW UDWH 
VXEMHFWVSHUDUPZLOOEHUDQGRPL]HGWRHQVXUHDWOHDVWHYDOXDEOH
VXEMHFWVSHUDUP
3DUWVXEMHFWVDJHGWRPRQWKVLQIHFWHGZLWK6PDQVRQL
&DQGVXEMHFWVDJHGWRPRQWKVLQIHFWHGZLWK6PDQVRQL
&ZLOOEHLQFOXGHGWRHYDOXDWHGUXJWROHUDELOLW\DQGHIILFDF\


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V






6SRQVRU,QYHVWLJDWRUVDQG7ULDO$GPLQLVWUDWLYH6WUXFWXUH
7KLVFOLQLFDOWULDOZLOOEHVSRQVRUHGE\
0HUFN.*D$
)UDQNIXUWHU6WUDVVH
'DUPVWDGW*HUPDQ\
7KHWULDOZLOOEHFRQGXFWHGDWWKH

7KH&RRUGLQDWLQJ,QYHVWLJDWRU

 UHSUHVHQWV DOO ,QYHVWLJDWRUV IRU GHFLVLRQV DQG GLVFXVVLRQV UHJDUGLQJ WKLV WULDO
FRQVLVWHQWZLWKWKH,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ,&+7RSLF(*RRG&OLQLFDO
3UDFWLFH*&3KHUHDIWHUUHIHUUHGWRDV,&+*&37KH&RRUGLQDWLQJ,QYHVWLJDWRUZLOOSURYLGH
H[SHUWPHGLFDOLQSXWDQGDGYLFHUHODWLQJWRWULDOGHVLJQDQGH[HFXWLRQDQGLVUHVSRQVLEOHIRUWKH
UHYLHZDQGVLJQRIIRIWKHFOLQLFDOWULDOUHSRUW
6LJQDWXUH SDJHV IRU WKH 3URWRFRO /HDG DQG WKH &RRUGLQDWLQJ ,QYHVWLJDWRU DV ZHOO DV D OLVW RI
6SRQVRUUHVSRQVLEOHSHUVRQVDUHLQ$SSHQGL[,
7KHWULDOZLOODSSHDULQWKHIROORZLQJFOLQLFDOWULDOUHJLVWULHVFOLQLFDOWULDOVJRYDQG3DQ$IULFDQ
&OLQLFDO7ULDOV5HJLVWU\3$&75
7KH WULDO ZLOO EH RXWVRXUFHG LQFOXGLQJ PRQLWRULQJ WR WKH

DV ZHOO DV WR

'HWDLOV RI VWUXFWXUHV DQG DVVRFLDWHG SURFHGXUHV ZLOO EH GHILQHG LQ D VHSDUDWH 0DQXDO RI
2SHUDWLRQVZKLFKZLOOEHSUHSDUHGXQGHUWKHVXSHUYLVLRQRIWKH&OLQLFDO7ULDO/HDGHU

%DFNJURXQGDQGUDWLRQDOH

%DFNJURXQGRQVFKLVWRVRPLDVLV
6FKLVWRVRPLDVLV DOVR FDOOHG ELOKDU]LD EHORQJV WR RQH RI WKH PRVW QHJOHFWHG WURSLFDO GLVHDVHV
17'V FDXVHG E\ IODWZRUPV DQG UHPDLQV RQH RI WKH PRVW SUHYDOHQW SDUDVLWLF GLVHDVHV LQ
GHYHORSLQJFRXQWULHV$IWHUPDODULDOHLVKPDQLDVLVDQGRWKHUKHOPLQWKGLVHDVHVVFKLVWRVRPLDVLV
LVWKHPRVWLPSRUWDQWWURSLFDOGLVHDVHLQWHUPVRIKXPDQPRUELGLW\ZLWKVLJQLILFDQWHFRQRPLFDQG
SXEOLFKHDOWKFRQVHTXHQFHV7KHGLVHDVHLVDVHYHUHFKURQLFLQIODPPDWRU\GLVHDVHDQGLVHQGHPLF
LQDERXWGHYHORSLQJFRXQWULHVLQIHFWLQJPRUHWKDQPLOOLRQSHRSOHZLWKPRUHWKDQRI
WKHPOLYLQJLQ$IULFD7KH\OLYHLQUXUDODJULFXOWXUDODQGSHULXUEDQDUHDVDQGSODFHPRUHWKDQ
PLOOLRQSHRSOHDWULVN2IWKHLQIHFWHGSDWLHQWVPLOOLRQVXIIHUVHYHUHPRUELGLWLHVIURPWKH
GLVHDVHDQGVRPHHVWLPDWHWKDWWKHUHDUHDSSUR[LPDWHO\GHDWKVUHODWHGWRVFKLVWRVRPLDVLV
\HDUO\,QPDQ\DUHDVVFKLVWRVRPLDVLVLQIHFWVDODUJHSURSRUWLRQRIFKLOGUHQXQGHUWKHDJHRI
\HDUV>@
PPD
PPD
PPD
PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





7KHUHDUHWZRPDMRUIRUPVRIVFKLVWRVRPLDVLVLQWHVWLQDODQGXURJHQLWDOFDXVHGE\ILYHPDLQ
VSHFLHV RI EORRG IOXNH 7KH PRVW SUHYDOHQW VSHFLHV LQ 6XE6DKDUDQ $IULFD DUH 6FKLVWRVRPD
PDQVRQL LQWHVWLQDO VFKLVWRVRPLDVLV DQG 6FKLVWRVRPD KDHPDWRELXP FDXVLQJ XURJHQLWDO
VFKLVWRVRPLDVLV 8URJHQLWDO VFKLVWRVRPLDVLV LV DOVR FRQVLGHUHG WR EH D ULVN IDFWRU IRU +,9
LQIHFWLRQHVSHFLDOO\LQZRPHQ
7KH :+2 UHFRPPHQGHG FRQWURO VWUDWHJ\ RI VFKLVWRVRPLDVLV LV EDVHG RQ SUHYHQWLYH
FKHPRWKHUDS\ LQWHUYHQWLRQV WDUJHWLQJ WKH PDMRULW\ RI WKH DWULVN SRSXODWLRQ 7KH FXUUHQW JROG
VWDQGDUG WUHDWPHQW HPSOR\V DQQXDO VLQJOH RUDO GRVH RI WKH GUXJ 3UD]LTXDQWHO 3=4  PJ
WDEOHWV IRU DGXOWV DQG FKLOGUHQ RYHU  \HDUV DW  PJNJ )RU LQGLYLGXDO WUHDWPHQW D  WLPHV
PJNJERG\ZHLJKWGRVHJLYHQHYHU\WRKRXUV>@KDVDOVREHHQUHJLVWHUHG7KHSURGXFWKDV
EHHQ MRLQWO\ GHYHORSHG E\ %D\HU0HUFN LQ WKH ¶V DQG FRPPHUFLDOL]HG DV %LOWULFLGH
%D\HU DQG &HVRO&\VWLFLGH  PJ 0HUFN .*D$ IRU KXPDQ XVH DV ZHOO DV RWKHU
JHQHULFSURGXFWV,Q%UD]LODVLQJOHGRVHRIPJNJERG\ZHLJKWLVWKHUHFRPPHQGHGGRVHWR
WUHDWFKLOGUHQ
7KHSUHYDOHQFHRIVFKLVWRVRPLDVLVLQFKLOGUHQLVYHU\KLJKDFFRXQWLQJIRUDERXWRIWKHWRWDO
LQIHFWHGSRSXODWLRQRIPLOOLRQDQGPDQ\PRUHDUHDWULVNIURPWKHGLVHDVH$WWKH:RUOG
+HDOWK$VVHPEO\:+$LQ5HVROXWLRQ$ZDVSXWIRUZDUGZKLFKXUJHGHQGHPLF
FRXQWULHV WR VWDUW VHULRXVO\ WDFNOLQJ ZRUPV VSHFLILFDOO\ VFKLVWRVRPLDVLV DQG VRLO WUDQVPLWWHG
KHOPLQWKV67+ZLWKDJOREDOWDUJHWWRWUHDWDWOHDVWRIDOOVFKRRODJHGFKLOGUHQZKRDUHDW
ULVNRIPRUELGLW\IURPVFKLVWRVRPLDVLVDQG67+E\WKH\HDU+RZHYHUSUHVFKRRODJHG
FKLOGUHQSUH6$&ZKLFKDUHDKLJKULVNJURXSIRUVFKLVWRVRPHLQIHFWLRQVDFFRXQWLQJIRU
PLOOLRQ RI WKH JOREDO SUHYDOHQFH DUH FXUUHQWO\ QRW LQFOXGHG LQ WKH VFKLVWRVRPLDVLV FRQWURO
SURJUDPVGXHWRWKHODFNRIDVXLWDEOH3=4SHGLDWULFIRUPXODWLRQ:+$SDVVHG5HVROXWLRQ
 ZKHUH WKH 0HPEHU 6WDWHV HVVHQWLDOO\ FRQILUPHG WKHLU FRPPLWPHQW WR IXOILO WKH 
5RDGPDSIRU1HJOHFWHG7URSLFDO'LVHDVHV17'V
,QRUGHUWRWDFNOHWKLVLPSRUWDQWSXEOLFKHDOWKSUREOHPDSHGLDWULFVFKLVWRVRPLDVLVFRQVRUWLXP
ZDVIRUPHGLQ-XO\XQGHUWKHOHDGHUVKLSRI0HUFNZLWKWKHJRDORIGHYHORSLQJDVXLWDEOH
SHGLDWULFIRUPXODWLRQRI3=4IRUSUHVFKRRODJHGFKLOGUHQDQGUHJLVWHULWVXVHLQVFKLVWRVRPLDVLV
7KH FRQVRUWLXP FXUUHQWO\ FRQVLVWV RI VHYHQ SDUWQHUV 0HUFN .*D$ *HUPDQ\ 7RS ,QVWLWXWH
3KDUPDFXUUHQWO\FDOOHG/\JDWXUH1HWKHUODQGV$VWHOODV3KDUPD,QF-DSDQ6ZLVV7URSLFDO
DQG3XEOLF+HDOWK,QVWLWXWH6ZLW]HUODQG)DUPDQJXLQKRV)LRFUX])RXQGDWLRQ%UD]LO6LPF\S
8.DQG6FKLVWRVRPLDVLV&RQWURO,QLWLDWLYH6&,8.7KLV&RQVRUWLXPDGGUHVVHVWKH:+2
UHFRPPHQGDWLRQ6HSWHPEHU0HHWLQJ*HQHYD6ZLW]HUODQGWRGHYHORSDZDWHUGLVSHUVLEOH
IRUPXODWLRQIRUDSSURSULDWHWUHDWPHQWRISUHVFKRRODJHGFKLOGUHQ

6WXG\UDWLRQDOH
7KHXOWLPDWHJRDORIWKLVSKDVH,,VWXG\LVWRLGHQWLI\WKHRSWLPDOGRVHRIDZDWHUGLVSHUVLEOH3=4
IRUPXODWLRQHLWKHU/3=4RUUDF3=4IRUIXUWKHUFRQILUPDWLRQRIVDIHW\DQGHIILFDF\LQDSKDVH
,,,WULDOLQSUHVFKRRODJHGFKLOGUHQLQIHFWHGZLWK6PDQVRQL)LUVWWKHRSWLPDO2'7GRVHGRVH
WKDWGHOLYHUVDFOLQLFDOO\PHDQLQJIXOHIILFDF\ZLWKDQDFFHSWDEOHVDIHW\SURILOHWRWUHDWFKLOGUHQ
DJHG\HDUVLQIHFWHGZLWK6PDQVRQLZLOOEHLGHQWLILHG<RXQJHUFKLOGUHQWRPRQWKV
LQIHFWHGZLWK6PDQVRQLZLOOVXEVHTXHQWO\EHWUHDWHGZLWKWKHVHOHFWHG2'7GRVHIURP3DUW


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





2QO\ ZKHQ WKLV GRVH KDV EHHQ DVVHVVHG DV VDIH ORZHU DJHG FKLOGUHQ  WR  PRQWKV ZLOO EH
LQFOXGHG

,QYHVWLJDWLRQDOGUXJDQGSUHFOLQLFDOGDWD
3=4LVDUDFHPLFPL[WXUHFRPSRVHGRIWKH/3=4DQG'3=4HQDQWLRPHUVLQDUDWLR7KH
FLGDODFWLYLW\RQ6PDQVRQLZRUPVUHVLGHVLQWKH/3=4HQDQWLRPHUDVVKRZQLQYLWURDQGLQ
DQLPDOH[SHULPHQWV>@ZKHUHDVWKH'3=4HQDQWLRPHUZDVVXJJHVWHGWREHODUJHO\UHVSRQVLEOH
IRUWKHELWWHUQHVVRIWKHRUDOIRUPXODWLRQ>@&LGDOHIIHFWVRI/3=4RQ6MDSRQLFDLQPLFHKDYH
DOVREHHQUHSRUWHG>@DQGFRQILUPHGE\HIILFDF\GDWDLQKXPDQV>@6RIDUWKHDFWLYLW\RI/
3=4 RQ 6 KDHPDWRELXP ZRUPV KDV QRW EHHQ VWXGLHG GXH WR WKH GLIILFXOW\ RI EUHHGLQJ WKLV
6FKLVWRVRPDVSHFLHVXQGHUODERUDWRU\FRQGLWLRQV










&OLQLFDOHYLGHQFHWRGDWH

&OLQLFDOGDWDLQDGXOWV
2YHU  \HDUV RI WUHDWPHQW ZLWK 3=4 UDFHPDWH WDEOHWV VKRZHG D JRRG VDIHW\ DQG WROHUDELOLW\
SURILOH LQ SUHYLRXV WULDOV LQ WKH UHFHQW PHWDDQDO\VLV LQ FKLOGUHQ DQG DGXOWV FRQGXFWHG E\ WKH
:+2>@DQGDFFRUGLQJWRWKHFXUUHQW3HULRGLF6DIHW\8SGDWH5HSRUWV3685V7KHUHFHQW
SKDVH,VWXGLHV(05DQG(05FRQILUPHGWKHJRRGVDIHW\SURILOHIRU
UDF3=42'7VDQG/3=42'7VLQDGXOWV
7KHPRVWFRPPRQDQGNQRZQVLGHHIIHFWVRI3=4WUHDWPHQWDUHDVVRFLDWHGZLWKJDVWURLQWHVWLQDO
HIIHFWV GLDUUKHD QDXVHD YRPLWLQJ DQG DEGRPLQDO SDLQ $OWKRXJK DOVR WUDQVLHQW QHXURORJLFDO
HIIHFWVKDYHEHHQUHFRUGHGKHDGDFKHDQGGL]]LQHVVGL]]LQHVVZDVQRWREVHUYHGDIWHU/3=4
2'7VDGPLQLVWUDWLRQLQWKHSKDVH,VWXG\5HJDUGLQJWKHJHQHUDOGLVRUGHUVWKHIROORZLQJDGYHUVH
HYHQWV KDYH EHHQ UHSRUWHG ZHDNQHVV IDWLJXH DQG LQFUHDVHG ERG\ WHPSHUDWXUH $OO WKHVH
V\PSWRPV DUH XVXDOO\ WUDQVLHQW DQG VSRQWDQHRXVO\ UHVROYH $GYHUVH UHDFWLRQV LQFOXGLQJ
K\SHUVHQVLWLYLW\ UHDFWLRQV PD\ SDUWO\ UHSUHVHQWHQGRJHQRXVUHDFWLRQV WR WKH NLOOLQJ RII RIWKH
SDUDVLWHVE\3=4DQGZHUHQRWREVHUYHGLQWKHSKDVH,VWXG\ZLWK/3=4RUUDF3=42'7VLQ
KHDOWK\YROXQWHHUV
)RUSDWLHQWVVXIIHULQJVFKLVWRVRPLDVLVWKLVXQGHUO\LQJSDUDVLWRVLVFRXOGDOVRPDVNWKHDGYHUVH
HYHQWVRI3=4WUHDWPHQWHJ.DWD\DPDV\QGURPHZKLFKLVDQHDUO\FOLQLFDOPDQLIHVWDWLRQRI
CCI


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





VFKLVWRVRPLDVLVRFFXUULQJVHYHUDOZHHNVSRVWLQIHFWLRQZLWK6FKLVWRVRPDVSSWUHPDWRGHZRUPV
7KH GLVHDVH RQVHW DSSHDUV WR EH UHODWHG WR PLJUDWLQJ VFKLVWRVRPXOD DQG HJJ GHSRVLWLRQ ZLWK
LQGLYLGXDOVW\SLFDOO\SUHVHQWLQJZLWKQRFWXUQDOIHYHUFRXJKP\DOJLDKHDGDFKHDQGDEGRPLQDO
WHQGHUQHVV>@
,W LV IUHTXHQWO\ QRW FOHDU ZKHWKHU WKH FRPSODLQWV UHSRUWHG E\ SDWLHQWV RU DGYHUVH HIIHFWV
GHWHUPLQHGE\WKHGRFWRUKDYHEHHQFDXVHGGLUHFWO\E\3=4,GLUHFWUHODWLRQVKLSZKHWKHUWKHVH
DUH WR EH UHJDUGHG DV DQ HQGRJHQRXV UHDFWLRQ WR WKH NLOOLQJ RII RI WKH SDUDVLWHV E\ 3=4 ,,
LQGLUHFW UHODWLRQVKLS RU HOVH UHSUHVHQW VLJQV DQG V\PSWRPV RI WKH SDUDVLWLF LQIHFWLRQ ,,, QR
UHODWLRQVKLS,WLVRIWHQGLIILFXOWWRUHOLDEO\GLIIHUHQWLDWHEHWZHHQSRVVLELOLWLHV,,,DQG,,,0DVWHU
63&IRU3=4GDWHG)HE
3=4LVFRQWUDLQGLFDWHGLQSURYHQK\SHUVHQVLWLYLW\WR3=4RUDQ\RIWKHH[FLSLHQWVDVZHOODVLQ
LQWUDRFXODU F\VWLFHUFRVLV RU LQ FRPELQDWLRQ ZLWK ULIDPSLFLQ &DXWLRQ LV ZDUUDQWHG LQ
GHFRPSHQVDWHGKHSDWLFLQVXIILFLHQF\RULQSDWLHQWVZLWKKHSDWRVSOHQLFVFKLVWRVRPLDVLV3DWLHQWV
ZLWKFDUGLDFDUUK\WKPLDVVKRXOGEHPRQLWRUHGGXULQJWKHUDS\7KHVDPHDSSOLHVWRSDWLHQWVZLWK
KHDUW IDLOXUH UHTXLULQJ GLJLWDOLV WKHUDS\ VLQFH D GLJLWDOLVDQWDJRQLVWLF HIIHFW KDV EHHQ
GHPRQVWUDWHGLQDQLPDOVWXGLHV

&OLQLFDOGDWDLQFKLOGUHQ

(IILFDF\GDWD
$ PHWDDQDO\VLV LQ FKLOGUHQ FRPELQLQJ GDWD IURP WKLUW\ILYH VWXGLHV LGHQWLILHG WKURXJK D
V\VWHPDWLFOLWHUDWXUHVHDUFKZDVUHFHQWO\FRQGXFWHG>@,QWRWDOSUHVFKRRODQGVFKRRO
DJHGFKLOGUHQDQGDGROHVFHQWVZHUHHQUROOHGRIZKRPZHUHDVVHVVHGZLWKLQZHHNVRI
WUHDWPHQWZLWK3=4DWPJNJGRVHRUFRPSDUDWRUV7KHPHWDDQDO\VLVVKRZHG
WKDWWKHRYHUDOOFXUHUDWH&5ZLWK3=4DWPJNJGRVHZDV&,
DQG&,IRUFKLOGUHQLQIHFWHGZLWK6PDQVRQLDQG6KDHPDWRELXP
UHVSHFWLYHO\7DEOH7KHPHDQHJJUHGXFWLRQUDWH(55ZDVIRUFKLOGUHQLQIHFWHGZLWK6
MDSRQLFXP  IRU 6 KDHPDWRELXP DQG  IRU 6 PDQVRQL 1R VLJQLILFDQW UHODWLRQVKLS
EHWZHHQGRVHDQG(55ZDVGHWHFWHG+RZHYHUWKHQXPEHURISUHVFKRRODJHGFKLOGUHQLQIHFWHG
ZLWK6PDQVRQLLQWKLVDQDO\VLVZDVOLPLWHGQ DQGWKLVDJHJURXSUHFHLYHGRQO\3=4
GRVHVRIPJNJ


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V






7DEOH0HWDDQDO\VLVUHVXOWVRIFXUHUDWHVDQGHJJUHGXFWLRQUDWHVDIWHUDGPLQLVWUDWLRQRIVLQJOHGRVHRIPJNJ
UDF3=4E\DJHJURXSFRXUWHV\RI-=ZDQJSHUVRQDOFRPPXQLFDWLRQ
3=4 DW D VLQJOH GRVH RI  PJNJ ZDV VDIHO\ DGPLQLVWHUHG LQ D VWXG\ UHFHQWO\ SHUIRUPHG LQ
%UD]LO LQFOXGLQJ RQO\ IHZ SUHVFKRRO DJHG FKLOGUHQ 7KH UHVXOWV VKRZHG WKDW WKHUH ZDV QR
HYLGHQFHRIGLIIHUHQFHLQHIIHFWLYHQHVVEHWZHHQWKHGLIIHUHQWDJHJURXSV7DEOH











$JH\HDUV
1
&XUHUDWH
&,
















7DEOH  &XUHUDWHVDIWHUDGPLQLVWUDWLRQRIUDF3=4PJNJVLQJOHGRVHREVHUYHGLQ%UD]LOLDQFKLOGUHQRI
GLIIHUHQWDJHJURXSVLQIHFWHGZLWK6PDQVRQLFRXUWHV\RI23LHUL)LRFUX]%UD]LOSHUVRQDOFRPPXQLFDWLRQ
CCI


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





CCI


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V







6DIHW\DQGWROHUDELOLW\GDWD
$UHFHQWPHWDDQDO\VLVRQFRPSDUDWLYHFOLQLFDOWULDOVZKHUH3=4KDGEHHQJLYHQWRSUHVFKRRO
FKLOGUHQVKRZHGQRPDMRUVDIHW\ILQGLQJVLQSUHVFKRRODQGVFKRRODJHGFKLOGUHQWUHDWHG
ZLWK3=4DWPJNJ>@$VWXG\FRQGXFWHGLQ1LJHULQSUHVFKRRODJHGFKLOGUHQUHSRUWHGWKDW
&,RIWKHSUHVFKRROFKLOGUHQKDGH[SHULHQFHGDQDGYHUVHHYHQW
ZLWKLQKRXUVIURP3=4GRVLQJEXWPRVWRIWKHDGYHUVHHYHQWVRFFXUUHGZLWKLQKRXUVDIWHU
GUXJDGPLQLVWUDWLRQ>@7DEOH7KHPRVWIUHTXHQWDGYHUVHHYHQWVLQSUHVFKRROFKLOGUHQZHUH
GURZVLQHVV&,GL]]LQHVV&,IDWLJXH
&,DQGDEGRPLQDOSDLQ&,6FKRRO
DJHG FKLOGUHQ KDG KLJKHU IUHTXHQF\ RI WUHDWPHQWHPHUJHQW DGYHUVH HYHQWV LH GURZVLQHVV
QDXVHD DEGRPLQDO SDLQ KHDGDFKH DQG GLDUUKRHD FRPSDUHG WR SUHVFKRRO FKLOGUHQ ZKLOH SUH
VFKRROKDGKLJKHUIUHTXHQF\LQGL]]LQHVVFRPSDUHGWRVFKRRODJHGFKLOGUHQ7DEOH
$GYHUVHHYHQW
3UHVFKRRODJHG
6FKRRODJHG
1XPEHURI
VWXG\DUPV
1XPEHURI
VXEMHFWV
,QFLGHQFH
ERRWVWUDS&,
,QFLGHQFH
ERRWVWUDS&,

/RZHU
ERXQG
8SSHU
ERXQG
1XPEHURI
VWXG\DUPV
1XPEHURI
VXEMHFWV

/RZHU
ERXQG
8SSHU
ERXQG
$Q\DGYHUVHHYHQW










'URZVLQHVV










'L]]LQHVV










)DWLJXH










$EGRPLQDOSDLQ










,WFKLQJUDVK










1DXVHD










'LDUUKRHD










9RPLWLQJ










+HDGDFKH










7DEOH$GYHUVHHYHQWLQFLGHQFHZLWKLQKRXUVE\FKLOGUHQDJHJURXS3=4PJNJFRXUWHV\RI-=ZDQJ
SHUVRQDOFRPPXQLFDWLRQ
,QDQRWKHUVWXG\FRQGXFWHGLQ8JDQGD3=4WDEOHWVSURYHGWREHVDIHZLWKRQO\PLOGWUDQVLHQW
UHSRUWHGVLGHHIIHFWV>@$VWKHFRKRUWVWXG\SURJUHVVHGPRQWKDQGPRQWKIROORZXSV
WKHQXPEHURIFDVHVRIGL]]LQHVVVOHHSLQHVVIDWLJXHFUDPSVQDXVHDVZHDWLQJDQGQLJKWIHYHUV
SRVWWUHDWPHQW GHFUHDVHG VLJQLILFDQWO\ FRPSDUHG WR EDVHOLQH 1R V\PSWRP EHFDPH PRUH
SUHYDOHQW ZLWK WLPH .HLVHU HW DO >@ UHSRUWHG QR OLIHWKUHDWHQLQJ DGYHUVH HYHQWV IROORZLQJ
WUHDWPHQW 2QO\ PLOG DGYHUVH HYHQWV ZHUH REVHUYHG ZLWK WKH H[FHSWLRQ RI DEGRPLQDO SDLQ DW
PRGHUDWHVHYHULW\LQIHZFKLOGUHQ,QDQRWKHUVWXG\>@WKUHHTXDUWHURIWKHDGYHUVHHYHQWVZHUH
REVHUYHGZLWKLQWKHILUVWKRXUVDIWHUWUHDWPHQWLQFOXGLQJDEGRPLQDOSDLQGLDUUKRHDQDXVHD
CCI


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





YRPLWLQJ GL]]LQHVV IHYHU IDWLJXH IDFH DQG ERG\ LQIODPPDWLRQ DQG KHDGDFKH 7ZHQW\IRXU
KRXUVSRVWWUHDWPHQWQRQHRIWKHFKLOGUHQUHSRUWHGPXOWLSOHDGYHUVHHYHQWV




3DODWDELOLW\GDWD
7KHSDODWDELOLW\RI/3=4DQGUDF3=42'7VZDVDVVHVVHGLQDWDVWHVWXG\LQ$IULFDQWR
\HDUROGFKLOGUHQ(05%HWWHUSDODWDELOLW\RI/DQGUDF3=42'7VDVFRPSDUHG
WRWKHUDF3=4FRPPHUFLDOSURGXFW&HVROPJZDVFRQILUPHG

'RVHUDWLRQDOH
5DF3=42'7VGRVH
7KHUHODWLYH%$VWXG\LQDGXOWKHDOWK\YROXQWHHUV(05VKRZHGWKDWWKHUDF3=4
2'7 IRUPXODWLRQ  PJ WDEOHW LV ELRHTXLYDOHQW DW  PJNJ WR WKH FRPPHUFLDO 3=4
&\VWLFLGHPJWDEOHWVLQWHUPRIRYHUDOO$8&RI/3=4WKHVWXG\UHVXOWVPHHWWKH)'$¶V
FXUUHQWELRHTXLYDOHQFHFULWHULD+RZHYHU&PD[IRUWKHUDF3=42'7VZDVKLJKHUDVFRPSDUHG
WR&\VWLFLGH&PD[7KHRYHUDOOPHDQWLPHFRQFHQWUDWLRQSURILOHZDVDOVRGLIIHUHQWLQWKHWZR
IRUPXODWLRQVZLWKUDF3=42'7IRUPXODWLRQKDYLQJODWHUWPD[FRPSDUHGWR&\VWLFLGH
7KHUDF3=42'7GRVHVVHOHFWHGIRUWKLVWULDODUHPJNJDQGPJNJERG\ZHLJKWDVVLQJOH
GRVHDGPLQLVWUDWLRQ7KHGRVHFKRLFHLVEDVHGRQWKHIROORZLQJFRQVLGHUDWLRQV
7KHPJNJGRVHLVWKHUHFRPPHQGHGGRVHE\:+2LQDGXOWVDQGVFKRRODJHGFKLOGUHQ>
@
7KHPJNJVLQJOHGRVHLVWKHUHFRPPHQGHGGRVHE\WKH0LQLVWU\RI+HDOWKLQ%UD]LOIRUWKH
WUHDWPHQWRIWR\HDUROGFKLOGUHQLQIHFWHGZLWK6PDQVRQLZKHUHDVDPJNJVLQJOHGRVH
LVUHFRPPHQGHGIRUROGHUFKLOGUHQDQGDGXOWV>@
,QRQHRILWVUHSRUWV>@:+2UHFRPPHQGVWKHXVHRIUDF3=4IRUVFKLVWRVRPLDVLVLQDGXOWV
DQGFKLOGUHQRYHU\HDUVDWPJNJDVDVLQJOHGRVHRUDOWHUQDWLYHO\GRVHVRIPJNJRQ
RQHGD\DWLQWHUYDOVRIKRXUV
1RGDWDDUHDYDLODEOHRQWKHVDIHW\RIDGPLQLVWUDWLRQRIDPJNJVLQJOHGRVHRIUDF3=4
2YHUWKHSDVW\HDUVPDQ\VWXGLHVZLWKUDF3=4KDYHEHHQFRQGXFWHGLQGLIIHUHQWSRSXODWLRQV
LHGLIIHUHQWHWKQLFLWLHVVSHFLHVRI6FKLVWRVRPDLQIHFWLRQVDJHRIVXEMHFWVDQGJHQGHUDQGLWLV
JHQHUDOO\DJUHHGWKDWWKHPJNJGRVHGRHVQRWRIIHUDQDGYDQWDJHRYHUWKHPJNJGRVHLQ
DGXOWVDQGVFKRRODJHGFKLOGUHQ>@
/3=42'7VGRVH
CCI


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





)RUWKH/3=42'7VGRVHWREHXVHGLQWKLVVWXG\WKHIROORZLQJFRQVLGHUDWLRQVKDYHEHHQWDNHQ
LQWRDFFRXQW
D 8QGHUO\LQJDVVXPSWLRQVRIH[SHFWHGFXUHUDWHVDIWHUGLIIHUHQWGRVHVRI3=4FRPPHUFLDO
IRUPXODWLRQVDUHDGPLQLVWHUHGWRFKLOGUHQVHH6HFWLRQ
E 'DWDRQGUXJH[SRVXUHVWR/3=4/3=42'7YVUDF3=4FRPPHUFLDOIRUPXODWLRQLQ
KHDOWK\DGXOWVGDWDIURPWKHUHODWLYHELRDYDLODELOLW\VWXG\(05
F $YDLODEOH3.GDWDRI3=4LQFKLOGUHQ
















































CCI
CCI
CCI
CCI
CCI
CCI


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





















































 











 
 
 

 
 
 



([SODQDWLRQIRUFKRLFHRIFRPSDUDWRU
$FFRUGLQJWRWKH(8*XLGDQFH(WKLFDOFRQVLGHUDWLRQVIRU&OLQLFDO7ULDOVRQ0HGLFLQDO3URGXFWV
&RQGXFWHGZLWKWKH3DHGLDWULF3RSXODWLRQ>@XVHRISODFHERLQFKLOGUHQLVPRUHUHVWULFWHGWKDQ
LQDGXOWVEHFDXVHFKLOGUHQFDQQRWFRQVHQW7KH*XLGDQFHDOVRVWDWHVWKDWSODFHERVKRXOGQRWEH
XVHGZKHQLWPHDQVZLWKKROGLQJHIIHFWLYHWUHDWPHQW)XUWKHUPRUHWKHXVHRISODFHERPD\EH
ZDUUDQWHGLQFKLOGUHQRQO\ZKHQHYLGHQFHIRUDQ\SDUWLFXODUWUHDWPHQWLVODFNLQJRUZKHQWKH
CCI
CCI
CCI
C
C
I


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





SODFHERHIIHFWLVNQRZQWREHYHU\YDULDEOH6LQFHLWLVNQRZQWKDW3=4LVDQHIIHFWLYHWUHDWPHQW
LQVFKLVWRVRPLDVLVWKHHWKLFDOMXVWLILFDWLRQIRUSODFHERXVHFDQQRWEHZDUUDQWHG
7KHUHIRUHWKHFXUUHQWFRPPHUFLDOUDF3=4WDEOHWIRUPXODWLRQ%LOWULFLGHPJZKLFKLVWKH
UHFRPPHQGHG3=4FRPSDUDWRUE\WKH:+23UHTXDOLILFDWLRQRI0HGLFLQHV3URJUDPPH343
ZLOOEHXVHGLQFUXVKHGIRUPDWWKHIROORZLQJGRVHV
PJNJERG\ZHLJKWWKUHHWLPHVDGD\WLGDVDRQHGD\WUHDWPHQWDWLQWHUYDOVRIQRWOHVVWKDQ
KRXUV%LOWULFLGHLVDSSURYHGIRUWUHDWPHQWRIVFKLVWRVRPLDVLVLQIHFWHGFKLOGUHQRYHU\HDUVRI
DJHEXWFDQEHXVHGWRWUHDWFKLOGUHQEHORZWKLVDJHXQGHUPHGLFDOVXSHUYLVLRQ
6LQJOHGRVHRIPJNJERG\ZHLJKWZKLFKLVWKHUHFRPPHQGHGGRVHE\:+2WRWUHDWDGXOWV
DQGVFKRRODJHGFKLOGUHQDQGLVZLGHO\XVHGIRU:+2PDVVGUXJDGPLQLVWUDWLRQ3=4SURJUDPV
LQ6XE6DKDUDQ$IULFD&XUUHQWO\WKH3=4FRPPHUFLDOSURGXFWVUHJLVWHUHGLQ0H[LFRE\0HUFN
IRUWKHWUHDWPHQWRIVFKLVWRVRPLDVLV&LVWLFLGPJDQGDOVRPDGHDYDLODEOHWR:+2E\WKH
0HUFNGRQDWLRQSURJUDPXQGHUWKHWUDGHQDPHRI&HVROPJKDYHDODEHOLQFOXGLQJERWKD
VLQJOH GRVH DGPLQLVWUDWLRQ RI  PJNJ ERG\ZHLJKW DQG D  WLPHV PJNJ ERG\ZHLJKW
DGPLQLVWUDWLRQ UHJLPHQ LQ RQH GD\ 7KHUH LV D ODUJH VDIHW\ GDWDEDVH DYDLODEOH RQ 0HUFN¶V
GRQDWHG GUXJ &HVRO  PJ VKRZLQJ WKDW 3=4 DGPLQLVWHUHG DV D VLQJOH GRVH RI  PJNJ
ERG\ZHLJKW LV D VDIH FRPSRXQG LQ DGXOWV DQG VFKRRODJHG FKLOGUHQ DQG KDV PRVWO\ PLOG DQG
WUDQVLHQW$(V
7KHVH UHIHUHQFH WUHDWPHQWV DLP DW SURYLGLQJ LQIRUPDWLRQ RQ WKH VXVFHSWLELOLW\ RI WKH VWXG\
SRSXODWLRQWRWUHDWPHQWZLWKWKHUDF3=4FRPPHUFLDOIRUPXODWLRQV,QGHHGLWLVGRFXPHQWHGWKDW
GLIIHUHQWDUHDVFDQVKRZGLIIHUHQFHVLQVXVFHSWLELOLW\WRWUHDWPHQWHIIHFWV>@
7KH%LOLWULFLGHWDEOHWVZLOOEHFUXVKHGVLQFHWKH\DUHWRRELJIRUFKLOGUHQWRVZDOORZ,QWKH
(05SKDVH,VWXG\WKHUHODWLYHELRDYDLODELOLW\RIFUXVKHGWDEOHWV&\VWLFLGHZDV
FRPSDUHG WR WKH RQH RI QRQFUXVKHG WDEOHWV DQG PHDQ H[SRVXUH WR /3=4 DQG UDF3=4 ZDV
VKRZQWREHaDQGORZHUUHVSHFWLYHO\UDWLRRI&,DQG
&,
5HIHU WR WKH ,QYHVWLJDWRU¶V %URFKXUH ,% IRU IXUWKHU LQIRUPDWLRQ DERXW WKH QRQFOLQLFDO DQG
FOLQLFDOSURJUDPVDQG*XLGDQFHIRUWKH,QYHVWLJDWRU
%DVHG RQ WKH DYDLODEOH QRQFOLQLFDO DQG FOLQLFDO GDWD RQ UDF DQG /3=4 2'7V WR GDWH WKH
FRQGXFWRIWKHWULDOVSHFLILHGLQWKLVSURWRFROLVFRQVLGHUHGMXVWLILDEOH

7ULDO2EMHFWLYHV

3ULPDU\2EMHFWLYHV
3DUW
7RLGHQWLI\WKHRSWLPDOVLQJOHGRVHRIUDF3=42'7RU/3=42'7IRUPXODWLRQZKLFKKDVD
FOLQLFDOO\ PHDQLQJIXO FXUH UDWH DV DVVHVVHG E\ .DWR.DW] PHWKRG DQG DQ DFFHSWDEOH VDIHW\
SURILOHLQWR\HDUROGFKLOGUHQLQIHFWHGZLWK6PDQVRQL


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





3DUW
7RHYDOXDWHWKHHIILFDF\DQGVDIHW\RIWKHVHOHFWHG2'7IRUPXODWLRQ/3=4RUUDF3=4IURP
3DUW  DW WKH DSSURSULDWH DGMXVWHG GRVHV LQ LQIDQWV DJHG  WR  PRQWKV LQIHFWHG ZLWK 6
PDQVRQL

6HFRQGDU\2EMHFWLYHV
3DUW
7RGHWHUPLQHWKHVDIHW\RIGLIIHUHQWGRVHVRIUDF3=42'7DQG/3=42'7LQFKLOGUHQDJHG
WR\HDUVLQIHFWHGZLWK6PDQVRQL
7RH[SORUHWKHGRVHUHVSRQVHUHODWLRQVKLSIRU/3=42'7DQGUDF3=42'7LQFKLOGUHQDJHG
WR\HDUVLQIHFWHGZLWK6PDQVRQL
7R DVVHVV WKH HIILFDF\ DQG VDIHW\ RI UDF3=4 FRPPHUFLDO WDEOHW DW PJNJ WLG GRVH
DGPLQLVWUDWLRQDQGDWPJNJVLQJOHGRVHDGPLQLVWUDWLRQLQFKLOGUHQDJHGWR\HDUVLQIHFWHG
ZLWK6PDQVRQL
7RDVVHVVWKHDFFHSWDELOLW\LQWHUPVRIHDVHRIDGPLQLVWUDWLRQRIWKHUDF3=42'7DQG/3=4
2'7LQFKLOGUHQDJHGWR\HDUVLQIHFWHGZLWK6PDQVRQL
3DUW
7RDVVHVVWKHDFFHSWDELOLW\LQWHUPVRIHDVHRIDGPLQLVWUDWLRQRIWKHVHOHFWHG2'7VUDF3=4RU
/3=4LQWRPRQWKLQIDQWVLQIHFWHGZLWK6PDQVRQL
7RH[SORUHWKHGRVHUHVSRQVHUHODWLRQVKLSIRU/3=4DQGUDF3=4LQWRPRQWKLQIDQWV
LQIHFWHGZLWK6PDQVRQL

,QYHVWLJDWLRQDO3ODQ

2YHUDOO7ULDO'HVLJQDQG3ODQ
7KLVLVDSKDVH,,VWXG\FRQVLVWLQJRIWZRSDUWV7KHVHFRQGSDUWZLOORQO\VWDUWRQFHWKHILUVWSDUW
LVFRPSOHWHG


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V






3DUWLVDQRSHQODEHOUDQGRPL]HGFRQWUROOHGH[SORUDWRU\GRVHILQGLQJVWXG\FRQGXFWHGLQRQH
VWXG\VLWHZLWKWKUHHIRUPXODWLRQVRI3=4FRPPHUFLDOUDF3=4WDEOHWV/3=42'7VDQGUDF
3=42'7VLQFKLOGUHQDJHGEHWZHHQDQG\HDUVLQIHFWHGZLWK6PDQVRQL
7KHPDLQREMHFWLYHRI3DUWLVWRLGHQWLI\WKHRSWLPDOLHGRVHZLWKDFOLQLFDOO\PHDQLQJIXOFXUH
UDWHDQGDQDFFHSWDEOHVDIHW\SURILOHVLQJOHGRVHRIUDF3=4RU/3=42'7IRUPXODWLRQWRWUHDW
WR\HDUROGFKLOGUHQLQIHFWHGZLWK6PDQVRQL
$IWHUSDWLHQWVIURPHDFKRIFRKRUWV&WR&DUHWUHDWHGDOOWKHDFXWHKRXUVDIHW\GDWD
DYDLODEOH IURP DOO FRKRUWV ZLOO EH VXPPDUL]HG DQG HYDOXDWHG E\ WKH 60& WR GHFLGH RQ WKH
LQFOXVLRQ RI WKH WK DUP & ZLOO EH LQFOXGHG LQ WKH UDQGRPL]DWLRQ VFKHPH RQO\ DIWHU 60&
DSSURYDOZKLOHUDQGRPL]DWLRQIRUWKHRWKHUJURXSVFDQFRQWLQXHHQUROOLQJDWRWDORIVXEMHFWV
SHUJURXSFRKRUW,QFDVHRIVDIHW\FRQFHUQVREVHUYHGZLWKWKH/3=42'7VWUHDWHGFRKRUWVWKH
60&FDQGHFLGHWRDVVHVVWKHH[SRVXUHLQDPLQLPXPRIVXEMHFWVLQWKH/3=42'7VFRKRUWV
&DQG&EHIRUHGHFLGLQJWRHVFDODWHWRDKLJKHUGRVHRI/3=4

3DUWLQFOXGHVDFRKRUWZLWKLQIDQWVRIPRQWKVLQIHFWHGZLWK6PDQVRQL&DQGDFRKRUW
ZLWKLQIDQWVRIPRQWKVLQIHFWHGZLWK6PDQVRQL&ZKLFKZLOOEHHQUROOHGLQDQDJH
VWDJJHUHGDSSURDFK


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





,QIDQWV LQ FRKRUW & ZLOO EH WUHDWHG ZLWKUDF3=4RU/3=42'7VDWWKHRSWLPDOGRVHOHYHO
VHOHFWHGE\60&IURP3DUWEDVHGRQEHQHILWVULVNVHYDOXDWLRQ
$IWHULQIDQWVRIWRPRQWKVKDYHEHHQHQUROOHGWKHRYHUDOOVDIHW\DQGHIILFDF\GDWDLQ
WKHVHFKLOGUHQZLOOEHHYDOXDWHGE\WKH60&IRUWKHGHFLVLRQWRLQFOXGHWKHORZHUDJHJURXS
FRKRUW&60&ZLOODOVRGHFLGHZKHWKHUGRVHOHYHODGDSWDWLRQVDUHQHHGHGEHIRUHVWDUWLQJWR
HQURO&

'LVFXVVLRQRI7ULDO'HVLJQ
,QWKH)'$*XLGDQFHRIIRUSHGLDWULFGHYHORSPHQW>@LWLVPHQWLRQHGWKDWD3.DSSURDFK
FDQEHIROORZHGZKHQLWLVUHDVRQDEOHWRDVVXPHWKDWFKLOGUHQZKHQFRPSDUHGWRDGXOWVKDYH
DVLPLODUSURJUHVVLRQRIGLVHDVHDVLPLODUUHVSRQVHRIWKHGLVHDVHWRWUHDWPHQWDVLPLODU
H[SRVXUHUHVSRQVHRUFRQFHQWUDWLRQUHVSRQVHUHODWLRQVKLSDQGWKHGUXJRUDFWLYHPHWDEROLWH
FRQFHQWUDWLRQ LV PHDVXUHDEOH DQG SUHGLFWLYH RI WKH FOLQLFDO UHVSRQVH ,Q WKDW FDVH D SKDVH ,,
GHVLJQ IRFXVHG RQ UHDFKLQJ VLPLODU H[SRVXUH LQ FKLOGUHQ DV LQ DGXOWV LV WKH ILUVW FKRLFH IRU D
SHGLDWULFGHYHORSPHQW$OWKRXJKWKHUHTXLUHPHQWQXPEHUVLPLODUSURJUHVVLRQDQGVLPLODU
WUHDWPHQW UHVSRQVH DUH FHUWDLQO\ IXOILOOHG IRU 3=4 WKHUH DUH XQFHUWDLQWLHV UHJDUGLQJ WKH
UHTXLUHPHQWVDQGDVIXUWKHUGLVFXVVHGEHORZ
&XUUHQWO\WKHUHDUHQRGDWDDYDLODEOHVKRZLQJDFRUUHODWLRQEHWZHHQWKHGRVHWKH$8&RU&PD[
DQGWKHHIILFDF\RI3=4QHLWKHULQDGXOWVQRULQFKLOGUHQ7KLVFRXOGEHUHODWHGWRWKHIDFWWKDW
WKHSURGXFWZDVUHJLVWHUHGLQWKHLHVDQGDGHTXDWHO\GHVLJQHGGRVHILQGLQJVWXGLHVZHUHQRW
SHUIRUPHG DW WKDW WLPH 0RVW GDWD UHJDUGLQJ HIILFDFLRXV GRVHV DUH REWDLQHG IURP LQYHVWLJDWRU
VSRQVRUHGWULDOV,67VRIWHQVPDOOVWXGLHVZLWKRQO\RQHRUWZRGRVHV
7KHWUDQVODWLRQRIDGRVHLQDGXOWVWRDFRPSDUDEOHGRVHLQFKLOGUHQVKRXOGWDNHVFDOLQJRIWKH
FOHDUDQFHLQWRDFFRXQW7KLVLVUHODWHGWRWKHDVVXPSWLRQWKDWFOHDUDQFHVFDOHVZLWKERG\VL]HWR
WKHôSRZHU$GMXVWLQJWKHGRVHE\DVLPSOHPJNJIDFWRUZRXOGUHVXOWLQORZHUH[SRVXUHVLQ
FKLOGUHQZKRZHLJKWKHOHDVW%\FRQWUDVWVFDOLQJWKHGRVHLQWKHVDPHPDQQHUDVFOHDUDQFHLV
VFDOHG ZRXOG UHVXOW LQ D FRQVLVWHQW H[SRVXUH DFURVV WKH HQWLUH ZHLJKW UDQJH +RZHYHU
SUHOLPLQDU\GDWDLQGLFDWHWKDWWKHDOORPHWULFVFDOLQJDSSURDFKIRUSHGLDWULFGRVHSUHGLFWLRQIURP
DGXOWGDWDLVQRWDSSOLFDEOHWR3=4)LUVWUHFHQWGDWDIURPWKHUHODWLYH%$VWXGLHV(05
DQG(05VKRZHGWKDWWKHWLPHYHUVXVFRQFHQWUDWLRQSURILOHLQDGXOWVLVKLJKO\
YDULDEOHLQUHJDUGWRVKDSHDQGFDQQRWEHGHVFULEHGZLWKRQHPRGHO:KHQOLPLWLQJLWWR$8&
DQG&PD[DPRGHOWKDWGHVFULEHVWKHGDWDFDQEHGHYHORSHG+RZHYHUZKHQDSSO\LQJDOORPHWULF
VFDOLQJRIWKHGDWDWKHSUHGLFWHGGRVHVLQFKLOGUHQQHHGHGWRDFKLHYHDFRPSDUDEOHH[SRVXUHDUH
WRRKLJKLHWKHPRGHOXQGHUSUHGLFWVWKHH[SRVXUH7KLVUHVXOWZDVREVHUYHGZKHQFRPSDULQJ
WKHSUHGLFWHGGRVHVDQGWKHLUH[SRVXUHVZLWKWKHREVHUYHGH[SRVXUHVIROORZLQJQRQVFDOHGGRVHV
RIDQGPJNJLQSUHVFKRRODJHGFKLOGUHQREWDLQHGIURPDUHFHQW,67VWXG\FRQGXFWHG
E\.HLVHUHWDOLQ,YRU\&RDVW7KHVHUHVXOWVFRXOGEHH[SODLQHGE\WKHYHU\KLJKDEVROXWHGRVH
DGPLQLVWHUHGWRDGXOWVDURXQGPJFRPSDUHGWRFKLOGUHQDURXQGPJ$OVRWKHGRVH
PLJKWQRWFRPSOHWHO\EHDEVRUEHGLQDGXOWVZKHUHDVFKLOGUHQUHFHLYLQJDPXFKORZHUDEVROXWH
GRVHPLJKWDEVRUELWFRPSOHWHO\,QFRQFOXVLRQWKHUHODWLRQEHWZHHQGRVHDQGH[SRVXUHPD\EH
GLIIHUHQW EHWZHHQ DGXOWV DQG FKLOGUHQ H[SODLQLQJ ZK\ WKH SUHGLFWHG GRVHV EDVHG RQ DGXOW
H[SRVXUHGDWDPD\EHRIIDQGGRVHILQGLQJQHHGVWREHGRQHLQWKHLQWHQGHGSRSXODWLRQ


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





,Q VXPPDU\ GXH WR WKH XQFHUWDLQWLHV DERXW WKH DYDLODEOH H[SRVXUHUHVSRQVH RU FRQFHQWUDWLRQ
UHVSRQVHUHODWLRQVKLSDQGWKHSUHGLFWHGHIILFDF\UHVSRQVHFRPELQHGZLWKWKHKLJK3.YDULDELOLW\
REVHUYHGIRU3=4DVZHOODVWKHXQFHUWDLQW\LQWKHWUDQVODWLRQRIDGXOWGDWDRI3=4WRFKLOGUHQD
3.RQO\DSSURDFKLVQRWGHHPHGDSSURSULDWHDQGWKHUHIRUHDSDUWLDOH[WUDSRODWLRQ3.3'GRVH
UDQJLQJDSSURDFKKDVWREHFRQVLGHUHGLQVWHDG'XHWRLQFRQFOXVLYH3.GDWDIURPWKHILUVWVXEVHW
RIVWXG\SDUWLFLSDQWV3.VDPSOLQJLVDEDQGRQHG7KHGHVLJQRIWKLVVWXG\WKHUHIRUHFRQVLGHUV
FXUHUDWHDQGHJJUHGXFWLRQUDWHDVFOLQLFDOHIILFDF\HQGSRLQWVZLWKQRDGGLWLRQDO3.DQDO\VLVDQG
HYDOXDWHV WKH GRVHUHVSRQVH UHODWLRQVKLS LQVWHDG RI WKH H[SRVXUH UHVSRQVH UHODWLRQVKLS LQ WKH
WDUJHWHGSRSXODWLRQ

,QFOXVLRQRI6SHFLDO3RSXODWLRQV
&KLOGUHQDQGLQIDQWVRIPRQWKVWR\HDUVRIDJHZLOOEHLQFOXGHGLQWKLVVWXG\7KHVHSUH
VFKRRO DJHG FKLOGUHQ SUH6$& ZKLFK DUH D KLJKULVN JURXS IRU VFKLVWRVRPH LQIHFWLRQV
DFFRXQWLQJ IRU PLOOLRQ RI WKH JOREDO SUHYDOHQFH DUH FXUUHQWO\ QRW WUHDWHG LQ WKH
VFKLVWRVRPLDVLVFRQWUROSURJUDPVDVWKHFXUUHQWIRUPXODWLRQLVQRWVXLWDEOHIRUDGPLQLVWUDWLRQWR
\RXQJFKLOGUHQ
&KLOGUHQDUHYLHZHGDVYXOQHUDEOHVXEMHFWVZKRVKRXOGEHSURWHFWHGIURPWKHULVNVRIUHVHDUFK,Q
WKLVWULDOQRULVNLVDQWLFLSDWHGWRLWVSDUWLFLSDQWVDWWKHWHVWHGGRVDJHVRIDQGPJNJIRUWKH
UDF3=4 2'7V DQG IRU WKH   DQG  PJNJ GRVDJH RI WKH /3=4 2'7V %LOWULFLGH LV
DSSURYHGIRUWUHDWPHQWRIVFKLVWRVRPLDVLVLQIHFWHGFKLOGUHQRYHU\HDUVRIDJHEXWFDQEHXVHG
WRWUHDWFKLOGUHQEHORZWKLVDJHXQGHUPHGLFDOVXSHUYLVLRQ6XEMHFWVZLOOUHPDLQLQWKHIDFLOLW\IRU
KRXUVDIWHUGRVLQJDQGZLOOEHFORVHO\PRQLWRUHG/DERUDWRU\VDIHW\WHVWVDUHLQFOXGHGWRVKRZ
WKDWVXEMHFWVSDUWLFLSDWLQJLQWKHVWXG\DUHQRWJHWWLQJZRUVHDQGWKHVHWHVWVZLOOEHUHSHDWHGDWWKH
HQGRIKRVSLWDOL]DWLRQ
6XEMHFWV ZLOO UHTXLUH WKH ZULWWHQ LQIRUPHG FRQVHQW RI RQH RI WKHLU SDUHQWV RU WKHLU OHJDO
UHSUHVHQWDWLYHV:KHQHYHUSRVVLEOHFKLOG¶VDVVHQWVKRXOGEHDOVRSURYLGHG$FFRUGLQJWRWKH(8
JXLGDQFHIRUFOLQLFDOWULDOVRQSHGLDWULFSRSXODWLRQVLWLVQRWSRVVLEOHWRREWDLQDVVHQWLQFKLOGUHQ
DJHG  PRQWKV WR  \HDUV &KLOGUHQ EHWZHHQ  DQG  \HDUV RI DJH VKRXOG SDUWLFLSDWH LQ WKH
LQIRUPHGFRQVHQWSURFHVVWRJHWKHUZLWKWKHSDUHQWVOHJDOUHSUHVHQWDWLYHVZKHQHYHUDSSURSULDWH
DQGJLYHDQRUDODVVHQWWKDWZLOOEHUHFRUGHGRQWKHLQIRUPHGFRQVHQWIRUP
$IWHUWKHWULDOFRPPHUFLDO3=4ZLOOEHPDGHDYDLODEOHWRVWXG\SDUWLFLSDQWVWKURXJKWKHPDVV
GUXJ DGPLQLVWUDWLRQ SURJUDP DFFRUGLQJ WR 1DWLRQDO *XLGHOLQHV ,Q WKDW ZD\ VXEMHFWV ZKR
UHFHLYHG D VXERSWLPDO 3=4 GRVH DQG GLG QRW EHQHILW IURP WKH WUHDWPHQW FRXOG EH WUHDWHG
DFFRUGLQJO\

6HOHFWLRQRI7ULDO3RSXODWLRQ
2QO\FKLOGUHQPHHWLQJDOOLQFOXVLRQFULWHULDDQGQRH[FOXVLRQFULWHULDPD\EHHQUROOHGLQWRWKH
WULDO DV VXEMHFWV 3ULRU WR SHUIRUPLQJ DQ\ WULDO DVVHVVPHQWV QRW SDUW RI WKH VXEMHFW¶V URXWLQH
PHGLFDO FDUH WKH ,QYHVWLJDWRU ZLOO HQVXUH WKDW WKH VXEMHFW¶V OHJDO UHSUHVHQWDWLYH KDV SURYLGHG
ZULWWHQLQIRUPHGFRQVHQWIROORZLQJWKHSURFHGXUHGHVFULEHGLQ6HFWLRQ


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V






,QFOXVLRQ&ULWHULD
)RULQFOXVLRQLQWKHVWXG\DOORIWKHIROORZLQJLQFOXVLRQFULWHULDPXVWEHIXOILOOHG
x :ULWWHQ LQIRUPHG FRQVHQW IURP RQH RI WKH SDUHQWVOHJDO UHSUHVHQWDWLYHV SULRU WR DQ\ WULDO
UHODWHGSURFHGXUH
x 0DOHDQGIHPDOHFKLOGUHQDJHGWR\HDUV3DUWDQGWRPRQWKV3DUW
x 6 PDQVRQL SRVLWLYH GLDJQRVLV GHILQHG DV SRVLWLYH HJJ FRXQWV LQ VWRRO ! HJJ RFFDVLRQ
DFFRUGLQJWR:+2FODVVLILFDWLRQ>@OLJKWHJJVSHUJUDPRIIDHFHVPRGHUDWH
HJJVSHUJUDPRIIDHFHVDQGKHDY\HJJVSHUJUDPRIIDHFHVLQIHFWLRQV
x 0LQLPXPZHLJKWRINJLQWR\HDUROGFKLOGUHQDQGRINJLQWRPRQWKLQIDQWV
x 3DUHQWOHJDOUHSUHVHQWDWLYHDELOLW\WRFRPPXQLFDWHZHOOZLWKWKH,QYHVWLJDWRUWRXQGHUVWDQG
WKH SURWRFRO UHTXLUHPHQWV DQG UHVWULFWLRQV DQG ZLOOLQJ WKHLU FKLOGUHQ WR FRPSO\ ZLWK WKH
UHTXLUHPHQWVRIWKHHQWLUHWULDOLH
 7REHH[DPLQHGE\DVWXG\SK\VLFLDQDWVFUHHQLQJDQGGD\VDIWHUWUHDWPHQW
 7RSURYLGHVWRRODQGXULQHVDPSOHVDWGD\WRGD\KDQGGD\VDIWHUWUHDWPHQWDV
ZHOODVGD\VDIWHUWUHDWPHQW
 7RSURYLGHYHQRXVEORRGVDPSOHVIRUVDIHW\DVVHVVPHQWV

([FOXVLRQ&ULWHULD
6XEMHFWV DUH QRW HOLJLEOH IRU WKLV VWXG\ LI WKH\ IXOILO RQH RU PRUH RI WKH IROORZLQJ H[FOXVLRQ
FULWHULD
x 7UHDWPHQW LQ WKH  ZHHNV SULRU WR VWXG\ VFUHHQLQJ ZLWK 3=4 RWKHU DQWLKHOPLQWKLF DQWL
PDODULDO RU DQWLUHWURYLUDO FRPSRXQGV RU DQ\ RWKHU PHGLFDWLRQ WKDW PLJKW DIIHFW WKH 3. RI
3=4 VXFK DV FHUWDLQ DQWLHSLOHSWLFV HJ FDUEDPD]HSLQH RU SKHQ\WRLQ JOXFRFRUWLFRVWHURLGV
HJ GH[DPHWKDVRQH FKORURTXLQH ULIDPSLFLQ RU FLPHWLGLQH VHH 6HFWLRQ  DQG
%LOWULFLGH63&)RUFKLOGUHQEHLQJEUHDVWIHGWUHDWPHQWRIWKHPRWKHUVZHWQXUVHVZLWK3=4
LQWKHGD\VSULRUWRDGPLQLVWUDWLRQRI,03
x 3UHYLRXVKLVWRU\RIDGYHUVHUHDFWLRQVDVVRFLDWHGZLWK3=4WUHDWPHQW
x +LVWRU\RIDFXWHRUVHYHUHFKURQLFGLVHDVHLQFOXGLQJKHSDWRVSOHQLFVFKLVWRVRPLDVLV
x 0DUNHG LQFUHDVHV RI WKH OLYHU WUDQVDPLQDVHV DODQLQH DPLQRWUDQVIHUDVH DQGRU DVSDUWDWH
DPLQRWUDQVIHUDVHDERYH[8/1
x )HYHUGHILQHGDVWHPSHUDWXUHDERYH&
x 'HELOLWDWLQJLOOQHVVHVVXFKDVWXEHUFXORVLVPDOQXWULWLRQHWFDVZHOODVDPHGLFDOKLVWRU\RI
VHL]XUHV
x 0L[HG6KDHPDWRELXPDQG6PDQVRQLLQIHFWLRQV
x )LQGLQJV LQ WKH FOLQLFDO H[DPLQDWLRQ RI VFKLVWRVRPHLQIHFWHG FKLOGUHQ SDUWLFLSDWLQJ LQ WKH
VWXG\ DV SHUIRUPHG E\ WKH VWXG\ FOLQLFLDQ RQ WKH WUHDWPHQW GD\ WKDW LQ WKH RSLQLRQ RI WKH


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





,QYHVWLJDWRUFRQVWLWXWHVDULVNRUDFRQWUDLQGLFDWLRQIRUWKHSDUWLFLSDWLRQRIWKHVXEMHFWLQWKH
VWXG\RUWKDWFRXOGLQWHUIHUHZLWKWKHVWXG\REMHFWLYHVFRQGXFWRUHYDOXDWLRQ
x 8QOLNHOLKRRG WR FRPSO\ ZLWK WKH SURWRFRO UHTXLUHPHQWV LQVWUXFWLRQV DQG WULDOUHODWHG
UHVWULFWLRQV HJ XQFRRSHUDWLYH DWWLWXGH LQDELOLW\ WR UHWXUQ IRU IROORZXS YLVLWV DQG
LPSUREDELOLW\RIFRPSOHWLQJWKHWULDO

&ULWHULDIRU,QLWLDWLRQRI7ULDO7UHDWPHQW
1RWDSSOLFDEOH

&ULWHULDIRU6XEMHFW:LWKGUDZDO

:LWKGUDZDOIURPWKH7ULDO7UHDWPHQW
$VXEMHFWLQFRKRUW&ZKRGRHVQRWUHFHLYHWKHIXOOFRXUVHRIWUHDWPHQWPJNJWLGLQRQH
GD\WUHDWPHQWPXVWEHZLWKGUDZQIURPWKHWULDO,IDVXEMHFWZLWKGUDZVIURPWKHVWXG\WUHDWPHQW
QRIXUWKHUHYDOXDWLRQVVKRXOGEHSHUIRUPHGDQGQRDWWHPSWVVKRXOGEHPDGHWRFROOHFWDGGLWLRQDO
GDWD ZLWK WKH H[FHSWLRQ RI VDIHW\ GDWD ZKLFK VKRXOG VWLOO EH FROOHFWHG LI SRVVLEOH 6XEMHFWV
ZLWKGUDZQIURPWKHWULDOWUHDWPHQWZLOOQRWEHUHSODFHG

:LWKGUDZDOIURPWKH7ULDO
6XEMHFWVPD\ZLWKGUDZIURPWKHWULDODWDQ\WLPHZLWKRXWJLYLQJDUHDVRQ:LWKGUDZDORIFRQVHQW
ZLOOEHFRQVLGHUHGZLWKGUDZDOIURPWKHWULDO
$VXEMHFWPXVWEHZLWKGUDZQLIDQ\RIWKHIROORZLQJRFFXUGXULQJWKHWULDO
x 6XEMHFW¶VSDUHQWVRUKLVKHUOHJDOUHSUHVHQWDWLYHVZLWKGUHZFRQVHQW
x 6XEMHFWORVWWRIROORZXS
x 6XEMHFW¶VSDUWLFLSDWLRQLQDQRWKHUFOLQLFDOWULDO
x $Q\HYHQWVWKDWXQDFFHSWDEO\HQGDQJHUWKHVDIHW\RIWKHVXEMHFW
&KLOGUHQ ZKR UHTXLUH PDODULD WUHDWPHQW DIWHU UHFHLYLQJ WULDO WUHDWPHQW ZLOO QRW EH ZLWKGUDZQ
IURP WKH VWXG\ EXW EHFDXVH VRPH DQWLPDODULDO DJHQWV DUWHPLVLQLQ GHULYDWLYHV KDYH DFWLYLW\
DJDLQVW6PDQVRQLWKH\ZLOOEHUHPRYHGIURPWKHSULPDU\HIILFDF\DQDO\VLV
,I D VXEMHFW ZLWKGUDZV IURP WKH VWXG\ QR IXUWKHU HYDOXDWLRQV VKRXOG EH SHUIRUPHG DQG QR
DWWHPSWV VKRXOG EH PDGH WR FROOHFW DGGLWLRQDO GDWD ZLWK WKH H[FHSWLRQ RI VDIHW\ GDWD ZKLFK
VKRXOGVWLOOEHFROOHFWHGLISRVVLEOH
,IDVXEMHFWZLWKGUDZVIURPWKHVWXG\LISRVVLEOHWKHUHDVRQPXVWEHUHSRUWHGLQWKH&5)
,IDVXEMHFWLVZLWKGUDZQIURPWKHVWXG\EHFDXVHRIWUHDWPHQWOLPLWLQJDGYHUVHHYHQWWKRURXJK
HIIRUWVVKRXOGEHPDGHWRFOHDUO\GRFXPHQWWKHRXWFRPH


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





'DWD REWDLQHG SULRU WR VXEMHFW¶V ZLWKGUDZDO ZLOO VWLOO EH LQFOXGHG LQ WKH HIILFDF\ DQG VDIHW\
DQDO\VLV
6XEMHFWVZLWKGUDZQIURPWKHVWXG\ZLOOQRWEHUHSODFHG
,I D VXEMHFW GRHV QRW UHWXUQ IRU D VFKHGXOHG YLVLW DOO QHFHVVDU\ PHDVXUHV VKRXOG EH WDNHQ WR
FRQWDFWKLPKHU,QDQ\FDVHDOOQHFHVVDU\PHDVXUHVVKRXOGEHWDNHQWRGRFXPHQWWKHVXEMHFW¶V
RXWFRPHLISRVVLEOH

3UHPDWXUH7HUPLQDWLRQRIWKH7ULDO
7KH FOLQLFDO WULDO PD\ EH WHUPLQDWHG SUHPDWXUHO\ RU VXVSHQGHG DW WKH UHTXHVW RI +HDOWK
$XWKRULWLHV RU LI QHZ VDIHW\ RU HIILFDF\ LQIRUPDWLRQ OHDGV WR DQ XQIDYRXUDEOH ULVN EHQHILW
MXGJPHQW IRU DQ\ ,03 7KH 6SRQVRU PD\ GLVFRQWLQXH WKH WULDO LI LW EHFRPHV XQMXVWLILDEOH IRU
PHGLFDO RU HWKLFDO UHDVRQV IRU SRRU HQUROPHQW RU EHFDXVH RI GLVFRQWLQXDWLRQ RI FOLQLFDO
GHYHORSPHQW RI DQ ,03 RU ZLWKGUDZDO RI DQ ,03 RU FRPSDUDWRU IURP WKH PDUNHW IRU VDIHW\
UHDVRQV
+HDOWK $XWKRULWLHV DQG ,QGHSHQGHQW (WKLFV &RPPLWWHHV ,(&V  ,QVWLWXWLRQDO 5HYLHZ %RDUGV
,5%V ZLOO EH LQIRUPHG DERXW WKH GLVFRQWLQXDWLRQ RI WKH WULDO LQ DFFRUGDQFH ZLWK DSSOLFDEOH
UHJXODWLRQV
$OOVWXG\GDWDZLOOEHDUFKLYHGDFFRUGLQJWRWKHGHVFULSWLRQLQ&KDSWHU

'HILQLWLRQRI(QGRI7ULDO
$FOLQLFDOWULDOSURWRFROPD\QRWEHFRQVLGHUHGFORVHGDVORQJDV
x $Q\VXEMHFWLVVWLOOUHFHLYLQJDQ\,03
x 9LVLWVVSHFLILHGE\WKHSURWRFRODUHVWLOOWDNLQJSODFH
x 3URFHGXUHVRULQWHUYHQWLRQVDFFRUGLQJWRWKHSURWRFRODUHVWLOOEHLQJXQGHUWDNHQLQDQ\VXEMHFW
x 7KHSRVWWUHDWPHQWIROORZXSSHULRGGHILQHGLQWKHFOLQLFDOWULDOSURWRFRODVEHLQJSDUWRIWKH
WULDOKDVQRW\HWEHHQFRPSOHWHGIRUDQ\VXEMHFW
7KH HQG RI 3DUW  DQG  GDWHV ZLOO EH WKH /DVW 6XEMHFW /DVW 9LVLW GDWH RI 3DUW  DQG 
UHVSHFWLYHO\7KHWULDOZLOOHQGZKHQDOOWUHDWHGVXEMHFWVLQWKHWULDOKDYHFRPSOHWHGGLVFRQWLQXHG
WKHWULDODVSHUSURWRFRO

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFWDQG2WKHU'UXJV8VHGLQ
WKH7ULDO
7KHWHUP³,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW´UHIHUVWRDQDFWLYHVXEVWDQFHRUDSODFHEREHLQJ
WHVWHGRUXVHGDVDUHIHUHQFHWKHUDS\LQDFOLQLFDOWULDOLQFOXGLQJSURGXFWVWKDWKDYHDPDUNHWLQJ
DXWKRUL]DWLRQEXWDUHIRUPXODWHGSDFNDJHGRUDGPLQLVWHUHGGLIIHUHQWO\IURPWKHDXWKRUL]HGIRUP


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





XVHG IRU DQ XQDXWKRUL]HG LQGLFDWLRQ RU XVHG WR JDLQ IXUWKHU LQIRUPDWLRQ DERXW WKH DXWKRUL]HG
IRUP

'HVFULSWLRQRIWKH,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW
06&$UHIHUUHGWRDVUDF3=4
&KHPLFDO1DPHE56&\FORKH[\OFDUERQ\OEKH[DK\GUR+S\UD]LQR>D@
LVRTXLQROLQRQH
5HFRPPHQGHG,QWHUQDWLRQDO1RQSURSULHWDU\QDPHU,11
563UD]LTXDQWHO
&RPSDQ\RU/DERUDWRU\&RGH





06&$
0ROHFXODU)RUPXOD







&+12
5HODWLYH0ROHFXODU0DVV






JPRO
:KLWHRUDOPRVWZKLWHFU\VWDOOLQHSRZGHU
06&$LVSUHVHQWHGDVPJVWUHQJWK2'7


06&$UHIHUUHGWRDV/3=4
&KHPLFDO 1DPH E5&\FORKH[\OFDUERQ\OEKH[DK\GUR+S\UD]LQR >D@
LVRTXLQROLQRQH
5HFRPPHQGHG,QWHUQDWLRQDO1RQSURSULHWDU\QDPHU,11
53UD]LTXDQWHO
&RPSDQ\RU/DERUDWRU\&RGH





06&$
0ROHFXODU)RUPXOD







&+12
5HODWLYH0ROHFXODU0DVV






JPRO
:KLWHRUDOPRVWZKLWHFU\VWDOOLQHSRZGHU
06&$LVSUHVHQWHGDVPJVWUHQJWK2'7



3UD]LTXDQWHO%LOWULFLGHPJ
&KHPLFDO1DPHE56F\FORKH[\OFDUERQ\OEKH[DK\GUR+S\UD]LQR >D@
LVRTXLQROLQRQH
5HFRPPHQGHG,QWHUQDWLRQDO1RQSURSULHWDU\QDPHU,11
563UD]LTXDQWHO
0ROHFXODU)RUPXOD







&+12
5HODWLYH0ROHFXODU0DVV






JPRO
CCI
CCI
CCI


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





%LOWULFLGHLVVXSSOLHGDVDZKLWHWRRUDQJHWLQJHGILOPFRDWHGREORQJWDEOHWZLWKWKUHHGLYLGLQJ
VFRUHV
 7KH WDEOHW FRQWDLQV PJ RI
SUD]LTXDQWHO DQG WKH IROORZLQJ LQDFWLYH LQJUHGLHQWV FRUQ VWDUFK PDJQHVLXP VWHDUDWH
PLFURFU\VWDOOLQH FHOOXORVH SRYLGRQH VRGLXP ODXU\O VXOSKDWH SRO\HWK\OHQH JO\FRO WLWDQLXP
GLR[LGHDQGK\SURPHOORVH

'RVDJHDQG$GPLQLVWUDWLRQ
7KHGRVDJHVWREHDGPLQLVWHUHGLQWKH3DUWRIWKLVWULDODUHHLWKHUDWKUHHWLPHVDGD\WLGGRVH
DVDRQHGD\WUHDWPHQWRIFRPPHUFLDOUDF3=4%LOWULFLGHPJDWPJNJRUDVLQJOHGRVH
RI FRPPHUFLDO UDF3=4 %LOWULFLGH  PJ DW  PJNJ RU D VLQJOH GRVH RI UDF3=4 2'7
PJWDEOHWDWRUPJNJRUDVLQJOHGRVHRI/3=42'7PJWDEOHWDWRU
PJNJ
,Q3DUWRIWKLVWULDOUDFRU/3=42'7VZLOOEHDGPLQLVWHUHGDWWKHRSWLPDOGRVHVIURP3DUW
DGMXVWHGWRWKHORZHUDJHJURXSRIPRQWKVDQGPRQWKV
7KHDFWXDOGRVHVZLOOEHEDVHGRQPHDVXUHGERG\ZHLJKWDQGURXQGHGWRWKHQH[WFORVHVWPJ
$WDEOHZLWKWKHQXPEHURIWDEOHWVIRUHDFKERG\ZHLJKWJURXSZLOOEHLQFOXGHGLQWKH3KDUPDF\
0DQXDO
7KHUDFDQG/3=42'7WDEOHWVZLOOEHGLVSHUVHGLQZDWHUDQGLQJHVWHG&RPPHUFLDOUDF3=4
%LOWULFLGHPJWDEOHWVZLOOEHVSOLWLQLIQHFHVVDU\WRDGMXVWWKHGRVHDQGWKHQFUXVKHG
VXVSHQGHGLQZDWHUDQGLQJHVWHG$PRXWKFKHFNVKRXOGEHSHUIRUPHGDIWHUWKH,03%LOWULFLGH
LQJHVWLRQWRHQVXUHDOOSDUWLFOHVKDYHEHHQFOHDUHGRIIWKHPRXWK,IDQ\,03%LOWULFLGHSDUWLFOH
LVYLVLEOHWKHVXEMHFWVKRXOGEHDVNHGWRULQVHKLVKHUPRXWKZLWKZDWHUDQGVZDOORZLW
$GHWDLOHGGHVFULSWLRQRIWKHPHGLFDWLRQSUHSDUDWLRQDQGDGPLQLVWUDWLRQZLOOEHLQFOXGHGLQWKH
3KDUPDF\0DQXDO
'RVLQJZLOOEHGRQHDIWHUDPHDO7KHW\SHRIPHDOZLOOEHGLFWDWHGE\ORFDOFXVWRPVDQGVKRXOG
EHNHSWWKHVDPHIRUDOOVXEMHFWVLQWKHWR\HDUDJHJURXS'HYLDWLRQVRIHDWLQJWLPHVDQG
OHIWRYHU IRRGV VKRXOG EH UHFRUGHG 6WDQGDUGL]HG PHDOV ZLOO EH JLYHQ WKURXJKRXW WKH GD\
&KLOGUHQLQWKHFRKRUW&ZLOOUHFHLYHDPHDOEHIRUHHDFKGRVLQJ

'RVHDGDSWDWLRQ
'RVDJHVLQ3DUWZLOOEHDGDSWHGDVGHVFULEHGLQ6HFWLRQ
,IWKHVXEMHFWYRPLWVRUVSLWVWKH,03%LOWULFLGHDIWHUGRVLQJKHVKHZLOOQRWUHFHLYHDQHZGRVH
RI ,03%LOWULFLGH ,I YRPLWLQJ RFFXUV ZDWHU DQGRU IRRG PD\ EH JLYHQ DW WKH ,QYHVWLJDWRU¶V
GLVFUHWLRQDQGWKLVZLOOEHGRFXPHQWHGLQWKH&5)6XEMHFWVZLOOQRWEHH[FOXGHGIURPWKHVWXG\
CCI


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V






$VVLJQPHQWWR7UHDWPHQW*URXSV
6XEMHFWV ZLOO UHFHLYH WKHLU VXEMHFW LGHQWLILFDWLRQ QXPEHU DIWHU RQH RI WKH SDUHQWVOHJDO
UHSUHVHQWDWLYHV KDV VLJQHG WKH LQIRUPHG FRQVHQW DQG FKLOGUHQ KDYH JLYHQ WKHLU DVVHQW ZKHQ
DSSOLFDEOH6XEMHFWVZKRPHHWDOOLQFOXVLRQFULWHULDDQGQRQHRIWKHH[FOXVLRQFULWHULDZLOOEH
UDQGRPL]HGDIWHUUHFKHFNRIHOLJLELOLW\RQ'D\
7KH,QYHVWLJDWRURUKLVKHUGHVLJQHHZLOODOORFDWHDUDQGRPL]DWLRQQXPEHUWRHDFKVXEMHFWLQHDFK
VWUDWLILFDWLRQJURXSIROORZLQJDVHTXHQWLDORUGHUEHIRUHILUVWGRVLQJRI,03VHHDOVR6HFWLRQ

1RQLQYHVWLJDWLRQDO0HGLFLQDO3URGXFWVWREH8VHG
1RW$SSOLFDEOH

&RQFRPLWDQW0HGLFDWLRQVDQG3URFHGXUHV
$OOFRQFRPLWDQWPHGLFDWLRQVWDNHQE\WKHVXEMHFWGXULQJWKHWULDOIURPWKHGDWHRIVLJQDWXUHRI
LQIRUPHG FRQVHQW DUH WR EH UHFRUGHG LQ WKHDSSURSULDWH VHFWLRQ RI WKH &5) QRWLQJ WKH QDPH
GRVH VWDUW DQG HQG GDWH DQG LQGLFDWLRQ RI HDFK GUXJ 1RQGUXJ LQWHUYHQWLRQV FRQFRPLWDQW
SURFHGXUHVWKHUDS\DQGDQ\FKDQJHVWRDFRQFRPLWDQWPHGLFDWLRQRURWKHULQWHUYHQWLRQVKRXOG
DOVREHUHFRUGHGLQWKH&5)
$OOVXEMHFWVZLOOXQGHUJRDGLDJQRVWLFWHVWIRUPDODULDDWVFUHHQLQJ$OOVXEMHFWVZLWKSRVLWLYH
5DSLG'LDJQRVWLF7HVW5'7ZLOOEHWUHDWHGDFFRUGLQJWRWKHFRXQWU\QDWLRQDOJXLGHOLQHV

3HUPLWWHG0HGLFLQHV
$Q\PHGLFDWLRQVWKDWDUHFRQVLGHUHGQHFHVVDU\WRSURWHFWVXEMHFWZHOIDUHDQGWKDWGRQRWLQWHUIHUH
ZLWKWKHWULDOPHGLFDWLRQVHH6HFWLRQPD\EHJLYHQDWWKH,QYHVWLJDWRU¶VGLVFUHWLRQ
5HVFXHPHGLFDWLRQVPD\EHDGPLQLVWHUHGWRDGGUHVVLQHIIHFWLYHWUHDWPHQWDQWLFLSDWHGDGYHUVH
UHDFWLRQVRUDQWLFLSDWHGHPHUJHQF\VLWXDWLRQV

3URKLELWHG0HGLFLQHV
$VUHIHUUHGLQWKHH[FOXVLRQFULWHULDDGPLQLVWUDWLRQRIDQ\LQYHVWLJDWLRQDOSURGXFWRUXVHRIDQ\
LQYHVWLJDWLRQDOGHYLFHZLWKLQIRXUZHHNVSULRUWRILUVWDGPLQLVWUDWLRQRI,03DQGGXULQJWKHHQWLUH
FOLQLFDO WULDO LV QRW SHUPLWWHG )RU FKLOGUHQ EHLQJ EUHDVW IHG DGPLQLVWUDWLRQ RI SUD]LTXDQWHO WR
QXUVLQJPRWKHUVLVQRWDOORZHG
$OVR DQ\ PHGLFDWLRQ IURP VFUHHQLQJ XQWLO HQG RI FRQILQHPHQW LV QRW DOORZHG ZLWKRXW SULRU
DSSURYDOIURPWKH,QYHVWLJDWRUH[FHSWIRURFFDVLRQDOXVHRISDUDFHWDPRORULEXSURIHQ
7KHFRQFRPLWDQWDGPLQLVWUDWLRQRIDJHQWVWKDWLQGXFHWKHGUXJPHWDEROLVLQJHQ]\PHV\VWHPLQ
WKHOLYHUF\WRFKURPH3VXFKDVFHUWDLQDQWLHSLOHSWLFVHJFDUEDPD]HSLQHRUSKHQ\WRLQ
JOXFRFRUWLFRVWHURLGVHJGH[DPHWKDVRQHRUFKORURTXLQHPD\OHDGWRUHGXFHGSODVPDOHYHOVRI
SUD]LTXDQWHO


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





7KHFRQFRPLWDQWDGPLQLVWUDWLRQRIULIDPSLFLQZKLFKLVDVWURQJLQGXFHURIF\WRFKURPH3LV
FRQWUDLQGLFDWHGDVQRWKHUDSHXWLFHIIHFWLYHSODVPDOHYHOVRISUD]LTXDQWHOFDQEHH[SHFWHG
7KHFRQFRPLWDQWDGPLQLVWUDWLRQRIDJHQWVWKDWLQKLELWWKHGUXJPHWDEROLVLQJHQ]\PHV\VWHPLQ
WKH OLYHU F\WRFKURPH 3  HJ FLPHWLGLQH PD\ OHDG WR LQFUHDVHG SODVPD OHYHOV DQG D
SURORQJHGUHWHQWLRQSHULRGRISUD]LTXDQWHO
6LPLODUO\ VLPXOWDQHRXV FRQVXPSWLRQ RI JUDSHIUXLW MXLFH PD\ OHDG WR LQFUHDVHG SUD]LTXDQWHO
OHYHOV
,IWKHDGPLQLVWUDWLRQRIDQRQSHUPLWWHGFRQFRPLWDQWGUXJEHFRPHVQHFHVVDU\GXULQJWKHWULDO
HJEHFDXVHRI$(VWKHVXEMHFWVKRXOGEHGLVFRQWLQXHGIURPWKHWULDOEXWRQO\DIWHUFRQVXOWDWLRQ
ZLWKWKH6SRQVRU

2WKHU,QWHUYHQWLRQV
$Q\XQSODQQHGGLDJQRVWLFWKHUDSHXWLFRUVXUJLFDOSURFHGXUHSHUIRUPHGGXULQJWKHWULDOSHULRG
PXVWEHUHFRUGHGLQWKHFRQFRPLWDQWSURFHGXUHVHFWLRQLQWKH&5)LQFOXGLQJWKHGDWHLQGLFDWLRQ
DQGGHVFULSWLRQRIWKHSURFHGXUHVDQGRXWFRPH
$Q\RWKHUVSHFLDOFRQVLGHUDWLRQVHJFRQFHUQLQJIRRGFDIIHLQHDQGSK\VLFDOH[HUFLVHVKRXOGEH
QRWHG
6WDQGDUGL]DWLRQRIGLHW
6XEMHFWVDJHGWR\HDUVZLOOHDWDVWDQGDUGL]HGPHDOEHIRUHGRVLQJ$IWHUGRVLQJVXEMHFWVZLOO
IDVWIRUKRXUVH[FHSWIRUDQRFFDVLRQDOVZHHWDQGWKHQUHFHLYHDVWDQGDUGLVHGPHDO6XEMHFWV
LQWKHFRKRUW&ZLOOUHFHLYHDVWDQGDUGL]HGPHDOEHIRUHHDFKGRVLQJ:DWHUZLOOEHDOORZHG
KRXUDIWHUGRVLQJ,IZDWHULVQHHGHGHDUOLHUWKLVZLOOEHGRFXPHQWHG
6XEMHFWVDJHGWRPRQWKVZLOOEHEUHDVWIHGRUUHFHLYHDPHDOEHIRUH,03DGPLQLVWUDWLRQ
6XEMHFWV ZLOO EH LQVWUXFWHG QRW WR FRQVXPH FDIIHLQH JUDSHIUXLW MXLFH DQG [DQWKLQHFRQWDLQLQJ
SURGXFWVFKRFRODWHWHDFRIIHHFRODHWFIURPKRXUVSULRUWR,03DGPLQLVWUDWLRQXQWLO
KRXUVDIWHU,03DGPLQLVWUDWLRQ

6SHFLDO3UHFDXWLRQV
7KHPHGLFDWLRQDGPLQLVWUDWLRQSDUWRIWKHWULDOZLOOEHFRQGXFWHGLQDVHWWLQJZLWKDFFHVVWREDVLF
HPHUJHQF\IDFLOLWLHV(TXLSPHQWDQGRWKHUDJHQWVHSLQHSKULQHSUHGQLVRORQHHTXLYDOHQWVHWF
ZLOOEHPDGHDYDLODEOHDWWKHWULDOVLWHLQFDVHRIVHYHUHDOOHUJLFUHDFWLRQV

0DQDJHPHQW RI 6SHFLILF $GYHUVH (YHQWV RU $GYHUVH 'UXJ
5HDFWLRQV
1RULVNLVDQWLFLSDWHGWRVXEMHFWVDWWKHWHVWHGGRVHVRIDQGPJNJIRUWKHUDF3=42'7V
DQGIRUWKHDQGPJNJGRVHRIWKH/3=42'7V6XEMHFWVUHPDLQLQWKHIDFLOLW\IRU


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





KRXUVDIWHUGRVLQJDQGZLOOEHFORVHO\REVHUYHG6DIHW\ODERUDWRU\HYDOXDWLRQVZLOOEHFRQGXFWHG
DWWKHHQGRIWKHFRQILQHPHQWYLVLWMXVWEHIRUHGLVFKDUJHIURPWKHKRVSLWDOLHDWaKRXUVDIWHU
GRVLQJ,QFDVHRIDQ$(UHODWHGWROLYHUIXQFWLRQWKHVXEMHFWZLOOEHIXUWKHUPRQLWRUHGE\WKH
VWXG\WHDPLQWKHYLOODJHVDQGDQDGGLWLRQDOEORRGVDPSOHZLOOEHFROOHFWHGDW'D\IRUOLYHU
IXQFWLRQHYDOXDWLRQ
0RVW$(VDUHUHSRUWHGWRRFFXUGLUHFWO\DIWHUGRVLQJ,QDGGLWLRQUHJXODU$(DVVHVVPHQWVDUH
SHUIRUPHGDQGWKHVXEMHFWVDUHYLVLWHGE\VWXG\VWDIIDWVFKHGXOHGWLPHVLQWKHILUVWZHHNDIWHU
GRVLQJ
$GYHUVHHYHQWVZLOOEHPDQDJHGLQWKHSDUWLFLSDWLQJKHDOWKIDFLOLW\E\VWXG\PHGLFDOGRFWRUVZKR
ZLOOUHPDLQLQWKHIDFLOLW\GXULQJWKHWULDO

3DFNDJLQJ DQG /DEHOOLQJ RI WKH ,QYHVWLJDWLRQDO 0HGLFLQDO
3URGXFW
$OO ,03V ZLOO EH SDFNDJHG DQG ODEHOOHG LQ DFFRUGDQFH ZLWK DOO DSSOLFDEOH UHJXODWRU\
UHTXLUHPHQWVDQG*RRG0DQXIDFWXULQJ3UDFWLFH*03*XLGHOLQHV
06&$ UDF3=4 2'7 ZLOO EH SDFNHG LQ ERWWOHV FRQWDLQLQJ WDEOHWVRI,03HDFK
(DFKERWWOHZLOOEHQXPEHUHGDQGXVHGIRUPXOWLSOHVXEMHFWV
06&$/3=42'7ZLOOEHSDFNHGLQERWWOHVFRQWDLQLQJWDEOHWVRI,03HDFK(DFK
ERWWOHZLOOEHQXPEHUHGDQGXVHGIRUPXOWLSOHVXEMHFWV
&XUUHQW UDF3=4 %LOWULFLGH  PJ LV SDFNHG DW  WDEOHWV SHU ERWWOH (DFK ERWWOH ZLOO EH
QXPEHUHGDQGXVHGIRUPXOWLSOHVXEMHFWV
2WKHU DFFHVVRULHV HJ V\ULQJHV GLVSRVDEOH EHDNHUV HWF IRU GLVSHQVLQJ VWXG\ GUXJ ZLOO EH
SURYLGHGDVEXONVXSSO\

3UHSDUDWLRQ +DQGOLQJ DQG 6WRUDJH RI WKH ,QYHVWLJDWLRQDO
0HGLFLQDO3URGXFW
7KHSUHSDUDWLRQRIWKHGLVSHUVHGDQGUHFRQVWLWXWHGVROXWLRQVIRUWKHLQGLYLGXDOVXEMHFWLQHDFK
DUP ZLOO EH GRQH E\ D FRPSHWHQW SHUVRQ HJ D SKDUPDFLVW XQGHU WKH UHVSRQVLELOLW\ RI WKH
,QYHVWLJDWRU 7KH SKDUPDF\ ZLOO SUHSDUH DOO ,03V IRU DOO VXEMHFWV DFFRUGLQJ WR WKH WUHDWPHQW
UDQGRPL]DWLRQOLVWWKHPHDVXUHGERG\ZHLJKWDQGLQDFFRUGDQFHZLWKWKH3KDUPDF\0DQXDO

 LQ D VHFXUH ORFNHG ORFDWLRQ ZLWK DGHTXDWH VWRUDJH
FRQGLWLRQV,03%LOWULFLGH VKRXOGQRWEHIUR]HQ$Q\GHYLDWLRQIURPWKHUHFRPPHQGHGVWRUDJH
FRQGLWLRQVVKRXOGEHLPPHGLDWHO\UHSRUWHGWRWKH6SRQVRUDQGWKH,03VVKRXOGQRWEHXVHGXQWLO
DXWKRUL]DWLRQKDVEHHQUHFHLYHGIURPWKH6SRQVRU
C
C
I


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V






,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW$FFRXQWDELOLW\
7KH ,QYHVWLJDWRU RU VSHFLI\ GHVLJQHH LV UHVSRQVLEOH IRU HQVXULQJ ,03 DFFRXQWDELOLW\ RI WKH
,QYHVWLJDWRUVLWHLQFOXGLQJUHFRQFLOLDWLRQRIGUXJVDQGPDLQWHQDQFHRIUHFRUGV
x 8SRQ UHFHLSW RI ,03 WKH ,QYHVWLJDWRU RU GHVLJQHH ZLOO FKHFN IRU DFFXUDWH GHOLYHU\ DQG
DFNQRZOHGJH UHFHLSW E\ VLJQLQJ RU LQLWLDOOLQJ DQG GDWLQJ WKH DSSURSULDWH GRFXPHQWDWLRQ
SURYLGHGE\WKH6SRQVRU&02DQGUHWXUQLQJLWWRWKH6SRQVRU&02$FRS\ZLOOEHDUFKLYHG
IRUWKH,QYHVWLJDWRU6LWH)LOH
x ,03GLVSHQVLQJZLOOEHFDUHIXOO\UHFRUGHGRQWKHDSSURSULDWHGUXJDFFRXQWDELOLW\IRUPVVR
WKDW DFFXUDWH UHFRUGV ZLOO EH DYDLODEOH IRU YHULILFDWLRQ E\ WKH 6SRQVRU 0RQLWRU DW HDFK
PRQLWRULQJYLVLW
x 7ULDOVLWH,03DFFRXQWDELOLW\UHFRUGVZLOOLQFOXGHWKHIROORZLQJ
 &RQILUPDWLRQRI,03UHFHLSWLQJRRGFRQGLWLRQDQGLQWKHGHILQHGWHPSHUDWXUHUDQJH
 7KHLQYHQWRU\RI,03SURYLGHGE\WKH6SRQVRU&02DQGSUHSDUHGDWWKHVLWH
 7KHXVHRIHDFKGRVHE\HDFKVXEMHFW
 7KHGLVSRVLWLRQLQFOXGLQJUHWXUQLIDSSOLFDEOHRIDQ\XQXVHG,03
 'DWHV TXDQWLWLHV EDWFK QXPEHUV YLDO QXPEHUV H[SLU\ GDWHV IRUPXODWLRQ IRU ,03
SUHSDUHGDWWKHVLWHDQGWKHLQGLYLGXDOVXEMHFWWULDOQXPEHUV
7KH ,QYHVWLJDWRU VLWH VKRXOG PDLQWDLQ UHFRUGV ZKLFK DGHTXDWHO\ GRFXPHQW WKDW VXEMHFWV ZHUH
SURYLGHGWKHGRVHVVSHFLILHGLQWKLVSURWRFRODQGDOO,03VSURYLGHGE\WKH6SRQVRU&02ZHUH
IXOO\UHFRQFLOHG
8QXVHG,03PXVWQRWEHGLVFDUGHGRUXVHGIRUDQ\SXUSRVHRWKHUWKDQWKHSUHVHQWWULDO1R,03
WKDWLVGLVSHQVHGWRDVXEMHFWPD\EHUHGLVSHQVHGWRDGLIIHUHQWVXEMHFW
$7ULDO0RQLWRUZLOOSHULRGLFDOO\FROOHFWWKH,03DFFRXQWDELOLW\IRUPV

$VVHVVPHQWRI,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW&RPSOLDQFH
$OO,03VZLOOEHDGPLQLVWHUHGDVRUDOWDEOHWVGLVSHUVHGLQZDWHUXQGHUWKHVXSHUYLVLRQRIWKH
,QYHVWLJDWRURUGHVLJQHH7KH,03DGPLQLVWUDWLRQZLOOEHUHFRUGHGLQWKH&5)
'UXJDGPLQLVWUDWLRQUHFRUGVZLOOEHXVHGWRDVVHVVFRPSOLDQFH
7KH,QYHVWLJDWRULVUHVSRQVLEOHIRUWKHFRQWURORIGUXJVXQGHULQYHVWLJDWLRQDGHTXDWHUHFRUGRI
UHFHLSW HJ 'UXJ 5HFHLSW 5HFRUG DQG GLVSRVLWLRQ HJ 'UXJ $FFRXQWDELOLW\ 5HFRUG 'UXJ
'HVWUXFWLRQ5HFRUGRIWKHLQYHVWLJDWLRQDOGUXJLQFOXGLQJGDWHVTXDQWLWLHVDQGXVHE\VXEMHFW
PXVWEHPDLQWDLQHG
$OOUHFRUGVDQGGUXJVXSSOLHVPXVWEHDYDLODEOHIRULQVSHFWLRQDWHYHU\PRQLWRULQJYLVLW:KHQ
WKH VWXG\ LV WHUPLQDWHG DQG GUXJ DFFRXQWDELOLW\ KDV EHHQ VDWLVIDFWRULO\ FRPSOHWHG E\ WKH
SKDUPDFLVW,QYHVWLJDWRURUVWXG\GUXJSUHSDUHURUGHVLJQHHWKHXVHGDQGXQXVHGVWXG\GUXJLH
HPSW\SDUWLDOO\XVHGDQGXQXVHGFRQWDLQHUVVKRXOGEHGHVWUR\HGDWFOLQLFDOWULDOVLWHDIWHUZULWWHQ


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





DSSURYDOE\6SRQVRU7KHFRPSOHWHG'UXJ$FFRXQWDELOLW\DQG'UXJ'HVWUXFWLRQ5HFRUGVZLOOEH
VHQWWRWKHPRQLWRURULWVGHVLJQHH
7KHVLWHSKDUPDFLVWRUVWXG\GUXJSUHSDUHUPXVWPDLQWDLQUHFRUGVRIWKH,03GHOLYHU\WRWKHWULDO
VLWHWKHLQYHQWRU\DWWKHVLWHWKHXVHE\HDFKVXEMHFWDQGLWVGHVWUXFWLRQRUUHWXUQLQJDIWHUGUXJ
DFFRXQWDELOLW\KDVEHHQSHUIRUPHGE\WKHUHVSRQVLEOHPRQLWRU7KHGUXJGLVSHQVLQJORJPXVWEH
NHSWXSGDWHGOLVWLQJWKHLGHQWLILFDWLRQRIWKHVXEMHFWZKRUHFHLYHGGUXJDORQJZLWKWKHGDWHDQG
TXDQWLW\ RI GUXJ GLVSHQVHG LW PXVW EH DYDLODEOH IRU PRQLWRULQJ 7HPSHUDWXUH RI WKH VWRUDJH
ORFDWLRQZLOOEHPRQLWRUHGDQGGRFXPHQWHG
7KH,QYHVWLJDWRUZLOOHQVXUHWKDWWKHVWXG\GUXJVXSSO\LVQRWXVHGIRUDQ\SXUSRVHRWKHUWKDQWKLV
WULDO

%OLQGLQJ
7KHVWXG\LVRSHQODEHO)RU3DUWHYDOXDWLRQRISULPDU\HQGSRLQWLHQXPEHURIHJJVSHUJUDPRI
IDHFHVZLOOEHHYDOXDWHGZLWKRXWODERUDWRU\VWDIIEHLQJDZDUHRIWKHDFWXDOWUHDWPHQWUHFHLYHGE\
VXEMHFWV

(PHUJHQF\8QEOLQGLQJ
1RW$SSOLFDEOH

7UHDWPHQWRI2YHUGRVH
$QRYHUGRVHLVGHILQHGDVDQ\GRVHJUHDWHUWKDQWKHKLJKHVWGDLO\GRVHLQFOXGHGLQDFOLQLFDOWULDO
SURWRFRORUSODQQHGIRUDQLQGLYLGXDOVXEMHFWHQUROOHGLQWKHWULDO(YHQLILWGRHVQRWPHHWRWKHU
FULWHULDIRUDQ6$(DQ\RYHUGRVHPXVWEHUHFRUGHGLQWKHWULDOPHGLFDWLRQVHFWLRQRIWKH&5)
DQGUHSRUWHGWRWKH'UXJ6DIHW\RIWKH6SRQVRULQDQH[SHGLWHGPDQQHUXVLQJWKH6$(5HSRUW
)RUPDQGIROORZLQJWKHSURFHGXUHLQ6HFWLRQ
$V QR DQWLGRWH RU QRQGUXJ WKHUDS\ LV DYDLODEOH WKH ,QYHVWLJDWRU VKRXOG XVH KLVKHU FOLQLFDO
MXGJHPHQWZKHQWUHDWLQJDQRYHUGRVHRIDQLQYHVWLJDWLRQDOGUXJ

0HGLFDO&DUHRI6XEMHFWVDIWHU(QGRI7ULDO
$IWHUWKHWULDOFRPPHUFLDO3=4ZLOOEHPDGHDYDLODEOHWRVWXG\SDUWLFLSDQWVWKURXJKWKHPDVV
GUXJDGPLQLVWUDWLRQSURJUDPDFFRUGLQJWRWKHFRXQWU\QDWLRQDOJXLGHOLQHV,QWKDWZD\VXEMHFWV
ZKRUHFHLYHGDVXERSWLPDO3=4GRVHDQGGLGQRWEHQHILWIURPWKHWUHDWPHQWFRXOGEHWUHDWHG
DFFRUGLQJO\

7ULDO3URFHGXUHVDQG$VVHVVPHQWV

6FKHGXOHRI$VVHVVPHQWV
7KHOLVWRIVWXG\SURFHGXUHVDQGDVVHVVPHQWLVJLYHQLQ$SSHQGL[,, 7DEOH RI VWXG\ SURFHGXUHV
DQGDVVHVVPHQWV


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V






3UHVFUHHQLQJ
6WXG\SDUWLFLSDQWVZLOOEHVHOHFWHGIURPFRPPXQLWLHVOLYLQJLQWKH

3ULRUWRVWXG\RQVHWDOLVWRIDOOFKLOGUHQDJHG\HDUV3DUWDQGPRQWKV3DUWOLYLQJ
LQWKHVHOHFWHGDUHDVZLOOEHSUHSDUHGXVLQJUHFRUGVREWDLQHGIURPWKHODWHVWFHQVXV$WVWXG\
EHJLQQLQJDOOKRXVHKROGVLQWKHYLOODJHVZLOOEHLQIRUPHGDERXWWKHVWXG\3ULRUWRSHUIRUPLQJ
DQ\WULDODVVHVVPHQWVWKDWDUHQRWSDUWRIURXWLQHPHGLFDOFDUHIRUWKHVXEMHFWWKH,QYHVWLJDWRURU
DQDSSURSULDWHGHVLJQHHLIORFDOUHJXODWLRQVSHUPLWZLOOREWDLQZULWWHQSUHVFUHHQLQJFRQVHQW
IURPRQHRIWKHSDUHQWVRUDOHJDOUHSUHVHQWDWLYHRIWKHVXEMHFWWRDOORZWKHGLDJQRVLVDFWLYLWLHV
DQGWKHLGHQWLILFDWLRQRILQIHFWHGFKLOGUHQDVGHVFULEHGLQ6HFWLRQ
3DUHQWVOHJDO UHSUHVHQWDWLYHV RI SDUWLFLSDWLQJ VXEMHFWV ZLOO EH SURYLGHG ZLWK SODVWLF FRQWDLQHUV
ODEHOOHGZLWKXQLTXHLGHQWLILFDWLRQQXPEHUV,'VDWWKHILUVWGD\RISUHVFUHHQLQJ7KH\ZLOOEH
LQVWUXFWHG WR FROOHFW VWRRO DQG XULQH VDPSOHV RI WKH FKLOG HDFK LQ RQH RI WKH WZR VHSDUDWH
FRQWDLQHUV6WRRODQGXULQHVDPSOHVZLOOEHSURFHVVHGRQWKHVDPHGD\
3UHVFUHHQLQJ GLDJQRVLV RI 6 PDQVRQL LQIHFWLRQ ZLOO EH GRQH XVLQJ D VLQJOH 32&&&$ XULQH
FDVVHWWHWHVW6XEMHFWVZKRDUHSRVLWLYHIRU32&&&$WHVWZLOOSURYLGH
x 2QHXULQHVDPSOHWRDVVHVV6KDHPDWRELXPFRLQIHFWLRQXVLQJWKHILOWUDWLRQWHFKQLTXH2QH
XULQH VDPSOH ZLOO EH FROOHFWHG IURP HDFK VXEMHFW PO RI XULQH VDPSOHV ZLOO EH ILOWHUHG
WKURXJKDILOWHUPHVKZKLFKZLOOEHWKHQH[DPLQHGXQGHUWKHPLFURVFRSHIRU6KDHPDWRELXP
HJJ FRXQW6 KDHPDWRELXP SRVLWLYH GLDJQRVLV LV GHILQHG DV SRVLWLYH HJJ FRXQWV RI 6
KDHPDWRELXPLQXULQH!HJJPORIXULQHDFFRUGLQJWR:+2FODVVLILFDWLRQOLJKW
HJJVௗPORIXULQHDQGKHDY\HJJVௗPORIXULQHLQIHFWLRQV
x 7ZR VWRRO VDPSOHV WR DVVHVV LQIHFWLRQ LQWHQVLW\ XVLQJ WKH .DWR.DW] PHWKRG 7ZR VWRRO
VDPSOHVZLOOEHFROOHFWHGIURPHDFKVXEMHFWRQGLIIHUHQWGD\VZLWKLQDPD[LPXPRIGD\VDW
GD\WRGD\DVEDVHOLQHDQGGD\VDIWHUGRVLQJ,QIHFWLRQLQWHQVLW\H[SUHVVHGDV
HJJFRXQWSHUJUDPRIVWRROHSJZLOOEHFDOFXODWHGIRUHDFKLQGLYLGXDO6PDQVRQLSRVLWLYH
GLDJQRVLV LV GHILQHG DV SRVLWLYH HJJ FRXQWV RI 6 PDQVRQL LQ VWRRO ! HJJ RFFDVLRQ
DFFRUGLQJWRWKH:+2FODVVLILFDWLRQOLJKWHJJVSHUJUDPRIIDHFHVPRGHUDWH
HJJVSHUJUDPRIIDHFHVDQGKHDY\HJJVSHUJUDPRIIDHFHVLQIHFWLRQV

6FUHHQLQJ
6FKLVWRVRPHSRVLWLYHVXEMHFWVDIWHUDVVHVVPHQWE\WKH.DWR.DW]PHWKRGWRJHWKHUZLWKRQHRI
WKHLUSDUHQWVOHJDOUHSUHVHQWDWLYHVZLOOEHLQYLWHGWRWKHVWXG\KRVSLWDO7KH,QYHVWLJDWRURUDQ
DSSURSULDWHGHVLJQHHLIORFDOUHJXODWLRQVSHUPLWZLOOREWDLQZULWWHQLQIRUPHGFRQVHQWWRDOORZ
WKH SDUWLFLSDWLRQ LQ WKH VWXG\ DQG  WKH FRPSOHWLRQ RI WKH VWXG\ SURFHGXUHV IURP RQH RI WKH
SDUHQWVRUDOHJDOUHSUHVHQWDWLYHRIWKHVXEMHFWDVGHVFULEHGLQ6HFWLRQ
,QWKHKRVSLWDOWKHIROORZLQJWHVWVLQIRUPDWLRQJDWKHULQJZLOOEHSHUIRUPHGZLWKLQPD[LPXPRQH
ZHHNSULRUWRWUHDWPHQWLQLWLDWLRQ
x &OLQLFDO VDIHW\ ODERUDWRU\ HYDOXDWLRQV KDHPDWRORJ\ ELRFKHPLVWU\ DQG XULQDO\VLV $OO
ELRORJLFDODVVHVVPHQWVZLOOEHSHUIRUPHGLQIDVWLQJFRQGLWLRQLISRVVLEOH
PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





x $5DSLG'LDJQRVWLF7HVW5'7WRGHWHFWPDODULDLQIHFWLRQRQHEORRGVDPSOHFROOHFWHGE\
ILQJHUSXQFWXUH7UHDWPHQWRIFRQFRPLWDQWGLVHDVHVVXFKDVPDODULDZLOOEHGRQHDFFRUGLQJWR
WKHFRXQWU\QDWLRQDOJXLGHOLQHV6XEMHFWVZKRUHTXLUHPDODULDWUHDWPHQWEHIRUHUHFHLYLQJWKH
VWXG\GUXJZLOOEHZLWKGUDZQIURPWKHVWXG\
x 'HPRJUDSKLFGDWDFRQVLVWLQJRIGDWHRIELUWKJHQGHUDQGKHLJKW
x 0HGLFDO KLVWRU\ LQFOXGLQJ RFFXUUHQFH RI VHL]XUHV FRQVLVWLQJ RI DOO SUHYLRXV GLVHDVHV DV
FRQVLGHUHGUHOHYDQWUHOHYDQWGHILQHGDVQHHGLQJPHGLFDOWUHDWPHQWIRUDWOHDVWZHHNE\WKH
,QYHVWLJDWRU
x 3UHYLRXV PHGLFDWLRQ FRQVLVWLQJ RI DOO SUHYLRXV PHGLFDWLRQV ZLWKLQ WKH ODVW  PRQWKV DV
FRQVLGHUHGUHOHYDQWE\WKH,QYHVWLJDWRUDQGDOOUHJXODUPHGLFDWLRQVZLWKLQWKHODVWPRQWKV
x &RPSOHWHSK\VLFDOH[DPLQDWLRQLQFOXGLQJERG\ZHLJKW
x 9LWDOVLJQVLQVXSLQHSRVLWLRQLQFOXGLQJ

%ORRGSUHVVXUHV\VWROLFDQGGLDVWROLF±WREHDVVHVVHGDWOHDVWPLQXWHVDIWHUUHVWLQJ

3XOVHUDWH±WREHDVVHVVHGDWOHDVWPLQXWHVDIWHUUHVWLQJ

%RG\WHPSHUDWXUH
6XEMHFWVZKRIDLOWRPHHWWKHSURWRFROVSHFLILHGFULWHULDEHIRUHILUVW GRVLQJ RU ZLWKGUDZWKHLU
FRQVHQWLQWKHVFUHHQLQJSHULRGEHIRUHILUVWGRVLQJDUHFRQVLGHUHGVFUHHQLQJIDLOXUHV'DWDWREH
FROOHFWHGIURPWKHVHVXEMHFWVDUHGDWHRILQIRUPHGFRQVHQWGHPRJUDSKLFVODERUDWRU\SDUDPHWHUV
LIDYDLODEOH$(VDQGUHDVRQVIRUQRQLQFOXVLRQ

7UHDWPHQWSHULRG
7UHDWPHQWSHULRGZLOOODVWGD\6XEMHFWVZLOOEHKRVSLWDOL]HGIURPWKHPRUQLQJRIGRVLQJXQWLO
DWOHDVWKRXUVDIWHU,03DGPLQLVWUDWLRQ'XULQJWKLVWLPHVXEMHFWVZLOOEHPRQLWRUHGIRU$(V
3UHGRVHDVVHVVPHQWV
6XEMHFWVZLOO XQGHUJR SK\VLFDO H[DPLQDWLRQYLWDO VLJQVDVVHVVPHQWDQGUHFKHFNRIHOLJLELOLW\
FULWHULD,IDVVHVVPHQWVKDYHEHHQGRQHRQWKHVDPHGD\WKH\GRQRWQHHGWREHUHSHDWHG
3RVWGRVHDVVHVVPHQWV
9LWDOVLJQVZLOOEHUHFRUGHGKRXUVDIWHUILUVWGRVLQJ3K\VLFDOH[DPLQDWLRQZLOOEHSHUIRUPHG
DQGKRXUV,1+2856DIWHUILUVWGRVLQJ
&OLQLFDOVDIHW\ODERUDWRU\HYDOXDWLRQVLHKHPDWRORJ\ELRFKHPLVWU\DQGXULQDO\VLVDQGXULQH
FROOHFWLRQ IRU 32&&&$ WHVW ZLOO EH SHUIRUPHG  KRXUV   LQ KRXUV DIWHU GRVLQJ $OO
ELRORJLFDODVVHVVPHQWVZLOOEHSHUIRUPHGLQIDVWLQJFRQGLWLRQLISRVVLEOH
,QFDVHWKHSDUWLFLSDQWGXHWRORJLVWLFDORUVRFLDOUHDVRQVZLOOKDYHWRVSHQGDQDGGLWLRQDOQLJKWLQ
WKHKRVSLWDOWKHHQGRIFRQILQHPHQWZLOOEHGRFXPHQWHGDIWHUWKHVSHFLILHG+RXUVDQGWKH


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





DGGLWLRQDOQLJKWZLOOQRWEHFRQVLGHUHGDVSDUWRIFRQILQHPHQW$VVXFKLWZLOOQRWTXDOLI\DV
6$(DVGHVFULEHGLQVHFWLRQ

)ROORZXSYLVLW
)ROORZXSYLVLWVZLOOWDNHSODFHDVVSHFLILHGLQ$33(1',;,,
'XULQJWKHGD\VIROORZLQJWKHLUUHOHDVHIURPWKHKRVSLWDOVXEMHFWVZLOOEHPRQLWRUHGE\WKH
QXUVHVLQWKHKHDOWKDUHDVDQGRUE\WKHFRPPXQLW\DJHQWVRIWKHGLIIHUHQWORFDOLWLHVIRUSRWHQWLDO
DGYHUVHHYHQWV,IDQ$(LVREVHUYHGWKHODWWHUQHHGWRLQIRUPWKHPHGLFDOWHDPLQFKDUJHRIWKH
VWXG\IRUWKHQHFHVVDU\IROORZXS
$WGD\GD\XULQHVDPSOHVZLOOEHFROOHFWHGIRUWKH32&&&$WHVW,IDQ$(UHODWHGWR
OLYHUIXQFWLRQRFFXUVEHIRUHKRVSLWDOGLVFKDUJHZLWKLQKRXUVDIWHUGRVLQJWKHVXEMHFWZLOOEH
IXUWKHU PRQLWRUHG E\ WKH VWXG\ WHDP LQ WKH YLOODJHV DQG DQ DGGLWLRQDO EORRG VDPSOH ZLOO EH
FROOHFWHGDW'D\IRUELRFKHPLVWU\HYDOXDWLRQ
$WWKH(QGRI6WXG\YLVLWEHWZHHQGD\DQGVXEMHFWVZLOOEHDVNHGWRSURYLGHVWRRODQG
XULQHVDPSOHVIRU.DWR.DW]PHWKRGDQG32&&&$WHVW7KHIROORZLQJWHVWVDQGLQIRUPDWLRQ
JDWKHULQJZLOOEHDOVRSHUIRUPHG
9LWDOVLJQVLQVXSLQHSRVLWLRQLQFOXGLQJ

%ORRGSUHVVXUHV\VWROLFDQGGLDVWROLF±WREHDVVHVVHGDWOHDVWPLQXWHVDIWHUUHVWLQJ

3XOVHUDWH±WREHDVVHVVHGDWOHDVWPLQXWHVDIWHUUHVWLQJ

%RG\WHPSHUDWXUH
&RPSOHWHSK\VLFDOH[DPLQDWLRQ
,IDVXEMHFWZLWKGUDZVSUHPDWXUHO\IURPWKHWULDOHYHU\HIIRUWZLOOEHPDGHWRXQGHUWDNHDILQDO
H[DPLQDWLRQYLVLWDVVRRQDVSRVVLEOHDQGSHUIRUPDOOSURFHGXUHVRIWKH(QGRI6WXG\YLVLW
$Q\RQJRLQJPHGLFDOO\UHOHYDQWDEQRUPDOILQGLQJVDWWKH(QGRI6WXG\YLVLWLQFOXGLQJVDIHW\
ODERUDWRU\ WHVWV ZLOO EH IROORZHG XS XQWLO UHVROXWLRQ RU VWDELOL]DWLRQ DFFRUGLQJ WR 6HFWLRQ


'HPRJUDSKLFDQG2WKHU%DVHOLQH&KDUDFWHULVWLFV
$WVFUHHQLQJWKHIROORZLQJGHPRJUDSKLFGDWDZLOOEHFROOHFWHGGDWHRIELUWKGDWHRILQIRUPHG
FRQVHQWVLJQDWXUHJHQGHUDQGKHLJKW
0HGLFDOKLVWRU\ZLWKLQWKHODVW\HDUFRQVLVWLQJRIDOOSUHYLRXVGLVHDVHVDVFRQVLGHUHGUHOHYDQWE\
WKH,QYHVWLJDWRUDQGDOOKRVSLWDOVWD\VZLOOEHUHFRUGHG
3UHYLRXV PHGLFDWLRQ FRQVLVWLQJ RI DOO SUHYLRXV PHGLFDWLRQV ZLWKLQ WKH ODVW  PRQWKV DV
FRQVLGHUHG UHOHYDQW E\ WKH ,QYHVWLJDWRU DQG DOO UHJXODUO\ WDNHQ PHGLFDWLRQV ZLWKLQ WKH ODVW 
PRQWKVZLOOEHUHFRUGHG


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





8VHRIFDIIHLQHRU[DQWKLQHFRQWDLQLQJEHYHUDJHVDQGFRQFRPLWDQWPHGLFDWLRQZLOOEHDVVHVVHGDW
VFUHHQLQJ

(IILFDF\$VVHVVPHQWV

$VVHVVPHQWRISULPDU\HIILFDF\HQGSRLQW
(JJ FRXQWV LQ WKH VWRROV H[SUHVVHG DV HJJ FRXQW SHU JUDP RI VWRRO HSJ  GD\V DIWHU
WUHDWPHQWDVGHWHUPLQHGE\.DWR.DW]PHWKRG7ZRVWRROVDPSOHVZLOOEHFROOHFWHGIURPHDFK
VXEMHFW RQ GLIIHUHQW GD\V ZLWKLQ D PD[LPXP RI  GD\V DW VFUHHQLQJ DQG  GD\V DIWHU
WUHDWPHQW7KUHH.DWR.DW]WKLFNVPHDUVZLOOEHSUHSDUHGIURPHDFKVWRROVDPSOHDQGUHDGXQGHU
WKHPLFURVFRSH

$VVHVVPHQWRIVHFRQGDU\HIILFDF\HQGSRLQWV
)UHTXHQF\RI32&&&$WHVWVFRUHVXVLQJWKHFRPPHUFLDOO\DYDLODEOH32&&&$FDVVHWWH

6DIHW\$VVHVVPHQWV
7KHVDIHW\SURILOHRIWKH,03ZLOOEHDVVHVVHGWKURXJKWKHUHFRUGLQJUHSRUWLQJDQGDQDO\VLVRI
EDVHOLQHPHGLFDOFRQGLWLRQVDGYHUVHHYHQWV$(VSK\VLFDOH[DPLQDWLRQILQGLQJVLQFOXGLQJYLWDO
VLJQVDQGODERUDWRU\WHVWV
&RPSUHKHQVLYH DVVHVVPHQW RI DQ\ DSSDUHQW WR[LFLW\ H[SHULHQFHG E\ HDFK VXEMHFW ZLOO EH
SHUIRUPHGIURPWKHWLPHRIJLYLQJLQIRUPHGFRQVHQWDQGWKURXJKRXWWKHWULDO7KH,QYHVWLJDWRU
ZLOOUHSRUWDQ\$(VZKHWKHUREVHUYHGE\WKH,QYHVWLJDWRURUUHSRUWHGE\WKHVXEMHFWVHH6HFWLRQ
7KHUHSRUWLQJSHULRGIRU$(VLVGHVFULEHGLQ6HFWLRQ

$GYHUVH(YHQWV

$GYHUVH(YHQW'HILQLWLRQV
$GYHUVH(YHQW
$Q $( LV DQ\ XQWRZDUG PHGLFDO RFFXUUHQFH LQ D VXEMHFW RU FOLQLFDO LQYHVWLJDWLRQ VXEMHFW
DGPLQLVWHUHGDSKDUPDFHXWLFDOSURGXFWUHJDUGOHVVRIFDXVDOUHODWLRQVKLSZLWKWKLVWUHDWPHQW$Q
$(FDQWKHUHIRUHEHDQ\XQIDYRXUDEOHDQGXQLQWHQGHGVLJQLQFOXGLQJDQDEQRUPDOODERUDWRU\
ILQGLQJV\PSWRPRUGLVHDVHWHPSRUDOO\DVVRFLDWHGZLWKWKHXVHRIDPHGLFLQDOSURGXFWZKHWKHU
RUQRWFRQVLGHUHGUHODWHGWRWKHPHGLFLQDOSURGXFW
)RU VXUJLFDO RU GLDJQRVWLF SURFHGXUHV WKH FRQGLWLRQLOOQHVV OHDGLQJ WR VXFK D SURFHGXUH LV
FRQVLGHUHGDVWKH$(UDWKHUWKDQWKHSURFHGXUHLWVHOI
7KH,QYHVWLJDWRULVUHTXLUHGWRJUDGHWKHVHYHULW\RUWR[LFLW\RIHDFK$(
,QYHVWLJDWRUV PXVW DVVHVV WKH VHYHULW\ RI $(V DFFRUGLQJ WR WKH 4XDOLWDWLYH 7R[LFLW\ 6FDOH DV
IROORZV


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





0LOG
7KHVXEMHFWLVDZDUHRIWKHHYHQWRUV\PSWRPEXWWKHHYHQWRUV\PSWRPLVHDVLO\
WROHUDWHG
0RGHUDWH 7KHVXEMHFWH[SHULHQFHVVXIILFLHQWGLVFRPIRUWWRLQWHUIHUHZLWKRUUHGXFHKLVRUKHU
XVXDOOHYHORIDFWLYLW\
6HYHUH
6LJQLILFDQWLPSDLUPHQWRIIXQFWLRQLQJWKHVXEMHFWLVXQDEOHWRFDUU\RXWKLVRUKHU
XVXDODFWLYLWLHV
([SHFWHG VLGH HIIHFWV IRU WKH GLIIHUHQW UHVHDUFK SURGXFWV DUH GHWDLOHG LQ WKH LQYHVWLJDWRU
V
EURFKXUHDQGLQWKHLQIRUPHGFRQVHQW
,QYHVWLJDWRUV PXVW DOVR V\VWHPDWLFDOO\ DVVHVV WKH FDXVDO UHODWLRQVKLS RI $(V WR ,03VVWXG\
WUHDWPHQWLQFOXGLQJDQ\RWKHUQRQ,03VUDGLDWLRQWKHUDS\HWFXVLQJWKHIROORZLQJGHILQLWLRQV
'HFLVLYHIDFWRUVIRUWKHDVVHVVPHQWRIFDXVDOUHODWLRQVKLSRIDQ$(WRWKH,03LQFOXGHEXWPD\
QRWEHOLPLWHGWRWHPSRUDOUHODWLRQVKLSEHWZHHQWKH$(DQGWKH,03NQRZQVLGHHIIHFWVRI,03
PHGLFDOKLVWRU\FRQFRPLWDQWPHGLFDWLRQFRXUVHRIWKHXQGHUO\LQJGLVHDVHWULDOSURFHGXUHV
8QUHODWHG 1RW UHDVRQDEO\ UHODWHG WR WKH ,03VWXG\ WUHDWPHQW $( FRXOG QRW PHGLFDOO\
SKDUPDFRORJLFDOO\FOLQLFDOO\EHDWWULEXWHGWRWKH,03VWXG\WUHDWPHQWXQGHUVWXG\
LQ WKLV FOLQLFDO WULDO SURWRFRO $ UHDVRQDEOH DOWHUQDWLYH H[SODQDWLRQ PXVW EH
DYDLODEOH
5HODWHG
5HDVRQDEO\ UHODWHG WR WKH ,03VWXG\ WUHDWPHQW $( FRXOG PHGLFDOO\
SKDUPDFRORJLFDOO\FOLQLFDOO\EHDWWULEXWHGWRWKH,03VWXG\WUHDWPHQWXQGHUVWXG\
LQWKLVFOLQLFDOWULDOSURWRFRO
$EQRUPDO/DERUDWRU\)LQGLQJVDQG2WKHU$EQRUPDO,QYHVWLJDWLRQDO)LQGLQJV
$EQRUPDO ODERUDWRU\ ILQGLQJV DQG RWKHU DEQRUPDO LQYHVWLJDWLRQDO ILQGLQJV HJ RQ DQ (&*
WUDFHVKRXOGQRWEHUHSRUWHGDV$(VXQOHVVWKH\DUHDVVRFLDWHGZLWKFOLQLFDOVLJQVDQGV\PSWRPV
OHDG WR WUHDWPHQW GLVFRQWLQXDWLRQ RU DUH FRQVLGHUHG RWKHUZLVH PHGLFDOO\ LPSRUWDQW E\ WKH
,QYHVWLJDWRU ,I D ODERUDWRU\ DEQRUPDOLW\ IXOILOV WKHVH FULWHULDWKHLGHQWLILHG PHGLFDO FRQGLWLRQ
HJDQDHPLDLQFUHDVHG$/7PXVWEHUHSRUWHGDVWKH$(UDWKHUWKDQWKHDEQRUPDOYDOXHLWVHOI
6HULRXV$GYHUVH(YHQWV
$Q6$(LVDQ\XQWRZDUGPHGLFDORFFXUUHQFHWKDWDWDQ\GRVH
5HVXOWVLQGHDWK
,VOLIHWKUHDWHQLQJ1RWH7KHWHUP³OLIHWKUHDWHQLQJ´UHIHUVWRDQHYHQWLQZKLFKWKHVXEMHFWLVDW
ULVNRIGHDWKDWWKHWLPHRIWKHHYHQWQRWDQHYHQWWKDWK\SRWKHWLFDOO\PLJKWKDYHFDXVHGGHDWK
LILWZDVPRUHVHYHUH
5HTXLUHVLQSDWLHQWKRVSLWDOL]DWLRQRUSURORQJVDQH[LVWLQJKRVSLWDOL]DWLRQ
5HVXOWVLQSHUVLVWHQWRUVLJQLILFDQWGLVDELOLW\RULQFDSDFLW\
,VDFRQJHQLWDODQRPDO\RUELUWKGHIHFW


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





,VRWKHUZLVHFRQVLGHUHGWREHPHGLFDOO\LPSRUWDQW
1RWH ,PSRUWDQW PHGLFDO HYHQWV WKDW PD\ QRW UHVXOW LQ GHDWK EH OLIHWKUHDWHQLQJ RU UHTXLUH
KRVSLWDOL]DWLRQ PD\ EH FRQVLGHUHG DV 6$(V ZKHQ EDVHG XSRQ DSSURSULDWH PHGLFDO MXGJPHQW
WKH\PD\MHRSDUGL]HWKHVXEMHFWRUPD\UHTXLUHPHGLFDORUVXUJLFDOLQWHUYHQWLRQWRSUHYHQWRQHRI
WKH RXWFRPHV OLVWHG DERYH ([DPSOHV RI VXFK HYHQWV LQFOXGH DOOHUJLF EURQFKRVSDVP UHTXLULQJ
LQWHQVLYHWUHDWPHQWLQDQHPHUJHQF\URRPRUDWKRPHEORRGG\VFUDVLDVRUFRQYXOVLRQVWKDWGR
QRWUHVXOWLQLQSDWLHQWKRVSLWDOL]DWLRQRUWKHGHYHORSPHQWRIGUXJGHSHQGHQF\RUGUXJDEXVH
)RUWKHSXUSRVHVRIUHSRUWLQJDQ\VXVSHFWHGWUDQVPLVVLRQRIDQLQIHFWLRXVDJHQWYLDDQ,03LV
DOVRFRQVLGHUHGDQ6$(DVGHVFULEHGLQ6HFWLRQ
(YHQWVWKDW'R1RW0HHWWKH'HILQLWLRQRIDQ6$(
(OHFWLYHKRVSLWDOL]DWLRQVWRDGPLQLVWHURUWRVLPSOLI\WULDOWUHDWPHQWRUWULDOSURFHGXUHVHJDQ
RYHUQLJKW VWD\ WR IDFLOLWDWH FKHPRWKHUDS\ DQG UHODWHG K\GUDWLRQ WKHUDS\ DSSOLFDWLRQ DUH QRW
FRQVLGHUHG 6$(V +RZHYHU DOO HYHQWV OHDGLQJ WR XQSODQQHG KRVSLWDOL]DWLRQV RU XQSODQQHG
SURORQJDWLRQ RI DQ HOHFWLYH KRVSLWDOL]DWLRQ HJ XQGHVLUDEOH HIIHFWV RI DQ\ DGPLQLVWHUHG
WUHDWPHQWPXVWEHGRFXPHQWHGDQGUHSRUWHGDV6$(V
(YHQWV1RWWR%H&RQVLGHUHGDV$(V6$(V
0HGLFDOFRQGLWLRQVSUHVHQWDWWKHLQLWLDOWULDOYLVLWWKDWGRQRWZRUVHQLQVHYHULW\RUIUHTXHQF\
GXULQJWKHWULDODUHGHILQHGDV%DVHOLQH0HGLFDO&RQGLWLRQVDQGDUHQRWWREHFRQVLGHUHG$(V
+RZHYHULIDGYHUVHVLJQVRUV\PSWRPVRFFXULQDVVRFLDWLRQZLWKGLVHDVHSURJUHVVLRQWKHQWKHVH
VKRXOGEHUHFRUGHGDV$(V
3UHGHILQHG$GYHUVH(YHQWVRI6SHFLDO,QWHUHVWIRU6DIHW\0RQLWRULQJ
+HDOWK\ VXEMHFWV PLJKW H[SHULHQFH GLDUUKRHD QDXVHD YRPLWLQJ KHDGDFKH GL]]LQHVV
LQIODPPDWLRQDQGDEGRPLQDOSDLQ7KHVHV\PSWRPVDUHDOPRVWDOZD\VWUDQVLHQWDQGRFFXUHDUO\
GXULQJ WKHUDS\ LQLWLDWLRQ DQG VSRQWDQHRXVO\ UHVROYH LQ PRVW FDVHV ,I DQ\ RI WKHVH $(V DUH
REVHUYHG WKHLU VHYHULW\ VKRXOG EH GHILQHG EDVHG RQ FOLQLFDO MXGJPHQW RI WKH ,QYHVWLJDWRU DQG
GHILQHGDFFRUGLQJWRWKH4XDOLWDWLYH7R[LFLW\6FDOHDVGHVFULEHGDERYH

0HWKRGVRI5HFRUGLQJDQG$VVHVVLQJ$GYHUVH(YHQWV
)URPVFUHHQLQJYLVLWWRHQGRIVWXG\WKHVXEMHFWDQGWKHSDUHQWVUHSUHVHQWDWLYHVZLOOEHTXHULHG
RQFKDQJHVLQKLVRUKHUFRQGLWLRQ'XULQJWKHUHSRUWLQJSHULRGDQ\XQIDYRXUDEOHFKDQJHVLQWKH
VXEMHFW¶VFRQGLWLRQZLOOEHUHFRUGHGDV$(VZKHWKHUUHSRUWHGE\WKHVXEMHFWRUREVHUYHGE\WKH
,QYHVWLJDWRU
&RPSOHWHDFFXUDWHDQGFRQVLVWHQWGDWDRQDOO$(VH[SHULHQFHGIRUWKHGXUDWLRQRIWKHUHSRUWLQJ
SHULRGGHILQHGEHORZZLOOEHUHSRUWHGRQDQRQJRLQJEDVLVLQWKHDSSURSULDWHVHFWLRQRIWKH
&5) $OO 6$(V PXVW EH DGGLWLRQDOO\ GRFXPHQWHG DQG UHSRUWHG XVLQJ WKH DSSURSULDWH 6HULRXV
$GYHUVH(YHQW5HSRUW)RUPDVGHVFULEHGLQ6HFWLRQ


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





,WLVLPSRUWDQWWKDWHDFK$(UHSRUWLQFOXGHDGHVFULSWLRQRIWKHHYHQWLWVGXUDWLRQRQVHWDQG
UHVROXWLRQGDWHVDQGWLPHVLWVVHYHULW\LWVFDXVDOUHODWLRQVKLSZLWKWKHWULDOWUHDWPHQWDQ\RWKHU
SRWHQWLDOFDXVDOIDFWRUVDQ\WUHDWPHQWJLYHQRURWKHUDFWLRQWDNHQLQFOXGLQJGRVHPRGLILFDWLRQRU
GLVFRQWLQXDWLRQRIWKH,03DQGLWVRXWFRPH,QDGGLWLRQVHULRXVFDVHVVKRXOGEHLGHQWLILHGDQG
WKHDSSURSULDWHVHULRXVQHVVFULWHULDGRFXPHQWHG
6SHFLILFJXLGDQFHFDQEHIRXQGLQWKH&5)&RPSOHWLRQDQG0RQLWRULQJ&RQYHQWLRQVSURYLGHG
E\WKH6SRQVRU

'HILQLWLRQRIWKH$GYHUVH(YHQW5HSRUWLQJ3HULRG
7KH$(UHSRUWLQJSHULRGIRUVDIHW\VXUYHLOODQFHEHJLQVDWVFUHHQLQJYLVLWGDWHRIVLJQDWXUHRI
LQIRUPHGVFUHHQLQJFRQVHQWDQGFRQWLQXHVWKURXJKWKHWULDO¶VSRVWWUHDWPHQWIROORZXSSHULRG
XQWLOWKH(QGRI7ULDO9LVLW
$Q\6$(DVVHVVHGDVUHODWHGWRDQ,03PXVWEHUHSRUWHGZKHQHYHULWRFFXUVLUUHVSHFWLYHRIWKH
WLPHHODSVHGVLQFHWKHODVWDGPLQLVWUDWLRQRIWKH,03

3URFHGXUH IRU 5HSRUWLQJ 6HULRXV $GYHUVH (YHQWV $GYHUVH
(YHQWVRI6SHFLDO,QWHUHVWDQG'RVH/LPLWLQJ7R[LFLWLHV
6HULRXV$GYHUVH(YHQWV
,Q WKH HYHQW RI DQ\ QHZ 6$( RFFXUULQJ GXULQJ WKH UHSRUWLQJ SHULRG WKH ,QYHVWLJDWRU PXVW
LPPHGLDWHO\ZLWKLQDPD[LPXPRI+2856DIWHUEHFRPLQJDZDUHRIWKHHYHQWLQIRUPWKH
6SRQVRURULWVGHVLJQHHDQGWKH6DIHW\0RQLWRULQJ&RPPLWWHHLQZULWLQJ
$OOZULWWHQUHSRUWVVKRXOGEHWUDQVPLWWHGXVLQJWKH6$(5HSRUW)RUPZKLFKPXVWEHFRPSOHWHG
E\WKH,QYHVWLJDWRUIROORZLQJVSHFLILFFRPSOHWLRQLQVWUXFWLRQV
,QH[FHSWLRQDOFLUFXPVWDQFHVDQ6$(RUIROORZXSLQIRUPDWLRQPD\EHUHSRUWHGE\WHOHSKRQH
,QWKHVHFDVHVDZULWWHQUHSRUWPXVWEHVHQWLPPHGLDWHO\WKHUHDIWHUE\ID[RUHPDLO1DPHV
DGGUHVVHV WHOHSKRQH DQG ID[ QXPEHUV IRU 6$( UHSRUWLQJ ZLOO EH LQFOXGHG LQ WKH WULDO
VSHFLILF6$(5HSRUW)RUP
5HOHYDQWSDJHVIURPWKH&5)PD\EHSURYLGHGLQSDUDOOHOHJPHGLFDOKLVWRU\FRQFRPLWDQW
PHGLFDWLRQV $GGLWLRQDO GRFXPHQWV PD\ EH SURYLGHG E\ WKH ,QYHVWLJDWRU LI DYDLODEOH HJ
ODERUDWRU\UHVXOWVKRVSLWDOUHSRUWDQGDXWRSV\UHSRUW,QDOOFDVHVWKHLQIRUPDWLRQSURYLGHGRQ
WKH6$(5HSRUW)RUPPXVWEHFRQVLVWHQWZLWKWKHGDWDDERXWWKHHYHQWUHFRUGHGLQWKH&5)
7KH ,QYHVWLJDWRU PXVW UHVSRQG WR DQ\ UHTXHVW IRU IROORZXS LQIRUPDWLRQ HJ DGGLWLRQDO
LQIRUPDWLRQ RXWFRPH ILQDO HYDOXDWLRQ RWKHU UHFRUGV ZKHUH QHHGHG RU WR DQ\ TXHVWLRQ WKH
6SRQVRUGHVLJQHHPD\KDYHRQWKH$(ZLWKLQWKHVDPHWLPHOLQHVDVWKRVHQRWHGDERYHIRULQLWLDO
UHSRUWV7KLVLVQHFHVVDU\WRHQVXUHSURPSWDVVHVVPHQWRIWKHHYHQWE\WKH6SRQVRURUGHVLJQHH
DQG DV DSSOLFDEOH WR DOORZ WKH 6SRQVRU WR PHHW VWULFW UHJXODWRU\ WLPHOLQHV DVVRFLDWHG ZLWK
H[SHGLWHGVDIHW\UHSRUWLQJREOLJDWLRQV


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





5HTXHVWVIRUIROORZXSZLOOXVXDOO\EHPDGHYLDWKHUHVSRQVLEOH0RQLWRUDOWKRXJKLQH[FHSWLRQDO
FLUFXPVWDQFHVWKH*OREDO'UXJ6DIHW\GHSDUWPHQWPD\FRQWDFWWKH,QYHVWLJDWRUGLUHFWO\WRREWDLQ
IXUWKHULQIRUPDWLRQRUWRGLVFXVVWKHHYHQW

6DIHW\5HSRUWLQJWR+HDOWK$XWKRULWLHV,QGHSHQGHQW(WKLFV
&RPPLWWHHV,QVWLWXWLRQDO5HYLHZ%RDUGVDQG,QYHVWLJDWRUV
7KH6SRQVRUZLOOVHQGDSSURSULDWHVDIHW\QRWLILFDWLRQVWR+HDOWK$XWKRULWLHVLQDFFRUGDQFHZLWK
DSSOLFDEOHODZVDQGUHJXODWLRQV
7KH ,QYHVWLJDWRU PXVW FRPSO\ ZLWK DQ\ DSSOLFDEOH VLWHVSHFLILF UHTXLUHPHQWV UHODWHG WR WKH
UHSRUWLQJRI6$(VSDUWLFXODUO\GHDWKVLQYROYLQJWULDOVXEMHFWVWRWKH,(&,5%WKDWDSSURYHGWKH
WULDO
,QDFFRUGDQFHZLWK,&+*&3WKH6SRQVRUGHVLJQHHZLOOLQIRUPWKH,QYHVWLJDWRURI³ILQGLQJVWKDW
FRXOG DGYHUVHO\ DIIHFW WKH VDIHW\ RI VXEMHFWV LPSDFW WKH FRQGXFW RI WKH WULDO RU DOWHU WKH
,(&¶V,5%¶V DSSURYDOIDYRXUDEOH RSLQLRQ WR FRQWLQXH WKH WULDO´ ,Q SDUWLFXODU DQG LQ OLQH ZLWK
UHVSHFWLYHUHJXODWLRQVWKH6SRQVRUGHVLJQHHZLOOLQIRUPWKH,QYHVWLJDWRURI$(VWKDWDUHERWK
VHULRXVDQGXQH[SHFWHGDQGDUHFRQVLGHUHGWREHUHODWHGWRWKHDGPLQLVWHUHGSURGXFW³VXVSHFWHG
XQH[SHFWHG VHULRXV DGYHUVH UHDFWLRQV´ RU 686$5V 7KH ,QYHVWLJDWRU VKRXOG SODFH FRSLHV RI
6DIHW\5HSRUWVLQWKH,QYHVWLJDWRU6LWH)LOH1DWLRQDOUHJXODWLRQVZLWKUHJDUGWR6DIHW\5HSRUW
QRWLILFDWLRQVWR,QYHVWLJDWRUVZLOOEHWDNHQLQWRDFFRXQW
:KHQ VSHFLILFDOO\ UHTXLUHG E\ UHJXODWLRQV DQG JXLGHOLQHV WKH 6SRQVRUGHVLJQHH ZLOO SURYLGH
DSSURSULDWH6DIHW\5HSRUWVGLUHFWO\WRWKHFRQFHUQHGOHDG,(&,5%DQGZLOOPDLQWDLQUHFRUGVRI
WKHVH QRWLILFDWLRQV :KHQ GLUHFW UHSRUWLQJ LV QRW FOHDUO\ GHILQHG E\ QDWLRQDO RU VLWHVSHFLILF
UHJXODWLRQVWKH,QYHVWLJDWRUZLOOEHUHVSRQVLEOHIRUSURPSWO\QRWLI\LQJWKHFRQFHUQHG,(&,5%RI
DQ\ 6DIHW\ 5HSRUWV SURYLGHG E\ WKH 6SRQVRUGHVLJQHH DQG RI ILOLQJ FRSLHV RI DOO UHODWHG
FRUUHVSRQGHQFH LQ WKH ,QYHVWLJDWRU 6LWH )LOH $OO GHWDLOV DERXW WKH FRXQWU\ VSHFLILF UHSRUWLQJ
UHTXLUHPHQWVIRU,QGLYLGXDO&DVH6DIHW\5HSRUWV,&65VDQGSHULRGLFVDIHW\UHSRUWVWR+HDOWK
$XWKRULWLHVDUHGHVFULEHGLQWKHODWHVWYHUVLRQRIWKH'UXJ6DIHW\0DQXDO
)RU WULDOV FRYHUHG E\ WKH (XURSHDQ 'LUHFWLYH (& WKH 6SRQVRU¶V UHVSRQVLELOLWLHV
UHJDUGLQJWKHUHSRUWLQJRI6$(V686$5V6DIHW\,VVXHVZLOOEHFDUULHGRXWLQDFFRUGDQFHZLWK
WKDW'LUHFWLYHDQGZLWKWKHUHODWHG'HWDLOHG*XLGDQFHGRFXPHQWV

0RQLWRULQJRI6XEMHFWVZLWK$GYHUVH(YHQWV
$(VDUHUHFRUGHGDQGDVVHVVHGFRQWLQXRXVO\WKURXJKRXWWKHWULDOVHH6HFWLRQDQGDUH
DVVHVVHGIRUILQDORXWFRPHDWWKH(QGRI7ULDO9LVLW$OO6$(VRQJRLQJDWWKH(QGRI7ULDO9LVLW
PXVWEHPRQLWRUHGDQGIROORZHGXSE\WKH,QYHVWLJDWRUXQWLOVWDELOL]DWLRQRUXQWLOWKHRXWFRPHLV
NQRZQXQOHVVWKHVXEMHFWLVGRFXPHQWHGDV³ORVWWRIROORZXS´5HDVRQDEOHDWWHPSWVWRREWDLQ
WKLVLQIRUPDWLRQPXVWEHPDGHDQGGRFXPHQWHG,WLVDOVRWKHUHVSRQVLELOLW\RIWKH,QYHVWLJDWRUWR
HQVXUH WKDW DQ\ QHFHVVDU\ DGGLWLRQDO WKHUDSHXWLF PHDVXUHV DQG IROORZXS SURFHGXUHV DUH
SHUIRUPHG


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V






3UHJQDQF\DQG,Q8WHUR'UXJ([SRVXUH
1RW$SSOLFDEOH

&OLQLFDO/DERUDWRU\$VVHVVPHQWV
6WRROXULQHDQGEORRGVDPSOHVZLOOEHFROOHFWHGDFFRUGLQJWRWKHVFKHGXOHJLYHQLQ$SSHQGL[,,
7KH YROXPHV RI ELRORJLFDO IOXLGV FROOHFWHG DW HDFK DVVHVVPHQW WLPH SRLQW DUH SUHVHQWHG LQ
$SSHQGL[,,,$OOVDPSOHVVKRXOGEHFOHDUO\LGHQWLILHG'HWDLOHGGHVFULSWLRQRIWKHSURFHGXUHV
DQG PHWKRGV DV ZHOO DV WKH VDIHW\ ODERUDWRU\ SDUDPHWHUV KDHPDWRORJ\ ELRFKHPLVWU\ DQG
XULQDO\VLV DQDO\VHG DW VFUHHQLQJ DQG DW WKH (QG RI 6WXG\ YLVLW ZLOO EH JLYHQ LQ D VHSDUDWH
ODERUDWRU\PDQXDO
)RU VFUHHQLQJ GLDJQRVLV RI 6 PDQVRQL LQIHFWLRQV XULQH VDPSOHV ZLOO EH VXEMHFWHG WR D
FRPPHUFLDOO\DYDLODEOH32&&&$FDVVHWWHWHVW
)RUGLDJQRVLVRI6PDQVRQLLQIHFWLRQVVWRROVDPSOHVZLOOEHDQDO\VHGE\.DWR.DW]PHWKRG
%ULHIO\ WKUHH .DWR.DW] WKLFN VPHDUV  PJ ZLOO EH SUHSDUHG IURP HDFK VWRRO VDPSOH 
VWRROVVDPSOHV.DWR.DW]VPHDUVSHUVWRROLHWRWDORIVPHDUVSHUVXEMHFWDQGUHDGXQGHUD
PLFURVFRSH IROORZLQJ WKH LQVWUXFWLRQV RI WKH .DWR.DW] PDQXDO IURP WKH :RUOG +HDOWK
2UJDQL]DWLRQ,QIHFWLRQOHYHOVZLOOEHGHWHUPLQHGDVGHVFULEHGLQ6HFWLRQ
)RUGLDJQRVLVRI6KDHPDWRELXPFRLQIHFWLRQVXULQHVDPSOHVZLOOEHDQDO\VHGE\WKHILOWUDWLRQ
WHFKQLTXH%ULHIO\XULQHVDPSOHVZLOOEHVWUDLQHGWKURXJKILOWHUSDSHUDQGH[DPLQHGXQGHUWKH
PLFURVFRSHIRUSUHVHQFHRI6FKLVWRVRPDHJJV
7KH6SRQVRUVKRXOGUHFHLYHDOLVWRIODERUDWRU\QRUPDOUDQJHVEHIRUHVKLSPHQWRIWULDOGUXJ$Q\
FKDQJHLQODERUDWRU\QRUPDOUDQJHVGXULQJWKHWULDOVKRXOGEHIRUZDUGHGWR6SRQVRU

9LWDO6LJQV3K\VLFDO([DPLQDWLRQVDQG2WKHU$VVHVVPHQWV

9LWDO6LJQV
9LWDOVLJQVLQFOXGLQJEORRGSUHVVXUH%3SXOVHUDWH35DQGERG\WHPSHUDWXUHZLOOEHDVVHVVHG
DFFRUGLQJWRWKHWULDOVFKHGXOHLQ$SSHQGL[,,6\VWROLFEORRGSUHVVXUH6%3DQGGLDVWROLFEORRG
SUHVVXUH'%3ZLOOEHPHDVXUHGRQWKHVDPHDUPDIWHUWKHVXEMHFWKDVEHHQLQUHVWLQJVXSLQH
SRVLWLRQ IRU DERXW  PLQXWHV 3XOVH UDWH ZLOO EH UHFRUGHG VLPXOWDQHRXVO\ ZLWK WKH %3
PHDVXUHPHQWV %3 DQG SXOVH UDWH PHDVXUHPHQWV VKRXOG EH REWDLQHG ZLWK WKH VXEMHFW
V DUP
XQFRQVWUDLQHG E\ FORWKLQJ RU RWKHU PDWHULDO 7KH PHDVXUHPHQWV ZLOO EH REWDLQHG ZLWK WKH
DSSURSULDWHFXIIVL]HIURPWKHRSSRVLWHDUPIURPWKDWXVHGIRUEORRGVDPSOLQJZKHUHSRVVLEOH
%RG\WHPSHUDWXUHZLOOEHPHDVXUHGXVLQJDGLJLWDOWKHUPRPHWHU%RG\WHPSHUDWXUHZLOOEHWDNHQ
WRJHWKHUZLWKPHDVXUHPHQWVRIEORRGSUHVVXUHDQGSXOVHUDWH


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V






3K\VLFDOH[DPLQDWLRQ
3K\VLFDOH[DPLQDWLRQZLOOEHGRQHDFFRUGLQJWRORFDOSURFHGXUHV%RG\ZHLJKWZLOOEHUHFRUGHG
GXULQJWKHSK\VLFDOH[DPLQDWLRQLHDWVFUHHQLQJEHIRUHGRVLQJDQGKRXUVDIWHUGRVLQJ

7ROHUDELOLW\RI,03
7KHUHDFWLRQWR,03DGPLQLVWUDWLRQHJVSLWWLQJFU\LQJZLOOEHUHFRUGHGGLUHFWO\DIWHUGRVLQJ

3KDUPDFRNLQHWLFV
1RWDSSOLFDEOH


%LRPDUNHUV3KDUPDFRJHQHWLFV3*[
1RW$SSOLFDEOH

6WDWLVWLFV

6DPSOH6L]H
3DUWWKLVVWXG\LVH[SORUDWRU\7KHUHLVQRK\SRWKHVLVWHVWLQJ
7KHVDPSOHVL]HLVEDVHGRQWKHPLQLPXPQXPEHURIVXEMHFWVWRUHDFKDPHDQLQJIXOSUHFLVLRQRI
WKH SULPDU\ HIILFDF\ HQGSRLQW HVWLPDWH FXUH UDWH LQ HDFK DUP WDNLQJ LQWR DFFRXQW WKH
VWUDWLILFDWLRQIDFWRU








CCI


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V






7DNLQJLQWRDFFRXQWWKHHIILFDF\FULWHULDIRUWKHVHOHFWLRQRIWKHGRVHREVHUYHGFXUHUDWH!
WKURXJK VLPXODWLRQV 7DEOH  SUHVHQWV WKH SUREDELOLW\ RI REVHUYLQJ DQ RYHUDOO FXUH UDWH 
EDVHGRQGLIIHUHQWVFHQDULRVRIWUXHFXUHUDWHVEDVHGRQGLIIHUHQWVWUDWDDVVXPLQJDVWUDWLILFDWLRQ
RIPRGHUDWHKHDY\LQIHFWLRQVDQGOLJKWLQIHFWLRQV)RUH[DPSOHDVDPSOHVL]HRI
HYDOXDEOHVXEMHFWVSURYLGHVDSUREDELOLW\RIDURXQGWRREVHUYHDFXUHUDWHRILIWKH
RYHUDOOWUXHFXUHUDWHLVZLWKRIPRGHUDWHKHDY\DQGRIOLJKWLQIHFWLRQV
3UREDELOLW\RIREVHUYLQJD
FXUHUDWH1 
$VVXPSWLRQVRI&XUH5DWHLQ/LJKW,QIHFWLRQV




$VVXPSWLRQVRI
&XUH5DWHLQ
0RGHUDWH+HDY\
,QIHFWLRQV




















7DEOH3UREDELOLW\RIREVHUYLQJDQRYHUDOOFXUHUDWHEDVHGRQGLIIHUHQWVFHQDULRVRIWUXHFXUHUDWHVEDVHGRQ
GLIIHUHQWVWUDWD
$VVXPLQJDQDSSUR[LPDWHO\GURSRXWUDWHVXEMHFWVSHUDUPZLOOEHUDQGRPL]HGWRHQVXUH
DWOHDVWHYDOXDEOHVXEMHFWVSHUDUP
3DUWVXEMHFWVLQIHFWHGZLWK6PDQVRQLDJHGWRPRQWKV&DQGVXEMHFWVLQIHFWHG
ZLWK6PDQVRQLDJHGWRPRQWKV&ZLOOEHLQFOXGHGWRHYDOXDWHWROHUDELOLW\DQGHIILFDF\
CCI


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V






5DQGRPL]DWLRQ
3DUW  7UHDWPHQW DOORFDWLRQ ZLOO EH UDQGRP DQG EDODQFHG DW D UDWLR RI 
5DQGRPL]DWLRQZLOOEHVWUDWLILHGE\WKHLQIHFWLRQVHYHULW\PRGHUDWHKHDY\DQGOLJKW
LQIHFWLRQV$IWHUVXEMHFWVDUPDUHUDQGRPL]HGWKH60&ZLOOGHFLGHRQWKHLQFOXVLRQRIWKH
WKDUP
5DQGRPL]DWLRQ ZLOO FRQWLQXH IRU DUPV && DW D UDWLR RI  XQWLO D WRWDO RI 
VXEMHFWVDUPDUHUDQGRPL]HG
,IWKH&DUPLVLQFOXGHGUDQGRPL]DWLRQZLOOFRQWLQXHZLWKDQDOORFDWLRQUDWLRRI,I
&DUPLVQRWLQFOXGHGWKHDOORFDWLRQUDWLRZLOOUHPDLQWKHVDPH
5DQGRPLVDWLRQOLVWVLQGLFDWLQJDUDQGRPLVDWLRQQXPEHUDQGZKLFKWUHDWPHQWLVWREHJLYHQZLOO
EH SURGXFHG SULRU WR WKH VWDUW RI WKH WULDO E\ WKH VWDWLVWLFLDQ DW WKH
 %DVHG RQ WKH
UDQGRPLVDWLRQ OLVWV VHTXHQWLDOO\ QXPEHUHG VHDOHG HQYHORSHV ZKLFK FRQWDLQ D UDQGRPLVDWLRQ
QXPEHUDQGWKHWUHDWPHQWDOORFDWLRQZLOOEHSUHSDUHG7KHVHDOHGUDQGRPL]DWLRQHQYHORSHVZLOO
ORRNLGHQWLFDODQGZLOOEHNHSWLQDORFNHGFXSERDUGWRZKLFKRQO\WKHVWXG\SKDUPDFLVWZLOOKDYH
DFFHVV
3DUW7KHUHLVQRUDQGRPL]DWLRQLQWKLVSDUW

(QGSRLQWV

3ULPDU\(QGSRLQWV
&OLQLFDOFXUHGHILQHGDVQRSDUDVLWHHJJVLQWKHVWRROVGD\VDIWHUWUHDWPHQW(JJFRXQWVZLOO
EHGHWHUPLQHGE\.DWR.DW]PHWKRG&XUHUDWHZLOOEHFDOFXODWHGIRUHDFKWUHDWPHQWDUPDVWKH
SHUFHQWDJHRIVXEMHFWVEHFRPLQJHJJQHJDWLYHGD\VDIWHUWUHDWPHQW

6HFRQGDU\(QGSRLQWV
(JJ5HGXFWLRQ5DWH(55FDOFXODWHGEDVHGRQWKHDULWKPHWLF DQG JHRPHWULF PHDQHJJ
FRXQWSHUJUDPRIVWRROHSJEHIRUHDQGGD\VDIWHUWUHDWPHQWDVGHWHUPLQHGE\.DWR
.DW]PHWKRG
&XUHGHILQHGDVQRSDUDVLWHDQWLJHQVLQXULQHDVDVVHVVHGE\WKHFRPPHUFLDOO\DYDLODEOH32&
&&$DVVD\IRU6PDQVRQL

2WKHU(QGSRLQWV
&KDQJHVLQODERUDWRU\VDIHW\SDUDPHWHUVDQGYLWDOVLJQVERG\WHPSHUDWXUHEORRGSUHVVXUHDQG
SXOVHUDWH
2FFXUUHQFHQDWXUHVHYHULW\DQGRXWFRPHRIDGYHUVHHYHQWV
2FFXUUHQFHRI$GYHUVH'UXJ5HDFWLRQVSHUWUHDWPHQWJURXS
PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V






$QDO\VLVVHWV
3DUW
0RGLILHGLQWHQWLRQWRWUHDWP,77SRSXODWLRQRUDQDO\VLVVHWLQFOXGHVDOOUDQGRPL]HGVXEMHFWV
ZKRKDYHEDVHOLQHPHDVXUHPHQW&KLOGUHQZKRUHTXLUHPDODULDWUHDWPHQWDIWHUHQUROPHQWLQWKH
VWXG\ZLOOQRWEHLQFOXGHGLQWKHP,77DQDO\VLVVHW
3HUSURWRFRO33DQDO\VLVVHWLQFOXGHVDOOVXEMHFWVZKRDUHLQWKHP,77SRSXODWLRQDQGKDYHRQH
SRVWEDVHOLQHPHDVXUHPHQWZLWKRXWDQ\FOLQLFDOO\LPSRUWDQWSURWRFROGHYLDWLRQV'HWDLOVRIWKH
FULWHULDIRUH[FOXVLRQIURPWKH33SRSXODWLRQZLOOEHSURYLGHGLQWKH6$3SULRUWRILUVWSDWLHQW
ILUVWGRVH
6DIHW\DQDO\VLVVHWLQFOXGHVDOOVXEMHFWVZKRKDYHUHFHLYHGDWOHDVWRQHGRVHRIWUHDWPHQW
3DUW
0RGLILHGLQWHQWWRWUHDWP,77SRSXODWLRQRUDQDO\VLVVHWLQFOXGHVDOOVXEMHFWVVLQJOHDUPQR
UDQGRPL]DWLRQZKRKDYHEDVHOLQHPHDVXUHPHQWV&KLOGUHQZKRUHTXLUHPDODULDWUHDWPHQWDIWHU
HQUROPHQWLQWKHVWXG\ZLOOQRWEHLQFOXGHGLQWKHP,77DQDO\VLVVHW
3HUSURWRFRO33DQDO\VLVVHWLQFOXGHVDOOVXEMHFWVZKRDUHLQWKHP,77SRSXODWLRQDQGKDYHDW
OHDVWRQHSRVWEDVHOLQHPHDVXUHPHQWZLWKRXWDQ\FOLQLFDOO\LPSRUWDQWSURWRFROGHYLDWLRQ'HWDLOV
RIWKHFULWHULDIRUH[FOXVLRQIURPWKH33SRSXODWLRQZLOOEHSURYLGHGLQWKH6$3SULRUWRILUVW
SDWLHQWILUVWGRVH
6DIHW\DQDO\VLVVHWLQFOXGHVDOOVXEMHFWVZKRKDYHUHFHLYHGDWOHDVWRQHGRVHRIWUHDWPHQW

'HVFULSWLRQRI6WDWLVWLFDO$QDO\VHV
$OO HIILFDF\ DQG VDIHW\ HQGSRLQWV ZLOO EH DQDO\VHG GHVFULSWLYHO\ *UDSKV ZLOO EH SURGXFHG DV
DSSURSULDWH3RLQWHVWLPDWLRQDQGFRQILGHQFHLQWHUYDO&,ZLOOEHFDOFXODWHGIRUSULPDU\
DQGNH\VHFRQGDU\HQGSRLQWVIRUHDFKWUHDWPHQWDUP
'HVFULSWLYHVWDWLVWLFVIRUTXDOLWDWLYHYDULDEOHVZLOOLQFOXGHIUHTXHQF\FRXQWVDQGSHUFHQWDJHV)RU
SURSRUWLRQHQGSRLQWVWKHFDOFXODWLRQRI&,VZLOOEHUHOLHGRQWKH&ORSSHU3HDUVRQH[DFW
PHWKRG
)RUFRQWLQXRXVHQGSRLQWVWKH&,VDURXQGWKHPHDQZLOOEHFDOFXODWHGZKHUHDSSOLFDEOH
'HVFULSWLYHVWDWLVWLFVIRUTXDQWLWDWLYHYDULDEOHVZLOOLQFOXGHQXPEHURIDYDLODEOHREVHUYDWLRQV
PHDQ PHGLDQ ORZHU TXDUWLOH 4 XSSHU TXDUWLOH 4 PLQLPXP PD[LPXP DQG VWDQGDUG
GHYLDWLRQ


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V






*HQHUDO&RQVLGHUDWLRQV
+DQGOLQJRIVXEMHFWVZKRGURSRXWIURPWKHWULDODQGPLVVLQJGDWD
)RUFRQWLQXRXVHQGSRLQWVWKHLPSXWDWLRQPHWKRGRIODVWREVHUYDWLRQFDUULHGIRUZDUGZLOOEHXVHG
IRUWKHPLVVLQJDWWKHSRVWEDVHOLQHPHDVXUHPHQW
)RUELQDU\HQGSRLQWVWKHLPSXWDWLRQPHWKRGRIZRUVWFDVHZLOOEHXVHGIRUWKHPLVVLQJGDWDDW
WKHSRVWEDVHOLQHPHDVXUHPHQW
7KHSULPDU\DQDO\VLVZLOOEHEDVHGRQP,77DQDO\VLVSRSXODWLRQZLWKPLVVLQJLPSXWDWLRQV$OO
WKHREVHUYHGFDVHVZLOOEHDQDO\VHGDVVHQVLWLYLW\DQDO\VLV
3KDUPDFRNLQHWLFFDOFXODWLRQV
1RWDSSOLFDEOH

$QDO\VLVRI3ULPDU\(QGSRLQWV
&OLQLFDOFXUHUDWHSRLQWHVWLPDWLRQDQG&,ZLOOEHFDOFXODWHGIRUHDFKWUHDWPHQWDUPRQ
P,77DQG33SRSXODWLRQV&,ZLOOEHFDOFXODWHGRQWKH&ORSSHU3HDUVRQH[DFWPHWKRG
6XEJURXSDQDO\VHVZLOOEHDOVRFRQGXFWHGE\VHYHULW\RILQIHFWLRQVVWUDWLILFDWLRQIDFWRUJHQGHU
DQGVSHFLILFDJHJURXSV

$QDO\VLVRI6HFRQGDU\(QGSRLQWV
(JJUHGXFWLRQUDWH(55FDOFXODWHGEDVHGRQWKHDULWKPHWLFDQGJHRPHWULFPHDQHJJFRXQW
SHUJUDPRIVWRROHJSZLOOEHFDOFXODWHGIRUHDFKWUHDWPHQWDUPDIWHUGD\V
$FFRUGLQJWR:+2JXLGHOLQHVWKHJURXSEDVHGHJJUHGXFWLRQUDWHV(55DIWHUGD\VRI
3=4GUXJDGPLQLVWUDWLRQLVGHILQHGDV
(55 îDULWKPHWLFPHDQHJJFRXQWVDWSRVWEDVHOLQHDULWKPHWLFPHDQHJJFRXQWVDW
EDVHOLQH
7RDVVHVVWKHFRUUHVSRQGLQJ(55VIRUHDFKWUHDWPHQWDUP%RRWVWUDSUHVDPSOLQJPHWKRGZLWK
UHSOLFDWHVZLOOEHXVHGWRFDOFXODWH&,VIRU(55VLQHDFKWUHDWPHQWDUP
&OLQLFDO FXUH UDWH DVVHVVHG E\ 32&&&$ DVVD\ IRU 6 PDQVRQL ZLOO EH FDOFXODWHG SRLQW
HVWLPDWLRQDQG&,VIRUHDFKWUHDWPHQWDUP

$QDO\VLVRI6DIHW\DQG2WKHU(QGSRLQWV
9DOXHVIRUDOOVDIHW\YDULDEOHVZLOOEHOLVWHGE\VXEMHFWDQGWLPHSRLQW:KHUHDSSURSULDWHVDIHW\
YDULDEOHVZLOOEHVXPPDUL]HGXVLQJGHVFULSWLYHVWDWLVWLFV


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





$GYHUVH HYHQWV $(V ZLOO EH FRGHG E\ WKH 0HGLFDO 'LFWLRQDU\ IRU 5HJXODWRU\ $FWLYLWLHV
0HG'5$ SUHIHUUHG WHUPV DQG DOO VXPPDU\ WDEOHV IRU $(V ZLOO EH RUJDQL]HG E\ WKHVH
FDWHJRULHV )UHTXHQF\ FRXQWV DQG SHUFHQWDJHV ZLOO EH SUHVHQWHG IRU VXEMHFWV ZLWK DW OHDVW 
WUHDWPHQW HPHUJHQW $( ZLWKLQ HDFK V\VWHP RUJDQ FODVV DQG SUHIHUUHG WHUP VHSDUDWHG E\
WUHDWPHQWJURXS7UHDWPHQWHPHUJHQW$(VZLOODOVREHVXPPDUL]HGE\UHODWLRQVKLSWRWUHDWPHQW
DQGE\VHYHULW\ZLWKLQHDFKWUHDWPHQWJURXS
%\SDWLHQWOLVWLQJVRIFOLQLFDOODERUDWRU\GDWDDQGYLWDOVLJQVZLOOLQFOXGHLQGLFDWLRQVRIYDOXHWKDW
DUHRXWVLGHWKHUHIHUHQFHUDQJHVDQGYDOXHVWKDWDUHFOLQLFDOO\VLJQLILFDQW7DEOHVGHVFULELQJRXW
RIUHIHUHQFHUDQJHVKLIWVZLOOEHSURYLGHGIRUFOLQLFDOODERUDWRU\WHVWUHVXOWVDQGYLWDOVLJQVDV
DSSURSULDWHDQGE\WUHDWPHQWDUP

,QWHULPDQG$GGLWLRQDO3ODQQHG$QDO\VHV
7KHDQDO\VHVZLOOWDNHSDUWLQDVWDJJHUHGPDQQHUIRUWKHGLIIHUHQWSDUWVRIWKHVWXG\HDFKSDUW
EHLQJVHOIFRQWDLQHG
$6DIHW\0RQLWRULQJ&RPPLWWHH60&ZLOOEHIRUPHGWRHYDOXDWHWKHLQWHULPVDIHW\DQDO\VLV
DQGZLOOFRQWLQXHWRPRQLWRUWKHVDIHW\GDWDRQDUHJXODUEDVLVLQERWK3DUWDQGLQFOXGLQJ
UHFRPPHQGDWLRQV DERXW DGGLWLRQDO PRQLWRULQJ PHDVXUHV WKDW PD\ EH GHHPHG QHFHVVDU\ 7KH
60&ZLOOFRQVLVWRILQWHUQDO6SRQVRUPHPEHUVDQG&RRUGLQDWLQJ,QYHVWLJDWRUV'HWDLOVUHJDUGLQJ
60& UROHV UHVSRQVLELOLWLHV DFWLYLWLHV SURFHGXUHV WR UHGXFH SRWHQWLDO ELDV DQG SRVVLEOH 60&
UHFRPPHQGDWLRQVZLOOEHSURYLGHGLQDVHSDUDWH60&FKDUWHU
$ VDIHW\ DFXWH $( RQO\ DQDO\VLV LV SODQQHG LQ 3DUW  DIWHU  VXEMHFWV IURP HDFK RI WKH
WUHDWPHQWDUPV&WR&DUHWUHDWHG7KHDFXWHKRXUVDIHW\GDWDRIDOOVL[WUHDWPHQWDUPV
ZLOO EH VXPPDUL]HG SHU HDFK WUHDWPHQW DUP E\ D %LRVWDWLVWLFLDQ DQG HYDOXDWHG E\ WKH 6DIHW\
0RQLWRULQJ&RPPLWWHHWRGHFLGHRQWKHLQFOXVLRQRIWKHWKDUP&
$WWKHHQGRI3DUWWKHILQDODQDO\VLVZLOOEHFRQGXFWHGRQGDWDDVFOHDQDVSRVVLEOH7KH6DIHW\
0RQLWRULQJ &RPPLWWHH ZLOO DVVHVV WKH GDWD VDIHW\ DQG HIILFDF\ LQ RUGHU WR UHFRPPHQG DQ
RSWLPDO2'7GRVH/3=4RUUDF3=4IRU3DUW
'HWDLOVZLOOEHRXWOLQHGLQWKH60&FKDUWHUDQGGRVHVHOHFWLRQFULWHULDGHVFULEHGLQD6$3SULRU
WRILUVWVXEMHFWILUVWGRVH

(WKLFDODQG5HJXODWRU\$VSHFWV
7KLVFOLQLFDOWULDOZLOOEHFRQGXFWHGLQFRPSOLDQFHZLWKWKHFOLQLFDOWULDOSURWRFRO,&+*&3DQG
DQ\RWKHUDSSOLFDEOHUHJXODWRU\UHTXLUHPHQWV

5HVSRQVLELOLWLHVRIWKH,QYHVWLJDWRU
7KH,QYHVWLJDWRULVUHVSRQVLEOHIRUWKHFRQGXFWRIWKHWULDODWWKHVLWHDQGZLOOHQVXUHWKDWWKHWULDO
LVSHUIRUPHGLQDFFRUGDQFHZLWKWKLVSURWRFROWKHHWKLFDOSULQFLSOHVRXWOLQHGLQWKH'HFODUDWLRQ
RI+HOVLQNL,&+*&3DQGDQ\RWKHUDSSOLFDEOHUHJXODWLRQV7KH,QYHVWLJDWRUPXVWHQVXUHWKDW


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





RQO\VXEMHFWVZKRVHSDUHQWOHJDOUHSUHVHQWDWLYHKDVJLYHQLQIRUPHGFRQVHQWDUHLQFOXGHGLQWKH
WULDO

6XEMHFW,QIRUPDWLRQDQG,QIRUPHG&RQVHQW
$Q XQFRQGLWLRQDO SUHUHTXLVLWH IRU HDFK VXEMHFW SULRU WR SDUWLFLSDWLRQ LQ WKH WULDO LV ZULWWHQ
LQIRUPHG FRQVHQW ZKLFK PXVW EH JLYHQ EHIRUH DQ\ WULDOUHODWHG DFWLYLWLHV DUH FDUULHG RXW
$GHTXDWHLQIRUPDWLRQPXVWWKHUHIRUHEHJLYHQWRWKHVXEMHFWE\WKH,QYHVWLJDWRURUDQDSSURSULDWH
GHVLJQHHLIORFDOUHJXODWLRQVSHUPLWEHIRUHLQIRUPHGFRQVHQWLVREWDLQHG
:ULWWHQLQIRUPHGFRQVHQWZLOOEHSURYLGHGE\HLWKHURQHRIWKHVXEMHFW¶VSDUHQWVRURQHRIKLVKHU
OHJDOUHSUHVHQWDWLYHV,QDGGLWLRQWRWKHSDUHQWDOFRQVHQWFKLOGUHQZKRDUHROGHUWKDQWKUHHDQG
FDSDEOH RI DVVHQWLQJ ZLOO SURYLGH RUDO DVVHQW 7KLV ZLOO EH UHFRUGHG RQ WKH LQIRUPHG FRQVHQW
IRUP
$VXEMHFWLQIRUPDWLRQVKHHWPXVWEHSUHSDUHGLQWKHORFDOODQJXDJH)UHQFKLQDFFRUGDQFHZLWK
,&+ *&3 DQG ZLOO EH SURYLGHG E\ WKH 6SRQVRU IRU WKH SXUSRVH RI REWDLQLQJ LQIRUPHG
FRQVHQWDVVHQW,QDGGLWLRQWRSURYLGLQJWKLVZULWWHQLQIRUPDWLRQWRDSRWHQWLDOVXEMHFW¶VSDUHQWRU
OHJDO UHSUHVHQWDWLYHWKH,QYHVWLJDWRURUDGHVLJQDWHZLOOLQIRUP WKHPYHUEDOO\ RIDOOSHUWLQHQW
DVSHFWV RI WKH WULDO XVLQJ ODQJXDJH FKRVHQ VR WKDW WKH LQIRUPDWLRQ FDQ EH IXOO\ DQG UHDGLO\
XQGHUVWRRGE\OD\SHUVRQV7KHVXEMHFW¶VSDUHQWRUOHJDOUHSUHVHQWDWLYHZLOOEHJLYHQVXIILFLHQW
WLPH WR UHDG WKH LQIRUPDWLRQ DQG WKH RSSRUWXQLW\ WR DVN TXHVWLRQV DQG WR UHTXHVW DGGLWLRQDO
LQIRUPDWLRQDQGFODULILFDWLRQ
,ISHUPLWWHGE\QDWLRQDOUHJXODWLRQVDSHUVRQRWKHUWKDQWKH,QYHVWLJDWRUGHVLJQHHPD\LQIRUP
WKHVXEMHFW¶VSDUHQWRUOHJDOUHSUHVHQWDWLYHDERXWWKHWULDODQGVLJQWKH,QIRUPHG&RQVHQW)RUP
DVDERYH
,IWKHVXEMHFW¶VSDUHQWRUKLVKHUOHJDOUHSUHVHQWDWLYHLVLOOLWHUDWHDQLPSDUWLDOZLWQHVVPXVWEH
SUHVHQWGXULQJWKHLQIRUPDWLRQVHVVLRQ7KHZLWQHVVZLOOH[SODLQWRWKHSDUHQWOHJDOUHSUHVHQWDWLYH
WKHLQIRUPDWLRQFRQWDLQHGLQWKHZULWWHQGRFXPHQWDQGDVNWRJLYHFRQVHQWWRKDYHKLVKHUFKLOG
SDUWLFLSDWLQJLQWKHVWXG\&RQVHQWRIWKHVXEMHFW¶VSDUHQWOHJDOUHSUHVHQWDWLYHZLOOEHFRQILUPHG
E\KLVKHUILQJHUSULQWRQWKHIRUPZKHUHDVWKHZLWQHVVZLOOVLJQDQGGDWHWKHIRUP
$IWHUWKHLQIRUPDWLRQLVSURYLGHGE\WKH,QYHVWLJDWRURUDQDSSURSULDWHGHVLJQHHWKH,QIRUPHG
&RQVHQW )RUP PXVW EH VLJQHG DQG GDWHG E\ RQH RI WKH VXEMHFW¶V SDUHQWV RU KLVKHU OHJDO
UHSUHVHQWDWLYHVDQGWKH,QYHVWLJDWRURUKLVGHVLJQHH
7KHVLJQHGDQGGDWHGGHFODUDWLRQRILQIRUPHGFRQVHQWZLOOUHPDLQDWWKH,QYHVWLJDWRU¶VVLWHDQG
PXVWEHVDIHO\DUFKLYHGVRWKDWWKHIRUPVFDQEHUHWULHYHGDWDQ\WLPHIRUPRQLWRULQJDXGLWLQJ
DQG LQVSHFWLRQ SXUSRVHV $ FRS\ RI WKH VLJQHG DQG GDWHG LQIRUPDWLRQ DQG ,QIRUPHG &RQVHQW
)RUPVKRXOGEHSURYLGHGWRRQHRIWKHVXEMHFW¶VSDUHQWVRUKLVKHUOHJDOUHSUHVHQWDWLYHVSULRUWR
SDUWLFLSDWLRQ
:KHQHYHU LPSRUWDQW QHZ LQIRUPDWLRQ EHFRPHV DYDLODEOH WKDW PD\ EH UHOHYDQW WR LQIRUPHG
FRQVHQW WKH ,QYHVWLJDWRU ZLOO UHYLVH WKH VXEMHFW LQIRUPDWLRQ VKHHW DQG DQ\ RWKHU ZULWWHQ
LQIRUPDWLRQWREHSURYLGHGWRWKHVXEMHFWV¶SDUHQWVRUKLVKHUOHJDOUHSUHVHQWDWLYHVDQGVXEPLW


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





WKHPWRWKH,5%IRUUHYLHZDQGRSLQLRQ8VLQJWKHDSSURYHGUHYLVHGVXEMHFWLQIRUPDWLRQVKHHW
DQG RWKHU ZULWWHQ LQIRUPDWLRQ WKH ,QYHVWLJDWRU RU DQ DSSURSULDWH GHVLJQHH ZLOO H[SODLQ WKH
FKDQJHVWRWKHSUHYLRXVYHUVLRQWRHDFKWULDOVXEMHFW¶SDUHQWRUKLVKHUOHJDOUHSUHVHQWDWLYHDQG
REWDLQQHZZULWWHQFRQVHQWIRUFRQWLQXHGSDUWLFLSDWLRQLQWKHWULDO7KHVXEMHFW¶SDUHQWRUKLVKHU
OHJDOUHSUHVHQWDWLYHZLOOEHJLYHQVXIILFLHQWWLPHWRUHDGWKHLQIRUPDWLRQDQGWKHRSSRUWXQLW\WR
DVNTXHVWLRQVDQGWRUHTXHVWDGGLWLRQDOLQIRUPDWLRQDQGFODULILFDWLRQDERXWWKHFKDQJHV

6XEMHFW,GHQWLILFDWLRQDQG3ULYDF\
7KHREWDLQHGGDWDZLOOEHKDQGOHGVWULFWO\FRQILGHQWLDOO\)RUHDFKVXEMHFWRULJLQDOPHGLFDOGDWD
ZLOO EH DFFHVVLEOH IRU WKH SXUSRVHV RI VRXUFH GDWD YHULILFDWLRQ E\ WKH 0RQLWRU DXGLWV DQG
UHJXODWRU\LQVSHFWLRQVEXWSDWLHQWFRQILGHQWLDOLW\ZLOOEHVWULFWO\PDLQWDLQHG3HUVRQDOGDWDZLOO
EHDQRQ\PL]HGIRUGDWDDQDO\VLV1RQDPHVZLOOEHSXEOLVKHGDWDQ\WLPHDQGSXEOLVKHGUHSRUWV
ZLOOQRWDOORZIRULGHQWLILFDWLRQRIVLQJOHVXEMHFWV&RQILGHQWLDOLW\DQGDQRQ\PLW\ZLOOEHHQVXUHG
WKURXJKRXWWKHHQWLUHUHVHDUFKSURMHFW
$XQLTXHQXPEHUZLOOEHDVVLJQHGWRHDFKVXEMHFWLPPHGLDWHO\DIWHULQIRUPHGFRQVHQWKDVEHHQ
REWDLQHG7KLVQXPEHUZLOOVHUYHDVWKHVXEMHFW¶VLGHQWLILHULQWKHWULDODVZHOODVLQWKHFOLQLFDO
WULDOGDWDEDVH$OOVXEMHFWGDWDFROOHFWHGLQWKHWULDOZLOOEHVWRUHGXQGHUWKHDSSURSULDWHVXEMHFW
QXPEHU2QO\WKH,QYHVWLJDWRURUGHVLJQHHZLOOEHDEOHWROLQNWULDOGDWDWRDQLQGLYLGXDOVXEMHFW
YLDDQLGHQWLILFDWLRQOLVWNHSWDWWKHVLWH
'DWDSURWHFWLRQDQGSULYDF\UHJXODWLRQVZLOOEHREVHUYHGLQFDSWXULQJIRUZDUGLQJSURFHVVLQJ
DQGVWRULQJVXEMHFWGDWD6XEMHFWVZLOOEHLQIRUPHGDFFRUGLQJO\DQGZLOOEHUHTXHVWHGWRJLYH
WKHLUFRQVHQWRQGDWDKDQGOLQJSURFHGXUHVLQDFFRUGDQFHZLWKQDWLRQDOUHJXODWLRQV

(PHUJHQF\0HGLFDO6XSSRUWDQG6XEMHFW&DUG
6XEMHFWVZLOOEHSURYLGHGZLWK(PHUJHQF\0HGLFDO6XSSRUWFDUGVVXSSOLHGE\WKH6SRQVRUIRU
XVHGXULQJWULDOSDUWLFLSDWLRQLQRUGHUWRSURYLGHFOLQLFDOWULDOVXEMHFWVZLWKDZD\RILGHQWLI\LQJ
WKHPVHOYHV DV SDUWLFLSDWLQJ LQ D FOLQLFDO WULDO DQG WR JLYH KHDOWK FDUH SURYLGHUV DFFHVV WR DQ\
LQIRUPDWLRQ DERXW WKLV SDUWLFLSDWLRQ WKDW PD\ EH QHHGHG WR GHWHUPLQH WKH FRXUVH RI PHGLFDO
WUHDWPHQWIRUWKHVXEMHFW
7KHILUVWSRLQWRIFRQWDFWIRUDOOHPHUJHQFLHVZLOOEHWKHFOLQLFDOWULDO,QYHVWLJDWRURUGHVLJQHH
FDULQJIRUWKHDIIHFWHGVXEMHFW7KH,QYHVWLJDWRUDJUHHVWRSURYLGHKLVRUKHUHPHUJHQF\FRQWDFW
LQIRUPDWLRQRQWKHFDUGIRUWKLVSXUSRVH,IWKH,QYHVWLJDWRULVDYDLODEOHZKHQDQHYHQWRFFXUV
KHVKH ZLOO DQVZHU DQ\ TXHVWLRQV $Q\ VXEVHTXHQW DFWLRQ ZLOO IROORZ WKH VWDQGDUG SURFHVV
HVWDEOLVKHGIRU,QYHVWLJDWRUV
,QFDVHVZKHUHWKH,QYHVWLJDWRURUGHVLJQHHLVQRWDYDLODEOHWKH6SRQVRUSURYLGHVWKHDSSURSULDWH
PHDQVWRFRQWDFWD6SRQVRUSK\VLFLDQ7KLVLQFOXGHVWKHSURYLVLRQRIDKRXUFRQWDFWQXPEHUDW
DFDOOFHQWUHZKHUHE\WKHKHDOWKFDUHSURYLGHUVZLOOEHJLYHQDFFHVVWRWKHDSSURSULDWH6SRQVRU
SK\VLFLDQ WR DVVLVW ZLWK WKH PHGLFDO HPHUJHQF\ DQG WR SURYLGH VXSSRUW IRU WKH SRWHQWLDO
XQEOLQGLQJRIWKHVXEMHFWFRQFHUQHG


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V






&OLQLFDO7ULDO,QVXUDQFHDQG&RPSHQVDWLRQWR6XEMHFWV
,QVXUDQFH FRYHUDJH ZLOO EH SURYLGHG IRU HDFK FRXQWU\ SDUWLFLSDWLQJ WR WKH WULDO ,QVXUDQFH
FRQGLWLRQVVKDOOPHHWJRRGORFDOVWDQGDUGVDVDSSOLFDEOH
2QH RI WKH SDUHQWVOHJDO UHSUHVHQWDWLYHV RI WKH VXEMHFWV SDUWLFLSDWLQJ LQ WKH VWXG\ ZLOO EH
FRPSHQVDWHG7KHFRPSHQVDWLRQZLOOLQFOXGHUHLPEXUVHPHQWRIWUDQVSRUWWRIURPWKHKRVSLWDO
IRRGGXULQJWKHKRVSLWDOYLVLWVDQGDPRQHWDU\FRPSHQVDWLRQIRUWKHLQFRPHORVVGXHWRWKHYLVLWV
WRWKHKRVSLWDO3ULRUWRWKHLULPSOHPHQWDWLRQWKHGHWDLOVRIWKHSURSRVHGFRPSHQVDWLRQZLOOEH
UHYLHZHGE\WKHDSSOLFDEOH,(&,5%

,QGHSHQGHQW (WKLFV &RPPLWWHH RU ,QVWLWXWLRQDO 5HYLHZ
%RDUG
3ULRUWRFRPPHQFHPHQWRIWKHWULDODWDJLYHQVLWHWKLVFOLQLFDOWULDOSURWRFROZLOOEHVXEPLWWHG
WRJHWKHUZLWKLWVDVVRFLDWHGGRFXPHQWVHJLQIRUPHGFRQVHQWIRUPGRFXPHQWVRIVXEMHFWVGDWD
FROOHFWLRQFHUWLILFDWHRILQVXUDQFHHWFWRWKHUHVSRQVLEOH,(&V,5%V

 IRU WKHLU IDYRXUDEOH RSLQLRQ RU DSSURYDO ZKLFK ZLOO EH ILOHG LQ WKH
,QYHVWLJDWRU6LWH)LOH$FRS\ZLOOEHILOHGLQWKH7ULDO0DVWHU)LOHDW

&RQWDFWGHWDLOVRIWKH

DUHDVIROORZV




7KH WULDO ZLOO QRW VWDUW DW D VLWH EHIRUH WKH 6SRQVRU KDV REWDLQHG ZULWWHQ IDYRXUDEOH
RSLQLRQDSSURYDOIURPWKHFRQFHUQHG,(&,5%7KH,(&,5%ZLOOEHDVNHGWRGRFXPHQWWKHGDWH
RI WKH PHHWLQJ DW ZKLFK WKH IDYRXUDEOH RSLQLRQ RU DSSURYDO ZDV JLYHQ DQG WKH PHPEHUV DQG
YRWLQJ PHPEHUV SUHVHQW :ULWWHQ HYLGHQFH RI IDYRXUDEOH RSLQLRQ RU DSSURYDO WKDW FOHDUO\
LGHQWLILHVWKHWULDOWKHFOLQLFDOWULDOSURWRFROYHUVLRQDQGGDWHDQGWKH6XEMHFW,QIRUPDWLRQDQG
,QIRUPHG &RQVHQW )RUP YHUVLRQ UHYLHZHG VKRXOG EH SURYLGHG :KHUH SRVVLEOH FRSLHV RI WKH
PHHWLQJPLQXWHVVKRXOGEHREWDLQHG
$PHQGPHQWVWRWKLVFOLQLFDOWULDOSURWRFROZLOODOVREHVXEPLWWHGWRWKHFRQFHUQHG,(&RU,5%
EHIRUH LPSOHPHQWDWLRQ RI VXEVWDQWLDO FKDQJHV VHH 6HFWLRQ  5HOHYDQW VDIHW\ LQIRUPDWLRQ
ZLOOEHVXEPLWWHGWRWKH,(&RU,5%GXULQJWKHFRXUVHRIWKHWULDOLQDFFRUGDQFHZLWKQDWLRQDO
UHJXODWLRQVDQGUHTXLUHPHQWV

+HDOWK$XWKRULWLHV
7KH FOLQLFDO WULDO SURWRFRO DQG DQ\ DSSOLFDEOH GRFXPHQWDWLRQ HJ ,QYHVWLJDWLRQDO 0HGLFLQDO
3URGXFW'RVVLHU6XEMHFW,QIRUPDWLRQDQG,QIRUPHG&RQVHQW)RUPZLOOEHVXEPLWWHGRUQRWLILHG
WR WKH ,YRU\ &RDVW +HDOWK $XWKRULWLHV LQ DFFRUGDQFH ZLWK LWV QDWLRQDO UHJXODWLRQV DQG
UHTXLUHPHQWV
PPD
PPD
PPD
PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V






7ULDO0DQDJHPHQW

&DVH5HSRUW)RUP+DQGOLQJ
6WXG\ VSHFLILF LQIRUPDWLRQ ZLOO EH HQWHUHG LQWR DQ HOHFWURQLF &DVH 5HSRUW )RUP H&5) 7KH
PDLQSXUSRVHRIWKHH&5)LVWRREWDLQGDWDUHTXLUHGE\WKHFOLQLFDOWULDOSURWRFROLQDFRPSOHWH
DFFXUDWHOHJLEOHDQGWLPHO\7KHGDWDLQWKHH&5)VKRXOGEHFRQVLVWHQWZLWKWKHUHOHYDQWVRXUFH
GRFXPHQWV
7KH,QYHVWLJDWRURUGHVLJQHHLVUHVSRQVLEOHIRUHQVXULQJWKDWWKHGDWDFROOHFWHGLQWKHFRXUVHRI
WKLVWULDOLVDFFXUDWHDQGGRFXPHQWHGDSSURSULDWHO\RQDOODSSOLFDEOHIRUPV7KH\ZLOOWKHQEH
SURFHVVHG HYDOXDWHG DQG VWRUHG LQ DQRQ\PRXV IRUP LQ DFFRUGDQFH ZLWK DSSOLFDEOH GDWD
SURWHFWLRQUHJXODWLRQV7KH,QYHVWLJDWRURUGHVLJQHHPXVWHQVXUHWKDWWKHH&5)VDQGDQ\RWKHU
DVVRFLDWHGGRFXPHQWVIRUZDUGHGWR6SRQVRURULWVGHVLJQDWHGRUJDQL]DWLRQFRQWDLQQRPHQWLRQRI
DQ\VXEMHFWQDPHV
7KH GDWD ZLOO EH HQWHUHG LQWR D YDOLGDWHG GDWDEDVH
 ZLOO EH UHVSRQVLEOH IRU GDWD
SURFHVVLQJLQDFFRUGDQFHZLWKWKH6SRQVRU¶VGDWDPDQDJHPHQWSURFHGXUHV'DWDEDVHORFNZLOO
RFFXURQFHTXDOLW\FRQWURODQGTXDOLW\DVVXUDQFHSURFHGXUHVKDYHEHHQFRPSOHWHG

6RXUFH'DWDDQG6XEMHFW)LOHV
7KH,QYHVWLJDWRURUGHVLJQHHPXVWNHHSDILOHPHGLFDOILOHRULJLQDOPHGLFDOUHFRUGVRQSDSHU
IRUHYHU\VXEMHFWLQWKHWULDO,WPXVWEHSRVVLEOHWRLGHQWLI\HDFKVXEMHFWE\XVLQJWKLVVXEMHFWILOH
7KLVILOHZLOOFRQWDLQWKHGHPRJUDSKLFDQGPHGLFDOLQIRUPDWLRQIRUWKHVXEMHFWOLVWHGEHORZDQG
VKRXOGEHDVFRPSOHWHDVSRVVLEOH
x 6XEMHFW¶VIXOOQDPHGDWHRIELUWKVH[KHLJKWZHLJKW
x 0HGLFDOKLVWRU\DQGFRQFRPLWDQWGLVHDVHV
x 3ULRUDQGFRQFRPLWDQWWKHUDSLHVLQFOXGLQJFKDQJHVGXULQJWKHWULDO
x 7ULDOLGHQWLILFDWLRQWKDWLVWKH6SRQVRUWULDOQXPEHUIRUWKLVFOLQLFDOWULDODQGVXEMHFWQXPEHU
x 'DWHVRIHQWU\LQWRWKHWULDOLQIRUPHGFRQVHQWDQGYLVLWVWRWKHVLWH
x $Q\PHGLFDOH[DPLQDWLRQVDQGFOLQLFDOILQGLQJVSUHGHILQHGLQWKLVFOLQLFDOWULDOSURWRFRO
x $OO$(V
x 'DWHWKDWWKHVXEMHFWOHIWWKHWULDOLQFOXGLQJDQ\UHDVRQIRUHDUO\ZLWKGUDZDOIURPWKHWULDORU
,03LIDSSOLFDEOH
$OO GRFXPHQWV FRQWDLQLQJ VRXUFH GDWD PXVW EH ILOHG LQFOXGLQJ EXW QRW OLPLWHG WR (&*
UHFRUGLQJV ODERUDWRU\ UHVXOWV DQG VSHFLDO DVVHVVPHQW UHSRUWV 6XFK GRFXPHQWV PXVW EHDU WKH
VXEMHFWQXPEHUDQGWKHGDWHRIWKHSURFHGXUH,ISRVVLEOHWKLVLQIRUPDWLRQVKRXOGEHSULQWHGE\
WKHLQVWUXPHQWXVHGWRSHUIRUPWKHDVVHVVPHQWRUPHDVXUHPHQW$VQHFHVVDU\PHGLFDOHYDOXDWLRQ
RIVXFKUHFRUGVVKRXOGEHSHUIRUPHGDOOHYDOXDWLRQVVKRXOGEHGRFXPHQWHGVLJQHGDQGGDWHGE\
WKH,QYHVWLJDWRU
PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V






,QYHVWLJDWRU6LWH)LOHDQG$UFKLYLQJ
8SRQLQLWLDWLRQRIWKHWULDOWKH,QYHVWLJDWRURUGHVLJQHHZLOOEHSURYLGHGZLWKDQ,QYHVWLJDWRU6LWH
)LOHFRQWDLQLQJDOOQHFHVVDU\WULDOGRFXPHQWVZKLFKZLOOEHFRPSOHWHGWKURXJKRXWWKHWULDODQG
XSGDWHG DV QHFHVVDU\ 7KH ILOH PXVW EH DYDLODEOH IRU UHYLHZ E\ WKH 0RQLWRU GXULQJ 6SRQVRU
DXGLWV DQG IRU LQVSHFWLRQ E\ +HDOWK $XWKRULWLHV GXULQJ DQG DIWHU WKH WULDO DQG PXVW EH VDIHO\
DUFKLYHGIRUDWOHDVW\HDUVRUORQJHUSHUORFDOUHTXLUHPHQWVRUDVRWKHUZLVHQRWLILHGE\WKH
6SRQVRU DIWHU WKH HQG RI WKH WULDO 7KH GRFXPHQWV WR EH DUFKLYHG LQFOXGH WKH 6XEMHFW
,GHQWLILFDWLRQ /LVW DQG WKH VLJQHG VXEMHFW ,QIRUPHG &RQVHQW )RUPV ,I DUFKLYLQJ RI WKH
,QYHVWLJDWRU 6LWH )LOH LV QR ORQJHU SRVVLEOH DW WKH VLWH WKH ,QYHVWLJDWRU PXVW QRWLI\ WKH
6SRQVRUGHVLJQHH
$OORULJLQDOVXEMHFWILOHVPHGLFDOUHFRUGVPXVWEHVWRUHGDWWKHVLWHKRVSLWDOUHVHDUFKLQVWLWXWH
RUSUDFWLFHIRUWKHORQJHVWSRVVLEOHWLPHSHUPLWWHGE\WKHDSSOLFDEOHUHJXODWLRQVDQGRUDVSHU
,&+*&3JXLGHOLQHVZKLFKHYHULVORQJHU,QDQ\FDVHWKH,QYHVWLJDWRUVKRXOGHQVXUHWKDWQR
GHVWUXFWLRQRIPHGLFDOUHFRUGVLVSHUIRUPHGZLWKRXWWKHZULWWHQDSSURYDORIWKH6SRQVRU

0RQLWRULQJ 4XDOLW\ $VVXUDQFH DQG ,QVSHFWLRQ E\ +HDOWK
$XWKRULWLHV
7KLVWULDOZLOOEHPRQLWRUHGLQDFFRUGDQFHZLWKWKH,&+*&3JXLGHOLQHVDQGDQ\RWKHUDSSOLFDEOH
UHJXODWLRQV 7KH VLWH 0RQLWRU ZLOO SHUIRUP RIIVLWH DQG RQVLWH YLVLWV DW UHJXODU LQWHUYDOV
DFFRUGLQJWRWKHPRQLWRULQJSODQ
7KHFOLQLFDOWULDOSURWRFROHDFKVWHSRIWKHGDWDFDSWXUHSURFHGXUHDQGWKHKDQGOLQJRIWKHGDWD
LQFOXGLQJ WKH ILQDO FOLQLFDO WULDO UHSRUW ZLOO EH VXEMHFW WR LQGHSHQGHQW 4XDOLW\ $VVXUDQFH
DFWLYLWLHV$XGLWVPD\EHFRQGXFWHGDWDQ\WLPHGXULQJRUDIWHUWKHWULDOWRHQVXUHWKHYDOLGLW\DQG
LQWHJULW\RIWKHWULDOGDWD5HSUHVHQWDWLYHVRIWKH4XDOLW\$VVXUDQFHXQLWIURPWKH6SRQVRURUD
GHVLJQDWHG RUJDQL]DWLRQ DV ZHOO DV +HDOWK $XWKRULWLHV PXVW EH SHUPLWWHG WR DFFHVV DOO WULDO
GRFXPHQWV DQG RWKHU PDWHULDOV DW WKH VLWH LQFOXGLQJ WKH ,QYHVWLJDWRU 6LWH )LOH WKH FRPSOHWHG
&5)VDOO,03DQG,03DFFRXQWDELOLW\UHFRUGVDQGWKHRULJLQDOPHGLFDOUHFRUGVRUILOHVIRUHDFK
VXEMHFW

&KDQJHVWRWKH&OLQLFDO7ULDO3URWRFRO
&KDQJHVWRWKHFOLQLFDOWULDOSURWRFROZLOOEHGRFXPHQWHGLQZULWLQJ6XEVWDQWLYHDPHQGPHQWV
ZLOO XVXDOO\ UHTXLUH VXEPLVVLRQ WR WKH +HDOWK $XWKRULWLHV DQG WR WKH UHOHYDQW ,(&,5% IRU
DSSURYDORUIDYRXUDEOHRSLQLRQ,QVXFKFDVHVWKHDPHQGPHQWZLOOEHLPSOHPHQWHGRQO\DIWHU
DSSURYDORUIDYRXUDEOHRSLQLRQKDVEHHQREWDLQHG
0LQRUQRQVXEVWDQWLDOSURWRFRODPHQGPHQWVLQFOXGLQJDGPLQLVWUDWLYHFKDQJHVZLOOEHILOHGE\
WKH 6SRQVRU DQG DW WKH VLWH 7KH\ ZLOO EH VXEPLWWHG WR WKH UHOHYDQW ,(&,5% RU WR +HDOWK
$XWKRULWLHVRQO\ZKHUHUHTXHVWHGE\SHUWLQHQWUHJXODWLRQV$Q\DPHQGPHQWWKDWFRXOGDIIHFWWKH
VXEMHFW¶V DJUHHPHQW WR SDUWLFLSDWH LQ WKH WULDO UHTXLUHV DGGLWLRQDO LQIRUPHG FRQVHQW SULRU WR
LPSOHPHQWDWLRQIROORZLQJWKHSURFHVVDVGHVFULEHGLQ6HFWLRQ


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V






&OLQLFDO7ULDO5HSRUWDQG3XEOLFDWLRQ3ROLF\

&OLQLFDO7ULDO5HSRUW
$IWHUFRPSOHWLRQRIWKHWULDODFOLQLFDOWULDOUHSRUWZLOOEHZULWWHQE\WKH6SRQVRULQFRQVXOWDWLRQ
ZLWKWKH&RRUGLQDWLQJ,QYHVWLJDWRUVIROORZLQJWKHJXLGDQFHLQ,&+7RSLF(

3XEOLFDWLRQ
7KH ILUVW SXEOLFDWLRQ ZLOO LQFOXGH WKH UHVXOWV RI WKH DQDO\VLV RI WKH SULPDU\ HQGSRLQW 7KH
,QYHVWLJDWRUZLOOLQIRUPWKH6SRQVRULQDGYDQFHDERXWDQ\SODQVWRSXEOLVKRUSUHVHQWGDWDIURP
WKHWULDO$Q\SXEOLFDWLRQVDQGSUHVHQWDWLRQVRIWKHUHVXOWVDEVWUDFWVLQMRXUQDOVRUQHZVSDSHUV
RUDOSUHVHQWDWLRQVHWFHLWKHULQZKROHRULQSDUWE\,QYHVWLJDWRUVRUWKHLUUHSUHVHQWDWLYHVZLOO
UHTXLUHUHYLHZE\WKH6SRQVRUEHIRUHVXEPLVVLRQ7KH6SRQVRUZLOOQRWVXSSUHVVSXEOLFDWLRQEXW
PDLQWDLQVWKHULJKWWRGHOD\SXEOLFDWLRQLQRUGHUWRSURWHFWLQWHOOHFWXDOSURSHUW\ULJKWV

5HIHUHQFHV&LWHGLQWKH7H[W

&RPPLWWHH :( 3UHYHQWLRQ DQG FRQWURO RI VFKLVWRVRPLDVLV DQG VRLOWUDQVPLWWHG
KHOPLQWKLDVLV:RUOG+HDOWK2UJDQ7HFK5HS6HUSLYLEDFNFRYHU

0DILDQD&)8)(NSRDQG'$2MR8ULQDU\VFKLVWRVRPLDVLVLQSUHVFKRROFKLOGUHQ
LQVHWWOHPHQWVDURXQG2\DQ5HVHUYRLULQ2JXQ6WDWH1LJHULDLPSOLFDWLRQVIRUFRQWURO
7URS0HG,QW+HDOWKS

%RVRPSHP .0 HW DO ,QIDQW VFKLVWRVRPLDVLV LQ *KDQD D VXUYH\ LQ DQ LUULJDWLRQ
FRPPXQLW\7URS0HG,QW+HDOWKS

2GRJZX 6( HW DO 6FKLVWRVRPD PDQVRQL LQ LQIDQWV DJHG   \HDUV DORQJ WKH
8JDQGDQVKRUHOLQHRI/DNH9LFWRULD$QQ7URS0HG3DUDVLWROS

&RPPLWWHH :( 7KH FRQWURO RI VFKLVWRVRPLDVLV 6HFRQG UHSRUW RI WKH :+2 ([SHUW
&RPPLWWHHLQ:RUOG+HDOWK2UJDQ7HFK5HS6HUS

0HLVWHU , HW DO $FWLYLW\ RI SUD]LTXDQWHO HQDQWLRPHUV DQG PDLQ PHWDEROLWHV DJDLQVW
6FKLVWRVRPDPDQVRQL$QWLPLFURE$JHQWV&KHPRWKHUS

0H\HU7HWDO7DVWHDQHZLQFHQWLYHWRVZLWFKWR5SUD]LTXDQWHOLQVFKLVWRVRPLDVLV
WUHDWPHQW3/R61HJO7URS'LVSH

7DQDND 0 HW DO $ FRPSDULVRQ RI WKH DQWLVFKLVWRVRPDO HIIHFW RI OHYR DQG GH[WUR
SUD]LTXDQWHORQ6FKLVWRVRPDMDSRQLFXPDQG6PDQVRQLLQPLFH$P-7URS0HG+\J
S

:X0+HWDO&RPSDULVRQRIWKHWKHUDSHXWLFHIILFDF\DQGVLGHHIIHFWVRIDVLQJOHGRVH
RI OHYRSUD]LTXDQWHO ZLWK PL[HG LVRPHU SUD]LTXDQWHO LQ  FDVHV RI VFKLVWRVRPLDVLV
MDSRQLFD$P-7URS0HG+\JS


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V






5RVV$*HWDO.DWD\DPDV\QGURPH/DQFHW,QIHFW'LVS

=ZDQJ-DQG3/2OOLDUR&OLQLFDOHIILFDF\DQGWROHUDELOLW\RISUD]LTXDQWHOIRULQWHVWLQDO
DQG XULQDU\ VFKLVWRVRPLDVLVD PHWDDQDO\VLV RI FRPSDUDWLYH DQG QRQFRPSDUDWLYH
FOLQLFDOWULDOV3/R61HJO7URS'LVSH

%XVWLQGX\$/HWDO2SWLPL]DWLRQRI3=4WUHDWPHQWLQ\RXQJFKLOGUHQLVQHHGHGWR
SUHYHQW )HPDOH *HQLWDO 6FKLVWRVRPLDVLV LQ ,QWHUQDWLRQDO 6FLHQWLILF :RUNVKRS RQ
1HJOHFWHG 7URSLFDO 'LVHDVHV )HPDOH *HQLWDO 6FKLVWRVRPLDVLV DQG LWV LPSDFW RQ
+,9$,'60DJDOLHVEXUJ6RXWK$IULFD

*DUED $ HW DO 6DIHW\ DQG HIILFDF\ RI SUD]LTXDQWHO V\UXS (SLTXDQWHO5 DJDLQVW
6FKLVWRVRPD KDHPDWRELXP DQG 6FKLVWRVRPD PDQVRQL LQ SUHVFKRRODJHG FKLOGUHQ LQ
1LJHU$FWD7URSS

1DYDUDWQDP $0 HW DO (IILFDF\ RI SUD]LTXDQWHO V\UXS YHUVXV FUXVKHG SUD]LTXDQWHO
WDEOHWVLQWKHWUHDWPHQWRILQWHVWLQDOVFKLVWRVRPLDVLVLQ8JDQGDQSUHVFKRROFKLOGUHQZLWK
REVHUYDWLRQRQFRPSOLDQFHDQGVDIHW\7UDQV56RF7URS0HG+\JS


.HLVHU - HW DO 3UD]LTXDQWHO PHIORTXLQHSUD]LTXDQWHO DQG PHIORTXLQHDUWHVXQDWH
SUD]LTXDQWHODJDLQVW6FKLVWRVRPDKDHPDWRELXPDUDQGRPL]HGH[SORUDWRU\RSHQODEHO
WULDO3/R61HJO7URS'LVSH

&RXOLEDO\-7HWDO(IILFDF\DQGVDIHW\RISUD]LTXDQWHOLQSUHVFKRRODJHGFKLOGUHQLQ
DQDUHDFRHQGHPLFIRU6FKLVWRVRPDPDQVRQLDQG6KDHPDWRELXP3/R61HJO7URS'LV
SH

3UHYHQWLYHFKHPRWKHUDS\LQKXPDQKHOPLQWKLDVLV:+2

6XUYHLOODQFHRI6FKLVWRVRPLDVLV0DQVRQLWHFKQLFDOJXLGHOLQHV0'6$Ò'(6G9H
6D~GHDQG'G9G'7UDQVPLVVtYHLV(GLWRUV%UDVLOLD%UD]LO

5HSRUW RI WKH :+2 ,QIRUPDO &RQVXOWDWLRQ RQ WKH XVH RI 3UD]LTXDQWHO GXULQJ
3UHJQDQF\/DFWDWLRQ DQG $OEHQGD]ROH0HEHQGD]ROH LQ &KLOGUHQ XQGHU  PRQWKV
*HQHYD$SULO:+2

$VVHVVLQJWKHHIILFDF\RIDQWLKHOPLQWKLFGUXJVDJDLQVWVKLVWRVRPLDVLVDQGVRLOWUDQVPLWWHG
KHOPLQWKLDVHV:+2(GLWRU

(XURSHDQ 8QLRQ (WKLFDO FRQVLGHUDWLRQV IRU FOLQLFDO WULDOV RQ PHGLFLQDO SURGXFWV
FRQGXFWHGZLWKWKHSDHGLDWULFSRSXODWLRQ(XU-+HDOWK/DZS

.HLVHU - . ,QJUDP DQG - 8W]LQJHU $QWLSDUDVLWLF GUXJV IRU SDHGLDWULFV V\VWHPDWLF
UHYLHZ IRUPXODWLRQV SKDUPDFRNLQHWLFV VDIHW\ HIILFDF\ DQG LPSOLFDWLRQV IRU FRQWURO
3DUDVLWRORJ\S



06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V






$SSHQGLFHV


PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD


PPD
PPD
PPD
PPD


PPD
PPD
PPD
PPD
PPD
PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





6SRQVRU5HVSRQVLEOH3HUVRQ



1DPHDFDGHPLFGHJUHH

)XQFWLRQ7LWOH

,QVWLWXWLRQ
(0'6HURQR,QFæ2QH7HFKQRORJ\3ODFH
$VXEVLGLDU\RI0HUFN.*D$'DUPVWDGW*HUPDQ\
$GGUHVV
5RFNODQG0$86$
7HOHSKRQHQXPEHU

)D[QXPEHU

(PDLODGGUHVV



PPD
PPD
PPD
PPD
PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWKUDF3=4DQG/3=42'7V
06







$SSHQGL[,,
7DEOHRIVWXG\SURFHGXUHVDQGDVVHVVPHQWV&RKRUW&


3UH
VFUHHQLQJ
6FUHHQ
LQJ
7UHDWPHQW
(QGRI
&RQILQHPHQW
YLVLW
)ROORZXS
YLVLWV
(QGRI
6WXG\
YLVLW
'D\7LPHRIWKH$VVHVVPHQW
'WR'
'
'
'
''
'
''





3RVWVWGRVH
3RVWUGGRVH
3RVWUGGRVH



7LPHRIWKH$VVHVVPHQW
3UHGRVH
+
+
+
+
+
+
+
+
+
+
+
+
'+
,&)VLJQDWXUH
;
'LDJQRVLV
32&&&$WHVW
;













;

;
;
.DWR.DW]PHWKRG
;
















;
)LOWUDWLRQPHWKRG
;

















6FUHHQLQJ
0DODULDUDSLGGLDJQRVWLFWHVW
;
;
















6DIHW\ODERUDWRU\WHVWVKDHPDWRORJ\
ELRFKHPLVWU\XULQDO\VLV

;












;

;

'HPRJUDSKLFVPHGLFDOKLVWRU\DQG
KLVWRU\RIPHGLFDWLRQ

;
















9LWDOVLJQV%3+57HPSHUDWXUH
;
;
;
3K\VLFDOH[DPLQDWLRQ
;
;
;
;
,QFOXVLRQH[FOXVLRQFULWHULDFKHFNHG
;
7UHDWPHQW
&RQILQHPHQW
;
;
;
;
;
;
;
;
;
;
;
;
;
;
)RRGDGPLQLVWUDWLRQ
;
;
;
$GPLQLVWUDWLRQRI,03
;
;
;
5HDFWLRQWR,03DGPLQLVWUDWLRQ
;
;
;
$(DQGFRQFRPLWDQWPHGLFDWLRQ
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;

3UHVFUHHQLQJZLOOEHFRQGXFWHGLQWKHYLOODJHV2QO\FKLOGUHQZKRDUHSRVLWLYHIRU6PDQVRQLDQGQHJDWLYHIRU6KDHPDWRELXPZLOOEHWUDQVIHUUHGWRWKHKRVSLWDOIRUIXUWKHUVFUHHQLQJ
,IQRWGRQHDWSUHVFUHHQLQJRQO\
6DIHW\ODERUDWRU\WHVWVLIUHTXLUHGIRU$(IROORZXS
&RQILQHPHQWIURPWKHPRUQLQJRIWKHILUVWGRVLQJXQWLODWOHDVWKRXUVDIWHUWKHODVW,03DGPLQLVWUDWLRQ


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWKUDF3=4DQG/3=42'7V
06







7DEOHRIVWXG\SURFHGXUHVDQGDVVHVVPHQWV&RKRUWV&&


3UH
VFUHHQLQJ
6FUHHQLQJ
7UHDWPHQW
(QGRI
&RQILQHPHQW
YLVLW
)ROORZXS
YLVLWV
(QGRI
6WXG\YLVLW

'D\7LPHRIWKH$VVHVVPHQW
'WR'
'
'
'
''
'
''

7LPHRIWKH$VVHVVPHQW

3UHGRVH
+
+
+
+
+
+
+
+
+
'+




,&)VLJQDWXUH
;
'LDJQRVLV
32&&&$WHVW
;










;

;
;
.DWR.DW]PHWKRG
;













;
)LOWUDWLRQPHWKRG
;














6FUHHQLQJ
0DODULDUDSLGGLDJQRVWLFWHVW
;
;













6DIHW\ODERUDWRU\WHVWVKDHPDWRORJ\
ELRFKHPLVWU\XULQDO\VLV

;









;

;

'HPRJUDSKLFVPHGLFDOKLVWRU\DQGKLVWRU\
RIPHGLFDWLRQ

;













9LWDOVLJQV%3+57HPSHUDWXUH
;
;
;
3K\VLFDOH[DPLQDWLRQ
;
;
;
;
,QFOXVLRQH[FOXVLRQFULWHULDFKHFNHG
;
7UHDWPHQW
&RQILQHPHQW
;
;
;
;
;
;
;
;
;
;
;
)RRGDGPLQLVWUDWLRQ
;
;
;
$GPLQLVWUDWLRQRI,03
;




5HDFWLRQWR,03DGPLQLVWUDWLRQ
;






$(DQGFRQFRPLWDQWPHGLFDWLRQ
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;

3UHVFUHHQLQJZLOOEHFRQGXFWHGLQWKHYLOODJHV2QO\FKLOGUHQZKRDUHSRVLWLYHIRU6PDQVRQLDQGQHJDWLYHIRU6KDHPDWRELXPZLOOEHWUDQVIHUUHGWRWKHKRVSLWDOIRUIXUWKHUVFUHHQLQJ
,IQRWGRQHDWSUHVFUHHQLQJRQO\
6DIHW\ODERUDWRU\WHVWVLIUHTXLUHGIRU$(IROORZXS
&RQILQHPHQWIURPWKHPRUQLQJRIWKHILUVWGRVLQJXQWLODWOHDVWKRXUVDIWHUWKH,03DGPLQLVWUDWLRQ


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWKUDF3=4DQG/3=42'7V
06







7DEOHRIVWXG\SURFHGXUHVDQGDVVHVVPHQWV&RKRUWV&&


3UH
VFUHHQLQJ
6FUHHQLQJ

7UHDWPHQW
(QGRI
&RQILQHPHQW
YLVLW
)ROORZ
XSYLVLWV
(QGRI
6WXG\
YLVLW

'D\7LPHRIWKH$VVHVVPHQW
'WR'
'WR'
'
'
'
'
'
''

7LPHRIWKH$VVHVVPHQW

3UHGRVH
+
+
+
+
+
+
+
+
+
'+




3UHVFUHHQLQJ
3UH6FUHHQLQJ&)VLJQDWXUH
;
32&&&$WHVW
;










;

;
;
.DWR.DW]PHWKRG
;













;
)LOWUDWLRQPHWKRG
;














6FUHHQLQJ
,&)VLJQDWXUH

;













0DODULDUDSLGGLDJQRVWLFWHVW

;













6DIHW\ODERUDWRU\WHVWVKDHPDWRORJ\
ELRFKHPLVWU\XULQDO\VLV

;









;

;

'HPRJUDSKLFVPHGLFDOKLVWRU\DQGKLVWRU\
RIPHGLFDWLRQ

;













9LWDOVLJQV%3+57HPSHUDWXUH

;
;
;
;
3K\VLFDOH[DPLQDWLRQ

;
;
;
;
,QFOXVLRQH[FOXVLRQFULWHULDFKHFNHG

;
7UHDWPHQW
&RQILQHPHQW

;
;
;
;
;
;
;
;
;
;
;
)RRGDGPLQLVWUDWLRQ

;
;
;
$GPLQLVWUDWLRQRI,03

;





5HDFWLRQWR,03DGPLQLVWUDWLRQ

;






$(DQGFRQFRPLWDQWPHGLFDWLRQ

;
;
;
;
;
;
;
;
;
;
;
;
;
;



3UHVFUHHQLQJZLOOEHFRQGXFWHGLQWKHYLOODJHV2QO\FKLOGUHQZKRDUHSRVLWLYHIRU6PDQVRQLDQGQHJDWLYHIRU6KDHPDWRELXPZLOOEHWUDQVIHUUHGWRWKHKRVSLWDOIRUIXUWKHUVFUHHQLQJ
6DIHW\ODERUDWRU\WHVWVLIUHTXLUHGIRU$(IROORZXS
&RQILQHPHQWIURPWKHPRUQLQJRIWKHILUVWGRVLQJXQWLODWOHDVWKRXUVDIWHUWKH,03DGPLQLVWUDWLRQ



06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





$SSHQGL[,,,
9ROXPHRIELRORJLFDOIOXLGFROOHFWHGDWHDFKDVVHVVPHQWWLPH
SRLQW&RKRUWV&&
3UHVFUHHQLQJ'WR'
%RG\
)OXLG
7\SHRI7HVW
6SHFLILF7HVW
1XPEHURI
6DPSOLQJ
9ROXPHZHLJKWSHU
6DPSOLQJDSSUR[
7RWDO
9ROXPH
%ORRG
3DUDVLWRORJ\
0DODULD5'7

ȝO
ȝO
6WRRO
3DUDVLWRORJ\
.DWR.DW]

J
J
8ULQH
3DUDVLWRORJ\
32&&&$WHVW

ȝO
PO
)LOWUDWLRQ

PO
6FUHHQLQJ'
%RG\
)OXLG
7\SHRI7HVW
6SHFLILF7HVW
1XPEHURI
6DPSOLQJ
9ROXPHSHU
6DPSOLQJDSSUR[
7RWDO
9ROXPH
8ULQH
8ULQDO\VLV
1$

PO
PO
%ORRG
3DUDVLWRORJ\
0DODULD5'7

ȝO
ȝO
+DHPDWRORJ\
1$

PO
PO
%LRFKHPLVWU\
1$

PO
(QGRI&RQILQHPHQW9LVLW'
%RG\
)OXLG
7\SHRI7HVW
6SHFLILF7HVW
1XPEHURI
6DPSOLQJ
9ROXPHSHU
6DPSOLQJDSSUR[
7RWDO
9ROXPH
8ULQH
3DUDVLWRORJ\
32&&&$WHVW

ȝO
PO
8ULQDO\VLV
1$

PO
%ORRG





PO
+DHPDWRORJ\
1$

PO
%LRFKHPLVWU\
1$

PO
)ROORZXS9LVLW'
%RG\
)OXLG
7\SHRI7HVW
6SHFLILF7HVW
1XPEHURI
6DPSOLQJ
9ROXPHSHU
6DPSOLQJDSSUR[
7RWDO
9ROXPH
8ULQH
3DUDVLWRORJ\
32&&&$WHVW

ȝO
ȝO
(QGRI6WXG\9LVLW''
%RG\
)OXLG
7\SHRI7HVW
6SHFLILF7HVW
1XPEHURI
6DPSOLQJ
9ROXPHSHU
6DPSOLQJDSSUR[
7RWDO
9ROXPH
6WRRO
3DUDVLWRORJ\
.DWR.DW]

J
J
8ULQH
3DUDVLWRORJ\
32&&&$WHVW

ȝO
ȝO

,IQRWGRQHDWSUHVFUHHQLQJRQO\


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





9ROXPHRIELRORJLFDOIOXLGFROOHFWHGDWHDFKDVVHVVPHQWWLPH
SRLQW&RKRUWV&&
3UH6FUHHQLQJ'WR'
%RG\
)OXLG
7\SHRI7HVW
6SHFLILF7HVW
1XPEHURI
6DPSOLQJ
9ROXPHZHLJKWSHU
6DPSOLQJDSSUR[
7RWDO
9ROXPH
6WRRO
3DUDVLWRORJ\
.DWR.DW]

J
J
8ULQH
3DUDVLWRORJ\
32&&&$WHVW

ȝO
PO
)LOWUDWLRQ

PO
6FUHHQLQJ'WR'
%RG\
)OXLG
7\SHRI7HVW
6SHFLILF7HVW
1XPEHURI
6DPSOLQJ
9ROXPHSHU
6DPSOLQJDSSUR[
7RWDO
9ROXPH
8ULQH
8ULQDO\VLV
1$

PO
PO
%ORRG
3DUDVLWRORJ\
0DODULD5'7

ȝO
ȝO
+DHPDWRORJ\
1$

PO
PO
%LRFKHPLVWU\
1$

PO
(QGRI&RQILQHPHQW9LVLW'
%RG\
)OXLG
7\SHRI7HVW
6SHFLILF7HVW
1XPEHURI
6DPSOLQJ
9ROXPHSHU
6DPSOLQJDSSUR[
7RWDO
9ROXPH
8ULQH
3DUDVLWRORJ\
32&&&$WHVW

ȝO
PO
8ULQDO\VLV
1$

PO
%ORRG
+DHPDWRORJ\
1$

PO

PO
%LRFKHPLVWU\
1$

PO
)ROORZXS9LVLW'
%RG\
)OXLG
7\SHRI7HVW
6SHFLILF7HVW
1XPEHURI
6DPSOLQJ
9ROXPHSHU
6DPSOLQJDSSUR[
7RWDO
9ROXPH
8ULQH
3DUDVLWRORJ\
32&&&$WHVW

ȝO
ȝO
(QGRI6WXG\9LVLW''
%RG\
)OXLG
7\SHRI7HVW
6SHFLILF7HVW
1XPEHURI
6DPSOLQJ
9ROXPHSHU
6DPSOLQJDSSUR[
7RWDO
9ROXPH
6WRRO
3DUDVLWRORJ\
.DWR.DW]

J
J
8ULQH
3DUDVLWRORJ\
32&&&$WHVW

ȝO
ȝO


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\ZLWK
06
UDF3=4DQG/3=42'7V





$QQH[H,9
%LRORJLFDODQDO\VHV

%LRFKHPLVWU\

&53

8UHD

&UHDWLQLQ

*O\FHPLD

$VSDUWDWHDPLQRWUDQVIHUDVH$67

$ODQLQHDPLQRWUDQVIHUDVH$/7

7RWDO3URWHLQ
+DHPDWRORJ\
&RPSOHWHEORRGFRXQW
8ULQDO\VLV
6WDQGDUG8ULQDO\VLV

SAP_000.pdf: 
06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\






6WDWLVWLFDO$QDO\VLV3ODQ
&OLQLFDO7ULDO3URWRFRO
,GHQWLILFDWLRQ1R
06
7LWOH
2SHQODEHOGRVHILQGLQJSDUWVHIILFDF\SKDVH,,VWXG\ZLWK
WKUHH IRUPXODWLRQV UDFHPDWH SUD]LTXDQWHO FRPPHUFLDO RUDO
WDEOHWV QHZ RUDO GLVLQWHJUDWLQJ WDEOHWV RI UDFHPDWH
SUD]LTXDQWHO DQG /SUD]LTXDQWHO LQ VFKLVWRVRPLDVLV S.
mansoniLQIHFWHGFKLOGUHQDJHG\HDUV3DUWIROORZHG
E\ DQ DVVHVVPHQW RI HIILFDF\ DQG VDIHW\ ZLWK WKH VHOHFWHG
IRUPXODWLRQDQGGRVDJHLQS. mansoni LQIHFWHGLQIDQWVDJHG
PRQWKV3DUW
7ULDO3KDVH
,,
,QYHVWLJDWLRQDO0HGLFLQDO
3URGXFWV
06&$UDF3=4
06&$/3=4
3UD]LTXDQWHO%LOWULFLGHPJ
&OLQLFDO7ULDO3URWRFRO
9HUVLRQ
$SU9HUVLRQ
6WDWLVWLFDO$QDO\VLV3ODQ
$XWKRU

6WDWLVWLFDO$QDO\VLV3ODQ
'DWHDQG9HUVLRQ
-DQXDU\9HUVLRQ
6WDWLVWLFDO$QDO\VLV3ODQ
5HYLHZHUV
3URJUDP6WDWLVWLFLDQ
3URWRFRO/HDG
3KDUPDFRNLQHWLFLVW
3KDUPDFRNLQHWLFLVW



0HGLFDO5HVSRQVLEOH
3URJUDP6WDWLVWLFDO3URJUDPPHU


7KLVGRFXPHQWLVWKHSURSHUW\RI0HUFN.*D$'DUPVWDGW*HUPDQ\RURQHRILWVDIILOLDWHGFRPSDQLHV
,WLVLQWHQGHGIRUUHVWULFWHGXVHRQO\DQGPD\QRWLQIXOORUSDUWEHSDVVHGRQUHSURGXFHGSXEOLVKHGRUXVHGZLWKRXWH[SUHVV
SHUPLVVLRQRI0HUFN.*D$'DUPVWDGW*HUPDQ\RULWVDIILOLDWH
&RS\ULJKWE\0HUFN.*D$'DUPVWDGW*HUPDQ\RULWVDIILOLDWH$OOULJKWVUHVHUYHG
PPD
PPD
PPD
PPD
PPD
PP
PPD
PPD
PPD
PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\







6LJQDWXUH3DJH
6WDWLVWLFDO$QDO\VLV3ODQ06
2SHQODEHOGRVHILQGLQJSDUWVHIILFDF\SKDVH,,VWXG\ZLWKWKUHHIRUPXODWLRQVUDFHPDWH
SUD]LTXDQWHOFRPPHUFLDORUDOWDEOHWVQHZRUDOGLVLQWHJUDWLQJWDEOHWVRIUDFHPDWHSUD]LTXDQWHODQG
/SUD]LTXDQWHOLQVFKLVWRVRPLDVLV6PDQVRQLLQIHFWHGFKLOGUHQDJHG\HDUV3DUW
IROORZHGE\DQDVVHVVPHQWRIHIILFDF\DQGVDIHW\ZLWKWKHVHOHFWHGIRUPXODWLRQDQGGRVDJHLQ6
PDQVRQLLQIHFWHGLQIDQWVDJHGPRQWKV3DUW


7ULDO%LRVWDWLVWLFLDQ


3KRQH

(PDLO


3URJUDP6WDWLVWLFLDQ
(0'6HURQR,QF
2QH7HFKQRORJ\3ODFH
5RFNODQG0$
86$
3KRQH

(PDLO


0HGLFDO5HVSRQVLEOH
0HUFN.*D$
)UDQNIXUWHU6WUDVVH'DUPVWDGW
*HUPDQ\
Digitally signed by 
 
 
 
 
 
Reason: I am the author of this 
document 
Date: 2018.01.31 07:34:13 +02'00'
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\








(0'6HURQR,QF
$0LGGOHVH[7XUQSLNH
%LOOHULFD0$86$
3KRQH

(PDLO




0HUFN
)UDQNIXUWHU6WU
'DUPVWDGW*HUPDQ\
3KRQH

(PDLO



0HUFN.*D$
)UDQNIXUWHU6WU'DUPVWDGW
*HUPDQ\
3KRQH

(PDLO





PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD
PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\







7DEOHRI&RQWHQWV

6LJQDWXUH3DJH

7DEOHRI&RQWHQWV

/LVWRI$EEUHYLDWLRQVDQG'HILQLWLRQRI7HUPV

0RGLILFDWLRQ+LVWRU\

3XUSRVHRIWKH6WDWLVWLFDO$QDO\VLV3ODQ

6XPPDU\RI&OLQLFDO7ULDO)HDWXUHV

6WXG\GHVLJQDQGVDPSOHVL]H

(QGSRLQWV

6DPSOH6L]H5DQGRPLVDWLRQ

6DPSOH6L]H

5DQGRPLVDWLRQ

2YHUYLHZRI3ODQQHG$QDO\VHV

3DUW,QWHULP6DIHW\$QDO\VLV

3DUW)LQDO$QDO\VLV

3DUW,QWHULP6DIHW\(IILFDF\$QDO\VLV

)LQDO$QDO\VLVRI7ULDO'DWD

&KDQJHVWRWKH3ODQQHG$QDO\VHVLQWKH&OLQLFDO7ULDO3URWRFRO

3URWRFRO'HYLDWLRQVDQG$QDO\VLV6HWV

'HILQLWLRQRI3URWRFRO'HYLDWLRQVDQG$QDO\VLV6HWV

'HILQLWLRQRI$QDO\VLV6HWVDQG6XEJURXSV

6XEJURXSGHILQLWLRQDQGSDUDPHWHUL]DWLRQ

*HQHUDO6SHFLILFDWLRQVIRU6WDWLVWLFDO$QDO\VHV

7ULDO6XEMHFWV

'LVSRVLWLRQRI6XEMHFWVDQG'LVFRQWLQXDWLRQV

3URWRFRO'HYLDWLRQV

,PSRUWDQW3URWRFRO'HYLDWLRQV

5HDVRQV/HDGLQJWRWKH([FOXVLRQIURPDQ$QDO\VLV6HW

'HPRJUDSKLFVDQG2WKHU%DVHOLQH&KDUDFWHULVWLFV

'HPRJUDSKLFVDQG%DVHOLQH3K\VLFDO&KDUDFWHULVWLFV

0HGLFDO+LVWRU\

3UHYLRXV&RQFRPLWDQWDQG3URKLELWHG0HGLFDWLRQV3URFHGXUHV


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\







7UHDWPHQW&RPSOLDQFHDQG([SRVXUH

(QGSRLQW(YDOXDWLRQ

3ULPDU\(QGSRLQW$QDO\VHV

3ULPDU\$QDO\VHVRI2YHUDOO&OLQLFDO&XUH5DWH

6XSSRUWLYH6XEJURXS$QDO\VHVRI3ULPDU\(QGSRLQW

6HFRQGDU\(QGSRLQW$QDO\VHV

&XUHUDWHE\32&&&$

(JJUHGXFWLRQ

2WKHU(QGSRLQW$QDO\VHV

$QDO\VLVIRU3.(QGSRLQWV

3.3'&RUUHODWLRQ$VVRFLDWLRQ

6DIHW\(YDOXDWLRQ

$GYHUVH(YHQWV

$OO$GYHUVH(YHQWV

$GYHUVH(YHQWV/HDGLQJWR7UHDWPHQW'LVFRQWLQXDWLRQ

'HDWKV2WKHU6HULRXV$GYHUVH(YHQWVDQG2WKHU6LJQLILFDQW
$GYHUVH(YHQWV

'HDWKV

6HULRXV$GYHUVH(YHQWV

&OLQLFDO/DERUDWRU\(YDOXDWLRQ

9LWDO6LJQV

3K\VLFDO([DPLQDWLRQ

7ROHUDELOLW\(YDOXDWLRQV

$SSHQGLFHV

$SSHQGL[$3ODQQHGDQDO\VHVIRU60&PHHWLQJV

$SSHQGL[%3URKLELWHGFRQFRPLWDQWPHGLFDWLRQV

$SSHQGL[&/LVWRI623VWREHXVHG





06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\







/LVWRI$EEUHYLDWLRQVDQG'HILQLWLRQRI7HUPV

$(
$,'6
$/7
$GYHUVH(YHQW
$FTXLUHG,PPXQRGHILFLHQF\6\QGURPH
$ODQLQH$PLQRWUDQVIHUDVH
$129$
$67
$QDO\VLVRI9DULDQFH
$VSDUWDWH$PLQRWUDQVIHUDVH
$7&
$QDWRPLFDO7KHUDSHXWLF&KHPLFDO
$8&
$UHDXQGHUWKHFRQFHQWUDWLRQWLPHFXUYH$8&IURPWLPH]HURWRLQILQLW\
$8&W
$UHDXQGHUWKHFRQFHQWUDWLRQWLPHFXUYH$8&IURPWLPH]HURWRWKHODVW
VDPSOLQJWLPHDWZKLFKWKHFRQFHQWUDWLRQLVDWRUDERYHWKHORZHUOLPLWRI
TXDQWLILFDWLRQ
$8&H[WUD
([WUDSRODWHG $8& IURP WLPH WODVW WR LQILQLW\ JLYHQ DV SHUFHQWDJH IURP
$8&
&/I
$SSDUHQWWRWDOERG\FOHDUDQFHRIGUXJ
&PD[
&1(5
0D[LPXPREVHUYHGFRQFHQWUDWLRQ
&RPLWp1DWLRQDOG¶(WKLTXHHWGHOD5HFKHUFKH
&5)
&53
&DVH5HSRUW)RUP
&UHDFWLYH3URWHLQ
&65
&OLQLFDO6WXG\5HSRUW
(55
,QGLYLGXDO(JJ5HGXFWLRQ5DWHV
(55$
*URXS&ROOHFWLYH(JJ5HGXFWLRQ5DWHEDVHGRQDULWKPHWLFPHDQ
(55*
*URXS&ROOHFWLYH(JJ5HGXFWLRQ5DWHEDVHGRQJHRPHWULFPHDQ
,&+
,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ
,03

//1
,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW

/RZHU/LPLWRI1RUPDO
/2&)
/DVW2EVHUYDWLRQ&DUULHG)RUZDUG
/6/9
/DVWVXEMHFWODVWYLVLW
0HG'5$
0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV
P,77
0RGLILHG,QWHQWLRQWR7UHDW
1&$
1RQFRPSDUWPHQWDO$QDO\VLV
PPD
PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\






1&,&7&$(
1DWLRQDO&DQFHU,QVWLWXWH±&RPPRQ7HUPLQRORJ\&ULWHULDIRU$GYHUVH
(YHQWV
2'7
2UDOGLVSHUVLEOHWDEOHWV
3'
3KDUPDFRG\QDPLFV
3.
3KDUPDFRNLQHWLFV
33
3HU3URWRFRO
37
3UHIHUUHGWHUP
3=4
3UD]LTXDQWHO
4
)LUVWTXDUWLOH
4
7KLUGTXDUWLOH
6$(
6HULRXV$GYHUVH(YHQW
6$)
6DIHW\$QDO\VLV6HW
6$3
6&,
6WDWLVWLFDO$QDO\VLV3ODQ
6FKLVWRVRPLDVLV&RQWURO,QLWLDWLYH
6'
6WDQGDUGGHYLDWLRQ
6(58
6FLHQWLILFDQG(WKLFV5HYLHZ8QLW
6'70
6WDQGDUG'DWD7DEXODWLRQ0RGHO
60&
6DIHW\0RQLWRULQJ&RPPLWWHH
62&
6\VWHP2UJDQ&ODVV
Wò
$SSDUHQWWHUPLQDOKDOIOLIH
7($(
7UHDWPHQW(PHUJHQW$GYHUVH(YHQW
WLG
7KUHHWLPHVDGD\
WODJ
7LPHSULRUWRWKHILUVWPHDVXUDEOHQRQ]HURFRQFHQWUDWLRQ
7/)
8/1
7DEOHV/LVWLQJVDQG)LJXUHV
8SSHU/LPLWRI1RUPDO
WPD[
7LPHWRUHDFKWKHPD[LPXPFRQFHQWUDWLRQ
9]I
$SSDUHQWYROXPHRIGLVWULEXWLRQGXULQJWKHWHUPLQDOSKDVH
Ȝ]
$SSDUHQWWHUPLQDOHOLPLQDWLRQUDWHFRQVWDQW





06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\







0RGLILFDWLRQ+LVWRU\
8QLTXH
,GHQWLILHUIRU
6$39HUVLRQ
'DWHRI
6$3
9HUVLRQ
$XWKRU
&KDQJHVIURPWKH3UHYLRXV9HUVLRQ

$XJ

1$

[[2FW

x5HPRYHG3DUWEFRKRUW
x$GGLWLRQDOVLWHDGGHG.HQ\D
xLQIDQWVFRUUHFWHGIURPLQIDQWVLQVWXG\GHVLJQ
x$EEUHYLDWLRQVDGGHG
x5HPRYHGHQGSRLQWDQDO\VLVUHJDUGLQJLQ3DUWE
x3ULQFLSDO,QYHVWLJDWRUFRUUHFWHGWR&RRUGLQDWLQJ
,QYHVWLJDWRU
x(55*ZDVFRUUHFWHGWRLQFOXGHORJWUDQVIRUPDWLRQRI
DOOSUHDQGSRVWWUHDWPHQWHJJFRXQWV
x'HILQLWLRQRIWKHP,77DQDO\VLVVHWZDVPRGLILHGLH
SDWLHQWVUHTXLULQJPDODULDWUHDWPHQWDIWHUWDNLQJVWXG\
GUXJZHUHUHPRYHGIURPWKHSULPDU\HQGSRLQWDQDO\VLV
x$GGHG³3K\VLFDO([DPLQDWLRQ´WRVHFWLRQ
x$GGHGOLVWRI623VWREHIROORZHG$SSHQGL[&

3XUSRVHRIWKH6WDWLVWLFDO$QDO\VLV3ODQ
7KHSXUSRVHRIWKLV6$3LVWRGRFXPHQWWHFKQLFDODQGGHWDLOHGVSHFLILFDWLRQVIRUWKHDQDO\VLVRI
GDWDFROOHFWHGIRUERWK3DUWDQG3DUWRISURWRFRO062XWSXWUHTXLUHGE\WKHWULDO
6DIHW\0RQLWRULQJ&RPPLWWHH60&ZLOOEHSUHVHQWHGLQWKHUHOHYDQW60&&KDUWHU5HVXOWVRI
WKH DQDO\VHV GHVFULEHG LQ WKLV 6$3 ZLOO EH LQFOXGHG LQ WKH &OLQLFDO 6WXG\ 5HSRUW &65
$GGLWLRQDOO\ WKH SODQQHG DQDO\VHV LGHQWLILHG LQ WKLV 6$3 PD\ EH LQFOXGHG LQ UHJXODWRU\
VXEPLVVLRQVRUIXWXUHPDQXVFULSWV$Q\SRVWKRFRUXQSODQQHGDQDO\VHVSHUIRUPHGWRSURYLGH
UHVXOWVIRULQFOXVLRQLQWKH&65EXWQRWLGHQWLILHGLQWKLVSURVSHFWLYH6$3ZLOOEHFOHDUO\LGHQWLILHG
LQ WKH &65 7KH 6$3 LV EDVHG XSRQ VHFWLRQ  6WDWLVWLFV RI WKH WULDO SURWRFRO DQG SURWRFRO
DPHQGPHQWVDQGLVSUHSDUHGLQFRPSOLDQFHZLWK,&+(

6XPPDU\RI&OLQLFDO7ULDO)HDWXUHV

6WXG\GHVLJQDQGVDPSOHVL]H
7KLVLVDSKDVH,,VWXG\FRQVLVWLQJRIWZRSDUWV3DUWDQG3DUW3DUWZLOOEHFRQGXFWHGLQD
VLQJOHVWXG\VLWH3DUWZLOORQO\VWDUWRQFH3DUWLVFRPSOHWHG
3DUWLVDQRSHQODEHOUDQGRPL]HGFRQWUROOHGGRVHILQGLQJVWXG\ZLWKWKUHHIRUPXODWLRQVRI3=4
FRPPHUFLDOUDF3=4WDEOHWVRUDOGLVLQWHJUDWLQJWDEOHWVRIUDF3=4DQG/3=4LQFKLOGUHQDJHG
\HDUVLQIHFWHGZLWKS. mansoni6XEMHFWVZLOOEHUDQGRPL]HGWRRQHRIWKHIROORZLQJDUPV
x &FRPPHUFLDOUDF3=4WDEOHWV%LOWULFLGHDWPJNJGRVHWLGWKUHHWLPHVDGD\
x &FRPPHUFLDOUDF3=4WDEOHWV%LOWULFLGHDWPJNJVLQJOHGRVH
x &UDF3=42'7VDWPJNJVLQJOHGRVH
PPD
PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\






x &UDF3=42'7VDWPJNJVLQJOHGRVH
x &/3=42'7VDWPJNJVLQJOHGRVH
x &/3=42'7VDWPJNJVLQJOHGRVH
x &/3=42'7VDWPJNJVLQJOHGRVH
$Q60&ZLOOEHIRUPHGWRHYDOXDWHWKHLQWHULPVDIHW\DQDO\VLVDQGZLOOFRQWLQXHWRPRQLWRUWKH
VDIHW\GDWDRQDUHJXODUEDVLVLQERWK3DUWDQGLQFOXGLQJUHFRPPHQGDWLRQVDERXWDGGLWLRQDO
PRQLWRULQJPHDVXUHVWKDWPD\EHGHHPHGQHFHVVDU\7KH60&ZLOOFRQVLVWRILQWHUQDO6SRQVRU
PHPEHUVDQG&RRUGLQDWLQJ,QYHVWLJDWRUV'HWDLOVUHJDUGLQJ60&UROHVUHVSRQVLELOLWLHVDFWLYLWLHV
SURFHGXUHVWRUHGXFHSRWHQWLDOELDVDQGSRVVLEOH60&UHFRPPHQGDWLRQVZLOOEHSURYLGHGLQD
VHSDUDWH60&FKDUWHU
$IWHUSDWLHQWVIURPHDFKRIWKHFRKRUWV&WR&DUHWUHDWHGWKHDFXWHKRXUVDIHW\GDWDRI
DOOJURXSVZLOOEHVXPPDUL]HGDQGHYDOXDWHGE\WKH60&WRGHFLGHRQLQFOXVLRQRIWKHWKDUP
& & ZLOO EH LQFOXGHG LQ WKH UDQGRPLVDWLRQ VFKHPH RQO\ DIWHU 60& DSSURYDO ZKLOH
UDQGRPLVDWLRQIRUWKHRWKHUJURXSVFDQFRQWLQXHWRVXEMHFWVSHUDUP
3DUWZLOOUXQDIWHUDOOVXEMHFWVLQ3DUW&&KDYHFRPSOHWHGDQGDUHUHYLHZHGE\60&
$FRKRUWZLWKLQIDQWVRIPRQWKVLQIHFWHGZLWKS. mansoni&DQGDFRKRUWZLWKLQIDQWVRI
PRQWKVLQIHFWHGZLWKS. mansoni&ZLOOEHHQUROOHGLQDQDJHVWDJJHUHGDSSURDFK
,QIDQWV LQ FRKRUW&ZLOOEHWUHDWHGZLWK UDF3=4RU /3=42'7V DW WKHRSWLPDOGRVHOHYHO
VHOHFWHGE\60&IURP3DUWEDVHGRQEHQHILWVULVNVHYDOXDWLRQ,QDGGLWLRQDPDWXUDWLRQIDFWRU
ZLOODOVREHLQFOXGHGLIDSSOLFDEOHWRGHFLGHRQWKHGRVHIRUWKHVHLQIDQWV
$IWHUWRLQIDQWVDJHWRPRQWKVKDYHEHHQHQUROOHGWKHRYHUDOOVDIHW\DQGHIILFDF\GDWD
LQWKHVHSDWLHQWVZLOOEHHYDOXDWHGE\WKH60&IRUWKHGHFLVLRQWRLQFOXGHWKHORZHUDJHJURXSRI
LQIDQWV FRKRUW & 60& ZLOO DOVR GHFLGH ZKHWKHU GRVH OHYHO DGDSWDWLRQV DUH QHHGHG EHIRUH
VWDUWLQJHQUROOLQJ&
7RWDOQXPEHURIVXEMHFWVLI&LVLQFOXGHGHQUROOHGVXEMHFWVLQ3DUWDQGHQUROOHG
VXEMHFWVLQ3DUW
1XPEHURIVXEMHFWVSHUWUHDWPHQWDUP
3DUW
HQUROOHGVXEMHFWVLQHDFKFRKRUW&WR&
3DUWHQUROOHGVXEMHFWVLQWKHPRQWKVFRKRUW&


HQUROOHGVXEMHFWVLQWKHPRQWKVFRKRUW&

(QGSRLQWV

6WXG\2EMHFWLYHV
3ULPDU\REMHFWLYH


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\







3DUW
7RLGHQWLI\WKHRSWLPDOVLQJOHGRVHRIUDF3=42'7RU/3=42'7
IRUPXODWLRQZKLFKKDVDFOLQLFDOO\PHDQLQJIXOFXUHUDWHDVDVVHVVHG
E\.DWR.DW]PHWKRGDQGDQDFFHSWDEOHVDIHW\SURILOHLQWR\HDU
ROGFKLOGUHQLQIHFWHGZLWKS. mansoni
3DUW
7RHYDOXDWHWKHHIILFDF\DQGVDIHW\RIWKHVHOHFWHG2'7IRUPXODWLRQ
/3=4RUUDF3=4IURP3DUWDWWKHDSSURSULDWHDGMXVWHGGRVHV
LQLQIDQWVDJHGWRPRQWKVLQIHFWHGZLWKS. mansoni
6HFRQGDU\REMHFWLYHV
3DUW
x 7RGHWHUPLQHWKHVDIHW\RIGLIIHUHQWGRVHVRIUDF3=4DQG/3=4
2'7VLQFKLOGUHQDJHGWR\HDUVLQIHFWHGZLWKS. mansoni
x 7RH[SORUHWKHGRVHH[SRVXUHUHVSRQVHUHODWLRQVKLSIRU/3=4
'3=4DQGUDF3=4LQFKLOGUHQDJHGWR\HDUVLQIHFWHGZLWK
S. mansoni
x 7RDVVHVVWKHHIILFDF\DQGVDIHW\RIUDF3=4FRPPHUFLDOWDEOHW
DWPJNJWLGGRVHDGPLQLVWUDWLRQDQGDWPJNJVLQJOHGRVH
DGPLQLVWUDWLRQ LQ FKLOGUHQ DJHG  WR  \HDUV LQIHFWHG ZLWK S. 
mansoni
x 7RDVVHVVWKHDFFHSWDELOLW\LQWHUPVRIHDVHRIDGPLQLVWUDWLRQRI
WKHUDF3=42'7VDQG/3=42'7VLQFKLOGUHQDJHGWR
\HDUVLQIHFWHGZLWKS. mansoni
3DUW
x 7RDVVHVVWKHDFFHSWDELOLW\LQWHUPVRIHDVHRIDGPLQLVWUDWLRQRI
WKHVHOHFWHG2'7VUDF3=4RU/3=4LQWRPRQWKLQIDQWV
LQIHFWHGZLWKS. mansoni
x 7RH[SORUHWKHGRVHH[SRVXUHUHVSRQVHUHODWLRQVKLSIRU/3=4
'3=4DQGUDF3=4LQWRPRQWKLQIDQWVLQIHFWHGZLWKS.
mansoni
x 
6WXG\GHVLJQDQGSODQ
7KLVLVDSKDVH,,VWXG\FRQVLVWLQJRIWZRSDUWV3DUW,DQG3DUW3DUW
 ZLOO RQO\ VWDUW RQFH 3DUW  LV FRPSOHWHG  7KH VWXG\ ZLOO EH
FRQGXFWHGDWWKHGLVWULFWKRVSLWDORI
$QDGGLWLRQDO
VLWH DW
 PD\ EH DGGHG GHSHQGLQJ RQ
SDWLHQWV¶UHFUXLWPHQWUDWH
PPD
PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\






3DUWLVDQRSHQODEHOUDQGRPL]HGFRQWUROOHGGRVHILQGLQJVWXG\
ZLWKWKUHHIRUPXODWLRQVRI3=4FRPPHUFLDOUDF3=4WDEOHWVRUDO
GLVLQWHJUDWLQJWDEOHWVRIUDF3=4DQG/3=4LQFKLOGUHQDJHG
\HDUVLQIHFWHGZLWKS. mansoni6XEMHFWVZLOOEHUDQGRPL]HGWRRQH
RIWKHIROORZLQJDUPV
&FRPPHUFLDOUDF3=4WDEOHWV%LOWULFLGHDWPJNJGRVHWLG
WKUHHWLPHVDGD\
& FRPPHUFLDOUDF3=4WDEOHWV %LOWULFLGH DW PJNJVLQJOH
GRVH
&UDF3=42'7VDWPJNJVLQJOHGRVH
&UDF3=42'7VDWPJNJVLQJOHGRVH
&/3=42'7VDWPJNJVLQJOHGRVH
&/3=42'7VDWPJNJVLQJOHGRVH
&/3=42'7VDWPJNJVLQJOHGRVH
$IWHUSDWLHQWVIURPHDFKRIWKHFRKRUWV&WR&DUHWUHDWHGWKH
DFXWHKRXUVDIHW\GDWDRIDOOJURXSVZLOOEHVXPPDUL]HGDQG
HYDOXDWHGE\WKH60&WRGHFLGHRQLQFOXVLRQRIWKHWKDUP&
&ZLOOEHLQFOXGHGLQWKHUDQGRPLVDWLRQVFKHPHRQO\DIWHU60&
DSSURYDOZKLOHUDQGRPLVDWLRQIRUWKHRWKHUJURXSVFDQFRQWLQXHWR
VXEMHFWVSHUDUP
3DUWZLOOUXQDIWHUDOOVXEMHFWVLQ3DUW&&KDYHFRPSOHWHG
DQG DUH UHYLHZHG E\ WKH 60& $ FRKRUW ZLWK LQIDQWV RI 
PRQWKVLQIHFWHGZLWKS. mansoni&DQGDFRKRUWZLWKLQIDQWVRI
PRQWKVLQIHFWHGZLWKS. mansoni&ZLOOEHHQUROOHGLQDQ
DJHVWDJJHUHGDSSURDFK
,QIDQWVLQFRKRUW&ZLOOEHWUHDWHGZLWKUDF3=4RU/3=42'7V
DWWKHRSWLPDOGRVHOHYHOVHOHFWHGE\60&IURP3DUWEDVHGRQ
EHQHILWVULVNVHYDOXDWLRQ,QDGGLWLRQDPDWXUDWLRQIDFWRUZLOODOVR
EHLQFOXGHGLIDSSOLFDEOHWRGHFLGHRQWKHGRVHIRUWKHVHLQIDQWV
$IWHULQIDQWVDJHWRPRQWKVKDYHEHHQHQUROOHGWKHRYHUDOO
VDIHW\DQGHIILFDF\GDWDLQWKHVHSDWLHQWVZLOOEHHYDOXDWHGE\WKH
60& IRU WKH GHFLVLRQ WR LQFOXGH WKH ORZHU DJH JURXS RI LQIDQWV
FRKRUW&60&ZLOODOVRGHFLGHZKHWKHUGRVHOHYHODGDSWDWLRQV
DUHQHHGHGEHIRUHVWDUWLQJHQUROOLQJ&

3ODQQHGQXPEHURI
VXEMHFWV
7RWDO QXPEHU RI VXEMHFWV  LI & LV LQFOXGHG HQUROOHG
VXEMHFWVLQ3DUWDQGHQUROOHGVXEMHFWVLQ3DUW
1XPEHURIVXEMHFWVSHUWUHDWPHQWDUP
3DUWHQUROOHGVXEMHFWVLQHDFKFRKRUW&WR&


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\






3DUW HQUROOHGVXEMHFWVLQWKHPRQWKVFRKRUW&

HQUROOHGVXEMHFWVLQWKHPRQWKVFRKRUW&

3ULPDU\HQGSRLQW

&OLQLFDOFXUHGHILQHGDVQRSDUDVLWHHJJVLQWKHVWRROVS. mansoni
LQIHFWLRQVGD\VDIWHUWUHDWPHQW(JJFRXQWVZLOOEHGHWHUPLQHG
E\WKH.DWR.DW]PHWKRG
6HFRQGDU\HQGSRLQWV
(IILFDF\HQGSRLQWV
x (JJ5HGXFWLRQ5DWH(55FDOFXODWHGEDVHGRQWKHDULWKPHWLF
DQGJHRPHWULFPHDQHJJFRXQWSHUJUDPRIVWRROHSJEHIRUH
DQG  GD\V DIWHU WUHDWPHQW DV GHWHUPLQHG E\ .DWR.DW]
PHWKRG
x &XUH GHILQHG DV DEVHQFH RI SDUDVLWH DQWLJHQV LQ WKH XULQH DV
DVVHVVHG E\ WKH FRPPHUFLDOO\ DYDLODEOH 32&&&$ WHVW IRU S. 
mansoni
6DIHW\DQGWROHUDELOLW\HQGSRLQWV
x &KDQJHVLQODERUDWRU\VDIHW\SDUDPHWHUVDQGYLWDOVLJQVERG\
WHPSHUDWXUHEORRGSUHVVXUHDQGSXOVHUDWH
x 2FFXUUHQFHQDWXUHVHYHULW\DQGRXWFRPHRIDGYHUVHHYHQWV
x 2FFXUUHQFHRI$GYHUVH'UXJ5HDFWLRQVSHUWUHDWPHQWJURXS
3KDUPDFRNLQHWLFV
2ULJLQDOO\D3.SURILOHRI/3=4'3=4DQGUDF3=4$8&W
&PD[WPD[WODJ$8&$8&H[WUDWòȜ]&/IDQG9])ZDVWREH
SURGXFHGIROORZHGE\DVVHVVPHQWLQRIWKHVXEMHFWVRIFRKRUWV
&&ZLWKDULFKVDPSOLQJVFKHPHDQGLQRIWKHVXEMHFWVZLWK
DVSDUVHVDPSOLQJVFKHPH
)XUWKHU 3. ZRXOG KDYH EHHQ DVVHVVHG LQ DOO VXEMHFWV RI 3DUW 
FRKRUWV&DQG&ZLWKDULFKVDPSOLQJVFKHPH'XHWRWHFKQLFDO
FKDOOHQJHVLQWKHSUHSDUDWLRQRIWKH3.VDPSOHVLWZDVGHFLGHGE\
WKH6SRQVRUWKDWQR3.YDULDEOHFDOFXODWLRQVZLOOEHGRQH7KHGDWD
ZLOORQO\EHOLVWHGDQGQRWDQDO\VHG
7KHSODQQHG3.DQDO\VLVLVSHQGLQJUHVROXWLRQRIWHFKQLFDOSUREOHPV
ZLWKSUHYLRXVO\YDOLGDWHG'%6ELRDQDO\WLFDODVVD\'HSHQGLQJRQ
WKH RXWFRPH WKH 3. GDWD PD\ SRWHQWLDOO\ MXVW EH OLVWHG DQG QRW
DQDO\VHG
'LDJQRVLV
6FUHHQLQJGLDJQRVLVRIS. mansoni LQIHFWLRQZLOOEHGRQHXVLQJD
VLQJOH32&&&$XULQHFDVVHWWHWHVW%ULHIO\RQHXULQHVDPSOHZLOO
EHFROOHFWHGIURPHDFKVXEMHFWDQGHYDOXDWHGZLWKDFRPPHUFLDOO\
DYDLODEOH32&&&$FDVVHWWHWHVW
6XEMHFWV ZKR DUH SRVLWLYH IRU 32&&&$ WHVW ZLOO SURYLGH VWRRO
VDPSOHVWRDVVHVVLQIHFWLRQLQWHQVLW\XVLQJWKH.DWR.DW]PHWKRG


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\






6XEMHFWVZLOOEHWHVWHGIRUS. haematobium LQRUGHUWRH[FOXGHS. 
mansoni/S. haematobium FRLQIHFWLRQV
.DWR.DW]GLDJQRVLVRIS. mansoni LQIHFWLRQWZRVWRROVDPSOHVZLOO
EHFROOHFWHGIURPHDFKVXEMHFWRQGLIIHUHQWGD\VZLWKLQDPD[LPXP
RIILYHGD\VDWVFUHHQLQJDVEDVHOLQHDQGGD\VDIWHUGRVLQJ
IRUWUHDWPHQWHIILFDF\DVVHVVPHQW7KUHH.DWR.DW]WKLFNVPHDUV
PJZLOOEHSUHSDUHGIURPHDFKVWRROVDPSOHDQGUHDGXQGHUD
PLFURVFRSHIROORZLQJWKHLQVWUXFWLRQVRIWKH.DWR.DW]PDQXDOIURP
WKH:RUOG+HDOWK2UJDQL]DWLRQ,QIHFWLRQLQWHQVLW\H[SUHVVHGDVHJJ
FRXQWSHUJUDPRIVWRROHSJZLOOEHFDOFXODWHGIRUHDFKS. mansoni
SRVLWLYHGLDJQRVLVLVGHILQHGDVSRVLWLYHHJJFRXQWVRI S. mansoniLQ
VWRRO!HJJRFFDVLRQDFFRUGLQJWRWKH:+2FODVVLILFDWLRQOLJKW
HJJVSHU JUDP RI IDHFHVPRGHUDWH PJHJJVSHU
JUDP RI IDHFHV DQG KHDY\   HJJV SHU JUDP RI IDHFHV
LQIHFWLRQV
'LDJQRVLV RI S. haematobium LQIHFWLRQ ZLOO EH PDGH E\ XULQH
H[DPLQDWLRQXVLQJWKHILOWUDWLRQWHFKQLTXH2QHXULQHVDPSOHZLOOEH
FROOHFWHGIURPHDFKVXEMHFWDWVFUHHQLQJPORIXULQHVDPSOHV
ZLOOEHILOWHUHGWKURXJKDILOWHUPHVKZKLFKZLOOEHWKHQH[DPLQHG
XQGHU WKH PLFURVFRSH IRU S. haematobium HJJ FRXQW.
S. 
haematobiumSRVLWLYHGLDJQRVLVLVGHILQHGDVSRVLWLYHHJJFRXQWVRI
S. haematobiumLQXULQHHJJPORIXULQH

6DPSOH6L]H5DQGRPLVDWLRQ

6DPSOH6L]H
3DUWWKLVVWXG\LVH[SORUDWRU\7KHUHLVQRK\SRWKHVLVWHVWLQJ
7KHVDPSOHVL]HLVEDVHGRQWKHPLQLPXPQXPEHURIVXEMHFWVWRUHDFKDPHDQLQJIXOSUHFLVLRQRI
WKHSULPDU\HIILFDF\HQGSRLQWHVWLPDWHFXUHUDWHLQHDFKDUPFRQVLGHULQJWKHVWUDWLILFDWLRQIDFWRU
7KHUHDUHOLPLWHGKLVWRULFDOGDWDRQWKHLPSDFWRIWKHVHYHULW\RILQIHFWLRQRQWKHREVHUYHGFXUH
UDWH,QWKHUHFHQWVWXG\E\.HLVHUHWDOXQSXEOLVKHGGDWDWKHREVHUYHGFXUHUDWHLQS. mansoni
LQIHFWHGFKLOGUHQYDULHGEHWZHHQDQGLQPRGHUDWHO\LQIHFWHGFKLOGUHQDQGDQG
LQOLJKWLQIHFWHGFKLOGUHQGHSHQGLQJRQWKHGRVH7KHWDEOHEHORZSUHVHQWVWKHRYHUDOOFXUHUDWH
SURMHFWLRQVDFFRUGLQJWRGLIIHUHQWDVVXPSWLRQVRIWUXHFXUHUDWHLQPLOGORZDQGPRGHUDWHO\
LQIHFWHGFKLOGUHQ


2YHUDOOFXUHUDWH&,
1 
$VVXPSWLRQVRI&XUH5DWHLQ/LJKW,QIHFWLRQV






06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\






$VVXPSWLRQVRI
&XUH5DWHLQ
0RGHUDWH+HDY\
,QIHFWLRQV




































$PLQLPXPFOLQLFDOPHDQLQJIXOFXUHUDWHLVFRQVLGHUHGDVHTXDOWR:LWKHYDOXDEOHSDWLHQWV
HQUROOHGVWUDWLILHGDVPRGHUDWHKHDY\DQGOLJKWWKHFRUUHVSRQGLQJ&,ORZHUERXQG
RIDQREVHUYHGFXUHUDWHRIZRXOGEHDERYHaGHSHQGLQJRQSRWHQWLDOGLIIHUHQFHEHWZHHQ
WKHVWUDWD7KLVVDPSOHVL]HZRXOGDOVRSURYLGHWKHPLQLPXPQXPEHURIVXEMHFWVWRHVWLPDWHWKH
FXUHUDWHZLWKLQVWUDWD
&RQVLGHULQJWKHHIILFDF\FULWHULDIRUWKHVHOHFWLRQRIWKHGRVHREVHUYHGFXUHUDWH!WKURXJK
VLPXODWLRQVWKHWDEOHEHORZSUHVHQWVWKHSUREDELOLW\RIREVHUYLQJDQRYHUDOOFXUHUDWH! 
EDVHGRQGLIIHUHQWVFHQDULRVRIWUXHFXUHUDWHVEDVHGRQGLIIHUHQWVWUDWDDVVXPLQJDVWUDWLILFDWLRQ
RIPRGHUDWHKHDY\LQIHFWLRQVDQGOLJKWLQIHFWLRQV
3UREDELOLW\RIREVHUYLQJD
FXUHUDWH! 1 
$VVXPSWLRQVRI&XUH5DWHLQ/LJKW,QIHFWLRQV




$VVXPSWLRQVRI
&XUH5DWHLQ
0RGHUDWH+HDY\
,QIHFWLRQV




















)RULQVWDQFHDVDPSOHVL]HRIHYDOXDEOHVXEMHFWVSURYLGHVDSUREDELOLW\RIDURXQGWR
REVHUYHDFXUHUDWHRI! LIWKHRYHUDOOWUXHFXUHUDWHLVZLWKRIPRGHUDWHKHDY\DQG
RIOLJKWLQIHFWLRQV
$VVXPLQJDQDSSUR[LPDWHO\GURSRXWUDWHVXEMHFWVSHUDUPZLOOEHUDQGRPL]HGWRHQVXUH
DWOHDVWHYDOXDEOHVXEMHFWVSHUDUP
3DUWVXEMHFWVLQIHFWHGZLWKS. mansoniDJHGWRPRQWKV&DQGVXEMHFWVLQIHFWHG
ZLWKS. mansoniDJHGWRPRQWKV&ZLOOEHLQFOXGHGWRHYDOXDWHWROHUDELOLW\DQGHIILFDF\

5DQGRPLVDWLRQ
3DUW7UHDWPHQWDOORFDWLRQZLOOEHUDQGRPDQGEDODQFHGDWDUDWLRRI5DQGRPLVDWLRQ
ZLOOEHVWUDWLILHGE\WKHLQIHFWLRQVHYHULW\PRGHUDWHKHDY\DQGOLJKWLQIHFWLRQV$IWHU
VXEMHFWVDUPDUHUDQGRPL]HGWKH60&ZLOOGHFLGHRQWKHLQFOXVLRQRIWKHWKDUP


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\






5DQGRPLVDWLRQZLOOFRQWLQXHIRUDUPV&&DWDUDWLRRIXQWLOVXEMHFWVDUPDUH
UDQGRPL]HG
,IWKH&DUPLVLQFOXGHGUDQGRPLVDWLRQZLOOFRQWLQXHZLWKDQDOORFDWLRQUDWLRRI
XQWLO DWRWDO RIVXEMHFWVDUPDUHUDQGRPL]HGLQ WKHDUPV,I&DUP LV QRW LQFOXGHGWKH
DOORFDWLRQUDWLRZLOOUHPDLQWKHVDPHXQWLODWRWDORIVXEMHFWVDUPDUHUDQGRPL]HG
LQWKHDUPVDVVKRZQEHORZ

5DQGRPLVDWLRQOLVWVLQGLFDWLQJDUDQGRPLVDWLRQQXPEHUDQGZKLFKWUHDWPHQWLVWREHJLYHQZLOOEH
SURGXFHGSULRUWRWKHVWDUWRIWKHWULDOE\WKHVWDWLVWLFLDQDWWKH

%DVHG RQ WKH UDQGRPLVDWLRQ OLVWV VHTXHQWLDOO\ QXPEHUHG VHDOHG HQYHORSHV ZKLFK FRQWDLQ D
UDQGRPLVDWLRQQXPEHUDQGWKHWUHDWPHQWDOORFDWLRQZLOOEHSUHSDUHG7KHVHDOHGUDQGRPLVDWLRQ
HQYHORSHV ZLOO ORRN LGHQWLFDO DQG ZLOO EH NHSW LQ D ORFNHG FXSERDUG WR ZKLFK RQO\ WKH VWXG\
SKDUPDFLVWZLOOKDYHDFFHVV
3DUW7KHUHLVQRUDQGRPLVDWLRQLQWKLVSDUW

2YHUYLHZRI3ODQQHG$QDO\VHV
7KHDQDO\VHVZLOOWDNHSDUWLQDVWDJJHUHGPDQQHUIRUWKHGLVWLQFWSDUWVRIWKHVWXG\HDFKSDUWEHLQJ
VHOIFRQWDLQHG6HSDUDWHDSSHQGLFHVRIWKH6$3ZLOOFRYHULQWHULPDQDO\VHVIRUSHULRGLFVDIHW\
UHYLHZE\WKH60&$QRYHUYLHZRIWKHSODQQHGDQDO\VHVLVSURYLGHGEHORZLQWKHRUGHULQZKLFK
WKHDQDO\VHVZRXOGEHSHUIRUPHG

3DUW,QWHULP6DIHW\$QDO\VLV
&XWRIIIRUDQDO\VLVHQUROOHGVXEMHFWVIURPHDFKRIWKHFRKRUWV&WR&ZLWKDFXWHKRXUV
SRVWGRVHVDIHW\GDWD
5HVSRQVLEOHSDUW\

PPD
PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\






$VDIHW\DFXWH$(RQO\DQDO\VLVLVSODQQHGLQ3DUWDIWHUVXEMHFWVIURPHDFKRIWKHWUHDWPHQW
DUPV & WR & DUH WUHDWHG 7KH DFXWH  KRXU VDIHW\ GDWD RI DOO VL[ WUHDWPHQW DUPV ZLOO EH
VXPPDUL]HGSHUHDFKWUHDWPHQWDUPDQGWKHGHVFULSWLYHRXWSXWHYDOXDWHGE\WKH60&WRGHFLGH
WKHLQFOXVLRQRIWKHWKDUP&2XWSXWWREHLQFOXGHGLQWKH60&GDWDUHSRUWLVGHWDLOHGLQ
$SSHQGL[&RIWKH60&FKDUWHU60&'HFLVLRQ
1RDGMXVWPHQWIRUPXOWLSOLFLW\ZLOOEHPDGHIRUDQ\VDIHW\DQDO\VHV$QDO\VLVUHVXOWVZLOOEHVKDUHG
ZLWKWKH60&SULRUWRWKHILUVWVFKHGXOHG60&PHHWLQJ

3DUW)LQDO$QDO\VLV
&XWRIIIRUDQDO\VLV'DWDIRUDOOVXEMHFWVLQ3DUWLVDYDLODEOH
5HVSRQVLEOHSDUWLHV
0HUFN.*D$
$WWKHHQGRI3DUWWKHILQDODQDO\VLVRI3DUWZLOOEHFRQGXFWHGRQFOHDQVDIHW\DQGHIILFDF\
GDWD7KH60&ZLOODVVHVVWKHGDWD60&'HFLVLRQDQGVDIHW\DQGHIILFDF\WRUHFRPPHQG
DQRSWLPDO2'7GRVH/3=4RUUDF3=4IRU3DUW
'XHWRWHFKQLFDOFKDOOHQJHVLQWKHSUHSDUDWLRQRIWKH3.VDPSOHV3.DQDO\VLVPD\EHDEDQGRQHG
LQZKLFKFDVHWKHGDWDZLOORQO\EHOLVWHG
$OO SULPDU\ VHFRQGDU\ HQGSRLQWV DQG VDIHW\ HQGSRLQWV ZLOO EH DQDO\VHG 1R DGMXVWPHQW IRU
PXOWLSOLFLW\ZLOOEHPDGH$QDO\VLVUHVXOWVZLOOEHVKDUHGZLWKWKH60&SULRUWRWKHQH[WVFKHGXOHG
60&PHHWLQJ

3DUW,QWHULP6DIHW\(IILFDF\$QDO\VLV
&XWRIIIRUDQDO\VLVVXEMHFWVLQ3DUWZLWKFRPSOHWHVDIHW\DQGHIILFDF\GDWD
5HVSRQVLEOHSDUWLHV
0HUFN.*D$
3DUWRIWKHVWXG\ZLOODOVRLQFOXGHD60&LQWHULPVDIHW\DQDO\VLV$IWHUWRLQIDQWVRIWR
 PRQWKV KDYH EHHQ HQUROOHG WKH RYHUDOO VDIHW\ DQG HIILFDF\ GDWD LQ WKHVH FKLOGUHQ ZLOO EH
HYDOXDWHGE\WKH60&IRUWKHGHFLVLRQWRLQFOXGHWKHORZHUDJHJURXSFRKRUW&'XHWRWKHORZ
QXPEHURIVXEMHFWVDQGWKHH[SHFWHGKLJKYDULDELOLW\LQWKH3.WKH3.GDWDIURPWKHVHLQIDQWVDUH
QRWPDQGDWRU\IRUWKHGHFLVLRQWRLQFOXGH&60&ZLOODOVRGHFLGHZKHWKHUGRVHOHYHODGDSWDWLRQV
DUHQHHGHGEHIRUHVWDUWLQJWRHQURO&
$OOSULPDU\VHFRQGDU\HQGSRLQWVDQGVDIHW\HQGSRLQWVZLOOEHDQDO\VHG7KHVPDOOVDPSOHVL]HRI
WKLV SDUW RI WKH WULDO OLPLWV WKH DSSOLFDELOLW\ RI LQIHUHQWLDO VWDWLVWLFV )RU WKLV UHDVRQ DQG WKH
H[SORUDWRU\QDWXUHRIWKLVSDUWRIWKHWULDOQRDGMXVWPHQWIRUPXOWLSOLFLW\ZLOOEHPDGH$QDO\VLV
UHVXOWV ZLOOEHVKDUHGZLWKWKH60&SULRUWR WKHQH[W VFKHGXOHG60&PHHWLQJ 2XWSXW WR EH
LQFOXGHGLQWKH60&GDWDUHSRUWLVGHWDLOHGLQ$SSHQGL[&RIWKH60&FKDUWHU60&'HFLVLRQ
PPD
PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\







)LQDO$QDO\VLVRI7ULDO'DWD
&XWRIIIRUDQDO\VLV)LQDOGDWDEDVHORFN
5HVSRQVLEOHSDUWLHV
0HUFN.*D$
)ROORZLQJFRPSOHWLRQRI3DUWRIWKHWULDOWKHILQDOWULDODQDO\VHVLGHQWLILHGLQWKLV6$3ZLOOEH
SHUIRUPHGRQO\DIWHUWKHODVWVXEMHFWKDVFRPSOHWHGWKHWUHDWPHQWSKDVHRIWKHWULDOZLWKDOOWULDO
GDWDLQKRXVHDOOGDWDTXHULHVUHVROYHGDQGWKHGDWDEDVHORFNHG$GDWDUHYLHZPHHWLQJZLOOEH
KHOG SULRU WR GDWDEDVH ORFN ,Q DGGLWLRQ QR GDWDEDVH FDQ EH ORFNHG XQWLO WKLV 6$3 KDV EHHQ
DSSURYHG
$OOSULPDU\VHFRQGDU\HQGSRLQWVDQGVDIHW\HQGSRLQWVZLOOEHDQDO\VHG7KHVPDOOVDPSOHVL]HRI
WKLV SDUW RI WKH WULDO OLPLWV WKH DSSOLFDELOLW\ RI LQIHUHQWLDO VWDWLVWLFV )RU WKLV UHDVRQ DQG WKH
H[SORUDWRU\QDWXUHRIWKLVSDUWRIWKHWULDOQRDGMXVWPHQWIRUPXOWLSOLFLW\ZLOOEHPDGH

&KDQJHVWRWKH3ODQQHG$QDO\VHVLQWKH&OLQLFDO7ULDO
3URWRFRO
7KHVWDWLVWLFDOPHWKRGVDVGHVFULEHGLQWKHSURWRFROZHUHDGRSWHG

3URWRFRO'HYLDWLRQVDQG$QDO\VLV6HWV

'HILQLWLRQRI3URWRFRO'HYLDWLRQVDQG$QDO\VLV6HWV
,PSRUWDQW SURWRFRO GHYLDWLRQV DUH SURWRFRO GHYLDWLRQV WKDW PLJKW VLJQLILFDQWO\ DIIHFW WKH
FRPSOHWHQHVVDFFXUDF\DQGRUUHOLDELOLW\RIWKHVWXG\GDWDRUWKDWPLJKWVLJQLILFDQWO\DIIHFWD
VXEMHFW
VULJKWVVDIHW\RUZHOOEHLQJ
,PSRUWDQWSURWRFROGHYLDWLRQVLQFOXGH
x 6XEMHFWV WKDW DUH GRVHG RQ WKH VWXG\ GHVSLWH QRW VDWLVI\LQJ WKH HOLJLELOLW\ FULWHULD LH DQ\
LQFOXVLRQH[FOXVLRQFULWHULDYLRODWLRQV
x 6XEMHFWVWKDWGHYHORSZLWKGUDZDOFULWHULDZKLOVWRQWKHVWXG\EXWDUHQRWZLWKGUDZQ
x 6XEMHFWVWKDWUHFHLYHWKHLQFRUUHFWWUHDWPHQWRUDQLQFRUUHFWGRVH
x 'HYLDWLRQIURP*&3
7KHIROORZLQJGHYLDWLRQVZLOOEHLGHQWLILHGDQGFRQILUPHGSULRUWRRUDWWKH'DWD5HYLHZ0HHWLQJ
DWWKHODWHVW
x ,PSRUWDQWSURWRFROGHYLDWLRQVLQFOXGH
x 6XEMHFWVWKDWUHFHLYHDQ\SURKLELWHG PHGLFDWLRQVIRRGVIOXLGVDVRXWOLQHGLQVHFWLRQV
DQGRIWKHSURWRFROVHH$SSHQGL[%IRUIXUWKHUJXLGDQFH
x $Q\PLVVHGGRVHVRI,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW,03
x 9RPLWLQJZLWKLQWKHILUVWKRXURI,03DGPLQLVWUDWLRQ
x $Q\ PHGLFDO FRQGLWLRQ WKDW PD\ PRGLI\ WKH SKDUPDFRNLQHWLF SURILOH RI WKH ,03 RU
FRPSURPLVHWKHQDWXUDOLPPXQLW\RIWKHVXEMHFW
PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\






x 6WRRODQGXULQHVDPSOHVUHTXLUHGIRUDVVHVVLQJWKHDQ\RIWKHVWXG\HQGSRLQWDUHPLVVLQJ
RUFROOHFWHGRXWRIZLQGRZ
x 6XEVHWV RI WKHVH LPSRUWDQW SURWRFRO GHYLDWLRQV DUH FOLQLFDOO\ LPSRUWDQW LI OHDGLQJ WR WKH
H[FOXVLRQRIDVXEMHFWIURPDQDQDO\VLVVHWVHHVHFWLRQ
,PSRUWDQWSURWRFROGHYLDWLRQVVKRXOGEHGRFXPHQWHGLQWKH6'70'9GDWDVHWZKHWKHULGHQWLILHG
WKURXJKVLWHVPRQLWRULQJPHGLFDOUHYLHZRUSURJUDPPLQJ,PSRUWDQWSURWRFROGHYLDWLRQVZLOOEH
LGHQWLILHGE\SURJUDPPLQJDQGDOOFOLQLFDOO\LPSRUWDQWSURWRFROGHYLDWLRQVQHHGWREHLQOLVWLQJV
DQGGHVFULEHGLQDQDSSHQGL[RIWKH&65

'HILQLWLRQRI$QDO\VLV6HWVDQG6XEJURXSV
6FUHHQLQJ$QDO\VLV6HW6&5
7KHVFUHHQLQJDQDO\VLVVHWLQFOXGHVDOOVXEMHFWVZKRVLJQHGWKHLQIRUPHGFRQVHQW
0RGLILHG,QWHQWLRQWR7UHDW6HWP,77
0RGLILHGLQWHQWLRQWRWUHDWP,77SRSXODWLRQRUDQDO\VLVVHWLQFOXGHVDOOUDQGRPL]HGVXEMHFWVZKR
KDYH EDVHOLQH PHDVXUHPHQW ,Q ERWK SDUWV  DQG  FKLOGUHQ ZKR UHTXLUH PDODULD WUHDWPHQW
IROORZLQJ,03DGPLQLVWUDWLRQZLOOQRWEHLQFOXGHGLQWKHP,77DQDO\VLVVHW
6DIHW\$QDO\VLV6HW6$)
6DIHW\DQDO\VLVVHWLQFOXGHVDOOVXEMHFWVZKRKDYHUHFHLYHGDWOHDVWRQHGRVHRIWUHDWPHQW
3HU3URWRFRO$QDO\VLV6HW33
3HUSURWRFRODQDO\VLVVHWLQFOXGHVDOOVXEMHFWVWKDWFRQVWLWXWHWKHP,77SRSXODWLRQZLWKDWOHDVWRQH
SRVWEDVHOLQHPHDVXUHPHQWDQGQRFOLQLFDOO\LPSRUWDQWSURWRFROGHYLDWLRQVLQFOXGLQJ
x ,QFOXVLRQH[FOXVLRQYLRODWLRQV
x 6XEMHFWVWKDWGHYHORSZLWKGUDZDOFULWHULDZKLOVWRQWKHVWXG\EXWDUHQRWZLWKGUDZQ
x 6XEMHFWVWKDWUHFHLYHWKHLQFRUUHFWWUHDWPHQW
x 6XEMHFWVWKDWUHFHLYHDQ\SURKLELWHGPHGLFDWLRQVIRRGVIOXLGVDVRXWOLQHGLQVHFWLRQV
DQGRIWKHSURWRFRO
x $Q\PLVVHGGRVHVRI,03
x $Q\ PHGLFDO FRQGLWLRQ WKDW PD\ PRGLI\ WKH SKDUPDFRNLQHWLF SURILOH RI WKH ,03 RU
FRPSURPLVHWKHQDWXUDOLPPXQLW\RIWKHVXEMHFW
x (QGRIVWXG\VWRRO&&VDPSOHVUHTXLUHGIRUDVVHVVLQJWKHSULPDU\HQGSRLQWDUHPLVVLQJ
RUFROOHFWHGRXWRIZLQGRZDVGHVFULEHGLQVHFWLRQRIWKLV6$3
3.$QDO\VLV
'XHWRWHFKQLFDOFKDOOHQJHVLQWKHSUHSDUDWLRQRIWKH3.VDPSOHV3.DQDO\VLVPD\EHDEDQGRQHG
LQZKLFKFDVHWKHGDWDZLOORQO\EHOLVWHG


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\






6XEJURXSGHILQLWLRQDQGSDUDPHWHUL]DWLRQ
6XEJURXSDQDO\VHVZLOOEHSHUIRUPHGRQVXEJURXSVDVGHILQHGEHORZ
7KHILQDOSDUDPHWHUL]DWLRQZLOOEHXSGDWHGDQGIL[HGDWWKH'DWD5HYLHZ0HHWLQJDWWKHODWHVWDQG
GRFXPHQWHGLQDQDPHQGPHQWWRWKLV6$3LIGLIIHUHQWIURPWKHIROORZLQJGHILQLWLRQ
7KHIROORZLQJVXEJURXSVZLOOEHGHILQHG
x $JHVRPHDJHUDQJHVPD\QRWEHDSSOLFDEOHGHSHQGLQJRQFHUWDLQWULDODGDSWDWLRQV
3DUW
x \HDUVDJH\HDUV
x \HDUVDJH\HDUV5HI
3DUW
x PRQWKVDJHPRQWKV
x PRQWKVDJHPRQWKV5HI

x *HQGHU
x 0DOH5HI
x )HPDOH

x 6HYHULW\RILQIHFWLRQDVDVVHVVHGDW3UHVFUHHQLQJ>'WR'@
x S. mansoni LQIHFWLRQ
o /LJKWLQIHFWLRQHJJVSHUJUDPRIIDHFHV5HI
o 0RGHUDWHKHDY\LQIHFWLRQHJJVSHUJUDPRIIHDFHV

x 7UHDWPHQWJURXS
x %LOWULFLGH[PJNJWLG
x %LOWULFLGHPJNJVLQJOHGRVH5HI
x UDF3=42'7[PJNJVLQJOHGRVH
x UDF3=42'7[PJNJVLQJOHGRVH
x /3=42'7[PJNJVLQJOHGRVH
x /3=42'7[PJNJVLQJOHGRVH
x /3=42'7[PJNJVLQJOHGRVH

x 7ULDOFHQWHUFRXQWU\
x

x


PPD
PPD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\







*HQHUDO6SHFLILFDWLRQVIRU6WDWLVWLFDO$QDO\VHV
$OODQDO\VHVZLOOEHSHUIRUPHGXVLQJ6$66RIWZDUHYHUVLRQRUKLJKHU8QOHVVRWKHUZLVH
LQGLFDWHGDOODQDO\VHVZLOOEHSUHVHQWHGE\WUHDWPHQWJURXS
'DWDKDQGOLQJDIWHUFXWRIIGDWH
'DWDRWKHUWKDQWKHGDWHRIGHDWKDQGWKHGDWHODVWNQRZQWREHDOLYHREWDLQHGDIWHUWKHFXWRIIZLOO
QRWEHGLVSOD\HGLQDQ\OLVWLQJVRUXVHGIRUVXPPDU\VWDWLVWLFVHJODERUDWRU\YDOXHVRIVDPSOHV
WDNHQDIWHUGDWDFXWRII$(VZLWKRQVHWGDWHDIWHUGDWDFXWRIIHWFZLOOQRWEHLQFOXGHGLQDQ\
DQDO\VLVRUOLVWLQJ
6LJQLILFDQFHOHYHO
$OOVWDWLVWLFDOWHVWVPHQWLRQHGLQWKLV6$3DUHWREHUHJDUGHGDVH[SORUDWRU\$OOVWDWLVWLFDOWHVWV
FRPSDULQJ WUHDWPHQW DUPV ZLOO EH SHUIRUPHG WZRVLGHG ,I FRQILGHQFH LQWHUYDOV DUH WR EH
FDOFXODWHG WKHVH ZLOO EH WZRVLGHG ZLWK D FRQILGHQFH SUREDELOLW\ RI  XQOHVV RWKHUZLVH
VSHFLILHGLQWKLV6$3
3UHVHQWDWLRQRIFRQWLQXRXVDQGTXDOLWDWLYHYDULDEOHV
&RQWLQXRXVYDULDEOHVZLOOEHVXPPDUL]HGXVLQJWKHIROORZLQJGHVFULSWLYHVWDWLVWLFVLH
x QXPEHURIVXEMHFWV1QXPEHURIVXEMHFWVZLWKQRQPLVVLQJYDOXHV
x PHDQVWDQGDUGGHYLDWLRQ
x PHGLDQWK3HUFHQWLOHWK3HUFHQWLOH44
x PLQLPXPDQGPD[LPXP
4XDOLWDWLYHYDULDEOHVZLOOEHVXPPDUL]HGE\IUHTXHQF\FRXQWVDQGSHUFHQWDJHV
8QOHVVRWKHUZLVHVWDWHGWKHFDOFXODWLRQRISURSRUWLRQVZLOOEHEDVHGRQWKHQXPEHURIVXEMHFWVRI
WKH DQDO\VLV VHW RI LQWHUHVW 7KHUHIRUH FRXQWV RI PLVVLQJ REVHUYDWLRQV ZLOO EH LQFOXGHG LQ WKH
GHQRPLQDWRUDQGSUHVHQWHGDVDVHSDUDWHFDWHJRU\
,QFDVHWKHDQDO\VLVUHIHUVRQO\WRFHUWDLQYLVLWVSHUFHQWDJHVZLOOEHEDVHGRQWKHQXPEHURIVXEMHFWV
VWLOOSUHVHQWLQWKHWULDODWWKDWYLVLWXQOHVVRWKHUZLVHVSHFLILHG
7KHIROORZLQJFRQYHQWLRQVDUHDSSOLHGIRUUHSRUWLQJGHVFULSWLYHVWDWLVWLFVRIDOOFRQWLQXRXV
6WDWLVWLF
5HSRUWLQJFRQYHQWLRQ
0HDQ
2EVHUYHGGHFLPDOSODFH
6'6(0
2EVHUYHGGHFLPDOSODFH
0LQLPXP
2EVHUYHG
0HGLDQ
2EVHUYHGGHFLPDOSODFH
0D[LPXP
2EVHUYHG
&9
8SWRGHFLPDOSODFH
3RLQW(VWLPDWH
2EVHUYHGGHFLPDOSODFH


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\






&,
2EVHUYHGGHFLPDOSODFH
'HILQLWLRQRIEDVHOLQH
,QJHQHUDOWKHODVWQRQPLVVLQJPHDVXUHPHQWSULRUWRILUVW,03DGPLQLVWUDWLRQZLOOVHUYHDVWKH
EDVHOLQHPHDVXUHPHQW
'HILQLWLRQRISUHWUHDWPHQWYDOXH
1$
'HILQLWLRQRIGXUDWLRQ
,IUHTXLUHGGXUDWLRQZLOOEHFDOFXODWHGE\WKHGLIIHUHQFHRIVWDUWDQGVWRSGDWHLIQRWRWKHUZLVH
VSHFLILHG
7KHWLPHVLQFHDQHYHQWZLOOEHFDOFXODWHGDVUHIHUHQFHGDWHPLQXVGDWHRIHYHQW
&RQYHUVLRQIDFWRUV
7KHIROORZLQJFRQYHUVLRQIDFWRUVZLOOEHXVHGWRFRQYHUWGD\VLQWRPRQWKVRU\HDUV1 month = 
30.4375 days, 1 year = 365.25 days.
6WXG\ZLQGRZV
9LVLW
$FWLYLW\
7ULDOGD\
:LQGRZSHULRG
9LVLW
3UHVFUHHQLQJ
'D\WR'D\
WR
9LVLW
6FUHHQLQJ5DQGRPLVDWLRQ,03
DGPLQLVWUDWLRQ7UHDWPHQWSHULRG
'D\

9LVLW
(QGRIFRQILQHPHQW
'D\

9LVLW
)ROORZXS
'D\

9LVLW
)ROORZXS
'D\

9LVLW
(QGRIVWXG\
'D\WR'D\
WR
+DQGOLQJRIPLVVLQJGDWD
8QOHVVRWKHUZLVHVSHFLILHGPLVVLQJGDWDZLOOQRWEHUHSODFHG
,QDOOVXEMHFWGDWDOLVWLQJLPSXWHGYDOXHVZLOOEHSUHVHQWHG,QDOOOLVWLQJVLPSXWHGLQIRUPDWLRQ
ZLOOEHIODJJHG
0LVVLQJVWDWLVWLFVHJZKHQWKH\FDQQRWEHFDOFXODWHGVKRXOGEHSUHVHQWHGDV³QG´)RUH[DPSOH
LIQ WKHPHDVXUHRIYDULDELOLW\6'FDQQRWEHFRPSXWHGDQGVKRXOGEHSUHVHQWHGDV³QG´


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\






:KHUHWDEOHVDUHSUHVHQWHGRYHUWLPHWKHWRWDORIPLVVLQJDQGQRQPLVVLQJREVHUYDWLRQVDWHDFK
WLPHSRLQWVKRXOGUHIOHFWWKHSRSXODWLRQVWLOOLQWKHWULDODWWKDWWLPH7KLVGRHVQRWDSSO\ZKHQ
LPSXWDWLRQVDUHPDGHEH\RQGWULDOZLWKGUDZDO)RUH[DPSOHLIDVXEMHFWLVVWLOOLQWKHWULDODWWKH
WLPHSRLQWEXWZLWKPLVVLQJGDWDLWVKRXOGEHFRXQWHGLQWKHQXPEHURIPLVVLQJREVHUYDWLRQV
7ULDOGD\7UHDWPHQWGD\DUHGHILQHGUHODWLYHWRWKHGDWHRIVWDUWRIWUHDWPHQW7ULDOGD\GHILQHV
WKHGD\RIUDQGRPLVDWLRQWKHGD\EHIRUHLVGHILQHGDV7ULDOGD\±QR7ULDOGD\LVGHILQHG
7UHDWPHQWGD\ZLOOEHFDOFXODWHGDFFRUGLQJO\LHWUHDWPHQWGD\LVGHILQHGDVWKHGDWHRIILUVW
DGPLQLVWUDWLRQRI,03WRDQ\RQHRIWKHVWXG\FRKRUWV&&7UHDWPHQWGXUDWLRQZLOOEHRQHGD\
RQO\
,IUHTXLUHGIRUDQDQDO\VLVLQFRPSOHWHGDWHRUGDWHWLPHILHOGVZLOOEHLPSXWHGDVIROORZV
x 0LVVLQJVWDUWGDWHVZLOOGHIDXOWWRWKHILUVWGD\RIWKHPRQWKDQGILUVWPRQWKRIWKH\HDULI
PRQWKLVPLVVLQJVXEMHFWWRWKHIROORZLQJH[FHSWLRQV
o ,IDQG$(FRQFRPLWDQWPHGLFDWLRQSURFHGXUHVWDUWGDWHLVPLVVLQJDQGPRQWKLVWKHVDPH
DVWKHPRQWKRI,03DGPLQLVWUDWLRQWKHQWKHVWDUWGDWHZLOOGHIDXOWWRWKH,03VWDUWGDWH,I
WKHPRQWKLVGLIIHUHQWWKHVWDUWGDWHZLOOGHIDXOWWRWKHILUVWGD\RIWKHPRQWK
o ,IVWDUWGDWHDQGPRQWKLVPLVVLQJDQGVWRSGDWHLVQRWEHIRUHILUVW,03DGPLQLVWUDWLRQWKHQ
WKHVWDUWGDWHZLOOGHIDXOWWRWKH,03VWDUWGDWH
o ,IVWDUWGDWHDQGPRQWKDQGVWRSGDWHLVPLVVLQJWKHQWKHVWDUWGDWHZLOOGHIDXOWWRWKH,03
VWDUWGDWH
o 0LVVLQJVWDUWGDWHVIRUPHGLFDOKLVWRU\DQGPHGLFDWLRQVVWRSSHGSULRUWR,03DGPLQLVWUDWLRQ
ZLOOQRWEHLPSXWHG
x 0LVVLQJVWRSGDWHVZLOOGHIDXOWWRWKHODVWGD\RIWKHPRQWKDQGODVWPRQWKRIWKH\HDULIPRQWK
LVPLVVLQJVXEMHFWWRWKHIROORZLQJH[FHSWLRQV
o ,IVWRSGDWHLVPLVVLQJIRUDNQRZQPHGLFDOKLVWRU\SUHYLRXVPHGLFDWLRQWKHQWKHVWRSGDWH
ZLOOGHIDXOWWRWKH,03VWDUWGDWHGD\
o ,IVWRSGDWHDQGPRQWKLVPLVVLQJIRUDNQRZQPHGLFDOKLVWRU\SULRUPHGLFDWLRQWKHQWKH
VWRSGDWHZLOOGHIDXOWWRWKH,03VWDUWGDWHGD\
o ,IWKHVWRSGDWHDQGPRQWKIRUDFRQFRPLWDQWPHGLFDWLRQRU$(LVPLVVLQJLWZLOOGHIDXOWWR
WKHGD\RIODVWFRQWDFWZLWKWKHSDUWLFLSDQW
x 8QNQRZQWLPHVZLOOGHIDXOWWRVXEMHFWWRWKHIROORZLQJ
o ,IDQ$(FRQFRPLWDQWPHGLFDWLRQSURFHGXUHVWDUWWLPHLVPLVVLQJDQGGD\DQGPRQWKLVWKH
VDPHDVWKHGDWHRI,03DGPLQLVWUDWLRQWKHQWKHVWDUWWLPHZLOOGHIDXOWWRWKH,03VWDUW
WLPH,IWKHGD\RUPRQWKLVGLIIHUHQWWKHVWDUWWLPHZLOOGHIDXOWWR
o ,IVWDUWWLPHGDWHDQGPRQWKLVPLVVLQJDQGVWRSGDWHLVQRWEHIRUHILUVW,03DGPLQLVWUDWLRQ
WKHQWKHVWDUWGDWHWLPHZLOOGHIDXOWWRWKH,03VWDUWGDWHWLPH
o ,IVWDUWWLPHGDWHDQGPRQWKDQGVWRSGDWHLVPLVVLQJWKHQWKHVWDUWGDWHWLPHZLOOGHIDXOW
WRWKH,03VWDUWGDWHWLPH
o 0LVVLQJVWDUWGDWHVIRUPHGLFDOKLVWRU\DQGPHGLFDWLRQVVWRSSHGSULRUWR,03DGPLQLVWUDWLRQ
ZLOOQRWEHLPSXWHG
x 0LVVLQJ\HDUVZLOOQRWEHLPSXWHG


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\







7ULDO6XEMHFWV
7KH VXEVHFWLRQV LQ WKLV VHFWLRQ LQFOXGH VSHFLILFDWLRQV IRU UHSRUWLQJ VXEMHFW GLVSRVLWLRQ DQG
WUHDWPHQWWULDO GLVFRQWLQXDWLRQV $GGLWLRQDOO\ SURFHGXUHV IRU UHSRUWLQJ SURWRFRO GHYLDWLRQV DUH
SURYLGHG

'LVSRVLWLRQRI6XEMHFWVDQG'LVFRQWLQXDWLRQV
6XEMHFWGLVSRVLWLRQZLOOEHGHVFULEHGLQWHUPVRIWKHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVLQHDFKRI
WKHIROORZLQJGLVSRVLWLRQFDWHJRULHV
x 7RWDOQXPEHURIVXEMHFWVVFUHHQHGLHVXEMHFWVZKRJDYHLQIRUPHGFRQVHQW
x 1XPEHURIVXEMHFWVZKRGLVFRQWLQXHGIURPWKHWULDOSULRUWRUDQGRPLVDWLRQHQUROPHQWRYHUDOO
DQGJURXSHGE\WKHPDLQUHDVRQHJGLGQRWPHHWHOLJLELOLW\FULWHULDZLWKGUDZRIFRQVHQW
SURJUHVVLYHGLVHDVHHWF
x 1XPEHURIUDQGRPLVHGHQUROOHGVXEMHFWVRYHUDOODQGJURXSHGE\LQIHFWLRQVHYHULW\LHOLJKW
PRGHUDWHKHDY\FRKRUWDVZHOODVDQDO\VLVVHW
x 1XPEHURIUDQGRPLVHGHQUROOHGVXEMHFWVZKRGLVFRQWLQXHGWKHWULDODIWHUUDQGRPLVDWLRQ
HQUROPHQWRYHUDOODQGJURXSHGE\FRKRUWDVZHOODVPDLQUHDVRQIRUGLVFRQWLQXDWLRQHJ
DGYHUVHHYHQWORVWWRIROORZXSHWF
x 1XPEHURIUDQGRPLVHGHQUROOHGVXEMHFWVZKRFRPSOHWHGWKHWULDORYHUDOODQGJURXSHGE\
FRKRUW2QO\WKRVHVXEMHFWVZLWKEnd of StudyYLVLWVQRWGXHWRHDUO\ZLWKGUDZDOZLOOEH
FRQVLGHUHGDVVXEMHFWVZKRFRPSOHWHGWKHWULDO

3URWRFRO'HYLDWLRQV
,PSRUWDQW3URWRFRO'HYLDWLRQV
7KH IROORZLQJ VXPPDU\ WDEOHV DQG OLVWLQJV RI LPSRUWDQW SURWRFRO GHYLDWLRQV ZLOO EH SURYLGHG
VHSDUDWHO\IRUSUHSRVWHQUROPHQWGHYLDWLRQV
x )UHTXHQF\ WDEOH RI GHYLDWLRQV IURP HDFK FRKRUW JURXSHG E\ UHDVRQ RI LPSRUWDQW SURWRFRO
GHYLDWLRQV
x /LVWLQJRILPSRUWDQWSURWRFROGHYLDWLRQV
5HDVRQV/HDGLQJWRWKH([FOXVLRQIURPDQ$QDO\VLV6HW
)RUVXEMHFWV H[FOXGHGIURP WKH P,77DQG 33 DQDO\VLVVHWVWKHUHDVRQVIRU H[FOXVLRQZLOOEH
VXPPDUL]HGDQGOLVWHG
x )UHTXHQF\WDEOHRIH[FOXVLRQIURPHDFKFRKRUWJURXSHGE\DQDO\VLVVHWDQGUHDVRQIRUH[FOXVLRQ
x /LVWLQJRIUHDVRQVRIH[FOXVLRQIURPDQDO\VLVVHWVJURXSHGE\DQDO\VLVVHWDQGFRKRUW

'HPRJUDSKLFVDQG2WKHU%DVHOLQH&KDUDFWHULVWLFV
,IQRWVWDWHGRWKHUZLVHVXPPDULHVZLOOEHSUHVHQWHGIRUWKH6$)DQDO\VLVVHW


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\







'HPRJUDSKLFVDQG%DVHOLQH3K\VLFDO&KDUDFWHULVWLFV
'HPRJUDSKLFFKDUDFWHULVWLFVZLOOEHVXPPDUL]HGXVLQJWKHIROORZLQJLQIRUPDWLRQIURPWKH3UH
VFUHHQLQJ9LVLW'D\WR&5)SDJHV
x 'HPRJUDSKLFFKDUDFWHULVWLFV
x *HQGHUPDOHIHPDOH
x 5DFH(WKQLF%ODFNRU$IULFDQ$PHULFDQ$VLDQ1DWLYH+DZDLLDQRURWKHU3DFLILF,VODQGHU
$PHULFDQ,QGLDQRU$ODVND1DWLYH:KLWHRWKHUQRWFROOHFWHG
x $JHPRQWKVDQG\HDUVVXPPDU\VWDWLVWLFV
x $JHFDWHJRULHV

x PRQWKVDJHPRQWKV
x PRQWKVDJHPRQWKV
x \HDUVDJH\HDUV

x \HDUVDJH\HDUV
x +HLJKWLQFPDW%DVHOLQHVXPPDU\VWDWLVWLFV
x :HLJKWLQNJDW%DVHOLQHVXPPDU\VWDWLVWLFV
x %RG\PDVVLQGH[NJPDW%DVHOLQHVXPPDU\VWDWLVWLFV
6SHFLILFDWLRQVIRUFRPSXWDWLRQ
x $JH>PRQWKVDQG\HDUV@
x )RUWKRVHVXEMHFWVDJHGWZR\HDUVDQGROGHU$JH>LQ\HDUV@ZLOOEHFDOFXODWHGDVIROORZV
GDWHRIJLYHQLQIRUPHGFRQVHQWGDWHRIELUWK
x )RUWKRVHVXEMHFWVOHVVWKDQWZR\HDUVROG$JH>LQPRQWKV@ZLOOEHFDOFXODWHGDVIROORZV
GDWHRIJLYHQLQIRUPHGFRQVHQWGDWHRIELUWK
x ,QFDVHRIPLVVLQJGD\IRUDWOHDVWRQHGDWHEXWPRQWKDQG\HDUDYDLODEOHIRUERWKGDWHV
0LVVLQJGD\ZLOOGHIDXOWWRWKHILUVWGD\RIWKHPRQWKLH
x ,QFDVHRIPLVVLQJPRQWKIRUDWOHDVWRQHGDWHEXW\HDUDYDLODEOHIRUERWKGDWHV
0LVVLQJPRQWKZLOOGHIDXOWWRWKHILUVWPRQWKRIWKH\HDULH-DQXDU\RU


0HGLFDO+LVWRU\
7KHPHGLFDOKLVWRU\ZLOOEHVXPPDUL]HGIURPWKH³0HGLFDO+LVWRU\´H&5)SDJHXVLQJWKH0HGLFDO
'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV0HG'5$YHUVLRQSUHIHUUHGWHUPDVHYHQWFDWHJRU\
DQG0HG'5$V\VWHPRUJDQFODVV62&ERG\WHUPDV%RG\6\VWHPFDWHJRU\
0HGLFDOFRQGLWLRQVZLOOEHVXPPDUL]HGE\62&DQGSUHIHUUHGWHUPSURYLGLQJWKHQXPEHUDQG
SHUFHQWDJHRIVXEMHFWVZLWKWKHFRQGLWLRQDVZHOODVWKHQXPEHUDQGSHUFHQWDJHRIFRQGLWLRQV
6XPPDULHVZLOOEHSUHVHQWHGWZRIROGILUVWRUGHUHGLQWHUPVRIGHFUHDVLQJSHUFHQWDJHIRU62&
DQG37ZLWKLQ62&DQGVHFRQGRUGHUHGDOSKDEHWLFDOO\IRU62&DQG37ZLWKLQ62&


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\







3UHYLRXV&RQFRPLWDQWDQG3URKLELWHG
0HGLFDWLRQV3URFHGXUHV
3UHYLRXVPHGLFDWLRQVDUHPHGLFDWLRQVRWKHUWKDQWULDOPHGLFDWLRQVDQGSUHPHGLFDWLRQVIRUWULDO
GUXJZKLFKDUHWDNHQZLWKLQIRXUZHHNVSULRUWRILUVW,03DGPLQLVWUDWLRQDQGLIWKHHQGGDWHRIWKH
PHGLFDWLRQGDWHRI³VWXG\GD\´
3UHYLRXV WUHDWPHQW ZLOO EH VXPPDUL]HG IURP WKH ³&RQFRPLWDQW 0HGLFDWLRQV´ H&5) SDJH
$QDWRPLFDO7KHUDSHXWLF&KHPLFDO$7&WHUPQGOHYHODQGSUHIHUUHGWHUPZLOOEHWDEXODWHGDV
JLYHQIURPWKH:+2'UXJ'LFWLRQDU\0DUFKYHUVLRQ,QFDVHPXOWLSOH$7&¶VDUHDVVLJQHG
WRDGUXJDOO$7&QGOHYHOZLOOEHXVHGIRUUHSRUWLQJ
&RQFRPLWDQW WUHDWPHQWV DUH PHGLFDWLRQV RWKHU WKDQ WULDO PHGLFDWLRQV ZKLFK DUH WDNHQ E\
VXEMHFWVDQ\WLPHRQWULDOWKHHQGGDWHRIWKHPHGLFDWLRQGDWHRI³VWXG\GD\´RUPHGLFDWLRQ
WKDWLVRQJRLQJZLWKDVWDUWGDWHGDWHRI³VWXG\GD\´
&RQFRPLWDQWWUHDWPHQWZLOOEHVXPPDUL]HGIURPWKH³&RQFRPLWDQW0HGLFDWLRQV´H&5)$7&QG
OHYHODQGSUHIHUUHGWHUPZLOOEHWDEXODWHGDVJLYHQIURPWKH:+2'UXJ'LFWLRQDU\FXUUHQWYHUVLRQ
,QFDVHPXOWLSOH$7&¶VDUHDVVLJQHGWRDGUXJDOO$7&QGOHYHOZLOOEHXVHGIRUUHSRUWLQJ
3URKLELWHGPHGLFDWLRQVDUHPHGLFDWLRQVRWKHUWKDQWULDOPHGLFDWLRQVOLVWHGLQVHFWLRQRI
WKHWULDOSURWRFROWKDWDUHWDNHQE\VXEMHFWVDWDQ\WLPH
x 3URKLELWHGSULRUPHGLFDWLRQVZLOOEHVXPPDUL]HGIURPWKH³3ULRU'UXJ+LVWRU\´H&5)SDJH
$7&OHYHODQGSUHIHUUHGWHUPZLOOEHWDEXODWHGDVJLYHQIURPWKH:+2'UXJ'LFWLRQDU\
YHUVLRQRI0DUFK,QFDVHPXOWLSOH$7&¶VDUHDVVLJQHGWRDGUXJDOO$7&QGOHYHOZLOO
EHXVHGIRUUHSRUWLQJ
x 3URKLELWHG FRQFRPLWDQW PHGLFDWLRQV ZKLFK LQFOXGHV PHGLFDWLRQV WKDW ZHUH VWDUWHG SULRU WR
GRVLQJ EXW ZHUH QRW VWRSSHG SULRU WR GRVLQJ ZLOO EH VXPPDULVHG DQG OLVWHG VHSDUDWHO\
3URKLELWHGFRQFRPLWDQWPHGLFDWLRQVZLOOEHLGHQWLILHGIURPWKH³&RQFRPLWDQW0HGLFDWLRQV´
H&5)SDJHXVLQJ$SSHQGL[%DVJXLGH$7&OHYHODQGSUHIHUUHGWHUPZLOOEHWDEXODWHGDV
JLYHQIURPWKH:+2'UXJ'LFWLRQDU\YHUVLRQRI0DUFK,QFDVHPXOWLSOH$7&¶VDUH
DVVLJQHGWRDGUXJDOO$7&QGOHYHOZLOOEHXVHGIRUUHSRUWLQJ
$OO &RQFRPLWDQW 3URFHGXUHVZKLFKZHUHXQGHUWDNHQDQ\WLPHRQ WULDOZLOOEHVXPPDUL]HG
DFFRUGLQJWRWKHH&5)SDJH³&RQFRPLWDQW3URFHGXUH´
x &RQFXUUHQWSURFHGXUHVZLOOEHOLVWHGE\YHUEDWLPWHUP
x 1XPEHU RI VXEMHFWV ZLWK FRQFRPLWDQW SURFHGXUHV 3ULRU RQ RU DIWHU WKH ILUVW GD\ RI WULDO
WUHDWPHQWRUZLWKLQGD\VDIWHUODVWGRVHRIWULDOWUHDWPHQWRYHUDOOZLOOEHSUHVHQWHG

7UHDWPHQW&RPSOLDQFHDQG([SRVXUH
&RPSOLDQFHDQGH[SRVXUHZLOOEHUHSRUWHGIRUWKHP,77DQG33DQDO\VLVVHWV
$OOGRVLQJFDOFXODWLRQVDQGVXPPDULHVZLOOEHEDVHGRQ³7UHDWPHQW'´&5)VSDJHV
&RPSOLDQFHZLOOEHGHULYHGDVIROORZV


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\






x  î ^$FWXDO QXPEHU RI GRVHV DGPLQLVWHUHG  H[SHFWHG QXPEHU RI GRVHV WKDW ZHUH WR EH
DGPLQLVWHUHG`URXQGHGWRWKHQHDUHVWLQWHJHUXVLQJWKH5281'IXQFWLRQ
&RPSOLDQFHZLOOEHFDWHJRULVHGDV
o &RPSOLDQFH 

^GRVHVDGPLQLVWHUHGLQ&GRVHVLQ&&`
o &RPSOLDQFH 

^GRVHVDGPLQLVWHUHGLQ&`
o &RPSOLDQFH 

^GRVHVDGPLQLVWHUHGLQ&`
o &RPSOLDQFH  
^GRVHVDGPLQLVWHUHGLQ&GRVHLQ&&`
&RPSOLDQFHZLOOEHVXPPDULVHGE\FRKRUWDQGFRPSOLDQFHOHYHODVZHOODVOLVWHGE\FRKRUWDQG
VXEMHFW
([SRVXUHLQWHUPVRIGRVLQJZLOOEHGHULYHGDVIROORZV
x ([SRVXUH
^&XPXODWLYH Actual Dose>PJ@`
,IActual DoseLVPLVVLQJH[SRVXUHZLOOEHGHULYHGDV^&XPXODWLYHPlanned Dose>PJ@`ZKLFK
ZLOOEHIODJJHGLQOLVWLQJV
x ([SRVXUHZLWKUHVSHFWWRZHLJKW
^&XPXODWLYH Actual Dose>PJ@`ZHLJKW>NJ@DVFDOFXODWHGXVLQJWKHZHLJKWPHDVXUHPHQWDW
GRVLQJ
,IActual DoseLVPLVVLQJH[SRVXUHZLOOEHGHULYHGDV^&XPXODWLYHPlanned Dose>PJNJ@`
ZKLFKZLOOEHIODJJHGLQOLVWLQJV
+DQGOLQJRIRWKHUPLVVLQJGDWD
x ,QFDVHWKHVWDUWGDWHLVPLVVLQJLWLVDVVXPHGWKDWWKHILUVWGRVHRIWULDOPHGLFDWLRQLVJLYHQDW
WKHUDQGRPLVDWLRQGDWH7KHUDQGRPLVDWLRQGDWHZLOOUHSODFHLQFRPSOHWHGDWHVRIWKHILUVWGRVH
RIWULDOPHGLFDWLRQV

(QGSRLQW(YDOXDWLRQ

3ULPDU\(QGSRLQW$QDO\VHV
3ULPDU\$QDO\VHVRI2YHUDOO&OLQLFDO&XUH5DWH
1RK\SRWKHVLVWHVWLQJZLOOEHSHUIRUPHG3RLQWHVWLPDWHVDQGFRUUHVSRQGLQJWZRVLGHG&,V
ZLOOEHGHWHUPLQHG
$QDO\VLVVHWV
x 3ULPDU\DQDO\VHVZLOOEHEDVHGRQWKHP,77DQG33DQDO\VLVVHWV
2YHUDOOFOLQLFDOFXUHUDWH
6XEMHFWVFXUHGRILQIHFWLRQGXULQJWKHWULDOZLOOEHODEHOOHGDV³UHVSRQGHUV´5HVSRQGHUVZLOOEH
GHILQHGDVVXEMHFWVZLWKQRSDUDVLWHHJJVDVGHWHUPLQHGE\.DWR.DW]PHWKRGLQWKH(QGRI6WXG\


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\






VWRROVDPSOHVGD\VDIWHUWUHDWPHQWDFFRUGLQJWRWKHH&5)SDJH³)ROORZXSYLVLWRQ'
'´5HVSRQGHUVDQGQRQUHVSRQGHUVZLOOEHFRGHGDVIROORZV
x )RUUHVSRQGHUVresponse 
x )RUQRQUHVSRQGHUVresponse 
,IWKH(QGRI6WXG\.DWR.DW]HJJFRXQWLVPLVVLQJLWZLOOEHLPSXWHGXVLQJWKH/DVW2EVHUYDWLRQ
&DUULHG)RUZDUG/2&)DSSURDFK6XEMHFWVZLWKPLVVLQJGDWDZLOOEHFRQVLGHUHGQRQUHVSRQGHUV
7KHSURSRUWLRQRIUHVSRQGHUVLQHDFKFRKRUWZLOOEHGHWHUPLQHGEDVHGRQDELQRPLDOGLVWULEXWLRQ
([DFW  &,V ZLOO EH FDOFXODWHG EDVHG RQ WKH &ORSSHU3HDUVRQ PHWKRG 7KH 352& )5(4
SURFHGXUHLQ6$6ZLOOEHXVHGZLWKWKHDSSURSULDWH%,120,$/DQG(;$&7VWDWHPHQWVIRUSRLQW
HVWLPDWHVDQGFRUUHVSRQGLQJ&,V
3RLQWHVWLPDWHVDQGFRUUHVSRQGLQJ&,VZLOOEHSUHVHQWHGIRUFXUHUDWHLQWHUPVRISURSRUWLRQ
RIUHVSRQGHUVE\FRKRUW5HVSRQVHZLOOEHOLVWHGE\FRKRUWDQGVXEMHFW(VWLPDWHVRIFXUHUDWHZLOO
EHSUHVHQWHGJUDSKLFDOO\LQWKHIRUPRIIRUHVWSORWVSUHVHQWLQJPHDQVDQG&,V
5HVXOWVZLOOEHSUHVHQWHGIRUHDFKDQDO\VLVVHW
6XSSRUWLYH6XEJURXS$QDO\VHVRI3ULPDU\(QGSRLQW
$QDO\VLVVHWV
x 6XSSRUWLYHDQDO\VHVRIWKHSULPDU\HQGSRLQWZLOOEHEDVHGRQWKHP,77DQG33DQDO\VLVVHWV
&OLQLFDOFXUHUDWHE\VXEJURXS
$JDLQDQDO\VHVZLOOEHEDVHGRQUHVSRQGHUVZKLFKZLOOEHGHILQHGDVZDVGRQHLQVHFWLRQ
RIWKLV6$3,IWKH(QGRI6WXG\.DWR.DW]HJJFRXQWLVPLVVLQJLWZLOOEHLPSXWHGXVLQJWKH/2&)
DSSURDFK6XEJURXSDQDO\VHVRI3DUWDQG3DUWRIWKHVWXG\ZLOOEHSHUIRUPHGVHSDUDWHO\E\WKH
IROORZLQJVXEJURXSV
x $JHFDWHJRU\
x *HQGHU
x 6HYHULW\RILQIHFWLRQ
x 7ULDOVLWHLIDSSOLFDEOHLHPRUHWKDQRQHVLWH
'HVFULSWLYHVWDWLVWLFVRIFXUHUDWHVIRUHDFKVXEJURXSLQGLYLGXDOO\DQGDOOLQFRPELQDWLRQIRXU
ZD\ZLOOEHHVWLPDWHGIRUHDFKFRKRUWXVLQJ352&)5(4
6XEJURXS DQDO\VLV ZLOO EH SHUIRUPHG XWLOLVLQJ ORJLVWLF UHJUHVVLRQ WR PRGHO FOLQLFDO FXUH LH
responseRQJHQGHUDJHFDWHJRU\VHYHULW\RILQIHFWLRQGD\RIDVVHVVPHQWHJ'D\GRVH
IRUPXODWLRQ2'7RUQRWDQGDFWLYHSKDUPDFHXWLFDOLQJUHGLHQW/3=4RUQRW>LHUDF3=4@7KH
DQDO\VLVZLOOEHUHSHDWHGDQGSUHVHQWHGVHSDUDWHO\IRUSODQQHGGRVHPJNJvsDFWXDOGRVHZLWK
UHVSHFW WR ERG\ ZHLJKW PJNJ DQG DFWXDO GRVH LQ PJ 'HILQLWLRQV DQG UHIHUHQFH OHYHOV RI
VXEJURXSVDUHGHVFULEHGLQVHFWLRQRIWKLV6$37KH352&/2*,67,&SURFHGXUHLQ6$6
ZLOO EH XVHG ZLWK DSSURSULDWH '(6&(1',1* WR PRGHO RQ response  DQG 3$5$0 5()


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\






GXPP\FRGLQJIRUSDUDPHWHUHVWLPDWHVVWDWHPHQWVWRGHWHUPLQHRGGVUDWLRSRLQWHVWLPDWHVDQG
FRUUHVSRQGLQJ:DOG&,V
7RFRPSOLPHQW352&/2*,67,&UHVXOWVWKHGLDJQRVWLFSORWVXVLQJ3HDUVRQUHVLGXDOVZLOOEH
SURGXFHG>3/27621/</$%(/ ,1)/8(1&(@
&XUHUDWHLQWHUPVRISURSRUWLRQRIUHVSRQGHUVZLOOEHVXPPDULVHGE\FRKRUWDQGE\LQIHFWLRQ
VHYHULW\DQGOLVWHGE\FRKRUWDQGVXEMHFW(VWLPDWHVRIFXUHUDWHZLOOEHSUHVHQWHGJUDSKLFDOO\LQ
WKHIRUPRIDIRUHVWSORWVSUHVHQWLQJPHDQVDQG&,VE\VXEJURXSDQGFRKRUW)RUORJLVWLF
UHJUHVVLRQUHVXOWVRGGVUDWLRSRLQWHVWLPDWHVRIPRGHOSDUDPHWHUVDQGFRUUHVSRQGLQJ&,VZLOO
EH SUHVHQWHG IRU HDFK SDUDPHWHU E\ FRKRUW 'RVHUHVSRQVH FXUYHV ZLOO EH SUHVHQWHG IRU WKH
GLIIHUHQWDFWLYHSKDUPDFHXWLFDOLQJUHGLHQWVUDF3=4/3=4VHSDUDWHGE\VHYHULW\RILQIHFWLRQ
DVZHOODVSRROHGDOOLQIHFWLRQV'RVHUHVSRQVHFXUYHVZLOOEHJHQHUDWHGIRUSODQQHGGRVHLQ
PJNJDFWXDOGRVHZLWKUHVSHFWWRZHLJKWLQPJNJDQGDFWXDOGRVHLQPJ7KHVHVXPPDU\
WDEOHVZLOOEHIROORZHGE\WKHUHVSHFWLYHGLDJQRVWLFSORWV
5HVXOWVZLOOEHSUHVHQWHGIRUHDFKDQDO\VLVVHW

6HFRQGDU\(QGSRLQW$QDO\VHV
&XUHUDWHE\32&&&$
$QDO\VLVVHWV
x 3ULPDU\DQDO\VHVZLOOEHEDVHGRQWKHP,77DQG33DQDO\VLVVHWV
&OLQLFDOFXUHUDWHE\32&&&$
&5E\32&&&$ZLOOEHDQDO\VHGLQWKHVDPHPDQQHUDV&5E\.DWR.DW]DVGHVFULEHGDERYH
,Q DGGLWLRQ HVWLPDWHV RI FXUH UDWH ZLOO EH SUHVHQWHG JUDSKLFDOO\ LQ WKH IRUP RI IRUHVW SORWV
SUHVHQWLQJPHDQVDQG&,VRIWUHDWPHQWJURXSVDQGSURSRUWLRQRISDWLHQWVZLWKHDFK32&
&&$UHVSRQVHQHJDWLYHSRVLWLYHSRVLWLYHDQGSRVLWLYHIRUWKHIROORZLQJWLPHSRLQWV
x 'WR'
x '
x '
x ''

7KHSURSRUWLRQRI&&$QHJDWLYHDQGSDUWLFLSDQWVFRORXUFRGHGIRUFDWHJRU\ZLOOEH
SORWWHGRYHUWLPHIRUHDFKRIWKHFRKRUWV7KHVDPHZLOOEHSORWWHGIRUWUHDWPHQWW\SHV%LOWULFLGH
UDF3=4DQG/3=4LQVWHDGRIFRKRUWV
(JJUHGXFWLRQ
$QDO\VLVVHWV
x 3ULPDU\DQDO\VHVZLOOEHEDVHGRQWKHP,77DQG33DQDO\VLVVHWV


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\






7KHJURXSFROOHFWLYHHJJUHGXFWLRQUDWHZLOOEHGHWHUPLQHGDVIROORZV
x (55$ UHODWLYHGLIIHUHQFHH[SUHVVHGLQSHUFHQWEHWZHHQWKHSRVWWUHDWPHQWPHDQHJJFRXQW
DQGWKHSUHWUHDWPHQWPHDQHJJFRXQWSUHWUHDWPHQWHJJFRXQWSRVWWUHDWPHQWHJJFRXQW
SUHWUHDWPHQWHJJFRXQWLQFOXGLQJDOOSDWLHQWV
x (55*    UHODWLYH GLIIHUHQFH H[SUHVVHG LQ SHUFHQW EHWZHHQ WKH ORJWUDQVIRUPHG SRVW
WUHDWPHQW PHDQ HJJ FRXQW DQG WKH ORJWUDQVIRUPHG SUHWUHDWPHQW PHDQ HJJ FRXQW ORJ
WUDQVIRUPHG SUHWUHDWPHQW HJJ FRXQW  ORJWUDQVIRUPHG SRVWWUHDWPHQW HJJ FRXQW  ORJ
WUDQVIRUPHGSUHWUHDWPHQWHJJFRXQWLQFOXGLQJDOOSDWLHQWV
o 7KHIROORZLQJORJWUDQVIRUPDWLRQZLOOEHXVHGWRFDOFXODWHWKHJHRPHWULFPHDQ
࢒࢕ࢍሺ࢞൅૚ሻ
7KLVORJWUDQVIRUPDWLRQLVUHTXLUHGRWKHUZLVHWKH(55*UHVXOWZRXOGRQO\EHFDOFXODWHG
RQ XQFXUHG SDWLHQWV RQO\ ZKLFK ZRXOG LQWURGXFH D ELDV DQG DQ LPSRUWDQW
XQGHUHVWLPDWLRQRIWKHWUXH(55*
$OOUDZHJJFRXQWVZLOOEHPXOWLSOLHGE\IRXUSULRUWRXVHLQDQ\GHULYDWLRQ0LVVLQJHJJFRXQWV
ZLOOEHLPSXWHGXVLQJWKH/2&)DSSURDFK
7RSUHSDUHWKHRULJLQDOGDWDIRUERRWVWUDSSLQJPLVVLQJGDWDZLOOEHLPSXWHGIROORZHGE\UDQGRP
VDPSOLQJRISDLUVWXSOHVRIEDVHOLQHDQGHQGRIVWXG\HJJFRXQWVLH^.DWR.DW]%DVHOLQH.DWR
.DW](QGRI6WXG\` XVLQJ 352& 6859(<6(/(&7 ZLWK XQUHVWULFWHG UDQGRP VDPSOLQJ DW D
VDPSOLQJUDWHRIDQGUHSOLFDWHV(55$DQG(55*ZLOOEHFRPSXWHGE\replicateWR
HVWDEOLVKWKHERRWVWUDSVDPSOH
7KHDULWKPHWLFPHDQRIWKHERRWVWUDSVDPSOHZLOOFRQVWLWXWHWKHSRLQWHVWLPDWH&RUUHVSRQGLQJ
&,VZLOOEHGHWHUPLQHGXVLQJWKHSHUFHQWLOHPHWKRGEDVHGRQWKHERRWVWUDSVDPSOH3RLQWDQG
LQWHUYDOHVWLPDWHVRI(55$DQG(55*ZLOOEHSUHVHQWHGE\FRKRUW0HDQ.DWR.DW]HJJFRXQWV
ZLOOEHOLVWHGE\FRKRUWDQGVXEMHFWDQGWLPHSRLQW(VWLPDWHVRI(55$DQG(55*ZLOOEHSUHVHQWHG
JUDSKLFDOO\LQWKHIRUPRIER[SORWVE\FRKRUW
7KH(55$RU(55*VORSHVE\WUHDWPHQWJURXSZLOOEHFRPSDUHGWRGHWHUPLQHZKLFKWUHDWPHQWKDV
WKHIDVWHVWHJJFOHDUDQFHUDWH
5HVXOWVZLOOEHSUHVHQWHGIRUHDFKDQDO\VLVVHW

2WKHU(QGSRLQW$QDO\VHV
$QDO\VLVIRU3.(QGSRLQWV
'XHWRWHFKQLFDOFKDOOHQJHVLQWKHSUHSDUDWLRQRIWKH3.VDPSOHVWKHSODQQHG3.DQDO\VLVPD\EH
DEDQGRQHGLQZKLFKFDVHWKHGDWDZLOORQO\EHOLVWHG
3.3'&RUUHODWLRQ$VVRFLDWLRQ
&RQWLQXRXVGDWD


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\






7KH 3HDUVRQ FRUUHODWLRQ FRHIILFLHQW EHWZHHQ LQGLYLGXDO HJJ UHGXFWLRQ UDWHV (55 DQG WKH
IROORZLQJZLOOEHFDOFXODWHGDQGSUHVHQWHGLQVXPPDU\WDEOHVDQGVFDWWHUSORWV
x 'RVHH[SRVXUHDVGHVFULEHGLQVHFWLRQ
x $FWXDOGRVH
3HDUVRQ FRUUHODWLRQ FRHIILFLHQWV DQG SORWV ZLOO EH SUHVHQWHG VHSDUDWHO\ IRU HDFK WUHDWPHQW
DGPLQLVWHUHGLH
x %LOWLULFLGH
x UDF3=42'7
x /3=42'7
&DWHJRULFDOGDWD
,QWHUPVRIFOLQLFDOFXUHWKH0DQWHO+DHQV]HO&KL6TXDUHWUHQGWHVWZLOOEHSHUIRUPHGEHWZHHQ
SODQQHGGRVHLQPJNJDQGUHVSRQVHIUHTXHQF\IRUHDFKWUHDWPHQWDGPLQLVWHUHGLH
x %LOWLULFLGH
x UDF3=42'7
x /3=42'7
6LPLODUWUHQGWHVWVZLOODOVREHDSSOLHGWRDFWXDOGRVHZKHUHDFWXDOGRVHZLOOEHFDWHJRULVHGDV
IROORZV
x /HVVWKDQPJNJ
x PJNJ
x ±PJNJ
x ±PJNJ
x ±PJNJ
x 0RUHWKDQPJNJ

$JDLQUHVXOWVZLOOEHJURXSHGE\
x %LOWLULFLGH
x UDF3=42'7
x /3=42'7

7UHQGWHVWUHVXOWVZLOOEHWDEXODWHG,QDGGLWLRQIRUHVWSORWVRIUHVSRQVHDJDLQVWSODQQHGGRVHZLOO
EHSUHVHQWHGE\WUHDWPHQWDGPLQLVWHUHGDVOLVWHGDERYH

6DIHW\(YDOXDWLRQ
7KHVDIHW\HQGSRLQWVDUH
x
&KDQJHVLQODERUDWRU\VDIHW\SDUDPHWHUVDQGYLWDOVLJQVERG\WHPSHUDWXUHEORRGSUHVVXUHDQG
SXOVHUDWH
x
2FFXUUHQFHQDWXUHVHYHULW\DQGRXWFRPHRIDGYHUVHHYHQWV
x 2FFXUUHQFHRI$GYHUVH'UXJ5HDFWLRQVSHUWUHDWPHQWJURXS


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\






$QDO\VLVVHWV
x 6$)DQDO\VLVVHW
6DIHW\DQDO\VHVZLOOEHGRQHRQWKHVDIHW\DQDO\VLVVHWDQGDFFRUGLQJWRWKHDVWUHDWHGSULQFLSOH
7KHVXEVHFWLRQVLQWKLVVHFWLRQLQFOXGHVSHFLILFDWLRQVIRUVXPPDUL]LQJVDIHW\HQGSRLQWVWKDWDUH
FRPPRQDFURVVFOLQLFDOWULDOVVXFKDV$(VODERUDWRU\WHVWVDQGYLWDOVLJQV

$GYHUVH(YHQWV
'HWDLOVRQ$(VZLOOEHUHFRUGHGRQH&5)SDJH³$GYHUVH(YHQWV'HWDLOV´7UHDWPHQWHPHUJHQW
DGYHUVHHYHQWV7($(VZLOOEHGHILQHGDVWKRVHHYHQWVZLWKRQVHWGDWHVRFFXUULQJDIWHUILUVW,03
DGPLQLVWUDWLRQRUHYHQWVWKDWZRUVHQDIWHUILUVW,03DGPLQLVWUDWLRQ
$OODQDO\VHVGHVFULEHGLQ6HFWLRQZLOOEHEDVHGRQ7($(VLIQRWRWKHUZLVHVSHFLILHG
,QFRPSOHWH $(UHODWHG GDWHV ZLOO EH KDQGOHG DV GHVFULEHG LQ VHFWLRQ  RI WKLV 6$3 )XUWKHU
LQIRUPDWLRQDIWHUFXWRIIOLNHIDWDORXWFRPHPLJKWEHWDNHQIURP6DIHW\GDWDEDVHDQGLQFOXGHG
VHSDUDWHO\LQWR&65
$OO$GYHUVH(YHQWV
$GYHUVHHYHQWVZLOOEHVXPPDUL]HGE\ZRUVWVHYHULW\SHUVXEMHFWXVLQJ0HG'5$YHUVLRQ
SUHIHUUHGWHUPDVHYHQWFDWHJRU\DQG0HG'5$SULPDU\V\VWHPRUJDQFODVV62&ERG\WHUP
DV%RG\6\VWHPFDWHJRU\
$GYHUVHHYHQWVVXPPDULHVZLOOEHRUGHUHGLQWHUPVRIGHFUHDVLQJIUHTXHQF\IRU62&DQG37
ZLWKLQ62&DVZHOODVDOSKDEHWLFDOO\IRU62&DQG37ZLWKLQ62&
:LWKUHVSHFWWR7($(VE\VHYHULW\VXEMHFWVZLOOEHFRXQWHGRQO\RQFHIRUPXOWLSOHHYHQWVLQWKH
VDPH62&E\ZRUVWVHYHULW\H[SHULHQFHG,IDVXEMHFWH[SHULHQFHVPRUHWKDQRQH7($(ZLWKLQD
37KHVKHZLOOEHFRXQWHGRQO\RQFHLQWKH37IRUWKHJUHDWHVWVHYHULW\KHVKHH[SHULHQFHG,I
VHYHULW\LVPLVVLQJIRUDQHYHQWWKHJUHDWHVWVHYHULW\ZLOOEHDVVXPHG
:LWKUHVSHFWWR7($(VE\VHYHULW\VXEMHFWVZLOOEHFRXQWHGRQO\RQFHIRUPXOWLSOHHYHQWVLQWKH
VDPH62&E\VWURQJHVWFORVHVWUHODWLRQVKLSZLWK,3,IWKHVXEMHFWH[SHULHQFHVPRUHWKDQRQH
7($(ZLWKLQD37KHVKHZLOOEHFRXQWHGRQO\RQFHLQWKH37IRUWKHVWURQJHVWUHODWLRQVKLSWR,3
KHVKH H[SHULHQFHG ,I UHODWLRQVKLS WR VWXG\ WUHDWPHQW LV PLVVLQJ IRU DQ HYHQW WKH VWURQJHVW
UHODWLRQVKLSZLOOEHDVVXPHG
$GYHUVHHYHQWVUHODWHGWRWULDOWUHDWPHQWDUHWKRVHHYHQWVZLWKUHODWLRQVKLSPLVVLQJXQNQRZQRU
\HV
,QFDVHDVXEMHFWKDGHYHQWVZLWKPLVVLQJDQGQRQPLVVLQJJUDGHVWKHPD[LPXPRIWKHQRQ
PLVVLQJJUDGHVZLOOEHGLVSOD\HG


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\






TreatmentUHIHUVWRWKHIROORZLQJWULDOWUHDWPHQWVDGPLQLVWHUHG%LOWULFLGHUDF3=42'7/3=4
2'7DQGLQFOXGHVWKHRYHUDOOWRWDOJURXS7KHIROORZLQJRYHUDOOIUHTXHQF\WDEOHVZLOOEHSUHSDUHG
,QDGGLWLRQWKHWDEOHVZLOOEHSURYLGHGE\37DQGSULPDU\62&LQDOSKDEHWLFDORUGHU
x 7($(VE\FRKRUW
x 7($(VE\FRKRUWDQGVHYHULW\
x 7($(VE\FRKRUWDQGUHODWLRQVKLSWR,03
x 7($(VE\WUHDWPHQW
x 7($(VE\WUHDWPHQWDQGVHYHULW\
x 7($(VE\WUHDWPHQWDQGUHODWLRQVKLSWR,03
x 7(6$(VE\WUHDWPHQW
x 7(6$(VE\WUHDWPHQWDQGVHYHULW\
x 7(6$(VE\WUHDWPHQWDQGUHODWLRQVKLSWR,03
7KHIROORZLQJOLVWLQJVZLOOEHSUHSDUHG
x 7($(V
x 7(6$(V
x 7($(VOHDGLQJWRVXEMHFWZLWKGUDZDO
x 7($(VOHDGLQJWRGHDWK
&OLQLFDOWULDOJRYDQG(XGUD&7UHTXLUHPHQWV
6XPPDU\WDEOHVIRUQRQVHULRXVDGYHUVHHYHQWVH[FOXGLQJ6$(VDSSO\LQJIUHTXHQF\WKUHVKROGRI
ZLOOEHSURYLGHG
$GYHUVH(YHQWV/HDGLQJWR7UHDWPHQW'LVFRQWLQXDWLRQ
2QO\UHOHYDQWWRFRKRUW&VLQFHDOORWKHUFRKRUWVZLOOUHFHLYHDVLQJOHGRVHRI,03$OO$(V
OHDGLQJWRWUHDWPHQWGLVFRQWLQXDWLRQZLOOEHOLVWHGE\62&DQG37

'HDWKV2WKHU6HULRXV$GYHUVH(YHQWVDQG2WKHU6LJQLILFDQW
$GYHUVH(YHQWV
'HDWKV
,QFDVHDVXEMHFWGLHVGXULQJWKHVWXG\³'HDWK´ZLOOEHUHFRUGHGDVWKH³3ULPDU\UHDVRQIRUQRW
FRPSOHWLQJ´RQH&5)SDJH³6WXG\7HUPLQDWLRQ´DQGDFRUUHVSRQGLQJ6$(ZLOOWREHUHFRUGHGRQ
WKHH&5)ZLWKRXWFRPH³'LHG´'DWHDQGFDXVHRIGHDWKZLOOEHSURYLGHGLQLQGLYLGXDOVXEMHFW
GDWDOLVWLQJWRJHWKHUZLWKDOOGRVLQJLQIRUPDWLRQE\FRKRUW
6HULRXV$GYHUVH(YHQWV
3OHDVHUHIHUWR6HFWLRQ)RUWKHVH7($(VVXEMHFWOLVWLQJVZLOOEHSURYLGHGLQDGGLWLRQ


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\







&OLQLFDO/DERUDWRU\(YDOXDWLRQ
/DERUDWRU\YDOXHVLQFOXGLQJFRUUHVSRQGLQJQRUPDOUDQJHVZLOOEHXVHGIRUVXPPDU\VWDWLVWLFV
DQGVKLIWWDEOHV
4XDQWLWDWLYHGDWDZLOOEHH[DPLQHGIRUWUHQGVXVLQJGHVFULSWLYHVWDWLVWLFVPHDQ6'PHGLDQ4
4PLQLPXPDQGPD[LPXPRIDFWXDOYDOXHVDQGFKDQJHVIURPEDVHOLQHWRHDFKYLVLWRYHUWLPH
7KHFKDQJHVFRPSXWHGZLOOEHWKHGLIIHUHQFHVIURPEDVHOLQH'D\VDPSOHVWRHQGRIWULDO'D\
HDUO\ZLWKGUDZDO4XDOLWDWLYHGDWDEDVHGRQUHIHUHQFHUDQJHVZLOOEHGHVFULEHGDFFRUGLQJWR
WKHFDWHJRULHVLH/RZ1RUPDO+LJK2QO\WKHµKLJK¶DQGµORZ¶FDWHJRULHVZLOOEHIODJJHG7KH
QXPEHU RI VXEMHFWV ZLWK FOLQLFDO ODERUDWRU\ YDOXHV EHORZ ZLWKLQ RU DERYH QRUPDO UDQJHV DW
EDVHOLQHFRPSDUHGWRHQGSRLQWZLOOEHWDEXODWHGIRUHDFKWHVWE\WUHDWPHQW6KLIWWDEOHVRIEDVHOLQH
YHUVXVHQGSRLQWDVZHOODVWKHZRUVWYDOXHDWDQ\SRVWEDVHOLQHYLVLWZLOOEHSUHVHQWHG,QFDVHRI
PLVVLQJGDWD/2&)ZLOOEHDSSOLHG
/DERUDWRU\YDOXHVWKDWDUHRXWVLGHWKHQRUPDOUDQJHZLOODOVREHIODJJHGLQWKHGDWDOLVWLQJVDORQJ
ZLWKFRUUHVSRQGLQJQRUPDOUDQJHV$Q\RXWRIUDQJHYDOXHVWKDWDUHLGHQWLILHGE\WKHLQYHVWLJDWRU
DVEHLQJFOLQLFDOO\VLJQLILFDQWZLOOEHVKRZQLQDGDWDOLVWLQJ
%DVHOLQH'D\LVWKHODVWPHDVXUHPHQWSULRUWRWKHILUVWGRVHRIDQ\WULDOWUHDWPHQW
6XEMHFWVZLWKRXWSRVWEDVHOLQHODERUDWRU\VDPSOHVZLOOEHH[FOXGHGIURPDQDO\VHVZLWKUHVSHFWWR
FKDQJHIURPEDVHOLQHVXPPDULHV
'DWDZLOODOVREHSUHVHQWHGIRUDEVROXWHDQGFKDQJHIURPEDVHOLQHUHVXOWVXVLQJER[SORWVE\WLPH
SRLQWYLVLW

9LWDO6LJQV
9LWDOVLJQVLQFOXGLQJEORRGSUHVVXUH%3SXOVHUDWH35DQGERG\WHPSHUDWXUHZLOOEHDVVHVVHG
DFFRUGLQJWRWKHWULDOVFKHGXOH9LWDOVLJQVZLOOEHFRQVLGHUHGDEQRUPDODVIROORZV

3DUDPHWHU
$JH
/RZ
1RUPDO
+LJK
6\VWROLF EORRG SUHVVXUH
>PP+J@
PRQWKV 

!
PRQWKV


!
\HDUV


!
'LDVWROLF EORRG SUHVVXUH
>PP+J@
PRQWK


!
PRQWKV


!
\HDUV


!


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\






3DUDPHWHU
$JH
/RZ
1RUPDO
+LJK
+HDUW
UDWH
>EHDWVPLQ@
PRQWKV


!
PRQWKV


!
\HDUV


!
2UDO
7HPSHUDWXUH
>&@
PRQWK  
\HDUV


!
4XDQWLWDWLYHGDWDZLOOEHH[DPLQHGIRUWUHQGVXVLQJGHVFULSWLYHVWDWLVWLFVPHDQ6'PHGLDQ4
4PLQLPXPDQGPD[LPXPRIDFWXDOYDOXHVDQGFKDQJHVIURPEDVHOLQHWRHDFKYLVLWRYHUWLPH
%DVHOLQHZLOOEHGHILQHGDVWKH'D\SUHGRVHYLWDOVLJQVPHDVXUHPHQW
6XEMHFWVGDWDZLOOEHOLVWHGE\FRKRUWVXEMHFWDQGWLPHSRLQW$QDGGLWLRQDOVXEMHFWGDWDOLVWLQJ
ZLOOSUHVHQWDOOFKDQJHVIURPEDVHOLQHUHSRUWHG'DWDZLOODOVREHSUHVHQWHGIRUDEVROXWHDQGFKDQJH
IURPEDVHOLQHUHVXOWVXVLQJER[SORWVE\WLPHSRLQWYLVLW


3K\VLFDO([DPLQDWLRQ
3K\VLFDOH[DPLQDWLRQZLOOEHGRQHDFFRUGLQJWRORFDOSURFHGXUHV%RG\ZHLJKWZLOOEHUHFRUGHGGXULQJ
WKHSK\VLFDOH[DPLQDWLRQLHDWVFUHHQLQJEHIRUHGRVLQJDQGKRXUVDIWHUGRVLQJ

7ROHUDELOLW\(YDOXDWLRQV
7KH UHDFWLRQ WR ,03 DGPLQLVWUDWLRQ HJ VSLWWLQJ FU\LQJ WROHUDELOLW\ ZLOO EH FDSWXUHG RQ WKH
³5HDFWLRQVWR,03%LOWULFLGHDGPLQLVWUDWLRQ´H&5)SDJHV'DWDZLOOEHVXPPDULVHGWKURXJK
FURVVWDEXODWLRQZLWKUHDFWLRQFDWHJRU\
5HOHYDQWGDWDOLVWLQJVZLOOEHSUHVHQWHG




06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\







$SSHQGLFHV

$SSHQGL[$
3ODQQHGDQDO\VHVIRU60&PHHWLQJV
5HIHUWRWKH60&&KDUWHU




06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\







$SSHQGL[%
3URKLELWHGFRQFRPLWDQWPHGLFDWLRQV
3URKLELWHGPHGLFDWLRQVE\:+2'UXJ'LFWLRQDU\$7&FODVVLILFDWLRQ

3URKLELWHGPHGLFDWLRQV
$7&&RGH
$7&OHYHO
3UD]LTXDQWHODQGRWKHUDQWLKHOPLQWKLFV
3

$QWLPDODULDOVLQFOXGLQJFKORURTXLQH
3%

$QWLHSLOHSWLFV
1

*OXFRUFRUWLFRVWHURLGVV\VWHPLF
+

$QWLLQIHFWLYHVIRUV\VWHPLFXVH
-

;DQWKLQHFRQWDLQLQJGUXJV
&%'

1%&

5'$

5'%

$QWLUHWURYLUDOV
-$%

-$(

-$)

-$*

-$5

-$;

6SHFLILFSURKLELWHGPHGLFDWLRQVOLVWHGE\SUHIHUUHGWHUP
x &LPHWLGLQH


06&$DQG06&$
3KDVH,,SHGLDWULFGRVHILQGLQJVWXG\
ZLWKUDF3=4DQG/3=42'7V
06
9HUVLRQ-DQXDU\







$SSHQGL[&
/LVWRI623VWREHXVHG
7KHIROORZLQJELRVWDWLVWLFV623VZLOOEHIROORZHGWRH[HFXWHWKHUHOHYDQWDVSHFWVRIWKHWULDO

EƵŵďĞƌ
sĞƌƐŝŽŶη
WƌŽĐĞĚƵƌĂůŽĐƵŵĞŶƚdŝƚůĞ
ĨĨĞĐƚŝǀĞĂƚĞ
ZĞĨĞƌĞŶĐĞůĞŐĂĐǇŶƵŵďĞƌĂŶĚǀĞƌƐŝŽŶ

PPD