Clinical trial NCT02254408
Conditions: Respiratory Syncytial Virus
Keywords: Respiratory Syncytial Virus (RSV) Antiviral Hematopoietic Cell Transplant (HCT) Upper respiratory tract infection
Sponsor: Gilead Sciences
Start date: 2015-01-23; Completion date: 2017-07-14
Enrollment: 189 participants; Allocation: RANDOMIZED; Intervention model: PARALLEL

Brief summary:
The primary objective of this study is to evaluate the effect of presatovir on respiratory syncytial virus (RSV) viral load in autologous or allogeneic hematopoietic cell transplant (HCT) recipients with an acute RSV upper respiratory tract infection (URTI), the effect of presatovir on development of lower respiratory tract complication, being free of any supplemental oxygen progression to respiratory failure, and pharmacokinetics (PK), safety, and tolerability of presatovir.

Detailed description:

Arms: arm 1: Participants will receive presatovir on Days 1, 5, 9, 13, and 17, with follow-up visits through Day 28, and may continue in an optional extended monitoring phase with visits through Day 56. arm 2: Participants will receive placebo on Days 1, 5, 9, 13, and 17, with follow-up visits through Day 28, and may continue in an optional extended monitoring phase with visits through Day 56.
Interventions: intervention 1: Presatovir intervention 2: Placebo
Intervention descriptions: intervention 1: Presatovir 200 mg (4 × 50 mg tablets) administered orally or via nasogastric (NG) tube intervention 2: Tablets administered orally or via nasogastric tube

Protocol documents:
Prot_003.pdf: 


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 
7$%/(2)&217(176
7$%/(2)&217(176 
/,672),17(;77$%/(6
35272&2/6<1236,6 
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506

,1752'8&7,21 

%DFNJURXQG 

*6 

*HQHUDO,QIRUPDWLRQ 

1RQFOLQLFDO3KDUPDFRNLQHWLFV

1RQFOLQLFDO3KDUPDFRORJ\DQG7R[LFRORJ\ 

&OLQLFDO7ULDOVRI*6 

5DWLRQDOHIRU7KLV6WXG\ 

'RVH5DWLRQDOH 

&RPSOLDQFH 

2%-(&7,9(6

678'<'(6,*1

(QGSRLQWV 

6WXG\'HVLJQ

6WXG\7UHDWPHQWV 

'XUDWLRQRI7UHDWPHQW

'LVFRQWLQXDWLRQ&ULWHULD

6RXUFH'DWD

68%-(&73238/$7,21

1XPEHURI6XEMHFWVDQG6XEMHFW6HOHFWLRQ 

,QFOXVLRQ&ULWHULD

([FOXVLRQ&ULWHULD

,19(67,*$7,21$/0(',&,1$/352'8&76 

5DQGRPL]DWLRQ%OLQGLQJDQG7UHDWPHQW&RGHV 

3URFHGXUHVIRU%UHDNLQJ7UHDWPHQW&RGHV

'HVFULSWLRQDQG+DQGOLQJRI*6

)RUPXODWLRQ

3DFNDJLQJDQG/DEHOLQJ 

6WRUDJHDQG+DQGOLQJ

'RVDJHDQG$GPLQLVWUDWLRQRI*6 

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV

$FFRXQWDELOLW\IRU*6

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW5HWXUQRU'LVSRVDO

678'<352&('85(6 

6XEMHFW(QUROOPHQWDQG7UHDWPHQW$VVLJQPHQW

9LVLW6FUHHQLQJ9LVLW'D\

9LVLW%DVHOLQH$VVHVVPHQWV5DQGRPL]DWLRQDQG7UHDWPHQW
$VVHVVPHQWV'D\

9LVLW'D\KRXUV

9LVLW'D\KRXUV

9LVLW'D\KRXUV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 

9LVLWV'D\VDQGKRXUV

9LVLW'D\KRXUV

9LVLW(QGRI6WXG\'D\GD\V

9LVLWV± 'D\VDQGKRXUV

$VVHVVPHQWVIRU3UHPDWXUH'LVFRQWLQXDWLRQIURP,03GRVLQJDQG(DUO\:LWKGUDZDO

$VVHVVPHQWVIRU3UHPDWXUH'LVFRQWLQXDWLRQIURP,03$GPLQLVWUDWLRQ 

$VVHVVPHQWVIRU(DUO\7HUPLQDWLRQ:LWKGUDZDO

$VVHVVPHQWVIRU8QVFKHGXOHG9LVLWV

6WXG\$VVHVVPHQWV

1DVDO6DPSOHV9LURORJ\DQG$QWLERG\7LWHU 

9LURORJ\DQG5HVLVWDQFH0RQLWRULQJ

)/83524XHVWLRQQDLUH

9LWDO6LJQV

2[\JHQ6DWXUDWLRQ

6DIHW\/DEV

&KHVW;UD\ 

3ODVPD3. 

2SWLRQDO([WHQGHG9LUDO0RQLWRULQJ

$'9(56((9(176$1'72;,&,7<0$1$*(0(17

'HILQLWLRQVRI$GYHUVH(YHQWV$GYHUVH5HDFWLRQVDQG6HULRXV$GYHUVH(YHQWV

$GYHUVH(YHQWV

6HULRXV$GYHUVH(YHQWV

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV
$GYHUVH(YHQWVRU6HULRXV$GYHUVH(YHQWV 

$VVHVVPHQWRI$GYHUVH(YHQWVDQG6HULRXV$GYHUVH(YHQWV

$VVHVVPHQWRI&DXVDOLW\IRU,03DQG3URFHGXUHV

$VVHVVPHQWRI6HYHULW\ 

,QYHVWLJDWRU5HTXLUHPHQWVDQG,QVWUXFWLRQVIRU5HSRUWLQJ$GYHUVH(YHQWVDQG6HULRXV
$GYHUVH(YHQWVWR*LOHDG

*LOHDG5HSRUWLQJ5HTXLUHPHQWV

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV$GYHUVH(YHQWVRU
6HULRXV$GYHUVH(YHQWV

7R[LFLW\0DQDJHPHQW 

6SHFLDO6LWXDWLRQV5HSRUWV

'HILQLWLRQVRI6SHFLDO6LWXDWLRQV

,QVWUXFWLRQVIRU5HSRUWLQJ6SHFLDO6LWXDWLRQV

67$7,67,&$/&216,'(5$7,216

$QDO\VLV2EMHFWLYHVDQG(QGSRLQWV

$QDO\VLV2EMHFWLYHV

3ULPDU\(QGSRLQW 

6HFRQGDU\(QGSRLQW 

([SORUDWRU\(QGSRLQWV

$QDO\VLV&RQYHQWLRQV

$QDO\VLV6HWV 

'DWD+DQGOLQJ&RQYHQWLRQV 

'HPRJUDSKLF'DWDDQG%DVHOLQH&KDUDFWHULVWLFV 

(IILFDF\$QDO\VLV 

3ULPDU\$QDO\VLV

6HFRQGDU\$QDO\VHV 

([SORUDWRU\$QDO\VHV 

6DIHW\$QDO\VLV

([WHQWRI([SRVXUH


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 

$GYHUVH(YHQWV

/DERUDWRU\(YDOXDWLRQV 

2WKHU6DIHW\(YDOXDWLRQV

3KDUPDFRNLQHWLF$QDO\VLV

6DPSOH6L]H

'DWD0RQLWRULQJ&RPPLWWHH 

(QGSRLQW$GMXGLFDWLRQ&RPPLWWHH

,QWHULP$QDO\VLV

5(63216,%,/,7,(6

,QYHVWLJDWRU5HVSRQVLELOLWLHV 

*RRG&OLQLFDO3UDFWLFH

,QVWLWXWLRQDO5HYLHZ%RDUG,5%,QGHSHQGHQW(WKLFV&RPPLWWHH,(&
5HYLHZDQG$SSURYDO

,QIRUPHG&RQVHQW

&RQILGHQWLDOLW\

6WXG\)LOHVDQG5HWHQWLRQRI5HFRUGV 

&DVH5HSRUW)RUPV

'DWD4XDOLW\&RQWURODQG4XDOLW\$VVXUDQFH

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW$FFRXQWDELOLW\DQG5HWXUQ

,QVSHFWLRQV

3URWRFRO&RPSOLDQFH

6SRQVRU5HVSRQVLELOLWLHV 

3URWRFRO0RGLILFDWLRQV

6WXG\5HSRUWDQG3XEOLFDWLRQV 

-RLQW,QYHVWLJDWRU6SRQVRU5HVSRQVLELOLWLHV 

3D\PHQW5HSRUWLQJ

$FFHVVWR,QIRUPDWLRQIRU0RQLWRULQJ

$FFHVVWR,QIRUPDWLRQIRU$XGLWLQJRU,QVSHFWLRQV 

6WXG\'LVFRQWLQXDWLRQ

5()(5(1&(6 

$33(1',&(6 
$SSHQGL[ 
,QYHVWLJDWRU6LJQDWXUH3DJH
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
$SSHQGL[ 
0DQDJHPHQWRI&OLQLFDODQG/DERUDWRU\$GYHUVH(YHQWV
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDODQG
&RQWUDFHSWLYH5HTXLUHPHQWV
/,672),17(;77$%/(6
7DEOH 
3.7LPHSRLQWV
7DEOH 
6LJQLILFDQFH/HYHOVWR5HMHFWWKH+ DW,QWHULPDQG)LQDO$QDO\VHV 


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 
35272&2/6<1236,6
*LOHDG6FLHQFHV,QF
(%ODLQH6W
6HDWWOH:$
6WXG\ 7LWOH
$3KDVHE5DQGRPL]HG'RXEOH%OLQG3ODFHER&RQWUROOHG
0XOWL&HQWHU 6WXG\(YDOXDWLQJ$QWLYLUDO(IIHFWV3KDUPDFRNLQHWLFV
6DIHW\DQG7ROHUDELOLW\RI*6LQ+HPDWRSRLHWLF&HOO7UDQVSODQW
+&75HFLSLHQWVZLWK5HVSLUDWRU\6\QF\WLDO9LUXV569,QIHFWLRQ
RIWKH8SSHU5HVSLUDWRU\7UDFW
,1'1XPEHU
(XGUD&71XPEHU
&OLQLFDO7ULDOVJRY
,GHQWLILHU


7%'
6WXG\&HQWHUV
3ODQQHG
$SSUR[LPDWHO\ FHQWHUVLQ$VLD3DFLILF$XVWUDOLD&DQDGD(XURSH
6RXWK $PHULFD DQGWKH8QLWHG6WDWHV
2EMHFWLYHV
7KHSULPDU\REMHFWLYHRIWKLVVWXG\LVDVIROORZV

7RHYDOXDWHWKHHIIHFW RI*6RQ569YLUDOORDGLQ
569SRVLWLYHDXWRORJRXVRUDOORJHQHLF+&7UHFLSLHQWVZLWKDFXWH
XSSHUUHVSLUDWRU\WUDFWLQIHFWLRQ857,V\PSWRPV
7KHVHFRQGDU\REMHFWLYHVRIWKLVVWXG\DUHDVIROORZV

7RHYDOXDWHWKHHIIHFWRI*6RQ GHYHORSPHQWRI
ORZHU UHVSLUDWRU\WUDFWFRPSOLFDWLRQ/57& SURJUHVVLRQWR
UHVSLUDWRU\IDLOXUHDQGHIIHFWRQR[\JHQDWLRQ

7RHYDOXDWHWKHSKDUPDFRNLQHWLFV3. VDIHW\DQGWROHUDELOLW\RI
*6
6WXG\'HVLJQ
5DQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGVWXG\HYDOXDWLQJWKH
HIIHFWRI*6RQHIILFDF\3.VDIHW\DQGWROHUDELOLW\LQ+&7
UHFLSLHQWV ZLWK569 857,
$OOVXEMHFWVZLOOEHSHUPLWWHGWRUHFHLYHWKHVWDQGDUGRIFDUHWKHUDS\
IRU569LQIHFWLRQSHUWKHLUORFDOPHGLFDOSUDFWLFHV LQDGGLWLRQWR WKH
LQYHVWLJDWLRQDOPHGLFLQDOSURGXFW,03
6XEMHFWVZLOOEH UDQGRPL]HGLQDUDWLRWRUHFHLYH,03
*6 RUSODFHERDQGZLOOEHVWUDWLILHGE\ IDFWRUV
 3UHVHQFHRUDEVHQFH RIO\PSKRSHQLDGHILQHGDVD
O\PSKRF\WH FRXQW FHOOV/ YHUVXV FHOOV/RIEORRG
 7UHDWPHQWRI569 LQIHFWLRQ \HVRU QRZLWKULEDYLULQ
RUDO LQWUDYHQRXV RUDHURVROL]HG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 
1XPEHURI6XEMHFWV
3ODQQHG
$SSUR[LPDWHO\569SRVLWLYHVXEMHFWV
7DUJHW3RSXODWLRQ
0DOHVDQGIHPDOHV WR \HDUVRIDJH ZKRKDYHKDGDQDOORJHQHLF
RUDXWRORJRXV+&7DQGKDYH GRFXPHQWHGDFXWH569UHODWHG857,
V\PSWRPV
'XUDWLRQRI
7UHDWPHQW
GRVHVRYHUGD\V
'LDJQRVLVDQG0DLQ
(OLJLELOLW\&ULWHULD
)RUDFRPSOHWHOLVWRIVWXG\LQFOXVLRQDQGH[FOXVLRQFULWHULD
SOHDVH UHIHUWR6HFWLRQ 
,QFOXVLRQ&ULWHULD
6XEMHFWVPXVWPHHWDOO RIWKHIROORZLQJLQFOXVLRQFULWHULDDWWKHWLPH
RIUDQGRPL]DWLRQWREHHOLJLEOHIRUSDUWLFLSDWLRQLQWKLVVWXG\
 5HFHLYHGDQDXWRORJRXVRUDOORJHQHLF+&7XVLQJDQ\
FRQGLWLRQLQJUHJLPHQ
 'RFXPHQWHGWREH569SRVLWLYHDVGHWHUPLQHGE\ORFDOWHVWLQJ
HJ SRO\PHUDVHFKDLQUHDFWLRQ>3&5@GLUHFWIOXRUHVFHQFH
DQWLERG\>')$@UHVSLUDWRU\YLUDOSDQHO593DVVD\RUFXOWXUH
XVLQJDQXSSHUUHVSLUDWRU\WUDFWVDPSOHFROOHFWHG  GD\V SULRUWR
'D\ 
 1HZRQVHWRIDWOHDVWRIWKHIROORZLQJUHVSLUDWRU\V\PSWRPVIRU
  GD\V SULRUWR'D\QDVDOFRQJHVWLRQUXQQ\QRVHFRXJKRU
VRUHWKURDWRUZRUVHQLQJRIRQHRIWKHVHFKURQLFUHVSLUDWRU\
V\PSWRPV   GD\V SULRUWR'D\
 1RHYLGHQFHRIQHZDEQRUPDOLWLHVFRQVLVWHQWZLWK/57,RQD
FKHVW;UD\UHODWLYHWRWKHPRVWUHFHQWFKHVW;UD\DVGHWHUPLQHG
E\WKHORFDOUDGLRORJLVW,IDFKHVW;UD\LVQRWDYDLODEOHRUZDV
QRWREWDLQHGGXULQJVWDQGDUGFDUH KRXUV SULRUWR6FUHHQLQJD
FKHVW;UD\PXVWEHREWDLQHGIRU6FUHHQLQJ
 2[\JHQVDWXUDWLRQ   RQURRPDLU
 $QLQIRUPHGFRQVHQWGRFXPHQWVLJQHGDQGGDWHGE\WKHVXEMHFWRU
DOHJDOJXDUGLDQRIWKHVXEMHFWDQGWKHLQYHVWLJDWRURUKLVKHU
GHVLJQHH
 $QHJDWLYHXULQH RUVHUXPSUHJQDQF\WHVWLVUHTXLUHGIRUIHPDOH
VXEMHFWVXQOHVVVXUJLFDOO\VWHULOHRUJUHDWHUWKDQWZR \HDUV
SRVWPHQRSDXVDO


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 
 0DOHDQGIHPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOPXVWDJUHHWR
FRQWUDFHSWLYHUHTXLUHPHQWV DVGHVFULEHGLQ$SSHQGL[ 
 :LOOLQJQHVVWRFRPSOHWHQHFHVVDU\VWXG\SURFHGXUHVDQGKDYH
DYDLODEOHDZRUNLQJWHOHSKRQHRUHPDLO
([FOXVLRQ&ULWHULD
6XEMHFWVZKRPHHWDQ\ RIWKHIROORZLQJH[FOXVLRQFULWHULDDUHQRWWR
EHHQUROOHGLQWKLVVWXG\
5HODWHGWRFRQFRPLWDQWRUSUHYLRXVPHGLFDWLRQXVH
 8VHRIQRQPDUNHWHGDFFRUGLQJWRUHJLRQLQYHVWLJDWLRQDODJHQWV
ZLWKLQ GD\V25 XVHRIDQ\PRQRFORQDODQWL569DQWLERGLHV
ZLWKLQ PRQWKVRUKDOIOLYHVRI6FUHHQLQJZKLFKHYHULVORQJHU
25 XVHRIDQ\LQYHVWLJDWLRQDO569YDFFLQHVDIWHU+&7
 8VHRIDVWURQJF\WRFKURPH3HQ]\PH&<3LQGXFHU
LQFOXGLQJEXWQRWOLPLWHGWRULIDPSLQ6W -RKQ¶V :RUW
FDUEDPD]HSLQHDQGSKHQ\WRLQZLWKLQ  ZHHNV SULRUWRWKHILUVW
GRVHRI,03
5HODWHGWRPHGLFDOKLVWRU\
 $GPLWWHGWRWKHKRVSLWDOSULPDULO\IRUDORZHUUHVSLUDWRU\WUDFW
GLVHDVHRIDQ\FDXVHDVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 3UHJQDQWEUHDVWIHHGLQJRUODFWDWLQJIHPDOHV
 8QDEOHWRWROHUDWHQDVDOVDPSOLQJUHTXLUHGIRUWKLVVWXG\DV
GHWHUPLQHGE\WKHLQYHVWLJDWRU
 .QRZQKLVWRU\RI +,9$,'6ZLWKD&'FRXQW FHOOVȝ/
ZLWKLQWKHODVWPRQWK
 +LVWRU\RIGUXJDQGRUDOFRKRODEXVHWKDWLQWKHRSLQLRQRIWKH
LQYHVWLJDWRUPD\SUHYHQWDGKHUHQFHWRVWXG\DFWLYLWLHV
5HODWHGWRPHGLFDOFRQGLWLRQDW6FUHHQLQJ
 $UHODSVHLQFOXGLQJPROHFXODUUHODSVHRIWKH XQGHUO\LQJGLVHDVH
IRUZKLFKWKH\UHFHLYHGDWUDQVSODQWDW6FUHHQLQJ
 'RFXPHQWHGWREHSRVLWLYHIRURWKHUUHVSLUDWRU\YLUXVHVOLPLWHGWR
LQIOXHQ]DSDUDLQIOXHQ]DKXPDQUKLQRYLUXVDGHQRYLUXVRUKXPDQ
PHWDSQHXPRYLUXVZLWKLQ GD\VSULRUWRWKH6FUHHQLQJYLVLWDV
GHWHUPLQHGE\ORFDOWHVWLQJDGGLWLRQDOWHVWLQJLVQRWUHTXLUHG
 &OLQLFDOO\VLJQLILFDQWEDFWHUHPLDRUIXQJHPLDZLWKLQ GD\VSULRU
WR6FUHHQLQJWKDWKDVQRWEHHQDGHTXDWHO\WUHDWHGDVGHWHUPLQHG
E\WKHLQYHVWLJDWRU




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 
/DERUDWRU\WHVWV :KHQDYDLODEOHH[LVWLQJODERUDWRU\YDOXHV
  GD\VSULRUWR6FUHHQLQJ 9LVLW PD\EHXVHGIRUHOLJLELOLW\
DVVHVVPHQW6WXG\VWDIIZLOOSHUIRUPXULQHRUVHUXPSUHJQDQF\WHVWV
RQVLWHDW6FUHHQLQJ DQGDWHDFKGRVLQJYLVLW9LVLWVDQG 
SULRUWRDGPLQLVWUDWLRQRI,03 DVQHFHVVDU\%ORRGVSHFLPHQVIRU
VDIHW\9LVLWV DQGDQG569YLUHPLDHYDOXDWLRQ
XVLQJ TXDQWLWDWLYHUHDOWLPH SRO\PHUDVHFKDLQUHDFWLRQ
>57T3&5@  9LVLWVDQGZLOOEHFROOHFWHGSULRUWR
GRVLQJDQGIRU VHUXPDQWLERG\WLWHUVWR569DW
9LVLWV  DQG  'D\V DQG %ORRGVSHFLPHQVIRUVHUXP
FUHDWLQLQHZLOOEHFROOHFWHGKRXUVSRVWGRVHDW9LVLWV  DQG 
'D\V DQGIURPVXEMHFWVSDUWLFLSDWLQJLQWKH3.VXEJURXSRQO\
3.EORRGGUDZV3.VDPSOHVZLOOEHFROOHFWHGIURPDOOVXEMHFWV
H[FOXGLQJVXEMHFWVLQWKH3.VXEJURXSDW WKHIROORZLQJWLPHSRLQWV
SUHGRVHDW9LVLW'D\SUHGRVHDQGKRXUVSRVWGRVHDW
9LVLW  'D\DQGDQ\WLPHDW9LVLW 'D\
6XEMHFWVZLOOKDYHWKHRSWLRQRISDUWLFLSDWLQJLQWKH3.VXEJURXS
XQWLOVXEMHFWVKDYHHQUROOHGLQWRWKHVXEJURXS3.VDPSOHVZLOOEH
FROOHFWHGLQWKH3.VXEJURXSDWWKHIROORZLQJWLPHSRLQWVDQG
 KRXUVSRVWGRVHDW9LVLW'D\DQ\WLPHDW9LVLW  'D\ 
SUHGRVHDW9LVLW'D\SUHGRVHDQG KRXUVSRVWGRVHDW
9LVLW  'D\DQGDQ\WLPHDW9LVLW 'D\ 
1DVDOVDPSOLQJ1DVDOVDPSOLQJZLOOEHSHUIRUPHGDWDOOVWXG\YLVLWV
ERWKVFKHGXOHGDQGXQVFKHGXOHG

ZLWKWKHH[FHSWLRQRI6FUHHQLQJ
9LVLW DQGVWRUHGDQGVKLSSHGWRDFHQWUDOODERUDWRU\IRUWHVWLQJ
DFFRUGLQJWRVSHFLILFDWLRQVLQWKHVWXG\SURFHGXUHVPDQXDO$OO
VDPSOHVPXVWEHFROOHFWHGSULRUWRGRVLQJ7ZRQDVDOVDPSOHVZLOOEH
REWDLQHGIURPHDFKQRVWULOHDFKWLPHQDVDOVDPSOLQJLVSHUIRUPHG
1DVDOVDPSOHVZLOO EHXVHGIRU569VHTXHQFLQJWRHYDOXDWH
GHYHORSPHQWRIUHVLVWDQFHDQGDPXOWLSOH[DVVD\WRLGHQWLI\
FRLQIHFWLRQV
569WHVWLQJ$OOVXEMHFWVPXVWEHGRFXPHQWHGWREH569SRVLWLYHDV
GHWHUPLQHGE\ORFDOWHVWLQJHJ3&5')$593DVVD\RUFXOWXUH
SULRUWR 6FUHHQLQJXVLQJDQXSSHUUHVSLUDWRU\WUDFWVDPSOHFROOHFWHG
  GD\V SULRUWR'D\)RUDOOVWXG\UHODWHGQDVDOVDPSOHV
 RI WKH QDVDOVDPSOHVFROOHFWHGDWVWXG\YLVLWVZLOOEHDQDO\]HGDWD
FHQWUDOODERUDWRU\XVLQJ57T3&5WRGHWHUPLQH569YLUDOORDG
PPD




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 

)/8352TXHVWLRQQDLUHPXVWEHSHUIRUPHGSULRUWRDOORWKHU
DVVHVVPHQWV

96LQFOXGLQJ2 VDWXUDWLRQ

:HLJKW

%ORRGGUDZIRUVDIHW\ODEVVHUXPDQWLERG\WLWHUWR569DQG
569YLUHPLD

2EWDLQQDVDOVDPSOHV

8ULQHRUVHUXPSUHJQDQF\WHVWLQZRPHQXQDEOHWRFRQILUP
PHQRSDXVHK\VWHUHFWRP\DQGRUELODWHUDORRSKRUHFWRP\

5DQGRPL]DWLRQYLD,;56

,03DGPLQLVWUDWLRQ

3.EORRGGUDZ3.VXEJURXSRQO\ DQG  KRXUVSRVWGRVH

%ORRGGUDZIRUVHUXPFUHDWLQLQH3.VXEJURXSRQO\
 KRXUV SRVWGRVH

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV
9LVLW'D\ KRXUV
)RUVXEMHFWVLQWKH3.VXEJURXSWKLVYLVLWPXVWEHSHUIRUPHGLQFOLQLF
RULQKRVSLWDO)RUDOORWKHUVXEMHFWVWKLVYLVLWPD\EHSHUIRUPHGLQ
FOLQLFLQKRVSLWDO RUDWKRPH

3.EORRGGUDZ3.VXEJURXSRQO\

2EWDLQQDVDOVDPSOHV
9LVLWV'D\V KRXUV
7KLVYLVLWPXVWEHSHUIRUPHGLQFOLQLFRULQKRVSLWDO9LVLW 
DVVHVVPHQWVVKRXOGEHSHUIRUPHGLQWKHIROORZLQJRUGHU

)/8352TXHVWLRQQDLUHPXVWEHSHUIRUPHGSULRUWRDOORWKHU
DVVHVVPHQWV

96LQFOXGLQJ2 VDWXUDWLRQ

:HLJKW

3.EORRGGUDZIRUDOOVXEMHFWVSUHGRVH

%ORRGGUDZIRUVDIHW\ODEVDQG569YLUHPLD

2EWDLQQDVDOVDPSOHV

8ULQHRUVHUXPSUHJQDQF\WHVWLQZRPHQXQDEOHWRFRQILUP
PHQRSDXVHK\VWHUHFWRP\DQGRU ELODWHUDORRSKRUHFWRP\


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 

,03DGPLQLVWUDWLRQ

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQV
UHKRVSLWDOL]DWLRQVDGPLVVLRQWRLQWHQVLYHFDUHXQLW,&8RU
XWLOL]DWLRQRI,&8FDUHIRU! KRXUVVWDQGDUGRIFDUHWHVWUHVXOWV
LH FKHVWUDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPV
PHFKDQLFDOYHQWLODWLRQLQYDVLYHDQGQRQLQYDVLYHRIDQ\
GXUDWLRQDQGVXSSOHPHQWDO2 XVH  /PLQIRU!  KRXUV
9LVLW'D\ KRXUV
7KLVYLVLWPD\EHSHUIRUPHGLQFOLQLFLQKRVSLWDO RUDWKRPH

2EWDLQQDVDOVDPSOHV
9LVLWV± 'D\VDQG  KRXUV
7KHVHYLVLWVPXVWEHSHUIRUPHGLQFOLQLFRULQKRVSLWDO9LVLW 
DVVHVVPHQWVVKRXOGEHSHUIRUPHGLQWKHIROORZLQJRUGHU

)/8352TXHVWLRQQDLUH'D\RQO\PXVWEHSHUIRUPHGSULRUWR
DOORWKHUDVVHVVPHQWV

96LQFOXGLQJ2 VDWXUDWLRQ

:HLJKW

3.EORRGGUDZIRUDOOVXEMHFWVSUHGRVHDQGKRXUVSRVWGRVH
'D\ RQO\

%ORRGGUDZIRUVDIHW\ODEVDQG569YLUHPLD

2EWDLQQDVDOVDPSOHV

8ULQHRUVHUXPSUHJQDQF\WHVWLQZRPHQXQDEOHWRFRQILUP
PHQRSDXVHK\VWHUHFWRP\DQGRUELODWHUDORRSKRUHFWRP\

,03DGPLQLVWUDWLRQ

%ORRGGUDZIRUVHUXPFUHDWLQLQH3.VXEJURXSRQO\
 KRXUV SRVWGRVH'D\RQO\

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQV
UHKRVSLWDOL]DWLRQVDGPLVVLRQWR,&8RUXWLOL]DWLRQRI,&8FDUH
IRU!  KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLHFKHVWUDGLRJUDSKV
PLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQ
LQYDVLYH DQGQRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO
2 XVH  /PLQIRU!  KRXUV








*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 
7KH)$6DQDO\VLVVHWZLOOEHXVHGIRUDOOVXPPDULHVDQG DQDO\VHVRI
VHFRQGDU\HQGSRLQWV$OOVHFRQGDU\DQGRWKHUHQGSRLQWVZLOOEH
DQDO\]HGXVLQJVLGHGWHVWVIRUWUHDWPHQWGLIIHUHQFHV7KHSURSRUWLRQ
RIVXEMHFWVZKRGHYHORS/57&ZKRGHYHORSUHVSLUDWRU\IDLOXUH
UHTXLULQJPHFKDQLFDOYHQWLODWLRQDQGWKHSURSRUWLRQRIVXEMHFWV
ZKRVH2 VDWXUDWLRQGURSVEHORZZLOOEHDQDO\]HGXVLQJD
)LVKHU¶VH[DFWWH[W$QDO\VHVRIH[SORUDWRU\HQGSRLQWVDUHGLVFXVVHG
LQ6HFWLRQ 
$OOHQGSRLQWVZLOOEHVXPPDUL]HGXVLQJGHVFULSWLYHVWDWLVWLFV
VDPSOH VL]HPHDQVWDQGDUGGHYLDWLRQ >6'@PHGLDQ44
PLQLPXP DQGPD[LPXPIRUFRQWLQXRXVGDWDDQGE\WKHQXPEHUDQG
SHUFHQWRIVXEMHFWVIRUFDWHJRULFDOGDWD
6DIHW\DQDO\VHVZLOOEHSHUIRUPHGRQDOOVXEMHFWVZKRUHFHLYHG,03
6DIHW\GDWDZLOOEHFROOHFWHGDQGVXPPDUL]HGIURP6FUHHQLQJWKURXJK
'D\ 6DIHW\GDWDZLOOEHOLVWHGE\VXEMHFWDQGVXPPDUL]HGE\
WUHDWPHQWDFWLYH RUSODFHERXVLQJWKHQXPEHUSHUFHQWRIVXEMHFWV
ZLWKHYHQWVDEQRUPDOLWLHVIRUFDWHJRULFDOGDWDDQGXVLQJGHVFULSWLYH
VWDWLVWLFVIRUFRQWLQXRXVGDWD
&RQFHQWUDWLRQVRI*6LQSODVPDZLOOEHGHWHUPLQHGXVLQJD
YDOLGDWHGELRDQDO\WLFDODVVD\V,QGLYLGXDOVXEMHFW*6
FRQFHQWUDWLRQWLPHGDWDZLOOEHGLVSOD\HGXVLQJVFKHGXOHGVDPSOLQJ
WLPHV'HVFULSWLYHVWDWLVWLFVHJQPHDQVWDQGDUGGHYLDWLRQ&9
PHGLDQDQGUDQJHZLOOEHFDOFXODWHGIRUHDFKVDPSOLQJWLPH)RU
VXEMHFWVLQWKH3.VXEJURXSSODVPDFRQFHQWUDWLRQVRI*6RYHU
WLPHZLOOEHSORWWHGLQVHPLORJDULWKPLFDQGOLQHDUIRUPDWVDV
PHDQ  6'DQGSODVPDFRQFHQWUDWLRQWLPHGDWDIRUHDFKVXEMHFWZLOO
EHDQDO\]HGXVLQJVWDQGDUGQRQFRPSDUWPHQWDOPHWKRGV
3KDUPDFRNLQHWLFSKDUPDFRG\QDPLF3.3'UHODWLRQVKLSPD\EH
H[SORUHGDVDSSURSULDWH
6DPSOHVL]HFDOFXODWLRQVDUHEDVHGRQUHVXOWVREVHUYHGLQDVWXG\WKDW
HYDOXDWHGWKHHIILFDF\RIRUDODQGDHURVROL]HGULEDYLULQWUHDWPHQWIRU
SUHYHQWLQJSURJUHVVLRQIURPXSSHUWRORZHUUHVSLUDWRU\WUDFWLQIHFWLRQ
LQ +&7 UHFLSLHQWVZLWK569LQIHFWLRQVXQSXEOLVKHGGDWDIURP
'U
7KHVDPSOHVL]HFDOFXODWLRQDVVXPHVWKH
WLPHZHLJKWHGDYHUDJH FKDQJHLQ569ORJ YLUDOORDGIURP
'D\  WR 'D\LQWKHSODFHERJURXSZLOOEH ORJ FRSLHVP/ZLWKD
FRUUHVSRQGLQJVWDQGDUGGHYLDWLRQ6'RI DQGWKDWRIWKH
VXEMHFWVZLOOEHHYDOXDEOH%DVHGRQWKHVHDVVXPSWLRQVZLWK
 HYDOXDEOHVXEMHFWVSHUJURXSWKHUHLVRYHUSRZHUWRGHWHFWD
 ORJGLIIHUHQFHLQWLPHZHLJKWHGDYHUDJH FKDQJHLQORJ YLUDOORDG
EHWZHHQWUHDWPHQWJURXSVXVLQJDVLGHGOHYHOWHVW*LYHQDQ
HYDOXDEOHUDWHRI DWRWDORI VXEMHFWVZLOOQHHGWREH
UDQGRPL]HGLQWRWKHVWXG\
PPD


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 
7ZRXQEOLQGHG LQWHULPHIILFDF\DQDO\VHVRIWKHSULPDU\HQGSRLQW
WLPHZHLJKWHGDYHUDJHFKDQJHLQ 569ORJ YLUDOORDGIURP
'D\  WKURXJK'D\ ZLOOEHFRQGXFWHGDIWHUDSSUR[LPDWHO\
 DQG  RIWKHVXEMHFWVKDYHEHHQHQUROOHGDQGUHDFK'D\ 
VHH 6HFWLRQ  $WWKHVHLQWHULPDQDO\VHVHIILFDF\RI*6
ZLOOEHFRPSDUHGWRSODFHERDWWKHVLGHGVLJQLILFDQFH
OHYHO $WWKHILUVWLQWHULPDQDO\VLVZLWKVXEMHFWVWKHQXOO
K\SRWKHVLVZLOOEHUHMHFWHGLIDSSUR[LPDWHO\DPLQLPXPRID
 ORJ GLIIHUHQFHEHWZHHQWUHDWPHQWJURXSVLQPHDQWLPHZHLJKWHG
DYHUDJHFKDQJHLQORJ YLUDOORDGLVREVHUYHG$WWKHVHFRQGLQWHULP
DQDO\VLVZLWKVXEMHFWVWKHQXOOK\SRWKHVLVZLOOEHUHMHFWHGLI
DSSUR[LPDWHO\DPLQLPXPRID ORJGLIIHUHQFHEHWZHHQWUHDWPHQW
JURXSVLQPHDQWLPHZHLJKWHGDYHUDJHFKDQJHLQORJ YLUDOORDGLV
REVHUYHG ,IWKHUHLVQRWHQRXJKHYLGHQFHWRUHMHFWWKHQXOOK\SRWKHVLV
DWWKHLQWHULPDQDO\VHVWKHILQDODQDO\VLVZLOOEHFRQGXFWHGDWDQ
DGMXVWHGVLJQLILFDQFHOHYHOEDVHGRQDJURXSVHTXHQWLDODOSKD
VSHQGLQJPHWKRGVRWKDWWKHRYHUDOOW\SHHUURUUDWHFDQEHFRQWUROOHG
DWWKH  OHYHO)XUWKHUGHWDLOVRIWKHLQWHULPDQDO\VLVZLOOEH
GHVFULEHGLQWKHVWDWLVWLFDODQDO\VLVSODQ6$3
$OOVDIHW\DQGHIILFDF\GDWDZLOOEHPRQLWRUHGE\D'DWD0RQLWRULQJ
&RPPLWWHH'0&$Q$GMXGLFDWLRQ&RPPLWWHHZLOOUHYLHZUHOHYDQW
FOLQLFDOGDWD WR GHWHUPLQHZKHWKHUD/57& KDVGHYHORSHG
7KLVVWXG\ZLOOEHFRQGXFWHGLQDFFRUGDQFHZLWKWKHJXLGHOLQHVRI*RRG&OLQLFDO3UDFWLFH*&3
LQFOXGLQJDUFKLYLQJRIHVVHQWLDOGRFXPHQWV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506
&
GHJUHHV&HOVLXV
)
GHJUHHV)DKUHQKHLW
$(
DGYHUVHHYHQW
$K5
DU\OK\GURFDUERQ
$,'6
DXWRLPPXQHGHILFLHQF\V\QGURPH
$/7
DODQLQHDPLQRWUDQVIHUDVH
$1&
DEVROXWHQHXWURSKLOFRXQW
$1&29$
DQDO\VLVRIFRYDULDQFH
$129$
DQDO\VLVRIYDULDQFH
$67
DVSDUWDWHDPLQRWUDQVIHUDVH
$8&
DUHDXQGHUWKHSODVPDVHUXPSHULSKHUDOEORRGPRQRQXFOHDUFHOOFRQFHQWUDWLRQ
YHUVXVWLPHFXUYH
%$/
EURQFKRDOYHRODUODYDJH
%&53
EUHDVWFDQFHUUHVLVWDQFHSURWHLQ
%,'
WZLFHDGD\
%0,
ERG\PDVVLQGH[
%81
EORRGXUHDQLWURJHQ
&%&
FRPSOHWHEORRGFRXQW
&&0
FHOOFXOWXUHPHGLXP
&,
FRQILGHQFHLQWHUYDO
&PD[
WKHPD[LPXPREVHUYHGVHUXPSODVPDSHULSKHUDOEORRGPRQRQXFOHDU3%0&
FRQFHQWUDWLRQRIGUXJ
&5)
FDVHUHSRUWIRUPV
&52
FRQWUDFWRUFOLQLFDOUHVHDUFKRUJDQL]DWLRQ
&65
FOLQLFDOVWXG\UHSRUW
&7
FRPSXWHUL]HGWRPRJUDSK\
&<3[[
F\WRFKURPH3HQ]\PH[[
'$9*
WLPHZHLJKWHGDYHUDJHFKDQJH
'',
GUXJGUXJLQWHUDFWLRQV
')$
GLUHFWIOXRUHVFHQFHDQWLERG\
'0&
'DWD0RQLWRULQJ&RPPLWWHH
'63+
'UXJ6DIHW\DQG3XEOLF+HDOWK
(&
HWKLFVFRPPLWWHH
(&
FRQFHQWUDWLRQRIGUXJWRUHDFKLQKLELWLRQRIYLUXVUHSOLFDWLRQ
(&*
HOHFWURFDUGLRJUDP
H&5)
HOHFWURQLFFDVHUHSRUWIRUPV
('&
HOHFWURQLFGDWDFDSWXUH
(/)
HSLWKHOLDOOLQLQJIOXLG
(05
HOHFWURQLFPHGLFDOUHFRUGV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 
*/266$5<2)$%%5(9,$7,216$1''(),1,7,212)7(506 &217,18('
(XGUD&7
(XURSHDQFOLQLFDOWULDOVGDWDEDVH
)$6
IXOODQDO\VLVVHW
),+
)LUVWLQKXPDQ
)'$
8QLWHG6WDWHV)RRGDQG'UXJ$GPLQLVWUDWLRQ
*&3
*RRG&OLQLFDO3UDFWLFH*XLGHOLQHV
*'
JHVWDWLRQDOGD\
*,
JDVWURLQWHVWLQDO
*/3
JRRGODERUDWRU\SUDFWLFH
*6,
*LOHDG6FLHQFHV,QF
KU
KRXU
+&7
+HPDWRSRLHWLF&HOO7UDQVSODQW
+'3(
KLJKGHQVLW\SRO\HWK\OHQH
K(5*
KXPDQHWKHUjJRJRUHODWHGJHQH
+,9
KXPDQLPPXQRGHILFLHQF\YLUXV
+/*7
KLJKOHYHOJURXSWHUP
+/7
KLJKOHYHOWHUP
+63
K\VWHURVDOSLQJRJUDP
,%
,QYHVWLJDWRU¶V%URFKXUH
,&
FRQFHQWUDWLRQRIGUXJWRUHDFKLQKLELWLRQ
,&+
,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ
,&8
,QWHQVLYH&DUH8QLW
,(&
LQGHSHQGHQWHWKLFVFRPPLWWHH
,03
,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW
,1'
,QYHVWLJDWLRQDO1HZ'UXJ$SSOLFDWLRQ
,5%
LQVWLWXWLRQDOUHYLHZERDUG
,8'
LQWUDXWHULQHGHYLFH
,9,*
,QWUDYHQRXV,PPXQRJOREXOLQ
,;56
LQWHUDFWLYHYRLFHZHEUHVSRQVHV\VWHP
NJ
NLORJUDP
//1
ORZHUOLPLWRIWKHQRUPDOUDQJH
//24
ORZHUOLPLWRITXDQWLILFDWLRQ
//7
ORZHUOHYHOWHUP
/57&
ORZHUUHVSLUDWRU\WUDFWFRPSOLFDWLRQ
/57,
ORZHUUHVSLUDWRU\WUDFWLQIHFWLRQ
0HG'5$
0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV
PJ
PLOOLJUDP
PLQ
PLQXWH
P/
PLOOLOLWHU


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 
*/266$5<2)$%%5(9,$7,216$1''(),1,7,212)7(506 &217,18('
PP+J
PLOOLPHWHUVPHUFXU\
0050
PL[HGHIIHFWPRGHOUHSHDWHGPHDVXUHV
1$
QRWDSSOLFDEOH
1'
QRWGHWHFWDEOH
Q0
QDQRPRODU
12$(/
QRREVHUYHGDGYHUVHHIIHFWOHYHO
12(/
QRREVHUYHGHIIHFWOHYHO
2
R[\JHQ
2$73
RUJDQLFDQLRQWUDQVSRUWHUSURWHLQV
3'
3KDUPDNRG\QDPLF
3)8H
SODTXHIRUPLQJXQLWHHTXLYDOHQWV
3JS
3JO\FRSURWHLQ
3.
SKDUPDFRNLQHWLF
32
RUDODGPLQLVWUDWLRQSHURVE\PRXWK
35
WKHLQWHUYDOEHWZHHQWKHEHJLQQLQJRIWKH3ZDYHDQGWKHEHJLQQLQJRIWKH456
FRPSOH[RQ(&*
37
SUHIHUUHGWHUP
3;5
SUHJQDQH[UHFHSWRU
4
ILUVWTXDUWLOH
4
WKLUGTXDUWLOH
4$
TXDOLW\DVVXUDQFH
456
SDUWRIHOHFWURFDUGLRJUDSKLFZDYHUHSUHVHQWLQJYHQWULFXODUGHSRODUL]DWLRQ
47
LQWHUYDOEHWZHHQWKHVWDUWRIWKH4ZDYHDQGWKHHQGRIWKH 7ZDYHRQ(&*
47F
FRUUHFWHG47
47F)
47LQWHUYDOFRUUHFWHGIRUKHDUWUDWHXVLQJWKH)ULGHULFLDIRUPXOD
51$
ULERQXFOHLFDFLG
52:
UHVWRIZRUOG
569
UHVSLUDWRU\V\QF\WLDOYLUXV
57T3&5
TXDQWLWDWLYHUHDOWLPHSRO\PHUDVHFKDLQUHDFWLRQ
593
UHVSLUDWRU\YLUDOSDQHO
6$(
VHULRXVDGYHUVHHYHQW
6$3
6WDWLVWLFDO$QDO\VLV3ODQ
6'
VWDQGDUGGHYLDWLRQ
62&
V\VWHPRUJDQFODVV
623
VWDQGDUGRSHUDWLQJSURFHGXUH
6S2
R[\JHQVDWXUDWLRQ
686$5
6XVSHFWHG8QH[SHFWHG6HULRXV$GYHUVH5HDFWLRQ
7%'
WREHGHWHUPLQHG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506 &217,18('
WPD[
WKHWLPHREVHUYHGWLPHSRLQWRI&PD[
Wò
DQHVWLPDWHRIWKHWHUPLQDOHOLPLQDWLRQKDOIOLIHRIWKHGUXJLQ
VHUXPSODVPD3%0&FDOFXODWHGE\GLYLGLQJWKHQDWXUDOORJRIE\WKHWHUPLQDO
HOLPLQDWLRQUDWHFRQVWDQWȜ]
/
PLFUROLWHU
8/1
XSSHUOLPLWRIWKHQRUPDOUDQJH
857,
XSSHUUHVSLUDWRU\WUDFWLQIHFWLRQ
86
8QLWHG6WDWHV
89
XOWUDYLROHW
96
YLWDOVLJQV
9VV
DSSDUHQWYROXPHRIGLVWULEXWLRQDWVWHDG\VWDWH
YY
YROXPHYROXPH
:%&
ZKLWHEORRGFHOOFRXQW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 

,1752'8&7,21

%DFNJURXQG
5HVSLUDWRU\V\QF\WLDOYLUXV569DPHPEHURIWKHIDPLO\3DUDP\[RYLULGDH LVDQHQYHORSHG
YLUXVZLWKDQHJDWLYHVLQJOHVWUDQGULERQXFOHLFDFLG51$JHQRPH7KH569JHQRPH HQFRGHV
IRU SURWHLQVLQFOXGLQJ VXUIDFHJO\FRSURWHLQV)*DQG6+DQGVHYHUDOSURWHLQVWKDW
FRPSULVHWKHYLUDO51$SRO\PHUDVHFRPSOH[13/DQG07ZR PDMRUDQWLJHQLF
VXEJURXSVRI569DUHNQRZQ569$DQG569%WKDWGLIIHUSULPDULO\LQWKHJHQHWLFVHTXHQFH
RIWKH* JO\FRSURWHLQZKLOHPDLQWDLQLQJDKLJKHUGHJUHHRIKRPRORJ\DFURVVRWKHUSDUWVRIWKH
JHQRPH%RWKVXEJURXSVVKRZFRPSDUDEOHSDWKRJHQLFLW\DQGFDQFRFLUFXODWHLQWKHVDPH
FRPPXQLW\GXULQJDVHDVRQDOHSLGHPLFEXWWKHLULQGLYLGXDOSUHYDOHQFHXVXDOO\YDULHVIURP
VHDVRQWRVHDVRQ
569LQIHFWLRQLVWKHPRVWFRPPRQFDXVHRIDGPLVVLRQVWRSHGLDWULFJHQHUDOLQSDWLHQWXQLWVLQWKH
8QLWHG6WDWHV86DQG:HVWHUQ(XURSH^`8QIRUWXQDWHO\WKHUDWHRIKRVSLWDOL]DWLRQ
DPRQJ569LQIHFWHGFKLOGUHQKDVUHPDLQHGXQFKDQJHGLQWKH86RYHUWKHODVWGHFDGH)URP
WR569FRGHGKRVSLWDOL]DWLRQVDFFRXQWHGIRURIDQHVWLPDWHGPLOOLRQORZHU
UHVSLUDWRU\WUDFWLQIHFWLRQ/57,KRVSLWDOL]DWLRQVDPRQJFKLOGUHQ  \HDUVRIDJH'XULQJWKLV
SHULRGLWZDVHVWLPDWHGWKDWDSSUR[LPDWHO\KRVSLWDOL]DWLRQVHDFK\HDUZHUHFDXVHGE\
569LQIHFWLRQDPRQJFKLOGUHQ\HDUVRIDJHDSSUR[LPDWHO\ RIWKHVHKRVSLWDOL]DWLRQV
RFFXUDPRQJFKLOGUHQPRQWKVRIDJH^`
569LQIHFWLRQLVDOVRDFDXVHRIUHVSLUDWRU\GLVHDVH LQWKHDGXOWSRSXODWLRQ$GXOW UHFLSLHQWVRI
DXWRORJRXVRUDOORJHQHLFKHPDWRSRLHWLFFHOOWUDQVSODQWV+&7DUHDWKLJKULVNIRU569LQIHFWLRQ
UHODWHGPRUELGLW\DQGPRUWDOLW\ %DVHGXSRQUHWURVSHFWLYHHSLGHPLRORJLFGDWDRI+&7
UHFLSLHQWVZLOOGHYHORS569LQIHFWLRQRIWKHUHVSLUDWRU\WUDFW^` ^` ^` ^`
^` ^` ^`3URJUHVVLRQIURPXSSHUUHVSLUDWRU\WUDFWLQIHFWLRQ857,WR/57,
PD\RFFXULQ RIWKHVH569LQIHFWHGSDWLHQWV^` ^` ^` ^` ^`
^` ^` ^` ^` ^` 2QFH569SURJUHVVHVIURP857,WR/57,WKH
PRUELGLW\DQGPRUWDOLW\LVKLJK3URJUHVVLRQWR/57,RIWHQUHTXLUHVKRVSLWDOL]DWLRQDQGDWWLPHV
LQWHQVLYHFDUHXQLWDGPLVVLRQIRUVXSSRUWLYHFDUHHJR[\JHQDWLRQPHFKDQLFDOYHQWLODWLRQ
LQWUDYHQRXVIOXLGVYDVRSUHVVRUV/57,LVDVVRFLDWHGZLWKKLJKPRUWDOLW\UDWHVUDQJLQJIURP
^` ^` ^` ^` ^` ^` ^` ^` ^`$ORQJ
WHUPVHTXHODH VHHQ DPRQJVXUYLYRUVRI569/57,LVDLUIORZGHFOLQHGRFXPHQWHGDW\HDUDIWHU
WKHLQLWLDOLQIHFWLRQ ^`
&XUUHQWO\ WKHUHDUHQRHIIHFWLYHYDFFLQHVRUDSSURYHGSURSK\ODFWLFWUHDWPHQWRSWLRQVIRU569
LQIHFWLRQLQWKH+&7SRSXODWLRQ2QFHKRVSLWDOL]HGWUHDWPHQWIRU569LQIHFWLRQLQ+&7
SDWLHQWV LVVXSSRUWLYH ZLWKLQWUDYHQRXVK\GUDWLRQVXSSOHPHQWDOR[\JHQDQG PHFKDQLFDO
YHQWLODWLRQ $OWKRXJKWUHDWPHQWRSWLRQVVXFKDVDQWLYLUDODJHQWVFRUWLFRVWHURLGVDQG
LPPXQRJOREXOLQDUHIUHTXHQWO\XVHGWKHUHLVQRGHILQLWLYHWUHDWPHQWIRU569 LQIHFWLRQ LQWKH
+&7SRSXODWLRQ6\QDJLVSDOLYL]XPDEDPRQRFORQDODQWLERG\DJDLQVW569 DSSURYHGIRU
SURSK\OD[LVDJDLQVW569LQIHFWLRQDPRQJKLJKULVNLQIDQWVKDVQHYHUEHHQHYDOXDWHGLQD
UDQGRPL]HGFRQWUROOHGVWXG\IRUWUHDWPHQWRI569LQIHFWLRQLQWKH+&7SRSXODWLRQ$UHFHQW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 
UHWURVSHFWLYHDQDO\VLVVXJJHVWV WKDWSDOLYL]XPDELVQRWHIIHFWLYHIRU WUHDWPHQWRI569/57, LQ
WKH+&7SRSXODWLRQ ^`9LUD]ROH ULEDYLULQDQLQKDOHG DQWLYLUDO DJHQWLVDSSURYHGIRU
WUHDWPHQW RI569LQIHFWLRQLQWKHSHGLDWULFSRSXODWLRQEXWLVQRWXVHGLQJHQHUDOSHGLDWULF
SUDFWLFHEHFDXVHRIFRQFHUQVUHJDUGLQJLWVHIILFDF\DQGWROHUDELOLW\DVZHOODVWKHFRPSOH[LW\RI
WKHVSHFLDOL]HGDHURVROGHOLYHU\V\VWHPWKDWLVUHTXLUHG^`$ UDQGRPL]HGVWXG\RILQKDOHG
ULEDYLULQ KDVEHHQ DWWHPSWHG LQWKH+&7SRSXODWLRQKRZHYHUGXHWRWKHDIRUHPHQWLRQHG
FRQFHUQVRQO\VXEMHFWVZHUHUHFUXLWHGRYHUD\HDUSHULRG ^` $UHFHQWUHYLHZRI
SXEOLVKHGHSLGHPLRORJLFVWXGLHVVXJJHVWVWKDWULEDYLULQEDVHGWKHUDS\RUDORUDHURVROL]HGKDG
YDULDEOHVXFFHVVUDWHVIRUSUHYHQWLQJ569DVVRFLDWHGPRUELGLW\RUPRUWDOLW\LQKLJKULVN+&7
SDWLHQWV ^`$VLQJOHFHQWHUUHWURVSHFWLYHDQDO\VLVDOVRVXJJHVWHGWKDWULEDYLULQWUHDWPHQW
ZKHQDGPLQLVWHUHGGXULQJWKH857,SKDVHUHVXOWHGLQORZHUUDWHVRISURJUHVVLRQWR/57, LQ
WUHDWHGYHUVXVXQWUHDWHGSDWLHQWV YHUVXV DQGPRUWDOLW\YHUVXV ^`
7DNLQJLQWRDFFRXQW WKHOLPLWHGDYDLODEOH HIILFDF\GDWDIURPFRQWUROOHGFOLQLFDOWULDOVWKHFXUUHQW
JXLGHOLQHVIRUGLDJQRVLVDQGWUHDWPHQWRI569LQIHFWLRQGRQRW SURYLGHUHFRPPHQGDWLRQV
UHJDUGLQJZKHWKHUSDWLHQWVVKRXOGEHWUHDWHG ZLWKDQ\WUHDWPHQWVRWKHUWKDQVXSSRUWLYHFDUH DW WKH
/57,YHUVXV857,SKDVH ^`7KHUHIRUHYDULDELOLW\ LQVWDQGDUGSUDFWLFHVIRUWUHDWPHQWRI
569LQIHFWLRQLQ+&7SDWLHQWVH[LVWVDURXQGWKHZRUOG

*6

*HQHUDO,QIRUPDWLRQ
*6 LVDQRUDO569IXVLRQLQKLELWRUZLWKSRWHQWDQGVHOHFWLYHDQWL569DFWLYLW\LQYLWUR
:KHQWHVWHGLQYLWURDJDLQVW GLYHUVHFOLQLFDOLVRODWHVRI569W\SH$DQG%WKH(& YDOXHV
FRQFHQWUDWLRQRIGUXJWRUHDFKLQKLELWLRQRIYLUXVUHSOLFDWLRQUDQJHGIURP WR  Q0
ZLWKDPHDQ(& YDOXHRIQ0,QYLYRHIILFDF\GDWDIURPFRWWRQUDWVLQIHFWHGZLWK
KXPDQ569GHPRQVWUDWHGWKDWDGPLQLVWUDWLRQRI*6DW WRPJNJUHVXOWHGLQD
GRVHGHSHQGHQWUHGXFWLRQLQYLUDOORDGLQERWKWKHXSSHUUHVSLUDWRU\WUDFWDQGOXQJV7KH
VWHDG\VWDWHSKDUPDFRNLQHWLF3.YROXPHRIGLVWULEXWLRQ9VVLQDOOQRQFOLQLFDOVSHFLHVWHVWHG
ZDV WRIROGKLJKHUWKDQWKHYROXPHRIWRWDOERG\ZDWHUDQGWKHRUDOELRDYDLODELOLW\ZDV
PRGHUDWHWRKLJK7KHH[SRVXUHWR*6LQWKHOXQJDQGOXQJHSLWKHOLDOOLQLQJIOXLG(/)
ZDVDOVRDVVHVVHGLQ6SUDJXH'DZOH\ UDWVDQG\LHOGHGOXQJWLVVXHSODVPDDQG(/)SODVPDUDWLRV
RIDSSUR[LPDWHO\DQGUHVSHFWLYHO\&RQFHQWUDWLRQVLQOXQJWLVVXHDQG(/)GHFOLQHG
DSSUR[LPDWHO\LQSDUDOOHOWRWKRVHLQSODVPDLQGLFDWLQJUDSLGHTXLOLEUDWLRQEHWZHHQWKHOXQJDQG
SODVPDFRPSDUWPHQWV*6H[KLELWHGORZF\WRWR[LFLW\LQFHOOFXOWXUHDQGGLGQRWLQWHUDFW
ZLWKSKDUPDFRORJLFDOO\UHOHYDQWUHFHSWRUVWKDWDUHSUHGLFWLYHRIRIIWDUJHWWR[LFLW\%DVHGRQLQ
YLWURDQGQRQFOLQLFDOSKDUPDFRNLQHWLFVWXGLHV*6GLGQRWGHPRQVWUDWHWKHSRWHQWLDOIRU
VLJQLILFDQWGUXJGUXJLQWHUDFWLRQV'',
$GGLWLRQDOGHWDLOVUHJDUGLQJ QRQFOLQLFDOSKDUPDFRNLQHWLFVSKDUPDFRORJ\ DQGWR[LFRORJ\ FDQEH
IRXQGLQ WKHFXUUHQW*6,QYHVWLJDWRU¶V%URFKXUH ,%


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 

1RQFOLQLFDO3KDUPDFRNLQHWLFV
&RQVLVWHQWZLWKWKHKLJKFRQFHQWUDWLRQLQGHSHQGHQWIRUZDUGSHUPHDELOLW\DFURVV
&DFR PRQROD\HUVDQGORZFRQFHQWUDWLRQLQGHSHQGHQWHIIOX[*6H[KLELWHGPRGHUDWHWR
KLJKELRDYDLODELOLW\LQQRQFOLQLFDOVSHFLHV6\VWHPLFFOHDUDQFHRI*6LQQRQFOLQLFDOVSHFLHV
LVZHOOSUHGLFWHGIURPWKHUDWHVRIPHWDEROLVPE\KHSDWLFPLFURVRPDOIUDFWLRQVDQGSULPDU\
KHSDWRF\WHV%LOLDU\H[FUHWLRQLVOLNHO\WREHWKHPDMRUURXWHRIHOLPLQDWLRQRI*6DQGLWV
PHWDEROLWHVDV RIUDGLRODEHOGRVHGRUDOO\WRUDWVZDVUHFRYHUHGLQXULQH 7KHPDMRUURXWHV
RIPHWDEROLVPRI*6DUHR[LGDWLYHGHDPLQDWLRQDQG1DFHW\ODWLRQ,QKXPDQVWKH
GHDPLQDWLRQSDWKZD\LVOLNHO\FDWDO\]HGE\PXOWLSOH&<3HQ]\PHVVXFKDV&<3$&<3%
DQG&<3&*6VKRZVZHDNLQKLELWLRQRI2$73%2$73%3JS
,& YDOXHV RI DQGȝ0UHVSHFWLYHO\ *6LVDZHDNLQKLELWRURI2&72&7
DQG%6(3ZLWK,&YDOXHVRIDQGȝ0UHVSHFWLYHO\1RLQKLELWLRQRI2$7RU
2$7ZDVREVHUYHGIRU*6DWFRQFHQWUDWLRQVXSWRȝ07KHUHIRUHGUXJLQWHUDFWLRQVRI
*6ZLWKVXEVWUDWHVRIWKHVHWUDQVSRUWHUVDUHXQOLNHO\ LQWKHH[SHFWHGFOLQLFDOO\UHOHYDQW
FRQFHQWUDWLRQUDQJH
$GGLWLRQDOGHWDLOVUHJDUGLQJQRQFOLQLFDOSKDUPDFRNLQHWLFVFDQEHIRXQGLQWKH*6,%

1RQFOLQLFDO3KDUPDFRORJ\DQG7R[LFRORJ\
7KH,& IRUWKHLQKLELWRU\HIIHFWRI*6RQK(5*SRWDVVLXPFXUUHQWZDV 0
&DUGLRYDVFXODUHIIHFWVRI*6ZHUHHYDOXDWHGLQ GRJVDWGRVHVXSWR  PJNJ7KHSULQFLSDO
KHPRG\QDPLFILQGLQJVZHUHORZHUKHDUWUDWHYDOXHV DQGKLJKHUDUWHULDOSXOVHDQGV\VWROLF
SUHVVXUHYDOXHV$OOKHPRG\QDPLFHIIHFWVGLVVLSDWHGE\KRXUVSRVWGRVH$OO
HOHFWURFDUGLRJUDPV(&*VZHUHTXDOLWDWLYHO\ZLWKLQQRUPDOOLPLWVDQGQR*6UHODWHG
DUUK\WKPLDVRUDEQRUPDOZDYHIRUPVZHUHGHWHFWHG6OLJKW*6UHODWHGKLJKHU35DQG
47F LQWHUYDOYDOXHVZHUHH[SHFWHGSK\VLRORJLFDOUHVSRQVHVVHFRQGDU\WRFRQFRPLWDQW
*6UHODWHGORZHUKHDUWUDWHYDOXHV7KHVHFKDQJHVZHUHQRWFRQVLGHUHGSK\VLRORJLFDOO\
LPSRUWDQWLQWKHFRQWH[WRIWKLVVWXG\
,QDUHSHDWGRVHVWXG\ *6ZDVDGPLQLVWHUHGE\RUDOJDYDJHIRUZHHNVWR\RXQJDGXOWUDWV
RQFHGDLO\DWGRVHVXSWRPJNJGD\7ZRDQLPDOVDGPLQLVWHUHG  PJNJGD\ZHUH IRXQG
GHDGGXULQJWKHGRVLQJSKDVH$OWKRXJKWKHFDXVHRIGHDWKIRUWKHVH DQLPDOV ZDV
XQGHWHUPLQHGDQDVVRFLDWLRQZLWK*6FDQQRWEHH[FOXGHG%DVHGRQWKHUHVXOWVRIWKLV
VWXG\WKH12$(/IRU*6LV PJNJGD\ZKLFKFRUUHVSRQGHGWRPHDQ$8&WDQG
&PD[ YDOXHVRQ'D\RIWKHGRVLQJSKDVHRI  QJKP/ DQG QJP/UHVSHFWLYHO\ ,Q
DUHSHDWGRVHVWXG\FRQGXFWHGLQ\RXQJDGXOWGRJV*6ZDVDGPLQLVWHUHGE\RUDOJDYDJH
IRU ZHHNVDWGRVHVXSWR  PJNJGD\7KH12$(/IRU WKLVVWXG\ LV PJNJGD\ZKLFK
FRUUHVSRQGHGWRPHDQ$8&W DQG&PD[ YDOXHVRQ'D\ RIWKHGRVLQJ SKDVH RI
 QJKP/ DQGQJP/UHVSHFWLYHO\
*6ZDVQHJDWLYHLQWKHUDWPLFURQXFOHXVVWXG\DQGGLGQRWFDXVHPXWDWLRQVLQWKH
$PHV DVVD\RULQGXFHFKURPRVRPDOGDPDJHLQYLWURZLWKRUZLWKRXW6PHWDEROLFDFWLYDWLRQ
7KXVWKHSRWHQWLDOIRUJHQHWLFWR[LFLW\LVFRQVLGHUHGORZ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 
,QDQRUDOJDYDJHGRVHUDQJHILQGLQJGHYHORSPHQWDOWR[LFLW\VWXG\LQUDWVIHPDOHVZHUH
DGPLQLVWHUHG*6DWGRVHVXSWR  PJNJGD\IURPJHVWDWLRQDOGD\*' WKURXJK *' 
GD\SHULRGZLWKVFKHGXOHGQHFURSV\RFFXUULQJRQ*'*6WUHDWPHQWUHVXOWHGLQ
VLJQLILFDQWUHGXFWLRQVLQPDWHUQDOERG\ZHLJKWDQGWKH12$(/IRUPDWHUQDOWR[LFLW\ZDV
 PJNJGD\7KHUHZHUHQRHIIHFWVRQHPEU\RIHWDOYLDELOLW\DQGJURZWKDQGQRIHWDO
DQRPDOLHVDQGWKH12(/ IRUGHYHORSPHQWDOWR[LFLW\ZDV PJNJGD\
,QDQRUDOJDYDJHGRVHUDQJHILQGLQJGHYHORSPHQWDOWR[LFLW\VWXG\LQUDEELWVIHPDOHVZHUH
DGPLQLVWHUHG*6DWGRVHOHYHOVXSWR PJNJGD\IURP*' WKURXJK*' 
GD\ SHULRGZLWKVFKHGXOHGQHFURSV\RFFXUULQJRQ*'*6WUHDWPHQWUHVXOWHGLQ
ORZHUPDWHUQDOERG\ZHLJKWDWGRVHV  PJNJGD\7KHHDUO\WHUPLQDWLRQPRULEXQG VDFULILFH
RI IHPDOHLQWKH PJNJGD\JURXSRQ*' ZDVDWWULEXWHGWR*6DGPLQLVWUDWLRQGXH
WRVLJQLILFDQWUHGXFWLRQV LQERG\ZHLJKWDQGIRRGFRQVXPSWLRQDQG WKH12(/IRUPDWHUQDO
WR[LFLW\ZDV PJNJGD\7KHUHZHUHQRHIIHFWVRQHPEU\RIHWDOYLDELOLW\DQGJURZWKDQGQR
WUHDWPHQWUHODWHGIHWDODQRPDOLHV7KH12(/IRUGHYHORSPHQWDOWR[LFLW\ZDV PJNJGD\
,QDGRVHUDQJHILQGLQJVWXG\LQMXYHQLOHUDWV*6ZDVDGPLQLVWHUHGDWGRVHVXSWR
 PJNJGD\RQSRVWQDWDOGD\31' WKURXJK31'1RWHZRUWK\HIIHFWVZHUHOLPLWHGWR
GHFUHDVHGERG\ZHLJKWJDLQDWGRVHVPJNJGD\DQGDPLOGWRPRGHUDWH WR IROG
GRVHGHSHQGHQWLQFUHDVHLQWRWDOELOLUXELQDWGRVHVPJNJGD\7KH12$(/ ZDV FRQVLGHUHG
WREH PJNJGD\ FRUUHVSRQGLQJ WRUHVSHFWLYHPHDQ&PD[ DQG$8&W YDOXHVRQ31' RI
 QJP/DQG QJKP/ ,QDGHILQLWLYHMXYHQLOHUDWVWXG\*6 ZDVDGPLQLVWHUHG
EHJLQQLQJRQ31'WKURXJK31'DWGRVHVXSWR PJNJGD\$QLQFUHDVHLQPRUWDOLW\
ZDV VHHQDWGRVHVPJNJGD\5HIOX[UHODWHGLQIODPPDWLRQDQGHSLWKHOLDO
GHJHQHUDWLRQHURVLRQXOFHULQWKHXSSHUUHVSLUDWRU\WUDFWRFFXUUHGDWGRVHVPJNJGD\DQG
WKHPRUWDOLW\ ZDVOLNHO\UHODWHGWRGHFUHDVHGPLON LQWDNHVHFRQGDU\WRWKHUHIOX[UHODWHG
LQIODPPDWLRQLQWKHXSSHUUHVSLUDWRU\WUDFW 7KLVLVFRQVLVWHQWZLWKWKHREVHUYDWLRQWKDWQHLWKHU
FOLQLFDOSDWKRORJ\GDWDQRUDQDWRPLFSDWKRORJ\GDWDLQGLFDWHDVSHFLILFWDUJHWRUJDQWR[LFLW\DV
WKHFDXVHRIGHDWKIRUWKHSXSVWKDWKDGWUHDWPHQWUHODWHGPRUWDOLWLHV 6XUYLYLQJSXSVKDGQR
LQGLFDWLRQVRIV\VWHPLFWR[LFLW\%DVHGRQWKHDERYHUHVXOWVWKH12(/ZDVFRQVLGHUHGWREH
 PJNJGD\ZKLFKFRUUHVSRQGHGWRUHVSHFWLYHPHDQ&PD[ DQG$8&W RQ
31'  RI  QJP/DQGQJāKP/UHVSHFWLYHO\
,QDZHHNMXYHQLOHGRJVWXG\*6 ZDVRUDOO\DGPLQLVWHUHGRQFHGDLO\RQ
31'  WKURXJK DWGRVHVXSWRPJNJGD\ZLWKRQO\PLQLPDOWUDQVLHQWHIIHFWVRQ
QHRQDWDOMXYHQLOHGHYHORSPHQWDQGQRDGYHUVHWDUJHWRUJDQWR[LFLW\7KH12$(/ZDV
 PJNJGD\FRUUHVSRQGLQJWR31'&PD[ DQG$8&WYDOXHVRIQJP/DQG
 QJāKP/UHVSHFWLYHO\
$GGLWLRQDOGHWDLOVUHJDUGLQJQRQFOLQLFDOSKDUPDFRORJ\DQGWR[LFRORJ\ FDQEHIRXQGLQWKH
*6 ,%


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 

&OLQLFDO7ULDOVRI*6

*686
7KLV 3KDVHSODFHERFRQWUROOHGVLQJOH DQGPXOWLSOHGRVHUDQJLQJILUVWLQKXPDQ),+VWXG\
ZDVFRQGXFWHGWR HYDOXDWHVDIHW\WROHUDELOLW\DQG3.IROORZLQJRUDODGPLQLVWUDWLRQRI*6
WRXSWRXQLTXHVXEMHFWV7KHVWXG\LQFOXGHG VWDJHV3DUWV $ %DQG&ZLWK WRWDO
VWDJJHUHGFRKRUWVSUHVSHFLILHGDGDSWLYH:LWKLQHDFKFRKRUWRI3DUWV$DQG %  XQLTXH
VXEMHFWVZHUHUDQGRPL]HGWRUHFHLYHEOLQGHGLQYHVWLJDWLRQDOPHGLFLQDOSURGXFW,03HLWKHU
*6Q RUSODFHERQ :LWKLQHDFKFRKRUWRI3DUW&XQLTXHVXEMHFWVZHUH
UDQGRPL]HGWRUHFHLYHEOLQGHG,03HLWKHU*6Q RUSODFHERQ  $PD[LPXP
VLQJOHGRVHRIPJDQGPXOWLSOHGRVHUHJLPHQRIPJRQFHGDLO\IRUGD\VZDVDFKLHYHG
*63.ZDVHYDOXDWHGXQGHUIDVWLQJDQGIHGVWDWHV
1RGHDWKVRUVHULRXVDGYHUVHHYHQWV6$(VZHUHUHSRUWHGDQGWKHUHZHUHQRGRVHOLPLWLQJ
WR[LFLWLHV,QWKH*6WUHDWHGVXEMHFWVWKHUHZHUHQRGLVFRQWLQXDWLRQVGXHWR$(V $PRQJ
WKHVXEMHFWVZKRUHFHLYHGVLQJOHGRVHVRI*6 VXEMHFWVH[SHULHQFHGDWRWDORI
 $(VZLWKWKHPRVWFRPPRQ$(VEHLQJSUHV\QFRSHDQGGHUPDWLWLVUHSRUWHGE\ VXEMHFWV
HDFK%RWKLQFLGHQWVRISUHV\QFRSHDQG RIWKHHYHQWVRIGHUPDWLWLVZHUHMXGJHGE\WKH
LQYHVWLJDWRUWREHUHODWHGWRVWXG\SURFHGXUHV HYHQWRIGHUPDWLWLVZDVLQIODPPDWLRQRIWKHVNLQ
RIWKHULJKWDQWHFXELWDODQG HYHQWZDVQRQVSHFLILFGHUPDWLWLVRQWKHFKHVW$PRQJWKH
 VXEMHFWVUHFHLYLQJPXOWLSOHGRVHVRI*6 VXEMHFWVH[SHULHQFHGDWRWDORI
 $(VZLWKGLDUUKHDDQGQDXVHDUHSRUWHGE\ VXEMHFWVDQGKHDGDFKHDQGFRQWDFWGHUPDWLWLV
UHSRUWHGE\ VXEMHFWV$OORWKHU$(VH[SHULHQFHGE\VXEMHFWVUHFHLYLQJPXOWLSOHGRVHVRI
*6ZHUHUHSRUWHGE\  VXEMHFWVHDFK
7ZHOYHOHDG(&*VZHUHREWDLQHGDW %DVHOLQH DQG'D\VDQG$QDO\VLVRIWKHVH(&*V
GHPRQVWUDWHGQRFOLQLFDOO\VLJQLILFDQWLQFUHDVHLQWKH3545647DQG47F)LQWHUYDOVDQGQR
FOLQLFDOO\VLJQLILFDQWDUUK\WKPLDVDVVRFLDWHGZLWKDGPLQLVWUDWLRQRI*6
*6H[SRVXUHVLQFUHDVHGLQDQDSSUR[LPDWHO\GRVHSURSRUWLRQDOPDQQHURYHUWKHGRVHUDQJH
WHVWHGIROORZLQJVLQJOHDQGPXOWLSOHRUDODGPLQLVWUDWLRQVXQGHUIDVWHGFRQGLWLRQV*6
WHUPLQDOKDOIOLYHVUDQJHGIURPWRKRXUVIROORZLQJVLQJOHRUDODGPLQLVWUDWLRQDQG
DSSUR[LPDWHO\KRXUVIROORZLQJPXOWLSOHRUDODGPLQLVWUDWLRQV2YHUDOOWKHYDULDELOLW\RIWKH
3.SDUDPHWHUVZDVUHODWLYHO\ORZZLWKWKHPDMRULW\RIWKH3.SDUDPHWHUVGLVSOD\LQJ&9RI
RUORZHU,QDGGLWLRQWKHIRRGHIIHFWRQ*63.IROORZLQJVLQJOHRUPXOWLSOHRUDO
DGPLQLVWUDWLRQKDVEHHQHYDOXDWHG)ROORZLQJVLQJOHDGPLQLVWUDWLRQRI*6DW
RU  PJ&PD[XQGHUIHGFRQGLWLRQVGHFUHDVHGDSSUR[LPDWHO\WRFRPSDUHG WR IDVWHG
FRQGLWLRQVEXWWKLVHIIHFWZDVOHVVSURQRXQFHGIROORZLQJRQFHGDLO\GRVLQJDWWKHKLJKHUGRVH
 PJDURXQGVWHDG\VWDWH


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 

6WXG\*686
7KLV3KDVHPDVVEDODQFHVWXG\ZDVFRQGXFWHGWRHYDOXDWHWKH3.PHWDEROLVPDQGH[FUHWLRQ
RI*67KHSULPDU\REMHFWLYHRIWKLVVWXG\ZDVWRGHWHUPLQHWKHPDVVEDODQFHRI *6
IROORZLQJDGPLQLVWUDWLRQRIDVLQJOHRUDOGRVHRIUDGLRODEHOHG>&@*67KHVHFRQGDU\
REMHFWLYHVRIWKLVVWXG\ZHUHWRHYDOXDWHWKH3. RI*6DQGPHWDEROLWHV ZKHUHSRVVLEOHDQG
WRGHWHUPLQHWKHPHWDEROLWHSURILOHRI*6LQKXPDQVIROORZLQJDGPLQLVWUDWLRQRIDVLQJOH
RUDOGRVHRIUDGLRODEHOHG>&@*6
(LJKWVXEMHFWVZHUHHQUROOHGDQGDVVHVVHGIRUDSHULRGRIDPLQLPXP RIGD\VDQGDPD[LPXP
RI GD\VZLWKDGD\IROORZXSSHULRG)ROORZLQJDVLQJOHRUDOUDGLRODEHOHGGRVHRI*6
 PJWKHPD[LPXPPHDQFRQFHQWUDWLRQVRIGUXJGHULYHGUDGLRDFWLYLW\LQEORRGDQGSODVPD
ZHUHREVHUYHGDWKRXUVSRVWGRVHIRUERWKPDWULFHV7KHRYHUDOOUHFRYHU\RIUDGLRDFWLYLW\ZDV
ZLWKUHFRYHU\SULPDULO\LQIHFHVYHUVXVXULQH 0HDQEORRGWRSODVPD
FRQFHQWUDWLRQUDWLRVUDQJHGIURPWRWKURXJK KRXUVSRVWGRVHLQGLFDWLQJWKDW
UDGLRDFWLYLW\ZDVSULPDULO\LQWKHSODVPDUHODWLYHWRWKHFHOOXODUFRPSRQHQWVRIWKHEORRG
7KHFLUFXODWLQJUDGLRDFWLYLW\FRQVLVWHGPDLQO\RI*6DQGORZOHYHOVRIPLQRU
PHWDEROLWHVFKORURDPLQR1PHWKDQHVXOIRQ\OEHQ]DPLGH0
R[\*6JOXFXURQLGH0 DQG*60% 
7KHPDMRUFRPSRQHQWH[FUHWHGLQIHFHV ZDVXQFKDQJHGSDUHQW*6RIWKHGRVH
FRHOXWHGZLWKGLR[\*6>0@DORQJZLWKRWKHUPLQRUPHWDEROLWHVGLR[\*6
>0RIWKHGRVH@DQGGLR[\*6>0RIWKHGRVH@7KHUHPDLQLQJ
LGHQWLILHG PHWDEROLWHVGHWHFWHGLQIHFHVHDFKDFFRXQWHGIRUOHVVWKDQDPHDQRIRIWKH
GRVH,QXULQHXQFKDQJHGSDUHQW*6ZDVWKHPDLQVSHFLHVaRIWKHGRVHDQG
PHWDEROLWH0UHSUHVHQWHGaRIWKHGRVH
,QVXPPDU\>&@ *6ZDVSULPDULO\HOLPLQDWHGLQWKHIHFHVDIWHURUDODGPLQLVWUDWLRQWR
KHDOWK\VXEMHFWV/RZOHYHOVRIYDULRXVPHWDEROLWHVZHUHREVHUYHGLQGLFDWLQJWKHOLNHO\DEVHQFH
RIDVLQJOHGRPLQDQWSDWKZD\5DGLRDFWLYLW\ZDVHOLPLQDWHGDVDFRPELQDWLRQRIPHWDEROLWHVDQG
XQFKDQJHGSDUHQWGUXJ 2YHUDOOWKHSKDUPDFRNLQHWLFVRI*6LVQRWH[SHFWHGWREH
PHDQLQJIXOO\DOWHUHGLQWKHVHWWLQJRIUHQDOLPSDLUPHQWHJPLOGWRPRGHUDWH

6WXG\*686
7KLV3KDVH DUDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGVWXG\ZDV FRQGXFWHGWRHYDOXDWH
WKH VDIHW\WROHUDELOLW\DQGHIILFDF\RI*6LQKHDOWK\DGXOWYROXQWHHUVLQIHFWHGZLWKDQ
569 FKDOOHQJHYLUXV569$ 0HPSKLVEVWUDLQ7KH VWXG\LQFOXGHG  TXDUDQWLQHVHDFK
FRPSULVLQJDSSUR[LPDWHO\VXEMHFWV(DFKVXEMHFWZDV DGPLWWHGWRWKH4XDUDQWLQH 8QLWDQG
LQRFXODWHGZLWK569RQ6WXG\'D\ 6XEMHFWVZHUH UDQGRPL]HGDQGWUHDWHGZLWK*6RU
SODFHERZKHQLQIHFWLRQZDV GRFXPHQWHGLQWKHQDVDOZDVKRUE\WKHILIWKGD\DIWHULQRFXODWLRQ
ZKLFKHYHURFFXUUHG ILUVW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 
)RU4XDUDQWLQHVWKURXJKSUHVSHFLILHGTXDUDQWLQHVVXEMHFWVZHUHUDQGRPL]HGWRUHFHLYH
*6RUSODFHERDGPLQLVWHUHGDVD PJVLQJOHGRVHRQ'RVH'D\ IROORZHGE\ PJ
RQFHGDLO\RQ'RVH'D\VWKURXJK
)RU4XDUDQWLQHVWKURXJKDGDSWLYHTXDUDQWLQHVVXEMHFWVZHUH UDQGRPL]HGWRUHFHLYH
*6RUSODFHER6XEMHFWVLQ4XDUDQWLQHZHUHDGPLQLVWHUHGD PJVLQJOHGRVHRQ
'RVH 'D\IROORZHGE\ PJRQFHGDLO\RQ'RVH'D\VDQG 6XEMHFWVLQ4XDUDQWLQH ZHUH
DGPLQLVWHUHGDPJVLQJOHGRVH 6XEMHFWVLQ4XDUDQWLQHZHUHDGPLQLVWHUHGD PJ
VLQJOH GRVHRQ'RVH 'D\IROORZHGE\ PJRQFHGDLO\RQ'RVH'D\VWKURXJK
$WRWDORIVXEMHFWVZHUHUDQGRPL]HGLQWRWKLVVWXG\$OOVXEMHFWVFRPSOHWHGVWXG\GUXJ DQG
 SODFHERVXEMHFWGLVFRQWLQXHGWKHVWXG\ GXHWRLQYHVWLJDWRU¶VGLVFUHWLRQ%DVHOLQH GHPRJUDSKLFV
DQGFKDUDFWHULVWLFVZHUHVLPLODUEHWZHHQWUHDWPHQWJURXSVDFURVV DOOGRVHFRKRUWV
6HYHQW\HLJKW VXEMHFWVUHFHLYHGWKHSUHVSHFLILHGGRVHLQTXDUDQWLQHV *6 Q 
SODFHER Q 2IWKHVHVXEMHFWVZHUHGRFXPHQWHGWREH569SRVLWLYHSULRUWR
UDQGRPL]DWLRQDQGZHUHLQFOXGHGLQWKHSULPDU\DQGVHFRQGDU\DQDO\VHV*6 Q 
SODFHERQ $WRWDORIVXEMHFWVUHFHLYHG*6DFURVVDOOTXDUDQWLQHV
7UHDWPHQWZLWK*6UHVXOWHGLQWKHIROORZLQJ
3ULPDU\(QGSRLQW

7UHDWPHQWZLWK*6UHVXOWHGLQORZHUPHDQ$8&YLUDOORDGIURPLQLWLDOGRVHWKURXJK
HQGRITXDUDQWLQH9LUDOORDGZDVDVVHVVHGWZLFHGDLO\XVLQJQDVDOZDVKHV7KHPHDQ$8&RI
YLUDOORDGDVPHDVXUHGE\WKH57T3&5DVVD\IURPILUVWYLUDOORDGPHDVXUHPHQWSRVWLQLWLDO
GRVHRIVWXG\GUXJWKURXJK'D\ ZDVVLJQLILFDQWO\ORZHULQ*6VXEMHFWVFRPSDUHGWR
SODFHERVXEMHFWVǻ ORJ 3)8HKRXUP/ S
6HFRQGDU\(QGSRLQWV

7UHDWPHQWZLWK*6UHVXOWHG LQORZHUPHDQ$8&YLUDOORDGGXULQJWKHHQWLUHTXDUDQWLQH
SHULRG7KHPHDQ$8&RIYLUDOORDGSRVWFKDOOHQJHWKURXJK6WXG\'D\ DVPHDVXUHGE\
WKH57T3&5DVVD\ZDVVLJQLILFDQWO\ORZHULQ*6VXEMHFWVFRPSDUHGWRSODFHER
VXEMHFWVǻ ORJ 3)8HKRXUP/S 

7UHDWPHQWZLWK*6UHVXOWHGLQORZHUPHDQWRWDOPXFXVZHLJKWGXULQJGRVLQJ7KH
DYHUDJHZHLJKWRIHDFKXQXVHGWLVVXHZDVGHWHUPLQHGSULRUWRVWDUWRIVWXG\7KHGDLO\PXFXV
ZHLJKWZDVFDOFXODWHGE\ILUVWFRXQWLQJWKHQXPEHURIWLVVXHVXVHGHDFKGD\WKHQVXEWUDFWLQJ
WKHWRWDOZHLJKWRIWKHVHWLVVXHVXQXVHGIURPWKHGDLO\WRWDOZHLJKWRIXVHGWLVVXHV7KH
PHDQWRWDOZHLJKWRIPXFXVSURGXFHGSRVWLQLWLDOGRVHRIVWXG\GUXJWKURXJKWKHGRVHZDV
VLJQLILFDQWO\ORZHULQWKH*6VXEMHFWVFRPSDUHGWRSODFHERVXEMHFWV
ǻ  J S 


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 

7UHDWPHQWZLWK*6UHVXOWHGLQDORZHUPHDQ$8&RIFKDQJHIURP%DVHOLQH LQWRWDO
V\PSWRPVFRUHGXULQJWKHHQWLUHTXDUDQWLQHSHULRG7HQV\PSWRPVUXQQ\QRVHVWXII\QRVH
VQHH]LQJVRUHWKURDWHDUDFKHPDODLVH>WLUHGQHVV@FRXJKVKRUWQHVVRIEUHDWKKHDGDFKHDQG
PXVFOHDQGRUMRLQWDFKHZHUHHDFKVFRUHGIURPQRV\PSWRPVWRTXLWHERWKHUVRPH
PRVWDOORIWKHWLPH 7RWDOV\PSWRPVFRUHV  ZHUHWKHDYHUDJHVFRUHRITXHVWLRQV
DQVZHUHGE\HDFKVXEMHFWPXOWLSOLHGE\ 7KHPHDQ$8&RIFKDQJHIURP%DVHOLQH LQWRWDO
V\PSWRPVFRUHSRVWLQLWLDOGRVHRIVWXG\GUXJWKURXJK6WXG\'D\ ZDVVLJQLILFDQWO\ORZHU
LQWKH*6VXEMHFWVFRPSDUHGWRSODFHERVXEMHFWVǻ VFRUHKRXUS 7KH
WRWDOV\PSWRPVVFRUH$8&ZDVDOVRVLJQLILFDQWO\ORZHUIRU*6WUHDWHGVXEMHFWV
,QHDFKRIWKH DGDSWLYHTXDUDQWLQHV VWDWLVWLFDOO\VLJQLILFDQWUHVXOWVZHUHDOVRDFKLHYHGLQWKH
SULPDU\HQGSRLQWDQGHDFKRIWKHVHFRQGDU\HQGSRLQWVGHVFULEHGDERYHZLWKWKHH[FHSWLRQRID
UHGXFWLRQLQPHDQWRWDOPXFXVZHLJKW LQ4XDUDQWLQH,QDGGLWLRQDQH[SRVXUHUHVSRQVHHIIHFW
ZDVQRWHG
1RVXEMHFWH[SHULHQFHGDVHULRXV$($OO$(VZHUHPLOGRUPRGHUDWH*UDGHRU LQVHYHULW\
H[FHSWIRUWKUHH*UDGH$(VH[SHULHQFHGE\ SODFHERWUHDWHGVXEMHFWLQFUHDVHG EORRGODFWDWH
GHK\GURJHQDVHDODQLQHDPLQRWUDQVIHUDVH>$/7@DQGDVSDUWDWHDPLQRWUDQVIHUDVH>$67@*UDGH 
SXOPRQDU\IXQFWLRQGHFUHDVHFKDQJHZDVWKHRQO\WUHDWPHQWUHODWHG$(H[SHULHQFHGE\
! VXEMHFWVLQHLWKHUWUHDWPHQWJURXS*6Q SODFHERQ &KDQJHV
LQFOLQLFDOODERUDWRU\YDOXHVZHUH*UDGHRULQ VHYHULW\H[FHSWIRURQH*UDGH YDOXH
LQFUHDVHG$67UHSRUWHGIRUSODFHERWUHDWHGVXEMHFWGHVFULEHGDERYH(OHYDWHG$/7 ZDVPRUH
FRPPRQO\UHSRUWHGDPRQJ*6WUHDWHGVXEMHFWV*6SODFHEREXW
HOHYDWHG$67ZDVOHVVFRPPRQO\UHSRUWHG*6SODFHER /RZQHXWURSKLO
FRXQWZDVUHSRUWHGDV*UDGH  LQVXEMHFWVUHFHLYHGSODFHERDQG*UDGHLQ VXEMHFWV
 UHFHLYHGSODFHER$PRQJWKHVXEMHFWVZKRH[SHULHQFHGD*UDGHORZQHXWURSKLOFRXQWDQG
UHFHLYHG*6KDGD*UDGH ORZQHXWURSKLOFRXQWDW6FUHHQLQJ&OLQLFDOO\UHOHYDQW
FKDQJHVLQYLWDOVLJQV RU (&*V ZHUHQRWREVHUYHG

5DWLRQDOHIRU7KLV6WXG\
7KHUHLVDVLJQLILFDQWXQPHWPHGLFDOQHHGIRUDVDIHFRQYHQLHQWDQGHIIHFWLYHWUHDWPHQWIRU569
LQIHFWLRQ7KHRQO\DSSURYHGDQWLYLUDOWKHUDS\IRU569ULEDYDULQLVDSSURYHGIRUXVH LQ
SHGLDWULFSRSXODWLRQV RQO\EXWLVUDUHO\XVHGLQFOLQLFDOSUDFWLFH GXHWRLWVOLPLWHGHIILFDF\DQG
FRQFHUQLQJVDIHW\SURILOH7KHUHLVQRDSSURYHGDQWLYLUDOWKHUDS\IRU569LQIHFWLRQDPRQJ+&7
UHFLSLHQWVZKHUHWKHFXUUHQWVWDQGDUGRIFDUHLVVXSSRUWLYH
7KLVVWXG\IROORZVD3KDVH),+VWXG\*686DQGD3KDVHD569FKDOOHQJHVWXG\
*686ZKLFKHYDOXDWHGWKHVDIHW\WROHUDELOLW\DQG3.RIVLQJOHDQGPXOWLSOHGRVHV
RI*6LQKHDOWK\DGXOWYROXQWHHUV,Q6WXG\*686*6ZDVVKRZQWR
EHHIILFDFLRXVLQUHGXFLQJ569YLUDOORDGDQGFOLQLFDOV\PSWRPVLQKHDOWK\DGXOWVXEMHFWV
H[SHULPHQWDOO\LQIHFWHGZLWK569
*LYHQWKHVHUHVXOWVIURPKHDOWK\DGXOWYROXQWHHUVVWXGLHGLQDFRQWUROOHGVHWWLQJWKHFXUUHQWVWXG\
LVGHVLJQHGWRHYDOXDWHWKHVDIHW\WROHUDELOLW\3.DQGHIILFDF\ RI*6DPRQJ+&7SDWLHQWV
ZLWKDQ569UHODWHG857,6DIHW\DQGHIILFDF\GDWDJHQHUDWHGIURPWKLVVWXG\WDNHQWRJHWKHU
ZLWKFXUUHQWO\DYDLODEOHGDWDZLOOEHXVHGWRVXSSRUWIXUWKHUFOLQLFDOGHYHORSPHQWRI*6LQ
SHGLDWULFDQGDGXOWSDWLHQWVLQIHFWHGZLWK569


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 

'RVH5DWLRQDOH
7KHGRVHDQGDGPLQLVWUDWLRQ VFKHGXOHVHOHFWHGIRUWKLVVWXG\LVDVLQJOHGRVHRIPJ*6
DGPLQLVWHUHGRUDOO\LQWKHIDVWHGVWDWHRQ'D\VDQG7KLVUHJLPHQZDVVHOHFWHG
EDVHGXSRQWKH3.FKDUDFWHULVWLFVRI*6DQGWKHSKDUPDFRNLQHWLFSKDUPDFRG\QDPLF
3.3' UHODWLRQVKLSHVWDEOLVKHGLQWKHDQWLYLUDOHIIHFWVWXG\ZLWKGLIIHUHQWGRVHVUHJLPHQVLQ
6WXG\*686
,Q6WXG\*686DGD\WUHDWPHQWUHJLPHQRI*6PJVLQJOHGRVHRQ
'RVH 'D\ IROORZHGE\PJRQFHGDLO\RQ'RVH'D\VWKURXJKUHVXOWHGLQDVLJQLILFDQW
UHGXFWLRQLQ569YLUDOORDG7KHPHDQ$8&RI 569 YLUDOORDGDVPHDVXUHGE\WKH57T3&5
DVVD\IURPILUVWYLUDOORDGPHDVXUHPHQWSRVWLQLWLDOGRVHRIVWXG\GUXJWKURXJKHQGRITXDUDQWLQH
'D\ ZDVVLJQLILFDQWO\ORZHULQ*6VXEMHFWVFRPSDUHGWRSODFHERVXEMHFWV
ǻ  ORJ 3)8HKRXUP/S7KLVGD\UHJLPHQZDVDEOHWRDFKLHYH*6
WURXJKFRQFHQWUDWLRQVaIROGRISD(& QJP/ IRUXSWRKRXUVIROORZLQJGRVH
LQLWLDWLRQ IRUWKHYLUXVXVHGLQWKHFKDOOHQJHVWXG\WKH0VWUDLQRI569
,QVHOHFWLQJWKHGRVHIRUWKHFXUUHQWVWXG\WKHJRDOZDVWRDFKLHYH*6WURXJK
FRQFHQWUDWLRQV DERYHIROGRISD(& IRUPRVWRIWKHFOLQLFDO569LVRODWHVIRUWKHGXUDWLRQRI
569VKHGGLQJLQ+&7SDWLHQWV/RQJLWXGLQDOYLUDOG\QDPLFVGDWDIURPLQYHVWLJDWRUVDWDQ
DFDGHPLF+&7 FHQWHU DOVR LQGLFDWHWKDWWKHPDMRULW\RI+&7SDWLHQWVVKHG569IRUGD\VEXW
VRPHPD\VKHGIRUDVORQJDVGD\VXQSXEOLVKHG,QDGGLWLRQUHFHQWVWXGLHVLQGLFDWHWKDWWKH
PHDQWLPH WRSURJUHVVLRQRI857,WR/57,LVGD\VZLWKRI VXEMHFWVSURJUHVVLQJZLWKLQ
 GD\VDIWHUSUHVHQWLQJZLWKD857,^` ^`7KHUHIRUHDWRWDORI GRVHVRI*6
 PJHDFKGRVHHYHU\GD\VLVH[SHFWHGWRSURYLGH!IROGSD(& FRYHUDJHIRU
a RI  ZLOGW\SHFOLQLFDO569LVRODWHVWKURXJK'D\ZKLFKLVH[SHFWHGWRUHVXOWLQ
VLJQLILFDQWGXUDEOHDQWLYLUDOHIIHFW

&RPSOLDQFH
7KLVVWXG\ZLOOEHFRQGXFWHGLQFRPSOLDQFHZLWKWKLVSURWRFRO*RRG&OLQLFDO 3UDFWLFH*&3
DQGDOODSSOLFDEOHUHJXODWRU\UHTXLUHPHQWV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 

2%-(&7,9(6
7KHSULPDU\REMHFWLYHRIWKLVVWXG\LV

7RHYDOXDWHWKHHIIHFW RI*6RQ569YLUDOORDGLQ569SRVLWLYHDXWRORJRXVRU
DOORJHQHLF+&7UHFLSLHQWVZLWKDFXWH857, V\PSWRPV
7KHVHFRQGDU\REMHFWLYHVRIWKLVVWXG\DUH

7RHYDOXDWHWKHHIIHFWRI*6RQ GHYHORSPHQWRI /57& SURJUHVVLRQWRUHVSLUDWRU\
IDLOXUHDQGHIIHFWRQR[\JHQDWLRQ

7RHYDOXDWHWKH3.VDIHW\DQGWROHUDELOLW\RI*6






*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 
6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRUREVHUYDWLRQ,IYRPLWLQJRFFXUV
ZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHGWDEOHWVDUHSUHVHQWLQWKHYRPLWXV
WKHVXEMHFWVKRXOGUHFHLYHDQRWKHUGRVH,IDQRWKHUGRVHLVDGPLQLVWHUHGWKHVXEMHFWVKRXOG
UHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRUREVHUYDWLRQ
*6ZLOOEHSURYLGHG DVZKLWHSODLQIDFHGILOPFRDWHGURXQGWDEOHWVFRQWDLQLQJ PJ
*6 PJ*6ELVK\GURFKORULGHVDOWGLK\GUDWHIRUPRI*63ODFHERWR
0DWFKZLOOEHSURYLGHGDVZKLWHSODLQIDFHGILOPFRDWHGURXQGWDEOHWVFRQWDLQLQJQR*6
7KHH[SHFWHGGXUDWLRQRIVXEMHFWSDUWLFLSDWLRQLVDSSUR[LPDWHO\PRQWKWRLQFOXGH6FUHHQLQJ
WKURXJKWKHILQDOYLVLWRQ'D\

'XUDWLRQRI7UHDWPHQW
7KHWUHDWPHQWSRUWLRQRIWKHVWXG\LV GD\V DWRWDORIGRVHVDGPLQLVWHUHGDVVLQJOHGRVHVRQ
'D\V  DQG

'LVFRQWLQXDWLRQ&ULWHULD
5HDVRQVIRU SRWHQWLDO SUHPDWXUHGLVFRQWLQXDWLRQIURP ,03GRVLQJ LQFOXGH

$Q\*UDGHRU$( RU6$(

,QWHUFXUUHQWLOOQHVVWKDWZRXOGLQWKHMXGJPHQWRIWKHLQYHVWLJDWRUDIIHFWWKHVXEMHFW¶VDELOLW\
WRUHFHLYH,03HJXQDEOHWRLQJHVWRUDOGRVH
,QWKHHYHQWWKDWDQ\ RIWKHDERYHFULWHULDDUHPHWWKH 3ULQFLSDO,QYHVWLJDWRU3, ZLOOUHYLHZWKH
FDVHLQGHWDLODQGGLVFXVVZLWKWKH*LOHDG 0HGLFDO0RQLWRUZKHWKHUWKHVXEMHFWVKRXOGEH
GLVFRQWLQXHGIURP,03 5HDVRQVIRUSUHPDWXUHGLVFRQWLQXDWLRQIURPWKH6WXG\LQFOXGH

6XEMHFWUHTXHVWWRGLVFRQWLQXHIRUDQ\UHDVRQ

6XEMHFWQRQFRPSOLDQFH

3UHJQDQF\GXULQJWKHVWXG\UHIHUWR6HFWLRQ 

'LVFRQWLQXDWLRQRIWKHVWXG\DWWKHUHTXHVWRI*LOHDGDUHJXODWRU\DJHQF\RUDQ
LQVWLWXWLRQDO UHYLHZERDUGRULQGHSHQGHQWHWKLFVFRPPLWWHH,5%,(&
,IDVXEMHFWSUHPDWXUHO\GLVFRQWLQXHVIURP,03GRVLQJKHVKHZLOOUHPDLQRQVWXG\DQGZLOO
FRQWLQXHZLWKDOOVXEVHTXHQW6WXG\9LVLWVDQGDVVHVVPHQWVZLWKWKHH[FHSWLRQRI,03GRVLQJ
,IDVXEMHFWSUHPDWXUHO\GLVFRQWLQXHVIURPWKHVWXG\HYHU\DWWHPSWVKRXOGEHPDGHWREULQJWKH
VXEMHFWEDFNIRUWKH(DUO\7HUPLQDWLRQ SURFHGXUHV 6HH6HFWLRQ  IRUPRUHLQIRUPDWLRQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 

6RXUFH'DWD
)RUWKHSXUSRVHVRIWKLVVWXG\VWXG\VSHFLILFTXHVWLRQQDLUHVLHUHVSLUDWRU\V\PSWRP
DVVHVVPHQWVDUHFRQVLGHUHGVRXUFHGRFXPHQWVDQGDUHWREHILOHGZLWKWKHVXEMHFW¶VPHGLFDORU
VWXG\UHFRUGV(OHFWURQLFGDWDLHGLDJQRVWLFPDFKLQHVWKDWWUDQVFULEHGDWDGLUHFWO\WRDGDWDEDVH
RUGDWDHQWHUHGGLUHFWO\LQWRDQ(OHFWURQLF0HGLFDO5HFRUGV\VWHPLVFRQVLGHUHGVRXUFHGDWD
SURYLGHGWKHGDWDLVQRWUHFRUGHGGLUHFWO\RQWKH&5)H&5)DQGSURYLGHGWKHUHLVDFOHDUDXGLW
WUDLOLQWKHHOHFWURQLFUHFRUGV7HPSODWHVRXUFHGRFXPHQWZRUNVKHHWVZLOOEHSUHSDUHGE\
*LOHDGDQGSURYLGHGWRVLWHVWRXVHDWWKHLUGLVFUHWLRQ,IVRXUFHGRFXPHQWZRUNVKHHWVDUHXVHG
WKH\DUHWREHNHSWZLWKWKHVXEMHFW¶VPHGLFDORUVWXG\UHFRUGV DVRULJLQDOVRXUFHGRFXPHQWV1R
GDWDZLOOEHUHFRUGHGGLUHFWO\RQWKH&5)H&5)DQGDQ\GDWDUHFRUGHGGLUHFWO\RQWKH
&5)H&5)ZLOOQRWEHFRQVLGHUHGVRXUFHGDWD


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 

68%-(&73238/$7,21

1XPEHURI6XEMHFWVDQG6XEMHFW6HOHFWLRQ
7KHVXEMHFWSRSXODWLRQZLOOFRQVLVWRIDSSUR[LPDWHO\569SRVLWLYHPDOHVDQGIHPDOHV
 WR  \HDUVRIDJHZKRKDYHKDGDQDOORJHQHLFRUDXWRORJRXV+&7DQGKDYHGRFXPHQWHG
DFXWH569UHODWHG857,V\PSWRPVUHFUXLWHGIURPDSSUR[LPDWHO\FHQWHUVLQ$VLD 3DFLILF
$XVWUDOLD&DQDGD(XURSH6RXWK$PHULFD DQGWKH 8QLWHG6WDWHV

,QFOXVLRQ&ULWHULD
6XEMHFWVPXVWPHHWDOORIWKHIROORZLQJLQFOXVLRQFULWHULDWREHHOLJLEOHIRUSDUWLFLSDWLRQLQWKLV
VWXG\
 5HFHLYHGDQDXWRORJRXVRUDOORJHQHLF+&7XVLQJDQ\FRQGLWLRQLQJUHJLPHQ
 'RFXPHQWHGWREH569SRVLWLYHDVGHWHUPLQHGE\ORFDOWHVWLQJHJ3&5')$593 DVVD\
RUFXOWXUHXVLQJDQXSSHUUHVSLUDWRU\WUDFWVDPSOHFROOHFWHG GD\VSULRUWR'D\
 1HZRQVHWRIDWOHDVWRIWKHIROORZLQJUHVSLUDWRU\V\PSWRPVIRU   GD\V SULRUWR'D\ 
QDVDOFRQJHVWLRQUXQQ\QRVHFRXJKRUVRUHWKURDWRUZRUVHQLQJRIRQHRIWKHVHFKURQLF
UHVSLUDWRU\V\PSWRPV   GD\V SULRUWR'D\
 1RHYLGHQFHRIQHZDEQRUPDOLWLHVFRQVLVWHQWZLWK/57,RQDFKHVW;UD\UHODWLYHWRWKHPRVW
UHFHQWFKHVW;UD\DVGHWHUPLQHGE\WKHORFDOUDGLRORJLVW,IDFKHVW;UD\LVQRWDYDLODEOHRU
ZDVQRWREWDLQHGGXULQJVWDQGDUGFDUH KRXUV SULRUWR6FUHHQLQJDFKHVW;UD\PXVWEH
REWDLQHGIRU6FUHHQLQJ
 2 VDWXUDWLRQ  RQURRPDLU
 $QLQIRUPHGFRQVHQWGRFXPHQWVLJQHGDQGGDWHGE\WKHVXEMHFWRUDOHJDOJXDUGLDQRIWKH
VXEMHFWDQGWKHLQYHVWLJDWRURUKLVKHUGHVLJQHH
 $QHJDWLYHXULQH RUVHUXPSUHJQDQF\WHVWLVUHTXLUHGIRUIHPDOHVXEMHFWVXQOHVVVXUJLFDOO\
VWHULOHRUJUHDWHUWKDQWZR\HDUVSRVWPHQRSDXVDO
 0DOHDQGIHPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOPXVWDJUHHWRFRQWUDFHSWLYHUHTXLUHPHQWV
DVGHVFULEHGLQ$SSHQGL[ 
 :LOOLQJQHVVWRFRPSOHWHQHFHVVDU\VWXG\SURFHGXUHVDQGKDYHDYDLODEOHDZRUNLQJ
WHOHSKRQH RUHPDLO


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 

([FOXVLRQ&ULWHULD
6XEMHFWVZKRPHHWDQ\ RIWKHIROORZLQJH[FOXVLRQFULWHULDDUHQRWWREHHQUROOHGLQWKLVVWXG\
5HODWHGWRFRQFRPLWDQWRUSUHYLRXVPHGLFDWLRQXVH
 8VHRI QRQPDUNHWHGDFFRUGLQJWRUHJLRQLQYHVWLJDWLRQDODJHQWVZLWKLQGD\V25 XVHRI
DQ\PRQRFORQDODQWL569DQWLERGLHVZLWKLQPRQWKVRU KDOIOLYHVRI6FUHHQLQJZKLFKHYHU
LVORQJHU25 XVHRIDQ\LQYHVWLJDWLRQDO569YDFFLQHVDIWHU+&7
 8VHRIDVWURQJF\WRFKURPH 3HQ]\PH&<3LQGXFHULQFOXGLQJEXWQRWOLPLWHGWR
ULIDPSLQ6W-RKQ¶V:RUWFDUEDPD]HSLQHDQGSKHQ\WRLQZLWKLQ ZHHNV SULRUWRWKHILUVW
GRVHRI,03
5HODWHGWRPHGLFDO KLVWRU\
 $GPLWWHGWRWKHKRVSLWDOSULPDULO\IRUDORZHUUHVSLUDWRU\WUDFWGLVHDVHRIDQ\FDXVHDV
GHWHUPLQHGE\WKHLQYHVWLJDWRU
 3UHJQDQWEUHDVWIHHGLQJRUODFWDWLQJIHPDOHV
 8QDEOHWRWROHUDWHQDVDOVDPSOLQJUHTXLUHGIRUWKLVVWXG\DVGHWHUPLQHGE\WKH LQYHVWLJDWRU
 .QRZQKLVWRU\RI+,9$,'6 ZLWKD&'FRXQWFHOOVȝ/ZLWKLQWKHODVWPRQWK
 +LVWRU\RIGUXJDQGRUDOFRKRODEXVHWKDWLQWKHRSLQLRQRIWKHLQYHVWLJDWRUPD\SUHYHQW
DGKHUHQFHWRVWXG\DFWLYLWLHV
5HODWHGWRPHGLFDOFRQGLWLRQDW6FUHHQLQJ
 $UHODSVHLQFOXGLQJPROHFXODUUHODSVHRIWKH XQGHUO\LQJGLVHDVHIRUZKLFKWKH\UHFHLYHGD
WUDQVSODQWDW6FUHHQLQJ
 'RFXPHQWHGWREHSRVLWLYHIRURWKHUUHVSLUDWRU\YLUXVHVOLPLWHGWRLQIOXHQ]DSDUDLQIOXHQ]D
KXPDQUKLQRYLUXVDGHQRYLUXVRUKXPDQPHWDSQHXPRYLUXVZLWKLQ GD\V SULRUWRWKH
6FUHHQLQJYLVLWDVGHWHUPLQHGE\ORFDOWHVWLQJDGGLWLRQDOWHVWLQJLVQRWUHTXLUHG
 &OLQLFDOO\VLJQLILFDQWEDFWHUHPLDRUIXQJHPLDZLWKLQGD\VSULRUWR6FUHHQLQJWKDWKDVQRW
EHHQDGHTXDWHO\WUHDWHGDVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 &OLQLFDOO\VLJQLILFDQWEDFWHULDOIXQJDORUYLUDOSQHXPRQLDZLWKLQ ZHHNVSULRUWR6FUHHQLQJ
WKDWKDVQRWEHHQDGHTXDWHO\WUHDWHGDVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 ([FHVVLYHQDXVHDYRPLWLQJDW6FUHHQLQJDVGHWHUPLQHGE\WKHLQYHVWLJDWRURUDQLQDELOLW\WR
VZDOORZSLOOVWKDWSUHFOXGHVRUDODGPLQLVWUDWLRQRIWKH ,03


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 
 $Q\FRQGLWLRQZKLFKLQWKHRSLQLRQRIWKHLQYHVWLJDWRUZRXOGSUHYHQWIXOOSDUWLFLSDWLRQLQ
WKLVWULDORUZRXOGLQWHUIHUHZLWKWKHHYDOXDWLRQRIWKHWULDOHQGSRLQWV
5HODWHGWRDOOHUJLHV
 .QRZQK\SHUVHQVLWLYLW\RU DOOHUJ\WR WKH,03LWVPHWDEROLWHVRUIRUPXODWLRQH[FLSLHQWV
PLFURFU\VWDOOLQHFHOOXORVHPDQQLWROFURVFDUPHOORVHVRGLXPPDJQHVLXPVWHDUDWH
SRO\YLQ\O DOFRKROWLWDQLXPGLR[LGHSRO\HWK\OHQHJO\FRODQGWDOF
 $OOHUJ\WRVXOIDGUXJV
5HODWHGWRODERUDWRU\UHVXOWV
 &UHDWLQLQHFOHDUDQFHP/PLQ FDOFXODWHGXVLQJWKH&RFNFURIW*DXOWPHWKRG
 $67$/7![8/1
 7RWDOELOLUXELQ![8/1


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 

,19(67,*$7,21$/0(',&,1$/352'8&76

5DQGRPL]DWLRQ%OLQGLQJDQG7UHDWPHQW&RGHV
7KLVLVD UDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGPXOWLFHQWHU VWXG\(OLJLEOHVXEMHFWVZLOO
EHVWUDWLILHGE\WKHIROORZLQJIDFWRUV
 3UHVHQFHRUDEVHQFH RIO\PSKRSHQLDGHILQHGDVDO\PSKRF\WHFRXQW  FHOOV/ YHUVXV
  FHOOV/RIEORRG
 7UHDWPHQWRI569\HVRU QRZLWKULEDYLULQ RUDOLQWUDYHQRXVRUDHURVROL]HG
7UHDWPHQW RIFXUUHQW569LQIHFWLRQZLWKULEDYLULQZLOOEHGHILQHG DVGRVHRIULEDYLULQ
RUDO LQWUDYHQRXVRUDHURVROL]HGSULRUWRUDQGRPL]DWLRQRUZLWKZULWWHQRUGHUVIRUWKHLQLWLDWLRQ
RIWKHUDS\DWWKHWLPHRIUDQGRPL]DWLRQ6XEMHFWVZLOOEHUDQGRPL]HGLQDUDWLRWRUHFHLYH
,03*6RUPDWFKLQJSODFHER
$VVLJQPHQWWRVWXG\WUHDWPHQWZLOOEHEOLQGHGWRWKHVWXG\VXEMHFWVLQYHVWLJDWLRQDOVLWH
SHUVRQQHOVWXG\YHQGRUVDQGWKH6SRQVRUH[FHSWIRUWKHGHOHJDWHGSHUVRQQHOZKRZLOOUHYLHZ
DQGFKHFNWKHUDQGRPL]DWLRQDQGGUXJDOORFDWLRQIRUDFFXUDF\

3URFHGXUHVIRU%UHDNLQJ7UHDWPHQW&RGHV
,QWKHHYHQWRIDPHGLFDOHPHUJHQF\ZKHUHEUHDNLQJWKHEOLQGLVUHTXLUHGWRSURYLGHPHGLFDOFDUH
WRWKHVXEMHFWWKHLQYHVWLJDWRUPD\REWDLQWUHDWPHQWDVVLJQPHQWGLUHFWO\IURPWKH,;56V\VWHP
IRUWKDWVXEMHFW ,QWKHHYHQWRIWHFKQRORJ\IDLOXUHWKH3,PD\FDOOWKH,;56KHOSOLQH WRDFFHVV
WUHDWPHQWFRGHV *LOHDGUHFRPPHQGVEXWGRHVQRWUHTXLUHWKDWWKHLQYHVWLJDWRUFRQWDFWWKH
*LOHDG PHGLFDOPRQLWRUEHIRUHEUHDNLQJWKHEOLQG7UHDWPHQWDVVLJQPHQWVKRXOGUHPDLQEOLQGHG
XQOHVVWKDWNQRZOHGJHLVQHFHVVDU\WRGHWHUPLQHVXEMHFWHPHUJHQF\PHGLFDOFDUH7KHUDWLRQDOH
IRUXQEOLQGLQJPXVWEHFOHDUO\H[SODLQHGLQVRXUFHGRFXPHQWDWLRQDQGRQWKH
FDVH UHSRUW IRUP HOHFWURQLFFDVHUHSRUWIRUP&5)H&5)DORQJZLWKWKHGDWHRQZKLFKWKH
WUHDWPHQWDVVLJQPHQWZDVREWDLQHG 7KHLQYHVWLJDWRULVUHTXHVWHGWRFRQWDFWWKH
*LOHDG PHGLFDO PRQLWRUSURPSWO\LQFDVHRIDQ\WUHDWPHQWXQEOLQGLQJ 'HWDLOVRIXQEOLQGLQJZLOO
EHSURYLGHGLQWKHVWXG\VSHFLILF8QEOLQGLQJ3ODQ
%OLQGLQJRIVWXG\WUHDWPHQWLVFULWLFDOWRWKHLQWHJULW\RIWKLVFOLQLFDOWULDODQGWKHUHIRUHLID
VXEMHFW¶VWUHDWPHQWDVVLJQPHQWLVGLVFORVHGWRWKHLQYHVWLJDWRUWKHVXEMHFWZLOOKDYHVWXG\
WUHDWPHQWGLVFRQWLQXHG$OOVXEMHFWVZLOOEHIROORZHGXQWLOVWXG\FRPSOHWLRQXQOHVVFRQVHQWWRGR
VRLVVSHFLILFDOO\ZLWKGUDZQE\WKHVXEMHFW
*LOHDG 'UXJ6DIHW\DQG3XEOLF+HDOWK'63+PD\LQGHSHQGHQWO\XQEOLQGFDVHVIRUH[SHGLWHG
UHSRUWLQJRIVXVSHFWHGXQH[SHFWHGVHULRXVDGYHUVHUHDFWLRQV686$5V


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 

'HVFULSWLRQDQG+DQGOLQJRI*6

)RUPXODWLRQ
*6ZLOOEHVXSSOLHGDVZKLWHSODLQIDFHGILOPFRDWHGURXQGWDEOHWVFRQWDLQLQJ PJ
*6 PJ*6ELVK\GURFKORULGHVDOWGLK\GUDWHIRUPRI*6,QDGGLWLRQWR
WKHDFWLYHLQJUHGLHQW*6WDEOHWVFRQWDLQWKHIROORZLQJLQDFWLYHLQJUHGLHQWV
PLFURFU\VWDOOLQHFHOOXORVHPDQQLWROFURVFDUPHOORVHVRGLXPPDJQHVLXPVWHDUDWH
SRO\YLQ\O DOFRKROWLWDQLXPGLR[LGHSRO\HWK\OHQHJO\FRODQGWDOFZKLFKDUHFRPPRQ
SKDUPDFHXWLFDOH[FLSLHQWV
7KHVXSSOLHGPDWFKLQJSODFHERWDEOHWVDUHLGHQWLFDOLQSK\VLFDODSSHDUDQFHWRWKH  PJ
*6WDEOHWVDQGFRQWDLQWKHVDPH LQDFWLYHLQJUHGLHQWV

3DFNDJLQJDQG/DEHOLQJ
*6WDEOHWVDQGPDWFKLQJSODFHERDUHSDFNDJHGLQZKLWHKLJKGHQVLW\SRO\HWK\OHQH +'3(
ERWWOHVZLWKGHVLFFDQWDQGSRO\HVWHUILEHUFRLO(DFKERWWOHFRQWDLQV WDEOHWVDQGLVFDSSHGZLWKD
ZKLWHFRQWLQXRXVWKUHDGFKLOGUHVLVWDQWSRO\SURS\OHQHVFUHZFDSILWWHGZLWKDQLQGXFWLRQVHDOHG
DOXPLQXPIDFHGOLQHU
$OOODEHOVIRU,03 GLVWULEXWHGWRLQYHVWLJDWLYHVLWHVLQWKH86DQGWKHUHVWRIZRUOG52:ZLOO
PHHWDOODSSOLFDEOHUHTXLUHPHQWVRIWKH86)RRGDQG'UXJ$GPLQLVWUDWLRQ)'$
WKH (8 $QQH[ RI*RRG0DQXIDFWXULQJ3UDFWLFHV0DQXIDFWXUHRILQYHVWLJDWLRQDOPHGLFLQDO
SURGXFWV-XO\ DQGRURWKHUORFDOUHJXODWLRQVDVDSSOLFDEOH

6WRUDJHDQG+DQGOLQJ
6XIILFLHQWTXDQWLWLHVRI*6WDEOHWVDQGPDWFKLQJSODFHERZLOOEHVKLSSHGWRWKH LQYHVWLJDWRU
RUTXDOLILHGGHVLJQHHIURP*LOHDG6FLHQFHV0DWHULDOV	/RJLVWLFVRULWV GHVLJQHH
*6WDEOHWVVKRXOGEHVWRUHGDWFRQWUROOHGURRPWHPSHUDWXUHRI & )H[FXUVLRQVDUH
SHUPLWWHGEHWZHHQ &DQG & )DQG ) 6WRUDJHFRQGLWLRQVDUHVSHFLILHGRQWKH
ODEHO8QWLOGLVSHQVHGWRWKHVXEMHFWVDOOERWWOHVRI,03 VKRXOGEHVWRUHGLQDVHFXUHO\ORFNHG
DUHDDFFHVVLEOHRQO\WRDXWKRUL]HGVLWHSHUVRQQHO7KHVWXG\FHQWHUZLOOEHUHTXLUHGWRPDLQWDLQD
ORJRIGDLO\WHPSHUDWXUHUHDGLQJVLQWKHVWRUDJHDUHDIRUWKHGXUDWLRQRIWKHVWXG\7RHQVXUHWKH
VWDELOLW\DQG SURSHULGHQWLILFDWLRQWKHGUXJSURGXFWVZLOO EHVWRUHGLQWKHFRQWDLQHUVLQZKLFK
WKH\ZHUHVXSSOLHGXQWLOXQLWVDUH GLVSHQVHGWR LQGLYLGXDOVXEMHFWVDWWKHVLWH

'RVDJHDQG$GPLQLVWUDWLRQRI*6
(OLJLEOHVXEMHFWVZLOOUHFHLYHDVLQJOHGRVHRIPJ *6RUSODFHER RQ'D\V 
DQG'RVHVZLOOEHDGPLQLVWHUHGZLWKZDWHUDIWHUWKHVXEMHFWKDVIDVWHGIRUDWOHDVW KRXUV
ZLWKH[FHSWLRQRIFOHDUOLTXLGV DQGPHGLFDWLRQV7KHHQWLUHGRVHPXVWEHWDNHQZLWKLQ KRXU
6XEMHFWVZLOOUHPDLQLQDIDVWLQJFRQGLWLRQIRUDWOHDVW KRXUDIWHUGRVLQJ,03LVWREHGLVSHQVHG
ZLWKJORYHV7DEOHWVDUHQRWWREHFUXVKHGVSOLWGLVVROYHGRUFKHZHG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 
6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRUREVHUYDWLRQ,IYRPLWLQJRFFXUV
ZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHGWDEOHWVDUHSUHVHQWLQWKHYRPLWXV
WKHVXEMHFWVKRXOGUHFHLYHDQRWKHUGRVH,IDQRWKHUGRVHLVDGPLQLVWHUHGWKHVXEMHFWVKRXOG
UHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRUREVHUYDWLRQ6XEMHFWVVKRXOGDYRLG
GLUHFW89H[SRVXUHIRUGD\VDIWHUUHFHLYLQJ,03

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV
*6KDVDORZV\VWHPLFFOHDUDQFHLQKXPDQVVRVLJQLILFDQWGUXJGUXJLQWHUDFWLRQVLQZKLFK
FRQFRPLWDQWO\DGPLQLVWHUHGGUXJVLQKLELWWKHPHWDEROLFFOHDUDQFHRI*6E\&<3 HQ]\PHV
DUHXQOLNHO\/RZOHYHOVRIPLQRU PHWDEROLWHVZHUHREVHUYHGLQWKHKXPDQPDVVEDODQFHVWXG\
*686LQGLFDWLQJWKDWPHWDEROLVPRI*6LVPHGLDWHGE\PXOWLSOHPLQRU
PHWDEROLFSDWKZD\VZLWKWKHOLNHO\DEVHQFHRIDVLQJOHGRPLQDQWSDWKZD\$VVXFKWKHQHWHIIHFW
RIVWURQJLQGXFWLRQRI  RU  SDWKZD\VE\DSRWHQW&<3LQGXFHULVXQFOHDU7KHUHIRUH
FRQFRPLWDQWDGPLQLVWUDWLRQRIVWURQJ &<3LQGXFHUV^` LQFOXGLQJEXWQRWOLPLWHGWR
ULIDPSLQ6W-RKQ¶V:RUWFDUEDPD]HSLQHDQGSKHQ\WRLQLVH[FOXGHGWRDYRLGSRWHQWLDOGUXJ
UHVLVWDQFH
,QYLWUR*6LVDVXEVWUDWHRIWKHHIIOX[WUDQVSRUWHUV3JO\FRSURWHLQ3JSDQG
EUHDVW FDQFHU UHVLVWDQFHSURWHLQ%&53+RZHYHU*6H[KLELWVPRGHUDWHWRKLJK
ELRDYDLODELOLW\LQQRQFOLQLFDOVSHFLHVDQGDSSUR[LPDWHO\GRVHSURSRUWLRQDOLQFUHDVHLQH[SRVXUHV
IROORZLQJVLQJOHPJWRPJRUPXOWLSOHWRPJRQFHGDLO\RUDODGPLQLVWUDWLRQVLQ
KHDOWK\DGXOWVFRQVLVWHQWZLWKLWVKLJKVROXELOLW\DQGKLJKPHPEUDQHSHUPHDELOLW\7KHUHIRUH
WKHELRDYDLODELOLW\RI*6LVQRWH[SHFWHGWREHOLPLWHGE\3JSDQG%&53DFWLYLWLHVDQG
FOLQLFDOO\UHOHYDQWLQWHUDFWLRQVZLWK3JSDQG%&53LQKLELWRUVDUHQRWH[SHFWHG
,QYLWUR*6LVDVXEVWUDWHRIWKHKHSDWLFXSWDNHRUJDQLFDQLRQWUDQVSRUWHUSURWHLQV2$73
2$73%DQG2$73%&OLQLFDOO\VLQJOHGRVHVRI*6KDYHEHHQZHOOWROHUDWHGXSWR
 PJ&PD[DQG$8&aDQGaIROGRIPJUHVSHFWLYHO\LQKHDOWK\YROXQWHHUV
*6H[SRVXUHVPD\EHLQFUHDVHGXSRQFRDGPLQLVWUDWLRQZLWK2$73LQKLELWRUV
HJ ULIDPSLQ F\FORVSRULQHDQGJHPILEUR]LO
*6PD\FDXVHFRQFHQWUDWLRQGHSHQGHQWLQKLELWLRQRIPXOWLGUXJDQGWR[LQH[WUXVLRQYLD
WUDQVSRUWHUV0$7(DQG0$7(.ZLWK,& YDOXHVRI DQGȝ0UHVSHFWLYHO\:KHQ
FRDGPLQLVWHUHGZLWKUHQDOO\HOLPLQDWHGFRQFRPLWDQWPHGLFDWLRQVLH ILOWUDWLRQ SOXV VHFUHWLRQ
*6PD\LQFUHDVHWKHH[SRVXUHVRIVXEVWUDWHVVHFUHWHGE\WKH0$7(VWUDQVSRUWHUVVXFKDV
JDQFLFORYLUDF\FORYLUOHYRIOR[DFLQPHWIRUPLQFDSWRSULOSURFDLQDPLGHIH[RIHQDGLQH
FLPHWLGLQHFHSKUDGLQHDQGFHSKDOH[LQ 'RVLQJDQGVDIHW\PRQLWRULQJVKRXOGEHFRQVLVWHQWZLWK
SUHVFULELQJLQIRUPDWLRQLQSDUWLFXODUIRUDJHQWVZKLFKUHTXLUHGRVHUHGXFWLRQVLQWKHVHWWLQJRI
UHQDOLPSDLUPHQW

$FFRXQWDELOLW\ IRU*6
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJDGHTXDWHDFFRXQWDELOLW\RIDOOXVHGDQGXQXVHG,03
ERWWOHV 7KLVLQFOXGHVDFNQRZOHGJHPHQWRIUHFHLSWRIHDFKVKLSPHQWRI,03
TXDQWLW\ DQG FRQGLWLRQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 
*6 DFFRXQWDELOLW\UHFRUGVZLOOEHSURYLGHGWRHDFKVWXG\VLWHWR

5HFRUGWKHGDWHDQGTXDQWLW\RI,03 ERWWOHV UHFHLYHG

5HFRUGWKHGDWHVXEMHFWQXPEHUVXEMHFWLQLWLDOVWKH,03 ERWWOH QXPEHUGLVSHQVHG

5HFRUGWKHGDWHTXDQWLW\RIXVHGDQGXQXVHG,03 ERWWOHVUHWXUQHGDORQJZLWKWKHLQLWLDOVRI
WKHSHUVRQUHFRUGLQJWKHLQIRUPDWLRQ

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW 5HWXUQRU'LVSRVDO
$WWKHVLWHLQLWLDWLRQYLVLWRUILUVWPRQLWRULQJYLVLWWKHVWXG\PRQLWRUZLOOHYDOXDWHHDFKVWXG\
FHQWHU¶V,03GLVSRVDOSURFHGXUHVDQGSURYLGHDSSURSULDWHLQVWUXFWLRQIRUUHWXUQRUGHVWUXFWLRQRI
XQXVHG,03VXSSOLHV,IWKHVLWHKDVDQDSSURSULDWH6WDQGDUG2SHUDWLQJ3URFHGXUH623IRUGUXJ
GHVWUXFWLRQ DVUHYLHZHGDQGDSSURYHGE\*6,WKHVLWHPD\GHVWUR\XVHGDQGXQXVHG,03
VXSSOLHVSHUIRUPHGLQDFFRUGDQFHZLWK WKHVLWH¶VKRVSLWDOSKDUPDF\623 DIWHUUHFRQFLOLDWLRQ
KDVEHHQFRPSOHWHGE\WKHVLWHPRQLWRU,IWKHVLWHGRHVQRWKDYHDFFHSWDEOHSURFHGXUHVLQSODFH
IRUGUXJGHVWUXFWLRQDUUDQJHPHQWVZLOOEHPDGHEHWZHHQWKHVLWHDQG*6, RU *6, UHSUHVHQWDWLYH
IRUUHWXUQRIXQXVHG,03VXSSOLHV$FRS\RIWKHVLWH¶V623ZLOOEHREWDLQHGIRUFHQWUDOILOHV
:KHUHSRVVLEOH,03ZLOOEHGHVWUR\HGDWWKHVLWH
8SRQVWXG\FRPSOHWLRQDFRS\RIWKH,QYHVWLJDWLRQDO'UXJ$FFRXQWDELOLW\UHFRUGVPXVWEHILOHG
DWWKHVLWH$QRWKHUFRS\ZLOOEHUHWXUQHGWR*6,,IGUXJLVGHVWUR\HGRQVLWHWKHLQYHVWLJDWRU
PXVWPDLQWDLQDFFXUDWHUHFRUGVIRUDOO,03GHVWUR\HG5HFRUGVPXVWVKRZWKHLGHQWLILFDWLRQDQG
TXDQWLW\RIHDFKXQLWGHVWUR\HGWKHPHWKRGRIGHVWUXFWLRQDQGSHUVRQZKRGLVSRVHGRIWKHGUXJ
$OO,03UHFRUGVPXVWEHPDLQWDLQHGDWWKHVLWHDQGFRSLHVPXVWEHVXEPLWWHGWR*6,DWWKHHQGRI
WKHVWXG\


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 

678'<352&('85(6
7KHVWXG\SURFHGXUHVWREHFRQGXFWHGIRUHDFKVXEMHFWHQUROOHGLQWKHVWXG\DUHSUHVHQWHGLQ
WDEXODUIRUPLQ$SSHQGL[  DQGGHVFULEHGLQWKHWH[WWKDWIROORZV$GGLWLRQDOLQIRUPDWLRQLV
SURYLGHGLQWKHVWXG\SURFHGXUHVPDQXDO
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKHVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKH
SURFHGXUHVDQGHYDOXDWLRQVGHVFULEHGLQWKLVSURWRFRO,QYHVWLJDWRUVPXVWGRFXPHQWDQ\GHYLDWLRQ
RUGHSDUWXUHIURPSURWRFROSURFHGXUHVUHJDUGOHVVRIFDXVDOLW\DQGQRWLI\WKHVSRQVRURUFRQWUDFW
UHVHDUFKRUJDQL]DWLRQ&52

6XEMHFW(QUROOPHQWDQG7UHDWPHQW$VVLJQPHQW

9LVLW6FUHHQLQJ9LVLW 'D\
9LVLW PXVWEHSHUIRUPHG LQFOLQLF RULQKRVSLWDO 7KH3ULQFLSDO,QYHVWLJDWRURUDPHGLFDOO\
TXDOLILHG6XE,QYHVWLJDWRUHJ0''2RUQXUVHSUDFWLWLRQHUPXVWUHYLHZDQGGLVFXVVWKHVWXG\
ZLWKHDFK VXEMHFWSULRUWRFRQVHQW$OO6FUHHQLQJ9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGDIWHU
REWDLQLQJZULWWHQFRQVHQW$OO6FUHHQLQJODEVDQGSURFHGXUHVZLOOEHSHUIRUPHGORFDOO\DQG
UHVXOWVZLOOEHUHYLHZHGE\WKHLQYHVWLJDWRUSULRUWR,03DGPLQLVWUDWLRQ
7KHIROORZLQJSURFHGXUHVZLOOEHFRPSOHWHGDW6FUHHQLQJ

2EWDLQZULWWHQLQIRUPHGFRQVHQW

&ROOHFWLRQRI0HGLFDO+LVWRU\DQG'HPRJUDSKLFV

5HYLHZRIFRQFRPLWDQWPHGLFDWLRQV

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

+HLJKWDQGZHLJKW

2VDWXUDWLRQRQURRPDLU

&KHVW;UD\ FKHVW;UD\VREWDLQHG KRXUV SULRUWR6FUHHQLQJPD\EHXVHG

%ORRGGUDZ IRUVFUHHQLQJODEV ODEVREWDLQHGGD\VSULRUWR6FUHHQLQJPD\EHXVHG
&UHDWLQLQHFOHDUDQFH FDOFXODWHGXVLQJWKH&RFNURIW*DXOWPHWKRG
$67$/7
7RWDOELOLUXELQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 

8ULQHRUVHUXPSUHJQDQF\WHVWIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\
DQGRUELODWHUDORRSKRUHFWRP\

5HFRUGDQ\6$(V DQGDOO$(V UHODWHGWRSURWRFROPDQGDWHGSURFHGXUHVRFFXUULQJDIWHU
VLJQLQJRIWKHFRQVHQWIRUP
6XEMHFWVPHHWLQJDOORIWKHLQFOXVLRQFULWHULDDQGQRQHRIWKHH[FOXVLRQFULWHULDZLOOUHWXUQWRWKH
FOLQLFDIWHUVFUHHQLQJIRUUDQGRPL]DWLRQLQWRWKHVWXG\ 6XEMHFWVPXVWFRQWLQXHWRPHHWDOO
LQFOXVLRQFULWHULDDQGQRQHRIWKHH[FOXVLRQFULWHULDDWWKHWLPHRIUDQGRPL]DWLRQ,IDOOODEUHVXOWV
DQGSURFHGXUHVDUHDYDLODEOHDQGVDWLVI\WKHLQFOXVLRQH[FOXVLRQFULWHULD6FUHHQLQJDQG
9LVLW  'D\ PD\RFFXURQWKHVDPHGD\
)URPWKHWLPHRIREWDLQLQJLQIRUPHGFRQVHQWWKURXJKWKHILUVWDGPLQLVWUDWLRQRI,03UHFRUGDOO
6$(VDVZHOODVDQ\$(V UHODWHGWRSURWRFROPDQGDWHGSURFHGXUHVRQWKH$(FDVHUHSRUWIRUP
H&5)$OORWKHUXQWRZDUGPHGLFDORFFXUUHQFHVREVHUYHGGXULQJWKH6FUHHQLQJSHULRG
LQFOXGLQJH[DFHUEDWLRQRUFKDQJHVLQPHGLFDOKLVWRU\ DUHWREHFDSWXUHGRQWKHPHGLFDOKLVWRU\
H&5) 6HH6HFWLRQ  $GYHUVH(YHQWVDQG7R[LFLW\0DQDJHPHQWIRUDGGLWLRQDOGHWDLOV

9LVLW%DVHOLQH $VVHVVPHQWV5DQGRPL]DWLRQ DQG7UHDWPHQW$VVHVVPHQWV
'D\

%DVHOLQH$VVHVVPHQWV
9LVLWPXVWEHSHUIRUPHGLQFOLQLF RULQKRVSLWDO DQG VKRXOG RFFXUZLWKLQKRXUVRI
FRQILUPDWLRQRIWKHVXEMHFW¶VHOLJLELOLW\6DPSOHVDQGDVVHVVPHQWV SHUIRUPHGDW6FUHHQLQJ
9LVLW PD\QRWEHXVHGDV 9LVLW%DVHOLQHDVVHVVPHQWV%DVHOLQH 9LVLW DVVHVVPHQWVVKRXOG
EHSHUIRUPHGLQWKHIROORZLQJRUGHUDQGGRFXPHQWHGRQ'D\SULRUWR,03DGPLQLVWUDWLRQ

)/8352TXHVWLRQQDLUH

5HYLHZRIFRQFRPLWDQWPHGLFDWLRQVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQGQRQLQYDVLYHRI
DQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH/PLQIRU!KRXUV

:HLJKW

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

%ORRGGUDZ IRUFHQWUDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH :%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7DQGWRWDO
ELOLUXELQ
6HUXPDQWLERG\WLWHUWR569
569YLUHPLD


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 

1DVDOVDPSOHV WRWDOIURPHDFK QRVWULO

8ULQHRUVHUXPSUHJQDQF\WHVWIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\
DQGRUELODWHUDORRSKRUHFWRP\

5DQGRPL]DWLRQ DQG7UHDWPHQW$VVHVVPHQWV'D\
$IWHUDOO%DVHOLQHDVVHVVPHQWVDUHFRPSOHWHHOLJLEOHVXEMHFWVZLOOEHUDQGRPL]HGYLD
,QWHUDFWLYH 9RLFH:HE5HVSRQVH6\VWHP,;56 DQG,03ZLOOEHDGPLQLVWHUHG
5DQGRPL]DWLRQWR*6RUSODFHERZLOOEHEDVHGRQDUDQGRPL]DWLRQVFKHGXOHSUHSDUHGE\
*LOHDGDQGRUGHVLJQHHEHIRUHWKHVWDUWRIWKHVWXG\6XEMHFWVPXVWFRQWLQXHWRVDWLVI\DOO
LQFOXVLRQH[FOXVLRQFULWHULDDWWKHWLPHRIUDQGRPL]DWLRQ3ULRUWRUDQGRPL]DWLRQHOLJLEOHVXEMHFWV
ZLOOEHVWUDWLILHGE\ WKHIROORZLQJ

3UHVHQFHRUDEVHQFHRIO\PSKRSHQLDGHILQHGDVDO\PSKRF\WHFRXQWFHOOV/YHUVXV
 FHOOV/RIEORRG

7UHDWPHQWRI569\HVRUQRZLWK ULEDYLULQ RUDOLQWUDYHQRXVRUDHURVROL]HG
7UHDWPHQW RIFXUUHQW569LQIHFWLRQZLWKULEDYLULQZLOOEHGHILQHG DVGRVHRIULEDYLULQ
RUDO LQWUDYHQRXVRUDHURVROL]HGSULRUWRUDQGRPL]DWLRQRUZLWKZULWWHQRUGHUVIRUWKHLQLWLDWLRQ
RIWKHUDS\ DWWKHWLPH RIUDQGRPL]DWLRQ6XEMHFWVZLOOEHUDQGRPL]HGLQDUDWLRWRUHFHLYH
,03*6RUPDWFKLQJSODFHER
6XEMHFWVZLOOUHFHLYHDGRVHRIPJIRXUPJWDEOHWVRI*6RUPDWFKLQJSODFHERDW
'D\ $OO,03ZLOOEHDGPLQLVWHUHGZLWKZDWHUDIWHUWKHVXEMHFWKDVEHHQIDVWLQJ
ZLWK H[FHSWLRQRIFOHDUOLTXLGVDQGPHGLFDWLRQVIRUDPLQLPXPRIKRXUV7KHHQWLUHGRVH
PXVWEHWDNHQZLWKLQKRXU6XEMHFWVZLOOUHPDLQLQDIDVWLQJFRQGLWLRQIRUKRXUSRVWGRVH
7DEOHWVDUHQRWWREHFUXVKHGFKHZHGVSOLWRUGLVVROYHGDQGVKRXOGDOZD\VEHGLVSHQVHGZLWK
JORYHV 6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRUREVHUYDWLRQ,IYRPLWLQJ
RFFXUVZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHGWDEOHWVDUHSUHVHQWLQWKH
YRPLWXVWKHVXEMHFWVKRXOG UHFHLYHDQRWKHU GRVH,IDQRWKHUGRVHLVDGPLQLVWHUHGWKHVXEMHFW
VKRXOGUHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRUREVHUYDWLRQ6XEMHFWV
VKRXOGDYRLGGLUHFW89H[SRVXUHIRUGD\VDIWHUUHFHLYLQJ,03
7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGDQGGRFXPHQWHGRQ'D\DIWHU,03DGPLQLVWUDWLRQ

3.VDPSOLQJDW DQGKRXUVSRVWGRVHIRU3.VXEJURXS VXEMHFWV

%ORRGGUDZIRUVHUXPFUHDWLQLQHDWKRXUVSRVWGRVHIRU3.VXEJURXSVXEMHFWV

5HYLHZRI$(V


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 

9LVLW 'D\  KRXUV
)RUVXEMHFWVLQWKH3.VXEJURXS9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGLQWKHFOLQLF RULQ
KRVSLWDO)RUDOORWKHUVXEMHFWV9LVLWDVVHVVPHQWVPD\EHSHUIRUPHGDWWKHFOLQLFLQKRVSLWDO RU
DWWKHVXEMHFW¶VKRPHE\WKHVWXG\FRRUGLQDWRURUGHVLJQHH

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

3.VDPSOLQJ IRU3.VXEJURXSVXEMHFWVRQO\

9LVLW'D\KRXUV
9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGLQFOLQLF RULQKRVSLWDO DQGVKRXOG EHSHUIRUPHGLQWKH
IROORZLQJRUGHUDQGGRFXPHQWHGDOVRUHIHUWR$SSHQGL[ 6WXG\3URFHGXUHV7DEOH

)/8352TXHVWLRQQDLUH

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

:HLJKW

%ORRGGUDZ IRU FHQWUDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH :%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7DQG
WRWDO ELOLUXELQ
3.VDPSOLQJIRUDOOVXEMHFWVSUHGRVH
569YLUHPLD

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

8ULQHRUVHUXPSUHJQDQF\WHVWIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\
DQGRUELODWHUDORRSKRUHFWRP\

,03DGPLQLVWUDWLRQ

5HYLHZRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV,&8
DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWV
LH FKHVW UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQG
QRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH /PLQIRU!KRXUV
 6XEMHFWVZLOOUHFHLYHDVLQJOHGRVHRIPJIRXUPJWDEOHWVRI*6RUPDWFKLQJ
SODFHERDW'D\VDQG$OO,03ZLOOEHDGPLQLVWHUHGZLWKZDWHUDIWHUWKHVXEMHFWKDV
EHHQIDVWLQJIRUDPLQLPXPRIKRXUV ZLWKH[FHSWLRQRIFOHDUOLTXLGVDQGPHGLFDWLRQV7KH


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 
HQWLUHGRVHPXVWEHWDNHQZLWKLQKRXU6XEMHFWVZLOOUHPDLQLQDIDVWLQJFRQGLWLRQIRU KRXU
SRVWGRVH7DEOHWVDUHQRWWREHFUXVKHGFKHZHGVSOLWRUGLVVROYHGDQGVKRXOGDOZD\VEH
GLVSHQVHGZLWKJORYHV6XEMHFWVZLOOUHPDLQ LQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRU
REVHUYDWLRQ,IYRPLWLQJRFFXUVZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHG
WDEOHWVDUHSUHVHQW LQWKHYRPLWXVWKHVXEMHFWVKRXOG UHFHLYHDQRWKHUGRVH,IDQRWKHUGRVHLV
DGPLQLVWHUHGWKHVXEMHFWVKRXOGUHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRU
REVHUYDWLRQ6XEMHFWVVKRXOGDYRLGGLUHFW89H[SRVXUHIRUGD\VDIWHUUHFHLYLQJ,03

9LVLW'D\KRXUV
9LVLWDVVHVVPHQWVPD\EHSHUIRUPHGLQ FOLQLFLQKRVSLWDO RUDWWKH VXEMHFW¶V KRPHE\WKHVWXG\
FRRUGLQDWRURUGHVLJQHH

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

9LVLWV'D\VDQGKRXUV
9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGLQFOLQLFRULQKRVSLWDODQGVKRXOG EHSHUIRUPHGLQWKH
IROORZLQJRUGHUDQGGRFXPHQWHGDWWKHVHYLVLWVDOVRUHIHUWR$SSHQGL[ 
6WXG\ 3URFHGXUHV 7DEOH

)/8352TXHVWLRQQDLUH 'D\RQO\

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

:HLJKW

%ORRGGUDZ IRUFHQWUDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH:%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7DQG
WRWDO ELOLUXELQ
3.VDPSOLQJ IRUDOOVXEMHFWVSUHGRVH'D\RQO\
569YLUHPLD

1DVDOVDPSOHVWRWDO IURPHDFK QRVWULO

8ULQHRUVHUXPSUHJQDQF\WHVWIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\
DQGRUELODWHUDORRSKRUHFWRP\

,03DGPLQLVWUDWLRQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 

3.VDPSOLQJIRUDOOVXEMHFWVKRXUVSRVWGRVH'D\RQO\

%ORRGGUDZIRUVHUXPFUHDWLQLQHDWKRXUVSRVWGRVHIRU3.VXEJURXSVXEMHFWV'D\RQO\

5HYLHZRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV,&8
DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWV
LH FKHVW UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQG
QRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH /PLQIRU!KRXUV
 6XEMHFWVZLOOUHFHLYHDVLQJOHGRVHRIPJIRXUPJWDEOHWVRI*6RUPDWFKLQJ
SODFHERDW'D\VDQG$OO,03ZLOOEHDGPLQLVWHUHGZLWKZDWHUDIWHUWKHVXEMHFWKDV
EHHQIDVWLQJIRUDPLQLPXPRIKRXUV ZLWKH[FHSWLRQRIFOHDUOLTXLGVDQGPHGLFDWLRQV7KH
HQWLUHGRVHPXVWEHWDNHQZLWKLQKRXU6XEMHFWVZLOOUHPDLQLQDIDVWLQJFRQGLWLRQIRU KRXU
SRVWGRVH7DEOHWVDUHQRWWREHFUXVKHGFKHZHGVSOLWRUGLVVROYHGDQGVKRXOGDOZD\VEH
GLVSHQVHGZLWKJORYHV6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRU
REVHUYDWLRQ,IYRPLWLQJRFFXUVZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHG
WDEOHWVDUHSUHVHQW LQWKHYRPLWXVWKHVXEMHFWVKRXOG UHFHLYHDQRWKHUGRVH,IDQRWKHUGRVHLV
DGPLQLVWHUHGWKHVXEMHFWVKRXOGUHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRU
REVHUYDWLRQ6XEMHFWVVKRXOGDYRLGGLUHFW89 H[SRVXUHIRUGD\VDIWHUUHFHLYLQJ,03

9LVLW'D\KRXUV
9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGLQFOLQLF RULQKRVSLWDO DQGVKRXOG EHSHUIRUPHGLQWKH
IROORZLQJRUGHUDQGGRFXPHQWHGDOVRUHIHUWR$SSHQGL[ 6WXG\3URFHGXUHV7DEOH

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

:HLJKW

%ORRGGUDZ IRUFHQWUDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH:%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7DQG
WRWDO ELOLUXELQ
3.VDPSOLQJ IRUDOOVXEMHFWV
569YLUHPLD

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

2EWDLQVDPSOHIRUORFDO569WHVWLQJ UHIHUWR6HFWLRQ 




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 

$VVHVVPHQWVIRU3UHPDWXUH'LVFRQWLQXDWLRQIURP,03GRVLQJDQG(DUO\
:LWKGUDZDO
5HDVRQVIRUSUHPDWXUHGLVFRQWLQXDWLRQIURP,03GRVLQJRUWKHVWXG\DUHRXWOLQHGLQ6HFWLRQ 

$VVHVVPHQWVIRU3UHPDWXUH'LVFRQWLQXDWLRQIURP,03$GPLQLVWUDWLRQ
,IDVXEMHFWSUHPDWXUHO\GLVFRQWLQXHV,03GRVLQJWKHVXEMHFWZLOO UHPDLQRQVWXG\DQGZLOO
FRQWLQXHZLWKDOOVXEVHTXHQWVWXG\YLVLWVDQGDVVHVVPHQWVWKURXJK9LVLW'D\(QGRI6WXG\
9LVLWZLWKWKHH[FHSWLRQRI,03DGPLQLVWUDWLRQ

$VVHVVPHQWVIRU(DUO\7HUPLQDWLRQ:LWKGUDZDO
(YHU\DWWHPSWVKRXOGEHPDGHWRNHHSVXEMHFWV LQWKHVWXG\DQGWRSHUIRUPWKHUHTXLUHG
VWXG\UHODWHGDQGIROORZXSSURFHGXUHV VHH6HFWLRQV  WKURXJK ,IWKLVLVQRWSRVVLEOHRU
DFFHSWDEOHWRWKHVXEMHFWRULQYHVWLJDWRUWKHVXEMHFWPD\EHZLWKGUDZQIURPWKHVWXG\
,IDVXEMHFWZLWKGUDZVHDUO\IURPWKHVWXG\IRUDQ\UHDVRQHYHU\DWWHPSWVKRXOGEHPDGHWR
EULQJWKHVXEMHFWEDFNWRWKHFOLQLFRUKRVSLWDOIRUWKHIROORZLQJHDUO\WHUPLQDWLRQDVVHVVPHQWV

)/8352TXHVWLRQQDLUH RQO\LIWKHVXEMHFWZLWKGUDZVSULRUWR9LVLW>'D\ @

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

:HLJKW

%ORRGVDPSOHFROOHFWLRQIRUFHQWUDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH:%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7DQGWRWDO
ELOLUXELQ
6HUXPDQWLERG\WLWHUWR569
569YLUHPLD
3.VDPSOLQJRQO\LIWKHVXEMHFWZLWKGUDZDOVSULRUWR9LVLW>'D\@

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

5HYLHZRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV,&8
DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWV
LH FKHVW UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQG
QRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2XVH /PLQ IRU!KRXUV






*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 
6XEMHFWVUHTXLULQJLQYDVLYHPHFKDQLFDOYHQWLODWLRQZLOOQRWKDYH2 VDWXUDWLRQPHDVXUHGZKLOH
YHQWLODWHG,ILWLVGHWHUPLQHGE\WKHLQYHVWLJDWRUWKDWLWLVXQVDIHWRUHPRYHWKHVXEMHFW¶V
VXSSOHPHQWDO2IRUDVVHVVPHQWRI2VDWXUDWLRQWKHQLW VKRXOGEHUHFRUGHGLQWKHVRXUFH
GRFXPHQWDWLRQDV³´DQGWKHUHDVRQVKRXOGEHGRFXPHQWHG

6DIHW\/DEV
:KHQDYDLODEOHWKHPRVWUHFHQWODERUDWRU\YDOXHVREWDLQHGZLWKLQGD\VSULRUWR6FUHHQLQJ
>9LVLW @PD\EHXVHGIRUHOLJLELOLW\DVVHVVPHQWZLWKWKHH[FHSWLRQRI569UHVXOWVDQG
SUHJQDQF\WHVWLQJ,IDQH[LVWLQJODERUDWRU\YDOXHLVQRWDYDLODEOHIRUHOLJLELOLW\DVVHVVPHQWWKH
WHVWZLOOEHSHUIRUPHGXVLQJWKHORFDOKRVSLWDOODERUDWRU\$OOWHVWLQJRIVDPSOHVREWDLQHGDIWHU
WKH6FUHHQLQJDVVHVVPHQWV ZLOOEHSHUIRUPHGDWDFHQWUDOODERUDWRU\VHOHFWHGE\*6,
7HVWLQJRIEORRGVSHFLPHQVZLOOLQFOXGH:%&ZLWKGLIIHUHQWLDO+JESODWHOHWV %81FUHDWLQLQH
VHUXPDOEXPLQ$67$/7DQGWRWDOELOLUXELQDW9LVLWVSUHGRVHDQG
'D\V  SUHGRVH  DQG
%ORRGVSHFLPHQVIRUVHUXPFUHDWLQLQHZLOOEHFROOHFWHGKRXUVSRVWGRVHDW9LVLWV  DQG 
'D\V DQGIURPVXEMHFWVSDUWLFLSDWLQJLQWKH3.VXEJURXSRQO\
8ULQHRUVHUXPSUHJQDQF\WHVWVZLOORFFXUIRUDOOIHPDOHVRIFKLOGEHDULQJSRWHQWLDODW6FUHHQLQJ
DQGDWHDFKGRVLQJYLVLW9LVLWVDQGSULRUWRDGPLQLVWUDWLRQRI,03

&KHVW;UD\
*LYHQWKHSRWHQWLDOIRUDSRRURXWFRPHRQFHSURJUHVVLRQWRORZHUUHVSLUDWRU\WUDFWGLVHDVHRFFXUV
LQWKLVSRSXODWLRQD FKHVW;UD\LVJHQHUDOO\SHUIRUPHGDVSDUWRIVWDQGDUGFOLQLFDOHYDOXDWLRQRI
QHZD857,)RUWKLVVWXG\HYDOXDWLRQRIDFKHVW;UD\LVUHTXLUHGDW6FUHHQLQJ$FKHVW;UD\
REWDLQHGKRXUV SULRUWR 6FUHHQLQJPD\EHXVHG2WKHUZLVHDFKHVW;UD\ZLOOQHHGWREH
REWDLQHGDW6FUHHQLQJ
'XULQJWKHFRXUVHRIWKHVWXG\LWLVDQWLFLSDWHG WKDW,QYHVWLJDWRUVZLOOSHUIRUPFKHVW;UD\VDV
SDUWRIVWDQGDUGRIFDUHLIWKHUHLVDQ\FRQFHUQRIDORZHUUHVSLUDWRU\WUDFWFRPSOLFDWLRQ5HVXOWV
IURPFKHVW;UD\V DQG&7VFDQV XVHGIRUVFUHHQLQJDQGHOLJLELOLW\LQFOXGLQJWKHFRPSDULVRQ
FKHVWUDGLRJUDSKDQG DOOVFDQV GRQHDVSDUWRIVWDQGDUGRIFDUHZKLOHVXEMHFWVDUHRQVWXG\ZLOO
EHFROOHFWHGDQGVWRUHGHOHFWURQLFDOO\IRUUHYLHZE\WKH$GMXGLFDWLRQ&RPPLWWHH DQGDSRVVLEOH
FHQWUDOUHDG

3ODVPD3.
3.EORRGVDPSOLQJZLOOEHSHUIRUPHGXVLQJWKHVLWH¶VORFDOSURFHGXUHV DQGDQDO\]HGDWDFHQWUDO
ODERUDWRU\3.EORRGVDPSOHV ZLOOEHSURFHVVHGSODFHGLQLQGLYLGXDOWXEHVDQGVWRUHGVKLSSHG
WRWKHFHQWUDOODERUDWRU\DVSHULQVWUXFWLRQVRXWOLQHGLQWKH/DERUDWRU\0DQXDO7KHVHSODVPD3.
VDPSOHVPD\DOVREHXVHGWRHYDOXDWHWKHSODVPD3.RIFRDGPLQLVWHUHGDJHQWV
HJ JDQFLFORYLU DF\FORYLU


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
2FWREHU 
([WHQVLYH3.VDPSOLQJZLOORFFXURQDVXEVHWRIVXEMHFWVXSWRVXEMHFWV WRDGHTXDWHO\
FKDUDFWHUL]H*63.LQWKLVSDWLHQWSRSXODWLRQ6XEMHFWVZLOOKDYHWKHRSWLRQWRHOHFWWR
SDUWLFLSDWHLQ H[WHQVLYH3.VDPSOLQJ DW WKHWLPHRILQIRUPHGFRQVHQW3.VDPSOHVZLOOEH
REWDLQHGDWWKHIROORZLQJWLPHSRLQWVGHSHQGLQJRQZKHWKHUWKHVXEMHFWLVSDUWRIWKH3.VXEVHW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
7DEOH 
3.7LPHSRLQWV
9LVLW
'D\
KU SRVWGRVH
9LVLW
'D\
KUV SRVWGRVH
9LVLW
'D\
KUV SRVWGRVH
9LVLW
'D\
KUV SRVWGRVH
9LVLW
'D\
DQ\WLPH
9LVLW
'D\
SUHGRVH
9LVLW
'D\
SUHGRVH
9LVLW
'D\
KUV SRVWGRVH
9LVLW
'D\
DQ\WLPH
3.VDPSOHV
;
;
;
;
3.VXEJURXS
VDPSOHV
;
;
;
;
;
;
;
;
;




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 

$'9(56((9(176$1'72;,&,7<0$1$*(0(17

'HILQLWLRQV RI$GYHUVH(YHQWV$GYHUVH5HDFWLRQV DQG6HULRXV$GYHUVH
(YHQWV

$GYHUVH(YHQWV
$QDGYHUVHHYHQW$(LVDQ\XQWRZDUG PHGLFDORFFXUUHQFHLQDFOLQLFDOVWXG\VXEMHFW
DGPLQLVWHUHGDPHGLFLQDOSURGXFW ZKLFKGRHVQRWQHFHVVDULO\KDYHDFDXVDOUHODWLRQVKLSZLWKWKH
WUHDWPHQW$Q$(FDQWKHUHIRUHEHDQ\XQIDYRUDEOHDQGRU XQLQWHQGHGVLJQV\PSWRPRUGLVHDVH
WHPSRUDOO\DVVRFLDWHGZLWKWKHXVHRIDPHGLFLQDOSURGXFWZKHWKHURUQRWFRQVLGHUHGUHODWHGWR
WKHPHGLFLQDOSURGXFW $(VPD\DOVRLQFOXGHSUH RUSRVWWUHDWPHQW FRPSOLFDWLRQVWKDWRFFXUDVD
UHVXOWRISURWRFROVSHFLILHG SURFHGXUHVODFNRIHIILFDF\RYHUGRVH GUXJDEXVHPLVXVHUHSRUWVRU
RFFXSDWLRQDOH[SRVXUH 3UHH[LVWLQJHYHQWVWKDWLQFUHDVHLQVHYHULW\RUFKDQJHLQQDWXUHGXULQJRU
DVDFRQVHTXHQFHRISDUWLFLSDWLRQLQWKHFOLQLFDOVWXG\ZLOODOVREHFRQVLGHUHG$(V
$Q$(GRHVQRWLQFOXGHWKHIROORZLQJ

0HGLFDORUVXUJLFDOSURFHGXUHVVXFKDV VXUJHU\HQGRVFRS\WRRWKH[WUDFWLRQ DQG WUDQVIXVLRQ
7KHFRQGLWLRQWKDWOHGWRWKHSURFHGXUHPD\EHDQDGYHUVHHYHQW DQGPXVWEHUHSRUWHG

3UHH[LVWLQJGLVHDVHV FRQGLWLRQV RUODERUDWRU\DEQRUPDOLWLHVSUHVHQWRUGHWHFWHGEHIRUH WKH
6FUHHQLQJYLVLWWKDWGRQRWZRUVHQ

6LWXDWLRQVZKHUHDQXQWRZDUGPHGLFDORFFXUUHQFHKDVQRWRFFXUUHGHJKRVSLWDOL]DWLRQIRU
HOHFWLYHVXUJHU\VRFLDODQGRUFRQYHQLHQFHDGPLVVLRQV

2YHUGRVHZLWKRXW FOLQLFDOVHTXHODH

$Q\PHGLFDOFRQGLWLRQ RUFOLQLFDOO\VLJQLILFDQWODERUDWRU\DEQRUPDOLW\ZLWKDQRQVHWGDWH
EHIRUHWKHFRQVHQWIRUPLVVLJQHGDQGQRWUHODWHGWRDSURWRFRODVVRFLDWHGSURFHGXUHLVQRWDQ
$(,WLVFRQVLGHUHGWREHSUHH[LVWLQJDQGVKRXOGEHGRFXPHQWHGRQWKHPHGLFDOKLVWRU\
&5)

6HULRXV$GYHUVH(YHQWV
$VHULRXVDGYHUVHHYHQW 6$(LVGHILQHGDVDQ HYHQWWKDWDWDQ\GRVHUHVXOWVLQWKHIROORZLQJ

'HDWK

/LIHWKUHDWHQLQJ 1RWH7KHWHUP³OLIHWKUHDWHQLQJ´LQWKHGHILQLWLRQRI³VHULRXV´UHIHUVWRDQ
HYHQWLQZKLFKWKHVXEMHFWZDVDWULVNRIGHDWKDWWKHWLPHRIWKHHYHQWLWGRHVQRWUHIHUWRDQ
HYHQWWKDWK\SRWKHWLFDOO\PLJKWKDYHFDXVHGGHDWKLILWZHUHPRUHVHYHUH

,QSDWLHQWKRVSLWDOL]DWLRQRUSURORQJDWLRQRIH[LVWLQJKRVSLWDOL]DWLRQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 

3HUVLVWHQWRUVLJQLILFDQWGLVDELOLW\LQFDSDFLW\

$FRQJHQLWDODQRPDO\ELUWKGHIHFW

$PHGLFDOO\LPSRUWDQW HYHQW RUUHDFWLRQVXFKHYHQWVPD\QRWEHLPPHGLDWHO\
OLIHWKUHDWHQLQJRUUHVXOWLQGHDWKRUKRVSLWDOL]DWLRQEXWPD\MHRSDUGL]HWKHVXEMHFW RUPD\
UHTXLUHLQWHUYHQWLRQWRSUHYHQWRQHRIWKHRWKHURXWFRPHVFRQVWLWXWLQJ6$(V0HGLFDODQG
VFLHQWLILFMXGJPHQWPXVW EHH[HUFLVHGWRGHWHUPLQH ZKHWKHUVXFKDQHYHQWLVD UHSRUWDEOH
XQGHUH[SHGLWHGUHSRUWLQJUXOHV([DPSOHVRIPHGLFDOO\LPSRUWDQWHYHQWVLQFOXGHLQWHQVLYH
WUHDWPHQWLQDQHPHUJHQF\URRPRUDWKRPHIRUDOOHUJLFEURQFKRVSDVPEORRGG\VFUDVLDVRU
FRQYXOVLRQVWKDWGRQRWUHVXOWLQKRVSLWDOL]DWLRQDQG GHYHORSPHQWRIGUXJGHSHQGHQF\RU
GUXJDEXVH)RUWKHDYRLGDQFHRIGRXEWLQIHFWLRQVUHVXOWLQJIURPFRQWDPLQDWHGPHGLFLQDO
SURGXFWZLOOEHFRQVLGHUHGDPHGLFDOO\LPSRUWDQWHYHQWDQGVXEMHFWWRH[SHGLWHGUHSRUWLQJ
UHTXLUHPHQWV

3URWRFRO6SHFLILF6HULRXV$GYHUVH(YHQW,QVWUXFWLRQV
3URWRFROVSHFLILF6$(UHSRUWLQJH[HPSWLRQV,QWKLVVWXG\GHDWK UHODWHGWRFOLQLFDOSURJUHVVLRQ
RIXQGHUO\LQJGLVHDVHUHTXLULQJ+&7RUJUDIWIDLOXUHZLOOQRWQHHGWREHUHSRUWHGDVDQ6$(
'HDWKUHODWHGWRFOLQLFDOSURJUHVVLRQ RIXQGHUO\LQJGLVHDVHUHTXLULQJ+&7RUJUDIWIDLOXUHVKRXOG
RQO\EHUHSRUWHGDV6$(VRQWKHH&5)XQOHVVWKHUHLVHYLGHQFHVXJJHVWLQJDFDXVDOUHODWLRQVKLS
EHWZHHQWKH,03 RUVWXG\SURFHGXUHDQGWKHHYHQW,QWKDWFDVHWKHLQYHVWLJDWRUPXVW
LPPHGLDWHO\UHSRUWWKHHYHQWDVDQ6$(LQDFFRUGDQFHZLWKWKHSURFHGXUHLQ6HFWLRQ  EHORZ
6XFKFOLQLFDOSURJUHVVLRQRUJUDIWIDLOXUH ZKLFKDUHDVVHVVHGDVQRWUHODWHGWR,03SURFHGXUH
ZLOOEHH[HPSWIURPJOREDOH[SHGLWHGUHSRUWLQJUHTXLUHPHQWVIRUWKHGXUDWLRQRIWKHVWXG\7KH
HYHQWVZLOOEHFROOHFWHGDQGHYDOXDWHGE\*LOHDGDQGUHSRUWHGDVDSSURSULDWHLQDQ\UHOHYDQW
DJJUHJDWHVDIHW\UHSRUWDVZHOODVWKHILQDOFOLQLFDOVWXG\UHSRUW
7RPLQLPL]HWKHSRVVLELOLW\RIH[SRVLQJVWXG\VXEMHFWVWRXQXVXDOULVNWKHVDIHW\LQIRUPDWLRQ
IURPWKHVWXG\ZLOODOVREHUHYLHZHGE\DQLQGHSHQGHQW'0&RQDQRQJRLQJEDVLV7KH'0&
PD\KDYHDFFHVVWRSDUWLDOO\EOLQGHGRUXQEOLQGHGGDWDDQGZLOOGHWHUPLQHLILWLVVDIHWRFRQWLQXH
WKHVWXG\DFFRUGLQJWRWKHSURWRFRO

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV
$GYHUVH(YHQWVRU6HULRXV$GYHUVH(YHQWV
/DERUDWRU\DEQRUPDOLWLHVZLWKRXWFOLQLFDOVLJQLILFDQFHDUHQRWUHFRUGHGDV$(VRU6$(V
+RZHYHUODERUDWRU\DEQRUPDOLWLHVHJFOLQLFDOFKHPLVWU\KHPDWRORJ\DQGXULQDO\VLVWKDW
UHTXLUHPHGLFDORUVXUJLFDOLQWHUYHQWLRQRUOHDGWR,03LQWHUUXSWLRQPRGLILFDWLRQRU
GLVFRQWLQXDWLRQPXVWEHUHFRUGHGDVDQ$(DVZHOODVDQ6$(LIDSSOLFDEOH,QDGGLWLRQ
ODERUDWRU\RURWKHUDEQRUPDODVVHVVPHQWVHJHOHFWURFDUGLRJUDP[UD\VYLWDOVLJQVWKDWDUH
DVVRFLDWHGZLWKVLJQVDQGRUV\PSWRPVPXVWEHUHFRUGHGDVDQ$(RU6$(LIWKH\PHHWWKH
GHILQLWLRQRIDQ$(RU6$(DVGHVFULEHGLQ6HFWLRQV  DQG ,IWKHODERUDWRU\
DEQRUPDOLW\LVSDUWRIDV\QGURPHUHFRUG WKHV\QGURPHRUGLDJQRVLVHJ DQHPLDQRWWKH
ODERUDWRU\UHVXOWLHGHFUHDVHGKHPRJORELQ
)RUVSHFLILFLQIRUPDWLRQRQKDQGOLQJRIFOLQLFDOODERUDWRU\DEQRUPDOLWLHVLQWKLVVWXG\SOHDVH
UHIHUWR6HFWLRQ 


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 

$VVHVVPHQWRI$GYHUVH(YHQWV DQG6HULRXV$GYHUVH(YHQWV
7KHLQYHVWLJDWRURUDGHVLJQDWHGTXDOLILHGVXELQYHVWLJDWRU LVUHVSRQVLEOHIRUDVVHVVLQJ$(VDQG
6$(VIRUFDXVDOLW\DQGVHYHULW\DQGIRUILQDOUHYLHZDQGFRQILUPDWLRQRIDFFXUDF\RIHYHQW
LQIRUPDWLRQDQGDVVHVVPHQWV

$VVHVVPHQWRI&DXVDOLW\IRU,03 DQG3URFHGXUHV
7KHLQYHVWLJDWRURUDGHVLJQDWHGTXDOLILHGVXELQYHVWLJDWRULVUHVSRQVLEOHIRUDVVHVVLQJWKH
UHODWLRQVKLSWR,03 WKHUDS\XVLQJFOLQLFDOMXGJPHQWDQGWKHIROORZLQJFRQVLGHUDWLRQV

1R (YLGHQFHH[LVWVWKDWWKHDGYHUVHHYHQWKDVDQHWLRORJ\RWKHUWKDQWKH,03)RU6$(VDQ
DOWHUQDWLYHFDXVDOLW\PXVWEHSURYLGHGHJSUHH[LVWLQJFRQGLWLRQXQGHUO\LQJGLVHDVH
LQWHUFXUUHQWLOOQHVVRUFRQFRPLWDQWPHGLFDWLRQ

<HV 7KHUHLVUHDVRQDEOHSRVVLELOLW\WKDWWKHHYHQWPD\KDYHEHHQFDXVHGE\WKH
LQYHVWLJDWLRQDOPHGLFLQDOSURGXFW
,WVKRXOGEHHPSKDVL]HGWKDWLQHIIHFWLYHWUHDWPHQWVKRXOGQRWEHFRQVLGHUHGDVFDXVDOO\UHODWHGLQ
WKHFRQWH[WRIDGYHUVHHYHQWUHSRUWLQJ
7KHUHODWLRQVKLSWRVWXG\SURFHGXUHVHJLQYDVLYHSURFHGXUHVVXFKDVYHQLSXQFWXUHRUELRSV\
VKRXOGEHDVVHVVHGXVLQJWKHIROORZLQJFRQVLGHUDWLRQV

1R(YLGHQFHH[LVWVWKDWWKHDGYHUVHHYHQWKDVDQHWLRORJ\RWKHUWKDQWKHVWXG\SURFHGXUH

<HV 7KHDGYHUVHHYHQWRFFXUUHGDVDUHVXOWRISURWRFROSURFHGXUHV HJ YHQLSXQFWXUH

$VVHVVPHQWRI6HYHULW\
6HYHULW\VKRXOGEHUHFRUGHGDQGJUDGHGDFFRUGLQJWRWKH*6,*UDGLQJ6FDOHIRU6HYHULW\RI
$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV )RU$(VRU6$(VDVVRFLDWHGZLWKODERUDWRU\
DEQRUPDOLWLHVWKHHYHQWVKRXOGEHJUDGHGRQWKHEDVLVRIWKHFOLQLFDOVHYHULW\LQWKHFRQWH[WRI
WKHXQGHUO\LQJFRQGLWLRQVWKLVPD\RUPD\QRWEHLQDJUHHPHQWZLWKWKHJUDGLQJRIWKH
ODERUDWRU\DEQRUPDOLW\

,QYHVWLJDWRU5HTXLUHPHQWVDQG,QVWUXFWLRQVIRU5HSRUWLQJ$GYHUVH(YHQWV
DQG6HULRXV$GYHUVH(YHQWVWR*LOHDG
5HTXLUHPHQWVIRUFROOHFWLRQSULRUWR,03 LQLWLDWLRQ
$IWHULQIRUPHGFRQVHQWEXWSULRUWRLQLWLDWLRQRIVWXG\PHGLFDWLRQWKHIROORZLQJW\SHVRIHYHQWV
VKRXOGEHUHSRUWHGRQWKHFDVHUHSRUWIRUPH&5)DOO6$(VDQGDGYHUVHHYHQWVUHODWHGWR
SURWRFROPDQGDWHGSURFHGXUHV




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 

$VVRRQDVLWLVSRVVLEOHWRGRVRDQ\6$(UHSRUWHGYLDSDSHUPXVWEHWUDQVFULEHGLQWRWKH
H&5)'DWDEDVHDFFRUGLQJWRLQVWUXFWLRQVLQWKHH&5)FRPSOHWLRQJXLGHOLQHV

,IDQ6$(KDVEHHQUHSRUWHGYLDDSDSHUIRUPEHFDXVHWKHH&5)GDWDEDVHKDVEHHQORFNHGQR
IXUWKHUDFWLRQLVQHFHVVDU\

)RUIDWDORUOLIHWKUHDWHQLQJHYHQWVFRSLHVRIKRVSLWDOFDVHUHSRUWVDXWRSV\UHSRUWVDQGRWKHU
GRFXPHQWVDUHDOVR WREHVXEPLWWHGE\ HPDLORUID[ZKHQUHTXHVWHGDQGDSSOLFDEOH
7UDQVPLVVLRQRIVXFKGRFXPHQWVVKRXOGRFFXUZLWKRXWSHUVRQDOVXEMHFWLGHQWLILFDWLRQ
PDLQWDLQLQJ WKHWUDFHDELOLW\RIDGRFXPHQWWRWKHVXEMHFWLGHQWLILHUV

$GGLWLRQDOLQIRUPDWLRQPD\EHUHTXHVWHGWRHQVXUHWKHWLPHO\FRPSOHWLRQRIDFFXUDWHVDIHW\
UHSRUWV

$Q\PHGLFDWLRQVQHFHVVDU\IRUWUHDWPHQWRIWKH6$(PXVWEHUHFRUGHGRQWRWKHFRQFRPLWDQW
PHGLFDWLRQVHFWLRQRIWKHVXEMHFW¶VH&5)DQGWKHHYHQWGHVFULSWLRQVHFWLRQRIWKH6$(IRUP

6LWHSHUVRQQHOVKRXOGUHFRUGDOO6$(GDWDLQWKHH&5)GDWDEDVHIRUWKRVHSURWRFROVSHFLILF
6$(VZKLFKDUHH[HPSWHGIURPH[SHGLWHGUHSRUWLQJUHTXLUHPHQWV6HFWLRQ 7KH\
VKRXOGDOVRWUDQVPLWWKH6$(LQIRUPDWLRQWR*LOHDG'63+LIWKH6$(VDUHDVVHVVHGE\WKH
LQYHVWLJDWRUDVUHODWHGWRWKH,03 RUVWXG\SURFHGXUH

*LOHDG5HSRUWLQJ5HTXLUHPHQWV
'HSHQGLQJRQUHOHYDQWORFDOOHJLVODWLRQRUUHJXODWLRQVLQFOXGLQJWKHDSSOLFDEOH86)'$&RGHRI
)HGHUDO5HJXODWLRQVWKH(8 &OLQLFDO7ULDOV'LUHFWLYH(&DQGUHOHYDQWXSGDWHVDQG
RWKHUFRXQWU\VSHFLILFOHJLVODWLRQRUUHJXODWLRQV*LOHDGPD\EH UHTXLUHGWRH[SHGLWHWR
ZRUOGZLGHUHJXODWRU\DJHQFLHV UHSRUWVRI6$(VVHULRXVDGYHUVHGUXJUHDFWLRQV6$'5V RU
VXVSHFWHGXQH[SHFWHGVHULRXVDGYHUVHUHDFWLRQV686$5V ,QDFFRUGDQFHZLWKWKH
(8 &OLQLFDO 7ULDOV'LUHFWLYH(&*LOHDGRUDVSHFLILHGGHVLJQHHZLOOQRWLI\ZRUOGZLGH
UHJXODWRU\DJHQFLHV DQGWKHUHOHYDQW ,QGHSHQGHQW(WKLFV&RPPLWWHH,(& LQFRQFHUQHG
0HPEHU 6WDWHVRIDSSOLFDEOH686$5V DVRXWOLQHGLQFXUUHQWUHJXODWLRQV
$VVHVVPHQWRIH[SHFWHGQHVVIRU 6$(VZLOOEHGHWHUPLQHGE\*LOHDGXVLQJUHIHUHQFHVDIHW\
LQIRUPDWLRQVSHFLILHGLQWKHFXUUHQW*6,% RUUHOHYDQWORFDOODEHODVDSSOLFDEOH
$OOLQYHVWLJDWRUVZLOOUHFHLYHDVDIHW\OHWWHUQRWLI\LQJWKHPRIUHOHYDQW686$5UHSRUWV DVVRFLDWHG
ZLWKDQ\VWXG\,037KHLQYHVWLJDWRUVKRXOGQRWLI\WKH,5%RU,(&RI686$5UHSRUWVDVVRRQDV
LVSUDFWLFDOZKHUHWKLVLVUHTXLUHGE\ORFDOUHJXODWRU\DJHQFLHVDQGLQDFFRUGDQFHZLWKWKHORFDO
LQVWLWXWLRQDOSROLF\


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV
$GYHUVH (YHQWVRU6HULRXV$GYHUVH(YHQWV
/DERUDWRU\DEQRUPDOLWLHVDUHXVXDOO\QRWUHFRUGHGDV$(VRU6$(V+RZHYHUODERUDWRU\
DEQRUPDOLWLHVHJFOLQLFDOFKHPLVWU\KHPDWRORJ\LQGHSHQGHQWRIWKHXQGHUO\LQJPHGLFDO
FRQGLWLRQWKDWUHTXLUHPHGLFDORUVXUJLFDOLQWHUYHQWLRQRUOHDGWR,03LQWHUUXSWLRQRU
GLVFRQWLQXDWLRQPXVWEHUHFRUGHGDVDQ$(DVZHOODVDQ6$(LIDSSOLFDEOH,QDGGLWLRQ
ODERUDWRU\RURWKHUDEQRUPDODVVHVVPHQWVHJYLWDOVLJQVWKDWDUHDVVRFLDWHGZLWKVLJQVDQGRU
V\PSWRPVPXVWEHUHFRUGHGDVDQ$(RU6$(LIWKH\PHHWWKHGHILQLWLRQRIDQ$(RU6$(
UHVSHFWLYHO\DVGHVFULEHGLQ6HFWLRQ ,IWKHODERUDWRU\DEQRUPDOLW\LVSDUWRIDV\QGURPH
UHFRUGWKHV\QGURPHRUGLDJQRVLVLHDQHPLD QRWWKHODERUDWRU\UHVXOW
LH GHFUHDVHG KHPRJORELQ
6HYHULW\VKRXOGEHUHFRUGHGDQGJUDGHGDFFRUGLQJWRWKH*6,*UDGLQJ6FDOHIRU6HYHULW\RI
$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV$SSHQGL[ )RU$(VRU6$(VDVVRFLDWHGZLWK
ODERUDWRU\DEQRUPDOLWLHVWKHHYHQWVKRXOGEHJUDGHGRQWKHEDVLVRIWKHFOLQLFDOVHYHULW\LQWKH
FRQWH[WRIWKHXQGHUO\LQJFRQGLWLRQVWKLVPD\RUPD\QRWEHLQDJUHHPHQWZLWKWKHJUDGLQJRI
WKHODERUDWRU\DEQRUPDOLW\

7R[LFLW\0DQDJHPHQW
$OOFOLQLFDODQGFOLQLFDOO\VLJQLILFDQWODERUDWRU\WR[LFLWLHVZLOOEHPDQDJHGDFFRUGLQJWRXQLIRUP
JXLGHOLQHVGHWDLOHGLQ$SSHQGL[ 
$Q\TXHVWLRQVUHJDUGLQJWR[LFLW\PDQDJHPHQWVKRXOGEHGLUHFWHG WRWKH*LOHDG 6FLHQFHV
0HGLFDO 0RQLWRU

6SHFLDO6LWXDWLRQV5HSRUWV

'HILQLWLRQVRI6SHFLDO6LWXDWLRQV
6SHFLDOVLWXDWLRQUHSRUWVLQFOXGHDOOUHSRUWVRIPHGLFDWLRQHUURUDEXVHPLVXVHRYHUGRVHUHSRUWV
RIDGYHUVHHYHQWVDVVRFLDWHGZLWKSURGXFWFRPSODLQWV DQGSUHJQDQF\UHSRUWVUHJDUGOHVVRIDQ
DVVRFLDWHG$(
0HGLFDWLRQHUURULVDQ\XQLQWHQWLRQDOHUURULQWKHSUHVFULELQJGLVSHQVLQJ RUDGPLQLVWUDWLRQRID
PHGLFLQDOSURGXFWZKLOHLQWKHFRQWURORIWKHKHDOWKFDUHSURYLGHUVXEMHFW RUFRQVXPHU
$EXVHLVGHILQHGDVSHUVLVWHQWRUVSRUDGLFLQWHQWLRQDOH[FHVVLYHXVHRIDPHGLFLQDOSURGXFWE\D
VXEMHFW
0LVXVHLVGHILQHGDVDQ\LQWHQWLRQDODQG LQDSSURSULDWHXVH RIDPHGLFLQDOSURGXFWWKDWLVQRWLQ
DFFRUGDQFHZLWKWKHSURWRFROLQVWUXFWLRQVRUWKHORFDOSUHVFULELQJLQIRUPDWLRQ
$QRYHUGRVH LVGHILQHGDV DQDFFLGHQWDORULQWHQWLRQDODGPLQLVWUDWLRQRIDTXDQWLW\RIDPHGLFLQDO
SURGXFWJLYHQSHUDGPLQLVWUDWLRQRUFXPXODWLYHO\ZKLFKLVDERYHWKHPD[LPXPUHFRPPHQGHG
GRVHDVSHUSURWRFRORULQWKHSURGXFWODEHOOLQJDVLWDSSOLHVWRWKHGDLO\GRVHRIWKHVXEMHFW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
LQ TXHVWLRQ ,QFDVHVRIDGLVFUHSDQF\LQGUXJDFFRXQWDELOLW\RYHUGRVHZLOOEHHVWDEOLVKHGRQO\
ZKHQLWLVFOHDUWKDWWKHVXEMHFWKDVWDNHQWKHH[FHVVGRVHV2YHUGRVHFDQQRWEHHVWDEOLVKHG
ZKHQWKHVXEMHFWFDQQRWDFFRXQWIRUWKHGLVFUHSDQF\H[FHSWLQFDVHVLQZKLFKWKHLQYHVWLJDWRUKDV
UHDVRQWRVXVSHFWWKDWWKHVXEMHFWKDVWDNHQWKHDGGLWLRQDOGRVHV
3URGXFWFRPSODLQWLVGHILQHGDVFRPSODLQWV DULVLQJIURPSRWHQWLDOGHYLDWLRQVLQWKHPDQXIDFWXUH
SDFNDJLQJRUGLVWULEXWLRQRIWKHPHGLFLQDOSURGXFW

,QVWUXFWLRQV IRU5HSRUWLQJ6SHFLDO6LWXDWLRQV

,QVWUXFWLRQVIRU5HSRUWLQJ3UHJQDQFLHV
7KHLQYHVWLJDWRUVKRXOGUHSRUWSUHJQDQFLHVLQIHPDOHVWXG\VXEMHFWVWKDWDUHLGHQWLILHGDIWHU
LQLWLDWLRQ RIVWXG\PHGLFDWLRQDQGWKURXJKRXWWKHVWXG\LQFOXGLQJWKHSRVW,03 IROORZXS SHULRG
WRWKH*LOHDG'63+XVLQJWKHSUHJQDQF\UHSRUWIRUPZLWKLQKRXUVRIEHFRPLQJDZDUHRIWKH
SUHJQDQF\
5HIHUWR6HFWLRQ  DQGWKH H&5)FRPSOHWLRQJXLGHOLQHVIRUIXOOLQVWUXFWLRQVRQWKHPHFKDQLVP
RISUHJQDQF\UHSRUWLQJ
7KHSUHJQDQF\LWVHOILVQRWFRQVLGHUHGDQ$(QRULVDQLQGXFHGHOHFWLYHDERUWLRQWRWHUPLQDWHD
SUHJQDQF\ZLWKRXWPHGLFDOUHDVRQV
$Q\SUHPDWXUHWHUPLQDWLRQRISUHJQDQF\HJDVSRQWDQHRXVDERUWLRQDQLQGXFHGWKHUDSHXWLF
DERUWLRQGXHWRFRPSOLFDWLRQVRURWKHUPHGLFDOUHDVRQVPXVWEHUHSRUWHGZLWKLQ KRXUVDVDQ
6$(7KHXQGHUO\LQJPHGLFDOUHDVRQIRUWKLVSURFHGXUHVKRXOGEHUHFRUGHGDVWKH$( WHUP
$VSRQWDQHRXVDERUWLRQLVDOZD\VFRQVLGHUHGWREHDQ6$(DQGZLOOEHUHSRUWHGDVGHVFULEHGLQ
6HFWLRQ )XUWKHUPRUHDQ\6$(RFFXUULQJDVDQDGYHUVHSUHJQDQF\RXWFRPHSRVWVWXG\ PXVW
EHUHSRUWHGWR*LOHDG'63+
7KHVXEMHFWVKRXOGUHFHLYHDSSURSULDWHPRQLWRULQJDQGFDUHXQWLOWKHFRQFOXVLRQRIWKH
SUHJQDQF\7KHRXWFRPHVKRXOGEHUHSRUWHGWR*LOHDG'63+XVLQJWKHSUHJQDQF\RXWFRPHUHSRUW
IRUP,IWKHHQGRIWKHSUHJQDQF\RFFXUVDIWHUWKHVWXG\KDVEHHQFRPSOHWHGWKHRXWFRPHVKRXOG
EHUHSRUWHGGLUHFWO\WR*LOHDG'63+*LOHDG'63+FRQWDFWLQIRUPDWLRQLVSURYLGHGLQ
6HFWLRQ 
3UHJQDQFLHVRIIHPDOHSDUWQHUVRIPDOHVWXG\VXEMHFWVH[SRVHGWR*LOHDGRURWKHULQYHVWLJDWLRQDO
DJHQWV PXVWDOVREHUHSRUWHGDQGUHOHYDQWLQIRUPDWLRQVKRXOGEHVXEPLWWHG*LOHDG'63+XVLQJ
WKHSUHJQDQF\DQGSUHJQDQF\RXWFRPHIRUPVZLWKLQ KRXUV0RQLWRULQJRIWKHVXEMHFWVKRXOG
FRQWLQXHXQWLOWKHFRQFOXVLRQRIWKHSUHJQDQF\,IWKHHQGRIWKHSUHJQDQF\RFFXUVDIWHUWKHVWXG\
KDVEHHQFRPSOHWHGWKHRXWFRPHVKRXOGEH UHSRUWHGGLUHFWO\WR*LOHDG'63+
5HIHUWR$SSHQGL[  IRU3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDO
DQG&RQWUDFHSWLYH5HTXLUHPHQWV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 

5HSRUWLQJ2WKHU6SHFLDO6LWXDWLRQV
$OORWKHUVSHFLDOVLWXDWLRQUHSRUWVPXVWEHUHSRUWHGRQWKHVSHFLDOVLWXDWLRQVUHSRUWIRUPDQG
IRUZDUGHGWR *LOHDG'63+ZLWKLQKRXUVRIWKHLQYHVWLJDWRUEHFRPLQJDZDUHRIWKHVLWXDWLRQ
7KHVHUHSRUWVPXVWFRQVLVWRIVLWXDWLRQVWKDWLQYROYHVWXG\,03 DQGRU*LOHDGFRQFRPLWDQW
PHGLFDWLRQVEXWGRQRWDSSO\WRQRQ*LOHDGFRQFRPLWDQWPHGLFDWLRQV
6SHFLDOVLWXDWLRQVLQYROYLQJQRQ*LOHDGFRQFRPLWDQWPHGLFDWLRQVGRHV QRWQHHGWREHUHSRUWHG RQ
WKHVSHFLDOVLWXDWLRQVUHSRUWIRUPKRZHYHUIRUVSHFLDOVLWXDWLRQVWKDWUHVXOWLQ$(V GXHWRD
QRQ*LOHDGFRQFRPLWDQWPHGLFDWLRQWKH$(VKRXOGEHUHSRUWHGLQWKHH&5)V
$Q\LQDSSURSULDWHXVHRIFRQFRPLWDQWPHGLFDWLRQVSURKLELWHGE\WKLVSURWRFROVKRXOGQRWEH
UHSRUWHGDV³PLVXVH´EXWPD\EHPRUHDSSURSULDWHO\GRFXPHQWHGDVDSURWRFROGHYLDWLRQ
5HIHUWR6HFWLRQ  DQGWKHH&5)FRPSOHWLRQJXLGHOLQHVIRUIXOOLQVWUXFWLRQVRQWKHPHFKDQLVP
RIVSHFLDOVLWXDWLRQVUHSRUWLQJ
$OOFOLQLFDOVHTXHODHLQUHODWLRQWRWKHVHVSHFLDOVLWXDWLRQUHSRUWVZLOOEHUHSRUWHGDV$(VRU6$(V
DW WKHVDPHWLPHXVLQJWKH$(H&5)DQGRUWKH6$(UHSRUWIRUP'HWDLOVRIWKHV\PSWRPVDQG
VLJQVFOLQLFDOPDQDJHPHQWDQGRXWFRPHZLOOEHUHSRUWHGZKHQDYDLODEOH


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH

2FWREHU

67$7,67,&$/&216,'(5$7,216

$QDO\VLV2EMHFWLYHVDQG(QGSRLQWV

$QDO\VLV2EMHFWLYHV
7KHSULPDU\REMHFWLYHRIWKLVVWXG\LV
x 7RHYDOXDWHWKHHIIHFWRI*6RQ569YLUDOORDGLQ569SRVLWLYHDXWRORJRXVRU
DOORJHQHLF+&7UHFLSLHQWVZLWKDFXWH857,V\PSWRPV
7KHVHFRQGDU\REMHFWLYHVRIWKLVVWXG\DUH
x 7RHYDOXDWHWKHHIIHFWRI*6RQGHYHORSPHQWRI/57&SURJUHVVLRQWRUHVSLUDWRU\
IDLOXUHDQGHIIHFWRQR[\JHQDWLRQ
x 7RHYDOXDWHWKH3.VDIHW\DQGWROHUDELOLW\RI*6

3ULPDU\(QGSRLQW
7KHSULPDU\HQGSRLQWLVWKHWLPHZHLJKWHGDYHUDJHFKDQJHLQQDVDO569YLUDOORDG
ORJFRSLHVP/IURP%DVHOLQH'D\WR'D\DVPHDVXUHGE\57T3&57KHWLPHZHLJKWHG
DYHUDJHFKDQJHLQQDVDO569YLUDOORDGIURP%DVHOLQHWR'D\LVGHILQHGDV
σ
  {0.5 × (ܻ௜+ ܻ௜ାଵ) × (ݐ௜ାଵെݐ௜)} 
௕ିଵ
௜ୀ௔
(ݐ௕െݐ௔)

ZKHUH<LLVWKHFKDQJHIURP%DVHOLQHLQ569ORJYLUDOORDGDW9LVLWLWLVWKHWLPHDWWKH
VSHFLILHGWLPHSRLQWDLVWKHEDVHOLQHDVVHVVPHQWDW'D\DQGELVWKHODVWDVVHVVPHQWDWRUSULRU
WR'D\7KHWLPHZHLJKWHGDYHUDJHFKDQJHRIWHQUHIHUUHGWRDVWKH'$9*SURYLGHVWKH
DYHUDJHYLUDOEXUGHQLQFKDQJHIURPEDVHOLQHGXULQJWKHWLPHSHULRGRILQWHUHVW

6HFRQGDU\(QGSRLQW
6HFRQGDU\HQGSRLQWVDUH
x 3URSRUWLRQRIVXEMHFWVZKRGHYHORSD/57&WKURXJK'D\GHILQHGDVRQHRIWKHEHORZDV
GHWHUPLQHGE\WKHDGMXGLFDWLRQFRPPLWWHH
 3ULPDU\569/57,
 6HFRQGDU\EDFWHULDO/57,
 /57,GXHWRXQXVXDOSDWKRJHQV
 /57,QRQLQIHFWLRXVRURIXQNQRZQHWLRORJ\




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 

$QDO\VLV&RQYHQWLRQV

$QDO\VLV6HWV

(IILFDF\
7KHIXOODQDO\VLVVHW)$6ZLOOLQFOXGHVXEMHFWVZKRKDYHDQ569ORJ YLUDOORDGJUHDWHUWKDQ
RUHTXDOWRWKH//24RIWKH57T3&5DVVD\LQWKHSUHGRVH'D\ QDVDOVDPSOHDVGHWHUPLQHG
E\57T3&5DWWKHFHQWUDOODEDQGKDYHUHFHLYHG DWOHDVW IXOOGRVHRI,03 7KHSULPDU\
DQDO\VLVVHWIRUHIILFDF\DQDO\VLVZLOOEHWKHHYDOXDEOHDQDO\VLVVHWZKLFKZLOO LQFOXGHWKRVH LQWKH
)$6ZLWKHYDOXDEOHQDVDOVDPSOHVIRU569YLUDOORDGE\'D\ LQFOXGLQJ%DVHOLQH

6DIHW\
7KHSULPDU\DQDO\VLVVHWIRUVDIHW\DQDO\VHVLV GHILQHGDVDOOVXEMHFWVZKRUHFHLYHG DWOHDVWD
IXOO GRVHRI,03
$OOGDWDFROOHFWHGGXULQJWUHDWPHQWZLOOEHLQFOXGHGLQWKHVDIHW\VXPPDULHV

3KDUPDFRNLQHWLFV
7KH3. DQDO\VLVVHWZLOOLQFOXGHDOOVXEMHFWVLQWKHVDIHW\DQDO\VLVVHWZKRKDYHHYDOXDEOH
RQVWXG\3.PHDVXUHPHQWV

'DWD+DQGOLQJ&RQYHQWLRQV
0LVVLQJGDWDFDQKDYHDQLPSDFWXSRQWKHLQWHUSUHWDWLRQRIWKHWULDOGDWD$VWKLVVWXG\LVRIVKRUW
GXUDWLRQLWLVDQWLFLSDWHGWKDWPLVVLQJGDWDZLOOEHPLQLPDO,QJHQHUDOYDOXHVIRUPLVVLQJGDWD
ZLOOQRWEHLPSXWHG)RUODERUDWRU\GDWDDPLVVLQJ%DVHOLQH YDOXHZLOOEHUHSODFHGZLWKD
VFUHHQLQJYDOXHLIDYDLODEOHRWKHUZLVHLWZLOOEHWUHDWHGDVQRUPDOLH *UDGH 
QR WR[LFLW\ JUDGHIRUWKHVXPPDU\RIJUDGHGODERUDWRU\DEQRUPDOLWLHV$UHWHVWYDOXHPD\EH
XVHGLIWKHILUVWWHVWLVLQYDOLGDWHGHJVSHFLPHQKHPRO\]HG
9DOXHVZLOOQRWEHLPSXWHGIRUPLVVLQJYLWDOVLJQDQGRWKHUVDIHW\GDWDKRZHYHUDPLVVLQJ
%DVHOLQH YDOXHZLOOEHUHSODFHGZLWKD6FUHHQLQJYDOXHLIDYDLODEOH
'HWDLOVIRUWKHKDQGOLQJRIPLVVLQJGDWDGXHWRVXEMHFWGLVFRQWLQXDWLRQRURWKHUUHDVRQVLQFOXGLQJ
XQXVDEOHDQGVSXULRXVGDWDDQGUXOHVIRUGHWHUPLQLQJPDMRUDQGPLQRUSURWRFROGHYLDWLRQVZLOO
EHGHVFULEHGLQWKH6$3
$OODYDLODEOHGDWDIRUVXEMHFWVWKDWGRQRWFRPSOHWHWKHVWXG\ZLOOEH LQFOXGHGLQWKHGDWDOLVWLQJV
7DEOHVWKDWLQFOXGHERWKLQGLYLGXDOVXEMHFW3.GDWDDQGVXPPDU\VWDWLVWLFVZLOOSUHVHQWDOO
DYDLODEOHGDWDEXWRQO\VXEMHFWVLQWKH3.DQDO\VLVZLOOEHLQFOXGHGLQWKHVXPPDU\VWDWLVWLFV
9LUDOORDGGDWDZLOOEHORJWUDQVIRUPHGSULRUWRDQDO\VHV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 

'HPRJUDSKLF 'DWDDQG%DVHOLQH &KDUDFWHULVWLFV
'HPRJUDSKLFDQG%DVHOLQH PHDVXUHPHQWVZLOOEHVXPPDUL]HGXVLQJVWDQGDUGGHVFULSWLYH
PHWKRGV
'HPRJUDSKLFVXPPDULHVZLOOLQFOXGHVH[UDFHHWKQLFLW\ UDQGRPL]DWLRQVWUDWLILFDWLRQJURXSDQG
DJH
%DVHOLQH GDWDZLOOLQFOXGHDVXPPDU\RI ERG\ZHLJKWKHLJKWDQG%0,
)RUFDWHJRULFDOGHPRJUDSKLFDQG%DVHOLQH FKDUDFWHULVWLFVD )LVKHU¶VH[DFWWHVWZLOOEHXVHGWR
FRPSDUHWUHDWPHQWJURXSV)RUFRQWLQXRXVGHPRJUDSKLFDQG%DVHOLQH FKDUDFWHULVWLFVD
:LOFR[RQ UDQNVXPWHVWZLOOEHXVHGWRFRPSDUHWUHDWPHQWJURXSV

(IILFDF\$QDO\VLV

3ULPDU\$QDO\VLV
7KHSULPDU\HQGSRLQWLVWKHWLPHZHLJKWHGDYHUDJH FKDQJHLQ QDVDO569YLUDOORDG
ORJ FRSLHVP/IURP'D\WR'D\ 7KHSULPDU\DQDO\VLVZLOOEHSHUIRUPHGRQVXEMHFWV
LQFOXGHGLQWKHHIILFDF\HYDOXDEOHSRSXODWLRQ7RWHVWWKHQXOOK\SRWKHVLVWKDWWKHUHLVQR
GLIIHUHQFHEHWZHHQWKH*6DQGSODFHERWUHDWPHQWJURXSVLQWKHWLPHZHLJKWHGDYHUDJH
FKDQJHLQYLUDOORDGDSDUDPHWULFDQDO\VLVRIFRYDULDQFH$1&29$PRGHOZLWKFRUUHVSRQGLQJ
EDVHOLQH YLUDOORDGDVDFRYDULDWHZLOOEHXVHGZLWKDVLGHGOHYHO $GMXVWHGPHDQVDQG
 FRQILGHQFHLQWHUYDOV&,VZLOODOVREHSUHVHQWHG

6HFRQGDU\$QDO\VHV
7KH)$6 DQDO\VLVVHWZLOOEHXVHGIRUDOOVXPPDULHVDQGDQDO\VHVRIVHFRQGDU\HQGSRLQWV$OO
VHFRQGDU\HQGSRLQWVZLOOEHDQDO\]HGXVLQJVLGHGWHVWVWRFRPSDUHWUHDWPHQWGLIIHUHQFHV
7KHSURSRUWLRQRIVXEMHFWVZKRGHYHORS/57&WKURXJK'D\ ZKRGHYHORSUHVSLUDWRU\IDLOXUH
UHTXLULQJPHFKDQLFDOYHQWLODWLRQDQGWKHSURSRUWLRQRIVXEMHFWVZKRVH2 VDWXUDWLRQGURSVEHORZ
ZLOOHDFKEHDQDO\]HGXVLQJD)LVKHU¶VH[DFWWH[W
,QRUGHUWRDFFRXQWIRUPXOWLSOHK\SRWKHVLVWHVWLQJRIHQGSRLQWVDIDPLO\DOSKDVSHQGLQJUXOHZLOO
EHXVHGWRFRQWUROWKH7\SHHUURUUDWHRIDFURVVWKHSULPDU\DQGVHFRQGDU\HQGSRLQWV
WHVWLQJIRUGLIIHUHQFHVEHWZHHQWUHDWPHQWJURXSV7KHSULPDU\HQGSRLQWDQDO\VLVZLOOVHUYHDV
WKHJDWHNHHSHUIRUWKHVHFRQGDU\DQDO\VHV,IWKHSULPDU\QXOOK\SRWKHVLVLVUHMHFWHGWKHQWKH
IROORZLQJVHFRQGDU\HQGSRLQWVZLOOEHWHVWHGVHTXHQWLDOO\DWĮ  EDVHGXSRQWKHFORVHG
WHVWLQJSURFHGXUH ^`

3URSRUWLRQRIVXEMHFWVZKRGHYHORSD/57&WKURXJK'D\

3URSRUWLRQRIVXEMHFWVZKRGHYHORSUHVSLUDWRU\IDLOXUHRIDQ\FDXVHUHTXLULQJPHFKDQLFDO
YHQWLODWLRQLQYDVLYHRUQRQLQYDVLYHWKURXJK'D\

3URSRUWLRQRIVXEMHFWVZKRVH2 VDWXUDWLRQGURSVEHORZWKURXJK'D\




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 

([WHQWRI([SRVXUH
$VXEMHFW¶VH[WHQWRIH[SRVXUHWR,03 GDWDZLOOEHJHQHUDWHGIURPWKH,03 DGPLQLVWUDWLRQGDWD
([SRVXUHGDWDZLOOEHVXPPDUL]HGE\ WUHDWPHQWJURXS

$GYHUVH(YHQWV
&OLQLFDODQGODERUDWRU\DGYHUVHHYHQWVZLOOEHFRGHGXVLQJWKH0HGLFDO'LFWLRQDU\IRU
5HJXODWRU\$FWLYLWLHV0HG'5$6\VWHP2UJDQ&ODVV62&+LJK/HYHO*URXS7HUP
+/*7+LJK/HYHO7HUP+/73UHIHUUHG7HUP 37 DQG/RZHU/HYHO7HUP//7ZLOOEH
DWWDFKHGWRWKHFOLQLFDOGDWDEDVH
(YHQWVZLOOEHVXPPDUL]HGRQWKHEDVLVRI WKHGDWHRIRQVHWIRUWKHHYHQW $WUHDWPHQWHPHUJHQW
DGYHUVHHYHQWZLOOEHGHILQHGDVDQ\DGYHUVHHYHQWWKDWEHJLQV RQRUDIWHUWKHGDWHRIILUVWGRVHRI
,03 XSWRWKHGDWHRIODVWGRVHRI,03WKURXJK'D\
6XPPDULHVQXPEHUDQGSHUFHQWDJHRIVXEMHFWVRIWUHDWPHQWHPHUJHQWDGYHUVHHYHQWV
E\ 62& DQG37ZLOOEHSURYLGHGE\WUHDWPHQWJURXS

/DERUDWRU\(YDOXDWLRQV
6HOHFWHGODERUDWRU\GDWDZLOOEHVXPPDUL]HGXVLQJRQO\REVHUYHGGDWD'DWDDQGFKDQJHIURP
%DVHOLQH DWDOOVFKHGXOHGWLPH SRLQWVZLOOEHVXPPDUL]HG
*UDGHGODERUDWRU\DEQRUPDOLWLHVZLOOEHGHILQHGXVLQJWKHJUDGLQJVFKHPHLQ $SSHQGL[ 
*UDGLQJRIODERUDWRU\DEQRUPDOLWLHVIRUDQDO\VLVSXUSRVHVZLOOEHSHUIRUPHGE\*6,
,QFLGHQFHRIWUHDWPHQWHPHUJHQWODERUDWRU\DEQRUPDOLWLHVGHILQHGDVYDOXHVWKDWLQFUHDVHDWOHDVW
 WR[LFLW\JUDGHIURP%DVHOLQH DWDQ\WLPHSRVW%DVHOLQH XSWRDQGLQFOXGLQJ'D\ ZLOOEH
VXPPDUL]HGE\WUHDWPHQWJURXS,I%DVHOLQH GDWDDUHPLVVLQJWKHQDQ\JUDGHGDEQRUPDOLW\
LH DW OHDVWD*UDGH ZLOOEHFRQVLGHUHGWUHDWPHQWHPHUJHQW
/DERUDWRU\DEQRUPDOLWLHVWKDWRFFXUEHIRUHWKHILUVWGRVHRI,03RUDIWHUWKHVXEMHFWKDVEHHQ
GLVFRQWLQXHGIURPWUHDWPHQWIRUDWOHDVWGD\VZLOOEHLQFOXGHGLQDGDWDOLVWLQJ

2WKHU6DIHW\(YDOXDWLRQV
9LWDOVLJQVGDWDZLOOEHVXPPDUL]HGXVLQJGHVFULSWLYHVWDWLVWLFVE\WKHREVHUYHGGDWDDQGE\WKH
FKDQJHIURP%DVHOLQH DWHDFKWLPHSRLQW

3KDUPDFRNLQHWLF$QDO\VLV
,QGLYLGXDOVXEMHFW*6FRQFHQWUDWLRQWLPHGDWDZLOOEHGLVSOD\HGXVLQJVFKHGXOHGVDPSOLQJ
WLPHV'HVFULSWLYHVWDWLVWLFVHJQPHDQVWDQGDUGGHYLDWLRQ&9PHGLDQDQGUDQJHZLOOEH
FDOFXODWHGIRUHDFKVDPSOLQJWLPH


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
)RU3.VXEJURXSSODVPDFRQFHQWUDWLRQVRI*6RYHUWLPHZLOOEHSORWWHGLQ
VHPLORJDULWKPLFDQGOLQHDUIRUPDWVDVPHDQ 6'DQGSODVPDFRQFHQWUDWLRQWLPHGDWDIRUHDFK
VXEMHFWZLOOEHDQDO\]HGXVLQJVWDQGDUGQRQFRPSDUWPHQWDOPHWKRGV 3KDUPDFRNLQHWLF
SDUDPHWHUV&PD[7PD[&ODVW7ODVW$8&7ò&/)DQG9])DVDSSURSULDWH ZLOOEHOLVWHGDQG
VXPPDUL]HGIRU*6 XVLQJGHVFULSWLYH VWDWLVWLFV
3.3'UHODWLRQVKLSPD\EHH[SORUHGDVDSSURSULDWH

6DPSOH6L]H
6DPSOHVL]HFDOFXODWLRQVDUHEDVHGRQUHVXOWVREVHUYHGLQDVWXG\WKDWHYDOXDWHG WKHHIILFDF\RI
RUDODQGDHURVROL]HGULEDYLULQWUHDWPHQWIRUSUHYHQWLQJSURJUHVVLRQIURPXSSHUWRORZHU
UHVSLUDWRU\WUDFWLQIHFWLRQLQKHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWVZLWK569LQIHFWLRQV
XQSXEOLVKHGGDWDIURP'U
7KHVDPSOHVL]HFDOFXODWLRQDVVXPHVWKH
WLPHZHLJKWHGDYHUDJH FKDQJHLQ 569 ORJ YLUDOORDGIURP'D\WR'D\ LQWKHSODFHERJURXS
ZLOOEH ORJ FRSLHVP/ ZLWKDFRUUHVSRQGLQJVWDQGDUGGHYLDWLRQ6'RI DQGWKDW
 RI WKH VXEMHFWVZLOOEHHYDOXDEOH%DVHGRQWKHVHDVVXPSWLRQVZLWK HYDOXDEOH VXEMHFWV
SHUJURXSWKHUHLVRYHU SRZHUWRGHWHFWD ORJ GLIIHUHQFHLQWLPHZHLJKWHGDYHUDJH FKDQJH
LQORJ YLUDOORDGEHWZHHQWUHDWPHQWJURXSVXVLQJDVLGHGOHYHOWHVW *LYHQDQ
HYDOXDEOH UDWHRIDWRWDORIVXEMHFWVZLOOQHHGWREHUDQGRPL]HGLQWRWKHVWXG\

'DWD0RQLWRULQJ&RPPLWWHH
$QH[WHUQDOPXOWLGLVFLSOLQDU\GDWDPRQLWRULQJFRPPLWWHH'0&ZLOOUHYLHZWKHSURJUHVVRIWKH
VWXG\DQGSHUIRUPLQWHULPUHYLHZVRI VDIHW\GDWDDVVSHFLILHGLQWKH'0&FKDUWHU DQGSURYLGH
UHFRPPHQGDWLRQWR*LOHDGZKHWKHUWKHQDWXUHIUHTXHQF\DQGVHYHULW\RIDGYHUVHHIIHFWV
DVVRFLDWHGZLWKVWXG\WUHDWPHQWZDUUDQWWKHHDUO\WHUPLQDWLRQRIWKHVWXG\LQWKHEHVWLQWHUHVWVRI
WKHSDUWLFLSDQWVZKHWKHUWKHVWXG\VKRXOGFRQWLQXHDVSODQQHG RUWKHVWXG\VKRXOGFRQWLQXHZLWK
PRGLILFDWLRQV7KH'0&ZLOODOVRUHYLHZLQWHULPHIILFDF\DQDO\VHVDVGHVFULEHGLQ6HFWLRQ 
DQGSURYLGHUHFRPPHQGDWLRQVWR*LOHDG ([HFXWLYH0DQDJHPHQWSHUSUHGHILQHGFULWHULD DV
RXWOLQHGLQWKH'0&&KDUWHU
7KH'0&¶VVSHFLILFDFWLYLWLHVZLOOEHGHILQHGE\DPXWXDOO\DJUHHGFKDUWHU ZKLFKZLOOGHILQHWKH
'0&¶VPHPEHUVKLSFRQGXFWDQGPHHWLQJVFKHGXOH
:KLOHWKH'0&ZLOOEHDVNHGWRDGYLVH*LOHDGUHJDUGLQJIXWXUHFRQGXFWRIWKHVWXG\LQFOXGLQJ
SRVVLEOHHDUO\VWXG\WHUPLQDWLRQ*LOHDGUHWDLQVILQDOGHFLVLRQPDNLQJDXWKRULW\RQ DOODVSHFWVRI
WKHVWXG\

(QGSRLQW$GMXGLFDWLRQ&RPPLWWHH
%OLQGHGUHYLHZHUVZLOOUHYLHZUHODWHGFOLQLFDO GDWDWRGHWHUPLQHZKHWKHUDORZHUUHVSLUDWRU\WUDFW
FRPSOLFDWLRQ KDVGHYHORSHG7KHVHFOLQLFDOGDWDLH YLWDOVLJQVFOLQLFDOQRWHVUDGLRORJ\UHSRUWV
>LQFOXGLQJ HFKRFDUGLRJUDPV@DQGPLFURELRORJ\UHVXOWVZLOOEHXVHGWRGHWHUPLQHLIRQHRIWKH
IROORZLQJKDVRFFXUUHGH[FOXGLQJRWKHUFDXVHVVXFKDVSXOPRQDU\HPEROLVPFDUGLRJHQLFVKRFN
KHDUWIDLOXUHDQGIOXLGRYHUORDG
PPD


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 

3ULPDU\569/57,

6HFRQGDU\EDFWHULDO/57,

/57,GXHWRXQXVXDOSDWKRJHQV

/57,QRQLQIHFWLRXVRURIXQNQRZQHWLRORJ\
'HWDLOHGGHILQLWLRQVIRUHDFKRIWKHDERYH GLDJQRVHVZLOOEHSURYLGHGWRWKHDGMXGLFDWLRQ
FRPPLWWHHLQWKH$GMXGLFDWLRQ&RPPLWWHH&KDUWHU

,QWHULP$QDO\VLV
7ZRXQEOLQGHG LQWHULP HIILFDF\DQDO\VHVRIWKHSULPDU\HQGSRLQWWLPHZHLJKWHGDYHUDJH FKDQJH
LQ569ORJYLUDOORDGIURP'D\WKURXJK'D\ ZLOOEHFRQGXFWHGDIWHUDSSUR[LPDWHO\
 DQGRIWKHVXEMHFWVKDYHEHHQHQUROOHGDQGUHDFK'D\VHH6HFWLRQ $WWKHVH
LQWHULPDQDO\VHVHIILFDF\RI*6ZLOOEHFRPSDUHGWRSODFHERDVPHDVXUHGE\WKH
WLPHZHLJKWHGDYHUDJH FKDQJHLQORJYLUDOORDGDWWKHVLGHGVLJQLILFDQFHOHYHO $WWKH
ILUVW LQWHULPDQDO\VLVZLWKVXEMHFWVWKHQXOOK\SRWKHVLVZLOOEHUHMHFWHGLIDSSUR[LPDWHO\D
PLQLPXPRIDORJGLIIHUHQFHEHWZHHQWUHDWPHQWJURXSVLQPHDQWLPHZHLJKWHGDYHUDJH
FKDQJHLQORJYLUDOORDGLVREVHUYHG $WWKHVHFRQGLQWHULPDQDO\VLVZLWKVXEMHFWVWKH
QXOO K\SRWKHVLVZLOOEHUHMHFWHGLIDSSUR[LPDWHO\DPLQLPXPRIDORJGLIIHUHQFHEHWZHHQ
WUHDWPHQWJURXSVLQPHDQWLPHZHLJKWHGDYHUDJH FKDQJHLQORJYLUDOORDGLVREVHUYHG ,IWKHUH
LVQRWHQRXJKHYLGHQFHWRUHMHFWWKHQXOOK\SRWKHVLVDWWKHLQWHULPDQDO\VHVWKHILQDODQDO\VLVZLOO
EHFRQGXFWHGDWDQ DGMXVWHGVLJQLILFDQFHOHYHOVHHEHORZEDVHGRQDJURXSVHTXHQWLDODOSKD
VSHQGLQJPHWKRGVRWKDWWKHRYHUDOOW\SHHUURUUDWHFDQEHFRQWUROOHGDWWKHOHYHO
7KHERXQGDU\ WRUHMHFWWKHQXOOK\SRWKHVLV DW WKHLQWHULPDQGWKHILQDODQDO\VHVDUHVKRZQLQ
7DEOH 7KHLQWHULPDQGILQDODQDO\VHVZLOOEHFRQGXFWHGXVLQJWKHSULPDU\DQDO\VLVPHWKRGV
DVGHVFULEHGLQ6HFWLRQ 
7DEOH 
6LJQLILFDQFH/HYHOVWR5HMHFWWKH+ DW,QWHULPDQG)LQDO$QDO\VHV
$QDO\VLV
6LJQLILFDQFH/HYHOVWR5HMHFWWKH+
,QWHULPLQFOXGLQJDSSUR[LPDWHO\ RIVXEMHFWV

,QWHULPLQFOXGLQJ DSSUR[LPDWHO\ RIVXEMHFWV

)LQDOLQFOXGLQJRIVXEMHFWV



*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 

5(63216,%,/,7,(6

,QYHVWLJDWRU5HVSRQVLELOLWLHV

*RRG&OLQLFDO3UDFWLFH
7KHLQYHVWLJDWRUZLOOHQVXUHWKDWWKLVVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKHSULQFLSOHVRIWKH
'HFODUDWLRQRI+HOVLQNLDVDPHQGHGLQ(GLQEXUJK7RN\R9HQLFH+RQJ.RQJDQG
6RXWK $IULFD,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ,&+JXLGHOLQHVRUZLWKWKHODZVDQG
UHJXODWLRQVRIWKHFRXQWU\LQZKLFKWKHUHVHDUFKLVFRQGXFWHGZKLFKHYHUDIIRUGVWKHJUHDWHU
SURWHFWLRQWRWKHVWXG\VXEMHFW7KHVHVWDQGDUGVDUHFRQVLVWHQWZLWKWKH(XURSHDQ8QLRQ&OLQLFDO
7ULDOV'LUHFWLYH(&DQG*RRG&OLQLFDO3UDFWLFH'LUHFWLYH(&
7KHLQYHVWLJDWRUZLOOHQVXUHDGKHUHQFHWRWKHEDVLFSULQFLSOHVRI*RRG&OLQLFDO3UDFWLFHDV
RXWOLQHGLQ &)5 VXESDUW '³5HVSRQVLELOLWLHVRI6SRQVRUVDQG,QYHVWLJDWRUV´
 &)5 SDUW DQG &)5SDUW 
7KHLQYHVWLJDWRUDQGDOODSSOLFDEOHVXELQYHVWLJDWRUVZLOOFRPSO\ZLWK &)53DUW 
SURYLGLQJGRFXPHQWDWLRQRIWKHLUILQDQFLDOLQWHUHVWRUDUUDQJHPHQWVZLWK*LOHDGRUSURSULHWDU\
LQWHUHVWVLQWKHLQYHVWLJDWLRQDOGUXJXQGHUVWXG\7KLVGRFXPHQWDWLRQPXVWEHSURYLGHGSULRUWR
WKHLQYHVWLJDWRU¶VDQGDQ\VXELQYHVWLJDWRU¶VSDUWLFLSDWLRQLQWKHVWXG\7KHLQYHVWLJDWRUDQG
VXELQYHVWLJDWRUDJUHHWRQRWLI\*LOHDGRIDQ\FKDQJHLQUHSRUWDEOHLQWHUHVWVGXULQJWKHVWXG\DQG
IRU\HDUIROORZLQJFRPSOHWLRQRIWKHVWXG\6WXG\FRPSOHWLRQLVGHILQHGDVWKHGDWHZKHQWKH
ODVWVXEMHFWFRPSOHWHVWKHSURWRFROGHILQHGDFWLYLWLHV

,QVWLWXWLRQDO5HYLHZ%RDUG,5%,QGHSHQGHQW(WKLFV&RPPLWWHH,(&
5HYLHZDQG$SSURYDO
7KHLQYHVWLJDWRURUVSRQVRUDVDSSURSULDWHDFFRUGLQJWRORFDOUHJXODWLRQVZLOOVXEPLWWKLV
SURWRFROLQIRUPHGFRQVHQWIRUPDQGDQ\DFFRPSDQ\LQJPDWHULDOWREHSURYLGHGWRWKHVXEMHFW
VXFKDVDGYHUWLVHPHQWVVXEMHFWLQIRUPDWLRQVKHHWVRUGHVFULSWLRQVRIWKHVWXG\XVHGWRREWDLQ
LQIRUPHGFRQVHQWWRDQ ,5%,(&GHSHQGLQJRQUHJLRQ7KHLQYHVWLJDWRUZLOOQRWEHJLQDQ\VWXG\
VXEMHFWDFWLYLWLHVXQWLODSSURYDOIURPWKH ,5%,(& KDVEHHQGRFXPHQWHGDQGSURYLGHGDVDOHWWHU
WRWKHLQYHVWLJDWRU
%HIRUHLPSOHPHQWDWLRQWKHLQYHVWLJDWRUZLOOVXEPLWWRDQGUHFHLYHGRFXPHQWHGDSSURYDOIURP
WKH ,5%,(&IRUDQ\PRGLILFDWLRQVPDGHWRWKHSURWRFRORUDQ\DFFRPSDQ\LQJPDWHULDOWREH
SURYLGHGWRWKHVXEMHFWDIWHULQLWLDODSSURYDOZLWKWKHH[FHSWLRQRIWKRVH QHFHVVDU\WRUHGXFH
LPPHGLDWHULVNWRVWXG\VXEMHFWV

,QIRUPHG&RQVHQW
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUREWDLQLQJZULWWHQLQIRUPHGFRQVHQWIURPHDFKLQGLYLGXDO
SDUWLFLSDWLQJLQWKLVVWXG\DIWHUDGHTXDWHH[SODQDWLRQRIWKHDLPVPHWKRGVREMHFWLYHVDQG
SRWHQWLDOKD]DUGVRIWKHVWXG\DQGEHIRUHXQGHUWDNLQJDQ\VWXG\UHODWHGSURFHGXUHV7KH


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
LQYHVWLJDWRUPXVWXVHWKHPRVWFXUUHQW ,5%RU,(&DSSURYHGFRQVHQWIRUPIRUGRFXPHQWLQJ
ZULWWHQLQIRUPHGFRQVHQW(DFKLQIRUPHGFRQVHQWRUDVVHQWDVDSSOLFDEOHZLOOEHDSSURSULDWHO\
VLJQHGDQGGDWHGE\WKHVXEMHFWRUWKHVXEMHFW¶VOHJDOO\DXWKRUL]HGUHSUHVHQWDWLYHDQGWKHSHUVRQ
FRQGXFWLQJWKHFRQVHQWGLVFXVVLRQ DQGDOVRE\DQLPSDUWLDOZLWQHVVLIUHTXLUHGE\ ,5%,(&RU
ORFDOUHTXLUHPHQWV

&RQILGHQWLDOLW\
7KHLQYHVWLJDWRUPXVWDVVXUHWKDWVXEMHFWV¶DQRQ\PLW\ZLOOEHVWULFWO\PDLQWDLQHGDQGWKDWWKHLU
LGHQWLWLHVDUHSURWHFWHGIURPXQDXWKRUL]HGSDUWLHV2QO\VXEMHFWLQLWLDOVGDWHRIELUWKDQRWKHU
XQLTXHLGHQWLILHUDVDOORZHGE\ORFDOODZDQGDQLGHQWLILFDWLRQFRGHZLOOEHUHFRUGHGRQDQ\
IRUPRUELRORJLFDOVDPSOHVXEPLWWHGWRWKH6SRQVRU,5%,(& RUODERUDWRU\/DERUDWRU\
VSHFLPHQVPXVWEHODEHOHGLQVXFKD PDQQHU DVWRSURWHFWVXEMHFWLGHQWLW\ZKLOHDOORZLQJWKH
UHVXOWVWREHUHFRUGHGWRWKHSURSHUVXEMHFW5HIHUWRVSHFLILFODERUDWRU\LQVWUXFWLRQV127( 7KH
LQYHVWLJDWRUPXVWNHHSDVFUHHQLQJORJVKRZLQJFRGHVQDPHVDQGDGGUHVVHVIRUDOOVXEMHFWV
VFUHHQHGDQGIRUDOOVXEMHFWVHQUROOHGLQWKHWULDO 6XEMHFWGDWDZLOOEHSURFHVVHGLQDFFRUGDQFH
ZLWKDOODSSOLFDEOHUHJXODWLRQV
7KHLQYHVWLJDWRUDJUHHVWKDWDOOLQIRUPDWLRQUHFHLYHGIURP*LOHDGLQFOXGLQJEXWQRWOLPLWHGWR WKH
,%WKLVSURWRFROH&5)WKH,03DQGDQ\RWKHUVWXG\LQIRUPDWLRQUHPDLQWKHVROHDQG
H[FOXVLYHSURSHUW\RI*LOHDGGXULQJWKHFRQGXFWRIWKHVWXG\DQGWKHUHDIWHU7KLVLQIRUPDWLRQLV
QRWWREHGLVFORVHGWRDQ\WKLUGSDUW\H[FHSWHPSOR\HHVRUDJHQWVGLUHFWO\LQYROYHGLQWKH
FRQGXFWRIWKHVWXG\RUDVUHTXLUHGE\ODZZLWKRXWSULRUZULWWHQFRQVHQWIURP*LOHDG7KH
LQYHVWLJDWRUIXUWKHUDJUHHVWRWDNHDOOUHDVRQDEOHSUHFDXWLRQVWRSUHYHQWWKHGLVFORVXUHE\DQ\
HPSOR\HHRUDJHQWRIWKHVWXG\VLWHWRDQ\WKLUGSDUW\RURWKHUZLVHLQWRWKHSXEOLFGRPDLQ

6WXG\)LOHVDQG5HWHQWLRQRI5HFRUGV
7KHLQYHVWLJDWRUPXVWPDLQWDLQDGHTXDWHDQGDFFXUDWHUHFRUGVWRHQDEOHWKHFRQGXFWRIWKHVWXG\
WREHIXOO\GRFXPHQWHGDQGWKHVWXG\GDWDWREHVXEVHTXHQWO\YHULILHG7KHVHGRFXPHQWVVKRXOG
EHFODVVLILHGLQWRDWOHDVWWKHIROORZLQJWZRFDWHJRULHV  LQYHVWLJDWRU¶VVWXG\ILOHDQG
 VXEMHFWFOLQLFDOVRXUFHGRFXPHQWV
7KHLQYHVWLJDWRU¶VVWXG\ILOHZLOOFRQWDLQWKHSURWRFRODPHQGPHQWV&5)DQGTXHU\IRUPV
,5%,(&DQGJRYHUQPHQWDODSSURYDOZLWKFRUUHVSRQGHQFHLQIRUPHGFRQVHQWGUXJ UHFRUGVVWDII
FXUULFXOXPYLWDHDQGDXWKRUL]DWLRQIRUPVDQGRWKHUDSSURSULDWHGRFXPHQWVDQGFRUUHVSRQGHQFH
7KHUHTXLUHGVRXUFHGDWDVKRXOGLQFOXGHVHTXHQWLDOQRWHVFRQWDLQLQJDWOHDVWWKHIROORZLQJ
LQIRUPDWLRQIRUHDFKVXEMHFW

6XEMHFWLGHQWLILFDWLRQQDPHGDWHRIELUWKJHQGHU

'RFXPHQWDWLRQWKDWVXEMHFWPHHWVHOLJLELOLW\FULWHULDLHKLVWRU\SK\VLFDOH[DPLQDWLRQDQG
FRQILUPDWLRQRIGLDJQRVLVWRVXSSRUWLQFOXVLRQDQGH[FOXVLRQFULWHULD

'RFXPHQWDWLRQRIWKHUHDVRQVDFRQVHQWHGVXEMHFWLVQRWHQUROOHG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 

3DUWLFLSDWLRQLQVWXG\LQFOXGLQJVWXG\QXPEHU

6WXG\GLVFXVVHGDQGGDWHRILQIRUPHGFRQVHQW

'DWHVRIDOOYLVLWV

'RFXPHQWDWLRQWKDWSURWRFROVSHFLILFSURFHGXUHVZHUHSHUIRUPHG

5HVXOWVRIHIILFDF\SDUDPHWHUVDVUHTXLUHGE\WKHSURWRFRO

6WDUWDQGHQGGDWHLQFOXGLQJGRVHUHJLPHQRI,03LQFOXGLQJGDWHVRI GLVSHQVLQJDQGUHWXUQ

5HFRUGRIDOODGYHUVHHYHQWVDQGRWKHUVDIHW\SDUDPHWHUVVWDUWDQGHQGGDWHDQGLQFOXGLQJ
FDXVDOLW\DQGVHYHULW\

&RQFRPLWDQWPHGLFDWLRQLQFOXGLQJVWDUWDQGHQGGDWHGRVHLIUHOHYDQWGRVHFKDQJHV

'DWHRIVWXG\FRPSOHWLRQDQGUHDVRQIRUHDUO\GLVFRQWLQXDWLRQLILWRFFXUV
$OOFOLQLFDOVWXG\GRFXPHQWVPXVWEHUHWDLQHGE\WKHLQYHVWLJDWRUXQWLODWOHDVW \HDUVRU
DFFRUGLQJWRORFDOODZVZKLFKHYHULVORQJHUDIWHUWKHODVWDSSURYDORIDPDUNHWLQJDSSOLFDWLRQLQ
DQ,&+UHJLRQLH8QLWHG6WDWHV(XURSHRU-DSDQDQGXQWLOWKHUHDUHQRSHQGLQJRUSODQQHG
PDUNHWLQJDSSOLFDWLRQVLQDQ,&+UHJLRQRULIQRDSSOLFDWLRQLVILOHGRULIWKH DSSOLFDWLRQLVQRW
DSSURYHGIRUVXFKLQGLFDWLRQXQWLO \HDUVDIWHUWKHLQYHVWLJDWLRQLVGLVFRQWLQXHGDQGUHJXODWRU\
DXWKRULWLHVKDYHEHHQQRWLILHG,QYHVWLJDWRUVPD\EHUHTXLUHGWRUHWDLQGRFXPHQWVORQJHULI
VSHFLILHGE\UHJXODWRU\UHTXLUHPHQWVE\ORFDOUHJXODWLRQVRUE\DQDJUHHPHQWZLWK*LOHDG7KH
LQYHVWLJDWRUPXVWQRWLI\*LOHDGEHIRUHGHVWUR\LQJDQ\FOLQLFDOVWXG\UHFRUGV
6KRXOGWKHLQYHVWLJDWRUZLVKWRDVVLJQWKHVWXG\UHFRUGVWRDQRWKHUSDUW\RUPRYHWKHPWRDQRWKHU
ORFDWLRQ*LOHDGPXVWEHQRWLILHGLQDGYDQFH
,IWKHLQYHVWLJDWRUFDQQRWSURYLGHIRUWKLVDUFKLYLQJUHTXLUHPHQWDWWKHVWXG\VLWHIRUDQ\RUDOORI
WKHGRFXPHQWVVSHFLDODUUDQJHPHQWVPXVWEHPDGHEHWZHHQWKHLQYHVWLJDWRUDQG*LOHDGWRVWRUH
WKHVHUHFRUGVVHFXUHO\DZD\IURP WKHVLWHVRWKDWWKH\FDQEHUHWXUQHGVHDOHGWRWKHLQYHVWLJDWRU
LQFDVHRIDQLQVSHFWLRQ:KHQVRXUFHGRFXPHQWVDUHUHTXLUHGIRUWKHFRQWLQXHGFDUHRIWKH
VXEMHFWDSSURSULDWHFRSLHVVKRXOGEHPDGHIRUVWRUDJHDZD\IURP WKHVLWH

&DVH5HSRUW)RUPV
)RUHDFKVXEMHFWFRQVHQWHGDQH&5)ZLOOEHFRPSOHWHGE\DQDXWKRUL]HGVWXG\VWDIIPHPEHU
ZKRVHWUDLQLQJIRUWKLVIXQFWLRQLVGRFXPHQWHGDFFRUGLQJWRVWXG\SURFHGXUHV H&5) VKRXOGEH
FRPSOHWHGRQWKHGD\RIWKHVXEMHFWYLVLWWRHQDEOHWKHVSRQVRUWRSHUIRUPFHQWUDOPRQLWRULQJRI
VDIHW\GDWD6XEVHTXHQWWRGDWDHQWU\DVWXG\PRQLWRUZLOOSHUIRUPVRXUFHGDWDYHULILFDWLRQ
ZLWKLQWKH('&V\VWHP 2ULJLQDOHQWULHVDVZHOODVDQ\FKDQJHVWRGDWDILHOGVZLOOEHVWRUHGLQ
WKHDXGLWWUDLORIWKHV\VWHP3ULRUWRGDWDEDVHORFNRU DQ\LQWHULPWLPHSRLQWVDVGHVFULEHGLQWKH
FOLQLFDOGDWDPDQDJHPHQWSODQWKHLQYHVWLJDWRUZLOOXVHKLVKHUORJLQFUHGHQWLDOVWRFRQILUPWKDW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
WKHIRUPVKDYHEHHQUHYLHZHGDQGWKDWWKHHQWULHVDFFXUDWHO\UHIOHFWWKHLQIRUPDWLRQLQWKH
VRXUFHGRFXPHQWV 7KHH&5)FDSWXUHWKHGDWDUHTXLUHGSHUWKHSURWRFROVFKHGXOHRIHYHQWVDQG
SURFHGXUHV 6\VWHPJHQHUDWHGRUPDQXDOTXHULHVZLOOEHLVVXHGWRWKHLQYHVWLJDWLYHVLWHVWDIIDV
GDWDGLVFUHSDQFLHVDUHLGHQWLILHGE\WKHPRQLWRURULQWHUQDO*LOHDGVWDIIZKRURXWLQHO\UHYLHZWKH
GDWDIRUFRPSOHWHQHVVFRUUHFWQHVVDQGFRQVLVWHQF\ 7KHVLWHFRRUGLQDWRULVUHVSRQVLEOHIRU
UHVSRQGLQJWRWKHTXHULHVLQDWLPHO\PDQQHUZLWKLQWKHV\VWHPHLWKHUE\FRQILUPLQJWKHGDWDDV
FRUUHFWRUXSGDWLQJWKHRULJLQDOHQWU\DQGSURYLGLQJWKHUHDVRQIRUWKHXSGDWHHJGDWDHQWU\
HUURU $WWKHFRQFOXVLRQRIWKHWULDO*LOHDGZLOOSURYLGHWKHVLWHZLWKDUHDGRQO\DUFKLYHFRS\RI
WKHGDWDHQWHUHGE\WKDWVLWH 7KLVDUFKLYHPXVWEHVWRUHGLQDFFRUGDQFHZLWKWKHUHFRUGV
UHWHQWLRQUHTXLUHPHQWVRXWOLQHGLQ6HFWLRQ 

'DWD4XDOLW\&RQWURODQG4XDOLW\$VVXUDQFH
7RLQVXUHDFFXUDWHFRPSOHWHDQGUHOLDEOHGDWDWKH6SRQVRURULWVUHSUHVHQWDWLYHVZLOOGRWKH
IROORZLQJ

3URYLGHLQVWUXFWLRQDOPDWHULDOWRWKHVWXG\VLWHVDVDSSURSULDWH

,QVWUXFWWKHLQYHVWLJDWRUVDQGVWXG\SHUVRQQHORQWKHSURWRFROWKHFRPSOHWLRQRIWKH&5)V
DQGVWXG\SURFHGXUHV

0DNHSHULRGLFYLVLWVWRWKHVWXG\VLWH

%HDYDLODEOHWRFRQVXOWDWLRQDQGVWD\LQFRQWDFWZLWKWKHVWXG\VLWHSHUVRQQHOE\PDLOHPDLO
WHOHSKRQHDQGRUID[

0RQLWRUWKHVXEMHFWGDWDUHFRUGHGLQWKH&5)VDJDLQVWVRXUFHGRFXPHQWVDWWKHVWXG\VLWH

5HYLHZDQGHYDOXDWH&5)GDWDDQGXVHVWDQGDUGFRPSXWHUHGLWVWRGHWHFWHUURUVLQGDWD
FROOHFWLRQ

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW $FFRXQWDELOLW\DQG 5HWXUQ
*LOHDGUHFRPPHQGVWKDWXVHGDQGXQXVHG,03VXSSOLHVEHGHVWUR\HGRQVLWHLISRVVLEOH 7KH
VWXG\PRQLWRUZLOOHYDOXDWHHDFKVWXG\FHQWHU¶V,03 GLVSRVDOSURFHGXUHVDQGSURYLGHDSSURSULDWH
LQVWUXFWLRQIRUGHVWUXFWLRQRIXQXVHG,03 VXSSOLHV,IWKHVLWHKDVDQDSSURSULDWHVWDQGDUG
RSHUDWLQJSURFHGXUH623IRUGUXJGHVWUXFWLRQ DVGHWHUPLQHGE\*LOHDG4$WKHVLWHPD\
GHVWUR\XVHGHPSW\ RUSDUWLDOO\HPSW\DQGXQXVHG,03 VXSSOLHVLQDFFRUGDQFHZLWKWKDW VLWH¶V
DSSURYHG 623$FRS\RIWKHVLWH¶VDSSURYHG623ZLOOEHREWDLQHGIRUFHQWUDOILOHV,I,03
FDQQRWEHGHVWUR\HGRQVLWHWKHVWXG\PRQLWRUZLOOSURYLGHLQVWUXFWLRQVIRUUHWXUQWR *LOHDGRU
WKHVKLSSLQJIDFLOLW\IURPZKLFKLWFDPHIRUHYHQWXDOGHVWUXFWLRQ
,I,03 LVGHVWUR\HGRQVLWHWKHLQYHVWLJDWRUPXVWPDLQWDLQDFFXUDWHUHFRUGVIRUDOO,03
GHVWUR\HG5HFRUGVPXVWVKRZWKHLGHQWLILFDWLRQDQGTXDQWLW\RIHDFKXQLWGHVWUR\HGWKHPHWKRG
RIGHVWUXFWLRQDQGWKHSHUVRQZKRGLVSRVHGRIWKH,038SRQVWXG\FRPSOHWLRQFRSLHV RIWKH
,03 DFFRXQWDELOLW\UHFRUGVPXVWEHILOHGDWWKHVLWH$QRWKHUFRS\ZLOOEHUHWXUQHGWR*LOHDG
7KHVWXG\PRQLWRUZLOOUHYLHZ,03VXSSOLHVDQGDVVRFLDWHGUHFRUGVDWSHULRGLFLQWHUYDOV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 

,QVSHFWLRQV
7KHLQYHVWLJDWRUZLOOPDNHDYDLODEOHDOO VRXUFHGRFXPHQWVDQG RWKHUUHFRUGVIRUWKLVWULDOWR
*LOHDG¶VDSSRLQWHGVWXG\PRQLWRUVWR ,5%,(&VRUWRUHJXODWRU\DXWKRULW\RUKHDOWKDXWKRULW\
LQVSHFWRUV

3URWRFRO&RPSOLDQFH
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKHVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKH
SURFHGXUHVDQGHYDOXDWLRQVGHVFULEHGLQWKLVSURWRFRO

6SRQVRU5HVSRQVLELOLWLHV

3URWRFRO0RGLILFDWLRQV
3URWRFROPRGLILFDWLRQVH[FHSWWKRVHLQWHQGHGWRUHGXFHLPPHGLDWHULVNWRVWXG\VXEMHFWVPD\EH
PDGHRQO\E\*LOHDG7KHLQYHVWLJDWRUPXVWVXEPLWDOOSURWRFROPRGLILFDWLRQVWRWKH,5%,(&LQ
DFFRUGDQFHZLWKORFDOUHTXLUHPHQWV DQGUHFHLYHGRFXPHQWHG,5%,(& DSSURYDOEHIRUH
PRGLILFDWLRQVFDQEHLPSOHPHQWHG

6WXG\5HSRUWDQG3XEOLFDWLRQV
$FOLQLFDOVWXG\UHSRUW&65ZLOOEHSUHSDUHGDQGSURYLGHGWRWKHDSSOLFDEOHUHJXODWRU\
DJHQFLHV*LOHDGZLOOHQVXUHWKDWWKHUHSRUWPHHWVWKHVWDQGDUGVVHWRXWLQWKH,&+*XLGHOLQHIRU
6WUXFWXUHDQG&RQWHQWRI&OLQLFDO6WXG\5HSRUWV,&+ (1RWHWKDWDQDEEUHYLDWHGUHSRUWPD\
EHSUHSDUHGLQFHUWDLQFDVHV
,QYHVWLJDWRUVLQWKLVVWXG\PD\FRPPXQLFDWHRUDOO\SUHVHQWRUSXEOLVKLQVFLHQWLILFMRXUQDOVRU
RWKHUVFKRODUO\PHGLDRQO\DIWHUWKHIROORZLQJFRQGLWLRQVKDYHEHHQPHW

7KHUHVXOWVRIWKHVWXG\LQWKHLUHQWLUHW\KDYHEHHQSXEOLFO\GLVFORVHGE\RUZLWKWKHFRQVHQW
RI *LOHDGLQDQDEVWUDFWPDQXVFULSWRUSUHVHQWDWLRQIRUPRUWKHVWXG\KDVEHHQFRPSOHWHGDW
DOOVWXG\VLWHVIRUDWOHDVW\HDUV

7KHLQYHVWLJDWRUZLOOVXEPLWWR*LOHDGDQ\SURSRVHGSXEOLFDWLRQRUSUHVHQWDWLRQDORQJZLWK
WKHUHVSHFWLYHVFLHQWLILFMRXUQDORUSUHVHQWDWLRQIRUXPDWOHDVWGD\VEHIRUHVXEPLVVLRQRI
WKHSXEOLFDWLRQRUSUHVHQWDWLRQ

1RVXFKFRPPXQLFDWLRQSUHVHQWDWLRQRUSXEOLFDWLRQZLOOLQFOXGH*LOHDG¶VFRQILGHQWLDO
LQIRUPDWLRQVHH6HFWLRQ 

7KHLQYHVWLJDWRUZLOOFRPSO\ZLWK*LOHDG¶VUHTXHVWWRGHOHWHUHIHUHQFHVWRLWVFRQILGHQWLDO
LQIRUPDWLRQRWKHUWKDQWKHVWXG\UHVXOWVLQDQ\SDSHURUSUHVHQWDWLRQDQGDJUHHVWRZLWKKROG
SXEOLFDWLRQRUSUHVHQWDWLRQIRUDQDGGLWLRQDOGD\VLQRUGHUWRREWDLQSDWHQWSURWHFWLRQLI
GHHPHGQHFHVVDU\


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 

-RLQW,QYHVWLJDWRU6SRQVRU5HVSRQVLELOLWLHV

3D\PHQW5HSRUWLQJ
,QYHVWLJDWRUVDQGWKHLUVWXG\VWDIIPD\EHDVNHGWRSURYLGHVHUYLFHVSHUIRUPHGXQGHUWKLV
SURWRFROHJDWWHQGDQFHDW,QYHVWLJDWRU
V0HHWLQJV,IUHTXLUHGXQGHUWKHDSSOLFDEOHVWDWXWRU\DQG
UHJXODWRU\UHTXLUHPHQWV*LOHDGZLOOFDSWXUHDQGGLVFORVHWR)HGHUDODQG6WDWHDJHQFLHVDQ\
H[SHQVHVSDLGRUUHLPEXUVHGIRUVXFKVHUYLFHVLQFOXGLQJDQ\FOLQLFDOWULDOSD\PHQWVPHDOWUDYHO
H[SHQVHVRUUHLPEXUVHPHQWVFRQVXOWLQJIHHVDQGDQ\RWKHUWUDQVIHURIYDOXH

$FFHVVWR,QIRUPDWLRQIRU0RQLWRULQJ
,QDFFRUGDQFHZLWKUHJXODWLRQVDQG JXLGHOLQHVWKHVWXG\PRQLWRUPXVWKDYHGLUHFWDFFHVVWRWKH
LQYHVWLJDWRU¶VVRXUFHGRFXPHQWDWLRQLQRUGHUWRYHULI\WKHDFFXUDF\RIWKHGDWDUHFRUGHGLQWKH
&5)H&5)
7KHPRQLWRULVUHVSRQVLEOHIRUURXWLQHUHYLHZRIWKH&5)H&5) DWUHJXODULQWHUYDOVWKURXJKRXW
WKHVWXG\WRYHULI\DGKHUHQFHWRWKHSURWRFRODQGWKHFRPSOHWHQHVVFRQVLVWHQF\DQGDFFXUDF\RI
WKHGDWDEHLQJHQWHUHGRQWKHP7KHPRQLWRUVKRXOGKDYHDFFHVVWRDQ\VXEMHFWUHFRUGVQHHGHGWR
YHULI\WKHHQWULHVRQWKH&5)H&5)7KHLQYHVWLJDWRUDJUHHVWRFRRSHUDWHZLWKWKHPRQLWRUWR
HQVXUHWKDWDQ\SUREOHPVGHWHFWHGWKURXJKDQ\W\SHRIPRQLWRULQJFHQWUDORQVLWH DUHUHVROYHG

$FFHVVWR,QIRUPDWLRQIRU$XGLWLQJRU,QVSHFWLRQV
5HSUHVHQWDWLYHVRIUHJXODWRU\DXWKRULWLHVRURI*LOHDGPD\FRQGXFWLQVSHFWLRQVRUDXGLWVRIWKH
FOLQLFDOVWXG\,IWKHLQYHVWLJDWRULVQRWLILHGRIDQLQVSHFWLRQE\DUHJXODWRU\DXWKRULW\WKH
LQYHVWLJDWRUDJUHHVWRQRWLI\WKH*LOHDGPHGLFDOPRQLWRULPPHGLDWHO\7KHLQYHVWLJDWRUDJUHHVWR
SURYLGHWRUHSUHVHQWDWLYHVRIDUHJXODWRU\DJHQF\RU*LOHDGDFFHVVWRUHFRUGVIDFLOLWLHVDQG
SHUVRQQHOIRUWKHHIIHFWLYHFRQGXFWRIDQ\LQVSHFWLRQRUDXGLW

6WXG\'LVFRQWLQXDWLRQ
%RWKWKHVSRQVRUDQGWKHLQYHVWLJDWRUUHVHUYHWKHULJKWWRWHUPLQDWHWKHVWXG\DWDQ\WLPH6KRXOG
WKLVEHQHFHVVDU\ERWKSDUWLHVZLOODUUDQJHGLVFRQWLQXDWLRQSURFHGXUHVDQGQRWLI\WKHDSSURSULDWH
UHJXODWRU\DXWKRULW\LHV,5%VDQG,(&V,QWHUPLQDWLQJWKHVWXG\*LOHDGDQGWKHLQYHVWLJDWRU
ZLOODVVXUHWKDWDGHTXDWHFRQVLGHUDWLRQLVJLYHQWRWKHSURWHFWLRQRIWKHVXEMHFWV¶LQWHUHVWV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 

5()(5(1&(6

'PLWULHQNR$2IIHQ:::HVWIDOO3+*DWHNHHSLQJVWUDWHJLHVIRUFOLQLFDOWULDOV
WKDWGRQRWUHTXLUHDOOSULPDU\HIIHFWVWREHVLJQLILFDQW6WDWLVW0HG


$PHULFDQ$FDGHP\RI3HGLDWULFV&RPPLWWHHRQ,QIHFWLRXV'LVHDVHV8VHRI
ULEDYLULQLQWKHWUHDWPHQWRIUHVSLUDWRU\V\QF\WLDOYLUXVLQIHFWLRQ3HGLDWULFV


1DLU+1RNHV'-*HVVQHU%''KHUDQL00DGKL6$6LQJOHWRQ5-HWDO
*OREDO EXUGHQRIDFXWHORZHUUHVSLUDWRU\LQIHFWLRQVGXHWRUHVSLUDWRU\V\QF\WLDO
YLUXVLQ\RXQJFKLOGUHQDV\VWHPDWLFUHYLHZDQGPHWDDQDO\VLV/DQFHW


6WRFNPDQ/-&XUQV$7$QGHUVRQ/-)LVFKHU/DQJOH\*5HVSLUDWRU\6\QF\WLDO
9LUXVDVVRFLDWHG+RVSLWDOL]DWLRQV$PRQJ,QIDQWVDQG<RXQJ&KLOGUHQLQWKH
8QLWHG6WDWHV3HGLDWU,QIHFW'LV-

1LFKROV:**RROH\7%RHFNK0&RPPXQLW\DFTXLUHGUHVSLUDWRU\V\QF\WLDO
YLUXVDQGSDUDLQIOXHQ]DYLUXVLQIHFWLRQVDIWHUKHPDWRSRLHWLFVWHPFHOO
WUDQVSODQWDWLRQWKH)UHG+XWFKLQVRQ&DQFHU5HVHDUFK&HQWHUH[SHULHQFH%LRO
%ORRG0DUURZ7UDQVSODQW6XSSO66

86'HSDUWPHQWRI+HDOWKDQG+XPDQ6HUYLFHV)RRGDQG'UXJ$GPLQLVWUDWLRQ
&HQWHUIRU'UXJ(YDOXDWLRQDQG5HVHDUFK&'(5*XLGDQFHIRU,QGXVWU\'UXJ
,QWHUDFWLRQ6WXGLHV 6WXG\'HVLJQ'DWD$QDO\VLV,PSOLFDWLRQVIRU'RVLQJDQG
/DEHOLQJ5HFRPPHQGDWLRQV'5$)7*8,'$1&()HEUXDU\

6KDK-1&KHPDO\5)0DQDJHPHQWRI569LQIHFWLRQVLQDGXOW UHFLSLHQWVRI
KHPDWRSRLHWLFVWHPFHOOWUDQVSODQWDWLRQ%ORRG

6KDK'3*KDQWRML666KDK-1(O7DRXP..-LDQJ<3RSDW8HWDO,PSDFWRI
DHURVROL]HGULEDYLULQRQPRUWDOLW\LQDOORJHQHLFKDHPDWRSRLHWLFVWHPFHOO
WUDQVSODQWUHFLSLHQWVZLWKUHVSLUDWRU\V\QF\WLDOYLUXVLQIHFWLRQV-$QWLPLFURE
&KHPRWKHU

%RHFNK0(QJOXQG-/L<0LOOHU&&URVV$)HUQDQGH]+HWDO5DQGRPL]HG
FRQWUROOHGPXOWLFHQWHUWULDORIDHURVROL]HGULEDYLULQIRUUHVSLUDWRU\V\QF\WLDOYLUXV
XSSHUUHVSLUDWRU\WUDFWLQIHFWLRQLQKHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWV&OLQ
,QIHFW'LV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 

&KHPDO\5)*KRVK6%RGH\*35RKDWJL16DIGDU$.HDWLQJ0-HWDO
5HVSLUDWRU\YLUDOLQIHFWLRQVLQDGXOWVZLWKKHPDWRORJLFPDOLJQDQFLHVDQGKXPDQ
VWHPFHOOWUDQVSODQWDWLRQUHFLSLHQWVDUHWURVSHFWLYHVWXG\DWDPDMRUFDQFHUFHQWHU
0HGLFLQH%DOWLPRUH

(UDUG9&KLHQ-:.LP+:1LFKROV:*)ORZHUV0(0DUWLQ3-HWDO
$LUIORZGHFOLQHDIWHUP\HORDEODWLYHDOORJHQHLFKHPDWRSRLHWLFFHOOWUDQVSODQWDWLRQ
WKHUROHRIFRPPXQLW\UHVSLUDWRU\YLUXVHV-,QIHFW'LV

+DUULQJWRQ5'+RRWRQ70+DFNPDQ5&6WRUFK*$2VERUQH%*OHDYHV&$
HWDO$QRXWEUHDNRIUHVSLUDWRU\V\QF\WLDOYLUXVLQDERQHPDUURZWUDQVSODQW
FHQWHU-,QIHFW'LV

.KDQQD1:LGPHU$)'HFNHU06WHIIHQ,+DOWHU-+HLP'HWDO5HVSLUDWRU\
V\QF\WLDOYLUXVLQIHFWLRQLQSDWLHQWVZLWKKHPDWRORJLFDOGLVHDVHVVLQJOHFHQWHU
VWXG\DQGUHYLHZRIWKHOLWHUDWXUH&OLQ,QIHFW'LV

$YHWLV\DQ*0DWWVVRQ-6SDUUHOLG(/MXQJPDQ35HVSLUDWRU\V\QF\WLDOYLUXV
LQIHFWLRQLQUHFLSLHQWVRIDOORJHQHLFVWHPFHOOWUDQVSODQWDWLRQDUHWURVSHFWLYH
VWXG\RIWKHLQFLGHQFHFOLQLFDOIHDWXUHVDQGRXWFRPH7UDQVSODQWDWLRQ


.LP<-%RHFNK0(QJOXQG-$&RPPXQLW\UHVSLUDWRU\YLUXVLQIHFWLRQVLQ
LPPXQRFRPSURPLVHGSDWLHQWVKHPDWRSRLHWLFVWHPFHOODQGVROLGRUJDQWUDQVSODQW
UHFLSLHQWVDQGLQGLYLGXDOVZLWKKXPDQLPPXQRGHILFLHQF\YLUXVLQIHFWLRQ
6HPLQDUVLQUHVSLUDWRU\DQGFULWLFDOFDUHPHGLFLQH

.LP<-*XWKULH.$:DJKPDUH$:DOVK(()DOVH\$5.X\SHUV-HWDO
5HVSLUDWRU\V\QF\WLDOYLUXVLQKHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWVIDFWRUV
GHWHUPLQLQJSURJUHVVLRQWRORZHUUHVSLUDWRU\WUDFWGLVHDVH-,QIHFW'LV

0DUWLQR53RUUDV535DEHOOD1:LOOLDPV-95DPLOD(0DUJDOO1HWDO
3URVSHFWLYHVWXG\RIWKHLQFLGHQFHFOLQLFDOIHDWXUHVDQGRXWFRPHRIV\PSWRPDWLF
XSSHUDQGORZHUUHVSLUDWRU\WUDFWLQIHFWLRQVE\UHVSLUDWRU\YLUXVHVLQDGXOW
UHFLSLHQWVRIKHPDWRSRLHWLFVWHPFHOOWUDQVSODQWVIRUKHPDWRORJLFPDOLJQDQFLHV
%LRO%ORRG0DUURZ7UDQVSODQW

5DERQL601RJXHLUD0%7VXFKL\D/57DNDKDVKL*$3HUHLUD/$3DVTXLQL5
HWDO5HVSLUDWRU\WUDFWYLUDOLQIHFWLRQVLQERQHPDUURZWUDQVSODQWSDWLHQWV
7UDQVSODQWDWLRQ

6FKLIIHU-7.LUE\.6DQGPDLHU%6WRUE5&RUH\/%RHFNK07LPLQJDQG
VHYHULW\RIFRPPXQLW\ DFTXLUHGUHVSLUDWRU\YLUXVLQIHFWLRQVDIWHUP\HORDEODWLYH
YHUVXVQRQP\HORDEODWLYHKHPDWRSRLHWLFVWHPFHOOWUDQVSODQWDWLRQ+DHPDWRORJLFD



*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 

6HR6&DPSEHOO$3;LH+&KLHQ-:/HLVHQULQJ:0(QJOXQG-$HWDO
2XWFRPHRIUHVSLUDWRU\V\QF\WLDOYLUXVORZHUUHVSLUDWRU\WUDFWGLVHDVHLQ
KHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWVUHFHLYLQJDHURVROL]HGULEDYLULQ
VLJQLILFDQFHRIVWHPFHOOVRXUFHDQGR[\JHQUHTXLUHPHQW%LRO%ORRG0DUURZ
7UDQVSODQW

6KDK'3*KDQWRML660XODQRYLFK9($UL]D+HUHGLD(-&KHPDO\5)
0DQDJHPHQWRIUHVSLUDWRU\YLUDOLQIHFWLRQVLQKHPDWRSRLHWLFFHOOWUDQVSODQW
UHFLSLHQWV$PHULFDQMRXUQDORIEORRGUHVHDUFK

6PDOO71&DVVRQ$0DODN6)%RXODG).LHKQ7(6WLOHV-HWDO5HVSLUDWRU\
V\QF\WLDOYLUXVLQIHFWLRQIROORZLQJKHPDWRSRLHWLFVWHPFHOOWUDQVSODQWDWLRQ%RQH
0DUURZ7UDQVSODQW

:KLPEH\(&KDPSOLQ5(&RXFK5%(QJOXQG-$*RRGULFK-05DDG,HWDO
&RPPXQLW\UHVSLUDWRU\YLUXVLQIHFWLRQVDPRQJKRVSLWDOL]HGDGXOWERQHPDUURZ
WUDQVSODQWUHFLSLHQWV&OLQ,QIHFW'LV

+LUVFK++0DUWLQR5:DUG.1%RHFNK0(LQVHOH+/MXQJPDQ3)RXUWK
(XURSHDQ&RQIHUHQFHRQ,QIHFWLRQVLQ/HXNDHPLD(&,/JXLGHOLQHVIRU
GLDJQRVLVDQGWUHDWPHQWRIKXPDQUHVSLUDWRU\V\QF\WLDOYLUXVSDUDLQIOXHQ]DYLUXV
PHWDSQHXPRYLUXVUKLQRYLUXVDQGFRURQDYLUXV&OLQ,QIHFW'LV


*KRVK6&KDPSOLQ5((QJOXQG-*LUDOW6$5ROVWRQ.5DDG,HWDO
5HVSLUDWRU\V\QF\WLDOYLUXVXSSHUUHVSLUDWRU\WUDFWLOOQHVVHVLQDGXOWEORRGDQG
PDUURZWUDQVSODQWUHFLSLHQWVFRPELQDWLRQWKHUDS\ZLWKDHURVROL]HGULEDYLULQDQG
LQWUDYHQRXVLPPXQRJOREXOLQ%RQH0DUURZ7UDQVSODQW

:KLPEH\(&RXFK5%(QJOXQG-$$QGUHHII0*RRGULFK-05DDG,,HWDO
5HVSLUDWRU\V\QF\WLDOYLUXVSQHXPRQLDLQKRVSLWDOL]HGDGXOWSDWLHQWVZLWK
OHXNHPLD&OLQ,QIHFW'LV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 

$33(1',&(6
$SSHQGL[ 
,QYHVWLJDWRU6LJQDWXUH3DJH
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
$SSHQGL[ 
0DQDJHPHQWRI&OLQLFDODQG/DERUDWRU\$GYHUVH(YHQWV
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\ RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDODQG
&RQWUDFHSWLYH5HTXLUHPHQWV




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
9LVLW

6FUHHQLQJ
'D\ 
9LVLW 
%DVHOLQH
$VVHVVPHQWV
5DQGRPL]DWLRQ
DQG
7UHDWPHQW
$VVHVVPHQWV
'D\ 
9LVLW

'D\ 

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

(QGRI
VWXG\
'D\ 

GD\V
2SWLRQDO([WHQGHG
9LUDO0RQLWRULQJP
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
0XVWFRPSOHWH
YLVLWLQWKH
KRVSLWDORUFOLQLF
;
;
;M
;
;
;
;
;
;
:ULWWHQ
,QIRUPHG
&RQVHQW
;
0HGLFDO+LVWRU\
DQG
'HPRJUDSKLFV
;
&KHVW;5D\
;D
6FUHHQLQJ/DEV
;E
8ULQHRU6HUXP
3UHJQDQF\7HVWF
;
;
;
;
;
;
)/8352
;
;
;
9LWDO6LJQVLQF
2 6DWXUDWLRQG
;
;
;
;
;
;
;
;
+HLJKW
;
:HLJKW
;
;
;
;
;
;
;
;
6DIHW\/DEVH
;
;
;
;
;
;
;


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
9LVLW

6FUHHQLQJ
'D\ 
9LVLW 
%DVHOLQH
$VVHVVPHQWV
5DQGRPL]DWLRQ
DQG
7UHDWPHQW
$VVHVVPHQWV
'D\ 
9LVLW

'D\ 

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

(QGRI
VWXG\
'D\ 

GD\V
2SWLRQDO([WHQGHG
9LUDO0RQLWRULQJP
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
569DQWLERG\
WLWHU
;
;
5699LUHPLD
;
;
;
;
;
;
;
1DVDO6DPSOHVI
;
;
;
;
;
;
;
;
;
;
;
;
;
/RFDO569
WHVWLQJ
;O
5DQGRPL]DWLRQ
;
,03
$GPLQLVWUDWLRQ
;
;
;
;
;
3.VDPSOH
;J
;L
;K
;K
;K
6HUXP
FUHDWLQLQH
;N
;N
$GYHUVH(YHQWV
;
;
;
;
;
;
;
;
;Q
;Q
;Q
;Q


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
9LVLW

6FUHHQLQJ
'D\ 
9LVLW 
%DVHOLQH
$VVHVVPHQWV
5DQGRPL]DWLRQ
DQG
7UHDWPHQW
$VVHVVPHQWV
'D\ 
9LVLW

'D\ 

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

(QGRI
VWXG\
'D\ 

GD\V
2SWLRQDO([WHQGHG
9LUDO0RQLWRULQJP
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
,&8DGPLVVLRQV
KRVSLWDOL]DWLRQV
VWDQGDUGRIFDUH
WHVWUHVXOWV
PHFKDQLFDO
YHQWLODWLRQDQG
VXSSOHPHQWDO2
;
;
;
;
;
;
&RQFRPLWDQW
0HGLFDWLRQV
;
;
;
;
;
;
;
;
D
&KHVW;UD\ REWDLQHG KRXUV SULRUWR6FUHHQLQJPD\EHXVHG
E
([LVWLQJYDOXHVFROOHFWHG  GD\VSULRUWR 6FUHHQLQJPD\EHXVHG
F
5HTXLUHGIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\DQGRUELODWHUDORRSKRUHFWRP\
G
2QURRPDLU
H
+HPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGH:%&ZLWKGLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQH VHUXPDOEXPLQ $67$/7DQGWRWDOELOLUXELQ
I
VDPSOHVWRWDOIURPHDFK QRVWULO ± FROOHFWHGSULRUWRGRVLQJRQGRVLQJGD\V
J
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\&ROOHFWHGDQGKRXUVSRVWGRVH
K
)RUDOOVXEMHFWV FROOHFWHGSUHGRVHRQ'D\SUHGRVHDQGKRXUVSRVWGRVHRQ'D\ DQGDQ\WLPHRQ'D\
L
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\3.LVFROOHFWHGDQ\WLPHGXULQJ9LVLWDQG9LVLWPXVWRFFXULQFOLQLF
M
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\6XEMHFWVQRWSDUWLFLSDWLQJLQWKH3.VXEJURXSFDQKDYHWKLVYLVLWFRPSOHWHGDWKRPH
N
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\%ORRGGUDZIRUVHUXPFUHDWLQLQHKRXUVSRVWGRVHRQ'D\DQG'D\9LVLWDQG 9LVLW
O
2QO\IRUVXEMHFWVZKRDJUHHWRWKHRSWLRQDOH[WHQGHGYLUDOPRQLWRULQJDWWKHWLPHRIFRQVHQW
P
2QO\IRUVXEMHFWVZKRDJUHHWRWKHRSWLRQDOH[WHQGHGYLUDOPRQLWRULQJDWWKHWLPHRIFRQVHQWDQGWHVWSRVLWLYHRULQFRQFOXVLYHIRU569DW9LVLW'D\ 
Q
$VVHVVPHQWRISURFHGXUHUHODWHG$(VRQO\




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
9HUVLRQ -XQH
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
+HPRJORELQ
+,9326,7,9(
$GXOWDQG3HGLDWULF'D\V
 WR  JG/
WR J/
 WR JG/
 WR  J/
WR JG/
WR J/
 JG/
 J/
+,91(*$7,9(
$GXOWDQG3HGLDWULF'D\V
 WR  JG/
 WR  J/
25
$Q\GHFUHDVHIURP%DVHOLQH
WR JG/
WR J/
WR JG/
WR J/
25
$Q\GHFUHDVHIURP%DVHOLQH
WR JG/
WR J/
WR JG/
WR J/
25
$Q\GHFUHDVHIURP%DVHOLQH
 JG/
 J/
 JG/
 J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WRJG/
WRJ/
JG/
J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WR JG/
WR J/
 JG/
 J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WR JG/
WR J/
 JG/
 J/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
$EVROXWH1HXWURSKLO&RXQW
$1&
$GXOWDQG3HGLDWULF 'D\V
 WR PP
 WR PP
 WR PP
PP
 WR *,/
 WR*,/
 WR *,/
*,/
,QIDQW± 'D\V
WRPP
 WR *,/
WRPP
 WR *,/
WRPP
 WR *,/
PP
*,/
,QIDQW'D\
WRPP
 WR *,/
WRPP
 WR*,/
WRPP
 WR *,/
PP
*,/
$EVROXWH&'&RXQW
+,91(*$7,9(21/<
$GXOWDQG3HGLDWULF
!  <HDUV
 WR PP
 WR ȝ/
 WR PP
 WRȝ/
 WR PP
 WR ȝ/
PP
ȝ/
$EVROXWH/\PSKRF\WH&RXQW
+,91(*$7,9(21/<
$GXOWDQG3HGLDWULF
 <HDUV
WRPP
WR*,/
WRPP
WR*,/
WRPP
WR*,/
PP
*,/
3ODWHOHWV
WR PP
 WR *,/
WRPP
 WR*,/
WRPP
WR*,/
PP
 *,/
:%&V
PP WRPP
WRPP
WRPP
PP
 *,/ WR *,/
 WR *,/
WR *,/
*,/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
+\SRILEULQRJHQHPLD
 WR  PJG/
WR PJG/
 WR PJG/
 PJG/
 WR  J/
 WR J/
WR J/
 J/
+\SHUILEULQRJHQHPLD
8/1WR PJG/
 PJG/
²
²
8/1WR J/
 J/
²
²
)LEULQ6SOLW3URGXFW
WR ȝJP/
 WR ȝJP/
 WR ȝJP/
 ȝJP/
WR PJ/
WR PJ/
WR PJ/
 PJ/
3URWKURPELQ7LPH37
WR 8/1
WR 8/1
WR 8/1
8/1
,QWHUQDWLRQDO1RUPDOL]HG5DWLR
RISURWKURPELQWLPH,15
WR[8/1
!WR[8/1
!WR[8/1
![8/1
$FWLYDWHG3DUWLDO
7KURPERSODVWLQ7LPH$377
 WR 8/1
 WR 8/1
 WR 8/1
8/1
0HWKHPRJORELQ
 WR 
 WR 
 WR 



*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SRQDWUHPLD
WR//1P(T/
WR  P(T/
WR  P(T/
P(T/
WR //1PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
+\SHUQDWUHPLD
WRP(T/
WRP(T/
WRP(T/
P(T/
WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
+\SRNDOHPLD
WR P(T/
WR  P(T/
WR  P(T/
P(T/
WR PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
+\SHUNDOHPLD
WRP(T/
WR P(T/
WR P(T/
P(T/
WRPPRO/
WR PPRO/
WR PPRO/
PPRO/
+\SRJO\FHPLD
$GXOWDQG3HGLDWULF
 0RQWK
WR PJG/
WR  PJG/
WR  PJG/
PJG/
WR PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
,QIDQW  0RQWK
WR PJG/
WR PPRO/
WR PJG/
WR PPRO/
WR PJG/
WR PPRO/
PJG/
PPRO/
+\SHUJO\FHPLD1RQIDVWLQJ
 WR PJG/
WR PJG/
WR PJG/
PJG/
WR PPRO/
WR PPRO/
WR PPRO/
PPRO/
+\SHUJO\FHPLD)DVWLQJ
WRPJG/
WRPPRO/
!WRPJG/
!WRPPRO/
!WRPJG/
!WRPPRO/
!PJG/
!PPRO/
+\SRFDOFHPLD
FRUUHFWHGIRUDOEXPLQLI
DSSURSULDWH
$GXOWDQG3HGLDWULF
 'D\V
WRPJG/
WR PJG/
WR  PJG/
 PJG/
WRPPRO/
WR PPRO/
WR PPRO/
 PPRO/
,QIDQW  'D\V
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
PJG/
PPRO/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SHUFDOFHPLDFRUUHFWHG
IRUDOEXPLQLIDSSURSULDWH
$GXOWDQG3HGLDWULF
 'D\V
!8/1WRPJG/
WRPJG/
WRPJG/
PJG/
!8/1WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
,QIDQW  'D\V
WRPJG/
WRPPRO/
WRPJG/
!WRPPRO/
WRPJG/
!WRPPRO/
PJG/
!PPRO/
+\SRFDOFHPLDLRQL]HG
PJG/WR //1
WRPJG/
WR PJG/
PJG/
PPRO/WR //1
WR PPRO/
WR PPRO/
PPRO/
+\SHUFDOFHPLDLRQL]HG
8/1WRPJG/
WRPJG/
WRPJG/
PJG/
8/1WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
+\SRPDJQHVHPLD
WR//1PJG/
WR//1P(T/
WR PJG/
WRP(T/
WR PJG/
WRP(T/
PJG/
P(T/
WR//1PPRO/
WR PPRO/
WR PPRO/
PPRO/
+\SRSKRVSKDWHPLD
$GXOWDQG3HGLDWULF
 <HDUV
WR//1PJG/
WRPJG/
WRPJG/
PJG/
WR//1PPRO/
WRPPRO/
WRPPRO/
PPRO/
3HGLDWULF<HDU±<HDUV
WRPJG/
WRPPRO/
WRPJG/
WR  PPRO/
WRPJG/
WR PPRO/
PJG/
 PPRO/
3HGLDWULF <HDU
WRPJG/
WRPPRO/
WR PJG/
WR  PPRO/
WRPJG/
WRPPRO/
PJG/
 PPRO/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SHUELOLUXELQHPLD
$GXOWDQG3HGLDWULF
!  'D\V
WR8/1
WR8/1
WR8/1
8/1
,QIDQW 'D\V
QRQKHPRO\WLF
1$
WRPJG/
WRȝPRO/
WRPJG/
!WRȝPRO/
PJG/
!ȝPRO/
,QIDQW 'D\V
KHPRO\WLF
1$
1$
WRPJG/
WRȝPRO/
PJG/
!ȝPRO/
%ORRG8UHD1LWURJHQ
WR8/1
WR8/1
WR8/1
8/1
+\SHUXULFHPLD
!8/1WRPJG/
WRPJG/
WRPJG/
PJG/
!8/1WRȝPRO/
WRȝPRO/
WRȝPRO/
ȝPRO/
+\SRXULFHPLD
PJG/WR //1
WR PJG/
WR PJG/
PJG/
ȝPRO/WR //1
WR ȝPRO/
WR ȝPRO/
ȝPRO/
&UHDWLQLQH
WRPJG/
WRPJG/
WRPJG/
PJG/
WRȝPRO/
WRȝPRO/
WRȝPRO/
ȝPRO/
%LFDUERQDWH
P(T/WR //1
WR P(T/
WR P(T/
P(T/
PPRO/WR //1
WR PPRO/
WR PPRO/
PPRO/
7ULJO\FHULGHV
)DVWLQJ
1$
WRPJG/
WRPJG/
PJG/
±PPRO/
±PPRO/
PPRO/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
/'/
)DVWLQJ
WRPJG/
!WRPJG/
!PJG/
1$
WRPPRO/
!WRPPRO/
!PPRO/
3HGLDWULF!WR \HDUV
WRPJG/
!WRPJG/
!PJG/
1$
WRPPRO/
!WRPPRO/
!PPRO/
+\SHUFKROHVWHUROHPLD
)DVWLQJ
WRPJG/
WRPJG/
PJG/
1$
WRPPRO/
WRPPRO/
PPRO/
3HGLDWULF<HDUV
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
PJG/
PPRO/
1$
&UHDWLQH.LQDVH
WR 8/1
WR 8/1
WR 8/1
8/1
&DOFLXPVKRXOGEHFRUUHFWHGIRUDOEXPLQLIDOEXPLQLVJG/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
(1=<0(6
*UDGH
*UDGH
*UDGH
*UDGH
$676*27
WR8/1
WR8/1
WR8/1
8/1
$/76*37
WR8/1
WR8/1
WR8/1
8/1
**7
WR8/1
WR8/1
WR8/1
8/1
$ONDOLQH3KRVSKDWDVH
WR8/1
WR8/1
WR8/1
8/1
7RWDO$P\ODVH
WR8/1
WR8/1
WR8/1
8/1
3DQFUHDWLF$P\ODVH
WR8/1
WR8/1
WR8/1
8/1
/LSDVH
WR8/1
WR8/1
WR8/1
8/1
$OEXPLQ
JG/WR//1
J/WR//1
WRJG/
WRJ/
JG/
J/
1$


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
85,1$/<6,6
*UDGH
*UDGH
*UDGH
*UDGH
+HPDWXULD'LSVWLFN



1$
+HPDWXULD4XDQWLWDWLYH
6HH1RWHEHORZ
)HPDOHV
!8/1  5%&+3)
 5%&+3)
! 5%&+3)
1$
0DOHV
5%&+3)
 5%&+3)
!5%&+3)
1$
3URWHLQXULD'LSVWLFN

±

1$
3URWHLQXULD+RXU&ROOHFWLRQ
$GXOWDQG3HGLDWULF
<HDUV
WR PJ K
!WR PJK
! WR PJK
PJK
3HGLDWULF0RWR
  <HDUV
WR PJP K
! WR PJPK
! WR PJPK
PJPK
*O\FRVXULD'LSVWLFN



1$
1RWHV
7R[LFLW\JUDGHVIRU4XDQWLWDWLYHDQG'LSVWLFN+HPDWXULDZLOOEHDVVLJQHGE\&RYDQFH/DERUDWRU\KRZHYHUIRURWKHUODERUDWRULHVWR[LFLW\JUDGHVZLOORQO\EHDVVLJQHGWR'LSVWLFN
+HPDWXULD
:LWKWKHH[FHSWLRQRIOLSLGWHVWVDQ\JUDGHGODERUDWRU\WHVWZLWKDUHVXOWWKDWLVEHWZHHQWKH//1DQG8/1VKRXOGEHDVVLJQHG*UDGH
,IWKHVHYHULW\RIDFOLQLFDO$(FRXOGIDOOXQGHUHLWKHURQHRIWZRJUDGHVHJWKHVHYHULW\RIDQ$(FRXOGEHHLWKHU*UDGH RU*UDGHVHOHFWWKHKLJKHURIWKHWZRJUDGHVIRUWKH
$(


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
&$5',29$6&8/$5
*UDGH
*UDGH
*UDGH
*UDGH
&DUGLDF$UUK\WKPLDJHQHUDO
%\(&*RUSK\VLFDOH[DP
$V\PSWRPDWLF$1'1R
LQWHUYHQWLRQLQGLFDWHG
$V\PSWRPDWLF$1'1RQ
XUJHQWPHGLFDOLQWHUYHQWLRQ
LQGLFDWHG
6\PSWRPDWLFQRQOLIH
WKUHDWHQLQJ$1'1RQ
XUJHQWPHGLFDOLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJDUUK\WKPLD
258UJHQWLQWHUYHQWLRQ
LQGLFDWHG
&DUGLDFLVFKHPLD,QIDUFWLRQ
1$
1$
6\PSWRPDWLFLVFKHPLD
VWDEOHDQJLQD257HVWLQJ
FRQVLVWHQWZLWKLVFKHPLD
8QVWDEOHDQJLQD25$FXWH
P\RFDUGLDOLQIDUFWLRQ
+HPRUUKDJHVLJQLILFDQWDFXWH
EORRGORVV
1$
6\PSWRPDWLF$1'1R
WUDQVIXVLRQLQGLFDWHG
6\PSWRPDWLF$1'
7UDQVIXVLRQRI XQLWV
SDFNHG5%&VIRUFKLOGUHQ
 FFNJLQGLFDWHG
/LIHWKUHDWHQLQJK\SRWHQVLRQ
257UDQVIXVLRQRI XQLWV
SDFNHG5%&VLQGLFDWHGIRU
FKLOGUHQ FFNJLQGLFDWHG
+\SHUWHQVLRQZLWKUHSHDW
WHVWLQJDWVDPHYLVLW
± PP+JV\VWROLF
25
±PP+JGLDVWROLF
±PP+JV\VWROLF
25
±PP+JGLDVWROLF
 PP+JV\VWROLF
25
 PP+JGLDVWROLF
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJPDOLJQDQWK\SHUWHQVLRQ
25+RVSLWDOL]DWLRQRWKHUWKDQ
(5YLVLWLQGLFDWHG
3HGLDWULF <HDUVZLWK
UHSHDWWHVWLQJDWVDPHYLVLW
1$
VW±WKSHUFHQWLOHDGMXVWHG
IRUDJHKHLJKWDQGJHQGHU
V\VWROLFDQGRUGLDVWROLF
 WKSHUFHQWLOHDGMXVWHG
IRUDJHKHLJKWDQGJHQGHU
V\VWROLFDQGRUGLDVWROLF
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJPDOLJQDQWK\SHUWHQVLRQ
25+RVSLWDOL]DWLRQLQGLFDWHG
RWKHUWKDQHPHUJHQF\URRP
YLVLW
+\SRWHQVLRQ
1$
6\PSWRPDWLFFRUUHFWHGZLWK
RUDOIOXLGUHSODFHPHQW
6\PSWRPDWLF,9IOXLGV
LQGLFDWHG
6KRFNUHTXLULQJXVHRI
YDVRSUHVVRUVRUPHFKDQLFDO
DVVLVWDQFHWRPDLQWDLQEORRG
SUHVVXUH
3HULFDUGLDO(IIXVLRQ
$V\PSWRPDWLFVPDOO
HIIXVLRQUHTXLULQJQR
LQWHUYHQWLRQ
$V\PSWRPDWLFPRGHUDWHRU
ODUJHUHIIXVLRQUHTXLULQJQR
LQWHUYHQWLRQ
(IIXVLRQZLWKQRQOLIH
WKUHDWHQLQJSK\VLRORJLF
FRQVHTXHQFHV25(IIXVLRQ
ZLWKQRQXUJHQWLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJWDPSRQDGH258UJHQW
LQWHUYHQWLRQLQGLFDWHG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
&$5',29$6&8/$5
*UDGH
*UDGH
*UDGH
*UDGH
3URORQJHG35,QWHUYDO
35LQWHUYDO
WRVHF
35LQWHUYDO
VHF
7\SH,,QGGHJUHH$9
EORFN259HQWULFXODUSDXVH
VHF
&RPSOHWH$9EORFN
3HGLDWULF<HDUV
VWGHJUHH$9EORFN
35!QRUPDOIRUDJHDQG
UDWH
7\SH,QGGHJUHH$9EORFN
7\SH,,QGGHJUHH$9
EORFN
&RPSOHWH$9EORFN
3URORQJHG47F
$V\PSWRPDWLF47FLQWHUYDO
WRVHF25,QFUHDVH
LQWHUYDOVHFDERYH
EDVHOLQH
$V\PSWRPDWLF47FLQWHUYDO
WRVHF25,QFUHDVH
LQLQWHUYDOWRVHF
DERYHEDVHOLQH
$V\PSWRPDWLF47FLQWHUYDO
 VHF25,QFUHDVHLQ
LQWHUYDO VHFDERYH
EDVHOLQH
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJ7RUVDGHGH
SRLQWHVRURWKHUDVVRFLDWHG
VHULRXVYHQWULFXODU
G\VUK\WKPLD
3HGLDWULF <HDUV
$V\PSWRPDWLF47FLQWHUYDO
WRVHF
$V\PSWRPDWLF47FLQWHUYDO
WRVHF
$V\PSWRPDWLF47FLQWHUYDO
VHF
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJ7RUVDGHGH
SRLQWHVRURWKHUDVVRFLDWHG
VHULRXVYHQWULFXODU
G\VUK\WKPLD
7KURPERVLV(PEROLVP
1$
'HHSYHLQWKURPERVLV$1'
1RLQWHUYHQWLRQLQGLFDWHGHJ
DQWLFRDJXODWLRQO\VLVILOWHU
LQYDVLYHSURFHGXUH
'HHSYHLQWKURPERVLV$1'
,QWHUYHQWLRQLQGLFDWHGHJ
DQWLFRDJXODWLRQO\VLVILOWHU
LQYDVLYHSURFHGXUH
(PEROLFHYHQWHJSXOPRQDU\
HPEROLVPOLIHWKUHDWHQLQJ
WKURPEXV
9DVRYDJDO(SLVRGHDVVRFLDWHG
ZLWKDSURFHGXUHRIDQ\NLQG
3UHVHQWZLWKRXWORVVRI
FRQVFLRXVQHVV
3UHVHQWZLWKWUDQVLHQWORVVRI
FRQVFLRXVQHVV
1$
1$
9HQWULFXODU'\VIXQFWLRQ
FRQJHVWLYHKHDUWIDLOXUH
&+)
1$
$V\PSWRPDWLFGLDJQRVWLF
ILQGLQJ$1'LQWHUYHQWLRQ
LQGLFDWHG
1HZRQVHWZLWKV\PSWRPV
25:RUVHQLQJV\PSWRPDWLF
&+)
/LIHWKUHDWHQLQJ&+)


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
5(63,5$725<
*UDGH
*UDGH
*UDGH
*UDGH
%URQFKRVSDVPDFXWH
)(9RUSHDNIORZUHGXFHGWR
WR
)(9RUSHDNIORZWR
)(9RUSHDNIORZWR

&\DQRVLV25)(9RUSHDNIORZ
25,QWXEDWLRQ
'\VSQHDRU5HVSLUDWRU\
'LVWUHVV
'\VSQHDRQH[HUWLRQZLWKQR
RUPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'\VSQHDRQH[HUWLRQFDXVLQJ
JUHDWHUWKDQPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'\VSQHDDWUHVWFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
5HVSLUDWRU\IDLOXUHZLWK
YHQWLODWRU\VXSSRUWLQGLFDWHG
3HGLDWULF<HDUV
:KHH]LQJ25PLQLPDO
LQFUHDVHLQUHVSLUDWRU\UDWHIRU
DJH
1DVDOIODULQJ25,QWHUFRVWDO
UHWUDFWLRQV253XOVHR[LPHWU\
WR
'\VSQHDDWUHVWFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
253XOVHR[LPHWU\
5HVSLUDWRU\IDLOXUHZLWK
YHQWLODWRU\VXSSRUWLQGLFDWHG
2&8/$59,68$/
*UDGH
*UDGH
*UDGH
*UDGH
8YHLWLV
$V\PSWRPDWLFEXWGHWHFWDEOH
RQH[DP
6\PSWRPDWLFDQWHULRUXYHLWLV25
0HGLFDOLQWHUYHQWLRQLQGLFDWHG
3RVWHULRURUSDQXYHLWLV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
'LVDEOLQJYLVXDOORVVLQDIIHFWHG
H\HV
9LVXDO&KDQJHVIURP
%DVHOLQH
9LVXDOFKDQJHVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9LVXDOFKDQJHVFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9LVXDOFKDQJHVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJYLVXDOORVVLQDIIHFWHG
H\HV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
6.,1
*UDGH
*UDGH
*UDGH
*UDGH
$ORSHFLD
7KLQQLQJGHWHFWDEOHE\
VWXG\SDUWLFLSDQWRU
FDUHJLYHUIRUGLVDEOHG
DGXOWV
7KLQQLQJRUSDWFK\KDLUORVV
GHWHFWDEOHE\KHDOWKFDUH
SURYLGHU
&RPSOHWHKDLUORVV
1$
&XWDQHRXV5HDFWLRQ± 5DVK
/RFDOL]HGPDFXODUUDVK
'LIIXVHPDFXODU
PDFXORSDSXODURU
PRUELOOLIRUPUDVK257DUJHW
OHVLRQV
'LIIXVHPDFXODU
PDFXORSDSXODURUPRUELOOLIRUP
UDVKZLWKYHVLFOHVRUOLPLWHG
QXPEHURIEXOODH25
6XSHUILFLDOXOFHUDWLRQVRI
PXFRXVPHPEUDQHOLPLWHGWR
RQHVLWH
([WHQVLYHRUJHQHUDOL]HG
EXOORXVOHVLRQV25
6WHYHQV-RKQVRQV\QGURPH
258OFHUDWLRQRIPXFRXV
PHPEUDQHLQYROYLQJWZR
RUPRUHGLVWLQFWPXFRVDO
VLWHV257R[LFHSLGHUPDO
QHFURO\VLV7(1
+\SHUSLJPHQWDWLRQ
6OLJKWRUORFDOL]HG
0DUNHGRUJHQHUDOL]HG
1$
1$
+\SRSLJPHQWDWLRQ
6OLJKWRUORFDOL]HG
0DUNHGRUJHQHUDOL]HG
1$
1$
3UXULWLVLWFKLQJ± QRVNLQ
OHVLRQV
6HHDOVR,QMHFWLRQ6LWH
5HDFWLRQV3UXULWLVDVVRFLDWHG
ZLWKLQMHFWLRQ
,WFKLQJFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
,WFKLQJFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
,WFKLQJFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
1$


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
*$6752,17(67,1$/
*UDGH
*UDGH
*UDGH
*UDGH
$QRUH[LD
/RVVRIDSSHWLWHZLWKRXW
GHFUHDVHGRUDOLQWDNH
/RVVRIDSSHWLWHDVVRFLDWHGZLWK
GHFUHDVHGRUDOLQWDNHZLWKRXW
VLJQLILFDQWZHLJKWORVV
/RVVRIDSSHWLWHDVVRFLDWHG
ZLWKVLJQLILFDQWZHLJKWORVV
/LIHWKUHDWHQLQJFRQVHTXHQFHV
25$JJUHVVLYHLQWHUYHQWLRQ
LQGLFDWHG>HJWXEHIHHGLQJRU
WRWDOSDUHQWHUDOQXWULWLRQ@
$VFLWHV
$V\PSWRPDWLF
6\PSWRPDWLF$1',QWHUYHQWLRQ
LQGLFDWHGHJGLXUHWLFVRU
WKHUDSHXWLFSDUDFHQWHVLV
6\PSWRPDWLFGHVSLWH
LQWHUYHQWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
&KROHF\VWLWLV
1$
6\PSWRPDWLF$1'0HGLFDO
LQWHUYHQWLRQLQGLFDWHG
5DGLRORJLFHQGRVFRSLFRU
RSHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJVHSVLVRUSHUIRUDWLRQ
&RQVWLSDWLRQ
1$
3HUVLVWHQWFRQVWLSDWLRQUHTXLULQJ
UHJXODUXVHRIGLHWDU\
PRGLILFDWLRQVOD[DWLYHVRU
HQHPDV
2EVWLSDWLRQZLWKPDQXDO
HYDFXDWLRQLQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJREVWUXFWLRQ
'LDUUKHD
$GXOWDQG3HGLDWULF
 <HDU
7UDQVLHQWRULQWHUPLWWHQW
HSLVRGHVRIXQIRUPHGVWRROV
25,QFUHDVHRI VWRROV
RYHUEDVHOLQH KU
3HUVLVWHQWHSLVRGHVRIXQIRUPHG
WRZDWHU\VWRROV25,QFUHDVHRI
±VWRROVRYHUEDVHOLQHSHU
 KUV
%ORRG\GLDUUKHD25,QFUHDVH
RI VWRROVSHUKRXU
SHULRG25,9IOXLG
UHSODFHPHQWLQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN
3HGLDWULF <HDU
/LTXLGVWRROVPRUH
XQIRUPHGWKDQXVXDOEXW
XVXDOQXPEHURIVWRROV
/LTXLGVWRROVZLWKLQFUHDVHG
QXPEHURIVWRROV250LOG
GHK\GUDWLRQ
/LTXLGVWRROVZLWKPRGHUDWH
GHK\GUDWLRQ
/LTXLGVWRROVUHVXOWLQJLQ
VHYHUHGHK\GUDWLRQZLWK
DJJUHVVLYHUHK\GUDWLRQ
LQGLFDWHG25+\SRWHQVLYH
VKRFN


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
*$6752,17(67,1$/
*UDGH
*UDGH
*UDGH
*UDGH
'\VSKDJLD2G\QRSKDJLD
6\PSWRPDWLFEXWDEOHWRHDW
XVXDOGLHW
6\PSWRPVFDXVLQJDOWHUHG
GLHWDU\LQWDNHZLWKRXWPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJVHYHUHO\
DOWHUHGGLHWDU\LQWDNHZLWK
PHGLFDOLQWHUYHQWLRQLQGLFDWHG
/LIHWKUHDWHQLQJUHGXFWLRQLQ
RUDOLQWDNH
0XFRVLWLV6WRPDWLWLV
FOLQLFDOH[DP
6HHDOVR3URFWLWLV
'\VSKDJLD2G\QRSKDJLD
(U\WKHPDRIWKHPXFRVD
3DWFK\SVHXGRPHPEUDQHVRU
XOFHUDWLRQV
&RQIOXHQWSVHXGRPHPEUDQHV
RUXOFHUDWLRQV250XFRVDO
EOHHGLQJZLWKPLQRUWUDXPD
7LVVXHQHFURVLV25'LIIXVH
VSRQWDQHRXVPXFRVDOEOHHGLQJ
25/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJDVSLUDWLRQ
FKRNLQJ
1DXVHD
7UDQVLHQW KRXUVRU
LQWHUPLWWHQWQDXVHDZLWKQR
RUPLQLPDOLQWHUIHUHQFHZLWK
RUDOLQWDNH
3HUVLVWHQWQDXVHDUHVXOWLQJLQ
GHFUHDVHGRUDOLQWDNHIRU±
KRXUV
3HUVLVWHQWQDXVHDUHVXOWLQJLQ
PLQLPDORUDOLQWDNHIRU
KRXUV25$JJUHVVLYH
UHK\GUDWLRQLQGLFDWHGHJ
,9 IOXLGV
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN
3DQFUHDWLWLV
1$
6\PSWRPDWLF$1'
+RVSLWDOL]DWLRQQRWLQGLFDWHG
RWKHUWKDQ(5YLVLW
6\PSWRPDWLF$1'
+RVSLWDOL]DWLRQLQGLFDWHG
RWKHUWKDQ(5YLVLW
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJVHSVLVFLUFXODWRU\IDLOXUH
KHPRUUKDJH
3URFWLWLVIXQFWLRQDO
V\PSWRPDWLF
$OVRVHH 0XFRVLWLV
6WRPDWLWLVIRU&OLQLFDO
([DP
5HFWDOGLVFRPIRUW$1'1R
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
0HGLFDOLQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO
IXQFWLRQDODFWLYLWLHV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJSHUIRUDWLRQ
9RPLWLQJ
7UDQVLHQWRULQWHUPLWWHQW
YRPLWLQJZLWKQRRU
PLQLPDOLQWHUIHUHQFHZLWK
RUDOLQWDNH
)UHTXHQWHSLVRGHVRIYRPLWLQJ
ZLWKQRRUPLOGGHK\GUDWLRQ
3HUVLVWHQWYRPLWLQJUHVXOWLQJ
LQRUWKRVWDWLFK\SRWHQVLRQ25
$JJUHVVLYHUHK\GUDWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
$OWHUDWLRQLQ3HUVRQDOLW\
%HKDYLRURULQ0RRGHJ
DJLWDWLRQDQ[LHW\
GHSUHVVLRQPDQLD
SV\FKRVLV
$OWHUDWLRQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
$OWHUDWLRQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
$OWHUDWLRQFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
%HKDYLRUSRWHQWLDOO\KDUPIXO
WRVHOIRURWKHUVHJ
VXLFLGDOKRPLFLGDOLGHDWLRQRU
DWWHPSWDFXWHSV\FKRVLV25
&DXVLQJLQDELOLW\WRSHUIRUP
EDVLFVHOIFDUHIXQFWLRQV
$OWHUHG0HQWDO6WDWXV
)RU'HPHQWLDVHH&RJQLWLYH
DQG%HKDYLRUDO$WWHQWLRQDO
'LVWXUEDQFHLQFOXGLQJ
GHPHQWLDDQG$''
&KDQJHVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
0LOGOHWKDUJ\RUVRPQROHQFH
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
&RQIXVLRQPHPRU\
LPSDLUPHQWOHWKDUJ\RU
VRPQROHQFHFDXVLQJLQDELOLW\
WRSHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'HOLULXP25REWXQGDWLRQ25
FRPD
$WD[LD
$V\PSWRPDWLFDWD[LD
GHWHFWDEOHRQH[DP25
0LQLPDODWD[LDFDXVLQJQR
RUPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPDWLFDWD[LDFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
6\PSWRPDWLFDWD[LDFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJDWD[LDFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
&RJQLWLYHDQG
%HKDYLRUDO$WWHQWLRQDO
'LVWXUEDQFHLQFOXGLQJ
GHPHQWLDDQG$WWHQWLRQ
'HILFLW'LVRUGHU
'LVDELOLW\FDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV256SHFLDOL]HG
UHVRXUFHVQRWLQGLFDWHG
'LVDELOLW\FDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV256SHFLDOL]HG
UHVRXUFHVRQSDUWWLPHEDVLV
LQGLFDWHG
'LVDELOLW\FDXVLQJLQDELOLW\ WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
6SHFLDOL]HGUHVRXUFHVRQD
IXOOWLPHEDVLVLQGLFDWHG
'LVDELOLW\FDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV25
,QVWLWXWLRQDOL]DWLRQLQGLFDWHG
&16,VFKHPLD
DFXWH
1$
1$
7UDQVLHQWLVFKHPLFDWWDFN
&HUHEUDOYDVFXODUDFFLGHQW
&9$VWURNHZLWK
QHXURORJLFDOGHILFLW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
'HYHORSPHQWDOGHOD\±
3HGLDWULF<HDUV
0LOGGHYHORSPHQWDOGHOD\
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWH
IRUWKHVHWWLQJ
0RGHUDWHGHYHORSPHQWDO
GHOD\HLWKHUPRWRURU
FRJQLWLYHDVGHWHUPLQHGE\
FRPSDULVRQZLWKD
GHYHORSPHQWDOVFUHHQLQJWRRO
DSSURSULDWHIRUWKHVHWWLQJ
6HYHUHGHYHORSPHQWDOGHOD\
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWHIRU
WKHVHWWLQJ
'HYHORSPHQWDOUHJUHVVLRQ
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWHIRU
WKHVHWWLQJ
+HDGDFKH
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV25+RVSLWDOL]DWLRQ
LQGLFDWHGRWKHUWKDQ(5YLVLW
25+HDGDFKHZLWKVLJQLILFDQW
LPSDLUPHQWRIDOHUWQHVVRU
RWKHUQHXURORJLFIXQFWLRQ
,QVRPQLD
1$
'LIILFXOW\VOHHSLQJFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDOIXQFWLRQDODFWLYLWLHV
'LIILFXOW\VOHHSLQJFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJLQVRPQLDFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
1HXURPXVFXODU:HDNQHVV
LQFOXGLQJP\RSDWK\	
QHXURSDWK\
$V\PSWRPDWLFZLWK
GHFUHDVHGVWUHQJWKRQH[DP
250LQLPDOPXVFOHZHDN
QHVVFDXVLQJQRRUPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
0XVFOHZHDNQHVVFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
0XVFOHZHDNQHVVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJPXVFOHZHDNQHVV
FDXVLQJLQDELOLW\WRSHUIRUP
EDVLFVHOIFDUHIXQFWLRQV25
5HVSLUDWRU\PXVFOHZHDNQHVV
LPSDLULQJYHQWLODWLRQ
1HXURVHQVRU\$OWHUDWLRQ
LQFOXGLQJSDUHVWKHVLDDQG
SDLQIXOQHXURSDWK\
$V\PSWRPDWLFZLWKVHQVRU\
DOWHUDWLRQRQH[DPRU
PLQLPDOSDUHVWKHVLDFDXVLQJ
QRRUPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
6HQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6HQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJVHQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
6HL]XUHQHZRQVHW
1$
VHL]XUH
±VHL]XUHV
6HL]XUHVRIDQ\NLQGWKDWDUH
SURORQJHGUHSHWLWLYHHJ
VWDWXVHSLOHSWLFXVRUGLIILFXOW
WRFRQWUROHJUHIUDFWRU\
HSLOHSV\
6HL]XUHSUHH[LVWLQJ
)RU:RUVHQLQJRI([LVWLQJ
(SLOHSV\WKH*UDGHV6KRXOG
%H%DVHGRQDQ,QFUHDVH
IURP3UHYLRXV/HYHORI
&RQWUROWR$Q\RI7KHVH
/HYHOV
1$
,QFUHDVHGIUHTXHQF\RISUH
H[LVWLQJVHL]XUHVQRQ
UHSHWLWLYHZLWKRXWFKDQJHLQ
VHL]XUHFKDUDFWHU25
LQIUHTXHQWEUHDNWKURXJK
VHL]XUHVZKLOHRQVWDEOHPHGV
LQDSUHYLRXVO\FRQWUROOHG
VHL]XUHGLVRUGHU
&KDQJHLQVHL]XUHFKDUDFWHU
IURPEDVHOLQHHLWKHULQ
GXUDWLRQRUTXDOLW\HJ
VHYHULW\RUIRFDOLW\
6HL]XUHVRIDQ\NLQGWKDWDUH
SURORQJHGUHSHWLWLYHHJ
VWDWXVHSLOHSWLFXVRUGLIILFXOW
WRFRQWUROHJUHIUDFWRU\
HSLOHSV\
6HL]XUH
± 3HGLDWULF<HDUV
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ
  PLQXWHVZLWK  KRXUV
SRVWLFWDOVWDWH
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ±
PLQXWHVZLWK
KRXUVSRVWLFWDOVWDWH
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ
!PLQXWHV
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQUHTXLULQJ
LQWXEDWLRQDQGVHGDWLRQ
6\QFRSHQRWDVVRFLDWHG
ZLWKDSURFHGXUH
1$
3UHVHQW
1$
1$
9HUWLJR
9HUWLJRFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9HUWLJRFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9HUWLJRFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJYHUWLJRFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
086&8/26.(/(7$/
*UDGH
*UDGH
*UDGH
*UDGH
$UWKUDOJLD
6HHDOVR$UWKULWLV
-RLQWSDLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
-RLQWSDLQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
-RLQWSDLQFDXVLQJLQDELOLW\
WRSHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJMRLQWSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
$UWKULWLV
6HHDOVR$UWKUDOJLD
6WLIIQHVVRUMRLQWVZHOOLQJ
FDXVLQJQRRUPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6WLIIQHVVRUMRLQWVZHOOLQJFDXVLQJ
JUHDWHUWKDQPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6WLIIQHVVRUMRLQWVZHOOLQJ
FDXVLQJLQDELOLW\WRSHUIRUP
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'LVDEOLQJMRLQWVWLIIQHVVRU
VZHOOLQJFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV
%RQH0LQHUDO/RVV
%0'WVFRUHRU]VFRUH
±WR±
%0'WVFRUHRU]VFRUH ±
3DWKRORJLFDOIUDFWXUH
LQFOXGLQJORVVRIYHUWHEUDO
KHLJKW
3DWKRORJLFIUDFWXUHFDXVLQJ
OLIHWKUHDWHQLQJFRQVHTXHQFHV
3HGLDWULF <HDUV
%0']VFRUH
±WR±
%0']VFRUH±
3DWKRORJLFDOIUDFWXUH
LQFOXGLQJORVVRIYHUWHEUDO
KHLJKW
3DWKRORJLFIUDFWXUHFDXVLQJ
OLIHWKUHDWHQLQJFRQVHTXHQFHV
0\DOJLD
QRQLQMHFWLRQVLWH
0XVFOHSDLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
0XVFOHSDLQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
0XVFOHSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJPXVFOHSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
2VWHRQHFURVLV
1$
$V\PSWRPDWLFZLWKUDGLRJUDSKLF
ILQGLQJV$1'1RRSHUDWLYH
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPDWLFERQHSDLQZLWK
UDGLRJUDSKLFILQGLQJV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
'LVDEOLQJERQHSDLQZLWK
UDGLRJUDSKLFILQGLQJVFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
6<67(0,&
*UDGH
*UDGH
*UDGH
*UDGH
$FXWH6\VWHPLF$OOHUJLF
5HDFWLRQ
/RFDOL]HGXUWLFDULD
ZKHDOVZLWKQRPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
/RFDOL]HGXUWLFDULDZLWKPHGLFDO
LQWHUYHQWLRQLQGLFDWHG250LOG
DQJLRHGHPDZLWKQRPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
*HQHUDOL]HGXUWLFDULD25
$QJLRHGHPDZLWKPHGLFDO
LQWHUYHQWLRQLQGLFDWHG25
6\PSWRPDWLFPLOG
EURQFKRVSDVP
$FXWHDQDSK\OD[LV25/LIH
WKUHDWHQLQJEURQFKRVSDVP25
ODU\QJHDOHGHPD
&KLOOV
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
1$
)DWLJXH
0DODLVH
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
,QFDSDFLWDWLQJIDWLJXHPDODLVH
V\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV
)HYHUQRQD[LOODU\
&WR&
)WR)
&WR&
)WR)
&WR&
)WR)
&
)
3DLQ ,QGLFDWH%RG\6LWH
6HHDOVR,QMHFWLRQ6LWH
3DLQ+HDGDFKH
$UWKUDOJLDDQG0\DOJLD
3DLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
3DLQFDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
3DLQFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV25
+RVSLWDOL]DWLRQRWKHUWKDQ(5
YLVLWLQGLFDWHG
8QLQWHQWLRQDO:HLJKW
/RVV
1$
WRORVVLQERG\ZHLJKWIURP
EDVHOLQH
WRORVVLQERG\
ZHLJKWIURPEDVHOLQH
ORVVLQERG\ZHLJKW
IURPEDVHOLQH25$JJUHVVLYH
LQWHUYHQWLRQLQGLFDWHG>HJ
WXEHIHHGLQJRUWRWDOSDUHQWHUDO
QXWULWLRQ@


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
,1-(&7,216,7(5($&7,21
*UDGH
*UDGH
*UDGH
*UDGH
,QMHFWLRQ6LWH3DLQSDLQ
ZLWKRXWWRXFKLQJ
2U7HQGHUQHVVSDLQZKHQ
DUHDLVWRXFKHG
3DLQWHQGHUQHVVFDXVLQJQR
RUPLQLPDOOLPLWDWLRQRIXVH
RIOLPE
3DLQWHQGHUQHVVOLPLWLQJXVHRI
OLPE253DLQWHQGHUQHVV
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
3DLQWHQGHUQHVVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
3DLQWHQGHUQHVVFDXVLQJLQDELOLW\
WRSHUIRUPEDVLFVHOIFDUH
IXQFWLRQ25+RVSLWDOL]DWLRQ
RWKHUWKDQ(5YLVLWLQGLFDWHG
IRUPDQDJHPHQWRI
SDLQWHQGHUQHVV
,QMHFWLRQ6LWH5HDFWLRQ
/RFDOL]HG <HDUV
(U\WKHPD25,QGXUDWLRQ
RI  FPWR  FPRU
FP
(U\WKHPD25,QGXUDWLRQ25
(GHPD FPDQ\GLDPHWHU
RU FP
8OFHUDWLRQ256HFRQGDU\
LQIHFWLRQ253KOHELWLV25
6WHULOHDEVFHVV25'UDLQDJH
1HFURVLVLQYROYLQJGHUPLVDQG
GHHSHUWLVVXH
3HGLDWULF <HDUV
(U\WKHPD25,QGXUDWLRQ
25(GHPDSUHVHQWEXW
 FPGLDPHWHU
(U\WKHPD25,QGXUDWLRQ25
(GHPD!  FPGLDPHWHUEXW
 VXUIDFHDUHDRIWKH
H[WUHPLW\VHJPHQWHJXSSHU
DUPWKLJK
(U\WKHPD25,QGXUDWLRQ
25(GHPDLQYROYLQJ
VXUIDFHDUHDRIWKHH[WUHPLW\
VHJPHQWHJXSSHU
DUPWKLJK258OFHUDWLRQ
256HFRQGDU\LQIHFWLRQ25
3KOHELWLV256WHULOHDEVFHVV
25'UDLQDJH
1HFURVLVLQYROYLQJGHUPLVDQG
GHHSHUWLVVXH
3UXULWLV$VVRFLDWHGZLWK
,QMHFWLRQ
6HHDOVR6NLQ3UXULWLV
LWFKLQJ²QRVNLQOHVLRQV
,WFKLQJORFDOL]HGWRLQMHFWLRQ
VLWH$1'5HOLHYHG
VSRQWDQHRXVO\RUZLWK
 KWUHDWPHQW
,WFKLQJEH\RQGWKHLQMHFWLRQ
VLWHEXWQRWJHQHUDOL]HG25
,WFKLQJORFDOL]HGWRLQMHFWLRQ
VLWHUHTXLULQJ KWUHDWPHQW
*HQHUDOL]HGLWFKLQJFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
1$


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
(1'2&5,1(0(7$%2/,&
*UDGH 
*UDGH
*UDGH
*UDGH
/LSRG\VWURSK\HJEDFN
RIQHFNEUHDVWV
DEGRPHQ
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXV
FKDQJHVRQFDVXDOYLVXDO
LQVSHFWLRQ
1$
'LDEHWHV0HOOLWXV
1$
1HZRQVHWZLWKRXWQHHGWRLQLWLDWH
PHGLFDWLRQ250RGLILFDWLRQRI
FXUUHQWPHGVWRUHJDLQJOXFRVH
FRQWURO
1HZRQVHWZLWKLQLWLDWLRQRI
LQGLFDWHGPHG25'LDEHWHV
XQFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJNHWRDFLGRVLV
K\SHURVPRODUQRQNHWRWLF
FRPD
*\QHFRPDVWLD
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXVRQ
FDVXDOYLVXDOLQVSHFWLRQ
1$
+\SHUWK\URLGLVP
$V\PSWRPDWLF
6\PSWRPDWLFFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
7K\URLGVXSSUHVVLRQWKHUDS\
LQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
8QFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJWK\URLGVWRUP
+\SRWK\URLGLVP
$V\PSWRPDWLF
6\PSWRPDWLFFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
7K\URLGUHSODFHPHQWWKHUDS\
LQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
8QFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJP\[HGHPDFRPD
/LSRDWURSK\HJIDWORVV
IURPWKHIDFHH[WUHPLWLHV
EXWWRFNV
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXVRQ
FDVXDOYLVXDOLQVSHFWLRQ
1$


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
*(1,7285,1$5<
*UDGH
*UDGH
*UDGH
*UDGH
,QWHUPHQVWUXDO%OHHGLQJ
,0%
6SRWWLQJREVHUYHGE\SDUWLFLSDQW
250LQLPDOEORRGREVHUYHG
GXULQJFOLQLFDORUFROSRVFRSLF
H[DP
,QWHUPHQVWUXDOEOHHGLQJQRW
JUHDWHULQGXUDWLRQRUDPRXQW
WKDQXVXDOPHQVWUXDOF\FOH
,QWHUPHQVWUXDOEOHHGLQJJUHDWHU
LQGXUDWLRQRU DPRXQWWKDQXVXDO
PHQVWUXDOF\FOH
+HPRUUKDJHZLWKOLIH
WKUHDWHQLQJK\SRWHQVLRQ25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
8ULQDU\7UDFW
REVWUXFWLRQHJVWRQH
1$
6LJQVRUV\PSWRPVRIXULQDU\
WUDFWREVWUXFWLRQZLWKRXW
K\GURQHSKURVLVRUUHQDO
G\VIXQFWLRQ
6LJQVRUV\PSWRPVRIXULQDU\
WUDFWREVWUXFWLRQZLWK
K\GURQHSKURVLVRUUHQDO
G\VIXQFWLRQ
2EVWUXFWLRQFDXVLQJOLIH
WKUHDWHQLQJFRQVHTXHQFHV
,1)(&7,21
*UDGH
*UDGH
*UDGH
*UDGH
,QIHFWLRQDQ\RWKHU
WKDQ+,9LQIHFWLRQ
/RFDOL]HGQRV\VWHPLFDQWLȝELDO
WUHDWPHQWLQGLFDWHG$1'
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\VWHPLFDQWLȝELDOWUHDWPHQW
LQGLFDWHG256\PSWRPV
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
6\VWHPLFDQWLȝELDOWUHDWPHQW
LQGLFDWHG$1'6\PSWRPV
FDXVLQJLQDELOLW\WRSHUIRUP
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV252SHUDWLYH
LQWHUYHQWLRQRWKHUWKDQVLPSOH
LQFLVLRQDQGGUDLQDJHLQGLFDWHG
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJVHSWLF
VKRFN
%DVLF6HOIFDUH)XQFWLRQV $FWLYLWLHVVXFKDVEDWKLQJGUHVVLQJWRLOHWLQJWUDQVIHUPRYHPHQWFRQWLQHQFHDQGIHHGLQJ
8VXDO6RFLDO	)XQFWLRQDO$FWLYLWLHV $GDSWLYHWDVNVDQGGHVLUDEOHDFWLYLWLHVVXFKDVJRLQJWRZRUNVKRSSLQJFRRNLQJXVHRIWUDQVSRUWDWLRQSXUVXLQJ DKREE\HWF


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ
3RWHQWLDODQG&RQWUDFHSWLYH5HTXLUHPHQWV
 3UHJQDQF\DQG&RQWUDFHSWLRQ5HTXLUHPHQWVIRU0DOHVDQG)HPDOHVRI&KLOGEHDULQJ
3RWHQWLDO
3UHJQDQF\PXVWEHH[FOXGHGEHIRUHWKHVWDUWRIWUHDWPHQWZLWKVWXG\GUXJDQGSUHYHQWHG
WKHUHDIWHUE\UHOLDEOHFRQWUDFHSWLYHPHWKRGV$XULQHRUVHUXPSUHJQDQF\WHVWZLOOEHSHUIRUPHG
IRUDOOIHPDOHVRIFKLOGEHDULQJSRWHQWLDODWWKHVFUHHQLQJYLVLWDQGDWHDFKGRVLQJYLVLW9LVLWV 
DQGSULRUWRDGPLQLVWUDWLRQRIVWXG\GUXJ WRHQVXUHSUHJQDQWZRPHQDUHQRWLQFOXGHGRU
WUHDWHGZLWKVWXG\GUXJLQWKHWULDO3OHDVHUHIHUWRWKHODWHVWYHUVLRQRIWKHLQYHVWLJDWRU¶VEURFKXUH
IRUDGGLWLRQDOLQIRUPDWLRQ DERXWWKHHIIHFWVRI*6
 'HILQLWLRQRI)HPDOHRI&KLOGEHDULQJ3RWHQWLDO
)RUWKHSXUSRVHVRIWKLVVWXG\DIHPDOHVXEMHFW RIFKLOGEHDULQJSRWHQWLDOLVDQRQPHQRSDXVDO
IHPDOHZKRKDVQRWKDGDK\VWHUHFWRP\ELODWHUDORRSKRUHFWRP\RUPHGLFDOO\GRFXPHQWHG
RYDULDQIDLOXUH7KLVGHILQLWLRQLQFOXGHVDSXEHUWDOIHPDOHZKRKDVQRW\HWVWDUWHGPHQVWUXDWLQJ
$ZRPDQZKRKDVKDGD WXEDOVWHULOL]DWLRQLVFRQVLGHUHGWREHRIFKLOGEHDULQJSRWHQWLDO
$IHPDOHVXEMHFWPD\EHFRQVLGHUHGPHQRSDXVDO LQ HLWKHU RIWKHIROORZLQJFRQGLWLRQV

6XUJLFDOPHQRSDXVH$SSURSULDWHPHGLFDOGRFXPHQWDWLRQRISULRUFRPSOHWHELODWHUDO
RRSKRUHFWRP\LHVXUJLFDOUHPRYDORIWKHRYDULHV DQGRFFXUULQJDWWKHDJHDWZKLFKWKH
SURFHGXUHZDVSHUIRUPHG

6SRQWDQHRXVPHQRSDXVH3HUPDQHQWFHVVDWLRQRISUHYLRXVO\RFFXUULQJPHQVHVDVDUHVXOWRI
RYDULDQIDLOXUHZLWKGRFXPHQWDWLRQRIKRUPRQDOGHILFLHQF\E\DFHUWLILHG KHDOWK FDUH
SURYLGHU7KHZRUOGZLGHPHDQDJHRIVSRQWDQHRXVPHQRSDXVHLV 6' \HDUV

$KRUPRQDOGHILFLHQF\VKRXOGEHSURSHUO\GRFXPHQWHGLQWKHFDVHRIVXVSHFWHGVSRQWDQHRXV
PHQRSDXVHDVIROORZV
,IDJH\HDUVDQGZLWKWKHDEVHQFHRIQRUPDOPHQVHVVHUXPIROOLFOHVWLPXODWLQJ
KRUPRQH)6+OHYHOHOHYDWHGWRZLWKLQWKHSRVWPHQRSDXVDOUDQJHEDVHGRQWKH
ODERUDWRU\UHIHUHQFHUDQJHZKHUHWKHKRUPRQDODVVD\LVSHUIRUPHG
,IDJH\HDUVDQGZLWKWKHDEVHQFHRIQRUPDOPHQVHVQHJDWLYHVHUXPRUXULQHKXPDQ
FKRULRQLFJRQDGRWURSLQK&*ZLWKFRQFXUUHQWO\HOHYDWHGVHUXP)6+OHYHOLQWKH
SRVWPHQRSDXVDOUDQJHGHSUHVVHGHVWUDGLRO(OHYHOLQWKHSRVWPHQRSDXVDOUDQJHDQG
DEVHQWVHUXPSURJHVWHURQHOHYHOEDVHGRQWKHODERUDWRU\UHIHUHQFHUDQJHVZKHUHWKH
KRUPRQDODVVD\VDUHSHUIRUPHG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
 &RQWUDFHSWLYH5HTXLUHPHQWV
)HPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDODQGPDOHVXEMHFWVPXVWDJUHHWRHLWKHUFRQWLQXH
DEVWLQHQFHIURPVH[XDOLQWHUFRXUVHRUXWLOL]HSURWRFRO VSHFLILHG PHWKRGVRIFRQWUDFHSWLRQLIWKH\
FKRRVHWRHQJDJHLQLQWHUFRXUVHIURPWKHVFUHHQLQJHQUROOPHQWYLVLWWKURXJKRXWWKHVWXG\SHULRG
DQGIRU GD\VIROORZLQJWKHODVWGRVHRIVWXG\GUXJ GD\VIRUPDOHV)HPDOHVWXG\VXEMHFWV
RIFKLOGEHDULQJSRWHQWLDOZLOOXQGHUJRUHJXODUSUHJQDQF\WHVWLQJZKLOHWDNLQJ*67KH
LQYHVWLJDWRUZLOOFRXQVHOVXEMHFWVRQWKHSURWRFROVSHFLILHGPHWKRGVIRUDYRLGLQJSUHJQDQF\LQ
FDVHWKHVXEMHFWFKRRVHVWRHQJDJHLQKHWHURVH[XDOLQWHUFRXUVH
3URWRFROVSHFLILHGFRQWUDFHSWLYHPHWKRGVDUHDVIROORZVDFRPELQDWLRQRIRQHKRUPRQDO
PHWKRGDQGRQHEDUULHUPHWKRGRU XVHRIDQLQWUDXWHULQHGHYLFH,8'RUWXEDOVWHULOL]DWLRQ
VHH$SSHQGL[7DEOH EHORZ$FFHSWDEOHKRUPRQDOPHWKRGVLQFOXGHLQMHFWDEOHSURJHVWHURQH
SURJHVWHURQHLPSODQWVFRPELQDWLRQRUDOFRQWUDFHSWLYHVWUDQVGHUPDOFRQWUDFHSWLYHSDWFKDQG
YDJLQDOULQJ$FFHSWDEOHEDUULHUPHWKRGVLQFOXGHGLDSKUDJPZLWKVSHUPLFLGHFHUYLFDOFDSZLWK
VSHUPLFLGHDQGWKHPDOHFRQGRP ZLWKVSHUPLFLGH)HPDOHVXEMHFWVPXVWXVHHLWKHUDKRUPRQDO
PHWKRGRUDEDUULHUPHWKRGLIWKHSDUWQHUKDVDYDVHFWRP\ DQGWKHPDOHSDUWQHUVKRXOGEHWKH
VROHSDUWQHUIRUWKDWVXEMHFW)RUDYDVHFWRP\DSSURSULDWHSRVWYDVHFWRP\GRFXPHQWDWLRQRIWKH
DEVHQFHRIVSHUPLQWKHHMDFXODWHPXVWEHDYDLODEOH,IDVXEMHFW KDVXQGHUJRQHWXEDOVWHULOL]DWLRQ
RUKDVKDGD&RSSHU 7$,8'RU/1J,8'LQVHUWHGQRRWKHUFRQWUDFHSWLRQLVQHHGHG
,IWXEDOVWHULOL]DWLRQLVYLDWKH(VVXUHSURFHGXUHYHULILFDWLRQRIWXEDOEORFNDJHE\
K\VWHURVDOSLQJRJUDP+63PXVWEHSHUIRUPHGDSSUR[LPDWHO\PRQWKVDIWHUPLFURLQVHUWLRQ
3ULRUWRYHULILFDWLRQ(VVXUHLVQRWFRQVLGHUHGDUHOLDEOHIRUPRIFRQWUDFHSWLRQDQGWKH
FRQWUDFHSWLRQPHWKRGVGHVFULEHGEHORZPXVWEHXVHG)HPDOHVXEMHFWVZKRXWLOL]HKRUPRQDO
FRQWUDFHSWLYHVDVRQHRIWKHLUELUWKFRQWUROPHWKRGVPXVWKDYHXVHGWKHVDPHPHWKRGIRUDWOHDVW
 PRQWKVEHIRUHVWXG\GRVLQJ
)HPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOPXVWKDYHDQHJDWLYHXULQH RUVHUXPSUHJQDQF\WHVWDW
VFUHHQLQJ DQGDWHDFKGRVLQJYLVLW 9LVLWVDQGSULRUWRUHFHLYLQJVWXG\GUXJ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 2FWREHU 
$SSHQGL[7DEOH
3URWRFRO 6SHFLILHG &RQWUDFHSWLYH0HWKRGV
0HWKRGVWR8VHE\7KHPVHOYHV
&RPELQDWLRQ0HWKRGV
+RUPRQH0HWKRGV
FKRRVHRQHDQGXVHZLWK
DEDUULHUPHWKRG
%DUULHU0HWKRGV
FKRRVHRQHDQGXVHZLWKDKRUPRQH
PHWKRG
,QWUDXWHULQH'HYLFHV,8'V
&RSSHU7$,8'
/1J,8'
7XEDO6WHULOL]DWLRQ
(VWURJHQDQG3URJHVWHURQH
2UDOFRQWUDFHSWLYHV
7UDQVGHUPDOSDWFK
9DJLQDOULQJ
3URJHVWHURQH
,QMHFWLRQ
,PSODQW
'LDSKUDJPZLWKVSHUPLFLGH
&HUYLFDOFDSZLWKVSHUPLFLGH
0DOHFRQGRPZLWKVSHUPLFLGH
3DUWQHU¶VYDVHFWRP\PXVWEHXVHGZLWKDKRUPRQHRUEDUULHUPHWKRG DQGWKH
PDOHSDUWQHUVKRXOGEHWKHVROHSDUWQHUIRUWKDWVXEMHFW)RUDYDVHFWRP\
DSSURSULDWHSRVWYDVHFWRP\GRFXPHQWDWLRQRIWKHDEVHQFHRIVSHUPLQWKH
HMDFXODWHPXVWEHDYDLODEOH
7KHLQYHVWLJDWRUZLOO FRXQVHODOOVXEMHFWVRQWKHPRVWHIIHFWLYHPHWKRGVIRUDYRLGLQJSUHJQDQF\
GXULQJWKHVWXG\
 $GGLWLRQDO5HTXLUHPHQWVIRU0DOH6XEMHFWV
0DOHVXEMHFWVPXVWDJUHHWRXVHFRQGRPVGXULQJKHWHURVH[XDOLQWHUFRXUVHDQGDYRLGVSHUP
GRQDWLRQZKLOHHQUROOHGLQWKHVWXG\DQGIRUDWOHDVWGD\VDIWHUDGPLQLVWUDWLRQRIWKHODVWGRVH
RIVWXG\PHGLFDWLRQ
8VHRIFRQGRPVZLWKVSHUPLFLGHKDVEHHQSURYHQWRGHFUHDVHWKHULVNRIWUDQVPLVVLRQRI+,9
DQGRWKHUVH[XDOO\WUDQVPLWWHGGLVHDVHV7KHXVHRIVSHUPLFLGHLVQRWUHFRPPHQGHGLIWKHVXEMHFW
RUVXEMHFW¶VSDUWQHULVLQIHFWHGZLWK+,9
 3URFHGXUHVWREH)ROORZHGLQWKH(YHQWRI3UHJQDQF\
6XEMHFWVZLOO EHLQVWUXFWHGWRQRWLI\WKHLQYHVWLJDWRULIWKH\EHFRPHSUHJQDQWDWDQ\WLPHGXULQJ
WKHVWXG\RULIWKH\EHFRPHSUHJQDQWZLWKLQGD\VRUZHHNVRIODVWVWXG\GUXJGRVH6XEMHFWV
ZKREHFRPHSUHJQDQWRUZKRVXVSHFWWKDWWKH\DUHSUHJQDQWGXULQJWKHVWXG\PXVWUHSRUWWKH
LQIRUPDWLRQWRWKHLQYHVWLJDWRUDQGGLVFRQWLQXHVWXG\GUXJLPPHGLDWHO\6XEMHFWVZKRVHSDUWQHU
KDVEHFRPHSUHJQDQWRUVXVSHFWVVKHLVSUHJQDQWGXULQJWKHVWXG\PXVWUHSRUWWKHLQIRUPDWLRQWR
WKHLQYHVWLJDWRU
,QVWUXFWLRQVIRUUHSRUWLQJSUHJQDQF\SDUWQHUSUHJQDQF\DQGSUHJQDQF\RXWFRPHDUHRXWOLQHGLQ
6HFWLRQ 

Prot_005.pdf: 


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
7$%/(2)&217(176
7$%/(2)&217(176 
/,672),17(;77$%/(6
35272&2/6<1236,6 
*/266$5<2)$%%5(9,$7,216$1''(),1,7,212)7(506

,1752'8&7,21 

%DFNJURXQG 

3UHVDWRYLU*6 

*HQHUDO,QIRUPDWLRQ 

1RQFOLQLFDO3KDUPDFRNLQHWLFV

1RQFOLQLFDO3KDUPDFRORJ\DQG7R[LFRORJ\ 

&OLQLFDO7ULDOVRI3UHVDWRYLU 

5DWLRQDOHIRU7KLV6WXG\ 

'RVH5DWLRQDOH 

&RPSOLDQFH 

2%-(&7,9(6

678'<'(6,*1

(QGSRLQWV 

6WXG\'HVLJQ

6WXG\7UHDWPHQWV 

'XUDWLRQRI7UHDWPHQW

'LVFRQWLQXDWLRQ&ULWHULD

6RXUFH'DWD

68%-(&73238/$7,21

1XPEHURI6XEMHFWVDQG6XEMHFW6HOHFWLRQ 

,QFOXVLRQ&ULWHULD

([FOXVLRQ&ULWHULD

,19(67,*$7,21$/0(',&,1$/352'8&76 

5DQGRPL]DWLRQ%OLQGLQJDQG7UHDWPHQW&RGHV 

3URFHGXUHVIRU%UHDNLQJ7UHDWPHQW&RGHV

'HVFULSWLRQDQG+DQGOLQJRI3UHVDWRYLU*6 

)RUPXODWLRQ

3DFNDJLQJDQG/DEHOLQJ 

6WRUDJHDQG+DQGOLQJ

'RVDJHDQG$GPLQLVWUDWLRQRI3UHVDWRYLU 

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV

$FFRXQWDELOLW\IRU3UHVDWRYLU 

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW5HWXUQRU'LVSRVDO

678'<352&('85(6 

6XEMHFW(QUROOPHQWDQG7UHDWPHQW$VVLJQPHQW

9LVLW6FUHHQLQJ9LVLW'D\

9LVLW%DVHOLQH$VVHVVPHQWV5DQGRPL]DWLRQDQG7UHDWPHQW
$VVHVVPHQWV'D\

9LVLW'D\KRXUV

9LVLW'D\KRXUV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

9LVLW'D\KRXUV

9LVLWV'D\VDQGKRXUV

9LVLW'D\KRXUV

9LVLW(QGRI6WXG\'D\GD\V

9LVLWV± 'D\VDQGKRXUV

$VVHVVPHQWVIRU3UHPDWXUH'LVFRQWLQXDWLRQIURP,03GRVLQJDQG(DUO\:LWKGUDZDO

$VVHVVPHQWVIRU3UHPDWXUH'LVFRQWLQXDWLRQ IURP,03$GPLQLVWUDWLRQ 

$VVHVVPHQWVIRU(DUO\7HUPLQDWLRQ:LWKGUDZDO

$VVHVVPHQWVIRU8QVFKHGXOHG9LVLWV

6WXG\$VVHVVPHQWV

1DVDO6DPSOHV9LURORJ\DQG$QWLERG\7LWHU 

9LURORJ\DQG5HVLVWDQFH0RQLWRULQJ

)/83524XHVWLRQQDLUH

9LWDO6LJQV

2[\JHQ6DWXUDWLRQ

6DIHW\/DEV

&KHVW;UD\ 

(OHFWURFDUGLRJUDP(&*

&ROOHFWLRQRI6WDQGDUGRI&DUH&OLQLFDO'DWDIRU&HQWUDO5HYLHZ

3ODVPD3. 

2SWLRQDO([WHQGHG9LUDO0RQLWRULQJ

$'9(56((9(176$1'72;,&,7<0$1$*(0(17

'HILQLWLRQVRI$GYHUVH(YHQWV$GYHUVH5HDFWLRQVDQG6HULRXV$GYHUVH(YHQWV

$GYHUVH(YHQWV

6HULRXV$GYHUVH(YHQWV

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV
$GYHUVH(YHQWVRU6HULRXV$GYHUVH(YHQWV 

$VVHVVPHQWRI$GYHUVH(YHQWVDQG6HULRXV$GYHUVH(YHQWV

$VVHVVPHQWRI&DXVDOLW\IRU,03DQG3URFHGXUHV

$VVHVVPHQWRI6HYHULW\ 

,QYHVWLJDWRU5HTXLUHPHQWVDQG,QVWUXFWLRQVIRU5HSRUWLQJ$GYHUVH(YHQWVDQG6HULRXV
$GYHUVH(YHQWVWR*LOHDG

*LOHDG5HSRUWLQJ5HTXLUHPHQWV

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV$GYHUVH(YHQWVRU
6HULRXV$GYHUVH(YHQWV

7R[LFLW\0DQDJHPHQW 

6SHFLDO6LWXDWLRQV5HSRUWV

'HILQLWLRQVRI6SHFLDO6LWXDWLRQV

,QVWUXFWLRQVIRU5HSRUWLQJ6SHFLDO6LWXDWLRQV

67$7,67,&$/&216,'(5$7,216

$QDO\VLV2EMHFWLYHVDQG(QGSRLQWV

$QDO\VLV2EMHFWLYHV

3ULPDU\(QGSRLQW 

6HFRQGDU\(QGSRLQW 

([SORUDWRU\(QGSRLQWV

$QDO\VLV&RQYHQWLRQV

$QDO\VLV6HWV 

'DWD+DQGOLQJ&RQYHQWLRQV 

'HPRJUDSKLF'DWDDQG%DVHOLQH&KDUDFWHULVWLFV 

(IILFDF\$QDO\VLV 

3ULPDU\$QDO\VLV

6HFRQGDU\$QDO\VHV 


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

([SORUDWRU\$QDO\VHV 

6DIHW\$QDO\VLV

([WHQWRI([SRVXUH

$GYHUVH(YHQWV

/DERUDWRU\(YDOXDWLRQV 

2WKHU6DIHW\(YDOXDWLRQV

3KDUPDFRNLQHWLF$QDO\VLV

6DPSOH6L]H

'DWD0RQLWRULQJ&RPPLWWHH 

(QGSRLQW$GMXGLFDWLRQ&RPPLWWHH

5(63216,%,/,7,(6

,QYHVWLJDWRU5HVSRQVLELOLWLHV 

*RRG&OLQLFDO3UDFWLFH

,QVWLWXWLRQDO5HYLHZ%RDUG,5%,QGHSHQGHQW(WKLFV&RPPLWWHH,(&
5HYLHZDQG$SSURYDO

,QIRUPHG&RQVHQW

&RQILGHQWLDOLW\

6WXG\)LOHVDQG5HWHQWLRQRI5HFRUGV 

&DVH5HSRUW)RUPV

'DWD4XDOLW\&RQWURODQG4XDOLW\$VVXUDQFH

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW$FFRXQWDELOLW\DQG5HWXUQ

,QVSHFWLRQV

3URWRFRO&RPSOLDQFH

6SRQVRU5HVSRQVLELOLWLHV 

3URWRFRO0RGLILFDWLRQV

6WXG\5HSRUWDQG3XEOLFDWLRQV 

-RLQW,QYHVWLJDWRU6SRQVRU5HVSRQVLELOLWLHV 

3D\PHQW5HSRUWLQJ

$FFHVVWR,QIRUPDWLRQIRU0RQLWRULQJ

$FFHVVWR,QIRUPDWLRQIRU$XGLWLQJRU,QVSHFWLRQV 

6WXG\'LVFRQWLQXDWLRQ

5()(5(1&(6 

$33(1',&(6 
$SSHQGL[ 
,QYHVWLJDWRU6LJQDWXUH3DJH
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
$SSHQGL[ 
0DQDJHPHQWRI&OLQLFDODQG/DERUDWRU\$GYHUVH(YHQWV
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDODQG
&RQWUDFHSWLYH5HTXLUHPHQWV
/,672),17(;77$%/(6
7DEOH 
3.7LPHSRLQWV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
35272&2/6<1236,6
*LOHDG6FLHQFHV,QF
(%ODLQH6W
6HDWWOH:$
6WXG\7LWOH
$3KDVHE5DQGRPL]HG'RXEOH%OLQG3ODFHER&RQWUROOHG
0XOWL&HQWHU6WXG\(YDOXDWLQJ$QWLYLUDO(IIHFWV3KDUPDFRNLQHWLFV
6DIHW\DQG7ROHUDELOLW\RI*6LQ+HPDWRSRLHWLF&HOO7UDQVSODQW
+&75HFLSLHQWVZLWK5HVSLUDWRU\6\QF\WLDO9LUXV569,QIHFWLRQ
RIWKH8SSHU5HVSLUDWRU\7UDFW
,1'1XPEHU
(XGUD&71XPEHU
&OLQLFDO7ULDOVJRY
,GHQWLILHU


1&7
6WXG\&HQWHUV
3ODQQHG
$SSUR[LPDWHO\ FHQWHUVLQ$VLD3DFLILF$XVWUDOLD&DQDGD(XURSH
6RXWK $PHULFD DQGWKH8QLWHG6WDWHV
2EMHFWLYHV
7KHSULPDU\REMHFWLYHRIWKLVVWXG\LVDVIROORZV

7RHYDOXDWHWKHHIIHFW RI SUHVDWRYLU *6 RQ569YLUDOORDG
LQ569SRVLWLYHDXWRORJRXVRUDOORJHQHLF+&7UHFLSLHQWVZLWK
DFXWH XSSHUUHVSLUDWRU\WUDFWLQIHFWLRQ857,V\PSWRPV
7KHVHFRQGDU\REMHFWLYHVRI WKLVVWXG\DUHDVIROORZV

7RHYDOXDWHWKHHIIHFWRISUHVDWRYLU RQ GHYHORSPHQWRI
ORZHU UHVSLUDWRU\WUDFWFRPSOLFDWLRQ/57& SURJUHVVLRQWR
UHVSLUDWRU\IDLOXUHDQGDOOFDXVHPRUWDOLW\

7RHYDOXDWHWKHSKDUPDFRNLQHWLFV3. VDIHW\DQGWROHUDELOLW\RI
SUHVDWRYLU
6WXG\'HVLJQ
5DQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGVWXG\HYDOXDWLQJWKH
HIIHFWRISUHVDWRYLU RQHIILFDF\3.VDIHW\DQGWROHUDELOLW\LQ+&7
UHFLSLHQWVZLWK569857,
$OOVXEMHFWVZLOOEHSHUPLWWHGWRUHFHLYHWKHVWDQGDUGRIFDUHWKHUDS\
IRU569LQIHFWLRQSHUWKHLUORFDOPHGLFDOSUDFWLFHV LQDGGLWLRQWR WKH
LQYHVWLJDWLRQDOPHGLFLQDOSURGXFW,03
6XEMHFWVZLOOEHUDQGRPL]HGLQDUDWLRWRUHFHLYH,03
SUHVDWRYLU RU SODFHERDQGZLOOEHVWUDWLILHGE\ IDFWRUV
 3UHVHQFHRUDEVHQFH RIO\PSKRSHQLDGHILQHGDVD
O\PSKRF\WH FRXQW FHOOV/ YHUVXVFHOOV/RIEORRG
 7UHDWPHQWRI569 LQIHFWLRQ \HVRUQRZLWKULEDYLULQ
RUDO LQWUDYHQRXV RUDHURVROL]HG


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
1XPEHURI6XEMHFWV
3ODQQHG
$SSUR[LPDWHO\569SRVLWLYHVXEMHFWV
7DUJHW3RSXODWLRQ
0DOHVDQGIHPDOHV WR \HDUVRIDJH ZKRKDYHKDGDQDOORJHQHLF
RUDXWRORJRXV+&7DQGKDYH GRFXPHQWHGDFXWH569UHODWHG857,
V\PSWRPV
'XUDWLRQRI
7UHDWPHQW
GRVHV RYHUGD\V
'LDJQRVLVDQG0DLQ
(OLJLELOLW\&ULWHULD
)RUDFRPSOHWHOLVWRIVWXG\LQFOXVLRQDQGH[FOXVLRQFULWHULDSOHDVH
UHIHUWR6HFWLRQ 
,QFOXVLRQ&ULWHULD
6XEMHFWVPXVWPHHWDOO RIWKHIROORZLQJLQFOXVLRQFULWHULDDWWKHWLPH
RIUDQGRPL]DWLRQWREHHOLJLEOHIRUSDUWLFLSDWLRQLQWKLVVWXG\
 0DOHVDQGIHPDOHVWR \HDUVRIDJH
 5HFHLYHGDQDXWRORJRXVRUDOORJHQHLF+&7XVLQJDQ\
FRQGLWLRQLQJUHJLPHQ
 'RFXPHQWHGWREH569SRVLWLYHDVGHWHUPLQHGE\ORFDOWHVWLQJ
HJ SRO\PHUDVHFKDLQUHDFWLRQ>3&5@GLUHFWIOXRUHVFHQFH
DQWLERG\>')$@UHVSLUDWRU\YLUDOSDQHO593DVVD\RUFXOWXUH
XVLQJDQXSSHUUHVSLUDWRU\WUDFWVDPSOHFROOHFWHGGD\V SULRUWR
'D\ 
 1HZRQVHWRIDWOHDVWRIWKHIROORZLQJUHVSLUDWRU\V\PSWRPVIRU
  GD\VSULRUWR'D\QDVDOFRQJHVWLRQUXQQ\QRVHFRXJKRU
VRUHWKURDWRUZRUVHQLQJRIRQHRIWKHVHFKURQLFDVVRFLDWHGZLWK
DSUHYLRXVO\H[LVWLQJGLDJQRVLVHJFKURQLFUKLQRUUKHDVHDVRQDO
DOOHUJLHVFKURQLFOXQJGLVHDVHUHVSLUDWRU\V\PSWRPV GD\V
SULRUWR'D\
 1RHYLGHQFHRIQHZDEQRUPDOLWLHVFRQVLVWHQWZLWK/57,RQD
FKHVW;UD\UHODWLYHWRWKHPRVWUHFHQWFKHVW;UD\DVGHWHUPLQHG
E\WKHORFDOUDGLRORJLVW,IDFKHVW;UD\LVQRWDYDLODEOHRUZDV
QRWREWDLQHGGXULQJVWDQGDUGFDUH KRXUV SULRUWR6FUHHQLQJD
FKHVW;UD\PXVWEHREWDLQHGIRU6FUHHQLQJ
 2[\JHQVDWXUDWLRQ  RQURRPDLU
 $QLQIRUPHGFRQVHQWGRFXPHQWVLJQHGDQGGDWHGE\WKHVXEMHFWRU
DOHJDOJXDUGLDQRIWKHVXEMHFWDQGWKHLQYHVWLJDWRURUKLVKHU
GHVLJQHH
 $QHJDWLYHXULQHRUVHUXPSUHJQDQF\WHVWLVUHTXLUHGIRUIHPDOH
VXEMHFWVXQOHVVVXUJLFDOO\VWHULOHRUJUHDWHUWKDQWZR \HDUV
SRVWPHQRSDXVDO


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
 0DOHDQGIHPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOPXVWDJUHHWR
FRQWUDFHSWLYHUHTXLUHPHQWVDVGHVFULEHGLQ$SSHQGL[ 
 :LOOLQJQHVVWRFRPSOHWHQHFHVVDU\VWXG\SURFHGXUHVDQGKDYH
DYDLODEOHDZRUNLQJWHOHSKRQHRUHPDLO
([FOXVLRQ&ULWHULD
6XEMHFWVZKRPHHWDQ\ RIWKHIROORZLQJH[FOXVLRQFULWHULDDUHQRWWR
EHHQUROOHGLQWKLVVWXG\
5HODWHGWRFRQFRPLWDQWRUSUHYLRXVPHGLFDWLRQXVH
 8VHRIQRQPDUNHWHGDFFRUGLQJWRUHJLRQLQYHVWLJDWLRQDODJHQWV
ZLWKLQ GD\V25 XVHRIDQ\LQYHVWLJDWLRQDOPRQRFORQDODQWL
569DQWLERGLHVZLWKLQ PRQWKVRUKDOIOLYHVRI6FUHHQLQJ
ZKLFKHYHULVORQJHU25 XVHRIDQ\LQYHVWLJDWLRQDO569YDFFLQHV
DIWHU+&7
 8VHRIDPRGHUDWHRUVWURQJF\WRFKURPH3HQ]\PH&<3
LQGXFHULQFOXGLQJEXWQRWOLPLWHGWRULIDPSLQ6W -RKQ¶V :RUW
FDUEDPD]HSLQHSKHQ\WRLQ HIDYLUHQ]ERVHQWDQHWUDYLULQH
PRGDILQLODQGQDIFLOOLQ ZLWKLQ ZHHNVSULRUWRWKHILUVWGRVHRI
,03
5HODWHGWRPHGLFDOKLVWRU\
 $GPLWWHGWRWKHKRVSLWDOSULPDULO\IRUDORZHUUHVSLUDWRU\WUDFW
GLVHDVHRIDQ\FDXVHDVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 3UHJQDQWEUHDVWIHHGLQJRUODFWDWLQJIHPDOHV
 8QDEOHWRWROHUDWHQDVDOVDPSOLQJUHTXLUHGIRUWKLVVWXG\DV
GHWHUPLQHGE\WKHLQYHVWLJDWRU
 .QRZQKLVWRU\RI+,9$,'6ZLWKD&'FRXQW FHOOVȝ/
ZLWKLQWKHODVWPRQWK
 +LVWRU\RIGUXJDQGRUDOFRKRODEXVHWKDWLQWKHRSLQLRQRIWKH
LQYHVWLJDWRUPD\SUHYHQWDGKHUHQFHWRVWXG\DFWLYLWLHV
5HODWHGWRPHGLFDOFRQGLWLRQDW6FUHHQLQJ
 'RFXPHQWHGWREHSRVLWLYHIRURWKHUUHVSLUDWRU\YLUXVHVOLPLWHGWR
LQIOXHQ]DSDUDLQIOXHQ]DKXPDQUKLQRYLUXVDGHQRYLUXV
KXPDQ PHWDSQHXPRYLUXVRUFRURQDYLUXVZLWKLQ GD\VSULRUWR
WKH6FUHHQLQJYLVLWDVGHWHUPLQHGE\ORFDOWHVWLQJDGGLWLRQDO
WHVWLQJLVQRWUHTXLUHG
 &OLQLFDOO\VLJQLILFDQWEDFWHUHPLDRUIXQJHPLDZLWKLQ GD\VSULRU
WR6FUHHQLQJWKDWKDVQRWEHHQDGHTXDWHO\WUHDWHGDVGHWHUPLQHG
E\WKHLQYHVWLJDWRU




3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
2VDWXUDWLRQ 2VDWXUDWLRQZLOOEHUHFRUGHGDWDOOVWXG\YLVLWVZLWK
WKHH[FHSWLRQRI9LVLWVDQGLIFRQGXFWHGDVKRPHYLVLWV

ZKLOHEUHDWKLQJURRPDLU,I
WKHVXEMHFWLVGHSHQGHQWRQVXSSOHPHQWDO2LWVKRXOGEHUHPRYHGIRU
WHVWLQJLISRVVLEOH6XEMHFWVUHTXLULQJLQYDVLYHPHFKDQLFDOYHQWLODWLRQ
ZLOOQRWKDYH2 VDWXUDWLRQPHDVXUHGZKLOHYHQWLODWHG5HIHUWR
6HFWLRQ  IRUSURFHGXUHLQVWUXFWLRQV
6XSSOHPHQWDO27KHQHHGIRUVXSSOHPHQWDO2 DQGWKHPRGHRI
GHOLYHU\ZLOOEHDVVHVVHGDWDOOVWXG\YLVLWVWKURXJK'D\FRQGXFWHG
DWWKHKRVSLWDORULQFOLQLF
/DERUDWRU\WHVWV :KHQDYDLODEOHH[LVWLQJODERUDWRU\YDOXHV
  GD\VSULRUWR6FUHHQLQJ9LVLWPD\EHXVHGIRUHOLJLELOLW\
DVVHVVPHQW6WXG\VWDIIZLOOSHUIRUPXULQHRUVHUXPSUHJQDQF\WHVWV
RQVLWHDW6FUHHQLQJDQGDWHDFKGRVLQJYLVLW9LVLWVDQG 
SULRUWRDGPLQLVWUDWLRQRI,03DVQHFHVVDU\%ORRGVSHFLPHQVIRU
VDIHW\9LVLWV DQGDQG569YLUHPLDHYDOXDWLRQ
XVLQJ TXDQWLWDWLYHUHDOWLPHSRO\PHUDVHFKDLQUHDFWLRQ
>57T3&5@  9LVLWVDQGZLOOEHFROOHFWHGSULRUWR
GRVLQJDQGIRUVHUXPDQWLERG\WLWHUVWR569DW9LVLWV  DQG 
'D\V DQG %ORRGVSHFLPHQVIRUVHUXPFUHDWLQLQHZLOOEH
FROOHFWHGKRXUVSRVWGRVHDW9LVLWV  DQG 'D\V DQGIURP
VXEMHFWVSDUWLFLSDWLQJLQWKH3.VXEJURXSRQO\%ORRGZLOODOVREH
GUDZQWRPRQLWRUWURSRQLQOHYHOVDWWKHVLWH¶VORFDOODERUDWRU\SUH
GRVHDW9LVLWV DQG
3.EORRGGUDZV 3KDUPDFRNLQHWLF3.VDPSOHVZLOOEHFROOHFWHG
IURPDOOVXEMHFWVH[FOXGLQJVXEMHFWVLQWKH3.VXEJURXSDWWKH
IROORZLQJWLPHSRLQWVSUHGRVHDW9LVLW'D\SUHGRVHDQG
 KRXUVSRVWGRVHDW9LVLW  'D\DQGDQ\WLPHDW9LVLW 'D\
6XEMHFWVZLOOKDYHWKHRSWLRQRISDUWLFLSDWLQJLQWKH3.VXEJURXS
XQWLOVXEMHFWVKDYHHQUROOHGLQWRWKHVXEJURXS3.VDPSOHVZLOOEH
FROOHFWHGLQWKH3.VXEJURXSDWWKHIROORZLQJWLPHSRLQWVDQG
 KRXUVSRVWGRVHDW9LVLW'D\DQ\WLPHDW9LVLW  'D\ 
SUHGRVHDW9LVLW'D\SUHGRVHDQG KRXUVSRVWGRVHDW
9LVLW  'D\DQGDQ\WLPHDW9LVLW 'D\ 
PPD




3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
6WXG\9LVLWV
9LVLW6FUHHQLQJ'D\
7KLVYLVLWPXVWEHSHUIRUPHGLQWKHFOLQLFRULQKRVSLWDO3RWHQWLDO
VXEMHFWVPXVWEHGRFXPHQWHG569SRVLWLYHLQWKHXSSHUUHVSLUDWRU\
WUDFWSULRUWREHLQJDSSURDFKHGIRULQIRUPHGFRQVHQW7KHIROORZLQJ
6FUHHQLQJSURFHGXUHVODEVDUHUHTXLUHG

2EWDLQZULWWHQLQIRUPHGFRQVHQW

&ROOHFWLRQRIPHGLFDOKLVWRU\DQGGHPRJUDSKLFV

5HYLHZRIFRQFRPLWDQWPHGLFDWLRQV

9LWDO6LJQVLQFOXGLQJ2 VDWXUDWLRQ

+HLJKWDQGZHLJKW

%ORRGGUDZIRU6FUHHQLQJODEVIRUORFDOODERUDWRU\DQDO\VHV
XQOHVVH[LVWLQJODERUDWRU\YDOXHVFROOHFWHGGD\VSULRUWR
6FUHHQLQJFDQEHREWDLQHGIRUUHYLHZ

&KHVW;UD\FKHVW;UD\VREWDLQHG KRXUVSULRUWR6FUHHQLQJ
PD\EHXVHG

8ULQHRUVHUXPSUHJQDQF\WHVWLQZRPHQXQDEOHWRFRQILUP
PHQRSDXVHK\VWHUHFWRP\DQGRUELODWHUDORRSKRUHFWRP\

5HYLHZRIDQ\DGYHUVHHYHQWV$(VRFFXUULQJDIWHUVLJQLQJRIWKH
FRQVHQWIRUP
9LVLW%DVHOLQH$VVHVVPHQWV5DQGRPL]DWLRQDQG
,03 $GPLQLVWUDWLRQ'D\
,IWKHVXEMHFWPHHWVDOOHOLJLELOLW\FULWHULD9LVLWDQG9LVLWPD\
RFFXURQWKHVDPHGD\7KH,03PXVWEHDGPLQLVWHUHGXQGHU
VXSHUYLVLRQE\WKHVWXG\VWDII9LVLWVKRXOGRFFXULQFOLQLFRULQ
KRVSLWDO9LVLWDVVHVVPHQWVVKRXOGEHSHUIRUPHGLQWKH IROORZLQJ
RUGHU

)/8352TXHVWLRQQDLUHPXVWEHSHUIRUPHGSULRUWRDOORWKHU
DVVHVVPHQWV

9LWDO6LJQVLQFOXGLQJ2 VDWXUDWLRQ

:HLJKW

3UHGRVHEORRGGUDZIRUVDIHW\ODEVVHUXPDQWLERG\WLWHUWR569
569YLUHPLDDQGORFDOWURSRQLQWHVWLQJ

2EWDLQQDVDOVDPSOHV

8ULQHRUVHUXPSUHJQDQF\WHVWLQZRPHQXQDEOHWRFRQILUP
PHQRSDXVHK\VWHUHFWRP\DQGRUELODWHUDORRSKRUHFWRP\


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

OHDG3UHGRVH(&*

5DQGRPL]DWLRQYLD,;56

,QYHVWLJDWLRQDOPHGLFLQDOSURGXFWDGPLQLVWUDWLRQ

3KDUPDFRNLQHWLFEORRGGUDZ3.VXEJURXSRQO\PLQ
 PLQPLQDQG  KRXUVPLQSRVWGRVH

%ORRGGUDZIRUVHUXPFUHDWLQLQH3.VXEJURXSRQO\
 KRXUV SRVWGRVHPLQ

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQV
LQWHQVLYHFDUHXQLW,&8DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUHIRU
! KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLH FKHVWUDGLRJUDSKV
PLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYH
DQGQRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH
  /PLQIRU!  KRXUV
9LVLW'D\KRXUV
)RUVXEMHFWVLQWKH3.VXEJURXSWKLVYLVLWPXVWEHSHUIRUPHGLQFOLQLF
RULQKRVSLWDO)RUDOORWKHUVXEMHFWVWKLVYLVLWPD\EHSHUIRUPHGLQ
FOLQLFLQKRVSLWDORUDWKRPHE\WKHVWXG\FRRUGLQDWRURUGHVLJQHHRU
DKRPHQXUVLQJYHQGRU

3KDUPDFRNLQHWLFEORRGGUDZ3.VXEJURXSRQO\

2EWDLQQDVDOVDPSOHV

9LWDO6LJQVLQFOXGLQJ2 VDWXUDWLRQXQOHVVFRQGXFWHGDVDKRPH
YLVLW

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQV
UHKRVSLWDOL]DWLRQV,&8DGPLVVLRQVRU XWLOL]DWLRQRI,&8FDUHIRU
!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLHFKHVWUDGLRJUDSKV
PLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYH
DQGQRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2XVH
/PLQIRU!KRXUV 5HYLHZRISURFHGXUHUHODWHG$(VRQO\LI
KRPHYLVLW
9LVLWV'D\VKRXUV
7KLVYLVLWPXVWEHSHUIRUPHGLQFOLQLFRULQKRVSLWDO9LVLW 
DVVHVVPHQWVVKRXOGEHSHUIRUPHGLQWKHIROORZLQJRUGHU

)/8352TXHVWLRQQDLUHPXVWEHSHUIRUPHGSULRUWRDOORWKHU
DVVHVVPHQWV

9LWDOVLJQVLQFOXGLQJ2 VDWXUDWLRQ

:HLJKW


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

3KDUPDFRNLQHWLFEORRGGUDZIRUDOOVXEMHFWVSUHGRVH

3UHGRVHEORRGGUDZIRUVDIHW\ODEVDQG569YLUHPLD

2EWDLQQDVDOVDPSOHV

8ULQHRUVHUXPSUHJQDQF\WHVWLQZRPHQXQDEOHWRFRQILUP
PHQRSDXVHK\VWHUHFWRP\DQGRUELODWHUDORRSKRUHFWRP\

,QYHVWLJDWLRQDOPHGLFLQDOSURGXFWDGPLQLVWUDWLRQ

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQV
UHKRVSLWDOL]DWLRQVDGPLVVLRQWRLQWHQVLYHFDUHXQLW,&8RU
XWLOL]DWLRQRI,&8FDUHIRU ! KRXUVVWDQGDUGRIFDUHWHVWUHVXOWV
LH FKHVWUDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPV
PHFKDQLFDOYHQWLODWLRQLQYDVLYHDQGQRQLQYDVLYHRIDQ\
GXUDWLRQDQGVXSSOHPHQWDO2 XVH  /PLQIRU!  KRXUV
9LVLW'D\KRXUV
7KLVYLVLWPD\EHSHUIRUPHGLQFOLQLFLQKRVSLWDORUDWKRPHE\WKH
VWXG\FRRUGLQDWRURUGHVLJQHHRUDKRPHQXUVLQJYHQGRU

2EWDLQQDVDOVDPSOHV

9LWDO6LJQVLQFOXGLQJ2 VDWXUDWLRQXQOHVVFRQGXFWHGDVDKRPH
YLVLW

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQV
UHKRVSLWDOL]DWLRQV,&8DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUHIRU
!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLHFKHVWUDGLRJUDSKV
PLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYH
DQGQRQLQYDVLYHRIDQ\GXUDWLRQDQG VXSSOHPHQWDO2XVH
/PLQIRU!KRXUV5HYLHZRISURFHGXUHUHODWHG$(VRQO\LI
KRPHYLVLW
9LVLWV± 'D\VDQGKRXUV
7KHVHYLVLWVPXVWEHSHUIRUPHGLQFOLQLFRULQKRVSLWDO9LVLW 
DVVHVVPHQWVVKRXOGEHSHUIRUPHGLQWKHIROORZLQJRUGHU

)/8352TXHVWLRQQDLUH'D\RQO\PXVWEHSHUIRUPHGSULRUWR
DOORWKHUDVVHVVPHQWV

9LWDOVLJQVLQFOXGLQJ2 VDWXUDWLRQ

:HLJKW

3KDUPDFRNLQHWLFEORRGGUDZIRUDOOVXEMHFWVSUHGRVHDQG
 KRXUVSRVWGRVHPLQ'D\ RQO\


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

3UHGRVHEORRGGUDZIRUVDIHW\ODEVDQG569YLUHPLDDWDOOYLVLWV
DQGORFDOWURSRQLQWHVWLQJRQ'D\RQO\

2EWDLQQDVDOVDPSOHV

OHDG3UHGRVH(&*'D\RQO\

8ULQHRUVHUXPSUHJQDQF\WHVWLQZRPHQXQDEOHWRFRQILUP
PHQRSDXVHK\VWHUHFWRP\DQGRUELODWHUDORRSKRUHFWRP\

,QYHVWLJDWLRQDOPHGLFLQDOSURGXFWDGPLQLVWUDWLRQ

%ORRGGUDZIRUVHUXPFUHDWLQLQH3.VXEJURXSRQO\ KRXUV
SRVWGRVHPLQ'D\RQO\

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQV
UHKRVSLWDOL]DWLRQV,&8DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUHIRU
!  KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLHFKHVWUDGLRJUDSKV
PLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQ
LQYDVLYH DQGQRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO
2 XVH  /PLQIRU!  KRXUV
9LVLWVDQG'D\KRXUVDQG(QGRI6WXG\'D\ 
  GD\V
7KHVHYLVLWVPXVWEHSHUIRUPHGLQFOLQLFRULQKRVSLWDO9LVLW PD\
RFFXUQRHDUOLHUWKDQ'D\DQGQRODWHUWKDQ'D\ 9LVLW DQG
 DVVHVVPHQWVVKRXOGEHSHUIRUPHGLQWKHIROORZLQJRUGHU

9LWDOVLJQVLQFOXGLQJ2 VDWXUDWLRQ

:HLJKW

3KDUPDFRNLQHWLFEORRGGUDZIRUDOOVXEMHFWV'D\ RQO\

%ORRGGUDZIRUVDIHW\ODEV'D\VDQGIRUVHUXPDQWLERG\
WLWHUWR569'D\RQO\569YLUHPLD'D\V  DQG DQG
ORFDOWURSRQLQWHVWLQJ'D\RQO\

2EWDLQQDVDOVDPSOHV

2EWDLQVDPSOHIRUORFDO569WHVWLQJ'D\RQO\
UHIHU WR 6HFWLRQ 

OHDG(&*'D\RQO\

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQV
UHKRVSLWDOL]DWLRQV,&8DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUHIRU
!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLHFKHVWUDGLRJUDSKV
PLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYH
DQGQRQLQYDVLYHRIDQ\ GXUDWLRQDQGVXSSOHPHQWDO2 XVH
  /PLQIRU!  KRXUV






3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
6WDWLVWLFDO0HWKRGV
7KHIXOODQDO\VLVVHW)$6ZLOOLQFOXGHVXEMHFWVZKRKDYHDQ569
ORJ YLUDOORDGJUHDWHUWKDQRUHTXDOWRWKHORZHUOLPLWRI
TXDQWLILFDWLRQ//24 RIWKH57T3&5DVVD\LQWKHSUHGRVH'D\ 
QDVDOVDPSOHDVGHWHUPLQHGE\57T3&5DWWKHFHQWUDOODEDQGKDYH
UHFHLYHGDWOHDVWIXOOGRVHRI,037KHHYDOXDEOHVXEMHFWVIRUWKH
SULPDU\HQGSRLQW ZLOOLQFOXGHWKRVHLQWKH)$6ZLWKHYDOXDEOHQDVDO
VDPSOHVIRU569YLUDOORDGE\'D\ LQFOXGLQJ %DVHOLQH
7KHSULPDU\HIILFDF\DQDO\VLVRIWLPHZHLJKWHGDYHUDJHFKDQJHLQ
569ORJ YLUDOORDGIURP'D\WKURXJK'D\ZLOOEHSHUIRUPHGRQ
VXEMHFWVLQFOXGHGLQWKHHIILFDF\HYDOXDEOHDQDO\VLVVHW7RWHVWWKH
QXOOK\SRWKHVLVWKDWWKHUHLVQRGLIIHUHQFHEHWZHHQWKHSUHVDWRYLU DQG
SODFHERWUHDWPHQWJURXSVLQWKHWLPHZHLJKWHGDYHUDJHFKDQJHLQ
569YLUDOORDGDSDUDPHWULFDQDO\VLVRIFRYDULDQFH$1&29$
PRGHOZLWKFRUUHVSRQGLQJEDVHOLQH569YLUDOORDGDQGUDQGRPL]DWLRQ
VWUDWLILFDWLRQIDFWRUVDVFRYDULDWHV ZLOOEHXVHGZLWKDVLGHG
 DOSKDOHYHO $GMXVWHGPHDQVDQG FRQILGHQFHLQWHUYDOV&,V
ZLOODOVREHSUHVHQWHG
7KH)$6DQDO\VLVVHWZLOOEHXVHGIRUDOOVXPPDULHVDQGDQDO\VHVRI
VHFRQGDU\HQGSRLQWV$OOVHFRQGDU\DQGRWKHUHQGSRLQWVZLOOEH
DQDO\]HGXVLQJVLGHGWHVWVIRUWUHDWPHQWGLIIHUHQFHV7KHSURSRUWLRQ
RIVXEMHFWVZKRGHYHORS/57&WKHSURSRUWLRQRIVXEMHFWVZKR
GHYHORSUHVSLUDWRU\IDLOXUHUHTXLULQJPHFKDQLFDOYHQWLODWLRQDQG WKH
SURSRUWLRQRIDOOFDXVHPRUWDOLW\DPRQJDOOVXEMHFWVWKURXJK'D\
ZLOOEHDQDO\]HGXVLQJ&RFKUDQ0DQWHO+DHQV]HOWHVWVWUDWLILHGE\WKH
UDQGRPL]DWLRQVWUDWLILFDWLRQIDFWRUV$QDO\VHVRIH[SORUDWRU\
HQGSRLQWVDUHGLVFXVVHGLQ6HFWLRQ 
$OOHQGSRLQWVZLOOEHVXPPDUL]HGXVLQJGHVFULSWLYHVWDWLVWLFV
VDPSOH VL]HPHDQVWDQGDUGGHYLDWLRQ>6'@PHGLDQ44
PLQLPXPDQGPD[LPXPIRUFRQWLQXRXVGDWDDQGE\WKHQXPEHUDQG
SHUFHQWRIVXEMHFWVIRUFDWHJRULFDOGDWD
6DIHW\DQDO\VHVZLOOEHSHUIRUPHGRQDOOVXEMHFWVZKRUHFHLYHG,03
6DIHW\GDWDZLOOEHFROOHFWHGDQGVXPPDUL]HGIURP6FUHHQLQJWKURXJK
'D\ 6DIHW\GDWDZLOOEHOLVWHGE\VXEMHFWDQGVXPPDUL]HGE\
WUHDWPHQWDFWLYHRUSODFHERXVLQJWKHQXPEHUSHUFHQWRIVXEMHFWV
ZLWKHYHQWVDEQRUPDOLWLHVIRUFDWHJRULFDOGDWDDQGXVLQJGHVFULSWLYH
VWDWLVWLFVIRUFRQWLQXRXVGDWD


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
&RQFHQWUDWLRQVRISUHVDWRYLU LQSODVPDZLOOEHGHWHUPLQHGXVLQJD
YDOLGDWHGELRDQDO\WLFDODVVD\V,QGLYLGXDOVXEMHFWSUHVDWRYLU
FRQFHQWUDWLRQWLPHGDWDZLOOEHGLVSOD\HGXVLQJVFKHGXOHGVDPSOLQJ
WLPHV'HVFULSWLYHVWDWLVWLFVHJQPHDQVWDQGDUGGHYLDWLRQ&9
PHGLDQDQGUDQJHZLOOEHFDOFXODWHGIRUHDFKVDPSOLQJWLPH)RU
VXEMHFWVLQWKH3.VXEJURXSSODVPDFRQFHQWUDWLRQVRISUHVDWRYLU RYHU
WLPHZLOOEHSORWWHGLQVHPLORJDULWKPLFDQGOLQHDUIRUPDWVDV
PHDQ  6'DQGSODVPDFRQFHQWUDWLRQWLPHGDWDIRUHDFKVXEMHFWZLOO
EHDQDO\]HGXVLQJVWDQGDUGQRQFRPSDUWPHQWDOPHWKRGV
3KDUPDFRNLQHWLFSKDUPDFRG\QDPLF3.3'UHODWLRQVKLSPD\EH
H[SORUHGDVDSSURSULDWH
6DPSOHVL]HFDOFXODWLRQVDUHEDVHGRQUHVXOWVREVHUYHGLQDVWXG\WKDW
HYDOXDWHGWKHHIILFDF\RI RUDODQGDHURVROL]HGULEDYLULQWUHDWPHQWIRU
SUHYHQWLQJSURJUHVVLRQIURPXSSHUWRORZHUUHVSLUDWRU\WUDFWLQIHFWLRQ
LQ+&7UHFLSLHQWVZLWK569LQIHFWLRQVXQSXEOLVKHGGDWDIURP
'U
7KHVDPSOHVL]HFDOFXODWLRQDVVXPHVWKH
WLPHZHLJKWHGDYHUDJHFKDQJHLQ569ORJ YLUDOORDGIURP
'D\  WR 'D\LQWKHSODFHERJURXSZLOOEH ORJ FRSLHVP/ZLWKD
FRUUHVSRQGLQJVWDQGDUGGHYLDWLRQ6'RI DQGWKDWRIWKH
VXEMHFWVZLOOEHHYDOXDEOH %DVHGRQWKHVHDVVXPSWLRQVZLWK
 HYDOXDEOHVXEMHFWVSHUJURXSWKHUHLVRYHUSRZHUWRGHWHFWD
 ORJGLIIHUHQFHLQWLPHZHLJKWHGDYHUDJHFKDQJHLQORJ YLUDOORDG
EHWZHHQWUHDWPHQWJURXSVXVLQJDVLGHGOHYHOWHVW*LYHQDQ
HYDOXDEOHUDWHRIDWRWDORI VXEMHFWVZLOOQHHGWREH
UDQGRPL]HGLQWRWKHVWXG\
$OOVDIHW\GDWDZLOOEHPRQLWRUHGE\D'DWD0RQLWRULQJ&RPPLWWHH
'0&$Q$GMXGLFDWLRQ&RPPLWWHHZLOOUHYLHZUHOHYDQWFOLQLFDO
GDWDWRGHWHUPLQHZKHWKHUD/57&KDVGHYHORSHG
7KLVVWXG\ZLOOEHFRQGXFWHGLQDFFRUGDQFHZLWKWKHJXLGHOLQHVRI*RRG&OLQLFDO3UDFWLFH*&3
LQFOXGLQJDUFKLYLQJRIHVVHQWLDOGRFXPHQWV
PPD


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506
&
GHJUHHV&HOVLXV
)
GHJUHHV)DKUHQKHLW
$(
DGYHUVHHYHQW
$K5
DU\OK\GURFDUERQ
$,'6
DXWRLPPXQHGHILFLHQF\V\QGURPH
$/3
DONDOLQHSKRVSKDWDVH
$/7
DODQLQHDPLQRWUDQVIHUDVH
$1&
DEVROXWHQHXWURSKLOFRXQW
$1&29$
DQDO\VLVRIFRYDULDQFH
$67
DVSDUWDWHDPLQRWUDQVIHUDVH
$8&
DUHDXQGHUWKHSODVPDVHUXPSHULSKHUDOEORRGPRQRQXFOHDUFHOOFRQFHQWUDWLRQ
YHUVXVWLPHFXUYH
%$/
EURQFKRDOYHRODUODYDJH
%&53
EUHDVWFDQFHUUHVLVWDQFHSURWHLQ
%,'
WZLFHDGD\
%0,
ERG\PDVVLQGH[
%81
EORRGXUHDQLWURJHQ
&%&
FRPSOHWHEORRGFRXQW
&&0
FHOOFXOWXUHPHGLXP
&,
FRQILGHQFHLQWHUYDO
&PD[
WKHPD[LPXPREVHUYHGVHUXPSODVPDSHULSKHUDOEORRGPRQRQXFOHDU3%0&
FRQFHQWUDWLRQRIGUXJ
&5)
FDVHUHSRUWIRUPV
&52
FRQWUDFWRUFOLQLFDOUHVHDUFKRUJDQL]DWLRQ
&65
FOLQLFDOVWXG\UHSRUW
&7
FRPSXWHUL]HGWRPRJUDSK\
&<3[[
F\WRFKURPH3HQ]\PH[[
'$9*
WLPHZHLJKWHGDYHUDJHFKDQJH
'',
GUXJGUXJLQWHUDFWLRQV
')$
GLUHFWIOXRUHVFHQFHDQWLERG\
'0&
'DWD0RQLWRULQJ&RPPLWWHH
'63+
'UXJ6DIHW\DQG3XEOLF+HDOWK
(&
HWKLFVFRPPLWWHH
(&
FRQFHQWUDWLRQRIGUXJWRUHDFKLQKLELWLRQRIYLUXVUHSOLFDWLRQ
(&*
HOHFWURFDUGLRJUDP
H&5)
HOHFWURQLFFDVHUHSRUWIRUPV
('&
HOHFWURQLFGDWDFDSWXUH
(/)
HSLWKHOLDOOLQLQJIOXLG
(05
HOHFWURQLFPHGLFDOUHFRUGV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
(XGUD&7
(XURSHDQFOLQLFDOWULDOVGDWDEDVH
)$6
IXOODQDO\VLVVHW
),+
ILUVWLQKXPDQ
)'$
8QLWHG6WDWHV)RRGDQG'UXJ$GPLQLVWUDWLRQ
*&3
*RRG&OLQLFDO3UDFWLFH*XLGHOLQHV
*'
JHVWDWLRQDOGD\
*,
JDVWURLQWHVWLQDO
*/3
JRRGODERUDWRU\SUDFWLFH
*6,
*LOHDG6FLHQFHV,QF
KU
KRXU
+&7
KHPDWRSRLHWLFFHOOWUDQVSODQW
+'3(
KLJKGHQVLW\SRO\HWK\OHQH
K(5*
KXPDQHWKHUjJRJRUHODWHGJHQH
+,9
KXPDQLPPXQRGHILFLHQF\YLUXV
+/*7
KLJKOHYHOJURXSWHUP
+/7
KLJKOHYHOWHUP
+63
K\VWHURVDOSLQJRJUDP
,%
,QYHVWLJDWRU¶V%URFKXUH
,&
FRQFHQWUDWLRQRIGUXJWRUHDFKLQKLELWLRQ
,&+
,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ
,&8
LQWHQVLYHFDUHXQLW
,(&
LQGHSHQGHQWHWKLFVFRPPLWWHH
,03
,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW
,1'
,QYHVWLJDWLRQDO1HZ'UXJ$SSOLFDWLRQ
,5%
LQVWLWXWLRQDOUHYLHZERDUG
,8'
LQWUDXWHULQHGHYLFH
,9,*
,QWUDYHQRXV,PPXQRJOREXOLQ
,;56
LQWHUDFWLYHYRLFHZHEUHVSRQVHV\VWHP
NJ
NLORJUDP
//1
ORZHUOLPLWRIWKHQRUPDOUDQJH
//24
ORZHUOLPLWRITXDQWLILFDWLRQ
//7
ORZHUOHYHOWHUP
/57&
ORZHUUHVSLUDWRU\WUDFWFRPSOLFDWLRQ
/57,
ORZHUUHVSLUDWRU\WUDFWLQIHFWLRQ
0HG'5$
0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV
PJ
PLOOLJUDP
PLQ
PLQXWH
P/
PLOOLOLWHU
PP+J
PLOOLPHWHUVPHUFXU\
0050
PL[HGHIIHFWPRGHOUHSHDWHGPHDVXUHV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
1$
QRWDSSOLFDEOH
1'
QRWGHWHFWDEOH
1*
QDVRJDVWULF
Q0
QDQRPRODU
12$(/
QRREVHUYHGDGYHUVHHIIHFWOHYHO
12(/
QRREVHUYHGHIIHFWOHYHO
2
R[\JHQ
2$73
RUJDQLFDQLRQWUDQVSRUWHUSURWHLQV
3'
SKDUPDFRG\QDPLF
3)8H
SODTXHIRUPLQJXQLWHHTXLYDOHQWV
3JS
3JO\FRSURWHLQ
3.
SKDUPDFRNLQHWLF
32
RUDODGPLQLVWUDWLRQSHURVE\PRXWK
35
WKHLQWHUYDOEHWZHHQWKHEHJLQQLQJRIWKH3ZDYHDQGWKHEHJLQQLQJRI WKH456
FRPSOH[RQ(&*
37
SUHIHUUHGWHUP
3;5
SUHJQDQH[UHFHSWRU
4
ILUVWTXDUWLOH
4
WKLUGTXDUWLOH
4$
TXDOLW\DVVXUDQFH
456
SDUWRIHOHFWURFDUGLRJUDSKLFZDYHUHSUHVHQWLQJYHQWULFXODUGHSRODUL]DWLRQ
47
LQWHUYDOEHWZHHQWKHVWDUWRIWKH4ZDYHDQGWKHHQGRIWKH7ZDYHRQ(&*
47F
FRUUHFWHG47
47F)
47LQWHUYDOFRUUHFWHGIRUKHDUWUDWHXVLQJWKH)ULGHULFLDIRUPXOD
51$
ULERQXFOHLFDFLG
52:
UHVWRIZRUOG
569
UHVSLUDWRU\V\QF\WLDOYLUXV
57T3&5
TXDQWLWDWLYHUHDOWLPHSRO\PHUDVHFKDLQUHDFWLRQ
593
UHVSLUDWRU\YLUDOSDQHO
6$(
VHULRXVDGYHUVHHYHQW
6$3
6WDWLVWLFDO$QDO\VLV3ODQ
6'
VWDQGDUGGHYLDWLRQ
62&
V\VWHPRUJDQFODVV
623
VWDQGDUGRSHUDWLQJSURFHGXUH
6S2
R[\JHQVDWXUDWLRQ
686$5
6XVSHFWHG8QH[SHFWHG6HULRXV$GYHUVH5HDFWLRQ
7%
WRWDOELOLUXELQ
7%'
WREHGHWHUPLQHG
7(0
WUHDWPHQWHPHUJHQWPXWDWLRQ
WPD[
WKHWLPHREVHUYHGWLPHSRLQWRI&PD[


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
Wò
DQHVWLPDWHRIWKHWHUPLQDOHOLPLQDWLRQKDOIOLIHRIWKHGUXJLQ
VHUXPSODVPD3%0&
/
PLFUROLWHU
8/1
XSSHUOLPLWRIWKHQRUPDOUDQJH
857,
XSSHUUHVSLUDWRU\WUDFWLQIHFWLRQ
86
8QLWHG6WDWHV
96
YLWDOVLJQV
9VV
DSSDUHQWYROXPHRIGLVWULEXWLRQDWVWHDG\VWDWH
YY
YROXPHYROXPH
:%&
ZKLWHEORRGFHOOFRXQW


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

,1752'8&7,21

%DFNJURXQG
5HVSLUDWRU\V\QF\WLDOYLUXV569DPHPEHURIWKHIDPLO\3DUDP\[RYLULGDH LVDQHQYHORSHG
YLUXVZLWKDQHJDWLYHVLQJOHVWUDQGULERQXFOHLFDFLG51$JHQRPH7KH569JHQRPH HQFRGHV
 SURWHLQVLQFOXGLQJ VXUIDFHJO\FRSURWHLQV)*DQG6+DQGVHYHUDOSURWHLQVWKDWFRPSULVH
WKHYLUDO51$SRO\PHUDVHFRPSOH[1 3/DQG07ZR PDMRUDQWLJHQLFVXEJURXSVRI569
DUHNQRZQ569$DQG569%WKDWGLIIHUSULPDULO\LQWKHJHQHWLFVHTXHQFHRIWKH
* JO\FRSURWHLQZKLOHPDLQWDLQLQJDKLJKHUGHJUHHRIKRPRORJ\DFURVVRWKHUSDUWVRIWKHJHQRPH
%RWKVXEJURXSVVKRZFRPSDUDEOHSDWKRJHQLFLW\DQGFDQFRFLUFXODWHLQWKHVDPHFRPPXQLW\
GXULQJDVHDVRQDOHSLGHPLFEXWWKHLULQGLYLGXDOSUHYDOHQFHXVXDOO\YDULHVIURPVHDVRQWRVHDVRQ
5HVSLUDWRU\V\QF\WLDOYLUXVLQIHFWLRQLVWKHPRVWFRPPRQFDXVHRIDGPLVVLRQVWRSHGLDWULF
JHQHUDOLQSDWLHQWXQLWVLQWKH8QLWHG6WDWHV86DQG:HVWHUQ(XURSH^`8QIRUWXQDWHO\WKH
UDWHRIKRVSLWDOL]DWLRQDPRQJ569LQIHFWHGFKLOGUHQKDVUHPDLQHGXQFKDQJHGLQWKH86RYHUWKH
ODVWGHFDGH)URPWR569FRGHGKRVSLWDOL]DWLRQVDFFRXQWHGIRURIDQHVWLPDWHG
 PLOOLRQORZHUUHVSLUDWRU\WUDFWLQIHFWLRQ/57,KRVSLWDOL]DWLRQVDPRQJFKLOGUHQ  \HDUVRI
DJH'XULQJWKLVSHULRGLWZDVHVWLPDWHGWKDWDSSUR[LPDWHO\KRVSLWDOL]DWLRQVHDFK\HDU
ZHUHFDXVHGE\569LQIHFWLRQDPRQJFKLOGUHQ\HDUVRIDJHDSSUR[LPDWHO\RIWKHVH
KRVSLWDOL]DWLRQVRFFXUDPRQJFKLOGUHQPRQWKVRIDJH^`
569LQIHFWLRQLVDOVRDFDXVHRIUHVSLUDWRU\GLVHDVHLQWKHDGXOWSRSXODWLRQ$GXOW UHFLSLHQWVRI
DXWRORJRXVRUDOORJHQHLFKHPDWRSRLHWLFFHOOWUDQVSODQWV+&7DUHDWKLJKULVNIRU569LQIHFWLRQ
UHODWHGPRUELGLW\DQGPRUWDOLW\%DVHGXSRQUHWURVSHFWLYHHSLGHPLRORJLFGDWDRI+&7
UHFLSLHQWVZLOOGHYHORS569LQIHFWLRQRIWKHUHVSLUDWRU\WUDFW^` ^` ^` ^`
^` ^` ^` 3URJUHVVLRQIURPXSSHUUHVSLUDWRU\WUDFWLQIHFWLRQ857,WR/57,
PD\RFFXULQ RIWKHVH569LQIHFWHGSDWLHQWV^` ^` ^` ^`
^` ^` ^` ^` ^` ^` 2QFH569SURJUHVVHVIURP857,WR
/57,WKHPRUELGLW\DQGPRUWDOLW\LVKLJK3URJUHVVLRQWR/57,RIWHQUHTXLUHVKRVSLWDOL]DWLRQ
DQGDWWLPHVLQWHQVLYHFDUHXQLWDGPLVVLRQIRUVXSSRUWLYHFDUHHJR[\JHQDWLRQPHFKDQLFDO
YHQWLODWLRQLQWUDYHQRXVIOXLGVYDVRSUHVVRUV /RZHUUHVSLUDWRU\WUDFWLQIHFWLRQ LVDVVRFLDWHGZLWK
KLJKPRUWDOLW\UDWHVUDQJLQJIURP ^` ^` ^` ^` ^`
^` ^` ^` ^`$ ORQJWHUPVHTXHODH VHHQ DPRQJVXUYLYRUVRI569/57,LV
DLUIORZGHFOLQHGRFXPHQWHGDW\HDUDIWHU WKHLQLWLDOLQIHFWLRQ ^`
&XUUHQWO\ WKHUHDUHQRHIIHFWLYHYDFFLQHVRUDSSURYHGSURSK\ODFWLFWUHDWPHQWRSWLRQVIRU569
LQIHFWLRQLQWKH+&7SRSXODWLRQ2QFHKRVSLWDOL]HGWUHDWPHQWIRU569LQIHFWLRQLQ+&7
SDWLHQWV LVVXSSRUWLYHZLWKLQWUDYHQRXVK\GUDWLRQVXSSOHPHQWDOR[\JHQDQG PHFKDQLFDO
YHQWLODWLRQ $OWKRXJKWUHDWPHQWRSWLRQVVXFKDVDQWLYLUDODJHQWVFRUWLFRVWHURLGVDQG
LPPXQRJOREXOLQDUHIUHTXHQWO\XVHGWKHUHLVQRGHILQLWLYHWUHDWPHQWIRU569 LQIHFWLRQ LQWKH
+&7SRSXODWLRQ6\QDJLVSDOLYL]XPDEDPRQRFORQDODQWLERG\DJDLQVW569DSSURYHGIRU
SURSK\OD[LVDJDLQVW569LQIHFWLRQDPRQJKLJKULVNLQIDQWVKDVQHYHUEHHQHYDOXDWHGLQD
UDQGRPL]HGFRQWUROOHGVWXG\IRUWUHDWPHQWRI569LQIHFWLRQLQWKH+&7SRSXODWLRQ$UHFHQW
UHWURVSHFWLYHDQDO\VLVVXJJHVWV WKDWSDOLYL]XPDELVQRWHIIHFWLYHIRU WUHDWPHQWRI569/57, LQ


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
WKH+&7SRSXODWLRQ ^`9LUD]ROH ULEDYLULQDQLQKDOHG DQWLYLUDO DJHQWLVDSSURYHGIRU
WUHDWPHQWRI569LQIHFWLRQLQWKHSHGLDWULFSRSXODWLRQEXWLVQRWXVHGLQJHQHUDOSHGLDWULF
SUDFWLFHEHFDXVHRIFRQFHUQVUHJDUGLQJLWVHIILFDF\DQGWROHUDELOLW\DVZHOODVWKHFRPSOH[LW\RI
WKHVSHFLDOL]HGDHURVROGHOLYHU\V\VWHPWKDWLVUHTXLUHG^`$ UDQGRPL]HGVWXG\RILQKDOHG
ULEDYLULQ KDVEHHQ DWWHPSWHG LQWKH+&7SRSXODWLRQKRZHYHUGXHWRWKHDIRUHPHQWLRQHG
FRQFHUQVRQO\VXEMHFWVZHUHUHFUXLWHGRYHUD\HDUSHULRG ^` $UHFHQWUHYLHZRI
SXEOLVKHG HSLGHPLRORJLFVWXGLHVVXJJHVWVWKDWULEDYLULQEDVHGWKHUDS\RUDORUDHURVROL]HGKDG
YDULDEOHVXFFHVVUDWHVIRUSUHYHQWLQJ569DVVRFLDWHGPRUELGLW\RUPRUWDOLW\LQKLJKULVN+&7
SDWLHQWV ^`$VLQJOHFHQWHUUHWURVSHFWLYHDQDO\VLVDOVRVXJJHVWHGWKDWULEDYLULQWUHDWPHQW
ZKHQDGPLQLVWHUHGGXULQJWKH857,SKDVHUHVXOWHGLQORZHUUDWHVRISURJUHVVLRQWR/57, LQ
WUHDWHGYHUVXVXQWUHDWHGSDWLHQWV YHUVXV DQGPRUWDOLW\YHUVXV ^`
7DNLQJLQWRDFFRXQW WKHOLPLWHGDYDLODEOH HIILFDF\GDWDIURPFRQWUROOHGFOLQLFDOWULDOVWKHFXUUHQW
JXLGHOLQHVIRUGLDJQRVLVDQGWUHDWPHQWRI569LQIHFWLRQGRQRW SURYLGHUHFRPPHQGDWLRQV
UHJDUGLQJZKHWKHUSDWLHQWVVKRXOGEHWUHDWHG ZLWKDQ\WUHDWPHQWVRWKHUWKDQVXSSRUWLYHFDUH DW WKH
/57,YHUVXV857,SKDVH ^` 7KHUHIRUHYDULDELOLW\ LQVWDQGDUGSUDFWLFHVIRUWUHDWPHQWRI
569LQIHFWLRQLQ+&7SDWLHQWVH[LVWVDURXQGWKHZRUOG

3UHVDWRYLU*6

*HQHUDO,QIRUPDWLRQ
3UHVDWRYLU LVDQRUDO569IXVLRQLQKLELWRUZLWKSRWHQWDQGVHOHFWLYHDQWL569DFWLYLW\LQYLWUR
:KHQWHVWHGLQYLWURDJDLQVW GLYHUVHFOLQLFDOLVRODWHVRI569W\SH$DQG%WKH(& YDOXHV
FRQFHQWUDWLRQRIGUXJWRUHDFKLQKLELWLRQRIYLUXVUHSOLFDWLRQUDQJHGIURP WR  Q0
ZLWKDPHDQ(& YDOXHRIQ0,QYLYRHIILFDF\GDWDIURPFRWWRQUDWVLQIHFWHGZLWK
KXPDQ569GHPRQVWUDWHGWKDWDGPLQLVWUDWLRQRISUHVDWRYLU DW WRPJNJUHVXOWHGLQD
GRVHGHSHQGHQWUHGXFWLRQLQYLUDOORDGLQERWKWKHXSSHUUHVSLUDWRU\WUDFWDQGOXQJV7KH
VWHDG\VWDWHYROXPHRIGLVWULEXWLRQ9VVRISUHVDWRYLU LQDOOQRQFOLQLFDOVSHFLHVWHVWHGZDV
 WRIROGKLJKHUWKDQWKHYROXPHRIWRWDOERG\ZDWHUDQGWKHRUDOELRDYDLODELOLW\ZDVPRGHUDWH
WRKLJK7KHH[SRVXUHWRSUHVDWRYLU LQWKHOXQJDQGOXQJHSLWKHOLDOOLQLQJIOXLG(/)ZDVDOVR
DVVHVVHGLQ6SUDJXH'DZOH\ UDWVDQG\LHOGHGOXQJWLVVXHSODVPDDQG(/)SODVPDUDWLRVRI
DSSUR[LPDWHO\DQGUHVSHFWLYHO\&RQFHQWUDWLRQVLQOXQJWLVVXHDQG(/)GHFOLQHG
DSSUR[LPDWHO\LQSDUDOOHOWRWKRVHLQSODVPDLQGLFDWLQJUDSLGHTXLOLEUDWLRQEHWZHHQWKHOXQJDQG
SODVPDFRPSDUWPHQWVSUHVDWRYLU H[KLELWHGORZF\WRWR[LFLW\LQFHOOFXOWXUHDQGGLGQRWLQWHUDFW
ZLWKSKDUPDFRORJLFDOO\UHOHYDQWUHFHSWRUVWKDWDUHSUHGLFWLYHRIRIIWDUJHWWR[LFLW\%DVHGRQLQ
YLWURDQGQRQFOLQLFDOSKDUPDFRNLQHWLFVWXGLHVSUHVDWRYLU GLGQRWGHPRQVWUDWHDSRWHQWLDOIRU
VLJQLILFDQWGUXJGUXJLQWHUDFWLRQV'',
$GGLWLRQDOGHWDLOVUHJDUGLQJ QRQFOLQLFDOSKDUPDFRNLQHWLFVSKDUPDFRORJ\ DQGWR[LFRORJ\ FDQEH
IRXQGLQ WKHFXUUHQWSUHVDWRYLU *6 ,QYHVWLJDWRU¶V%URFKXUH ,%

1RQFOLQLFDO3KDUPDFRNLQHWLFV
&RQVLVWHQWZLWKWKHKLJKFRQFHQWUDWLRQLQGHSHQGHQWIRUZDUGSHUPHDELOLW\DFURVV
&DFR PRQROD\HUVDQGORZFRQFHQWUDWLRQLQGHSHQGHQWHIIOX[SUHVDWRYLU H[KLELWHGPRGHUDWHWR
KLJKELRDYDLODELOLW\LQQRQFOLQLFDOVSHFLHV6\VWHPLFFOHDUDQFHRISUHVDWRYLU LQQRQFOLQLFDO


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
VSHFLHVLVZHOOSUHGLFWHGIURPWKHUDWHVRIPHWDEROLVPE\KHSDWLFPLFURVRPDOIUDFWLRQVDQG
SULPDU\KHSDWRF\WHV %LOLDU\H[FUHWLRQLVOLNHO\WREHWKHPDMRUURXWHRIHOLPLQDWLRQRISUHVDWRYLU
DQGLWVPHWDEROLWHVDV RIUDGLRODEHOGRVHGRUDOO\WRUDWVZDVUHFRYHUHGLQXULQHSUHVDWRYLU
H[KLELWHGKLJKPHWDEROLFVWDELOLW\LQKXPDQKHSDWRF\WHVZLWKKXPDQKHSDWLFPLFURVRPDO
IUDFWLRQ DQGZLWKUHFRPELQDQWKXPDQF\WRFKURPHV37KHSUHGRPLQDQWLGHQWLILHGURXWHVRI
PHWDEROLVPRISUHVDWRYLU DUH1DFHW\ODWLRQLQUDWVDQGR[LGDWLYHGHDPLQDWLRQ,QKXPDQVWKH
RQO\&<3HQ]\PHV\LHOGLQJGHWHFWDEOHPHWDEROLVPRISUHVDWRYLU DUH &<3$DQG&<3$
,QGXFHUVDQGLQKLELWRUVRI&<3$HQ]\PHVPD\DIIHFWWKHKXPDQSKDUPDFRNLQHWLFVRI
SUHVDWRYLU 'UXJLQWHUDFWLRQVRISUHVDWRYLU ZLWKGUXJVWKDWDUHVXEVWUDWHVRIPDMRUKXPDQ&<3
HQ]\PHV8*7$RUPDMRUGUXJWUDQVSRUWHUV2$73%2$73%3JS2&72&7
%6(32$7DQG2$7DUHXQOLNHO\LQWKHH[SHFWHGFOLQLFDOO\UHOHYDQWFRQFHQWUDWLRQUDQJH
SUHVDWRYLU LQKLELWVWKHUHQDOWUDQVSRUWHUV0$7(DQG0$7(.,& YDOXHVRIDQG
 ȝ0UHVSHFWLYHO\VRFOLQLFDOGUXJLQWHUDFWLRQVZLWKVXEVWUDWHVRIWKHVHWUDQVSRUWHUVDUH
SRVVLEOH
$GGLWLRQDOGHWDLOVUHJDUGLQJQRQFOLQLFDOSKDUPDFRNLQHWLFVFDQEHIRXQGLQWKHSUHVDWRYLU
*6 ,%

1RQFOLQLFDO3KDUPDFRORJ\DQG7R[LFRORJ\
7KH,& IRUWKHLQKLELWRU\HIIHFWRISUHVDWRYLU RQK(5*SRWDVVLXPFXUUHQWZDV 0
&DUGLRYDVFXODUHIIHFWVRISUHVDWRYLU ZHUHHYDOXDWHGLQ GRJVDWGRVHVXSWR PJNJ7KH
SULQFLSDOKHPRG\QDPLFILQGLQJVZHUH ORZHUKHDUWUDWHYDOXHVDQGKLJKHUDUWHULDOSXOVHDQG
V\VWROLFSUHVVXUHYDOXHV$OOKHPRG\QDPLFHIIHFWVGLVVLSDWHGE\KRXUVSRVWGRVH$OO
HOHFWURFDUGLRJUDPV(&*VZHUHTXDOLWDWLYHO\ZLWKLQQRUPDOOLPLWVDQGQRSUHVDWRYLUUHODWHG
DUUK\WKPLDVRUDEQRUPDOZDYHIRUPVZHUHGHWHFWHG6OLJKWSUHVDWRYLUUHODWHGKLJKHU35DQG
47F LQWHUYDOYDOXHVZHUHH[SHFWHGSK\VLRORJLFDOUHVSRQVHVVHFRQGDU\WRFRQFRPLWDQW
SUHVDWRYLUUHODWHGORZHUKHDUWUDWHYDOXHV7KHVHFKDQJHVZHUHQRWFRQVLGHUHGSK\VLRORJLFDOO\
LPSRUWDQW LQWKHFRQWH[WRIWKLVVWXG\
,QDUHSHDWGRVHVWXG\SUHVDWRYLU ZDVDGPLQLVWHUHGE\RUDOJDYDJHIRUZHHNVWR\RXQJDGXOW
UDWVRQFHGDLO\DWGRVHVXSWRPJNJGD\7ZRDQLPDOVDGPLQLVWHUHGPJNJGD\ ZHUH
IRXQGGHDGGXULQJWKHGRVLQJSKDVH$OWKRXJKWKHFDXVHRIGHDWKIRUWKHVH DQLPDOVZDV
XQGHWHUPLQHGDQDVVRFLDWLRQZLWKSUHVDWRYLU FDQQRWEHH[FOXGHG%DVHGRQWKHUHVXOWVRIWKLV
VWXG\WKH12$(/IRUSUHVDWRYLU LV PJNJGD\ZKLFKFRUUHVSRQGHGWRPHDQ$8&WDQG
&PD[ YDOXHVRQ'D\RIWKHGRVLQJSKDVHRI QJKP/DQGQJP/UHVSHFWLYHO\ ,Q
DUHSHDWGRVHVWXG\FRQGXFWHGLQ\RXQJDGXOWGRJVSUHVDWRYLU ZDVDGPLQLVWHUHGE\RUDOJDYDJH
IRU ZHHNVDWGRVHVXSWR PJNJGD\7KH12$(/IRUWKLVVWXG\LVPJNJGD\ZKLFK
FRUUHVSRQGHGWRPHDQ$8&W DQG&PD[ YDOXHVRQ'D\ RIWKHGRVLQJ SKDVHRI
 QJKP/DQGQJP/UHVSHFWLYHO\
3UHVDWRYLU ZDVQHJDWLYHLQWKHUDWPLFURQXFOHXVVWXG\DQGGLGQRWFDXVHPXWDWLRQVLQWKH
$PHV DVVD\RULQGXFHFKURPRVRPDOGDPDJHLQYLWURZLWKRUZLWKRXW6PHWDEROLFDFWLYDWLRQ
7KXVWKHSRWHQWLDOIRUJHQHWLFWR[LFLW\LVFRQVLGHUHGORZ


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
,QDGHILQLWLYHHPEU\RIHWDOGHYHORSPHQWDOWR[LFLW\VWXG\LQUDWVWLPHPDWHGIHPDOHVZHUH
DGPLQLVWHUHGSUHVDWRYLU YLDRUDOJDYDJHDWWKHGRVHOHYHOVRIDQGPJNJGD\GXULQJ
WKHSHULRGRIRUJDQRJHQHVLVJHVWDWLRQGD\>*'@SUHVDWRYLU WUHDWPHQWUHVXOWHGLQ
GRVHGHSHQGHQWUHGXFWLRQLQPHDQPDWHUQDOERG\ZHLJKWERG\ZHLJKWJDLQDQGIRRG
FRQVXPSWLRQGXULQJWKHGRVLQJSHULRGZKHQFRPSDUHGWRWKHFRQWUROJURXSDWGRVHV
  PJNJGD\$VLJQLILFDQWUHGXFWLRQ!GHFUHDVHLQPHDQPDWHUQDOERG\ZHLJKWZDV
QRWHGLQWKHPJNJGD\JURXSGXULQJWKHGRVLQJSHULRG7KHUHIRUHWKH12$(/IRUPDWHUQDO
WR[LFLW\LVPJNJGD\*'&PD[ DQG$8& RIQJP/DQGQJāKUP/
UHVSHFWLYHO\:LWKWKHH[FHSWLRQRIVOLJKWO\ORZHUIHWDODGMXVWHGERG\ZHLJKWDW PJNJGD\
SUHVDWRYLU DGPLQLVWUDWLRQKDGQRHIIHFWVRQDQ\RIWKHHPEU\RIHWDOGHYHORSPHQWDOSDUDPHWHUV
1RIHWDODQRPDOLHVZHUHUHODWHGWRSUHVDWRYLU DGPLQLVWUDWLRQDQGWKH12$(/IRUGHYHORSPHQWDO
WR[LFLW\LV PJNJGD\*'&PD[ DQG$8& RIQJP/DQGQJāKUP/
UHVSHFWLYHO\
,QDGHILQLWLYHHPEU\RIHWDOGHYHORSPHQWDOWR[LFLW\VWXG\LQUDEELWVWLPHPDWHGIHPDOHV ZHUH
DGPLQLVWHUHGSUHVDWRYLU YLDRUDOJDYDJHDWDQGPJNJGD\GXULQJWKHSHULRGRI
RUJDQRJHQHVLV*''XULQJWKHGRVLQJSHULRGSUHVDWRYLU DGPLQLVWUDWLRQUHVXOWHGLQ
VLJQLILFDQWUHGXFWLRQVLQPHDQPDWHUQDOERG\ZHLJKWJDLQDQGIRRGFRQVXPSWLRQDW
 PJNJGD\7KHUHIRUHWKH12$(/ IRUPDWHUQDOWR[LFLW\LV PJNJGD\*'&PD[ DQG
$8& RIQJP/DQGQJāKUP/UHVSHFWLYHO\7KHUHZHUHQRSUHVDWRYLUUHODWHG
HIIHFWVRQHPEU\RIHWDOYLDELOLW\DQGJURZWKDQGQRIHWDODQRPDOLHVDQGWKH12(/ IRU
GHYHORSPHQWDOWR[LFLW\LV PJNJGD\*'&PD[ DQG$8& RIQJP/DQG
 QJāKUP/UHVSHFWLYHO\
$GGLWLRQDOGHWDLOVUHJDUGLQJQRQFOLQLFDOSKDUPDFRORJ\DQGWR[LFRORJ\ FDQEHIRXQGLQWKH
SUHVDWRYLU*6 ,%

&OLQLFDO7ULDOVRI3UHVDWRYLU

*686
7KLV3KDVHSODFHERFRQWUROOHGVLQJOH DQGPXOWLSOHGRVHUDQJLQJILUVWLQKXPDQ),+VWXG\
ZDVFRQGXFWHGWRHYDOXDWHVDIHW\WROHUDELOLW\DQG3.IROORZLQJRUDODGPLQLVWUDWLRQRI
SUHVDWRYLU WRXSWRXQLTXHVXEMHFWV7KHVWXG\LQFOXGHG VWDJHV3DUWV $ %DQG&ZLWK
 WRWDOVWDJJHUHGFRKRUWVSUHVSHFLILHGDGDSWLYH:LWKLQHDFKFRKRUWRI3DUWV$DQG %
 XQLTXHVXEMHFWVZHUHUDQGRPL]HGWRUHFHLYHEOLQGHGLQYHVWLJDWLRQDOPHGLFLQDOSURGXFW,03
HLWKHUSUHVDWRYLU Q RUSODFHERQ :LWKLQHDFKFRKRUWRI3DUW&XQLTXHVXEMHFWV
ZHUHUDQGRPL]HGWRUHFHLYHEOLQGHG,03HLWKHUSUHVDWRYLU Q RUSODFHERQ  $
PD[LPXPVLQJOHGRVHRIPJDQGPXOWLSOHGRVHUHJLPHQRIPJRQFHGDLO\IRUGD\VZDV
DFKLHYHGSUHVDWRYLU 3.ZDVHYDOXDWHGXQGHUIDVWLQJDQGIHGVWDWHV
1RGHDWKVRUVHULRXVDGYHUVHHYHQWV6$(VZHUHUHSRUWHGDQGWKHUHZHUHQRGRVHOLPLWLQJ
WR[LFLWLHV,QWKHSUHVDWRYLUWUHDWHGVXEMHFWVWKHUHZHUHQRGLVFRQWLQXDWLRQVGXHWR$(V$PRQJ
WKHVXEMHFWVZKRUHFHLYHGVLQJOHGRVHVRISUHVDWRYLU VXEMHFWV H[SHULHQFHGDWRWDO
RI  $(VZLWKWKHPRVWFRPPRQ$(VEHLQJSUHV\QFRSHDQGGHUPDWLWLVUHSRUWHGE\
 VXEMHFWV HDFK%RWKLQFLGHQWVRISUHV\QFRSHDQG RIWKHHYHQWVRIGHUPDWLWLVZHUHMXGJHG
E\WKHLQYHVWLJDWRUWREHUHODWHGWRVWXG\SURFHGXUHV HYHQWRIGHUPDWLWLVZDVLQIODPPDWLRQRI


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
WKHVNLQRIWKHULJKWDQWHFXELWDODQG HYHQWZDVQRQVSHFLILFGHUPDWLWLVRQWKHFKHVW$PRQJWKH
 VXEMHFWVUHFHLYLQJPXOWLSOHGRVHVRISUHVDWRYLU VXEMHFWVH[SHULHQFHGDWRWDORI
 $(VZLWKGLDUUKHDDQGQDXVHDUHSRUWHGE\ VXEMHFWVDQGKHDGDFKHDQGFRQWDFWGHUPDWLWLV
UHSRUWHGE\ VXEMHFWV$OORWKHU$(VH[SHULHQFHGE\VXEMHFWVUHFHLYLQJPXOWLSOHGRVHVRI
SUHVDWRYLU ZHUHUHSRUWHGE\  VXEMHFWVHDFK
7ZHOYHOHDG(&*VZHUHREWDLQHGDW%DVHOLQH DQG'D\V DQG$QDO\VLVRIWKHVH(&*V
GHPRQVWUDWHGQRFOLQLFDOO\VLJQLILFDQWLQFUHDVHLQWKH3545647DQG47F)LQWHUYDOVDQGQR
FOLQLFDOO\VLJQLILFDQWDUUK\WKPLDVDVVRFLDWHGZLWKDGPLQLVWUDWLRQRISUHVDWRYLU
3UHVDWRYLU H[SRVXUHVLQFUHDVHGLQDQDSSUR[LPDWHO\GRVHSURSRUWLRQDOPDQQHURYHUWKHGRVH
UDQJHWHVWHGIROORZLQJVLQJOHDQGPXOWLSOHRUDODGPLQLVWUDWLRQVXQGHUIDVWHGFRQGLWLRQVWHUPLQDO
KDOIOLYHVUDQJHGIURPWRKRXUVIROORZLQJVLQJOHRUDODGPLQLVWUDWLRQDQGDSSUR[LPDWHO\
 KRXUVIROORZLQJPXOWLSOHRUDODGPLQLVWUDWLRQV2YHUDOOWKHYDULDELOLW\RIWKH3.SDUDPHWHUV
ZDVUHODWLYHO\ORZZLWKWKHPDMRULW\RIWKH3.SDUDPHWHUVGLVSOD\LQJ&9RIRUORZHU,Q
DGGLWLRQWKHIRRGHIIHFWRQSUHVDWRYLU 3.IROORZLQJVLQJOHRUPXOWLSOHRUDODGPLQLVWUDWLRQKDV
EHHQHYDOXDWHG)ROORZLQJVLQJOHDGPLQLVWUDWLRQRISUHVDWRYLU DWRU  PJ&PD[XQGHUIHG
FRQGLWLRQVGHFUHDVHGDSSUR[LPDWHO\WRFRPSDUHG WR IDVWHGFRQGLWLRQVEXWWKLVHIIHFW
ZDVOHVVSURQRXQFHGIROORZLQJRQFHGDLO\GRVLQJDWWKHKLJKHUGRVH PJDURXQGVWHDG\VWDWH

6WXG\*686
7KLV3KDVHPDVVEDODQFHVWXG\ZDVFRQGXFWHGWRHYDOXDWHWKH3.PHWDEROLVPDQGH[FUHWLRQ
RISUHVDWRYLU7KHSULPDU\REMHFWLYHRIWKLVVWXG\ZDVWRGHWHUPLQHWKHPDVVEDODQFHRI
SUHVDWRYLU IROORZLQJDGPLQLVWUDWLRQRIDVLQJOHRUDOGRVHRIUDGLRODEHOHG>&@SUHVDWRYLU 7KH
VHFRQGDU\REMHFWLYHVRIWKLVVWXG\ZHUHWRHYDOXDWHWKH3.RISUHVDWRYLU DQGPHWDEROLWHVZKHUH
SRVVLEOHDQGWRGHWHUPLQHWKHPHWDEROLWHSURILOHRISUHVDWRYLU LQKXPDQVIROORZLQJDGPLQLVWUDWLRQ
RIDVLQJOHRUDOGRVHRIUDGLRODEHOHG>&@SUHVDWRYLU
(LJKWVXEMHFWVZHUHHQUROOHGDQGDVVHVVHGIRUDSHULRGRIDPLQLPXP RIGD\VDQGDPD[LPXP
RI GD\VZLWKDGD\IROORZXSSHULRG)ROORZLQJDVLQJOHRUDOUDGLRODEHOHGGRVHRISUHVDWRYLU
 PJWKHPD[LPXPPHDQFRQFHQWUDWLRQVRIGUXJGHULYHGUDGLRDFWLYLW\LQEORRGDQGSODVPD
ZHUHREVHUYHGDWKRXUVSRVWGRVHIRUERWKPDWULFHV 7KHRYHUDOOUHFRYHU\RIUDGLRDFWLYLW\ZDV
ZLWKUHFRYHU\SULPDULO\LQIHFHVYHUVXVXULQH 0HDQEORRGWRSODVPD
FRQFHQWUDWLRQUDWLRVUDQJHGIURPWRWKURXJK KRXUVSRVWGRVHLQGLFDWLQJWKDW
UDGLRDFWLYLW\ZDVSULPDULO\LQWKHSODVPDUHODWLYHWRWKHFHOOXODUFRPSRQHQWVRIWKHEORRG
7KHFLUFXODWLQJUDGLRDFWLYLW\FRQVLVWHGPDLQO\RISUHVDWRYLU DQGORZOHYHOVRIPLQRU
PHWDEROLWHVFKORURDPLQR1PHWKDQHVXOIRQ\OEHQ]DPLGH0
R[\SUHVDWRYLUJOXFXURQLGH0 DQG*60% 
7KHPDMRUFRPSRQHQWH[FUHWHGLQIHFHVZDVXQFKDQJHGSDUHQWSUHVDWRYLU RIWKHGRVH
FRHOXWHGZLWKGLR[\SUHVDWRYLU>0@DORQJZLWKRWKHUPLQRUPHWDEROLWHVGLR[\SUHVDWRYLU
>0RIWKHGRVH@DQGGLR[\*6>0RIWKHGRVH@7KHUHPDLQLQJ
LGHQWLILHG PHWDEROLWHVGHWHFWHGLQIHFHVHDFKDFFRXQWHGIRUOHVVWKDQDPHDQRIRIWKH
GRVH,QXULQHXQFKDQJHGSDUHQWSUHVDWRYLU ZDVWKHPDLQVSHFLHVaRIWKHGRVHDQG
PHWDEROLWH0UHSUHVHQWHGaRIWKHGRVH


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
,QVXPPDU\>&@ SUHVDWRYLU ZDVSULPDULO\HOLPLQDWHGLQWKHIHFHVDIWHURUDODGPLQLVWUDWLRQWR
KHDOWK\VXEMHFWV/RZOHYHOVRIYDULRXVPHWDEROLWHVZHUHREVHUYHGLQGLFDWLQJWKHOLNHO\DEVHQFH
RIDVLQJOHGRPLQDQWSDWKZD\5DGLRDFWLYLW\ZDVHOLPLQDWHGDVDFRPELQDWLRQRIPHWDEROLWHVDQG
XQFKDQJHGSDUHQWGUXJ 2YHUDOOWKHSKDUPDFRNLQHWLFVRISUHVDWRYLU LVQRWH[SHFWHGWREH
PHDQLQJIXOO\DOWHUHGLQWKHVHWWLQJRIUHQDOLPSDLUPHQWHJPLOGWRPRGHUDWH

6WXG\*686
7KLV3KDVH DUDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGVWXG\ZDVFRQGXFWHGWRHYDOXDWH
WKHVDIHW\WROHUDELOLW\DQGHIILFDF\RISUHVDWRYLU LQKHDOWK\DGXOWYROXQWHHUVLQIHFWHGZLWKDQ
569 FKDOOHQJHYLUXV569$ 0HPSKLVEVWUDLQ7KHVWXG\LQFOXGHG TXDUDQWLQHVHDFK
FRPSULVLQJDSSUR[LPDWHO\VXEMHFWV(DFKVXEMHFW ZDV DGPLWWHGWRWKH4XDUDQWLQH 8QLWDQG
LQRFXODWHGZLWK569RQ6WXG\'D\ 6XEMHFWVZHUH UDQGRPL]HGDQGWUHDWHGZLWKSUHVDWRYLU RU
SODFHERZKHQLQIHFWLRQZDVGRFXPHQWHGLQWKHQDVDOZDVKRUE\WKHILIWKGD\DIWHULQRFXODWLRQ
ZKLFKHYHURFFXUUHGILUVW
)RU4XDUDQWLQHVWKURXJKSUHVSHFLILHGTXDUDQWLQHVVXEMHFWVZHUHUDQGRPL]HGWRUHFHLYH
SUHVDWRYLU RUSODFHERDGPLQLVWHUHGDVDPJVLQJOHGRVHRQ'RVH'D\ IROORZHGE\ PJ
RQFHGDLO\RQ'RVH'D\VWKURXJK
)RU4XDUDQWLQHVWKURXJKDGDSWLYHTXDUDQWLQHVVXEMHFWVZHUHUDQGRPL]HGWRUHFHLYH
SUHVDWRYLU RUSODFHER6XEMHFWVLQ4XDUDQWLQHZHUHDGPLQLVWHUHGDPJVLQJOHGRVHRQ
'RVH 'D\IROORZHGE\ PJRQFHGDLO\RQ'RVH'D\VDQG6XEMHFWVLQ4XDUDQWLQH ZHUH
DGPLQLVWHUHGDPJVLQJOHGRVH6XEMHFWVLQ4XDUDQWLQHZHUHDGPLQLVWHUHGD PJ
VLQJOH GRVHRQ'RVH'D\IROORZHGE\ PJRQFHGDLO\RQ'RVH'D\VWKURXJK
$WRWDORIVXEMHFWVZHUHUDQGRPL]HGLQWRWKLVVWXG\$OOVXEMHFWVFRPSOHWHGVWXG\GUXJ DQG
 SODFHERVXEMHFWGLVFRQWLQXHGWKHVWXG\GXHWRLQYHVWLJDWRU¶VGLVFUHWLRQ%DVHOLQH GHPRJUDSKLFV
DQGFKDUDFWHULVWLFVZHUHVLPLODUEHWZHHQWUHDWPHQWJURXSVDFURVV DOOGRVHFRKRUWV
6HYHQW\HLJKW VXEMHFWVUHFHLYHGWKHSUHVSHFLILHGGRVHLQTXDUDQWLQHV SUHVDWRYLU Q 
SODFHER Q 2IWKHVHVXEMHFWVZHUHGRFXPHQWHGWREH569SRVLWLYHSULRUWR
UDQGRPL]DWLRQDQGZHUHLQFOXGHGLQWKHSULPDU\DQGVHFRQGDU\DQDO\VHVSUHVDWRYLU Q 
SODFHERQ $WRWDORIVXEMHFWVUHFHLYHGSUHVDWRYLU DFURVVDOOTXDUDQWLQHV
7UHDWPHQWZLWKSUHVDWRYLU UHVXOWHGLQWKHIROORZLQJ
3ULPDU\(QGSRLQW

7UHDWPHQWZLWKSUHVDWRYLU UHVXOWHGLQORZHUPHDQ$8&YLUDOORDGIURPLQLWLDOGRVHWKURXJK
HQGRITXDUDQWLQH9LUDOORDGZDVDVVHVVHGWZLFHGDLO\XVLQJQDVDOZDVKHV7KHPHDQ$8&RI
YLUDOORDGDVPHDVXUHGE\WKH57T3&5DVVD\IURPILUVWYLUDOORDGPHDVXUHPHQWSRVWLQLWLDO
GRVHRIVWXG\GUXJWKURXJK'D\ ZDVVLJQLILFDQWO\ORZHULQSUHVDWRYLU VXEMHFWVFRPSDUHGWR
SODFHERVXEMHFWVǻ ORJ 3)8HKRXUP/S


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
6HFRQGDU\(QGSRLQWV

7UHDWPHQWZLWKSUHVDWRYLU UHVXOWHGLQORZHUPHDQ$8&YLUDOORDGGXULQJWKHHQWLUH
TXDUDQWLQHSHULRG7KHPHDQ$8&RIYLUDOORDGSRVWFKDOOHQJHWKURXJK6WXG\'D\ DV
PHDVXUHGE\WKH57T3&5DVVD\ZDVVLJQLILFDQWO\ORZHULQSUHVDWRYLU VXEMHFWVFRPSDUHGWR
SODFHERVXEMHFWVǻ ORJ 3)8HKRXUP/S 

7UHDWPHQWZLWKSUHVDWRYLU UHVXOWHGLQORZHUPHDQWRWDOPXFXVZHLJKWGXULQJGRVLQJ7KH
DYHUDJHZHLJKWRIHDFKXQXVHGWLVVXHZDVGHWHUPLQHGSULRUWRVWDUWRIVWXG\7KHGDLO\PXFXV
ZHLJKWZDVFDOFXODWHGE\ILUVWFRXQWLQJWKHQXPEHURIWLVVXHVXVHGHDFKGD\WKHQVXEWUDFWLQJ
WKHWRWDOZHLJKWRIWKHVHWLVVXHVXQXVHGIURPWKHGDLO\WRWDOZHLJKWRIXVHGWLVVXHV7KH
PHDQWRWDOZHLJKWRIPXFXVSURGXFHGSRVWLQLWLDOGRVHRIVWXG\GUXJWKURXJKWKHGRVHZDV
VLJQLILFDQWO\ORZHULQWKHSUHVDWRYLU VXEMHFWVFRPSDUHGWRSODFHERVXEMHFWVǻ  J
S 

7UHDWPHQWZLWKSUHVDWRYLU UHVXOWHGLQDORZHUPHDQ$8&RIFKDQJHIURP%DVHOLQH LQWRWDO
V\PSWRPVFRUHGXULQJWKHHQWLUHTXDUDQWLQHSHULRG7HQV\PSWRPVUXQQ\QRVHVWXII\QRVH
VQHH]LQJVRUHWKURDWHDUDFKHPDODLVH>WLUHGQHVV@FRXJKVKRUWQHVVRIEUHDWKKHDGDFKHDQG
PXVFOHDQGRUMRLQWDFKHZHUHHDFKVFRUHGIURPQRV\PSWRPVWRTXLWHERWKHUVRPH
PRVWDOORIWKHWLPH7RWDOV\PSWRPVFRUHVZHUHWKHDYHUDJHVFRUHRITXHVWLRQV
DQVZHUHGE\HDFKVXEMHFWPXOWLSOLHGE\7KHPHDQ$8&RIFKDQJHIURP%DVHOLQH LQWRWDO
V\PSWRPVFRUHSRVWLQLWLDOGRVHRIVWXG\GUXJWKURXJK6WXG\'D\ ZDVVLJQLILFDQWO\ORZHU
LQWKHSUHVDWRYLU VXEMHFWVFRPSDUHGWRSODFHERVXEMHFWVǻ VFRUHKRXUS 7KH
WRWDOV\PSWRPVVFRUH$8&ZDVDOVRVLJQLILFDQWO\ORZHUIRUSUHVDWRYLU WUHDWHGVXEMHFWV
,QHDFKRIWKHDGDSWLYHTXDUDQWLQHVVWDWLVWLFDOO\VLJQLILFDQWUHVXOWVZHUHDOVRDFKLHYHGLQWKH
SULPDU\HQGSRLQWDQGHDFKRIWKHVHFRQGDU\HQGSRLQWVGHVFULEHGDERYHZLWKWKHH[FHSWLRQRID
UHGXFWLRQLQPHDQWRWDOPXFXVZHLJKWLQ4XDUDQWLQH,QDGGLWLRQDQH[SRVXUHUHVSRQVHHIIHFW
ZDVQRWHG
1RVXEMHFWH[SHULHQFHGDVHULRXV$($OO$(VZHUHPLOGRUPRGHUDWH*UDGHRULQVHYHULW\
H[FHSWIRUWKUHH*UDGH$(VH[SHULHQFHGE\ SODFHERWUHDWHGVXEMHFWLQFUHDVHGEORRGODFWDWH
GHK\GURJHQDVHDODQLQHDPLQRWUDQVIHUDVH>$/7@DQGDVSDUWDWHDPLQRWUDQVIHUDVH>$67@*UDGH 
SXOPRQDU\IXQFWLRQGHFUHDVHFKDQJHZDVWKHRQO\WUHDWPHQWUHODWHG$(H[SHULHQFHGE\
! VXEMHFWVLQHLWKHUWUHDWPHQWJURXSSUHVDWRYLUQ SODFHERQ 
&KDQJHVLQFOLQLFDOODERUDWRU\YDOXHVZHUH*UDGHRULQ VHYHULW\H[FHSWIRURQH*UDGH YDOXH
LQFUHDVHG$67UHSRUWHGIRUSODFHERWUHDWHGVXEMHFWGHVFULEHGDERYH(OHYDWHG$/7ZDVPRUH
FRPPRQO\UHSRUWHGDPRQJSUHVDWRYLUWUHDWHGVXEMHFWVSUHVDWRYLUSODFHEREXW
HOHYDWHG$67ZDVOHVVFRPPRQO\UHSRUWHGSUHVDWRYLUSODFHER/RZQHXWURSKLO
FRXQWZDVUHSRUWHGDV*UDGH LQVXEMHFWVUHFHLYHGSODFHERDQG*UDGHLQ VXEMHFWV
 UHFHLYHGSODFHER$PRQJWKHVXEMHFWVZKRH[SHULHQFHGD*UDGHORZQHXWURSKLOFRXQWDQG
UHFHLYHGSUHVDWRYLUKDGD*UDGH ORZQHXWURSKLOFRXQWDW6FUHHQLQJ&OLQLFDOO\UHOHYDQW
FKDQJHVLQYLWDOVLJQVRU(&*VZHUHQRWREVHUYHG


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

2QJRLQJ6WXGLHV
6WXG\*686LVD3KDVHEUDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGVLQJOHGRVH
VWXG\HYDOXDWLQJWKHDQWLYLUDOHIIHFWV3.VDIHW\DQGWROHUDELOLW\RISUHVDWRYLULQKRVSLWDOL]HG
DGXOWVZLWK569LQIHFWLRQ$SSUR[LPDWHO\569SRVLWLYHVXEMHFWVZLOOEHUDQGRPL]HGWR
UHFHLYHHLWKHUSUHVDWRYLU RUSODFHERDVDVLQJOHPJGRVHRQ'D\DQGVWUDWLILHGLQWRRIWKH
IROORZLQJFDWHJRULHVQRFKURQLFDLUZD\VRUOXQJGLVHDVH&23'DVWKPDRURWKHUFKURQLF
DLUZD\VRUOXQJGLVHDVH7KHVHVWUDWLILFDWLRQVZLOODXJPHQWWKHSUREDELOLW\RIVLPLODUEDVHOLQH
569YLUDOORDGVDQGGXUDWLRQRI569YLUDOVKHGGLQJLQWKHDFWLYHDQGSODFHERJURXSV7KLVLVDQ
RQJRLQJJOREDOVWXG\
6WXG\*686LVD3KDVHEUDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHG
PXOWLFHQWHUVWXG\HYDOXDWLQJDQWLYLUDOHIIHFWVVDIHW\3.DQGWROHUDELOLW\RISUHVDWRYLULQ+&7
UHFLSLHQWVZLWK569LQIHFWLRQRIWKHORZHUUHVSLUDWRU\WUDFW7KHVWXG\ZLOOHQUROODSSUR[LPDWHO\
569SRVLWLYHPDOHVDQGIHPDOHVWR\HDUVRIDJHZKRKDYHKDGDQDOORJHQHLFRU
DXWRORJRXV+&7DQGKDYHGRFXPHQWHGDFXWH569UHODWHGORZHUUHVSLUDWRU\WUDFWLQIHFWLRQ
V\PSWRPV6XEMHFWVZLOOEHUDQGRPL]HGLQDUDWLRWRUHFHLYHSUHVDWRYLURUSODFHER7KLVLVDQ
RQJRLQJJOREDOVWXG\
6WXG\*686LVD3KDVHEUDQGRPL]HGFRQWUROOHGWULDOHYDOXDWLQJSUHVWRYLULQOXQJ
WUDQVSODQWUHFLSLHQWVZLWK569LQIHFWLRQ7KHVWXG\ZLOOHQUROODSSUR[LPDWHO\569SRVLWLYH
VXEMHFWVEHWZHHQDQG\HDUVRIDJHZKRKDYHKDGDOXQJWUDQVSODQWDQGZKRKDYH
GRFXPHQWHG569LQIHFWLRQ6XEMHFWVZLOOEHUDQGRPL]HGLQDUDWLRWRUHFHLYHSUHVDWRYLURU
SODFHER7KLVLVDQRQJRLQJJOREDOVWXG\
$GGLWLRQDOGHWDLOVUHJDUGLQJFOLQLFDOWULDOVRISUHVDWRYLUFDQEHIRXQGLQWKHSUHVDWRYLU
*6 ,%

5DWLRQDOHIRU7KLV6WXG\
7KHUHLVDVLJQLILFDQWXQPHWPHGLFDOQHHGIRUDVDIHFRQYHQLHQWDQGHIIHFWLYHWUHDWPHQWIRU569
LQIHFWLRQ7KHRQO\DSSURYHGDQWLYLUDOWKHUDS\IRU569ULEDYLULQLVDSSURYHGIRUXVHLQSHGLDWULF
SRSXODWLRQV RQO\EXWLVUDUHO\XVHGLQFOLQLFDOSUDFWLFH GXHWRLWVOLPLWHGHIILFDF\DQGFRQFHUQLQJ
VDIHW\SURILOH7KHUHLVQRDSSURYHGDQWLYLUDOWKHUDS\IRU569LQIHFWLRQDPRQJ+&7UHFLSLHQWV
ZKHUHWKHFXUUHQWVWDQGDUGRIFDUHLVVXSSRUWLYH
7KLVVWXG\IROORZVD3KDVH),+VWXG\*686DQGD3KDVHD569FKDOOHQJHVWXG\
*686ZKLFKHYDOXDWHGWKHVDIHW\WROHUDELOLW\DQG3.RIVLQJOHDQGPXOWLSOHGRVHV
RISUHVDWRYLU LQKHDOWK\DGXOWYROXQWHHUV,Q6WXG\*686SUHVDWRYLU ZDVVKRZQ
WREHHIILFDFLRXVLQUHGXFLQJ569YLUDOORDGDQGFOLQLFDOV\PSWRPVLQKHDOWK\DGXOWVXEMHFWV
H[SHULPHQWDOO\LQIHFWHGZLWK569
*LYHQWKHVHUHVXOWVIURPKHDOWK\DGXOWYROXQWHHUVVWXGLHGLQDFRQWUROOHGVHWWLQJWKHFXUUHQWVWXG\
LVGHVLJQHGWRHYDOXDWHWKHVDIHW\WROHUDELOLW\3.DQGHIILFDF\ RISUHVDWRYLU DPRQJ+&7
SDWLHQWVZLWKDQ569UHODWHG857,6DIHW\DQGHIILFDF\GDWDJHQHUDWHGIURPWKLVVWXG\WDNHQ
WRJHWKHUZLWKFXUUHQWO\DYDLODEOHGDWDZLOOEHXVHGWRVXSSRUWIXUWKHUFOLQLFDOGHYHORSPHQWRI
SUHVDWRYLU LQSHGLDWULFDQGDGXOWSDWLHQWVLQIHFWHGZLWK569


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

'RVH5DWLRQDOH
7KHGRVHDQGDGPLQLVWUDWLRQ VFKHGXOHVHOHFWHGIRUWKLVVWXG\LVDVLQJOHGRVHRIPJ
SUHVDWRYLU DGPLQLVWHUHGRUDOO\RUYLD1*WXEH RQ'D\VDQG7KLVUHJLPHQZDV
VHOHFWHGEDVHGXSRQWKH3.FKDUDFWHULVWLFVRISUHVDWRYLU DQGWKH
SKDUPDFRNLQHWLFSKDUPDFRG\QDPLF3.3' UHODWLRQVKLSHVWDEOLVKHGLQWKHDQWLYLUDOHIIHFWVWXG\
ZLWKGLIIHUHQWGRVHVUHJLPHQVLQ6WXG\*686
,Q6WXG\*686DGD\WUHDWPHQWUHJLPHQRISUHVDWRYLU PJVLQJOHGRVHRQ
'RVH 'D\ IROORZHGE\PJRQFHGDLO\RQ'RVH'D\VWKURXJKUHVXOWHGLQDVLJQLILFDQW
UHGXFWLRQLQ569YLUDOORDG7KHPHDQ$8&RI 569 YLUDOORDGDVPHDVXUHGE\WKH57T3&5
DVVD\IURPILUVWYLUDOORDGPHDVXUHPHQWSRVWLQLWLDOGRVHRIVWXG\GUXJWKURXJKHQGRITXDUDQWLQH
'D\ ZDVVLJQLILFDQWO\ORZHULQSUHVDWRYLU VXEMHFWVFRPSDUHGWRSODFHERVXEMHFWV
ǻ  ORJ 3)8HKRXUP/S7KLVGD\UHJLPHQZDVDEOHWRDFKLHYHSUHVDWRYLU
WURXJKFRQFHQWUDWLRQVaIROGRISD(& QJP/ IRUXSWRKRXUVIROORZLQJGRVH
LQLWLDWLRQ IRUWKHYLUXVXVHGLQWKHFKDOOHQJHVWXG\WKH0VWUDLQRI569
,QVHOHFWLQJWKHGRVHIRUWKHFXUUHQWVWXG\WKHJRDOZDVWRDFKLHYHSUHVDWRYLU WURXJK
FRQFHQWUDWLRQVDERYHIROGRISD(& IRURIRIWKHFOLQLFDO569LVRODWHVIRUWKHGXUDWLRQRI
569VKHGGLQJLQ+&7SDWLHQWV/RQJLWXGLQDOYLUDOG\QDPLFVGDWDIURPLQYHVWLJDWRUVDWDQ
DFDGHPLF+&7 FHQWHU DOVR LQGLFDWHWKDWWKHPDMRULW\RI+&7SDWLHQWVVKHG569IRU GD\VEXW
VRPHPD\VKHGIRUDVORQJDVGD\VXQSXEOLVKHG,QDGGLWLRQUHFHQWVWXGLHVLQGLFDWHWKDWWKH
PHDQWLPHWRSURJUHVVLRQRI857,WR/57,LVGD\VZLWKRI VXEMHFWVSURJUHVVLQJZLWKLQ
 GD\VDIWHUSUHVHQWLQJZLWKD857,^` ^`7KHUHIRUHDWRWDORIGRVHVRI
SUHVDWRYLU  PJHDFKGRVHHYHU\GD\VLVH[SHFWHGWRSURYLGH!IROGSD(& FRYHUDJHIRU
a RI  ZLOGW\SHFOLQLFDO569LVRODWHVWKURXJK'D\ZKLFKLVH[SHFWHGWRUHVXOWLQ
VLJQLILFDQWGXUDEOHDQWLYLUDOHIIHFW

&RPSOLDQFH
7KLVVWXG\ZLOOEHFRQGXFWHGLQFRPSOLDQFHZLWKWKLVSURWRFRO*RRG&OLQLFDO 3UDFWLFH*&3
DQGDOODSSOLFDEOHUHJXODWRU\UHTXLUHPHQWV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

2%-(&7,9(6
7KHSULPDU\REMHFWLYHRIWKLVVWXG\LV

7RHYDOXDWHWKHHIIHFW RISUHVDWRYLU RQ569YLUDOORDGLQ569SRVLWLYHDXWRORJRXVRU
DOORJHQHLF+&7UHFLSLHQWVZLWKDFXWH857, V\PSWRPV
7KHVHFRQGDU\REMHFWLYHVRIWKLVVWXG\DUH

7RHYDOXDWHWKHHIIHFWRISUHVDWRYLU RQ GHYHORSPHQWRI /57& SURJUHVVLRQWRUHVSLUDWRU\
IDLOXUHDQGDOOFDXVHPRUWDOLW\

7RHYDOXDWHWKH3.VDIHW\DQGWROHUDELOLW\RISUHVDWRYLU






3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

6WXG\7UHDWPHQWV
$SSUR[LPDWHO\VXEMHFWVZLOOEHUDQGRPL]HGWRUHFHLYHPJIRXU PJWDEOHWVRI
,03SUHVDWRYLU RUSODFHER DVDVLQJOHGRVHRQ'D\V DQG7KH,03ZLOOEH
DGPLQLVWHUHGRUDOO\RUYLD1*WXEH7KHHQWLUHGRVHPXVWEHWDNHQZLWKLQKRXU ,QYHVWLJDWLRQDO
PHGLFLQDOSURGXFWVKRXOGEHGLVSHQVHGZLWKJORYHV
6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRUREVHUYDWLRQ,IYRPLWLQJRFFXUV
ZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHGWDEOHWVDUHSUHVHQWLQWKHYRPLWXV
WKHVXEMHFWVKRXOGUHFHLYHDQRWKHUGRVH ,IDQRWKHUGRVHLVDGPLQLVWHUHGWKHVXEMHFWVKRXOG
UHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRUREVHUYDWLRQ
3UHVDWRYLU ZLOOEHSURYLGHG DVZKLWHSODLQIDFHGILOPFRDWHGURXQGWDEOHWVFRQWDLQLQJ PJ
SUHVDWRYLU PJ*6ELVK\GURFKORULGHVDOWGLK\GUDWHIRUPRISUHVDWRYLU3ODFHERWR
0DWFKZLOOEHSURYLGHGDVZKLWHSODLQIDFHGILOPFRDWHGURXQGWDEOHWVFRQWDLQLQJQRSUHVDWRYLU
7KHH[SHFWHGGXUDWLRQRIVXEMHFWSDUWLFLSDWLRQLVDSSUR[LPDWHO\PRQWKWRLQFOXGH6FUHHQLQJ
WKURXJKWKHILQDOYLVLWRQ'D\

'XUDWLRQRI7UHDWPHQW
7KHWUHDWPHQWSRUWLRQRIWKHVWXG\LVGD\V DWRWDORIGRVHVDGPLQLVWHUHGDVVLQJOHGRVHVRQ
'D\V  DQG

'LVFRQWLQXDWLRQ&ULWHULD
5HDVRQVIRU SRWHQWLDO SUHPDWXUHGLVFRQWLQXDWLRQIURP ,03GRVLQJ LQFOXGH

$Q\*UDGHRU$( RU6$(

,QWHUFXUUHQWLOOQHVVWKDWZRXOGLQWKHMXGJPHQWRI WKHLQYHVWLJDWRUDIIHFWWKHVXEMHFW¶VDELOLW\
WRUHFHLYH,03HJXQDEOHWRLQJHVWRUDOGRVH

$/7$67!î 8/1DQGULVLQJ

$/7$67UHPDLQV!î 8/1ZLWKQRFKDQJHLQ7%IRUPRUHWKDQZHHNV

$ZRUVHQLQJRIFOLQLFDOV\PSWRPVZLWKQRRWKHUDFFHSWDEOHH[SODQDWLRQ

+\¶V/DZ FULWHULDDUHPHW
(YLGHQFHRILQMXU\HOHYDWLRQRIWKH$/7RU$67E\!  î 8/1DQG
(YLGHQFHRIG\VIXQFWLRQHOHYDWLRQRIWKH7% E\!  î 8/1ZLWKRXWDQHOHYDWLRQRIWKH
DONDOLQHSKRVSKDWDVH $/3 E\!  î 8/1DQG
&OLQLFDOYHULILFDWLRQWRHQVXUHHIIHFWLVKHDOWKSURGXFWLQGXFHGDQGQRWLQGXFHGE\GLVHDVH
RUDQRWKHUFDXVHRILQMXU\


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
,QWKHHYHQWWKDWDQ\ RIWKHDERYHFULWHULDDUHPHWWKH 3ULQFLSDO,QYHVWLJDWRU3, ZLOOUHYLHZWKH
FDVHLQGHWDLODQGGLVFXVVZLWKWKH*LOHDG 0HGLFDO0RQLWRU ZKHWKHUWKHVXEMHFWVKRXOGEH
GLVFRQWLQXHGIURP,03 ,IFORVHPRQLWRULQJRI$/7$67$/3 DQG7%SHU6HFWLRQ  LVQRW
SRVVLEOH,03ZLOOEHGLVFRQWLQXHG
5HDVRQVIRUSUHPDWXUHGLVFRQWLQXDWLRQIURPWKH6WXG\LQFOXGH

6XEMHFWUHTXHVWWRGLVFRQWLQXHIRUDQ\UHDVRQ

6XEMHFWQRQFRPSOLDQFH

3UHJQDQF\GXULQJWKHVWXG\UHIHUWR6HFWLRQ 

'LVFRQWLQXDWLRQRIWKHVWXG\DWWKHUHTXHVWRI*LOHDGDUHJXODWRU\DJHQF\RUDQ
LQVWLWXWLRQDO UHYLHZERDUGRULQGHSHQGHQWHWKLFVFRPPLWWHH,5%,(&
,IDVXEMHFWSUHPDWXUHO\GLVFRQWLQXHVIURP,03GRVLQJKHVKHZLOOUHPDLQRQVWXG\DQGZLOO
FRQWLQXHZLWKDOOVXEVHTXHQW6WXG\9LVLWVDQGDVVHVVPHQWVZLWKWKHH[FHSWLRQRI,03GRVLQJ
,IDVXEMHFWSUHPDWXUHO\GLVFRQWLQXHVIURPWKHVWXG\HYHU\DWWHPSWVKRXOGEHPDGHWREULQJWKH
VXEMHFWEDFNIRUWKH(DUO\7HUPLQDWLRQ SURFHGXUHV 6HH6HFWLRQ  IRUPRUHLQIRUPDWLRQ

6RXUFH'DWD
)RUWKHSXUSRVHVRIWKLVVWXG\VWXG\VSHFLILFTXHVWLRQQDLUHVLHUHVSLUDWRU\V\PSWRP
DVVHVVPHQWVDUHFRQVLGHUHGVRXUFHGRFXPHQWVDQGDUHWREHILOHGZLWKWKHVXEMHFW¶VPHGLFDORU
VWXG\UHFRUGV(OHFWURQLFGDWDLHGLDJQRVWLFPDFKLQHVWKDWWUDQVFULEHGDWDGLUHFWO\WRDGDWDEDVH
RUGDWDHQWHUHGGLUHFWO\LQWRDQ(OHFWURQLF0HGLFDO5HFRUGV\VWHPLVFRQVLGHUHGVRXUFHGDWD
SURYLGHGWKHGDWDLVQRWUHFRUGHGGLUHFWO\RQWKH&5)H&5)DQGSURYLGHGWKHUHLVDFOHDUDXGLW
WUDLOLQWKHHOHFWURQLFUHFRUGV7HPSODWHVRXUFHGRFXPHQWZRUNVKHHWVZLOOEHSUHSDUHGE\
*LOHDGDQGSURYLGHGWRVLWHVWRXVHDWWKHLUGLVFUHWLRQ ,IVRXUFHGRFXPHQW ZRUNVKHHWVDUHXVHG
WKH\DUHWREHNHSWZLWKWKHVXEMHFW¶VPHGLFDORUVWXG\UHFRUGV DVRULJLQDOVRXUFHGRFXPHQWV1R
GDWDZLOOEHUHFRUGHGGLUHFWO\RQWKH&5)H&5)DQGDQ\GDWDUHFRUGHGGLUHFWO\RQWKH
&5)H&5)ZLOOQRWEHFRQVLGHUHGVRXUFHGDWD


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

68%-(&73238/$7,21

1XPEHURI6XEMHFWVDQG6XEMHFW6HOHFWLRQ
7KHVXEMHFWSRSXODWLRQZLOOFRQVLVWRIDSSUR[LPDWHO\569SRVLWLYHPDOHVDQGIHPDOHV
 WR \HDUVRIDJHZKRKDYHKDGDQDOORJHQHLFRUDXWRORJRXV+&7DQGKDYHGRFXPHQWHG
DFXWH569UHODWHG857,V\PSWRPVUHFUXLWHGIURPDSSUR[LPDWHO\ FHQWHUVLQ$VLD 3DFLILF
$XVWUDOLD&DQDGD(XURSH6RXWK$PHULFD DQGWKH 8QLWHG6WDWHV

,QFOXVLRQ&ULWHULD
6XEMHFWVPXVWPHHWDOORIWKHIROORZLQJLQFOXVLRQFULWHULDWREHHOLJLEOHIRUSDUWLFLSDWLRQLQWKLV
VWXG\
 0DOHVDQGIHPDOHVWR \HDUVRIDJH
 5HFHLYHGDQDXWRORJRXVRUDOORJHQHLF+&7XVLQJDQ\FRQGLWLRQLQJUHJLPHQ
 'RFXPHQWHGWREH569SRVLWLYHDVGHWHUPLQHGE\ORFDOWHVWLQJHJ3&5')$593 DVVD\
RUFXOWXUHXVLQJDQXSSHUUHVSLUDWRU\WUDFWVDPSOHFROOHFWHG GD\VSULRUWR'D\
 1HZRQVHWRIDWOHDVWRIWKHIROORZLQJUHVSLUDWRU\V\PSWRPVIRUGD\V SULRUWR'D\ 
QDVDOFRQJHVWLRQUXQQ\QRVHFRXJKRUVRUHWKURDWRUZRUVHQLQJRIRQHRIWKHVHFKURQLF
DVVRFLDWHGZLWKDSUHYLRXVO\H[LVWLQJGLDJQRVLVHJFKURQLFUKLQRUUKHDVHDVRQDODOOHUJLHV
FKURQLFOXQJGLVHDVHUHVSLUDWRU\V\PSWRPVGD\VSULRUWR'D\
 1RHYLGHQFHRIQHZDEQRUPDOLWLHVFRQVLVWHQWZLWK/57,RQDFKHVW;UD\UHODWLYHWRWKHPRVW
UHFHQWFKHVW;UD\DVGHWHUPLQHGE\WKHORFDOUDGLRORJLVW,IDFKHVW;UD\LVQRWDYDLODEOHRU
ZDVQRWREWDLQHGGXULQJVWDQGDUGFDUH KRXUV SULRUWR6FUHHQLQJDFKHVW;UD\PXVWEH
REWDLQHGIRU6FUHHQLQJ
 2 VDWXUDWLRQ  RQURRPDLU
 $QLQIRUPHGFRQVHQWGRFXPHQWVLJQHGDQGGDWHGE\WKHVXEMHFWRUDOHJDOJXDUGLDQRIWKH
VXEMHFWDQGWKHLQYHVWLJDWRURUKLVKHUGHVLJQHH
 $QHJDWLYHXULQHRUVHUXPSUHJQDQF\WHVWLVUHTXLUHGIRUIHPDOHVXEMHFWVXQOHVVVXUJLFDOO\
VWHULOHRUJUHDWHUWKDQWZR\HDUVSRVWPHQRSDXVDO
 0DOHDQGIHPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOPXVWDJUHHWRFRQWUDFHSWLYHUHTXLUHPHQWV
DVGHVFULEHGLQ$SSHQGL[ 
 :LOOLQJQHVVWRFRPSOHWHQHFHVVDU\VWXG\SURFHGXUHVDQGKDYHDYDLODEOHDZRUNLQJ
WHOHSKRQH RUHPDLO


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

([FOXVLRQ&ULWHULD
6XEMHFWVZKRPHHWDQ\ RIWKHIROORZLQJH[FOXVLRQFULWHULDDUHQRWWREHHQUROOHGLQWKLVVWXG\
5HODWHGWRFRQFRPLWDQWRUSUHYLRXVPHGLFDWLRQXVH
 8VHRIQRQPDUNHWHGDFFRUGLQJWRUHJLRQLQYHVWLJDWLRQDODJHQWVZLWKLQGD\V25 XVHRI
DQ\LQYHVWLJDWLRQDOPRQRFORQDODQWL569DQWLERGLHVZLWKLQPRQWKVRU KDOIOLYHVRI
6FUHHQLQJZKLFKHYHULVORQJHU25 XVHRIDQ\LQYHVWLJDWLRQDO569YDFFLQHVDIWHU+&7
 8VHRIDPRGHUDWHRUVWURQJF\WRFKURPH 3HQ]\PH&<3LQGXFHULQFOXGLQJEXWQRW
OLPLWHGWRULIDPSLQ6W-RKQ¶V:RUWFDUEDPD]HSLQHSKHQ\WRLQ HIDYLUHQ]ERVHQWDQ
HWUDYLULQHPRGDILQLODQGQDIFLOOLQ ZLWKLQ ZHHNV SULRUWRWKHILUVWGRVHRI,03
5HODWHGWRPHGLFDOKLVWRU\
 $GPLWWHGWRWKHKRVSLWDOSULPDULO\IRUDORZHUUHVSLUDWRU\WUDFWGLVHDVHRIDQ\FDXVHDV
GHWHUPLQHGE\WKHLQYHVWLJDWRU
 3UHJQDQWEUHDVWIHHGLQJRUODFWDWLQJIHPDOHV
 8QDEOHWRWROHUDWHQDVDOVDPSOLQJUHTXLUHGIRUWKLVVWXG\DVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 .QRZQKLVWRU\RI+,9$,'6 ZLWKD&'FRXQWFHOOVȝ/ZLWKLQWKHODVWPRQWK
 +LVWRU\RIGUXJDQGRUDOFRKRODEXVHWKDWLQWKHRSLQLRQRIWKHLQYHVWLJDWRUPD\SUHYHQW
DGKHUHQFHWRVWXG\DFWLYLWLHV
5HODWHGWRPHGLFDOFRQGLWLRQDW6FUHHQLQJ
 'RFXPHQWHGWREHSRVLWLYHIRURWKHUUHVSLUDWRU\YLUXVHVOLPLWHGWRLQIOXHQ]DSDUDLQIOXHQ]D
KXPDQUKLQRYLUXVDGHQRYLUXVKXPDQ PHWDSQHXPRYLUXVRUFRURQDYLUXVZLWKLQ GD\V SULRU
WRWKH6FUHHQLQJYLVLWDVGHWHUPLQHGE\ORFDOWHVWLQJDGGLWLRQDOWHVWLQJLVQRWUHTXLUHG
 &OLQLFDOO\VLJQLILFDQWEDFWHUHPLDRUIXQJHPLDZLWKLQGD\VSULRUWR6FUHHQLQJWKDWKDVQRW
EHHQDGHTXDWHO\WUHDWHGDVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 &OLQLFDOO\VLJQLILFDQWEDFWHULDOIXQJDORUYLUDOSQHXPRQLDZLWKLQ ZHHNVSULRUWR6FUHHQLQJ
WKDWKDVQRWEHHQDGHTXDWHO\WUHDWHGDVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 ([FHVVLYHQDXVHDYRPLWLQJDW6FUHHQLQJDVGHWHUPLQHGE\WKHLQYHVWLJDWRURUDQLQDELOLW\WR
VZDOORZSLOOVWKDWSUHFOXGHVRUDODGPLQLVWUDWLRQRIWKH ,03 IRUVXEMHFWVZLWKRXWDQ1*WXEH
LQSODFH
 $Q\FRQGLWLRQZKLFKLQWKHRSLQLRQRIWKHLQYHVWLJDWRUZRXOGSUHYHQWIXOOSDUWLFLSDWLRQLQ
WKLVWULDORUZRXOGLQWHUIHUHZLWKWKHHYDOXDWLRQRIWKHWULDOHQGSRLQWV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
5HODWHGWRDOOHUJLHV
 .QRZQK\SHUVHQVLWLYLW\RU DOOHUJ\WR WKH,03LWVPHWDEROLWHVRUIRUPXODWLRQH[FLSLHQWV
PLFURFU\VWDOOLQHFHOOXORVHPDQQLWROFURVFDUPHOORVHVRGLXPPDJQHVLXPVWHDUDWH
SRO\YLQ\O DOFRKROWLWDQLXPGLR[LGHSRO\HWK\OHQHJO\FRODQGWDOF
 +LVWRU\RIK\SHUVHQVLWLYLW\DQDSK\ODFWLFUHDFWLRQ 6WHYHQV-RKQVRQ6\QGURPHRUWR[LF
HSLGHUPDOQHFUR\OVLV UHVSRQVH WRVXOID GUXJV
5HODWHGWRODERUDWRU\UHVXOWV
 &UHDWLQLQHFOHDUDQFHP/PLQ FDOFXODWHGXVLQJWKH&RFNFURIW*DXOWPHWKRG
 &OLQLFDOO\VLJQLILFDQW$/7$67DVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 &OLQLFDOO\VLJQLILFDQW7%DVGHWHUPLQHGE\WKHLQYHVWLJDWRU


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

,19(67,*$7,21$/0(',&,1$/352'8&76

5DQGRPL]DWLRQ%OLQGLQJDQG7UHDWPHQW&RGHV
7KLVLVDUDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGPXOWLFHQWHUVWXG\(OLJLEOHVXEMHFWVZLOO
EHVWUDWLILHGE\WKHIROORZLQJIDFWRUV
 3UHVHQFHRUDEVHQFH RIO\PSKRSHQLDGHILQHGDVDO\PSKRF\WHFRXQW  FHOOV/ YHUVXV
  FHOOV/RIEORRG
 7UHDWPHQWRI569\HVRUQRZLWKULEDYLULQ RUDOLQWUDYHQRXVRUDHURVROL]HG
:KHQDYDLODEOHWKHPRVWUHFHQWODERUDWRU\YDOXHIRUO\PSKRF\WHFRXQWREWDLQHG  GD\VSULRU
WR6FUHHQLQJ>9LVLW @PD\EHXVHGIRUUDQGRPL]DWLRQ,IDQH[LVWLQJODERUDWRU\YDOXHLVQRW
DYDLODEOHWKHWHVWZLOOEHSHUIRUPHGDW6FUHHQLQJXVLQJWKHORFDOKRVSLWDOODERUDWRU\
7UHDWPHQWRIFXUUHQW569LQIHFWLRQZLWKULEDYLULQZLOOEHGHILQHG DVGRVHRIULEDYLULQ
RUDO LQWUDYHQRXVRUDHURVROL]HGSULRUWRUDQGRPL]DWLRQRUZLWKZULWWHQRUGHUVIRUWKHLQLWLDWLRQ
RIWKHUDS\DWWKHWLPHRIUDQGRPL]DWLRQ6XEMHFWVZLOOEHUDQGRPL]HGLQDUDWLRWRUHFHLYH
,03SUHVDWRYLU RUPDWFKLQJSODFHER
$VVLJQPHQWWRVWXG\WUHDWPHQWZLOOEHEOLQGHGWRWKHVWXG\VXEMHFWVLQYHVWLJDWLRQDOVLWH
SHUVRQQHOVWXG\YHQGRUVDQGWKH6SRQVRU VWXG\WHDPH[FHSWIRUWKHGHOHJDWHGSHUVRQQHOZKR
ZLOOUHYLHZDQGFKHFNWKHUDQGRPL]DWLRQDQGGUXJDOORFDWLRQIRUDFFXUDF\ ,QWHULPDQDO\VHVZLOO
EHFRQGXFWHGDQGUHYLHZHGE\GHOHJDWHGSHUVRQQHOQRWLQYROYHGLQWKHVWXG\FRQGXFW

3URFHGXUHVIRU%UHDNLQJ7UHDWPHQW&RGHV
,QWKHHYHQWRIDPHGLFDOHPHUJHQF\ZKHUHEUHDNLQJWKHEOLQGLVUHTXLUHGWRSURYLGHPHGLFDOFDUH
WRWKHVXEMHFWWKHLQYHVWLJDWRUPD\REWDLQWUHDWPHQWDVVLJQPHQWGLUHFWO\IURPWKH,;56V\VWHP
IRUWKDWVXEMHFW ,QWKHHYHQWRIWHFKQRORJ\IDLOXUHWKH3,PD\FDOOWKH,;56KHOSOLQH WRDFFHVV
WUHDWPHQWFRGHV *LOHDGUHFRPPHQGVEXWGRHVQRWUHTXLUHWKDWWKHLQYHVWLJDWRUFRQWDFWWKH
*LOHDG PHGLFDOPRQLWRUEHIRUHEUHDNLQJWKHEOLQG7UHDWPHQWDVVLJQPHQWVKRXOGUHPDLQEOLQGHG
XQOHVVWKDWNQRZOHGJHLVQHFHVVDU\WRGHWHUPLQHVXEMHFWHPHUJHQF\PHGLFDOFDUH7KHUDWLRQDOH
IRUXQEOLQGLQJPXVWEHFOHDUO\H[SODLQHGLQVRXUFHGRFXPHQWDWLRQDQGRQWKHFDVH UHSRUW IRUP
HOHFWURQLFFDVHUHSRUWIRUP&5)H&5)DORQJZLWKWKHGDWHRQZKLFKWKHWUHDWPHQWDVVLJQPHQW
ZDVREWDLQHG7KHLQYHVWLJDWRULVUHTXHVWHGWRFRQWDFWWKH*LOHDG PHGLFDO PRQLWRUSURPSWO\LQ
FDVHRIDQ\WUHDWPHQWXQEOLQGLQJ 'HWDLOVRIXQEOLQGLQJZLOOEHSURYLGHGLQWKHVWXG\VSHFLILF
8QEOLQGLQJ3ODQ
%OLQGLQJRIVWXG\WUHDWPHQWLVFULWLFDOWRWKHLQWHJULW\RIWKLVFOLQLFDOWULDODQGWKHUHIRUHLID
VXEMHFW¶VWUHDWPHQWDVVLJQPHQWLVGLVFORVHGWRWKHLQYHVWLJDWRUWKHVXEMHFWZLOOKDYHVWXG\
WUHDWPHQWGLVFRQWLQXHG$OOVXEMHFWVZLOOEHIROORZHGXQWLOVWXG\FRPSOHWLRQXQOHVVFRQVHQWWRGR
VRLVVSHFLILFDOO\ZLWKGUDZQE\WKHVXEMHFW


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
*LOHDG 'UXJ6DIHW\DQG3XEOLF+HDOWK'63+PD\LQGHSHQGHQWO\XQEOLQGFDVHVIRUH[SHGLWHG
UHSRUWLQJRIVXVSHFWHGXQH[SHFWHGVHULRXVDGYHUVHUHDFWLRQV686$5V

'HVFULSWLRQDQG+DQGOLQJRI3UHVDWRYLU*6

)RUPXODWLRQ
3UHVDWRYLU ZLOOEHVXSSOLHGDVZKLWHSODLQIDFHGILOPFRDWHGURXQGWDEOHWVFRQWDLQLQJ PJ
 PJ*6ELVK\GURFKORULGHVDOWGLK\GUDWHIRUPRISUHVDWRYLU,QDGGLWLRQWRWKH
DFWLYHLQJUHGLHQW SUHVDWRYLU WDEOHWVFRQWDLQWKHIROORZLQJLQDFWLYHLQJUHGLHQWVPLFURFU\VWDOOLQH
FHOOXORVHPDQQLWROFURVFDUPHOORVHVRGLXPPDJQHVLXPVWHDUDWHSRO\YLQ\O DOFRKROWLWDQLXP
GLR[LGHSRO\HWK\OHQHJO\FRODQGWDOFZKLFKDUHFRPPRQSKDUPDFHXWLFDOH[FLSLHQWV
7KHVXSSOLHGPDWFKLQJSODFHERWDEOHWVDUHLGHQWLFDOLQSK\VLFDODSSHDUDQFHWRWKH PJ
SUHVDWRYLU WDEOHWVDQGFRQWDLQWKHVDPHLQDFWLYHLQJUHGLHQWV

3DFNDJLQJDQG/DEHOLQJ
3UHVDWRYLU WDEOHWVDQGPDWFKLQJSODFHERDUHSDFNDJHGLQZKLWHKLJKGHQVLW\SRO\HWK\OHQH
+'3(ERWWOHVZLWKGHVLFFDQWDQGSRO\HVWHUILEHUFRLO(DFKERWWOHFRQWDLQV WDEOHWVDQGLV
FDSSHGZLWKDZKLWHFRQWLQXRXVWKUHDGFKLOGUHVLVWDQWSRO\SURS\OHQHVFUHZFDSILWWHGZLWKDQ
LQGXFWLRQVHDOHGDOXPLQXPIDFHGOLQHU
$OOODEHOVIRU,03 GLVWULEXWHGWRLQYHVWLJDWLYHVLWHVLQWKH86DQGWKHUHVWRIZRUOG52:ZLOO
PHHWDOODSSOLFDEOHUHTXLUHPHQWVRIWKH86)RRGDQG'UXJ$GPLQLVWUDWLRQ)'$
WKH (8 $QQH[ RI*RRG0DQXIDFWXULQJ3UDFWLFHV0DQXIDFWXUHRILQYHVWLJDWLRQDOPHGLFLQDO
SURGXFWV-XO\ DQGRURWKHUORFDOUHJXODWLRQVDVDSSOLFDEOH

6WRUDJHDQG+DQGOLQJ
6XIILFLHQWTXDQWLWLHVRISUHVDWRYLU WDEOHWVDQGPDWFKLQJSODFHERZLOOEHVKLSSHGWRWKH
LQYHVWLJDWRURUTXDOLILHGGHVLJQHHIURP*LOHDG6FLHQFHV&OLQLFDO6XSSO\0DQDJHPHQW RULWV
GHVLJQHH
3UHVDWRYLU WDEOHWVVKRXOGEHVWRUHGDWFRQWUROOHGURRPWHPSHUDWXUHRI & )H[FXUVLRQV
DUHSHUPLWWHGEHWZHHQ &DQG & )DQG )6WRUDJHFRQGLWLRQVDUHVSHFLILHGRQ
WKHODEHO8QWLOGLVSHQVHGWRWKHVXEMHFWVDOOERWWOHVRI,03 VKRXOGEHVWRUHGLQDVHFXUHO\ORFNHG
DUHDDFFHVVLEOHRQO\WRDXWKRUL]HGVLWHSHUVRQQHO7KHVWXG\FHQWHUZLOOEHUHTXLUHGWRPDLQWDLQD
ORJRIGDLO\WHPSHUDWXUHUHDGLQJVLQWKHVWRUDJHDUHDIRUWKHGXUDWLRQRIWKHVWXG\ZLWKWKH
H[FHSWLRQRIZHHNHQGVDQGRUKROLGD\VSHUVLWHZULWWHQSURFHGXUH7RHQVXUHWKHVWDELOLW\DQG
SURSHULGHQWLILFDWLRQWKHGUXJSURGXFWVZLOOEHVWRUHGLQWKHFRQWDLQHUVLQZKLFKWKH\ZHUH
VXSSOLHGXQWLOXQLWVDUH GLVSHQVHGWR LQGLYLGXDOVXEMHFWVDWWKHVLWH


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

'RVDJHDQG$GPLQLVWUDWLRQRI3UHVDWRYLU
(OLJLEOHVXEMHFWVZLOOUHFHLYHDVLQJOHGRVHRIPJSUHVDWRYLU RUSODFHERRQ'D\V 
DQG'RVHVZLOOEHDGPLQLVWHUHGRUDOO\RUYLD1*WXEH7KHHQWLUHGRVHPXVWEHWDNHQZLWKLQ
 KRXU ,QYHVWLJDWLRQDOPHGLFLQDOSURGXFWVKRXOG EHGLVSHQVHGZLWKJORYHV
6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRUREVHUYDWLRQ,IYRPLWLQJRFFXUV
ZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHGWDEOHWVDUHSUHVHQWLQWKHYRPLWXV
WKHVXEMHFWVKRXOGUHFHLYHDQRWKHUGRVH,IDQRWKHUGRVHLVDGPLQLVWHUHGWKHVXEMHFWVKRXOG
UHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRUREVHUYDWLRQ

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV
6WURQJDQGPRGHUDWHLQGXFHUVRI&<3HQ]\PHVPD\ UHGXFHWKHH[SRVXUHRISUHVDWRYLU
3UHOLPLQDU\3.UHVXOWVIURPDFOLQLFDOGUXJGUXJLQWHUDFWLRQ'',VWXG\*686
GHPRQVWUDWHGWKDWLQGXFWLRQRI&<3HQ]\PHVZLWKULIDPSLQRUHIDYLUHQ]UHVXOWHGLQDQRU
GHFUHDVHUHVSHFWLYHO\LQSUHVDWRYLU $8&LQI 7KHUHIRUHFRQFRPLWDQWDGPLQLVWUDWLRQRI
VWURQJRUPRGHUDWH&<3LQGXFHUV^` LQFOXGLQJEXWQRWOLPLWHGWRULIDPSLQ6W-RKQ¶V:RUW
FDUEDPD]HSLQHSKHQ\WRLQHIDYLUHQ]ERVHQWDQHWUDYLULQHPRGDILQLODQGQDIFLOOLQLVH[FOXGHG
WRDYRLGSRWHQWLDOGUXJUHVLVWDQFH
&\FORVSRULQHDZHDN&<3$LQKLELWRUDQGDSRWHQWLQKLELWRU RIHIIOX[WUDQVSRUWHUV
3 JO\FRSURWHLQ>3JS@EUHDVWFDQFHUUHVLVWDQWSURWHLQ>%&53@DQGWKHKHSDWLFXSWDNHRUJDQLF
DQLRQWUDQVSRUWHUSURWHLQV2$73%DQG2$73%KDVEHHQDVVRFLDWHGZLWKDPLOGLQFUHDVH
LQSUHVDWRYLUSODVPDH[SRVXUHLQFUHDVHLQ&PD[ DQGLQFUHDVHLQ$8&LQI7KXV
SUHVDWRYLUFDQEHFRDGPLQLVWHUHGZLWKLQKLELWRUVRI3JS%&532$73%RU27$3%
ZLWKRXWGRVHPRGLILFDWLRQ
7KHHIIHFWRIFRDGPLQLVWUDWLRQZLWKVWURQJDQGPRGHUDWH&<3$LQKLELWRUVRQSUHVDWRYLU3.LV
FXUUHQWO\EHLQJLQYHVWLJDWHGLQDFOLQLFDOGUXJGUXJLQWHUDFWLRQVWXG\
3UHVDWRYLULVQRWH[SHFWHGWRVLJQLILFDQWO\DOWHUWKH3.RIFRQFRPLWDQWPHGLFDWLRQVWKDWDUH
VXEVWUDWHVRIPDMRUKXPDQ&<3HQ]\PHVRUGUXJWUDQVSRUWHUV3UHVDWRYLULVQRWH[SHFWHGWREHDQ
LQKLELWRURIFRPPRQKXPDQ&<3HQ]\PHV&<3$&<3%&<3&&<3&&<3&
&<3$DQG&<3'KXPDQ8*7$RUPDMRUGUXJWUDQVSRUWHUV2$73%%%&53
3JS2&72&7%6(32$7DQG2$7DWFOLQLFDOO\UHOHYDQWFRQFHQWUDWLRQV3UHVDWRYLULV
DOVRQRWDQLQGXFHUWKURXJK$K5RU3;5DWFRQFHQWUDWLRQVXSWRȝ0
3UHVDWRYLU PD\FDXVHFRQFHQWUDWLRQGHSHQGHQWLQKLELWLRQRIPXOWLGUXJDQGWR[LQH[WUXVLRQYLD
WUDQVSRUWHUV0$7(DQG0$7(.ZLWK,& YDOXHVRI DQGȝ0UHVSHFWLYHO\:KHQ
FRDGPLQLVWHUHGZLWKUHQDOO\HOLPLQDWHGFRQFRPLWDQWPHGLFDWLRQVLH ILOWUDWLRQ SOXV VHFUHWLRQ
SUHVDWRYLU PD\LQFUHDVHWKHH[SRVXUHVRIVXEVWUDWHVVHFUHWHGE\WKH0$7(VWUDQVSRUWHUVVXFKDV
JDQFLFORYLUDF\FORYLUOHYRIOR[DFLQPHWIRUPLQFDSWRSULOSURFDLQDPLGHIH[RIHQDGLQH
FLPHWLGLQHFHSKUDGLQHDQGFHSKDOH[LQ 'RVLQJDQGVDIHW\PRQLWRULQJVKRXOGEHFRQVLVWHQWZLWK
SUHVFULELQJLQIRUPDWLRQLQSDUWLFXODUIRUDJHQWVZKLFKUHTXLUHGRVHUHGXFWLRQVLQWKHVHWWLQJRI
UHQDOLPSDLUPHQW


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

$FFRXQWDELOLW\ IRU3UHVDWRYLU
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJDGHTXDWHDFFRXQWDELOLW\RIDOOXVHGDQGXQXVHG,03
ERWWOHV 7KLVLQFOXGHVDFNQRZOHGJHPHQWRIUHFHLSWRIHDFKVKLSPHQWRI,03
TXDQWLW\ DQG FRQGLWLRQ
3UHVDWRYLU DFFRXQWDELOLW\UHFRUGVZLOOEHSURYLGHGWRHDFKVWXG\VLWHWR

5HFRUGWKHGDWHDQGTXDQWLW\RI,03 ERWWOHV UHFHLYHG

5HFRUGWKHGDWHVXEMHFWQXPEHUVXEMHFWLQLWLDOVWKH,03 ERWWOH QXPEHUGLVSHQVHG

5HFRUGWKHGDWHTXDQWLW\RIXVHGDQGXQXVHG,03 ERWWOHVUHWXUQHGDORQJZLWKWKHLQLWLDOVRI
WKHSHUVRQUHFRUGLQJWKHLQIRUPDWLRQ

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW 5HWXUQRU'LVSRVDO
$WWKHVLWHLQLWLDWLRQYLVLWRUILUVWPRQLWRULQJYLVLWWKHVWXG\PRQLWRUZLOOHYDOXDWHHDFKVWXG\
FHQWHU¶V,03GLVSRVDOSURFHGXUHVDQGSURYLGHDSSURSULDWHLQVWUXFWLRQIRUUHWXUQRUGHVWUXFWLRQRI
XQXVHG,03VXSSOLHV,IWKHVLWHKDVDQDSSURSULDWH6WDQGDUG2SHUDWLQJ3URFHGXUH623IRUGUXJ
GHVWUXFWLRQDVUHYLHZHGDQGDSSURYHGE\*6,WKHVLWHPD\GHVWUR\XVHGDQGXQXVHG,03
VXSSOLHVSHUIRUPHGLQDFFRUGDQFHZLWKWKHVLWH¶VKRVSLWDOSKDUPDF\623DIWHUUHFRQFLOLDWLRQ
KDVEHHQFRPSOHWHGE\WKHVLWHPRQLWRU,IWKHVLWHGRHVQRWKDYHDFFHSWDEOHSURFHGXUHVLQSODFH
IRUGUXJGHVWUXFWLRQDUUDQJHPHQWVZLOOEHPDGHEHWZHHQWKHVLWHDQG*6, RU *6, UHSUHVHQWDWLYH
IRUUHWXUQRIXQXVHG,03VXSSOLHV$FRS\RIWKHVLWH¶V623ZLOOEHREWDLQHGIRUFHQWUDOILOHV
:KHUHSRVVLEOH,03ZLOOEHGHVWUR\HGDWWKHVLWH
8SRQVWXG\FRPSOHWLRQDFRS\RIWKH,QYHVWLJDWLRQDO'UXJ$FFRXQWDELOLW\UHFRUGVPXVWEHILOHG
DWWKHVLWH$QRWKHUFRS\ZLOOEHUHWXUQHGWR*6,,IGUXJLVGHVWUR\HGRQVLWHWKHLQYHVWLJDWRU
PXVWPDLQWDLQDFFXUDWHUHFRUGVIRUDOO,03GHVWUR\HG5HFRUGVPXVWVKRZWKHLGHQWLILFDWLRQDQG
TXDQWLW\RIHDFKXQLWGHVWUR\HGWKHPHWKRGRIGHVWUXFWLRQDQGSHUVRQZKRGLVSRVHGRIWKHGUXJ
$OO,03UHFRUGVPXVWEHPDLQWDLQHGDWWKHVLWHDQGFRSLHVPXVWEHVXEPLWWHGWR*6,DWWKHHQGRI
WKHVWXG\


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

678'<352&('85(6
7KHVWXG\SURFHGXUHVWREHFRQGXFWHGIRUHDFKVXEMHFWHQUROOHGLQWKHVWXG\DUHSUHVHQWHGLQ
WDEXODUIRUPLQ$SSHQGL[  DQGGHVFULEHGLQWKHWH[WWKDWIROORZV$GGLWLRQDOLQIRUPDWLRQLV
SURYLGHGLQWKHVWXG\SURFHGXUHVPDQXDO
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKHVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKH
SURFHGXUHVDQGHYDOXDWLRQVGHVFULEHGLQWKLVSURWRFRO,QYHVWLJDWRUVPXVWGRFXPHQWDQ\GHYLDWLRQ
RUGHSDUWXUHIURPSURWRFROSURFHGXUHVUHJDUGOHVVRIFDXVDOLW\DQGQRWLI\WKHVSRQVRURUFRQWUDFW
UHVHDUFKRUJDQL]DWLRQ&52

6XEMHFW(QUROOPHQWDQG7UHDWPHQW$VVLJQPHQW

9LVLW6FUHHQLQJ9LVLW 'D\
9LVLW PXVWEHSHUIRUPHG LQFOLQLF RULQKRVSLWDO 3RWHQWLDOVXEMHFWVPXVWEHGRFXPHQWHG569
SRVLWLYHLQWKHXSSHUUHVSLUDWRU\WUDFWSULRUWREHLQJDSSURDFKHGIRULQIRUPHGFRQVHQW7KH
3ULQFLSDO,QYHVWLJDWRURUDPHGLFDOO\TXDOLILHG6XE,QYHVWLJDWRUHJ0' '2RUQXUVH
SUDFWLWLRQHUPXVWUHYLHZDQGGLVFXVVWKHVWXG\ZLWKHDFK VXEMHFWSULRUWRFRQVHQW$OO6FUHHQLQJ
9LVLW DVVHVVPHQWVPXVWEHSHUIRUPHGDIWHUREWDLQLQJZULWWHQFRQVHQW$OO6FUHHQLQJODEVDQG
SURFHGXUHVZLOOEHSHUIRUPHGORFDOO\DQGUHVXOWV ZLOOEHUHYLHZHGE\WKHLQYHVWLJDWRUSULRUWR
,03DGPLQLVWUDWLRQ
7KHIROORZLQJSURFHGXUHVZLOOEHFRPSOHWHGDW6FUHHQLQJ

2EWDLQZULWWHQLQIRUPHGFRQVHQW

&ROOHFWLRQRI0HGLFDO+LVWRU\DQG'HPRJUDSKLFV

5HYLHZRIFRQFRPLWDQWPHGLFDWLRQV

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

+HLJKWDQGZHLJKW

2VDWXUDWLRQRQURRPDLU

&KHVW;UD\ FKHVW;UD\VREWDLQHG KRXUV SULRUWR6FUHHQLQJPD\EHXVHG

%ORRGGUDZ IRUVFUHHQLQJODEV ODEVREWDLQHGGD\VSULRUWR6FUHHQLQJPD\EHXVHG
&UHDWLQLQHFOHDUDQFH FDOFXODWHGXVLQJWKH&RFNURIW*DXOWPHWKRG
$67 DQG$/7
7RWDOELOLUXELQ


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

8ULQHRUVHUXPSUHJQDQF\WHVWIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\
DQGRUELODWHUDORRSKRUHFWRP\

5HFRUGDQ\6$(V DQGDOO$(V UHODWHGWRSURWRFROPDQGDWHGSURFHGXUHVRFFXUULQJDIWHU
VLJQLQJRIWKHFRQVHQWIRUP
6XEMHFWVPHHWLQJDOORIWKHLQFOXVLRQFULWHULDDQGQRQHRIWKHH[FOXVLRQFULWHULDZLOOUHWXUQWRWKH
FOLQLFDIWHUVFUHHQLQJIRUUDQGRPL]DWLRQLQWRWKHVWXG\ 6XEMHFWVPXVWFRQWLQXHWRPHHWDOO
LQFOXVLRQFULWHULDDQGQRQHRIWKHH[FOXVLRQFULWHULDDWWKHWLPHRIUDQGRPL]DWLRQ,IDOOODEUHVXOWV
DQGSURFHGXUHVDUHDYDLODEOHDQGVDWLVI\WKHLQFOXVLRQH[FOXVLRQFULWHULD6FUHHQLQJDQG
9LVLW  'D\ PD\RFFXURQWKHVDPHGD\
)URPWKHWLPHRIREWDLQLQJLQIRUPHGFRQVHQWWKURXJKWKHILUVWDGPLQLVWUDWLRQRI,03UHFRUGDOO
6$(VDVZHOODVDQ\$(V UHODWHGWRSURWRFROPDQGDWHGSURFHGXUHVRQWKH$(FDVHUHSRUWIRUP
H&5)$OORWKHUXQWRZDUGPHGLFDORFFXUUHQFHVREVHUYHGGXULQJWKH 6FUHHQLQJSHULRG
LQFOXGLQJH[DFHUEDWLRQRUFKDQJHVLQPHGLFDOKLVWRU\ DUHWREHFDSWXUHGRQWKHPHGLFDOKLVWRU\
H&5)6HH6HFWLRQ  $GYHUVH(YHQWVDQG7R[LFLW\0DQDJHPHQWIRUDGGLWLRQDOGHWDLOV

9LVLW%DVHOLQH $VVHVVPHQWV5DQGRPL]DWLRQ DQG7UHDWPHQW$VVHVVPHQWV
'D\

%DVHOLQH$VVHVVPHQWV
9LVLWPXVWEHSHUIRUPHGLQFOLQLF RULQKRVSLWDO DQG VKRXOG RFFXUZLWKLQKRXUVRI
FRQILUPDWLRQRIWKHVXEMHFW¶VHOLJLELOLW\6DPSOHVDQGDVVHVVPHQWV SHUIRUPHGDW6FUHHQLQJ
9LVLW PD\QRWEHXVHGDV 9LVLW%DVHOLQHDVVHVVPHQWV%DVHOLQH 9LVLW DVVHVVPHQWVVKRXOG
EHSHUIRUPHGLQWKHIROORZLQJRUGHUDQGGRFXPHQWHGRQ'D\SULRUWR,03DGPLQLVWUDWLRQ

)/8352TXHVWLRQQDLUH

5HYLHZRIFRQFRPLWDQWPHGLFDWLRQVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQG QRQLQYDVLYHRI
DQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH  /PLQIRU!KRXUV

:HLJKW

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

3UHGRVHEORRGGUDZ IRUFHQWUDODQGORFDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH :%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7$/3DQG7%
6HUXPDQWLERG\WLWHUWR569
5HVSLUDWRU\V\QF\WLDOYLUXV YLUHPLD


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
/RFDOWURSRQLQWHVWLQJ
/RFDOWHVWLQJIRUO\PSKRF\WHFRXQWLIQRWREWDLQHG  GD\VSULRUWR6FUHHQLQJ>9LVLW @

1DVDOVDPSOHV WRWDOIURPHDFK QRVWULO

8ULQHRUVHUXPSUHJQDQF\WHVWIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\
DQGRUELODWHUDORRSKRUHFWRP\

OHDG3UHGRVH(&*

5DQGRPL]DWLRQ DQG7UHDWPHQW$VVHVVPHQWV'D\
$IWHUDOO%DVHOLQHDVVHVVPHQWVDUHFRPSOHWHHOLJLEOHVXEMHFWVZLOOEHUDQGRPL]HGYLD
,QWHUDFWLYH 9RLFH:HE5HVSRQVH6\VWHP,;56 DQG,03ZLOOEHDGPLQLVWHUHG
5DQGRPL]DWLRQWRSUHVDWRYLU RUSODFHERZLOOEHEDVHGRQDUDQGRPL]DWLRQVFKHGXOHSUHSDUHGE\
*LOHDGDQGRUGHVLJQHHEHIRUHWKHVWDUWRIWKHVWXG\6XEMHFWVPXVWFRQWLQXHWRVDWLVI\DOO
LQFOXVLRQH[FOXVLRQFULWHULDDWWKHWLPHRIUDQGRPL]DWLRQ3ULRUWRUDQGRPL]DWLRQHOLJLEOHVXEMHFWV
ZLOOEHVWUDWLILHGE\WKHIROORZLQJ

3UHVHQFHRUDEVHQFHRIO\PSKRSHQLDGHILQHGDVDO\PSKRF\WHFRXQWFHOOV/YHUVXV
 FHOOV/RIEORRG

7UHDWPHQWRI569\HVRUQRZLWK ULEDYLULQ RUDOLQWUDYHQRXVRUDHURVROL]HG
:KHQDYDLODEOH WKHPRVWUHFHQWODERUDWRU\YDOXHIRUO\PSKRF\WHFRXQWREWDLQHG  GD\VSULRU
WR6FUHHQLQJ>9LVLW @PD\EHXVHGIRUUDQGRPL]DWLRQ,IDQH[LVWLQJODERUDWRU\YDOXHLVQRW
DYDLODEOHWKHWHVWZLOOEHSHUIRUPHGDW6FUHHQLQJXVLQJWKHORFDOKRVSLWDOODERUDWRU\
7UHDWPHQWRIFXUUHQW569LQIHFWLRQZLWKULEDYLULQZLOOEHGHILQHG DVGRVHRIULEDYLULQ
RUDO LQWUDYHQRXVRUDHURVROL]HGSULRUWRUDQGRPL]DWLRQRUZLWKZULWWHQRUGHUVIRUWKHLQLWLDWLRQ
RIWKHUDS\ DWWKHWLPHRIUDQGRPL]DWLRQ6XEMHFWVZLOOEHUDQGRPL]HGLQDUDWLRWRUHFHLYH
,03SUHVDWRYLU RUPDWFKLQJSODFHER
6XEMHFWVZLOOUHFHLYHDGRVHRIPJIRXUPJWDEOHWVRISUHVDWRYLU RUPDWFKLQJSODFHERDW
'D\ $OO,03ZLOOEHDGPLQLVWHUHG RUDOO\ RUYLD1*WXEH7KHHQWLUHGRVHPXVWEHWDNHQZLWKLQ
 KRXU,QYHVWLJDWLRQDOPHGLFLQDOSURGXFW VKRXOGEHGLVSHQVHGZLWKJORYHV 6XEMHFWVZLOOUHPDLQ
LQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRUREVHUYDWLRQ,IYRPLWLQJRFFXUVZLWKLQ PLQXWHVDIWHU
,03DGPLQLVWUDWLRQDQGXQGLVVROYHGWDEOHWVDUHSUHVHQWLQWKHYRPLWXVWKHVXEMHFWVKRXOG UHFHLYH
DQRWKHU GRVH,IDQRWKHUGRVHLVDGPLQLVWHUHGWKHVXEMHFWVKRXOGUHPDLQLQWKHFOLQLFIRUDQ
DGGLWLRQDOPLQXWHVSRVWGRVHIRUREVHUYDWLRQ 'HWDLOVRI,03DGPLQLVWUDWLRQDUHLQFOXGHGLQ
WKH6WXG\3URFHGXUHV0DQXDO


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGDQGGRFXPHQWHGRQ'D\DIWHU,03DGPLQLVWUDWLRQ

3KDUPDFRNLQHWLF VDPSOLQJDW PLQ PLQ PLQ DQGKRXUV  PLQ
SRVWGRVHIRU3.VXEJURXS VXEMHFWV

%ORRGGUDZIRUVHUXPFUHDWLQLQHDWKRXUV PLQ SRVWGRVHIRU3.VXEJURXSVXEMHFWV

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQV ,&8DGPLVVLRQVRUXWLOL]DWLRQ
RI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLHFKHVWUDGLRJUDSKVPLFURELRORJ\
HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQGQRQLQYDVLYHRIDQ\GXUDWLRQDQG
VXSSOHPHQWDO2 XVH /PLQIRU!KRXUV

9LVLW 'D\ KRXUV
)RUVXEMHFWVLQWKH3.VXEJURXS9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGLQWKHFOLQLF RULQ
KRVSLWDO)RUDOORWKHUVXEMHFWV9LVLWDVVHVVPHQWVPD\EHSHUIRUPHGDWWKHFOLQLFLQKRVSLWDO RU
DWWKHVXEMHFW¶VKRPHE\WKHVWXG\FRRUGLQDWRURUGHVLJQHHRUDKRPHQXUVLQJYHQGRU

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

3KDUPDFRNLQHWLF VDPSOLQJIRU3.VXEJURXSVXEMHFWVRQO\

9LWDOVLJQVLQFOXGLQJ2VDWXUDWLRQXQOHVVFRQGXFWHGDVDKRPHYLVLW

$VVHVVPHQW RI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV,&8
DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLHFKHVW
UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQGQRQ
LQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH /PLQIRU!KRXUV 5HYLHZRI
SURFHGXUHUHODWHG$(VRQO\LI KRPHYLVLW

9LVLW'D\KRXUV
9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGLQFOLQLF RULQKRVSLWDO DQGVKRXOG EHSHUIRUPHGLQWKH
IROORZLQJRUGHUDQGGRFXPHQWHGDOVRUHIHUWR$SSHQGL[ 6WXG\3URFHGXUHV7DEOH

)/8352TXHVWLRQQDLUH

9LWDO6LJQVERG\WHPSHUDWXUH KHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

:HLJKW

3UHGRVHEORRGGUDZ IRUFHQWUDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH :%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7$/3DQG7%


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
3KDUPDFRNLQHWLF VDPSOLQJIRUDOOVXEMHFWVSUHGRVH
5HVSLUDWRU\V\QF\WLDOYLUXVYLUHPLD

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

8ULQHRUVHUXPSUHJQDQF\WHVWIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\
DQGRUELODWHUDORRSKRUHFWRP\

,QYHVWLJDWLRQDOPHGLFLQDOSURGXFW DGPLQLVWUDWLRQ

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV,&8
DGPLVVLRQVRUXWLOL]DWLRQRI,&8 FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWV
LH FKHVW UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQG
QRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH  /PLQIRU!KRXUV
 6XEMHFWVZLOOUHFHLYHDVLQJOHGRVHRIPJIRXUPJWDEOHWVRISUHVDWRYLU RUPDWFKLQJ
SODFHERDW'D\VDQG$OO,03ZLOOEHDGPLQLVWHUHGRUDOO\RUYLD1*WXEH 7KHHQWLUH
GRVHPXVWEHWDNHQZLWKLQKRXU ,QYHVWLJDWLRQDOPHGLFLQDOSURGXFW VKRXOGEHGLVSHQVHGZLWK
JORYHV6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRUREVHUYDWLRQ,IYRPLWLQJ
RFFXUVZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHGWDEOHWVDUHSUHVHQW LQWKH
YRPLWXVWKHVXEMHFWVKRXOG UHFHLYHDQRWKHUGRVH,IDQRWKHUGRVHLVDGPLQLVWHUHGWKHVXEMHFW
VKRXOGUHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRUREVHUYDWLRQ'HWDLOVRI
,03DGPLQLVWUDWLRQDUHLQFOXGHGLQWKH6WXG\3URFHGXUHV0DQXDO

9LVLW'D\KRXUV
9LVLWDVVHVVPHQWVPD\EHSHUIRUPHGLQ FOLQLFLQKRVSLWDO RUDWWKHVXEMHFW¶V KRPHE\WKHVWXG\
FRRUGLQDWRURUGHVLJQHHRUDKRPHQXUVLQJYHQGRU

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

9LWDOVLJQVLQFOXGLQJ2VDWXUDWLRQXQOHVVFRQGXFWHGDVDKRPHYLVLW

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV,&8
DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLHFKHVW
UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQGQRQ
LQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH /PLQIRU!KRXUV5HYLHZRI
SURFHGXUHUHODWHG$(VRQO\LIKRPH YLVLW

9LVLWV'D\VDQGKRXUV
9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGLQFOLQLFRULQKRVSLWDODQGVKRXOG EHSHUIRUPHGLQWKH
IROORZLQJRUGHUDQGGRFXPHQWHGDWWKHVHYLVLWVDOVRUHIHUWR$SSHQGL[ 
6WXG\ 3URFHGXUHV 7DEOH

)/8352TXHVWLRQQDLUH 'D\RQO\

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

2 VDWXUDWLRQRQURRPDLU

:HLJKW

3UHGRVHEORRGGUDZ IRUFHQWUDODQGORFDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH:%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7$/3DQG7%
3KDUPDFRNLQHWLF VDPSOLQJ IRUDOOVXEMHFWVSUHGRVH'D\RQO\
5HVSLUDWRU\V\QF\WLDOYLUXV YLUHPLD
/RFDOWURSRQLQWHVWLQJ'D\RQO\

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

OHDG3UH'RVH(&*'D\RQO\

8ULQHRUVHUXPSUHJQDQF\WHVWIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\
DQGRUELODWHUDORRSKRUHFWRP\

,QYHVWLJDWLRQDOPHGLFLQDOSURGXFW DGPLQLVWUDWLRQ

3KDUPDFRNLQHWLF VDPSOLQJIRUDOOVXEMHFWVKRXUVSRVWGRVHPLQ'D\RQO\

%ORRGGUDZIRUVHUXPFUHDWLQLQHDWKRXUVPLQSRVWGRVHIRU3.VXEJURXSVXEMHFWV
'D\RQO\

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV
,&8 DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWV
LH FKHVW UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQG
QRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH  /PLQIRU!KRXUV
6XEMHFWVZLOOUHFHLYHDVLQJOHGRVHRIPJIRXUPJWDEOHWVRISUHVDWRYLU RUPDWFKLQJ
SODFHERDW'D\VDQG$OO,03ZLOOEHDGPLQLVWHUHG RUDOO\ RUYLD1*WXEH7KHHQWLUH
GRVHPXVWEHWDNHQZLWKLQKRXU ,QYHVWLJDWLRQDOPHGLFLQDOSURGXFW VKRXOGEHGLVSHQVHGZLWK
JORYHV6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRUREVHUYDWLRQ,IYRPLWLQJ
RFFXUVZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHGWDEOHWVDUHSUHVHQW LQWKH
YRPLWXVWKHVXEMHFWVKRXOG UHFHLYHDQRWKHUGRVH,IDQRWKHUGRVHLVDGPLQLVWHUHGWKHVXEMHFW
VKRXOGUHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRUREVHUYDWLRQ'HWDLOVRI
,03DGPLQLVWUDWLRQDUHLQFOXGHGLQWKH6WXG\3URFHGXUHV0DQXDO






3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
,IDVXEMHFWZLWKGUDZVHDUO\IURPWKHVWXG\IRUDQ\UHDVRQHYHU\DWWHPSWVKRXOGEHPDGHWR
EULQJWKHVXEMHFWEDFNWRWKHFOLQLFRUKRVSLWDOIRUWKHIROORZLQJHDUO\WHUPLQDWLRQDVVHVVPHQWV

)/8352TXHVWLRQQDLUH RQO\LIWKHVXEMHFWZLWKGUDZVSULRUWR9LVLW>'D\ @

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

:HLJKW

%ORRGVDPSOHFROOHFWLRQIRUFHQWUDODQGORFDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH:%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7$/3DQG7%
6HUXPDQWLERG\WLWHUWR569
5HVSLUDWRU\V\QF\WLDOYLUXV YLUHPLD
3KDUPDFRNLQHWLF VDPSOLQJRQO\LIWKHVXEMHFWZLWKGUDZDOVSULRUWR9LVLW>'D\@
/RFDOWURSRQLQWHVWLQJ

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

OHDG(&*

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV,&8
DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWV
LH FKHVW UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQG
QRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH /PLQIRU!KRXUV

$VVHVVPHQWVIRU8QVFKHGXOHG9LVLWV
6XEMHFWVZKRUHWXUQWRWKHFOLQLF RUKRVSLWDO EHWZHHQVFKHGXOHGVWXG\YLVLWVZLOOKDYHDQ
XQVFKHGXOHGYLVLWSHUIRUPHG7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGDQGGRFXPHQWHGDW
WKHVHYLVLWV

)/83524XHVWLRQQDLUHSULRUWRDOORWKHUVWXG\SURFHGXUHV LIXQVFKHGXOHGYLVLWRFFXUV
SULRUWR9LVLW>'D\ @

9LWDOVLJQVLQFOXGLQJ2 VDWXUDWLRQRQURRPDLU

:HLJKW




3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
VDPSOHVIURPDOOSUHVDWRYLUWUHDWHG569LQIHFWHGVXEMHFWVLQWKLVJURXS$Q\PXWDWLRQLQWKH
) JHQHLGHQWLILHGE\SRSXODWLRQVHTXHQFLQJLQSUHVDWRYLUWUHDWHGVXEMHFWVUHODWLYHWRWKH
SUHWUHDWPHQWEDVHOLQHVHTXHQFHZLOOEHFKDUDFWHUL]HGSKHQRW\SLFDOO\IROORZLQJWKHLU LQWURGXFWLRQ
LQWRZLOGW\SH569XVLQJDQHVWDEOLVKHGUHYHUVHJHQHWLFVV\VWHP7KHVXVFHSWLELOLW\RIWKH
) PXWDQWUHFRPELQDQWVWRSUHVDWRYLU ZLOOEHDVVHVVHGLQFHOOEDVHGDQWLYLUDOVXVFHSWLELOLW\DVVD\V
WRGHWHUPLQHZKHWKHUHDFKWUHDWPHQWHPHUJHQWPXWDWLRQ7(0FRQIHUVUHGXFHGVXVFHSWLELOLW\WR
WKHFRPSRXQG

)/83524XHVWLRQQDLUH
7KH)/8352TXHVWLRQQDLUHZLOOEHFRPSOHWHGDW9LVLWV   DQG  'D\VDQG7KH)/8
352VKRXOGEHDGPLQLVWHUHGSULRUWRDOORWKHUVWXG\SURFHGXUHVKRZHYHULI WKH)/8352
FDQQRWEHDGPLQLVWHUHGILUVW LWVKRXOGEHDGPLQLVWHUHGFRQVLVWHQWO\DWWKHUHTXLUHGYLVLWV LH
DOZD\VDIWHUWKHVDPHVWXG\SURFHGXUH>V@7KH)/8352LVFXUUHQWO\EHLQJYDOLGDWHGIRU
HYDOXDWLRQRIV\PSWRPVLQSDWLHQWVZKRDUHLQIHFWHGZLWKLQIOXHQ]D'XHWRWKHODFNRIYDOLGDWHG
WRROVIRUHYDOXDWLRQRI569V\PSWRPVDQGVLJQLILFDQWRYHUODSEHWZHHQ569V\PSWRPVDQG
LQIOXHQ]DV\PSWRPVWKLVWRROZLOOEHXVHGWRDVVHVVFKDQJHLQ569V\PSWRPVLQWKLVVWXG\$
FRS\RIWKH)/8352TXHVWLRQQDLUHPD\EHIRXQGLQWKH6WXG\3URFHGXUHV0DQXDO

9LWDO6LJQV
7KLVDVVHVVPHQWZLOOLQFOXGHERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWH DQGEORRGSUHVVXUH
7KHVXEMHFWLVUHTXLUHGWRVLWTXLHWO\IRUDSSUR[LPDWHO\PLQXWHVSULRUWRREWDLQLQJ969LWDO
VLJQVZLOOEHFROOHFWHGDWDOOVWXG\YLVLWVZLWKWKHH[FHSWLRQRI9LVLWVDQG LIWKH\DUH
SHUIRUPHGDVKRPHYLVLWV


2[\JHQ6DWXUDWLRQ
2[\JHQ VDWXUDWLRQDVVHVVPHQWZLOOEHJLQE\ILUVWDVNLQJWKHVXEMHFWWRVLWTXLHWO\IRU PLQXWH
2[\JHQ VDWXUDWLRQZLOOEHUHFRUGHGZKLOHEUHDWKLQJURRPDLUHYHQLIWKHVXEMHFWLVGHSHQGHQWRQ
2VXSSOHPHQWDWLRQ,IWKHVXEMHFWLVUHFHLYLQJVXSSOHPHQWDO2WKH2VRXUFHPXVWEHUHPRYHG
IRUDSHULRGRIVHFRQGVSULRUWRWKLVDVVHVVPHQW7KLVVHFRQGSHULRGPD\EHFRQGXFWHG
ZKLOHWKHVXEMHFWLVVLWWLQJTXLHWO\7KH2VDWXUDWLRQZLOOEHGRFXPHQWHGLQWKHVRXUFH
GRFXPHQWDWLRQ DWUHJXODULQWHUYDOVGXULQJDPLQXWHWHVWLQJSHULRG 2[\JHQ VDWXUDWLRQ
HYDOXDWLRQZLOOEHFRQVLGHUHGFRPSOHWHZKHQWKHPLQXWHSHULRGKDVHODSVHGRUZKHQWKH
VXEMHFWDFKLHYHVDVDWXUDWLRQRIZKLFKHYHULVDFKLHYHGILUVW7KHORZHVW2VDWXUDWLRQ
UHFRUGHGRYHUWKHPLQXWHLQWHUYDOZLOOEHFDSWXUHGLQWKHH&5)2[\JHQ VDWXUDWLRQZLOOEH
FROOHFWHGDWDOOVWXG\YLVLWVZLWKWKHH[FHSWLRQRI9LVLWVDQG LIWKH\DUHSHUIRUPHGDVKRPH
YLVLWV

6XEMHFWVUHTXLULQJLQYDVLYHPHFKDQLFDOYHQWLODWLRQZLOOQRW KDYH2 VDWXUDWLRQPHDVXUHGZKLOH
YHQWLODWHGDQGLWVKRXOGEHUHFRUGHGLQWKHVRXUFHGRFXPHQWDWLRQDVQRWDVVHVVHGDQGWKHUHDVRQ
VKRXOGEHGRFXPHQWHG,ILWLVGHWHUPLQHGE\WKHLQYHVWLJDWRUWKDWLWLVXQVDIHWRUHPRYHWKH
VXEMHFW¶VVXSSOHPHQWDO2IRUDVVHVVPHQWRI2VDWXUDWLRQ HJVXEMHFWLVRQKLJKIORZPDVN
WKHQLW VKRXOGEHUHFRUGHGLQWKHVRXUFHGRFXPHQWDWLRQDVQRWDVVHVVHG DQGWKHUHDVRQVKRXOGEH
GRFXPHQWHG
PPD
PPD


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

6DIHW\/DEV
:KHQDYDLODEOHWKHPRVWUHFHQWODERUDWRU\YDOXHVREWDLQHG  GD\VSULRUWR6FUHHQLQJ
>9LVLW @PD\EHXVHGIRUHOLJLELOLW\DVVHVVPHQWZLWKWKHH[FHSWLRQRI569UHVXOWVDQG
SUHJQDQF\WHVWLQJ,IDQH[LVWLQJODERUDWRU\YDOXHLVQRWDYDLODEOHIRUHOLJLELOLW\DVVHVVPHQWWKH
WHVWZLOOEHSHUIRUPHGXVLQJWKHORFDOKRVSLWDOODERUDWRU\ $OOEORRGVDPSOHVZLOOEHFROOHFWHG
SUHGRVHDWDOOYLVLWVZKHUH,03LVDGPLQLVWHUHG
&HQWUDOODERUDWRU\WHVWLQJRIEORRGVSHFLPHQVIRUVDIHW\DQDO\VLVZLOOLQFOXGH:%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7$/3DQG7% DW9LVLWV
 DQG  'D\V   DQG
$Q\WHVWVKRZLQJDQLQFUHDVHRIVHUXP$/7RU$67!î8/1RU7%!î8/1ZLOOEH
UHSHDWHGZLWKLQWRKRXUVIRU$/7$67$/3DQG7%,IWKHUHSHDWYDOXHV DUHXQFKDQJHG
RUDUHQRUPDOL]LQJPRQLWRULQJZLOOFRQWLQXHDWZHHNO\LQWHUYDOVXQWLOWKHUHVXOWVDUHDFFHSWDEOH
RUQRUPDOL]HG,IDQ\YDOXHKDVLQFUHDVHGIXUWKHULPPHGLDWHFORVHREVHUYDWLRQLVUHTXLUHG,I
FORVHPRQLWRULQJLVQRWSRVVLEOH,03ZLOOEHGLVFRQWLQXHG
%ORRGZLOODOVREHGUDZQWRPRQLWRUWURSRQLQOHYHOVSUHGRVHDW9LVLWVDQG 'D\VDQG
DQGDQ\WLPHDW9LVLW'D\$WHDFKYLVLWWKH VDPSOHZLOOEHVHQWWRWKHORFDOODEDWWKH
FOLQLFDOVLWHIRUWURSRQLQDQDO\VLVXVLQJWKHODERUDWRU\EDVHGDVVD\VSHFLILFWRWKHORFDOWULDOVLWH
HJWURSRQLQ,RU7 3RLQWRIFDUH³UDSLG´WURSRQLQWHVWVDUHQRWDFFHSWDEOHIRU
SURWRFROPDQGDWHGWURSRQLQWHVWLQJ7KHEDVHOLQHWURSRQLQWHVWPXVWEHSUHGRVH +RZHYHU
WURSRQLQWHVWLQJGRQHIRUWKHSXUSRVHVRISDWLHQWFDUHRQWKHVDPHGD\DVDSURWRFROUHTXLUHGWHVW
GD\PD\EHXVHGSURYLGHGWKHWHVWLVFRPSOHWHGDWWKHSURWRFROGLUHFWHGWLPHDQGLVDODERUDWRU\
EDVHGDVVD\7URSRQLQUHVXOWVVKRXOGEHYHULILHGEHIRUHWKHVXEMHFWOHDYHVWKHFOLQLFDOVLWHLQFDVH
DWURSRQLQYDOXHLVSRVLWLYHDQGIXUWKHUPHGLFDOFDUHLVDGYLVHG
%ORRGVSHFLPHQVIRUVHUXPFUHDWLQLQHZLOOEHFROOHFWHGKRXUVSRVWGRVHDW9LVLWV  DQG 
'D\V DQGIURPVXEMHFWVSDUWLFLSDWLQJLQWKH3.VXEJURXSRQO\
8ULQHRUVHUXPSUHJQDQF\WHVWVZLOORFFXUIRUDOOIHPDOHVRIFKLOGEHDULQJSRWHQWLDODW6FUHHQLQJ
DQGDWHDFKGRVLQJYLVLW9LVLWVDQGSULRUWRDGPLQLVWUDWLRQRI,03

&KHVW;UD\
*LYHQWKHSRWHQWLDOIRUDSRRURXWFRPHRQFHSURJUHVVLRQWRORZHUUHVSLUDWRU\WUDFWGLVHDVHRFFXUV
LQWKLVSRSXODWLRQD FKHVW;UD\LVJHQHUDOO\SHUIRUPHGDVSDUWRIVWDQGDUGFOLQLFDOHYDOXDWLRQRI
DQHZ857,)RUWKLVVWXG\HYDOXDWLRQRIDFKHVW;UD\LVUHTXLUHGDW6FUHHQLQJ$FKHVW;UD\
REWDLQHGKRXUV SULRUWR 6FUHHQLQJPD\EHXVHG2WKHUZLVHDFKHVW;UD\ZLOOQHHGWREH
REWDLQHGDW6FUHHQLQJ

(OHFWURFDUGLRJUDP(&*
$VSDUWRIVDIHW\WHVWLQJDW9LVLW'D\DSUHGRVHOHDG(&*ZLOOEHSHUIRUPHGRQWKH
LQVWLWXWLRQ¶V HTXLSPHQW$OHDG(&*ZLOODOVREHSHUIRUPHGSUHGRVHDW9LVLW'D\ DQG
DQ\WLPHDW9LVLW'D\ (&*UHVXOWVVKRXOGEHYHULILHGEHIRUHWKHVXEMHFWOHDYHVWKH


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
FOLQLFDOVLWHLQFDVHIXUWKHUPHGLFDOFDUHLVDGYLVHG (&*WHVWLQJGRQHIRUWKHSXUSRVHVRISDWLHQW
FDUHRQWKHVDPHGD\DVDSURWRFROUHTXLUHGWHVWGD\PD\EHXVHGSURYLGHGWKHWHVWLVFRPSOHWHG
DWWKHSURWRFROGLUHFWHGWLPH$Q\DGGLWLRQDO(&*PHDVXUHVREWDLQHGIRUWKHSXUSRVHVRISDWLHQW
FDUHDOVRUHTXLUH FROOHFWLRQ

&ROOHFWLRQRI6WDQGDUGRI&DUH&OLQLFDO'DWDIRU&HQWUDO5HYLHZ

/57&6RXUFH'RFXPHQWDWLRQIRU$GMXGLFDWLRQ&RPPLWWHH5HYLHZ
'XULQJWKHFRXUVHRIWKHVWXG\LWLVDQWLFLSDWHGWKDW,QYHVWLJDWRUVZLOOSHUIRUPFKHVW;UD\V
DQGRU&7VFDQVDVSDUWRIVWDQGDUGRIFDUHLIWKHUHLVDQ\FRQFHUQRIDORZHUUHVSLUDWRU\WUDFW
FRPSOLFDWLRQ,PDJHVDQGUHVXOWVIRUFKHVW;UD\VXVHGIRUVFUHHQLQJDQGHOLJLELOLW\LQFOXGLQJ
WKHFRPSDULVRQFKHVW;UD\DQGDOOVFDQVGRQHDVSDUWRIVWDQGDUGRIFDUHWRLQFOXGH&7DQG
FKHVW;UD\VZKLOHVXEMHFWVDUHRQVWXG\ZLOOEHFROOHFWHGDQGVWRUHGHOHFWURQLFDOO\IRUUHYLHZ
E\WKH$GMXGLFDWLRQ&RPPLWWHHDQGDSRVVLEOHFHQWUDOUHDG$GGLWLRQDOO\WKHIROORZLQJUHVXOWV
IURPDQ\FRQILUPDWRU\WHVWLQJZLOOEHFROOHFWHG

5HVXOWVRIDOOORFDOPLFURELRORJ\WHVWVSHUIRUPHGZKLOHRQVWXG\WKURXJK9LVLWRUHDUO\
WHUPLQDWLRQEHIRUH 9LVLW $OOEDFWHULDOYLUDOIXQJDOSDUDVLWHRURWKHUUHVXOWVIURP
VDPSOHVREWDLQHG IURPDQ\UHVSLUDWRU\VSHFLPHQ>HJEURQFKRDOYHRODUODYDJHVSXWXP
SOHXUDOIOXLGOXQJWLVVXH@ DQGIURPEORRGVSHFLPHQVLQFOXGLQJEDFWHULDOFXOWXUHYLUDO3&5
DQGVHURORJ\VWXGLHV

(FKRFDUGLRJUDPWUDFLQJVDQGUHSRUWVRIDQ\(&*SHUIRUPHGLQUHODWLRQWRDSRWHQWLDO/57&
HYHQW

7HPSHUDWXUH

&OLQLFDOQRWHVZLWKUDQJHRIGDWHV

'DLO\ERG\ZHLJKWV

$XWRSV\UHSRUWVLISHUIRUPHG

2WKHUVXSSRUWLQJGRFXPHQWDWLRQDVUHTXHVWHG

&OLQLFDO'DWD&ROOHFWLRQIRU&DUGLDF5HODWHG7HVWV
$VLGHIURPWKHSURWRFROVSHFLILHG(&*DQGWURSRQLQFROOHFWLRQDGGLWLRQDOFDUGLDFUHODWHGWHVWV
DUHQRWUHTXLUHGIRUWKLVVWXG\+RZHYHU WKURXJKRXWWKHVWXG\SHULRG%DVHOLQH'D\WKURXJK
'D\(QGRI6WXG\LIDQ\FDUGLDFUHODWHGWHVWLQJLVSHUIRUPHGDVSDUWRIVWDQGDUGFOLQLFDOFDUH
RUDVSDUWRI$(6$(HYDOXDWLRQDQGRUIROORZXSWKHVHUHVXOWVZLOOEHFROOHFWHGLQFOXGLQJEXW
QRWOLPLWHGWRWKHIROORZLQJ

(&*WUDFLQJVDQGUHSRUWVRIDQ\(&*SHUIRUPHG

$OOWURSRQLQWHVWLQJ


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

2WKHUFDUGLDFHQ]\PHWHVWLQJHJ DOO&.&.0%HWF

&DUGLDFVWUHVVWHVWLQJ

(FKRFDUGLRJUDSKLFLPDJLQJUHVWLQJDQGVWUHVVWHVWLQJ

&DUGLDFSHUIXVLRQVVFDQV

&DUGLDF05,V

$Q\DGGLWLRQDOSURFHGXUHXVHGWRHYDOXDWHFDUGLDFFRQGLWLRQV

3ODVPD3.
3KDUPDFRNLQHWLF EORRGVDPSOLQJZLOOEHSHUIRUPHGXVLQJWKHVLWH¶VORFDOSURFHGXUHV DQG
DQDO\]HGDWDFHQWUDOODERUDWRU\3KDUPDFRNLQHWLF EORRGVDPSOHV ZLOOEHSURFHVVHGSODFHGLQ
LQGLYLGXDOWXEHVDQGVWRUHGVKLSSHGWRWKHFHQWUDOODERUDWRU\DVSHULQVWUXFWLRQVRXWOLQHGLQWKH
/DERUDWRU\0DQXDO7KHVHSODVPD3.VDPSOHVPD\DOVREHXVHGWRHYDOXDWHWKHSODVPD3.RI
FRDGPLQLVWHUHGDJHQWVHJ JDQFLFORYLU DF\FORYLU
([WHQVLYH3.VDPSOLQJZLOORFFXURQDVXEVHWRIVXEMHFWVXSWRVXEMHFWV WRDGHTXDWHO\
FKDUDFWHUL]HSUHVDWRYLU 3.LQWKLVSDWLHQWSRSXODWLRQ6XEMHFWVZLOOKDYHWKHRSWLRQWRHOHFWWR
SDUWLFLSDWHLQ H[WHQVLYH3.VDPSOLQJ DW WKHWLPHRILQIRUPHGFRQVHQW3KDUPDFRNLQHWLF VDPSOHV
ZLOOEH REWDLQHGDWWKHIROORZLQJWLPHSRLQWVGHSHQGLQJRQZKHWKHUWKHVXEMHFWLVSDUWRIWKH3.
VXEVHW


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
7DEOH 
3.7LPHSRLQWV
9LVLW
'D\
KU SRVWGRVH
PLQ
9LVLW
'D\
KUV SRVWGRVH
PLQ
9LVLW
'D\
KUV SRVWGRVH
PLQ
9LVLW
'D\
KUV SRVWGRVH
PLQ
9LVLW
'D\
DQ\WLPH
9LVLW
'D\
SUHGRVH
9LVLW
'D\
SUHGRVH
9LVLW
'D\
KUV SRVWGRVH
PLQ
9LVLW
'D\
DQ\WLPH
3.VDPSOHV
;
;
;
;
3.VXEJURXS
VDPSOHV
;
;
;
;
;
;
;
;
;




3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

$'9(56((9(176$1'72;,&,7<0$1$*(0(17

'HILQLWLRQVRI$GYHUVH(YHQWV$GYHUVH5HDFWLRQVDQG6HULRXV$GYHUVH
(YHQWV

$GYHUVH(YHQWV
$QDGYHUVHHYHQW$(LVDQ\XQWRZDUGPHGLFDORFFXUUHQFHLQDFOLQLFDOVWXG\VXEMHFW
DGPLQLVWHUHGDPHGLFLQDOSURGXFW ZKLFKGRHVQRWQHFHVVDULO\KDYHDFDXVDOUHODWLRQVKLSZLWKWKH
WUHDWPHQW$Q$(FDQWKHUHIRUHEHDQ\XQIDYRUDEOHDQGRU XQLQWHQGHGVLJQV\PSWRPRUGLVHDVH
WHPSRUDOO\DVVRFLDWHGZLWKWKH XVHRIDPHGLFLQDOSURGXFWZKHWKHURUQRWFRQVLGHUHGUHODWHGWR
WKHPHGLFLQDOSURGXFW $GYHUVHHYHQWVPD\DOVRLQFOXGHSUH RUSRVWWUHDWPHQW FRPSOLFDWLRQVWKDW
RFFXUDVDUHVXOWRISURWRFROVSHFLILHGSURFHGXUHVODFNRIHIILFDF\RYHUGRVHGUXJDEXVHPLVXVH
UHSRUWVRURFFXSDWLRQDOH[SRVXUH3UHH[LVWLQJHYHQWVWKDWLQFUHDVHLQVHYHULW\RUFKDQJHLQQDWXUH
GXULQJRUDVDFRQVHTXHQFHRISDUWLFLSDWLRQLQWKHFOLQLFDOVWXG\ZLOODOVREHFRQVLGHUHG$(V
$Q$(GRHVQRWLQFOXGHWKHIROORZLQJ

0HGLFDORUVXUJLFDOSURFHGXUHVVXFKDV VXUJHU\HQGRVFRS\WRRWKH[WUDFWLRQ DQG WUDQVIXVLRQ
7KHFRQGLWLRQWKDWOHGWRWKHSURFHGXUHPD\EHDQDGYHUVHHYHQW DQGPXVWEHUHSRUWHG

3UHH[LVWLQJGLVHDVHV FRQGLWLRQV RUODERUDWRU\DEQRUPDOLWLHVSUHVHQWRUGHWHFWHGEHIRUH WKH
6FUHHQLQJYLVLWWKDWGRQRWZRUVHQ

6LWXDWLRQVZKHUHDQXQWRZDUGPHGLFDORFFXUUHQFHKDVQRWRFFXUUHGHJKRVSLWDOL]DWLRQIRU
HOHFWLYHVXUJHU\VRFLDODQGRUFRQYHQLHQFHDGPLVVLRQV

2YHUGRVHZLWKRXW FOLQLFDOVHTXHODH

$Q\PHGLFDOFRQGLWLRQRUFOLQLFDOO\VLJQLILFDQWODERUDWRU\DEQRUPDOLW\ZLWKDQRQVHWGDWH
EHIRUHWKHFRQVHQWIRUPLVVLJQHGDQGQRWUHODWHGWRDSURWRFRODVVRFLDWHGSURFHGXUHLVQRWDQ
$(,WLVFRQVLGHUHGWREHSUHH[LVWLQJDQGVKRXOGEHGRFXPHQWHGRQWKHPHGLFDOKLVWRU\
&5)

6HULRXV$GYHUVH(YHQWV
$VHULRXVDGYHUVHHYHQW 6$(LVGHILQHGDVDQHYHQWWKDWDWDQ\GRVHUHVXOWVLQWKHIROORZLQJ

'HDWK

/LIHWKUHDWHQLQJ1RWH7KHWHUP³OLIHWKUHDWHQLQJ´LQWKHGHILQLWLRQRI³VHULRXV´UHIHUVWRDQ
HYHQWLQZKLFKWKHVXEMHFWZDVDWULVNRIGHDWKDWWKHWLPHRIWKHHYHQWLWGRHVQRWUHIHUWRDQ
HYHQWWKDWK\SRWKHWLFDOO\PLJKWKDYHFDXVHGGHDWKLILWZHUHPRUHVHYHUH

,QSDWLHQWKRVSLWDOL]DWLRQRUSURORQJDWLRQRIH[LVWLQJKRVSLWDOL]DWLRQ

3HUVLVWHQWRUVLJQLILFDQWGLVDELOLW\LQFDSDFLW\


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

$FRQJHQLWDODQRPDO\ELUWKGHIHFW

$PHGLFDOO\LPSRUWDQWHYHQWRUUHDFWLRQVXFKHYHQWVPD\QRWEHLPPHGLDWHO\
OLIHWKUHDWHQLQJRUUHVXOWLQGHDWKRUKRVSLWDOL]DWLRQEXWPD\MHRSDUGL]HWKHVXEMHFWRUPD\
UHTXLUHLQWHUYHQWLRQWRSUHYHQWRQHRIWKHRWKHURXWFRPHVFRQVWLWXWLQJ6$(V0HGLFDODQG
VFLHQWLILFMXGJPHQWPXVWEHH[HUFLVHGWRGHWHUPLQHZKHWKHUVXFKDQHYHQWLVDUHSRUWDEOH
XQGHUH[SHGLWHGUHSRUWLQJUXOHV([DPSOHVRIPHGLFDOO\LPSRUWDQWHYHQWVLQFOXGHLQWHQVLYH
WUHDWPHQWLQDQHPHUJHQF\URRPRUDWKRPHIRUDOOHUJLFEURQFKRVSDVPEORRGG\VFUDVLDVRU
FRQYXOVLRQVWKDWGRQRWUHVXOWLQKRVSLWDOL]DWLRQDQGGHYHORSPHQWRIGUXJGHSHQGHQF\RU
GUXJDEXVH)RUWKHDYRLGDQFHRIGRXEWLQIHFWLRQVUHVXOWLQJIURPFRQWDPLQDWHGPHGLFLQDO
SURGXFWZLOOEHFRQVLGHUHGDPHGLFDOO\LPSRUWDQWHYHQWDQGVXEMHFWWRH[SHGLWHGUHSRUWLQJ
UHTXLUHPHQWV

3URWRFRO6SHFLILF6HULRXV$GYHUVH(YHQW,QVWUXFWLRQV
3URWRFROVSHFLILF6$(UHSRUWLQJH[HPSWLRQV,QWKLVVWXG\GHDWKUHODWHGWRFOLQLFDOSURJUHVVLRQ
RIXQGHUO\LQJGLVHDVHUHTXLULQJ+&7RUJUDIWIDLOXUHZLOOQRWQHHGWREHUHSRUWHGDVDQ6$(
'HDWKUHODWHGWRFOLQLFDOSURJUHVVLRQ RIXQGHUO\LQJGLVHDVHUHTXLULQJ+&7RUJUDIWIDLOXUHVKRXOG
RQO\EHUHSRUWHGDV6$(VRQWKHH&5)XQOHVVWKHUHLVHYLGHQFHVXJJHVWLQJDFDXVDOUHODWLRQVKLS
EHWZHHQWKH,03 RUVWXG\SURFHGXUH DQGWKHHYHQW ,QWKDWFDVHWKHLQYHVWLJDWRUPXVW
LPPHGLDWHO\UHSRUWWKHHYHQWDVDQ6$(LQDFFRUGDQFHZLWKWKHSURFHGXUHLQ6HFWLRQ  EHORZ
6XFKFOLQLFDOSURJUHVVLRQRUJUDIWIDLOXUH ZKLFKLV DVVHVVHGDVQRWUHODWHGWR,03SURFHGXUHZLOO
EHH[HPSWIURPJOREDOH[SHGLWHGUHSRUWLQJUHTXLUHPHQWVIRUWKHGXUDWLRQRIWKHVWXG\7KHHYHQWV
ZLOOEHFROOHFWHGDQGHYDOXDWHGE\*LOHDGDQGUHSRUWHGDVDSSURSULDWHLQDQ\UHOHYDQWDJJUHJDWH
VDIHW\UHSRUWDVZHOODVWKHILQDOFOLQLFDOVWXG\UHSRUW
7RPLQLPL]HWKHSRVVLELOLW\RIH[SRVLQJVWXG\VXEMHFWVWRXQXVXDOULVNWKHVDIHW\LQIRUPDWLRQ
IURPWKHVWXG\ZLOODOVREHUHYLHZHGE\DQLQGHSHQGHQW'0&RQDQRQJRLQJEDVLV7KH'0&
PD\KDYHDFFHVVWRSDUWLDOO\EOLQGHGRUXQEOLQGHGGDWDDQGZLOOGHWHUPLQHLILWLVVDIHWRFRQWLQXH
WKHVWXG\DFFRUGLQJWRWKHSURWRFRO

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV
$GYHUVH(YHQWVRU6HULRXV$GYHUVH(YHQWV
/DERUDWRU\DEQRUPDOLWLHVZLWKRXWFOLQLFDOVLJQLILFDQFHDUHQRWUHFRUGHGDV$(VRU6$(V
+RZHYHUODERUDWRU\DEQRUPDOLWLHVHJFOLQLFDOFKHPLVWU\KHPDWRORJ\DQGXULQDO\VLVWKDW
UHTXLUHPHGLFDORUVXUJLFDOLQWHUYHQWLRQRUOHDGWR,03LQWHUUXSWLRQPRGLILFDWLRQRU
GLVFRQWLQXDWLRQPXVWEHUHFRUGHGDVDQ$(DVZHOODVDQ6$(LIDSSOLFDEOH,QDGGLWLRQ
ODERUDWRU\RURWKHUDEQRUPDODVVHVVPHQWVHJHOHFWURFDUGLRJUDP[UD\VYLWDOVLJQVWKDWDUH
DVVRFLDWHGZLWKVLJQVDQGRUV\PSWRPVPXVWEHUHFRUGHGDVDQ$(RU6$(LIWKH\PHHWWKH
GHILQLWLRQRIDQ$(RU6$(DVGHVFULEHGLQ6HFWLRQV  DQG ,IWKHODERUDWRU\
DEQRUPDOLW\LVSDUWRIDV\QGURPHUHFRUG WKHV\QGURPHRUGLDJQRVLVHJ DQHPLDQRWWKH
ODERUDWRU\UHVXOWLHGHFUHDVHGKHPRJORELQ
)RUVSHFLILFLQIRUPDWLRQRQKDQGOLQJRIFOLQLFDOODERUDWRU\DEQRUPDOLWLHVLQWKLVVWXG\SOHDVH
UHIHUWR6HFWLRQ 


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

$VVHVVPHQWRI$GYHUVH(YHQWV DQG6HULRXV$GYHUVH(YHQWV
7KHLQYHVWLJDWRURUDGHVLJQDWHGTXDOLILHGVXELQYHVWLJDWRULVUHVSRQVLEOHIRUDVVHVVLQJ$(VDQG
6$(VIRUFDXVDOLW\DQGVHYHULW\DQGIRUILQDOUHYLHZDQGFRQILUPDWLRQRIDFFXUDF\RIHYHQW
LQIRUPDWLRQDQGDVVHVVPHQWV

$VVHVVPHQWRI&DXVDOLW\IRU,03 DQG3URFHGXUHV
7KHLQYHVWLJDWRURUDGHVLJQDWHGTXDOLILHGVXELQYHVWLJDWRULVUHVSRQVLEOHIRUDVVHVVLQJWKH
UHODWLRQVKLSWR,03WKHUDS\XVLQJFOLQLFDOMXGJPHQWDQGWKHIROORZLQJFRQVLGHUDWLRQV

1R (YLGHQFHH[LVWVWKDWWKHDGYHUVHHYHQWKDVDQHWLRORJ\RWKHUWKDQWKH,03)RU6$(VDQ
DOWHUQDWLYHFDXVDOLW\PXVWEHSURYLGHGHJSUHH[LVWLQJFRQGLWLRQXQGHUO\LQJGLVHDVH
LQWHUFXUUHQWLOOQHVVRUFRQFRPLWDQWPHGLFDWLRQ

<HV 7KHUHLVUHDVRQDEOHSRVVLELOLW\WKDWWKHHYHQWPD\KDYHEHHQFDXVHGE\WKH
LQYHVWLJDWLRQDOPHGLFLQDOSURGXFW
,WVKRXOGEHHPSKDVL]HGWKDWLQHIIHFWLYHWUHDWPHQWVKRXOGQRWEHFRQVLGHUHGDVFDXVDOO\UHODWHGLQ
WKHFRQWH[WRIDGYHUVHHYHQWUHSRUWLQJ
7KHUHODWLRQVKLSWRVWXG\SURFHGXUHVHJLQYDVLYHSURFHGXUHVVXFKDVYHQLSXQFWXUHRUELRSV\
VKRXOGEHDVVHVVHGXVLQJWKHIROORZLQJFRQVLGHUDWLRQV

1R(YLGHQFHH[LVWVWKDWWKHDGYHUVHHYHQWKDVDQHWLRORJ\RWKHUWKDQWKHVWXG\SURFHGXUH

<HV7KHDGYHUVHHYHQWRFFXUUHGDVDUHVXOWRISURWRFROSURFHGXUHV HJ YHQLSXQFWXUH

$VVHVVPHQWRI6HYHULW\
6HYHULW\VKRXOGEHUHFRUGHGDQGJUDGHGDFFRUGLQJWRWKH*6,*UDGLQJ6FDOHIRU6HYHULW\RI
$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV )RU$(VRU6$(VDVVRFLDWHGZLWKODERUDWRU\
DEQRUPDOLWLHVWKHHYHQWVKRXOGEHJUDGHGRQWKHEDVLVRIWKHFOLQLFDOVHYHULW\LQWKHFRQWH[WRI
WKHXQGHUO\LQJFRQGLWLRQVWKLVPD\RUPD\QRWEHLQDJUHHPHQWZLWKWKHJUDGLQJRIWKH
ODERUDWRU\DEQRUPDOLW\

,QYHVWLJDWRU5HTXLUHPHQWVDQG,QVWUXFWLRQVIRU5HSRUWLQJ$GYHUVH(YHQWV
DQG6HULRXV$GYHUVH(YHQWVWR*LOHDG
5HTXLUHPHQWVIRUFROOHFWLRQSULRUWR,03 LQLWLDWLRQ
$IWHULQIRUPHGFRQVHQWEXWSULRUWRLQLWLDWLRQRIVWXG\PHGLFDWLRQWKHIROORZLQJW\SHVRIHYHQWV
VKRXOGEHUHSRUWHGRQWKHFDVHUHSRUWIRUPH&5)DOO6$(VDQGDGYHUVHHYHQWVUHODWHGWR
SURWRFROPDQGDWHGSURFHGXUHV




3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

,IDQ6$(KDVEHHQUHSRUWHGYLDDSDSHUIRUPEHFDXVHWKHH&5)GDWDEDVHKDVEHHQORFNHGQR
IXUWKHUDFWLRQLVQHFHVVDU\

)RUIDWDORUOLIHWKUHDWHQLQJHYHQWVFRSLHVRIKRVSLWDOFDVH UHSRUWVDXWRSV\UHSRUWVDQGRWKHU
GRFXPHQWVDUHDOVRWREHVXEPLWWHGE\HPDLORUID[ZKHQUHTXHVWHGDQGDSSOLFDEOH
7UDQVPLVVLRQRIVXFKGRFXPHQWVVKRXOGRFFXUZLWKRXWSHUVRQDOVXEMHFWLGHQWLILFDWLRQ
PDLQWDLQLQJWKHWUDFHDELOLW\RIDGRFXPHQWWRWKHVXEMHFWLGHQWLILHUV

$GGLWLRQDOLQIRUPDWLRQPD\EHUHTXHVWHGWRHQVXUHWKHWLPHO\FRPSOHWLRQRIDFFXUDWHVDIHW\
UHSRUWV

$Q\PHGLFDWLRQVQHFHVVDU\IRUWUHDWPHQWRIWKH6$(PXVWEHUHFRUGHGRQWRWKHFRQFRPLWDQW
PHGLFDWLRQVHFWLRQRIWKHVXEMHFW¶VH&5)DQGWKHHYHQWGHVFULSWLRQVHFWLRQRIWKH6$(IRUP

6LWHSHUVRQQHOVKRXOGUHFRUGDOO6$(GDWDLQWKHH&5)GDWDEDVHIRUWKRVHSURWRFROVSHFLILF
6$(VZKLFKDUHH[HPSWHGIURPH[SHGLWHGUHSRUWLQJUHTXLUHPHQWV6HFWLRQ 7KH\
VKRXOGDOVRWUDQVPLWWKH6$(LQIRUPDWLRQWR*LOHDG'63+LIWKH6$(VDUHDVVHVVHGE\WKH
LQYHVWLJDWRUDVUHODWHGWRWKH,03 RUVWXG\SURFHGXUH

*LOHDG5HSRUWLQJ5HTXLUHPHQWV
'HSHQGLQJRQUHOHYDQWORFDOOHJLVODWLRQRUUHJXODWLRQVLQFOXGLQJWKHDSSOLFDEOH86)'$&RGHRI
)HGHUDO5HJXODWLRQVWKH(8 &OLQLFDO7ULDOV'LUHFWLYH(&DQGUHOHYDQWXSGDWHVDQG
RWKHUFRXQWU\VSHFLILFOHJLVODWLRQRUUHJXODWLRQV*LOHDGPD\EHUHTXLUHGWRH[SHGLWHWR
ZRUOGZLGHUHJXODWRU\DJHQFLHVUHSRUWVRI6$(VVHULRXVDGYHUVHGUXJUHDFWLRQV6$'5VRU
VXVSHFWHGXQH[SHFWHGVHULRXVDGYHUVHUHDFWLRQV686$5V,QDFFRUGDQFHZLWKWKH
(8 &OLQLFDO 7ULDOV'LUHFWLYH(&*LOHDGRUDVSHFLILHGGHVLJQHHZLOOQRWLI\ZRUOGZLGH
UHJXODWRU\DJHQFLHVDQGWKHUHOHYDQW,QGHSHQGHQW(WKLFV&RPPLWWHH,(& LQFRQFHUQHG
0HPEHU 6WDWHVRIDSSOLFDEOH686$5V DVRXWOLQHGLQFXUUHQWUHJXODWLRQV
$VVHVVPHQWRIH[SHFWHGQHVVIRU6$(VZLOOEHGHWHUPLQHGE\*LOHDGXVLQJUHIHUHQFHVDIHW\
LQIRUPDWLRQVSHFLILHGLQWKHFXUUHQWSUHVDWRYLU*6 ,% RUUHOHYDQWORFDOODEHODVDSSOLFDEOH
$OOLQYHVWLJDWRUVZLOOUHFHLYHDVDIHW\OHWWHUQRWLI\LQJWKHPRIUHOHYDQW686$5UHSRUWV DVVRFLDWHG
ZLWKDQ\VWXG\,037KHLQYHVWLJDWRUVKRXOGQRWLI\WKH,5%RU,(&RI686$5UHSRUWVDVVRRQDV
LVSUDFWLFDOZKHUHWKLVLVUHTXLUHGE\ORFDOUHJXODWRU\DJHQFLHVDQGLQDFFRUGDQFHZLWKWKHORFDO
LQVWLWXWLRQDOSROLF\

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV
$GYHUVH(YHQWVRU6HULRXV$GYHUVH(YHQWV
/DERUDWRU\DEQRUPDOLWLHVDUHXVXDOO\QRWUHFRUGHGDV$(VRU6$(V+RZHYHUODERUDWRU\
DEQRUPDOLWLHVHJFOLQLFDOFKHPLVWU\KHPDWRORJ\LQGHSHQGHQWRIWKHXQGHUO\LQJPHGLFDO
FRQGLWLRQWKDWUHTXLUHPHGLFDORUVXUJLFDOLQWHUYHQWLRQRUOHDGWR,03LQWHUUXSWLRQRU
GLVFRQWLQXDWLRQPXVWEHUHFRUGHGDVDQ$(DVZHOODVDQ6$(LIDSSOLFDEOH,QDGGLWLRQ
ODERUDWRU\RURWKHUDEQRUPDODVVHVVPHQWVHJYLWDOVLJQVWKDWDUHDVVRFLDWHGZLWKVLJQVDQGRU
V\PSWRPVPXVWEHUHFRUGHGDVDQ$(RU6$(LIWKH\PHHWWKHGHILQLWLRQRIDQ$(RU6$(


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
UHVSHFWLYHO\DVGHVFULEHGLQ6HFWLRQ ,IWKHODERUDWRU\DEQRUPDOLW\LVSDUWRIDV\QGURPH
UHFRUGWKHV\QGURPHRUGLDJQRVLVLHDQHPLD QRWWKHODERUDWRU\UHVXOW
LH GHFUHDVHG KHPRJORELQ
6HYHULW\VKRXOGEHUHFRUGHGDQGJUDGHGDFFRUGLQJWRWKH*6,*UDGLQJ6FDOHIRU6HYHULW\RI
$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV$SSHQGL[ )RU$(VRU6$(VDVVRFLDWHGZLWK
ODERUDWRU\DEQRUPDOLWLHVWKHHYHQWVKRXOGEHJUDGHGRQWKHEDVLVRIWKHFOLQLFDOVHYHULW\LQWKH
FRQWH[WRIWKHXQGHUO\LQJFRQGLWLRQVWKLVPD\RUPD\QRWEHLQDJUHHPHQWZLWKWKHJUDGLQJRI
WKHODERUDWRU\DEQRUPDOLW\

7R[LFLW\0DQDJHPHQW
$OOFOLQLFDODQGFOLQLFDOO\VLJQLILFDQWODERUDWRU\WR[LFLWLHVZLOOEHPDQDJHGDFFRUGLQJWRXQLIRUP
JXLGHOLQHVGHWDLOHGLQ$SSHQGL[ 
$Q\TXHVWLRQVUHJDUGLQJWR[LFLW\PDQDJHPHQWVKRXOGEHGLUHFWHG WRWKH*LOHDG 6FLHQFHV
0HGLFDO 0RQLWRU

6SHFLDO6LWXDWLRQV5HSRUWV

'HILQLWLRQVRI6SHFLDO6LWXDWLRQV
6SHFLDOVLWXDWLRQUHSRUWVLQFOXGHDOOUHSRUWVRIPHGLFDWLRQHUURUDEXVHPLVXVHRYHUGRVHUHSRUWV
RIDGYHUVHHYHQWVDVVRFLDWHGZLWKSURGXFWFRPSODLQWV DQGSUHJQDQF\UHSRUWVUHJDUGOHVVRIDQ
DVVRFLDWHG$(
0HGLFDWLRQHUURULVDQ\XQLQWHQWLRQDOHUURULQWKHSUHVFULELQJGLVSHQVLQJRUDGPLQLVWUDWLRQRID
PHGLFLQDOSURGXFWZKLOHLQWKHFRQWURORIWKHKHDOWKFDUHSURYLGHUVXEMHFWRUFRQVXPHU
$EXVHLVGHILQHGDVSHUVLVWHQWRUVSRUDGLFLQWHQWLRQDOH[FHVVLYHXVHRIDPHGLFLQDOSURGXFWE\D
VXEMHFW
0LVXVHLVGHILQHGDVDQ\LQWHQWLRQDODQG LQDSSURSULDWHXVHRIDPHGLFLQDOSURGXFWWKDWLVQRWLQ
DFFRUGDQFHZLWKWKHSURWRFROLQVWUXFWLRQVRUWKHORFDOSUHVFULELQJLQIRUPDWLRQ
$QRYHUGRVHLVGHILQHGDV DQDFFLGHQWDORULQWHQWLRQDODGPLQLVWUDWLRQRIDTXDQWLW\RIDPHGLFLQDO
SURGXFWJLYHQSHUDGPLQLVWUDWLRQRUFXPXODWLYHO\ZKLFKLVDERYHWKHPD[LPXPUHFRPPHQGHG
GRVHDVSHUSURWRFRO RULQWKHSURGXFWODEHOOLQJDVLWDSSOLHVWRWKHGDLO\GRVHRIWKHVXEMHFW
LQ TXHVWLRQ ,QFDVHVRIDGLVFUHSDQF\LQGUXJDFFRXQWDELOLW\RYHUGRVHZLOOEHHVWDEOLVKHGRQO\
ZKHQLWLVFOHDUWKDWWKHVXEMHFWKDVWDNHQWKHH[FHVVGRVHV2YHUGRVHFDQQRWEHHVWDEOLVKHG
ZKHQWKHVXEMHFWFDQQRWDFFRXQWIRUWKHGLVFUHSDQF\H[FHSWLQFDVHVLQZKLFKWKHLQYHVWLJDWRUKDV
UHDVRQWRVXVSHFWWKDWWKHVXEMHFWKDVWDNHQWKHDGGLWLRQDOGRVHV
3URGXFWFRPSODLQWLVGHILQHGDVFRPSODLQWV DULVLQJIURPSRWHQWLDOGHYLDWLRQVLQWKHPDQXIDFWXUH
SDFNDJLQJRUGLVWULEXWLRQRIWKHPHGLFLQDOSURGXFW


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

,QVWUXFWLRQVIRU5HSRUWLQJ6SHFLDO6LWXDWLRQV

,QVWUXFWLRQVIRU5HSRUWLQJ3UHJQDQFLHV
7KHLQYHVWLJDWRUVKRXOGUHSRUWSUHJQDQFLHVLQIHPDOHVWXG\VXEMHFWVWKDWDUHLGHQWLILHGDIWHU
LQLWLDWLRQ RIVWXG\PHGLFDWLRQDQGWKURXJKRXWWKHVWXG\LQFOXGLQJWKHSRVW,03 IROORZXSSHULRG
WRWKH*LOHDG'63+XVLQJWKHSUHJQDQF\UHSRUWIRUPZLWKLQKRXUVRIEHFRPLQJDZDUHRIWKH
SUHJQDQF\
5HIHUWR6HFWLRQ  DQGWKH H&5)FRPSOHWLRQJXLGHOLQHVIRUIXOOLQVWUXFWLRQVRQWKHPHFKDQLVP
RISUHJQDQF\UHSRUWLQJ
7KHSUHJQDQF\LWVHOILVQRWFRQVLGHUHGDQ$(QRULVDQLQGXFHGHOHFWLYHDERUWLRQWRWHUPLQDWHD
SUHJQDQF\ZLWKRXWPHGLFDOUHDVRQV
$Q\SUHPDWXUHWHUPLQDWLRQRISUHJQDQF\HJDVSRQWDQHRXVDERUWLRQDQLQGXFHGWKHUDSHXWLF
DERUWLRQGXHWRFRPSOLFDWLRQVRURWKHUPHGLFDOUHDVRQVPXVWEHUHSRUWHGZLWKLQ KRXUVDVDQ
6$(7KHXQGHUO\LQJPHGLFDOUHDVRQIRUWKLVSURFHGXUHVKRXOGEHUHFRUGHGDVWKH$(WHUP
$VSRQWDQHRXVDERUWLRQLVDOZD\VFRQVLGHUHG WREHDQ6$(DQGZLOOEHUHSRUWHGDVGHVFULEHGLQ
6HFWLRQ )XUWKHUPRUHDQ\6$(RFFXUULQJDVDQDGYHUVHSUHJQDQF\RXWFRPHSRVWVWXG\ PXVW
EHUHSRUWHGWR*LOHDG'63+
7KHVXEMHFWVKRXOGUHFHLYHDSSURSULDWHPRQLWRULQJDQGFDUHXQWLOWKHFRQFOXVLRQRIWKH
SUHJQDQF\7KHRXWFRPHVKRXOGEHUHSRUWHGWR*LOHDG'63+XVLQJWKHSUHJQDQF\RXWFRPHUHSRUW
IRUP,IWKHHQGRIWKHSUHJQDQF\RFFXUVDIWHUWKHVWXG\KDVEHHQFRPSOHWHGWKHRXWFRPHVKRXOG
EHUHSRUWHGGLUHFWO\WR*LOHDG'63+*LOHDG'63+FRQWDFWLQIRUPDWLRQLVSURYLGHGLQ
6HFWLRQ 
3UHJQDQFLHVRIIHPDOHSDUWQHUVRIPDOHVWXG\VXEMHFWVH[SRVHGWR*LOHDGRURWKHULQYHVWLJDWLRQDO
DJHQWV PXVWDOVREHUHSRUWHGDQGUHOHYDQWLQIRUPDWLRQVKRXOGEHVXEPLWWHG*LOHDG'63+XVLQJ
WKHSUHJQDQF\DQGSUHJQDQF\RXWFRPHIRUPVZLWKLQ KRXUV0RQLWRULQJRIWKHVXEMHFWVKRXOG
FRQWLQXHXQWLOWKHFRQFOXVLRQRIWKHSUHJQDQF\,IWKHHQGRIWKHSUHJQDQF\RFFXUVDIWHUWKHVWXG\
KDVEHHQFRPSOHWHGWKHRXWFRPHVKRXOGEHUHSRUWHGGLUHFWO\WR*LOHDG'63+
5HIHUWR$SSHQGL[  IRU3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDO
DQG&RQWUDFHSWLYH5HTXLUHPHQWV

5HSRUWLQJ2WKHU6SHFLDO6LWXDWLRQV
$OORWKHUVSHFLDOVLWXDWLRQUHSRUWVPXVWEHUHSRUWHGRQWKHVSHFLDOVLWXDWLRQVUHSRUWIRUPDQG
IRUZDUGHGWR *LOHDG'63+ZLWKLQKRXUVRIWKHLQYHVWLJDWRUEHFRPLQJDZDUHRIWKHVLWXDWLRQ
7KHVHUHSRUWVPXVWFRQVLVWRIVLWXDWLRQVWKDWLQYROYHVWXG\,03 DQGRU*LOHDGFRQFRPLWDQW
PHGLFDWLRQVEXWGRQRWDSSO\WRQRQ*LOHDGFRQFRPLWDQWPHGLFDWLRQV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
6SHFLDOVLWXDWLRQVLQYROYLQJQRQ*LOHDGFRQFRPLWDQWPHGLFDWLRQVGRHVQRWQHHGWREHUHSRUWHG RQ
WKHVSHFLDOVLWXDWLRQVUHSRUWIRUPKRZHYHUIRUVSHFLDOVLWXDWLRQVWKDWUHVXOWLQ$(V GXHWRD
QRQ*LOHDGFRQFRPLWDQWPHGLFDWLRQWKH$(VKRXOGEHUHSRUWHGLQWKHH&5)V
$Q\LQDSSURSULDWHXVHRIFRQFRPLWDQWPHGLFDWLRQVSURKLELWHGE\WKLVSURWRFROVKRXOGQRWEH
UHSRUWHGDV³PLVXVH´EXWPD\EHPRUHDSSURSULDWHO\GRFXPHQWHGDVDSURWRFROGHYLDWLRQ
5HIHUWR6HFWLRQ  DQGWKHH&5)FRPSOHWLRQJXLGHOLQHVIRUIXOOLQVWUXFWLRQVRQWKHPHFKDQLVP
RIVSHFLDOVLWXDWLRQVUHSRUWLQJ
$OOFOLQLFDOVHTXHODHLQUHODWLRQWRWKHVHVSHFLDOVLWXDWLRQUHSRUWVZLOOEHUHSRUWHGDV$(VRU6$(V
DW WKHVDPHWLPHXVLQJWKH$(H&5)DQGRUWKH6$(UHSRUWIRUP'HWDLOVRIWKHV\PSWRPVDQG
VLJQVFOLQLFDOPDQDJHPHQWDQGRXWFRPHZLOOEHUHSRUWHGZKHQDYDLODEOH


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

67$7,67,&$/&216,'(5$7,216

$QDO\VLV2EMHFWLYHVDQG(QGSRLQWV

$QDO\VLV2EMHFWLYHV
7KHSULPDU\REMHFWLYHRIWKLVVWXG\LV

7RHYDOXDWHWKHHIIHFW RISUHVDWRYLU RQ569YLUDOORDGLQ569SRVLWLYHDXWRORJRXVRU
DOORJHQHLF+&7UHFLSLHQWVZLWKDFXWH857, V\PSWRPV
7KHVHFRQGDU\REMHFWLYHVRIWKLVVWXG\DUH

7RHYDOXDWHWKHHIIHFWRISUHVDWRYLU RQ GHYHORSPHQWRI/57& SURJUHVVLRQWRUHVSLUDWRU\
IDLOXUHDQGDOOFDXVHPRUWDOLW\

7RHYDOXDWHWKH3.VDIHW\DQGWROHUDELOLW\RISUHVDWRYLU

3ULPDU\(QGSRLQW
7KHSULPDU\HQGSRLQWLVWKHWLPHZHLJKWHGDYHUDJH FKDQJHLQQDVDO569YLUDOORDG
ORJ FRSLHVP/IURP%DVHOLQH 'D\ WR'D\ DVPHDVXUHGE\57T3&5 7KHWLPHZHLJKWHG
DYHUDJH FKDQJHLQQDVDO569YLUDOORDG IURP%DVHOLQH WR'D\ LVGHILQHGDV
∑
  ሼ0.5 ൈ ሺܻ௜൅ܻ௜ାଵሻൈሺݐ௜ାଵെݐ௜ሻሽ 
௕ିଵ
௜ୀ௔
ሺݐ௕െݐ௔ሻ
ZKHUH<L LVWKHFKDQJHIURP%DVHOLQH LQ569ORJ YLUDOORDGDW9LVLW LW LVWKHWLPHDWWKH
VSHFLILHGWLPHSRLQWD LVWKHEDVHOLQH DVVHVVPHQWDW'D\DQG E LVWKHODVWDVVHVVPHQWDWRUSULRU
WR'D\  7KHWLPHZHLJKWHGDYHUDJHFKDQJHRIWHQUHIHUUHGWRDVWKH'$9*SURYLGHVWKH
DYHUDJHYLUDOEXUGHQLQFKDQJHIURPEDVHOLQH GXULQJWKHWLPHSHULRG RILQWHUHVW

6HFRQGDU\(QGSRLQW
6HFRQGDU\HQGSRLQWVDUH

3URSRUWLRQRIVXEMHFWVZKRGHYHORSD /57& WKURXJK'D\GHILQHGDVRQHRIWKHEHORZDV
GHWHUPLQHGE\WKHDGMXGLFDWLRQFRPPLWWHH
3ULPDU\569/57,
6HFRQGDU\EDFWHULDO/57,
/RZHUUHVSLUDWRU\WUDFWLQIHFWLRQGXHWRXQXVXDOSDWKRJHQV




3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

$QDO\VLV&RQYHQWLRQV

$QDO\VLV6HWV

(IILFDF\
7KHIXOODQDO\VLVVHW)$6ZLOOLQFOXGHVXEMHFWVZKRKDYHDQ569ORJ YLUDOORDGJUHDWHUWKDQ
RUHTXDOWRWKH//24RIWKH57T3&5DVVD\LQWKHSUHGRVH'D\ QDVDOVDPSOHDVGHWHUPLQHG
E\57T3&5DWWKHFHQWUDOODEDQGKDYHUHFHLYHGDWOHDVWIXOOGRVHRI,03 7KHSULPDU\
DQDO\VLVVHWIRUHIILFDF\DQDO\VLVZLOOEHWKHHYDOXDEOHDQDO\VLVVHWZKLFKZLOO LQFOXGHWKRVH LQWKH
)$6ZLWKHYDOXDEOHQDVDOVDPSOHVIRU569YLUDOORDGE\'D\ LQFOXGLQJ%DVHOLQH

6DIHW\
7KHSULPDU\DQDO\VLVVHWIRUVDIHW\DQDO\VHVLVGHILQHGDVDOOVXEMHFWVZKRUHFHLYHG DWOHDVWD
IXOO GRVHRI,03
$OOGDWDFROOHFWHGGXULQJWUHDWPHQWZLOOEHLQFOXGHGLQWKHVDIHW\VXPPDULHV

3KDUPDFRNLQHWLFV
7KH3. DQDO\VLVVHWZLOOLQFOXGHDOOVXEMHFWVLQWKHVDIHW\DQDO\VLVVHWZKRKDYHHYDOXDEOH
RQVWXG\3.PHDVXUHPHQWV

'DWD+DQGOLQJ&RQYHQWLRQV
0LVVLQJGDWDFDQKDYHDQLPSDFWXSRQWKHLQWHUSUHWDWLRQRIWKHWULDOGDWD$VWKLVVWXG\LVRIVKRUW
GXUDWLRQLWLVDQWLFLSDWHGWKDWPLVVLQJGDWDZLOOEHPLQLPDO,QJHQHUDOYDOXHVIRUPLVVLQJGDWD
ZLOOQRWEHLPSXWHG)RUODERUDWRU\GDWDDPLVVLQJ%DVHOLQH YDOXHZLOOEHUHSODFHGZLWKD
VFUHHQLQJYDOXHLIDYDLODEOHRWKHUZLVHLWZLOOEHWUHDWHGDVQRUPDOLH *UDGH 
QR WR[LFLW\ JUDGHIRUWKHVXPPDU\RIJUDGHGODERUDWRU\DEQRUPDOLWLHV$UHWHVWYDOXHPD\EH
XVHGLIWKHILUVWWHVWLVLQYDOLGDWHGHJVSHFLPHQKHPRO\]HG
9DOXHVZLOOQRWEHLPSXWHGIRUPLVVLQJYLWDOVLJQDQGRWKHUVDIHW\GDWDKRZHYHUDPLVVLQJ
%DVHOLQH YDOXHZLOOEHUHSODFHGZLWKD6FUHHQLQJYDOXHLIDYDLODEOH
'HWDLOVIRUWKHKDQGOLQJRIPLVVLQJGDWDGXHWRVXEMHFWGLVFRQWLQXDWLRQRURWKHUUHDVRQVLQFOXGLQJ
XQXVDEOHDQGVSXULRXVGDWDDQGUXOHVIRUGHWHUPLQLQJPDMRUDQGPLQRUSURWRFROGHYLDWLRQVZLOO
EHGHVFULEHGLQWKH6$3
$OODYDLODEOHGDWDIRUVXEMHFWVWKDWGRQRWFRPSOHWHWKHVWXG\ZLOOEH LQFOXGHGLQWKHGDWDOLVWLQJV
7DEOHVWKDWLQFOXGHERWKLQGLYLGXDOVXEMHFW3.GDWDDQGVXPPDU\VWDWLVWLFVZLOOSUHVHQWDOO
DYDLODEOHGDWDEXWRQO\VXEMHFWVLQWKH3.DQDO\VLVZLOOEHLQFOXGHGLQWKHVXPPDU\VWDWLVWLFV
9LUDOORDGGDWDZLOOEHORJWUDQVIRUPHGSULRUWRDQDO\VHV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

'HPRJUDSKLF'DWDDQG%DVHOLQH &KDUDFWHULVWLFV
'HPRJUDSKLFDQG%DVHOLQH PHDVXUHPHQWVZLOOEHVXPPDUL]HGXVLQJVWDQGDUGGHVFULSWLYH
PHWKRGV
'HPRJUDSKLFVXPPDULHVZLOOLQFOXGHVH[UDFHHWKQLFLW\UDQGRPL]DWLRQVWUDWLILFDWLRQJURXSDQG
DJH
%DVHOLQH GDWDZLOOLQFOXGHDVXPPDU\RI ERG\ZHLJKWKHLJKW%0,DQGEDVHOLQHGLVHDVH
FKDUDFWHULVWLFV
)RUFDWHJRULFDOGHPRJUDSKLFDQG%DVHOLQH FKDUDFWHULVWLFVD )LVKHU¶VH[DFWWHVWZLOOEHXVHGWR
FRPSDUHWUHDWPHQWJURXSV)RUFRQWLQXRXVGHPRJUDSKLFDQG%DVHOLQH FKDUDFWHULVWLFVD
:LOFR[RQ UDQNVXPWHVWZLOOEHXVHGWRFRPSDUHWUHDWPHQWJURXSV

(IILFDF\$QDO\VLV

3ULPDU\$QDO\VLV
7KHSULPDU\HQGSRLQWLVWKHWLPHZHLJKWHGDYHUDJH FKDQJHLQ QDVDO569YLUDOORDG
ORJ FRSLHVP/IURP'D\WR'D\ 7KHSULPDU\DQDO\VLVZLOOEHSHUIRUPHGRQVXEMHFWV
LQFOXGHGLQWKHHIILFDF\HYDOXDEOH SRSXODWLRQ7RWHVWWKHQXOOK\SRWKHVLVWKDWWKHUHLVQR
GLIIHUHQFHEHWZHHQWKHSUHVDWRYLU DQGSODFHERWUHDWPHQWJURXSVLQWKHWLPHZHLJKWHGDYHUDJH
FKDQJHLQYLUDOORDGDSDUDPHWULFDQDO\VLVRIFRYDULDQFH$1&29$PRGHOZLWKFRUUHVSRQGLQJ
EDVHOLQH YLUDO ORDGDQGUDQGRPL]DWLRQVWUDWLILFDWLRQIDFWRUVDVFRYDULDWHV ZLOOEHXVHGZLWKD
VLGHGOHYHO$GMXVWHGPHDQVDQG FRQILGHQFHLQWHUYDOV&,VZLOODOVREHSUHVHQWHG ,I
VWUDWLILFDWLRQOHDGVWRVPDOOFHOOVL]HVDPRGLILFDWLRQWRWKHVWUDWLILFDWLRQZKLFKZLOOEHGHVFULEHG
LQWKH6$3ZLOOEHLPSOHPHQWHG

6HFRQGDU\$QDO\VHV
7KH)$6DQDO\VLVVHWZLOOEHXVHGIRUDOOVXPPDULHVDQGDQDO\VHVRIVHFRQGDU\HQGSRLQWV$OO
VHFRQGDU\HQGSRLQWVZLOOEHDQDO\]HGXVLQJVLGHGWHVWVWRFRPSDUHWUHDWPHQWGLIIHUHQFHV
7KHSURSRUWLRQRIVXEMHFWVZKRGHYHORS/57&WKURXJK'D\WKHSURSRUWLRQRIVXEMHFWVZKR
GHYHORSUHVSLUDWRU\IDLOXUHUHTXLULQJPHFKDQLFDOYHQWLODWLRQWKURXJK'D\ DQGWKHSURSRUWLRQ
RIDOOFDXVHPRUWDOLW\DPRQJVXEMHFWVWKURXJK'D\ZLOOHDFKEHDQDO\]HGXVLQJD
&RFKUDQ0DQWHO+DHQV]HOWHVWVWUDWLILHGE\UDQGRPL]DWLRQVWUDWLILFDWLRQIDFWRUV ,IVWUDWLILFDWLRQ
OHDGVWRVPDOOFHOOVL]HVDPRGLILFDWLRQWRWKHVWUDWLILFDWLRQZKLFKZLOOEHGHVFULEHGLQWKH6$3
ZLOOEHLPSOHPHQWHG






3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
,QFLGHQFHRIWUHDWPHQWHPHUJHQWODERUDWRU\DEQRUPDOLWLHVGHILQHGDVYDOXHVWKDWLQFUHDVHDWOHDVW
 WR[LFLW\JUDGHIURP%DVHOLQH DWDQ\WLPHSRVW%DVHOLQH XSWRDQGLQFOXGLQJ'D\ ZLOOEH
VXPPDUL]HGE\WUHDWPHQWJURXS,I%DVHOLQH GDWDDUHPLVVLQJWKHQDQ\JUDGHGDEQRUPDOLW\
LH DW OHDVWD*UDGH ZLOOEHFRQVLGHUHGWUHDWPHQWHPHUJHQW
/DERUDWRU\DEQRUPDOLWLHVWKDWRFFXUEHIRUHWKHILUVWGRVHRI,03RUDIWHUWKHVXEMHFWKDVEHHQ
GLVFRQWLQXHGIURPWUHDWPHQWIRUDWOHDVWGD\VZLOOEHLQFOXGHGLQDGDWDOLVWLQJ

2WKHU6DIHW\(YDOXDWLRQV
9LWDOVLJQVDQG(&*GDWDZLOOEHVXPPDUL]HGXVLQJGHVFULSWLYHVWDWLVWLFVE\WKHREVHUYHGGDWD
DQGE\WKHFKDQJHIURP%DVHOLQH DWHDFKWLPHSRLQW ,QFRPSDULVRQWRSUHWUHDWPHQWHLWKHU
VFUHHQLQJRUSUHGRVHRQ6WXG\'D\YDOXHVYLWDOVLJQVDQG(&*PHDVXUHPHQWVZLOO
DGGLWLRQDOO\EHVXPPDUL]HGXVLQJSUHGHWHUPLQHGFOLQLFDOO\UHOHYDQWWKUHVKROGV

3KDUPDFRNLQHWLF$QDO\VLV
,QGLYLGXDOVXEMHFWSUHVDWRYLU FRQFHQWUDWLRQWLPHGDWDZLOOEHGLVSOD\HGXVLQJVFKHGXOHGVDPSOLQJ
WLPHV'HVFULSWLYHVWDWLVWLFVHJQPHDQVWDQGDUGGHYLDWLRQ&9PHGLDQDQGUDQJHZLOOEH
FDOFXODWHGIRUHDFKVDPSOLQJWLPH
)RU3.VXEJURXSSODVPDFRQFHQWUDWLRQVRISUHVDWRYLU RYHUWLPHZLOOEHSORWWHGLQ
VHPLORJDULWKPLFDQGOLQHDUIRUPDWVDVPHDQ 6'DQGSODVPDFRQFHQWUDWLRQWLPHGDWDIRUHDFK
VXEMHFWZLOOEHDQDO\]HGXVLQJVWDQGDUGQRQFRPSDUWPHQWDOPHWKRGV3KDUPDFRNLQHWLF
SDUDPHWHUV&PD[7PD[&ODVW7ODVW$8&7ò&/)DQG9])DVDSSURSULDWH ZLOOEHOLVWHGDQG
VXPPDUL]HGIRUSUHVDWRYLU XVLQJGHVFULSWLYHVWDWLVWLFV
3.3'UHODWLRQVKLSPD\EHH[SORUHGDVDSSURSULDWH

6DPSOH6L]H
6DPSOHVL]HFDOFXODWLRQVDUHEDVHGRQUHVXOWVREVHUYHGLQDVWXG\WKDWHYDOXDWHGWKHHIILFDF\RI
RUDODQGDHURVROL]HGULEDYLULQWUHDWPHQWIRUSUHYHQWLQJSURJUHVVLRQIURPXSSHUWRORZHU
UHVSLUDWRU\WUDFWLQIHFWLRQLQKHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWVZLWK569LQIHFWLRQV
XQSXEOLVKHGGDWDIURP'U
7KHVDPSOHVL]HFDOFXODWLRQDVVXPHVWKH
WLPHZHLJKWHGDYHUDJH FKDQJHLQ 569 ORJ YLUDOORDGIURP'D\WR'D\LQWKHSODFHERJURXS
ZLOOEH ORJ FRSLHVP/ ZLWKDFRUUHVSRQGLQJVWDQGDUGGHYLDWLRQ6'RI DQGWKDW
 RI WKH VXEMHFWVZLOOEHHYDOXDEOH%DVHGRQWKHVHDVVXPSWLRQVZLWK HYDOXDEOH VXEMHFWV
SHUJURXSWKHUHLVRYHU SRZHUWRGHWHFWD ORJGLIIHUHQFHLQWLPHZHLJKWHGDYHUDJH FKDQJH
LQORJ YLUDOORDGEHWZHHQWUHDWPHQWJURXSVXVLQJDVLGHGOHYHOWHVW*LYHQDQ
HYDOXDEOH UDWHRIDWRWDORIVXEMHFWVZLOOQHHGWREHUDQGRPL]HGLQWRWKHVWXG\
PPD


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

'DWD0RQLWRULQJ&RPPLWWHH
$QH[WHUQDOPXOWLGLVFLSOLQDU\GDWDPRQLWRULQJFRPPLWWHH'0&ZLOOUHYLHZWKHSURJUHVVRIWKH
VWXG\DQGSHUIRUPLQWHULPUHYLHZVRIVDIHW\GDWDDVVSHFLILHGLQWKH'0&FKDUWHU DQGSURYLGH
UHFRPPHQGDWLRQWR*LOHDGZKHWKHUWKHQDWXUHIUHTXHQF\DQGVHYHULW\RIDGYHUVHHIIHFWV
DVVRFLDWHGZLWKVWXG\WUHDWPHQWZDUUDQWWKHHDUO\WHUPLQDWLRQRIWKHVWXG\LQWKHEHVWLQWHUHVWVRI
WKHSDUWLFLSDQWVZKHWKHUWKHVWXG\VKRXOGFRQWLQXHDVSODQQHGRUWKHVWXG\VKRXOGFRQWLQXHZLWK
PRGLILFDWLRQV
7KH'0&¶VVSHFLILFDFWLYLWLHVZLOOEHGHILQHGE\DPXWXDOO\DJUHHGFKDUWHUZKLFKZLOOGHILQHWKH
'0&¶VPHPEHUVKLSFRQGXFWDQGPHHWLQJVFKHGXOH
:KLOHWKH'0&ZLOOEHDVNHGWRDGYLVH*LOHDGUHJDUGLQJIXWXUHFRQGXFWRIWKHVWXG\LQFOXGLQJ
SRVVLEOHHDUO\VWXG\WHUPLQDWLRQ*LOHDGUHWDLQVILQDOGHFLVLRQPDNLQJDXWKRULW\RQ DOODVSHFWVRI
WKHVWXG\

(QGSRLQW$GMXGLFDWLRQ&RPPLWWHH
%OLQGHGUHYLHZHUVZLOOUHYLHZUHODWHGFOLQLFDOGDWDWRGHWHUPLQHZKHWKHUDORZHUUHVSLUDWRU\WUDFW
FRPSOLFDWLRQKDVGHYHORSHG7KHVHFOLQLFDOGDWDLH YLWDOVLJQVFOLQLFDOQRWHVUDGLRORJ\UHSRUWV
>LQFOXGLQJ HFKRFDUGLRJUDPV@DQGPLFURELRORJ\UHVXOWVZLOOEHXVHGWRGHWHUPLQHLIRQHRIWKH
IROORZLQJKDVRFFXUUHGH[FOXGLQJRWKHUFDXVHVVXFKDVSXOPRQDU\HPEROLVPFDUGLRJHQLFVKRFN
KHDUWIDLOXUHDQGIOXLGRYHUORDG

3ULPDU\569/57,

6HFRQGDU\EDFWHULDO/57,

/RZHUUHVSLUDWRU\WUDFWLQIHFWLRQGXHWRXQXVXDOSDWKRJHQV

/RZHUUHVSLUDWRU\WUDFWLQIHFWLRQQRQLQIHFWLRXVRURIXQNQRZQHWLRORJ\
'HWDLOHGGHILQLWLRQVIRUHDFKRIWKHDERYHGLDJQRVHVZLOOEHSURYLGHGWRWKHDGMXGLFDWLRQ
FRPPLWWHHLQWKH$GMXGLFDWLRQ&RPPLWWHH&KDUWHU


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

5(63216,%,/,7,(6

,QYHVWLJDWRU5HVSRQVLELOLWLHV

*RRG&OLQLFDO3UDFWLFH
7KHLQYHVWLJDWRUZLOOHQVXUHWKDWWKLVVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKHSULQFLSOHVRIWKH
'HFODUDWLRQRI+HOVLQNLDVDPHQGHGLQ(GLQEXUJK7RN\R9HQLFH+RQJ.RQJDQG
6RXWK $IULFD,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ,&+JXLGHOLQHVRUZLWKWKHODZVDQG
UHJXODWLRQVRIWKHFRXQWU\LQZKLFKWKHUHVHDUFKLVFRQGXFWHGZKLFKHYHUDIIRUGVWKHJUHDWHU
SURWHFWLRQWRWKHVWXG\VXEMHFW7KHVHVWDQGDUGVDUHFRQVLVWHQWZLWKWKH(XURSHDQ8QLRQ&OLQLFDO
7ULDOV'LUHFWLYH(&DQG*RRG&OLQLFDO3UDFWLFH'LUHFWLYH(&
7KHLQYHVWLJDWRUZLOOHQVXUHDGKHUHQFHWRWKHEDVLFSULQFLSOHVRI*RRG&OLQLFDO3UDFWLFHDV
RXWOLQHGLQ &)5 VXESDUW '³5HVSRQVLELOLWLHVRI6SRQVRUVDQG,QYHVWLJDWRUV´
 &)5 SDUW DQG &)5SDUW 
7KHLQYHVWLJDWRUDQGDOODSSOLFDEOHVXELQYHVWLJDWRUVZLOOFRPSO\ZLWK &)53DUW 
SURYLGLQJGRFXPHQWDWLRQRIWKHLUILQDQFLDOLQWHUHVWRUDUUDQJHPHQWVZLWK*LOHDGRUSURSULHWDU\
LQWHUHVWVLQWKHLQYHVWLJDWLRQDOGUXJXQGHUVWXG\7KLVGRFXPHQWDWLRQPXVWEHSURYLGHGSULRUWR
WKHLQYHVWLJDWRU¶VDQGDQ\VXELQYHVWLJDWRU¶VSDUWLFLSDWLRQLQWKHVWXG\7KHLQYHVWLJDWRUDQG
VXELQYHVWLJDWRUDJUHHWRQRWLI\*LOHDGRIDQ\FKDQJHLQUHSRUWDEOHLQWHUHVWVGXULQJWKHVWXG\DQG
IRU\HDUIROORZLQJFRPSOHWLRQRIWKHVWXG\6WXG\FRPSOHWLRQLVGHILQHGDVWKHGDWHZKHQWKH
ODVWVXEMHFWFRPSOHWHVWKHSURWRFROGHILQHGDFWLYLWLHV

,QVWLWXWLRQDO5HYLHZ%RDUG,5%,QGHSHQGHQW(WKLFV&RPPLWWHH,(&
5HYLHZDQG$SSURYDO
7KHLQYHVWLJDWRURUVSRQVRUDVDSSURSULDWHDFFRUGLQJWRORFDOUHJXODWLRQVZLOOVXEPLWWKLV
SURWRFROLQIRUPHGFRQVHQWIRUPDQGDQ\DFFRPSDQ\LQJPDWHULDOWREHSURYLGHGWRWKHVXEMHFW
VXFKDVDGYHUWLVHPHQWVVXEMHFWLQIRUPDWLRQVKHHWVRUGHVFULSWLRQVRIWKHVWXG\XVHGWRREWDLQ
LQIRUPHGFRQVHQWWRDQ ,5%,(&GHSHQGLQJRQUHJLRQ7KHLQYHVWLJDWRUZLOOQRWEHJLQDQ\VWXG\
VXEMHFWDFWLYLWLHVXQWLODSSURYDOIURPWKH ,5%,(& KDVEHHQGRFXPHQWHGDQGSURYLGHGDVDOHWWHU
WRWKHLQYHVWLJDWRU
%HIRUHLPSOHPHQWDWLRQWKHLQYHVWLJDWRUZLOOVXEPLWWRDQGUHFHLYHGRFXPHQWHGDSSURYDOIURP
WKH ,5%,(&IRUDQ\PRGLILFDWLRQVPDGHWRWKHSURWRFRORUDQ\DFFRPSDQ\LQJPDWHULDOWREH
SURYLGHGWRWKHVXEMHFWDIWHULQLWLDODSSURYDOZLWKWKHH[FHSWLRQ RIWKRVHQHFHVVDU\WRUHGXFH
LPPHGLDWHULVNWRVWXG\VXEMHFWV

,QIRUPHG&RQVHQW
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUREWDLQLQJZULWWHQLQIRUPHGFRQVHQWIURPHDFKLQGLYLGXDO
SDUWLFLSDWLQJLQWKLVVWXG\DIWHUDGHTXDWHH[SODQDWLRQRIWKHDLPVPHWKRGVREMHFWLYHVDQG
SRWHQWLDOKD]DUGVRIWKHVWXG\DQGEHIRUHXQGHUWDNLQJDQ\VWXG\UHODWHGSURFHGXUHV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
7KH LQYHVWLJDWRUPXVWXVHWKHPRVWFXUUHQW ,5%RU,(&DSSURYHGFRQVHQWIRUPIRUGRFXPHQWLQJ
ZULWWHQLQIRUPHGFRQVHQW(DFKLQIRUPHGFRQVHQWRUDVVHQWDVDSSOLFDEOHZLOOEHDSSURSULDWHO\
VLJQHGDQGGDWHGE\WKHVXEMHFWRUWKHVXEMHFW¶VOHJDOO\DXWKRUL]HGUHSUHVHQWDWLYHDQGWKHSHUVRQ
FRQGXFWLQJWKHFRQVHQWGLVFXVVLRQDQGDOVRE\DQLPSDUWLDOZLWQHVVLIUHTXLUHGE\ ,5%,(&RU
ORFDOUHTXLUHPHQWV

&RQILGHQWLDOLW\
7KHLQYHVWLJDWRUPXVWDVVXUHWKDWVXEMHFWV¶DQRQ\PLW\ZLOOEHVWULFWO\PDLQWDLQHGDQGWKDWWKHLU
LGHQWLWLHVDUHSURWHFWHGIURPXQDXWKRUL]HGSDUWLHV2QO\VXEMHFWLQLWLDOVGDWHRIELUWKDQRWKHU
XQLTXHLGHQWLILHUDVDOORZHGE\ORFDOODZDQGDQLGHQWLILFDWLRQFRGHZLOOEHUHFRUGHGRQDQ\
IRUPRUELRORJLFDOVDPSOHVXEPLWWHGWRWKH6SRQVRU,5%,(& RUODERUDWRU\/DERUDWRU\
VSHFLPHQVPXVWEHODEHOHGLQVXFKD PDQQHU DVWRSURWHFWVXEMHFWLGHQWLW\ZKLOHDOORZLQJWKH
UHVXOWVWREHUHFRUGHGWRWKHSURSHUVXEMHFW5HIHUWRVSHFLILFODERUDWRU\LQVWUXFWLRQV127( 7KH
LQYHVWLJDWRUPXVWNHHSDVFUHHQLQJORJVKRZLQJFRGHVQDPHVDQGDGGUHVVHVIRUDOOVXEMHFWV
VFUHHQHGDQGIRUDOOVXEMHFWVHQUROOHGLQWKHWULDO 6XEMHFWGDWDZLOOEHSURFHVVHGLQDFFRUGDQFH
ZLWKDOODSSOLFDEOHUHJXODWLRQV
7KHLQYHVWLJDWRUDJUHHVWKDWDOOLQIRUPDWLRQUHFHLYHGIURP*LOHDGLQFOXGLQJEXWQRWOLPLWHGWRWKH
,%WKLVSURWRFROH&5)WKH,03DQGDQ\RWKHUVWXG\LQIRUPDWLRQUHPDLQWKHVROHDQG
H[FOXVLYHSURSHUW\RI*LOHDGGXULQJWKHFRQGXFWRIWKHVWXG\DQGWKHUHDIWHU7KLVLQIRUPDWLRQLV
QRWWREHGLVFORVHGWRDQ\WKLUGSDUW\H[FHSWHPSOR\HHVRUDJHQWVGLUHFWO\LQYROYHGLQWKH
FRQGXFWRIWKHVWXG\RUDVUHTXLUHGE\ODZZLWKRXWSULRUZULWWHQFRQVHQWIURP*LOHDG7KH
LQYHVWLJDWRUIXUWKHUDJUHHVWRWDNHDOOUHDVRQDEOHSUHFDXWLRQVWRSUHYHQWWKHGLVFORVXUHE\DQ\
HPSOR\HHRUDJHQWRIWKHVWXG\VLWHWRDQ\WKLUGSDUW\RURWKHUZLVHLQWRWKHSXEOLFGRPDLQ

6WXG\)LOHVDQG5HWHQWLRQRI5HFRUGV
7KHLQYHVWLJDWRUPXVWPDLQWDLQDGHTXDWHDQGDFFXUDWHUHFRUGVWRHQDEOHWKHFRQGXFWRIWKHVWXG\
WREHIXOO\GRFXPHQWHGDQGWKHVWXG\GDWDWREHVXEVHTXHQWO\YHULILHG7KHVHGRFXPHQWVVKRXOG
EHFODVVLILHGLQWRDWOHDVWWKHIROORZLQJWZRFDWHJRULHV LQYHVWLJDWRU¶VVWXG\ILOHDQG
 VXEMHFWFOLQLFDO VRXUFHGRFXPHQWV
7KHLQYHVWLJDWRU¶VVWXG\ILOHZLOOFRQWDLQWKHSURWRFRODPHQGPHQWV&5)DQGTXHU\IRUPV
,5%,(&DQGJRYHUQPHQWDODSSURYDOZLWKFRUUHVSRQGHQFHLQIRUPHGFRQVHQWGUXJUHFRUGVVWDII
FXUULFXOXPYLWDHDQGDXWKRUL]DWLRQIRUPVDQGRWKHUDSSURSULDWHGRFXPHQWVDQGFRUUHVSRQGHQFH
7KHUHTXLUHGVRXUFHGDWDVKRXOGLQFOXGHVHTXHQWLDOQRWHVFRQWDLQLQJDWOHDVWWKHIROORZLQJ
LQIRUPDWLRQIRUHDFKVXEMHFW

6XEMHFWLGHQWLILFDWLRQQDPHGDWHRIELUWKJHQGHU

'RFXPHQWDWLRQWKDWVXEMHFWPHHWVHOLJLELOLW\FULWHULDLHKLVWRU\SK\VLFDOH[DPLQDWLRQDQG
FRQILUPDWLRQRIGLDJQRVLVWRVXSSRUWLQFOXVLRQDQGH[FOXVLRQFULWHULD

'RFXPHQWDWLRQRIWKHUHDVRQVDFRQVHQWHGVXEMHFWLVQRWHQUROOHG


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

3DUWLFLSDWLRQLQVWXG\LQFOXGLQJVWXG\QXPEHU

6WXG\GLVFXVVHGDQGGDWHRILQIRUPHGFRQVHQW

'DWHVRIDOOYLVLWV

'RFXPHQWDWLRQWKDWSURWRFROVSHFLILFSURFHGXUHVZHUHSHUIRUPHG

5HVXOWVRIHIILFDF\SDUDPHWHUVDVUHTXLUHGE\WKHSURWRFRO

6WDUWDQGHQGGDWHLQFOXGLQJGRVHUHJLPHQRI,03LQFOXGLQJGDWHVRI GLVSHQVLQJDQGUHWXUQ

5HFRUGRIDOODGYHUVHHYHQWVDQGRWKHUVDIHW\SDUDPHWHUVVWDUWDQGHQGGDWHDQGLQFOXGLQJ
FDXVDOLW\DQGVHYHULW\

&RQFRPLWDQWPHGLFDWLRQLQFOXGLQJVWDUWDQGHQGGDWHGRVHLIUHOHYDQWGRVHFKDQJHV

'DWHRIVWXG\FRPSOHWLRQDQGUHDVRQIRUHDUO\GLVFRQWLQXDWLRQLILWRFFXUV
$OOFOLQLFDOVWXG\GRFXPHQWVPXVWEHUHWDLQHGE\WKHLQYHVWLJDWRUXQWLODWOHDVW \HDUVRU
DFFRUGLQJWRORFDOODZVZKLFKHYHULVORQJHUDIWHUWKHODVWDSSURYDORIDPDUNHWLQJDSSOLFDWLRQLQ
DQ,&+UHJLRQLH8QLWHG6WDWHV(XURSHRU-DSDQDQGXQWLOWKHUHDUHQRSHQGLQJRUSODQQHG
PDUNHWLQJDSSOLFDWLRQVLQDQ,&+UHJLRQRULIQRDSSOLFDWLRQLVILOHGRULIWKHDSSOLFDWLRQLVQRW
DSSURYHGIRUVXFKLQGLFDWLRQXQWLO \HDUVDIWHUWKHLQYHVWLJDWLRQLVGLVFRQWLQXHGDQGUHJXODWRU\
DXWKRULWLHVKDYHEHHQQRWLILHG,QYHVWLJDWRUVPD\EHUHTXLUHGWRUHWDLQGRFXPHQWVORQJHULI
VSHFLILHGE\UHJXODWRU\UHTXLUHPHQWVE\ORFDOUHJXODWLRQVRUE\DQDJUHHPHQWZLWK*LOHDG7KH
LQYHVWLJDWRUPXVWQRWLI\*LOHDGEHIRUHGHVWUR\LQJDQ\FOLQLFDOVWXG\UHFRUGV
6KRXOGWKHLQYHVWLJDWRUZLVKWRDVVLJQWKHVWXG\UHFRUGVWRDQRWKHUSDUW\RUPRYHWKHPWRDQRWKHU
ORFDWLRQ*LOHDGPXVWEHQRWLILHGLQDGYDQFH
,IWKHLQYHVWLJDWRUFDQQRWSURYLGHIRUWKLVDUFKLYLQJUHTXLUHPHQWDWWKHVWXG\VLWHIRUDQ\RUDOORI
WKHGRFXPHQWVVSHFLDODUUDQJHPHQWVPXVWEHPDGHEHWZHHQWKHLQYHVWLJDWRUDQG*LOHDGWRVWRUH
WKHVHUHFRUGVVHFXUHO\DZD\IURP WKHVLWHVRWKDWWKH\FDQEHUHWXUQHGVHDOHGWRWKHLQYHVWLJDWRU
LQFDVHRIDQLQVSHFWLRQ:KHQVRXUFHGRFXPHQWV DUHUHTXLUHGIRUWKHFRQWLQXHGFDUHRIWKH
VXEMHFWDSSURSULDWHFRSLHVVKRXOGEHPDGHIRUVWRUDJHDZD\IURP WKHVLWH

&DVH5HSRUW)RUPV
)RUHDFKVXEMHFWFRQVHQWHGDQH&5)ZLOOEHFRPSOHWHGE\DQDXWKRUL]HGVWXG\VWDIIPHPEHU
ZKRVHWUDLQLQJIRUWKLVIXQFWLRQLVGRFXPHQWHGDFFRUGLQJWRVWXG\SURFHGXUHV H&5) VKRXOGEH
FRPSOHWHGRQWKHGD\RIWKHVXEMHFWYLVLWWRHQDEOHWKHVSRQVRUWRSHUIRUPFHQWUDOPRQLWRULQJRI
VDIHW\GDWD6XEVHTXHQWWRGDWDHQWU\DVWXG\PRQLWRUZLOOSHUIRUPVRXUFHGDWDYHULILFDWLRQ
ZLWKLQWKH('&V\VWHP 2ULJLQDOHQWULHVDVZHOODVDQ\FKDQJHVWRGDWDILHOGVZLOOEHVWRUHGLQ
WKHDXGLWWUDLORIWKHV\VWHP3ULRUWRGDWDEDVHORFNRUDQ\LQWHULPWLPHSRLQWVDVGHVFULEHGLQWKH
FOLQLFDOGDWDPDQDJHPHQWSODQWKHLQYHVWLJDWRUZLOOXVH KLVKHUORJLQFUHGHQWLDOVWRFRQILUPWKDW


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
WKHIRUPVKDYHEHHQUHYLHZHGDQGWKDWWKHHQWULHVDFFXUDWHO\UHIOHFWWKHLQIRUPDWLRQLQWKH
VRXUFHGRFXPHQWV 7KHH&5)FDSWXUHWKHGDWDUHTXLUHGSHUWKHSURWRFROVFKHGXOHRIHYHQWVDQG
SURFHGXUHV 6\VWHPJHQHUDWHGRUPDQXDOTXHULHVZLOOEHLVVXHGWRWKHLQYHVWLJDWLYHVLWHVWDIIDV
GDWDGLVFUHSDQFLHVDUHLGHQWLILHGE\WKHPRQLWRURULQWHUQDO*LOHDGVWDIIZKRURXWLQHO\UHYLHZWKH
GDWDIRUFRPSOHWHQHVV FRUUHFWQHVVDQGFRQVLVWHQF\7KHVLWHFRRUGLQDWRULVUHVSRQVLEOHIRU
UHVSRQGLQJWRWKHTXHULHVLQDWLPHO\PDQQHUZLWKLQWKHV\VWHPHLWKHUE\FRQILUPLQJWKHGDWD
DV FRUUHFWRUXSGDWLQJWKHRULJLQDOHQWU\DQGSURYLGLQJWKHUHDVRQIRUWKHXSGDWHHJGDWDHQWU\
HUURU $WWKHFRQFOXVLRQRIWKHWULDO*LOHDGZLOOSURYLGHWKHVLWHZLWKDUHDGRQO\DUFKLYHFRS\RI
WKHGDWDHQWHUHGE\WKDWVLWH7KLVDUFKLYHPXVWEHVWRUHGLQDFFRUGDQFHZLWKWKHUHFRUGVUHWHQWLRQ
UHTXLUHPHQWVRXWOLQHGLQ6HFWLRQ 

'DWD4XDOLW\&RQWURODQG4XDOLW\$VVXUDQFH
7RLQVXUHDFFXUDWHFRPSOHWHDQGUHOLDEOHGDWDWKH6SRQVRURULWVUHSUHVHQWDWLYHVZLOOGRWKH
IROORZLQJ

3URYLGHLQVWUXFWLRQDOPDWHULDOWRWKHVWXG\VLWHVDVDSSURSULDWH

,QVWUXFWWKHLQYHVWLJDWRUVDQGVWXG\SHUVRQQHORQWKHSURWRFROWKHFRPSOHWLRQRIWKH&5)V
DQGVWXG\SURFHGXUHV

0DNHSHULRGLFYLVLWVWRWKHVWXG\VLWH

%HDYDLODEOHWRFRQVXOWDWLRQDQGVWD\LQFRQWDFWZLWKWKHVWXG\VLWHSHUVRQQHOE\PDLOHPDLO
WHOHSKRQHDQGRUID[

0RQLWRUWKHVXEMHFWGDWDUHFRUGHGLQWKH&5)VDJDLQVWVRXUFHGRFXPHQWVDWWKHVWXG\VLWH

5HYLHZDQGHYDOXDWH&5)GDWDDQGXVHVWDQGDUGFRPSXWHUHGLWVWRGHWHFWHUURUVLQGDWD
FROOHFWLRQ

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW $FFRXQWDELOLW\DQG5HWXUQ
*LOHDGUHFRPPHQGVWKDWXVHGDQGXQXVHG,03VXSSOLHVEHGHVWUR\HGRQVLWHLISRVVLEOH 7KH
VWXG\PRQLWRUZLOOHYDOXDWHHDFKVWXG\FHQWHU¶V,03GLVSRVDOSURFHGXUHVDQGSURYLGHDSSURSULDWH
LQVWUXFWLRQIRUGHVWUXFWLRQRIXQXVHG,03VXSSOLHV,IWKHVLWHKDVDQDSSURSULDWHVWDQGDUG
RSHUDWLQJSURFHGXUH623IRUGUXJGHVWUXFWLRQDVGHWHUPLQHGE\*LOHDG 4$WKHVLWHPD\
GHVWUR\XVHGHPSW\RUSDUWLDOO\HPSW\DQGXQXVHG,03VXSSOLHVLQDFFRUGDQFHZLWKWKDWVLWH¶V
DSSURYHG623$FRS\RIWKHVLWH¶VDSSURYHG623ZLOOEHREWDLQHGIRUFHQWUDOILOHV,I,03
FDQQRWEHGHVWUR\HGRQVLWHWKHVWXG\PRQLWRUZLOOSURYLGHLQVWUXFWLRQVIRUUHWXUQWR *LOHDGRU
WKHVKLSSLQJIDFLOLW\IURPZKLFKLWFDPHIRUHYHQWXDOGHVWUXFWLRQ
,I,03LVGHVWUR\HGRQVLWHWKHLQYHVWLJDWRUPXVWPDLQWDLQDFFXUDWHUHFRUGVIRUDOO,03
GHVWUR\HG5HFRUGVPXVWVKRZWKHLGHQWLILFDWLRQDQGTXDQWLW\RIHDFKXQLWGHVWUR\HGWKHPHWKRG
RIGHVWUXFWLRQDQGWKHSHUVRQZKRGLVSRVHGRIWKH,038SRQVWXG\FRPSOHWLRQFRSLHVRIWKH
,03DFFRXQWDELOLW\UHFRUGVPXVWEHILOHGDWWKHVLWH$QRWKHUFRS\ZLOOEHUHWXUQHGWR*LOHDG
7KHVWXG\PRQLWRUZLOOUHYLHZ,03VXSSOLHVDQGDVVRFLDWHGUHFRUGVDWSHULRGLFLQWHUYDOV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

,QVSHFWLRQV
7KHLQYHVWLJDWRUZLOOPDNHDYDLODEOHDOO VRXUFHGRFXPHQWVDQGRWKHUUHFRUGVIRUWKLVWULDOWR
*LOHDG¶VDSSRLQWHGVWXG\PRQLWRUVWR ,5%,(&VRUWRUHJXODWRU\DXWKRULW\RUKHDOWKDXWKRULW\
LQVSHFWRUV

3URWRFRO&RPSOLDQFH
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKHVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKH
SURFHGXUHVDQGHYDOXDWLRQVGHVFULEHGLQWKLVSURWRFRO

6SRQVRU5HVSRQVLELOLWLHV

3URWRFRO0RGLILFDWLRQV
3URWRFROPRGLILFDWLRQV H[FHSWWKRVHLQWHQGHGWRUHGXFHLPPHGLDWHULVNWRVWXG\VXEMHFWVPD\EH
PDGHRQO\E\*LOHDG7KHLQYHVWLJDWRUPXVWVXEPLWDOOSURWRFROPRGLILFDWLRQVWRWKH,5%,(&LQ
DFFRUGDQFHZLWKORFDOUHTXLUHPHQWV DQGUHFHLYHGRFXPHQWHG,5%,(& DSSURYDOEHIRUH
PRGLILFDWLRQVFDQEHLPSOHPHQWHG

6WXG\5HSRUWDQG3XEOLFDWLRQV
$FOLQLFDOVWXG\UHSRUW&65ZLOOEHSUHSDUHGDQGSURYLGHGWRWKHDSSOLFDEOHUHJXODWRU\
DJHQFLHV*LOHDGZLOOHQVXUHWKDWWKHUHSRUWPHHWVWKHVWDQGDUGVVHWRXWLQWKH,&+*XLGHOLQHIRU
6WUXFWXUHDQG&RQWHQWRI&OLQLFDO6WXG\5HSRUWV,&+ (1RWHWKDWDQDEEUHYLDWHGUHSRUWPD\
EHSUHSDUHGLQFHUWDLQFDVHV
,QYHVWLJDWRUVLQWKLVVWXG\PD\FRPPXQLFDWHRUDOO\SUHVHQWRUSXEOLVKLQVFLHQWLILFMRXUQDOVRU
RWKHUVFKRODUO\PHGLDRQO\DIWHUWKHIROORZLQJFRQGLWLRQVKDYHEHHQPHW

7KHUHVXOWVRIWKHVWXG\LQWKHLUHQWLUHW\KDYHEHHQSXEOLFO\GLVFORVHGE\RUZLWKWKHFRQVHQW
RI*LOHDGLQDQDEVWUDFWPDQXVFULSWRUSUHVHQWDWLRQIRUPRUWKHVWXG\KDVEHHQFRPSOHWHGDW
DOOVWXG\VLWHVIRUDWOHDVW\HDUV

7KHLQYHVWLJDWRUZLOOVXEPLWWR*LOHDGDQ\SURSRVHGSXEOLFDWLRQRUSUHVHQWDWLRQDORQJZLWK
WKHUHVSHFWLYHVFLHQWLILFMRXUQDORUSUHVHQWDWLRQIRUXPDWOHDVWGD\VEHIRUHVXEPLVVLRQRI
WKHSXEOLFDWLRQRUSUHVHQWDWLRQ

1RVXFKFRPPXQLFDWLRQSUHVHQWDWLRQRUSXEOLFDWLRQZLOOLQFOXGH*LOHDG¶VFRQILGHQWLDO
LQIRUPDWLRQVHH6HFWLRQ 

7KHLQYHVWLJDWRUZLOOFRPSO\ZLWK*LOHDG¶VUHTXHVWWRGHOHWHUHIHUHQFHVWRLWVFRQILGHQWLDO
LQIRUPDWLRQRWKHUWKDQWKHVWXG\UHVXOWVLQDQ\SDSHURUSUHVHQWDWLRQDQGDJUHHVWRZLWKKROG
SXEOLFDWLRQRUSUHVHQWDWLRQIRUDQDGGLWLRQDOGD\VLQRUGHUWRREWDLQSDWHQWSURWHFWLRQLI
GHHPHGQHFHVVDU\


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

-RLQW,QYHVWLJDWRU6SRQVRU5HVSRQVLELOLWLHV

3D\PHQW5HSRUWLQJ
,QYHVWLJDWRUVDQGWKHLUVWXG\VWDIIPD\EHDVNHGWRSURYLGHVHUYLFHV SHUIRUPHGXQGHUWKLV
SURWRFROHJDWWHQGDQFHDW,QYHVWLJDWRU
V0HHWLQJV,IUHTXLUHGXQGHUWKHDSSOLFDEOHVWDWXWRU\DQG
UHJXODWRU\UHTXLUHPHQWV*LOHDGZLOOFDSWXUHDQGGLVFORVHWR)HGHUDODQG6WDWHDJHQFLHVDQ\
H[SHQVHVSDLGRUUHLPEXUVHGIRUVXFKVHUYLFHVLQFOXGLQJDQ\FOLQLFDOWULDOSD\PHQWVPHDOWUDYHO
H[SHQVHVRUUHLPEXUVHPHQWVFRQVXOWLQJIHHVDQGDQ\RWKHUWUDQVIHURIYDOXH

$FFHVVWR,QIRUPDWLRQIRU0RQLWRULQJ
,QDFFRUGDQFHZLWKUHJXODWLRQVDQG JXLGHOLQHVWKHVWXG\PRQLWRUPXVWKDYHGLUHFWDFFHVVWRWKH
LQYHVWLJDWRU¶VVRXUFHGRFXPHQWDWLRQLQRUGHUWRYHULI\WKHDFFXUDF\RIWKHGDWDUHFRUGHGLQWKH
&5)H&5)
7KHPRQLWRULVUHVSRQVLEOHIRUURXWLQHUHYLHZRIWKH&5)H&5) DWUHJXODULQWHUYDOVWKURXJKRXW
WKHVWXG\WRYHULI\DGKHUHQFHWRWKHSURWRFRODQGWKHFRPSOHWHQHVVFRQVLVWHQF\DQGDFFXUDF\RI
WKHGDWDEHLQJHQWHUHGRQWKHP7KHPRQLWRUVKRXOGKDYHDFFHVVWRDQ\VXEMHFWUHFRUGVQHHGHGWR
YHULI\WKHHQWULHVRQWKH&5)H&5)7KHLQYHVWLJDWRUDJUHHVWRFRRSHUDWHZLWKWKHPRQLWRUWR
HQVXUHWKDWDQ\SUREOHPVGHWHFWHGWKURXJKDQ\W\SHRIPRQLWRULQJFHQWUDORQVLWH DUHUHVROYHG

$FFHVVWR,QIRUPDWLRQIRU$XGLWLQJRU,QVSHFWLRQV
5HSUHVHQWDWLYHVRIUHJXODWRU\DXWKRULWLHVRURI*LOHDGPD\FRQGXFWLQVSHFWLRQVRUDXGLWVRIWKH
FOLQLFDOVWXG\,IWKHLQYHVWLJDWRULVQRWLILHGRIDQLQVSHFWLRQE\DUHJXODWRU\DXWKRULW\WKH
LQYHVWLJDWRUDJUHHVWRQRWLI\WKH*LOHDGPHGLFDOPRQLWRULPPHGLDWHO\7KHLQYHVWLJDWRUDJUHHVWR
SURYLGHWRUHSUHVHQWDWLYHVRIDUHJXODWRU\DJHQF\RU*LOHDGDFFHVVWRUHFRUGVIDFLOLWLHVDQG
SHUVRQQHOIRUWKHHIIHFWLYHFRQGXFWRIDQ\LQVSHFWLRQRUDXGLW

6WXG\'LVFRQWLQXDWLRQ
%RWKWKHVSRQVRUDQGWKHLQYHVWLJDWRUUHVHUYHWKHULJKWWRWHUPLQDWHWKHVWXG\DWDQ\WLPH6KRXOG
WKLVEHQHFHVVDU\ERWKSDUWLHVZLOODUUDQJHGLVFRQWLQXDWLRQSURFHGXUHVDQGQRWLI\WKHDSSURSULDWH
UHJXODWRU\DXWKRULW\LHV,5%VDQG,(&V,QWHUPLQDWLQJWKHVWXG\*LOHDGDQGWKHLQYHVWLJDWRU
ZLOODVVXUHWKDWDGHTXDWHFRQVLGHUDWLRQLVJLYHQWRWKHSURWHFWLRQRIWKHVXEMHFWV¶LQWHUHVWV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

5()(5(1&(6

'PLWULHQNR$2IIHQ:::HVWIDOO3+*DWHNHHSLQJVWUDWHJLHVIRUFOLQLFDOWULDOV
WKDWGRQRWUHTXLUHDOOSULPDU\HIIHFWVWREHVLJQLILFDQW6WDWLVW0HG


$PHULFDQ$FDGHP\RI3HGLDWULFV&RPPLWWHHRQ,QIHFWLRXV'LVHDVHV8VHRI
ULEDYLULQLQWKHWUHDWPHQWRIUHVSLUDWRU\V\QF\WLDOYLUXVLQIHFWLRQ3HGLDWULFV


1DLU+1RNHV'-*HVVQHU%''KHUDQL00DGKL6$6LQJOHWRQ5-HWDO
*OREDOEXUGHQRIDFXWHORZHUUHVSLUDWRU\LQIHFWLRQVGXHWRUHVSLUDWRU\V\QF\WLDO
YLUXVLQ\RXQJFKLOGUHQDV\VWHPDWLFUHYLHZDQGPHWDDQDO\VLV/DQFHW


6WRFNPDQ/-&XUQV$7$QGHUVRQ/-)LVFKHU/DQJOH\*5HVSLUDWRU\6\QF\WLDO
9LUXVDVVRFLDWHG+RVSLWDOL]DWLRQV$PRQJ,QIDQWVDQG<RXQJ&KLOGUHQLQWKH
8QLWHG6WDWHV3HGLDWU,QIHFW'LV-

1LFKROV:**RROH\7%RHFNK0&RPPXQLW\DFTXLUHGUHVSLUDWRU\V\QF\WLDO
YLUXVDQGSDUDLQIOXHQ]DYLUXVLQIHFWLRQVDIWHUKHPDWRSRLHWLFVWHPFHOO
WUDQVSODQWDWLRQWKH)UHG+XWFKLQVRQ&DQFHU5HVHDUFK&HQWHUH[SHULHQFH%LRO
%ORRG0DUURZ7UDQVSODQW6XSSO66

86'HSDUWPHQWRI+HDOWKDQG+XPDQ6HUYLFHV)RRGDQG'UXJ$GPLQLVWUDWLRQ
&HQWHUIRU'UXJ(YDOXDWLRQDQG5HVHDUFK&'(5 *XLGDQFHIRU,QGXVWU\'UXJ
,QWHUDFWLRQ6WXGLHV 6WXG\'HVLJQ'DWD$QDO\VLV,PSOLFDWLRQVIRU'RVLQJDQG
/DEHOLQJ5HFRPPHQGDWLRQV'5$)7*8,'$1&()HEUXDU\

6KDK-1&KHPDO\5)0DQDJHPHQWRI569LQIHFWLRQVLQDGXOWUHFLSLHQWVRI
KHPDWRSRLHWLFVWHPFHOOWUDQVSODQWDWLRQ%ORRG

6KDK'3*KDQWRML666KDK-1(O7DRXP..-LDQJ<3RSDW8HWDO,PSDFWRI
DHURVROL]HGULEDYLULQRQPRUWDOLW\LQDOORJHQHLFKDHPDWRSRLHWLFVWHPFHOO
WUDQVSODQWUHFLSLHQWVZLWKUHVSLUDWRU\V\QF\WLDOYLUXVLQIHFWLRQV-$QWLPLFURE
&KHPRWKHU

%RHFNK0(QJOXQG-/L<0LOOHU&&URVV$)HUQDQGH]+HWDO5DQGRPL]HG
FRQWUROOHGPXOWLFHQWHUWULDORIDHURVROL]HGULEDYLULQIRUUHVSLUDWRU\V\QF\WLDOYLUXV
XSSHUUHVSLUDWRU\WUDFWLQIHFWLRQLQKHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWV&OLQ
,QIHFW'LV

&KHPDO\5)*KRVK6%RGH\*35RKDWJL16DIGDU$.HDWLQJ0-HWDO
5HVSLUDWRU\YLUDOLQIHFWLRQVLQDGXOWVZLWKKHPDWRORJLFPDOLJQDQFLHV DQGKXPDQ
VWHPFHOOWUDQVSODQWDWLRQUHFLSLHQWVDUHWURVSHFWLYHVWXG\DWDPDMRUFDQFHUFHQWHU
0HGLFLQH%DOWLPRUH


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

(UDUG9&KLHQ-:.LP+:1LFKROV:*)ORZHUV0(0DUWLQ3-HWDO
$LUIORZGHFOLQHDIWHUP\HORDEODWLYHDOORJHQHLFKHPDWRSRLHWLFFHOOWUDQVSODQWDWLRQ
WKHUROHRIFRPPXQLW\UHVSLUDWRU\YLUXVHV-,QIHFW'LV

+DUULQJWRQ5'+RRWRQ70+DFNPDQ5&6WRUFK*$2VERUQH%*OHDYHV&$
HWDO$QRXWEUHDNRIUHVSLUDWRU\V\QF\WLDOYLUXVLQDERQH PDUURZWUDQVSODQW
FHQWHU-,QIHFW'LV

.KDQQD1:LGPHU$)'HFNHU06WHIIHQ,+DOWHU-+HLP'HWDO5HVSLUDWRU\
V\QF\WLDOYLUXVLQIHFWLRQLQSDWLHQWVZLWKKHPDWRORJLFDOGLVHDVHVVLQJOHFHQWHU
VWXG\DQGUHYLHZRIWKHOLWHUDWXUH&OLQ,QIHFW'LV

$YHWLV\DQ*0DWWVVRQ-6SDUUHOLG(/MXQJPDQ35HVSLUDWRU\V\QF\WLDOYLUXV
LQIHFWLRQLQUHFLSLHQWVRIDOORJHQHLFVWHPFHOOWUDQVSODQWDWLRQDUHWURVSHFWLYH
VWXG\RIWKHLQFLGHQFHFOLQLFDOIHDWXUHVDQGRXWFRPH7UDQVSODQWDWLRQ


.LP<-%RHFNK0(QJOXQG-$&RPPXQLW\UHVSLUDWRU\YLUXVLQIHFWLRQVLQ
LPPXQRFRPSURPLVHGSDWLHQWVKHPDWRSRLHWLFVWHPFHOODQGVROLGRUJDQWUDQVSODQW
UHFLSLHQWVDQGLQGLYLGXDOVZLWKKXPDQLPPXQRGHILFLHQF\YLUXVLQIHFWLRQ
6HPLQDUVLQUHVSLUDWRU\DQGFULWLFDOFDUHPHGLFLQH

.LP<-*XWKULH.$:DJKPDUH$:DOVK(()DOVH\$5.X\SHUV-HWDO
5HVSLUDWRU\V\QF\WLDOYLUXVLQKHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWVIDFWRUV
GHWHUPLQLQJSURJUHVVLRQWRORZHUUHVSLUDWRU\WUDFWGLVHDVH-,QIHFW'LV

0DUWLQR53RUUDV535DEHOOD1:LOOLDPV-95DPLOD(0DUJDOO1HWDO
3URVSHFWLYHVWXG\RIWKHLQFLGHQFHFOLQLFDOIHDWXUHVDQGRXWFRPHRIV\PSWRPDWLF
XSSHUDQGORZHUUHVSLUDWRU\WUDFWLQIHFWLRQVE\UHVSLUDWRU\YLUXVHVLQDGXOW
UHFLSLHQWVRIKHPDWRSRLHWLFVWHPFHOOWUDQVSODQWVIRUKHPDWRORJLFPDOLJQDQFLHV
%LRO%ORRG0DUURZ7UDQVSODQW

5DERQL601RJXHLUD0%7VXFKL\D/57DNDKDVKL*$3HUHLUD/$3DVTXLQL5
HWDO5HVSLUDWRU\WUDFWYLUDOLQIHFWLRQVLQERQHPDUURZWUDQVSODQWSDWLHQWV
7UDQVSODQWDWLRQ

6FKLIIHU-7.LUE\.6DQGPDLHU%6WRUE5&RUH\/%RHFNK07LPLQJDQG
VHYHULW\RIFRPPXQLW\DFTXLUHGUHVSLUDWRU\YLUXVLQIHFWLRQVDIWHUP\HORDEODWLYH
YHUVXVQRQP\HORDEODWLYHKHPDWRSRLHWLFVWHPFHOOWUDQVSODQWDWLRQ+DHPDWRORJLFD


6HR6&DPSEHOO$3;LH+&KLHQ-:/HLVHQULQJ:0(QJOXQG-$HWDO
2XWFRPHRIUHVSLUDWRU\V\QF\WLDOYLUXVORZHUUHVSLUDWRU\WUDFWGLVHDVHLQ
KHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWVUHFHLYLQJDHURVROL]HGULEDYLULQ
VLJQLILFDQFHRIVWHPFHOOVRXUFHDQGR[\JHQUHTXLUHPHQW%LRO%ORRG0DUURZ
7UDQVSODQW


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

6KDK'3*KDQWRML660XODQRYLFK9($UL]D+HUHGLD(-&KHPDO\5)
0DQDJHPHQWRIUHVSLUDWRU\YLUDOLQIHFWLRQVLQKHPDWRSRLHWLFFHOOWUDQVSODQW
UHFLSLHQWV$PHULFDQMRXUQDORIEORRGUHVHDUFK

6PDOO71&DVVRQ$0DODN6)%RXODG).LHKQ7(6WLOHV-HWDO5HVSLUDWRU\
V\QF\WLDOYLUXVLQIHFWLRQIROORZLQJKHPDWRSRLHWLFVWHPFHOOWUDQVSODQWDWLRQ%RQH
0DUURZ7UDQVSODQW

:KLPEH\(&KDPSOLQ5(&RXFK5%(QJOXQG-$*RRGULFK-05DDG,HWDO
&RPPXQLW\UHVSLUDWRU\YLUXVLQIHFWLRQVDPRQJKRVSLWDOL]HGDGXOWERQHPDUURZ
WUDQVSODQWUHFLSLHQWV&OLQ,QIHFW'LV

+LUVFK++0DUWLQR5:DUG.1%RHFNK0(LQVHOH+/MXQJPDQ3)RXUWK
(XURSHDQ&RQIHUHQFHRQ,QIHFWLRQVLQ/HXNDHPLD(&,/JXLGHOLQHVIRU
GLDJQRVLVDQGWUHDWPHQWRIKXPDQ UHVSLUDWRU\V\QF\WLDOYLUXVSDUDLQIOXHQ]DYLUXV
PHWDSQHXPRYLUXVUKLQRYLUXVDQGFRURQDYLUXV&OLQ,QIHFW'LV


*KRVK6&KDPSOLQ5((QJOXQG-*LUDOW6$5ROVWRQ.5DDG,HWDO
5HVSLUDWRU\V\QF\WLDOYLUXVXSSHUUHVSLUDWRU\WUDFWLOOQHVVHVLQDGXOWEORRGDQG
PDUURZWUDQVSODQWUHFLSLHQWVFRPELQDWLRQWKHUDS\ZLWKDHURVROL]HGULEDYLULQDQG
LQWUDYHQRXVLPPXQRJOREXOLQ%RQH0DUURZ7UDQVSODQW

:KLPEH\(&RXFK5%(QJOXQG-$$QGUHHII0*RRGULFK-05DDG,,HWDO
5HVSLUDWRU\V\QF\WLDOYLUXVSQHXPRQLDLQKRVSLWDOL]HGDGXOWSDWLHQWVZLWK
OHXNHPLD&OLQ,QIHFW'LV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU

$33(1',&(6
$SSHQGL[ 
,QYHVWLJDWRU6LJQDWXUH3DJH
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
$SSHQGL[ 
0DQDJHPHQWRI&OLQLFDODQG/DERUDWRU\$GYHUVH(YHQWV
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDODQG
&RQWUDFHSWLYH5HTXLUHPHQWV




3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
9LVLW 
6FUHHQLQJ
'D\ 
9LVLW 
%DVHOLQH
$VVHVVPHQWV
5DQGRPL]DWLRQ
DQG 7UHDWPHQW
$VVHVVPHQWV
'D\ 
9LVLW

'D\ 

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

(QGRI
VWXG\
'D\ 

GD\V
2SWLRQDO([WHQGHG 9LUDO0RQLWRULQJP
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
0XVWFRPSOHWH
YLVLWLQWKH
KRVSLWDORUFOLQLF
;
;
;M
;
;
;
;
;
;
:ULWWHQ,QIRUPHG
&RQVHQW
;
0HGLFDO+LVWRU\
DQG
'HPRJUDSKLFV
;
&KHVW;5D\
;D
6FUHHQLQJ/DEV
;E
8ULQHRU6HUXP
3UHJQDQF\7HVWF
;
;
;
;
;
;
)/8352
;
;
;
9LWDO6LJQVLQF
2 6DWXUDWLRQG
;
;
;R
;
;R
;
;
;
;
;
+HLJKW
;
:HLJKW
;
;
;
;
;
;
;
;
OHDG(&*
;
;
;
/RFDO7URSRQLQ
7HVWLQJS
;
;
;
6DIHW\/DEVH
;
;
;
;
;
;
;
569DQWLERG\
WLWHU
;
;


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
9LVLW 
6FUHHQLQJ
'D\ 
9LVLW 
%DVHOLQH
$VVHVVPHQWV
5DQGRPL]DWLRQ
DQG 7UHDWPHQW
$VVHVVPHQWV
'D\ 
9LVLW

'D\ 

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

(QGRI
VWXG\
'D\ 

GD\V
2SWLRQDO([WHQGHG 9LUDO0RQLWRULQJP
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
5699LUHPLD
;
;
;
;
;
;
;
1DVDO6DPSOHVI
;
;
;
;
;
;
;
;
;
;
;
;
;
/RFDO569
WHVWLQJ
;O
5DQGRPL]DWLRQ
;
,03
$GPLQLVWUDWLRQ
;
;
;
;
;
3.VDPSOH
;J
;L
;K
;K
;K
6HUXPFUHDWLQLQH
;N
;N
$GYHUVH(YHQWV
;
;
;Q
;
;Q
;
;
;
;
;
;Q
;Q
;Q
;Q
$VVHVV,&8
DGPLVVLRQV
KRVSLWDOL]DWLRQV
VWDQGDUGRIFDUH
WHVWUHVXOWV
PHFKDQLFDO
YHQWLODWLRQDQG
VXSSOHPHQWDO2
;
;R
;
;R
;
;
;
;
;
&RQFRPLWDQW
0HGLFDWLRQV
;
;
;R
;
;R
;
;
;
;
;
D
&KHVW;UD\ REWDLQHG KRXUV SULRUWR6FUHHQLQJPD\EHXVHG
E
([LVWLQJYDOXHVFROOHFWHG  GD\VSULRUWR 6FUHHQLQJPD\EHXVHG
F
5HTXLUHGIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\DQGRUELODWHUDORRSKRUHFWRP\
G
2QURRPDLU
H
&HQWUDOODERUDWRU\WHVWLQJKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGH:%&ZLWKGLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQH VHUXPDOEXPLQ $67$/7$/3DQG7%
I
VDPSOHVWRWDOIURPHDFK QRVWULO ± FROOHFWHGSULRUWRGRVLQJRQGRVLQJGD\V


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
J
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\&ROOHFWHG PLQ PLQ PLQ DQGKRXUV PLQ SRVWGRVH
K
)RUDOOVXEMHFWVFROOHFWHGSUHGRVHRQ'D\SUHGRVHDQGKRXUVPLQSRVWGRVHRQ'D\ DQGDQ\WLPHRQ'D\
L
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\3.LVFROOHFWHGDQ\WLPHGXULQJ9LVLWDQG9LVLWPXVWRFFXULQFOLQLF
M
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\6XEMHFWVQRWSDUWLFLSDWLQJLQWKH3.VXEJURXSFDQKDYHWKLVYLVLWFRPSOHWHGDWKRPH E\DKRPHQXUVLQJYHQGRU RUE\WKHVWXG\
FRRUGLQDWRURUGHVLJQHH
N
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\%ORRGGUDZIRUVHUXPFUHDWLQLQHKRXUVPLQSRVWGRVHRQ'D\DQG'D\9LVLWDQG9LVLW
O
2QO\IRUVXEMHFWVZKRDJUHHWRWKHRSWLRQDOH[WHQGHGYLUDOPRQLWRULQJDWWKHWLPHRIFRQVHQW
P
2QO\IRUVXEMHFWVZKRDJUHHWRWKHRSWLRQDOH[WHQGHGYLUDOPRQLWRULQJDWWKHWLPHRIFRQVHQWDQG WHVWSRVLWLYHRULQFRQFOXVLYHIRU569DW9LVLW'D\
Q
$VVHVVPHQWRISURFHGXUHUHODWHG$(VRQO\LIKRPHYLVLW
R
1RWUHTXLUHGLIKRPHYLVLW
S
/RFDOWURSRQLQWHVWLQJZLOOEHGRQH SUHGRVH LQDFFRUGDQFHZLWKWKHVWDQGDUGDVVD\DYDLODEOHDQGXVHGDWWKHVLWH3RLQWRIFDUH³UDSLG´WURSRQLQWHVWVDUHQRWDFFHSWDEOHIRU
SURWRFROPDQGDWHGWURSRQLQWHVWLQJ




3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
9HUVLRQ -XQH
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
+HPRJORELQ
+,9326,7,9(
$GXOWDQG3HGLDWULF'D\V
 WR  JG/
WR J/
 WR JG/
 WR  J/
WR JG/
WR J/
 JG/
 J/
+,91(*$7,9(
$GXOWDQG3HGLDWULF'D\V
 WR  JG/
 WR  J/
25
$Q\GHFUHDVHIURP%DVHOLQH
WR JG/
WR J/
WR JG/
WR J/
25
$Q\GHFUHDVHIURP%DVHOLQH
WR JG/
WR J/
WR JG/
WR J/
25
$Q\GHFUHDVHIURP%DVHOLQH
 JG/
 J/
 JG/
 J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WRJG/
WRJ/
JG/
J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WR JG/
WR J/
 JG/
 J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WR JG/
WR J/
 JG/
 J/


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
$EVROXWH1HXWURSKLO&RXQW
$1&
$GXOWDQG3HGLDWULF 'D\V
 WR PP
 WR PP
 WR PP
PP
 WR *,/
 WR*,/
 WR *,/
*,/
,QIDQW± 'D\V
WRPP
 WR *,/
WRPP
 WR *,/
WRPP
 WR *,/
PP
*,/
,QIDQW'D\
WRPP
 WR *,/
WRPP
 WR*,/
WRPP
 WR *,/
PP
*,/
$EVROXWH&'&RXQW
+,91(*$7,9(21/<
$GXOWDQG3HGLDWULF
!  <HDUV
 WR PP
 WR ȝ/
 WR PP
 WRȝ/
 WR PP
 WR ȝ/
PP
ȝ/
$EVROXWH/\PSKRF\WH&RXQW
+,91(*$7,9(21/<
$GXOWDQG3HGLDWULF
 <HDUV
WRPP
WR*,/
WRPP
WR*,/
WRPP
WR*,/
PP
*,/
3ODWHOHWV
WR PP
 WR *,/
WRPP
 WR*,/
WRPP
WR*,/
PP
 *,/
:%&V
PP WRPP
WRPP
WRPP
PP
 *,/ WR *,/
 WR *,/
WR *,/
*,/


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
+\SRILEULQRJHQHPLD
 WR  PJG/
WR PJG/
 WR PJG/
 PJG/
 WR  J/
 WR J/
WR J/
 J/
+\SHUILEULQRJHQHPLD
8/1WR PJG/
 PJG/
²
²
8/1 WR J/
 J/
²
²
)LEULQ6SOLW3URGXFW
WR ȝJP/
 WR ȝJP/
 WR ȝJP/
 ȝJP/
WR PJ/
WR PJ/
WR PJ/
 PJ/
3URWKURPELQ7LPH37
WR 8/1
WR 8/1
WR 8/1
8/1
,QWHUQDWLRQDO1RUPDOL]HG5DWLR
RISURWKURPELQWLPH,15
WR[8/1
!WR[8/1
!WR[8/1
![8/1
$FWLYDWHG3DUWLDO
7KURPERSODVWLQ7LPH$377
 WR 8/1
 WR 8/1
 WR 8/1
8/1
0HWKHPRJORELQ
 WR 
 WR 
 WR 



3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SRQDWUHPLD
WR//1P(T/
WR  P(T/
WR  P(T/
P(T/
WR //1PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
+\SHUQDWUHPLD
WRP(T/
WRP(T/
WRP(T/
P(T/
WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
+\SRNDOHPLD
WR P(T/
WR  P(T/
WR  P(T/
P(T/
WR PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
+\SHUNDOHPLD
WRP(T/
WR P(T/
WR P(T/
P(T/
WRPPRO/
WR PPRO/
WR PPRO/
PPRO/
+\SRJO\FHPLD
$GXOWDQG3HGLDWULF
 0RQWK
WR PJG/
WR  PJG/
WR  PJG/
PJG/
WR PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
,QIDQW  0RQWK
WR PJG/
WR PPRO/
WR PJG/
WR PPRO/
WR PJG/
WR PPRO/
PJG/
PPRO/
+\SHUJO\FHPLD1RQIDVWLQJ
 WR PJG/
WR PJG/
WR PJG/
PJG/
WR PPRO/
WR PPRO/
WR PPRO/
PPRO/
+\SHUJO\FHPLD)DVWLQJ
WRPJG/
WRPPRO/
!WRPJG/
!WRPPRO/
!WRPJG/
!WRPPRO/
!PJG/
!PPRO/
+\SRFDOFHPLD
FRUUHFWHGIRUDOEXPLQLI
DSSURSULDWH
$GXOWDQG3HGLDWULF
 'D\V
WRPJG/
WR PJG/
WR  PJG/
 PJG/
WRPPRO/
WR PPRO/
WR PPRO/
 PPRO/
,QIDQW  'D\V
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
PJG/
PPRO/


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SHUFDOFHPLDFRUUHFWHG
IRUDOEXPLQLIDSSURSULDWH
$GXOWDQG3HGLDWULF
 'D\V
!8/1WRPJG/
WRPJG/
WRPJG/
PJG/
!8/1WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
,QIDQW  'D\V
WRPJG/
WRPPRO/
WRPJG/
!WRPPRO/
WRPJG/
!WRPPRO/
PJG/
!PPRO/
+\SRFDOFHPLDLRQL]HG
PJG/WR //1
WRPJG/
WR PJG/
PJG/
PPRO/WR //1
WR PPRO/
WR PPRO/
PPRO/
+\SHUFDOFHPLDLRQL]HG
8/1WRPJG/
WRPJG/
WRPJG/
PJG/
8/1WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
+\SRPDJQHVHPLD
WR//1PJG/
WR//1P(T/
WR PJG/
WRP(T/
WR PJG/
WRP(T/
PJG/
P(T/
WR//1PPRO/
WR PPRO/
WR PPRO/
PPRO/
+\SRSKRVSKDWHPLD
$GXOWDQG3HGLDWULF
 <HDUV
WR//1PJG/
WRPJG/
WRPJG/
PJG/
 WR//1PPRO/
WRPPRO/
WRPPRO/
PPRO/
3HGLDWULF<HDU±<HDUV
WRPJG/
WRPPRO/
WRPJG/
WR  PPRO/
WRPJG/
WR PPRO/
PJG/
 PPRO/
3HGLDWULF <HDU
WRPJG/
WRPPRO/
WR PJG/
WR  PPRO/
WRPJG/
WRPPRO/
PJG/
 PPRO/


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SHUELOLUXELQHPLD
$GXOWDQG3HGLDWULF
!  'D\V
WR8/1
WR8/1
WR8/1
8/1
,QIDQW 'D\V
QRQKHPRO\WLF
1$
WRPJG/
WRȝPRO/
WRPJG/
!WRȝPRO/
PJG/
!ȝPRO/
,QIDQW 'D\V
KHPRO\WLF
1$
1$
WRPJG/
WRȝPRO/
PJG/
!ȝPRO/
%ORRG8UHD1LWURJHQ
WR8/1
WR8/1
WR8/1
8/1
+\SHUXULFHPLD
!8/1WRPJG/
WRPJG/
WRPJG/
PJG/
!8/1WRȝPRO/
WRȝPRO/
WRȝPRO/
ȝPRO/
+\SRXULFHPLD
PJG/WR //1
WR PJG/
WR PJG/
PJG/
ȝPRO/WR //1
WR ȝPRO/
WR ȝPRO/
ȝPRO/
&UHDWLQLQH
WRPJG/
WRPJG/
WRPJG/
PJG/
WRȝPRO/
WRȝPRO/
WRȝPRO/
ȝPRO/
%LFDUERQDWH
P(T/WR //1
WR P(T/
WR P(T/
P(T/
PPRO/WR //1
WR PPRO/
WR PPRO/
PPRO/
7ULJO\FHULGHV
)DVWLQJ
1$
WRPJG/
WRPJG/
PJG/
±PPRO/
±PPRO/
PPRO/


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
/'/
)DVWLQJ
WRPJG/
!WRPJG/
!PJG/
1$
WRPPRO/
!WRPPRO/
!PPRO/
3HGLDWULF!WR\HDUV
WRPJG/
!WRPJG/
!PJG/
1$
WRPPRO/
!WRPPRO/
!PPRO/
+\SHUFKROHVWHUROHPLD
)DVWLQJ
WRPJG/
WRPJG/
PJG/
1$
WRPPRO/
WRPPRO/
PPRO/
3HGLDWULF<HDUV
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
PJG/
PPRO/
1$
&UHDWLQH.LQDVH
WR 8/1
WR 8/1
WR 8/1
8/1
&DOFLXPVKRXOGEHFRUUHFWHGIRUDOEXPLQLIDOEXPLQLVJG/


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
(1=<0(6
*UDGH
*UDGH
*UDGH
*UDGH
$676*27
WR8/1
WR8/1
WR8/1
8/1
$/76*37
WR8/1
WR8/1
WR8/1
8/1
**7
WR8/1
WR8/1
WR8/1
8/1
$ONDOLQH3KRVSKDWDVH
WR8/1
WR8/1
WR8/1
8/1
7RWDO$P\ODVH
WR8/1
WR8/1
WR8/1
8/1
3DQFUHDWLF$P\ODVH
WR8/1
WR8/1
WR8/1
8/1
/LSDVH
WR8/1
WR8/1
WR8/1
8/1
$OEXPLQ
JG/WR//1
J/WR//1
WRJG/
WRJ/
JG/
J/
1$


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
85,1$/<6,6
*UDGH
*UDGH
*UDGH
*UDGH
+HPDWXULD'LSVWLFN



1$
+HPDWXULD4XDQWLWDWLYH
6HH1RWHEHORZ
)HPDOHV
!8/1  5%&+3)
 5%&+3)
!5%&+3)
1$
0DOHV
5%&+3)
 5%&+3)
!5%&+3)
1$
3URWHLQXULD'LSVWLFN

±

1$
3URWHLQXULD+RXU&ROOHFWLRQ
$GXOWDQG3HGLDWULF
<HDUV
WR PJ K
!WR PJK
! WR PJK
PJK
3HGLDWULF0RWR
  <HDUV
WR PJP K
! WR PJPK
! WR PJPK
PJPK
*O\FRVXULD'LSVWLFN



1$
1RWHV
7R[LFLW\JUDGHVIRU4XDQWLWDWLYHDQG'LSVWLFN+HPDWXULDZLOOEHDVVLJQHGE\&RYDQFH/DERUDWRU\KRZHYHUIRURWKHUODERUDWRULHVWR[LFLW\JUDGHVZLOORQO\EHDVVLJQHGWR'LSVWLFN
+HPDWXULD
:LWKWKHH[FHSWLRQRIOLSLGWHVWVDQ\JUDGHGODERUDWRU\WHVWZLWKDUHVXOWWKDWLVEHWZHHQWKH//1DQG8/1VKRXOGEHDVVLJQHG*UDGH
,IWKHVHYHULW\RIDFOLQLFDO$(FRXOGIDOOXQGHUHLWKHURQHRIWZRJUDGHVHJWKHVHYHULW\RIDQ$(FRXOGEHHLWKHU*UDGH RU*UDGHVHOHFWWKHKLJKHURIWKHWZRJUDGHVIRUWKH
$(


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
&$5',29$6&8/$5
*UDGH
*UDGH
*UDGH
*UDGH
&DUGLDF$UUK\WKPLDJHQHUDO
%\(&*RUSK\VLFDOH[DP
$V\PSWRPDWLF$1'1R
LQWHUYHQWLRQLQGLFDWHG
$V\PSWRPDWLF$1'1RQ
XUJHQWPHGLFDOLQWHUYHQWLRQ
LQGLFDWHG
6\PSWRPDWLFQRQOLIH
WKUHDWHQLQJ$1'1RQ
XUJHQWPHGLFDOLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJDUUK\WKPLD
258UJHQWLQWHUYHQWLRQ
LQGLFDWHG
&DUGLDFLVFKHPLD,QIDUFWLRQ
1$
1$
6\PSWRPDWLFLVFKHPLD
VWDEOHDQJLQD257HVWLQJ
FRQVLVWHQWZLWKLVFKHPLD
8QVWDEOHDQJLQD25$FXWH
P\RFDUGLDOLQIDUFWLRQ
+HPRUUKDJHVLJQLILFDQWDFXWH
EORRGORVV
1$
6\PSWRPDWLF$1'1R
WUDQVIXVLRQLQGLFDWHG
6\PSWRPDWLF$1'
7UDQVIXVLRQRI XQLWV
SDFNHG5%&VIRUFKLOGUHQ
 FFNJLQGLFDWHG
/LIHWKUHDWHQLQJK\SRWHQVLRQ
257UDQVIXVLRQRI XQLWV
SDFNHG5%&VLQGLFDWHGIRU
FKLOGUHQ FFNJLQGLFDWHG
+\SHUWHQVLRQZLWKUHSHDW
WHVWLQJDWVDPHYLVLW
± PP+JV\VWROLF
25
±PP+JGLDVWROLF
±PP+JV\VWROLF
25
±PP+JGLDVWROLF
 PP+JV\VWROLF
25
 PP+JGLDVWROLF
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJPDOLJQDQWK\SHUWHQVLRQ
25+RVSLWDOL]DWLRQRWKHUWKDQ
(5YLVLWLQGLFDWHG
3HGLDWULF <HDUVZLWK
UHSHDWWHVWLQJDWVDPHYLVLW
1$
VW±WKSHUFHQWLOHDGMXVWHG
IRUDJHKHLJKWDQGJHQGHU
V\VWROLFDQGRUGLDVWROLF
 WKSHUFHQWLOHDGMXVWHG
IRUDJHKHLJKWDQGJHQGHU
V\VWROLFDQGRUGLDVWROLF
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJPDOLJQDQWK\SHUWHQVLRQ
25+RVSLWDOL]DWLRQLQGLFDWHG
RWKHUWKDQHPHUJHQF\URRP
YLVLW
+\SRWHQVLRQ
1$
6\PSWRPDWLFFRUUHFWHGZLWK
RUDOIOXLGUHSODFHPHQW
6\PSWRPDWLF,9IOXLGV
LQGLFDWHG
6KRFNUHTXLULQJXVHRI
YDVRSUHVVRUVRUPHFKDQLFDO
DVVLVWDQFHWRPDLQWDLQEORRG
SUHVVXUH
3HULFDUGLDO(IIXVLRQ
$V\PSWRPDWLFVPDOO
HIIXVLRQUHTXLULQJQR
LQWHUYHQWLRQ
$V\PSWRPDWLFPRGHUDWHRU
ODUJHUHIIXVLRQUHTXLULQJQR
LQWHUYHQWLRQ
(IIXVLRQZLWKQRQOLIH
WKUHDWHQLQJSK\VLRORJLF
FRQVHTXHQFHV25(IIXVLRQ
ZLWKQRQXUJHQWLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJWDPSRQDGH258UJHQW
LQWHUYHQWLRQLQGLFDWHG


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
&$5',29$6&8/$5
*UDGH
*UDGH
*UDGH
*UDGH
3URORQJHG35,QWHUYDO
35LQWHUYDO
WRVHF
35LQWHUYDO
VHF
7\SH,,QGGHJUHH$9
EORFN259HQWULFXODUSDXVH
VHF
&RPSOHWH$9EORFN
3HGLDWULF<HDUV
VWGHJUHH$9EORFN
35!QRUPDOIRUDJHDQG
UDWH
7\SH,QGGHJUHH$9EORFN
7\SH,,QGGHJUHH$9
EORFN
&RPSOHWH$9EORFN
3URORQJHG47F
$V\PSWRPDWLF47FLQWHUYDO
WRVHF25,QFUHDVH
LQWHUYDOVHFDERYH
EDVHOLQH
$V\PSWRPDWLF47FLQWHUYDO
WRVHF25,QFUHDVH
LQLQWHUYDOWRVHF
DERYHEDVHOLQH
$V\PSWRPDWLF47FLQWHUYDO
 VHF25,QFUHDVHLQ
LQWHUYDO VHFDERYH
EDVHOLQH
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJ7RUVDGHGH
SRLQWHVRURWKHUDVVRFLDWHG
VHULRXVYHQWULFXODU
G\VUK\WKPLD
3HGLDWULF <HDUV
$V\PSWRPDWLF47FLQWHUYDO
WRVHF
$V\PSWRPDWLF47FLQWHUYDO
WRVHF
$V\PSWRPDWLF47FLQWHUYDO
VHF
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJ7RUVDGHGH
SRLQWHVRURWKHUDVVRFLDWHG
VHULRXVYHQWULFXODU
G\VUK\WKPLD
7KURPERVLV(PEROLVP
1$
'HHSYHLQWKURPERVLV$1'
1RLQWHUYHQWLRQLQGLFDWHGHJ
DQWLFRDJXODWLRQO\VLVILOWHU
LQYDVLYHSURFHGXUH
'HHSYHLQWKURPERVLV$1'
,QWHUYHQWLRQLQGLFDWHGHJ
DQWLFRDJXODWLRQO\VLVILOWHU
LQYDVLYHSURFHGXUH
(PEROLFHYHQWHJSXOPRQDU\
HPEROLVPOLIHWKUHDWHQLQJ
WKURPEXV
9DVRYDJDO(SLVRGHDVVRFLDWHG
ZLWKDSURFHGXUHRIDQ\NLQG
3UHVHQWZLWKRXWORVVRI
FRQVFLRXVQHVV
3UHVHQWZLWKWUDQVLHQWORVVRI
FRQVFLRXVQHVV
1$
1$
9HQWULFXODU'\VIXQFWLRQ
FRQJHVWLYHKHDUWIDLOXUH
&+)
1$
$V\PSWRPDWLFGLDJQRVWLF
ILQGLQJ$1'LQWHUYHQWLRQ
LQGLFDWHG
1HZRQVHWZLWKV\PSWRPV
25:RUVHQLQJV\PSWRPDWLF
&+)
/LIHWKUHDWHQLQJ&+)


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
5(63,5$725<
*UDGH
*UDGH
*UDGH
*UDGH
%URQFKRVSDVPDFXWH
)(9RUSHDNIORZUHGXFHGWR
WR
)(9RUSHDNIORZWR
)(9RUSHDNIORZWR

&\DQRVLV25)(9RUSHDNIORZ
25,QWXEDWLRQ
'\VSQHDRU5HVSLUDWRU\
'LVWUHVV
'\VSQHDRQH[HUWLRQZLWKQR
RUPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'\VSQHDRQH[HUWLRQFDXVLQJ
JUHDWHUWKDQPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'\VSQHDDWUHVWFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
5HVSLUDWRU\IDLOXUHZLWK
YHQWLODWRU\VXSSRUWLQGLFDWHG
3HGLDWULF<HDUV
:KHH]LQJ25PLQLPDO
LQFUHDVHLQUHVSLUDWRU\UDWHIRU
DJH
1DVDOIODULQJ25,QWHUFRVWDO
UHWUDFWLRQV253XOVHR[LPHWU\
WR
'\VSQHDDWUHVWFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
253XOVHR[LPHWU\
5HVSLUDWRU\IDLOXUHZLWK
YHQWLODWRU\VXSSRUWLQGLFDWHG
2&8/$59,68$/
*UDGH
*UDGH
*UDGH
*UDGH
8YHLWLV
$V\PSWRPDWLFEXWGHWHFWDEOH
RQH[DP
6\PSWRPDWLFDQWHULRUXYHLWLV25
0HGLFDOLQWHUYHQWLRQLQGLFDWHG
3RVWHULRURUSDQXYHLWLV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
'LVDEOLQJYLVXDOORVVLQDIIHFWHG
H\HV
9LVXDO&KDQJHV
IURP %DVHOLQH
9LVXDOFKDQJHVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9LVXDOFKDQJHVFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9LVXDOFKDQJHVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJYLVXDOORVVLQDIIHFWHG
H\HV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
6.,1
*UDGH
*UDGH
*UDGH
*UDGH
$ORSHFLD
7KLQQLQJGHWHFWDEOHE\
VWXG\SDUWLFLSDQWRU
FDUHJLYHUIRUGLVDEOHG
DGXOWV
7KLQQLQJRUSDWFK\KDLUORVV
GHWHFWDEOHE\KHDOWKFDUH
SURYLGHU
&RPSOHWHKDLUORVV
1$
&XWDQHRXV5HDFWLRQ± 5DVK
/RFDOL]HGPDFXODUUDVK
'LIIXVHPDFXODU
PDFXORSDSXODURU
PRUELOOLIRUPUDVK257DUJHW
OHVLRQV
'LIIXVHPDFXODU
PDFXORSDSXODURUPRUELOOLIRUP
UDVKZLWKYHVLFOHVRUOLPLWHG
QXPEHURIEXOODH25
6XSHUILFLDOXOFHUDWLRQVRI
PXFRXVPHPEUDQHOLPLWHGWR
RQHVLWH
([WHQVLYHRUJHQHUDOL]HG
EXOORXVOHVLRQV25
6WHYHQV-RKQVRQV\QGURPH
258OFHUDWLRQRIPXFRXV
PHPEUDQHLQYROYLQJWZR
RUPRUHGLVWLQFWPXFRVDO
VLWHV257R[LFHSLGHUPDO
QHFURO\VLV7(1
+\SHUSLJPHQWDWLRQ
6OLJKWRUORFDOL]HG
0DUNHGRUJHQHUDOL]HG
1$
1$
+\SRSLJPHQWDWLRQ
6OLJKWRUORFDOL]HG
0DUNHGRUJHQHUDOL]HG
1$
1$
3UXULWLVLWFKLQJ± QRVNLQ
OHVLRQV
6HHDOVR,QMHFWLRQ6LWH
5HDFWLRQV3UXULWLVDVVRFLDWHG
ZLWKLQMHFWLRQ
,WFKLQJFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
,WFKLQJFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
,WFKLQJFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
1$


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
*$6752,17(67,1$/
*UDGH
*UDGH
*UDGH
*UDGH
$QRUH[LD
/RVVRIDSSHWLWHZLWKRXW
GHFUHDVHGRUDOLQWDNH
/RVVRIDSSHWLWHDVVRFLDWHGZLWK
GHFUHDVHGRUDOLQWDNHZLWKRXW
VLJQLILFDQWZHLJKWORVV
/RVVRIDSSHWLWHDVVRFLDWHG
ZLWKVLJQLILFDQWZHLJKWORVV
/LIHWKUHDWHQLQJFRQVHTXHQFHV
25$JJUHVVLYHLQWHUYHQWLRQ
LQGLFDWHG>HJWXEHIHHGLQJRU
WRWDOSDUHQWHUDOQXWULWLRQ@
$VFLWHV
$V\PSWRPDWLF
6\PSWRPDWLF$1',QWHUYHQWLRQ
LQGLFDWHGHJGLXUHWLFVRU
WKHUDSHXWLFSDUDFHQWHVLV
6\PSWRPDWLFGHVSLWH
LQWHUYHQWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
&KROHF\VWLWLV
1$
6\PSWRPDWLF$1'0HGLFDO
LQWHUYHQWLRQLQGLFDWHG
5DGLRORJLFHQGRVFRSLFRU
RSHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJVHSVLVRUSHUIRUDWLRQ
&RQVWLSDWLRQ
1$
3HUVLVWHQWFRQVWLSDWLRQUHTXLULQJ
UHJXODUXVHRIGLHWDU\
PRGLILFDWLRQVOD[DWLYHVRU
HQHPDV
2EVWLSDWLRQZLWKPDQXDO
HYDFXDWLRQLQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJREVWUXFWLRQ
'LDUUKHD
$GXOWDQG3HGLDWULF
 <HDU
7UDQVLHQWRULQWHUPLWWHQW
HSLVRGHVRIXQIRUPHGVWRROV
25,QFUHDVHRI VWRROV
RYHUEDVHOLQH KU
3HUVLVWHQWHSLVRGHVRIXQIRUPHG
WRZDWHU\VWRROV25,QFUHDVHRI
±VWRROVRYHUEDVHOLQHSHU
 KUV
%ORRG\GLDUUKHD25,QFUHDVH
RI VWRROVSHUKRXU
SHULRG25,9IOXLG
UHSODFHPHQWLQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN
3HGLDWULF <HDU
/LTXLGVWRROVPRUH
XQIRUPHGWKDQXVXDOEXW
XVXDOQXPEHURIVWRROV
/LTXLGVWRROVZLWKLQFUHDVHG
QXPEHURIVWRROV250LOG
GHK\GUDWLRQ
/LTXLGVWRROVZLWKPRGHUDWH
GHK\GUDWLRQ
/LTXLGVWRROVUHVXOWLQJLQ
VHYHUHGHK\GUDWLRQZLWK
DJJUHVVLYHUHK\GUDWLRQ
LQGLFDWHG25+\SRWHQVLYH
VKRFN


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
*$6752,17(67,1$/
*UDGH
*UDGH
*UDGH
*UDGH
'\VSKDJLD2G\QRSKDJLD
6\PSWRPDWLFEXWDEOHWRHDW
XVXDOGLHW
6\PSWRPVFDXVLQJDOWHUHG
GLHWDU\LQWDNHZLWKRXWPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJVHYHUHO\
DOWHUHGGLHWDU\LQWDNHZLWK
PHGLFDOLQWHUYHQWLRQLQGLFDWHG
/LIHWKUHDWHQLQJUHGXFWLRQLQ
RUDOLQWDNH
0XFRVLWLV6WRPDWLWLV
FOLQLFDOH[DP
6HHDOVR3URFWLWLV
'\VSKDJLD2G\QRSKDJLD
(U\WKHPDRIWKHPXFRVD
3DWFK\SVHXGRPHPEUDQHVRU
XOFHUDWLRQV
&RQIOXHQWSVHXGRPHPEUDQHV
RUXOFHUDWLRQV250XFRVDO
EOHHGLQJZLWKPLQRUWUDXPD
7LVVXHQHFURVLV25'LIIXVH
VSRQWDQHRXVPXFRVDOEOHHGLQJ
25/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJDVSLUDWLRQ
FKRNLQJ
1DXVHD
7UDQVLHQW KRXUVRU
LQWHUPLWWHQWQDXVHDZLWKQR
RUPLQLPDOLQWHUIHUHQFHZLWK
RUDOLQWDNH
3HUVLVWHQWQDXVHDUHVXOWLQJLQ
GHFUHDVHGRUDOLQWDNHIRU±
KRXUV
3HUVLVWHQWQDXVHDUHVXOWLQJLQ
PLQLPDORUDOLQWDNHIRU
KRXUV25$JJUHVVLYH
UHK\GUDWLRQLQGLFDWHGHJ
,9 IOXLGV
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN
3DQFUHDWLWLV
1$
6\PSWRPDWLF$1'
+RVSLWDOL]DWLRQQRWLQGLFDWHG
RWKHUWKDQ(5YLVLW
6\PSWRPDWLF$1'
+RVSLWDOL]DWLRQLQGLFDWHG
RWKHUWKDQ(5YLVLW
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJVHSVLVFLUFXODWRU\IDLOXUH
KHPRUUKDJH
3URFWLWLVIXQFWLRQDO
V\PSWRPDWLF
$OVRVHH 0XFRVLWLV
6WRPDWLWLVIRU&OLQLFDO
([DP
5HFWDOGLVFRPIRUW$1'1R
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
0HGLFDOLQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO
IXQFWLRQDODFWLYLWLHV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJSHUIRUDWLRQ
9RPLWLQJ
7UDQVLHQWRULQWHUPLWWHQW
YRPLWLQJZLWKQRRU
PLQLPDOLQWHUIHUHQFHZLWK
RUDOLQWDNH
)UHTXHQWHSLVRGHVRIYRPLWLQJ
ZLWKQRRUPLOGGHK\GUDWLRQ
3HUVLVWHQWYRPLWLQJUHVXOWLQJ
LQRUWKRVWDWLFK\SRWHQVLRQ25
$JJUHVVLYHUHK\GUDWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
$OWHUDWLRQLQ3HUVRQDOLW\
%HKDYLRURULQ0RRGHJ
DJLWDWLRQDQ[LHW\
GHSUHVVLRQPDQLD
SV\FKRVLV
$OWHUDWLRQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
$OWHUDWLRQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
$OWHUDWLRQFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
%HKDYLRUSRWHQWLDOO\KDUPIXO
WRVHOIRURWKHUVHJ
VXLFLGDOKRPLFLGDOLGHDWLRQRU
DWWHPSWDFXWHSV\FKRVLV25
&DXVLQJLQDELOLW\WRSHUIRUP
EDVLFVHOIFDUHIXQFWLRQV
$OWHUHG0HQWDO6WDWXV
)RU'HPHQWLDVHH&RJQLWLYH
DQG%HKDYLRUDO$WWHQWLRQDO
'LVWXUEDQFHLQFOXGLQJ
GHPHQWLDDQG$''
&KDQJHVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
0LOGOHWKDUJ\RUVRPQROHQFH
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
&RQIXVLRQPHPRU\
LPSDLUPHQWOHWKDUJ\RU
VRPQROHQFHFDXVLQJLQDELOLW\
WRSHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'HOLULXP25REWXQGDWLRQ25
FRPD
$WD[LD
$V\PSWRPDWLFDWD[LD
GHWHFWDEOHRQH[DP25
0LQLPDODWD[LDFDXVLQJQR
RUPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPDWLFDWD[LDFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
6\PSWRPDWLFDWD[LDFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJDWD[LDFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
&RJQLWLYHDQG
%HKDYLRUDO$WWHQWLRQDO
'LVWXUEDQFHLQFOXGLQJ
GHPHQWLDDQG$WWHQWLRQ
'HILFLW'LVRUGHU
'LVDELOLW\FDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV256SHFLDOL]HG
UHVRXUFHVQRWLQGLFDWHG
'LVDELOLW\FDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV256SHFLDOL]HG
UHVRXUFHVRQSDUWWLPHEDVLV
LQGLFDWHG
'LVDELOLW\FDXVLQJLQDELOLW\ WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
6SHFLDOL]HGUHVRXUFHVRQD
IXOOWLPHEDVLVLQGLFDWHG
'LVDELOLW\FDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV25
,QVWLWXWLRQDOL]DWLRQLQGLFDWHG
&16,VFKHPLD
DFXWH
1$
1$
7UDQVLHQWLVFKHPLFDWWDFN
&HUHEUDOYDVFXODUDFFLGHQW
&9$VWURNHZLWK
QHXURORJLFDOGHILFLW


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
'HYHORSPHQWDOGHOD\±
3HGLDWULF<HDUV
0LOGGHYHORSPHQWDOGHOD\
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWH
IRUWKHVHWWLQJ
0RGHUDWHGHYHORSPHQWDO
GHOD\HLWKHUPRWRURU
FRJQLWLYHDVGHWHUPLQHGE\
FRPSDULVRQZLWKD
GHYHORSPHQWDOVFUHHQLQJWRRO
DSSURSULDWHIRUWKHVHWWLQJ
6HYHUHGHYHORSPHQWDOGHOD\
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWHIRU
WKHVHWWLQJ
'HYHORSPHQWDOUHJUHVVLRQ
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWHIRU
WKHVHWWLQJ
+HDGDFKH
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV25+RVSLWDOL]DWLRQ
LQGLFDWHGRWKHUWKDQ(5YLVLW
25+HDGDFKHZLWKVLJQLILFDQW
LPSDLUPHQWRIDOHUWQHVVRU
RWKHUQHXURORJLFIXQFWLRQ
,QVRPQLD
1$
'LIILFXOW\VOHHSLQJFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDOIXQFWLRQDODFWLYLWLHV
'LIILFXOW\VOHHSLQJFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJLQVRPQLDFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
1HXURPXVFXODU:HDNQHVV
LQFOXGLQJP\RSDWK\	
QHXURSDWK\
$V\PSWRPDWLFZLWK
GHFUHDVHGVWUHQJWKRQH[DP
250LQLPDOPXVFOHZHDN
QHVVFDXVLQJQRRUPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
0XVFOHZHDNQHVVFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
0XVFOHZHDNQHVVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJPXVFOHZHDNQHVV
FDXVLQJLQDELOLW\WRSHUIRUP
EDVLFVHOIFDUHIXQFWLRQV25
5HVSLUDWRU\PXVFOHZHDNQHVV
LPSDLULQJYHQWLODWLRQ
1HXURVHQVRU\$OWHUDWLRQ
LQFOXGLQJSDUHVWKHVLDDQG
SDLQIXOQHXURSDWK\
$V\PSWRPDWLFZLWKVHQVRU\
DOWHUDWLRQRQH[DPRU
PLQLPDOSDUHVWKHVLDFDXVLQJ
QRRUPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
6HQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6HQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJVHQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
6HL]XUHQHZRQVHW
1$
VHL]XUH
±VHL]XUHV
6HL]XUHVRIDQ\NLQGWKDWDUH
SURORQJHGUHSHWLWLYHHJ
VWDWXVHSLOHSWLFXVRUGLIILFXOW
WRFRQWUROHJUHIUDFWRU\
HSLOHSV\
6HL]XUHSUHH[LVWLQJ
)RU:RUVHQLQJRI([LVWLQJ
(SLOHSV\WKH*UDGHV6KRXOG
%H%DVHGRQDQ,QFUHDVH
IURP3UHYLRXV/HYHORI
&RQWUROWR$Q\RI7KHVH
/HYHOV
1$
,QFUHDVHGIUHTXHQF\RISUH
H[LVWLQJVHL]XUHVQRQ
UHSHWLWLYHZLWKRXWFKDQJHLQ
VHL]XUHFKDUDFWHU25
LQIUHTXHQWEUHDNWKURXJK
VHL]XUHVZKLOHRQVWDEOHPHGV
LQDSUHYLRXVO\FRQWUROOHG
VHL]XUHGLVRUGHU
&KDQJHLQVHL]XUHFKDUDFWHU
IURPEDVHOLQHHLWKHULQ
GXUDWLRQRUTXDOLW\HJ
VHYHULW\RUIRFDOLW\
6HL]XUHVRIDQ\NLQGWKDWDUH
SURORQJHGUHSHWLWLYHHJ
VWDWXVHSLOHSWLFXVRUGLIILFXOW
WRFRQWUROHJUHIUDFWRU\
HSLOHSV\
6HL]XUH
± 3HGLDWULF<HDUV
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ
  PLQXWHVZLWK  KRXUV
SRVWLFWDOVWDWH
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ±
PLQXWHVZLWK
KRXUVSRVWLFWDOVWDWH
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ
!PLQXWHV
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQUHTXLULQJ
LQWXEDWLRQDQGVHGDWLRQ
6\QFRSHQRWDVVRFLDWHG
ZLWKDSURFHGXUH
1$
3UHVHQW
1$
1$
9HUWLJR
9HUWLJRFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9HUWLJRFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9HUWLJRFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJYHUWLJRFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
086&8/26.(/(7$/
*UDGH
*UDGH
*UDGH
*UDGH
$UWKUDOJLD
6HHDOVR$UWKULWLV
-RLQWSDLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
-RLQWSDLQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
-RLQWSDLQFDXVLQJLQDELOLW\
WRSHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJMRLQWSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
$UWKULWLV
6HHDOVR$UWKUDOJLD
6WLIIQHVVRUMRLQWVZHOOLQJ
FDXVLQJQRRUPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6WLIIQHVVRUMRLQWVZHOOLQJFDXVLQJ
JUHDWHUWKDQPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6WLIIQHVVRUMRLQWVZHOOLQJ
FDXVLQJLQDELOLW\WRSHUIRUP
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'LVDEOLQJMRLQWVWLIIQHVVRU
VZHOOLQJFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV
%RQH0LQHUDO/RVV
%0'WVFRUHRU]VFRUH
±WR±
%0'WVFRUHRU]VFRUH ±
3DWKRORJLFDOIUDFWXUH
LQFOXGLQJORVVRIYHUWHEUDO
KHLJKW
3DWKRORJLFIUDFWXUHFDXVLQJ
OLIHWKUHDWHQLQJFRQVHTXHQFHV
3HGLDWULF <HDUV
%0']VFRUH
±WR±
%0']VFRUH±
3DWKRORJLFDOIUDFWXUH
LQFOXGLQJORVVRIYHUWHEUDO
KHLJKW
3DWKRORJLFIUDFWXUHFDXVLQJ
OLIHWKUHDWHQLQJFRQVHTXHQFHV
0\DOJLD
QRQLQMHFWLRQVLWH
0XVFOHSDLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
0XVFOHSDLQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
0XVFOHSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJPXVFOHSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
2VWHRQHFURVLV
1$
$V\PSWRPDWLFZLWKUDGLRJUDSKLF
ILQGLQJV$1'1RRSHUDWLYH
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPDWLFERQHSDLQZLWK
UDGLRJUDSKLFILQGLQJV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
'LVDEOLQJERQHSDLQZLWK
UDGLRJUDSKLFILQGLQJVFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
6<67(0,&
*UDGH
*UDGH
*UDGH
*UDGH
$FXWH6\VWHPLF$OOHUJLF
5HDFWLRQ
/RFDOL]HGXUWLFDULD
ZKHDOVZLWKQRPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
/RFDOL]HGXUWLFDULDZLWKPHGLFDO
LQWHUYHQWLRQLQGLFDWHG250LOG
DQJLRHGHPDZLWKQRPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
*HQHUDOL]HGXUWLFDULD25
$QJLRHGHPDZLWKPHGLFDO
LQWHUYHQWLRQLQGLFDWHG25
6\PSWRPDWLFPLOG
EURQFKRVSDVP
$FXWHDQDSK\OD[LV25/LIH
WKUHDWHQLQJEURQFKRVSDVP25
ODU\QJHDOHGHPD
&KLOOV
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
1$
)DWLJXH
0DODLVH
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
,QFDSDFLWDWLQJIDWLJXHPDODLVH
V\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV
)HYHUQRQD[LOODU\
&WR&
)WR)
&WR&
)WR)
&WR&
)WR)
&
)
3DLQ ,QGLFDWH%RG\6LWH
6HHDOVR,QMHFWLRQ6LWH
3DLQ+HDGDFKH
$UWKUDOJLDDQG0\DOJLD
3DLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
3DLQFDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
3DLQFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV25
+RVSLWDOL]DWLRQRWKHUWKDQ(5
YLVLWLQGLFDWHG
8QLQWHQWLRQDO:HLJKW
/RVV
1$
WRORVVLQERG\ZHLJKWIURP
EDVHOLQH
WRORVVLQERG\
ZHLJKWIURPEDVHOLQH
ORVVLQERG\ZHLJKW
IURPEDVHOLQH25$JJUHVVLYH
LQWHUYHQWLRQLQGLFDWHG>HJ
WXEHIHHGLQJRUWRWDOSDUHQWHUDO
QXWULWLRQ@


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
,1-(&7,216,7(5($&7,21
*UDGH
*UDGH
*UDGH
*UDGH
,QMHFWLRQ6LWH3DLQSDLQ
ZLWKRXWWRXFKLQJ
2U7HQGHUQHVVSDLQZKHQ
DUHDLVWRXFKHG
3DLQWHQGHUQHVVFDXVLQJQR
RUPLQLPDOOLPLWDWLRQRIXVH
RIOLPE
3DLQWHQGHUQHVVOLPLWLQJXVHRI
OLPE253DLQWHQGHUQHVV
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
3DLQWHQGHUQHVVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
3DLQWHQGHUQHVVFDXVLQJLQDELOLW\
WRSHUIRUPEDVLF VHOIFDUH
IXQFWLRQ25+RVSLWDOL]DWLRQ
RWKHUWKDQ(5YLVLWLQGLFDWHG
IRUPDQDJHPHQWRI
SDLQWHQGHUQHVV
,QMHFWLRQ6LWH5HDFWLRQ
/RFDOL]HG <HDUV
(U\WKHPD25,QGXUDWLRQ
RI  FPWR  FPRU
FP
(U\WKHPD25,QGXUDWLRQ25
(GHPD FPDQ\GLDPHWHU
RU FP
8OFHUDWLRQ256HFRQGDU\
LQIHFWLRQ253KOHELWLV25
6WHULOHDEVFHVV25'UDLQDJH
1HFURVLVLQYROYLQJGHUPLVDQG
GHHSHUWLVVXH
3HGLDWULF <HDUV
(U\WKHPD25,QGXUDWLRQ
25(GHPDSUHVHQWEXW
 FPGLDPHWHU
(U\WKHPD25,QGXUDWLRQ25
(GHPD!  FPGLDPHWHUEXW
 VXUIDFHDUHDRIWKH
H[WUHPLW\VHJPHQWHJXSSHU
DUPWKLJK
(U\WKHPD25,QGXUDWLRQ
25(GHPDLQYROYLQJ
VXUIDFHDUHDRIWKHH[WUHPLW\
VHJPHQWHJXSSHU
DUPWKLJK258OFHUDWLRQ
256HFRQGDU\LQIHFWLRQ25
3KOHELWLV256WHULOHDEVFHVV
25'UDLQDJH
1HFURVLVLQYROYLQJGHUPLVDQG
GHHSHUWLVVXH
3UXULWLV$VVRFLDWHGZLWK
,QMHFWLRQ
6HHDOVR6NLQ3UXULWLV
LWFKLQJ²QRVNLQOHVLRQV
,WFKLQJORFDOL]HGWRLQMHFWLRQ
VLWH$1'5HOLHYHG
VSRQWDQHRXVO\RUZLWK
 KWUHDWPHQW
,WFKLQJEH\RQGWKHLQMHFWLRQ
VLWHEXWQRWJHQHUDOL]HG25
,WFKLQJORFDOL]HGWRLQMHFWLRQ
VLWHUHTXLULQJ KWUHDWPHQW
*HQHUDOL]HGLWFKLQJFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
1$


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
(1'2&5,1(0(7$%2/,&
*UDGH 
*UDGH
*UDGH
*UDGH
/LSRG\VWURSK\HJEDFN
RIQHFNEUHDVWV
DEGRPHQ
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXV
FKDQJHVRQFDVXDOYLVXDO
LQVSHFWLRQ
1$
'LDEHWHV0HOOLWXV
1$
1HZRQVHWZLWKRXWQHHGWRLQLWLDWH
PHGLFDWLRQ250RGLILFDWLRQRI
FXUUHQWPHGVWRUHJDLQJOXFRVH
FRQWURO
1HZRQVHWZLWKLQLWLDWLRQRI
LQGLFDWHGPHG25'LDEHWHV
XQFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJNHWRDFLGRVLV
K\SHURVPRODUQRQNHWRWLF
FRPD
*\QHFRPDVWLD
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXVRQ
FDVXDOYLVXDOLQVSHFWLRQ
1$
+\SHUWK\URLGLVP
$V\PSWRPDWLF
6\PSWRPDWLFFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
7K\URLGVXSSUHVVLRQWKHUDS\
LQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
8QFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJWK\URLGVWRUP
+\SRWK\URLGLVP
$V\PSWRPDWLF
6\PSWRPDWLFFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
7K\URLGUHSODFHPHQWWKHUDS\
LQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
8QFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJP\[HGHPDFRPD
/LSRDWURSK\HJIDWORVV
IURPWKHIDFHH[WUHPLWLHV
EXWWRFNV
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXVRQ
FDVXDOYLVXDOLQVSHFWLRQ
1$


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
*(1,7285,1$5<
*UDGH
*UDGH
*UDGH
*UDGH
,QWHUPHQVWUXDO%OHHGLQJ
,0%
6SRWWLQJREVHUYHGE\SDUWLFLSDQW
250LQLPDOEORRGREVHUYHG
GXULQJFOLQLFDORUFROSRVFRSLF
H[DP
,QWHUPHQVWUXDOEOHHGLQJQRW
JUHDWHULQGXUDWLRQRUDPRXQW
WKDQXVXDOPHQVWUXDOF\FOH
,QWHUPHQVWUXDOEOHHGLQJJUHDWHU
LQGXUDWLRQRU DPRXQWWKDQXVXDO
PHQVWUXDOF\FOH
+HPRUUKDJHZLWK
OLIHWKUHDWHQLQJK\SRWHQVLRQ
252SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
8ULQDU\7UDFW
REVWUXFWLRQHJVWRQH
1$
6LJQVRUV\PSWRPVRIXULQDU\
WUDFWREVWUXFWLRQZLWKRXW
K\GURQHSKURVLVRUUHQDO
G\VIXQFWLRQ
6LJQVRUV\PSWRPVRIXULQDU\
WUDFWREVWUXFWLRQZLWK
K\GURQHSKURVLVRUUHQDO
G\VIXQFWLRQ
2EVWUXFWLRQFDXVLQJ
OLIHWKUHDWHQLQJ
FRQVHTXHQFHV
,1)(&7,21
*UDGH
*UDGH
*UDGH
*UDGH
,QIHFWLRQDQ\RWKHU
WKDQ+,9LQIHFWLRQ
/RFDOL]HGQRV\VWHPLFDQWLȝELDO
WUHDWPHQWLQGLFDWHG$1'
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\VWHPLFDQWLȝELDOWUHDWPHQW
LQGLFDWHG256\PSWRPV
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
6\VWHPLFDQWLȝELDOWUHDWPHQW
LQGLFDWHG$1'6\PSWRPV
FDXVLQJLQDELOLW\WRSHUIRUP
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV252SHUDWLYH
LQWHUYHQWLRQRWKHUWKDQVLPSOH
LQFLVLRQDQGGUDLQDJHLQGLFDWHG
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJVHSWLF
VKRFN
%DVLF6HOIFDUH)XQFWLRQV $FWLYLWLHVVXFKDVEDWKLQJGUHVVLQJWRLOHWLQJWUDQVIHUPRYHPHQWFRQWLQHQFHDQGIHHGLQJ
8VXDO6RFLDO	)XQFWLRQDO$FWLYLWLHV $GDSWLYHWDVNVDQGGHVLUDEOHDFWLYLWLHVVXFKDVJRLQJWRZRUNVKRSSLQJFRRNLQJXVHRIWUDQVSRUWDWLRQSXUVXLQJ DKREE\HWF


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ
3RWHQWLDODQG&RQWUDFHSWLYH5HTXLUHPHQWV
 3UHJQDQF\DQG&RQWUDFHSWLRQ5HTXLUHPHQWVIRU0DOHVDQG)HPDOHVRI&KLOGEHDULQJ
3RWHQWLDO
3UHJQDQF\PXVWEHH[FOXGHGEHIRUHWKHVWDUWRIWUHDWPHQWZLWKVWXG\GUXJDQGSUHYHQWHG
WKHUHDIWHUE\UHOLDEOHFRQWUDFHSWLYHPHWKRGV$XULQHRUVHUXPSUHJQDQF\WHVWZLOOEHSHUIRUPHG
IRUDOOIHPDOHVRIFKLOGEHDULQJSRWHQWLDODWWKHVFUHHQLQJYLVLWDQGDWHDFKGRVLQJYLVLW
9LVLWV   DQGSULRUWRDGPLQLVWUDWLRQRIVWXG\GUXJ WRHQVXUHSUHJQDQWZRPHQDUHQRW
LQFOXGHGRUWUHDWHGZLWKVWXG\GUXJLQWKHWULDO3OHDVHUHIHUWRWKHODWHVWYHUVLRQRIWKH
,QYHVWLJDWRU¶V%URFKXUHIRUDGGLWLRQDOLQIRUPDWLRQ DERXWWKHHIIHFWVRISUHVDWRYLU
 'HILQLWLRQRI)HPDOHRI&KLOGEHDULQJ3RWHQWLDO
)RUWKHSXUSRVHVRIWKLVVWXG\DIHPDOHVXEMHFWRIFKLOGEHDULQJSRWHQWLDOLVDQRQPHQRSDXVDO
IHPDOHZKRKDVQRWKDGDK\VWHUHFWRP\ELODWHUDORRSKRUHFWRP\RUPHGLFDOO\GRFXPHQWHG
RYDULDQIDLOXUH7KLVGHILQLWLRQLQFOXGHVDSXEHUWDO IHPDOHZKRKDVQRW\HWVWDUWHGPHQVWUXDWLQJ
$ZRPDQZKRKDVKDGDWXEDOVWHULOL]DWLRQLVFRQVLGHUHGWREHRIFKLOGEHDULQJSRWHQWLDO
$IHPDOHVXEMHFWPD\EHFRQVLGHUHGPHQRSDXVDOLQHLWKHURIWKHIROORZLQJFRQGLWLRQV

6XUJLFDOPHQRSDXVH$SSURSULDWHPHGLFDOGRFXPHQWDWLRQRISULRUFRPSOHWHELODWHUDO
RRSKRUHFWRP\LHVXUJLFDOUHPRYDORIWKHRYDULHVDQGRFFXUULQJDWWKHDJHDWZKLFKWKH
SURFHGXUHZDVSHUIRUPHG

6SRQWDQHRXVPHQRSDXVH3HUPDQHQWFHVVDWLRQRISUHYLRXVO\RFFXUULQJPHQVHVDVDUHVXOWRI
RYDULDQIDLOXUHZLWKGRFXPHQWDWLRQRIKRUPRQDOGHILFLHQF\E\DFHUWLILHGKHDOWKFDUH
SURYLGHU7KHZRUOGZLGHPHDQDJHRIVSRQWDQHRXVPHQRSDXVHLV 6' \HDUV

$KRUPRQDOGHILFLHQF\VKRXOGEHSURSHUO\GRFXPHQWHGLQWKHFDVHRIVXVSHFWHGVSRQWDQHRXV
PHQRSDXVHDVIROORZV
,IDJH\HDUVDQGZLWKWKHDEVHQFHRIQRUPDOPHQVHVVHUXPIROOLFOHVWLPXODWLQJ
KRUPRQH)6+OHYHOHOHYDWHGWRZLWKLQWKHSRVWPHQRSDXVDOUDQJHEDVHGRQWKH
ODERUDWRU\UHIHUHQFHUDQJHZKHUHWKHKRUPRQDODVVD\LVSHUIRUPHG
,IDJH\HDUV DQGZLWKWKHDEVHQFHRIQRUPDOPHQVHVQHJDWLYHVHUXPRUXULQHKXPDQ
FKRULRQLFJRQDGRWURSLQK&*ZLWKFRQFXUUHQWO\HOHYDWHGVHUXP)6+OHYHOLQWKH
SRVWPHQRSDXVDOUDQJHGHSUHVVHGHVWUDGLRO(OHYHOLQWKHSRVWPHQRSDXVDOUDQJHDQG
DEVHQWVHUXPSURJHVWHURQHOHYHOEDVHGRQWKHODERUDWRU\UHIHUHQFHUDQJHVZKHUHWKH
KRUPRQDODVVD\VDUHSHUIRUPHG
 &RQWUDFHSWLYH5HTXLUHPHQWV
)HPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDODQGPDOHVXEMHFWVPXVWDJUHHWRHLWKHUFRQWLQXH
DEVWLQHQFHIURPVH[XDOLQWHUFRXUVHRUXWLOL]HSURWRFROVSHFLILHGPHWKRGVRIFRQWUDFHSWLRQLIWKH\
FKRRVHWRHQJDJHLQLQWHUFRXUVHIURPWKHVFUHHQLQJHQUROOPHQWYLVLWWKURXJKRXWWKHVWXG\SHULRG


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
DQGIRUGD\VIROORZLQJWKHODVWGRVHRIVWXG\GUXJ GD\VIRUPDOHV)HPDOHVWXG\VXEMHFWV
RIFKLOGEHDULQJSRWHQWLDOZLOOXQGHUJRUHJXODUSUHJQDQF\WHVWLQJZKLOHWDNLQJSUHVDWRYLU7KH
LQYHVWLJDWRUZLOOFRXQVHOVXEMHFWVRQWKHSURWRFROVSHFLILHGPHWKRGVIRUDYRLGLQJSUHJQDQF\LQ
FDVHWKHVXEMHFWFKRRVHVWRHQJDJHLQKHWHURVH[XDOLQWHUFRXUVH
3URWRFROVSHFLILHGFRQWUDFHSWLYHPHWKRGVDUHDVIROORZVDFRPELQDWLRQRIRQHKRUPRQDO
PHWKRGDQGRQHEDUULHUPHWKRGRU XVHRIDQLQWUDXWHULQHGHYLFH,8'RUWXEDOVWHULOL]DWLRQ
VHH$SSHQGL[ 7DEOH  EHORZ$FFHSWDEOHKRUPRQDOPHWKRGVLQFOXGHLQMHFWDEOHSURJHVWHURQH
SURJHVWHURQHLPSODQWVFRPELQDWLRQRUDOFRQWUDFHSWLYHVWUDQVGHUPDOFRQWUDFHSWLYHSDWFKDQG
YDJLQDOULQJ$FFHSWDEOHEDUULHUPHWKRGVLQFOXGHGLDSKUDJPZLWKVSHUPLFLGHFHUYLFDOFDSZLWK
VSHUPLFLGHDQGWKHPDOHFRQGRPZLWKVSHUPLFLGH)HPDOHVXEMHFWVPXVWXVHHLWKHUDKRUPRQDO
PHWKRGRUDEDUULHUPHWKRGLIWKHSDUWQHUKDVDYDVHFWRP\DQGWKHPDOHSDUWQHUVKRXOGEHWKH
VROHSDUWQHUIRUWKDWVXEMHFW)RUDYDVHFWRP\DSSURSULDWHSRVWYDVHFWRP\GRFXPHQWDWLRQRIWKH
DEVHQFHRIVSHUPLQWKHHMDFXODWHPXVWEHDYDLODEOH,IDVXEMHFWKDVXQGHUJRQHWXEDOVWHULOL]DWLRQ
RUKDVKDGD&RSSHU 7$,8'RU/1J,8'LQVHUWHGQRRWKHUFRQWUDFHSWLRQLVQHHGHG
,IWXEDOVWHULOL]DWLRQLVYLDWKH(VVXUHSURFHGXUHYHULILFDWLRQRIWXEDOEORFNDJHE\
K\VWHURVDOSLQJRJUDP+63PXVWEHSHUIRUPHGDSSUR[LPDWHO\PRQWKVDIWHUPLFURLQVHUWLRQ
3ULRUWRYHULILFDWLRQ(VVXUHLVQRWFRQVLGHUHGDUHOLDEOHIRUPRIFRQWUDFHSWLRQDQGWKH
FRQWUDFHSWLRQPHWKRGVGHVFULEHGEHORZPXVWEHXVHG)HPDOHVXEMHFWVZKRXWLOL]HKRUPRQDO
FRQWUDFHSWLYHVDVRQHRIWKHLUELUWKFRQWUROPHWKRGVPXVWKDYHXVHGWKHVDPHPHWKRGIRUDWOHDVW
 PRQWKVEHIRUHVWXG\GRVLQJ
)HPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOPXVWKDYHDQHJDWLYHXULQHRUVHUXPSUHJQDQF\WHVWDW
VFUHHQLQJ DQGDWHDFKGRVLQJYLVLW 9LVLWVDQGSULRUWRUHFHLYLQJVWXG\GUXJ
$SSHQGL[ 7DEOH 
3URWRFRO6SHFLILHG&RQWUDFHSWLYH0HWKRGV
0HWKRGVWR8VHE\7KHPVHOYHV
&RPELQDWLRQ0HWKRGV
+RUPRQH0HWKRGV
FKRRVHRQHDQGXVHZLWK
DEDUULHUPHWKRG
%DUULHU0HWKRGV
FKRRVHRQHDQGXVHZLWKD
KRUPRQHPHWKRG
,QWUDXWHULQH'HYLFHV,8'V

&RSSHU7$,8'

/1J,8'
7XEDO6WHULOL]DWLRQ
(VWURJHQDQG3URJHVWHURQH

2UDOFRQWUDFHSWLYHV

7UDQVGHUPDOSDWFK

9DJLQDOULQJ
3URJHVWHURQH

,QMHFWLRQ

,PSODQW

'LDSKUDJPZLWKVSHUPLFLGH

&HUYLFDOFDSZLWKVSHUPLFLGH

0DOHFRQGRPZLWKVSHUPLFLGH
3DUWQHU¶VYDVHFWRP\PXVWEHXVHGZLWKDKRUPRQHRUEDUULHUPHWKRGDQGWKH
PDOHSDUWQHUVKRXOGEHWKHVROHSDUWQHUIRUWKDWVXEMHFW)RUDYDVHFWRP\
DSSURSULDWHSRVWYDVHFWRP\GRFXPHQWDWLRQRIWKHDEVHQFHRIVSHUPLQWKH
HMDFXODWHPXVWEHDYDLODEOH
7KHLQYHVWLJDWRUZLOOFRXQVHODOOVXEMHFWVRQWKHPRVWHIIHFWLYHPHWKRGVIRUDYRLGLQJSUHJQDQF\
GXULQJWKHVWXG\


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
1RYHPEHU
 $GGLWLRQDO5HTXLUHPHQWVIRU0DOH6XEMHFWV
0DOHVXEMHFWVPXVWDJUHHWRXVHFRQGRPVGXULQJKHWHURVH[XDOLQWHUFRXUVHDQGDYRLGVSHUP
GRQDWLRQZKLOHHQUROOHGLQWKHVWXG\DQGIRUDWOHDVWGD\VDIWHUDGPLQLVWUDWLRQRIWKHODVWGRVH
RIVWXG\PHGLFDWLRQ
8VHRIFRQGRPVZLWKVSHUPLFLGHKDVEHHQSURYHQWRGHFUHDVHWKHULVNRIWUDQVPLVVLRQRI+,9
DQGRWKHUVH[XDOO\WUDQVPLWWHGGLVHDVHV7KHXVHRIVSHUPLFLGHLVQRWUHFRPPHQGHGLIWKHVXEMHFW
RUVXEMHFW¶VSDUWQHULVLQIHFWHGZLWK+,9
 3URFHGXUHVWREH)ROORZHGLQWKH(YHQWRI3UHJQDQF\
6XEMHFWVZLOOEHLQVWUXFWHGWRQRWLI\WKHLQYHVWLJDWRULIWKH\EHFRPHSUHJQDQWDWDQ\WLPHGXULQJ
WKHVWXG\RULIWKH\EHFRPHSUHJQDQWZLWKLQGD\VRIODVWVWXG\GUXJGRVH6XEMHFWVZKR
EHFRPHSUHJQDQWRUZKRVXVSHFWWKDWWKH\DUHSUHJQDQWGXULQJWKHVWXG\PXVWUHSRUWWKH
LQIRUPDWLRQWRWKHLQYHVWLJDWRUDQGGLVFRQWLQXHVWXG\GUXJLPPHGLDWHO\6XEMHFWVZKRVHSDUWQHU
KDVEHFRPHSUHJQDQWRUVXVSHFWVVKHLVSUHJQDQWGXULQJWKHVWXG\PXVWUHSRUWWKHLQIRUPDWLRQWR
WKHLQYHVWLJDWRU
,QVWUXFWLRQVIRUUHSRUWLQJSUHJQDQF\SDUWQHUSUHJQDQF\DQGSUHJQDQF\RXWFRPHDUHRXWOLQHGLQ
6HFWLRQ 

Prot_002.pdf: 


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
7$%/(2)&217(176
7$%/(2)&217(176 
/,672),17(;77$%/(6
35272&2/6<1236,6 
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506

,1752'8&7,21 

%DFNJURXQG 

*6 

*HQHUDO,QIRUPDWLRQ 

1RQFOLQLFDO3KDUPDFRNLQHWLFV

1RQFOLQLFDO3KDUPDFRORJ\DQG7R[LFRORJ\ 

&OLQLFDO7ULDOVRI*6 

5DWLRQDOHIRU7KLV6WXG\ 

'RVH5DWLRQDOH 

&RPSOLDQFH 

2%-(&7,9(6

678'<'(6,*1

(QGSRLQWV 

6WXG\'HVLJQ

6WXG\7UHDWPHQWV 

'XUDWLRQRI7UHDWPHQW

'LVFRQWLQXDWLRQ&ULWHULD

6RXUFH'DWD

68%-(&73238/$7,21

1XPEHURI6XEMHFWVDQG6XEMHFW6HOHFWLRQ 

,QFOXVLRQ&ULWHULD

([FOXVLRQ&ULWHULD

,19(67,*$7,21$/0(',&,1$/352'8&76 

5DQGRPL]DWLRQ%OLQGLQJDQG7UHDWPHQW&RGHV 

3URFHGXUHVIRU%UHDNLQJ7UHDWPHQW&RGHV

'HVFULSWLRQDQG+DQGOLQJRI*6

)RUPXODWLRQ

3DFNDJLQJDQG/DEHOLQJ 

6WRUDJHDQG+DQGOLQJ

'RVDJHDQG$GPLQLVWUDWLRQRI*6 

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV

$FFRXQWDELOLW\IRU*6

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW5HWXUQRU'LVSRVDO

678'<352&('85(6 

6XEMHFW(QUROOPHQWDQG7UHDWPHQW$VVLJQPHQW

9LVLW6FUHHQLQJ9LVLW'D\

9LVLW%DVHOLQH$VVHVVPHQWV5DQGRPL]DWLRQDQG7UHDWPHQW
$VVHVVPHQWV'D\

9LVLW'D\KRXUV

9LVLW'D\KRXUV

9LVLW'D\KRXUV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

9LVLWV'D\VDQGKRXUV

9LVLW'D\KRXUV

9LVLW(QGRI6WXG\'D\GD\V

9LVLWV± 'D\VDQGKRXUV

$VVHVVPHQWVIRU3UHPDWXUH'LVFRQWLQXDWLRQIURP,03GRVLQJDQG(DUO\:LWKGUDZDO

$VVHVVPHQWVIRU3UHPDWXUH'LVFRQWLQXDWLRQIURP,03$GPLQLVWUDWLRQ 

$VVHVVPHQWVIRU(DUO\7HUPLQDWLRQ:LWKGUDZDO

$VVHVVPHQWVIRU8QVFKHGXOHG9LVLWV

6WXG\$VVHVVPHQWV

1DVDO6DPSOHV9LURORJ\DQG$QWLERG\7LWHU 

9LURORJ\DQG5HVLVWDQFH0RQLWRULQJ

)/83524XHVWLRQQDLUH

9LWDO6LJQV

2[\JHQ6DWXUDWLRQ

6DIHW\/DEV

&KHVW;UD\ 

3ODVPD3. 

2SWLRQDO([WHQGHG9LUDO0RQLWRULQJ

$'9(56((9(176$1'72;,&,7<0$1$*(0(17

'HILQLWLRQVRI$GYHUVH(YHQWV$GYHUVH5HDFWLRQVDQG6HULRXV$GYHUVH(YHQWV

$GYHUVH(YHQWV

6HULRXV$GYHUVH(YHQWV

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV
$GYHUVH(YHQWVRU6HULRXV$GYHUVH(YHQWV 

$VVHVVPHQWRI$GYHUVH(YHQWVDQG6HULRXV$GYHUVH(YHQWV

$VVHVVPHQWRI&DXVDOLW\IRU,03DQG3URFHGXUHV

$VVHVVPHQWRI6HYHULW\ 

,QYHVWLJDWRU5HTXLUHPHQWVDQG,QVWUXFWLRQVIRU5HSRUWLQJ$GYHUVH(YHQWVDQG6HULRXV
$GYHUVH(YHQWVWR*LOHDG

*LOHDG5HSRUWLQJ5HTXLUHPHQWV

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV$GYHUVH(YHQWVRU
6HULRXV$GYHUVH(YHQWV

7R[LFLW\0DQDJHPHQW 

6SHFLDO6LWXDWLRQV5HSRUWV

'HILQLWLRQVRI6SHFLDO6LWXDWLRQV

,QVWUXFWLRQVIRU5HSRUWLQJ6SHFLDO6LWXDWLRQV

67$7,67,&$/&216,'(5$7,216

$QDO\VLV2EMHFWLYHVDQG(QGSRLQWV

$QDO\VLV2EMHFWLYHV

3ULPDU\(QGSRLQW 

6HFRQGDU\(QGSRLQW 

([SORUDWRU\(QGSRLQWV

$QDO\VLV&RQYHQWLRQV

$QDO\VLV6HWV 

'DWD+DQGOLQJ&RQYHQWLRQV 

'HPRJUDSKLF'DWDDQG%DVHOLQH&KDUDFWHULVWLFV 

(IILFDF\$QDO\VLV 

3ULPDU\$QDO\VLV

6HFRQGDU\$QDO\VHV 

([SORUDWRU\$QDO\VHV 

6DIHW\$QDO\VLV

([WHQWRI([SRVXUH


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

$GYHUVH(YHQWV

/DERUDWRU\(YDOXDWLRQV 

2WKHU6DIHW\(YDOXDWLRQV

3KDUPDFRNLQHWLF$QDO\VLV

6DPSOH6L]H

'DWD0RQLWRULQJ&RPPLWWHH 

(QGSRLQW$GMXGLFDWLRQ&RPPLWWHH

,QWHULP$QDO\VLV

5(63216,%,/,7,(6

,QYHVWLJDWRU5HVSRQVLELOLWLHV 

*RRG&OLQLFDO3UDFWLFH

,QVWLWXWLRQDO5HYLHZ%RDUG,5%,QGHSHQGHQW(WKLFV&RPPLWWHH,(&
5HYLHZDQG$SSURYDO

,QIRUPHG&RQVHQW

&RQILGHQWLDOLW\

6WXG\)LOHVDQG5HWHQWLRQRI5HFRUGV 

&DVH5HSRUW)RUPV

'DWD4XDOLW\&RQWURODQG4XDOLW\$VVXUDQFH

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW$FFRXQWDELOLW\DQG5HWXUQ

,QVSHFWLRQV

3URWRFRO&RPSOLDQFH

6SRQVRU5HVSRQVLELOLWLHV 

3URWRFRO0RGLILFDWLRQV

6WXG\5HSRUWDQG3XEOLFDWLRQV 

-RLQW,QYHVWLJDWRU6SRQVRU5HVSRQVLELOLWLHV 

3D\PHQW5HSRUWLQJ

$FFHVVWR,QIRUPDWLRQIRU0RQLWRULQJ

$FFHVVWR,QIRUPDWLRQIRU$XGLWLQJRU,QVSHFWLRQV 

6WXG\'LVFRQWLQXDWLRQ

5()(5(1&(6 

$33(1',&(6 
$SSHQGL[ 
,QYHVWLJDWRU6LJQDWXUH3DJH
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
$SSHQGL[ 
0DQDJHPHQWRI&OLQLFDODQG/DERUDWRU\$GYHUVH(YHQWV
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDODQG
&RQWUDFHSWLYH5HTXLUHPHQWV
/,672),17(;77$%/(6
7DEOH 
3.7LPHSRLQWV
7DEOH 
6LJQLILFDQFH/HYHOVWR5HMHFWWKH+ DW,QWHULPDQG)LQDO$QDO\VHV 


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
35272&2/6<1236,6
*LOHDG6FLHQFHV,QF
(%ODLQH6W
6HDWWOH:$
6WXG\ 7LWOH
$3KDVHE5DQGRPL]HG'RXEOH%OLQG3ODFHER&RQWUROOHG
0XOWL&HQWHU 6WXG\(YDOXDWLQJ$QWLYLUDO(IIHFWV3KDUPDFRNLQHWLFV
6DIHW\DQG7ROHUDELOLW\RI*6LQ+HPDWRSRLHWLF&HOO7UDQVSODQW
+&75HFLSLHQWVZLWK5HVSLUDWRU\6\QF\WLDO9LUXV569,QIHFWLRQ
RIWKH8SSHU5HVSLUDWRU\7UDFW
,1'1XPEHU
(XGUD&71XPEHU
&OLQLFDO7ULDOVJRY
,GHQWLILHU


7%'
6WXG\&HQWHUV
3ODQQHG
$SSUR[LPDWHO\ FHQWHUVLQ$VLD3DFLILF$XVWUDOLD&DQDGD(XURSH
6RXWK $PHULFD DQGWKH8QLWHG6WDWHV
2EMHFWLYHV
7KHSULPDU\REMHFWLYHRIWKLVVWXG\LVDVIROORZV

7RHYDOXDWHWKHHIIHFW RI*6RQ569YLUDOORDGLQ
569SRVLWLYHDXWRORJRXVRUDOORJHQHLF+&7UHFLSLHQWVZLWKDFXWH
XSSHUUHVSLUDWRU\WUDFWLQIHFWLRQ857,V\PSWRPV
7KHVHFRQGDU\REMHFWLYHVRIWKLVVWXG\DUHDVIROORZV

7RHYDOXDWHWKHHIIHFWRI*6RQ GHYHORSPHQWRI
ORZHU UHVSLUDWRU\WUDFWFRPSOLFDWLRQ/57& SURJUHVVLRQWR
UHVSLUDWRU\IDLOXUHDQGHIIHFWRQR[\JHQDWLRQ

7RHYDOXDWHWKHSKDUPDFRNLQHWLFV3. VDIHW\DQGWROHUDELOLW\RI
*6
6WXG\'HVLJQ
5DQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGVWXG\HYDOXDWLQJWKH
HIIHFWRI*6RQHIILFDF\3.VDIHW\DQGWROHUDELOLW\LQ+&7
UHFLSLHQWV ZLWK569 857,
$OOVXEMHFWVZLOOEHSHUPLWWHGWRUHFHLYHWKHVWDQGDUGRIFDUHWKHUDS\
IRU569LQIHFWLRQSHUWKHLUORFDOPHGLFDOSUDFWLFHV LQDGGLWLRQWR WKH
LQYHVWLJDWLRQDOPHGLFLQDOSURGXFW,03
6XEMHFWVZLOOEH UDQGRPL]HGLQDUDWLRWRUHFHLYH,03
*6 RUSODFHERDQGZLOOEHVWUDWLILHGE\ IDFWRUV
 3UHVHQFHRUDEVHQFH RIO\PSKRSHQLDGHILQHGDVD
O\PSKRF\WH FRXQW FHOOV/ YHUVXV FHOOV/RIEORRG
 7UHDWPHQWRI569 LQIHFWLRQ \HVRU QRZLWKULEDYLULQ
RUDO LQWUDYHQRXV RUDHURVROL]HG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
1XPEHURI6XEMHFWV
3ODQQHG
$SSUR[LPDWHO\569SRVLWLYHVXEMHFWV
7DUJHW3RSXODWLRQ
0DOHVDQGIHPDOHV WR \HDUVRIDJH ZKRKDYHKDGDQDOORJHQHLF
RUDXWRORJRXV+&7DQGKDYH GRFXPHQWHGDFXWH569UHODWHG857,
V\PSWRPV
'XUDWLRQRI
7UHDWPHQW
GRVHVRYHUGD\V
'LDJQRVLVDQG0DLQ
(OLJLELOLW\&ULWHULD
)RUDFRPSOHWHOLVWRIVWXG\LQFOXVLRQDQGH[FOXVLRQFULWHULD
SOHDVH UHIHUWR6HFWLRQ 
,QFOXVLRQ&ULWHULD
6XEMHFWVPXVWPHHWDOO RIWKHIROORZLQJLQFOXVLRQFULWHULDDWWKHWLPH
RIUDQGRPL]DWLRQWREHHOLJLEOHIRUSDUWLFLSDWLRQLQWKLVVWXG\
 5HFHLYHGDQDXWRORJRXVRUDOORJHQHLF+&7XVLQJDQ\
FRQGLWLRQLQJUHJLPHQ
 'RFXPHQWHGWREH569SRVLWLYHDVGHWHUPLQHGE\ORFDOWHVWLQJ
HJ SRO\PHUDVHFKDLQUHDFWLRQ>3&5@GLUHFWIOXRUHVFHQFH
DQWLERG\>')$@UHVSLUDWRU\YLUDOSDQHO593DVVD\RUFXOWXUH
XVLQJDQXSSHUUHVSLUDWRU\WUDFWVDPSOHFROOHFWHG  GD\V SULRUWR
'D\ 
 1HZRQVHWRIDWOHDVWRIWKHIROORZLQJUHVSLUDWRU\V\PSWRPVIRU
  GD\V SULRUWR'D\QDVDOFRQJHVWLRQUXQQ\QRVHFRXJKRU
VRUHWKURDWRUZRUVHQLQJRIRQHRIWKHVHFKURQLFUHVSLUDWRU\
V\PSWRPV   GD\V SULRUWR'D\
 1RHYLGHQFHRIQHZDEQRUPDOLWLHVFRQVLVWHQWZLWK/57,RQD
FKHVW;UD\UHODWLYHWRWKHPRVWUHFHQWFKHVW;UD\DVGHWHUPLQHG
E\WKHORFDOUDGLRORJLVW,IDFKHVW;UD\LVQRWDYDLODEOHRUZDV
QRWREWDLQHGGXULQJVWDQGDUGFDUH KRXUV SULRUWR6FUHHQLQJD
FKHVW;UD\PXVWEHREWDLQHGIRU6FUHHQLQJ
 2[\JHQVDWXUDWLRQ   RQURRPDLU
 $QLQIRUPHGFRQVHQWGRFXPHQWVLJQHGDQGGDWHGE\WKHVXEMHFWRU
DOHJDOJXDUGLDQRIWKHVXEMHFWDQGWKHLQYHVWLJDWRURUKLVKHU
GHVLJQHH
 $QHJDWLYHXULQH RUVHUXPSUHJQDQF\WHVWLVUHTXLUHGIRUIHPDOH
VXEMHFWVXQOHVVVXUJLFDOO\VWHULOHRUJUHDWHUWKDQWZR \HDUV
SRVWPHQRSDXVDO


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
 0DOHDQGIHPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOPXVWDJUHHWR
FRQWUDFHSWLYHUHTXLUHPHQWV DVGHVFULEHGLQ$SSHQGL[ 
 :LOOLQJQHVVWRFRPSOHWHQHFHVVDU\VWXG\SURFHGXUHVDQGKDYH
DYDLODEOHDZRUNLQJWHOHSKRQHRUHPDLO
([FOXVLRQ&ULWHULD
6XEMHFWVZKRPHHWDQ\ RIWKHIROORZLQJH[FOXVLRQFULWHULDDUHQRWWR
EHHQUROOHGLQWKLVVWXG\
5HODWHGWRFRQFRPLWDQWRUSUHYLRXVPHGLFDWLRQXVH
 8VHRIQRQPDUNHWHGDFFRUGLQJWRUHJLRQLQYHVWLJDWLRQDODJHQWV
ZLWKLQ GD\V25 XVHRIDQ\PRQRFORQDODQWL569DQWLERGLHV
ZLWKLQ PRQWKVRUKDOIOLYHVRI6FUHHQLQJZKLFKHYHULVORQJHU
25 XVHRIDQ\LQYHVWLJDWLRQDO569YDFFLQHVDIWHU+&7
 8VHRIDVWURQJF\WRFKURPH3HQ]\PH&<3LQGXFHU
LQFOXGLQJEXWQRWOLPLWHGWRULIDPSLQ6W -RKQ¶V :RUW
FDUEDPD]HSLQHDQGSKHQ\WRLQZLWKLQ ZHHNV SULRUWRWKHILUVW
GRVHRI,03
5HODWHG WRPHGLFDOKLVWRU\
 $GPLWWHGWRWKHKRVSLWDOSULPDULO\IRUDORZHUUHVSLUDWRU\WUDFW
GLVHDVHRIDQ\FDXVHDVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 3UHJQDQWEUHDVWIHHGLQJRUODFWDWLQJIHPDOHV
 8QDEOHWRWROHUDWHQDVDOVDPSOLQJUHTXLUHGIRUWKLVVWXG\DV
GHWHUPLQHGE\WKHLQYHVWLJDWRU
 .QRZQKLVWRU\RI +,9$,'6ZLWKD&'FRXQW FHOOVȝ/
ZLWKLQWKHODVWPRQWK
 +LVWRU\RIGUXJDQGRUDOFRKRODEXVHWKDWLQWKHRSLQLRQRIWKH
LQYHVWLJDWRUPD\SUHYHQWDGKHUHQFHWRVWXG\DFWLYLWLHV
5HODWHGWRPHGLFDOFRQGLWLRQDW6FUHHQLQJ
 $UHODSVHLQFOXGLQJPROHFXODUUHODSVHRIWKH XQGHUO\LQJGLVHDVH
IRUZKLFKWKH\UHFHLYHGDWUDQVSODQWDW6FUHHQLQJ
 'RFXPHQWHGWREHSRVLWLYHIRURWKHUUHVSLUDWRU\YLUXVHVOLPLWHGWR
LQIOXHQ]DSDUDLQIOXHQ]DKXPDQUKLQRYLUXVDGHQRYLUXVRUKXPDQ
PHWDSQHXPRYLUXVZLWKLQ GD\VSULRUWRWKH6FUHHQLQJYLVLWDV
GHWHUPLQHGE\ORFDOWHVWLQJDGGLWLRQDOWHVWLQJLVQRWUHTXLUHG
 &OLQLFDOO\VLJQLILFDQWEDFWHUHPLDRUIXQJHPLDZLWKLQ GD\VSULRU
WR6FUHHQLQJWKDWKDVQRWEHHQDGHTXDWHO\WUHDWHGDVGHWHUPLQHG
E\WKHLQYHVWLJDWRU




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
/DERUDWRU\WHVWV :KHQDYDLODEOHH[LVWLQJODERUDWRU\YDOXHV
  GD\VSULRUWR6FUHHQLQJ 9LVLW PD\EHXVHGIRUHOLJLELOLW\
DVVHVVPHQW6WXG\VWDIIZLOOSHUIRUPXULQHRUVHUXPSUHJQDQF\WHVWV
RQVLWHDW6FUHHQLQJ DQGDWHDFKGRVLQJYLVLW9LVLWVDQG 
SULRUWRDGPLQLVWUDWLRQRI,03 DVQHFHVVDU\%ORRGVSHFLPHQVIRU
VDIHW\9LVLWV DQGDQG569YLUHPLDHYDOXDWLRQ
XVLQJ TXDQWLWDWLYHUHDOWLPH SRO\PHUDVHFKDLQUHDFWLRQ
>57T3&5@  9LVLWVDQGZLOOEHFROOHFWHGSULRUWR
GRVLQJDQGIRU VHUXPDQWLERG\WLWHUVWR569DW
9LVLWV  DQG  'D\V DQG %ORRGVSHFLPHQVIRUVHUXP
FUHDWLQLQHZLOOEHFROOHFWHGKRXUVSRVWGRVHDW9LVLWV  DQG 
'D\V DQGIURPVXEMHFWVSDUWLFLSDWLQJLQWKH3.VXEJURXSRQO\
3.EORRGGUDZV3.VDPSOHVZLOOEHFROOHFWHGIURPDOOVXEMHFWV
H[FOXGLQJVXEMHFWVLQWKH3.VXEJURXSDW WKHIROORZLQJWLPHSRLQWV
SUHGRVH DW9LVLW'D\SUHGRVHDQGKRXUVSRVWGRVHDW
9LVLW  'D\DQGDQ\WLPHDW9LVLW 'D\
6XEMHFWVZLOOKDYHWKHRSWLRQRISDUWLFLSDWLQJLQWKH3.VXEJURXS
XQWLOVXEMHFWVKDYHHQUROOHGLQWRWKHVXEJURXS3.VDPSOHVZLOOEH
FROOHFWHGLQWKH3.VXEJURXSDWWKHIROORZLQJWLPHSRLQWVDQG
 KRXUVSRVWGRVHDW9LVLW'D\DQ\WLPHDW9LVLW  'D\ 
SUHGRVHDW9LVLW'D\SUHGRVHDQG KRXUVSRVWGRVHDW
9LVLW  'D\DQGDQ\WLPHDW9LVLW 'D\ 
1DVDOVDPSOLQJ1DVDOVDPSOLQJZLOOEHSHUIRUPHGDWDOOVWXG\YLVLWV
ERWKVFKHGXOHGDQGXQVFKHGXOHG

ZLWKWKHH[FHSWLRQRI6FUHHQLQJ
9LVLW DQGVWRUHGDQGVKLSSHGWRDFHQWUDOODERUDWRU\IRUWHVWLQJ
DFFRUGLQJWRVSHFLILFDWLRQVLQWKHVWXG\SURFHGXUHVPDQXDO$OO
VDPSOHVPXVWEHFROOHFWHGSULRUWRGRVLQJ7ZRQDVDOVDPSOHVZLOOEH
REWDLQHGIURPHDFKQRVWULOHDFKWLPHQDVDOVDPSOLQJLVSHUIRUPHG
1DVDOVDPSOHVZLOOEHXVHGIRU569VHTXHQFLQJWRHYDOXDWH
GHYHORSPHQWRIUHVLVWDQFHDQGDPXOWLSOH[DVVD\WRLGHQWLI\
FRLQIHFWLRQV
569WHVWLQJ$OOVXEMHFWVPXVWEHGRFXPHQWHGWREH569SRVLWLYHDV
GHWHUPLQHGE\ORFDOWHVWLQJHJ3&5')$593DVVD\RUFXOWXUH
SULRUWR6FUHHQLQJXVLQJDQXSSHUUHVSLUDWRU\WUDFWVDPSOHFROOHFWHG
  GD\V SULRUWR'D\)RUDOOVWXG\UHODWHGQDVDOVDPSOHV
 RI WKH QDVDOVDPSOHVFROOHFWHGDWVWXG\YLVLWVZLOOEHDQDO\]HGDWD
FHQWUDOODERUDWRU\XVLQJ57T3&5WRGHWHUPLQH569YLUDOORDG
PPD




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

)/8352TXHVWLRQQDLUHPXVWEH SHUIRUPHGSULRUWRDOORWKHU
DVVHVVPHQWV

96LQFOXGLQJ2 VDWXUDWLRQ

:HLJKW

%ORRGGUDZIRUVDIHW\ODEVVHUXPDQWLERG\WLWHUWR569DQG
569YLUHPLD

2EWDLQQDVDOVDPSOHV

8ULQHRUVHUXPSUHJQDQF\WHVWLQZRPHQXQDEOHWRFRQILUP
PHQRSDXVHK\VWHUHFWRP\DQGRUELODWHUDORRSKRUHFWRP\

5DQGRPL]DWLRQYLD,;56

,03DGPLQLVWUDWLRQ

3.EORRGGUDZ3.VXEJURXSRQO\ DQG  KRXUVSRVWGRVH

%ORRGGUDZIRUVHUXPFUHDWLQLQH3.VXEJURXSRQO\
 KRXUV SRVWGRVH

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV
9LVLW'D\ KRXUV
)RUVXEMHFWVLQWKH3.VXEJURXSWKLVYLVLWPXVWEHSHUIRUPHGLQFOLQLF
RULQKRVSLWDO)RUDOORWKHUVXEMHFWVWKLVYLVLWPD\EHSHUIRUPHGLQ
FOLQLFLQKRVSLWDO RUDWKRPH

3.EORRGGUDZ3.VXEJURXSRQO\

2EWDLQQDVDOVDPSOHV
9LVLWV'D\V KRXUV
7KLVYLVLWPXVWEHSHUIRUPHGLQFOLQLFRULQKRVSLWDO9LVLW 
DVVHVVPHQWVVKRXOGEHSHUIRUPHGLQWKHIROORZLQJRUGHU

)/8352TXHVWLRQQDLUHPXVWEHSHUIRUPHGSULRUWRDOORWKHU
DVVHVVPHQWV

96LQFOXGLQJ2 VDWXUDWLRQ

:HLJKW

3.EORRGGUDZIRUDOOVXEMHFWVSUHGRVH

%ORRGGUDZIRUVDIHW\ODEVDQG569YLUHPLD

2EWDLQQDVDOVDPSOHV

8ULQHRUVHUXPSUHJQDQF\WHVWLQZRPHQXQDEOHWRFRQILUP
PHQRSDXVHK\VWHUHFWRP\DQGRUELODWHUDORRSKRUHFWRP\


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

,03DGPLQLVWUDWLRQ

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQV
UHKRVSLWDOL]DWLRQVDGPLVVLRQWRLQWHQVLYHFDUHXQLW,&8RU
XWLOL]DWLRQRI,&8FDUHIRU! KRXUVVWDQGDUGRIFDUHWHVWUHVXOWV
LH FKHVWUDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPV
PHFKDQLFDOYHQWLODWLRQLQYDVLYHDQGQRQLQYDVLYHRIDQ\
GXUDWLRQDQGVXSSOHPHQWDO2 XVH  /PLQIRU!  KRXUV
9LVLW'D\ KRXUV
7KLVYLVLWPD\EHSHUIRUPHGLQFOLQLFLQKRVSLWDO RUDWKRPH

2EWDLQQDVDOVDPSOHV
9LVLWV± 'D\VDQG  KRXUV
7KHVHYLVLWVPXVWEHSHUIRUPHGLQFOLQLFRULQKRVSLWDO9LVLW 
DVVHVVPHQWVVKRXOGEHSHUIRUPHGLQWKHIROORZLQJRUGHU

)/8352TXHVWLRQQDLUH'D\RQO\PXVWEHSHUIRUPHGSULRUWR
DOORWKHUDVVHVVPHQWV

96LQFOXGLQJ2 VDWXUDWLRQ

:HLJKW

3.EORRGGUDZIRUDOOVXEMHFWVSUHGRVHDQGKRXUVSRVWGRVH
'D\ RQO\

%ORRGGUDZIRUVDIHW\ODEVDQG569YLUHPLD

2EWDLQQDVDOVDPSOHV

8ULQHRUVHUXPSUHJQDQF\WHVWLQZRPHQXQDEOHWRFRQILUP
PHQRSDXVHK\VWHUHFWRP\DQGRUELODWHUDORRSKRUHFWRP\

,03DGPLQLVWUDWLRQ

%ORRGGUDZIRUVHUXPFUHDWLQLQH3.VXEJURXSRQO\
 KRXUV SRVWGRVH'D\RQO\

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQV
UHKRVSLWDOL]DWLRQVDGPLVVLRQWR,&8RUXWLOL]DWLRQ RI,&8FDUH
IRU!  KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLHFKHVWUDGLRJUDSKV
PLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQ
LQYDVLYH DQGQRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO
2 XVH  /PLQIRU!  KRXUV








*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
 FRQILGHQFHLQWHUYDOV&,VZLOODOVREHSUHVHQWHG
7KH)$6DQDO\VLVVHWZLOOEHXVHGIRUDOOVXPPDULHVDQG DQDO\VHVRI
VHFRQGDU\HQGSRLQWV$OOVHFRQGDU\DQGRWKHUHQGSRLQWVZLOOEH
DQDO\]HGXVLQJVLGHGWHVWVIRUWUHDWPHQWGLIIHUHQFHV7KHSURSRUWLRQ
RIVXEMHFWVZKRGHYHORS/57&ZKRGHYHORSUHVSLUDWRU\IDLOXUH
UHTXLULQJPHFKDQLFDOYHQWLODWLRQDQGWKHSURSRUWLRQRIVXEMHFWV
ZKRVH2 VDWXUDWLRQGURSVEHORZZLOOEHDQDO\]HGXVLQJD
)LVKHU¶VH[DFWWH[W$QDO\VHVRIH[SORUDWRU\HQGSRLQWVDUHGLVFXVVHG
LQ6HFWLRQ 
$OOHQGSRLQWVZLOOEHVXPPDUL]HGXVLQJGHVFULSWLYHVWDWLVWLFV
VDPSOH VL]HPHDQVWDQGDUGGHYLDWLRQ >6'@PHGLDQ44
PLQLPXP DQGPD[LPXPIRUFRQWLQXRXVGDWDDQGE\WKHQXPEHUDQG
SHUFHQWRIVXEMHFWVIRUFDWHJRULFDOGDWD
6DIHW\DQDO\VHVZLOOEHSHUIRUPHGRQDOOVXEMHFWVZKRUHFHLYHG,03
6DIHW\GDWDZLOOEHFROOHFWHGDQGVXPPDUL]HGIURP6FUHHQLQJWKURXJK
'D\ 6DIHW\GDWDZLOOEHOLVWHGE\VXEMHFWDQGVXPPDUL]HGE\
WUHDWPHQWDFWLYH RUSODFHERXVLQJWKHQXPEHUSHUFHQWRIVXEMHFWV
ZLWKHYHQWVDEQRUPDOLWLHVIRUFDWHJRULFDOGDWDDQGXVLQJGHVFULSWLYH
VWDWLVWLFVIRUFRQWLQXRXVGDWD
&RQFHQWUDWLRQVRI*6LQSODVPDZLOOEHGHWHUPLQHGXVLQJD
YDOLGDWHGELRDQDO\WLFDODVVD\V,QGLYLGXDOVXEMHFW*6
FRQFHQWUDWLRQWLPHGDWDZLOOEHGLVSOD\HGXVLQJVFKHGXOHGVDPSOLQJ
WLPHV'HVFULSWLYHVWDWLVWLFVHJQPHDQVWDQGDUGGHYLDWLRQ&9
PHGLDQDQGUDQJHZLOOEHFDOFXODWHGIRUHDFKVDPSOLQJWLPH)RU
VXEMHFWVLQWKH3.VXEJURXSSODVPDFRQFHQWUDWLRQVRI*6RYHU
WLPHZLOOEHSORWWHGLQVHPLORJDULWKPLFDQGOLQHDUIRUPDWVDV
PHDQ  6'DQGSODVPDFRQFHQWUDWLRQWLPHGDWDIRUHDFKVXEMHFWZLOO
EHDQDO\]HGXVLQJVWDQGDUGQRQFRPSDUWPHQWDOPHWKRGV
3KDUPDFRNLQHWLFSKDUPDFRG\QDPLF3.3'UHODWLRQVKLSPD\EH
H[SORUHGDVDSSURSULDWH
6DPSOHVL]HFDOFXODWLRQVDUHEDVHGRQUHVXOWVREVHUYHGLQDVWXG\WKDW
HYDOXDWHGWKHHIILFDF\RIRUDODQGDHURVROL]HGULEDYLULQWUHDWPHQWIRU
SUHYHQWLQJSURJUHVVLRQIURPXSSHUWRORZHUUHVSLUDWRU\WUDFWLQIHFWLRQ
LQ +&7 UHFLSLHQWVZLWK569LQIHFWLRQVXQSXEOLVKHGGDWDIURP
'U
7KHVDPSOHVL]HFDOFXODWLRQDVVXPHVWKH
WLPHZHLJKWHGDYHUDJH FKDQJHLQ569ORJ YLUDOORDGIURP
'D\  WR 'D\LQWKHSODFHERJURXSZLOOEH ORJ FRSLHVP/ZLWKD
FRUUHVSRQGLQJVWDQGDUGGHYLDWLRQ6'RI DQGWKDWRIWKH
VXEMHFWVZLOOEHHYDOXDEOH%DVHGRQWKHVHDVVXPSWLRQVZLWK
 HYDOXDEOHVXEMHFWVSHUJURXSWKHUHLVRYHUSRZHUWRGHWHFWD
 ORJGLIIHUHQFHLQWLPHZHLJKWHGDYHUDJH FKDQJHLQORJ YLUDOORDG
EHWZHHQWUHDWPHQWJURXSVXVLQJDVLGHGOHYHOWHVW*LYHQDQ
HYDOXDEOHUDWHRI DWRWDORI VXEMHFWVZLOOQHHGWREH
PPD


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
UDQGRPL]HGLQWRWKHVWXG\
7ZRXQEOLQGHG LQWHULPHIILFDF\DQDO\VHVRIWKHSULPDU\HQGSRLQW
WLPHZHLJKWHGDYHUDJHFKDQJHLQ 569ORJ YLUDOORDGIURP
'D\  WKURXJK'D\ ZLOOEHFRQGXFWHGDIWHUDSSUR[LPDWHO\
 DQG  RIWKHVXEMHFWVKDYHEHHQHQUROOHGDQGUHDFK'D\ 
VHH 6HFWLRQ  $WWKHVHLQWHULPDQDO\VHVHIILFDF\RI*6
ZLOOEHFRPSDUHGWRSODFHERDWWKHVLGHGVLJQLILFDQFH
OHYHO $WWKHILUVWLQWHULPDQDO\VLVZLWKVXEMHFWVWKHQXOO
K\SRWKHVLVZLOOEHUHMHFWHGLIDSSUR[LPDWHO\DPLQLPXPRID
 ORJ GLIIHUHQFHEHWZHHQWUHDWPHQWJURXSVLQPHDQWLPHZHLJKWHG
DYHUDJHFKDQJHLQORJ YLUDOORDGLVREVHUYHG$WWKHVHFRQGLQWHULP
DQDO\VLVZLWKVXEMHFWVWKHQXOOK\SRWKHVLVZLOOEHUHMHFWHGLI
DSSUR[LPDWHO\DPLQLPXPRID ORJGLIIHUHQFHEHWZHHQWUHDWPHQW
JURXSVLQPHDQWLPHZHLJKWHGDYHUDJHFKDQJHLQORJ YLUDOORDGLV
REVHUYHG ,IWKHUHLVQRWHQRXJKHYLGHQFHWRUHMHFWWKHQXOOK\SRWKHVLV
DWWKHLQWHULPDQDO\VHVWKHILQDODQDO\VLVZLOOEHFRQGXFWHGDWDQ
DGMXVWHGVLJQLILFDQFHOHYHOEDVHGRQDJURXSVHTXHQWLDODOSKD
VSHQGLQJPHWKRGVRWKDWWKHRYHUDOOW\SHHUURUUDWHFDQEHFRQWUROOHG
DWWKH  OHYHO)XUWKHUGHWDLOVRIWKHLQWHULPDQDO\VLVZLOOEH
GHVFULEHGLQWKHVWDWLVWLFDODQDO\VLVSODQ6$3
$OOVDIHW\DQGHIILFDF\GDWDZLOOEHPRQLWRUHGE\D'DWD0RQLWRULQJ
&RPPLWWHH'0&$Q$GMXGLFDWLRQ&RPPLWWHHZLOOUHYLHZUHOHYDQW
FOLQLFDOGDWD WR GHWHUPLQHZKHWKHUD/57& KDVGHYHORSHG
7KLVVWXG\ZLOOEHFRQGXFWHGLQDFFRUGDQFHZLWKWKHJXLGHOLQHVRI*RRG&OLQLFDO3UDFWLFH*&3
LQFOXGLQJDUFKLYLQJRIHVVHQWLDOGRFXPHQWV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506
&
GHJUHHV&HOVLXV
)
GHJUHHV)DKUHQKHLW
$(
DGYHUVHHYHQW
$K5
DU\OK\GURFDUERQ
$,'6
DXWRLPPXQHGHILFLHQF\V\QGURPH
$/7
DODQLQHDPLQRWUDQVIHUDVH
$1&
DEVROXWHQHXWURSKLOFRXQW
$1&29$
DQDO\VLVRIFRYDULDQFH
$129$
DQDO\VLVRIYDULDQFH
$67
DVSDUWDWHDPLQRWUDQVIHUDVH
$8&
DUHDXQGHUWKHSODVPDVHUXPSHULSKHUDOEORRGPRQRQXFOHDUFHOOFRQFHQWUDWLRQ
YHUVXVWLPHFXUYH
%$/
EURQFKRDOYHRODUODYDJH
%&53
EUHDVWFDQFHUUHVLVWDQFHSURWHLQ
%,'
WZLFHDGD\
%0,
ERG\PDVVLQGH[
%81
EORRGXUHDQLWURJHQ
&%&
FRPSOHWHEORRGFRXQW
&&0
FHOOFXOWXUHPHGLXP
&,
FRQILGHQFHLQWHUYDO
&PD[
WKHPD[LPXPREVHUYHGVHUXPSODVPDSHULSKHUDOEORRGPRQRQXFOHDU3%0&
FRQFHQWUDWLRQRIGUXJ
&5)
FDVHUHSRUWIRUPV
&52
FRQWUDFWRUFOLQLFDOUHVHDUFKRUJDQL]DWLRQ
&65
FOLQLFDOVWXG\UHSRUW
&7
FRPSXWHUL]HGWRPRJUDSK\
&<3[[
F\WRFKURPH3HQ]\PH[[
'$9*
WLPHZHLJKWHGDYHUDJHFKDQJH
'',
GUXJGUXJLQWHUDFWLRQV
')$
GLUHFWIOXRUHVFHQFHDQWLERG\
'0&
'DWD0RQLWRULQJ&RPPLWWHH
'63+
'UXJ6DIHW\DQG3XEOLF+HDOWK
(&
HWKLFVFRPPLWWHH
(&
FRQFHQWUDWLRQRIGUXJWRUHDFKLQKLELWLRQRIYLUXVUHSOLFDWLRQ
(&*
HOHFWURFDUGLRJUDP
H&5)
HOHFWURQLFFDVHUHSRUWIRUPV
('&
HOHFWURQLFGDWDFDSWXUH
(/)
HSLWKHOLDOOLQLQJIOXLG
(05
HOHFWURQLFPHGLFDOUHFRUGV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
*/266$5<2)$%%5(9,$7,216$1''(),1,7,212)7(506 &217,18('
(XGUD&7
(XURSHDQFOLQLFDOWULDOVGDWDEDVH
)$6
IXOODQDO\VLVVHW
),+
)LUVWLQKXPDQ
)'$
8QLWHG6WDWHV)RRGDQG'UXJ$GPLQLVWUDWLRQ
*&3
*RRG&OLQLFDO3UDFWLFH*XLGHOLQHV
*'
JHVWDWLRQDOGD\
*,
JDVWURLQWHVWLQDO
*/3
JRRGODERUDWRU\SUDFWLFH
*6,
*LOHDG6FLHQFHV,QF
KU
KRXU
+&7
+HPDWRSRLHWLF&HOO7UDQVSODQW
+'3(
KLJKGHQVLW\SRO\HWK\OHQH
K(5*
KXPDQHWKHUjJRJRUHODWHGJHQH
+,9
KXPDQLPPXQRGHILFLHQF\YLUXV
+/*7
KLJKOHYHOJURXSWHUP
+/7
KLJKOHYHOWHUP
+63
K\VWHURVDOSLQJRJUDP
,%
,QYHVWLJDWRU¶V%URFKXUH
,&
FRQFHQWUDWLRQRIGUXJWRUHDFKLQKLELWLRQ
,&+
,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ
,&8
,QWHQVLYH&DUH8QLW
,(&
LQGHSHQGHQWHWKLFVFRPPLWWHH
,03
,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW
,1'
,QYHVWLJDWLRQDO1HZ'UXJ$SSOLFDWLRQ
,5%
LQVWLWXWLRQDOUHYLHZERDUG
,8'
LQWUDXWHULQHGHYLFH
,9,*
,QWUDYHQRXV,PPXQRJOREXOLQ
,;56
LQWHUDFWLYHYRLFHZHEUHVSRQVHV\VWHP
NJ
NLORJUDP
//1
ORZHUOLPLWRIWKHQRUPDOUDQJH
//24
ORZHUOLPLWRITXDQWLILFDWLRQ
//7
ORZHUOHYHOWHUP
/57&
ORZHUUHVSLUDWRU\WUDFWFRPSOLFDWLRQ
/57,
ORZHUUHVSLUDWRU\WUDFWLQIHFWLRQ
0HG'5$
0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV
PJ
PLOOLJUDP
PLQ
PLQXWH
P/
PLOOLOLWHU


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
*/266$5<2)$%%5(9,$7,216$1''(),1,7,212)7(506 &217,18('
PP+J
PLOOLPHWHUVPHUFXU\
0050
PL[HGHIIHFWPRGHOUHSHDWHGPHDVXUHV
1$
QRWDSSOLFDEOH
1'
QRWGHWHFWDEOH
Q0
QDQRPRODU
12$(/
QRREVHUYHGDGYHUVHHIIHFWOHYHO
12(/
QRREVHUYHGHIIHFWOHYHO
2
R[\JHQ
2$73
RUJDQLFDQLRQWUDQVSRUWHUSURWHLQV
3'
3KDUPDNRG\QDPLF
3)8H
SODTXHIRUPLQJXQLWHHTXLYDOHQWV
3JS
3JO\FRSURWHLQ
3.
SKDUPDFRNLQHWLF
32
RUDODGPLQLVWUDWLRQSHURVE\PRXWK
35
WKHLQWHUYDOEHWZHHQWKHEHJLQQLQJRIWKH3ZDYHDQGWKHEHJLQQLQJRIWKH456
FRPSOH[RQ(&*
37
SUHIHUUHGWHUP
3;5
SUHJQDQH[UHFHSWRU
4
ILUVWTXDUWLOH
4
WKLUGTXDUWLOH
4$
TXDOLW\DVVXUDQFH
456
SDUWRIHOHFWURFDUGLRJUDSKLFZDYHUHSUHVHQWLQJYHQWULFXODUGHSRODUL]DWLRQ
47
LQWHUYDOEHWZHHQWKHVWDUWRIWKH4ZDYHDQGWKHHQGRIWKH 7ZDYHRQ(&*
47F
FRUUHFWHG47
47F)
47LQWHUYDOFRUUHFWHGIRUKHDUWUDWHXVLQJWKH)ULGHULFLDIRUPXOD
51$
ULERQXFOHLFDFLG
52:
UHVWRIZRUOG
569
UHVSLUDWRU\V\QF\WLDOYLUXV
57T3&5
TXDQWLWDWLYHUHDOWLPHSRO\PHUDVHFKDLQUHDFWLRQ
593
UHVSLUDWRU\YLUDOSDQHO
6$(
VHULRXVDGYHUVHHYHQW
6$3
6WDWLVWLFDO$QDO\VLV3ODQ
6'
VWDQGDUGGHYLDWLRQ
62&
V\VWHPRUJDQFODVV
623
VWDQGDUGRSHUDWLQJSURFHGXUH
6S2
R[\JHQVDWXUDWLRQ
686$5
6XVSHFWHG8QH[SHFWHG6HULRXV$GYHUVH5HDFWLRQ
7%'
WREHGHWHUPLQHG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506 &217,18('
WPD[
WKHWLPHREVHUYHGWLPHSRLQWRI&PD[
Wò
DQHVWLPDWHRIWKHWHUPLQDOHOLPLQDWLRQKDOIOLIHRIWKHGUXJLQ
VHUXPSODVPD3%0&FDOFXODWHGE\GLYLGLQJWKHQDWXUDOORJRIE\WKHWHUPLQDO
HOLPLQDWLRQUDWHFRQVWDQWȜ]
/
PLFUROLWHU
8/1
XSSHUOLPLWRIWKHQRUPDOUDQJH
857,
XSSHUUHVSLUDWRU\WUDFWLQIHFWLRQ
86
8QLWHG6WDWHV
89
XOWUDYLROHW
96
YLWDOVLJQV
9VV
DSSDUHQWYROXPHRIGLVWULEXWLRQDWVWHDG\VWDWH
YY
YROXPHYROXPH
:%&
ZKLWHEORRGFHOOFRXQW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

,1752'8&7,21

%DFNJURXQG
5HVSLUDWRU\V\QF\WLDOYLUXV569DPHPEHURIWKHIDPLO\3DUDP\[RYLULGDH LVDQHQYHORSHG
YLUXVZLWKDQHJDWLYHVLQJOHVWUDQGULERQXFOHLFDFLG51$JHQRPH7KH569JHQRPH HQFRGHV
IRU SURWHLQVLQFOXGLQJ VXUIDFHJO\FRSURWHLQV)*DQG6+DQGVHYHUDOSURWHLQVWKDW
FRPSULVHWKHYLUDO51$SRO\PHUDVHFRPSOH[13/DQG07ZR PDMRUDQWLJHQLF
VXEJURXSVRI569DUHNQRZQ569$DQG569%WKDWGLIIHUSULPDULO\LQWKHJHQHWLFVHTXHQFH
RIWKH* JO\FRSURWHLQZKLOHPDLQWDLQLQJDKLJKHUGHJUHHRIKRPRORJ\DFURVVRWKHUSDUWVRIWKH
JHQRPH%RWKVXEJURXSVVKRZFRPSDUDEOHSDWKRJHQLFLW\DQGFDQFRFLUFXODWHLQWKHVDPH
FRPPXQLW\GXULQJDVHDVRQDOHSLGHPLFEXWWKHLULQGLYLGXDOSUHYDOHQFHXVXDOO\YDULHVIURP
VHDVRQWRVHDVRQ
569LQIHFWLRQLVWKHPRVWFRPPRQFDXVHRIDGPLVVLRQVWRSHGLDWULFJHQHUDOLQSDWLHQWXQLWVLQWKH
8QLWHG6WDWHV86DQG:HVWHUQ(XURSH^`8QIRUWXQDWHO\WKHUDWHRIKRVSLWDOL]DWLRQ
DPRQJ569LQIHFWHGFKLOGUHQKDVUHPDLQHGXQFKDQJHGLQWKH86RYHUWKHODVWGHFDGH)URP
WR569FRGHGKRVSLWDOL]DWLRQVDFFRXQWHGIRURIDQHVWLPDWHGPLOOLRQORZHU
UHVSLUDWRU\WUDFWLQIHFWLRQ/57,KRVSLWDOL]DWLRQVDPRQJFKLOGUHQ  \HDUVRIDJH'XULQJWKLV
SHULRGLWZDVHVWLPDWHGWKDWDSSUR[LPDWHO\KRVSLWDOL]DWLRQVHDFK\HDUZHUHFDXVHGE\
569LQIHFWLRQDPRQJFKLOGUHQ\HDUVRIDJHDSSUR[LPDWHO\ RIWKHVHKRVSLWDOL]DWLRQV
RFFXUDPRQJFKLOGUHQPRQWKVRIDJH^`
569LQIHFWLRQLVDOVRDFDXVHRIUHVSLUDWRU\GLVHDVH LQWKHDGXOWSRSXODWLRQ$GXOW UHFLSLHQWVRI
DXWRORJRXVRUDOORJHQHLFKHPDWRSRLHWLFFHOOWUDQVSODQWV+&7DUHDWKLJKULVNIRU569LQIHFWLRQ
UHODWHGPRUELGLW\DQGPRUWDOLW\ %DVHGXSRQUHWURVSHFWLYHHSLGHPLRORJLFGDWDRI+&7
UHFLSLHQWVZLOOGHYHORS569LQIHFWLRQRIWKHUHVSLUDWRU\WUDFW^` ^` ^` ^`
^` ^` ^`3URJUHVVLRQIURPXSSHUUHVSLUDWRU\WUDFWLQIHFWLRQ857,WR/57,
PD\RFFXULQ RIWKHVH569LQIHFWHGSDWLHQWV^` ^` ^` ^` ^`
^` ^` ^` ^` ^` 2QFH569SURJUHVVHVIURP857,WR/57,WKH
PRUELGLW\DQGPRUWDOLW\LVKLJK3URJUHVVLRQWR/57,RIWHQUHTXLUHVKRVSLWDOL]DWLRQDQGDWWLPHV
LQWHQVLYHFDUHXQLWDGPLVVLRQIRUVXSSRUWLYHFDUHHJR[\JHQDWLRQPHFKDQLFDOYHQWLODWLRQ
LQWUDYHQRXVIOXLGVYDVRSUHVVRUV/57,LVDVVRFLDWHGZLWKKLJKPRUWDOLW\UDWHVUDQJLQJIURP
^` ^` ^` ^` ^` ^` ^` ^` ^`$ORQJ
WHUPVHTXHODH VHHQ DPRQJVXUYLYRUVRI569/57,LVDLUIORZGHFOLQHGRFXPHQWHGDW\HDUDIWHU
WKHLQLWLDOLQIHFWLRQ ^`
&XUUHQWO\ WKHUHDUHQRHIIHFWLYHYDFFLQHVRUDSSURYHGSURSK\ODFWLFWUHDWPHQWRSWLRQVIRU569
LQIHFWLRQLQWKH+&7SRSXODWLRQ2QFHKRVSLWDOL]HGWUHDWPHQWIRU569LQIHFWLRQLQ+&7
SDWLHQWV LVVXSSRUWLYH ZLWKLQWUDYHQRXVK\GUDWLRQVXSSOHPHQWDOR[\JHQDQG PHFKDQLFDO
YHQWLODWLRQ $OWKRXJKWUHDWPHQWRSWLRQVVXFKDVDQWLYLUDODJHQWVFRUWLFRVWHURLGVDQG
LPPXQRJOREXOLQDUHIUHTXHQWO\XVHGWKHUHLVQRGHILQLWLYHWUHDWPHQWIRU569 LQIHFWLRQ LQWKH
+&7SRSXODWLRQ6\QDJLVSDOLYL]XPDEDPRQRFORQDODQWLERG\DJDLQVW569 DSSURYHGIRU
SURSK\OD[LVDJDLQVW569LQIHFWLRQDPRQJKLJKULVNLQIDQWVKDVQHYHUEHHQHYDOXDWHGLQD
UDQGRPL]HGFRQWUROOHGVWXG\IRUWUHDWPHQWRI569LQIHFWLRQLQWKH+&7SRSXODWLRQ$UHFHQW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
UHWURVSHFWLYHDQDO\VLVVXJJHVWV WKDWSDOLYL]XPDELVQRWHIIHFWLYHIRU WUHDWPHQWRI569/57, LQ
WKH+&7SRSXODWLRQ ^`9LUD]ROH ULEDYLULQDQLQKDOHG DQWLYLUDO DJHQWLVDSSURYHGIRU
WUHDWPHQW RI569LQIHFWLRQLQWKHSHGLDWULFSRSXODWLRQEXWLVQRWXVHGLQJHQHUDOSHGLDWULF
SUDFWLFHEHFDXVHRIFRQFHUQVUHJDUGLQJLWVHIILFDF\DQGWROHUDELOLW\DVZHOODVWKHFRPSOH[LW\RI
WKHVSHFLDOL]HGDHURVROGHOLYHU\V\VWHPWKDWLVUHTXLUHG^`$ UDQGRPL]HGVWXG\RILQKDOHG
ULEDYLULQ KDVEHHQ DWWHPSWHG LQWKH+&7SRSXODWLRQKRZHYHUGXHWRWKHDIRUHPHQWLRQHG
FRQFHUQVRQO\VXEMHFWVZHUHUHFUXLWHGRYHUD\HDUSHULRG ^` $UHFHQWUHYLHZRI
SXEOLVKHGHSLGHPLRORJLFVWXGLHVVXJJHVWVWKDWULEDYLULQEDVHGWKHUDS\RUDORUDHURVROL]HGKDG
YDULDEOHVXFFHVVUDWHVIRUSUHYHQWLQJ569DVVRFLDWHGPRUELGLW\RUPRUWDOLW\LQKLJKULVN+&7
SDWLHQWV ^`$VLQJOHFHQWHUUHWURVSHFWLYHDQDO\VLVDOVRVXJJHVWHGWKDWULEDYLULQWUHDWPHQW
ZKHQDGPLQLVWHUHGGXULQJWKH857,SKDVHUHVXOWHGLQORZHUUDWHVRISURJUHVVLRQWR/57, LQ
WUHDWHGYHUVXVXQWUHDWHGSDWLHQWV YHUVXV DQGPRUWDOLW\YHUVXV ^`
7DNLQJLQWRDFFRXQW WKHOLPLWHGDYDLODEOH HIILFDF\GDWDIURPFRQWUROOHGFOLQLFDOWULDOVWKHFXUUHQW
JXLGHOLQHVIRUGLDJQRVLVDQGWUHDWPHQWRI569LQIHFWLRQGRQRW SURYLGHUHFRPPHQGDWLRQV
UHJDUGLQJZKHWKHUSDWLHQWVVKRXOGEHWUHDWHG ZLWKDQ\WUHDWPHQWVRWKHUWKDQVXSSRUWLYHFDUH DW WKH
/57,YHUVXV857,SKDVH ^`7KHUHIRUHYDULDELOLW\ LQVWDQGDUGSUDFWLFHVIRUWUHDWPHQWRI
569LQIHFWLRQLQ+&7SDWLHQWVH[LVWVDURXQGWKHZRUOG

*6

*HQHUDO,QIRUPDWLRQ
*6 LVDQRUDO569IXVLRQLQKLELWRUZLWKSRWHQWDQGVHOHFWLYHDQWL569DFWLYLW\LQYLWUR
:KHQWHVWHGLQYLWURDJDLQVW GLYHUVHFOLQLFDOLVRODWHVRI569W\SH$DQG%WKH(& YDOXHV
FRQFHQWUDWLRQRIGUXJWRUHDFKLQKLELWLRQRIYLUXVUHSOLFDWLRQUDQJHGIURP WR  Q0
ZLWKDPHDQ(& YDOXHRIQ0,QYLYRHIILFDF\GDWDIURPFRWWRQUDWVLQIHFWHGZLWK
KXPDQ569GHPRQVWUDWHGWKDWDGPLQLVWUDWLRQRI*6DW WRPJNJUHVXOWHGLQD
GRVHGHSHQGHQWUHGXFWLRQLQYLUDOORDGLQERWKWKHXSSHUUHVSLUDWRU\WUDFWDQGOXQJV7KH
VWHDG\VWDWHSKDUPDFRNLQHWLF3.YROXPHRIGLVWULEXWLRQ9VVLQDOOQRQFOLQLFDOVSHFLHVWHVWHG
ZDV WRIROGKLJKHUWKDQWKHYROXPHRIWRWDOERG\ZDWHUDQGWKHRUDOELRDYDLODELOLW\ZDV
PRGHUDWHWRKLJK7KHH[SRVXUHWR*6LQWKHOXQJDQGOXQJHSLWKHOLDOOLQLQJIOXLG(/)
ZDVDOVRDVVHVVHGLQ6SUDJXH'DZOH\ UDWVDQG\LHOGHGOXQJWLVVXHSODVPDDQG(/)SODVPDUDWLRV
RIDSSUR[LPDWHO\DQGUHVSHFWLYHO\&RQFHQWUDWLRQVLQOXQJWLVVXHDQG(/)GHFOLQHG
DSSUR[LPDWHO\LQSDUDOOHOWRWKRVHLQSODVPDLQGLFDWLQJUDSLGHTXLOLEUDWLRQEHWZHHQWKHOXQJDQG
SODVPDFRPSDUWPHQWV*6H[KLELWHGORZF\WRWR[LFLW\LQFHOOFXOWXUHDQGGLGQRWLQWHUDFW
ZLWKSKDUPDFRORJLFDOO\UHOHYDQWUHFHSWRUVWKDWDUHSUHGLFWLYHRIRIIWDUJHWWR[LFLW\%DVHGRQLQ
YLWURDQGQRQFOLQLFDOSKDUPDFRNLQHWLFVWXGLHV*6GLGQRWGHPRQVWUDWHWKHSRWHQWLDOIRU
VLJQLILFDQWGUXJGUXJLQWHUDFWLRQV'',
$GGLWLRQDOGHWDLOVUHJDUGLQJ QRQFOLQLFDOSKDUPDFRNLQHWLFVSKDUPDFRORJ\ DQGWR[LFRORJ\ FDQEH
IRXQGLQ WKHFXUUHQW*6,QYHVWLJDWRU¶V%URFKXUH ,%


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

1RQFOLQLFDO3KDUPDFRNLQHWLFV
&RQVLVWHQWZLWKWKHKLJKFRQFHQWUDWLRQLQGHSHQGHQWIRUZDUGSHUPHDELOLW\DFURVV
&DFR PRQROD\HUVDQGORZFRQFHQWUDWLRQLQGHSHQGHQWHIIOX[*6H[KLELWHGPRGHUDWHWR
KLJKELRDYDLODELOLW\LQQRQFOLQLFDOVSHFLHV6\VWHPLFFOHDUDQFHRI*6LQQRQFOLQLFDOVSHFLHV
LVZHOOSUHGLFWHGIURPWKHUDWHVRIPHWDEROLVPE\KHSDWLFPLFURVRPDOIUDFWLRQVDQGSULPDU\
KHSDWRF\WHV%LOLDU\H[FUHWLRQLVOLNHO\WREHWKHPDMRUURXWHRIHOLPLQDWLRQRI*6DQGLWV
PHWDEROLWHVDV RIUDGLRODEHOGRVHGRUDOO\WRUDWVZDVUHFRYHUHGLQXULQH 7KHPDMRUURXWHV
RIPHWDEROLVPRI*6DUHR[LGDWLYHGHDPLQDWLRQDQG1DFHW\ODWLRQ,QKXPDQVWKH
GHDPLQDWLRQSDWKZD\LVOLNHO\FDWDO\]HGE\PXOWLSOH&<3HQ]\PHVVXFKDV&<3$&<3%
DQG&<3&*6VKRZVZHDNLQKLELWLRQRI2$73%2$73%3JS
,& YDOXHV RI DQGȝ0UHVSHFWLYHO\ *6LVDZHDNLQKLELWRURI2&72&7
DQG%6(3ZLWK,&YDOXHVRIDQGȝ0UHVSHFWLYHO\1RLQKLELWLRQRI2$7RU
2$7ZDVREVHUYHGIRU*6DWFRQFHQWUDWLRQVXSWRȝ07KHUHIRUHGUXJLQWHUDFWLRQVRI
*6ZLWKVXEVWUDWHVRIWKHVHWUDQVSRUWHUVDUHXQOLNHO\ LQWKHH[SHFWHGFOLQLFDOO\UHOHYDQW
FRQFHQWUDWLRQUDQJH
$GGLWLRQDOGHWDLOVUHJDUGLQJQRQFOLQLFDOSKDUPDFRNLQHWLFVFDQEHIRXQGLQWKH*6,%

1RQFOLQLFDO3KDUPDFRORJ\DQG7R[LFRORJ\
7KH,& IRUWKHLQKLELWRU\HIIHFWRI*6RQK(5*SRWDVVLXPFXUUHQWZDV 0
&DUGLRYDVFXODUHIIHFWVRI*6ZHUHHYDOXDWHGLQ GRJVDWGRVHVXSWR  PJNJ7KHSULQFLSDO
KHPRG\QDPLFILQGLQJVZHUHORZHUKHDUWUDWHYDOXHV DQGKLJKHUDUWHULDOSXOVHDQGV\VWROLF
SUHVVXUHYDOXHV$OOKHPRG\QDPLFHIIHFWVGLVVLSDWHGE\KRXUVSRVWGRVH$OO
HOHFWURFDUGLRJUDPV(&*VZHUHTXDOLWDWLYHO\ZLWKLQQRUPDOOLPLWVDQGQR*6UHODWHG
DUUK\WKPLDVRUDEQRUPDOZDYHIRUPVZHUHGHWHFWHG6OLJKW*6UHODWHGKLJKHU35DQG
47F LQWHUYDOYDOXHVZHUHH[SHFWHGSK\VLRORJLFDOUHVSRQVHVVHFRQGDU\WRFRQFRPLWDQW
*6UHODWHGORZHUKHDUWUDWHYDOXHV7KHVHFKDQJHVZHUHQRWFRQVLGHUHGSK\VLRORJLFDOO\
LPSRUWDQWLQWKHFRQWH[WRIWKLVVWXG\
,QDUHSHDWGRVHVWXG\ *6ZDVDGPLQLVWHUHGE\RUDOJDYDJHIRUZHHNVWR\RXQJDGXOWUDWV
RQFHGDLO\DWGRVHVXSWRPJNJGD\7ZRDQLPDOVDGPLQLVWHUHG  PJNJGD\ZHUH IRXQG
GHDGGXULQJWKHGRVLQJSKDVH$OWKRXJKWKHFDXVHRIGHDWKIRUWKHVH DQLPDOV ZDV
XQGHWHUPLQHGDQDVVRFLDWLRQZLWK*6FDQQRWEHH[FOXGHG%DVHGRQWKHUHVXOWVRIWKLV
VWXG\WKH12$(/IRU*6LV PJNJGD\ZKLFKFRUUHVSRQGHGWRPHDQ$8&WDQG
&PD[ YDOXHVRQ'D\RIWKHGRVLQJSKDVHRI  QJKP/ DQG QJP/UHVSHFWLYHO\ ,Q
DUHSHDWGRVHVWXG\FRQGXFWHGLQ\RXQJDGXOWGRJV*6ZDVDGPLQLVWHUHGE\RUDOJDYDJH
IRU ZHHNVDWGRVHVXSWR  PJNJGD\7KH12$(/IRU WKLVVWXG\ LV PJNJGD\ZKLFK
FRUUHVSRQGHGWRPHDQ$8&W DQG&PD[ YDOXHVRQ'D\ RIWKHGRVLQJ SKDVH RI
 QJKP/ DQGQJP/UHVSHFWLYHO\
*6ZDVQHJDWLYHLQWKHUDWPLFURQXFOHXVVWXG\DQGGLGQRWFDXVHPXWDWLRQVLQWKH
$PHV DVVD\RULQGXFHFKURPRVRPDOGDPDJHLQYLWURZLWKRUZLWKRXW6PHWDEROLFDFWLYDWLRQ
7KXVWKHSRWHQWLDOIRUJHQHWLFWR[LFLW\LVFRQVLGHUHGORZ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
,QDQRUDOJDYDJHGRVHUDQJHILQGLQJGHYHORSPHQWDOWR[LFLW\VWXG\LQUDWVIHPDOHVZHUH
DGPLQLVWHUHG*6DWGRVHVXSWR  PJNJGD\IURPJHVWDWLRQDOGD\*' WKURXJK *' 
GD\SHULRGZLWKVFKHGXOHGQHFURSV\RFFXUULQJRQ*'*6WUHDWPHQWUHVXOWHGLQ
VLJQLILFDQWUHGXFWLRQVLQPDWHUQDOERG\ZHLJKWDQGWKH12$(/IRUPDWHUQDOWR[LFLW\ZDV
 PJNJGD\7KHUHZHUHQRHIIHFWVRQHPEU\RIHWDOYLDELOLW\DQGJURZWKDQGQRIHWDO
DQRPDOLHVDQGWKH12(/ IRUGHYHORSPHQWDOWR[LFLW\ZDV PJNJGD\
,QDQRUDOJDYDJHGRVHUDQJHILQGLQJGHYHORSPHQWDOWR[LFLW\VWXG\LQUDEELWVIHPDOHVZHUH
DGPLQLVWHUHG*6DWGRVHOHYHOVXSWR PJNJGD\IURP*' WKURXJK*' 
GD\ SHULRGZLWKVFKHGXOHGQHFURSV\RFFXUULQJRQ*'*6WUHDWPHQWUHVXOWHGLQ
ORZHUPDWHUQDOERG\ZHLJKWDWGRVHV  PJNJGD\7KHHDUO\WHUPLQDWLRQPRULEXQG VDFULILFH
RI IHPDOHLQWKH PJNJGD\JURXSRQ*' ZDVDWWULEXWHGWR*6DGPLQLVWUDWLRQGXH
WRVLJQLILFDQWUHGXFWLRQV LQERG\ZHLJKWDQGIRRGFRQVXPSWLRQDQG WKH12(/IRUPDWHUQDO
WR[LFLW\ZDV PJNJGD\7KHUHZHUHQRHIIHFWVRQHPEU\RIHWDOYLDELOLW\DQGJURZWKDQGQR
WUHDWPHQWUHODWHGIHWDODQRPDOLHV7KH12(/IRUGHYHORSPHQWDOWR[LFLW\ZDV PJNJGD\
,QDGRVHUDQJHILQGLQJVWXG\LQMXYHQLOHUDWV*6ZDVDGPLQLVWHUHGDWGRVHVXSWR
 PJNJGD\RQSRVWQDWDOGD\31' WKURXJK31'1RWHZRUWK\HIIHFWVZHUHOLPLWHGWR
GHFUHDVHGERG\ZHLJKWJDLQDWGRVHVPJNJGD\DQGDPLOGWRPRGHUDWH WR IROG
GRVHGHSHQGHQWLQFUHDVHLQWRWDOELOLUXELQDWGRVHVPJNJGD\7KH12$(/ ZDV FRQVLGHUHG
WREH PJNJGD\ FRUUHVSRQGLQJ WRUHVSHFWLYHPHDQ&PD[ DQG$8&W YDOXHVRQ31' RI
 QJP/DQG QJKP/ ,QDGHILQLWLYHMXYHQLOHUDWVWXG\*6 ZDVDGPLQLVWHUHG
EHJLQQLQJRQ31'WKURXJK31'DWGRVHVXSWR PJNJGD\$QLQFUHDVHLQPRUWDOLW\
ZDV VHHQDWGRVHVPJNJGD\5HIOX[UHODWHGLQIODPPDWLRQDQGHSLWKHOLDO
GHJHQHUDWLRQHURVLRQXOFHULQWKHXSSHUUHVSLUDWRU\WUDFWRFFXUUHGDWGRVHVPJNJGD\DQG
WKHPRUWDOLW\ ZDVOLNHO\UHODWHGWRGHFUHDVHGPLON LQWDNHVHFRQGDU\WRWKHUHIOX[UHODWHG
LQIODPPDWLRQLQWKHXSSHUUHVSLUDWRU\WUDFW 7KLVLVFRQVLVWHQWZLWKWKHREVHUYDWLRQWKDWQHLWKHU
FOLQLFDOSDWKRORJ\GDWDQRUDQDWRPLFSDWKRORJ\GDWDLQGLFDWHDVSHFLILFWDUJHWRUJDQWR[LFLW\DV
WKHFDXVHRIGHDWKIRUWKHSXSVWKDWKDGWUHDWPHQWUHODWHGPRUWDOLWLHV 6XUYLYLQJSXSVKDGQR
LQGLFDWLRQVRIV\VWHPLFWR[LFLW\%DVHGRQWKHDERYHUHVXOWVWKH12(/ZDVFRQVLGHUHGWREH
 PJNJGD\ZKLFKFRUUHVSRQGHGWRUHVSHFWLYHPHDQ&PD[ DQG$8&W RQ
31'  RI  QJP/DQGQJāKP/UHVSHFWLYHO\
,QDZHHNMXYHQLOHGRJVWXG\*6 ZDVRUDOO\DGPLQLVWHUHGRQFHGDLO\RQ
31'  WKURXJK DWGRVHVXSWRPJNJGD\ZLWKRQO\PLQLPDOWUDQVLHQWHIIHFWVRQ
QHRQDWDOMXYHQLOHGHYHORSPHQWDQGQRDGYHUVHWDUJHWRUJDQWR[LFLW\7KH12$(/ZDV
 PJNJGD\FRUUHVSRQGLQJWR31'&PD[ DQG$8&WYDOXHVRIQJP/DQG
 QJāKP/UHVSHFWLYHO\
$GGLWLRQDOGHWDLOVUHJDUGLQJQRQFOLQLFDOSKDUPDFRORJ\DQGWR[LFRORJ\ FDQEHIRXQGLQWKH
*6 ,%


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

&OLQLFDO7ULDOVRI*6

*686
7KLV 3KDVHSODFHERFRQWUROOHGVLQJOH DQGPXOWLSOHGRVHUDQJLQJILUVWLQKXPDQ),+VWXG\
ZDVFRQGXFWHGWR HYDOXDWHVDIHW\WROHUDELOLW\DQG3.IROORZLQJRUDODGPLQLVWUDWLRQRI*6
WRXSWRXQLTXHVXEMHFWV7KHVWXG\LQFOXGHG VWDJHV3DUWV $ %DQG&ZLWK WRWDO
VWDJJHUHGFRKRUWVSUHVSHFLILHGDGDSWLYH:LWKLQHDFKFRKRUWRI3DUWV$DQG %  XQLTXH
VXEMHFWVZHUHUDQGRPL]HGWRUHFHLYHEOLQGHGLQYHVWLJDWLRQDOPHGLFLQDOSURGXFW,03HLWKHU
*6Q RUSODFHERQ :LWKLQHDFKFRKRUWRI3DUW&XQLTXHVXEMHFWVZHUH
UDQGRPL]HGWRUHFHLYHEOLQGHG,03HLWKHU*6Q RUSODFHERQ  $PD[LPXP
VLQJOHGRVHRIPJDQGPXOWLSOHGRVHUHJLPHQRIPJRQFHGDLO\IRUGD\VZDVDFKLHYHG
*63.ZDVHYDOXDWHGXQGHUIDVWLQJDQGIHGVWDWHV
1RGHDWKVRUVHULRXVDGYHUVHHYHQWV6$(VZHUHUHSRUWHGDQGWKHUHZHUHQRGRVHOLPLWLQJ
WR[LFLWLHV,QWKH*6WUHDWHGVXEMHFWVWKHUHZHUHQRGLVFRQWLQXDWLRQVGXHWR$(V $PRQJ
WKHVXEMHFWVZKRUHFHLYHGVLQJOHGRVHVRI*6 VXEMHFWVH[SHULHQFHGDWRWDORI
 $(VZLWKWKHPRVWFRPPRQ$(VEHLQJSUHV\QFRSHDQGGHUPDWLWLVUHSRUWHGE\ VXEMHFWV
HDFK%RWKLQFLGHQWVRISUHV\QFRSHDQG RIWKHHYHQWVRIGHUPDWLWLVZHUHMXGJHGE\WKH
LQYHVWLJDWRUWREHUHODWHGWRVWXG\SURFHGXUHV HYHQWRIGHUPDWLWLVZDVLQIODPPDWLRQRIWKHVNLQ
RIWKHULJKWDQWHFXELWDODQG HYHQWZDVQRQVSHFLILFGHUPDWLWLVRQWKHFKHVW$PRQJWKH
 VXEMHFWVUHFHLYLQJPXOWLSOHGRVHVRI*6 VXEMHFWVH[SHULHQFHGDWRWDORI
 $(VZLWKGLDUUKHDDQGQDXVHDUHSRUWHGE\ VXEMHFWVDQGKHDGDFKHDQGFRQWDFWGHUPDWLWLV
UHSRUWHGE\ VXEMHFWV$OORWKHU$(VH[SHULHQFHGE\VXEMHFWVUHFHLYLQJPXOWLSOHGRVHVRI
*6ZHUHUHSRUWHGE\  VXEMHFWVHDFK
7ZHOYHOHDG(&*VZHUHREWDLQHGDW %DVHOLQH DQG'D\VDQG$QDO\VLVRIWKHVH(&*V
GHPRQVWUDWHGQRFOLQLFDOO\VLJQLILFDQWLQFUHDVHLQWKH3545647DQG47F)LQWHUYDOVDQGQR
FOLQLFDOO\VLJQLILFDQWDUUK\WKPLDVDVVRFLDWHGZLWKDGPLQLVWUDWLRQRI*6
*6H[SRVXUHVLQFUHDVHGLQDQDSSUR[LPDWHO\GRVHSURSRUWLRQDOPDQQHURYHUWKHGRVHUDQJH
WHVWHGIROORZLQJVLQJOHDQGPXOWLSOHRUDODGPLQLVWUDWLRQVXQGHUIDVWHGFRQGLWLRQV*6
WHUPLQDOKDOIOLYHVUDQJHGIURPWRKRXUVIROORZLQJVLQJOHRUDODGPLQLVWUDWLRQDQG
DSSUR[LPDWHO\KRXUVIROORZLQJPXOWLSOHRUDODGPLQLVWUDWLRQV2YHUDOOWKHYDULDELOLW\RIWKH
3.SDUDPHWHUVZDVUHODWLYHO\ORZZLWKWKHPDMRULW\RIWKH3.SDUDPHWHUVGLVSOD\LQJ&9RI
RUORZHU,QDGGLWLRQWKHIRRGHIIHFWRQ*63.IROORZLQJVLQJOHRUPXOWLSOHRUDO
DGPLQLVWUDWLRQKDVEHHQHYDOXDWHG)ROORZLQJVLQJOHDGPLQLVWUDWLRQRI*6DW
RU  PJ&PD[XQGHUIHGFRQGLWLRQVGHFUHDVHGDSSUR[LPDWHO\WRFRPSDUHG WR IDVWHG
FRQGLWLRQVEXWWKLVHIIHFWZDVOHVVSURQRXQFHGIROORZLQJRQFHGDLO\GRVLQJDWWKHKLJKHUGRVH
 PJDURXQGVWHDG\VWDWH


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

6WXG\*686
7KLV3KDVHPDVVEDODQFHVWXG\ZDVFRQGXFWHGWRHYDOXDWHWKH3.PHWDEROLVPDQGH[FUHWLRQ
RI*67KHSULPDU\REMHFWLYHRIWKLVVWXG\ZDVWRGHWHUPLQHWKHPDVVEDODQFHRI *6
IROORZLQJDGPLQLVWUDWLRQRIDVLQJOHRUDOGRVHRIUDGLRODEHOHG>&@*67KHVHFRQGDU\
REMHFWLYHVRIWKLVVWXG\ZHUHWRHYDOXDWHWKH3. RI*6DQGPHWDEROLWHV ZKHUHSRVVLEOHDQG
WRGHWHUPLQHWKHPHWDEROLWHSURILOHRI*6LQKXPDQVIROORZLQJDGPLQLVWUDWLRQRIDVLQJOH
RUDOGRVHRIUDGLRODEHOHG>&@*6
(LJKWVXEMHFWVZHUHHQUROOHGDQGDVVHVVHGIRUDSHULRGRIDPLQLPXP RIGD\VDQGDPD[LPXP
RI GD\VZLWKDGD\IROORZXSSHULRG)ROORZLQJDVLQJOHRUDOUDGLRODEHOHGGRVHRI*6
 PJWKHPD[LPXPPHDQFRQFHQWUDWLRQVRIGUXJGHULYHGUDGLRDFWLYLW\LQEORRGDQGSODVPD
ZHUHREVHUYHGDWKRXUVSRVWGRVHIRUERWKPDWULFHV7KHRYHUDOOUHFRYHU\RIUDGLRDFWLYLW\ZDV
ZLWKUHFRYHU\SULPDULO\LQIHFHVYHUVXVXULQH 0HDQEORRGWRSODVPD
FRQFHQWUDWLRQUDWLRVUDQJHGIURPWRWKURXJK KRXUVSRVWGRVHLQGLFDWLQJWKDW
UDGLRDFWLYLW\ZDVSULPDULO\LQWKHSODVPDUHODWLYHWRWKHFHOOXODUFRPSRQHQWVRIWKHEORRG
7KHFLUFXODWLQJUDGLRDFWLYLW\FRQVLVWHGPDLQO\RI*6DQGORZOHYHOVRIPLQRU
PHWDEROLWHVFKORURDPLQR1PHWKDQHVXOIRQ\OEHQ]DPLGH0
R[\*6JOXFXURQLGH0 DQG*60% 
7KHPDMRUFRPSRQHQWH[FUHWHGLQIHFHV ZDVXQFKDQJHGSDUHQW*6RIWKHGRVH
FRHOXWHGZLWKGLR[\*6>0@DORQJZLWKRWKHUPLQRUPHWDEROLWHVGLR[\*6
>0RIWKHGRVH@DQGGLR[\*6>0RIWKHGRVH@7KHUHPDLQLQJ
LGHQWLILHG PHWDEROLWHVGHWHFWHGLQIHFHVHDFKDFFRXQWHGIRUOHVVWKDQDPHDQRIRIWKH
GRVH,QXULQHXQFKDQJHGSDUHQW*6ZDVWKHPDLQVSHFLHVaRIWKHGRVHDQG
PHWDEROLWH0UHSUHVHQWHGaRIWKHGRVH
,QVXPPDU\>&@ *6ZDVSULPDULO\HOLPLQDWHGLQWKHIHFHVDIWHURUDODGPLQLVWUDWLRQWR
KHDOWK\VXEMHFWV/RZOHYHOVRIYDULRXVPHWDEROLWHVZHUHREVHUYHGLQGLFDWLQJWKHOLNHO\DEVHQFH
RIDVLQJOHGRPLQDQWSDWKZD\5DGLRDFWLYLW\ZDVHOLPLQDWHGDVDFRPELQDWLRQRIPHWDEROLWHVDQG
XQFKDQJHGSDUHQWGUXJ 2YHUDOOWKHSKDUPDFRNLQHWLFVRI*6LVQRWH[SHFWHGWREH
PHDQLQJIXOO\DOWHUHGLQWKHVHWWLQJRIUHQDOLPSDLUPHQWHJPLOGWRPRGHUDWH

6WXG\*686
7KLV3KDVH DUDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGVWXG\ZDV FRQGXFWHGWRHYDOXDWH
WKH VDIHW\WROHUDELOLW\DQGHIILFDF\RI*6LQKHDOWK\DGXOWYROXQWHHUVLQIHFWHGZLWKDQ
569 FKDOOHQJHYLUXV569$ 0HPSKLVEVWUDLQ7KH VWXG\LQFOXGHG  TXDUDQWLQHVHDFK
FRPSULVLQJDSSUR[LPDWHO\VXEMHFWV(DFKVXEMHFWZDV DGPLWWHGWRWKH4XDUDQWLQH 8QLWDQG
LQRFXODWHGZLWK569RQ6WXG\'D\ 6XEMHFWVZHUH UDQGRPL]HGDQGWUHDWHGZLWK*6RU
SODFHERZKHQLQIHFWLRQZDV GRFXPHQWHGLQWKHQDVDOZDVKRUE\WKHILIWKGD\DIWHULQRFXODWLRQ
ZKLFKHYHURFFXUUHG ILUVW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
)RU4XDUDQWLQHVWKURXJKSUHVSHFLILHGTXDUDQWLQHVVXEMHFWVZHUHUDQGRPL]HGWRUHFHLYH
*6RUSODFHERDGPLQLVWHUHGDVD PJVLQJOHGRVHRQ'RVH'D\ IROORZHGE\ PJ
RQFHGDLO\RQ'RVH'D\VWKURXJK
)RU4XDUDQWLQHVWKURXJKDGDSWLYHTXDUDQWLQHVVXEMHFWVZHUH UDQGRPL]HGWRUHFHLYH
*6RUSODFHER6XEMHFWVLQ4XDUDQWLQHZHUHDGPLQLVWHUHGD PJVLQJOHGRVHRQ
'RVH 'D\IROORZHGE\ PJRQFHGDLO\RQ'RVH'D\VDQG 6XEMHFWVLQ4XDUDQWLQH ZHUH
DGPLQLVWHUHGDPJVLQJOHGRVH 6XEMHFWVLQ4XDUDQWLQHZHUHDGPLQLVWHUHGD PJ
VLQJOH GRVHRQ'RVH 'D\IROORZHGE\ PJRQFHGDLO\RQ'RVH'D\VWKURXJK
$WRWDORIVXEMHFWVZHUHUDQGRPL]HGLQWRWKLVVWXG\$OOVXEMHFWVFRPSOHWHGVWXG\GUXJ DQG
 SODFHERVXEMHFWGLVFRQWLQXHGWKHVWXG\ GXHWRLQYHVWLJDWRU¶VGLVFUHWLRQ%DVHOLQH GHPRJUDSKLFV
DQGFKDUDFWHULVWLFVZHUHVLPLODUEHWZHHQWUHDWPHQWJURXSVDFURVV DOOGRVHFRKRUWV
6HYHQW\HLJKW VXEMHFWVUHFHLYHGWKHSUHVSHFLILHGGRVHLQTXDUDQWLQHV *6 Q 
SODFHER Q 2IWKHVHVXEMHFWVZHUHGRFXPHQWHGWREH569SRVLWLYHSULRUWR
UDQGRPL]DWLRQDQGZHUHLQFOXGHGLQWKHSULPDU\DQGVHFRQGDU\DQDO\VHV*6 Q 
SODFHERQ $WRWDORIVXEMHFWVUHFHLYHG*6DFURVVDOOTXDUDQWLQHV
7UHDWPHQWZLWK*6UHVXOWHGLQWKHIROORZLQJ
3ULPDU\(QGSRLQW

7UHDWPHQWZLWK*6UHVXOWHGLQORZHUPHDQ$8&YLUDOORDGIURPLQLWLDOGRVHWKURXJK
HQGRITXDUDQWLQH9LUDOORDGZDVDVVHVVHGWZLFHGDLO\XVLQJQDVDOZDVKHV7KHPHDQ$8&RI
YLUDOORDGDVPHDVXUHGE\WKH57T3&5DVVD\IURPILUVWYLUDOORDGPHDVXUHPHQWSRVWLQLWLDO
GRVHRIVWXG\GUXJWKURXJK'D\ ZDVVLJQLILFDQWO\ORZHULQ*6VXEMHFWVFRPSDUHGWR
SODFHERVXEMHFWVǻ ORJ 3)8HKRXUP/ S
6HFRQGDU\(QGSRLQWV

7UHDWPHQWZLWK*6UHVXOWHG LQORZHUPHDQ$8&YLUDOORDGGXULQJWKHHQWLUHTXDUDQWLQH
SHULRG7KHPHDQ$8&RIYLUDOORDGSRVWFKDOOHQJHWKURXJK6WXG\'D\ DVPHDVXUHGE\
WKH57T3&5DVVD\ZDVVLJQLILFDQWO\ORZHULQ*6VXEMHFWVFRPSDUHGWRSODFHER
VXEMHFWVǻ ORJ 3)8HKRXUP/S 

7UHDWPHQWZLWK*6UHVXOWHGLQORZHUPHDQWRWDOPXFXVZHLJKWGXULQJGRVLQJ7KH
DYHUDJHZHLJKWRIHDFKXQXVHGWLVVXHZDVGHWHUPLQHGSULRUWRVWDUWRIVWXG\7KHGDLO\PXFXV
ZHLJKWZDVFDOFXODWHGE\ILUVWFRXQWLQJWKHQXPEHURIWLVVXHVXVHGHDFKGD\WKHQVXEWUDFWLQJ
WKHWRWDOZHLJKWRIWKHVHWLVVXHVXQXVHGIURPWKHGDLO\WRWDOZHLJKWRIXVHGWLVVXHV7KH
PHDQWRWDOZHLJKWRIPXFXVSURGXFHGSRVWLQLWLDOGRVHRIVWXG\GUXJWKURXJKWKHGRVHZDV
VLJQLILFDQWO\ORZHULQWKH*6VXEMHFWVFRPSDUHGWRSODFHERVXEMHFWV
ǻ  J S 


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

7UHDWPHQWZLWK*6UHVXOWHGLQDORZHUPHDQ$8&RIFKDQJHIURP%DVHOLQH LQWRWDO
V\PSWRPVFRUHGXULQJWKHHQWLUHTXDUDQWLQHSHULRG7HQV\PSWRPVUXQQ\QRVHVWXII\QRVH
VQHH]LQJVRUHWKURDWHDUDFKHPDODLVH>WLUHGQHVV@FRXJKVKRUWQHVVRIEUHDWKKHDGDFKHDQG
PXVFOHDQGRUMRLQWDFKHZHUHHDFKVFRUHGIURPQRV\PSWRPVWRTXLWHERWKHUVRPH
PRVWDOORIWKHWLPH 7RWDOV\PSWRPVFRUHV  ZHUHWKHDYHUDJHVFRUHRITXHVWLRQV
DQVZHUHGE\HDFKVXEMHFWPXOWLSOLHGE\ 7KHPHDQ$8&RIFKDQJHIURP%DVHOLQH LQWRWDO
V\PSWRPVFRUHSRVWLQLWLDOGRVHRIVWXG\GUXJWKURXJK6WXG\'D\ ZDVVLJQLILFDQWO\ORZHU
LQWKH*6VXEMHFWVFRPSDUHGWRSODFHERVXEMHFWVǻ VFRUHKRXUS 7KH
WRWDOV\PSWRPVVFRUH$8&ZDVDOVRVLJQLILFDQWO\ORZHUIRU*6WUHDWHGVXEMHFWV
,QHDFKRIWKH DGDSWLYHTXDUDQWLQHV VWDWLVWLFDOO\VLJQLILFDQWUHVXOWVZHUHDOVRDFKLHYHGLQWKH
SULPDU\HQGSRLQWDQGHDFKRIWKHVHFRQGDU\HQGSRLQWVGHVFULEHGDERYHZLWKWKHH[FHSWLRQRID
UHGXFWLRQLQPHDQWRWDOPXFXVZHLJKW LQ4XDUDQWLQH,QDGGLWLRQDQH[SRVXUHUHVSRQVHHIIHFW
ZDVQRWHG
1RVXEMHFWH[SHULHQFHGDVHULRXV$($OO$(VZHUHPLOGRUPRGHUDWH*UDGHRU LQVHYHULW\
H[FHSWIRUWKUHH*UDGH$(VH[SHULHQFHGE\ SODFHERWUHDWHGVXEMHFWLQFUHDVHG EORRGODFWDWH
GHK\GURJHQDVHDODQLQHDPLQRWUDQVIHUDVH>$/7@DQGDVSDUWDWHDPLQRWUDQVIHUDVH>$67@*UDGH 
SXOPRQDU\IXQFWLRQGHFUHDVHFKDQJHZDVWKHRQO\WUHDWPHQWUHODWHG$(H[SHULHQFHGE\
! VXEMHFWVLQHLWKHUWUHDWPHQWJURXS*6Q SODFHERQ &KDQJHV
LQFOLQLFDOODERUDWRU\YDOXHVZHUH*UDGHRULQ VHYHULW\H[FHSWIRURQH*UDGH YDOXH
LQFUHDVHG$67UHSRUWHGIRUSODFHERWUHDWHGVXEMHFWGHVFULEHGDERYH(OHYDWHG$/7 ZDVPRUH
FRPPRQO\UHSRUWHGDPRQJ*6WUHDWHGVXEMHFWV*6SODFHEREXW
HOHYDWHG$67ZDVOHVVFRPPRQO\UHSRUWHG*6SODFHER /RZQHXWURSKLO
FRXQWZDVUHSRUWHGDV*UDGH  LQVXEMHFWVUHFHLYHGSODFHERDQG*UDGHLQ VXEMHFWV
 UHFHLYHGSODFHER$PRQJWKHVXEMHFWVZKRH[SHULHQFHGD*UDGHORZQHXWURSKLOFRXQWDQG
UHFHLYHG*6KDGD*UDGH ORZQHXWURSKLOFRXQWDW6FUHHQLQJ&OLQLFDOO\UHOHYDQW
FKDQJHVLQYLWDOVLJQV RU (&*V ZHUHQRWREVHUYHG

5DWLRQDOHIRU7KLV6WXG\
7KHUHLVDVLJQLILFDQWXQPHWPHGLFDOQHHGIRUDVDIHFRQYHQLHQWDQGHIIHFWLYHWUHDWPHQWIRU569
LQIHFWLRQ7KHRQO\DSSURYHGDQWLYLUDOWKHUDS\IRU569ULEDYDULQLVDSSURYHGIRUXVH LQ
SHGLDWULFSRSXODWLRQV RQO\EXWLVUDUHO\XVHGLQFOLQLFDOSUDFWLFH GXHWRLWVOLPLWHGHIILFDF\DQG
FRQFHUQLQJVDIHW\SURILOH7KHUHLVQRDSSURYHGDQWLYLUDOWKHUDS\IRU569LQIHFWLRQDPRQJ+&7
UHFLSLHQWVZKHUHWKHFXUUHQWVWDQGDUGRIFDUHLVVXSSRUWLYH
7KLVVWXG\IROORZVD3KDVH),+VWXG\*686DQGD3KDVHD569FKDOOHQJHVWXG\
*686ZKLFKHYDOXDWHGWKHVDIHW\WROHUDELOLW\DQG3.RIVLQJOHDQGPXOWLSOHGRVHV
RI*6LQKHDOWK\DGXOWYROXQWHHUV,Q6WXG\*686*6ZDVVKRZQWR
EHHIILFDFLRXVLQUHGXFLQJ569YLUDOORDGDQGFOLQLFDOV\PSWRPVLQKHDOWK\DGXOWVXEMHFWV
H[SHULPHQWDOO\LQIHFWHGZLWK569
*LYHQWKHVHUHVXOWVIURPKHDOWK\DGXOWYROXQWHHUVVWXGLHGLQDFRQWUROOHGVHWWLQJWKHFXUUHQWVWXG\
LVGHVLJQHGWRHYDOXDWHWKHVDIHW\WROHUDELOLW\3.DQGHIILFDF\ RI*6DPRQJ+&7SDWLHQWV
ZLWKDQ569UHODWHG857,6DIHW\DQGHIILFDF\GDWDJHQHUDWHGIURPWKLVVWXG\WDNHQWRJHWKHU
ZLWKFXUUHQWO\DYDLODEOHGDWDZLOOEHXVHGWRVXSSRUWIXUWKHUFOLQLFDOGHYHORSPHQWRI*6LQ
SHGLDWULFDQGDGXOWSDWLHQWVLQIHFWHGZLWK569


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

'RVH5DWLRQDOH
7KHGRVHDQGDGPLQLVWUDWLRQ VFKHGXOHVHOHFWHGIRUWKLVVWXG\LVDVLQJOHGRVHRIPJ*6
DGPLQLVWHUHGRUDOO\LQWKHIDVWHGVWDWHRQ'D\VDQG7KLVUHJLPHQZDVVHOHFWHG
EDVHGXSRQWKH3.FKDUDFWHULVWLFVRI*6DQGWKHSKDUPDFRNLQHWLFSKDUPDFRG\QDPLF
3.3' UHODWLRQVKLSHVWDEOLVKHGLQWKHDQWLYLUDOHIIHFWVWXG\ZLWKGLIIHUHQWGRVHVUHJLPHQVLQ
6WXG\*686
,Q6WXG\*686DGD\WUHDWPHQWUHJLPHQRI*6PJVLQJOHGRVHRQ
'RVH 'D\ IROORZHGE\PJRQFHGDLO\RQ'RVH'D\VWKURXJKUHVXOWHGLQDVLJQLILFDQW
UHGXFWLRQLQ569YLUDOORDG7KHPHDQ$8&RI 569 YLUDOORDGDVPHDVXUHGE\WKH57T3&5
DVVD\IURPILUVWYLUDOORDGPHDVXUHPHQWSRVWLQLWLDOGRVHRIVWXG\GUXJWKURXJKHQGRITXDUDQWLQH
'D\ ZDVVLJQLILFDQWO\ORZHULQ*6VXEMHFWVFRPSDUHGWRSODFHERVXEMHFWV
ǻ  ORJ 3)8HKRXUP/S7KLVGD\UHJLPHQZDVDEOHWRDFKLHYH*6
WURXJKFRQFHQWUDWLRQVaIROGRISD(& QJP/ IRUXSWRKRXUVIROORZLQJGRVH
LQLWLDWLRQ IRUWKHYLUXVXVHGLQWKHFKDOOHQJHVWXG\WKH0VWUDLQRI569
,QVHOHFWLQJWKHGRVHIRUWKHFXUUHQWVWXG\WKHJRDOZDVWRDFKLHYH*6WURXJK
FRQFHQWUDWLRQV DERYHIROGRISD(& IRUPRVWRIWKHFOLQLFDO569LVRODWHVIRUWKHGXUDWLRQRI
569VKHGGLQJLQ+&7SDWLHQWV/RQJLWXGLQDOYLUDOG\QDPLFVGDWDIURPLQYHVWLJDWRUVDWDQ
DFDGHPLF+&7 FHQWHU DOVR LQGLFDWHWKDWWKHPDMRULW\RI+&7SDWLHQWVVKHG569IRUGD\VEXW
VRPHPD\VKHGIRUDVORQJDVGD\VXQSXEOLVKHG,QDGGLWLRQUHFHQWVWXGLHVLQGLFDWHWKDWWKH
PHDQWLPH WRSURJUHVVLRQRI857,WR/57,LVGD\VZLWKRI VXEMHFWVSURJUHVVLQJZLWKLQ
 GD\VDIWHUSUHVHQWLQJZLWKD857,^` ^`7KHUHIRUHDWRWDORI GRVHVRI*6
 PJHDFKGRVHHYHU\GD\VLVH[SHFWHGWRSURYLGH!IROGSD(& FRYHUDJHIRU
a RI  ZLOGW\SHFOLQLFDO569LVRODWHVWKURXJK'D\ZKLFKLVH[SHFWHGWRUHVXOWLQ
VLJQLILFDQWGXUDEOHDQWLYLUDOHIIHFW

&RPSOLDQFH
7KLVVWXG\ZLOOEHFRQGXFWHGLQFRPSOLDQFHZLWKWKLVSURWRFRO*RRG&OLQLFDO 3UDFWLFH*&3
DQGDOODSSOLFDEOHUHJXODWRU\UHTXLUHPHQWV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

2%-(&7,9(6
7KHSULPDU\REMHFWLYHRIWKLVVWXG\LV

7RHYDOXDWHWKHHIIHFW RI*6RQ569YLUDOORDGLQ569SRVLWLYHDXWRORJRXVRU
DOORJHQHLF+&7UHFLSLHQWVZLWKDFXWH857, V\PSWRPV
7KHVHFRQGDU\REMHFWLYHVRIWKLVVWXG\DUH

7RHYDOXDWHWKHHIIHFWRI*6RQ GHYHORSPHQWRI /57& SURJUHVVLRQWRUHVSLUDWRU\
IDLOXUHDQGHIIHFWRQR[\JHQDWLRQ

7RHYDOXDWHWKH3.VDIHW\DQGWROHUDELOLW\RI*6






*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRUREVHUYDWLRQ,IYRPLWLQJRFFXUV
ZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHGWDEOHWVDUHSUHVHQWLQWKHYRPLWXV
WKHVXEMHFWVKRXOGUHFHLYHDQRWKHUGRVH,IDQRWKHUGRVHLVDGPLQLVWHUHGWKHVXEMHFWVKRXOG
UHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRUREVHUYDWLRQ
*6ZLOOEHSURYLGHG DVZKLWHSODLQIDFHGILOPFRDWHGURXQGWDEOHWVFRQWDLQLQJ PJ
*6 PJ*6ELVK\GURFKORULGHVDOWGLK\GUDWHIRUPRI*63ODFHERWR
0DWFKZLOOEHSURYLGHGDVZKLWHSODLQIDFHGILOPFRDWHGURXQGWDEOHWVFRQWDLQLQJQR*6
7KHH[SHFWHGGXUDWLRQRIVXEMHFWSDUWLFLSDWLRQLVDSSUR[LPDWHO\PRQWKWRLQFOXGH6FUHHQLQJ
WKURXJKWKHILQDOYLVLWRQ'D\

'XUDWLRQRI7UHDWPHQW
7KHWUHDWPHQWSRUWLRQRIWKHVWXG\LV GD\V DWRWDORIGRVHVDGPLQLVWHUHGDVVLQJOHGRVHVRQ
'D\V  DQG

'LVFRQWLQXDWLRQ&ULWHULD
5HDVRQVIRU SRWHQWLDO SUHPDWXUHGLVFRQWLQXDWLRQIURP ,03GRVLQJ LQFOXGH

$Q\*UDGHRU$( RU6$(

,QWHUFXUUHQWLOOQHVVWKDWZRXOGLQWKHMXGJPHQWRIWKHLQYHVWLJDWRUDIIHFWWKHVXEMHFW¶VDELOLW\
WRUHFHLYH,03HJXQDEOHWRLQJHVWRUDOGRVH
,QWKHHYHQWWKDWDQ\ RIWKHDERYHFULWHULDDUHPHWWKH 3ULQFLSDO,QYHVWLJDWRU3, ZLOOUHYLHZWKH
FDVHLQGHWDLODQGGLVFXVVZLWKWKH*LOHDG 0HGLFDO0RQLWRUZKHWKHUWKHVXEMHFWVKRXOGEH
GLVFRQWLQXHGIURP,03 5HDVRQVIRUSUHPDWXUHGLVFRQWLQXDWLRQIURPWKH6WXG\LQFOXGH

6XEMHFWUHTXHVWWRGLVFRQWLQXHIRUDQ\UHDVRQ

6XEMHFWQRQFRPSOLDQFH

3UHJQDQF\GXULQJWKHVWXG\UHIHUWR6HFWLRQ 

'LVFRQWLQXDWLRQRIWKHVWXG\DWWKHUHTXHVWRI*LOHDGDUHJXODWRU\DJHQF\RUDQ
LQVWLWXWLRQDO UHYLHZERDUGRULQGHSHQGHQWHWKLFVFRPPLWWHH,5%,(&
,IDVXEMHFWSUHPDWXUHO\GLVFRQWLQXHVIURP,03GRVLQJKHVKHZLOOUHPDLQRQVWXG\DQGZLOO
FRQWLQXHZLWKDOOVXEVHTXHQW6WXG\9LVLWVDQGDVVHVVPHQWVZLWKWKHH[FHSWLRQRI,03GRVLQJ
,IDVXEMHFWSUHPDWXUHO\GLVFRQWLQXHVIURPWKHVWXG\HYHU\DWWHPSWVKRXOGEHPDGHWREULQJWKH
VXEMHFWEDFNIRUWKH(DUO\7HUPLQDWLRQ SURFHGXUHV 6HH6HFWLRQ  IRUPRUHLQIRUPDWLRQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

6RXUFH'DWD
)RUWKHSXUSRVHVRIWKLVVWXG\VWXG\VSHFLILFTXHVWLRQQDLUHVLHUHVSLUDWRU\V\PSWRP
DVVHVVPHQWVDUHFRQVLGHUHGVRXUFHGRFXPHQWVDQGDUHWREHILOHGZLWKWKHVXEMHFW¶VPHGLFDORU
VWXG\UHFRUGV(OHFWURQLFGDWDLHGLDJQRVWLFPDFKLQHVWKDWWUDQVFULEHGDWDGLUHFWO\WRDGDWDEDVH
RUGDWDHQWHUHGGLUHFWO\LQWRDQ(OHFWURQLF0HGLFDO5HFRUGV\VWHPLVFRQVLGHUHGVRXUFHGDWD
SURYLGHGWKHGDWDLVQRWUHFRUGHGGLUHFWO\RQWKH&5)H&5)DQGSURYLGHGWKHUHLVDFOHDUDXGLW
WUDLOLQWKHHOHFWURQLFUHFRUGV7HPSODWHVRXUFHGRFXPHQWZRUNVKHHWVZLOOEHSUHSDUHGE\
*LOHDGDQGSURYLGHGWRVLWHVWRXVHDWWKHLUGLVFUHWLRQ,IVRXUFHGRFXPHQWZRUNVKHHWVDUHXVHG
WKH\DUHWREHNHSWZLWKWKHVXEMHFW¶VPHGLFDORUVWXG\UHFRUGV DVRULJLQDOVRXUFHGRFXPHQWV1R
GDWDZLOOEHUHFRUGHGGLUHFWO\RQWKH&5)H&5)DQGDQ\GDWDUHFRUGHGGLUHFWO\RQWKH
&5)H&5)ZLOOQRWEHFRQVLGHUHGVRXUFHGDWD


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

68%-(&73238/$7,21

1XPEHURI6XEMHFWVDQG6XEMHFW6HOHFWLRQ
7KHVXEMHFWSRSXODWLRQZLOOFRQVLVWRIDSSUR[LPDWHO\569SRVLWLYHPDOHVDQGIHPDOHV
 WR  \HDUVRIDJHZKRKDYHKDGDQDOORJHQHLFRUDXWRORJRXV+&7DQGKDYHGRFXPHQWHG
DFXWH569UHODWHG857,V\PSWRPVUHFUXLWHGIURPDSSUR[LPDWHO\FHQWHUVLQ$VLD 3DFLILF
$XVWUDOLD&DQDGD(XURSH6RXWK$PHULFD DQGWKH 8QLWHG6WDWHV

,QFOXVLRQ&ULWHULD
6XEMHFWVPXVWPHHWDOORIWKHIROORZLQJLQFOXVLRQFULWHULDWREHHOLJLEOHIRUSDUWLFLSDWLRQLQWKLV
VWXG\
 5HFHLYHGDQDXWRORJRXVRUDOORJHQHLF+&7XVLQJDQ\FRQGLWLRQLQJUHJLPHQ
 'RFXPHQWHGWREH569SRVLWLYHDVGHWHUPLQHGE\ORFDOWHVWLQJHJ3&5')$593 DVVD\
RUFXOWXUHXVLQJDQXSSHUUHVSLUDWRU\WUDFWVDPSOHFROOHFWHG GD\VSULRUWR'D\
 1HZRQVHWRIDWOHDVWRIWKHIROORZLQJUHVSLUDWRU\V\PSWRPVIRU   GD\V SULRUWR'D\ 
QDVDOFRQJHVWLRQUXQQ\QRVHFRXJKRUVRUHWKURDWRUZRUVHQLQJRIRQHRIWKHVHFKURQLF
UHVSLUDWRU\V\PSWRPV   GD\V SULRUWR'D\
 1RHYLGHQFHRIQHZDEQRUPDOLWLHVFRQVLVWHQWZLWK/57,RQDFKHVW;UD\UHODWLYHWRWKHPRVW
UHFHQWFKHVW;UD\DVGHWHUPLQHGE\WKHORFDOUDGLRORJLVW,IDFKHVW;UD\LVQRWDYDLODEOHRU
ZDVQRWREWDLQHGGXULQJVWDQGDUGFDUH KRXUV SULRUWR6FUHHQLQJDFKHVW;UD\PXVWEH
REWDLQHGIRU6FUHHQLQJ
 2 VDWXUDWLRQ  RQURRPDLU
 $QLQIRUPHGFRQVHQWGRFXPHQWVLJQHGDQGGDWHGE\WKHVXEMHFWRUDOHJDOJXDUGLDQRIWKH
VXEMHFWDQGWKHLQYHVWLJDWRURUKLVKHUGHVLJQHH
 $QHJDWLYHXULQH RUVHUXPSUHJQDQF\WHVWLVUHTXLUHGIRUIHPDOHVXEMHFWVXQOHVVVXUJLFDOO\
VWHULOHRUJUHDWHUWKDQWZR\HDUVSRVWPHQRSDXVDO
 0DOHDQGIHPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOPXVWDJUHHWRFRQWUDFHSWLYHUHTXLUHPHQWV
DVGHVFULEHGLQ$SSHQGL[ 
 :LOOLQJQHVVWRFRPSOHWHQHFHVVDU\VWXG\SURFHGXUHVDQGKDYHDYDLODEOHDZRUNLQJ
WHOHSKRQH RUHPDLO


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

([FOXVLRQ&ULWHULD
6XEMHFWVZKRPHHWDQ\ RIWKHIROORZLQJH[FOXVLRQFULWHULDDUHQRWWREHHQUROOHGLQWKLVVWXG\
5HODWHGWRFRQFRPLWDQWRUSUHYLRXVPHGLFDWLRQXVH
 8VHRI QRQPDUNHWHGDFFRUGLQJWRUHJLRQLQYHVWLJDWLRQDODJHQWVZLWKLQGD\V25 XVHRI
DQ\PRQRFORQDODQWL569DQWLERGLHVZLWKLQPRQWKVRU KDOIOLYHVRI6FUHHQLQJZKLFKHYHU
LVORQJHU25 XVHRIDQ\LQYHVWLJDWLRQDO569YDFFLQHVDIWHU+&7
 8VHRIDVWURQJF\WRFKURPH 3HQ]\PH&<3LQGXFHULQFOXGLQJEXWQRWOLPLWHGWR
ULIDPSLQ6W-RKQ¶V:RUWFDUEDPD]HSLQHDQGSKHQ\WRLQZLWKLQ ZHHNV SULRUWRWKHILUVW
GRVHRI,03
5HODWHGWRPHGLFDO KLVWRU\
 $GPLWWHGWRWKHKRVSLWDOSULPDULO\IRUDORZHUUHVSLUDWRU\WUDFWGLVHDVHRIDQ\FDXVHDV
GHWHUPLQHGE\WKHLQYHVWLJDWRU
 3UHJQDQWEUHDVWIHHGLQJRUODFWDWLQJIHPDOHV
 8QDEOHWRWROHUDWHQDVDOVDPSOLQJUHTXLUHGIRUWKLVVWXG\DVGHWHUPLQHGE\WKH LQYHVWLJDWRU
 .QRZQKLVWRU\RI+,9$,'6 ZLWKD&'FRXQWFHOOVȝ/ZLWKLQWKHODVWPRQWK
 +LVWRU\RIGUXJDQGRUDOFRKRODEXVHWKDWLQWKHRSLQLRQRIWKHLQYHVWLJDWRUPD\SUHYHQW
DGKHUHQFHWRVWXG\DFWLYLWLHV
5HODWHGWRPHGLFDOFRQGLWLRQDW6FUHHQLQJ
 $UHODSVHLQFOXGLQJPROHFXODUUHODSVHRIWKH XQGHUO\LQJGLVHDVHIRUZKLFKWKH\UHFHLYHGD
WUDQVSODQWDW6FUHHQLQJ
 'RFXPHQWHGWREHSRVLWLYHIRURWKHUUHVSLUDWRU\YLUXVHVOLPLWHGWRLQIOXHQ]DSDUDLQIOXHQ]D
KXPDQUKLQRYLUXVDGHQRYLUXVRUKXPDQPHWDSQHXPRYLUXVZLWKLQ GD\V SULRUWRWKH
6FUHHQLQJYLVLWDVGHWHUPLQHGE\ORFDOWHVWLQJDGGLWLRQDOWHVWLQJLVQRWUHTXLUHG
 &OLQLFDOO\VLJQLILFDQWEDFWHUHPLDRUIXQJHPLDZLWKLQGD\VSULRUWR6FUHHQLQJWKDWKDVQRW
EHHQDGHTXDWHO\WUHDWHGDVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 &OLQLFDOO\VLJQLILFDQWEDFWHULDOIXQJDORUYLUDOSQHXPRQLDZLWKLQ ZHHNVSULRUWR6FUHHQLQJ
WKDWKDVQRWEHHQDGHTXDWHO\WUHDWHGDVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 ([FHVVLYHQDXVHDYRPLWLQJDW6FUHHQLQJDVGHWHUPLQHGE\WKHLQYHVWLJDWRURUDQLQDELOLW\WR
VZDOORZSLOOVWKDWSUHFOXGHVRUDODGPLQLVWUDWLRQRIWKH ,03


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
 $Q\FRQGLWLRQZKLFKLQWKHRSLQLRQRIWKHLQYHVWLJDWRUZRXOGSUHYHQWIXOOSDUWLFLSDWLRQLQ
WKLVWULDORUZRXOGLQWHUIHUHZLWKWKHHYDOXDWLRQRIWKHWULDOHQGSRLQWV
5HODWHGWRDOOHUJLHV
 .QRZQK\SHUVHQVLWLYLW\RU DOOHUJ\WR WKH,03LWVPHWDEROLWHVRUIRUPXODWLRQH[FLSLHQWV
PLFURFU\VWDOOLQHFHOOXORVHPDQQLWROFURVFDUPHOORVHVRGLXPPDJQHVLXPVWHDUDWH
SRO\YLQ\O DOFRKROWLWDQLXPGLR[LGHSRO\HWK\OHQHJO\FRODQGWDOF
 $OOHUJ\WRVXOIDGUXJV
5HODWHGWRODERUDWRU\UHVXOWV
 &UHDWLQLQHFOHDUDQFHP/PLQ FDOFXODWHGXVLQJWKH&RFNFURIW*DXOWPHWKRG
 $67$/7![8/1
 7RWDOELOLUXELQ![8/1


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

,19(67,*$7,21$/0(',&,1$/352'8&76

5DQGRPL]DWLRQ%OLQGLQJDQG7UHDWPHQW&RGHV
7KLVLVD UDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGPXOWLFHQWHU VWXG\(OLJLEOHVXEMHFWVZLOO
EHVWUDWLILHGE\WKHIROORZLQJIDFWRUV
 3UHVHQFHRUDEVHQFH RIO\PSKRSHQLDGHILQHGDVDO\PSKRF\WHFRXQW  FHOOV/ YHUVXV
  FHOOV/RIEORRG
 7UHDWPHQWRI569\HVRU QRZLWKULEDYLULQ RUDOLQWUDYHQRXVRUDHURVROL]HG
7UHDWPHQW RIFXUUHQW569LQIHFWLRQZLWKULEDYLULQZLOOEHGHILQHG DVGRVHRIULEDYLULQ
RUDO LQWUDYHQRXVRUDHURVROL]HGSULRUWRUDQGRPL]DWLRQRUZLWKZULWWHQRUGHUVIRUWKHLQLWLDWLRQ
RIWKHUDS\DWWKHWLPHRIUDQGRPL]DWLRQ6XEMHFWVZLOOEHUDQGRPL]HGLQDUDWLRWRUHFHLYH
,03*6RUPDWFKLQJSODFHER
$VVLJQPHQWWRVWXG\WUHDWPHQWZLOOEHEOLQGHGWRWKHVWXG\VXEMHFWVLQYHVWLJDWLRQDOVLWH
SHUVRQQHOVWXG\YHQGRUVDQGWKH6SRQVRUH[FHSWIRUWKHGHOHJDWHGSHUVRQQHOZKRZLOOUHYLHZ
DQGFKHFNWKHUDQGRPL]DWLRQDQGGUXJDOORFDWLRQIRUDFFXUDF\

3URFHGXUHVIRU%UHDNLQJ7UHDWPHQW&RGHV
,QWKHHYHQWRIDPHGLFDOHPHUJHQF\ZKHUHEUHDNLQJWKHEOLQGLVUHTXLUHGWRSURYLGHPHGLFDOFDUH
WRWKHVXEMHFWWKHLQYHVWLJDWRUPD\REWDLQWUHDWPHQWDVVLJQPHQWGLUHFWO\IURPWKH,;56V\VWHP
IRUWKDWVXEMHFW ,QWKHHYHQWRIWHFKQRORJ\IDLOXUHWKH3,PD\FDOOWKH,;56KHOSOLQH WRDFFHVV
WUHDWPHQWFRGHV *LOHDGUHFRPPHQGVEXWGRHVQRWUHTXLUHWKDWWKHLQYHVWLJDWRUFRQWDFWWKH
*LOHDG PHGLFDOPRQLWRUEHIRUHEUHDNLQJWKHEOLQG7UHDWPHQWDVVLJQPHQWVKRXOGUHPDLQEOLQGHG
XQOHVVWKDWNQRZOHGJHLVQHFHVVDU\WRGHWHUPLQHVXEMHFWHPHUJHQF\PHGLFDOFDUH7KHUDWLRQDOH
IRUXQEOLQGLQJPXVWEHFOHDUO\H[SODLQHGLQVRXUFHGRFXPHQWDWLRQDQGRQWKH
FDVH UHSRUW IRUP HOHFWURQLFFDVHUHSRUWIRUP&5)H&5)DORQJZLWKWKHGDWHRQZKLFKWKH
WUHDWPHQWDVVLJQPHQWZDVREWDLQHG 7KHLQYHVWLJDWRULVUHTXHVWHGWRFRQWDFWWKH
*LOHDG PHGLFDO PRQLWRUSURPSWO\LQFDVHRIDQ\WUHDWPHQWXQEOLQGLQJ 'HWDLOVRIXQEOLQGLQJZLOO
EHSURYLGHGLQWKHVWXG\VSHFLILF8QEOLQGLQJ3ODQ
%OLQGLQJRIVWXG\WUHDWPHQWLVFULWLFDOWRWKHLQWHJULW\RIWKLVFOLQLFDOWULDODQGWKHUHIRUHLID
VXEMHFW¶VWUHDWPHQWDVVLJQPHQWLVGLVFORVHGWRWKHLQYHVWLJDWRUWKHVXEMHFWZLOOKDYHVWXG\
WUHDWPHQWGLVFRQWLQXHG$OOVXEMHFWVZLOOEHIROORZHGXQWLOVWXG\FRPSOHWLRQXQOHVVFRQVHQWWRGR
VRLVVSHFLILFDOO\ZLWKGUDZQE\WKHVXEMHFW
*LOHDG 'UXJ6DIHW\DQG3XEOLF+HDOWK'63+PD\LQGHSHQGHQWO\XQEOLQGFDVHVIRUH[SHGLWHG
UHSRUWLQJRIVXVSHFWHGXQH[SHFWHGVHULRXVDGYHUVHUHDFWLRQV686$5V


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

'HVFULSWLRQDQG+DQGOLQJRI*6

)RUPXODWLRQ
*6ZLOOEHVXSSOLHGDVZKLWHSODLQIDFHGILOPFRDWHGURXQGWDEOHWVFRQWDLQLQJ PJ
*6 PJ*6ELVK\GURFKORULGHVDOWGLK\GUDWHIRUPRI*6,QDGGLWLRQWR
WKHDFWLYHLQJUHGLHQW*6WDEOHWVFRQWDLQWKHIROORZLQJLQDFWLYHLQJUHGLHQWV
PLFURFU\VWDOOLQHFHOOXORVHPDQQLWROFURVFDUPHOORVHVRGLXPPDJQHVLXPVWHDUDWH
SRO\YLQ\O DOFRKROWLWDQLXPGLR[LGHSRO\HWK\OHQHJO\FRODQGWDOFZKLFKDUHFRPPRQ
SKDUPDFHXWLFDOH[FLSLHQWV
7KHVXSSOLHGPDWFKLQJSODFHERWDEOHWVDUHLGHQWLFDOLQSK\VLFDODSSHDUDQFHWRWKH  PJ
*6WDEOHWVDQGFRQWDLQWKHVDPH LQDFWLYHLQJUHGLHQWV

3DFNDJLQJDQG/DEHOLQJ
*6WDEOHWVDQGPDWFKLQJSODFHERDUHSDFNDJHGLQZKLWHKLJKGHQVLW\SRO\HWK\OHQH +'3(
ERWWOHVZLWKGHVLFFDQWDQGSRO\HVWHUILEHUFRLO(DFKERWWOHFRQWDLQV WDEOHWVDQGLVFDSSHGZLWKD
ZKLWHFRQWLQXRXVWKUHDGFKLOGUHVLVWDQWSRO\SURS\OHQHVFUHZFDSILWWHGZLWKDQLQGXFWLRQVHDOHG
DOXPLQXPIDFHGOLQHU
$OOODEHOVIRU,03 GLVWULEXWHGWRLQYHVWLJDWLYHVLWHVLQWKH86DQGWKHUHVWRIZRUOG52:ZLOO
PHHWDOODSSOLFDEOHUHTXLUHPHQWVRIWKH86)RRGDQG'UXJ$GPLQLVWUDWLRQ)'$
WKH (8 $QQH[ RI*RRG0DQXIDFWXULQJ3UDFWLFHV0DQXIDFWXUHRILQYHVWLJDWLRQDOPHGLFLQDO
SURGXFWV-XO\ DQGRURWKHUORFDOUHJXODWLRQVDVDSSOLFDEOH

6WRUDJHDQG+DQGOLQJ
6XIILFLHQWTXDQWLWLHVRI*6WDEOHWVDQGPDWFKLQJSODFHERZLOOEHVKLSSHGWRWKH LQYHVWLJDWRU
RUTXDOLILHGGHVLJQHHIURP*LOHDG6FLHQFHV0DWHULDOV	/RJLVWLFVRULWV GHVLJQHH
*6WDEOHWVVKRXOGEHVWRUHGDWFRQWUROOHGURRPWHPSHUDWXUHRI & )H[FXUVLRQVDUH
SHUPLWWHGEHWZHHQ &DQG & )DQG ) 6WRUDJHFRQGLWLRQVDUHVSHFLILHGRQWKH
ODEHO8QWLOGLVSHQVHGWRWKHVXEMHFWVDOOERWWOHVRI,03 VKRXOGEHVWRUHGLQDVHFXUHO\ORFNHG
DUHDDFFHVVLEOHRQO\WRDXWKRUL]HGVLWHSHUVRQQHO7KHVWXG\FHQWHUZLOOEHUHTXLUHGWRPDLQWDLQD
ORJRIGDLO\WHPSHUDWXUHUHDGLQJVLQWKHVWRUDJHDUHDIRUWKHGXUDWLRQRIWKHVWXG\7RHQVXUHWKH
VWDELOLW\DQG SURSHULGHQWLILFDWLRQWKHGUXJSURGXFWVZLOO EHVWRUHGLQWKHFRQWDLQHUVLQZKLFK
WKH\ZHUHVXSSOLHGXQWLOXQLWVDUH GLVSHQVHGWR LQGLYLGXDOVXEMHFWVDWWKHVLWH

'RVDJHDQG$GPLQLVWUDWLRQRI*6
(OLJLEOHVXEMHFWVZLOOUHFHLYHDVLQJOHGRVHRIPJ *6RUSODFHER RQ'D\V 
DQG'RVHVZLOOEHDGPLQLVWHUHGZLWKZDWHUDIWHUWKHVXEMHFWKDVIDVWHGIRUDWOHDVW KRXUV
ZLWKH[FHSWLRQRIFOHDUOLTXLGV DQGPHGLFDWLRQV7KHHQWLUHGRVHPXVWEHWDNHQZLWKLQ KRXU
6XEMHFWVZLOOUHPDLQLQDIDVWLQJFRQGLWLRQIRUDWOHDVW KRXUDIWHUGRVLQJ,03LVWREHGLVSHQVHG
ZLWKJORYHV7DEOHWVDUHQRWWREHFUXVKHGVSOLWGLVVROYHGRUFKHZHG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRUREVHUYDWLRQ,IYRPLWLQJRFFXUV
ZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHGWDEOHWVDUHSUHVHQWLQWKHYRPLWXV
WKHVXEMHFWVKRXOGUHFHLYHDQRWKHUGRVH,IDQRWKHUGRVHLVDGPLQLVWHUHGWKHVXEMHFWVKRXOG
UHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRUREVHUYDWLRQ6XEMHFWVVKRXOGDYRLG
GLUHFW89H[SRVXUHIRUGD\VDIWHUUHFHLYLQJ,03

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV
*6KDVDORZV\VWHPLFFOHDUDQFHLQKXPDQVVRVLJQLILFDQWGUXJGUXJLQWHUDFWLRQVLQZKLFK
FRQFRPLWDQWO\DGPLQLVWHUHGGUXJVLQKLELWWKHPHWDEROLFFOHDUDQFHRI*6E\&<3 HQ]\PHV
DUHXQOLNHO\/RZOHYHOVRIPLQRU PHWDEROLWHVZHUHREVHUYHGLQWKHKXPDQPDVVEDODQFHVWXG\
*686LQGLFDWLQJWKDWPHWDEROLVPRI*6LVPHGLDWHGE\PXOWLSOHPLQRU
PHWDEROLFSDWKZD\VZLWKWKHOLNHO\DEVHQFHRIDVLQJOHGRPLQDQWSDWKZD\$VVXFKWKHQHWHIIHFW
RIVWURQJLQGXFWLRQRI  RU  SDWKZD\VE\DSRWHQW&<3LQGXFHULVXQFOHDU7KHUHIRUH
FRQFRPLWDQWDGPLQLVWUDWLRQRIVWURQJ &<3LQGXFHUV^` LQFOXGLQJEXWQRWOLPLWHGWR
ULIDPSLQ6W-RKQ¶V:RUWFDUEDPD]HSLQHDQGSKHQ\WRLQLVH[FOXGHGWRDYRLGSRWHQWLDOGUXJ
UHVLVWDQFH
,QYLWUR*6LVDVXEVWUDWHRIWKHHIIOX[WUDQVSRUWHUV3JO\FRSURWHLQ3JSDQG
EUHDVW FDQFHU UHVLVWDQFHSURWHLQ%&53+RZHYHU*6H[KLELWVPRGHUDWHWRKLJK
ELRDYDLODELOLW\LQQRQFOLQLFDOVSHFLHVDQGDSSUR[LPDWHO\GRVHSURSRUWLRQDOLQFUHDVHLQH[SRVXUHV
IROORZLQJVLQJOHPJWRPJRUPXOWLSOHWRPJRQFHGDLO\RUDODGPLQLVWUDWLRQVLQ
KHDOWK\DGXOWVFRQVLVWHQWZLWKLWVKLJKVROXELOLW\DQGKLJKPHPEUDQHSHUPHDELOLW\7KHUHIRUH
WKHELRDYDLODELOLW\RI*6LVQRWH[SHFWHGWREHOLPLWHGE\3JSDQG%&53DFWLYLWLHVDQG
FOLQLFDOO\UHOHYDQWLQWHUDFWLRQVZLWK3JSDQG%&53LQKLELWRUVDUHQRWH[SHFWHG
,QYLWUR*6LVDVXEVWUDWHRIWKHKHSDWLFXSWDNHRUJDQLFDQLRQWUDQVSRUWHUSURWHLQV2$73
2$73%DQG2$73%&OLQLFDOO\VLQJOHGRVHVRI*6KDYHEHHQZHOOWROHUDWHGXSWR
 PJ&PD[DQG$8&aDQGaIROGRIPJUHVSHFWLYHO\LQKHDOWK\YROXQWHHUV
*6H[SRVXUHVPD\EHLQFUHDVHGXSRQFRDGPLQLVWUDWLRQZLWK2$73LQKLELWRUV
HJ ULIDPSLQ F\FORVSRULQHDQGJHPILEUR]LO
*6PD\FDXVHFRQFHQWUDWLRQGHSHQGHQWLQKLELWLRQRIPXOWLGUXJDQGWR[LQH[WUXVLRQYLD
WUDQVSRUWHUV0$7(DQG0$7(.ZLWK,& YDOXHVRI DQGȝ0UHVSHFWLYHO\:KHQ
FRDGPLQLVWHUHGZLWKUHQDOO\HOLPLQDWHGFRQFRPLWDQWPHGLFDWLRQVLH ILOWUDWLRQ SOXV VHFUHWLRQ
*6PD\LQFUHDVHWKHH[SRVXUHVRIVXEVWUDWHVVHFUHWHGE\WKH0$7(VWUDQVSRUWHUVVXFKDV
JDQFLFORYLUDF\FORYLUOHYRIOR[DFLQPHWIRUPLQFDSWRSULOSURFDLQDPLGHIH[RIHQDGLQH
FLPHWLGLQHFHSKUDGLQHDQGFHSKDOH[LQ 'RVLQJDQGVDIHW\PRQLWRULQJVKRXOGEHFRQVLVWHQWZLWK
SUHVFULELQJLQIRUPDWLRQLQSDUWLFXODUIRUDJHQWVZKLFKUHTXLUHGRVHUHGXFWLRQVLQWKHVHWWLQJRI
UHQDOLPSDLUPHQW

$FFRXQWDELOLW\ IRU*6
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJDGHTXDWHDFFRXQWDELOLW\RIDOOXVHGDQGXQXVHG,03
ERWWOHV 7KLVLQFOXGHVDFNQRZOHGJHPHQWRIUHFHLSWRIHDFKVKLSPHQWRI,03
TXDQWLW\ DQG FRQGLWLRQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
*6 DFFRXQWDELOLW\UHFRUGVZLOOEHSURYLGHGWRHDFKVWXG\VLWHWR

5HFRUGWKHGDWHDQGTXDQWLW\RI,03 ERWWOHV UHFHLYHG

5HFRUGWKHGDWHVXEMHFWQXPEHUVXEMHFWLQLWLDOVWKH,03 ERWWOH QXPEHUGLVSHQVHG

5HFRUGWKHGDWHTXDQWLW\RIXVHGDQGXQXVHG,03 ERWWOHVUHWXUQHGDORQJZLWKWKHLQLWLDOVRI
WKHSHUVRQUHFRUGLQJWKHLQIRUPDWLRQ

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW 5HWXUQRU'LVSRVDO
$WWKHVLWHLQLWLDWLRQYLVLWRUILUVWPRQLWRULQJYLVLWWKHVWXG\PRQLWRUZLOOHYDOXDWHHDFKVWXG\
FHQWHU¶V,03GLVSRVDOSURFHGXUHVDQGSURYLGHDSSURSULDWHLQVWUXFWLRQIRUUHWXUQRUGHVWUXFWLRQRI
XQXVHG,03VXSSOLHV,IWKHVLWHKDVDQDSSURSULDWH6WDQGDUG2SHUDWLQJ3URFHGXUH623IRUGUXJ
GHVWUXFWLRQ DVUHYLHZHGDQGDSSURYHGE\*6,WKHVLWHPD\GHVWUR\XVHGDQGXQXVHG,03
VXSSOLHVSHUIRUPHGLQDFFRUGDQFHZLWK WKHVLWH¶VKRVSLWDOSKDUPDF\623 DIWHUUHFRQFLOLDWLRQ
KDVEHHQFRPSOHWHGE\WKHVLWHPRQLWRU,IWKHVLWHGRHVQRWKDYHDFFHSWDEOHSURFHGXUHVLQSODFH
IRUGUXJGHVWUXFWLRQDUUDQJHPHQWVZLOOEHPDGHEHWZHHQWKHVLWHDQG*6, RU *6, UHSUHVHQWDWLYH
IRUUHWXUQRIXQXVHG,03VXSSOLHV$FRS\RIWKHVLWH¶V623ZLOOEHREWDLQHGIRUFHQWUDOILOHV
:KHUHSRVVLEOH,03ZLOOEHGHVWUR\HGDWWKHVLWH
8SRQVWXG\FRPSOHWLRQDFRS\RIWKH,QYHVWLJDWLRQDO'UXJ$FFRXQWDELOLW\UHFRUGVPXVWEHILOHG
DWWKHVLWH$QRWKHUFRS\ZLOOEHUHWXUQHGWR*6,,IGUXJLVGHVWUR\HGRQVLWHWKHLQYHVWLJDWRU
PXVWPDLQWDLQDFFXUDWHUHFRUGVIRUDOO,03GHVWUR\HG5HFRUGVPXVWVKRZWKHLGHQWLILFDWLRQDQG
TXDQWLW\RIHDFKXQLWGHVWUR\HGWKHPHWKRGRIGHVWUXFWLRQDQGSHUVRQZKRGLVSRVHGRIWKHGUXJ
$OO,03UHFRUGVPXVWEHPDLQWDLQHGDWWKHVLWHDQGFRSLHVPXVWEHVXEPLWWHGWR*6,DWWKHHQGRI
WKHVWXG\


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

678'<352&('85(6
7KHVWXG\SURFHGXUHVWREHFRQGXFWHGIRUHDFKVXEMHFWHQUROOHGLQWKHVWXG\DUHSUHVHQWHGLQ
WDEXODUIRUPLQ$SSHQGL[  DQGGHVFULEHGLQWKHWH[WWKDWIROORZV$GGLWLRQDOLQIRUPDWLRQLV
SURYLGHGLQWKHVWXG\SURFHGXUHVPDQXDO
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKHVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKH
SURFHGXUHVDQGHYDOXDWLRQVGHVFULEHGLQWKLVSURWRFRO,QYHVWLJDWRUVPXVWGRFXPHQWDQ\GHYLDWLRQ
RUGHSDUWXUHIURPSURWRFROSURFHGXUHVUHJDUGOHVVRIFDXVDOLW\DQGQRWLI\WKHVSRQVRURUFRQWUDFW
UHVHDUFKRUJDQL]DWLRQ&52

6XEMHFW(QUROOPHQWDQG7UHDWPHQW$VVLJQPHQW

9LVLW6FUHHQLQJ9LVLW 'D\
9LVLW PXVWEHSHUIRUPHG LQFOLQLF RULQKRVSLWDO 7KH3ULQFLSDO,QYHVWLJDWRURUDPHGLFDOO\
TXDOLILHG6XE,QYHVWLJDWRUHJ0''2RUQXUVHSUDFWLWLRQHUPXVWUHYLHZDQGGLVFXVVWKHVWXG\
ZLWKHDFK VXEMHFWSULRUWRFRQVHQW$OO6FUHHQLQJ9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGDIWHU
REWDLQLQJZULWWHQFRQVHQW$OO6FUHHQLQJODEVDQGSURFHGXUHVZLOOEHSHUIRUPHGORFDOO\DQG
UHVXOWVZLOOEHUHYLHZHGE\WKHLQYHVWLJDWRUSULRUWR,03DGPLQLVWUDWLRQ
7KHIROORZLQJSURFHGXUHVZLOOEHFRPSOHWHGDW6FUHHQLQJ

2EWDLQZULWWHQLQIRUPHGFRQVHQW

&ROOHFWLRQRI0HGLFDO+LVWRU\DQG'HPRJUDSKLFV

5HYLHZRIFRQFRPLWDQWPHGLFDWLRQV

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

+HLJKWDQGZHLJKW

2VDWXUDWLRQRQURRPDLU

&KHVW;UD\ FKHVW;UD\VREWDLQHG KRXUV SULRUWR6FUHHQLQJPD\EHXVHG

%ORRGGUDZ IRUVFUHHQLQJODEV ODEVREWDLQHGGD\VSULRUWR6FUHHQLQJPD\EHXVHG
&UHDWLQLQHFOHDUDQFH FDOFXODWHGXVLQJWKH&RFNURIW*DXOWPHWKRG
$67$/7
7RWDOELOLUXELQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

8ULQHRUVHUXPSUHJQDQF\WHVWIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\
DQGRUELODWHUDORRSKRUHFWRP\

5HFRUGDQ\6$(V DQGDOO$(V UHODWHGWRSURWRFROPDQGDWHGSURFHGXUHVRFFXUULQJDIWHU
VLJQLQJRIWKHFRQVHQWIRUP
6XEMHFWVPHHWLQJDOORIWKHLQFOXVLRQFULWHULDDQGQRQHRIWKHH[FOXVLRQFULWHULDZLOOUHWXUQWRWKH
FOLQLFDIWHUVFUHHQLQJIRUUDQGRPL]DWLRQLQWRWKHVWXG\ 6XEMHFWVPXVWFRQWLQXHWRPHHWDOO
LQFOXVLRQFULWHULDDQGQRQHRIWKHH[FOXVLRQFULWHULDDWWKHWLPHRIUDQGRPL]DWLRQ,IDOOODEUHVXOWV
DQGSURFHGXUHVDUHDYDLODEOHDQGVDWLVI\WKHLQFOXVLRQH[FOXVLRQFULWHULD6FUHHQLQJDQG
9LVLW  'D\ PD\RFFXURQWKHVDPHGD\
)URPWKHWLPHRIREWDLQLQJLQIRUPHGFRQVHQWWKURXJKWKHILUVWDGPLQLVWUDWLRQRI,03UHFRUGDOO
6$(VDVZHOODVDQ\$(V UHODWHGWRSURWRFROPDQGDWHGSURFHGXUHVRQWKH$(FDVHUHSRUWIRUP
H&5)$OORWKHUXQWRZDUGPHGLFDORFFXUUHQFHVREVHUYHGGXULQJWKH6FUHHQLQJSHULRG
LQFOXGLQJH[DFHUEDWLRQRUFKDQJHVLQPHGLFDOKLVWRU\ DUHWREHFDSWXUHGRQWKHPHGLFDOKLVWRU\
H&5) 6HH6HFWLRQ  $GYHUVH(YHQWVDQG7R[LFLW\0DQDJHPHQWIRUDGGLWLRQDOGHWDLOV

9LVLW%DVHOLQH $VVHVVPHQWV5DQGRPL]DWLRQ DQG7UHDWPHQW$VVHVVPHQWV
'D\

%DVHOLQH$VVHVVPHQWV
9LVLWPXVWEHSHUIRUPHGLQFOLQLF RULQKRVSLWDO DQG VKRXOG RFFXUZLWKLQKRXUVRI
FRQILUPDWLRQRIWKHVXEMHFW¶VHOLJLELOLW\6DPSOHVDQGDVVHVVPHQWV SHUIRUPHGDW6FUHHQLQJ
9LVLW PD\QRWEHXVHGDV 9LVLW%DVHOLQHDVVHVVPHQWV%DVHOLQH 9LVLW DVVHVVPHQWVVKRXOG
EHSHUIRUPHGLQWKHIROORZLQJRUGHUDQGGRFXPHQWHGRQ'D\SULRUWR,03DGPLQLVWUDWLRQ

)/8352TXHVWLRQQDLUH

5HYLHZRIFRQFRPLWDQWPHGLFDWLRQVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQGQRQLQYDVLYHRI
DQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH/PLQIRU!KRXUV

:HLJKW

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

%ORRGGUDZ IRUFHQWUDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH :%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7DQGWRWDO
ELOLUXELQ
6HUXPDQWLERG\WLWHUWR569
569YLUHPLD


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

1DVDOVDPSOHV WRWDOIURPHDFK QRVWULO

8ULQHRUVHUXPSUHJQDQF\WHVWIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\
DQGRUELODWHUDORRSKRUHFWRP\

5DQGRPL]DWLRQ DQG7UHDWPHQW$VVHVVPHQWV'D\
$IWHUDOO%DVHOLQHDVVHVVPHQWVDUHFRPSOHWHHOLJLEOHVXEMHFWVZLOOEHUDQGRPL]HGYLD
,QWHUDFWLYH 9RLFH:HE5HVSRQVH6\VWHP,;56 DQG,03ZLOOEHDGPLQLVWHUHG
5DQGRPL]DWLRQWR*6RUSODFHERZLOOEHEDVHGRQDUDQGRPL]DWLRQVFKHGXOHSUHSDUHGE\
*LOHDGDQGRUGHVLJQHHEHIRUHWKHVWDUWRIWKHVWXG\6XEMHFWVPXVWFRQWLQXHWRVDWLVI\DOO
LQFOXVLRQH[FOXVLRQFULWHULDDWWKHWLPHRIUDQGRPL]DWLRQ3ULRUWRUDQGRPL]DWLRQHOLJLEOHVXEMHFWV
ZLOOEHVWUDWLILHGE\ WKHIROORZLQJ

3UHVHQFHRUDEVHQFHRIO\PSKRSHQLDGHILQHGDVDO\PSKRF\WHFRXQWFHOOV/YHUVXV
 FHOOV/RIEORRG

7UHDWPHQWRI569\HVRUQRZLWK ULEDYLULQ RUDOLQWUDYHQRXVRUDHURVROL]HG
7UHDWPHQW RIFXUUHQW569LQIHFWLRQZLWKULEDYLULQZLOOEHGHILQHG DVGRVHRIULEDYLULQ
RUDO LQWUDYHQRXVRUDHURVROL]HGSULRUWRUDQGRPL]DWLRQRUZLWKZULWWHQRUGHUVIRUWKHLQLWLDWLRQ
RIWKHUDS\ DWWKHWLPH RIUDQGRPL]DWLRQ6XEMHFWVZLOOEHUDQGRPL]HGLQDUDWLRWRUHFHLYH
,03*6RUPDWFKLQJSODFHER
6XEMHFWVZLOOUHFHLYHDGRVHRIPJIRXUPJWDEOHWVRI*6RUPDWFKLQJSODFHERDW
'D\ $OO,03ZLOOEHDGPLQLVWHUHGZLWKZDWHUDIWHUWKHVXEMHFWKDVEHHQIDVWLQJ
ZLWK H[FHSWLRQRIFOHDUOLTXLGVDQGPHGLFDWLRQVIRUDPLQLPXPRIKRXUV7KHHQWLUHGRVH
PXVWEHWDNHQZLWKLQKRXU6XEMHFWVZLOOUHPDLQLQDIDVWLQJFRQGLWLRQIRUKRXUSRVWGRVH
7DEOHWVDUHQRWWREHFUXVKHGFKHZHGVSOLWRUGLVVROYHGDQGVKRXOGDOZD\VEHGLVSHQVHGZLWK
JORYHV 6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRUREVHUYDWLRQ,IYRPLWLQJ
RFFXUVZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHGWDEOHWVDUHSUHVHQWLQWKH
YRPLWXVWKHVXEMHFWVKRXOG UHFHLYHDQRWKHU GRVH,IDQRWKHUGRVHLVDGPLQLVWHUHGWKHVXEMHFW
VKRXOGUHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRUREVHUYDWLRQ6XEMHFWV
VKRXOGDYRLGGLUHFW89H[SRVXUHIRUGD\VDIWHUUHFHLYLQJ,03
7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGDQGGRFXPHQWHGRQ'D\DIWHU,03DGPLQLVWUDWLRQ

3.VDPSOLQJDW DQGKRXUVSRVWGRVHIRU3.VXEJURXS VXEMHFWV

%ORRGGUDZIRUVHUXPFUHDWLQLQHDWKRXUVSRVWGRVHIRU3.VXEJURXSVXEMHFWV

5HYLHZRI$(V


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

9LVLW 'D\  KRXUV
)RUVXEMHFWVLQWKH3.VXEJURXS9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGLQWKHFOLQLF RULQ
KRVSLWDO)RUDOORWKHUVXEMHFWV9LVLWDVVHVVPHQWVPD\EHSHUIRUPHGDWWKHFOLQLFLQKRVSLWDO RU
DWWKHVXEMHFW¶VKRPHE\WKHVWXG\FRRUGLQDWRURUGHVLJQHH

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

3.VDPSOLQJ IRU3.VXEJURXSVXEMHFWVRQO\

9LVLW'D\KRXUV
9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGLQFOLQLF RULQKRVSLWDO DQGVKRXOG EHSHUIRUPHGLQWKH
IROORZLQJRUGHUDQGGRFXPHQWHGDOVRUHIHUWR$SSHQGL[ 6WXG\3URFHGXUHV7DEOH

)/8352TXHVWLRQQDLUH

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

:HLJKW

%ORRGGUDZ IRU FHQWUDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH :%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7DQG
WRWDO ELOLUXELQ
3.VDPSOLQJIRUDOOVXEMHFWVSUHGRVH
569YLUHPLD

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

8ULQHRUVHUXPSUHJQDQF\WHVWIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\
DQGRUELODWHUDORRSKRUHFWRP\

,03DGPLQLVWUDWLRQ

5HYLHZRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV,&8
DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWV
LH FKHVW UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQG
QRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH /PLQIRU!KRXUV
 6XEMHFWVZLOOUHFHLYHDVLQJOHGRVHRIPJIRXUPJWDEOHWVRI*6RUPDWFKLQJ
SODFHERDW'D\VDQG$OO,03ZLOOEHDGPLQLVWHUHGZLWKZDWHUDIWHUWKHVXEMHFWKDV
EHHQIDVWLQJIRUDPLQLPXPRIKRXUV ZLWKH[FHSWLRQRIFOHDUOLTXLGVDQGPHGLFDWLRQV7KH


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
HQWLUHGRVHPXVWEHWDNHQZLWKLQKRXU6XEMHFWVZLOOUHPDLQLQDIDVWLQJFRQGLWLRQIRU KRXU
SRVWGRVH7DEOHWVDUHQRWWREHFUXVKHGFKHZHGVSOLWRUGLVVROYHGDQGVKRXOGDOZD\VEH
GLVSHQVHGZLWKJORYHV6XEMHFWVZLOOUHPDLQ LQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRU
REVHUYDWLRQ,IYRPLWLQJRFFXUVZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHG
WDEOHWVDUHSUHVHQW LQWKHYRPLWXVWKHVXEMHFWVKRXOG UHFHLYHDQRWKHUGRVH,IDQRWKHUGRVHLV
DGPLQLVWHUHGWKHVXEMHFWVKRXOGUHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRU
REVHUYDWLRQ6XEMHFWVVKRXOGDYRLGGLUHFW89H[SRVXUHIRUGD\VDIWHUUHFHLYLQJ,03

9LVLW'D\KRXUV
9LVLWDVVHVVPHQWVPD\EHSHUIRUPHGLQ FOLQLFLQKRVSLWDO RUDWWKH VXEMHFW¶V KRPHE\WKHVWXG\
FRRUGLQDWRURUGHVLJQHH

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

9LVLWV'D\VDQGKRXUV
9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGLQFOLQLFRULQKRVSLWDODQGVKRXOG EHSHUIRUPHGLQWKH
IROORZLQJRUGHUDQGGRFXPHQWHGDWWKHVHYLVLWVDOVRUHIHUWR$SSHQGL[ 
6WXG\ 3URFHGXUHV 7DEOH

)/8352TXHVWLRQQDLUH 'D\RQO\

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

:HLJKW

%ORRGGUDZ IRUFHQWUDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH:%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7DQG
WRWDO ELOLUXELQ
3.VDPSOLQJ IRUDOOVXEMHFWVSUHGRVH'D\RQO\
569YLUHPLD

1DVDOVDPSOHVWRWDO IURPHDFK QRVWULO

8ULQHRUVHUXPSUHJQDQF\WHVWIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\
DQGRUELODWHUDORRSKRUHFWRP\

,03DGPLQLVWUDWLRQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

3.VDPSOLQJIRUDOOVXEMHFWVKRXUVSRVWGRVH'D\RQO\

%ORRGGUDZIRUVHUXPFUHDWLQLQHDWKRXUVSRVWGRVHIRU3.VXEJURXSVXEMHFWV'D\RQO\

5HYLHZRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV,&8
DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWV
LH FKHVW UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQG
QRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH /PLQIRU!KRXUV
 6XEMHFWVZLOOUHFHLYHDVLQJOHGRVHRIPJIRXUPJWDEOHWVRI*6RUPDWFKLQJ
SODFHERDW'D\VDQG$OO,03ZLOOEHDGPLQLVWHUHGZLWKZDWHUDIWHUWKHVXEMHFWKDV
EHHQIDVWLQJIRUDPLQLPXPRIKRXUV ZLWKH[FHSWLRQRIFOHDUOLTXLGVDQGPHGLFDWLRQV7KH
HQWLUHGRVHPXVWEHWDNHQZLWKLQKRXU6XEMHFWVZLOOUHPDLQLQDIDVWLQJFRQGLWLRQIRU KRXU
SRVWGRVH7DEOHWVDUHQRWWREHFUXVKHGFKHZHGVSOLWRUGLVVROYHGDQGVKRXOGDOZD\VEH
GLVSHQVHGZLWKJORYHV6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRU
REVHUYDWLRQ,IYRPLWLQJRFFXUVZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHG
WDEOHWVDUHSUHVHQW LQWKHYRPLWXVWKHVXEMHFWVKRXOG UHFHLYHDQRWKHUGRVH,IDQRWKHUGRVHLV
DGPLQLVWHUHGWKHVXEMHFWVKRXOGUHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRU
REVHUYDWLRQ6XEMHFWVVKRXOGDYRLGGLUHFW89 H[SRVXUHIRUGD\VDIWHUUHFHLYLQJ,03

9LVLW'D\KRXUV
9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGLQFOLQLF RULQKRVSLWDO DQGVKRXOG EHSHUIRUPHGLQWKH
IROORZLQJRUGHUDQGGRFXPHQWHGDOVRUHIHUWR$SSHQGL[ 6WXG\3URFHGXUHV7DEOH

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

:HLJKW

%ORRGGUDZ IRUFHQWUDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH:%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7DQG
WRWDO ELOLUXELQ
3.VDPSOLQJ IRUDOOVXEMHFWV
569YLUHPLD

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

2EWDLQVDPSOHIRUORFDO569WHVWLQJ UHIHUWR6HFWLRQ 




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

$VVHVVPHQWVIRU3UHPDWXUH'LVFRQWLQXDWLRQIURP,03GRVLQJDQG(DUO\
:LWKGUDZDO
5HDVRQVIRUSUHPDWXUHGLVFRQWLQXDWLRQIURP,03GRVLQJRUWKHVWXG\DUHRXWOLQHGLQ6HFWLRQ 

$VVHVVPHQWVIRU3UHPDWXUH'LVFRQWLQXDWLRQIURP,03$GPLQLVWUDWLRQ
,IDVXEMHFWSUHPDWXUHO\GLVFRQWLQXHV,03GRVLQJWKHVXEMHFWZLOO UHPDLQRQVWXG\DQGZLOO
FRQWLQXHZLWKDOOVXEVHTXHQWVWXG\YLVLWVDQGDVVHVVPHQWVWKURXJK9LVLW'D\(QGRI6WXG\
9LVLWZLWKWKHH[FHSWLRQRI,03DGPLQLVWUDWLRQ

$VVHVVPHQWVIRU(DUO\7HUPLQDWLRQ:LWKGUDZDO
(YHU\DWWHPSWVKRXOGEHPDGHWRNHHSVXEMHFWV LQWKHVWXG\DQGWRSHUIRUPWKHUHTXLUHG
VWXG\UHODWHGDQGIROORZXSSURFHGXUHV VHH6HFWLRQV  WKURXJK ,IWKLVLVQRWSRVVLEOHRU
DFFHSWDEOHWRWKHVXEMHFWRULQYHVWLJDWRUWKHVXEMHFWPD\EHZLWKGUDZQIURPWKHVWXG\
,IDVXEMHFWZLWKGUDZVHDUO\IURPWKHVWXG\IRUDQ\UHDVRQHYHU\DWWHPSWVKRXOGEHPDGHWR
EULQJWKHVXEMHFWEDFNWRWKHFOLQLFRUKRVSLWDOIRUWKHIROORZLQJHDUO\WHUPLQDWLRQDVVHVVPHQWV

)/8352TXHVWLRQQDLUH RQO\LIWKHVXEMHFWZLWKGUDZVSULRUWR9LVLW>'D\ @

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

:HLJKW

%ORRGVDPSOHFROOHFWLRQIRUFHQWUDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH:%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7DQGWRWDO
ELOLUXELQ
6HUXPDQWLERG\WLWHUWR569
569YLUHPLD
3.VDPSOLQJRQO\LIWKHVXEMHFWZLWKGUDZDOVSULRUWR9LVLW>'D\@

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

5HYLHZRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV,&8
DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWV
LH FKHVW UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQG
QRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2XVH /PLQ IRU!KRXUV




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

9LURORJ\DQG5HVLVWDQFH0RQLWRULQJ
7RDVVHVVWKHSRWHQWLDOIRUHPHUJHQFHRIUHVLVWDQFHWR*6SRSXODWLRQVHTXHQFLQJRIWKH
569)JHQHZLOOEHFRQGXFWHGRQHYDOXDEOHQDVDOVZDEVDPSOHVFROOHFWHGIURP*6DQG
SODFHERWUHDWHG569LQIHFWHGVXEMHFWVDFFRUGLQJWRWKH5HVLVWDQFH$QDO\VLV3ODQ,QDGGLWLRQDOO
VDPSOHVREWDLQHGIURPVXEMHFWVZKRKDGTXDQWLILDEOH56951$E\57T3&5DWWKHHQGRIWKH
VWXG\DQGDJ

3RSXODWLRQVHTXHQFLQJRIWKH569)JHQHZLOOEHFRQGXFWHGRQHYDOXDEOHQDVDOVZDE
VDPSOHVIURPDOO*6WUHDWHG569LQIHFWHGVXEMHFWVLQWKLVJURXS$Q\PXWDWLRQLQWKH
) JHQHLGHQWLILHGE\SRSXODWLRQVHTXHQFLQJLQ*6WUHDWHGVXEMHFWVUHODWLYHWRWKH
SUHWUHDWPHQWEDVHOLQHVHTXHQFHZLOOEHFKDUDFWHUL]HGSKHQRW\SLFDOO\IROORZLQJWKHLULQWURGXFWLRQ
LQWRZLOGW\SH569XVLQJDQHVWDEOLVKHGUHYHUVHJHQHWLFVV\VWHP7KHVXVFHSWLELOLW\RIWKH
) PXWDQWUHFRPELQDQWVWR*6ZLOOEHDVVHVVHGLQFHOOEDVHGDQWLYLUDOVXVFHSWLELOLW\DVVD\V
WRGHWHUPLQHZKHWKHUHDFKWUHDWPHQWHPHUJHQWPXWDWLRQ7(0FRQIHUVUHGXFHGVXVFHSWLELOLW\WR
WKHFRPSRXQG

)/83524XHVWLRQQDLUH
7KH)/8352ZLOOEHDGPLQLVWHUHGDIWHUFRQVHQWDQGSULRUWRDOORWKHUVWXG\SURFHGXUHV7KH
)/8352LVFXUUHQWO\EHLQJYDOLGDWHGIRUHYDOXDWLRQRIV\PSWRPVLQSDWLHQWVZKRDUHLQIHFWHG
ZLWKLQIOXHQ]D'XHWRWKHODFNRIYDOLGDWHGWRROVIRUHYDOXDWLRQRI569V\PSWRPVDQG
VLJQLILFDQWRYHUODSEHWZHHQ569V\PSWRPVDQGLQIOXHQ]DV\PSWRPVWKLVWRROZLOOEHXVHGWR
DVVHVVFKDQJHLQ569V\PSWRPVLQWKLVVWXG\$FRS\RIWKH)/8352TXHVWLRQQDLUHPD\EH
IRXQGLQWKH6WXG\3URFHGXUHV0DQXDO7KLVTXHVWLRQQDLUHZLOOEHFRPSOHWHGDW9LVLWV
DQG  'D\V DQG

9LWDO6LJQV
7KLVDVVHVVPHQWZLOO LQFOXGHERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWH DQGEORRGSUHVVXUH
7KHVXEMHFWLVUHTXLUHGWRVLWTXLHWO\ IRUDSSUR[LPDWHO\PLQXWHVSULRUWRREWDLQLQJ969LWDO
VLJQVZLOOEHFROOHFWHGDWDOOVWXG\YLVLWVZLWKWKHH[FHSWLRQRI9LVLWVDQG


2[\JHQ6DWXUDWLRQ
2[\JHQ2 VDWXUDWLRQDVVHVVPHQWZLOOEHJLQE\ILUVWDVNLQJWKHVXEMHFWWRVLWTXLHWO\IRU
 PLQXWH2VDWXUDWLRQZLOOEHUHFRUGHGZKLOHEUHDWKLQJURRPDLUHYHQLIWKHVXEMHFWLV
GHSHQGHQWRQ2 VXSSOHPHQWDWLRQ,IWKHVXEMHFWLVUHFHLYLQJVXSSOHPHQWDO2WKH2 VRXUFHPXVW
EHUHPRYHGIRUDSHULRGRIVHFRQGVSULRUWRWKLVDVVHVVPHQW7KLVVHFRQGSHULRGPD\EH
FRQGXFWHGZKLOHWKHVXEMHFWLVVLWWLQJTXLHWO\7KH2VDWXUDWLRQZLOO EHGRFXPHQWHG LQWKH
VRXUFH GRFXPHQWDWLRQ DWUHJXODULQWHUYDOVDSSUR[LPDWHO\HYHU\VHFRQGVGXULQJD PLQXWH
WHVWLQJSHULRG 2 VDWXUDWLRQHYDOXDWLRQZLOOEHFRQVLGHUHGFRPSOHWHZKHQWKHPLQXWHSHULRG
KDVHODSVHGRUZKHQWKHVXEMHFWDFKLHYHVDVDWXUDWLRQRIZKLFKHYHULVDFKLHYHGILUVW7KH
ORZHVW2VDWXUDWLRQ UHFRUGHGRYHUWKHPLQXWHLQWHUYDO ZLOO EHFDSWXUHGLQWKHH&5)
2 VDWXUDWLRQZLOOEHFROOHFWHGDWDOOVWXG\YLVLWV
PPD
PPD


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
6XEMHFWVUHTXLULQJLQYDVLYHPHFKDQLFDOYHQWLODWLRQZLOOQRWKDYH2 VDWXUDWLRQPHDVXUHGZKLOH
YHQWLODWHG,ILWLVGHWHUPLQHGE\WKHLQYHVWLJDWRUWKDWLWLVXQVDIHWRUHPRYHWKHVXEMHFW¶V
VXSSOHPHQWDO2IRUDVVHVVPHQWRI2VDWXUDWLRQWKHQLW VKRXOGEHUHFRUGHGLQWKHVRXUFH
GRFXPHQWDWLRQDV³´DQGWKHUHDVRQVKRXOGEHGRFXPHQWHG

6DIHW\/DEV
:KHQDYDLODEOHWKHPRVWUHFHQWODERUDWRU\YDOXHVREWDLQHGZLWKLQGD\VSULRUWR6FUHHQLQJ
>9LVLW @PD\EHXVHGIRUHOLJLELOLW\DVVHVVPHQWZLWKWKHH[FHSWLRQRI569UHVXOWVDQG
SUHJQDQF\WHVWLQJ,IDQH[LVWLQJODERUDWRU\YDOXHLVQRWDYDLODEOHIRUHOLJLELOLW\DVVHVVPHQWWKH
WHVWZLOOEHSHUIRUPHGXVLQJWKHORFDOKRVSLWDOODERUDWRU\$OOWHVWLQJRIVDPSOHVREWDLQHGDIWHU
WKH6FUHHQLQJDVVHVVPHQWV ZLOOEHSHUIRUPHGDWDFHQWUDOODERUDWRU\VHOHFWHGE\*6,
7HVWLQJRIEORRGVSHFLPHQVZLOOLQFOXGH:%&ZLWKGLIIHUHQWLDO+JESODWHOHWV %81FUHDWLQLQH
VHUXPDOEXPLQ$67$/7DQGWRWDOELOLUXELQDW9LVLWVSUHGRVHDQG
'D\V  SUHGRVH  DQG
%ORRGVSHFLPHQVIRUVHUXPFUHDWLQLQHZLOOEHFROOHFWHGKRXUVSRVWGRVHDW9LVLWV  DQG 
'D\V DQGIURPVXEMHFWVSDUWLFLSDWLQJLQWKH3.VXEJURXSRQO\
8ULQHRUVHUXPSUHJQDQF\WHVWVZLOORFFXUIRUDOOIHPDOHVRIFKLOGEHDULQJSRWHQWLDODW6FUHHQLQJ
DQGDWHDFKGRVLQJYLVLW9LVLWVDQGSULRUWRDGPLQLVWUDWLRQRI,03

&KHVW;UD\
*LYHQWKHSRWHQWLDOIRUDSRRURXWFRPHRQFHSURJUHVVLRQWRORZHUUHVSLUDWRU\WUDFWGLVHDVHRFFXUV
LQWKLVSRSXODWLRQD FKHVW;UD\LVJHQHUDOO\SHUIRUPHGDVSDUWRIVWDQGDUGFOLQLFDOHYDOXDWLRQRI
QHZD857,)RUWKLVVWXG\HYDOXDWLRQRIDFKHVW;UD\LVUHTXLUHGDW6FUHHQLQJ$FKHVW;UD\
REWDLQHGKRXUV SULRUWR 6FUHHQLQJPD\EHXVHG2WKHUZLVHDFKHVW;UD\ZLOOQHHGWREH
REWDLQHGDW6FUHHQLQJ
'XULQJWKHFRXUVHRIWKHVWXG\LWLVDQWLFLSDWHG WKDW,QYHVWLJDWRUVZLOOSHUIRUPFKHVW;UD\VDV
SDUWRIVWDQGDUGRIFDUHLIWKHUHLVDQ\FRQFHUQRIDORZHUUHVSLUDWRU\WUDFWFRPSOLFDWLRQ5HVXOWV
IURPFKHVW;UD\V DQG&7VFDQV XVHGIRUVFUHHQLQJDQGHOLJLELOLW\LQFOXGLQJWKHFRPSDULVRQ
FKHVWUDGLRJUDSKDQG DOOVFDQV GRQHDVSDUWRIVWDQGDUGRIFDUHZKLOHVXEMHFWVDUHRQVWXG\ZLOO
EHFROOHFWHGDQGVWRUHGHOHFWURQLFDOO\IRUUHYLHZE\WKH$GMXGLFDWLRQ&RPPLWWHH DQGDSRVVLEOH
FHQWUDOUHDG

3ODVPD3.
3.EORRGVDPSOLQJZLOOEHSHUIRUPHGXVLQJWKHVLWH¶VORFDOSURFHGXUHV DQGDQDO\]HGDWDFHQWUDO
ODERUDWRU\3.EORRGVDPSOHV ZLOOEHSURFHVVHGSODFHGLQLQGLYLGXDOWXEHVDQGVWRUHGVKLSSHG
WRWKHFHQWUDOODERUDWRU\DVSHULQVWUXFWLRQVRXWOLQHGLQWKH/DERUDWRU\0DQXDO7KHVHSODVPD3.
VDPSOHVPD\DOVREHXVHGWRHYDOXDWHWKHSODVPD3.RIFRDGPLQLVWHUHGDJHQWV
HJ JDQFLFORYLU DF\FORYLU


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
([WHQVLYH3.VDPSOLQJZLOORFFXURQDVXEVHWRIVXEMHFWVXSWRVXEMHFWV WRDGHTXDWHO\
FKDUDFWHUL]H*63.LQWKLVSDWLHQWSRSXODWLRQ6XEMHFWVZLOOKDYHWKHRSWLRQWRHOHFWWR
SDUWLFLSDWHLQ H[WHQVLYH3.VDPSOLQJ DW WKHWLPHRILQIRUPHGFRQVHQW3.VDPSOHVZLOOEH
REWDLQHGDWWKHIROORZLQJWLPHSRLQWVGHSHQGLQJRQZKHWKHUWKHVXEMHFWLVSDUWRIWKH3.VXEVHW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 


7DEOH 
3.7LPHSRLQWV
9LVLW
'D\
KU SRVWGRVH
9LVLW
'D\
KUV SRVWGRVH
9LVLW
'D\
KUV SRVWGRVH
9LVLW
'D\
KUV SRVWGRVH
9LVLW
'D\
DQ\WLPH
9LVLW
'D\
SUHGRVH
9LVLW
'D\
SUHGRVH
9LVLW
'D\
KUV SRVWGRVH
9LVLW
'D\
DQ\WLPH
3.VDPSOHV
;
;
;
;
3.VXEJURXS
VDPSOHV
;
;
;
;
;
;
;
;
;
6HSWHPEHU




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

$'9(56((9(176$1'72;,&,7<0$1$*(0(17

'HILQLWLRQV RI$GYHUVH(YHQWV$GYHUVH5HDFWLRQV DQG6HULRXV$GYHUVH
(YHQWV

$GYHUVH(YHQWV
$QDGYHUVHHYHQW$(LVDQ\XQWRZDUG PHGLFDORFFXUUHQFHLQDFOLQLFDOVWXG\VXEMHFW
DGPLQLVWHUHGDPHGLFLQDOSURGXFW ZKLFKGRHVQRWQHFHVVDULO\KDYHDFDXVDOUHODWLRQVKLSZLWKWKH
WUHDWPHQW$Q$(FDQWKHUHIRUHEHDQ\XQIDYRUDEOHDQGRU XQLQWHQGHGVLJQV\PSWRPRUGLVHDVH
WHPSRUDOO\DVVRFLDWHGZLWKWKHXVHRIDPHGLFLQDOSURGXFWZKHWKHURUQRWFRQVLGHUHGUHODWHGWR
WKHPHGLFLQDOSURGXFW $(VPD\DOVRLQFOXGHSUH RUSRVWWUHDWPHQW FRPSOLFDWLRQVWKDWRFFXUDVD
UHVXOWRISURWRFROVSHFLILHG SURFHGXUHVODFNRIHIILFDF\RYHUGRVH GUXJDEXVHPLVXVHUHSRUWVRU
RFFXSDWLRQDOH[SRVXUH 3UHH[LVWLQJHYHQWVWKDWLQFUHDVHLQVHYHULW\RUFKDQJHLQQDWXUHGXULQJRU
DVDFRQVHTXHQFHRISDUWLFLSDWLRQLQWKHFOLQLFDOVWXG\ZLOODOVREHFRQVLGHUHG$(V
$Q$(GRHVQRWLQFOXGHWKHIROORZLQJ

0HGLFDORUVXUJLFDOSURFHGXUHVVXFKDV VXUJHU\HQGRVFRS\WRRWKH[WUDFWLRQ DQG WUDQVIXVLRQ
7KHFRQGLWLRQWKDWOHGWRWKHSURFHGXUHPD\EHDQDGYHUVHHYHQW DQGPXVWEHUHSRUWHG

3UHH[LVWLQJGLVHDVHV FRQGLWLRQV RUODERUDWRU\DEQRUPDOLWLHVSUHVHQWRUGHWHFWHGEHIRUH WKH
6FUHHQLQJYLVLWWKDWGRQRWZRUVHQ

6LWXDWLRQVZKHUHDQXQWRZDUGPHGLFDORFFXUUHQFHKDVQRWRFFXUUHGHJKRVSLWDOL]DWLRQIRU
HOHFWLYHVXUJHU\VRFLDODQGRUFRQYHQLHQFHDGPLVVLRQV

2YHUGRVHZLWKRXW FOLQLFDOVHTXHODH

$Q\PHGLFDOFRQGLWLRQ RUFOLQLFDOO\VLJQLILFDQWODERUDWRU\DEQRUPDOLW\ZLWKDQRQVHWGDWH
EHIRUHWKHFRQVHQWIRUPLVVLJQHGDQGQRWUHODWHGWRDSURWRFRODVVRFLDWHGSURFHGXUHLVQRWDQ
$(,WLVFRQVLGHUHGWREHSUHH[LVWLQJDQGVKRXOGEHGRFXPHQWHGRQWKHPHGLFDOKLVWRU\
&5)

6HULRXV$GYHUVH(YHQWV
$VHULRXVDGYHUVHHYHQW 6$(LVGHILQHGDVDQ HYHQWWKDWDWDQ\GRVHUHVXOWVLQWKHIROORZLQJ

'HDWK

/LIHWKUHDWHQLQJ 1RWH7KHWHUP³OLIHWKUHDWHQLQJ´LQWKHGHILQLWLRQRI³VHULRXV´UHIHUVWRDQ
HYHQWLQZKLFKWKHVXEMHFWZDVDWULVNRIGHDWKDWWKHWLPHRIWKHHYHQWLWGRHVQRWUHIHUWRDQ
HYHQWWKDWK\SRWKHWLFDOO\PLJKWKDYHFDXVHGGHDWKLILWZHUHPRUHVHYHUH

,QSDWLHQWKRVSLWDOL]DWLRQRUSURORQJDWLRQRIH[LVWLQJKRVSLWDOL]DWLRQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

3HUVLVWHQWRUVLJQLILFDQWGLVDELOLW\LQFDSDFLW\

$FRQJHQLWDODQRPDO\ELUWKGHIHFW

$PHGLFDOO\LPSRUWDQW HYHQW RUUHDFWLRQVXFKHYHQWVPD\QRWEHLPPHGLDWHO\
OLIHWKUHDWHQLQJRUUHVXOWLQGHDWKRUKRVSLWDOL]DWLRQEXWPD\MHRSDUGL]HWKHVXEMHFW RUPD\
UHTXLUHLQWHUYHQWLRQWRSUHYHQWRQHRIWKHRWKHURXWFRPHVFRQVWLWXWLQJ6$(V0HGLFDODQG
VFLHQWLILFMXGJPHQWPXVW EHH[HUFLVHGWRGHWHUPLQH ZKHWKHUVXFKDQHYHQWLVD UHSRUWDEOH
XQGHUH[SHGLWHGUHSRUWLQJUXOHV([DPSOHVRIPHGLFDOO\LPSRUWDQWHYHQWVLQFOXGHLQWHQVLYH
WUHDWPHQWLQDQHPHUJHQF\URRPRUDWKRPHIRUDOOHUJLFEURQFKRVSDVPEORRGG\VFUDVLDVRU
FRQYXOVLRQVWKDWGRQRWUHVXOWLQKRVSLWDOL]DWLRQDQG GHYHORSPHQWRIGUXJGHSHQGHQF\RU
GUXJDEXVH)RUWKHDYRLGDQFHRIGRXEWLQIHFWLRQVUHVXOWLQJIURPFRQWDPLQDWHGPHGLFLQDO
SURGXFWZLOOEHFRQVLGHUHGDPHGLFDOO\LPSRUWDQWHYHQWDQGVXEMHFWWRH[SHGLWHGUHSRUWLQJ
UHTXLUHPHQWV

3URWRFRO6SHFLILF6HULRXV$GYHUVH(YHQW,QVWUXFWLRQV
3URWRFROVSHFLILF6$(UHSRUWLQJH[HPSWLRQV,QWKLVVWXG\GHDWKUHODWHGWRFOLQLFDOSURJUHVVLRQ
RIXQGHUO\LQJGLVHDVHUHTXLULQJ+&7RUJUDIWIDLOXUHZLOOQRWQHHGWREHUHSRUWHGDVDQ6$(
'HDWKUHODWHGWRFOLQLFDOSURJUHVVLRQ RIXQGHUO\LQJGLVHDVHUHTXLULQJ+&7RUJUDIWIDLOXUHVKRXOG
RQO\EHUHSRUWHGDV6$(VRQWKH H&5)XQOHVVWKHUHLVHYLGHQFHVXJJHVWLQJDFDXVDOUHODWLRQVKLS
EHWZHHQWKH,03 RUVWXG\SURFHGXUHDQGWKHHYHQW,QWKDWFDVHWKHLQYHVWLJDWRUPXVW
LPPHGLDWHO\UHSRUWWKHHYHQWDVDQ6$(LQDFFRUGDQFHZLWKWKHSURFHGXUHLQ6HFWLRQ  EHORZ
6XFKFOLQLFDOSURJUHVVLRQRUJUDIWIDLOXUH ZKLFKDUHDVVHVVHGDVQRWUHODWHGWR,03SURFHGXUH
ZLOOEHH[HPSWIURPJOREDOH[SHGLWHGUHSRUWLQJUHTXLUHPHQWVIRUWKHGXUDWLRQRIWKHVWXG\7KH
HYHQWVZLOOEHFROOHFWHGDQGHYDOXDWHGE\*LOHDGDQGUHSRUWHGDVDSSURSULDWHLQDQ\UHOHYDQW
DJJUHJDWHVDIHW\UHSRUWDVZHOODVWKHILQDOFOLQLFDOVWXG\UHSRUW
7RPLQLPL]HWKHSRVVLELOLW\RIH[SRVLQJVWXG\VXEMHFWVWRXQXVXDOULVNWKHVDIHW\LQIRUPDWLRQ
IURPWKHVWXG\ZLOODOVREHUHYLHZHGE\DQLQGHSHQGHQW'0&RQDQRQJRLQJEDVLV7KH'0&
PD\KDYHDFFHVVWRSDUWLDOO\EOLQGHGRUXQEOLQGHGGDWDDQGZLOOGHWHUPLQHLILWLVVDIHWRFRQWLQXH
WKHVWXG\DFFRUGLQJWRWKHSURWRFRO

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV
$GYHUVH(YHQWVRU6HULRXV$GYHUVH(YHQWV
/DERUDWRU\DEQRUPDOLWLHVZLWKRXWFOLQLFDOVLJQLILFDQFHDUHQRWUHFRUGHGDV$(VRU6$(V
+RZHYHUODERUDWRU\DEQRUPDOLWLHVHJFOLQLFDOFKHPLVWU\KHPDWRORJ\DQGXULQDO\VLVWKDW
UHTXLUHPHGLFDORUVXUJLFDOLQWHUYHQWLRQRUOHDGWR,03LQWHUUXSWLRQPRGLILFDWLRQRU
GLVFRQWLQXDWLRQPXVWEHUHFRUGHGDVDQ$(DVZHOODVDQ6$(LIDSSOLFDEOH,QDGGLWLRQ
ODERUDWRU\RURWKHUDEQRUPDODVVHVVPHQWVHJHOHFWURFDUGLRJUDP[UD\VYLWDOVLJQVWKDWDUH
DVVRFLDWHGZLWKVLJQVDQGRUV\PSWRPVPXVWEHUHFRUGHGDVDQ$(RU6$(LIWKH\PHHWWKH
GHILQLWLRQRIDQ$(RU6$(DVGHVFULEHGLQ6HFWLRQV  DQG ,IWKHODERUDWRU\
DEQRUPDOLW\LVSDUWRIDV\QGURPHUHFRUG WKHV\QGURPHRUGLDJQRVLVHJ DQHPLDQRWWKH
ODERUDWRU\UHVXOWLHGHFUHDVHGKHPRJORELQ
)RUVSHFLILFLQIRUPDWLRQRQKDQGOLQJRI FOLQLFDOODERUDWRU\DEQRUPDOLWLHVLQWKLVVWXG\SOHDVH
UHIHUWR6HFWLRQ 


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

$VVHVVPHQWRI$GYHUVH(YHQWV DQG6HULRXV$GYHUVH(YHQWV
7KHLQYHVWLJDWRURUDGHVLJQDWHGTXDOLILHGVXELQYHVWLJDWRU LVUHVSRQVLEOHIRUDVVHVVLQJ$(VDQG
6$(VIRUFDXVDOLW\DQGVHYHULW\DQGIRUILQDOUHYLHZDQGFRQILUPDWLRQRIDFFXUDF\RIHYHQW
LQIRUPDWLRQDQGDVVHVVPHQWV

$VVHVVPHQWRI&DXVDOLW\IRU,03 DQG3URFHGXUHV
7KHLQYHVWLJDWRURUDGHVLJQDWHGTXDOLILHGVXELQYHVWLJDWRULVUHVSRQVLEOHIRUDVVHVVLQJWKH
UHODWLRQVKLSWR,03 WKHUDS\XVLQJFOLQLFDOMXGJPHQWDQGWKHIROORZLQJFRQVLGHUDWLRQV

1R (YLGHQFHH[LVWVWKDWWKHDGYHUVHHYHQWKDVDQHWLRORJ\RWKHUWKDQWKH,03)RU6$(VDQ
DOWHUQDWLYHFDXVDOLW\PXVWEHSURYLGHGHJSUHH[LVWLQJFRQGLWLRQXQGHUO\LQJGLVHDVH
LQWHUFXUUHQWLOOQHVVRUFRQFRPLWDQWPHGLFDWLRQ

<HV 7KHUHLVUHDVRQDEOHSRVVLELOLW\WKDWWKHHYHQWPD\KDYHEHHQFDXVHGE\WKH
LQYHVWLJDWLRQDOPHGLFLQDOSURGXFW
,WVKRXOGEHHPSKDVL]HGWKDWLQHIIHFWLYHWUHDWPHQWVKRXOGQRWEHFRQVLGHUHGDVFDXVDOO\UHODWHGLQ
WKH FRQWH[WRIDGYHUVHHYHQWUHSRUWLQJ
7KHUHODWLRQVKLSWRVWXG\SURFHGXUHVHJLQYDVLYHSURFHGXUHVVXFKDVYHQLSXQFWXUHRUELRSV\
VKRXOGEHDVVHVVHGXVLQJWKHIROORZLQJFRQVLGHUDWLRQV

1R(YLGHQFHH[LVWVWKDWWKHDGYHUVHHYHQWKDVDQHWLRORJ\RWKHUWKDQ WKHVWXG\SURFHGXUH

<HV 7KHDGYHUVHHYHQWRFFXUUHGDVDUHVXOWRISURWRFROSURFHGXUHV HJ YHQLSXQFWXUH

$VVHVVPHQWRI6HYHULW\
6HYHULW\VKRXOGEHUHFRUGHGDQGJUDGHGDFFRUGLQJWRWKH*6,*UDGLQJ6FDOHIRU6HYHULW\RI
$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV )RU$(VRU6$(VDVVRFLDWHGZLWKODERUDWRU\
DEQRUPDOLWLHVWKHHYHQWVKRXOGEHJUDGHGRQWKHEDVLVRIWKHFOLQLFDOVHYHULW\LQWKHFRQWH[WRI
WKHXQGHUO\LQJFRQGLWLRQVWKLVPD\RUPD\QRWEHLQDJUHHPHQWZLWKWKHJUDGLQJRIWKH
ODERUDWRU\DEQRUPDOLW\

,QYHVWLJDWRU5HTXLUHPHQWVDQG,QVWUXFWLRQVIRU5HSRUWLQJ$GYHUVH(YHQWV
DQG6HULRXV$GYHUVH(YHQWVWR*LOHDG
5HTXLUHPHQWVIRUFROOHFWLRQSULRUWR,03 LQLWLDWLRQ
$IWHULQIRUPHGFRQVHQWEXWSULRUWRLQLWLDWLRQRIVWXG\PHGLFDWLRQWKHIROORZLQJW\SHVRIHYHQWV
VKRXOGEHUHSRUWHGRQWKHFDVHUHSRUWIRUPH&5)DOO6$(VDQGDGYHUVHHYHQWVUHODWHGWR
SURWRFROPDQGDWHGSURFHGXUHV




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

$VVRRQDVLWLVSRVVLEOHWRGRVRDQ\6$(UHSRUWHGYLDSDSHUPXVWEHWUDQVFULEHGLQWRWKH
H&5)'DWDEDVHDFFRUGLQJWRLQVWUXFWLRQVLQWKHH&5)FRPSOHWLRQJXLGHOLQHV

,IDQ6$(KDVEHHQUHSRUWHGYLDDSDSHUIRUPEHFDXVHWKHH&5)GDWDEDVHKDVEHHQORFNHGQR
IXUWKHUDFWLRQLVQHFHVVDU\

)RUIDWDORUOLIHWKUHDWHQLQJHYHQWVFRSLHVRIKRVSLWDOFDVHUHSRUWVDXWRSV\UHSRUWVDQGRWKHU
GRFXPHQWVDUHDOVR WREHVXEPLWWHGE\ HPDLORUID[ZKHQUHTXHVWHGDQGDSSOLFDEOH
7UDQVPLVVLRQRIVXFKGRFXPHQWVVKRXOGRFFXUZLWKRXWSHUVRQDOVXEMHFWLGHQWLILFDWLRQ
PDLQWDLQLQJ WKHWUDFHDELOLW\RIDGRFXPHQWWRWKHVXEMHFWLGHQWLILHUV

$GGLWLRQDOLQIRUPDWLRQPD\EHUHTXHVWHGWRHQVXUHWKHWLPHO\FRPSOHWLRQRIDFFXUDWHVDIHW\
UHSRUWV

$Q\PHGLFDWLRQVQHFHVVDU\IRUWUHDWPHQWRIWKH6$(PXVWEHUHFRUGHGRQWRWKHFRQFRPLWDQW
PHGLFDWLRQVHFWLRQRIWKHVXEMHFW¶VH&5)DQGWKHHYHQWGHVFULSWLRQVHFWLRQRIWKH6$(IRUP

6LWHSHUVRQQHOVKRXOGUHFRUGDOO6$(GDWDLQWKHH&5)GDWDEDVHIRUWKRVHSURWRFROVSHFLILF
6$(VZKLFKDUHH[HPSWHGIURPH[SHGLWHGUHSRUWLQJUHTXLUHPHQWV6HFWLRQ 7KH\
VKRXOGDOVRWUDQVPLWWKH6$(LQIRUPDWLRQWR*LOHDG'63+LIWKH 6$(VDUHDVVHVVHGE\WKH
LQYHVWLJDWRUDVUHODWHGWRWKH,03 RUVWXG\SURFHGXUH

*LOHDG5HSRUWLQJ5HTXLUHPHQWV
'HSHQGLQJRQUHOHYDQWORFDOOHJLVODWLRQRUUHJXODWLRQVLQFOXGLQJWKHDSSOLFDEOH86)'$&RGHRI
)HGHUDO5HJXODWLRQVWKH(8 &OLQLFDO7ULDOV'LUHFWLYH(&DQGUHOHYDQWXSGDWHVDQG
RWKHUFRXQWU\VSHFLILFOHJLVODWLRQRUUHJXODWLRQV*LOHDGPD\EH UHTXLUHGWRH[SHGLWHWR
ZRUOGZLGHUHJXODWRU\DJHQFLHV UHSRUWVRI6$(VVHULRXVDGYHUVHGUXJUHDFWLRQV6$'5V RU
VXVSHFWHGXQH[SHFWHGVHULRXVDGYHUVHUHDFWLRQV686$5V ,QDFFRUGDQFHZLWKWKH
(8 &OLQLFDO 7ULDOV'LUHFWLYH(&*LOHDGRUDVSHFLILHGGHVLJQHHZLOOQRWLI\ZRUOGZLGH
UHJXODWRU\DJHQFLHV DQGWKHUHOHYDQW ,QGHSHQGHQW(WKLFV&RPPLWWHH,(& LQFRQFHUQHG
0HPEHU 6WDWHVRIDSSOLFDEOH686$5V DVRXWOLQHGLQFXUUHQWUHJXODWLRQV
$VVHVVPHQWRIH[SHFWHGQHVVIRU 6$(VZLOOEHGHWHUPLQHGE\*LOHDGXVLQJUHIHUHQFHVDIHW\
LQIRUPDWLRQVSHFLILHGLQWKHFXUUHQW*6,% RUUHOHYDQWORFDOODEHODVDSSOLFDEOH
$OOLQYHVWLJDWRUVZLOOUHFHLYHDVDIHW\OHWWHUQRWLI\LQJWKHPRIUHOHYDQW686$5UHSRUWV DVVRFLDWHG
ZLWKDQ\VWXG\,037KHLQYHVWLJDWRUVKRXOGQRWLI\WKH,5%RU,(&RI686$5UHSRUWVDVVRRQDV
LVSUDFWLFDOZKHUHWKLVLVUHTXLUHGE\ORFDOUHJXODWRU\DJHQFLHVDQGLQDFFRUGDQFHZLWKWKHORFDO
LQVWLWXWLRQDOSROLF\


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV
$GYHUVH (YHQWVRU6HULRXV$GYHUVH(YHQWV
/DERUDWRU\DEQRUPDOLWLHVDUHXVXDOO\QRWUHFRUGHGDV$(VRU6$(V+RZHYHUODERUDWRU\
DEQRUPDOLWLHVHJFOLQLFDOFKHPLVWU\KHPDWRORJ\LQGHSHQGHQWRIWKHXQGHUO\LQJPHGLFDO
FRQGLWLRQWKDWUHTXLUHPHGLFDORUVXUJLFDOLQWHUYHQWLRQRUOHDGWR,03LQWHUUXSWLRQRU
GLVFRQWLQXDWLRQPXVWEHUHFRUGHGDVDQ$(DVZHOODVDQ6$(LIDSSOLFDEOH,QDGGLWLRQ
ODERUDWRU\RURWKHUDEQRUPDODVVHVVPHQWVHJYLWDOVLJQVWKDWDUHDVVRFLDWHGZLWKVLJQVDQGRU
V\PSWRPVPXVWEHUHFRUGHGDVDQ$(RU6$(LIWKH\PHHWWKHGHILQLWLRQRIDQ$(RU6$(
UHVSHFWLYHO\DVGHVFULEHGLQ6HFWLRQ ,IWKHODERUDWRU\DEQRUPDOLW\LVSDUWRIDV\QGURPH
UHFRUGWKHV\QGURPHRUGLDJQRVLVLHDQHPLD QRWWKHODERUDWRU\UHVXOW
LH GHFUHDVHG KHPRJORELQ
6HYHULW\VKRXOGEHUHFRUGHGDQGJUDGHGDFFRUGLQJWRWKH*6,*UDGLQJ6FDOHIRU6HYHULW\RI
$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV$SSHQGL[ )RU$(VRU6$(VDVVRFLDWHGZLWK
ODERUDWRU\DEQRUPDOLWLHVWKHHYHQWVKRXOGEHJUDGHGRQWKHEDVLVRIWKHFOLQLFDOVHYHULW\LQWKH
FRQWH[WRI WKHXQGHUO\LQJFRQGLWLRQVWKLVPD\RUPD\QRWEHLQDJUHHPHQWZLWKWKHJUDGLQJRI
WKHODERUDWRU\DEQRUPDOLW\

7R[LFLW\0DQDJHPHQW
$OOFOLQLFDODQGFOLQLFDOO\VLJQLILFDQWODERUDWRU\WR[LFLWLHVZLOOEHPDQDJHGDFFRUGLQJWRXQLIRUP
JXLGHOLQHVGHWDLOHGLQ$SSHQGL[ 
$Q\TXHVWLRQVUHJDUGLQJWR[LFLW\PDQDJHPHQWVKRXOGEHGLUHFWHG WRWKH*LOHDG 6FLHQFHV
0HGLFDO 0RQLWRU

6SHFLDO6LWXDWLRQV5HSRUWV

'HILQLWLRQVRI6SHFLDO6LWXDWLRQV
6SHFLDOVLWXDWLRQUHSRUWVLQFOXGHDOOUHSRUWVRIPHGLFDWLRQHUURUDEXVHPLVXVHRYHUGRVHUHSRUWV
RIDGYHUVHHYHQWVDVVRFLDWHGZLWKSURGXFWFRPSODLQWV DQGSUHJQDQF\UHSRUWVUHJDUGOHVVRIDQ
DVVRFLDWHG$(
0HGLFDWLRQHUURULVDQ\XQLQWHQWLRQDOHUURULQWKHSUHVFULELQJGLVSHQVLQJ RUDGPLQLVWUDWLRQRID
PHGLFLQDOSURGXFWZKLOHLQWKHFRQWURORIWKHKHDOWKFDUHSURYLGHUVXEMHFW RUFRQVXPHU
$EXVHLVGHILQHGDVSHUVLVWHQWRUVSRUDGLFLQWHQWLRQDOH[FHVVLYHXVHRIDPHGLFLQDOSURGXFWE\D
VXEMHFW
0LVXVHLVGHILQHGDVDQ\LQWHQWLRQDO DQG LQDSSURSULDWHXVH RIDPHGLFLQDOSURGXFWWKDWLVQRWLQ
DFFRUGDQFHZLWKWKHSURWRFROLQVWUXFWLRQVRUWKHORFDOSUHVFULELQJLQIRUPDWLRQ
$QRYHUGRVH LVGHILQHGDV DQDFFLGHQWDORULQWHQWLRQDODGPLQLVWUDWLRQRIDTXDQWLW\RIDPHGLFLQDO
SURGXFWJLYHQSHUDGPLQLVWUDWLRQRUFXPXODWLYHO\ZKLFKLVDERYHWKHPD[LPXPUHFRPPHQGHG
GRVHDVSHUSURWRFRORULQWKHSURGXFWODEHOOLQJDVLWDSSOLHVWRWKHGDLO\GRVHRIWKHVXEMHFW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
LQ TXHVWLRQ ,QFDVHVRIDGLVFUHSDQF\LQGUXJDFFRXQWDELOLW\RYHUGRVHZLOOEHHVWDEOLVKHGRQO\
ZKHQLWLVFOHDUWKDWWKHVXEMHFWKDVWDNHQWKHH[FHVVGRVHV2YHUGRVHFDQQRWEHHVWDEOLVKHG
ZKHQWKHVXEMHFWFDQQRWDFFRXQWIRUWKHGLVFUHSDQF\H[FHSWLQFDVHVLQZKLFKWKHLQYHVWLJDWRUKDV
UHDVRQWRVXVSHFWWKDWWKHVXEMHFWKDVWDNHQWKHDGGLWLRQDOGRVHV
3URGXFWFRPSODLQWLVGHILQHGDVFRPSODLQWV DULVLQJIURPSRWHQWLDOGHYLDWLRQVLQWKHPDQXIDFWXUH
SDFNDJLQJRUGLVWULEXWLRQRIWKHPHGLFLQDOSURGXFW

,QVWUXFWLRQVIRU5HSRUWLQJ6SHFLDO6LWXDWLRQV

,QVWUXFWLRQVIRU5HSRUWLQJ3UHJQDQFLHV
7KHLQYHVWLJDWRUVKRXOGUHSRUWSUHJQDQFLHVLQIHPDOHVWXG\VXEMHFWVWKDWDUHLGHQWLILHGDIWHU
LQLWLDWLRQ RIVWXG\PHGLFDWLRQDQGWKURXJKRXWWKHVWXG\LQFOXGLQJWKHSRVW,03 IROORZXSSHULRG
WRWKH*LOHDG'63+XVLQJWKHSUHJQDQF\UHSRUWIRUPZLWKLQKRXUVRIEHFRPLQJDZDUHRIWKH
SUHJQDQF\
5HIHUWR6HFWLRQ  DQGWKH H&5)FRPSOHWLRQJXLGHOLQHVIRUIXOOLQVWUXFWLRQVRQWKHPHFKDQLVP
RISUHJQDQF\UHSRUWLQJ
7KHSUHJQDQF\LWVHOILVQRWFRQVLGHUHGDQ$(QRULVDQLQGXFHGHOHFWLYHDERUWLRQWRWHUPLQDWHD
SUHJQDQF\ZLWKRXWPHGLFDOUHDVRQV
$Q\SUHPDWXUHWHUPLQDWLRQRISUHJQDQF\HJDVSRQWDQHRXVDERUWLRQDQLQGXFHGWKHUDSHXWLF
DERUWLRQGXHWRFRPSOLFDWLRQVRURWKHUPHGLFDOUHDVRQVPXVWEHUHSRUWHGZLWKLQ KRXUVDVDQ
6$(7KHXQGHUO\LQJPHGLFDOUHDVRQIRUWKLVSURFHGXUHVKRXOGEHUHFRUGHGDVWKH$( WHUP
$VSRQWDQHRXVDERUWLRQLVDOZD\VFRQVLGHUHGWREHDQ6$(DQGZLOOEHUHSRUWHGDVGHVFULEHGLQ
6HFWLRQ )XUWKHUPRUHDQ\6$(RFFXUULQJDVDQDGYHUVHSUHJQDQF\RXWFRPHSRVWVWXG\ PXVW
EHUHSRUWHGWR*LOHDG'63+
7KHVXEMHFWVKRXOGUHFHLYHDSSURSULDWHPRQLWRULQJDQGFDUHXQWLOWKHFRQFOXVLRQRIWKH
SUHJQDQF\7KHRXWFRPHVKRXOGEHUHSRUWHGWR*LOHDG'63+XVLQJWKHSUHJQDQF\RXWFRPHUHSRUW
IRUP,IWKHHQGRIWKHSUHJQDQF\RFFXUVDIWHUWKHVWXG\KDVEHHQFRPSOHWHGWKHRXWFRPHVKRXOG
EHUHSRUWHGGLUHFWO\WR*LOHDG'63+*LOHDG'63+FRQWDFWLQIRUPDWLRQLVSURYLGHGLQ
6HFWLRQ 
3UHJQDQFLHVRIIHPDOHSDUWQHUVRIPDOHVWXG\VXEMHFWVH[SRVHGWR*LOHDGRURWKHULQYHVWLJDWLRQDO
DJHQWV PXVWDOVREHUHSRUWHGDQGUHOHYDQWLQIRUPDWLRQVKRXOGEHVXEPLWWHG*LOHDG'63+XVLQJ
WKHSUHJQDQF\DQGSUHJQDQF\RXWFRPHIRUPVZLWKLQ KRXUV0RQLWRULQJRIWKHVXEMHFWVKRXOG
FRQWLQXHXQWLOWKHFRQFOXVLRQRIWKHSUHJQDQF\,IWKHHQGRIWKHSUHJQDQF\RFFXUVDIWHUWKHVWXG\
KDVEHHQFRPSOHWHGWKHRXWFRPHVKRXOGEH UHSRUWHGGLUHFWO\WR*LOHDG'63+
5HIHUWR$SSHQGL[  IRU3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDO
DQG&RQWUDFHSWLYH5HTXLUHPHQWV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

5HSRUWLQJ2WKHU6SHFLDO6LWXDWLRQV
$OORWKHUVSHFLDOVLWXDWLRQUHSRUWVPXVWEHUHSRUWHGRQWKHVSHFLDOVLWXDWLRQVUHSRUWIRUPDQG
IRUZDUGHGWR *LOHDG'63+ZLWKLQKRXUVRIWKHLQYHVWLJDWRUEHFRPLQJDZDUHRIWKHVLWXDWLRQ
7KHVHUHSRUWVPXVWFRQVLVWRIVLWXDWLRQVWKDWLQYROYHVWXG\,03 DQGRU*LOHDGFRQFRPLWDQW
PHGLFDWLRQVEXWGRQRWDSSO\WRQRQ*LOHDGFRQFRPLWDQWPHGLFDWLRQV
6SHFLDOVLWXDWLRQVLQYROYLQJQRQ*LOHDGFRQFRPLWDQWPHGLFDWLRQVGRHV QRWQHHGWREHUHSRUWHG RQ
WKHVSHFLDOVLWXDWLRQVUHSRUWIRUPKRZHYHUIRUVSHFLDOVLWXDWLRQVWKDWUHVXOWLQ$(V GXHWRD
QRQ*LOHDGFRQFRPLWDQWPHGLFDWLRQWKH$(VKRXOGEHUHSRUWHGLQWKHH&5)V
$Q\LQDSSURSULDWHXVHRIFRQFRPLWDQWPHGLFDWLRQVSURKLELWHGE\WKLVSURWRFROVKRXOGQRWEH
UHSRUWHGDV³PLVXVH´EXWPD\EHPRUHDSSURSULDWHO\GRFXPHQWHGDVDSURWRFROGHYLDWLRQ
5HIHUWR6HFWLRQ  DQGWKHH&5)FRPSOHWLRQJXLGHOLQHVIRUIXOOLQVWUXFWLRQVRQWKHPHFKDQLVP
RIVSHFLDOVLWXDWLRQVUHSRUWLQJ
$OOFOLQLFDOVHTXHODHLQUHODWLRQWR WKHVHVSHFLDOVLWXDWLRQUHSRUWVZLOOEHUHSRUWHGDV$(VRU6$(V
DW WKHVDPHWLPHXVLQJWKH$(H&5)DQGRUWKH6$(UHSRUWIRUP'HWDLOVRIWKHV\PSWRPVDQG
VLJQVFOLQLFDOPDQDJHPHQWDQGRXWFRPHZLOOEHUHSRUWHGZKHQDYDLODEOH


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

67$7,67,&$/&216,'(5$7,216

$QDO\VLV2EMHFWLYHVDQG(QGSRLQWV

$QDO\VLV2EMHFWLYHV
7KHSULPDU\REMHFWLYHRIWKLVVWXG\LV

7RHYDOXDWHWKHHIIHFW RI*6RQ569YLUDOORDGLQ569SRVLWLYHDXWRORJRXVRU
DOORJHQHLF+&7UHFLSLHQWVZLWKDFXWH857, V\PSWRPV
7KHVHFRQGDU\REMHFWLYHVRIWKLVVWXG\DUH

7RHYDOXDWHWKHHIIHFWRI*6RQ GHYHORSPHQWRI/57& SURJUHVVLRQWRUHVSLUDWRU\
IDLOXUHDQGHIIHFWRQR[\JHQDWLRQ

7RHYDOXDWHWKH3.VDIHW\DQGWROHUDELOLW\RI*6

3ULPDU\(QGSRLQW
7KHSULPDU\HQGSRLQWLVWKHWLPHZHLJKWHGDYHUDJH FKDQJHLQQDVDO569YLUDOORDG
ORJ FRSLHVP/IURP%DVHOLQH 'D\ WR'D\ DVPHDVXUHGE\57T3&5 7KHWLPHZHLJKWHG
DYHUDJH FKDQJHLQQDVDO569YLUDOORDG IURP%DVHOLQH WR'D\ LVGHILQHGDV
σ
ሼͲǤͷ ൈሺǤ ൅
ሻൈሺ
െ
ሻሽ
ሺ
െ
ሻ
ZKHUH<L LVWKHFKDQJHIURP%DVHOLQH LQ569ORJ YLUDOORDGDW9LVLW LW LVWKHWLPHDWWKH
VSHFLILHGWLPHSRLQWD LVWKHEDVHOLQH DVVHVVPHQWDW'D\DQG E LVWKHODVWDVVHVVPHQWDWRUSULRU
WR'D\  7KHWLPHZHLJKWHGDYHUDJHFKDQJHRIWHQUHIHUUHGWRDVWKH'$9*SURYLGHVWKH
DYHUDJHYLUDOEXUGHQLQFKDQJHIURPEDVHOLQH GXULQJWKHWLPHSHULRG RILQWHUHVW

6HFRQGDU\(QGSRLQW
6HFRQGDU\HQGSRLQWVDUH

3URSRUWLRQRIVXEMHFWVZKRGHYHORSD /57& WKURXJK'D\GHILQHGDVRQHRIWKHEHORZDV
GHWHUPLQHGE\WKHDGMXGLFDWLRQFRPPLWWHH
3ULPDU\569/57,
6HFRQGDU\EDFWHULDO/57,
/57, GXHWRXQXVXDOSDWKRJHQV
/57,QRQLQIHFWLRXVRURIXQNQRZQHWLRORJ\




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

$QDO\VLV&RQYHQWLRQV

$QDO\VLV6HWV

(IILFDF\
7KHIXOODQDO\VLV VHW)$6ZLOOLQFOXGHVXEMHFWVZKRKDYHDQ569ORJ YLUDOORDGJUHDWHUWKDQ
RUHTXDOWRWKH//24RIWKH57T3&5DVVD\LQWKHSUHGRVH'D\ QDVDOVDPSOHDVGHWHUPLQHG
E\57T3&5DWWKHFHQWUDOODEDQGKDYHUHFHLYHG DWOHDVW IXOOGRVHRI,03 7KHSULPDU\
DQDO\VLVVHWIRUHIILFDF\DQDO\VLVZLOOEHWKHHYDOXDEOHDQDO\VLVVHWZKLFKZLOO LQFOXGHWKRVH LQWKH
)$6ZLWKHYDOXDEOHQDVDOVDPSOHVIRU569YLUDOORDGE\'D\ LQFOXGLQJ%DVHOLQH

6DIHW\
7KHSULPDU\DQDO\VLVVHWIRUVDIHW\DQDO\VHVLV GHILQHGDVDOOVXEMHFWVZKRUHFHLYHG DWOHDVWD
IXOO GRVHRI,03
$OOGDWDFROOHFWHGGXULQJWUHDWPHQWZLOOEHLQFOXGHGLQWKHVDIHW\VXPPDULHV

3KDUPDFRNLQHWLFV
7KH3. DQDO\VLVVHWZLOOLQFOXGHDOOVXEMHFWVLQWKHVDIHW\DQDO\VLVVHWZKRKDYHHYDOXDEOH
RQVWXG\3.PHDVXUHPHQWV

'DWD+DQGOLQJ&RQYHQWLRQV
0LVVLQJGDWDFDQKDYHDQLPSDFWXSRQWKHLQWHUSUHWDWLRQRIWKHWULDOGDWD$VWKLVVWXG\LVRIVKRUW
GXUDWLRQLWLVDQWLFLSDWHGWKDWPLVVLQJGDWDZLOOEHPLQLPDO,QJHQHUDOYDOXHVIRUPLVVLQJGDWD
ZLOOQRWEHLPSXWHG)RUODERUDWRU\GDWDDPLVVLQJ%DVHOLQH YDOXHZLOOEHUHSODFHGZLWKD
VFUHHQLQJYDOXHLIDYDLODEOHRWKHUZLVHLWZLOOEHWUHDWHGDVQRUPDOLH *UDGH 
QR WR[LFLW\ JUDGHIRUWKHVXPPDU\RIJUDGHGODERUDWRU\DEQRUPDOLWLHV$UHWHVWYDOXHPD\EH
XVHGLIWKHILUVWWHVWLVLQYDOLGDWHGHJVSHFLPHQKHPRO\]HG
9DOXHVZLOOQRWEHLPSXWHGIRUPLVVLQJYLWDOVLJQDQGRWKHUVDIHW\GDWDKRZHYHUDPLVVLQJ
%DVHOLQH YDOXHZLOOEHUHSODFHGZLWKD6FUHHQLQJYDOXHLIDYDLODEOH
'HWDLOVIRUWKHKDQGOLQJRIPLVVLQJGDWDGXHWRVXEMHFWGLVFRQWLQXDWLRQRURWKHUUHDVRQVLQFOXGLQJ
XQXVDEOHDQGVSXULRXVGDWDDQGUXOHVIRUGHWHUPLQLQJPDMRUDQGPLQRUSURWRFROGHYLDWLRQVZLOO
EHGHVFULEHGLQWKH6$3
$OODYDLODEOHGDWDIRUVXEMHFWVWKDWGRQRWFRPSOHWHWKHVWXG\ZLOOEH LQFOXGHGLQWKHGDWDOLVWLQJV
7DEOHVWKDWLQFOXGHERWKLQGLYLGXDOVXEMHFW3.GDWDDQGVXPPDU\VWDWLVWLFVZLOOSUHVHQWDOO
DYDLODEOHGDWDEXWRQO\VXEMHFWVLQWKH3.DQDO\VLVZLOOEHLQFOXGHGLQWKHVXPPDU\VWDWLVWLFV
9LUDOORDGGDWDZLOOEHORJWUDQVIRUPHGSULRUWRDQDO\VHV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

'HPRJUDSKLF 'DWDDQG%DVHOLQH &KDUDFWHULVWLFV
'HPRJUDSKLFDQG%DVHOLQH PHDVXUHPHQWVZLOOEHVXPPDUL]HGXVLQJVWDQGDUGGHVFULSWLYH
PHWKRGV
'HPRJUDSKLFVXPPDULHVZLOOLQFOXGHVH[UDFHHWKQLFLW\ UDQGRPL]DWLRQVWUDWLILFDWLRQJURXSDQG
DJH
%DVHOLQH GDWDZLOOLQFOXGHDVXPPDU\RI ERG\ZHLJKWKHLJKWDQG%0,
)RUFDWHJRULFDOGHPRJUDSKLFDQG%DVHOLQH FKDUDFWHULVWLFVD )LVKHU¶VH[DFWWHVWZLOOEHXVHGWR
FRPSDUHWUHDWPHQWJURXSV)RUFRQWLQXRXVGHPRJUDSKLFDQG%DVHOLQH FKDUDFWHULVWLFVD
:LOFR[RQ UDQNVXPWHVWZLOOEHXVHGWRFRPSDUHWUHDWPHQWJURXSV

(IILFDF\$QDO\VLV

3ULPDU\$QDO\VLV
7KHSULPDU\HQGSRLQWLVWKHWLPHZHLJKWHGDYHUDJH FKDQJHLQ QDVDO569YLUDOORDG
ORJ FRSLHVP/IURP'D\WR'D\ 7KHSULPDU\DQDO\VLVZLOOEHSHUIRUPHGRQVXEMHFWV
LQFOXGHGLQWKHHIILFDF\HYDOXDEOHSRSXODWLRQ7RWHVWWKHQXOOK\SRWKHVLVWKDWWKHUHLVQR
GLIIHUHQFHEHWZHHQWKH*6DQGSODFHERWUHDWPHQWJURXSVLQWKHWLPHZHLJKWHGDYHUDJH
FKDQJHLQYLUDOORDGDSDUDPHWULFDQDO\VLVRIFRYDULDQFH$1&29$PRGHOZLWKFRUUHVSRQGLQJ
EDVHOLQH YLUDOORDGDVDFRYDULDWHZLOOEHXVHGZLWKDVLGHGOHYHO $GMXVWHGPHDQVDQG
 FRQILGHQFHLQWHUYDOV&,VZLOODOVREHSUHVHQWHG

6HFRQGDU\$QDO\VHV
7KH)$6 DQDO\VLVVHWZLOOEHXVHGIRUDOOVXPPDULHVDQGDQDO\VHVRIVHFRQGDU\HQGSRLQWV$OO
VHFRQGDU\HQGSRLQWVZLOOEHDQDO\]HGXVLQJVLGHGWHVWVWRFRPSDUHWUHDWPHQWGLIIHUHQFHV
7KHSURSRUWLRQRIVXEMHFWVZKRGHYHORS/57&WKURXJK'D\ZKRGHYHORSUHVSLUDWRU\IDLOXUH
UHTXLULQJPHFKDQLFDOYHQWLODWLRQDQGWKHSURSRUWLRQRIVXEMHFWVZKRVH2 VDWXUDWLRQGURSVEHORZ
ZLOOHDFKEHDQDO\]HGXVLQJD)LVKHU¶VH[DFWWH[W
,QRUGHUWRDFFRXQWIRUPXOWLSOHK\SRWKHVLVWHVWLQJRIHQGSRLQWVDIDPLO\DOSKDVSHQGLQJUXOHZLOO
EHXVHGWRFRQWUROWKH7\SHHUURUUDWHRIDFURVVWKHSULPDU\DQGVHFRQGDU\HQGSRLQWV
WHVWLQJIRUGLIIHUHQFHVEHWZHHQWUHDWPHQWJURXSV7KHSULPDU\HQGSRLQWDQDO\VLVZLOOVHUYHDV
WKHJDWHNHHSHUIRUWKHVHFRQGDU\DQDO\VHV,IWKHSULPDU\QXOOK\SRWKHVLVLVUHMHFWHGWKHQWKH
IROORZLQJVHFRQGDU\HQGSRLQWVZLOOEHWHVWHGVHTXHQWLDOO\DWĮ  EDVHGXSRQWKHFORVHG
WHVWLQJSURFHGXUH ^`

3URSRUWLRQRIVXEMHFWVZKRGHYHORSD/57&WKURXJK'D\

3URSRUWLRQRIVXEMHFWVZKRGHYHORSUHVSLUDWRU\IDLOXUHRIDQ\FDXVHUHTXLULQJPHFKDQLFDO
YHQWLODWLRQLQYDVLYHRUQRQLQYDVLYHWKURXJK'D\

3URSRUWLRQRIVXEMHFWVZKRVH2 VDWXUDWLRQGURSVEHORZWKURXJK'D\




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

([WHQWRI([SRVXUH
$VXEMHFW¶VH[WHQWRIH[SRVXUHWR,03 GDWDZLOOEHJHQHUDWHGIURPWKH,03 DGPLQLVWUDWLRQGDWD
([SRVXUHGDWD ZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXS

$GYHUVH(YHQWV
&OLQLFDODQGODERUDWRU\DGYHUVHHYHQWVZLOOEHFRGHGXVLQJWKH0HGLFDO'LFWLRQDU\IRU
5HJXODWRU\$FWLYLWLHV0HG'5$6\VWHP2UJDQ&ODVV62&+LJK/HYHO*URXS7HUP
+/*7+LJK/HYHO7HUP+/73UHIHUUHG7HUP 37 DQG/RZHU/HYHO7HUP//7ZLOOEH
DWWDFKHGWRWKHFOLQLFDOGDWDEDVH
(YHQWVZLOOEHVXPPDUL]HGRQWKHEDVLVRI WKHGDWHRIRQVHWIRUWKHHYHQW $WUHDWPHQWHPHUJHQW
DGYHUVHHYHQWZLOOEHGHILQHGDVDQ\DGYHUVHHYHQWWKDWEHJLQV RQRUDIWHUWKHGDWHRIILUVWGRVHRI
,03 XSWRWKHGDWHRIODVWGRVHRI,03WKURXJK'D\
6XPPDULHVQXPEHUDQGSHUFHQWDJHRIVXEMHFWVRIWUHDWPHQWHPHUJHQWDGYHUVHHYHQWV
E\ 62& DQG37ZLOOEHSURYLGHGE\WUHDWPHQWJURXS

/DERUDWRU\(YDOXDWLRQV
6HOHFWHGODERUDWRU\GDWDZLOOEHVXPPDUL]HGXVLQJRQO\REVHUYHGGDWD'DWDDQGFKDQJHIURP
%DVHOLQH DWDOOVFKHGXOHGWLPH SRLQWVZLOOEHVXPPDUL]HG
*UDGHGODERUDWRU\DEQRUPDOLWLHVZLOOEHGHILQHGXVLQJWKHJUDGLQJVFKHPHLQ $SSHQGL[ 
*UDGLQJRIODERUDWRU\DEQRUPDOLWLHVIRUDQDO\VLVSXUSRVHVZLOOEHSHUIRUPHGE\*6,
,QFLGHQFHRIWUHDWPHQWHPHUJHQWODERUDWRU\DEQRUPDOLWLHVGHILQHGDVYDOXHVWKDWLQFUHDVHDWOHDVW
 WR[LFLW\JUDGHIURP%DVHOLQH DWDQ\WLPHSRVW%DVHOLQH XSWRDQGLQFOXGLQJ'D\ ZLOOEH
VXPPDUL]HGE\WUHDWPHQWJURXS,I%DVHOLQH GDWDDUHPLVVLQJWKHQDQ\JUDGHGDEQRUPDOLW\
LH DW OHDVWD*UDGH ZLOOEHFRQVLGHUHGWUHDWPHQWHPHUJHQW
/DERUDWRU\DEQRUPDOLWLHVWKDWRFFXUEHIRUHWKHILUVWGRVHRI,03RUDIWHUWKHVXEMHFWKDVEHHQ
GLVFRQWLQXHGIURPWUHDWPHQWIRUDWOHDVWGD\VZLOOEHLQFOXGHGLQDGDWDOLVWLQJ

2WKHU6DIHW\(YDOXDWLRQV
9LWDOVLJQVGDWDZLOOEHVXPPDUL]HGXVLQJGHVFULSWLYHVWDWLVWLFVE\WKHREVHUYHGGDWDDQGE\WKH
FKDQJHIURP%DVHOLQH DWHDFKWLPHSRLQW

3KDUPDFRNLQHWLF$QDO\VLV
,QGLYLGXDOVXEMHFW*6FRQFHQWUDWLRQWLPHGDWDZLOOEHGLVSOD\HGXVLQJVFKHGXOHGVDPSOLQJ
WLPHV'HVFULSWLYHVWDWLVWLFVHJQPHDQVWDQGDUGGHYLDWLRQ&9PHGLDQDQGUDQJHZLOOEH
FDOFXODWHGIRUHDFKVDPSOLQJWLPH


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
)RU3. VXEJURXSSODVPDFRQFHQWUDWLRQVRI*6RYHUWLPHZLOOEHSORWWHGLQ
VHPLORJDULWKPLFDQGOLQHDUIRUPDWVDVPHDQ 6'DQGSODVPDFRQFHQWUDWLRQWLPHGDWDIRUHDFK
VXEMHFWZLOOEHDQDO\]HGXVLQJVWDQGDUGQRQFRPSDUWPHQWDOPHWKRGV 3KDUPDFRNLQHWLF
SDUDPHWHUV&PD[7PD[&ODVW7ODVW$8&7ò&/)DQG9])DVDSSURSULDWH ZLOOEHOLVWHGDQG
VXPPDUL]HGIRU*6 XVLQJGHVFULSWLYH VWDWLVWLFV
3.3'UHODWLRQVKLSPD\EHH[SORUHGDVDSSURSULDWH

6DPSOH6L]H
6DPSOHVL]HFDOFXODWLRQVDUHEDVHGRQUHVXOWVREVHUYHGLQDVWXG\WKDWHYDOXDWHG WKHHIILFDF\RI
RUDODQGDHURVROL]HGULEDYLULQWUHDWPHQWIRUSUHYHQWLQJSURJUHVVLRQIURPXSSHUWRORZHU
UHVSLUDWRU\WUDFWLQIHFWLRQLQKHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWV ZLWK569LQIHFWLRQV
XQSXEOLVKHGGDWDIURP'U
7KHVDPSOHVL]HFDOFXODWLRQDVVXPHVWKH
WLPHZHLJKWHGDYHUDJH FKDQJHLQ 569 ORJ YLUDOORDGIURP'D\WR'D\ LQWKHSODFHERJURXS
ZLOOEH ORJ FRSLHVP/ ZLWKDFRUUHVSRQGLQJVWDQGDUGGHYLDWLRQ6'RI DQGWKDW
 RI WKH VXEMHFWVZLOOEHHYDOXDEOH%DVHGRQWKHVHDVVXPSWLRQVZLWK HYDOXDEOH VXEMHFWV
SHUJURXSWKHUHLVRYHU SRZHUWRGHWHFWD ORJ GLIIHUHQFHLQWLPHZHLJKWHGDYHUDJH FKDQJH
LQORJ YLUDOORDGEHWZHHQWUHDWPHQWJURXSVXVLQJDVLGHGOHYHOWHVW*LYHQDQ
HYDOXDEOH UDWHRIDWRWDORIVXEMHFWVZLOOQHHGWREHUDQGRPL]HGLQWRWKHVWXG\

'DWD0RQLWRULQJ&RPPLWWHH
$QH[WHUQDOPXOWLGLVFLSOLQDU\GDWDPRQLWRULQJFRPPLWWHH'0&ZLOOUHYLHZ WKHSURJUHVVRIWKH
VWXG\DQGSHUIRUPLQWHULPUHYLHZVRIVDIHW\GDWDDVVSHFLILHGLQWKH'0&FKDUWHU DQGSURYLGH
UHFRPPHQGDWLRQWR*LOHDGZKHWKHUWKHQDWXUHIUHTXHQF\DQGVHYHULW\RIDGYHUVHHIIHFWV
DVVRFLDWHGZLWKVWXG\WUHDWPHQWZDUUDQWWKHHDUO\WHUPLQDWLRQRIWKHVWXG\LQWKHEHVWLQWHUHVWVRI
WKHSDUWLFLSDQWVZKHWKHUWKHVWXG\VKRXOGFRQWLQXHDVSODQQHG RUWKHVWXG\VKRXOGFRQWLQXHZLWK
PRGLILFDWLRQV7KH'0&ZLOODOVRUHYLHZLQWHULPHIILFDF\DQDO\VHVDVGHVFULEHGLQ6HFWLRQ 
DQGSURYLGHUHFRPPHQGDWLRQVWR*LOHDG ([HFXWLYH0DQDJHPHQWSHUSUHGHILQHGFULWHULD DV
RXWOLQHGLQWKH'0&&KDUWHU
7KH'0&¶VVSHFLILFDFWLYLWLHVZLOOEHGHILQHGE\DPXWXDOO\DJUHHGFKDUWHUZKLFKZLOOGHILQHWKH
'0&¶VPHPEHUVKLSFRQGXFWDQGPHHWLQJVFKHGXOH
:KLOHWKH'0&ZLOOEHDVNHGWRDGYLVH*LOHDGUHJDUGLQJIXWXUHFRQGXFWRIWKHVWXG\LQFOXGLQJ
SRVVLEOHHDUO\VWXG\WHUPLQDWLRQ*LOHDGUHWDLQVILQDOGHFLVLRQPDNLQJDXWKRULW\RQ DOODVSHFWVRI
WKHVWXG\

(QGSRLQW$GMXGLFDWLRQ&RPPLWWHH
%OLQGHGUHYLHZHUVZLOOUHYLHZUHODWHGFOLQLFDO GDWDWRGHWHUPLQHZKHWKHUDORZHUUHVSLUDWRU\WUDFW
FRPSOLFDWLRQ KDVGHYHORSHG7KHVHFOLQLFDOGDWDLH YLWDOVLJQVFOLQLFDOQRWHVUDGLRORJ\UHSRUWV
>LQFOXGLQJ HFKRFDUGLRJUDPV@DQGPLFURELRORJ\UHVXOWVZLOOEHXVHGWRGHWHUPLQHLIRQHRIWKH
IROORZLQJKDVRFFXUUHGH[FOXGLQJRWKHUFDXVHVVXFKDVSXOPRQDU\HPEROLVPFDUGLRJHQLFVKRFN
KHDUWIDLOXUHDQGIOXLGRYHUORDG
PPD


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

3ULPDU\569/57,

6HFRQGDU\EDFWHULDO/57,

/57,GXHWRXQXVXDOSDWKRJHQV

/57,QRQLQIHFWLRXVRURIXQNQRZQHWLRORJ\
'HWDLOHGGHILQLWLRQVIRUHDFKRIWKHDERYH GLDJQRVHVZLOOEHSURYLGHGWRWKHDGMXGLFDWLRQ
FRPPLWWHHLQWKH$GMXGLFDWLRQ&RPPLWWHH&KDUWHU

,QWHULP$QDO\VLV
7ZRXQEOLQGHG LQWHULPHIILFDF\DQDO\VHVRIWKHSULPDU\HQGSRLQWWLPHZHLJKWHGDYHUDJH FKDQJH
LQ569ORJYLUDOORDGIURP'D\WKURXJK'D\ ZLOOEHFRQGXFWHGDIWHUDSSUR[LPDWHO\
 DQGRIWKHVXEMHFWVKDYHEHHQHQUROOHGDQGUHDFK'D\VHH6HFWLRQ $WWKHVH
LQWHULPDQDO\VHVHIILFDF\RI*6ZLOOEHFRPSDUHGWRSODFHERDVPHDVXUHGE\WKH
WLPHZHLJKWHGDYHUDJH FKDQJHLQORJYLUDOORDGDWWKHVLGHGVLJQLILFDQFHOHYHO $WWKH
ILUVW LQWHULPDQDO\VLVZLWKVXEMHFWVWKHQXOOK\SRWKHVLVZLOOEHUHMHFWHGLIDSSUR[LPDWHO\D
PLQLPXPRIDORJGLIIHUHQFHEHWZHHQWUHDWPHQWJURXSVLQPHDQWLPHZHLJKWHGDYHUDJH
FKDQJHLQORJYLUDOORDGLVREVHUYHG $WWKHVHFRQGLQWHULPDQDO\VLVZLWKVXEMHFWVWKH
QXOO K\SRWKHVLVZLOOEHUHMHFWHGLIDSSUR[LPDWHO\DPLQLPXPRIDORJGLIIHUHQFHEHWZHHQ
WUHDWPHQWJURXSVLQPHDQWLPHZHLJKWHGDYHUDJH FKDQJHLQORJYLUDOORDGLVREVHUYHG ,IWKHUH
LVQRWHQRXJKHYLGHQFHWRUHMHFWWKHQXOOK\SRWKHVLVDWWKHLQWHULPDQDO\VHVWKHILQDODQDO\VLVZLOO
EHFRQGXFWHGDWDQDGMXVWHGVLJQLILFDQFHOHYHOVHHEHORZEDVHGRQDJURXSVHTXHQWLDODOSKD
VSHQGLQJPHWKRGVRWKDWWKHRYHUDOOW\SHHUURUUDWHFDQEHFRQWUROOHGDWWKHOHYHO
7KHERXQGDU\ WRUHMHFWWKHQXOOK\SRWKHVLV DW WKHLQWHULPDQGWKHILQDODQDO\VHVDUHVKRZQLQ
7DEOH 7KHLQWHULPDQGILQDODQDO\VHVZLOOEHFRQGXFWHGXVLQJWKHSULPDU\DQDO\VLVPHWKRGV
DVGHVFULEHGLQ6HFWLRQ 
7DEOH 
6LJQLILFDQFH/HYHOVWR5HMHFWWKH+ DW,QWHULPDQG)LQDO$QDO\VHV
$QDO\VLV
6LJQLILFDQFH/HYHOVWR5HMHFWWKH+
,QWHULPLQFOXGLQJDSSUR[LPDWHO\ RIVXEMHFWV

,QWHULPLQFOXGLQJDSSUR[LPDWHO\ RIVXEMHFWV

)LQDOLQFOXGLQJRIVXEMHFWV
 


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

5(63216,%,/,7,(6

,QYHVWLJDWRU5HVSRQVLELOLWLHV

*RRG&OLQLFDO3UDFWLFH
7KHLQYHVWLJDWRUZLOOHQVXUHWKDWWKLVVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKHSULQFLSOHVRIWKH
'HFODUDWLRQRI+HOVLQNLDVDPHQGHGLQ(GLQEXUJK7RN\R9HQLFH+RQJ.RQJDQG
6RXWK $IULFD,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ,&+JXLGHOLQHVRUZLWKWKHODZVDQG
UHJXODWLRQVRIWKHFRXQWU\LQZKLFKWKHUHVHDUFKLVFRQGXFWHGZKLFKHYHUDIIRUGVWKHJUHDWHU
SURWHFWLRQWRWKHVWXG\VXEMHFW7KHVHVWDQGDUGVDUHFRQVLVWHQW ZLWKWKH(XURSHDQ8QLRQ&OLQLFDO
7ULDOV'LUHFWLYH(&DQG*RRG&OLQLFDO3UDFWLFH'LUHFWLYH(&
7KHLQYHVWLJDWRUZLOOHQVXUHDGKHUHQFHWRWKHEDVLFSULQFLSOHVRI*RRG&OLQLFDO3UDFWLFHDV
RXWOLQHGLQ &)5 VXESDUW '³5HVSRQVLELOLWLHV RI6SRQVRUVDQG,QYHVWLJDWRUV´
 &)5 SDUW DQG &)5SDUW 
7KHLQYHVWLJDWRUDQGDOODSSOLFDEOHVXELQYHVWLJDWRUVZLOOFRPSO\ZLWK &)53DUW 
SURYLGLQJGRFXPHQWDWLRQRIWKHLUILQDQFLDOLQWHUHVWRUDUUDQJHPHQWVZLWK*LOHDGRUSURSULHWDU\
LQWHUHVWVLQWKHLQYHVWLJDWLRQDOGUXJXQGHUVWXG\7KLVGRFXPHQWDWLRQPXVWEHSURYLGHGSULRUWR
WKHLQYHVWLJDWRU¶VDQGDQ\VXELQYHVWLJDWRU¶VSDUWLFLSDWLRQLQWKHVWXG\7KHLQYHVWLJDWRUDQG
VXELQYHVWLJDWRUDJUHHWRQRWLI\*LOHDGRIDQ\FKDQJHLQUHSRUWDEOHLQWHUHVWVGXULQJWKHVWXG\DQG
IRU\HDUIROORZLQJFRPSOHWLRQRIWKHVWXG\6WXG\FRPSOHWLRQLVGHILQHGDVWKHGDWHZKHQWKH
ODVWVXEMHFWFRPSOHWHVWKHSURWRFROGHILQHGDFWLYLWLHV

,QVWLWXWLRQDO5HYLHZ%RDUG,5%,QGHSHQGHQW(WKLFV&RPPLWWHH,(&
5HYLHZDQG$SSURYDO
7KHLQYHVWLJDWRURUVSRQVRUDVDSSURSULDWHDFFRUGLQJWRORFDOUHJXODWLRQVZLOOVXEPLWWKLV
SURWRFROLQIRUPHGFRQVHQWIRUPDQGDQ\DFFRPSDQ\LQJPDWHULDOWREHSURYLGHGWRWKHVXEMHFW
VXFKDVDGYHUWLVHPHQWVVXEMHFWLQIRUPDWLRQVKHHWVRUGHVFULSWLRQVRIWKHVWXG\XVHGWRREWDLQ
LQIRUPHGFRQVHQWWRDQ ,5%,(&GHSHQGLQJRQUHJLRQ7KHLQYHVWLJDWRUZLOOQRWEHJLQDQ\VWXG\
VXEMHFWDFWLYLWLHVXQWLODSSURYDOIURPWKH ,5%,(& KDVEHHQGRFXPHQWHGDQGSURYLGHGDVDOHWWHU
WRWKHLQYHVWLJDWRU
%HIRUHLPSOHPHQWDWLRQWKHLQYHVWLJDWRUZLOOVXEPLWWRDQGUHFHLYHGRFXPHQWHGDSSURYDOIURP
WKH ,5%,(&IRUDQ\PRGLILFDWLRQVPDGHWRWKHSURWRFRORUDQ\DFFRPSDQ\LQJPDWHULDOWREH
SURYLGHGWRWKHVXEMHFWDIWHULQLWLDODSSURYDOZLWKWKH H[FHSWLRQRIWKRVH QHFHVVDU\WRUHGXFH
LPPHGLDWHULVNWRVWXG\VXEMHFWV

,QIRUPHG&RQVHQW
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUREWDLQLQJZULWWHQLQIRUPHGFRQVHQWIURPHDFKLQGLYLGXDO
SDUWLFLSDWLQJLQWKLVVWXG\DIWHUDGHTXDWHH[SODQDWLRQRIWKHDLPVPHWKRGVREMHFWLYHVDQG
SRWHQWLDOKD]DUGVRIWKHVWXG\DQGEHIRUHXQGHUWDNLQJDQ\VWXG\UHODWHGSURFHGXUHV7KH


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
LQYHVWLJDWRUPXVWXVHWKHPRVWFXUUHQW ,5%RU,(&DSSURYHGFRQVHQWIRUPIRUGRFXPHQWLQJ
ZULWWHQLQIRUPHGFRQVHQW(DFKLQIRUPHGFRQVHQWRUDVVHQWDVDSSOLFDEOHZLOOEHDSSURSULDWHO\
VLJQHGDQGGDWHGE\WKHVXEMHFWRUWKHVXEMHFW¶VOHJDOO\DXWKRUL]HGUHSUHVHQWDWLYHDQGWKHSHUVRQ
FRQGXFWLQJWKHFRQVHQWGLVFXVVLRQDQGDOVRE\DQLPSDUWLDOZLWQHVVLIUHTXLUHGE\ ,5%,(&RU
ORFDOUHTXLUHPHQWV

&RQILGHQWLDOLW\
7KHLQYHVWLJDWRUPXVWDVVXUHWKDWVXEMHFWV¶DQRQ\PLW\ZLOOEHVWULFWO\PDLQWDLQHGDQGWKDWWKHLU
LGHQWLWLHVDUHSURWHFWHGIURPXQDXWKRUL]HGSDUWLHV2QO\VXEMHFWLQLWLDOVGDWHRIELUWKDQRWKHU
XQLTXHLGHQWLILHUDVDOORZHGE\ORFDOODZDQGDQLGHQWLILFDWLRQFRGHZLOOEHUHFRUGHGRQDQ\
IRUPRUELRORJLFDOVDPSOHVXEPLWWHGWRWKH6SRQVRU,5%,(& RUODERUDWRU\/DERUDWRU\
VSHFLPHQVPXVWEHODEHOHGLQVXFKD PDQQHU DVWRSURWHFWVXEMHFWLGHQWLW\ZKLOHDOORZLQJWKH
UHVXOWVWREHUHFRUGHGWR WKHSURSHUVXEMHFW5HIHUWRVSHFLILFODERUDWRU\LQVWUXFWLRQV127( 7KH
LQYHVWLJDWRUPXVWNHHSDVFUHHQLQJORJVKRZLQJFRGHVQDPHVDQGDGGUHVVHVIRUDOOVXEMHFWV
VFUHHQHGDQGIRUDOOVXEMHFWVHQUROOHGLQWKHWULDO 6XEMHFWGDWDZLOOEHSURFHVVHGLQDFFRUGDQFH
ZLWKDOODSSOLFDEOHUHJXODWLRQV
7KHLQYHVWLJDWRUDJUHHVWKDWDOOLQIRUPDWLRQUHFHLYHGIURP*LOHDGLQFOXGLQJEXWQRWOLPLWHGWR WKH
,%WKLVSURWRFROH&5)WKH,03DQGDQ\RWKHUVWXG\LQIRUPDWLRQUHPDLQWKHVROHDQG
H[FOXVLYHSURSHUW\RI*LOHDGGXULQJWKHFRQGXFWRIWKHVWXG\DQGWKHUHDIWHU7KLVLQIRUPDWLRQLV
QRWWREHGLVFORVHGWRDQ\WKLUGSDUW\H[FHSWHPSOR\HHVRUDJHQWVGLUHFWO\LQYROYHGLQWKH
FRQGXFWRIWKHVWXG\RUDVUHTXLUHGE\ODZZLWKRXWSULRUZULWWHQFRQVHQWIURP*LOHDG7KH
LQYHVWLJDWRUIXUWKHUDJUHHVWRWDNHDOOUHDVRQDEOHSUHFDXWLRQVWRSUHYHQWWKHGLVFORVXUHE\DQ\
HPSOR\HHRUDJHQWRIWKHVWXG\VLWHWRDQ\WKLUGSDUW\RURWKHUZLVHLQWRWKHSXEOLFGRPDLQ

6WXG\)LOHVDQG5HWHQWLRQRI5HFRUGV
7KHLQYHVWLJDWRUPXVWPDLQWDLQDGHTXDWHDQGDFFXUDWHUHFRUGVWRHQDEOHWKHFRQGXFWRIWKHVWXG\
WREHIXOO\GRFXPHQWHGDQGWKHVWXG\GDWDWREHVXEVHTXHQWO\YHULILHG7KHVHGRFXPHQWVVKRXOG
EHFODVVLILHGLQWRDWOHDVWWKHIROORZLQJWZRFDWHJRULHV  LQYHVWLJDWRU¶VVWXG\ILOHDQG
 VXEMHFWFOLQLFDOVRXUFHGRFXPHQWV
7KHLQYHVWLJDWRU¶VVWXG\ILOHZLOOFRQWDLQWKHSURWRFRODPHQGPHQWV&5)DQGTXHU\IRUPV
,5%,(&DQGJRYHUQPHQWDODSSURYDOZLWKFRUUHVSRQGHQFHLQIRUPHGFRQVHQWGUXJ UHFRUGVVWDII
FXUULFXOXPYLWDHDQGDXWKRUL]DWLRQIRUPVDQGRWKHUDSSURSULDWHGRFXPHQWVDQGFRUUHVSRQGHQFH
7KHUHTXLUHGVRXUFHGDWDVKRXOGLQFOXGHVHTXHQWLDOQRWHVFRQWDLQLQJDWOHDVWWKHIROORZLQJ
LQIRUPDWLRQIRUHDFKVXEMHFW

6XEMHFWLGHQWLILFDWLRQQDPHGDWHRIELUWKJHQGHU

'RFXPHQWDWLRQWKDWVXEMHFWPHHWVHOLJLELOLW\FULWHULDLHKLVWRU\SK\VLFDOH[DPLQDWLRQDQG
FRQILUPDWLRQRIGLDJQRVLVWRVXSSRUWLQFOXVLRQDQGH[FOXVLRQFULWHULD

'RFXPHQWDWLRQRIWKHUHDVRQVDFRQVHQWHGVXEMHFWLVQRWHQUROOHG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

3DUWLFLSDWLRQLQVWXG\LQFOXGLQJVWXG\QXPEHU

6WXG\GLVFXVVHGDQGGDWHRILQIRUPHGFRQVHQW

'DWHVRIDOOYLVLWV

'RFXPHQWDWLRQWKDWSURWRFROVSHFLILFSURFHGXUHVZHUHSHUIRUPHG

5HVXOWVRIHIILFDF\SDUDPHWHUVDVUHTXLUHGE\WKHSURWRFRO

6WDUWDQGHQGGDWHLQFOXGLQJGRVHUHJLPHQRI,03LQFOXGLQJ GDWHVRI GLVSHQVLQJDQGUHWXUQ

5HFRUGRIDOODGYHUVHHYHQWVDQGRWKHUVDIHW\SDUDPHWHUVVWDUWDQGHQGGDWHDQGLQFOXGLQJ
FDXVDOLW\DQGVHYHULW\

&RQFRPLWDQWPHGLFDWLRQLQFOXGLQJVWDUWDQGHQGGDWHGRVHLIUHOHYDQWGRVHFKDQJHV

'DWHRIVWXG\FRPSOHWLRQDQGUHDVRQIRUHDUO\GLVFRQWLQXDWLRQLILWRFFXUV
$OOFOLQLFDOVWXG\GRFXPHQWVPXVWEHUHWDLQHGE\WKHLQYHVWLJDWRUXQWLODWOHDVW \HDUVRU
DFFRUGLQJWRORFDOODZVZKLFKHYHULVORQJHUDIWHUWKHODVWDSSURYDORIDPDUNHWLQJDSSOLFDWLRQLQ
DQ,&+UHJLRQLH8QLWHG6WDWHV(XURSHRU-DSDQDQGXQWLOWKHUHDUHQRSHQGLQJRUSODQQHG
PDUNHWLQJDSSOLFDWLRQVLQDQ,&+UHJLRQRULIQRDSSOLFDWLRQLVILOHGRULIWKHDSSOLFDWLRQLVQRW
DSSURYHGIRUVXFKLQGLFDWLRQXQWLO \HDUVDIWHUWKHLQYHVWLJDWLRQLVGLVFRQWLQXHGDQGUHJXODWRU\
DXWKRULWLHVKDYHEHHQQRWLILHG,QYHVWLJDWRUVPD\EHUHTXLUHGWRUHWDLQGRFXPHQWVORQJHULI
VSHFLILHGE\UHJXODWRU\UHTXLUHPHQWVE\ORFDOUHJXODWLRQVRUE\DQDJUHHPHQWZLWK*LOHDG7KH
LQYHVWLJDWRUPXVWQRWLI\*LOHDGEHIRUHGHVWUR\LQJDQ\FOLQLFDOVWXG\UHFRUGV
6KRXOGWKHLQYHVWLJDWRUZLVKWRDVVLJQWKHVWXG\UHFRUGVWRDQRWKHUSDUW\RUPRYHWKHPWRDQRWKHU
ORFDWLRQ*LOHDGPXVWEHQRWLILHGLQDGYDQFH
,IWKHLQYHVWLJDWRUFDQQRWSURYLGHIRUWKLVDUFKLYLQJUHTXLUHPHQWDWWKHVWXG\VLWHIRUDQ\RUDOORI
WKHGRFXPHQWVVSHFLDODUUDQJHPHQWVPXVWEHPDGHEHWZHHQWKHLQYHVWLJDWRUDQG*LOHDGWRVWRUH
WKHVHUHFRUGVVHFXUHO\DZD\IURP WKHVLWHVRWKDWWKH\FDQEHUHWXUQHG VHDOHGWRWKHLQYHVWLJDWRU
LQFDVHRIDQLQVSHFWLRQ:KHQVRXUFHGRFXPHQWVDUHUHTXLUHGIRUWKHFRQWLQXHGFDUHRIWKH
VXEMHFWDSSURSULDWHFRSLHVVKRXOGEHPDGHIRUVWRUDJHDZD\IURP WKHVLWH

&DVH5HSRUW)RUPV
)RUHDFKVXEMHFWFRQVHQWHGDQH&5)ZLOOEHFRPSOHWHGE\DQDXWKRUL]HGVWXG\VWDIIPHPEHU
ZKRVHWUDLQLQJIRUWKLVIXQFWLRQLVGRFXPHQWHGDFFRUGLQJWRVWXG\SURFHGXUHV H&5) VKRXOGEH
FRPSOHWHGRQWKHGD\RIWKHVXEMHFWYLVLWWRHQDEOHWKHVSRQVRUWRSHUIRUPFHQWUDOPRQLWRULQJRI
VDIHW\GDWD6XEVHTXHQWWRGDWDHQWU\DVWXG\PRQLWRUZLOOSHUIRUPVRXUFHGDWDYHULILFDWLRQ
ZLWKLQWKH('&V\VWHP 2ULJLQDOHQWULHVDVZHOODVDQ\FKDQJHVWRGDWDILHOGVZLOOEHVWRUHGLQ
WKHDXGLWWUDLORIWKHV\VWHP3ULRUWRGDWDEDVHORFNRUDQ\LQWHULPWLPHSRLQWVDV GHVFULEHGLQWKH
FOLQLFDOGDWDPDQDJHPHQWSODQWKHLQYHVWLJDWRUZLOOXVHKLVKHUORJLQFUHGHQWLDOVWRFRQILUPWKDW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
WKHIRUPVKDYHEHHQUHYLHZHGDQGWKDWWKHHQWULHVDFFXUDWHO\UHIOHFWWKHLQIRUPDWLRQLQWKH
VRXUFHGRFXPHQWV 7KHH&5)FDSWXUHWKHGDWD UHTXLUHGSHUWKHSURWRFROVFKHGXOHRIHYHQWVDQG
SURFHGXUHV 6\VWHPJHQHUDWHGRUPDQXDOTXHULHVZLOOEHLVVXHGWRWKHLQYHVWLJDWLYHVLWHVWDIIDV
GDWDGLVFUHSDQFLHVDUHLGHQWLILHGE\WKHPRQLWRURULQWHUQDO*LOHDGVWDIIZKRURXWLQHO\UHYLHZWKH
GDWDIRU FRPSOHWHQHVVFRUUHFWQHVVDQGFRQVLVWHQF\ 7KHVLWHFRRUGLQDWRULVUHVSRQVLEOHIRU
UHVSRQGLQJWRWKHTXHULHVLQDWLPHO\PDQQHUZLWKLQWKHV\VWHPHLWKHUE\FRQILUPLQJWKHGDWDDV
FRUUHFWRUXSGDWLQJWKHRULJLQDOHQWU\DQGSURYLGLQJWKHUHDVRQIRUWKH XSGDWHHJGDWDHQWU\
HUURU $WWKHFRQFOXVLRQRIWKHWULDO*LOHDGZLOOSURYLGHWKHVLWHZLWKDUHDGRQO\DUFKLYHFRS\RI
WKHGDWDHQWHUHGE\WKDWVLWH 7KLVDUFKLYHPXVWEHVWRUHGLQDFFRUGDQFHZLWKWKHUHFRUGV
UHWHQWLRQUHTXLUHPHQWVRXWOLQHGLQ6HFWLRQ 

'DWD4XDOLW\&RQWURODQG4XDOLW\$VVXUDQFH
7RLQVXUHDFFXUDWHFRPSOHWHDQGUHOLDEOHGDWDWKH6SRQVRURULWVUHSUHVHQWDWLYHVZLOOGRWKH
IROORZLQJ

3URYLGHLQVWUXFWLRQDOPDWHULDOWRWKHVWXG\VLWHVDVDSSURSULDWH

,QVWUXFWWKHLQYHVWLJDWRUVDQGVWXG\SHUVRQQHORQWKHSURWRFROWKHFRPSOHWLRQRIWKH&5)V
DQGVWXG\SURFHGXUHV

0DNHSHULRGLFYLVLWVWRWKHVWXG\VLWH

%HDYDLODEOHWRFRQVXOWDWLRQDQGVWD\LQFRQWDFWZLWKWKHVWXG\VLWHSHUVRQQHOE\PDLOHPDLO
WHOHSKRQHDQGRUID[

0RQLWRUWKH VXEMHFWGDWDUHFRUGHGLQWKH&5)VDJDLQVWVRXUFHGRFXPHQWVDWWKHVWXG\VLWH

5HYLHZDQGHYDOXDWH&5)GDWDDQGXVHVWDQGDUGFRPSXWHUHGLWVWRGHWHFWHUURUVLQGDWD
FROOHFWLRQ

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW $FFRXQWDELOLW\DQG5HWXUQ
*LOHDGUHFRPPHQGVWKDWXVHGDQGXQXVHG,03VXSSOLHVEHGHVWUR\HGRQVLWHLISRVVLEOH 7KH
VWXG\PRQLWRUZLOOHYDOXDWHHDFKVWXG\FHQWHU¶V,03 GLVSRVDOSURFHGXUHVDQGSURYLGHDSSURSULDWH
LQVWUXFWLRQIRUGHVWUXFWLRQRIXQXVHG,03 VXSSOLHV,IWKHVLWHKDVDQDSSURSULDWHVWDQGDUG
RSHUDWLQJSURFHGXUH623IRUGUXJGHVWUXFWLRQ DVGHWHUPLQHGE\*LOHDG4$WKHVLWHPD\
GHVWUR\XVHGHPSW\ RUSDUWLDOO\HPSW\DQGXQXVHG,03 VXSSOLHVLQDFFRUGDQFHZLWKWKDW VLWH¶V
DSSURYHG 623$FRS\RIWKHVLWH¶VDSSURYHG623ZLOOEHREWDLQHGIRUFHQWUDOILOHV,I,03
FDQQRWEHGHVWUR\HGRQVLWHWKHVWXG\PRQLWRUZLOOSURYLGHLQVWUXFWLRQVIRUUHWXUQWR *LOHDGRU
WKHVKLSSLQJIDFLOLW\IURPZKLFKLWFDPHIRUHYHQWXDOGHVWUXFWLRQ
,I,03 LVGHVWUR\HGRQVLWHWKHLQYHVWLJDWRUPXVWPDLQWDLQDFFXUDWHUHFRUGVIRUDOO,03
GHVWUR\HG5HFRUGVPXVWVKRZWKHLGHQWLILFDWLRQDQGTXDQWLW\RIHDFKXQLWGHVWUR\HGWKHPHWKRG
RIGHVWUXFWLRQDQGWKHSHUVRQZKRGLVSRVHGRIWKH,038SRQVWXG\FRPSOHWLRQFRSLHV RIWKH
,03 DFFRXQWDELOLW\UHFRUGVPXVWEHILOHGDWWKHVLWH$QRWKHUFRS\ZLOOEHUHWXUQHGWR*LOHDG
7KHVWXG\PRQLWRUZLOOUHYLHZ,03VXSSOLHVDQGDVVRFLDWHGUHFRUGVDWSHULRGLFLQWHUYDOV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

,QVSHFWLRQV
7KHLQYHVWLJDWRUZLOOPDNHDYDLODEOHDOO VRXUFHGRFXPHQWVDQGRWKHUUHFRUGVIRUWKLVWULDOWR
*LOHDG¶VDSSRLQWHGVWXG\PRQLWRUVWR ,5%,(&VRUWRUHJXODWRU\DXWKRULW\RUKHDOWKDXWKRULW\
LQVSHFWRUV

3URWRFRO&RPSOLDQFH
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKHVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKH
SURFHGXUHVDQGHYDOXDWLRQVGHVFULEHGLQWKLVSURWRFRO

6SRQVRU5HVSRQVLELOLWLHV

3URWRFRO0RGLILFDWLRQV
3URWRFROPRGLILFDWLRQVH[FHSWWKRVHLQWHQGHGWRUHGXFHLPPHGLDWHULVNWRVWXG\VXEMHFWVPD\EH
PDGHRQO\E\*LOHDG7KHLQYHVWLJDWRUPXVWVXEPLWDOOSURWRFROPRGLILFDWLRQVWRWKH,5%,(&LQ
DFFRUGDQFHZLWKORFDOUHTXLUHPHQWV DQGUHFHLYHGRFXPHQWHG,5%,(& DSSURYDOEHIRUH
PRGLILFDWLRQVFDQEHLPSOHPHQWHG

6WXG\5HSRUWDQG3XEOLFDWLRQV
$FOLQLFDOVWXG\UHSRUW&65ZLOOEHSUHSDUHGDQGSURYLGHGWRWKHDSSOLFDEOHUHJXODWRU\
DJHQFLHV*LOHDGZLOOHQVXUHWKDWWKHUHSRUWPHHWVWKHVWDQGDUGVVHWRXWLQWKH,&+*XLGHOLQHIRU
6WUXFWXUHDQG&RQWHQWRI&OLQLFDO6WXG\5HSRUWV,&+ (1RWHWKDWDQDEEUHYLDWHGUHSRUWPD\
EHSUHSDUHGLQFHUWDLQFDVHV
,QYHVWLJDWRUVLQWKLVVWXG\PD\FRPPXQLFDWHRUDOO\SUHVHQWRUSXEOLVKLQVFLHQWLILFMRXUQDOVRU
RWKHUVFKRODUO\PHGLDRQO\DIWHUWKHIROORZLQJFRQGLWLRQVKDYHEHHQPHW

7KHUHVXOWVRIWKHVWXG\LQWKHLUHQWLUHW\KDYHEHHQSXEOLFO\GLVFORVHGE\RUZLWKWKHFRQVHQW
RI*LOHDGLQDQ DEVWUDFWPDQXVFULSWRUSUHVHQWDWLRQIRUPRUWKHVWXG\KDVEHHQFRPSOHWHGDW
DOOVWXG\VLWHVIRUDWOHDVW\HDUV

7KHLQYHVWLJDWRUZLOOVXEPLWWR*LOHDGDQ\SURSRVHGSXEOLFDWLRQRUSUHVHQWDWLRQDORQJZLWK
WKHUHVSHFWLYHVFLHQWLILFMRXUQDORUSUHVHQWDWLRQIRUXPDWOHDVWGD\VEHIRUHVXEPLVVLRQRI
WKHSXEOLFDWLRQRUSUHVHQWDWLRQ

1RVXFKFRPPXQLFDWLRQSUHVHQWDWLRQRUSXEOLFDWLRQZLOOLQFOXGH*LOHDG¶VFRQILGHQWLDO
LQIRUPDWLRQVHH6HFWLRQ 

7KHLQYHVWLJDWRUZLOOFRPSO\ZLWK*LOHDG¶VUHTXHVWWRGHOHWHUHIHUHQFHVWRLWVFRQILGHQWLDO
LQIRUPDWLRQRWKHUWKDQWKHVWXG\UHVXOWVLQDQ\SDSHURUSUHVHQWDWLRQDQGDJUHHVWRZLWKKROG
SXEOLFDWLRQRUSUHVHQWDWLRQIRUDQDGGLWLRQDOGD\VLQRUGHUWRREWDLQSDWHQWSURWHFWLRQLI
GHHPHGQHFHVVDU\


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

-RLQW,QYHVWLJDWRU6SRQVRU5HVSRQVLELOLWLHV

3D\PHQW5HSRUWLQJ
,QYHVWLJDWRUVDQGWKHLUVWXG\VWDIIPD\EHDVNHGWRSURYLGHVHUYLFHVSHUIRUPHGXQGHU WKLV
SURWRFROHJDWWHQGDQFHDW,QYHVWLJDWRU
V0HHWLQJV,IUHTXLUHGXQGHUWKHDSSOLFDEOHVWDWXWRU\DQG
UHJXODWRU\UHTXLUHPHQWV*LOHDGZLOOFDSWXUHDQGGLVFORVHWR)HGHUDODQG6WDWHDJHQFLHVDQ\
H[SHQVHVSDLGRUUHLPEXUVHGIRUVXFKVHUYLFHVLQFOXGLQJDQ\FOLQLFDOWULDOSD\PHQWVPHDOWUDYHO
H[SHQVHVRUUHLPEXUVHPHQWVFRQVXOWLQJIHHVDQGDQ\RWKHUWUDQVIHURIYDOXH

$FFHVVWR,QIRUPDWLRQIRU0RQLWRULQJ
,QDFFRUGDQFHZLWKUHJXODWLRQVDQG JXLGHOLQHVWKHVWXG\PRQLWRUPXVWKDYHGLUHFWDFFHVVWRWKH
LQYHVWLJDWRU¶VVRXUFHGRFXPHQWDWLRQLQRUGHUWRYHULI\WKHDFFXUDF\RIWKHGDWDUHFRUGHGLQWKH
&5)H&5)
7KHPRQLWRULVUHVSRQVLEOHIRUURXWLQHUHYLHZRIWKH&5)H&5) DWUHJXODULQWHUYDOVWKURXJKRXW
WKHVWXG\WRYHULI\DGKHUHQFHWRWKHSURWRFRODQGWKHFRPSOHWHQHVVFRQVLVWHQF\DQGDFFXUDF\RI
WKHGDWDEHLQJHQWHUHGRQWKHP7KHPRQLWRUVKRXOGKDYHDFFHVVWRDQ\VXEMHFWUHFRUGVQHHGHGWR
YHULI\WKHHQWULHVRQWKH&5)H&5)7KHLQYHVWLJDWRUDJUHHVWRFRRSHUDWHZLWKWKHPRQLWRUWR
HQVXUHWKDWDQ\SUREOHPVGHWHFWHGWKURXJKDQ\W\SHRIPRQLWRULQJFHQWUDORQVLWH DUHUHVROYHG

$FFHVVWR,QIRUPDWLRQIRU$XGLWLQJRU,QVSHFWLRQV
5HSUHVHQWDWLYHVRIUHJXODWRU\DXWKRULWLHVRURI*LOHDGPD\FRQGXFWLQVSHFWLRQVRUDXGLWVRIWKH
FOLQLFDOVWXG\,IWKHLQYHVWLJDWRULVQRWLILHGRIDQLQVSHFWLRQE\DUHJXODWRU\DXWKRULW\WKH
LQYHVWLJDWRUDJUHHVWRQRWLI\WKH*LOHDGPHGLFDOPRQLWRULPPHGLDWHO\7KHLQYHVWLJDWRUDJUHHVWR
SURYLGHWRUHSUHVHQWDWLYHVRIDUHJXODWRU\DJHQF\RU*LOHDGDFFHVVWRUHFRUGVIDFLOLWLHVDQG
SHUVRQQHOIRUWKHHIIHFWLYHFRQGXFWRIDQ\LQVSHFWLRQRUDXGLW

6WXG\'LVFRQWLQXDWLRQ
%RWKWKHVSRQVRUDQGWKHLQYHVWLJDWRUUHVHUYHWKHULJKWWRWHUPLQDWHWKHVWXG\DWDQ\WLPH6KRXOG
WKLVEHQHFHVVDU\ERWKSDUWLHVZLOODUUDQJHGLVFRQWLQXDWLRQSURFHGXUHVDQGQRWLI\WKHDSSURSULDWH
UHJXODWRU\DXWKRULW\LHV,5%VDQG,(&V,QWHUPLQDWLQJWKHVWXG\*LOHDGDQGWKHLQYHVWLJDWRU
ZLOODVVXUHWKDWDGHTXDWHFRQVLGHUDWLRQLVJLYHQWRWKHSURWHFWLRQRIWKHVXEMHFWV¶LQWHUHVWV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

5()(5(1&(6

'PLWULHQNR$2IIHQ:::HVWIDOO3+*DWHNHHSLQJVWUDWHJLHVIRUFOLQLFDOWULDOV
WKDWGRQRWUHTXLUHDOOSULPDU\HIIHFWVWREHVLJQLILFDQW6WDWLVW0HG


$PHULFDQ$FDGHP\RI3HGLDWULFV&RPPLWWHHRQ,QIHFWLRXV'LVHDVHV8VHRI
ULEDYLULQLQWKHWUHDWPHQWRIUHVSLUDWRU\V\QF\WLDOYLUXVLQIHFWLRQ3HGLDWULFV


1DLU+1RNHV'-*HVVQHU%''KHUDQL00DGKL6$6LQJOHWRQ5-HWDO
*OREDOEXUGHQRIDFXWHORZHUUHVSLUDWRU\LQIHFWLRQVGXHWRUHVSLUDWRU\V\QF\WLDO
YLUXVLQ\RXQJFKLOGUHQDV\VWHPDWLFUHYLHZDQGPHWDDQDO\VLV/DQFHW


6WRFNPDQ/-&XUQV$7$QGHUVRQ/-)LVFKHU/DQJOH\*5HVSLUDWRU\6\QF\WLDO
9LUXVDVVRFLDWHG+RVSLWDOL]DWLRQV$PRQJ,QIDQWVDQG<RXQJ&KLOGUHQLQWKH
8QLWHG6WDWHV3HGLDWU,QIHFW'LV-

1LFKROV:**RROH\7%RHFNK0&RPPXQLW\DFTXLUHGUHVSLUDWRU\V\QF\WLDO
YLUXVDQGSDUDLQIOXHQ]DYLUXVLQIHFWLRQVDIWHUKHPDWRSRLHWLFVWHPFHOO
WUDQVSODQWDWLRQWKH)UHG+XWFKLQVRQ&DQFHU5HVHDUFK&HQWHUH[SHULHQFH%LRO
%ORRG0DUURZ7UDQVSODQW6XSSO66

86'HSDUWPHQWRI+HDOWKDQG+XPDQ6HUYLFHV)RRGDQG'UXJ$GPLQLVWUDWLRQ
&HQWHUIRU'UXJ(YDOXDWLRQDQG5HVHDUFK&'(5*XLGDQFHIRU,QGXVWU\'UXJ
,QWHUDFWLRQ6WXGLHV 6WXG\'HVLJQ'DWD$QDO\VLV,PSOLFDWLRQVIRU'RVLQJDQG
/DEHOLQJ5HFRPPHQGDWLRQV'5$)7*8,'$1&()HEUXDU\

6KDK-1&KHPDO\5)0DQDJHPHQWRI569LQIHFWLRQVLQDGXOWUHFLSLHQWVRI
KHPDWRSRLHWLFVWHPFHOOWUDQVSODQWDWLRQ%ORRG

6KDK'3*KDQWRML666KDK-1(O7DRXP..-LDQJ<3RSDW8HWDO,PSDFWRI
DHURVROL]HGULEDYLULQRQPRUWDOLW\LQDOORJHQHLFKDHPDWRSRLHWLFVWHPFHOO
WUDQVSODQWUHFLSLHQWVZLWKUHVSLUDWRU\V\QF\WLDOYLUXVLQIHFWLRQV-$QWLPLFURE
&KHPRWKHU

%RHFNK0(QJOXQG-/L<0LOOHU&&URVV$)HUQDQGH]+HWDO5DQGRPL]HG
FRQWUROOHGPXOWLFHQWHUWULDORIDHURVROL]HGULEDYLULQIRUUHVSLUDWRU\V\QF\WLDOYLUXV
XSSHUUHVSLUDWRU\WUDFWLQIHFWLRQLQKHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWV&OLQ
,QIHFW'LV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

&KHPDO\5)*KRVK6%RGH\*35RKDWJL16DIGDU$.HDWLQJ0-HWDO
5HVSLUDWRU\YLUDOLQIHFWLRQVLQDGXOWVZLWKKHPDWRORJLFPDOLJQDQFLHVDQGKXPDQ
VWHPFHOOWUDQVSODQWDWLRQUHFLSLHQWVDUHWURVSHFWLYHVWXG\DWDPDMRUFDQFHUFHQWHU
0HGLFLQH%DOWLPRUH

(UDUG9&KLHQ-:.LP+:1LFKROV:*)ORZHUV0(0DUWLQ3-HWDO
$LUIORZGHFOLQHDIWHUP\HORDEODWLYHDOORJHQHLFKHPDWRSRLHWLFFHOOWUDQVSODQWDWLRQ
WKHUROHRIFRPPXQLW\UHVSLUDWRU\YLUXVHV-,QIHFW'LV

+DUULQJWRQ5'+RRWRQ70+DFNPDQ5&6WRUFK*$2VERUQH%*OHDYHV&$
HWDO$QRXWEUHDNRIUHVSLUDWRU\V\QF\WLDOYLUXVLQDERQHPDUURZWUDQVSODQW
FHQWHU-,QIHFW'LV

.KDQQD1:LGPHU$)'HFNHU06WHIIHQ,+DOWHU-+HLP'HWDO5HVSLUDWRU\
V\QF\WLDOYLUXVLQIHFWLRQLQSDWLHQWVZLWKKHPDWRORJLFDOGLVHDVHVVLQJOHFHQWHU
VWXG\DQGUHYLHZRIWKHOLWHUDWXUH&OLQ,QIHFW'LV

$YHWLV\DQ*0DWWVVRQ-6SDUUHOLG(/MXQJPDQ35HVSLUDWRU\V\QF\WLDOYLUXV
LQIHFWLRQLQUHFLSLHQWVRIDOORJHQHLFVWHPFHOOWUDQVSODQWDWLRQDUHWURVSHFWLYH
VWXG\RIWKHLQFLGHQFHFOLQLFDOIHDWXUHVDQGRXWFRPH7UDQVSODQWDWLRQ


.LP<-%RHFNK0(QJOXQG-$&RPPXQLW\UHVSLUDWRU\YLUXVLQIHFWLRQVLQ
LPPXQRFRPSURPLVHGSDWLHQWVKHPDWRSRLHWLFVWHPFHOODQGVROLGRUJDQWUDQVSODQW
UHFLSLHQWVDQGLQGLYLGXDOVZLWKKXPDQLPPXQRGHILFLHQF\YLUXVLQIHFWLRQ
6HPLQDUVLQUHVSLUDWRU\DQGFULWLFDOFDUHPHGLFLQH

.LP<-*XWKULH.$:DJKPDUH$:DOVK(()DOVH\$5.X\SHUV-HWDO
5HVSLUDWRU\V\QF\WLDOYLUXVLQKHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWVIDFWRUV
GHWHUPLQLQJSURJUHVVLRQWRORZHUUHVSLUDWRU\WUDFWGLVHDVH-,QIHFW'LV

0DUWLQR53RUUDV535DEHOOD1:LOOLDPV-95DPLOD(0DUJDOO1HWDO
3URVSHFWLYHVWXG\RIWKHLQFLGHQFHFOLQLFDOIHDWXUHVDQGRXWFRPHRIV\PSWRPDWLF
XSSHUDQGORZHUUHVSLUDWRU\WUDFWLQIHFWLRQVE\UHVSLUDWRU\YLUXVHVLQDGXOW
UHFLSLHQWVRIKHPDWRSRLHWLFVWHPFHOOWUDQVSODQWVIRUKHPDWRORJLFPDOLJQDQFLHV
%LRO%ORRG0DUURZ7UDQVSODQW

5DERQL601RJXHLUD0%7VXFKL\D/57DNDKDVKL*$3HUHLUD/$3DVTXLQL5
HWDO5HVSLUDWRU\WUDFWYLUDOLQIHFWLRQVLQERQHPDUURZWUDQVSODQWSDWLHQWV
7UDQVSODQWDWLRQ

6FKLIIHU-7.LUE\.6DQGPDLHU%6WRUE5&RUH\/%RHFNK07LPLQJDQG
VHYHULW\RIFRPPXQLW\DFTXLUHGUHVSLUDWRU\YLUXVLQIHFWLRQVDIWHUP\HORDEODWLYH
YHUVXVQRQP\HORDEODWLYHKHPDWRSRLHWLFVWHPFHOOWUDQVSODQWDWLRQ+DHPDWRORJLFD



*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

6HR6&DPSEHOO$3;LH+&KLHQ-:/HLVHQULQJ:0(QJOXQG-$HWDO
2XWFRPHRIUHVSLUDWRU\V\QF\WLDOYLUXVORZHUUHVSLUDWRU\WUDFWGLVHDVHLQ
KHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWVUHFHLYLQJDHURVROL]HGULEDYLULQ
VLJQLILFDQFHRIVWHPFHOOVRXUFHDQGR[\JHQUHTXLUHPHQW%LRO%ORRG0DUURZ
7UDQVSODQW

6KDK'3*KDQWRML660XODQRYLFK9($UL]D+HUHGLD(-&KHPDO\5)
0DQDJHPHQWRIUHVSLUDWRU\YLUDOLQIHFWLRQV LQKHPDWRSRLHWLFFHOOWUDQVSODQW
UHFLSLHQWV$PHULFDQMRXUQDORIEORRGUHVHDUFK

6PDOO71&DVVRQ$0DODN6)%RXODG).LHKQ7(6WLOHV-HWDO5HVSLUDWRU\
V\QF\WLDOYLUXVLQIHFWLRQIROORZLQJKHPDWRSRLHWLFVWHPFHOOWUDQVSODQWDWLRQ%RQH
0DUURZ7UDQVSODQW

:KLPEH\(&KDPSOLQ5(&RXFK5%(QJOXQG-$*RRGULFK-05DDG,HWDO
&RPPXQLW\UHVSLUDWRU\YLUXVLQIHFWLRQVDPRQJKRVSLWDOL]HGDGXOWERQHPDUURZ
WUDQVSODQWUHFLSLHQWV&OLQ,QIHFW'LV

+LUVFK++0DUWLQR5:DUG.1%RHFNK0(LQVHOH+/MXQJPDQ3)RXUWK
(XURSHDQ&RQIHUHQFHRQ,QIHFWLRQVLQ/HXNDHPLD(&,/JXLGHOLQHVIRU
GLDJQRVLVDQGWUHDWPHQWRIKXPDQUHVSLUDWRU\V\QF\WLDOYLUXVSDUDLQIOXHQ]DYLUXV
PHWDSQHXPRYLUXVUKLQRYLUXVDQGFRURQDYLUXV&OLQ,QIHFW'LV


*KRVK6&KDPSOLQ5((QJOXQG-*LUDOW6$5ROVWRQ.5DDG,HWDO
5HVSLUDWRU\V\QF\WLDOYLUXVXSSHUUHVSLUDWRU\WUDFWLOOQHVVHVLQDGXOWEORRGDQG
PDUURZWUDQVSODQWUHFLSLHQWVFRPELQDWLRQWKHUDS\ZLWKDHURVROL]HGULEDYLULQDQG
LQWUDYHQRXVLPPXQRJOREXOLQ%RQH0DUURZ7UDQVSODQW

:KLPEH\(&RXFK5%(QJOXQG-$$QGUHHII0*RRGULFK-05DDG,,HWDO
5HVSLUDWRU\V\QF\WLDOYLUXVSQHXPRQLDLQKRVSLWDOL]HGDGXOWSDWLHQWVZLWK
OHXNHPLD&OLQ,QIHFW'LV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU

$33(1',&(6
$SSHQGL[ 
,QYHVWLJDWRU6LJQDWXUH3DJH
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
$SSHQGL[ 
0DQDJHPHQWRI&OLQLFDODQG/DERUDWRU\$GYHUVH(YHQWV
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDODQG
&RQWUDFHSWLYH5HTXLUHPHQWV




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
9LVLW

6FUHHQLQJ
'D\ 
9LVLW 
%DVHOLQH
$VVHVVPHQWV
5DQGRPL]DWLRQ
DQG
7UHDWPHQW
$VVHVVPHQWV
'D\ 
9LVLW

'D\ 

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

(QGRI
VWXG\
'D\ 

GD\V
2SWLRQDO([WHQGHG
9LUDO0RQLWRULQJP
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
0XVWFRPSOHWH
YLVLWLQWKH
KRVSLWDORUFOLQLF
;
;
;M
;
;
;
;
;
;
:ULWWHQ
,QIRUPHG
&RQVHQW
;
0HGLFDO+LVWRU\
DQG
'HPRJUDSKLFV
;
&KHVW;5D\
;D
6FUHHQLQJ/DEV
;E
8ULQHRU6HUXP
3UHJQDQF\7HVWF
;
;
;
;
;
;
)/8352
;
;
;
9LWDO6LJQVLQF
2 6DWXUDWLRQG
;
;
;
;
;
;
;
;
+HLJKW
;
:HLJKW
;
;
;
;
;
;
;
;
6DIHW\/DEVH
;
;
;
;
;
;
;


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
9LVLW

6FUHHQLQJ
'D\ 
9LVLW 
%DVHOLQH
$VVHVVPHQWV
5DQGRPL]DWLRQ
DQG
7UHDWPHQW
$VVHVVPHQWV
'D\ 
9LVLW

'D\ 

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

(QGRI
VWXG\
'D\ 

GD\V
2SWLRQDO([WHQGHG
9LUDO0RQLWRULQJP
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
569DQWLERG\
WLWHU
;
;
5699LUHPLD
;
;
;
;
;
;
;
1DVDO6DPSOHVI
;
;
;
;
;
;
;
;
;
;
;
;
;
/RFDO569
WHVWLQJ
;O
5DQGRPL]DWLRQ
;
,03
$GPLQLVWUDWLRQ
;
;
;
;
;
3.VDPSOH
;J
;L
;K
;K
;K
6HUXP
FUHDWLQLQH
;N
;N
$GYHUVH(YHQWV
;
;
;
;
;
;
;
;
;Q
;Q
;Q
;Q


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
9LVLW

6FUHHQLQJ
'D\ 
9LVLW 
%DVHOLQH
$VVHVVPHQWV
5DQGRPL]DWLRQ
DQG
7UHDWPHQW
$VVHVVPHQWV
'D\ 
9LVLW

'D\ 

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

(QGRI
VWXG\
'D\ 

GD\V
2SWLRQDO([WHQGHG
9LUDO0RQLWRULQJP
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
,&8DGPLVVLRQV
KRVSLWDOL]DWLRQV
VWDQGDUGRIFDUH
WHVWUHVXOWV
PHFKDQLFDO
YHQWLODWLRQDQG
VXSSOHPHQWDO2
;
;
;
;
;
;
&RQFRPLWDQW
0HGLFDWLRQV
;
;
;
;
;
;
;
;
D
&KHVW;UD\ REWDLQHG KRXUV SULRUWR6FUHHQLQJPD\EHXVHG
E
([LVWLQJYDOXHVFROOHFWHG  GD\VSULRUWR 6FUHHQLQJPD\EHXVHG
F
5HTXLUHGIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\DQGRUELODWHUDORRSKRUHFWRP\
G
2QURRPDLU
H
+HPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGH:%&ZLWKGLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQH VHUXPDOEXPLQ $67$/7DQGWRWDOELOLUXELQ
I
VDPSOHVWRWDOIURPHDFK QRVWULO ± FROOHFWHGSULRUWRGRVLQJRQGRVLQJGD\V
J
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\&ROOHFWHGDQGKRXUVSRVWGRVH
K
)RUDOOVXEMHFWV FROOHFWHGSUHGRVHRQ'D\SUHGRVHDQGKRXUVSRVWGRVHRQ'D\ DQGDQ\WLPHRQ'D\
L
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\3.LVFROOHFWHGDQ\WLPHGXULQJ9LVLWDQG9LVLWPXVWRFFXULQFOLQLF
M
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\6XEMHFWVQRWSDUWLFLSDWLQJLQWKH3.VXEJURXSFDQKDYHWKLVYLVLWFRPSOHWHGDWKRPH
N
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\%ORRGGUDZIRUVHUXPFUHDWLQLQHKRXUVSRVWGRVHRQ'D\DQG'D\9LVLWDQG 9LVLW
O
2QO\IRUVXEMHFWVZKRDJUHHWRWKHRSWLRQDOH[WHQGHGYLUDOPRQLWRULQJDWWKHWLPHRIFRQVHQW
P
2QO\IRUVXEMHFWVZKRDJUHHWRWKHRSWLRQDOH[WHQGHGYLUDOPRQLWRULQJDWWKHWLPHRIFRQVHQWDQGWHVWSRVLWLYHRULQFRQFOXVLYHIRU569DW9LVLW'D\ 
Q
$VVHVVPHQWRISURFHGXUHUHODWHG$(VRQO\




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
9HUVLRQ -XQH
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
+HPRJORELQ
+,9326,7,9(
$GXOWDQG3HGLDWULF'D\V
 WR  JG/
WR J/
 WR JG/
 WR  J/
WR JG/
WR J/
 JG/
 J/
+,91(*$7,9(
$GXOWDQG3HGLDWULF'D\V
 WR  JG/
 WR  J/
25
$Q\GHFUHDVHIURP%DVHOLQH
WR JG/
WR J/
WR JG/
WR J/
25
$Q\GHFUHDVHIURP%DVHOLQH
WR JG/
WR J/
WR JG/
WR J/
25
$Q\GHFUHDVHIURP%DVHOLQH
 JG/
 J/
 JG/
 J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WRJG/
WRJ/
JG/
J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WR JG/
WR J/
 JG/
 J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WR JG/
WR J/
 JG/
 J/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
$EVROXWH1HXWURSKLO&RXQW
$1&
$GXOWDQG3HGLDWULF 'D\V
 WR PP
 WR PP
 WR PP
PP
 WR *,/
 WR*,/
 WR *,/
*,/
,QIDQW± 'D\V
WRPP
 WR *,/
WRPP
 WR *,/
WRPP
 WR *,/
PP
*,/
,QIDQW'D\
WRPP
 WR *,/
WRPP
 WR*,/
WRPP
 WR *,/
PP
*,/
$EVROXWH&'&RXQW
+,91(*$7,9(21/<
$GXOWDQG3HGLDWULF
!  <HDUV
 WR PP
 WR ȝ/
 WR PP
 WRȝ/
 WR PP
 WR ȝ/
PP
ȝ/
$EVROXWH/\PSKRF\WH&RXQW
+,91(*$7,9(21/<
$GXOWDQG3HGLDWULF
 <HDUV
WRPP
WR*,/
WRPP
WR*,/
WRPP
WR*,/
PP
*,/
3ODWHOHWV
WR PP
 WR *,/
WRPP
 WR*,/
WRPP
WR*,/
PP
 *,/
:%&V
PP WRPP
WRPP
WRPP
PP
 *,/ WR *,/
 WR *,/
WR *,/
*,/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
+\SRILEULQRJHQHPLD
 WR  PJG/
WR PJG/
 WR PJG/
 PJG/
 WR  J/
 WR J/
WR J/
 J/
+\SHUILEULQRJHQHPLD
8/1WR PJG/
 PJG/
²
²
8/1WR J/
 J/
²
²
)LEULQ6SOLW3URGXFW
WR ȝJP/
 WR ȝJP/
 WR ȝJP/
 ȝJP/
WR PJ/
WR PJ/
WR PJ/
 PJ/
3URWKURPELQ7LPH37
WR 8/1
WR 8/1
WR 8/1
8/1
,QWHUQDWLRQDO1RUPDOL]HG5DWLR
RISURWKURPELQWLPH,15
WR[8/1
!WR[8/1
!WR[8/1
![8/1
$FWLYDWHG3DUWLDO
7KURPERSODVWLQ7LPH$377
 WR 8/1
 WR 8/1
 WR 8/1
8/1
0HWKHPRJORELQ
 WR 
 WR 
 WR 



*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SRQDWUHPLD
WR//1P(T/
WR  P(T/
WR  P(T/
P(T/
WR //1PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
+\SHUQDWUHPLD
WRP(T/
WRP(T/
WRP(T/
P(T/
WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
+\SRNDOHPLD
WR P(T/
WR  P(T/
WR  P(T/
P(T/
WR PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
+\SHUNDOHPLD
WRP(T/
WR P(T/
WR P(T/
P(T/
WRPPRO/
WR PPRO/
WR PPRO/
PPRO/
+\SRJO\FHPLD
$GXOWDQG3HGLDWULF
 0RQWK
WR PJG/
WR  PJG/
WR  PJG/
PJG/
WR PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
,QIDQW  0RQWK
WR PJG/
WR PPRO/
WR PJG/
WR PPRO/
WR PJG/
WR PPRO/
PJG/
PPRO/
+\SHUJO\FHPLD1RQIDVWLQJ
 WR PJG/
WR PJG/
WR PJG/
PJG/
WR PPRO/
WR PPRO/
WR PPRO/
PPRO/
+\SHUJO\FHPLD)DVWLQJ
WRPJG/
WRPPRO/
!WRPJG/
!WRPPRO/
!WRPJG/
!WRPPRO/
!PJG/
!PPRO/
+\SRFDOFHPLD
FRUUHFWHGIRUDOEXPLQLI
DSSURSULDWH
$GXOWDQG3HGLDWULF
 'D\V
WRPJG/
WR PJG/
WR  PJG/
 PJG/
WRPPRO/
WR PPRO/
WR PPRO/
 PPRO/
,QIDQW  'D\V
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
PJG/
PPRO/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SHUFDOFHPLDFRUUHFWHG
IRUDOEXPLQLIDSSURSULDWH
$GXOWDQG3HGLDWULF
 'D\V
!8/1WRPJG/
WRPJG/
WRPJG/
PJG/
!8/1WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
,QIDQW  'D\V
WRPJG/
WRPPRO/
WRPJG/
!WRPPRO/
WRPJG/
!WRPPRO/
PJG/
!PPRO/
+\SRFDOFHPLDLRQL]HG
PJG/WR //1
WRPJG/
WR PJG/
PJG/
PPRO/WR //1
WR PPRO/
WR PPRO/
PPRO/
+\SHUFDOFHPLDLRQL]HG
8/1WRPJG/
WRPJG/
WRPJG/
PJG/
8/1WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
+\SRPDJQHVHPLD
WR//1PJG/
WR//1P(T/
WR PJG/
WRP(T/
WR PJG/
WRP(T/
PJG/
P(T/
WR//1PPRO/
WR PPRO/
WR PPRO/
PPRO/
+\SRSKRVSKDWHPLD
$GXOWDQG3HGLDWULF
 <HDUV
WR//1PJG/
WRPJG/
WRPJG/
PJG/
WR//1PPRO/
WRPPRO/
WRPPRO/
PPRO/
3HGLDWULF<HDU±<HDUV
WRPJG/
WRPPRO/
WRPJG/
WR  PPRO/
WRPJG/
WR PPRO/
PJG/
 PPRO/
3HGLDWULF <HDU
WRPJG/
WRPPRO/
WR PJG/
WR  PPRO/
WRPJG/
WRPPRO/
PJG/
 PPRO/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SHUELOLUXELQHPLD
$GXOWDQG3HGLDWULF
!  'D\V
WR8/1
WR8/1
WR8/1
8/1
,QIDQW 'D\V
QRQKHPRO\WLF
1$
WRPJG/
WRȝPRO/
WRPJG/
!WRȝPRO/
PJG/
!ȝPRO/
,QIDQW 'D\V
KHPRO\WLF
1$
1$
WRPJG/
WRȝPRO/
PJG/
!ȝPRO/
%ORRG8UHD1LWURJHQ
WR8/1
WR8/1
WR8/1
8/1
+\SHUXULFHPLD
!8/1WRPJG/
WRPJG/
WRPJG/
PJG/
!8/1WRȝPRO/
WRȝPRO/
WRȝPRO/
ȝPRO/
+\SRXULFHPLD
PJG/WR //1
WR PJG/
WR PJG/
PJG/
ȝPRO/WR //1
WR ȝPRO/
WR ȝPRO/
ȝPRO/
&UHDWLQLQH
WRPJG/
WRPJG/
WRPJG/
PJG/
WRȝPRO/
WRȝPRO/
WRȝPRO/
ȝPRO/
%LFDUERQDWH
P(T/WR //1
WR P(T/
WR P(T/
P(T/
PPRO/WR //1
WR PPRO/
WR PPRO/
PPRO/
7ULJO\FHULGHV
)DVWLQJ
1$
WRPJG/
WRPJG/
PJG/
±PPRO/
±PPRO/
PPRO/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
/'/
)DVWLQJ
WRPJG/
!WRPJG/
!PJG/
1$
WRPPRO/
!WRPPRO/
!PPRO/
3HGLDWULF!WR \HDUV
WRPJG/
!WRPJG/
!PJG/
1$
WRPPRO/
!WRPPRO/
!PPRO/
+\SHUFKROHVWHUROHPLD
)DVWLQJ
WRPJG/
WRPJG/
PJG/
1$
WRPPRO/
WRPPRO/
PPRO/
3HGLDWULF<HDUV
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
PJG/
PPRO/
1$
&UHDWLQH.LQDVH
WR 8/1
WR 8/1
WR 8/1
8/1
&DOFLXPVKRXOGEHFRUUHFWHGIRUDOEXPLQLIDOEXPLQLVJG/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
(1=<0(6
*UDGH
*UDGH
*UDGH
*UDGH
$676*27
WR8/1
WR8/1
WR8/1
8/1
$/76*37
WR8/1
WR8/1
WR8/1
8/1
**7
WR8/1
WR8/1
WR8/1
8/1
$ONDOLQH3KRVSKDWDVH
WR8/1
WR8/1
WR8/1
8/1
7RWDO$P\ODVH
WR8/1
WR8/1
WR8/1
8/1
3DQFUHDWLF$P\ODVH
WR8/1
WR8/1
WR8/1
8/1
/LSDVH
WR8/1
WR8/1
WR8/1
8/1
$OEXPLQ
JG/WR//1
J/WR//1
WRJG/
WRJ/
JG/
J/
1$


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
85,1$/<6,6
*UDGH
*UDGH
*UDGH
*UDGH
+HPDWXULD'LSVWLFN



1$
+HPDWXULD4XDQWLWDWLYH
6HH1RWHEHORZ
)HPDOHV
!8/1  5%&+3)
 5%&+3)
! 5%&+3)
1$
0DOHV
5%&+3)
 5%&+3)
!5%&+3)
1$
3URWHLQXULD'LSVWLFN

±

1$
3URWHLQXULD+RXU&ROOHFWLRQ
$GXOWDQG3HGLDWULF
<HDUV
WR PJ K
!WR PJK
! WR PJK
PJK
3HGLDWULF0RWR
  <HDUV
WR PJP K
! WR PJPK
! WR PJPK
PJPK
*O\FRVXULD'LSVWLFN



1$
1RWHV
7R[LFLW\JUDGHVIRU4XDQWLWDWLYHDQG'LSVWLFN+HPDWXULDZLOOEHDVVLJQHGE\&RYDQFH/DERUDWRU\KRZHYHUIRURWKHUODERUDWRULHVWR[LFLW\JUDGHVZLOORQO\EHDVVLJQHGWR'LSVWLFN
+HPDWXULD
:LWKWKHH[FHSWLRQRIOLSLGWHVWVDQ\JUDGHGODERUDWRU\WHVWZLWKDUHVXOWWKDWLVEHWZHHQWKH//1DQG8/1VKRXOGEHDVVLJQHG*UDGH
,IWKHVHYHULW\RIDFOLQLFDO$(FRXOGIDOOXQGHUHLWKHURQHRIWZRJUDGHVHJWKHVHYHULW\RIDQ$(FRXOGEHHLWKHU*UDGH RU*UDGHVHOHFWWKHKLJKHURIWKHWZRJUDGHVIRUWKH
$(


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
&$5',29$6&8/$5
*UDGH
*UDGH
*UDGH
*UDGH
&DUGLDF$UUK\WKPLDJHQHUDO
%\(&*RUSK\VLFDOH[DP
$V\PSWRPDWLF$1'1R
LQWHUYHQWLRQLQGLFDWHG
$V\PSWRPDWLF$1'1RQ
XUJHQWPHGLFDOLQWHUYHQWLRQ
LQGLFDWHG
6\PSWRPDWLFQRQOLIH
WKUHDWHQLQJ$1'1RQ
XUJHQWPHGLFDOLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJDUUK\WKPLD
258UJHQWLQWHUYHQWLRQ
LQGLFDWHG
&DUGLDFLVFKHPLD,QIDUFWLRQ
1$
1$
6\PSWRPDWLFLVFKHPLD
VWDEOHDQJLQD257HVWLQJ
FRQVLVWHQWZLWKLVFKHPLD
8QVWDEOHDQJLQD25$FXWH
P\RFDUGLDOLQIDUFWLRQ
+HPRUUKDJHVLJQLILFDQWDFXWH
EORRGORVV
1$
6\PSWRPDWLF$1'1R
WUDQVIXVLRQLQGLFDWHG
6\PSWRPDWLF$1'
7UDQVIXVLRQRI XQLWV
SDFNHG5%&VIRUFKLOGUHQ
 FFNJLQGLFDWHG
/LIHWKUHDWHQLQJK\SRWHQVLRQ
257UDQVIXVLRQRI XQLWV
SDFNHG5%&VLQGLFDWHGIRU
FKLOGUHQ FFNJLQGLFDWHG
+\SHUWHQVLRQZLWKUHSHDW
WHVWLQJDWVDPHYLVLW
± PP+JV\VWROLF
25
±PP+JGLDVWROLF
±PP+JV\VWROLF
25
±PP+JGLDVWROLF
 PP+JV\VWROLF
25
 PP+JGLDVWROLF
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJPDOLJQDQWK\SHUWHQVLRQ
25+RVSLWDOL]DWLRQRWKHUWKDQ
(5YLVLWLQGLFDWHG
3HGLDWULF <HDUVZLWK
UHSHDWWHVWLQJDWVDPHYLVLW
1$
VW±WKSHUFHQWLOHDGMXVWHG
IRUDJHKHLJKWDQGJHQGHU
V\VWROLFDQGRUGLDVWROLF
 WKSHUFHQWLOHDGMXVWHG
IRUDJHKHLJKWDQGJHQGHU
V\VWROLFDQGRUGLDVWROLF
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJPDOLJQDQWK\SHUWHQVLRQ
25+RVSLWDOL]DWLRQLQGLFDWHG
RWKHUWKDQHPHUJHQF\URRP
YLVLW
+\SRWHQVLRQ
1$
6\PSWRPDWLFFRUUHFWHGZLWK
RUDOIOXLGUHSODFHPHQW
6\PSWRPDWLF,9IOXLGV
LQGLFDWHG
6KRFNUHTXLULQJXVHRI
YDVRSUHVVRUVRUPHFKDQLFDO
DVVLVWDQFHWRPDLQWDLQEORRG
SUHVVXUH
3HULFDUGLDO(IIXVLRQ
$V\PSWRPDWLFVPDOO
HIIXVLRQUHTXLULQJQR
LQWHUYHQWLRQ
$V\PSWRPDWLFPRGHUDWHRU
ODUJHUHIIXVLRQUHTXLULQJQR
LQWHUYHQWLRQ
(IIXVLRQZLWKQRQOLIH
WKUHDWHQLQJSK\VLRORJLF
FRQVHTXHQFHV25(IIXVLRQ
ZLWKQRQXUJHQWLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJWDPSRQDGH258UJHQW
LQWHUYHQWLRQLQGLFDWHG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
&$5',29$6&8/$5
*UDGH
*UDGH
*UDGH
*UDGH
3URORQJHG35,QWHUYDO
35LQWHUYDO
WRVHF
35LQWHUYDO
VHF
7\SH,,QGGHJUHH$9
EORFN259HQWULFXODUSDXVH
VHF
&RPSOHWH$9EORFN
3HGLDWULF<HDUV
VWGHJUHH$9EORFN
35!QRUPDOIRUDJHDQG
UDWH
7\SH,QGGHJUHH$9EORFN
7\SH,,QGGHJUHH$9
EORFN
&RPSOHWH$9EORFN
3URORQJHG47F
$V\PSWRPDWLF47FLQWHUYDO
WRVHF25,QFUHDVH
LQWHUYDOVHFDERYH
EDVHOLQH
$V\PSWRPDWLF47FLQWHUYDO
WRVHF25,QFUHDVH
LQLQWHUYDOWRVHF
DERYHEDVHOLQH
$V\PSWRPDWLF47FLQWHUYDO
 VHF25,QFUHDVHLQ
LQWHUYDO VHFDERYH
EDVHOLQH
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJ7RUVDGHGH
SRLQWHVRURWKHUDVVRFLDWHG
VHULRXVYHQWULFXODU
G\VUK\WKPLD
3HGLDWULF <HDUV
$V\PSWRPDWLF47FLQWHUYDO
WRVHF
$V\PSWRPDWLF47FLQWHUYDO
WRVHF
$V\PSWRPDWLF47FLQWHUYDO
VHF
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJ7RUVDGHGH
SRLQWHVRURWKHUDVVRFLDWHG
VHULRXVYHQWULFXODU
G\VUK\WKPLD
7KURPERVLV(PEROLVP
1$
'HHSYHLQWKURPERVLV$1'
1RLQWHUYHQWLRQLQGLFDWHGHJ
DQWLFRDJXODWLRQO\VLVILOWHU
LQYDVLYHSURFHGXUH
'HHSYHLQWKURPERVLV$1'
,QWHUYHQWLRQLQGLFDWHGHJ
DQWLFRDJXODWLRQO\VLVILOWHU
LQYDVLYHSURFHGXUH
(PEROLFHYHQWHJSXOPRQDU\
HPEROLVPOLIHWKUHDWHQLQJ
WKURPEXV
9DVRYDJDO(SLVRGHDVVRFLDWHG
ZLWKDSURFHGXUHRIDQ\NLQG
3UHVHQWZLWKRXWORVVRI
FRQVFLRXVQHVV
3UHVHQWZLWKWUDQVLHQWORVVRI
FRQVFLRXVQHVV
1$
1$
9HQWULFXODU'\VIXQFWLRQ
FRQJHVWLYHKHDUWIDLOXUH
&+)
1$
$V\PSWRPDWLFGLDJQRVWLF
ILQGLQJ$1'LQWHUYHQWLRQ
LQGLFDWHG
1HZRQVHWZLWKV\PSWRPV
25:RUVHQLQJV\PSWRPDWLF
&+)
/LIHWKUHDWHQLQJ&+)


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
5(63,5$725<
*UDGH
*UDGH
*UDGH
*UDGH
%URQFKRVSDVPDFXWH
)(9RUSHDNIORZUHGXFHGWR
WR
)(9RUSHDNIORZWR
)(9RUSHDNIORZWR

&\DQRVLV25)(9RUSHDNIORZ
25,QWXEDWLRQ
'\VSQHDRU5HVSLUDWRU\
'LVWUHVV
'\VSQHDRQH[HUWLRQZLWKQR
RUPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'\VSQHDRQH[HUWLRQFDXVLQJ
JUHDWHUWKDQPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'\VSQHDDWUHVWFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
5HVSLUDWRU\IDLOXUHZLWK
YHQWLODWRU\VXSSRUWLQGLFDWHG
3HGLDWULF<HDUV
:KHH]LQJ25PLQLPDO
LQFUHDVHLQUHVSLUDWRU\UDWHIRU
DJH
1DVDOIODULQJ25,QWHUFRVWDO
UHWUDFWLRQV253XOVHR[LPHWU\
WR
'\VSQHDDWUHVWFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
253XOVHR[LPHWU\
5HVSLUDWRU\IDLOXUHZLWK
YHQWLODWRU\VXSSRUWLQGLFDWHG
2&8/$59,68$/
*UDGH
*UDGH
*UDGH
*UDGH
8YHLWLV
$V\PSWRPDWLFEXWGHWHFWDEOH
RQH[DP
6\PSWRPDWLFDQWHULRUXYHLWLV25
0HGLFDOLQWHUYHQWLRQLQGLFDWHG
3RVWHULRURUSDQXYHLWLV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
'LVDEOLQJYLVXDOORVVLQDIIHFWHG
H\HV
9LVXDO&KDQJHVIURP
%DVHOLQH
9LVXDOFKDQJHVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9LVXDOFKDQJHVFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9LVXDOFKDQJHVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJYLVXDOORVVLQDIIHFWHG
H\HV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
6.,1
*UDGH
*UDGH
*UDGH
*UDGH
$ORSHFLD
7KLQQLQJGHWHFWDEOHE\
VWXG\SDUWLFLSDQWRU
FDUHJLYHUIRUGLVDEOHG
DGXOWV
7KLQQLQJRUSDWFK\KDLUORVV
GHWHFWDEOHE\KHDOWKFDUH
SURYLGHU
&RPSOHWHKDLUORVV
1$
&XWDQHRXV5HDFWLRQ± 5DVK
/RFDOL]HGPDFXODUUDVK
'LIIXVHPDFXODU
PDFXORSDSXODURU
PRUELOOLIRUPUDVK257DUJHW
OHVLRQV
'LIIXVHPDFXODU
PDFXORSDSXODURUPRUELOOLIRUP
UDVKZLWKYHVLFOHVRUOLPLWHG
QXPEHURIEXOODH25
6XSHUILFLDOXOFHUDWLRQVRI
PXFRXVPHPEUDQHOLPLWHGWR
RQHVLWH
([WHQVLYHRUJHQHUDOL]HG
EXOORXVOHVLRQV25
6WHYHQV-RKQVRQV\QGURPH
258OFHUDWLRQRIPXFRXV
PHPEUDQHLQYROYLQJWZR
RUPRUHGLVWLQFWPXFRVDO
VLWHV257R[LFHSLGHUPDO
QHFURO\VLV7(1
+\SHUSLJPHQWDWLRQ
6OLJKWRUORFDOL]HG
0DUNHGRUJHQHUDOL]HG
1$
1$
+\SRSLJPHQWDWLRQ
6OLJKWRUORFDOL]HG
0DUNHGRUJHQHUDOL]HG
1$
1$
3UXULWLVLWFKLQJ± QRVNLQ
OHVLRQV
6HHDOVR,QMHFWLRQ6LWH
5HDFWLRQV3UXULWLVDVVRFLDWHG
ZLWKLQMHFWLRQ
,WFKLQJFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
,WFKLQJFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
,WFKLQJFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
1$


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
*$6752,17(67,1$/
*UDGH
*UDGH
*UDGH
*UDGH
$QRUH[LD
/RVVRIDSSHWLWHZLWKRXW
GHFUHDVHGRUDOLQWDNH
/RVVRIDSSHWLWHDVVRFLDWHGZLWK
GHFUHDVHGRUDOLQWDNHZLWKRXW
VLJQLILFDQWZHLJKWORVV
/RVVRIDSSHWLWHDVVRFLDWHG
ZLWKVLJQLILFDQWZHLJKWORVV
/LIHWKUHDWHQLQJFRQVHTXHQFHV
25$JJUHVVLYHLQWHUYHQWLRQ
LQGLFDWHG>HJWXEHIHHGLQJRU
WRWDOSDUHQWHUDOQXWULWLRQ@
$VFLWHV
$V\PSWRPDWLF
6\PSWRPDWLF$1',QWHUYHQWLRQ
LQGLFDWHGHJGLXUHWLFVRU
WKHUDSHXWLFSDUDFHQWHVLV
6\PSWRPDWLFGHVSLWH
LQWHUYHQWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
&KROHF\VWLWLV
1$
6\PSWRPDWLF$1'0HGLFDO
LQWHUYHQWLRQLQGLFDWHG
5DGLRORJLFHQGRVFRSLFRU
RSHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJVHSVLVRUSHUIRUDWLRQ
&RQVWLSDWLRQ
1$
3HUVLVWHQWFRQVWLSDWLRQUHTXLULQJ
UHJXODUXVHRIGLHWDU\
PRGLILFDWLRQVOD[DWLYHVRU
HQHPDV
2EVWLSDWLRQZLWKPDQXDO
HYDFXDWLRQLQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJREVWUXFWLRQ
'LDUUKHD
$GXOWDQG3HGLDWULF
 <HDU
7UDQVLHQWRULQWHUPLWWHQW
HSLVRGHVRIXQIRUPHGVWRROV
25,QFUHDVHRI VWRROV
RYHUEDVHOLQH KU
3HUVLVWHQWHSLVRGHVRIXQIRUPHG
WRZDWHU\VWRROV25,QFUHDVHRI
±VWRROVRYHUEDVHOLQHSHU
 KUV
%ORRG\GLDUUKHD25,QFUHDVH
RI VWRROVSHUKRXU
SHULRG25,9IOXLG
UHSODFHPHQWLQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN
3HGLDWULF <HDU
/LTXLGVWRROVPRUH
XQIRUPHGWKDQXVXDOEXW
XVXDOQXPEHURIVWRROV
/LTXLGVWRROVZLWKLQFUHDVHG
QXPEHURIVWRROV250LOG
GHK\GUDWLRQ
/LTXLGVWRROVZLWKPRGHUDWH
GHK\GUDWLRQ
/LTXLGVWRROVUHVXOWLQJLQ
VHYHUHGHK\GUDWLRQZLWK
DJJUHVVLYHUHK\GUDWLRQ
LQGLFDWHG25+\SRWHQVLYH
VKRFN


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
*$6752,17(67,1$/
*UDGH
*UDGH
*UDGH
*UDGH
'\VSKDJLD2G\QRSKDJLD
6\PSWRPDWLFEXWDEOHWRHDW
XVXDOGLHW
6\PSWRPVFDXVLQJDOWHUHG
GLHWDU\LQWDNHZLWKRXWPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJVHYHUHO\
DOWHUHGGLHWDU\LQWDNHZLWK
PHGLFDOLQWHUYHQWLRQLQGLFDWHG
/LIHWKUHDWHQLQJUHGXFWLRQLQ
RUDOLQWDNH
0XFRVLWLV6WRPDWLWLV
FOLQLFDOH[DP
6HHDOVR3URFWLWLV
'\VSKDJLD2G\QRSKDJLD
(U\WKHPDRIWKHPXFRVD
3DWFK\SVHXGRPHPEUDQHVRU
XOFHUDWLRQV
&RQIOXHQWSVHXGRPHPEUDQHV
RUXOFHUDWLRQV250XFRVDO
EOHHGLQJZLWKPLQRUWUDXPD
7LVVXHQHFURVLV25'LIIXVH
VSRQWDQHRXVPXFRVDOEOHHGLQJ
25/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJDVSLUDWLRQ
FKRNLQJ
1DXVHD
7UDQVLHQW KRXUVRU
LQWHUPLWWHQWQDXVHDZLWKQR
RUPLQLPDOLQWHUIHUHQFHZLWK
RUDOLQWDNH
3HUVLVWHQWQDXVHDUHVXOWLQJLQ
GHFUHDVHGRUDOLQWDNHIRU±
KRXUV
3HUVLVWHQWQDXVHDUHVXOWLQJLQ
PLQLPDORUDOLQWDNHIRU
KRXUV25$JJUHVVLYH
UHK\GUDWLRQLQGLFDWHGHJ
,9 IOXLGV
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN
3DQFUHDWLWLV
1$
6\PSWRPDWLF$1'
+RVSLWDOL]DWLRQQRWLQGLFDWHG
RWKHUWKDQ(5YLVLW
6\PSWRPDWLF$1'
+RVSLWDOL]DWLRQLQGLFDWHG
RWKHUWKDQ(5YLVLW
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJVHSVLVFLUFXODWRU\IDLOXUH
KHPRUUKDJH
3URFWLWLVIXQFWLRQDO
V\PSWRPDWLF
$OVRVHH0XFRVLWLV
6WRPDWLWLVIRU&OLQLFDO
([DP
5HFWDOGLVFRPIRUW$1'1R
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
0HGLFDOLQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO
IXQFWLRQDODFWLYLWLHV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJSHUIRUDWLRQ
9RPLWLQJ
7UDQVLHQWRULQWHUPLWWHQW
YRPLWLQJZLWKQRRU
PLQLPDOLQWHUIHUHQFHZLWK
RUDOLQWDNH
)UHTXHQWHSLVRGHVRIYRPLWLQJ
ZLWKQRRUPLOGGHK\GUDWLRQ
3HUVLVWHQWYRPLWLQJUHVXOWLQJ
LQRUWKRVWDWLFK\SRWHQVLRQ25
$JJUHVVLYHUHK\GUDWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
$OWHUDWLRQLQ3HUVRQDOLW\
%HKDYLRURULQ0RRGHJ
DJLWDWLRQDQ[LHW\
GHSUHVVLRQPDQLD
SV\FKRVLV
$OWHUDWLRQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
$OWHUDWLRQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
$OWHUDWLRQFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
%HKDYLRUSRWHQWLDOO\KDUPIXO
WRVHOIRURWKHUVHJ
VXLFLGDOKRPLFLGDOLGHDWLRQRU
DWWHPSWDFXWHSV\FKRVLV25
&DXVLQJLQDELOLW\WRSHUIRUP
EDVLFVHOIFDUHIXQFWLRQV
$OWHUHG0HQWDO6WDWXV
)RU'HPHQWLDVHH&RJQLWLYH
DQG%HKDYLRUDO$WWHQWLRQDO
'LVWXUEDQFHLQFOXGLQJ
GHPHQWLDDQG$''
&KDQJHVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
0LOGOHWKDUJ\RUVRPQROHQFH
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
&RQIXVLRQPHPRU\
LPSDLUPHQWOHWKDUJ\RU
VRPQROHQFHFDXVLQJLQDELOLW\
WRSHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'HOLULXP25REWXQGDWLRQ25
FRPD
$WD[LD
$V\PSWRPDWLFDWD[LD
GHWHFWDEOHRQH[DP25
0LQLPDODWD[LDFDXVLQJQR
RUPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPDWLFDWD[LDFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
6\PSWRPDWLFDWD[LDFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJDWD[LDFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
&RJQLWLYHDQG
%HKDYLRUDO$WWHQWLRQDO
'LVWXUEDQFHLQFOXGLQJ
GHPHQWLDDQG$WWHQWLRQ
'HILFLW'LVRUGHU
'LVDELOLW\FDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV256SHFLDOL]HG
UHVRXUFHVQRWLQGLFDWHG
'LVDELOLW\FDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV256SHFLDOL]HG
UHVRXUFHVRQSDUWWLPHEDVLV
LQGLFDWHG
'LVDELOLW\FDXVLQJLQDELOLW\ WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
6SHFLDOL]HGUHVRXUFHVRQD
IXOOWLPHEDVLVLQGLFDWHG
'LVDELOLW\FDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV25
,QVWLWXWLRQDOL]DWLRQLQGLFDWHG
&16,VFKHPLD
DFXWH
1$
1$
7UDQVLHQWLVFKHPLFDWWDFN
&HUHEUDOYDVFXODUDFFLGHQW
&9$VWURNHZLWK
QHXURORJLFDOGHILFLW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
'HYHORSPHQWDOGHOD\±
3HGLDWULF<HDUV
0LOGGHYHORSPHQWDOGHOD\
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWH
IRUWKHVHWWLQJ
0RGHUDWHGHYHORSPHQWDO
GHOD\HLWKHUPRWRURU
FRJQLWLYHDVGHWHUPLQHGE\
FRPSDULVRQZLWKD
GHYHORSPHQWDOVFUHHQLQJWRRO
DSSURSULDWHIRUWKHVHWWLQJ
6HYHUHGHYHORSPHQWDOGHOD\
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWHIRU
WKHVHWWLQJ
'HYHORSPHQWDOUHJUHVVLRQ
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWHIRU
WKHVHWWLQJ
+HDGDFKH
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV25+RVSLWDOL]DWLRQ
LQGLFDWHGRWKHUWKDQ(5YLVLW
25+HDGDFKHZLWKVLJQLILFDQW
LPSDLUPHQWRIDOHUWQHVVRU
RWKHUQHXURORJLFIXQFWLRQ
,QVRPQLD
1$
'LIILFXOW\VOHHSLQJFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDOIXQFWLRQDODFWLYLWLHV
'LIILFXOW\VOHHSLQJFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJLQVRPQLDFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
1HXURPXVFXODU:HDNQHVV
LQFOXGLQJP\RSDWK\	
QHXURSDWK\
$V\PSWRPDWLFZLWK
GHFUHDVHGVWUHQJWKRQH[DP
250LQLPDOPXVFOHZHDN
QHVVFDXVLQJQRRUPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
0XVFOHZHDNQHVVFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
0XVFOHZHDNQHVVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJPXVFOHZHDNQHVV
FDXVLQJLQDELOLW\WRSHUIRUP
EDVLFVHOIFDUHIXQFWLRQV25
5HVSLUDWRU\PXVFOHZHDNQHVV
LPSDLULQJYHQWLODWLRQ
1HXURVHQVRU\$OWHUDWLRQ
LQFOXGLQJSDUHVWKHVLDDQG
SDLQIXOQHXURSDWK\
$V\PSWRPDWLFZLWKVHQVRU\
DOWHUDWLRQRQH[DPRU
PLQLPDOSDUHVWKHVLDFDXVLQJ
QRRUPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
6HQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6HQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJVHQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
6HL]XUHQHZRQVHW
1$
VHL]XUH
±VHL]XUHV
6HL]XUHVRIDQ\NLQGWKDWDUH
SURORQJHGUHSHWLWLYHHJ
VWDWXVHSLOHSWLFXVRUGLIILFXOW
WRFRQWUROHJUHIUDFWRU\
HSLOHSV\
6HL]XUHSUHH[LVWLQJ
)RU:RUVHQLQJRI([LVWLQJ
(SLOHSV\WKH*UDGHV6KRXOG
%H%DVHGRQDQ,QFUHDVH
IURP3UHYLRXV/HYHORI
&RQWUROWR$Q\RI7KHVH
/HYHOV
1$
,QFUHDVHGIUHTXHQF\RISUH
H[LVWLQJVHL]XUHVQRQ
UHSHWLWLYHZLWKRXWFKDQJHLQ
VHL]XUHFKDUDFWHU25
LQIUHTXHQWEUHDNWKURXJK
VHL]XUHVZKLOHRQVWDEOHPHGV
LQDSUHYLRXVO\FRQWUROOHG
VHL]XUHGLVRUGHU
&KDQJHLQVHL]XUHFKDUDFWHU
IURPEDVHOLQHHLWKHULQ
GXUDWLRQRUTXDOLW\HJ
VHYHULW\RUIRFDOLW\
6HL]XUHVRIDQ\NLQGWKDWDUH
SURORQJHGUHSHWLWLYHHJ
VWDWXVHSLOHSWLFXVRUGLIILFXOW
WRFRQWUROHJUHIUDFWRU\
HSLOHSV\
6HL]XUH
± 3HGLDWULF<HDUV
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ
  PLQXWHVZLWK  KRXUV
SRVWLFWDOVWDWH
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ±
PLQXWHVZLWK
KRXUVSRVWLFWDOVWDWH
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ
!PLQXWHV
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQUHTXLULQJ
LQWXEDWLRQDQGVHGDWLRQ
6\QFRSHQRWDVVRFLDWHG
ZLWKDSURFHGXUH
1$
3UHVHQW
1$
1$
9HUWLJR
9HUWLJRFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9HUWLJRFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9HUWLJRFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJYHUWLJRFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
086&8/26.(/(7$/
*UDGH
*UDGH
*UDGH
*UDGH
$UWKUDOJLD
6HHDOVR$UWKULWLV
-RLQWSDLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
-RLQWSDLQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
-RLQWSDLQFDXVLQJLQDELOLW\
WRSHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJMRLQWSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
$UWKULWLV
6HHDOVR$UWKUDOJLD
6WLIIQHVVRUMRLQWVZHOOLQJ
FDXVLQJQRRUPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6WLIIQHVVRUMRLQWVZHOOLQJFDXVLQJ
JUHDWHUWKDQPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6WLIIQHVVRUMRLQWVZHOOLQJ
FDXVLQJLQDELOLW\WRSHUIRUP
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'LVDEOLQJMRLQWVWLIIQHVVRU
VZHOOLQJFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV
%RQH0LQHUDO/RVV
%0'WVFRUHRU]VFRUH
±WR±
%0'WVFRUHRU]VFRUH ±
3DWKRORJLFDOIUDFWXUH
LQFOXGLQJORVVRIYHUWHEUDO
KHLJKW
3DWKRORJLFIUDFWXUHFDXVLQJ
OLIHWKUHDWHQLQJFRQVHTXHQFHV
3HGLDWULF <HDUV
%0']VFRUH
±WR±
%0']VFRUH±
3DWKRORJLFDOIUDFWXUH
LQFOXGLQJORVVRIYHUWHEUDO
KHLJKW
3DWKRORJLFIUDFWXUHFDXVLQJ
OLIHWKUHDWHQLQJFRQVHTXHQFHV
0\DOJLD
QRQLQMHFWLRQVLWH
0XVFOHSDLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
0XVFOHSDLQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
0XVFOHSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJPXVFOHSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
2VWHRQHFURVLV
1$
$V\PSWRPDWLFZLWKUDGLRJUDSKLF
ILQGLQJV$1'1RRSHUDWLYH
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPDWLFERQHSDLQZLWK
UDGLRJUDSKLFILQGLQJV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
'LVDEOLQJERQHSDLQZLWK
UDGLRJUDSKLFILQGLQJVFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
6<67(0,&
*UDGH
*UDGH
*UDGH
*UDGH
$FXWH6\VWHPLF$OOHUJLF
5HDFWLRQ
/RFDOL]HGXUWLFDULD
ZKHDOVZLWKQRPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
/RFDOL]HGXUWLFDULDZLWKPHGLFDO
LQWHUYHQWLRQLQGLFDWHG250LOG
DQJLRHGHPDZLWKQRPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
*HQHUDOL]HGXUWLFDULD25
$QJLRHGHPDZLWKPHGLFDO
LQWHUYHQWLRQLQGLFDWHG25
6\PSWRPDWLFPLOG
EURQFKRVSDVP
$FXWHDQDSK\OD[LV25/LIH
WKUHDWHQLQJEURQFKRVSDVP25
ODU\QJHDOHGHPD
&KLOOV
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
1$
)DWLJXH
0DODLVH
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
,QFDSDFLWDWLQJIDWLJXHPDODLVH
V\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV
)HYHUQRQD[LOODU\
&WR&
)WR)
&WR&
)WR)
&WR&
)WR)
&
)
3DLQ ,QGLFDWH%RG\6LWH
6HHDOVR,QMHFWLRQ6LWH
3DLQ+HDGDFKH
$UWKUDOJLDDQG0\DOJLD
3DLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
3DLQFDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
3DLQFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV25
+RVSLWDOL]DWLRQRWKHUWKDQ(5
YLVLWLQGLFDWHG
8QLQWHQWLRQDO:HLJKW
/RVV
1$
WRORVVLQERG\ZHLJKWIURP
EDVHOLQH
WRORVVLQERG\
ZHLJKWIURPEDVHOLQH
ORVVLQERG\ZHLJKW
IURPEDVHOLQH25$JJUHVVLYH
LQWHUYHQWLRQLQGLFDWHG>HJ
WXEHIHHGLQJRUWRWDOSDUHQWHUDO
QXWULWLRQ@


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
,1-(&7,216,7(5($&7,21
*UDGH
*UDGH
*UDGH
*UDGH
,QMHFWLRQ6LWH3DLQSDLQ
ZLWKRXWWRXFKLQJ
2U7HQGHUQHVVSDLQZKHQ
DUHDLVWRXFKHG
3DLQWHQGHUQHVVFDXVLQJQR
RUPLQLPDOOLPLWDWLRQRIXVH
RIOLPE
3DLQWHQGHUQHVVOLPLWLQJXVHRI
OLPE253DLQWHQGHUQHVV
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
3DLQWHQGHUQHVVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
3DLQWHQGHUQHVVFDXVLQJLQDELOLW\
WRSHUIRUPEDVLFVHOIFDUH
IXQFWLRQ25+RVSLWDOL]DWLRQ
RWKHUWKDQ(5YLVLWLQGLFDWHG
IRUPDQDJHPHQWRI
SDLQWHQGHUQHVV
,QMHFWLRQ6LWH5HDFWLRQ
/RFDOL]HG <HDUV
(U\WKHPD25,QGXUDWLRQ
RI  FPWR  FPRU
FP
(U\WKHPD25,QGXUDWLRQ25
(GHPD FPDQ\GLDPHWHU
RU FP
8OFHUDWLRQ256HFRQGDU\
LQIHFWLRQ253KOHELWLV25
6WHULOHDEVFHVV25'UDLQDJH
1HFURVLVLQYROYLQJGHUPLVDQG
GHHSHUWLVVXH
3HGLDWULF <HDUV
(U\WKHPD25,QGXUDWLRQ
25(GHPDSUHVHQWEXW
 FPGLDPHWHU
(U\WKHPD25,QGXUDWLRQ25
(GHPD!  FPGLDPHWHUEXW
 VXUIDFHDUHDRIWKH
H[WUHPLW\VHJPHQWHJXSSHU
DUPWKLJK
(U\WKHPD25,QGXUDWLRQ
25(GHPDLQYROYLQJ
VXUIDFHDUHDRIWKHH[WUHPLW\
VHJPHQWHJXSSHU
DUPWKLJK258OFHUDWLRQ
256HFRQGDU\LQIHFWLRQ25
3KOHELWLV256WHULOHDEVFHVV
25'UDLQDJH
1HFURVLVLQYROYLQJGHUPLVDQG
GHHSHUWLVVXH
3UXULWLV$VVRFLDWHGZLWK
,QMHFWLRQ
6HHDOVR6NLQ3UXULWLV
LWFKLQJ²QRVNLQOHVLRQV
,WFKLQJORFDOL]HGWRLQMHFWLRQ
VLWH$1'5HOLHYHG
VSRQWDQHRXVO\RUZLWK
 KWUHDWPHQW
,WFKLQJEH\RQGWKHLQMHFWLRQ
VLWHEXWQRWJHQHUDOL]HG25
,WFKLQJORFDOL]HGWRLQMHFWLRQ
VLWHUHTXLULQJ KWUHDWPHQW
*HQHUDOL]HGLWFKLQJFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
1$


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
(1'2&5,1(0(7$%2/,&
*UDGH 
*UDGH
*UDGH
*UDGH
/LSRG\VWURSK\HJEDFN
RIQHFNEUHDVWV
DEGRPHQ
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXV
FKDQJHVRQFDVXDOYLVXDO
LQVSHFWLRQ
1$
'LDEHWHV0HOOLWXV
1$
1HZRQVHWZLWKRXWQHHGWRLQLWLDWH
PHGLFDWLRQ250RGLILFDWLRQRI
FXUUHQWPHGVWRUHJDLQJOXFRVH
FRQWURO
1HZRQVHWZLWKLQLWLDWLRQRI
LQGLFDWHGPHG25'LDEHWHV
XQFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJNHWRDFLGRVLV
K\SHURVPRODUQRQNHWRWLF
FRPD
*\QHFRPDVWLD
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXVRQ
FDVXDOYLVXDOLQVSHFWLRQ
1$
+\SHUWK\URLGLVP
$V\PSWRPDWLF
6\PSWRPDWLFFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
7K\URLGVXSSUHVVLRQWKHUDS\
LQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
8QFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJWK\URLGVWRUP
+\SRWK\URLGLVP
$V\PSWRPDWLF
6\PSWRPDWLFFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
7K\URLGUHSODFHPHQWWKHUDS\
LQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
8QFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJP\[HGHPDFRPD
/LSRDWURSK\HJIDWORVV
IURPWKHIDFHH[WUHPLWLHV
EXWWRFNV
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXVRQ
FDVXDOYLVXDOLQVSHFWLRQ
1$


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
*(1,7285,1$5<
*UDGH
*UDGH
*UDGH
*UDGH
,QWHUPHQVWUXDO%OHHGLQJ
,0%
6SRWWLQJREVHUYHGE\SDUWLFLSDQW
250LQLPDOEORRGREVHUYHG
GXULQJFOLQLFDORUFROSRVFRSLF
H[DP
,QWHUPHQVWUXDOEOHHGLQJQRW
JUHDWHULQGXUDWLRQRUDPRXQW
WKDQXVXDOPHQVWUXDOF\FOH
,QWHUPHQVWUXDOEOHHGLQJJUHDWHU
LQGXUDWLRQRU DPRXQWWKDQXVXDO
PHQVWUXDOF\FOH
+HPRUUKDJHZLWKOLIH
WKUHDWHQLQJK\SRWHQVLRQ25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
8ULQDU\7UDFW
REVWUXFWLRQHJVWRQH
1$
6LJQVRUV\PSWRPVRIXULQDU\
WUDFWREVWUXFWLRQZLWKRXW
K\GURQHSKURVLVRUUHQDO
G\VIXQFWLRQ
6LJQVRUV\PSWRPVRIXULQDU\
WUDFWREVWUXFWLRQZLWK
K\GURQHSKURVLVRUUHQDO
G\VIXQFWLRQ
2EVWUXFWLRQFDXVLQJOLIH
WKUHDWHQLQJFRQVHTXHQFHV
,1)(&7,21
*UDGH
*UDGH
*UDGH
*UDGH
,QIHFWLRQDQ\RWKHU
WKDQ+,9LQIHFWLRQ
/RFDOL]HGQRV\VWHPLFDQWLȝELDO
WUHDWPHQWLQGLFDWHG$1'
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\VWHPLFDQWLȝELDOWUHDWPHQW
LQGLFDWHG256\PSWRPV
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
6\VWHPLFDQWLȝELDOWUHDWPHQW
LQGLFDWHG$1'6\PSWRPV
FDXVLQJLQDELOLW\WRSHUIRUP
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV252SHUDWLYH
LQWHUYHQWLRQRWKHUWKDQVLPSOH
LQFLVLRQDQGGUDLQDJHLQGLFDWHG
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJVHSWLF
VKRFN
%DVLF6HOIFDUH)XQFWLRQV $FWLYLWLHVVXFKDVEDWKLQJGUHVVLQJWRLOHWLQJWUDQVIHUPRYHPHQWFRQWLQHQFHDQGIHHGLQJ
8VXDO6RFLDO	)XQFWLRQDO$FWLYLWLHV $GDSWLYHWDVNVDQGGHVLUDEOHDFWLYLWLHVVXFKDVJRLQJWRZRUNVKRSSLQJFRRNLQJXVHRIWUDQVSRUWDWLRQSXUVXLQJ DKREE\HWF


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ
3RWHQWLDODQG&RQWUDFHSWLYH5HTXLUHPHQWV
 3UHJQDQF\DQG&RQWUDFHSWLRQ5HTXLUHPHQWVIRU0DOHVDQG)HPDOHVRI&KLOGEHDULQJ
3RWHQWLDO
3UHJQDQF\PXVWEHH[FOXGHGEHIRUHWKHVWDUWRIWUHDWPHQWZLWKVWXG\GUXJDQGSUHYHQWHG
WKHUHDIWHUE\UHOLDEOHFRQWUDFHSWLYHPHWKRGV$XULQHRUVHUXPSUHJQDQF\WHVWZLOOEHSHUIRUPHG
IRUDOOIHPDOHVRIFKLOGEHDULQJSRWHQWLDODWWKHVFUHHQLQJYLVLWDQGDWHDFKGRVLQJYLVLW9LVLWV 
DQGSULRUWRDGPLQLVWUDWLRQRIVWXG\GUXJ WRHQVXUHSUHJQDQWZRPHQDUHQRWLQFOXGHGRU
WUHDWHGZLWKVWXG\GUXJLQWKHWULDO3OHDVHUHIHUWRWKHODWHVWYHUVLRQRIWKHLQYHVWLJDWRU¶VEURFKXUH
IRUDGGLWLRQDOLQIRUPDWLRQ DERXWWKHHIIHFWVRI*6
 'HILQLWLRQRI)HPDOHRI&KLOGEHDULQJ3RWHQWLDO
)RUWKHSXUSRVHVRIWKLVVWXG\DIHPDOHVXEMHFW RIFKLOGEHDULQJSRWHQWLDOLVDQRQPHQRSDXVDO
IHPDOHZKRKDVQRWKDGDK\VWHUHFWRP\ELODWHUDORRSKRUHFWRP\RUPHGLFDOO\GRFXPHQWHG
RYDULDQIDLOXUH7KLVGHILQLWLRQLQFOXGHVDSXEHUWDOIHPDOHZKRKDVQRW\HWVWDUWHGPHQVWUXDWLQJ
$ZRPDQZKRKDVKDGDWXEDOVWHULOL]DWLRQLVFRQVLGHUHGWREHRIFKLOGEHDULQJSRWHQWLDO
$IHPDOHVXEMHFWPD\EHFRQVLGHUHGPHQRSDXVDO LQ HLWKHU RIWKHIROORZLQJFRQGLWLRQV

6XUJLFDOPHQRSDXVH$SSURSULDWHPHGLFDOGRFXPHQWDWLRQRISULRUFRPSOHWHELODWHUDO
RRSKRUHFWRP\LHVXUJLFDOUHPRYDORIWKHRYDULHV DQGRFFXUULQJDWWKHDJHDWZKLFKWKH
SURFHGXUHZDVSHUIRUPHG

6SRQWDQHRXVPHQRSDXVH3HUPDQHQWFHVVDWLRQRISUHYLRXVO\RFFXUULQJPHQVHVDVDUHVXOWRI
RYDULDQIDLOXUHZLWKGRFXPHQWDWLRQRIKRUPRQDOGHILFLHQF\E\DFHUWLILHGKHDOWK FDUH
SURYLGHU7KHZRUOGZLGHPHDQDJHRIVSRQWDQHRXVPHQRSDXVHLV 6' \HDUV

$KRUPRQDOGHILFLHQF\VKRXOGEHSURSHUO\GRFXPHQWHGLQWKHFDVHRIVXVSHFWHGVSRQWDQHRXV
PHQRSDXVHDVIROORZV
,IDJH\HDUVDQGZLWKWKHDEVHQFHRIQRUPDOPHQVHVVHUXPIROOLFOHVWLPXODWLQJ
KRUPRQH)6+OHYHOHOHYDWHGWRZLWKLQWKHSRVWPHQRSDXVDOUDQJHEDVHGRQWKH
ODERUDWRU\UHIHUHQFHUDQJHZKHUHWKHKRUPRQDODVVD\LVSHUIRUPHG
,IDJH\HDUVDQGZLWKWKHDEVHQFHRIQRUPDOPHQVHVQHJDWLYHVHUXPRUXULQHKXPDQ
FKRULRQLFJRQDGRWURSLQK&*ZLWKFRQFXUUHQWO\HOHYDWHGVHUXP)6+OHYHOLQWKH
SRVWPHQRSDXVDOUDQJHGHSUHVVHGHVWUDGLRO(OHYHOLQWKHSRVWPHQRSDXVDOUDQJHDQG
DEVHQWVHUXPSURJHVWHURQHOHYHOEDVHGRQWKHODERUDWRU\UHIHUHQFHUDQJHVZKHUHWKH
KRUPRQDODVVD\VDUHSHUIRUPHG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
 &RQWUDFHSWLYH5HTXLUHPHQWV
)HPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDODQGPDOHVXEMHFWVPXVWDJUHHWRHLWKHUFRQWLQXH
DEVWLQHQFHIURPVH[XDOLQWHUFRXUVHRUXWLOL]HSURWRFRO VSHFLILHG PHWKRGVRIFRQWUDFHSWLRQLIWKH\
FKRRVHWRHQJDJHLQLQWHUFRXUVHIURPWKHVFUHHQLQJHQUROOPHQWYLVLWWKURXJKRXWWKHVWXG\SHULRG
DQGIRU GD\VIROORZLQJWKHODVWGRVHRIVWXG\GUXJ GD\VIRUPDOHV)HPDOHVWXG\VXEMHFWV
RIFKLOGEHDULQJSRWHQWLDOZLOOXQGHUJRUHJXODUSUHJQDQF\WHVWLQJZKLOHWDNLQJ*67KH
LQYHVWLJDWRUZLOOFRXQVHOVXEMHFWVRQWKHSURWRFROVSHFLILHGPHWKRGVIRUDYRLGLQJSUHJQDQF\LQ
FDVHWKHVXEMHFWFKRRVHVWRHQJDJHLQKHWHURVH[XDOLQWHUFRXUVH
3URWRFROVSHFLILHGFRQWUDFHSWLYHPHWKRGVDUHDVIROORZVDFRPELQDWLRQRIRQHKRUPRQDO
PHWKRGDQGRQHEDUULHUPHWKRGWZREDUULHUPHWKRGVZKHUHRQHPHWKRGLVWKHPDOHFRQGRP
RU XVHRIDQLQWUDXWHULQHGHYLFH,8'RUWXEDOVWHULOL]DWLRQVHH$SSHQGL[7DEOH EHORZ
$FFHSWDEOHKRUPRQDOPHWKRGVLQFOXGHLQMHFWDEOHSURJHVWHURQHSURJHVWHURQHLPSODQWV
FRPELQDWLRQRUDOFRQWUDFHSWLYHVWUDQVGHUPDOFRQWUDFHSWLYHSDWFKDQGYDJLQDOULQJ$FFHSWDEOH
EDUULHUPHWKRGVLQFOXGHGLDSKUDJPZLWKVSHUPLFLGHFHUYLFDOFDSZLWKVSHUPLFLGHDQGWKHPDOH
FRQGRP ZLWKVSHUPLFLGH)HPDOHVXEMHFWVPXVWXVHHLWKHUDKRUPRQDOPHWKRGRUDEDUULHU
PHWKRGLIWKHSDUWQHUKDVDYDVHFWRP\ DQGWKHPDOHSDUWQHUVKRXOGEHWKHVROHSDUWQHUIRUWKDW
VXEMHFW)RUDYDVHFWRP\DSSURSULDWHSRVWYDVHFWRP\GRFXPHQWDWLRQRIWKHDEVHQFHRIVSHUPLQ
WKHHMDFXODWHPXVWEHDYDLODEOH,IDVXEMHFWKDVXQGHUJRQHWXEDOVWHULOL]DWLRQRUKDVKDGD
&RSSHU 7$,8'RU/1J,8'LQVHUWHGQRRWKHUFRQWUDFHSWLRQLVQHHGHG
,IWXEDOVWHULOL]DWLRQLVYLDWKH(VVXUHSURFHGXUHYHULILFDWLRQRIWXEDOEORFNDJHE\
K\VWHURVDOSLQJRJUDP+63PXVWEHSHUIRUPHGDSSUR[LPDWHO\PRQWKVDIWHUPLFURLQVHUWLRQ
3ULRUWRYHULILFDWLRQ(VVXUHLVQRWFRQVLGHUHGDUHOLDEOHIRUPRIFRQWUDFHSWLRQDQGWKH
FRQWUDFHSWLRQPHWKRGVGHVFULEHGEHORZPXVWEHXVHG)HPDOHVXEMHFWVZKRXWLOL]HKRUPRQDO
FRQWUDFHSWLYHVDVRQHRIWKHLUELUWKFRQWUROPHWKRGVPXVWKDYHXVHGWKHVDPHPHWKRGIRUDWOHDVW
 PRQWKVEHIRUHVWXG\GRVLQJ
)HPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOPXVWKDYHDQHJDWLYHXULQH RUVHUXPSUHJQDQF\WHVWDW
VFUHHQLQJ DQGDWHDFKGRVLQJYLVLW 9LVLWVDQGSULRUWRUHFHLYLQJVWXG\GUXJ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
6HSWHPEHU
$SSHQGL[7DEOH
3URWRFRO 6SHFLILHG &RQWUDFHSWLYH0HWKRGV
0HWKRGVWR8VHE\7KHPVHOYHV
&RPELQDWLRQ0HWKRGV
+RUPRQH0HWKRGV
FKRRVHRQHDQGXVHZLWK
DEDUULHUPHWKRG
%DUULHU0HWKRGV
XVHERWK25FKRRVHRQHDQGXVHZLWK
DKRUPRQHPHWKRG
,QWUDXWHULQH'HYLFHV,8'V
&RSSHU7$,8'
/1J,8'
7XEDO6WHULOL]DWLRQ
(VWURJHQDQG3URJHVWHURQH
2UDOFRQWUDFHSWLYHV
7UDQVGHUPDOSDWFK
9DJLQDOULQJ
3URJHVWHURQH
,QMHFWLRQ
,PSODQW
'LDSKUDJPZLWKVSHUPLFLGH
25
&HUYLFDOFDSZLWKVSHUPLFLGH
0DOHFRQGRPZLWKVSHUPLFLGH
3DUWQHU¶VYDVHFWRP\PXVWEHXVHGZLWKDKRUPRQHRUEDUULHUPHWKRG DQGWKH
PDOHSDUWQHUVKRXOGEHWKHVROHSDUWQHUIRUWKDWVXEMHFW)RUDYDVHFWRP\
DSSURSULDWHSRVWYDVHFWRP\GRFXPHQWDWLRQRIWKHDEVHQFHRIVSHUPLQWKH
HMDFXODWHPXVWEHDYDLODEOH
7KHLQYHVWLJDWRUZLOO FRXQVHODOOVXEMHFWVRQWKHPRVWHIIHFWLYHPHWKRGVIRUDYRLGLQJSUHJQDQF\
GXULQJWKHVWXG\
 $GGLWLRQDO5HTXLUHPHQWVIRU0DOH6XEMHFWV
0DOHVXEMHFWVPXVWDJUHHWRXVHFRQGRPVGXULQJKHWHURVH[XDOLQWHUFRXUVHDQGDYRLGVSHUP
GRQDWLRQZKLOHHQUROOHGLQWKHVWXG\DQGIRUDWOHDVWGD\VDIWHUDGPLQLVWUDWLRQRIWKHODVWGRVH
RIVWXG\PHGLFDWLRQ
8VHRIFRQGRPVZLWKVSHUPLFLGHKDVEHHQSURYHQWRGHFUHDVHWKHULVNRIWUDQVPLVVLRQRI+,9
DQGRWKHUVH[XDOO\WUDQVPLWWHGGLVHDVHV7KHXVHRIVSHUPLFLGHLVQRWUHFRPPHQGHGLIWKHVXEMHFW
RUVXEMHFW¶VSDUWQHULVLQIHFWHGZLWK+,9
 3URFHGXUHVWREH)ROORZHGLQWKH(YHQWRI3UHJQDQF\
6XEMHFWVZLOO EHLQVWUXFWHGWRQRWLI\WKHLQYHVWLJDWRULIWKH\EHFRPHSUHJQDQWDWDQ\WLPHGXULQJ
WKHVWXG\RULIWKH\EHFRPHSUHJQDQWZLWKLQGD\VRUZHHNVRIODVWVWXG\GUXJGRVH6XEMHFWV
ZKREHFRPHSUHJQDQWRUZKRVXVSHFWWKDWWKH\DUHSUHJQDQWGXULQJWKHVWXG\PXVWUHSRUWWKH
LQIRUPDWLRQWRWKHLQYHVWLJDWRUDQGGLVFRQWLQXHVWXG\GUXJLPPHGLDWHO\6XEMHFWVZKRVHSDUWQHU
KDVEHFRPHSUHJQDQWRUVXVSHFWVVKHLVSUHJQDQWGXULQJWKHVWXG\PXVWUHSRUWWKHLQIRUPDWLRQWR
WKHLQYHVWLJDWRU
,QVWUXFWLRQVIRUUHSRUWLQJSUHJQDQF\SDUWQHUSUHJQDQF\DQGSUHJQDQF\RXWFRPHDUHRXWOLQHGLQ
6HFWLRQ 

Prot_004.pdf: 


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
7$%/(2)&217(176
7$%/(2)&217(176 
/,672),17(;77$%/(6
35272&2/6<1236,6 
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506

,1752'8&7,21 

%DFNJURXQG 

*6 

*HQHUDO,QIRUPDWLRQ 

1RQFOLQLFDO3KDUPDFRNLQHWLFV

1RQFOLQLFDO3KDUPDFRORJ\DQG7R[LFRORJ\ 

&OLQLFDO7ULDOVRI*6 

5DWLRQDOHIRU7KLV6WXG\ 

'RVH5DWLRQDOH 

&RPSOLDQFH 

2%-(&7,9(6

678'<'(6,*1

(QGSRLQWV 

6WXG\'HVLJQ

6WXG\7UHDWPHQWV 

'XUDWLRQRI7UHDWPHQW

'LVFRQWLQXDWLRQ&ULWHULD

6RXUFH'DWD

68%-(&73238/$7,21

1XPEHURI6XEMHFWVDQG6XEMHFW6HOHFWLRQ 

,QFOXVLRQ&ULWHULD

([FOXVLRQ&ULWHULD

,19(67,*$7,21$/0(',&,1$/352'8&76 

5DQGRPL]DWLRQ%OLQGLQJDQG7UHDWPHQW&RGHV 

3URFHGXUHVIRU%UHDNLQJ7UHDWPHQW&RGHV

'HVFULSWLRQDQG+DQGOLQJRI*6

)RUPXODWLRQ

3DFNDJLQJDQG/DEHOLQJ 

6WRUDJHDQG+DQGOLQJ

'RVDJHDQG$GPLQLVWUDWLRQRI*6 

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV

$FFRXQWDELOLW\IRU*6

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW5HWXUQRU'LVSRVDO

678'<352&('85(6 

6XEMHFW(QUROOPHQWDQG7UHDWPHQW$VVLJQPHQW

9LVLW6FUHHQLQJ9LVLW'D\

9LVLW%DVHOLQH$VVHVVPHQWV5DQGRPL]DWLRQDQG7UHDWPHQW
$VVHVVPHQWV'D\

9LVLW'D\KRXUV

9LVLW'D\KRXUV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

9LVLW'D\KRXUV

9LVLWV'D\VDQGKRXUV

9LVLW'D\KRXUV

9LVLW(QGRI6WXG\'D\GD\V

9LVLWV± 'D\VDQGKRXUV

$VVHVVPHQWVIRU3UHPDWXUH'LVFRQWLQXDWLRQIURP,03GRVLQJDQG(DUO\:LWKGUDZDO

$VVHVVPHQWVIRU3UHPDWXUH'LVFRQWLQXDWLRQIURP,03$GPLQLVWUDWLRQ 

$VVHVVPHQWVIRU(DUO\7HUPLQDWLRQ:LWKGUDZDO

$VVHVVPHQWVIRU8QVFKHGXOHG9LVLWV

6WXG\$VVHVVPHQWV

1DVDO6DPSOHV9LURORJ\DQG$QWLERG\7LWHU 

9LURORJ\DQG5HVLVWDQFH0RQLWRULQJ

)/83524XHVWLRQQDLUH

9LWDO6LJQV

2[\JHQ6DWXUDWLRQ

6DIHW\/DEV

&KHVW;UD\ 

3ODVPD3. 

2SWLRQDO([WHQGHG9LUDO0RQLWRULQJ

$'9(56((9(176$1'72;,&,7<0$1$*(0(17

'HILQLWLRQVRI$GYHUVH(YHQWV$GYHUVH5HDFWLRQVDQG6HULRXV$GYHUVH(YHQWV

$GYHUVH(YHQWV

6HULRXV$GYHUVH(YHQWV

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV
$GYHUVH(YHQWVRU6HULRXV$GYHUVH(YHQWV 

$VVHVVPHQWRI$GYHUVH(YHQWVDQG6HULRXV$GYHUVH(YHQWV

$VVHVVPHQWRI&DXVDOLW\IRU,03DQG3URFHGXUHV

$VVHVVPHQWRI6HYHULW\ 

,QYHVWLJDWRU5HTXLUHPHQWVDQG,QVWUXFWLRQVIRU5HSRUWLQJ$GYHUVH(YHQWVDQG6HULRXV
$GYHUVH(YHQWVWR*LOHDG

*LOHDG5HSRUWLQJ5HTXLUHPHQWV

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV$GYHUVH(YHQWVRU
6HULRXV$GYHUVH(YHQWV

7R[LFLW\0DQDJHPHQW 

6SHFLDO6LWXDWLRQV5HSRUWV

'HILQLWLRQVRI6SHFLDO6LWXDWLRQV

,QVWUXFWLRQVIRU5HSRUWLQJ6SHFLDO6LWXDWLRQV

67$7,67,&$/&216,'(5$7,216

$QDO\VLV2EMHFWLYHVDQG(QGSRLQWV

$QDO\VLV2EMHFWLYHV

3ULPDU\(QGSRLQW 

6HFRQGDU\(QGSRLQW 

([SORUDWRU\(QGSRLQWV

$QDO\VLV&RQYHQWLRQV

$QDO\VLV6HWV 

'DWD+DQGOLQJ&RQYHQWLRQV 

'HPRJUDSKLF'DWDDQG%DVHOLQH&KDUDFWHULVWLFV 

(IILFDF\$QDO\VLV 

3ULPDU\$QDO\VLV

6HFRQGDU\$QDO\VHV 

([SORUDWRU\$QDO\VHV 

6DIHW\$QDO\VLV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

([WHQWRI([SRVXUH

$GYHUVH(YHQWV

/DERUDWRU\(YDOXDWLRQV 

2WKHU6DIHW\(YDOXDWLRQV

3KDUPDFRNLQHWLF$QDO\VLV

6DPSOH6L]H

'DWD0RQLWRULQJ&RPPLWWHH 

(QGSRLQW$GMXGLFDWLRQ&RPPLWWHH

,QWHULP$QDO\VLV

5(63216,%,/,7,(6

,QYHVWLJDWRU5HVSRQVLELOLWLHV 

*RRG&OLQLFDO3UDFWLFH

,QVWLWXWLRQDO5HYLHZ%RDUG,5%,QGHSHQGHQW(WKLFV&RPPLWWHH,(&
5HYLHZDQG$SSURYDO

,QIRUPHG&RQVHQW

&RQILGHQWLDOLW\

6WXG\)LOHVDQG5HWHQWLRQRI5HFRUGV 

&DVH5HSRUW)RUPV

'DWD4XDOLW\&RQWURODQG4XDOLW\$VVXUDQFH

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW$FFRXQWDELOLW\DQG5HWXUQ

,QVSHFWLRQV

3URWRFRO&RPSOLDQFH

6SRQVRU5HVSRQVLELOLWLHV 

3URWRFRO0RGLILFDWLRQV

6WXG\5HSRUWDQG3XEOLFDWLRQV 

-RLQW,QYHVWLJDWRU6SRQVRU5HVSRQVLELOLWLHV 

3D\PHQW5HSRUWLQJ

$FFHVVWR,QIRUPDWLRQIRU0RQLWRULQJ

$FFHVVWR,QIRUPDWLRQIRU$XGLWLQJRU,QVSHFWLRQV 

6WXG\'LVFRQWLQXDWLRQ

5()(5(1&(6 

$33(1',&(6 
$SSHQGL[ 
,QYHVWLJDWRU6LJQDWXUH3DJH
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
$SSHQGL[ 
0DQDJHPHQWRI&OLQLFDODQG/DERUDWRU\$GYHUVH(YHQWV
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDODQG
&RQWUDFHSWLYH5HTXLUHPHQWV
/,672),17(;77$%/(6
7DEOH 
3.7LPHSRLQWV
7DEOH 
6LJQLILFDQFH/HYHOVWR5HMHFWWKH+ DW,QWHULPDQG)LQDO$QDO\VHV 


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
35272&2/6<1236,6
*LOHDG6FLHQFHV,QF
(%ODLQH6W
6HDWWOH:$
6WXG\ 7LWOH
$3KDVHE5DQGRPL]HG'RXEOH%OLQG3ODFHER&RQWUROOHG
0XOWL&HQWHU 6WXG\(YDOXDWLQJ$QWLYLUDO(IIHFWV3KDUPDFRNLQHWLFV
6DIHW\DQG7ROHUDELOLW\RI*6LQ+HPDWRSRLHWLF&HOO7UDQVSODQW
+&75HFLSLHQWVZLWK5HVSLUDWRU\6\QF\WLDO9LUXV569,QIHFWLRQ
RIWKH8SSHU5HVSLUDWRU\7UDFW
,1'1XPEHU
(XGUD&71XPEHU
&OLQLFDO7ULDOVJRY
,GHQWLILHU


1&7
6WXG\&HQWHUV
3ODQQHG
$SSUR[LPDWHO\ FHQWHUVLQ$VLD3DFLILF$XVWUDOLD&DQDGD(XURSH
6RXWK $PHULFD DQGWKH8QLWHG6WDWHV
2EMHFWLYHV
7KHSULPDU\REMHFWLYHRIWKLVVWXG\LVDVIROORZV

7RHYDOXDWHWKHHIIHFW RI*6RQ569YLUDOORDGLQ
569SRVLWLYHDXWRORJRXVRUDOORJHQHLF+&7UHFLSLHQWVZLWK
DFXWH XSSHUUHVSLUDWRU\WUDFWLQIHFWLRQ857,V\PSWRPV
7KHVHFRQGDU\REMHFWLYHVRIWKLVVWXG\DUHDVIROORZV

7RHYDOXDWHWKHHIIHFWRI*6RQ GHYHORSPHQWRI
ORZHU UHVSLUDWRU\WUDFWFRPSOLFDWLRQ/57& SURJUHVVLRQWR
UHVSLUDWRU\IDLOXUHDQGDOOFDXVHPRUWDOLW\

7RHYDOXDWHWKHSKDUPDFRNLQHWLFV3. VDIHW\DQGWROHUDELOLW\RI
*6
6WXG\'HVLJQ
5DQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGVWXG\HYDOXDWLQJWKH
HIIHFWRI*6RQHIILFDF\3.VDIHW\DQGWROHUDELOLW\LQ+&7
UHFLSLHQWV ZLWK569 857,
$OOVXEMHFWVZLOOEHSHUPLWWHGWRUHFHLYHWKHVWDQGDUGRIFDUHWKHUDS\
IRU569LQIHFWLRQSHUWKHLUORFDOPHGLFDOSUDFWLFHV LQDGGLWLRQWR WKH
LQYHVWLJDWLRQDOPHGLFLQDOSURGXFW,03
6XEMHFWVZLOOEH UDQGRPL]HGLQDUDWLRWRUHFHLYH,03
*6 RUSODFHERDQGZLOOEHVWUDWLILHGE\ IDFWRUV
 3UHVHQFHRUDEVHQFH RIO\PSKRSHQLDGHILQHGDVD
O\PSKRF\WH FRXQW FHOOV/ YHUVXVFHOOV/RIEORRG
 7UHDWPHQWRI569 LQIHFWLRQ \HVRU QRZLWKULEDYLULQ
RUDO LQWUDYHQRXV RUDHURVROL]HG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
1XPEHURI6XEMHFWV
3ODQQHG
$SSUR[LPDWHO\569SRVLWLYHVXEMHFWV
7DUJHW3RSXODWLRQ
0DOHVDQGIHPDOHV WR \HDUVRIDJH ZKRKDYHKDGDQDOORJHQHLF
RUDXWRORJRXV+&7DQGKDYH GRFXPHQWHGDFXWH569UHODWHG857,
V\PSWRPV
'XUDWLRQRI
7UHDWPHQW
GRVHVRYHUGD\V
'LDJQRVLVDQG0DLQ
(OLJLELOLW\&ULWHULD
)RUDFRPSOHWHOLVWRIVWXG\LQFOXVLRQDQGH[FOXVLRQFULWHULDSOHDVH
UHIHUWR6HFWLRQ 
,QFOXVLRQ&ULWHULD
6XEMHFWVPXVWPHHWDOO RIWKHIROORZLQJLQFOXVLRQFULWHULDDWWKHWLPH
RIUDQGRPL]DWLRQWREHHOLJLEOHIRUSDUWLFLSDWLRQLQWKLVVWXG\
 0DOHVDQGIHPDOHVWR \HDUVRIDJH
 5HFHLYHGDQDXWRORJRXVRUDOORJHQHLF+&7 XVLQJDQ\
FRQGLWLRQLQJUHJLPHQ
 'RFXPHQWHGWREH569SRVLWLYHDVGHWHUPLQHGE\ORFDOWHVWLQJ
HJ SRO\PHUDVHFKDLQUHDFWLRQ>3&5@GLUHFWIOXRUHVFHQFH
DQWLERG\>')$@UHVSLUDWRU\YLUDOSDQHO593DVVD\RUFXOWXUH
XVLQJDQXSSHUUHVSLUDWRU\WUDFWVDPSOHFROOHFWHG  GD\V SULRUWR
'D\ 
 1HZRQVHWRIDWOHDVWRIWKHIROORZLQJUHVSLUDWRU\V\PSWRPVIRU
  GD\V SULRUWR'D\QDVDOFRQJHVWLRQUXQQ\QRVHFRXJKRU
VRUHWKURDWRUZRUVHQLQJRIRQHRIWKHVHFKURQLFDVVRFLDWHGZLWK
DSUHYLRXVO\H[LVWLQJGLDJQRVLVHJFKURQLFUKLQRUUKHDVHDVRQDO
DOOHUJLHVFKURQLFOXQJGLVHDVHUHVSLUDWRU\V\PSWRPV   GD\V
SULRUWR'D\
 1RHYLGHQFHRIQHZDEQRUPDOLWLHVFRQVLVWHQWZLWK/57,RQD
FKHVW;UD\UHODWLYHWRWKHPRVWUHFHQWFKHVW;UD\DVGHWHUPLQHG
E\WKHORFDOUDGLRORJLVW,IDFKHVW;UD\LVQRWDYDLODEOHRUZDV
QRWREWDLQHGGXULQJVWDQGDUGFDUH KRXUV SULRUWR6FUHHQLQJD
FKHVW;UD\PXVWEHREWDLQHGIRU6FUHHQLQJ
 2[\JHQVDWXUDWLRQ   RQURRPDLU
 $QLQIRUPHGFRQVHQWGRFXPHQWVLJQHGDQGGDWHGE\WKHVXEMHFWRU
DOHJDOJXDUGLDQRIWKHVXEMHFWDQGWKHLQYHVWLJDWRURUKLVKHU
GHVLJQHH
 $QHJDWLYHXULQH RUVHUXPSUHJQDQF\WHVWLVUHTXLUHGIRUIHPDOH
VXEMHFWVXQOHVVVXUJLFDOO\VWHULOHRUJUHDWHUWKDQWZR \HDUV
SRVWPHQRSDXVDO


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
 0DOHDQGIHPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOPXVWDJUHHWR
FRQWUDFHSWLYHUHTXLUHPHQWV DVGHVFULEHGLQ$SSHQGL[ 
 :LOOLQJQHVVWRFRPSOHWHQHFHVVDU\VWXG\SURFHGXUHVDQGKDYH
DYDLODEOHDZRUNLQJWHOHSKRQHRUHPDLO
([FOXVLRQ&ULWHULD
6XEMHFWVZKRPHHWDQ\ RIWKHIROORZLQJH[FOXVLRQFULWHULDDUHQRWWR
EHHQUROOHGLQWKLVVWXG\
5HODWHGWRFRQFRPLWDQWRUSUHYLRXVPHGLFDWLRQXVH
 8VHRIQRQPDUNHWHGDFFRUGLQJWRUHJLRQLQYHVWLJDWLRQDODJHQWV
ZLWKLQ GD\V25 XVHRIDQ\LQYHVWLJDWLRQDOPRQRFORQDODQWL
569DQWLERGLHVZLWKLQ PRQWKVRUKDOIOLYHVRI6FUHHQLQJ
ZKLFKHYHULVORQJHU25 XVHRIDQ\LQYHVWLJDWLRQDO569YDFFLQHV
DIWHU+&7
 8VHRIDPRGHUDWHRUVWURQJF\WRFKURPH3HQ]\PH&<3
LQGXFHULQFOXGLQJEXWQRWOLPLWHGWRULIDPSLQ6W -RKQ¶V :RUW
FDUEDPD]HSLQHSKHQ\WRLQ HIDYLUHQ]ERVHQWDQHWUDYLULQH
PRGDILQLODQGQDIFLOOLQ ZLWKLQ ZHHNV SULRUWRWKHILUVWGRVHRI
,03
5HODWHGWRPHGLFDOKLVWRU\
 $GPLWWHGWRWKHKRVSLWDOSULPDULO\IRUDORZHUUHVSLUDWRU\WUDFW
GLVHDVHRIDQ\FDXVHDVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 3UHJQDQWEUHDVWIHHGLQJRUODFWDWLQJIHPDOHV
 8QDEOHWRWROHUDWHQDVDOVDPSOLQJUHTXLUHGIRUWKLVVWXG\DV
GHWHUPLQHGE\WKHLQYHVWLJDWRU
 .QRZQKLVWRU\RI+,9$,'6ZLWKD&'FRXQW FHOOVȝ/
ZLWKLQWKHODVWPRQWK
 +LVWRU\RIGUXJDQGRUDOFRKRODEXVHWKDWLQWKHRSLQLRQRIWKH
LQYHVWLJDWRUPD\SUHYHQWDGKHUHQFHWRVWXG\DFWLYLWLHV
5HODWHGWRPHGLFDOFRQGLWLRQDW6FUHHQLQJ
 'RFXPHQWHGWREHSRVLWLYHIRURWKHUUHVSLUDWRU\YLUXVHVOLPLWHGWR
LQIOXHQ]DSDUDLQIOXHQ]DKXPDQUKLQRYLUXVDGHQRYLUXV
KXPDQ PHWDSQHXPRYLUXVRUFRURQDYLUXVZLWKLQ GD\VSULRUWR
WKH6FUHHQLQJYLVLW DVGHWHUPLQHGE\ORFDOWHVWLQJDGGLWLRQDO
WHVWLQJLVQRWUHTXLUHG
 &OLQLFDOO\VLJQLILFDQWEDFWHUHPLDRUIXQJHPLDZLWKLQ GD\VSULRU
WR6FUHHQLQJWKDWKDVQRWEHHQDGHTXDWHO\WUHDWHGDVGHWHUPLQHG
E\WKHLQYHVWLJDWRU




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
/DERUDWRU\WHVWV :KHQDYDLODEOHH[LVWLQJODERUDWRU\YDOXHV
  GD\VSULRUWR6FUHHQLQJ 9LVLW PD\EHXVHGIRUHOLJLELOLW\
DVVHVVPHQW6WXG\VWDIIZLOOSHUIRUPXULQHRUVHUXPSUHJQDQF\WHVWV
RQVLWHDW6FUHHQLQJ DQGDWHDFKGRVLQJYLVLW9LVLWVDQG 
SULRUWRDGPLQLVWUDWLRQRI,03 DVQHFHVVDU\%ORRGVSHFLPHQVIRU
VDIHW\9LVLWV DQGDQG569YLUHPLDHYDOXDWLRQ
XVLQJ TXDQWLWDWLYHUHDOWLPH SRO\PHUDVHFKDLQUHDFWLRQ
>57T3&5@  9LVLWVDQGZLOOEHFROOHFWHGSULRUWR
GRVLQJDQGIRU VHUXPDQWLERG\WLWHUVWR569DW9LVLWV  DQG 
'D\V DQG %ORRGVSHFLPHQVIRUVHUXPFUHDWLQLQHZLOOEH
FROOHFWHGKRXUVSRVWGRVHDW9LVLWV  DQG 'D\V DQGIURP
VXEMHFWVSDUWLFLSDWLQJLQWKH3.VXEJURXSRQO\
3.EORRGGUDZV 3KDUPDFRNLQHWLF3. VDPSOHVZLOOEHFROOHFWHG
IURPDOOVXEMHFWV H[FOXGLQJVXEMHFWVLQWKH3.VXEJURXSDW WKH
IROORZLQJWLPHSRLQWVSUHGRVHDW9LVLW'D\SUHGRVHDQG
 KRXUVSRVWGRVHDW9LVLW  'D\DQGDQ\WLPHDW9LVLW 'D\
6XEMHFWVZLOOKDYHWKHRSWLRQRISDUWLFLSDWLQJLQWKH3.VXEJURXS
XQWLOVXEMHFWVKDYHHQUROOHGLQWRWKHVXEJURXS3.VDPSOHVZLOOEH
FROOHFWHGLQWKH3.VXEJURXSDWWKHIROORZLQJWLPHSRLQWVDQG
 KRXUVSRVWGRVHDW9LVLW'D\DQ\WLPHDW9LVLW  'D\ 
SUHGRVHDW9LVLW'D\SUHGRVHDQG KRXUVSRVWGRVHDW
9LVLW  'D\DQGDQ\WLPHDW9LVLW 'D\ 
1DVDOVDPSOLQJ1DVDOVDPSOLQJZLOOEHSHUIRUPHGDWDOOVWXG\YLVLWV
ERWK VFKHGXOHGDQGXQVFKHGXOHG

ZLWKWKHH[FHSWLRQRI6FUHHQLQJ
9LVLW DQGVWRUHGDQGVKLSSHGWRDFHQWUDOODERUDWRU\IRUWHVWLQJ
DFFRUGLQJWRVSHFLILFDWLRQVLQWKHVWXG\SURFHGXUHVPDQXDO$OO
VDPSOHVPXVWEHFROOHFWHGSULRUWRGRVLQJ7ZRQDVDOVDPSOHVZLOOEH
REWDLQHGIURPHDFKQRVWULOHDFKWLPHQDVDOVDPSOLQJLVSHUIRUPHG
1DVDOVDPSOHVZLOOEHXVHGIRU569VHTXHQFLQJWRHYDOXDWH
GHYHORSPHQWRIUHVLVWDQFHDQGDPXOWLSOH[DVVD\WRLGHQWLI\
FRLQIHFWLRQV
569WHVWLQJ $OOVXEMHFWVPXVWEHGRFXPHQWHGWREH569SRVLWLYHDV
GHWHUPLQHGE\ORFDOWHVWLQJHJ3&5')$593DVVD\RUFXOWXUH
SULRUWR6FUHHQLQJXVLQJDQXSSHUUHVSLUDWRU\WUDFWVDPSOHFROOHFWHG
  GD\V SULRUWR'D\)RUDOOVWXG\UHODWHGQDVDOVDPSOHV
 RI WKH QDVDOVDPSOHVFROOHFWHGDWVWXG\YLVLWVZLOOEHDQDO\]HGDWD
FHQWUDOODERUDWRU\XVLQJ57T3&5WRGHWHUPLQH569YLUDOORDG
PPD




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
9LVLW%DVHOLQH$VVHVVPHQWV5DQGRPL]DWLRQDQG
,03 $GPLQLVWUDWLRQ'D\
,IWKHVXEMHFWPHHWVDOOHOLJLELOLW\FULWHULD9LVLWDQG9LVLWPD\
RFFXURQWKHVDPHGD\7KH,03PXVWEHDGPLQLVWHUHGXQGHU
VXSHUYLVLRQE\WKHVWXG\VWDII9LVLWVKRXOGRFFXULQFOLQLFRULQ
KRVSLWDO9LVLWDVVHVVPHQWVVKRXOGEHSHUIRUPHGLQWKHIROORZLQJ
RUGHU

)/8352TXHVWLRQQDLUHPXVWEHSHUIRUPHGSULRUWRDOORWKHU
DVVHVVPHQWV

9LWDO6LJQVLQFOXGLQJ2 VDWXUDWLRQ

:HLJKW

%ORRGGUDZIRUVDIHW\ODEVVHUXPDQWLERG\ WLWHUWR569DQG
569YLUHPLD

2EWDLQQDVDOVDPSOHV

8ULQHRUVHUXPSUHJQDQF\WHVWLQZRPHQXQDEOHWRFRQILUP
PHQRSDXVHK\VWHUHFWRP\DQGRUELODWHUDORRSKRUHFWRP\

5DQGRPL]DWLRQYLD,;56

,QYHVWLJDWLRQDOPHGLFLQDOSURGXFWDGPLQLVWUDWLRQ

3KDUPDFRNLQHWLF EORRGGUDZ3.VXEJURXSRQO\ PLQ
 PLQPLQDQG  KRXUVPLQSRVWGRVH

%ORRGGUDZIRUVHUXPFUHDWLQLQH3.VXEJURXSRQO\
 KRXUV SRVWGRVHPLQ

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV
9LVLW'D\ KRXUV
)RUVXEMHFWVLQWKH3.VXEJURXSWKLVYLVLWPXVWEHSHUIRUPHGLQFOLQLF
RULQKRVSLWDO)RUDOORWKHUVXEMHFWVWKLVYLVLWPD\EHSHUIRUPHGLQ
FOLQLFLQKRVSLWDO RUDWKRPH E\WKHVWXG\FRRUGLQDWRURUGHVLJQHHRU
DKRPHQXUVLQJYHQGRU

3KDUPDFRNLQHWLF EORRGGUDZ3.VXEJURXSRQO\

2EWDLQQDVDOVDPSOHV

5HYLHZRI$(V DQGFRQFRPLWDQWPHGLFDWLRQVUHYLHZRI
SURFHGXUHUHODWHG$(VRQO\LIKRPHYLVLW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
9LVLWV'D\V KRXUV
7KLVYLVLWPXVWEHSHUIRUPHGLQFOLQLFRULQKRVSLWDO9LVLW 
DVVHVVPHQWVVKRXOGEHSHUIRUPHGLQWKHIROORZLQJRUGHU

)/8352TXHVWLRQQDLUHPXVWEHSHUIRUPHGSULRUWRDOORWKHU
DVVHVVPHQWV

9LWDOVLJQVLQFOXGLQJ2 VDWXUDWLRQ

:HLJKW

3KDUPDFRNLQHWLF EORRGGUDZIRUDOOVXEMHFWVSUHGRVH

%ORRGGUDZIRUVDIHW\ODEVDQG569YLUHPLD

2EWDLQQDVDOVDPSOHV

8ULQHRUVHUXPSUHJQDQF\WHVWLQZRPHQXQDEOHWRFRQILUP
PHQRSDXVHK\VWHUHFWRP\DQGRUELODWHUDORRSKRUHFWRP\

,QYHVWLJDWLRQDOPHGLFLQDOSURGXFWDGPLQLVWUDWLRQ

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQV
UHKRVSLWDOL]DWLRQVDGPLVVLRQWRLQWHQVLYHFDUHXQLW,&8RU
XWLOL]DWLRQRI,&8FDUHIRU! KRXUVVWDQGDUGRIFDUHWHVWUHVXOWV
LH FKHVWUDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPV
PHFKDQLFDOYHQWLODWLRQLQYDVLYHDQGQRQLQYDVLYHRIDQ\
GXUDWLRQDQGVXSSOHPHQWDO2 XVH  /PLQIRU!  KRXUV
9LVLW'D\ KRXUV
7KLVYLVLWPD\EHSHUIRUPHGLQFOLQLFLQKRVSLWDO RUDWKRPH E\WKH
VWXG\FRRUGLQDWRURUGHVLJQHHRUDKRPHQXUVLQJYHQGRU

2EWDLQQDVDOVDPSOHV

5HYLHZRI$(V DQGFRQFRPLWDQWPHGLFDWLRQVUHYLHZRI
SURFHGXUHUHODWHG$(VRQO\LIKRPHYLVLW
9LVLWV± 'D\VDQG  KRXUV
7KHVHYLVLWVPXVWEHSHUIRUPHGLQFOLQLFRULQKRVSLWDO9LVLW 
DVVHVVPHQWVVKRXOGEHSHUIRUPHGLQWKHIROORZLQJRUGHU

)/8352TXHVWLRQQDLUH'D\RQO\PXVWEHSHUIRUPHGSULRUWR
DOORWKHUDVVHVVPHQWV

9LWDOVLJQVLQFOXGLQJ2 VDWXUDWLRQ

:HLJKW

3KDUPDFRNLQHWLF EORRGGUDZIRUDOOVXEMHFWVSUHGRVHDQG
 KRXUVSRVWGRVHPLQ'D\ RQO\








*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
3KDUPDFRNLQHWLFV
*6FRQFHQWUDWLRQV LQSODVPDZLOOEHVXPPDUL]HGE\WLPHSRLQW
IRUDOOVXEMHFWV
7KH SODVPD3.SDUDPHWHUVRI*6HJ&PD[ DQG$8&ZLOOEH
FDOFXODWHGIRUDOOVXEMHFWVLQWKH3.VXEJURXS DVDSSURSULDWH
6WDWLVWLFDO0HWKRGV
7KHIXOODQDO\VLVVHW)$6ZLOOLQFOXGHVXEMHFWVZKRKDYHDQ569
ORJ YLUDOORDGJUHDWHUWKDQRUHTXDOWRWKHORZHUOLPLWRI
TXDQWLILFDWLRQ//24 RIWKH57T3&5DVVD\LQWKHSUHGRVH'D\ 
QDVDOVDPSOHDVGHWHUPLQHGE\57T3&5DWWKHFHQWUDOODEDQGKDYH
UHFHLYHGDWOHDVWIXOOGRVHRI ,037KHHYDOXDEOHVXEMHFWVIRUWKH
SULPDU\HQGSRLQW ZLOOLQFOXGHWKRVHLQWKH)$6 ZLWKHYDOXDEOHQDVDO
VDPSOHVIRU569 YLUDOORDGE\'D\ LQFOXGLQJ %DVHOLQH
7KHSULPDU\HIILFDF\DQDO\VLVRIWLPHZHLJKWHGDYHUDJH FKDQJHLQ
569ORJ YLUDOORDGIURP'D\WKURXJK'D\ ZLOOEHSHUIRUPHGRQ
VXEMHFWVLQFOXGHGLQWKHHIILFDF\HYDOXDEOHDQDO\VLVVHW7RWHVWWKH
QXOOK\SRWKHVLVWKDWWKHUHLVQRGLIIHUHQFHEHWZHHQWKH*6DQG
SODFHERWUHDWPHQWJURXSVLQWKHWLPHZHLJKWHGDYHUDJH FKDQJHLQ
569YLUDOORDGDSDUDPHWULFDQDO\VLVRIFRYDULDQFH$1&29$
PRGHOZLWKFRUUHVSRQGLQJEDVHOLQH 569YLUDOORDGDQGUDQGRPL]DWLRQ
VWUDWLILFDWLRQIDFWRUVDVFRYDULDWHV ZLOOEHXVHGZLWKDVLGHG
 DOSKDOHYHO$GMXVWHGPHDQVDQG FRQILGHQFHLQWHUYDOV&,V
ZLOODOVREHSUHVHQWHG
7KH)$6DQDO\VLVVHWZLOOEHXVHGIRUDOOVXPPDULHVDQGDQDO\VHVRI
VHFRQGDU\HQGSRLQWV$OOVHFRQGDU\DQGRWKHUHQGSRLQWVZLOOEH
DQDO\]HGXVLQJVLGHGWHVWVIRUWUHDWPHQWGLIIHUHQFHV7KHSURSRUWLRQ
RIVXEMHFWVZKRGHYHORS/57&WKHSURSRUWLRQRIVXEMHFWVZKR
GHYHORSUHVSLUDWRU\IDLOXUHUHTXLULQJPHFKDQLFDOYHQWLODWLRQDQG WKH
SURSRUWLRQRIDOOFDXVHPRUWDOLW\DPRQJDOOVXEMHFWVWKURXJK'D\
ZLOOEHDQDO\]HGXVLQJ&RFKUDQ0DQWHO+DHQV]HOWHVWVWUDWLILHGE\WKH
UDQGRPL]DWLRQVWUDWLILFDWLRQIDFWRUV$QDO\VHVRIH[SORUDWRU\
HQGSRLQWVDUHGLVFXVVHGLQ6HFWLRQ 
$OOHQGSRLQWVZLOOEHVXPPDUL]HGXVLQJGHVFULSWLYHVWDWLVWLFV
VDPSOH VL]HPHDQVWDQGDUGGHYLDWLRQ >6'@PHGLDQ44
PLQLPXP DQGPD[LPXPIRUFRQWLQXRXVGDWD DQGE\WKHQXPEHUDQG
SHUFHQWRIVXEMHFWVIRUFDWHJRULFDOGDWD


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
6DIHW\DQDO\VHVZLOOEHSHUIRUPHGRQDOOVXEMHFWVZKRUHFHLYHG,03
6DIHW\GDWDZLOOEHFROOHFWHGDQGVXPPDUL]HGIURP6FUHHQLQJWKURXJK
'D\ 6DIHW\GDWDZLOOEHOLVWHGE\VXEMHFWDQGVXPPDUL]HGE\
WUHDWPHQWDFWLYHRUSODFHERXVLQJWKHQXPEHUSHUFHQWRIVXEMHFWV
ZLWKHYHQWVDEQRUPDOLWLHVIRUFDWHJRULFDOGDWDDQGXVLQJGHVFULSWLYH
VWDWLVWLFVIRUFRQWLQXRXVGDWD
&RQFHQWUDWLRQVRI*6LQSODVPDZLOOEHGHWHUPLQHGXVLQJD
YDOLGDWHGELRDQDO\WLFDODVVD\V,QGLYLGXDOVXEMHFW*6
FRQFHQWUDWLRQWLPHGDWDZLOOEHGLVSOD\HGXVLQJVFKHGXOHGVDPSOLQJ
WLPHV'HVFULSWLYHVWDWLVWLFVHJQPHDQVWDQGDUGGHYLDWLRQ&9
PHGLDQDQGUDQJHZLOOEHFDOFXODWHGIRUHDFKVDPSOLQJWLPH)RU
VXEMHFWVLQWKH3.VXEJURXSSODVPDFRQFHQWUDWLRQVRI*6RYHU
WLPHZLOOEHSORWWHGLQVHPLORJDULWKPLFDQGOLQHDUIRUPDWVDV
PHDQ  6'DQGSODVPDFRQFHQWUDWLRQWLPHGDWDIRUHDFKVXEMHFWZLOO
EHDQDO\]HGXVLQJVWDQGDUGQRQFRPSDUWPHQWDOPHWKRGV
3KDUPDFRNLQHWLFSKDUPDFRG\QDPLF3.3'UHODWLRQVKLSPD\EH
H[SORUHGDVDSSURSULDWH
6DPSOHVL]HFDOFXODWLRQVDUHEDVHGRQUHVXOWVREVHUYHGLQDVWXG\WKDW
HYDOXDWHGWKHHIILFDF\RIRUDODQGDHURVROL]HGULEDYLULQWUHDWPHQWIRU
SUHYHQWLQJSURJUHVVLRQIURPXSSHUWRORZHUUHVSLUDWRU\WUDFWLQIHFWLRQ
LQ +&7 UHFLSLHQWVZLWK569LQIHFWLRQVXQSXEOLVKHGGDWDIURP
'U
7KHVDPSOHVL]HFDOFXODWLRQDVVXPHVWKH
WLPHZHLJKWHGDYHUDJH FKDQJHLQ569ORJ YLUDOORDGIURP
'D\  WR 'D\LQWKHSODFHERJURXSZLOOEH ORJ FRSLHVP/ZLWKD
FRUUHVSRQGLQJVWDQGDUGGHYLDWLRQ6'RI DQGWKDWRIWKH
VXEMHFWVZLOOEHHYDOXDEOH %DVHGRQWKHVHDVVXPSWLRQVZLWK
 HYDOXDEOHVXEMHFWVSHUJURXSWKHUHLVRYHUSRZHUWRGHWHFWD
 ORJGLIIHUHQFHLQWLPHZHLJKWHGDYHUDJH FKDQJHLQORJ YLUDOORDG
EHWZHHQWUHDWPHQWJURXSVXVLQJDVLGHGOHYHOWHVW*LYHQDQ
HYDOXDEOHUDWHRI DWRWDORI VXEMHFWVZLOOQHHGWREH
UDQGRPL]HGLQWRWKHVWXG\
PPD


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
7ZRXQEOLQGHG LQWHULPHIILFDF\DQDO\VHVRIWKHSULPDU\HQGSRLQW
WLPHZHLJKWHGDYHUDJHFKDQJHLQ569ORJ YLUDOORDGIURP
'D\  WKURXJK'D\ DQGVHFRQGDU\HQGSRLQWVZLOOEHFRQGXFWHG
DIWHUDSSUR[LPDWHO\ DQG  RIWKHVXEMHFWVKDYHEHHQHQUROOHG
DQGUHDFK'D\ VHH 6HFWLRQ 7KHLQWHULPDQDO\VHVZLOOEH
XVHGWRLQIRUPGHFLVLRQPDNLQJIRUWKH*6GUXJGHYHORSPHQW
SURJUDP$WWKHVHLQWHULPDQDO\VHVHIILFDF\RI*6ZLOOEH
FRPSDUHGWRSODFHERDWWKHVLGHGVLJQLILFDQFHOHYHOEDVHGRQ
+D\ELWWOH3HWRERXQGDULHV $WWKHILUVWLQWHULPDQDO\VLV ZLWK
 VXEMHFWVWKHQXOOK\SRWKHVLVWKDWWKDWWKHUHLVQRGLIIHUHQFHEHWZHHQ
WKH*6DQGSODFHERWUHDWPHQWJURXSVLQWKHWLPHZHLJKWHG
DYHUDJH FKDQJHLQ 569ORJ YLUDOORDGIURP'D\  WR 'D\ZLOOEH
UHMHFWHGLIDSSUR[LPDWHO\DPLQLPXPRID ORJ GLIIHUHQFHEHWZHHQ
WUHDWPHQWJURXSVLQPHDQWLPHZHLJKWHGDYHUDJHFKDQJHLQORJ YLUDO
ORDGLVREVHUYHG$WWKHVHFRQGLQWHULPDQDO\VLVZLWKVXEMHFWVWKH
QXOOK\SRWKHVLVZLOOEHUHMHFWHGLIDSSUR[LPDWHO\DPLQLPXPRID
 ORJGLIIHUHQFHEHWZHHQWUHDWPHQWJURXSVLQPHDQWLPHZHLJKWHG
DYHUDJHFKDQJHLQORJ YLUDOORDGLVREVHUYHG7KHILQDODQDO\VLVZLOO
EHFRQGXFWHGDWDQDGMXVWHGVLJQLILFDQFHOHYHOEDVHGRQDJURXS
VHTXHQWLDODOSKDVSHQGLQJPHWKRGVRWKDWWKHRYHUDOOW\SHHUURUUDWH
FDQEHFRQWUROOHGDWWKH OHYHO)XUWKHUGHWDLOVRIWKHLQWHULP
DQDO\VLVZLOOEHGHVFULEHGLQWKHVWDWLVWLFDODQDO\VLVSODQ6$3
$OOVDIHW\GDWDZLOOEHPRQLWRUHGE\D'DWD0RQLWRULQJ&RPPLWWHH
'0&$Q$GMXGLFDWLRQ&RPPLWWHHZLOOUHYLHZUHOHYDQWFOLQLFDO
GDWDWR GHWHUPLQHZKHWKHUD/57& KDVGHYHORSHG
7KLVVWXG\ZLOOEHFRQGXFWHGLQDFFRUGDQFHZLWKWKHJXLGHOLQHVRI*RRG&OLQLFDO3UDFWLFH*&3
LQFOXGLQJDUFKLYLQJRIHVVHQWLDOGRFXPHQWV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506
&
GHJUHHV&HOVLXV
)
GHJUHHV)DKUHQKHLW
$(
DGYHUVHHYHQW
$K5
DU\OK\GURFDUERQ
$,'6
DXWRLPPXQHGHILFLHQF\V\QGURPH
$/3
DONDOLQHSKRVSKDWDVH
$/7
DODQLQHDPLQRWUDQVIHUDVH
$1&
DEVROXWHQHXWURSKLOFRXQW
$1&29$
DQDO\VLVRIFRYDULDQFH
$67
DVSDUWDWHDPLQRWUDQVIHUDVH
$8&
DUHDXQGHUWKHSODVPDVHUXPSHULSKHUDOEORRGPRQRQXFOHDUFHOOFRQFHQWUDWLRQ
YHUVXVWLPHFXUYH
%$/
EURQFKRDOYHRODUODYDJH
%&53
EUHDVWFDQFHUUHVLVWDQFHSURWHLQ
%,'
WZLFHDGD\
%0,
ERG\PDVVLQGH[
%81
EORRGXUHDQLWURJHQ
&%&
FRPSOHWHEORRGFRXQW
&&0
FHOOFXOWXUHPHGLXP
&,
FRQILGHQFHLQWHUYDO
&PD[
WKHPD[LPXPREVHUYHGVHUXPSODVPDSHULSKHUDOEORRGPRQRQXFOHDU3%0&
FRQFHQWUDWLRQRIGUXJ
&5)
FDVHUHSRUWIRUPV
&52
FRQWUDFWRUFOLQLFDOUHVHDUFKRUJDQL]DWLRQ
&65
FOLQLFDOVWXG\UHSRUW
&7
FRPSXWHUL]HGWRPRJUDSK\
&<3[[
F\WRFKURPH3HQ]\PH[[
'$9*
WLPHZHLJKWHGDYHUDJHFKDQJH
'',
GUXJGUXJLQWHUDFWLRQV
')$
GLUHFWIOXRUHVFHQFHDQWLERG\
'0&
'DWD0RQLWRULQJ&RPPLWWHH
'63+
'UXJ6DIHW\DQG3XEOLF+HDOWK
(&
HWKLFVFRPPLWWHH
(&
FRQFHQWUDWLRQRIGUXJWRUHDFKLQKLELWLRQRIYLUXVUHSOLFDWLRQ
(&*
HOHFWURFDUGLRJUDP
H&5)
HOHFWURQLFFDVHUHSRUWIRUPV
('&
HOHFWURQLFGDWDFDSWXUH
(/)
HSLWKHOLDOOLQLQJIOXLG
(05
HOHFWURQLFPHGLFDOUHFRUGV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
*/266$5<2)$%%5(9,$7,216$1''(),1,7,212)7(506 &217,18('
(XGUD&7
(XURSHDQFOLQLFDOWULDOVGDWDEDVH
)$6
IXOODQDO\VLVVHW
),+
ILUVWLQKXPDQ
)'$
8QLWHG6WDWHV)RRGDQG'UXJ$GPLQLVWUDWLRQ
*&3
*RRG&OLQLFDO3UDFWLFH*XLGHOLQHV
*'
JHVWDWLRQDOGD\
*,
JDVWURLQWHVWLQDO
*/3
JRRGODERUDWRU\SUDFWLFH
*6,
*LOHDG6FLHQFHV,QF
KU
KRXU
+&7
KHPDWRSRLHWLFFHOOWUDQVSODQW
+'3(
KLJKGHQVLW\SRO\HWK\OHQH
K(5*
KXPDQHWKHUjJRJRUHODWHGJHQH
+,9
KXPDQLPPXQRGHILFLHQF\YLUXV
+/*7
KLJKOHYHOJURXSWHUP
+/7
KLJKOHYHOWHUP
+63
K\VWHURVDOSLQJRJUDP
,%
,QYHVWLJDWRU¶V%URFKXUH
,&
FRQFHQWUDWLRQRIGUXJWRUHDFKLQKLELWLRQ
,&+
,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ
,&8
,QWHQVLYH&DUH8QLW
,(&
LQGHSHQGHQWHWKLFVFRPPLWWHH
,03
,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW
,1'
,QYHVWLJDWLRQDO1HZ'UXJ$SSOLFDWLRQ
,5%
LQVWLWXWLRQDOUHYLHZERDUG
,8'
LQWUDXWHULQHGHYLFH
,9,*
,QWUDYHQRXV,PPXQRJOREXOLQ
,;56
LQWHUDFWLYHYRLFHZHEUHVSRQVHV\VWHP
NJ
NLORJUDP
//1
ORZHUOLPLWRIWKHQRUPDOUDQJH
//24
ORZHUOLPLWRITXDQWLILFDWLRQ
//7
ORZHUOHYHOWHUP
/57&
ORZHUUHVSLUDWRU\WUDFWFRPSOLFDWLRQ
/57,
ORZHUUHVSLUDWRU\WUDFWLQIHFWLRQ
0HG'5$
0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV
PJ
PLOOLJUDP
PLQ
PLQXWH
P/
PLOOLOLWHU


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506 &217,18('
PP+J
PLOOLPHWHUVPHUFXU\
0050
PL[HGHIIHFWPRGHOUHSHDWHGPHDVXUHV
1$
QRWDSSOLFDEOH
1'
QRWGHWHFWDEOH
1*
QDVRJDVWULF
Q0
QDQRPRODU
12$(/
QRREVHUYHGDGYHUVHHIIHFWOHYHO
12(/
QRREVHUYHGHIIHFWOHYHO
2
R[\JHQ
2$73
RUJDQLFDQLRQWUDQVSRUWHUSURWHLQV
3'
SKDUPDFRG\QDPLF
3)8H
SODTXHIRUPLQJXQLWHHTXLYDOHQWV
3JS
3JO\FRSURWHLQ
3.
SKDUPDFRNLQHWLF
32
RUDODGPLQLVWUDWLRQSHURVE\PRXWK
35
WKHLQWHUYDOEHWZHHQWKHEHJLQQLQJRIWKH3ZDYHDQGWKHEHJLQQLQJRIWKH456
FRPSOH[RQ(&*
37
SUHIHUUHGWHUP
3;5
SUHJQDQH[UHFHSWRU
4
ILUVWTXDUWLOH
4
WKLUGTXDUWLOH
4$
TXDOLW\DVVXUDQFH
456
SDUWRIHOHFWURFDUGLRJUDSKLFZDYHUHSUHVHQWLQJYHQWULFXODUGHSRODUL]DWLRQ
47
LQWHUYDOEHWZHHQWKHVWDUWRIWKH4ZDYHDQGWKHHQGRIWKH7ZDYHRQ(&*
47F
FRUUHFWHG47
47F)
47LQWHUYDOFRUUHFWHGIRUKHDUWUDWHXVLQJWKH)ULGHULFLDIRUPXOD
51$
ULERQXFOHLFDFLG
52:
UHVWRIZRUOG
569
UHVSLUDWRU\V\QF\WLDOYLUXV
57T3&5
TXDQWLWDWLYHUHDOWLPHSRO\PHUDVHFKDLQUHDFWLRQ
593
UHVSLUDWRU\YLUDOSDQHO
6$(
VHULRXVDGYHUVHHYHQW
6$3
6WDWLVWLFDO$QDO\VLV3ODQ
6'
VWDQGDUGGHYLDWLRQ
62&
V\VWHPRUJDQFODVV
623
VWDQGDUGRSHUDWLQJSURFHGXUH
6S2
R[\JHQVDWXUDWLRQ
686$5
6XVSHFWHG8QH[SHFWHG6HULRXV$GYHUVH5HDFWLRQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
*/266$5<2)$%%5(9,$7,216$1''(),1,7,212)7(506 &217,18('
7%
WRWDOELOLUXELQ
7%'
WREHGHWHUPLQHG
7(0
WUHDWPHQWHPHUJHQWPXWDWLRQ
WPD[
WKHWLPHREVHUYHGWLPHSRLQWRI&PD[
Wò
DQHVWLPDWHRIWKHWHUPLQDOHOLPLQDWLRQKDOIOLIHRIWKHGUXJLQ
VHUXPSODVPD3%0&
/
PLFUROLWHU
8/1
XSSHUOLPLWRIWKHQRUPDOUDQJH
857,
XSSHUUHVSLUDWRU\WUDFWLQIHFWLRQ
86
8QLWHG6WDWHV
96
YLWDOVLJQV
9VV
DSSDUHQWYROXPHRIGLVWULEXWLRQDWVWHDG\VWDWH
YY
YROXPHYROXPH
:%&
ZKLWHEORRGFHOOFRXQW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

,1752'8&7,21

%DFNJURXQG
5HVSLUDWRU\V\QF\WLDOYLUXV569DPHPEHURIWKHIDPLO\3DUDP\[RYLULGDH LVDQHQYHORSHG
YLUXVZLWKDQHJDWLYHVLQJOHVWUDQGULERQXFOHLFDFLG51$JHQRPH7KH569JHQRPH HQFRGHV
 SURWHLQVLQFOXGLQJ VXUIDFHJO\FRSURWHLQV)*DQG6+DQGVHYHUDOSURWHLQVWKDWFRPSULVH
WKHYLUDO51$SRO\PHUDVHFRPSOH[13/DQG07ZR PDMRUDQWLJHQLFVXEJURXSVRI569
DUHNQRZQ569$DQG569%WKDWGLIIHUSULPDULO\LQWKHJHQHWLFVHTXHQFHRIWKH
* JO\FRSURWHLQZKLOHPDLQWDLQLQJDKLJKHUGHJUHHRIKRPRORJ\DFURVVRWKHUSDUWVRIWKHJHQRPH
%RWKVXEJURXSVVKRZFRPSDUDEOHSDWKRJHQLFLW\DQGFDQFRFLUFXODWHLQWKHVDPHFRPPXQLW\
GXULQJDVHDVRQDOHSLGHPLFEXWWKHLULQGLYLGXDOSUHYDOHQFHXVXDOO\YDULHVIURPVHDVRQWRVHDVRQ
5HVSLUDWRU\V\QF\WLDOYLUXV LQIHFWLRQ LVWKHPRVWFRPPRQFDXVHRIDGPLVVLRQVWRSHGLDWULF
JHQHUDOLQSDWLHQWXQLWVLQWKH8QLWHG6WDWHV86DQG:HVWHUQ(XURSH^`8QIRUWXQDWHO\WKH
UDWHRIKRVSLWDOL]DWLRQDPRQJ569LQIHFWHGFKLOGUHQKDVUHPDLQHGXQFKDQJHGLQWKH86RYHUWKH
ODVWGHFDGH)URPWR569FRGHGKRVSLWDOL]DWLRQVDFFRXQWHGIRURIDQHVWLPDWHG
 PLOOLRQORZHUUHVSLUDWRU\ WUDFWLQIHFWLRQ/57,KRVSLWDOL]DWLRQVDPRQJFKLOGUHQ  \HDUVRI
DJH'XULQJWKLVSHULRGLWZDVHVWLPDWHGWKDWDSSUR[LPDWHO\KRVSLWDOL]DWLRQVHDFK\HDU
ZHUHFDXVHGE\569LQIHFWLRQDPRQJFKLOGUHQ\HDUVRIDJHDSSUR[LPDWHO\RIWKHVH
KRVSLWDOL]DWLRQVRFFXUDPRQJFKLOGUHQPRQWKVRIDJH^`
569LQIHFWLRQLVDOVRDFDXVHRIUHVSLUDWRU\GLVHDVHLQWKHDGXOWSRSXODWLRQ$GXOW UHFLSLHQWVRI
DXWRORJRXVRUDOORJHQHLFKHPDWRSRLHWLFFHOOWUDQVSODQWV+&7DUHDWKLJKULVNIRU569LQIHFWLRQ
UHODWHGPRUELGLW\DQGPRUWDOLW\%DVHGXSRQUHWURVSHFWLYHHSLGHPLRORJLFGDWDRI+&7
UHFLSLHQWVZLOOGHYHORS569LQIHFWLRQRIWKHUHVSLUDWRU\WUDFW^` ^` ^` ^`
^` ^` ^` 3URJUHVVLRQIURPXSSHUUHVSLUDWRU\WUDFWLQIHFWLRQ857,WR/57,
PD\RFFXULQ RIWKHVH569LQIHFWHGSDWLHQWV^` ^` ^` ^`
^` ^` ^` ^` ^` ^` 2QFH569SURJUHVVHVIURP857,WR
/57,WKHPRUELGLW\DQGPRUWDOLW\LVKLJK3URJUHVVLRQWR/57,RIWHQUHTXLUHVKRVSLWDOL]DWLRQ
DQGDWWLPHVLQWHQVLYHFDUHXQLWDGPLVVLRQIRUVXSSRUWLYHFDUHHJR[\JHQDWLRQPHFKDQLFDO
YHQWLODWLRQLQWUDYHQRXVIOXLGVYDVRSUHVVRUV /RZHUUHVSLUDWRU\WUDFWLQIHFWLRQ LVDVVRFLDWHGZLWK
KLJKPRUWDOLW\UDWHVUDQJLQJIURP ^` ^` ^` ^` ^`
^` ^` ^` ^`$ ORQJWHUPVHTXHODH VHHQ DPRQJVXUYLYRUVRI569/57,LV
DLUIORZGHFOLQHGRFXPHQWHGDW\HDUDIWHU WKHLQLWLDOLQIHFWLRQ ^`
&XUUHQWO\ WKHUHDUHQRHIIHFWLYHYDFFLQHVRUDSSURYHGSURSK\ODFWLFWUHDWPHQWRSWLRQVIRU569
LQIHFWLRQLQWKH+&7SRSXODWLRQ2QFHKRVSLWDOL]HGWUHDWPHQWIRU569LQIHFWLRQLQ+&7
SDWLHQWV LVVXSSRUWLYH ZLWKLQWUDYHQRXVK\GUDWLRQVXSSOHPHQWDOR[\JHQDQG PHFKDQLFDO
YHQWLODWLRQ $OWKRXJKWUHDWPHQWRSWLRQVVXFKDVDQWLYLUDODJHQWVFRUWLFRVWHURLGVDQG
LPPXQRJOREXOLQDUHIUHTXHQWO\XVHGWKHUHLVQRGHILQLWLYHWUHDWPHQWIRU569 LQIHFWLRQ LQWKH
+&7SRSXODWLRQ6\QDJLVSDOLYL]XPDEDPRQRFORQDODQWLERG\DJDLQVW569 DSSURYHGIRU
SURSK\OD[LVDJDLQVW569LQIHFWLRQDPRQJKLJKULVNLQIDQWVKDVQHYHUEHHQHYDOXDWHGLQD
UDQGRPL]HGFRQWUROOHGVWXG\IRUWUHDWPHQWRI569LQIHFWLRQLQWKH+&7SRSXODWLRQ$UHFHQW
UHWURVSHFWLYHDQDO\VLVVXJJHVWV WKDWSDOLYL]XPDELVQRWHIIHFWLYHIRU WUHDWPHQWRI569/57, LQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
WKH+&7SRSXODWLRQ ^`9LUD]ROH ULEDYLULQDQLQKDOHG DQWLYLUDO DJHQWLVDSSURYHGIRU
WUHDWPHQWRI569LQIHFWLRQLQWKHSHGLDWULFSRSXODWLRQEXWLVQRWXVHGLQJHQHUDOSHGLDWULF
SUDFWLFHEHFDXVHRIFRQFHUQVUHJDUGLQJLWVHIILFDF\DQGWROHUDELOLW\DVZHOODVWKHFRPSOH[LW\RI
WKHVSHFLDOL]HGDHURVROGHOLYHU\V\VWHPWKDWLVUHTXLUHG^`$ UDQGRPL]HGVWXG\RILQKDOHG
ULEDYLULQ KDVEHHQ DWWHPSWHG LQWKH+&7SRSXODWLRQKRZHYHUGXHWRWKHDIRUHPHQWLRQHG
FRQFHUQVRQO\VXEMHFWVZHUHUHFUXLWHGRYHUD\HDUSHULRG ^` $UHFHQWUHYLHZRI
SXEOLVKHGHSLGHPLRORJLFVWXGLHVVXJJHVWVWKDWULEDYLULQEDVHGWKHUDS\RUDORUDHURVROL]HGKDG
YDULDEOHVXFFHVVUDWHVIRUSUHYHQWLQJ569DVVRFLDWHGPRUELGLW\RUPRUWDOLW\LQKLJKULVN+&7
SDWLHQWV ^`$VLQJOHFHQWHUUHWURVSHFWLYHDQDO\VLVDOVRVXJJHVWHGWKDWULEDYLULQWUHDWPHQW
ZKHQDGPLQLVWHUHGGXULQJWKH857,SKDVHUHVXOWHGLQORZHUUDWHVRISURJUHVVLRQWR/57, LQ
WUHDWHGYHUVXVXQWUHDWHG SDWLHQWV YHUVXV DQGPRUWDOLW\YHUVXV ^`
7DNLQJLQWRDFFRXQW WKHOLPLWHGDYDLODEOH HIILFDF\GDWDIURPFRQWUROOHGFOLQLFDOWULDOVWKHFXUUHQW
JXLGHOLQHVIRUGLDJQRVLVDQGWUHDWPHQWRI569LQIHFWLRQGRQRW SURYLGHUHFRPPHQGDWLRQV
UHJDUGLQJZKHWKHUSDWLHQWVVKRXOGEHWUHDWHG ZLWKDQ\WUHDWPHQWVRWKHUWKDQVXSSRUWLYHFDUH DW WKH
/57,YHUVXV857,SKDVH ^` 7KHUHIRUHYDULDELOLW\ LQVWDQGDUG SUDFWLFHVIRUWUHDWPHQWRI
569LQIHFWLRQLQ+&7SDWLHQWVH[LVWVDURXQGWKHZRUOG

*6

*HQHUDO,QIRUPDWLRQ
*6 LVDQRUDO569IXVLRQLQKLELWRUZLWKSRWHQWDQGVHOHFWLYHDQWL569DFWLYLW\LQYLWUR
:KHQWHVWHGLQYLWURDJDLQVW GLYHUVHFOLQLFDOLVRODWHVRI569W\SH$DQG%WKH(& YDOXHV
FRQFHQWUDWLRQRIGUXJWRUHDFKLQKLELWLRQRIYLUXVUHSOLFDWLRQUDQJHGIURP WR  Q0
ZLWKDPHDQ(& YDOXHRIQ0,QYLYRHIILFDF\GDWDIURPFRWWRQUDWVLQIHFWHGZLWK
KXPDQ569GHPRQVWUDWHGWKDWDGPLQLVWUDWLRQRI*6DW WRPJNJUHVXOWHGLQD
GRVHGHSHQGHQWUHGXFWLRQLQYLUDOORDGLQERWKWKHXSSHUUHVSLUDWRU\WUDFWDQGOXQJV7KH
VWHDG\VWDWHYROXPHRIGLVWULEXWLRQ9VVRI*6LQDOOQRQFOLQLFDOVSHFLHVWHVWHGZDV
 WRIROGKLJKHUWKDQWKHYROXPHRIWRWDOERG\ZDWHUDQGWKHRUDOELRDYDLODELOLW\ZDVPRGHUDWH
WRKLJK7KHH[SRVXUHWR*6LQWKHOXQJDQGOXQJHSLWKHOLDOOLQLQJIOXLG(/)ZDVDOVR
DVVHVVHGLQ6SUDJXH'DZOH\ UDWVDQG\LHOGHGOXQJWLVVXHSODVPDDQG(/)SODVPDUDWLRVRI
DSSUR[LPDWHO\DQGUHVSHFWLYHO\&RQFHQWUDWLRQVLQOXQJWLVVXHDQG(/)GHFOLQHG
DSSUR[LPDWHO\LQSDUDOOHOWRWKRVHLQSODVPDLQGLFDWLQJUDSLGHTXLOLEUDWLRQEHWZHHQWKHOXQJDQG
SODVPDFRPSDUWPHQWV*6H[KLELWHGORZF\WRWR[LFLW\LQFHOOFXOWXUHDQGGLGQRWLQWHUDFW
ZLWKSKDUPDFRORJLFDOO\UHOHYDQWUHFHSWRUVWKDWDUHSUHGLFWLYHRIRIIWDUJHWWR[LFLW\%DVHGRQLQ
YLWURDQGQRQFOLQLFDOSKDUPDFRNLQHWLFVWXGLHV*6GLGQRWGHPRQVWUDWHDSRWHQWLDOIRU
VLJQLILFDQWGUXJGUXJLQWHUDFWLRQV'',
$GGLWLRQDOGHWDLOVUHJDUGLQJ QRQFOLQLFDOSKDUPDFRNLQHWLFVSKDUPDFRORJ\ DQGWR[LFRORJ\ FDQEH
IRXQGLQ WKHFXUUHQW*6,QYHVWLJDWRU¶V%URFKXUH ,%

1RQFOLQLFDO3KDUPDFRNLQHWLFV
&RQVLVWHQWZLWKWKHKLJKFRQFHQWUDWLRQLQGHSHQGHQWIRUZDUGSHUPHDELOLW\DFURVV
&DFR PRQROD\HUVDQGORZFRQFHQWUDWLRQLQGHSHQGHQWHIIOX[*6H[KLELWHGPRGHUDWHWR
KLJKELRDYDLODELOLW\LQQRQFOLQLFDOVSHFLHV6\VWHPLFFOHDUDQFHRI*6LQQRQFOLQLFDOVSHFLHV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
LVZHOOSUHGLFWHGIURPWKHUDWHVRIPHWDEROLVPE\KHSDWLFPLFURVRPDOIUDFWLRQVDQGSULPDU\
KHSDWRF\WHV %LOLDU\H[FUHWLRQLVOLNHO\WREHWKHPDMRUURXWHRIHOLPLQDWLRQRI*6DQGLWV
PHWDEROLWHVDV RIUDGLRODEHOGRVHGRUDOO\WRUDWVZDVUHFRYHUHGLQXULQH *6H[KLELWHG
KLJKPHWDEROLFVWDELOLW\LQKXPDQKHSDWRF\WHVZLWKKXPDQKHSDWLFPLFURVRPDOIUDFWLRQ DQGZLWK
UHFRPELQDQWKXPDQF\WRFKURPHV37KHSUHGRPLQDQWLGHQWLILHGURXWHVRIPHWDEROLVPRI
*6DUH1DFHW\ODWLRQLQUDWVDQGR[LGDWLYHGHDPLQDWLRQ,QKXPDQVWKHRQO\&<3
HQ]\PHV\LHOGLQJGHWHFWDEOHPHWDEROLVPRI*6DUH &<3$DQG&<3$
,QGXFHUVDQGLQKLELWRUVRI&<3$HQ]\PHVPD\DIIHFWWKHKXPDQSKDUPDFRNLQHWLFVRI*6
'UXJLQWHUDFWLRQVRI*6ZLWKGUXJVWKDWDUHVXEVWUDWHVRIPDMRUKXPDQ&<3HQ]\PHV
8*7$RUPDMRUGUXJWUDQVSRUWHUV2$73%2$73%3JS2&72&7%6(32$7
DQG2$7DUHXQOLNHO\LQWKHH[SHFWHGFOLQLFDOO\UHOHYDQWFRQFHQWUDWLRQUDQJH*6LQKLELWV
WKHUHQDOWUDQVSRUWHUV0$7(DQG0$7(.,& YDOXHVRIDQGȝ0UHVSHFWLYHO\VR
FOLQLFDOGUXJLQWHUDFWLRQVZLWKVXEVWUDWHVRIWKHVHWUDQVSRUWHUVDUHSRVVLEOH
$GGLWLRQDOGHWDLOVUHJDUGLQJQRQFOLQLFDOSKDUPDFRNLQHWLFVFDQEHIRXQGLQWKH*6,%

1RQFOLQLFDO3KDUPDFRORJ\DQG7R[LFRORJ\
7KH,& IRUWKHLQKLELWRU\HIIHFWRI*6RQK(5*SRWDVVLXPFXUUHQWZDV 0
&DUGLRYDVFXODUHIIHFWVRI*6ZHUHHYDOXDWHGLQ GRJVDWGRVHVXSWR  PJNJ7KHSULQFLSDO
KHPRG\QDPLFILQGLQJVZHUHORZHUKHDUWUDWHYDOXHV DQGKLJKHUDUWHULDOSXOVHDQGV\VWROLF
SUHVVXUHYDOXHV$OOKHPRG\QDPLFHIIHFWVGLVVLSDWHGE\KRXUVSRVWGRVH$OO
HOHFWURFDUGLRJUDPV(&*VZHUHTXDOLWDWLYHO\ZLWKLQQRUPDOOLPLWVDQGQR*6UHODWHG
DUUK\WKPLDVRUDEQRUPDOZDYHIRUPVZHUHGHWHFWHG6OLJKW*6UHODWHGKLJKHU35DQG
47F LQWHUYDOYDOXHVZHUHH[SHFWHGSK\VLRORJLFDOUHVSRQVHVVHFRQGDU\WRFRQFRPLWDQW
*6UHODWHGORZHUKHDUWUDWHYDOXHV7KHVHFKDQJHVZHUHQRWFRQVLGHUHGSK\VLRORJLFDOO\
LPSRUWDQWLQWKHFRQWH[WRIWKLVVWXG\
,QDUHSHDWGRVHVWXG\ *6ZDVDGPLQLVWHUHGE\RUDOJDYDJHIRUZHHNVWR\RXQJDGXOWUDWV
RQFHGDLO\DWGRVHVXSWRPJNJGD\7ZRDQLPDOVDGPLQLVWHUHG  PJNJGD\ ZHUH IRXQG
GHDGGXULQJWKHGRVLQJSKDVH$OWKRXJKWKHFDXVHRIGHDWKIRUWKHVH DQLPDOV ZDV
XQGHWHUPLQHGDQDVVRFLDWLRQZLWK*6FDQQRWEHH[FOXGHG%DVHGRQWKHUHVXOWVRIWKLV
VWXG\WKH12$(/IRU*6LV PJNJGD\ZKLFKFRUUHVSRQGHGWRPHDQ$8&WDQG
&PD[ YDOXHVRQ'D\RIWKHGRVLQJSKDVHRI  QJKP/ DQG QJP/UHVSHFWLYHO\ ,Q
DUHSHDWGRVHVWXG\FRQGXFWHGLQ\RXQJ DGXOWGRJV*6ZDVDGPLQLVWHUHGE\RUDOJDYDJH
IRU ZHHNVDWGRVHVXSWR  PJNJGD\7KH12$(/IRU WKLVVWXG\ LV PJNJGD\ZKLFK
FRUUHVSRQGHGWRPHDQ$8&W DQG&PD[ YDOXHVRQ'D\ RIWKHGRVLQJ SKDVHRI
 QJKP/ DQGQJP/UHVSHFWLYHO\
*6ZDVQHJDWLYHLQWKHUDWPLFURQXFOHXVVWXG\DQGGLGQRWFDXVHPXWDWLRQVLQWKH
$PHV DVVD\RULQGXFHFKURPRVRPDOGDPDJHLQYLWURZLWKRUZLWKRXW6PHWDEROLFDFWLYDWLRQ
7KXVWKHSRWHQWLDOIRUJHQHWLFWR[LFLW\LVFRQVLGHUHGORZ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
,QDGHILQLWLYHHPEU\RIHWDOGHYHORSPHQWDOWR[LFLW\VWXG\LQUDWVWLPHPDWHGIHPDOHV ZHUH
DGPLQLVWHUHG*6 YLDRUDOJDYDJHDWWKHGRVHOHYHOVRIDQGPJNJGD\GXULQJWKH
SHULRGRIRUJDQRJHQHVLVJHVWDWLRQGD\>*'@ *6 WUHDWPHQWUHVXOWHGLQ
GRVHGHSHQGHQWUHGXFWLRQLQPHDQPDWHUQDOERG\ZHLJKWERG\ZHLJKWJDLQDQGIRRG
FRQVXPSWLRQGXULQJWKHGRVLQJSHULRGZKHQFRPSDUHGWRWKHFRQWUROJURXSDWGRVHV
  PJNJGD\$VLJQLILFDQWUHGXFWLRQ!GHFUHDVHLQPHDQPDWHUQDOERG\ZHLJKWZDV
QRWHGLQWKHPJNJGD\JURXSGXULQJWKHGRVLQJSHULRG7KHUHIRUHWKH12$(/ IRUPDWHUQDO
WR[LFLW\LVPJNJGD\*'&PD[ DQG$8& RIQJP/DQGQJāKUP/
UHVSHFWLYHO\:LWKWKHH[FHSWLRQRIVOLJKWO\ORZHUIHWDODGMXVWHGERG\ZHLJKWDW PJNJGD\
*6 DGPLQLVWUDWLRQKDGQRHIIHFWVRQDQ\RIWKHHPEU\RIHWDOGHYHORSPHQWDOSDUDPHWHUV1R
IHWDODQRPDOLHVZHUHUHODWHGWR *6 DGPLQLVWUDWLRQ DQGWKH12$(/IRUGHYHORSPHQWDO
WR[LFLW\LV PJNJGD\*'&PD[ DQG$8& RIQJP/DQGQJāKUP/
UHVSHFWLYHO\
,QDGHILQLWLYHHPEU\RIHWDOGHYHORSPHQWDOWR[LFLW\VWXG\LQUDEELWVWLPHPDWHGIHPDOHV ZHUH
DGPLQLVWHUHG*6 YLDRUDOJDYDJHDWDQGPJNJGD\GXULQJWKHSHULRGRI
RUJDQRJHQHVLV*''XULQJWKHGRVLQJSHULRG*6DGPLQLVWUDWLRQUHVXOWHGLQ
VLJQLILFDQWUHGXFWLRQVLQPHDQPDWHUQDOERG\ZHLJKWJDLQDQGIRRGFRQVXPSWLRQDW
 PJNJGD\7KHUHIRUHWKH12$(/ IRUPDWHUQDOWR[LFLW\LV PJNJGD\*'&PD[ DQG
$8& RIQJP/DQGQJāKUP/UHVSHFWLYHO\7KHUHZHUHQR*6UHODWHG
HIIHFWVRQHPEU\RIHWDOYLDELOLW\DQGJURZWKDQGQRIHWDODQRPDOLHVDQGWKH12(/ IRU
GHYHORSPHQWDOWR[LFLW\LV PJNJGD\*'&PD[ DQG$8& RIQJP/DQG
 QJāKUP/UHVSHFWLYHO\
$GGLWLRQDOGHWDLOVUHJDUGLQJQRQFOLQLFDOSKDUPDFRORJ\DQGWR[LFRORJ\ FDQEHIRXQGLQWKH
*6 ,%

&OLQLFDO7ULDOVRI*6

*686
7KLV 3KDVHSODFHERFRQWUROOHGVLQJOH DQGPXOWLSOHGRVHUDQJLQJILUVWLQKXPDQ),+VWXG\
ZDVFRQGXFWHGWRHYDOXDWHVDIHW\WROHUDELOLW\DQG3.IROORZLQJRUDODGPLQLVWUDWLRQRI
*6 WRXSWRXQLTXHVXEMHFWV7KHVWXG\LQFOXGHG VWDJHV3DUWV $ %DQG&ZLWK
 WRWDOVWDJJHUHGFRKRUWVSUHVSHFLILHGDGDSWLYH:LWKLQHDFKFRKRUWRI3DUWV$DQG %
 XQLTXHVXEMHFWVZHUHUDQGRPL]HGWRUHFHLYHEOLQGHGLQYHVWLJDWLRQDOPHGLFLQDOSURGXFW,03
HLWKHU*6Q RUSODFHERQ :LWKLQHDFKFRKRUWRI3DUW&XQLTXHVXEMHFWVZHUH
UDQGRPL]HGWRUHFHLYHEOLQGHG,03HLWKHU*6Q RUSODFHERQ  $PD[LPXP
VLQJOHGRVHRIPJDQGPXOWLSOHGRVHUHJLPHQRIPJRQFHGDLO\IRUGD\VZDVDFKLHYHG
*63.ZDVHYDOXDWHGXQGHUIDVWLQJDQGIHGVWDWHV
1RGHDWKVRUVHULRXVDGYHUVHHYHQWV6$(VZHUHUHSRUWHGDQGWKHUHZHUHQRGRVHOLPLWLQJ
WR[LFLWLHV,QWKH*6WUHDWHGVXEMHFWVWKHUHZHUHQRGLVFRQWLQXDWLRQVGXHWR$(V $PRQJ
WKHVXEMHFWVZKRUHFHLYHGVLQJOHGRVHVRI*6 VXEMHFWV H[SHULHQFHGDWRWDO
RI  $(VZLWKWKHPRVWFRPPRQ$(VEHLQJSUHV\QFRSHDQGGHUPDWLWLVUHSRUWHGE\
 VXEMHFWV HDFK%RWKLQFLGHQWVRISUHV\QFRSHDQG RIWKHHYHQWVRIGHUPDWLWLVZHUHMXGJHG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
E\WKHLQYHVWLJDWRUWREHUHODWHGWRVWXG\SURFHGXUHV HYHQWRIGHUPDWLWLVZDVLQIODPPDWLRQRI
WKHVNLQRIWKHULJKWDQWHFXELWDODQG HYHQWZDVQRQVSHFLILFGHUPDWLWLVRQWKHFKHVW$PRQJWKH
 VXEMHFWVUHFHLYLQJPXOWLSOHGRVHVRI*6 VXEMHFWVH[SHULHQFHGDWRWDORI
 $(VZLWKGLDUUKHDDQGQDXVHDUHSRUWHGE\ VXEMHFWVDQGKHDGDFKHDQGFRQWDFWGHUPDWLWLV
UHSRUWHGE\ VXEMHFWV$OORWKHU$(VH[SHULHQFHGE\VXEMHFWVUHFHLYLQJPXOWLSOHGRVHVRI
*6ZHUHUHSRUWHGE\  VXEMHFWVHDFK
7ZHOYHOHDG(&*VZHUHREWDLQHGDW%DVHOLQH DQG'D\VDQG$QDO\VLVRIWKHVH(&*V
GHPRQVWUDWHGQRFOLQLFDOO\VLJQLILFDQWLQFUHDVHLQWKH3545647DQG47F)LQWHUYDOVDQGQR
FOLQLFDOO\VLJQLILFDQWDUUK\WKPLDVDVVRFLDWHGZLWKDGPLQLVWUDWLRQRI*6
*6H[SRVXUHVLQFUHDVHGLQDQDSSUR[LPDWHO\GRVHSURSRUWLRQDOPDQQHURYHUWKHGRVHUDQJH
WHVWHGIROORZLQJVLQJOHDQG PXOWLSOHRUDODGPLQLVWUDWLRQVXQGHUIDVWHGFRQGLWLRQV*6
WHUPLQDOKDOIOLYHVUDQJHGIURPWRKRXUVIROORZLQJVLQJOHRUDODGPLQLVWUDWLRQDQG
DSSUR[LPDWHO\KRXUVIROORZLQJPXOWLSOHRUDODGPLQLVWUDWLRQV2YHUDOOWKHYDULDELOLW\RIWKH
3.SDUDPHWHUVZDVUHODWLYHO\ORZZLWKWKHPDMRULW\RIWKH3.SDUDPHWHUVGLVSOD\LQJ&9RI
RUORZHU,QDGGLWLRQWKHIRRGHIIHFWRQ*63.IROORZLQJVLQJOHRUPXOWLSOHRUDO
DGPLQLVWUDWLRQKDVEHHQHYDOXDWHG)ROORZLQJVLQJOHDGPLQLVWUDWLRQRI*6DW
RU  PJ&PD[XQGHUIHGFRQGLWLRQVGHFUHDVHGDSSUR[LPDWHO\WRFRPSDUHG WR IDVWHG
FRQGLWLRQVEXWWKLVHIIHFWZDVOHVVSURQRXQFHGIROORZLQJRQFHGDLO\GRVLQJDWWKHKLJKHUGRVH
 PJDURXQGVWHDG\VWDWH

6WXG\*686
7KLV3KDVHPDVVEDODQFHVWXG\ZDVFRQGXFWHGWRHYDOXDWHWKH3.PHWDEROLVPDQGH[FUHWLRQ
RI*67KHSULPDU\REMHFWLYHRIWKLVVWXG\ZDVWRGHWHUPLQHWKHPDVVEDODQFHRI*6
IROORZLQJDGPLQLVWUDWLRQRIDVLQJOHRUDOGRVHRIUDGLRODEHOHG>&@*6 7KHVHFRQGDU\
REMHFWLYHVRIWKLVVWXG\ZHUHWRHYDOXDWHWKH3. RI*6DQGPHWDEROLWHV ZKHUHSRVVLEOHDQG
WRGHWHUPLQHWKHPHWDEROLWHSURILOHRI*6LQKXPDQVIROORZLQJDGPLQLVWUDWLRQRIDVLQJOH
RUDOGRVHRIUDGLRODEHOHG>&@*6
(LJKWVXEMHFWVZHUHHQUROOHGDQGDVVHVVHGIRUDSHULRGRIDPLQLPXP RIGD\VDQGDPD[LPXP
RI GD\VZLWKDGD\IROORZXSSHULRG)ROORZLQJDVLQJOHRUDOUDGLRODEHOHGGRVHRI*6
 PJWKHPD[LPXPPHDQFRQFHQWUDWLRQVRIGUXJGHULYHGUDGLRDFWLYLW\LQEORRGDQG SODVPD
ZHUHREVHUYHGDWKRXUVSRVWGRVHIRUERWKPDWULFHV 7KHRYHUDOOUHFRYHU\RIUDGLRDFWLYLW\ZDV
ZLWKUHFRYHU\SULPDULO\LQIHFHVYHUVXVXULQH 0HDQEORRGWRSODVPD
FRQFHQWUDWLRQUDWLRVUDQJHGIURPWRWKURXJK KRXUVSRVWGRVHLQGLFDWLQJWKDW
UDGLRDFWLYLW\ZDVSULPDULO\LQWKHSODVPDUHODWLYHWRWKHFHOOXODUFRPSRQHQWVRIWKHEORRG
7KHFLUFXODWLQJUDGLRDFWLYLW\FRQVLVWHGPDLQO\RI*6DQGORZOHYHOVRIPLQRU
PHWDEROLWHVFKORURDPLQR1PHWKDQHVXOIRQ\OEHQ]DPLGH0
R[\*6JOXFXURQLGH0 DQG*60% 
7KHPDMRUFRPSRQHQWH[FUHWHGLQIHFHVZDVXQFKDQJHGSDUHQW*6RIWKHGRVH
FRHOXWHGZLWKGLR[\*6>0@DORQJZLWKRWKHUPLQRUPHWDEROLWHVGLR[\*6
>0RIWKHGRVH@DQGGLR[\*6>0RIWKHGRVH@7KHUHPDLQLQJ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
LGHQWLILHG PHWDEROLWHVGHWHFWHGLQIHFHVHDFKDFFRXQWHGIRUOHVVWKDQDPHDQRIRIWKH
GRVH,QXULQHXQFKDQJHGSDUHQW*6ZDVWKHPDLQVSHFLHVaRIWKHGRVHDQG
PHWDEROLWH0UHSUHVHQWHGaRIWKHGRVH
,QVXPPDU\>&@ *6ZDVSULPDULO\HOLPLQDWHGLQWKHIHFHVDIWHURUDODGPLQLVWUDWLRQWR
KHDOWK\VXEMHFWV/RZOHYHOVRIYDULRXVPHWDEROLWHVZHUHREVHUYHGLQGLFDWLQJWKHOLNHO\DEVHQFH
RIDVLQJOHGRPLQDQWSDWKZD\5DGLRDFWLYLW\ZDVHOLPLQDWHGDVDFRPELQDWLRQRIPHWDEROLWHVDQG
XQFKDQJHGSDUHQWGUXJ 2YHUDOOWKHSKDUPDFRNLQHWLFVRI*6LVQRWH[SHFWHGWREH
PHDQLQJIXOO\DOWHUHGLQWKHVHWWLQJRIUHQDOLPSDLUPHQWHJPLOGWRPRGHUDWH

6WXG\*686
7KLV3KDVH DUDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGVWXG\ZDV FRQGXFWHGWRHYDOXDWH
WKHVDIHW\WROHUDELOLW\DQGHIILFDF\RI*6LQKHDOWK\DGXOWYROXQWHHUVLQIHFWHGZLWKDQ
569 FKDOOHQJHYLUXV569$ 0HPSKLVE VWUDLQ7KH VWXG\LQFOXGHG  TXDUDQWLQHVHDFK
FRPSULVLQJDSSUR[LPDWHO\VXEMHFWV(DFKVXEMHFWZDV DGPLWWHGWRWKH4XDUDQWLQH 8QLWDQG
LQRFXODWHGZLWK569RQ6WXG\'D\ 6XEMHFWVZHUH UDQGRPL]HGDQGWUHDWHGZLWK*6RU
SODFHERZKHQLQIHFWLRQZDV GRFXPHQWHGLQWKHQDVDOZDVKRUE\WKHILIWKGD\DIWHULQRFXODWLRQ
ZKLFKHYHURFFXUUHG ILUVW
)RU4XDUDQWLQHVWKURXJKSUHVSHFLILHGTXDUDQWLQHVVXEMHFWVZHUHUDQGRPL]HGWRUHFHLYH
*6RUSODFHERDGPLQLVWHUHGDVD PJVLQJOHGRVHRQ'RVH'D\ IROORZHGE\ PJ
RQFHGDLO\RQ'RVH'D\VWKURXJK
)RU4XDUDQWLQHVWKURXJKDGDSWLYHTXDUDQWLQHVVXEMHFWVZHUH UDQGRPL]HGWRUHFHLYH
*6RUSODFHER6XEMHFWVLQ4XDUDQWLQHZHUHDGPLQLVWHUHGD PJVLQJOHGRVHRQ
'RVH 'D\IROORZHGE\ PJRQFHGDLO\RQ'RVH'D\VDQG 6XEMHFWVLQ4XDUDQWLQH ZHUH
DGPLQLVWHUHGDPJVLQJOHGRVH 6XEMHFWVLQ4XDUDQWLQHZHUHDGPLQLVWHUHGD PJ
VLQJOH GRVHRQ'RVH 'D\IROORZHGE\ PJRQFHGDLO\RQ'RVH'D\VWKURXJK
$WRWDORIVXEMHFWVZHUHUDQGRPL]HGLQWRWKLVVWXG\$OOVXEMHFWVFRPSOHWHGVWXG\GUXJ DQG
 SODFHERVXEMHFWGLVFRQWLQXHGWKHVWXG\GXHWRLQYHVWLJDWRU¶VGLVFUHWLRQ%DVHOLQH GHPRJUDSKLFV
DQGFKDUDFWHULVWLFVZHUHVLPLODUEHWZHHQWUHDWPHQWJURXSVDFURVV DOOGRVHFRKRUWV
6HYHQW\HLJKW VXEMHFWVUHFHLYHGWKHSUHVSHFLILHGGRVHLQTXDUDQWLQHV *6 Q 
SODFHER Q 2IWKHVHVXEMHFWVZHUHGRFXPHQWHGWREH569SRVLWLYHSULRUWR
UDQGRPL]DWLRQDQGZHUHLQFOXGHGLQWKHSULPDU\DQGVHFRQGDU\DQDO\VHV*6 Q 
SODFHERQ $WRWDORIVXEMHFWVUHFHLYHG*6DFURVVDOOTXDUDQWLQHV
7UHDWPHQWZLWK*6UHVXOWHGLQWKHIROORZLQJ
3ULPDU\(QGSRLQW

7UHDWPHQWZLWK*6UHVXOWHGLQORZHUPHDQ$8&YLUDOORDGIURPLQLWLDOGRVHWKURXJK
HQGRITXDUDQWLQH9LUDOORDGZDVDVVHVVHGWZLFHGDLO\XVLQJQDVDOZDVKHV7KHPHDQ$8&RI
YLUDOORDGDVPHDVXUHGE\WKH57T3&5DVVD\IURPILUVWYLUDOORDGPHDVXUHPHQWSRVWLQLWLDO
GRVHRIVWXG\GUXJWKURXJK'D\ ZDVVLJQLILFDQWO\ORZHULQ*6VXEMHFWVFRPSDUHGWR
SODFHERVXEMHFWVǻ ORJ 3)8HKRXUP/ S


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
6HFRQGDU\(QGSRLQWV

7UHDWPHQWZLWK*6UHVXOWHGLQORZHUPHDQ$8&YLUDOORDGGXULQJWKHHQWLUHTXDUDQWLQH
SHULRG7KHPHDQ$8&RIYLUDOORDGSRVWFKDOOHQJHWKURXJK6WXG\'D\ DVPHDVXUHGE\
WKH57T3&5DVVD\ZDVVLJQLILFDQWO\ORZHULQ*6VXEMHFWVFRPSDUHGWRSODFHER
VXEMHFWVǻ ORJ 3)8HKRXUP/S 

7UHDWPHQWZLWK*6UHVXOWHGLQORZHUPHDQWRWDOPXFXVZHLJKWGXULQJGRVLQJ7KH
DYHUDJHZHLJKWRIHDFKXQXVHGWLVVXHZDVGHWHUPLQHGSULRUWRVWDUWRIVWXG\7KHGDLO\PXFXV
ZHLJKWZDVFDOFXODWHGE\ILUVWFRXQWLQJWKHQXPEHURIWLVVXHVXVHGHDFKGD\WKHQVXEWUDFWLQJ
WKHWRWDOZHLJKWRIWKHVHWLVVXHVXQXVHGIURPWKHGDLO\WRWDOZHLJKWRIXVHGWLVVXHV7KH
PHDQWRWDOZHLJKWRIPXFXVSURGXFHGSRVWLQLWLDOGRVHRIVWXG\GUXJWKURXJKWKHGRVHZDV
VLJQLILFDQWO\ORZHULQWKH*6VXEMHFWVFRPSDUHGWRSODFHERVXEMHFWVǻ  J
S 

7UHDWPHQWZLWK*6UHVXOWHGLQDORZHUPHDQ$8&RIFKDQJHIURP%DVHOLQH LQWRWDO
V\PSWRPVFRUHGXULQJWKHHQWLUHTXDUDQWLQHSHULRG7HQV\PSWRPVUXQQ\QRVHVWXII\QRVH
VQHH]LQJVRUHWKURDWHDUDFKHPDODLVH>WLUHGQHVV@FRXJKVKRUWQHVVRIEUHDWKKHDGDFKHDQG
PXVFOHDQGRUMRLQWDFKHZHUHHDFKVFRUHGIURPQRV\PSWRPVWRTXLWHERWKHUVRPH
PRVWDOORIWKHWLPH 7RWDOV\PSWRPVFRUHV  ZHUHWKHDYHUDJHVFRUHRITXHVWLRQV
DQVZHUHGE\HDFKVXEMHFWPXOWLSOLHGE\ 7KHPHDQ$8&RIFKDQJHIURP%DVHOLQH LQWRWDO
V\PSWRPVFRUHSRVWLQLWLDOGRVHRIVWXG\GUXJWKURXJK6WXG\'D\ ZDVVLJQLILFDQWO\ORZHU
LQWKH*6VXEMHFWVFRPSDUHGWRSODFHERVXEMHFWVǻ VFRUHKRXUS 7KH
WRWDOV\PSWRPVVFRUH$8&ZDVDOVRVLJQLILFDQWO\ORZHUIRU*6WUHDWHGVXEMHFWV
,QHDFKRIWKH DGDSWLYHTXDUDQWLQHV VWDWLVWLFDOO\VLJQLILFDQWUHVXOWVZHUHDOVRDFKLHYHGLQWKH
SULPDU\HQGSRLQWDQGHDFKRIWKHVHFRQGDU\HQGSRLQWVGHVFULEHGDERYHZLWKWKHH[FHSWLRQRID
UHGXFWLRQLQPHDQWRWDOPXFXVZHLJKWLQ4XDUDQWLQH,QDGGLWLRQDQH[SRVXUHUHVSRQVHHIIHFW
ZDVQRWHG
1RVXEMHFWH[SHULHQFHGDVHULRXV$($OO$(VZHUHPLOGRUPRGHUDWH*UDGHRULQVHYHULW\
H[FHSWIRUWKUHH*UDGH$(VH[SHULHQFHGE\ SODFHERWUHDWHGVXEMHFWLQFUHDVHG EORRGODFWDWH
GHK\GURJHQDVHDODQLQHDPLQRWUDQVIHUDVH>$/7@DQGDVSDUWDWHDPLQRWUDQVIHUDVH>$67@*UDGH 
SXOPRQDU\IXQFWLRQGHFUHDVHFKDQJHZDVWKHRQO\WUHDWPHQWUHODWHG$(H[SHULHQFHGE\
! VXEMHFWVLQHLWKHUWUHDWPHQWJURXS*6Q SODFHERQ &KDQJHV
LQFOLQLFDOODERUDWRU\YDOXHVZHUH*UDGH RULQ VHYHULW\H[FHSWIRURQH*UDGH YDOXH
LQFUHDVHG$67UHSRUWHGIRUSODFHERWUHDWHGVXEMHFWGHVFULEHGDERYH(OHYDWHG$/7 ZDVPRUH
FRPPRQO\UHSRUWHGDPRQJ*6WUHDWHGVXEMHFWV*6SODFHEREXW
HOHYDWHG$67ZDVOHVVFRPPRQO\UHSRUWHG*6SODFHER /RZQHXWURSKLO
FRXQWZDVUHSRUWHGDV*UDGH  LQVXEMHFWVUHFHLYHGSODFHERDQG*UDGHLQ VXEMHFWV
 UHFHLYHGSODFHER$PRQJWKHVXEMHFWVZKRH[SHULHQFHGD*UDGHORZQHXWURSKLOFRXQWDQG
UHFHLYHG*6KDGD*UDGH ORZQHXWURSKLOFRXQWDW6FUHHQLQJ&OLQLFDOO\UHOHYDQW
FKDQJHVLQYLWDOVLJQV RU (&*V ZHUHQRWREVHUYHG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

5DWLRQDOHIRU7KLV6WXG\
7KHUHLVDVLJQLILFDQWXQPHWPHGLFDOQHHGIRUDVDIHFRQYHQLHQWDQGHIIHFWLYHWUHDWPHQWIRU569
LQIHFWLRQ7KHRQO\DSSURYHGDQWLYLUDOWKHUDS\IRU569ULEDYLULQLVDSSURYHGIRUXVHLQSHGLDWULF
SRSXODWLRQV RQO\EXWLVUDUHO\XVHGLQFOLQLFDOSUDFWLFH GXHWRLWVOLPLWHGHIILFDF\DQGFRQFHUQLQJ
VDIHW\SURILOH7KHUHLVQRDSSURYHGDQWLYLUDOWKHUDS\IRU569LQIHFWLRQDPRQJ+&7UHFLSLHQWV
ZKHUHWKHFXUUHQWVWDQGDUGRIFDUHLVVXSSRUWLYH
7KLVVWXG\IROORZVD3KDVH),+VWXG\*686DQGD3KDVHD569FKDOOHQJHVWXG\
*686ZKLFKHYDOXDWHGWKHVDIHW\WROHUDELOLW\DQG3.RIVLQJOHDQGPXOWLSOHGRVHV
RI*6LQKHDOWK\DGXOWYROXQWHHUV,Q6WXG\*686*6ZDVVKRZQWR
EHHIILFDFLRXVLQUHGXFLQJ569YLUDOORDGDQGFOLQLFDOV\PSWRPVLQKHDOWK\DGXOWVXEMHFWV
H[SHULPHQWDOO\LQIHFWHGZLWK569
*LYHQWKHVHUHVXOWVIURPKHDOWK\DGXOWYROXQWHHUVVWXGLHGLQDFRQWUROOHGVHWWLQJWKHFXUUHQWVWXG\
LVGHVLJQHGWRHYDOXDWHWKHVDIHW\WROHUDELOLW\3.DQGHIILFDF\ RI*6DPRQJ+&7SDWLHQWV
ZLWKDQ569UHODWHG857,6DIHW\DQGHIILFDF\GDWDJHQHUDWHGIURPWKLVVWXG\WDNHQWRJHWKHU
ZLWKFXUUHQWO\DYDLODEOHGDWDZLOOEHXVHGWRVXSSRUWIXUWKHUFOLQLFDOGHYHORSPHQWRI*6LQ
SHGLDWULFDQGDGXOWSDWLHQWVLQIHFWHGZLWK569

'RVH5DWLRQDOH
7KHGRVHDQGDGPLQLVWUDWLRQ VFKHGXOHVHOHFWHGIRUWKLVVWXG\LVDVLQJOHGRVHRIPJ*6
DGPLQLVWHUHGRUDOO\RUYLD1*WXEH RQ'D\VDQG7KLVUHJLPHQZDVVHOHFWHGEDVHG
XSRQWKH3.FKDUDFWHULVWLFVRI*6DQGWKHSKDUPDFRNLQHWLFSKDUPDFRG\QDPLF3.3'
UHODWLRQVKLSHVWDEOLVKHGLQWKHDQWLYLUDOHIIHFWVWXG\ZLWKGLIIHUHQWGRVHVUHJLPHQVLQ6WXG\
*686
,Q6WXG\*686DGD\WUHDWPHQWUHJLPHQRI*6PJVLQJOHGRVHRQ
'RVH 'D\ IROORZHGE\PJRQFHGDLO\RQ'RVH'D\VWKURXJKUHVXOWHGLQDVLJQLILFDQW
UHGXFWLRQLQ569YLUDOORDG7KHPHDQ$8&RI 569 YLUDOORDGDVPHDVXUHGE\WKH57T3&5
DVVD\IURPILUVWYLUDOORDGPHDVXUHPHQWSRVWLQLWLDOGRVHRIVWXG\GUXJWKURXJKHQGRITXDUDQWLQH
'D\ ZDVVLJQLILFDQWO\ORZHULQ*6VXEMHFWVFRPSDUHGWRSODFHERVXEMHFWV
ǻ  ORJ 3)8HKRXUP/S7KLVGD\UHJLPHQZDVDEOHWRDFKLHYH*6
WURXJKFRQFHQWUDWLRQVaIROGRISD(& QJP/ IRUXSWRKRXUVIROORZLQJGRVH
LQLWLDWLRQ IRUWKHYLUXVXVHGLQWKHFKDOOHQJHVWXG\WKH0VWUDLQRI569
,QVHOHFWLQJWKHGRVHIRUWKHFXUUHQWVWXG\WKHJRDOZDVWRDFKLHYH*6WURXJK
FRQFHQWUDWLRQVDERYHIROGRISD(& IRURIRIWKHFOLQLFDO569LVRODWHVIRUWKHGXUDWLRQRI
569VKHGGLQJLQ+&7SDWLHQWV/RQJLWXGLQDOYLUDOG\QDPLFVGDWDIURPLQYHVWLJDWRUVDWDQ
DFDGHPLF+&7 FHQWHU DOVR LQGLFDWHWKDWWKHPDMRULW\RI+&7SDWLHQWVVKHG569IRU GD\VEXW
VRPHPD\VKHGIRUDVORQJDVGD\VXQSXEOLVKHG,QDGGLWLRQUHFHQWVWXGLHV LQGLFDWHWKDWWKH
PHDQWLPH WRSURJUHVVLRQRI857,WR/57,LVGD\VZLWKRI VXEMHFWVSURJUHVVLQJZLWKLQ
 GD\VDIWHUSUHVHQWLQJZLWKD857,^` ^`7KHUHIRUHDWRWDORI GRVHVRI*6
 PJHDFKGRVHHYHU\GD\VLVH[SHFWHGWRSURYLGH!IROGSD(& FRYHUDJHIRU
a RI  ZLOGW\SHFOLQLFDO569LVRODWHVWKURXJK'D\ZKLFKLVH[SHFWHGWRUHVXOWLQ
VLJQLILFDQWGXUDEOHDQWLYLUDOHIIHFW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

&RPSOLDQFH
7KLVVWXG\ZLOOEHFRQGXFWHGLQFRPSOLDQFHZLWKWKLVSURWRFRO*RRG&OLQLFDO 3UDFWLFH*&3
DQGDOODSSOLFDEOHUHJXODWRU\UHTXLUHPHQWV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

2%-(&7,9(6
7KHSULPDU\REMHFWLYHRIWKLVVWXG\LV

7RHYDOXDWHWKHHIIHFW RI*6RQ569YLUDOORDGLQ569SRVLWLYHDXWRORJRXVRU
DOORJHQHLF+&7UHFLSLHQWVZLWKDFXWH857, V\PSWRPV
7KHVHFRQGDU\REMHFWLYHVRIWKLVVWXG\DUH

7RHYDOXDWHWKHHIIHFWRI*6RQ GHYHORSPHQWRI /57& SURJUHVVLRQWRUHVSLUDWRU\
IDLOXUHDQGDOOFDXVHPRUWDOLW\

7RHYDOXDWHWKH3.VDIHW\DQGWROHUDELOLW\RI*6






*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

6WXG\7UHDWPHQWV
$SSUR[LPDWHO\VXEMHFWVZLOOEHUDQGRPL]HGWRUHFHLYHPJIRXU PJWDEOHWVRI
,03*6RUSODFHER DVDVLQJOHGRVHRQ'D\V DQG7KH,03ZLOOEH
DGPLQLVWHUHGRUDOO\RUYLD1*WXEH7KHHQWLUHGRVHPXVWEHWDNHQZLWKLQKRXU ,QYHVWLJDWLRQDO
PHGLFLQDOSURGXFWVKRXOGEHGLVSHQVHGZLWKJORYHV
6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRUREVHUYDWLRQ,IYRPLWLQJRFFXUV
ZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHGWDEOHWVDUHSUHVHQW LQWKHYRPLWXV
WKHVXEMHFWVKRXOGUHFHLYHDQRWKHUGRVH ,IDQRWKHUGRVHLVDGPLQLVWHUHGWKHVXEMHFWVKRXOG
UHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRUREVHUYDWLRQ
*6ZLOOEHSURYLGHG DVZKLWHSODLQIDFHGILOPFRDWHGURXQGWDEOHWVFRQWDLQLQJ PJ
*6 PJ*6ELVK\GURFKORULGHVDOWGLK\GUDWHIRUPRI*63ODFHERWR
0DWFKZLOOEHSURYLGHGDVZKLWHSODLQIDFHGILOPFRDWHGURXQGWDEOHWVFRQWDLQLQJQR*6
7KHH[SHFWHGGXUDWLRQRIVXEMHFWSDUWLFLSDWLRQLVDSSUR[LPDWHO\PRQWKWRLQFOXGH6FUHHQLQJ
WKURXJKWKHILQDOYLVLWRQ'D\

'XUDWLRQRI7UHDWPHQW
7KHWUHDWPHQWSRUWLRQRIWKHVWXG\LV GD\V DWRWDORIGRVHVDGPLQLVWHUHGDVVLQJOHGRVHVRQ
'D\V   DQG

'LVFRQWLQXDWLRQ&ULWHULD
5HDVRQVIRU SRWHQWLDO SUHPDWXUHGLVFRQWLQXDWLRQIURP ,03GRVLQJ LQFOXGH

$Q\*UDGHRU$( RU6$(

,QWHUFXUUHQWLOOQHVVWKDWZRXOGLQWKHMXGJPHQWRIWKHLQYHVWLJDWRUDIIHFWWKHVXEMHFW¶VDELOLW\
WRUHFHLYH,03HJXQDEOHWRLQJHVWRUDOGRVH

$/7$67!î 8/1DQGULVLQJ

$/7$67UHPDLQV!î 8/1ZLWKQRFKDQJHLQ7%IRUPRUHWKDQZHHNV

$ ZRUVHQLQJRIFOLQLFDOV\PSWRPVZLWKQRRWKHUDFFHSWDEOHH[SODQDWLRQ

+\¶V/DZ FULWHULDDUHPHW
(YLGHQFHRILQMXU\HOHYDWLRQRIWKH$/7RU$67E\!î8/1DQG
(YLGHQFHRIG\VIXQFWLRQHOHYDWLRQRIWKH7% E\!î 8/1ZLWKRXWDQHOHYDWLRQRIWKH
DONDOLQHSKRVSKDWDVH $/3 E\!î 8/1DQG
&OLQLFDOYHULILFDWLRQWRHQVXUHHIIHFWLVKHDOWKSURGXFWLQGXFHGDQGQRWLQGXFHGE\GLVHDVH
RUDQRWKHUFDXVHRILQMXU\


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
,QWKHHYHQWWKDWDQ\ RIWKHDERYHFULWHULDDUHPHWWKH 3ULQFLSDO,QYHVWLJDWRU3, ZLOOUHYLHZWKH
FDVHLQGHWDLODQGGLVFXVVZLWKWKH*LOHDG 0HGLFDO0RQLWRUZKHWKHUWKHVXEMHFWVKRXOGEH
GLVFRQWLQXHGIURP,03 ,IFORVHPRQLWRULQJRI$/7$67$/3 DQG7%SHU6HFWLRQ  LVQRW
SRVVLEOH,03ZLOOEHGLVFRQWLQXHG
5HDVRQVIRUSUHPDWXUHGLVFRQWLQXDWLRQIURPWKH6WXG\LQFOXGH

6XEMHFWUHTXHVWWRGLVFRQWLQXHIRUDQ\UHDVRQ

6XEMHFWQRQFRPSOLDQFH

3UHJQDQF\GXULQJWKHVWXG\UHIHUWR6HFWLRQ 

'LVFRQWLQXDWLRQRIWKHVWXG\DWWKHUHTXHVWRI*LOHDGDUHJXODWRU\DJHQF\RUDQ
LQVWLWXWLRQDO UHYLHZERDUGRULQGHSHQGHQWHWKLFVFRPPLWWHH,5%,(&
,IDVXEMHFWSUHPDWXUHO\GLVFRQWLQXHVIURP,03GRVLQJKHVKHZLOOUHPDLQRQVWXG\DQGZLOO
FRQWLQXHZLWKDOOVXEVHTXHQW6WXG\9LVLWVDQGDVVHVVPHQWVZLWKWKHH[FHSWLRQRI,03GRVLQJ
,IDVXEMHFWSUHPDWXUHO\GLVFRQWLQXHVIURPWKHVWXG\HYHU\DWWHPSWVKRXOGEHPDGHWREULQJWKH
VXEMHFWEDFNIRUWKH(DUO\7HUPLQDWLRQ SURFHGXUHV 6HH6HFWLRQ  IRUPRUHLQIRUPDWLRQ

6RXUFH'DWD
)RUWKHSXUSRVHVRIWKLVVWXG\VWXG\VSHFLILFTXHVWLRQQDLUHVLHUHVSLUDWRU\V\PSWRP
DVVHVVPHQWVDUHFRQVLGHUHGVRXUFHGRFXPHQWVDQGDUHWREHILOHGZLWKWKHVXEMHFW¶VPHGLFDORU
VWXG\UHFRUGV(OHFWURQLFGDWDLHGLDJQRVWLFPDFKLQHVWKDWWUDQVFULEHGDWDGLUHFWO\WRDGDWDEDVH
RUGDWDHQWHUHGGLUHFWO\LQWRDQ(OHFWURQLF0HGLFDO5HFRUGV\VWHPLVFRQVLGHUHGVRXUFHGDWD
SURYLGHGWKHGDWDLVQRWUHFRUGHGGLUHFWO\RQWKH&5)H&5)DQGSURYLGHGWKHUHLVDFOHDUDXGLW
WUDLOLQWKHHOHFWURQLFUHFRUGV7HPSODWHVRXUFHGRFXPHQWZRUNVKHHWVZLOOEHSUHSDUHGE\
*LOHDGDQGSURYLGHGWR VLWHVWRXVHDWWKHLUGLVFUHWLRQ ,IVRXUFHGRFXPHQWZRUNVKHHWVDUHXVHG
WKH\DUHWREHNHSWZLWKWKHVXEMHFW¶VPHGLFDORUVWXG\UHFRUGV DVRULJLQDOVRXUFHGRFXPHQWV1R
GDWDZLOOEHUHFRUGHGGLUHFWO\RQWKH&5)H&5)DQGDQ\GDWDUHFRUGHGGLUHFWO\RQWKH
&5)H&5)ZLOOQRWEHFRQVLGHUHGVRXUFHGDWD


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

68%-(&73238/$7,21

1XPEHURI6XEMHFWVDQG6XEMHFW6HOHFWLRQ
7KHVXEMHFWSRSXODWLRQZLOOFRQVLVWRIDSSUR[LPDWHO\569SRVLWLYHPDOHVDQGIHPDOHV
 WR  \HDUVRIDJHZKRKDYHKDGDQDOORJHQHLFRUDXWRORJRXV+&7DQGKDYHGRFXPHQWHG
DFXWH569UHODWHG857,V\PSWRPVUHFUXLWHGIURPDSSUR[LPDWHO\ FHQWHUVLQ$VLD 3DFLILF
$XVWUDOLD&DQDGD(XURSH6RXWK$PHULFD DQGWKH 8QLWHG6WDWHV

,QFOXVLRQ&ULWHULD
6XEMHFWVPXVWPHHWDOORIWKHIROORZLQJLQFOXVLRQFULWHULDWREHHOLJLEOHIRUSDUWLFLSDWLRQLQWKLV
VWXG\
 0DOHVDQGIHPDOHVWR \HDUVRIDJH
 5HFHLYHGDQDXWRORJRXVRUDOORJHQHLF+&7XVLQJDQ\FRQGLWLRQLQJUHJLPHQ
 'RFXPHQWHGWREH569SRVLWLYHDVGHWHUPLQHGE\ORFDOWHVWLQJHJ3&5')$593 DVVD\
RUFXOWXUHXVLQJDQXSSHUUHVSLUDWRU\WUDFWVDPSOHFROOHFWHG GD\VSULRUWR'D\
 1HZRQVHWRIDWOHDVWRIWKHIROORZLQJUHVSLUDWRU\V\PSWRPVIRU   GD\V SULRUWR 'D\ 
QDVDOFRQJHVWLRQUXQQ\QRVHFRXJKRUVRUHWKURDWRUZRUVHQLQJRIRQHRIWKHVHFKURQLF
DVVRFLDWHGZLWKDSUHYLRXVO\H[LVWLQJGLDJQRVLVHJFKURQLFUKLQRUUKHDVHDVRQDODOOHUJLHV
FKURQLFOXQJGLVHDVHUHVSLUDWRU\V\PSWRPV  GD\V SULRUWR'D\
 1RHYLGHQFHRIQHZDEQRUPDOLWLHVFRQVLVWHQWZLWK/57,RQDFKHVW;UD\UHODWLYHWRWKHPRVW
UHFHQWFKHVW;UD\DVGHWHUPLQHGE\WKHORFDOUDGLRORJLVW,IDFKHVW;UD\LVQRWDYDLODEOHRU
ZDVQRWREWDLQHGGXULQJVWDQGDUGFDUH KRXUV SULRUWR6FUHHQLQJDFKHVW;UD\PXVWEH
REWDLQHGIRU6FUHHQLQJ
 2 VDWXUDWLRQ  RQURRPDLU
 $QLQIRUPHGFRQVHQWGRFXPHQWVLJQHGDQGGDWHGE\WKHVXEMHFWRUDOHJDOJXDUGLDQRIWKH
VXEMHFWDQGWKHLQYHVWLJDWRURUKLVKHUGHVLJQHH
 $QHJDWLYHXULQH RUVHUXPSUHJQDQF\WHVWLVUHTXLUHGIRUIHPDOHVXEMHFWVXQOHVVVXUJLFDOO\
VWHULOHRUJUHDWHUWKDQWZR\HDUVSRVWPHQRSDXVDO
 0DOHDQGIHPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOPXVWDJUHHWRFRQWUDFHSWLYHUHTXLUHPHQWV
DVGHVFULEHGLQ$SSHQGL[ 
 :LOOLQJQHVVWRFRPSOHWHQHFHVVDU\VWXG\SURFHGXUHVDQGKDYHDYDLODEOHDZRUNLQJ
WHOHSKRQH RUHPDLO


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

([FOXVLRQ&ULWHULD
6XEMHFWVZKRPHHWDQ\ RIWKHIROORZLQJH[FOXVLRQFULWHULDDUHQRWWREHHQUROOHGLQWKLVVWXG\
5HODWHGWRFRQFRPLWDQWRUSUHYLRXVPHGLFDWLRQXVH
 8VHRIQRQPDUNHWHGDFFRUGLQJWRUHJLRQLQYHVWLJDWLRQDODJHQWVZLWKLQGD\V25 XVHRI
DQ\LQYHVWLJDWLRQDOPRQRFORQDODQWL569 DQWLERGLHVZLWKLQPRQWKVRU KDOIOLYHVRI
6FUHHQLQJZKLFKHYHULVORQJHU25 XVHRIDQ\LQYHVWLJDWLRQDO569YDFFLQHVDIWHU+&7
 8VHRIDPRGHUDWHRUVWURQJF\WRFKURPH 3HQ]\PH&<3LQGXFHULQFOXGLQJEXWQRW
OLPLWHGWRULIDPSLQ6W-RKQ¶V:RUWFDUEDPD]HSLQHSKHQ\WRLQ HIDYLUHQ]ERVHQWDQ
HWUDYLULQHPRGDILQLODQGQDIFLOOLQ ZLWKLQ ZHHNV SULRUWRWKHILUVWGRVHRI,03
5HODWHGWRPHGLFDOKLVWRU\
 $GPLWWHGWRWKHKRVSLWDOSULPDULO\IRUDORZHUUHVSLUDWRU\WUDFWGLVHDVHRIDQ\FDXVHDV
GHWHUPLQHGE\WKHLQYHVWLJDWRU
 3UHJQDQWEUHDVWIHHGLQJRUODFWDWLQJIHPDOHV
 8QDEOHWRWROHUDWHQDVDOVDPSOLQJUHTXLUHGIRUWKLVVWXG\DVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 .QRZQKLVWRU\RI+,9$,'6 ZLWKD&'FRXQWFHOOVȝ/ZLWKLQWKHODVWPRQWK
 +LVWRU\RIGUXJ DQGRUDOFRKRODEXVHWKDWLQWKHRSLQLRQRIWKHLQYHVWLJDWRUPD\SUHYHQW
DGKHUHQFHWRVWXG\DFWLYLWLHV
5HODWHGWRPHGLFDOFRQGLWLRQDW6FUHHQLQJ
 'RFXPHQWHGWREHSRVLWLYHIRURWKHUUHVSLUDWRU\YLUXVHVOLPLWHGWRLQIOXHQ]DSDUDLQIOXHQ]D
KXPDQUKLQRYLUXVDGHQRYLUXVKXPDQPHWDSQHXPRYLUXVRUFRURQDYLUXVZLWKLQ GD\V SULRU
WRWKH6FUHHQLQJYLVLWDVGHWHUPLQHGE\ORFDOWHVWLQJDGGLWLRQDOWHVWLQJLVQRWUHTXLUHG
 &OLQLFDOO\VLJQLILFDQWEDFWHUHPLDRUIXQJHPLDZLWKLQGD\VSULRUWR6FUHHQLQJWKDWKDVQRW
EHHQDGHTXDWHO\WUHDWHGDVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 &OLQLFDOO\VLJQLILFDQWEDFWHULDOIXQJDORUYLUDOSQHXPRQLDZLWKLQ ZHHNVSULRUWR6FUHHQLQJ
WKDWKDVQRWEHHQDGHTXDWHO\WUHDWHGDVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 ([FHVVLYHQDXVHDYRPLWLQJDW6FUHHQLQJDVGHWHUPLQHGE\WKHLQYHVWLJDWRURUDQLQDELOLW\WR
VZDOORZSLOOVWKDWSUHFOXGHVRUDODGPLQLVWUDWLRQRIWKH ,03 IRUVXEMHFWVZLWKRXWDQ1*WXEH
LQSODFH
 $Q\FRQGLWLRQZKLFKLQWKHRSLQLRQRIWKHLQYHVWLJDWRUZRXOGSUHYHQWIXOOSDUWLFLSDWLRQLQ
WKLVWULDORUZRXOGLQWHUIHUHZLWKWKHHYDOXDWLRQRIWKHWULDOHQGSRLQWV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
5HODWHGWRDOOHUJLHV
 .QRZQK\SHUVHQVLWLYLW\RU DOOHUJ\WR WKH,03 LWVPHWDEROLWHVRUIRUPXODWLRQH[FLSLHQWV
PLFURFU\VWDOOLQHFHOOXORVHPDQQLWROFURVFDUPHOORVHVRGLXPPDJQHVLXPVWHDUDWH
SRO\YLQ\O DOFRKROWLWDQLXPGLR[LGHSRO\HWK\OHQHJO\FRODQGWDOF
 +LVWRU\RIK\SHUVHQVLWLYLW\DQDSK\ODFWLFUHDFWLRQ 6WHYHQV-RKQVRQ6\QGURPHRUWR[LF
HSLGHUPDOQHFUR\OVLV UHVSRQVH WRVXOID GUXJV
5HODWHGWRODERUDWRU\UHVXOWV
 &UHDWLQLQHFOHDUDQFHP/PLQ FDOFXODWHGXVLQJWKH&RFNFURIW*DXOWPHWKRG
 &OLQLFDOO\VLJQLILFDQW$/7$67DVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 &OLQLFDOO\VLJQLILFDQW7%DVGHWHUPLQHGE\WKHLQYHVWLJDWRU


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

,19(67,*$7,21$/0(',&,1$/352'8&76

5DQGRPL]DWLRQ%OLQGLQJDQG7UHDWPHQW&RGHV
7KLVLVD UDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGPXOWLFHQWHU VWXG\(OLJLEOHVXEMHFWVZLOO
EHVWUDWLILHGE\WKHIROORZLQJIDFWRUV
 3UHVHQFHRUDEVHQFH RIO\PSKRSHQLDGHILQHGDVDO\PSKRF\WHFRXQW  FHOOV/ YHUVXV
  FHOOV/RIEORRG
 7UHDWPHQWRI569\HVRU QRZLWKULEDYLULQ RUDOLQWUDYHQRXVRUDHURVROL]HG
7UHDWPHQW RIFXUUHQW569LQIHFWLRQZLWKULEDYLULQZLOOEHGHILQHG DVGRVHRIULEDYLULQ
RUDO LQWUDYHQRXVRUDHURVROL]HGSULRUWRUDQGRPL]DWLRQRUZLWKZULWWHQRUGHUVIRUWKHLQLWLDWLRQ
RIWKHUDS\DWWKHWLPHRIUDQGRPL]DWLRQ6XEMHFWVZLOOEHUDQGRPL]HGLQDUDWLRWRUHFHLYH
,03*6RUPDWFKLQJSODFHER
$VVLJQPHQWWRVWXG\WUHDWPHQWZLOOEHEOLQGHGWRWKHVWXG\VXEMHFWVLQYHVWLJDWLRQDOVLWH
SHUVRQQHOVWXG\YHQGRUVDQGWKH6SRQVRU VWXG\WHDPH[FHSWIRUWKHGHOHJDWHGSHUVRQQHOZKR
ZLOOUHYLHZDQGFKHFNWKHUDQGRPL]DWLRQDQGGUXJDOORFDWLRQIRUDFFXUDF\ ,QWHULPDQDO\VHVZLOO
EHFRQGXFWHGDQGUHYLHZHGE\GHOHJDWHGSHUVRQQHOQRWLQYROYHGLQWKHVWXG\FRQGXFW

3URFHGXUHVIRU%UHDNLQJ7UHDWPHQW&RGHV
,QWKHHYHQWRIDPHGLFDOHPHUJHQF\ZKHUHEUHDNLQJWKHEOLQGLVUHTXLUHGWRSURYLGHPHGLFDOFDUH
WRWKHVXEMHFWWKHLQYHVWLJDWRUPD\REWDLQWUHDWPHQWDVVLJQPHQWGLUHFWO\IURPWKH,;56V\VWHP
IRUWKDWVXEMHFW ,QWKHHYHQWRIWHFKQRORJ\IDLOXUHWKH3,PD\ FDOOWKH,;56KHOSOLQH WRDFFHVV
WUHDWPHQWFRGHV *LOHDGUHFRPPHQGVEXWGRHVQRWUHTXLUHWKDWWKHLQYHVWLJDWRUFRQWDFWWKH
*LOHDG PHGLFDOPRQLWRUEHIRUHEUHDNLQJWKHEOLQG7UHDWPHQWDVVLJQPHQWVKRXOGUHPDLQEOLQGHG
XQOHVVWKDWNQRZOHGJHLVQHFHVVDU\WRGHWHUPLQHVXEMHFWHPHUJHQF\PHGLFDOFDUH7KHUDWLRQDOH
IRUXQEOLQGLQJPXVWEHFOHDUO\H[SODLQHGLQVRXUFHGRFXPHQWDWLRQDQGRQWKHFDVH UHSRUW IRUP
HOHFWURQLFFDVHUHSRUWIRUP&5)H&5)DORQJZLWKWKHGDWHRQZKLFKWKHWUHDWPHQWDVVLJQPHQW
ZDVREWDLQHG7KHLQYHVWLJDWRULVUHTXHVWHGWRFRQWDFWWKH*LOHDG PHGLFDO PRQLWRUSURPSWO\LQ
FDVHRIDQ\WUHDWPHQWXQEOLQGLQJ 'HWDLOVRIXQEOLQGLQJZLOOEHSURYLGHGLQWKHVWXG\VSHFLILF
8QEOLQGLQJ3ODQ
%OLQGLQJRIVWXG\WUHDWPHQWLVFULWLFDOWRWKHLQWHJULW\RIWKLVFOLQLFDOWULDODQGWKHUHIRUHLID
VXEMHFW¶VWUHDWPHQWDVVLJQPHQWLVGLVFORVHGWRWKHLQYHVWLJDWRUWKHVXEMHFWZLOOKDYHVWXG\
WUHDWPHQWGLVFRQWLQXHG$OOVXEMHFWVZLOOEHIROORZHGXQWLOVWXG\FRPSOHWLRQXQOHVVFRQVHQWWRGR
VRLVVSHFLILFDOO\ZLWKGUDZQE\WKHVXEMHFW
*LOHDG 'UXJ6DIHW\DQG3XEOLF+HDOWK'63+PD\LQGHSHQGHQWO\XQEOLQGFDVHVIRUH[SHGLWHG
UHSRUWLQJRIVXVSHFWHGXQH[SHFWHGVHULRXVDGYHUVHUHDFWLRQV686$5V


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

'HVFULSWLRQDQG+DQGOLQJRI*6

)RUPXODWLRQ
*6ZLOOEHVXSSOLHGDVZKLWHSODLQIDFHGILOPFRDWHGURXQGWDEOHWVFRQWDLQLQJ PJ
*6 PJ*6ELVK\GURFKORULGHVDOWGLK\GUDWHIRUPRI*6,QDGGLWLRQWR
WKHDFWLYHLQJUHGLHQW*6WDEOHWVFRQWDLQWKHIROORZLQJLQDFWLYHLQJUHGLHQWV
PLFURFU\VWDOOLQHFHOOXORVHPDQQLWROFURVFDUPHOORVHVRGLXPPDJQHVLXPVWHDUDWH
SRO\YLQ\O DOFRKROWLWDQLXPGLR[LGHSRO\HWK\OHQHJO\FRODQGWDOFZKLFKDUHFRPPRQ
SKDUPDFHXWLFDOH[FLSLHQWV
7KHVXSSOLHGPDWFKLQJSODFHERWDEOHWVDUHLGHQWLFDOLQSK\VLFDODSSHDUDQFHWRWKH  PJ
*6WDEOHWVDQGFRQWDLQWKHVDPH LQDFWLYHLQJUHGLHQWV

3DFNDJLQJDQG/DEHOLQJ
*6WDEOHWVDQGPDWFKLQJSODFHERDUHSDFNDJHGLQZKLWHKLJKGHQVLW\SRO\HWK\OHQH +'3(
ERWWOHVZLWKGHVLFFDQWDQGSRO\HVWHUILEHUFRLO(DFKERWWOHFRQWDLQV WDEOHWVDQGLVFDSSHGZLWKD
ZKLWHFRQWLQXRXVWKUHDGFKLOGUHVLVWDQWSRO\SURS\OHQHVFUHZFDSILWWHGZLWKDQLQGXFWLRQVHDOHG
DOXPLQXPIDFHGOLQHU
$OOODEHOVIRU,03 GLVWULEXWHGWRLQYHVWLJDWLYHVLWHVLQWKH86DQGWKHUHVWRIZRUOG52:ZLOO
PHHWDOODSSOLFDEOHUHTXLUHPHQWVRIWKH86)RRGDQG'UXJ$GPLQLVWUDWLRQ)'$
WKH (8 $QQH[ RI*RRG0DQXIDFWXULQJ3UDFWLFHV0DQXIDFWXUHRILQYHVWLJDWLRQDOPHGLFLQDO
SURGXFWV-XO\ DQGRURWKHUORFDOUHJXODWLRQVDVDSSOLFDEOH

6WRUDJHDQG+DQGOLQJ
6XIILFLHQWTXDQWLWLHVRI*6WDEOHWVDQGPDWFKLQJSODFHERZLOOEHVKLSSHGWRWKH LQYHVWLJDWRU
RUTXDOLILHGGHVLJQHHIURP*LOHDG6FLHQFHV&OLQLFDO6XSSO\0DQDJHPHQW RULWV GHVLJQHH
*6WDEOHWVVKRXOGEHVWRUHGDWFRQWUROOHGURRPWHPSHUDWXUHRI & )H[FXUVLRQVDUH
SHUPLWWHGEHWZHHQ &DQG & )DQG ) 6WRUDJHFRQGLWLRQVDUHVSHFLILHGRQWKH
ODEHO8QWLOGLVSHQVHGWRWKHVXEMHFWVDOOERWWOHVRI,03 VKRXOGEHVWRUHGLQDVHFXUHO\ORFNHG
DUHDDFFHVVLEOHRQO\WRDXWKRUL]HGVLWHSHUVRQQHO7KHVWXG\FHQWHUZLOOEHUHTXLUHGWRPDLQWDLQD
ORJRIGDLO\WHPSHUDWXUHUHDGLQJVLQWKHVWRUDJHDUHDIRUWKHGXUDWLRQRIWKHVWXG\ZLWKWKH
H[FHSWLRQRIZHHNHQGVDQGRUKROLGD\VSHUVLWHZULWWHQSURFHGXUH7RHQVXUHWKHVWDELOLW\DQG
SURSHULGHQWLILFDWLRQWKHGUXJSURGXFWVZLOO EHVWRUHGLQWKHFRQWDLQHUVLQZKLFKWKH\ZHUH
VXSSOLHGXQWLOXQLWVDUH GLVSHQVHGWR LQGLYLGXDOVXEMHFWVDWWKHVLWH

'RVDJHDQG$GPLQLVWUDWLRQRI*6
(OLJLEOHVXEMHFWVZLOOUHFHLYHDVLQJOHGRVHRIPJ *6RUSODFHER RQ'D\V 
DQG'RVHVZLOOEHDGPLQLVWHUHGRUDOO\RUYLD1*WXEH7KHHQWLUHGRVHPXVWEHWDNHQZLWKLQ
 KRXU ,QYHVWLJDWLRQDOPHGLFLQDOSURGXFWVKRXOG EHGLVSHQVHGZLWKJORYHV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRUREVHUYDWLRQ,IYRPLWLQJRFFXUV
ZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHGWDEOHWVDUHSUHVHQWLQWKHYRPLWXV
WKHVXEMHFWVKRXOGUHFHLYHDQRWKHUGRVH,IDQRWKHUGRVHLVDGPLQLVWHUHGWKHVXEMHFWVKRXOG
UHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRUREVHUYDWLRQ

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV
6WURQJDQGPRGHUDWHLQGXFHUVRI&<3HQ]\PHVPD\UHGXFHWKHH[SRVXUHRI*6
3UHOLPLQDU\3.UHVXOWVIURPDFOLQLFDOGUXJGUXJLQWHUDFWLRQ'',VWXG\*686
GHPRQVWUDWHGWKDWLQGXFWLRQRI&<3HQ]\PHVZLWKULIDPSLQRUHIDYLUHQ]UHVXOWHGLQDQRU
GHFUHDVHUHVSHFWLYHO\LQ*6$8&LQI 7KHUHIRUHFRQFRPLWDQWDGPLQLVWUDWLRQRI
VWURQJ RUPRGHUDWH &<3LQGXFHUV^` LQFOXGLQJEXWQRWOLPLWHGWRULIDPSLQ6W-RKQ¶V:RUW
FDUEDPD]HSLQHSKHQ\WRLQHIDYLUHQ]ERVHQWDQHWUDYLULQHPRGDILQLODQGQDIFLOOLQLVH[FOXGHG
WRDYRLGSRWHQWLDOGUXJUHVLVWDQFH
,QYLWUR*6LVDVXEVWUDWHRIWKHHIIOX[WUDQVSRUWHUV3JO\FRSURWHLQ3JSEUHDVWFDQFHU
UHVLVWDQFHSURWHLQ%&53DQGWKHKHSDWLFXSWDNHRUJDQLFDQLRQWUDQVSRUWHUSURWHLQV2$73
2$73%DQG2$73%+RZHYHUFOLQLFDOO\FRDGPLQLVWUDWLRQRIF\FORVSRULQHDVWURQJ
LQKLELWRURIWKHVHWUDQVSRUWHUVRQO\UHVXOWHGLQDVPDOOFKDQJHLQWKHSODVPDH[SRVXUHRI
*6*6867KHUHIRUH'',GXHWRLQKLELWLRQRI3JS%&53DQG2$73%
DQG%DUHQRWH[SHFWHG
*6PD\FDXVHFRQFHQWUDWLRQGHSHQGHQWLQKLELWLRQRIPXOWLGUXJDQGWR[LQH[WUXVLRQYLD
WUDQVSRUWHUV0$7(DQG0$7(.ZLWK,& YDOXHVRI  DQGȝ0UHVSHFWLYHO\:KHQ
FRDGPLQLVWHUHGZLWKUHQDOO\HOLPLQDWHGFRQFRPLWDQWPHGLFDWLRQVLH ILOWUDWLRQ SOXV VHFUHWLRQ
*6PD\LQFUHDVHWKHH[SRVXUHVRIVXEVWUDWHVVHFUHWHGE\WKH0$7(VWUDQVSRUWHUVVXFKDV
JDQFLFORYLUDF\FORYLUOHYRIOR[DFLQPHWIRUPLQFDSWRSULOSURFDLQDPLGHIH[RIHQDGLQH
FLPHWLGLQHFHSKUDGLQHDQGFHSKDOH[LQ 'RVLQJDQGVDIHW\PRQLWRULQJVKRXOGEHFRQVLVWHQWZLWK
SUHVFULELQJLQIRUPDWLRQLQSDUWLFXODUIRUDJHQWVZKLFKUHTXLUHGRVHUHGXFWLRQVLQWKHVHWWLQJRI
UHQDOLPSDLUPHQW

$FFRXQWDELOLW\ IRU*6
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJDGHTXDWHDFFRXQWDELOLW\RIDOOXVHGDQGXQXVHG,03
ERWWOHV 7KLVLQFOXGHVDFNQRZOHGJHPHQWRIUHFHLSWRIHDFKVKLSPHQWRI,03
TXDQWLW\ DQG FRQGLWLRQ
*6 DFFRXQWDELOLW\UHFRUGVZLOOEHSURYLGHGWRHDFKVWXG\VLWHWR

5HFRUGWKHGDWHDQGTXDQWLW\RI,03 ERWWOHV UHFHLYHG

5HFRUGWKHGDWHVXEMHFWQXPEHUVXEMHFWLQLWLDOVWKH,03 ERWWOH QXPEHUGLVSHQVHG

5HFRUGWKHGDWHTXDQWLW\RIXVHGDQGXQXVHG,03 ERWWOHVUHWXUQHGDORQJZLWKWKHLQLWLDOVRI
WKHSHUVRQUHFRUGLQJWKHLQIRUPDWLRQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW 5HWXUQRU'LVSRVDO
$WWKHVLWHLQLWLDWLRQYLVLWRUILUVWPRQLWRULQJYLVLWWKHVWXG\PRQLWRUZLOOHYDOXDWHHDFKVWXG\
FHQWHU¶V,03GLVSRVDOSURFHGXUHVDQGSURYLGHDSSURSULDWHLQVWUXFWLRQIRUUHWXUQRUGHVWUXFWLRQRI
XQXVHG,03VXSSOLHV,IWKHVLWHKDVDQDSSURSULDWH6WDQGDUG2SHUDWLQJ3URFHGXUH623IRUGUXJ
GHVWUXFWLRQ DVUHYLHZHGDQGDSSURYHGE\*6,WKHVLWHPD\GHVWUR\XVHGDQGXQXVHG,03
VXSSOLHVSHUIRUPHGLQDFFRUGDQFHZLWKWKHVLWH¶VKRVSLWDOSKDUPDF\623 DIWHUUHFRQFLOLDWLRQ
KDVEHHQFRPSOHWHGE\WKHVLWHPRQLWRU,IWKHVLWHGRHVQRWKDYHDFFHSWDEOHSURFHGXUHVLQSODFH
IRUGUXJGHVWUXFWLRQDUUDQJHPHQWVZLOOEHPDGHEHWZHHQWKHVLWHDQG*6, RU *6, UHSUHVHQWDWLYH
IRUUHWXUQRIXQXVHG,03VXSSOLHV$FRS\RIWKHVLWH¶V623ZLOOEHREWDLQHGIRUFHQWUDOILOHV
:KHUHSRVVLEOH,03ZLOOEHGHVWUR\HGDWWKHVLWH
8SRQVWXG\FRPSOHWLRQDFRS\RIWKH,QYHVWLJDWLRQDO'UXJ$FFRXQWDELOLW\UHFRUGVPXVWEHILOHG
DWWKHVLWH$QRWKHUFRS\ZLOOEHUHWXUQHGWR*6,,IGUXJLVGHVWUR\HGRQVLWHWKHLQYHVWLJDWRU
PXVWPDLQWDLQDFFXUDWHUHFRUGVIRUDOO,03GHVWUR\HG5HFRUGVPXVWVKRZWKHLGHQWLILFDWLRQDQG
TXDQWLW\RIHDFKXQLWGHVWUR\HGWKHPHWKRGRIGHVWUXFWLRQDQGSHUVRQZKRGLVSRVHGRIWKHGUXJ
$OO,03UHFRUGVPXVWEHPDLQWDLQHGDWWKHVLWHDQGFRSLHVPXVWEHVXEPLWWHGWR*6,DWWKHHQGRI
WKHVWXG\


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

678'<352&('85(6
7KHVWXG\SURFHGXUHVWREHFRQGXFWHGIRUHDFKVXEMHFWHQUROOHGLQWKHVWXG\DUHSUHVHQWHGLQ
WDEXODUIRUPLQ$SSHQGL[  DQGGHVFULEHGLQWKHWH[WWKDWIROORZV$GGLWLRQDOLQIRUPDWLRQLV
SURYLGHGLQWKHVWXG\SURFHGXUHVPDQXDO
7KHLQYHVWLJDWRULVUHVSRQVLEOH IRUHQVXULQJWKHVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKH
SURFHGXUHVDQGHYDOXDWLRQVGHVFULEHGLQWKLVSURWRFRO,QYHVWLJDWRUVPXVWGRFXPHQWDQ\GHYLDWLRQ
RUGHSDUWXUHIURPSURWRFROSURFHGXUHVUHJDUGOHVVRIFDXVDOLW\DQGQRWLI\WKHVSRQVRURUFRQWUDFW
UHVHDUFKRUJDQL]DWLRQ&52

6XEMHFW(QUROOPHQWDQG7UHDWPHQW$VVLJQPHQW

9LVLW6FUHHQLQJ9LVLW 'D\
9LVLW PXVWEHSHUIRUPHG LQFOLQLF RULQKRVSLWDO 3RWHQWLDOVXEMHFWVPXVWEHGRFXPHQWHG569
SRVLWLYHLQWKHXSSHUUHVSLUDWRU\WUDFWSULRUWREHLQJDSSURDFKHGIRULQIRUPHGFRQVHQW7KH
3ULQFLSDO,QYHVWLJDWRURUDPHGLFDOO\TXDOLILHG6XE,QYHVWLJDWRUHJ0''2RUQXUVH
SUDFWLWLRQHUPXVWUHYLHZDQGGLVFXVVWKHVWXG\ZLWKHDFK VXEMHFWSULRUWRFRQVHQW$OO6FUHHQLQJ
9LVLW DVVHVVPHQWVPXVWEHSHUIRUPHGDIWHUREWDLQLQJZULWWHQFRQVHQW$OO6FUHHQLQJODEVDQG
SURFHGXUHVZLOOEHSHUIRUPHGORFDOO\DQGUHVXOWVZLOOEHUHYLHZHGE\WKHLQYHVWLJDWRUSULRUWR
,03DGPLQLVWUDWLRQ
7KHIROORZLQJSURFHGXUHVZLOOEHFRPSOHWHGDW6FUHHQLQJ

2EWDLQZULWWHQLQIRUPHGFRQVHQW

&ROOHFWLRQRI0HGLFDO+LVWRU\DQG'HPRJUDSKLFV

5HYLHZRIFRQFRPLWDQWPHGLFDWLRQV

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

+HLJKWDQGZHLJKW

2VDWXUDWLRQRQURRPDLU

&KHVW;UD\ FKHVW;UD\VREWDLQHG KRXUV SULRUWR6FUHHQLQJPD\EHXVHG

%ORRGGUDZ IRUVFUHHQLQJODEV ODEVREWDLQHGGD\VSULRUWR6FUHHQLQJPD\EHXVHG
&UHDWLQLQHFOHDUDQFH FDOFXODWHGXVLQJWKH&RFNURIW*DXOWPHWKRG
$67 DQG$/7
7RWDOELOLUXELQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

8ULQHRUVHUXPSUHJQDQF\WHVW IRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\
DQGRUELODWHUDORRSKRUHFWRP\

5HFRUGDQ\6$(V DQGDOO$(V UHODWHGWRSURWRFROPDQGDWHGSURFHGXUHVRFFXUULQJDIWHU
VLJQLQJRIWKHFRQVHQWIRUP
6XEMHFWVPHHWLQJDOORIWKHLQFOXVLRQFULWHULDDQGQRQHRIWKHH[FOXVLRQFULWHULDZLOOUHWXUQWRWKH
FOLQLFDIWHUVFUHHQLQJIRUUDQGRPL]DWLRQLQWRWKHVWXG\ 6XEMHFWVPXVWFRQWLQXHWRPHHWDOO
LQFOXVLRQFULWHULDDQGQRQHRIWKHH[FOXVLRQFULWHULDDWWKHWLPHRIUDQGRPL]DWLRQ,IDOOODEUHVXOWV
DQGSURFHGXUHVDUHDYDLODEOHDQGVDWLVI\WKHLQFOXVLRQH[FOXVLRQFULWHULD6FUHHQLQJDQG
9LVLW  'D\ PD\RFFXURQWKHVDPHGD\
)URPWKHWLPHRIREWDLQLQJLQIRUPHGFRQVHQWWKURXJKWKHILUVWDGPLQLVWUDWLRQRI,03 UHFRUGDOO
6$(VDVZHOODVDQ\$(V UHODWHGWRSURWRFROPDQGDWHGSURFHGXUHVRQWKH$(FDVHUHSRUWIRUP
H&5)$OORWKHUXQWRZDUGPHGLFDORFFXUUHQFHVREVHUYHGGXULQJWKH6FUHHQLQJSHULRG
LQFOXGLQJH[DFHUEDWLRQRUFKDQJHVLQPHGLFDOKLVWRU\ DUHWREHFDSWXUHGRQWKHPHGLFDOKLVWRU\
H&5)6HH6HFWLRQ  $GYHUVH(YHQWVDQG7R[LFLW\0DQDJHPHQWIRUDGGLWLRQDOGHWDLOV

9LVLW%DVHOLQH $VVHVVPHQWV5DQGRPL]DWLRQ DQG7UHDWPHQW$VVHVVPHQWV
'D\

%DVHOLQH$VVHVVPHQWV
9LVLWPXVWEHSHUIRUPHGLQFOLQLF RULQKRVSLWDO DQG VKRXOG RFFXUZLWKLQKRXUVRI
FRQILUPDWLRQRIWKHVXEMHFW¶VHOLJLELOLW\6DPSOHVDQGDVVHVVPHQWV SHUIRUPHGDW6FUHHQLQJ
9LVLW PD\QRWEHXVHGDV 9LVLW%DVHOLQHDVVHVVPHQWV%DVHOLQH 9LVLW DVVHVVPHQWVVKRXOG
EHSHUIRUPHGLQWKHIROORZLQJRUGHUDQGGRFXPHQWHGRQ'D\SULRUWR,03DGPLQLVWUDWLRQ

)/8352TXHVWLRQQDLUH

5HYLHZRIFRQFRPLWDQWPHGLFDWLRQVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQGQRQLQYDVLYHRI
DQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH /PLQIRU!KRXUV

:HLJKW

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

%ORRGGUDZ IRUFHQWUDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH :%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7$/3DQG7%
6HUXPDQWLERG\WLWHUWR569
5HVSLUDWRU\V\QF\WLDOYLUXV YLUHPLD


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

1DVDOVDPSOHV WRWDOIURPHDFK QRVWULO

8ULQHRUVHUXPSUHJQDQF\WHVWIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\
DQGRUELODWHUDORRSKRUHFWRP\

5DQGRPL]DWLRQ DQG7UHDWPHQW$VVHVVPHQWV'D\
$IWHUDOO%DVHOLQHDVVHVVPHQWVDUHFRPSOHWHHOLJLEOHVXEMHFWVZLOOEHUDQGRPL]HGYLD
,QWHUDFWLYH 9RLFH:HE5HVSRQVH6\VWHP,;56 DQG,03ZLOOEHDGPLQLVWHUHG
5DQGRPL]DWLRQWR*6RUSODFHERZLOOEHEDVHGRQDUDQGRPL]DWLRQVFKHGXOHSUHSDUHGE\
*LOHDGDQGRUGHVLJQHHEHIRUHWKHVWDUWRIWKHVWXG\6XEMHFWVPXVWFRQWLQXHWRVDWLVI\DOO
LQFOXVLRQH[FOXVLRQFULWHULDDWWKHWLPHRIUDQGRPL]DWLRQ3ULRUWRUDQGRPL]DWLRQHOLJLEOH VXEMHFWV
ZLOOEHVWUDWLILHGE\ WKHIROORZLQJ

3UHVHQFHRUDEVHQFHRIO\PSKRSHQLDGHILQHGDVDO\PSKRF\WHFRXQWFHOOV/YHUVXV
 FHOOV/RIEORRG

7UHDWPHQWRI569\HVRUQRZLWK ULEDYLULQ RUDOLQWUDYHQRXVRUDHURVROL]HG
7UHDWPHQW RIFXUUHQW569LQIHFWLRQZLWKULEDYLULQZLOOEHGHILQHG DVGRVHRIULEDYLULQ
RUDO LQWUDYHQRXVRUDHURVROL]HGSULRUWRUDQGRPL]DWLRQRUZLWKZULWWHQRUGHUVIRUWKHLQLWLDWLRQ
RIWKHUDS\ DWWKHWLPHRIUDQGRPL]DWLRQ6XEMHFWVZLOOEHUDQGRPL]HGLQDUDWLR WRUHFHLYH
,03*6RUPDWFKLQJSODFHER
6XEMHFWVZLOOUHFHLYHDGRVHRIPJIRXUPJWDEOHWVRI*6RUPDWFKLQJSODFHERDW
'D\ $OO,03ZLOOEHDGPLQLVWHUHG RUDOO\ RUYLD1*WXEH7KHHQWLUHGRVHPXVWEHWDNHQZLWKLQ
 KRXU,QYHVWLJDWLRQDOPHGLFLQDOSURGXFW VKRXOGEHGLVSHQVHGZLWKJORYHV 6XEMHFWVZLOOUHPDLQ
LQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRUREVHUYDWLRQ,IYRPLWLQJRFFXUVZLWKLQ PLQXWHVDIWHU
,03DGPLQLVWUDWLRQDQGXQGLVVROYHGWDEOHWVDUHSUHVHQWLQWKHYRPLWXVWKHVXEMHFWVKRXOG UHFHLYH
DQRWKHU GRVH,IDQRWKHUGRVHLVDGPLQLVWHUHGWKHVXEMHFWVKRXOGUHPDLQLQWKHFOLQLFIRUDQ
DGGLWLRQDOPLQXWHVSRVWGRVHIRUREVHUYDWLRQ 'HWDLOVRI,03DGPLQLVWUDWLRQDUHLQFOXGHGLQ
WKH6WXG\3URFHGXUHV0DQXDO
7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGDQGGRFXPHQWHGRQ'D\DIWHU,03DGPLQLVWUDWLRQ

3KDUPDFRNLQHWLF VDPSOLQJDW PLQ PLQ PLQ DQGKRXUV  PLQ
SRVWGRVHIRU3.VXEJURXS VXEMHFWV

%ORRGGUDZIRUVHUXPFUHDWLQLQHDWKRXUV PLQ SRVWGRVHIRU3.VXEJURXSVXEMHFWV

5HYLHZRI$(V


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

9LVLW 'D\ KRXUV
)RUVXEMHFWVLQWKH3.VXEJURXS9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGLQWKHFOLQLF RULQ
KRVSLWDO)RUDOORWKHUVXEMHFWV9LVLWDVVHVVPHQWVPD\EHSHUIRUPHGDWWKHFOLQLFLQKRVSLWDO RU
DWWKHVXEMHFW¶VKRPHE\WKHVWXG\FRRUGLQDWRURUGHVLJQHHRUDKRPHQXUVLQJYHQGRU

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

3KDUPDFRNLQHWLF VDPSOLQJ IRU3.VXEJURXSVXEMHFWVRQO\

5HYLHZRI$(VDQG&RQFRPLWDQW0HGLFDWLRQVUHYLHZRI SURFHGXUHUHODWHG$(VRQO\
LI KRPHYLVLW

9LVLW'D\KRXUV
9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGLQFOLQLF RULQKRVSLWDO DQGVKRXOG EHSHUIRUPHGLQWKH
IROORZLQJRUGHUDQGGRFXPHQWHGDOVRUHIHUWR$SSHQGL[ 6WXG\3URFHGXUHV7DEOH

)/8352TXHVWLRQQDLUH

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

:HLJKW

%ORRGGUDZ IRUFHQWUDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH :%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7$/3DQG7%
3KDUPDFRNLQHWLF VDPSOLQJIRUDOOVXEMHFWVSUHGRVH
5HVSLUDWRU\V\QF\WLDOYLUXV YLUHPLD

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

8ULQHRUVHUXPSUHJQDQF\WHVWIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\
DQGRUELODWHUDORRSKRUHFWRP\

,QYHVWLJDWLRQDOPHGLFLQDOSURGXFW DGPLQLVWUDWLRQ

5HYLHZRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV,&8
DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWV
LH FKHVW UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQG
QRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH /PLQIRU!KRXUV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
 6XEMHFWVZLOOUHFHLYHDVLQJOHGRVH RIPJIRXUPJWDEOHWVRI*6RUPDWFKLQJ
SODFHERDW'D\VDQG$OO,03ZLOOEHDGPLQLVWHUHGRUDOO\RUYLD1*WXEH 7KHHQWLUH
GRVHPXVWEHWDNHQZLWKLQKRXU ,QYHVWLJDWLRQDOPHGLFLQDOSURGXFW VKRXOGEHGLVSHQVHGZLWK
JORYHV6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRUREVHUYDWLRQ,IYRPLWLQJ
RFFXUVZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHGWDEOHWVDUHSUHVHQW LQWKH
YRPLWXVWKHVXEMHFWVKRXOG UHFHLYHDQRWKHUGRVH,IDQRWKHUGRVHLVDGPLQLVWHUHGWKHVXEMHFW
VKRXOGUHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRUREVHUYDWLRQ'HWDLOVRI
,03DGPLQLVWUDWLRQDUHLQFOXGHGLQWKH6WXG\3URFHGXUHV0DQXDO

9LVLW'D\KRXUV
9LVLWDVVHVVPHQWVPD\EHSHUIRUPHGLQ FOLQLFLQKRVSLWDO RUDWWKHVXEMHFW¶V KRPHE\WKHVWXG\
FRRUGLQDWRURUGHVLJQHHRUDKRPHQXUVLQJYHQGRU

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

5HYLHZRI$(V DQGFRQFRPLWDQWPHGLFDWLRQVUHYLHZRISURFHGXUHUHODWHG$(VRQO\LI
KRPH YLVLW

9LVLWV'D\VDQGKRXUV
9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGLQFOLQLFRULQKRVSLWDODQGVKRXOG EHSHUIRUPHGLQWKH
IROORZLQJRUGHUDQGGRFXPHQWHGDWWKHVHYLVLWVDOVRUHIHUWR$SSHQGL[ 
6WXG\ 3URFHGXUHV 7DEOH

)/8352TXHVWLRQQDLUH 'D\RQO\

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

:HLJKW

%ORRGGUDZ IRU FHQWUDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH:%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7$/3DQG7%
3KDUPDFRNLQHWLF VDPSOLQJ IRUDOOVXEMHFWVSUHGRVH'D\RQO\
5HVSLUDWRU\V\QF\WLDOYLUXV YLUHPLD

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

8ULQHRUVHUXPSUHJQDQF\WHVWIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\
DQGRUELODWHUDORRSKRUHFWRP\

,QYHVWLJDWLRQDOPHGLFLQDOSURGXFW DGPLQLVWUDWLRQ

3KDUPDFRNLQHWLF VDPSOLQJIRUDOOVXEMHFWVKRXUVSRVWGRVHPLQ 'D\RQO\






*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

$VVHVVPHQWVIRU3UHPDWXUH'LVFRQWLQXDWLRQIURP,03$GPLQLVWUDWLRQ
,IDVXEMHFWSUHPDWXUHO\ GLVFRQWLQXHV,03GRVLQJWKHVXEMHFWZLOOUHPDLQRQVWXG\DQGZLOO
FRQWLQXHZLWKDOOVXEVHTXHQWVWXG\YLVLWVDQGDVVHVVPHQWVWKURXJK9LVLW'D\(QGRI6WXG\
9LVLWZLWKWKHH[FHSWLRQRI,03DGPLQLVWUDWLRQ

$VVHVVPHQWVIRU(DUO\7HUPLQDWLRQ:LWKGUDZDO
(YHU\DWWHPSWVKRXOGEHPDGHWRNHHSVXEMHFWVLQWKHVWXG\DQGWRSHUIRUPWKHUHTXLUHG
VWXG\UHODWHGDQGIROORZXSSURFHGXUHV VHH6HFWLRQV  WKURXJK ,IWKLVLVQRWSRVVLEOHRU
DFFHSWDEOHWRWKHVXEMHFWRULQYHVWLJDWRUWKHVXEMHFWPD\EHZLWKGUDZQIURPWKHVWXG\
,IDVXEMHFWZLWKGUDZVHDUO\IURPWKHVWXG\IRUDQ\UHDVRQHYHU\DWWHPSWVKRXOGEHPDGHWR
EULQJWKHVXEMHFWEDFNWRWKHFOLQLFRUKRVSLWDOIRUWKHIROORZLQJHDUO\WHUPLQDWLRQDVVHVVPHQWV

)/8352TXHVWLRQQDLUH RQO\LIWKHVXEMHFWZLWKGUDZVSULRUWR9LVLW>'D\ @

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

:HLJKW

%ORRGVDPSOHFROOHFWLRQIRUFHQWUDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH:%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7$/3DQG7%
6HUXP DQWLERG\WLWHUWR569
5HVSLUDWRU\V\QF\WLDOYLUXV YLUHPLD
3KDUPDFRNLQHWLF VDPSOLQJRQO\LIWKHVXEMHFWZLWKGUDZDOVSULRUWR9LVLW>'D\@

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

5HYLHZRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV,&8
DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWV
LH FKHVW UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQG
QRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2XVH /PLQIRU!KRXUV

$VVHVVPHQWVIRU8QVFKHGXOHG9LVLWV
6XEMHFWVZKRUHWXUQWRWKHFOLQLF RUKRVSLWDO EHWZHHQVFKHGXOHGVWXG\YLVLWVZLOOKDYHDQ
XQVFKHGXOHGYLVLWSHUIRUPHG7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGDQGGRFXPHQWHGDW
WKHVHYLVLWV




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
) JHQHLGHQWLILHGE\SRSXODWLRQVHTXHQFLQJLQ*6WUHDWHGVXEMHFWVUHODWLYHWRWKH
SUHWUHDWPHQWEDVHOLQHVHTXHQFHZLOOEHFKDUDFWHUL]HGSKHQRW\SLFDOO\IROORZLQJWKHLULQWURGXFWLRQ
LQWRZLOGW\SH569XVLQJDQHVWDEOLVKHGUHYHUVHJHQHWLFVV\VWHP7KHVXVFHSWLELOLW\RIWKH
) PXWDQWUHFRPELQDQWVWR*6ZLOOEHDVVHVVHGLQFHOOEDVHGDQWLYLUDOVXVFHSWLELOLW\DVVD\V
WRGHWHUPLQHZKHWKHUHDFKWUHDWPHQWHPHUJHQWPXWDWLRQ7(0FRQIHUVUHGXFHGVXVFHSWLELOLW\WR
WKHFRPSRXQG

)/83524XHVWLRQQDLUH
7KH)/8352ZLOOEHDGPLQLVWHUHGDIWHUFRQVHQWDQGSULRUWRDOORWKHUVWXG\SURFHGXUHV7KH
)/8352LVFXUUHQWO\EHLQJYDOLGDWHGIRUHYDOXDWLRQRIV\PSWRPVLQSDWLHQWVZKRDUHLQIHFWHG
ZLWKLQIOXHQ]D'XHWRWKHODFNRIYDOLGDWHGWRROVIRUHYDOXDWLRQRI569V\PSWRPVDQG
VLJQLILFDQWRYHUODSEHWZHHQ569V\PSWRPVDQGLQIOXHQ]DV\PSWRPVWKLV WRROZLOOEHXVHGWR
DVVHVVFKDQJHLQ569V\PSWRPVLQWKLVVWXG\$FRS\RIWKH)/8352TXHVWLRQQDLUHPD\EH
IRXQGLQWKH6WXG\3URFHGXUHV0DQXDO7KLVTXHVWLRQQDLUHZLOOEHFRPSOHWHGDW
9LVLWV   DQG  'D\V DQG

9LWDO6LJQV
7KLVDVVHVVPHQWZLOO LQFOXGHERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWH DQGEORRGSUHVVXUH
7KHVXEMHFWLVUHTXLUHGWRVLWTXLHWO\ IRUDSSUR[LPDWHO\PLQXWHVSULRUWRREWDLQLQJ969LWDO
VLJQVZLOOEHFROOHFWHGDWDOOVWXG\YLVLWVZLWKWKHH[FHSWLRQRI9LVLWVDQG 


2[\JHQ6DWXUDWLRQ
2[\JHQ2 VDWXUDWLRQDVVHVVPHQWZLOOEHJLQE\ILUVWDVNLQJWKHVXEMHFWWRVLWTXLHWO\IRU
 PLQXWH2VDWXUDWLRQZLOOEHUHFRUGHGZKLOHEUHDWKLQJURRPDLUHYHQLIWKHVXEMHFWLV
GHSHQGHQWRQ2 VXSSOHPHQWDWLRQ,IWKHVXEMHFWLVUHFHLYLQJVXSSOHPHQWDO2WKH2 VRXUFHPXVW
EHUHPRYHGIRUDSHULRGRIVHFRQGVSULRUWRWKLVDVVHVVPHQW7KLVVHFRQGSHULRGPD\EH
FRQGXFWHGZKLOHWKHVXEMHFWLVVLWWLQJTXLHWO\7KH2VDWXUDWLRQZLOO EHGRFXPHQWHGLQWKHVRXUFH
GRFXPHQWDWLRQ DWUHJXODULQWHUYDOVGXULQJD PLQXWHWHVWLQJSHULRG 2 VDWXUDWLRQHYDOXDWLRQZLOO
EHFRQVLGHUHGFRPSOHWHZKHQWKHPLQXWHSHULRGKDVHODSVHGRUZKHQWKHVXEMHFWDFKLHYHVD
VDWXUDWLRQRIZKLFKHYHULVDFKLHYHGILUVW7KH ORZHVW2VDWXUDWLRQ UHFRUGHGRYHUWKH
PLQXWHLQWHUYDO ZLOO EHFDSWXUHGLQWKHH&5) 2 VDWXUDWLRQZLOOEHFROOHFWHGDWDOOVWXG\YLVLWV
6XEMHFWVUHTXLULQJLQYDVLYHPHFKDQLFDOYHQWLODWLRQZLOOQRWKDYH2 VDWXUDWLRQPHDVXUHGZKLOH
YHQWLODWHGDQGLWVKRXOGEHUHFRUGHGLQWKHVRXUFHGRFXPHQWDWLRQDVQRWDVVHVVHGDQGWKHUHDVRQ
VKRXOGEHGRFXPHQWHG,ILWLVGHWHUPLQHGE\WKHLQYHVWLJDWRUWKDWLWLVXQVDIHWRUHPRYHWKH
VXEMHFW¶VVXSSOHPHQWDO2IRUDVVHVVPHQWRI2VDWXUDWLRQ HJVXEMHFWLVRQKLJKIORZPDVN
WKHQLW VKRXOGEHUHFRUGHGLQWKHVRXUFHGRFXPHQWDWLRQDVQRWDVVHVVHG DQGWKHUHDVRQVKRXOGEH
GRFXPHQWHG
PPD


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

6DIHW\/DEV
:KHQDYDLODEOHWKHPRVWUHFHQWODERUDWRU\YDOXHVREWDLQHGZLWKLQGD\VSULRUWR6FUHHQLQJ
>9LVLW @PD\EHXVHGIRUHOLJLELOLW\DVVHVVPHQWZLWKWKHH[FHSWLRQRI569UHVXOWVDQG
SUHJQDQF\WHVWLQJ,IDQH[LVWLQJODERUDWRU\YDOXHLVQRWDYDLODEOHIRUHOLJLELOLW\DVVHVVPHQWWKH
WHVWZLOOEHSHUIRUPHGXVLQJWKHORFDOKRVSLWDOODERUDWRU\$OOWHVWLQJRIVDPSOHVREWDLQHGDIWHU
WKH6FUHHQLQJDVVHVVPHQWV ZLOOEHSHUIRUPHGDWDFHQWUDOODERUDWRU\VHOHFWHGE\*6,
7HVWLQJRIEORRGVSHFLPHQVZLOOLQFOXGH:%&ZLWKGLIIHUHQWLDO+JESODWHOHWV %81FUHDWLQLQH
VHUXPDOEXPLQ$67$/7$/3DQG7% DW9LVLWVSUHGRVHDQG 
'D\V  SUHGRVH DQG
$Q\WHVWVKRZLQJDQLQFUHDVHRIVHUXP$/7 RU$67 !î 8/1RU7%!î 8/1ZLOO EH
UHSHDWHG ZLWKLQWRKRXUVIRU$/7$67$/3 DQG7%,IWKHUHSHDWYDOXHV DUHXQFKDQJHG
RUDUH QRUPDOL]LQJPRQLWRULQJZLOO FRQWLQXHDWZHHNO\LQWHUYDOVXQWLOWKHUHVXOWVDUHDFFHSWDEOH
RUQRUPDOL]HG,IDQ\YDOXHKDVLQFUHDVHGIXUWKHULPPHGLDWHFORVHREVHUYDWLRQLVUHTXLUHG,I
FORVHPRQLWRULQJLVQRWSRVVLEOH,03 ZLOOEHGLVFRQWLQXHG
%ORRGVSHFLPHQVIRUVHUXPFUHDWLQLQHZLOOEHFROOHFWHGKRXUVSRVWGRVHDW9LVLWV  DQG 
'D\V DQGIURPVXEMHFWVSDUWLFLSDWLQJLQWKH3.VXEJURXSRQO\
8ULQHRUVHUXPSUHJQDQF\WHVWVZLOORFFXUIRUDOOIHPDOHVRIFKLOGEHDULQJSRWHQWLDO DW6FUHHQLQJ
DQGDWHDFKGRVLQJYLVLW9LVLWVDQGSULRUWRDGPLQLVWUDWLRQRI,03

&KHVW;UD\
*LYHQWKHSRWHQWLDOIRUDSRRURXWFRPHRQFHSURJUHVVLRQWRORZHUUHVSLUDWRU\WUDFWGLVHDVHRFFXUV
LQWKLVSRSXODWLRQD FKHVW;UD\LVJHQHUDOO\SHUIRUPHGDVSDUWRIVWDQGDUGFOLQLFDOHYDOXDWLRQRI
QHZD857,)RUWKLVVWXG\HYDOXDWLRQRIDFKHVW;UD\LVUHTXLUHGDW6FUHHQLQJ$FKHVW;UD\
REWDLQHGKRXUV SULRUWR 6FUHHQLQJPD\EHXVHG2WKHUZLVHDFKHVW;UD\ZLOOQHHGWREH
REWDLQHGDW6FUHHQLQJ
'XULQJWKHFRXUVHRIWKHVWXG\LWLVDQWLFLSDWHG WKDW,QYHVWLJDWRUVZLOOSHUIRUPFKHVW;UD\VDV
SDUWRIVWDQGDUGRIFDUHLIWKHUHLVDQ\FRQFHUQRIDORZHUUHVSLUDWRU\WUDFWFRPSOLFDWLRQ5HVXOWV
IURPFKHVW;UD\V XVHGIRUVFUHHQLQJDQGHOLJLELOLW\LQFOXGLQJWKHFRPSDULVRQFKHVW;UD\DQG
DOOVFDQV GRQHDVSDUWRIVWDQGDUGRIFDUHWRLQFOXGH&7DQGFKHVW;UD\VZKLOHVXEMHFWVDUHRQ
VWXG\ZLOOEHFROOHFWHGDQGVWRUHGHOHFWURQLFDOO\IRUUHYLHZE\WKH$GMXGLFDWLRQ&RPPLWWHH DQGD
SRVVLEOHFHQWUDOUHDG

3ODVPD3.
3KDUPDFRNLQHWLF EORRGVDPSOLQJZLOOEHSHUIRUPHGXVLQJWKHVLWH¶VORFDOSURFHGXUHV DQG
DQDO\]HGDWDFHQWUDOODERUDWRU\3KDUPDFRNLQHWLF EORRGVDPSOHV ZLOOEHSURFHVVHGSODFHGLQ
LQGLYLGXDOWXEHVDQGVWRUHGVKLSSHGWRWKHFHQWUDOODERUDWRU\DVSHULQVWUXFWLRQVRXWOLQHGLQWKH
/DERUDWRU\0DQXDO7KHVHSODVPD3.VDPSOHVPD\DOVREHXVHGWRHYDOXDWHWKHSODVPD3.RI
FRDGPLQLVWHUHGDJHQWVHJ JDQFLFORYLU DF\FORYLU


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
([WHQVLYH3.VDPSOLQJZLOORFFXURQDVXEVHWRIVXEMHFWVXSWRVXEMHFWV WRDGHTXDWHO\
FKDUDFWHUL]H*63.LQWKLVSDWLHQWSRSXODWLRQ6XEMHFWVZLOOKDYHWKHRSWLRQWRHOHFWWR
SDUWLFLSDWHLQ H[WHQVLYH3.VDPSOLQJ DW WKHWLPHRILQIRUPHGFRQVHQW3KDUPDFRNLQHWLF VDPSOHV
ZLOOEH REWDLQHGDWWKHIROORZLQJWLPHSRLQWVGHSHQGLQJRQZKHWKHUWKHVXEMHFWLVSDUWRIWKH3.
VXEVHW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
7DEOH 
3.7LPHSRLQWV
9LVLW
'D\
KU SRVWGRVH
PLQ
9LVLW
'D\
KUV SRVWGRVH
PLQ
9LVLW
'D\
KUV SRVWGRVH
PLQ
9LVLW
'D\
KUV SRVWGRVH
PLQ
9LVLW
'D\
DQ\WLPH
9LVLW
'D\
SUHGRVH
9LVLW
'D\
SUHGRVH
9LVLW
'D\
KUV SRVWGRVH
PLQ
9LVLW
'D\
DQ\WLPH
3.VDPSOHV
;
;
;
;
3.VXEJURXS
VDPSOHV
;
;
;
;
;
;
;
;
;




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

$'9(56((9(176$1'72;,&,7<0$1$*(0(17

'HILQLWLRQV RI$GYHUVH(YHQWV$GYHUVH5HDFWLRQV DQG6HULRXV$GYHUVH
(YHQWV

$GYHUVH(YHQWV
$QDGYHUVHHYHQW$(LVDQ\XQWRZDUGPHGLFDORFFXUUHQFHLQDFOLQLFDOVWXG\VXEMHFW
DGPLQLVWHUHGDPHGLFLQDOSURGXFW ZKLFKGRHVQRWQHFHVVDULO\KDYHDFDXVDOUHODWLRQVKLSZLWKWKH
WUHDWPHQW$Q$(FDQWKHUHIRUHEHDQ\XQIDYRUDEOHDQGRU XQLQWHQGHGVLJQV\PSWRPRUGLVHDVH
WHPSRUDOO\DVVRFLDWHGZLWKWKHXVHRIDPHGLFLQDOSURGXFWZKHWKHURUQRWFRQVLGHUHGUHODWHGWR
WKHPHGLFLQDOSURGXFW $GYHUVHHYHQWVPD\DOVRLQFOXGHSUH RUSRVWWUHDWPHQW FRPSOLFDWLRQVWKDW
RFFXUDVDUHVXOWRISURWRFROVSHFLILHG SURFHGXUHVODFNRIHIILFDF\RYHUGRVH GUXJDEXVHPLVXVH
UHSRUWVRURFFXSDWLRQDOH[SRVXUH 3UHH[LVWLQJHYHQWVWKDWLQFUHDVHLQVHYHULW\RUFKDQJHLQQDWXUH
GXULQJRUDVDFRQVHTXHQFHRISDUWLFLSDWLRQLQWKHFOLQLFDOVWXG\ZLOODOVREHFRQVLGHUHG$(V
$Q$(GRHVQRWLQFOXGHWKHIROORZLQJ

0HGLFDORUVXUJLFDOSURFHGXUHVVXFKDV VXUJHU\HQGRVFRS\WRRWKH[WUDFWLRQ DQG WUDQVIXVLRQ
7KHFRQGLWLRQWKDWOHGWRWKHSURFHGXUHPD\EHDQDGYHUVHHYHQW DQGPXVWEHUHSRUWHG

3UHH[LVWLQJGLVHDVHV FRQGLWLRQV RUODERUDWRU\DEQRUPDOLWLHVSUHVHQWRUGHWHFWHGEHIRUH WKH
6FUHHQLQJYLVLWWKDWGRQRWZRUVHQ

6LWXDWLRQVZKHUHDQXQWRZDUGPHGLFDORFFXUUHQFHKDVQRWRFFXUUHGHJKRVSLWDOL]DWLRQIRU
HOHFWLYHVXUJHU\VRFLDODQGRUFRQYHQLHQFHDGPLVVLRQV

2YHUGRVHZLWKRXW FOLQLFDOVHTXHODH

$Q\PHGLFDOFRQGLWLRQRUFOLQLFDOO\VLJQLILFDQWODERUDWRU\DEQRUPDOLW\ZLWKDQRQVHWGDWH
EHIRUHWKHFRQVHQWIRUPLV VLJQHGDQGQRWUHODWHGWRDSURWRFRODVVRFLDWHGSURFHGXUHLVQRWDQ
$(,WLVFRQVLGHUHGWREHSUHH[LVWLQJDQGVKRXOGEHGRFXPHQWHGRQWKHPHGLFDOKLVWRU\
&5)

6HULRXV$GYHUVH(YHQWV
$VHULRXVDGYHUVHHYHQW 6$(LVGHILQHGDVDQ HYHQWWKDWDWDQ\GRVH UHVXOWVLQWKHIROORZLQJ

'HDWK

/LIHWKUHDWHQLQJ 1RWH7KHWHUP³OLIHWKUHDWHQLQJ´LQWKHGHILQLWLRQRI³VHULRXV´UHIHUVWRDQ
HYHQWLQZKLFKWKHVXEMHFWZDVDWULVNRIGHDWKDWWKHWLPHRIWKHHYHQWLWGRHVQRWUHIHUWRDQ
HYHQWWKDWK\SRWKHWLFDOO\PLJKWKDYHFDXVHGGHDWKLILWZHUHPRUHVHYHUH

,QSDWLHQWKRVSLWDOL]DWLRQRUSURORQJDWLRQRIH[LVWLQJKRVSLWDOL]DWLRQ

3HUVLVWHQWRUVLJQLILFDQWGLVDELOLW\LQFDSDFLW\


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

$FRQJHQLWDODQRPDO\ELUWKGHIHFW

$PHGLFDOO\LPSRUWDQW HYHQW RUUHDFWLRQVXFKHYHQWVPD\QRWEHLPPHGLDWHO\
OLIHWKUHDWHQLQJRUUHVXOWLQGHDWKRUKRVSLWDOL]DWLRQEXWPD\MHRSDUGL]HWKHVXEMHFW RUPD\
UHTXLUHLQWHUYHQWLRQWRSUHYHQWRQHRIWKHRWKHURXWFRPHVFRQVWLWXWLQJ6$(V0HGLFDODQG
VFLHQWLILFMXGJPHQWPXVW EHH[HUFLVHGWRGHWHUPLQH ZKHWKHUVXFKDQHYHQWLVD UHSRUWDEOH
XQGHUH[SHGLWHGUHSRUWLQJUXOHV([DPSOHVRIPHGLFDOO\LPSRUWDQWHYHQWVLQFOXGHLQWHQVLYH
WUHDWPHQWLQDQHPHUJHQF\URRPRUDWKRPHIRUDOOHUJLFEURQFKRVSDVPEORRGG\VFUDVLDVRU
FRQYXOVLRQVWKDWGRQRWUHVXOWLQKRVSLWDOL]DWLRQDQG GHYHORSPHQWRIGUXJGHSHQGHQF\RU
GUXJDEXVH)RUWKHDYRLGDQFHRIGRXEWLQIHFWLRQVUHVXOWLQJIURPFRQWDPLQDWHGPHGLFLQDO
SURGXFWZLOOEHFRQVLGHUHGDPHGLFDOO\LPSRUWDQWHYHQWDQGVXEMHFWWRH[SHGLWHGUHSRUWLQJ
UHTXLUHPHQWV

3URWRFRO6SHFLILF 6HULRXV$GYHUVH(YHQW,QVWUXFWLRQV
3URWRFROVSHFLILF6$(UHSRUWLQJH[HPSWLRQV,QWKLVVWXG\GHDWKUHODWHGWRFOLQLFDOSURJUHVVLRQ
RIXQGHUO\LQJGLVHDVHUHTXLULQJ+&7RUJUDIWIDLOXUHZLOOQRWQHHGWREHUHSRUWHGDVDQ6$(
'HDWKUHODWHGWRFOLQLFDOSURJUHVVLRQ RIXQGHUO\LQJGLVHDVHUHTXLULQJ+&7RUJUDIWIDLOXUHVKRXOG
RQO\EHUHSRUWHGDV6$(VRQWKHH&5)XQOHVVWKHUHLVHYLGHQFHVXJJHVWLQJDFDXVDOUHODWLRQVKLS
EHWZHHQWKH,03 RUVWXG\SURFHGXUH DQGWKHHYHQW ,QWKDWFDVHWKHLQYHVWLJDWRUPXVW
LPPHGLDWHO\UHSRUWWKHHYHQWDVDQ6$(LQDFFRUGDQFHZLWKWKHSURFHGXUHLQ6HFWLRQ  EHORZ
6XFKFOLQLFDOSURJUHVVLRQRUJUDIWIDLOXUH ZKLFKLV DVVHVVHGDVQRWUHODWHGWR,03SURFHGXUHZLOO
EHH[HPSWIURPJOREDOH[SHGLWHGUHSRUWLQJUHTXLUHPHQWVIRUWKHGXUDWLRQRIWKHVWXG\7KHHYHQWV
ZLOOEHFROOHFWHGDQGHYDOXDWHGE\*LOHDGDQGUHSRUWHGDVDSSURSULDWHLQDQ\UHOHYDQWDJJUHJDWH
VDIHW\UHSRUWDV ZHOODVWKHILQDOFOLQLFDOVWXG\UHSRUW
7RPLQLPL]HWKHSRVVLELOLW\RIH[SRVLQJVWXG\VXEMHFWVWRXQXVXDOULVNWKHVDIHW\LQIRUPDWLRQ
IURPWKHVWXG\ZLOODOVREHUHYLHZHGE\DQLQGHSHQGHQW'0&RQDQRQJRLQJEDVLV7KH'0&
PD\KDYHDFFHVVWRSDUWLDOO\EOLQGHGRUXQEOLQGHGGDWDDQGZLOOGHWHUPLQHLILWLVVDIHWRFRQWLQXH
WKHVWXG\DFFRUGLQJWRWKHSURWRFRO

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV
$GYHUVH(YHQWVRU6HULRXV$GYHUVH(YHQWV
/DERUDWRU\DEQRUPDOLWLHVZLWKRXWFOLQLFDO VLJQLILFDQFHDUHQRWUHFRUGHGDV$(VRU6$(V
+RZHYHUODERUDWRU\DEQRUPDOLWLHVHJFOLQLFDOFKHPLVWU\KHPDWRORJ\DQGXULQDO\VLVWKDW
UHTXLUHPHGLFDORUVXUJLFDOLQWHUYHQWLRQRUOHDGWR,03LQWHUUXSWLRQPRGLILFDWLRQRU
GLVFRQWLQXDWLRQPXVWEHUHFRUGHGDVDQ$(DVZHOODVDQ6$(LIDSSOLFDEOH,QDGGLWLRQ
ODERUDWRU\RURWKHUDEQRUPDODVVHVVPHQWVHJHOHFWURFDUGLRJUDP[UD\VYLWDOVLJQVWKDWDUH
DVVRFLDWHGZLWKVLJQVDQGRUV\PSWRPVPXVWEHUHFRUGHGDVDQ$(RU6$(LIWKH\PHHWWKH
GHILQLWLRQRI DQ$(RU6$(DVGHVFULEHGLQ6HFWLRQV  DQG ,IWKHODERUDWRU\
DEQRUPDOLW\LVSDUWRIDV\QGURPHUHFRUG WKHV\QGURPHRUGLDJQRVLVHJ DQHPLDQRWWKH
ODERUDWRU\UHVXOWLHGHFUHDVHGKHPRJORELQ
)RUVSHFLILFLQIRUPDWLRQRQKDQGOLQJRIFOLQLFDOODERUDWRU\DEQRUPDOLWLHVLQWKLVVWXG\SOHDVH
UHIHUWR6HFWLRQ 


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

$VVHVVPHQWRI$GYHUVH(YHQWV DQG6HULRXV$GYHUVH(YHQWV
7KHLQYHVWLJDWRURU DGHVLJQDWHGTXDOLILHGVXELQYHVWLJDWRU LVUHVSRQVLEOHIRUDVVHVVLQJ$(VDQG
6$(VIRUFDXVDOLW\DQGVHYHULW\DQGIRUILQDOUHYLHZDQGFRQILUPDWLRQRIDFFXUDF\RIHYHQW
LQIRUPDWLRQDQGDVVHVVPHQWV

$VVHVVPHQWRI&DXVDOLW\IRU,03 DQG3URFHGXUHV
7KHLQYHVWLJDWRURUDGHVLJQDWHGTXDOLILHGVXELQYHVWLJDWRULVUHVSRQVLEOHIRUDVVHVVLQJWKH
UHODWLRQVKLSWR,03 WKHUDS\XVLQJFOLQLFDOMXGJPHQWDQGWKHIROORZLQJFRQVLGHUDWLRQV

1R (YLGHQFHH[LVWVWKDWWKHDGYHUVHHYHQWKDVDQHWLRORJ\RWKHUWKDQWKH,03)RU6$(VDQ
DOWHUQDWLYHFDXVDOLW\PXVWEHSURYLGHGHJSUHH[LVWLQJFRQGLWLRQXQGHUO\LQJGLVHDVH
LQWHUFXUUHQWLOOQHVVRUFRQFRPLWDQWPHGLFDWLRQ

<HV 7KHUHLVUHDVRQDEOHSRVVLELOLW\WKDWWKHHYHQWPD\KDYHEHHQFDXVHGE\WKH
LQYHVWLJDWLRQDOPHGLFLQDOSURGXFW
,WVKRXOGEHHPSKDVL]HGWKDWLQHIIHFWLYHWUHDWPHQWVKRXOGQRWEHFRQVLGHUHGDVFDXVDOO\UHODWHGLQ
WKHFRQWH[WRIDGYHUVHHYHQWUHSRUWLQJ
7KHUHODWLRQVKLSWRVWXG\SURFHGXUHVHJLQYDVLYHSURFHGXUHVVXFKDVYHQLSXQFWXUHRUELRSV\
VKRXOGEHDVVHVVHGXVLQJWKHIROORZLQJFRQVLGHUDWLRQV

1R(YLGHQFHH[LVWVWKDWWKHDGYHUVHHYHQWKDVDQHWLRORJ\RWKHUWKDQWKHVWXG\SURFHGXUH

<HV 7KHDGYHUVHHYHQWRFFXUUHGDVDUHVXOWRISURWRFROSURFHGXUHV HJ YHQLSXQFWXUH

$VVHVVPHQWRI6HYHULW\
6HYHULW\VKRXOGEHUHFRUGHGDQGJUDGHGDFFRUGLQJWRWKH*6,*UDGLQJ6FDOHIRU6HYHULW\RI
$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV )RU$(VRU6$(VDVVRFLDWHGZLWKODERUDWRU\
DEQRUPDOLWLHVWKHHYHQWVKRXOGEHJUDGHGRQWKHEDVLVRIWKHFOLQLFDOVHYHULW\LQWKHFRQWH[WRI
WKHXQGHUO\LQJFRQGLWLRQVWKLVPD\RUPD\QRWEHLQDJUHHPHQWZLWKWKHJUDGLQJRIWKH
ODERUDWRU\DEQRUPDOLW\

,QYHVWLJDWRU5HTXLUHPHQWVDQG,QVWUXFWLRQVIRU5HSRUWLQJ$GYHUVH(YHQWV
DQG6HULRXV$GYHUVH(YHQWVWR*LOHDG
5HTXLUHPHQWVIRUFROOHFWLRQSULRUWR ,03 LQLWLDWLRQ
$IWHULQIRUPHGFRQVHQWEXWSULRUWRLQLWLDWLRQRIVWXG\PHGLFDWLRQWKHIROORZLQJW\SHVRIHYHQWV
VKRXOGEHUHSRUWHGRQWKHFDVHUHSRUWIRUPH&5)DOO6$(VDQGDGYHUVHHYHQWVUHODWHGWR
SURWRFROPDQGDWHGSURFHGXUHV




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

$VVRRQDVLWLVSRVVLEOHWRGRVRDQ\6$(UHSRUWHGYLDSDSHUPXVWEHWUDQVFULEHGLQWRWKH
H&5)'DWDEDVHDFFRUGLQJWRLQVWUXFWLRQVLQWKHH&5)FRPSOHWLRQJXLGHOLQHV

,IDQ6$(KDVEHHQUHSRUWHGYLDDSDSHUIRUPEHFDXVHWKHH&5)GDWDEDVHKDVEHHQORFNHGQR
IXUWKHUDFWLRQLVQHFHVVDU\

)RUIDWDORUOLIHWKUHDWHQLQJHYHQWVFRSLHVRIKRVSLWDOFDVHUHSRUWVDXWRSV\UHSRUWVDQGRWKHU
GRFXPHQWVDUHDOVR WREHVXEPLWWHGE\ HPDLORUID[ZKHQUHTXHVWHGDQGDSSOLFDEOH
7UDQVPLVVLRQRIVXFKGRFXPHQWVVKRXOGRFFXUZLWKRXWSHUVRQDOVXEMHFWLGHQWLILFDWLRQ
PDLQWDLQLQJ WKHWUDFHDELOLW\RIDGRFXPHQWWRWKHVXEMHFWLGHQWLILHUV

$GGLWLRQDOLQIRUPDWLRQPD\EHUHTXHVWHGWRHQVXUHWKHWLPHO\FRPSOHWLRQRIDFFXUDWHVDIHW\
UHSRUWV

$Q\PHGLFDWLRQVQHFHVVDU\IRUWUHDWPHQWRIWKH6$(PXVWEHUHFRUGHGRQWRWKHFRQFRPLWDQW
PHGLFDWLRQVHFWLRQRIWKHVXEMHFW¶VH&5)DQGWKHHYHQWGHVFULSWLRQVHFWLRQRIWKH6$(IRUP

6LWHSHUVRQQHOVKRXOGUHFRUGDOO6$(GDWDLQWKHH&5)GDWDEDVHIRUWKRVHSURWRFROVSHFLILF
6$(VZKLFKDUHH[HPSWHGIURPH[SHGLWHGUHSRUWLQJUHTXLUHPHQWV6HFWLRQ 7KH\
VKRXOGDOVRWUDQVPLWWKH6$(LQIRUPDWLRQWR*LOHDG'63+LIWKH6$(VDUHDVVHVVHGE\WKH
LQYHVWLJDWRUDVUHODWHGWRWKH,03 RUVWXG\SURFHGXUH

*LOHDG5HSRUWLQJ5HTXLUHPHQWV
'HSHQGLQJRQUHOHYDQWORFDOOHJLVODWLRQRUUHJXODWLRQVLQFOXGLQJWKHDSSOLFDEOH86)'$&RGHRI
)HGHUDO5HJXODWLRQVWKH(8 &OLQLFDO7ULDOV'LUHFWLYH(&DQGUHOHYDQWXSGDWHVDQG
RWKHUFRXQWU\VSHFLILFOHJLVODWLRQRUUHJXODWLRQV*LOHDGPD\EH UHTXLUHGWRH[SHGLWHWR
ZRUOGZLGHUHJXODWRU\DJHQFLHV UHSRUWVRI6$(VVHULRXVDGYHUVHGUXJUHDFWLRQV6$'5V RU
VXVSHFWHGXQH[SHFWHGVHULRXVDGYHUVHUHDFWLRQV686$5V ,QDFFRUGDQFHZLWKWKH
(8 &OLQLFDO 7ULDOV'LUHFWLYH(&*LOHDGRUDVSHFLILHGGHVLJQHHZLOOQRWLI\ZRUOGZLGH
UHJXODWRU\DJHQFLHV DQGWKHUHOHYDQW ,QGHSHQGHQW(WKLFV&RPPLWWHH,(& LQFRQFHUQHG
0HPEHU 6WDWHVRIDSSOLFDEOH686$5V DVRXWOLQHGLQFXUUHQWUHJXODWLRQV
$VVHVVPHQWRIH[SHFWHGQHVVIRU 6$(VZLOOEHGHWHUPLQHGE\*LOHDGXVLQJUHIHUHQFHVDIHW\
LQIRUPDWLRQVSHFLILHGLQWKHFXUUHQW*6,% RUUHOHYDQWORFDOODEHODVDSSOLFDEOH
$OOLQYHVWLJDWRUVZLOOUHFHLYHDVDIHW\OHWWHUQRWLI\LQJWKHPRIUHOHYDQW686$5UHSRUWV DVVRFLDWHG
ZLWKDQ\VWXG\,037KHLQYHVWLJDWRUVKRXOGQRWLI\WKH,5%RU,(&RI686$5UHSRUWVDVVRRQDV
LVSUDFWLFDOZKHUHWKLVLVUHTXLUHGE\ORFDOUHJXODWRU\DJHQFLHVDQGLQDFFRUGDQFHZLWKWKHORFDO
LQVWLWXWLRQDOSROLF\

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV
$GYHUVH (YHQWVRU6HULRXV$GYHUVH(YHQWV
/DERUDWRU\DEQRUPDOLWLHVDUHXVXDOO\QRWUHFRUGHGDV$(VRU6$(V+RZHYHUODERUDWRU\
DEQRUPDOLWLHVHJFOLQLFDOFKHPLVWU\KHPDWRORJ\LQGHSHQGHQWRIWKHXQGHUO\LQJPHGLFDO
FRQGLWLRQWKDWUHTXLUHPHGLFDORUVXUJLFDOLQWHUYHQWLRQRUOHDGWR,03LQWHUUXSWLRQRU
GLVFRQWLQXDWLRQPXVWEHUHFRUGHGDVDQ$(DVZHOODVDQ6$(LIDSSOLFDEOH,QDGGLWLRQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
ODERUDWRU\RURWKHUDEQRUPDODVVHVVPHQWVHJYLWDOVLJQVWKDWDUHDVVRFLDWHGZLWKVLJQVDQGRU
V\PSWRPVPXVWEHUHFRUGHGDVDQ$(RU6$(LIWKH\PHHWWKHGHILQLWLRQRIDQ$(RU6$(
UHVSHFWLYHO\DVGHVFULEHGLQ6HFWLRQ ,IWKHODERUDWRU\DEQRUPDOLW\LVSDUWRIDV\QGURPH
UHFRUGWKHV\QGURPHRUGLDJQRVLVLHDQHPLD QRWWKHODERUDWRU\UHVXOW
LH GHFUHDVHG KHPRJORELQ
6HYHULW\VKRXOGEHUHFRUGHGDQGJUDGHGDFFRUGLQJWRWKH*6,*UDGLQJ6FDOHIRU6HYHULW\RI
$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV$SSHQGL[ )RU$(VRU6$(VDVVRFLDWHGZLWK
ODERUDWRU\DEQRUPDOLWLHVWKHHYHQWVKRXOGEHJUDGHGRQWKHEDVLVRIWKHFOLQLFDOVHYHULW\LQWKH
FRQWH[WRI WKHXQGHUO\LQJFRQGLWLRQVWKLVPD\RUPD\QRWEHLQDJUHHPHQWZLWKWKHJUDGLQJRI
WKHODERUDWRU\DEQRUPDOLW\

7R[LFLW\0DQDJHPHQW
$OOFOLQLFDODQGFOLQLFDOO\VLJQLILFDQWODERUDWRU\WR[LFLWLHVZLOOEHPDQDJHGDFFRUGLQJWRXQLIRUP
JXLGHOLQHVGHWDLOHGLQ$SSHQGL[ 
$Q\TXHVWLRQVUHJDUGLQJWR[LFLW\PDQDJHPHQWVKRXOGEHGLUHFWHG WRWKH*LOHDG 6FLHQFHV
0HGLFDO 0RQLWRU

6SHFLDO6LWXDWLRQV5HSRUWV

'HILQLWLRQVRI6SHFLDO6LWXDWLRQV
6SHFLDOVLWXDWLRQUHSRUWVLQFOXGHDOOUHSRUWVRIPHGLFDWLRQHUURUDEXVHPLVXVHRYHUGRVHUHSRUWV
RIDGYHUVHHYHQWVDVVRFLDWHGZLWKSURGXFWFRPSODLQWV DQGSUHJQDQF\UHSRUWVUHJDUGOHVVRIDQ
DVVRFLDWHG$(
0HGLFDWLRQHUURULVDQ\XQLQWHQWLRQDOHUURULQWKHSUHVFULELQJGLVSHQVLQJ RUDGPLQLVWUDWLRQRID
PHGLFLQDOSURGXFWZKLOHLQWKHFRQWURORIWKHKHDOWKFDUHSURYLGHUVXEMHFW RUFRQVXPHU
$EXVHLVGHILQHGDVSHUVLVWHQWRUVSRUDGLFLQWHQWLRQDOH[FHVVLYHXVHRIDPHGLFLQDOSURGXFWE\D
VXEMHFW
0LVXVHLVGHILQHGDVDQ\LQWHQWLRQDO DQG LQDSSURSULDWHXVH RIDPHGLFLQDOSURGXFWWKDWLVQRWLQ
DFFRUGDQFHZLWKWKHSURWRFROLQVWUXFWLRQVRUWKHORFDOSUHVFULELQJLQIRUPDWLRQ
$QRYHUGRVH LVGHILQHGDV DQDFFLGHQWDORULQWHQWLRQDODGPLQLVWUDWLRQRIDTXDQWLW\RIDPHGLFLQDO
SURGXFWJLYHQSHUDGPLQLVWUDWLRQRUFXPXODWLYHO\ZKLFKLVDERYHWKHPD[LPXPUHFRPPHQGHG
GRVHDVSHUSURWRFRORULQWKHSURGXFWODEHOOLQJDVLWDSSOLHVWRWKHGDLO\GRVHRIWKHVXEMHFW
LQ TXHVWLRQ ,QFDVHVRIDGLVFUHSDQF\LQGUXJDFFRXQWDELOLW\RYHUGRVHZLOOEHHVWDEOLVKHGRQO\
ZKHQLWLVFOHDUWKDWWKHVXEMHFWKDVWDNHQWKHH[FHVVGRVHV2YHUGRVHFDQQRWEHHVWDEOLVKHG
ZKHQWKHVXEMHFWFDQQRWDFFRXQWIRUWKHGLVFUHSDQF\H[FHSWLQFDVHVLQZKLFKWKHLQYHVWLJDWRUKDV
UHDVRQWRVXVSHFWWKDWWKHVXEMHFWKDVWDNHQWKHDGGLWLRQDOGRVHV
3URGXFWFRPSODLQWLVGHILQHGDVFRPSODLQWV DULVLQJIURPSRWHQWLDOGHYLDWLRQVLQWKHPDQXIDFWXUH
SDFNDJLQJRUGLVWULEXWLRQRIWKHPHGLFLQDOSURGXFW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

,QVWUXFWLRQVIRU5HSRUWLQJ6SHFLDO6LWXDWLRQV

,QVWUXFWLRQVIRU5HSRUWLQJ3UHJQDQFLHV
7KHLQYHVWLJDWRUVKRXOGUHSRUWSUHJQDQFLHVLQIHPDOHVWXG\VXEMHFWVWKDWDUHLGHQWLILHGDIWHU
LQLWLDWLRQ RIVWXG\PHGLFDWLRQDQGWKURXJKRXWWKHVWXG\LQFOXGLQJWKHSRVW,03 IROORZXSSHULRG
WRWKH*LOHDG'63+XVLQJWKHSUHJQDQF\UHSRUWIRUPZLWKLQKRXUVRIEHFRPLQJDZDUHRIWKH
SUHJQDQF\
5HIHUWR6HFWLRQ  DQGWKH H&5)FRPSOHWLRQJXLGHOLQHVIRUIXOOLQVWUXFWLRQVRQWKHPHFKDQLVP
RISUHJQDQF\UHSRUWLQJ
7KHSUHJQDQF\LWVHOILVQRWFRQVLGHUHGDQ$(QRULVDQLQGXFHGHOHFWLYHDERUWLRQWRWHUPLQDWHD
SUHJQDQF\ZLWKRXWPHGLFDOUHDVRQV
$Q\SUHPDWXUHWHUPLQDWLRQRISUHJQDQF\HJDVSRQWDQHRXVDERUWLRQDQLQGXFHGWKHUDSHXWLF
DERUWLRQGXHWRFRPSOLFDWLRQVRURWKHUPHGLFDOUHDVRQVPXVWEHUHSRUWHGZLWKLQ KRXUVDVDQ
6$(7KHXQGHUO\LQJPHGLFDOUHDVRQIRUWKLVSURFHGXUHVKRXOGEHUHFRUGHGDVWKH$( WHUP
$VSRQWDQHRXVDERUWLRQLVDOZD\VFRQVLGHUHGWREHDQ6$(DQGZLOOEHUHSRUWHGDVGHVFULEHGLQ
6HFWLRQ )XUWKHUPRUHDQ\6$(RFFXUULQJDVDQDGYHUVHSUHJQDQF\RXWFRPHSRVWVWXG\ PXVW
EHUHSRUWHGWR*LOHDG'63+
7KHVXEMHFWVKRXOGUHFHLYHDSSURSULDWHPRQLWRULQJDQGFDUHXQWLOWKHFRQFOXVLRQRIWKH
SUHJQDQF\7KHRXWFRPHVKRXOGEHUHSRUWHGWR*LOHDG'63+XVLQJWKHSUHJQDQF\RXWFRPHUHSRUW
IRUP,IWKHHQGRIWKHSUHJQDQF\RFFXUVDIWHUWKHVWXG\KDVEHHQFRPSOHWHGWKHRXWFRPHVKRXOG
EHUHSRUWHGGLUHFWO\WR*LOHDG'63+*LOHDG'63+FRQWDFWLQIRUPDWLRQLVSURYLGHGLQ
6HFWLRQ 
3UHJQDQFLHVRIIHPDOHSDUWQHUVRIPDOHVWXG\VXEMHFWVH[SRVHGWR*LOHDGRURWKHULQYHVWLJDWLRQDO
DJHQWV PXVWDOVREHUHSRUWHGDQGUHOHYDQWLQIRUPDWLRQVKRXOGEHVXEPLWWHG*LOHDG'63+XVLQJ
WKHSUHJQDQF\DQGSUHJQDQF\RXWFRPHIRUPVZLWKLQ KRXUV0RQLWRULQJRIWKHVXEMHFWVKRXOG
FRQWLQXHXQWLOWKHFRQFOXVLRQRIWKHSUHJQDQF\,IWKHHQGRIWKHSUHJQDQF\RFFXUVDIWHUWKHVWXG\
KDVEHHQFRPSOHWHGWKHRXWFRPHVKRXOGEH UHSRUWHGGLUHFWO\WR*LOHDG'63+
5HIHUWR$SSHQGL[  IRU3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDO
DQG&RQWUDFHSWLYH5HTXLUHPHQWV

5HSRUWLQJ2WKHU6SHFLDO6LWXDWLRQV
$OORWKHUVSHFLDOVLWXDWLRQUHSRUWVPXVWEHUHSRUWHGRQWKHVSHFLDOVLWXDWLRQVUHSRUWIRUPDQG
IRUZDUGHGWR *LOHDG'63+ZLWKLQKRXUVRIWKHLQYHVWLJDWRUEHFRPLQJDZDUHRIWKHVLWXDWLRQ
7KHVHUHSRUWVPXVWFRQVLVWRIVLWXDWLRQVWKDWLQYROYHVWXG\,03 DQGRU*LOHDGFRQFRPLWDQW
PHGLFDWLRQVEXWGRQRWDSSO\WRQRQ*LOHDGFRQFRPLWDQWPHGLFDWLRQV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
6SHFLDOVLWXDWLRQVLQYROYLQJQRQ*LOHDGFRQFRPLWDQWPHGLFDWLRQVGRHV QRWQHHGWREHUHSRUWHG RQ
WKHVSHFLDOVLWXDWLRQVUHSRUWIRUPKRZHYHUIRUVSHFLDOVLWXDWLRQVWKDWUHVXOWLQ$(V GXHWRD
QRQ*LOHDGFRQFRPLWDQWPHGLFDWLRQWKH$(VKRXOGEHUHSRUWHGLQWKHH&5)V
$Q\LQDSSURSULDWHXVHRIFRQFRPLWDQWPHGLFDWLRQVSURKLELWHGE\WKLVSURWRFROVKRXOGQRWEH
UHSRUWHGDV³PLVXVH´EXWPD\EHPRUHDSSURSULDWHO\GRFXPHQWHGDVDSURWRFROGHYLDWLRQ
5HIHUWR6HFWLRQ  DQGWKHH&5)FRPSOHWLRQJXLGHOLQHVIRUIXOOLQVWUXFWLRQVRQWKHPHFKDQLVP
RIVSHFLDOVLWXDWLRQVUHSRUWLQJ
$OOFOLQLFDOVHTXHODHLQUHODWLRQWR WKHVHVSHFLDOVLWXDWLRQUHSRUWVZLOOEHUHSRUWHGDV$(VRU6$(V
DW WKHVDPHWLPHXVLQJWKH$(H&5)DQGRUWKH6$(UHSRUWIRUP'HWDLOVRIWKHV\PSWRPVDQG
VLJQVFOLQLFDOPDQDJHPHQWDQGRXWFRPHZLOOEHUHSRUWHGZKHQDYDLODEOH


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

67$7,67,&$/&216,'(5$7,216

$QDO\VLV2EMHFWLYHVDQG(QGSRLQWV

$QDO\VLV2EMHFWLYHV
7KHSULPDU\REMHFWLYHRIWKLVVWXG\LV

7RHYDOXDWHWKHHIIHFW RI*6RQ569YLUDOORDGLQ569SRVLWLYHDXWRORJRXVRU
DOORJHQHLF+&7UHFLSLHQWVZLWKDFXWH857, V\PSWRPV
7KHVHFRQGDU\REMHFWLYHVRIWKLVVWXG\DUH

7RHYDOXDWHWKHHIIHFWRI*6RQ GHYHORSPHQWRI/57& SURJUHVVLRQWRUHVSLUDWRU\
IDLOXUHDQGDOOFDXVHPRUWDOLW\

7RHYDOXDWHWKH3.VDIHW\DQGWROHUDELOLW\RI*6

3ULPDU\(QGSRLQW
7KHSULPDU\HQGSRLQWLVWKHWLPHZHLJKWHGDYHUDJH FKDQJHLQQDVDO569YLUDOORDG
ORJ FRSLHVP/IURP%DVHOLQH 'D\ WR'D\ DVPHDVXUHGE\57T3&5 7KHWLPHZHLJKWHG
DYHUDJH FKDQJHLQQDVDO569YLUDOORDG IURP%DVHOLQH WR'D\ LVGHILQHGDV
∑
  ሼ0.5 ൈ ሺܻ௜൅ܻ௜ାଵሻൈሺݐ௜ାଵെݐ௜ሻሽ 
௕ିଵ
௜ୀ௔
ሺݐ௕െݐ௔ሻ
ZKHUH<L LVWKHFKDQJHIURP%DVHOLQH LQ569ORJ YLUDOORDGDW9LVLW LW LVWKHWLPHDWWKH
VSHFLILHGWLPHSRLQWD LVWKHEDVHOLQH DVVHVVPHQWDW'D\DQG E LVWKHODVWDVVHVVPHQWDWRUSULRU
WR'D\  7KHWLPHZHLJKWHGDYHUDJHFKDQJHRIWHQUHIHUUHGWRDVWKH'$9*SURYLGHVWKH
DYHUDJHYLUDOEXUGHQLQFKDQJHIURPEDVHOLQH GXULQJWKHWLPHSHULRG RILQWHUHVW

6HFRQGDU\(QGSRLQW
6HFRQGDU\HQGSRLQWVDUH

3URSRUWLRQRIVXEMHFWVZKRGHYHORSD /57& WKURXJK'D\ GHILQHGDVRQHRIWKHEHORZDV
GHWHUPLQHGE\WKHDGMXGLFDWLRQFRPPLWWHH
3ULPDU\569/57,
6HFRQGDU\EDFWHULDO/57,
/RZHUUHVSLUDWRU\WUDFWLQIHFWLRQGXHWRXQXVXDOSDWKRJHQV
/RZHUUHVSLUDWRU\WUDFWLQIHFWLRQQRQLQIHFWLRXVRURIXQNQRZQHWLRORJ\




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

$QDO\VLV&RQYHQWLRQV

$QDO\VLV6HWV

(IILFDF\
7KHIXOODQDO\VLVVHW)$6ZLOOLQFOXGHVXEMHFWVZKRKDYHDQ569ORJ YLUDOORDGJUHDWHUWKDQ
RUHTXDOWRWKH//24RIWKH57T3&5DVVD\LQWKHSUHGRVH'D\ QDVDOVDPSOHDVGHWHUPLQHG
E\57T3&5DWWKHFHQWUDOODEDQGKDYHUHFHLYHG DWOHDVW IXOOGRVHRI,03 7KHSULPDU\
DQDO\VLVVHWIRUHIILFDF\DQDO\VLVZLOOEHWKHHYDOXDEOHDQDO\VLVVHWZKLFKZLOO LQFOXGHWKRVH LQWKH
)$6ZLWKHYDOXDEOHQDVDOVDPSOHVIRU569YLUDOORDGE\'D\ LQFOXGLQJ%DVHOLQH

6DIHW\
7KHSULPDU\DQDO\VLVVHWIRUVDIHW\DQDO\VHVLV GHILQHGDVDOOVXEMHFWVZKRUHFHLYHG DWOHDVWD
IXOO GRVHRI,03
$OOGDWDFROOHFWHGGXULQJWUHDWPHQWZLOOEHLQFOXGHGLQWKHVDIHW\VXPPDULHV

3KDUPDFRNLQHWLFV
7KH3. DQDO\VLVVHWZLOOLQFOXGHDOOVXEMHFWVLQWKHVDIHW\ DQDO\VLVVHWZKRKDYHHYDOXDEOH
RQVWXG\3.PHDVXUHPHQWV

'DWD+DQGOLQJ&RQYHQWLRQV
0LVVLQJGDWDFDQKDYHDQLPSDFWXSRQWKHLQWHUSUHWDWLRQRIWKHWULDOGDWD$VWKLVVWXG\LVRIVKRUW
GXUDWLRQLWLVDQWLFLSDWHGWKDWPLVVLQJGDWDZLOOEHPLQLPDO,QJHQHUDOYDOXHVIRUPLVVLQJGDWD
ZLOOQRWEHLPSXWHG)RUODERUDWRU\GDWDDPLVVLQJ%DVHOLQH YDOXHZLOOEHUHSODFHGZLWKD
VFUHHQLQJYDOXHLIDYDLODEOHRWKHUZLVHLWZLOOEHWUHDWHGDVQRUPDOLH *UDGH 
QR WR[LFLW\ JUDGHIRUWKHVXPPDU\RIJUDGHGODERUDWRU\DEQRUPDOLWLHV$UHWHVWYDOXHPD\EH
XVHGLIWKHILUVWWHVWLVLQYDOLGDWHGHJVSHFLPHQKHPRO\]HG
9DOXHVZLOOQRWEHLPSXWHGIRUPLVVLQJYLWDOVLJQDQGRWKHUVDIHW\GDWDKRZHYHUDPLVVLQJ
%DVHOLQH YDOXHZLOOEHUHSODFHGZLWKD6FUHHQLQJYDOXHLI DYDLODEOH
'HWDLOVIRUWKHKDQGOLQJRIPLVVLQJGDWDGXHWRVXEMHFWGLVFRQWLQXDWLRQRURWKHUUHDVRQVLQFOXGLQJ
XQXVDEOHDQGVSXULRXVGDWDDQGUXOHVIRUGHWHUPLQLQJPDMRUDQGPLQRUSURWRFROGHYLDWLRQVZLOO
EHGHVFULEHGLQWKH6$3
$OODYDLODEOHGDWDIRUVXEMHFWVWKDWGRQRWFRPSOHWHWKHVWXG\ZLOOEH LQFOXGHGLQWKHGDWDOLVWLQJV
7DEOHVWKDWLQFOXGHERWKLQGLYLGXDOVXEMHFW3.GDWDDQGVXPPDU\VWDWLVWLFVZLOOSUHVHQWDOO
DYDLODEOHGDWDEXWRQO\VXEMHFWVLQWKH3.DQDO\VLVZLOOEHLQFOXGHGLQWKHVXPPDU\VWDWLVWLFV
9LUDOORDGGDWDZLOOEHORJWUDQVIRUPHGSULRUWRDQDO\VHV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

'HPRJUDSKLF 'DWDDQG%DVHOLQH &KDUDFWHULVWLFV
'HPRJUDSKLFDQG%DVHOLQH PHDVXUHPHQWVZLOOEHVXPPDUL]HGXVLQJVWDQGDUGGHVFULSWLYH
PHWKRGV
'HPRJUDSKLFVXPPDULHVZLOOLQFOXGHVH[UDFHHWKQLFLW\ UDQGRPL]DWLRQVWUDWLILFDWLRQJURXSDQG
DJH
%DVHOLQH GDWDZLOOLQFOXGHDVXPPDU\RI ERG\ZHLJKWKHLJKW%0,DQGEDVHOLQHGLVHDVH
FKDUDFWHULVWLFV
)RUFDWHJRULFDOGHPRJUDSKLFDQG%DVHOLQH FKDUDFWHULVWLFVD )LVKHU¶VH[DFWWHVWZLOOEHXVHGWR
FRPSDUHWUHDWPHQWJURXSV)RUFRQWLQXRXVGHPRJUDSKLFDQG%DVHOLQH FKDUDFWHULVWLFVD
:LOFR[RQ UDQNVXPWHVWZLOOEHXVHGWRFRPSDUHWUHDWPHQWJURXSV

(IILFDF\$QDO\VLV

3ULPDU\$QDO\VLV
7KHSULPDU\HQGSRLQWLVWKHWLPHZHLJKWHGDYHUDJH FKDQJHLQ QDVDO569YLUDOORDG
ORJ FRSLHVP/IURP'D\WR'D\ 7KHSULPDU\DQDO\VLVZLOOEHSHUIRUPHGRQVXEMHFWV
LQFOXGHGLQWKHHIILFDF\HYDOXDEOHSRSXODWLRQ7RWHVWWKHQXOOK\SRWKHVLVWKDWWKHUHLVQR
GLIIHUHQFHEHWZHHQWKH*6DQGSODFHERWUHDWPHQWJURXSVLQWKHWLPHZHLJKWHGDYHUDJH
FKDQJHLQYLUDOORDGDSDUDPHWULFDQDO\VLVRIFRYDULDQFH$1&29$PRGHOZLWKFRUUHVSRQGLQJ
EDVHOLQH YLUDOORDGDQGUDQGRPL]DWLRQVWUDWLILFDWLRQIDFWRUVDVFRYDULDWHV ZLOOEHXVHGZLWKD
VLGHGOHYHO $GMXVWHGPHDQVDQG FRQILGHQFHLQWHUYDOV&,VZLOODOVREHSUHVHQWHG ,I
VWUDWLILFDWLRQOHDGVWRVPDOOFHOOVL]HVDPRGLILFDWLRQWRWKHVWUDWLILFDWLRQZKLFKZLOOEHGHVFULEHG
LQWKH6$3ZLOOEHLPSOHPHQWHG

6HFRQGDU\$QDO\VHV
7KH)$6 DQDO\VLVVHWZLOOEHXVHGIRUDOOVXPPDULHVDQGDQDO\VHVRIVHFRQGDU\HQGSRLQWV$OO
VHFRQGDU\HQGSRLQWVZLOOEHDQDO\]HGXVLQJVLGHGWHVWVWRFRPSDUHWUHDWPHQWGLIIHUHQFHV
7KHSURSRUWLRQRIVXEMHFWVZKRGHYHORS/57&WKURXJK'D\WKHSURSRUWLRQRIVXEMHFWV ZKR
GHYHORSUHVSLUDWRU\IDLOXUHUHTXLULQJPHFKDQLFDOYHQWLODWLRQ WKURXJK'D\ DQGWKHSURSRUWLRQ
RIDOOFDXVHPRUWDOLW\DPRQJVXEMHFWVWKURXJK'D\ZLOOHDFKEHDQDO\]HGXVLQJD&RFKUDQ
0DQWHO+DHQV]HOWHVWVWUDWLILHGE\UDQGRPL]DWLRQVWUDWLILFDWLRQIDFWRUV ,IVWUDWLILFDWLRQOHDGVWR
VPDOOFHOOVL]HVDPRGLILFDWLRQWRWKHVWUDWLILFDWLRQZKLFKZLOOEHGHVFULEHGLQWKH6$3ZLOOEH
LPSOHPHQWHG






*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
,QFLGHQFHRIWUHDWPHQWHPHUJHQWODERUDWRU\DEQRUPDOLWLHVGHILQHGDVYDOXHVWKDWLQFUHDVHDWOHDVW
 WR[LFLW\JUDGHIURP%DVHOLQH DWDQ\WLPHSRVW%DVHOLQH XSWRDQGLQFOXGLQJ'D\ ZLOOEH
VXPPDUL]HGE\WUHDWPHQWJURXS,I%DVHOLQH GDWDDUHPLVVLQJWKHQDQ\JUDGHGDEQRUPDOLW\
LH DW OHDVWD*UDGH ZLOOEHFRQVLGHUHGWUHDWPHQWHPHUJHQW
/DERUDWRU\DEQRUPDOLWLHVWKDWRFFXUEHIRUHWKHILUVWGRVHRI,03RUDIWHUWKHVXEMHFWKDVEHHQ
GLVFRQWLQXHGIURPWUHDWPHQWIRUDWOHDVWGD\VZLOOEHLQFOXGHGLQDGDWDOLVWLQJ

2WKHU6DIHW\(YDOXDWLRQV
9LWDOVLJQVGDWDZLOOEHVXPPDUL]HGXVLQJGHVFULSWLYHVWDWLVWLFVE\WKHREVHUYHGGDWDDQGE\WKH
FKDQJHIURP%DVHOLQH DWHDFKWLPHSRLQW

3KDUPDFRNLQHWLF$QDO\VLV
,QGLYLGXDOVXEMHFW*6FRQFHQWUDWLRQWLPHGDWDZLOOEHGLVSOD\HGXVLQJVFKHGXOHGVDPSOLQJ
WLPHV'HVFULSWLYHVWDWLVWLFVHJQPHDQVWDQGDUGGHYLDWLRQ&9PHGLDQDQGUDQJHZLOOEH
FDOFXODWHGIRUHDFKVDPSOLQJWLPH
)RU3.VXEJURXSSODVPDFRQFHQWUDWLRQVRI*6RYHUWLPHZLOOEHSORWWHGLQ
VHPLORJDULWKPLFDQGOLQHDUIRUPDWVDVPHDQ 6'DQGSODVPDFRQFHQWUDWLRQWLPHGDWDIRUHDFK
VXEMHFWZLOOEHDQDO\]HGXVLQJVWDQGDUGQRQFRPSDUWPHQWDOPHWKRGV 3KDUPDFRNLQHWLF
SDUDPHWHUV&PD[7PD[&ODVW7ODVW$8&7ò&/) DQG9])DVDSSURSULDWH ZLOOEHOLVWHGDQG
VXPPDUL]HGIRU*6 XVLQJGHVFULSWLYH VWDWLVWLFV
3.3'UHODWLRQVKLSPD\EHH[SORUHGDVDSSURSULDWH

6DPSOH6L]H
6DPSOHVL]HFDOFXODWLRQVDUHEDVHGRQUHVXOWVREVHUYHGLQDVWXG\WKDWHYDOXDWHG WKHHIILFDF\ RI
RUDODQGDHURVROL]HGULEDYLULQWUHDWPHQWIRUSUHYHQWLQJSURJUHVVLRQIURPXSSHUWRORZHU
UHVSLUDWRU\WUDFWLQIHFWLRQLQKHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWVZLWK569LQIHFWLRQV
XQSXEOLVKHGGDWDIURP'U
7KHVDPSOHVL]HFDOFXODWLRQDVVXPHVWKH
WLPHZHLJKWHGDYHUDJH FKDQJHLQ 569 ORJ YLUDOORDGIURP'D\WR'D\ LQWKHSODFHERJURXS
ZLOOEH ORJ FRSLHVP/ ZLWKDFRUUHVSRQGLQJVWDQGDUGGHYLDWLRQ6'RI DQGWKDW
 RI WKH VXEMHFWVZLOOEHHYDOXDEOH%DVHGRQWKHVHDVVXPSWLRQVZLWK HYDOXDEOH VXEMHFWV
SHUJURXSWKHUHLVRYHU SRZHUWRGHWHFWD ORJ GLIIHUHQFHLQWLPHZHLJKWHGDYHUDJH FKDQJH
LQORJ YLUDOORDGEHWZHHQWUHDWPHQWJURXSVXVLQJDVLGHGOHYHOWHVW*LYHQDQ
HYDOXDEOH UDWHRIDWRWDORIVXEMHFWVZLOOQHHGWREHUDQGRPL]HGLQWRWKHVWXG\

'DWD0RQLWRULQJ&RPPLWWHH
$QH[WHUQDOPXOWLGLVFLSOLQDU\GDWDPRQLWRULQJFRPPLWWHH'0&ZLOOUHYLHZWKHSURJUHVVRIWKH
VWXG\DQGSHUIRUPLQWHULPUHYLHZVRIVDIHW\DQGHIILFDF\GDWD DVVSHFLILHGLQWKH'0&FKDUWHU
DQGSURYLGHUHFRPPHQGDWLRQWR*LOHDGZKHWKHUWKHQDWXUHIUHTXHQF\DQGVHYHULW\RIDGYHUVH
HIIHFWVDVVRFLDWHGZLWKVWXG\WUHDWPHQWZDUUDQWWKHHDUO\WHUPLQDWLRQRIWKHVWXG\LQWKHEHVW
LQWHUHVWVRIWKHSDUWLFLSDQWVZKHWKHUWKHVWXG\VKRXOGFRQWLQXHDVSODQQHG RUWKHVWXG\VKRXOG
FRQWLQXHZLWKPRGLILFDWLRQV
PPD


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
7KH'0&¶VVSHFLILFDFWLYLWLHVZLOOEHGHILQHGE\DPXWXDOO\DJUHHGFKDUWHUZKLFKZLOOGHILQHWKH
'0&¶VPHPEHUVKLSFRQGXFWDQGPHHWLQJVFKHGXOH
:KLOHWKH'0&ZLOO EHDVNHGWRDGYLVH*LOHDGUHJDUGLQJIXWXUHFRQGXFWRIWKHVWXG\LQFOXGLQJ
SRVVLEOHHDUO\VWXG\WHUPLQDWLRQ*LOHDGUHWDLQVILQDOGHFLVLRQPDNLQJDXWKRULW\RQ DOODVSHFWVRI
WKHVWXG\

(QGSRLQW$GMXGLFDWLRQ&RPPLWWHH
%OLQGHGUHYLHZHUVZLOOUHYLHZUHODWHGFOLQLFDO GDWDWRGHWHUPLQHZKHWKHUDORZHUUHVSLUDWRU\WUDFW
FRPSOLFDWLRQ KDVGHYHORSHG7KHVHFOLQLFDOGDWDLH YLWDOVLJQVFOLQLFDOQRWHVUDGLRORJ\UHSRUWV
>LQFOXGLQJ HFKRFDUGLRJUDPV@DQGPLFURELRORJ\UHVXOWVZLOOEHXVHGWRGHWHUPLQHLIRQHRIWKH
IROORZLQJKDVRFFXUUHGH[FOXGLQJRWKHUFDXVHVVXFKDVSXOPRQDU\HPEROLVPFDUGLRJHQLFVKRFN
KHDUWIDLOXUHDQGIOXLGRYHUORDG

3ULPDU\569/57,

6HFRQGDU\EDFWHULDO/57,

/RZHUUHVSLUDWRU\WUDFWLQIHFWLRQGXHWRXQXVXDOSDWKRJHQV

/RZHUUHVSLUDWRU\WUDFWLQIHFWLRQQRQLQIHFWLRXVRURIXQNQRZQHWLRORJ\
'HWDLOHGGHILQLWLRQVIRUHDFKRIWKHDERYH GLDJQRVHVZLOOEHSURYLGHGWRWKHDGMXGLFDWLRQ
FRPPLWWHHLQWKH$GMXGLFDWLRQ&RPPLWWHH&KDUWHU

,QWHULP$QDO\VLV
7ZRXQEOLQGHG LQWHULPHIILFDF\DQDO\VHVRIWKHSULPDU\HQGSRLQWWLPHZHLJKWHGDYHUDJH FKDQJH
LQ569ORJYLUDOORDGIURP'D\WKURXJK'D\ DQGWKHVHFRQGDU\HQGSRLQWVZLOOEH
FRQGXFWHGDIWHUDSSUR[LPDWHO\ DQGRIWKHVXEMHFWVKDYHEHHQHQUROOHGDQGUHDFK'D\ 
VHH 6HFWLRQ 7KHLQWHULPDQDO\VHVZLOOEHXVHGWRLQIRUP GHFLVLRQPDNLQJIRUWKH
*6GUXJGHYHORSPHQWSURJUDP$WWKHVHLQWHULPDQDO\VHVHIILFDF\RI*6ZLOOEH
FRPSDUHGWRSODFHERDVPHDVXUHGE\WKHWLPHZHLJKWHGDYHUDJH FKDQJHLQORJYLUDOORDGIURP
'D\ WKURXJK'D\DWWKHVLGHGVLJQLILFDQFHOHYHOEDVHGRQ+D\ELWWOH3HWRERXQGDULHV
$WWKHILUVW LQWHULPDQDO\VLVZLWKVXEMHFWVWKHQXOOK\SRWKHVLVZLOOEHUHMHFWHGLI
DSSUR[LPDWHO\DPLQLPXPRIDORJGLIIHUHQFHEHWZHHQWUHDWPHQWJURXSVLQPHDQ
WLPHZHLJKWHGDYHUDJH FKDQJHLQORJYLUDOORDGLVREVHUYHG $WWKHVHFRQGLQWHULPDQDO\VLV
ZLWK VXEMHFWVWKHQXOO K\SRWKHVLVZLOOEHUHMHFWHGLIDSSUR[LPDWHO\DPLQLPXPRID ORJ
GLIIHUHQFHEHWZHHQWUHDWPHQWJURXSVLQPHDQWLPHZHLJKWHGDYHUDJH FKDQJHLQORJYLUDOORDG
LVREVHUYHG 7KHILQDODQDO\VLVZLOOEHFRQGXFWHGDWDQDGMXVWHGVLJQLILFDQFHOHYHORI
 EDVHGRQDJURXSVHTXHQWLDODOSKDVSHQGLQJPHWKRGVRWKDWWKHRYHUDOOW\SHHUURUUDWH
FDQEHFRQWUROOHGDWWKHOHYHO


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
7KHVDPHVLJQLILFDQFHOHYHOVZLOOEHXVHGIRUWKHVHFRQGDU\HQGSRLQWVDWWKHLQWHULPDQGILQDO
DQDO\VHV7KHJDWHNHHSLQJ PHWKRGGHVFULEHGLQ6HFWLRQ  ZLOOEHXVHGWRWHVWWKHSULPDU\DQG
VHFRQGDU\HQGSRLQWVVHTXHQWLDOO\VRWKDWWKHIDPLO\ZLVH W\SHHUURUUDWHFDQEHFRQWUROOHGDWWKH
OHYHO
7KHERXQGDULHV WRUHMHFWWKHQXOOK\SRWKHVLV DW WKHLQWHULPDQGWKHILQDODQDO\VHVDUHVKRZQLQ
7DEOH 7KHLQWHULPDQGILQDODQDO\VHVZLOOEHFRQGXFWHGXVLQJWKHDQDO\VLVPHWKRGVDV
GHVFULEHGLQ6HFWLRQV  DQG
7DEOH 
6LJQLILFDQFH/HYHOVWR5HMHFWWKH+ DW,QWHULPDQG)LQDO$QDO\VHV
$QDO\VLV
6LJQLILFDQFH/HYHOVWR5HMHFWWKH+
,QWHULPLQFOXGLQJDSSUR[LPDWHO\ RIVXEMHFWV

,QWHULPLQFOXGLQJDSSUR[LPDWHO\ RIVXEMHFWV

)LQDOLQFOXGLQJRIVXEMHFWV



*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

5(63216,%,/,7,(6

,QYHVWLJDWRU5HVSRQVLELOLWLHV

*RRG&OLQLFDO3UDFWLFH
7KHLQYHVWLJDWRUZLOOHQVXUHWKDWWKLVVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKHSULQFLSOHVRIWKH
'HFODUDWLRQRI+HOVLQNLDVDPHQGHGLQ(GLQEXUJK7RN\R9HQLFH+RQJ.RQJDQG
6RXWK $IULFD,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ,&+JXLGHOLQHVRU ZLWKWKHODZVDQG
UHJXODWLRQVRIWKHFRXQWU\LQZKLFKWKHUHVHDUFKLVFRQGXFWHGZKLFKHYHUDIIRUGVWKHJUHDWHU
SURWHFWLRQWRWKHVWXG\VXEMHFW7KHVHVWDQGDUGVDUHFRQVLVWHQWZLWKWKH(XURSHDQ8QLRQ&OLQLFDO
7ULDOV'LUHFWLYH(&DQG*RRG&OLQLFDO3UDFWLFH'LUHFWLYH(&
7KHLQYHVWLJDWRUZLOOHQVXUHDGKHUHQFHWRWKHEDVLFSULQFLSOHVRI*RRG&OLQLFDO3UDFWLFHDV
RXWOLQHGLQ &)5 VXESDUW '³5HVSRQVLELOLWLHVRI6SRQVRUVDQG,QYHVWLJDWRUV´
 &)5 SDUW DQG &)5SDUW 
7KHLQYHVWLJDWRUDQGDOODSSOLFDEOHVXELQYHVWLJDWRUVZLOOFRPSO\ZLWK &)53DUW 
SURYLGLQJGRFXPHQWDWLRQRIWKHLUILQDQFLDOLQWHUHVWRUDUUDQJHPHQWVZLWK*LOHDGRUSURSULHWDU\
LQWHUHVWVLQWKHLQYHVWLJDWLRQDOGUXJXQGHUVWXG\7KLVGRFXPHQWDWLRQPXVWEHSURYLGHGSULRUWR
WKHLQYHVWLJDWRU¶VDQGDQ\VXELQYHVWLJDWRU¶VSDUWLFLSDWLRQLQWKHVWXG\7KHLQYHVWLJDWRUDQG
VXELQYHVWLJDWRUDJUHHWRQRWLI\*LOHDGRIDQ\FKDQJHLQUHSRUWDEOHLQWHUHVWVGXULQJWKHVWXG\DQG
IRU\HDUIROORZLQJFRPSOHWLRQRIWKHVWXG\6WXG\FRPSOHWLRQLVGHILQHGDVWKHGDWHZKHQWKH
ODVWVXEMHFWFRPSOHWHVWKHSURWRFROGHILQHGDFWLYLWLHV

,QVWLWXWLRQDO5HYLHZ%RDUG,5%,QGHSHQGHQW(WKLFV&RPPLWWHH,(&
5HYLHZDQG$SSURYDO
7KHLQYHVWLJDWRURUVSRQVRUDVDSSURSULDWHDFFRUGLQJWRORFDOUHJXODWLRQVZLOOVXEPLWWKLV
SURWRFROLQIRUPHGFRQVHQWIRUPDQGDQ\DFFRPSDQ\LQJPDWHULDOWREHSURYLGHGWRWKHVXEMHFW
VXFKDVDGYHUWLVHPHQWVVXEMHFWLQIRUPDWLRQVKHHWVRUGHVFULSWLRQVRIWKHVWXG\XVHGWRREWDLQ
LQIRUPHGFRQVHQWWRDQ ,5%,(&GHSHQGLQJRQUHJLRQ7KHLQYHVWLJDWRUZLOOQRWEHJLQDQ\VWXG\
VXEMHFWDFWLYLWLHVXQWLODSSURYDOIURPWKH ,5%,(& KDVEHHQGRFXPHQWHGDQGSURYLGHGDVDOHWWHU
WRWKHLQYHVWLJDWRU
%HIRUHLPSOHPHQWDWLRQWKHLQYHVWLJDWRUZLOOVXEPLWWRDQGUHFHLYHGRFXPHQWHGDSSURYDOIURP
WKH ,5%,(&IRUDQ\PRGLILFDWLRQVPDGHWRWKHSURWRFRORUDQ\DFFRPSDQ\LQJPDWHULDOWREH
SURYLGHGWRWKHVXEMHFWDIWHULQLWLDODSSURYDOZLWKWKHH[FHSWLRQRIWKRVH QHFHVVDU\WRUHGXFH
LPPHGLDWHULVNWRVWXG\VXEMHFWV

,QIRUPHG&RQVHQW
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUREWDLQLQJZULWWHQLQIRUPHGFRQVHQWIURPHDFKLQGLYLGXDO
SDUWLFLSDWLQJLQWKLVVWXG\DIWHUDGHTXDWHH[SODQDWLRQRIWKHDLPVPHWKRGVREMHFWLYHVDQG
SRWHQWLDOKD]DUGVRIWKHVWXG\DQGEHIRUHXQGHUWDNLQJ DQ\VWXG\UHODWHGSURFHGXUHV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
7KH LQYHVWLJDWRUPXVWXVHWKHPRVWFXUUHQW ,5%RU,(&DSSURYHGFRQVHQWIRUPIRUGRFXPHQWLQJ
ZULWWHQLQIRUPHGFRQVHQW(DFKLQIRUPHGFRQVHQWRUDVVHQWDVDSSOLFDEOHZLOOEHDSSURSULDWHO\
VLJQHGDQGGDWHGE\WKHVXEMHFWRUWKHVXEMHFW¶VOHJDOO\DXWKRUL]HGUHSUHVHQWDWLYHDQGWKHSHUVRQ
FRQGXFWLQJWKHFRQVHQWGLVFXVVLRQDQGDOVRE\DQLPSDUWLDOZLWQHVVLIUHTXLUHGE\ ,5%,(&RU
ORFDOUHTXLUHPHQWV

&RQILGHQWLDOLW\
7KHLQYHVWLJDWRUPXVWDVVXUHWKDWVXEMHFWV¶DQRQ\PLW\ZLOOEHVWULFWO\PDLQWDLQHGDQGWKDWWKHLU
LGHQWLWLHVDUHSURWHFWHGIURPXQDXWKRUL]HGSDUWLHV2QO\VXEMHFWLQLWLDOVGDWHRIELUWKDQRWKHU
XQLTXHLGHQWLILHUDVDOORZHGE\ORFDOODZDQGDQLGHQWLILFDWLRQFRGHZLOOEHUHFRUGHGRQDQ\
IRUPRUELRORJLFDOVDPSOHVXEPLWWHGWRWKH6SRQVRU,5%,(& RUODERUDWRU\/DERUDWRU\
VSHFLPHQVPXVWEHODEHOHGLQVXFKD PDQQHU DVWRSURWHFWVXEMHFWLGHQWLW\ZKLOHDOORZLQJWKH
UHVXOWVWREHUHFRUGHGWRWKHSURSHUVXEMHFW5HIHUWRVSHFLILFODERUDWRU\LQVWUXFWLRQV127( 7KH
LQYHVWLJDWRUPXVWNHHSDVFUHHQLQJORJVKRZLQJFRGHVQDPHVDQGDGGUHVVHVIRUDOOVXEMHFWV
VFUHHQHGDQGIRUDOOVXEMHFWVHQUROOHGLQWKHWULDO 6XEMHFWGDWDZLOOEHSURFHVVHGLQDFFRUGDQFH
ZLWKDOODSSOLFDEOHUHJXODWLRQV
7KHLQYHVWLJDWRUDJUHHVWKDWDOOLQIRUPDWLRQUHFHLYHGIURP*LOHDGLQFOXGLQJEXWQRWOLPLWHGWR WKH
,%WKLVSURWRFROH&5)WKH,03DQGDQ\RWKHUVWXG\LQIRUPDWLRQUHPDLQWKHVROHDQG
H[FOXVLYHSURSHUW\RI*LOHDGGXULQJWKHFRQGXFWRIWKHVWXG\DQGWKHUHDIWHU7KLVLQIRUPDWLRQLV
QRWWREHGLVFORVHGWRDQ\WKLUGSDUW\H[FHSWHPSOR\HHVRUDJHQWVGLUHFWO\LQYROYHGLQWKH
FRQGXFWRIWKHVWXG\RUDVUHTXLUHGE\ODZZLWKRXWSULRUZULWWHQFRQVHQWIURP*LOHDG7KH
LQYHVWLJDWRUIXUWKHUDJUHHVWRWDNHDOOUHDVRQDEOHSUHFDXWLRQVWRSUHYHQWWKHGLVFORVXUHE\DQ\
HPSOR\HHRUDJHQWRIWKHVWXG\VLWHWRDQ\WKLUGSDUW\RURWKHUZLVHLQWRWKHSXEOLFGRPDLQ

6WXG\)LOHVDQG5HWHQWLRQRI5HFRUGV
7KHLQYHVWLJDWRUPXVWPDLQWDLQDGHTXDWHDQGDFFXUDWHUHFRUGVWRHQDEOHWKHFRQGXFWRIWKHVWXG\
WREHIXOO\GRFXPHQWHGDQGWKHVWXG\GDWDWREHVXEVHTXHQWO\YHULILHG7KHVHGRFXPHQWVVKRXOG
EHFODVVLILHGLQWRDWOHDVWWKHIROORZLQJWZRFDWHJRULHV  LQYHVWLJDWRU¶VVWXG\ILOHDQG
 VXEMHFWFOLQLFDOVRXUFHGRFXPHQWV
7KHLQYHVWLJDWRU¶VVWXG\ILOHZLOOFRQWDLQWKHSURWRFRODPHQGPHQWV&5)DQGTXHU\IRUPV
,5%,(&DQGJRYHUQPHQWDODSSURYDOZLWKFRUUHVSRQGHQFHLQIRUPHGFRQVHQWGUXJ UHFRUGVVWDII
FXUULFXOXPYLWDHDQGDXWKRUL]DWLRQIRUPVDQGRWKHUDSSURSULDWHGRFXPHQWVDQGFRUUHVSRQGHQFH
7KHUHTXLUHGVRXUFHGDWDVKRXOGLQFOXGHVHTXHQWLDOQRWHVFRQWDLQLQJDWOHDVWWKHIROORZLQJ
LQIRUPDWLRQIRUHDFKVXEMHFW

6XEMHFWLGHQWLILFDWLRQQDPHGDWHRIELUWKJHQGHU

'RFXPHQWDWLRQWKDWVXEMHFWPHHWVHOLJLELOLW\FULWHULDLHKLVWRU\SK\VLFDOH[DPLQDWLRQDQG
FRQILUPDWLRQRIGLDJQRVLVWRVXSSRUWLQFOXVLRQDQGH[FOXVLRQFULWHULD

'RFXPHQWDWLRQRIWKHUHDVRQVDFRQVHQWHGVXEMHFWLVQRWHQUROOHG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

3DUWLFLSDWLRQLQVWXG\LQFOXGLQJVWXG\QXPEHU

6WXG\GLVFXVVHGDQGGDWHRILQIRUPHGFRQVHQW

'DWHVRIDOOYLVLWV

'RFXPHQWDWLRQWKDWSURWRFROVSHFLILFSURFHGXUHVZHUHSHUIRUPHG

5HVXOWVRIHIILFDF\SDUDPHWHUVDVUHTXLUHGE\WKHSURWRFRO

6WDUWDQGHQGGDWHLQFOXGLQJGRVHUHJLPHQRI,03LQFOXGLQJGDWHVRI GLVSHQVLQJDQG UHWXUQ

5HFRUGRIDOODGYHUVHHYHQWVDQGRWKHUVDIHW\SDUDPHWHUVVWDUWDQGHQGGDWHDQGLQFOXGLQJ
FDXVDOLW\DQGVHYHULW\

&RQFRPLWDQWPHGLFDWLRQLQFOXGLQJVWDUWDQGHQGGDWHGRVHLIUHOHYDQWGRVHFKDQJHV

'DWHRIVWXG\FRPSOHWLRQDQGUHDVRQIRUHDUO\GLVFRQWLQXDWLRQLILWRFFXUV
$OOFOLQLFDOVWXG\GRFXPHQWVPXVWEHUHWDLQHGE\WKHLQYHVWLJDWRUXQWLODWOHDVW \HDUVRU
DFFRUGLQJWRORFDOODZVZKLFKHYHULVORQJHUDIWHUWKHODVWDSSURYDORIDPDUNHWLQJDSSOLFDWLRQLQ
DQ,&+UHJLRQLH8QLWHG6WDWHV(XURSHRU-DSDQDQGXQWLOWKHUHDUHQRSHQGLQJRUSODQQHG
PDUNHWLQJDSSOLFDWLRQVLQDQ,&+UHJLRQRULIQRDSSOLFDWLRQLVILOHGRULIWKHDSSOLFDWLRQLVQRW
DSSURYHGIRUVXFKLQGLFDWLRQXQWLO \HDUVDIWHUWKHLQYHVWLJDWLRQLVGLVFRQWLQXHGDQGUHJXODWRU\
DXWKRULWLHVKDYHEHHQQRWLILHG,QYHVWLJDWRUVPD\EHUHTXLUHGWRUHWDLQGRFXPHQWVORQJHULI
VSHFLILHGE\UHJXODWRU\UHTXLUHPHQWVE\ORFDOUHJXODWLRQVRUE\DQDJUHHPHQWZLWK*LOHDG7KH
LQYHVWLJDWRUPXVWQRWLI\*LOHDG EHIRUHGHVWUR\LQJDQ\FOLQLFDOVWXG\UHFRUGV
6KRXOGWKHLQYHVWLJDWRUZLVKWRDVVLJQWKHVWXG\UHFRUGVWRDQRWKHUSDUW\RUPRYHWKHPWRDQRWKHU
ORFDWLRQ*LOHDGPXVWEHQRWLILHGLQDGYDQFH
,IWKHLQYHVWLJDWRUFDQQRWSURYLGHIRUWKLVDUFKLYLQJUHTXLUHPHQWDWWKHVWXG\VLWHIRUDQ\RUDOORI
WKHGRFXPHQWVVSHFLDODUUDQJHPHQWVPXVWEHPDGHEHWZHHQWKHLQYHVWLJDWRUDQG*LOHDGWRVWRUH
WKHVHUHFRUGVVHFXUHO\DZD\IURP WKHVLWHVRWKDWWKH\FDQEHUHWXUQHGVHDOHGWRWKHLQYHVWLJDWRU
LQFDVHRIDQLQVSHFWLRQ:KHQVRXUFHGRFXPHQWVDUHUHTXLUHGIRUWKHFRQWLQXHGFDUHRIWKH
VXEMHFWDSSURSULDWHFRSLHVVKRXOGEHPDGHIRUVWRUDJHDZD\IURP WKHVLWH

&DVH5HSRUW)RUPV
)RUHDFKVXEMHFWFRQVHQWHGDQH&5)ZLOOEHFRPSOHWHGE\DQDXWKRUL]HGVWXG\VWDIIPHPEHU
ZKRVHWUDLQLQJIRUWKLVIXQFWLRQLVGRFXPHQWHGDFFRUGLQJWRVWXG\SURFHGXUHV H&5) VKRXOGEH
FRPSOHWHGRQWKHGD\RIWKHVXEMHFWYLVLWWRHQDEOHWKHVSRQVRUWRSHUIRUPFHQWUDOPRQLWRULQJRI
VDIHW\GDWD6XEVHTXHQWWRGDWDHQWU\DVWXG\PRQLWRUZLOOSHUIRUPVRXUFHGDWDYHULILFDWLRQ
ZLWKLQWKH('&V\VWHP 2ULJLQDOHQWULHVDVZHOODVDQ\FKDQJHVWRGDWDILHOGVZLOOEHVWRUHGLQ
WKHDXGLWWUDLORIWKHV\VWHP3ULRUWRGDWDEDVHORFNRUDQ\LQWHULPWLPHSRLQWVDVGHVFULEHGLQWKH
FOLQLFDOGDWDPDQDJHPHQWSODQWKHLQYHVWLJDWRUZLOOXVHKLVKHUORJLQFUHGHQWLDOVWRFRQILUPWKDW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
WKHIRUPVKDYHEHHQUHYLHZHGDQGWKDWWKHHQWULHVDFFXUDWHO\UHIOHFWWKHLQIRUPDWLRQLQWKH
VRXUFHGRFXPHQWV 7KHH&5)FDSWXUHWKHGDWDUHTXLUHGSHUWKHSURWRFROVFKHGXOHRIHYHQWVDQG
SURFHGXUHV 6\VWHPJHQHUDWHGRUPDQXDOTXHULHVZLOOEHLVVXHGWRWKHLQYHVWLJDWLYHVLWHVWDIIDV
GDWDGLVFUHSDQFLHVDUHLGHQWLILHGE\WKHPRQLWRURULQWHUQDO*LOHDGVWDIIZKRURXWLQHO\UHYLHZWKH
GDWDIRUFRPSOHWHQHVV FRUUHFWQHVVDQG FRQVLVWHQF\7KHVLWHFRRUGLQDWRULVUHVSRQVLEOHIRU
UHVSRQGLQJWRWKHTXHULHVLQDWLPHO\PDQQHUZLWKLQWKHV\VWHPHLWKHUE\FRQILUPLQJWKHGDWD
DV FRUUHFWRUXSGDWLQJWKHRULJLQDOHQWU\DQGSURYLGLQJWKHUHDVRQIRUWKHXSGDWHHJGDWDHQWU\
HUURU $WWKHFRQFOXVLRQRIWKHWULDO*LOHDGZLOOSURYLGHWKHVLWHZLWKDUHDGRQO\DUFKLYHFRS\RI
WKHGDWDHQWHUHGE\WKDWVLWH7KLVDUFKLYHPXVWEHVWRUHGLQDFFRUGDQFHZLWKWKHUHFRUGVUHWHQWLRQ
UHTXLUHPHQWVRXWOLQHGLQ6HFWLRQ 

'DWD4XDOLW\&RQWURODQG4XDOLW\$VVXUDQFH
7RLQVXUHDFFXUDWHFRPSOHWHDQGUHOLDEOHGDWDWKH6SRQVRURULWVUHSUHVHQWDWLYHVZLOOGRWKH
IROORZLQJ

3URYLGHLQVWUXFWLRQDOPDWHULDOWRWKHVWXG\VLWHVDVDSSURSULDWH

,QVWUXFWWKHLQYHVWLJDWRUVDQGVWXG\SHUVRQQHORQWKHSURWRFROWKHFRPSOHWLRQRIWKH&5)V
DQGVWXG\SURFHGXUHV

0DNHSHULRGLFYLVLWVWRWKHVWXG\VLWH

%HDYDLODEOHWRFRQVXOWDWLRQDQGVWD\LQFRQWDFWZLWKWKHVWXG\VLWHSHUVRQQHOE\PDLOHPDLO
WHOHSKRQHDQGRUID[

0RQLWRUWKHVXEMHFWGDWDUHFRUGHGLQWKH&5)VDJDLQVWVRXUFHGRFXPHQWVDWWKHVWXG\VLWH

5HYLHZDQGHYDOXDWH&5)GDWDDQGXVHVWDQGDUGFRPSXWHUHGLWVWRGHWHFWHUURUVLQGDWD
FROOHFWLRQ

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW $FFRXQWDELOLW\DQG5HWXUQ
*LOHDGUHFRPPHQGVWKDWXVHGDQGXQXVHG,03VXSSOLHVEHGHVWUR\HGRQVLWHLISRVVLEOH 7KH
VWXG\PRQLWRUZLOOHYDOXDWHHDFKVWXG\FHQWHU¶V,03 GLVSRVDOSURFHGXUHVDQGSURYLGHDSSURSULDWH
LQVWUXFWLRQIRUGHVWUXFWLRQRIXQXVHG,03 VXSSOLHV,IWKHVLWHKDVDQDSSURSULDWHVWDQGDUG
RSHUDWLQJSURFHGXUH623IRUGUXJGHVWUXFWLRQ DVGHWHUPLQHGE\*LOHDG4$WKHVLWHPD\
GHVWUR\XVHGHPSW\ RUSDUWLDOO\HPSW\DQGXQXVHG,03 VXSSOLHVLQDFFRUGDQFHZLWKWKDW VLWH¶V
DSSURYHG 623$FRS\RIWKHVLWH¶VDSSURYHG623ZLOOEHREWDLQHGIRUFHQWUDOILOHV,I,03
FDQQRWEHGHVWUR\HGRQVLWHWKHVWXG\PRQLWRUZLOOSURYLGHLQVWUXFWLRQVIRUUHWXUQWR *LOHDGRU
WKHVKLSSLQJIDFLOLW\IURPZKLFKLWFDPHIRUHYHQWXDOGHVWUXFWLRQ
,I,03 LVGHVWUR\HGRQVLWHWKHLQYHVWLJDWRUPXVWPDLQWDLQDFFXUDWHUHFRUGVIRUDOO,03
GHVWUR\HG5HFRUGVPXVWVKRZWKHLGHQWLILFDWLRQDQGTXDQWLW\RIHDFKXQLWGHVWUR\HGWKHPHWKRG
RIGHVWUXFWLRQDQGWKHSHUVRQZKRGLVSRVHGRIWKH,038SRQVWXG\FRPSOHWLRQFRSLHV RIWKH
,03 DFFRXQWDELOLW\UHFRUGVPXVWEHILOHGDWWKHVLWH$QRWKHUFRS\ZLOOEHUHWXUQHGWR*LOHDG
7KHVWXG\PRQLWRUZLOOUHYLHZ,03VXSSOLHVDQGDVVRFLDWHGUHFRUGVDWSHULRGLFLQWHUYDOV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

,QVSHFWLRQV
7KHLQYHVWLJDWRUZLOOPDNHDYDLODEOHDOO VRXUFHGRFXPHQWVDQGRWKHUUHFRUGVIRUWKLVWULDOWR
*LOHDG¶VDSSRLQWHGVWXG\PRQLWRUVWR ,5%,(&VRUWRUHJXODWRU\DXWKRULW\RUKHDOWKDXWKRULW\
LQVSHFWRUV

3URWRFRO&RPSOLDQFH
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKHVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKH
SURFHGXUHVDQGHYDOXDWLRQVGHVFULEHGLQWKLVSURWRFRO

6SRQVRU5HVSRQVLELOLWLHV

3URWRFRO0RGLILFDWLRQV
3URWRFROPRGLILFDWLRQVH[FHSWWKRVHLQWHQGHGWRUHGXFHLPPHGLDWHULVNWRVWXG\VXEMHFWVPD\EH
PDGHRQO\E\*LOHDG7KHLQYHVWLJDWRUPXVWVXEPLWDOOSURWRFROPRGLILFDWLRQVWRWKH,5%,(&LQ
DFFRUGDQFHZLWKORFDOUHTXLUHPHQWV DQGUHFHLYHGRFXPHQWHG,5%,(& DSSURYDOEHIRUH
PRGLILFDWLRQVFDQEHLPSOHPHQWHG

6WXG\5HSRUWDQG3XEOLFDWLRQV
$FOLQLFDOVWXG\UHSRUW&65ZLOOEHSUHSDUHGDQGSURYLGHGWRWKHDSSOLFDEOHUHJXODWRU\
DJHQFLHV*LOHDGZLOOHQVXUHWKDWWKHUHSRUWPHHWVWKHVWDQGDUGVVHW RXWLQWKH,&+*XLGHOLQHIRU
6WUXFWXUHDQG&RQWHQWRI&OLQLFDO6WXG\5HSRUWV,&+ (1RWHWKDWDQDEEUHYLDWHGUHSRUWPD\
EHSUHSDUHGLQFHUWDLQFDVHV
,QYHVWLJDWRUVLQWKLVVWXG\PD\FRPPXQLFDWHRUDOO\SUHVHQWRUSXEOLVKLQVFLHQWLILFMRXUQDOVRU
RWKHUVFKRODUO\PHGLDRQO\DIWHUWKHIROORZLQJFRQGLWLRQVKDYHEHHQPHW

7KHUHVXOWVRIWKHVWXG\LQWKHLUHQWLUHW\KDYHEHHQSXEOLFO\GLVFORVHGE\RUZLWKWKHFRQVHQW
RI*LOHDGLQDQDEVWUDFWPDQXVFULSWRUSUHVHQWDWLRQIRUPRUWKHVWXG\KDVEHHQFRPSOHWHGDW
DOOVWXG\VLWHVIRUDWOHDVW\HDUV

7KHLQYHVWLJDWRUZLOOVXEPLWWR*LOHDGDQ\SURSRVHGSXEOLFDWLRQRUSUHVHQWDWLRQDORQJZLWK
WKHUHVSHFWLYHVFLHQWLILFMRXUQDORUSUHVHQWDWLRQIRUXPDWOHDVWGD\VEHIRUHVXEPLVVLRQRI
WKHSXEOLFDWLRQRUSUHVHQWDWLRQ

1RVXFKFRPPXQLFDWLRQSUHVHQWDWLRQRUSXEOLFDWLRQZLOOLQFOXGH*LOHDG¶VFRQILGHQWLDO
LQIRUPDWLRQVHH6HFWLRQ 

7KHLQYHVWLJDWRUZLOO FRPSO\ZLWK*LOHDG¶VUHTXHVWWRGHOHWHUHIHUHQFHVWRLWVFRQILGHQWLDO
LQIRUPDWLRQRWKHUWKDQWKHVWXG\UHVXOWVLQDQ\SDSHURUSUHVHQWDWLRQDQGDJUHHVWRZLWKKROG
SXEOLFDWLRQRUSUHVHQWDWLRQIRUDQDGGLWLRQDOGD\VLQRUGHUWRREWDLQSDWHQWSURWHFWLRQ LI
GHHPHGQHFHVVDU\


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

-RLQW,QYHVWLJDWRU6SRQVRU5HVSRQVLELOLWLHV

3D\PHQW5HSRUWLQJ
,QYHVWLJDWRUVDQGWKHLUVWXG\VWDIIPD\EHDVNHGWRSURYLGHVHUYLFHVSHUIRUPHGXQGHUWKLV
SURWRFROHJDWWHQGDQFHDW,QYHVWLJDWRU
V0HHWLQJV,IUHTXLUHGXQGHUWKHDSSOLFDEOHVWDWXWRU\DQG
UHJXODWRU\UHTXLUHPHQWV*LOHDGZLOOFDSWXUHDQGGLVFORVHWR)HGHUDODQG6WDWHDJHQFLHVDQ\
H[SHQVHVSDLGRUUHLPEXUVHGIRUVXFKVHUYLFHVLQFOXGLQJDQ\FOLQLFDOWULDOSD\PHQWVPHDOWUDYHO
H[SHQVHVRUUHLPEXUVHPHQWVFRQVXOWLQJIHHVDQGDQ\RWKHUWUDQVIHURIYDOXH

$FFHVVWR,QIRUPDWLRQIRU0RQLWRULQJ
,QDFFRUGDQFHZLWKUHJXODWLRQVDQG JXLGHOLQHVWKHVWXG\PRQLWRUPXVWKDYHGLUHFWDFFHVVWRWKH
LQYHVWLJDWRU¶VVRXUFHGRFXPHQWDWLRQLQRUGHUWRYHULI\WKHDFFXUDF\RIWKHGDWDUHFRUGHGLQ WKH
&5)H&5)
7KHPRQLWRULVUHVSRQVLEOHIRUURXWLQHUHYLHZRIWKH&5)H&5) DWUHJXODULQWHUYDOVWKURXJKRXW
WKHVWXG\WRYHULI\DGKHUHQFHWRWKHSURWRFRODQGWKHFRPSOHWHQHVVFRQVLVWHQF\DQGDFFXUDF\RI
WKHGDWDEHLQJHQWHUHGRQWKHP7KHPRQLWRUVKRXOG KDYHDFFHVVWRDQ\VXEMHFWUHFRUGVQHHGHGWR
YHULI\WKHHQWULHVRQWKH&5)H&5)7KHLQYHVWLJDWRUDJUHHVWRFRRSHUDWHZLWKWKHPRQLWRUWR
HQVXUHWKDWDQ\SUREOHPVGHWHFWHGWKURXJKDQ\W\SHRIPRQLWRULQJFHQWUDORQVLWH DUHUHVROYHG

$FFHVVWR,QIRUPDWLRQIRU$XGLWLQJRU,QVSHFWLRQV
5HSUHVHQWDWLYHVRIUHJXODWRU\DXWKRULWLHVRURI*LOHDGPD\FRQGXFWLQVSHFWLRQVRUDXGLWVRIWKH
FOLQLFDOVWXG\,IWKHLQYHVWLJDWRULVQRWLILHGRIDQLQVSHFWLRQE\DUHJXODWRU\DXWKRULW\WKH
LQYHVWLJDWRUDJUHHVWRQRWLI\WKH*LOHDGPHGLFDOPRQLWRULPPHGLDWHO\7KHLQYHVWLJDWRUDJUHHVWR
SURYLGHWRUHSUHVHQWDWLYHVRIDUHJXODWRU\DJHQF\RU*LOHDGDFFHVVWRUHFRUGVIDFLOLWLHVDQG
SHUVRQQHOIRUWKHHIIHFWLYHFRQGXFWRIDQ\LQVSHFWLRQRUDXGLW

6WXG\'LVFRQWLQXDWLRQ
%RWKWKHVSRQVRUDQGWKHLQYHVWLJDWRUUHVHUYHWKHULJKWWRWHUPLQDWHWKHVWXG\DWDQ\WLPH6KRXOG
WKLVEHQHFHVVDU\ERWKSDUWLHVZLOODUUDQJHGLVFRQWLQXDWLRQSURFHGXUHVDQGQRWLI\WKHDSSURSULDWH
UHJXODWRU\DXWKRULW\LHV,5%VDQG,(&V,QWHUPLQDWLQJWKHVWXG\*LOHDGDQGWKHLQYHVWLJDWRU
ZLOODVVXUHWKDWDGHTXDWHFRQVLGHUDWLRQLVJLYHQWRWKHSURWHFWLRQRIWKHVXEMHFWV¶LQWHUHVWV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

5()(5(1&(6

'PLWULHQNR$2IIHQ:::HVWIDOO3+*DWHNHHSLQJVWUDWHJLHVIRUFOLQLFDOWULDOV
WKDWGRQRWUHTXLUH DOOSULPDU\HIIHFWVWREHVLJQLILFDQW6WDWLVW0HG


$PHULFDQ$FDGHP\RI3HGLDWULFV&RPPLWWHHRQ,QIHFWLRXV'LVHDVHV8VHRI
ULEDYLULQLQWKHWUHDWPHQWRIUHVSLUDWRU\V\QF\WLDOYLUXVLQIHFWLRQ3HGLDWULFV


1DLU+1RNHV'-*HVVQHU%''KHUDQL00DGKL6$6LQJOHWRQ5-HWDO
*OREDOEXUGHQRIDFXWHORZHUUHVSLUDWRU\LQIHFWLRQVGXHWRUHVSLUDWRU\V\QF\WLDO
YLUXVLQ\RXQJFKLOGUHQDV\VWHPDWLFUHYLHZDQGPHWDDQDO\VLV/DQFHW


6WRFNPDQ/-&XUQV$7$QGHUVRQ/-)LVFKHU/DQJOH\*5HVSLUDWRU\6\QF\WLDO
9LUXVDVVRFLDWHG+RVSLWDOL]DWLRQV$PRQJ,QIDQWVDQG<RXQJ&KLOGUHQLQWKH
8QLWHG6WDWHV3HGLDWU,QIHFW'LV-

1LFKROV:**RROH\7%RHFNK0&RPPXQLW\DFTXLUHGUHVSLUDWRU\V\QF\WLDO
YLUXVDQGSDUDLQIOXHQ]DYLUXVLQIHFWLRQVDIWHUKHPDWRSRLHWLFVWHPFHOO
WUDQVSODQWDWLRQWKH)UHG+XWFKLQVRQ&DQFHU5HVHDUFK&HQWHUH[SHULHQFH%LRO
%ORRG0DUURZ7UDQVSODQW6XSSO66

86'HSDUWPHQWRI +HDOWKDQG+XPDQ6HUYLFHV)RRGDQG'UXJ$GPLQLVWUDWLRQ
&HQWHUIRU'UXJ(YDOXDWLRQDQG5HVHDUFK&'(5*XLGDQFHIRU,QGXVWU\'UXJ
,QWHUDFWLRQ6WXGLHV 6WXG\'HVLJQ'DWD$QDO\VLV,PSOLFDWLRQVIRU'RVLQJDQG
/DEHOLQJ5HFRPPHQGDWLRQV'5$)7*8,'$1&()HEUXDU\

6KDK-1&KHPDO\5)0DQDJHPHQWRI569LQIHFWLRQVLQDGXOWUHFLSLHQWVRI
KHPDWRSRLHWLFVWHPFHOOWUDQVSODQWDWLRQ%ORRG

6KDK'3*KDQWRML666KDK-1(O7DRXP..-LDQJ<3RSDW8HWDO,PSDFWRI
DHURVROL]HGULEDYLULQRQPRUWDOLW\LQDOORJHQHLFKDHPDWRSRLHWLFVWHPFHOO
WUDQVSODQWUHFLSLHQWVZLWKUHVSLUDWRU\V\QF\WLDOYLUXVLQIHFWLRQV-$QWLPLFURE
&KHPRWKHU

%RHFNK0(QJOXQG-/L<0LOOHU&&URVV$)HUQDQGH]+HW DO5DQGRPL]HG
FRQWUROOHGPXOWLFHQWHUWULDORIDHURVROL]HGULEDYLULQIRUUHVSLUDWRU\V\QF\WLDOYLUXV
XSSHUUHVSLUDWRU\WUDFWLQIHFWLRQLQKHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWV&OLQ
,QIHFW'LV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

&KHPDO\5)*KRVK6%RGH\*35RKDWJL16DIGDU$.HDWLQJ0-HWDO
5HVSLUDWRU\YLUDOLQIHFWLRQVLQDGXOWVZLWKKHPDWRORJLFPDOLJQDQFLHVDQGKXPDQ
VWHPFHOOWUDQVSODQWDWLRQUHFLSLHQWVDUHWURVSHFWLYHVWXG\DWDPDMRUFDQFHUFHQWHU
0HGLFLQH%DOWLPRUH

(UDUG9&KLHQ-:.LP+:1LFKROV:*)ORZHUV0(0DUWLQ3-HWDO
$LUIORZGHFOLQHDIWHUP\HORDEODWLYHDOORJHQHLFKHPDWRSRLHWLFFHOOWUDQVSODQWDWLRQ
WKHUROHRIFRPPXQLW\UHVSLUDWRU\YLUXVHV-,QIHFW'LV

+DUULQJWRQ5'+RRWRQ70+DFNPDQ5&6WRUFK*$2VERUQH%*OHDYHV&$
HWDO$QRXWEUHDNRIUHVSLUDWRU\V\QF\WLDOYLUXVLQDERQHPDUURZWUDQVSODQW
FHQWHU-,QIHFW'LV

.KDQQD1:LGPHU$)'HFNHU06WHIIHQ,+DOWHU-+HLP'HWDO5HVSLUDWRU\
V\QF\WLDOYLUXVLQIHFWLRQLQSDWLHQWVZLWKKHPDWRORJLFDOGLVHDVHVVLQJOHFHQWHU
VWXG\DQGUHYLHZRIWKHOLWHUDWXUH&OLQ,QIHFW'LV

$YHWLV\DQ*0DWWVVRQ-6SDUUHOLG(/MXQJPDQ35HVSLUDWRU\V\QF\WLDOYLUXV
LQIHFWLRQLQUHFLSLHQWVRIDOORJHQHLFVWHPFHOOWUDQVSODQWDWLRQDUHWURVSHFWLYH
VWXG\RIWKHLQFLGHQFHFOLQLFDOIHDWXUHVDQGRXWFRPH7UDQVSODQWDWLRQ


.LP<-%RHFNK0(QJOXQG-$&RPPXQLW\UHVSLUDWRU\YLUXVLQIHFWLRQVLQ
LPPXQRFRPSURPLVHGSDWLHQWVKHPDWRSRLHWLFVWHPFHOODQGVROLGRUJDQWUDQVSODQW
UHFLSLHQWVDQGLQGLYLGXDOVZLWKKXPDQLPPXQRGHILFLHQF\YLUXVLQIHFWLRQ
6HPLQDUVLQUHVSLUDWRU\DQGFULWLFDOFDUHPHGLFLQH

.LP<-*XWKULH.$:DJKPDUH$:DOVK(()DOVH\$5.X\SHUV-HWDO
5HVSLUDWRU\V\QF\WLDOYLUXVLQKHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWVIDFWRUV
GHWHUPLQLQJSURJUHVVLRQWRORZHUUHVSLUDWRU\WUDFWGLVHDVH-,QIHFW'LV

0DUWLQR53RUUDV535DEHOOD1:LOOLDPV-95DPLOD(0DUJDOO1HW DO
3URVSHFWLYHVWXG\RIWKHLQFLGHQFHFOLQLFDOIHDWXUHVDQGRXWFRPHRIV\PSWRPDWLF
XSSHUDQGORZHUUHVSLUDWRU\WUDFWLQIHFWLRQVE\UHVSLUDWRU\YLUXVHVLQDGXOW
UHFLSLHQWVRIKHPDWRSRLHWLFVWHPFHOOWUDQVSODQWVIRUKHPDWRORJLFPDOLJQDQFLHV
%LRO%ORRG0DUURZ7UDQVSODQW

5DERQL601RJXHLUD0%7VXFKL\D/57DNDKDVKL*$3HUHLUD/$3DVTXLQL5
HWDO5HVSLUDWRU\WUDFWYLUDOLQIHFWLRQVLQERQHPDUURZWUDQVSODQWSDWLHQWV
7UDQVSODQWDWLRQ

6FKLIIHU-7.LUE\ .6DQGPDLHU%6WRUE5&RUH\/%RHFNK07LPLQJDQG
VHYHULW\RIFRPPXQLW\DFTXLUHGUHVSLUDWRU\YLUXVLQIHFWLRQVDIWHUP\HORDEODWLYH
YHUVXVQRQP\HORDEODWLYHKHPDWRSRLHWLFVWHPFHOOWUDQVSODQWDWLRQ+DHPDWRORJLFD



*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

6HR6&DPSEHOO$3;LH+&KLHQ-:/HLVHQULQJ:0(QJOXQG-$HWDO
2XWFRPHRIUHVSLUDWRU\V\QF\WLDOYLUXVORZHUUHVSLUDWRU\WUDFWGLVHDVHLQ
KHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWVUHFHLYLQJDHURVROL]HGULEDYLULQ
VLJQLILFDQFHRIVWHPFHOOVRXUFHDQGR[\JHQUHTXLUHPHQW%LRO%ORRG0DUURZ
7UDQVSODQW

6KDK'3*KDQWRML660XODQRYLFK9($UL]D+HUHGLD(-&KHPDO\5)
0DQDJHPHQWRIUHVSLUDWRU\YLUDOLQIHFWLRQVLQKHPDWRSRLHWLFFHOOWUDQVSODQW
UHFLSLHQWV$PHULFDQMRXUQDORIEORRGUHVHDUFK

6PDOO71&DVVRQ$0DODN6)%RXODG).LHKQ7(6WLOHV-HWDO5HVSLUDWRU\
V\QF\WLDOYLUXVLQIHFWLRQIROORZLQJKHPDWRSRLHWLFVWHPFHOOWUDQVSODQWDWLRQ%RQH
0DUURZ7UDQVSODQW

:KLPEH\(&KDPSOLQ5(&RXFK5%(QJOXQG-$*RRGULFK-05DDG,HWDO
&RPPXQLW\UHVSLUDWRU\YLUXVLQIHFWLRQVDPRQJKRVSLWDOL]HGDGXOWERQHPDUURZ
WUDQVSODQWUHFLSLHQWV&OLQ,QIHFW'LV

+LUVFK++0DUWLQR5:DUG.1%RHFNK0(LQVHOH+/MXQJPDQ3)RXUWK
(XURSHDQ&RQIHUHQFHRQ,QIHFWLRQVLQ/HXNDHPLD(&,/JXLGHOLQHVIRU
GLDJQRVLVDQGWUHDWPHQWRIKXPDQUHVSLUDWRU\V\QF\WLDOYLUXVSDUDLQIOXHQ]DYLUXV
PHWDSQHXPRYLUXVUKLQRYLUXVDQGFRURQDYLUXV&OLQ,QIHFW'LV


*KRVK6&KDPSOLQ5((QJOXQG-*LUDOW6$5ROVWRQ.5DDG,HWDO
5HVSLUDWRU\V\QF\WLDOYLUXVXSSHUUHVSLUDWRU\WUDFWLOOQHVVHVLQDGXOWEORRGDQG
PDUURZWUDQVSODQWUHFLSLHQWVFRPELQDWLRQWKHUDS\ZLWKDHURVROL]HGULEDYLULQDQG
LQWUDYHQRXVLPPXQRJOREXOLQ%RQH0DUURZ 7UDQVSODQW

:KLPEH\(&RXFK5%(QJOXQG-$$QGUHHII0*RRGULFK-05DDG,,HWDO
5HVSLUDWRU\V\QF\WLDOYLUXVSQHXPRQLDLQKRVSLWDOL]HGDGXOWSDWLHQWVZLWK
OHXNHPLD&OLQ,QIHFW'LV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

$33(1',&(6
$SSHQGL[ 
,QYHVWLJDWRU6LJQDWXUH3DJH
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
$SSHQGL[ 
0DQDJHPHQWRI&OLQLFDODQG/DERUDWRU\$GYHUVH(YHQWV
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDODQG
&RQWUDFHSWLYH5HTXLUHPHQWV




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
9LVLW 
6FUHHQLQJ
'D\ 
9LVLW 
%DVHOLQH
$VVHVVPHQWV
5DQGRPL]DWLRQ
DQG 7UHDWPHQW
$VVHVVPHQWV
'D\ 
9LVLW

'D\ 

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

(QGRI
VWXG\
'D\ 

GD\V
2SWLRQDO([WHQGHG 9LUDO0RQLWRULQJP
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
0XVWFRPSOHWH
YLVLWLQWKH
KRVSLWDORUFOLQLF
;
;
;M
;
;
;
;
;
;
:ULWWHQ,QIRUPHG
&RQVHQW
;
0HGLFDO+LVWRU\
DQG
'HPRJUDSKLFV
;
&KHVW;5D\
;D
6FUHHQLQJ/DEV
;E
8ULQHRU6HUXP
3UHJQDQF\7HVWF
;
;
;
;
;
;
)/8352
;
;
;
9LWDO6LJQVLQF
2 6DWXUDWLRQG
;
;
;
;
;
;
;
;
+HLJKW
;
:HLJKW
;
;
;
;
;
;
;
;
6DIHW\/DEVH
;
;
;
;
;
;
;
569DQWLERG\
WLWHU
;
;
5699LUHPLD
;
;
;
;
;
;
;


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
9LVLW 
6FUHHQLQJ
'D\ 
9LVLW 
%DVHOLQH
$VVHVVPHQWV
5DQGRPL]DWLRQ
DQG 7UHDWPHQW
$VVHVVPHQWV
'D\ 
9LVLW

'D\ 

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

(QGRI
VWXG\
'D\ 

GD\V
2SWLRQDO([WHQGHG 9LUDO0RQLWRULQJP
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
1DVDO6DPSOHVI
;
;
;
;
;
;
;
;
;
;
;
;
;
/RFDO569
WHVWLQJ
;O
5DQGRPL]DWLRQ
;
,03
$GPLQLVWUDWLRQ
;
;
;
;
;
3.VDPSOH
;J
;L
;K
;K
;K
6HUXPFUHDWLQLQH
;N
;N
$GYHUVH(YHQWV
;
;
;Q
;
;Q
;
;
;
;
;
;Q
;Q
;Q
;Q
,&8DGPLVVLRQV
KRVSLWDOL]DWLRQV
VWDQGDUGRIFDUH
WHVWUHVXOWV
PHFKDQLFDO
YHQWLODWLRQDQG
VXSSOHPHQWDO2
;
;
;
;
;
;
&RQFRPLWDQW
0HGLFDWLRQV
;
;
;R
;
;R
;
;
;
;
;
D
&KHVW;UD\ REWDLQHG KRXUV SULRUWR6FUHHQLQJPD\EHXVHG
E
([LVWLQJYDOXHVFROOHFWHG  GD\VSULRUWR 6FUHHQLQJPD\EHXVHG
F
5HTXLUHGIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\DQGRUELODWHUDORRSKRUHFWRP\
G
2QURRPDLU
H
+HPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGH:%&ZLWKGLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQH VHUXPDOEXPLQ $67$/7$/3DQG7%
I
VDPSOHVWRWDOIURPHDFK QRVWULO ± FROOHFWHGSULRUWRGRVLQJRQGRVLQJGD\V


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
J
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\&ROOHFWHG PLQ PLQ PLQ DQGKRXUV PLQ SRVWGRVH
K
)RUDOOVXEMHFWV FROOHFWHGSUHGRVHRQ'D\SUHGRVHDQGKRXUVPLQSRVWGRVHRQ'D\ DQGDQ\WLPHRQ'D\
L
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\3.LVFROOHFWHGDQ\WLPHGXULQJ9LVLWDQG9LVLWPXVWRFFXULQFOLQLF
M
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\6XEMHFWVQRWSDUWLFLSDWLQJLQWKH3.VXEJURXSFDQKDYHWKLVYLVLWFRPSOHWHGDWKRPH E\DKRPHQXUVLQJYHQGRU RUE\WKHVWXG\
FRRUGLQDWRURUGHVLJQHH
N
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\%ORRGGUDZIRUVHUXPFUHDWLQLQHKRXUVPLQSRVWGRVHRQ'D\DQG'D\9LVLWDQG9LVLW
O
2QO\IRUVXEMHFWVZKRDJUHHWRWKHRSWLRQDOH[WHQGHGYLUDOPRQLWRULQJDWWKHWLPHRIFRQVHQW
P
2QO\IRUVXEMHFWVZKRDJUHHWRWKHRSWLRQDOH[WHQGHGYLUDOPRQLWRULQJDWWKHWLPHRIFRQVHQWDQGWHVWSRVLWLYHRULQFRQFOXVLYHIRU569DW9LVLW'D\
Q
$VVHVVPHQWRISURFHGXUHUHODWHG$(VRQO\LIKRPHYLVLW
R
1RWUHTXLUHGLIKRPHYLVLW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
$SSHQGL[ 
0DQDJHPHQWRI&OLQLFDODQG/DERUDWRU\$GYHUVH(YHQWV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
9HUVLRQ -XQH
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
+HPRJORELQ
+,9326,7,9(
$GXOWDQG3HGLDWULF'D\V
 WR  JG/
WR J/
 WR JG/
 WR  J/
WR JG/
WR J/
 JG/
 J/
+,91(*$7,9(
$GXOWDQG3HGLDWULF'D\V
 WR  JG/
 WR  J/
25
$Q\GHFUHDVHIURP%DVHOLQH
WR JG/
WR J/
WR JG/
WR J/
25
$Q\GHFUHDVHIURP%DVHOLQH
WR JG/
WR J/
WR JG/
WR J/
25
$Q\GHFUHDVHIURP%DVHOLQH
 JG/
 J/
 JG/
 J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WRJG/
WRJ/
JG/
J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WR JG/
WR J/
 JG/
 J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WR JG/
WR J/
 JG/
 J/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
$EVROXWH1HXWURSKLO&RXQW
$1&
$GXOWDQG3HGLDWULF 'D\V
 WR PP
 WR PP
 WR PP
PP
 WR *,/
 WR*,/
 WR *,/
*,/
,QIDQW± 'D\V
WRPP
 WR *,/
WRPP
 WR *,/
WRPP
 WR *,/
PP
*,/
,QIDQW'D\
WRPP
 WR *,/
WRPP
 WR*,/
WRPP
 WR *,/
PP
*,/
$EVROXWH&'&RXQW
+,91(*$7,9(21/<
$GXOWDQG3HGLDWULF
!  <HDUV
 WR PP
 WR ȝ/
 WR PP
 WRȝ/
 WR PP
 WR ȝ/
PP
ȝ/
$EVROXWH/\PSKRF\WH&RXQW
+,91(*$7,9(21/<
$GXOWDQG3HGLDWULF
 <HDUV
WRPP
WR*,/
WRPP
WR*,/
WRPP
WR*,/
PP
*,/
3ODWHOHWV
WR PP
 WR *,/
WRPP
 WR*,/
WRPP
WR*,/
PP
 *,/
:%&V
PP WRPP
WRPP
WRPP
PP
 *,/ WR *,/
 WR *,/
WR *,/
*,/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
+\SRILEULQRJHQHPLD
 WR  PJG/
WR PJG/
 WR PJG/
 PJG/
 WR  J/
 WR J/
WR J/
 J/
+\SHUILEULQRJHQHPLD
8/1WR PJG/
 PJG/
²
²
8/1 WR J/
 J/
²
²
)LEULQ6SOLW3URGXFW
WR ȝJP/
 WR ȝJP/
 WR ȝJP/
 ȝJP/
WR PJ/
WR PJ/
WR PJ/
 PJ/
3URWKURPELQ7LPH37
WR 8/1
WR 8/1
WR 8/1
8/1
,QWHUQDWLRQDO1RUPDOL]HG5DWLR
RISURWKURPELQWLPH,15
WR[8/1
!WR[8/1
!WR[8/1
![8/1
$FWLYDWHG3DUWLDO
7KURPERSODVWLQ7LPH$377
 WR 8/1
 WR 8/1
 WR 8/1
8/1
0HWKHPRJORELQ
 WR 
 WR 
 WR 



*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SRQDWUHPLD
WR//1P(T/
WR  P(T/
WR  P(T/
P(T/
WR //1PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
+\SHUQDWUHPLD
WRP(T/
WRP(T/
WRP(T/
P(T/
WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
+\SRNDOHPLD
WR P(T/
WR  P(T/
WR  P(T/
P(T/
WR PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
+\SHUNDOHPLD
WRP(T/
WR P(T/
WR P(T/
P(T/
WRPPRO/
WR PPRO/
WR PPRO/
PPRO/
+\SRJO\FHPLD
$GXOWDQG3HGLDWULF
 0RQWK
WR PJG/
WR  PJG/
WR  PJG/
PJG/
WR PPRO/
 WR  PPRO/
WR  PPRO/
PPRO/
,QIDQW  0RQWK
WR PJG/
WR PPRO/
WR PJG/
WR PPRO/
WR PJG/
WR PPRO/
PJG/
PPRO/
+\SHUJO\FHPLD1RQIDVWLQJ
 WR PJG/
WR PJG/
WR PJG/
PJG/
WR PPRO/
WR PPRO/
WR PPRO/
PPRO/
+\SHUJO\FHPLD)DVWLQJ
WRPJG/
WRPPRO/
!WRPJG/
!WRPPRO/
!WRPJG/
!WR PPRO/
!PJG/
!PPRO/
+\SRFDOFHPLD
FRUUHFWHGIRUDOEXPLQLI
DSSURSULDWH
$GXOWDQG3HGLDWULF
 'D\V
WRPJG/
WR PJG/
WR  PJG/
 PJG/
WRPPRO/
WR PPRO/
WR PPRO/
 PPRO/
,QIDQW  'D\V
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
PJG/
PPRO/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SHUFDOFHPLDFRUUHFWHG
IRUDOEXPLQLIDSSURSULDWH
$GXOWDQG3HGLDWULF
 'D\V
!8/1WRPJG/
WRPJG/
WRPJG/
PJG/
!8/1WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
,QIDQW  'D\V
WRPJG/
WRPPRO/
WRPJG/
!WRPPRO/
WRPJG/
!WRPPRO/
PJG/
!PPRO/
+\SRFDOFHPLDLRQL]HG
PJG/WR //1
WRPJG/
WR PJG/
PJG/
PPRO/WR //1
WR PPRO/
 WR PPRO/
PPRO/
+\SHUFDOFHPLDLRQL]HG
8/1WRPJG/
WRPJG/
WRPJG/
PJG/
8/1WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
+\SRPDJQHVHPLD
WR//1PJG/
WR//1P(T/
WR PJG/
WRP(T/
WR PJG/
WRP(T/
PJG/
P(T/
WR//1PPRO/
WR PPRO/
WR PPRO/
PPRO/
+\SRSKRVSKDWHPLD
$GXOWDQG3HGLDWULF
 <HDUV
WR//1PJG/
WRPJG/
WRPJG/
PJG/
 WR//1PPRO/
WRPPRO/
WRPPRO/
PPRO/
3HGLDWULF<HDU±<HDUV
WRPJG/
WRPPRO/
WRPJG/
WR  PPRO/
WRPJG/
WR PPRO/
PJG/
 PPRO/
3HGLDWULF <HDU
WRPJG/
WRPPRO/
WR PJG/
WR  PPRO/
WRPJG/
WRPPRO/
PJG/
 PPRO/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SHUELOLUXELQHPLD
$GXOWDQG3HGLDWULF
!  'D\V
WR8/1
WR8/1
WR8/1
8/1
,QIDQW 'D\V
QRQKHPRO\WLF
1$
WRPJG/
WRȝPRO/
WRPJG/
!WRȝPRO/
PJG/
!ȝPRO/
,QIDQW 'D\V
KHPRO\WLF
1$
1$
WRPJG/
WRȝPRO/
PJG/
!ȝPRO/
%ORRG8UHD1LWURJHQ
WR8/1
WR8/1
WR8/1
8/1
+\SHUXULFHPLD
!8/1WRPJG/
WRPJG/
WRPJG/
PJG/
!8/1WRȝPRO/
WRȝPRO/
WRȝPRO/
ȝPRO/
+\SRXULFHPLD
PJG/WR //1
WR PJG/
WR PJG/
PJG/
ȝPRO/WR //1
WR ȝPRO/
WR ȝPRO/
ȝPRO/
&UHDWLQLQH
WRPJG/
WRPJG/
WRPJG/
PJG/
WRȝPRO/
WRȝPRO/
WRȝPRO/
ȝPRO/
%LFDUERQDWH
P(T/WR //1
WR P(T/
WR P(T/
P(T/
PPRO/WR //1
WR PPRO/
WR PPRO/
PPRO/
7ULJO\FHULGHV
)DVWLQJ
1$
WRPJG/
WRPJG/
PJG/
±PPRO/
±PPRO/
PPRO/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
/'/
)DVWLQJ
WRPJG/
!WRPJG/
!PJG/
1$
WRPPRO/
!WRPPRO/
!PPRO/
3HGLDWULF!WR\HDUV
WRPJG/
!WRPJG/
!PJG/
1$
WRPPRO/
!WRPPRO/
!PPRO/
+\SHUFKROHVWHUROHPLD
)DVWLQJ
WRPJG/
WRPJG/
PJG/
1$
WRPPRO/
WRPPRO/
PPRO/
3HGLDWULF<HDUV
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
PJG/
PPRO/
1$
&UHDWLQH.LQDVH
WR 8/1
WR 8/1
WR 8/1
8/1
&DOFLXPVKRXOGEHFRUUHFWHGIRUDOEXPLQLIDOEXPLQLVJG/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
(1=<0(6
*UDGH
*UDGH
*UDGH
*UDGH
$676*27
WR8/1
WR8/1
WR8/1
8/1
$/76*37
WR8/1
WR8/1
WR8/1
8/1
**7
WR8/1
WR8/1
WR8/1
8/1
$ONDOLQH3KRVSKDWDVH
WR8/1
WR8/1
WR8/1
8/1
7RWDO$P\ODVH
WR8/1
WR8/1
WR8/1
8/1
3DQFUHDWLF$P\ODVH
WR8/1
WR8/1
WR8/1
8/1
/LSDVH
WR8/1
WR8/1
WR8/1
8/1
$OEXPLQ
JG/WR//1
J/WR//1
WRJG/
WRJ/
JG/
J/
1$


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
85,1$/<6,6
*UDGH
*UDGH
*UDGH
*UDGH
+HPDWXULD'LSVWLFN



1$
+HPDWXULD4XDQWLWDWLYH
6HH1RWHEHORZ
)HPDOHV
!8/1  5%&+3)
 5%&+3)
!5%&+3)
1$
0DOHV
5%&+3)
 5%&+3)
!5%&+3)
1$
3URWHLQXULD'LSVWLFN

±

1$
3URWHLQXULD+RXU&ROOHFWLRQ
$GXOWDQG3HGLDWULF
<HDUV
WR PJ K
!WR PJK
! WR PJK
PJK
3HGLDWULF0RWR
  <HDUV
WR PJP K
! WR PJPK
! WR PJPK
PJPK
*O\FRVXULD'LSVWLFN



1$
1RWHV
7R[LFLW\JUDGHVIRU4XDQWLWDWLYHDQG'LSVWLFN+HPDWXULDZLOOEHDVVLJQHGE\&RYDQFH/DERUDWRU\KRZHYHUIRURWKHUODERUDWRULHVWR[LFLW\JUDGHVZLOORQO\EHDVVLJQHGWR'LSVWLFN
+HPDWXULD
:LWKWKHH[FHSWLRQRIOLSLGWHVWVDQ\JUDGHGODERUDWRU\WHVWZLWKDUHVXOWWKDWLVEHWZHHQWKH//1DQG8/1VKRXOGEHDVVLJQHG*UDGH
,IWKHVHYHULW\RIDFOLQLFDO$(FRXOGIDOOXQGHUHLWKHURQHRIWZRJUDGHVHJWKHVHYHULW\RIDQ$(FRXOGEHHLWKHU*UDGH RU*UDGHVHOHFWWKHKLJKHURIWKHWZRJUDGHVIRUWKH
$(


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
&$5',29$6&8/$5
*UDGH
*UDGH
*UDGH
*UDGH
&DUGLDF$UUK\WKPLDJHQHUDO
%\(&*RUSK\VLFDOH[DP
$V\PSWRPDWLF$1'1R
LQWHUYHQWLRQLQGLFDWHG
$V\PSWRPDWLF$1'1RQ
XUJHQWPHGLFDOLQWHUYHQWLRQ
LQGLFDWHG
6\PSWRPDWLFQRQOLIH
WKUHDWHQLQJ$1'1RQ
XUJHQWPHGLFDOLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJDUUK\WKPLD
258UJHQWLQWHUYHQWLRQ
LQGLFDWHG
&DUGLDFLVFKHPLD,QIDUFWLRQ
1$
1$
6\PSWRPDWLFLVFKHPLD
VWDEOHDQJLQD257HVWLQJ
FRQVLVWHQWZLWKLVFKHPLD
8QVWDEOHDQJLQD25$FXWH
P\RFDUGLDOLQIDUFWLRQ
+HPRUUKDJHVLJQLILFDQWDFXWH
EORRGORVV
1$
6\PSWRPDWLF$1'1R
WUDQVIXVLRQLQGLFDWHG
6\PSWRPDWLF$1'
7UDQVIXVLRQRI XQLWV
SDFNHG5%&VIRUFKLOGUHQ
 FFNJLQGLFDWHG
/LIHWKUHDWHQLQJK\SRWHQVLRQ
257UDQVIXVLRQRI XQLWV
SDFNHG5%&VLQGLFDWHGIRU
FKLOGUHQ FFNJLQGLFDWHG
+\SHUWHQVLRQZLWKUHSHDW
WHVWLQJDWVDPHYLVLW
± PP+JV\VWROLF
25
±PP+JGLDVWROLF
±PP+JV\VWROLF
25
±PP+JGLDVWROLF
 PP+JV\VWROLF
25
 PP+JGLDVWROLF
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJPDOLJQDQWK\SHUWHQVLRQ
25+RVSLWDOL]DWLRQRWKHUWKDQ
(5YLVLWLQGLFDWHG
3HGLDWULF <HDUVZLWK
UHSHDWWHVWLQJDWVDPHYLVLW
1$
VW±WKSHUFHQWLOHDGMXVWHG
IRUDJHKHLJKWDQGJHQGHU
V\VWROLFDQGRUGLDVWROLF
 WKSHUFHQWLOHDGMXVWHG
IRUDJHKHLJKWDQGJHQGHU
V\VWROLFDQGRUGLDVWROLF
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJPDOLJQDQWK\SHUWHQVLRQ
25+RVSLWDOL]DWLRQLQGLFDWHG
RWKHUWKDQHPHUJHQF\URRP
YLVLW
+\SRWHQVLRQ
1$
6\PSWRPDWLFFRUUHFWHGZLWK
RUDOIOXLGUHSODFHPHQW
6\PSWRPDWLF,9IOXLGV
LQGLFDWHG
6KRFNUHTXLULQJXVHRI
YDVRSUHVVRUVRUPHFKDQLFDO
DVVLVWDQFHWRPDLQWDLQEORRG
SUHVVXUH
3HULFDUGLDO(IIXVLRQ
$V\PSWRPDWLFVPDOO
HIIXVLRQUHTXLULQJQR
LQWHUYHQWLRQ
$V\PSWRPDWLFPRGHUDWHRU
ODUJHUHIIXVLRQUHTXLULQJQR
LQWHUYHQWLRQ
(IIXVLRQZLWKQRQOLIH
WKUHDWHQLQJSK\VLRORJLF
FRQVHTXHQFHV25(IIXVLRQ
ZLWKQRQXUJHQWLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJWDPSRQDGH258UJHQW
LQWHUYHQWLRQLQGLFDWHG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
&$5',29$6&8/$5
*UDGH
*UDGH
*UDGH
*UDGH
3URORQJHG35,QWHUYDO
35LQWHUYDO
WRVHF
35LQWHUYDO
VHF
7\SH,,QGGHJUHH$9
EORFN259HQWULFXODUSDXVH
VHF
&RPSOHWH$9EORFN
3HGLDWULF<HDUV
VWGHJUHH$9EORFN
35!QRUPDOIRUDJHDQG
UDWH
7\SH,QGGHJUHH$9EORFN
7\SH,,QGGHJUHH$9
EORFN
&RPSOHWH$9EORFN
3URORQJHG47F
$V\PSWRPDWLF47FLQWHUYDO
WRVHF25,QFUHDVH
LQWHUYDOVHFDERYH
EDVHOLQH
$V\PSWRPDWLF47FLQWHUYDO
WRVHF25,QFUHDVH
LQLQWHUYDOWRVHF
DERYHEDVHOLQH
$V\PSWRPDWLF47FLQWHUYDO
 VHF25,QFUHDVHLQ
LQWHUYDO VHFDERYH
EDVHOLQH
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJ7RUVDGHGH
SRLQWHVRURWKHUDVVRFLDWHG
VHULRXVYHQWULFXODU
G\VUK\WKPLD
3HGLDWULF <HDUV
$V\PSWRPDWLF47FLQWHUYDO
WRVHF
$V\PSWRPDWLF47FLQWHUYDO
WRVHF
$V\PSWRPDWLF47FLQWHUYDO
VHF
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJ7RUVDGHGH
SRLQWHVRURWKHUDVVRFLDWHG
VHULRXVYHQWULFXODU
G\VUK\WKPLD
7KURPERVLV(PEROLVP
1$
'HHSYHLQWKURPERVLV$1'
1RLQWHUYHQWLRQLQGLFDWHGHJ
DQWLFRDJXODWLRQO\VLVILOWHU
LQYDVLYHSURFHGXUH
'HHSYHLQWKURPERVLV$1'
,QWHUYHQWLRQLQGLFDWHGHJ
DQWLFRDJXODWLRQO\VLVILOWHU
LQYDVLYHSURFHGXUH
(PEROLFHYHQWHJSXOPRQDU\
HPEROLVPOLIHWKUHDWHQLQJ
WKURPEXV
9DVRYDJDO(SLVRGHDVVRFLDWHG
ZLWKDSURFHGXUHRIDQ\NLQG
3UHVHQWZLWKRXWORVVRI
FRQVFLRXVQHVV
3UHVHQWZLWKWUDQVLHQWORVVRI
FRQVFLRXVQHVV
1$
1$
9HQWULFXODU'\VIXQFWLRQ
FRQJHVWLYHKHDUWIDLOXUH
&+)
1$
$V\PSWRPDWLFGLDJQRVWLF
ILQGLQJ$1'LQWHUYHQWLRQ
LQGLFDWHG
1HZRQVHWZLWKV\PSWRPV
25:RUVHQLQJV\PSWRPDWLF
&+)
/LIHWKUHDWHQLQJ&+)


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
5(63,5$725<
*UDGH
*UDGH
*UDGH
*UDGH
%URQFKRVSDVPDFXWH
)(9RUSHDNIORZUHGXFHGWR
WR
)(9RUSHDNIORZWR
)(9RUSHDNIORZWR

&\DQRVLV25)(9RUSHDNIORZ
25,QWXEDWLRQ
'\VSQHDRU5HVSLUDWRU\
'LVWUHVV
'\VSQHDRQH[HUWLRQZLWKQR
RUPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'\VSQHDRQH[HUWLRQFDXVLQJ
JUHDWHUWKDQPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'\VSQHDDWUHVWFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
5HVSLUDWRU\IDLOXUHZLWK
YHQWLODWRU\VXSSRUWLQGLFDWHG
3HGLDWULF<HDUV
:KHH]LQJ25PLQLPDO
LQFUHDVHLQUHVSLUDWRU\UDWHIRU
DJH
1DVDOIODULQJ25,QWHUFRVWDO
UHWUDFWLRQV253XOVHR[LPHWU\
WR
'\VSQHDDWUHVWFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
253XOVHR[LPHWU\
5HVSLUDWRU\IDLOXUHZLWK
YHQWLODWRU\VXSSRUWLQGLFDWHG
2&8/$59,68$/
*UDGH
*UDGH
*UDGH
*UDGH
8YHLWLV
$V\PSWRPDWLFEXWGHWHFWDEOH
RQH[DP
6\PSWRPDWLFDQWHULRUXYHLWLV25
0HGLFDOLQWHUYHQWLRQLQGLFDWHG
3RVWHULRURUSDQXYHLWLV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
'LVDEOLQJYLVXDOORVVLQDIIHFWHG
H\HV
9LVXDO&KDQJHV
IURP %DVHOLQH
9LVXDOFKDQJHVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9LVXDOFKDQJHVFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9LVXDOFKDQJHVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJYLVXDOORVVLQDIIHFWHG
H\HV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
6.,1
*UDGH
*UDGH
*UDGH
*UDGH
$ORSHFLD
7KLQQLQJGHWHFWDEOHE\
VWXG\SDUWLFLSDQWRU
FDUHJLYHUIRUGLVDEOHG
DGXOWV
7KLQQLQJRUSDWFK\KDLUORVV
GHWHFWDEOHE\KHDOWKFDUH
SURYLGHU
&RPSOHWHKDLUORVV
1$
&XWDQHRXV5HDFWLRQ± 5DVK
/RFDOL]HGPDFXODUUDVK
'LIIXVHPDFXODU
PDFXORSDSXODURU
PRUELOOLIRUPUDVK257DUJHW
OHVLRQV
'LIIXVHPDFXODU
PDFXORSDSXODURUPRUELOOLIRUP
UDVKZLWKYHVLFOHVRUOLPLWHG
QXPEHURIEXOODH25
6XSHUILFLDOXOFHUDWLRQVRI
PXFRXVPHPEUDQHOLPLWHGWR
RQHVLWH
([WHQVLYHRUJHQHUDOL]HG
EXOORXVOHVLRQV25
6WHYHQV-RKQVRQV\QGURPH
258OFHUDWLRQRIPXFRXV
PHPEUDQHLQYROYLQJWZR
RUPRUHGLVWLQFWPXFRVDO
VLWHV257R[LFHSLGHUPDO
QHFURO\VLV7(1
+\SHUSLJPHQWDWLRQ
6OLJKWRUORFDOL]HG
0DUNHGRUJHQHUDOL]HG
1$
1$
+\SRSLJPHQWDWLRQ
6OLJKWRUORFDOL]HG
0DUNHGRUJHQHUDOL]HG
1$
1$
3UXULWLVLWFKLQJ± QRVNLQ
OHVLRQV
6HHDOVR,QMHFWLRQ6LWH
5HDFWLRQV3UXULWLVDVVRFLDWHG
ZLWKLQMHFWLRQ
,WFKLQJFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
,WFKLQJFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
,WFKLQJFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
1$


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
*$6752,17(67,1$/
*UDGH
*UDGH
*UDGH
*UDGH
$QRUH[LD
/RVVRIDSSHWLWHZLWKRXW
GHFUHDVHGRUDOLQWDNH
/RVVRIDSSHWLWHDVVRFLDWHGZLWK
GHFUHDVHGRUDOLQWDNHZLWKRXW
VLJQLILFDQWZHLJKWORVV
/RVVRIDSSHWLWHDVVRFLDWHG
ZLWKVLJQLILFDQWZHLJKWORVV
/LIHWKUHDWHQLQJFRQVHTXHQFHV
25$JJUHVVLYHLQWHUYHQWLRQ
LQGLFDWHG>HJWXEHIHHGLQJRU
WRWDOSDUHQWHUDOQXWULWLRQ@
$VFLWHV
$V\PSWRPDWLF
6\PSWRPDWLF$1',QWHUYHQWLRQ
LQGLFDWHGHJGLXUHWLFVRU
WKHUDSHXWLFSDUDFHQWHVLV
6\PSWRPDWLFGHVSLWH
LQWHUYHQWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
&KROHF\VWLWLV
1$
6\PSWRPDWLF$1'0HGLFDO
LQWHUYHQWLRQLQGLFDWHG
5DGLRORJLFHQGRVFRSLFRU
RSHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJVHSVLVRUSHUIRUDWLRQ
&RQVWLSDWLRQ
1$
3HUVLVWHQWFRQVWLSDWLRQUHTXLULQJ
UHJXODUXVHRIGLHWDU\
PRGLILFDWLRQVOD[DWLYHVRU
HQHPDV
2EVWLSDWLRQZLWKPDQXDO
HYDFXDWLRQLQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJREVWUXFWLRQ
'LDUUKHD
$GXOWDQG3HGLDWULF
 <HDU
7UDQVLHQWRULQWHUPLWWHQW
HSLVRGHVRIXQIRUPHGVWRROV
25,QFUHDVHRI VWRROV
RYHUEDVHOLQH KU
3HUVLVWHQWHSLVRGHVRIXQIRUPHG
WRZDWHU\VWRROV25,QFUHDVHRI
±VWRROVRYHUEDVHOLQHSHU
 KUV
%ORRG\GLDUUKHD25,QFUHDVH
RI VWRROVSHUKRXU
SHULRG25,9IOXLG
UHSODFHPHQWLQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN
3HGLDWULF <HDU
/LTXLGVWRROVPRUH
XQIRUPHGWKDQXVXDOEXW
XVXDOQXPEHURIVWRROV
/LTXLGVWRROVZLWKLQFUHDVHG
QXPEHURIVWRROV250LOG
GHK\GUDWLRQ
/LTXLGVWRROVZLWKPRGHUDWH
GHK\GUDWLRQ
/LTXLGVWRROVUHVXOWLQJLQ
VHYHUHGHK\GUDWLRQZLWK
DJJUHVVLYHUHK\GUDWLRQ
LQGLFDWHG25+\SRWHQVLYH
VKRFN


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
*$6752,17(67,1$/
*UDGH
*UDGH
*UDGH
*UDGH
'\VSKDJLD2G\QRSKDJLD
6\PSWRPDWLFEXWDEOHWRHDW
XVXDOGLHW
6\PSWRPVFDXVLQJDOWHUHG
GLHWDU\LQWDNHZLWKRXWPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJVHYHUHO\
DOWHUHGGLHWDU\LQWDNHZLWK
PHGLFDOLQWHUYHQWLRQLQGLFDWHG
/LIHWKUHDWHQLQJUHGXFWLRQLQ
RUDOLQWDNH
0XFRVLWLV6WRPDWLWLV
FOLQLFDOH[DP
6HHDOVR3URFWLWLV
'\VSKDJLD2G\QRSKDJLD
(U\WKHPDRIWKHPXFRVD
3DWFK\SVHXGRPHPEUDQHVRU
XOFHUDWLRQV
&RQIOXHQWSVHXGRPHPEUDQHV
RUXOFHUDWLRQV250XFRVDO
EOHHGLQJZLWKPLQRUWUDXPD
7LVVXHQHFURVLV25'LIIXVH
VSRQWDQHRXVPXFRVDOEOHHGLQJ
25/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJDVSLUDWLRQ
FKRNLQJ
1DXVHD
7UDQVLHQW KRXUVRU
LQWHUPLWWHQWQDXVHDZLWKQR
RUPLQLPDOLQWHUIHUHQFHZLWK
RUDOLQWDNH
3HUVLVWHQWQDXVHDUHVXOWLQJLQ
GHFUHDVHGRUDOLQWDNHIRU±
KRXUV
3HUVLVWHQWQDXVHDUHVXOWLQJLQ
PLQLPDORUDOLQWDNHIRU
KRXUV25$JJUHVVLYH
UHK\GUDWLRQLQGLFDWHGHJ
,9 IOXLGV
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN
3DQFUHDWLWLV
1$
6\PSWRPDWLF$1'
+RVSLWDOL]DWLRQQRWLQGLFDWHG
RWKHUWKDQ(5YLVLW
6\PSWRPDWLF$1'
+RVSLWDOL]DWLRQLQGLFDWHG
RWKHUWKDQ(5YLVLW
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJVHSVLVFLUFXODWRU\IDLOXUH
KHPRUUKDJH
3URFWLWLVIXQFWLRQDO
V\PSWRPDWLF
$OVRVHH0XFRVLWLV
6WRPDWLWLVIRU&OLQLFDO
([DP
5HFWDOGLVFRPIRUW$1'1R
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
0HGLFDOLQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO
IXQFWLRQDODFWLYLWLHV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJSHUIRUDWLRQ
9RPLWLQJ
7UDQVLHQWRULQWHUPLWWHQW
YRPLWLQJZLWKQRRU
PLQLPDOLQWHUIHUHQFHZLWK
RUDOLQWDNH
)UHTXHQWHSLVRGHVRIYRPLWLQJ
ZLWKQRRUPLOGGHK\GUDWLRQ
3HUVLVWHQWYRPLWLQJUHVXOWLQJ
LQRUWKRVWDWLFK\SRWHQVLRQ25
$JJUHVVLYHUHK\GUDWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
$OWHUDWLRQLQ3HUVRQDOLW\
%HKDYLRURULQ0RRGHJ
DJLWDWLRQDQ[LHW\
GHSUHVVLRQPDQLD
SV\FKRVLV
$OWHUDWLRQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
$OWHUDWLRQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
$OWHUDWLRQFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
%HKDYLRUSRWHQWLDOO\KDUPIXO
WRVHOIRURWKHUVHJ
VXLFLGDOKRPLFLGDOLGHDWLRQRU
DWWHPSWDFXWHSV\FKRVLV25
&DXVLQJLQDELOLW\WRSHUIRUP
EDVLFVHOIFDUHIXQFWLRQV
$OWHUHG0HQWDO6WDWXV
)RU'HPHQWLDVHH&RJQLWLYH
DQG%HKDYLRUDO$WWHQWLRQDO
'LVWXUEDQFHLQFOXGLQJ
GHPHQWLDDQG$''
&KDQJHVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
0LOGOHWKDUJ\RUVRPQROHQFH
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
&RQIXVLRQPHPRU\
LPSDLUPHQWOHWKDUJ\RU
VRPQROHQFHFDXVLQJLQDELOLW\
WRSHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'HOLULXP25REWXQGDWLRQ25
FRPD
$WD[LD
$V\PSWRPDWLFDWD[LD
GHWHFWDEOHRQH[DP25
0LQLPDODWD[LDFDXVLQJQR
RUPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPDWLFDWD[LDFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
6\PSWRPDWLFDWD[LDFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJDWD[LDFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
&RJQLWLYHDQG
%HKDYLRUDO$WWHQWLRQDO
'LVWXUEDQFHLQFOXGLQJ
GHPHQWLDDQG$WWHQWLRQ
'HILFLW'LVRUGHU
'LVDELOLW\FDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV256SHFLDOL]HG
UHVRXUFHVQRWLQGLFDWHG
'LVDELOLW\FDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV256SHFLDOL]HG
UHVRXUFHVRQSDUWWLPHEDVLV
LQGLFDWHG
'LVDELOLW\FDXVLQJLQDELOLW\ WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
6SHFLDOL]HGUHVRXUFHVRQD
IXOOWLPHEDVLVLQGLFDWHG
'LVDELOLW\FDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV25
,QVWLWXWLRQDOL]DWLRQLQGLFDWHG
&16,VFKHPLD
DFXWH
1$
1$
7UDQVLHQWLVFKHPLFDWWDFN
&HUHEUDOYDVFXODUDFFLGHQW
&9$VWURNHZLWK
QHXURORJLFDOGHILFLW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
'HYHORSPHQWDOGHOD\±
3HGLDWULF<HDUV
0LOGGHYHORSPHQWDOGHOD\
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWH
IRUWKHVHWWLQJ
0RGHUDWHGHYHORSPHQWDO
GHOD\HLWKHUPRWRURU
FRJQLWLYHDVGHWHUPLQHGE\
FRPSDULVRQZLWKD
GHYHORSPHQWDOVFUHHQLQJWRRO
DSSURSULDWHIRUWKHVHWWLQJ
6HYHUHGHYHORSPHQWDOGHOD\
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWHIRU
WKHVHWWLQJ
'HYHORSPHQWDOUHJUHVVLRQ
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWHIRU
WKHVHWWLQJ
+HDGDFKH
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV25+RVSLWDOL]DWLRQ
LQGLFDWHGRWKHUWKDQ(5YLVLW
25+HDGDFKHZLWKVLJQLILFDQW
LPSDLUPHQWRIDOHUWQHVVRU
RWKHUQHXURORJLFIXQFWLRQ
,QVRPQLD
1$
'LIILFXOW\VOHHSLQJFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDOIXQFWLRQDODFWLYLWLHV
'LIILFXOW\VOHHSLQJFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJLQVRPQLDFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
1HXURPXVFXODU:HDNQHVV
LQFOXGLQJP\RSDWK\	
QHXURSDWK\
$V\PSWRPDWLFZLWK
GHFUHDVHGVWUHQJWKRQH[DP
250LQLPDOPXVFOHZHDN
QHVVFDXVLQJQRRUPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
0XVFOHZHDNQHVVFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
0XVFOHZHDNQHVVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJPXVFOHZHDNQHVV
FDXVLQJLQDELOLW\WRSHUIRUP
EDVLFVHOIFDUHIXQFWLRQV25
5HVSLUDWRU\PXVFOHZHDNQHVV
LPSDLULQJYHQWLODWLRQ
1HXURVHQVRU\$OWHUDWLRQ
LQFOXGLQJSDUHVWKHVLDDQG
SDLQIXOQHXURSDWK\
$V\PSWRPDWLFZLWKVHQVRU\
DOWHUDWLRQRQH[DPRU
PLQLPDOSDUHVWKHVLDFDXVLQJ
QRRUPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
6HQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6HQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJVHQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
6HL]XUHQHZRQVHW
1$
VHL]XUH
±VHL]XUHV
6HL]XUHVRIDQ\NLQGWKDWDUH
SURORQJHGUHSHWLWLYHHJ
VWDWXVHSLOHSWLFXVRUGLIILFXOW
WRFRQWUROHJUHIUDFWRU\
HSLOHSV\
6HL]XUHSUHH[LVWLQJ
)RU:RUVHQLQJRI([LVWLQJ
(SLOHSV\WKH*UDGHV6KRXOG
%H%DVHGRQDQ,QFUHDVH
IURP3UHYLRXV/HYHORI
&RQWUROWR$Q\RI7KHVH
/HYHOV
1$
,QFUHDVHGIUHTXHQF\RISUH
H[LVWLQJVHL]XUHVQRQ
UHSHWLWLYHZLWKRXWFKDQJHLQ
VHL]XUHFKDUDFWHU25
LQIUHTXHQWEUHDNWKURXJK
VHL]XUHVZKLOHRQVWDEOHPHGV
LQDSUHYLRXVO\FRQWUROOHG
VHL]XUHGLVRUGHU
&KDQJHLQVHL]XUHFKDUDFWHU
IURPEDVHOLQHHLWKHULQ
GXUDWLRQRUTXDOLW\HJ
VHYHULW\RUIRFDOLW\
6HL]XUHVRIDQ\NLQGWKDWDUH
SURORQJHGUHSHWLWLYHHJ
VWDWXVHSLOHSWLFXVRUGLIILFXOW
WRFRQWUROHJUHIUDFWRU\
HSLOHSV\
6HL]XUH
± 3HGLDWULF<HDUV
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ
  PLQXWHVZLWK  KRXUV
SRVWLFWDOVWDWH
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ±
PLQXWHVZLWK
KRXUVSRVWLFWDOVWDWH
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ
!PLQXWHV
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQUHTXLULQJ
LQWXEDWLRQDQGVHGDWLRQ
6\QFRSHQRWDVVRFLDWHG
ZLWKDSURFHGXUH
1$
3UHVHQW
1$
1$
9HUWLJR
9HUWLJRFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9HUWLJRFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9HUWLJRFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJYHUWLJRFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
086&8/26.(/(7$/
*UDGH
*UDGH
*UDGH
*UDGH
$UWKUDOJLD
6HHDOVR$UWKULWLV
-RLQWSDLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
-RLQWSDLQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
-RLQWSDLQFDXVLQJLQDELOLW\
WRSHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJMRLQWSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
$UWKULWLV
6HHDOVR$UWKUDOJLD
6WLIIQHVVRUMRLQWVZHOOLQJ
FDXVLQJQRRUPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6WLIIQHVVRUMRLQWVZHOOLQJFDXVLQJ
JUHDWHUWKDQPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6WLIIQHVVRUMRLQWVZHOOLQJ
FDXVLQJLQDELOLW\WRSHUIRUP
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'LVDEOLQJMRLQWVWLIIQHVVRU
VZHOOLQJFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV
%RQH0LQHUDO/RVV
%0'WVFRUHRU]VFRUH
±WR±
%0'WVFRUHRU]VFRUH ±
3DWKRORJLFDOIUDFWXUH
LQFOXGLQJORVVRIYHUWHEUDO
KHLJKW
3DWKRORJLFIUDFWXUHFDXVLQJ
OLIHWKUHDWHQLQJFRQVHTXHQFHV
3HGLDWULF <HDUV
%0']VFRUH
±WR±
%0']VFRUH±
3DWKRORJLFDOIUDFWXUH
LQFOXGLQJORVVRIYHUWHEUDO
KHLJKW
3DWKRORJLFIUDFWXUHFDXVLQJ
OLIHWKUHDWHQLQJFRQVHTXHQFHV
0\DOJLD
QRQLQMHFWLRQVLWH
0XVFOHSDLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
0XVFOHSDLQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
0XVFOHSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJPXVFOHSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
2VWHRQHFURVLV
1$
$V\PSWRPDWLFZLWKUDGLRJUDSKLF
ILQGLQJV$1'1RRSHUDWLYH
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPDWLFERQHSDLQZLWK
UDGLRJUDSKLFILQGLQJV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
'LVDEOLQJERQHSDLQZLWK
UDGLRJUDSKLFILQGLQJVFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
6<67(0,&
*UDGH
*UDGH
*UDGH
*UDGH
$FXWH6\VWHPLF$OOHUJLF
5HDFWLRQ
/RFDOL]HGXUWLFDULD
ZKHDOVZLWKQRPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
/RFDOL]HGXUWLFDULDZLWKPHGLFDO
LQWHUYHQWLRQLQGLFDWHG250LOG
DQJLRHGHPDZLWKQRPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
*HQHUDOL]HGXUWLFDULD25
$QJLRHGHPDZLWKPHGLFDO
LQWHUYHQWLRQLQGLFDWHG25
6\PSWRPDWLFPLOG
EURQFKRVSDVP
$FXWHDQDSK\OD[LV25/LIH
WKUHDWHQLQJEURQFKRVSDVP25
ODU\QJHDOHGHPD
&KLOOV
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
1$
)DWLJXH
0DODLVH
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
,QFDSDFLWDWLQJIDWLJXHPDODLVH
V\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV
)HYHUQRQD[LOODU\
&WR&
)WR)
&WR&
)WR)
&WR&
)WR)
&
)
3DLQ ,QGLFDWH%RG\6LWH
6HHDOVR,QMHFWLRQ6LWH
3DLQ+HDGDFKH
$UWKUDOJLDDQG0\DOJLD
3DLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
3DLQFDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
3DLQFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV25
+RVSLWDOL]DWLRQRWKHUWKDQ(5
YLVLWLQGLFDWHG
8QLQWHQWLRQDO:HLJKW
/RVV
1$
WRORVVLQERG\ZHLJKWIURP
EDVHOLQH
WRORVVLQERG\
ZHLJKWIURPEDVHOLQH
ORVVLQERG\ZHLJKW
IURPEDVHOLQH25$JJUHVVLYH
LQWHUYHQWLRQLQGLFDWHG>HJ
WXEHIHHGLQJRUWRWDOSDUHQWHUDO
QXWULWLRQ@


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
,1-(&7,216,7(5($&7,21
*UDGH
*UDGH
*UDGH
*UDGH
,QMHFWLRQ6LWH3DLQSDLQ
ZLWKRXWWRXFKLQJ
2U7HQGHUQHVVSDLQZKHQ
DUHDLVWRXFKHG
3DLQWHQGHUQHVVFDXVLQJQR
RUPLQLPDOOLPLWDWLRQRIXVH
RIOLPE
3DLQWHQGHUQHVVOLPLWLQJXVHRI
OLPE253DLQWHQGHUQHVV
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
3DLQWHQGHUQHVVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
3DLQWHQGHUQHVVFDXVLQJLQDELOLW\
WRSHUIRUPEDVLF VHOIFDUH
IXQFWLRQ25+RVSLWDOL]DWLRQ
RWKHUWKDQ(5YLVLWLQGLFDWHG
IRUPDQDJHPHQWRI
SDLQWHQGHUQHVV
,QMHFWLRQ6LWH5HDFWLRQ
/RFDOL]HG <HDUV
(U\WKHPD25,QGXUDWLRQ
RI  FPWR  FPRU
FP
(U\WKHPD25,QGXUDWLRQ25
(GHPD FPDQ\GLDPHWHU
RU FP
8OFHUDWLRQ256HFRQGDU\
LQIHFWLRQ253KOHELWLV25
6WHULOHDEVFHVV25'UDLQDJH
1HFURVLVLQYROYLQJGHUPLVDQG
GHHSHUWLVVXH
3HGLDWULF <HDUV
(U\WKHPD25,QGXUDWLRQ
25(GHPDSUHVHQWEXW
 FPGLDPHWHU
(U\WKHPD25,QGXUDWLRQ25
(GHPD!  FPGLDPHWHUEXW
 VXUIDFHDUHDRIWKH
H[WUHPLW\VHJPHQWHJXSSHU
DUPWKLJK
(U\WKHPD25,QGXUDWLRQ
25(GHPDLQYROYLQJ
VXUIDFHDUHDRIWKHH[WUHPLW\
VHJPHQWHJXSSHU
DUPWKLJK258OFHUDWLRQ
256HFRQGDU\LQIHFWLRQ25
3KOHELWLV256WHULOHDEVFHVV
25'UDLQDJH
1HFURVLVLQYROYLQJGHUPLVDQG
GHHSHUWLVVXH
3UXULWLV$VVRFLDWHGZLWK
,QMHFWLRQ
6HHDOVR6NLQ3UXULWLV
LWFKLQJ²QRVNLQOHVLRQV
,WFKLQJORFDOL]HGWRLQMHFWLRQ
VLWH$1'5HOLHYHG
VSRQWDQHRXVO\RUZLWK
 KWUHDWPHQW
,WFKLQJEH\RQGWKHLQMHFWLRQ
VLWHEXWQRWJHQHUDOL]HG25
,WFKLQJORFDOL]HGWRLQMHFWLRQ
VLWHUHTXLULQJ KWUHDWPHQW
*HQHUDOL]HGLWFKLQJFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
1$


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
(1'2&5,1(0(7$%2/,&
*UDGH 
*UDGH
*UDGH
*UDGH
/LSRG\VWURSK\HJEDFN
RIQHFNEUHDVWV
DEGRPHQ
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXV
FKDQJHVRQFDVXDOYLVXDO
LQVSHFWLRQ
1$
'LDEHWHV0HOOLWXV
1$
1HZRQVHWZLWKRXWQHHGWRLQLWLDWH
PHGLFDWLRQ250RGLILFDWLRQRI
FXUUHQWPHGVWRUHJDLQJOXFRVH
FRQWURO
1HZRQVHWZLWKLQLWLDWLRQRI
LQGLFDWHGPHG25'LDEHWHV
XQFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJNHWRDFLGRVLV
K\SHURVPRODUQRQNHWRWLF
FRPD
*\QHFRPDVWLD
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXVRQ
FDVXDOYLVXDOLQVSHFWLRQ
1$
+\SHUWK\URLGLVP
$V\PSWRPDWLF
6\PSWRPDWLFFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
7K\URLGVXSSUHVVLRQWKHUDS\
LQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
8QFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJWK\URLGVWRUP
+\SRWK\URLGLVP
$V\PSWRPDWLF
6\PSWRPDWLFFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
7K\URLGUHSODFHPHQWWKHUDS\
LQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
8QFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJP\[HGHPDFRPD
/LSRDWURSK\HJIDWORVV
IURPWKHIDFHH[WUHPLWLHV
EXWWRFNV
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXVRQ
FDVXDOYLVXDOLQVSHFWLRQ
1$


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
*(1,7285,1$5<
*UDGH
*UDGH
*UDGH
*UDGH
,QWHUPHQVWUXDO%OHHGLQJ
,0%
6SRWWLQJREVHUYHGE\SDUWLFLSDQW
250LQLPDOEORRGREVHUYHG
GXULQJFOLQLFDORUFROSRVFRSLF
H[DP
,QWHUPHQVWUXDOEOHHGLQJQRW
JUHDWHULQGXUDWLRQRUDPRXQW
WKDQXVXDOPHQVWUXDOF\FOH
,QWHUPHQVWUXDOEOHHGLQJJUHDWHU
LQGXUDWLRQRU DPRXQWWKDQXVXDO
PHQVWUXDOF\FOH
+HPRUUKDJHZLWK
OLIHWKUHDWHQLQJK\SRWHQVLRQ
252SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
8ULQDU\7UDFW
REVWUXFWLRQHJVWRQH
1$
6LJQVRUV\PSWRPVRIXULQDU\
WUDFWREVWUXFWLRQZLWKRXW
K\GURQHSKURVLVRUUHQDO
G\VIXQFWLRQ
6LJQVRUV\PSWRPVRIXULQDU\
WUDFWREVWUXFWLRQZLWK
K\GURQHSKURVLVRUUHQDO
G\VIXQFWLRQ
2EVWUXFWLRQFDXVLQJ
OLIHWKUHDWHQLQJ
FRQVHTXHQFHV
,1)(&7,21
*UDGH
*UDGH
*UDGH
*UDGH
,QIHFWLRQDQ\RWKHU
WKDQ+,9LQIHFWLRQ
/RFDOL]HGQRV\VWHPLFDQWLȝELDO
WUHDWPHQWLQGLFDWHG$1'
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\VWHPLFDQWLȝELDOWUHDWPHQW
LQGLFDWHG256\PSWRPV
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
6\VWHPLFDQWLȝELDOWUHDWPHQW
LQGLFDWHG$1'6\PSWRPV
FDXVLQJLQDELOLW\WRSHUIRUP
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV252SHUDWLYH
LQWHUYHQWLRQRWKHUWKDQVLPSOH
LQFLVLRQDQGGUDLQDJHLQGLFDWHG
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJVHSWLF
VKRFN
%DVLF6HOIFDUH)XQFWLRQV $FWLYLWLHVVXFKDVEDWKLQJGUHVVLQJWRLOHWLQJWUDQVIHUPRYHPHQWFRQWLQHQFHDQGIHHGLQJ
8VXDO6RFLDO	)XQFWLRQDO$FWLYLWLHV $GDSWLYHWDVNVDQGGHVLUDEOHDFWLYLWLHVVXFKDVJRLQJWRZRUNVKRSSLQJFRRNLQJXVHRIWUDQVSRUWDWLRQSXUVXLQJ DKREE\HWF


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ
3RWHQWLDODQG&RQWUDFHSWLYH5HTXLUHPHQWV
 3UHJQDQF\DQG&RQWUDFHSWLRQ5HTXLUHPHQWVIRU0DOHVDQG)HPDOHVRI&KLOGEHDULQJ
3RWHQWLDO
3UHJQDQF\PXVWEHH[FOXGHGEHIRUHWKHVWDUWRIWUHDWPHQWZLWKVWXG\GUXJDQGSUHYHQWHG
WKHUHDIWHUE\UHOLDEOHFRQWUDFHSWLYHPHWKRGV$XULQHRUVHUXPSUHJQDQF\WHVWZLOOEHSHUIRUPHG
IRUDOOIHPDOHVRIFKLOGEHDULQJSRWHQWLDODWWKHVFUHHQLQJYLVLWDQGDWHDFKGRVLQJYLVLW
9LVLWV   DQGSULRUWRDGPLQLVWUDWLRQRIVWXG\GUXJ WRHQVXUHSUHJQDQWZRPHQDUHQRW
LQFOXGHGRUWUHDWHGZLWKVWXG\GUXJLQWKHWULDO3OHDVHUHIHUWRWKHODWHVWYHUVLRQRIWKH
LQYHVWLJDWRU¶VEURFKXUHIRUDGGLWLRQDOLQIRUPDWLRQ DERXWWKHHIIHFWVRI*6
 'HILQLWLRQRI)HPDOHRI&KLOGEHDULQJ3RWHQWLDO
)RUWKHSXUSRVHVRIWKLVVWXG\DIHPDOHVXEMHFW RIFKLOGEHDULQJSRWHQWLDOLVDQRQPHQRSDXVDO
IHPDOHZKRKDVQRWKDGDK\VWHUHFWRP\ELODWHUDORRSKRUHFWRP\RUPHGLFDOO\GRFXPHQWHG
RYDULDQIDLOXUH7KLVGHILQLWLRQLQFOXGHVDSXEHUWDOIHPDOHZKRKDVQRW\HWVWDUWHGPHQVWUXDWLQJ
$ZRPDQZKRKDVKDGDWXEDOVWHULOL]DWLRQLVFRQVLGHUHGWREHRIFKLOGEHDULQJSRWHQWLDO
$IHPDOHVXEMHFWPD\EHFRQVLGHUHGPHQRSDXVDO LQ HLWKHU RIWKHIROORZLQJFRQGLWLRQV

6XUJLFDOPHQRSDXVH$SSURSULDWHPHGLFDOGRFXPHQWDWLRQRISULRUFRPSOHWHELODWHUDO
RRSKRUHFWRP\LHVXUJLFDOUHPRYDORIWKHRYDULHV DQGRFFXUULQJDWWKHDJHDWZKLFKWKH
SURFHGXUHZDVSHUIRUPHG

6SRQWDQHRXVPHQRSDXVH3HUPDQHQWFHVVDWLRQRISUHYLRXVO\RFFXUULQJPHQVHVDVDUHVXOWRI
RYDULDQIDLOXUHZLWKGRFXPHQWDWLRQRIKRUPRQDOGHILFLHQF\E\DFHUWLILHGKHDOWK FDUH
SURYLGHU7KHZRUOGZLGHPHDQDJHRIVSRQWDQHRXVPHQRSDXVHLV 6' \HDUV

$KRUPRQDOGHILFLHQF\VKRXOGEHSURSHUO\GRFXPHQWHGLQWKHFDVHRIVXVSHFWHGVSRQWDQHRXV
PHQRSDXVHDVIROORZV
,IDJH\HDUVDQGZLWKWKHDEVHQFHRIQRUPDOPHQVHVVHUXPIROOLFOHVWLPXODWLQJ
KRUPRQH)6+OHYHOHOHYDWHGWRZLWKLQWKHSRVWPHQRSDXVDOUDQJHEDVHGRQWKH
ODERUDWRU\UHIHUHQFHUDQJHZKHUHWKHKRUPRQDODVVD\LVSHUIRUPHG
,IDJH\HDUVDQGZLWKWKHDEVHQFHRIQRUPDOPHQVHVQHJDWLYHVHUXPRUXULQHKXPDQ
FKRULRQLFJRQDGRWURSLQK&*ZLWKFRQFXUUHQWO\HOHYDWHGVHUXP)6+OHYHOLQWKH
SRVWPHQRSDXVDOUDQJHGHSUHVVHGHVWUDGLRO(OHYHOLQWKHSRVWPHQRSDXVDOUDQJHDQG
DEVHQWVHUXPSURJHVWHURQHOHYHOEDVHGRQWKHODERUDWRU\UHIHUHQFHUDQJHVZKHUHWKH
KRUPRQDODVVD\VDUHSHUIRUPHG
 &RQWUDFHSWLYH5HTXLUHPHQWV
)HPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDODQGPDOHVXEMHFWVPXVWDJUHHWRHLWKHUFRQWLQXH
DEVWLQHQFHIURPVH[XDOLQWHUFRXUVHRUXWLOL]HSURWRFRO VSHFLILHG PHWKRGVRIFRQWUDFHSWLRQLIWKH\
FKRRVHWRHQJDJHLQLQWHUFRXUVHIURPWKHVFUHHQLQJHQUROOPHQWYLVLWWKURXJKRXWWKHVWXG\SHULRG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
DQGIRU GD\VIROORZLQJWKHODVWGRVHRIVWXG\GUXJ GD\VIRUPDOHV)HPDOHVWXG\VXEMHFWV
RIFKLOGEHDULQJSRWHQWLDOZLOOXQGHUJRUHJXODUSUHJQDQF\WHVWLQJZKLOHWDNLQJ*67KH
LQYHVWLJDWRUZLOOFRXQVHOVXEMHFWVRQWKHSURWRFROVSHFLILHGPHWKRGVIRUDYRLGLQJSUHJQDQF\LQ
FDVHWKHVXEMHFWFKRRVHVWRHQJDJHLQKHWHURVH[XDOLQWHUFRXUVH
3URWRFROVSHFLILHGFRQWUDFHSWLYHPHWKRGVDUHDVIROORZVDFRPELQDWLRQRIRQHKRUPRQDO
PHWKRGDQGRQHEDUULHUPHWKRGRU XVHRIDQLQWUDXWHULQHGHYLFH,8'RUWXEDOVWHULOL]DWLRQ
VHH$SSHQGL[ 7DEOH  EHORZ$FFHSWDEOHKRUPRQDOPHWKRGVLQFOXGHLQMHFWDEOHSURJHVWHURQH
SURJHVWHURQHLPSODQWVFRPELQDWLRQRUDOFRQWUDFHSWLYHVWUDQVGHUPDOFRQWUDFHSWLYHSDWFKDQG
YDJLQDOULQJ$FFHSWDEOHEDUULHUPHWKRGVLQFOXGHGLDSKUDJPZLWKVSHUPLFLGHFHUYLFDOFDSZLWK
VSHUPLFLGHDQGWKHPDOHFRQGRP ZLWKVSHUPLFLGH)HPDOHVXEMHFWVPXVWXVHHLWKHUDKRUPRQDO
PHWKRGRUDEDUULHUPHWKRGLIWKHSDUWQHUKDVDYDVHFWRP\ DQGWKHPDOHSDUWQHUVKRXOGEHWKH
VROHSDUWQHUIRUWKDWVXEMHFW)RUDYDVHFWRP\DSSURSULDWHSRVWYDVHFWRP\GRFXPHQWDWLRQRIWKH
DEVHQFHRIVSHUPLQWKHHMDFXODWHPXVWEHDYDLODEOH,IDVXEMHFWKDVXQGHUJRQHWXEDOVWHULOL]DWLRQ
RUKDVKDGD&RSSHU 7$,8'RU/1J,8'LQVHUWHGQRRWKHUFRQWUDFHSWLRQLVQHHGHG
,IWXEDOVWHULOL]DWLRQLVYLDWKH(VVXUHSURFHGXUHYHULILFDWLRQRIWXEDOEORFNDJHE\
K\VWHURVDOSLQJRJUDP+63PXVWEHSHUIRUPHGDSSUR[LPDWHO\PRQWKVDIWHUPLFURLQVHUWLRQ
3ULRUWRYHULILFDWLRQ(VVXUHLVQRWFRQVLGHUHGDUHOLDEOHIRUPRIFRQWUDFHSWLRQDQGWKH
FRQWUDFHSWLRQPHWKRGVGHVFULEHGEHORZPXVWEHXVHG)HPDOHVXEMHFWVZKRXWLOL]HKRUPRQDO
FRQWUDFHSWLYHVDVRQHRIWKHLUELUWKFRQWUROPHWKRGVPXVWKDYHXVHGWKHVDPHPHWKRGIRUDWOHDVW
 PRQWKVEHIRUHVWXG\GRVLQJ
)HPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOPXVWKDYHDQHJDWLYHXULQH RUVHUXPSUHJQDQF\WHVWDW
VFUHHQLQJ DQGDWHDFKGRVLQJYLVLW 9LVLWVDQGSULRUWRUHFHLYLQJVWXG\GUXJ
$SSHQGL[ 7DEOH 
3URWRFRO 6SHFLILHG &RQWUDFHSWLYH0HWKRGV
0HWKRGVWR8VHE\7KHPVHOYHV
&RPELQDWLRQ0HWKRGV
+RUPRQH0HWKRGV
FKRRVHRQHDQGXVHZLWK
DEDUULHUPHWKRG
%DUULHU0HWKRGV
FKRRVHRQHDQGXVHZLWKD
KRUPRQHPHWKRG
,QWUDXWHULQH'HYLFHV,8'V

&RSSHU7$,8'

/1J,8'
7XEDO6WHULOL]DWLRQ
(VWURJHQDQG3URJHVWHURQH

2UDOFRQWUDFHSWLYHV

7UDQVGHUPDOSDWFK

9DJLQDOULQJ
3URJHVWHURQH

,QMHFWLRQ

,PSODQW

'LDSKUDJPZLWKVSHUPLFLGH

&HUYLFDOFDSZLWKVSHUPLFLGH

0DOHFRQGRPZLWKVSHUPLFLGH
3DUWQHU¶VYDVHFWRP\PXVWEHXVHGZLWKDKRUPRQHRUEDUULHUPHWKRG DQGWKH
PDOHSDUWQHUVKRXOGEHWKHVROHSDUWQHUIRUWKDWVXEMHFW)RUDYDVHFWRP\
DSSURSULDWHSRVWYDVHFWRP\GRFXPHQWDWLRQRIWKHDEVHQFHRIVSHUPLQWKH
HMDFXODWHPXVWEHDYDLODEOH
7KHLQYHVWLJDWRUZLOO FRXQVHODOOVXEMHFWVRQWKHPRVWHIIHFWLYHPHWKRGVIRUDYRLGLQJSUHJQDQF\
GXULQJWKHVWXG\


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
 $GGLWLRQDO5HTXLUHPHQWVIRU0DOH6XEMHFWV
0DOHVXEMHFWVPXVWDJUHHWRXVHFRQGRPVGXULQJKHWHURVH[XDOLQWHUFRXUVHDQGDYRLGVSHUP
GRQDWLRQZKLOHHQUROOHGLQWKHVWXG\DQGIRUDWOHDVWGD\VDIWHUDGPLQLVWUDWLRQRIWKHODVWGRVH
RIVWXG\PHGLFDWLRQ
8VHRIFRQGRPVZLWKVSHUPLFLGHKDVEHHQSURYHQWRGHFUHDVHWKHULVNRIWUDQVPLVVLRQRI+,9
DQGRWKHUVH[XDOO\WUDQVPLWWHGGLVHDVHV7KHXVHRIVSHUPLFLGHLVQRWUHFRPPHQGHGLIWKHVXEMHFW
RUVXEMHFW¶VSDUWQHULVLQIHFWHGZLWK+,9
 3URFHGXUHVWREH)ROORZHGLQWKH(YHQWRI3UHJQDQF\
6XEMHFWVZLOO EHLQVWUXFWHGWRQRWLI\WKHLQYHVWLJDWRULIWKH\EHFRPHSUHJQDQWDWDQ\WLPHGXULQJ
WKHVWXG\RULIWKH\EHFRPHSUHJQDQWZLWKLQGD\VRIODVWVWXG\GUXJGRVH6XEMHFWVZKR
EHFRPHSUHJQDQWRUZKRVXVSHFWWKDWWKH\DUHSUHJQDQWGXULQJWKHVWXG\PXVWUHSRUWWKH
LQIRUPDWLRQWRWKHLQYHVWLJDWRUDQGGLVFRQWLQXHVWXG\GUXJLPPHGLDWHO\6XEMHFWVZKRVHSDUWQHU
KDVEHFRPHSUHJQDQWRUVXVSHFWVVKHLVSUHJQDQWGXULQJWKHVWXG\PXVWUHSRUWWKHLQIRUPDWLRQWR
WKHLQYHVWLJDWRU
,QVWUXFWLRQVIRUUHSRUWLQJSUHJQDQF\SDUWQHUSUHJQDQF\DQGSUHJQDQF\RXWFRPHDUHRXWOLQHGLQ
6HFWLRQ 

Prot_001.pdf: 


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
7$%/(2)&217(176
7$%/(2)&217(176 
/,672),17(;77$%/(6
35272&2/6<1236,6 
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506

,1752'8&7,21 

%DFNJURXQG 

*6 

*HQHUDO,QIRUPDWLRQ 

1RQFOLQLFDO3KDUPDFRNLQHWLFV

1RQFOLQLFDO3KDUPDFRORJ\DQG7R[LFRORJ\ 

&OLQLFDO7ULDOVRI*6 

5DWLRQDOHIRU7KLV6WXG\ 

'RVH5DWLRQDOH 

&RPSOLDQFH 

2%-(&7,9(6

678'<'(6,*1

(QGSRLQWV 

6WXG\'HVLJQ

6WXG\7UHDWPHQWV 

'XUDWLRQRI7UHDWPHQW

'LVFRQWLQXDWLRQ&ULWHULD

6RXUFH'DWD

68%-(&73238/$7,21

1XPEHURI6XEMHFWVDQG6XEMHFW6HOHFWLRQ 

,QFOXVLRQ&ULWHULD

([FOXVLRQ&ULWHULD

,19(67,*$7,21$/0(',&,1$/352'8&76 

5DQGRPL]DWLRQ%OLQGLQJDQG7UHDWPHQW&RGHV 

3URFHGXUHVIRU%UHDNLQJ7UHDWPHQW&RGHV

'HVFULSWLRQDQG+DQGOLQJRI*6

)RUPXODWLRQ

3DFNDJLQJDQG/DEHOLQJ 

6WRUDJHDQG+DQGOLQJ

'RVDJHDQG$GPLQLVWUDWLRQRI*6 

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV

$FFRXQWDELOLW\IRU*6

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW5HWXUQRU'LVSRVDO

678'<352&('85(6 

6XEMHFW(QUROOPHQWDQG7UHDWPHQW$VVLJQPHQW

9LVLW6FUHHQLQJ9LVLW'D\

9LVLW%DVHOLQH$VVHVVPHQWV5DQGRPL]DWLRQDQG7UHDWPHQW
$VVHVVPHQWV'D\

9LVLW'D\KRXUV

9LVLW'D\KRXUV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

9LVLW'D\KRXUV

9LVLWV'D\VDQGKRXUV

9LVLW'D\KRXUV

9LVLW(QGRI6WXG\'D\GD\V

9LVLWV± 'D\VDQGKRXUV

$VVHVVPHQWVIRU3UHPDWXUH'LVFRQWLQXDWLRQIURP,03GRVLQJDQG(DUO\:LWKGUDZDO

$VVHVVPHQWVIRU3UHPDWXUH'LVFRQWLQXDWLRQIURP,03$GPLQLVWUDWLRQ 

$VVHVVPHQWVIRU(DUO\7HUPLQDWLRQ:LWKGUDZDO

$VVHVVPHQWVIRU8QVFKHGXOHG9LVLWV

6WXG\$VVHVVPHQWV

1DVDO6DPSOHV9LURORJ\DQG$QWLERG\7LWHU 

9LURORJ\DQG5HVLVWDQFH0RQLWRULQJ

)/83524XHVWLRQQDLUH

9LWDO6LJQV

2[\JHQ6DWXUDWLRQ

6DIHW\/DEV

&KHVW;UD\ 

3ODVPD3. 

2SWLRQDO([WHQGHG9LUDO0RQLWRULQJ

$'9(56((9(176$1'72;,&,7<0$1$*(0(17

'HILQLWLRQVRI$GYHUVH(YHQWV$GYHUVH5HDFWLRQVDQG6HULRXV$GYHUVH(YHQWV

$GYHUVH(YHQWV

6HULRXV$GYHUVH(YHQWV

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV
$GYHUVH(YHQWVRU6HULRXV$GYHUVH(YHQWV 

$VVHVVPHQWRI$GYHUVH(YHQWVDQG6HULRXV$GYHUVH(YHQWV

$VVHVVPHQWRI &DXVDOLW\IRU,03DQG3URFHGXUHV

$VVHVVPHQWRI6HYHULW\ 

,QYHVWLJDWRU5HTXLUHPHQWVDQG,QVWUXFWLRQVIRU5HSRUWLQJ$GYHUVH(YHQWVDQG6HULRXV
$GYHUVH(YHQWVWR*LOHDG

*LOHDG5HSRUWLQJ5HTXLUHPHQWV

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV$GYHUVH(YHQWVRU
6HULRXV$GYHUVH(YHQWV

7R[LFLW\0DQDJHPHQW 

6SHFLDO6LWXDWLRQV5HSRUWV

'HILQLWLRQVRI6SHFLDO6LWXDWLRQV

,QVWUXFWLRQVIRU5HSRUWLQJ6SHFLDO6LWXDWLRQV

67$7,67,&$/&216,'(5$7,216

$QDO\VLV2EMHFWLYHVDQG(QGSRLQWV

$QDO\VLV2EMHFWLYHV

3ULPDU\(QGSRLQW 

6HFRQGDU\(QGSRLQW 

([SORUDWRU\(QGSRLQWV

$QDO\VLV&RQYHQWLRQV

$QDO\VLV6HWV 

'DWD+DQGOLQJ&RQYHQWLRQV 

'HPRJUDSKLF'DWDDQG%DVHOLQH&KDUDFWHULVWLFV 

(IILFDF\$QDO\VLV 

3ULPDU\$QDO\VLV

6HFRQGDU\$QDO\VHV 

([SORUDWRU\$QDO\VHV 

6DIHW\$QDO\VLV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

([WHQWRI([SRVXUH

$GYHUVH(YHQWV

/DERUDWRU\(YDOXDWLRQV 

2WKHU6DIHW\(YDOXDWLRQV

3KDUPDFRNLQHWLF$QDO\VLV

6DPSOH6L]H

'DWD0RQLWRULQJ&RPPLWWHH 

(QGSRLQW$GMXGLFDWLRQ&RPPLWWHH

,QWHULP$QDO\VLV

5(63216,%,/,7,(6

,QYHVWLJDWRU5HVSRQVLELOLWLHV 

*RRG&OLQLFDO3UDFWLFH

,QVWLWXWLRQDO5HYLHZ%RDUG,5%,QGHSHQGHQW(WKLFV&RPPLWWHH,(&
5HYLHZDQG$SSURYDO

,QIRUPHG&RQVHQW

&RQILGHQWLDOLW\

6WXG\)LOHVDQG5HWHQWLRQRI5HFRUGV 

&DVH5HSRUW)RUPV

'DWD4XDOLW\&RQWURODQG4XDOLW\$VVXUDQFH

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW$FFRXQWDELOLW\DQG5HWXUQ

,QVSHFWLRQV

3URWRFRO&RPSOLDQFH

6SRQVRU5HVSRQVLELOLWLHV 

3URWRFRO0RGLILFDWLRQV

6WXG\5HSRUWDQG3XEOLFDWLRQV 

-RLQW,QYHVWLJDWRU6SRQVRU5HVSRQVLELOLWLHV 

3D\PHQW5HSRUWLQJ

$FFHVVWR,QIRUPDWLRQIRU0RQLWRULQJ

$FFHVVWR,QIRUPDWLRQIRU$XGLWLQJRU,QVSHFWLRQV 

6WXG\'LVFRQWLQXDWLRQ

5()(5(1&(6 

$33(1',&(6 
$SSHQGL[ 
,QYHVWLJDWRU6LJQDWXUH3DJH
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
$SSHQGL[ 
0DQDJHPHQWRI&OLQLFDODQG/DERUDWRU\$GYHUVH(YHQWV
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDODQG
&RQWUDFHSWLYH5HTXLUHPHQWV
/,672),17(;77$%/(6
7DEOH 
3.7LPHSRLQWV
7DEOH 
6LJQLILFDQFH/HYHOVWR5HMHFWWKH+ DW,QWHULPDQG)LQDO$QDO\VHV 


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
35272&2/6<1236,6
*LOHDG6FLHQFHV,QF
(%ODLQH6W
6HDWWOH:$
6WXG\ 7LWOH
$3KDVHE5DQGRPL]HG'RXEOH%OLQG3ODFHER&RQWUROOHG
0XOWL&HQWHU 6WXG\(YDOXDWLQJ$QWLYLUDO(IIHFWV3KDUPDFRNLQHWLFV
6DIHW\DQG7ROHUDELOLW\RI*6LQ+HPDWRSRLHWLF&HOO7UDQVSODQW
+&75HFLSLHQWVZLWK5HVSLUDWRU\6\QF\WLDO9LUXV569,QIHFWLRQ
RIWKH8SSHU5HVSLUDWRU\7UDFW
,1'1XPEHU
(XGUD&71XPEHU
&OLQLFDO7ULDOVJRY
,GHQWLILHU


7%'
6WXG\&HQWHUV
3ODQQHG
$SSUR[LPDWHO\ FHQWHUVLQ$VLD3DFLILF$XVWUDOLD&DQDGD(XURSH
6RXWK$PHULFD DQGWKH8QLWHG6WDWHV
2EMHFWLYHV
7KHSULPDU\REMHFWLYHRIWKLVVWXG\LVDVIROORZV

7RHYDOXDWHWKHHIIHFW RI*6RQ569YLUDOORDGLQ
569SRVLWLYHDXWRORJRXVRUDOORJHQHLF+&7UHFLSLHQWVZLWKDFXWH
XSSHUUHVSLUDWRU\WUDFWLQIHFWLRQ857,V\PSWRPV
7KHVHFRQGDU\REMHFWLYHVRIWKLVVWXG\DUHDVIROORZV

7RHYDOXDWHWKHHIIHFWRI*6RQ GHYHORSPHQWRIORZHU
UHVSLUDWRU\WUDFWFRPSOLFDWLRQ/57& SURJUHVVLRQWRUHVSLUDWRU\
IDLOXUHDQGHIIHFWRQR[\JHQDWLRQ

7RHYDOXDWHWKHSKDUPDFRNLQHWLFV3.VDIHW\DQGWROHUDELOLW\RI
*6
6WXG\'HVLJQ
5DQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGVWXG\HYDOXDWLQJWKH
HIIHFWRI*6RQHIILFDF\3.VDIHW\DQGWROHUDELOLW\LQ+&7
UHFLSLHQWV ZLWK569 857,
$OOVXEMHFWVZLOOEHSHUPLWWHGWRUHFHLYHWKHVWDQGDUGRIFDUHWKHUDS\
IRU569LQIHFWLRQSHUWKHLUORFDOPHGLFDOSUDFWLFHV LQDGGLWLRQWR WKH
LQYHVWLJDWLRQDOPHGLFLQDOSURGXFW,03
6XEMHFWVZLOOEH UDQGRPL]HGLQDUDWLRWRUHFHLYH,03
*6 RUSODFHERDQGZLOOEHVWUDWLILHGE\ IDFWRUV
 3UHVHQFHRUDEVHQFH RIO\PSKRSHQLDGHILQHGDVDO\PSKRF\WH
FRXQW FHOOV/ YHUVXVFHOOV/RIEORRG
 7UHDWPHQWRI569 LQIHFWLRQ \HVRU QRZLWKULEDYLULQ RUDO
LQWUDYHQRXV RUDHURVROL]HG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
1XPEHURI6XEMHFWV
3ODQQHG
$SSUR[LPDWHO\569SRVLWLYHVXEMHFWV
7DUJHW3RSXODWLRQ
0DOHVDQGIHPDOHV WR \HDUVRIDJH ZKRKDYHKDGDQDOORJHQHLF
RUDXWRORJRXV+&7DQGKDYH GRFXPHQWHGDFXWH569UHODWHG857,
V\PSWRPV
'XUDWLRQRI
7UHDWPHQW
GRVHVRYHUGD\V
'LDJQRVLVDQG0DLQ
(OLJLELOLW\&ULWHULD
)RUDFRPSOHWHOLVWRIVWXG\LQFOXVLRQDQGH[FOXVLRQFULWHULDSOHDVH
UHIHUWR6HFWLRQ 
,QFOXVLRQ&ULWHULD
6XEMHFWVPXVWPHHWDOO RIWKHIROORZLQJLQFOXVLRQFULWHULDDWWKHWLPH
RIUDQGRPL]DWLRQWREHHOLJLEOHIRUSDUWLFLSDWLRQLQWKLVVWXG\
 5HFHLYHGDQDXWRORJRXVRUDOORJHQHLF+&7XVLQJDQ\
FRQGLWLRQLQJUHJLPHQ
 'RFXPHQWHGWREH569SRVLWLYHDVGHWHUPLQHGE\ORFDOWHVWLQJ
HJSRO\PHUDVHFKDLQUHDFWLRQ>3&5@GLUHFWIOXRUHVFHQFH
DQWLERG\>')$@UHVSLUDWRU\YLUDOSDQHO593DVVD\RUFXOWXUH
XVLQJDQXSSHUUHVSLUDWRU\WUDFWVDPSOHFROOHFWHG  GD\V SULRUWR
'D\
 1HZRQVHWRIDWOHDVWRIWKHIROORZLQJUHVSLUDWRU\V\PSWRPVIRU
  GD\V SULRUWR'D\QDVDOFRQJHVWLRQUXQQ\QRVHFRXJKRU
VRUHWKURDWRUZRUVHQLQJRIRQHRIWKHVHFKURQLFUHVSLUDWRU\
V\PSWRPV   GD\V SULRUWR'D\
 1RHYLGHQFHRIQHZDEQRUPDOLWLHVFRQVLVWHQWZLWK/57,RQD
FKHVW;UD\UHODWLYHWRWKHPRVWUHFHQWFKHVW;UD\DVGHWHUPLQHG
E\WKHORFDOUDGLRORJLVW,IDFKHVW;UD\LVQRWDYDLODEOHRUZDV
QRWREWDLQHGGXULQJVWDQGDUGFDUH KRXUV SULRUWR6FUHHQLQJD
FKHVW;UD\PXVWEHREWDLQHGIRU6FUHHQLQJ
 2[\JHQVDWXUDWLRQ   RQURRPDLU
 $QLQIRUPHGFRQVHQWGRFXPHQWVLJQHGDQGGDWHGE\WKHVXEMHFWRU
DOHJDOJXDUGLDQRIWKHVXEMHFWDQGWKHLQYHVWLJDWRURUKLVKHU
GHVLJQHH
 $QHJDWLYHXULQH RUVHUXPSUHJQDQF\WHVWLVUHTXLUHGIRUIHPDOH
VXEMHFWVXQOHVVVXUJLFDOO\VWHULOHRUJUHDWHUWKDQWZR\HDUVSRVW
PHQRSDXVDO


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
 0DOHDQGIHPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOZKRHQJDJHLQ
KHWHURVH[XDOLQWHUFRXUVHPXVWDJUHHWRXVHSURWRFROVSHFLILHG
PHWKRGVRIFRQWUDFHSWLRQDVGHVFULEHGLQ$SSHQGL[ 
 :LOOLQJQHVVWRFRPSOHWHQHFHVVDU\VWXG\SURFHGXUHVDQGKDYH
DYDLODEOHDZRUNLQJWHOHSKRQHRUHPDLO
([FOXVLRQ&ULWHULD
6XEMHFWVZKRPHHWDQ\ RIWKHIROORZLQJH[FOXVLRQFULWHULDDUHQRWWR
EHHQUROOHGLQWKLVVWXG\
5HODWHGWRFRQFRPLWDQWRUSUHYLRXVPHGLFDWLRQXVH
 8VHRIQRQPDUNHWHGDFFRUGLQJWRUHJLRQLQYHVWLJDWLRQDODJHQWV
ZLWKLQGD\V25 XVHRIDQ\PRQRFORQDODQWL569DQWLERGLHV
ZLWKLQPRQWKVRUKDOIOLYHVRI6FUHHQLQJZKLFKHYHULVORQJHU
25 XVHRIDQ\LQYHVWLJDWLRQDO569YDFFLQHVDIWHU+&7
 8VHRIDVWURQJF\WRFKURPH3HQ]\PH&<3LQGXFHU
LQFOXGLQJEXWQRWOLPLWHGWRULIDPSLQ6W-RKQ¶V:RUW
FDUEDPD]HSLQHDQGSKHQ\WRLQZLWKLQ ZHHNSULRUWRWKHILUVW
GRVHRI,03
5HODWHGWRPHGLFDOKLVWRU\
 $GPLWWHGWRWKHKRVSLWDOSULPDULO\IRUDORZHUUHVSLUDWRU\WUDFW
GLVHDVHRIDQ\FDXVHDVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 3UHJQDQWEUHDVWIHHGLQJRUODFWDWLQJIHPDOHV
 8QDEOHWRWROHUDWHQDVDOVDPSOLQJUHTXLUHGIRUWKLVVWXG\DV
GHWHUPLQHGE\WKHLQYHVWLJDWRU
 .QRZQKLVWRU\RI+,9$,'6ZLWKD&'FRXQWFHOOVȝ/
ZLWKLQWKHODVWPRQWK
 +LVWRU\RIGUXJDQGRUDOFRKRODEXVHWKDWLQWKHRSLQLRQRIWKH
LQYHVWLJDWRUPD\SUHYHQWDGKHUHQFHWRVWXG\DFWLYLWLHV
5HODWHGWRPHGLFDOFRQGLWLRQDW6FUHHQLQJ
 $UHODSVHLQFOXGLQJPROHFXODUUHODSVHRIWKH XQGHUO\LQJGLVHDVH
IRUZKLFKWKH\UHFHLYHGDWUDQVSODQWDW6FUHHQLQJ
 'RFXPHQWHGWREHSRVLWLYHIRURWKHUUHVSLUDWRU\YLUXVHVOLPLWHGWR
LQIOXHQ]DSDUDLQIOXHQ]DKXPDQUKLQRYLUXVDGHQRYLUXVRUKXPDQ
PHWDSQHXPRYLUXVZLWKLQ GD\VSULRUWRWKH6FUHHQLQJYLVLWDV
GHWHUPLQHGE\ORFDOWHVWLQJDGGLWLRQDOWHVWLQJLVQRWUHTXLUHG
 &OLQLFDOO\VLJQLILFDQWEDFWHUHPLDRUIXQJHPLDZLWKLQ GD\VSULRU
WR6FUHHQLQJWKDWKDVQRWEHHQDGHTXDWHO\WUHDWHGDVGHWHUPLQHG
E\WKHLQYHVWLJDWRU


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
 &OLQLFDOO\VLJQLILFDQWEDFWHULDOIXQJDORUYLUDOSQHXPRQLDZLWKLQ
ZHHNVSULRUWR6FUHHQLQJWKDWKDVQRWEHHQDGHTXDWHO\WUHDWHG
DVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 ([FHVVLYHQDXVHDYRPLWLQJDW6FUHHQLQJDVGHWHUPLQHGE\WKH
LQYHVWLJDWRURUDQLQDELOLW\WRVZDOORZSLOOVWKDWSUHFOXGHV
RUDODGPLQLVWUDWLRQRIWKH,03
 $Q\FRQGLWLRQZKLFKLQWKHRSLQLRQRIWKHLQYHVWLJDWRUZRXOG
SUHYHQWIXOOSDUWLFLSDWLRQLQWKLVWULDORUZRXOGLQWHUIHUHZLWKWKH
HYDOXDWLRQRIWKHWULDOHQGSRLQWV
5HODWHGWRDOOHUJLHV
 .QRZQK\SHUVHQVLWLYLW\RUDOOHUJ\WRWKH,03 LWVPHWDEROLWHVRU
IRUPXODWLRQH[FLSLHQWVPLFURFU\VWDOOLQHFHOOXORVHPDQQLWRO
FURVFDUPHOORVHVRGLXPPDJQHVLXPVWHDUDWHSRO\YLQ\ODOFRKRO
WLWDQLXPGLR[LGHSRO\HWK\OHQHJO\FRODQGWDOF
 $OOHUJ\WRVXOIDGUXJV
5HODWHGWRODERUDWRU\UHVXOWV
 &UHDWLQLQHFOHDUDQFHP/PLQFDOFXODWHGXVLQJWKH
&RFNFURIW*DXOWPHWKRG
 $67$/7![8/1
 7RWDOELOLUXELQ![8/1






*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

%ORRGGUDZ IRU6FUHHQLQJODEVIRUORFDOODERUDWRU\DQDO\VHV
XQOHVVH[LVWLQJODERUDWRU\YDOXHVFROOHFWHGGD\VSULRUWR
6FUHHQLQJFDQEHREWDLQHGIRUUHYLHZ

&KHVW;UD\ FKHVW;UD\VREWDLQHG KRXUV SULRUWR6FUHHQLQJ
PD\EHXVHG

8ULQHRUVHUXPSUHJQDQF\WHVWLQZRPHQXQDEOHWRFRQILUP
PHQRSDXVHK\VWHUHFWRP\ DQGRUELODWHUDORRSKRUHFWRP\

5HYLHZRIDQ\DGYHUVHHYHQWV$(VRFFXUULQJDIWHUVLJQLQJRIWKH
FRQVHQWIRUP
9LVLW%DVHOLQH $VVHVVPHQWV5DQGRPL]DWLRQDQG,03
$GPLQLVWUDWLRQ 'D\
,IWKHVXEMHFWPHHWVDOOHOLJLELOLW\FULWHULD9LVLWDQG9LVLWPD\
RFFXURQWKHVDPHGD\7KH,03PXVWEHDGPLQLVWHUHGXQGHU
VXSHUYLVLRQE\WKHVWXG\VWDII9LVLWVKRXOGRFFXULQFOLQLFRULQ
KRVSLWDO9LVLWDVVHVVPHQWVVKRXOG EHSHUIRUPHG LQWKHIROORZLQJ
RUGHU

)/8352TXHVWLRQQDLUH PXVWEHSHUIRUPHGSULRUWRDOORWKHU
DVVHVVPHQWV

96LQFOXGLQJ2 VDWXUDWLRQ

:HLJKW

%ORRGGUDZ IRUVDIHW\ ODEVVHUXPDQWLERG\WLWHUWR569DQG
569YLUHPLD

2EWDLQQDVDOVDPSOHV

5DQGRPL]DWLRQYLD ,;56

,03DGPLQLVWUDWLRQ

3.EORRGGUDZ3.VXEJURXS RQO\ DQG  KRXUVSRVWGRVH

%ORRGGUDZIRUVHUXPFUHDWLQLQH3.VXEJURXSRQO\KRXUV
SRVWGRVH

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV
9LVLW'D\ KRXUV
)RUVXEMHFWVLQWKH 3.VXEJURXSWKLVYLVLWPXVWEHSHUIRUPHGLQFOLQLF
RULQKRVSLWDO)RUDOORWKHUVXEMHFWVWKLVYLVLWPD\EHSHUIRUPHGLQ
FOLQLFLQKRVSLWDO RUDWKRPH

3.EORRGGUDZ3.VXEJURXSRQO\

2EWDLQQDVDOVDPSOHV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
9LVLWV'D\V KRXUV
7KLVYLVLWPXVWEHSHUIRUPHGLQ FOLQLF RULQKRVSLWDO9LVLW
DVVHVVPHQWVVKRXOGEHSHUIRUPHGLQWKHIROORZLQJRUGHU

)/8352TXHVWLRQQDLUH PXVWEHSHUIRUPHGSULRUWRDOORWKHU
DVVHVVPHQWV

96LQFOXGLQJ2 VDWXUDWLRQ

:HLJKW

3.EORRGGUDZIRUDOOVXEMHFWV SUHGRVH

%ORRGGUDZIRUVDIHW\ ODEVDQG569YLUHPLD

2EWDLQQDVDOVDPSOHV

,03DGPLQLVWUDWLRQ

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQV
UHKRVSLWDOL]DWLRQVDGPLVVLRQWRLQWHQVLYHFDUHXQLW,&8 RU
XWLOL]DWLRQRI,&8FDUH IRU! KRXUVVWDQGDUGRIFDUHWHVWUHVXOWV
LHFKHVWUDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPV
PHFKDQLFDOYHQWLODWLRQLQYDVLYHDQGQRQLQYDVLYHRIDQ\
GXUDWLRQDQGVXSSOHPHQWDO2 XVH  /PLQIRU!  KRXUV
9LVLW'D\ KRXUV
7KLVYLVLWPD\EHSHUIRUPHGLQFOLQLFLQKRVSLWDO RUDWKRPH

2EWDLQQDVDOVDPSOHV
9LVLWV ± 'D\VDQG  KRXUV
7KHVHYLVLWVPXVWEHSHUIRUPHGLQ FOLQLF RULQKRVSLWDO9LVLW
DVVHVVPHQWVVKRXOG EHSHUIRUPHG LQWKHIROORZLQJRUGHU

)/8352TXHVWLRQQDLUH 'D\RQO\PXVWEHSHUIRUPHGSULRUWR
DOORWKHUDVVHVVPHQWV

96LQFOXGLQJ2 VDWXUDWLRQ

:HLJKW

3.EORRGGUDZIRUDOOVXEMHFWV SUHGRVHDQGKRXUVSRVWGRVH
'D\  RQO\

%ORRGGUDZ IRUVDIHW\ODEVDQG569YLUHPLD

2EWDLQQDVDOVDPSOHV

,03DGPLQLVWUDWLRQ

%ORRGGUDZIRUVHUXPFUHDWLQLQH3.VXEJURXSRQO\KRXUV
SRVWGRVH'D\RQO\




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
7HVW3URGXFW'RVH
DQG0RGHRI
$GPLQLVWUDWLRQ
PJ*6 IRXU PJWDEOHWV DGPLQLVWHUHGRUDOO\ RQ6WXG\
'D\V DQG
7KH,03 PXVWEHDGPLQLVWHUHGDIWHU WKHVXEMHFWKDVEHHQ IDVWLQJ
ZLWK H[FHSWLRQRIFOHDUOLTXLGVDQGPHGLFDWLRQVIRUDWOHDVW KRXUV
7KHVXEMHFWZLOOUHPDLQLQDIDVWLQJFRQGLWLRQIRUDSSUR[LPDWHO\
 KRXUDIWHUGRVLQJ7KHHQWLUHGRVHPXVWEHWDNHQZLWKLQKRXU
7DEOHWVDUHQRWWREHFUXVKHGVSOLWGLVVROYHGRUFKHZHG,IYRPLWLQJ
RFFXUVZLWKLQPLQXWHV DIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHG
WDEOHWVDUHSUHVHQWLQWKHYRPLWXVWKHVXEMHFWVKRXOG UHFHLYHD
VHFRQG GRVH 6XEMHFWVVKRXOGDYRLGGLUHFWXOWUDYLROHW89 H[SRVXUH
IRUGD\VDIWHUUHFHLYLQJ,03
5HIHUHQFH7KHUDS\
'RVHDQG0RGHRI
$GPLQLVWUDWLRQ
3ODFHERWR0DWFKWDEOHWVDGPLQLVWHUHGRUDOO\
$GPLQLVWUDWLRQLVWKHVDPHDVIRU *6
&ULWHULDIRU
(YDOXDWLRQ
6DIHW\
6DIHW\ZLOOEHDVVHVVHGE\WKHUHSRUWLQJRI$(V DQGVHULRXVDGYHUVH
HYHQWV 6$(VWKURXJKRXWWKHVWXG\FOLQLFDOODERUDWRU\WHVWVDQG 96
DWYDULRXVWLPHSRLQWVGXULQJWKHVWXG\
(IILFDF\
7KHSULPDU\HQGSRLQWLVWKHWLPHZHLJKWHGDYHUDJH FKDQJHLQ569
QDVDOYLUDOORDGORJ FRSLHVPOIURP%DVHOLQH 'D\  WR'D\ DV
PHDVXUHGE\57T3&5
7KHNH\VHFRQGDU\HQGSRLQWVDUH

3URSRUWLRQRIVXEMHFWVZKRGHYHORS D /57& WKURXJK'D\
GHILQHGDVRQH RIWKHEHORZDVGHWHUPLQHGE\WKHDGMXGLFDWLRQ
FRPPLWWHH
3ULPDU\569ORZHUUHVSLUDWRU\WUDFWLQIHFWLRQ/57,
6HFRQGDU\EDFWHULDO/57,
/57,GXHWRXQXVXDOSDWKRJHQV
/57,QRQLQIHFWLRXVRURIXQNQRZQHWLRORJ\

3URSRUWLRQRIVXEMHFWVZKRGHYHORS UHVSLUDWRU\IDLOXUHRIDQ\
FDXVHUHTXLULQJPHFKDQLFDOYHQWLODWLRQLQYDVLYHRUQRQLQYDVLYH
WKURXJK'D\

3URSRUWLRQRIVXEMHFWVZKRVH 2 VDWXUDWLRQGURSVEHORZ
WKURXJK'D\




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
6WDWLVWLFDO0HWKRGV
7KHIXOODQDO\VLVVHW)$6ZLOOLQFOXGHVXEMHFWVZKRKDYHDQ569
ORJ YLUDOORDGJUHDWHUWKDQRUHTXDOWRWKH//24RIWKH57T3&5
DVVD\LQWKHSUHGRVH'D\ QDVDOVDPSOHDVGHWHUPLQHGE\57T3&5
DWWKHFHQWUDOODEDQGKDYHUHFHLYHGDWOHDVWIXOOGRVHRI,037KH
HYDOXDEOHVXEMHFWVIRUHIILFDF\DQDO\VHVZLOOLQFOXGHWKRVHLQWKH)$6
ZLWKHYDOXDEOHQDVDOVDPSOHVIRU569YLUDOORDGE\'D\ LQFOXGLQJ
%DVHOLQH
7KHSULPDU\HIILFDF\DQDO\VLVRIWLPHZHLJKWHGDYHUDJH FKDQJHLQ
569ORJ YLUDOORDGIURP'D\WKURXJK'D\ ZLOOEHSHUIRUPHGRQ
VXEMHFWVLQFOXGHGLQWKHHIILFDF\HYDOXDEOHDQDO\VLVVHW7RWHVWWKH
QXOOK\SRWKHVLVWKDWWKHUHLVQRGLIIHUHQFHEHWZHHQWKH*6DQG
SODFHERWUHDWPHQWJURXSVLQWKHWLPHZHLJKWHGDYHUDJH FKDQJHLQ
569YLUDOORDGDSDUDPHWULFDQDO\VLVRIFRYDULDQFH$1&29$
PRGHOZLWKFRUUHVSRQGLQJEDVHOLQH 569YLUDOORDGDVDFRYDULDWHZLOO
EHXVHGZLWKDVLGHGDOSKDOHYHO$GMXVWHGPHDQVDQG
FRQILGHQFHLQWHUYDOV&,VZLOODOVREHSUHVHQWHG
7KH)$6DQDO\VLVVHWZLOOEHXVHGIRUDOOVXPPDULHVDQGDQDO\VHVRI
VHFRQGDU\HQGSRLQWV$OOVHFRQGDU\DQGRWKHUHQGSRLQWVZLOOEH
DQDO\]HGXVLQJVLGHGWHVWVIRUWUHDWPHQWGLIIHUHQFHV7KHSURSRUWLRQ
RIVXEMHFWVZKRGHYHORS/57&ZKRGHYHORSUHVSLUDWRU\IDLOXUH
UHTXLULQJPHFKDQLFDOYHQWLODWLRQDQGWKHSURSRUWLRQRIVXEMHFWV
ZKRVH2 VDWXUDWLRQGURSVEHORZZLOOEHDQDO\]HGXVLQJD
)LVKHU¶VH[DFWWH[W$QDO\VHVRIH[SORUDWRU\HQGSRLQWVDUHGLVFXVVHG
LQ6HFWLRQ 
$OOHQGSRLQWVZLOOEHVXPPDUL]HGXVLQJGHVFULSWLYHVWDWLVWLFVVDPSOH
VL]HPHDQVWDQGDUGGHYLDWLRQ >6'@PHGLDQ44PLQLPXP DQG
PD[LPXPIRUFRQWLQXRXVGDWDDQGE\WKHQXPEHUDQGSHUFHQWRI
VXEMHFWVIRUFDWHJRULFDOGDWD
6DIHW\DQDO\VHVZLOOEHSHUIRUPHGRQDOOVXEMHFWVZKRUHFHLYHG,03
6DIHW\GDWDZLOOEHFROOHFWHG DQGVXPPDUL]HGIURP6FUHHQLQJWKURXJK
'D\6DIHW\GDWDZLOOEHOLVWHGE\VXEMHFWDQGVXPPDUL]HGE\
WUHDWPHQWDFWLYHRUSODFHERXVLQJWKHQXPEHUSHUFHQWRIVXEMHFWV
ZLWKHYHQWVDEQRUPDOLWLHVIRUFDWHJRULFDOGDWDDQGXVLQJGHVFULSWLYH
VWDWLVWLFVIRUFRQWLQXRXVGDWD


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
&RQFHQWUDWLRQVRI*6LQSODVPDZLOOEHGHWHUPLQHGXVLQJD
YDOLGDWHGELRDQDO\WLFDODVVD\V,QGLYLGXDOVXEMHFW*6
FRQFHQWUDWLRQWLPHGDWDZLOOEHGLVSOD\HGXVLQJVFKHGXOHGVDPSOLQJ
WLPHV'HVFULSWLYHVWDWLVWLFVHJQPHDQVWDQGDUGGHYLDWLRQ&9
PHGLDQDQGUDQJHZLOOEHFDOFXODWHGIRUHDFKVDPSOLQJWLPH)RU
VXEMHFWVLQWKH3.VXEJURXSSODVPDFRQFHQWUDWLRQVRI*6RYHU
WLPHZLOOEHSORWWHGLQVHPLORJDULWKPLFDQGOLQHDUIRUPDWVDVPHDQ
 6'DQGSODVPDFRQFHQWUDWLRQWLPHGDWDIRUHDFKVXEMHFWZLOOEH
DQDO\]HGXVLQJVWDQGDUGQRQFRPSDUWPHQWDOPHWKRGV
3KDUPDFRNLQHWLFSKDUPDFRG\QDPLF3.3'UHODWLRQVKLSPD\EH
H[SORUHGDVDSSURSULDWH
6DPSOHVL]HFDOFXODWLRQVDUHEDVHGRQUHVXOWVREVHUYHGLQDVWXG\WKDW
HYDOXDWHGWKHHIILFDF\RIRUDODQGDHURVROL]HGULEDYLULQWUHDWPHQWIRU
SUHYHQWLQJSURJUHVVLRQIURPXSSHUWRORZHUUHVSLUDWRU\WUDFWLQIHFWLRQ
LQ +&7 UHFLSLHQWVZLWK569LQIHFWLRQVXQSXEOLVKHGGDWDIURP'U
7KHVDPSOHVL]HFDOFXODWLRQDVVXPHVWKH
WLPHZHLJKWHGDYHUDJH FKDQJHLQ569ORJ YLUDOORDGIURP'D\WR
'D\LQWKHSODFHERJURXSZLOOEH ORJ FRSLHVP/ZLWKD
FRUUHVSRQGLQJVWDQGDUGGHYLDWLRQ6'RI DQGWKDWRIWKH
VXEMHFWVZLOOEHHYDOXDEOH%DVHGRQWKHVHDVVXPSWLRQVZLWK
 HYDOXDEOHVXEMHFWVSHUJURXSWKHUHLVRYHUSRZHUWRGHWHFWD
 ORJGLIIHUHQFHLQWLPHZHLJKWHGDYHUDJH FKDQJHLQORJ YLUDOORDG
EHWZHHQWUHDWPHQWJURXSVXVLQJDVLGHGOHYHOWHVW*LYHQDQ
HYDOXDEOHUDWHRI DWRWDORI VXEMHFWVZLOOQHHGWREH
UDQGRPL]HGLQWRWKHVWXG\
PPD


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
7ZRXQEOLQGHG LQWHULPHIILFDF\DQDO\VHVRIWKHSULPDU\HQGSRLQW
WLPHZHLJKWHGDYHUDJH FKDQJHLQ569ORJ YLUDOORDGIURP'D\
WKURXJK'D\ ZLOOEHFRQGXFWHGDIWHUDSSUR[LPDWHO\ DQG
 RIWKHVXEMHFWVKDYHEHHQHQUROOHGDQGUHDFK'D\VHH
6HFWLRQ  $WWKHVHLQWHULPDQDO\VHVHIILFDF\RI*6ZLOO
EHFRPSDUHGWRSODFHERDWWKHVLGHGVLJQLILFDQFHOHYHO $W
WKHILUVWLQWHULPDQDO\VLVZLWKVXEMHFWVWKHQXOOK\SRWKHVLVZLOOEH
UHMHFWHGLIDSSUR[LPDWHO\DPLQLPXPRIDORJGLIIHUHQFHEHWZHHQ
WUHDWPHQWJURXSVLQPHDQWLPHZHLJKWHGDYHUDJH FKDQJHLQORJ YLUDO
ORDGLVREVHUYHG $WWKHVHFRQGLQWHULPDQDO\VLVZLWKVXEMHFWVWKH
QXOOK\SRWKHVLVZLOOEHUHMHFWHGLIDSSUR[LPDWHO\DPLQLPXPRID
 ORJGLIIHUHQFHEHWZHHQWUHDWPHQWJURXSVLQPHDQWLPHZHLJKWHG
DYHUDJH FKDQJHLQORJ YLUDOORDGLVREVHUYHG ,IWKHUHLVQRWHQRXJK
HYLGHQFHWRUHMHFWWKHQXOOK\SRWKHVLVDWWKHLQWHULPDQDO\VHVWKHILQDO
DQDO\VLVZLOOEHFRQGXFWHGDWDQDGMXVWHGVLJQLILFDQFHOHYHOEDVHGRQD
JURXSVHTXHQWLDODOSKDVSHQGLQJPHWKRGVRWKDWWKHRYHUDOOW\SH
HUURUUDWHFDQEHFRQWUROOHGDWWKHOHYHO)XUWKHUGHWDLOVRIWKH
LQWHULPDQDO\VLVZLOOEHGHVFULEHGLQWKHVWDWLVWLFDODQDO\VLVSODQ
6$3
$OOVDIHW\DQGHIILFDF\GDWDZLOOEHPRQLWRUHGE\D'DWD0RQLWRULQJ
&RPPLWWHH'0&$Q$GMXGLFDWLRQ&RPPLWWHHZLOOUHYLHZUHOHYDQW
FOLQLFDOGDWDWR GHWHUPLQHZKHWKHUD/57& KDVGHYHORSHG
7KLVVWXG\ZLOOEHFRQGXFWHGLQDFFRUGDQFHZLWKWKHJXLGHOLQHVRI*RRG&OLQLFDO3UDFWLFH*&3
LQFOXGLQJDUFKLYLQJRIHVVHQWLDOGRFXPHQWV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506
&
GHJUHHV&HOVLXV
)
GHJUHHV)DKUHQKHLW
$(
DGYHUVHHYHQW
$K5
DU\OK\GURFDUERQ
$,'6
DXWRLPPXQHGHILFLHQF\V\QGURPH
$/7
DODQLQHDPLQRWUDQVIHUDVH
$1&
DEVROXWHQHXWURSKLOFRXQW
$1&29$
DQDO\VLVRIFRYDULDQFH
$129$
DQDO\VLVRIYDULDQFH
$67
DVSDUWDWHDPLQRWUDQVIHUDVH
$8&
DUHDXQGHUWKHSODVPDVHUXPSHULSKHUDOEORRGPRQRQXFOHDUFHOOFRQFHQWUDWLRQ
YHUVXVWLPHFXUYH
%$/
EURQFKRDOYHRODUODYDJH
%&53
EUHDVWFDQFHUUHVLVWDQFHSURWHLQ
%,'
WZLFHDGD\
%0,
ERG\PDVVLQGH[
%81
EORRGXUHDQLWURJHQ
&%&
FRPSOHWHEORRGFRXQW
&&0
FHOOFXOWXUHPHGLXP
&,
FRQILGHQFHLQWHUYDO
&PD[
WKHPD[LPXPREVHUYHGVHUXPSODVPDSHULSKHUDOEORRGPRQRQXFOHDU3%0&
FRQFHQWUDWLRQRIGUXJ
&5)
FDVHUHSRUWIRUPV
&52
FRQWUDFWRUFOLQLFDOUHVHDUFKRUJDQL]DWLRQ
&65
FOLQLFDOVWXG\UHSRUW
&7
FRPSXWHUL]HGWRPRJUDSK\
&<3[[
F\WRFKURPH3HQ]\PH[[
'$9*
WLPHZHLJKWHGDYHUDJHFKDQJH
'',
GUXJGUXJLQWHUDFWLRQV
')$
GLUHFWIOXRUHVFHQFHDQWLERG\
'0&
'DWD0RQLWRULQJ&RPPLWWHH
'63+
'UXJ6DIHW\DQG3XEOLF+HDOWK
(&
HWKLFVFRPPLWWHH
(&
FRQFHQWUDWLRQRIGUXJWRUHDFKLQKLELWLRQRIYLUXVUHSOLFDWLRQ
(&*
HOHFWURFDUGLRJUDP
H&5)
HOHFWURQLFFDVHUHSRUWIRUPV
('&
HOHFWURQLFGDWDFDSWXUH
(/)
HSLWKHOLDOOLQLQJIOXLG
(05
HOHFWURQLFPHGLFDOUHFRUGV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506 &217,18('
(XGUD&7
(XURSHDQFOLQLFDOWULDOVGDWDEDVH
)$6
IXOODQDO\VLVVHW
),+
)LUVWLQKXPDQ
)'$
8QLWHG6WDWHV)RRGDQG'UXJ$GPLQLVWUDWLRQ
*&3
*RRG&OLQLFDO3UDFWLFH*XLGHOLQHV
*'
JHVWDWLRQDOGD\
*,
JDVWURLQWHVWLQDO
*/3
JRRGODERUDWRU\SUDFWLFH
*6,
*LOHDG6FLHQFHV,QF
KU
KRXU
+&7
+HPDWRSRLHWLF&HOO7UDQVSODQW
+'3(
KLJKGHQVLW\SRO\HWK\OHQH
K(5*
KXPDQHWKHUjJRJRUHODWHGJHQH
+,9
KXPDQLPPXQRGHILFLHQF\YLUXV
+/*7
KLJKOHYHOJURXSWHUP
+/7
KLJKOHYHOWHUP
+63
K\VWHURVDOSLQJRJUDP
,%
,QYHVWLJDWRU¶V%URFKXUH
,&
FRQFHQWUDWLRQRIGUXJWRUHDFKLQKLELWLRQ
,&+
,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ
,&8
,QWHQVLYH&DUH8QLW
,(&
LQGHSHQGHQWHWKLFVFRPPLWWHH
,03
,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW
,1'
,QYHVWLJDWLRQDO1HZ'UXJ$SSOLFDWLRQ
,5%
LQVWLWXWLRQDOUHYLHZERDUG
,8'
LQWUDXWHULQHGHYLFH
,9,*
,QWUDYHQRXV,PPXQRJOREXOLQ
,;56
LQWHUDFWLYHYRLFHZHEUHVSRQVHV\VWHP
NJ
NLORJUDP
//1
ORZHUOLPLWRIWKHQRUPDOUDQJH
//24
ORZHUOLPLWRITXDQWLILFDWLRQ
//7
ORZHUOHYHOWHUP
/57&
ORZHUUHVSLUDWRU\WUDFWFRPSOLFDWLRQ
/57,
ORZHUUHVSLUDWRU\WUDFWLQIHFWLRQ
0HG'5$
0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV
PJ
PLOOLJUDP
PLQ
PLQXWH
P/
PLOOLOLWHU
PP+J
PLOOLPHWHUVPHUFXU\
0050
PL[HGHIIHFWPRGHOUHSHDWHGPHDVXUHV
1$
QRWDSSOLFDEOH


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506 &217,18('
1'
QRWGHWHFWDEOH
Q0
QDQRPRODU
12$(/
QRREVHUYHGDGYHUVHHIIHFWOHYHO
12(/
QRREVHUYHGHIIHFWOHYHO
2
R[\JHQ
2$73
RUJDQLFDQLRQWUDQVSRUWHUSURWHLQV
3'
3KDUPDNRG\QDPLF
3)8H
SODTXHIRUPLQJXQLWHHTXLYDOHQWV
3JS
3JO\FRSURWHLQ
3.
SKDUPDFRNLQHWLF
32
RUDODGPLQLVWUDWLRQSHURVE\PRXWK
35
WKHLQWHUYDOEHWZHHQWKHEHJLQQLQJRIWKH3ZDYHDQGWKHEHJLQQLQJRIWKH456
FRPSOH[RQ(&*
37
SUHIHUUHGWHUP
3;5
SUHJQDQH[UHFHSWRU
4
ILUVWTXDUWLOH
4
WKLUGTXDUWLOH
4$
TXDOLW\DVVXUDQFH
456
SDUWRIHOHFWURFDUGLRJUDSKLFZDYHUHSUHVHQWLQJYHQWULFXODUGHSRODUL]DWLRQ
47
LQWHUYDOEHWZHHQWKHVWDUWRIWKH4ZDYHDQGWKHHQGRIWKH7ZDYHRQ(&*
47F
FRUUHFWHG47
47F)
47LQWHUYDOFRUUHFWHGIRUKHDUWUDWHXVLQJWKH)ULGHULFLDIRUPXOD
51$
ULERQXFOHLFDFLG
52:
UHVWRIZRUOG
569
UHVSLUDWRU\V\QF\WLDOYLUXV
57T3&5
TXDQWLWDWLYHUHDOWLPHSRO\PHUDVHFKDLQUHDFWLRQ
593
UHVSLUDWRU\YLUDOSDQHO
6$(
VHULRXVDGYHUVHHYHQW
6$3
6WDWLVWLFDO$QDO\VLV3ODQ
6'
VWDQGDUGGHYLDWLRQ
62&
V\VWHPRUJDQFODVV
623
VWDQGDUGRSHUDWLQJSURFHGXUH
6S2
R[\JHQVDWXUDWLRQ
686$5
6XVSHFWHG8QH[SHFWHG6HULRXV$GYHUVH5HDFWLRQ
7%'
WREHGHWHUPLQHG
WPD[
WKHWLPHREVHUYHGWLPHSRLQWRI&PD[
Wò
DQHVWLPDWHRIWKHWHUPLQDOHOLPLQDWLRQKDOIOLIHRIWKHGUXJLQ
VHUXPSODVPD3%0&FDOFXODWHGE\GLYLGLQJWKHQDWXUDOORJRIE\WKHWHUPLQDO
HOLPLQDWLRQUDWHFRQVWDQWȜ]
/
PLFUROLWHU
8/1
XSSHUOLPLWRIWKHQRUPDOUDQJH
857,
XSSHUUHVSLUDWRU\WUDFWLQIHFWLRQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506 &217,18('
86
8QLWHG6WDWHV
89
XOWUDYLROHW
96
YLWDOVLJQV
9VV
DSSDUHQWYROXPHRIGLVWULEXWLRQDWVWHDG\VWDWH
YY
YROXPHYROXPH
:%&
ZKLWHEORRGFHOOFRXQW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

,1752'8&7,21

%DFNJURXQG
5HVSLUDWRU\V\QF\WLDOYLUXV569DPHPEHURIWKHIDPLO\3DUDP\[RYLULGDH LVDQHQYHORSHG
YLUXVZLWKDQHJDWLYHVLQJOHVWUDQGULERQXFOHLFDFLG51$JHQRPH7KH569JHQRPH HQFRGHV
IRUSURWHLQVLQFOXGLQJ VXUIDFHJO\FRSURWHLQV)*DQG6+DQGVHYHUDOSURWHLQVWKDW
FRPSULVHWKHYLUDO51$SRO\PHUDVHFRPSOH[13/DQG07ZR PDMRUDQWLJHQLF
VXEJURXSVRI569DUHNQRZQ569$DQG569%WKDWGLIIHUSULPDULO\LQWKHJHQHWLFVHTXHQFH
RIWKH* JO\FRSURWHLQZKLOHPDLQWDLQLQJDKLJKHUGHJUHHRIKRPRORJ\DFURVVRWKHUSDUWVRIWKH
JHQRPH%RWKVXEJURXSVVKRZFRPSDUDEOHSDWKRJHQLFLW\DQGFDQFRFLUFXODWHLQWKHVDPH
FRPPXQLW\GXULQJDVHDVRQDOHSLGHPLFEXWWKHLULQGLYLGXDOSUHYDOHQFHXVXDOO\YDULHVIURP
VHDVRQWRVHDVRQ
569LQIHFWLRQLVWKHPRVWFRPPRQFDXVHRIDGPLVVLRQVWRSHGLDWULFJHQHUDOLQSDWLHQWXQLWVLQWKH
8QLWHG6WDWHV86DQG:HVWHUQ(XURSH^`8QIRUWXQDWHO\WKHUDWHRIKRVSLWDOL]DWLRQ
DPRQJ569LQIHFWHGFKLOGUHQKDVUHPDLQHGXQFKDQJHGLQWKH86RYHUWKHODVWGHFDGH)URP
WR569FRGHGKRVSLWDOL]DWLRQVDFFRXQWHGIRURIDQHVWLPDWHGPLOOLRQORZHU
UHVSLUDWRU\WUDFWLQIHFWLRQ/57,KRVSLWDOL]DWLRQVDPRQJFKLOGUHQ  \HDUVRIDJH'XULQJWKLV
SHULRGLWZDVHVWLPDWHG WKDWDSSUR[LPDWHO\KRVSLWDOL]DWLRQVHDFK\HDUZHUHFDXVHGE\
569LQIHFWLRQDPRQJFKLOGUHQ\HDUVRIDJHDSSUR[LPDWHO\RIWKHVHKRVSLWDOL]DWLRQV
RFFXUDPRQJFKLOGUHQPRQWKVRIDJH^`
569LQIHFWLRQLVDOVRDFDXVHRIUHVSLUDWRU\GLVHDVHLQWKHDGXOWSRSXODWLRQ$GXOW UHFLSLHQWVRI
DXWRORJRXVRUDOORJHQHLFKHPDWRSRLHWLFFHOOWUDQVSODQWV+&7DUHDWKLJKULVNIRU569LQIHFWLRQ
UHODWHGPRUELGLW\DQGPRUWDOLW\ %DVHGXSRQUHWURVSHFWLYHHSLGHPLRORJLFGDWDRI+&7
UHFLSLHQWVZLOOGHYHORS569LQIHFWLRQRIWKHUHVSLUDWRU\WUDFW^` ^` ^` ^`
^` ^` ^`3URJUHVVLRQIURPXSSHUUHVSLUDWRU\WUDFWLQIHFWLRQ857,WR/57,
PD\RFFXULQ RIWKHVH569LQIHFWHGSDWLHQWV^` ^` ^` ^` ^`
^` ^` ^` ^` ^` 2QFH569SURJUHVVHVIURP857,WR/57,WKH
PRUELGLW\DQGPRUWDOLW\LVKLJK3URJUHVVLRQWR/57,RIWHQUHTXLUHVKRVSLWDOL]DWLRQDQGDWWLPHV
LQWHQVLYHFDUHXQLWDGPLVVLRQIRUVXSSRUWLYHFDUHHJR[\JHQDWLRQPHFKDQLFDOYHQWLODWLRQ
LQWUDYHQRXVIOXLGVYDVRSUHVVRUV/57,LVDVVRFLDWHGZLWKKLJKPRUWDOLW\UDWHVUDQJLQJIURP
^` ^` ^` ^` ^` ^` ^` ^` ^`$ORQJ
WHUPVHTXHODH VHHQ DPRQJVXUYLYRUVRI569/57,LVDLUIORZGHFOLQHGRFXPHQWHGDW\HDUDIWHU
WKHLQLWLDOLQIHFWLRQ ^`
&XUUHQWO\ WKHUHDUHQRHIIHFWLYHYDFFLQHVRUDSSURYHGSURSK\ODFWLFWUHDWPHQWRSWLRQVIRU569
LQIHFWLRQLQWKH+&7SRSXODWLRQ2QFHKRVSLWDOL]HGWUHDWPHQWIRU569LQIHFWLRQLQ+&7
SDWLHQWV LVVXSSRUWLYH ZLWKLQWUDYHQRXVK\GUDWLRQVXSSOHPHQWDOR[\JHQDQG PHFKDQLFDO
YHQWLODWLRQ$OWKRXJKWUHDWPHQWRSWLRQVVXFKDVDQWLYLUDODJHQWVFRUWLFRVWHURLGVDQG
LPPXQRJOREXOLQDUHIUHTXHQWO\XVHGWKHUHLVQRGHILQLWLYHWUHDWPHQWIRU569 LQIHFWLRQ LQWKH
+&7SRSXODWLRQ6\QDJLVSDOLYL]XPDEDPRQRFORQDODQWLERG\DJDLQVW569 DSSURYHGIRU
SURSK\OD[LVDJDLQVW569LQIHFWLRQDPRQJKLJKULVNLQIDQWVKDVQHYHUEHHQHYDOXDWHGLQD
UDQGRPL]HGFRQWUROOHGVWXG\IRUWUHDWPHQWRI569LQIHFWLRQLQWKH+&7SRSXODWLRQ$UHFHQW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
UHWURVSHFWLYHDQDO\VLVVXJJHVWV WKDWSDOLYL]XPDELVQRWHIIHFWLYHIRU WUHDWPHQWRI569/57, LQ
WKH+&7SRSXODWLRQ ^`9LUD]ROH ULEDYLULQDQLQKDOHG DQWLYLUDO DJHQWLVDSSURYHGIRU
WUHDWPHQWRI569LQIHFWLRQLQWKHSHGLDWULFSRSXODWLRQEXWLVQRWXVHGLQJHQHUDOSHGLDWULF
SUDFWLFHEHFDXVHRIFRQFHUQVUHJDUGLQJLWVHIILFDF\DQGWROHUDELOLW\DVZHOODVWKHFRPSOH[LW\RI
WKHVSHFLDOL]HGDHURVROGHOLYHU\V\VWHPWKDWLVUHTXLUHG^`$ UDQGRPL]HGVWXG\RILQKDOHG
ULEDYLULQ KDVEHHQ DWWHPSWHG LQWKH+&7SRSXODWLRQKRZHYHUGXHWRWKHDIRUHPHQWLRQHG
FRQFHUQVRQO\VXEMHFWVZHUHUHFUXLWHGRYHUD\HDUSHULRG ^` $UHFHQWUHYLHZRI
SXEOLVKHGHSLGHPLRORJLFVWXGLHVVXJJHVWVWKDWULEDYLULQEDVHGWKHUDS\RUDORUDHURVROL]HGKDG
YDULDEOHVXFFHVVUDWHVIRUSUHYHQWLQJ569DVVRFLDWHGPRUELGLW\RUPRUWDOLW\LQKLJKULVN+&7
SDWLHQWV ^`$VLQJOHFHQWHUUHWURVSHFWLYHDQDO\VLVDOVRVXJJHVWHGWKDWULEDYLULQWUHDWPHQW
ZKHQDGPLQLVWHUHGGXULQJWKH857,SKDVHUHVXOWHGLQORZHUUDWHVRISURJUHVVLRQWR/57, LQ
WUHDWHGYHUVXVXQWUHDWHGSDWLHQWV YHUVXV DQGPRUWDOLW\YHUVXV ^`
7DNLQJLQWRDFFRXQW WKHOLPLWHGDYDLODEOH HIILFDF\GDWDIURPFRQWUROOHGFOLQLFDOWULDOVWKHFXUUHQW
JXLGHOLQHVIRUGLDJQRVLVDQGWUHDWPHQWRI569LQIHFWLRQGRQRW SURYLGHUHFRPPHQGDWLRQV
UHJDUGLQJZKHWKHUSDWLHQWVVKRXOGEHWUHDWHG ZLWKDQ\WUHDWPHQWVRWKHUWKDQVXSSRUWLYHFDUH DW WKH
/57,YHUVXV857,SKDVH ^`7KHUHIRUHYDULDELOLW\ LQVWDQGDUGSUDFWLFHVIRUWUHDWPHQWRI
569LQIHFWLRQLQ+&7SDWLHQWVH[LVWVDURXQGWKHZRUOG

*6

*HQHUDO,QIRUPDWLRQ
*6 LVDQRUDO569IXVLRQLQKLELWRUZLWKSRWHQWDQGVHOHFWLYHDQWL569DFWLYLW\LQYLWUR
:KHQWHVWHGLQYLWURDJDLQVW GLYHUVHFOLQLFDOLVRODWHVRI569W\SH$DQG%WKH(& YDOXHV
FRQFHQWUDWLRQRIGUXJWRUHDFKLQKLELWLRQRIYLUXVUHSOLFDWLRQUDQJHGIURP WRQ0
ZLWKDPHDQ(& YDOXHRIQ0,QYLYRHIILFDF\GDWDIURPFRWWRQUDWVLQIHFWHGZLWK
KXPDQ569GHPRQVWUDWHGWKDWDGPLQLVWUDWLRQRI*6DW WRPJNJUHVXOWHGLQD
GRVHGHSHQGHQWUHGXFWLRQLQYLUDOORDGLQERWKWKHXSSHUUHVSLUDWRU\WUDFWDQGOXQJV7KH
VWHDG\VWDWHSKDUPDFRNLQHWLF3.YROXPHRIGLVWULEXWLRQ9VVLQDOOQRQFOLQLFDOVSHFLHVWHVWHG
ZDV WRIROGKLJKHUWKDQWKHYROXPHRIWRWDOERG\ZDWHUDQGWKHRUDOELRDYDLODELOLW\ZDV
PRGHUDWHWRKLJK7KHH[SRVXUHWR*6LQWKHOXQJDQGOXQJHSLWKHOLDOOLQLQJIOXLG(/)
ZDVDOVRDVVHVVHGLQ6SUDJXH'DZOH\ UDWVDQG\LHOGHGOXQJWLVVXHSODVPDDQG(/)SODVPDUDWLRV
RIDSSUR[LPDWHO\DQGUHVSHFWLYHO\&RQFHQWUDWLRQVLQOXQJWLVVXHDQG(/)GHFOLQHG
DSSUR[LPDWHO\LQSDUDOOHOWRWKRVHLQSODVPDLQGLFDWLQJUDSLGHTXLOLEUDWLRQEHWZHHQWKHOXQJDQG
SODVPDFRPSDUWPHQWV*6H[KLELWHGORZF\WRWR[LFLW\LQFHOOFXOWXUHDQGGLGQRWLQWHUDFW
ZLWKSKDUPDFRORJLFDOO\UHOHYDQWUHFHSWRUVWKDWDUHSUHGLFWLYHRIRIIWDUJHWWR[LFLW\%DVHGRQLQ
YLWURDQGQRQFOLQLFDOSKDUPDFRNLQHWLFVWXGLHV*6GLGQRWGHPRQVWUDWHWKHSRWHQWLDOIRU
VLJQLILFDQWGUXJGUXJLQWHUDFWLRQV'',
$GGLWLRQDOGHWDLOVUHJDUGLQJ QRQFOLQLFDOSKDUPDFRNLQHWLFVSKDUPDFRORJ\ DQGWR[LFRORJ\ FDQEH
IRXQGLQ WKHFXUUHQW*6,QYHVWLJDWRU¶V%URFKXUH ,%


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

1RQFOLQLFDO3KDUPDFRNLQHWLFV
&RQVLVWHQWZLWKWKHKLJKFRQFHQWUDWLRQLQGHSHQGHQWIRUZDUGSHUPHDELOLW\DFURVV
&DFR PRQROD\HUVDQGORZFRQFHQWUDWLRQLQGHSHQGHQWHIIOX[*6H[KLELWHGPRGHUDWHWR
KLJKELRDYDLODELOLW\LQQRQFOLQLFDOVSHFLHV6\VWHPLFFOHDUDQFHRI*6LQQRQFOLQLFDOVSHFLHV
LVZHOOSUHGLFWHGIURPWKHUDWHVRIPHWDEROLVPE\KHSDWLFPLFURVRPDOIUDFWLRQVDQGSULPDU\
KHSDWRF\WHV%LOLDU\H[FUHWLRQLVOLNHO\WREHWKHPDMRUURXWHRIHOLPLQDWLRQRI*6DQGLWV
PHWDEROLWHVDV RIUDGLRODEHOGRVHGRUDOO\WRUDWVZDVUHFRYHUHGLQXULQH7KHPDMRUURXWHV
RIPHWDEROLVPRI*6DUH R[LGDWLYHGHDPLQDWLRQDQG1DFHW\ODWLRQ,QKXPDQVWKH
GHDPLQDWLRQSDWKZD\LVOLNHO\FDWDO\]HGE\PXOWLSOH&<3HQ]\PHVVXFKDV&<3$&<3%
DQG&<3&*6VKRZVZHDNLQKLELWLRQRI2$73%2$73%3JS,&YDOXHVRI
DQGȝ0UHVSHFWLYHO\ *6LVDZHDNLQKLELWRURI2&72&7DQG%6(3ZLWK
,&YDOXHVRIDQGȝ0UHVSHFWLYHO\1RLQKLELWLRQRI2$7RU2$7ZDV
REVHUYHGIRU*6DWFRQFHQWUDWLRQVXSWRȝ07KHUHIRUHGUXJLQWHUDFWLRQVRI*6
ZLWK VXEVWUDWHVRIWKHVHWUDQVSRUWHUVDUHXQOLNHO\ LQWKHH[SHFWHGFOLQLFDOO\UHOHYDQWFRQFHQWUDWLRQ
UDQJH
$GGLWLRQDOGHWDLOVUHJDUGLQJQRQFOLQLFDOSKDUPDFRNLQHWLFVFDQEHIRXQGLQWKH*6,%

1RQFOLQLFDO3KDUPDFRORJ\DQG7R[LFRORJ\
7KH,& IRUWKHLQKLELWRU\HIIHFWRI*6RQK(5*SRWDVVLXPFXUUHQWZDV 0
&DUGLRYDVFXODUHIIHFWVRI*6ZHUHHYDOXDWHGLQ GRJVDWGRVHVXSWR  PJNJ7KHSULQFLSDO
KHPRG\QDPLFILQGLQJVZHUHORZHUKHDUWUDWHYDOXHV DQGKLJKHUDUWHULDOSXOVHDQGV\VWROLF
SUHVVXUHYDOXHV$OOKHPRG\QDPLFHIIHFWVGLVVLSDWHGE\KRXUVSRVWGRVH$OO
HOHFWURFDUGLRJUDPV(&*VZHUHTXDOLWDWLYHO\ZLWKLQQRUPDOOLPLWVDQGQR*6UHODWHG
DUUK\WKPLDVRUDEQRUPDOZDYHIRUPVZHUHGHWHFWHG6OLJKW*6UHODWHGKLJKHU35DQG47F
LQWHUYDOYDOXHVZHUHH[SHFWHGSK\VLRORJLFDOUHVSRQVHVVHFRQGDU\WRFRQFRPLWDQW
*6UHODWHGORZHUKHDUWUDWHYDOXHV7KHVHFKDQJHVZHUHQRWFRQVLGHUHGSK\VLRORJLFDOO\
LPSRUWDQWLQWKHFRQWH[WRIWKLVVWXG\
,QDUHSHDWGRVHVWXG\ *6ZDVDGPLQLVWHUHG E\RUDOJDYDJHIRUZHHNVWR\RXQJDGXOWUDWV
RQFHGDLO\DWGRVHVXSWRPJNJGD\7ZRDQLPDOVDGPLQLVWHUHG  PJNJGD\ZHUH IRXQG
GHDGGXULQJWKHGRVLQJSKDVH$OWKRXJKWKHFDXVHRIGHDWKIRUWKHVHDQLPDOV ZDV
XQGHWHUPLQHGDQDVVRFLDWLRQZLWK*6FDQQRWEHH[FOXGHG%DVHGRQWKHUHVXOWVRIWKLV
VWXG\WKH12$(/IRU*6LV PJNJGD\ZKLFKFRUUHVSRQGHGWRPHDQ$8&WDQG&PD[
YDOXHVRQ'D\RIWKHGRVLQJSKDVHRI  QJKP/ DQG QJP/UHVSHFWLYHO\ ,QD
UHSHDWGRVHVWXG\FRQGXFWHGLQ\RXQJDGXOWGRJV*6ZDVDGPLQLVWHUHGE\RUDOJDYDJHIRU
ZHHNVDWGRVHVXSWR  PJNJGD\7KH12$(/IRU WKLVVWXG\ LV PJNJGD\ZKLFK
FRUUHVSRQGHGWRPHDQ$8&W DQG&PD[ YDOXHVRQ'D\ RIWKHGRVLQJ SKDVH RI
 QJKP/ DQGQJP/UHVSHFWLYHO\
*6ZDVQHJDWLYHLQWKHUDWPLFURQXFOHXVVWXG\DQGGLGQRWFDXVHPXWDWLRQVLQWKH$PHV
DVVD\RULQGXFHFKURPRVRPDOGDPDJHLQYLWURZLWKRUZLWKRXW6PHWDEROLFDFWLYDWLRQ7KXVWKH
SRWHQWLDOIRUJHQHWLFWR[LFLW\LVFRQVLGHUHGORZ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
,QDQRUDOJDYDJHGRVHUDQJHILQGLQJGHYHORSPHQWDOWR[LFLW\VWXG\LQUDWVIHPDOHVZHUH
DGPLQLVWHUHG*6DWGRVHVXSWR  PJNJGD\IURPJHVWDWLRQDOGD\*'WKURXJK*'
GD\SHULRGZLWKVFKHGXOHGQHFURSV\ RFFXUULQJRQ*'*6WUHDWPHQWUHVXOWHGLQ
VLJQLILFDQWUHGXFWLRQVLQPDWHUQDOERG\ZHLJKWDQGWKH12$(/IRUPDWHUQDOWR[LFLW\ZDV
 PJNJGD\7KHUHZHUHQRHIIHFWVRQHPEU\RIHWDOYLDELOLW\DQGJURZWKDQGQRIHWDO
DQRPDOLHVDQGWKH12(/ IRUGHYHORSPHQWDOWR[LFLW\ZDV PJNJGD\
,QDQRUDOJDYDJHGRVHUDQJHILQGLQJGHYHORSPHQWDOWR[LFLW\VWXG\LQUDEELWVIHPDOHVZHUH
DGPLQLVWHUHG*6DWGRVHOHYHOVXSWR PJNJGD\IURP*' WKURXJK*'
GD\ SHULRGZLWKVFKHGXOHGQHFURSV\RFFXUULQJRQ*'*6WUHDWPHQWUHVXOWHGLQ
ORZHUPDWHUQDOERG\ZHLJKWDWGRVHV  PJNJGD\7KHHDUO\WHUPLQDWLRQPRULEXQGVDFULILFH
RIIHPDOHLQWKH PJNJGD\JURXSRQ*' ZDVDWWULEXWHGWR*6DGPLQLVWUDWLRQGXH
WRVLJQLILFDQWUHGXFWLRQVLQERG\ZHLJKWDQGIRRGFRQVXPSWLRQDQG WKH12(/IRUPDWHUQDO
WR[LFLW\ZDV PJNJGD\7KHUHZHUHQRHIIHFWVRQHPEU\RIHWDOYLDELOLW\DQGJURZWKDQGQR
WUHDWPHQWUHODWHGIHWDODQRPDOLHV7KH12(/IRUGHYHORSPHQWDOWR[LFLW\ZDV PJNJGD\
,QDGRVHUDQJHILQGLQJVWXG\LQMXYHQLOHUDWV*6ZDVDGPLQLVWHUHGDWGRVHVXSWR
 PJNJGD\RQSRVWQDWDOGD\31' WKURXJK31'1RWHZRUWK\HIIHFWVZHUHOLPLWHGWR
GHFUHDVHGERG\ZHLJKWJDLQDWGRVHVPJNJGD\DQGDPLOGWRPRGHUDWH WRIROG
GRVHGHSHQGHQWLQFUHDVHLQWRWDOELOLUXELQDWGRVHVPJNJGD\7KH12$(/ ZDV FRQVLGHUHG
WREH PJNJGD\ FRUUHVSRQGLQJ WRUHVSHFWLYHPHDQ&PD[ DQG$8&W YDOXHVRQ31'RI
 QJP/DQG QJKP/ ,QDGHILQLWLYHMXYHQLOHUDWVWXG\*6 ZDVDGPLQLVWHUHG
EHJLQQLQJRQ31'WKURXJK31'DWGRVHVXSWR PJNJGD\$QLQFUHDVHLQPRUWDOLW\
ZDV VHHQDWGRVHVPJNJGD\5HIOX[UHODWHGLQIODPPDWLRQDQGHSLWKHOLDO
GHJHQHUDWLRQHURVLRQXOFHULQWKHXSSHUUHVSLUDWRU\WUDFWRFFXUUHGDWGRVHVPJNJGD\DQG
WKHPRUWDOLW\ ZDVOLNHO\UHODWHGWRGHFUHDVHGPLONLQWDNHVHFRQGDU\WRWKHUHIOX[UHODWHG
LQIODPPDWLRQLQWKHXSSHUUHVSLUDWRU\WUDFW 7KLVLVFRQVLVWHQWZLWKWKHREVHUYDWLRQWKDWQHLWKHU
FOLQLFDOSDWKRORJ\GDWDQRUDQDWRPLFSDWKRORJ\GDWDLQGLFDWHDVSHFLILFWDUJHWRUJDQWR[LFLW\DV
WKHFDXVHRIGHDWKIRUWKHSXSVWKDWKDGWUHDWPHQWUHODWHGPRUWDOLWLHV6XUYLYLQJSXSVKDGQR
LQGLFDWLRQVRIV\VWHPLFWR[LFLW\%DVHGRQWKHDERYHUHVXOWVWKH12(/ZDVFRQVLGHUHGWREH
 PJNJGD\ZKLFKFRUUHVSRQGHGWRUHVSHFWLYHPHDQ&PD[ DQG$8&W RQ31'RI
 QJP/DQGQJāKP/UHVSHFWLYHO\
,QDZHHNMXYHQLOHGRJVWXG\*6 ZDVRUDOO\DGPLQLVWHUHGRQFHGDLO\RQ31'WKURXJK
DWGRVHVXSWRPJNJGD\ZLWKRQO\PLQLPDOWUDQVLHQWHIIHFWVRQQHRQDWDOMXYHQLOH
GHYHORSPHQWDQGQRDGYHUVHWDUJHWRUJDQWR[LFLW\7KH12$(/ZDV PJNJGD\
FRUUHVSRQGLQJWR31'&PD[ DQG$8&WYDOXHVRIQJP/DQG QJāKP/
UHVSHFWLYHO\
$GGLWLRQDOGHWDLOVUHJDUGLQJQRQFOLQLFDOSKDUPDFRORJ\DQGWR[LFRORJ\ FDQEHIRXQGLQWKH
*6,%


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

&OLQLFDO7ULDOVRI*6

*686
7KLV 3KDVHSODFHERFRQWUROOHGVLQJOH DQGPXOWLSOHGRVHUDQJLQJILUVWLQKXPDQ),+VWXG\
ZDVFRQGXFWHGWRHYDOXDWHVDIHW\WROHUDELOLW\DQG3.IROORZLQJRUDODGPLQLVWUDWLRQRI*6
WRXSWRXQLTXHVXEMHFWV7KHVWXG\LQFOXGHG VWDJHV3DUWV $ %DQG&ZLWK WRWDO
VWDJJHUHGFRKRUWVSUHVSHFLILHGDGDSWLYH:LWKLQHDFKFRKRUWRI3DUWV$DQG % XQLTXH
VXEMHFWVZHUHUDQGRPL]HGWRUHFHLYHEOLQGHGLQYHVWLJDWLRQDOPHGLFLQDOSURGXFW,03HLWKHU
*6Q RUSODFHERQ :LWKLQHDFKFRKRUWRI3DUW&XQLTXHVXEMHFWVZHUH
UDQGRPL]HGWRUHFHLYHEOLQGHG,03HLWKHU*6Q RUSODFHERQ  $PD[LPXP
VLQJOHGRVHRIPJDQGPXOWLSOHGRVHUHJLPHQRIPJRQFHGDLO\IRUGD\VZDVDFKLHYHG
*63.ZDVHYDOXDWHGXQGHUIDVWLQJDQGIHGVWDWHV
1RGHDWKVRUVHULRXVDGYHUVHHYHQWV6$(VZHUHUHSRUWHGDQGWKHUHZHUHQRGRVHOLPLWLQJ
WR[LFLWLHV,QWKH*6WUHDWHGVXEMHFWVWKHUHZHUHQRGLVFRQWLQXDWLRQVGXHWR$(V $PRQJ
WKHVXEMHFWVZKRUHFHLYHGVLQJOHGRVHVRI*6 VXEMHFWVH[SHULHQFHGDWRWDORI
 $(VZLWKWKHPRVWFRPPRQ$(VEHLQJSUHV\QFRSHDQGGHUPDWLWLVUHSRUWHGE\VXEMHFWV
HDFK%RWKLQFLGHQWVRISUHV\QFRSHDQG RIWKHHYHQWVRIGHUPDWLWLVZHUHMXGJHGE\WKH
LQYHVWLJDWRUWREHUHODWHGWRVWXG\SURFHGXUHV HYHQWRIGHUPDWLWLVZDVLQIODPPDWLRQRIWKHVNLQ
RIWKHULJKWDQWHFXELWDODQG HYHQWZDVQRQVSHFLILFGHUPDWLWLVRQWKHFKHVW$PRQJWKH
 VXEMHFWVUHFHLYLQJPXOWLSOHGRVHVRI*6 VXEMHFWVH[SHULHQFHGDWRWDORI
 $(VZLWKGLDUUKHDDQGQDXVHDUHSRUWHGE\ VXEMHFWVDQGKHDGDFKHDQGFRQWDFWGHUPDWLWLV
UHSRUWHGE\ VXEMHFWV$OORWKHU$(VH[SHULHQFHGE\VXEMHFWVUHFHLYLQJPXOWLSOHGRVHVRI
*6ZHUHUHSRUWHGE\  VXEMHFWVHDFK
7ZHOYHOHDG(&*VZHUHREWDLQHGDW%DVHOLQH DQG'D\VDQG$QDO\VLVRIWKHVH(&*V
GHPRQVWUDWHGQRFOLQLFDOO\VLJQLILFDQWLQFUHDVHLQ WKH3545647DQG47F)LQWHUYDOVDQGQR
FOLQLFDOO\VLJQLILFDQWDUUK\WKPLDVDVVRFLDWHGZLWKDGPLQLVWUDWLRQRI*6
*6H[SRVXUHVLQFUHDVHGLQDQDSSUR[LPDWHO\GRVHSURSRUWLRQDOPDQQHURYHUWKHGRVHUDQJH
WHVWHGIROORZLQJVLQJOHDQGPXOWLSOHRUDODGPLQLVWUDWLRQVXQGHUIDVWHGFRQGLWLRQV*6
WHUPLQDOKDOIOLYHVUDQJHGIURPWRKRXUVIROORZLQJVLQJOHRUDODGPLQLVWUDWLRQDQG
DSSUR[LPDWHO\KRXUVIROORZLQJPXOWLSOHRUDODGPLQLVWUDWLRQV2YHUDOOWKHYDULDELOLW\RIWKH
3.SDUDPHWHUVZDVUHODWLYHO\ORZZLWKWKHPDMRULW\RIWKH3.SDUDPHWHUVGLVSOD\LQJ&9RI
RUORZHU,QDGGLWLRQWKHIRRGHIIHFWRQ*63.IROORZLQJVLQJOHRUPXOWLSOHRUDO
DGPLQLVWUDWLRQKDVEHHQHYDOXDWHG)ROORZLQJVLQJOHDGPLQLVWUDWLRQRI*6DWRU
 PJ&PD[XQGHUIHGFRQGLWLRQVGHFUHDVHGDSSUR[LPDWHO\WRFRPSDUHG WR IDVWHG
FRQGLWLRQVEXWWKLVHIIHFWZDVOHVVSURQRXQFHGIROORZLQJRQFHGDLO\GRVLQJDWWKHKLJKHUGRVH
PJDURXQGVWHDG\VWDWH

6WXG\*686
7KLV3KDVHPDVVEDODQFHVWXG\ZDVFRQGXFWHGWRHYDOXDWHWKH3.PHWDEROLVPDQGH[FUHWLRQ
RI*67KHSULPDU\REMHFWLYHRIWKLVVWXG\ZDVWRGHWHUPLQHWKHPDVVEDODQFHRI*6
IROORZLQJDGPLQLVWUDWLRQRIDVLQJOHRUDOGRVHRIUDGLRODEHOHG>&@*67KHVHFRQGDU\


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
REMHFWLYHVRIWKLVVWXG\ZHUHWRHYDOXDWHWKH3. RI*6DQGPHWDEROLWHV ZKHUHSRVVLEOHDQG
WRGHWHUPLQHWKHPHWDEROLWHSURILOHRI*6LQKXPDQVIROORZLQJDGPLQLVWUDWLRQRIDVLQJOH
RUDOGRVHRIUDGLRODEHOHG>&@*6
(LJKWVXEMHFWVZHUHHQUROOHGDQGDVVHVVHGIRUDSHULRGRIDPLQLPXPRIGD\VDQGDPD[LPXP
RIGD\VZLWKDGD\IROORZXSSHULRG)ROORZLQJDVLQJOHRUDOUDGLRODEHOHGGRVHRI*6
PJWKHPD[LPXPPHDQFRQFHQWUDWLRQVRIGUXJGHULYHGUDGLRDFWLYLW\LQEORRGDQGSODVPD
ZHUH REVHUYHGDWKRXUVSRVWGRVHIRUERWKPDWULFHV7KHRYHUDOOUHFRYHU\RIUDGLRDFWLYLW\ZDV
ZLWKUHFRYHU\SULPDULO\LQIHFHVYHUVXVXULQH0HDQEORRGWRSODVPD
FRQFHQWUDWLRQUDWLRVUDQJHGIURPWRWKURXJK KRXUVSRVWGRVHLQGLFDWLQJWKDW
UDGLRDFWLYLW\ZDVSULPDULO\LQWKHSODVPDUHODWLYHWRWKHFHOOXODUFRPSRQHQWVRIWKHEORRG
7KHFLUFXODWLQJUDGLRDFWLYLW\FRQVLVWHGPDLQO\RI*6DQGORZOHYHOVRIPLQRU
PHWDEROLWHVFKORURDPLQR1PHWKDQHVXOIRQ\OEHQ]DPLGH0
R[\*6JOXFXURQLGH0 DQG*60% 
7KHPDMRUFRPSRQHQWH[FUHWHGLQIHFHVZDVXQFKDQJHGSDUHQW*6RIWKHGRVH
FRHOXWHGZLWKGLR[\*6>0@DORQJZLWKRWKHUPLQRUPHWDEROLWHVGLR[\*6
>0RIWKHGRVH@DQGGLR[\*6>0RIWKHGRVH@7KHUHPDLQLQJ
LGHQWLILHGPHWDEROLWHVGHWHFWHGLQIHFHVHDFKDFFRXQWHGIRUOHVVWKDQDPHDQRIRIWKH
GRVH,QXULQHXQFKDQJHGSDUHQW*6ZDVWKHPDLQVSHFLHVaRIWKHGRVHDQG
PHWDEROLWH0UHSUHVHQWHGaRIWKHGRVH
,QVXPPDU\>&@ *6ZDVSULPDULO\HOLPLQDWHGLQWKHIHFHVDIWHURUDODGPLQLVWUDWLRQWR
KHDOWK\VXEMHFWV/RZOHYHOVRIYDULRXVPHWDEROLWHVZHUHREVHUYHGLQGLFDWLQJWKHOLNHO\DEVHQFH
RIDVLQJOHGRPLQDQWSDWKZD\5DGLRDFWLYLW\ZDVHOLPLQDWHGDVDFRPELQDWLRQRIPHWDEROLWHVDQG
XQFKDQJHGSDUHQWGUXJ 2YHUDOOWKHSKDUPDFRNLQHWLFVRI*6LVQRWH[SHFWHGWREH
PHDQLQJIXOO\DOWHUHGLQWKHVHWWLQJRIUHQDOLPSDLUPHQWHJPLOGWRPRGHUDWH

6WXG\*686
7KLV3KDVH DUDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGVWXG\ZDV FRQGXFWHGWRHYDOXDWH
WKHVDIHW\WROHUDELOLW\DQGHIILFDF\RI*6LQKHDOWK\DGXOWYROXQWHHUVLQIHFWHGZLWKDQ569
FKDOOHQJHYLUXV569$ 0HPSKLVEVWUDLQ7KH VWXG\LQFOXGHG  TXDUDQWLQHVHDFK
FRPSULVLQJDSSUR[LPDWHO\VXEMHFWV(DFKVXEMHFWZDV DGPLWWHGWRWKH4XDUDQWLQH8QLWDQG
LQRFXODWHGZLWK569RQ6WXG\'D\ 6XEMHFWVZHUH UDQGRPL]HGDQGWUHDWHGZLWK*6RU
SODFHERZKHQLQIHFWLRQZDV GRFXPHQWHGLQWKHQDVDOZDVKRUE\WKHILIWKGD\DIWHULQRFXODWLRQ
ZKLFKHYHURFFXUUHG ILUVW
)RU4XDUDQWLQHVWKURXJKSUHVSHFLILHGTXDUDQWLQHVVXEMHFWVZHUHUDQGRPL]HGWRUHFHLYH
*6RUSODFHERDGPLQLVWHUHGDVD PJVLQJOHGRVHRQ'RVH 'D\ IROORZHGE\ PJ
RQFHGDLO\RQ'RVH'D\VWKURXJK


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
)RU4XDUDQWLQHVWKURXJKDGDSWLYHTXDUDQWLQHVVXEMHFWVZHUH UDQGRPL]HGWRUHFHLYH
*6RUSODFHER6XEMHFWVLQ4XDUDQWLQHZHUHDGPLQLVWHUHGD PJVLQJOHGRVHRQ'RVH
'D\IROORZHGE\ PJRQFHGDLO\RQ'RVH'D\VDQG 6XEMHFWVLQ4XDUDQWLQH ZHUH
DGPLQLVWHUHGDPJVLQJOHGRVH 6XEMHFWVLQ4XDUDQWLQHZHUHDGPLQLVWHUHGD PJ
VLQJOH GRVHRQ'RVH 'D\IROORZHGE\ PJRQFHGDLO\RQ'RVH'D\VWKURXJK
$WRWDORIVXEMHFWVZHUHUDQGRPL]HGLQWRWKLVVWXG\$OOVXEMHFWVFRPSOHWHGVWXG\GUXJ DQG
 SODFHERVXEMHFWGLVFRQWLQXHGWKHVWXG\GXHWRLQYHVWLJDWRU¶VGLVFUHWLRQ%DVHOLQH GHPRJUDSKLFV
DQGFKDUDFWHULVWLFVZHUHVLPLODUEHWZHHQWUHDWPHQWJURXSVDFURVVDOOGRVHFRKRUWV6HYHQW\HLJKW
VXEMHFWVUHFHLYHGWKHSUHVSHFLILHGGRVHLQTXDUDQWLQHV *6Q SODFHERQ 
2IWKHVHVXEMHFWVZHUHGRFXPHQWHGWREH569SRVLWLYHSULRUWRUDQGRPL]DWLRQDQG
ZHUHLQFOXGHGLQWKHSULPDU\DQGVHFRQGDU\DQDO\VHV*6Q SODFHERQ $WRWDORI
VXEMHFWVUHFHLYHG*6DFURVVDOOTXDUDQWLQHV
7UHDWPHQWZLWK*6UHVXOWHGLQWKHIROORZLQJ
3ULPDU\(QGSRLQW

7UHDWPHQWZLWK*6UHVXOWHGLQORZHUPHDQ$8&YLUDOORDGIURPLQLWLDOGRVHWKURXJK
HQGRITXDUDQWLQH9LUDOORDGZDVDVVHVVHGWZLFHGDLO\XVLQJQDVDOZDVKHV7KHPHDQ$8&
RI YLUDOORDGDVPHDVXUHGE\WKH57T3&5DVVD\IURPILUVWYLUDOORDGPHDVXUHPHQWSRVW
LQLWLDOGRVHRIVWXG\GUXJWKURXJK'D\ ZDVVLJQLILFDQWO\ORZHULQ*6VXEMHFWV
FRPSDUHGWRSODFHERVXEMHFWVǻ ORJ 3)8HKRXUP/ S
6HFRQGDU\(QGSRLQWV

7UHDWPHQWZLWK*6UHVXOWHGLQORZHUPHDQ$8&YLUDOORDGGXULQJWKHHQWLUHTXDUDQWLQH
SHULRG7KHPHDQ$8&RIYLUDOORDGSRVWFKDOOHQJHWKURXJK6WXG\'D\ DVPHDVXUHGE\
WKH57T3&5DVVD\ZDVVLJQLILFDQWO\ORZHULQ*6VXEMHFWVFRPSDUHGWRSODFHER
VXEMHFWVǻ ORJ 3)8HKRXUP/S 

7UHDWPHQWZLWK*6UHVXOWHGLQORZHUPHDQWRWDOPXFXVZHLJKWGXULQJGRVLQJ7KH
DYHUDJHZHLJKWRIHDFKXQXVHGWLVVXHZDVGHWHUPLQHGSULRUWRVWDUWRIVWXG\7KHGDLO\PXFXV
ZHLJKWZDVFDOFXODWHGE\ILUVWFRXQWLQJWKHQXPEHURIWLVVXHVXVHGHDFKGD\WKHQVXEWUDFWLQJ
WKHWRWDOZHLJKWRIWKHVHWLVVXHVXQXVHGIURPWKHGDLO\WRWDOZHLJKWRIXVHGWLVVXHV7KH
PHDQWRWDOZHLJKWRIPXFXVSURGXFHGSRVWLQLWLDOGRVHRIVWXG\GUXJWKURXJKWKHGRVHZDV
VLJQLILFDQWO\ORZHULQWKH*6VXEMHFWVFRPSDUHGWRSODFHERVXEMHFWVǻ  J
S 


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

7UHDWPHQWZLWK*6UHVXOWHGLQDORZHUPHDQ$8&RIFKDQJHIURP%DVHOLQH LQWRWDO
V\PSWRPVFRUHGXULQJWKHHQWLUHTXDUDQWLQHSHULRG7HQV\PSWRPVUXQQ\QRVHVWXII\QRVH
VQHH]LQJVRUHWKURDWHDUDFKHPDODLVH>WLUHGQHVV@FRXJKVKRUWQHVVRIEUHDWKKHDGDFKHDQG
PXVFOHDQGRUMRLQWDFKHZHUHHDFKVFRUHGIURPQRV\PSWRPVWRTXLWHERWKHUVRPH
PRVWDOORIWKHWLPH 7RWDOV\PSWRPVFRUHV  ZHUHWKHDYHUDJHVFRUHRITXHVWLRQV
DQVZHUHGE\HDFKVXEMHFWPXOWLSOLHGE\ 7KHPHDQ$8&RIFKDQJHIURP%DVHOLQH LQWRWDO
V\PSWRPVFRUHSRVWLQLWLDOGRVHRIVWXG\GUXJWKURXJK6WXG\'D\ ZDVVLJQLILFDQWO\ORZHU
LQWKH*6VXEMHFWVFRPSDUHGWRSODFHERVXEMHFWVǻ VFRUHKRXUS 7KH
WRWDOV\PSWRPVVFRUH$8&ZDVDOVRVLJQLILFDQWO\ORZHUIRU*6WUHDWHGVXEMHFWV
,QHDFKRIWKH DGDSWLYHTXDUDQWLQHV VWDWLVWLFDOO\VLJQLILFDQWUHVXOWVZHUHDOVRDFKLHYHGLQWKH
SULPDU\HQGSRLQWDQGHDFKRIWKHVHFRQGDU\HQGSRLQWVGHVFULEHGDERYHZLWKWKHH[FHSWLRQRID
UHGXFWLRQLQPHDQWRWDOPXFXVZHLJKW LQ4XDUDQWLQH,QDGGLWLRQDQH[SRVXUHUHVSRQVHHIIHFW
ZDVQRWHG
1RVXEMHFWH[SHULHQFHGDVHULRXV$($OO$(VZHUHPLOGRUPRGHUDWH*UDGHRULQVHYHULW\
H[FHSWIRUWKUHH*UDGH$(VH[SHULHQFHGE\ SODFHERWUHDWHGVXEMHFW LQFUHDVHG EORRGODFWDWH
GHK\GURJHQDVHDODQLQHDPLQRWUDQVIHUDVH>$/7@DQGDVSDUWDWHDPLQRWUDQVIHUDVH>$67@*UDGH
SXOPRQDU\IXQFWLRQGHFUHDVHFKDQJHZDVWKHRQO\WUHDWPHQWUHODWHG$(H[SHULHQFHGE\
! VXEMHFWVLQHLWKHUWUHDWPHQWJURXS*6Q SODFHERQ &KDQJHV
LQFOLQLFDOODERUDWRU\YDOXHVZHUH*UDGHRULQVHYHULW\H[FHSWIRURQH*UDGHYDOXH
LQFUHDVHG$67UHSRUWHGIRUSODFHERWUHDWHGVXEMHFWGHVFULEHGDERYH(OHYDWHG$/7 ZDVPRUH
FRPPRQO\UHSRUWHGDPRQJ *6WUHDWHGVXEMHFWV*6SODFHEREXW
HOHYDWHG$67ZDVOHVVFRPPRQO\UHSRUWHG*6SODFHER /RZQHXWURSKLO
FRXQWZDVUHSRUWHGDV*UDGH  LQVXEMHFWVUHFHLYHGSODFHERDQG*UDGHLQ VXEMHFWV
 UHFHLYHGSODFHER$PRQJWKHVXEMHFWVZKRH[SHULHQFHGD*UDGHORZQHXWURSKLOFRXQWDQG
UHFHLYHG*6KDGD*UDGH ORZQHXWURSKLOFRXQWDW6FUHHQLQJ&OLQLFDOO\UHOHYDQW
FKDQJHVLQYLWDOVLJQV RU (&*V ZHUHQRWREVHUYHG

5DWLRQDOHIRU7KLV6WXG\
7KHUHLVDVLJQLILFDQWXQPHWPHGLFDOQHHGIRUDVDIHFRQYHQLHQWDQGHIIHFWLYHWUHDWPHQWIRU569
LQIHFWLRQ7KHRQO\DSSURYHGDQWLYLUDOWKHUDS\IRU569ULEDYDULQLVDSSURYHGIRUXVHLQ
SHGLDWULFSRSXODWLRQV RQO\EXWLVUDUHO\XVHGLQFOLQLFDOSUDFWLFH GXHWRLWV OLPLWHGHIILFDF\DQG
FRQFHUQLQJVDIHW\SURILOH7KHUHLVQRDSSURYHGDQWLYLUDOWKHUDS\IRU569LQIHFWLRQDPRQJ+&7
UHFLSLHQWVZKHUHWKHFXUUHQWVWDQGDUGRIFDUHLVVXSSRUWLYH
7KLVVWXG\IROORZVD3KDVH),+VWXG\*686DQGD3KDVHD569FKDOOHQJHVWXG\
*686ZKLFKHYDOXDWHGWKHVDIHW\WROHUDELOLW\DQG3.RIVLQJOHDQGPXOWLSOHGRVHV
RI*6LQKHDOWK\DGXOWYROXQWHHUV,Q6WXG\*686*6ZDVVKRZQWR
EHHIILFDFLRXVLQUHGXFLQJ569YLUDOORDGDQGFOLQLFDOV\PSWRPVLQKHDOWK\DGXOWVXEMHFWV
H[SHULPHQWDOO\LQIHFWHGZLWK569


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
*LYHQWKHVHUHVXOWVIURPKHDOWK\DGXOWYROXQWHHUVVWXGLHGLQDFRQWUROOHGVHWWLQJWKHFXUUHQWVWXG\
LVGHVLJQHGWRHYDOXDWHWKHVDIHW\WROHUDELOLW\3.DQGHIILFDF\ RI*6DPRQJ+&7SDWLHQWV
ZLWKDQ569UHODWHG857,6DIHW\DQGHIILFDF\GDWDJHQHUDWHGIURPWKLVVWXG\WDNHQWRJHWKHU
ZLWKFXUUHQWO\DYDLODEOHGDWDZLOOEHXVHGWRVXSSRUWIXUWKHUFOLQLFDOGHYHORSPHQWRI*6LQ
SHGLDWULFDQGDGXOWSDWLHQWVLQIHFWHGZLWK569

'RVH5DWLRQDOH
7KHGRVHDQGDGPLQLVWUDWLRQ VFKHGXOHVHOHFWHGIRUWKLVVWXG\LVDVLQJOHGRVHRIPJ*6
DGPLQLVWHUHGRUDOO\LQWKHIDVWHGVWDWHRQ'D\VDQG7KLVUHJLPHQZDVVHOHFWHG
EDVHGXSRQWKH3.FKDUDFWHULVWLFVRI*6DQGWKHSKDUPDFRNLQHWLFSKDUPDFRG\QDPLF
3.3' UHODWLRQVKLSHVWDEOLVKHGLQWKHDQWLYLUDOHIIHFWVWXG\ZLWKGLIIHUHQWGRVHVUHJLPHQVLQ
6WXG\*686
,Q6WXG\*686DGD\WUHDWPHQWUHJLPHQRI*6PJVLQJOHGRVHRQ'RVH
'D\ IROORZHGE\PJRQFHGDLO\RQ'RVH'D\VWKURXJKUHVXOWHGLQDVLJQLILFDQW
UHGXFWLRQLQ569YLUDOORDG7KHPHDQ$8&RI 569 YLUDOORDGDVPHDVXUHGE\WKH57T3&5
DVVD\IURPILUVWYLUDOORDGPHDVXUHPHQWSRVWLQLWLDOGRVHRIVWXG\GUXJWKURXJKHQGRITXDUDQWLQH
'D\ ZDVVLJQLILFDQWO\ORZHULQ*6VXEMHFWVFRPSDUHGWRSODFHERVXEMHFWV
ǻ  ORJ 3)8HKRXUP/S7KLVGD\UHJLPHQZDVDEOHWRDFKLHYH*6
WURXJKFRQFHQWUDWLRQVaIROGRISD(& QJP/ IRUXSWRKRXUVIROORZLQJGRVH
LQLWLDWLRQ IRUWKHYLUXVXVHGLQWKHFKDOOHQJHVWXG\WKH0VWUDLQRI569
,QVHOHFWLQJWKHGRVHIRUWKHFXUUHQWVWXG\WKHJRDOZDVWRDFKLHYH*6WURXJK
FRQFHQWUDWLRQVDERYHIROGRISD(& IRUPRVWRIWKHFOLQLFDO569LVRODWHVIRUWKHGXUDWLRQRI
569VKHGGLQJLQ+&7SDWLHQWV/RQJLWXGLQDOYLUDOG\QDPLFVGDWDIURPLQYHVWLJDWRUVDWDQ
DFDGHPLF+&7 FHQWHU DOVR LQGLFDWHWKDWWKHPDMRULW\RI+&7SDWLHQWVVKHG569IRUGD\VEXW
VRPHPD\VKHGIRUDVORQJDVGD\VXQSXEOLVKHG,QDGGLWLRQUHFHQWVWXGLHVLQGLFDWHWKDWWKH
PHDQWLPH WRSURJUHVVLRQRI857,WR/57,LVGD\VZLWKRI VXEMHFWVSURJUHVVLQJZLWKLQ
 GD\VDIWHUSUHVHQWLQJZLWKD857,^` ^`7KHUHIRUHDWRWDORI GRVHVRI*6
PJHDFKGRVHHYHU\GD\VLVH[SHFWHGWRSURYLGH!IROGSD(& FRYHUDJHIRU aRI
 ZLOGW\SHFOLQLFDO569LVRODWHVWKURXJK'D\ZKLFKLVH[SHFWHGWRUHVXOWLQ VLJQLILFDQW
GXUDEOHDQWLYLUDOHIIHFW

&RPSOLDQFH
7KLVVWXG\ZLOOEHFRQGXFWHGLQFRPSOLDQFHZLWKWKLVSURWRFRO*RRG&OLQLFDO 3UDFWLFH*&3
DQGDOODSSOLFDEOHUHJXODWRU\UHTXLUHPHQWV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

2%-(&7,9(6
7KHSULPDU\REMHFWLYHRIWKLVVWXG\LV

7RHYDOXDWHWKHHIIHFW RI*6RQ569YLUDOORDGLQ569SRVLWLYHDXWRORJRXVRU
DOORJHQHLF+&7UHFLSLHQWVZLWKDFXWH857, V\PSWRPV
7KHVHFRQGDU\REMHFWLYHVRIWKLVVWXG\DUH

7RHYDOXDWHWKHHIIHFWRI*6RQ GHYHORSPHQWRI /57& SURJUHVVLRQWRUHVSLUDWRU\
IDLOXUHDQGHIIHFWRQR[\JHQDWLRQ

7RHYDOXDWHWKH3.VDIHW\DQGWROHUDELOLW\RI*6






*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

6WXG\7UHDWPHQWV
$SSUR[LPDWHO\VXEMHFWVZLOOEHUDQGRPL]HGWRUHFHLYHPJIRXU PJWDEOHWVRI
,03*6RUSODFHER DVDVLQJOHGRVHRQ'D\V DQG7KH,03ZLOOEH
DGPLQLVWHUHGDIWHUWKHVXEMHFWKDVIDVWHGIRUDWOHDVWKRXUV ZLWKH[FHSWLRQRIFOHDUOLTXLGVDQG
PHGLFDWLRQV7KHHQWLUHGRVHPXVWEHWDNHQZLWKLQKRXU6XEMHFWVZLOOUHPDLQIDVWLQJIRU
DSSUR[LPDWHO\ KRXUDIWHUGRVLQJ7DEOHWVDUHQRWWREHFUXVKHGVSOLWGLVVROYHGRUFKHZHG
,03VKRXOGEHGLVSHQVHGZLWKJORYHV 6XEMHFWVVKRXOGDYRLGGLUHFW89H[SRVXUHIRUGD\VDIWHU
UHFHLYLQJ,03
6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRUREVHUYDWLRQ,IYRPLWLQJRFFXUV
ZLWKLQPLQXWHV DIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHGWDEOHWVDUHSUHVHQWLQWKHYRPLWXV
WKHVXEMHFWVKRXOGUHFHLYHDQRWKHUGRVH,IDQRWKHUGRVHLVDGPLQLVWHUHGWKHVXEMHFWVKRXOG
UHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRUREVHUYDWLRQ
*6ZLOOEHSURYLGHG DVZKLWHSODLQIDFHGILOPFRDWHGURXQGWDEOHWVFRQWDLQLQJ PJ
*6 PJ*6ELVK\GURFKORULGHVDOWGLK\GUDWHIRUPRI*6 3ODFHERWR
0DWFKZLOOEHSURYLGHGDVZKLWHSODLQIDFHGILOPFRDWHGURXQGWDEOHWVFRQWDLQLQJQR*6
7KHH[SHFWHGGXUDWLRQRIVXEMHFWSDUWLFLSDWLRQLVDSSUR[LPDWHO\PRQWKWRLQFOXGH6FUHHQLQJ
WKURXJKWKHILQDOYLVLWRQ'D\

'XUDWLRQRI7UHDWPHQW
7KHWUHDWPHQWSRUWLRQRIWKHVWXG\LV GD\V DWRWDORIGRVHVDGPLQLVWHUHGDVVLQJOHGRVHVRQ
'D\V  DQG

'LVFRQWLQXDWLRQ&ULWHULD
5HDVRQVIRU SRWHQWLDO SUHPDWXUHGLVFRQWLQXDWLRQIURP ,03GRVLQJ LQFOXGH

$Q\*UDGHRU$( RU6$(

,QWHUFXUUHQWLOOQHVVWKDWZRXOGLQWKHMXGJPHQWRIWKHLQYHVWLJDWRUDIIHFWWKHVXEMHFW¶VDELOLW\
WRUHFHLYH,03HJXQDEOHWRLQJHVWRUDOGRVH
,QWKHHYHQWWKDWDQ\ RIWKHDERYHFULWHULDDUHPHWWKH 3ULQFLSDO,QYHVWLJDWRU3, ZLOOUHYLHZWKH
FDVHLQGHWDLODQGGLVFXVVZLWKWKH*LOHDG 0HGLFDO0RQLWRUZKHWKHUWKHVXEMHFWVKRXOGEH
GLVFRQWLQXHGIURP,03 5HDVRQVIRUSUHPDWXUHGLVFRQWLQXDWLRQIURPWKH6WXG\LQFOXGH

6XEMHFWUHTXHVWWRGLVFRQWLQXHIRUDQ\UHDVRQ

6XEMHFWQRQFRPSOLDQFH

3UHJQDQF\GXULQJWKHVWXG\UHIHUWR

'LVFRQWLQXDWLRQRIWKHVWXG\DWWKHUHTXHVWRI*LOHDGDUHJXODWRU\DJHQF\RUDQLQVWLWXWLRQDO
UHYLHZERDUGRULQGHSHQGHQWHWKLFVFRPPLWWHH,5%,(&


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
,IDVXEMHFWSUHPDWXUHO\GLVFRQWLQXHVIURP,03GRVLQJKHVKHZLOOUHPDLQRQVWXG\DQGZLOO
FRQWLQXHZLWKDOOVXEVHTXHQW6WXG\9LVLWVDQGDVVHVVPHQWVZLWKWKHH[FHSWLRQRI,03GRVLQJ
,IDVXEMHFWSUHPDWXUHO\GLVFRQWLQXHVIURPWKHVWXG\HYHU\DWWHPSWVKRXOGEHPDGHWREULQJWKH
VXEMHFWEDFNIRUWKH(DUO\7HUPLQDWLRQ SURFHGXUHV6HH6HFWLRQ  IRUPRUHLQIRUPDWLRQ

6RXUFH'DWD
)RUWKHSXUSRVHVRIWKLVVWXG\VWXG\VSHFLILFTXHVWLRQQDLUHVLHUHVSLUDWRU\V\PSWRP
DVVHVVPHQWVDUHFRQVLGHUHGVRXUFHGRFXPHQWVDQGDUHWREHILOHGZLWKWKHVXEMHFW¶VPHGLFDORU
VWXG\UHFRUGV(OHFWURQLFGDWDLHGLDJQRVWLFPDFKLQHVWKDWWUDQVFULEHGDWDGLUHFWO\WRDGDWDEDVH
RUGDWDHQWHUHGGLUHFWO\LQWRDQ(OHFWURQLF0HGLFDO5HFRUGV\VWHPLVFRQVLGHUHGVRXUFHGDWD
SURYLGHGWKHGDWDLVQRWUHFRUGHGGLUHFWO\RQWKH&5)H&5)DQGSURYLGHGWKHUHLVDFOHDUDXGLW
WUDLOLQWKHHOHFWURQLFUHFRUGV7HPSODWHVRXUFHGRFXPHQWZRUNVKHHWVZLOOEHSUHSDUHGE\
*LOHDGDQGSURYLGHGWRVLWHVWRXVHDWWKHLUGLVFUHWLRQ,IVRXUFHGRFXPHQWZRUNVKHHWVDUHXVHG
WKH\DUHWREHNHSWZLWKWKHVXEMHFW¶VPHGLFDORUVWXG\UHFRUGVDVRULJLQDOVRXUFHGRFXPHQWV1R
GDWDZLOOEHUHFRUGHGGLUHFWO\RQWKH&5)H&5)DQGDQ\GDWDUHFRUGHGGLUHFWO\RQWKH
&5)H&5)ZLOOQRWEHFRQVLGHUHGVRXUFHGDWD


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

68%-(&73238/$7,21

1XPEHURI6XEMHFWVDQG6XEMHFW6HOHFWLRQ
7KHVXEMHFWSRSXODWLRQZLOOFRQVLVWRIDSSUR[LPDWHO\569SRVLWLYHPDOHVDQGIHPDOHV  WR
 \HDUVRIDJHZKRKDYHKDGDQDOORJHQHLFRUDXWRORJRXV+&7DQGKDYHGRFXPHQWHGDFXWH569
UHODWHG857,V\PSWRPVUHFUXLWHGIURPDSSUR[LPDWHO\FHQWHUVLQ$VLD 3DFLILF$XVWUDOLD
&DQDGD(XURSH6RXWK$PHULFD DQGWKH 8QLWHG6WDWHV

,QFOXVLRQ&ULWHULD
6XEMHFWVPXVWPHHWDOORIWKHIROORZLQJLQFOXVLRQFULWHULDWREHHOLJLEOHIRUSDUWLFLSDWLRQLQWKLV
VWXG\
 5HFHLYHGDQDXWRORJRXVRUDOORJHQHLF+&7XVLQJDQ\FRQGLWLRQLQJUHJLPHQ
 'RFXPHQWHGWREH569SRVLWLYHDVGHWHUPLQHGE\ORFDOWHVWLQJHJ3&5')$593 DVVD\
RUFXOWXUHXVLQJDQXSSHUUHVSLUDWRU\WUDFWVDPSOHFROOHFWHG GD\VSULRUWR'D\
 1HZRQVHWRIDWOHDVWRIWKHIROORZLQJUHVSLUDWRU\V\PSWRPVIRU   GD\V SULRUWR'D\
QDVDOFRQJHVWLRQUXQQ\QRVHFRXJKRUVRUHWKURDWRUZRUVHQLQJRIRQHRIWKHVHFKURQLF
UHVSLUDWRU\V\PSWRPV   GD\V SULRUWR'D\
 1RHYLGHQFHRIQHZDEQRUPDOLWLHVFRQVLVWHQWZLWK/57,RQDFKHVW;UD\UHODWLYHWRWKHPRVW
UHFHQWFKHVW;UD\DVGHWHUPLQHGE\WKHORFDOUDGLRORJLVW,IDFKHVW;UD\LVQRWDYDLODEOHRU
ZDVQRWREWDLQHGGXULQJVWDQGDUGFDUH KRXUV SULRUWR6FUHHQLQJDFKHVW;UD\PXVWEH
REWDLQHGIRU6FUHHQLQJ
 2 VDWXUDWLRQ  RQURRPDLU
 $QLQIRUPHGFRQVHQWGRFXPHQWVLJQHGDQGGDWHGE\WKHVXEMHFWRUDOHJDOJXDUGLDQRIWKH
VXEMHFWDQGWKHLQYHVWLJDWRURUKLVKHUGHVLJQHH
 $QHJDWLYHXULQH RUVHUXPSUHJQDQF\WHVWLVUHTXLUHGIRUIHPDOHVXEMHFWVXQOHVVVXUJLFDOO\
VWHULOHRUJUHDWHUWKDQWZR\HDUVSRVWPHQRSDXVDO
 0DOHDQGIHPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOZKRHQJDJHLQ KHWHURVH[XDOLQWHUFRXUVH
PXVWDJUHHWRXVHSURWRFROVSHFLILHGPHWKRGVRIFRQWUDFHSWLRQDVGHVFULEHGLQ$SSHQGL[ 
 :LOOLQJQHVVWRFRPSOHWHQHFHVVDU\VWXG\SURFHGXUHVDQGKDYHDYDLODEOHDZRUNLQJWHOHSKRQH
RUHPDLO


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

([FOXVLRQ&ULWHULD
6XEMHFWVZKRPHHWDQ\ RIWKHIROORZLQJH[FOXVLRQFULWHULDDUHQRWWREHHQUROOHGLQWKLVVWXG\
5HODWHGWRFRQFRPLWDQWRUSUHYLRXVPHGLFDWLRQXVH
 8VHRI QRQPDUNHWHGDFFRUGLQJWRUHJLRQLQYHVWLJDWLRQDODJHQWVZLWKLQGD\V25 XVHRI
DQ\PRQRFORQDODQWL569DQWLERGLHVZLWKLQPRQWKVRU KDOIOLYHVRI6FUHHQLQJZKLFKHYHU
LVORQJHU25 XVHRIDQ\LQYHVWLJDWLRQDO569YDFFLQHVDIWHU+&7
 8VHRIDVWURQJF\WRFKURPH 3HQ]\PH&<3LQGXFHULQFOXGLQJEXWQRWOLPLWHGWR
ULIDPSLQ6W-RKQ¶V:RUWFDUEDPD]HSLQHDQGSKHQ\WRLQZLWKLQ ZHHNSULRUWRWKHILUVW
GRVHRI,03
5HODWHGWRPHGLFDOKLVWRU\
 $GPLWWHGWRWKHKRVSLWDOSULPDULO\IRUDORZHUUHVSLUDWRU\WUDFWGLVHDVHRIDQ\FDXVHDV
GHWHUPLQHGE\WKHLQYHVWLJDWRU
 3UHJQDQWEUHDVWIHHGLQJRUODFWDWLQJIHPDOHV
 8QDEOHWRWROHUDWHQDVDOVDPSOLQJUHTXLUHGIRUWKLVVWXG\DVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 .QRZQKLVWRU\RI+,9$,'6 ZLWKD&'FRXQWFHOOVȝ/ZLWKLQWKHODVWPRQWK
 +LVWRU\RIGUXJDQGRUDOFRKRODEXVHWKDWLQWKHRSLQLRQRIWKHLQYHVWLJDWRUPD\SUHYHQW
DGKHUHQFHWRVWXG\DFWLYLWLHV
5HODWHGWRPHGLFDOFRQGLWLRQDW6FUHHQLQJ
 $UHODSVHLQFOXGLQJPROHFXODUUHODSVHRIWKH XQGHUO\LQJGLVHDVHIRUZKLFKWKH\UHFHLYHGD
WUDQVSODQWDW6FUHHQLQJ
 'RFXPHQWHGWREHSRVLWLYHIRURWKHUUHVSLUDWRU\YLUXVHVOLPLWHGWRLQIOXHQ]DSDUDLQIOXHQ]D
KXPDQUKLQRYLUXVDGHQRYLUXVRUKXPDQPHWDSQHXPRYLUXVZLWKLQ GD\V SULRUWRWKH
6FUHHQLQJYLVLWDVGHWHUPLQHGE\ORFDOWHVWLQJDGGLWLRQDOWHVWLQJLVQRWUHTXLUHG
 &OLQLFDOO\VLJQLILFDQWEDFWHUHPLDRUIXQJHPLDZLWKLQGD\VSULRUWR6FUHHQLQJWKDWKDVQRW
EHHQDGHTXDWHO\WUHDWHGDVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 &OLQLFDOO\VLJQLILFDQWEDFWHULDOIXQJDORUYLUDOSQHXPRQLDZLWKLQ ZHHNVSULRUWR6FUHHQLQJ
WKDWKDVQRWEHHQDGHTXDWHO\WUHDWHGDVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 ([FHVVLYHQDXVHDYRPLWLQJDW6FUHHQLQJDVGHWHUPLQHGE\WKHLQYHVWLJDWRURUDQLQDELOLW\WR
VZDOORZSLOOVWKDW SUHFOXGHVRUDODGPLQLVWUDWLRQRIWKH ,03


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
 $Q\FRQGLWLRQZKLFKLQWKHRSLQLRQRIWKHLQYHVWLJDWRUZRXOGSUHYHQWIXOOSDUWLFLSDWLRQLQ
WKLVWULDORUZRXOGLQWHUIHUHZLWKWKHHYDOXDWLRQRIWKHWULDOHQGSRLQWV
5HODWHGWRDOOHUJLHV
 .QRZQK\SHUVHQVLWLYLW\RU DOOHUJ\WR WKH,03LWVPHWDEROLWHVRUIRUPXODWLRQH[FLSLHQWV
PLFURFU\VWDOOLQHFHOOXORVHPDQQLWROFURVFDUPHOORVHVRGLXPPDJQHVLXPVWHDUDWHSRO\YLQ\O
DOFRKROWLWDQLXPGLR[LGHSRO\HWK\OHQHJO\FRODQGWDOF
 $OOHUJ\WRVXOIDGUXJV
5HODWHGWRODERUDWRU\UHVXOWV
 &UHDWLQLQHFOHDUDQFHP/PLQ FDOFXODWHGXVLQJWKH&RFNFURIW*DXOWPHWKRG
 $67$/7![8/1
 7RWDOELOLUXELQ![8/1


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

,19(67,*$7,21$/0(',&,1$/352'8&76

5DQGRPL]DWLRQ%OLQGLQJDQG7UHDWPHQW&RGHV
7KLVLVD UDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGPXOWLFHQWHU VWXG\(OLJLEOHVXEMHFWVZLOO
EHVWUDWLILHGE\WKHIROORZLQJIDFWRUV
 3UHVHQFHRUDEVHQFH RIO\PSKRSHQLDGHILQHGDVDO\PSKRF\WHFRXQW  FHOOV/ YHUVXV
 FHOOV/RIEORRG
 7UHDWPHQWRI569\HVRU QRZLWKULEDYLULQ RUDOLQWUDYHQRXVRUDHURVROL]HG
7UHDWPHQW RIFXUUHQW569LQIHFWLRQZLWKULEDYLULQZLOOEHGHILQHG DVGRVHRIULEDYLULQ
RUDO LQWUDYHQRXVRUDHURVROL]HGSULRUWRUDQGRPL]DWLRQRUZLWKZULWWHQRUGHUVIRUWKHLQLWLDWLRQ
RIWKHUDS\DWWKHWLPHRIUDQGRPL]DWLRQ6XEMHFWVZLOOEHUDQGRPL]HGLQDUDWLRWRUHFHLYH
,03*6RUPDWFKLQJSODFHER
$VVLJQPHQWWRVWXG\WUHDWPHQWZLOOEHEOLQGHGWRWKHVWXG\VXEMHFWVLQYHVWLJDWLRQDOVLWH
SHUVRQQHOVWXG\YHQGRUVDQGWKH6SRQVRUH[FHSWIRUWKHGHOHJDWHGSHUVRQQHOZKRZLOOUHYLHZ
DQGFKHFNWKHUDQGRPL]DWLRQDQGGUXJDOORFDWLRQIRUDFFXUDF\

3URFHGXUHVIRU%UHDNLQJ7UHDWPHQW&RGHV
,QWKHHYHQWRIDPHGLFDOHPHUJHQF\ZKHUHEUHDNLQJWKHEOLQGLVUHTXLUHGWRSURYLGHPHGLFDOFDUH
WRWKHVXEMHFWWKHLQYHVWLJDWRUPD\REWDLQWUHDWPHQWDVVLJQPHQWGLUHFWO\IURPWKH,;56V\VWHP
IRUWKDWVXEMHFW ,QWKHHYHQWRIWHFKQRORJ\IDLOXUHWKH3,PD\FDOOWKH,;56KHOSOLQH WRDFFHVV
WUHDWPHQWFRGHV *LOHDGUHFRPPHQGVEXWGRHVQRWUHTXLUHWKDWWKHLQYHVWLJDWRUFRQWDFWWKH*LOHDG
PHGLFDOPRQLWRUEHIRUHEUHDNLQJWKHEOLQG7UHDWPHQWDVVLJQPHQWVKRXOGUHPDLQEOLQGHGXQOHVV
WKDWNQRZOHGJHLVQHFHVVDU\WRGHWHUPLQHVXEMHFWHPHUJHQF\PHGLFDOFDUH7KHUDWLRQDOHIRU
XQEOLQGLQJPXVWEHFOHDUO\H[SODLQHGLQVRXUFHGRFXPHQWDWLRQDQGRQWKHFDVHUHSRUWIRUP
HOHFWURQLFFDVHUHSRUWIRUP&5)H&5)DORQJZLWKWKHGDWHRQZKLFKWKHWUHDWPHQWDVVLJQPHQW
ZDVREWDLQHG 7KHLQYHVWLJDWRULVUHTXHVWHGWRFRQWDFWWKH*LOHDG PHGLFDOPRQLWRUSURPSWO\LQ
FDVHRIDQ\WUHDWPHQWXQEOLQGLQJ 'HWDLOVRIXQEOLQGLQJZLOOEHSURYLGHGLQWKHVWXG\VSHFLILF
8QEOLQGLQJ3ODQ
%OLQGLQJRIVWXG\WUHDWPHQWLVFULWLFDOWRWKHLQWHJULW\RIWKLVFOLQLFDOWULDODQGWKHUHIRUHLID
VXEMHFW¶VWUHDWPHQWDVVLJQPHQWLVGLVFORVHGWRWKHLQYHVWLJDWRUWKHVXEMHFWZLOOKDYHVWXG\
WUHDWPHQWGLVFRQWLQXHG$OOVXEMHFWVZLOOEHIROORZHGXQWLOVWXG\FRPSOHWLRQXQOHVVFRQVHQWWRGR
VRLVVSHFLILFDOO\ZLWKGUDZQE\WKHVXEMHFW
*LOHDG 'UXJ6DIHW\DQG3XEOLF+HDOWK'63+PD\LQGHSHQGHQWO\XQEOLQGFDVHVIRUH[SHGLWHG
UHSRUWLQJRIVXVSHFWHGXQH[SHFWHGVHULRXVDGYHUVHUHDFWLRQV686$5V


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

'HVFULSWLRQDQG+DQGOLQJRI*6

)RUPXODWLRQ
*6ZLOOEHVXSSOLHGDVZKLWHSODLQIDFHGILOPFRDWHGURXQGWDEOHWVFRQWDLQLQJ PJ
*6 PJ*6ELVK\GURFKORULGHVDOWGLK\GUDWHIRUPRI*6,QDGGLWLRQWR
WKHDFWLYHLQJUHGLHQW*6WDEOHWVFRQWDLQWKHIROORZLQJLQDFWLYHLQJUHGLHQWV
PLFURFU\VWDOOLQHFHOOXORVHPDQQLWROFURVFDUPHOORVHVRGLXPPDJQHVLXPVWHDUDWHSRO\YLQ\O
DOFRKROWLWDQLXPGLR[LGHSRO\HWK\OHQH JO\FRODQGWDOFZKLFKDUHFRPPRQSKDUPDFHXWLFDO
H[FLSLHQWV
7KHVXSSOLHGPDWFKLQJSODFHERWDEOHWVDUHLGHQWLFDOLQSK\VLFDODSSHDUDQFHWRWKH  PJ
*6WDEOHWVDQGFRQWDLQWKHVDPH LQDFWLYHLQJUHGLHQWV

3DFNDJLQJDQG/DEHOLQJ
*6WDEOHWVDQGPDWFKLQJSODFHERDUHSDFNDJHGLQZKLWHKLJKGHQVLW\SRO\HWK\OHQH +'3(
ERWWOHVZLWKGHVLFFDQWDQGSRO\HVWHUILEHUFRLO(DFKERWWOHFRQWDLQV WDEOHWVDQGLVFDSSHGZLWKD
ZKLWHFRQWLQXRXVWKUHDGFKLOGUHVLVWDQWSRO\SURS\OHQHVFUHZFDSILWWHGZLWKDQLQGXFWLRQVHDOHG
DOXPLQXPIDFHGOLQHU
$OOODEHOVIRU,03 GLVWULEXWHGWRLQYHVWLJDWLYHVLWHVLQWKH86DQGWKHUHVWRIZRUOG52:ZLOO
PHHWDOODSSOLFDEOHUHTXLUHPHQWVRIWKH86)RRGDQG'UXJ$GPLQLVWUDWLRQ)'$WKH(8$QQH[
RI*RRG0DQXIDFWXULQJ3UDFWLFHV0DQXIDFWXUHRILQYHVWLJDWLRQDOPHGLFLQDOSURGXFWV
-XO\ DQGRURWKHUORFDOUHJXODWLRQVDVDSSOLFDEOH

6WRUDJHDQG+DQGOLQJ
6XIILFLHQWTXDQWLWLHVRI*6WDEOHWVDQGPDWFKLQJSODFHERZLOOEHVKLSSHGWRWKH LQYHVWLJDWRU
RUTXDOLILHGGHVLJQHHIURP*LOHDG6FLHQFHV0DWHULDOV	/RJLVWLFVRULWV GHVLJQHH
*6WDEOHWVVKRXOGEHVWRUHGDWFRQWUROOHGURRPWHPSHUDWXUHRI&)H[FXUVLRQVDUH
SHUPLWWHGEHWZHHQ&DQG&)DQG) 6WRUDJHFRQGLWLRQVDUHVSHFLILHGRQWKHODEHO
8QWLOGLVSHQVHGWRWKHVXEMHFWVDOOERWWOHVRI,03 VKRXOGEHVWRUHGLQDVHFXUHO\ORFNHGDUHD
DFFHVVLEOHRQO\WRDXWKRUL]HGVLWHSHUVRQQHO7KHVWXG\FHQWHUZLOOEHUHTXLUHGWRPDLQWDLQDORJ
RIGDLO\WHPSHUDWXUHUHDGLQJVLQWKHVWRUDJHDUHDIRUWKHGXUDWLRQRIWKHVWXG\7RHQVXUHWKH
VWDELOLW\DQG SURSHULGHQWLILFDWLRQWKHGUXJSURGXFWVZLOO EHVWRUHGLQWKHFRQWDLQHUVLQZKLFK
WKH\ZHUHVXSSOLHGXQWLOXQLWVDUH GLVSHQVHGWR LQGLYLGXDOVXEMHFWVDWWKHVLWH

'RVDJHDQG$GPLQLVWUDWLRQRI*6
(OLJLEOHVXEMHFWVZLOOUHFHLYHDVLQJOHGRVHRIPJ *6RUSODFHER RQ'D\V 
DQG'RVHVZLOOEHDGPLQLVWHUHGZLWKZDWHUDIWHUWKHVXEMHFWKDVIDVWHGIRUDWOHDVW KRXUV
ZLWKH[FHSWLRQRIFOHDUOLTXLGVDQGPHGLFDWLRQV7KHHQWLUHGRVHPXVWEHWDNHQZLWKLQKRXU
6XEMHFWVZLOOUHPDLQLQDIDVWLQJFRQGLWLRQIRUDWOHDVW KRXUDIWHUGRVLQJ,03LVWREHGLVSHQVHG
ZLWKJORYHV7DEOHWVDUHQRWWREHFUXVKHGVSOLWGLVVROYHGRUFKHZHG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRUREVHUYDWLRQ,IYRPLWLQJRFFXUV
ZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHGWDEOHWVDUHSUHVHQWLQWKHYRPLWXV
WKHVXEMHFWVKRXOGUHFHLYHDQRWKHUGRVH,IDQRWKHUGRVHLVDGPLQLVWHUHGWKHVXEMHFWVKRXOG
UHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRUREVHUYDWLRQ6XEMHFWVVKRXOG
DYRLGGLUHFW89H[SRVXUHIRUGD\VDIWHUUHFHLYLQJ,03

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV
*6KDVDORZV\VWHPLFFOHDUDQFHLQKXPDQVVRVLJQLILFDQWGUXJGUXJLQWHUDFWLRQVLQZKLFK
FRQFRPLWDQWO\DGPLQLVWHUHGGUXJVLQKLELWWKHPHWDEROLFFOHDUDQFHRI*6E\&<3 HQ]\PHV
DUHXQOLNHO\/RZOHYHOVRIPLQRU PHWDEROLWHVZHUHREVHUYHGLQWKHKXPDQPDVVEDODQFHVWXG\
*686LQGLFDWLQJWKDWPHWDEROLVPRI*6LVPHGLDWHGE\PXOWLSOHPLQRU
PHWDEROLFSDWKZD\VZLWKWKHOLNHO\DEVHQFHRIDVLQJOHGRPLQDQWSDWKZD\$VVXFKWKHQHWHIIHFW
RIVWURQJLQGXFWLRQRI  RU  SDWKZD\VE\DSRWHQW&<3LQGXFHULVXQFOHDU7KHUHIRUH
FRQFRPLWDQWDGPLQLVWUDWLRQRIVWURQJ &<3LQGXFHUV^` LQFOXGLQJEXWQRWOLPLWHGWR
ULIDPSLQ6W-RKQ¶V:RUWFDUEDPD]HSLQHDQGSKHQ\WRLQLVH[FOXGHGWRDYRLGSRWHQWLDOGUXJ
UHVLVWDQFH
,QYLWUR*6LVDVXEVWUDWHRIWKHHIIOX[WUDQVSRUWHUV3JO\FRSURWHLQ3JS DQGEUHDVWFDQFHU
UHVLVWDQFHSURWHLQ%&53+RZHYHU*6H[KLELWVPRGHUDWHWRKLJKELRDYDLODELOLW\LQ
QRQFOLQLFDOVSHFLHVDQGDSSUR[LPDWHO\GRVHSURSRUWLRQDOLQFUHDVHLQH[SRVXUHVIROORZLQJVLQJOH
PJWRPJRUPXOWLSOHWRPJRQFHGDLO\RUDODGPLQLVWUDWLRQVLQKHDOWK\DGXOWV
FRQVLVWHQWZLWKLWVKLJKVROXELOLW\DQGKLJKPHPEUDQHSHUPHDELOLW\7KHUHIRUHWKHELRDYDLODELOLW\
RI*6LVQRWH[SHFWHGWREHOLPLWHGE\3JSDQG%&53DFWLYLWLHVDQG FOLQLFDOO\UHOHYDQW
LQWHUDFWLRQVZLWK3JSDQG%&53LQKLELWRUVDUHQRWH[SHFWHG
,QYLWUR*6LVDVXEVWUDWHRIWKHKHSDWLFXSWDNHRUJDQLFDQLRQWUDQVSRUWHUSURWHLQV2$73
2$73%DQG2$73%&OLQLFDOO\VLQJOHGRVHVRI*6KDYHEHHQZHOOWROHUDWHGXSWR
PJ&PD[DQG$8&aDQGaIROGRIPJUHVSHFWLYHO\LQKHDOWK\YROXQWHHUV*6
H[SRVXUHVPD\EHLQFUHDVHGXSRQFRDGPLQLVWUDWLRQZLWK2$73LQKLELWRUVHJULIDPSLQ
F\FORVSRULQHDQGJHPILEUR]LO
*6PD\FDXVHFRQFHQWUDWLRQGHSHQGHQWLQKLELWLRQRIPXOWLGUXJDQGWR[LQH[WUXVLRQYLD
WUDQVSRUWHUV0$7(DQG0$7(.ZLWK,& YDOXHVRI DQGȝ0UHVSHFWLYHO\:KHQ
FRDGPLQLVWHUHGZLWKUHQDOO\HOLPLQDWHGFRQFRPLWDQWPHGLFDWLRQVLHILOWUDWLRQSOXVVHFUHWLRQ
*6PD\LQFUHDVHWKHH[SRVXUHVRIVXEVWUDWHVVHFUHWHGE\WKH0$7(VWUDQVSRUWHUVVXFKDV
JDQFLFORYLUDF\FORYLUOHYRIOR[DFLQPHWIRUPLQFDSWRSULOSURFDLQDPLGHIH[RIHQDGLQH
FLPHWLGLQHFHSKUDGLQHDQGFHSKDOH[LQ 'RVLQJDQGVDIHW\PRQLWRULQJVKRXOGEHFRQVLVWHQWZLWK
SUHVFULELQJLQIRUPDWLRQLQSDUWLFXODUIRUDJHQWVZKLFKUHTXLUHGRVHUHGXFWLRQVLQWKHVHWWLQJRI
UHQDOLPSDLUPHQW

$FFRXQWDELOLW\ IRU*6
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJDGHTXDWHDFFRXQWDELOLW\RIDOOXVHGDQGXQXVHG,03
ERWWOHV 7KLVLQFOXGHVDFNQRZOHGJHPHQWRIUHFHLSWRIHDFKVKLSPHQWRI,03 TXDQWLW\DQG
FRQGLWLRQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
*6 DFFRXQWDELOLW\UHFRUGVZLOOEHSURYLGHGWRHDFKVWXG\VLWHWR

5HFRUGWKHGDWHDQGTXDQWLW\RI,03 ERWWOHV UHFHLYHG

5HFRUGWKHGDWHVXEMHFWQXPEHUVXEMHFWLQLWLDOVWKH,03 ERWWOH QXPEHUGLVSHQVHG

5HFRUGWKHGDWHTXDQWLW\RIXVHGDQGXQXVHG,03 ERWWOHVUHWXUQHGDORQJZLWKWKHLQLWLDOVRI
WKHSHUVRQUHFRUGLQJWKHLQIRUPDWLRQ

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW 5HWXUQRU'LVSRVDO
$WWKHVLWHLQLWLDWLRQYLVLWRUILUVWPRQLWRULQJYLVLWWKHVWXG\PRQLWRUZLOOHYDOXDWHHDFKVWXG\
FHQWHU¶V,03GLVSRVDOSURFHGXUHVDQGSURYLGHDSSURSULDWHLQVWUXFWLRQIRUUHWXUQRUGHVWUXFWLRQRI
XQXVHG,03VXSSOLHV,IWKHVLWHKDVDQDSSURSULDWH6WDQGDUG2SHUDWLQJ3URFHGXUH623 IRUGUXJ
GHVWUXFWLRQ DVUHYLHZHGDQGDSSURYHGE\*6,WKHVLWHPD\GHVWUR\XVHGDQGXQXVHG,03
VXSSOLHVSHUIRUPHGLQDFFRUGDQFHZLWKWKHVLWH¶VKRVSLWDOSKDUPDF\623 DIWHUUHFRQFLOLDWLRQ
KDVEHHQFRPSOHWHGE\WKHVLWHPRQLWRU,IWKHVLWHGRHVQRWKDYHDFFHSWDEOHSURFHGXUHVLQSODFH
IRUGUXJGHVWUXFWLRQDUUDQJHPHQWVZLOOEHPDGHEHWZHHQWKHVLWHDQG*6, RU*6, UHSUHVHQWDWLYH
IRUUHWXUQRIXQXVHG,03VXSSOLHV$FRS\RIWKHVLWH¶V623ZLOOEHREWDLQHGIRUFHQWUDOILOHV
:KHUHSRVVLEOH,03ZLOOEHGHVWUR\HGDWWKHVLWH
8SRQVWXG\FRPSOHWLRQDFRS\RIWKH,QYHVWLJDWLRQDO'UXJ$FFRXQWDELOLW\UHFRUGVPXVWEHILOHG
DWWKHVLWH$QRWKHUFRS\ZLOOEHUHWXUQHGWR*6,,IGUXJLVGHVWUR\HGRQVLWHWKHLQYHVWLJDWRU
PXVWPDLQWDLQDFFXUDWHUHFRUGVIRUDOO,03GHVWUR\HG5HFRUGVPXVWVKRZWKHLGHQWLILFDWLRQDQG
TXDQWLW\RIHDFKXQLWGHVWUR\HGWKHPHWKRGRIGHVWUXFWLRQDQGSHUVRQZKRGLVSRVHGRIWKHGUXJ
$OO,03UHFRUGVPXVWEHPDLQWDLQHGDWWKHVLWHDQGFRSLHVPXVWEHVXEPLWWHGWR*6,DWWKHHQGRI
WKHVWXG\


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

678'<352&('85(6
7KHVWXG\SURFHGXUHVWREHFRQGXFWHGIRUHDFKVXEMHFWHQUROOHGLQWKHVWXG\DUHSUHVHQWHGLQ
WDEXODUIRUPLQ$SSHQGL[  DQGGHVFULEHGLQWKHWH[WWKDWIROORZV$GGLWLRQDOLQIRUPDWLRQLV
SURYLGHGLQWKHVWXG\SURFHGXUHVPDQXDO
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKHVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKH
SURFHGXUHVDQGHYDOXDWLRQVGHVFULEHGLQWKLVSURWRFRO,QYHVWLJDWRUVPXVW GRFXPHQW DQ\GHYLDWLRQ
RUGHSDUWXUHIURPSURWRFROSURFHGXUHVUHJDUGOHVVRIFDXVDOLW\ DQGQRWLI\WKHVSRQVRURUFRQWUDFW
UHVHDUFKRUJDQL]DWLRQ&52

6XEMHFW(QUROOPHQWDQG7UHDWPHQW$VVLJQPHQW

9LVLW6FUHHQLQJ9LVLW 'D\
9LVLW PXVWEHSHUIRUPHG LQFOLQLF RULQKRVSLWDO 7KH3ULQFLSDO,QYHVWLJDWRURUDPHGLFDOO\
TXDOLILHG6XE,QYHVWLJDWRUHJ0''2RUQXUVHSUDFWLWLRQHUPXVWUHYLHZDQGGLVFXVVWKHVWXG\
ZLWKHDFK VXEMHFWSULRUWRFRQVHQW$OO6FUHHQLQJ9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGDIWHU
REWDLQLQJZULWWHQFRQVHQW$OO6FUHHQLQJODEVDQGSURFHGXUHVZLOOEHSHUIRUPHGORFDOO\DQG
UHVXOWVZLOOEHUHYLHZHGE\WKHLQYHVWLJDWRUSULRUWR,03DGPLQLVWUDWLRQ
7KHIROORZLQJSURFHGXUHVZLOOEHFRPSOHWHGDW6FUHHQLQJ

2EWDLQZULWWHQLQIRUPHGFRQVHQW

&ROOHFWLRQRI0HGLFDO+LVWRU\DQG'HPRJUDSKLFV

5HYLHZRIFRQFRPLWDQWPHGLFDWLRQV

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

+HLJKWDQGZHLJKW

2VDWXUDWLRQRQURRPDLU

&KHVW;UD\ FKHVW;UD\VREWDLQHG KRXUV SULRUWR6FUHHQLQJPD\ EHXVHG

%ORRGGUDZ IRUVFUHHQLQJODEV ODEVREWDLQHGGD\VSULRUWR6FUHHQLQJPD\EHXVHG
&UHDWLQLQHFOHDUDQFH FDOFXODWHGXVLQJWKH&RFNURIW*DXOWPHWKRG
$67$/7
7RWDOELOLUXELQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

8ULQHRUVHUXPSUHJQDQF\WHVWIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\
DQGRUELODWHUDORRSKRUHFWRP\

5HFRUGDQ\6$(V DQGDOO$(V UHODWHGWRSURWRFROPDQGDWHGSURFHGXUHVRFFXUULQJDIWHU
VLJQLQJRIWKHFRQVHQWIRUP
6XEMHFWVPHHWLQJDOORIWKHLQFOXVLRQFULWHULDDQGQRQHRIWKHH[FOXVLRQFULWHULDZLOOUHWXUQWRWKH
FOLQLFDIWHUVFUHHQLQJIRUUDQGRPL]DWLRQLQWRWKHVWXG\6XEMHFWVPXVWFRQWLQXHWRPHHWDOO
LQFOXVLRQFULWHULDDQGQRQHRIWKHH[FOXVLRQFULWHULDDWWKHWLPHRIUDQGRPL]DWLRQ,IDOOODEUHVXOWV
DQGSURFHGXUHVDUHDYDLODEOHDQGVDWLVI\WKHLQFOXVLRQH[FOXVLRQFULWHULD6FUHHQLQJDQG9LVLW
'D\ PD\RFFXURQWKHVDPHGD\
)URPWKHWLPHRIREWDLQLQJLQIRUPHGFRQVHQWWKURXJKWKHILUVWDGPLQLVWUDWLRQRI,03UHFRUGDOO
6$(VDVZHOODVDQ\$(V UHODWHGWRSURWRFROPDQGDWHGSURFHGXUHVRQWKH$(FDVHUHSRUW IRUP
H&5)$OORWKHUXQWRZDUGPHGLFDORFFXUUHQFHVREVHUYHGGXULQJWKH6FUHHQLQJSHULRG
LQFOXGLQJH[DFHUEDWLRQRUFKDQJHVLQPHGLFDOKLVWRU\ DUHWREHFDSWXUHGRQWKHPHGLFDOKLVWRU\
H&5)6HH6HFWLRQ  $GYHUVH(YHQWVDQG7R[LFLW\0DQDJHPHQWIRUDGGLWLRQDOGHWDLOV

9LVLW%DVHOLQH $VVHVVPHQWV5DQGRPL]DWLRQ DQG7UHDWPHQW$VVHVVPHQWV
'D\

%DVHOLQH$VVHVVPHQWV
9LVLWPXVWEHSHUIRUPHGLQFOLQLF RULQKRVSLWDO DQG VKRXOG RFFXUZLWKLQKRXUVRI
FRQILUPDWLRQRIWKHVXEMHFW¶VHOLJLELOLW\6DPSOHVDQGDVVHVVPHQWV SHUIRUPHGDW6FUHHQLQJ
9LVLW PD\QRWEHXVHGDV9LVLW%DVHOLQHDVVHVVPHQWV%DVHOLQH 9LVLW DVVHVVPHQWVVKRXOG
EHSHUIRUPHGLQWKHIROORZLQJRUGHUDQGGRFXPHQWHGRQ'D\SULRUWR,03DGPLQLVWUDWLRQ

)/8352TXHVWLRQQDLUH

5HYLHZRIFRQFRPLWDQWPHGLFDWLRQVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQGQRQLQYDVLYHRI
DQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH/PLQIRU!KRXUV

:HLJKW

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

%ORRGGUDZ IRUFHQWUDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH :%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7DQGWRWDO
ELOLUXELQ
6HUXPDQWLERG\WLWHUWR569
569YLUHPLD

1DVDOVDPSOHV WRWDOIURPHDFK QRVWULO


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

5DQGRPL]DWLRQ DQG7UHDWPHQW$VVHVVPHQWV'D\
$IWHUDOO%DVHOLQHDVVHVVPHQWVDUHFRPSOHWHHOLJLEOHVXEMHFWVZLOOEHUDQGRPL]HGYLD,QWHUDFWLYH
9RLFH:HE5HVSRQVH6\VWHP,;56 DQG,03ZLOOEHDGPLQLVWHUHG
5DQGRPL]DWLRQWR*6RUSODFHERZLOOEHEDVHGRQDUDQGRPL]DWLRQVFKHGXOHSUHSDUHGE\
*LOHDGDQGRUGHVLJQHHEHIRUHWKHVWDUWRIWKHVWXG\6XEMHFWVPXVWFRQWLQXHWRVDWLVI\DOO
LQFOXVLRQH[FOXVLRQFULWHULDDWWKHWLPHRIUDQGRPL]DWLRQ3ULRUWRUDQGRPL]DWLRQHOLJLEOHVXEMHFWV
ZLOOEHVWUDWLILHGE\ WKHIROORZLQJ

3UHVHQFHRUDEVHQFHRIO\PSKRSHQLDGHILQHGDVDO\PSKRF\WHFRXQWFHOOV/YHUVXV
 FHOOV/RIEORRG

7UHDWPHQWRI569\HVRUQRZLWK ULEDYLULQ RUDOLQWUDYHQRXVRUDHURVROL]HG
7UHDWPHQW RIFXUUHQW569LQIHFWLRQZLWKULEDYLULQZLOOEHGHILQHG DVGRVHRIULEDYLULQ
RUDO LQWUDYHQRXVRUDHURVROL]HGSULRUWRUDQGRPL]DWLRQRUZLWKZULWWHQRUGHUVIRUWKHLQLWLDWLRQ
RIWKHUDS\DWWKHWLPHRIUDQGRPL]DWLRQ6XEMHFWVZLOOEHUDQGRPL]HGLQDUDWLRWRUHFHLYH
,03*6RUPDWFKLQJSODFHER
6XEMHFWVZLOOUHFHLYHDGRVHRIPJIRXUPJWDEOHWVRI*6RUPDWFKLQJSODFHERDW
'D\$OO,03ZLOOEHDGPLQLVWHUHGZLWKZDWHUDIWHUWKHVXEMHFWKDVEHHQIDVWLQJ
ZLWK H[FHSWLRQRIFOHDUOLTXLGVDQGPHGLFDWLRQVIRUDPLQLPXPRIKRXUV7KHHQWLUHGRVH
PXVWEHWDNHQZLWKLQKRXU6XEMHFWVZLOOUHPDLQLQDIDVWLQJFRQGLWLRQIRUKRXUSRVWGRVH
7DEOHWVDUHQRWWREHFUXVKHGFKHZHGVSOLWRUGLVVROYHGDQGVKRXOGDOZD\VEHGLVSHQVHGZLWK
JORYHV 6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRUREVHUYDWLRQ,IYRPLWLQJ
RFFXUVZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHGWDEOHWVDUHSUHVHQWLQWKH
YRPLWXVWKHVXEMHFWVKRXOG UHFHLYHDQRWKHU GRVH,IDQRWKHUGRVHLVDGPLQLVWHUHGWKHVXEMHFW
VKRXOGUHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRUREVHUYDWLRQ6XEMHFWV
VKRXOGDYRLGGLUHFW89H[SRVXUHIRUGD\VDIWHUUHFHLYLQJ,03
7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGDQGGRFXPHQWHGRQ'D\DIWHU,03DGPLQLVWUDWLRQ

3.VDPSOLQJDW DQGKRXUVSRVWGRVHIRU3.VXEJURXS VXEMHFWV

%ORRGGUDZIRUVHUXPFUHDWLQLQHDWKRXUVSRVWGRVHIRU3.VXEJURXSVXEMHFWV

5HYLHZRI$(V

9LVLW 'D\ KRXUV
)RUVXEMHFWVLQWKH3.VXEJURXS9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGLQWKHFOLQLF RULQ
KRVSLWDO)RUDOORWKHUVXEMHFWV9LVLWDVVHVVPHQWVPD\EHSHUIRUPHGDWWKHFOLQLFLQKRVSLWDO RU
DWWKHVXEMHFW¶VKRPHE\WKHVWXG\FRRUGLQDWRURUGHVLJQHH

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

3.VDPSOLQJ IRU3.VXEJURXSVXEMHFWVRQO\


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

9LVLW'D\KRXUV
9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGLQFOLQLF RULQKRVSLWDO DQGVKRXOG EHSHUIRUPHGLQWKH
IROORZLQJRUGHUDQGGRFXPHQWHGDOVRUHIHUWR$SSHQGL[ 6WXG\3URFHGXUHV7DEOH

)/8352TXHVWLRQQDLUH

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

:HLJKW

%ORRGGUDZ IRUFHQWUDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH :%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7DQGWRWDO
ELOLUXELQ
3.VDPSOLQJIRUDOOVXEMHFWVSUHGRVH
569YLUHPLD

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

,03DGPLQLVWUDWLRQ

5HYLHZRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV,&8
DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLHFKHVW
UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQGQRQ
LQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH /PLQIRU!KRXUV
 6XEMHFWVZLOOUHFHLYHDVLQJOHGRVHRIPJIRXUPJWDEOHWVRI*6RUPDWFKLQJ
SODFHERDW'D\VDQG$OO,03ZLOOEHDGPLQLVWHUHGZLWKZDWHUDIWHUWKHVXEMHFWKDV
EHHQIDVWLQJIRUDPLQLPXPRIKRXUV ZLWKH[FHSWLRQRIFOHDUOLTXLGVDQGPHGLFDWLRQV7KH
HQWLUHGRVHPXVWEHWDNHQZLWKLQKRXU6XEMHFWVZLOOUHPDLQLQDIDVWLQJFRQGLWLRQIRU KRXU
SRVWGRVH7DEOHWVDUHQRWWREHFUXVKHGFKHZHGVSOLWRUGLVVROYHGDQGVKRXOGDOZD\VEH
GLVSHQVHGZLWKJORYHV6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRU
REVHUYDWLRQ,IYRPLWLQJRFFXUVZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHG
WDEOHWVDUHSUHVHQW LQWKHYRPLWXVWKHVXEMHFWVKRXOG UHFHLYHDQRWKHUGRVH,IDQRWKHUGRVHLV
DGPLQLVWHUHGWKHVXEMHFWVKRXOGUHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRU
REVHUYDWLRQ6XEMHFWVVKRXOGDYRLGGLUHFW89H[SRVXUHIRUGD\VDIWHUUHFHLYLQJ,03


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

9LVLW'D\KRXUV
9LVLWDVVHVVPHQWVPD\EHSHUIRUPHGLQ FOLQLFLQKRVSLWDO RUDWWKHVXEMHFW¶V KRPHE\WKHVWXG\
FRRUGLQDWRURUGHVLJQHH

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

9LVLWV'D\VDQGKRXUV
9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGLQFOLQLFRULQKRVSLWDODQGVKRXOG EHSHUIRUPHGLQWKH
IROORZLQJRUGHUDQGGRFXPHQWHGDWWKHVHYLVLWVDOVRUHIHUWR$SSHQGL[ 6WXG\3URFHGXUHV
7DEOH

)/8352TXHVWLRQQDLUH 'D\RQO\

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

:HLJKW

%ORRGGUDZ IRUFHQWUDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH:%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7DQGWRWDO
ELOLUXELQ
3.VDPSOLQJ IRUDOOVXEMHFWVSUHGRVH'D\RQO\
569YLUHPLD

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

,03DGPLQLVWUDWLRQ

3.VDPSOLQJIRUDOOVXEMHFWVKRXUVSRVWGRVH'D\RQO\

%ORRGGUDZIRUVHUXPFUHDWLQLQHDWKRXUVSRVWGRVHIRU3.VXEJURXSVXEMHFWV'D\RQO\

5HYLHZRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV,&8
DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLHFKHVW
UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQG
QRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH /PLQIRU!KRXUV
 6XEMHFWVZLOOUHFHLYHDVLQJOHGRVHRIPJIRXUPJWDEOHWVRI*6RUPDWFKLQJ
SODFHERDW'D\VDQG$OO,03ZLOOEHDGPLQLVWHUHGZLWKZDWHUDIWHUWKHVXEMHFWKDV
EHHQIDVWLQJIRUDPLQLPXPRIKRXUV ZLWKH[FHSWLRQRIFOHDUOLTXLGVDQGPHGLFDWLRQV7KH
HQWLUHGRVHPXVWEHWDNHQZLWKLQKRXU6XEMHFWVZLOOUHPDLQLQDIDVWLQJFRQGLWLRQIRU KRXU
SRVWGRVH7DEOHWVDUHQRWWREHFUXVKHGFKHZHGVSOLWRUGLVVROYHGDQGVKRXOGDOZD\VEH






*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
,IDVXEMHFWZLWKGUDZVHDUO\IURPWKHVWXG\IRUDQ\UHDVRQHYHU\DWWHPSWVKRXOGEHPDGHWR
EULQJWKHVXEMHFWEDFNWRWKHFOLQLFRUKRVSLWDOIRUWKHIROORZLQJHDUO\WHUPLQDWLRQDVVHVVPHQWV

)/8352TXHVWLRQQDLUH RQO\LIWKHVXEMHFWZLWKGUDZVSULRUWR9LVLW>'D\ @

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

:HLJKW

%ORRGVDPSOHFROOHFWLRQIRUFHQWUDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH:%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7DQGWRWDO
ELOLUXELQ
6HUXPDQWLERG\WLWHUWR569
569YLUHPLD
3.VDPSOLQJRQO\LIWKHVXEMHFWZLWKGUDZDOVSULRUWR9LVLW>'D\@

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

5HYLHZRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV,&8
DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLHFKHVW
UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQGQRQ
LQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2XVH /PLQIRU!KRXUV

$VVHVVPHQWVIRU8QVFKHGXOHG9LVLWV
6XEMHFWVZKRUHWXUQWRWKHFOLQLF RUKRVSLWDO EHWZHHQVFKHGXOHGVWXG\YLVLWVZLOOKDYHDQ
XQVFKHGXOHGYLVLWSHUIRUPHG7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGDQGGRFXPHQWHGDW
WKHVHYLVLWV

)/83524XHVWLRQQDLUHSULRUWRDOORWKHUVWXG\SURFHGXUHV LIXQVFKHGXOHGYLVLWRFFXUV
SULRUWR9LVLW>'D\ @

9LWDOVLJQVLQFOXGLQJ2 VDWXUDWLRQRQURRPDLU

:HLJKW

&ROOHFWLRQRIQDVDOVDPSOHV WRWDOIURPHDFK QRVWULO IRUDQDO\VLVDWWKHFHQWUDOODE

$VVHVVPHQWRI$(V FRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV,&8
DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLHFKHVW
UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQG
QRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH  /PLQIRU! KRXUV




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
DVVHVVFKDQJHLQ569V\PSWRPVLQWKLVVWXG\$FRS\RIWKH)/8352TXHVWLRQQDLUHPD\EH
IRXQGLQWKH6WXG\3URFHGXUHV0DQXDO7KLVTXHVWLRQQDLUHZLOOEHFRPSOHWHGDW9LVLWVDQG
 'D\V DQG

9LWDO6LJQV
7KLVDVVHVVPHQWZLOO LQFOXGHERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWH DQGEORRGSUHVVXUH
7KHVXEMHFWLVUHTXLUHGWRVLWTXLHWO\ IRUDSSUR[LPDWHO\PLQXWHVSULRUWRREWDLQLQJ969LWDO
VLJQVZLOOEHFROOHFWHGDWDOOVWXG\YLVLWVZLWKWKHH[FHSWLRQRI9LVLWVDQG


2[\JHQ6DWXUDWLRQ
2[\JHQ2 VDWXUDWLRQDVVHVVPHQWZLOOEHJLQE\ILUVWDVNLQJWKHVXEMHFWWRVLWTXLHWO\IRU
 PLQXWH2VDWXUDWLRQZLOOEHUHFRUGHGZKLOHEUHDWKLQJURRPDLUHYHQLIWKHVXEMHFWLV
GHSHQGHQWRQ2 VXSSOHPHQWDWLRQ,IWKHVXEMHFWLVUHFHLYLQJVXSSOHPHQWDO2WKH2 VRXUFHPXVW
EHUHPRYHGIRUDSHULRGRIVHFRQGVSULRUWRWKLVDVVHVVPHQW 7KLVVHFRQGSHULRGPD\EH
FRQGXFWHGZKLOHWKHVXEMHFWLVVLWWLQJTXLHWO\7KH2VDWXUDWLRQZLOO EHGRFXPHQWHGLQWKH
VRXUFH GRFXPHQWDWLRQ DWUHJXODULQWHUYDOVDSSUR[LPDWHO\HYHU\VHFRQGVGXULQJD PLQXWH
WHVWLQJSHULRG2 VDWXUDWLRQHYDOXDWLRQZLOOEHFRQVLGHUHGFRPSOHWHZKHQWKHPLQXWHSHULRG
KDVHODSVHGRUZKHQWKHVXEMHFWDFKLHYHVDVDWXUDWLRQRIZKLFKHYHULVDFKLHYHGILUVW7KH
ORZHVW2VDWXUDWLRQ UHFRUGHGRYHUWKHPLQXWHLQWHUYDO ZLOO EHFDSWXUHGLQWKHH&5)
2 VDWXUDWLRQZLOOEHFROOHFWHGDWDOOVWXG\YLVLWV
6XEMHFWVUHTXLULQJLQYDVLYHPHFKDQLFDOYHQWLODWLRQZLOOQRWKDYH2 VDWXUDWLRQPHDVXUHGZKLOH
YHQWLODWHG,ILWLVGHWHUPLQHGE\WKHLQYHVWLJDWRUWKDWLWLVXQVDIHWRUHPRYHWKHVXEMHFW¶V
VXSSOHPHQWDO2IRUDVVHVVPHQWRI2VDWXUDWLRQWKHQLW VKRXOGEHUHFRUGHGLQWKHVRXUFH
GRFXPHQWDWLRQDV³´DQGWKHUHDVRQVKRXOGEHGRFXPHQWHG

6DIHW\/DEV
:KHQDYDLODEOHWKHPRVWUHFHQWODERUDWRU\YDOXHVREWDLQHGZLWKLQGD\VSULRUWR6FUHHQLQJ
>9LVLW@PD\EHXVHGIRUHOLJLELOLW\DVVHVVPHQWZLWKWKHH[FHSWLRQRI569UHVXOWVDQG
SUHJQDQF\WHVWLQJ,IDQH[LVWLQJODERUDWRU\YDOXHLVQRWDYDLODEOHIRUHOLJLELOLW\DVVHVVPHQWWKH
WHVWZLOOEHSHUIRUPHGXVLQJWKHORFDOKRVSLWDOODERUDWRU\$OOWHVWLQJRIVDPSOHVREWDLQHGDIWHU
WKH6FUHHQLQJDVVHVVPHQWV ZLOOEHSHUIRUPHGDWDFHQWUDOODERUDWRU\VHOHFWHGE\*6,
7HVWLQJRIEORRGVSHFLPHQVZLOOLQFOXGH:%& ZLWKGLIIHUHQWLDO+JESODWHOHWV %81FUHDWLQLQH
VHUXPDOEXPLQ$67$/7DQGWRWDOELOLUXELQDW9LVLWVSUHGRVHDQG 'D\V
SUHGRVH  DQG
%ORRGVSHFLPHQVIRUVHUXPFUHDWLQLQHZLOOEHFROOHFWHGKRXUVSRVWGRVHDW9LVLWVDQG
'D\V DQGIURPVXEMHFWVSDUWLFLSDWLQJLQWKH3.VXEJURXSRQO\
8ULQHRUVHUXPSUHJQDQF\WHVWVZLOORFFXUIRUDOOIHPDOHVRIFKLOGEHDULQJSRWHQWLDODW6FUHHQLQJ
PPD


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

&KHVW;UD\
*LYHQWKHSRWHQWLDOIRUDSRRURXWFRPHRQFHSURJUHVVLRQWRORZHUUHVSLUDWRU\WUDFWGLVHDVHRFFXUV
LQWKLVSRSXODWLRQD FKHVW;UD\LVJHQHUDOO\SHUIRUPHGDVSDUWRIVWDQGDUGFOLQLFDOHYDOXDWLRQRI
QHZD857,)RUWKLVVWXG\HYDOXDWLRQRIDFKHVW;UD\LVUHTXLUHGDW6FUHHQLQJ$FKHVW;UD\
REWDLQHG KRXUV SULRUWR 6FUHHQLQJPD\EHXVHG2WKHUZLVHDFKHVW;UD\ZLOOQHHGWREH
REWDLQHGDW6FUHHQLQJ
'XULQJWKHFRXUVHRIWKHVWXG\LWLVDQWLFLSDWHG WKDW,QYHVWLJDWRUVZLOOSHUIRUPFKHVW;UD\VDV
SDUWRIVWDQGDUGRIFDUHLIWKHUHLVDQ\FRQFHUQ RIDORZHUUHVSLUDWRU\WUDFWFRPSOLFDWLRQ5HVXOWV
IURPFKHVW;UD\V DQG&7VFDQV XVHGIRUVFUHHQLQJDQGHOLJLELOLW\LQFOXGLQJWKHFRPSDULVRQ
FKHVWUDGLRJUDSKDQG DOOVFDQV GRQHDVSDUWRIVWDQGDUGRIFDUHZKLOHVXEMHFWVDUHRQVWXG\ZLOO
EHFROOHFWHGDQGVWRUHGHOHFWURQLFDOO\IRUUHYLHZE\WKH$GMXGLFDWLRQ&RPPLWWHH DQGDSRVVLEOH
FHQWUDOUHDG

3ODVPD3.
3.EORRGVDPSOLQJZLOOEHSHUIRUPHGXVLQJWKHVLWH¶VORFDOSURFHGXUHV DQGDQDO\]HGDWDFHQWUDO
ODERUDWRU\3.EORRGVDPSOHV ZLOOEHSURFHVVHGSODFHGLQLQGLYLGXDOWXEHVDQGVWRUHGVKLSSHG
WRWKHFHQWUDOODERUDWRU\DVSHULQVWUXFWLRQVRXWOLQHGLQWKH/DERUDWRU\0DQXDO7KHVHSODVPD3.
VDPSOHVPD\DOVREHXVHGWRHYDOXDWHWKHSODVPD3.RIFRDGPLQLVWHUHGDJHQWVHJJDQFLFORYLU
DF\FORYLU
([WHQVLYH3.VDPSOLQJZLOORFFXURQDVXEVHWRIVXEMHFWVXSWRVXEMHFWV WRDGHTXDWHO\
FKDUDFWHUL]H*63.LQWKLVSDWLHQWSRSXODWLRQ6XEMHFWVZLOOKDYHWKHRSWLRQWRHOHFWWR
SDUWLFLSDWHLQ H[WHQVLYH3.VDPSOLQJ DWWKHWLPHRILQIRUPHGFRQVHQW3.VDPSOHVZLOOEH
REWDLQHGDWWKHIROORZLQJWLPHSRLQWVGHSHQGLQJRQZKHWKHUWKHVXEMHFWLVSDUWRIWKH3.VXEVHW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
7DEOH 
3.7LPHSRLQWV
9LVLW
'D\
KUSRVW
GRVH
9LVLW
'D\
KUVSRVW
GRVH
9LVLW
'D\
KUVSRVW
GRVH
9LVLW
'D\
KUVSRVW
GRVH
9LVLW
'D\
DQ\WLPH
9LVLW
'D\
SUHGRVH
9LVLW
'D\ 
SUHGRVH
9LVLW
'D\
KUVSRVW
GRVH
9LVLW
'D\
DQ\WLPH
3.VDPSOHV
;
;
;
;
3.VXEJURXS
VDPSOHV
;
;
;
;
;
;
;
;
;




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

$'9(56((9(176$1'72;,&,7<0$1$*(0(17

'HILQLWLRQV RI$GYHUVH(YHQWV$GYHUVH5HDFWLRQV DQG6HULRXV$GYHUVH
(YHQWV

$GYHUVH(YHQWV
$QDGYHUVHHYHQW$(LVDQ\XQWRZDUGPHGLFDORFFXUUHQFHLQDFOLQLFDOVWXG\VXEMHFW
DGPLQLVWHUHGDPHGLFLQDOSURGXFW ZKLFKGRHVQRWQHFHVVDULO\KDYHDFDXVDOUHODWLRQVKLSZLWKWKH
WUHDWPHQW$Q$(FDQWKHUHIRUHEHDQ\XQIDYRUDEOHDQGRU XQLQWHQGHGVLJQV\PSWRPRUGLVHDVH
WHPSRUDOO\DVVRFLDWHGZLWKWKHXVHRIDPHGLFLQDOSURGXFWZKHWKHURUQRWFRQVLGHUHGUHODWHGWR
WKHPHGLFLQDOSURGXFW $(VPD\DOVRLQFOXGHSUH RUSRVWWUHDWPHQW FRPSOLFDWLRQVWKDWRFFXUDVD
UHVXOWRISURWRFROVSHFLILHG SURFHGXUHVODFNRIHIILFDF\RYHUGRVH GUXJDEXVHPLVXVHUHSRUWVRU
RFFXSDWLRQDOH[SRVXUH 3UHH[LVWLQJHYHQWVWKDWLQFUHDVHLQVHYHULW\RUFKDQJHLQQDWXUHGXULQJRU
DVDFRQVHTXHQFHRISDUWLFLSDWLRQLQWKHFOLQLFDOVWXG\ZLOODOVREHFRQVLGHUHG$(V
$Q$(GRHVQRWLQFOXGHWKHIROORZLQJ

0HGLFDORUVXUJLFDOSURFHGXUHVVXFKDV VXUJHU\HQGRVFRS\WRRWKH[WUDFWLRQ DQG WUDQVIXVLRQ
7KHFRQGLWLRQWKDWOHGWRWKHSURFHGXUHPD\EHDQDGYHUVHHYHQW DQGPXVWEHUHSRUWHG

3UHH[LVWLQJGLVHDVHV FRQGLWLRQV RUODERUDWRU\DEQRUPDOLWLHVSUHVHQWRUGHWHFWHGEHIRUH WKH
6FUHHQLQJYLVLWWKDWGRQRWZRUVHQ

6LWXDWLRQVZKHUHDQXQWRZDUGPHGLFDORFFXUUHQFHKDVQRWRFFXUUHGHJKRVSLWDOL]DWLRQIRU
HOHFWLYHVXUJHU\VRFLDODQGRUFRQYHQLHQFHDGPLVVLRQV

2YHUGRVHZLWKRXW FOLQLFDOVHTXHODH

$Q\PHGLFDOFRQGLWLRQRUFOLQLFDOO\VLJQLILFDQWODERUDWRU\DEQRUPDOLW\ZLWKDQRQVHWGDWH
EHIRUHWKHFRQVHQWIRUPLVVLJQHGDQGQRWUHODWHGWRDSURWRFRODVVRFLDWHGSURFHGXUHLVQRWDQ
$(,WLVFRQVLGHUHGWREHSUHH[LVWLQJDQGVKRXOGEHGRFXPHQWHGRQWKHPHGLFDOKLVWRU\
&5)

6HULRXV$GYHUVH(YHQWV
$VHULRXVDGYHUVHHYHQW 6$(LVGHILQHGDVDQ HYHQWWKDWDWDQ\GRVHUHVXOWVLQWKHIROORZLQJ

'HDWK

/LIHWKUHDWHQLQJ 1RWH7KHWHUP³OLIHWKUHDWHQLQJ´LQWKHGHILQLWLRQRI³VHULRXV´UHIHUVWRDQ
HYHQWLQZKLFKWKHVXEMHFWZDVDWULVNRIGHDWKDWWKHWLPHRIWKHHYHQWLWGRHVQRWUHIHUWRDQ
HYHQWWKDWK\SRWKHWLFDOO\PLJKWKDYHFDXVHGGHDWKLILWZHUHPRUHVHYHUH

,QSDWLHQWKRVSLWDOL]DWLRQRUSURORQJDWLRQRIH[LVWLQJKRVSLWDOL]DWLRQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

3HUVLVWHQWRUVLJQLILFDQWGLVDELOLW\LQFDSDFLW\

$FRQJHQLWDODQRPDO\ELUWKGHIHFW

$PHGLFDOO\LPSRUWDQW HYHQW RUUHDFWLRQVXFKHYHQWVPD\QRWEHLPPHGLDWHO\
OLIHWKUHDWHQLQJRUUHVXOWLQGHDWKRUKRVSLWDOL]DWLRQEXWPD\MHRSDUGL]HWKHVXEMHFW RUPD\
UHTXLUHLQWHUYHQWLRQWRSUHYHQWRQHRIWKHRWKHURXWFRPHVFRQVWLWXWLQJ6$(V0HGLFDODQG
VFLHQWLILFMXGJPHQWPXVW EHH[HUFLVHGWRGHWHUPLQH ZKHWKHUVXFKDQHYHQWLVD UHSRUWDEOH
XQGHUH[SHGLWHGUHSRUWLQJUXOHV([DPSOHVRIPHGLFDOO\LPSRUWDQWHYHQWVLQFOXGHLQWHQVLYH
WUHDWPHQWLQDQHPHUJHQF\URRPRUDWKRPHIRUDOOHUJLFEURQFKRVSDVPEORRGG\VFUDVLDVRU
FRQYXOVLRQVWKDWGRQRWUHVXOWLQKRVSLWDOL]DWLRQDQG GHYHORSPHQWRIGUXJGHSHQGHQF\RU
GUXJDEXVH)RUWKHDYRLGDQFHRIGRXEWLQIHFWLRQVUHVXOWLQJIURPFRQWDPLQDWHGPHGLFLQDO
SURGXFWZLOOEHFRQVLGHUHGDPHGLFDOO\LPSRUWDQWHYHQWDQGVXEMHFWWRH[SHGLWHGUHSRUWLQJ
UHTXLUHPHQWV

3URWRFRO6SHFLILF6HULRXV$GYHUVH(YHQW,QVWUXFWLRQV
3URWRFROVSHFLILF6$(UHSRUWLQJH[HPSWLRQV,QWKLVVWXG\GHDWKUHODWHGWRFOLQLFDOSURJUHVVLRQ
RIXQGHUO\LQJGLVHDVHUHTXLULQJ+&7RUJUDIWIDLOXUHZLOOQRWQHHGWREHUHSRUWHGDVDQ6$(
'HDWKUHODWHGWRFOLQLFDOSURJUHVVLRQ RIXQGHUO\LQJGLVHDVHUHTXLULQJ+&7RUJUDIWIDLOXUHVKRXOG
RQO\EHUHSRUWHGDV6$(VRQWKHH&5)XQOHVVWKHUHLVHYLGHQFHVXJJHVWLQJDFDXVDOUHODWLRQVKLS
EHWZHHQWKH,03 RUVWXG\SURFHGXUHDQGWKHHYHQW,QWKDWFDVHWKHLQYHVWLJDWRUPXVW
LPPHGLDWHO\UHSRUWWKHHYHQWDVDQ6$(LQDFFRUGDQFHZLWKWKHSURFHGXUHLQ6HFWLRQ  EHORZ
6XFKFOLQLFDOSURJUHVVLRQRUJUDIWIDLOXUH ZKLFKDUHDVVHVVHGDVQRWUHODWHGWR,03SURFHGXUH
ZLOOEHH[HPSWIURPJOREDOH[SHGLWHGUHSRUWLQJUHTXLUHPHQWVIRUWKHGXUDWLRQRIWKHVWXG\7KH
HYHQWVZLOOEHFROOHFWHGDQGHYDOXDWHGE\*LOHDGDQGUHSRUWHGDVDSSURSULDWHLQDQ\UHOHYDQW
DJJUHJDWHVDIHW\UHSRUWDVZHOODVWKHILQDOFOLQLFDOVWXG\UHSRUW
7RPLQLPL]HWKHSRVVLELOLW\RIH[SRVLQJVWXG\VXEMHFWVWRXQXVXDOULVNWKHVDIHW\LQIRUPDWLRQ
IURPWKHVWXG\ZLOODOVREHUHYLHZHGE\DQLQGHSHQGHQW'0&RQDQRQJRLQJEDVLV7KH'0&
PD\KDYHDFFHVVWRSDUWLDOO\EOLQGHGRUXQEOLQGHGGDWDDQGZLOOGHWHUPLQHLILWLVVDIHWRFRQWLQXH
WKHVWXG\DFFRUGLQJWRWKHSURWRFRO

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV
$GYHUVH(YHQWVRU6HULRXV$GYHUVH(YHQWV
/DERUDWRU\DEQRUPDOLWLHVZLWKRXWFOLQLFDOVLJQLILFDQFHDUHQRWUHFRUGHGDV$(VRU6$(V
+RZHYHUODERUDWRU\DEQRUPDOLWLHVHJFOLQLFDOFKHPLVWU\KHPDWRORJ\DQGXULQDO\VLVWKDW
UHTXLUHPHGLFDORUVXUJLFDOLQWHUYHQWLRQRUOHDGWR,03LQWHUUXSWLRQPRGLILFDWLRQRU
GLVFRQWLQXDWLRQPXVWEHUHFRUGHGDVDQ$(DVZHOODVDQ6$(LIDSSOLFDEOH,QDGGLWLRQ
ODERUDWRU\RURWKHUDEQRUPDODVVHVVPHQWVHJHOHFWURFDUGLRJUDP [UD\VYLWDOVLJQVWKDWDUH
DVVRFLDWHGZLWKVLJQVDQGRUV\PSWRPVPXVWEHUHFRUGHGDVDQ$(RU6$(LIWKH\PHHWWKH
GHILQLWLRQRIDQ$(RU6$(DVGHVFULEHGLQ6HFWLRQV  DQG,IWKHODERUDWRU\
DEQRUPDOLW\LVSDUWRIDV\QGURPHUHFRUGWKHV\QGURPHRUGLDJQRVLVHJDQHPLDQRWWKH
ODERUDWRU\UHVXOWLHGHFUHDVHGKHPRJORELQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
)RUVSHFLILFLQIRUPDWLRQRQKDQGOLQJRIFOLQLFDOODERUDWRU\DEQRUPDOLWLHVLQWKLVVWXG\SOHDVH
UHIHUWR6HFWLRQ 

$VVHVVPHQWRI$GYHUVH(YHQWV DQG6HULRXV$GYHUVH(YHQWV
7KHLQYHVWLJDWRURUDGHVLJQDWHGTXDOLILHGVXELQYHVWLJDWRU LVUHVSRQVLEOHIRUDVVHVVLQJ$(VDQG
6$(VIRUFDXVDOLW\DQGVHYHULW\DQGIRUILQDO UHYLHZDQGFRQILUPDWLRQRIDFFXUDF\RIHYHQW
LQIRUPDWLRQDQGDVVHVVPHQWV

$VVHVVPHQWRI&DXVDOLW\IRU,03 DQG3URFHGXUHV
7KHLQYHVWLJDWRURUDGHVLJQDWHGTXDOLILHGVXELQYHVWLJDWRULVUHVSRQVLEOHIRUDVVHVVLQJWKH
UHODWLRQVKLSWR,03 WKHUDS\XVLQJFOLQLFDO MXGJPHQWDQGWKHIROORZLQJFRQVLGHUDWLRQV

1R (YLGHQFHH[LVWVWKDWWKHDGYHUVHHYHQWKDVDQHWLRORJ\RWKHUWKDQWKH,03)RU6$(VDQ
DOWHUQDWLYHFDXVDOLW\PXVWEHSURYLGHGHJSUHH[LVWLQJFRQGLWLRQXQGHUO\LQJGLVHDVH
LQWHUFXUUHQWLOOQHVVRUFRQFRPLWDQWPHGLFDWLRQ

<HV 7KHUHLVUHDVRQDEOHSRVVLELOLW\WKDWWKHHYHQWPD\KDYHEHHQFDXVHGE\WKH
LQYHVWLJDWLRQDOPHGLFLQDOSURGXFW
,WVKRXOGEHHPSKDVL]HGWKDWLQHIIHFWLYHWUHDWPHQWVKRXOGQRWEHFRQVLGHUHGDVFDXVDOO\UHODWHGLQ
WKHFRQWH[WRIDGYHUVHHYHQWUHSRUWLQJ
7KHUHODWLRQVKLSWRVWXG\SURFHGXUHVHJLQYDVLYHSURFHGXUHVVXFKDVYHQLSXQFWXUHRUELRSV\
VKRXOGEHDVVHVVHGXVLQJWKHIROORZLQJFRQVLGHUDWLRQV

1R(YLGHQFHH[LVWVWKDWWKHDGYHUVHHYHQWKDVDQHWLRORJ\RWKHUWKDQWKHVWXG\SURFHGXUH

<HV 7KHDGYHUVHHYHQWRFFXUUHGDVDUHVXOWRISURWRFROSURFHGXUHV HJ YHQLSXQFWXUH

$VVHVVPHQWRI6HYHULW\
6HYHULW\VKRXOGEHUHFRUGHGDQGJUDGHGDFFRUGLQJWRWKH*6,*UDGLQJ6FDOHIRU6HYHULW\RI
$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV )RU$(VRU6$(VDVVRFLDWHGZLWKODERUDWRU\
DEQRUPDOLWLHVWKHHYHQWVKRXOGEHJUDGHGRQWKHEDVLVRIWKHFOLQLFDOVHYHULW\LQWKHFRQWH[WRI
WKHXQGHUO\LQJFRQGLWLRQVWKLVPD\RUPD\QRWEHLQDJUHHPHQWZLWKWKHJUDGLQJRIWKH
ODERUDWRU\DEQRUPDOLW\

,QYHVWLJDWRU 5HTXLUHPHQWVDQG,QVWUXFWLRQVIRU5HSRUWLQJ$GYHUVH(YHQWV
DQG6HULRXV$GYHUVH(YHQWVWR*LOHDG
5HTXLUHPHQWVIRUFROOHFWLRQSULRUWR,03 LQLWLDWLRQ
$IWHULQIRUPHGFRQVHQWEXWSULRUWRLQLWLDWLRQRIVWXG\PHGLFDWLRQWKHIROORZLQJW\SHVRIHYHQWV
VKRXOGEHUHSRUWHGRQWKHFDVHUHSRUWIRUPH&5)DOO6$(VDQGDGYHUVHHYHQWVUHODWHGWR
SURWRFROPDQGDWHGSURFHGXUHV




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

$VVRRQDVLWLVSRVVLEOHWRGRVRDQ\6$(UHSRUWHGYLDSDSHUPXVWEHWUDQVFULEHGLQWRWKH
H&5)'DWDEDVHDFFRUGLQJWRLQVWUXFWLRQVLQWKHH&5)FRPSOHWLRQJXLGHOLQHV

,IDQ6$(KDVEHHQUHSRUWHGYLDDSDSHUIRUPEHFDXVHWKHH&5)GDWDEDVHKDVEHHQORFNHGQR
IXUWKHUDFWLRQLVQHFHVVDU\

)RUIDWDORUOLIHWKUHDWHQLQJHYHQWVFRSLHVRIKRVSLWDOFDVHUHSRUWVDXWRSV\UHSRUWVDQGRWKHU
GRFXPHQWVDUHDOVR WREHVXEPLWWHGE\ HPDLORUID[ZKHQUHTXHVWHGDQGDSSOLFDEOH
7UDQVPLVVLRQRIVXFKGRFXPHQWVVKRXOGRFFXUZLWKRXWSHUVRQDOVXEMHFWLGHQWLILFDWLRQ
PDLQWDLQLQJ WKHWUDFHDELOLW\RIDGRFXPHQWWRWKHVXEMHFWLGHQWLILHUV

$GGLWLRQDOLQIRUPDWLRQPD\EHUHTXHVWHGWRHQVXUHWKHWLPHO\FRPSOHWLRQRIDFFXUDWHVDIHW\
UHSRUWV

$Q\PHGLFDWLRQVQHFHVVDU\IRUWUHDWPHQWRIWKH6$(PXVWEHUHFRUGHGRQWRWKHFRQFRPLWDQW
PHGLFDWLRQVHFWLRQRIWKHVXEMHFW¶VH&5)DQGWKHHYHQWGHVFULSWLRQVHFWLRQRIWKH6$(IRUP

6LWHSHUVRQQHOVKRXOGUHFRUGDOO6$(GDWDLQWKHH&5)GDWDEDVHIRUWKRVHSURWRFROVSHFLILF
6$(VZKLFKDUHH[HPSWHGIURPH[SHGLWHGUHSRUWLQJUHTXLUHPHQWV6HFWLRQ 7KH\
VKRXOGDOVRWUDQVPLWWKH6$(LQIRUPDWLRQWR*LOHDG'63+LIWKH6$(VDUHDVVHVVHGE\WKH
LQYHVWLJDWRUDVUHODWHGWRWKH,03 RUVWXG\SURFHGXUH

*LOHDG5HSRUWLQJ5HTXLUHPHQWV
'HSHQGLQJRQUHOHYDQWORFDOOHJLVODWLRQRUUHJXODWLRQVLQFOXGLQJWKHDSSOLFDEOH86)'$&RGHRI
)HGHUDO5HJXODWLRQVWKH(8 &OLQLFDO7ULDOV'LUHFWLYH(&DQGUHOHYDQWXSGDWHVDQG
RWKHUFRXQWU\VSHFLILFOHJLVODWLRQRUUHJXODWLRQV*LOHDGPD\EH UHTXLUHGWRH[SHGLWHWR
ZRUOGZLGHUHJXODWRU\DJHQFLHV UHSRUWVRI6$(VVHULRXVDGYHUVHGUXJUHDFWLRQV6$'5V RU
VXVSHFWHGXQH[SHFWHGVHULRXVDGYHUVHUHDFWLRQV686$5V ,QDFFRUGDQFHZLWKWKH(8&OLQLFDO
7ULDOV'LUHFWLYH(&*LOHDGRUDVSHFLILHGGHVLJQHHZLOOQRWLI\ZRUOGZLGHUHJXODWRU\
DJHQFLHV DQGWKHUHOHYDQW ,QGHSHQGHQW(WKLFV&RPPLWWHH,(& LQFRQFHUQHG0HPEHU6WDWHVRI
DSSOLFDEOH686$5V DVRXWOLQHGLQFXUUHQWUHJXODWLRQV
$VVHVVPHQWRIH[SHFWHGQHVVIRU 6$(VZLOOEHGHWHUPLQHGE\*LOHDGXVLQJUHIHUHQFHVDIHW\
LQIRUPDWLRQVSHFLILHGLQWKHFXUUHQW*6,% RUUHOHYDQWORFDOODEHODVDSSOLFDEOH
$OOLQYHVWLJDWRUVZLOOUHFHLYHDVDIHW\OHWWHUQRWLI\LQJWKHPRIUHOHYDQW686$5UHSRUWV DVVRFLDWHG
ZLWKDQ\VWXG\,037KHLQYHVWLJDWRUVKRXOGQRWLI\WKH,5%RU,(&RI686$5UHSRUWVDVVRRQDV
LVSUDFWLFDOZKHUHWKLVLVUHTXLUHGE\ORFDOUHJXODWRU\DJHQFLHVDQGLQDFFRUGDQFHZLWKWKHORFDO
LQVWLWXWLRQDOSROLF\


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG 2WKHU$EQRUPDO$VVHVVPHQWVDV
$GYHUVH (YHQWVRU6HULRXV$GYHUVH(YHQWV
/DERUDWRU\DEQRUPDOLWLHVDUHXVXDOO\QRWUHFRUGHGDV$(VRU6$(V+RZHYHUODERUDWRU\
DEQRUPDOLWLHVHJFOLQLFDOFKHPLVWU\KHPDWRORJ\LQGHSHQGHQWRIWKHXQGHUO\LQJPHGLFDO
FRQGLWLRQ WKDWUHTXLUHPHGLFDORUVXUJLFDOLQWHUYHQWLRQRUOHDGWR,03LQWHUUXSWLRQRU
GLVFRQWLQXDWLRQPXVWEHUHFRUGHGDVDQ$(DVZHOODVDQ6$(LIDSSOLFDEOH,QDGGLWLRQ
ODERUDWRU\RURWKHUDEQRUPDODVVHVVPHQWVHJYLWDOVLJQVWKDWDUHDVVRFLDWHGZLWKVLJQVDQGRU
V\PSWRPVPXVWEHUHFRUGHGDVDQ$(RU6$(LIWKH\PHHWWKHGHILQLWLRQRIDQ$(RU6$(
UHVSHFWLYHO\DVGHVFULEHGLQ6HFWLRQ ,IWKHODERUDWRU\DEQRUPDOLW\LVSDUWRIDV\QGURPH
UHFRUGWKHV\QGURPHRUGLDJQRVLVLHDQHPLDQRWWKHODERUDWRU\ UHVXOWLHGHFUHDVHG
KHPRJORELQ
6HYHULW\VKRXOGEHUHFRUGHGDQGJUDGHGDFFRUGLQJWRWKH*6,*UDGLQJ6FDOHIRU6HYHULW\RI
$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV$SSHQGL[ )RU$(VRU6$(VDVVRFLDWHGZLWK
ODERUDWRU\DEQRUPDOLWLHVWKHHYHQWVKRXOGEHJUDGHGRQWKHEDVLVRIWKHFOLQLFDOVHYHULW\LQWKH
FRQWH[WRIWKHXQGHUO\LQJFRQGLWLRQVWKLVPD\RUPD\QRWEHLQDJUHHPHQWZLWKWKHJUDGLQJRI
WKHODERUDWRU\DEQRUPDOLW\

7R[LFLW\0DQDJHPHQW
$OOFOLQLFDODQGFOLQLFDOO\VLJQLILFDQWODERUDWRU\WR[LFLWLHVZLOOEHPDQDJHGDFFRUGLQJWRXQLIRUP
JXLGHOLQHVGHWDLOHGLQ$SSHQGL[ 
$Q\TXHVWLRQVUHJDUGLQJWR[LFLW\PDQDJHPHQWVKRXOGEHGLUHFWHGWRWKH*LOHDG6FLHQFHV0HGLFDO
0RQLWRU

6SHFLDO6LWXDWLRQV5HSRUWV

'HILQLWLRQVRI6SHFLDO6LWXDWLRQV
6SHFLDOVLWXDWLRQUHSRUWVLQFOXGHDOOUHSRUWVRIPHGLFDWLRQHUURUDEXVHPLVXVHRYHUGRVHUHSRUWV
RIDGYHUVHHYHQWVDVVRFLDWHGZLWKSURGXFWFRPSODLQWV DQGSUHJQDQF\UHSRUWVUHJDUGOHVVRIDQ
DVVRFLDWHG$(
0HGLFDWLRQHUURULVDQ\XQLQWHQWLRQDOHUURULQWKHSUHVFULELQJGLVSHQVLQJ RUDGPLQLVWUDWLRQRID
PHGLFLQDOSURGXFWZKLOHLQWKHFRQWURORIWKHKHDOWKFDUHSURYLGHUVXEMHFW RUFRQVXPHU
$EXVHLVGHILQHGDVSHUVLVWHQWRUVSRUDGLFLQWHQWLRQDOH[FHVVLYHXVHRIDPHGLFLQDOSURGXFWE\D
VXEMHFW
0LVXVHLVGHILQHGDVDQ\LQWHQWLRQDODQG LQDSSURSULDWHXVH RIDPHGLFLQDOSURGXFWWKDWLVQRWLQ
DFFRUGDQFHZLWKWKHSURWRFROLQVWUXFWLRQVRUWKHORFDOSUHVFULELQJLQIRUPDWLRQ
$QRYHUGRVH LVGHILQHGDV DQDFFLGHQWDORULQWHQWLRQDODGPLQLVWUDWLRQRIDTXDQWLW\RIDPHGLFLQDO
SURGXFWJLYHQSHUDGPLQLVWUDWLRQRUFXPXODWLYHO\ZKLFKLVDERYHWKHPD[LPXPUHFRPPHQGHG
GRVHDVSHUSURWRFRORULQWKHSURGXFWODEHOOLQJDVLWDSSOLHVWRWKHGDLO\GRVHRIWKHVXEMHFWLQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
TXHVWLRQ ,QFDVHVRIDGLVFUHSDQF\LQGUXJDFFRXQWDELOLW\RYHUGRVHZLOOEHHVWDEOLVKHGRQO\
ZKHQLWLVFOHDUWKDWWKHVXEMHFWKDVWDNHQWKHH[FHVVGRVHV2YHUGRVHFDQQRWEHHVWDEOLVKHG
ZKHQWKHVXEMHFWFDQQRWDFFRXQWIRUWKHGLVFUHSDQF\H[FHSWLQFDVHVLQZKLFKWKHLQYHVWLJDWRUKDV
UHDVRQWRVXVSHFWWKDWWKHVXEMHFWKDVWDNHQWKHDGGLWLRQDOGRVHV
3URGXFWFRPSODLQWLVGHILQHGDVFRPSODLQWV DULVLQJIURPSRWHQWLDOGHYLDWLRQVLQWKHPDQXIDFWXUH
SDFNDJLQJRUGLVWULEXWLRQRIWKHPHGLFLQDOSURGXFW

,QVWUXFWLRQVIRU5HSRUWLQJ6SHFLDO6LWXDWLRQV

,QVWUXFWLRQVIRU5HSRUWLQJ3UHJQDQFLHV
7KHLQYHVWLJDWRUVKRXOGUHSRUWSUHJQDQFLHVLQIHPDOHVWXG\VXEMHFWVWKDWDUHLGHQWLILHGDIWHU
LQLWLDWLRQ RIVWXG\PHGLFDWLRQDQGWKURXJKRXWWKHVWXG\LQFOXGLQJWKHSRVW,03 IROORZXSSHULRG
WRWKH*LOHDG'63+XVLQJWKHSUHJQDQF\UHSRUWIRUPZLWKLQKRXUVRIEHFRPLQJDZDUHRIWKH
SUHJQDQF\
5HIHUWR6HFWLRQ  DQGWKH H&5)FRPSOHWLRQJXLGHOLQHVIRUIXOOLQVWUXFWLRQVRQWKHPHFKDQLVP
RISUHJQDQF\UHSRUWLQJ
7KHSUHJQDQF\LWVHOILVQRWFRQVLGHUHGDQ$(QRULVDQLQGXFHGHOHFWLYHDERUWLRQWRWHUPLQDWHD
SUHJQDQF\ZLWKRXW PHGLFDOUHDVRQV
$Q\SUHPDWXUHWHUPLQDWLRQRISUHJQDQF\HJDVSRQWDQHRXVDERUWLRQDQLQGXFHGWKHUDSHXWLF
DERUWLRQGXHWRFRPSOLFDWLRQVRURWKHUPHGLFDOUHDVRQVPXVWEHUHSRUWHGZLWKLQ KRXUVDVDQ
6$(7KHXQGHUO\LQJPHGLFDOUHDVRQIRUWKLVSURFHGXUHVKRXOGEHUHFRUGHGDVWKH$( WHUP
$VSRQWDQHRXVDERUWLRQLVDOZD\VFRQVLGHUHGWREHDQ6$(DQGZLOOEHUHSRUWHGDVGHVFULEHGLQ
6HFWLRQ )XUWKHUPRUHDQ\6$(RFFXUULQJDVDQDGYHUVHSUHJQDQF\RXWFRPHSRVWVWXG\ PXVW
EHUHSRUWHGWR*LOHDG'63+
7KHVXEMHFWVKRXOGUHFHLYHDSSURSULDWHPRQLWRULQJDQGFDUHXQWLOWKHFRQFOXVLRQRIWKH
SUHJQDQF\7KHRXWFRPHVKRXOGEHUHSRUWHGWR*LOHDG'63+XVLQJWKHSUHJQDQF\RXWFRPHUHSRUW
IRUP,IWKHHQGRIWKHSUHJQDQF\RFFXUVDIWHUWKHVWXG\KDVEHHQFRPSOHWHGWKHRXWFRPHVKRXOG
EHUHSRUWHGGLUHFWO\WR*LOHDG'63+*LOHDG'63+FRQWDFWLQIRUPDWLRQLVSURYLGHGLQ
6HFWLRQ 
3UHJQDQFLHVRIIHPDOHSDUWQHUVRIPDOHVWXG\VXEMHFWVH[SRVHGWR*LOHDGRURWKHULQYHVWLJDWLRQDO
DJHQWV PXVWDOVREHUHSRUWHGDQGUHOHYDQWLQIRUPDWLRQVKRXOGEHVXEPLWWHG*LOHDG'63+XVLQJ
WKHSUHJQDQF\DQGSUHJQDQF\RXWFRPHIRUPVZLWKLQ KRXUV0RQLWRULQJRIWKHVXEMHFWVKRXOG
FRQWLQXHXQWLOWKHFRQFOXVLRQRIWKHSUHJQDQF\,IWKHHQGRIWKHSUHJQDQF\RFFXUVDIWHUWKHVWXG\
KDVEHHQFRPSOHWHGWKHRXWFRPHVKRXOGEH UHSRUWHGGLUHFWO\WR*LOHDG'63+
5HIHUWR$SSHQGL[  IRU3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDO
DQG&RQWUDFHSWLYH5HTXLUHPHQWV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

5HSRUWLQJ2WKHU6SHFLDO6LWXDWLRQV
$OORWKHUVSHFLDOVLWXDWLRQUHSRUWVPXVWEHUHSRUWHGRQWKHVSHFLDOVLWXDWLRQVUHSRUWIRUPDQG
IRUZDUGHGWR *LOHDG'63+ZLWKLQKRXUVRIWKHLQYHVWLJDWRUEHFRPLQJDZDUHRIWKHVLWXDWLRQ
7KHVHUHSRUWVPXVWFRQVLVWRIVLWXDWLRQVWKDWLQYROYHVWXG\,03 DQGRU*LOHDGFRQFRPLWDQW
PHGLFDWLRQVEXWGRQRWDSSO\WRQRQ*LOHDGFRQFRPLWDQWPHGLFDWLRQV
6SHFLDOVLWXDWLRQVLQYROYLQJQRQ*LOHDGFRQFRPLWDQWPHGLFDWLRQVGRHV QRWQHHGWREHUHSRUWHG RQ
WKHVSHFLDOVLWXDWLRQVUHSRUWIRUPKRZHYHUIRUVSHFLDOVLWXDWLRQVWKDWUHVXOWLQ$(V GXHWRDQRQ
*LOHDGFRQFRPLWDQWPHGLFDWLRQWKH$(VKRXOGEHUHSRUWHGLQWKHH&5)V
$Q\LQDSSURSULDWHXVHRIFRQFRPLWDQWPHGLFDWLRQVSURKLELWHGE\WKLVSURWRFROVKRXOGQRWEH
UHSRUWHGDV³PLVXVH´EXWPD\EHPRUHDSSURSULDWHO\GRFXPHQWHGDVDSURWRFROGHYLDWLRQ
5HIHUWR6HFWLRQ  DQGWKHH&5)FRPSOHWLRQJXLGHOLQHVIRUIXOOLQVWUXFWLRQVRQWKHPHFKDQLVP
RIVSHFLDOVLWXDWLRQVUHSRUWLQJ
$OOFOLQLFDOVHTXHODHLQUHODWLRQWRWKHVHVSHFLDOVLWXDWLRQUHSRUWVZLOOEHUHSRUWHGDV$(VRU6$(V
DW WKHVDPHWLPHXVLQJWKH$(H&5)DQGRUWKH6$(UHSRUWIRUP'HWDLOVRIWKHV\PSWRPVDQG
VLJQVFOLQLFDOPDQDJHPHQWDQGRXWFRPHZLOOEHUHSRUWHGZKHQDYDLODEOH


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

67$7,67,&$/&216,'(5$7,216

$QDO\VLV2EMHFWLYHVDQG(QGSRLQWV

$QDO\VLV2EMHFWLYHV
7KHSULPDU\REMHFWLYHRIWKLVVWXG\LV

7RHYDOXDWHWKHHIIHFW RI*6RQ569YLUDOORDGLQ569SRVLWLYHDXWRORJRXVRU
DOORJHQHLF+&7UHFLSLHQWVZLWKDFXWH857, V\PSWRPV
7KHVHFRQGDU\REMHFWLYHVRIWKLVVWXG\DUH

7RHYDOXDWHWKHHIIHFWRI*6RQ GHYHORSPHQWRI/57& SURJUHVVLRQWRUHVSLUDWRU\
IDLOXUHDQGHIIHFWRQR[\JHQDWLRQ

7RHYDOXDWHWKH3.VDIHW\DQGWROHUDELOLW\RI*6

3ULPDU\(QGSRLQW
7KHSULPDU\HQGSRLQWLVWKHWLPHZHLJKWHGDYHUDJH FKDQJHLQQDVDO569YLUDOORDG ORJ
FRSLHVP/IURP%DVHOLQH 'D\ WR'D\ DVPHDVXUHGE\57T3&57KHWLPHZHLJKWHG
DYHUDJH FKDQJHLQQDVDO569YLUDOORDG IURP%DVHOLQH WR'D\ LVGHILQHGDV
σ
ሼͲǤͷ ൈሺǤ ൅
ሻൈሺ
െ
ሻሽ
ሺ
െ
ሻ
ZKHUH<L LVWKHFKDQJHIURP%DVHOLQH LQ569ORJ YLUDOORDGDW9LVLW LW LVWKHWLPHDWWKH
VSHFLILHGWLPHSRLQWD LVWKHEDVHOLQH DVVHVVPHQWDW'D\DQG E LVWKHODVWDVVHVVPHQWDWRUSULRU
WR'D\ 7KHWLPHZHLJKWHGDYHUDJHFKDQJHRIWHQUHIHUUHGWRDVWKH'$9*SURYLGHVWKH
DYHUDJHYLUDOEXUGHQLQFKDQJHIURPEDVHOLQH GXULQJWKHWLPHSHULRG RILQWHUHVW

6HFRQGDU\ (QGSRLQW
6HFRQGDU\HQGSRLQWVDUH

3URSRUWLRQRIVXEMHFWVZKRGHYHORSD /57& WKURXJK'D\GHILQHGDVRQHRIWKHEHORZDV
GHWHUPLQHGE\WKHDGMXGLFDWLRQFRPPLWWHH
3ULPDU\569/57,
6HFRQGDU\EDFWHULDO/57,
/57, GXHWRXQXVXDOSDWKRJHQV
/57,QRQLQIHFWLRXVRURIXQNQRZQHWLRORJ\




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

$QDO\VLV&RQYHQWLRQV

$QDO\VLV6HWV

(IILFDF\
7KHIXOODQDO\VLVVHW)$6ZLOOLQFOXGHVXEMHFWVZKRKDYHDQ569ORJ YLUDOORDGJUHDWHUWKDQ
RUHTXDOWRWKH//24RIWKH57T3&5DVVD\LQWKHSUHGRVH'D\ QDVDOVDPSOHDVGHWHUPLQHG
E\57T3&5DWWKHFHQWUDOODEDQGKDYHUHFHLYHG DWOHDVW IXOOGRVHRI,037KHSULPDU\
DQDO\VLVVHWIRUHIILFDF\DQDO\VLVZLOOEHWKHHYDOXDEOHDQDO\VLVVHWZKLFKZLOO LQFOXGHWKRVH LQWKH
)$6ZLWKHYDOXDEOHQDVDOVDPSOHVIRU569YLUDOORDGE\'D\ LQFOXGLQJ%DVHOLQH

6DIHW\
7KHSULPDU\DQDO\VLVVHWIRUVDIHW\DQDO\VHVLV GHILQHGDVDOOVXEMHFWVZKRUHFHLYHG DWOHDVWDIXOO
GRVHRI,03
$OOGDWDFROOHFWHGGXULQJWUHDWPHQWZLOOEHLQFOXGHGLQWKHVDIHW\VXPPDULHV

3KDUPDFRNLQHWLFV
7KH3. DQDO\VLVVHWZLOO LQFOXGHDOOVXEMHFWVLQWKHVDIHW\DQDO\VLVVHWZKRKDYHHYDOXDEOH
RQVWXG\3.PHDVXUHPHQWV

'DWD+DQGOLQJ&RQYHQWLRQV
0LVVLQJGDWDFDQKDYHDQLPSDFWXSRQWKHLQWHUSUHWDWLRQRIWKHWULDOGDWD$VWKLVVWXG\LVRIVKRUW
GXUDWLRQLWLVDQWLFLSDWHGWKDWPLVVLQJGDWDZLOOEHPLQLPDO,QJHQHUDOYDOXHVIRUPLVVLQJGDWD
ZLOOQRWEHLPSXWHG)RUODERUDWRU\GDWDDPLVVLQJ%DVHOLQH YDOXHZLOOEHUHSODFHGZLWKD
VFUHHQLQJYDOXHLIDYDLODEOHRWKHUZLVHLWZLOOEHWUHDWHGDVQRUPDOLH *UDGH QRWR[LFLW\
JUDGHIRUWKHVXPPDU\RIJUDGHGODERUDWRU\DEQRUPDOLWLHV$UHWHVWYDOXHPD\EHXVHGLIWKH
ILUVWWHVWLVLQYDOLGDWHGHJVSHFLPHQKHPRO\]HG
9DOXHVZLOOQRWEHLPSXWHGIRUPLVVLQJYLWDOVLJQDQGRWKHUVDIHW\GDWDKRZHYHUDPLVVLQJ
%DVHOLQH YDOXHZLOOEHUHSODFHGZLWKD6FUHHQLQJYDOXHLIDYDLODEOH
'HWDLOVIRUWKHKDQGOLQJRIPLVVLQJGDWDGXHWRVXEMHFWGLVFRQWLQXDWLRQRURWKHUUHDVRQVLQFOXGLQJ
XQXVDEOHDQGVSXULRXVGDWDDQGUXOHVIRUGHWHUPLQLQJPDMRUDQGPLQRUSURWRFROGHYLDWLRQVZLOO
EHGHVFULEHGLQWKH6$3
$OODYDLODEOHGDWDIRUVXEMHFWVWKDWGRQRWFRPSOHWHWKHVWXG\ZLOOEHLQFOXGHGLQWKHGDWDOLVWLQJV
7DEOHVWKDWLQFOXGHERWKLQGLYLGXDOVXEMHFW3.GDWDDQGVXPPDU\VWDWLVWLFVZLOOSUHVHQWDOO
DYDLODEOHGDWDEXWRQO\VXEMHFWVLQWKH3.DQDO\VLVZLOOEHLQFOXGHGLQWKHVXPPDU\VWDWLVWLFV
9LUDOORDGGDWDZLOOEHORJWUDQVIRUPHGSULRUWRDQDO\VHV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

'HPRJUDSKLF 'DWDDQG%DVHOLQH &KDUDFWHULVWLFV
'HPRJUDSKLFDQG%DVHOLQH PHDVXUHPHQWVZLOOEHVXPPDUL]HGXVLQJVWDQGDUGGHVFULSWLYH
PHWKRGV
'HPRJUDSKLFVXPPDULHVZLOOLQFOXGHVH[UDFHHWKQLFLW\ UDQGRPL]DWLRQVWUDWLILFDWLRQJURXSDQG
DJH
%DVHOLQH GDWDZLOOLQFOXGHDVXPPDU\RI ERG\ZHLJKWKHLJKWDQG%0,
)RUFDWHJRULFDOGHPRJUDSKLFDQG%DVHOLQH FKDUDFWHULVWLFVD )LVKHU¶VH[DFW WHVWZLOOEHXVHGWR
FRPSDUHWUHDWPHQWJURXSV)RUFRQWLQXRXVGHPRJUDSKLFDQG%DVHOLQH FKDUDFWHULVWLFVD :LOFR[RQ
UDQNVXPWHVWZLOOEHXVHGWRFRPSDUHWUHDWPHQWJURXSV

(IILFDF\$QDO\VLV

3ULPDU\$QDO\VLV
7KHSULPDU\HQGSRLQWLVWKHWLPHZHLJKWHGDYHUDJH FKDQJHLQ QDVDO569YLUDOORDGORJ
FRSLHVP/IURP'D\WR'D\ 7KHSULPDU\DQDO\VLVZLOOEHSHUIRUPHGRQVXEMHFWVLQFOXGHGLQ
WKHHIILFDF\HYDOXDEOHSRSXODWLRQ7RWHVWWKHQXOOK\SRWKHVLVWKDWWKHUHLVQRGLIIHUHQFHEHWZHHQ
WKH*6DQGSODFHER WUHDWPHQWJURXSVLQWKHWLPHZHLJKWHGDYHUDJH FKDQJHLQYLUDOORDGD
SDUDPHWULFDQDO\VLVRIFRYDULDQFH$1&29$PRGHOZLWKFRUUHVSRQGLQJEDVHOLQH YLUDOORDGDVD
FRYDULDWHZLOOEHXVHGZLWKDVLGHGOHYHO $GMXVWHGPHDQVDQGFRQILGHQFHLQWHUYDOV
&,VZLOODOVREHSUHVHQWHG

6HFRQGDU\$QDO\VHV
7KH)$6 DQDO\VLVVHWZLOOEHXVHGIRUDOOVXPPDULHVDQGDQDO\VHVRIVHFRQGDU\HQGSRLQWV$OO
VHFRQGDU\HQGSRLQWVZLOOEHDQDO\]HGXVLQJVLGHGWHVWVWRFRPSDUHWUHDWPHQWGLIIHUHQFHV
7KHSURSRUWLRQRIVXEMHFWVZKRGHYHORS/57&WKURXJK'D\ZKRGHYHORSUHVSLUDWRU\IDLOXUH
UHTXLULQJPHFKDQLFDOYHQWLODWLRQDQGWKHSURSRUWLRQRIVXEMHFWVZKRVH2 VDWXUDWLRQGURSVEHORZ
ZLOOHDFKEHDQDO\]HGXVLQJD)LVKHU¶VH[DFWWH[W
,QRUGHUWRDFFRXQWIRUPXOWLSOHK\SRWKHVLVWHVWLQJRIHQGSRLQWVDIDPLO\DOSKDVSHQGLQJUXOHZLOO
EHXVHGWRFRQWUROWKH7\SHHUURUUDWHRIDFURVVWKHSULPDU\DQGVHFRQGDU\HQGSRLQWV
WHVWLQJIRUGLIIHUHQFHVEHWZHHQWUHDWPHQWJURXSV 7KHSULPDU\HQGSRLQWDQDO\VLVZLOOVHUYHDV
WKHJDWHNHHSHUIRUWKHVHFRQGDU\DQDO\VHV,IWKHSULPDU\QXOOK\SRWKHVLVLVUHMHFWHGWKHQWKH
IROORZLQJVHFRQGDU\HQGSRLQWVZLOOEHWHVWHGVHTXHQWLDOO\DWĮ  EDVHGXSRQWKHFORVHG
WHVWLQJSURFHGXUH ^`

3URSRUWLRQRIVXEMHFWVZKRGHYHORSD/57&WKURXJK'D\

3URSRUWLRQRIVXEMHFWVZKRGHYHORSUHVSLUDWRU\IDLOXUHRIDQ\FDXVHUHTXLULQJPHFKDQLFDO
YHQWLODWLRQLQYDVLYHRUQRQLQYDVLYHWKURXJK'D\

3URSRUWLRQRIVXEMHFWVZKRVH2 VDWXUDWLRQGURSVEHORZWKURXJK'D\




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

([WHQWRI([SRVXUH
$VXEMHFW¶VH[WHQWRIH[SRVXUHWR,03 GDWDZLOOEHJHQHUDWHGIURPWKH,03 DGPLQLVWUDWLRQGDWD
([SRVXUHGDWDZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXS

$GYHUVH(YHQWV
&OLQLFDODQGODERUDWRU\DGYHUVHHYHQWVZLOOEHFRGHGXVLQJWKH0HGLFDO'LFWLRQDU\IRU
5HJXODWRU\$FWLYLWLHV0HG'5$6\VWHP2UJDQ&ODVV62&+LJK/HYHO*URXS7HUP
+/*7+LJK/HYHO7HUP+/73UHIHUUHG7HUP 37 DQG/RZHU/HYHO7HUP//7ZLOOEH
DWWDFKHGWRWKHFOLQLFDOGDWDEDVH
(YHQWVZLOOEHVXPPDUL]HGRQWKHEDVLVRI WKHGDWHRIRQVHWIRUWKHHYHQW $WUHDWPHQWHPHUJHQW
DGYHUVHHYHQWZLOOEHGHILQHGDVDQ\DGYHUVHHYHQWWKDWEHJLQV RQRUDIWHUWKHGDWHRIILUVWGRVHRI
,03 XSWRWKHGDWHRIODVWGRVHRI,03WKURXJK'D\
6XPPDULHVQXPEHUDQGSHUFHQWDJHRIVXEMHFWVRIWUHDWPHQWHPHUJHQWDGYHUVHHYHQWVE\62&
DQG37ZLOOEHSURYLGHGE\WUHDWPHQWJURXS

/DERUDWRU\(YDOXDWLRQV
6HOHFWHGODERUDWRU\GDWDZLOOEHVXPPDUL]HGXVLQJRQO\REVHUYHGGDWD'DWDDQGFKDQJHIURP
%DVHOLQH DWDOOVFKHGXOHGWLPH SRLQWVZLOOEHVXPPDUL]HG
*UDGHGODERUDWRU\DEQRUPDOLWLHVZLOOEHGHILQHGXVLQJWKHJUDGLQJVFKHPHLQ $SSHQGL[ 
*UDGLQJRIODERUDWRU\DEQRUPDOLWLHVIRUDQDO\VLVSXUSRVHVZLOOEHSHUIRUPHGE\*6,
,QFLGHQFHRIWUHDWPHQWHPHUJHQWODERUDWRU\DEQRUPDOLWLHVGHILQHGDVYDOXHVWKDWLQFUHDVHDWOHDVW
 WR[LFLW\JUDGHIURP%DVHOLQH DWDQ\WLPHSRVW%DVHOLQH XSWRDQGLQFOXGLQJ'D\ ZLOOEH
VXPPDUL]HGE\WUHDWPHQWJURXS,I%DVHOLQH GDWDDUHPLVVLQJWKHQDQ\JUDGHGDEQRUPDOLW\
LH DW OHDVWD*UDGH ZLOOEHFRQVLGHUHGWUHDWPHQWHPHUJHQW
/DERUDWRU\DEQRUPDOLWLHVWKDWRFFXUEHIRUHWKHILUVWGRVHRI,03RUDIWHUWKHVXEMHFWKDVEHHQ
GLVFRQWLQXHGIURPWUHDWPHQWIRUDWOHDVWGD\VZLOOEHLQFOXGHGLQDGDWDOLVWLQJ

2WKHU6DIHW\(YDOXDWLRQV
9LWDOVLJQVGDWDZLOOEHVXPPDUL]HGXVLQJGHVFULSWLYHVWDWLVWLFVE\WKHREVHUYHGGDWDDQGE\WKH
FKDQJHIURP%DVHOLQH DWHDFKWLPHSRLQW

3KDUPDFRNLQHWLF$QDO\VLV
,QGLYLGXDOVXEMHFW*6FRQFHQWUDWLRQWLPHGDWDZLOOEHGLVSOD\HGXVLQJVFKHGXOHGVDPSOLQJ
WLPHV'HVFULSWLYHVWDWLVWLFVHJQPHDQVWDQGDUGGHYLDWLRQ&9PHGLDQDQGUDQJHZLOOEH
FDOFXODWHGIRUHDFKVDPSOLQJWLPH


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
)RU3.VXEJURXSSODVPDFRQFHQWUDWLRQVRI*6RYHUWLPHZLOOEHSORWWHGLQ
VHPLORJDULWKPLFDQGOLQHDUIRUPDWVDVPHDQ 6'DQGSODVPDFRQFHQWUDWLRQWLPHGDWDIRUHDFK
VXEMHFWZLOOEHDQDO\]HGXVLQJVWDQGDUGQRQFRPSDUWPHQWDOPHWKRGV 3KDUPDFRNLQHWLF
SDUDPHWHUV&PD[7PD[&ODVW7ODVW$8&7ò&/)DQG9])DVDSSURSULDWH ZLOOEHOLVWHGDQG
VXPPDUL]HGIRU*6 XVLQJGHVFULSWLYH VWDWLVWLFV
3.3'UHODWLRQVKLSPD\EHH[SORUHGDVDSSURSULDWH

6DPSOH6L]H
6DPSOHVL]HFDOFXODWLRQVDUHEDVHGRQUHVXOWVREVHUYHGLQDVWXG\WKDWHYDOXDWHG WKHHIILFDF\RI
RUDODQGDHURVROL]HGULEDYLULQWUHDWPHQWIRUSUHYHQWLQJSURJUHVVLRQIURPXSSHUWRORZHU
UHVSLUDWRU\WUDFWLQIHFWLRQLQKHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWVZLWK569LQIHFWLRQV
XQSXEOLVKHGGDWDIURP'U
7KHVDPSOHVL]HFDOFXODWLRQDVVXPHVWKH
WLPHZHLJKWHGDYHUDJH FKDQJHLQ 569 ORJ YLUDOORDGIURP'D\WR'D\ LQWKHSODFHERJURXS
ZLOOEH ORJ FRSLHVP/ ZLWKDFRUUHVSRQGLQJVWDQGDUGGHYLDWLRQ6'RI DQGWKDWRIWKH
VXEMHFWVZLOOEHHYDOXDEOH%DVHGRQWKHVHDVVXPSWLRQVZLWK HYDOXDEOH VXEMHFWVSHUJURXS
WKHUHLVRYHU SRZHUWRGHWHFWD ORJ GLIIHUHQFHLQWLPHZHLJKWHGDYHUDJH FKDQJHLQORJ
YLUDOORDGEHWZHHQWUHDWPHQWJURXSVXVLQJDVLGHGOHYHOWHVW*LYHQDQHYDOXDEOHUDWHRI
DWRWDORIVXEMHFWVZLOOQHHGWREHUDQGRPL]HGLQWRWKHVWXG\

'DWD0RQLWRULQJ&RPPLWWHH
$QH[WHUQDOPXOWLGLVFLSOLQDU\GDWDPRQLWRULQJ FRPPLWWHH'0&ZLOOUHYLHZWKHSURJUHVVRIWKH
VWXG\DQGSHUIRUPLQWHULPUHYLHZVRIVDIHW\GDWDDVVSHFLILHGLQWKH'0&FKDUWHU DQGSURYLGH
UHFRPPHQGDWLRQWR*LOHDGZKHWKHUWKHQDWXUHIUHTXHQF\DQGVHYHULW\RIDGYHUVHHIIHFWV
DVVRFLDWHGZLWKVWXG\WUHDWPHQWZDUUDQWWKHHDUO\WHUPLQDWLRQRIWKHVWXG\LQWKHEHVWLQWHUHVWVRI
WKHSDUWLFLSDQWVZKHWKHUWKHVWXG\VKRXOGFRQWLQXHDVSODQQHG RUWKHVWXG\VKRXOGFRQWLQXHZLWK
PRGLILFDWLRQV7KH'0&ZLOODOVRUHYLHZLQWHULPHIILFDF\DQDO\VHVDVGHVFULEHGLQ6HFWLRQ 
DQGSURYLGHUHFRPPHQGDWLRQVWR*LOHDG ([HFXWLYH0DQDJHPHQWSHUSUHGHILQHGFULWHULD DV
RXWOLQHGLQWKH'0&&KDUWHU
7KH'0&¶VVSHFLILFDFWLYLWLHVZLOOEHGHILQHGE\DPXWXDOO\DJUHHGFKDUWHUZKLFKZLOOGHILQHWKH
'0&¶VPHPEHUVKLSFRQGXFWDQGPHHWLQJVFKHGXOH
:KLOHWKH'0&ZLOOEHDVNHGWRDGYLVH*LOHDGUHJDUGLQJIXWXUHFRQGXFWRIWKHVWXG\LQFOXGLQJ
SRVVLEOHHDUO\VWXG\WHUPLQDWLRQ*LOHDGUHWDLQVILQDOGHFLVLRQPDNLQJDXWKRULW\RQ DOODVSHFWVRI
WKHVWXG\
PPD


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

(QGSRLQW$GMXGLFDWLRQ&RPPLWWHH
%OLQGHGUHYLHZHUVZLOOUHYLHZUHODWHGFOLQLFDO GDWDWRGHWHUPLQHZKHWKHUDORZHUUHVSLUDWRU\WUDFW
FRPSOLFDWLRQ KDVGHYHORSHG7KHVHFOLQLFDOGDWDLH YLWDOVLJQVFOLQLFDOQRWHVUDGLRORJ\UHSRUWV
>LQFOXGLQJHFKRFDUGLRJUDPV@DQGPLFURELRORJ\UHVXOWVZLOOEHXVHGWRGHWHUPLQHLIRQHRIWKH
IROORZLQJKDVRFFXUUHGH[FOXGLQJRWKHUFDXVHVVXFKDVSXOPRQDU\HPEROLVPFDUGLRJHQLFVKRFN
KHDUWIDLOXUHDQGIOXLGRYHUORDG

3ULPDU\569/57,

6HFRQGDU\EDFWHULDO/57,

/57,GXHWRXQXVXDOSDWKRJHQV

/57,QRQLQIHFWLRXVRURIXQNQRZQHWLRORJ\
'HWDLOHGGHILQLWLRQVIRUHDFKRIWKHDERYH GLDJQRVHVZLOOEHSURYLGHGWRWKHDGMXGLFDWLRQ
FRPPLWWHHLQWKH$GMXGLFDWLRQ&RPPLWWHH&KDUWHU

,QWHULP$QDO\VLV
7ZRXQEOLQGHG LQWHULPHIILFDF\DQDO\VHVRIWKHSULPDU\HQGSRLQWWLPHZHLJKWHGDYHUDJH FKDQJH
LQ569ORJYLUDOORDGIURP'D\WKURXJK'D\ ZLOOEHFRQGXFWHGDIWHUDSSUR[LPDWHO\
 DQGRIWKHVXEMHFWVKDYHEHHQHQUROOHGDQGUHDFK'D\VHH6HFWLRQ  $WWKHVH
LQWHULPDQDO\VHVHIILFDF\RI*6ZLOOEHFRPSDUHGWRSODFHERDVPHDVXUHGE\WKHWLPH
ZHLJKWHGDYHUDJH FKDQJHLQORJYLUDOORDGDWWKHVLGHGVLJQLILFDQFHOHYHO $WWKH
ILUVW LQWHULP DQDO\VLVZLWKVXEMHFWVWKHQXOOK\SRWKHVLVZLOOEHUHMHFWHGLIDSSUR[LPDWHO\D
PLQLPXPRIDORJGLIIHUHQFHEHWZHHQWUHDWPHQWJURXSVLQPHDQWLPHZHLJKWHGDYHUDJH
FKDQJHLQORJYLUDOORDGLVREVHUYHG $WWKHVHFRQGLQWHULPDQDO\VLVZLWKVXEMHFWVWKHQXOO
K\SRWKHVLVZLOOEHUHMHFWHGLIDSSUR[LPDWHO\DPLQLPXPRIDORJGLIIHUHQFHEHWZHHQ
WUHDWPHQWJURXSVLQPHDQWLPHZHLJKWHGDYHUDJH FKDQJHLQORJYLUDOORDGLVREVHUYHG ,IWKHUH
LVQRWHQRXJKHYLGHQFHWRUHMHFWWKHQXOOK\SRWKHVLVDWWKHLQWHULPDQDO\VHVWKHILQDODQDO\VLVZLOO
EHFRQGXFWHGDWDQDGMXVWHGVLJQLILFDQFHOHYHOVHHEHORZEDVHGRQDJURXSVHTXHQWLDODOSKD
VSHQGLQJPHWKRGVRWKDWWKHRYHUDOOW\SHHUURUUDWHFDQEHFRQWUROOHGDWWKHOHYHO
7KHERXQGDU\ WRUHMHFWWKHQXOOK\SRWKHVLV DW WKHLQWHULPDQGWKHILQDODQDO\VHVDUHVKRZQLQ
7DEOH 7KHLQWHULPDQGILQDODQDO\VHVZLOOEHFRQGXFWHGXVLQJWKHSULPDU\DQDO\VLVPHWKRGV
DVGHVFULEHGLQ6HFWLRQ 
7DEOH 
6LJQLILFDQFH/HYHOVWR5HMHFWWKH+ DW,QWHULPDQG)LQDO$QDO\VHV
$QDO\VLV
6LJQLILFDQFH/HYHOVWR5HMHFWWKH+
,QWHULPLQFOXGLQJDSSUR[LPDWHO\ RIVXEMHFWV

,QWHULPLQFOXGLQJDSSUR[LPDWHO\ RIVXEMHFWV

)LQDOLQFOXGLQJRIVXEMHFWV
 


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

5(63216,%,/,7,(6

,QYHVWLJDWRU5HVSRQVLELOLWLHV

*RRG&OLQLFDO3UDFWLFH
7KHLQYHVWLJDWRUZLOOHQVXUHWKDWWKLVVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKHSULQFLSOHVRIWKH
'HFODUDWLRQRI+HOVLQNLDVDPHQGHGLQ(GLQEXUJK7RN\R9HQLFH+RQJ.RQJDQG6RXWK
$IULFD,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ,&+JXLGHOLQHVRUZLWKWKHODZVDQG
UHJXODWLRQVRIWKHFRXQWU\LQZKLFKWKHUHVHDUFKLVFRQGXFWHGZKLFKHYHUDIIRUGVWKHJUHDWHU
SURWHFWLRQWRWKHVWXG\VXEMHFW7KHVHVWDQGDUGVDUHFRQVLVWHQWZLWKWKH(XURSHDQ8QLRQ&OLQLFDO
7ULDOV'LUHFWLYH(&DQG*RRG&OLQLFDO3UDFWLFH'LUHFWLYH(&
7KHLQYHVWLJDWRUZLOOHQVXUHDGKHUHQFHWRWKHEDVLFSULQFLSOHVRI*RRG&OLQLFDO3UDFWLFHDV
RXWOLQHGLQ &)5 VXESDUW '³5HVSRQVLELOLWLHVRI6SRQVRUVDQG,QYHVWLJDWRUV´ &)5
SDUW DQG &)5SDUW 
7KHLQYHVWLJDWRUDQGDOODSSOLFDEOHVXELQYHVWLJDWRUVZLOOFRPSO\ZLWK &)53DUW 
SURYLGLQJGRFXPHQWDWLRQRIWKHLUILQDQFLDOLQWHUHVWRUDUUDQJHPHQWVZLWK*LOHDGRUSURSULHWDU\
LQWHUHVWVLQWKHLQYHVWLJDWLRQDOGUXJXQGHUVWXG\7KLVGRFXPHQWDWLRQPXVWEHSURYLGHGSULRUWR
WKHLQYHVWLJDWRU¶VDQGDQ\VXELQYHVWLJDWRU¶VSDUWLFLSDWLRQLQWKHVWXG\7KHLQYHVWLJDWRUDQG
VXELQYHVWLJDWRUDJUHHWRQRWLI\*LOHDGRIDQ\FKDQJHLQUHSRUWDEOHLQWHUHVWVGXULQJWKHVWXG\DQG
IRU\HDUIROORZLQJFRPSOHWLRQRIWKHVWXG\6WXG\FRPSOHWLRQLVGHILQHGDVWKHGDWHZKHQWKH
ODVWVXEMHFWFRPSOHWHVWKHSURWRFROGHILQHGDFWLYLWLHV

,QVWLWXWLRQDO5HYLHZ%RDUG,5%,QGHSHQGHQW(WKLFV&RPPLWWHH,(&
5HYLHZDQG$SSURYDO
7KHLQYHVWLJDWRURUVSRQVRUDVDSSURSULDWHDFFRUGLQJWRORFDOUHJXODWLRQVZLOOVXEPLWWKLV
SURWRFROLQIRUPHGFRQVHQWIRUPDQGDQ\DFFRPSDQ\LQJPDWHULDOWREHSURYLGHGWRWKHVXEMHFW
VXFKDVDGYHUWLVHPHQWVVXEMHFWLQIRUPDWLRQVKHHWVRUGHVFULSWLRQVRIWKHVWXG\XVHGWRREWDLQ
LQIRUPHGFRQVHQWWRDQ ,5%,(&GHSHQGLQJRQUHJLRQ7KHLQYHVWLJDWRUZLOOQRWEHJLQDQ\VWXG\
VXEMHFWDFWLYLWLHVXQWLODSSURYDOIURPWKH ,5%,(& KDVEHHQGRFXPHQWHGDQGSURYLGHGDVDOHWWHU
WRWKHLQYHVWLJDWRU
%HIRUHLPSOHPHQWDWLRQWKHLQYHVWLJDWRUZLOOVXEPLWWRDQGUHFHLYHGRFXPHQWHGDSSURYDOIURP
WKH ,5%,(&IRUDQ\PRGLILFDWLRQVPDGHWRWKHSURWRFRORUDQ\DFFRPSDQ\LQJPDWHULDOWREH
SURYLGHGWRWKHVXEMHFWDIWHULQLWLDODSSURYDOZLWKWKHH[FHSWLRQRIWKRVH QHFHVVDU\WRUHGXFH
LPPHGLDWHULVNWRVWXG\VXEMHFWV

,QIRUPHG&RQVHQW
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUREWDLQLQJZULWWHQLQIRUPHGFRQVHQWIURPHDFKLQGLYLGXDO
SDUWLFLSDWLQJLQWKLVVWXG\DIWHUDGHTXDWHH[SODQDWLRQRIWKHDLPVPHWKRGVREMHFWLYHVDQG
SRWHQWLDOKD]DUGVRIWKHVWXG\DQGEHIRUHXQGHUWDNLQJDQ\VWXG\UHODWHGSURFHGXUHV7KH


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
LQYHVWLJDWRUPXVWXVHWKHPRVWFXUUHQW ,5%RU,(&DSSURYHGFRQVHQWIRUPIRUGRFXPHQWLQJ
ZULWWHQLQIRUPHGFRQVHQW(DFKLQIRUPHGFRQVHQWRUDVVHQWDVDSSOLFDEOHZLOOEHDSSURSULDWHO\
VLJQHGDQGGDWHGE\WKHVXEMHFWRUWKHVXEMHFW¶VOHJDOO\DXWKRUL]HGUHSUHVHQWDWLYHDQGWKHSHUVRQ
FRQGXFWLQJWKHFRQVHQWGLVFXVVLRQDQGDOVRE\DQLPSDUWLDOZLWQHVVLIUHTXLUHGE\ ,5%,(&RU
ORFDOUHTXLUHPHQWV

&RQILGHQWLDOLW\
7KHLQYHVWLJDWRUPXVWDVVXUHWKDWVXEMHFWV¶DQRQ\PLW\ZLOOEHVWULFWO\PDLQWDLQHGDQGWKDWWKHLU
LGHQWLWLHVDUHSURWHFWHGIURPXQDXWKRUL]HGSDUWLHV2QO\VXEMHFWLQLWLDOVGDWHRIELUWKDQRWKHU
XQLTXHLGHQWLILHUDVDOORZHGE\ORFDOODZDQGDQ LGHQWLILFDWLRQFRGHZLOOEHUHFRUGHGRQDQ\
IRUPRUELRORJLFDOVDPSOHVXEPLWWHGWRWKH6SRQVRU,5%,(& RUODERUDWRU\/DERUDWRU\
VSHFLPHQVPXVWEHODEHOHGLQVXFKD PDQQHU DVWRSURWHFWVXEMHFWLGHQWLW\ZKLOHDOORZLQJWKH
UHVXOWVWREHUHFRUGHGWRWKHSURSHUVXEMHFW5HIHUWRVSHFLILFODERUDWRU\LQVWUXFWLRQV127( 7KH
LQYHVWLJDWRUPXVWNHHSDVFUHHQLQJORJVKRZLQJFRGHVQDPHVDQGDGGUHVVHVIRUDOOVXEMHFWV
VFUHHQHGDQGIRUDOOVXEMHFWVHQUROOHGLQWKHWULDO 6XEMHFWGDWDZLOOEHSURFHVVHGLQDFFRUGDQFH
ZLWKDOODSSOLFDEOHUHJXODWLRQV
7KHLQYHVWLJDWRUDJUHHVWKDWDOOLQIRUPDWLRQUHFHLYHGIURP*LOHDGLQFOXGLQJEXWQRWOLPLWHGWR WKH
,%WKLVSURWRFROH&5)WKH,03DQGDQ\RWKHUVWXG\LQIRUPDWLRQUHPDLQWKHVROHDQG
H[FOXVLYHSURSHUW\RI*LOHDGGXULQJWKHFRQGXFWRIWKHVWXG\DQGWKHUHDIWHU7KLVLQIRUPDWLRQLV
QRWWREHGLVFORVHGWRDQ\WKLUGSDUW\H[FHSWHPSOR\HHVRUDJHQWVGLUHFWO\LQYROYHGLQWKH
FRQGXFWRIWKHVWXG\RUDVUHTXLUHGE\ODZZLWKRXWSULRUZULWWHQFRQVHQWIURP*LOHDG7KH
LQYHVWLJDWRUIXUWKHUDJUHHVWRWDNHDOOUHDVRQDEOHSUHFDXWLRQVWRSUHYHQWWKHGLVFORVXUHE\DQ\
HPSOR\HHRUDJHQWRIWKHVWXG\VLWHWRDQ\WKLUGSDUW\RURWKHUZLVHLQWRWKHSXEOLFGRPDLQ

6WXG\)LOHVDQG5HWHQWLRQRI5HFRUGV
7KHLQYHVWLJDWRUPXVWPDLQWDLQDGHTXDWHDQGDFFXUDWHUHFRUGVWRHQDEOHWKHFRQGXFWRIWKHVWXG\
WREHIXOO\GRFXPHQWHGDQGWKHVWXG\GDWDWREHVXEVHTXHQWO\YHULILHG7KHVHGRFXPHQWVVKRXOG
EHFODVVLILHGLQWRDWOHDVWWKHIROORZLQJWZRFDWHJRULHV  LQYHVWLJDWRU¶VVWXG\ILOHDQG
 VXEMHFWFOLQLFDOVRXUFHGRFXPHQWV
7KHLQYHVWLJDWRU¶VVWXG\ILOHZLOOFRQWDLQWKHSURWRFRODPHQGPHQWV&5)DQGTXHU\IRUPV
,5%,(&DQGJRYHUQPHQWDODSSURYDOZLWKFRUUHVSRQGHQFHLQIRUPHGFRQVHQWGUXJ UHFRUGVVWDII
FXUULFXOXPYLWDHDQGDXWKRUL]DWLRQIRUPVDQGRWKHUDSSURSULDWHGRFXPHQWVDQGFRUUHVSRQGHQFH
7KHUHTXLUHGVRXUFHGDWDVKRXOGLQFOXGHVHTXHQWLDOQRWHVFRQWDLQLQJDWOHDVWWKHIROORZLQJ
LQIRUPDWLRQIRUHDFKVXEMHFW

6XEMHFWLGHQWLILFDWLRQQDPHGDWHRIELUWKJHQGHU

'RFXPHQWDWLRQWKDWVXEMHFWPHHWVHOLJLELOLW\FULWHULDLHKLVWRU\SK\VLFDOH[DPLQDWLRQDQG
FRQILUPDWLRQRIGLDJQRVLVWRVXSSRUWLQFOXVLRQDQGH[FOXVLRQFULWHULD

'RFXPHQWDWLRQRIWKHUHDVRQVDFRQVHQWHGVXEMHFWLVQRWHQUROOHG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

3DUWLFLSDWLRQLQVWXG\LQFOXGLQJVWXG\QXPEHU

6WXG\GLVFXVVHGDQGGDWHRILQIRUPHGFRQVHQW

'DWHVRIDOOYLVLWV

'RFXPHQWDWLRQWKDWSURWRFROVSHFLILFSURFHGXUHVZHUHSHUIRUPHG

5HVXOWVRIHIILFDF\SDUDPHWHUVDVUHTXLUHGE\WKHSURWRFRO

6WDUWDQGHQGGDWHLQFOXGLQJGRVHUHJLPHQRI,03LQFOXGLQJGDWHVRI GLVSHQVLQJDQGUHWXUQ

5HFRUGRIDOODGYHUVHHYHQWVDQGRWKHUVDIHW\SDUDPHWHUVVWDUWDQGHQGGDWHDQGLQFOXGLQJ
FDXVDOLW\DQGVHYHULW\

&RQFRPLWDQWPHGLFDWLRQLQFOXGLQJVWDUWDQGHQGGDWHGRVHLIUHOHYDQWGRVHFKDQJHV

'DWHRIVWXG\FRPSOHWLRQ DQGUHDVRQIRUHDUO\GLVFRQWLQXDWLRQLILWRFFXUV
$OOFOLQLFDOVWXG\GRFXPHQWVPXVWEHUHWDLQHGE\WKHLQYHVWLJDWRUXQWLODWOHDVW \HDUVRU
DFFRUGLQJWRORFDOODZVZKLFKHYHULVORQJHUDIWHUWKHODVWDSSURYDORIDPDUNHWLQJDSSOLFDWLRQLQ
DQ,&+UHJLRQLH8QLWHG6WDWHV(XURSHRU-DSDQDQGXQWLOWKHUHDUHQRSHQGLQJRUSODQQHG
PDUNHWLQJDSSOLFDWLRQVLQDQ,&+UHJLRQRULIQRDSSOLFDWLRQLVILOHGRULIWKHDSSOLFDWLRQLVQRW
DSSURYHGIRUVXFKLQGLFDWLRQXQWLO \HDUVDIWHUWKHLQYHVWLJDWLRQLVGLVFRQWLQXHGDQGUHJXODWRU\
DXWKRULWLHVKDYHEHHQQRWLILHG,QYHVWLJDWRUVPD\EHUHTXLUHGWRUHWDLQGRFXPHQWVORQJHULI
VSHFLILHGE\UHJXODWRU\UHTXLUHPHQWVE\ORFDOUHJXODWLRQVRUE\DQDJUHHPHQWZLWK*LOHDG7KH
LQYHVWLJDWRUPXVWQRWLI\*LOHDGEHIRUHGHVWUR\LQJDQ\FOLQLFDOVWXG\UHFRUGV
6KRXOGWKHLQYHVWLJDWRUZLVKWRDVVLJQWKHVWXG\UHFRUGVWRDQRWKHUSDUW\RUPRYHWKHPWRDQRWKHU
ORFDWLRQ*LOHDGPXVWEHQRWLILHGLQDGYDQFH
,IWKHLQYHVWLJDWRUFDQQRWSURYLGHIRUWKLVDUFKLYLQJUHTXLUHPHQWDWWKHVWXG\VLWHIRUDQ\RUDOORI
WKHGRFXPHQWVVSHFLDODUUDQJHPHQWVPXVWEHPDGHEHWZHHQWKHLQYHVWLJDWRUDQG*LOHDGWRVWRUH
WKHVHUHFRUGVVHFXUHO\DZD\IURP WKHVLWHVRWKDWWKH\FDQEHUHWXUQHGVHDOHGWRWKHLQYHVWLJDWRU
LQFDVHRIDQLQVSHFWLRQ:KHQVRXUFHGRFXPHQWVDUHUHTXLUHGIRUWKHFRQWLQXHGFDUHRIWKH
VXEMHFWDSSURSULDWHFRSLHVVKRXOGEHPDGHIRUVWRUDJHDZD\IURP WKHVLWH

&DVH5HSRUW)RUPV
)RUHDFKVXEMHFWFRQVHQWHGDQH&5)ZLOOEHFRPSOHWHGE\DQDXWKRUL]HGVWXG\VWDIIPHPEHU
ZKRVHWUDLQLQJIRUWKLVIXQFWLRQLVGRFXPHQWHGDFFRUGLQJWRVWXG\SURFHGXUHV H&5) VKRXOGEH
FRPSOHWHGRQWKHGD\RIWKHVXEMHFWYLVLWWRHQDEOHWKHVSRQVRUWRSHUIRUPFHQWUDOPRQLWRULQJRI
VDIHW\GDWD6XEVHTXHQWWRGDWDHQWU\DVWXG\PRQLWRUZLOOSHUIRUPVRXUFHGDWDYHULILFDWLRQ
ZLWKLQWKH('&V\VWHP 2ULJLQDOHQWULHVDVZHOODVDQ\FKDQJHVWRGDWDILHOGVZLOOEHVWRUHGLQ
WKHDXGLWWUDLORIWKHV\VWHP3ULRUWRGDWDEDVHORFNRUDQ\LQWHULPWLPHSRLQWVDVGHVFULEHGLQWKH
FOLQLFDO GDWDPDQDJHPHQWSODQWKHLQYHVWLJDWRUZLOOXVHKLVKHUORJLQFUHGHQWLDOVWRFRQILUPWKDW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
WKHIRUPVKDYHEHHQUHYLHZHGDQGWKDWWKHHQWULHVDFFXUDWHO\UHIOHFWWKHLQIRUPDWLRQLQWKH
VRXUFHGRFXPHQWV 7KHH&5)FDSWXUHWKHGDWDUHTXLUHGSHUWKHSURWRFRO VFKHGXOHRIHYHQWVDQG
SURFHGXUHV 6\VWHPJHQHUDWHGRUPDQXDOTXHULHVZLOOEHLVVXHGWRWKHLQYHVWLJDWLYHVLWHVWDIIDV
GDWDGLVFUHSDQFLHVDUHLGHQWLILHGE\WKHPRQLWRURULQWHUQDO*LOHDGVWDIIZKRURXWLQHO\UHYLHZWKH
GDWDIRUFRPSOHWHQHVVFRUUHFWQHVVDQGFRQVLVWHQF\ 7KHVLWHFRRUGLQDWRULVUHVSRQVLEOHIRU
UHVSRQGLQJWRWKHTXHULHVLQDWLPHO\PDQQHUZLWKLQWKHV\VWHPHLWKHUE\FRQILUPLQJWKHGDWDDV
FRUUHFWRUXSGDWLQJWKHRULJLQDOHQWU\DQGSURYLGLQJWKHUHDVRQIRUWKHXSGDWHHJGDWDHQWU\
HUURU $WWKHFRQFOXVLRQRIWKHWULDO*LOHDGZLOOSURYLGHWKHVLWHZLWKDUHDGRQO\DUFKLYHFRS\
RIWKHGDWDHQWHUHGE\WKDWVLWH 7KLVDUFKLYHPXVWEHVWRUHGLQDFFRUGDQFHZLWKWKHUHFRUGV
UHWHQWLRQUHTXLUHPHQWVRXWOLQHGLQ6HFWLRQ 

'DWD4XDOLW\&RQWURODQG4XDOLW\$VVXUDQFH
7RLQVXUHDFFXUDWHFRPSOHWHDQGUHOLDEOHGDWDWKH6SRQVRURULWVUHSUHVHQWDWLYHVZLOOGRWKH
IROORZLQJ

3URYLGHLQVWUXFWLRQDOPDWHULDOWRWKHVWXG\VLWHVDVDSSURSULDWH

,QVWUXFWWKHLQYHVWLJDWRUVDQGVWXG\SHUVRQQHORQWKHSURWRFROWKHFRPSOHWLRQRIWKH&5)V
DQGVWXG\SURFHGXUHV

0DNHSHULRGLFYLVLWVWRWKHVWXG\VLWH

%HDYDLODEOHWRFRQVXOWDWLRQDQGVWD\LQFRQWDFWZLWKWKHVWXG\VLWHSHUVRQQHOE\PDLOHPDLO
WHOHSKRQHDQGRUID[

0RQLWRUWKHVXEMHFWGDWDUHFRUGHGLQ WKH&5)VDJDLQVWVRXUFHGRFXPHQWVDWWKHVWXG\VLWH

5HYLHZDQGHYDOXDWH&5)GDWDDQGXVHVWDQGDUGFRPSXWHUHGLWVWRGHWHFWHUURUVLQGDWD
FROOHFWLRQ

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW $FFRXQWDELOLW\DQG5HWXUQ
*LOHDGUHFRPPHQGVWKDWXVHGDQGXQXVHG,03VXSSOLHVEHGHVWUR\HGRQVLWHLISRVVLEOH7KH
VWXG\PRQLWRUZLOOHYDOXDWHHDFKVWXG\FHQWHU¶V,03 GLVSRVDOSURFHGXUHVDQGSURYLGHDSSURSULDWH
LQVWUXFWLRQIRUGHVWUXFWLRQRIXQXVHG,03 VXSSOLHV,IWKHVLWHKDVDQDSSURSULDWHVWDQGDUG
RSHUDWLQJSURFHGXUH623IRUGUXJGHVWUXFWLRQ DVGHWHUPLQHGE\*LOHDG4$WKHVLWHPD\
GHVWUR\XVHGHPSW\ RUSDUWLDOO\HPSW\DQGXQXVHG,03 VXSSOLHVLQDFFRUGDQFHZLWKWKDW VLWH¶V
DSSURYHG 623$FRS\RIWKHVLWH¶VDSSURYHG623ZLOOEHREWDLQHGIRUFHQWUDOILOHV,I,03
FDQQRWEHGHVWUR\HGRQVLWHWKHVWXG\PRQLWRUZLOOSURYLGHLQVWUXFWLRQVIRUUHWXUQWR *LOHDGRU
WKHVKLSSLQJIDFLOLW\IURPZKLFKLWFDPHIRUHYHQWXDOGHVWUXFWLRQ
,I,03 LVGHVWUR\HGRQVLWHWKHLQYHVWLJDWRUPXVWPDLQWDLQDFFXUDWHUHFRUGVIRUDOO,03
GHVWUR\HG5HFRUGVPXVWVKRZWKHLGHQWLILFDWLRQDQGTXDQWLW\RIHDFKXQLWGHVWUR\HGWKHPHWKRG
RIGHVWUXFWLRQDQGWKHSHUVRQZKRGLVSRVHGRIWKH,038SRQVWXG\FRPSOHWLRQFRSLHV RIWKH
,03 DFFRXQWDELOLW\UHFRUGVPXVWEHILOHGDWWKHVLWH$QRWKHUFRS\ZLOOEHUHWXUQHGWR*LOHDG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
7KHVWXG\PRQLWRUZLOOUHYLHZ,03VXSSOLHVDQGDVVRFLDWHGUHFRUGVDWSHULRGLFLQWHUYDOV

,QVSHFWLRQV
7KHLQYHVWLJDWRUZLOOPDNHDYDLODEOHDOO VRXUFHGRFXPHQWVDQGRWKHUUHFRUGVIRUWKLVWULDOWR
*LOHDG¶VDSSRLQWHGVWXG\PRQLWRUVWR ,5%,(&VRUWRUHJXODWRU\DXWKRULW\RUKHDOWKDXWKRULW\
LQVSHFWRUV

3URWRFRO&RPSOLDQFH
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKHVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKH
SURFHGXUHVDQGHYDOXDWLRQVGHVFULEHGLQWKLVSURWRFRO

6SRQVRU5HVSRQVLELOLWLHV

3URWRFRO0RGLILFDWLRQV
3URWRFROPRGLILFDWLRQVH[FHSWWKRVHLQWHQGHGWRUHGXFHLPPHGLDWHULVNWRVWXG\VXEMHFWVPD\EH
PDGHRQO\E\*LOHDG7KHLQYHVWLJDWRUPXVWVXEPLWDOOSURWRFROPRGLILFDWLRQVWRWKH,5%,(&LQ
DFFRUGDQFHZLWKORFDOUHTXLUHPHQWV DQGUHFHLYHGRFXPHQWHG,5%,(& DSSURYDOEHIRUH
PRGLILFDWLRQVFDQEHLPSOHPHQWHG

6WXG\5HSRUWDQG3XEOLFDWLRQV
$FOLQLFDOVWXG\UHSRUW&65ZLOOEHSUHSDUHGDQGSURYLGHGWRWKHDSSOLFDEOHUHJXODWRU\
DJHQFLHV*LOHDGZLOOHQVXUHWKDWWKHUHSRUWPHHWVWKHVWDQGDUGVVHWRXWLQWKH,&+*XLGHOLQHIRU
6WUXFWXUHDQG&RQWHQWRI&OLQLFDO6WXG\5HSRUWV,&+ (1RWHWKDWDQDEEUHYLDWHGUHSRUWPD\
EHSUHSDUHGLQFHUWDLQFDVHV
,QYHVWLJDWRUVLQWKLVVWXG\PD\FRPPXQLFDWHRUDOO\SUHVHQWRUSXEOLVKLQVFLHQWLILFMRXUQDOVRU
RWKHUVFKRODUO\PHGLDRQO\DIWHUWKHIROORZLQJFRQGLWLRQVKDYHEHHQPHW

7KHUHVXOWVRIWKHVWXG\LQWKHLUHQWLUHW\KDYHEHHQSXEOLFO\GLVFORVHGE\RUZLWKWKHFRQVHQW
RI*LOHDGLQDQDEVWUDFWPDQXVFULSWRUSUHVHQWDWLRQIRUPRUWKHVWXG\KDVEHHQFRPSOHWHGDW
DOOVWXG\VLWHVIRUDWOHDVW\HDUV

7KHLQYHVWLJDWRUZLOOVXEPLWWR*LOHDGDQ\SURSRVHGSXEOLFDWLRQRUSUHVHQWDWLRQDORQJZLWK
WKHUHVSHFWLYHVFLHQWLILFMRXUQDORUSUHVHQWDWLRQIRUXPDWOHDVWGD\VEHIRUHVXEPLVVLRQRI
WKHSXEOLFDWLRQRUSUHVHQWDWLRQ

1RVXFKFRPPXQLFDWLRQSUHVHQWDWLRQRUSXEOLFDWLRQZLOOLQFOXGH*LOHDG¶VFRQILGHQWLDO
LQIRUPDWLRQVHH6HFWLRQ 

7KHLQYHVWLJDWRUZLOOFRPSO\ZLWK*LOHDG¶VUHTXHVWWRGHOHWHUHIHUHQFHVWRLWVFRQILGHQWLDO
LQIRUPDWLRQRWKHUWKDQWKHVWXG\UHVXOWVLQDQ\SDSHURUSUHVHQWDWLRQDQGDJUHHVWRZLWKKROG
SXEOLFDWLRQRUSUHVHQWDWLRQIRUDQDGGLWLRQDOGD\VLQRUGHUWRREWDLQSDWHQWSURWHFWLRQLI
GHHPHGQHFHVVDU\


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

-RLQW,QYHVWLJDWRU6SRQVRU5HVSRQVLELOLWLHV

3D\PHQW5HSRUWLQJ
,QYHVWLJDWRUVDQGWKHLUVWXG\VWDIIPD\EHDVNHGWRSURYLGHVHUYLFHVSHUIRUPHGXQGHU WKLV
SURWRFROHJDWWHQGDQFHDW,QYHVWLJDWRU
V0HHWLQJV,IUHTXLUHGXQGHUWKHDSSOLFDEOHVWDWXWRU\
DQGUHJXODWRU\UHTXLUHPHQWV*LOHDGZLOOFDSWXUHDQGGLVFORVHWR)HGHUDODQG6WDWHDJHQFLHVDQ\
H[SHQVHVSDLGRUUHLPEXUVHGIRUVXFKVHUYLFHVLQFOXGLQJ DQ\FOLQLFDOWULDOSD\PHQWVPHDOWUDYHO
H[SHQVHVRUUHLPEXUVHPHQWVFRQVXOWLQJIHHVDQGDQ\RWKHUWUDQVIHURIYDOXH

$FFHVVWR,QIRUPDWLRQIRU0RQLWRULQJ
,QDFFRUGDQFHZLWKUHJXODWLRQVDQG JXLGHOLQHVWKHVWXG\PRQLWRUPXVWKDYHGLUHFWDFFHVVWRWKH
LQYHVWLJDWRU¶VVRXUFHGRFXPHQWDWLRQLQRUGHUWRYHULI\WKHDFFXUDF\RIWKHGDWDUHFRUGHGLQWKH
&5)H&5)
7KHPRQLWRULVUHVSRQVLEOHIRUURXWLQHUHYLHZRIWKH&5)H&5) DWUHJXODULQWHUYDOVWKURXJKRXW
WKHVWXG\WRYHULI\DGKHUHQFHWRWKHSURWRFRODQGWKHFRPSOHWHQHVVFRQVLVWHQF\DQGDFFXUDF\RI
WKHGDWDEHLQJHQWHUHGRQWKHP7KHPRQLWRUVKRXOGKDYHDFFHVVWRDQ\VXEMHFWUHFRUGVQHHGHGWR
YHULI\WKHHQWULHVRQWKH&5)H&5)7KHLQYHVWLJDWRUDJUHHVWRFRRSHUDWHZLWKWKHPRQLWRUWR
HQVXUHWKDWDQ\SUREOHPVGHWHFWHGWKURXJKDQ\W\SHRIPRQLWRULQJFHQWUDORQVLWH DUHUHVROYHG

$FFHVVWR,QIRUPDWLRQIRU$XGLWLQJRU,QVSHFWLRQV
5HSUHVHQWDWLYHVRIUHJXODWRU\DXWKRULWLHVRURI*LOHDGPD\FRQGXFWLQVSHFWLRQVRUDXGLWVRIWKH
FOLQLFDOVWXG\,IWKHLQYHVWLJDWRULVQRWLILHGRIDQLQVSHFWLRQE\DUHJXODWRU\DXWKRULW\WKH
LQYHVWLJDWRUDJUHHVWRQRWLI\WKH*LOHDGPHGLFDOPRQLWRULPPHGLDWHO\7KHLQYHVWLJDWRUDJUHHVWR
SURYLGHWRUHSUHVHQWDWLYHVRIDUHJXODWRU\DJHQF\RU*LOHDGDFFHVVWRUHFRUGVIDFLOLWLHVDQG
SHUVRQQHO IRUWKHHIIHFWLYHFRQGXFWRIDQ\LQVSHFWLRQRUDXGLW

6WXG\'LVFRQWLQXDWLRQ
%RWKWKHVSRQVRUDQGWKHLQYHVWLJDWRUUHVHUYHWKHULJKWWRWHUPLQDWHWKHVWXG\DWDQ\WLPH6KRXOG
WKLVEHQHFHVVDU\ERWKSDUWLHVZLOODUUDQJHGLVFRQWLQXDWLRQSURFHGXUHVDQGQRWLI\WKHDSSURSULDWH
UHJXODWRU\DXWKRULW\LHV,5%VDQG,(&V,QWHUPLQDWLQJWKHVWXG\*LOHDGDQGWKHLQYHVWLJDWRU
ZLOODVVXUHWKDWDGHTXDWHFRQVLGHUDWLRQLVJLYHQWRWKHSURWHFWLRQRIWKHVXEMHFWV¶LQWHUHVWV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

5()(5(1&(6

'PLWULHQNR $2IIHQ:::HVWIDOO3+*DWHNHHSLQJVWUDWHJLHVIRUFOLQLFDOWULDOV
WKDWGRQRWUHTXLUHDOOSULPDU\HIIHFWVWREHVLJQLILFDQW6WDWLVW0HG


$PHULFDQ$FDGHP\RI3HGLDWULFV&RPPLWWHHRQ,QIHFWLRXV'LVHDVHV8VHRI
ULEDYLULQLQWKHWUHDWPHQWRIUHVSLUDWRU\V\QF\WLDOYLUXVLQIHFWLRQ3HGLDWULFV


1DLU+1RNHV'-*HVVQHU%''KHUDQL00DGKL6$6LQJOHWRQ5-HWDO
*OREDOEXUGHQRIDFXWHORZHUUHVSLUDWRU\LQIHFWLRQVGXHWRUHVSLUDWRU\V\QF\WLDO
YLUXVLQ\RXQJFKLOGUHQDV\VWHPDWLFUHYLHZDQGPHWDDQDO\VLV/DQFHW


6WRFNPDQ/-&XUQV$7$QGHUVRQ/-)LVFKHU/DQJOH\*5HVSLUDWRU\6\QF\WLDO
9LUXVDVVRFLDWHG+RVSLWDOL]DWLRQV$PRQJ,QIDQWVDQG<RXQJ&KLOGUHQLQWKH
8QLWHG6WDWHV3HGLDWU,QIHFW'LV-

1LFKROV:**RROH\7%RHFNK0&RPPXQLW\DFTXLUHGUHVSLUDWRU\V\QF\WLDO
YLUXVDQGSDUDLQIOXHQ]DYLUXVLQIHFWLRQVDIWHUKHPDWRSRLHWLFVWHPFHOO
WUDQVSODQWDWLRQWKH)UHG+XWFKLQVRQ&DQFHU5HVHDUFK&HQWHUH[SHULHQFH%LRO
%ORRG0DUURZ7UDQVSODQW6XSSO66

86'HSDUWPHQWRI+HDOWKDQG+XPDQ6HUYLFHV)RRGDQG'UXJ$GPLQLVWUDWLRQ
&HQWHUIRU'UXJ(YDOXDWLRQDQG5HVHDUFK&'(5*XLGDQFHIRU,QGXVWU\'UXJ
,QWHUDFWLRQ6WXGLHV 6WXG\'HVLJQ 'DWD$QDO\VLV,PSOLFDWLRQVIRU'RVLQJDQG
/DEHOLQJ5HFRPPHQGDWLRQV'5$)7*8,'$1&()HEUXDU\

6KDK-1&KHPDO\5)0DQDJHPHQWRI569LQIHFWLRQVLQDGXOWUHFLSLHQWVRI
KHPDWRSRLHWLFVWHPFHOOWUDQVSODQWDWLRQ%ORRG

6KDK'3*KDQWRML666KDK-1(O7DRXP..-LDQJ<3RSDW8HWDO,PSDFWRI
DHURVROL]HGULEDYLULQRQPRUWDOLW\LQDOORJHQHLFKDHPDWRSRLHWLFVWHPFHOO
WUDQVSODQWUHFLSLHQWVZLWKUHVSLUDWRU\V\QF\WLDOYLUXVLQIHFWLRQV-$QWLPLFURE
&KHPRWKHU

%RHFNK0(QJOXQG-/L<0LOOHU&&URVV$)HUQDQGH]+HWDO5DQGRPL]HG
FRQWUROOHGPXOWLFHQWHUWULDORIDHURVROL]HGULEDYLULQIRUUHVSLUDWRU\V\QF\WLDOYLUXV
XSSHUUHVSLUDWRU\WUDFWLQIHFWLRQLQKHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWV&OLQ
,QIHFW'LV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

&KHPDO\5)*KRVK6%RGH\*35RKDWJL16DIGDU$.HDWLQJ0-HWDO
5HVSLUDWRU\YLUDOLQIHFWLRQVLQDGXOWVZLWKKHPDWRORJLFPDOLJQDQFLHVDQGKXPDQ
VWHPFHOOWUDQVSODQWDWLRQUHFLSLHQWVDUHWURVSHFWLYHVWXG\DWDPDMRUFDQFHUFHQWHU
0HGLFLQH%DOWLPRUH

(UDUG9&KLHQ-:.LP+:1LFKROV:*)ORZHUV0(0DUWLQ3-HWDO
$LUIORZGHFOLQHDIWHUP\HORDEODWLYHDOORJHQHLFKHPDWRSRLHWLFFHOOWUDQVSODQWDWLRQ
WKHUROHRIFRPPXQLW\UHVSLUDWRU\YLUXVHV-,QIHFW'LV

+DUULQJWRQ5'+RRWRQ70+DFNPDQ5&6WRUFK*$2VERUQH%*OHDYHV&$
HWDO$QRXWEUHDNRIUHVSLUDWRU\V\QF\WLDOYLUXVLQDERQHPDUURZWUDQVSODQW
FHQWHU-,QIHFW'LV

.KDQQD1:LGPHU$)'HFNHU06WHIIHQ,+DOWHU-+HLP'HWDO5HVSLUDWRU\
V\QF\WLDOYLUXVLQIHFWLRQLQSDWLHQWVZLWKKHPDWRORJLFDOGLVHDVHVVLQJOHFHQWHU
VWXG\DQGUHYLHZRIWKHOLWHUDWXUH&OLQ,QIHFW'LV

$YHWLV\DQ*0DWWVVRQ-6SDUUHOLG(/MXQJPDQ35HVSLUDWRU\V\QF\WLDOYLUXV
LQIHFWLRQLQUHFLSLHQWVRIDOORJHQHLFVWHPFHOOWUDQVSODQWDWLRQDUHWURVSHFWLYH
VWXG\RIWKHLQFLGHQFHFOLQLFDOIHDWXUHVDQGRXWFRPH7UDQVSODQWDWLRQ


.LP<-%RHFNK0(QJOXQG-$&RPPXQLW\UHVSLUDWRU\YLUXVLQIHFWLRQVLQ
LPPXQRFRPSURPLVHGSDWLHQWVKHPDWRSRLHWLFVWHPFHOODQGVROLGRUJDQWUDQVSODQW
UHFLSLHQWVDQGLQGLYLGXDOVZLWKKXPDQLPPXQRGHILFLHQF\YLUXVLQIHFWLRQ
6HPLQDUVLQUHVSLUDWRU\DQGFULWLFDOFDUHPHGLFLQH

.LP<-*XWKULH.$:DJKPDUH$:DOVK(()DOVH\$5.X\SHUV-HWDO
5HVSLUDWRU\V\QF\WLDOYLUXVLQKHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWVIDFWRUV
GHWHUPLQLQJSURJUHVVLRQWRORZHUUHVSLUDWRU\WUDFWGLVHDVH-,QIHFW'LV

0DUWLQR53RUUDV535DEHOOD1:LOOLDPV-95DPLOD(0DUJDOO1HWDO
3URVSHFWLYHVWXG\RIWKHLQFLGHQFHFOLQLFDOIHDWXUHVDQGRXWFRPHRIV\PSWRPDWLF
XSSHUDQGORZHUUHVSLUDWRU\WUDFWLQIHFWLRQVE\UHVSLUDWRU\YLUXVHVLQDGXOW
UHFLSLHQWVRIKHPDWRSRLHWLFVWHPFHOOWUDQVSODQWVIRUKHPDWRORJLFPDOLJQDQFLHV
%LRO%ORRG0DUURZ7UDQVSODQW

5DERQL601RJXHLUD0%7VXFKL\D/57DNDKDVKL*$3HUHLUD/$3DVTXLQL5
HWDO5HVSLUDWRU\WUDFWYLUDOLQIHFWLRQVLQERQHPDUURZWUDQVSODQWSDWLHQWV
7UDQVSODQWDWLRQ

6FKLIIHU-7.LUE\.6DQGPDLHU%6WRUE5&RUH\/%RHFNK07LPLQJDQG
VHYHULW\RIFRPPXQLW\DFTXLUHGUHVSLUDWRU\YLUXVLQIHFWLRQVDIWHUP\HORDEODWLYH
YHUVXVQRQP\HORDEODWLYHKHPDWRSRLHWLFVWHPFHOOWUDQVSODQWDWLRQ+DHPDWRORJLFD



*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

6HR6&DPSEHOO$3;LH+&KLHQ-:/HLVHQULQJ:0(QJOXQG-$HWDO
2XWFRPHRIUHVSLUDWRU\V\QF\WLDOYLUXVORZHUUHVSLUDWRU\WUDFWGLVHDVHLQ
KHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWVUHFHLYLQJDHURVROL]HGULEDYLULQ
VLJQLILFDQFHRIVWHPFHOOVRXUFHDQGR[\JHQUHTXLUHPHQW%LRO%ORRG0DUURZ
7UDQVSODQW

6KDK'3*KDQWRML660XODQRYLFK9($UL]D+HUHGLD(-&KHPDO\5)
0DQDJHPHQWRIUHVSLUDWRU\YLUDOLQIHFWLRQVLQKHPDWRSRLHWLFFHOOWUDQVSODQW
UHFLSLHQWV$PHULFDQMRXUQDORIEORRGUHVHDUFK

6PDOO71&DVVRQ$0DODN6)%RXODG).LHKQ7(6WLOHV-HWDO5HVSLUDWRU\
V\QF\WLDOYLUXVLQIHFWLRQIROORZLQJKHPDWRSRLHWLFVWHPFHOOWUDQVSODQWDWLRQ%RQH
0DUURZ7UDQVSODQW

:KLPEH\(&KDPSOLQ5(&RXFK5%(QJOXQG-$*RRGULFK-05DDG,HWDO
&RPPXQLW\UHVSLUDWRU\YLUXVLQIHFWLRQVDPRQJKRVSLWDOL]HGDGXOWERQHPDUURZ
WUDQVSODQWUHFLSLHQWV&OLQ,QIHFW'LV

+LUVFK++0DUWLQR5:DUG.1%RHFNK0(LQVHOH+/MXQJPDQ3)RXUWK
(XURSHDQ&RQIHUHQFHRQ,QIHFWLRQVLQ/HXNDHPLD(&,/JXLGHOLQHVIRU
GLDJQRVLVDQGWUHDWPHQWRIKXPDQUHVSLUDWRU\V\QF\WLDOYLUXVSDUDLQIOXHQ]DYLUXV
PHWDSQHXPRYLUXVUKLQRYLUXVDQGFRURQDYLUXV&OLQ,QIHFW'LV


*KRVK6&KDPSOLQ5((QJOXQG-*LUDOW6$5ROVWRQ.5DDG,HWDO
5HVSLUDWRU\V\QF\WLDOYLUXVXSSHUUHVSLUDWRU\WUDFWLOOQHVVHVLQDGXOWEORRGDQG
PDUURZWUDQVSODQWUHFLSLHQWVFRPELQDWLRQWKHUDS\ZLWKDHURVROL]HGULEDYLULQDQG
LQWUDYHQRXVLPPXQRJOREXOLQ%RQH0DUURZ7UDQVSODQW

:KLPEH\(&RXFK5%(QJOXQG-$$QGUHHII0*RRGULFK-05DDG,,HWDO
5HVSLUDWRU\V\QF\WLDOYLUXVSQHXPRQLDLQKRVSLWDOL]HGDGXOWSDWLHQWVZLWK
OHXNHPLD&OLQ,QIHFW'LV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 

$33(1',&(6
$SSHQGL[ 
,QYHVWLJDWRU6LJQDWXUH3DJH
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
$SSHQGL[ 
0DQDJHPHQWRI&OLQLFDODQG/DERUDWRU\$GYHUVH(YHQWV
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDODQG
&RQWUDFHSWLYH5HTXLUHPHQWV




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
9LVLW
6FUHHQLQJ
'D\
9LVLW
%DVHOLQH
$VVHVVPHQWV
5DQGRPL]DWLRQ
DQG7UHDWPHQW
$VVHVVPHQWV
'D\
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\


KRXUV
9LVLW

'D\


KRXUV
9LVLW

'D\


KRXUV
9LVLW
(QGRI
VWXG\'D\

GD\V
2SWLRQDO([WHQGHG9LUDO
0RQLWRULQJP
9LVLW

'D\


KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW
'D\

KRXUV
0XVWFRPSOHWH
YLVLWLQWKH
KRVSLWDORUFOLQLF
;
;
;M
;
;
;
;
;
;
:ULWWHQ,QIRUPHG
&RQVHQW
;
0HGLFDO+LVWRU\
DQG
'HPRJUDSKLFV
;
&KHVW;5D\
;D
6FUHHQLQJ/DEV
;E
8ULQHRU6HUXP
3UHJQDQF\7HVW
;F
)/8352
;
;
;
9LWDO6LJQVLQF
2 6DWXUDWLRQG
;
;
;
;
;
;
;
;
+HLJKW
;
:HLJKW
;
;
;
;
;
;
;
;


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
9LVLW
6FUHHQLQJ
'D\
9LVLW
%DVHOLQH
$VVHVVPHQWV
5DQGRPL]DWLRQ
DQG7UHDWPHQW
$VVHVVPHQWV
'D\
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\


KRXUV
9LVLW

'D\


KRXUV
9LVLW

'D\


KRXUV
9LVLW
(QGRI
VWXG\'D\

GD\V
2SWLRQDO([WHQGHG9LUDO
0RQLWRULQJP
9LVLW

'D\


KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW
'D\

KRXUV
6DIHW\/DEVH
;
;
;
;
;
;
;
569DQWLERG\
WLWHU
;
;
5699LUHPLD
;
;
;
;
;
;
;
1DVDO6DPSOHVI
;
;
;
;
;
;
;
;
;
;
;
;
;
/RFDO569
WHVWLQJ
;O
5DQGRPL]DWLRQ
;
,03
$GPLQLVWUDWLRQ
;
;
;
;
;
3.VDPSOH
;J
;L
;K
;K
;K
6HUXPFUHDWLQLQH
;N
;N
$GYHUVH(YHQWV
;
;
;
;
;
;
;
;
;Q
;Q
;Q
;Q


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
9LVLW
6FUHHQLQJ
'D\
9LVLW
%DVHOLQH
$VVHVVPHQWV
5DQGRPL]DWLRQ
DQG7UHDWPHQW
$VVHVVPHQWV
'D\
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\


KRXUV
9LVLW

'D\


KRXUV
9LVLW

'D\


KRXUV
9LVLW
(QGRI
VWXG\'D\

GD\V
2SWLRQDO([WHQGHG9LUDO
0RQLWRULQJP
9LVLW

'D\


KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW
'D\

KRXUV
,&8DGPLVVLRQV
KRVSLWDOL]DWLRQV
VWDQGDUGRIFDUH
WHVWUHVXOWV
PHFKDQLFDO
YHQWLODWLRQDQG
VXSSOHPHQWDO2
;
;
;
;
;
;
&RQFRPLWDQW
0HGLFDWLRQV
;
;
;
;
;
;
;
;
D
&KHVW;UD\ REWDLQHG KRXUV SULRUWR6FUHHQLQJPD\EHXVHG
E
([LVWLQJYDOXHVFROOHFWHG  GD\VSULRUWR 6FUHHQLQJPD\EHXVHG
F
5HTXLUHGIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\DQGRUELODWHUDORRSKRUHFWRP\
G
2QURRPDLU
H
+HPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGH:%&ZLWKGLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQH VHUXPDOEXPLQ $67$/7DQGWRWDOELOLUXELQ
I
VDPSOHVWRWDOIURPHDFK QRVWULO ± FROOHFWHGSULRUWRGRVLQJRQGRVLQJGD\V
J
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\&ROOHFWHGDQGKRXUVSRVWGRVH
K
)RUDOOVXEMHFWV FROOHFWHGSUHGRVHRQ'D\SUHGRVHDQGKRXUVSRVWGRVHRQ'D\ DQGDQ\WLPHRQ'D\
L
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\3.LVFROOHFWHGDQ\WLPHGXULQJ9LVLWDQG9LVLWPXVWRFFXULQFOLQLF
M
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\6XEMHFWVQRWSDUWLFLSDWLQJLQWKH3. VXEJURXSFDQKDYHWKLVYLVLWFRPSOHWHGDWKRPH
N
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\%ORRGGUDZIRUVHUXPFUHDWLQLQHKRXUVSRVWGRVHRQ'D\DQG'D\9LVLWDQG9LVLW 
O
2QO\IRUVXEMHFWVZKRDJUHHWRWKHRSWLRQDOH[WHQGHGYLUDOPRQLWRULQJDWWKH WLPHRIFRQVHQW
P
2QO\IRUVXEMHFWVZKRDJUHHWRWKHRSWLRQDOH[WHQGHGYLUDOPRQLWRULQJDWWKHWLPHRIFRQVHQWDQGWHVWSRVLWLYHRULQFRQFOXVLYHIRU569DW9LVLW'D\
Q
$VVHVVPHQWRISURFHGXUHUHODWHG$(VRQO\




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
9HUVLRQ-XQHO
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
+HPRJORELQ
+,9326,7,9(
$GXOWDQG3HGLDWULF'D\V
 WR  JG/
WR J/
 WR JG/
 WR  J/
WR JG/
WR J/
 JG/
 J/
+,91(*$7,9(
$GXOWDQG3HGLDWULF'D\V
 WR  JG/
 WR  J/
25
$Q\GHFUHDVHIURP%DVHOLQH
WR JG/
WR J/
WR JG/
WR J/
25
$Q\GHFUHDVHIURP%DVHOLQH
WR JG/
WR J/
WR JG/
WR J/
25
$Q\GHFUHDVHIURP%DVHOLQH
 JG/
 J/
 JG/
 J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WRJG/
WRJ/
JG/
J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WR JG/
WR J/
 JG/
 J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WR JG/
WR J/
 JG/
 J/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
$EVROXWH1HXWURSKLO&RXQW
$1&
$GXOWDQG3HGLDWULF 'D\V
 WR PP
 WR PP
 WR PP
PP
 WR *,/
 WR*,/
 WR *,/
*,/
,QIDQW± 'D\V
WRPP
 WR *,/
WRPP
 WR *,/
WRPP
 WR *,/
PP
*,/
,QIDQW'D\
WRPP
 WR *,/
WRPP
 WR*,/
WRPP
 WR *,/
PP
*,/
$EVROXWH&'&RXQW
+,91(*$7,9(21/<
$GXOWDQG3HGLDWULF
!  <HDUV
 WR PP
 WR ȝ/
 WR PP
 WRȝ/
 WR PP
 WR ȝ/
PP
ȝ/
$EVROXWH/\PSKRF\WH&RXQW
+,91(*$7,9(21/<
$GXOWDQG3HGLDWULF
 <HDUV
WRPP
WR*,/
WRPP
WR*,/
WRPP
WR*,/
PP
*,/
3ODWHOHWV
WR PP
 WR *,/
WRPP
 WR*,/
WRPP
WR*,/
PP
 *,/
:%&V
PP WRPP
WRPP
WRPP
PP
 *,/ WR *,/
 WR *,/
WR *,/
*,/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
+\SRILEULQRJHQHPLD
 WR  PJG/
WR PJG/
 WR PJG/
 PJG/
 WR  J/
 WR J/
WR J/
 J/
+\SHUILEULQRJHQHPLD
8/1WR PJG/
 PJG/
²
²
8/1WR J/
 J/
²
²
)LEULQ6SOLW3URGXFW
WR ȝJP/
 WR ȝJP/
 WR ȝJP/
 ȝJP/
WR PJ/
WR PJ/
WR PJ/
 PJ/
3URWKURPELQ7LPH37
WR 8/1
WR 8/1
WR 8/1
8/1
,QWHUQDWLRQDO1RUPDOL]HG5DWLR
RISURWKURPELQWLPH,15
WR[8/1
!WR[8/1
!WR[8/1
![8/1
$FWLYDWHG3DUWLDO
7KURPERSODVWLQ7LPH$377
 WR 8/1
 WR 8/1
 WR 8/1
8/1
0HWKHPRJORELQ
 WR 
 WR 
 WR 



*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SRQDWUHPLD
WR//1P(T/
WR  P(T/
WR  P(T/
P(T/
WR //1PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
+\SHUQDWUHPLD
WRP(T/
WRP(T/
WRP(T/
P(T/
WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
+\SRNDOHPLD
WR P(T/
WR  P(T/
WR  P(T/
P(T/
WR PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
+\SHUNDOHPLD
WRP(T/
WR P(T/
WR P(T/
P(T/
WRPPRO/
WR PPRO/
WR PPRO/
PPRO/
+\SRJO\FHPLD
$GXOWDQG3HGLDWULF
 0RQWK
WR PJG/
WR  PJG/
WR  PJG/
PJG/
WR PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
,QIDQW  0RQWK
WR PJG/
WR PPRO/
WR PJG/
WR PPRO/
WR PJG/
WR PPRO/
PJG/
PPRO/
+\SHUJO\FHPLD1RQIDVWLQJ
 WR PJG/
WR PJG/
WR PJG/
PJG/
WR PPRO/
WR PPRO/
WR PPRO/
PPRO/
+\SHUJO\FHPLD)DVWLQJ
WRPJG/
WRPPRO/
!WRPJG/
!WRPPRO/
!WRPJG/
!WRPPRO/
!PJG/
!PPRO/
+\SRFDOFHPLD
FRUUHFWHGIRUDOEXPLQLI
DSSURSULDWH
$GXOWDQG3HGLDWULF
 'D\V
WRPJG/
WR PJG/
WR  PJG/
 PJG/
WRPPRO/
WR PPRO/
WR PPRO/
 PPRO/
,QIDQW  'D\V
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
PJG/
PPRO/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SHUFDOFHPLDFRUUHFWHG
IRUDOEXPLQLIDSSURSULDWH
$GXOWDQG3HGLDWULF
 'D\V
!8/1WRPJG/
WRPJG/
WRPJG/
PJG/
!8/1WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
,QIDQW  'D\V
WRPJG/
WRPPRO/
WRPJG/
!WRPPRO/
WRPJG/
!WRPPRO/
PJG/
!PPRO/
+\SRFDOFHPLDLRQL]HG
PJG/WR //1
WRPJG/
WR PJG/
PJG/
PPRO/WR //1
WR PPRO/
WR PPRO/
PPRO/
+\SHUFDOFHPLDLRQL]HG
8/1WRPJG/
WRPJG/
WRPJG/
PJG/
8/1WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
+\SRPDJQHVHPLD
WR//1PJG/
WR//1P(T/
WR PJG/
WRP(T/
WR PJG/
WRP(T/
PJG/
P(T/
WR//1PPRO/
WR PPRO/
WR PPRO/
PPRO/
+\SRSKRVSKDWHPLD
$GXOWDQG3HGLDWULF
 <HDUV
WR//1PJG/
WRPJG/
WRPJG/
PJG/
WR//1PPRO/
WRPPRO/
WRPPRO/
PPRO/
3HGLDWULF<HDU±<HDUV
WRPJG/
WRPPRO/
WRPJG/
WR  PPRO/
WRPJG/
WR PPRO/
PJG/
 PPRO/
3HGLDWULF <HDU
WRPJG/
WRPPRO/
WR PJG/
WR  PPRO/
WRPJG/
WRPPRO/
PJG/
 PPRO/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SHUELOLUXELQHPLD
$GXOWDQG3HGLDWULF
!  'D\V
WR8/1
WR8/1
WR8/1
8/1
,QIDQW 'D\V
QRQKHPRO\WLF
1$
WRPJG/
WRȝPRO/
WRPJG/
!WRȝPRO/
PJG/
!ȝPRO/
,QIDQW 'D\V
KHPRO\WLF
1$
1$
WRPJG/
WRȝPRO/
PJG/
!ȝPRO/
%ORRG8UHD1LWURJHQ
WR8/1
WR8/1
WR8/1
8/1
+\SHUXULFHPLD
!8/1WRPJG/
WRPJG/
WRPJG/
PJG/
!8/1WRȝPRO/
WRȝPRO/
WRȝPRO/
ȝPRO/
+\SRXULFHPLD
PJG/WR //1
WR PJG/
WR PJG/
PJG/
ȝPRO/WR //1
 WR ȝPRO/
WR ȝPRO/
ȝPRO/
&UHDWLQLQH
WRPJG/
WRPJG/
WRPJG/
PJG/
WRȝPRO/
WRȝPRO/
WRȝPRO/
ȝPRO/
%LFDUERQDWH
P(T/WR //1
WR P(T/
WR P(T/
P(T/
PPRO/WR //1
WR PPRO/
WR PPRO/
PPRO/
7ULJO\FHULGHV
)DVWLQJ
1$
WRPJG/
WRPJG/
PJG/
±PPRO/
±PPRO/
PPRO/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
/'/
)DVWLQJ
WRPJG/
!WRPJG/
!PJG/
1$
WRPPRO/
!WRPPRO/
!PPRO/
3HGLDWULF!WR\HDUV
WRPJG/
!WRPJG/
!PJG/
1$
WRPPRO/
!WRPPRO/
!PPRO/
+\SHUFKROHVWHUROHPLD
)DVWLQJ
WRPJG/
WRPJG/
PJG/
1$
WRPPRO/
WRPPRO/
PPRO/
3HGLDWULF<HDUV
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
PJG/
PPRO/
1$
&UHDWLQH.LQDVH
WR 8/1
WR 8/1
WR 8/1
8/1
&DOFLXPVKRXOGEHFRUUHFWHGIRUDOEXPLQLIDOEXPLQLVJG/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
(1=<0(6
*UDGH
*UDGH
*UDGH
*UDGH
$676*27
WR8/1
WR8/1
WR8/1
8/1
$/76*37
WR8/1
WR8/1
WR8/1
8/1
**7
WR8/1
WR8/1
WR8/1
8/1
$ONDOLQH3KRVSKDWDVH
WR8/1
WR8/1
WR8/1
8/1
7RWDO$P\ODVH
WR8/1
WR8/1
WR8/1
8/1
3DQFUHDWLF$P\ODVH
WR8/1
WR8/1
WR8/1
8/1
/LSDVH
WR8/1
WR8/1
WR8/1
8/1
$OEXPLQ
JG/WR//1
J/WR//1
WRJG/
WRJ/
JG/
J/
1$


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
85,1$/<6,6
*UDGH
*UDGH
*UDGH
*UDGH
+HPDWXULD'LSVWLFN



1$
+HPDWXULD4XDQWLWDWLYH
6HH1RWHEHORZ
)HPDOHV
!8/1  5%&+3)
 5%&+3)
!5%&+3)
1$
0DOHV
5%&+3)
 5%&+3)
!5%&+3)
1$
3URWHLQXULD'LSVWLFN

±

1$
3URWHLQXULD+RXU&ROOHFWLRQ
$GXOWDQG3HGLDWULF
<HDUV
WR PJ K
!WR PJK
! WR PJK
PJK
3HGLDWULF0RWR
  <HDUV
WR PJP K
! WR PJPK
! WR PJPK
PJPK
*O\FRVXULD'LSVWLFN



1$
1RWHV
7R[LFLW\JUDGHVIRU4XDQWLWDWLYHDQG'LSVWLFN+HPDWXULDZLOOEHDVVLJQHGE\&RYDQFH/DERUDWRU\KRZHYHUIRURWKHUODERUDWRULHVWR[LFLW\JUDGHVZLOORQO\EHDVVLJQHGWR'LSVWLFN
+HPDWXULD
:LWKWKHH[FHSWLRQRIOLSLGWHVWVDQ\JUDGHGODERUDWRU\WHVWZLWKDUHVXOWWKDWLVEHWZHHQWKH//1DQG8/1VKRXOGEHDVVLJQHG*UDGH
,IWKHVHYHULW\RIDFOLQLFDO$(FRXOGIDOOXQGHUHLWKHURQHRIWZRJUDGHVHJWKHVHYHULW\RIDQ$(FRXOGEHHLWKHU*UDGHRU*UDGHVHOHFWWKHKLJKHURIWKHWZRJUDGHVIRUWKH
$(


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
&$5',29$6&8/$5
*UDGH
*UDGH
*UDGH
*UDGH
&DUGLDF$UUK\WKPLDJHQHUDO
%\(&*RUSK\VLFDOH[DP
$V\PSWRPDWLF$1'1R
LQWHUYHQWLRQLQGLFDWHG
$V\PSWRPDWLF$1'1RQ
XUJHQWPHGLFDOLQWHUYHQWLRQ
LQGLFDWHG
6\PSWRPDWLFQRQOLIH
WKUHDWHQLQJ$1'1RQ
XUJHQWPHGLFDOLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJDUUK\WKPLD
258UJHQWLQWHUYHQWLRQ
LQGLFDWHG
&DUGLDFLVFKHPLD,QIDUFWLRQ
1$
1$
6\PSWRPDWLFLVFKHPLD
VWDEOHDQJLQD257HVWLQJ
FRQVLVWHQWZLWKLVFKHPLD
8QVWDEOHDQJLQD25$FXWH
P\RFDUGLDOLQIDUFWLRQ
+HPRUUKDJHVLJQLILFDQWDFXWH
EORRGORVV
1$
6\PSWRPDWLF$1'1R
WUDQVIXVLRQLQGLFDWHG
6\PSWRPDWLF$1'
7UDQVIXVLRQRI XQLWV
SDFNHG5%&VIRUFKLOGUHQ
 FFNJLQGLFDWHG
/LIHWKUHDWHQLQJK\SRWHQVLRQ
257UDQVIXVLRQRI XQLWV
SDFNHG5%&VLQGLFDWHGIRU
FKLOGUHQ FFNJLQGLFDWHG
+\SHUWHQVLRQZLWKUHSHDW
WHVWLQJDWVDPHYLVLW
± PP+JV\VWROLF
25
±PP+JGLDVWROLF
±PP+JV\VWROLF
25
±PP+JGLDVWROLF
 PP+JV\VWROLF
25
 PP+JGLDVWROLF
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJPDOLJQDQWK\SHUWHQVLRQ
25+RVSLWDOL]DWLRQRWKHUWKDQ
(5YLVLWLQGLFDWHG
3HGLDWULF <HDUVZLWK
UHSHDWWHVWLQJDWVDPHYLVLW
1$
VW±WKSHUFHQWLOHDGMXVWHG
IRUDJHKHLJKWDQGJHQGHU
V\VWROLFDQGRUGLDVWROLF
 WKSHUFHQWLOHDGMXVWHG
IRUDJHKHLJKWDQGJHQGHU
V\VWROLFDQGRUGLDVWROLF
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJPDOLJQDQWK\SHUWHQVLRQ
25+RVSLWDOL]DWLRQLQGLFDWHG
RWKHUWKDQHPHUJHQF\URRP
YLVLW
+\SRWHQVLRQ
1$
6\PSWRPDWLFFRUUHFWHGZLWK
RUDOIOXLGUHSODFHPHQW
6\PSWRPDWLF,9IOXLGV
LQGLFDWHG
6KRFNUHTXLULQJXVHRI
YDVRSUHVVRUVRUPHFKDQLFDO
DVVLVWDQFHWRPDLQWDLQEORRG
SUHVVXUH
3HULFDUGLDO(IIXVLRQ
$V\PSWRPDWLFVPDOO
HIIXVLRQUHTXLULQJQR
LQWHUYHQWLRQ
$V\PSWRPDWLFPRGHUDWHRU
ODUJHUHIIXVLRQUHTXLULQJQR
LQWHUYHQWLRQ
(IIXVLRQZLWKQRQOLIH
WKUHDWHQLQJSK\VLRORJLF
FRQVHTXHQFHV25(IIXVLRQ
ZLWKQRQXUJHQWLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJWDPSRQDGH258UJHQW
LQWHUYHQWLRQLQGLFDWHG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
&$5',29$6&8/$5
*UDGH
*UDGH
*UDGH
*UDGH
3URORQJHG35,QWHUYDO
35LQWHUYDO
WRVHF
35LQWHUYDO
VHF
7\SH,,QGGHJUHH$9
EORFN259HQWULFXODUSDXVH
VHF
&RPSOHWH$9EORFN
3HGLDWULF<HDUV
VWGHJUHH$9EORFN
35!QRUPDOIRUDJHDQG
UDWH
7\SH,QGGHJUHH$9EORFN
7\SH,,QGGHJUHH$9
EORFN
&RPSOHWH$9EORFN
3URORQJHG47F
$V\PSWRPDWLF47FLQWHUYDO
WRVHF25,QFUHDVH
LQWHUYDOVHFDERYH
EDVHOLQH
$V\PSWRPDWLF47FLQWHUYDO
WRVHF25,QFUHDVH
LQLQWHUYDOWRVHF
DERYHEDVHOLQH
$V\PSWRPDWLF47FLQWHUYDO
 VHF25,QFUHDVHLQ
LQWHUYDO VHFDERYH
EDVHOLQH
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJ7RUVDGHGH
SRLQWHVRURWKHUDVVRFLDWHG
VHULRXVYHQWULFXODU
G\VUK\WKPLD
3HGLDWULF <HDUV
$V\PSWRPDWLF47FLQWHUYDO
WRVHF
$V\PSWRPDWLF47FLQWHUYDO
WRVHF
$V\PSWRPDWLF47FLQWHUYDO
VHF
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJ7RUVDGHGH
SRLQWHVRURWKHUDVVRFLDWHG
VHULRXVYHQWULFXODU
G\VUK\WKPLD
7KURPERVLV(PEROLVP
1$
'HHSYHLQWKURPERVLV$1'
1RLQWHUYHQWLRQLQGLFDWHGHJ
DQWLFRDJXODWLRQO\VLVILOWHU
LQYDVLYHSURFHGXUH
'HHSYHLQWKURPERVLV$1'
,QWHUYHQWLRQLQGLFDWHGHJ
DQWLFRDJXODWLRQO\VLVILOWHU
LQYDVLYHSURFHGXUH
(PEROLFHYHQWHJSXOPRQDU\
HPEROLVPOLIHWKUHDWHQLQJ
WKURPEXV
9DVRYDJDO(SLVRGHDVVRFLDWHG
ZLWKDSURFHGXUHRIDQ\NLQG
3UHVHQWZLWKRXWORVVRI
FRQVFLRXVQHVV
3UHVHQWZLWKWUDQVLHQWORVVRI
FRQVFLRXVQHVV
1$
1$
9HQWULFXODU'\VIXQFWLRQ
FRQJHVWLYHKHDUWIDLOXUH
&+)
1$
$V\PSWRPDWLFGLDJQRVWLF
ILQGLQJ$1'LQWHUYHQWLRQ
LQGLFDWHG
1HZRQVHWZLWKV\PSWRPV
25:RUVHQLQJV\PSWRPDWLF
&+)
/LIHWKUHDWHQLQJ &+)


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
5(63,5$725<
*UDGH
*UDGH
*UDGH
*UDGH
%URQFKRVSDVPDFXWH
)(9RUSHDNIORZUHGXFHGWR
WR
)(9RUSHDNIORZWR
)(9RUSHDNIORZWR

&\DQRVLV25)(9RUSHDNIORZ
25,QWXEDWLRQ
'\VSQHDRU5HVSLUDWRU\
'LVWUHVV
'\VSQHDRQH[HUWLRQZLWKQR
RUPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'\VSQHDRQH[HUWLRQFDXVLQJ
JUHDWHUWKDQPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'\VSQHDDWUHVWFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
5HVSLUDWRU\IDLOXUHZLWK
YHQWLODWRU\VXSSRUWLQGLFDWHG
3HGLDWULF<HDUV
:KHH]LQJ25PLQLPDO
LQFUHDVHLQUHVSLUDWRU\UDWHIRU
DJH
1DVDOIODULQJ25,QWHUFRVWDO
UHWUDFWLRQV253XOVHR[LPHWU\
WR
'\VSQHDDWUHVWFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
253XOVHR[LPHWU\
5HVSLUDWRU\IDLOXUHZLWK
YHQWLODWRU\VXSSRUWLQGLFDWHG
2&8/$59,68$/
*UDGH
*UDGH
*UDGH
*UDGH
8YHLWLV
$V\PSWRPDWLFEXWGHWHFWDEOH
RQH[DP
6\PSWRPDWLFDQWHULRUXYHLWLV25
0HGLFDOLQWHUYHQWLRQLQGLFDWHG
3RVWHULRURUSDQXYHLWLV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
'LVDEOLQJYLVXDOORVVLQDIIHFWHG
H\HV
9LVXDO&KDQJHVIURP
%DVHOLQH
9LVXDOFKDQJHVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9LVXDOFKDQJHVFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9LVXDOFKDQJHVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJYLVXDOORVVLQDIIHFWHG
H\HV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
6.,1
*UDGH
*UDGH
*UDGH
*UDGH
$ORSHFLD
7KLQQLQJGHWHFWDEOHE\
VWXG\SDUWLFLSDQWRU
FDUHJLYHUIRUGLVDEOHG
DGXOWV
7KLQQLQJRUSDWFK\KDLUORVV
GHWHFWDEOHE\KHDOWKFDUH
SURYLGHU
&RPSOHWHKDLUORVV
1$
&XWDQHRXV5HDFWLRQ± 5DVK
/RFDOL]HGPDFXODUUDVK
'LIIXVHPDFXODU
PDFXORSDSXODURU
PRUELOOLIRUPUDVK257DUJHW
OHVLRQV
'LIIXVHPDFXODU
PDFXORSDSXODURUPRUELOOLIRUP
UDVKZLWKYHVLFOHVRUOLPLWHG
QXPEHURIEXOODH25
6XSHUILFLDOXOFHUDWLRQVRI
PXFRXVPHPEUDQHOLPLWHGWR
RQHVLWH
([WHQVLYHRUJHQHUDOL]HG
EXOORXVOHVLRQV25
6WHYHQV-RKQVRQV\QGURPH
258OFHUDWLRQRIPXFRXV
PHPEUDQHLQYROYLQJWZR
RUPRUHGLVWLQFWPXFRVDO
VLWHV257R[LFHSLGHUPDO
QHFURO\VLV7(1
+\SHUSLJPHQWDWLRQ
6OLJKWRUORFDOL]HG
0DUNHGRUJHQHUDOL]HG
1$
1$
+\SRSLJPHQWDWLRQ
6OLJKWRUORFDOL]HG
0DUNHGRUJHQHUDOL]HG
1$
1$
3UXULWLVLWFKLQJ± QRVNLQ
OHVLRQV
6HHDOVR,QMHFWLRQ6LWH
5HDFWLRQV3UXULWLVDVVRFLDWHG
ZLWKLQMHFWLRQ
,WFKLQJFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
,WFKLQJFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
,WFKLQJFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
1$


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
*$6752,17(67,1$/
*UDGH
*UDGH
*UDGH
*UDGH
$QRUH[LD
/RVVRIDSSHWLWHZLWKRXW
GHFUHDVHGRUDOLQWDNH
/RVVRIDSSHWLWHDVVRFLDWHGZLWK
GHFUHDVHGRUDOLQWDNHZLWKRXW
VLJQLILFDQWZHLJKWORVV
/RVVRIDSSHWLWHDVVRFLDWHG
ZLWKVLJQLILFDQWZHLJKWORVV
/LIHWKUHDWHQLQJFRQVHTXHQFHV
25$JJUHVVLYHLQWHUYHQWLRQ
LQGLFDWHG>HJ WXEHIHHGLQJRU
WRWDOSDUHQWHUDOQXWULWLRQ@
$VFLWHV
$V\PSWRPDWLF
6\PSWRPDWLF$1',QWHUYHQWLRQ
LQGLFDWHGHJGLXUHWLFVRU
WKHUDSHXWLFSDUDFHQWHVLV
6\PSWRPDWLFGHVSLWH
LQWHUYHQWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
&KROHF\VWLWLV
1$
6\PSWRPDWLF$1'0HGLFDO
LQWHUYHQWLRQLQGLFDWHG
5DGLRORJLFHQGRVFRSLFRU
RSHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJVHSVLVRUSHUIRUDWLRQ
&RQVWLSDWLRQ
1$
3HUVLVWHQWFRQVWLSDWLRQUHTXLULQJ
UHJXODUXVHRIGLHWDU\
PRGLILFDWLRQVOD[DWLYHVRU
HQHPDV
2EVWLSDWLRQZLWKPDQXDO
HYDFXDWLRQLQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJREVWUXFWLRQ
'LDUUKHD
$GXOWDQG3HGLDWULF
 <HDU
7UDQVLHQWRULQWHUPLWWHQW
HSLVRGHVRIXQIRUPHGVWRROV
25,QFUHDVHRI VWRROV
RYHUEDVHOLQH KU
3HUVLVWHQWHSLVRGHVRIXQIRUPHG
WRZDWHU\VWRROV25,QFUHDVHRI
±VWRROVRYHUEDVHOLQHSHU
 KUV
%ORRG\GLDUUKHD25,QFUHDVH
RI VWRROVSHUKRXU
SHULRG25,9IOXLG
UHSODFHPHQWLQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN
3HGLDWULF <HDU
/LTXLGVWRROVPRUH
XQIRUPHGWKDQXVXDOEXW
XVXDOQXPEHURIVWRROV
/LTXLGVWRROVZLWKLQFUHDVHG
QXPEHURIVWRROV250LOG
GHK\GUDWLRQ
/LTXLGVWRROVZLWKPRGHUDWH
GHK\GUDWLRQ
/LTXLGVWRROVUHVXOWLQJLQ
VHYHUHGHK\GUDWLRQZLWK
DJJUHVVLYHUHK\GUDWLRQ
LQGLFDWHG25+\SRWHQVLYH
VKRFN


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
*$6752,17(67,1$/
*UDGH
*UDGH
*UDGH
*UDGH
'\VSKDJLD2G\QRSKDJLD
6\PSWRPDWLFEXWDEOHWRHDW
XVXDOGLHW
6\PSWRPVFDXVLQJDOWHUHG
GLHWDU\LQWDNHZLWKRXWPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJVHYHUHO\
DOWHUHGGLHWDU\LQWDNHZLWK
PHGLFDOLQWHUYHQWLRQLQGLFDWHG
/LIHWKUHDWHQLQJUHGXFWLRQLQ
RUDOLQWDNH
0XFRVLWLV6WRPDWLWLV
FOLQLFDOH[DP
6HHDOVR3URFWLWLV
'\VSKDJLD2G\QRSKDJLD
(U\WKHPDRIWKHPXFRVD
3DWFK\SVHXGRPHPEUDQHVRU
XOFHUDWLRQV
&RQIOXHQWSVHXGRPHPEUDQHV
RUXOFHUDWLRQV250XFRVDO
EOHHGLQJZLWKPLQRUWUDXPD
7LVVXHQHFURVLV25'LIIXVH
VSRQWDQHRXVPXFRVDOEOHHGLQJ
25/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJDVSLUDWLRQ
FKRNLQJ
1DXVHD
7UDQVLHQW KRXUVRU
LQWHUPLWWHQWQDXVHDZLWKQR
RUPLQLPDOLQWHUIHUHQFHZLWK
RUDOLQWDNH
3HUVLVWHQW QDXVHDUHVXOWLQJLQ
GHFUHDVHGRUDOLQWDNHIRU±
KRXUV
3HUVLVWHQWQDXVHDUHVXOWLQJLQ
PLQLPDORUDOLQWDNHIRU
KRXUV25$JJUHVVLYH
UHK\GUDWLRQLQGLFDWHGHJ
,9 IOXLGV
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN
3DQFUHDWLWLV
1$
6\PSWRPDWLF$1'
+RVSLWDOL]DWLRQQRWLQGLFDWHG
RWKHUWKDQ(5YLVLW
6\PSWRPDWLF$1'
+RVSLWDOL]DWLRQLQGLFDWHG
RWKHUWKDQ(5YLVLW
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJVHSVLVFLUFXODWRU\IDLOXUH
KHPRUUKDJH
3URFWLWLVIXQFWLRQDO
V\PSWRPDWLF
$OVRVHH0XFRVLWLV
6WRPDWLWLVIRU&OLQLFDO
([DP
5HFWDOGLVFRPIRUW$1'1R
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
0HGLFDOLQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO
IXQFWLRQDODFWLYLWLHV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJSHUIRUDWLRQ
9RPLWLQJ
7UDQVLHQWRULQWHUPLWWHQW
YRPLWLQJZLWKQRRU
PLQLPDOLQWHUIHUHQFHZLWK
RUDOLQWDNH
)UHTXHQWHSLVRGHVRIYRPLWLQJ
ZLWKQRRUPLOGGHK\GUDWLRQ
3HUVLVWHQWYRPLWLQJUHVXOWLQJ
LQRUWKRVWDWLFK\SRWHQVLRQ25
$JJUHVVLYHUHK\GUDWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
$OWHUDWLRQLQ3HUVRQDOLW\
%HKDYLRURULQ0RRGHJ
DJLWDWLRQDQ[LHW\
GHSUHVVLRQPDQLD
SV\FKRVLV
$OWHUDWLRQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
$OWHUDWLRQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
$OWHUDWLRQFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
%HKDYLRUSRWHQWLDOO\KDUPIXO
WRVHOIRURWKHUVHJ
VXLFLGDOKRPLFLGDOLGHDWLRQRU
DWWHPSWDFXWHSV\FKRVLV25
&DXVLQJLQDELOLW\WRSHUIRUP
EDVLFVHOIFDUHIXQFWLRQV
$OWHUHG0HQWDO6WDWXV
)RU'HPHQWLDVHH&RJQLWLYH
DQG%HKDYLRUDO$WWHQWLRQDO
'LVWXUEDQFHLQFOXGLQJ
GHPHQWLDDQG$''
&KDQJHVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
0LOGOHWKDUJ\RUVRPQROHQFH
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
&RQIXVLRQPHPRU\
LPSDLUPHQWOHWKDUJ\RU
VRPQROHQFHFDXVLQJLQDELOLW\
WRSHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'HOLULXP25REWXQGDWLRQ25
FRPD
$WD[LD
$V\PSWRPDWLFDWD[LD
GHWHFWDEOHRQH[DP25
0LQLPDODWD[LDFDXVLQJQR
RUPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPDWLFDWD[LDFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
6\PSWRPDWLFDWD[LDFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJDWD[LDFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
&RJQLWLYHDQG
%HKDYLRUDO$WWHQWLRQDO
'LVWXUEDQFHLQFOXGLQJ
GHPHQWLDDQG$WWHQWLRQ
'HILFLW'LVRUGHU
'LVDELOLW\FDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV256SHFLDOL]HG
UHVRXUFHVQRWLQGLFDWHG
'LVDELOLW\FDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV256SHFLDOL]HG
UHVRXUFHVRQSDUWWLPHEDVLV
LQGLFDWHG
'LVDELOLW\FDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
6SHFLDOL]HGUHVRXUFHVRQD
IXOOWLPHEDVLVLQGLFDWHG
'LVDELOLW\FDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV25
,QVWLWXWLRQDOL]DWLRQLQGLFDWHG
&16,VFKHPLD
DFXWH
1$
1$
7UDQVLHQWLVFKHPLFDWWDFN
&HUHEUDOYDVFXODUDFFLGHQW
&9$VWURNHZLWK
QHXURORJLFDOGHILFLW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
'HYHORSPHQWDOGHOD\±
3HGLDWULF<HDUV
0LOGGHYHORSPHQWDOGHOD\
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWH
IRUWKHVHWWLQJ
0RGHUDWHGHYHORSPHQWDO
GHOD\HLWKHUPRWRURU
FRJQLWLYHDVGHWHUPLQHGE\
FRPSDULVRQZLWKD
GHYHORSPHQWDOVFUHHQLQJWRRO
DSSURSULDWHIRUWKHVHWWLQJ
6HYHUHGHYHORSPHQWDOGHOD\
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWHIRU
WKHVHWWLQJ
'HYHORSPHQWDOUHJUHVVLRQ
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWHIRU
WKHVHWWLQJ
+HDGDFKH
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV25+RVSLWDOL]DWLRQ
LQGLFDWHGRWKHUWKDQ(5YLVLW
25+HDGDFKHZLWKVLJQLILFDQW
LPSDLUPHQWRIDOHUWQHVVRU
RWKHUQHXURORJLFIXQFWLRQ
,QVRPQLD
1$
'LIILFXOW\VOHHSLQJFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDOIXQFWLRQDODFWLYLWLHV
'LIILFXOW\VOHHSLQJFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJLQVRPQLDFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
1HXURPXVFXODU:HDNQHVV
LQFOXGLQJP\RSDWK\	
QHXURSDWK\
$V\PSWRPDWLFZLWK
GHFUHDVHGVWUHQJWKRQH[DP
250LQLPDOPXVFOHZHDN
QHVVFDXVLQJQRRUPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
0XVFOHZHDNQHVVFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
0XVFOHZHDNQHVVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJPXVFOHZHDNQHVV
FDXVLQJLQDELOLW\WRSHUIRUP
EDVLFVHOIFDUHIXQFWLRQV25
5HVSLUDWRU\PXVFOHZHDNQHVV
LPSDLULQJYHQWLODWLRQ
1HXURVHQVRU\$OWHUDWLRQ
LQFOXGLQJSDUHVWKHVLDDQG
SDLQIXOQHXURSDWK\
$V\PSWRPDWLFZLWKVHQVRU\
DOWHUDWLRQRQH[DPRU
PLQLPDOSDUHVWKHVLDFDXVLQJ
QRRUPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
6HQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6HQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJVHQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
6HL]XUHQHZRQVHW
1$
VHL]XUH
±VHL]XUHV
6HL]XUHVRIDQ\NLQGWKDWDUH
SURORQJHGUHSHWLWLYHHJ
VWDWXVHSLOHSWLFXVRUGLIILFXOW
WRFRQWUROHJUHIUDFWRU\
HSLOHSV\
6HL]XUHSUHH[LVWLQJ
)RU:RUVHQLQJRI([LVWLQJ
(SLOHSV\WKH*UDGHV6KRXOG
%H%DVHGRQDQ,QFUHDVH
IURP3UHYLRXV/HYHORI
&RQWUROWR$Q\RI7KHVH
/HYHOV
1$
,QFUHDVHGIUHTXHQF\RISUH
H[LVWLQJVHL]XUHVQRQ
UHSHWLWLYHZLWKRXWFKDQJHLQ
VHL]XUHFKDUDFWHU25
LQIUHTXHQWEUHDNWKURXJK
VHL]XUHVZKLOHRQVWDEOHPHGV
LQDSUHYLRXVO\FRQWUROOHG
VHL]XUHGLVRUGHU
&KDQJHLQVHL]XUHFKDUDFWHU
IURPEDVHOLQHHLWKHULQ
GXUDWLRQRUTXDOLW\HJ
VHYHULW\RUIRFDOLW\
6HL]XUHVRIDQ\NLQGWKDWDUH
SURORQJHGUHSHWLWLYHHJ
VWDWXVHSLOHSWLFXVRUGLIILFXOW
WRFRQWUROHJUHIUDFWRU\
HSLOHSV\
6HL]XUH
± 3HGLDWULF<HDUV
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ
  PLQXWHVZLWK  KRXUV
SRVWLFWDOVWDWH
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ±
PLQXWHVZLWK
KRXUVSRVWLFWDOVWDWH
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ
!PLQXWHV
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQUHTXLULQJ
LQWXEDWLRQDQGVHGDWLRQ
6\QFRSHQRWDVVRFLDWHG
ZLWKDSURFHGXUH
1$
3UHVHQW
1$
1$
9HUWLJR
9HUWLJRFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9HUWLJRFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9HUWLJRFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJYHUWLJRFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
086&8/26.(/(7$/
*UDGH
*UDGH
*UDGH
*UDGH
$UWKUDOJLD
6HHDOVR$UWKULWLV
-RLQWSDLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
-RLQWSDLQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
-RLQWSDLQFDXVLQJLQDELOLW\
WRSHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJMRLQWSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
$UWKULWLV
6HHDOVR$UWKUDOJLD
6WLIIQHVVRUMRLQWVZHOOLQJ
FDXVLQJQRRUPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6WLIIQHVVRUMRLQWVZHOOLQJFDXVLQJ
JUHDWHUWKDQPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6WLIIQHVVRUMRLQWVZHOOLQJ
FDXVLQJLQDELOLW\WRSHUIRUP
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'LVDEOLQJMRLQWVWLIIQHVVRU
VZHOOLQJFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV
%RQH0LQHUDO/RVV
%0'WVFRUHRU]VFRUH
±WR±
%0'WVFRUHRU]VFRUH ±
3DWKRORJLFDOIUDFWXUH
LQFOXGLQJORVVRIYHUWHEUDO
KHLJKW
3DWKRORJLFIUDFWXUHFDXVLQJ
OLIHWKUHDWHQLQJFRQVHTXHQFHV
3HGLDWULF <HDUV
%0']VFRUH
±WR±
%0']VFRUH±
3DWKRORJLFDOIUDFWXUH
LQFOXGLQJORVVRIYHUWHEUDO
KHLJKW
3DWKRORJLFIUDFWXUHFDXVLQJ
OLIHWKUHDWHQLQJFRQVHTXHQFHV
0\DOJLD
QRQLQMHFWLRQVLWH
0XVFOHSDLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
0XVFOHSDLQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
0XVFOHSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJPXVFOHSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
2VWHRQHFURVLV
1$
$V\PSWRPDWLFZLWKUDGLRJUDSKLF
ILQGLQJV$1'1RRSHUDWLYH
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPDWLFERQHSDLQZLWK
UDGLRJUDSKLFILQGLQJV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
'LVDEOLQJERQHSDLQZLWK
UDGLRJUDSKLFILQGLQJVFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
6<67(0,&
*UDGH
*UDGH
*UDGH
*UDGH
$FXWH6\VWHPLF$OOHUJLF
5HDFWLRQ
/RFDOL]HGXUWLFDULD
ZKHDOVZLWKQRPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
/RFDOL]HGXUWLFDULDZLWKPHGLFDO
LQWHUYHQWLRQLQGLFDWHG250LOG
DQJLRHGHPDZLWKQRPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
*HQHUDOL]HGXUWLFDULD25
$QJLRHGHPDZLWKPHGLFDO
LQWHUYHQWLRQLQGLFDWHG25
6\PSWRPDWLFPLOG
EURQFKRVSDVP
$FXWHDQDSK\OD[LV25/LIH
WKUHDWHQLQJEURQFKRVSDVP25
ODU\QJHDOHGHPD
&KLOOV
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
1$
)DWLJXH
0DODLVH
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
,QFDSDFLWDWLQJIDWLJXHPDODLVH
V\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV
)HYHUQRQD[LOODU\
&WR&
)WR)
&WR&
)WR)
&WR&
)WR)
&
)
3DLQ ,QGLFDWH%RG\6LWH
6HHDOVR,QMHFWLRQ6LWH
3DLQ+HDGDFKH
$UWKUDOJLDDQG0\DOJLD
3DLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
3DLQFDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
3DLQFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV25
+RVSLWDOL]DWLRQRWKHUWKDQ(5
YLVLWLQGLFDWHG
8QLQWHQWLRQDO:HLJKW
/RVV
1$
WRORVVLQERG\ZHLJKWIURP
EDVHOLQH
WRORVVLQERG\
ZHLJKWIURPEDVHOLQH
ORVVLQERG\ZHLJKW
IURPEDVHOLQH25$JJUHVVLYH
LQWHUYHQWLRQLQGLFDWHG>HJ
WXEHIHHGLQJRUWRWDOSDUHQWHUDO
QXWULWLRQ@


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
,1-(&7,216,7(5($&7,21
*UDGH
*UDGH
*UDGH
*UDGH
,QMHFWLRQ6LWH3DLQSDLQ
ZLWKRXWWRXFKLQJ
2U7HQGHUQHVVSDLQZKHQ
DUHDLVWRXFKHG
3DLQWHQGHUQHVVFDXVLQJQR
RUPLQLPDOOLPLWDWLRQRIXVH
RIOLPE
3DLQWHQGHUQHVVOLPLWLQJXVHRI
OLPE253DLQWHQGHUQHVV
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
3DLQWHQGHUQHVVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
3DLQWHQGHUQHVVFDXVLQJLQDELOLW\
WRSHUIRUPEDVLFVHOIFDUH
IXQFWLRQ25+RVSLWDOL]DWLRQ
RWKHUWKDQ(5YLVLWLQGLFDWHG
IRUPDQDJHPHQWRI
SDLQWHQGHUQHVV
,QMHFWLRQ6LWH5HDFWLRQ
/RFDOL]HG <HDUV
(U\WKHPD25,QGXUDWLRQ
RI  FPWR  FPRU
FP
(U\WKHPD25,QGXUDWLRQ25
(GHPD FPDQ\GLDPHWHU
RU FP
8OFHUDWLRQ256HFRQGDU\
LQIHFWLRQ253KOHELWLV25
6WHULOHDEVFHVV25'UDLQDJH
1HFURVLVLQYROYLQJGHUPLVDQG
GHHSHUWLVVXH
3HGLDWULF <HDUV
(U\WKHPD25,QGXUDWLRQ
25(GHPDSUHVHQWEXW
 FPGLDPHWHU
(U\WKHPD25,QGXUDWLRQ
25(GHPD!  FP
GLDPHWHUEXW VXUIDFH
DUHDRIWKHH[WUHPLW\
VHJPHQWHJXSSHU
DUPWKLJK
(U\WKHPD25,QGXUDWLRQ
25(GHPDLQYROYLQJ
VXUIDFHDUHDRIWKH
H[WUHPLW\VHJPHQWHJ
XSSHUDUPWKLJK25
8OFHUDWLRQ256HFRQGDU\
LQIHFWLRQ253KOHELWLV25
6WHULOHDEVFHVV25
'UDLQDJH
1HFURVLVLQYROYLQJGHUPLVDQG
GHHSHUWLVVXH
3UXULWLV$VVRFLDWHGZLWK
,QMHFWLRQ
6HHDOVR6NLQ3UXULWLV
LWFKLQJ²QRVNLQOHVLRQV
,WFKLQJORFDOL]HGWRLQMHFWLRQ
VLWH$1'5HOLHYHG
VSRQWDQHRXVO\RUZLWK
 KWUHDWPHQW
,WFKLQJEH\RQGWKHLQMHFWLRQ
VLWHEXWQRWJHQHUDOL]HG25
,WFKLQJORFDOL]HGWRLQMHFWLRQ
VLWHUHTXLULQJ KWUHDWPHQW
*HQHUDOL]HGLWFKLQJFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
1$


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
(1'2&5,1(0(7$%2/,&
*UDGH
*UDGH
*UDGH
*UDGH
/LSRG\VWURSK\HJEDFN
RIQHFNEUHDVWV
DEGRPHQ
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXV
FKDQJHVRQFDVXDOYLVXDO
LQVSHFWLRQ
1$
'LDEHWHV0HOOLWXV
1$
1HZRQVHWZLWKRXWQHHGWRLQLWLDWH
PHGLFDWLRQ250RGLILFDWLRQRI
FXUUHQWPHGVWRUHJDLQJOXFRVH
FRQWURO
1HZRQVHWZLWKLQLWLDWLRQRI
LQGLFDWHGPHG25'LDEHWHV
XQFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJNHWRDFLGRVLV
K\SHURVPRODUQRQNHWRWLF
FRPD
*\QHFRPDVWLD
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXVRQ
FDVXDOYLVXDOLQVSHFWLRQ
1$
+\SHUWK\URLGLVP
$V\PSWRPDWLF
6\PSWRPDWLFFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
7K\URLGVXSSUHVVLRQWKHUDS\
LQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
8QFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJWK\URLGVWRUP
+\SRWK\URLGLVP
$V\PSWRPDWLF
6\PSWRPDWLFFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
7K\URLGUHSODFHPHQWWKHUDS\
LQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
8QFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJP\[HGHPDFRPD
/LSRDWURSK\HJIDWORVV
IURPWKHIDFHH[WUHPLWLHV
EXWWRFNV
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXVRQ
FDVXDOYLVXDOLQVSHFWLRQ
1$


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
*(1,7285,1$5<
*UDGH
*UDGH
*UDGH
*UDGH
,QWHUPHQVWUXDO%OHHGLQJ
,0%
6SRWWLQJREVHUYHGE\SDUWLFLSDQW
250LQLPDOEORRGREVHUYHG
GXULQJFOLQLFDORUFROSRVFRSLF
H[DP
,QWHUPHQVWUXDOEOHHGLQJQRW
JUHDWHULQGXUDWLRQRUDPRXQW
WKDQXVXDOPHQVWUXDOF\FOH
,QWHUPHQVWUXDOEOHHGLQJJUHDWHU
LQGXUDWLRQRU DPRXQWWKDQXVXDO
PHQVWUXDOF\FOH
+HPRUUKDJHZLWKOLIH
WKUHDWHQLQJK\SRWHQVLRQ25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
8ULQDU\7UDFW
REVWUXFWLRQHJVWRQH
1$
6LJQVRUV\PSWRPVRIXULQDU\
WUDFWREVWUXFWLRQZLWKRXW
K\GURQHSKURVLVRUUHQDO
G\VIXQFWLRQ
6LJQVRUV\PSWRPVRIXULQDU\
WUDFWREVWUXFWLRQZLWK
K\GURQHSKURVLVRUUHQDO
G\VIXQFWLRQ
2EVWUXFWLRQFDXVLQJOLIH
WKUHDWHQLQJFRQVHTXHQFHV
,1)(&7,21
*UDGH
*UDGH
*UDGH
*UDGH
,QIHFWLRQDQ\RWKHU
WKDQ+,9LQIHFWLRQ
/RFDOL]HGQRV\VWHPLFDQWLȝELDO
WUHDWPHQWLQGLFDWHG$1'
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\VWHPLFDQWLȝELDOWUHDWPHQW
LQGLFDWHG256\PSWRPV
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
6\VWHPLFDQWLȝELDOWUHDWPHQW
LQGLFDWHG$1'6\PSWRPV
FDXVLQJLQDELOLW\WRSHUIRUP
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV252SHUDWLYH
LQWHUYHQWLRQRWKHUWKDQVLPSOH
LQFLVLRQDQGGUDLQDJHLQGLFDWHG
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJVHSWLF
VKRFN
%DVLF6HOIFDUH)XQFWLRQV $FWLYLWLHVVXFKDVEDWKLQJGUHVVLQJWRLOHWLQJWUDQVIHUPRYHPHQWFRQWLQHQFHDQGIHHGLQJ
8VXDO6RFLDO	)XQFWLRQDO$FWLYLWLHV $GDSWLYHWDVNVDQGGHVLUDEOHDFWLYLWLHVVXFKDVJRLQJWRZRUNVKRSSLQJFRRNLQJXVHRIWUDQVSRUWDWLRQSXUVXLQJ DKREE\HWF



*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ
3RWHQWLDODQG&RQWUDFHSWLYH5HTXLUHPHQWV
 3UHJQDQF\DQG&RQWUDFHSWLRQ5HTXLUHPHQWVIRU0DOHVDQG)HPDOHVRI&KLOGEHDULQJ
3RWHQWLDO
3UHJQDQF\PXVWEHH[FOXGHGEHIRUHWKHVWDUWRIWUHDWPHQWZLWKVWXG\GUXJDQGSUHYHQWHG
WKHUHDIWHUE\UHOLDEOHFRQWUDFHSWLYHPHWKRGV$XULQHRUVHUXPSUHJQDQF\WHVWZLOOEHSHUIRUPHG
DWWKHVFUHHQLQJYLVLWWRHQVXUHSUHJQDQWZRPHQDUHQRWLQFOXGHGLQWKHWULDO3OHDVHUHIHUWRWKH
ODWHVWYHUVLRQRIWKHLQYHVWLJDWRU¶VEURFKXUHIRUDGGLWLRQDOLQIRUPDWLRQ DERXWWKHHIIHFWVRI
*6
 'HILQLWLRQRI)HPDOHRI&KLOGEHDULQJ3RWHQWLDO
)RUWKHSXUSRVHVRIWKLVVWXG\DIHPDOHVXEMHFW RIFKLOGEHDULQJSRWHQWLDOLVDQRQPHQRSDXVDO
IHPDOHZKRKDVQRWKDGDK\VWHUHFWRP\ELODWHUDO RRSKRUHFWRP\RUPHGLFDOO\GRFXPHQWHG
RYDULDQIDLOXUH7KLVGHILQLWLRQLQFOXGHVDSXEHUWDOIHPDOHZKRKDVQRW\HWVWDUWHGPHQVWUXDWLQJ
$ZRPDQZKRKDVKDGDWXEDOVWHULOL]DWLRQLVFRQVLGHUHGWREHRIFKLOGEHDULQJSRWHQWLDO
$IHPDOHVXEMHFWPD\EHFRQVLGHUHGPHQRSDXVDO LQ HLWKHU RIWKHIROORZLQJFRQGLWLRQV

6XUJLFDOPHQRSDXVH$SSURSULDWHPHGLFDOGRFXPHQWDWLRQRISULRUFRPSOHWHELODWHUDO
RRSKRUHFWRP\LHVXUJLFDOUHPRYDORIWKHRYDULHV DQGRFFXUULQJDWWKHDJHDWZKLFKWKH
SURFHGXUHZDVSHUIRUPHG

6SRQWDQHRXVPHQRSDXVH3HUPDQHQWFHVVDWLRQRISUHYLRXVO\RFFXUULQJPHQVHVDVDUHVXOWRI
RYDULDQIDLOXUHZLWKGRFXPHQWDWLRQRIKRUPRQDOGHILFLHQF\E\DFHUWLILHGKHDOWK FDUH
SURYLGHU7KHZRUOGZLGHPHDQDJHRIVSRQWDQHRXVPHQRSDXVHLV 6' \HDUV

$KRUPRQDOGHILFLHQF\VKRXOGEHSURSHUO\GRFXPHQWHGLQWKHFDVHRIVXVSHFWHGVSRQWDQHRXV
PHQRSDXVHDVIROORZV
² ,IDJH\HDUVDQGZLWKWKHDEVHQFHRIQRUPDOPHQVHVVHUXPIROOLFOHVWLPXODWLQJ
KRUPRQH)6+OHYHOHOHYDWHGWRZLWKLQWKHSRVWPHQRSDXVDOUDQJHEDVHGRQWKH
ODERUDWRU\UHIHUHQFHUDQJHZKHUHWKHKRUPRQDODVVD\LVSHUIRUPHG
² ,IDJH\HDUVDQGZLWKWKHDEVHQFHRIQRUPDOPHQVHVQHJDWLYHVHUXPRUXULQHKXPDQ
FKRULRQLFJRQDGRWURSLQK&*ZLWKFRQFXUUHQWO\HOHYDWHGVHUXP)6+OHYHOLQWKH
SRVWPHQRSDXVDOUDQJHGHSUHVVHGHVWUDGLRO(OHYHOLQWKHSRVWPHQRSDXVDOUDQJHDQG
DEVHQWVHUXPSURJHVWHURQHOHYHOEDVHGRQWKHODERUDWRU\UHIHUHQFHUDQJHVZKHUHWKH
KRUPRQDODVVD\VDUHSHUIRUPHG
 &RQWUDFHSWLYH5HTXLUHPHQWV
)HPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDODQGPDOHVXEMHFWVZKRHQJDJHLQLQWHUFRXUVHPXVW
DJUHHWRXWLOL]HSURWRFRO VSHFLILHG PHWKRGVRIFRQWUDFHSWLRQIURPWKHVFUHHQLQJHQUROOPHQWYLVLW
WKURXJKRXWWKHVWXG\SHULRGDQGIRU GD\VIROORZLQJWKHODVWGRVHRIVWXG\GUXJ)HPDOHVWXG\


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
VXEMHFWVZKRDUHQRWKHWHURVH[XDOO\DFWLYHPXVWSURYLGHSHULRGLFFRQILUPDWLRQRIFRQWLQXHG
DEVWLQHQFHIURPKHWHURVH[XDOLQWHUFRXUVHDQGUHJXODUSUHJQDQF\WHVWLQJZKLOHWDNLQJ*6
7KHLQYHVWLJDWRUZLOOFRXQVHOVXEMHFWVRQWKHSURWRFROVSHFLILHGPHWKRGVIRUDYRLGLQJ
SUHJQDQF\LQFDVHWKHVXEMHFWFKRRVHVWRHQJDJHLQKHWHURVH[XDOLQWHUFRXUVH
3URWRFROVSHFLILHGFRQWUDFHSWLYHPHWKRGVDUHDVIROORZVDFRPELQDWLRQRIRQHKRUPRQDO
PHWKRGDQGRQHEDUULHUPHWKRGWZREDUULHUPHWKRGVZKHUHRQHPHWKRGLVWKHPDOHFRQGRP
RUXVHRIDQLQWUDXWHULQHGHYLFH,8'RUWXEDOVWHULOL]DWLRQVHH$SSHQGL[ 7DEOH  EHORZ
$FFHSWDEOHKRUPRQDOPHWKRGVLQFOXGHLQMHFWDEOHSURJHVWHURQHSURJHVWHURQHLPSODQWV
FRPELQDWLRQRUDOFRQWUDFHSWLYHVWUDQVGHUPDOFRQWUDFHSWLYHSDWFKDQGYDJLQDOULQJ$FFHSWDEOH
EDUULHUPHWKRGVLQFOXGHGLDSKUDJPZLWKVSHUPLFLGHFHUYLFDOFDSZLWKVSHUPLFLGHDQGWKHPDOH
FRQGRP ZLWKVSHUPLFLGH)HPDOHVXEMHFWVPXVWXVHHLWKHUDKRUPRQDOPHWKRGRUDEDUULHU
PHWKRGLIWKHSDUWQHUKDVDYDVHFWRP\ DQGWKHPDOHSDUWQHUVKRXOGEHWKHVROHSDUWQHUIRUWKDW
VXEMHFW)RUDYDVHFWRP\DSSURSULDWHSRVWYDVHFWRP\GRFXPHQWDWLRQRIWKHDEVHQFHRIVSHUPLQ
WKHHMDFXODWHPXVWEHDYDLODEOH,IDVXEMHFWKDVXQGHUJRQHWXEDOVWHULOL]DWLRQRUKDVKDGD
&RSSHU 7$,8'RU/1J,8'LQVHUWHGQRRWKHUFRQWUDFHSWLRQLVQHHGHG
,IWXEDOVWHULOL]DWLRQLVYLDWKH(VVXUHSURFHGXUHYHULILFDWLRQRIWXEDOEORFNDJHE\
K\VWHURVDOSLQJRJUDP+63PXVWEHSHUIRUPHGDSSUR[LPDWHO\PRQWKVDIWHUPLFURLQVHUWLRQ
3ULRUWRYHULILFDWLRQ(VVXUHLVQRWFRQVLGHUHGDUHOLDEOHIRUPRIFRQWUDFHSWLRQDQGWKH
FRQWUDFHSWLRQPHWKRGVGHVFULEHGEHORZPXVWEHXVHG)HPDOHVXEMHFWVZKRXWLOL]HKRUPRQDO
FRQWUDFHSWLYHVDVRQHRIWKHLUELUWKFRQWUROPHWKRGVPXVWKDYHXVHGWKHVDPHPHWKRGIRUDWOHDVW
 PRQWKVEHIRUHVWXG\GRVLQJ
)HPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOPXVWKDYHDQHJDWLYHXULQH RUVHUXPSUHJQDQF\WHVWDW
VFUHHQLQJSULRUWRUHFHLYLQJWKHILUVWGRVHRIVWXG\GUXJ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\ 
$SSHQGL[ 7DEOH 
3URWRFRO 6SHFLILHG &RQWUDFHSWLYH0HWKRGV
0HWKRGVWR8VHE\7KHPVHOYHV
&RPELQDWLRQ0HWKRGV
+RUPRQH0HWKRGV
FKRRVHRQHDQGXVHZLWKDEDUULHU
PHWKRG
%DUULHU0HWKRGV
XVHERWK25FKRRVHRQHDQGXVHZLWK
DKRUPRQHPHWKRG
,QWUDXWHULQH'HYLFHV,8'V

&RSSHU7$,8'

/1J,8'
7XEDO6WHULOL]DWLRQ
(VWURJHQDQG3URJHVWHURQH

2UDOFRQWUDFHSWLYHV

7UDQVGHUPDOSDWFK

9DJLQDOULQJ
3URJHVWHURQH

,QMHFWLRQ

,PSODQW

'LDSKUDJPZLWKVSHUPLFLGH
25

&HUYLFDOFDSZLWKVSHUPLFLGH

0DOHFRQGRPZLWKVSHUPLFLGH
3DUWQHU¶VYDVHFWRP\PXVWEHXVHGZLWKDKRUPRQHRUEDUULHUPHWKRG DQGWKH
PDOHSDUWQHUVKRXOGEHWKHVROHSDUWQHUIRUWKDWVXEMHFW)RUDYDVHFWRP\
DSSURSULDWHSRVWYDVHFWRP\GRFXPHQWDWLRQRIWKHDEVHQFHRIVSHUPLQWKH
HMDFXODWHPXVWEHDYDLODEOH
7KHLQYHVWLJDWRUZLOO FRXQVHODOOVXEMHFWVRQWKHPRVWHIIHFWLYHPHWKRGVIRUDYRLGLQJSUHJQDQF\
GXULQJWKHVWXG\
 $GGLWLRQDO5HTXLUHPHQWVIRU0DOH6XEMHFWV
0DOHVXEMHFWVPXVWDJUHHWRXVHFRQGRPVGXULQJKHWHURVH[XDOLQWHUFRXUVHDQGDYRLGVSHUP
GRQDWLRQZKLOHHQUROOHGLQWKHVWXG\DQG IRUDWOHDVWGD\VDIWHUDGPLQLVWUDWLRQRIWKHODVWGRVH
RIVWXG\PHGLFDWLRQ
8VHRIFRQGRPVZLWKVSHUPLFLGHKDVEHHQSURYHQWRGHFUHDVHWKHULVNRIWUDQVPLVVLRQRI+,9
DQGRWKHUVH[XDOO\WUDQVPLWWHGGLVHDVHV7KHXVHRIVSHUPLFLGHLVQRWUHFRPPHQGHGLIWKHVXEMHFW
RUVXEMHFW¶VSDUWQHULVLQIHFWHGZLWK+,9
 3URFHGXUHVWREH)ROORZHGLQWKH(YHQWRI3UHJQDQF\
6XEMHFWVZLOO EHLQVWUXFWHGWRQRWLI\WKHLQYHVWLJDWRULIWKH\EHFRPHSUHJQDQWDWDQ\WLPHGXULQJ
WKHVWXG\RULIWKH\EHFRPHSUHJQDQWZLWKLQGD\VRUZHHNVRIODVWVWXG\GUXJGRVH6XEMHFWV
ZKREHFRPHSUHJQDQWRUZKRVXVSHFWWKDWWKH\DUHSUHJQDQWGXULQJWKHVWXG\PXVWUHSRUWWKH
LQIRUPDWLRQWRWKHLQYHVWLJDWRUDQGGLVFRQWLQXHVWXG\GUXJLPPHGLDWHO\6XEMHFWVZKRVHSDUWQHU
KDVEHFRPHSUHJQDQWRUVXVSHFWVVKHLVSUHJQDQWGXULQJWKHVWXG\PXVWUHSRUWWKHLQIRUPDWLRQWR
WKHLQYHVWLJDWRU
,QVWUXFWLRQVIRUUHSRUWLQJSUHJQDQF\SDUWQHUSUHJQDQF\DQGSUHJQDQF\RXWFRPHDUHRXWOLQHGLQ
6HFWLRQ 

SAP_007.pdf: 


67$7,67,&$/$1$/<6,63/$1


6WXG\7LWOH
$3KDVHE5DQGRPL]HG'RXEOH%OLQG3ODFHER&RQWUROOHG
0XOWL&HQWHU6WXG\(YDOXDWLQJ$QWLYLUDO(IIHFWV
3KDUPDFRNLQHWLFV6DIHW\DQG7ROHUDELOLW\RI*6LQ
+HPDWRSRLHWLF&HOO7UDQVSODQW+&75HFLSLHQWVZLWK
5HVSLUDWRU\6\QF\WLDO9LUXV569,QIHFWLRQRIWKH8SSHU
5HVSLUDWRU\7UDFW


1DPHRI7HVW'UXJ
3UHVDWRYLU*6


6WXG\1XPEHU
*686


3URWRFRO9HUVLRQ
$PHQGPHQW


3URWRFRO'DWH
0DUFK


$QDO\VLV7\SH
)LQDO


$QDO\VLV3ODQ9HUVLRQ
9HUVLRQ


$QDO\VLV3ODQ'DWH
1RYHPEHU


$QDO\VLV3ODQ$XWKRU



&21),'(17,$/$1'35235,(7$5<,1)250$7,21

PPD


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
7$%/(2)&217(176
7$%/(2)&217(176 
/,672),17(;7),*85(6 
/,672)$%%5(9,$7,216 
 
,1752'8&7,21 
 
6WXG\2EMHFWLYHV 
 
6WXG\'HVLJQ 
 
6DPSOH6L]HDQG3RZHU 
 
7<3(2)3/$11('$1$/<6,6 
 
'DWD0RQLWRULQJ&RPPLWWHH$QDO\VHV 
 
(IILFDF\,QWHULP$QDO\VLV 
 
)LQDO$QDO\VLV 
 
*(1(5$/&216,'(5$7,216)25'$7$$1$/<6(6 
 
$QDO\VLV6HWV 
 
$OO5DQGRPL]HG$QDO\VLV6HW 
 
)XOO$QDO\VLV6HW 
 
3HU3URWRFRO$QDO\VLV6HW 
 
6DIHW\$QDO\VLV6HW 
 
3KDUPDFRNLQHWLF$QDO\VLV6HW 
 
6XEMHFW*URXSLQJ 
 
6WUDWDDQG&RYDULDWHV 
 
([DPLQDWLRQRI6XEMHFW6XEVHWV 
 
0XOWLSOH&RPSDULVRQV 
 
0LVVLQJ'DWDDQG2XWOLHUV 
 
0LVVLQJ'DWD 
 
2XWOLHUV 
 
'DWD+DQGOLQJ&RQYHQWLRQVDQG7UDQVIRUPDWLRQV 
 
'DWD+DQGOLQJIRU(IILFDF\(QGSRLQWV 
 
'DWD+DQGOLQJIRU/DERUDWRU\(QGSRLQWV 
 
'DWD+DQGOLQJIRU3.(QGSRLQWV 
 
$QDO\VLV9LVLW 
 
'HILQLWLRQRI6WXG\'D\ 
 
'HILQLWLRQRI%DVHOLQH 
 
$QDO\VLV9LVLW 
 
6HOHFWLRQRI'DWDLQWKH(YHQWRI0XOWLSOH5HFRUGVLQD$QDO\VLV9LVLW 
 
68%-(&7',6326,7,21 
 
6XEMHFW(QUROOPHQWDQG'LVSRVLWLRQ 
 
([WHQWRI6WXG\'UXJ([SRVXUHDQG$GKHUHQFH 
 
'XUDWLRQRI([SRVXUHWR6WXG\'UXJ 
 
$GKHUHQFHWR6WXG\'UXJ 
 
3URWRFRO'HYLDWLRQV 
 
%$6(/,1(&+$5$&7(5,67,&6 
 
'HPRJUDSKLFV 
 
2WKHU%DVHOLQH&KDUDFWHULVWLFV 
 
0HGLFDO+LVWRU\ 
 
()),&$&<$1$/<6(6 
 
'HILQLWLRQRIWKH&R3ULPDU\(IILFDF\(QGSRLQWV 


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
 
7LPHZHLJKWHGDYHUDJHFKDQJHLQQDVDO569YLUDOORDG 
 
3URSRUWLRQRIVXEMHFWVZKRGHYHORSD/57&WKURXJK'D\ 
 
6WDWLVWLFDO+\SRWKHVHVIRUWKH&R3ULPDU\(IILFDF\(QGSRLQWV 
 
7LPH:HLJKWHG$YHUDJH&KDQJHLQ1DVDO5699LUDO/RDG 
 
3URSRUWLRQRI6XEMHFWV:KR'HYHORSD/57&WKURXJK'D\ 
 
6HFRQGDU\(IILFDF\(QGSRLQWV 
 
'HILQLWLRQRI6HFRQGDU\(IILFDF\(QGSRLQW 
 
$QDO\VLV0HWKRGVIRU6HFRQGDU\(IILFDF\(QGSRLQW 
 
6HQVLWLYLW\$QDO\VLVIRU6HFRQGDU\(IILFDF\(QGSRLQW 
 
([SORUDWRU\(IILFDF\(QGSRLQWV 
 
'HILQLWLRQRI([SORUDWRU\(IILFDF\(QGSRLQWV 
 
$QDO\VLV0HWKRGVIRU([SORUDWRU\(IILFDF\(QGSRLQWV 
 
&KDQJHV)URP3URWRFRO6SHFLILHG(IILFDF\$QDO\VHV 
 
6$)(7<$1$/<6(6 
 
$GYHUVH(YHQWVDQG'HDWKV 
 
$GYHUVH(YHQW'LFWLRQDU\ 
 
$GYHUVH(YHQW6HYHULW\ 
 
5HODWLRQVKLSRI$GYHUVH(YHQWVWR6WXG\'UXJ 
 
6HULRXV$GYHUVH(YHQWV 
 
7UHDWPHQW(PHUJHQW$GYHUVH(YHQWV 
 
6XPPDULHVRI$GYHUVH(YHQWVDQG'HDWKV 
 
$GGLWLRQDO$QDO\VLVRI$GYHUVH(YHQWV 
 
/DERUDWRU\(YDOXDWLRQV 
 
6XPPDULHVRI1XPHULF/DERUDWRU\5HVXOWV 
 
*UDGHG/DERUDWRU\9DOXHV 
 
/LYHUUHODWHG/DERUDWRU\(YDOXDWLRQV 
 
%RG\:HLJKWDQG9LWDO6LJQV 
 
3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV 
 
3ULRU0HGLFDWLRQV 
 
&RQFRPLWDQW0HGLFDWLRQV 
 
(OHFWURFDUGLRJUDP$VVHVVPHQW 
 
2WKHU6DIHW\0HDVXUHV 
 
&KDQJHV)URP3URWRFRO6SHFLILHG6DIHW\$QDO\VHV 
 
3+$50$&2.,1(7,&3.$1$/<6(6 
 
5()(5(1&(6 
 62)7:$5( 
 6$35(9,6,21 
 352326('7$%/(6),*85(6$1'/,67,1*6 
 
7DEOHV 
 
)LJXUHV 
 
/LVWLQJV 
 $33(1',&(6 

$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH 
$SSHQGL[ 
&DUGLDF$GYHUVH(YHQWVRI,QWHUHVW 
$SSHQGL[ 
6DPSOH6$6&RGHIRU00500RGHO 
$SSHQGL[ 
6DPSOH6$6&RGHIRU1HJDWLYH%LQRPLDO0RGHO 



3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
/,672),17(;7),*85(6
)LJXUH 
6WXG\9LVLWV 
)LJXUH 
7HVWLQJRI&RSULPDU\DQG6HFRQGDU\(QGSRLQWV 



3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
/,672)$%%5(9,$7,216
$(
DGYHUVHHYHQW
$1&29$
DQDO\VLVRIFRYDULDQFH
$129$
DQDO\VLVRIYDULDQFH
$7&
$QDWRPLFDO7KHUDSHXWLF&KHPLFDOGUXJFODVV
$8&
DUHDXQGHUWKHFXUYH
$8&
DUHDXQGHUWKHFRQFHQWUDWLRQWLPHFXUYHVIURPWLPH]HURWRLQILQLW\ZKLFKFRUUHVSRQGVWRD
FDOFXODWLRQRIPHDQFRQFHQWUDWLRQOHYHOVRIDWKHUDSHXWLFDJHQWLQWKHERG\
$8&LQI
DUHDXQGHUWKHFRQFHQWUDWLRQWLPHFXUYHIURPWLPH]HURWRLQILQLW\
$8&H[S
DPRXQWRI$UHD8QGHUWKH&XUYHWKDWRFFXUUHGDIWHUWKHODVWTXDQWLILDEOHVDPSOLQJWLPHSRLQW
%/4
EHORZWKHOLPLWRITXDQWLILFDWLRQ
%0,
ERG\PDVVLQGH[
&ODVW
FRQFHQWUDWLRQDWWKHODVWREVHUYHGWLPHSRLQW
&WDX
FRQFHQWUDWLRQIRUDGRVLQJLQWHUYDO
&PD[
PD[LPXPREVHUYHGVHUXPSODVPDSHULSKHUDOEORRGPRQRQXFOHDU3%0&FRQFHQWUDWLRQRIGUXJ
&,
FRQILGHQFHLQWHUYDO
&/)
DSSDUHQWWRWDOFOHDUDQFHRIGUXJIURPSODVPDDIWHURUDODGPLQLVWUDWLRQ
&65
FOLQLFDOVWXG\UHSRUW
'$9*
GLIIHUHQFHEHWZHHQWLPHZHLJKWHGDYHUDJHSRVWEDVHOLQHDQGEDVHOLQH
'0&
'DWD0RQLWRULQJ&RPPLWWHH
(&*
HOHFWURFDUGLRJUDP
H&5)
HOHFWURQLFFDVHUHSRUWIRUPV
(27
HQGRIWUHDWPHQW
)$6
)XOO$QDO\VLV6HW
)/8352
SDWLHQWUHSRUWHGRXWFRPH352PHDVXUHWRVWDQGDUGL]HWKHDVVHVVPHQWRILQIOXHQ]D)/8
V\PSWRPVLQFOLQLFDOVWXGLHV
+&7
KHPDWRSRLHWLFFHOOWUDQVSODQW
+/7
KLJKOHYHOWHUP
+/*7
KLJKOHYHOJURXSWHUP
,&+
,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ
,&8
,QWHQVLYH&DUH8QLW
,'
LGHQWLILFDWLRQ
,03
LQYHVWLJDWLRQDOPHGLFLQDOSURGXFW
,:56
,QWHUDFWLYH:HE5HVSRQVH6\VWHP
Ȝ]
WHUPLQDOGLVSRVLWLRQUDWHFRQVWDQWWHUPLQDOUDWHFRQVWDQW
//24
ORZHUOLPLWRITXDQWLILFDWLRQ
//7
ORZHUOHYHOWHUP
/57&
ORZHUUHVSLUDWRU\WUDFWFRPSOLFDWLRQ
/57,
ORZHUUHVSLUDWRU\WUDFWLQIHFWLRQ
0HG'5$
PHGLFDOGLFWLRQDU\IRUUHJXODWRU\DFWLYLWLHV


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
PO
PLOOLOLWHU
0050
PL[HGHIIHFWPRGHOZLWKUHSHDWHGPHDVXUHV
3'
SKDUPDFRG\QDPLFV
3.
SKDUPDFRNLQHWLFV
33
3HU3URWRFRO
37
SUHIHUUHGWHUP
4
ILUVWTXDUWLOH
4
WKLUGTXDUWLOH
57T3&5
TXDQWLWDWLYHUHDOWLPHSRO\PHUDVHFKDLQUHDFWLRQ
569
UHVSLUDWRU\V\QF\WLDOYLUXV
6$3
VWDWLVWLFDODQDO\VLVSODQ
6'
VWDQGDUGGHYLDWLRQ
6(
VWDQGDUGHUURU
62&
V\VWHPRUJDQFODVV
WODVW
WLPHRIODVWPHDVXUDEOHFRQFHQWUDWLRQ
WPD[
WLPHWRUHDFKPD[LPXPSHDNSODVPDFRQFHQWUDWLRQIROORZLQJGUXJDGPLQLVWUDWLRQ
Wò
DQHVWLPDWHRIWKHWHUPLQDOHOLPLQDWLRQKDOIOLIHRIWKHGUXJLQVHUXPSODVPD3%0&FDOFXODWHGE\
GLYLGLQJWKHQDWXUDOORJDULWKPRIE\WKHWHUPLQDOHOLPLQDWLRQUDWHFRQVWDQWȜ]
7(
7UHDWPHQWHPHUJHQW
7($(
WUHDWPHQWHPHUJHQWDGYHUVHHYHQW
7)/V
WDEOHVILJXUHVDQGOLVWLQJV
8/24
8SSHUOLPLWRITXDQWLILFDWLRQ
857,
XSSHUUHVSLUDWRU\WUDFWLQIHFWLRQ
95
YHQWULFXODUUDWH
:+2
:RUOG+HDOWK2UJDQL]DWLRQ





3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
)LJXUH
6WXG\9LVLWV


6DPSOH6L]HDQG3RZHU
6DPSOHVL]HDQGSRZHUDUHHVWLPDWHGIRUWKHFRSULPDU\HQGSRLQWVZLWKWKHRYHUDOODOSKDOHYHO
ZLWKDOSKD DOORFDWHGWRWKHGHYHORSPHQWRID/57&DQGDOSKD DOORFDWHGWRWKH
WLPHZHLJKWHGDYHUDJHFKDQJHLQYLUDOORDG7KHVDPSOHVL]HFDOFXODWLRQVDUHEDVHGRQWKH
UHVXOWVREVHUYHGLQDVWXG\WKDWHYDOXDWHGWKHHIILFDF\RIRUDODQGDHURVROL]HGULEDYLULQWUHDWPHQW
IRUSUHYHQWLQJSURJUHVVLRQIURPXSSHUWRORZHUUHVSLUDWRU\WUDFWLQIHFWLRQLQ+&7UHFLSLHQWVZLWK
569LQIHFWLRQVXQSXEOLVKHGGDWDIURP'U
DQGSXEOLVKHGGDWDRQFXUUHQWO\XVHG
DQWLYLUDODJHQWVIRU569LQIHFWLRQV^6KDK`
$VVXPLQJWKHWLPHZHLJKWHGDYHUDJHFKDQJHLQ569ORJYLUDOORDGIURP'D\WR'D\LQWKH
SODFHERJURXSZLOOEHORJFRSLHVP/ZLWKDVWDQGDUGGHYLDWLRQ6'RIVXEMHFWVSHU
WUHDWPHQWJURXSZLOOSURYLGHRYHUSRZHUWRGHWHFWDWOHDVWORJGHFUHDVHLQSUHVDWRYLU
JURXSXVLQJDVLGHGVLJQLILFDQFHOHYHORI
$VVXPLQJWKDWRIVXEMHFWVLQSODFHERDUPZLOOGHYHORSD/57&VXEMHFWVSHUWUHDWPHQW
JURXSZLOOSURYLGHRYHUSRZHUWRGHWHFWDWOHDVWUHGXFWLRQLQWKHSURSRUWLRQRI/57&
LQSUHVDWRYLUJURXSZLWKDVLGHGVLJQLILFDQFHOHYHORI
8VLQJWKHIDOOEDFNDSSURDFKDQGWKHDERYHDVVXPSWLRQVIRUWKHFRSULPDU\HQGSRLQWV
VXEMHFWVSHUDUPZLOOSURYLGH!SRZHUWRGHFODUHVWDWLVWLFDOVLJQLILFDQFHLQHLWKHUFKDQJH
LQYLUDOORDGRUSURSRUWLRQRIVXEMHFWVZLWK/57&
%DVHGRQDQDGPLQLVWUDWLYHUHYLHZRIWKHGDWDRFFXUULQJLQPLG6HSWHPEHU*LOHDGGHFLGHG
WRKDOWWKHVWXG\RQ6HSWHPEHUDWDQHQUROOPHQWRIVXEMHFWVGHVSLWHWKHVWXG\QRW
DFKLHYLQJFRPSOHWHHQUROOPHQWRIVXEMHFWV7KHGHFLVLRQZDVPDGHEHFDXVHHQUROOPHQWRI
WKHUHPDLQLQJVXEMHFWVZRXOGKDYHKDGPLQLPDOLPSDFWRQVWXG\RXWFRPHV
PPD


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU

7<3(2)3/$11('$1$/<6,6

'DWD0RQLWRULQJ&RPPLWWHH$QDO\VLV
$QH[WHUQDOPXOWLGLVFLSOLQDU\'DWD0RQLWRULQJ&RPPLWWHH'0&ZLOOUHYLHZWKHSURJUHVVRI
WKHVWXG\DQGSHUIRUPLQWHULPUHYLHZVRIVDIHW\GDWDLQRUGHUWRSURWHFWVXEMHFWZHOIDUHDQG
SUHVHUYHVWXG\LQWHJULW\7KH'0&LVWRUHFRPPHQGWRWKHVSRQVRUZKHWKHUWKHQDWXUH
IUHTXHQF\DQGVHYHULW\RIDGYHUVHHIIHFWVDVVRFLDWHGZLWKVWXG\WUHDWPHQWZDUUDQWWKHHDUO\
WHUPLQDWLRQRIWKHVWXG\LQWKHEHVWLQWHUHVWVRIWKHSDUWLFLSDQWVZKHWKHUWKHVWXG\VKRXOG
FRQWLQXHDVSODQQHGRUZKHWKHUWKHVWXG\VKRXOGFRQWLQXHZLWKPRGLILFDWLRQV
7KUHHVDIHW\UHYLHZVDUHH[SHFWHGWREHUHTXLUHGDIWHUDSSUR[LPDWHO\DQGRIWKH
SODQQHGVXEMHFWVDUHHQUROOHGDQGFRPSOHWH'D\YLVLWRUGLVFRQWLQXHWKHVWXG\7KH
UHJXODULW\RIVXFKUHYLHZVPD\DOVREHGHWHUPLQHGE\HQUROOPHQWUDWHVDQGHYLGHQFHRISRWHQWLDO
VDIHW\FRQFHUQV$GGLWLRQDOUHYLHZVPD\EHFRQGXFWHGDWWKHUHTXHVWRIWKH'0&RUWKHVSRQVRU
$WHDFKUHYLHZDOODYDLODEOHVDIHW\GDWDZLOOEHVXPPDUL]HGDQGHYDOXDWHG
7KH'0&¶VUROHDQGUHVSRQVLELOLWLHVDQGWKHVFRSHRIDQDO\VLVWREHSURYLGHGWRWKH'0&DUH
SURYLGHGLQDPXWXDOO\DJUHHGXSRQFKDUWHUZKLFKGHILQHVWKH'0&PHPEHUVKLSPHHWLQJ
ORJLVWLFVDQGPHHWLQJIUHTXHQF\

(IILFDF\,QWHULP$QDO\VLV
7KUHHHIILFDF\LQWHULPDQDO\VHVDUHFXUUHQWO\SODQQHGIRUDGPLQLVWUDWLYHSXUSRVHVE\WKHLQWHUQDO
*LOHDGVWDII7KHVHDQDO\VHVZLOOEHSHUIRUPHGZKHQDSSUR[LPDWHO\DQGRIWKH
SODQQHGVXEMHFWVDUHHQUROOHGDQGFRPSOHWH'D\RIWKHVWXG\UHVSHFWLYHO\$
+D\ELWWOH3HWRERXQGDU\ZLOOEHXVHGIRUWKHDOSKDVSHQGLQJZLWKDQRYHUDOODOSKDRIIRU
HDFKLQWHULPDQDO\VLVDQGRYHUDOODOSKDRIIRUWKHILQDODQDO\VLV
7KLVVWXG\ZLOOQRWEHVWRSSHGHDUO\IRUHIILFDF\EDVHGRQWKHLQWHULPHIILFDF\DQDO\VLVUHVXOWV
7KHSXUSRVHRIWKHVHDQDO\VHVLVWRREWDLQDQHDUO\DVVHVVPHQWRIWKHHIIHFWRISUHVDWRYLU7KH
LQWHULPHIILFDF\UHVXOWVZLOODLGLQWHUQDOGHFLVLRQPDNLQJRQWKHIXUWKHUGHYHORSPHQWRIWKH
SUHVDWRYLUSURJUDP,IWKHUHVXOWVDUHVXIILFLHQWO\SRVLWLYHRULQIRUPDWLYHWKHGDWDPD\EHXVHGWR
SODQRWKHU3KDVHDQGVWXGLHVWRVHHNJXLGDQFHIURP)'$RQWKHSURJUDPGHYHORSPHQWLQWKH
GLIIHUHQWVXEMHFWSRSXODWLRQVLQFOXGLQJWKHSDUWLDOFOLQLFDOKROGIRUWKHSHGLDWULFSURJUDP
$*LOHDG([HFXWLYH7HDPLQFOXGLQJWKH9LFH3UHVLGHQW93RI&OLQLFDO5HVHDUFKDQGWKH93RI
%LRPHWULFVZLOOUHYLHZWKHXQEOLQGHGLQWHULPHIILFDF\DQDO\VLVUHVXOWV%DVHGRQWKLVLQIRUPDWLRQ
WKH*6,([HFXWLYH7HDPZLOOPDNHDGHFLVLRQRQZKHWKHUWKHUHVXOWVDUHLQIRUPDWLYHWRXVHLQWKH
SODQQLQJRIRWKHU3KDVHDQGVWXGLHVZKHWKHUWRLQFOXGHWKHUHVXOWVLQWKHUHVSRQVHWRWKH)'$
RQWKHSDUWLDOFOLQLFDOKROGIRUWKHSHGLDWULFSURJUDP$*6,XQEOLQGHGWHDPWKDWLVLQGHSHQGHQW
RIWKH*6866WXG\7HDPPD\EHIRUPHGWRVXSSRUWWKHGHFLVLRQVRIWKH*6,
H[HFXWLYHWHDPLIQHHGHG7KLVXQEOLQGHGWHDPZLOOLQFOXGHUHSUHVHQWDWLYHVIURP*LOHDG&OLQLFDO
5HVHDUFK%LRPHWULFV5HJXODWRU\$IIDLUVDQG0HGLFDO:ULWLQJJURXSVZKRDUHQRWGLUHFWO\
DVVRFLDWHGZLWK6WXG\*686


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
7KH*6866WXG\7HDPZLOOUHPDLQEOLQGHGWRWUHDWPHQWDVVLJQPHQWVWKURXJKRXWWKH
WULDOXQWLODOOVXEMHFWVKDYHFRPSOHWHGWKHSODQQHGVWXG\YLVLWVDQGWKHGDWDEDVHKDVEHHQORFNHG
DQGXQEOLQGHG
$VRIWKHILQDOL]DWLRQRIWKLV6$3HIILFDF\LQWHULPDQDO\VHVKDYHEHHQSHUIRUPHGLQ0D\
DQG6HSWHPEHUDIWHUDQGRIWKHVXEMHFWVHQUROOHG$QDOSKDOHYHORIZDV
XVHGDWHDFKLQWHULPDQDO\VLVXVLQJWKH+D\ELWWOH3HWRERXQGDU\DQGWKHILQDODQDO\VLVZLOOEH
SHUIRUPHGDWDOHYHORIVLJQLILFDQFH

)LQDO$QDO\VLV
$IWHUDOOVXEMHFWVKDYHFRPSOHWHGWKHVWXG\RXWVWDQGLQJGDWDTXHULHVKDYHEHHQUHVROYHGDQGWKH
GDWDEDVHKDVEHHQFOHDQHGDQGILQDOL]HGWKHVWXG\EOLQGZLOOEHEURNHQDQGWKHILQDODQDO\VLVRI
WKHGDWDZLOOEHSHUIRUPHG
7KHHIILFDF\DQDO\VLVRIWKHFRSULPDU\DQGVHFRQGDU\HQGSRLQWVZLOOEHFRQGXFWHGDWWKHRYHUDOO
VLJQLILFDQFHOHYHORI7KHIDOOEDFNSURFHGXUH^:LHQV`ZLOOEHDSSOLHGWRWHVWWKH
FRSULPDU\DQGVHFRQGDU\HQGSRLQWVVHTXHQWLDOO\DVGHVFULEHGLQ6HFWLRQ


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU

*(1(5$/&216,'(5$7,216)25'$7$$1$/<6(6

$QDO\VLV6HWV
$QDO\VLVVHWVGHILQHWKHVXEMHFWVWREHLQFOXGHGLQDQDQDO\VLV$QDO\VLVVHWVDQGWKHLUGHILQLWLRQV
DUHSURYLGHGLQWKLVVHFWLRQ6XEMHFWVLQFOXGHGLQHDFKDQDO\VLVVHWZLOOEHGHWHUPLQHGEHIRUHWKH
VWXG\EOLQGLVEURNHQIRUDQDO\VLV7KHDQDO\VLVVHWZLOOEHLGHQWLILHGDQGLQFOXGHGDVDVXEWLWOHRI
HDFKWDEOHILJXUHDQGOLVWLQJ
)RUHDFKDQDO\VLVVHWWKHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVHOLJLEOHIRULQFOXVLRQDVZHOODVWKH
QXPEHUDQGSHUFHQWDJHRIVXEMHFWVZKRZHUHH[FOXGHGDQGWKHUHDVRQVIRUWKHLUH[FOXVLRQZLOO
EHVXPPDUL]HGE\WUHDWPHQWJURXS
$OLVWLQJRIUHDVRQVIRUH[FOXVLRQIURPDQDO\VLVVHWVZLOOEHSURYLGHGE\VXEMHFW

$OO5DQGRPL]HG$QDO\VLV6HW
$OO5DQGRPL]HG$QDO\VLV6HWLQFOXGHVDOOVXEMHFWVZKRZHUHUDQGRPL]HGLQWKHVWXG\

)XOO$QDO\VLV6HW
7KH)XOO$QDO\VLV6HW)$6LQFOXGHVDOOUDQGRPL]HGVXEMHFWVZKRWRRNDWOHDVWIXOOGRVHRI
VWXG\GUXJDQGKDGDQ569YLUDOORDGJUHDWHUWKDQRUHTXDOWRWKHORZHUOLPLWRITXDQWLILFDWLRQ
//24RIWKH57T3&5DVVD\LQWKH'D\QDVDOVDPSOHDVGHWHUPLQHGE\57T3&5DWWKH
FHQWUDOODE7KLVLVWKHSULPDU\DQDO\VLVVHWIRUHIILFDF\DQDO\VHV

3HU3URWRFRO$QDO\VLV6HW
7KH3HU3URWRFRO33$QDO\VLV6HWLQFOXGHVVXEMHFWVLQWKH)$6ZKRPHHWWKHIROORZLQJFULWHULD
x 'LGQRWYLRODWHDQ\PDMRULQFOXVLRQFULWHULD,&RUH[FOXVLRQFULWHULD(&
 ,&5HFHLYHGDQDXWRORJRXVRUDOORJHQLF+&7
 ,&'RFXPHQWHG569SRVLWLYHGD\VSULRUWR'D\
 ,&+DGUHVSLUDWRU\V\PSWRPVGD\VSULRUWR'D\
 ,&+DGHYDOXDEOHEDVHOLQHFKHVWLPDJHLHKDGHYLGHQFHRIQHZDEQRUPDOLWLHVFRQVLVWHQW
ZLWK/57,RQFKHVW;UD\KDGFKHVW;UD\WDNHQKRXUVSULRUWRVFUHHQLQJ
x 'LGQRWKDYH,03RYHUGRVHWKDWUHVXOWHGLQDQ$(
x 'LGQRWWDNHLQYDOLGH[SLUHGGDPDJHGTXDUDQWLQHGLPSURSHUO\VWRUHGHWFGUXJ
x :DVQRWGLVSHQVHGLQFRUUHFWVWXG\GUXJZURQJERWWOHGUXJIURPDQRWKHUVWXG\HWF


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
x 0LVVHGGRVHZLWKLQWKHILUVWVWXG\GD\V
x 0LVVHGQDVDOVZDEVRYHUWKHFRXUVHRIWKHVWXG\
x 'LGQRWUHFHLYHDQ\SURKLELWHGFRQFRPLWDQWPHGLFDWLRQV
7KHVSHFLILFFODVVLILFDWLRQRIVXEMHFWVWREHLQFOXGHGLQWKH33DQDO\VLVVHWZLOOEHILQDOL]HGSULRU
WRGDWDEDVHORFN6XEMHFWVZLOOEHJURXSHGDFFRUGLQJWRWKHWUHDWPHQWWKH\DFWXDOO\UHFHLYHG7KLV
DQDO\VLVVHWLVWREHXVHGIRUVHQVLWLYLW\DQDO\VLVRIWKHFRSULPDU\DQGVHFRQGDU\HQGSRLQWV

6DIHW\$QDO\VLV6HW
7KH6DIHW\$QDO\VLV6HWLQFOXGHVVXEMHFWVZKRUHFHLYHGDWOHDVWGRVHRIVWXG\PHGLFDWLRQ7KLV
LVWKHSULPDU\DQDO\VLVVHWIRUVDIHW\DQDO\VHV

3KDUPDFRNLQHWLF$QDO\VLV6HW
7KH3KDUPDFRNLQHWLF3.$QDO\VLV6HWLQFOXGHVDOOVXEMHFWVZKRKDYHEHHQDGPLQLVWHUHGDW
OHDVWGRVHRILQYHVWLJDWLRQDOGUXJDQGKDYHDWOHDVWQRQPLVVLQJSRVWGRVHFRQFHQWUDWLRQYDOXH
IRUSUHVDWRYLULQSODVPD7KLVLVWKHSULPDU\DQDO\VLVVHWIRU3.VXPPDU\WDEOHVDQGILJXUHV
3.6XEVWXG\6HWLQFOXGHVVXEMHFWVLQWKH3.$QDO\VLV6HWZKRHOHFWWRSDUWLFLSDWHLQH[WHQVLYH
3.VDPSOLQJDWWKHWLPHRILQIRUPHGFRQVHQW

6XEMHFW*URXSLQJ
)RUDQDO\VHVEDVHGRQWKH)$6VXEMHFWVZLOOEHJURXSHGDFFRUGLQJWRWKHWUHDWPHQWWRZKLFK
WKH\ZHUHUDQGRPL]HG)RUDQDO\VHVEDVHGRQWKH33DQG6DIHW\$QDO\VLV6HWVVXEMHFWVZLOOEH
JURXSHGDFFRUGLQJWRWKHUDQGRPL]HGWUHDWPHQWH[FHSWZKHQWKHLUDFWXDOWUHDWPHQWGLIIHUVIURP
UDQGRPL]HGWUHDWPHQWIRUWKHHQWLUHWUHDWPHQWGXUDWLRQ,QWKLVFDVHVXEMHFWVZLOOEHJURXSHG
EDVHGRQDFWXDOWUHDWPHQWUHFHLYHG)RUWKHDQDO\VHVEDVHGRQWKH3.$QDO\VLV6HWVXEMHFWVZLOO
EHJURXSHGDFFRUGLQJWRWKHDFWXDOWUHDWPHQWWKH\UHFHLYHG

6WUDWDDQG&RYDULDWHV
6XEMHFWVZLOOEHUDQGRPO\DVVLJQHGWRWUHDWPHQWJURXSVYLDWKHLQWHUDFWLYHZHEUHVSRQVHV\VWHP
,:56LQDUDWLRXVLQJDVWUDWLILHGUDQGRPL]DWLRQVFKHGXOH6WUDWLILFDWLRQZLOOEHEDVHGRQ
WKHIROORZLQJSDUDPHWHUV
x 3UHVHQFHRUDEVHQFHRIO\PSKRSHQLDGHILQHGDVDO\PSKRF\WHFRXQWFHOOVȝ/YHUVXV
FHOOVȝ/RIEORRG
x 7UHDWPHQWRI569LQIHFWLRQ\HVRUQRZLWKULEDYLULQRUDOLQWUDYHQRXVRUDHURVROL]HG
)RUVXEMHFWVZLWKGLVFUHSDQFLHVEHWZHHQWKHVWUDWLILFDWLRQIDFWRUYDOXHVDWUDQGRPL]DWLRQ
LHDFFRUGLQJWR,:56DQGWKHDFWXDOYDOXHVDVGRFXPHQWHGLQWKHH&5)WKHDFWXDOVWUDWD
LQIRUPDWLRQZLOOEHXVHGLQWKHDQDO\VHV


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
,QWKHVLWXDWLRQWKDWWKHUHLVLQVXIILFLHQWGDWDLQDVWUDWXPWKDWVWUDWXPZLOOEHSRROHGZLWKWKH
DGMDFHQWVWUDWXPDQGQRVXEJURXSDQDO\VLVZLOOEHFRQGXFWHG)RUH[DPSOHLIWKHUHDUH
VXEMHFWVZLWKO\PSKRSHQLDWKHQWKHVHVXEMHFWVZLOOEHFRPELQHGZLWKWKHVXEMHFWVZLWKRXW
O\PSKRSHQLDDQGQRVXEJURXSDQDO\VLVZLOOEHSHUIRUPHGIRUWKHVWUDWLILFDWLRQIDFWRURI
³SUHVHQFHRUDEVHQFHRIO\PSKRSHQLD´
(IILFDF\HQGSRLQWVZLOOEHHYDOXDWHGXVLQJVWUDWLILFDWLRQIDFWRUVDVFRYDULDWHVLQWKHDQDO\VLV
PRGHOVHJDQDO\VLVRIFRYDULDQFH>$1&29$@,IWKHUHDUHQRWHQRXJKVXEMHFWVZLWKLQDVWUDWD
VXEMHFWVLQRIWKHVWUDWDWKHVWUDWLILFDWLRQIDFWRUZLOOQRWEHLQFOXGHGLQWKHDQDO\VLV
PRGHOV
)RUFRQWLQXRXVHIILFDF\HQGSRLQWVWKHEDVHOLQHYDOXHRIWKHHIILFDF\YDULDEOHZLOOEHLQFOXGHGDV
DFRYDULDWHLQWKHDQDO\VLVPRGHO

([DPLQDWLRQRI6XEMHFW6XEVHWV
&RSULPDU\DQGVHFRQGDU\HIILFDF\HQGSRLQWVZLOOEHH[DPLQHGLQWKHIROORZLQJVXEJURXSVLI
WKHUHLVVXIILFLHQWVDPSOHVL]HLQWKHVXEJURXS
x 6WUDWLILFDWLRQIDFWRUV
 3UHVHQFHRUDEVHQFHRIO\PSKRSHQLDGHILQHGDVDO\PSKRF\WHFRXQWFHOOVȝ/
YHUVXVFHOOVȝ/RIEORRG
 7UHDWPHQWRI569LQIHFWLRQ\HVRUQRZLWKULEDYLULQRUDOLQWUDYHQRXVRUDHURVROL]HG
x 6H[PDOHRUIHPDOH
x $JHJURXSRU\HDUV
x 5DFHZKLWHRUDOORWKHUUDFHV
6XEJURXSDQDO\VHVIRURWKHUEDVHOLQHYDULDEOHVVXFKDVW\SHRIWUDQVSODQWDXWRORJRXVYV
DOORJHQHLF+&7PD\EHFRQGXFWHG
6SHFLILHGVDIHW\DQDO\VHVZLOOEHH[DPLQHGLQWKHIROORZLQJVXEJURXSV
x 6H[PDOHRUIHPDOH
x $JHJURXSRU\HDUV
x 5DFHZKLWHRUDOORWKHUUDFHV

0XOWLSOH&RPSDULVRQV
7KLVVWXG\KDVFRSULPDU\HQGSRLQWVWKHWLPHZHLJKWHGDYHUDJHFKDQJHLQ569ORJYLUDO
ORDGIURP'D\WR'D\DQGWKHSURSRUWLRQRIVXEMHFWVZKRGHYHORSD/57&WKURXJK'D\
7RFRQWUROWKH7\SHHUURUUDWHRIDFURVVWKHFRSULPDU\DQGVHFRQGDU\HQGSRLQWVD
IDOOEDFNDSSURDFKZLOOEHDSSOLHG^:LHQV`^'PLWULHQNR`VHH)LJXUH


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
7KHWLPHZHLJKWHGDYHUDJHFKDQJHLQ569ORJYLUDOORDGIURP'D\WR'D\ZLOOEHWHVWHG
ILUVWDWVLJQLILFDQFHOHYHORI,IWKLVQXOOK\SRWKHVLV+RIQRGLIIHUHQFHEHWZHHQWKH
WUHDWPHQWJURXSVLVUHMHFWHGWKHQWKHSURSRUWLRQRIVXEMHFWVZKRGHYHORSDQ/57&+ZLOOEH
WHVWHGZLWKVLJQLILFDQFHOHYHORI2WKHUZLVHWKHQXOOK\SRWKHVLVRIQRGLIIHUHQFHEHWZHHQ
WUHDWPHQWJURXSVLQWKHSURSRUWLRQRIVXEMHFWVZKRGHYHORSDQ/57&ZLOOEHWHVWHGDW
VLJQLILFDQFHOHYHORI
,IERWKRIWKHFRSULPDU\QXOOK\SRWKHVHV+DQG+DUHUHMHFWHGWKHQWKHVHFRQGDU\HQGSRLQW
ZLOOEHWHVWHGDWDVLJQLILFDQFHOHYHORI,IRQO\WKHQXOOK\SRWKHVLVRIQRGLIIHUHQFHEHWZHHQ
WUHDWPHQWJURXSVLQWKHSURSRUWLRQRIVXEMHFWVZKRGHYHORSDQ/57&+LVUHMHFWHGWKH
VHFRQGDU\HQGSRLQWZLOOEHWHVWHGDWDVLJQLILFDQFHOHYHORI,IWKHK\SRWKHVLV+LVQRW
UHMHFWHGWKHQWKHVHFRQGDU\HQGSRLQWZLOOQRWEHWHVWHG
)LJXUH
7HVWLQJRI&RSULPDU\DQG6HFRQGDU\(QGSRLQWV

D
&RSULPDU\HQGSRLQW7LPHZHLJKWHGDYHUDJHFKDQJHLQORJYLUDOORDG
E
&RSULPDU\HQGSRLQW3URSRUWLRQRIVXEMHFWVZKRGHYHORSHG/57&
F
6HFRQGDU\HQGSRLQW3URSRUWLRQRIVXEMHFWVZKRHLWKHUGHYHORSHGUHVSLUDWRU\IDLOXUHRIDQ\FDXVHUHTXLULQJPHFKDQLFDO
YHQWLODWLRQLQYDVLYHRUQRQLQYDVLYHRUGLHGSULRUWRRURQ'D\
,VFKDQJHLQYLUDOORDGDVWDWLVWLFDOO\
GLIIHUHQWEHWZHHQJURXSV"
Į 
,VSURSRUWLRQRI/57&EVWDWLVWLFDOO\
GLIIHUHQWEHWZHHQJURXSV"
Į 
<HV
1R
,VSURSRUWLRQRI/57&EVWDWLVWLFDOO\
GLIIHUHQWEHWZHHQJURXSV"
Į 
,VSURSRUWLRQRI
VXEMHFWVZLWK
UHVSLUDWRU\IDLOXUHRU
PRUWDOLW\FVWDWLVWLFDOO\
GLIIHUHQWEHWZHHQ
JURXSV"
Į 
6723
,VSURSRUWLRQRI
VXEMHFWVZLWK
UHVSLUDWRU\IDLOXUHRU
PRUWDOLW\FVWDWLVWLFDOO\
GLIIHUHQWEHWZHHQ
JURXSV"
Į 
6723
<HV
<HV
1R
1R


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU

0LVVLQJ'DWDDQG2XWOLHUV

0LVVLQJ'DWD
$PLVVLQJGDWDSRLQWIRUDJLYHQVWXG\YLVLWPD\EHGXHWRDQ\RIWKHIROORZLQJUHDVRQV
x $YLVLWRFFXUUHGLQWKHZLQGRZEXWGDWDZHUHQRWFROOHFWHGRUZHUHXQXVDEOH
x $YLVLWGLGQRWRFFXULQWKHZLQGRZ
x $VXEMHFWSHUPDQHQWO\GLVFRQWLQXHGIURPWKHVWXG\EHIRUHUHDFKLQJWKHZLQGRZ
0LVVLQJGDWDFDQKDYHDQLPSDFWXSRQWKHLQWHUSUHWDWLRQRIWKHWULDOGDWD$VWKLVVWXG\LVRIVKRUW
GXUDWLRQLWLVDQWLFLSDWHGWKDWPLVVLQJGDWDZLOOEHPLQLPDO,QJHQHUDOYDOXHVIRUPLVVLQJGDWD
ZLOOQRWEHLPSXWHG
)RUODERUDWRU\GDWDDPLVVLQJEDVHOLQHYDOXHZLOOEHUHSODFHGZLWKDVFUHHQLQJYDOXHLI
DYDLODEOHRWKHUZLVHLWZLOOEHWUHDWHGDVQRUPDOLH*UDGHQRWR[LFLW\JUDGHIRUWKHVXPPDU\
RIJUDGHGODERUDWRU\DEQRUPDOLWLHV$UHWHVWYDOXHPD\EHXVHGLIWKHILUVWWHVWLVLQYDOLGDWHG
HJVSHFLPHQKHPRO\]HG
9DOXHVZLOOQRWEHLPSXWHGIRUPLVVLQJYLWDOVLJQVDQGRWKHUVDIHW\GDWD+RZHYHUDPLVVLQJ
EDVHOLQHYDOXHZLOOEHUHSODFHGZLWKWKHFORVHVWPHDVXUHPHQWSULRUWREDVHOLQHLIDYDLODEOH
0LVVLQJYLUDOORDGGDWDGXHWRSUHPDWXUHGLVFRQWLQXDWLRQRIWKHVWXG\ZLOOQRWEHLPSXWHGDVDOO
DYDLODEOHGDWDZLOOEHLQFOXGHGLQWKHWLPHZHLJKWHGDYHUDJHFDOFXODWLRQV,QWHUPHGLDWHPLVVLQJ
YLUDOORDGGDWDZLOOEHLPSXWHGXVLQJWKHWUDSH]RLGDOUXOHIRUWKHWLPHZHLJKWHGDYHUDJH
FDOFXODWLRQVDOWKRXJKRQO\YLUDOORDGGDWDWKURXJK'D\ZLOOEHLQFOXGHGLQWKHSULPDU\
HQGSRLQWFDOFXODWLRQV$VDVHQVLWLYLW\DQDO\VLVPL[HGHIIHFWVPRGHOZLWKUHSHDWHGPHDVXUHV
0050IRUWKHDEVROXWHYDOXHVDQGFKDQJHIURPEDVHOLQHLQYLUDOORDGZLOOEHDSSOLHG6LPLODU
DQDO\VHVZLOOEHSHUIRUPHGRQ)/8352VFRUHDQG2VDWXUDWLRQ
$OODYDLODEOHGDWDIRUVXEMHFWVZKRGRQRWFRPSOHWHWKHVWXG\ZLOOEHLQFOXGHGLQWKHGDWDOLVWLQJV

2XWOLHUV
2XWOLHUVZLOOEHLGHQWLILHGGXULQJWKHGDWDPDQDJHPHQWDQGGDWDDQDO\VLVSURFHVV$OOGDWD
LQFOXGLQJRXWOLHUVZLOOEHLQFOXGHGLQDQDO\VHVXQOHVVRWKHUZLVHVSHFLILHG

'DWD+DQGOLQJ&RQYHQWLRQVDQG7UDQVIRUPDWLRQV
%\VXEMHFWOLVWLQJVZLOOEHSUHVHQWHGIRUDOOVXEMHFWVLQWKH$OO5DQGRPL]HG$QDO\VLV6HWDQG
VRUWHGE\VXEMHFWLGHQWLILFDWLRQ,'QXPEHUYLVLWGDWHDQGWLPHLIDSSOLFDEOH'DWDFROOHFWHG
RQORJIRUPVVXFKDVDGYHUVHHYHQWV$(VZLOOEHSUHVHQWHGLQFKURQRORJLFDORUGHUZLWKLQ
VXEMHFW7KHWUHDWPHQWJURXSWRZKLFKVXEMHFWVZHUHUDQGRPL]HGRULQLWLDOO\DVVLJQHGZLOOEH
XVHGLQWKHOLVWLQJV


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
,QJHQHUDODJHLQ\HDUVRQWKHGDWHRIWKHILUVWGRVHRIVWXG\GUXJZLOOEHXVHGIRUDQDO\VHVDQG
SUHVHQWDWLRQLQOLVWLQJV,IDQHQUROOHGVXEMHFWZDVQRWGRVHGZLWKVWXG\GUXJDWDOOWKHGDWHZKHQ
EDVHOLQHDVVHVVPHQWZDVFRQGXFWHGZLOOEHXVHGLQVWHDGRIWKHILUVWGRVLQJGDWHRIVWXG\GUXJ
)RUVFUHHQIDLOXUHVWKHGDWHZKHQWKHLQIRUPHGFRQVHQWZDVVLJQHGZLOOEHXVHGIRUDJH
FDOFXODWLRQ,IRQO\ELUWK\HDULVFROOHFWHGRQWKH&5)³-DQXDU\´ZLOOEHXVHGIRUWKH
XQNQRZQELUWKGD\DQGPRQWKIRUWKHSXUSRVHRIDJHFDOFXODWLRQXQOHVVDJHLVFDSWXUHGRQWKH
&5)

'DWD+DQGOLQJIRU(IILFDF\(QGSRLQWV
9LUDOORDGYDOXHVEHORZWKHOLPLWRITXDQWLILFDWLRQ%/4UHSRUWHGDV//24ZLOOEHFRXQWHGDV
//24LQWKHVXPPDULHVDQGRUGHUVWDWLVWLFV9LUDOORDGYDOXHVEHORZWKHOLPLWRIGHWHFWLRQZLOO
EHWUHDWHGDV³´9LUDOORDGGDWDZLOOEHWUDQVIRUPHGXVLQJWKHEDVHORJDULWKPEHIRUHWKH
DQDO\VHV,QFDVHRI]HURYDOXHZLOOEHDGGHGWRHDFKYLUDOORDGPHDVXUHPHQWEHIRUHEHLQJ
WUDQVIRUPHG
7KH)/8352VFRUHZLOOEHFDOFXODWHGDVWKHVXPRIWKHVFRUHVIRUDOOV\PSWRPVFROOHFWHG
GLYLGHGE\QXPEHURIV\PSWRPVZLWKQRQPLVVLQJVFRUHLHWKHQXPEHURIV\PSWRPVFROOHFWHG

'DWD+DQGOLQJIRU/DERUDWRU\(QGSRLQWV
/DERUDWRU\GDWDWKDWDUHFRQWLQXRXVLQQDWXUHEXWDUHOHVVWKDQWKH//24RUDERYHWKHXSSHUOLPLW
RITXDQWLWDWLRQ8/24ZLOOEHLPSXWHGDVIROORZV
x $YDOXHWKDWLVXQLWOHVVWKDQWKH//24ZLOOEHXVHGIRUFDOFXODWLRQRIGHVFULSWLYHVWDWLVWLFV
LIWKHGDWDLVUHSRUWHGLQWKHIRUPRI³[´ZKHUH[LVFRQVLGHUHGWKH//24)RUH[DPSOHLI
WKHYDOXHVDUHUHSRUWHGDVDQGWKHQYDOXHVRIDQGZLOOEHXVHGIRU
FDOFXODWLRQRIVXPPDU\VWDWLVWLFVUHVSHFWLYHO\+RZHYHUIRUGLUHFWELOLUXELQDYDOXHRI
³´ZLOOEHWUHDWHGDVIRUFDOFXODWLRQRIVXPPDU\VWDWLVWLFV
x $YDOXHWKDWLVXQLWDERYHWKH8/24ZLOOEHXVHGIRUFDOFXODWLRQRIGHVFULSWLYHVWDWLVWLFVLI
WKHGDWDLVUHSRUWHGLQWKHIRUPRI³![´ZKHUH[LVFRQVLGHUHGWKHOLPLWRITXDQWLWDWLRQ)RU
H[DPSOHLIWKHYDOXHVDUHUHSRUWHGDV!DQG!WKHQYDOXHVRIDQGZLOOEHXVHG
IRUFDOFXODWLRQRIVXPPDU\VWDWLVWLFVUHVSHFWLYHO\
x 7KHOLPLWRITXDQWLWDWLRQZLOOEHXVHGIRUFDOFXODWLRQRIGHVFULSWLYHVWDWLVWLFVLIWKHGDWDLV
UHSRUWHGLQWKHIRUPRI³[´RU³[´ZKHUH[LVFRQVLGHUHGDVWKHOLPLWRITXDQWLWDWLRQ

'DWD+DQGOLQJIRU3.(QGSRLQWV
1DWXUDOORJDULWKPWUDQVIRUPDWLRQZLOOEHXVHGIRUSODVPDFRQFHQWUDWLRQVDQGDQDO\VLVRI3.
SDUDPHWHUV3ODVPDFRQFHQWUDWLRQYDOXHVWKDWDUHEHORZWKHOLPLWRITXDQWLWDWLRQ%/4ZLOOEH
SUHVHQWHGDV³%/4´LQWKHFRQFHQWUDWLRQGDWDOLVWLQJ9DOXHVWKDWDUH%/4ZLOOEHWUHDWHGDVDW
SUHGRVHWLPHSRLQWVDQGRQHKDOIWKHYDOXHRIWKH/24DWSRVWEDVHOLQHWLPHSRLQWVZKHUH/24
LVFRUUHFWHGIRUWKHGLOXWLRQIDFWRULHUHSRUWHG/24GLOXWLRQIDFWRUIRUGHWHUPLQDWLRQRI
VXPPDU\DQGRUGHUVWDWLVWLFV


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
7KHIROORZLQJFRQYHQWLRQVZLOOEHXVHGIRUWKHSUHVHQWDWLRQRIVXPPDU\DQGRUGHUVWDWLVWLFV
x ,IDWOHDVWVXEMHFWKDVDFRQFHQWUDWLRQYDOXHRI%/4IRUWKHWLPHSRLQWWKHPLQLPXPYDOXH
ZLOOEHGLVSOD\HGDV³%/4´
x ,IPRUHWKDQRIWKHVXEMHFWVKDYHDFRQFHQWUDWLRQGDWDYDOXHRI%/4IRUDJLYHQWLPH
SRLQWWKHPLQLPXPDQG4YDOXHVZLOOEHGLVSOD\HGDV³%/4´
x ,IPRUHWKDQRIWKHVXEMHFWVKDYHDFRQFHQWUDWLRQGDWDYDOXHRI%/4IRUDJLYHQWLPH
SRLQWWKHPLQLPXP4DQGPHGLDQYDOXHVZLOOEHGLVSOD\HGDV³%/4´
x ,IPRUHWKDQRIWKHVXEMHFWVKDYHDFRQFHQWUDWLRQGDWDYDOXHRI%/4IRUDJLYHQWLPH
SRLQWWKHPLQLPXP4PHGLDQDQG4YDOXHVZLOOEHGLVSOD\HGDV³%/4´
x ,IDOOVXEMHFWVKDYHFRQFHQWUDWLRQGDWDYDOXHVRI%/4IRUDJLYHQWLPHSRLQWDOORUGHU
VWDWLVWLFVPLQLPXP4PHGLDQ4DQGPD[LPXPZLOOEHGLVSOD\HGDV³%/4´
3KDUPDFRNLQHWLFSDUDPHWHUVWKDWDUH%/4ZLOOEHLPSXWHGDVRQHKDOI/24EHIRUHORJ
WUDQVIRUPDWLRQRUVWDWLVWLFDOPRGHOILWWLQJ

$QDO\VLV9LVLW

'HILQLWLRQRI6WXG\'D\
6WXG\GD\LVWKHGD\UHODWLYHWRWKHGDWHRIWKHILUVWGRVHRIVWXG\GUXJ6WXG\'D\ZLOOEH
GHILQHGDVWKHGD\RIILUVWGRVHRIVWXG\GUXJDGPLQLVWUDWLRQ
6WXG\GD\ZLOOEHGHULYHGDVIROORZV
x )RUSRVWGRVHVWXG\GD\V$VVHVVPHQW'DWH±)LUVW'RVLQJ'DWH
x )RUGD\VSULRUWRWKHILUVWGRVH$VVHVVPHQW'DWH±)LUVW'RVLQJ'DWH

'HILQLWLRQRI%DVHOLQH
,QJHQHUDOWKHEDVHOLQHYDOXHZLOOEHWKHODVWQRQPLVVLQJYDOXHRQRUSULRUWRWKHILUVWGRVHGDWH
RIVWXG\GUXJ,IPXOWLSOHPHDVXUHPHQWVRFFXURQWKHVDPHGD\WKHODVWQRQPLVVLQJYDOXHSULRU
WRWKHWLPHRIILUVWGRVHRIVWXG\GUXJZLOOEHFRQVLGHUHGDVWKHEDVHOLQHYDOXH,IWKHVHPXOWLSOH
PHDVXUHPHQWVRFFXUDWWKHVDPHWLPHRUWKHWLPHLVQRWDYDLODEOHWKHDYHUDJHRIWKHVH
PHDVXUHPHQWVIRUFRQWLQXRXVGDWDRUWKHZRUVWDPRQJWKHVHPHDVXUHPHQWVIRUFDWHJRULFDO
GDWDZLOOEHFRQVLGHUHGWKHEDVHOLQHYDOXH
%DVHOLQHIRUWKHSULPDU\HIILFDF\DQDO\VLVLVGHILQHGDVWKHGD\RIWKHILUVWGRVHRIVWXG\
PHGLFDWLRQ'D\
%DVHOLQHYDOXHVIRURWKHUVDIHW\DQGHIILFDF\HQGSRLQWVDUHGHSHQGHQWRQWKHVFKHGXOHRIHDFK
DVVHVVPHQW


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU

$QDO\VLV9LVLW
6XEMHFWYLVLWVRUPHDVXUHPHQWVPLJKWQRWRFFXURQSURWRFROVSHFLILHGGD\VRUWLPHSRLQWV)RU
SDUDPHWHUVWKDWZLOOEHVXPPDUL]HGE\YLVLWWKHQRPLQDOYLVLWDVUHFRUGHGRQWKHH&5)ZLOOEH
XVHG
)RUVXEMHFWVZKRSUHPDWXUHO\GLVFRQWLQXHIURPWKHVWXG\WKHUHVXOWVDVVHVVHGDWHDUO\
WHUPLQDWLRQ(7ZLOOEHDVVLJQHGWRWKHQH[WVFKHGXOHGYLVLWZKHUHWKHUHVSHFWLYHGDWDZHUH
VFKHGXOHGWREHFROOHFWHGIRUVXPPDU\
8QVFKHGXOHGYLVLWVZLOOQRWEHLQFOXGHGLQWKHE\YLVLWVXPPDU\WDEOHVEXWZLOOEHLQFOXGHGLQ
WKHOLVWLQJV$QXQVFKHGXOHGYLVLWSULRUWRWKHILUVWGRVHRIVWXG\GUXJPD\EHLQFOXGHGLQWKH
FDOFXODWLRQRIEDVHOLQHYDOXHLIDSSOLFDEOH

6HOHFWLRQRI'DWDLQWKH(YHQWRI0XOWLSOH5HFRUGVLQD$QDO\VLV9LVLW
'HSHQGLQJRQWKHVWDWLVWLFDODQDO\VLVPHWKRGVLQJOHYDOXHVPD\EHUHTXLUHGIRUHDFKDQDO\VLV
YLVLW)RUH[DPSOHFKDQJHIURPEDVHOLQHE\YLVLWXVXDOO\UHTXLUHVDVLQJOHYDOXHZKHUHDVD
WLPHWRHYHQWDQDO\VLVZRXOGQRWUHTXLUHYDOXHSHUDQDO\VLVYLVLW
,IPXOWLSOHQRQPLVVLQJQXPHULFREVHUYDWLRQVH[LVWLQDQDQDO\VLVYLVLWUHFRUGVZLOOEHFKRVHQ
EDVHGRQWKHIROORZLQJUXOHVLIDVLQJOHYDOXHLVQHHGHG
x )RUEDVHOLQHWKHODVWDYDLODEOHUHFRUGRQRUSULRUWRWKHGDWHRIWKHILUVWGRVHRIVWXG\GUXJ
ZLOOEHVHOHFWHG,IPXOWLSOHPHDVXUHPHQWVRFFXURQWKHVDPHGD\WKHODVWQRQPLVVLQJYDOXH
SULRUWRWKHWLPHRIILUVWGRVLQJRIVWXG\GUXJZLOOEHFRQVLGHUHGDVWKHEDVHOLQHYDOXH,IWKHUH
DUHPXOWLSOHUHFRUGVZLWKWKHVDPHWLPHRUQRWLPHUHFRUGHGRQWKHVDPHGD\WKHDYHUDJH
DULWKPHWLFRUJHRPHWULFPHDQDVDSSURSULDWHZLOOEHXVHGIRUWKHEDVHOLQHYDOXH)RUWKH
HIILFDF\HQGSRLQWVLIQRPHDVXUHPHQWVRFFXUSULRUWRWKHWLPHRIILUVWGRVLQJRIVWXG\GUXJ
WKHILUVWQRQPLVVLQJYDOXHRQWKHILUVWGRVLQJGDWHRIVWXG\GUXJZLOOEHFRQVLGHUHGDVWKH
EDVHOLQHYDOXH
x )RUSRVWEDVHOLQHYLVLWV
 7KHUHFRUGFORVHVWWRWKHQRPLQDOGD\IRUWKDWYLVLWZLOOEHVHOHFWHG
 ,IWKHUHDUHUHFRUGVWKDWDUHHTXLGLVWDQWIURPWKHQRPLQDOGD\WKHODWHUUHFRUGZLOOEH
VHOHFWHG
 ,IWKHUHLVPRUHWKDQUHFRUGRQWKHVHOHFWHGGD\WKHDYHUDJHZLOOEHWDNHQXQOHVV
RWKHUZLVHVSHFLILHG


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
,IPXOWLSOHYDOLGQRQPLVVLQJFDWHJRULFDOREVHUYDWLRQVH[LVWLQDZLQGRZUHFRUGVZLOOEHVHOHFWHG
DVIROORZV
x )RUEDVHOLQHWKHODVWDYDLODEOHUHFRUGRQRUSULRUWRWKHGDWHRIWKHILUVWGRVHRIVWXG\GUXJ
ZLOOEHVHOHFWHG,IWKHUHDUHPXOWLSOHUHFRUGVZLWKWKHVDPHWLPHRUQRWLPHUHFRUGHGRQWKH
VDPHGD\WKHYDOXHZLWKWKHORZHVWVHYHULW\ZLOOEHVHOHFWHGXQOHVVRWKHUZLVHVSHFLILHG
x )RUSRVWEDVHOLQHYLVLWVWKHUHFRUGFORVHVWWRWKHQRPLQDOGD\IRUWKDWYLVLWZLOOEHVHOHFWHG,I
WKHUHDUHUHFRUGVWKDWDUHHTXLGLVWDQWIURPWKHQRPLQDOGD\WKHODWHUUHFRUGZLOOEHVHOHFWHG
,IWKHUHDUHPXOWLSOHUHFRUGVZLWKWKHVDPHWLPHRUQRWLPHUHFRUGHGRQWKHVDPHGD\WKH
PRVWFRQVHUYDWLYHYDOXHLHWKHZRUVWVHYHULW\ZLWKLQWKHZLQGRZZLOOEHVHOHFWHG


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU

68%-(&7',6326,7,21

6XEMHFW(QUROOPHQWDQG'LVSRVLWLRQ
$VXPPDU\RIVXEMHFWHQUROOPHQWZLOOEHSURYLGHGE\WUHDWPHQWJURXSIRUHDFKFRXQWU\
LQYHVWLJDWRUZLWKLQDFRXQWU\DQGRYHUDOO7KHVXPPDU\ZLOOSUHVHQWWKHQXPEHUDQGSHUFHQWDJH
RIVXEMHFWVUDQGRPL]HG)RUHDFKFROXPQWKHGHQRPLQDWRUIRUWKHSHUFHQWDJHFDOFXODWLRQZLOOEH
WKHWRWDOQXPEHURIVXEMHFWVUDQGRPL]HGIRUWKDWFROXPQ
$VLPLODUHQUROOPHQWWDEOHZLOOEHSURYLGHGE\UDQGRPL]DWLRQVWUDWXPDQGRYHUDOO7KH
GHQRPLQDWRUIRUWKHSHUFHQWDJHRIVXEMHFWVLQWKHVWUDWXPZLOOEHWKHWRWDOQXPEHURIUDQGRPL]HG
VXEMHFWVZLWKLQHDFKVWUDWXP,IWKHUHDUHGLVFUHSDQFLHVLQWKHYDOXHXVHGIRUVWUDWLILFDWLRQ
DVVLJQPHQWEHWZHHQWKH,:56DQGWKHFOLQLFDOGDWDEDVHWKHYDOXHFROOHFWHGLQWKHFOLQLFDO
GDWDEDVHZLOOEHXVHGIRUWKHVXPPDU\$OLVWLQJRIVXEMHFWVZLWKWKH,:56UDQGRPL]DWLRQVWUDWD
WKDWGLIIHUIURPVWUDWLILFDWLRQIDFWRUGDWDHQWHUHGLQWKHFOLQLFDOGDWDEDVHDWWKHWLPHRIGDWD
ILQDOL]DWLRQZLOOEHSURYLGHG
7KHUDQGRPL]DWLRQVFKHGXOHXVHGIRUWKHVWXG\ZLOOEHSURYLGHGDVDQDSSHQGL[WRWKH&65
$VXPPDU\RIVXEMHFWGLVSRVLWLRQZLOOEHSURYLGHGE\WUHDWPHQWJURXSDQGRYHUDOO7KLV
VXPPDU\ZLOOSUHVHQWWKHQXPEHURIVXEMHFWVVFUHHQHGWKHQXPEHURIVXEMHFWVUDQGRPL]HGDQG
WKHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVLQHDFKRIWKHFDWHJRULHVOLVWHGEHORZ
x 5DQGRPL]HG
x )XOO$QDO\VLV6HW
x 6DIHW\$QDO\VLV6HW
x 3HU3URWRFRO$QDO\VLV6HW
x &RPSOHWHGWUHDWPHQWZLWKVWXG\GUXJSHUSURWRFRO
x 'LGQRWFRPSOHWHVWXG\GUXJWUHDWPHQWZLWKUHDVRQVIRUSUHPDWXUHGLVFRQWLQXDWLRQRIVWXG\
GUXJ
x &RPSOHWHGVWXG\
x 'LGQRWFRPSOHWHWKHVWXG\ZLWKUHDVRQVIRUSUHPDWXUHGLVFRQWLQXDWLRQRIVWXG\
x &RPSOHWHG([WHQGHG9LUDO/RDG0RQLWRULQJ3HULRG
x 'LGQRWFRPSOHWH([WHQGHG9LUDO/RDG0RQLWRULQJ3HULRGZLWKUHDVRQVIRUSUHPDWXUH
GLVFRQWLQXDWLRQRI([WHQGHG9LUDO/RDG0RQLWRULQJ3HULRG


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
7KHGHQRPLQDWRUIRUWKHSHUFHQWDJHFDOFXODWLRQZLOOEHWKHWRWDOQXPEHURIVXEMHFWVLQWKH6DIHW\
$QDO\VLV6HWFRUUHVSRQGLQJWRWKDWFROXPQ7KHIROORZLQJE\VXEMHFWOLVWLQJVZLOOEHSURYLGHG
E\VXEMHFW,'QXPEHULQDVFHQGLQJRUGHUWRVXSSRUWWKHDERYHVXPPDU\WDEOHV
x 5HDVRQVIRUSUHPDWXUHVWXG\GUXJRUVWXG\GLVFRQWLQXDWLRQ
x 5HDVRQVIRUVFUHHQIDLOXUHZLOOEHSURYLGHGE\VFUHHQLQJ,'QXPEHULQDVFHQGLQJRUGHU

([WHQWRI6WXG\'UXJ([SRVXUHDQG$GKHUHQFH
([WHQWRIH[SRVXUHWRVWXG\GUXJZLOOEHH[DPLQHGE\DVVHVVLQJWKHWRWDOGXUDWLRQRIH[SRVXUHWR
VWXG\GUXJDQGWKHOHYHORIDGKHUHQFHWRWKHVWXG\GUXJVSHFLILHGLQWKHSURWRFRO

'XUDWLRQRI([SRVXUHWR6WXG\'UXJ
7RWDOGXUDWLRQRIH[SRVXUHWRVWXG\GUXJZLOOEHGHILQHGDVODVWGRVHGDWHPLQXVILUVWGRVHGDWH
SOXVUHJDUGOHVVRIWHPSRUDU\LQWHUUXSWLRQVLQVWXG\GUXJDGPLQLVWUDWLRQDQGZLOOEHH[SUHVVHG
LQGD\VUHFRUGHGWRGHFLPDOSODFHHJGD\V,IWKHODVWVWXG\GUXJGRVLQJGDWHLVPLVVLQJ
WKHODWHVWVWXG\GUXJHQGGDWHFOLQLFDOYLVLWGDWHODERUDWRU\VDPSOHFROOHFWLRQGDWHRUYLWDOVLJQV
DVVHVVPHQWGDWHWKDWRFFXUUHGGXULQJWKHRQWUHDWPHQWSHULRGZLOOEHXVHG
7KHWRWDOGXUDWLRQRIH[SRVXUHWRVWXG\GUXJZLOOEHVXPPDUL]HGXVLQJGHVFULSWLYHVWDWLVWLFV
QXPEHURIVXEMHFWV>Q@PHDQ6'PHGLDQ44PLQLPXPDQGPD[LPXPDQGXVLQJWKH
QXPEHUDQGSHUFHQWDJHRIVXEMHFWVH[SRVHGWKURXJKWKHIROORZLQJWLPHSHULRGV'D\
%DVHOLQH'D\'D\'D\DQG'D\6XPPDULHVZLOOEHSURYLGHGE\WUHDWPHQWJURXS
IRUWKH6DIHW\$QDO\VLV6HW
6XPPDULHVZLOOEHSURYLGHGE\WUHDWPHQWJURXSIRUWKH6DIHW\$QDO\VLV6HW1RLQIHUHQWLDO
VWDWLVWLFVZLOOEHSURYLGHG

$GKHUHQFHWR6WXG\'UXJ
7KHWRWDOQXPEHURIGRVHVDGPLQLVWHUHGZLOOEHVXPPDUL]HGXVLQJGHVFULSWLYHVWDWLVWLFV
$GKHUHQFHLVFDOFXODWHGEDVHGRQWKHWRWDODPRXQWRIVWXG\GUXJPJDGPLQLVWHUHGDQGWKH
H[SHFWHGDPRXQWSHUSURWRFRO


3URWRFRO
E\

6SHFLILHG

'UXJ
6WXG\

RI
$PRXQW

7RWDO
HG
$GPLQLVWHU

'UXJ
6WXG\

RI
$PRXQW

7RWDO



$GKHUHQFH

3UHVFULEHG
u
¸¸
¹
·
¨¨
©
§
 

'HVFULSWLYHVWDWLVWLFVIRUDGKHUHQFHVDPSOHVL]HPHDQ6'PHGLDQ44PLQLPXPDQG
PD[LPXPDORQJZLWKWKHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVEHORQJLQJWRDGKHUHQFHFDWHJRULHV
HJDQGZLOOEHSURYLGHGE\WUHDWPHQWJURXSIRUWKH6DIHW\$QDO\VLV6HW1R
LQIHUHQWLDOVWDWLVWLFVZLOOEHSURYLGHG
$E\VXEMHFWOLVWLQJRIVWXG\GUXJDGPLQLVWUDWLRQDQGGUXJDFFRXQWDELOLW\ZLOOEHSURYLGHG
VHSDUDWHO\E\VXEMHFW,'QXPEHULQDVFHQGLQJRUGHUDQGYLVLWLQFKURQRORJLFDORUGHU


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU

3URWRFRO'HYLDWLRQV
6XEMHFWVZKRGLGQRWPHHWWKHHOLJLELOLW\FULWHULDIRUVWXG\HQWU\ZLOOEHVXPPDUL]HGUHJDUGOHVVRI
ZKHWKHUWKH\ZHUHH[HPSWHGE\WKHVSRQVRURUQRW7KHVXPPDU\ZLOOSUHVHQWWKHQXPEHUDQG
SHUFHQWDJHRIVXEMHFWVZKRGLGQRWPHHWDWOHDVWHQWU\FULWHULRQDQGWKHQXPEHURIVXEMHFWVZKR
YLRODWHGVSHFLILFHQWU\FULWHULDE\WUHDWPHQWJURXSEDVHGRQDOOHQUROOHGVXEMHFWV$E\VXEMHFW
OLVWLQJZLOOEHSURYLGHGIRUWKRVHVXEMHFWVZKRYLRODWHGDWOHDVWLQFOXVLRQRUH[FOXVLRQFULWHULRQ
7KHOLVWLQJZLOOSUHVHQWWKHHQWU\FULWHULRQRUFULWHULDLIPRUHWKDQYLRODWLRQWKDWVXEMHFWVGLG
QRWPHHWDQGUHODWHGFRPPHQWVLIFROOHFWHG
3URWRFROGHYLDWLRQVRFFXUULQJDIWHUVXEMHFWVHQWHUHGWKHVWXG\DUHGRFXPHQWHGGXULQJURXWLQH
PRQLWRULQJ7KHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVZLWKLPSRUWDQWSURWRFROGHYLDWLRQVE\
GHYLDWLRQUHDVRQHJQRQDGKHUHQFHWRVWXG\GUXJYLRODWLRQRILQFOXVLRQH[FOXVLRQFULWHULDZLOO
EHVXPPDUL]HGE\WUHDWPHQWJURXSIRUDOO5DQGRPL]DWLRQ$QDO\VLV6HW$E\VXEMHFWOLVWLQJZLOO
EHSURYLGHGIRUWKRVHVXEMHFWVZLWKDQ\SURWRFROGHYLDWLRQ


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU

%$6(/,1(&+$5$&7(5,67,&6

'HPRJUDSKLFV
6XEMHFWGHPRJUDSKLFYDULDEOHVLHDJHVH[UDFHDQGHWKQLFLW\ZLOOEHVXPPDUL]HGE\WUHDWPHQW
JURXSDQGRYHUDOOXVLQJGHVFULSWLYHVWDWLVWLFVIRUDJHDQGXVLQJQXPEHUDQGSHUFHQWDJHRI
VXEMHFWVIRUVH[UDFHDQGHWKQLFLW\$JHDWEDVHOLQHLVFDOFXODWHGLQ\HDUVDWWKHILUVWGRVLQJGDWH
RIVWXG\GUXJ7KHVXPPDU\RIGHPRJUDSKLFGDWDZLOOEHSURYLGHGIRUWKH6DIHW\$QDO\VLV6HW
,QDGGLWLRQDVLPLODUVXPPDU\WDEOHZLOOEHSURYLGHGE\VWUDWLILFDWLRQIDFWRUVLHSUHVHQFHRU
DEVHQFHRIO\PSKRSHQLDDQGWUHDWPHQWRI569LQIHFWLRQZLWKULEDYLULQ>\HVRUQR@SULRUWR
UDQGRPL]DWLRQ
$E\VXEMHFWGHPRJUDSKLFOLVWLQJZKLFKLQFOXGHVWKHGDWHZKHQLQIRUPHGFRQVHQWZDVVLJQHG
ZLOOEHSURYLGHGE\VXEMHFW,'QXPEHULQDVFHQGLQJRUGHU

2WKHU%DVHOLQH&KDUDFWHULVWLFV
2WKHUEDVHOLQHFKDUDFWHULVWLFVLQFOXGHVWUDWLILFDWLRQIDFWRUVERG\ZHLJKWLQNJKHLJKWLQFP
ERG\PDVVLQGH[%0,LQNJP569W\SHV569$RU569%YLWDOVLJQV2VDWXUDWLRQ
VPRNLQJKLVWRU\569YLUDOORDGGHWHFWDEOH569LQQDVDOVDPSOHVFRSDWKRJHQW\SHVGXUDWLRQ
RIUHVSLUDWRU\V\PSWRPVSULRUWRWKHILUVWGRVLQJGDWHKRVSLWDOL]DWLRQVWDWXVVHUXPDQWLERG\WLWHU
WR569DQG)/8352VFRUH7KHVHEDVHOLQHFKDUDFWHULVWLFVZLOOEHVXPPDUL]HGE\WUHDWPHQW
JURXSDQGRYHUDOOXVLQJGHVFULSWLYHVWDWLVWLFVQPHDQ6'PHGLDQ44PLQLPXPDQG
PD[LPXPIRUFRQWLQXRXVYDULDEOHVDQGXVLQJWKHQXPEHUVDQGSHUFHQWDJHVRIVXEMHFWVIRU
FDWHJRULFDOYDULDEOHV)RUEDVHOLQHERG\ZHLJKWKHLJKWDQG%0,GHVFULSWLYHVWDWLVWLFVDOVRZLOO
EHSUHVHQWHGE\VH[LQWKHVDPHWDEOH,QDGGLWLRQEDVHOLQHFKDUDFWHULVWLFVZLOOEHVXPPDUL]HGE\
WKHFRQVHQWVWDWXVRISDUWLFLSDWLRQLQWKH([WHQGHG9LUDO/RDG0RQLWRULQJ\HVRUQRDQGE\
/57&RFFXUUHQFHVXEMHFWVZKRGLGDQGGLGQRWGHYHORS/57&LQDVHSDUDWHWDEOHUHVSHFWLYHO\
7KHVXPPDU\RIEDVHOLQHFKDUDFWHULVWLFVZLOOEHSURYLGHGIRUWKH6DIHW\$QDO\VLV6HW
$E\VXEMHFWOLVWLQJRIWKHEDVHOLQHFKDUDFWHULVWLFVZLOOEHSURYLGHGE\VXEMHFW,'QXPEHULQ
DVFHQGLQJRUGHU

0HGLFDO+LVWRU\
0HGLFDOKLVWRU\ZLOOEHFROOHFWHGDWVFUHHQLQJIRUGLVHDVHVSHFLILFDQGJHQHUDOFRQGLWLRQV
LHFRQGLWLRQVQRWVSHFLILFWRWKHGLVHDVHEHLQJVWXGLHG
+&7VSHFLILFPHGLFDOKLVWRU\ZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXSDQGRYHUDOOXVLQJ
GHVFULSWLYHVWDWLVWLFVQPHDQ6'PHGLDQ44PLQLPXPDQGPD[LPXPIRUFRQWLQXRXV
YDULDEOHVDQGXVLQJWKHQXPEHUVDQGSHUFHQWDJHVRIVXEMHFWVIRUFDWHJRULFDOYDULDEOHV$
VXPPDU\RI+&7VSHFLILFPHGLFDOKLVWRU\ZLOOEHSURYLGHGIRUWKH6DIHW\$QDO\VLV6HW1R
LQIHUHQWLDOVWDWLVWLFVZLOOEHJHQHUDWHG


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
$E\VXEMHFWOLVWLQJRIPHGLFDOKLVWRU\+&7DQGUHVSLUDWRU\FRQGLWLRQVZLOOEHSURYLGHGE\
VXEMHFW,'QXPEHULQDVFHQGLQJRUGHU
*HQHUDOPHGLFDOKLVWRU\ZLOOQRWEHFRGHGEXWZLOOEHOLVWHGRQO\


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU

()),&$&<$1$/<6(6

'HILQLWLRQRIWKH&R3ULPDU\(IILFDF\(QGSRLQWV
7KHFRSULPDU\HIILFDF\HQGSRLQWVRIWKLVVWXG\DUHWKHWLPHZHLJKWHGDYHUDJHFKDQJHLQQDVDO
569YLUDOORDGORJFRSLHVP/IURP%DVHOLQH'D\WR'D\DQGWKHSURSRUWLRQRIVXEMHFWV
ZKRGHYHORSD/57&WKURXJK'D\

7LPHZHLJKWHGDYHUDJHFKDQJHLQQDVDO569YLUDOORDG
7KHWLPHZHLJKWHGDYHUDJHFKDQJHLQQDVDO569YLUDOORDGORJFRSLHVP/IURP%DVHOLQH
'D\WR'D\DVPHDVXUHGE\57T3&5LVGHILQHGDV


ZKHUH<LLVWKHFKDQJHIURP%DVHOLQHLQ569ORJYLUDOORDGDW9LVLWLWLVWKHWLPHDWWKH
VSHFLILHGWLPHSRLQWWKHDFWXDOVWXG\GD\DLVWKHEDVHOLQHDVVHVVPHQWDW'D\DQGELVWKH
ODVWDVVHVVPHQWDWRUSULRUWR'D\YLVLW
7KHWLPHZHLJKWHGDYHUDJHFKDQJHRIWHQUHIHUUHGWRDVWKH'$9*SURYLGHVWKHDYHUDJHYLUDO
EXUGHQFKDQJHIURPEDVHOLQH

3URSRUWLRQRIVXEMHFWVZKRGHYHORSD/57&WKURXJK'D\
7KHSURSRUWLRQRIVXEMHFWVZKRGHYHORSD/57&WKURXJK'D\GHILQHGDVRIWKHEHORZZLOO
EHDGMXGLFDWHGE\DQ(QGSRLQW$GMXGLFDWLRQ&RPPLWWHH($&
x 3ULPDU\569/57,
x 6HFRQGDU\EDFWHULDO/57,
x /RZHUUHVSLUDWRU\WUDFWLQIHFWLRQGXHWRXQXVXDOSDWKRJHQV
x /RZHUUHVSLUDWRU\WUDFWFRPSOLFDWLRQRIXQNQRZQHWLRORJ\
7KH($&ZLOOUHYLHZUHODWHGFOLQLFDOGDWDWRGHWHUPLQHZKHWKHUD/57&KDVGHYHORSHG7KH
($&¶VUROHDQGUHVSRQVLELOLWLHVDQGWKHGDWDWREHSURYLGHGWRWKH($&DUHGHVFULEHGLQD
PXWXDOO\DJUHHGXSRQ($&FKDUWHU7KH($&FKDUWHUGHILQHVWKH($&PHPEHUVKLSDGMXGLFDWLRQ
SURFHVVPHHWLQJORJLVWLFVDQGPHHWLQJIUHTXHQF\


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU

6WDWLVWLFDO+\SRWKHVHVIRUWKH&R3ULPDU\(IILFDF\(QGSRLQWV
7KHFRSULPDU\DQDO\VHVZLOOWHVWIRUVXSHULRULW\WKHQXOOK\SRWKHVHVLQWKHIROORZLQJVHTXHQFH
x +7KHUHLVQRGLIIHUHQFHEHWZHHQSUHVDWRYLUDQGSODFHERLQWKHWLPHZHLJKWHGDYHUDJH
FKDQJHLQ569ORJYLUDOORDGIURP'D\WR'D\
x +7KHUHLVQRGLIIHUHQFHEHWZHHQWKHSUHVDWRYLUDQGSODFHERWUHDWPHQWJURXSVLQWKH
SURSRUWLRQRIVXEMHFWVZKRGHYHORSDQ/57&WKURXJK'D\
7KHFRSULPDU\HQGSRLQWDQDO\VHVZLOOEHSHUIRUPHGRQ)$6

7LPH:HLJKWHG$YHUDJH&KDQJHLQ1DVDO5699LUDO/RDG
7KHWUHDWPHQWGLIIHUHQFHLQWKHWLPHZHLJKWHGDYHUDJHFKDQJHIURP%DVHOLQH'D\WR'D\LQ
QDVDO569YLUDOORDGORJFRSLHVP/ZLOOEHDQDO\]HGXVLQJDSDUDPHWULF$1&29$ZLWKWKH
EDVHOLQHYLUDOORDGORJFRSLHVP/DQGVWUDWLILFDWLRQIDFWRUVDVFRYDULDWHVLQWKHPRGHO7KH
WHVWZLOOEHVLGHGZLWKWKHVLJQLILFDQFHOHYHORI1RQSDUDPHWULFPHWKRGVVXFKDVUDQN
EDVHG$1&29$PRGHOVRU:LOFR[RQUDQNVXPWHVWVPD\EHLPSOHPHQWHGIRUH[SORUDWRU\
SXUSRVHV  
$GMXVWHGPHDQVIRUHDFKWUHDWPHQWJURXSFRQILGHQFHLQWHUYDO&,DQGGHVFULSWLYHVWDWLVWLFV
VDPSOHVL]HPHDQ6'PHGLDQ44PLQLPXPDQGPD[LPXPZLOOEHSUHVHQWHGLQWKH
GHVFULSWLYHVXPPDULHV0LVVLQJYLUDOORDGGDWDZLOOEHKDQGOHGXVLQJWKHPHWKRGGHVFULEHGLQ
6HFWLRQ

3URSRUWLRQRI6XEMHFWV:KR'HYHORSD/57&WKURXJK'D\
7KHSURSRUWLRQRIVXEMHFWVZKRGHYHORSD/57&WKURXJK'D\ZLOOEHDQDO\]HGXVLQJD
VLGHG&RFKUDQ0DQWHO+DHQV]HOWHVWVWUDWLILHGE\WKHUDQGRPL]DWLRQVWUDWLILFDWLRQIDFWRUV7KH
VLJQLILFDQFHOHYHOXVHGIRUWKHDQDO\VLVHJRUZLOOEHGHWHUPLQHGEDVHGXSRQWKH
GHFLVLRQWRUHMHFWWKHQXOOK\SRWKHVLVRIWKHRWKHUFRSULPDU\HQGSRLQWDVGHVFULEHGLQ
6HFWLRQ7KHVLGHG&,IRUWKHRGGVUDWLRVEHWZHHQWKHWUHDWPHQWJURXSVZLOOEH
FRQVWUXFWHGEDVHGRQVWUDWXPDGMXVWHG0DQWHO+DHQV]HOSURSRUWLRQV
7KHQXPEHUVDQGSHUFHQWDJHVRIVXEMHFWVZKRGHYHORSD/75&WKURXJK'D\ZLOOEHSURYLGHG
ZLWK&,VIRUWKHSHUFHQWDJHVEDVHGRQWKH&ORSSHU3HDUVRQPHWKRG^&ORSSHU`
7KHILQDODQDO\VLVZLOOEHSHUIRUPHGZKHQDOOUDQGRPL]HGVXEMHFWVHLWKHUFRPSOHWH'D\
DVVHVVPHQWVRUGLVFRQWLQXHVWXG\SUHPDWXUHO\
7KHDQDO\VHVRIWKHFRSULPDU\HQGSRLQWVZLOOEHUHSHDWHGXVLQJWKH33DQDO\VLVVHW 


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
7KHSULPDU\HIILFDF\DQDO\VHVZLOODOVREHUHSHDWHGIRUWKHVXEJURXSVVSHFLILHGLQ6HFWLRQ
LQFOXGLQJWKHVWUDWLILFDWLRQIDFWRUVSUHVHQFHRUDEVHQFHRIO\PSKRSHQLDWUHDWPHQWRI569
LQIHFWLRQZLWKULEDYLULQ>\HVRUQR@SULRUWRUDQGRPL]DWLRQVH[UDFHDJHJURXS>RU@
W\SHRIWUDQVSODQW>DXWRORJRXV+&7RUDOORJHQHLF+&7@$GMXVWHGPHDQDQG&,ZLOOEH
SUHVHQWHGE\WUHDWPHQWJURXSIRUH[SORUDWRU\SXUSRVHV
,QDGGLWLRQWKHHIIHFWRIYDULRXVEDVHOLQHFKDUDFWHULVWLFVRQWKHSULPDU\RXWFRPHVLQFOXGLQJWKH
W\SHRIWUDQVSODQWZLOOEHH[SORUHGXVLQJUHJUHVVLRQPRGHOVZLWKWKHEDVHOLQHFKDUDFWHULVWLFV
LQFOXGHGDVHIIHFWVLQWKHPRGHOIRUDVHQVLWLYLW\DQDO\VLV

6HFRQGDU\(IILFDF\(QGSRLQWV

'HILQLWLRQRI6HFRQGDU\(IILFDF\(QGSRLQW
6HFRQGDU\HIILFDF\HQGSRLQWLVWKHSURSRUWLRQRIVXEMHFWVZKRGHYHORSUHVSLUDWRU\IDLOXUH
UHTXLULQJPHFKDQLFDOYHQWLODWLRQRUGLHGIURPDQ\FDXVHWKURXJK'D\
6XEMHFWZLOOEHFRQVLGHUHGWRKDYHDQHYHQWLIHLWKHUFRQGLWLRQLVPHWLIVXEMHFWGHYHORSV
x $UHVSLUDWRU\IDLOXUHRIDQ\FDXVHUHTXLULQJPHFKDQLFDOYHQWLODWLRQLQYDVLYHRU
QRQLQYDVLYHRU
x $OOFDXVHPRUWDOLW\WKURXJK'D\

$QDO\VLV0HWKRGVIRU6HFRQGDU\(IILFDF\(QGSRLQW
$VHTXHQWLDOIDOOEDFNWHVWLQJSURFHGXUHGHVFULEHGLQ6HFWLRQZLOOEHXVHGWRFRQWUROWKH
RYHUDOO7\SHHUURUUDWHRIDFURVVWKHSULPDU\DQGVHFRQGDU\HQGSRLQWV
7KH)$6DQDO\VLVVHWZLOOEHXVHGIRUDOOVXPPDULHVDQGDQDO\VHVRIWKHVHFRQGDU\HQGSRLQW
7UHDWPHQWJURXSVZLOOEHFRPSDUHGXVLQJDVLGHGWHVW
7KHSURSRUWLRQRIVXEMHFWVZKRGHYHORSUHVSLUDWRU\IDLOXUHUHTXLULQJPHFKDQLFDOYHQWLODWLRQRU
DOOFDXVHPRUWDOLW\WKURXJK'D\ZLOOEHDQDO\]HGXVLQJD&RFKUDQ0DQWHO+DHQV]HOWHVW
VWUDWLILHGE\WKHUDQGRPL]DWLRQVWUDWLILFDWLRQIDFWRUV7KHVLGHG&,IRUWKHRGGVUDWLRV
EHWZHHQWKHWUHDWPHQWJURXSVZLOOEHFRQVWUXFWHGEDVHGRQVWUDWXPDGMXVWHG0DQWHO+DHQV]HO
SURSRUWLRQV
,IWKHQXPEHURIHYHQWVLVVPDOOWKHQWKHH[DFWPHWKRGZLOOEHDSSOLHG
7KHQXPEHUVDQGSHUFHQWDJHVRIVXEMHFWVZKRPHHWWKHVHFRQGDU\HQGSRLQWFULWHULDZKRGHYHORS
UHVSLUDWRU\IDLOXUHUHTXLULQJPHFKDQLFDOYHQWLODWLRQDQGZKRKDYHDOOFDXVHPRUWDOLW\WKURXJK
'D\ZLOOEHSURYLGHG7KH&,VIRUWKHSHUFHQWDJHVZLOOEHFDOFXODWHGXVLQJWKH
&ORSSHU3HDUVRQPHWKRG^&ORSSHU`










3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU

6$)(7<$1$/<6(6

$GYHUVH(YHQWVDQG'HDWKV

$GYHUVH(YHQW'LFWLRQDU\
&OLQLFDODQGODERUDWRU\$(VZLOOEHFRGHGXVLQJWKHFXUUHQWYHUVLRQRIWKH0HGLFDO'LFWLRQDU\
IRU5HJXODWRU\$FWLYLWLHV0HG'5$6\VWHPRUJDQFODVV62&KLJKOHYHOJURXSWHUP+/*7
KLJKOHYHOWHUP+/7SUHIHUUHGWHUP37DQGORZHUOHYHOWHUP//7ZLOOEHDWWDFKHGWRWKH
FOLQLFDOGDWDEDVH

$GYHUVH(YHQW6HYHULW\
$GYHUVHHYHQWVDUHJUDGHGE\WKHLQYHVWLJDWRUDV*UDGHPLOG*UDGHPRGHUDWH*UDGH
VHYHUHRU*UDGHOLIHWKUHDWHQLQJDFFRUGLQJWRWR[LFLW\FULWHULDVSHFLILHGLQWKHSURWRFRO7KH
VHYHULW\JUDGHRIHYHQWVIRUZKLFKWKHLQYHVWLJDWRUGLGQRWUHFRUGVHYHULW\ZLOOEHFDWHJRUL]HGDV
³PLVVLQJ´IRUWDEXODUVXPPDULHVDQGGDWDOLVWLQJV7KHPLVVLQJFDWHJRU\ZLOOEHOLVWHGODVWLQ
VXPPDU\SUHVHQWDWLRQ

5HODWLRQVKLSRI$GYHUVH(YHQWVWR6WXG\'UXJ
5HODWHG$(VDUHWKRVHIRUZKLFKWKHLQYHVWLJDWRUVHOHFWHG³5HODWHG´RQWKH$(H&5)WRWKH
TXHVWLRQRI³5HODWHGWR6WXG\7UHDWPHQW´5HODWHGQHVVZLOODOZD\VGHIDXOWWRWKHLQYHVWLJDWRU¶V
FKRLFHQRWWKDWRIWKHPHGLFDOPRQLWRU(YHQWVIRUZKLFKWKHLQYHVWLJDWRUGLGQRWUHFRUG
UHODWLRQVKLSVWRVWXG\GUXJZLOOEHFRQVLGHUHGUHODWHGWRVWXG\GUXJIRUVXPPDU\SXUSRVHV
+RZHYHUE\VXEMHFWGDWDOLVWLQJVZLOOVKRZWKHUHODWLRQVKLSDVPLVVLQJ

6HULRXV$GYHUVH(YHQWV
6HULRXVDGYHUVHHYHQWVZLOOEHLGHQWLILHGDQGFDSWXUHGDV6$(VLI$(VPHWWKHGHILQLWLRQVRID
6$(VSHFLILHGLQWKHVWXG\SURWRFRO6HULRXVDGYHUVHHYHQWVFDSWXUHGDQGVWRUHGLQWKHFOLQLFDO
GDWDEDVHZLOOEHUHFRQFLOHGZLWKWKH6$(GDWDEDVHIURPWKH*LOHDG'UXJ6DIHW\DQG3XEOLF
+HDOWK'HSDUWPHQWEHIRUHGDWDEDVHILQDOL]DWLRQ

7UHDWPHQW(PHUJHQW$GYHUVH(YHQWV

'HILQLWLRQRI7UHDWPHQW(PHUJHQW$GYHUVH(YHQWV
7UHDWPHQWHPHUJHQWDGYHUVHHYHQWVDUHGHILQHGDVRQHRUERWKRIWKHIROORZLQJ
x $Q\$(VZLWKDQRQVHWGDWHRQRUDIWHUWKHVWXG\GUXJVWDUWGDWHDQGQRODWHUWKDQYLVLW
'D\RUXSWRGD\VLIDVXEMHFWZLWKGUDZVHDUO\SULRUWR'D\IURPWKHVWXG\
x $Q\$(VOHDGLQJWRSUHPDWXUHGLVFRQWLQXDWLRQRIVWXG\GUXJ


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU

,QFRPSOHWH'DWHV
,IWKHRQVHWGDWHRIWKH$(LVLQFRPSOHWHWKHQWKHPRQWKDQG\HDURU\HDUDORQHLIPRQWKLVQRW
UHFRUGHGRIRQVHWGHWHUPLQHZKHWKHUDQ$(LVWUHDWPHQWHPHUJHQWDVORQJDVWKH$(VWRSGDWHLV
QRWSULRUWRWKHILUVWGRVLQJGDWHRIVWXG\GUXJ7KHHYHQWLVFRQVLGHUHGWUHDWPHQWHPHUJHQWLI
HLWKHURIWKHIROORZLQJFULWHULDLVPHW
x 7KH$(RQVHWDQGHQGGDWHVDUHWKHVDPHDVRUDIWHUWKHPRQWKDQG\HDURU\HDURIWKH
ILUVWGRVLQJGDWHRIVWXG\GUXJ
x 7KH$(RQVHWGDWHLVWKHVDPHDVRUEHIRUHWKHPRQWKDQG\HDURU\HDURIWKH'D\YLVLW
$Q$(ZLWKFRPSOHWHO\PLVVLQJRQVHWDQGVWRSGDWHVRUZLWKWKHRQVHWGDWHPLVVLQJDQGDVWRS
GDWHODWHUWKDQWKHILUVWGRVLQJGDWHRIVWXG\GUXJZLOOEHFRQVLGHUHGWREHWUHDWPHQWHPHUJHQW

6XPPDULHVRI$GYHUVH(YHQWVDQG'HDWKV
7UHDWPHQWHPHUJHQW$(VZLOOEHVXPPDUL]HGEDVHGRQWKH6DIHW\$QDO\VLV6HW

6XPPDULHVRI$(LQFLGHQFHLQ&RPELQHG6HYHULW\*UDGH6XEVHWV
7KHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVZKRH[SHULHQFHGDWOHDVW7($(ZLOOEHSURYLGHGDQG
VXPPDUL]HGE\62&+/737DQGWUHDWPHQWJURXS)RURWKHU$(VGHVFULEHGEHORZVXPPDULHV
ZLOOEHSURYLGHGE\62&37DQGWUHDWPHQWJURXS
x 7($(E\PD[LPXPVHYHULW\
x 7($(VRI*UDGHRUKLJKHUE\PD[LPXPVHYHULW\
x 7($(VRI*UDGHRUKLJKHU
x $OO7(WUHDWPHQWUHODWHG$(V
x $OO7(WUHDWPHQWUHODWHG$(VE\PD[LPXPVHYHULW\
x 7(7UHDWPHQWUHODWHG$(VRI*UDGHRUKLJKHUE\PD[LPXPVHYHULW\
x 7(7UHDWPHQWUHODWHG$(VRI*UDGHRUKLJKHU
x $OO7(6$(V
x $OO7(WUHDWPHQWUHODWHG6$(V
x $OO7($(VOHDGLQJWRSUHPDWXUHGLVFRQWLQXDWLRQRIVWXG\GUXJ
x $OO7($(VOHDGLQJWRSUHPDWXUHGLVFRQWLQXDWLRQRIVWXG\
x $OO$(VOHDGLQJWRGHDWKLHRXWFRPHRIGHDWK


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
$EULHIKLJKOHYHOVXPPDU\RI$(VGHVFULEHGDERYHZLOOEHSURYLGHGE\WUHDWPHQWJURXSDQGE\
WKHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVZKRH[SHULHQFHGWKHDERYH$(V$OOGHDWKVREVHUYHGLQ
WKHVWXG\ZLOOEHDOVRLQFOXGHGLQWKLVVXPPDU\
0XOWLSOHHYHQWVZLOOEHFRXQWHGRQO\RQFHSHUVXEMHFWLQHDFKVXPPDU\$GYHUVHHYHQWVZLOOEH
VXPPDUL]HGDQGOLVWHGILUVWLQDOSKDEHWLFRUGHURI62&DQG+/7ZLWKLQHDFK62&LIDSSOLFDEOH
DQGWKHQE\37LQGHVFHQGLQJRUGHURIWRWDOIUHTXHQF\ZLWKLQHDFK62&)RUVXPPDULHVE\
VHYHULW\JUDGHWKHPRVWVHYHUHJUDGHZLOOEHXVHGIRUWKRVH$(VWKDWRFFXUUHGPRUHWKDQRQFHLQ
DQLQGLYLGXDOVXEMHFWGXULQJWKHVWXG\
,QDGGLWLRQWRWKHDERYHVXPPDU\WDEOHVDOO7($(VDQG7(WUHDWPHQWUHODWHG$(VZLOOEH
VXPPDUL]HGE\37RQO\LQGHVFHQGLQJRUGHURIWRWDOIUHTXHQF\
,QDGGLWLRQGDWDOLVWLQJVZLOOEHSURYLGHGIRUWKHIROORZLQJ
x $OO$(VLQGLFDWLQJZKHWKHUWKHHYHQWLVWUHDWPHQWHPHUJHQW
x $OO$(VRI*UDGHRUKLJKHU
x $OO$(VRI*UDGHRUKLJKHU
x 6$(V
x 'HDWKV
x $OO$(VOHDGLQJWRGHDWKLHRXWFRPHRIGHDWK
x $(VOHDGLQJWRSUHPDWXUHGLVFRQWLQXDWLRQRIVWXG\GUXJ
x $(VOHDGLQJWRSUHPDWXUHGLVFRQWLQXDWLRQRIVWXG\

$GGLWLRQDO$QDO\VLVRI$GYHUVH(YHQWV
6XPPDULHVQXPEHUDQGSHUFHQWDJHRIVXEMHFWVRI$(VE\62&DQG37ZLOOEHSURYLGHGE\
WUHDWPHQWJURXSXVLQJWKHVDIHW\DQDO\VLVVHWIRUWKHDJHJHQGHUDQGUDFHVXEJURXSV
6XPPDULHVQXPEHUDQGSHUFHQWDJHRIVXEMHFWVZKRH[SHULHQFHGDQ\FDUGLDFUHODWHGHYHQWVZLOO
EHSURYLGHGIRUHDFKWUHDWPHQWJURXSXVLQJWKH6DIHW\$QDO\VLV6HWE\$(RILQWHUHVWFDWHJRULHV
DQGWKHDVVRFLDWHG37VVHH$SSHQGL[

/DERUDWRU\(YDOXDWLRQV
/DERUDWRU\GDWDFROOHFWHGGXULQJWKHVWXG\ZLOOEHDQDO\]HGDQGVXPPDUL]HGXVLQJERWK
TXDQWLWDWLYHDQGTXDOLWDWLYHPHWKRGV6XPPDULHVRIODERUDWRU\GDWDZLOOEHSURYLGHGIRUWKH
6DIHW\$QDO\VLV6HWDQGZLOOLQFOXGHGDWDWKURXJK'D\7KHDQDO\VLVZLOOEHEDVHGRQYDOXHV
UHSRUWHGLQFRQYHQWLRQDOXQLWV:KHQYDOXHVDUHEHORZWKHOLPLWRITXDQWLWDWLRQWKH\ZLOOEH
OLVWHGDVVXFKDQGWKHFORVHVWLPSXWHGYDOXHZLOOEHXVHGIRUWKHSXUSRVHRIFDOFXODWLQJVXPPDU\
VWDWLVWLFV+HPRO\]HGWHVWUHVXOWVZLOOQRWEHLQFOXGHGLQWKHDQDO\VLVEXWWKH\ZLOOEHOLVWHGLQ
E\VXEMHFWODERUDWRU\OLVWLQJV


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
$E\VXEMHFWOLVWLQJIRUODERUDWRU\WHVWUHVXOWVZLOOEHSURYLGHGE\VXEMHFW,'QXPEHUDQGYLVLWLQ
FKURQRORJLFDORUGHUIRUKHPDWRORJ\VHUXPFKHPLVWU\DQGXULQDO\VLVVHSDUDWHO\9DOXHVIDOOLQJ
RXWVLGHRIWKHUHOHYDQWUHIHUHQFHUDQJHDQGRUKDYLQJDVHYHULW\JUDGHRIRUKLJKHURQWKH
*LOHDG*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHVZLOOEH
IODJJHGLQWKHGDWDOLVWLQJVDVDSSURSULDWH
1RLQIHUHQWLDOVWDWLVWLFVZLOOEHJHQHUDWHG

6XPPDULHVRI1XPHULF/DERUDWRU\5HVXOWV
'HVFULSWLYHVWDWLVWLFVVDPSOHVL]HPHDQ6'PHGLDQ44PLQLPXPDQGPD[LPXPZLOOEH
SURYLGHGE\WUHDWPHQWJURXSIRUHDFKODERUDWRU\WHVWVSHFLILHGLQWKHVWXG\SURWRFRODVIROORZV
x %DVHOLQHYDOXHV
x 9DOXHVDWHDFKSRVWEDVHOLQHDVVHVVPHQW
x &KDQJHIURPEDVHOLQHDWHDFKSRVWEDVHOLQHDVVHVVPHQW
$EDVHOLQHODERUDWRU\YDOXHZLOOEHGHILQHGDVWKHODVWPHDVXUHPHQWREWDLQHGRQRUSULRUWRWKH
GDWHWLPHRIILUVWGRVHRIVWXG\GUXJ&KDQJHIURPEDVHOLQHWRDSRVWEDVHOLQHYLVLWZLOOEHGHILQHG
DVWKHYLVLWYDOXHPLQXVWKHEDVHOLQHYDOXH/DERUDWRU\WHVWUHVXOWVFROOHFWHGDWXQVFKHGXOHGYLVLWV
ZLOOEHLQFOXGHGIRUWKHEDVHOLQH7KHPHDQPHGLDQ44PLQLPXPDQGPD[LPXPZLOOEH
GLVSOD\HGWRWKHUHSRUWHGQXPEHURIGLJLWV6'WRWKHUHSRUWHGQXPEHURIGLJLWVSOXV
0HGLDQ44RIWKHREVHUYHGYDOXHVIRUWKHVHODERUDWRU\WHVWVZLOOEHSORWWHGXVLQJDOLQHSORW
E\WUHDWPHQWJURXSDQGYLVLW
,QWKHFDVHRIPXOWLSOHYDOXHVLQDQDQDO\VLVZLQGRZGDWDZLOOEHVHOHFWHGIRUDQDO\VLVDV
GHVFULEHGLQ6HFWLRQ

7URSRQLQ
7URSRQLQZLOOEHFROOHFWHGDWWKHYLVLWVSUHVSHFLILHGLQWKHSURWRFRO'D\'D\DQG'D\
(QGRIVWXG\$VKLIWWDEOHRIWURSRQLQUHVXOWVDWSRVWEDVHOLQHYLVLWLQFOXGLQJWKRVHREWDLQHGIRU
WKHSXUSRVHVRIVWDQGDUGRIFDUHFRPSDUHGZLWKEDVHOLQHYDOXHVZLOOEHSUHVHQWHGE\WUHDWPHQW
JURXSXVLQJWKHIROORZLQJFDWHJRULHVQRUPDODEQRUPDORUPLVVLQJ7KHQXPEHUDQGSHUFHQWDJH
RIVXEMHFWVLQHDFKFURVVFODVVLILFDWLRQJURXSRIWKHVKLIWWDEOHZLOOEHSUHVHQWHG6XEMHFWVZLWKD
PLVVLQJYDOXHDWEDVHOLQHRUSRVWEDVHOLQHZLOOQRWEHLQFOXGHGLQWKHGHQRPLQDWRUIRUSHUFHQWDJH
FDOFXODWLRQ1RIRUPDOVWDWLVWLFDOWHVWLQJLVSODQQHG
,IPXOWLSOHWURSRQLQUHVXOWVH[LVWIRURQHYLVLWGXHWRPXOWLSOHWURSRQLQDVVD\WHVWVSHUIRUPHGWKH
UHVXOWVREWDLQHGIURP7URSRQLQ,WHVWZLOOEHXVHGIRUWKHDQDO\VLV
$OOWURSRQLQUHVXOWVLQFOXGLQJWKRVHQRWUHTXLUHGE\WKHSURWRFROVHHSURWRFRO6HFWLRQ
ZLOOEHSUHVHQWHGLQWKHVXEMHFWOLVWLQJV


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU

*UDGHG/DERUDWRU\9DOXHV
7KHFULWHULDVSHFLILHGLQWKHVWXG\SURWRFROZLOOEHXVHGWRJUDGHODERUDWRU\UHVXOWVDV*UDGH
PLOG*UDGHPRGHUDWH*UDGHVHYHUH*UDGHRUSRWHQWLDOO\OLIHWKUHDWHQLQJ*UDGH
*UDGHLQFOXGHVDOOYDOXHVWKDWGRQRWPHHWFULWHULDIRUDQDEQRUPDOLW\RIDWOHDVW*UDGH6RPH
ODERUDWRU\WHVWVKDYHFULWHULDIRUERWKLQFUHDVHGDQGGHFUHDVHGOHYHOVDQDO\VHVIRUHDFKGLUHFWLRQ
LHLQFUHDVHGGHFUHDVHGZLOOEHSUHVHQWHGVHSDUDWHO\

7UHDWPHQW(PHUJHQW/DERUDWRU\$EQRUPDOLWLHV
7UHDWPHQWHPHUJHQWODERUDWRU\DEQRUPDOLWLHVDUHGHILQHGDVYDOXHVWKDWLQFUHDVHDWOHDVW
WR[LFLW\JUDGHIURPEDVHOLQHDWDQ\SRVWEDVHOLQHWLPHSRLQWXSWRDQGLQFOXGLQJ'D\YLVLW
,IWKHUHOHYDQWEDVHOLQHODERUDWRU\YDOXHLVPLVVLQJWKHQDQ\DEQRUPDOLW\RIDWOHDVW*UDGH
REVHUYHGZLWKLQWKHWLPHIUDPHVSHFLILHGDERYHZLOOEHFRQVLGHUHGWUHDWPHQWHPHUJHQW

7UHDWPHQW(PHUJHQW0DUNHG/DERUDWRU\$EQRUPDOLWLHV
7UHDWPHQWHPHUJHQWPDUNHGODERUDWRU\DEQRUPDOLWLHVDUHGHILQHGDVYDOXHVWKDWLQFUHDVHIURP
EDVHOLQHE\DWOHDVWWR[LFLW\JUDGHVDWDQ\SRVWEDVHOLQHWLPHSRLQWXSWRDQGLQFOXGLQJ
'D\,IWKHUHOHYDQWEDVHOLQHODERUDWRU\YDOXHLVPLVVLQJWKHQDQ\*UDGHRUYDOXHV
REVHUYHGZLWKLQWKHWLPHIUDPHVSHFLILHGDERYHZLOOEHFRQVLGHUHGWUHDWPHQWHPHUJHQWPDUNHG
DEQRUPDOLWLHV

6XPPDULHVRI/DERUDWRU\$EQRUPDOLWLHV
7KHIROORZLQJVXPPDULHVQXPEHUDQGSHUFHQWDJHRIVXEMHFWVRIODERUDWRU\DEQRUPDOLWLHVZLOO
EHSURYLGHGE\WUHDWPHQWJURXSVXEMHFWVFDWHJRUL]HGDFFRUGLQJWRPRVWVHYHUHDEQRUPDOLW\
JUDGH
x 7UHDWPHQWHPHUJHQW*UDGHGODERUDWRU\DEQRUPDOLWLHV
x 7UHDWPHQWHPHUJHQW*UDGHRUODERUDWRU\DEQRUPDOLWLHV
x 7UHDWPHQWHPHUJHQWPDUNHGODERUDWRU\DEQRUPDOLWLHV
)RUDOOVXPPDULHVRIODERUDWRU\DEQRUPDOLWLHVWKHGHQRPLQDWRULVWKHQXPEHURIVXEMHFWVZLWK
QRQPLVVLQJSRVWEDVHOLQHYDOXHVLQWKHJLYHQVWXG\SHULRG
$E\VXEMHFWOLVWLQJRIWUHDWPHQWHPHUJHQW*UDGHRUODERUDWRU\DEQRUPDOLWLHVDQGPDUNHG
ODERUDWRU\DEQRUPDOLWLHVZLOOEHSURYLGHGE\VXEMHFW,'QXPEHUDQGYLVLWLQFKURQRORJLFDORUGHU
7KLVOLVWLQJZLOOLQFOXGHDOOWHVWUHVXOWVWKDWZHUHFROOHFWHGWKURXJKRXWWKHVWXG\IRUWKHODEWHVWRI
LQWHUHVWZLWKDOODSSOLFDEOHVHYHULW\JUDGHVGLVSOD\HG


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU

/LYHUUHODWHG/DERUDWRU\(YDOXDWLRQV
/LYHUUHODWHGDEQRUPDOLWLHVDIWHULQLWLDOVWXG\GUXJGRVLQJZLOOEHH[DPLQHGDQGVXPPDUL]HG
XVLQJWKHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVZKRZHUHUHSRUWHGWRKDYHWKHIROORZLQJODERUDWRU\
WHVWYDOXHVIRUSRVWEDVHOLQHPHDVXUHPHQWV
x $VSDUWDWHDPLQRWUDQVIHUDVH$67D!WLPHVRIWKHXSSHUOLPLWRIUHIHUHQFHUDQJH
8/1E![8/1F![8/1G![8/1
x $ODQLQHDPLQRWUDQVIHUDVH$/7D![8/1E![8/1F![8/1
G![8/1
x $67RU$/7D![8/1E![8/1F![8/1G![8/1
x 7RWDOELOLUXELQD![8/1E![8/1
x $ONDOLQHSKRVSKDWDVH$/3![8/1
x $67RU$/7![8/1DQGWRWDOELOLUXELQD![8/1E![8/1
x $67RU$/7![8/1WRWDOELOLUXELQ![8/1DQG$/3[8/1
7KHVXPPDU\ZLOOLQFOXGHGDWDIURPDOOSRVWEDVHOLQHYLVLWVXSWRDQGLQFOXGLQJ'D\)RU
LQGLYLGXDOODERUDWRU\WHVWVVXEMHFWVZLOOEHFRXQWHGRQFHEDVHGRQWKHPRVWVHYHUHSRVWEDVHOLQH
YDOXHV)RUERWKWKHFRPSRVLWHHQGSRLQWRI$67RU$/7DQGWRWDOELOLUXELQVXEMHFWVZLOOEH
FRXQWHGRQFHZKHQWKHFULWHULDDUHPHWDWWKHVDPHSRVWEDVHOLQHYLVLWGDWH7KHGHQRPLQDWRULV
WKHQXPEHURIVXEMHFWVLQWKH6DIHW\$QDO\VLV6HWZKRKDYHQRQPLVVLQJSRVWEDVHOLQHYDOXHVRI
DOOUHOHYDQWWHVWVDWWKHVDPHSRVWEDVHOLQHYLVLWGDWH$OLVWLQJRIVXEMHFWVZKRPHWDWOHDVWRI
WKHDERYHFULWHULDZLOOEHSURYLGHG

%RG\:HLJKWDQG9LWDO6LJQV
%RG\ZHLJKWDQGYLWDOVLJQVSXOVHUDWHV\VWROLFDQGGLDVWROLFEORRGSUHVVXUHERG\WHPSHUDWXUH
DQGUHVSLUDWRU\UDWHDWEDVHOLQHDQGHDFKSRVWEDVHOLQHDVVHVVPHQWDQGFKDQJHIURPEDVHOLQHLQ
ERG\ZHLJKWDQGYLWDOVLJQVDWHDFKSRVWEDVHOLQHYLVLWZLOOEHVXPPDUL]HGIRUWKHVDIHW\DQDO\VLV
VHWXVLQJGHVFULSWLYHVWDWLVWLFVVDPSOHVL]HPHDQ6'PHGLDQ44PLQLPXPDQG
PD[LPXPE\WUHDWPHQWJURXS
$EDVHOLQHYDOXHZLOOEHGHILQHGDVWKHODVWDYDLODEOHYDOXHFROOHFWHGRQRUSULRUWRWKHGDWHWLPH
RIILUVWGRVHRIVWXG\GUXJ&KDQJHIURPEDVHOLQHWRDSRVWEDVHOLQHYLVLWZLOOEHGHILQHGDVWKH
SRVWEDVHOLQHYDOXHPLQXVWKHEDVHOLQHYDOXH
,QWKHFDVHRIPXOWLSOHYDOXHVDWDQDVVHVVPHQWGDWDZLOOEHVHOHFWHGIRUDQDO\VLVDVGHVFULEHGLQ
6HFWLRQ1RLQIHUHQWLDOVWDWLVWLFVZLOOEHJHQHUDWHG


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
$E\VXEMHFWOLVWLQJRIYLWDOVLJQVZLOOEHSURYLGHGE\VXEMHFW,'QXPEHUDQGYLVLWLQ
FKURQRORJLFDORUGHU%RG\ZHLJKWZLOOEHLQFOXGHGLQWKHYLWDOVLJQVOLVWLQJLIVSDFHSHUPLWV,I
QRWWKH\ZLOOEHSURYLGHGVHSDUDWHO\

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV
0HGLFDWLRQVFROOHFWHGDWVFUHHQLQJDQGGXULQJWKHVWXG\ZLOOEHFRGHGXVLQJWKHFXUUHQWYHUVLRQ
RIWKH:RUOG+HDOWK2UJDQL]DWLRQ:+2'UXJGLFWLRQDU\7KHPHGLFDWLRQVZLOOEHFDWHJRUL]HG
DVSULRURUFRQFRPLWDQW

3ULRU0HGLFDWLRQV
3ULRUPHGLFDWLRQVDUHGHILQHGDVPHGLFDWLRQVWDNHQDQGVWRSSHGSULRUWRRURQWKHILUVWGRVLQJ
GDWHRUFRQWLQXHGWRWDNHDIWHUWKHILUVWGRVLQJGDWHRIVWXG\GUXJ
3ULRUPHGLFDWLRQVZLOOEHVXPPDUL]HGE\$QDWRPLFDO7KHUDSHXWLF&KHPLFDO$7&GUXJFODVV
DQGSUHIHUUHGQDPHXVLQJWKHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVIRUHDFKWUHDWPHQWJURXSDQG
RYHUDOO$VXEMHFWUHSRUWLQJWKHVDPHPHGLFDWLRQPRUHWKDQRQFHZLOOEHFRXQWHGRQO\RQFH
ZKHQFDOFXODWLQJWKHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVZKRUHFHLYHGWKDWPHGLFDWLRQ7KH
VXPPDU\ZLOOEHRUGHUHGDOSKDEHWLFDOO\E\$7&GUXJFODVVHVDQGWKHQE\SUHIHUUHGQDPHVLQ
RUGHURIGHVFHQGLQJRYHUDOOIUHTXHQF\ZLWKLQDQ$7&GUXJFODVV)RUGUXJVZLWKWKHVDPH
IUHTXHQF\VRUWLQJZLOOEHGRQHDOSKDEHWLFDOO\
6XPPDULHVZLOOEHEDVHGRQWKH6DIHW\$QDO\VLV6HW1RLQIHUHQWLDOVWDWLVWLFVZLOOEHJHQHUDWHG
)RUWKHSXUSRVHVRIDQDO\VLVDQ\PHGLFDWLRQVWDNHQDQGVWRSSHGSULRUWRRURQWKHILUVWGRVLQJ
GDWHRIVWXG\GUXJRUFRQWLQXHGWRWDNHDIWHUWKHILUVWGRVLQJGDWHRIVWXG\GUXJZLOOEHFRQVLGHUHG
SULRUPHGLFDWLRQV7KHUHIRUHPHGLFDWLRQVZLWKDVWDUWGDWHWKDWLVSULRUWRWKHILUVWGRVLQJGDWHRI
VWXG\GUXJZLOOEHLQFOXGHGLQWKHSULRUPHGLFDWLRQVXPPDU\UHJDUGOHVVZKHQVWRSGDWHLV
DVORQJDVLWLVRQRUDIWHUWKHVWDUWGDWHLV,QDGGLWLRQDPHGLFDWLRQZLWKERWKVWDUWDQGVWRS
GDWHVWKDWDUHWKHVDPHDVWKHILUVWGRVLQJGDWHZLOOEHLQFOXGHGLQWKHVXPPDU\,IDSDUWLDOVWDUW
GDWHLVHQWHUHGWKHPRQWKDQG\HDULIGD\LVPLVVLQJRU\HDULIGD\DQGPRQWKDUHPLVVLQJRI
WKHVWDUWGDWHDUHDIWHUILUVWGRVLQJGDWHZLOOQRWEHFRQVLGHUHGSULRURWKHUZLVHLWLVSULRU
0HGLFDWLRQVZLWKFRPSOHWHO\PLVVLQJVWDUWDQGVWRSGDWHVZLOOEHLQFOXGHGLQWKHSULRUPHGLFDWLRQ
VXPPDU\
3ULRUULEDYLULQXVHZLOOEHVXPPDUL]HGVHSDUDWHO\IURPRWKHUSULRUPHGLFDWLRQV
$OOSULRUPHGLFDWLRQVRWKHUWKDQSHUSURWRFROVWXG\GUXJVZLOOEHSURYLGHGLQDE\VXEMHFW
OLVWLQJVRUWHGE\VXEMHFW,'QXPEHUDQGDGPLQLVWUDWLRQGDWHLQFKURQRORJLFDORUGHU

&RQFRPLWDQW0HGLFDWLRQV
&RQFRPLWDQWPHGLFDWLRQVDUHGHILQHGDVPHGLFDWLRQVWDNHQZKLOHDVXEMHFWWRRNVWXG\GUXJ8VH
RIFRQFRPLWDQWPHGLFDWLRQVXSWRDQGLQFOXGLQJ'D\YLVLWZLOOEHVXPPDUL]HGE\$7&GUXJ
FODVVDQGSUHIHUUHGQDPHXVLQJWKHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVIRUHDFKWUHDWPHQW


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
JURXS$VXEMHFWUHSRUWLQJWKHVDPHPHGLFDWLRQPRUHWKDQRQFHZLOOEHFRXQWHGRQO\RQFHZKHQ
FDOFXODWLQJWKHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVZKRUHFHLYHGWKDWPHGLFDWLRQ7KHVXPPDU\
ZLOOEHRUGHUHGDOSKDEHWLFDOO\E\$7&PHGLFDOFODVVHVDQGWKHQE\SUHIHUUHGQDPHVLQ
GHVFHQGLQJRYHUDOOIUHTXHQF\ZLWKLQDQ$7&GUXJFODVV)RUGUXJVZLWKWKHVDPHIUHTXHQF\
VRUWLQJZLOOEHGRQHDOSKDEHWLFDOO\
6XPPDULHVZLOOEHEDVHGRQWKH6DIHW\$QDO\VLV6HW1RLQIHUHQWLDOVWDWLVWLFVZLOOEHJHQHUDWHG
)RUWKHSXUSRVHVRIDQDO\VLVDQ\PHGLFDWLRQVVWDUWHGSULRUWRRURQWKHILUVWGRVLQJGDWHRIVWXG\
GUXJDQGFRQWLQXHGWRWDNHDIWHUWKHILUVWGRVLQJGDWHRUVWDUWHGDIWHUWKHILUVWGRVLQJGDWHEXWQR
ODWHUWKDQODVWGRVLQJGDWHRIVWXG\GUXJZLOOEHFRQVLGHUHGFRQFRPLWDQWPHGLFDWLRQV7KHUHIRUH
PHGLFDWLRQVZLWKDVWRSGDWHWKDWLVRQRUSULRUWRWKHGDWHRIILUVWGRVLQJGDWHRIVWXG\GUXJRUD
VWDUWGDWHWKDWLVDIWHUWKHODVWGRVLQJGDWHRIVWXG\GUXJZLOOEHH[FOXGHGIURPWKHFRQFRPLWDQW
PHGLFDWLRQVXPPDU\,IDSDUWLDOVWRSGDWHLVHQWHUHGDQ\PHGLFDWLRQZLWKWKHPRQWKDQG\HDU
LIGD\LVPLVVLQJRU\HDULIGD\DQGPRQWKDUHPLVVLQJSULRUWRWKHGDWHRIILUVWVWXG\GUXJ
DGPLQLVWUDWLRQZLOOEHH[FOXGHGIURPWKHFRQFRPLWDQWPHGLFDWLRQVXPPDU\,IDSDUWLDOVWDUWGDWH
LVHQWHUHGDQ\PHGLFDWLRQZLWKWKHPRQWKDQG\HDULIGD\LVPLVVLQJRU\HDULIGD\DQGPRQWK
DUHPLVVLQJDIWHUWKHVWXG\GUXJVWRSGDWHZLOOEHH[FOXGHGIURPWKHFRQFRPLWDQWPHGLFDWLRQ
VXPPDU\0HGLFDWLRQVZLWKFRPSOHWHO\PLVVLQJVWDUWDQGVWRSGDWHVZLOOEHLQFOXGHGLQWKH
FRQFRPLWDQWPHGLFDWLRQVXPPDU\
&RQFRPLWDQWULEDYLULQXVHZLOOEHVXPPDUL]HGVHSDUDWHO\IURPRWKHUFRQFRPLWDQWPHGLFDWLRQV
$OOFRQFRPLWDQWPHGLFDWLRQVRWKHUWKDQSHUSURWRFROVWXG\GUXJVZLOOEHSURYLGHGLQD
E\VXEMHFWOLVWLQJVRUWHGE\VXEMHFW,'QXPEHUDQGDGPLQLVWUDWLRQGDWHLQFKURQRORJLFDORUGHU

(OHFWURFDUGLRJUDP$VVHVVPHQW
$OHDG(&*ZLOOEHSHUIRUPHGDW9LVLW'D\9LVLW'D\DQG9LVLW'D\DQG
UHDGE\DFHUWLILHGFDUGLRORJLVWDWDVSHFLDOL]HGFHQWUDOODERUDWRU\6XPPDULHVRI(&*
DVVHVVPHQWVZLOOEHSURYLGHGIRUWKH6DIHW\$QDO\VLV6HW
1XPEHUDQGSHUFHQWRIVXEMHFWVZLWKQHZ(&*DEQRUPDOLWLHVDWSRVWEDVHOLQHYLVLWVLQFOXGLQJ
WKRVHDVVHVVPHQWVREWDLQHGIRUWKHSXUSRVHRIVWDQGDUGRIFDUHZLOOE\VXPPDUL]HE\WUHDWPHQWV
2QO\VXEMHFWVZLWKEDVHOLQH(&*DVVHVVPHQWVZLOOEHLQFOXGHGLQWKLVDQDO\VLV
$VKLIWWDEOHRIWKH(&*DVVHVVPHQWDWHDFKVFKHGXOHGYLVLWFRPSDUHGZLWKEDVHOLQHZLOOEH
SUHVHQWHGE\WUHDWPHQWJURXSXVLQJWKHIROORZLQJFDWHJRULHVQRUPDODEQRUPDORUPLVVLQJ7KH
QXPEHUDQGSHUFHQWDJHRIVXEMHFWVLQHDFKFURVVFODVVLILFDWLRQJURXSRIWKHVKLIWWDEOHZLOOEH
SUHVHQWHG6XEMHFWVZLWKDPLVVLQJYDOXHDWEDVHOLQHRUSRVWEDVHOLQHZLOOQRWEHLQFOXGHGLQWKH
GHQRPLQDWRUIRUSHUFHQWDJHFDOFXODWLRQ1RIRUPDOVWDWLVWLFDOWHVWLQJLVSODQQHG
$E\VXEMHFWOLVWLQJIRU(&*DVVHVVPHQWVDQG(&*DEQRUPDOLWLHVZLOOEHSURYLGHGE\VXEMHFW,'
QXPEHUDQGYLVLWLQFKURQRORJLFDORUGHU
1RIRUPDOVWDWLVWLFDOWHVWLQJLVSODQQHG


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU

2WKHU6DIHW\0HDVXUHV
$GDWDOLVWLQJZLOOEHSURYLGHGIRUVXEMHFWVH[SHULHQFLQJSUHJQDQF\GXULQJWKHVWXG\

&KDQJHV)URP3URWRFRO6SHFLILHG6DIHW\$QDO\VHV
1RFKDQJHVIURPSURWRFROVSHFLILHGVDIHW\DQDO\VHV


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU

3+$50$&2.,1(7,&3.$1$/<6(6
,QGLYLGXDOVXEMHFWSUHVDWRYLUFRQFHQWUDWLRQWLPHGDWDZLOOEHGLVSOD\HGXVLQJVFKHGXOHGVDPSOLQJ
WLPHV'HVFULSWLYHVWDWLVWLFVHJQPHDQVWDQGDUGGHYLDWLRQ&9PHGLDQDQGUDQJHZLOOEH
FDOFXODWHGIRUSODVPDFRQFHQWUDWLRQVRISUHVDWRYLUDWHDFKVDPSOLQJWLPH
)RU3.VXEJURXSSODVPDFRQFHQWUDWLRQVRISUHVDWRYLURYHUWLPHZLOOEHSORWWHGLQ
VHPLORJDULWKPLFDQGOLQHDUIRUPDWVDVPHDQ6'3ODVPDFRQFHQWUDWLRQWLPHGDWDIRUHDFK
VXEMHFWZLOOEHDQDO\]HGXVLQJVWDQGDUGQRQFRPSDUWPHQWDOPHWKRGV3.SDUDPHWHUV&PD[7PD[
&ODVW7ODVW$8&ODVW$8&LQIWò&/)DQG9])DVDSSURSULDWHRISUHVDWRYLUZLOOEHOLVWHGDQG
VXPPDUL]HGXVLQJGHVFULSWLYHVWDWLVWLFV
3.VDPSOLQJGHWDLOVE\VXEMHFWLQFOXGLQJSURFHGXUHVGLIIHUHQFHVLQVFKHGXOHGDQGDFWXDOGUDZ
WLPHVDQGVDPSOHDJHZLOOEHSURYLGHGLQOLVWLQJV
3KDUPDFRNLQHWLFVSKDUPDFRG\QDPLFV3.3'UHODWLRQVKLSPD\EHH[SORUHGDVDSSURSULDWH


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU

5()(5(1&(6
&ORSSHU&-3HDUVRQ(67KH8VHRI&RQILGHQFHRU)LGXFLDO/LPLWV,OOXVWUDWHGLQWKH&DVHRIWKH
%LQRPLDO'HF%LRPHWULNDSS
'PLWULHQNR$7DPKDQH$&:LHQV%/*HQHUDOPXOWLVWDJHJDWHNHHSLQJSURFHGXUHV%LRP-

6FKRHQIHOG'$%HUQDUG*51HWZRUN$6WDWLVWLFDOHYDOXDWLRQRIYHQWLODWRUIUHHGD\VDVDQ
HIILFDF\PHDVXUHLQFOLQLFDOWULDOVRIWUHDWPHQWVIRUDFXWHUHVSLUDWRU\GLVWUHVV
V\QGURPH&ULWLFDOFDUHPHGLFLQH
6KDK'3*KDQWRML666KDK-1(O7DRXP..-LDQJ<3RSDW8HWDO,PSDFWRIDHURVROL]HG
ULEDYLULQRQPRUWDOLW\LQDOORJHQHLFKDHPDWRSRLHWLFVWHPFHOOWUDQVSODQW
UHFLSLHQWVZLWKUHVSLUDWRU\V\QF\WLDOYLUXVLQIHFWLRQV-$QWLPLFURE&KHPRWKHU

:LHQV%/'PLWULHQNR$7KHIDOOEDFNSURFHGXUHIRUHYDOXDWLQJDVLQJOHIDPLO\RIK\SRWKHVHV-
%LRSKDUP6WDW



3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU

62)7:$5(
6$66RIWZDUH9HUVLRQ6$6,QVWLWXWH,QF&DU\1&86$
Q4XHU\$GYLVRU59HUVLRQ6WDWLVWLFDO6ROXWLRQV&RUN,UHODQG



3UHVDWRYLU
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH

1RYHPEHU

6$35(9,6,21
5HYLVLRQ'DWH
GGPRQWK\\\\
6HFWLRQ
6XPPDU\RI5HYLVLRQ
5HDVRQIRU5HYLVLRQ
2FWREHU
7KURXJKRXWWKH
GRFXPHQW
0DGHPLQRUHGLWRULDOFKDQJHV
7KHHGLWRULDODGPLQLVWUDWLYHDQG
IRUPDWWLQJFKDQJHVZHUHPDGHWR
*OLHDGVWDQGDUGWHPSODWHXSGDWHV
ZKHUHDSSURSULDWHWRLPSURYH
FODULW\DQGFRQVLVWHQF\
2FWREHU
6HFWLRQ
8SGDWHG,3'FULWHULD
7KLVVHFWLRQZDVXSGDWHGWRDOLJQ
ZLWKWKH,3'DPHQGPHQWDQGWR
SURYLGHWKHGHWDLOV
2FWREHU
6HFWLRQ
$GGHGWH[WVWRGHILQHWKH
EDVHOLQHDQGSRVWEDVHOLQHYDOXHV
ZKHQPXOWLSOHUHFRUGVH[LVW
7KLVVHFWLRQZDVUHYLVHGWRSURYLGH
PRUHGHWDLOVDQGFODULILFDWLRQ
2FWREHU
6HFWLRQ
$GGHGWZRPRUHFDWHJRULHVLQ
VXEMHFWGLVSRVLWLRQVXPPDU\
7KHDGGLWLRQZDVWRSURYLGHH[WUD
LQIRUPDWLRQIRUVXEMHFWVHQUROOHGLQ
WKH([WHQGHG9LUDO/RDGPRQLWRULQJ
SHULRG
2FWREHU
6HFWLRQ
$GGHGE\VXEMHFWOLVWLQJRI
VWXG\GUXJDGPLQLVWUDWLRQDQG
GUXJDFFRXQWDELOLW\
7KHOLVWLQJVZHUHLQFOXGHGWR
SURYLGHLQGLYLGXDOOHYHOGDWD
2FWREHU
6HFWLRQ
8SGDWHG+&7VSHFLILFPHGLFDO
KLVWRU\VXPPDU\
7KLVVHFWLRQZDVUHYLVHGWRSURYLGH
PRUHFODULILFDWLRQWKDWWKHGLVHDVH
VSHFLILFVXPPDU\ZLOOEHSURYLGHG
E\WUHDWPHQWDQGJHQHUDOPHGLFDO
KLVWRU\ZLOOQRWEHFRGHG
2FWREHU
6HFWLRQ
5HPRYHGWKHUHODWHGDQDO\VHV
IRU569ORJYLUDOORDGLQWKH
EORRG
1R569YLUDOORDGGDWDLQWKHEORRG
DUHDYDLODEOHGXHWRDODFNRI
YDOLGDWHGDVVD\V
2FWREHU
6HFWLRQ
$GGHGPRUH7($(WDEOHVDQG
OLVWLQJV
7KHDGGLWLRQDO$(VXPPDULHVZHUH
LQFOXGHGWRSURYLGHFRPSOHWHVDIHW\
DVVHVVPHQWV
2FWREHU
6HFWLRQ
8SGDWHGDQDO\VLVIRUWURSRQLQ
GDWD
7KLVVHFWLRQZDVUHYLVHGWRSURYLGH
WKHGHWDLOVDQGFODULILFDWLRQIRU
WURSRQLQDVVHVVPHQW
2FWREHU
6HFWLRQ
$GGHGFDUGLDFDGYHUVHHYHQWRI
LQWHUHVW
7KHFDUGLDF$(RILQWHUHVWZHUH
HYDOXDWHGWRFRPSO\ZLWK)'$
PDQGDWHGFDUGLDFPRQLWRULQJ
UHTXLUHPHQWV
2FWREHU
6HFWLRQ
$GGHGOLYHUUHODWHGODERUDWRU\
HYDOXDWLRQ
7KHHYDOXDWLRQZDVDGGHGLQRUGHU
WRFRPSO\ZLWKUHJXODWRU\
UHTXLUHPHQWV
2FWREHU
6HFWLRQ
8SGDWHGDQDO\VLVIRU(&*GDWD
7KLVVHFWLRQZDVUHYLVHGWRSURYLGH
WKHGHWDLOVDQGFODULILFDWLRQIRU(&*


3UHVDWRYLU
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH

1RYHPEHU
DVVHVVPHQW
2FWREHU
6HFWLRQ
8SGDWHG7DEOHRI&RQWHQWVIRU
VWDWLVWLFDOWDEOHVILJXUHVDQG
OLVWLQJV
7KH7DEOHRI&RQWHQWVZDVXSGDWHG
WRLQFOXGHDGGLWLRQDODQDO\VHV
UHVXOWV
2FWREHU
$SSHQGL[DQG
$SSHQGL[
$GGHG6$6H[DPSOHFRGHV
7KHH[DPSOHFRGHVZHUHSURYLGHG
IRUDQDO\VHV



3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU

352326('7$%/(6),*85(6$1'/,67,1*6

7DEOHV
7DEOH1XPEHU
7LWOH
$QDO\VLV6HW

(QUROOPHQWE\&RXQWU\DQG,QYHVWLJDWRU
$OO5DQGRPL]HG$QDO\VLV6HW

(QUROOPHQWE\5DQGRPL]DWLRQ6WUDWXP
$OO5DQGRPL]HG$QDO\VLV6HW

6XEMHFW'LVSRVLWLRQ
$OO6FUHHQHG6XEMHFWV

(OLJLELOLW\&ULWHULD'HYLDWLRQV
$OO5DQGRPL]HG$QDO\VLV6HW

,PSRUWDQW3URWRFRO'HYLDWLRQV
$OO5DQGRPL]HG$QDO\VLV6HW

'HPRJUDSKLFV
6DIHW\$QDO\VLV6HW

'HPRJUDSKLFVE\&RQVHQWIRU3DUWLFLSDWLQJLQWKH([WHQG
9LUDO/RDG0RQLWRULQJ
6DIHW\$QDO\VLV6HW

'HPRJUDSKLFVE\3UHVHQFHRU$EVHQFHRI/\PSKRSHQLD
6DIHW\$QDO\VLV6HW

'HPRJUDSKLFVE\$FWXDO5LEDYLULQ8VHDW%DVHOLQH
6DIHW\$QDO\VLV6HW

%DVHOLQH&KDUDFWHULVWLFV
6DIHW\$QDO\VLV6HW

%DVHOLQH&KDUDFWHULVWLFVE\&RQVHQWIRU3DUWLFLSDWLQJLQWKH
([WHQG9LUDO/RDG0RQLWRULQJ
6DIHW\$QDO\VLV6HW

%DVHOLQH&KDUDFWHULVWLFVE\/57&2FFXUUHQFH
)XOO$QDO\VLV6HW

+HPDWRSRLHWLF&HOO7UDQVSODQW0HGLFDO+LVWRU\
6DIHW\$QDO\VLV6HW

$GKHUHQFHWR6WXG\'UXJ
6DIHW\$QDO\VLV6HW

$QDO\VLV6HWV
$OO5DQGRPL]HG$QDO\VLV6HW

7LPH:HLJKWHG$YHUDJH&KDQJHLQ1DVDO5699LUDO/RDG
ORJFRSLHVPOIURP%DVHOLQHWR'D\
)XOO$QDO\VLV6HW

7LPH:HLJKWHG$YHUDJH&KDQJHLQ1DVDO5699LUDO/RDG
ORJFRSLHVP/IURP%DVHOLQHWR'D\
3HU3URWRFRO$QDO\VLV6HW

7LPH:HLJKWHG$YHUDJH&KDQJHLQ1DVDO5699LUDO/RDG
ORJFRSLHVP/IURP%DVHOLQHWR'D\
)XOO$QDO\VLV6HW
6HQVLWLYLW\$QDO\VLV

7LPH:HLJKWHG$YHUDJH&KDQJHLQ1DVDO5699LUDO/RDG
ORJFRSLHVP/IURP%DVHOLQHWR'D\E\3UHVHQFHRU
$EVHQFHRI/\PSKRSHQLD
)XOO$QDO\VLV6HW

7LPH:HLJKWHG$YHUDJH&KDQJHLQ1DVDO5699LUDO/RDG
ORJFRSLHVP/IURP%DVHOLQHWR'D\E\$FWXDO
5LEDYLULQ8VHDW%DVHOLQH
)XOO$QDO\VLV6HW

7LPH:HLJKWHG$YHUDJH&KDQJHLQ1DVDO5699LUDO/RDG
ORJFRSLHVP/IURP%DVHOLQHWR'D\E\7\SHRI
7UDQVSODQW
)XOO$QDO\VLV6HW

7LPH:HLJKWHG$YHUDJH&KDQJHLQ1DVDO5699LUDO/RDG
ORJFRSLHVP/IURP%DVHOLQHWR'D\E\$JH
)XOO$QDO\VLV6HW


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
7DEOH1XPEHU
7LWOH
$QDO\VLV6HW

7LPH:HLJKWHG$YHUDJH&KDQJHLQ1DVDO5699LUDO/RDG
ORJFRSLHVP/IURP%DVHOLQHWR'D\E\6H[
)XOO$QDO\VLV6HW

7LPH:HLJKWHG$YHUDJH&KDQJHLQ1DVDO5699LUDO/RDG
ORJFRSLHVP/IURP%DVHOLQHWR'D\E\5DFH
)XOO$QDO\VLV6HW

7LPH:HLJKWHG$YHUDJH&KDQJHLQ1DVDO5699LUDO/RDG
ORJFRSLHVP/IURP%DVHOLQHWR'D\E\5697\SH
)XOO$QDO\VLV6HW

7LPH:HLJKWHG$YHUDJH&KDQJHLQ1DVDO5699LUDO/RDG
ORJFRSLHVPOIURP%DVHOLQHWR'D\E\'XUDWLRQRI
5696\PSWRPVDW%DVHOLQH
)XOO$QDO\VLV6HW

7LPH:HLJKWHG$YHUDJH&KDQJHLQ1DVDO5699LUDO/RDG
ORJFRSLHVPOIURP%DVHOLQHWR'D\E\%DVHOLQH9LUDO
/RDG9DOXHV
)XOO$QDO\VLV6HW

3URSRUWLRQRI6XEMHFWVZLWK3URJUHVVLRQWR/RZHU
5HVSLUDWRU\7UDFW,QIHFWLRQVWKURXJK'D\
)XOO$QDO\VLV6HW

3URSRUWLRQRI6XEMHFWVZLWK3URJUHVVLRQWR/RZHU
5HVSLUDWRU\7UDFW,QIHFWLRQVWKURXJK'D\
3HU3URWRFRO$QDO\VLV6HW

3URSRUWLRQRI6XEMHFWVZLWK3URJUHVVLRQWR/RZHU
5HVSLUDWRU\7UDFW,QIHFWLRQVWKURXJK'D\
)XOO$QDO\VLV6HW
6HQVLWLYLW\$QDO\VLV

3URSRUWLRQRI6XEMHFWVZLWK3URJUHVVLRQWR/RZHU
5HVSLUDWRU\7UDFW,QIHFWLRQVWKURXJK'D\E\3UHVHQFHRU
$EVHQFHRI/\PSKRSHQLD
)XOO$QDO\VLV6HW

3URSRUWLRQRI6XEMHFWVZLWK3URJUHVVLRQWR/RZHU
5HVSLUDWRU\7UDFW,QIHFWLRQVWKURXJK'D\E\$FWXDO
5LEDYLULQ8VHDW%DVHOLQH
)XOO$QDO\VLV6HW

3URSRUWLRQRI6XEMHFWVZLWK3URJUHVVLRQWR/RZHU
5HVSLUDWRU\7UDFW,QIHFWLRQVWKURXJK'D\E\7\SHRI
7UDQVSODQW
)XOO$QDO\VLV6HW

3URSRUWLRQRI6XEMHFWVZLWK3URJUHVVLRQWR/RZHU
5HVSLUDWRU\7UDFW,QIHFWLRQVWKURXJK'D\E\$JH
)XOO$QDO\VLV6HW

3URSRUWLRQRI6XEMHFWVZLWK3URJUHVVLRQWR/RZHU
5HVSLUDWRU\7UDFW,QIHFWLRQVWKURXJK'D\E\6H[
)XOO$QDO\VLV6HW

3URSRUWLRQRI6XEMHFWVZLWK3URJUHVVLRQWR/RZHU
5HVSLUDWRU\7UDFW,QIHFWLRQVWKURXJK'D\E\5DFH
)XOO$QDO\VLV6HW

3URSRUWLRQRI6XEMHFWV'HYHORSLQJ5HVSLUDWRU\)DLOXUH
5HTXLULQJ0HFKDQLFDO9HQWLODWLRQRU$OO&DXVH0RUWDOLW\
7KURXJK'D\
)XOO$QDO\VLV6HW

3URSRUWLRQRI6XEMHFWV'HYHORSLQJ5HVSLUDWRU\)DLOXUH
5HTXLULQJ0HFKDQLFDO9HQWLODWLRQRU$OO&DXVH0RUWDOLW\
7KURXJK'D\
3HU3URWRFRO$QDO\VLV6HW

3URSRUWLRQRI6XEMHFWV'HYHORSLQJ5HVSLUDWRU\)DLOXUH
5HTXLULQJ0HFKDQLFDO9HQWLODWLRQRU$OO&DXVH0RUWDOLW\
7KURXJK'D\E\3UHVHQFHRU$EVHQFHRI/\PSKRSHQLD
)XOO$QDO\VLV6HW


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
7DEOH1XPEHU
7LWOH
$QDO\VLV6HW

3URSRUWLRQRI6XEMHFWV'HYHORSLQJ5HVSLUDWRU\)DLOXUH
5HTXLULQJ0HFKDQLFDO9HQWLODWLRQRU$OO&DXVH0RUWDOLW\
7KURXJK'D\E\$FWXDO5LEDYLULQ8VHDW%DVHOLQH
)XOO$QDO\VLV6HW

5699LUDO/RDGORJFRSLHVPODQG&KDQJHIURP
%DVHOLQHLQWKH1DVDO6DPSOHV
)XOO$QDO\VLV6HW

5699LUDO/RDGORJFRSLHVP/DQG&KDQJHIURP
%DVHOLQHLQWKH1DVDO6DPSOHVIRUWKH([WHQGHG9LUDO/RDG
0RQLWRULQJ
)XOO$QDO\VLV6HW

5699LUDO/RDGORJFRSLHVP/DQG&KDQJHIURP
%DVHOLQHLQWKH1DVDO6DPSOHVE\&RQVHQWIRU3DUWLFLSDWLQJ
LQWKH([WHQGHG9LUDO/RDG0RQLWRULQJ
)XOO$QDO\VLV6HW

5699LUDO/RDGORJFRSLHVP/DQG&KDQJHIURP
%DVHOLQHLQWKH1DVDO6DPSOHVE\'XUDWLRQRI569
6\PSWRPVDW%DVHOLQH
)XOO$QDO\VLV6HW

5699LUDO/RDGORJFRSLHVP/DQG&KDQJHIURP
%DVHOLQHLQWKH1DVDO6DPSOHVE\/57&2FFXUUHQFH
)XOO$QDO\VLV6HW

7LPHZHLJKWHG$YHUDJHDQG$YHUDJH&KDQJHIURP
%DVHOLQHLQ1DVDO5699LUDO/RDGORJFRSLHVP/
)XOO$QDO\VLV6HW

3URSRUWLRQRI6XEMHFWVZLWK'HWHFWDEOH569LQWKH1DVDO
6DPSOHV
)XOO$QDO\VLV6HW

3URSRUWLRQRI6XEMHFWVZLWK'HWHFWDEOH569LQWKH1DVDO
6DPSOHVE\&RQVHQWIRU3DUWLFLSDWLQJLQWKH([WHQGHG9LUDO
/RDG0RQLWRULQJ
)XOO$QDO\VLV6HW

3URSRUWLRQRI6XEMHFWV5HTXLULQJ6XSSOHPHQWDO2
/PLQIRU!KRXUVWKURXJK'D\
)XOO$QDO\VLV6HW

3URSRUWLRQRI6XEMHFWVZKRVH26DWXUDWLRQ'URSV
E\'D\
)XOO$QDO\VLV6HW

26DWXUDWLRQDQG&KDQJHIURP%DVHOLQHLQ26DWXUDWLRQ
)XOO$QDO\VLV6HW

7LPHZHLJKWHG$YHUDJH26DWXUDWLRQDQG7LPHZHLJKWHG
$YHUDJH&KDQJHIURP%DVHOLQHLQ26DWXUDWLRQ
)XOO$QDO\VLV6HW

)/83526FRUHDQG&KDQJHIURP%DVHOLQHLQ)/8352
VFRUH
)XOO$QDO\VLV6HW

7LPHZHLJKWHG$YHUDJHDQG7LPHZHLJKWHG$YHUDJH
&KDQJHIURP%DVHOLQHLQ)/83526FRUH
)XOO$QDO\VLV6HW

1XPEHURI+RVSLWDO)UHH'D\VWKURXJK'D\
)XOO$QDO\VLV6HW

1XPEHURI+RVSLWDO)UHH'D\VWKURXJK'D\
)XOO$QDO\VLV6HW
6HQVLWLYLW\$QDO\VLV

3URSRUWLRQRI6XEMHFWV5HTXLULQJ,&8$GPLVVLRQRU
(TXLYDOHQWRI,&8&DUHWKURXJK'D\
)XOO$QDO\VLV6HW

1XPEHURI'D\VRQ6XSSOHPHQWDO2WKURXJK'D\
)XOO$QDO\VLV6HW


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
7DEOH1XPEHU
7LWOH
$QDO\VLV6HW

1XPEHURI6XSSOHPHQWDO2)UHH'D\VWKURXJK'D\
)XOO$QDO\VLV6HW

1XPEHURIVXSSOHPHQWDO2IUHHGD\VWKURXJK'D\
)XOO$QDO\VLV6HW
6HQVLWLYLW\$QDO\VLV

3URSRUWLRQRI6XEMHFWV'HYHORSLQJ5HVSLUDWRU\)DLOXUH
5HTXLULQJ0HFKDQLFDO9HQWLODWLRQWKURXJK'D\
)XOO$QDO\VLV6HW

3URSRUWLRQRI$OO&DXVH0RUWDOLW\$PRQJ6XEMHFWV
7KURXJK'D\
)XOO$QDO\VLV6HW

7LPHWR9LUDO6KHGGLQJ
)XOO$QDO\VLV6HW

6XPPDU\RI$QWLERG\7LWHU'DWDE\9LVLWVDQG5697\SHV
)XOO$QDO\VLV6HW

,QGLYLGXDO'DWDDQG6XPPDU\6WDWLVWLFVRI3ODVPD
&RQFHQWUDWLRQQJP/DW3URWRFRO6SHFLILHG6DPSOLQJ
7LPHE\7UHDWPHQW
3.$QDO\VLV6HW

6XPPDU\6WDWLVWLFVRI3ODVPD3DUDPHWHUV
3.6XEVWXG\6HW

([WHQWRI([SRVXUHWR6WXG\'UXJ
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW$GYHUVH(YHQWV2YHUDOO6XPPDU\
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW$GYHUVH(YHQWVE\$JH*URXS
<HDUVRU<HDUV2YHUDOO6XPPDU\
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW$GYHUVH(YHQWVE\6H[0DOHRU
)HPDOH2YHUDOO6XPPDU\
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW$GYHUVH(YHQWVE\5DFH:KLWHRU
2WKHUV2YHUDOO6XPPDU\
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW$GYHUVH(YHQWVE\6\VWHP2UJDQ
&ODVV+LJK/HYHO7HUPDQG3UHIHUUHG7HUP
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW$GYHUVH(YHQWVE\6\VWHP2UJDQ
&ODVV+LJK/HYHO7HUPDQG3UHIHUUHG7HUPE\$JH*URXS
<HDUVRU<HDUV
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW$GYHUVH(YHQWVE\6\VWHP2UJDQ
&ODVV+LJK/HYHO7HUPDQG3UHIHUUHG7HUPE\6H[0DOH
RU)HPDOH
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW$GYHUVH(YHQWVE\6\VWHP2UJDQ
&ODVV+LJK/HYHO7HUPDQG3UHIHUUHG7HUPE\5DFH
:KLWHRU2WKHUV
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW$GYHUVH(YHQWVE\3UHIHUUHG7HUP
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW$GYHUVH(YHQWVE\6\VWHP2UJDQ
&ODVV3UHIHUUHG7HUPDQG6HYHULW\
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW$GYHUVH(YHQWVZLWK6HYHULW\RI
*UDGHRU$ERYHE\6\VWHP2UJDQ&ODVVDQG
3UHIHUUHG7HUP
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW$GYHUVH(YHQWVZLWK6HYHULW\RI
*UDGHRU$ERYHE\6\VWHP2UJDQ&ODVVDQG
6DIHW\$QDO\VLV6HW


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
7DEOH1XPEHU
7LWOH
$QDO\VLV6HW
3UHIHUUHG7HUP

7UHDWPHQW(PHUJHQW$GYHUVH(YHQWVZLWK6HYHULW\RI
*UDGHRU$ERYHE\3UHIHUUHG7HUP
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW$GYHUVH(YHQWVZLWK6HYHULW\RI
*UDGHRU$ERYHE\3UHIHUUHG7HUP
6DIHW\$QDO\VLV6HW
 7UHDWPHQW(PHUJHQW7UHDWPHQW5HODWHG$GYHUVH(YHQWVE\
6\VWHP2UJDQ&ODVVDQG3UHIHUUHG7HUP
6DIHW\$QDO\VLV6HW
 7UHDWPHQW(PHUJHQW7UHDWPHQW5HODWHG$GYHUVH(YHQWVE\
3UHIHUUHG7HUP
6DIHW\$QDO\VLV6HW
 7UHDWPHQW(PHUJHQW7UHDWPHQW5HODWHG$GYHUVH(YHQWVE\
3UHIHUUHG7HUPDQG6HYHULW\
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW7UHDWPHQW5HODWHG$GYHUVH(YHQWVZLWK
6HYHULW\RI*UDGHRU$ERYHE\6\VWHP2UJDQ&ODVVDQG
3UHIHUUHG7HUP
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW7UHDWPHQW5HODWHG$GYHUVH(YHQWVZLWK
6HYHULW\RI*UDGHRU$ERYHE\6\VWHP2UJDQ&ODVVDQG
3UHIHUUHG7HUP
6DIHW\$QDO\VLV6HW
 7UHDWPHQW(PHUJHQW7UHDWPHQW5HODWHG$GYHUVH(YHQWVZLWK
6HYHULW\RI*UDGHRU$ERYHE\3UHIHUUHG7HUP
6DIHW\$QDO\VLV6HW
 7UHDWPHQW(PHUJHQW7UHDWPHQW5HODWHG$GYHUVH(YHQWV
ZLWK6HYHULW\RI*UDGHRU$ERYHE\3UHIHUUHG7HUP
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW$GYHUVH(YHQWVRI,QWHUHVW&DUGLDF
$GYHUVH(YHQWE\6\VWHP2UJDQ&ODVVDQG3UHIHUUHG7HUP
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW6HULRXV$GYHUVH(YHQWV/HDGLQJWR
'HDWKE\6\VWHP2UJDQ&ODVVDQG3UHIHUUHG7HUP
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW6HULRXV$GYHUVH(YHQWE\6\VWHP
2UJDQ&ODVVDQG3UHIHUUHG7HUP
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW6HULRXV$GYHUVH(YHQWE\3UHIHUUHG
7HUP
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW7UHDWPHQW5HODWHG6HULRXV$GYHUVH
(YHQWVE\6\VWHP2UJDQ&ODVVDQG3UHIHUUHG7HUP
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW7UHDWPHQW5HODWHG6HULRXV$GYHUVH
(YHQWVE\3UHIHUUHG7HUP
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW6HULRXV$GYHUVH(YHQWVRI,QWHUHVW
&DUGLDF$GYHUVH(YHQWE\6\VWHP2UJDQ&ODVVDQG
3UHIHUUHG7HUP
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW$GYHUVH(YHQWV/HDGLQJWR3UHPDWXUH
'LVFRQWLQXDWLRQRI6WXG\'UXJE\6\VWHP2UJDQ&ODVVDQG
3UHIHUUHG7HUP
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW$GYHUVH(YHQWV/HDGLQJWR3UHPDWXUH
'LVFRQWLQXDWLRQRI6WXG\E\6\VWHP2UJDQ&ODVVDQG
6DIHW\$QDO\VLV6HW


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
7DEOH1XPEHU
7LWOH
$QDO\VLV6HW
3UHIHUUHG7HUP

+HPDWRORJ\7HVW+HPRJORELQJG/DQG&KDQJHIURP
%DVHOLQH
6DIHW\$QDO\VLV6HW

+HPDWRORJ\7HVW/\PSKRF\WHV[A/DQG&KDQJH
IURP%DVHOLQH
6DIHW\$QDO\VLV6HW

+HPDWRORJ\7HVW/\PSKRF\WHVDQG&KDQJHIURP
%DVHOLQH
6DIHW\$QDO\VLV6HW

+HPDWRORJ\7HVW0RQRF\WHV[A/DQG&KDQJHIURP
%DVHOLQH
6DIHW\$QDO\VLV6HW

+HPDWRORJ\7HVW0RQRF\WHVDQG&KDQJHIURP
%DVHOLQH
6DIHW\$QDO\VLV6HW

+HPDWRORJ\7HVW1HXWURSKLOV[A/DQG&KDQJH
IURP%DVHOLQH
6DIHW\$QDO\VLV6HW

+HPDWRORJ\7HVW1HXWURSKLOVDQG&KDQJHIURP
%DVHOLQH
6DIHW\$QDO\VLV6HW

+HPDWRORJ\7HVW3ODWHOHWV[A/DQG&KDQJHIURP
%DVHOLQH
6DIHW\$QDO\VLV6HW

+HPDWRORJ\7HVW/HXNRF\WHV[A/DQG&KDQJH
IURP%DVHOLQH
6DIHW\$QDO\VLV6HW

&KHPLVWU\7HVW$/78/DQG&KDQJHIURP%DVHOLQH
6DIHW\$QDO\VLV6HW

&KHPLVWU\7HVW$678/DQG&KDQJHIURP%DVHOLQH
6DIHW\$QDO\VLV6HW

&KHPLVWU\7HVW$/36*378/DQG&KDQJHIURP
%DVHOLQH
6DIHW\$QDO\VLV6HW

&KHPLVWU\7HVW7RWDO%LOLUXELQPJG/DQG&KDQJHIURP
%DVHOLQH
6DIHW\$QDO\VLV6HW

&KHPLVWU\7HVW%ORRG8UHD1LWURJHQPJG/DQG&KDQJH
IURP%DVHOLQH
6DIHW\$QDO\VLV6HW

&KHPLVWU\7HVW&UHDWLQLQHPJG/DQG&KDQJHIURP
%DVHOLQH
6DIHW\$QDO\VLV6HW

&KHPLVWU\7HVW&UHDWLQLQH&OHDUDQFHP/PLQDQG
&KDQJHIURP%DVHOLQH
6DIHW\$QDO\VLV6HW

&KHPLVWU\7HVW$OEXPLQJG/DQG&KDQJHIURP%DVHOLQH
6DIHW\$QDO\VLV6HW

7LPHG6HUXP&UHDWLQLQHPJG/DQG&KDQJHIURP
%DVHOLQHE\+RXUO\7LPHSRLQW
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW/DERUDWRU\$EQRUPDOLWLHV
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW/DERUDWRU\$EQRUPDOLWLHVE\$JH
*URXS<HDUVRU<HDUV
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW/DERUDWRU\$EQRUPDOLWLHVE\6H[
0DOHRU)HPDOH
6DIHW\$QDO\VLV6HW


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
7DEOH1XPEHU
7LWOH
$QDO\VLV6HW

7UHDWPHQW(PHUJHQW/DERUDWRU\$EQRUPDOLWLHVE\5DFH
:KLWHRU2WKHUV
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW*UDGHRU/DERUDWRU\
$EQRUPDOLWLHV
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW0DUNHG/DERUDWRU\$EQRUPDOLWLHV
6DIHW\$QDO\VLV6HW

/LYHU5HODWHG/DERUDWRU\$EQRUPDOLWLHV
6DIHW\$QDO\VLV6HW

6KLIWLQ7URSRQLQ5HVXOWV
6DIHW\$QDO\VLV6HW

6XEMHFWVZLWK$EQRUPDO7URSRQLQ5HVXOWVDW3RVWEDVHOLQH
WKURXJK'D\
6DIHW\$QDO\VLV6HW

9LWDO6LJQV'LDVWROLF%ORRG3UHVVXUHPP+JDQG&KDQJH
IURP%DVHOLQH
6DIHW\$QDO\VLV6HW

9LWDO6LJQV6\VWROLF%ORRG3UHVVXUHPP+JDQG&KDQJH
IURP%DVHOLQH
6DIHW\$QDO\VLV6HW

9LWDO6LJQV3XOVHEHDWVSHUPLQXWHDQG&KDQJHIURP
%DVHOLQH
6DIHW\$QDO\VLV6HW

9LWDO6LJQV5HVSLUDWLRQEUHDWKVSHUPLQXWHDQG&KDQJH
IURP%DVHOLQH
6DIHW\$QDO\VLV6HW

9LWDO6LJQV7HPSHUDWXUH&HOVLXVDQG&KDQJHIURP
%DVHOLQH
6DIHW\$QDO\VLV6HW

%RG\:HLJKWNJDQG&KDQJHIURP%DVHOLQH
6DIHW\$QDO\VLV6HW

3ULRU0HGLFDWLRQE\'UXJ&ODVVDQG3UHIHUUHG'UXJ1DPH
6DIHW\$QDO\VLV6HW

&RQFRPLWDQW0HGLFDWLRQE\'UXJ&ODVVDQG3UHIHUUHG'UXJ
1DPH
6DIHW\$QDO\VLV6HW

3ULRU5LEDYLULQ8VH
6DIHW\$QDO\VLV6HW

&RQFRPLWDQW5LEDYLULQ8VH
6DIHW\$QDO\VLV6HW

6KLIWLQ(OHFWURFDUGLRJUDP$VVHVVPHQW5HVXOWV
6DIHW\$QDO\VLV6HW

6XEMHFWZLWK1HZ$EQRUPDOLWLHV(&*DW3RVWEDVHOLQH
6DIHW\$QDO\VLV6HW



3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU

)LJXUHV
)LJXUH
7LWOH
$QDO\VLV6HW

+LVWRJUDPRI1XPEHURI6XEMHFWV(QUROOHGE\6LWH
$OO5DQGRPL]HG$QDO\VLV6HW

+LVWRJUDPRI1XPEHURI6XEMHFWV(QUROOHGE\&RXQWU\
$OO5DQGRPL]HG$QDO\VLV6HW

0HGLDQ449LUDO/RDGORJFRSLHVP/DW(DFK9LVLW
)XOO$QDO\VLV6HW

0HGLDQ44&KDQJHIURP%DVHOLQHLQ9LUDO/RDGORJ
FRSLHVP/DW(DFK9LVLW
)XOO$QDO\VLV6HW

0HGLDQ449LUDO/RDGORJFRSLHVP/DW(DFK9LVLW
E\'XUDWLRQRI5696\PSWRP
)XOO$QDO\VLV6HW

0HGLDQ44&KDQJHIURP%DVHOLQHLQ9LUDO/RDGORJ
FRSLHVP/DW(DFK9LVLWE\'XUDWLRQRI5696\PSWRP
)XOO$QDO\VLV6HW

0HGLDQ449LUDO/RDGORJFRSLHVP/DW(DFK9LVLW
E\/57&2FFXUUHQFH
)XOO$QDO\VLV6HW

0HGLDQ44&KDQJHIURP%DVHOLQHLQ9LUDO/RDGORJ
FRSLHVP/DW(DFK9LVLWE\/57&2FFXUUHQFH
)XOO$QDO\VLV6HW

0HGLDQ44)/83526FRUHDW(DFK9LVLW
)XOO$QDO\VLV6HW

0HGLDQ44&KDQJHIURP%DVHOLQHLQ)/83526FRUHDW
(DFK9LVLW
)XOO$QDO\VLV6HW

0HGLDQ4426DWXUDWLRQDW(DFK9LVLW
)XOO$QDO\VLV6HW

0HGLDQ44&KDQJHIURP%DVHOLQHLQ26DWXUDWLRQDW
(DFK9LVLW
)XOO$QDO\VLV6HW

0HDQ6'3ODVPD&RQFHQWUDWLRQVYV7LPH
3.6XEVWXG\6HW

,QGLYLGXDO'DWDRI3ODVPD&RQFHQWUDWLRQYV7LPH
3.$QDO\VLV6HW

0HGLDQ44+HPDWRORJ\+HPRJORELQJ/E\9LVLW
6DIHW\$QDO\VLV6HW

0HGLDQ44+HPDWRORJ\/\PSKRF\WHV[A/E\
9LVLW
6DIHW\$QDO\VLV6HW

0HGLDQ44+HPDWRORJ\/\PSKRF\WHVE\9LVLW
6DIHW\$QDO\VLV6HW

0HGLDQ44+HPDWRORJ\0RQRF\WHV[A/E\9LVLW 6DIHW\$QDO\VLV6HW

0HGLDQ44+HPDWRORJ\0RQRF\WHVE\9LVLW
6DIHW\$QDO\VLV6HW

0HGLDQ44+HPDWRORJ\1HXWURSKLOV[A/E\
9LVLW
6DIHW\$QDO\VLV6HW

0HGLDQ44+HPDWRORJ\1HXWURSKLOVE\9LVLW
6DIHW\$QDO\VLV6HW

0HGLDQ44+HPDWRORJ\/HXNRF\WHV[AX/E\
9LVLW
6DIHW\$QDO\VLV6HW

0HGLDQ44+HPDWRORJ\3ODWHOHW&RXQW[AX/E\
9LVLW
6DIHW\$QDO\VLV6HW

0HGLDQ44&KHPLVWU\$/76*378/E\9LVLW
6DIHW\$QDO\VLV6HW


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
)LJXUH
7LWOH
$QDO\VLV6HW

0HGLDQ44&KHPLVWU\$676*278/E\9LVLW
6DIHW\$QDO\VLV6HW

0HGLDQ44&KHPLVWU\$ONDOLQH3KRVSKDWDVH8/E\
9LVLW
6DIHW\$QDO\VLV6HW

0HGLDQ44&KHPLVWU\7RWDO%LOLUXELQPJG/E\9LVLW
6DIHW\$QDO\VLV6HW

0HGLDQ44&KHPLVWU\%ORRG8UHD1LWURJHQPJG/E\
9LVLW
6DIHW\$QDO\VLV6HW

0HGLDQ44&KHPLVWU\&UHDWLQLQHPJG/E\9LVLW
6DIHW\$QDO\VLV6HW

0HGLDQ44&KHPLVWU\&UHDWLQLQH&OHDUDQFHP/PLQ
E\9LVLW
6DIHW\$QDO\VLV6HW

0HGLDQ44&KHPLVWU\$OEXPLQJG/E\9LVLW
6DIHW\$QDO\VLV6HW

0HGLDQ449LWDO6LJQV'LDVWROLF%ORRG3UHVVXUH
PP+JE\9LVLW
6DIHW\$QDO\VLV6HW

0HGLDQ449LWDO6LJQV6\VWROLF%ORRG3UHVVXUHPP+J
E\9LVLW
6DIHW\$QDO\VLV6HW

0HGLDQ449LWDO6LJQV3XOVHEHDWVSHUPLQXWHE\9LVLW
6DIHW\$QDO\VLV6HW

0HGLDQ449LWDO6LJQV5HVSLUDWLRQEUHDWKVSHUPLQXWH
E\9LVLW
6DIHW\$QDO\VLV6HW

0HGLDQ449LWDO6LJQV7HPSHUDWXUH&HOVLXVE\9LVLW
6DIHW\$QDO\VLV6HW



3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU

/LVWLQJV
/LVWLQJ
7LWOH
$QDO\VLV6HW

6XEMHFWV:KR5HFHLYHG6WXG\'UXJIURP6SHFLILF%DWFKHV
6DIHW\$QDO\VLV6HW

5DQGRPL]DWLRQ6FKHPDDQG&RGHV
$OO5DQGRPL]HG$QDO\VLV6HW

6XEMHFW3URILOHV
$OO5DQGRPL]HG$QDO\VLV6HW

(QUROOPHQW
$OO5DQGRPL]HG$QDO\VLV6HW

6XEMHFW'LVSRVLWLRQ
$OO5DQGRPL]HG$QDO\VLV6HW

5HDVRQVIRU6FUHHQ)DLOXUH
6XEMHFWV6FUHHQHGEXW1RW
(QUROOHG

(OLJLELOLW\&ULWHULD'HYLDWLRQV
$OO5DQGRPL]HG$QDO\VLV6HW

,PSRUWDQW3URWRFRO'HYLDWLRQV
$OO5DQGRPL]HG$QDO\VLV6HW

5DQGRPL]DWLRQ6WUDWLILFDWLRQ'LVFUHSDQFLHV%HWZHHQ,:56
DQG&OLQLFDO'DWDEDVH
$OO5DQGRPL]HG$QDO\VLV6HW

6XEMHFWVZKR5HFHLYHG,QFRUUHFW6WXG\'UXJ
$OO5DQGRPL]HG$QDO\VLV6HW

6XEMHFWV([FOXGHGIURP$Q\$QDO\VLV6HW
$OO5DQGRPL]HG$QDO\VLV6HW

6XEMHFWV:KR:HUHLQWKH)XOO$QDO\VLV6HWEXW([FOXGHGIURP
WKH3HU3URWRFRO$QDO\VLV6HW
)XOO$QDO\VLV6HW

'HPRJUDSKLFV
$OO5DQGRPL]HG$QDO\VLV6HW

%DVHOLQH&KDUDFWHULVWLFV
$OO5DQGRPL]HG$QDO\VLV6HW

+HPDWRSRLHWLF&HOO7UDQVSODQW0HGLFDO+LVWRU\
$OO5DQGRPL]HG$QDO\VLV6HW

0HGLFDO+LVWRU\
$OO5DQGRPL]HG$QDO\VLV6HW

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV
$OO5DQGRPL]HG$QDO\VLV6HW

3ULRUDQG&RQFRPLWDQW5LEDYLULQ
$OO5DQGRPL]HG$QDO\VLV6HW

6WXG\'UXJ$GPLQLVWUDWLRQ
$OO5DQGRPL]HG$QDO\VLV6HW

6XEMHFWV:KR3UHPDWXUHO\'LVFRQWLQXHG6WXG\'UXJ
$OO5DQGRPL]HG$QDO\VLV6HW

6WXG\'UXJ$FFRXQWDELOLW\
$OO5DQGRPL]HG$QDO\VLV6HW

3KDUPDFRNLQHWLF6DPSOLQJ'HWDLOVDQG&RQFHQWUDWLRQV
3.$QDO\VLV6HW

3KDUPDFRNLQHWLF3DUDPHWHU
3.6XEVWXG\6HW

9LUDO/RDG0HDVXUHPHQWV
)XOO$QDO\VLV6HW

3URJUHVVLRQWR/RZHU5HVSLUDWRU\7UDFW,QIHFWLRQ
)XOO$QDO\VLV6HW

&KHVW,PDJH5HVXOWV
)XOO$QDO\VLV6HW

+RVSLWDOL]DWLRQVDQG,&8
)XOO$QDO\VLV6HW

2[\JHQ6DWXUDWLRQ
)XOO$QDO\VLV6HW

6XSSOHPHQWDO2[\JHQ8VH
)XOO$QDO\VLV6HW

0HFKDQLFDO9HQWLODWLRQ
)XOO$QDO\VLV6HW


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
/LVWLQJ
7LWOH
$QDO\VLV6HW

)/83520HDVXUHPHQWV
)XOO$QDO\VLV6HW

+HDOWKFDUH5HODWHG(IILFDF\(QGSRLQWV
)XOO$QDO\VLV6HW

569$QWLERG\7LWHU
$OO5DQGRPL]HG$QDO\VLV6HW

$OO$GYHUVH(YHQWV
6DIHW\$QDO\VLV6HW

'HDWKV
$OO6FUHHQHG6XEMHFWV

$GYHUVH(YHQWV/HDGLQJWR'HDWK
6DIHW\$QDO\VLV6HW

6HULRXV$GYHUVH(YHQWV
6DIHW\$QDO\VLV6HW

$GYHUVH(YHQWVZLWK6HYHULW\RI*UDGHRU+LJKHU
6DIHW\$QDO\VLV6HW

$GYHUVH(YHQWVZLWK6HYHULW\RI*UDGHRU+LJKHU
6DIHW\$QDO\VLV6HW

$GYHUVH(YHQWV/HDGLQJWR3UHPDWXUH'LVFRQWLQXDWLRQRI
6WXG\'UXJ
6DIHW\$QDO\VLV6HW

$GYHUVH(YHQWV/HDGLQJWR3UHPDWXUH'LVFRQWLQXDWLRQRI
6WXG\
6DIHW\$QDO\VLV6HW

+HPDWRORJ\5HVXOWV3DUW
6DIHW\$QDO\VLV6HW

+HPDWRORJ\5HVXOWV3DUW
6DIHW\$QDO\VLV6HW

+HPDWRORJ\5HVXOWV3DUW
6DIHW\$QDO\VLV6HW

&KHPLVWU\5HVXOWV3DUW
6DIHW\$QDO\VLV6HW

&KHPLVWU\5HVXOWV3DUW
6DIHW\$QDO\VLV6HW

7LPHG6HUXP&UHDWLQLQH5HVXOWV
6DIHW\$QDO\VLV6HW
3.6XEJURXS6HW

7UHDWPHQW(PHUJHQW0DUNHG/DERUDWRU\$EQRUPDOLWLHV
6DIHW\$QDO\VLV6HW

7UHDWPHQW(PHUJHQW*UDGHRU+LJKHU/DERUDWRU\
$EQRUPDOLWLHV
6DIHW\$QDO\VLV6HW

/LYHU5HODWHG/DERUDWRU\$EQRUPDOLWLHV
6DIHW\$QDO\VLV6HW

/DERUDWRU\7HVWV5HIHUHQFH5DQJHV
6DIHW\$QDO\VLV6HW

/DERUDWRU\7HVW±7URSRQLQ
6DIHW\$QDO\VLV6HW

9LWDO6LJQ0HDVXUHPHQWV
6DIHW\$QDO\VLV6HW

%RG\:HLJKW+HLJKWDQG%0,
6DIHW\$QDO\VLV6HW

2YHUDOO(&*$VVHVVPHQW
6DIHW\$QDO\VLV6HW

3UHJQDQF\5HSRUW
6DIHW\$QDO\VLV6HW

*HQHUDO&RPPHQWV
$OO5DQGRPL]HG$QDO\VLV6HW




3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU

$33(1',&(6
$SSHQGL[
6WXG\3URFHGXUHV7DEOH

9LVLW
6FUHHQLQJ
'D\
9LVLW
%DVHOLQH
$VVHVVPHQWV
5DQGRPL]DWLRQ
DQG7UHDWPHQW
$VVHVVPHQWV
'D\
9LVLW
T
'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW

(QGRI
VWXG\
'D\

GD\V
2SWLRQDO([WHQGHG9LUDO0RQLWRULQJP
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
0XVWFRPSOHWH
YLVLWLQWKH
KRVSLWDORUFOLQLF
;
;
;M
;

;
;
;
;
;




:ULWWHQ,QIRUPHG
&RQVHQW
;













0HGLFDO+LVWRU\
DQG
'HPRJUDSKLFV
;













&KHVW;5D\
;D













6FUHHQLQJ/DEV
;E













8ULQHRU6HUXP
3UHJQDQF\7HVWF
;
;

;

;
;
;






)/8352

;

;

;








9LWDO6LJQVLQF
26DWXUDWLRQG
;
;
;R
;
;R
;
;
;
;
;




+HLJKW
;













:HLJKW
;
;

;

;
;
;
;
;




OHDG(&*

;





;

;




/RFDO7URSRQLQ
7HVWLQJS

;





;

;






3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU

9LVLW
6FUHHQLQJ
'D\
9LVLW
%DVHOLQH
$VVHVVPHQWV
5DQGRPL]DWLRQ
DQG7UHDWPHQW
$VVHVVPHQWV
'D\
9LVLW
T
'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW

(QGRI
VWXG\
'D\

GD\V
2SWLRQDO([WHQGHG9LUDO0RQLWRULQJP
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\

KRXUV
6DIHW\/DEVH

;

;

;
;
;
;
;




569DQWLERG\
WLWHU

;







;




5699LUHPLD

;

;

;
;
;
;
;




1DVDO6DPSOHVI
;U
;
;
;
;
;
;
;
;
;
;
;
;
;
/RFDO569
WHVWLQJ
;V







;O





5DQGRPL]DWLRQ

;












,03
$GPLQLVWUDWLRQ

;

;

;
;
;






3.VDPSOH

;J
;L
;K

;K


;K





6HUXPFUHDWLQLQH

;N



;N








$GYHUVH(YHQWV
;
;
;Q
;
;Q
;
;
;
;
;
;Q
;Q
;Q
;Q
$VVHVV,&8
DGPLVVLRQV
KRVSLWDOL]DWLRQV
VWDQGDUGRIFDUH
WHVWUHVXOWV
PHFKDQLFDO
YHQWLODWLRQDQG
VXSSOHPHQWDO2

;
;R
;
;R
;
;
;
;
;




&RQFRPLWDQW
0HGLFDWLRQV
;
;
;R
;
;R
;
;
;
;
;




D
&KHVW;UD\REWDLQHGKRXUVSULRUWR6FUHHQLQJPD\EHXVHG
E
([LVWLQJYDOXHVFROOHFWHGGD\VSULRUWR6FUHHQLQJPD\EHXVHG
F
5HTXLUHGIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\DQGRUELODWHUDORRSKRUHFWRP\
G
2QURRPDLU


3UHVDWRYLU*6
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
H
&HQWUDOODERUDWRU\WHVWLQJKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGH:%&ZLWKGLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7$/3DQG7%
I
VDPSOHVWRWDOIURPHDFKQRVWULO±FROOHFWHGSULRUWRGRVLQJRQGRVLQJGD\V
J
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\&ROOHFWHGPLQPLQPLQDQGKRXUVPLQSRVWGRVH
K
)RUDOOVXEMHFWVFROOHFWHGSUHGRVHRQ'D\SUHGRVHDQGKRXUVPLQSRVWGRVHRQ'D\DQGDQ\WLPHRQ'D\
L
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\3.LVFROOHFWHGDQ\WLPHGXULQJ9LVLWDQG9LVLWPXVWRFFXULQFOLQLF
M
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\6XEMHFWVQRWSDUWLFLSDWLQJLQWKH3.VXEJURXSFDQKDYHWKLVYLVLWFRPSOHWHGDWKRPHE\DKRPHQXUVLQJYHQGRURUE\WKHVWXG\
FRRUGLQDWRURUGHVLJQHH
N
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\%ORRGGUDZIRUVHUXPFUHDWLQLQHKRXUVPLQSRVWGRVHRQ'D\DQG'D\9LVLWDQG9LVLW
O
2QO\IRUVXEMHFWVZKRDJUHHWRWKHRSWLRQDOH[WHQGHGYLUDOPRQLWRULQJDWWKHWLPHRIFRQVHQW
P
2QO\IRUVXEMHFWVZKRDJUHHWRWKHRSWLRQDOH[WHQGHGYLUDOPRQLWRULQJDWWKHWLPHRIFRQVHQWDQGWHVWSRVLWLYHRULQFRQFOXVLYHIRU569DW9LVLW'D\
Q
$VVHVVPHQWRISURFHGXUHUHODWHG$(VRQO\LIKRPHYLVLW
R
1RWUHTXLUHGLIKRPHYLVLW
S
/RFDOWURSRQLQWHVWLQJZLOOEHGRQHSUHGRVHLQDFFRUGDQFHZLWKWKHVWDQGDUGDVVD\DYDLODEOHDQGXVHGDWWKHVLWH3RLQWRIFDUH³UDSLG´WURSRQLQWHVWVDUHQRWDFFHSWDEOHIRU
SURWRFROPDQGDWHGWURSRQLQWHVWLQJ
T
9LVLW'D\LVDQRSWLRQDOVWXG\YLVLWIRUVXEMHFWVQRWSDUWLFLSDWLQJLQWKH3.VXEJURXS
U
)RU-DSDQVLWHVRQO\QDVDOVZDEVDPSOHVZLOOEHREWDLQHGDW6FUHHQLQJIRUORFDO569WHVWLQJDQGIRUWHVWLQJDWWKHFHQWUDOODERUDWRU\$W%DVHOLQHRQO\VDPSOHZLOOEH
REWDLQHGIRUFHQWUDOODEWHVWLQJ
V
6XEMHFWVZKRZHUHQRWWHVWHGIRU569DVVWDQGDUGRIFDUHPD\FRQVHQWWRWKHVWXG\DQGEHWHVWHGIRU569GXULQJWKH6FUHHQLQJYLVLW



3UHVDWRYLU
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
$SSHQGL[
&DUGLDF$GYHUVH(YHQWVRI,QWHUHVW
7KHIROORZLQJVHDUFKFULWHULDDUHXVHGWRLGHQWLI\FDUGLDFDGYHUVHHYHQWV
x $OO37VIURP&DUGLDFGLVRUGHUV62&
x 1DUURZVFRSH37VIURPWKHEHORZ604VDQGDVVRFLDWHGVXE604V
 &DUGLDFDUUK\WKPLDV604
 &DUGLDFIDLOXUH604
 &DUGLRP\RSDWK\604
 ,VFKDHPLFKHDUWGLVHDVH604
 7RUVDGHGHSRLQWHV47SURORQJDWLRQ604
x 6HOHFW37VIURP+/7V
 &DUGLDFKLVWRSDWKRORJ\SURFHGXUHV
 6NHOHWDODQGFDUGLDFPXVFOHDQDO\VHV
 $UWHULDOWKHUDSHXWLFSURFHGXUHVH[FOXGLQJDRUWLF
 (&*LQYHVWLJDWLRQV&DUGLDFIXQFWLRQGLDJQRVWLFSURFHGXUHV
 +HDUWUDWHDQGSXOVHLQYHVWLJDWLRQV
'XSOLFDWH37VZHUHUHPRYHGZKHUHQHFHVVDU\


3UHVDWRYLU
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
$SSHQGL[
6DPSOH6$6&RGHIRU00500RGHO
7KHIROORZLQJPRGHOVWDWHPHQWPD\EHXVHGIRUWKHDQDO\VHVRIYLUDOORDG)/83522
VDWXUDWLRQUHVSLUDWRU\UDWHDQG(4'9$6VFDOHDVGHVFULEHGLQ6HFWLRQVDQG
SURFPL[HGGDWD FKDQJH
FODVVWUWYLVLWVXEMLGVWUDWD
PRGHOFKDQJH EDVHOLQHVWUDWDWUWYLVLWWUWYLVLWVGGIP NU
UHSHDWHGYLVLWW\SH XQVXEMHFW VXEMLGWUW
OVPHDQVWUWYLVLWFO
UXQ

1RWHWKDWVLQFHWKHUHVSRQVHYDULDEOHLVFKDQJHIURPEDVHOLQHWKH9LVLWEDVHOLQHYDOXHZLOO
DOZD\VEHDQGVKRXOGQRWEHLQFOXGHGLQWKHDERYHPRGHO
$QXQVWUXFWXUHGFRYDULDQFHZLOOEHDVVXPHGW\SH XQLIWKHUHDUHFRQYHUJHQFHRUPRGHOILWWLQJ
LVVXHVWKHQWKHDOWHUQDWLYHFRYDULDQFHVWUXFWXUHRI7RHSOLW]ZLOOEHDVVXPHGW\SH WRHS


3UHVDWRYLU
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
1RYHPEHU
$SSHQGL[
6DPSOH6$6&RGHIRU1HJDWLYH%LQRPLDO0RGHO
7KHIROORZLQJPRGHOVWDWHPHQWPD\EHXVHGIRUWKHDQDO\VHVRIQXPEHURIKRVSLWDOL]DWLRQIUHH
GD\DQGVXSSOHPHQWDOR[\JHQIUHHGD\GHVFULEHGLQ6HFWLRQVDQG
SURFJHQPRGGDWD GDWDVHW
FODVVWUWVWUDWD
PRGHOFRXQW WUWVWUDWDRIIVHW ORJWGLVW 1%
UXQ

ZKHUHORJWLVWKHRIIVHWSDUDPHWHUGHILQHGDVWKHQDWXUDOORJDULWKPRIVWXG\GXUDWLRQIRUHDFK
VXEMHFWWRDFFRXQWIRUSRWHQWLDOGLIIHUHQWLDOVWXG\GXUDWLRQV
,QWKHHYHQWWKDWWKHQHJDWLYHELQRPLDOPRGHOIDLOVWRFRQYHUJHD]HURLQIODWHGQHJDWLYHELQRPLDO
PRGHOPD\EHILWGLVW =,1%

Prot_006.pdf: 


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
7$%/(2)&217(176
7$%/(2)&217(176 
/,672),17(;77$%/(6
35272&2/6<1236,6 
*/266$5<2)$%%5(9,$7,216$1''(),1,7,212)7(506

,1752'8&7,21 

%DFNJURXQG 

3UHVDWRYLU*6 

*HQHUDO,QIRUPDWLRQ 

1RQFOLQLFDO3KDUPDFRNLQHWLFV

1RQFOLQLFDO3KDUPDFRORJ\DQG7R[LFRORJ\ 

&OLQLFDO7ULDOVRI3UHVDWRYLU 

5DWLRQDOHIRU7KLV6WXG\ 

'RVH5DWLRQDOH 

&RPSOLDQFH 

2%-(&7,9(6

678'<'(6,*1

(QGSRLQWV 

6WXG\'HVLJQ

6WXG\7UHDWPHQWV 

'XUDWLRQRI7UHDWPHQW

'LVFRQWLQXDWLRQ&ULWHULD

6RXUFH'DWD

68%-(&73238/$7,21

1XPEHURI6XEMHFWVDQG6XEMHFW6HOHFWLRQ 

,QFOXVLRQ&ULWHULD

([FOXVLRQ&ULWHULD

,19(67,*$7,21$/0(',&,1$/352'8&76 

5DQGRPL]DWLRQ%OLQGLQJ DQG7UHDWPHQW&RGHV 

3URFHGXUHVIRU%UHDNLQJ7UHDWPHQW&RGHV

'HVFULSWLRQDQG+DQGOLQJRI3UHVDWRYLU*6 

)RUPXODWLRQ

3DFNDJLQJDQG/DEHOLQJ 

6WRUDJHDQG+DQGOLQJ

'RVDJHDQG$GPLQLVWUDWLRQRI3UHVDWRYLU 

3ULRUDQG &RQFRPLWDQW0HGLFDWLRQV

$FFRXQWDELOLW\IRU3UHVDWRYLU 

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW5HWXUQRU'LVSRVDO

678'<352&('85(6 

6XEMHFW(QUROOPHQWDQG7UHDWPHQW$VVLJQPHQW

9LVLW6FUHHQLQJ9LVLW'D\

9LVLW%DVHOLQH$VVHVVPHQWV5DQGRPL]DWLRQDQG7UHDWPHQW
$VVHVVPHQWV'D\

9LVLW'D\KRXUV

9LVLW'D\KRXUV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

9LVLW'D\KRXUV

9LVLWV'D\VDQGKRXUV

9LVLW'D\KRXUV

9LVLW(QGRI6WXG\'D\GD\V

9LVLWV± 'D\VDQGKRXUV

$VVHVVPHQWVIRU3UHPDWXUH'LVFRQWLQXDWLRQIURP,03GRVLQJDQG(DUO\:LWKGUDZDO

$VVHVVPHQWVIRU3UHPDWXUH'LVFRQWLQXDWLRQIURP,03$GPLQLVWUDWLRQ 

$VVHVVPHQWVIRU(DUO\7HUPLQDWLRQ:LWKGUDZDO

$VVHVVPHQWVIRU8QVFKHGXOHG9LVLWV

6WXG\$VVHVVPHQWV

1DVDO6DPSOHV9LURORJ\DQG$QWLERG\7LWHU 

9LURORJ\DQG5HVLVWDQFH0RQLWRULQJ

)/83524XHVWLRQQDLUH

9LWDO6LJQV

2[\JHQ6DWXUDWLRQ

6DIHW\/DEV

&KHVW;UD\ 

(OHFWURFDUGLRJUDP(&*

&ROOHFWLRQRI6WDQGDUGRI&DUH&OLQLFDO'DWDIRU&HQWUDO5HYLHZ

3ODVPD3. 

2SWLRQDO([WHQGHG9LUDO0RQLWRULQJ

$'9(56((9(176$1'72;,&,7<0$1$*(0(17

'HILQLWLRQVRI$GYHUVH(YHQWV$GYHUVH5HDFWLRQVDQG6HULRXV$GYHUVH(YHQWV

$GYHUVH(YHQWV

6HULRXV$GYHUVH(YHQWV

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV
$GYHUVH(YHQWVRU6HULRXV$GYHUVH(YHQWV 

$VVHVVPHQWRI$GYHUVH(YHQWVDQG6HULRXV$GYHUVH(YHQWV

$VVHVVPHQWRI&DXVDOLW\IRU,03DQG3URFHGXUHV

$VVHVVPHQWRI6HYHULW\ 

,QYHVWLJDWRU5HTXLUHPHQWVDQG,QVWUXFWLRQVIRU5HSRUWLQJ$GYHUVH(YHQWVDQG6HULRXV
$GYHUVH(YHQWVWR*LOHDG

*LOHDG5HSRUWLQJ5HTXLUHPHQWV

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV$GYHUVH(YHQWVRU
6HULRXV$GYHUVH(YHQWV

7R[LFLW\0DQDJHPHQW 

6SHFLDO6LWXDWLRQV5HSRUWV

'HILQLWLRQVRI6SHFLDO6LWXDWLRQV

,QVWUXFWLRQVIRU5HSRUWLQJ6SHFLDO6LWXDWLRQV

67$7,67,&$/&216,'(5$7,216

$QDO\VLV2EMHFWLYHVDQG(QGSRLQWV

$QDO\VLV2EMHFWLYHV

3ULPDU\(QGSRLQWV

6HFRQGDU\(QGSRLQW 

([SORUDWRU\(QGSRLQWV

$QDO\VLV&RQYHQWLRQV

$QDO\VLV6HWV 

'DWD+DQGOLQJ&RQYHQWLRQV 

'HPRJUDSKLF'DWDDQG%DVHOLQH&KDUDFWHULVWLFV 

(IILFDF\$QDO\VLV 

3ULPDU\$QDO\VLV

6HFRQGDU\$QDO\VHV 


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

([SORUDWRU\$QDO\VHV 

6DIHW\$QDO\VLV

([WHQWRI([SRVXUH

$GYHUVH(YHQWV

/DERUDWRU\(YDOXDWLRQV 

2WKHU6DIHW\(YDOXDWLRQV

3KDUPDFRNLQHWLF$QDO\VLV

6DPSOH6L]H

'DWD0RQLWRULQJ&RPPLWWHH 

(QGSRLQW$GMXGLFDWLRQ&RPPLWWHH

5(63216,%,/,7,(6

,QYHVWLJDWRU5HVSRQVLELOLWLHV 

*RRG&OLQLFDO3UDFWLFH

,QVWLWXWLRQDO5HYLHZ%RDUG,5%,QGHSHQGHQW(WKLFV&RPPLWWHH,(&
5HYLHZDQG$SSURYDO

,QIRUPHG&RQVHQW

&RQILGHQWLDOLW\

6WXG\)LOHVDQG5HWHQWLRQRI5HFRUGV 

&DVH5HSRUW)RUPV

'DWD4XDOLW\&RQWURODQG4XDOLW\$VVXUDQFH

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW$FFRXQWDELOLW\DQG5HWXUQ

,QVSHFWLRQV

3URWRFRO&RPSOLDQFH

6SRQVRU5HVSRQVLELOLWLHV 

3URWRFRO0RGLILFDWLRQV

6WXG\5HSRUWDQG3XEOLFDWLRQV 

-RLQW,QYHVWLJDWRU6SRQVRU5HVSRQVLELOLWLHV 

3D\PHQW5HSRUWLQJ

$FFHVVWR,QIRUPDWLRQIRU0RQLWRULQJ

$FFHVVWR,QIRUPDWLRQIRU$XGLWLQJRU,QVSHFWLRQV 

6WXG\'LVFRQWLQXDWLRQ

5()(5(1&(6 

$33(1',&(6 
$SSHQGL[ 
,QYHVWLJDWRU6LJQDWXUH3DJH
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
$SSHQGL[ 
0DQDJHPHQWRI&OLQLFDODQG/DERUDWRU\$GYHUVH(YHQWV
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDODQG
&RQWUDFHSWLYH5HTXLUHPHQWV
/,672),17(;77$%/(6
7DEOH 
3.7LPHSRLQWV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
35272&2/6<1236,6
*LOHDG6FLHQFHV,QF
(%ODLQH6W
6HDWWOH:$
6WXG\7LWOH
$3KDVHE5DQGRPL]HG'RXEOH%OLQG3ODFHER&RQWUROOHG
0XOWL&HQWHU6WXG\(YDOXDWLQJ$QWLYLUDO(IIHFWV3KDUPDFRNLQHWLFV
6DIHW\DQG7ROHUDELOLW\RI*6LQ+HPDWRSRLHWLF&HOO7UDQVSODQW
+&75HFLSLHQWVZLWK5HVSLUDWRU\6\QF\WLDO9LUXV569,QIHFWLRQ
RIWKH8SSHU5HVSLUDWRU\7UDFW
,1'1XPEHU
(XGUD&71XPEHU
&OLQLFDO7ULDOVJRY
,GHQWLILHU


1&7
6WXG\&HQWHUV
3ODQQHG
$SSUR[LPDWHO\ FHQWHUVLQ$VLD3DFLILF&DQDGD(XURSH -DSDQ
6RXWK $PHULFD DQGWKH8QLWHG6WDWHV
2EMHFWLYHV
7KHFRSULPDU\ REMHFWLYHV RIWKLVVWXG\DUHDVIROORZV

7RHYDOXDWHWKHHIIHFW RI SUHVDWRYLU *6 RQ569YLUDOORDG
DQGGHYHORSPHQWRIORZHU UHVSLUDWRU\WUDFWFRPSOLFDWLRQ/57&
LQ569SRVLWLYHDXWRORJRXVRUDOORJHQHLF+&7UHFLSLHQWVZLWK
DFXWH XSSHUUHVSLUDWRU\WUDFWLQIHFWLRQ857,V\PSWRPV
7KHVHFRQGDU\REMHFWLYHVRIWKLVVWXG\DUHDVIROORZV

7RHYDOXDWHWKHHIIHFWRISUHVDWRYLU RQSURJUHVVLRQWRUHVSLUDWRU\
IDLOXUH RU DOOFDXVHPRUWDOLW\

7RHYDOXDWHWKHSKDUPDFRNLQHWLFV3. VDIHW\DQGWROHUDELOLW\RI
SUHVDWRYLU
6WXG\'HVLJQ
5DQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGVWXG\HYDOXDWLQJWKH
HIIHFWRISUHVDWRYLU RQHIILFDF\3.VDIHW\DQGWROHUDELOLW\LQ+&7
UHFLSLHQWVZLWK569857,
$OOVXEMHFWVZLOOEHSHUPLWWHGWRUHFHLYHWKHVWDQGDUGRIFDUHWKHUDS\
IRU569LQIHFWLRQSHUWKHLUORFDOPHGLFDOSUDFWLFHV LQDGGLWLRQWR WKH
LQYHVWLJDWLRQDOPHGLFLQDOSURGXFW,03
6XEMHFWVZLOOEHUDQGRPL]HGLQDUDWLRWRUHFHLYH,03
SUHVDWRYLU RUSODFHERDQGZLOOEHVWUDWLILHGE\ IDFWRUV
 3UHVHQFHRUDEVHQFH RIO\PSKRSHQLDGHILQHGDV D
O\PSKRF\WH FRXQW FHOOV/ YHUVXVFHOOV/RIEORRG
 7UHDWPHQWRI569 LQIHFWLRQ \HVRUQRZLWKULEDYLULQ
RUDO LQWUDYHQRXV RUDHURVROL]HG


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
1XPEHURI6XEMHFWV
3ODQQHG
$SSUR[LPDWHO\569SRVLWLYHVXEMHFWV
7DUJHW3RSXODWLRQ
$GXOWPDOHDQGIHPDOH VXEMHFWV  WR \HDUVRIDJH ZKRKDYHKDG
DQDOORJHQHLFRUDXWRORJRXV+&7DQGKDYH GRFXPHQWHGDFXWH
569UHODWHG857, V\PSWRPV
'XUDWLRQRI
7UHDWPHQW
GRVHVRYHUGD\V
'LDJQRVLVDQG0DLQ
(OLJLELOLW\&ULWHULD
)RUDFRPSOHWHOLVWRIVWXG\LQFOXVLRQDQGH[FOXVLRQFULWHULDSOHDVH
UHIHUWR6HFWLRQ 
,QFOXVLRQ&ULWHULD
6XEMHFWVPXVWPHHWDOO RIWKHIROORZLQJLQFOXVLRQFULWHULDDWWKHWLPH
RIUDQGRPL]DWLRQWREHHOLJLEOHIRUSDUWLFLSDWLRQLQWKLVVWXG\
 $GXOWPDOHVDQGIHPDOHVWR \HDUV RIDJH,Q-DSDQVXEMHFWV
PXVWEHWR\HDUVRIDJH ,Q6LQJDSRUHVXEMHFWVPXVWEHWR
\HDUVRIDJH
 5HFHLYHGDQDXWRORJRXVRUDOORJHQHLF+&7XVLQJDQ\
FRQGLWLRQLQJUHJLPHQ
 'RFXPHQWHGWREH569SRVLWLYHDVGHWHUPLQHGE\ORFDOWHVWLQJ
HJ SRO\PHUDVHFKDLQUHDFWLRQ>3&5@GLUHFWIOXRUHVFHQFH
DQWLERG\>')$@UHVSLUDWRU\YLUDOSDQHO593DVVD\RUFXOWXUH
XVLQJDQXSSHUUHVSLUDWRU\WUDFWVDPSOHFROOHFWHGGD\V SULRUWR
'D\ RUDVGHWHUPLQHGDW6FUHHQLQJDVSHU6HFWLRQ
 1HZRQVHWRIDWOHDVWRIWKHIROORZLQJUHVSLUDWRU\V\PSWRPVIRU
  GD\VSULRUWR'D\QDVDOFRQJHVWLRQUXQQ\QRVHFRXJKRU
VRUHWKURDWRUZRUVHQLQJRIRQHRIWKHVHFKURQLFDVVRFLDWHGZLWK
DSUHYLRXVO\H[LVWLQJGLDJQRVLVHJFKURQLFUKLQRUUKHDVHDVRQDO
DOOHUJLHVFKURQLFOXQJGLVHDVHUHVSLUDWRU\V\PSWRPV GD\V
SULRUWR'D\
 1RHYLGHQFHRIQHZDEQRUPDOLWLHVFRQVLVWHQWZLWK/57,RQD
FKHVW;UD\UHODWLYHWRWKHPRVWUHFHQWFKHVW;UD\DVGHWHUPLQHG
E\WKHORFDOUDGLRORJLVW,IDFKHVW;UD\LVQRWDYDLODEOHRUZDV
QRWREWDLQHGGXULQJVWDQGDUGFDUH KRXUV SULRUWR6FUHHQLQJD
FKHVW;UD\PXVWEHREWDLQHGIRU6FUHHQLQJ
 2[\JHQVDWXUDWLRQ  RQURRPDLU
 $QLQIRUPHGFRQVHQWGRFXPHQWVLJQHGDQGGDWHGE\WKHVXEMHFWRU
DOHJDOJXDUGLDQRIWKHVXEMHFWDQGWKHLQYHVWLJDWRURUKLVKHU
GHVLJQHH,Q6ZHGHQ,&)VVLJQHGE\DOHJDOJXDUGLDQPXVWDOVREH
VLJQHGE\DFORVHUHODWLYHRIWKHVXEMHFW


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
 $QHJDWLYHXULQHRUVHUXPSUHJQDQF\WHVWLVUHTXLUHGIRUIHPDOH
VXEMHFWVXQOHVVVXUJLFDOO\VWHULOHRUJUHDWHUWKDQWZR \HDUV
SRVWPHQRSDXVDO
 0DOHDQGIHPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOPXVWDJUHHWR
FRQWUDFHSWLYHUHTXLUHPHQWVDVGHVFULEHGLQ$SSHQGL[ 
 :LOOLQJQHVVWRFRPSOHWHQHFHVVDU\VWXG\SURFHGXUHVDQGKDYH
DYDLODEOHDZRUNLQJWHOHSKRQHRUHPDLO
([FOXVLRQ &ULWHULD
6XEMHFWVZKRPHHWDQ\ RIWKHIROORZLQJH[FOXVLRQFULWHULDDUHQRWWR
EHHQUROOHGLQWKLVVWXG\
5HODWHGWRFRQFRPLWDQWRUSUHYLRXVPHGLFDWLRQXVH
 8VHRIQRQPDUNHWHGDFFRUGLQJWRUHJLRQLQYHVWLJDWLRQDODJHQWV
ZLWKLQ GD\V25 XVHRIDQ\LQYHVWLJDWLRQDOPRQRFORQDODQWL
569DQWLERGLHVZLWKLQ PRQWKVRUKDOIOLYHVRI6FUHHQLQJ
ZKLFKHYHULVORQJHU25 XVHRIDQ\LQYHVWLJDWLRQDO569YDFFLQHV
DIWHU+&7
 8VHRIDPRGHUDWHRUVWURQJF\WRFKURPH3HQ]\PH&<3
LQGXFHULQFOXGLQJEXWQRWOLPLWHGWRULIDPSLQ6W -RKQ¶V :RUW
FDUEDPD]HSLQHSKHQ\WRLQ HIDYLUHQ]ERVHQWDQHWUDYLULQH
PRGDILQLODQGQDIFLOOLQ ZLWKLQ ZHHNVSULRUWRWKHILUVWGRVHRI
,03
5HODWHGWRPHGLFDOKLVWRU\
 $GPLWWHGWRWKHKRVSLWDOSULPDULO\IRUDORZHUUHVSLUDWRU\WUDFW
GLVHDVHRIDQ\FDXVHDVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 3UHJQDQWEUHDVWIHHGLQJRUODFWDWLQJIHPDOHV
 8QDEOHWRWROHUDWHQDVDOVDPSOLQJUHTXLUHGIRUWKLVVWXG\DV
GHWHUPLQHGE\WKHLQYHVWLJDWRU
 .QRZQKLVWRU\RI+,9$,'6ZLWKD&'FRXQW FHOOVȝ/
ZLWKLQWKHODVWPRQWK
 +LVWRU\RIGUXJDQGRUDOFRKRODEXVHWKDWLQWKHRSLQLRQRIWKH
LQYHVWLJDWRUPD\SUHYHQWDGKHUHQFHWRVWXG\DFWLYLWLHV
5HODWHGWRPHGLFDOFRQGLWLRQDW6FUHHQLQJ
 'RFXPHQWHGWREHSRVLWLYHIRURWKHUUHVSLUDWRU\YLUXVHVOLPLWHGWR
LQIOXHQ]DSDUDLQIOXHQ]DKXPDQUKLQRYLUXVDGHQRYLUXV
KXPDQ PHWDSQHXPRYLUXVRUFRURQDYLUXVZLWKLQ GD\VSULRUWR
WKH6FUHHQLQJYLVLWDVGHWHUPLQHGE\ORFDOWHVWLQJDGGLWLRQDO
WHVWLQJLVQRWUHTXLUHG








3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
6WXG\9LVLWV
9LVLW6FUHHQLQJ'D\
7KLVYLVLWPXVWEHSHUIRUPHGLQWKHFOLQLFRULQKRVSLWDO,QFDVHV
ZKHUHDQ569LQIHFWLRQLVVXVSHFWHGEXW569WHVWLQJLVQRW
SHUIRUPHGDVVWDQGDUGPHGLFDOFDUHORFDO569WHVWLQJFDQEH
SHUIRUPHGDW6FUHHQLQJ
,QDOORWKHUFDVHVVXEMHFWVVKRXOGEHGRFXPHQWHGDV569SRVLWLYHDV
GHWHUPLQHGE\WKHORFDOODERUDWRU\WHVWPHWKRGVHJ3&5')$593
DVVD\RUFXOWXUH XVLQJDQXSSHUUHVSLUDWRU\WUDFWVDPSOHFROOHFWHG
 GD\VSULRUWR'D\
7KHIROORZLQJ6FUHHQLQJSURFHGXUHVODEVDUHUHTXLUHG

2EWDLQZULWWHQLQIRUPHGFRQVHQW

&ROOHFWLRQRIPHGLFDOKLVWRU\DQGGHPRJUDSKLFV

569WHVWLQJLIQRWSUHYLRXVO\REWDLQHGDVVWDQGDUGRIFDUH
  GD\VSULRUWR6FUHHQLQJ
,Q-DSDQFROOHFWLRQRIQDVDOVZDEVDPSOHV IURPHDFK
QDULV2QHVDPSOHZLOOEHWHVWHGORFDOO\IRU569DQG
VDPSOHZLOOEHVHQWWRWKHFHQWUDOODERUDWRU\IRUFRYLUDO
LQIHFWLRQWHVWLQJ

5HYLHZRIFRQFRPLWDQWPHGLFDWLRQV

9LWDO 6LJQVLQFOXGLQJ2 VDWXUDWLRQ

+HLJKWDQGZHLJKW

%ORRGGUDZIRU6FUHHQLQJODEVIRUORFDOODERUDWRU\DQDO\VHV
XQOHVVH[LVWLQJODERUDWRU\YDOXHVFROOHFWHGGD\VSULRUWR
6FUHHQLQJFDQEHREWDLQHGIRUUHYLHZ

&KHVW;UD\FKHVW;UD\VREWDLQHG KRXUV SULRUWR6FUHHQLQJ
PD\EHXVHG

8ULQHRUVHUXPSUHJQDQF\WHVWLQZRPHQXQDEOHWRFRQILUP
PHQRSDXVHK\VWHUHFWRP\DQGRUELODWHUDORRSKRUHFWRP\

5HYLHZRIDQ\DGYHUVHHYHQWV$(VRFFXUULQJDIWHUVLJQLQJRIWKH
FRQVHQWIRUP
6XEMHFWVZLWKXSSHUUHVSLUDWRU\WUDFWLQIHFWLRQVZKRVFUHHQHGXQGHU
WKH*686SURWRFRODQGZKRGLGQRWTXDOLI\GXHWR
DEVHQFHRIORZHUUHVSLUDWRU\WUDFWLQIHFWLRQYLDVDPSOHRU;UD\PD\
EHVFUHHQHGIRUWKH*686VWXG\,QWKHVHFDVHVVFUHHQLQJ
SURFHGXUHVFRPSOHWHGIRUWKH*686VWXG\PD\EHXVHGLQ
VXSSRUWRIWKH*6866FUHHQLQJ9LVLW6XEMHFWVZKR DUH
VFUHHQHGIRU*686EXWZKRVKRZQHZVLJQVRIORZHU
UHVSLUDWRU\WUDFWLQIHFWLRQYLDFKHVW;5D\PD\VFUHHQIDLOIURP
*686DQGVFUHHQLQWR*686




3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

2EWDLQQDVDOVDPSOHV

9LWDO6LJQVLQFOXGLQJ2 VDWXUDWLRQXQOHVVFRQGXFWHGDVDKRPH
YLVLW

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQV
UHKRVSLWDOL]DWLRQV,&8DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUHIRU
!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLHFKHVWUDGLRJUDSKV
PLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYH
DQGQRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2XVH
  /PLQIRU!KRXUV 5HYLHZRISURFHGXUHUHODWHG$(V
RQO\LIKRPHYLVLW
9LVLWV'D\VKRXUV
7KLVYLVLWPXVWEHSHUIRUPHGLQFOLQLFRULQKRVSLWDO9LVLW 
DVVHVVPHQWVVKRXOG EHSHUIRUPHGLQWKHIROORZLQJRUGHU

)/8352TXHVWLRQQDLUHPXVWEHSHUIRUPHGSULRUWRDOORWKHU
DVVHVVPHQWV

9LWDOVLJQVLQFOXGLQJ2 VDWXUDWLRQ

:HLJKW

3KDUPDFRNLQHWLFEORRGGUDZIRUDOOVXEMHFWVSUHGRVH

3UHGRVHEORRGGUDZIRUVDIHW\ODEVDQG569YLUHPLD

2EWDLQQDVDOVDPSOHV

8ULQHRUVHUXPSUHJQDQF\WHVWLQZRPHQXQDEOHWRFRQILUP
PHQRSDXVHK\VWHUHFWRP\DQGRUELODWHUDORRSKRUHFWRP\

,QYHVWLJDWLRQDOPHGLFLQDOSURGXFWDGPLQLVWUDWLRQ

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQV
UHKRVSLWDOL]DWLRQVDGPLVVLRQWRLQWHQVLYHFDUHXQLW,&8RU
XWLOL]DWLRQRI,&8FDUHIRU! KRXUVVWDQGDUGRIFDUHWHVWUHVXOWV
LH FKHVWUDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPV
PHFKDQLFDOYHQWLODWLRQLQYDVLYHDQGQRQLQYDVLYHRIDQ\
GXUDWLRQDQGVXSSOHPHQWDO2 XVH  /PLQIRU!  KRXUV
9LVLW'D\KRXUV
7KLVYLVLWPD\EHSHUIRUPHGLQFOLQLFLQKRVSLWDORUDWKRPHE\WKH
VWXG\FRRUGLQDWRURUGHVLJQHHRUDKRPHQXUVLQJYHQGRU

2EWDLQQDVDOVDPSOHV

9LWDO6LJQVLQFOXGLQJ2 VDWXUDWLRQXQOHVVFRQGXFWHGDVDKRPH
YLVLW


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQV
UHKRVSLWDOL]DWLRQV,&8DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUHIRU
!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLHFKHVWUDGLRJUDSKV
PLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYH
DQGQRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2XVH
  /PLQIRU!KRXUV5HYLHZRI SURFHGXUHUHODWHG$(V
RQO\LIKRPHYLVLW
9LVLWV± 'D\VDQGKRXUV
7KHVHYLVLWVPXVWEHSHUIRUPHGLQFOLQLFRULQKRVSLWDO9LVLW 
DVVHVVPHQWVVKRXOGEHSHUIRUPHGLQWKHIROORZLQJRUGHU

)/8352TXHVWLRQQDLUH'D\RQO\PXVWEHSHUIRUPHGSULRUWR
DOORWKHUDVVHVVPHQWV

9LWDOVLJQVLQFOXGLQJ2 VDWXUDWLRQ

:HLJKW

3KDUPDFRNLQHWLFEORRGGUDZIRUDOOVXEMHFWVSUHGRVHDQG
 KRXUVSRVWGRVHPLQ'D\ RQO\

3UHGRVHEORRGGUDZIRUVDIHW\ODEVDQG569YLUHPLDDWDOOYLVLWV
DQGORFDOWURSRQLQWHVWLQJRQ'D\RQO\

2EWDLQQDVDOVDPSOHV

OHDG3UHGRVH(&*'D\RQO\

8ULQHRUVHUXPSUHJQDQF\WHVWLQZRPHQXQDEOHWRFRQILUP
PHQRSDXVHK\VWHUHFWRP\DQGRUELODWHUDORRSKRUHFWRP\

,QYHVWLJDWLRQDOPHGLFLQDOSURGXFWDGPLQLVWUDWLRQ

%ORRGGUDZIRUVHUXPFUHDWLQLQH3.VXEJURXSRQO\ KRXUV
SRVWGRVHPLQ'D\RQO\

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQV
UHKRVSLWDOL]DWLRQV,&8DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUHIRU
!  KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLHFKHVWUDGLRJUDSKV
PLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQ
LQYDVLYH DQGQRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO
2 XVH  /PLQIRU!  KRXUV
9LVLWVDQG'D\KRXUVDQG(QGRI6WXG\'D\ 
  GD\V
7KHVHYLVLWVPXVWEHSHUIRUPHGLQFOLQLFRULQKRVSLWDO9LVLW PD\
RFFXUQRHDUOLHUWKDQ'D\DQGQRODWHUWKDQ'D\ 9LVLW DQG
 DVVHVVPHQWVVKRXOGEHSHUIRUPHGLQWKHIROORZLQJRUGHU

9LWDOVLJQVLQFOXGLQJ2 VDWXUDWLRQ

:HLJKW








3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
$QDO\VHVRIH[SORUDWRU\HQGSRLQWVDUHGLVFXVVHGLQ6HFWLRQ 
$OOHQGSRLQWVZLOOEHVXPPDUL]HGXVLQJGHVFULSWLYHVWDWLVWLFV
VDPSOH VL]HPHDQVWDQGDUGGHYLDWLRQ>6'@PHGLDQ44
PLQLPXPDQGPD[LPXPIRUFRQWLQXRXVGDWDDQGE\WKHQXPEHUDQG
SHUFHQWRIVXEMHFWVIRUFDWHJRULFDOGDWD
6DIHW\DQDO\VHVZLOO EHSHUIRUPHGRQDOOVXEMHFWVZKRUHFHLYHG,03
6DIHW\GDWDZLOOEHFROOHFWHGDQGVXPPDUL]HGIURP6FUHHQLQJWKURXJK
'D\ 6DIHW\GDWDZLOOEHOLVWHGE\VXEMHFWDQGVXPPDUL]HGE\
WUHDWPHQWDFWLYHRUSODFHERXVLQJWKHQXPEHUSHUFHQWRIVXEMHFWV
ZLWKHYHQWVDEQRUPDOLWLHVIRUFDWHJRULFDOGDWDDQGXVLQJGHVFULSWLYH
VWDWLVWLFVIRUFRQWLQXRXVGDWD
&RQFHQWUDWLRQVRISUHVDWRYLU LQSODVPDZLOOEHGHWHUPLQHGXVLQJD
YDOLGDWHGELRDQDO\WLFDODVVD\V,QGLYLGXDOVXEMHFWSUHVDWRYLU
FRQFHQWUDWLRQWLPHGDWDZLOOEHGLVSOD\HGXVLQJVFKHGXOHGVDPSOLQJ
WLPHV'HVFULSWLYHVWDWLVWLFVHJQPHDQVWDQGDUGGHYLDWLRQ&9
PHGLDQDQGUDQJHZLOOEHFDOFXODWHGIRUHDFKVDPSOLQJWLPH)RU
VXEMHFWVLQWKH3.VXEJURXSSODVPDFRQFHQWUDWLRQVRI SUHVDWRYLU RYHU
WLPHZLOOEHSORWWHGLQVHPLORJDULWKPLFDQGOLQHDUIRUPDWVDV
PHDQ  6'DQGSODVPDFRQFHQWUDWLRQWLPHGDWDIRUHDFKVXEMHFWZLOO
EHDQDO\]HGXVLQJVWDQGDUGQRQFRPSDUWPHQWDOPHWKRGV
3KDUPDFRNLQHWLFSKDUPDFRG\QDPLF3.3'UHODWLRQVKLSPD\EH
H[SORUHGDVDSSURSULDWH
6DPSOHVL]HDQGSRZHUDUHHVWLPDWHGIRUWKHFRSULPDU\HQGSRLQWV
ZLWKWKHRYHUDOODOSKDOHYHOZLWKDOSKD  DOORFDWHGWRWKH
GHYHORSPHQWRID/57&DQGDOSKD  DOORFDWHGWRWKHWLPH
ZHLJKWHGDYHUDJHFKDQJHLQYLUDOORDG7KHVDPSOHVL]HFDOFXODWLRQV
DUHEDVHGRQWKHUHVXOWVREVHUYHGLQDVWXG\WKDWHYDOXDWHGWKHHIILFDF\
RIRUDODQGDHURVROL]HGULEDYLULQWUHDWPHQWIRUSUHYHQWLQJSURJUHVVLRQ
IURPXSSHUWRORZHUUHVSLUDWRU\WUDFWLQIHFWLRQLQ+&7UHFLSLHQWVZLWK
569LQIHFWLRQVXQSXEOLVKHGGDWDIURP'U
DQG
SXEOLVKHGGDWDRQFXUUHQWO\XVHGDQWLYLUDODJHQWVIRU569LQIHFWLRQV
$VVXPLQJWKHWLPHZHLJKWHGDYHUDJHFKDQJHLQ569ORJYLUDOORDG
IURP'D\WR'D\LQWKHSODFHERJURXSZLOOEHORJ FRSLHVP/
ZLWKDVWDQGDUGGHYLDWLRQ6'RIVXEMHFWVSHUWUHDWPHQWJURXS
ZLOOSURYLGHRYHUSRZHUWRGHWHFWDWOHDVWORJ GHFUHDVHLQ
SUHVDWRYLU JURXSXVLQJDVLGHGVLJQLILFDQFHOHYHORI
$VVXPLQJWKDWRIVXEMHFWVLQSODFHERDUPZLOOGHYHORSD/57&
VXEMHFWVSHUWUHDWPHQWJURXSZLOOSURYLGHRYHUSRZHUWR
GHWHFWDWOHDVWUHGXFWLRQLQWKHSURSRUWLRQRI/57&LQSUHVDWRYLU
JURXSZLWKDVLGHGVLJQLILFDQFHOHYHORI
PPD


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
$OOVDIHW\GDWDZLOOEHPRQLWRUHGE\D'DWD0RQLWRULQJ&RPPLWWHH
'0&$Q$GMXGLFDWLRQ&RPPLWWHHZLOOUHYLHZUHOHYDQWFOLQLFDO
GDWDWRGHWHUPLQHZKHWKHUD/57&KDVGHYHORSHG
7KLVVWXG\ZLOOEHFRQGXFWHGLQDFFRUGDQFHZLWKWKHJXLGHOLQHVRI*RRG&OLQLFDO3UDFWLFH*&3
LQFOXGLQJDUFKLYLQJRIHVVHQWLDOGRFXPHQWV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506
&
GHJUHHV&HOVLXV
)
GHJUHHV)DKUHQKHLW
$(
DGYHUVHHYHQW
$K5
DU\OK\GURFDUERQ
$,'6
DXWRLPPXQHGHILFLHQF\V\QGURPH
$/3
DONDOLQHSKRVSKDWDVH
$/7
DODQLQHDPLQRWUDQVIHUDVH
$1&
DEVROXWHQHXWURSKLOFRXQW
$1&29$
DQDO\VLVRIFRYDULDQFH
$67
DVSDUWDWHDPLQRWUDQVIHUDVH
$8&
DUHDXQGHUWKHSODVPDVHUXPSHULSKHUDOEORRGPRQRQXFOHDUFHOOFRQFHQWUDWLRQ
YHUVXVWLPHFXUYH
%$/
EURQFKRDOYHRODUODYDJH
%&53
EUHDVWFDQFHUUHVLVWDQFHSURWHLQ
%,'
WZLFHDGD\
%0,
ERG\PDVVLQGH[
%81
EORRGXUHDQLWURJHQ
&%&
FRPSOHWHEORRGFRXQW
&&0
FHOOFXOWXUHPHGLXP
&,
FRQILGHQFHLQWHUYDO
&PD[
WKHPD[LPXPREVHUYHGVHUXPSODVPDSHULSKHUDOEORRGPRQRQXFOHDU3%0&
FRQFHQWUDWLRQRIGUXJ
&5)
FDVHUHSRUWIRUPV
&52
FRQWUDFWRUFOLQLFDOUHVHDUFKRUJDQL]DWLRQ
&65
FOLQLFDOVWXG\UHSRUW
&7
FRPSXWHUL]HGWRPRJUDSK\
&<3[[
F\WRFKURPH3HQ]\PH[[
'$9*
WLPHZHLJKWHGDYHUDJHFKDQJH
'',
GUXJGUXJLQWHUDFWLRQV
')$
GLUHFWIOXRUHVFHQFHDQWLERG\
'0&
'DWD0RQLWRULQJ&RPPLWWHH
'63+
'UXJ6DIHW\DQG3XEOLF+HDOWK
(&
HWKLFVFRPPLWWHH
(&
FRQFHQWUDWLRQRIGUXJWRUHDFKLQKLELWLRQRIYLUXVUHSOLFDWLRQ
(&*
HOHFWURFDUGLRJUDP
H&5)
HOHFWURQLFFDVHUHSRUWIRUPV
('&
HOHFWURQLFGDWDFDSWXUH
(/)
HSLWKHOLDOOLQLQJIOXLG
(05
HOHFWURQLFPHGLFDOUHFRUGV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
(XGUD&7
(XURSHDQFOLQLFDOWULDOVGDWDEDVH
)$6
IXOODQDO\VLVVHW
),+
ILUVWLQKXPDQ
)'$
8QLWHG6WDWHV)RRGDQG'UXJ$GPLQLVWUDWLRQ
*&3
*RRG&OLQLFDO3UDFWLFH*XLGHOLQHV
*'
JHVWDWLRQDOGD\
*,
JDVWURLQWHVWLQDO
*/3
JRRGODERUDWRU\SUDFWLFH
*6,
*LOHDG6FLHQFHV,QF
KU
KRXU
+&7
KHPDWRSRLHWLFFHOOWUDQVSODQW
+'3(
KLJKGHQVLW\SRO\HWK\OHQH
K(5*
KXPDQHWKHUjJRJRUHODWHGJHQH
+,9
KXPDQLPPXQRGHILFLHQF\YLUXV
+/*7
KLJKOHYHOJURXSWHUP
+/7
KLJKOHYHOWHUP
+63
K\VWHURVDOSLQJRJUDP
,%
,QYHVWLJDWRU¶V%URFKXUH
,&
FRQFHQWUDWLRQRIGUXJWRUHDFKLQKLELWLRQ
,&+
,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ
,&8
LQWHQVLYHFDUHXQLW
,(&
LQGHSHQGHQWHWKLFVFRPPLWWHH
,03
,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW
,1'
,QYHVWLJDWLRQDO1HZ'UXJ$SSOLFDWLRQ
,5%
LQVWLWXWLRQDOUHYLHZERDUG
,8'
LQWUDXWHULQHGHYLFH
,9,*
,QWUDYHQRXV,PPXQRJOREXOLQ
,;56
LQWHUDFWLYHYRLFHZHEUHVSRQVHV\VWHP
NJ
NLORJUDP
//1
ORZHUOLPLWRIWKHQRUPDOUDQJH
//24
ORZHUOLPLWRITXDQWLILFDWLRQ
//7
ORZHUOHYHOWHUP
/57&
ORZHUUHVSLUDWRU\WUDFWFRPSOLFDWLRQ
/57,
ORZHUUHVSLUDWRU\WUDFWLQIHFWLRQ
0HG'5$
0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV
PJ
PLOOLJUDP
PLQ
PLQXWH
P/
PLOOLOLWHU
PP+J
PLOOLPHWHUVPHUFXU\
0050
PL[HGHIIHFWPRGHOUHSHDWHGPHDVXUHV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
1$
QRWDSSOLFDEOH
1'
QRWGHWHFWDEOH
1*
QDVRJDVWULF
Q0
QDQRPRODU
12$(/
QRREVHUYHGDGYHUVHHIIHFWOHYHO
12(/
QRREVHUYHGHIIHFWOHYHO
2
R[\JHQ
2$73
RUJDQLFDQLRQWUDQVSRUWHUSURWHLQV
3&5
SRO\PHUDVHFKDLQUHDFWLRQ
3'
SKDUPDFRG\QDPLF
3)8H
SODTXHIRUPLQJXQLWHHTXLYDOHQWV
3JS
3JO\FRSURWHLQ
3.
SKDUPDFRNLQHWLF
32
RUDODGPLQLVWUDWLRQSHURVE\PRXWK
35
WKHLQWHUYDOEHWZHHQWKHEHJLQQLQJRIWKH3ZDYHDQGWKHEHJLQQLQJRIWKH456
FRPSOH[RQ(&*
37
SUHIHUUHGWHUP
3;5
SUHJQDQH[UHFHSWRU
4
ILUVWTXDUWLOH
4
WKLUGTXDUWLOH
4$
TXDOLW\DVVXUDQFH
456
SDUWRIHOHFWURFDUGLRJUDSKLFZDYHUHSUHVHQWLQJYHQWULFXODUGHSRODUL]DWLRQ
47
LQWHUYDOEHWZHHQWKHVWDUWRIWKH4ZDYHDQGWKHHQGRIWKH7ZDYHRQ(&*
47F
FRUUHFWHG47
47F)
47LQWHUYDOFRUUHFWHGIRUKHDUWUDWHXVLQJWKH)ULGHULFLDIRUPXOD
51$
ULERQXFOHLFDFLG
52:
UHVWRIZRUOG
569
UHVSLUDWRU\V\QF\WLDOYLUXV
57T3&5
TXDQWLWDWLYHUHDOWLPHSRO\PHUDVHFKDLQUHDFWLRQ
593
UHVSLUDWRU\YLUDOSDQHO
6$(
VHULRXVDGYHUVHHYHQW
6$3
6WDWLVWLFDO$QDO\VLV3ODQ
6'
VWDQGDUGGHYLDWLRQ
62&
V\VWHPRUJDQFODVV
623
VWDQGDUGRSHUDWLQJSURFHGXUH
6S2
R[\JHQVDWXUDWLRQ
686$5
6XVSHFWHG8QH[SHFWHG6HULRXV$GYHUVH5HDFWLRQ
7%
WRWDOELOLUXELQ
7(0
WUHDWPHQWHPHUJHQWPXWDWLRQ
WPD[
WKHWLPHREVHUYHGWLPHSRLQWRI&PD[


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
Wò
DQHVWLPDWHRIWKHWHUPLQDOHOLPLQDWLRQKDOIOLIHRIWKHGUXJLQ
VHUXPSODVPD3%0&
/
PLFUROLWHU
8/1
XSSHUOLPLWRIWKHQRUPDOUDQJH
857,
XSSHUUHVSLUDWRU\WUDFWLQIHFWLRQ
86
8QLWHG6WDWHV
96
YLWDOVLJQV
9VV
DSSDUHQWYROXPHRIGLVWULEXWLRQDWVWHDG\VWDWH
YY
YROXPHYROXPH
:%&
ZKLWHEORRGFHOOFRXQW


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

,1752'8&7,21

%DFNJURXQG
5HVSLUDWRU\V\QF\WLDOYLUXV569DPHPEHURIWKHIDPLO\3DUDP\[RYLULGDH LVDQHQYHORSHG
YLUXVZLWKDQHJDWLYHVLQJOHVWUDQGULERQXFOHLFDFLG51$JHQRPH7KH569JHQRPH HQFRGHV
 SURWHLQVLQFOXGLQJ VXUIDFHJO\FRSURWHLQV)*DQG6+DQGVHYHUDOSURWHLQVWKDWFRPSULVH
WKHYLUDO51$SRO\PHUDVHFRPSOH[13/DQG07ZR PDMRUDQWLJHQLFVXEJURXSVRI569
DUHNQRZQ569$DQG569%WKDWGLIIHUSULPDULO\LQWKHJHQHWLFVHTXHQFHRIWKH
* JO\FRSURWHLQZKLOHPDLQWDLQLQJDKLJKHUGHJUHHRIKRPRORJ\DFURVVRWKHUSDUWVRIWKHJHQRPH
%RWKVXEJURXSVVKRZFRPSDUDEOHSDWKRJHQLFLW\DQGFDQFRFLUFXODWHLQWKHVDPHFRPPXQLW\
GXULQJDVHDVRQDOHSLGHPLFEXWWKHLULQGLYLGXDOSUHYDOHQFHXVXDOO\YDULHVIURPVHDVRQWRVHDVRQ
5HVSLUDWRU\V\QF\WLDOYLUXVLQIHFWLRQLVWKHPRVWFRPPRQFDXVHRIDGPLVVLRQVWRSHGLDWULF
JHQHUDOLQSDWLHQWXQLWVLQWKH8QLWHG6WDWHV86DQG:HVWHUQ(XURSH^1DLUHWDO`
8QIRUWXQDWHO\WKHUDWHRIKRVSLWDOL]DWLRQDPRQJ569LQIHFWHGFKLOGUHQKDVUHPDLQHGXQFKDQJHG
LQWKH86RYHUWKHODVWGHFDGH)URPWR569FRGHGKRVSLWDOL]DWLRQVDFFRXQWHGIRU
RIDQHVWLPDWHG PLOOLRQORZHUUHVSLUDWRU\WUDFWLQIHFWLRQ/57,KRVSLWDOL]DWLRQVDPRQJ
FKLOGUHQ  \HDUVRIDJH'XULQJWKLVSHULRGLWZDVHVWLPDWHGWKDWDSSUR[LPDWHO\
 KRVSLWDOL]DWLRQVHDFK\HDUZHUHFDXVHGE\569LQIHFWLRQDPRQJFKLOGUHQ\HDUVRI
DJHDSSUR[LPDWHO\RIWKHVHKRVSLWDOL]DWLRQVRFFXUDPRQJFKLOGUHQPRQWKVRIDJH
^6WRFNPDQHWDO`
569LQIHFWLRQLVDOVRDFDXVHRIUHVSLUDWRU\GLVHDVHLQWKHDGXOWSRSXODWLRQ$GXOW UHFLSLHQWVRI
DXWRORJRXVRUDOORJHQHLFKHPDWRSRLHWLFFHOOWUDQVSODQWV+&7DUHDWKLJKULVNIRU569LQIHFWLRQ
UHODWHGPRUELGLW\DQGPRUWDOLW\%DVHGXSRQUHWURVSHFWLYHHSLGHPLRORJLFGDWDRI+&7
UHFLSLHQWVZLOOGHYHORS569LQIHFWLRQRIWKHUHVSLUDWRU\WUDFW^5DERQLHWDO` ^6KDKHWDO
` ^:KLPEH\HWDO` ^.KDQQDHWDO` ^0DUWLQRHWDO` ^6FKLIIHUHWDO`
^1LFKROVHWDO` 3URJUHVVLRQIURPXSSHUUHVSLUDWRU\WUDFWLQIHFWLRQ857,WR/57,PD\
RFFXULQ RIWKHVH569LQIHFWHGSDWLHQWV^&KHPDO\HWDO` ^6KDKHWDO`
^:KLPEH\HWDO` ^0DUWLQRHWDO` ^6FKLIIHUHWDO` ^1LFKROVHWDO`
^$YHWLV\DQHWDO` ^*KRVKHWDO` ^6HRHWDO` ^.LPHWDO` 2QFH569
SURJUHVVHVIURP857,WR/57,WKHPRUELGLW\DQGPRUWDOLW\LVKLJK3URJUHVVLRQWR/57,RIWHQ
UHTXLUHVKRVSLWDOL]DWLRQDQGDWWLPHVLQWHQVLYHFDUHXQLWDGPLVVLRQIRUVXSSRUWLYHFDUH
HJ R[\JHQDWLRQPHFKDQLFDOYHQWLODWLRQLQWUDYHQRXVIOXLGVYDVRSUHVVRUV /RZHUUHVSLUDWRU\
WUDFWLQIHFWLRQ LVDVVRFLDWHGZLWKKLJKPRUWDOLW\UDWHVUDQJLQJIURP ^.LPHWDO`
^$YHWLV\DQHWDO` ^6PDOOHWDO` ^&KHPDO\HWDO` ^:KLPEH\HWDO`
^(UDUGHWDO` ^+DUULQJWRQHWDO` ^5DERQLHWDO` ^0DUWLQRHWDO`$ ORQJ
WHUPVHTXHODH VHHQ DPRQJVXUYLYRUVRI569/57,LVDLUIORZGHFOLQHGRFXPHQWHGDW\HDUDIWHU
WKHLQLWLDOLQIHFWLRQ ^(UDUGHWDO`
&XUUHQWO\ WKHUHDUHQRHIIHFWLYHYDFFLQHVRUDSSURYHGSURSK\ODFWLFWUHDWPHQWRSWLRQVIRU569
LQIHFWLRQLQWKH+&7SRSXODWLRQ2QFHKRVSLWDOL]HGWUHDWPHQWIRU569LQIHFWLRQLQ+&7
SDWLHQWV LVVXSSRUWLYHZLWKLQWUDYHQRXVK\GUDWLRQVXSSOHPHQWDOR[\JHQDQG PHFKDQLFDO
YHQWLODWLRQ $OWKRXJKWUHDWPHQWRSWLRQVVXFKDVDQWLYLUDODJHQWVFRUWLFRVWHURLGVDQG


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
LPPXQRJOREXOLQDUHIUHTXHQWO\XVHGWKHUHLVQRGHILQLWLYHWUHDWPHQWIRU569 LQIHFWLRQ LQWKH
+&7SRSXODWLRQ6\QDJLVSDOLYL]XPDEDPRQRFORQDODQWLERG\DJDLQVW569DSSURYHGIRU
SURSK\OD[LVDJDLQVW569LQIHFWLRQDPRQJKLJKULVNLQIDQWVKDVQHYHUEHHQHYDOXDWHGLQD
UDQGRPL]HGFRQWUROOHGVWXG\IRUWUHDWPHQWRI569LQIHFWLRQLQWKH+&7SRSXODWLRQ$UHFHQW
UHWURVSHFWLYHDQDO\VLVVXJJHVWV WKDWSDOLYL]XPDELVQRWHIIHFWLYHIRU WUHDWPHQWRI569/57, LQ
WKH+&7SRSXODWLRQ ^6HRHWDO`9LUD]ROH ULEDYLULQDQLQKDOHG DQWLYLUDO DJHQWLV
DSSURYHGIRUWUHDWPHQWRI569LQIHFWLRQLQWKHSHGLDWULFSRSXODWLRQEXWLVQRWXVHGLQJHQHUDO
SHGLDWULFSUDFWLFHEHFDXVHRIFRQFHUQVUHJDUGLQJLWVHIILFDF\DQGWROHUDELOLW\DVZHOODVWKH
FRPSOH[LW\RIWKHVSHFLDOL]HGDHURVROGHOLYHU\V\VWHPWKDWLVUHTXLUHG^$PHULFDQ$FDGHP\RI
3HGLDWULFV&RPPLWWHHRQ,QIHFWLRXV'LVHDVHV`$ UDQGRPL]HGVWXG\RILQKDOHGULEDYLULQ KDV
EHHQ DWWHPSWHG LQWKH+&7SRSXODWLRQKRZHYHUGXHWRWKHDIRUHPHQWLRQHG FRQFHUQVRQO\
 VXEMHFWVZHUHUHFUXLWHGRYHUD\HDUSHULRG ^%RHFNKHWDO` $UHFHQWUHYLHZRI
SXEOLVKHGHSLGHPLRORJLFVWXGLHVVXJJHVWVWKDWULEDYLULQEDVHGWKHUDS\RUDORUDHURVROL]HGKDG
YDULDEOHVXFFHVVUDWHVIRUSUHYHQWLQJ569DVVRFLDWHGPRUELGLW\RUPRUWDOLW\LQKLJKULVN+&7
SDWLHQWV ^6KDKHWDO`$VLQJOHFHQWHUUHWURVSHFWLYHDQDO\VLVDOVRVXJJHVWHGWKDWULEDYLULQ
WUHDWPHQWZKHQDGPLQLVWHUHGGXULQJWKH857,SKDVHUHVXOWHGLQORZHUUDWHVRISURJUHVVLRQWR
/57, LQWUHDWHGYHUVXVXQWUHDWHGSDWLHQWV YHUVXV DQGPRUWDOLW\YHUVXV
^6KDKHWDO` 7DNLQJLQWRDFFRXQW WKHOLPLWHGDYDLODEOH HIILFDF\GDWDIURPFRQWUROOHG
FOLQLFDOWULDOVWKHFXUUHQWJXLGHOLQHVIRUGLDJQRVLVDQGWUHDWPHQWRI569LQIHFWLRQGRQRW SURYLGH
UHFRPPHQGDWLRQVUHJDUGLQJZKHWKHUSDWLHQWVVKRXOGEHWUHDWHG ZLWKDQ\WUHDWPHQWVRWKHUWKDQ
VXSSRUWLYHFDUH DW WKH/57,YHUVXV857,SKDVH ^+LUVFKHWDO` 7KHUHIRUHYDULDELOLW\ LQ
VWDQGDUGSUDFWLFHVIRUWUHDWPHQWRI569LQIHFWLRQLQ+&7SDWLHQWVH[LVWVDURXQGWKHZRUOG

3UHVDWRYLU*6

*HQHUDO,QIRUPDWLRQ
3UHVDWRYLU LVDQRUDO569IXVLRQLQKLELWRUZLWKSRWHQWDQGVHOHFWLYHDQWL569DFWLYLW\LQYLWUR
:KHQWHVWHGLQYLWURDJDLQVW GLYHUVHFOLQLFDOLVRODWHVRI569W\SH$DQG%WKH(& YDOXHV
FRQFHQWUDWLRQRIGUXJWRUHDFKLQKLELWLRQRIYLUXVUHSOLFDWLRQUDQJHGIURP WR  Q0
ZLWKDPHDQ(& YDOXHRIQ0,QYLYRHIILFDF\GDWDIURPFRWWRQUDWVLQIHFWHGZLWK
KXPDQ569GHPRQVWUDWHGWKDWDGPLQLVWUDWLRQRISUHVDWRYLU DW WRPJNJUHVXOWHGLQD
GRVHGHSHQGHQWUHGXFWLRQLQYLUDOORDGLQERWKWKHXSSHUUHVSLUDWRU\WUDFWDQGOXQJV7KH
VWHDG\VWDWHYROXPHRIGLVWULEXWLRQ9VVRISUHVDWRYLU LQDOOQRQFOLQLFDOVSHFLHVWHVWHGZDV
 WRIROGKLJKHUWKDQWKHYROXPHRIWRWDOERG\ZDWHUDQGWKHRUDOELRDYDLODELOLW\ZDVPRGHUDWH
WRKLJK7KHH[SRVXUHWRSUHVDWRYLU LQWKHOXQJDQGOXQJHSLWKHOLDOOLQLQJIOXLG(/)ZDVDOVR
DVVHVVHGLQ6SUDJXH'DZOH\ UDWVDQG\LHOGHGOXQJWLVVXHSODVPDDQG(/)SODVPDUDWLRVRI
DSSUR[LPDWHO\DQGUHVSHFWLYHO\&RQFHQWUDWLRQVLQOXQJWLVVXHDQG(/)GHFOLQHG
DSSUR[LPDWHO\LQSDUDOOHOWRWKRVHLQSODVPDLQGLFDWLQJUDSLGHTXLOLEUDWLRQEHWZHHQWKHOXQJDQG
SODVPDFRPSDUWPHQWV3UHVDWRYLU H[KLELWHGORZF\WRWR[LFLW\LQFHOOFXOWXUHDQGGLGQRWLQWHUDFW
ZLWKSKDUPDFRORJLFDOO\UHOHYDQWUHFHSWRUVWKDWDUHSUHGLFWLYHRIRIIWDUJHWWR[LFLW\%DVHGRQLQ
YLWURDQGQRQFOLQLFDOSKDUPDFRNLQHWLFVWXGLHVSUHVDWRYLU GLGQRWGHPRQVWUDWHDSRWHQWLDOIRU
VLJQLILFDQWGUXJGUXJLQWHUDFWLRQV'',
$GGLWLRQDOGHWDLOVUHJDUGLQJ QRQFOLQLFDOSKDUPDFRNLQHWLFVSKDUPDFRORJ\ DQGWR[LFRORJ\ FDQEH
IRXQGLQ WKHFXUUHQWSUHVDWRYLU*6 ,QYHVWLJDWRU¶V%URFKXUH ,%


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

1RQFOLQLFDO3KDUPDFRNLQHWLFV
&RQVLVWHQWZLWKWKHKLJKFRQFHQWUDWLRQLQGHSHQGHQWIRUZDUGSHUPHDELOLW\DFURVV
&DFR PRQROD\HUVDQGORZFRQFHQWUDWLRQLQGHSHQGHQWHIIOX[SUHVDWRYLU H[KLELWHGPRGHUDWHWR
KLJKELRDYDLODELOLW\LQQRQFOLQLFDOVSHFLHV6\VWHPLFFOHDUDQFHRISUHVDWRYLU LQQRQFOLQLFDO
VSHFLHVLVZHOOSUHGLFWHGIURPWKHUDWHVRIPHWDEROLVPE\KHSDWLFPLFURVRPDOIUDFWLRQVDQG
SULPDU\KHSDWRF\WHV %LOLDU\H[FUHWLRQLVOLNHO\WREHWKHPDMRUURXWHRIHOLPLQDWLRQRISUHVDWRYLU
DQGLWVPHWDEROLWHVDV RIUDGLRODEHOGRVHGRUDOO\WRUDWVZDVUHFRYHUHGLQXULQH3UHVDWRYLU
H[KLELWHGKLJKPHWDEROLFVWDELOLW\LQKXPDQKHSDWRF\WHVZLWKKXPDQKHSDWLFPLFURVRPDO
IUDFWLRQ DQGZLWKUHFRPELQDQWKXPDQF\WRFKURPHV37KHSUHGRPLQDQWLGHQWLILHGURXWHVRI
PHWDEROLVPRISUHVDWRYLU DUH1DFHW\ODWLRQLQUDWVDQGR[LGDWLYHGHDPLQDWLRQ,QKXPDQVWKH
RQO\&<3HQ]\PHV\LHOGLQJGHWHFWDEOHPHWDEROLVPRISUHVDWRYLU DUH &<3$DQG&<3$
,QGXFHUVDQGLQKLELWRUVRI&<3$HQ]\PHVPD\DIIHFWWKHKXPDQSKDUPDFRNLQHWLFVRI
SUHVDWRYLU 'UXJLQWHUDFWLRQVRISUHVDWRYLU ZLWKGUXJVWKDWDUHVXEVWUDWHVRIPDMRUKXPDQ&<3
HQ]\PHV8*7$RUPDMRUGUXJWUDQVSRUWHUV2$73%2$73%3JS2&72&7
%6(32$7DQG2$7DUHXQOLNHO\LQWKHH[SHFWHGFOLQLFDOO\UHOHYDQWFRQFHQWUDWLRQUDQJH
3UHVDWRYLU LQKLELWVWKHUHQDOWUDQVSRUWHUV0$7(DQG0$7(.,& YDOXHVRIDQG
 ȝ0UHVSHFWLYHO\VRFOLQLFDOGUXJLQWHUDFWLRQVZLWKVXEVWUDWHVRIWKHVHWUDQVSRUWHUVDUH
SRVVLEOH
$GGLWLRQDOGHWDLOVUHJDUGLQJQRQFOLQLFDOSKDUPDFRNLQHWLFVFDQEHIRXQGLQWKH SUHVDWRYLU
*6 ,%

1RQFOLQLFDO3KDUPDFRORJ\DQG7R[LFRORJ\
7KH,& IRUWKHLQKLELWRU\HIIHFWRISUHVDWRYLU RQK(5*SRWDVVLXPFXUUHQWZDV 0
&DUGLRYDVFXODUHIIHFWVRISUHVDWRYLU ZHUHHYDOXDWHGLQ GRJVDWGRVHVXSWR PJNJ7KH
SULQFLSDOKHPRG\QDPLFILQGLQJVZHUHORZHUKHDUWUDWHYDOXHVDQGKLJKHUDUWHULDOSXOVHDQG
V\VWROLFSUHVVXUHYDOXHV$OOKHPRG\QDPLFHIIHFWVGLVVLSDWHGE\KRXUVSRVWGRVH$OO
HOHFWURFDUGLRJUDPV(&*VZHUHTXDOLWDWLYHO\ZLWKLQQRUPDOOLPLWVDQGQRSUHVDWRYLUUHODWHG
DUUK\WKPLDVRUDEQRUPDOZDYHIRUPVZHUHGHWHFWHG6OLJKWSUHVDWRYLUUHODWHGKLJKHU35DQG
47F LQWHUYDOYDOXHVZHUHH[SHFWHGSK\VLRORJLFDOUHVSRQVHVVHFRQGDU\WRFRQFRPLWDQW
SUHVDWRYLUUHODWHGORZHUKHDUWUDWHYDOXHV7KHVHFKDQJHVZHUHQRWFRQVLGHUHGSK\VLRORJLFDOO\
LPSRUWDQWLQWKHFRQWH[WRIWKLVVWXG\
,QDUHSHDWGRVHVWXG\SUHVDWRYLU ZDVDGPLQLVWHUHGE\RUDOJDYDJHIRUZHHNVWR\RXQJDGXOW
UDWVRQFHGDLO\DWGRVHVXSWRPJNJGD\7ZRDQLPDOVDGPLQLVWHUHGPJNJGD\ ZHUH
IRXQGGHDGGXULQJWKHGRVLQJSKDVH$OWKRXJKWKHFDXVHRIGHDWKIRUWKHVH DQLPDOVZDV
XQGHWHUPLQHGDQDVVRFLDWLRQZLWKSUHVDWRYLU FDQQRWEHH[FOXGHG%DVHGRQWKHUHVXOWVRIWKLV
VWXG\WKH12$(/IRUSUHVDWRYLU LV PJNJGD\ZKLFKFRUUHVSRQGHGWRPHDQ$8&WDQG
&PD[ YDOXHVRQ'D\RIWKHGRVLQJSKDVHRI QJKP/DQGQJP/UHVSHFWLYHO\ ,Q
DUHSHDWGRVHVWXG\FRQGXFWHGLQ\RXQJDGXOWGRJVSUHVDWRYLU ZDVDGPLQLVWHUHGE\RUDOJDYDJH
IRU ZHHNVDWGRVHVXSWR PJNJGD\7KH12$(/IRUWKLVVWXG\LVPJNJGD\ZKLFK
FRUUHVSRQGHGWRPHDQ$8&W DQG&PD[ YDOXHVRQ'D\ RIWKHGRVLQJ SKDVHRI
 QJKP/DQGQJP/UHVSHFWLYHO\


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
3UHVDWRYLU ZDVQHJDWLYHLQWKHUDWPLFURQXFOHXVVWXG\DQGGLGQRWFDXVHPXWDWLRQVLQWKH
$PHV DVVD\RULQGXFHFKURPRVRPDOGDPDJHLQYLWURZLWKRUZLWKRXW6PHWDEROLFDFWLYDWLRQ
7KXVWKHSRWHQWLDOIRUJHQHWLFWR[LFLW\LVFRQVLGHUHGORZ
,QDGHILQLWLYHHPEU\RIHWDOGHYHORSPHQWDOWR[LFLW\VWXG\LQUDWVWLPHPDWHGIHPDOHVZHUH
DGPLQLVWHUHGSUHVDWRYLU YLDRUDOJDYDJHDWWKHGRVHOHYHOVRIDQGPJNJGD\GXULQJ
WKHSHULRGRIRUJDQRJHQHVLVJHVWDWLRQGD\>*'@3UHVDWRYLU WUHDWPHQWUHVXOWHGLQ
GRVHGHSHQGHQWUHGXFWLRQLQPHDQPDWHUQDOERG\ZHLJKWERG\ZHLJKWJDLQDQGIRRG
FRQVXPSWLRQGXULQJWKHGRVLQJSHULRGZKHQFRPSDUHGWRWKHFRQWUROJURXSDWGRVHV
  PJNJGD\$VLJQLILFDQWUHGXFWLRQ!GHFUHDVHLQPHDQPDWHUQDOERG\ZHLJKWZDV
QRWHGLQWKHPJNJGD\JURXSGXULQJWKHGRVLQJSHULRG7KHUHIRUHWKH12$(/IRUPDWHUQDO
WR[LFLW\LVPJNJGD\*'&PD[ DQG$8& RIQJP/DQGQJāKUP/
UHVSHFWLYHO\:LWKWKHH[FHSWLRQRIVOLJKWO\ORZHUIHWDODGMXVWHGERG\ZHLJKWDW PJNJGD\
SUHVDWRYLU DGPLQLVWUDWLRQKDGQRHIIHFWVRQDQ\RIWKHHPEU\RIHWDOGHYHORSPHQWDOSDUDPHWHUV
1RIHWDODQRPDOLHVZHUHUHODWHGWRSUHVDWRYLU DGPLQLVWUDWLRQDQGWKH12$(/IRUGHYHORSPHQWDO
WR[LFLW\LV PJNJGD\*'&PD[ DQG$8& RIQJP/DQGQJāKUP/
UHVSHFWLYHO\
,QDGHILQLWLYHHPEU\RIHWDOGHYHORSPHQWDOWR[LFLW\VWXG\LQUDEELWVWLPHPDWHGIHPDOHV ZHUH
DGPLQLVWHUHGSUHVDWRYLU YLDRUDOJDYDJHDWDQGPJNJGD\GXULQJWKHSHULRGRI
RUJDQRJHQHVLV*''XULQJWKHGRVLQJSHULRGSUHVDWRYLU DGPLQLVWUDWLRQUHVXOWHGLQ
VLJQLILFDQWUHGXFWLRQVLQPHDQPDWHUQDOERG\ZHLJKWJDLQDQGIRRGFRQVXPSWLRQDW
 PJNJGD\7KHUHIRUHWKH12$(/ IRUPDWHUQDOWR[LFLW\LV PJNJGD\*'&PD[ DQG
$8& RIQJP/DQGQJāKUP/UHVSHFWLYHO\7KHUHZHUHQRSUHVDWRYLUUHODWHG
HIIHFWVRQHPEU\RIHWDOYLDELOLW\DQGJURZWKDQGQRIHWDODQRPDOLHVDQGWKH12(/ IRU
GHYHORSPHQWDOWR[LFLW\LV PJNJGD\*'&PD[ DQG$8& RIQJP/DQG
 QJāKUP/UHVSHFWLYHO\
$GGLWLRQDOGHWDLOVUHJDUGLQJQRQFOLQLFDOSKDUPDFRORJ\DQGWR[LFRORJ\ FDQEHIRXQGLQWKH
SUHVDWRYLU*6 ,%

&OLQLFDO7ULDOVRI3UHVDWRYLU

*686
7KLV3KDVHSODFHERFRQWUROOHGVLQJOH DQGPXOWLSOHGRVHUDQJLQJILUVWLQKXPDQ),+VWXG\
ZDVFRQGXFWHGWRHYDOXDWHVDIHW\WROHUDELOLW\DQG3.IROORZLQJRUDODGPLQLVWUDWLRQRI
SUHVDWRYLU WRXSWRXQLTXHVXEMHFWV7KHVWXG\LQFOXGHG VWDJHV3DUWV $ %DQG&ZLWK
 WRWDOVWDJJHUHGFRKRUWVSUHVSHFLILHGDGDSWLYH:LWKLQHDFKFRKRUWRI3DUWV$DQG %
 XQLTXHVXEMHFWVZHUHUDQGRPL]HGWRUHFHLYHEOLQGHGLQYHVWLJDWLRQDOPHGLFLQDOSURGXFW,03
HLWKHUSUHVDWRYLU Q RUSODFHERQ :LWKLQHDFKFRKRUWRI3DUW&XQLTXHVXEMHFWV
ZHUHUDQGRPL]HGWRUHFHLYHEOLQGHG,03HLWKHUSUHVDWRYLU Q RUSODFHERQ  $
PD[LPXPVLQJOHGRVHRIPJDQGPXOWLSOHGRVHUHJLPHQRIPJRQFHGDLO\IRUGD\VZDV
DFKLHYHG3UHVDWRYLU 3.ZDVHYDOXDWHGXQGHUIDVWLQJDQGIHGVWDWHV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
1RGHDWKVRUVHULRXVDGYHUVHHYHQWV6$(VZHUHUHSRUWHGDQGWKHUHZHUHQRGRVHOLPLWLQJ
WR[LFLWLHV,QWKHSUHVDWRYLUWUHDWHGVXEMHFWVWKHUHZHUHQRGLVFRQWLQXDWLRQVGXHWR$(V$PRQJ
WKHVXEMHFWVZKRUHFHLYHGVLQJOHGRVHVRISUHVDWRYLU VXEMHFWV H[SHULHQFHGDWRWDO
RI  $(VZLWKWKHPRVWFRPPRQ$(VEHLQJSUHV\QFRSHDQGGHUPDWLWLVUHSRUWHGE\
 VXEMHFWV HDFK%RWKLQFLGHQWVRISUHV\QFRSHDQG RIWKHHYHQWVRIGHUPDWLWLVZHUHMXGJHG
E\WKHLQYHVWLJDWRUWREHUHODWHGWRVWXG\SURFHGXUHV HYHQWRIGHUPDWLWLVZDVLQIODPPDWLRQRI
WKHVNLQRIWKHULJKWDQWHFXELWDODQG HYHQWZDVQRQVSHFLILFGHUPDWLWLVRQWKHFKHVW$PRQJWKH
 VXEMHFWVUHFHLYLQJPXOWLSOHGRVHVRISUHVDWRYLU VXEMHFWVH[SHULHQFHGDWRWDORI
 $(VZLWKGLDUUKHDDQGQDXVHDUHSRUWHGE\ VXEMHFWVDQGKHDGDFKHDQGFRQWDFWGHUPDWLWLV
UHSRUWHGE\ VXEMHFWV$OORWKHU$(VH[SHULHQFHGE\VXEMHFWVUHFHLYLQJPXOWLSOHGRVHVRI
SUHVDWRYLU ZHUHUHSRUWHGE\  VXEMHFWVHDFK
7ZHOYHOHDG(&*VZHUHREWDLQHGDW%DVHOLQH DQG'D\VDQG$QDO\VLVRIWKHVH(&*V
GHPRQVWUDWHGQRFOLQLFDOO\VLJQLILFDQWLQFUHDVHLQWKH3545647DQG47F)LQWHUYDOVDQGQR
FOLQLFDOO\VLJQLILFDQWDUUK\WKPLDVDVVRFLDWHGZLWKDGPLQLVWUDWLRQRISUHVDWRYLU
3UHVDWRYLU H[SRVXUHVLQFUHDVHGLQDQDSSUR[LPDWHO\GRVHSURSRUWLRQDOPDQQHURYHUWKHGRVH
UDQJHWHVWHGIROORZLQJVLQJOHDQGPXOWLSOHRUDODGPLQLVWUDWLRQVXQGHUIDVWHGFRQGLWLRQVWHUPLQDO
KDOIOLYHVUDQJHGIURPWRKRXUVIROORZLQJVLQJOHRUDODGPLQLVWUDWLRQDQGDSSUR[LPDWHO\
 KRXUVIROORZLQJPXOWLSOHRUDODGPLQLVWUDWLRQV2YHUDOOWKHYDULDELOLW\RIWKH3.SDUDPHWHUV
ZDVUHODWLYHO\ORZZLWKWKHPDMRULW\RIWKH3.SDUDPHWHUVGLVSOD\LQJ&9RIRUORZHU,Q
DGGLWLRQWKHIRRGHIIHFWRQSUHVDWRYLU 3.IROORZLQJVLQJOHRUPXOWLSOHRUDODGPLQLVWUDWLRQKDV
EHHQHYDOXDWHG)ROORZLQJVLQJOHDGPLQLVWUDWLRQRISUHVDWRYLU DWRU  PJ&PD[XQGHUIHG
FRQGLWLRQVGHFUHDVHGDSSUR[LPDWHO\WRFRPSDUHG WR IDVWHGFRQGLWLRQVEXWWKLVHIIHFW
ZDVOHVVSURQRXQFHGIROORZLQJRQFHGDLO\GRVLQJDWWKHKLJKHUGRVH PJDURXQGVWHDG\VWDWH

6WXG\*686
7KLV3KDVHPDVVEDODQFHVWXG\ZDVFRQGXFWHGWRHYDOXDWHWKH3.PHWDEROLVPDQGH[FUHWLRQ
RISUHVDWRYLU7KHSULPDU\REMHFWLYHRIWKLVVWXG\ZDVWRGHWHUPLQHWKHPDVVEDODQFHRI
SUHVDWRYLU IROORZLQJDGPLQLVWUDWLRQRIDVLQJOHRUDOGRVHRIUDGLRODEHOHG>&@SUHVDWRYLU 7KH
VHFRQGDU\REMHFWLYHVRIWKLVVWXG\ZHUHWRHYDOXDWHWKH3.RISUHVDWRYLU DQGPHWDEROLWHVZKHUH
SRVVLEOHDQGWRGHWHUPLQHWKHPHWDEROLWHSURILOHRISUHVDWRYLU LQKXPDQVIROORZLQJDGPLQLVWUDWLRQ
RIDVLQJOHRUDOGRVHRIUDGLRODEHOHG>&@SUHVDWRYLU
(LJKWVXEMHFWVZHUHHQUROOHGDQGDVVHVVHGIRUDSHULRGRIDPLQLPXP RIGD\VDQGDPD[LPXP
RI GD\VZLWKDGD\IROORZXSSHULRG)ROORZLQJDVLQJOHRUDOUDGLRODEHOHGGRVHRISUHVDWRYLU
 PJWKHPD[LPXPPHDQFRQFHQWUDWLRQVRIGUXJGHULYHGUDGLRDFWLYLW\LQEORRGDQGSODVPD
ZHUHREVHUYHGDWKRXUVSRVWGRVHIRUERWKPDWULFHV 7KHRYHUDOOUHFRYHU\RIUDGLRDFWLYLW\ZDV
ZLWKUHFRYHU\SULPDULO\LQIHFHVYHUVXVXULQH 0HDQEORRGWRSODVPD
FRQFHQWUDWLRQUDWLRVUDQJHGIURPWRWKURXJK KRXUVSRVWGRVHLQGLFDWLQJWKDW
UDGLRDFWLYLW\ZDVSULPDULO\LQWKHSODVPDUHODWLYHWRWKHFHOOXODUFRPSRQHQWVRIWKHEORRG
7KHFLUFXODWLQJUDGLRDFWLYLW\FRQVLVWHGPDLQO\RISUHVDWRYLU DQGORZOHYHOVRIPLQRU
PHWDEROLWHVFKORURDPLQR1PHWKDQHVXOIRQ\OEHQ]DPLGH0
R[\SUHVDWRYLUJOXFXURQLGH0 DQG*60% 


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
7KHPDMRUFRPSRQHQWH[FUHWHGLQIHFHVZDVXQFKDQJHGSDUHQWSUHVDWRYLU RIWKHGRVH
FRHOXWHGZLWKGLR[\SUHVDWRYLU>0@DORQJZLWKRWKHUPLQRUPHWDEROLWHVGLR[\SUHVDWRYLU
>0RIWKHGRVH@DQGGLR[\*6>0RIWKHGRVH@7KHUHPDLQLQJ
LGHQWLILHG PHWDEROLWHVGHWHFWHGLQIHFHVHDFKDFFRXQWHGIRUOHVVWKDQDPHDQRIRIWKH
GRVH,QXULQHXQFKDQJHGSDUHQWSUHVDWRYLU ZDVWKHPDLQVSHFLHVaRIWKHGRVHDQG
PHWDEROLWH0UHSUHVHQWHGaRIWKHGRVH
,QVXPPDU\ >&@ SUHVDWRYLU ZDVSULPDULO\HOLPLQDWHGLQWKHIHFHVDIWHURUDODGPLQLVWUDWLRQWR
KHDOWK\VXEMHFWV/RZOHYHOVRIYDULRXVPHWDEROLWHVZHUHREVHUYHGLQGLFDWLQJWKHOLNHO\DEVHQFH
RIDVLQJOHGRPLQDQWSDWKZD\5DGLRDFWLYLW\ZDVHOLPLQDWHGDVDFRPELQDWLRQ RIPHWDEROLWHVDQG
XQFKDQJHGSDUHQWGUXJ 2YHUDOOWKHSKDUPDFRNLQHWLFVRISUHVDWRYLU LVQRWH[SHFWHGWREH
PHDQLQJIXOO\DOWHUHGLQWKHVHWWLQJRIUHQDOLPSDLUPHQWHJPLOGWRPRGHUDWH

6WXG\*686
7KLV3KDVH DUDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGVWXG\ZDVFRQGXFWHGWRHYDOXDWH
WKHVDIHW\WROHUDELOLW\DQGHIILFDF\RISUHVDWRYLU LQKHDOWK\DGXOWYROXQWHHUVLQIHFWHGZLWKDQ
569 FKDOOHQJHYLUXV569$ 0HPSKLVEVWUDLQ7KHVWXG\LQFOXGHG TXDUDQWLQHVHDFK
FRPSULVLQJDSSUR[LPDWHO\ VXEMHFWV(DFKVXEMHFWZDV DGPLWWHGWRWKH4XDUDQWLQH 8QLWDQG
LQRFXODWHGZLWK569RQ6WXG\'D\ 6XEMHFWVZHUH UDQGRPL]HGDQGWUHDWHGZLWKSUHVDWRYLU RU
SODFHERZKHQLQIHFWLRQZDVGRFXPHQWHGLQWKHQDVDOZDVKRUE\WKHILIWKGD\DIWHULQRFXODWLRQ
ZKLFKHYHURFFXUUHGILUVW
)RU4XDUDQWLQHVWKURXJKSUHVSHFLILHGTXDUDQWLQHVVXEMHFWVZHUHUDQGRPL]HGWRUHFHLYH
SUHVDWRYLU RUSODFHERDGPLQLVWHUHGDVDPJVLQJOHGRVHRQ'RVH'D\ IROORZHGE\ PJ
RQFHGDLO\RQ'RVH'D\VWKURXJK
)RU4XDUDQWLQHVWKURXJKDGDSWLYHTXDUDQWLQHVVXEMHFWVZHUHUDQGRPL]HGWRUHFHLYH
SUHVDWRYLU RUSODFHER6XEMHFWVLQ4XDUDQWLQHZHUHDGPLQLVWHUHGDPJVLQJOHGRVHRQ
'RVH 'D\IROORZHGE\ PJRQFHGDLO\RQ'RVH'D\VDQG6XEMHFWVLQ4XDUDQWLQH ZHUH
DGPLQLVWHUHGDPJVLQJOHGRVH6XEMHFWVLQ4XDUDQWLQHZHUHDGPLQLVWHUHGD PJ
VLQJOH GRVHRQ'RVH'D\IROORZHGE\ PJRQFHGDLO\RQ'RVH'D\VWKURXJK
$WRWDORIVXEMHFWVZHUHUDQGRPL]HGLQWRWKLVVWXG\$OOVXEMHFWVFRPSOHWHGVWXG\GUXJ DQG
 SODFHERVXEMHFWGLVFRQWLQXHGWKHVWXG\GXHWRLQYHVWLJDWRU¶VGLVFUHWLRQ%DVHOLQH GHPRJUDSKLFV
DQGFKDUDFWHULVWLFVZHUHVLPLODUEHWZHHQWUHDWPHQWJURXSVDFURVV DOOGRVHFRKRUWV
6HYHQW\HLJKW VXEMHFWVUHFHLYHGWKHSUHVSHFLILHGGRVHLQTXDUDQWLQHV SUHVDWRYLU Q 
SODFHER Q 2IWKHVHVXEMHFWVZHUHGRFXPHQWHGWREH569SRVLWLYHSULRUWR
UDQGRPL]DWLRQDQGZHUHLQFOXGHGLQWKHSULPDU\DQGVHFRQGDU\DQDO\VHVSUHVDWRYLU Q 
SODFHERQ $WRWDORIVXEMHFWVUHFHLYHGSUHVDWRYLU DFURVVDOOTXDUDQWLQHV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
7UHDWPHQWZLWKSUHVDWRYLU UHVXOWHGLQWKHIROORZLQJ
3ULPDU\(QGSRLQW

7UHDWPHQWZLWKSUHVDWRYLU UHVXOWHGLQORZHUPHDQ$8&YLUDOORDGIURPLQLWLDOGRVHWKURXJK
HQGRITXDUDQWLQH9LUDOORDGZDVDVVHVVHGWZLFHGDLO\XVLQJQDVDOZDVKHV7KHPHDQ$8&RI
YLUDOORDGDVPHDVXUHGE\WKH57T3&5DVVD\IURPILUVWYLUDOORDGPHDVXUHPHQWSRVWLQLWLDO
GRVHRIVWXG\GUXJWKURXJK'D\ ZDVVLJQLILFDQWO\ORZHULQSUHVDWRYLU VXEMHFWVFRPSDUHGWR
SODFHERVXEMHFWVǻ ORJ 3)8HKRXUP/S
6HFRQGDU\(QGSRLQWV

7UHDWPHQWZLWKSUHVDWRYLU UHVXOWHGLQORZHUPHDQ$8&YLUDOORDGGXULQJWKHHQWLUH
TXDUDQWLQHSHULRG7KHPHDQ$8&RIYLUDOORDGSRVWFKDOOHQJHWKURXJK6WXG\'D\ DV
PHDVXUHGE\WKH57T3&5DVVD\ZDVVLJQLILFDQWO\ORZHULQSUHVDWRYLU VXEMHFWVFRPSDUHGWR
SODFHERVXEMHFWVǻ ORJ 3)8HKRXUP/S 

7UHDWPHQWZLWKSUHVDWRYLU UHVXOWHGLQORZHUPHDQWRWDOPXFXVZHLJKWGXULQJGRVLQJ7KH
DYHUDJHZHLJKWRIHDFKXQXVHGWLVVXHZDVGHWHUPLQHGSULRUWRVWDUWRIVWXG\7KHGDLO\PXFXV
ZHLJKWZDVFDOFXODWHGE\ILUVWFRXQWLQJWKHQXPEHURIWLVVXHVXVHGHDFKGD\WKHQVXEWUDFWLQJ
WKHWRWDOZHLJKWRIWKHVHWLVVXHVXQXVHGIURPWKHGDLO\WRWDOZHLJKWRIXVHGWLVVXHV7KH
PHDQWRWDOZHLJKWRIPXFXVSURGXFHGSRVWLQLWLDOGRVHRIVWXG\GUXJWKURXJKWKHGRVHZDV
VLJQLILFDQWO\ORZHULQWKHSUHVDWRYLU VXEMHFWVFRPSDUHGWRSODFHERVXEMHFWVǻ  J
S 

7UHDWPHQWZLWKSUHVDWRYLU UHVXOWHGLQDORZHUPHDQ$8&RIFKDQJHIURP%DVHOLQH LQWRWDO
V\PSWRPVFRUHGXULQJWKHHQWLUHTXDUDQWLQHSHULRG7HQV\PSWRPVUXQQ\QRVHVWXII\QRVH
VQHH]LQJVRUHWKURDWHDUDFKHPDODLVH>WLUHGQHVV@FRXJKVKRUWQHVVRIEUHDWKKHDGDFKHDQG
PXVFOHDQGRUMRLQWDFKHZHUHHDFKVFRUHGIURP QRV\PSWRPVWRTXLWHERWKHUVRPH
PRVWDOORIWKHWLPH7RWDOV\PSWRPVFRUHVZHUHWKHDYHUDJHVFRUHRITXHVWLRQV
DQVZHUHGE\HDFKVXEMHFWPXOWLSOLHGE\7KHPHDQ$8&RIFKDQJHIURP%DVHOLQH LQWRWDO
V\PSWRPVFRUHSRVWLQLWLDOGRVHRIVWXG\GUXJWKURXJK6WXG\'D\ ZDVVLJQLILFDQWO\ORZHU
LQWKHSUHVDWRYLU VXEMHFWVFRPSDUHGWRSODFHERVXEMHFWVǻ VFRUHKRXUS 7KH
WRWDOV\PSWRPVVFRUH$8&ZDVDOVRVLJQLILFDQWO\ORZHUIRUSUHVDWRYLU WUHDWHGVXEMHFWV
,QHDFKRIWKHDGDSWLYHTXDUDQWLQHVVWDWLVWLFDOO\VLJQLILFDQWUHVXOWVZHUHDOVRDFKLHYHGLQWKH
SULPDU\HQGSRLQWDQGHDFKRIWKHVHFRQGDU\HQGSRLQWVGHVFULEHGDERYHZLWKWKHH[FHSWLRQRID
UHGXFWLRQLQPHDQWRWDOPXFXVZHLJKWLQ4XDUDQWLQH,QDGGLWLRQDQH[SRVXUHUHVSRQVHHIIHFW
ZDVQRWHG
1RVXEMHFWH[SHULHQFHGDVHULRXV$($OO$(VZHUHPLOGRUPRGHUDWH*UDGHRULQVHYHULW\
H[FHSWIRUWKUHH*UDGH$(VH[SHULHQFHGE\ SODFHERWUHDWHGVXEMHFWLQFUHDVHGEORRGODFWDWH
GHK\GURJHQDVHDODQLQHDPLQRWUDQVIHUDVH>$/7@DQGDVSDUWDWHDPLQRWUDQVIHUDVH>$67@*UDGH 
SXOPRQDU\IXQFWLRQGHFUHDVHFKDQJHZDVWKHRQO\WUHDWPHQWUHODWHG$(H[SHULHQFHGE\
! VXEMHFWVLQHLWKHUWUHDWPHQWJURXSSUHVDWRYLUQ SODFHERQ 
&KDQJHVLQFOLQLFDOODERUDWRU\YDOXHVZHUH*UDGHRULQ VHYHULW\H[FHSWIRURQH*UDGH YDOXH


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
LQFUHDVHG$67UHSRUWHGIRUSODFHERWUHDWHGVXEMHFWGHVFULEHGDERYH(OHYDWHG$/7ZDVPRUH
FRPPRQO\UHSRUWHGDPRQJSUHVDWRYLUWUHDWHGVXEMHFWVSUHVDWRYLUSODFHEREXW
HOHYDWHG$67ZDVOHVVFRPPRQO\UHSRUWHGSUHVDWRYLUSODFHER/RZQHXWURSKLO
FRXQWZDVUHSRUWHGDV*UDGH LQVXEMHFWVUHFHLYHGSODFHERDQG*UDGHLQ VXEMHFWV
 UHFHLYHGSODFHER$PRQJWKHVXEMHFWVZKRH[SHULHQFHGD*UDGHORZQHXWURSKLOFRXQWDQG
UHFHLYHGSUHVDWRYLUKDGD*UDGH ORZQHXWURSKLOFRXQWDW6FUHHQLQJ&OLQLFDOO\UHOHYDQW
FKDQJHVLQYLWDOVLJQVRU(&*VZHUHQRWREVHUYHG

2QJRLQJ6WXGLHV
6WXG\*686LVD3KDVHEUDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGVLQJOHGRVH
VWXG\HYDOXDWLQJWKHDQWLYLUDOHIIHFWV3.VDIHW\DQGWROHUDELOLW\RISUHVDWRYLULQKRVSLWDOL]HG
DGXOWVZLWK569LQIHFWLRQ$SSUR[LPDWHO\569SRVLWLYHVXEMHFWVZLOOEHUDQGRPL]HGWR
UHFHLYHHLWKHUSUHVDWRYLU RUSODFHERDVDVLQJOHPJGRVHRQ'D\DQGVWUDWLILHGLQWRRIWKH
IROORZLQJFDWHJRULHVQRFKURQLFDLUZD\VRUOXQJGLVHDVH&23'DVWKPDRURWKHUFKURQLF
DLUZD\VRUOXQJGLVHDVH7KHVHVWUDWLILFDWLRQVZLOODXJPHQWWKHSUREDELOLW\RIVLPLODUEDVHOLQH
569YLUDOORDGVDQGGXUDWLRQRI569YLUDOVKHGGLQJLQWKHDFWLYHDQGSODFHERJURXSV7KLVLVDQ
RQJRLQJJOREDOVWXG\
6WXG\*686LVD3KDVHEUDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHG
PXOWLFHQWHUVWXG\HYDOXDWLQJDQWLYLUDOHIIHFWVVDIHW\3.DQGWROHUDELOLW\RISUHVDWRYLULQ+&7
UHFLSLHQWVZLWK569LQIHFWLRQRIWKHORZHUUHVSLUDWRU\WUDFW7KHVWXG\ZLOOHQUROODSSUR[LPDWHO\
569SRVLWLYHPDOHVDQGIHPDOHVWR\HDUVRIDJHZKRKDYHKDGDQDOORJHQHLFRU
DXWRORJRXV+&7DQGKDYHGRFXPHQWHGDFXWH569UHODWHGORZHUUHVSLUDWRU\WUDFWLQIHFWLRQ
V\PSWRPV6XEMHFWVZLOOEHUDQGRPL]HGLQDUDWLRWRUHFHLYHSUHVDWRYLURUSODFHER7KLVLVDQ
RQJRLQJJOREDOVWXG\
6WXG\*686LVD3KDVHEUDQGRPL]HGFRQWUROOHGWULDOHYDOXDWLQJSUHVWRYLULQOXQJ
WUDQVSODQWUHFLSLHQWVZLWK569LQIHFWLRQ7KHVWXG\ZLOOHQUROODSSUR[LPDWHO\569SRVLWLYH
VXEMHFWVEHWZHHQDQG\HDUVRIDJHZKRKDYHKDGDOXQJWUDQVSODQWDQGZKRKDYH
GRFXPHQWHG569LQIHFWLRQ6XEMHFWVZLOOEHUDQGRPL]HGLQDUDWLRWRUHFHLYHSUHVDWRYLURU
SODFHER7KLVLVDQRQJRLQJJOREDOVWXG\
$GGLWLRQDOGHWDLOVUHJDUGLQJFOLQLFDOWULDOVRISUHVDWRYLUFDQEHIRXQGLQWKHSUHVDWRYLU
*6 ,%

5DWLRQDOHIRU7KLV6WXG\
7KHUHLVDVLJQLILFDQWXQPHWPHGLFDOQHHGIRUDVDIHFRQYHQLHQWDQGHIIHFWLYHWUHDWPHQWIRU569
LQIHFWLRQ7KHRQO\DSSURYHGDQWLYLUDOWKHUDS\IRU569ULEDYLULQLVDSSURYHGIRUXVHLQSHGLDWULF
SRSXODWLRQV RQO\EXWLVUDUHO\XVHGLQFOLQLFDOSUDFWLFH GXHWRLWVOLPLWHGHIILFDF\DQGFRQFHUQLQJ
VDIHW\SURILOH7KHUHLVQRDSSURYHGDQWLYLUDOWKHUDS\IRU569LQIHFWLRQDPRQJ+&7UHFLSLHQWV
ZKHUHWKHFXUUHQWVWDQGDUGRIFDUHLVVXSSRUWLYH


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
7KLVVWXG\IROORZVD3KDVH),+VWXG\*686DQG D3KDVHD569FKDOOHQJHVWXG\
*686ZKLFKHYDOXDWHGWKHVDIHW\WROHUDELOLW\DQG3.RIVLQJOHDQGPXOWLSOHGRVHV
RISUHVDWRYLU LQKHDOWK\DGXOWYROXQWHHUV,Q6WXG\*686SUHVDWRYLU ZDVVKRZQ
WREHHIILFDFLRXVLQUHGXFLQJ569YLUDOORDGDQGFOLQLFDOV\PSWRPVLQKHDOWK\DGXOWVXEMHFWV
H[SHULPHQWDOO\LQIHFWHGZLWK569
*LYHQWKHVHUHVXOWVIURPKHDOWK\DGXOWYROXQWHHUVVWXGLHGLQDFRQWUROOHGVHWWLQJWKHFXUUHQWVWXG\
LVGHVLJQHGWRHYDOXDWHWKHVDIHW\WROHUDELOLW\3.DQGHIILFDF\ RISUHVDWRYLU DPRQJ+&7
SDWLHQWVZLWKDQ569UHODWHG857,6DIHW\DQGHIILFDF\GDWDJHQHUDWHGIURPWKLVVWXG\WDNHQ
WRJHWKHUZLWKFXUUHQWO\DYDLODEOHGDWDZLOOEHXVHGWRVXSSRUWIXUWKHUFOLQLFDOGHYHORSPHQWRI
SUHVDWRYLU LQSHGLDWULFDQGDGXOWSDWLHQWVLQIHFWHGZLWK569

'RVH5DWLRQDOH
7KHGRVHDQGDGPLQLVWUDWLRQ VFKHGXOHVHOHFWHGIRUWKLVVWXG\LVDVLQJOHGRVHRIPJ
SUHVDWRYLU DGPLQLVWHUHGRUDOO\RUYLD1*WXEH RQ'D\VDQG7KLVUHJLPHQZDV
VHOHFWHGEDVHGXSRQWKH3.FKDUDFWHULVWLFVRISUHVDWRYLU DQGWKH
SKDUPDFRNLQHWLFSKDUPDFRG\QDPLF3.3' UHODWLRQVKLSHVWDEOLVKHGLQWKHDQWLYLUDOHIIHFWVWXG\
ZLWKGLIIHUHQWGRVHVUHJLPHQVLQ6WXG\*686
,Q6WXG\*686DGD\WUHDWPHQWUHJLPHQRISUHVDWRYLU PJVLQJOHGRVHRQ
'RVH 'D\ IROORZHGE\PJRQFHGDLO\RQ'RVH'D\VWKURXJKUHVXOWHGLQDVLJQLILFDQW
UHGXFWLRQLQ569YLUDOORDG7KHPHDQ$8&RI 569 YLUDOORDGDVPHDVXUHGE\WKH57T3&5
DVVD\IURPILUVWYLUDOORDGPHDVXUHPHQWSRVWLQLWLDOGRVHRIVWXG\GUXJWKURXJKHQGRITXDUDQWLQH
'D\ ZDVVLJQLILFDQWO\ORZHULQSUHVDWRYLU VXEMHFWVFRPSDUHGWRSODFHERVXEMHFWV
ǻ  ORJ 3)8HKRXUP/S7KLVGD\UHJLPHQZDVDEOHWRDFKLHYHSUHVDWRYLU
WURXJKFRQFHQWUDWLRQVaIROGRISD(& QJP/ IRUXSWRKRXUVIROORZLQJGRVH
LQLWLDWLRQ IRUWKHYLUXVXVHGLQWKHFKDOOHQJHVWXG\WKH0VWUDLQRI569
,QVHOHFWLQJWKHGRVHIRUWKHFXUUHQWVWXG\WKHJRDOZDVWRDFKLHYHSUHVDWRYLU WURXJK
FRQFHQWUDWLRQVDERYHIROGRISD(& IRURIRIWKHFOLQLFDO569LVRODWHVIRUWKHGXUDWLRQRI
569VKHGGLQJLQ+&7SDWLHQWV/RQJLWXGLQDOYLUDOG\QDPLFVGDWDIURPLQYHVWLJDWRUVDWDQ
DFDGHPLF+&7 FHQWHU DOVR LQGLFDWHWKDWWKHPDMRULW\RI+&7SDWLHQWVVKHG569IRU GD\VEXW
VRPHPD\VKHGIRUDVORQJDVGD\VXQSXEOLVKHG,QDGGLWLRQUHFHQWVWXGLHVLQGLFDWHWKDWWKH
PHDQWLPHWRSURJUHVVLRQRI857,WR/57,LVGD\VZLWKRI VXEMHFWVSURJUHVVLQJZLWKLQ
 GD\VDIWHUSUHVHQWLQJZLWKD857,^6KDKHWDO` ^.LPHWDO`7KHUHIRUHDWRWDORI
 GRVHVRISUHVDWRYLU  PJHDFKGRVHHYHU\GD\VLVH[SHFWHGWRSURYLGH!IROGSD(&
FRYHUDJHIRU a RI  ZLOGW\SHFOLQLFDO569LVRODWHVWKURXJK'D\ZKLFKLVH[SHFWHGWR
UHVXOWLQ VLJQLILFDQWGXUDEOHDQWLYLUDOHIIHFW

&RPSOLDQFH
7KLVVWXG\ZLOOEHFRQGXFWHGLQFRPSOLDQFHZLWKWKLVSURWRFRO*RRG&OLQLFDO 3UDFWLFH*&3
DQGDOODSSOLFDEOHUHJXODWRU\UHTXLUHPHQWV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

2%-(&7,9(6
7KHFRSULPDU\REMHFWLYHV RIWKLVVWXG\DUH

7RHYDOXDWHWKHHIIHFW RISUHVDWRYLU RQ569YLUDOORDGDQGGHYHORSPHQWRI/57&LQ569
SRVLWLYHDXWRORJRXVRUDOORJHQHLF+&7UHFLSLHQWVZLWKDFXWH857, V\PSWRPV
7KHVHFRQGDU\REMHFWLYHVRIWKLVVWXG\DUH

7RHYDOXDWHWKHHIIHFWRISUHVDWRYLU RQ SURJUHVVLRQWRUHVSLUDWRU\IDLOXUH RU DOOFDXVH
PRUWDOLW\

7RHYDOXDWHWKH3.VDIHW\DQGWROHUDELOLW\RISUHVDWRYLU






3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

6WXG\7UHDWPHQWV
$SSUR[LPDWHO\VXEMHFWVZLOOEHUDQGRPL]HGWRUHFHLYHPJIRXU PJWDEOHWVRI
,03SUHVDWRYLU RUSODFHER DVDVLQJOHGRVHRQ'D\V DQG7KH,03ZLOOEH
DGPLQLVWHUHGRUDOO\RUYLD1*WXEH7KHHQWLUHGRVHPXVWEHWDNHQZLWKLQKRXU ,QYHVWLJDWLRQDO
PHGLFLQDOSURGXFWVKRXOGEHGLVSHQVHGZLWKJORYHV
6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRUREVHUYDWLRQ,IYRPLWLQJRFFXUV
ZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHGWDEOHWVDUHSUHVHQWLQWKHYRPLWXV
WKHVXEMHFWVKRXOGUHFHLYHDQRWKHUGRVH ,IDQRWKHUGRVHLVDGPLQLVWHUHGWKHVXEMHFWVKRXOG
UHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRUREVHUYDWLRQ
3UHVDWRYLU ZLOOEHSURYLGHG DVZKLWHSODLQIDFHGILOPFRDWHGURXQGWDEOHWVFRQWDLQLQJ PJ
SUHVDWRYLU PJ*6ELVK\GURFKORULGHVDOWGLK\GUDWHIRUPRISUHVDWRYLU3ODFHERWR
0DWFKZLOOEHSURYLGHGDVZKLWHSODLQIDFHGILOPFRDWHGURXQGWDEOHWVFRQWDLQLQJQRSUHVDWRYLU
7KHH[SHFWHGGXUDWLRQRIVXEMHFWSDUWLFLSDWLRQLVDSSUR[LPDWHO\PRQWKWRLQFOXGH6FUHHQLQJ
WKURXJKWKHILQDOYLVLWRQ'D\

'XUDWLRQRI7UHDWPHQW
7KHWUHDWPHQWSRUWLRQRIWKHVWXG\LVGD\V DWRWDORIGRVHVDGPLQLVWHUHGDVVLQJOHGRVHVRQ
'D\V  DQG

'LVFRQWLQXDWLRQ&ULWHULD
5HDVRQVIRU SRWHQWLDO SUHPDWXUHGLVFRQWLQXDWLRQIURP ,03GRVLQJ LQFOXGH

$Q\*UDGHRU$( RU6$(

,QWHUFXUUHQWLOOQHVVWKDWZRXOGLQWKHMXGJPHQWRIWKHLQYHVWLJDWRUDIIHFWWKHVXEMHFW¶VDELOLW\
WRUHFHLYH,03HJXQDEOHWRLQJHVWRUDOGRVH

$/7$67!î 8/1DQGULVLQJ

$/7$67UHPDLQV!î 8/1ZLWKQRFKDQJHLQ7%IRUPRUHWKDQZHHNV

$ZRUVHQLQJRIFOLQLFDOV\PSWRPVZLWKQRRWKHUDFFHSWDEOHH[SODQDWLRQ

+\¶V/DZ FULWHULDDUHPHW
(YLGHQFHRILQMXU\HOHYDWLRQRIWKH$/7RU$67E\!  î 8/1DQG
(YLGHQFHRIG\VIXQFWLRQHOHYDWLRQRIWKH7% E\!  î 8/1ZLWKRXWDQHOHYDWLRQRIWKH
DONDOLQHSKRVSKDWDVH $/3 E\!  î 8/1DQG
&OLQLFDOYHULILFDWLRQWRHQVXUHHIIHFWLVKHDOWKSURGXFWLQGXFHGDQGQRWLQGXFHGE\GLVHDVH
RUDQRWKHUFDXVHRILQMXU\


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
,QWKHHYHQWWKDWDQ\ RIWKHDERYHFULWHULDDUHPHWWKH 3ULQFLSDO,QYHVWLJDWRU3, ZLOOUHYLHZWKH
FDVHLQGHWDLODQGGLVFXVVZLWKWKH*LOHDG 0HGLFDO0RQLWRUZKHWKHUWKHVXEMHFWVKRXOGEH
GLVFRQWLQXHGIURP,03 ,IFORVHPRQLWRULQJRI$/7$67$/3 DQG7%SHU6HFWLRQ  LVQRW
SRVVLEOH,03ZLOOEHGLVFRQWLQXHG
5HDVRQVIRUSUHPDWXUHGLVFRQWLQXDWLRQIURPWKH6WXG\LQFOXGH

6XEMHFWUHTXHVWWRGLVFRQWLQXHIRUDQ\UHDVRQ

6XEMHFWQRQFRPSOLDQFH

3UHJQDQF\GXULQJWKHVWXG\UHIHUWR6HFWLRQ 

'LVFRQWLQXDWLRQRI WKHVWXG\DWWKHUHTXHVWRI*LOHDGDUHJXODWRU\DJHQF\RUDQ
LQVWLWXWLRQDO UHYLHZERDUGRULQGHSHQGHQWHWKLFVFRPPLWWHH,5%,(&
,IDVXEMHFWSUHPDWXUHO\GLVFRQWLQXHVIURP,03GRVLQJKHVKHZLOOUHPDLQRQVWXG\DQGZLOO
FRQWLQXHZLWKDOOVXEVHTXHQW6WXG\9LVLWVDQGDVVHVVPHQWVZLWKWKHH[FHSWLRQRI,03GRVLQJ
,IDVXEMHFWSUHPDWXUHO\GLVFRQWLQXHVIURPWKHVWXG\HYHU\DWWHPSWVKRXOGEHPDGHWREULQJWKH
VXEMHFWEDFNIRUWKH(DUO\7HUPLQDWLRQ SURFHGXUHV 6HH6HFWLRQ  IRUPRUHLQIRUPDWLRQ

6RXUFH'DWD
)RUWKHSXUSRVHVRIWKLVVWXG\VWXG\VSHFLILFTXHVWLRQQDLUHVLHUHVSLUDWRU\V\PSWRP
DVVHVVPHQWVDUHFRQVLGHUHGVRXUFHGRFXPHQWVDQGDUHWREHILOHGZLWKWKHVXEMHFW¶VPHGLFDORU
VWXG\UHFRUGV(OHFWURQLFGDWDLHGLDJQRVWLFPDFKLQHVWKDWWUDQVFULEHGDWDGLUHFWO\WRDGDWDEDVH
RUGDWDHQWHUHGGLUHFWO\LQWRDQ(OHFWURQLF0HGLFDO5HFRUGV\VWHPLVFRQVLGHUHGVRXUFHGDWD
SURYLGHGWKHGDWDLVQRWUHFRUGHGGLUHFWO\RQWKH&5)H&5)DQGSURYLGHGWKHUHLVDFOHDUDXGLW
WUDLOLQWKHHOHFWURQLFUHFRUGV7HPSODWHVRXUFHGRFXPHQWZRUNVKHHWVZLOOEHSUHSDUHGE\
*LOHDGDQGSURYLGHGWRVLWHVWRXVHDWWKHLUGLVFUHWLRQ ,IVRXUFHGRFXPHQWZRUNVKHHWVDUHXVHG
WKH\DUHWREHNHSWZLWKWKHVXEMHFW¶VPHGLFDORUVWXG\UHFRUGV DVRULJLQDOVRXUFHGRFXPHQWV1R
GDWDZLOOEHUHFRUGHGGLUHFWO\RQWKH&5)H&5)DQGDQ\GDWDUHFRUGHGGLUHFWO\RQWKH
&5)H&5)ZLOOQRWEHFRQVLGHUHGVRXUFHGDWD


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

68%-(&73238/$7,21

1XPEHURI6XEMHFWVDQG6XEMHFW6HOHFWLRQ
7KHVXEMHFWSRSXODWLRQZLOOFRQVLVWRIDSSUR[LPDWHO\569SRVLWLYHDGXOWPDOHDQGIHPDOH
VXEMHFWV  WR \HDUVRIDJHZKRKDYHKDGDQDOORJHQHLFRUDXWRORJRXV+&7DQGKDYH
GRFXPHQWHGDFXWH569UHODWHG857,V\PSWRPVUHFUXLWHGIURPDSSUR[LPDWHO\FHQWHUVLQ
$VLD 3DFLILF&DQDGD(XURSH-DSDQ 6RXWK$PHULFD DQGWKH 8QLWHG6WDWHV

,QFOXVLRQ&ULWHULD
6XEMHFWVPXVWPHHWDOORIWKHIROORZLQJLQFOXVLRQFULWHULDWREHHOLJLEOHIRUSDUWLFLSDWLRQLQWKLV
VWXG\
 $GXOWPDOHDQGIHPDOH VXEMHFWV WR \HDUVRIDJH,Q-DSDQVXEMHFWVPXVWEHWR
 \HDUVRIDJH,Q6LQJDSRUHVXEMHFWVPXVWEHWR\HDUVRIDJH
 5HFHLYHGDQDXWRORJRXVRUDOORJHQHLF+&7XVLQJDQ\FRQGLWLRQLQJUHJLPHQ
 'RFXPHQWHGWREH569SRVLWLYHDVGHWHUPLQHGE\ORFDOWHVWLQJHJ3&5')$593 DVVD\
RUFXOWXUHXVLQJDQXSSHUUHVSLUDWRU\WUDFWVDPSOHFROOHFWHG GD\VSULRUWR'D\RUDV
GHWHUPLQHGDW6FUHHQLQJDVSHU6HFWLRQ
 1HZRQVHWRIDWOHDVWRIWKHIROORZLQJUHVSLUDWRU\V\PSWRPVIRUGD\V SULRUWR'D\ 
QDVDOFRQJHVWLRQUXQQ\QRVHFRXJKRUVRUHWKURDWRUZRUVHQLQJRIRQHRIWKHVHFKURQLF
DVVRFLDWHGZLWKDSUHYLRXVO\H[LVWLQJGLDJQRVLVHJFKURQLFUKLQRUUKHDVHDVRQDODOOHUJLHV
FKURQLFOXQJGLVHDVHUHVSLUDWRU\V\PSWRPVGD\VSULRUWR'D\
 1RHYLGHQFHRIQHZDEQRUPDOLWLHV FRQVLVWHQWZLWK/57,RQDFKHVW;UD\UHODWLYHWRWKHPRVW
UHFHQWFKHVW;UD\DVGHWHUPLQHGE\WKHORFDOUDGLRORJLVW,IDFKHVW;UD\LVQRWDYDLODEOHRU
ZDVQRWREWDLQHGGXULQJVWDQGDUGFDUH KRXUV SULRUWR6FUHHQLQJDFKHVW;UD\PXVWEH
REWDLQHG IRU6FUHHQLQJ
 2 VDWXUDWLRQ  RQURRPDLU
 $QLQIRUPHGFRQVHQWGRFXPHQWVLJQHGDQGGDWHGE\WKHVXEMHFWRUDOHJDOJXDUGLDQRIWKH
VXEMHFWDQGWKHLQYHVWLJDWRURUKLVKHUGHVLJQHH,Q6ZHGHQ,&)VVLJQHGE\DOHJDOJXDUGLDQ
PXVWDOVREHVLJQHGE\DFORVHUHODWLYHRIWKHVXEMHFW
 $QHJDWLYHXULQHRUVHUXPSUHJQDQF\WHVWLVUHTXLUHGIRUIHPDOHVXEMHFWVXQOHVVVXUJLFDOO\
VWHULOHRUJUHDWHUWKDQWZR\HDUVSRVWPHQRSDXVDO
 0DOHDQGIHPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOPXVWDJUHHWRFRQWUDFHSWLYHUHTXLUHPHQWV
DVGHVFULEHGLQ$SSHQGL[ 
 :LOOLQJQHVVWRFRPSOHWHQHFHVVDU\VWXG\SURFHGXUHVDQGKDYHDYDLODEOHDZRUNLQJ
WHOHSKRQH RUHPDLO


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

([FOXVLRQ&ULWHULD
6XEMHFWVZKRPHHWDQ\ RIWKHIROORZLQJH[FOXVLRQFULWHULDDUHQRWWREHHQUROOHGLQWKLVVWXG\
5HODWHGWRFRQFRPLWDQWRUSUHYLRXVPHGLFDWLRQXVH
 8VHRIQRQPDUNHWHGDFFRUGLQJWRUHJLRQLQYHVWLJDWLRQDODJHQWVZLWKLQGD\V25 XVHRI
DQ\LQYHVWLJDWLRQDOPRQRFORQDODQWL569DQWLERGLHVZLWKLQPRQWKVRU KDOIOLYHVRI
6FUHHQLQJZKLFKHYHULVORQJHU25 XVHRIDQ\LQYHVWLJDWLRQDO569YDFFLQHVDIWHU+&7
 8VHRIDPRGHUDWHRUVWURQJF\WRFKURPH 3HQ]\PH&<3LQGXFHULQFOXGLQJEXWQRW
OLPLWHGWRULIDPSLQ6W-RKQ¶V:RUWFDUEDPD]HSLQHSKHQ\WRLQ HIDYLUHQ]ERVHQWDQ
HWUDYLULQHPRGDILQLODQGQDIFLOOLQ ZLWKLQ ZHHNV SULRUWRWKHILUVWGRVHRI,03
5HODWHGWRPHGLFDOKLVWRU\
 $GPLWWHGWRWKHKRVSLWDOSULPDULO\IRUDORZHUUHVSLUDWRU\WUDFWGLVHDVHRIDQ\FDXVHDV
GHWHUPLQHGE\WKHLQYHVWLJDWRU
 3UHJQDQWEUHDVWIHHGLQJRUODFWDWLQJIHPDOHV
 8QDEOHWRWROHUDWHQDVDOVDPSOLQJUHTXLUHGIRUWKLVVWXG\DVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 .QRZQKLVWRU\RI+,9$,'6 ZLWKD&'FRXQWFHOOVȝ/ZLWKLQWKHODVWPRQWK
 +LVWRU\RIGUXJDQGRUDOFRKRODEXVHWKDWLQWKHRSLQLRQRIWKHLQYHVWLJDWRUPD\SUHYHQW
DGKHUHQFHWRVWXG\DFWLYLWLHV
5HODWHGWRPHGLFDOFRQGLWLRQDW6FUHHQLQJ
 'RFXPHQWHGWREHSRVLWLYHIRURWKHUUHVSLUDWRU\YLUXVHVOLPLWHGWRLQIOXHQ]DSDUDLQIOXHQ]D
KXPDQUKLQRYLUXVDGHQRYLUXVKXPDQPHWDSQHXPRYLUXVRUFRURQDYLUXVZLWKLQ GD\V SULRU
WRWKH6FUHHQLQJYLVLWDVGHWHUPLQHGE\ORFDOWHVWLQJDGGLWLRQDOWHVWLQJLVQRWUHTXLUHG
 &OLQLFDOO\VLJQLILFDQWEDFWHUHPLDRUIXQJHPLDZLWKLQGD\VSULRUWR6FUHHQLQJWKDWKDVQRW
EHHQDGHTXDWHO\WUHDWHGDVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 &OLQLFDOO\VLJQLILFDQWEDFWHULDOIXQJDORUYLUDOSQHXPRQLDZLWKLQ ZHHNVSULRUWR6FUHHQLQJ
WKDWKDVQRWEHHQDGHTXDWHO\WUHDWHGDVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 ([FHVVLYHQDXVHDYRPLWLQJDW6FUHHQLQJDVGHWHUPLQHGE\WKHLQYHVWLJDWRURUDQLQDELOLW\WR
VZDOORZSLOOVWKDWSUHFOXGHVRUDODGPLQLVWUDWLRQRIWKH ,03 IRUVXEMHFWVZLWKRXWDQ1*WXEH
LQSODFH
 $Q\FRQGLWLRQZKLFKLQWKHRSLQLRQRIWKHLQYHVWLJDWRUZRXOGSUHYHQWIXOOSDUWLFLSDWLRQLQ
WKLVWULDORUZRXOGLQWHUIHUHZLWKWKHHYDOXDWLRQRIWKHWULDOHQGSRLQWV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
5HODWHGWRDOOHUJLHV
 .QRZQK\SHUVHQVLWLYLW\RU DOOHUJ\WR WKH,03LWVPHWDEROLWHVRUIRUPXODWLRQH[FLSLHQWV
PLFURFU\VWDOOLQHFHOOXORVHPDQQLWROFURVFDUPHOORVHVRGLXPPDJQHVLXPVWHDUDWH
SRO\YLQ\O DOFRKROWLWDQLXPGLR[LGHSRO\HWK\OHQHJO\FRODQGWDOF
 +LVWRU\RIK\SHUVHQVLWLYLW\DQDSK\ODFWLFUHDFWLRQ 6WHYHQV-RKQVRQ6\QGURPHRUWR[LF
HSLGHUPDOQHFUR\OVLV UHVSRQVH WRVXOID GUXJV
5HODWHGWRODERUDWRU\UHVXOWV
 &UHDWLQLQHFOHDUDQFHP/PLQ FDOFXODWHGXVLQJWKH&RFNFURIW*DXOWPHWKRG
 &OLQLFDOO\VLJQLILFDQW$/7$67DVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 &OLQLFDOO\VLJQLILFDQW7%DVGHWHUPLQHGE\WKHLQYHVWLJDWRU


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

,19(67,*$7,21$/0(',&,1$/352'8&76

5DQGRPL]DWLRQ%OLQGLQJDQG7UHDWPHQW&RGHV
7KLVLVDUDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGPXOWLFHQWHUVWXG\(OLJLEOHVXEMHFWVZLOO
EHVWUDWLILHGE\WKHIROORZLQJIDFWRUV
 3UHVHQFHRUDEVHQFH RIO\PSKRSHQLDGHILQHGDVDO\PSKRF\WHFRXQW  FHOOV/ YHUVXV
  FHOOV/RIEORRG
 7UHDWPHQWRI569\HVRUQRZLWKULEDYLULQ RUDOLQWUDYHQRXVRUDHURVROL]HG
:KHQDYDLODEOHWKHPRVWUHFHQWODERUDWRU\YDOXHIRUO\PSKRF\WHFRXQWREWDLQHG  GD\VSULRU
WR6FUHHQLQJ>9LVLW @PD\EHXVHGIRUUDQGRPL]DWLRQ,IDQH[LVWLQJODERUDWRU\YDOXHLVQRW
DYDLODEOHWKHWHVWZLOOEHSHUIRUPHGDW6FUHHQLQJXVLQJWKHORFDOKRVSLWDOODERUDWRU\
7UHDWPHQWRIFXUUHQW569LQIHFWLRQZLWKULEDYLULQZLOOEHGHILQHG DVGRVHRIULEDYLULQ
RUDO LQWUDYHQRXVRUDHURVROL]HGSULRUWRUDQGRPL]DWLRQRUZLWKZULWWHQRUGHUVIRUWKHLQLWLDWLRQ
RIWKHUDS\DWWKHWLPHRIUDQGRPL]DWLRQ6XEMHFWVZLOOEHUDQGRPL]HGLQDUDWLRWRUHFHLYH
,03SUHVDWRYLU RUPDWFKLQJSODFHER
$VVLJQPHQWWRVWXG\WUHDWPHQWZLOOEHEOLQGHGWRWKHVWXG\VXEMHFWVLQYHVWLJDWLRQDOVLWH
SHUVRQQHOVWXG\YHQGRUVDQGWKH6SRQVRU VWXG\WHDPH[FHSWIRUWKHGHOHJDWHGSHUVRQQHOZKR
ZLOOUHYLHZDQGFKHFNWKHUDQGRPL]DWLRQDQGGUXJDOORFDWLRQIRUDFFXUDF\ ,QWHULPDQDO\VHVZLOO
EHFRQGXFWHGDQGUHYLHZHGE\GHOHJDWHGSHUVRQQHOQRWLQYROYHGLQWKHVWXG\FRQGXFW

3URFHGXUHVIRU%UHDNLQJ7UHDWPHQW&RGHV
,QWKHHYHQWRIDPHGLFDOHPHUJHQF\ZKHUHEUHDNLQJWKHEOLQGLVUHTXLUHGWRSURYLGHPHGLFDOFDUH
WRWKHVXEMHFWWKHLQYHVWLJDWRUPD\REWDLQWUHDWPHQWDVVLJQPHQWGLUHFWO\IURPWKH,;56V\VWHP
IRUWKDWVXEMHFW ,QWKHHYHQWRIWHFKQRORJ\ IDLOXUHWKH3,PD\FDOOWKH,;56KHOSOLQH WRDFFHVV
WUHDWPHQWFRGHV *LOHDGUHFRPPHQGVEXWGRHVQRWUHTXLUHWKDWWKHLQYHVWLJDWRUFRQWDFWWKH
*LOHDG PHGLFDOPRQLWRUEHIRUHEUHDNLQJWKHEOLQG7UHDWPHQWDVVLJQPHQWVKRXOGUHPDLQEOLQGHG
XQOHVVWKDWNQRZOHGJHLVQHFHVVDU\WRGHWHUPLQHVXEMHFWHPHUJHQF\PHGLFDOFDUH7KHUDWLRQDOH
IRUXQEOLQGLQJPXVWEHFOHDUO\H[SODLQHGLQVRXUFHGRFXPHQWDWLRQDQGRQWKHFDVH UHSRUW IRUP
HOHFWURQLFFDVHUHSRUWIRUP&5)H&5)DORQJZLWKWKHGDWHRQZKLFKWKHWUHDWPHQWDVVLJQPHQW
ZDVREWDLQHG7KHLQYHVWLJDWRULVUHTXHVWHGWRFRQWDFWWKH*LOHDG PHGLFDO PRQLWRUSURPSWO\LQ
FDVHRIDQ\WUHDWPHQWXQEOLQGLQJ 'HWDLOVRIXQEOLQGLQJZLOOEHSURYLGHGLQWKHVWXG\VSHFLILF
8QEOLQGLQJ3ODQ
%OLQGLQJRIVWXG\WUHDWPHQWLVFULWLFDOWR WKHLQWHJULW\RIWKLVFOLQLFDOWULDODQGWKHUHIRUHLID
VXEMHFW¶VWUHDWPHQWDVVLJQPHQWLVGLVFORVHGWRWKHLQYHVWLJDWRUWKHVXEMHFWZLOOKDYHVWXG\
WUHDWPHQWGLVFRQWLQXHG$OOVXEMHFWVZLOOEHIROORZHGXQWLOVWXG\FRPSOHWLRQXQOHVVFRQVHQWWRGR
VRLVVSHFLILFDOO\ZLWKGUDZQE\WKHVXEMHFW


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
*LOHDG 'UXJ6DIHW\DQG3XEOLF+HDOWK'63+PD\LQGHSHQGHQWO\XQEOLQGFDVHVIRUH[SHGLWHG
UHSRUWLQJRIVXVSHFWHGXQH[SHFWHGVHULRXVDGYHUVHUHDFWLRQV686$5V

'HVFULSWLRQDQG+DQGOLQJRI3UHVDWRYLU*6

)RUPXODWLRQ
3UHVDWRYLU ZLOOEHVXSSOLHGDVZKLWHSODLQIDFHGILOPFRDWHGURXQGWDEOHWVFRQWDLQLQJ PJ
 PJ*6ELVK\GURFKORULGHVDOWGLK\GUDWHIRUPRISUHVDWRYLU,QDGGLWLRQWRWKH
DFWLYHLQJUHGLHQWSUHVDWRYLU WDEOHWVFRQWDLQWKHIROORZLQJLQDFWLYHLQJUHGLHQWVPLFURFU\VWDOOLQH
FHOOXORVHPDQQLWROFURVFDUPHOORVHVRGLXPPDJQHVLXPVWHDUDWHSRO\YLQ\O DOFRKROWLWDQLXP
GLR[LGHSRO\HWK\OHQHJO\FRODQGWDOFZKLFKDUHFRPPRQSKDUPDFHXWLFDOH[FLSLHQWV
7KHVXSSOLHGPDWFKLQJSODFHERWDEOHWVDUHLGHQWLFDOLQSK\VLFDODSSHDUDQFHWRWKH PJ
SUHVDWRYLU WDEOHWVDQGFRQWDLQWKHVDPHLQDFWLYHLQJUHGLHQWV

3DFNDJLQJDQG/DEHOLQJ
3UHVDWRYLU WDEOHWVDQGPDWFKLQJSODFHERDUHSDFNDJHGLQZKLWHKLJKGHQVLW\SRO\HWK\OHQH
+'3(ERWWOHVZLWKGHVLFFDQWDQGSRO\HVWHUILEHUFRLO(DFKERWWOHFRQWDLQV WDEOHWVDQGLV
FDSSHGZLWKDZKLWHFRQWLQXRXVWKUHDGFKLOGUHVLVWDQWSRO\SURS\OHQHVFUHZFDSILWWHGZLWKDQ
LQGXFWLRQVHDOHGDOXPLQXPIDFHGOLQHU
$OOODEHOVIRU,03 GLVWULEXWHGWRLQYHVWLJDWLYHVLWHVLQWKH86DQGWKHUHVWRIZRUOG52:ZLOO
PHHWDOODSSOLFDEOHUHTXLUHPHQWVRIWKH86)RRGDQG'UXJ$GPLQLVWUDWLRQ)'$
WKH (8 $QQH[ RI*RRG0DQXIDFWXULQJ3UDFWLFHV0DQXIDFWXUHRILQYHVWLJDWLRQDOPHGLFLQDO
SURGXFWV-XO\  DQGRURWKHUORFDOUHJXODWLRQVDVDSSOLFDEOH

6WRUDJHDQG+DQGOLQJ
6XIILFLHQWTXDQWLWLHVRISUHVDWRYLU WDEOHWVDQGPDWFKLQJSODFHERZLOOEHVKLSSHGWRWKH
LQYHVWLJDWRURUTXDOLILHGGHVLJQHHIURP*LOHDG6FLHQFHV&OLQLFDO6XSSO\0DQDJHPHQW RULWV
GHVLJQHH
3UHVDWRYLU WDEOHWVVKRXOGEHVWRUHGDWFRQWUROOHGURRPWHPSHUDWXUHRI & )H[FXUVLRQV
DUHSHUPLWWHGEHWZHHQ &DQG & )DQG )6WRUDJHFRQGLWLRQVDUHVSHFLILHGRQ
WKHODEHO8QWLOGLVSHQVHGWRWKHVXEMHFWVDOOERWWOHVRI,03 VKRXOGEHVWRUHGLQDVHFXUHO\ORFNHG
DUHDDFFHVVLEOHRQO\WRDXWKRUL]HGVLWHSHUVRQQHO7KHVWXG\FHQWHUZLOOEHUHTXLUHGWRPDLQWDLQD
ORJRIGDLO\WHPSHUDWXUHUHDGLQJVLQWKHVWRUDJHDUHDIRUWKHGXUDWLRQRIWKHVWXG\ZLWKWKH
H[FHSWLRQRIZHHNHQGVDQGRUKROLGD\VSHUVLWHZULWWHQSURFHGXUH7RHQVXUHWKHVWDELOLW\DQG
SURSHULGHQWLILFDWLRQWKHGUXJSURGXFWVZLOOEHVWRUHGLQWKHFRQWDLQHUVLQZKLFKWKH\ZHUH
VXSSOLHGXQWLOXQLWVDUH GLVSHQVHGWR LQGLYLGXDOVXEMHFWVDWWKHVLWH


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

'RVDJHDQG$GPLQLVWUDWLRQRI3UHVDWRYLU
(OLJLEOHVXEMHFWVZLOOUHFHLYHDVLQJOHGRVHRIPJSUHVDWRYLU RUSODFHERRQ'D\V 
DQG'RVHVZLOOEHDGPLQLVWHUHGRUDOO\RUYLD1*WXEH7KHHQWLUHGRVHPXVWEHWDNHQZLWKLQ
 KRXU ,QYHVWLJDWLRQDOPHGLFLQDOSURGXFWVKRXOG EHGLVSHQVHGZLWKJORYHV
6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRUREVHUYDWLRQ,IYRPLWLQJRFFXUV
ZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHGWDEOHWVDUHSUHVHQWLQWKHYRPLWXV
WKHVXEMHFWVKRXOGUHFHLYHDQRWKHUGRVH,IDQRWKHUGRVHLVDGPLQLVWHUHGWKHVXEMHFWVKRXOG
UHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRUREVHUYDWLRQ

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV
6WURQJDQGPRGHUDWHLQGXFHUVRI&<3HQ]\PHVPD\UHGXFHWKHH[SRVXUHRISUHVDWRYLU
3UHOLPLQDU\3.UHVXOWVIURPDFOLQLFDOGUXJGUXJLQWHUDFWLRQ'',VWXG\*686
GHPRQVWUDWHGWKDWLQGXFWLRQRI&<3HQ]\PHVZLWKULIDPSLQRUHIDYLUHQ]UHVXOWHGLQDQRU
GHFUHDVHUHVSHFWLYHO\LQSUHVDWRYLU $8&LQI 7KHUHIRUHFRQFRPLWDQWDGPLQLVWUDWLRQRI
VWURQJRUPRGHUDWH&<3LQGXFHUV^)'$` LQFOXGLQJEXWQRWOLPLWHGWRULIDPSLQ6W-RKQ¶V
:RUWFDUEDPD]HSLQHSKHQ\WRLQHIDYLUHQ]ERVHQWDQHWUDYLULQHPRGDILQLODQGQDIFLOOLQLV
H[FOXGHGWRDYRLGSRWHQWLDOGUXJUHVLVWDQFH
&\FORVSRULQHDZHDN&<3$LQKLELWRUDQGDSRWHQWLQKLELWRURIHIIOX[WUDQVSRUWHUV
3 JO\FRSURWHLQ>3JS@EUHDVWFDQFHUUHVLVWDQWSURWHLQ>%&53@DQGWKHKHSDWLFXSWDNHRUJDQLF
DQLRQWUDQVSRUWHUSURWHLQV2$73%DQG2$73%KDVEHHQDVVRFLDWHGZLWKDPLOGLQFUHDVH
LQSUHVDWRYLUSODVPDH[SRVXUHLQFUHDVHLQ&PD[ DQGLQFUHDVHLQ$8&LQI7KXV
SUHVDWRYLUFDQEHFRDGPLQLVWHUHGZLWKLQKLELWRUVRI3JS%&532$73%RU27$3%
ZLWKRXWGRVHPRGLILFDWLRQ
7KHHIIHFWRIFRDGPLQLVWUDWLRQZLWKVWURQJDQGPRGHUDWH&<3$LQKLELWRUVRQSUHVDWRYLU3.LV
FXUUHQWO\EHLQJLQYHVWLJDWHGLQDFOLQLFDOGUXJGUXJLQWHUDFWLRQVWXG\
3UHVDWRYLULVQRWH[SHFWHGWRVLJQLILFDQWO\DOWHUWKH3.RIFRQFRPLWDQWPHGLFDWLRQVWKDWDUH
VXEVWUDWHVRIPDMRUKXPDQ&<3HQ]\PHVRUGUXJWUDQVSRUWHUV3UHVDWRYLULVQRWH[SHFWHGWREHDQ
LQKLELWRURIFRPPRQKXPDQ&<3HQ]\PHV&<3$&<3%&<3&&<3&&<3&
&<3$DQG&<3'KXPDQ8*7$RUPDMRUGUXJ WUDQVSRUWHUV2$73%%%&53
3JS2&72&7%6(32$7DQG2$7DWFOLQLFDOO\UHOHYDQWFRQFHQWUDWLRQV3UHVDWRYLULV
DOVRQRWDQLQGXFHUWKURXJK$K5RU3;5DWFRQFHQWUDWLRQVXSWRȝ0
3UHVDWRYLU PD\FDXVHFRQFHQWUDWLRQGHSHQGHQWLQKLELWLRQRIPXOWLGUXJDQGWR[LQH[WUXVLRQYLD
WUDQVSRUWHUV0$7(DQG0$7(.ZLWK,& YDOXHVRI DQGȝ0UHVSHFWLYHO\:KHQ
FRDGPLQLVWHUHGZLWKUHQDOO\HOLPLQDWHGFRQFRPLWDQWPHGLFDWLRQVLH ILOWUDWLRQ SOXV VHFUHWLRQ
SUHVDWRYLU PD\LQFUHDVHWKHH[SRVXUHVRIVXEVWUDWHVVHFUHWHGE\WKH0$7(VWUDQVSRUWHUVVXFKDV
JDQFLFORYLUDF\FORYLUOHYRIOR[DFLQPHWIRUPLQFDSWRSULOSURFDLQDPLGHIH[RIHQDGLQH
FLPHWLGLQHFHSKUDGLQHDQGFHSKDOH[LQ 'RVLQJDQGVDIHW\PRQLWRULQJVKRXOGEHFRQVLVWHQWZLWK
SUHVFULELQJLQIRUPDWLRQLQSDUWLFXODUIRUDJHQWVZKLFKUHTXLUHGRVHUHGXFWLRQVLQWKHVHWWLQJRI
UHQDOLPSDLUPHQW


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

$FFRXQWDELOLW\ IRU3UHVDWRYLU
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJDGHTXDWHDFFRXQWDELOLW\RIDOOXVHGDQGXQXVHG,03
ERWWOHV 7KLVLQFOXGHVDFNQRZOHGJHPHQWRIUHFHLSWRIHDFKVKLSPHQWRI,03
TXDQWLW\ DQG FRQGLWLRQ
3UHVDWRYLU DFFRXQWDELOLW\UHFRUGVZLOOEHSURYLGHGWRHDFKVWXG\VLWHWR

5HFRUGWKHGDWHDQGTXDQWLW\RI,03 ERWWOHV UHFHLYHG

5HFRUGWKHGDWHVXEMHFWQXPEHUVXEMHFWLQLWLDOVWKH,03 ERWWOH QXPEHUGLVSHQVHG

5HFRUGWKHGDWHTXDQWLW\RIXVHGDQGXQXVHG,03 ERWWOHVUHWXUQHGDORQJZLWKWKHLQLWLDOVRI
WKHSHUVRQUHFRUGLQJWKHLQIRUPDWLRQ

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW 5HWXUQRU'LVSRVDO
$WWKHVLWHLQLWLDWLRQYLVLWRUILUVWPRQLWRULQJYLVLWWKHVWXG\PRQLWRUZLOOHYDOXDWHHDFKVWXG\
FHQWHU¶V,03GLVSRVDOSURFHGXUHVDQGSURYLGHDSSURSULDWHLQVWUXFWLRQIRUUHWXUQRUGHVWUXFWLRQRI
XQXVHG,03VXSSOLHV,IWKHVLWHKDVDQDSSURSULDWH6WDQGDUG2SHUDWLQJ3URFHGXUH623IRUGUXJ
GHVWUXFWLRQDVUHYLHZHGDQGDSSURYHGE\*6,WKHVLWHPD\GHVWUR\XVHGDQGXQXVHG,03
VXSSOLHVSHUIRUPHGLQDFFRUGDQFHZLWKWKHVLWH¶VKRVSLWDOSKDUPDF\623DIWHUUHFRQFLOLDWLRQ
KDVEHHQFRPSOHWHGE\WKHVLWHPRQLWRU,IWKHVLWHGRHVQRWKDYHDFFHSWDEOHSURFHGXUHVLQSODFH
IRUGUXJGHVWUXFWLRQDUUDQJHPHQWVZLOOEHPDGHEHWZHHQWKHVLWHDQG*6, RU *6, UHSUHVHQWDWLYH
IRUUHWXUQRIXQXVHG,03VXSSOLHV$FRS\RIWKHVLWH¶V623ZLOOEHREWDLQHGIRUFHQWUDOILOHV
:KHUHSRVVLEOH ,03ZLOOEHGHVWUR\HGDWWKHVLWH
8SRQVWXG\FRPSOHWLRQDFRS\RIWKH,QYHVWLJDWLRQDO'UXJ$FFRXQWDELOLW\UHFRUGVPXVWEHILOHG
DWWKHVLWH$QRWKHUFRS\ZLOOEHUHWXUQHGWR*6,,IGUXJLVGHVWUR\HGRQVLWHWKHLQYHVWLJDWRU
PXVWPDLQWDLQDFFXUDWHUHFRUGVIRUDOO,03GHVWUR\HG5HFRUGVPXVWVKRZWKHLGHQWLILFDWLRQDQG
TXDQWLW\RIHDFKXQLWGHVWUR\HGWKHPHWKRGRIGHVWUXFWLRQDQGSHUVRQZKRGLVSRVHGRIWKHGUXJ
$OO,03UHFRUGVPXVWEHPDLQWDLQHGDWWKHVLWHDQGFRSLHVPXVWEHVXEPLWWHGWR*6,DWWKHHQGRI
WKHVWXG\


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

678'<352&('85(6
7KHVWXG\SURFHGXUHVWREHFRQGXFWHGIRUHDFKVXEMHFWHQUROOHGLQWKHVWXG\DUHSUHVHQWHGLQ
WDEXODUIRUPLQ$SSHQGL[  DQGGHVFULEHGLQWKHWH[WWKDWIROORZV$GGLWLRQDOLQIRUPDWLRQLV
SURYLGHGLQWKHVWXG\SURFHGXUHVPDQXDO
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKHVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKH
SURFHGXUHVDQGHYDOXDWLRQVGHVFULEHGLQWKLVSURWRFRO,QYHVWLJDWRUVPXVWGRFXPHQWDQ\GHYLDWLRQ
RUGHSDUWXUHIURPSURWRFROSURFHGXUHVUHJDUGOHVVRIFDXVDOLW\DQGQRWLI\WKHVSRQVRURUFRQWUDFW
UHVHDUFKRUJDQL]DWLRQ&52

6XEMHFW(QUROOPHQWDQG7UHDWPHQW$VVLJQPHQW

9LVLW6FUHHQLQJ9LVLW 'D\
9LVLW PXVWEHSHUIRUPHG LQFOLQLF RULQKRVSLWDO ,QFDVHVZKHUHDQ 569LQIHFWLRQLVVXVSHFWHG
EXW569WHVWLQJ LVQRWSHUIRUPHGDVVWDQGDUGPHGLFDOFDUH ORFDO569WHVWLQJFDQEHSHUIRUPHG
DW 6FUHHQLQJ DIWHUVXEMHFWVVLJQWKHLQIRUPHGFRQVHQW 6XEMHFWVZKRDUHWHVWHGIRU569DIWHU
VLJQLQJFRQVHQWPXVWWHVWSRVLWLYHIRU569DQGUDQGRPL]HZLWKLQ  KRXUVRIFRQILUPDWLRQRIWKH
VXEMHFW¶VHOLJLELOLW\
,QDOORWKHUFDVHVVXEMHFWVVKRXOGEHGRFXPHQWHGDV569SRVLWLYHDVGHWHUPLQHGE\WKHORFDO
ODERUDWRU\WHVWPHWKRGVHJ3&5')$593DVVD\RUFXOWXUH XVLQJDQXSSHUUHVSLUDWRU\WUDFW
VDPSOHFROOHFWHG GD\VSULRUWREHLQJDSSURDFKHGIRULQIRUPHGFRQVHQW
7KH3ULQFLSDO,QYHVWLJDWRURUDPHGLFDOO\TXDOLILHG6XE,QYHVWLJDWRUHJ0''2RUQXUVH
SUDFWLWLRQHUPXVWUHYLHZDQGGLVFXVVWKHVWXG\ZLWKHDFK VXEMHFWSULRUWRFRQVHQW$OO6FUHHQLQJ
9LVLW DVVHVVPHQWVPXVWEHSHUIRUPHGDIWHUREWDLQLQJZULWWHQFRQVHQW$OO6FUHHQLQJODEVDQG
SURFHGXUHVZLOOEHSHUIRUPHGORFDOO\DQGUHVXOWVZLOOEHUHYLHZHGE\WKHLQYHVWLJDWRUSULRUWR
,03DGPLQLVWUDWLRQ
7KHIROORZLQJSURFHGXUHVZLOOEHFRPSOHWHGDW6FUHHQLQJ

2EWDLQZULWWHQLQIRUPHGFRQVHQW

&ROOHFWLRQRI0HGLFDO+LVWRU\DQG'HPRJUDSKLFV

569WHVWLQJLIQRWSUHYLRXVO\REWDLQHGDVVWDQGDUGRIFDUHGD\VSULRUWR6FUHHQLQJ
,Q-DSDQFROOHFWLRQRIQDVDOVZDEVDPSOHV IURPHDFKQDULV2QHVDPSOHZLOOEH
WHVWHGORFDOO\IRU569DQG VDPSOHZLOOEHVHQWWRWKHFHQWUDOODERUDWRU\IRUFRYLUDO
LQIHFWLRQWHVWLQJ

5HYLHZRIFRQFRPLWDQWPHGLFDWLRQV

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

+HLJKWDQGZHLJKW


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

2VDWXUDWLRQRQURRPDLU

&KHVW;UD\ FKHVW;UD\VREWDLQHG KRXUV SULRUWR6FUHHQLQJPD\EHXVHG

%ORRGGUDZ IRUVFUHHQLQJODEV ODEVREWDLQHGGD\VSULRUWR6FUHHQLQJPD\EHXVHG
&UHDWLQLQHFOHDUDQFH FDOFXODWHGXVLQJWKH&RFNURIW*DXOWPHWKRG
$67 DQG$/7
7RWDOELOLUXELQ

8ULQHRUVHUXPSUHJQDQF\WHVWIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\
DQGRUELODWHUDORRSKRUHFWRP\

5HFRUGDQ\6$(V DQGDOO$(V UHODWHGWRSURWRFROPDQGDWHGSURFHGXUHVRFFXUULQJDIWHU
VLJQLQJ RIWKHFRQVHQWIRUP
6XEMHFWVZLWKXSSHUUHVSLUDWRU\WUDFWLQIHFWLRQVZKRVFUHHQHGXQGHUWKH*686
SURWRFRODQGZKRGLGQRWTXDOLI\GXHWRDEVHQFHRIORZHUUHVSLUDWRU\WUDFWLQIHFWLRQYLDVDPSOH
RU;UD\PD\EHVFUHHQHGIRUWKH*686VWXG\,QWKHVHFDVHVVFUHHQLQJSURFHGXUHV
FRPSOHWHGIRUWKH*686VWXG\PD\EHXVHGLQVXSSRUWRIWKH*686
6FUHHQLQJ9LVLW6XEMHFWVZKRVFUHHQHGIRU*686EXWZKRVKRZQHZVLJQVRIORZHU
UHVSLUDWRU\WUDFWLQIHFWLRQYLDFKHVW;5D\PD\VFUHHQIDLOIURP*686DQGVFUHHQ
LQWR*686
6XEMHFWVPHHWLQJDOORIWKHLQFOXVLRQFULWHULDDQGQRQHRIWKHH[FOXVLRQFULWHULDZLOOUHWXUQWRWKH
FOLQLFDIWHUVFUHHQLQJIRUUDQGRPL]DWLRQLQWRWKHVWXG\ 6XEMHFWVPXVWFRQWLQXHWRPHHWDOO
LQFOXVLRQFULWHULDDQGQRQHRIWKHH[FOXVLRQFULWHULDDWWKHWLPHRIUDQGRPL]DWLRQ,IDOOODEUHVXOWV
DQGSURFHGXUHVDUHDYDLODEOHDQGVDWLVI\WKHLQFOXVLRQH[FOXVLRQFULWHULD6FUHHQLQJDQG
9LVLW  'D\ PD\RFFXURQWKHVDPHGD\
)URPWKHWLPHRIREWDLQLQJLQIRUPHGFRQVHQWWKURXJKWKHILUVWDGPLQLVWUDWLRQRI,03UHFRUGDOO
6$(VDVZHOODVDQ\$(V UHODWHGWRSURWRFROPDQGDWHGSURFHGXUHVRQWKH$(FDVHUHSRUWIRUP
H&5)$OORWKHUXQWRZDUGPHGLFDORFFXUUHQFHVREVHUYHGGXULQJWKH6FUHHQLQJSHULRG
LQFOXGLQJH[DFHUEDWLRQRUFKDQJHVLQPHGLFDOKLVWRU\ DUHWREHFDSWXUHGRQWKHPHGLFDOKLVWRU\
H&5)6HH6HFWLRQ  $GYHUVH(YHQWVDQG7R[LFLW\0DQDJHPHQWIRUDGGLWLRQDOGHWDLOV

9LVLW%DVHOLQH $VVHVVPHQWV5DQGRPL]DWLRQ DQG7UHDWPHQW$VVHVVPHQWV
'D\

%DVHOLQH$VVHVVPHQWV
9LVLWPXVWEHSHUIRUPHGLQFOLQLF RULQKRVSLWDO DQG VKRXOG RFFXUZLWKLQKRXUVRI
FRQILUPDWLRQRIWKHVXEMHFW¶VHOLJLELOLW\6DPSOHVDQGDVVHVVPHQWV SHUIRUPHGDW6FUHHQLQJ
9LVLW PD\QRWEHXVHGDV 9LVLW%DVHOLQHDVVHVVPHQWV%DVHOLQH 9LVLW DVVHVVPHQWVVKRXOG
EHSHUIRUPHGLQWKHIROORZLQJRUGHUDQGGRFXPHQWHGRQ'D\SULRUWR,03DGPLQLVWUDWLRQ

)/8352TXHVWLRQQDLUH


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

5HYLHZRIFRQFRPLWDQWPHGLFDWLRQVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQGQRQLQYDVLYHRI
DQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH  /PLQIRU!KRXUV

:HLJKW

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

3UHGRVHEORRGGUDZ IRUFHQWUDODQGORFDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH :%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7$/3DQG7%
6HUXPDQWLERG\WLWHUWR569
5HVSLUDWRU\V\QF\WLDOYLUXV YLUHPLD
/RFDOWURSRQLQWHVWLQJ
/RFDOWHVWLQJIRUO\PSKRF\WHFRXQWLIQRWREWDLQHG  GD\VSULRUWR6FUHHQLQJ>9LVLW @

1DVDOVDPSOHV WRWDOIURPHDFK QRVWULO IRUFHQWUDOODERUDWRU\YLURORJ\WHVWLQJ
,Q-DSDQRQO\ VZDEVDPSOHZLOOEHFROOHFWHGDW%DVHOLQHIRUFHQWUDOODERUDWRU\YLURORJ\
WHVWLQJ

8ULQHRUVHUXPSUHJQDQF\WHVWIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\
DQGRUELODWHUDORRSKRUHFWRP\

OHDG3UHGRVH(&*

5DQGRPL]DWLRQ DQG7UHDWPHQW$VVHVVPHQWV'D\
$IWHUDOO%DVHOLQHDVVHVVPHQWVDUHFRPSOHWHHOLJLEOHVXEMHFWVZLOOEHUDQGRPL]HGYLD
,QWHUDFWLYH 9RLFH:HE5HVSRQVH6\VWHP,;56 DQG,03ZLOOEHDGPLQLVWHUHG
5DQGRPL]DWLRQWRSUHVDWRYLU RUSODFHERZLOOEHEDVHGRQDUDQGRPL]DWLRQVFKHGXOHSUHSDUHGE\
*LOHDGDQGRUGHVLJQHHEHIRUHWKHVWDUWRIWKHVWXG\6XEMHFWVPXVWFRQWLQXHWRVDWLVI\DOO
LQFOXVLRQH[FOXVLRQFULWHULDDWWKHWLPHRIUDQGRPL]DWLRQ3ULRUWRUDQGRPL]DWLRQHOLJLEOHVXEMHFWV
ZLOOEHVWUDWLILHGE\WKHIROORZLQJ

3UHVHQFHRUDEVHQFHRIO\PSKRSHQLDGHILQHGDVDO\PSKRF\WHFRXQWFHOOV/YHUVXV
 FHOOV/RIEORRG

7UHDWPHQWRI569\HVRUQRZLWK ULEDYLULQ RUDOLQWUDYHQRXVRUDHURVROL]HG


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
:KHQDYDLODEOHWKHPRVWUHFHQWODERUDWRU\YDOXHIRUO\PSKRF\WHFRXQWREWDLQHG  GD\VSULRU
WR6FUHHQLQJ>9LVLW @PD\EHXVHGIRUUDQGRPL]DWLRQ,IDQH[LVWLQJODERUDWRU\YDOXHLVQRW
DYDLODEOHWKHWHVWZLOOEHSHUIRUPHGDW6FUHHQLQJXVLQJWKHORFDOKRVSLWDOODERUDWRU\
7UHDWPHQWRIFXUUHQW569LQIHFWLRQZLWKULEDYLULQZLOOEHGHILQHG DVGRVHRIULEDYLULQ
RUDO LQWUDYHQRXVRUDHURVROL]HGSULRUWRUDQGRPL]DWLRQRUZLWKZULWWHQRUGHUVIRUWKHLQLWLDWLRQ
RIWKHUDS\ DWWKHWLPHRIUDQGRPL]DWLRQ6XEMHFWVZLOOEHUDQGRPL]HGLQDUDWLRWRUHFHLYH
,03SUHVDWRYLU RUPDWFKLQJSODFHER
6XEMHFWVZLOOUHFHLYHDGRVHRIPJIRXUPJWDEOHWVRISUHVDWRYLU RUPDWFKLQJSODFHERDW
'D\ $OO,03ZLOOEHDGPLQLVWHUHG RUDOO\ RUYLD1*WXEH7KHHQWLUHGRVHPXVWEHWDNHQZLWKLQ
 KRXU,QYHVWLJDWLRQDOPHGLFLQDOSURGXFW VKRXOGEHGLVSHQVHGZLWKJORYHV 6XEMHFWVZLOOUHPDLQ
LQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRUREVHUYDWLRQ,IYRPLWLQJRFFXUVZLWKLQ PLQXWHVDIWHU
,03DGPLQLVWUDWLRQDQGXQGLVVROYHGWDEOHWVDUHSUHVHQWLQWKHYRPLWXVWKHVXEMHFWVKRXOG UHFHLYH
DQRWKHU GRVH,IDQRWKHUGRVHLVDGPLQLVWHUHGWKHVXEMHFWVKRXOGUHPDLQLQWKHFOLQLFIRUDQ
DGGLWLRQDOPLQXWHVSRVWGRVHIRUREVHUYDWLRQ 'HWDLOVRI,03DGPLQLVWUDWLRQDUHLQFOXGHGLQ
WKH6WXG\3URFHGXUHV0DQXDO
7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGDQGGRFXPHQWHGRQ'D\DIWHU,03DGPLQLVWUDWLRQ

3KDUPDFRNLQHWLF VDPSOLQJDW PLQ PLQ PLQ DQGKRXUV  PLQ
SRVWGRVHIRU3.VXEJURXS VXEMHFWV

%ORRGGUDZIRUVHUXPFUHDWLQLQHDWKRXUV PLQ SRVWGRVHIRU3.VXEJURXSVXEMHFWV

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQV ,&8DGPLVVLRQVRUXWLOL]DWLRQ
RI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLHFKHVWUDGLRJUDSKVPLFURELRORJ\
HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQGQRQLQYDVLYHRIDQ\GXUDWLRQDQG
VXSSOHPHQWDO2 XVH /PLQIRU!KRXUV

9LVLW 'D\ KRXUV
9LVLW
)RU
VXEMHFWVLQWKH3.VXEJURXS9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGLQWKHFOLQLF RULQKRVSLWDO
)RUDOORWKHUVXEMHFWVZKRFRPSOHWHWKLVYLVLW DVVHVVPHQWVPD\EHSHUIRUPHGDWWKHFOLQLFLQ
KRVSLWDO RUDWWKHVXEMHFW¶VKRPHE\WKHVWXG\FRRUGLQDWRURUGHVLJQHHRUDKRPHQXUVLQJ
YHQGRU

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

3KDUPDFRNLQHWLF VDPSOLQJIRU3.VXEJURXSVXEMHFWVRQO\

9LWDOVLJQVLQFOXGLQJ2VDWXUDWLRQXQOHVVFRQGXFWHGDVDKRPHYLVLW

$VVHVVPHQW RI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV,&8
DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLHFKHVW
UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQG
QRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH /PLQIRU!KRXUV 5HYLHZ
RI SURFHGXUHUHODWHG$(VRQO\LI KRPHYLVLW
PPD


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

9LVLW'D\KRXUV
9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGLQFOLQLF RULQKRVSLWDO DQGVKRXOG EHSHUIRUPHGLQWKH
IROORZLQJRUGHUDQGGRFXPHQWHGDOVRUHIHUWR$SSHQGL[ 6WXG\3URFHGXUHV7DEOH

)/8352TXHVWLRQQDLUH

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

:HLJKW

3UHGRVHEORRGGUDZ IRUFHQWUDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH :%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7$/3DQG7%
3KDUPDFRNLQHWLF VDPSOLQJIRUDOOVXEMHFWVSUHGRVH
5HVSLUDWRU\V\QF\WLDOYLUXVYLUHPLD

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

8ULQHRUVHUXPSUHJQDQF\WHVWIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\
DQGRUELODWHUDORRSKRUHFWRP\

,QYHVWLJDWLRQDOPHGLFLQDOSURGXFW DGPLQLVWUDWLRQ

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV,&8
DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWV
LH FKHVW UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQG
QRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH  /PLQIRU!KRXUV
 6XEMHFWVZLOOUHFHLYHDVLQJOHGRVHRIPJIRXUPJWDEOHWVRISUHVDWRYLU RUPDWFKLQJ
SODFHERDW'D\VDQG$OO,03ZLOOEHDGPLQLVWHUHGRUDOO\RUYLD1*WXEH 7KHHQWLUH
GRVHPXVWEHWDNHQZLWKLQKRXU ,QYHVWLJDWLRQDOPHGLFLQDOSURGXFW VKRXOGEHGLVSHQVHGZLWK
JORYHV6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRUREVHUYDWLRQ,IYRPLWLQJ
RFFXUVZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHGWDEOHWVDUHSUHVHQW LQWKH
YRPLWXVWKHVXEMHFWVKRXOG UHFHLYHDQRWKHUGRVH,IDQRWKHUGRVHLVDGPLQLVWHUHGWKHVXEMHFW
VKRXOGUHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRUREVHUYDWLRQ'HWDLOVRI
,03DGPLQLVWUDWLRQDUHLQFOXGHGLQWKH6WXG\3URFHGXUHV0DQXDO

9LVLW'D\KRXUV
9LVLWDVVHVVPHQWVPD\EHSHUIRUPHGLQ FOLQLFLQKRVSLWDO RU DWWKHVXEMHFW¶V KRPHE\WKHVWXG\
FRRUGLQDWRURUGHVLJQHHRUDKRPHQXUVLQJYHQGRU

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

9LWDOVLJQVLQFOXGLQJ2VDWXUDWLRQXQOHVVFRQGXFWHGDVDKRPHYLVLW

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV,&8
DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLHFKHVW
UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQGQRQ
LQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH /PLQIRU!KRXUV5HYLHZRI
SURFHGXUHUHODWHG$(VRQO\LIKRPH YLVLW

9LVLWV'D\VDQGKRXUV
9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGLQFOLQLFRULQKRVSLWDODQGVKRXOG EHSHUIRUPHGLQWKH
IROORZLQJRUGHUDQGGRFXPHQWHGDWWKHVHYLVLWVDOVRUHIHUWR$SSHQGL[ 6WXG\3URFHGXUHV
7DEOH

)/8352TXHVWLRQQDLUH 'D\RQO\

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

:HLJKW

3UHGRVHEORRGGUDZ IRUFHQWUDODQGORFDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH:%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7$/3DQG7%
3KDUPDFRNLQHWLF VDPSOLQJ IRUDOOVXEMHFWVSUHGRVH'D\RQO\
5HVSLUDWRU\V\QF\WLDOYLUXV YLUHPLD
/RFDOWURSRQLQWHVWLQJ'D\RQO\

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

OHDG3UH'RVH(&*'D\RQO\

8ULQHRUVHUXPSUHJQDQF\WHVWIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\
DQGRUELODWHUDORRSKRUHFWRP\

,QYHVWLJDWLRQDOPHGLFLQDOSURGXFW DGPLQLVWUDWLRQ

3KDUPDFRNLQHWLF VDPSOLQJIRUDOOVXEMHFWVKRXUVSRVWGRVHPLQ'D\RQO\

%ORRGGUDZIRUVHUXPFUHDWLQLQHDWKRXUVPLQSRVWGRVHIRU3.VXEJURXSVXEMHFWV
'D\RQO\






3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

$VVHVVPHQWVIRU3UHPDWXUH'LVFRQWLQXDWLRQIURP,03GRVLQJDQG(DUO\
:LWKGUDZDO
5HDVRQVIRUSUHPDWXUHGLVFRQWLQXDWLRQIURP,03GRVLQJRUWKHVWXG\DUHRXWOLQHGLQ6HFWLRQ 

$VVHVVPHQWVIRU3UHPDWXUH'LVFRQWLQXDWLRQIURP,03$GPLQLVWUDWLRQ
,IDVXEMHFWSUHPDWXUHO\GLVFRQWLQXHV,03GRVLQJWKHVXEMHFWZLOOUHPDLQRQVWXG\DQGZLOO
FRQWLQXHZLWKDOOVXEVHTXHQWVWXG\YLVLWVDQGDVVHVVPHQWVWKURXJK9LVLW'D\(QGRI6WXG\
9LVLWZLWKWKHH[FHSWLRQRI,03DGPLQLVWUDWLRQ

$VVHVVPHQWVIRU(DUO\7HUPLQDWLRQ:LWKGUDZDO
(YHU\DWWHPSWVKRXOGEHPDGHWRNHHSVXEMHFWVLQWKHVWXG\DQGWRSHUIRUPWKHUHTXLUHG
VWXG\UHODWHGDQGIROORZXSSURFHGXUHV VHH6HFWLRQV  WKURXJK ,IWKLVLVQRWSRVVLEOHRU
DFFHSWDEOHWRWKHVXEMHFWRULQYHVWLJDWRUWKHVXEMHFWPD\EHZLWKGUDZQIURPWKHVWXG\
,IDVXEMHFWZLWKGUDZVHDUO\IURPWKHVWXG\IRUDQ\UHDVRQHYHU\DWWHPSWVKRXOGEHPDGHWR
EULQJWKHVXEMHFWEDFNWRWKHFOLQLFRUKRVSLWDOIRUWKHIROORZLQJHDUO\WHUPLQDWLRQDVVHVVPHQWV

)/8352TXHVWLRQQDLUH RQO\LIWKHVXEMHFWZLWKGUDZVSULRUWR9LVLW>'D\ @

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

:HLJKW

%ORRGVDPSOHFROOHFWLRQIRUFHQWUDODQGORFDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH:%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7$/3DQG7%
6HUXPDQWLERG\WLWHUWR569
5HVSLUDWRU\V\QF\WLDOYLUXV YLUHPLD
3KDUPDFRNLQHWLF VDPSOLQJRQO\LIWKHVXEMHFWZLWKGUDZDOVSULRUWR9LVLW>'D\@
/RFDOWURSRQLQWHVWLQJ

1DVDOVDPSOHVWRWDOIURPHDFK QRVWULO

OHDG(&*

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV,&8
DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWV
LH FKHVW UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQG
QRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH /PLQIRU!KRXUV






3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

2[\JHQ6DWXUDWLRQ
2[\JHQVDWXUDWLRQDVVHVVPHQWZLOOEHJLQE\ILUVWDVNLQJWKHVXEMHFWWRVLWTXLHWO\IRU PLQXWH
2[\JHQ VDWXUDWLRQZLOOEHUHFRUGHGZKLOHEUHDWKLQJURRPDLUHYHQLIWKHVXEMHFWLVGHSHQGHQWRQ
2VXSSOHPHQWDWLRQ,IWKHVXEMHFWLVUHFHLYLQJVXSSOHPHQWDO2WKH2VRXUFHPXVWEHUHPRYHG
IRUDSHULRGRIVHFRQGVSULRUWRWKLVDVVHVVPHQW7KLVVHFRQGSHULRGPD\EHFRQGXFWHG
ZKLOHWKHVXEMHFWLVVLWWLQJTXLHWO\7KH2VDWXUDWLRQZLOOEHGRFXPHQWHGLQWKHVRXUFH
GRFXPHQWDWLRQ DWUHJXODULQWHUYDOVGXULQJDPLQXWHWHVWLQJSHULRG 2[\JHQ VDWXUDWLRQ
HYDOXDWLRQZLOOEHFRQVLGHUHGFRPSOHWHZKHQWKHPLQXWHSHULRGKDVHODSVHGRUZKHQWKH
VXEMHFWDFKLHYHVDVDWXUDWLRQRIZKLFKHYHULVDFKLHYHGILUVW7KHORZHVW2VDWXUDWLRQ
UHFRUGHGRYHUWKHPLQXWHLQWHUYDOZLOOEHFDSWXUHGLQWKHH&5)2[\JHQ VDWXUDWLRQZLOOEH
FROOHFWHGDWDOOVWXG\YLVLWVZLWKWKHH[FHSWLRQRI9LVLWVDQG LIWKH\DUHSHUIRUPHGDVKRPH
YLVLWV

6XEMHFWVUHTXLULQJLQYDVLYH PHFKDQLFDOYHQWLODWLRQZLOOQRW KDYH2 VDWXUDWLRQPHDVXUHGZKLOH
YHQWLODWHGDQGLWVKRXOGEHUHFRUGHGLQWKHVRXUFHGRFXPHQWDWLRQDVQRWDVVHVVHGDQGWKHUHDVRQ
VKRXOGEHGRFXPHQWHG,ILWLVGHWHUPLQHGE\WKHLQYHVWLJDWRUWKDWLWLVXQVDIHWRUHPRYHWKH
VXEMHFW¶VVXSSOHPHQWDO2IRUDVVHVVPHQWRI2VDWXUDWLRQ HJVXEMHFWLVRQKLJKIORZPDVN
WKHQLW VKRXOGEHUHFRUGHGLQWKHVRXUFHGRFXPHQWDWLRQDVQRWDVVHVVHG DQGWKHUHDVRQVKRXOGEH
GRFXPHQWHG

6DIHW\/DEV
:KHQDYDLODEOHWKHPRVWUHFHQWODERUDWRU\YDOXHVREWDLQHG  GD\VSULRUWR6FUHHQLQJ
>9LVLW @PD\EHXVHGIRUHOLJLELOLW\DVVHVVPHQWZLWKWKHH[FHSWLRQRI569UHVXOWVDQG
SUHJQDQF\WHVWLQJ,IDQH[LVWLQJODERUDWRU\YDOXHLVQRWDYDLODEOHIRUHOLJLELOLW\DVVHVVPHQWWKH
WHVWZLOOEHSHUIRUPHGXVLQJWKHORFDOKRVSLWDOODERUDWRU\ $OOEORRGVDPSOHVZLOOEHFROOHFWHG
SUHGRVHDWDOOYLVLWVZKHUH,03LVDGPLQLVWHUHG
&HQWUDOODERUDWRU\WHVWLQJRIEORRGVSHFLPHQVIRUVDIHW\DQDO\VLVZLOOLQFOXGH:%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7$/3DQG7% DW9LVLWV
 DQG  'D\V   DQG
$Q\WHVWVKRZLQJDQLQFUHDVHRIVHUXP$/7RU$67!î8/1RU7%!î8/1ZLOOEH
UHSHDWHGZLWKLQWRKRXUVIRU$/7$67$/3DQG7%,IWKHUHSHDWYDOXHVDUHXQFKDQJHG
RUDUHQRUPDOL]LQJPRQLWRULQJZLOOFRQWLQXHDWZHHNO\LQWHUYDOVXQWLOWKHUHVXOWVDUHDFFHSWDEOH
RUQRUPDOL]HG,IDQ\YDOXHKDVLQFUHDVHGIXUWKHULPPHGLDWHFORVHREVHUYDWLRQLV UHTXLUHG,I
FORVHPRQLWRULQJLVQRWSRVVLEOH,03ZLOOEHGLVFRQWLQXHG
%ORRGZLOODOVREHGUDZQWRPRQLWRUWURSRQLQOHYHOVSUHGRVHDW9LVLWVDQG 'D\VDQG
DQGDQ\WLPHDW9LVLW'D\$WHDFKYLVLWWKH VDPSOHZLOOEHVHQWWRWKHORFDOODEDWWKH
FOLQLFDOVLWHIRUWURSRQLQDQDO\VLVXVLQJWKHODERUDWRU\EDVHGDVVD\VSHFLILFWRWKHORFDOWULDOVLWH
HJWURSRQLQ,RU7 3RLQWRIFDUH³UDSLG´WURSRQLQWHVWVDUHQRWDFFHSWDEOHIRU
SURWRFROPDQGDWHGWURSRQLQWHVWLQJ7KHEDVHOLQHWURSRQLQWHVWPXVWEHSUHGRVH +RZHYHU
WURSRQLQWHVWLQJGRQHIRUWKHSXUSRVHVRISDWLHQWFDUHRQWKHVDPHGD\DVDSURWRFROUHTXLUHGWHVW
GD\PD\EHXVHGSURYLGHGWKHWHVWLVFRPSOHWHGDWWKHSURWRFROGLUHFWHGWLPHDQGLVD
ODERUDWRU\EDVHGDVVD\7URSRQLQUHVXOWVVKRXOGEHYHULILHGEHIRUHWKHVXEMHFWOHDYHVWKHFOLQLFDO
VLWHLQFDVHDWURSRQLQYDOXHLVSRVLWLYHDQGIXUWKHUPHGLFDOFDUHLVDGYLVHG
PPD


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
%ORRGVSHFLPHQVIRUVHUXPFUHDWLQLQHZLOOEHFROOHFWHGKRXUVSRVWGRVHDW9LVLWV  DQG 
'D\V DQGIURPVXEMHFWVSDUWLFLSDWLQJLQWKH3.VXEJURXSRQO\
8ULQHRUVHUXPSUHJQDQF\WHVWVZLOORFFXUIRUDOOIHPDOHVRIFKLOGEHDULQJSRWHQWLDODW6FUHHQLQJ
DQGDWHDFKGRVLQJYLVLW9LVLWVDQGSULRUWRDGPLQLVWUDWLRQRI,03

&KHVW;UD\
*LYHQWKHSRWHQWLDO IRUDSRRURXWFRPHRQFHSURJUHVVLRQWRORZHUUHVSLUDWRU\WUDFWGLVHDVHRFFXUV
LQWKLVSRSXODWLRQD FKHVW;UD\LVJHQHUDOO\SHUIRUPHGDVSDUWRIVWDQGDUGFOLQLFDOHYDOXDWLRQRI
DQHZ857,)RUWKLVVWXG\HYDOXDWLRQRIDFKHVW;UD\LVUHTXLUHGDW6FUHHQLQJ$FKHVW;UD\
REWDLQHGKRXUV SULRUWR 6FUHHQLQJPD\EHXVHG2WKHUZLVHDFKHVW;UD\ZLOOQHHGWREH
REWDLQHGDW6FUHHQLQJ

(OHFWURFDUGLRJUDP(&*
$VSDUWRIVDIHW\WHVWLQJDW9LVLW'D\DSUHGRVHOHDG(&*ZLOOEHSHUIRUPHGRQWKH
LQVWLWXWLRQ¶V HTXLSPHQW$OHDG(&*ZLOODOVREHSHUIRUPHGSUHGRVHDW9LVLW'D\ DQG
DQ\WLPHDW9LVLW'D\ (&*UHVXOWVVKRXOGEHYHULILHGEHIRUHWKHVXEMHFWOHDYHVWKH
FOLQLFDOVLWHLQFDVHIXUWKHUPHGLFDOFDUHLVDGYLVHG (&*WHVWLQJGRQHIRUWKHSXUSRVHVRISDWLHQW
FDUHRQWKHVDPHGD\DVDSURWRFROUHTXLUHGWHVWGD\PD\EHXVHGSURYLGHGWKHWHVWLVFRPSOHWHG
DWWKHSURWRFROGLUHFWHGWLPH$Q\DGGLWLRQDO(&*PHDVXUHVREWDLQHGIRUWKHSXUSRVHVRISDWLHQW
FDUHDOVRUHTXLUHFROOHFWLRQ

&ROOHFWLRQRI6WDQGDUGRI&DUH&OLQLFDO'DWDIRU&HQWUDO5HYLHZ

/57&6RXUFH'RFXPHQWDWLRQIRU$GMXGLFDWLRQ&RPPLWWHH5HYLHZ
'XULQJWKHFRXUVHRIWKHVWXG\LWLVDQWLFLSDWHGWKDW,QYHVWLJDWRUVZLOOSHUIRUPFKHVW;UD\V
DQGRU&7VFDQVDVSDUWRIVWDQGDUGRIFDUHLIWKHUHLVDQ\FRQFHUQRIDORZHUUHVSLUDWRU\WUDFW
FRPSOLFDWLRQ,PDJHVDQGUHVXOWVIRUFKHVW;UD\VXVHGIRUVFUHHQLQJDQGHOLJLELOLW\LQFOXGLQJ
WKHFRPSDULVRQFKHVW;UD\DQGDOOVFDQVGRQHDVSDUWRIVWDQGDUGRIFDUHWRLQFOXGH&7DQG
FKHVW;UD\VZKLOHVXEMHFWVDUHRQVWXG\ZLOOEHFROOHFWHGDQGVWRUHGHOHFWURQLFDOO\IRUUHYLHZ
E\WKH$GMXGLFDWLRQ&RPPLWWHHDQGDSRVVLEOHFHQWUDOUHDG$GGLWLRQDOO\WKHIROORZLQJUHVXOWV
IURPDQ\FRQILUPDWRU\WHVWLQJZLOOEHFROOHFWHG

5HVXOWVRIDOOORFDOPLFURELRORJ\WHVWVSHUIRUPHGZKLOHRQVWXG\WKURXJK9LVLWRUHDUO\
WHUPLQDWLRQEHIRUH 9LVLW $OOEDFWHULDOYLUDOIXQJDOSDUDVLWHRURWKHUUHVXOWVIURP
VDPSOHVREWDLQHG IURPDQ\UHVSLUDWRU\VSHFLPHQ>HJEURQFKRDOYHRODUODYDJHVSXWXP
SOHXUDOIOXLGOXQJWLVVXH@ DQGIURPEORRGVSHFLPHQVLQFOXGLQJEDFWHULDOFXOWXUHYLUDO3&5
DQGVHURORJ\VWXGLHV

(FKRFDUGLRJUDPWUDFLQJVDQGUHSRUWVRIDQ\(&*SHUIRUPHGLQUHODWLRQWRDSRWHQWLDO/57&
HYHQW

7HPSHUDWXUH


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

&OLQLFDOQRWHVZLWKUDQJHRIGDWHV

'DLO\ERG\ZHLJKWV

$XWRSV\UHSRUWVLISHUIRUPHG

2WKHUVXSSRUWLQJGRFXPHQWDWLRQDVUHTXHVWHG

&OLQLFDO'DWD&ROOHFWLRQIRU&DUGLDF5HODWHG7HVWV
$VLGHIURPWKHSURWRFROVSHFLILHG(&*DQGWURSRQLQFROOHFWLRQDGGLWLRQDOFDUGLDFUHODWHGWHVWV
DUHQRWUHTXLUHGIRUWKLVVWXG\+RZHYHU WKURXJKRXWWKHVWXG\SHULRG%DVHOLQH'D\WKURXJK
'D\(QGRI6WXG\LIDQ\FDUGLDFUHODWHGWHVWLQJLVSHUIRUPHGDVSDUWRIVWDQGDUGFOLQLFDOFDUH
RUDVSDUWRI$(6$(HYDOXDWLRQDQGRUIROORZXSWKHVHUHVXOWVZLOOEHFROOHFWHGLQFOXGLQJEXW
QRWOLPLWHGWRWKHIROORZLQJ

(&*WUDFLQJVDQGUHSRUWVRIDQ\(&*SHUIRUPHG

$OOWURSRQLQWHVWLQJ

2WKHUFDUGLDFHQ]\PHWHVWLQJHJ DOO&.&.0%HWF

&DUGLDFVWUHVVWHVWLQJ

(FKRFDUGLRJUDSKLFLPDJLQJUHVWLQJDQGVWUHVVWHVWLQJ

&DUGLDFSHUIXVLRQVVFDQV

&DUGLDF05,V

$Q\DGGLWLRQDOSURFHGXUHXVHGWRHYDOXDWHFDUGLDFFRQGLWLRQV

3ODVPD3.
3KDUPDFRNLQHWLF EORRGVDPSOLQJZLOOEHSHUIRUPHGXVLQJWKHVLWH¶VORFDOSURFHGXUHV DQG
DQDO\]HGDWDFHQWUDOODERUDWRU\3KDUPDFRNLQHWLF EORRGVDPSOHV ZLOOEHSURFHVVHGSODFHGLQ
LQGLYLGXDOWXEHVDQGVWRUHGVKLSSHGWRWKHFHQWUDOODERUDWRU\DVSHULQVWUXFWLRQVRXWOLQHGLQWKH
/DERUDWRU\0DQXDO7KHVHSODVPD3.VDPSOHVPD\DOVREHXVHGWRHYDOXDWHWKHSODVPD3.RI
FRDGPLQLVWHUHGDJHQWVHJ JDQFLFORYLU DF\FORYLU
([WHQVLYH3.VDPSOLQJZLOORFFXURQDVXEVHWRIVXEMHFWVXSWRVXEMHFWV WRDGHTXDWHO\
FKDUDFWHUL]HSUHVDWRYLU 3.LQWKLVSDWLHQWSRSXODWLRQ6XEMHFWVZLOOKDYHWKHRSWLRQWRHOHFWWR
SDUWLFLSDWHLQ H[WHQVLYH3.VDPSOLQJ DW WKHWLPHRILQIRUPHGFRQVHQW3KDUPDFRNLQHWLF VDPSOHV
ZLOOEH REWDLQHGDWWKHIROORZLQJWLPHSRLQWVGHSHQGLQJRQZKHWKHUWKHVXEMHFWLVSDUWRIWKH3.
VXEVHW


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 0DUFK
7DEOH 
3.7LPHSRLQWV
9LVLW
'D\
KU SRVWGRVH
PLQ
9LVLW
'D\
KUV SRVWGRVH
PLQ
9LVLW
'D\
KUV SRVWGRVH
PLQ
9LVLW
'D\
KUV SRVWGRVH
PLQ
9LVLW
'D\
DQ\WLPH
9LVLW
'D\
SUHGRVH
9LVLW
'D\
SUHGRVH
9LVLW
'D\
KUV SRVWGRVH
PLQ
9LVLW
'D\
DQ\WLPH
3.VDPSOHV
;
;
;
;
3.VXEJURXS
VDPSOHV
;
;
;
;
;
;
;
;
;




3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

$'9(56((9(176$1'72;,&,7<0$1$*(0(17

'HILQLWLRQVRI$GYHUVH(YHQWV$GYHUVH5HDFWLRQVDQG6HULRXV$GYHUVH
(YHQWV

$GYHUVH(YHQWV
$QDGYHUVHHYHQW$(LVDQ\XQWRZDUGPHGLFDORFFXUUHQFHLQDFOLQLFDOVWXG\VXEMHFW
DGPLQLVWHUHGDPHGLFLQDOSURGXFW ZKLFKGRHVQRWQHFHVVDULO\KDYHDFDXVDOUHODWLRQVKLSZLWKWKH
WUHDWPHQW$Q$(FDQWKHUHIRUHEHDQ\XQIDYRUDEOHDQGRU XQLQWHQGHGVLJQV\PSWRPRUGLVHDVH
WHPSRUDOO\DVVRFLDWHGZLWKWKHXVHRIDPHGLFLQDOSURGXFWZKHWKHURUQRWFRQVLGHUHGUHODWHGWR
WKHPHGLFLQDOSURGXFW $GYHUVHHYHQWVPD\DOVRLQFOXGHSUH RUSRVWWUHDWPHQW FRPSOLFDWLRQVWKDW
RFFXUDVDUHVXOWRISURWRFROVSHFLILHGSURFHGXUHVODFNRIHIILFDF\RYHUGRVHGUXJDEXVHPLVXVH
UHSRUWVRURFFXSDWLRQDOH[SRVXUH3UHH[LVWLQJHYHQWVWKDWLQFUHDVHLQVHYHULW\RUFKDQJHLQQDWXUH
GXULQJRUDVDFRQVHTXHQFHRISDUWLFLSDWLRQLQWKHFOLQLFDOVWXG\ZLOODOVREHFRQVLGHUHG$(V
$Q$(GRHVQRWLQFOXGHWKHIROORZLQJ

0HGLFDORU VXUJLFDOSURFHGXUHVVXFKDV VXUJHU\HQGRVFRS\WRRWKH[WUDFWLRQ DQG WUDQVIXVLRQ
7KHFRQGLWLRQWKDWOHGWRWKHSURFHGXUHPD\EHDQDGYHUVHHYHQW DQGPXVWEHUHSRUWHG

3UHH[LVWLQJGLVHDVHV FRQGLWLRQV RUODERUDWRU\DEQRUPDOLWLHVSUHVHQWRUGHWHFWHGEHIRUH WKH
6FUHHQLQJYLVLWWKDWGRQRWZRUVHQ

6LWXDWLRQVZKHUHDQXQWRZDUGPHGLFDORFFXUUHQFHKDVQRWRFFXUUHGHJKRVSLWDOL]DWLRQIRU
HOHFWLYHVXUJHU\VRFLDODQGRUFRQYHQLHQFHDGPLVVLRQV

2YHUGRVHZLWKRXW FOLQLFDOVHTXHODH

$Q\PHGLFDOFRQGLWLRQRUFOLQLFDOO\VLJQLILFDQWODERUDWRU\DEQRUPDOLW\ZLWKDQRQVHWGDWH
EHIRUHWKHFRQVHQWIRUPLVVLJQHGDQGQRWUHODWHGWRDSURWRFRODVVRFLDWHGSURFHGXUHLVQRWDQ
$(,WLVFRQVLGHUHGWREHSUHH[LVWLQJDQGVKRXOG EHGRFXPHQWHGRQWKHPHGLFDOKLVWRU\
&5)

6HULRXV$GYHUVH(YHQWV
$VHULRXVDGYHUVHHYHQW 6$(LVGHILQHGDVDQHYHQWWKDWDWDQ\GRVHUHVXOWVLQWKHIROORZLQJ

'HDWK

/LIHWKUHDWHQLQJ1RWH7KHWHUP³OLIHWKUHDWHQLQJ´LQWKHGHILQLWLRQRI³VHULRXV´UHIHUVWRDQ
HYHQWLQZKLFKWKHVXEMHFWZDVDWULVNRIGHDWKDWWKHWLPHRIWKHHYHQWLWGRHVQRWUHIHUWRDQ
HYHQWWKDWK\SRWKHWLFDOO\PLJKWKDYHFDXVHGGHDWKLILWZHUHPRUHVHYHUH

,QSDWLHQWKRVSLWDOL]DWLRQRUSURORQJDWLRQRIH[LVWLQJKRVSLWDOL]DWLRQ

3HUVLVWHQWRUVLJQLILFDQWGLVDELOLW\LQFDSDFLW\


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

$FRQJHQLWDODQRPDO\ELUWKGHIHFW

$PHGLFDOO\LPSRUWDQWHYHQWRUUHDFWLRQVXFKHYHQWVPD\QRWEHLPPHGLDWHO\
OLIHWKUHDWHQLQJRUUHVXOWLQGHDWKRUKRVSLWDOL]DWLRQEXWPD\MHRSDUGL]HWKHVXEMHFWRUPD\
UHTXLUHLQWHUYHQWLRQWRSUHYHQWRQHRIWKHRWKHURXWFRPHVFRQVWLWXWLQJ6$(V0HGLFDODQG
VFLHQWLILFMXGJPHQWPXVWEHH[HUFLVHGWRGHWHUPLQHZKHWKHUVXFKDQHYHQWLVDUHSRUWDEOH
XQGHUH[SHGLWHGUHSRUWLQJUXOHV([DPSOHVRIPHGLFDOO\LPSRUWDQWHYHQWVLQFOXGHLQWHQVLYH
WUHDWPHQWLQDQHPHUJHQF\URRPRUDWKRPHIRUDOOHUJLFEURQFKRVSDVPEORRGG\VFUDVLDVRU
FRQYXOVLRQVWKDWGRQRWUHVXOWLQKRVSLWDOL]DWLRQDQGGHYHORSPHQWRIGUXJGHSHQGHQF\RU
GUXJDEXVH)RUWKHDYRLGDQFHRIGRXEWLQIHFWLRQVUHVXOWLQJIURPFRQWDPLQDWHGPHGLFLQDO
SURGXFWZLOOEHFRQVLGHUHGDPHGLFDOO\LPSRUWDQWHYHQWDQGVXEMHFWWRH[SHGLWHGUHSRUWLQJ
UHTXLUHPHQWV

3URWRFRO6SHFLILF6HULRXV$GYHUVH(YHQW,QVWUXFWLRQV
3URWRFROVSHFLILF6$(UHSRUWLQJH[HPSWLRQV,QWKLVVWXG\GHDWKUHODWHGWRFOLQLFDOSURJUHVVLRQ
RIXQGHUO\LQJGLVHDVHUHTXLULQJ+&7RUJUDIWIDLOXUHZLOOQRWQHHGWREHUHSRUWHGDVDQ6$(
'HDWKUHODWHGWRFOLQLFDOSURJUHVVLRQ RIXQGHUO\LQJGLVHDVHUHTXLULQJ+&7RUJUDIWIDLOXUHVKRXOG
RQO\EHUHSRUWHGDV6$(VRQWKHH&5)XQOHVVWKHUHLVHYLGHQFHVXJJHVWLQJDFDXVDOUHODWLRQVKLS
EHWZHHQWKH,03 RUVWXG\SURFHGXUH DQGWKHHYHQW ,QWKDWFDVHWKHLQYHVWLJDWRUPXVW
LPPHGLDWHO\UHSRUWWKHHYHQWDVDQ6$(LQDFFRUGDQFHZLWKWKHSURFHGXUHLQ6HFWLRQ  EHORZ
6XFKFOLQLFDOSURJUHVVLRQRUJUDIWIDLOXUH ZKLFKLV DVVHVVHGDVQRWUHODWHGWR,03SURFHGXUHZLOO
EHH[HPSWIURPJOREDOH[SHGLWHGUHSRUWLQJUHTXLUHPHQWVIRUWKHGXUDWLRQRIWKHVWXG\7KHHYHQWV
ZLOOEHFROOHFWHGDQGHYDOXDWHGE\*LOHDGDQGUHSRUWHGDVDSSURSULDWHLQDQ\UHOHYDQW DJJUHJDWH
VDIHW\UHSRUWDVZHOODVWKHILQDOFOLQLFDOVWXG\UHSRUW
7RPLQLPL]HWKHSRVVLELOLW\RIH[SRVLQJVWXG\VXEMHFWVWRXQXVXDOULVNWKHVDIHW\LQIRUPDWLRQ
IURPWKHVWXG\ZLOODOVREHUHYLHZHGE\DQLQGHSHQGHQW'0&RQDQRQJRLQJEDVLV7KH'0&
PD\ KDYHDFFHVVWRSDUWLDOO\EOLQGHGRUXQEOLQGHGGDWDDQGZLOOGHWHUPLQHLILWLVVDIHWRFRQWLQXH
WKHVWXG\DFFRUGLQJWRWKHSURWRFRO

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV
$GYHUVH(YHQWVRU6HULRXV$GYHUVH(YHQWV
/DERUDWRU\DEQRUPDOLWLHVZLWKRXWFOLQLFDOVLJQLILFDQFHDUHQRWUHFRUGHGDV$(VRU6$(V
+RZHYHUODERUDWRU\DEQRUPDOLWLHVHJFOLQLFDOFKHPLVWU\KHPDWRORJ\DQGXULQDO\VLVWKDW
UHTXLUHPHGLFDORUVXUJLFDOLQWHUYHQWLRQRUOHDGWR,03LQWHUUXSWLRQPRGLILFDWLRQRU
GLVFRQWLQXDWLRQPXVWEHUHFRUGHGDVDQ$(DVZHOODVDQ6$(LIDSSOLFDEOH,QDGGLWLRQ
ODERUDWRU\RURWKHUDEQRUPDODVVHVVPHQWVHJHOHFWURFDUGLRJUDP[UD\VYLWDOVLJQVWKDWDUH
DVVRFLDWHGZLWKVLJQVDQGRUV\PSWRPVPXVWEHUHFRUGHGDVDQ$(RU6$(LI WKH\PHHWWKH
GHILQLWLRQRIDQ$(RU6$(DVGHVFULEHGLQ6HFWLRQV  DQG ,IWKHODERUDWRU\
DEQRUPDOLW\LVSDUWRIDV\QGURPHUHFRUG WKHV\QGURPHRUGLDJQRVLVHJ DQHPLDQRWWKH
ODERUDWRU\UHVXOWLHGHFUHDVHGKHPRJORELQ
)RUVSHFLILFLQIRUPDWLRQRQKDQGOLQJRIFOLQLFDOODERUDWRU\DEQRUPDOLWLHVLQWKLVVWXG\SOHDVH
UHIHUWR6HFWLRQ 


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

$VVHVVPHQWRI$GYHUVH(YHQWV DQG6HULRXV$GYHUVH(YHQWV
7KHLQYHVWLJDWRURUDGHVLJQDWHGTXDOLILHGVXELQYHVWLJDWRULVUHVSRQVLEOHIRUDVVHVVLQJ$(VDQG
6$(V IRUFDXVDOLW\DQGVHYHULW\DQGIRUILQDOUHYLHZDQGFRQILUPDWLRQRIDFFXUDF\RIHYHQW
LQIRUPDWLRQDQGDVVHVVPHQWV

$VVHVVPHQWRI&DXVDOLW\IRU,03 DQG3URFHGXUHV
7KHLQYHVWLJDWRURUDGHVLJQDWHGTXDOLILHGVXELQYHVWLJDWRULVUHVSRQVLEOHIRUDVVHVVLQJWKH
UHODWLRQVKLSWR,03WKHUDS\XVLQJFOLQLFDOMXGJPHQWDQGWKHIROORZLQJFRQVLGHUDWLRQV

1R (YLGHQFHH[LVWVWKDWWKHDGYHUVHHYHQWKDVDQHWLRORJ\RWKHUWKDQWKH,03)RU6$(VDQ
DOWHUQDWLYHFDXVDOLW\PXVWEHSURYLGHGHJSUHH[LVWLQJFRQGLWLRQXQGHUO\LQJ GLVHDVH
LQWHUFXUUHQWLOOQHVVRUFRQFRPLWDQWPHGLFDWLRQ

<HV 7KHUHLVUHDVRQDEOHSRVVLELOLW\WKDWWKHHYHQWPD\KDYHEHHQFDXVHGE\WKH
LQYHVWLJDWLRQDOPHGLFLQDOSURGXFW
,WVKRXOGEHHPSKDVL]HGWKDWLQHIIHFWLYHWUHDWPHQWVKRXOGQRWEHFRQVLGHUHGDVFDXVDOO\UHODWHGLQ
WKHFRQWH[WRIDGYHUVHHYHQWUHSRUWLQJ
7KHUHODWLRQVKLSWRVWXG\SURFHGXUHVHJLQYDVLYHSURFHGXUHVVXFKDVYHQLSXQFWXUHRUELRSV\
VKRXOGEHDVVHVVHGXVLQJWKHIROORZLQJFRQVLGHUDWLRQV

1R(YLGHQFHH[LVWVWKDWWKHDGYHUVHHYHQWKDVDQHWLRORJ\RWKHUWKDQWKHVWXG\SURFHGXUH

<HV7KHDGYHUVHHYHQWRFFXUUHGDVDUHVXOWRISURWRFROSURFHGXUHV HJ YHQLSXQFWXUH

$VVHVVPHQWRI6HYHULW\
6HYHULW\VKRXOGEHUHFRUGHGDQGJUDGHGDFFRUGLQJWRWKH*6,*UDGLQJ6FDOHIRU6HYHULW\RI
$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV )RU$(VRU6$(VDVVRFLDWHGZLWKODERUDWRU\
DEQRUPDOLWLHVWKHHYHQWVKRXOGEHJUDGHGRQWKHEDVLVRIWKHFOLQLFDOVHYHULW\LQWKHFRQWH[WRI
WKHXQGHUO\LQJFRQGLWLRQVWKLVPD\RUPD\QRWEHLQDJUHHPHQWZLWKWKHJUDGLQJ RIWKH
ODERUDWRU\DEQRUPDOLW\

,QYHVWLJDWRU5HTXLUHPHQWVDQG,QVWUXFWLRQVIRU5HSRUWLQJ$GYHUVH(YHQWV
DQG6HULRXV$GYHUVH(YHQWVWR*LOHDG
5HTXLUHPHQWVIRUFROOHFWLRQSULRUWR,03 LQLWLDWLRQ
$IWHULQIRUPHGFRQVHQWEXWSULRUWRLQLWLDWLRQRIVWXG\PHGLFDWLRQWKHIROORZLQJW\SHVRIHYHQWV
VKRXOGEHUHSRUWHGRQWKHFDVHUHSRUWIRUPH&5)DOO6$(VDQGDGYHUVHHYHQWVUHODWHGWR
SURWRFROPDQGDWHGSURFHGXUHV




3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

,IDQ6$(KDVEHHQUHSRUWHGYLDDSDSHUIRUPEHFDXVHWKHH&5)GDWDEDVHKDVEHHQORFNHGQR
IXUWKHUDFWLRQLVQHFHVVDU\

)RUIDWDORUOLIHWKUHDWHQLQJHYHQWVFRSLHVRIKRVSLWDOFDVHUHSRUWVDXWRSV\UHSRUWVDQGRWKHU
GRFXPHQWVDUHDOVRWREHVXEPLWWHGE\HPDLORUID[ZKHQUHTXHVWHGDQGDSSOLFDEOH
7UDQVPLVVLRQRIVXFKGRFXPHQWVVKRXOGRFFXU ZLWKRXWSHUVRQDOVXEMHFWLGHQWLILFDWLRQ
PDLQWDLQLQJWKHWUDFHDELOLW\RIDGRFXPHQWWRWKHVXEMHFWLGHQWLILHUV

$GGLWLRQDOLQIRUPDWLRQPD\EHUHTXHVWHGWRHQVXUHWKHWLPHO\FRPSOHWLRQRIDFFXUDWHVDIHW\
UHSRUWV

$Q\PHGLFDWLRQVQHFHVVDU\IRUWUHDWPHQWRIWKH6$(PXVWEHUHFRUGHGRQWRWKHFRQFRPLWDQW
PHGLFDWLRQVHFWLRQRIWKHVXEMHFW¶VH&5)DQGWKHHYHQWGHVFULSWLRQVHFWLRQRIWKH6$(IRUP

6LWHSHUVRQQHOVKRXOGUHFRUGDOO6$(GDWDLQWKHH&5)GDWDEDVHIRUWKRVHSURWRFROVSHFLILF
6$(VZKLFKDUHH[HPSWHGIURPH[SHGLWHGUHSRUWLQJUHTXLUHPHQWV6HFWLRQ 7KH\
VKRXOGDOVRWUDQVPLWWKH6$(LQIRUPDWLRQWR*LOHDG'63+LIWKH6$(VDUHDVVHVVHGE\WKH
LQYHVWLJDWRUDVUHODWHGWRWKH,03 RUVWXG\SURFHGXUH

*LOHDG5HSRUWLQJ5HTXLUHPHQWV
'HSHQGLQJRQUHOHYDQWORFDOOHJLVODWLRQRUUHJXODWLRQVLQFOXGLQJWKHDSSOLFDEOH86)'$&RGHRI
)HGHUDO5HJXODWLRQVWKH(8 &OLQLFDO7ULDOV'LUHFWLYH(&DQGUHOHYDQWXSGDWHVDQG
RWKHUFRXQWU\VSHFLILFOHJLVODWLRQRUUHJXODWLRQV*LOHDGPD\EHUHTXLUHGWRH[SHGLWHWR
ZRUOGZLGHUHJXODWRU\DJHQFLHVUHSRUWVRI6$(VVHULRXVDGYHUVHGUXJUHDFWLRQV6$'5VRU
VXVSHFWHGXQH[SHFWHGVHULRXVDGYHUVHUHDFWLRQV686$5V,QDFFRUGDQFHZLWKWKH
(8 &OLQLFDO 7ULDOV'LUHFWLYH(&*LOHDGRUDVSHFLILHGGHVLJQHHZLOOQRWLI\ZRUOGZLGH
UHJXODWRU\DJHQFLHVDQGWKHUHOHYDQW,QGHSHQGHQW(WKLFV&RPPLWWHH,(& LQFRQFHUQHG
0HPEHU 6WDWHVRIDSSOLFDEOH686$5V DVRXWOLQHGLQFXUUHQWUHJXODWLRQV
$VVHVVPHQWRIH[SHFWHGQHVVIRU6$(VZLOOEHGHWHUPLQHGE\*LOHDGXVLQJUHIHUHQFHVDIHW\
LQIRUPDWLRQVSHFLILHGLQWKHFXUUHQWSUHVDWRYLU*6 ,% RUUHOHYDQWORFDOODEHODVDSSOLFDEOH
$OOLQYHVWLJDWRUVZLOOUHFHLYHDVDIHW\OHWWHUQRWLI\LQJWKHPRIUHOHYDQW686$5UHSRUWV DVVRFLDWHG
ZLWKDQ\VWXG\,037KHLQYHVWLJDWRUVKRXOGQRWLI\WKH,5%RU,(&RI686$5UHSRUWVDVVRRQDV
LVSUDFWLFDOZKHUHWKLVLVUHTXLUHGE\ORFDOUHJXODWRU\DJHQFLHVDQGLQDFFRUGDQFHZLWKWKHORFDO
LQVWLWXWLRQDOSROLF\

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV
$GYHUVH(YHQWVRU6HULRXV$GYHUVH(YHQWV
/DERUDWRU\DEQRUPDOLWLHVDUHXVXDOO\QRWUHFRUGHGDV$(VRU6$(V+RZHYHUODERUDWRU\
DEQRUPDOLWLHVHJFOLQLFDOFKHPLVWU\KHPDWRORJ\LQGHSHQGHQWRIWKHXQGHUO\LQJPHGLFDO
FRQGLWLRQWKDWUHTXLUHPHGLFDORUVXUJLFDOLQWHUYHQWLRQRUOHDGWR,03LQWHUUXSWLRQRU
GLVFRQWLQXDWLRQPXVWEHUHFRUGHGDVDQ$(DVZHOODVDQ6$(LIDSSOLFDEOH,QDGGLWLRQ
ODERUDWRU\RURWKHUDEQRUPDODVVHVVPHQWVHJYLWDOVLJQVWKDWDUHDVVRFLDWHGZLWKVLJQVDQGRU
V\PSWRPVPXVWEHUHFRUGHGDVDQ$(RU6$(LIWKH\PHHWWKHGHILQLWLRQRIDQ$(RU6$(


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
UHVSHFWLYHO\DVGHVFULEHGLQ6HFWLRQ ,IWKHODERUDWRU\DEQRUPDOLW\LVSDUWRIDV\QGURPH
UHFRUGWKHV\QGURPHRUGLDJQRVLVLHDQHPLD QRWWKHODERUDWRU\UHVXOW
LH GHFUHDVHG KHPRJORELQ
6HYHULW\VKRXOGEHUHFRUGHGDQGJUDGHGDFFRUGLQJWRWKH*6,*UDGLQJ6FDOHIRU6HYHULW\RI
$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV$SSHQGL[ )RU$(VRU6$(VDVVRFLDWHGZLWK
ODERUDWRU\DEQRUPDOLWLHVWKHHYHQWVKRXOGEHJUDGHGRQWKHEDVLVRIWKHFOLQLFDOVHYHULW\LQWKH
FRQWH[WRIWKHXQGHUO\LQJFRQGLWLRQVWKLVPD\RUPD\QRWEHLQDJUHHPHQWZLWKWKHJUDGLQJRI
WKHODERUDWRU\DEQRUPDOLW\

7R[LFLW\0DQDJHPHQW
$OOFOLQLFDODQGFOLQLFDOO\VLJQLILFDQWODERUDWRU\WR[LFLWLHVZLOOEHPDQDJHGDFFRUGLQJWRXQLIRUP
JXLGHOLQHVGHWDLOHGLQ$SSHQGL[ 
$Q\TXHVWLRQVUHJDUGLQJWR[LFLW\PDQDJHPHQWVKRXOGEHGLUHFWHG WRWKH*LOHDG 6FLHQFHV
0HGLFDO 0RQLWRU

6SHFLDO6LWXDWLRQV5HSRUWV

'HILQLWLRQVRI6SHFLDO6LWXDWLRQV
6SHFLDOVLWXDWLRQUHSRUWVLQFOXGHDOOUHSRUWVRIPHGLFDWLRQHUURUDEXVHPLVXVHRYHUGRVHUHSRUWV
RIDGYHUVHHYHQWVDVVRFLDWHGZLWKSURGXFWFRPSODLQWV DQGSUHJQDQF\UHSRUWVUHJDUGOHVVRIDQ
DVVRFLDWHG$(
0HGLFDWLRQHUURULVDQ\XQLQWHQWLRQDOHUURULQWKHSUHVFULELQJGLVSHQVLQJRUDGPLQLVWUDWLRQRID
PHGLFLQDOSURGXFWZKLOHLQWKHFRQWURORIWKHKHDOWKFDUHSURYLGHUVXEMHFWRUFRQVXPHU
$EXVHLVGHILQHGDVSHUVLVWHQWRUVSRUDGLFLQWHQWLRQDOH[FHVVLYHXVHRID PHGLFLQDOSURGXFWE\D
VXEMHFW
0LVXVHLVGHILQHGDVDQ\LQWHQWLRQDODQG LQDSSURSULDWHXVHRIDPHGLFLQDOSURGXFWWKDWLVQRWLQ
DFFRUGDQFHZLWKWKHSURWRFROLQVWUXFWLRQVRUWKHORFDOSUHVFULELQJLQIRUPDWLRQ
$QRYHUGRVHLVGHILQHGDV DQDFFLGHQWDORULQWHQWLRQDODGPLQLVWUDWLRQRIDTXDQWLW\RIDPHGLFLQDO
SURGXFWJLYHQSHUDGPLQLVWUDWLRQRUFXPXODWLYHO\ZKLFKLVDERYHWKHPD[LPXPUHFRPPHQGHG
GRVHDVSHUSURWRFRORULQWKHSURGXFWODEHOOLQJDVLWDSSOLHVWRWKHGDLO\GRVHRIWKHVXEMHFW
LQ TXHVWLRQ ,QFDVHVRIDGLVFUHSDQF\LQGUXJDFFRXQWDELOLW\RYHUGRVHZLOOEHHVWDEOLVKHGRQO\
ZKHQLWLVFOHDUWKDWWKHVXEMHFWKDVWDNHQWKHH[FHVVGRVHV2YHUGRVHFDQQRWEHHVWDEOLVKHG
ZKHQWKHVXEMHFWFDQQRWDFFRXQWIRUWKHGLVFUHSDQF\H[FHSWLQFDVHVLQZKLFKWKHLQYHVWLJDWRUKDV
UHDVRQWRVXVSHFWWKDWWKHVXEMHFWKDVWDNHQWKHDGGLWLRQDOGRVHV
3URGXFWFRPSODLQWLVGHILQHGDVFRPSODLQWV DULVLQJIURPSRWHQWLDOGHYLDWLRQVLQWKHPDQXIDFWXUH
SDFNDJLQJRUGLVWULEXWLRQRIWKHPHGLFLQDOSURGXFW


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

,QVWUXFWLRQVIRU5HSRUWLQJ6SHFLDO6LWXDWLRQV

,QVWUXFWLRQVIRU5HSRUWLQJ3UHJQDQFLHV
7KHLQYHVWLJDWRUVKRXOGUHSRUWSUHJQDQFLHVLQIHPDOHVWXG\VXEMHFWVWKDWDUHLGHQWLILHGDIWHU
LQLWLDWLRQ RIVWXG\PHGLFDWLRQDQGWKURXJKRXWWKHVWXG\LQFOXGLQJWKHSRVW,03 IROORZXSSHULRG
WRWKH*LOHDG'63+XVLQJWKHSUHJQDQF\UHSRUWIRUPZLWKLQKRXUVRIEHFRPLQJDZDUHRIWKH
SUHJQDQF\
5HIHUWR6HFWLRQ  DQGWKH H&5)FRPSOHWLRQJXLGHOLQHVIRUIXOOLQVWUXFWLRQVRQWKHPHFKDQLVP
RISUHJQDQF\UHSRUWLQJ
7KHSUHJQDQF\LWVHOILVQRWFRQVLGHUHGDQ$(QRULVDQLQGXFHGHOHFWLYHDERUWLRQWRWHUPLQDWHD
SUHJQDQF\ZLWKRXWPHGLFDOUHDVRQV
$Q\SUHPDWXUHWHUPLQDWLRQRISUHJQDQF\HJDVSRQWDQHRXVDERUWLRQDQLQGXFHGWKHUDSHXWLF
DERUWLRQGXHWRFRPSOLFDWLRQVRURWKHUPHGLFDOUHDVRQVPXVWEHUHSRUWHGZLWKLQ KRXUVDVDQ
6$(7KHXQGHUO\LQJPHGLFDOUHDVRQIRUWKLVSURFHGXUHVKRXOGEHUHFRUGHGDVWKH$(WHUP
$VSRQWDQHRXVDERUWLRQLVDOZD\VFRQVLGHUHGWREHDQ6$(DQGZLOOEHUHSRUWHGDVGHVFULEHGLQ
6HFWLRQ )XUWKHUPRUHDQ\6$(RFFXUULQJDVDQDGYHUVHSUHJQDQF\RXWFRPHSRVWVWXG\ PXVW
EHUHSRUWHGWR*LOHDG'63+
7KHVXEMHFWVKRXOGUHFHLYHDSSURSULDWHPRQLWRULQJDQGFDUHXQWLOWKHFRQFOXVLRQRIWKH
SUHJQDQF\7KHRXWFRPHVKRXOGEHUHSRUWHGWR*LOHDG'63+XVLQJWKHSUHJQDQF\RXWFRPHUHSRUW
IRUP,IWKHHQGRIWKHSUHJQDQF\RFFXUVDIWHUWKHVWXG\KDVEHHQFRPSOHWHGWKHRXWFRPHVKRXOG
EHUHSRUWHGGLUHFWO\WR*LOHDG'63+*LOHDG'63+FRQWDFWLQIRUPDWLRQLVSURYLGHGLQ
6HFWLRQ 
3UHJQDQFLHVRIIHPDOHSDUWQHUVRIPDOHVWXG\VXEMHFWVH[SRVHGWR*LOHDGRURWKHULQYHVWLJDWLRQDO
DJHQWV PXVWDOVREHUHSRUWHGDQGUHOHYDQWLQIRUPDWLRQVKRXOGEHVXEPLWWHG*LOHDG'63+XVLQJ
WKHSUHJQDQF\DQGSUHJQDQF\RXWFRPHIRUPVZLWKLQ KRXUV0RQLWRULQJRIWKHVXEMHFWVKRXOG
FRQWLQXHXQWLOWKHFRQFOXVLRQRIWKHSUHJQDQF\,IWKHHQGRIWKHSUHJQDQF\RFFXUVDIWHUWKHVWXG\
KDVEHHQFRPSOHWHGWKHRXWFRPHVKRXOGEHUHSRUWHGGLUHFWO\WR*LOHDG'63+
5HIHUWR$SSHQGL[  IRU3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDO
DQG&RQWUDFHSWLYH5HTXLUHPHQWV

5HSRUWLQJ2WKHU6SHFLDO6LWXDWLRQV
$OORWKHUVSHFLDOVLWXDWLRQUHSRUWVPXVWEHUHSRUWHGRQWKHVSHFLDOVLWXDWLRQVUHSRUWIRUPDQG
IRUZDUGHGWR *LOHDG'63+ZLWKLQKRXUVRIWKHLQYHVWLJDWRUEHFRPLQJDZDUHRIWKHVLWXDWLRQ
7KHVHUHSRUWVPXVWFRQVLVWRIVLWXDWLRQVWKDWLQYROYHVWXG\,03 DQGRU*LOHDGFRQFRPLWDQW
PHGLFDWLRQVEXWGRQRWDSSO\WRQRQ*LOHDGFRQFRPLWDQWPHGLFDWLRQV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
6SHFLDOVLWXDWLRQVLQYROYLQJQRQ*LOHDGFRQFRPLWDQWPHGLFDWLRQVGRHVQRWQHHGWREHUHSRUWHG RQ
WKHVSHFLDOVLWXDWLRQVUHSRUWIRUPKRZHYHUIRUVSHFLDOVLWXDWLRQVWKDWUHVXOWLQ$(V GXHWRD
QRQ*LOHDGFRQFRPLWDQWPHGLFDWLRQWKH$(VKRXOGEHUHSRUWHGLQWKHH&5)V
$Q\LQDSSURSULDWHXVHRIFRQFRPLWDQWPHGLFDWLRQVSURKLELWHGE\WKLVSURWRFROVKRXOGQRWEH
UHSRUWHGDV³PLVXVH´EXWPD\EHPRUHDSSURSULDWHO\GRFXPHQWHGDVDSURWRFROGHYLDWLRQ
5HIHUWR6HFWLRQ  DQGWKHH&5)FRPSOHWLRQJXLGHOLQHVIRUIXOOLQVWUXFWLRQVRQWKHPHFKDQLVP
RIVSHFLDOVLWXDWLRQVUHSRUWLQJ
$OOFOLQLFDOVHTXHODHLQUHODWLRQWRWKHVHVSHFLDOVLWXDWLRQUHSRUWVZLOOEHUHSRUWHGDV$(VRU6$(V
DW WKHVDPHWLPHXVLQJWKH$(H&5)DQGRUWKH6$(UHSRUWIRUP'HWDLOVRIWKHV\PSWRPVDQG
VLJQVFOLQLFDOPDQDJHPHQWDQGRXWFRPHZLOOEHUHSRUWHGZKHQDYDLODEOH


Presatovir (GS-5806)
Protocol GS-US-218-0108
Final
Gilead Sciences, Inc.
Amendment 7
CONFIDENTIAL
Page 69
28 March 2016

67$7,67,&$/&216,'(5$7,216

$QDO\VLV2EMHFWLYHVDQG(QGSRLQWV

$QDO\VLV2EMHFWLYHV
The co-primary objectives of this study are:

To evaluate the effect of presatovir on RSV viral load and development of LRTC in RSV-
positive autologous or allogeneic HCT recipients with acute URTI symptoms
The secondary objectives of this study are:

To evaluate the effect of presatovir on development progression to respiratory failure or all-
cause mortality

To evaluate the PK, safety, and tolerability of presatovir

3ULPDU\(QGSRLQWV
The co-primary efficacy endpoints of this study are: the time-weighted average change in nasal 
RSV viral load (log10 copies/mL) from Baseline (Day 1) to Day 9 and the proportion of subjects 
who develop a LRTC through Day 28. The time-weighted average change in nasal RSV viral 
load from Baseline to Day 9 is defined as:
∑
  ሼ0.5 ൈ ሺܻ௜൅ܻ௜ାଵሻൈሺݐ௜ାଵെݐ௜ሻሽ 
௕ିଵ
௜ୀ௔
ሺݐ௕െݐ௔ሻ
where <i is the change from Baseline in RSV log10 viral load at 9LVLW L, W is the time at the 
specified timepoint, D is the baseline assessment at Day 1 and E is the last assessment at or prior 
to Day 9. The time-weighted average change, often referred to as the DAVG, provides the 
average viral burden in change from baseline during the time period of interest.
The proportion of subjects who develop a LRTC through Day 28, defined as 1 of the below, will 
be adjudicated by an Endpoint Adjudication Committee (EAC).  

Primary RSV LRTI

Secondary bacterial LRTI

Lower respiratory tract infection due to unusual pathogens

Lower respiratory tract complication of unknown etiology




3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

$QDO\VLV&RQYHQWLRQV

$QDO\VLV6HWV

(IILFDF\
7KHIXOODQDO\VLVVHW)$6ZLOOLQFOXGHVXEMHFWVZKRKDYHDQ569ORJ YLUDOORDGJUHDWHUWKDQ
RUHTXDOWRWKH//24RIWKH57T3&5DVVD\LQWKHSUHGRVH'D\ QDVDOVDPSOHDVGHWHUPLQHG
E\57T3&5DWWKHFHQWUDOODEDQGKDYHUHFHLYHGDWOHDVWIXOOGRVHRI,03 7KH )$6ZLOOEH
WKH SULPDU\DQDO\VLVVHWIRUDOOHIILFDF\DQDO\VHV

6DIHW\
7KHSULPDU\DQDO\VLVVHWIRUVDIHW\DQDO\VHVLVGHILQHGDVDOOVXEMHFWVZKRUHFHLYHG DWOHDVWD
IXOO GRVHRI,03
$OOGDWDFROOHFWHGGXULQJWUHDWPHQWZLOOEHLQFOXGHGLQWKHVDIHW\VXPPDULHV

3KDUPDFRNLQHWLFV
7KH3. DQDO\VLVVHWZLOOLQFOXGHDOOVXEMHFWVLQWKHVDIHW\DQDO\VLVVHWZKRKDYHHYDOXDEOH
RQVWXG\3.PHDVXUHPHQWV

'DWD+DQGOLQJ&RQYHQWLRQV
0LVVLQJGDWDFDQKDYHDQLPSDFWXSRQWKHLQWHUSUHWDWLRQRIWKHWULDOGDWD$VWKLVVWXG\LVRIVKRUW
GXUDWLRQLWLVDQWLFLSDWHGWKDWPLVVLQJGDWDZLOOEHPLQLPDO,QJHQHUDOYDOXHVIRUPLVVLQJGDWD
ZLOOQRWEHLPSXWHG)RUODERUDWRU\GDWDDPLVVLQJ%DVHOLQH YDOXHZLOOEHUHSODFHGZLWKD
VFUHHQLQJYDOXHLIDYDLODEOHRWKHUZLVHLWZLOOEHWUHDWHGDVQRUPDOLH *UDGH 
QR WR[LFLW\ JUDGHIRUWKHVXPPDU\RIJUDGHGODERUDWRU\DEQRUPDOLWLHV$UHWHVWYDOXHPD\EH
XVHGLIWKHILUVWWHVWLVLQYDOLGDWHGHJVSHFLPHQKHPRO\]HG
9DOXHVZLOOQRWEHLPSXWHGIRUPLVVLQJYLWDOVLJQDQGRWKHUVDIHW\GDWDKRZHYHUDPLVVLQJ
%DVHOLQH YDOXHZLOOEHUHSODFHGZLWKD6FUHHQLQJYDOXHLIDYDLODEOH
'HWDLOVIRUWKHKDQGOLQJRIPLVVLQJGDWDGXHWRVXEMHFWGLVFRQWLQXDWLRQRURWKHUUHDVRQVLQFOXGLQJ
XQXVDEOHDQGVSXULRXVGDWDDQGUXOHVIRUGHWHUPLQLQJPDMRUDQGPLQRUSURWRFROGHYLDWLRQVZLOO
EHGHVFULEHGLQWKH6$3
$OODYDLODEOHGDWDIRUVXEMHFWVWKDWGRQRWFRPSOHWHWKHVWXG\ZLOOEH LQFOXGHGLQWKHGDWDOLVWLQJV
PPD


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
7DEOHVWKDWLQFOXGHERWKLQGLYLGXDOVXEMHFW3.GDWDDQGVXPPDU\VWDWLVWLFVZLOOSUHVHQWDOO
DYDLODEOHGDWDEXWRQO\VXEMHFWVLQWKH3.DQDO\VLVVHWZLOOEHLQFOXGHGLQWKH 3. VXPPDU\
VWDWLVWLFV
9LUDOORDGGDWDZLOOEHORJWUDQVIRUPHGSULRUWRDQDO\VHV

'HPRJUDSKLF'DWDDQG%DVHOLQH &KDUDFWHULVWLFV
'HPRJUDSKLFDQG%DVHOLQH PHDVXUHPHQWVZLOOEHVXPPDUL]HGXVLQJVWDQGDUGGHVFULSWLYH
PHWKRGV
'HPRJUDSKLFVXPPDULHVZLOOLQFOXGHVH[UDFHHWKQLFLW\UDQGRPL]DWLRQVWUDWLILFDWLRQJURXSDQG
DJH
%DVHOLQH GDWDZLOOLQFOXGHDVXPPDU\RI ERG\ZHLJKWKHLJKW%0,DQGEDVHOLQHGLVHDVH
FKDUDFWHULVWLFV
)RUFDWHJRULFDOGHPRJUDSKLFDQG%DVHOLQH FKDUDFWHULVWLFVD )LVKHU¶VH[DFWWHVWZLOOEHXVHGWR
FRPSDUHWUHDWPHQWJURXSV)RUFRQWLQXRXVGHPRJUDSKLFDQG%DVHOLQH FKDUDFWHULVWLFVD
:LOFR[RQ UDQNVXPWHVWZLOOEHXVHGWRFRPSDUHWUHDWPHQWJURXSV

(IILFDF\$QDO\VLV
7R FRQWUROWKH7\SHHUURUUDWHRIDFURVVWKHFRSULPDU\DQGVHFRQGDU\HQGSRLQWVD
IDOOEDFNDSSURDFKZLOOEHDSSOLHG ^:LHQVHWDO`
7KH WLPHZHLJKWHGDYHUDJHFKDQJHLQ569ORJ YLUDOORDGIURP'D\WR'D\ ZLOOEHWHVWHG
ILUVWDWVLJQLILFDQFHOHYHORI,IWKLVQXOOK\SRWKHVLV+RIQRGLIIHUHQFHEHWZHHQWKH
WUHDWPHQWJURXSVLVUHMHFWHGWKHQWKHSURSRUWLRQRIVXEMHFWVZKRGHYHORSDQ/57&+ZLOOEH
WHVWHGZLWKVLJQLILFDQFHOHYHORI2WKHUZLVHWKHQXOOK\SRWKHVLVRIQRGLIIHUHQFHEHWZHHQ
WUHDWPHQWJURXSVLQWKHSURSRUWLRQRIVXEMHFWVZKRGHYHORSDQ/57&ZLOOEHWHVWHGDW
VLJQLILFDQFHOHYHORI
,IERWKFRSULPDU\QXOOK\SRWKHVHV+DQG+DUHUHMHFWHG WKHQ WKHVHFRQGDU\HQGSRLQWZLOOEH
WHVWHGDWDVLJQLILFDQFHOHYHORI,IRQO\WKHQXOOK\SRWKHVLVRIQRGLIIHUHQFHEHWZHHQ
WUHDWPHQWJURXSVLQWKHSURSRUWLRQRIVXEMHFWVZKRGHYHORSDQ/57&+ LVUHMHFWHGWKH
VHFRQGDU\HQGSRLQWZLOOEHWHVWHGDWDVLJQLILFDQFHOHYHORI ,IRQO\WKHQXOOK\SRWKHVLVRIQR
GLIIHUHQFHEHWZHHQWUHDWPHQWJURXSVLQWKHWLPHZHLJKWHGDYHUDJHFKDQJHLQYLUDOORDG+LV
UHMHFWHGRULIQHLWKHUFRSULPDU\HQGSRLQWVDUHUHMHFWHGWKHQWKHVHFRQGDU\HQGSRLQWZLOOQRWEH
WHVWHG

3ULPDU\$QDO\VLV
7KHFRSULPDU\HQGSRLQWVRIWKLVVWXG\DUHWKH WLPHZHLJKWHGDYHUDJHFKDQJHLQQDVDO569YLUDO
ORDGORJFRSLHVP/IURP%DVHOLQH'D\WR'D\DQGWKHSURSRUWLRQRIVXEMHFWVZKR
GHYHORSD/57&WKURXJK'D\ 7KHSULPDU\DQDO\VLVZLOOEHSHUIRUPHGRQVXEMHFWVLQFOXGHGLQ
WKH)$6






3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
6XPPDULHVQXPEHUDQGSHUFHQWDJHRIVXEMHFWVRIWUHDWPHQWHPHUJHQWDGYHUVHHYHQWV
E\ 62& DQG37ZLOOEHSURYLGHGE\WUHDWPHQWJURXS

/DERUDWRU\(YDOXDWLRQV
6HOHFWHGODERUDWRU\GDWDZLOOEHVXPPDUL]HGXVLQJRQO\REVHUYHGGDWD'DWDDQGFKDQJHIURP
%DVHOLQH DWDOOVFKHGXOHGWLPH SRLQWVZLOOEHVXPPDUL]HG
*UDGHGODERUDWRU\DEQRUPDOLWLHVZLOOEHGHILQHGXVLQJWKHJUDGLQJVFKHPHLQ $SSHQGL[ 
*UDGLQJRIODERUDWRU\DEQRUPDOLWLHVIRUDQDO\VLVSXUSRVHVZLOOEHSHUIRUPHGE\*6,
,QFLGHQFHRIWUHDWPHQWHPHUJHQWODERUDWRU\DEQRUPDOLWLHVGHILQHGDVYDOXHVWKDWLQFUHDVHDWOHDVW
 WR[LFLW\JUDGHIURP%DVHOLQH DWDQ\WLPHSRVW%DVHOLQH XSWRDQGLQFOXGLQJ'D\ ZLOOEH
VXPPDUL]HGE\WUHDWPHQWJURXS,I%DVHOLQH GDWDDUHPLVVLQJWKHQDQ\JUDGHGDEQRUPDOLW\
LH DW OHDVWD*UDGH ZLOOEHFRQVLGHUHGWUHDWPHQWHPHUJHQW
/DERUDWRU\DEQRUPDOLWLHVWKDWRFFXUEHIRUHWKHILUVWGRVHRI,03RU DIWHUWKHVXEMHFWKDVEHHQ
GLVFRQWLQXHGIURPWUHDWPHQWIRUDWOHDVWGD\VZLOOEHLQFOXGHGLQDGDWDOLVWLQJ

2WKHU6DIHW\(YDOXDWLRQV
9LWDOVLJQVDQG(&*GDWDZLOOEHVXPPDUL]HGXVLQJGHVFULSWLYHVWDWLVWLFVE\WKHREVHUYHGGDWD
DQGE\WKHFKDQJHIURP%DVHOLQH DWHDFKWLPHSRLQW ,QFRPSDULVRQWRSUHWUHDWPHQWHLWKHU
VFUHHQLQJRUSUHGRVHRQ6WXG\'D\YDOXHVYLWDOVLJQVDQG(&*PHDVXUHPHQWVZLOO
DGGLWLRQDOO\EHVXPPDUL]HGXVLQJSUHGHWHUPLQHGFOLQLFDOO\UHOHYDQWWKUHVKROGV

3KDUPDFRNLQHWLF$QDO\VLV
,QGLYLGXDOVXEMHFWSUHVDWRYLU FRQFHQWUDWLRQWLPHGDWDZLOOEHGLVSOD\HGXVLQJVFKHGXOHGVDPSOLQJ
WLPHV'HVFULSWLYHVWDWLVWLFVHJQPHDQVWDQGDUGGHYLDWLRQ&9PHGLDQDQGUDQJHZLOOEH
FDOFXODWHGIRUHDFKVDPSOLQJWLPH
)RU3.VXEJURXSSODVPDFRQFHQWUDWLRQVRISUHVDWRYLU RYHUWLPHZLOOEHSORWWHGLQ
VHPLORJDULWKPLFDQGOLQHDUIRUPDWVDVPHDQ 6'DQGSODVPDFRQFHQWUDWLRQWLPHGDWDIRUHDFK
VXEMHFWZLOOEHDQDO\]HGXVLQJVWDQGDUGQRQFRPSDUWPHQWDOPHWKRGV3KDUPDFRNLQHWLF
SDUDPHWHUV&PD[7PD[&ODVW7ODVW$8&7ò&/)DQG9])DVDSSURSULDWH ZLOOEHOLVWHGDQG
VXPPDUL]HGIRUSUHVDWRYLU XVLQJGHVFULSWLYHVWDWLVWLFV
3.3'UHODWLRQVKLSPD\EHH[SORUHGDVDSSURSULDWH

6DPSOH6L]H
6DPSOHVL]HDQGSRZHUDUHHVWLPDWHGIRUWKHFRSULPDU\HQGSRLQWVZLWKWKHRYHUDOODOSKDOHYHO
ZLWKDOSKD  DOORFDWHGWRWKHGHYHORSPHQWRID/57&DQGDOSKD  DOORFDWHGWRWKH
WLPHZHLJKWHGDYHUDJHFKDQJHLQYLUDOORDG7KHVDPSOHVL]HFDOFXODWLRQVDUHEDVHGRQWKH
UHVXOWVREVHUYHGLQDVWXG\WKDWHYDOXDWHGWKHHIILFDF\RIRUDODQGDHURVROL]HGULEDYLULQWUHDWPHQW
IRUSUHYHQWLQJSURJUHVVLRQIURPXSSHUWRORZHUUHVSLUDWRU\WUDFWLQIHFWLRQLQ+&7UHFLSLHQWVZLWK
569LQIHFWLRQVXQSXEOLVKHGGDWDIURP'U
DQGSXEOLVKHGGDWDRQFXUUHQWO\XVHG
DQWLYLUDODJHQWVIRU569LQIHFWLRQV
PPD


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
$VVXPLQJWKHWLPHZHLJKWHGDYHUDJHFKDQJHLQ569ORJYLUDOORDGIURP'D\WR'D\LQWKH
SODFHERJURXSZLOOEHORJ FRSLHVP/ZLWKDVWDQGDUGGHYLDWLRQ6'RIVXEMHFWVSHU
WUHDWPHQWJURXSZLOOSURYLGHRYHUSRZHUWRGHWHFWDWOHDVWORJ GHFUHDVHLQSUHVDWRYLU
JURXSXVLQJDVLGHGVLJQLILFDQFHOHYHORI
$VVXPLQJWKDWRIVXEMHFWVLQSODFHERDUPZLOOGHYHORSD/57&VXEMHFWVSHUWUHDWPHQW
JURXSZLOOSURYLGHRYHUSRZHUWRGHWHFWDWOHDVWUHGXFWLRQLQWKHSURSRUWLRQRI/57&
LQSUHVDWRYLUJURXSZLWKDVLGHGVLJQLILFDQFHOHYHORI
8VLQJWKHDERYHDVVXPSWLRQVZLWKWKHIDOOEDFNDSSURDFKIRUWKHFRSULPDU\HQGSRLQWV
VXEMHFWVZLOOSURYLGH! SRZHUWRGHFODUHVWDWLVWLFDOVLJQLILFDQFHLQHLWKHUFKDQJHLQYLUDOORDG
RUSURSRUWLRQRIVXEMHFWVZLWK/57&

'DWD0RQLWRULQJ&RPPLWWHH
$QH[WHUQDOPXOWLGLVFLSOLQDU\GDWDPRQLWRULQJFRPPLWWHH'0&ZLOOUHYLHZWKHSURJUHVVRIWKH
VWXG\DQGSHUIRUPLQWHULPUHYLHZVRIVDIHW\GDWDDVVSHFLILHGLQWKH'0&FKDUWHU DQGSURYLGH
UHFRPPHQGDWLRQWR*LOHDGZKHWKHUWKHQDWXUHIUHTXHQF\DQGVHYHULW\RIDGYHUVHHIIHFWV
DVVRFLDWHGZLWKVWXG\WUHDWPHQWZDUUDQWWKHHDUO\WHUPLQDWLRQRIWKHVWXG\LQWKHEHVWLQWHUHVWVRI
WKHSDUWLFLSDQWVZKHWKHUWKHVWXG\VKRXOGFRQWLQXHDVSODQQHGRUWKHVWXG\VKRXOGFRQWLQXHZLWK
PRGLILFDWLRQV
7KH'0&¶VVSHFLILFDFWLYLWLHVZLOOEHGHILQHGE\DPXWXDOO\DJUHHGFKDUWHUZKLFKZLOOGHILQHWKH
'0&¶VPHPEHUVKLSFRQGXFWDQGPHHWLQJVFKHGXOH
:KLOHWKH'0&ZLOOEHDVNHGWRDGYLVH*LOHDGUHJDUGLQJIXWXUHFRQGXFWRIWKHVWXG\LQFOXGLQJ
SRVVLEOHHDUO\VWXG\WHUPLQDWLRQ*LOHDGUHWDLQVILQDOGHFLVLRQPDNLQJDXWKRULW\RQ DOODVSHFWVRI
WKHVWXG\

(QGSRLQW$GMXGLFDWLRQ&RPPLWWHH
%OLQGHGUHYLHZHUVZLOOUHYLHZUHODWHG FOLQLFDOGDWDWRGHWHUPLQHZKHWKHUDORZHUUHVSLUDWRU\WUDFW
FRPSOLFDWLRQKDVGHYHORSHG7KHVHFOLQLFDOGDWDLH YLWDOVLJQVFOLQLFDOQRWHVUDGLRORJ\UHSRUWV
>LQFOXGLQJ HFKRFDUGLRJUDPV@DQGPLFURELRORJ\UHVXOWVZLOOEHXVHGWRGHWHUPLQHLIRQHRIWKH
IROORZLQJKDVRFFXUUHGH[FOXGLQJRWKHUFDXVHVVXFKDVSXOPRQDU\HPEROLVPFDUGLRJHQLFVKRFN
KHDUWIDLOXUHDQGIOXLGRYHUORDG

3ULPDU\569/57,

6HFRQGDU\EDFWHULDO/57,

/RZHUUHVSLUDWRU\WUDFWLQIHFWLRQGXHWRXQXVXDOSDWKRJHQV

/RZHUUHVSLUDWRU\WUDFWFRPSOLFDWLRQ RI XQNQRZQHWLRORJ\
'HWDLOHGGHILQLWLRQVIRUHDFKRIWKHDERYHGLDJQRVHVZLOOEHSURYLGHGWRWKHDGMXGLFDWLRQ
FRPPLWWHHLQWKH$GMXGLFDWLRQ&RPPLWWHH&KDUWHU


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

5(63216,%,/,7,(6

,QYHVWLJDWRU5HVSRQVLELOLWLHV

*RRG&OLQLFDO3UDFWLFH
7KHLQYHVWLJDWRUZLOOHQVXUHWKDWWKLVVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKHSULQFLSOHVRIWKH
'HFODUDWLRQRI+HOVLQNLDVDPHQGHGLQ(GLQEXUJK7RN\R9HQLFH+RQJ.RQJDQG
6RXWK $IULFD,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ,&+JXLGHOLQHVRUZLWKWKHODZVDQG
UHJXODWLRQVRIWKHFRXQWU\LQZKLFKWKHUHVHDUFKLVFRQGXFWHGZKLFKHYHUDIIRUGVWKHJUHDWHU
SURWHFWLRQWRWKHVWXG\VXEMHFW7KHVHVWDQGDUGVDUHFRQVLVWHQWZLWKWKH(XURSHDQ8QLRQ&OLQLFDO
7ULDOV'LUHFWLYH(&DQG*RRG&OLQLFDO3UDFWLFH'LUHFWLYH(&
7KHLQYHVWLJDWRUZLOOHQVXUHDGKHUHQFHWRWKHEDVLFSULQFLSOHVRI*RRG&OLQLFDO3UDFWLFHDV
RXWOLQHGLQ &)5 VXESDUW '³5HVSRQVLELOLWLHVRI6SRQVRUVDQG,QYHVWLJDWRUV´
 &)5 SDUW DQG &)5SDUW 
7KHLQYHVWLJDWRUDQGDOODSSOLFDEOHVXELQYHVWLJDWRUVZLOOFRPSO\ZLWK &)53DUW 
SURYLGLQJGRFXPHQWDWLRQRIWKHLUILQDQFLDOLQWHUHVWRUDUUDQJHPHQWVZLWK*LOHDGRUSURSULHWDU\
LQWHUHVWVLQWKHLQYHVWLJDWLRQDOGUXJXQGHUVWXG\7KLVGRFXPHQWDWLRQPXVWEH SURYLGHGSULRUWR
WKHLQYHVWLJDWRU¶VDQGDQ\VXELQYHVWLJDWRU¶VSDUWLFLSDWLRQLQWKHVWXG\7KHLQYHVWLJDWRUDQG
VXELQYHVWLJDWRUDJUHHWRQRWLI\*LOHDGRIDQ\FKDQJHLQUHSRUWDEOHLQWHUHVWVGXULQJWKHVWXG\DQG
IRU\HDUIROORZLQJFRPSOHWLRQRIWKHVWXG\6WXG\FRPSOHWLRQLVGHILQHGDVWKHGDWHZKHQWKH
ODVWVXEMHFWFRPSOHWHVWKHSURWRFROGHILQHGDFWLYLWLHV

,QVWLWXWLRQDO5HYLHZ%RDUG,5%,QGHSHQGHQW(WKLFV&RPPLWWHH,(&
5HYLHZDQG$SSURYDO
7KHLQYHVWLJDWRURUVSRQVRUDVDSSURSULDWHDFFRUGLQJWRORFDOUHJXODWLRQVZLOOVXEPLWWKLV
SURWRFROLQIRUPHGFRQVHQWIRUPDQGDQ\DFFRPSDQ\LQJPDWHULDOWREHSURYLGHGWRWKHVXEMHFW
VXFKDVDGYHUWLVHPHQWVVXEMHFWLQIRUPDWLRQVKHHWVRUGHVFULSWLRQVRIWKHVWXG\XVHGWRREWDLQ
LQIRUPHGFRQVHQWWRDQ ,5%,(&GHSHQGLQJRQUHJLRQ7KHLQYHVWLJDWRUZLOOQRWEHJLQDQ\VWXG\
VXEMHFWDFWLYLWLHVXQWLODSSURYDOIURPWKH ,5%,(& KDVEHHQGRFXPHQWHGDQGSURYLGHGDVDOHWWHU
WRWKHLQYHVWLJDWRU
%HIRUHLPSOHPHQWDWLRQWKHLQYHVWLJDWRUZLOOVXEPLWWRDQGUHFHLYHGRFXPHQWHGDSSURYDOIURP
WKH ,5%,(&IRUDQ\PRGLILFDWLRQVPDGHWRWKHSURWRFRORUDQ\DFFRPSDQ\LQJPDWHULDOWREH
SURYLGHGWRWKHVXEMHFWDIWHULQLWLDODSSURYDOZLWKWKHH[FHSWLRQRIWKRVHQHFHVVDU\WRUHGXFH
LPPHGLDWHULVNWRVWXG\VXEMHFWV

,QIRUPHG&RQVHQW
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUREWDLQLQJZULWWHQLQIRUPHGFRQVHQWIURPHDFKLQGLYLGXDO
SDUWLFLSDWLQJLQWKLVVWXG\DIWHUDGHTXDWHH[SODQDWLRQRIWKHDLPVPHWKRGVREMHFWLYHVDQG
SRWHQWLDOKD]DUGVRIWKHVWXG\DQGEHIRUHXQGHUWDNLQJDQ\VWXG\UHODWHGSURFHGXUHV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
7KH LQYHVWLJDWRUPXVWXVHWKHPRVWFXUUHQW ,5%RU,(&DSSURYHGFRQVHQWIRUPIRUGRFXPHQWLQJ
ZULWWHQLQIRUPHGFRQVHQW(DFKLQIRUPHGFRQVHQWRUDVVHQWDVDSSOLFDEOHZLOOEHDSSURSULDWHO\
VLJQHGDQGGDWHGE\WKHVXEMHFWRUWKHVXEMHFW¶VOHJDOO\DXWKRUL]HGUHSUHVHQWDWLYHDQGWKHSHUVRQ
FRQGXFWLQJWKHFRQVHQWGLVFXVVLRQDQGDOVRE\DQLPSDUWLDOZLWQHVVLIUHTXLUHGE\ ,5%,(&RU
ORFDOUHTXLUHPHQWV

&RQILGHQWLDOLW\
7KHLQYHVWLJDWRUPXVWDVVXUHWKDWVXEMHFWV¶DQRQ\PLW\ZLOOEHVWULFWO\PDLQWDLQHGDQGWKDWWKHLU
LGHQWLWLHVDUHSURWHFWHGIURPXQDXWKRUL]HGSDUWLHV2QO\VXEMHFWLQLWLDOVGDWHRIELUWKDQRWKHU
XQLTXHLGHQWLILHUDVDOORZHGE\ORFDOODZDQGDQLGHQWLILFDWLRQFRGHZLOOEHUHFRUGHGRQDQ\
IRUPRUELRORJLFDOVDPSOHVXEPLWWHGWRWKH6SRQVRU,5%,(& RUODERUDWRU\/DERUDWRU\
VSHFLPHQVPXVWEHODEHOHGLQVXFKD PDQQHU DVWRSURWHFWVXEMHFWLGHQWLW\ZKLOHDOORZLQJWKH
UHVXOWVWREHUHFRUGHGWRWKHSURSHUVXEMHFW5HIHUWRVSHFLILFODERUDWRU\LQVWUXFWLRQV127( 7KH
LQYHVWLJDWRUPXVWNHHSDVFUHHQLQJORJVKRZLQJFRGHVQDPHVDQGDGGUHVVHVIRUDOOVXEMHFWV
VFUHHQHGDQGIRUDOOVXEMHFWVHQUROOHGLQWKHWULDO 6XEMHFWGDWDZLOOEHSURFHVVHGLQDFFRUGDQFH
ZLWKDOODSSOLFDEOHUHJXODWLRQV
7KHLQYHVWLJDWRUDJUHHVWKDWDOOLQIRUPDWLRQUHFHLYHGIURP*LOHDGLQFOXGLQJEXWQRWOLPLWHGWRWKH
,%WKLVSURWRFROH&5)WKH,03DQGDQ\RWKHUVWXG\LQIRUPDWLRQUHPDLQWKHVROHDQG
H[FOXVLYHSURSHUW\RI*LOHDGGXULQJWKHFRQGXFWRIWKHVWXG\DQGWKHUHDIWHU7KLVLQIRUPDWLRQLV
QRWWREHGLVFORVHGWRDQ\WKLUGSDUW\H[FHSWHPSOR\HHVRUDJHQWVGLUHFWO\LQYROYHGLQWKH
FRQGXFWRIWKHVWXG\RUDVUHTXLUHGE\ODZZLWKRXWSULRUZULWWHQFRQVHQWIURP*LOHDG7KH
LQYHVWLJDWRUIXUWKHUDJUHHVWRWDNHDOOUHDVRQDEOHSUHFDXWLRQVWRSUHYHQWWKHGLVFORVXUHE\DQ\
HPSOR\HHRUDJHQWRIWKHVWXG\VLWHWRDQ\WKLUGSDUW\RURWKHUZLVHLQWRWKHSXEOLFGRPDLQ

6WXG\)LOHVDQG5HWHQWLRQRI5HFRUGV
7KHLQYHVWLJDWRUPXVWPDLQWDLQDGHTXDWHDQGDFFXUDWHUHFRUGVWRHQDEOHWKHFRQGXFWRIWKHVWXG\
WREHIXOO\GRFXPHQWHGDQGWKHVWXG\GDWDWREHVXEVHTXHQWO\YHULILHG7KHVHGRFXPHQWVVKRXOG
EHFODVVLILHGLQWRDWOHDVWWKHIROORZLQJWZRFDWHJRULHV LQYHVWLJDWRU¶VVWXG\ILOHDQG
 VXEMHFWFOLQLFDOVRXUFHGRFXPHQWV
7KHLQYHVWLJDWRU¶VVWXG\ILOHZLOOFRQWDLQWKHSURWRFRODPHQGPHQWV&5)DQGTXHU\IRUPV
,5%,(&DQGJRYHUQPHQWDODSSURYDOZLWKFRUUHVSRQGHQFHLQIRUPHGFRQVHQWGUXJUHFRUGVVWDII
FXUULFXOXPYLWDHDQGDXWKRUL]DWLRQIRUPVDQGRWKHUDSSURSULDWHGRFXPHQWVDQGFRUUHVSRQGHQFH
7KHUHTXLUHGVRXUFHGDWDVKRXOGLQFOXGHVHTXHQWLDOQRWHVFRQWDLQLQJDWOHDVWWKHIROORZLQJ
LQIRUPDWLRQIRUHDFKVXEMHFW

6XEMHFWLGHQWLILFDWLRQQDPHGDWHRIELUWKJHQGHU

'RFXPHQWDWLRQWKDWVXEMHFWPHHWVHOLJLELOLW\FULWHULDLHKLVWRU\SK\VLFDOH[DPLQDWLRQDQG
FRQILUPDWLRQRIGLDJQRVLVWRVXSSRUWLQFOXVLRQDQGH[FOXVLRQFULWHULD

'RFXPHQWDWLRQRIWKHUHDVRQVDFRQVHQWHGVXEMHFWLVQRWHQUROOHG


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

3DUWLFLSDWLRQLQVWXG\LQFOXGLQJVWXG\QXPEHU

6WXG\GLVFXVVHGDQGGDWHRILQIRUPHGFRQVHQW

'DWHVRIDOOYLVLWV

'RFXPHQWDWLRQWKDWSURWRFROVSHFLILFSURFHGXUHVZHUHSHUIRUPHG

5HVXOWVRIHIILFDF\SDUDPHWHUVDVUHTXLUHGE\WKHSURWRFRO

6WDUWDQGHQGGDWHLQFOXGLQJGRVHUHJLPHQRI,03LQFOXGLQJGDWHVRI GLVSHQVLQJDQG UHWXUQ

5HFRUGRIDOODGYHUVHHYHQWVDQGRWKHUVDIHW\SDUDPHWHUVVWDUWDQGHQGGDWHDQGLQFOXGLQJ
FDXVDOLW\DQGVHYHULW\

&RQFRPLWDQWPHGLFDWLRQLQFOXGLQJVWDUWDQGHQGGDWHGRVHLIUHOHYDQWGRVHFKDQJHV

'DWHRIVWXG\FRPSOHWLRQDQGUHDVRQIRUHDUO\GLVFRQWLQXDWLRQLILWRFFXUV
$OOFOLQLFDOVWXG\GRFXPHQWVPXVWEHUHWDLQHGE\WKHLQYHVWLJDWRUXQWLODWOHDVW \HDUVRU
DFFRUGLQJWRORFDOODZVZKLFKHYHULVORQJHUDIWHUWKHODVWDSSURYDORIDPDUNHWLQJDSSOLFDWLRQLQ
DQ,&+UHJLRQLH8QLWHG6WDWHV(XURSHRU-DSDQDQGXQWLOWKHUHDUHQRSHQGLQJRUSODQQHG
PDUNHWLQJDSSOLFDWLRQVLQDQ,&+UHJLRQRULIQRDSSOLFDWLRQLVILOHGRULIWKHDSSOLFDWLRQLVQRW
DSSURYHGIRUVXFKLQGLFDWLRQXQWLO \HDUVDIWHUWKHLQYHVWLJDWLRQLVGLVFRQWLQXHGDQGUHJXODWRU\
DXWKRULWLHVKDYHEHHQQRWLILHG,QYHVWLJDWRUVPD\EHUHTXLUHGWRUHWDLQGRFXPHQWVORQJHULI
VSHFLILHGE\UHJXODWRU\UHTXLUHPHQWVE\ORFDOUHJXODWLRQVRUE\DQDJUHHPHQWZLWK*LOHDG7KH
LQYHVWLJDWRUPXVWQRWLI\*LOHDGEHIRUHGHVWUR\LQJDQ\FOLQLFDOVWXG\UHFRUGV
6KRXOGWKHLQYHVWLJDWRUZLVKWRDVVLJQWKHVWXG\UHFRUGVWRDQRWKHUSDUW\RUPRYHWKHPWRDQRWKHU
ORFDWLRQ*LOHDGPXVWEHQRWLILHGLQDGYDQFH
,IWKHLQYHVWLJDWRUFDQQRWSURYLGHIRUWKLVDUFKLYLQJUHTXLUHPHQWDWWKHVWXG\VLWHIRUDQ\RUDOORI
WKHGRFXPHQWVVSHFLDODUUDQJHPHQWVPXVWEHPDGHEHWZHHQWKHLQYHVWLJDWRUDQG*LOHDGWRVWRUH
WKHVHUHFRUGVVHFXUHO\DZD\IURP WKHVLWHVRWKDWWKH\FDQEHUHWXUQHG VHDOHGWRWKHLQYHVWLJDWRU
LQFDVHRIDQLQVSHFWLRQ:KHQVRXUFHGRFXPHQWVDUHUHTXLUHGIRUWKHFRQWLQXHGFDUHRIWKH
VXEMHFWDSSURSULDWHFRSLHVVKRXOGEHPDGHIRUVWRUDJHDZD\IURP WKHVLWH

&DVH5HSRUW)RUPV
)RUHDFKVXEMHFWFRQVHQWHGDQH&5)ZLOOEHFRPSOHWHGE\DQDXWKRUL]HGVWXG\VWDIIPHPEHU
ZKRVHWUDLQLQJIRUWKLVIXQFWLRQLVGRFXPHQWHGDFFRUGLQJWRVWXG\SURFHGXUHV H&5) VKRXOGEH
FRPSOHWHGRQWKHGD\RIWKHVXEMHFWYLVLWWRHQDEOHWKHVSRQVRUWRSHUIRUPFHQWUDOPRQLWRULQJRI
VDIHW\GDWD6XEVHTXHQWWRGDWDHQWU\DVWXG\PRQLWRUZLOOSHUIRUPVRXUFHGDWDYHULILFDWLRQ
ZLWKLQWKH('&V\VWHP 2ULJLQDOHQWULHVDVZHOODVDQ\FKDQJHVWRGDWDILHOGVZLOOEHVWRUHGLQ
WKHDXGLWWUDLORIWKHV\VWHP3ULRUWRGDWDEDVHORFNRUDQ\LQWHULPWLPHSRLQWVDV GHVFULEHGLQWKH
FOLQLFDOGDWDPDQDJHPHQWSODQWKHLQYHVWLJDWRUZLOOXVHKLVKHUORJLQFUHGHQWLDOVWRFRQILUPWKDW


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
WKHIRUPVKDYHEHHQUHYLHZHGDQGWKDWWKHHQWULHVDFFXUDWHO\UHIOHFWWKHLQIRUPDWLRQLQWKH
VRXUFHGRFXPHQWV 7KHH&5)FDSWXUHWKHGDWDUHTXLUHGSHUWKHSURWRFROVFKHGXOHRIHYHQWVDQG
SURFHGXUHV 6\VWHPJHQHUDWHGRUPDQXDOTXHULHVZLOOEHLVVXHGWRWKHLQYHVWLJDWLYHVLWHVWDIIDV
GDWDGLVFUHSDQFLHVDUHLGHQWLILHGE\WKHPRQLWRURULQWHUQDO*LOHDGVWDIIZKRURXWLQHO\UHYLHZWKH
GDWDIRUFRPSOHWHQHVV FRUUHFWQHVVDQGFRQVLVWHQF\7KHVLWHFRRUGLQDWRULVUHVSRQVLEOHIRU
UHVSRQGLQJWRWKHTXHULHVLQDWLPHO\PDQQHUZLWKLQWKHV\VWHPHLWKHUE\FRQILUPLQJWKHGDWD
DV FRUUHFWRUXSGDWLQJWKHRULJLQDOHQWU\DQGSURYLGLQJWKHUHDVRQIRUWKHXSGDWHHJGDWDHQWU\
HUURU $WWKHFRQFOXVLRQRIWKHWULDO*LOHDGZLOOSURYLGHWKHVLWHZLWKDUHDGRQO\DUFKLYHFRS\RI
WKHGDWDHQWHUHGE\WKDWVLWH7KLVDUFKLYHPXVWEHVWRUHGLQDFFRUGDQFHZLWKWKHUHFRUGVUHWHQWLRQ
UHTXLUHPHQWVRXWOLQHGLQ6HFWLRQ 

'DWD4XDOLW\&RQWURODQG4XDOLW\$VVXUDQFH
7RLQVXUHDFFXUDWHFRPSOHWHDQGUHOLDEOHGDWDWKH6SRQVRURULWVUHSUHVHQWDWLYHVZLOOGRWKH
IROORZLQJ

3URYLGHLQVWUXFWLRQDOPDWHULDOWRWKHVWXG\VLWHVDVDSSURSULDWH

,QVWUXFWWKHLQYHVWLJDWRUVDQGVWXG\SHUVRQQHORQWKHSURWRFROWKHFRPSOHWLRQRIWKH&5)V
DQGVWXG\SURFHGXUHV

0DNHSHULRGLFYLVLWVWRWKHVWXG\VLWH

%HDYDLODEOHWRFRQVXOWDWLRQDQGVWD\LQFRQWDFWZLWKWKHVWXG\VLWHSHUVRQQHOE\PDLOHPDLO
WHOHSKRQHDQGRUID[

0RQLWRUWKHVXEMHFWGDWDUHFRUGHGLQWKH&5)VDJDLQVWVRXUFHGRFXPHQWVDWWKHVWXG\VLWH

5HYLHZDQGHYDOXDWH&5)GDWDDQGXVHVWDQGDUGFRPSXWHUHGLWVWRGHWHFWHUURUVLQGDWD
FROOHFWLRQ

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW $FFRXQWDELOLW\DQG5HWXUQ
*LOHDGUHFRPPHQGVWKDWXVHGDQGXQXVHG,03VXSSOLHVEHGHVWUR\HGRQVLWHLISRVVLEOH 7KH
VWXG\PRQLWRUZLOOHYDOXDWHHDFKVWXG\FHQWHU¶V,03GLVSRVDOSURFHGXUHVDQGSURYLGHDSSURSULDWH
LQVWUXFWLRQIRUGHVWUXFWLRQRIXQXVHG,03VXSSOLHV,IWKHVLWHKDVDQDSSURSULDWHVWDQGDUG
RSHUDWLQJSURFHGXUH623IRUGUXJGHVWUXFWLRQDVGHWHUPLQHGE\*LOHDG4$WKHVLWHPD\
GHVWUR\XVHGHPSW\RUSDUWLDOO\HPSW\DQGXQXVHG,03VXSSOLHVLQDFFRUGDQFHZLWKWKDWVLWH¶V
DSSURYHG623$FRS\RIWKHVLWH¶VDSSURYHG623ZLOOEHREWDLQHGIRUFHQWUDOILOHV,I,03
FDQQRWEHGHVWUR\HGRQVLWHWKHVWXG\PRQLWRUZLOOSURYLGHLQVWUXFWLRQVIRUUHWXUQWR *LOHDGRU
WKHVKLSSLQJIDFLOLW\IURPZKLFKLWFDPHIRUHYHQWXDOGHVWUXFWLRQ
,I,03LVGHVWUR\HGRQVLWHWKHLQYHVWLJDWRUPXVWPDLQWDLQDFFXUDWHUHFRUGVIRUDOO,03
GHVWUR\HG5HFRUGVPXVWVKRZWKHLGHQWLILFDWLRQDQGTXDQWLW\RIHDFKXQLWGHVWUR\HGWKHPHWKRG
RIGHVWUXFWLRQDQGWKHSHUVRQZKRGLVSRVHGRIWKH,038SRQVWXG\FRPSOHWLRQFRSLHVRIWKH
,03DFFRXQWDELOLW\UHFRUGVPXVWEHILOHGDWWKHVLWH $QRWKHUFRS\ZLOOEHUHWXUQHGWR*LOHDG
7KHVWXG\PRQLWRUZLOOUHYLHZ,03VXSSOLHVDQGDVVRFLDWHGUHFRUGVDWSHULRGLFLQWHUYDOV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

,QVSHFWLRQV
7KHLQYHVWLJDWRUZLOOPDNHDYDLODEOHDOO VRXUFHGRFXPHQWVDQGRWKHUUHFRUGVIRUWKLVWULDOWR
*LOHDG¶VDSSRLQWHGVWXG\PRQLWRUVWR ,5%,(&VRUWRUHJXODWRU\DXWKRULW\RUKHDOWKDXWKRULW\
LQVSHFWRUV

3URWRFRO&RPSOLDQFH
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKHVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKH
SURFHGXUHVDQGHYDOXDWLRQVGHVFULEHGLQWKLVSURWRFRO

6SRQVRU5HVSRQVLELOLWLHV

3URWRFRO0RGLILFDWLRQV
3URWRFROPRGLILFDWLRQVH[FHSWWKRVHLQWHQGHGWRUHGXFHLPPHGLDWHULVNWRVWXG\VXEMHFWVPD\EH
PDGHRQO\E\*LOHDG7KHLQYHVWLJDWRUPXVWVXEPLWDOOSURWRFROPRGLILFDWLRQVWRWKH,5%,(&LQ
DFFRUGDQFHZLWKORFDOUHTXLUHPHQWV DQGUHFHLYHGRFXPHQWHG,5%,(& DSSURYDOEHIRUH
PRGLILFDWLRQVFDQEHLPSOHPHQWHG

6WXG\5HSRUWDQG3XEOLFDWLRQV
$FOLQLFDOVWXG\UHSRUW&65ZLOOEHSUHSDUHGDQGSURYLGHGWRWKHDSSOLFDEOHUHJXODWRU\
DJHQFLHV*LOHDGZLOOHQVXUHWKDWWKH UHSRUWPHHWVWKHVWDQGDUGVVHWRXWLQWKH,&+*XLGHOLQHIRU
6WUXFWXUHDQG&RQWHQWRI&OLQLFDO6WXG\5HSRUWV,&+ (1RWHWKDWDQDEEUHYLDWHGUHSRUWPD\
EHSUHSDUHGLQFHUWDLQFDVHV
,QYHVWLJDWRUVLQWKLVVWXG\PD\FRPPXQLFDWHRUDOO\SUHVHQWRUSXEOLVK LQVFLHQWLILFMRXUQDOVRU
RWKHUVFKRODUO\PHGLDRQO\DIWHUWKHIROORZLQJFRQGLWLRQVKDYHEHHQPHW

7KHUHVXOWVRIWKHVWXG\LQWKHLUHQWLUHW\KDYHEHHQSXEOLFO\GLVFORVHGE\RUZLWKWKHFRQVHQW
RI*LOHDGLQDQDEVWUDFWPDQXVFULSWRUSUHVHQWDWLRQIRUPRU WKHVWXG\KDVEHHQFRPSOHWHGDW
DOOVWXG\VLWHVIRUDWOHDVW\HDUV

7KHLQYHVWLJDWRUZLOOVXEPLWWR*LOHDGDQ\SURSRVHGSXEOLFDWLRQRUSUHVHQWDWLRQDORQJZLWK
WKHUHVSHFWLYHVFLHQWLILFMRXUQDORUSUHVHQWDWLRQIRUXPDWOHDVWGD\VEHIRUHVXEPLVVLRQRI
WKHSXEOLFDWLRQRUSUHVHQWDWLRQ

1RVXFKFRPPXQLFDWLRQSUHVHQWDWLRQRUSXEOLFDWLRQZLOOLQFOXGH*LOHDG¶VFRQILGHQWLDO
LQIRUPDWLRQVHH6HFWLRQ 

7KHLQYHVWLJDWRUZLOOFRPSO\ZLWK*LOHDG¶VUHTXHVWWRGHOHWHUHIHUHQFHVWRLWVFRQILGHQWLDO
LQIRUPDWLRQRWKHUWKDQWKHVWXG\UHVXOWVLQDQ\SDSHURUSUHVHQWDWLRQDQGDJUHHVWRZLWKKROG
SXEOLFDWLRQRUSUHVHQWDWLRQIRUDQDGGLWLRQDOGD\VLQRUGHUWRREWDLQSDWHQWSURWHFWLRQLI
GHHPHGQHFHVVDU\


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

-RLQW,QYHVWLJDWRU6SRQVRU5HVSRQVLELOLWLHV

3D\PHQW5HSRUWLQJ
,QYHVWLJDWRUVDQGWKHLUVWXG\VWDIIPD\EHDVNHGWRSURYLGHVHUYLFHV SHUIRUPHGXQGHUWKLV
SURWRFROHJDWWHQGDQFHDW,QYHVWLJDWRU
V0HHWLQJV,IUHTXLUHGXQGHUWKHDSSOLFDEOHVWDWXWRU\DQG
UHJXODWRU\UHTXLUHPHQWV*LOHDGZLOOFDSWXUHDQGGLVFORVHWR)HGHUDODQG6WDWHDJHQFLHVDQ\
H[SHQVHVSDLGRUUHLPEXUVHGIRUVXFKVHUYLFHVLQFOXGLQJDQ\FOLQLFDOWULDOSD\PHQWVPHDOWUDYHO
H[SHQVHVRUUHLPEXUVHPHQWVFRQVXOWLQJIHHVDQGDQ\RWKHUWUDQVIHURIYDOXH

$FFHVVWR,QIRUPDWLRQIRU0RQLWRULQJ
,QDFFRUGDQFHZLWKUHJXODWLRQVDQG JXLGHOLQHVWKHVWXG\PRQLWRUPXVWKDYHGLUHFWDFFHVVWRWKH
LQYHVWLJDWRU¶VVRXUFHGRFXPHQWDWLRQLQRUGHUWRYHULI\WKHDFFXUDF\RIWKHGDWDUHFRUGHGLQWKH
&5)H&5)
7KHPRQLWRULVUHVSRQVLEOHIRUURXWLQHUHYLHZRIWKH&5)H&5) DWUHJXODULQWHUYDOVWKURXJKRXW
WKHVWXG\WRYHULI\DGKHUHQFHWRWKHSURWRFRODQGWKHFRPSOHWHQHVVFRQVLVWHQF\DQGDFFXUDF\RI
WKHGDWDEHLQJHQWHUHGRQWKHP7KHPRQLWRUVKRXOGKDYHDFFHVVWRDQ\VXEMHFWUHFRUGVQHHGHGWR
YHULI\WKHHQWULHVRQWKH&5)H&5)7KHLQYHVWLJDWRUDJUHHVWRFRRSHUDWHZLWKWKHPRQLWRUWR
HQVXUHWKDWDQ\SUREOHPVGHWHFWHGWKURXJKDQ\W\SHRIPRQLWRULQJFHQWUDORQVLWH DUHUHVROYHG

$FFHVVWR,QIRUPDWLRQIRU$XGLWLQJRU,QVSHFWLRQV
5HSUHVHQWDWLYHVRIUHJXODWRU\DXWKRULWLHVRURI*LOHDGPD\FRQGXFWLQVSHFWLRQVRUDXGLWVRIWKH
FOLQLFDOVWXG\,IWKHLQYHVWLJDWRULVQRWLILHGRIDQLQVSHFWLRQE\DUHJXODWRU\DXWKRULW\WKH
LQYHVWLJDWRUDJUHHVWRQRWLI\WKH*LOHDGPHGLFDOPRQLWRULPPHGLDWHO\7KHLQYHVWLJDWRUDJUHHVWR
SURYLGHWRUHSUHVHQWDWLYHVRIDUHJXODWRU\DJHQF\RU*LOHDGDFFHVVWRUHFRUGVIDFLOLWLHVDQG
SHUVRQQHOIRUWKHHIIHFWLYHFRQGXFWRIDQ\LQVSHFWLRQRUDXGLW

6WXG\'LVFRQWLQXDWLRQ
%RWKWKHVSRQVRUDQGWKHLQYHVWLJDWRUUHVHUYHWKHULJKWWRWHUPLQDWHWKHVWXG\DWDQ\WLPH6KRXOG
WKLVEHQHFHVVDU\ERWKSDUWLHVZLOODUUDQJHGLVFRQWLQXDWLRQSURFHGXUHVDQGQRWLI\WKHDSSURSULDWH
UHJXODWRU\DXWKRULW\LHV,5%VDQG,(&V,QWHUPLQDWLQJWKHVWXG\*LOHDGDQGWKHLQYHVWLJDWRU
ZLOODVVXUHWKDWDGHTXDWHFRQVLGHUDWLRQLVJLYHQWRWKHSURWHFWLRQRIWKHVXEMHFWV¶LQWHUHVWV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

5()(5(1&(6
$PHULFDQ$FDGHP\RI3HGLDWULFV&RPPLWWHHRQ,QIHFWLRXV'LVHDVHV8VHRIULEDYLULQLQWKH
WUHDWPHQWRIUHVSLUDWRU\V\QF\WLDOYLUXVLQIHFWLRQ3HGLDWULFV
$YHWLV\DQ*0DWWVVRQ-6SDUUHOLG(/MXQJPDQ35HVSLUDWRU\V\QF\WLDOYLUXVLQIHFWLRQLQ
UHFLSLHQWVRIDOORJHQHLFVWHPFHOOWUDQVSODQWDWLRQDUHWURVSHFWLYHVWXG\RIWKH
LQFLGHQFHFOLQLFDOIHDWXUHVDQGRXWFRPH7UDQVSODQWDWLRQ
%RHFNK0(QJOXQG-/L<0LOOHU&&URVV$)HUQDQGH]+HWDO5DQGRPL]HGFRQWUROOHG
PXOWLFHQWHUWULDORIDHURVROL]HGULEDYLULQIRUUHVSLUDWRU\V\QF\WLDOYLUXVXSSHU
UHVSLUDWRU\WUDFWLQIHFWLRQLQKHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWV&OLQ,QIHFW
'LV
&KHPDO\5)*KRVK6%RGH\*35RKDWJL16DIGDU$.HDWLQJ0-HWDO5HVSLUDWRU\YLUDO
LQIHFWLRQVLQDGXOWVZLWKKHPDWRORJLFPDOLJQDQFLHVDQGKXPDQVWHPFHOO
WUDQVSODQWDWLRQUHFLSLHQWVDUHWURVSHFWLYHVWXG\DWDPDMRUFDQFHUFHQWHU0HGLFLQH
%DOWLPRUH
(UDUG9&KLHQ-:.LP+:1LFKROV:*)ORZHUV0(0DUWLQ3-HWDO$LUIORZGHFOLQHDIWHU
P\HORDEODWLYHDOORJHQHLFKHPDWRSRLHWLFFHOOWUDQVSODQWDWLRQWKHUROHRI
FRPPXQLW\UHVSLUDWRU\YLUXVHV-,QIHFW'LV
)'$)'$&'(5*XLGDQFHIRU,QGXVWU\'UXJ,QWHUDFWLRQ6WXGLHV² 6WXG\'HVLJQ'DWD
$QDO\VLV,PSOLFDWLRQVIRU'RVLQJDQG/DEHOLQJ5HFRPPHQGDWLRQV'UDIW
*XLGDQFH)HEUXDU\
ZZZIGDJRYGRZQORDGV'UXJV*XLGDQFH&RPSOLDQFH5HJXODWRU\,QIRUPDWLRQ*XL
GDQFHV8&0SGI$FFHVVHG)HEUXDU\
*KRVK6&KDPSOLQ5((QJOXQG-*LUDOW6$5ROVWRQ.5DDG,HWDO5HVSLUDWRU\V\QF\WLDO
YLUXVXSSHUUHVSLUDWRU\WUDFWLOOQHVVHVLQDGXOWEORRGDQGPDUURZWUDQVSODQW
UHFLSLHQWVFRPELQDWLRQWKHUDS\ZLWKDHURVROL]HGULEDYLULQDQGLQWUDYHQRXV
LPPXQRJOREXOLQ%RQH0DUURZ7UDQVSODQW
+DUULQJWRQ5'+RRWRQ70+DFNPDQ5&6WRUFK*$2VERUQH%*OHDYHV&$HWDO$Q
RXWEUHDNRIUHVSLUDWRU\V\QF\WLDOYLUXVLQDERQHPDUURZWUDQVSODQWFHQWHU-,QIHFW
'LV
+LUVFK++0DUWLQR5:DUG.1%RHFNK0(LQVHOH+/MXQJPDQ3)RXUWK(XURSHDQ
&RQIHUHQFHRQ,QIHFWLRQVLQ/HXNDHPLD(&,/JXLGHOLQHVIRUGLDJQRVLVDQG
WUHDWPHQWRIKXPDQUHVSLUDWRU\V\QF\WLDOYLUXVSDUDLQIOXHQ]DYLUXV
PHWDSQHXPRYLUXVUKLQRYLUXVDQGFRURQDYLUXV&OLQ,QIHFW'LV



3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
.KDQQD1:LGPHU$)'HFNHU06WHIIHQ,+DOWHU-+HLP'HWDO5HVSLUDWRU\V\QF\WLDOYLUXV
LQIHFWLRQLQSDWLHQWVZLWKKHPDWRORJLFDOGLVHDVHVVLQJOHFHQWHUVWXG\DQGUHYLHZ
RIWKHOLWHUDWXUH&OLQ,QIHFW'LV
.LP<-%RHFNK0(QJOXQG-$&RPPXQLW\UHVSLUDWRU\YLUXVLQIHFWLRQVLQ
LPPXQRFRPSURPLVHGSDWLHQWVKHPDWRSRLHWLFVWHPFHOODQGVROLGRUJDQWUDQVSODQW
UHFLSLHQWVDQGLQGLYLGXDOVZLWKKXPDQLPPXQRGHILFLHQF\YLUXVLQIHFWLRQ
6HPLQDUVLQUHVSLUDWRU\DQGFULWLFDOFDUHPHGLFLQH
.LP<-*XWKULH.$:DJKPDUH$:DOVK(()DOVH\$5.X\SHUV-HWDO5HVSLUDWRU\
V\QF\WLDOYLUXVLQKHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWVIDFWRUVGHWHUPLQLQJ
SURJUHVVLRQWRORZHUUHVSLUDWRU\WUDFWGLVHDVH-,QIHFW'LV
0DUWLQR53RUUDV535DEHOOD1:LOOLDPV-95DPLOD(0DUJDOO1HWDO3URVSHFWLYHVWXG\RI
WKHLQFLGHQFHFOLQLFDOIHDWXUHVDQGRXWFRPHRIV\PSWRPDWLFXSSHUDQGORZHU
UHVSLUDWRU\WUDFWLQIHFWLRQVE\UHVSLUDWRU\YLUXVHVLQDGXOWUHFLSLHQWVRI
KHPDWRSRLHWLFVWHPFHOOWUDQVSODQWVIRUKHPDWRORJLFPDOLJQDQFLHV%LRO%ORRG
0DUURZ7UDQVSODQW
1DLU+1RNHV'-*HVVQHU%''KHUDQL00DGKL6$6LQJOHWRQ5-HWDO*OREDOEXUGHQRI
DFXWHORZHUUHVSLUDWRU\LQIHFWLRQVGXHWRUHVSLUDWRU\V\QF\WLDOYLUXVLQ\RXQJ
FKLOGUHQDV\VWHPDWLFUHYLHZDQGPHWDDQDO\VLV/DQFHW

1LFKROV:**RROH\7%RHFNK0&RPPXQLW\DFTXLUHGUHVSLUDWRU\V\QF\WLDO YLUXVDQG
SDUDLQIOXHQ]DYLUXVLQIHFWLRQVDIWHUKHPDWRSRLHWLFVWHPFHOOWUDQVSODQWDWLRQWKH
)UHG+XWFKLQVRQ&DQFHU5HVHDUFK&HQWHUH[SHULHQFH%LRO%ORRG0DUURZ
7UDQVSODQW6XSSO66
5DERQL601RJXHLUD0%7VXFKL\D/57DNDKDVKL*$3HUHLUD/$ 3DVTXLQL5HWDO
5HVSLUDWRU\WUDFWYLUDOLQIHFWLRQVLQERQHPDUURZWUDQVSODQWSDWLHQWV
7UDQVSODQWDWLRQ
6FKLIIHU-7.LUE\.6DQGPDLHU%6WRUE5&RUH\/%RHFNK07LPLQJDQGVHYHULW\RI
FRPPXQLW\DFTXLUHGUHVSLUDWRU\YLUXVLQIHFWLRQVDIWHUP\HORDEODWLYHYHUVXVQRQ
P\HORDEODWLYHKHPDWRSRLHWLFVWHPFHOOWUDQVSODQWDWLRQ+DHPDWRORJLFD

6HR6&DPSEHOO$3;LH+&KLHQ-:/HLVHQULQJ:0(QJOXQG-$HWDO2XWFRPHRI
UHVSLUDWRU\V\QF\WLDOYLUXVORZHUUHVSLUDWRU\WUDFWGLVHDVHLQKHPDWRSRLHWLFFHOO
WUDQVSODQWUHFLSLHQWVUHFHLYLQJDHURVROL]HGULEDYLULQVLJQLILFDQFHRIVWHPFHOO
VRXUFHDQGR[\JHQUHTXLUHPHQW%LRO%ORRG0DUURZ7UDQVSODQW



3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
6KDK'3*KDQWRML660XODQRYLFK9($UL]D+HUHGLD(-&KHPDO\5)0DQDJHPHQWRI
UHVSLUDWRU\YLUDOLQIHFWLRQVLQKHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWV$PHULFDQ
MRXUQDORIEORRGUHVHDUFK
6KDK'3*KDQWRML666KDK-1(O7DRXP..-LDQJ<3RSDW8HWDO,PSDFWRIDHURVROL]HG
ULEDYLULQRQPRUWDOLW\LQDOORJHQHLFKDHPDWRSRLHWLFVWHPFHOOWUDQVSODQW
UHFLSLHQWVZLWKUHVSLUDWRU\V\QF\WLDOYLUXVLQIHFWLRQV-$QWLPLFURE&KHPRWKHU

6KDK-1&KHPDO\5)0DQDJHPHQWRI569LQIHFWLRQVLQDGXOWUHFLSLHQWVRIKHPDWRSRLHWLFVWHP
FHOOWUDQVSODQWDWLRQ%ORRG
6PDOO71&DVVRQ$0DODN6)%RXODG).LHKQ7(6WLOHV-HWDO5HVSLUDWRU\V\QF\WLDOYLUXV
LQIHFWLRQIROORZLQJKHPDWRSRLHWLFVWHPFHOOWUDQVSODQWDWLRQ%RQH0DUURZ
7UDQVSODQW
6WRFNPDQ/-&XUQV$7$QGHUVRQ/-)LVFKHU/DQJOH\*5HVSLUDWRU\6\QF\WLDO9LUXV
DVVRFLDWHG+RVSLWDOL]DWLRQV$PRQJ,QIDQWVDQG<RXQJ&KLOGUHQLQWKH8QLWHG
6WDWHV3HGLDWU,QIHFW'LV-
:KLPEH\(&KDPSOLQ5(&RXFK5%(QJOXQG-$*RRGULFK -05DDG,HWDO&RPPXQLW\
UHVSLUDWRU\YLUXVLQIHFWLRQVDPRQJKRVSLWDOL]HGDGXOWERQHPDUURZWUDQVSODQW
UHFLSLHQWV&OLQ,QIHFW'LV
:KLPEH\(&RXFK5%(QJOXQG-$$QGUHHII0*RRGULFK-05DDG,,HWDO5HVSLUDWRU\
V\QF\WLDOYLUXVSQHXPRQLDLQKRVSLWDOL]HGDGXOWSDWLHQWVZLWKOHXNHPLD&OLQ
,QIHFW'LV
:LHQV%/'PLWULHQNR$7KHIDOOEDFNSURFHGXUHIRUHYDOXDWLQJDVLQJOHIDPLO\RIK\SRWKHVHV-
%LRSKDUP6WDW


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

$33(1',&(6
$SSHQGL[ 
,QYHVWLJDWRU6LJQDWXUH3DJH
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
$SSHQGL[ 
0DQDJHPHQWRI&OLQLFDODQG/DERUDWRU\$GYHUVH(YHQWV
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDODQG
&RQWUDFHSWLYH5HTXLUHPHQWV




3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
9LVLW 
6FUHHQLQJ
'D\ 
9LVLW 
%DVHOLQH
$VVHVVPHQWV
5DQGRPL]DWLRQ
DQG 7UHDWPHQW
$VVHVVPHQWV
'D\ 
9LVLW
T
'D\ 

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

(QGRI
VWXG\
'D\ 

GD\V
2SWLRQDO([WHQGHG 9LUDO0RQLWRULQJP
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
0XVWFRPSOHWH
YLVLWLQWKH
KRVSLWDORUFOLQLF
;
;
;M
;
;
;
;
;
;
:ULWWHQ,QIRUPHG
&RQVHQW
;
0HGLFDO+LVWRU\
DQG
'HPRJUDSKLFV
;
&KHVW;5D\
;D
6FUHHQLQJ/DEV
;E
8ULQHRU6HUXP
3UHJQDQF\7HVWF
;
;
;
;
;
;
)/8352
;
;
;
9LWDO6LJQVLQF
2 6DWXUDWLRQG
;
;
;R
;
;R
;
;
;
;
;
+HLJKW
;
:HLJKW
;
;
;
;
;
;
;
;
OHDG(&*
;
;
;
/RFDO7URSRQLQ
7HVWLQJS
;
;
;
6DIHW\/DEVH
;
;
;
;
;
;
;
569DQWLERG\
WLWHU
;
;


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
9LVLW 
6FUHHQLQJ
'D\ 
9LVLW 
%DVHOLQH
$VVHVVPHQWV
5DQGRPL]DWLRQ
DQG 7UHDWPHQW
$VVHVVPHQWV
'D\ 
9LVLW
T
'D\ 

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

(QGRI
VWXG\
'D\ 

GD\V
2SWLRQDO([WHQGHG 9LUDO0RQLWRULQJP
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
9LVLW

'D\ 

KRXUV
5699LUHPLD
;
;
;
;
;
;
;
1DVDO6DPSOHVI
;U
;U
;
;
;
;
;
;
;
;
;
;
;
;
/RFDO569
WHVWLQJ
;V
;O
5DQGRPL]DWLRQ
;
,03
$GPLQLVWUDWLRQ
;
;
;
;
;
3.VDPSOH
;J
;L
;K
;K
;K
6HUXPFUHDWLQLQH
;N
;N
$GYHUVH(YHQWV
;
;
;Q
;
;Q
;
;
;
;
;
;Q
;Q
;Q
;Q
$VVHVV,&8
DGPLVVLRQV
KRVSLWDOL]DWLRQV
VWDQGDUGRIFDUH
WHVWUHVXOWV
PHFKDQLFDO
YHQWLODWLRQDQG
VXSSOHPHQWDO2
;
;R
;
;R
;
;
;
;
;
&RQFRPLWDQW
0HGLFDWLRQV
;
;
;R
;
;R
;
;
;
;
;
D
&KHVW;UD\ REWDLQHG KRXUV SULRUWR6FUHHQLQJPD\EHXVHG
E
([LVWLQJYDOXHVFROOHFWHG  GD\VSULRUWR 6FUHHQLQJPD\EHXVHG
F
5HTXLUHGIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\DQGRUELODWHUDORRSKRUHFWRP\
G
2QURRPDLU
H
&HQWUDOODERUDWRU\WHVWLQJKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGH:%&ZLWKGLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQH VHUXPDOEXPLQ $67$/7$/3DQG7%
I
VDPSOHVWRWDOIURPHDFK QRVWULO ± FROOHFWHGSULRUWRGRVLQJRQGRVLQJGD\V
J
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\&ROOHFWHG PLQ PLQ PLQ DQGKRXUV PLQ SRVWGRVH
K
)RUDOOVXEMHFWVFROOHFWHGSUHGRVHRQ'D\SUHGRVHDQGKRXUVPLQSRVWGRVHRQ'D\ DQGDQ\WLPHRQ'D\


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
L
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\3.LVFROOHFWHGDQ\WLPHGXULQJ9LVLWDQG9LVLWPXVWRFFXULQFOLQLF
M
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\6XEMHFWVQRWSDUWLFLSDWLQJLQWKH3.VXEJURXS FDQKDYHWKLVYLVLWFRPSOHWHGDWKRPH E\DKRPHQXUVLQJYHQGRU RUE\WKHVWXG\
FRRUGLQDWRURUGHVLJQHH
N
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\%ORRGGUDZIRUVHUXPFUHDWLQLQHKRXUVPLQSRVWGRVHRQ'D\DQG'D\9LVLWDQG9LVLW
O
2QO\IRUVXEMHFWVZKRDJUHHWRWKHRSWLRQDOH[WHQGHGYLUDOPRQLWRULQJDWWKHWLPHRIFRQVHQW
P
2QO\IRUVXEMHFWVZKRDJUHHWRWKHRSWLRQDOH[WHQGHGYLUDOPRQLWRULQJDWWKHWLPHRIFRQVHQWDQGWHVWSRVLWLYHRULQFRQFOXVLYHIRU569DW9LVLW'D\
Q
$VVHVVPHQWRISURFHGXUHUHODWHG$(VRQO\LIKRPHYLVLW
R
1RWUHTXLUHGLIKRPHYLVLW
S
/RFDOWURSRQLQWHVWLQJZLOOEHGRQH SUHGRVH LQDFFRUGDQFHZLWKWKHVWDQGDUGDVVD\DYDLODEOHDQGXVHGDWWKHVLWH3RLQWRIFDUH³UDSLG´WURSRQLQWHVWVDUHQRWDFFHSWDEOHIRU
SURWRFROPDQGDWHGWURSRQLQWHVWLQJ
T
9LVLW'D\LVDQRSWLRQDOVWXG\YLVLWIRUVXEMHFWVQRWSDUWLFLSDWLQJLQWKH3.VXEJURXS
U
)RU-DSDQ VLWHVRQO\QDVDOVZDEVDPSOHVZLOOEHREWDLQHGDW6FUHHQLQJIRUORFDO569WHVWLQJDQGIRUWHVWLQJDWWKHFHQWUDOODERUDWRU\$W%DVHOLQHRQO\VDPSOHZLOOEH
REWDLQHGIRUFHQWUDOODERUDWRU\WHVWLQJ
V
6XEMHFWVZKRZHUHQRWWHVWHGIRU569 DVVWDQGDUGRIFDUHPD\ FRQVHQWWRWKHVWXG\DQGEHWHVWHG VXEMHFWVIRU569GXULQJWKH6FUHHQLQJYLVLW




3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
9HUVLRQ -XQH
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
+HPRJORELQ
+,9326,7,9(
$GXOWDQG3HGLDWULF'D\V
 WR  JG/
WR J/
 WR JG/
 WR  J/
WR JG/
WR J/
 JG/
 J/
+,91(*$7,9(
$GXOWDQG3HGLDWULF'D\V
 WR  JG/
 WR  J/
25
$Q\GHFUHDVHIURP%DVHOLQH
WR JG/
WR J/
WR JG/
WR J/
25
$Q\GHFUHDVHIURP%DVHOLQH
WR JG/
WR J/
WR JG/
WR J/
25
$Q\GHFUHDVHIURP%DVHOLQH
 JG/
 J/
 JG/
 J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WRJG/
WRJ/
JG/
J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WR JG/
WR J/
 JG/
 J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WR JG/
WR J/
 JG/
 J/


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
$EVROXWH1HXWURSKLO&RXQW
$1&
$GXOWDQG3HGLDWULF 'D\V
 WR PP
 WR PP
 WR PP
PP
 WR *,/
 WR*,/
 WR *,/
*,/
,QIDQW± 'D\V
WRPP
 WR *,/
WRPP
 WR *,/
WRPP
 WR *,/
PP
*,/
,QIDQW'D\
WRPP
 WR *,/
WRPP
 WR*,/
WRPP
 WR *,/
PP
*,/
$EVROXWH&'&RXQW
+,91(*$7,9(21/<
$GXOWDQG3HGLDWULF
!  <HDUV
 WR PP
 WR ȝ/
 WR PP
 WRȝ/
 WR PP
 WR ȝ/
PP
ȝ/
$EVROXWH/\PSKRF\WH&RXQW
+,91(*$7,9(21/<
$GXOWDQG3HGLDWULF
 <HDUV
WRPP
WR*,/
WRPP
WR*,/
WRPP
WR*,/
PP
*,/
3ODWHOHWV
WR PP
 WR *,/
WRPP
 WR*,/
WRPP
WR*,/
PP
 *,/
:%&V
PP WRPP
WRPP
WRPP
PP
 *,/ WR *,/
 WR *,/
WR *,/
*,/


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
+\SRILEULQRJHQHPLD
 WR  PJG/
WR PJG/
 WR PJG/
 PJG/
 WR  J/
 WR J/
WR J/
 J/
+\SHUILEULQRJHQHPLD
8/1WR PJG/
 PJG/
²
²
8/1 WR J/
 J/
²
²
)LEULQ6SOLW3URGXFW
WR ȝJP/
 WR ȝJP/
 WR ȝJP/
 ȝJP/
WR PJ/
WR PJ/
WR PJ/
 PJ/
3URWKURPELQ7LPH37
WR 8/1
WR 8/1
WR 8/1
8/1
,QWHUQDWLRQDO1RUPDOL]HG5DWLR
RISURWKURPELQWLPH,15
WR[8/1
!WR[8/1
!WR[8/1
![8/1
$FWLYDWHG3DUWLDO
7KURPERSODVWLQ7LPH$377
 WR 8/1
 WR 8/1
 WR 8/1
8/1
0HWKHPRJORELQ
 WR 
 WR 
 WR 



3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SRQDWUHPLD
WR//1P(T/
WR  P(T/
WR  P(T/
P(T/
WR //1PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
+\SHUQDWUHPLD
WRP(T/
WRP(T/
WRP(T/
P(T/
WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
+\SRNDOHPLD
WR P(T/
WR  P(T/
WR  P(T/
P(T/
WR PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
+\SHUNDOHPLD
WRP(T/
WR P(T/
WR P(T/
P(T/
WRPPRO/
WR PPRO/
WR PPRO/
PPRO/
+\SRJO\FHPLD
$GXOWDQG3HGLDWULF
 0RQWK
WR PJG/
WR  PJG/
WR  PJG/
PJG/
WR PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
,QIDQW  0RQWK
WR PJG/
WR PPRO/
WR PJG/
WR PPRO/
WR PJG/
WR PPRO/
PJG/
PPRO/
+\SHUJO\FHPLD1RQIDVWLQJ
 WR PJG/
WR PJG/
WR PJG/
PJG/
WR PPRO/
WR PPRO/
WR PPRO/
PPRO/
+\SHUJO\FHPLD)DVWLQJ
WRPJG/
WRPPRO/
!WRPJG/
!WRPPRO/
!WRPJG/
!WRPPRO/
!PJG/
!PPRO/
+\SRFDOFHPLD
FRUUHFWHGIRUDOEXPLQLI
DSSURSULDWH
$GXOWDQG3HGLDWULF
 'D\V
WRPJG/
WR PJG/
WR  PJG/
 PJG/
WRPPRO/
WR PPRO/
WR PPRO/
 PPRO/
,QIDQW  'D\V
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
PJG/
PPRO/


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SHUFDOFHPLDFRUUHFWHG
IRUDOEXPLQLIDSSURSULDWH
$GXOWDQG3HGLDWULF
 'D\V
!8/1WRPJG/
WRPJG/
WRPJG/
PJG/
!8/1WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
,QIDQW  'D\V
WRPJG/
WRPPRO/
WRPJG/
!WRPPRO/
WRPJG/
!WRPPRO/
PJG/
!PPRO/
+\SRFDOFHPLDLRQL]HG
PJG/WR //1
WRPJG/
WR PJG/
PJG/
PPRO/WR //1
WR PPRO/
WR PPRO/
PPRO/
+\SHUFDOFHPLDLRQL]HG
8/1WRPJG/
WRPJG/
WRPJG/
PJG/
8/1WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
+\SRPDJQHVHPLD
WR//1PJG/
WR//1P(T/
WR PJG/
WRP(T/
WR PJG/
WRP(T/
PJG/
P(T/
WR//1PPRO/
WR PPRO/
WR PPRO/
PPRO/
+\SRSKRVSKDWHPLD
$GXOWDQG3HGLDWULF
 <HDUV
WR//1PJG/
WRPJG/
WRPJG/
PJG/
 WR//1PPRO/
WRPPRO/
WRPPRO/
PPRO/
3HGLDWULF<HDU±<HDUV
WRPJG/
WRPPRO/
WRPJG/
WR  PPRO/
WRPJG/
WR PPRO/
PJG/
 PPRO/
3HGLDWULF <HDU
WRPJG/
WRPPRO/
WR PJG/
WR  PPRO/
WRPJG/
WRPPRO/
PJG/
 PPRO/


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SHUELOLUXELQHPLD
$GXOWDQG3HGLDWULF
!  'D\V
WR8/1
WR8/1
WR8/1
8/1
,QIDQW 'D\V
QRQKHPRO\WLF
1$
WRPJG/
WRȝPRO/
WRPJG/
!WRȝPRO/
PJG/
!ȝPRO/
,QIDQW 'D\V
KHPRO\WLF
1$
1$
WRPJG/
WRȝPRO/
PJG/
!ȝPRO/
%ORRG8UHD1LWURJHQ
WR8/1
WR8/1
WR8/1
8/1
+\SHUXULFHPLD
!8/1WRPJG/
WRPJG/
WRPJG/
PJG/
!8/1WRȝPRO/
WRȝPRO/
WRȝPRO/
ȝPRO/
+\SRXULFHPLD
PJG/WR //1
WR PJG/
WR PJG/
PJG/
ȝPRO/WR //1
 WR ȝPRO/
WR ȝPRO/
ȝPRO/
&UHDWLQLQH
WRPJG/
WRPJG/
WRPJG/
PJG/
WRȝPRO/
WRȝPRO/
WRȝPRO/
ȝPRO/
%LFDUERQDWH
P(T/WR //1
WR P(T/
WR P(T/
P(T/
PPRO/WR //1
WR PPRO/
WR PPRO/
PPRO/
7ULJO\FHULGHV
)DVWLQJ
1$
WRPJG/
WRPJG/
PJG/
±PPRO/
±PPRO/
PPRO/


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
/'/
)DVWLQJ
WRPJG/
!WRPJG/
!PJG/
1$
WRPPRO/
!WRPPRO/
!PPRO/
3HGLDWULF!WR\HDUV
WRPJG/
!WRPJG/
!PJG/
1$
WRPPRO/
!WRPPRO/
!PPRO/
+\SHUFKROHVWHUROHPLD
)DVWLQJ
WRPJG/
WRPJG/
PJG/
1$
WRPPRO/
WRPPRO/
PPRO/
3HGLDWULF<HDUV
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
PJG/
PPRO/
1$
&UHDWLQH.LQDVH
WR 8/1
WR 8/1
WR 8/1
8/1
&DOFLXPVKRXOGEHFRUUHFWHGIRUDOEXPLQLIDOEXPLQLVJG/


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
(1=<0(6
*UDGH
*UDGH
*UDGH
*UDGH
$676*27
WR8/1
WR8/1
WR8/1
8/1
$/76*37
WR8/1
WR8/1
WR8/1
8/1
**7
WR8/1
WR8/1
WR8/1
8/1
$ONDOLQH3KRVSKDWDVH
WR8/1
WR8/1
WR8/1
8/1
7RWDO$P\ODVH
WR8/1
WR8/1
WR8/1
8/1
3DQFUHDWLF$P\ODVH
WR8/1
WR8/1
WR8/1
8/1
/LSDVH
WR8/1
WR8/1
WR8/1
8/1
$OEXPLQ
JG/WR//1
J/WR//1
WRJG/
WRJ/
JG/
J/
1$


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
85,1$/<6,6
*UDGH
*UDGH
*UDGH
*UDGH
+HPDWXULD'LSVWLFN



1$
+HPDWXULD4XDQWLWDWLYH
6HH1RWHEHORZ
)HPDOHV
!8/1  5%&+3)
 5%&+3)
!5%&+3)
1$
0DOHV
5%&+3)
 5%&+3)
!5%&+3)
1$
3URWHLQXULD'LSVWLFN

±

1$
3URWHLQXULD+RXU&ROOHFWLRQ
$GXOWDQG3HGLDWULF
<HDUV
WR PJ K
!WR PJK
! WR PJK
PJK
3HGLDWULF0RWR
  <HDUV
WR PJP K
! WR PJPK
! WR PJPK
PJPK
*O\FRVXULD'LSVWLFN



1$
1RWHV
7R[LFLW\JUDGHVIRU4XDQWLWDWLYHDQG'LSVWLFN+HPDWXULDZLOOEHDVVLJQHGE\&RYDQFH/DERUDWRU\KRZHYHUIRURWKHUODERUDWRULHVWR[LFLW\JUDGHVZLOORQO\EHDVVLJQHGWR'LSVWLFN
+HPDWXULD
:LWKWKHH[FHSWLRQRIOLSLGWHVWVDQ\JUDGHGODERUDWRU\WHVWZLWKDUHVXOWWKDWLVEHWZHHQWKH//1DQG8/1VKRXOGEHDVVLJQHG*UDGH
,IWKHVHYHULW\RIDFOLQLFDO$(FRXOGIDOOXQGHUHLWKHURQHRIWZRJUDGHVHJWKHVHYHULW\RIDQ$(FRXOGEHHLWKHU*UDGH RU*UDGHVHOHFWWKHKLJKHURIWKHWZRJUDGHVIRUWKH
$(


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
&$5',29$6&8/$5
*UDGH
*UDGH
*UDGH
*UDGH
&DUGLDF$UUK\WKPLDJHQHUDO
%\(&*RUSK\VLFDOH[DP
$V\PSWRPDWLF$1'1R
LQWHUYHQWLRQLQGLFDWHG
$V\PSWRPDWLF$1'1RQ
XUJHQWPHGLFDOLQWHUYHQWLRQ
LQGLFDWHG
6\PSWRPDWLFQRQOLIH
WKUHDWHQLQJ$1'1RQ
XUJHQWPHGLFDOLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJDUUK\WKPLD
258UJHQWLQWHUYHQWLRQ
LQGLFDWHG
&DUGLDFLVFKHPLD,QIDUFWLRQ
1$
1$
6\PSWRPDWLFLVFKHPLD
VWDEOHDQJLQD257HVWLQJ
FRQVLVWHQWZLWKLVFKHPLD
8QVWDEOHDQJLQD25$FXWH
P\RFDUGLDOLQIDUFWLRQ
+HPRUUKDJHVLJQLILFDQWDFXWH
EORRGORVV
1$
6\PSWRPDWLF$1'1R
WUDQVIXVLRQLQGLFDWHG
6\PSWRPDWLF$1'
7UDQVIXVLRQRI XQLWV
SDFNHG5%&VIRUFKLOGUHQ
 FFNJLQGLFDWHG
/LIHWKUHDWHQLQJK\SRWHQVLRQ
257UDQVIXVLRQRI XQLWV
SDFNHG5%&VLQGLFDWHGIRU
FKLOGUHQ FFNJLQGLFDWHG
+\SHUWHQVLRQZLWKUHSHDW
WHVWLQJDWVDPHYLVLW
± PP+JV\VWROLF
25
±PP+JGLDVWROLF
±PP+JV\VWROLF
25
±PP+JGLDVWROLF
 PP+JV\VWROLF
25
 PP+JGLDVWROLF
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJPDOLJQDQWK\SHUWHQVLRQ
25+RVSLWDOL]DWLRQRWKHUWKDQ
(5YLVLWLQGLFDWHG
3HGLDWULF <HDUVZLWK
UHSHDWWHVWLQJDWVDPHYLVLW
1$
VW±WKSHUFHQWLOHDGMXVWHG
IRUDJHKHLJKWDQGJHQGHU
V\VWROLFDQGRUGLDVWROLF
 WKSHUFHQWLOHDGMXVWHG
IRUDJHKHLJKWDQGJHQGHU
V\VWROLFDQGRUGLDVWROLF
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJPDOLJQDQWK\SHUWHQVLRQ
25+RVSLWDOL]DWLRQLQGLFDWHG
RWKHUWKDQHPHUJHQF\URRP
YLVLW
+\SRWHQVLRQ
1$
6\PSWRPDWLFFRUUHFWHGZLWK
RUDOIOXLGUHSODFHPHQW
6\PSWRPDWLF,9IOXLGV
LQGLFDWHG
6KRFNUHTXLULQJXVHRI
YDVRSUHVVRUVRUPHFKDQLFDO
DVVLVWDQFHWRPDLQWDLQEORRG
SUHVVXUH
3HULFDUGLDO(IIXVLRQ
$V\PSWRPDWLFVPDOO
HIIXVLRQUHTXLULQJQR
LQWHUYHQWLRQ
$V\PSWRPDWLFPRGHUDWHRU
ODUJHUHIIXVLRQUHTXLULQJQR
LQWHUYHQWLRQ
(IIXVLRQZLWKQRQOLIH
WKUHDWHQLQJSK\VLRORJLF
FRQVHTXHQFHV25(IIXVLRQ
ZLWKQRQXUJHQWLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJWDPSRQDGH258UJHQW
LQWHUYHQWLRQLQGLFDWHG


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
&$5',29$6&8/$5
*UDGH
*UDGH
*UDGH
*UDGH
3URORQJHG35,QWHUYDO
35LQWHUYDO
WRVHF
35LQWHUYDO
VHF
7\SH,,QGGHJUHH$9
EORFN259HQWULFXODUSDXVH
VHF
&RPSOHWH$9EORFN
3HGLDWULF<HDUV
VWGHJUHH$9EORFN
35!QRUPDOIRUDJHDQG
UDWH
7\SH,QGGHJUHH$9EORFN
7\SH,,QGGHJUHH$9
EORFN
&RPSOHWH$9EORFN
3URORQJHG47F
$V\PSWRPDWLF47FLQWHUYDO
WRVHF25,QFUHDVH
LQWHUYDOVHFDERYH
EDVHOLQH
$V\PSWRPDWLF47FLQWHUYDO
WRVHF25,QFUHDVH
LQLQWHUYDOWRVHF
DERYHEDVHOLQH
$V\PSWRPDWLF47FLQWHUYDO
 VHF25,QFUHDVHLQ
LQWHUYDO VHFDERYH
EDVHOLQH
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJ7RUVDGHGH
SRLQWHVRURWKHUDVVRFLDWHG
VHULRXVYHQWULFXODU
G\VUK\WKPLD
3HGLDWULF <HDUV
$V\PSWRPDWLF47FLQWHUYDO
WRVHF
$V\PSWRPDWLF47FLQWHUYDO
WRVHF
$V\PSWRPDWLF47FLQWHUYDO
VHF
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJ7RUVDGHGH
SRLQWHVRURWKHUDVVRFLDWHG
VHULRXVYHQWULFXODU
G\VUK\WKPLD
7KURPERVLV(PEROLVP
1$
'HHSYHLQWKURPERVLV$1'
1RLQWHUYHQWLRQLQGLFDWHGHJ
DQWLFRDJXODWLRQO\VLVILOWHU
LQYDVLYHSURFHGXUH
'HHSYHLQWKURPERVLV$1'
,QWHUYHQWLRQLQGLFDWHGHJ
DQWLFRDJXODWLRQO\VLVILOWHU
LQYDVLYHSURFHGXUH
(PEROLFHYHQWHJSXOPRQDU\
HPEROLVPOLIHWKUHDWHQLQJ
WKURPEXV
9DVRYDJDO(SLVRGHDVVRFLDWHG
ZLWKDSURFHGXUHRIDQ\NLQG
3UHVHQWZLWKRXWORVVRI
FRQVFLRXVQHVV
3UHVHQWZLWKWUDQVLHQWORVVRI
FRQVFLRXVQHVV
1$
1$
9HQWULFXODU'\VIXQFWLRQ
FRQJHVWLYHKHDUWIDLOXUH
&+)
1$
$V\PSWRPDWLFGLDJQRVWLF
ILQGLQJ$1'LQWHUYHQWLRQ
LQGLFDWHG
1HZRQVHWZLWKV\PSWRPV
25:RUVHQLQJV\PSWRPDWLF
&+)
/LIHWKUHDWHQLQJ&+)


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
5(63,5$725<
*UDGH
*UDGH
*UDGH
*UDGH
%URQFKRVSDVPDFXWH
)(9RUSHDNIORZUHGXFHGWR
WR
)(9RUSHDNIORZWR
)(9RUSHDNIORZWR

&\DQRVLV25)(9RUSHDNIORZ
25,QWXEDWLRQ
'\VSQHDRU5HVSLUDWRU\
'LVWUHVV
'\VSQHDRQH[HUWLRQZLWKQR
RUPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'\VSQHDRQH[HUWLRQFDXVLQJ
JUHDWHUWKDQPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'\VSQHDDWUHVWFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
5HVSLUDWRU\IDLOXUHZLWK
YHQWLODWRU\VXSSRUWLQGLFDWHG
3HGLDWULF<HDUV
:KHH]LQJ25PLQLPDO
LQFUHDVHLQUHVSLUDWRU\UDWHIRU
DJH
1DVDOIODULQJ25,QWHUFRVWDO
UHWUDFWLRQV253XOVHR[LPHWU\
WR
'\VSQHDDWUHVWFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
253XOVHR[LPHWU\
5HVSLUDWRU\IDLOXUHZLWK
YHQWLODWRU\VXSSRUWLQGLFDWHG
2&8/$59,68$/
*UDGH
*UDGH
*UDGH
*UDGH
8YHLWLV
$V\PSWRPDWLFEXWGHWHFWDEOH
RQH[DP
6\PSWRPDWLFDQWHULRUXYHLWLV25
0HGLFDOLQWHUYHQWLRQLQGLFDWHG
3RVWHULRURUSDQXYHLWLV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
'LVDEOLQJYLVXDOORVVLQDIIHFWHG
H\HV
9LVXDO&KDQJHV
IURP %DVHOLQH
9LVXDOFKDQJHVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9LVXDOFKDQJHVFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9LVXDOFKDQJHVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJYLVXDOORVVLQDIIHFWHG
H\HV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
6.,1
*UDGH
*UDGH
*UDGH
*UDGH
$ORSHFLD
7KLQQLQJGHWHFWDEOHE\
VWXG\SDUWLFLSDQWRU
FDUHJLYHUIRUGLVDEOHG
DGXOWV
7KLQQLQJRUSDWFK\KDLUORVV
GHWHFWDEOHE\KHDOWKFDUH
SURYLGHU
&RPSOHWHKDLUORVV
1$
&XWDQHRXV5HDFWLRQ± 5DVK
/RFDOL]HGPDFXODUUDVK
'LIIXVHPDFXODU
PDFXORSDSXODURU
PRUELOOLIRUPUDVK257DUJHW
OHVLRQV
'LIIXVHPDFXODU
PDFXORSDSXODURUPRUELOOLIRUP
UDVKZLWKYHVLFOHVRUOLPLWHG
QXPEHURIEXOODH25
6XSHUILFLDOXOFHUDWLRQVRI
PXFRXVPHPEUDQHOLPLWHGWR
RQHVLWH
([WHQVLYHRUJHQHUDOL]HG
EXOORXVOHVLRQV25
6WHYHQV-RKQVRQV\QGURPH
258OFHUDWLRQRIPXFRXV
PHPEUDQHLQYROYLQJWZR
RUPRUHGLVWLQFWPXFRVDO
VLWHV257R[LFHSLGHUPDO
QHFURO\VLV7(1
+\SHUSLJPHQWDWLRQ
6OLJKWRUORFDOL]HG
0DUNHGRUJHQHUDOL]HG
1$
1$
+\SRSLJPHQWDWLRQ
6OLJKWRUORFDOL]HG
0DUNHGRUJHQHUDOL]HG
1$
1$
3UXULWLVLWFKLQJ± QRVNLQ
OHVLRQV
6HHDOVR,QMHFWLRQ6LWH
5HDFWLRQV3UXULWLVDVVRFLDWHG
ZLWKLQMHFWLRQ
,WFKLQJFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
,WFKLQJFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
,WFKLQJFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
1$


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
*$6752,17(67,1$/
*UDGH
*UDGH
*UDGH
*UDGH
$QRUH[LD
/RVVRIDSSHWLWHZLWKRXW
GHFUHDVHGRUDOLQWDNH
/RVVRIDSSHWLWHDVVRFLDWHGZLWK
GHFUHDVHGRUDOLQWDNHZLWKRXW
VLJQLILFDQWZHLJKWORVV
/RVVRIDSSHWLWHDVVRFLDWHG
ZLWKVLJQLILFDQWZHLJKWORVV
/LIHWKUHDWHQLQJFRQVHTXHQFHV
25$JJUHVVLYHLQWHUYHQWLRQ
LQGLFDWHG>HJWXEHIHHGLQJRU
WRWDOSDUHQWHUDOQXWULWLRQ@
$VFLWHV
$V\PSWRPDWLF
6\PSWRPDWLF$1',QWHUYHQWLRQ
LQGLFDWHGHJGLXUHWLFVRU
WKHUDSHXWLFSDUDFHQWHVLV
6\PSWRPDWLFGHVSLWH
LQWHUYHQWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
&KROHF\VWLWLV
1$
6\PSWRPDWLF$1'0HGLFDO
LQWHUYHQWLRQLQGLFDWHG
5DGLRORJLFHQGRVFRSLFRU
RSHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJVHSVLVRUSHUIRUDWLRQ
&RQVWLSDWLRQ
1$
3HUVLVWHQWFRQVWLSDWLRQUHTXLULQJ
UHJXODUXVHRIGLHWDU\
PRGLILFDWLRQVOD[DWLYHVRU
HQHPDV
2EVWLSDWLRQZLWKPDQXDO
HYDFXDWLRQLQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJREVWUXFWLRQ
'LDUUKHD
$GXOWDQG3HGLDWULF
 <HDU
7UDQVLHQWRULQWHUPLWWHQW
HSLVRGHVRIXQIRUPHGVWRROV
25,QFUHDVHRI VWRROV
RYHUEDVHOLQH KU
3HUVLVWHQWHSLVRGHVRIXQIRUPHG
WRZDWHU\VWRROV25,QFUHDVHRI
±VWRROVRYHUEDVHOLQHSHU
 KUV
%ORRG\GLDUUKHD25,QFUHDVH
RI VWRROVSHUKRXU
SHULRG25,9IOXLG
UHSODFHPHQWLQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN
3HGLDWULF <HDU
/LTXLGVWRROVPRUH
XQIRUPHGWKDQXVXDOEXW
XVXDOQXPEHURIVWRROV
/LTXLGVWRROVZLWKLQFUHDVHG
QXPEHURIVWRROV250LOG
GHK\GUDWLRQ
/LTXLGVWRROVZLWKPRGHUDWH
GHK\GUDWLRQ
/LTXLGVWRROVUHVXOWLQJLQ
VHYHUHGHK\GUDWLRQZLWK
DJJUHVVLYHUHK\GUDWLRQ
LQGLFDWHG25+\SRWHQVLYH
VKRFN


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
*$6752,17(67,1$/
*UDGH
*UDGH
*UDGH
*UDGH
'\VSKDJLD2G\QRSKDJLD
6\PSWRPDWLFEXWDEOHWRHDW
XVXDOGLHW
6\PSWRPVFDXVLQJDOWHUHG
GLHWDU\LQWDNHZLWKRXWPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJVHYHUHO\
DOWHUHGGLHWDU\LQWDNHZLWK
PHGLFDOLQWHUYHQWLRQLQGLFDWHG
/LIHWKUHDWHQLQJUHGXFWLRQLQ
RUDOLQWDNH
0XFRVLWLV6WRPDWLWLV
FOLQLFDOH[DP
6HHDOVR3URFWLWLV
'\VSKDJLD2G\QRSKDJLD
(U\WKHPDRIWKHPXFRVD
3DWFK\SVHXGRPHPEUDQHVRU
XOFHUDWLRQV
&RQIOXHQWSVHXGRPHPEUDQHV
RUXOFHUDWLRQV250XFRVDO
EOHHGLQJZLWKPLQRUWUDXPD
7LVVXHQHFURVLV25'LIIXVH
VSRQWDQHRXVPXFRVDOEOHHGLQJ
25/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJDVSLUDWLRQ
FKRNLQJ
1DXVHD
7UDQVLHQW KRXUVRU
LQWHUPLWWHQWQDXVHDZLWKQR
RUPLQLPDOLQWHUIHUHQFHZLWK
RUDOLQWDNH
3HUVLVWHQWQDXVHDUHVXOWLQJLQ
GHFUHDVHGRUDOLQWDNHIRU±
KRXUV
3HUVLVWHQWQDXVHDUHVXOWLQJLQ
PLQLPDORUDOLQWDNHIRU
KRXUV25$JJUHVVLYH
UHK\GUDWLRQLQGLFDWHGHJ
,9 IOXLGV
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN
3DQFUHDWLWLV
1$
6\PSWRPDWLF$1'
+RVSLWDOL]DWLRQQRWLQGLFDWHG
RWKHUWKDQ(5YLVLW
6\PSWRPDWLF$1'
+RVSLWDOL]DWLRQLQGLFDWHG
RWKHUWKDQ(5YLVLW
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJVHSVLVFLUFXODWRU\IDLOXUH
KHPRUUKDJH
3URFWLWLVIXQFWLRQDO
V\PSWRPDWLF
$OVRVHH0XFRVLWLV
6WRPDWLWLVIRU&OLQLFDO
([DP
5HFWDOGLVFRPIRUW$1'1R
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
0HGLFDOLQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO
IXQFWLRQDODFWLYLWLHV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJSHUIRUDWLRQ
9RPLWLQJ
7UDQVLHQWRULQWHUPLWWHQW
YRPLWLQJZLWKQRRU
PLQLPDOLQWHUIHUHQFHZLWK
RUDOLQWDNH
)UHTXHQWHSLVRGHVRIYRPLWLQJ
ZLWKQRRUPLOGGHK\GUDWLRQ
3HUVLVWHQWYRPLWLQJUHVXOWLQJ
LQRUWKRVWDWLFK\SRWHQVLRQ25
$JJUHVVLYHUHK\GUDWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
$OWHUDWLRQLQ3HUVRQDOLW\
%HKDYLRURULQ0RRGHJ
DJLWDWLRQDQ[LHW\
GHSUHVVLRQPDQLD
SV\FKRVLV
$OWHUDWLRQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
$OWHUDWLRQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
$OWHUDWLRQFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
%HKDYLRUSRWHQWLDOO\KDUPIXO
WRVHOIRURWKHUVHJ
VXLFLGDOKRPLFLGDOLGHDWLRQRU
DWWHPSWDFXWHSV\FKRVLV25
&DXVLQJLQDELOLW\WRSHUIRUP
EDVLFVHOIFDUHIXQFWLRQV
$OWHUHG0HQWDO6WDWXV
)RU'HPHQWLDVHH&RJQLWLYH
DQG%HKDYLRUDO$WWHQWLRQDO
'LVWXUEDQFHLQFOXGLQJ
GHPHQWLDDQG$''
&KDQJHVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
0LOGOHWKDUJ\RUVRPQROHQFH
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
&RQIXVLRQPHPRU\
LPSDLUPHQWOHWKDUJ\RU
VRPQROHQFHFDXVLQJLQDELOLW\
WRSHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'HOLULXP25REWXQGDWLRQ25
FRPD
$WD[LD
$V\PSWRPDWLFDWD[LD
GHWHFWDEOHRQH[DP25
0LQLPDODWD[LDFDXVLQJQR
RUPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPDWLFDWD[LDFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
6\PSWRPDWLFDWD[LDFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJDWD[LDFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
&RJQLWLYHDQG
%HKDYLRUDO$WWHQWLRQDO
'LVWXUEDQFHLQFOXGLQJ
GHPHQWLDDQG$WWHQWLRQ
'HILFLW'LVRUGHU
'LVDELOLW\FDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV256SHFLDOL]HG
UHVRXUFHVQRWLQGLFDWHG
'LVDELOLW\FDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV256SHFLDOL]HG
UHVRXUFHVRQSDUWWLPHEDVLV
LQGLFDWHG
'LVDELOLW\FDXVLQJLQDELOLW\ WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
6SHFLDOL]HGUHVRXUFHVRQD
IXOOWLPHEDVLVLQGLFDWHG
'LVDELOLW\FDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV25
,QVWLWXWLRQDOL]DWLRQLQGLFDWHG
&16,VFKHPLD
DFXWH
1$
1$
7UDQVLHQWLVFKHPLFDWWDFN
&HUHEUDOYDVFXODUDFFLGHQW
&9$VWURNHZLWK
QHXURORJLFDOGHILFLW


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
'HYHORSPHQWDOGHOD\±
3HGLDWULF<HDUV
0LOGGHYHORSPHQWDOGHOD\
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWH
IRUWKHVHWWLQJ
0RGHUDWHGHYHORSPHQWDO
GHOD\HLWKHUPRWRURU
FRJQLWLYHDVGHWHUPLQHGE\
FRPSDULVRQZLWKD
GHYHORSPHQWDOVFUHHQLQJWRRO
DSSURSULDWHIRUWKHVHWWLQJ
6HYHUHGHYHORSPHQWDOGHOD\
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWHIRU
WKHVHWWLQJ
'HYHORSPHQWDOUHJUHVVLRQ
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWHIRU
WKHVHWWLQJ
+HDGDFKH
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV25+RVSLWDOL]DWLRQ
LQGLFDWHGRWKHUWKDQ(5YLVLW
25+HDGDFKHZLWKVLJQLILFDQW
LPSDLUPHQWRIDOHUWQHVVRU
RWKHUQHXURORJLFIXQFWLRQ
,QVRPQLD
1$
'LIILFXOW\VOHHSLQJFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDOIXQFWLRQDODFWLYLWLHV
'LIILFXOW\VOHHSLQJFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJLQVRPQLDFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
1HXURPXVFXODU:HDNQHVV
LQFOXGLQJP\RSDWK\	
QHXURSDWK\
$V\PSWRPDWLFZLWK
GHFUHDVHGVWUHQJWKRQH[DP
250LQLPDOPXVFOHZHDN
QHVVFDXVLQJQRRUPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
0XVFOHZHDNQHVVFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
0XVFOHZHDNQHVVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJPXVFOHZHDNQHVV
FDXVLQJLQDELOLW\WRSHUIRUP
EDVLFVHOIFDUHIXQFWLRQV25
5HVSLUDWRU\PXVFOHZHDNQHVV
LPSDLULQJYHQWLODWLRQ
1HXURVHQVRU\$OWHUDWLRQ
LQFOXGLQJSDUHVWKHVLDDQG
SDLQIXOQHXURSDWK\
$V\PSWRPDWLFZLWKVHQVRU\
DOWHUDWLRQRQH[DPRU
PLQLPDOSDUHVWKHVLDFDXVLQJ
QRRUPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
6HQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6HQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJVHQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
6HL]XUHQHZRQVHW
1$
VHL]XUH
±VHL]XUHV
6HL]XUHVRIDQ\NLQGWKDWDUH
SURORQJHGUHSHWLWLYHHJ
VWDWXVHSLOHSWLFXVRUGLIILFXOW
WRFRQWUROHJUHIUDFWRU\
HSLOHSV\
6HL]XUHSUHH[LVWLQJ
)RU:RUVHQLQJRI([LVWLQJ
(SLOHSV\WKH*UDGHV6KRXOG
%H%DVHGRQDQ,QFUHDVH
IURP3UHYLRXV/HYHORI
&RQWUROWR$Q\RI7KHVH
/HYHOV
1$
,QFUHDVHGIUHTXHQF\RISUH
H[LVWLQJVHL]XUHVQRQ
UHSHWLWLYHZLWKRXWFKDQJHLQ
VHL]XUHFKDUDFWHU25
LQIUHTXHQWEUHDNWKURXJK
VHL]XUHVZKLOHRQVWDEOHPHGV
LQDSUHYLRXVO\FRQWUROOHG
VHL]XUHGLVRUGHU
&KDQJHLQVHL]XUHFKDUDFWHU
IURPEDVHOLQHHLWKHULQ
GXUDWLRQRUTXDOLW\HJ
VHYHULW\RUIRFDOLW\
6HL]XUHVRIDQ\NLQGWKDWDUH
SURORQJHGUHSHWLWLYHHJ
VWDWXVHSLOHSWLFXVRUGLIILFXOW
WRFRQWUROHJUHIUDFWRU\
HSLOHSV\
6HL]XUH
± 3HGLDWULF<HDUV
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ
  PLQXWHVZLWK  KRXUV
SRVWLFWDOVWDWH
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ±
PLQXWHVZLWK
KRXUVSRVWLFWDOVWDWH
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ
!PLQXWHV
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQUHTXLULQJ
LQWXEDWLRQDQGVHGDWLRQ
6\QFRSHQRWDVVRFLDWHG
ZLWKDSURFHGXUH
1$
3UHVHQW
1$
1$
9HUWLJR
9HUWLJRFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9HUWLJRFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9HUWLJRFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJYHUWLJRFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
086&8/26.(/(7$/
*UDGH
*UDGH
*UDGH
*UDGH
$UWKUDOJLD
6HHDOVR$UWKULWLV
-RLQWSDLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
-RLQWSDLQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
-RLQWSDLQFDXVLQJLQDELOLW\
WRSHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJMRLQWSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
$UWKULWLV
6HHDOVR$UWKUDOJLD
6WLIIQHVVRUMRLQWVZHOOLQJ
FDXVLQJQRRUPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6WLIIQHVVRUMRLQWVZHOOLQJFDXVLQJ
JUHDWHUWKDQPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6WLIIQHVVRUMRLQWVZHOOLQJ
FDXVLQJLQDELOLW\WRSHUIRUP
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'LVDEOLQJMRLQWVWLIIQHVVRU
VZHOOLQJFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV
%RQH0LQHUDO/RVV
%0'WVFRUHRU]VFRUH
±WR±
%0'WVFRUHRU]VFRUH ±
3DWKRORJLFDOIUDFWXUH
LQFOXGLQJORVVRIYHUWHEUDO
KHLJKW
3DWKRORJLFIUDFWXUHFDXVLQJ
OLIHWKUHDWHQLQJFRQVHTXHQFHV
3HGLDWULF <HDUV
%0']VFRUH
±WR±
%0']VFRUH±
3DWKRORJLFDOIUDFWXUH
LQFOXGLQJORVVRIYHUWHEUDO
KHLJKW
3DWKRORJLFIUDFWXUHFDXVLQJ
OLIHWKUHDWHQLQJFRQVHTXHQFHV
0\DOJLD
QRQLQMHFWLRQVLWH
0XVFOHSDLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
0XVFOHSDLQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
0XVFOHSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJPXVFOHSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
2VWHRQHFURVLV
1$
$V\PSWRPDWLFZLWKUDGLRJUDSKLF
ILQGLQJV$1'1RRSHUDWLYH
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPDWLFERQHSDLQZLWK
UDGLRJUDSKLFILQGLQJV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
'LVDEOLQJERQHSDLQZLWK
UDGLRJUDSKLFILQGLQJVFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
6<67(0,&
*UDGH
*UDGH
*UDGH
*UDGH
$FXWH6\VWHPLF$OOHUJLF
5HDFWLRQ
/RFDOL]HGXUWLFDULD
ZKHDOVZLWKQRPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
/RFDOL]HGXUWLFDULDZLWKPHGLFDO
LQWHUYHQWLRQLQGLFDWHG250LOG
DQJLRHGHPDZLWKQRPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
*HQHUDOL]HGXUWLFDULD25
$QJLRHGHPDZLWKPHGLFDO
LQWHUYHQWLRQLQGLFDWHG25
6\PSWRPDWLFPLOG
EURQFKRVSDVP
$FXWHDQDSK\OD[LV25/LIH
WKUHDWHQLQJEURQFKRVSDVP25
ODU\QJHDOHGHPD
&KLOOV
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
1$
)DWLJXH
0DODLVH
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
,QFDSDFLWDWLQJIDWLJXHPDODLVH
V\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV
)HYHUQRQD[LOODU\
&WR&
)WR)
&WR&
)WR)
&WR&
)WR)
&
)
3DLQ ,QGLFDWH%RG\6LWH
6HHDOVR,QMHFWLRQ6LWH
3DLQ+HDGDFKH
$UWKUDOJLDDQG0\DOJLD
3DLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
3DLQFDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
3DLQFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV25
+RVSLWDOL]DWLRQRWKHU WKDQ(5
YLVLWLQGLFDWHG
8QLQWHQWLRQDO:HLJKW
/RVV
1$
WRORVVLQERG\ZHLJKWIURP
EDVHOLQH
WRORVVLQERG\
ZHLJKWIURPEDVHOLQH
ORVVLQERG\ZHLJKW
IURPEDVHOLQH25$JJUHVVLYH
LQWHUYHQWLRQLQGLFDWHG>HJ
WXEHIHHGLQJRUWRWDOSDUHQWHUDO
QXWULWLRQ@


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
,1-(&7,216,7(5($&7,21
*UDGH
*UDGH
*UDGH
*UDGH
,QMHFWLRQ6LWH3DLQSDLQ
ZLWKRXWWRXFKLQJ
2U7HQGHUQHVVSDLQZKHQ
DUHDLVWRXFKHG
3DLQWHQGHUQHVVFDXVLQJQR
RUPLQLPDOOLPLWDWLRQRIXVH
RIOLPE
3DLQWHQGHUQHVVOLPLWLQJXVHRI
OLPE253DLQWHQGHUQHVV
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
3DLQWHQGHUQHVVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
3DLQWHQGHUQHVVFDXVLQJLQDELOLW\
WRSHUIRUPEDVLF VHOIFDUH
IXQFWLRQ25+RVSLWDOL]DWLRQ
RWKHUWKDQ(5YLVLWLQGLFDWHG
IRUPDQDJHPHQWRI
SDLQWHQGHUQHVV
,QMHFWLRQ6LWH5HDFWLRQ
/RFDOL]HG <HDUV
(U\WKHPD25,QGXUDWLRQ
RI  FPWR  FPRU
FP
(U\WKHPD25,QGXUDWLRQ25
(GHPD FPDQ\GLDPHWHU
RU FP
8OFHUDWLRQ256HFRQGDU\
LQIHFWLRQ253KOHELWLV25
6WHULOHDEVFHVV25'UDLQDJH
1HFURVLVLQYROYLQJGHUPLVDQG
GHHSHUWLVVXH
3HGLDWULF <HDUV
(U\WKHPD25,QGXUDWLRQ
25(GHPDSUHVHQWEXW
 FPGLDPHWHU
(U\WKHPD25,QGXUDWLRQ25
(GHPD!  FPGLDPHWHUEXW
 VXUIDFHDUHDRIWKH
H[WUHPLW\VHJPHQWHJXSSHU
DUPWKLJK
(U\WKHPD25,QGXUDWLRQ
25(GHPDLQYROYLQJ
VXUIDFHDUHDRIWKHH[WUHPLW\
VHJPHQWHJXSSHU
DUPWKLJK258OFHUDWLRQ
256HFRQGDU\LQIHFWLRQ25
3KOHELWLV256WHULOHDEVFHVV
25'UDLQDJH
1HFURVLVLQYROYLQJGHUPLVDQG
GHHSHUWLVVXH
3UXULWLV$VVRFLDWHGZLWK
,QMHFWLRQ
6HHDOVR6NLQ3UXULWLV
LWFKLQJ²QRVNLQOHVLRQV
,WFKLQJORFDOL]HGWRLQMHFWLRQ
VLWH$1'5HOLHYHG
VSRQWDQHRXVO\RUZLWK
 KWUHDWPHQW
,WFKLQJEH\RQGWKHLQMHFWLRQ
VLWHEXWQRWJHQHUDOL]HG25
,WFKLQJORFDOL]HGWRLQMHFWLRQ
VLWHUHTXLULQJ KWUHDWPHQW
*HQHUDOL]HGLWFKLQJFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
1$


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
(1'2&5,1(0(7$%2/,&
*UDGH 
*UDGH
*UDGH
*UDGH
/LSRG\VWURSK\HJEDFN
RIQHFNEUHDVWV
DEGRPHQ
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXV
FKDQJHVRQFDVXDOYLVXDO
LQVSHFWLRQ
1$
'LDEHWHV0HOOLWXV
1$
1HZRQVHWZLWKRXWQHHGWRLQLWLDWH
PHGLFDWLRQ250RGLILFDWLRQRI
FXUUHQWPHGVWRUHJDLQJOXFRVH
FRQWURO
1HZRQVHWZLWKLQLWLDWLRQRI
LQGLFDWHGPHG25'LDEHWHV
XQFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJNHWRDFLGRVLV
K\SHURVPRODUQRQNHWRWLF
FRPD
*\QHFRPDVWLD
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXVRQ
FDVXDOYLVXDOLQVSHFWLRQ
1$
+\SHUWK\URLGLVP
$V\PSWRPDWLF
6\PSWRPDWLFFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
7K\URLGVXSSUHVVLRQWKHUDS\
LQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
8QFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJWK\URLGVWRUP
+\SRWK\URLGLVP
$V\PSWRPDWLF
6\PSWRPDWLFFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
7K\URLGUHSODFHPHQWWKHUDS\
LQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
8QFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJP\[HGHPDFRPD
/LSRDWURSK\HJIDWORVV
IURPWKHIDFHH[WUHPLWLHV
EXWWRFNV
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXVRQ
FDVXDOYLVXDOLQVSHFWLRQ
1$


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
*(1,7285,1$5<
*UDGH
*UDGH
*UDGH
*UDGH
,QWHUPHQVWUXDO%OHHGLQJ
,0%
6SRWWLQJREVHUYHGE\SDUWLFLSDQW
250LQLPDOEORRGREVHUYHG
GXULQJFOLQLFDORUFROSRVFRSLF
H[DP
,QWHUPHQVWUXDOEOHHGLQJQRW
JUHDWHULQGXUDWLRQRUDPRXQW
WKDQXVXDOPHQVWUXDOF\FOH
,QWHUPHQVWUXDOEOHHGLQJJUHDWHU
LQGXUDWLRQRU DPRXQWWKDQXVXDO
PHQVWUXDOF\FOH
+HPRUUKDJHZLWK
OLIHWKUHDWHQLQJK\SRWHQVLRQ
252SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
8ULQDU\7UDFW
REVWUXFWLRQHJVWRQH
1$
6LJQVRUV\PSWRPVRIXULQDU\
WUDFWREVWUXFWLRQZLWKRXW
K\GURQHSKURVLVRUUHQDO
G\VIXQFWLRQ
6LJQVRUV\PSWRPVRIXULQDU\
WUDFWREVWUXFWLRQZLWK
K\GURQHSKURVLVRUUHQDO
G\VIXQFWLRQ
2EVWUXFWLRQFDXVLQJ
OLIHWKUHDWHQLQJ
FRQVHTXHQFHV
,1)(&7,21
*UDGH
*UDGH
*UDGH
*UDGH
,QIHFWLRQDQ\RWKHU
WKDQ+,9LQIHFWLRQ
/RFDOL]HGQRV\VWHPLFDQWLȝELDO
WUHDWPHQWLQGLFDWHG$1'
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\VWHPLFDQWLȝELDOWUHDWPHQW
LQGLFDWHG256\PSWRPV
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
6\VWHPLFDQWLȝELDOWUHDWPHQW
LQGLFDWHG$1'6\PSWRPV
FDXVLQJLQDELOLW\WRSHUIRUP
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV252SHUDWLYH
LQWHUYHQWLRQRWKHUWKDQVLPSOH
LQFLVLRQDQGGUDLQDJHLQGLFDWHG
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJVHSWLF
VKRFN
%DVLF6HOIFDUH)XQFWLRQV $FWLYLWLHVVXFKDVEDWKLQJGUHVVLQJWRLOHWLQJWUDQVIHUPRYHPHQWFRQWLQHQFHDQGIHHGLQJ
8VXDO6RFLDO	)XQFWLRQDO$FWLYLWLHV $GDSWLYHWDVNVDQGGHVLUDEOHDFWLYLWLHVVXFKDVJRLQJWRZRUNVKRSSLQJFRRNLQJXVHRIWUDQVSRUWDWLRQSXUVXLQJ DKREE\HWF


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ
3RWHQWLDODQG&RQWUDFHSWLYH5HTXLUHPHQWV
 3UHJQDQF\DQG&RQWUDFHSWLRQ5HTXLUHPHQWVIRU0DOHVDQG)HPDOHVRI&KLOGEHDULQJ
3RWHQWLDO
3UHJQDQF\PXVWEHH[FOXGHGEHIRUHWKHVWDUWRIWUHDWPHQWZLWKVWXG\GUXJDQGSUHYHQWHG
WKHUHDIWHUE\UHOLDEOHFRQWUDFHSWLYHPHWKRGV$XULQHRUVHUXPSUHJQDQF\WHVWZLOOEHSHUIRUPHG
IRUDOOIHPDOHVRIFKLOGEHDULQJSRWHQWLDODWWKHVFUHHQLQJYLVLWDQGDWHDFKGRVLQJYLVLW
9LVLWV   DQGSULRUWRDGPLQLVWUDWLRQRIVWXG\GUXJ WRHQVXUHSUHJQDQWZRPHQDUHQRW
LQFOXGHGRUWUHDWHGZLWKVWXG\GUXJLQWKHWULDO3OHDVHUHIHUWRWKHODWHVWYHUVLRQRIWKH
,QYHVWLJDWRU¶V%URFKXUHIRUDGGLWLRQDOLQIRUPDWLRQ DERXWWKHHIIHFWVRISUHVDWRYLU
 'HILQLWLRQRI)HPDOHRI&KLOGEHDULQJ3RWHQWLDO
)RUWKHSXUSRVHVRIWKLVVWXG\DIHPDOHVXEMHFWRIFKLOGEHDULQJSRWHQWLDOLVDQRQPHQRSDXVDO
IHPDOHZKRKDVQRWKDGDK\VWHUHFWRP\ELODWHUDORRSKRUHFWRP\RUPHGLFDOO\GRFXPHQWHG
RYDULDQIDLOXUH7KLVGHILQLWLRQLQFOXGHVDSXEHUWDOIHPDOHZKRKDVQRW\HWVWDUWHGPHQVWUXDWLQJ
$ZRPDQZKRKDVKDGDWXEDOVWHULOL]DWLRQLVFRQVLGHUHGWREHRIFKLOGEHDULQJSRWHQWLDO
$IHPDOHVXEMHFWPD\EHFRQVLGHUHGPHQRSDXVDOLQHLWKHURIWKHIROORZLQJFRQGLWLRQV

6XUJLFDOPHQRSDXVH$SSURSULDWHPHGLFDOGRFXPHQWDWLRQRISULRUFRPSOHWHELODWHUDO
RRSKRUHFWRP\LHVXUJLFDOUHPRYDORIWKHRYDULHVDQGRFFXUULQJDWWKHDJHDWZKLFKWKH
SURFHGXUHZDVSHUIRUPHG

6SRQWDQHRXVPHQRSDXVH3HUPDQHQWFHVVDWLRQRISUHYLRXVO\RFFXUULQJPHQVHVDVDUHVXOWRI
RYDULDQIDLOXUHZLWKGRFXPHQWDWLRQRIKRUPRQDOGHILFLHQF\E\DFHUWLILHGKHDOWKFDUH
SURYLGHU7KHZRUOGZLGHPHDQDJHRIVSRQWDQHRXVPHQRSDXVHLV 6' \HDUV

$KRUPRQDOGHILFLHQF\VKRXOGEHSURSHUO\GRFXPHQWHGLQWKHFDVHRIVXVSHFWHGVSRQWDQHRXV
PHQRSDXVHDVIROORZV
,IDJH\HDUVDQGZLWKWKHDEVHQFHRIQRUPDOPHQVHVVHUXPIROOLFOHVWLPXODWLQJ
KRUPRQH)6+OHYHOHOHYDWHGWRZLWKLQWKHSRVWPHQRSDXVDOUDQJHEDVHGRQWKH
ODERUDWRU\UHIHUHQFHUDQJHZKHUHWKHKRUPRQDODVVD\LVSHUIRUPHG
,IDJH\HDUVDQGZLWKWKHDEVHQFHRIQRUPDOPHQVHVQHJDWLYHVHUXPRUXULQHKXPDQ
FKRULRQLFJRQDGRWURSLQK&*ZLWKFRQFXUUHQWO\HOHYDWHGVHUXP)6+OHYHOLQWKH
SRVWPHQRSDXVDOUDQJHGHSUHVVHGHVWUDGLRO(OHYHOLQWKHSRVWPHQRSDXVDOUDQJHDQG
DEVHQWVHUXPSURJHVWHURQHOHYHOEDVHGRQWKHODERUDWRU\UHIHUHQFHUDQJHVZKHUHWKH
KRUPRQDODVVD\VDUHSHUIRUPHG
 &RQWUDFHSWLYH5HTXLUHPHQWV
)HPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDODQGPDOHVXEMHFWVPXVWDJUHHWRHLWKHUFRQWLQXH
DEVWLQHQFHIURPVH[XDOLQWHUFRXUVHRUXWLOL]HSURWRFROVSHFLILHGPHWKRGVRIFRQWUDFHSWLRQLIWKH\
FKRRVHWRHQJDJHLQLQWHUFRXUVHIURPWKHVFUHHQLQJHQUROOPHQWYLVLWWKURXJKRXWWKHVWXG\SHULRG


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
DQGIRUGD\VIROORZLQJWKHODVWGRVHRIVWXG\ GUXJ GD\VIRUPDOHV)HPDOHVWXG\VXEMHFWV
RIFKLOGEHDULQJSRWHQWLDOZLOOXQGHUJRUHJXODUSUHJQDQF\WHVWLQJZKLOHWDNLQJSUHVDWRYLU7KH
LQYHVWLJDWRUZLOOFRXQVHOVXEMHFWVRQWKHSURWRFROVSHFLILHGPHWKRGVIRUDYRLGLQJSUHJQDQF\LQ
FDVHWKHVXEMHFW FKRRVHVWRHQJDJHLQKHWHURVH[XDOLQWHUFRXUVH
3URWRFROVSHFLILHGFRQWUDFHSWLYHPHWKRGVDUHDVIROORZVDFRPELQDWLRQRIRQHKRUPRQDO
PHWKRGDQGRQHEDUULHUPHWKRGRU XVHRIDQLQWUDXWHULQHGHYLFH,8'RUWXEDOVWHULOL]DWLRQ
VHH$SSHQGL[ 7DEOH  EHORZ$FFHSWDEOHKRUPRQDOPHWKRGVLQFOXGHLQMHFWDEOHSURJHVWHURQH
SURJHVWHURQHLPSODQWVFRPELQDWLRQRUDOFRQWUDFHSWLYHVWUDQVGHUPDOFRQWUDFHSWLYHSDWFKDQG
YDJLQDOULQJ$FFHSWDEOHEDUULHUPHWKRGVLQFOXGHGLDSKUDJPZLWKVSHUPLFLGHFHUYLFDOFDSZLWK
VSHUPLFLGHDQGWKHPDOHFRQGRPZLWKVSHUPLFLGH)HPDOHVXEMHFWVPXVWXVHHLWKHUDKRUPRQDO
PHWKRGRUDEDUULHUPHWKRGLIWKHSDUWQHUKDVDYDVHFWRP\DQGWKHPDOHSDUWQHUVKRXOGEHWKH
VROHSDUWQHUIRUWKDWVXEMHFW)RUDYDVHFWRP\DSSURSULDWHSRVWYDVHFWRP\GRFXPHQWDWLRQRIWKH
DEVHQFHRIVSHUPLQWKHHMDFXODWHPXVWEHDYDLODEOH,IDVXEMHFWKDVXQGHUJRQHWXEDOVWHULOL]DWLRQ
RUKDVKDGD&RSSHU 7$,8'RU/1J,8'LQVHUWHGQRRWKHUFRQWUDFHSWLRQLVQHHGHG
,IWXEDOVWHULOL]DWLRQLVYLDWKH(VVXUHSURFHGXUHYHULILFDWLRQRIWXEDOEORFNDJHE\
K\VWHURVDOSLQJRJUDP+63PXVWEHSHUIRUPHGDSSUR[LPDWHO\PRQWKVDIWHUPLFURLQVHUWLRQ
3ULRUWRYHULILFDWLRQ(VVXUHLVQRWFRQVLGHUHGDUHOLDEOHIRUPRIFRQWUDFHSWLRQDQGWKH
FRQWUDFHSWLRQPHWKRGVGHVFULEHGEHORZPXVWEHXVHG)HPDOHVXEMHFWVZKRXWLOL]HKRUPRQDO
FRQWUDFHSWLYHVDVRQHRIWKHLUELUWKFRQWUROPHWKRGVPXVWKDYHXVHGWKHVDPHPHWKRGIRUDWOHDVW
 PRQWKVEHIRUHVWXG\GRVLQJ
)HPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOPXVWKDYHDQHJDWLYHXULQHRUVHUXPSUHJQDQF\WHVWDW
VFUHHQLQJ DQGDWHDFKGRVLQJYLVLW 9LVLWVDQGSULRUWRUHFHLYLQJVWXG\GUXJ
$SSHQGL[ 7DEOH 
3URWRFRO6SHFLILHG&RQWUDFHSWLYH0HWKRGV
0HWKRGVWR8VHE\7KHPVHOYHV
&RPELQDWLRQ0HWKRGV
+RUPRQH0HWKRGV
FKRRVHRQHDQGXVHZLWK
DEDUULHUPHWKRG
%DUULHU0HWKRGV
FKRRVHRQHDQGXVHZLWKD
KRUPRQHPHWKRG
,QWUDXWHULQH'HYLFHV,8'V

&RSSHU7$,8'

/1J,8'
7XEDO6WHULOL]DWLRQ
(VWURJHQDQG3URJHVWHURQH

2UDOFRQWUDFHSWLYHV

7UDQVGHUPDOSDWFK

9DJLQDOULQJ
3URJHVWHURQH

,QMHFWLRQ

,PSODQW

'LDSKUDJPZLWKVSHUPLFLGH

&HUYLFDOFDSZLWKVSHUPLFLGH

0DOHFRQGRPZLWKVSHUPLFLGH
3DUWQHU¶VYDVHFWRP\PXVWEHXVHGZLWKDKRUPRQHRUEDUULHUPHWKRGDQGWKH
PDOHSDUWQHUVKRXOGEHWKHVROHSDUWQHUIRUWKDWVXEMHFW)RUDYDVHFWRP\
DSSURSULDWHSRVWYDVHFWRP\GRFXPHQWDWLRQRIWKHDEVHQFHRIVSHUPLQWKH
HMDFXODWHPXVWEHDYDLODEOH
$EEUHYLDWLRQ,8' LQWUDXWHULQHGHYLFH
$SSURYHGLQ-DSDQ
6ROGLQ-DSDQDV&RSSHU7,8'
6ROGLQ-DSDQDV0LQHUDPJ


3UHVDWRYLU*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
7KHLQYHVWLJDWRUZLOOFRXQVHODOOVXEMHFWVRQWKHPRVWHIIHFWLYHPHWKRGVIRUDYRLGLQJSUHJQDQF\
GXULQJWKHVWXG\
 $GGLWLRQDO5HTXLUHPHQWVIRU0DOH6XEMHFWV
0DOHVXEMHFWVPXVWDJUHHWRXVHFRQGRPVGXULQJKHWHURVH[XDOLQWHUFRXUVHDQGDYRLGVSHUP
GRQDWLRQZKLOHHQUROOHGLQWKHVWXG\DQGIRUDWOHDVWGD\VDIWHUDGPLQLVWUDWLRQRIWKHODVWGRVH
RIVWXG\PHGLFDWLRQ
8VHRIFRQGRPVZLWKVSHUPLFLGHKDVEHHQSURYHQWRGHFUHDVHWKHULVNRIWUDQVPLVVLRQRI+,9
DQGRWKHUVH[XDOO\WUDQVPLWWHGGLVHDVHV7KHXVHRIVSHUPLFLGHLVQRWUHFRPPHQGHGLIWKHVXEMHFW
RUVXEMHFW¶VSDUWQHULVLQIHFWHGZLWK+,9
 3URFHGXUHVWREH)ROORZHGLQWKH(YHQWRI3UHJQDQF\
6XEMHFWVZLOOEHLQVWUXFWHGWRQRWLI\WKHLQYHVWLJDWRULIWKH\EHFRPHSUHJQDQWDWDQ\WLPHGXULQJ
WKHVWXG\RULIWKH\EHFRPHSUHJQDQWZLWKLQGD\VRIODVWVWXG\GUXJGRVH6XEMHFWVZKR
EHFRPHSUHJQDQWRUZKRVXVSHFWWKDWWKH\DUHSUHJQDQWGXULQJWKHVWXG\PXVWUHSRUWWKH
LQIRUPDWLRQWRWKHLQYHVWLJDWRUDQGGLVFRQWLQXHVWXG\GUXJLPPHGLDWHO\ 6XEMHFWVZKRVHSDUWQHU
KDVEHFRPHSUHJQDQWRUVXVSHFWVVKHLVSUHJQDQWGXULQJWKHVWXG\PXVWUHSRUWWKHLQIRUPDWLRQWR
WKHLQYHVWLJDWRU
,QVWUXFWLRQVIRUUHSRUWLQJSUHJQDQF\SDUWQHUSUHJQDQF\DQGSUHJQDQF\RXWFRPHDUHRXWOLQHGLQ
6HFWLRQ 

Prot_000.pdf: 


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
7$%/(2)&217(176
7$%/(2)&217(176 
/,672),17(;77$%/(6
35272&2/6<1236,6 
*/266$5<2)$%%5(9,$7,216$1''(),1,7,212)7(506

,1752'8&7,21 

%DFNJURXQG 

*6 

*HQHUDO,QIRUPDWLRQ 

1RQFOLQLFDO3KDUPDFRNLQHWLFV

1RQFOLQLFDO3KDUPDFRORJ\DQG7R[LFRORJ\ 

&OLQLFDO7ULDOVRI*6 

5DWLRQDOHIRU7KLV6WXG\ 

'RVH5DWLRQDOH 

&RPSOLDQFH 

2%-(&7,9(6

678'<'(6,*1

(QGSRLQWV 

6WXG\'HVLJQ

6WXG\7UHDWPHQWV 

'XUDWLRQRI7UHDWPHQW

'LVFRQWLQXDWLRQ&ULWHULD

6RXUFH'DWD

68%-(&73238/$7,21

1XPEHURI6XEMHFWVDQG6XEMHFW6HOHFWLRQ 

,QFOXVLRQ&ULWHULD

([FOXVLRQ&ULWHULD

,19(67,*$7,21$/0(',&,1$/352'8&76 

5DQGRPL]DWLRQ%OLQGLQJDQG7UHDWPHQW&RGHV 

3URFHGXUHVIRU%UHDNLQJ7UHDWPHQW&RGHV

'HVFULSWLRQDQG+DQGOLQJRI*6

)RUPXODWLRQ

3DFNDJLQJDQG/DEHOLQJ 

6WRUDJHDQG+DQGOLQJ

'RVDJHDQG$GPLQLVWUDWLRQRI*6 

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV

$FFRXQWDELOLW\IRU*6

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW5HWXUQRU'LVSRVDO

678'<352&('85(6 

6XEMHFW(QUROOPHQWDQG7UHDWPHQW$VVLJQPHQW

9LVLW6FUHHQLQJ9LVLW'D\

9LVLW%DVHOLQH$VVHVVPHQWV5DQGRPL]DWLRQDQG7UHDWPHQW
$VVHVVPHQWV'D\

9LVLW'D\KRXUV

9LVLW'D\KRXUV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

9LVLW'D\KRXUV

9LVLWV'D\VDQGKRXUV

9LVLW'D\KRXUV

9LVLW(QGRI6WXG\'D\GD\V

$VVHVVPHQWVIRU3UHPDWXUH'LVFRQWLQXDWLRQIURP,03GRVLQJDQG(DUO\:LWKGUDZDO

$VVHVVPHQWVIRU3UHPDWXUH'LVFRQWLQXDWLRQIURP,03$GPLQLVWUDWLRQ 

$VVHVVPHQWVIRU(DUO\7HUPLQDWLRQ:LWKGUDZDO

$VVHVVPHQWVIRU8QVFKHGXOHG9LVLWV

6WXG\$VVHVVPHQWV

1DVDO6DPSOHV9LURORJ\DQG$QWLERG\7LWHU 

9LURORJ\DQG5HVLVWDQFH0RQLWRULQJ

)/83524XHVWLRQQDLUH

9LWDO6LJQV

2[\JHQ6DWXUDWLRQ

6DIHW\/DEV

&KHVW;UD\ 

3ODVPD3. 

$'9(56((9(176$1'72;,&,7<0$1$*(0(17

'HILQLWLRQVRI$GYHUVH(YHQWV$GYHUVH5HDFWLRQVDQG6HULRXV$GYHUVH(YHQWV

$GYHUVH(YHQWV

6HULRXV$GYHUVH(YHQWV

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV
$GYHUVH(YHQWVRU6HULRXV$GYHUVH(YHQWV 

$VVHVVPHQWRI$GYHUVH(YHQWVDQG6HULRXV$GYHUVH(YHQWV

$VVHVVPHQWRI&DXVDOLW\IRU,03DQG3URFHGXUHV

$VVHVVPHQWRI6HYHULW\ 

,QYHVWLJDWRU5HTXLUHPHQWVDQG,QVWUXFWLRQVIRU5HSRUWLQJ$GYHUVH(YHQWVDQG6HULRXV
$GYHUVH(YHQWVWR*LOHDG

*LOHDG5HSRUWLQJ5HTXLUHPHQWV

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV$GYHUVH(YHQWVRU
6HULRXV$GYHUVH(YHQWV

7R[LFLW\0DQDJHPHQW 

6SHFLDO6LWXDWLRQV5HSRUWV

'HILQLWLRQVRI6SHFLDO6LWXDWLRQV

,QVWUXFWLRQVIRU5HSRUWLQJ6SHFLDO6LWXDWLRQV

67$7,67,&$/&216,'(5$7,216

$QDO\VLV2EMHFWLYHVDQG(QGSRLQWV

$QDO\VLV2EMHFWLYHV

3ULPDU\(QGSRLQW 

6HFRQGDU\(QGSRLQW 

([SORUDWRU\(QGSRLQWV

$QDO\VLV&RQYHQWLRQV

$QDO\VLV6HWV 

'DWD+DQGOLQJ&RQYHQWLRQV 

'HPRJUDSKLF'DWDDQG%DVHOLQH&KDUDFWHULVWLFV 

(IILFDF\$QDO\VLV 

3ULPDU\$QDO\VLV

6HFRQGDU\$QDO\VHV 

([SORUDWRU\$QDO\VHV 

6DIHW\$QDO\VLV

([WHQWRI([SRVXUH

$GYHUVH(YHQWV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

/DERUDWRU\(YDOXDWLRQV 

2WKHU6DIHW\(YDOXDWLRQV

3KDUPDFRNLQHWLF$QDO\VLV

6DPSOH6L]H

'DWD0RQLWRULQJ&RPPLWWHH 

(QGSRLQW$GMXGLFDWLRQ&RPPLWWHH

,QWHULP$QDO\VLV

5(63216,%,/,7,(6

,QYHVWLJDWRU5HVSRQVLELOLWLHV 

*RRG&OLQLFDO3UDFWLFH

,QVWLWXWLRQDO5HYLHZ%RDUG,5%,QGHSHQGHQW(WKLFV&RPPLWWHH,(&
5HYLHZDQG$SSURYDO

,QIRUPHG&RQVHQW

&RQILGHQWLDOLW\

6WXG\)LOHVDQG5HWHQWLRQRI5HFRUGV 

&DVH5HSRUW)RUPV

'DWD4XDOLW\&RQWURODQG4XDOLW\$VVXUDQFH

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW$FFRXQWDELOLW\DQG5HWXUQ

,QVSHFWLRQV

3URWRFRO&RPSOLDQFH

6SRQVRU5HVSRQVLELOLWLHV 

3URWRFRO0RGLILFDWLRQV

6WXG\5HSRUWDQG3XEOLFDWLRQV 

-RLQW,QYHVWLJDWRU6SRQVRU5HVSRQVLELOLWLHV 

3D\PHQW5HSRUWLQJ

$FFHVVWR,QIRUPDWLRQIRU0RQLWRULQJ

$FFHVVWR,QIRUPDWLRQIRU$XGLWLQJRU,QVSHFWLRQV 

6WXG\'LVFRQWLQXDWLRQ

5()(5(1&(6 

$33(1',&(6 
$SSHQGL[ 
,QYHVWLJDWRU6LJQDWXUH3DJH
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
$SSHQGL[ 
0DQDJHPHQWRI&OLQLFDODQG/DERUDWRU\$GYHUVH(YHQWV
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDODQG
&RQWUDFHSWLYH5HTXLUHPHQWV
/,672),17(;77$%/(6
7DEOH 
3.7LPHSRLQWV
7DEOH 
6LJQLILFDQFH/HYHOVWR5HMHFWWKH+ DW,QWHULPDQG)LQDO$QDO\VHV 


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
35272&2/6<1236,6
*LOHDG6FLHQFHV,QF
(%ODLQH6W
6HDWWOH:$
6WXG\ 7LWOH
$3KDVHE5DQGRPL]HG'RXEOH%OLQG3ODFHER&RQWUROOHG
0XOWL&HQWHU 6WXG\(YDOXDWLQJ$QWLYLUDO(IIHFWV3KDUPDFRNLQHWLFV
6DIHW\DQG7ROHUDELOLW\RI*6LQ+HPDWRSRLHWLF&HOO7UDQVSODQW
+&75HFLSLHQWVZLWK5HVSLUDWRU\6\QF\WLDO9LUXV569,QIHFWLRQ
RIWKH8SSHU5HVSLUDWRU\7UDFW
,1'1XPEHU
(XGUD&71XPEHU
&OLQLFDO7ULDOVJRY
,GHQWLILHU

7%'
7%'
6WXG\&HQWHUV
3ODQQHG
$SSUR[LPDWHO\ FHQWHUVLQ$VLD3DFLILF$XVWUDOLD&DQDGD(XURSH
6RXWK$PHULFD DQGWKH8QLWHG6WDWHV
2EMHFWLYHV
7KHSULPDU\REMHFWLYHRIWKLVVWXG\LVDVIROORZV

7RHYDOXDWHWKHHIIHFW RI*6RQ569YLUDOORDGLQ
569SRVLWLYHDXWRORJRXVRUDOORJHQHLF+&7UHFLSLHQWVZLWK
DFXWHXSSHUUHVSLUDWRU\WUDFWLQIHFWLRQ857,V\PSWRPV
7KHVHFRQGDU\REMHFWLYHVRIWKLVVWXG\DUHDVIROORZV

7RHYDOXDWHWKHHIIHFWRI*6RQ GHYHORSPHQWRIORZHU
UHVSLUDWRU\WUDFWFRPSOLFDWLRQ/57& SURJUHVVLRQWRUHVSLUDWRU\
IDLOXUHDQGHIIHFWRQR[\JHQDWLRQ

7RHYDOXDWHWKHSKDUPDFRNLQHWLFV3.VDIHW\DQGWROHUDELOLW\RI
*6
6WXG\'HVLJQ
5DQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGVWXG\HYDOXDWLQJWKH
HIIHFWRI*6RQHIILFDF\3.VDIHW\DQGWROHUDELOLW\LQ+&7
UHFLSLHQWV ZLWK569 857,
$OOVXEMHFWVZLOOEHSHUPLWWHGWRUHFHLYHWKHVWDQGDUGRIFDUHWKHUDS\
IRU569LQIHFWLRQSHUWKHLUORFDOPHGLFDOSUDFWLFHV LQDGGLWLRQWR WKH
LQYHVWLJDWLRQDOPHGLFLQDOSURGXFW,03
6XEMHFWV ZLOOEH UDQGRPL]HGLQDUDWLRWRUHFHLYH,03*6
RUSODFHERDQGZLOOEHVWUDWLILHGE\ IDFWRUV

3UHVHQFHRUDEVHQFH RIO\PSKRSHQLDGHILQHGDVDO\PSKRF\WH
FRXQW FHOOV/ YHUVXVFHOOV/RIEORRG

7UHDWPHQWRI569 LQIHFWLRQ \HVRU QRZLWKULEDYLULQ RUDO
LQWUDYHQRXV RUDHURVROL]HG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
1XPEHURI6XEMHFWV
3ODQQHG
$SSUR[LPDWHO\569SRVLWLYHVXEMHFWV
7DUJHW3RSXODWLRQ
0DOHVDQGIHPDOHV  WR \HDUVRIDJH ZKRKDYHKDGDQDOORJHQHLF
RUDXWRORJRXV+&7DQGKDYH GRFXPHQWHGDFXWH569UHODWHG857,
V\PSWRPV
'XUDWLRQRI
7UHDWPHQW
GRVHVRYHUGD\V
'LDJQRVLVDQG0DLQ
(OLJLELOLW\&ULWHULD
)RUDFRPSOHWHOLVWRIVWXG\LQFOXVLRQDQGH[FOXVLRQFULWHULDSOHDVH
UHIHUWR6HFWLRQ 
,QFOXVLRQ&ULWHULD
6XEMHFWVPXVWPHHWDOO RIWKHIROORZLQJLQFOXVLRQFULWHULDDWWKHWLPH
RIUDQGRPL]DWLRQWREHHOLJLEOHIRUSDUWLFLSDWLRQLQWKLVVWXG\
 5HFHLYHGDQDXWRORJRXVRUDOORJHQHLF+&7XVLQJDQ\
FRQGLWLRQLQJUHJLPHQ
 'RFXPHQWHGWREH569SRVLWLYHDVGHWHUPLQHGE\ORFDOWHVWLQJ
HJSRO\PHUDVHFKDLQUHDFWLRQ>3&5@GLUHFWIOXRUHVFHQFH
DQWLERG\>')$@YLUDOUHVSLUDWRU\SDQHO953DVVD\RUFXOWXUH
XVLQJDQXSSHUUHVSLUDWRU\WUDFWVDPSOHFROOHFWHG  GD\V SULRUWR
'D\
 1HZRQVHWRIDWOHDVWRIWKHIROORZLQJUHVSLUDWRU\V\PSWRPVIRU
  GD\V SULRUWR'D\QDVDOFRQJHVWLRQUXQQ\QRVHFRXJKRU
VRUHWKURDWRUZRUVHQLQJRIRQHRIWKHVHFKURQLFUHVSLUDWRU\
V\PSWRPV   GD\V SULRUWR'D\
 1RHYLGHQFHRIQHZDEQRUPDOLWLHVFRQVLVWHQWZLWK/57,RQD
FKHVW;UD\UHODWLYHWRWKHPRVWUHFHQWFKHVW;UD\DVGHWHUPLQHG
E\WKHORFDOUDGLRORJLVW,IDFKHVW;UD\LVQRWDYDLODEOHRUZDV
QRWREWDLQHGGXULQJVWDQGDUGFDUHZLWKLQGD\VSULRUWR
6FUHHQLQJDFKHVW;UD\PXVWEHREWDLQHGIRU6FUHHQLQJ
 2[\JHQVDWXUDWLRQ   RQURRPDLU
 $QLQIRUPHGFRQVHQWGRFXPHQWVLJQHGDQGGDWHGE\WKHVXEMHFWRU
DOHJDOJXDUGLDQRIWKHVXEMHFWDQGWKHLQYHVWLJDWRURUKLVKHU
GHVLJQHH
 $QHJDWLYHXULQH SUHJQDQF\WHVWLVUHTXLUHGIRUIHPDOHVXEMHFWV
XQOHVVVXUJLFDOO\VWHULOH RUJUHDWHUWKDQWZR\HDUV
SRVWPHQRSDXVDO
 0DOHDQGIHPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOZKRHQJDJHLQ
KHWHURVH[XDOLQWHUFRXUVHPXVWDJUHHWRXVHSURWRFROVSHFLILHG
PHWKRGVRIFRQWUDFHSWLRQDVGHVFULEHGLQ$SSHQGL[ 
 /DFWDWLQJIHPDOHVPXVWDJUHHWRGLVFRQWLQXHQXUVLQJEHIRUHWKH
,03LVDGPLQLVWHUHG
 :LOOLQJQHVVWRFRPSOHWHQHFHVVDU\VWXG\SURFHGXUHVDQGKDYH
DYDLODEOHDZRUNLQJWHOHSKRQHRUHPDLO


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
([FOXVLRQ&ULWHULD
6XEMHFWVZKRPHHWDQ\ RIWKHIROORZLQJH[FOXVLRQFULWHULDDUHQRWWR
EHHQUROOHGLQWKLVVWXG\
5HODWHGWRFRQFRPLWDQWRUSUHYLRXVPHGLFDWLRQXVH
 8VHRIQRQPDUNHWHGDFFRUGLQJWRUHJLRQLQYHVWLJDWLRQDODJHQWV
ZLWKLQGD\V25 XVHRIDQ\PRQRFORQDODQWL569 DQWLERGLHV
ZLWKLQPRQWKVRUKDOIOLYHVRI6FUHHQLQJZKLFKHYHULVORQJHU
25 XVHRIDQ\LQYHVWLJDWLRQDO569YDFFLQHVDIWHU+&7
 8VHRI DVWURQJF\WRFKURPH 3HQ]\PH&<3 LQGXFHU
LQFOXGLQJEXWQRWOLPLWHGWRULIDPSLQ6W-RKQ¶V:RUW
FDUEDPD]HSLQHDQGSKHQ\WRQLQZLWKLQ ZHHNSULRUWRWKHILUVW
GRVHRI,03
ODWHGWRPHGLFDOKLVWRU\
 (YLGHQFHRIDQ\FOLQLFDOO\VLJQLILFDQW(&*DEQRUPDOLWLHVRQ
UHFRUGDVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 $GPLWWHGWRWKHKRVSLWDOSULPDULO\IRUDORZHUUHVSLUDWRU\WUDFW
GLVHDVHRIDQ\FDXVHDVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 3UHJQDQW EUHDVWIHHGLQJRUODFWDWLQJIHPDOHV
 8QDEOHWRWROHUDWHQDVDOVDPSOLQJUHTXLUHGIRUWKLVVWXG\DV
GHWHUPLQHGE\WKHLQYHVWLJDWRU
 .QRZQKLVWRU\RI+,9$,'6KHSDWLWLV%RU&
 +LVWRU\RIGUXJDQGRUDOFRKRODEXVHWKDWLQWKHRSLQLRQRIWKH
LQYHVWLJDWRUPD\SUHYHQWDGKHUHQFHWRVWXG\DFWLYLWLHV
5HODWHGWRPHGLFDOFRQGLWLRQDW6FUHHQLQJ
 $UHODSVHLQFOXGLQJPROHFXODUUHODSVHRIWKH XQGHUO\LQJGLVHDVH
IRUZKLFKWKH\UHFHLYHGDWUDQVSODQWDW6FUHHQLQJ
 'RFXPHQWHGWREHSRVLWLYHIRURWKHUUHVSLUDWRU\YLUXVHVOLPLWHGWR
LQIOXHQ]DSDUDLQIOXHQ]DKXPDQUKLQRYLUXVDGHQRYLUXVRUKXPDQ
PHWDSQHXPRYLUXVZLWKLQ GD\V SULRUWRWKH6FUHHQLQJYLVLWDV
GHWHUPLQHGE\ORFDOWHVWLQJDGGLWLRQDOWHVWLQJLVQRWUHTXLUHG
 &OLQLFDOO\VLJQLILFDQWEDFWHUHPLDRUIXQJHPLDZLWKLQ GD\VSULRU
WR6FUHHQLQJWKDWKDVQRWEHHQDGHTXDWHO\WUHDWHGDVGHWHUPLQHG
E\WKHLQYHVWLJDWRU
 &OLQLFDOO\VLJQLILFDQWEDFWHULDOIXQJDORUYLUDOSQHXPRQLDZLWKLQ
ZHHNVSULRUWR6FUHHQLQJWKDWKDVQRWEHHQDGHTXDWHO\WUHDWHG
DVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 ([FHVVLYHQDXVHDYRPLWLQJDW6FUHHQLQJDVGHWHUPLQHGE\WKH
LQYHVWLJDWRURUDQLQDELOLW\WRVZDOORZSLOOVWKDWSUHFOXGHV
DGPLQLVWUDWLRQRIDQRUDOURXWH,03


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
5HODWHGWRDOOHUJLHV
 .QRZQK\SHUVHQVLWLYLW\RUDOOHUJ\WRWKH,03 LWVPHWDEROLWHVRU
IRUPXODWLRQH[FLSLHQWVPLFURFU\VWDOOLQHFHOOXORVHPDQQLWRO
FURVFDUPHOORVHVRGLXPPDJQHVLXPVWHDUDWHSRO\YLQ\ODOFRKRO
WLWDQLXPGLR[LGHSRO\HWK\OHQHJO\FRODQGWDOF
 $OOHUJ\WRVXOIDGUXJV
5HODWHGWRODERUDWRU\UHVXOWV
 &UHDWLQLQHFOHDUDQFHP/PLQFDOFXODWHGXVLQJWKH
&RFNFURIW*DXOWPHWKRG
 $67$/7![8/1
7RWDOELOLUXELQ![8/1
6WXG\3URFHGXUHV
)UHTXHQF\
)RUDFRPSOHWHRYHUYLHZRIVWXG\SURFHGXUHVDQGYLVLWVSOHDVHUHIHU
WR6HFWLRQ  DQG$SSHQGL[ 
6WXG\3URFHGXUHV
4XHVWLRQQDLUH7KH)/8352TXHVWLRQQDLUH ZLOOEHFRPSOHWHGE\
WKHVXEMHFW DW9LVLWVDQG
9LWDOVLJQV969LWDOVLJQVZLOOEHPHDVXUHGDWDOOVWXG\YLVLWVDQG
ZLOO LQFOXGH WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWH DQGEORRG
SUHVVXUH
2VDWXUDWLRQ2VDWXUDWLRQZLOOEHUHFRUGHG DWDOOVWXG\YLVLWVZKLOH
EUHDWKLQJURRPDLU,IWKHVXEMHFWLVGHSHQGHQWRQVXSSOHPHQWDO2LW
VKRXOGEHUHPRYHGIRUWHVWLQJLISRVVLEOH6XEMHFWVUHTXLULQJ
LQYDVLYHPHFKDQLFDOYHQWLODWLRQZLOOQRWKDYH2 VDWXUDWLRQPHDVXUHG
ZKLOHYHQWLODWHG5HIHUWR6HFWLRQ  IRU SURFHGXUHLQVWUXFWLRQV
/DERUDWRU\WHVWV :KHQDYDLODEOHH[LVWLQJODERUDWRU\YDOXHV
  GD\VSULRUWR6FUHHQLQJ 9LVLW PD\EHXVHGIRUHOLJLELOLW\
DVVHVVPHQW6WXG\VWDIIZLOOSHUIRUPXULQHSUHJQDQF\WHVWVRQVLWHDW
6FUHHQLQJDVQHFHVVDU\%ORRGVSHFLPHQVIRUVDIHW\ 9LVLWV
DQG DQG569YLUHPLDHYDOXDWLRQXVLQJTXDQWLWDWLYHUHDO
WLPH SRO\PHUDVHFKDLQUHDFWLRQ >57T3&5@ ± 9LVLWV
DQGZLOOEHFROOHFWHGSULRUWRGRVLQJDQGIRU VHUXPDQWLERG\WLWHUV
WR569DW9LVLWVDQG 'D\V DQG  %ORRGVSHFLPHQVIRU
VHUXPFUHDWLQLQHZLOOEHFROOHFWHGKRXUVSRVWGRVHDW9LVLWVDQG
'D\VDQGIURPVXEMHFWVSDUWLFLSDWLQJLQWKH3.VXEJURXSRQO\
3.EORRGGUDZV3.VDPSOHVZLOOEHFROOHFWHGIURPDOOVXEMHFWV
H[FOXGLQJVXEMHFWVLQWKH3.VXEJURXSDW WKHIROORZLQJWLPHSRLQWV
SUHGRVHDW9LVLW 'D\SUHGRVH DQGKRXUVSRVWGRVH DW9LVLW
'D\DQGDQ\WLPHDW9LVLW  'D\


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
6XEMHFWVZLOOKDYHWKHRSWLRQRISDUWLFLSDWLQJLQWKH3.VXEJURXS
XQWLOVXEMHFWVKDYHHQUROOHGLQWRWKHVXEJURXS3.VDPSOHVZLOOEH
FROOHFWHGLQWKH3.VXEJURXS DWWKHIROORZLQJWLPHSRLQWVDQG
 KRXUVSRVWGRVHDW9LVLW 'D\DQ\WLPHDW9LVLW  'D\ 
SUHGRVH DW9LVLW 'D\SUHGRVH DQG KRXUVSRVWGRVHDW9LVLW
'D\ DQGDQ\WLPHDW9LVLW  'D\ 
1DVDOVDPSOLQJ1DVDOVDPSOLQJZLOOEHSHUIRUPHGDWDOOVWXG\YLVLWV
ERWKVFKHGXOHGDQGXQVFKHGXOHGZLWKWKHH[FHSWLRQRI6FUHHQLQJ
9LVLWDQGVWRUHGDQGVKLSSHGWRDFHQWUDOODERUDWRU\IRU WHVWLQJ
DFFRUGLQJWRVSHFLILFDWLRQVLQWKHVWXG\SURFHGXUHVPDQXDO$OO
VDPSOHVPXVWEHFROOHFWHGSULRUWRGRVLQJ7ZRQDVDOVDPSOHVZLOOEH
REWDLQHGRQH IURPHDFKQRVWULOHDFKWLPHQDVDOVDPSOLQJLV
SHUIRUPHG 2QHRIWKHQDVDOVDPSOHVZLOOEHXVHGIRU569VHTXHQFLQJ
WRHYDOXDWHGHYHORSPHQWRI UHVLVWDQFHDQGDPXOWLSOH[DVVD\WR
LGHQWLI\YLUDOFRLQIHFWLRQV
569 WHVWLQJ$OOVXEMHFWVPXVWEHGRFXPHQWHGWREH569SRVLWLYHDV
GHWHUPLQHGE\ORFDOWHVWLQJHJ3&5')$953DVVD\RUFXOWXUH
SULRUWR6FUHHQLQJ XVLQJDQXSSHUUHVSLUDWRU\WUDFWVDPSOHFROOHFWHG
  GD\V SULRUWR'D\)RUDOOVWXG\UHODWHGQDVDOVDPSOHV RIWKH
QDVDOVDPSOHVFROOHFWHGDWVWXG\YLVLWV ZLOOEHDQDO\]HGDWDFHQWUDO
ODERUDWRU\XVLQJ57T3&5WRGHWHUPLQH569YLUDOORDG
6WXG\9LVLWV
9LVLW6FUHHQLQJ 'D\
7KLVYLVLWPXVWEHSHUIRUPHGLQWKHFOLQLF RULQKRVSLWDO7KH
IROORZLQJ6FUHHQLQJSURFHGXUHVODEVDUHUHTXLUHG

2EWDLQZULWWHQLQIRUPHGFRQVHQW

&ROOHFWLRQRIPHGLFDOKLVWRU\DQGGHPRJUDSKLFV

5HYLHZRIFRQFRPLWDQWPHGLFDWLRQV

96LQFOXGLQJ2 VDWXUDWLRQ

+HLJKWDQGZHLJKW

%ORRGGUDZ IRU6FUHHQLQJODEVIRUORFDOODERUDWRU\DQDO\VHV
XQOHVVH[LVWLQJODERUDWRU\YDOXHVFROOHFWHGGD\VSULRUWR
6FUHHQLQJFDQEHREWDLQHGIRUUHYLHZ

&KHVW;UD\ FKHVW;UD\VREWDLQHG  GD\VSULRUWR6FUHHQLQJ
PD\EHXVHG

8ULQHSUHJQDQF\WHVWLQZRPHQXQDEOHWRFRQILUPPHQRSDXVH
K\VWHUHFWRP\ DQGRUELODWHUDORRSKRUHFWRP\

5HYLHZRIDQ\DGYHUVHHYHQWV$(VRFFXUULQJDIWHUVLJQLQJRIWKH
FRQVHQWIRUP


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
9LVLW%DVHOLQH $VVHVVPHQWV5DQGRPL]DWLRQDQG,03
$GPLQLVWUDWLRQ 'D\
,IWKHVXEMHFWPHHWVDOOHOLJLELOLW\FULWHULD9LVLWDQG9LVLWPD\
RFFXURQWKHVDPHGD\7KH,03PXVWEHDGPLQLVWHUHGXQGHU
VXSHUYLVLRQE\WKHVWXG\VWDII9LVLWVKRXOGRFFXULQFOLQLFRULQ
KRVSLWDO9LVLWDVVHVVPHQWVVKRXOG EHSHUIRUPHG LQWKHIROORZLQJ
RUGHU

)/8352TXHVWLRQQDLUH PXVWEHSHUIRUPHGSULRUWRDOORWKHU
DVVHVVPHQWV

96LQFOXGLQJ2 VDWXUDWLRQ

:HLJKW

%ORRGGUDZ IRUVDIHW\ ODEVVHUXPDQWLERG\WLWHUWR569DQG
569YLUHPLD

2EWDLQQDVDOVDPSOHV

5DQGRPL]DWLRQYLD,;56

,03DGPLQLVWUDWLRQ

3.EORRGGUDZ3.VXEJURXS RQO\ DQG  KRXUVSRVWGRVH

%ORRGGUDZIRUVHUXPFUHDWLQLQH3.VXEJURXSRQO\KRXUV
SRVWGRVH

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV
9LVLW'D\ KRXUV
)RUVXEMHFWVLQWKH3.VXEJURXSWKLVYLVLWPXVWEHSHUIRUPHGLQFOLQLF
RULQKRVSLWDO)RUDOORWKHUVXEMHFWVWKLVYLVLWPD\EHSHUIRUPHGLQ
FOLQLFLQKRVSLWDO RUDWKRPH

3.EORRGGUDZ3.VXEJURXSRQO\

2EWDLQQDVDOVDPSOHV
9LVLWV'D\V KRXUV
7KLVYLVLWPXVWEHSHUIRUPHGLQ FOLQLF RULQKRVSLWDO9LVLW
DVVHVVPHQWVVKRXOGEHSHUIRUPHGLQWKHIROORZLQJRUGHU

)/8352TXHVWLRQQDLUH PXVWEHSHUIRUPHGSULRUWRDOORWKHU
DVVHVVPHQWV

96LQFOXGLQJ2 VDWXUDWLRQ

:HLJKW

3.EORRGGUDZIRUDOOVXEMHFWVSUHGRVH


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

%ORRGGUDZIRUVDIHW\ ODEVDQG569YLUHPLD

2EWDLQQDVDOVDPSOHV

,03DGPLQLVWUDWLRQ

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQV
UHKRVSLWDOL]DWLRQVDGPLVVLRQWRLQWHQVLYHFDUHXQLW,&8 RU
XWLOL]DWLRQRI,&8FDUH IRU! KRXUVVWDQGDUGRIFDUHWHVWUHVXOWV
LHFKHVWUDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPV
PHFKDQLFDOYHQWLODWLRQLQYDVLYHDQGQRQLQYDVLYHRIDQ\
GXUDWLRQDQGVXSSOHPHQWDO2 XVH  /PLQIRU!  KRXUV
9LVLW'D\ KRXUV
7KLVYLVLWPD\EHSHUIRUPHGLQFOLQLFLQKRVSLWDO RUDWKRPH

2EWDLQQDVDOVDPSOHV
9LVLWV ± 'D\VDQG  KRXUV
7KHVHYLVLWVPXVWEHSHUIRUPHGLQ FOLQLF RULQKRVSLWDO9LVLW
DVVHVVPHQWVZLOOEHSHUIRUPHG LQWKHIROORZLQJRUGHU

)/8352TXHVWLRQQDLUH 'D\RQO\PXVWEHSHUIRUPHGSULRUWR
DOORWKHUDVVHVVPHQWV

96LQFOXGLQJ2 VDWXUDWLRQ

:HLJKW

3.EORRGGUDZIRUDOOVXEMHFWV SUHGRVHDQGKRXUVSRVWGRVH
'D\  RQO\

%ORRGGUDZ IRUVDIHW\ODEVDQG569YLUHPLD

2EWDLQQDVDOVDPSOHV

,03DGPLQLVWUDWLRQ

%ORRGGUDZIRUVHUXPFUHDWLQLQH3.VXEJURXSRQO\KRXUV
SRVWGRVH'D\RQO\

$VVHVVPHQWRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQV
UHKRVSLWDOL]DWLRQV DGPLVVLRQWR ,&8RUXWLOL]DWLRQRI,&8FDUH
IRU! KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLHFKHVWUDGLRJUDSKV
PLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYH
DQGQRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH
  /PLQIRU!  KRXUV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
9LVLWVDQG'D\ KRXUV DQG(QGRI6WXG\'D\
 GD\V
7KHVHYLVLWVPXVWEHSHUIRUPHGLQFOLQLFRULQKRVSLWDO9LVLWPD\
RFFXUQRHDUOLHUWKDQ'D\DQGQRODWHUWKDQ'D\ 9LVLWDQG
 DVVHVVPHQWVZLOOEHSHUIRUPHGLQWKHIROORZLQJRUGHU

96LQFOXGLQJ2 VDWXUDWLRQ

:HLJKW
3.EORRGGUDZIRUDOOVXEMHFWV'D\ RQO\

%ORRGGUDZIRUVDIHW\ODEV 'D\VDQG IRUVHUXPDQWLERG\
WLWHUWR569'D\RQO\IRU569YLUHPLD'D\VDQG

2EWDLQQDVDOVDPSOHV

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV
KRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQVDGPLVVLRQWR,&8RU
XWLOL]DWLRQRI,&8FDUHIRU!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWV
LHFKHVWUDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPV
PHFKDQLFDOYHQWLODWLRQLQYDVLYHDQGQRQLQYDVLYHRIDQ\
GXUDWLRQDQGVXSSOHPHQWDO2 XVH  /PLQIRU!KRXUV
7HVW3URGXFW'RVH
DQG0RGHRI
$GPLQLVWUDWLRQ
PJ*6 IRXU PJWDEOHWV DGPLQLVWHUHGRUDOO\ RQ6WXG\
'D\V DQG
7KH,03 PXVWEHDGPLQLVWHUHGDIWHU WKHVXEMHFWKDVEHHQ IDVWLQJZLWK
H[FHSWLRQRIFOHDUOLTXLGVDQGPHGLFDWLRQVIRUDWOHDVW KRXUV7KH
VXEMHFWZLOOUHPDLQLQDIDVWLQJFRQGLWLRQIRUDSSUR[LPDWHO\KRXU
DIWHUGRVLQJ7KHHQWLUHGRVHPXVWEHWDNHQZLWKLQKRXU7DEOHWV
DUHQRWWREHFUXVKHGVSOLWGLVVROYHGRUFKHZHG,IYRPLWLQJRFFXUV
ZLWKLQPLQXWHV DIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHGWDEOHWV
DUHSUHVHQWLQWKHYRPLWXVWKHVXEMHFWVKRXOG UHFHLYHDVHFRQGGRVH
5HIHUHQFH7KHUDS\
'RVHDQG0RGHRI
$GPLQLVWUDWLRQ
3ODFHERWR0DWFKWDEOHWVDGPLQLVWHUHGRUDOO\
$GPLQLVWUDWLRQLVWKHVDPHDVIRU *6
&ULWHULDIRU
(YDOXDWLRQ
6DIHW\
6DIHW\ZLOOEHDVVHVVHGE\WKHUHSRUWLQJRI$(V DQGVHULRXVDGYHUVH
HYHQWV 6$(VWKURXJKRXWWKHVWXG\FOLQLFDOODERUDWRU\WHVWVDQG 96
DWYDULRXVWLPHSRLQWVGXULQJWKHVWXG\






*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
6DIHW\DQDO\VHVZLOOEHSHUIRUPHGRQDOOVXEMHFWVZKRUHFHLYHG,03
6DIHW\GDWDZLOOEHFROOHFWHGDQGVXPPDUL]HGIURP6FUHHQLQJWKURXJK
'D\6DIHW\GDWDZLOOEHOLVWHGE\VXEMHFWDQGVXPPDUL]HGE\
WUHDWPHQWDFWLYHRUSODFHERXVLQJWKHQXPEHUSHUFHQWRIVXEMHFWV
ZLWKHYHQWVDEQRUPDOLWLHVIRUFDWHJRULFDOGDWDDQGXVLQJGHVFULSWLYH
VWDWLVWLFVIRUFRQWLQXRXVGDWD
&RQFHQWUDWLRQVRI*6LQSODVPDZLOOEHGHWHUPLQHGXVLQJD
YDOLGDWHGELRDQDO\WLFDODVVD\V,QGLYLGXDOVXEMHFW*6
FRQFHQWUDWLRQWLPHGDWDZLOOEHGLVSOD\HGXVLQJVFKHGXOHGVDPSOLQJ
WLPHV'HVFULSWLYHVWDWLVWLFVHJQPHDQVWDQGDUGGHYLDWLRQ&9
PHGLDQDQGUDQJHZLOOEHFDOFXODWHGIRUHDFKVDPSOLQJWLPH)RU
VXEMHFWVLQWKH3.VXEJURXSSODVPDFRQFHQWUDWLRQVRI*6RYHU
WLPHZLOOEHSORWWHGLQVHPLORJDULWKPLFDQGOLQHDUIRUPDWVDVPHDQ
 6'DQGSODVPDFRQFHQWUDWLRQWLPHGDWDIRUHDFKVXEMHFWZLOOEH
DQDO\]HGXVLQJVWDQGDUGQRQFRPSDUWPHQWDOPHWKRGV
3KDUPDFRNLQHWLFSKDUPDFRG\QDPLF3.3'UHODWLRQVKLSPD\EH
H[SORUHGDVDSSURSULDWH
6DPSOHVL]HFDOFXODWLRQVDUHEDVHGRQUHVXOWVREVHUYHGLQDVWXG\WKDW
HYDOXDWHGWKHHIILFDF\RIRUDODQGDHURVROL]HGULEDYLULQWUHDWPHQWIRU
SUHYHQWLQJSURJUHVVLRQIURPXSSHUWRORZHUUHVSLUDWRU\WUDFWLQIHFWLRQ
LQ +&7 UHFLSLHQWVZLWK569LQIHFWLRQVXQSXEOLVKHGGDWDIURP'U
7KHVDPSOHVL]HFDOFXODWLRQDVVXPHVWKHGDLO\
DYHUDJHFKDQJHLQ569ORJ YLUDOORDGIURP'D\WR'D\LQWKH
SODFHERJURXSZLOOEH ORJ FRSLHVP/ZLWKDFRUUHVSRQGLQJ
VWDQGDUGGHYLDWLRQ6'RI DQGWKDWRIWKHVXEMHFWVZLOOEH
HYDOXDEOH%DVHGRQWKHVHDVVXPSWLRQVZLWKHYDOXDEOHVXEMHFWV
SHUJURXSWKHUHLVRYHUSRZHUWRGHWHFWDORJGLIIHUHQFHLQGDLO\
DYHUDJHFKDQJHLQORJ YLUDOORDGEHWZHHQWUHDWPHQWJURXSVXVLQJD
VLGHGOHYHOWHVW*LYHQDQHYDOXDEOHUDWHRI DWRWDORI
 VXEMHFWVZLOOQHHGWREHUDQGRPL]HGLQWRWKHVWXG\
PPD


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
7ZRXQEOLQGHG LQWHULPHIILFDF\DQDO\VHVRIWKHSULPDU\HQGSRLQW
GDLO\DYHUDJHFKDQJHLQ569ORJ YLUDOORDGIURP'D\WKURXJK
'D\ ZLOOEHFRQGXFWHGDIWHUDSSUR[LPDWHO\DQGRIWKH
VXEMHFWVKDYHEHHQHQUROOHGDQGUHDFK'D\VHH6HFWLRQ  $W
WKHVHLQWHULPDQDO\VHVHIILFDF\RI*6ZLOOEHFRPSDUHGWR
SODFHER DWWKHVLGHGVLJQLILFDQFHOHYHO $WWKHILUVWLQWHULP
DQDO\VLVZLWKVXEMHFWVWKHQXOOK\SRWKHVLVZLOOEHUHMHFWHGLI
DSSUR[LPDWHO\DPLQLPXPRIDORJGLIIHUHQFHEHWZHHQWUHDWPHQW
JURXSVLQPHDQGDLO\DYHUDJHFKDQJHLQORJ YLUDOORDGLV
REVHUYHG $WWKHVHFRQGLQWHULPDQDO\VLVZLWKVXEMHFWVWKHQXOO
K\SRWKHVLVZLOOEHUHMHFWHGLIDSSUR[LPDWHO\DPLQLPXPRIDORJ
GLIIHUHQFHEHWZHHQWUHDWPHQWJURXSVLQPHDQGDLO\DYHUDJHFKDQJHLQ
ORJ YLUDOORDGLVREVHUYHG ,IWKHUHLVQRWHQRXJKHYLGHQFHWRUHMHFW
WKHQXOOK\SRWKHVLVDWWKHLQWHULPDQDO\VHVWKHILQDODQDO\VLVZLOOEH
FRQGXFWHGDWDQDGMXVWHGVLJQLILFDQFHOHYHOEDVHGRQDJURXS
VHTXHQWLDODOSKDVSHQGLQJPHWKRGVRWKDWWKHRYHUDOOW\SHHUURUUDWH
FDQEHFRQWUROOHGDWWKHOHYHO)XUWKHUGHWDLOVRIWKHLQWHULP
DQDO\VLVZLOOEHGHVFULEHGLQWKHVWDWLVWLFDODQDO\VLVSODQ6$3
$OOVDIHW\DQGHIILFDF\GDWDZLOOEHPRQLWRUHGE\D'DWD0RQLWRULQJ
&RPPLWWHH'0&$Q$GMXGLFDWLRQ&RPPLWWHHZLOOUHYLHZUHOHYDQW
FOLQLFDOGDWDWR GHWHUPLQHZKHWKHUD/57& KDVGHYHORSHG
7KLVVWXG\ZLOOEHFRQGXFWHGLQDFFRUGDQFHZLWKWKHJXLGHOLQHVRI*RRG&OLQLFDO3UDFWLFH*&3
LQFOXGLQJDUFKLYLQJRIHVVHQWLDOGRFXPHQWV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506
&
GHJUHHV&HOVLXV
)
GHJUHHV)DKUHQKHLW
$(
DGYHUVHHYHQW
$K5
DU\OK\GURFDUERQ
$,'6
DXWRLPPXQHGHILFLHQF\V\QGURPH
$/7
DODQLQHDPLQRWUDQVIHUDVH
$1&
DEVROXWHQHXWURSKLOFRXQW
$1&29$
DQDO\VLVRIFRYDULDQFH
$129$
DQDO\VLVRIYDULDQFH
$67
DVSDUWDWHDPLQRWUDQVIHUDVH
$8&
DUHDXQGHUWKHSODVPDVHUXPSHULSKHUDOEORRGPRQRQXFOHDUFHOOFRQFHQWUDWLRQ
YHUVXVWLPHFXUYH
%$/
EURQFKRDOYHRODUODYDJH
%&53
EUHDVWFDQFHUUHVLVWDQFHSURWHLQ
%,'
WZLFHDGD\
%0,
ERG\PDVVLQGH[
%81
EORRGXUHDQLWURJHQ
&%&
FRPSOHWHEORRGFRXQW
&&0
FHOOFXOWXUHPHGLXP
&,
FRQILGHQFHLQWHUYDO
&PD[
WKHPD[LPXPREVHUYHGVHUXPSODVPDSHULSKHUDOEORRGPRQRQXFOHDU3%0&
FRQFHQWUDWLRQRIGUXJ
&5)
FDVHUHSRUWIRUPV
&52
FRQWUDFWRUFOLQLFDOUHVHDUFKRUJDQL]DWLRQ
&65
FOLQLFDOVWXG\UHSRUW
&7
FRPSXWHUL]HGWRPRJUDSK\
&<3[[
F\WRFKURPH3HQ]\PH[[
'',
GUXJGUXJLQWHUDFWLRQV
')$
GLUHFWIOXRUHVFHQFHDQWLERG\
'0&
'DWD0RQLWRULQJ&RPPLWWHH
'63+
'UXJ6DIHW\DQG3XEOLF+HDOWK
(&
HWKLFVFRPPLWWHH
(&
FRQFHQWUDWLRQRIGUXJWRUHDFKLQKLELWLRQRIYLUXVUHSOLFDWLRQ
(&*
HOHFWURFDUGLRJUDP
H&5)
HOHFWURQLFFDVHUHSRUWIRUPV
('&
HOHFWURQLFGDWDFDSWXUH
(/)
HSLWKHOLDOOLQLQJIOXLG
(05
HOHFWURQLFPHGLFDOUHFRUGV
(XGUD&7
(XURSHDQFOLQLFDOWULDOVGDWDEDVH
)$6
IXOODQDO\VLVVHW
),+
)LUVWLQKXPDQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506 &217,18('
)'$
8QLWHG6WDWHV)RRGDQG'UXJ$GPLQLVWUDWLRQ
*&3
*RRG&OLQLFDO3UDFWLFH*XLGHOLQHV
*'
JHVWDWLRQDOGD\
*,
JDVWURLQWHVWLQDO
*/3
JRRGODERUDWRU\SUDFWLFH
*6,
*LOHDG6FLHQFHV,QF
KU
KRXU
+&7
+HPDWRSRLHWLF&HOO7UDQVSODQW
+'3(
KLJKGHQVLW\SRO\HWK\OHQH
K(5*
KXPDQHWKHUjJRJRUHODWHGJHQH
+,9
KXPDQLPPXQRGHILFLHQF\YLUXV
+/*7
KLJKOHYHOJURXSWHUP
+/7
KLJKOHYHOWHUP
+63
K\VWHURVDOSLQJRJUDP
,%
,QYHVWLJDWRU¶V%URFKXUH
,&
FRQFHQWUDWLRQRIGUXJWRUHDFKLQKLELWLRQ
,&+
,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ
,&8
,QWHQVLYH&DUH8QLW
,(&
LQGHSHQGHQWHWKLFVFRPPLWWHH
,03
,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW
,1'
,QYHVWLJDWLRQDO1HZ'UXJ$SSOLFDWLRQ
,5%
LQVWLWXWLRQDOUHYLHZERDUG
,8'
LQWUDXWHULQHGHYLFH
,9,*
,QWUDYHQRXV,PPXQRJOREXOLQ
,;56
LQWHUDFWLYHYRLFHZHEUHVSRQVHV\VWHP
NJ
NLORJUDP
//1
ORZHUOLPLWRIWKHQRUPDOUDQJH
//24
ORZHUOLPLWRITXDQWLILFDWLRQ
//7
ORZHUOHYHOWHUP
/57&
ORZHUUHVSLUDWRU\WUDFWFRPSOLFDWLRQ
/57,
ORZHUUHVSLUDWRU\WUDFWLQIHFWLRQ
0HG'5$
0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV
PJ
PLOOLJUDP
PLQ
PLQXWH
P/
PLOOLOLWHU
PP+J
PLOOLPHWHUVPHUFXU\
0050
PL[HGHIIHFWPRGHOUHSHDWHGPHDVXUHV
1$
QRWDSSOLFDEOH
1'
QRWGHWHFWDEOH
Q0
QDQRPRODU
12$(/
QRREVHUYHGDGYHUVHHIIHFWOHYHO


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506 &217,18('
12(/
QRREVHUYHGHIIHFWOHYHO
2
R[\JHQ
2$73
RUJDQLFDQLRQWUDQVSRUWHUSURWHLQV
3'
3KDUPDNRG\QDPLF
3)8H
SODTXHIRUPLQJXQLWHHTXLYDOHQWV
3JS
3JO\FRSURWHLQ
3.
SKDUPDFRNLQHWLF
32
RUDODGPLQLVWUDWLRQSHURVE\PRXWK
35
WKHLQWHUYDOEHWZHHQWKHEHJLQQLQJRIWKH3ZDYHDQGWKHEHJLQQLQJRIWKH456
FRPSOH[RQ(&*
37
SUHIHUUHGWHUP
3;5
SUHJQDQH[UHFHSWRU
4
ILUVWTXDUWLOH
4
WKLUGTXDUWLOH
4$
TXDOLW\DVVXUDQFH
456
SDUWRIHOHFWURFDUGLRJUDSKLFZDYHUHSUHVHQWLQJYHQWULFXODUGHSRODUL]DWLRQ
47
LQWHUYDOEHWZHHQWKHVWDUWRIWKH4ZDYHDQGWKHHQGRIWKH7ZDYHRQ(&*
47F
FRUUHFWHG47
47F)
47LQWHUYDOFRUUHFWHGIRUKHDUWUDWHXVLQJWKH)ULGHULFLDIRUPXOD
51$
ULERQXFOHLFDFLG
52:
UHVWRIZRUOG
569
UHVSLUDWRU\V\QF\WLDOYLUXV
57T3&5
TXDQWLWDWLYHUHDOWLPHSRO\PHUDVHFKDLQUHDFWLRQ
6$(
VHULRXVDGYHUVHHYHQW
6$3
6WDWLVWLFDO$QDO\VLV3ODQ
6'
VWDQGDUG GHYLDWLRQ
62&
V\VWHPRUJDQFODVV
623
VWDQGDUGRSHUDWLQJSURFHGXUH
6S2
R[\JHQVDWXUDWLRQ
686$5
6XVSHFWHG8QH[SHFWHG6HULRXV$GYHUVH5HDFWLRQ
7%'
WREHGHWHUPLQHG
WPD[
WKHWLPHREVHUYHGWLPHSRLQWRI&PD[
Wò
DQHVWLPDWHRIWKHWHUPLQDOHOLPLQDWLRQ KDOIOLIHRIWKHGUXJLQ
VHUXPSODVPD3%0&FDOFXODWHGE\GLYLGLQJWKHQDWXUDOORJRIE\WKHWHUPLQDO
HOLPLQDWLRQUDWHFRQVWDQWȜ]
/
PLFUROLWHU
8/1
XSSHUOLPLWRIWKHQRUPDOUDQJH
857,
XSSHUUHVSLUDWRU\WUDFWLQIHFWLRQ
86
8QLWHG6WDWHV
953
YLUDO UHVSLUDWRU\SDQHO
96
YLWDOVLJQV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506 &217,18('
9VV
DSSDUHQWYROXPHRIGLVWULEXWLRQDWVWHDG\VWDWH
YY
YROXPHYROXPH
:%&
ZKLWHEORRGFHOOFRXQW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

,1752'8&7,21

%DFNJURXQG
5HVSLUDWRU\V\QF\WLDOYLUXV569DPHPEHURIWKHIDPLO\3DUDP\[RYLULGDH LVDQHQYHORSHG
YLUXVZLWKDQHJDWLYHVLQJOHVWUDQGULERQXFOHLFDFLG51$JHQRPH7KH569JHQRPH HQFRGHV
IRUSURWHLQVLQFOXGLQJ VXUIDFHJO\FRSURWHLQV)*DQG6+DQGVHYHUDOSURWHLQVWKDW
FRPSULVHWKHYLUDO51$SRO\PHUDVHFRPSOH[13/DQG07ZR PDMRUDQWLJHQLF
VXEJURXSVRI569DUHNQRZQ569$DQG569%WKDWGLIIHUSULPDULO\LQWKHJHQHWLFVHTXHQFH
RIWKH* JO\FRSURWHLQZKLOHPDLQWDLQLQJDKLJKHUGHJUHHRIKRPRORJ\DFURVVRWKHUSDUWVRIWKH
JHQRPH%RWKVXEJURXSVVKRZFRPSDUDEOHSDWKRJHQLFLW\DQGFDQFRFLUFXODWHLQWKHVDPH
FRPPXQLW\GXULQJDVHDVRQDOHSLGHPLFEXWWKHLULQGLYLGXDOSUHYDOHQFHXVXDOO\YDULHVIURP
VHDVRQWRVHDVRQ
569LQIHFWLRQLVWKHPRVWFRPPRQFDXVHRIDGPLVVLRQVWRSHGLDWULFJHQHUDOLQSDWLHQWXQLWVLQWKH
8QLWHG6WDWHV86DQG:HVWHUQ(XURSH^`8QIRUWXQDWHO\WKHUDWHRIKRVSLWDOL]DWLRQ
DPRQJ569LQIHFWHGFKLOGUHQKDVUHPDLQHGXQFKDQJHGLQWKH86RYHUWKHODVWGHFDGH)URP
WR569FRGHGKRVSLWDOL]DWLRQVDFFRXQWHGIRURIDQHVWLPDWHGPLOOLRQORZHU
UHVSLUDWRU\WUDFWLQIHFWLRQ/57,KRVSLWDOL]DWLRQVDPRQJFKLOGUHQ  \HDUVRIDJH'XULQJWKLV
SHULRGLWZDVHVWLPDWHGWKDWDSSUR[LPDWHO\KRVSLWDOL]DWLRQVHDFK\HDUZHUHFDXVHGE\
569LQIHFWLRQDPRQJFKLOGUHQ\HDUVRIDJHDSSUR[LPDWHO\RIWKHVHKRVSLWDOL]DWLRQV
RFFXUDPRQJFKLOGUHQPRQWKVRIDJH^`
569LQIHFWLRQLVDOVRDFDXVHRIUHVSLUDWRU\GLVHDVHLQWKHDGXOWSRSXODWLRQ$GXOW UHFLSLHQWVRI
DXWRORJRXVRUDOORJHQHLFKHPDWRSRLHWLFFHOOWUDQVSODQWV+&7DUHDWKLJKULVNIRU569LQIHFWLRQ
UHODWHGPRUELGLW\DQGPRUWDOLW\ %DVHGXSRQUHWURVSHFWLYHHSLGHPLRORJLFGDWDRI+&7
UHFLSLHQWVZLOOGHYHORS569LQIHFWLRQRIWKHUHVSLUDWRU\WUDFW^` ^` ^` ^`
^` ^` ^`3URJUHVVLRQIURPXSSHUUHVSLUDWRU\WUDFWLQIHFWLRQ857,WR/57,
PD\RFFXULQ RIWKHVH569LQIHFWHGSDWLHQWV^` ^` ^` ^` ^`
^` ^` ^` ^` ^` 2QFH569SURJUHVVHVIURP857,WR/57,WKH
PRUELGLW\DQGPRUWDOLW\LVKLJK3URJUHVVLRQWR/57,RIWHQUHTXLUHVKRVSLWDOL]DWLRQDQGDWWLPHV
LQWHQVLYHFDUHXQLWDGPLVVLRQIRUVXSSRUWLYHFDUHHJR[\JHQDWLRQPHFKDQLFDOYHQWLODWLRQ
LQWUDYHQRXVIOXLGVYDVRSUHVVRUV/57,LVDVVRFLDWHGZLWKKLJKPRUWDOLW\UDWHVUDQJLQJIURP
^` ^` ^` ^` ^` ^` ^` ^` ^`$ORQJ
WHUPVHTXHODH VHHQ DPRQJVXUYLYRUVRI569/57,LVDLUIORZGHFOLQHGRFXPHQWHGDW\HDUDIWHU
WKHLQLWLDOLQIHFWLRQ ^`
&XUUHQWO\ WKHUHDUHQRHIIHFWLYHYDFFLQHV RUDSSURYHGSURSK\ODFWLFWUHDWPHQWRSWLRQVIRU569
LQIHFWLRQLQWKH+&7SRSXODWLRQ2QFHKRVSLWDOL]HGWUHDWPHQWIRU569LQIHFWLRQLQ+&7
SDWLHQWV LVVXSSRUWLYH ZLWKLQWUDYHQRXVK\GUDWLRQVXSSOHPHQWDOR[\JHQDQG PHFKDQLFDO
YHQWLODWLRQ$OWKRXJKWUHDWPHQWRSWLRQVVXFKDVDQWLYLUDODJHQWVFRUWLFRVWHURLGVDQG
LPPXQRJOREXOLQDUHIUHTXHQWO\XVHGWKHUHLVQRGHILQLWLYHWUHDWPHQWIRU569 LQIHFWLRQ LQWKH
+&7SRSXODWLRQ6\QDJLVSDOLYL]XPDEDPRQRFORQDODQWLERG\DJDLQVW569 DSSURYHGIRU
SURSK\OD[LVDJDLQVW569LQIHFWLRQDPRQJKLJKULVNLQIDQWVKDVQHYHUEHHQHYDOXDWHGLQD
UDQGRPL]HGFRQWUROOHGVWXG\IRUWUHDWPHQWRI569LQIHFWLRQLQWKH+&7SRSXODWLRQ$UHFHQW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
UHWURVSHFWLYHDQDO\VLVVXJJHVWV WKDWSDOLYL]XPDELVQRWHIIHFWLYHIRU WUHDWPHQWRI569/57, LQ
WKH+&7SRSXODWLRQ ^`9LUD]ROH ULEDYLULQDQLQKDOHG DQWLYLUDO DJHQWLVDSSURYHGIRU
WUHDWPHQWRI569LQIHFWLRQLQWKHSHGLDWULFSRSXODWLRQEXWLVQRWXVHGLQJHQHUDOSHGLDWULF
SUDFWLFHEHFDXVHRIFRQFHUQVUHJDUGLQJLWVHIILFDF\DQGWROHUDELOLW\DVZHOODVWKHFRPSOH[LW\RI
WKHVSHFLDOL]HGDHURVROGHOLYHU\V\VWHPWKDWLVUHTXLUHG^`$ UDQGRPL]HGVWXG\RILQKDOHG
ULEDYLULQ KDVEHHQ DWWHPSWHG LQWKH+&7SRSXODWLRQKRZHYHUGXHWRWKHDIRUHPHQWLRQHG
FRQFHUQVRQO\VXEMHFWVZHUHUHFUXLWHGRYHUD\HDUSHULRG ^` $UHFHQWUHYLHZRI
SXEOLVKHGHSLGHPLRORJLFVWXGLHVVXJJHVWVWKDWULEDYLULQEDVHGWKHUDS\RUDORUDHURVROL]HGKDG
YDULDEOHVXFFHVVUDWHVIRUSUHYHQWLQJ569DVVRFLDWHGPRUELGLW\RUPRUWDOLW\LQKLJKULVN+&7
SDWLHQWV ^`$VLQJOHFHQWHUUHWURVSHFWLYHDQDO\VLVDOVRVXJJHVWHGWKDWULEDYLULQWUHDWPHQW
ZKHQDGPLQLVWHUHGGXULQJWKH857,SKDVHUHVXOWHGLQORZHUUDWHVRISURJUHVVLRQWR/57, LQ
WUHDWHGYHUVXVXQWUHDWHGSDWLHQWV YHUVXV DQGPRUWDOLW\YHUVXV ^`
7DNLQJLQWRDFFRXQW WKHOLPLWHGDYDLODEOH HIILFDF\GDWDIURPFRQWUROOHGFOLQLFDOWULDOVWKHFXUUHQW
JXLGHOLQHVIRUGLDJQRVLVDQGWUHDWPHQWRI569LQIHFWLRQGRQRW SURYLGHUHFRPPHQGDWLRQV
UHJDUGLQJZKHWKHUSDWLHQWVVKRXOGEHWUHDWHG ZLWKDQ\WUHDWPHQWVRWKHUWKDQVXSSRUWLYHFDUH DW WKH
/57,YHUVXV857,SKDVH ^`7KHUHIRUHYDULDELOLW\ LQVWDQGDUGSUDFWLFHVIRUWUHDWPHQWRI
569LQIHFWLRQLQ+&7SDWLHQWVH[LVWVDURXQGWKHZRUOG

*6

*HQHUDO,QIRUPDWLRQ
*6 LVDQRUDO569IXVLRQLQKLELWRUZLWKSRWHQWDQGVHOHFWLYHDQWL569DFWLYLW\LQYLWUR
:KHQWHVWHGLQYLWURDJDLQVW GLYHUVHFOLQLFDOLVRODWHVRI569W\SH$DQG%WKH(& YDOXHV
FRQFHQWUDWLRQRIGUXJWRUHDFKLQKLELWLRQRIYLUXVUHSOLFDWLRQUDQJHGIURP WRQ0
ZLWKDPHDQ(& YDOXHRIQ0,QYLYRHIILFDF\GDWDIURPFRWWRQUDWVLQIHFWHGZLWK
KXPDQ569GHPRQVWUDWHGWKDWDGPLQLVWUDWLRQRI*6DW WRPJNJUHVXOWHGLQD
GRVHGHSHQGHQWUHGXFWLRQLQYLUDOORDGLQERWKWKHXSSHUUHVSLUDWRU\WUDFWDQGOXQJV7KH
VWHDG\VWDWHSKDUPDFRNLQHWLF3.YROXPHRIGLVWULEXWLRQ9VVLQDOOQRQFOLQLFDOVSHFLHVWHVWHG
ZDV WRIROGKLJKHUWKDQWKHYROXPHRIWRWDOERG\ZDWHUDQGWKHRUDOELRDYDLODELOLW\ZDV
PRGHUDWHWRKLJK7KHH[SRVXUHWR*6LQWKHOXQJDQGOXQJHSLWKHOLDOOLQLQJIOXLG(/)
ZDVDOVRDVVHVVHGLQ6SUDJXH'DZOH\ UDWVDQG\LHOGHGOXQJWLVVXHSODVPDDQG(/)SODVPDUDWLRV
RIDSSUR[LPDWHO\DQGUHVSHFWLYHO\&RQFHQWUDWLRQVLQOXQJWLVVXHDQG(/)GHFOLQHG
DSSUR[LPDWHO\LQSDUDOOHOWRWKRVHLQSODVPDLQGLFDWLQJUDSLGHTXLOLEUDWLRQEHWZHHQWKHOXQJDQG
SODVPDFRPSDUWPHQWV*6H[KLELWHGORZF\WRWR[LFLW\LQFHOOFXOWXUHDQGGLGQRWLQWHUDFW
ZLWKSKDUPDFRORJLFDOO\UHOHYDQWUHFHSWRUVWKDWDUHSUHGLFWLYHRIRIIWDUJHWWR[LFLW\%DVHGRQLQ
YLWURDQGQRQFOLQLFDOSKDUPDFRNLQHWLFVWXGLHV*6GLGQRWGHPRQVWUDWHWKHSRWHQWLDOIRU
VLJQLILFDQWGUXJGUXJLQWHUDFWLRQV'',
$GGLWLRQDOGHWDLOVUHJDUGLQJ QRQFOLQLFDOSKDUPDFRNLQHWLFVSKDUPDFRORJ\ DQGWR[LFRORJ\ FDQEH
IRXQGLQ WKHFXUUHQW*6,QYHVWLJDWRU¶V%URFKXUH ,%


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

1RQFOLQLFDO3KDUPDFRNLQHWLFV
&RQVLVWHQWZLWKWKHKLJKFRQFHQWUDWLRQLQGHSHQGHQWIRUZDUGSHUPHDELOLW\DFURVV
&DFR PRQROD\HUVDQGORZFRQFHQWUDWLRQLQGHSHQGHQWHIIOX[*6H[KLELWHGPRGHUDWHWR
KLJKELRDYDLODELOLW\LQQRQFOLQLFDOVSHFLHV6\VWHPLFFOHDUDQFHRI*6LQQRQFOLQLFDOVSHFLHV
LVZHOOSUHGLFWHGIURPWKH UDWHVRIPHWDEROLVPE\KHSDWLFPLFURVRPDOIUDFWLRQVDQGSULPDU\
KHSDWRF\WHV%LOLDU\H[FUHWLRQLVOLNHO\WREHWKHPDMRUURXWHRIHOLPLQDWLRQRI*6DQGLWV
PHWDEROLWHVDV RIUDGLRODEHOGRVHGRUDOO\WRUDWVZDVUHFRYHUHGLQXULQH7KHPDMRUURXWHV
RIPHWDEROLVPRI*6DUHR[LGDWLYHGHDPLQDWLRQDQG1DFHW\ODWLRQ,QKXPDQVWKH
GHDPLQDWLRQSDWKZD\LVOLNHO\FDWDO\]HGE\PXOWLSOH&<3HQ]\PHVVXFKDV&<3$&<3%
DQG&<3&*6VKRZVZHDNLQKLELWLRQRI2$73%2$73%3JS,&YDOXHVRI
DQGȝ0UHVSHFWLYHO\ *6LVDZHDNLQKLELWRURI2&72&7DQG%6(3ZLWK
,&YDOXHVRIDQGȝ0UHVSHFWLYHO\1RLQKLELWLRQRI2$7RU2$7ZDV
REVHUYHGIRU*6DWFRQFHQWUDWLRQVXSWRȝ07KHUHIRUHGUXJLQWHUDFWLRQVRI*6
ZLWKVXEVWUDWHVRIWKHVHWUDQVSRUWHUVDUHXQOLNHO\ LQWKHH[SHFWHGFOLQLFDOO\UHOHYDQWFRQFHQWUDWLRQ
UDQJH
$GGLWLRQDOGHWDLOVUHJDUGLQJQRQFOLQLFDOSKDUPDFRNLQHWLFVFDQEHIRXQGLQWKH*6,%

1RQFOLQLFDO3KDUPDFRORJ\DQG7R[LFRORJ\
7KH,& IRUWKHLQKLELWRU\HIIHFWRI*6RQK(5*SRWDVVLXPFXUUHQWZDV 0
&DUGLRYDVFXODUHIIHFWVRI*6ZHUHHYDOXDWHGLQ GRJVDWGRVHVXSWR  PJNJ7KHSULQFLSDO
KHPRG\QDPLFILQGLQJVZHUHORZHUKHDUWUDWHYDOXHV DQGKLJKHUDUWHULDOSXOVHDQGV\VWROLF
SUHVVXUHYDOXHV$OOKHPRG\QDPLFHIIHFWVGLVVLSDWHGE\KRXUVSRVWGRVH$OO
HOHFWURFDUGLRJUDPV(&*VZHUHTXDOLWDWLYHO\ZLWKLQQRUPDOOLPLWVDQGQR*6UHODWHG
DUUK\WKPLDVRUDEQRUPDOZDYHIRUPVZHUHGHWHFWHG6OLJKW*6UHODWHGKLJKHU35DQG47F
LQWHUYDOYDOXHVZHUHH[SHFWHGSK\VLRORJLFDOUHVSRQVHVVHFRQGDU\WRFRQFRPLWDQW
*6UHODWHGORZHUKHDUWUDWHYDOXHV7KHVHFKDQJHVZHUHQRWFRQVLGHUHGSK\VLRORJLFDOO\
LPSRUWDQWLQWKHFRQWH[WRIWKLVVWXG\
,QDUHSHDWGRVHVWXG\ *6ZDVDGPLQLVWHUHGE\RUDOJDYDJHIRUZHHNVWR\RXQJDGXOWUDWV
RQFHGDLO\DWGRVHVXSWRPJNJGD\7ZRDQLPDOVDGPLQLVWHUHG  PJNJGD\ZHUH IRXQG
GHDGGXULQJWKHGRVLQJSKDVH$OWKRXJKWKHFDXVHRIGHDWKIRUWKHVHDQLPDOV ZDV
XQGHWHUPLQHGDQDVVRFLDWLRQZLWK*6FDQQRWEHH[FOXGHG%DVHGRQWKHUHVXOWVRIWKLV
VWXG\WKH12$(/IRU*6LV PJNJGD\ZKLFKFRUUHVSRQGHGWRPHDQ$8&WDQG&PD[
YDOXHVRQ'D\RIWKHGRVLQJSKDVHRI  QJKP/ DQG QJP/UHVSHFWLYHO\ ,QD
UHSHDWGRVHVWXG\FRQGXFWHGLQ\RXQJDGXOWGRJV*6ZDVDGPLQLVWHUHGE\RUDOJDYDJHIRU
ZHHNVDWGRVHVXSWR  PJNJGD\7KH12$(/IRU WKLVVWXG\ LV PJNJGD\ZKLFK
FRUUHVSRQGHGWRPHDQ$8&W DQG&PD[ YDOXHVRQ'D\ RIWKHGRVLQJ SKDVHRI
QJKP/ DQGQJP/UHVSHFWLYHO\
*6ZDVQHJDWLYHLQWKHUDWPLFURQXFOHXVVWXG\DQGGLGQRWFDXVHPXWDWLRQVLQWKH$PHV
DVVD\RULQGXFHFKURPRVRPDOGDPDJHLQYLWURZLWKRUZLWKRXW6PHWDEROLFDFWLYDWLRQ7KXVWKH
SRWHQWLDOIRUJHQHWLFWR[LFLW\LVFRQVLGHUHGORZ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
,QDQRUDOJDYDJHGRVHUDQJHILQGLQJGHYHORSPHQWDOWR[LFLW\VWXG\LQUDWVIHPDOHVZHUH
DGPLQLVWHUHG*6DWGRVHVXSWR  PJNJGD\IURPJHVWDWLRQDOGD\*'WKURXJK*'
GD\SHULRGZLWKVFKHGXOHGQHFURSV\ RFFXUULQJRQ*'*6WUHDWPHQWUHVXOWHGLQ
VLJQLILFDQWUHGXFWLRQVLQPDWHUQDOERG\ZHLJKWDQGWKH12$(/IRUPDWHUQDOWR[LFLW\ZDV
 PJNJGD\7KHUHZHUHQRHIIHFWVRQHPEU\RIHWDOYLDELOLW\DQGJURZWKDQGQRIHWDO
DQRPDOLHVDQGWKH12(/ IRUGHYHORSPHQWDOWR[LFLW\ZDV PJNJGD\
,QDQRUDOJDYDJHGRVHUDQJHILQGLQJGHYHORSPHQWDOWR[LFLW\VWXG\LQUDEELWVIHPDOHVZHUH
DGPLQLVWHUHG*6DWGRVHOHYHOVXSWR PJNJGD\IURP*' WKURXJK*'GD\
SHULRGZLWKVFKHGXOHGQHFURSV\RFFXUULQJRQ*'*6WUHDWPHQWUHVXOWHGLQORZHU
PDWHUQDOERG\ZHLJKWDWGRVHV  PJNJGD\7KHHDUO\WHUPLQDWLRQPRULEXQGVDFULILFHRI
 IHPDOHLQWKH PJNJGD\JURXSRQ*' ZDVDWWULEXWHGWR*6DGPLQLVWUDWLRQGXHWR
VLJQLILFDQWUHGXFWLRQVLQERG\ZHLJKWDQGIRRGFRQVXPSWLRQDQG WKH12(/IRUPDWHUQDOWR[LFLW\
ZDV PJNJGD\7KHUHZHUHQRHIIHFWVRQHPEU\RIHWDOYLDELOLW\DQGJURZWKDQGQR
WUHDWPHQWUHODWHGIHWDODQRPDOLHV7KH12(/IRUGHYHORSPHQWDOWR[LFLW\ZDV PJNJGD\
,QDGRVHUDQJHILQGLQJVWXG\LQMXYHQLOHUDWV*6ZDVDGPLQLVWHUHGDWGRVHVXSWR
 PJNJGD\RQSRVWQDWDOGD\31' WKURXJK31'1RWHZRUWK\HIIHFWVZHUHOLPLWHGWR
GHFUHDVHGERG\ZHLJKWJDLQDWGRVHVPJNJGD\DQGDPLOGWRPRGHUDWH WRIROG
GRVHGHSHQGHQWLQFUHDVHLQWRWDOELOLUXELQDWGRVHVPJNJGD\7KH12$(/ ZDV FRQVLGHUHG
WREH PJNJGD\ FRUUHVSRQGLQJ WRUHVSHFWLYHPHDQ&PD[ DQG$8&W YDOXHVRQ31'RI
 QJP/DQG QJKP/ ,QDGHILQLWLYHMXYHQLOHUDWVWXG\*6 ZDVDGPLQLVWHUHG
EHJLQQLQJRQ31'WKURXJK31'DWGRVHVXSWR PJNJGD\$QLQFUHDVHLQPRUWDOLW\
ZDV VHHQDWGRVHVPJNJGD\5HIOX[UHODWHGLQIODPPDWLRQDQGHSLWKHOLDO
GHJHQHUDWLRQHURVLRQXOFHULQWKHXSSHUUHVSLUDWRU\WUDFWRFFXUUHGDWGRVHVPJNJGD\DQG
WKHPRUWDOLW\ ZDVOLNHO\UHODWHGWRGHFUHDVHGPLONLQWDNHVHFRQGDU\WRWKHUHIOX[UHODWHG
LQIODPPDWLRQLQWKHXSSHUUHVSLUDWRU\WUDFW 7KLVLVFRQVLVWHQWZLWKWKHREVHUYDWLRQWKDWQHLWKHU
FOLQLFDOSDWKRORJ\GDWDQRUDQDWRPLFSDWKRORJ\GDWDLQGLFDWHDVSHFLILFWDUJHWRUJDQWR[LFLW\DV
WKHFDXVHRIGHDWKIRUWKHSXSVWKDWKDGWUHDWPHQWUHODWHGPRUWDOLWLHV6XUYLYLQJSXSVKDGQR
LQGLFDWLRQVRIV\VWHPLFWR[LFLW\%DVHGRQWKHDERYHUHVXOWVWKH12(/ZDVFRQVLGHUHGWREH
 PJNJGD\ZKLFKFRUUHVSRQGHGWRUHVSHFWLYHPHDQ&PD[ DQG$8&W RQ31'RI
 QJP/DQGQJāKP/UHVSHFWLYHO\
,QDZHHNMXYHQLOHGRJVWXG\*6 ZDVRUDOO\DGPLQLVWHUHGRQFHGDLO\RQ31'WKURXJK
DWGRVHVXSWRPJNJGD\ZLWKRQO\PLQLPDOWUDQVLHQWHIIHFWVRQQHRQDWDOMXYHQLOH
GHYHORSPHQWDQGQRDGYHUVHWDUJHWRUJDQWR[LFLW\7KH12$(/ZDV PJNJGD\
FRUUHVSRQGLQJWR31'&PD[ DQG$8&WYDOXHVRIQJP/DQG QJāKP/
UHVSHFWLYHO\
$GGLWLRQDOGHWDLOVUHJDUGLQJQRQFOLQLFDOSKDUPDFRORJ\DQGWR[LFRORJ\ FDQEHIRXQGLQWKH
*6,%


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

&OLQLFDO7ULDOVRI*6

*686
7KLV 3KDVHSODFHERFRQWUROOHGVLQJOH DQGPXOWLSOHGRVHUDQJLQJILUVWLQKXPDQ),+VWXG\
ZDVFRQGXFWHGWRHYDOXDWHVDIHW\WROHUDELOLW\DQG3.IROORZLQJRUDODGPLQLVWUDWLRQRI*6
WRXSWRXQLTXHVXEMHFWV7KHVWXG\LQFOXGHG VWDJHV3DUWV $ %DQG&ZLWK WRWDO
VWDJJHUHGFRKRUWVSUHVSHFLILHGDGDSWLYH:LWKLQHDFKFRKRUWRI3DUWV$DQG % XQLTXH
VXEMHFWVZHUHUDQGRPL]HGWRUHFHLYHEOLQGHGLQYHVWLJDWLRQDOPHGLFLQDOSURGXFW,03HLWKHU
*6Q RUSODFHERQ :LWKLQHDFKFRKRUWRI3DUW&XQLTXHVXEMHFWVZHUH
UDQGRPL]HGWRUHFHLYHEOLQGHG,03HLWKHU*6Q RUSODFHERQ  $PD[LPXP
VLQJOHGRVHRIPJDQGPXOWLSOHGRVHUHJLPHQRIPJRQFHGDLO\IRUGD\VZDVDFKLHYHG
*63.ZDVHYDOXDWHGXQGHUIDVWLQJDQGIHGVWDWHV
1RGHDWKVRUVHULRXVDGYHUVHHYHQWV6$(VZHUHUHSRUWHGDQGWKHUHZHUHQRGRVHOLPLWLQJ
WR[LFLWLHV,QWKH*6WUHDWHGVXEMHFWVWKHUHZHUHQRGLVFRQWLQXDWLRQVGXHWR$(V $PRQJ
WKHVXEMHFWVZKRUHFHLYHGVLQJOHGRVHVRI*6 VXEMHFWVH[SHULHQFHGDWRWDORI
 $(VZLWKWKHPRVWFRPPRQ$(VEHLQJSUHV\QFRSHDQGGHUPDWLWLVUHSRUWHGE\VXEMHFWV
HDFK%RWKLQFLGHQWVRISUHV\QFRSHDQG RIWKHHYHQWVRIGHUPDWLWLVZHUHMXGJHGE\WKH
LQYHVWLJDWRUWREHUHODWHGWRVWXG\SURFHGXUHV HYHQWRIGHUPDWLWLVZDVLQIODPPDWLRQRIWKHVNLQ
RIWKHULJKWDQWHFXELWDODQG HYHQWZDVQRQVSHFLILFGHUPDWLWLVRQWKHFKHVW$PRQJWKH
 VXEMHFWVUHFHLYLQJPXOWLSOHGRVHVRI*6 VXEMHFWVH[SHULHQFHGDWRWDORI
 $(VZLWKGLDUUKHDDQGQDXVHDUHSRUWHGE\ VXEMHFWVDQGKHDGDFKHDQGFRQWDFWGHUPDWLWLV
UHSRUWHGE\ VXEMHFWV$OORWKHU$(VH[SHULHQFHGE\VXEMHFWVUHFHLYLQJPXOWLSOHGRVHVRI
*6ZHUHUHSRUWHGE\  VXEMHFWVHDFK
7ZHOYHOHDG(&*VZHUHREWDLQHGDW%DVHOLQH DQG'D\VDQG$QDO\VLVRIWKHVH(&*V
GHPRQVWUDWHGQRFOLQLFDOO\VLJQLILFDQWLQFUHDVHLQ WKH3545647DQG47F)LQWHUYDOVDQGQR
FOLQLFDOO\VLJQLILFDQWDUUK\WKPLDVDVVRFLDWHGZLWKDGPLQLVWUDWLRQRI*6
*6H[SRVXUHVLQFUHDVHGLQDQDSSUR[LPDWHO\GRVHSURSRUWLRQDOPDQQHURYHUWKHGRVHUDQJH
WHVWHGIROORZLQJVLQJOHDQGPXOWLSOHRUDODGPLQLVWUDWLRQVXQGHUIDVWHGFRQGLWLRQV*6
WHUPLQDOKDOIOLYHVUDQJHGIURPWRKRXUVIROORZLQJVLQJOHRUDODGPLQLVWUDWLRQDQG
DSSUR[LPDWHO\KRXUVIROORZLQJPXOWLSOHRUDODGPLQLVWUDWLRQV2YHUDOOWKHYDULDELOLW\RIWKH
3.SDUDPHWHUVZDVUHODWLYHO\ORZZLWKWKHPDMRULW\RIWKH3.SDUDPHWHUVGLVSOD\LQJ&9RI
RUORZHU,QDGGLWLRQWKHIRRGHIIHFWRQ*63.IROORZLQJVLQJOHRUPXOWLSOHRUDO
DGPLQLVWUDWLRQKDVEHHQHYDOXDWHG)ROORZLQJVLQJOHDGPLQLVWUDWLRQRI*6DWRU
 PJ&PD[XQGHUIHGFRQGLWLRQVGHFUHDVHGDSSUR[LPDWHO\WRFRPSDUHG WR IDVWHG
FRQGLWLRQVEXWWKLVHIIHFWZDVOHVVSURQRXQFHGIROORZLQJRQFHGDLO\GRVLQJDWWKHKLJKHUGRVH
PJDURXQGVWHDG\VWDWH

6WXG\*686
7KLV3KDVHPDVVEDODQFHVWXG\ZDVFRQGXFWHGWRHYDOXDWHWKH3.PHWDEROLVPDQGH[FUHWLRQ
RI*67KHSULPDU\REMHFWLYHRIWKLVVWXG\ZDVWRGHWHUPLQHWKHPDVVEDODQFHRI*6
IROORZLQJDGPLQLVWUDWLRQRIDVLQJOHRUDOGRVHRIUDGLRODEHOHG>&@*67KHVHFRQGDU\


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
REMHFWLYHVRIWKLVVWXG\ZHUHWRHYDOXDWHWKH3. RI*6DQGPHWDEROLWHV ZKHUHSRVVLEOHDQG
WRGHWHUPLQHWKHPHWDEROLWHSURILOHRI*6LQKXPDQVIROORZLQJDGPLQLVWUDWLRQRIDVLQJOH
RUDOGRVHRIUDGLRODEHOHG>&@*6
(LJKWVXEMHFWVZHUHHQUROOHGDQGDVVHVVHGIRUDSHULRGRIDPLQLPXPRIGD\VDQGDPD[LPXP
RIGD\VZLWKDGD\IROORZXSSHULRG)ROORZLQJDVLQJOHRUDOUDGLRODEHOHGGRVHRI*6
PJWKHPD[LPXPPHDQFRQFHQWUDWLRQVRIGUXJGHULYHGUDGLRDFWLYLW\LQEORRGDQGSODVPD
ZHUH REVHUYHGDWKRXUVSRVWGRVHIRUERWKPDWULFHV7KHRYHUDOOUHFRYHU\RIUDGLRDFWLYLW\ZDV
ZLWKUHFRYHU\SULPDULO\LQIHFHVYHUVXVXULQH0HDQEORRGWRSODVPD
FRQFHQWUDWLRQUDWLRVUDQJHGIURPWRWKURXJK KRXUVSRVWGRVHLQGLFDWLQJWKDW
UDGLRDFWLYLW\ZDVSULPDULO\LQWKHSODVPDUHODWLYHWRWKHFHOOXODUFRPSRQHQWVRIWKHEORRG
7KHFLUFXODWLQJUDGLRDFWLYLW\FRQVLVWHGPDLQO\RI*6DQGORZOHYHOVRIPLQRU
PHWDEROLWHVFKORURDPLQR1PHWKDQHVXOIRQ\OEHQ]DPLGH0
R[\*6JOXFXURQLGH0 DQG*60% 
7KHPDMRUFRPSRQHQWH[FUHWHGLQIHFHVZDVXQFKDQJHGSDUHQW*6RIWKHGRVH
FRHOXWHGZLWKGLR[\*6>0@DORQJZLWKRWKHUPLQRUPHWDEROLWHVGLR[\*6
>0RIWKHGRVH@DQGGLR[\*6>0RIWKHGRVH@7KHUHPDLQLQJ
LGHQWLILHGPHWDEROLWHVGHWHFWHGLQIHFHVHDFKDFFRXQWHGIRUOHVVWKDQDPHDQRIRIWKH
GRVH,QXULQHXQFKDQJHGSDUHQW*6ZDVWKHPDLQVSHFLHVaRIWKHGRVHDQG
PHWDEROLWH0UHSUHVHQWHGaRIWKHGRVH
,QVXPPDU\>&@ *6ZDVSULPDULO\HOLPLQDWHGLQWKHIHFHVDIWHURUDODGPLQLVWUDWLRQWR
KHDOWK\VXEMHFWV/RZOHYHOVRIYDULRXVPHWDEROLWHVZHUHREVHUYHGLQGLFDWLQJWKHOLNHO\DEVHQFH
RIDVLQJOHGRPLQDQWSDWKZD\5DGLRDFWLYLW\ZDVHOLPLQDWHGDVDFRPELQDWLRQRIPHWDEROLWHVDQG
XQFKDQJHGSDUHQWGUXJ 2YHUDOOWKHSKDUPDFRNLQHWLFVRI*6LVQRWH[SHFWHGWREH
PHDQLQJIXOO\DOWHUHGLQWKHVHWWLQJRIUHQDOLPSDLUPHQWHJPLOGWRPRGHUDWH

6WXG\*686
7KLV3KDVH DUDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGVWXG\ZDV FRQGXFWHGWRHYDOXDWH
WKHVDIHW\WROHUDELOLW\DQGHIILFDF\RI*6LQKHDOWK\DGXOWYROXQWHHUVLQIHFWHGZLWKDQ569
FKDOOHQJHYLUXV569$ 0HPSKLVEVWUDLQ7KH VWXG\LQFOXGHG  TXDUDQWLQHVHDFK
FRPSULVLQJDSSUR[LPDWHO\VXEMHFWV(DFKVXEMHFWZDV DGPLWWHGWRWKH4XDUDQWLQH8QLWDQG
LQRFXODWHGZLWK569RQ6WXG\'D\ 6XEMHFWVZHUH UDQGRPL]HGDQGWUHDWHGZLWK*6RU
SODFHERZKHQLQIHFWLRQZDV GRFXPHQWHGLQWKHQDVDOZDVKRUE\WKHILIWKGD\DIWHULQRFXODWLRQ
ZKLFKHYHURFFXUUHG ILUVW
)RU4XDUDQWLQHVWKURXJKSUHVSHFLILHGTXDUDQWLQHVVXEMHFWVZHUHUDQGRPL]HGWRUHFHLYH
*6RUSODFHERDGPLQLVWHUHGDVD PJVLQJOHGRVHRQ'RVH'D\ IROORZHGE\PJ
RQFHGDLO\RQ'RVH'D\VWKURXJK


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
)RU4XDUDQWLQHVWKURXJKDGDSWLYHTXDUDQWLQHVVXEMHFWVZHUH UDQGRPL]HGWRUHFHLYH
*6RUSODFHER6XEMHFWVLQ4XDUDQWLQHZHUHDGPLQLVWHUHGD PJVLQJOHGRVHRQ'RVH
'D\IROORZHGE\ PJRQFHGDLO\RQ'RVH'D\VDQG 6XEMHFWVLQ4XDUDQWLQH ZHUH
DGPLQLVWHUHGDPJVLQJOHGRVH 6XEMHFWVLQ4XDUDQWLQHZHUHDGPLQLVWHUHGD PJVLQJOH
GRVHRQ'RVH 'D\IROORZHGE\ PJRQFHGDLO\RQ'RVH'D\VWKURXJK
$WRWDORIVXEMHFWVZHUHUDQGRPL]HGLQWRWKLVVWXG\$OOVXEMHFWVFRPSOHWHGVWXG\GUXJ DQG
 SODFHERVXEMHFWGLVFRQWLQXHGWKHVWXG\GXHWRLQYHVWLJDWRU¶VGLVFUHWLRQ%DVHOLQH GHPRJUDSKLFV
DQGFKDUDFWHULVWLFVZHUHVLPLODUEHWZHHQWUHDWPHQWJURXSVDFURVVDOOGRVHFRKRUWV6HYHQW\HLJKW
VXEMHFWVUHFHLYHGWKHSUHVSHFLILHGGRVHLQTXDUDQWLQHV *6Q SODFHERQ 
2IWKHVHVXEMHFWVZHUHGRFXPHQWHGWREH569SRVLWLYHSULRUWRUDQGRPL]DWLRQDQG
ZHUHLQFOXGHGLQWKHSULPDU\DQGVHFRQGDU\DQDO\VHV*6Q SODFHERQ $WRWDORI
VXEMHFWVUHFHLYHG*6DFURVVDOOTXDUDQWLQHV
7UHDWPHQWZLWK*6UHVXOWHGLQWKHIROORZLQJ
3ULPDU\(QGSRLQW

7UHDWPHQWZLWK*6UHVXOWHGLQORZHUPHDQ$8&YLUDOORDGIURPLQLWLDOGRVHWKURXJK
HQGRITXDUDQWLQH9LUDOORDGZDVDVVHVVHGWZLFHGDLO\XVLQJQDVDOZDVKHV7KHPHDQ$8&
RI YLUDOORDGDVPHDVXUHGE\WKH57T3&5DVVD\IURPILUVWYLUDOORDGPHDVXUHPHQWSRVW
LQLWLDOGRVHRIVWXG\GUXJWKURXJK'D\ ZDVVLJQLILFDQWO\ORZHULQ*6VXEMHFWV
FRPSDUHGWRSODFHERVXEMHFWVǻ ORJ 3)8HKRXUP/ S
6HFRQGDU\(QGSRLQWV

7UHDWPHQWZLWK*6UHVXOWHGLQORZHUPHDQ$8&YLUDOORDGGXULQJWKHHQWLUHTXDUDQWLQH
SHULRG7KHPHDQ$8&RIYLUDOORDGSRVWFKDOOHQJHWKURXJK6WXG\'D\ DVPHDVXUHGE\
WKH57T3&5DVVD\ZDVVLJQLILFDQWO\ORZHULQ*6VXEMHFWVFRPSDUHGWRSODFHER
VXEMHFWVǻ ORJ 3)8HKRXUP/ S 

7UHDWPHQWZLWK*6UHVXOWHGLQORZHUPHDQWRWDOPXFXVZHLJKWGXULQJGRVLQJ7KH
DYHUDJHZHLJKWRIHDFKXQXVHGWLVVXHZDVGHWHUPLQHGSULRUWRVWDUWRIVWXG\7KHGDLO\PXFXV
ZHLJKWZDVFDOFXODWHGE\ILUVWFRXQWLQJWKHQXPEHURIWLVVXHVXVHGHDFKGD\WKHQVXEWUDFWLQJ
WKHWRWDOZHLJKWRIWKHVHWLVVXHVXQXVHGIURPWKHGDLO\WRWDOZHLJKWRIXVHGWLVVXHV7KH
PHDQWRWDOZHLJKWRIPXFXVSURGXFHGSRVWLQLWLDOGRVHRIVWXG\GUXJWKURXJKWKHGRVHZDV
VLJQLILFDQWO\ORZHULQWKH*6VXEMHFWVFRPSDUHGWRSODFHERVXEMHFWVǻ  J
S 


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

7UHDWPHQWZLWK*6UHVXOWHGLQDORZHUPHDQ$8&RIFKDQJHIURP%DVHOLQH LQWRWDO
V\PSWRPVFRUHGXULQJWKHHQWLUHTXDUDQWLQHSHULRG7HQV\PSWRPVUXQQ\QRVHVWXII\QRVH
VQHH]LQJVRUHWKURDWHDUDFKHPDODLVH>WLUHGQHVV@FRXJKVKRUWQHVVRIEUHDWKKHDGDFKHDQG
PXVFOHDQGRUMRLQWDFKHZHUHHDFKVFRUHGIURPQRV\PSWRPVWRTXLWHERWKHUVRPH
PRVWDOORIWKHWLPH 7RWDOV\PSWRPVFRUHV  ZHUHWKHDYHUDJHVFRUHRITXHVWLRQV
DQVZHUHGE\HDFKVXEMHFWPXOWLSOLHGE\ 7KHPHDQ$8&RIFKDQJHIURP%DVHOLQH LQWRWDO
V\PSWRPVFRUHSRVWLQLWLDOGRVHRIVWXG\GUXJWKURXJK6WXG\'D\ ZDVVLJQLILFDQWO\ORZHU
LQWKH*6VXEMHFWVFRPSDUHGWRSODFHERVXEMHFWVǻ VFRUHKRXUS 7KH
WRWDOV\PSWRPVVFRUH$8&ZDVDOVRVLJQLILFDQWO\ORZHUIRU*6WUHDWHGVXEMHFWV
,QHDFKRIWKH DGDSWLYHTXDUDQWLQHV VWDWLVWLFDOO\VLJQLILFDQWUHVXOWVZHUHDOVRDFKLHYHGLQWKH
SULPDU\HQGSRLQWDQGHDFKRIWKHVHFRQGDU\HQGSRLQWVGHVFULEHGDERYHZLWKWKHH[FHSWLRQRID
UHGXFWLRQLQPHDQWRWDOPXFXVZHLJKW LQ4XDUDQWLQH,QDGGLWLRQDQH[SRVXUHUHVSRQVHHIIHFW
ZDVQRWHG
1RVXEMHFWH[SHULHQFHGDVHULRXV$($OO$(VZHUHPLOGRUPRGHUDWH*UDGHRULQVHYHULW\
H[FHSWIRUWKUHH*UDGH$(VH[SHULHQFHGE\ SODFHERWUHDWHGVXEMHFW LQFUHDVHG EORRGODFWDWH
GHK\GURJHQDVHDODQLQHDPLQRWUDQVIHUDVH>$/7@DQGDVSDUWDWHDPLQRWUDQVIHUDVH>$67@*UDGH
SXOPRQDU\IXQFWLRQGHFUHDVHFKDQJHZDVWKHRQO\WUHDWPHQWUHODWHG$(H[SHULHQFHGE\
! VXEMHFWVLQHLWKHUWUHDWPHQWJURXS*6Q SODFHERQ &KDQJHV
LQFOLQLFDOODERUDWRU\YDOXHVZHUH*UDGHRULQVHYHULW\H[FHSWIRURQH*UDGHYDOXH
LQFUHDVHG$67UHSRUWHGIRUSODFHERWUHDWHGVXEMHFWGHVFULEHGDERYH(OHYDWHG$/7 ZDVPRUH
FRPPRQO\UHSRUWHGDPRQJ *6WUHDWHGVXEMHFWV*6SODFHEREXW
HOHYDWHG$67ZDVOHVVFRPPRQO\UHSRUWHG*6SODFHER /RZQHXWURSKLO
FRXQWZDVUHSRUWHGDV*UDGH  LQVXEMHFWVUHFHLYHGSODFHERDQG*UDGHLQ VXEMHFWV
 UHFHLYHGSODFHER$PRQJWKHVXEMHFWVZKRH[SHULHQFHGD*UDGHORZQHXWURSKLOFRXQWDQG
UHFHLYHG*6KDGD*UDGH ORZQHXWURSKLOFRXQWDW6FUHHQLQJ&OLQLFDOO\UHOHYDQW
FKDQJHVLQYLWDOVLJQV RU (&*V ZHUHQRWREVHUYHG

5DWLRQDOHIRU7KLV6WXG\
7KHUHLVDVLJQLILFDQWXQPHWPHGLFDOQHHGIRUDVDIHFRQYHQLHQWDQGHIIHFWLYHWUHDWPHQWIRU569
LQIHFWLRQ7KHRQO\DSSURYHGDQWLYLUDOWKHUDS\IRU569ULEDYDULQLVDSSURYHGIRUXVHLQ
SHGLDWULFSRSXODWLRQV RQO\EXWLVUDUHO\XVHGLQFOLQLFDOSUDFWLFH GXHWRLWV OLPLWHGHIILFDF\DQG
FRQFHUQLQJVDIHW\SURILOH7KHUHLVQRDSSURYHGDQWLYLUDOWKHUDS\IRU569LQIHFWLRQDPRQJ+&7
UHFLSLHQWVZKHUHWKHFXUUHQWVWDQGDUGRIFDUHLVVXSSRUWLYH
7KLVVWXG\IROORZVD3KDVH),+VWXG\*686DQGD3KDVHD569FKDOOHQJHVWXG\
*686ZKLFKHYDOXDWHGWKHVDIHW\WROHUDELOLW\DQG3.RIVLQJOHDQGPXOWLSOHGRVHV
RI*6LQKHDOWK\DGXOWYROXQWHHUV,Q6WXG\*686*6ZDVVKRZQWR
EHHIILFDFLRXVLQUHGXFLQJ569YLUDOORDGDQGFOLQLFDOV\PSWRPVLQKHDOWK\DGXOWVXEMHFWV
H[SHULPHQWDOO\LQIHFWHGZLWK569


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
*LYHQWKHVHUHVXOWVIURPKHDOWK\DGXOWYROXQWHHUVVWXGLHGLQDFRQWUROOHGVHWWLQJWKHFXUUHQWVWXG\
LVGHVLJQHGWRHYDOXDWHWKHVDIHW\WROHUDELOLW\3.DQGHIILFDF\ RI*6DPRQJ+&7SDWLHQWV
ZLWKDQ569UHODWHG857,6DIHW\DQGHIILFDF\GDWDJHQHUDWHGIURPWKLVVWXG\WDNHQWRJHWKHU
ZLWKFXUUHQWO\DYDLODEOHGDWDZLOOEHXVHGWRVXSSRUWIXUWKHUFOLQLFDOGHYHORSPHQWRI*6LQ
SHGLDWULFDQGDGXOWSDWLHQWVLQIHFWHGZLWK569

'RVH5DWLRQDOH
7KHGRVHDQGDGPLQLVWUDWLRQ VFKHGXOHVHOHFWHGIRUWKLVVWXG\LVDVLQJOHGRVHRIPJ*6
DGPLQLVWHUHGRUDOO\LQWKHIDVWHGVWDWHRQ'D\VDQG7KLVUHJLPHQZDVVHOHFWHG
EDVHGXSRQWKH3.FKDUDFWHULVWLFVRI*6DQGWKHSKDUPDFRNLQHWLFSKDUPDFRG\QDPLF
3.3' UHODWLRQVKLSHVWDEOLVKHGLQWKHDQWLYLUDOHIIHFWVWXG\ZLWKGLIIHUHQWGRVHVUHJLPHQVLQ
6WXG\*686
,Q6WXG\*686DGD\WUHDWPHQWUHJLPHQRI*6PJVLQJOHGRVHRQ'RVH
'D\ IROORZHGE\PJRQFHGDLO\RQ'RVH'D\VWKURXJKUHVXOWHGLQDVLJQLILFDQW
UHGXFWLRQLQ569YLUDOORDG7KHPHDQ$8&RI 569 YLUDOORDGDVPHDVXUHGE\WKH57T3&5
DVVD\IURPILUVWYLUDOORDGPHDVXUHPHQWSRVWLQLWLDOGRVHRIVWXG\GUXJWKURXJKHQGRITXDUDQWLQH
'D\ ZDVVLJQLILFDQWO\ORZHULQ*6VXEMHFWVFRPSDUHGWRSODFHERVXEMHFWV
ǻ  ORJ 3)8HKRXUP/S7KLVGD\UHJLPHQZDVDEOHWRDFKLHYH*6
WURXJKFRQFHQWUDWLRQVaIROGRISD(& QJP/ IRUXSWRKRXUVIROORZLQJGRVH
LQLWLDWLRQ IRUWKHYLUXVXVHGLQWKHFKDOOHQJHVWXG\WKH0VWUDLQRI569
,QVHOHFWLQJWKHGRVHIRUWKHFXUUHQWVWXG\WKHJRDOZDVWRDFKLHYH*6WURXJK
FRQFHQWUDWLRQVDERYHIROGRISD(& IRUPRVWRIWKHFOLQLFDO569LVRODWHVIRUWKHGXUDWLRQRI
569VKHGGLQJLQ+&7SDWLHQWV/RQJLWXGLQDOYLUDOG\QDPLFVGDWDIURPLQYHVWLJDWRUVDWDQ
DFDGHPLF+&7 FHQWHU DOVR LQGLFDWHWKDWWKHPDMRULW\RI+&7SDWLHQWVVKHG569IRUGD\VEXW
VRPHPD\VKHGIRUDVORQJDVGD\VXQSXEOLVKHG,QDGGLWLRQUHFHQWVWXGLHVLQGLFDWHWKDWWKH
PHDQWLPH WRSURJUHVVLRQRI857,WR/57,LVGD\VZLWKRI VXEMHFWVSURJUHVVLQJZLWKLQ
 GD\VDIWHUSUHVHQWLQJZLWKD857,^` ^`7KHUHIRUHDWRWDORI GRVHVRI*6
PJHDFKGRVHHYHU\GD\VLVH[SHFWHGWRSURYLGH!IROGSD(& FRYHUDJHIRU aRI
 ZLOGW\SHFOLQLFDO569LVRODWHVWKURXJK'D\ZKLFKLVH[SHFWHGWRUHVXOWLQ VLJQLILFDQW
GXUDEOHDQWLYLUDOHIIHFW

&RPSOLDQFH
7KLVVWXG\ZLOOEHFRQGXFWHGLQFRPSOLDQFHZLWKWKLVSURWRFRO*RRG&OLQLFDO 3UDFWLFH*&3
DQGDOODSSOLFDEOHUHJXODWRU\UHTXLUHPHQWV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

2%-(&7,9(6
7KHSULPDU\REMHFWLYHRIWKLVVWXG\LV

7RHYDOXDWHWKHHIIHFW RI*6RQ569YLUDOORDGLQ569SRVLWLYHDXWRORJRXVRU
DOORJHQHLF+&7UHFLSLHQWVZLWKDFXWH857, V\PSWRPV
7KHVHFRQGDU\REMHFWLYHVRIWKLVVWXG\DUH

7RHYDOXDWHWKHHIIHFWRI*6RQ GHYHORSPHQWRI /57& SURJUHVVLRQWRUHVSLUDWRU\
IDLOXUHDQGHIIHFWRQR[\JHQDWLRQ

7RHYDOXDWHWKH3.VDIHW\DQGWROHUDELOLW\RI*6






*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

6WXG\7UHDWPHQWV
$SSUR[LPDWHO\VXEMHFWVZLOOEHUDQGRPL]HGWRUHFHLYHPJIRXU PJWDEOHWVRI
,03*6RUSODFHER DVDVLQJOHGRVHRQ'D\V DQG7KH,03ZLOOEH
DGPLQLVWHUHGDIWHUWKHVXEMHFWKDVIDVWHGIRUDWOHDVWKRXUV ZLWKH[FHSWLRQRIFOHDUOLTXLGVDQG
PHGLFDWLRQV7KHHQWLUHGRVHPXVWEHWDNHQZLWKLQKRXU6XEMHFWVZLOOUHPDLQIDVWLQJIRU
DSSUR[LPDWHO\ KRXUDIWHUGRVLQJ7DEOHWVDUHQRWWREHFUXVKHGVSOLWGLVVROYHGRUFKHZHG
,03VKRXOGEHGLVSHQVHGZLWKJORYHV
6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRUREVHUYDWLRQ,IYRPLWLQJRFFXUV
ZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHGWDEOHWVDUHSUHVHQWLQWKHYRPLWXV
WKHVXEMHFWVKRXOGUHFHLYHDQRWKHUGRVH,IDQRWKHUGRVHLVDGPLQLVWHUHGWKHVXEMHFWVKRXOG
UHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRUREVHUYDWLRQ
*6ZLOOEHSURYLGHG DVZKLWHSODLQIDFHGILOPFRDWHGURXQGWDEOHWVFRQWDLQLQJ PJ
*6 PJ*6ELVK\GURFKORULGHVDOWGLK\GUDWHIRUPRI*6 3ODFHERWR
0DWFKZLOOEHSURYLGHGDVZKLWHSODLQIDFHGILOPFRDWHGURXQGWDEOHWVFRQWDLQLQJQR*6
7KHH[SHFWHGGXUDWLRQRIVXEMHFWSDUWLFLSDWLRQLVDSSUR[LPDWHO\PRQWKWRLQFOXGH6FUHHQLQJ
WKURXJKWKHILQDOYLVLWRQ'D\

'XUDWLRQRI7UHDWPHQW
7KHWUHDWPHQWSRUWLRQRIWKHVWXG\LV GD\V DWRWDORIGRVHVDGPLQLVWHUHGDVVLQJOHGRVHVRQ
'D\V  DQG

'LVFRQWLQXDWLRQ&ULWHULD
5HDVRQVIRUSUHPDWXUHGLVFRQWLQXDWLRQIURP ,03GRVLQJ LQFOXGH

,QWHUFXUUHQWLOOQHVVWKDWZRXOGLQWKHMXGJPHQWRIWKHLQYHVWLJDWRUDIIHFWWKHVXEMHFW¶VDELOLW\
WRUHFHLYH,03HJXQDEOHWRLQJHVWRUDOGRVH
5HDVRQVIRUSUHPDWXUHGLVFRQWLQXDWLRQIURPWKH6WXG\LQFOXGH

6XEMHFWUHTXHVWWRGLVFRQWLQXHIRUDQ\UHDVRQ

6XEMHFWQRQFRPSOLDQFH

3UHJQDQF\GXULQJWKHVWXG\UHIHUWR

'LVFRQWLQXDWLRQRIWKHVWXG\DWWKHUHTXHVWRI*LOHDGDUHJXODWRU\DJHQF\RUDQLQVWLWXWLRQDO
UHYLHZERDUGRULQGHSHQGHQWHWKLFVFRPPLWWHH,5%,(&
,IDVXEMHFWSUHPDWXUHO\GLVFRQWLQXHVIURP,03GRVLQJKHVKHZLOOUHPDLQRQVWXG\DQGZLOO
FRQWLQXHZLWKDOOVXEVHTXHQW6WXG\9LVLWVDQGDVVHVVPHQWVZLWKWKHH[FHSWLRQRI,03GRVLQJ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
,IDVXEMHFWSUHPDWXUHO\GLVFRQWLQXHVIURPWKHVWXG\HYHU\DWWHPSWVKRXOGEHPDGHWREULQJWKH
VXEMHFWEDFNIRUWKH(DUO\7HUPLQDWLRQ SURFHGXUHV6HH6HFWLRQ  IRUPRUHLQIRUPDWLRQ

6RXUFH'DWD
)RUWKHSXUSRVHVRIWKLVVWXG\VWXG\VSHFLILFTXHVWLRQQDLUHVLHUHVSLUDWRU\V\PSWRP
DVVHVVPHQWVDUHFRQVLGHUHGVRXUFHGRFXPHQWVDQGDUHWREHILOHGZLWKWKHVXEMHFW¶VPHGLFDORU
VWXG\UHFRUGV(OHFWURQLFGDWDLHGLDJQRVWLFPDFKLQHVWKDWWUDQVFULEHGDWDGLUHFWO\WRDGDWDEDVH
RUGDWDHQWHUHGGLUHFWO\LQWRDQ(OHFWURQLF0HGLFDO5HFRUGV\VWHPLVFRQVLGHUHGVRXUFHGDWD
SURYLGHGWKHGDWDLVQRWUHFRUGHGGLUHFWO\RQWKH&5)H&5)DQGSURYLGHGWKHUHLVDFOHDUDXGLW
WUDLOLQWKHHOHFWURQLFUHFRUGV7HPSODWHVRXUFHGRFXPHQWZRUNVKHHWVZLOOEHSUHSDUHGE\
*LOHDGDQGSURYLGHGWRVLWHVWRXVHDWWKHLUGLVFUHWLRQ,IVRXUFHGRFXPHQWZRUNVKHHWVDUHXVHG
WKH\DUHWREHNHSWZLWKWKHVXEMHFW¶VPHGLFDORUVWXG\UHFRUGVDVRULJLQDOVRXUFHGRFXPHQWV1R
GDWDZLOOEHUHFRUGHGGLUHFWO\RQWKH&5)H&5)DQGDQ\GDWDUHFRUGHGGLUHFWO\RQWKH
&5)H&5)ZLOOQRWEHFRQVLGHUHGVRXUFHGDWD


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

68%-(&73238/$7,21

1XPEHURI6XEMHFWVDQG6XEMHFW6HOHFWLRQ
7KHVXEMHFWSRSXODWLRQZLOOFRQVLVWRIDSSUR[LPDWHO\569SRVLWLYHPDOHVDQGIHPDOHV  WR
 \HDUVRIDJHZKRKDYHKDGDQDOORJHQHLFRUDXWRORJRXV+&7DQGKDYHGRFXPHQWHGDFXWH569
UHODWHG857,V\PSWRPV UHFUXLWHGIURPDSSUR[LPDWHO\FHQWHUVLQ$VLD 3DFLILF$XVWUDOLD
&DQDGD(XURSH6RXWK$PHULFD DQGWKH 8QLWHG6WDWHV

,QFOXVLRQ&ULWHULD
6XEMHFWVPXVWPHHWDOORIWKHIROORZLQJLQFOXVLRQFULWHULDWREHHOLJLEOHIRUSDUWLFLSDWLRQLQWKLV
VWXG\
 5HFHLYHGDQDXWRORJRXVRUDOORJHQHLF+&7XVLQJDQ\FRQGLWLRQLQJUHJLPHQ
 'RFXPHQWHGWREH569SRVLWLYHDVGHWHUPLQHGE\ORFDOWHVWLQJHJ3&5')$953DVVD\
RUFXOWXUHXVLQJDQXSSHUUHVSLUDWRU\WUDFWVDPSOHFROOHFWHG GD\VSULRUWR'D\
 1HZRQVHWRIDWOHDVWRIWKHIROORZLQJUHVSLUDWRU\V\PSWRPVIRU   GD\V SULRUWR'D\
QDVDOFRQJHVWLRQUXQQ\QRVHFRXJKRUVRUHWKURDWRUZRUVHQLQJRIRQHRIWKHVHFKURQLF
UHVSLUDWRU\V\PSWRPV   GD\V SULRUWR'D\
 1RHYLGHQFHRIQHZDEQRUPDOLWLHVFRQVLVWHQWZLWK/57,RQDFKHVW;UD\UHODWLYHWRWKHPRVW
UHFHQWFKHVW;UD\DVGHWHUPLQHGE\WKHORFDOUDGLRORJLVW,IDFKHVW;UD\LVQRWDYDLODEOHRU
ZDVQRWREWDLQHGGXULQJVWDQGDUGFDUHZLWKLQGD\VSULRUWR6FUHHQLQJDFKHVW;UD\PXVW
EHREWDLQHGIRU6FUHHQLQJ
 2 VDWXUDWLRQ  RQURRPDLU
 $QLQIRUPHGFRQVHQWGRFXPHQWVLJQHGDQGGDWHGE\WKHVXEMHFWRUDOHJDOJXDUGLDQRIWKH
VXEMHFWDQGWKHLQYHVWLJDWRURUKLVKHUGHVLJQHH
 $QHJDWLYHXULQH SUHJQDQF\WHVWLVUHTXLUHGIRUIHPDOHVXEMHFWVXQOHVVVXUJLFDOO\VWHULOHRU
JUHDWHUWKDQWZR\HDUVSRVWPHQRSDXVDO
 0DOHDQGIHPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOZKRHQJDJHLQ KHWHURVH[XDOLQWHUFRXUVH
PXVWDJUHHWRXVHSURWRFROVSHFLILHGPHWKRGVRIFRQWUDFHSWLRQDVGHVFULEHGLQ$SSHQGL[ 
 /DFWDWLQJIHPDOHVPXVWDJUHHWRGLVFRQWLQXHQXUVLQJEHIRUHWKH,03LVDGPLQLVWHUHG
 :LOOLQJQHVVWRFRPSOHWHQHFHVVDU\VWXG\SURFHGXUHVDQGKDYHDYDLODEOHDZRUNLQJWHOHSKRQH
RUHPDLO


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

([FOXVLRQ &ULWHULD
6XEMHFWVZKRPHHWDQ\ RIWKHIROORZLQJH[FOXVLRQFULWHULDDUHQRWWREHHQUROOHGLQWKLVVWXG\
5HODWHGWRFRQFRPLWDQWRUSUHYLRXVPHGLFDWLRQXVH
 8VHRI QRQPDUNHWHGDFFRUGLQJWRUHJLRQLQYHVWLJDWLRQDODJHQWVZLWKLQGD\V25 XVHRI
DQ\PRQRFORQDODQWL569DQWLERGLHVZLWKLQPRQWKVRU KDOIOLYHVRI6FUHHQLQJZKLFKHYHU
LVORQJHU25 XVHRIDQ\LQYHVWLJDWLRQDO569YDFFLQHVDIWHU+&7
 8VHRIDVWURQJF\WRFKURPH 3HQ]\PH&<3LQGXFHULQFOXGLQJEXWQRWOLPLWHGWR
ULIDPSLQ6W-RKQ¶V:RUWFDUEDPD]HSLQHDQGSKHQ\WRQLQZLWKLQ ZHHNSULRUWRWKHILUVW
GRVHRI,03
5HODWHGWRPHGLFDOKLVWRU\
 (YLGHQFHRIDQ\FOLQLFDOO\VLJQLILFDQW(&*DEQRUPDOLWLHVRQUHFRUGDVGHWHUPLQHGE\WKH
LQYHVWLJDWRU
 $GPLWWHGWRWKHKRVSLWDOSULPDULO\IRUDORZHUUHVSLUDWRU\WUDFWGLVHDVHRIDQ\FDXVHDV
GHWHUPLQHGE\WKHLQYHVWLJDWRU
 3UHJQDQWEUHDVWIHHGLQJRUODFWDWLQJIHPDOHV
 8QDEOHWRWROHUDWHQDVDOVDPSOLQJUHTXLUHGIRUWKLVVWXG\DVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 .QRZQKLVWRU\RI+,9$,'6KHSDWLWLV%RU&
 +LVWRU\RIGUXJDQGRUDOFRKRODEXVHWKDWLQWKHRSLQLRQRIWKHLQYHVWLJDWRUPD\SUHYHQW
DGKHUHQFHWRVWXG\DFWLYLWLHV
5HODWHGWRPHGLFDOFRQGLWLRQDW6FUHHQLQJ
 $UHODSVHLQFOXGLQJPROHFXODUUHODSVHRIWKH XQGHUO\LQJGLVHDVHIRUZKLFKWKH\UHFHLYHGD
WUDQVSODQWDW6FUHHQLQJ
 'RFXPHQWHGWREHSRVLWLYHIRURWKHUUHVSLUDWRU\YLUXVHVOLPLWHGWRLQIOXHQ]DSDUDLQIOXHQ]D
KXPDQUKLQRYLUXVDGHQRYLUXVRUKXPDQPHWDSQHXPRYLUXVZLWKLQ GD\V SULRUWRWKH
6FUHHQLQJYLVLWDVGHWHUPLQHGE\ORFDOWHVWLQJDGGLWLRQDOWHVWLQJLVQRWUHTXLUHG
 &OLQLFDOO\VLJQLILFDQWEDFWHUHPLDRUIXQJHPLDZLWKLQGD\VSULRUWR6FUHHQLQJWKDWKDVQRW
EHHQDGHTXDWHO\WUHDWHGDVGHWHUPLQHGE\WKHLQYHVWLJDWRU
 &OLQLFDOO\VLJQLILFDQWEDFWHULDOIXQJDORUYLUDOSQHXPRQLDZLWKLQ ZHHNVSULRUWR6FUHHQLQJ
WKDWKDVQRWEHHQDGHTXDWHO\WUHDWHGDVGHWHUPLQHGE\WKHLQYHVWLJDWRU


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
 ([FHVVLYHQDXVHDYRPLWLQJDW6FUHHQLQJDVGHWHUPLQHGE\WKHLQYHVWLJDWRURUDQLQDELOLW\WR
VZDOORZSLOOVWKDWSUHFOXGHVDGPLQLVWUDWLRQRIDQRUDOURXWH,03
5HODWHGWRDOOHUJLHV
 .QRZQK\SHUVHQVLWLYLW\RU DOOHUJ\WR WKH,03LWVPHWDEROLWHVRUIRUPXODWLRQH[FLSLHQWV
PLFURFU\VWDOOLQHFHOOXORVHPDQQLWROFURVFDUPHOORVHVRGLXPPDJQHVLXPVWHDUDWHSRO\YLQ\O
DOFRKROWLWDQLXPGLR[LGHSRO\HWK\OHQHJO\FRODQGWDOF
 $OOHUJ\WRVXOIDGUXJV
5HODWHGWRODERUDWRU\UHVXOWV
 &UHDWLQLQHFOHDUDQFHP/PLQ FDOFXODWHGXVLQJWKH&RFNFURIW*DXOWPHWKRG
 $67$/7![8/1
 7RWDOELOLUXELQ![8/1


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

,19(67,*$7,21$/0(',&,1$/352'8&76

5DQGRPL]DWLRQ%OLQGLQJDQG7UHDWPHQW&RGHV
7KLVLVD UDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGPXOWLFHQWHU VWXG\(OLJLEOHVXEMHFWVZLOO
EHVWUDWLILHGE\WKHIROORZLQJIDFWRUV
 3UHVHQFHRUDEVHQFH RIO\PSKRSHQLDGHILQHGDVDO\PSKRF\WHFRXQW  FHOOV/ YHUVXV
 FHOOV/RIEORRG
 7UHDWPHQWRI569\HVRU QRZLWKULEDYLULQ RUDOLQWUDYHQRXVRUDHURVROL]HG
7UHDWPHQW RIFXUUHQW569LQIHFWLRQZLWKULEDYLULQZLOOEHGHILQHGDVGRVHRIULEDYLULQRUDO
LQWUDYHQRXVRUDHURVROL]HGSULRUWRUDQGRPL]DWLRQRUZLWKZULWWHQRUGHUVIRUWKHLQLWLDWLRQRI
WKHUDS\DWWKHWLPHRIUDQGRPL]DWLRQ6XEMHFWVZLOOEHUDQGRPL]HGLQDUDWLRWRUHFHLYH,03
*6RUPDWFKLQJSODFHER
$VVLJQPHQWWRVWXG\WUHDWPHQWZLOOEHEOLQGHGWRWKHVWXG\VXEMHFWVLQYHVWLJDWLRQDOVLWH
SHUVRQQHOVWXG\YHQGRUVDQGWKH6SRQVRUH[FHSWIRUWKHGHOHJDWHGSHUVRQQHOZKRZLOOUHYLHZ
DQGFKHFNWKHUDQGRPL]DWLRQDQGGUXJDOORFDWLRQIRUDFFXUDF\

3URFHGXUHVIRU%UHDNLQJ7UHDWPHQW&RGHV
,QWKHHYHQWRIDPHGLFDOHPHUJHQF\ZKHUHEUHDNLQJWKHEOLQGLVUHTXLUHGWRSURYLGHPHGLFDOFDUH
WRWKHVXEMHFWWKHLQYHVWLJDWRUPD\REWDLQWUHDWPHQWDVVLJQPHQWGLUHFWO\IURPWKH,;56V\VWHP
IRUWKDWVXEMHFW ,QWKHHYHQWRIWHFKQRORJ\IDLOXUHWKH3,PD\FDOOWKH,;56KHOSOLQH WRDFFHVV
WUHDWPHQWFRGHV *LOHDGUHFRPPHQGVEXWGRHVQRWUHTXLUHWKDWWKHLQYHVWLJDWRUFRQWDFWWKH*LOHDG
PHGLFDOPRQLWRUEHIRUHEUHDNLQJWKHEOLQG7UHDWPHQWDVVLJQPHQWVKRXOGUHPDLQEOLQGHGXQOHVV
WKDWNQRZOHGJHLVQHFHVVDU\WRGHWHUPLQHVXEMHFWHPHUJHQF\PHGLFDOFDUH7KHUDWLRQDOHIRU
XQEOLQGLQJPXVWEHFOHDUO\H[SODLQHGLQVRXUFHGRFXPHQWDWLRQDQGRQWKHFDVHUHSRUWIRUP
HOHFWURQLFFDVHUHSRUWIRUP&5)H&5)DORQJZLWKWKHGDWHRQZKLFKWKHWUHDWPHQWDVVLJQPHQW
ZDVREWDLQHG 7KHLQYHVWLJDWRULVUHTXHVWHGWRFRQWDFWWKH*LOHDG PHGLFDOPRQLWRUSURPSWO\LQ
FDVHRIDQ\WUHDWPHQWXQEOLQGLQJ 'HWDLOVRIXQEOLQGLQJZLOOEHSURYLGHGLQWKHVWXG\VSHFLILF
8QEOLQGLQJ3ODQ
%OLQGLQJRIVWXG\WUHDWPHQWLVFULWLFDOWRWKHLQWHJULW\RIWKLVFOLQLFDOWULDODQGWKHUHIRUHLID
VXEMHFW¶VWUHDWPHQWDVVLJQPHQWLVGLVFORVHGWRWKHLQYHVWLJDWRUWKHVXEMHFWZLOOKDYHVWXG\
WUHDWPHQWGLVFRQWLQXHG$OOVXEMHFWVZLOOEHIROORZHGXQWLOVWXG\FRPSOHWLRQXQOHVVFRQVHQWWRGR
VRLVVSHFLILFDOO\ZLWKGUDZQE\WKHVXEMHFW
*LOHDG 'UXJ6DIHW\DQG3XEOLF+HDOWK'63+PD\LQGHSHQGHQWO\XQEOLQGFDVHVIRUH[SHGLWHG
UHSRUWLQJRIVXVSHFWHGXQH[SHFWHGVHULRXVDGYHUVHUHDFWLRQV686$5V


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

'HVFULSWLRQDQG+DQGOLQJRI*6

)RUPXODWLRQ
*6ZLOOEHVXSSOLHGDVZKLWHSODLQIDFHGILOPFRDWHGURXQGWDEOHWVFRQWDLQLQJ PJ
*6 PJ*6ELVK\GURFKORULGHVDOWGLK\GUDWHIRUPRI*6,QDGGLWLRQWR
WKHDFWLYHLQJUHGLHQW*6WDEOHWVFRQWDLQWKHIROORZLQJLQDFWLYHLQJUHGLHQWV
PLFURFU\VWDOOLQHFHOOXORVHPDQQLWROFURVFDUPHOORVHVRGLXPPDJQHVLXPVWHDUDWHSRO\YLQ\O
DOFRKROWLWDQLXPGLR[LGHSRO\HWK\OHQHJO\FRODQGWDOFZKLFKDUHFRPPRQSKDUPDFHXWLFDO
H[FLSLHQWV
7KHVXSSOLHGPDWFKLQJSODFHERWDEOHWVDUHLGHQWLFDOLQSK\VLFDODSSHDUDQFHWRWKH  PJ
*6WDEOHWVDQGFRQWDLQWKHVDPH LQDFWLYHLQJUHGLHQWV

3DFNDJLQJDQG/DEHOLQJ
*6WDEOHWVDQGPDWFKLQJSODFHERDUHSDFNDJHGLQZKLWHKLJKGHQVLW\SRO\HWK\OHQH +'3(
ERWWOHVZLWKGHVLFFDQWDQGSRO\HVWHUILEHUFRLO(DFKERWWOHFRQWDLQV WDEOHWVDQGLVFDSSHGZLWKD
ZKLWHFRQWLQXRXVWKUHDGFKLOGUHVLVWDQWSRO\SURS\OHQHVFUHZFDSILWWHGZLWKDQLQGXFWLRQVHDOHG
DOXPLQXPIDFHGOLQHU
$OOODEHOVIRU,03 GLVWULEXWHGWRLQYHVWLJDWLYHVLWHVLQWKH86DQGWKHUHVWRIZRUOG52:ZLOO
PHHWDOODSSOLFDEOHUHTXLUHPHQWVRIWKH86 )RRGDQG'UXJ$GPLQLVWUDWLRQ)'$WKH(8$QQH[
RI*RRG0DQXIDFWXULQJ3UDFWLFHV0DQXIDFWXUHRILQYHVWLJDWLRQDOPHGLFLQDOSURGXFWV
-XO\ DQGRURWKHUORFDOUHJXODWLRQVDVDSSOLFDEOH

6WRUDJHDQG+DQGOLQJ
6XIILFLHQWTXDQWLWLHVRI*6WDEOHWVDQGPDWFKLQJSODFHERZLOOEHVKLSSHGWRWKH LQYHVWLJDWRU
RUTXDOLILHGGHVLJQHHIURP*LOHDG6FLHQFHV0DWHULDOV	/RJLVWLFVRULWV GHVLJQHH
*6WDEOHWVVKRXOGEHVWRUHGDWFRQWUROOHGURRPWHPSHUDWXUHRI&)H[FXUVLRQVDUH
SHUPLWWHGEHWZHHQ &DQG&)DQG) 6WRUDJHFRQGLWLRQVDUHVSHFLILHGRQWKHODEHO
8QWLOGLVSHQVHGWRWKHVXEMHFWVDOOERWWOHVRI,03 VKRXOGEHVWRUHGLQDVHFXUHO\ORFNHGDUHD
DFFHVVLEOHRQO\WRDXWKRUL]HGVLWHSHUVRQQHO7KHVWXG\FHQWHUZLOOEHUHTXLUHGWRPDLQWDLQDORJ
RIGDLO\WHPSHUDWXUHUHDGLQJVLQWKHVWRUDJHDUHDIRUWKHGXUDWLRQRIWKHVWXG\7RHQVXUHWKH
VWDELOLW\DQG SURSHULGHQWLILFDWLRQWKHGUXJSURGXFWVZLOO EHVWRUHGLQWKHFRQWDLQHUVLQZKLFK
WKH\ZHUHVXSSOLHGXQWLOXQLWVDUH GLVSHQVHGWR LQGLYLGXDOVXEMHFWVDWWKHVLWH

'RVDJHDQG$GPLQLVWUDWLRQRI*6
(OLJLEOHVXEMHFWVZLOOUHFHLYHDVLQJOHGRVHRIPJ *6RUSODFHER RQ'D\V 
DQG'RVHVZLOOEHDGPLQLVWHUHGZLWKZDWHUDIWHUWKHVXEMHFWKDVIDVWHGIRUDWOHDVW KRXUV
ZLWKH[FHSWLRQRIFOHDUOLTXLGVDQGPHGLFDWLRQV7KHHQWLUHGRVHPXVWEHWDNHQZLWKLQKRXU
6XEMHFWVZLOOUHPDLQLQDIDVWLQJFRQGLWLRQIRUDWOHDVW KRXUDIWHUGRVLQJ,03LVWREHGLVSHQVHG
ZLWKJORYHV7DEOHWVDUHQRWWREHFUXVKHGVSOLWGLVVROYHGRUFKHZHG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRUREVHUYDWLRQ,IYRPLWLQJRFFXUV
ZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHGWDEOHWVDUHSUHVHQWLQWKHYRPLWXV
WKHVXEMHFWVKRXOGUHFHLYHDQRWKHUGRVH,IDQRWKHUGRVHLVDGPLQLVWHUHGWKHVXEMHFWVKRXOG
UHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRUREVHUYDWLRQ

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV
*6KDVDORZV\VWHPLFFOHDUDQFHLQKXPDQVVRVLJQLILFDQWGUXJGUXJLQWHUDFWLRQVLQZKLFK
FRQFRPLWDQWO\DGPLQLVWHUHGGUXJVLQKLELWWKHPHWDEROLFFOHDUDQFHRI*6E\&<3 HQ]\PHV
DUHXQOLNHO\/RZOHYHOVRIPLQRU PHWDEROLWHVZHUHREVHUYHGLQWKHKXPDQPDVVEDODQFHVWXG\
*686LQGLFDWLQJWKDWPHWDEROLVPRI*6LVPHGLDWHGE\PXOWLSOHPLQRU
PHWDEROLFSDWKZD\VZLWKWKHOLNHO\DEVHQFHRIDVLQJOHGRPLQDQWSDWKZD\$VVXFKWKHQHWHIIHFW
RIVWURQJLQGXFWLRQRI  RU  SDWKZD\VE\DSRWHQW&<3LQGXFHULVXQFOHDU7KHUHIRUH
FRQFRPLWDQWDGPLQLVWUDWLRQRIVWURQJ &<3LQGXFHUV^`LQFOXGLQJEXWQRWOLPLWHGWR
ULIDPSLQ6W-RKQ¶V:RUWFDUEDPD]HSLQHDQGSKHQ\WRLQLVH[FOXGHGWRDYRLGSRWHQWLDOGUXJ
UHVLVWDQFH
*6LVDVXEVWUDWHRIWKHKHSDWLFXSWDNHRUJDQLFDQLRQWUDQVSRUWHUSURWHLQV2$73
2$73%DQG2$73%&OLQLFDOO\VLQJOHGRVHVRI*6KDYHEHHQZHOOWROHUDWHGXSWR
PJ&PD[DQG$8&aDQGaIROGRIPJUHVSHFWLYHO\LQKHDOWK\YROXQWHHUV
*6H[SRVXUHVPD\EHLQFUHDVHGXSRQFRDGPLQLVWUDWLRQZLWKSRWHQW2$73LQKLELWRUV
HJ ULIDPSLQDQGF\FORVSRULQH
*6VKRZHGFRQFHQWUDWLRQGHSHQGHQWLQKLELWLRQRIPXOWLGUXJDQGWR[LQH[WUXVLRQ
WUDQVSRUWHUV0$7(DQG0$7(.ZLWK,&YDOXHVRIȝ0DQGȝ0UHVSHFWLYHO\
6OLJKWUHGXFWLRQVRIFUHDWLQLQHFOHDUDQFHKDYHEHHQREVHUYHGDIWHU*6DGPLQLVWUDWLRQLQ
KHDOWK\YROXQWHHUV:KHQ&RDGPLQLVWHUHGZLWKUHQDOO\HOLPLQDWHGFRQFRPLWDQWPHGLFDWLRQV
LHILOWUDWLRQSOXVVHFUHWLRQ*6PD\LQFUHDVHWKHH[SRVXUHVRIVXEVWUDWHVVHFUHWHGE\WKH
0$7(VWUDQVSRUWHUVLQFOXGLQJWKRVHUHTXLUHGRVHDGMXVWPHQWIRU UHQDOLPSDLUHGSDWLHQWV
HJ JDQFLFORYLUDF\FORYLUOHYRIOR[DFLQDQGFHSKDOH[LQ6DIHW\PRQLWRULQJVKRXOGEH
FRQGXFWHGDFFRUGLQJWRSUHVFULELQJLQIRUPDWLRQRIWKRVHGUXJV

$FFRXQWDELOLW\ IRU*6
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJDGHTXDWHDFFRXQWDELOLW\RIDOOXVHGDQGXQXVHG,03
ERWWOHV 7KLVLQFOXGHVDFNQRZOHGJHPHQWRIUHFHLSWRIHDFKVKLSPHQWRI,03 TXDQWLW\DQG
FRQGLWLRQ
*6 DFFRXQWDELOLW\UHFRUGVZLOOEHSURYLGHGWRHDFKVWXG\VLWHWR

5HFRUGWKHGDWHDQGTXDQWLW\RI,03 ERWWOHV UHFHLYHG

5HFRUGWKHGDWHVXEMHFWQXPEHUVXEMHFWLQLWLDOVWKH,03 ERWWOH QXPEHUGLVSHQVHG

5HFRUGWKHGDWHTXDQWLW\RIXVHGDQGXQXVHG,03 ERWWOHVUHWXUQHGDORQJZLWKWKHLQLWLDOVRI
WKHSHUVRQUHFRUGLQJWKHLQIRUPDWLRQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW 5HWXUQRU'LVSRVDO
$WWKHVLWHLQLWLDWLRQYLVLWRUILUVWPRQLWRULQJYLVLWWKHVWXG\PRQLWRUZLOOHYDOXDWHHDFKVWXG\
FHQWHU¶V,03GLVSRVDOSURFHGXUHVDQGSURYLGHDSSURSULDWHLQVWUXFWLRQIRUUHWXUQRUGHVWUXFWLRQRI
XQXVHG,03VXSSOLHV,IWKHVLWHKDVDQDSSURSULDWH6WDQGDUG2SHUDWLQJ3URFHGXUH623IRUGUXJ
GHVWUXFWLRQ DVUHYLHZHGDQGDSSURYHGE\*6,WKHVLWHPD\GHVWUR\XVHGDQGXQXVHG,03
VXSSOLHVSHUIRUPHGLQDFFRUGDQFHZLWKWKHVLWH¶VKRVSLWDOSKDUPDF\623 DIWHUUHFRQFLOLDWLRQ
KDVEHHQFRPSOHWHGE\WKHVLWHPRQLWRU,IWKHVLWHGRHVQRWKDYHDFFHSWDEOHSURFHGXUHVLQSODFH
IRUGUXJGHVWUXFWLRQDUUDQJHPHQWVZLOOEHPDGHEHWZHHQWKHVLWHDQG*6, RU*6, UHSUHVHQWDWLYH
IRUUHWXUQRIXQXVHG,03VXSSOLHV$FRS\RIWKHVLWH¶V623ZLOOEHREWDLQHGIRUFHQWUDOILOHV
:KHUHSRVVLEOH,03ZLOOEHGHVWUR\HGDWWKHVLWH
8SRQVWXG\FRPSOHWLRQDFRS\RIWKH,QYHVWLJDWLRQDO'UXJ$FFRXQWDELOLW\UHFRUGVPXVWEHILOHG
DWWKHVLWH$QRWKHUFRS\ZLOOEHUHWXUQHGWR*6,,IGUXJLVGHVWUR\HGRQVLWHWKHLQYHVWLJDWRU
PXVWPDLQWDLQDFFXUDWHUHFRUGVIRUDOO,03GHVWUR\HG5HFRUGVPXVWVKRZWKHLGHQWLILFDWLRQDQG
TXDQWLW\RIHDFKXQLWGHVWUR\HGWKHPHWKRGRIGHVWUXFWLRQDQGSHUVRQZKRGLVSRVHGRIWKHGUXJ
$OO,03UHFRUGVPXVWEHPDLQWDLQHGDWWKHVLWHDQGFRSLHVPXVWEHVXEPLWWHGWR*6,DWWKHHQGRI
WKHVWXG\


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

678'<352&('85(6
7KHVWXG\SURFHGXUHVWREHFRQGXFWHGIRUHDFKVXEMHFWHQUROOHGLQWKHVWXG\DUHSUHVHQWHGLQ
WDEXODUIRUPLQ$SSHQGL[  DQGGHVFULEHGLQWKHWH[WWKDWIROORZV$GGLWLRQDOLQIRUPDWLRQLV
SURYLGHGLQWKHVWXG\SURFHGXUHVPDQXDO
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKHVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKH
SURFHGXUHVDQGHYDOXDWLRQVGHVFULEHGLQWKLVSURWRFRO,QYHVWLJDWRUVPXVW GRFXPHQW DQ\GHYLDWLRQ
RUGHSDUWXUHIURPSURWRFROSURFHGXUHVUHJDUGOHVVRIFDXVDOLW\ DQGQRWLI\WKHVSRQVRURUFRQWUDFW
UHVHDUFKRUJDQL]DWLRQ&52

6XEMHFW(QUROOPHQWDQG7UHDWPHQW$VVLJQPHQW

9LVLW6FUHHQLQJ9LVLW 'D\
9LVLW PXVWEHSHUIRUPHG LQFOLQLF RULQKRVSLWDO 7KH3ULQFLSDO,QYHVWLJDWRURUDPHGLFDOO\
TXDOLILHG6XE,QYHVWLJDWRUHJ0''2RUQXUVHSUDFWLWLRQHUPXVWUHYLHZDQGGLVFXVVWKHVWXG\
ZLWKHDFK VXEMHFWSULRUWRFRQVHQW$OO6FUHHQLQJ9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGDIWHU
REWDLQLQJZULWWHQFRQVHQW$OO6FUHHQLQJODEVDQGSURFHGXUHVZLOOEHSHUIRUPHGORFDOO\DQG
UHVXOWVZLOOEHUHYLHZHGE\WKHLQYHVWLJDWRUSULRUWR,03DGPLQLVWUDWLRQ
7KHIROORZLQJSURFHGXUHVZLOOEHFRPSOHWHGDW6FUHHQLQJ

2EWDLQZULWWHQLQIRUPHGFRQVHQW

&ROOHFWLRQRI0HGLFDO+LVWRU\DQG'HPRJUDSKLFV

5HYLHZRIFRQFRPLWDQWPHGLFDWLRQV

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

+HLJKWDQGZHLJKW

2VDWXUDWLRQRQURRPDLU

&KHVW;UD\ FKHVW;UD\VREWDLQHG GD\VSULRUWR6FUHHQLQJPD\EHXVHG

%ORRGGUDZ IRUVFUHHQLQJODEV ODEVREWDLQHGGD\VSULRUWR6FUHHQLQJPD\EHXVHG
&UHDWLQLQHFOHDUDQFH FDOFXODWHGXVLQJWKH&RFNURIW*DXOWPHWKRG
$67$/7
7RWDOELOLUXELQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

8ULQHSUHJQDQF\WHVWIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\DQGRU
ELODWHUDORRSKRUHFWRP\

5HFRUGDQ\6$(V DQGDOO$(V UHODWHGWRSURWRFROPDQGDWHGSURFHGXUHVRFFXUULQJDIWHU
VLJQLQJRIWKHFRQVHQWIRUP
6XEMHFWVPHHWLQJDOORIWKHLQFOXVLRQFULWHULDDQGQRQHRIWKHH[FOXVLRQFULWHULDZLOOUHWXUQWRWKH
FOLQLFDIWHUVFUHHQLQJIRUUDQGRPL]DWLRQLQWRWKHVWXG\6XEMHFWVPXVWFRQWLQXHWRPHHWDOO
LQFOXVLRQFULWHULDDQGQRQHRIWKHH[FOXVLRQFULWHULDDWWKHWLPHRIUDQGRPL]DWLRQ,IDOOODEUHVXOWV
DQGSURFHGXUHVDUHDYDLODEOHDQGVDWLVI\WKHLQFOXVLRQH[FOXVLRQFULWHULD6FUHHQLQJDQG9LVLW
'D\ PD\RFFXURQWKHVDPHGD\
)URPWKHWLPHRIREWDLQLQJLQIRUPHGFRQVHQWWKURXJKWKHILUVWDGPLQLVWUDWLRQRI,03UHFRUGDOO
6$(VDVZHOODVDQ\$(V UHODWHGWRSURWRFROPDQGDWHGSURFHGXUHVRQWKH$(FDVHUHSRUWIRUP
H&5)$OORWKHUXQWRZDUGPHGLFDORFFXUUHQFHVREVHUYHGGXULQJWKH6FUHHQLQJSHULRG
LQFOXGLQJH[DFHUEDWLRQRUFKDQJHVLQPHGLFDOKLVWRU\ DUHWREHFDSWXUHGRQWKHPHGLFDOKLVWRU\
H&5)6HH6HFWLRQ  $GYHUVH(YHQWVDQG7R[LFLW\0DQDJHPHQWIRUDGGLWLRQDOGHWDLOV

9LVLW%DVHOLQH $VVHVVPHQWV5DQGRPL]DWLRQ DQG7UHDWPHQW$VVHVVPHQWV
'D\

%DVHOLQH$VVHVVPHQWV
9LVLWPXVWEHSHUIRUPHGLQFOLQLF RULQKRVSLWDO DQG VKRXOG RFFXUZLWKLQKRXUVRI
FRQILUPDWLRQRIWKHVXEMHFW¶VHOLJLELOLW\6DPSOHVDQGDVVHVVPHQWVSHUIRUPHGDW6FUHHQLQJ9LVLW
PD\QRWEHXVHGDV9LVLW%DVHOLQHDVVHVVPHQWV%DVHOLQH 9LVLW DVVHVVPHQWVZLOOEH
SHUIRUPHGLQWKHIROORZLQJRUGHUDQGGRFXPHQWHGRQ'D\SULRUWR,03DGPLQLVWUDWLRQ

)/8352TXHVWLRQQDLUH

5HYLHZRIFRQFRPLWDQWPHGLFDWLRQVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQGQRQLQYDVLYHRI
DQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH/PLQIRU!KRXUV

:HLJKW

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUHREWDLQHG
  PLQXWHVSULRUWR,03DGPLQLVWUDWLRQ

2 VDWXUDWLRQRQURRPDLU

%ORRGGUDZ IRUFHQWUDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH :%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7DQGWRWDO
ELOLUXELQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
6HUXPDQWLERG\WLWHUWR569
569YLUHPLD

1DVDOVDPSOHV WRWDORQHIURPHDFKQRVWULO

5DQGRPL]DWLRQ DQG7UHDWPHQW$VVHVVPHQWV'D\
$IWHUDOO%DVHOLQHDVVHVVPHQWVDUHFRPSOHWHHOLJLEOHVXEMHFWVZLOOEHUDQGRPL]HGYLD,QWHUDFWLYH
9RLFH:HE5HVSRQVH6\VWHP,;56 DQG,03ZLOOEHDGPLQLVWHUHG
5DQGRPL]DWLRQWR*6RUSODFHERZLOOEHEDVHGRQDUDQGRPL]DWLRQVFKHGXOHSUHSDUHGE\
*LOHDGDQGRUGHVLJQHHEHIRUHWKHVWDUWRIWKHVWXG\6XEMHFWVPXVWFRQWLQXHWRVDWLVI\DOO
LQFOXVLRQH[FOXVLRQFULWHULDDWWKHWLPHRIUDQGRPL]DWLRQ3ULRUWRUDQGRPL]DWLRQHOLJLEOHVXEMHFWV
ZLOOEHVWUDWLILHGE\ WKHIROORZLQJ

3UHVHQFHRUDEVHQFHRIO\PSKRSHQLDGHILQHGDVDO\PSKRF\WHFRXQWFHOOV/YHUVXV
 FHOOV/RIEORRG

7UHDWPHQWRI569\HVRUQRZLWK ULEDYLULQ RUDOLQWUDYHQRXVRUDHURVROL]HG
7UHDWPHQW RIFXUUHQW569LQIHFWLRQZLWKULEDYLULQZLOOEHGHILQHGDVGRVHRIULEDYLULQRUDO
LQWUDYHQRXVRUDHURVROL]HGSULRUWRUDQGRPL]DWLRQRUZLWKZULWWHQRUGHUVIRUWKHLQLWLDWLRQRI
WKHUDS\DWWKHWLPHRIUDQGRPL]DWLRQ6XEMHFWVZLOOEHUDQGRPL]HGLQDUDWLRWRUHFHLYH,03
*6RUPDWFKLQJSODFHER
6XEMHFWVZLOOUHFHLYHDGRVHRIPJIRXUPJWDEOHWVRI*6RUPDWFKLQJSODFHERDW
'D\$OO,03ZLOOEHDGPLQLVWHUHGZLWKZDWHUDIWHUWKHVXEMHFWKDVEHHQIDVWLQJZLWK
H[FHSWLRQRIFOHDUOLTXLGVDQGPHGLFDWLRQVIRUDPLQLPXPRIKRXUV7KHHQWLUHGRVHPXVWEH
WDNHQZLWKLQKRXU6XEMHFWVZLOOUHPDLQLQDIDVWLQJFRQGLWLRQIRUKRXUSRVWGRVH7DEOHWVDUH
QRWWREHFUXVKHGFKHZHGVSOLWRUGLVVROYHGDQGVKRXOGDOZD\VEHGLVSHQVHGZLWKJORYHV
6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRUREVHUYDWLRQ,IYRPLWLQJRFFXUV
ZLWKLQPLQXWHVDIWHU ,03DGPLQLVWUDWLRQDQGXQGLVVROYHGWDEOHWVDUHSUHVHQWLQWKHYRPLWXV
WKHVXEMHFWVKRXOG UHFHLYHDQRWKHU GRVH,IDQRWKHUGRVHLVDGPLQLVWHUHGWKHVXEMHFWVKRXOG
UHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRUREVHUYDWLRQ
7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGDQGGRFXPHQWHGRQ'D\DIWHU,03DGPLQLVWUDWLRQ

3.VDPSOLQJDW DQGKRXUVSRVWGRVHIRU3.VXEJURXS VXEMHFWV

%ORRGGUDZIRUVHUXPFUHDWLQLQHDWKRXUVSRVWGRVHIRU3.VXEJURXSVXEMHFWV

5HYLHZRI$(V


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

9LVLW 'D\ KRXUV
)RUVXEMHFWVLQWKH3.VXEJURXS9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGLQWKHFOLQLF RULQ
KRVSLWDO)RUDOORWKHUVXEMHFWV9LVLWDVVHVVPHQWVPD\EHSHUIRUPHGDWWKHFOLQLFLQKRVSLWDO RU
DWWKHVXEMHFW¶VKRPHE\WKHVWXG\FRRUGLQDWRU RUGHVLJQHH

1DVDOVDPSOHVWRWDORQHIURPHDFKQRVWULO

3.VDPSOLQJ IRU3.VXEJURXSVXEMHFWVRQO\

9LVLW'D\KRXUV
9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGLQFOLQLF RULQKRVSLWDO DQGVKRXOG EHSHUIRUPHGLQWKH
IROORZLQJRUGHUDQGGRFXPHQWHGDOVRUHIHUWR$SSHQGL[ 6WXG\3URFHGXUHV7DEOH

)/8352TXHVWLRQQDLUH

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUHREWDLQHG
  PLQXWHVSULRUWR,03DGPLQLVWUDWLRQ

2 VDWXUDWLRQRQURRPDLU

:HLJKW

%ORRGGUDZ IRUFHQWUDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH :%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQH$67$/7DQGWRWDOELOLUXELQ
3.VDPSOLQJIRUDOOVXEMHFWVSUHGRVH
569YLUHPLD

1DVDOVDPSOHVWRWDORQHIURPHDFKQRVWULO

,03DGPLQLVWUDWLRQ

5HYLHZRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV,&8
DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLHFKHVW
UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQG
QRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2XVH /PLQIRU!KRXUV
 6XEMHFWVZLOOUHFHLYHDVLQJOHGRVHRIPJIRXUPJWDEOHWVRI*6RUPDWFKLQJ
SODFHERDW'D\VDQG$OO,03ZLOOEHDGPLQLVWHUHGZLWKZDWHUDIWHUWKHVXEMHFWKDV
EHHQIDVWLQJIRUDPLQLPXPRIKRXUV ZLWKH[FHSWLRQRIFOHDUOLTXLGVDQGPHGLFDWLRQV7KH
HQWLUHGRVHPXVWEHWDNHQZLWKLQKRXU6XEMHFWVZLOOUHPDLQLQDIDVWLQJFRQGLWLRQIRU KRXU
SRVWGRVH7DEOHWVDUHQRWWREHFUXVKHGFKHZHGVSOLWRUGLVVROYHGDQGVKRXOGDOZD\VEH


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
GLVSHQVHGZLWKJORYHV6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRU
REVHUYDWLRQ,IYRPLWLQJRFFXUVZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHG
WDEOHWVDUHSUHVHQW LQWKHYRPLWXVWKHVXEMHFWVKRXOG UHFHLYHDQRWKHUGRVH,IDQRWKHUGRVHLV
DGPLQLVWHUHGWKHVXEMHFWVKRXOGUHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRU
REVHUYDWLRQ

9LVLW'D\KRXUV
9LVLWDVVHVVPHQWVPD\EHSHUIRUPHGLQ FOLQLFLQKRVSLWDO RUDWWKHVXEMHFW¶V KRPHE\WKHVWXG\
FRRUGLQDWRURUGHVLJQHH

1DVDOVDPSOHVWRWDORQHIURPHDFKQRVWULO

9LVLWV'D\VDQGKRXUV
9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGLQFOLQLFRULQKRVSLWDODQGVKRXOG EHSHUIRUPHGLQWKH
IROORZLQJRUGHUDQGGRFXPHQWHGDWWKHVHYLVLWVDOVRUHIHUWR$SSHQGL[ 6WXG\3URFHGXUHV
7DEOH

)/8352TXHVWLRQQDLUH 'D\RQO\

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUHREWDLQHG
  PLQXWHVSULRUWR,03DGPLQLVWUDWLRQ

2 VDWXUDWLRQRQURRPDLU

:HLJKW

%ORRGGUDZ IRUFHQWUDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH:%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7DQGWRWDO
ELOLUXELQ
3.VDPSOLQJ IRUDOOVXEMHFWVSUHGRVH'D\RQO\
569YLUHPLD

1DVDOVDPSOHVWRWDORQHIURPHDFKQRVWULO

,03DGPLQLVWUDWLRQ

3.VDPSOLQJIRUDOOVXEMHFWVKRXUVSRVWGRVH'D\RQO\

%ORRGGUDZIRUVHUXPFUHDWLQLQHDWKRXUVSRVWGRVHIRU3.VXEJURXSVXEMHFWV'D\RQO\


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

5HYLHZRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV,&8
DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLHFKHVW
UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQG
QRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH /PLQIRU!KRXUV
 6XEMHFWVZLOOUHFHLYHDVLQJOHGRVHRIPJIRXUPJWDEOHWVRI*6RUPDWFKLQJ
SODFHERDW'D\VDQG$OO,03ZLOOEHDGPLQLVWHUHGZLWKZDWHUDIWHUWKHVXEMHFWKDV
EHHQIDVWLQJIRUDPLQLPXPRIKRXUV ZLWKH[FHSWLRQRIFOHDUOLTXLGVDQGPHGLFDWLRQV7KH
HQWLUHGRVHPXVWEHWDNHQZLWKLQKRXU6XEMHFWVZLOOUHPDLQLQDIDVWLQJFRQGLWLRQIRU KRXU
SRVWGRVH7DEOHWVDUHQRWWREHFUXVKHGFKHZHGVSOLWRUGLVVROYHGDQGVKRXOGDOZD\VEH
GLVSHQVHGZLWKJORYHV6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIRUPLQXWHVSRVWGRVHIRU
REVHUYDWLRQ,IYRPLWLQJRFFXUVZLWKLQPLQXWHVDIWHU,03DGPLQLVWUDWLRQDQGXQGLVVROYHG
WDEOHWVDUHSUHVHQW LQWKHYRPLWXVWKHVXEMHFWVKRXOG UHFHLYHDQRWKHUGRVH,IDQRWKHUGRVHLV
DGPLQLVWHUHGWKHVXEMHFWVKRXOGUHPDLQLQWKHFOLQLFIRUDQDGGLWLRQDOPLQXWHVSRVWGRVHIRU
REVHUYDWLRQ

9LVLW'D\KRXUV
9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGLQFOLQLF RULQKRVSLWDO DQGZLOOEHSHUIRUPHGLQWKH
IROORZLQJRUGHUDQGGRFXPHQWHGDOVRUHIHUWR$SSHQGL[ 6WXG\3URFHGXUHV7DEOH

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

:HLJKW

%ORRGGUDZ IRUFHQWUDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH:%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7DQGWRWDO
ELOLUXELQ
3.VDPSOLQJ IRUDOOVXEMHFWV
569YLUHPLD

1DVDOVDPSOHVWRWDORQHIURPHDFKQRVWULO

5HYLHZRI$(V FRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV,&8
DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLHFKHVW
UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQG
QRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH  /PLQIRU! KRXUV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

9LVLW(QGRI6WXG\'D\ GD\V
9LVLWDVVHVVPHQWVPXVWEHSHUIRUPHGLQFOLQLF RULQKRVSLWDO7KHYLVLWZLOORFFXU QRHDUOLHU
WKDQ'D\DQGQRODWHUWKDQ'D\9LVLW DVVHVVPHQWVZLOOEHSHUIRUPHGLQWKHIROORZLQJ
RUGHUDQGGRFXPHQWHGDOVRUHIHUWR$SSHQGL[ 6WXG\3URFHGXUHV7DEOH

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2 VDWXUDWLRQRQURRPDLU

:HLJKW

%ORRGGUDZIRUFHQWUDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH:%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7DQGWRWDO
ELOLUXELQ
6HUXPDQWLERG\WLWHUWR569
569YLUHPLD

1DVDOVDPSOHVWRWDORQHIURPHDFKQRVWULO

5HYLHZRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV,&8
DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLHFKHVW
UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQG
QRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH /PLQIRU!KRXUV

$VVHVVPHQWVIRU3UHPDWXUH'LVFRQWLQXDWLRQIURP,03GRVLQJDQG(DUO\
:LWKGUDZDO
5HDVRQVIRUSUHPDWXUHGLVFRQWLQXDWLRQIURP,03GRVLQJRUWKHVWXG\DUHRXWOLQHGLQ6HFWLRQ 

$VVHVVPHQWVIRU3UHPDWXUH'LVFRQWLQXDWLRQIURP,03$GPLQLVWUDWLRQ
,IDVXEMHFWSUHPDWXUHO\GLVFRQWLQXHV,03GRVLQJWKHVXEMHFWZLOOUHPDLQRQVWXG\DQGZLOO
FRQWLQXHZLWKDOOVXEVHTXHQWVWXG\YLVLWVDQGDVVHVVPHQWVWKURXJK9LVLW'D\(QGRI6WXG\
9LVLWZLWKWKHH[FHSWLRQRI,03DGPLQLVWUDWLRQ

$VVHVVPHQWVIRU(DUO\7HUPLQDWLRQ:LWKGUDZDO
(YHU\DWWHPSWVKRXOGEHPDGHWRNHHSVXEMHFWV LQWKHVWXG\DQGWRSHUIRUPWKHUHTXLUHG
VWXG\UHODWHGDQGIROORZXSSURFHGXUHV VHH6HFWLRQV  WKURXJK ,IWKLVLVQRWSRVVLEOHRU
DFFHSWDEOHWRWKHVXEMHFWRULQYHVWLJDWRUWKHVXEMHFWPD\EHZLWKGUDZQIURPWKHVWXG\


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
,IDVXEMHFWZLWKGUDZVHDUO\IURPWKHVWXG\IRUDQ\UHDVRQHYHU\DWWHPSWVKRXOGEHPDGHWR
EULQJWKHVXEMHFWEDFNWRWKHFOLQLFRUKRVSLWDOIRUWKHIROORZLQJHDUO\WHUPLQDWLRQDVVHVVPHQWV

)/8352TXHVWLRQQDLUH RQO\LIWKHVXEMHFWZLWKGUDZVSULRUWR9LVLW>'D\@

9LWDO6LJQVERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGEORRGSUHVVXUH

2VDWXUDWLRQRQURRPDLU

:HLJKW

%ORRGVDPSOHFROOHFWLRQIRUFHQWUDOODERUDWRU\DQDO\VLV
6DIHW\/DEVKHPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGHWRLQFOXGH:%&ZLWK
GLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQHVHUXPDOEXPLQ$67$/7DQGWRWDO
ELOLUXELQ
6HUXPDQWLERG\WLWHUWR569
569YLUHPLD
3.VDPSOLQJRQO\LIWKHVXEMHFWZLWKGUDZDOVSULRUWR9LVLW>'D\@

1DVDOVDPSOHVWRWDORQHIURPHDFKQRVWULO

5HYLHZRI$(VFRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV,&8
DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLHFKHVW
UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQG
QRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2XVH /PLQIRU!KRXUV

$VVHVVPHQWVIRU8QVFKHGXOHG9LVLWV
6XEMHFWVZKRUHWXUQWRWKHFOLQLF RUKRVSLWDO EHWZHHQVFKHGXOHGVWXG\YLVLWVZLOOKDYHDQ
XQVFKHGXOHGYLVLWSHUIRUPHG7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGDQGGRFXPHQWHGDW
WKHVHYLVLWV

)/83524XHVWLRQQDLUHSULRUWRDOORWKHUVWXG\SURFHGXUHV LIXQVFKHGXOHGYLVLWRFFXUV
SULRUWR9LVLW>'D\@

9LWDOVLJQVLQFOXGLQJ2 VDWXUDWLRQRQURRPDLU

:HLJKW

&ROOHFWLRQRIQDVDOVDPSOHV  WRWDORQHIURPHDFKQRVWULO IRUDQDO\VLVDWWKHFHQWUDOODE

$VVHVVPHQWRI$(V FRQFRPLWDQWPHGLFDWLRQVKRVSLWDOL]DWLRQVUHKRVSLWDOL]DWLRQV,&8
DGPLVVLRQVRUXWLOL]DWLRQRI,&8FDUH!KRXUVVWDQGDUGRIFDUHWHVWUHVXOWVLHFKHVW
UDGLRJUDSKVPLFURELRORJ\HFKRFDUGLRJUDPVPHFKDQLFDOYHQWLODWLRQLQYDVLYHDQG
QRQLQYDVLYHRIDQ\GXUDWLRQDQGVXSSOHPHQWDO2 XVH  /PLQIRU! KRXUV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

6WXG\$VVHVVPHQWV

1DVDO6DPSOHV 9LURORJ\DQG$QWLERG\7LWHU
$W6FUHHQLQJ 9LVLWDOOVXEMHFWVVKRXOGEH569SRVLWLYHDVGHWHUPLQHGE\WKHORFDOODERUDWRU\
WHVWPHWKRGV HJ3&5')$953DVVD\ RUFXOWXUH GD\VSULRUWR'D\,IWKHVXEMHFWPHHWV
HOLJLELOLW\FULWHULD9LVLWDQGSURFHGXUHVLQFOXGLQJUDQGRPL]DWLRQDQG,03DGPLQLVWUDWLRQ
PD\RFFXURQWKHVDPHGD\ SURYLGHGWKHVXEMHFWFRQWLQXHVWRVDWLVI\DOOLQFOXVLRQH[FOXVLRQ
FULWHULD
1DVDOVDPSOHVZLOOEHREWDLQHGDWHDFKVWXG\YLVLWZLWKWKHH[FHSWLRQRI6FUHHQLQJ9LVLW IRU
DQDO\VLVDWWKHFHQWUDOODERUDWRU\'D\V   DQG7ZR VDPSOHVZLOOEH
FROOHFWHGDWHDFKWLPHSRLQWRQHIURPHDFKQDULV)RUDOOVWXG\UHODWHGQDVDOVDPSOHVRQHRIWKH
QDVDOVDPSOHVZLOOEHDQDO\]HGXVLQJ57T3&5WRGHWHUPLQH569YLUDOORDG7KHRWKHUQDVDO
VDPSOHZLOOEHXVHGIRU569 VHTXHQFLQJWRHYDOXDWHGHYHORSPHQWRI UHVLVWDQFHVHH
6HFWLRQ DQGDPXOWLSOH[DVVD\WRLGHQWLI\YLUDOFRLQIHFWLRQV $OOQDVDOVDPSOHVIRUFHQWUDO
ODERUDWRU\DQDO\VLVZLOOEHFROOHFWHGSODFHGLQLQGLYLGXDOWXEHVDQGVWRUHGVKLSSHGWRWKHFHQWUDO
ODERUDWRU\DVSHULQVWUXFWLRQVRXWOLQHGLQWKH/DERUDWRU\0DQXDO
%ORRGVDPSOHVZLOOEHFROOHFWHGIRU569YLUHPLDHYDOXDWLRQ57T3&5DW 9LVLWV   
DQG'D\V DQG SULRUWRGRVLQJDQG569DQWLERG\WLWHUVDW 9LVLWVDQG
'D\V DQG6DPSOHVZLOOEHSURFHVVHGVWRUHGDQGVKLSSHGWRWKHFHQWUDOODERUDWRU\DV
SHULQVWUXFWLRQVRXWOLQHGLQWKH/DERUDWRU\0DQXDO

9LURORJ\DQG5HVLVWDQFH0RQLWRULQJ
7RDVVHVVWKHSRWHQWLDOIRUHPHUJHQFHRIUHVLVWDQFHWR*6SRSXODWLRQVHTXHQFLQJRIWKH
569)JHQHZLOOEHFRQGXFWHGRQHYDOXDEOHQDVDOVZDEVDPSOHVFROOHFWHGIURP*6DQG
SODFHERWUHDWHG569 LQIHFWHGSDWLHQWVDFFRUGLQJWRWKH5HVLVWDQFH$QDO\VLV3ODQ$Q\PXWDWLRQ
LQWKH)JHQHLGHQWLILHGE\SRSXODWLRQVHTXHQFLQJLQ*6WUHDWHGVXEMHFWVUHODWLYHWRWKH
SUHWUHDWPHQWEDVHOLQHVHTXHQFHZLOOEHFKDUDFWHUL]HGSKHQRW\SLFDOO\IROORZLQJWKHLULQWURGXFWLRQ
LQWRZLOGW\SH569XVLQJDQHVWDEOLVKHGUHYHUVHJHQHWLFVV\VWHP7KHVXVFHSWLELOLW\RIWKH)
PXWDQWUHFRPELQDQWVWR*6ZLOOEHDVVHVVHGLQFHOOEDVHGDQWLYLUDOVXVFHSWLELOLW\DVVD\VWR
GHWHUPLQHZKHWKHUHDFKWUHDWPHQWHPHUJHQWPXWDWLRQ7(0 FRQIHUVUHGXFHGVXVFHSWLELOLW\WR
WKHFRPSRXQG

)/83524XHVWLRQQDLUH
7KH)/8352ZLOOEHDGPLQLVWHUHGDIWHUFRQVHQWDQGSULRUWRDOORWKHUVWXG\SURFHGXUHV7KH
)/8352LVFXUUHQWO\EHLQJYDOLGDWHGIRUHYDOXDWLRQRIV\PSWRPVLQSDWLHQWVZKRDUHLQIHFWHG
ZLWKLQIOXHQ]D'XHWRWKHODFNRIYDOLGDWHGWRROVIRUHYDOXDWLRQRI569V\PSWRPVDQG
VLJQLILFDQWRYHUODSEHWZHHQ569V\PSWRPVDQGLQIOXHQ]DV\PSWRPVWKLVWRROZLOOEHXVHGWR
DVVHVVFKDQJHLQ569V\PSWRPVLQWKLVVWXG\$FRS\RIWKH)/8352TXHVWLRQQDLUHPD\EH
IRXQGLQWKH6WXG\3URFHGXUHV0DQXDO7KLVTXHVWLRQQDLUHZLOOEHFRPSOHWHGDW9LVLWVDQG
 'D\V DQG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

9LWDO6LJQV
7KLVDVVHVVPHQWZLOO LQFOXGHERG\WHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWH DQGEORRGSUHVVXUH
7KHVXEMHFWLVUHTXLUHGWRVLWTXLHWO\ IRUDSSUR[LPDWHO\PLQXWHVSULRUWRREWDLQLQJ96$W
9LVLWV DQG 96ZLOOEHREWDLQHG WRPLQXWHVSULRUWRDGPLQLVWUDWLRQRI ,039LWDO
VLJQVZLOOEHFROOHFWHGDWDOOVWXG\YLVLWV

2[\JHQ6DWXUDWLRQ
2[\JHQ2 VDWXUDWLRQDVVHVVPHQWZLOOEHJLQE\ILUVWDVNLQJWKHSDWLHQWWRVLWTXLHWO\IRU
 PLQXWH2VDWXUDWLRQZLOOEHUHFRUGHGZKLOHEUHDWKLQJURRPDLUHYHQLIWKHVXEMHFWLV
GHSHQGHQWRQ2 VXSSOHPHQWDWLRQ,IWKHVXEMHFWLVUHFHLYLQJVXSSOHPHQWDO2WKH2 VRXUFHPXVW
EHUHPRYHGIRUDSHULRGRIVHFRQGVSULRUWRWKLVDVVHVVPHQW 7KLVVHFRQGSHULRGPD\EH
FRQGXFWHGZKLOHWKHSDWLHQWLVVLWWLQJTXLHWO\7KH2VDWXUDWLRQZLOO EHGRFXPHQWHGLQWKHVRXUFH
GRFXPHQWDWLRQ DWUHJXODULQWHUYDOVDSSUR[LPDWHO\HYHU\VHFRQGVGXULQJD PLQXWHWHVWLQJ
SHULRG2 VDWXUDWLRQHYDOXDWLRQZLOOEHFRQVLGHUHGFRPSOHWHZKHQWKHPLQXWHSHULRGKDV
HODSVHGRUZKHQWKHVXEMHFWDFKLHYHVDVDWXUDWLRQRIZKLFKHYHULVDFKLHYHGILUVW7KH
ORZHVW2VDWXUDWLRQ UHFRUGHGRYHUWKHPLQXWHLQWHUYDO ZLOO EHFDSWXUHGLQWKHH&5)
2 VDWXUDWLRQZLOOEHFROOHFWHGDWDOOVWXG\YLVLWV
6XEMHFWVUHTXLULQJLQYDVLYHPHFKDQLFDOYHQWLODWLRQZLOOQRWKDYH2 VDWXUDWLRQPHDVXUHGZKLOH
YHQWLODWHG,ILWLVGHWHUPLQHGE\WKHLQYHVWLJDWRUWKDWLWLVXQVDIHWRUHPRYHWKHVXEMHFW¶V
VXSSOHPHQWDO2IRUDVVHVVPHQWRI2VDWXUDWLRQWKHQLW VKRXOGEHUHFRUGHGLQWKHVRXUFH
GRFXPHQWDWLRQDV³´DQGWKHUHDVRQVKRXOGEHGRFXPHQWHG

6DIHW\/DEV
:KHQDYDLODEOHWKHPRVWUHFHQWODERUDWRU\YDOXHVREWDLQHGZLWKLQGD\VSULRUWR6FUHHQLQJ
>9LVLW@PD\ EHXVHGIRUHOLJLELOLW\DVVHVVPHQWZLWKWKHH[FHSWLRQRI569UHVXOWVDQG
SUHJQDQF\WHVWLQJ,IDQH[LVWLQJODERUDWRU\YDOXHLVQRWDYDLODEOHIRUHOLJLELOLW\DVVHVVPHQWWKH
WHVWZLOOEHSHUIRUPHGXVLQJWKHORFDOKRVSLWDOODERUDWRU\$OOWHVWLQJRIVDPSOHVREWDLQHGDIWHU
WKH6FUHHQLQJDVVHVVPHQWV ZLOOEHSHUIRUPHGDWDFHQWUDOODERUDWRU\VHOHFWHGE\*6,
7HVWLQJRIEORRGVSHFLPHQVZLOOLQFOXGH:%&ZLWKGLIIHUHQWLDO+JESODWHOHWV %81
FUHDWLQLQH VHUXPDOEXPLQ$67$/7DQGWRWDOELOLUXELQDW9LVLWV SUHGRVHDQG
 'D\V  SUHGRVH  DQG
%ORRGVSHFLPHQVIRUVHUXPFUHDWLQLQHZLOOEHFROOHFWHGKRXUVSRVWGRVHDW9LVLWVDQG
 'D\V DQGIURPVXEMHFWVSDUWLFLSDWLQJLQWKH3.VXEJURXSRQO\
8ULQHSUHJQDQF\WHVWVZLOORFFXUIRUDOOIHPDOHVRIFKLOGEHDULQJSRWHQWLDODW6FUHHQLQJ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

&KHVW;UD\
*LYHQWKHSRWHQWLDOIRUDSRRURXWFRPHRQFHSURJUHVVLRQWRORZHUUHVSLUDWRU\WUDFWGLVHDVHRFFXUV
LQWKLVSRSXODWLRQD FKHVW;UD\LVJHQHUDOO\SHUIRUPHGDVSDUWRIVWDQGDUGFOLQLFDOHYDOXDWLRQRI
QHZD857,)RUWKLVVWXG\HYDOXDWLRQRIDFKHVW;UD\LVUHTXLUHGDW6FUHHQLQJ$FKHVW;UD\
REWDLQHGXSWRGD\VSULRUWR 6FUHHQLQJPD\EHXVHG2WKHUZLVHDFKHVW;UD\ZLOOQHHGWREH
REWDLQHGDW6FUHHQLQJ
'XULQJWKHFRXUVHRIWKHVWXG\LWLVDQWLFLSDWHG WKDW,QYHVWLJDWRUVZLOOSHUIRUPFKHVW;UD\VDV
SDUWRIVWDQGDUGRIFDUHLIWKHUHLVDQ\FRQFHUQRIDORZHUUHVSLUDWRU\WUDFWFRPSOLFDWLRQ5HVXOWV
IURPFKHVW;UD\V DQG&7VFDQV XVHGIRUVFUHHQLQJDQGHOLJLELOLW\LQFOXGLQJWKHFRPSDULVRQ
FKHVWUDGLRJUDSKDQG DOOVFDQV GRQHDVSDUWRIVWDQGDUGRIFDUHZKLOHVXEMHFWVDUHRQVWXG\ZLOO
EHFROOHFWHGDQGVWRUHGHOHFWURQLFDOO\IRUUHYLHZE\WKH$GMXGLFDWLRQ&RPPLWWHH DQGDSRVVLEOH
FHQWUDOUHDG

3ODVPD3.
3.EORRGVDPSOLQJZLOOEHSHUIRUPHGXVLQJWKHVLWH¶VORFDOSURFHGXUHV DQGDQDO\]HGDWDFHQWUDO
ODERUDWRU\3.EORRGVDPSOHV ZLOOEHSURFHVVHGSODFHGLQLQGLYLGXDOWXEHVDQGVWRUHGVKLSSHG
WRWKHFHQWUDOODERUDWRU\DVSHULQVWUXFWLRQVRXWOLQHGLQWKH/DERUDWRU\0DQXDO
([WHQVLYH3.VDPSOLQJZLOORFFXURQDVXEVHWRIVXEMHFWVXSWRVXEMHFWV WRDGHTXDWHO\
FKDUDFWHUL]H*63.LQWKLVSDWLHQWSRSXODWLRQ6XEMHFWVZLOOKDYHWKHRSWLRQWRHOHFWWR
SDUWLFLSDWHLQ H[WHQVLYH3.VDPSOLQJ DWWKHWLPHRILQIRUPHGFRQVHQW3.VDPSOHVZLOOEH
REWDLQHGDWWKHIROORZLQJWLPHSRLQWVGHSHQGLQJRQZKHWKHUWKHVXEMHFWLVSDUWRIWKH3.VXEVHW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
7DEOH 
3.7LPHSRLQWV
9LVLW 'D\

KUSRVW
GRVH
9LVLW 'D\

KUVSRVW
GRVH
9LVLW 'D\

KUVSRVW
GRVH
9LVLW 'D\

KUVSRVW
GRVH
9LVLW'D\

DQ\WLPH
9LVLW 'D\

SUHGRVH
9LVLW 'D\

SUHGRVH
9LVLW 'D\

KUVSRVW
GRVH
9LVLW 'D\

DQ\WLPH
3.VDPSOHV
;
;
;
;
3.VXEJURXS
VDPSOHV
;
;
;
;
;
;
;
;
;


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

$'9(56((9(176$1'72;,&,7<0$1$*(0(17

'HILQLWLRQV RI$GYHUVH(YHQWV$GYHUVH5HDFWLRQV DQG6HULRXV$GYHUVH
(YHQWV

$GYHUVH(YHQWV
$QDGYHUVHHYHQW$(LVDQ\XQWRZDUGPHGLFDORFFXUUHQFHLQDFOLQLFDOVWXG\VXEMHFW
DGPLQLVWHUHGDPHGLFLQDOSURGXFW ZKLFKGRHVQRWQHFHVVDULO\KDYHDFDXVDOUHODWLRQVKLSZLWKWKH
WUHDWPHQW$Q$(FDQWKHUHIRUHEHDQ\XQIDYRUDEOHDQGRU XQLQWHQGHGVLJQV\PSWRPRUGLVHDVH
WHPSRUDOO\DVVRFLDWHGZLWKWKHXVHRIDPHGLFLQDOSURGXFWZKHWKHURUQRWFRQVLGHUHGUHODWHGWR
WKHPHGLFLQDOSURGXFW $(VPD\DOVRLQFOXGHSUH RUSRVWWUHDWPHQW FRPSOLFDWLRQVWKDWRFFXUDVD
UHVXOWRISURWRFROVSHFLILHG SURFHGXUHVODFNRIHIILFDF\RYHUGRVH GUXJDEXVHPLVXVHUHSRUWVRU
RFFXSDWLRQDOH[SRVXUH 3UHH[LVWLQJHYHQWVWKDWLQFUHDVHLQVHYHULW\RUFKDQJHLQQDWXUHGXULQJRU
DVDFRQVHTXHQFHRISDUWLFLSDWLRQLQWKHFOLQLFDOVWXG\ZLOODOVREHFRQVLGHUHG$(V
$Q$(GRHVQRWLQFOXGHWKHIROORZLQJ

0HGLFDORUVXUJLFDOSURFHGXUHVVXFKDV VXUJHU\HQGRVFRS\WRRWKH[WUDFWLRQ DQG WUDQVIXVLRQ
7KHFRQGLWLRQWKDWOHGWRWKHSURFHGXUHPD\EHDQDGYHUVHHYHQW DQGPXVWEHUHSRUWHG

3UHH[LVWLQJGLVHDVHV FRQGLWLRQV RUODERUDWRU\DEQRUPDOLWLHVSUHVHQWRUGHWHFWHGEHIRUH WKH
6FUHHQLQJYLVLWWKDWGRQRWZRUVHQ

6LWXDWLRQVZKHUHDQXQWRZDUGPHGLFDORFFXUUHQFHKDVQRWRFFXUUHGHJKRVSLWDOL]DWLRQIRU
HOHFWLYHVXUJHU\VRFLDODQGRUFRQYHQLHQFHDGPLVVLRQV

2YHUGRVHZLWKRXW FOLQLFDOVHTXHODH

$Q\PHGLFDOFRQGLWLRQRUFOLQLFDOO\VLJQLILFDQWODERUDWRU\DEQRUPDOLW\ZLWKDQRQVHWGDWH
EHIRUHWKHFRQVHQWIRUPLVVLJQHGDQGQRWUHODWHGWRDSURWRFRODVVRFLDWHGSURFHGXUHLVQRWDQ
$(,WLVFRQVLGHUHGWREHSUHH[LVWLQJDQGVKRXOG EHGRFXPHQWHGRQWKHPHGLFDOKLVWRU\
&5)

6HULRXV$GYHUVH(YHQWV
$VHULRXVDGYHUVHHYHQW 6$(LVGHILQHGDVDQ HYHQWWKDWDWDQ\GRVHUHVXOWVLQWKHIROORZLQJ

'HDWK

/LIHWKUHDWHQLQJ 1RWH7KHWHUP³OLIHWKUHDWHQLQJ´LQWKHGHILQLWLRQRI³VHULRXV´UHIHUVWRDQ
HYHQWLQZKLFKWKHVXEMHFWZDVDWULVNRIGHDWKDWWKHWLPHRIWKHHYHQWLWGRHVQRWUHIHUWRDQ
HYHQWWKDWK\SRWKHWLFDOO\PLJKWKDYHFDXVHGGHDWKLILWZHUHPRUHVHYHUH

,QSDWLHQWKRVSLWDOL]DWLRQRUSURORQJDWLRQRIH[LVWLQJKRVSLWDOL]DWLRQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

3HUVLVWHQWRUVLJQLILFDQWGLVDELOLW\LQFDSDFLW\

$FRQJHQLWDODQRPDO\ELUWKGHIHFW

$PHGLFDOO\LPSRUWDQW HYHQW RUUHDFWLRQVXFKHYHQWVPD\QRWEHLPPHGLDWHO\
OLIHWKUHDWHQLQJRUUHVXOWLQGHDWKRUKRVSLWDOL]DWLRQEXWPD\MHRSDUGL]HWKHVXEMHFW RUPD\
UHTXLUHLQWHUYHQWLRQWRSUHYHQWRQHRIWKHRWKHURXWFRPHVFRQVWLWXWLQJ6$(V0HGLFDODQG
VFLHQWLILFMXGJPHQWPXVW EHH[HUFLVHGWRGHWHUPLQH ZKHWKHUVXFKDQHYHQWLVD UHSRUWDEOH
XQGHUH[SHGLWHGUHSRUWLQJUXOHV([DPSOHVRIPHGLFDOO\LPSRUWDQWHYHQWVLQFOXGHLQWHQVLYH
WUHDWPHQWLQDQHPHUJHQF\URRPRUDWKRPHIRUDOOHUJLFEURQFKRVSDVPEORRGG\VFUDVLDVRU
FRQYXOVLRQVWKDWGRQRWUHVXOWLQKRVSLWDOL]DWLRQDQG GHYHORSPHQWRIGUXJGHSHQGHQF\RU
GUXJDEXVH)RUWKHDYRLGDQFHRIGRXEWLQIHFWLRQVUHVXOWLQJIURPFRQWDPLQDWHGPHGLFLQDO
SURGXFWZLOOEHFRQVLGHUHGDPHGLFDOO\LPSRUWDQWHYHQWDQGVXEMHFWWRH[SHGLWHGUHSRUWLQJ
UHTXLUHPHQWV

3URWRFRO6SHFLILF6HULRXV$GYHUVH(YHQW,QVWUXFWLRQV
3URWRFROVSHFLILF6$(UHSRUWLQJH[HPSWLRQV,QWKLVVWXG\GHDWKUHODWHGWRFOLQLFDOSURJUHVVLRQ
RIXQGHUO\LQJGLVHDVHUHTXLULQJ+&7RUJUDIWIDLOXUHZLOOQRWQHHGWREHUHSRUWHGDVDQ6$(
'HDWKUHODWHGWRFOLQLFDOSURJUHVVLRQ RIXQGHUO\LQJGLVHDVHUHTXLULQJ+&7RUJUDIWIDLOXUHVKRXOG
RQO\EHUHSRUWHGDV6$(VRQWKHH&5)XQOHVVWKHUHLVHYLGHQFHVXJJHVWLQJDFDXVDOUHODWLRQVKLS
EHWZHHQWKH,03 RUVWXG\SURFHGXUHDQGWKHHYHQW,QWKDWFDVHWKHLQYHVWLJDWRUPXVW
LPPHGLDWHO\UHSRUWWKHHYHQWDVDQ6$(LQDFFRUGDQFHZLWKWKHSURFHGXUHLQ6HFWLRQ  EHORZ
6XFKFOLQLFDOSURJUHVVLRQRUJUDIWIDLOXUH ZKLFKDUHDVVHVVHGDVQRWUHODWHGWR,03SURFHGXUH
ZLOOEHH[HPSWIURPJOREDOH[SHGLWHGUHSRUWLQJUHTXLUHPHQWVIRUWKHGXUDWLRQRIWKHVWXG\7KH
HYHQWVZLOOEHFROOHFWHGDQGHYDOXDWHGE\*LOHDGDQGUHSRUWHGDVDSSURSULDWHLQDQ\UHOHYDQW
DJJUHJDWHVDIHW\UHSRUWDVZHOODVWKHILQDOFOLQLFDOVWXG\UHSRUW
7RPLQLPL]HWKHSRVVLELOLW\RIH[SRVLQJVWXG\VXEMHFWVWRXQXVXDOULVNWKHVDIHW\LQIRUPDWLRQ
IURPWKHVWXG\ZLOODOVREHUHYLHZHGE\DQLQGHSHQGHQW'0&RQDQRQJRLQJEDVLV7KH'0&
PD\KDYHDFFHVVWRSDUWLDOO\EOLQGHGRUXQEOLQGHGGDWDDQGZLOOGHWHUPLQHLILWLVVDIHWRFRQWLQXH
WKHVWXG\DFFRUGLQJWRWKHSURWRFRO

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU $EQRUPDO$VVHVVPHQWVDV
$GYHUVH(YHQWVRU6HULRXV$GYHUVH(YHQWV
/DERUDWRU\DEQRUPDOLWLHVZLWKRXWFOLQLFDOVLJQLILFDQFHDUHQRWUHFRUGHGDV$(VRU6$(V
+RZHYHUODERUDWRU\DEQRUPDOLWLHVHJFOLQLFDOFKHPLVWU\KHPDWRORJ\DQGXULQDO\VLVWKDW
UHTXLUHPHGLFDORUVXUJLFDOLQWHUYHQWLRQRUOHDGWR,03LQWHUUXSWLRQPRGLILFDWLRQRU
GLVFRQWLQXDWLRQPXVWEHUHFRUGHGDVDQ$(DVZHOODVDQ6$(LIDSSOLFDEOH,QDGGLWLRQ
ODERUDWRU\RURWKHUDEQRUPDODVVHVVPHQWVHJHOHFWURFDUGLRJUDP[UD\VYLWDOVLJQVWKDWDUH
DVVRFLDWHGZLWKVLJQVDQGRUV\PSWRPVPXVWEHUHFRUGHGDVDQ$(RU6$(LIWKH\PHHWWKH
GHILQLWLRQRIDQ$(RU6$(DVGHVFULEHGLQ6HFWLRQV  DQG,IWKHODERUDWRU\
DEQRUPDOLW\LVSDUWRIDV\QGURPHUHFRUGWKHV\QGURPHRUGLDJQRVLVHJDQHPLDQRWWKH
ODERUDWRU\UHVXOWLHGHFUHDVHGKHPRJORELQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
)RUVSHFLILFLQIRUPDWLRQRQKDQGOLQJRIFOLQLFDOODERUDWRU\DEQRUPDOLWLHVLQWKLVVWXG\SOHDVH
UHIHUWR6HFWLRQ 

$VVHVVPHQWRI$GYHUVH(YHQWV DQG6HULRXV$GYHUVH(YHQWV
7KHLQYHVWLJDWRURUDGHVLJQDWHGTXDOLILHGVXELQYHVWLJDWRU LVUHVSRQVLEOHIRUDVVHVVLQJ$(VDQG
6$(VIRUFDXVDOLW\DQGVHYHULW\DQGIRUILQDOUHYLHZDQGFRQILUPDWLRQRIDFFXUDF\RIHYHQW
LQIRUPDWLRQDQGDVVHVVPHQWV

$VVHVVPHQWRI&DXVDOLW\IRU,03 DQG3URFHGXUHV
7KHLQYHVWLJDWRURUDGHVLJQDWHGTXDOLILHGVXELQYHVWLJDWRULVUHVSRQVLEOHIRUDVVHVVLQJWKH
UHODWLRQVKLSWR,03 WKHUDS\XVLQJFOLQLFDOMXGJPHQWDQGWKHIROORZLQJFRQVLGHUDWLRQV

1R(YLGHQFHH[LVWVWKDWWKHDGYHUVHHYHQWKDVDQHWLRORJ\RWKHUWKDQWKH,03)RU6$(VDQ
DOWHUQDWLYHFDXVDOLW\PXVWEHSURYLGHGHJSUHH[LVWLQJFRQGLWLRQXQGHUO\LQJGLVHDVH
LQWHUFXUUHQWLOOQHVVRUFRQFRPLWDQWPHGLFDWLRQ

<HV7KHUHLVUHDVRQDEOHSRVVLELOLW\WKDWWKHHYHQWPD\KDYHEHHQFDXVHGE\WKH
LQYHVWLJDWLRQDOPHGLFLQDOSURGXFW
,WVKRXOGEHHPSKDVL]HGWKDWLQHIIHFWLYHWUHDWPHQWVKRXOGQRWEHFRQVLGHUHGDVFDXVDOO\UHODWHGLQ
WKHFRQWH[WRIDGYHUVHHYHQWUHSRUWLQJ
7KHUHODWLRQVKLSWRVWXG\SURFHGXUHVHJLQYDVLYHSURFHGXUHVVXFKDVYHQLSXQFWXUHRUELRSV\
VKRXOGEHDVVHVVHGXVLQJWKHIROORZLQJFRQVLGHUDWLRQV

1R(YLGHQFHH[LVWVWKDWWKHDGYHUVHHYHQWKDVDQHWLRORJ\RWKHUWKDQWKHVWXG\SURFHGXUH

<HV 7KHDGYHUVHHYHQWRFFXUUHGDVDUHVXOWRISURWRFROSURFHGXUHV HJ YHQLSXQFWXUH

$VVHVVPHQWRI6HYHULW\
6HYHULW\VKRXOGEHUHFRUGHGDQGJUDGHGDFFRUGLQJWRWKH*6, *UDGLQJ6FDOHIRU6HYHULW\RI
$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV )RU$(VRU6$(VDVVRFLDWHGZLWKODERUDWRU\
DEQRUPDOLWLHVWKHHYHQWVKRXOGEHJUDGHGRQWKHEDVLVRIWKHFOLQLFDOVHYHULW\LQWKHFRQWH[WRI
WKHXQGHUO\LQJFRQGLWLRQVWKLVPD\RUPD\QRWEHLQDJUHHPHQWZLWKWKHJUDGLQJRIWKH
ODERUDWRU\DEQRUPDOLW\

,QYHVWLJDWRU5HTXLUHPHQWVDQG,QVWUXFWLRQVIRU5HSRUWLQJ$GYHUVH(YHQWV
DQG6HULRXV$GYHUVH(YHQWVWR*LOHDG
5HTXLUHPHQWVIRUFROOHFWLRQSULRUWR,03 LQLWLDWLRQ
$IWHULQIRUPHGFRQVHQW EXWSULRUWRLQLWLDWLRQRIVWXG\PHGLFDWLRQWKHIROORZLQJW\SHVRIHYHQWV
VKRXOGEHUHSRUWHGRQWKHFDVHUHSRUWIRUPH&5)DOO6$(VDQGDGYHUVHHYHQWVUHODWHGWR
SURWRFROPDQGDWHGSURFHGXUHV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
$GYHUVH(YHQWV
)ROORZLQJLQLWLDWLRQRIVWXG\PHGLFDWLRQDOO$(VUHJDUGOHVVRIFDXVHRUUHODWLRQVKLSWKURXJKWKH
'D\(QGRI6WXG\YLVLW PXVWEHUHSRUWHGWRWKH&5)H&5)GDWDEDVHDVLQVWUXFWHG $OO$(V
VKRXOGEHIROORZHGXSXQWLOUHVROXWLRQRUXQWLOWKHDGYHUVHHYHQWLVVWDEOHLISRVVLEOH*LOHDG
6FLHQFHVPD\ UHTXHVWWKDWFHUWDLQ$(VEHIROORZHGEH\RQGWKHSURWRFROGHILQHG IROORZXSSHULRG
DVGHWHUPLQHGE\WKH0HGLFDO0RQLWRU
6HULRXV$GYHUVH(YHQWV
$OO6$(VUHJDUGOHVVRIFDXVHRUUHODWLRQVKLSWKDWRFFXUV DIWHUWKHVXEMHFWILUVWFRQVHQWVWR
SDUWLFLSDWHLQWKHVWXG\LHVLJQLQJWKHLQIRUPHGFRQVHQWDQGWKURXJKRXWWKHGXUDWLRQRIWKH
VWXG\LQFOXGLQJWKHSURWRFROUHTXLUHGSRVWWUHDWPHQW IROORZXSSHULRGPXVWEHUHSRUWHGWRWKH
H&5)GDWDEDVHDQG*LOHDG'UXJ6DIHW\DQG3XEOLF+HDOWK'63+DVLQVWUXFWHG7KLVDOVR
LQFOXGHVDQ\6$(VUHVXOWLQJIURPSURWRFRODVVRFLDWHGSURFHGXUHVSHUIRUPHGDIWHULQIRUPHG
FRQVHQWLVVLJQHG
$Q\6$(VDQGGHDWKVWKDWRFFXUDIWHUWKHSRVWWUHDWPHQW IROORZXSYLVLWEXWZLWKLQ GD\VRU
 ZHHNVRIWKHODVWGRVHRIVWXG\,03UHJDUGOHVVRIFDXVDOLW\VKRXOGDOVREHUHSRUWHG
,QYHVWLJDWRUVDUHQRWREOLJDWHGWRDFWLYHO\VHHN6$(VDIWHUWKHSURWRFROGHILQHGIROORZXSSHULRG
WKH'D\(QGRI6WXG\YLVLWKRZHYHU LIWKHLQYHVWLJDWRUOHDUQVRIDQ\6$(VWKDWRFFXUDIWHU
VWXG\SDUWLFLSDWLRQKDVFRQFOXGHGDQGWKHHYHQWLVGHHPHGUHOHYDQWWRWKHXVHRI,03KHVKH
VKRXOGSURPSWO\GRFXPHQWDQGUHSRUWWKHHYHQWWR*LOHDG'63+
$OO$(VDQG6$(VZLOOEHUHFRUGHGLQWKHH&5)GDWDEDVHZLWKLQWKHWLPHOLQHVRXWOLQHGLQWKH
H&5)FRPSOHWLRQJXLGHOLQH
(OHFWURQLF6HULRXV$GYHUVH(YHQWH6$(5HSRUWLQJ3URFHVV

6LWHSHUVRQQHOUHFRUGDOO6$(GDWDLQWKHH&5)GDWDEDVHDQGIURPWKHUHWUDQVPLWWKH6$(
LQIRUPDWLRQWR*LOHDG'63+ ZLWKLQKRXUVRIWKHLQYHVWLJDWRU¶VNQRZOHGJHRIWKHHYHQW
'HWDLOHGLQVWUXFWLRQVFDQEHIRXQGLQWKHH&5)FRPSOHWLRQJXLGHOLQHV

,IIRUDQ\UHDVRQLWLVQRWSRVVLEOHWRUHFRUGWKH6$(LQIRUPDWLRQHOHFWURQLFDOO\LHWKHH&5)
GDWDEDVHLVQRWIXQFWLRQLQJUHFRUGWKH6$(RQWKHSDSHUVHULRXVDGYHUVHHYHQWUHSRUWLQJ
IRUPDQGVXEPLWZLWKLQKRXUVWR

$VVRRQDVLWLVSRVVLEOHWRGRVRDQ\6$(UHSRUWHGYLDSDSHUPXVWEHWUDQVFULEHGLQWRWKH
H&5)'DWDEDVHDFFRUGLQJWRLQVWUXFWLRQVLQWKHH&5)FRPSOHWLRQJXLGHOLQHV

,IDQ6$(KDVEHHQUHSRUWHGYLDDSDSHUIRUPEHFDXVHWKHH&5)GDWDEDVHKDVEHHQORFNHGQR
IXUWKHUDFWLRQLVQHFHVVDU\
*LOHDG'63+
)D[

(PDLO
6DIHW\BIF#JLOHDGFRP


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

)RUIDWDORUOLIHWKUHDWHQLQJHYHQWVFRSLHVRIKRVSLWDOFDVHUHSRUWVDXWRSV\UHSRUWVDQGRWKHU
GRFXPHQWVDUHDOVR WREHVXEPLWWHGE\ HPDLORUID[ZKHQUHTXHVWHGDQGDSSOLFDEOH
7UDQVPLVVLRQRIVXFKGRFXPHQWVVKRXOGRFFXUZLWKRXWSHUVRQDOVXEMHFWLGHQWLILFDWLRQ
PDLQWDLQLQJ WKHWUDFHDELOLW\RIDGRFXPHQWWRWKHVXEMHFWLGHQWLILHUV

$GGLWLRQDOLQIRUPDWLRQPD\EHUHTXHVWHGWRHQVXUHWKHWLPHO\FRPSOHWLRQRIDFFXUDWHVDIHW\
UHSRUWV

$Q\PHGLFDWLRQVQHFHVVDU\IRUWUHDWPHQWRIWKH6$(PXVWEHUHFRUGHGRQWRWKHFRQFRPLWDQW
PHGLFDWLRQVHFWLRQRIWKHVXEMHFW¶VH&5)DQGWKHHYHQWGHVFULSWLRQVHFWLRQRIWKH6$(IRUP

6LWHSHUVRQQHOVKRXOGUHFRUGDOO6$(GDWDLQWKHH&5)GDWDEDVHIRUWKRVHSURWRFROVSHFLILF
6$(VZKLFKDUHH[HPSWHGIURPH[SHGLWHGUHSRUWLQJUHTXLUHPHQWV6HFWLRQ 7KH\
VKRXOGDOVRWUDQVPLWWKH6$(LQIRUPDWLRQWR*LOHDG'63+LIWKH6$(VDUHDVVHVVHGE\WKH
LQYHVWLJDWRUDVUHODWHGWRWKH,03 RUVWXG\SURFHGXUH

*LOHDG5HSRUWLQJ5HTXLUHPHQWV
'HSHQGLQJRQUHOHYDQWORFDOOHJLVODWLRQRUUHJXODWLRQV LQFOXGLQJWKHDSSOLFDEOH86)'$&RGHRI
)HGHUDO5HJXODWLRQVWKH(8 &OLQLFDO7ULDOV'LUHFWLYH(&DQGUHOHYDQWXSGDWHVDQG
RWKHUFRXQWU\VSHFLILFOHJLVODWLRQRUUHJXODWLRQV*LOHDGPD\EH UHTXLUHGWRH[SHGLWHWR
ZRUOGZLGHUHJXODWRU\DJHQFLHV UHSRUWVRI6$(VVHULRXVDGYHUVHGUXJUHDFWLRQV6$'5V RU
VXVSHFWHGXQH[SHFWHGVHULRXVDGYHUVHUHDFWLRQV686$5V ,QDFFRUGDQFHZLWKWKH(8&OLQLFDO
7ULDOV'LUHFWLYH(&*LOHDGRUDVSHFLILHGGHVLJQHHZLOOQRWLI\ZRUOGZLGHUHJXODWRU\
DJHQFLHV DQGWKHUHOHYDQW ,QGHSHQGHQW(WKLFV&RPPLWWHH,(& LQFRQFHUQHG0HPEHU6WDWHVRI
DSSOLFDEOH686$5V DVRXWOLQHGLQFXUUHQWUHJXODWLRQV
$VVHVVPHQWRIH[SHFWHGQHVVIRU 6$(VZLOOEHGHWHUPLQHGE\*LOHDGXVLQJUHIHUHQFHVDIHW\
LQIRUPDWLRQVSHFLILHGLQWKHFXUUHQW*6,% RUUHOHYDQWORFDOODEHODVDSSOLFDEOH
$OOLQYHVWLJDWRUVZLOOUHFHLYHDVDIHW\OHWWHUQRWLI\LQJWKHPRIUHOHYDQW686$5UHSRUWV DVVRFLDWHG
ZLWKDQ\VWXG\,037KHLQYHVWLJDWRUVKRXOGQRWLI\WKH,5%RU,(&RI686$5UHSRUWVDVVRRQDV
LVSUDFWLFDOZKHUHWKLVLVUHTXLUHGE\ORFDOUHJXODWRU\DJHQFLHVDQGLQDFFRUGDQFHZLWKWKHORFDO
LQVWLWXWLRQDOSROLF\

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV
$GYHUVH (YHQWVRU6HULRXV$GYHUVH(YHQWV
/DERUDWRU\DEQRUPDOLWLHVDUHXVXDOO\QRWUHFRUGHGDV$(VRU6$(V+RZHYHUODERUDWRU\
DEQRUPDOLWLHVHJFOLQLFDOFKHPLVWU\KHPDWRORJ\LQGHSHQGHQWRIWKHXQGHUO\LQJPHGLFDO
FRQGLWLRQWKDWUHTXLUHPHGLFDORUVXUJLFDOLQWHUYHQWLRQRUOHDGWR,03LQWHUUXSWLRQRU
GLVFRQWLQXDWLRQPXVWEHUHFRUGHGDVDQ$(DVZHOODVDQ6$(LIDSSOLFDEOH,QDGGLWLRQ
ODERUDWRU\RURWKHUDEQRUPDODVVHVVPHQWVHJYLWDOVLJQVWKDWDUHDVVRFLDWHGZLWKVLJQVDQGRU
V\PSWRPVPXVWEHUHFRUGHGDVDQ$(RU6$(LIWKH\PHHWWKHGHILQLWLRQRIDQ$(RU6$(
UHVSHFWLYHO\DVGHVFULEHGLQ6HFWLRQ ,IWKHODERUDWRU\DEQRUPDOLW\LVSDUWRIDV\QGURPH
UHFRUGWKHV\QGURPHRUGLDJQRVLVLHDQHPLDQRWWKHODERUDWRU\UHVXOWLHGHFUHDVHG
KHPRJORELQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
6HYHULW\VKRXOGEHUHFRUGHGDQGJUDGHGDFFRUGLQJWRWKH*6,*UDGLQJ6FDOHIRU6HYHULW\RI
$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV$SSHQGL[ )RU$(VRU6$(VDVVRFLDWHGZLWK
ODERUDWRU\DEQRUPDOLWLHVWKHHYHQWVKRXOGEHJUDGHGRQWKHEDVLVRIWKHFOLQLFDOVHYHULW\LQWKH
FRQWH[WRIWKHXQGHUO\LQJFRQGLWLRQVWKLVPD\RUPD\QRWEHLQDJUHHPHQWZLWKWKHJUDGLQJRI
WKHODERUDWRU\DEQRUPDOLW\

7R[LFLW\0DQDJHPHQW
$OOFOLQLFDODQGFOLQLFDOO\VLJQLILFDQWODERUDWRU\WR[LFLWLHVZLOOEHPDQDJHGDFFRUGLQJWRXQLIRUP
JXLGHOLQHVGHWDLOHGLQ$SSHQGL[ 
$Q\TXHVWLRQVUHJDUGLQJWR[LFLW\PDQDJHPHQWVKRXOGEHGLUHFWHGWRWKH*LOHDG6FLHQFHV0HGLFDO
0RQLWRU

6SHFLDO6LWXDWLRQV5HSRUWV

'HILQLWLRQVRI6SHFLDO6LWXDWLRQV
6SHFLDOVLWXDWLRQUHSRUWVLQFOXGHDOOUHSRUWVRIPHGLFDWLRQHUURUDEXVHPLVXVHRYHUGRVHUHSRUWV
RIDGYHUVHHYHQWVDVVRFLDWHGZLWKSURGXFWFRPSODLQWV DQGSUHJQDQF\UHSRUWVUHJDUGOHVVRIDQ
DVVRFLDWHG$(
0HGLFDWLRQHUURULVDQ\XQLQWHQWLRQDOHUURULQWKHSUHVFULELQJGLVSHQVLQJ RUDGPLQLVWUDWLRQRID
PHGLFLQDOSURGXFWZKLOHLQWKHFRQWURORIWKHKHDOWKFDUHSURYLGHUVXEMHFW RUFRQVXPHU
$EXVHLVGHILQHGDVSHUVLVWHQWRUVSRUDGLFLQWHQWLRQDOH[FHVVLYHXVHRIDPHGLFLQDOSURGXFWE\D
VXEMHFW
0LVXVHLVGHILQHGDVDQ\LQWHQWLRQDODQG LQDSSURSULDWHXVH RIDPHGLFLQDOSURGXFWWKDWLVQRWLQ
DFFRUGDQFHZLWKWKHSURWRFROLQVWUXFWLRQVRUWKHORFDOSUHVFULELQJLQIRUPDWLRQ
$QRYHUGRVH LVGHILQHGDV DQDFFLGHQWDORULQWHQWLRQDODGPLQLVWUDWLRQRIDTXDQWLW\RIDPHGLFLQDO
SURGXFWJLYHQSHUDGPLQLVWUDWLRQRUFXPXODWLYHO\ZKLFKLVDERYHWKHPD[LPXPUHFRPPHQGHG
GRVHDVSHUSURWRFRORULQWKHSURGXFWODEHOOLQJDVLWDSSOLHVWRWKHGDLO\GRVHRIWKHVXEMHFWLQ
TXHVWLRQ ,QFDVHVRIDGLVFUHSDQF\LQGUXJDFFRXQWDELOLW\RYHUGRVHZLOOEHHVWDEOLVKHGRQO\
ZKHQLWLVFOHDUWKDWWKHVXEMHFWKDVWDNHQWKHH[FHVVGRVHV2YHUGRVHFDQQRWEHHVWDEOLVKHG
ZKHQWKHVXEMHFWFDQQRWDFFRXQWIRUWKHGLVFUHSDQF\H[FHSWLQFDVHVLQZKLFKWKHLQYHVWLJDWRUKDV
UHDVRQWRVXVSHFWWKDWWKHVXEMHFWKDVWDNHQWKHDGGLWLRQDOGRVHV
3URGXFWFRPSODLQWLVGHILQHGDVFRPSODLQWV DULVLQJIURPSRWHQWLDOGHYLDWLRQVLQWKHPDQXIDFWXUH
SDFNDJLQJRUGLVWULEXWLRQRIWKHPHGLFLQDOSURGXFW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

,QVWUXFWLRQVIRU5HSRUWLQJ6SHFLDO6LWXDWLRQV

,QVWUXFWLRQVIRU5HSRUWLQJ3UHJQDQFLHV
7KHLQYHVWLJDWRUVKRXOGUHSRUWSUHJQDQFLHVLQIHPDOHVWXG\VXEMHFWVWKDWDUHLGHQWLILHGDIWHU
LQLWLDWLRQ RIVWXG\PHGLFDWLRQDQGWKURXJKRXWWKHVWXG\LQFOXGLQJWKHSRVW,03 IROORZXSSHULRG
WRWKH*LOHDG'63+XVLQJWKHSUHJQDQF\UHSRUWIRUPZLWKLQKRXUVRIEHFRPLQJDZDUHRIWKH
SUHJQDQF\
5HIHUWR6HFWLRQ  DQGWKH H&5)FRPSOHWLRQJXLGHOLQHVIRUIXOOLQVWUXFWLRQVRQWKHPHFKDQLVP
RISUHJQDQF\UHSRUWLQJ
7KHSUHJQDQF\LWVHOILVQRWFRQVLGHUHGDQ$(QRULVDQLQGXFHGHOHFWLYHDERUWLRQWRWHUPLQDWHD
SUHJQDQF\ZLWKRXWPHGLFDOUHDVRQV
$Q\SUHPDWXUHWHUPLQDWLRQRISUHJQDQF\HJDVSRQWDQHRXVDERUWLRQDQLQGXFHGWKHUDSHXWLF
DERUWLRQGXHWRFRPSOLFDWLRQVRURWKHUPHGLFDOUHDVRQVPXVWEHUHSRUWHGZLWKLQ KRXUVDVDQ
6$(7KHXQGHUO\LQJPHGLFDOUHDVRQIRUWKLVSURFHGXUHVKRXOGEHUHFRUGHGDVWKH$( WHUP
$VSRQWDQHRXVDERUWLRQLVDOZD\VFRQVLGHUHGWREHDQ6$(DQGZLOOEHUHSRUWHGDVGHVFULEHGLQ
6HFWLRQ )XUWKHUPRUHDQ\6$(RFFXUULQJDVDQDGYHUVHSUHJQDQF\RXWFRPHSRVWVWXG\ PXVW
EHUHSRUWHGWR*LOHDG'63+
7KHVXEMHFWVKRXOGUHFHLYHDSSURSULDWHPRQLWRULQJDQGFDUHXQWLOWKHFRQFOXVLRQRIWKH
SUHJQDQF\7KHRXWFRPHVKRXOGEHUHSRUWHGWR*LOHDG'63+XVLQJWKHSUHJQDQF\RXWFRPHUHSRUW
IRUP,IWKHHQGRIWKHSUHJQDQF\RFFXUVDIWHUWKHVWXG\KDVEHHQFRPSOHWHGWKHRXWFRPHVKRXOG
EHUHSRUWHGGLUHFWO\WR*LOHDG'63+*LOHDG'63+FRQWDFWLQIRUPDWLRQLVSURYLGHGLQ
6HFWLRQ 
3UHJQDQFLHVRIIHPDOHSDUWQHUVRIPDOHVWXG\VXEMHFWVH[SRVHGWR*LOHDGRURWKHULQYHVWLJDWLRQDO
DJHQWV PXVWDOVREHUHSRUWHGDQGUHOHYDQWLQIRUPDWLRQVKRXOGEHVXEPLWWHG*LOHDG'63+XVLQJ
WKHSUHJQDQF\DQGSUHJQDQF\RXWFRPHIRUPVZLWKLQ KRXUV0RQLWRULQJRIWKHVXEMHFWVKRXOG
FRQWLQXHXQWLOWKHFRQFOXVLRQRIWKHSUHJQDQF\,IWKHHQGRIWKHSUHJQDQF\RFFXUVDIWHUWKHVWXG\
KDVEHHQFRPSOHWHGWKHRXWFRPHVKRXOGEH UHSRUWHGGLUHFWO\WR*LOHDG'63+
5HIHUWR$SSHQGL[  IRU3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDO
DQG&RQWUDFHSWLYH5HTXLUHPHQWV

5HSRUWLQJ2WKHU6SHFLDO6LWXDWLRQV
$OORWKHUVSHFLDOVLWXDWLRQUHSRUWVPXVWEHUHSRUWHGRQWKHVSHFLDOVLWXDWLRQVUHSRUWIRUPDQG
IRUZDUGHGWR *LOHDG'63+ZLWKLQKRXUVRIWKHLQYHVWLJDWRUEHFRPLQJDZDUHRIWKHVLWXDWLRQ
7KHVHUHSRUWVPXVWFRQVLVWRIVLWXDWLRQVWKDWLQYROYHVWXG\,03 DQGRU*LOHDGFRQFRPLWDQW
PHGLFDWLRQVEXWGRQRWDSSO\WRQRQ*LOHDGFRQFRPLWDQWPHGLFDWLRQV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
6SHFLDOVLWXDWLRQVLQYROYLQJQRQ*LOHDGFRQFRPLWDQWPHGLFDWLRQVGRHV QRWQHHGWREHUHSRUWHG RQ
WKHVSHFLDOVLWXDWLRQVUHSRUWIRUPKRZHYHUIRUVSHFLDOVLWXDWLRQVWKDWUHVXOWLQ$(V GXHWRD
QRQ*LOHDGFRQFRPLWDQWPHGLFDWLRQWKH$(VKRXOGEHUHSRUWHGLQWKHH&5)V
$Q\LQDSSURSULDWHXVHRIFRQFRPLWDQWPHGLFDWLRQVSURKLELWHGE\WKLVSURWRFROVKRXOGQRWEH
UHSRUWHGDV³PLVXVH´EXWPD\EHPRUHDSSURSULDWHO\GRFXPHQWHGDVDSURWRFROGHYLDWLRQ
5HIHUWR6HFWLRQ  DQGWKHH&5)FRPSOHWLRQJXLGHOLQHVIRUIXOOLQVWUXFWLRQVRQWKHPHFKDQLVP
RIVSHFLDOVLWXDWLRQVUHSRUWLQJ
$OOFOLQLFDOVHTXHODHLQUHODWLRQWRWKHVHVSHFLDOVLWXDWLRQUHSRUWVZLOOEHUHSRUWHGDV$(VRU6$(V
DW WKHVDPHWLPHXVLQJWKH$(H&5)DQGRUWKH6$(UHSRUWIRUP'HWDLOVRIWKHV\PSWRPVDQG
VLJQVFOLQLFDOPDQDJHPHQWDQGRXWFRPHZLOOEHUHSRUWHGZKHQDYDLODEOH


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

67$7,67,&$/&216,'(5$7,216

$QDO\VLV2EMHFWLYHVDQG(QGSRLQWV

$QDO\VLV2EMHFWLYHV
7KHSULPDU\REMHFWLYHRIWKLVVWXG\LV

7RHYDOXDWHWKHHIIHFW RI*6RQ569YLUDOORDGLQ569SRVLWLYHDXWRORJRXVRU
DOORJHQHLF+&7UHFLSLHQWVZLWKDFXWH857, V\PSWRPV
7KHVHFRQGDU\REMHFWLYHVRIWKLVVWXG\DUH

7RHYDOXDWHWKHHIIHFWRI*6RQ GHYHORSPHQWRI/57& SURJUHVVLRQWRUHVSLUDWRU\
IDLOXUHDQGHIIHFWRQR[\JHQDWLRQ

7RHYDOXDWHWKH3.VDIHW\DQGWROHUDELOLW\RI*6

3ULPDU\(QGSRLQW
7KHSULPDU\HQGSRLQWLVWKHGDLO\DYHUDJH FKDQJHLQQDVDO569YLUDOORDG ORJ FRSLHVP/IURP
%DVHOLQH 'D\ WR'D\ DVPHDVXUHGE\57T3&57KHGDLO\DYHUDJHFKDQJHLQQDVDO569
YLUDOORDG IURP%DVHOLQH WR'D\ LVGHILQHGDV
σ
ሼͲǤͷ ൈሺǤ ൅
ሻൈሺ
െ
ሻሽ
ሺ
െ
ሻ
ZKHUH<L LVWKHFKDQJHIURP%DVHOLQH LQ569ORJ YLUDOORDGDW9LVLW LW LVWKHWLPHDWWKH
VSHFLILHGWLPHSRLQWD LVWKHEDVHOLQH DVVHVVPHQWDW'D\DQG E LVWKHODVWDVVHVVPHQWDWRUSULRU
WR'D\

6HFRQGDU\(QGSRLQW
6HFRQGDU\HQGSRLQWVDUH

3URSRUWLRQRIVXEMHFWVZKRGHYHORSD /57& WKURXJK'D\GHILQHGDVRQHRIWKHEHORZDV
GHWHUPLQHGE\WKHDGMXGLFDWLRQFRPPLWWHH
3ULPDU\569SQHXPRQLD
6HFRQGDU\EDFWHULDOSQHXPRQLD
3QHXPRQLDGXHWRXQXVXDOSDWKRJHQV
3QHXPRQLWLVQRQLQIHFWLRXVRURIXQNQRZQHWLRORJ\




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

$QDO\VLV&RQYHQWLRQV

$QDO\VLV6HWV

(IILFDF\
7KHIXOODQDO\VLVVHW)$6ZLOOLQFOXGHVXEMHFWVZKRKDYHDQ569ORJ YLUDOORDGJUHDWHUWKDQ
RUHTXDOWRWKH//24RIWKH57T3&5DVVD\LQWKHSUHGRVH'D\ QDVDOVDPSOHDVGHWHUPLQHG
E\57T3&5DWWKHFHQWUDOODEDQGKDYHUHFHLYHG DWOHDVW IXOOGRVHRI,037KHSULPDU\
DQDO\VLVVHWIRUHIILFDF\DQDO\VLVZLOOEHWKHHYDOXDEOHDQDO\VLVVHWZKLFKZLOO LQFOXGHWKRVH LQWKH
)$6ZLWKHYDOXDEOHQDVDOVDPSOHVIRU569YLUDOORDGE\'D\ LQFOXGLQJ%DVHOLQH

6DIHW\
7KHSULPDU\DQDO\VLVVHWIRUVDIHW\DQDO\VHVLV GHILQHGDVDOOVXEMHFWVZKRUHFHLYHG DWOHDVWDIXOO
GRVHRI,03
$OOGDWDFROOHFWHGGXULQJWUHDWPHQWZLOOEHLQFOXGHGLQWKHVDIHW\VXPPDULHV

3KDUPDFRNLQHWLFV
7KH3. DQDO\VLVVHWZLOOLQFOXGHDOOVXEMHFWVLQWKHVDIHW\DQDO\VLVVHWZKRKDYHHYDOXDEOH
RQVWXG\3.PHDVXUHPHQWV

'DWD+DQGOLQJ&RQYHQWLRQV
0LVVLQJGDWDFDQKDYHDQLPSDFWXSRQWKHLQWHUSUHWDWLRQRIWKHWULDOGDWD$VWKLVVWXG\LVRIVKRUW
GXUDWLRQLWLVDQWLFLSDWHGWKDWPLVVLQJGDWDZLOOEHPLQLPDO,QJHQHUDOYDOXHVIRUPLVVLQJGDWD
ZLOOQRWEHLPSXWHG)RUODERUDWRU\GDWDDPLVVLQJ%DVHOLQH YDOXHZLOOEHUHSODFHGZLWKD
VFUHHQLQJYDOXHLIDYDLODEOHRWKHUZLVHLWZLOOEHWUHDWHGDVQRUPDOLH *UDGH QRWR[LFLW\
JUDGHIRUWKHVXPPDU\RIJUDGHGODERUDWRU\DEQRUPDOLWLHV$UHWHVWYDOXHPD\EHXVHGLIWKH
ILUVWWHVWLVLQYDOLGDWHGHJVSHFLPHQKHPRO\]HG
9DOXHVZLOOQRWEHLPSXWHGIRUPLVVLQJYLWDOVLJQDQGRWKHUVDIHW\GDWDKRZHYHUDPLVVLQJ
%DVHOLQH YDOXHZLOOEHUHSODFHGZLWKD6FUHHQLQJYDOXHLIDYDLODEOH
'HWDLOVIRUWKHKDQGOLQJRIPLVVLQJGDWDGXHWRVXEMHFWGLVFRQWLQXDWLRQRURWKHUUHDVRQVLQFOXGLQJ
XQXVDEOHDQGVSXULRXVGDWDDQGUXOHVIRUGHWHUPLQLQJPDMRUDQGPLQRUSURWRFROGHYLDWLRQVZLOO
EHGHVFULEHGLQWKH6$3
$OODYDLODEOHGDWDIRUVXEMHFWVWKDWGRQRWFRPSOHWHWKHVWXG\ZLOOEHLQFOXGHGLQWKHGDWDOLVWLQJV
7DEOHVWKDWLQFOXGHERWKLQGLYLGXDOVXEMHFW3.GDWDDQGVXPPDU\VWDWLVWLFVZLOOSUHVHQWDOO
DYDLODEOHGDWDEXWRQO\VXEMHFWVLQWKH3.DQDO\VLVZLOOEHLQFOXGHGLQWKHVXPPDU\VWDWLVWLFV
9LUDOORDGGDWDZLOOEHORJWUDQVIRUPHGSULRUWRDQDO\VHV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

'HPRJUDSKLF 'DWDDQG%DVHOLQH &KDUDFWHULVWLFV
'HPRJUDSKLFDQG%DVHOLQH PHDVXUHPHQWVZLOOEHVXPPDUL]HGXVLQJVWDQGDUGGHVFULSWLYH
PHWKRGV
'HPRJUDSKLFVXPPDULHVZLOOLQFOXGHVH[UDFHHWKQLFLW\ UDQGRPL]DWLRQVWUDWLILFDWLRQJURXSDQG
DJH
%DVHOLQH GDWDZLOOLQFOXGHDVXPPDU\RI ERG\ZHLJKWKHLJKWDQG%0,
)RUFDWHJRULFDOGHPRJUDSKLFDQG%DVHOLQH FKDUDFWHULVWLFVD )LVKHU¶VH[DFWWHVWZLOOEHXVHGWR
FRPSDUHWUHDWPHQWJURXSV)RUFRQWLQXRXVGHPRJUDSKLFDQG%DVHOLQH FKDUDFWHULVWLFVD :LOFR[RQ
UDQNVXPWHVWZLOOEHXVHGWRFRPSDUHWUHDWPHQWJURXSV

(IILFDF\$QDO\VLV

3ULPDU\$QDO\VLV
7KHSULPDU\HQGSRLQWLVWKHGDLO\DYHUDJH FKDQJHLQ QDVDO569YLUDOORDGORJ FRSLHVP/IURP
'D\WR'D\ 7KHSULPDU\DQDO\VLVZLOOEHSHUIRUPHGRQVXEMHFWVLQFOXGHGLQWKHHIILFDF\
HYDOXDEOHSRSXODWLRQ7RWHVWWKHQXOOK\SRWKHVLVWKDWWKHUHLVQRGLIIHUHQFHEHWZHHQWKH*6
DQGSODFHERWUHDWPHQWJURXSVLQWKHGDLO\DYHUDJH FKDQJHLQYLUDOORDGDSDUDPHWULFDQDO\VLVRI
FRYDULDQFH$1&29$PRGHOZLWKFRUUHVSRQGLQJEDVHOLQH YLUDOORDGDVDFRYDULDWHZLOOEHXVHG
ZLWKDVLGHGOHYHO $GMXVWHGPHDQVDQGFRQILGHQFHLQWHUYDOV&,VZLOODOVREH
SUHVHQWHG

6HFRQGDU\$QDO\VHV
7KH)$6 DQDO\VLVVHWZLOOEHXVHGIRUDOOVXPPDULHVDQGDQDO\VHVRIVHFRQGDU\HQGSRLQWV$OO
VHFRQGDU\HQGSRLQWVZLOOEHDQDO\]HGXVLQJVLGHGWHVWVWRFRPSDUHWUHDWPHQWGLIIHUHQFHV
7KHSURSRUWLRQRIVXEMHFWVZKRGHYHORS/57&WKURXJK'D\ZKRGHYHORSUHVSLUDWRU\IDLOXUH
UHTXLULQJPHFKDQLFDOYHQWLODWLRQDQGWKHSURSRUWLRQRIVXEMHFWVZKRVH2VDWXUDWLRQGURSV
EHORZZLOOHDFKEHDQDO\]HGXVLQJD)LVKHU¶VH[DFWWH[W
,QRUGHUWRDFFRXQWIRUPXOWLSOHK\SRWKHVLVWHVWLQJRIHQGSRLQWVDIDPLO\DOSKDVSHQGLQJUXOHZLOO
EHXVHGWRFRQWUROWKH7\SHHUURUUDWHRIDFURVVWKHSULPDU\DQGVHFRQGDU\HQGSRLQWV
WHVWLQJIRUGLIIHUHQFHVEHWZHHQWUHDWPHQWJURXSV7KHSULPDU\HQGSRLQWDQDO\VLVZLOOVHUYHDV
WKHJDWHNHHSHUIRUWKHVHFRQGDU\DQDO\VHV,IWKHSULPDU\QXOOK\SRWKHVLVLVUHMHFWHGWKHQWKH
IROORZLQJVHFRQGDU\HQGSRLQWVZLOOEHWHVWHGVHTXHQWLDOO\DWĮ  EDVHGXSRQWKHFORVHG
WHVWLQJSURFHGXUH ^`

3URSRUWLRQRIVXEMHFWVZKRGHYHORSD/57&WKURXJK'D\

3URSRUWLRQRIVXEMHFWVZKRGHYHORSUHVSLUDWRU\IDLOXUHRIDQ\FDXVHUHTXLULQJPHFKDQLFDO
YHQWLODWLRQLQYDVLYHRUQRQLQYDVLYHWKURXJK'D\




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

([WHQWRI([SRVXUH
$VXEMHFW¶VH[WHQWRIH[SRVXUHWR,03 GDWDZLOOEHJHQHUDWHGIURPWKH,03 DGPLQLVWUDWLRQGDWD
([SRVXUHGDWDZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXS

$GYHUVH(YHQWV
&OLQLFDODQGODERUDWRU\DGYHUVHHYHQWVZLOOEHFRGHGXVLQJWKH0HGLFDO'LFWLRQDU\IRU
5HJXODWRU\$FWLYLWLHV0HG'5$6\VWHP2UJDQ&ODVV62&+LJK/HYHO*URXS7HUP
+/*7+LJK/HYHO7HUP+/73UHIHUUHG7HUP 37 DQG/RZHU/HYHO7HUP//7ZLOOEH
DWWDFKHGWRWKHFOLQLFDOGDWDEDVH
(YHQWVZLOOEHVXPPDUL]HGRQWKHEDVLVRI WKHGDWHRIRQVHWIRUWKHHYHQW $WUHDWPHQWHPHUJHQW
DGYHUVHHYHQWZLOOEHGHILQHGDVDQ\DGYHUVHHYHQWWKDWEHJLQV RQRUDIWHUWKHGDWHRIILUVWGRVHRI
,03 XSWRWKHGDWHRIODVWGRVHRI,03WKURXJK'D\
6XPPDULHVQXPEHUDQGSHUFHQWDJHRIVXEMHFWVRIWUHDWPHQWHPHUJHQWDGYHUVHHYHQWVE\62&
DQG37ZLOOEHSURYLGHGE\WUHDWPHQWJURXS

/DERUDWRU\(YDOXDWLRQV
6HOHFWHGODERUDWRU\GDWDZLOOEHVXPPDUL]HGXVLQJRQO\REVHUYHGGDWD'DWDDQGFKDQJHIURP
%DVHOLQH DWDOOVFKHGXOHGWLPH SRLQWVZLOOEHVXPPDUL]HG
*UDGHGODERUDWRU\DEQRUPDOLWLHVZLOOEHGHILQHGXVLQJWKHJUDGLQJVFKHPHLQ $SSHQGL[ 
*UDGLQJRIODERUDWRU\DEQRUPDOLWLHVIRUDQDO\VLVSXUSRVHVZLOOEHSHUIRUPHGE\*6,
,QFLGHQFHRIWUHDWPHQWHPHUJHQWODERUDWRU\DEQRUPDOLWLHVGHILQHGDVYDOXHVWKDWLQFUHDVHDWOHDVW
 WR[LFLW\JUDGHIURP%DVHOLQH DWDQ\WLPHSRVW%DVHOLQH XSWRDQGLQFOXGLQJ'D\ ZLOOEH
VXPPDUL]HGE\WUHDWPHQWJURXS,I%DVHOLQH GDWDDUHPLVVLQJWKHQDQ\JUDGHGDEQRUPDOLW\LH DW
OHDVWD*UDGH ZLOOEHFRQVLGHUHGWUHDWPHQWHPHUJHQW
/DERUDWRU\DEQRUPDOLWLHVWKDWRFFXUEHIRUHWKHILUVWGRVHRI,03RUDIWHUWKHVXEMHFWKDVEHHQ
GLVFRQWLQXHGIURPWUHDWPHQWIRUDWOHDVWGD\VZLOOEHLQFOXGHGLQDGDWDOLVWLQJ

2WKHU6DIHW\(YDOXDWLRQV
9LWDOVLJQVGDWDZLOOEHVXPPDUL]HGXVLQJGHVFULSWLYHVWDWLVWLFVE\WKHREVHUYHGGDWDDQGE\WKH
FKDQJHIURP%DVHOLQH DWHDFKWLPHSRLQW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

3KDUPDFRNLQHWLF$QDO\VLV
,QGLYLGXDOVXEMHFW*6FRQFHQWUDWLRQWLPHGDWDZLOOEHGLVSOD\HGXVLQJVFKHGXOHGVDPSOLQJ
WLPHV'HVFULSWLYHVWDWLVWLFVHJQPHDQVWDQGDUGGHYLDWLRQ&9PHGLDQDQGUDQJHZLOOEH
FDOFXODWHGIRUHDFKVDPSOLQJWLPH
)RU3.VXEJURXSSODVPDFRQFHQWUDWLRQVRI*6RYHUWLPHZLOOEHSORWWHGLQ
VHPLORJDULWKPLFDQGOLQHDUIRUPDWVDVPHDQ 6'DQGSODVPDFRQFHQWUDWLRQWLPHGDWDIRUHDFK
VXEMHFWZLOOEHDQDO\]HGXVLQJVWDQGDUGQRQFRPSDUWPHQWDOPHWKRGV 3KDUPDFRNLQHWLF
SDUDPHWHUV&PD[7PD[&ODVW7ODVW$8&7ò&/)DQG9])DVDSSURSULDWHZLOOEHOLVWHGDQG
VXPPDUL]HGIRU*6 XVLQJGHVFULSWLYH VWDWLVWLFV
3.3'UHODWLRQVKLSPD\EHH[SORUHGDVDSSURSULDWH

6DPSOH6L]H
6DPSOHVL]HFDOFXODWLRQVDUHEDVHGRQUHVXOWVREVHUYHGLQDVWXG\WKDWHYDOXDWHG WKHHIILFDF\RI
RUDODQGDHURVROL]HGULEDYLULQWUHDWPHQWIRUSUHYHQWLQJSURJUHVVLRQIURPXSSHUWRORZHU
UHVSLUDWRU\WUDFWLQIHFWLRQLQKHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWV ZLWK569LQIHFWLRQV
XQSXEOLVKHGGDWDIURP'U
7KHVDPSOHVL]HFDOFXODWLRQDVVXPHVWKHGDLO\
DYHUDJHFKDQJHLQ 569 ORJ YLUDOORDGIURP'D\WR'D\ LQWKHSODFHERJURXSZLOOEH
 ORJ FRSLHVP/ ZLWKDFRUUHVSRQGLQJVWDQGDUGGHYLDWLRQ6'RI DQGWKDWRIWKH
VXEMHFWVZLOOEHHYDOXDEOH%DVHGRQWKHVHDVVXPSWLRQVZLWK HYDOXDEOH VXEMHFWVSHUJURXS
WKHUHLVRYHU SRZHUWRGHWHFWD ORJ GLIIHUHQFHLQGDLO\DYHUDJHFKDQJHLQORJ YLUDOORDG
EHWZHHQWUHDWPHQWJURXSVXVLQJDVLGHGOHYHOWHVW*LYHQDQHYDOXDEOHUDWHRIDWRWDO
RIVXEMHFWVZLOOQHHGWREHUDQGRPL]HGLQWRWKHVWXG\

'DWD0RQLWRULQJ&RPPLWWHH
$QH[WHUQDOPXOWLGLVFLSOLQDU\GDWDPRQLWRULQJFRPPLWWHH'0&ZLOOUHYLHZWKHSURJUHVVRIWKH
VWXG\DQGSHUIRUPLQWHULPUHYLHZVRIVDIHW\GDWDDVVSHFLILHGLQWKH'0&FKDUWHU DQGSURYLGH
UHFRPPHQGDWLRQWR*LOHDGZKHWKHUWKHQDWXUHIUHTXHQF\DQGVHYHULW\RIDGYHUVHHIIHFWV
DVVRFLDWHGZLWKVWXG\WUHDWPHQWZDUUDQWWKHHDUO\WHUPLQDWLRQRIWKHVWXG\LQWKHEHVWLQWHUHVWVRI
WKHSDUWLFLSDQWVZKHWKHUWKHVWXG\VKRXOGFRQWLQXHDVSODQQHG RUWKHVWXG\VKRXOGFRQWLQXHZLWK
PRGLILFDWLRQV7KH'0&ZLOODOVRUHYLHZYLUDOORDGDQGVHTXHQFHGDWDDVZHOODV LQWHULP
HIILFDF\DQDO\VHVDVGHVFULEHGLQ6HFWLRQ  DQGSURYLGHUHFRPPHQGDWLRQVWR*LOHDG
([HFXWLYH0DQDJHPHQWSHUSUHGHILQHGFULWHULD DVRXWOLQHGLQWKH'0&&KDUWHU
7KH'0&¶VVSHFLILFDFWLYLWLHVZLOOEH GHILQHGE\DPXWXDOO\DJUHHGFKDUWHUZKLFKZLOOGHILQHWKH
'0&¶VPHPEHUVKLSFRQGXFWDQGPHHWLQJVFKHGXOH
:KLOHWKH'0&ZLOOEHDVNHGWRDGYLVH*LOHDGUHJDUGLQJIXWXUHFRQGXFWRIWKHVWXG\LQFOXGLQJ
SRVVLEOHHDUO\VWXG\WHUPLQDWLRQ*LOHDGUHWDLQVILQDOGHFLVLRQPDNLQJDXWKRULW\RQ DOODVSHFWVRI
WKHVWXG\
PPD


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

(QGSRLQW$GMXGLFDWLRQ&RPPLWWHH
%OLQGHGUHYLHZHUVZLOOUHYLHZUHODWHGFOLQLFDO GDWDWRGHWHUPLQHZKHWKHUDORZHUUHVSLUDWRU\WUDFW
FRPSOLFDWLRQ KDVGHYHORSHG7KHVHFOLQLFDOGDWDLHYLWDOVLJQVFOLQLFDOQRWHVUDGLRORJ\UHSRUWV
>LQFOXGLQJHFKRFDUGLRJUDPV@DQGPLFURELRORJ\UHVXOWVZLOOEHXVHGWRGHWHUPLQHLIRQHRIWKH
IROORZLQJKDVRFFXUUHGH[FOXGLQJRWKHUFDXVHVVXFKDVSXOPRQDU\HPEROLVP FDUGLRJHQLFVKRFN
KHDUWIDLOXUHDQGIOXLGRYHUORDG

3ULPDU\569SQHXPRQLD

6HFRQGDU\EDFWHULDOSQHXPRQLD

3QHXPRQLDGXHWRXQXVXDOSDWKRJHQV

1RQLQIHFWLRXVSQHXPRQLWLV
'HWDLOHGGHILQLWLRQVIRUHDFKRIWKHDERYH GLDJQRVHVZLOOEHSURYLGHGWRWKHDGMXGLFDWLRQ
FRPPLWWHHLQWKH$GMXGLFDWLRQ&RPPLWWHH&KDUWHU

,QWHULP$QDO\VLV
7ZRXQEOLQGHG LQWHULPHIILFDF\DQDO\VHVRIWKHSULPDU\HQGSRLQWGDLO\DYHUDJHFKDQJHLQ569
ORJYLUDOORDGIURP'D\WKURXJK'D\ ZLOOEHFRQGXFWHGDIWHUDSSUR[LPDWHO\DQG
RIWKHVXEMHFWVKDYHEHHQHQUROOHGDQGUHDFK'D\VHH6HFWLRQ  $WWKHVHLQWHULP
DQDO\VHVHIILFDF\RI*6ZLOOEHFRPSDUHGWRSODFHERDVPHDVXUHGE\WKHGDLO\DYHUDJH
FKDQJHLQORJYLUDOORDGDWWKHVLGHGVLJQLILFDQFHOHYHO $W WKHILUVWLQWHULPDQDO\VLV
ZLWKVXEMHFWVWKHQXOOK\SRWKHVLVZLOOEHUHMHFWHGLIDSSUR[LPDWHO\DPLQLPXPRIDORJ
GLIIHUHQFHEHWZHHQWUHDWPHQWJURXSVLQPHDQGDLO\DYHUDJHFKDQJHLQORJYLUDOORDGLV
REVHUYHG $WWKHVHFRQGLQWHULPDQDO\VLVZLWKVXEMHFWVWKHQXOOK\SRWKHVLVZLOOEHUHMHFWHGLI
DSSUR[LPDWHO\DPLQLPXPRIDORJGLIIHUHQFHEHWZHHQWUHDWPHQWJURXSVLQPHDQGDLO\
DYHUDJHFKDQJHLQORJYLUDOORDGLVREVHUYHG ,IWKHUHLVQRWHQRXJKHYLGHQFHWRUHMHFWWKHQXOO
K\SRWKHVLVDWWKHLQWHULPDQDO\VHVWKHILQDODQDO\VLVZLOOEHFRQGXFWHGDWDQDGMXVWHGVLJQLILFDQFH
OHYHOVHHEHORZEDVHGRQDJURXSVHTXHQWLDODOSKDVSHQGLQJPHWKRGVRWKDWWKHRYHUDOOW\SH
HUURUUDWHFDQEHFRQWUROOHGDWWKHOHYHO
7KHERXQGDU\ WRUHMHFWWKHQXOOK\SRWKHVLV DW WKHLQWHULPDQGWKHILQDODQDO\VHVDUHVKRZQLQ
7DEOH 7KHLQWHULPDQGILQDODQDO\VHVZLOOEHFRQGXFWHGXVLQJWKHSULPDU\DQDO\VLVPHWKRGV
DVGHVFULEHGLQ6HFWLRQ 


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
7DEOH 
6LJQLILFDQFH/HYHOVWR5HMHFWWKH+ DW,QWHULPDQG)LQDO$QDO\VHV
$QDO\VLV
6LJQLILFDQFH/HYHOVWR5HMHFWWKH+
,QWHULPLQFOXGLQJDSSUR[LPDWHO\ RI
VXEMHFWV

,QWHULPLQFOXGLQJDSSUR[LPDWHO\ RI
VXEMHFWV

)LQDOLQFOXGLQJRIVXEMHFWV



*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

5(63216,%,/,7,(6

,QYHVWLJDWRU5HVSRQVLELOLWLHV

*RRG&OLQLFDO3UDFWLFH
7KHLQYHVWLJDWRUZLOOHQVXUHWKDWWKLVVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKHSULQFLSOHVRIWKH
'HFODUDWLRQRI+HOVLQNLDVDPHQGHGLQ(GLQEXUJK7RN\R9HQLFH+RQJ.RQJDQG6RXWK
$IULFD,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ,&+JXLGHOLQHVRU ZLWKWKHODZVDQG
UHJXODWLRQVRIWKHFRXQWU\LQZKLFKWKHUHVHDUFKLVFRQGXFWHGZKLFKHYHUDIIRUGVWKHJUHDWHU
SURWHFWLRQWRWKHVWXG\VXEMHFW7KHVHVWDQGDUGVDUHFRQVLVWHQWZLWKWKH(XURSHDQ8QLRQ&OLQLFDO
7ULDOV'LUHFWLYH(&DQG*RRG&OLQLFDO3UDFWLFH'LUHFWLYH(&
7KHLQYHVWLJDWRUZLOOHQVXUHDGKHUHQFHWRWKHEDVLFSULQFLSOHVRI*RRG&OLQLFDO3UDFWLFHDV
RXWOLQHGLQ &)5 VXESDUW '³5HVSRQVLELOLWLHVRI6SRQVRUVDQG,QYHVWLJDWRUV´ &)5
SDUW DQG &)5SDUW 
7KHLQYHVWLJDWRUDQGDOODSSOLFDEOHVXELQYHVWLJDWRUVZLOOFRPSO\ZLWK &)53DUW 
SURYLGLQJGRFXPHQWDWLRQRIWKHLUILQDQFLDOLQWHUHVWRUDUUDQJHPHQWVZLWK*LOHDGRUSURSULHWDU\
LQWHUHVWVLQWKHLQYHVWLJDWLRQDOGUXJXQGHUVWXG\7KLVGRFXPHQWDWLRQPXVWEHSURYLGHGSULRUWR
WKHLQYHVWLJDWRU¶VDQGDQ\VXELQYHVWLJDWRU¶VSDUWLFLSDWLRQLQWKHVWXG\7KHLQYHVWLJDWRUDQG
VXELQYHVWLJDWRUDJUHHWRQRWLI\*LOHDGRIDQ\FKDQJHLQUHSRUWDEOHLQWHUHVWVGXULQJWKHVWXG\DQG
IRU\HDUIROORZLQJFRPSOHWLRQ RIWKHVWXG\6WXG\FRPSOHWLRQLVGHILQHGDVWKHGDWHZKHQWKH
ODVWVXEMHFWFRPSOHWHVWKHSURWRFROGHILQHGDFWLYLWLHV

,QVWLWXWLRQDO5HYLHZ%RDUG,5%,QGHSHQGHQW(WKLFV&RPPLWWHH,(&
5HYLHZDQG$SSURYDO
7KHLQYHVWLJDWRURUVSRQVRUDVDSSURSULDWHDFFRUGLQJWRORFDOUHJXODWLRQVZLOOVXEPLWWKLV
SURWRFROLQIRUPHGFRQVHQWIRUPDQGDQ\DFFRPSDQ\LQJPDWHULDOWREHSURYLGHGWRWKHVXEMHFW
VXFKDVDGYHUWLVHPHQWVVXEMHFWLQIRUPDWLRQVKHHWVRUGHVFULSWLRQVRIWKHVWXG\XVHGWRREWDLQ
LQIRUPHGFRQVHQW WRDQ ,5%,(&GHSHQGLQJRQUHJLRQ7KHLQYHVWLJDWRUZLOOQRWEHJLQDQ\VWXG\
VXEMHFWDFWLYLWLHVXQWLODSSURYDOIURPWKH ,5%,(& KDVEHHQGRFXPHQWHGDQGSURYLGHGDVDOHWWHU
WRWKHLQYHVWLJDWRU
%HIRUHLPSOHPHQWDWLRQWKHLQYHVWLJDWRUZLOOVXEPLWWRDQGUHFHLYHGRFXPHQWHGDSSURYDOIURP
WKH ,5%,(&IRUDQ\PRGLILFDWLRQVPDGHWRWKHSURWRFRORUDQ\DFFRPSDQ\LQJPDWHULDOWREH
SURYLGHGWRWKHVXEMHFWDIWHULQLWLDODSSURYDOZLWKWKHH[FHSWLRQRIWKRVH QHFHVVDU\WRUHGXFH
LPPHGLDWHULVNWRVWXG\VXEMHFWV

,QIRUPHG&RQVHQW
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUREWDLQLQJZULWWHQLQIRUPHGFRQVHQWIURPHDFKLQGLYLGXDO
SDUWLFLSDWLQJLQWKLVVWXG\DIWHUDGHTXDWHH[SODQDWLRQRIWKHDLPVPHWKRGVREMHFWLYHVDQG
SRWHQWLDOKD]DUGVRIWKHVWXG\DQGEHIRUHXQGHUWDNLQJDQ\VWXG\UHODWHGSURFHGXUHV7KH


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
LQYHVWLJDWRUPXVWXVHWKHPRVWFXUUHQW ,5%RU,(&DSSURYHGFRQVHQWIRUPIRU GRFXPHQWLQJ
ZULWWHQLQIRUPHGFRQVHQW(DFKLQIRUPHGFRQVHQWRUDVVHQWDVDSSOLFDEOHZLOOEHDSSURSULDWHO\
VLJQHGDQGGDWHGE\WKHVXEMHFWRUWKHVXEMHFW¶VOHJDOO\DXWKRUL]HGUHSUHVHQWDWLYHDQGWKHSHUVRQ
FRQGXFWLQJWKHFRQVHQWGLVFXVVLRQDQGDOVRE\DQ LPSDUWLDOZLWQHVVLIUHTXLUHGE\ ,5%,(&RU
ORFDOUHTXLUHPHQWV

&RQILGHQWLDOLW\
7KHLQYHVWLJDWRUPXVWDVVXUHWKDWVXEMHFWV¶DQRQ\PLW\ZLOOEHVWULFWO\PDLQWDLQHGDQGWKDWWKHLU
LGHQWLWLHVDUHSURWHFWHGIURPXQDXWKRUL]HGSDUWLHV2QO\VXEMHFWLQLWLDOVGDWHRIELUWKDQRWKHU
XQLTXHLGHQWLILHUDVDOORZHGE\ORFDOODZDQGDQLGHQWLILFDWLRQFRGHZLOOEHUHFRUGHGRQDQ\
IRUPRUELRORJLFDOVDPSOHVXEPLWWHGWRWKH6SRQVRU,5%,(& RUODERUDWRU\/DERUDWRU\
VSHFLPHQVPXVWEHODEHOHGLQVXFKD PDQQHU DVWRSURWHFWVXEMHFWLGHQWLW\ZKLOHDOORZLQJWKH
UHVXOWVWREHUHFRUGHGWRWKHSURSHUVXEMHFW5HIHUWRVSHFLILFODERUDWRU\LQVWUXFWLRQV127( 7KH
LQYHVWLJDWRUPXVWNHHSDVFUHHQLQJORJVKRZLQJFRGHVQDPHVDQGDGGUHVVHVIRUDOOVXEMHFWV
VFUHHQHGDQGIRUDOOVXEMHFWVHQUROOHGLQWKHWULDO 6XEMHFWGDWDZLOOEHSURFHVVHGLQDFFRUGDQFH
ZLWKDOODSSOLFDEOHUHJXODWLRQV
7KHLQYHVWLJDWRUDJUHHVWKDWDOOLQIRUPDWLRQUHFHLYHGIURP*LOHDGLQFOXGLQJEXWQRWOLPLWHGWR WKH
,%WKLVSURWRFROH&5)WKH,03DQGDQ\RWKHUVWXG\LQIRUPDWLRQUHPDLQWKHVROHDQG
H[FOXVLYHSURSHUW\RI*LOHDGGXULQJWKHFRQGXFWRIWKHVWXG\DQGWKHUHDIWHU7KLVLQIRUPDWLRQLV
QRWWREHGLVFORVHGWRDQ\WKLUGSDUW\H[FHSWHPSOR\HHVRUDJHQWVGLUHFWO\LQYROYHGLQWKH
FRQGXFWRIWKHVWXG\RUDVUHTXLUHGE\ODZZLWKRXWSULRUZULWWHQFRQVHQWIURP*LOHDG7KH
LQYHVWLJDWRUIXUWKHUDJUHHVWRWDNHDOOUHDVRQDEOHSUHFDXWLRQVWRSUHYHQWWKHGLVFORVXUHE\DQ\
HPSOR\HHRUDJHQWRIWKHVWXG\VLWHWRDQ\WKLUGSDUW\RURWKHUZLVHLQWRWKHSXEOLFGRPDLQ

6WXG\)LOHVDQG5HWHQWLRQRI5HFRUGV
7KHLQYHVWLJDWRUPXVWPDLQWDLQDGHTXDWHDQGDFFXUDWHUHFRUGVWRHQDEOHWKHFRQGXFWRIWKHVWXG\
WREHIXOO\GRFXPHQWHGDQGWKHVWXG\GDWDWREHVXEVHTXHQWO\YHULILHG7KHVHGRFXPHQWVVKRXOG
EHFODVVLILHGLQWRDWOHDVWWKH IROORZLQJWZRFDWHJRULHV  LQYHVWLJDWRU¶VVWXG\ILOHDQG
 VXEMHFWFOLQLFDOVRXUFHGRFXPHQWV
7KHLQYHVWLJDWRU¶VVWXG\ILOHZLOOFRQWDLQWKHSURWRFRODPHQGPHQWV&5)DQGTXHU\IRUPV
,5%,(&DQGJRYHUQPHQWDODSSURYDOZLWKFRUUHVSRQGHQFHLQIRUPHGFRQVHQWGUXJ UHFRUGVVWDII
FXUULFXOXPYLWDHDQGDXWKRUL]DWLRQIRUPVDQGRWKHUDSSURSULDWHGRFXPHQWVDQGFRUUHVSRQGHQFH
7KHUHTXLUHGVRXUFHGDWDVKRXOGLQFOXGHVHTXHQWLDOQRWHVFRQWDLQLQJDWOHDVWWKHIROORZLQJ
LQIRUPDWLRQIRUHDFKVXEMHFW

6XEMHFWLGHQWLILFDWLRQQDPHGDWHRIELUWKJHQGHU

'RFXPHQWDWLRQWKDWVXEMHFWPHHWVHOLJLELOLW\FULWHULDLHKLVWRU\SK\VLFDOH[DPLQDWLRQDQG
FRQILUPDWLRQRIGLDJQRVLVWRVXSSRUWLQFOXVLRQDQGH[FOXVLRQFULWHULD

'RFXPHQWDWLRQRIWKHUHDVRQVDFRQVHQWHGVXEMHFWLVQRWHQUROOHG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

3DUWLFLSDWLRQLQVWXG\LQFOXGLQJVWXG\QXPEHU

6WXG\GLVFXVVHGDQGGDWHRILQIRUPHGFRQVHQW

'DWHVRIDOOYLVLWV

'RFXPHQWDWLRQWKDWSURWRFROVSHFLILFSURFHGXUHVZHUHSHUIRUPHG

5HVXOWVRIHIILFDF\SDUDPHWHUVDVUHTXLUHGE\WKHSURWRFRO

6WDUWDQGHQGGDWHLQFOXGLQJGRVHUHJLPHQRI,03LQFOXGLQJGDWHVRI GLVSHQVLQJDQGUHWXUQ

5HFRUGRIDOODGYHUVHHYHQWVDQGRWKHUVDIHW\SDUDPHWHUVVWDUWDQGHQGGDWHDQGLQFOXGLQJ
FDXVDOLW\DQGVHYHULW\

&RQFRPLWDQWPHGLFDWLRQLQFOXGLQJVWDUWDQGHQGGDWHGRVHLIUHOHYDQWGRVHFKDQJHV

'DWHRIVWXG\FRPSOHWLRQDQGUHDVRQIRUHDUO\GLVFRQWLQXDWLRQLILWRFFXUV
$OOFOLQLFDOVWXG\GRFXPHQWVPXVWEHUHWDLQHGE\WKHLQYHVWLJDWRUXQWLODWOHDVW \HDUVRU
DFFRUGLQJWRORFDOODZVZKLFKHYHULVORQJHUDIWHUWKHODVWDSSURYDORIDPDUNHWLQJDSSOLFDWLRQLQ
DQ,&+UHJLRQLH8QLWHG6WDWHV(XURSHRU-DSDQDQGXQWLOWKHUHDUHQRSHQGLQJRUSODQQHG
PDUNHWLQJDSSOLFDWLRQVLQDQ,&+UHJLRQRULIQRDSSOLFDWLRQLVILOHGRULIWKHDSSOLFDWLRQLVQRW
DSSURYHGIRUVXFKLQGLFDWLRQXQWLO \HDUVDIWHUWKHLQYHVWLJDWLRQLVGLVFRQWLQXHGDQGUHJXODWRU\
DXWKRULWLHVKDYHEHHQQRWLILHG,QYHVWLJDWRUVPD\EHUHTXLUHGWRUHWDLQGRFXPHQWVORQJHULI
VSHFLILHGE\UHJXODWRU\UHTXLUHPHQWVE\ORFDOUHJXODWLRQVRU E\DQDJUHHPHQWZLWK*LOHDG7KH
LQYHVWLJDWRUPXVWQRWLI\*LOHDGEHIRUHGHVWUR\LQJDQ\FOLQLFDOVWXG\UHFRUGV
6KRXOGWKHLQYHVWLJDWRUZLVKWRDVVLJQWKHVWXG\UHFRUGVWRDQRWKHUSDUW\RUPRYHWKHPWRDQRWKHU
ORFDWLRQ*LOHDGPXVWEHQRWLILHGLQDGYDQFH
,IWKHLQYHVWLJDWRUFDQQRWSURYLGHIRUWKLVDUFKLYLQJUHTXLUHPHQWDWWKHVWXG\VLWHIRUDQ\RUDOORI
WKHGRFXPHQWVVSHFLDODUUDQJHPHQWVPXVWEHPDGHEHWZHHQWKHLQYHVWLJDWRUDQG*LOHDGWRVWRUH
WKHVHUHFRUGVVHFXUHO\DZD\IURP WKHVLWHVRWKDWWKH\FDQEHUHWXUQHGVHDOHGWRWKHLQYHVWLJDWRU
LQFDVHRIDQLQVSHFWLRQ:KHQVRXUFHGRFXPHQWVDUHUHTXLUHGIRUWKHFRQWLQXHGFDUHRIWKH
VXEMHFWDSSURSULDWHFRSLHVVKRXOGEHPDGHIRUVWRUDJHDZD\IURP WKHVLWH

&DVH5HSRUW)RUPV
)RUHDFKVXEMHFWFRQVHQWHGDQH&5)ZLOOEHFRPSOHWHGE\DQDXWKRUL]HGVWXG\VWDIIPHPEHU
ZKRVHWUDLQLQJIRUWKLVIXQFWLRQLVGRFXPHQWHGDFFRUGLQJWRVWXG\SURFHGXUHV H&5) VKRXOGEH
FRPSOHWHGRQWKHGD\RIWKHVXEMHFWYLVLWWRHQDEOHWKHVSRQVRUWRSHUIRUPFHQWUDOPRQLWRULQJRI
VDIHW\GDWD6XEVHTXHQWWRGDWDHQWU\DVWXG\PRQLWRUZLOOSHUIRUPVRXUFHGDWDYHULILFDWLRQ
ZLWKLQWKH('&V\VWHP 2ULJLQDOHQWULHVDVZHOODVDQ\FKDQJHVWRGDWDILHOGVZLOOEHVWRUHGLQ
WKHDXGLWWUDLORIWKHV\VWHP3ULRUWRGDWDEDVHORFNRUDQ\LQWHULPWLPHSRLQWVDVGHVFULEHGLQWKH
FOLQLFDOGDWDPDQDJHPHQWSODQWKHLQYHVWLJDWRUZLOOXVHKLVKHUORJLQFUHGHQWLDOVWRFRQILUPWKDW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
WKHIRUPVKDYHEHHQUHYLHZHGDQGWKDWWKHHQWULHVDFFXUDWHO\UHIOHFWWKHLQIRUPDWLRQLQWKH
VRXUFHGRFXPHQWV 7KHH&5)FDSWXUHWKHGDWDUHTXLUHGSHUWKHSURWRFROVFKHGXOHRIHYHQWVDQG
SURFHGXUHV 6\VWHPJHQHUDWHGRUPDQXDOTXHULHVZLOOEHLVVXHGWRWKHLQYHVWLJDWLYHVLWHVWDIIDV
GDWDGLVFUHSDQFLHVDUHLGHQWLILHGE\WKHPRQLWRURULQWHUQDO*LOHDGVWDIIZKRURXWLQHO\UHYLHZWKH
GDWDIRUFRPSOHWHQHVVFRUUHFWQHVVDQGFRQVLVWHQF\ 7KHVLWHFRRUGLQDWRULVUHVSRQVLEOHIRU
UHVSRQGLQJWRWKHTXHULHVLQDWLPHO\PDQQHUZLWKLQWKHV\VWHPHLWKHUE\FRQILUPLQJWKHGDWDDV
FRUUHFWRUXSGDWLQJWKHRULJLQDOHQWU\DQGSURYLGLQJWKHUHDVRQIRUWKHXSGDWHHJGDWDHQWU\
HUURU $WWKHFRQFOXVLRQRIWKHWULDO*LOHDGZLOOSURYLGHWKHVLWHZLWKDUHDGRQO\DUFKLYHFRS\
RIWKHGDWDHQWHUHGE\WKDWVLWH 7KLVDUFKLYHPXVWEHVWRUHGLQDFFRUGDQFHZLWKWKHUHFRUGV
UHWHQWLRQUHTXLUHPHQWVRXWOLQHGLQ6HFWLRQ 

'DWD4XDOLW\&RQWURODQG4XDOLW\$VVXUDQFH
7RLQVXUHDFFXUDWHFRPSOHWHDQGUHOLDEOHGDWDWKH6SRQVRURULWVUHSUHVHQWDWLYHVZLOOGRWKH
IROORZLQJ

3URYLGHLQVWUXFWLRQDOPDWHULDOWRWKHVWXG\VLWHVDVDSSURSULDWH

,QVWUXFWWKHLQYHVWLJDWRUVDQGVWXG\SHUVRQQHORQWKHSURWRFROWKHFRPSOHWLRQRIWKH&5)V
DQGVWXG\SURFHGXUHV

0DNHSHULRGLFYLVLWVWRWKHVWXG\VLWH

%HDYDLODEOHWRFRQVXOWDWLRQDQGVWD\LQFRQWDFWZLWKWKHVWXG\VLWHSHUVRQQHOE\PDLOHPDLO
WHOHSKRQHDQGRUID[

0RQLWRUWKHVXEMHFWGDWDUHFRUGHGLQWKH&5)VDJDLQVWVRXUFHGRFXPHQWVDWWKHVWXG\VLWH

5HYLHZDQGHYDOXDWH&5)GDWDDQGXVHVWDQGDUGFRPSXWHUHGLWVWRGHWHFWHUURUVLQGDWD
FROOHFWLRQ

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW $FFRXQWDELOLW\DQG5HWXUQ
*LOHDGUHFRPPHQGVWKDWXVHGDQGXQXVHG,03VXSSOLHVEHGHVWUR\HGRQVLWHLISRVVLEOH7KH
VWXG\PRQLWRUZLOOHYDOXDWHHDFKVWXG\FHQWHU¶V,03 GLVSRVDOSURFHGXUHVDQGSURYLGHDSSURSULDWH
LQVWUXFWLRQIRUGHVWUXFWLRQRIXQXVHG,03 VXSSOLHV,IWKHVLWHKDVDQDSSURSULDWHVWDQGDUG
RSHUDWLQJSURFHGXUH623IRUGUXJGHVWUXFWLRQ DVGHWHUPLQHGE\*LOHDG4$WKHVLWHPD\
GHVWUR\XVHGHPSW\ RUSDUWLDOO\HPSW\DQGXQXVHG,03 VXSSOLHVLQDFFRUGDQFHZLWKWKDW VLWH¶V
DSSURYHG 623$FRS\RIWKHVLWH¶VDSSURYHG623ZLOOEHREWDLQHGIRUFHQWUDOILOHV,I,03
FDQQRWEHGHVWUR\HGRQVLWHWKHVWXG\PRQLWRUZLOOSURYLGHLQVWUXFWLRQVIRUUHWXUQWR *LOHDGRU
WKHVKLSSLQJIDFLOLW\IURPZKLFKLWFDPHIRUHYHQWXDOGHVWUXFWLRQ
,I,03 LVGHVWUR\HGRQVLWHWKHLQYHVWLJDWRUPXVWPDLQWDLQDFFXUDWHUHFRUGVIRUDOO,03
GHVWUR\HG5HFRUGVPXVWVKRZWKHLGHQWLILFDWLRQDQGTXDQWLW\RIHDFKXQLWGHVWUR\HGWKHPHWKRG
RIGHVWUXFWLRQDQGWKHSHUVRQZKRGLVSRVHGRIWKH,038SRQVWXG\FRPSOHWLRQFRSLHV RIWKH
,03 DFFRXQWDELOLW\UHFRUGVPXVWEHILOHGDWWKHVLWH$QRWKHUFRS\ZLOOEHUHWXUQHGWR*LOHDG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
7KHVWXG\PRQLWRUZLOOUHYLHZ,03VXSSOLHVDQGDVVRFLDWHGUHFRUGVDWSHULRGLFLQWHUYDOV

,QVSHFWLRQV
7KHLQYHVWLJDWRUZLOOPDNHDYDLODEOHDOO VRXUFHGRFXPHQWVDQG RWKHUUHFRUGVIRUWKLVWULDOWR
*LOHDG¶VDSSRLQWHGVWXG\PRQLWRUVWR ,5%,(&VRUWRUHJXODWRU\DXWKRULW\RUKHDOWKDXWKRULW\
LQVSHFWRUV

3URWRFRO&RPSOLDQFH
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKHVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKH
SURFHGXUHVDQGHYDOXDWLRQVGHVFULEHGLQWKLVSURWRFRO

6SRQVRU5HVSRQVLELOLWLHV

3URWRFRO0RGLILFDWLRQV
3URWRFROPRGLILFDWLRQVH[FHSWWKRVHLQWHQGHGWRUHGXFHLPPHGLDWHULVNWRVWXG\VXEMHFWVPD\EH
PDGHRQO\E\*LOHDG7KHLQYHVWLJDWRUPXVWVXEPLWDOOSURWRFROPRGLILFDWLRQVWRWKH,5%,(&LQ
DFFRUGDQFHZLWKORFDOUHTXLUHPHQWV DQGUHFHLYHGRFXPHQWHG,5%,(& DSSURYDOEHIRUH
PRGLILFDWLRQVFDQEHLPSOHPHQWHG

6WXG\5HSRUWDQG3XEOLFDWLRQV
$FOLQLFDOVWXG\UHSRUW&65ZLOOEHSUHSDUHGDQGSURYLGHGWRWKHDSSOLFDEOHUHJXODWRU\
DJHQFLHV*LOHDGZLOOHQVXUHWKDWWKHUHSRUWPHHWVWKHVWDQGDUGVVHWRXWLQWKH,&+*XLGHOLQHIRU
6WUXFWXUHDQG&RQWHQWRI&OLQLFDO6WXG\5HSRUWV,&+ (1RWHWKDWDQDEEUHYLDWHGUHSRUWPD\
EHSUHSDUHGLQFHUWDLQFDVHV
,QYHVWLJDWRUVLQWKLVVWXG\PD\FRPPXQLFDWHRUDOO\SUHVHQWRUSXEOLVKLQVFLHQWLILFMRXUQDOVRU
RWKHUVFKRODUO\PHGLDRQO\DIWHUWKHIROORZLQJFRQGLWLRQVKDYHEHHQPHW

7KHUHVXOWVRIWKHVWXG\LQWKHLUHQWLUHW\KDYHEHHQSXEOLFO\GLVFORVHGE\RUZLWKWKHFRQVHQW
RI*LOHDGLQDQDEVWUDFWPDQXVFULSWRUSUHVHQWDWLRQIRUPRUWKHVWXG\KDVEHHQFRPSOHWHGDW
DOOVWXG\VLWHVIRUDWOHDVW\HDUV

7KHLQYHVWLJDWRUZLOOVXEPLWWR*LOHDGDQ\SURSRVHGSXEOLFDWLRQRUSUHVHQWDWLRQDORQJZLWK
WKHUHVSHFWLYHVFLHQWLILFMRXUQDORUSUHVHQWDWLRQIRUXPDWOHDVWGD\VEHIRUHVXEPLVVLRQRI
WKHSXEOLFDWLRQRUSUHVHQWDWLRQ

1RVXFKFRPPXQLFDWLRQSUHVHQWDWLRQRUSXEOLFDWLRQZLOOLQFOXGH*LOHDG¶VFRQILGHQWLDO
LQIRUPDWLRQVHH6HFWLRQ 

7KHLQYHVWLJDWRUZLOOFRPSO\ZLWK*LOHDG¶VUHTXHVWWRGHOHWHUHIHUHQFHVWRLWVFRQILGHQWLDO
LQIRUPDWLRQRWKHUWKDQWKHVWXG\UHVXOWVLQDQ\SDSHURUSUHVHQWDWLRQDQGDJUHHVWRZLWKKROG
SXEOLFDWLRQRUSUHVHQWDWLRQIRUDQDGGLWLRQDOGD\VLQRUGHUWRREWDLQSDWHQWSURWHFWLRQLI
GHHPHGQHFHVVDU\


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

-RLQW,QYHVWLJDWRU6SRQVRU5HVSRQVLELOLWLHV

3D\PHQW5HSRUWLQJ
,QYHVWLJDWRUVDQGWKHLUVWXG\VWDIIPD\EHDVNHGWRSURYLGHVHUYLFHVSHUIRUPHGXQGHU WKLV
SURWRFROHJDWWHQGDQFHDW,QYHVWLJDWRU
V0HHWLQJV,IUHTXLUHGXQGHUWKHDSSOLFDEOHVWDWXWRU\
DQGUHJXODWRU\UHTXLUHPHQWV*LOHDGZLOOFDSWXUHDQGGLVFORVHWR)HGHUDODQG6WDWHDJHQFLHVDQ\
H[SHQVHVSDLGRUUHLPEXUVHGIRUVXFKVHUYLFHVLQFOXGLQJ DQ\FOLQLFDOWULDOSD\PHQWVPHDOWUDYHO
H[SHQVHVRUUHLPEXUVHPHQWVFRQVXOWLQJIHHVDQGDQ\RWKHUWUDQVIHURIYDOXH

$FFHVVWR,QIRUPDWLRQIRU0RQLWRULQJ
,QDFFRUGDQFHZLWKUHJXODWLRQVDQG JXLGHOLQHVWKHVWXG\PRQLWRUPXVWKDYHGLUHFWDFFHVVWRWKH
LQYHVWLJDWRU¶VVRXUFHGRFXPHQWDWLRQLQRUGHUWRYHULI\WKHDFFXUDF\RIWKHGDWDUHFRUGHGLQWKH
&5)H&5)
7KHPRQLWRULVUHVSRQVLEOHIRUURXWLQHUHYLHZRIWKH&5)H&5) DWUHJXODULQWHUYDOVWKURXJKRXW
WKHVWXG\WRYHULI\DGKHUHQFHWRWKHSURWRFRODQGWKHFRPSOHWHQHVVFRQVLVWHQF\DQGDFFXUDF\RI
WKHGDWDEHLQJHQWHUHGRQWKHP7KHPRQLWRUVKRXOGKDYHDFFHVVWRDQ\VXEMHFWUHFRUGVQHHGHGWR
YHULI\WKHHQWULHVRQWKH&5)H&5)7KHLQYHVWLJDWRUDJUHHVWRFRRSHUDWHZLWKWKHPRQLWRUWR
HQVXUHWKDWDQ\SUREOHPVGHWHFWHGWKURXJKDQ\W\SHRIPRQLWRULQJFHQWUDORQVLWH DUHUHVROYHG

$FFHVVWR,QIRUPDWLRQIRU$XGLWLQJRU,QVSHFWLRQV
5HSUHVHQWDWLYHVRIUHJXODWRU\DXWKRULWLHVRURI*LOHDGPD\FRQGXFWLQVSHFWLRQVRUDXGLWVRIWKH
FOLQLFDOVWXG\,IWKHLQYHVWLJDWRULVQRWLILHGRIDQLQVSHFWLRQE\DUHJXODWRU\DXWKRULW\WKH
LQYHVWLJDWRUDJUHHVWRQRWLI\WKH*LOHDGPHGLFDOPRQLWRULPPHGLDWHO\7KHLQYHVWLJDWRUDJUHHVWR
SURYLGHWRUHSUHVHQWDWLYHVRIDUHJXODWRU\DJHQF\RU*LOHDGDFFHVVWRUHFRUGVIDFLOLWLHVDQG
SHUVRQQHOIRUWKHHIIHFWLYHFRQGXFWRIDQ\LQVSHFWLRQRUDXGLW

6WXG\'LVFRQWLQXDWLRQ
%RWKWKHVSRQVRUDQGWKHLQYHVWLJDWRUUHVHUYHWKHULJKWWRWHUPLQDWHWKHVWXG\DWDQ\WLPH6KRXOG
WKLVEHQHFHVVDU\ERWKSDUWLHVZLOODUUDQJHGLVFRQWLQXDWLRQSURFHGXUHVDQGQRWLI\WKHDSSURSULDWH
UHJXODWRU\DXWKRULW\LHV,5%VDQG,(&V,QWHUPLQDWLQJWKHVWXG\*LOHDGDQGWKHLQYHVWLJDWRU
ZLOODVVXUHWKDWDGHTXDWHFRQVLGHUDWLRQLVJLYHQWRWKHSURWHFWLRQRIWKHVXEMHFWV¶LQWHUHVWV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

5()(5(1&(6

'PLWULHQNR$2IIHQ:::HVWIDOO3+*DWHNHHSLQJVWUDWHJLHVIRUFOLQLFDOWULDOV
WKDWGRQRWUHTXLUHDOOSULPDU\HIIHFWVWREHVLJQLILFDQW6WDWLVW0HG


$PHULFDQ$FDGHP\RI3HGLDWULFV&RPPLWWHHRQ,QIHFWLRXV'LVHDVHV8VHRI
ULEDYLULQLQWKHWUHDWPHQWRIUHVSLUDWRU\V\QF\WLDOYLUXVLQIHFWLRQ3HGLDWULFV


1DLU+1RNHV'-*HVVQHU%''KHUDQL00DGKL6$6LQJOHWRQ5-HWDO
*OREDO EXUGHQRIDFXWHORZHUUHVSLUDWRU\LQIHFWLRQVGXHWRUHVSLUDWRU\V\QF\WLDO
YLUXVLQ\RXQJFKLOGUHQDV\VWHPDWLFUHYLHZDQGPHWDDQDO\VLV/DQFHW


6WRFNPDQ/-&XUQV$7$QGHUVRQ/-)LVFKHU/DQJOH\*5HVSLUDWRU\6\QF\WLDO
9LUXVDVVRFLDWHG+RVSLWDOL]DWLRQV$PRQJ,QIDQWVDQG<RXQJ&KLOGUHQLQWKH
8QLWHG6WDWHV3HGLDWU,QIHFW'LV-

1LFKROV:**RROH\7%RHFNK0&RPPXQLW\DFTXLUHGUHVSLUDWRU\V\QF\WLDO
YLUXVDQGSDUDLQIOXHQ]DYLUXVLQIHFWLRQVDIWHUKHPDWRSRLHWLFVWHPFHOO
WUDQVSODQWDWLRQWKH)UHG+XWFKLQVRQ&DQFHU5HVHDUFK&HQWHUH[SHULHQFH%LRO
%ORRG0DUURZ7UDQVSODQW6XSSO66

86'HSDUWPHQWRI+HDOWKDQG+XPDQ6HUYLFHV)RRGDQG'UXJ$GPLQLVWUDWLRQ
&HQWHUIRU'UXJ(YDOXDWLRQ DQG5HVHDUFK&'(5*XLGDQFHIRU,QGXVWU\'UXJ
,QWHUDFWLRQ6WXGLHV 6WXG\'HVLJQ'DWD$QDO\VLV,PSOLFDWLRQVIRU'RVLQJDQG
/DEHOLQJ5HFRPPHQGDWLRQV'5$)7*8,'$1&()HEUXDU\

6KDK-1&KHPDO\5)0DQDJHPHQWRI569LQIHFWLRQVLQDGXOW UHFLSLHQWVRI
KHPDWRSRLHWLFVWHPFHOOWUDQVSODQWDWLRQ%ORRG

6KDK'3*KDQWRML666KDK-1(O7DRXP..-LDQJ<3RSDW8HWDO,PSDFWRI
DHURVROL]HGULEDYLULQRQPRUWDOLW\LQDOORJHQHLFKDHPDWRSRLHWLFVWHPFHOO
WUDQVSODQWUHFLSLHQWVZLWKUHVSLUDWRU\V\QF\WLDOYLUXVLQIHFWLRQV-$QWLPLFURE
&KHPRWKHU

%RHFNK0(QJOXQG-/L<0LOOHU&&URVV$)HUQDQGH]+HWDO5DQGRPL]HG
FRQWUROOHGPXOWLFHQWHUWULDORIDHURVROL]HGULEDYLULQIRUUHVSLUDWRU\V\QF\WLDOYLUXV
XSSHUUHVSLUDWRU\WUDFWLQIHFWLRQLQKHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWV&OLQ
,QIHFW'LV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

&KHPDO\5)*KRVK6%RGH\*35RKDWJL16DIGDU$.HDWLQJ0-HWDO
5HVSLUDWRU\YLUDOLQIHFWLRQVLQDGXOWVZLWKKHPDWRORJLFPDOLJQDQFLHVDQGKXPDQ
VWHPFHOOWUDQVSODQWDWLRQUHFLSLHQWVDUHWURVSHFWLYHVWXG\DWDPDMRUFDQFHUFHQWHU
0HGLFLQH%DOWLPRUH

(UDUG9&KLHQ-:.LP+:1LFKROV:*)ORZHUV0(0DUWLQ3-HWDO
$LUIORZGHFOLQHDIWHUP\HORDEODWLYHDOORJHQHLFKHPDWRSRLHWLFFHOOWUDQVSODQWDWLRQ
WKHUROHRIFRPPXQLW\UHVSLUDWRU\YLUXVHV-,QIHFW'LV

+DUULQJWRQ5'+RRWRQ70+DFNPDQ5&6WRUFK*$2VERUQH%*OHDYHV&$
HWDO$QRXWEUHDNRIUHVSLUDWRU\V\QF\WLDOYLUXVLQDERQHPDUURZWUDQVSODQW
FHQWHU-,QIHFW'LV

.KDQQD1:LGPHU$)'HFNHU06WHIIHQ,+DOWHU-+HLP'HWDO5HVSLUDWRU\
V\QF\WLDOYLUXVLQIHFWLRQLQSDWLHQWVZLWKKHPDWRORJLFDOGLVHDVHVVLQJOHFHQWHU
VWXG\DQGUHYLHZRIWKHOLWHUDWXUH&OLQ,QIHFW'LV

$YHWLV\DQ*0DWWVVRQ-6SDUUHOLG(/MXQJPDQ35HVSLUDWRU\V\QF\WLDOYLUXV
LQIHFWLRQLQUHFLSLHQWVRIDOORJHQHLFVWHPFHOOWUDQVSODQWDWLRQDUHWURVSHFWLYH
VWXG\RIWKHLQFLGHQFHFOLQLFDOIHDWXUHVDQGRXWFRPH7UDQVSODQWDWLRQ


.LP<-%RHFNK0(QJOXQG-$&RPPXQLW\UHVSLUDWRU\YLUXVLQIHFWLRQVLQ
LPPXQRFRPSURPLVHGSDWLHQWVKHPDWRSRLHWLFVWHPFHOODQGVROLGRUJDQWUDQVSODQW
UHFLSLHQWVDQGLQGLYLGXDOVZLWKKXPDQLPPXQRGHILFLHQF\YLUXVLQIHFWLRQ
6HPLQDUVLQUHVSLUDWRU\DQGFULWLFDOFDUHPHGLFLQH

.LP<-*XWKULH.$:DJKPDUH$:DOVK(()DOVH\$5.X\SHUV-HWDO
5HVSLUDWRU\V\QF\WLDOYLUXVLQKHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWVIDFWRUV
GHWHUPLQLQJSURJUHVVLRQWRORZHUUHVSLUDWRU\WUDFWGLVHDVH-,QIHFW'LV

0DUWLQR53RUUDV535DEHOOD1:LOOLDPV-95DPLOD(0DUJDOO1HWDO
3URVSHFWLYHVWXG\RIWKHLQFLGHQFHFOLQLFDOIHDWXUHVDQGRXWFRPHRIV\PSWRPDWLF
XSSHUDQGORZHUUHVSLUDWRU\WUDFWLQIHFWLRQVE\UHVSLUDWRU\YLUXVHVLQDGXOW
UHFLSLHQWVRIKHPDWRSRLHWLFVWHPFHOOWUDQVSODQWVIRUKHPDWRORJLFPDOLJQDQFLHV
%LRO%ORRG0DUURZ7UDQVSODQW

5DERQL601RJXHLUD0%7VXFKL\D/57DNDKDVKL*$3HUHLUD/$3DVTXLQL5
HWDO5HVSLUDWRU\WUDFWYLUDOLQIHFWLRQVLQERQHPDUURZWUDQVSODQWSDWLHQWV
7UDQVSODQWDWLRQ

6FKLIIHU-7.LUE\.6DQGPDLHU%6WRUE5&RUH\/%RHFNK07LPLQJDQG
VHYHULW\RIFRPPXQLW\DFTXLUHGUHVSLUDWRU\YLUXVLQIHFWLRQVDIWHUP\HORDEODWLYH
YHUVXVQRQP\HORDEODWLYHKHPDWRSRLHWLFVWHPFHOOWUDQVSODQWDWLRQ+DHPDWRORJLFD



*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

6HR6&DPSEHOO$3;LH+&KLHQ-:/HLVHQULQJ:0(QJOXQG-$HWDO
2XWFRPHRIUHVSLUDWRU\V\QF\WLDOYLUXVORZHUUHVSLUDWRU\WUDFWGLVHDVHLQ
KHPDWRSRLHWLFFHOOWUDQVSODQWUHFLSLHQWVUHFHLYLQJDHURVROL]HGULEDYLULQ
VLJQLILFDQFHRIVWHPFHOOVRXUFHDQGR[\JHQUHTXLUHPHQW%LRO%ORRG0DUURZ
7UDQVSODQW

6KDK'3*KDQWRML660XODQRYLFK9($UL]D+HUHGLD(-&KHPDO\5)
0DQDJHPHQWRIUHVSLUDWRU\YLUDOLQIHFWLRQVLQKHPDWRSRLHWLFFHOOWUDQVSODQW
UHFLSLHQWV$PHULFDQMRXUQDORIEORRGUHVHDUFK

6PDOO71&DVVRQ$0DODN6)%RXODG).LHKQ7(6WLOHV-HWDO5HVSLUDWRU\
V\QF\WLDOYLUXVLQIHFWLRQIROORZLQJKHPDWRSRLHWLFVWHPFHOOWUDQVSODQWDWLRQ%RQH
0DUURZ7UDQVSODQW

:KLPEH\(&KDPSOLQ5(&RXFK5%(QJOXQG-$*RRGULFK-05DDG,HWDO
&RPPXQLW\UHVSLUDWRU\YLUXVLQIHFWLRQVDPRQJKRVSLWDOL]HGDGXOWERQHPDUURZ
WUDQVSODQWUHFLSLHQWV&OLQ,QIHFW'LV

+LUVFK++0DUWLQR5:DUG.1%RHFNK0(LQVHOH+/MXQJPDQ3)RXUWK
(XURSHDQ&RQIHUHQFHRQ,QIHFWLRQVLQ/HXNDHPLD(&,/JXLGHOLQHVIRU
GLDJQRVLVDQGWUHDWPHQWRIKXPDQUHVSLUDWRU\V\QF\WLDOYLUXVSDUDLQIOXHQ]DYLUXV
PHWDSQHXPRYLUXVUKLQRYLUXVDQGFRURQDYLUXV&OLQ,QIHFW'LV


*KRVK6&KDPSOLQ5((QJOXQG-*LUDOW6$5ROVWRQ.5DDG,HWDO
5HVSLUDWRU\V\QF\WLDOYLUXVXSSHUUHVSLUDWRU\WUDFWLOOQHVVHVLQDGXOWEORRGDQG
PDUURZWUDQVSODQWUHFLSLHQWVFRPELQDWLRQWKHUDS\ZLWKDHURVROL]HGULEDYLULQDQG
LQWUDYHQRXVLPPXQRJOREXOLQ%RQH0DUURZ7UDQVSODQW

:KLPEH\(&RXFK5%(QJOXQG-$$QGUHHII0 *RRGULFK-05DDG,,HWDO
5HVSLUDWRU\V\QF\WLDOYLUXVSQHXPRQLDLQKRVSLWDOL]HGDGXOWSDWLHQWVZLWK
OHXNHPLD&OLQ,QIHFW'LV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\

$33(1',&(6
$SSHQGL[ 
,QYHVWLJDWRU6LJQDWXUH3DJH
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
$SSHQGL[ 
0DQDJHPHQWRI&OLQLFDODQG/DERUDWRU\$GYHUVH(YHQWV
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDODQG
&RQWUDFHSWLYH5HTXLUHPHQWV




*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
9LVLW
6FUHHQLQJ
'D\
9LVLW%DVHOLQH
$VVHVVPHQWV
5DQGRPL]DWLRQ
DQG7UHDWPHQW
$VVHVVPHQWV
'D\
9LVLW
'D\

KRXUV
9LVLW
'D\

KRXUV
9LVLW
'D\

KRXUV
9LVLW
'D\

KRXUV
9LVLW
'D\

KRXUV
9LVLW
'D\ 

KRXUV
9LVLW
'D\

KRXUV
(QGRI
VWXG\'D\
GD\V
0XVWFRPSOHWHYLVLW LQWKH
KRVSLWDORUFOLQLF
;
;
;M
;
;
;
;
;
;
:ULWWHQ,QIRUPHG&RQVHQW
;
0HGLFDO+LVWRU\ DQG
'HPRJUDSKLFV
;
&KHVW;5D\
;D
6FUHHQLQJ/DEV
;E
8ULQH3UHJQDQF\7HVW
;F
)/8352
;
;
;
9LWDO6LJQV LQF2
6DWXUDWLRQ G
;
;
;
;
;
;
;
;
+HLJKW
;
:HLJKW
;
;
;
;
;
;
;
;
6DIHW\/DEVH
;
;
;
;
;
;
;
569DQWLERG\WLWHU
;
;
5699LUHPLD
;
;
;
;
;
;
;
1DVDO6DPSOHV I
;
;
;
;
;
;
;
;
;
5DQGRPL]DWLRQ
;


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
9LVLW
6FUHHQLQJ
'D\
9LVLW%DVHOLQH
$VVHVVPHQWV
5DQGRPL]DWLRQ
DQG7UHDWPHQW
$VVHVVPHQWV
'D\
9LVLW
'D\

KRXUV
9LVLW
'D\

KRXUV
9LVLW
'D\

KRXUV
9LVLW
'D\

KRXUV
9LVLW
'D\

KRXUV
9LVLW
'D\ 

KRXUV
9LVLW
'D\

KRXUV
(QGRI
VWXG\'D\
GD\V
,03 $GPLQLVWUDWLRQ
;
;
;
;
;
3.VDPSOH
;J
;L
;K
;K
;K
6HUXPFUHDWLQLQH
;N
;N
$GYHUVH(YHQWV
;
;
;
;
;
;
;
;
,&8 DGPLVVLRQV
KRVSLWDOL]DWLRQVVWDQGDUG
RIFDUHWHVWUHVXOWV
PHFKDQLFDOYHQWLODWLRQ
DQGVXSSOHPHQWDO2
;
;
;
;
;
;
&RQFRPLWDQW0HGLFDWLRQV
;
;
;
;
;
;
;
;
D
&KHVW;UD\ REWDLQHGGD\VSULRUWR6FUHHQLQJPD\EHXVHG
E
([LVWLQJYDOXHVFROOHFWHG  GD\VSULRUWR 6FUHHQLQJPD\EHXVHG
F
5HTXLUHGIRUZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\DQGRUELODWHUDORRSKRUHFWRP\
G
2QURRPDLU
H
+HPDWRORJ\DQGVHUXPFKHPLVWU\WRLQFOXGH:%&ZLWKGLIIHUHQWLDO+JESODWHOHWV%81FUHDWLQLQH VHUXPDOEXPLQ $67$/7DQGWRWDOELOLUXELQ
I
VDPSOHVWRWDORQHIURPHDFKQRVWULO ± FROOHFWHGSULRUWRGRVLQJRQGRVLQJGD\V
J
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\&ROOHFWHGDQGKRXUVSRVWGRVH
K
)RUDOOVXEMHFWV FROOHFWHGSUHGRVHRQ'D\SUHGRVHDQGKRXUVSRVWGRVHRQ'D\ DQGDQ\WLPHRQ'D\
L
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\3.LVFROOHFWHGDQ\WLPHGXULQJ9LVLWDQG9LVLWPXVWRFFXULQFOLQLF
M
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\6XEMHFWVQRWSDUWLFLSDWLQJLQWKH3.VXEJURXSFDQKDYHWKLVYLVLWFRPSOHWHGDWKRPH
N
)RUVXEMHFWVLQWKH3.VXEJURXSRQO\%ORRGGUDZIRUVHUXPFUHDWLQLQHKRXUVSRVWGRVHRQ'D\DQG'D\9LVLWDQG9LVLW 


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
$SSHQGL[ 
0DQDJHPHQWRI&OLQLFDODQG/DERUDWRU\$GYHUVH(YHQWV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
9HUVLRQ-XQHO
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
+HPRJORELQ
+,9326,7,9(
$GXOWDQG3HGLDWULF'D\V
 WR  JG/
WR J/
 WR JG/
 WR  J/
WR JG/
WR J/
 JG/
 J/
+,91(*$7,9(
$GXOWDQG3HGLDWULF'D\V
 WR  JG/
 WR  J/
25
$Q\GHFUHDVHIURP%DVHOLQH
WR JG/
WR J/
WR JG/
WR J/
25
$Q\GHFUHDVHIURP%DVHOLQH
WR JG/
WR J/
WR JG/
WR J/
25
$Q\GHFUHDVHIURP%DVHOLQH
 JG/
 J/
 JG/
 J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WRJG/
WRJ/
JG/
J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WR JG/
WR J/
 JG/
 J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WR JG/
WR J/
 JG/
 J/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
$EVROXWH1HXWURSKLO&RXQW
$1&
$GXOWDQG3HGLDWULF 'D\V
 WR PP
 WR PP
 WR PP
PP
 WR *,/
 WR*,/
 WR *,/
*,/
,QIDQW± 'D\V
WRPP
 WR *,/
WRPP
 WR *,/
WRPP
 WR *,/
PP
*,/
,QIDQW'D\
WRPP
 WR *,/
WRPP
 WR*,/
WRPP
 WR *,/
PP
*,/
$EVROXWH&'&RXQW
+,91(*$7,9(21/<
$GXOWDQG3HGLDWULF
!  <HDUV
 WR PP
 WR ȝ/
 WR PP
 WRȝ/
 WR PP
 WR ȝ/
PP
ȝ/
$EVROXWH/\PSKRF\WH&RXQW
+,91(*$7,9(21/<
$GXOWDQG3HGLDWULF
 <HDUV
WRPP
WR*,/
WRPP
WR*,/
WRPP
WR*,/
PP
*,/
3ODWHOHWV
WR PP
 WR *,/
WRPP
 WR*,/
WRPP
WR*,/
PP
 *,/
:%&V
PP WRPP
WRPP
WRPP
PP
 *,/ WR *,/
 WR *,/
WR *,/
*,/
+\SRILEULQRJHQHPLD
 WR  PJG/
WR PJG/
 WR PJG/
 PJG/
 WR  J/
 WR J/
WR J/
 J/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
+\SHUILEULQRJHQHPLD
8/1WR PJG/
 PJG/
²
²
8/1WR J/
 J/
²
²
)LEULQ6SOLW3URGXFW
WR ȝJP/
 WR ȝJP/
 WR ȝJP/
 ȝJP/
WR PJ/
WR PJ/
WR PJ/
 PJ/
3URWKURPELQ7LPH37
WR 8/1
WR 8/1
WR 8/1
8/1
,QWHUQDWLRQDO1RUPDOL]HG5DWLR
RISURWKURPELQWLPH,15
WR[8/1
!WR[8/1
!WR[8/1
![8/1
$FWLYDWHG3DUWLDO
7KURPERSODVWLQ7LPH$377
 WR 8/1
 WR 8/1
 WR 8/1
8/1
0HWKHPRJORELQ
 WR 
 WR 
 WR 



*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SRQDWUHPLD
WR//1P(T/
WR  P(T/
WR  P(T/
P(T/
WR //1PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
+\SHUQDWUHPLD
WRP(T/
WRP(T/
WRP(T/
P(T/
WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
+\SRNDOHPLD
WR P(T/
WR  P(T/
WR  P(T/
P(T/
WR PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
+\SHUNDOHPLD
WRP(T/
WR P(T/
WR P(T/
P(T/
WRPPRO/
WR PPRO/
WR PPRO/
PPRO/
+\SRJO\FHPLD
$GXOWDQG3HGLDWULF
 0RQWK
WR PJG/
WR  PJG/
WR  PJG/
PJG/
WR PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
,QIDQW  0RQWK
WR PJG/
WR PPRO/
WR PJG/
WR PPRO/
WR PJG/
WR PPRO/
PJG/
PPRO/
+\SHUJO\FHPLD1RQIDVWLQJ
 WR PJG/
WR PJG/
WR PJG/
PJG/
WR PPRO/
WR PPRO/
WR PPRO/
PPRO/
+\SHUJO\FHPLD)DVWLQJ
WRPJG/
WRPPRO/
!WRPJG/
!WRPPRO/
!WRPJG/
!WRPPRO/
!PJG/
!PPRO/
+\SRFDOFHPLD
FRUUHFWHGIRUDOEXPLQLI
DSSURSULDWH
$GXOWDQG3HGLDWULF
 'D\V
WRPJG/
WR PJG/
WR  PJG/
 PJG/
WRPPRO/
WR PPRO/
WR PPRO/
 PPRO/
,QIDQW  'D\V
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
PJG/
PPRO/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SHUFDOFHPLDFRUUHFWHG
IRUDOEXPLQLIDSSURSULDWH
$GXOWDQG3HGLDWULF
 'D\V
!8/1WRPJG/
WRPJG/
WRPJG/
PJG/
!8/1WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
,QIDQW  'D\V
WRPJG/
WRPPRO/
WRPJG/
!WRPPRO/
WRPJG/
!WRPPRO/
PJG/
!PPRO/
+\SRFDOFHPLDLRQL]HG
PJG/WR //1
WRPJG/
WR PJG/
PJG/
PPRO/WR //1
WR PPRO/
 WR PPRO/
PPRO/
+\SHUFDOFHPLDLRQL]HG
8/1WRPJG/
WRPJG/
WRPJG/
PJG/
8/1WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
+\SRPDJQHVHPLD
WR//1PJG/
WR//1P(T/
WR PJG/
WRP(T/
WR PJG/
WRP(T/
PJG/
P(T/
WR//1PPRO/
WR PPRO/
WR PPRO/
PPRO/
+\SRSKRVSKDWHPLD
$GXOWDQG3HGLDWULF
 <HDUV
WR//1PJG/
WRPJG/
WRPJG/
PJG/
WR//1PPRO/
WRPPRO/
WRPPRO/
PPRO/
3HGLDWULF<HDU±<HDUV
WRPJG/
WRPPRO/
WRPJG/
WR  PPRO/
WRPJG/
WR PPRO/
PJG/
 PPRO/
3HGLDWULF <HDU
WRPJG/
WRPPRO/
WR PJG/
WR  PPRO/
WRPJG/
WRPPRO/
PJG/
 PPRO/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SHUELOLUXELQHPLD
$GXOWDQG3HGLDWULF
!  'D\V
WR8/1
WR8/1
WR8/1
8/1
,QIDQW 'D\V
QRQKHPRO\WLF
1$
WRPJG/
WRȝPRO/
WRPJG/
!WRȝPRO/
PJG/
!ȝPRO/
,QIDQW 'D\V
KHPRO\WLF
1$
1$
WRPJG/
WRȝPRO/
PJG/
!ȝPRO/
%ORRG8UHD1LWURJHQ
WR8/1
WR8/1
WR8/1
8/1
+\SHUXULFHPLD
!8/1WRPJG/
WRPJG/
WRPJG/
PJG/
!8/1WRȝPRO/
WRȝPRO/
WRȝPRO/
ȝPRO/
+\SRXULFHPLD
PJG/WR //1
WR PJG/
WR PJG/
PJG/
ȝPRO/WR //1
WR ȝPRO/
WR ȝPRO/
ȝPRO/
&UHDWLQLQH
WRPJG/
WRPJG/
WRPJG/
PJG/
WRȝPRO/
WRȝPRO/
WRȝPRO/
ȝPRO/
%LFDUERQDWH
P(T/WR //1
WR P(T/
WR P(T/
P(T/
PPRO/WR //1
WR PPRO/
WR PPRO/
PPRO/
7ULJO\FHULGHV
)DVWLQJ
1$
WRPJG/
WRPJG/
PJG/
±PPRO/
±PPRO/
PPRO/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
/'/
)DVWLQJ
WRPJG/
!WRPJG/
!PJG/
1$
WRPPRO/
!WRPPRO/
!PPRO/
3HGLDWULF!WR\HDUV
WRPJG/
!WRPJG/
!PJG/
1$
WRPPRO/
!WRPPRO/
!PPRO/
+\SHUFKROHVWHUROHPLD
)DVWLQJ
WRPJG/
WRPJG/
PJG/
1$
WRPPRO/
WRPPRO/
PPRO/
3HGLDWULF<HDUV
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
PJG/
PPRO/
1$
&UHDWLQH.LQDVH
WR 8/1
WR 8/1
WR 8/1
8/1
&DOFLXPVKRXOGEHFRUUHFWHGIRUDOEXPLQLIDOEXPLQLVJG/


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
(1=<0(6
*UDGH
*UDGH
*UDGH
*UDGH
$676*27
WR8/1
WR8/1
WR8/1
8/1
$/76*37
WR8/1
WR8/1
WR8/1
8/1
**7
WR8/1
WR8/1
WR8/1
8/1
$ONDOLQH3KRVSKDWDVH
WR8/1
WR8/1
WR8/1
8/1
7RWDO$P\ODVH
WR8/1
WR8/1
WR8/1
8/1
3DQFUHDWLF$P\ODVH
WR8/1
WR8/1
WR8/1
8/1
/LSDVH
WR8/1
WR8/1
WR8/1
8/1
$OEXPLQ
JG/WR//1
J/WR//1
WRJG/
WRJ/
JG/
J/
1$


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
85,1$/<6,6
*UDGH
*UDGH
*UDGH
*UDGH
+HPDWXULD'LSVWLFN



1$
+HPDWXULD4XDQWLWDWLYH
6HH1RWHEHORZ
)HPDOHV
!8/1  5%&+3)
 5%&+3)
!5%&+3)
1$
0DOHV
5%&+3)
 5%&+3)
!5%&+3)
1$
3URWHLQXULD'LSVWLFN

±

1$
3URWHLQXULD+RXU&ROOHFWLRQ
$GXOWDQG3HGLDWULF
<HDUV
WR PJ K
!WR PJK
! WR PJK
PJK
3HGLDWULF0RWR
  <HDUV
WR PJP K
! WR PJPK
! WR PJPK
PJPK
*O\FRVXULD'LSVWLFN



1$
1RWHV
7R[LFLW\JUDGHVIRU4XDQWLWDWLYHDQG'LSVWLFN+HPDWXULDZLOOEHDVVLJQHGE\&RYDQFH/DERUDWRU\KRZHYHUIRURWKHUODERUDWRULHVWR[LFLW\JUDGHVZLOORQO\EHDVVLJQHGWR'LSVWLFN
+HPDWXULD
:LWKWKHH[FHSWLRQRIOLSLGWHVWVDQ\JUDGHGODERUDWRU\WHVWZLWKDUHVXOWWKDWLVEHWZHHQWKH//1DQG8/1VKRXOGEHDVVLJQHG*UDGH
,IWKHVHYHULW\RIDFOLQLFDO$(FRXOGIDOOXQGHUHLWKHURQHRIWZRJUDGHVHJWKHVHYHULW\RIDQ$(FRXOGEHHLWKHU*UDGH RU*UDGHVHOHFWWKHKLJKHURIWKHWZRJUDGHVIRUWKH
$(


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
&$5',29$6&8/$5
*UDGH
*UDGH
*UDGH
*UDGH
&DUGLDF$UUK\WKPLDJHQHUDO
%\(&*RUSK\VLFDOH[DP
$V\PSWRPDWLF$1'1R
LQWHUYHQWLRQLQGLFDWHG
$V\PSWRPDWLF$1'1RQ
XUJHQWPHGLFDOLQWHUYHQWLRQ
LQGLFDWHG
6\PSWRPDWLFQRQOLIH
WKUHDWHQLQJ$1'1RQ
XUJHQWPHGLFDOLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJDUUK\WKPLD
258UJHQWLQWHUYHQWLRQ
LQGLFDWHG
&DUGLDFLVFKHPLD,QIDUFWLRQ
1$
1$
6\PSWRPDWLFLVFKHPLD
VWDEOHDQJLQD257HVWLQJ
FRQVLVWHQWZLWKLVFKHPLD
8QVWDEOHDQJLQD25$FXWH
P\RFDUGLDOLQIDUFWLRQ
+HPRUUKDJHVLJQLILFDQWDFXWH
EORRGORVV
1$
6\PSWRPDWLF$1'1R
WUDQVIXVLRQLQGLFDWHG
6\PSWRPDWLF$1'
7UDQVIXVLRQRI XQLWV
SDFNHG5%&VIRUFKLOGUHQ
 FFNJLQGLFDWHG
/LIHWKUHDWHQLQJK\SRWHQVLRQ
257UDQVIXVLRQRI XQLWV
SDFNHG5%&VLQGLFDWHGIRU
FKLOGUHQ FFNJLQGLFDWHG
+\SHUWHQVLRQZLWKUHSHDW
WHVWLQJDWVDPHYLVLW
± PP+JV\VWROLF
25
±PP+JGLDVWROLF
±PP+JV\VWROLF
25
±PP+JGLDVWROLF
 PP+JV\VWROLF
25
 PP+JGLDVWROLF
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJPDOLJQDQWK\SHUWHQVLRQ
25+RVSLWDOL]DWLRQRWKHUWKDQ
(5YLVLWLQGLFDWHG
3HGLDWULF <HDUVZLWK
UHSHDWWHVWLQJDWVDPHYLVLW
1$
VW±WKSHUFHQWLOHDGMXVWHG
IRUDJHKHLJKWDQGJHQGHU
V\VWROLFDQGRUGLDVWROLF
 WKSHUFHQWLOHDGMXVWHG
IRUDJHKHLJKWDQGJHQGHU
V\VWROLFDQGRUGLDVWROLF
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJPDOLJQDQWK\SHUWHQVLRQ
25+RVSLWDOL]DWLRQLQGLFDWHG
RWKHUWKDQHPHUJHQF\URRP
YLVLW
+\SRWHQVLRQ
1$
6\PSWRPDWLFFRUUHFWHGZLWK
RUDOIOXLGUHSODFHPHQW
6\PSWRPDWLF,9IOXLGV
LQGLFDWHG
6KRFNUHTXLULQJXVHRI
YDVRSUHVVRUVRUPHFKDQLFDO
DVVLVWDQFHWRPDLQWDLQEORRG
SUHVVXUH
3HULFDUGLDO(IIXVLRQ
$V\PSWRPDWLFVPDOO
HIIXVLRQUHTXLULQJQR
LQWHUYHQWLRQ
$V\PSWRPDWLFPRGHUDWHRU
ODUJHUHIIXVLRQUHTXLULQJQR
LQWHUYHQWLRQ
(IIXVLRQZLWKQRQOLIH
WKUHDWHQLQJSK\VLRORJLF
FRQVHTXHQFHV25(IIXVLRQ
ZLWKQRQXUJHQWLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJWDPSRQDGH258UJHQW
LQWHUYHQWLRQLQGLFDWHG


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
&$5',29$6&8/$5
*UDGH
*UDGH
*UDGH
*UDGH
3URORQJHG35,QWHUYDO
35LQWHUYDO
WRVHF
35LQWHUYDO
VHF
7\SH,,QGGHJUHH$9
EORFN259HQWULFXODUSDXVH
VHF
&RPSOHWH$9EORFN
3HGLDWULF<HDUV
VWGHJUHH$9EORFN
35!QRUPDOIRUDJHDQG
UDWH
7\SH,QGGHJUHH$9EORFN
7\SH,,QGGHJUHH$9
EORFN
&RPSOHWH$9EORFN
3URORQJHG47F
$V\PSWRPDWLF47FLQWHUYDO
WRVHF25,QFUHDVH
LQWHUYDOVHFDERYH
EDVHOLQH
$V\PSWRPDWLF47FLQWHUYDO
WRVHF25,QFUHDVH
LQLQWHUYDOWRVHF
DERYHEDVHOLQH
$V\PSWRPDWLF47FLQWHUYDO
 VHF25,QFUHDVHLQ
LQWHUYDO VHFDERYH
EDVHOLQH
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJ7RUVDGHGH
SRLQWHVRURWKHUDVVRFLDWHG
VHULRXVYHQWULFXODU
G\VUK\WKPLD
3HGLDWULF <HDUV
$V\PSWRPDWLF47FLQWHUYDO
WRVHF
$V\PSWRPDWLF47FLQWHUYDO
WRVHF
$V\PSWRPDWLF47FLQWHUYDO
VHF
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJ7RUVDGHGH
SRLQWHVRURWKHUDVVRFLDWHG
VHULRXVYHQWULFXODU
G\VUK\WKPLD
7KURPERVLV(PEROLVP
1$
'HHSYHLQWKURPERVLV$1'
1RLQWHUYHQWLRQLQGLFDWHGHJ
DQWLFRDJXODWLRQO\VLVILOWHU
LQYDVLYHSURFHGXUH
'HHSYHLQWKURPERVLV$1'
,QWHUYHQWLRQLQGLFDWHGHJ
DQWLFRDJXODWLRQO\VLVILOWHU
LQYDVLYHSURFHGXUH
(PEROLFHYHQWHJSXOPRQDU\
HPEROLVPOLIHWKUHDWHQLQJ
WKURPEXV
9DVRYDJDO(SLVRGHDVVRFLDWHG
ZLWKDSURFHGXUHRIDQ\NLQG
3UHVHQWZLWKRXWORVVRI
FRQVFLRXVQHVV
3UHVHQWZLWKWUDQVLHQWORVVRI
FRQVFLRXVQHVV
1$
1$
9HQWULFXODU'\VIXQFWLRQ
FRQJHVWLYHKHDUWIDLOXUH
&+)
1$
$V\PSWRPDWLFGLDJQRVWLF
ILQGLQJ$1'LQWHUYHQWLRQ
LQGLFDWHG
1HZRQVHWZLWKV\PSWRPV
25:RUVHQLQJV\PSWRPDWLF
&+)
/LIHWKUHDWHQLQJ&+)


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
5(63,5$725<
*UDGH
*UDGH
*UDGH
*UDGH
%URQFKRVSDVPDFXWH
)(9RUSHDNIORZUHGXFHGWR
WR
)(9RUSHDNIORZWR
)(9RUSHDNIORZWR

&\DQRVLV25)(9RUSHDNIORZ
25,QWXEDWLRQ
'\VSQHDRU5HVSLUDWRU\
'LVWUHVV
'\VSQHDRQH[HUWLRQZLWKQR
RUPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'\VSQHDRQH[HUWLRQFDXVLQJ
JUHDWHUWKDQPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'\VSQHDDWUHVWFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
5HVSLUDWRU\IDLOXUHZLWK
YHQWLODWRU\VXSSRUWLQGLFDWHG
3HGLDWULF<HDUV
:KHH]LQJ25PLQLPDO
LQFUHDVHLQUHVSLUDWRU\UDWHIRU
DJH
1DVDOIODULQJ25,QWHUFRVWDO
UHWUDFWLRQV253XOVHR[LPHWU\
WR
'\VSQHDDWUHVWFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
253XOVHR[LPHWU\
5HVSLUDWRU\IDLOXUHZLWK
YHQWLODWRU\VXSSRUWLQGLFDWHG
2&8/$59,68$/
*UDGH
*UDGH
*UDGH
*UDGH
8YHLWLV
$V\PSWRPDWLFEXWGHWHFWDEOH
RQH[DP
6\PSWRPDWLFDQWHULRUXYHLWLV25
0HGLFDOLQWHUYHQWLRQLQGLFDWHG
3RVWHULRURUSDQXYHLWLV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
'LVDEOLQJYLVXDOORVVLQDIIHFWHG
H\HV
9LVXDO&KDQJHVIURP
%DVHOLQH
9LVXDOFKDQJHVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9LVXDOFKDQJHVFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9LVXDOFKDQJHVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJYLVXDOORVVLQDIIHFWHG
H\HV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
6.,1
*UDGH
*UDGH
*UDGH
*UDGH
$ORSHFLD
7KLQQLQJGHWHFWDEOHE\
VWXG\SDUWLFLSDQWRU
FDUHJLYHUIRUGLVDEOHG
DGXOWV
7KLQQLQJRUSDWFK\KDLUORVV
GHWHFWDEOHE\KHDOWKFDUH
SURYLGHU
&RPSOHWHKDLUORVV
1$
&XWDQHRXV5HDFWLRQ± 5DVK
/RFDOL]HGPDFXODUUDVK
'LIIXVHPDFXODU
PDFXORSDSXODURU
PRUELOOLIRUPUDVK257DUJHW
OHVLRQV
'LIIXVHPDFXODU
PDFXORSDSXODURUPRUELOOLIRUP
UDVKZLWKYHVLFOHVRUOLPLWHG
QXPEHURIEXOODH25
6XSHUILFLDOXOFHUDWLRQVRI
PXFRXVPHPEUDQHOLPLWHGWR
RQHVLWH
([WHQVLYHRUJHQHUDOL]HG
EXOORXVOHVLRQV25
6WHYHQV-RKQVRQV\QGURPH
258OFHUDWLRQRIPXFRXV
PHPEUDQHLQYROYLQJWZR
RUPRUHGLVWLQFWPXFRVDO
VLWHV257R[LFHSLGHUPDO
QHFURO\VLV7(1
+\SHUSLJPHQWDWLRQ
6OLJKWRUORFDOL]HG
0DUNHGRUJHQHUDOL]HG
1$
1$
+\SRSLJPHQWDWLRQ
6OLJKWRUORFDOL]HG
0DUNHGRUJHQHUDOL]HG
1$
1$
3UXULWLVLWFKLQJ± QRVNLQ
OHVLRQV
6HHDOVR,QMHFWLRQ6LWH
5HDFWLRQV3UXULWLVDVVRFLDWHG
ZLWKLQMHFWLRQ
,WFKLQJFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
,WFKLQJFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
,WFKLQJFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
1$


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
*$6752,17(67,1$/
*UDGH
*UDGH
*UDGH
*UDGH
$QRUH[LD
/RVVRIDSSHWLWHZLWKRXW
GHFUHDVHGRUDOLQWDNH
/RVVRIDSSHWLWHDVVRFLDWHGZLWK
GHFUHDVHGRUDOLQWDNHZLWKRXW
VLJQLILFDQWZHLJKWORVV
/RVVRIDSSHWLWHDVVRFLDWHG
ZLWKVLJQLILFDQWZHLJKWORVV
/LIHWKUHDWHQLQJFRQVHTXHQFHV
25$JJUHVVLYHLQWHUYHQWLRQ
LQGLFDWHG>HJWXEHIHHGLQJRU
WRWDOSDUHQWHUDOQXWULWLRQ@
$VFLWHV
$V\PSWRPDWLF
6\PSWRPDWLF$1',QWHUYHQWLRQ
LQGLFDWHGHJGLXUHWLFVRU
WKHUDSHXWLFSDUDFHQWHVLV
6\PSWRPDWLFGHVSLWH
LQWHUYHQWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
&KROHF\VWLWLV
1$
6\PSWRPDWLF$1'0HGLFDO
LQWHUYHQWLRQLQGLFDWHG
5DGLRORJLFHQGRVFRSLFRU
RSHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJVHSVLVRUSHUIRUDWLRQ
&RQVWLSDWLRQ
1$
3HUVLVWHQWFRQVWLSDWLRQUHTXLULQJ
UHJXODUXVHRIGLHWDU\
PRGLILFDWLRQVOD[DWLYHVRU
HQHPDV
2EVWLSDWLRQZLWKPDQXDO
HYDFXDWLRQLQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJREVWUXFWLRQ
'LDUUKHD
$GXOWDQG3HGLDWULF
 <HDU
7UDQVLHQWRULQWHUPLWWHQW
HSLVRGHVRIXQIRUPHGVWRROV
25,QFUHDVHRI VWRROV
RYHUEDVHOLQH KU
3HUVLVWHQWHSLVRGHVRIXQIRUPHG
WRZDWHU\VWRROV25,QFUHDVHRI
±VWRROVRYHUEDVHOLQHSHU
 KUV
%ORRG\GLDUUKHD25,QFUHDVH
RI VWRROVSHUKRXU
SHULRG25,9IOXLG
UHSODFHPHQWLQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN
3HGLDWULF <HDU
/LTXLGVWRROVPRUH
XQIRUPHGWKDQXVXDOEXW
XVXDOQXPEHURIVWRROV
/LTXLGVWRROVZLWKLQFUHDVHG
QXPEHURIVWRROV250LOG
GHK\GUDWLRQ
/LTXLGVWRROVZLWKPRGHUDWH
GHK\GUDWLRQ
/LTXLGVWRROVUHVXOWLQJLQ
VHYHUHGHK\GUDWLRQZLWK
DJJUHVVLYHUHK\GUDWLRQ
LQGLFDWHG25+\SRWHQVLYH
VKRFN
'\VSKDJLD2G\QRSKDJLD
6\PSWRPDWLFEXWDEOHWRHDW
XVXDOGLHW
6\PSWRPVFDXVLQJDOWHUHG
GLHWDU\LQWDNHZLWKRXWPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJVHYHUHO\
DOWHUHGGLHWDU\LQWDNHZLWK
PHGLFDOLQWHUYHQWLRQLQGLFDWHG
/LIHWKUHDWHQLQJUHGXFWLRQLQ
RUDOLQWDNH


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
*$6752,17(67,1$/
*UDGH
*UDGH
*UDGH
*UDGH
0XFRVLWLV6WRPDWLWLV
FOLQLFDOH[DP
6HHDOVR3URFWLWLV
'\VSKDJLD2G\QRSKDJLD
(U\WKHPDRIWKHPXFRVD
3DWFK\SVHXGRPHPEUDQHVRU
XOFHUDWLRQV
&RQIOXHQWSVHXGRPHPEUDQHV
RUXOFHUDWLRQV250XFRVDO
EOHHGLQJZLWKPLQRUWUDXPD
7LVVXHQHFURVLV25'LIIXVH
VSRQWDQHRXVPXFRVDOEOHHGLQJ
25/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJDVSLUDWLRQ
FKRNLQJ
1DXVHD
7UDQVLHQW KRXUVRU
LQWHUPLWWHQWQDXVHDZLWKQR
RUPLQLPDOLQWHUIHUHQFHZLWK
RUDOLQWDNH
3HUVLVWHQW QDXVHDUHVXOWLQJLQ
GHFUHDVHGRUDOLQWDNHIRU±
KRXUV
3HUVLVWHQWQDXVHDUHVXOWLQJLQ
PLQLPDORUDOLQWDNHIRU
KRXUV25$JJUHVVLYH
UHK\GUDWLRQLQGLFDWHGHJ
,9 IOXLGV
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN
3DQFUHDWLWLV
1$
6\PSWRPDWLF$1'
+RVSLWDOL]DWLRQQRWLQGLFDWHG
RWKHUWKDQ(5YLVLW
6\PSWRPDWLF$1'
+RVSLWDOL]DWLRQLQGLFDWHG
RWKHUWKDQ(5YLVLW
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJVHSVLVFLUFXODWRU\IDLOXUH
KHPRUUKDJH
3URFWLWLVIXQFWLRQDO
V\PSWRPDWLF
$OVRVHH0XFRVLWLV
6WRPDWLWLVIRU&OLQLFDO
([DP
5HFWDOGLVFRPIRUW$1'1R
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
0HGLFDOLQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO
IXQFWLRQDODFWLYLWLHV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJSHUIRUDWLRQ
9RPLWLQJ
7UDQVLHQWRULQWHUPLWWHQW
YRPLWLQJZLWKQRRU
PLQLPDOLQWHUIHUHQFHZLWK
RUDOLQWDNH
)UHTXHQWHSLVRGHVRIYRPLWLQJ
ZLWKQRRUPLOG GHK\GUDWLRQ
3HUVLVWHQWYRPLWLQJUHVXOWLQJ
LQRUWKRVWDWLFK\SRWHQVLRQ25
$JJUHVVLYHUHK\GUDWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
$OWHUDWLRQLQ3HUVRQDOLW\
%HKDYLRURULQ0RRGHJ
DJLWDWLRQDQ[LHW\
GHSUHVVLRQPDQLD
SV\FKRVLV
$OWHUDWLRQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
$OWHUDWLRQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
$OWHUDWLRQFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
%HKDYLRUSRWHQWLDOO\KDUPIXO
WRVHOIRURWKHUVHJ
VXLFLGDOKRPLFLGDOLGHDWLRQRU
DWWHPSWDFXWHSV\FKRVLV25
&DXVLQJLQDELOLW\WRSHUIRUP
EDVLFVHOIFDUHIXQFWLRQV
$OWHUHG0HQWDO6WDWXV
)RU 'HPHQWLDVHH&RJQLWLYH
DQG%HKDYLRUDO$WWHQWLRQDO
'LVWXUEDQFHLQFOXGLQJ
GHPHQWLDDQG$''
&KDQJHVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
0LOGOHWKDUJ\RUVRPQROHQFH
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
&RQIXVLRQPHPRU\
LPSDLUPHQWOHWKDUJ\RU
VRPQROHQFHFDXVLQJLQDELOLW\
WRSHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'HOLULXP25REWXQGDWLRQ25
FRPD
$WD[LD
$V\PSWRPDWLFDWD[LD
GHWHFWDEOHRQH[DP25
0LQLPDODWD[LDFDXVLQJQR
RUPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPDWLFDWD[LDFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
6\PSWRPDWLFDWD[LDFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJDWD[LDFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
&RJQLWLYHDQG
%HKDYLRUDO$WWHQWLRQDO
'LVWXUEDQFHLQFOXGLQJ
GHPHQWLDDQG$WWHQWLRQ
'HILFLW'LVRUGHU
'LVDELOLW\FDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV256SHFLDOL]HG
UHVRXUFHVQRWLQGLFDWHG
'LVDELOLW\FDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV256SHFLDOL]HG
UHVRXUFHVRQSDUWWLPHEDVLV
LQGLFDWHG
'LVDELOLW\FDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
6SHFLDOL]HGUHVRXUFHVRQD
IXOOWLPHEDVLVLQGLFDWHG
'LVDELOLW\FDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV25
,QVWLWXWLRQDOL]DWLRQLQGLFDWHG
&16,VFKHPLD
DFXWH
1$
1$
7UDQVLHQWLVFKHPLFDWWDFN
&HUHEUDOYDVFXODUDFFLGHQW
&9$VWURNHZLWK
QHXURORJLFDOGHILFLW


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
'HYHORSPHQWDOGHOD\±
3HGLDWULF<HDUV
0LOGGHYHORSPHQWDOGHOD\
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWH
IRUWKHVHWWLQJ
0RGHUDWHGHYHORSPHQWDO
GHOD\HLWKHUPRWRURU
FRJQLWLYHDVGHWHUPLQHGE\
FRPSDULVRQZLWKD
GHYHORSPHQWDOVFUHHQLQJWRRO
DSSURSULDWHIRUWKHVHWWLQJ
6HYHUHGHYHORSPHQWDOGHOD\
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWHIRU
WKHVHWWLQJ
'HYHORSPHQWDOUHJUHVVLRQ
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWHIRU
WKHVHWWLQJ
+HDGDFKH
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV25+RVSLWDOL]DWLRQ
LQGLFDWHGRWKHUWKDQ(5YLVLW
25+HDGDFKHZLWKVLJQLILFDQW
LPSDLUPHQWRIDOHUWQHVVRU
RWKHUQHXURORJLFIXQFWLRQ
,QVRPQLD
1$
'LIILFXOW\VOHHSLQJFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDOIXQFWLRQDODFWLYLWLHV
'LIILFXOW\VOHHSLQJFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJLQVRPQLDFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
1HXURPXVFXODU:HDNQHVV
LQFOXGLQJP\RSDWK\	
QHXURSDWK\
$V\PSWRPDWLFZLWK
GHFUHDVHGVWUHQJWKRQH[DP
250LQLPDOPXVFOHZHDN
QHVVFDXVLQJQRRUPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
0XVFOHZHDNQHVVFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
0XVFOHZHDNQHVVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJPXVFOHZHDNQHVV
FDXVLQJLQDELOLW\WRSHUIRUP
EDVLFVHOIFDUHIXQFWLRQV25
5HVSLUDWRU\PXVFOHZHDNQHVV
LPSDLULQJYHQWLODWLRQ
1HXURVHQVRU\$OWHUDWLRQ
LQFOXGLQJSDUHVWKHVLDDQG
SDLQIXOQHXURSDWK\
$V\PSWRPDWLFZLWKVHQVRU\
DOWHUDWLRQRQH[DPRU
PLQLPDOSDUHVWKHVLDFDXVLQJ
QRRUPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
6HQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6HQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJVHQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
6HL]XUHQHZRQVHW
1$
VHL]XUH
±VHL]XUHV
6HL]XUHVRIDQ\NLQGWKDWDUH
SURORQJHGUHSHWLWLYHHJ
VWDWXVHSLOHSWLFXVRUGLIILFXOW
WRFRQWUROHJUHIUDFWRU\
HSLOHSV\
6HL]XUHSUHH[LVWLQJ
)RU:RUVHQLQJRI([LVWLQJ
(SLOHSV\WKH*UDGHV6KRXOG
%H%DVHGRQDQ,QFUHDVH
IURP3UHYLRXV/HYHORI
&RQWUROWR$Q\RI7KHVH
/HYHOV
1$
,QFUHDVHGIUHTXHQF\RISUH
H[LVWLQJVHL]XUHVQRQ
UHSHWLWLYHZLWKRXWFKDQJHLQ
VHL]XUHFKDUDFWHU25
LQIUHTXHQWEUHDNWKURXJK
VHL]XUHVZKLOHRQVWDEOHPHGV
LQDSUHYLRXVO\FRQWUROOHG
VHL]XUHGLVRUGHU
&KDQJHLQVHL]XUHFKDUDFWHU
IURPEDVHOLQHHLWKHULQ
GXUDWLRQRUTXDOLW\HJ
VHYHULW\RUIRFDOLW\
6HL]XUHVRIDQ\NLQGWKDWDUH
SURORQJHGUHSHWLWLYHHJ
VWDWXVHSLOHSWLFXVRUGLIILFXOW
WRFRQWUROHJUHIUDFWRU\
HSLOHSV\
6HL]XUH
± 3HGLDWULF<HDUV
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ
  PLQXWHVZLWK  KRXUV
SRVWLFWDOVWDWH
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ±
PLQXWHVZLWK
KRXUVSRVWLFWDOVWDWH
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ
!PLQXWHV
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQUHTXLULQJ
LQWXEDWLRQDQGVHGDWLRQ
6\QFRSHQRWDVVRFLDWHG
ZLWKDSURFHGXUH
1$
3UHVHQW
1$
1$
9HUWLJR
9HUWLJRFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9HUWLJRFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9HUWLJRFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJYHUWLJRFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
086&8/26.(/(7$/
*UDGH
*UDGH
*UDGH
*UDGH
$UWKUDOJLD
6HHDOVR$UWKULWLV
-RLQWSDLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
-RLQWSDLQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
-RLQWSDLQFDXVLQJLQDELOLW\
WRSHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJMRLQWSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
$UWKULWLV
6HHDOVR$UWKUDOJLD
6WLIIQHVVRUMRLQWVZHOOLQJ
FDXVLQJQRRUPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6WLIIQHVVRUMRLQWVZHOOLQJFDXVLQJ
JUHDWHUWKDQPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6WLIIQHVVRUMRLQWVZHOOLQJ
FDXVLQJLQDELOLW\WRSHUIRUP
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'LVDEOLQJMRLQWVWLIIQHVVRU
VZHOOLQJFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV
%RQH0LQHUDO/RVV
%0'WVFRUHRU]VFRUH
±WR±
%0'WVFRUHRU]VFRUH ±
3DWKRORJLFDOIUDFWXUH
LQFOXGLQJORVVRIYHUWHEUDO
KHLJKW
3DWKRORJLFIUDFWXUHFDXVLQJ
OLIHWKUHDWHQLQJFRQVHTXHQFHV
3HGLDWULF <HDUV
%0']VFRUH
±WR±
%0']VFRUH±
3DWKRORJLFDOIUDFWXUH
LQFOXGLQJORVVRIYHUWHEUDO
KHLJKW
3DWKRORJLFIUDFWXUHFDXVLQJ
OLIHWKUHDWHQLQJFRQVHTXHQFHV
0\DOJLD
QRQLQMHFWLRQVLWH
0XVFOHSDLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
0XVFOHSDLQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
0XVFOHSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJPXVFOHSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
2VWHRQHFURVLV
1$
$V\PSWRPDWLFZLWKUDGLRJUDSKLF
ILQGLQJV$1'1RRSHUDWLYH
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPDWLFERQHSDLQZLWK
UDGLRJUDSKLFILQGLQJV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
'LVDEOLQJERQHSDLQZLWK
UDGLRJUDSKLFILQGLQJVFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
6<67(0,&
*UDGH
*UDGH
*UDGH
*UDGH
$FXWH6\VWHPLF$OOHUJLF
5HDFWLRQ
/RFDOL]HGXUWLFDULD
ZKHDOVZLWKQRPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
/RFDOL]HGXUWLFDULDZLWKPHGLFDO
LQWHUYHQWLRQLQGLFDWHG250LOG
DQJLRHGHPDZLWKQRPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
*HQHUDOL]HGXUWLFDULD25
$QJLRHGHPDZLWKPHGLFDO
LQWHUYHQWLRQLQGLFDWHG25
6\PSWRPDWLFPLOG
EURQFKRVSDVP
$FXWHDQDSK\OD[LV25/LIH
WKUHDWHQLQJEURQFKRVSDVP25
ODU\QJHDOHGHPD
&KLOOV
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
1$
)DWLJXH
0DODLVH
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
,QFDSDFLWDWLQJIDWLJXHPDODLVH
V\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV
)HYHUQRQD[LOODU\
&WR&
)WR)
&WR&
)WR)
&WR&
)WR)
&
)
3DLQ ,QGLFDWH%RG\6LWH
6HHDOVR,QMHFWLRQ6LWH
3DLQ+HDGDFKH
$UWKUDOJLDDQG0\DOJLD
3DLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
3DLQFDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
3DLQFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV25
+RVSLWDOL]DWLRQRWKHUWKDQ(5
YLVLWLQGLFDWHG
8QLQWHQWLRQDO:HLJKW
/RVV
1$
WRORVVLQERG\ZHLJKWIURP
EDVHOLQH
WRORVVLQERG\
ZHLJKWIURPEDVHOLQH
ORVVLQERG\ZHLJKW
IURPEDVHOLQH25$JJUHVVLYH
LQWHUYHQWLRQLQGLFDWHG>HJ
WXEHIHHGLQJRUWRWDOSDUHQWHUDO
QXWULWLRQ@


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
,1-(&7,216,7(5($&7,21
*UDGH
*UDGH
*UDGH
*UDGH
,QMHFWLRQ6LWH3DLQSDLQ
ZLWKRXWWRXFKLQJ
2U7HQGHUQHVVSDLQZKHQ
DUHDLVWRXFKHG
3DLQWHQGHUQHVVFDXVLQJQR
RUPLQLPDOOLPLWDWLRQRIXVH
RIOLPE
3DLQWHQGHUQHVVOLPLWLQJXVHRI
OLPE253DLQWHQGHUQHVV
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
3DLQWHQGHUQHVVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
3DLQWHQGHUQHVVFDXVLQJLQDELOLW\
WRSHUIRUPEDVLFVHOIFDUH
IXQFWLRQ25+RVSLWDOL]DWLRQ
RWKHUWKDQ(5YLVLWLQGLFDWHG
IRUPDQDJHPHQWRI
SDLQWHQGHUQHVV
,QMHFWLRQ6LWH5HDFWLRQ
/RFDOL]HG <HDUV
(U\WKHPD25,QGXUDWLRQ
RI  FPWR  FPRU
FP
(U\WKHPD25,QGXUDWLRQ25
(GHPD FPDQ\GLDPHWHU
RU FP
8OFHUDWLRQ256HFRQGDU\
LQIHFWLRQ253KOHELWLV25
6WHULOHDEVFHVV25'UDLQDJH
1HFURVLVLQYROYLQJGHUPLVDQG
GHHSHUWLVVXH
3HGLDWULF <HDUV
(U\WKHPD25,QGXUDWLRQ
25(GHPDSUHVHQWEXW
 FPGLDPHWHU
(U\WKHPD25,QGXUDWLRQ
25(GHPD!  FP
GLDPHWHUEXW VXUIDFH
DUHDRIWKHH[WUHPLW\
VHJPHQWHJXSSHU
DUPWKLJK
(U\WKHPD25,QGXUDWLRQ
25(GHPDLQYROYLQJ
VXUIDFHDUHDRIWKH
H[WUHPLW\VHJPHQWHJ
XSSHUDUPWKLJK25
8OFHUDWLRQ256HFRQGDU\
LQIHFWLRQ253KOHELWLV25
6WHULOHDEVFHVV25
'UDLQDJH
1HFURVLVLQYROYLQJGHUPLVDQG
GHHSHUWLVVXH
3UXULWLV$VVRFLDWHGZLWK
,QMHFWLRQ
6HHDOVR6NLQ3UXULWLV
LWFKLQJ²QRVNLQOHVLRQV
,WFKLQJORFDOL]HGWRLQMHFWLRQ
VLWH$1'5HOLHYHG
VSRQWDQHRXVO\RUZLWK
 KWUHDWPHQW
,WFKLQJEH\RQGWKHLQMHFWLRQ
VLWHEXWQRWJHQHUDOL]HG25
,WFKLQJORFDOL]HGWRLQMHFWLRQ
VLWHUHTXLULQJ KWUHDWPHQW
*HQHUDOL]HGLWFKLQJFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
1$


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
(1'2&5,1(0(7$%2/,&
*UDGH
*UDGH
*UDGH
*UDGH
/LSRG\VWURSK\HJEDFN
RIQHFNEUHDVWV
DEGRPHQ
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXV
FKDQJHVRQFDVXDOYLVXDO
LQVSHFWLRQ
1$
'LDEHWHV0HOOLWXV
1$
1HZRQVHWZLWKRXWQHHGWRLQLWLDWH
PHGLFDWLRQ250RGLILFDWLRQRI
FXUUHQWPHGVWRUHJDLQJOXFRVH
FRQWURO
1HZRQVHWZLWKLQLWLDWLRQRI
LQGLFDWHGPHG25'LDEHWHV
XQFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJNHWRDFLGRVLV
K\SHURVPRODUQRQNHWRWLF
FRPD
*\QHFRPDVWLD
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXVRQ
FDVXDOYLVXDOLQVSHFWLRQ
1$
+\SHUWK\URLGLVP
$V\PSWRPDWLF
6\PSWRPDWLFFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
7K\URLGVXSSUHVVLRQWKHUDS\
LQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
8QFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJWK\URLGVWRUP
+\SRWK\URLGLVP
$V\PSWRPDWLF
6\PSWRPDWLFFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
7K\URLGUHSODFHPHQWWKHUDS\
LQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
8QFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJP\[HGHPDFRPD
/LSRDWURSK\HJIDWORVV
IURPWKHIDFHH[WUHPLWLHV
EXWWRFNV
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXVRQ
FDVXDOYLVXDOLQVSHFWLRQ
1$


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
*(1,7285,1$5<
*UDGH
*UDGH
*UDGH
*UDGH
,QWHUPHQVWUXDO%OHHGLQJ
,0%
6SRWWLQJREVHUYHGE\SDUWLFLSDQW
250LQLPDOEORRGREVHUYHG
GXULQJFOLQLFDORUFROSRVFRSLF
H[DP
,QWHUPHQVWUXDOEOHHGLQJQRW
JUHDWHULQGXUDWLRQRUDPRXQW
WKDQXVXDOPHQVWUXDOF\FOH
,QWHUPHQVWUXDOEOHHGLQJJUHDWHU
LQGXUDWLRQRU DPRXQWWKDQXVXDO
PHQVWUXDOF\FOH
+HPRUUKDJHZLWKOLIH
WKUHDWHQLQJK\SRWHQVLRQ25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
8ULQDU\7UDFW
REVWUXFWLRQHJVWRQH
1$
6LJQVRUV\PSWRPVRIXULQDU\
WUDFWREVWUXFWLRQZLWKRXW
K\GURQHSKURVLVRUUHQDO
G\VIXQFWLRQ
6LJQVRUV\PSWRPVRIXULQDU\
WUDFWREVWUXFWLRQZLWK
K\GURQHSKURVLVRUUHQDO
G\VIXQFWLRQ
2EVWUXFWLRQFDXVLQJOLIH
WKUHDWHQLQJFRQVHTXHQFHV
,1)(&7,21
*UDGH
*UDGH
*UDGH
*UDGH
,QIHFWLRQDQ\RWKHU
WKDQ+,9LQIHFWLRQ
/RFDOL]HGQRV\VWHPLFDQWLȝELDO
WUHDWPHQWLQGLFDWHG$1'
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\VWHPLFDQWLȝELDOWUHDWPHQW
LQGLFDWHG256\PSWRPV
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
6\VWHPLFDQWLȝELDOWUHDWPHQW
LQGLFDWHG$1'6\PSWRPV
FDXVLQJLQDELOLW\WRSHUIRUP
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV252SHUDWLYH
LQWHUYHQWLRQRWKHUWKDQVLPSOH
LQFLVLRQDQGGUDLQDJHLQGLFDWHG
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJVHSWLF
VKRFN
%DVLF6HOIFDUH)XQFWLRQV $FWLYLWLHVVXFKDVEDWKLQJGUHVVLQJWRLOHWLQJWUDQVIHUPRYHPHQWFRQWLQHQFHDQGIHHGLQJ
8VXDO6RFLDO	)XQFWLRQDO$FWLYLWLHV $GDSWLYHWDVNVDQGGHVLUDEOHDFWLYLWLHVVXFKDVJRLQJWRZRUNVKRSSLQJFRRNLQJXVHRIWUDQVSRUWDWLRQSXUVXLQJ DKREE\HWF


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ
3RWHQWLDODQG&RQWUDFHSWLYH5HTXLUHPHQWV
 3UHJQDQF\DQG&RQWUDFHSWLRQ5HTXLUHPHQWVIRU0DOHVDQG)HPDOHVRI&KLOGEHDULQJ
3RWHQWLDO
7KHULVNVRIWUHDWPHQWZLWK*6 GXULQJSUHJQDQF\KDYHQRWEHHQHYDOXDWHG'DWDDYDLODEOH
DWWKLVWLPHVXJJHVWWKDWWKLVGUXJGRHVQRWKDYHDGUXJGUXJLQWHUDFWLRQ '', ZLWKKRUPRQHV
XVHGIRUFRQWUDFHSWLRQ3OHDVHUHIHUWRWKHODWHVWYHUVLRQRIWKH*6,% IRUDGGLWLRQDO
LQIRUPDWLRQ
 'HILQLWLRQRI)HPDOHRI&KLOGEHDULQJ3RWHQWLDO
)RUWKHSXUSRVHVRIWKLVVWXG\D IHPDOH VXEMHFWRIFKLOGEHDULQJSRWHQWLDOLVDZRPDQZKRKDVQRW
KDGDK\VWHUHFWRP\ELODWHUDORRSKRUHFWRP\RUPHGLFDOO\GRFXPHQWHGRYDULDQIDLOXUH7KLV
GHILQLWLRQLQFOXGHVSXEHUWDOIHPDOHVUHJDUGOHVVRIZKHWKHURUQRWVKHKDVKDGDPHQVHV
SUHPHQDUFKDO7DQQHU 6WDJHDQGSHULPHQRSDXVDOZRPHQZKRKDYHKDGDVSRQWDQHRXV
PHQVHVLQWKHODVWPRQWKV$ZRPDQZKRKDVKDGDWXEDOVWHULOL]DWLRQLVFRQVLGHUHGWREHRI
FKLOGEHDULQJSRWHQWLDO

:RPHQ \HDUVRIDJHZLWKDPHQRUUKHDRIDQ\GXUDWLRQZLOOEHFRQVLGHUHGWREHRI
FKLOGEHDULQJSRWHQWLDOXQOHVVWKH\KDYHKDGDK\VWHUHFWRP\ELODWHUDORRSKRUHFWRP\RU
PHGLFDOO\GRFXPHQWHGRYDULDQIDLOXUH

:RPHQ! \HDUVRIDJHZLWKFHVVDWLRQIRUPRQWKVRISUHYLRXVO\RFFXUULQJPHQVHV
GXHWRRYDULDQIDLOXUHZLOOQRWEHFRQVLGHUHGWREHRIFKLOGEHDULQJSRWHQWLDO
 &RQWUDFHSWLYH5HTXLUHPHQWVIRU)HPDOHV
)HPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOPXVWDJUHHWRXVHSURWRFRO VSHFLILHG PHWKRGVRI
KLJKO\HIIHFWLYHFRQWUDFHSWLRQIURPWKHVFUHHQLQJHQUROOPHQWYLVLWWKURXJKRXWWKHVWXG\SHULRG
DQGIRU GD\VIROORZLQJWKHODVWGRVHRI*6 RUFKRRVHFRQWLQXRXVKHWHURVH[XDODEVWLQHQFH
DVDOLIHVW\OHFKRLFH7KHLQYHVWLJDWRUVKRXOGFRXQVHOVXEMHFWVRQWKHSURWRFRO VSHFLILHG
PHWKRGVIRUDYRLGLQJSUHJQDQF\GXULQJWKHVWXG\7KHVHPHWKRGVDUHUHFRPPHQGHGGXHWRWKH
ORZIDLOXUHUDWHLHOHVVWKDQSHU\HDU6HH$SSHQGL[ 7DEOH  IRUWKHSURWRFRO VSHFLILHG
KLJKO\HIIHFWLYH FRQWUDFHSWLYHPHWKRGV
)HPDOHVWXG\VXEMHFWVZKRDUHQRWKHWHURVH[XDOO\DFWLYH PXVWKDYHSHULRGLFFRQILUPDWLRQRI
FRQWLQXHGDEVWLQHQFHIURPKHWHURVH[XDOLQWHUFRXUVHDQGUHJXODUSUHJQDQF\WHVWLQJZKLOHWDNLQJ
*67KHLQYHVWLJDWRUVKRXOGFRXQVHOVXEMHFWVRQWKHSURWRFRO VSHFLILHG PHWKRGVIRU
DYRLGLQJSUHJQDQF\LQFDVHWKHVXEMHFWFKRRVHVWRHQJDJHLQ KHWHURVH[XDOLQWHUFRXUVH
)HPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOPXVWKDYHDQHJDWLYHXULQH SUHJQDQF\WHVWDWVFUHHQLQJ
/DFWDWLQJIHPDOHVPXVWGLVFRQWLQXHQXUVLQJEHIRUH,03 DGPLQLVWUDWLRQ


*6
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
2ULJLQDO
&21),'(17,$/
3DJH 
0D\
$SSHQGL[ 7DEOH 
3URWRFRO 6SHFLILHG +LJKO\(IIHFWLYH&RQWUDFHSWLYH0HWKRGV
6LQJOH0HWKRGV
&RPELQDWLRQ0HWKRGV
,QWUDXWHULQH'HYLFHV,8'V

&RSSHU7$,8'

/1J,8'
3URJHVWHURQH

,PSODQW

,QMHFWLRQ
7XEDO6WHULOL]DWLRQ
9DVHFWRP\ZLWK'RFXPHQWHG
$]RVSHUPLDPRQWKV$IWHUWKH
3URFHGXUH
(VWURJHQDQG3URJHVWHURQHSOXV%DUULHU

&RPELQHGRUDOFRQWUDFHSWLYHVSOXVEDUULHU

7UDQVGHUPDOSDWFKSOXVEDUULHU

9DJLQDOULQJSOXVEDUULHU
7ZR%DUULHU0HWKRGV

'LDSKUDJPVSHUPLFLGHSOXVFRQGRP
ZKLFKUHVXOWLQDORZIDLOXUHUDWHLHOHVVWKDQ SHU\HDUZKHQXVHGFRQVLVWHQWO\DQGFRUUHFWO\
$FFHSWDEOHEDUULHUPHWKRGVLQFOXGHGLDSKUDJPZLWKVSHUPLFLGHDQGWKHPDOHFRQGRP,IWXEDO
VWHULOL]DWLRQLVYLDWKH(VVXUHSURFHGXUHYHULILFDWLRQRIWXEDOEORFNDJHE\K\VWHURVDOSLQJRJUDP
+63PXVWEHSHUIRUPHGDSSUR[LPDWHO\PRQWKVDIWHUPLFURLQVHUWLRQ3ULRUWRYHULILFDWLRQ
(VVXUHLVQRWFRQVLGHUHGDUHOLDEOHIRUPRIFRQWUDFHSWLRQDQGDQRWKHUFRQWUDFHSWLRQPHWKRG
GHVFULEHGDERYHVKRXOGEHXVHG
 &RQWUDFHSWLYH5HTXLUHPHQWVIRU0DOHV
0DOHVXEMHFWVPXVWDJUHHWRXVHFRQGRPVDQGDYRLGVSHUPGRQDWLRQIURPWKH
VFUHHQLQJHQUROOPHQWYLVLWWKURXJKRXWWKHVWXG\SHULRGDQGIRU GD\VDIWHUDGPLQLVWUDWLRQRIWKH
ODVWGRVHRI*6
8VHRIFRQGRPVZLWKRUZLWKRXWVSHUPLFLGHKDVEHHQSURYHQWRGHFUHDVHWKHULVNRI
WUDQVPLVVLRQRI+,9DQGRWKHUVH[XDOO\WUDQVPLWWHGGLVHDVHV7KHXVHRIVSHUPLFLGHLVQRW
UHFRPPHQGHGLIWKHVXEMHFW¶VSDUWQHULVLQIHFWHGZLWK+,9
 3URFHGXUHVWREH)ROORZHGLQWKH(YHQWRI3UHJQDQF\
6XEMHFWVVKRXOGEHLQVWUXFWHGWRQRWLI\WKHLQYHVWLJDWRULIWKH\EHFRPHSUHJQDQWDWDQ\WLPH
GXULQJWKHVWXG\RULIWKH\EHFRPHSUHJQDQWZLWKLQ GD\VRIODVW,03 GRVH 6XEMHFWVZKR
EHFRPHSUHJQDQWRUZKRVXVSHFWWKDWWKH\DUHSUHJQDQWGXULQJWKHVWXG\PXVWUHSRUWWKH
LQIRUPDWLRQWRWKHLQYHVWLJDWRUDQGGLVFRQWLQXH,03 LPPHGLDWHO\7KHLQYHVWLJDWRUVKRXOGUHSRUW
DOOSUHJQDQFLHVWR*LOHDG'63+XVLQJWKHSUHJQDQF\UHSRUWIRUPZLWKLQKRXUVRIEHFRPLQJ
DZDUHRIWKHSUHJQDQF\7KHLQYHVWLJDWRUVKRXOGFRXQVHOWKHVXEMHFWUHJDUGLQJWKHSRVVLEOH
HIIHFWVRISULRU,03 H[SRVXUHRQWKHIHWXVDQGWKHQHHGWRLQIRUPWKHVWXG\VLWHRIWKHRXWFRPHRI
WKHSUHJQDQF\6XEMHFWVZKRVHSDUWQHUKDVEHFRPHSUHJQDQWRUVXVSHFWVVKHLVSUHJQDQWGXULQJ
WKHVWXG\PXVWUHSRUWWKHLQIRUPDWLRQWRWKHLQYHVWLJDWRU,QVWUXFWLRQVIRUUHSRUWLQJSUHJQDQF\
SDUWQHUSUHJQDQF\ DQGSUHJQDQF\RXWFRPHDUHRXWOLQHGLQ6HFWLRQ 