Clinical trial NCT02175277
Conditions: Myelodysplastic Syndrome (MDS)
Keywords: Myelodysplastic Syndrome (MDS) Darbepoetin alfa low risk MDS intermediate-1 risk MDS International Prognostic Scoring System (IPSS)
Sponsor: Amgen
Start date: 2014-06-12; Completion date: 2017-03-20
Enrollment: 9 participants; Allocation: NA; Intervention model: SINGLE_GROUP

Brief summary:
The primary objective of the study was to provide required access of investigational product (darbepoetin alfa) beyond the end of the active treatment period (EOATP) of the darbepoetin alfa MDS 20090160 (NCT01362140) study for patients who had continued demonstration of benefit from darbepoetin alfa treatment and to describe the safety of longer-term use in this patient population.

Detailed description:
This is a phase 3b, multi-centre, open-label, single-arm companion study to the MDS 20090160 study (NCT01362140) for the treatment of anaemic patients with MDS. Participants who completed the active-treatment period of the darbepoetin alfa MDS 20090160 study and met the eligibility criteria could be enrolled into this study to continue treatment of darbepoetin alfa for up to 73 weeks or until progression to acute myelogenous leukemia (AML), whichever occurs first.

Arms: arm 1: Participants received darbepoetin alfa for up to 73 weeks or until progression to acute myeloid leukemia (AML), whichever occurred first.
Interventions: intervention 1: Darbepoetin Alfa
Intervention descriptions: intervention 1: The first dose of darbepoetin alfa was the same as that administered at the last dosing visit of the active treatment period in Study 20090160. Doses could be increased up to a maximum of 500 μg every two weeks (Q2W).

Protocol documents:
Prot_002.pdf: 
3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI
7LWOH6LQJOHDUP&RPSDQLRQ6WXG\WR0\HORG\VSODVWLF6\QGURPH0'6
8VLQJ'DUEHSRHWLQDOIDIRUWKH7UHDWPHQWRI$QDHPLF6XEMHFWV:LWK
0\HORG\VSODVWLF6\QGURPH
$PJHQ3URWRFRO1XPEHU'DUEHSRHWLQDOID
(XGUD&7QXPEHU
&OLQLFDO6WXG\6SRQVRU
$PJHQ,QF
2QH$PJHQ&HQWHU'ULYH
7KRXVDQG2DNV&DOLIRUQLD86$
.H\6SRQVRU&RQWDFW
&OLQLFDO5HVHDUFK6WXG\0DQDJHU
$PJHQ/WG
8[EULGJH%XVLQHVV3DUN
6DQGHUVRQ5RDG
8[EULGJH0LGGOHVH[8.8%'+
'DWH
$SULO
&RQILGHQWLDOLW\1RWLFH
7KLVGRFXPHQWFRQWDLQVFRQILGHQWLDOLQIRUPDWLRQRI$PJHQ,QF
7KLVGRFXPHQWPXVWQRWEHGLVFORVHGWRDQ\RQHRWKHUWKDQWKHVLWHVWXG\VWDIIDQG
PHPEHUVRIWKHLQVWLWXWLRQDOUHYLHZERDUGLQGHSHQGHQWHWKLFVFRPPLWWHHLQVWLWXWLRQDO
VFLHQWLILFUHYLHZERDUGRUHTXLYDOHQW
7KHLQIRUPDWLRQLQWKLVGRFXPHQWFDQQRWEHXVHGIRUDQ\SXUSRVHRWKHUWKDQWKH
HYDOXDWLRQRUFRQGXFWRIWKHFOLQLFDOLQYHVWLJDWLRQZLWKRXWWKHSULRUZULWWHQFRQVHQWRI
$PJHQ,QF
,I\RXKDYHTXHVWLRQVUHJDUGLQJKRZWKLVGRFXPHQWPD\EHXVHGRUVKDUHGFDOOWKH
$PJHQ0HGLFDO,QIRUPDWLRQQXPEHU)RUDOORWKHUVWXG\UHODWHG
TXHVWLRQVFRQWDFWWKH.H\6SRQVRU&RQWDFW
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH
PPD
PPD
1&71XPEHU
7KLV1&7QXPEHUKDVEHHQDSSOLHGWRWKHGRFXPHQW
IRUSXUSRVHVRISRVWLQJRQFOLQLFDOWULDOVJRY





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

,QYHVWLJDWRU¶V$JUHHPHQW
,KDYHUHDGWKHDWWDFKHGSURWRFROHQWLWOHGD³6LQJOH$UP&RPSDQLRQ6WXG\WR
0\HORG\VSODVWLF6\QGURPH0'68VLQJ'DUEHSRHWLQDOIDIRUWKH7UHDWPHQW
RI$QDHPLF6XEMHFWV:LWK0\HORG\VSODVWLF6\QGURPH´GDWHG$SULODQGDJUHHWR
DELGHE\DOOSURYLVLRQVVHWIRUWKWKHUHLQ
,DJUHHWRFRPSO\ZLWKWKH,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ,&+7ULSDUWLWH
*XLGHOLQHRQ*RRG&OLQLFDO3UDFWLFH*&3DQGDSSOLFDEOHQDWLRQDORUUHJLRQDO
UHJXODWLRQVJXLGHOLQHV
,DJUHHWRHQVXUHWKDW)LQDQFLDO'LVFORVXUH6WDWHPHQWVZLOOEHFRPSOHWHGE\
x
PHLQFOXGLQJLIDSSOLFDEOHP\VSRXVH>RUOHJDOSDUWQHU@DQGGHSHQGHQWFKLOGUHQ
x
P\VXELQYHVWLJDWRUVLQFOXGLQJLIDSSOLFDEOHWKHLUVSRXVHV>RUOHJDOSDUWQHUV@DQG
GHSHQGHQWFKLOGUHQ
DWWKHVWDUWRIWKHVWXG\DQGIRUXSWRRQH\HDUDIWHUWKHVWXG\LVFRPSOHWHGLIWKHUHDUH
FKDQJHVWKDWDIIHFWP\ILQDQFLDOGLVFORVXUHVWDWXV
,DJUHHWRHQVXUHWKDWWKHFRQILGHQWLDOLQIRUPDWLRQFRQWDLQHGLQWKLVGRFXPHQWZLOOQRWEH
XVHGIRUDQ\SXUSRVHRWKHUWKDQWKHHYDOXDWLRQRUFRQGXFWRIWKHFOLQLFDOLQYHVWLJDWLRQ
ZLWKRXWWKHSULRUZULWWHQFRQVHQWRI$PJHQ,QF



6LJQDWXUH


1DPHRI,QYHVWLJDWRU

'DWH''0RQWK<<<<
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

3URWRFRO6\QRSVLV
7LWOH6LQJOH$UP&RPSDQLRQ6WXG\WR0\HORG\VSODVWLF6\QGURPH0'68VLQJ
'DUEHSRHWLQDOIDIRUWKH7UHDWPHQWRI$QDHPLF6XEMHFWV:LWK0\HORG\VSODVWLF6\QGURPH
6WXG\3KDVHE
,QGLFDWLRQ0\HORG\VSODVWLF6\QGURPH
3ULPDU\2EMHFWLYH7RSURYLGHUHTXLUHGDFFHVVRILQYHVWLJDWLRQDOSURGXFWGDUEHSRHWLQDOID
EH\RQGWKHHQGRIDFWLYHWUHDWPHQWSHULRGRIWKH'DUEHSRHWLQDOID0'6VWXG\IRU
VXEMHFWVWKDWKDYHFRQWLQXHGGHPRQVWUDWLRQRIEHQHILWIURPGDUEHSRHWLQDOIDWUHDWPHQWDQGWR
GHVFULEHWKHVDIHW\RIORQJHUWHUPXVHLQWKLVSDWLHQWSRSXODWLRQ
+\SRWKHVLV$IRUPDOVWDWLVWLFDOK\SRWKHVLVZLOOQRWEHWHVWHG7UHDWPHQWHPHUJHQWDGYHUVH
HYHQWVSURJUHVVLRQWR$0/DQGGHDWKZLOOEHVXPPDULVHG
3ULPDU\(QGSRLQW6XEMHFWLQFLGHQFHRIWUHDWPHQWHPHUJHQWDGYHUVHHYHQWV
6WXG\'HVLJQ7KLVLVDSKDVHEPXOWLFHQWUHRSHQODEHOVLQJOHDUPFRPSDQLRQVWXG\WRWKH
0'6VWXG\IRUWKHWUHDWPHQWRIDQDHPLFVXEMHFWVZLWK0'66XEMHFWVWKDWFRPSOHWH
WKHDFWLYHWUHDWPHQWSHULRGRIWKHGDUEHSRHWLQDOID0'6VWXG\DQGPHHWWKHHOLJLELOLW\
FULWHULDPD\EHHQUROOHGLQWRWKLVVWXG\WRFRQWLQXHWUHDWPHQWRIGDUEHSRHWLQDOIDIRUXSWR
ZHHNVRUXQWLOSURJUHVVLRQWR$0/ZKLFKHYHURFFXUVILUVW$0/SURJUHVVLRQLQWKLVVWXG\ZLOO
EHDVVHVVHGDFFRUGLQJWR:RUOG+HDOWK2UJDQL]DWLRQ:+2JXLGHOLQHVSHULSKHUDORUEODVWFHOOV
SUHVHQFHRISDWKRJQRPRQLF$0/F\WRJHQHWLFFKDQJHRUHYLGHQFHRIPDUURZEODVWFULWHULD
IRUHU\WKUROHXNHPLD9DUGLPDQHWDO
6DPSOH6L]H7KHQXPEHURIVXEMHFWVZLOOEHGHWHUPLQHGE\WKHQXPEHURIVXEMHFWVZKRDUH
UDQGRPLVHGWRWKHGDUEHSRHWLQDOIDPHHWWKHHQWU\FULWHULDIRUWKHSURWRFRODQGVLJQ
LQIRUPHGFRQVHQW
6XPPDU\RI6XEMHFW(OLJLELOLW\&ULWHULD7KLVVWXG\ZLOOHQUROO0'6VXEMHFWVWKDWKDYH
FRPSOHWHGGRVLQJLQWKHDFWLYHWUHDWPHQWSHULRGXSWRZHHNRUZHHNDQGWKHHQGRIWKH
DFWLYHWUHDWPHQWSHULRG($273YLVLWRIWKH'DUEHSRHWLQDOID0'6VWXG\6XEMHFWV
PXVWKDYHDQRQJRLQJFOLQLFDOO\UHOHYDQWHU\WKURLGUHVSRQVHDWZHHNLQWKHSDUHQW
VWXG\SHUWKHLQYHVWLJDWRUFOLQLFDOMXGJPHQW6XEMHFWVZLWK0'6WKDWKDYHNQRZQ
SURJUHVVLRQWRLQWHUPHGLDWHRUKLJKULVNSHUWKH0'6,QWHUQDWLRQDO3URJQRVWLF6FRULQJ6\VWHP
,366DUHQRWHOLJLEOH6XEMHFWVZKRKDYHSURJUHVVHGWRDFXWHP\HORJHQRXVOHXNHPLD$0/
DUHQRWHOLJLEOH)RUDIXOOOLVWRIHOLJLELOLW\FULWHULDSOHDVHUHIHUWR6HFWLRQDQG6HFWLRQ
,QYHVWLJDWLRQDO3URGXFW
$PJHQ,QYHVWLJDWLRQDO3URGXFW'RVDJHDQG$GPLQLVWUDWLRQ
(OLJLEOHVXEMHFWVZLOOUHFHLYHWKHILUVWGRVHRIVXEFXWDQHRXV6&GDUEHSRHWLQDOIDDWWKHVDPH
GRVHWKDWZDVODVWDGPLQLVWHUHGDWWKHODVWGRVLQJYLVLWRIWKHDFWLYHWUHDWPHQWSHULRGLQWKH
GDUEHSRHWLQDOID0'6VWXG\ZHHNRUZHHNGHSHQGLQJRQWKHGRVLQJIUHTXHQF\
LQWKHDFWLYHWUHDWPHQWSHULRGRIWKHVWXG\
,QYHVWLJDWRUVPD\HOHFWWRPDLQWDLQVXEMHFWVRQWKHVDPHGRVLQJIUHTXHQF\RUFKDQJHWKHGRVLQJ
IUHTXHQF\GHSHQGLQJRQHU\WKURLGUHVSRQVHDQG+EYDOXHVHH6HFWLRQ
$GMXVWPHQWWRWKHGDUEHSRHWLQDOIDGRVHZLOOEHPDGHEDVHGRQWKHPRVWUHFHQWORFDOODERUDWRU\
+EYDOXHREWDLQHGZLWKLQGD\EHIRUHWKHGRVLQJYLVLWDQGWDNLQJLQWRDFFRXQWWUDQVIXVLRQ
LQIRUPDWLRQ,QYHVWLJDWRUVVKRXOGFORVHO\PRQLWRU+EYDOXHVDQGKROGWKHGRVHRI,3ZKHQWKH+E
H[FHHGVWKHJG/WKUHVKROGUHIHUWR6HFWLRQIRUIXOOGRVLQJJXLGHOLQHV
3URFHGXUHV9LWDOVLJQVLQFOXGLQJEORRGSUHVVXUHORFDOODERUDWRU\+E5%&WUDQVIXVLRQGDWD
DQGVDIHW\UHSRUWLQJZLOOEHSHUIRUPHGDWHDFKYLVLW$QHQGRIVWXG\(26YLVLWZLOOEHSHUIRUPHG
DWZHHNRUZHHNVDIWHUODVWGRVHRIGDUEHSRHWLQDOIDIRUVXEMHFWVZKRZLWKGUDZIURPWKH
VWXG\HDUOLHU)RUDIXOOOLVWRIVWXG\SURFHGXUHVLQFOXGLQJWKHWLPLQJRIHDFKSURFHGXUHSOHDVH
UHIHUWR6HFWLRQDQGWKH6FKHGXOHRI$VVHVVPHQWV7DEOH
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

6WDWLVWLFDO&RQVLGHUDWLRQV$OOVWXG\UHVXOWVZLOOEHGHVFULSWLYHZLWKQRLQIHUHQWLDOWHVWV
7UHDWPHQWHPHUJHQWDGYHUVHHYHQWVSURJUHVVLRQWR$0/DQGGHDWKVZLOOEHVXPPDUL]HGZLWK
GHVFULSWLYHVWDWLVWLFV7UHDWPHQWHPHUJHQWDGYHUVHHYHQWVZLOOEHVXPPDULVHGE\V\VWHPRUJDQ
FODVVDQGSUHIHUUHGWHUP7DEOHVRIIDWDODGYHUVHHYHQWVVHULRXVDGYHUVHHYHQWVDGYHUVHHYHQWV
OHDGLQJWRZLWKGUDZDOIURP,3DQGVLJQLILFDQWWUHDWPHQWHPHUJHQWDGYHUVHHYHQWVZLOODOVREH
SURYLGHG)RUDIXOOGHVFULSWLRQRIVWDWLVWLFDODQDO\VLVPHWKRGVSOHDVHUHIHUWR6HFWLRQ
6SRQVRU$PJHQ,QF

'(6YHUVLRQGDWH
9HUVLRQ-DQXDU\

3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH






3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

6WXG\'HVLJQDQG7UHDWPHQW6FKHPD






















6
&
5
(
(
1
,
1
*
(
1
5
2
/
/
0
(
1
7
(
1
'

2
)

6
7
8
'
<
'DUEHSRHWLQDOID
ȝJ4:4:

'RVHDQGIUHTXHQF\EDVHGRQ
ORFDO+EDQGLQYHVWLJDWRU
GLVFUHWLRQZLWKLQGRVLQJ
JXLGHOLQHV
'
:
:
:
:
(QGRI
6WXG\
,QIRUPHG
&RQVHQW
6LJQHG
(QURO
'RVLQJ9LVLW
x
,QIRUPHG&RQVHQW(OLJLELOLW\$VVHVVPHQWVDQG(QUROOPHQWFDQRFFXURQWKHVDPHGD\
x
'D\ZHHNGRVLQJYLVLWLVH[SHFWHGWRDOLJQZLWKWKHHQGRIWKHDFWLYHWUHDWPHQWSHULRG(2$73
YLVLWRIWKH0'6VWXG\ZLQGRZGD\V
x
(QGRI6WXG\YLVLWSHUIRUPHGZHHNVGD\VDIWHUODVWGRVHRILQYHVWLJDWLRQDOSURGXFW,36HULRXV
DGYHUVHHYHQWVREVHUYHGE\LQYHVWLJDWRURUUHSRUWHGE\WKHVXEMHFWWKDWRFFXUWKURXJKGD\VDIWHU
ODVWGRVHRI,3PXVWEHUHSRUWHGWR$PJHQ

' 'D\+E KHPRJORELQ4: WKUHHWLPHVSHUZHHN4: WZRWLPHVSHUZHHN: ZHHN
:
:
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

6WXG\*ORVVDU\
$EEUHYLDWLRQRU7HUP
'HILQLWLRQ([SODQDWLRQ
T
0'6ZLWKLVRODWHGGHOT
$&6
$FXWHFRURQDU\V\QGURPH
$,'6
$FTXLUHG,PPXQRGHILFLHQF\6\QGURPH
$/7
$ODQLQHWUDQVDPLQDVH
$0/
$FXWHP\HORJHQRXVOHXNHPLD
$1&
$EVROXWHQHXWURSKLOFRXQW
$6&2
$PHULFDQ6RFLHW\RI&OLQLFDO2QFRORJ\
$6+
$PHULFDQ6RFLHW\RI+HPDWRORJ\
$67
$VSDUWDWHDPLQRWUDQVIHUDVH
$7(
$UWHULDOWKURPERHPEROLFHYHQW
%DVHOLQHKDHPRJORELQ
+DHPRJORELQYDOXHPHDVXUHGRQVWXG\GD\WKHGD\RIILUVW
DGPLQLVWUDWLRQRI,3EHIRUHDGPLQLVWUDWLRQRI,3DQGDVVHVVHGE\WKH
ORFDOODERUDWRU\
&,
&RQILGHQFHLQWHUYDO
&00/
&KURQLF0\HORPRQRF\WLF/HXNHPLD
H&5)
(OHFWURQLFFDVHUHSRUWIRUP
&7&$(
&RPPRQ7HUPLQRORJ\&ULWHULDIRU$GYHUVH(YHQWV
'*+2
'HXWVFKH*HVHOOVFKDIWIU+lPDWRORJLHXQG2QNRORJLH*HUPDQ
$VVRFLDWLRQIRU+DHPDWRORJ\DQG2QFRORJ\
',/,
'UXJLQGXFHGOLYHULQMXU\
'97
'HHSYHLQWKURPERVLV
(QGRIVWXG\(26
6XEMHFWVZLOOQRWUHFHLYH,3EH\RQGZHHN7KHRYHUDOOHQGRI
VWXG\ZLOORFFXURQFHDOOVXEMHFWVHQUROOHGDQGGRVHGZLWK,3HLWKHU
ZLWKGUDZIURPWKHVWXG\HDUO\GLHRUFRPSOHWHWKHWUHDWPHQWSHULRG
RIWKHVWXG\7KHHQGRIVWXG\IRUDQLQGLYLGXDOVXEMHFWZLOORFFXU
HLWKHUZKHQWKHVXEMHFWLVZLWKGUDZQIURPWKHVWXG\GLHVRU
FRPSOHWHVWKHILQDO(26YLVLW
(QGRIWKHDFWLYH
WUHDWPHQWSHULRGYLVLW
(2$73
7KHILQDOUHTXLUHGYLVLWLQWKH0'6VWXG\IRUVXEMHFWVWKDW
FRPSOHWH,3WUHDWPHQWSHUSURWRFROWKURXJKZHHN2QO\
VXEMHFWVWKDWFRPSOHWHDOO,3WUHDWPHQWLQWKH0'6VWXG\
DUHSRWHQWLDOO\HOLJLEOHWRSDUWLFLSDWHLQWKHVWXG\
(QURO(QUROOHGRU
(QUROPHQW
(QUROPHQWLVGHILQHGDVWKHSRLQWLQWLPHZKHQWKHVXEMHFWKDV
FRPSOHWHGUHTXLUHGVFUHHQLQJSURFHGXUHVDOOHOLJLELOLW\FULWHULDDUH
PHWDQGWKHVXEMHFWUHFHLYHVWKHILUVWGRVHRI,3RQGD\ZHHN
(6$
(U\WKURSRLHVLVVWLPXODWLQJDJHQW
)$%
)UHQFK$PHULFDQ%ULWLVK
*&3
*RRG&OLQLFDO3UDFWLFH
*&6)
*UDQXORF\WHFRORQ\VWLPXODWLQJIDFWRU
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

$EEUHYLDWLRQRU7HUP
'HILQLWLRQ([SODQDWLRQ
JG/
*UDPVSHUGHFLOLWHU
+E
+DHPRJORELQ
,&)
,QIRUPHGFRQVHQWIRUP
,&+
,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ
,'
,GHQWLILFDWLRQ
,(&
,QGHSHQGHQWHWKLFVFRPPLWWHH
,15
,QWHUQDWLRQDOQRUPDOL]HGUDWLR
,QWHUDFWLYH9RLFH
5HVSRQVH6\VWHP,956
7HOHFRPPXQLFDWLRQWHFKQRORJ\WKDWLVOLQNHGWRDFHQWUDOFRPSXWHULQ
UHDOWLPHDVDQLQWHUIDFHWRFROOHFWDQGSURFHVVLQIRUPDWLRQ
,3
,QYHVWLJDWLRQDOSURGXFW
,3,0
,QYHVWLJDWLRQDO3URGXFW,QVWUXFWLRQ0DQXDO
,366
,QWHUQDWLRQDO3URJQRVWLF6FRULQJ6\VWHP
,:*
,QWHUQDWLRQDO:RUNLQJ*URXS
,8
,QWHUQDWLRQDOXQLW
0'6
0\HORG\VSODVWLFV\QGURPH
3(
3XOPRQDU\HPEROLVP
4:
2QFHZHHNO\
4:
2QFHHYHU\ZHHNV
4:
2QFHHYHU\ZHHNV
5$
5HIUDFWRU\DQDHPLD
5$(%
5HIUDFWRU\DQDHPLDZLWKH[FHVVEODVWV
5$56
5HIUDFWRU\DQDHPLDZLWKULQJVLGHUREODVW
5%&
5HGEORRGFHOO
U+X(SR
5HFRPELQDQWKXPDQHU\WKURSRLHWLQ
6&
6XEFXWDQHRXV
6RXUFH'DWD
,QIRUPDWLRQIURPDQRULJLQDOUHFRUGRUFHUWLILHGFRS\RIWKHRULJLQDO
UHFRUGFRQWDLQLQJSDWLHQWLQIRUPDWLRQIRUXVHLQFOLQLFDOUHVHDUFK
7KHLQIRUPDWLRQPD\LQFOXGHEXWLVQRWOLPLWHGWRFOLQLFDOILQGLQJV
REVHUYDWLRQVRURWKHUDFWLYLWLHVLQDFOLQLFDOWULDOQHFHVVDU\IRUWKH
UHFRQVWUXFWLRQDQGHYDOXDWLRQRIWKHWULDO6RXUFHGDWDDUHFRQWDLQHG
LQVRXUFHGRFXPHQWVRULJLQDOUHFRUGVRUFHUWLILHGFRSLHV>,&+
*XLGHOLQH(@
6WXG\GD\
7KHILUVWGD\WKDWSURWRFROVSHFLILHG,3LVDGPLQLVWHUHGWRWKHVXEMHFW
7,$
7UDQVLHQWLVFKHPLFDWWDFN
79(
7KURPERYDVFXODUHYHQW
PJ
0LFURJUDP
8/1
8SSHUOLPLWRIQRUPDO
97(
9HQRXVWKURPERHPEROLFHYHQW
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

$EEUHYLDWLRQRU7HUP
'HILQLWLRQ([SODQDWLRQ
:+2
:RUOG+HDOWK2UJDQL]DWLRQ
:366
:+2FODVVLILFDWLRQ±EDVHG3URJQRVWLF6FRULQJ6\VWHP

3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

7$%/(2)&217(176

3DJH
3URWRFRO6\QRSVLV 
6WXG\'HVLJQDQG7UHDWPHQW6FKHPD 
6WXG\*ORVVDU\ 
 
2%-(&7,9(6 
 
%$&.*5281'$1'5$7,21$/( 
 
'LVHDVH 
 
$PJHQ,QYHVWLJDWLRQDO3URGXFW%DFNJURXQG 
 
5DWLRQDOH 
 
&OLQLFDO+\SRWKHVHV 
 
(;3(5,0(17$/3/$1 
 
6WXG\'HVLJQ 
 
1XPEHURI6LWHV 
 
1XPEHURI6XEMHFWV 
 
5HSODFHPHQWRI6XEMHFWV 
 
(VWLPDWHG6WXG\'XUDWLRQ 
 
6WXG\'XUDWLRQIRU6XEMHFWV 
 
(QGRI6WXG\ 
 
68%-(&7(/,*,%,/,7< 
 
,QFOXVLRQ&ULWHULD 
 
*HQHUDO 
 
'LVHDVHUHODWHG 
 
([FOXVLRQ&ULWHULD 
 
'LVHDVHUHODWHG 
 
0HGLFDWLRQVRU2WKHU7UHDWPHQWV 
 
68%-(&7(152//0(17 
 
75($70(17352&('85(6 
 
&ODVVLILFDWLRQRI3URGXFW 
 
,QYHVWLJDWLRQDO3URGXFW 
 
$PJHQ,QYHVWLJDWLRQDO3URGXFW 
 
'RVDJH$GPLQLVWUDWLRQDQG6FKHGXOH 
 
'RVDJH$GMXVWPHQWV'HOD\V5XOHVIRU
:LWKKROGLQJRU5HVWDUWLQJ3HUPDQHQW
'LVFRQWLQXDWLRQ 
 
&RQFRPLWDQW7KHUDS\ 
 
+HSDWRWR[LFLW\6WRSSLQJDQG5HFKDOOHQJH5XOHV 
 
&ULWHULDIRU3HUPDQHQW:LWKKROGLQJRI$PJHQ
,QYHVWLJDWLRQDO3URGXFWGXHWR3RWHQWLDO+HSDWRWR[LFLW\ 
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

 
&ULWHULDIRU&RQGLWLRQDO:LWKKROGLQJRI$PJHQ
,QYHVWLJDWLRQDO3URGXFWGXHWR3RWHQWLDO
+HSDWRWR[LFLW\ 
 
&ULWHULDIRU5HFKDOOHQJHRI$PJHQ,QYHVWLJDWLRQDO
3URGXFW$IWHU3RWHQWLDO+HSDWRWR[LFLW\ 
 
3URGXFW&RPSODLQWV 
 
([FOXGHG7UHDWPHQWVRU3URFHGXUHV'XULQJWKH7UHDWPHQW
3HULRG 
 
678'<352&('85(6 
 
6FKHGXOHRI$VVHVVPHQWV 
 
*HQHUDO6WXG\3URFHGXUHV 
 
0HGLFDO+LVWRU\ 
 
3K\VLFDO([DPLQDWLRQ 
 
3K\VLFDO0HDVXUHPHQWV 
 
9LWDO6LJQV 
 
7KURPERYDVFXODU(YHQWV 
 
&RQFRPLWDQW0HGLFDWLRQDQG5HG%ORRG&HOO
7UDQVIXVLRQ 
 
$GYHUVH(YHQWV5HSRUWLQJ 
 
6FUHHQLQJDQG(QUROOPHQW 
 
7UHDWPHQW 
 
(QGRI6WXG\9LVLW 
 
$QWLERG\7HVWLQJ3URFHGXUHV 
 
:,7+'5$:$/)52075($70(17352&('85(6$1'678'< 
 
6XEMHFW¶V'HFLVLRQWR:LWKGUDZ 
 
,QYHVWLJDWRURU6SRQVRU'HFLVLRQWR:LWKGUDZRU7HUPLQDWH
6XEMHFW¶V3DUWLFLSDWLRQ3ULRUWR6WXG\&RPSOHWLRQ 
 
5HDVRQVIRU5HPRYDO)URP,37UHDWPHQW 
 
5HDVRQVIRU5HPRYDO)URPWKH6WXG\ 
 
6$)(7<'$7$&2//(&7,215(&25',1*$1'5(3257,1* 
 
$GYHUVH(YHQWV 
 
'HILQLWLRQRI$GYHUVH(YHQWV 
 
'HILQLWLRQRI6HULRXV$GYHUVH(YHQWV 
 
5HSRUWLQJRI$GYHUVH(YHQWV 
 
5HSRUWLQJ3URFHGXUHVIRU$GYHUVH(YHQWV7KDW'R1RW
0HHW6HULRXV&ULWHULD 
 
5HSRUWLQJ3URFHGXUHVIRU6HULRXV$GYHUVH(YHQWV 
 
3UHJQDQF\DQG/DFWDWLRQ5HSRUWLQJ 
 
67$7,67,&$/&216,'(5$7,216 
 
6WXG\(QGSRLQWV$QDO\VLV6HWVDQG&RYDULDWHV 
 
6WXG\(QGSRLQW 
 
$QDO\VLV6HWV 
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH


3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI
 
&RYDULDWHVDQG6XEJURXSV 
 
6DPSOH6L]H&RQVLGHUDWLRQV 
 
3ODQQHG$QDO\VHV 
 
3ODQQHG0HWKRGVRI$QDO\VLV 

5(*8/$725<2%/,*$7,216 
 
,QIRUPHG&RQVHQW 
 
,QGHSHQGHQW(WKLFV&RPPLWWHH 
 
6XEMHFW&RQILGHQWLDOLW\ 
 
,QYHVWLJDWRU6LJQDWRU\2EOLJDWLRQV 

$'0,1,675$7,9($1'/(*$/2%/,*$7,216 
 
3URWRFRO$PHQGPHQWVDQG6WXG\7HUPLQDWLRQ 
 
6WXG\'RFXPHQWDWLRQDQG$UFKLYH 
 
6WXG\0RQLWRULQJDQG'DWD&ROOHFWLRQ 
 
,QYHVWLJDWRU5HVSRQVLELOLWLHVIRU'DWD&ROOHFWLRQ 
 
/DQJXDJH 
 
3XEOLFDWLRQ3ROLF\ 
 
&RPSHQVDWLRQ 

5()(5(1&(6

$33(1',&(6 
/LVWRI7DEOHV
7DEOH,3666FRUHDQG&OLQLFDO2XWFRPH 
7DEOH+DHPDWRORJLF,:*5HVSRQVH&ULWHULD 
7DEOH0'67UHDWPHQWV8VHGLQ&OLQLFDO3UDFWLFH 
7DEOH,3'RVH5HGXFWLRQV 
7DEOH6FKHGXOHRI$VVHVVPHQWV
/LVWRI$SSHQGLFHV
$SSHQGL[$$GGLWLRQDO6DIHW\$VVHVVPHQW,QIRUPDWLRQ 
$SSHQGL[%6DPSOH6HULRXV$GYHUVH(YHQW5HSRUWLQJ)RUP 
$SSHQGL[&3UHJQDQF\DQG/DFWDWLRQ1RWLILFDWLRQ:RUNVKHHWV 
$SSHQGL[':+2&ODVVLILFDWLRQRI$FXWH0\HORLG/HXNHPLD$0/DQG
5HODWHG1HRSODVPV 
$SSHQGL[((U\WKURLG5HVSRQVH5DWHV)URP3URVSHFWLYH6LQJOH$UP
6WXGLHVRI'DUEHSRHWLQDOID$ORQHRULQ&RPELQDWLRQ:LWK
*&6)LQ3DWLHQWV:LWK0'6 
$SSHQGL[),QWHUQDWLRQDO3URJQRVWLF6FRULQJ6\VWHP,366IRU0'6 
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI


2%-(&7,9(6
3ULPDU\2EMHFWLYH
7RDOORZFRQWLQXHGDFFHVVRILQYHVWLJDWLRQDOSURGXFW'DUEHSRHWLQDOIDEH\RQGWKHHQG
RIDFWLYHWUHDWPHQWSHULRGRIWKH'DUEHSRHWLQDOID0'6VWXG\IRUVXEMHFWVWKDW
KDYHFRQWLQXHGGHPRQVWUDWLRQRIEHQHILWIURPGDUEHSRHWLQDOIDWUHDWPHQWDQGWRGHVFULEH
WKHVDIHW\RIORQJHUWHUPXVHLQWKLVSDWLHQWSRSXODWLRQ

%$&.*5281'$1'5$7,21$/(

'LVHDVH
0\HORG\VSODVWLFV\QGURPH0'6LVDFROOHFWLRQRIFORQDOVWHPFHOOGLVRUGHUVZLWK
FRPPRQHOHPHQWVWKDWLQFOXGHYDULDEOHGHJUHHVRILQHIIHFWLYHRUK\SRSUROLIHUDWLYH
JUDQXORSRLHVLVHU\WKURSRLHVLVDQGPHJDNDU\RSRLHVLVWKDWFDQEHPDQLIHVWHGDV
TXDQWLWDWLYHDQGRUTXDOLWDWLYHGHIHFWVRIWKHDIIHFWHGKDHPDWRORJLFFHOOOLQHVDVZHOODVD
YDULDEOHSUHGLOHFWLRQIRUHYROXWLRQLQWRDFXWHP\HORJHQRXVOHXNHPLD$0/
/LFKWPDQ6RPHRIWKHP\ULDGGLVRUGHUVWKDWIDOOXQGHUWKH0'6UXEULFKDYHDQ
LGHQWLILHGFDXVHRUDVVRFLDWLRQVXFKDVGUXJH[SRVXUHHJDON\ODWLQJDJHQWVVXFKDV
EXVXOIDQRUF\FORSKRVSKDPLGH>%HUQDUG0DUW\HWDO@RUWRSRLVRPHUDVHLQKLELWRUV
EURDGILHOGLUUDGLDWLRQRULQKHULWHGPHWDEROLFGHIHFWVHJ3HDUVRQ¶VV\QGURPH
>3HDUVRQHWDO@+RZHYHUWKHFDXVHRIPRVWFDVHVRI0'6UHPDLQVXQNQRZQ
7KHVHDFTXLUHGFDVHVRI0'6RIXQNQRZQHWLRORJ\SULPDULO\DIIOLFWHOGHUO\SHRSOHZKRVH
PHGLDQDJHDWGLDJQRVLVLVEHWZHHQDQG\HDUV$XOHWDO7KHRFFXUUHQFH
RI0'6LQLQGLYLGXDOVXQGHU\HDUVRIDJHLVGLVWLQFWO\XQFRPPRQZKLOHFDVHV
LQYROYLQJFKLOGUHQDUHUDUH3RO\FKURQRSRXORXHWDO([SHUWVJHQHUDOO\DJUHHWKDW
WKHLQFLGHQFHRIQHZFDVHVRI0'6LVULVLQJGXHWRDJURZLQJHOGHUO\SRSXODWLRQ
LPSURYHGGLDJQRVLVRIWKHFRQGLWLRQDVZHOODVWKHLQFUHDVLQJXVHRIPDUURZGDPDJLQJ
FKHPRWKHUDS\RUUDGLDWLRQWKHUDS\LQWKHWUHDWPHQWRIYDULRXVQHRSODVPV
+DPEOLQ
&OLQLFDO3UHVHQWDWLRQ
3DWLHQWVZLWK0'6SUHVHQWZLWKYDULDEOHGHJUHHVRIF\WRSHQLDVZLWKDQDHPLDVHFRQGDU\
WRLQHIIHFWLYHHU\WKURSRLHVLVEHLQJWKHPRVWFRPPRQSUHVHQWDWLRQDIIHFWLQJJUHDWHUWKDQ
RISDWLHQWVZLWK0'6+HOOVWU|P/LQGEHUJHWDO:KLOHVRPHSDWLHQWVFRPH
WRPHGLFDODWWHQWLRQGXHWRDQDHPLDGLVFRYHUHGE\DQLQFLGHQWDOODERUDWRU\WHVW
+HDQH\DQG*ROGHPDQ\SUHVHQWZLWKIDWLJXHG\VSQHDDQGRWKHUV\PSWRPV
UHODWHGWRORZKDHPRJORELQOHYHOV%DOGXFFLHWDO$VDQDHPLDSURJUHVVHV
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

V\PSWRPVUHODWHGWRWKHORZKDHPRJORELQOHYHOVFRUUHVSRQGLQJO\LQFUHDVH7KHLPSDFW
RIDQDHPLDRQHOGHUO\SDWLHQWVZKRFRPPRQO\KDYHFRH[LVWLQJFDUGLRSXOPRQDU\
GLVHDVHLVSDUWLFXODUO\LPSRUWDQW:KHQFRPSDUHGWRDFRQWUROSRSXODWLRQDQDHPLF
SDWLHQWVZLWK0'6VKRZVLJQLILFDQWLPSDLUPHQWRIPRVWIXQFWLRQDODVVHVVPHQWVFRUHV
DQGDKLJKHUGHJUHHRIIDWLJXHDQGG\VSQHD+HOOVWU|P/LQGEHUJHWDO)XUWKHU
KLJKOLJKWLQJWKHQHJDWLYHLPSDFWRIDQDHPLDLVWKHIDFWWKDWSDWLHQWVZLWKORZULVN0'6
WUHDWHGZLWKHU\WKURSRLHVLVVWLPXODWLQJDJHQWV(6$VWRLQFUHDVHKDHPRJORELQOHYHOV
VKRZLPSURYHPHQWQRWRQO\LQTXDOLW\RIOLIHPHDVXUHV
-lGHUVWHQDQG+HOOVWU|P/LQGEHUJEXWDOVRLQQHXURSK\VLRORJLFDOWHVWLQJDQG
WUDQVFUDQLDO'RSSOHUVRQRJUDSK\&ODYLRHWDO
,QDGGLWLRQFOLQLFDOGDWDSRLQWWRWKHDGGLWLRQDOSURJQRVWLFLQIRUPDWLRQSURYLGHGE\
DQDHPLDDWWKHWLPHRIGLDJQRVLV$QDHPLDDWGLDJQRVLVDGGHGSURJQRVWLFYDOXHWRWKH
,QWHUQDWLRQDO3URJQRVWLF6FRULQJ6\VWHP,366LQWHUPVRIRYHUDOOVXUYLYDO
LQGHSHQGHQWO\VWUDWLI\LQJSDWLHQWVZLWKLQWKHLQWHUPHGLDWH,366ULVNFDWHJRULHV
LQWHUPHGLDWHDQGLQWHUPHGLDWHULVNJURXSV6SHFLILFDOO\SDWLHQWVZLWKKDHPRJORELQ
OHYHOVOHVVWKDQJG/KDGDORZHUOLIHH[SHFWDQF\WKDQWKRVHZLWKKDHPRJORELQOHYHOV
JUHDWHUWKDQJG/SRLQWLQJWRWKHSDWKRSK\VLRORJLFDOLPSRUWDQFHRIDQDHPLDSHUVH
&D]]RODDQG0DOFRYDWL.DRHWDO7KHFOLQLFDOLPSRUWDQFHRIWKHVH
ILQGLQJVLVIXUWKHUXQGHUVFRUHGE\WKHREVHUYDWLRQVWKDWFRUUHFWLRQRIDQDHPLDE\HLWKHU
UHFRPELQDQWKXPDQHU\WKURSRLHWLQRUGDUEHSRHWLQDOIDLPSURYHGVXUYLYDOLQORZ
LQWHUPHGLDWHULVN0'6SDWLHQWV*UHHQEHUJHWDO-lGHUVWHQHWDO
3DUNHWDO
7KHGHOHWHULRXVHIIHFWRIDQDHPLDRQTXDOLW\RIOLIHKDVEHHQH[DPLQHGPRVWH[WHQVLYHO\
LQRQFRORJ\SDWLHQWV&DQFHUSDWLHQWVZLWKKDHPRJORELQOHYHOVJUHDWHUWKDQJG/
H[SHULHQFHVLJQLILFDQWO\IHZHUDQDHPLDUHODWHGV\PSWRPVZKLOHPDQLIHVWLQJEHWWHU
SK\VLFDOIXQFWLRQDOZHOOEHLQJDQGDQLPSURYHGTXDOLW\RIOLIHZKHQFRPSDUHGWRFDQFHU
SDWLHQWVZLWKKDHPRJORELQOHYHOVOHVVWKDQJG/&HOOD2WKHUVWXGLHVVKRZ
WKDWTXDOLW\RIOLIHLQFUHDVHVOLQHDUO\ZKHQHOHYDWLQJWKHKDHPRJORELQOHYHOWRWKHQRUPDO
UDQJHLQSDWLHQWVZLWKDQDHPLD&UDZIRUGHWDO+DUSHUDQG/LWWOHZRRG
$QRWKHULQYHVWLJDWLRQLQYROYLQJVXEMHFWVDJH\HDUVRUROGHUWKDWH[SORUHGWKH
LPSDFWRIDQDHPLDRQPRUWDOLW\FRJQLWLRQDQGIXQFWLRQUHYHDOHGEDVHOLQHLPSDLUPHQWLQ
DFWLYLWLHVRIGDLO\OLYLQJDQGLQVWUXPHQWDODFWLYLWLHVRIGDLO\OLYLQJWKDWZHUHPRUHVHYHUHLQ
DQDHPLFVXEMHFWVWKDQLQWKHLUQRQDQDHPLFFRXQWHUSDUWV'HQQ\HWDO
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

)XUWKHUPRUHFRJQLWLRQLQWKHDQDHPLFVXEMHFWVDVPHDVXUHGE\WKH6KRUW3RUWDEOH
0HQWDO6WDWXV4XHVWLRQQDLUHZDVVLJQLILFDQWO\LPSDLUHG
3URJUHVVLRQWR$0/
$SDUDGR[H[LVWVLQWKHFOLQLFDOSUHVHQWDWLRQRI0'6ZKHUHLQSHULSKHUDOF\WRSHQLDV
XVXDOO\FRH[LVWZLWKDQRUPDOWRK\SHUFHOOXODUERQHPDUURZ%RZHQZKLFKLV
H[SODLQHGLQSDUWE\DXJPHQWHGLQWUDPHGXOODU\SURJHQLWRUFHOODSRSWRVLV
%RXVFDU\HWDO3DUNHUHWDO$VSHULSKHUDOF\WRSHQLDVSURJUHVVGXULQJWKH
QDWXUDOHYROXWLRQRI0'6LPSRUWDQWDVVRFLDWHGFOLQLFDOSUREOHPVGHYHORSLQFOXGLQJ
LQFUHDVHGVXVFHSWLELOLW\WRLQIHFWLRQGXHERWKWRQHXWURSHQLDDQGQHXWURSKLOG\VIXQFWLRQ
+DPEOLQDQGEOHHGLQJFRPSOLFDWLRQVGXHWRWKURPERF\WRSHQLDDQGSODWHOHW
G\VIXQFWLRQ0LWWHOPDQDQG=HLGPDQ3URJUHVVLYHDQDHPLDVHFRQGDU\WR
LQHIIHFWLYHHU\WKURSRLHVLVH[DFHUEDWHVWUDQVIXVLRQGHSHQGHQF\DJJUDYDWHVSUHH[LVWLQJ
FDUGLRSXOPRQDU\FRQGLWLRQVDQGLPSDLUVTXDOLW\RIOLIH&DVDGHYDOOHWDO,Q
DGGLWLRQYDULDEOHULVNRISURJUHVVLRQWRDFXWHOHXNHPLDLVLQKHUHQWZLWKLQWKHGLIIHUHQW
VXEW\SHVRI0'6ZLWKWKHWLPHIRURIVXUYLYLQJ0'6SDWLHQWVWRWUDQVIRUPWRDFXWH
OHXNHPLDUDQJLQJIURP\HDUVIRUWKRVHZLWKORZULVNGLVHDVHWRPRQWKVIRUWKRVH
ZLWKKLJKULVNGLVHDVH6WHHQVPDDQG%HQQHWW7KHGHYHORSPHQWRIWKH,366
ZDVGULYHQE\WKHGLIIHUHQWLDOWLPHVWRSURJUHVVLRQWR$0/LQUHODWLRQWRWKHXQGHUO\LQJ
PRUSKRORJLFDOGLVHDVHDWGLDJQRVLVVHH7DEOH(VSHFLDOO\LQORZLQWHUPHGLDWHULVN
0'6SDWLHQWVSURJUHVVLRQWR$0/ZDVVHHQUDUHO\DQGRIORZDQG
LQWHUPHGLDWHSDWLHQWVSURJUHVVHGWR$0/DIWHU\HDUVDQG\HDUVUHVSHFWLYHO\
.DVQHUDQG/XJHU)URP0'6SDWLHQWUHJLVWULHVLQIRUPDWLRQRQHDUO\UDWHVRI
SURJUHVVLRQWR$0/UHSRUWHGDUDWHRIDSSUR[LPDWHO\ZLWKLQWKHILUVWPRQWKVDIWHU
GLDJQRVLVGH:LWWHHWDO
0'6&ODVVLILFDWLRQV)$%:+2,366,3665DQG:366
%HFDXVHRIWKHKHWHURJHQHLW\RI0'6DQGPXOWLSOHFODVVLILFDWLRQV\VWHPVWKHUHKDV
EHHQDQDUUD\RI0'6VXEFODVVLILFDWLRQVVXFKDV³UHIUDFWRU\DQDHPLD´³SUHOHXNHPLD´
³VPROGHULQJOHXNHPLD´DQG³P\HORPRQRF\WLFOHXNHPLD´7KHUHVXOWKDVEHHQFRQIXVLRQ
LQKRZFRQVLVWHQWO\WRDVVHVVDGLDJQRVLVRI0'6,QDQHIIRUWWRKDUPRQLVH0'6
FODVVLILFDWLRQVDVHULHVRIFRQIHUHQFHVRQWKHVXEMHFWFRQYHQHGE\VSHFLDOLVWVIURP
)UDQFHWKH8QLWHG6WDWHVDQGWKH8QLWHG.LQJGRPUHDFKHGDFRQVHQVXVRSLQLRQRQ
P\HORG\VSODVLDGHVLJQDWHGDVWKH)UHQFK$PHULFDQ%ULWLVK)$%FODVVLILFDWLRQ
%HQQHWWHWDO7KHZLGHVSUHDGDGRSWLRQRIWKH)$%FODVVLILFDWLRQRI
P\HORG\VSODVWLFV\QGURPHVSURGXFHGPRUHFRQVLVWHQWLQWHUSUHWDWLRQVRIGDWDLQVWXGLHV
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

WKDWDGGUHVVHGDUDQJHRINH\LVVXHVLQFOXGLQJWKHHWLRORJ\SUHYDOHQFHDQGWUHDWPHQWRI
WKHVHFRQGLWLRQV
:LWKWKHHVWDEOLVKPHQWRIDXQLIRUPFODVVLILFDWLRQ0'6FRXOGEHEHWWHUDVVHVVHGZLWK
UHVSHFWWRLWVSURJQRVLV$JURXSRILQWHUQDWLRQDOH[SHUWVDVVHVVHGWKHFOLQLFDORXWFRPH
RI0'6SDWLHQWVIURPDODUJHGDWDEDVHDQGFRPSLOHGDSURJQRVWLFDVVHVVPHQWEDVHGRQ
FOLQLFDOFKDUDFWHULVWLFV7KLV,366$SSHQGL[)DVVLJQHGDVFRUHWRSDWLHQWVEDVHGRQ
IDFWRUVVXFKDVWKHQXPEHURIEORRGFHOOOLQHDJHVVKRZLQJF\WRSHQLDVWKHSHUFHQWDJHRI
EODVWFHOOVLQWKHERQHPDUURZDQGNDU\RW\SH*UHHQEHUJHWDO7KH,366
FDWHJRULVHGSDWLHQWVE\ULVNRIFRQYHUVLRQWR$0/DQGGHDWK9DUGLPDQHWDO
7DEOH
7DEOH,3666FRUHDQG&OLQLFDO2XWFRPH
5LVN*URXS
7RWDO6FRUH
0HGLDQ6XUYLYDO\HDUV
7LPHIRUWR
3URJUHVVWR$0/
\HDUV
/RZ



,QWHUPHGLDWH
±


,QWHUPHGLDWH
±


+LJK
t


$0/ $FXWH0\HORJHQRXV/HXNHPLD,366 ,QWHUQDWLRQDO3URJQRVWLF6FRULQJ6\VWHP

2YHUDSHULRGRI\HDUVDVHULHVRIPRUSKRORJLFLPPXQRORJLFDQGF\WRJHQHWLF
ZRUNVKRSVRQDFXWHO\PSKRF\WLFOHXNHPLD$0/0'6DQGFKURQLFO\PSKRF\WLF
OHXNHPLDH[DPLQHGWKHODUJHERG\RINQRZOHGJHZLWKGLDJQRVWLFDQGSURJQRVWLF
LPSRUWDQFHLQFOXGLQJLPPXQRSKHQRW\SLQJDQGERQHPDUURZF\WRJHQHWLFV7KHVH
FULWHULDDGGHGDQHZDQGQHFHVVDU\GLPHQVLRQWRWKHFODVVLILFDWLRQRI0'6SURYLGLQJ
LPSRUWDQWLQIRUPDWLRQIRUVWDJLQJSURJQRVLVDQGWKHUDS\8QGHUWKHDXVSLFHVRIWKH
(XURSHDQ$VVRFLDWLRQRI+DHPDWRSDWKRORJLVWVDQGWKH6RFLHW\IRU+DHPDWRSDWKRORJ\
WKH:RUOG+HDOWK2UJDQL]DWLRQ:+2VSRQVRUHGD\HDUSURMHFWWRUHYLVHDQGXSJUDGH
SUHYLRXVFODVVLILFDWLRQVIRU0'6DQGRWKHUQHRSODVWLFGLVHDVHVRIKDHPDWRSRLHWLFDQG
O\PSKRLGWLVVXHV7KH:+2FODVVLILFDWLRQRI0'6ODUJHO\SUHVHUYHVWKH)$%VWUXFWXUH
ZLWKDIHZQRWDEOHDOWHUDWLRQVRIZKLFKWKHPRVWLPSRUWDQWDUHDUHFRJQLWLRQRIWKH
GHOTV\QGURPHLHTZKHQH[LVWLQJDVDVROLWDU\NDU\RW\SLFDEQRUPDOLW\ZLWK
PHGXOODU\EODVWSHUFHQWDJHDQGQRUPDORUHOHYDWHGSODWHOHWFRXQWDVDQ
LQGHSHQGHQWVXEW\SHGXHWRWKHUHODWLYHO\JRRGSURJQRVLVDQGORZULVNRIHYROXWLRQWR
$0/ESODFLQJSDWLHQWVZLWKERQHPDUURZEODVWFRXQWVRIEHWZHHQDQG
ZLWKLQWKH$0/FDWHJRU\DQGFUHPRYDORIFKURQLFP\HORPRQRF\WLFOHXNHPLD&00/
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

DVDQ0'6VXEW\SHDQGLWVUHFODVVLILFDWLRQDVDP\HORSUROLIHUDWLYHGLVRUGHU
+DUULVHWDO9DUGLPDQHWDO9DUGLPDQHWDO
0DOFRYDWLDQGFROOHDJXHVVXEVHTXHQWO\SURSRVHGDQHZSURJQRVWLFFDWHJRULVDWLRQIRU
0'6EDVHGRQWKH:+2FODVVLILFDWLRQZKLFKWKH\GHVLJQDWHGDVWKH:+2
FODVVLILFDWLRQ±EDVHG3URJQRVWLF6FRULQJ6\VWHP:3660DOFRYDWLHWDO,Q
DGGLWLRQWRF\WRORJ\DQG:+2VXEW\SHWKH:366LQFOXGHVVWDEOHWUDQVIXVLRQQHHGDVD
SURJQRVWLFYDULDEOH:KLOHWKH,366HIIHFWLYHO\SUHGLFWVWUHDWPHQWRXWFRPH
7DNDKDVKLHWDOWKH,366VFRUHLVFDOFXODWHGDWWKHWLPHRIWUHDWPHQWZLWKWKH
H[SHFWHGVXUYLYDORIWKHFRUUHVSRQGLQJULVNJURXSFDOFXODWHGDWGLDJQRVLV,QFRQWUDVW
WKH:366LVGHVLJQHGWRSURYLGHWUHDWPHQWSUHGLFWLRQVDWDQ\WLPHGXULQJWKHFRXUVHRI
WKHGLVHDVH
0XOWLSOHRWKHUIDFWRUVKDYHEHHQVKRZQWRDGGVLJQLILFDQWSURJQRVWLFLQIRUPDWLRQWRWKH
,366DJHIHUULWLQPDUURZILEURVLVDQGIXUWKHUF\WRJHQHWLFDEQRUPDOLWLHV
&KULVWLDQVHQHWDO'HOOD3RUWDHWDO*DUFLD0DQHURHWDO
.DQWDUMLDQHWDO3DGXDHWDO6KLKHWDO6ROHHWDO
8QGHUVFRULQJWKHGLIILFXOW\LQFRUSRUDWLQJWKHVHSURJQRVWLFIDFWRUVLQWRV\VWHPVHYHUDO
RWKHUSURJQRVWLFVFRULQJV\VWHPVKDYHEHHQSURSRVHGGHYHORSHGE\0'$QGHUVRQ
&DQFHUFHQWHUDQRWKHU:+2FODVVLILFDWLRQZLWKF\WRJHQHWLFPDUNHUVDQGDPRGLILHG
:+2WKDWDFFRXQWVIRUILEURVLV%HUQDVFRQLHWDO'HOOD3RUWDHWDO
*DUFLD0DQHURHWDO.DQWDUMLDQHWDO$UHYLVHGYHUVLRQRIWKH,366
FXUUHQWO\LVLQGHYHORSPHQWKRZHYHULQWKHLQWHULPWKH,366UHPDLQVWKHPRVWFOLQLFDOO\
XVHIXODQGZLGHO\XVHGV\VWHPLQFOLQLFDOWULDOV
,QWHUQDWLRQDO:RUNLQJ*URXS,:*&ULWHULDIRU7UHDWPHQW5HVSRQVH
$VQHZ0'6WDUJHWHGWKHUDSLHVZHUHLQWURGXFHGFKDOOHQJHVDURVHLQGHILQLQJWUHDWPHQW
HIILFDF\:LWKWKHJRDORIVWDQGDUGLVLQJWKHDVVHVVPHQWRIWUHDWPHQWUHVSRQVHIRU
SDWLHQWVZLWK0'6LQFOLQLFDOWULDOVDJURXSRILQGHSHQGHQWLQWHUQDWLRQDOH[SHUWVFUHDWHG
WKH,:*FULWHULDIRU0'6WUHDWPHQWUHVSRQVHLQ&KHVRQHWDO
7KHVHFULWHULDZHUHVXEVHTXHQWO\PRGLILHGLQWRLPSDUWDGGLWLRQDOOHYHOVRIFOLQLFDO
UHOHYDQFHWRWKLVVHWRIVWDQGDUGLVHGUHVSRQVHFULWHULD&KHVRQHWDO7DEOH
7KH,:*FULWHULDVKRZQLQ7DEOHSURYLGHDJHQHUDOO\DFFHSWHGPHDVXUHRIWUHDWPHQW
UHVSRQVHIRUWKLVYDULDEOHJURXSRIFRQGLWLRQVDQGWKHDELOLW\WRVWDQGDUGLVHRXWFRPHV
DFURVV0'6SDWLHQWV7KHFOLQLFDOXVHRIWKHFULWHULDDQGWKHLUXSGDWHKDVEHHQ
UHFRPPHQGHGE\FXUUHQWO\DYDLODEOHJXLGHOLQHVHJ1RUGLF0'6*URXS&DUH
3URJUDP%RZHQHWDO
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

7DEOH+DHPDWRORJLF,:*5HVSRQVH&ULWHULD
+DHPDWRORJLF
,PSURYHPHQW
5HVSRQVH&ULWHULD
UHVSRQVHVPXVWSHUVLVWtZHHNV
(U\WKURLG5HVSRQVH
SUHWUHDWPHQW
KDHPRJORELQ
JG/
5HOHYDQWUHGXFWLRQRIXQLWVRI5%&WUDQVIXVLRQVE\DQDEVROXWH
QXPEHURIDWOHDVW5%&WUDQVIXVLRQVZHHNVFRPSDUHGWRWKH
SUHWUHDWPHQWWUDQVIXVLRQQXPEHULQWKHSUHYLRXVZHHNV2QO\
5%&WUDQVIXVLRQVJLYHQIRUDKDHPRJORELQRIJG/RUOHVV
SUHWUHDWPHQWZLOOFRXQWLQWKH5%&WUDQVIXVLRQUHVSRQVH
HYDOXDWLRQ
+DHPRJORELQLQFUHDVHE\tJG/
3ODWHOHW5HVSRQVH
SUHWUHDWPHQWSODWHOHW
FRXQW[/
$EVROXWHLQFUHDVHLQSODWHOHWFRXQWRIt[/IRUSDWLHQWV
VWDUWLQJZLWKDSODWHOHWFRXQWRI![/
,QFUHDVHLQSODWHOHWFRXQWIURP[/WR![/DQGE\
DWOHDVW
1HXWURSKLO5HVSRQVH
SUHWUHDWPHQW$1&
[/
tLQFUHDVHDQGDQDEVROXWH$1&LQFUHDVH![/
$1& DEVROXWHQHXWURSKLOFRXQW,:* ,QWHUQDWLRQDO:RUNLQJ*URXS5%& UHGEORRGFHOO

:LWKLQWKHHU\WKURLGUHVSRQVHFULWHULDRIWKH,:*EHQFKPDUNVLVWKHGHIDFWR
UHFRJQLWLRQWKDWSDWLHQWVZLWK,366ORZDQGLQWHUPHGLDWHULVN0'6LQFOXGHGLVWLQFW
VXEJURXSVIRUZKLFKWUDQVIXVLRQUHTXLUHPHQWLVWKHFOLQLFDOGHPDUFDWLRQ3DWLHQWVZKR
KDYHDKLJKWUDQVIXVLRQGHPDQGW\SLFDOO\RUPRUHXQLWVRYHUDQZHHNSHULRGPD\
KDYHPRUHUDSLGFOLQLFDOSURJUHVVLRQ&D]]RODDQG0DOFRYDWL7KHVHSDWLHQWV
DOVRUHVSRQGWR(6$WUHDWPHQWVLJQLILFDQWO\OHVVUREXVWO\WKDQGRRWKHUVLQWKHORZDQG
LQWHUPHGLDWHULVN,366FDWHJRULHV+HOOVWU|P/LQGEHUJ
)RUSDWLHQWVZLWKORZDQGLQWHUPHGLDWHULVN0'6ZLWKRXWDKLJKWUDQVIXVLRQGHPDQG
LPSURYHPHQWLQKDHPRJORELQYDOXHLVWKHHIILFDF\SDUDPHWHURISDUDPRXQWFOLQLFDO
LPSRUWDQFH&KHVRQHWDO7KHH[SHUWVZKRGHYHORSHGWKHUHVSRQVHFULWHULD
FKRVHDYDOXHRIJG/VXVWDLQHGRYHUZHHNVQRWDVDQDUELWUDU\ODERUDWRU\UHDGRXW
EXWUDWKHUEHFDXVH³DKDHPRJORELQLQFUHDVHRIDWOHDVWJ/JG/ZRXOGEHD
FOLQLFDOO\UHOHYDQWHIIHFWRQWKHHU\WKURLGVHULHV´
0'67UHDWPHQW2SWLRQV
7DEOHRXWOLQHVWKHFODVVHVRIDSSURYHGRUUHSRUWHGWUHDWPHQWVLQSDWLHQWVZLWK0'6
$OORJHQHLFVWHPFHOOWUDQVSODQWDWLRQUHPDLQVWKHVROHSRWHQWLDOO\FXUDWLYHLQWHUYHQWLRQEXW
VWULQJHQWTXDOLILFDWLRQVLQFOXGLQJDQ+/$PDWFKHGVLEOLQJUHODWLYH\RXWKDQGDEVHQFHRI
VXEVWDQWLDOFRPRUELGLWLHVVHYHUHO\OLPLWVLWVXVH6FRWWDQG'HHJ
7KRPSVRQDQG/XJHU$OORWKHULQWHUYHQWLRQVDUHVXSSRUWLYHDOWKRXJKWKH
LPPXQRPRGXODWRU\DJHQWOHQDOLGRPLGHDQDQDORJXHRIWKDOLGRPLGHFDQWHPSRUDULO\
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

PRGLI\WKHFRXUVHRIWKHGLVHDVHE\UHYHUVLQJ0'6UHODWHGF\WRSHQLDVLQVRPHORZULVN
0'6SDWLHQWVZLWKGHOHWLRQVRIWKHORQJDUPRIFKURPRVRPHT/LVWHWDO
7UDQVIXVLRQV5%&VDQGSODWHOHWVDQGDQWLELRWLFVDUHDQFLOODU\PHDVXUHVLQWKHFDUHRI
WKHVHSDWLHQWVWKDWWUDQVLHQWO\DGGUHVVGHOHWHULRXVVLGHHIIHFWVRIWKHF\WRSHQLDV
7DEOH0'67UHDWPHQWV8VHGLQ&OLQLFDO3UDFWLFH
&ODVVRI,QWHUYHQWLRQ
([DPSOHV
+DHPDWRSRLHWLFJURZWKIDFWRUV
(6$V*&6)WKURPERSRLHWLFJURZWKIDFWRUV
7UDQVFULSWLRQDOPRGLI\LQJWKHUDS\
+\SRPHWK\ODWLQJDJHQWVD]DF\WLGLQHGHFLWDELQH
KLVWRQHGHDFHW\ODVHLQKLELWRUVLQYHVWLJDWLRQDO
,PPXQRPRGXODWLQJDJHQWV
/HQDOLGRPLGHWKDOLGRPLGHDQWLWK\PRF\WHJOREXOLQ
F\FORVSRULQ$
,QWHQVLYHFKHPRWKHUDS\
$QWKUDF\FOLQHVF\WRVLQHDUDELQRVLGH
&XUH
$OORJHQHLFVWHPFHOOWUDQVSODQWDWLRQ
(6$V HU\WKURSRLHVLVVWLPXODWLQJDJHQWV*&6) JUDQXORF\WHFRORQ\VWLPXODWLQJIDFWRU
1RWH7KHVHWUHDWPHQWVPLJKWQRWKDYHORFDOUHJXODWRU\DSSURYDOIRUXVHLQSDWLHQWVZLWK0'6

7UDQVIXVLRQ
$OWKRXJKQHZWKHUDSHXWLFWUHDWPHQWVKDYHVKRZQSURPLVHLQWKHWUHDWPHQWRI0'6
VXSSRUWLYHFDUHUHPDLQVWKHSULPDU\WUHDWPHQWRSWLRQIRUSDWLHQWVZLWKHDUO\VWDJH
GLVHDVH+RIPDQQDQG.RHIIOHU7UDQVIXVLRQVDXJPHQWWKHHQGSURGXFWFHOOVLQ
WKHFLUFXODWLRQDQGDUHWKHEDVLFIRXQGDWLRQIRUVXSSRUWLYHWKHUDSLHVWKDWEXWWUHVVWKH
IDLOLQJHU\WKURQZKLFKLVWKHIXQGDPHQWDOGLVHDVHSURFHVV8QIRUWXQDWHO\EORRGSURGXFW
WUDQVIXVLRQVFDUU\SRWHQWLDOXQGHVLUDEOHFRPSOLFDWLRQVLQFOXGLQJULVNRILQIHFWLRQZLWKYLUDO
DJHQWVVXFKDVKHSDWLWLVDQGKXPDQLPPXQRGHILFLHQF\YLUXV%DUEDUDDFXWH
KDHPRO\WLFWUDQVIXVLRQUHDFWLRQVZLWKSRWHQWLDOVHULRXVVHTXHODH
6ORRSDQG)ULHGEHUJWUDQVIXVLRQUHODWHGDFXWHOXQJLQMXU\/RRQH\HWDO
DOOHUJLFUHDFWLRQV*LOVWDGLURQRYHUORDG)UDQFKLQLDQG9HQHULDVZHOODV
K\SHUYROHPLDUHODWHGH[DFHUEDWLRQRIFRQJHVWLYHKHDUWIDLOXUHV\PSWRPV
)UHXGHQEHUJHUDQG&DUVRQ2YHUWLPHDOORLPPXQLVDWLRQLPSDLUVWKHHIILFDF\RI
EORRGFRPSRQHQWWUDQVIXVLRQVHYHQWXDOO\UHQGHULQJVRPHSDWLHQWVFRPSOHWHO\UHIUDFWRU\
WRWKHLQWHUYHQWLRQ,QWKH0'6VHWWLQJLQFUHDVLQJUDWHVRI5%&WUDQVIXVLRQVIXUWKHU
LQGLFDWHGLVHDVHSURJUHVVLRQDFFRUGLQJWR,:*UHVSRQVHFULWHULDGHILQLWLRQV
&KHVRQHWDO
,URQRYHUORDGLVDSDUWLFXODUO\LQVLGLRXVFRPSOLFDWLRQLQ0'6(DFKXQLWRIEORRGGHSRVLWV
DSSUR[LPDWHO\PJRILURQLQWKHWLVVXHVRIWKHVHSDWLHQWVZKLFKSURJUHVVLYHO\
DFFXPXODWHVEHFDXVHQRSK\VLRORJLFDOLURQH[FUHWLRQPHFKDQLVPH[LVWV/HVVZLGHO\
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

UHFRJQLVHGLVWKHIDFWWKDWLURQK\SHUDEVRUSWLRQRFFXUVLQSDWLHQWVZLWK0'6GXHLQODUJH
SDUWWRWKHLQHIIHFWLYHHU\WKURSRLHVLVLQWULQVLFWRWKHFRQGLWLRQ8FKLGDHWDO7KH
UHVXOWLVWKDWSDWLHQWVZLWK0'6FDQGHYHORSFOLQLFDOO\VLJQLILFDQWLURQRYHUORDGZLWKIHZRU
QRWUDQVIXVLRQV7KHUHODWLYHO\ORQJOLIHH[SHFWDQF\RISDWLHQWVZLWKORZDQG
LQWHUPHGLDWHULVN0'6PDNHVWKHPVXVFHSWLEOHWRWKHFRPSOLFDWLRQVRILURQRYHUORDG
LQFOXGLQJFRQJHVWLYHKHDUWIDLOXUHKHSDWLFLQMXU\DQGFLUUKRVLVWKDWFDQQHJDWLYHO\LPSDFW
VXUYLYDO0DOFRYDWLHWDO7KHDGYHQWRIRUDOLURQFKHODWRUVWRUHSODFHWKH
HIIHFWLYHEXWORJLVWLFDOO\GHPDQGLQJGHIHUR[DPLQHPHV\ODWHKDVHDVHGEXWQRW
HOLPLQDWHGWKHJUHDWFKDOOHQJHWKDWLURQORDGLQJSRVHVWRWKHVHSDWLHQWV
/HLWFKDQG9LFNDUV<HKHWDO
7KHUDSHXWLF,QWHUYHQWLRQV
7KHHIILFDF\RIWKHUDSHXWLFLQWHUYHQWLRQVLQ0'6YDULHVWUHPHQGRXVO\)DFWRUVWKDW
FRQWULEXWHWRWKLVUHVSRQVHKHWHURJHQHLW\LQFOXGHEXWDUHQRWOLPLWHGWRSDWLHQWDJH
FKURPRVRPDODEQRUPDOLWLHV>HJGHOTT@DQGPHWDEROLFDQRPDOLHVHJVLGHUREODVWLF
DQDHPLD:LWKWKHSOHWKRUDRIWUHDWPHQWRSWLRQVDQGWKHVSHFWUXPRIFRQGLWLRQVWKDW
FRPSRVHWKHJURXSRIP\HORG\VSODVWLFGLVRUGHUVVHYHUDOSURIHVVLRQDOJURXSVKDYH
IRUPXODWHGWUHDWPHQWJXLGHOLQHVLQFOXGLQJWKH1RUGLF0'6*URXS&DUH3URJUDP
WKH'HXWVFKH*HVHOOVFKDIWIU+lPDWRORJLHXQG2QNRORJLH'*+2*HUPDQ$VVRFLDWLRQ
IRU+DHPDWRORJ\DQG2QFRORJ\+RIPDQQHWDO1DWLRQDO&RPSUHKHQVLYH&DQFHU
1HWZRUN1&&1*UHHQEHUJHWDOWKH,WDOLDQ6RFLHW\RI+DHPDWRORJ\
$OHVVDQGULQRHWDODQG8QLWHG.LQJGRP0'6*XLGHOLQHV*URXS
%RZHQHWDO7KHPRVWUHFHQWJXLGHOLQHVDSSOLFDEOHIRU(XURSHWKH'*+2DQG
WKH1RUGLF0'6*URXS&DUH3URJUDPJXLGHOLQHVZHUHEDVHGRQUHFHQWWULDOGDWD
*UHHQEHUJHWDO-lGHUVWHQHWDODQGUHFRPPHQG(6$WUHDWPHQWIRUORZ
LQWHUPHGLDWHSDWLHQWVZLWKDSUHGLFWLYHVFRUHRIRUZKLFKLQFOXGHVWKHUHTXLUHPHQW
WKDWWKHVHSDWLHQWVDUHQRQWUDQVIXVLRQGHSHQGHQW
(U\WKURSRLHVLVVWLPXODWLQJ$JHQWV
+\SR[LDLVDSRWHQWSK\VLRORJLFDOVWLPXOXVRIHQGRJHQRXVHU\WKURSRLHWLQSURGXFWLRQDQG
H[SRQHQWLDOLQFUHDVHVLQSODVPDHU\WKURSRLHWLQOHYHOVKDYHEHHQFRUUHODWHGZLWK
SURJUHVVLYHGHJUHHVRIDQDHPLD,QDFXWHK\SR[LFVWUHVVHQGRJHQRXVHU\WKURSRLHWLQ
SURGXFWLRQFDQEHHOHYDWHGE\WRIROGDOWKRXJKWKHERQHPDUURZ¶V
HU\WKURSRLHWLFUHVSRQVHWRWKLVDXJPHQWHGHU\WKURSRLHWLQOHYHOLVRQO\ZLWKLQWKHUDQJHRI
WRIROG(UVOHY.HQGDOO,QDGXOWVWKHSULPDU\VLWHRIHU\WKURSRLHWLQ
SURGXFWLRQLVWKHSHULWXEXODUFHOOVRIWKHNLGQH\ZLWKKHSDWRF\WHVDQGILEUREODVWRLG
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

LQWHUVWLWLDOFHOOVRIWKHOLYHUEHLQJVHFRQGDU\SURGXFWLRQVLWHV)LVKHU$EXQGDQW
HYLGHQFHVXJJHVWVWKDWHU\WKURSRLHWLQH[HUWVLWVKDHPDWRSRLHWLFHIIHFWVDWOHDVWLQSDUWE\
SUHYHQWLQJDSRSWRVLVRIHU\WKURLGSUHFXUVRUFHOOV5HPRYDORIHU\WKURSRLHWLQH[HUWVWKH
VDPHHIIHFWDVDFWLYDWLRQRIGHDWKUHFHSWRUVRQHU\WKURLGSUHFXUVRUFHOOVZLWKUHVXOWDQW
DFWLYDWLRQRIYDULRXVFDVSDVHVOHDGLQJWRHYHQWXDODSRSWRVLVRIHU\WKUREODVWV
7HVWD
6LQFHLQFUHDVHGDSRSWRVLVRIPDUURZFHOOVLVEHOLHYHGWRH[DFHUEDWHSHULSKHUDO
F\WRSHQLDVLQWKHHDUO\VWDJHVRI0'6DGPLQLVWUDWLRQRISKDUPDFRORJLFDOGRVHVRI
H[RJHQRXV(6$WKHRUHWLFDOO\VKRXOGH[HUWDQWLDSRSWRWLFHIIHFWVXSRQHU\WKURLGSUHFXUVRU
FHOOVZLWKFRQVHTXHQWDPHOLRUDWLRQRUUHYHUVDORI0'6UHODWHGDQDHPLD7KLVLQWXUQ
VKRXOGOHDGWRKLJKHUHU\WKURF\WHOHYHOVLQWKHEORRGJUHDWHUDPRXQWVRIR[\JHQ
GHOLYHUHGWRWKHWLVVXHVV\PSWRPDWLFLPSURYHPHQWDQGHQKDQFHGTXDOLW\RIOLIHLQWKHVH
0'6SDWLHQWV&ODYLRHWDO6SLULWLHWDO)XUWKHUPRUHHOHYDWLRQLQ
KDHPRJORELQOHYHOVKDVEHHQGHPRQVWUDWHGWRUHYHUVHFDUGLDFUHPRGHOLQJDQGUHGXFH
FDUGLRYDVFXODUULVN$ORJLVWLFUHJUHVVLRQPRGHOSUHGLFWHGDUHGXFWLRQLQWKHULVNRI
RFFXUUHQFHRIFDUGLDFUHPRGHOLQJZLWKHDFKXQLWLQFUHDVHLQKDHPRJORELQOHYHODPRQJ
DQDHPLFHOGHUO\0'6SDWLHQWV2OLYDHWDOIXUWKHUVXSSRUWLQJWKHSRWHQWLDOFOLQLFDO
VLJQLILFDQFHRIKLJKHUKDHPRJORELQOHYHOVLQDQDHPLF0'6SDWLHQWV
5HFRPELQDQW(6$VLQFOXGLQJHSRHWLQDOIDDQGGDUEHSRHWLQDOIDKDYHEHHQHPSOR\HG
RIIODEHODVSKDUPDFRORJLFDOPHDVXUHVWRSDOOLDWHDQGRUUHYHUVH0'6DVVRFLDWHG
DQDHPLD-lGHUVWHQHWDO6WDVLHWDOHVSHFLDOO\LQORZULVNSDWLHQWVDV
VKRZQIRURIORZLQWHUPHGLDWHULVN0'6SDWLHQWVLQ)UDQFH.HODLGLHWDO
(PHUJLQJGDWDVXJJHVWWKDW(6$VPD\LPSURYH0'6SDWLHQWVXUYLYDO
*UHHQEHUJHWDO-lGHUVWHQHWDO3DUNHWDODOWKRXJKWKLVKDVQRW
EHHQVKRZQLQDUDQGRPLVHGFOLQLFDOWULDO
7KHUHSRUWHGUDWHRIUHVSRQVHWR(6$WKHUDS\LQ0'6SDWLHQWVYDULHVZLWKYDOXHV
UDQJLQJIURPWR&D]]ROD5RVHHWDO6WHLQHWDO
6WRQHHWDO=HLJOHUHWDO0DQ\RIWKHVHWULDOVLQFOXGHGSDWLHQWVZKRKDG
PRUHDGYDQFHGGLVHDVHLHLQWHUPHGLDWHULVNRUKLJKULVNDVGHILQHGE\WKH
VXEVHTXHQWO\GHYHORSHG,366FULWHULD$PHWDDQDO\VLVRI0'6SDWLHQWVWDOOLHGIURP
SXEOLVKHGVWXGLHVVKRZHGDVLJQLILFDQWUHVSRQVHUDWHRIWR(6$WUHDWPHQW
+HOOVWU|P/LQGEHUJ7KHPDMRULW\RISDWLHQWVLQWKHVHVWXGLHVKDGUHIUDFWRU\
DQDHPLD5$Q UHIUDFWRU\DQDHPLDZLWKULQJVLGHUREODVWV5$56Q DQG5$
ZLWKH[FHVVEODVWV5$(%Q DFFRUGLQJWRWKH)$%FODVVLILFDWLRQ$VLJQLILFDQW
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

UHVSRQVHZDVGHILQHGDVDKDHPRJORELQLQFUHDVHRIJG/LQSDWLHQWVZLWKQR
WUDQVIXVLRQQHHGRUDVWDEOHKDHPRJORELQZLWKRXWQHHGIRUWUDQVIXVLRQLQSDWLHQWVZLWK
WUDQVIXVLRQQHHGEHIRUHHQWU\LQWRWKHVWXG\+HOOVWU|P/LQGEHUJ1RXQLIRUP
DVVHVVPHQWRIUHVSRQVHZDVSRVVLEOHVLQFHWKHVHVWXGLHVSUHFHGHGGHYHORSPHQWRIWKH
,:*HU\WKURLGUHVSRQVHFULWHULD$GGLWLRQDOSUHGLFWLYHIDFWRUVRI(6$UHVSRQVLYHQHVV
LQFOXGHGWKHDEVHQFHRI5%&WUDQVIXVLRQQHHGZLWKRIWUDQVIXVLRQUHTXLULQJ0'6
SDWLHQWVGHPRQVWUDWLQJDUHVSRQVHWR(6$FRPSDUHGWRDUHVSRQVHUDWHRIIRU
WKRVHZKRGLGQRWUHTXLUH5%&WUDQVIXVLRQ(QGRJHQRXVHU\WKURSRLHWLQOHYHORI
d8/ZDVDOVRVKRZQWREHDVVRFLDWHGZLWKDQLPSURYHGHU\WKURSRLHWLFUHVSRQVHWR
UHFRPELQDQWKXPDQHU\WKURSRLHWLQU+X(SR3DUNHWDO1RGRVHUHVSRQVH
UHODWLRQVKLSZDVGHWHFWHGIRU(6$LQ0'6SDWLHQWVDQGWKHPD[LPDOGRVHRI(6$GLGQRW
FRUUHODWHZLWKWLPHWRUHVSRQVH
$UDQGRPLVHGVWXG\LQYHVWLJDWHGWKHHIIHFWVRIVXEFXWDQHRXV6&U+X(SR
DGPLQLVWUDWLRQDWDGRVHRI,8WLPHVDZHHNLQFRQMXQFWLRQZLWKJUDQXORF\WH
FRORQ\VWLPXODWLQJIDFWRU*&6)DGPLQLVWHUHGDWPJ7,:IRUZHHNVLQ0'6
SDWLHQWVYHUVXVEHVWVXSSRUWLYHFDUHDVGHILQHGLQWKLVVWXG\E\EORRGWUDQVIXVLRQDQG
LURQFKHODWLRQWKHUDS\DVQHHGHG$QHU\WKURLGUHVSRQVHUDWHRIZDV
GHPRQVWUDWHGLQWKRVHSDWLHQWVZKRUHFHLYHGWKHFRPELQDWLRQF\WRNLQHWKHUDS\ZLWK
U+X(SRDQG*&6)ZKHUHDVDUHVSRQVHUDWHRIZDVGHPRQVWUDWHGLQWKRVHSDWLHQWV
ZKRZHUHREVHUYHGZLWKDGPLQLVWUDWLRQRIWUDQVIXVLRQVDWWKHWUHDWLQJSK\VLFLDQV
GLVFUHWLRQ'*+2*XLGHOLQH+RIPDQQHWDO7KHGLIIHUHQFHLQUHVSRQVHUDWHV
EHWZHHQWKHVHJURXSVDFKLHYHGVWDWLVWLFDOVLJQLILFDQFH3 
&DVDGHYDOOHWDO
,QDQRWKHUUDQGRPLVHGGRXEOHEOLQGSODFHERFRQWUROOHGVWXG\LQYHVWLJDWLQJWKHHIILFDF\
RIU+X(SRWRUHYHUVHWKHDQDHPLDLQORZULVN0'6SDWLHQWVDQHU\WKURLGUHVSRQVHUDWH
RIZDVGHPRQVWUDWHGLQWKHFRKRUWRISDWLHQWVZKRXQGHUZHQWU+X(SRWKHUDS\DW
DGRVHRIXQLWVNJE\6&LQMHFWLRQGDLO\IRUZHHNVZKHUHDVDQHU\WKURLGUHVSRQVH
UDWHRIZDVGHWHFWHGLQWKHFRKRUWRISDWLHQWVZKRUHFHLYHGSODFHERLQMHFWLRQV
7KHGLIIHUHQFHLQUHVSRQVHUDWHVEHWZHHQWKHVHFRKRUWVDFKLHYHGVWDWLVWLFDO
VLJQLILFDQFH3 ,WDOLDQ&RRSHUDWLYH6WXG\*URXSIRUU+X(SRLQ0\HORG\VSODVWLF
6\QGURPHV7KHGDWDIURPWKLVVWXG\OHGWRWKHIRUPXODWLRQRIWKHHYLGHQFH
EDVHGFOLQLFDOSUDFWLFHJXLGHOLQHVRIWKH$PHULFDQ6RFLHW\RI&OLQLFDO2QFRORJ\$6&2
DQGWKH$PHULFDQ6RFLHW\RI+HPDWRORJ\$6+UHFRPPHQGLQJWKHDGPLQLVWUDWLRQRI
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

U+X(SRWRDQDHPLFSDWLHQWVZLWKORZULVN0'67KHUHIRUHEHVWFOLQLFDOFDUHIRUSDWLHQWV
ZLWK0'6FXUUHQWO\LQFOXGHVWUHDWPHQWZLWK(6$V

$PJHQ,QYHVWLJDWLRQDO3URGXFW%DFNJURXQG
'DUEHSRHWLQDOIDDQ(6$ZLWKPRUHFRQVHQVXV1OLQNHGFDUERK\GUDWHDGGLWLRQVLWHV
WKDQU+X(SRKDVDORQJHUPHDQUHVLGHQFHWLPHDQGDIROGORQJHUVHUXPKDOIOLIHWKDQ
U+X(SRLQERWKGLDO\VLVDQGFDQFHUSDWLHQWVDVZHOODVGHPRQVWUDWLQJDXJPHQWHGLQYLYR
DFWLYLW\(JULHHWDO(OOLRWWHWDO-XQJDQG6FKZDUW]
0DFGRXJDOOHWDODQGKHQFHPD\DIIRUGSDWLHQWVFRQYHQLHQFHLQGRVLQJ
VFKHGXOHV'DUEHSRHWLQDOIDLVPDQXIDFWXUHGE\UHFRPELQDQW'1$WHFKQRORJ\XVLQJD
&KLQHVHKDPVWHURYDU\PDPPDOLDQFHOOOLQH'DUEHSRHWLQDOIDZDVLQLWLDOO\DSSURYHGIRU
WKHWUHDWPHQWRIV\PSWRPDWLFDQHPLDDVVRFLDWHGZLWKFKURQLFUHQDOIDLOXUHLQSDWLHQWV
UHFHLYLQJGLDO\VLVDVZHOODVSDWLHQWVQRWRQGLDO\VLV'DUEHSRHWLQDOIDZDVVXEVHTXHQWO\
DSSURYHGIRUWKHWUHDWPHQWRIV\PSWRPDWLFDQHPLDLQSDWLHQWVZLWKQRQP\HORLG
PDOLJQDQF\UHFHLYLQJFKHPRWKHUDS\LQWKH(XURSHDQ8QLRQDQGLVDSSURYHGIRUXVHLQ
WKHRQFRORJ\VHWWLQJLQPXOWLSOHFRXQWULHVLQFOXGLQJWKH8QLWHG6WDWHV$XVWUDOLDDQG
&DQDGD
6HYHUDOVWXGLHVKDYHHYDOXDWHGWKHXVHRIGDUEHSRHWLQDOIDLQDQDHPLFSDWLHQWVZLWK
0'6*DEULORYHHWDO*RWOLEHWDO0DQQRQHHWDO0R\RHWDO
0XVWRHWDO3DUNHWDO3DWWRQHWDO6WDVLHWDO
9LOODQLHWDO9LOOHJDVHWDO6RPHVWXGLHVHYDOXDWHGGDUEHSRHWLQDOIDLQ
FRPELQDWLRQZLWK*&6)LHILOJUDVWLPSHJILOJUDVWLPWRDGGUHVVWKHSRWHQWLDORID
V\QHUJLVWLFUHVSRQVH0DQQRQHHWDO3DUNHWDO,QDOORIWKHVHVWXGLHV
HIILFDF\ZDVSULPDULO\GHWHUPLQHGE\HU\WKURLGUHVSRQVH8QOHVVRWKHUZLVHQRWHGDQ
HU\WKURLGUHVSRQVHZDVGHWHUPLQHGXVLQJWKH,:*GHILQLWLRQVRIPDMRUDQGPLQRU
UHVSRQVHSXEOLVKHGLQ6HYHUDORIWKHVWXGLHVFDWHJRULVHGSDWLHQWVE\ULVNRI
SURJUHVVLRQWR$0/*DEULORYHHWDO0DQQRQHHWDO3DUNHWDO
9LOODQLHWDO9LOOHJDVHWDO7KHVHSURJQRVWLFFDWHJRULVDWLRQVZHUHGHULYHG
IURPWKH,366
7KHRYHUDOOUHVSRQVHUDWHLQWKHVHWULDOVUDQJHGIURPWR5HVSRQVHUDWHVZHUH
KLJKHULQSDWLHQWVZLWKQRSULRU(6$H[SRVXUHDVZHOODVWKRVHZLWKEDVHOLQHHQGRJHQRXV
HU\WKURSRLHWLQOHYHOVEHORZ8/:KLOHWKHQXPEHURIVXEMHFWVLQPRVWRIWKHVWXGLHV
ZDVVPDOOWKHODUJHVWLQFOXGHGPRUHWKDQVXEMHFWV
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

0HWDDQDO\VLVRI'DUEHSRHWLQDOID9HUVXV(SRHWLQDOID
0R\RHWDOFRQGXFWHGDPHWDDQDO\VLVRIFOLQLFDOVWXGLHVSXEOLVKHGIURP
WRWKDWHYDOXDWHGWKHHIIHFWLYHQHVVRIGDUEHSRHWLQDOIDVWXGLHV>Q 
HYDOXDEOH@RUHSRHWLQDOIDVWXGLHV>Q HYDOXDEOH@PRQRWKHUDS\IRUWKH
WUHDWPHQWRISDWLHQWVZLWK0'6UHODWHGDQDHPLD7KLVPHWDDQDO\VLVLQFOXGHGGDWDIURP
UDQGRPLVHGFRQWUROOHGVWXGLHVDVZHOODVVLQJOHDUPFOLQLFDOVWXGLHVDQGUHWURVSHFWLYH
VWXGLHV7KHREMHFWLYHVRIWKHPHWDDQDO\VLVZHUHWRDVVHVVHU\WKURLGUHVSRQVHUDWHVLQ
VWXGLHVWKDWHLWKHUGLGRUGLGQRWXVHWKH,:*GHILQLWLRQRIUHVSRQVHLGHQWLI\SUHGLFWRUVRI
UHVSRQVHDQGFRPSDUHHU\WKURLGUHVSRQVHUDWHVIRUWKH(6$VZKHQDGMXVWHGIRU,:*
FULWHULD
%DVHOLQHFKDUDFWHULVWLFVRIWKHSDWLHQWVZHUHVLPLODULQERWKWKHGDUEHSRHWLQDOIDDQG
HSRHWLQDOIDVWXGLHVWKDWXVHG,:*FULWHULDWRHYDOXDWHUHVSRQVH1RVLJQLILFDQW
GLIIHUHQFHVZHUHREVHUYHGZLWKUHVSHFWWRDJHJHQGHUSURSRUWLRQRISDWLHQWVZLWK5$RU
5$56WUDQVIXVLRQGHSHQGHQF\UDWHVRUPHDQEDVHOLQHKDHPRJORELQKRZHYHUPHDQ
EDVHOLQHVHUXPHU\WKURSRLHWLQZDVVLJQLILFDQWO\ORZHUDPRQJGDUEHSRHWLQDOIDWUHDWHG
SDWLHQWVWKDQDPRQJHSRHWLQDOIDWUHDWHGSDWLHQWV3 
7KHDYHUDJHLQLWLDOZHHNO\GRVHRIGDUEHSRHWLQDOIDZDVPJUDQJHWRPJ
$PRQJSDWLHQWVZKRZHUHWUHDWHGLQVWXGLHVWKDWXVHGWKH,:*FULWHULDWRHYDOXDWH
UHVSRQVHWKHSRROHGHVWLPDWHRIHU\WKURLGUHVSRQVHDPRQJWKHGDUEHSRHWLQDOIDWUHDWHG
SDWLHQWVZDVFRQILGHQFHLQWHUYDO>&,@WRZKLFKZDVQRW
VLJQLILFDQWO\GLIIHUHQWIURPWKH&,WRUHVSRQVHUDWHDPRQJ
SDWLHQWVWUHDWHGZLWKHSRHWLQDOID3 7KHGRVHRIGDUEHSRHWLQDOIDZDV
SRVLWLYHO\FRUUHODWHGZLWKLQFUHDVHGHU\WKURLGUHVSRQVHUDWHV$UHVSRQVHUDWHRI
ZDVDFKLHYHGDFURVVSDWLHQWVUHFHLYLQJGDUEHSRHWLQDOIDEHWZHHQDQGPJ
RQFHZHHNO\4:7KLVZDVVLJQLILFDQWO\JUHDWHUWKDQWKHUHVSRQVHUDWHRI
DFURVVWKHSDWLHQWVZKRUHFHLYHGGDUEHSRHWLQDOIDEHWZHHQDQGPJ4:
3
5HIHUWRWKHVSHFLILFVHFWLRQRIWKH'DUEHSRHWLQDOID,QYHVWLJDWRU¶V%URFKXUHIRUDGGLWLRQDO
LQIRUPDWLRQUHODWHGWRWKHSK\VLFDOFKHPLFDODQGSKDUPDFHXWLFDOSURSHUWLHVDQG
IRUPXODWLRQ

5DWLRQDOH
7KHUDWLRQDOHRIWKLVVWXG\LVWRSURYLGHUHTXLUHGDFFHVVWRLQYHVWLJDWLRQDOSURGXFW,3
GDUEHSRHWLQDOIDEH\RQGWKHHQGRIDFWLYHWUHDWPHQWSHULRGRIWKHGDUEHSRHWLQDOID
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

0'6VWXG\IRUVXEMHFWVWKDWFRQWLQXHWREHQHILWIURPGDUEHSRHWLQDOID
WUHDWPHQWDQGWRGHVFULEHWKHVDIHW\RIORQJHUWHUPXVHLQWKLVSDWLHQWSRSXODWLRQ
7KH0'6VWXG\LVDSKDVHPXOWLFHQWHUUDQGRPLVHGGRXEOHEOLQG
SODFHERFRQWUROOHGWULDORIGDUEHSRHWLQDOIDȝJDGPLQLVWHUHG4:WRDSSUR[LPDWHO\
ORZRULQWHUPHGLDWHULVNDQDHPLF0'6VXEMHFWV7KHVWXG\FRQVLVWVRI
DZHHNVFUHHQLQJSHULRGZHHNGRXEOHEOLQGWUHDWPHQWSHULRGZHHNDFWLYH
WUHDWPHQWSHULRGDQGORQJWHUPIROORZXS/7)8SHULRG

&OLQLFDO+\SRWKHVHV
$IRUPDOVWDWLVWLFDOK\SRWKHVLVZLOOQRWEHWHVWHG7UHDWPHQWHPHUJHQWDGYHUVHHYHQWV
SURJUHVVLRQWR$0/DQGGHDWKZLOOEHVXPPDUL]HG

(;3(5,0(17$/3/$1

6WXG\'HVLJQ
7KLVLVDSKDVHEPXOWLFHQWHURSHQODEHOVLQJOHDUPFRPSDQLRQVWXG\WRWKHSKDVH
0'6VWXG\IRUWKHWUHDWPHQWRIDQDHPLFVXEMHFWVZLWK0'66XEMHFWVWKDW
FRPSOHWHWKHDFWLYHWUHDWPHQWSHULRGRIWKHGDUEHSRHWLQDOID0'6VWXG\DQG
PHHWWKHHOLJLELOLW\FULWHULDPD\EHHQUROOHGLQWRWKLVVWXG\WRFRQWLQXHWUHDWPHQWRI
GDUEHSRHWLQDOIDIRUXSWRZHHNVRUXQWLOODFNRIUHVSRQVHWR,3GLDJQRVLVRIQHZ
PDOLJQDQF\RUSURJUHVVLRQWR$0/ZKLFKHYHURFFXUVILUVW7KHRYHUDOOVWXG\GHVLJQLV
GHVFULEHGE\DVWXG\VFKHPDDWWKHHQGRIWKHSURWRFROV\QRSVLVVHFWLRQ
7KHVWXG\HQGSRLQWVDUHGHILQHGLQ6HFWLRQ

1XPEHURI6LWHV
$SSUR[LPDWHO\VLWHVLQ(XURSHDUHH[SHFWHGWRSDUWLFLSDWHLQWKHSDUHQW
GDUEHSRHWLQDOID0'6VWXG\7KHWRWDOQXPEHURIVLWHVWKDWPD\SDUWLFLSDWH
LQWKLVFRPSDQLRQVWXG\LVQRWNQRZQDWWKLVWLPHKRZHYHUDPLQLPXPRIVLWHZLOO
SDUWLFLSDWH

1XPEHURI6XEMHFWV
3DUWLFLSDQWVLQWKLVFOLQLFDOLQYHVWLJDWLRQVKDOOEHUHIHUUHGWRDV³VXEMHFWV´
,WLVHVWLPDWHGWKDWDSSUR[LPDWHO\RIWKHVXEMHFWVWKDWFRPSOHWHWKHGRXEOHEOLQG
WUHDWPHQWDQGDFWLYHWUHDWPHQWSHULRGVRIWKHSDUHQWVWXG\PD\EHHOLJLEOHWR
HQUROOKRZHYHUQRWDOOVXEMHFWVPD\FRQVHQWQRUZLOOWKHPDMRULW\RIVLWHVSDUWLFLSDWHLQ
WKHFRPSDQLRQVWXG\
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI


5HSODFHPHQWRI6XEMHFWV
7KLVLVDFRPSDQLRQVWXG\IRUVXEMHFWVRULJLQDOO\UDQGRPLVHGWRWKHGDUEHSRHWLQDOID
VWXG\6XEMHFWVPXVWFRPSOHWHWKHLQRUGHUWREHHOLJLEOHIRU
SDUWLFLSDWLRQLQWKLVVWXG\WKXVVXEMHFWVZLOOQRWEHUHSODFHG

(VWLPDWHG6WXG\'XUDWLRQ

6WXG\'XUDWLRQIRU6XEMHFWV
7KHPD[LPXPLQGLYLGXDOWUHDWPHQWGXUDWLRQIRUVXEMHFWVWKDWHQWHUWKLVFRPSDQLRQVWXG\
LVDSSUR[LPDWHO\ZHHNV7KHRYHUDOOVWXG\GXUDWLRQLVGHSHQGHQWXSRQWKHOHQJWKRI
WKHHQUROOPHQWSHULRGIRUWKHSDUHQWVWXG\

(QGRI6WXG\
7KHVWXG\ZLOOHQGZKHQDOOVXEMHFWVFRPSOHWHWKHWUHDWPHQWSHULRGWKURXJKZHHNDQG
WKH(QGRI6WXG\(26YLVLWRUDUHZLWKGUDZQIURPLQYHVWLJDWLRQDOSURGXFWGXHWRORVVRI
UHVSRQVHRUGLVHDVHSURJUHVVLRQRUZLWKGUDZLQIRUPHGFRQVHQWRUGLHVHH6HFWLRQ

68%-(&7(/,*,%,/,7<
,QYHVWLJDWRUVZLOOEHH[SHFWHGWRPDLQWDLQDVFUHHQLQJORJRIDOOSRWHQWLDOVWXG\
FDQGLGDWHVWKDWLQFOXGHVOLPLWHGLQIRUPDWLRQDERXWWKHSRWHQWLDOFDQGLGDWHHJGDWHRI
VFUHHQLQJ7KLVORJPD\EHFRPSOHWHGDQGXSGDWHGYLDDQ,QWHUDFWLYH9RLFH5HVSRQVH
,95,QWHUDFWLYH:HE5HVSRQVH,:5V\VWHP%HIRUHDQ\VWXG\VSHFLILFSURFHGXUH
WKHDSSURSULDWHZULWWHQLQIRUPHGFRQVHQWPXVWEHREWDLQHGVHH6HFWLRQ

,QFOXVLRQ&ULWHULD

*HQHUDO

6XEMHFWRUVXEMHFW¶VOHJDOO\DFFHSWDEOHUHSUHVHQWDWLYHKDVSURYLGHG
LQIRUPHGFRQVHQWSULRUWRDQ\VWXG\VSHFLILFDFWLYLWLHVSURFHGXUHVEHLQJ
LQLWLDWHG

6XEMHFWPXVWFRQWLQXH/7)8ZLWKLQSDUHQWVWXG\

6XEMHFWXQGHUVWDQGVWKDWGDUEHSRHWLQDOIDWUHDWPHQWZLOOQRWEHSURYLGHG
E\$PJHQSDVWZHHN

6XEMHFWFRPSOHWHVGRVLQJLQWKHDFWLYHWUHDWPHQWSHULRGWKURXJKZHHN
RUZHHNDQGFRPSOHWHGWKHHQGRIWKHDFWLYHWUHDWPHQWSHULRG
(2$73YLVLWRIWKHSDUHQWVWXG\

'LVHDVHUHODWHG

6XEMHFWPXVWKDYHDQRQJRLQJFOLQLFDOO\UHOHYDQWHU\WKURLGUHVSRQVHDV
DVVHVVHGE\WKH,QYHVWLJDWRUXVLQJFXUUHQWUHVSRQVHFULWHULDLH,:*
UHVSRQVHFULWHULD
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI


([FOXVLRQ&ULWHULD

'LVHDVHUHODWHG

7UDQVIXVLRQGHSHQGHQFHGHILQHGDVUHFHLYLQJDWRWDORIXQLWVRI5%&
WUDQVIXVLRQLQWKHSUHYLRXVZHHNSHULRGSULRUWRHQUROPHQW

.QRZQGLDJQRVLVRIDFXWHP\HORJHQRXVOHXNHPLD$0/RUPDUURZ
FROODJHQILEURVLV

.QRZQUHIUDFWRU\DQDHPLDZLWKH[FHVVEODVW5$(%

.QRZQGLDJQRVLVRILQWHUPHGLDWHRUKLJKULVN0'6SHU,366

0HGLFDWLRQVRU2WKHU7UHDWPHQWV

6XEMHFWVUHFHLYHGWKURPERSRLHVLVVWLPXODWLQJIDFWRUVHJHOWURPERSDJ
URPLSORVWLPLQWKH0'6VWXG\RUSODQQLQJWRUHFHLYHVXFK
DJHQWVGXULQJWKHVWXG\

6XEMHFWVUHFHLYLQJDQ\LQYHVWLJDWLRQDODJHQWVGHYLFHVQRWFXUUHQWO\
DSSURYHGE\WKHFRXQWU\¶VUHJXODWRU\DXWKRULW\IRUWKHLQGLFDWLRQRIXVH

68%-(&7(152//0(17
%HIRUHVXEMHFWVEHJLQSDUWLFLSDWLRQLQDQ\VWXG\VSHFLILFDFWLYLWLHVSURFHGXUHV$PJHQ
UHTXLUHVDFRS\RIWKHVLWH¶VZULWWHQLQGHSHQGHQWHWKLFVFRPPLWWHH,(&DSSURYDORIWKH
SURWRFROLQIRUPHGFRQVHQWIRUPVHH6HFWLRQ6XEMHFWVPXVWSHUVRQDOO\VLJQDQG
GDWHWKH,(&DQG$PJHQDSSURYHGLQIRUPHGFRQVHQWIRUPEHIRUHFRPPHQFHPHQWRI
VWXG\VSHFLILFSURFHGXUHV
(DFKVXEMHFWZKRHQWHUVLQWRWKHVFUHHQLQJSHULRGIRUWKHVWXG\ZLOOUHFHLYHDXQLTXH
VXEMHFWLGHQWLILFDWLRQ,'QXPEHUEHIRUHDQ\VWXG\UHODWHGDFWLYLWLHVSURFHGXUHVDUH
SHUIRUPHG7KHVWDUWRIVFUHHQLQJLVGHILQHGZKHQWKHVXEMHFWVLJQVRIWKHLQIRUPHG
FRQVHQWIRUP7KHVXEMHFWLGHQWLILFDWLRQQXPEHUZLOOEHDVVLJQHGE\WKHLQWHUDFWLYHYRLFH
UHVSRQVHV\VWHP,956DQGPXVWUHPDLQFRQVWDQWWKURXJKRXWWKHHQWLUHFOLQLFDOVWXG\
7KLVQXPEHUZLOOEHXVHGWRLGHQWLI\WKHVXEMHFWWKURXJKRXWWKHFOLQLFDOVWXG\DQGPXVWEH
XVHGRQDOOVWXG\GRFXPHQWDWLRQUHODWHGWRWKDWVXEMHFW6XEMHFWVWKDWVFUHHQIDLODUHQRW
HOLJLEOHIRUUHVFUHHQLQJLQWRWKHVWXG\7KHVLWHZLOOEHUHTXLUHGWRHQWHUWKHVXEMHFWV¶,'
QXPEHUIURPWKH0'6VWXG\LQWRWKH,956
$VXEMHFWLVFRQVLGHUHGHQUROOHGZKHQWKHLQYHVWLJDWRUGHFLGHVWKDWWKHVXEMHFWKDVPHW
DOOHOLJLELOLW\FULWHULD7KHLQYHVWLJDWRULVWRGRFXPHQWWKLVGHFLVLRQDQGGDWHLQWKH
VXEMHFW¶VPHGLFDOUHFRUGDQGRQWKHHQUROOPHQWHOHFWURQLFFDVHUHSRUWIRUPH&5)
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI


75($70(17352&('85(6

&ODVVLILFDWLRQRI3URGXFW
7KH$PJHQ,QYHVWLJDWLRQDO3URGXFWXVHGLQWKLVVWXG\LQFOXGHVRSHQODEHO
GDUEHSRHWLQDOID7KH,QYHVWLJDWLRQDO3URGXFW,QVWUXFWLRQ0DQXDO,3,0DGRFXPHQW
H[WHUQDOWRWKLVSURWRFROFRQWDLQVGHWDLOHGLQIRUPDWLRQUHJDUGLQJWKHVWRUDJH
SUHSDUDWLRQDQGDGPLQLVWUDWLRQRIGDUEHSRHWLQDOID

,QYHVWLJDWLRQDO3URGXFW

$PJHQ,QYHVWLJDWLRQDO3URGXFW
'DUEHSRHWLQDOIDZLOOEHPDQXIDFWXUHGDQGSDFNDJHGE\$PJHQ,QFDQGGLVWULEXWHG
XVLQJ$PJHQFOLQLFDOVWXG\GUXJGLVWULEXWLRQSURFHGXUHV7KHLQYHVWLJDWLRQDOSURGXFW
GDUEHSRHWLQDOIDLVSURYLGHGLQVLQJOHGRVHYLDOVRIKXPDQVHUXPDOEXPLQIUHH
SRO\VRUEDWHVROXWLRQWKDWLVDFOHDUFRORUOHVVVWHULOHSUHVHUYDWLYHIUHHSURWHLQVROXWLRQ
(DFKYLDOZLOOFRQWDLQPJPJPJRUPJRIGDUEHSRHWLQDOIDSHUP/)RU
GRVHDGMXVWPHQWDQGVWRSSLQJJXLGDQFHUHIHUWR6HFWLRQ7KHGRVHIUHTXHQF\
GDWHRIDGPLQLVWUDWLRQER[QXPEHURILQYHVWLJDWLRQDOSURGXFWLVWREHUHFRUGHGRQHDFK
VXEMHFW¶VH&5)
7KHGD\RIWKHILUVWGRVHRI,3GDUEHSRHWLQDOIDZLOOEHFRQVLGHUHGVWXG\GD\
,QYHVWLJDWLRQDOSURGXFWVKRXOGEHDGPLQLVWHUHGVXEFXWDQHRXVO\6&E\WKHDSSURSULDWHO\
WUDLQHGDQGGHVLJQDWHGVWXG\SHUVRQQHODWWKHGRVLQJVFKHGXOHRXWOLQHGLQWKH6FKHGXOH
RI$VVHVVPHQWV7DEOH

'RVDJH$GPLQLVWUDWLRQDQG6FKHGXOH
'DUEHSRHWLQDOIDZLOOEHRSHQODEHO7KHILUVWGRVHDQGGRVLQJIUHTXHQF\RI
GDUEHSRHWLQDOIDRQGD\ZHHNVKRXOGFDUU\IRUZDUGIURPWKHODVWGRVHDQG
IUHTXHQF\IURPWKHSDUHQWVWXG\GDUEHSRHWLQDOID0'6VWXG\DGPLQLVWHUHGDW
ZHHN7KHGD\ZHHNYLVLWVKRXOGDOLJQZLWKLQGD\VRIWKH(2$73YLVLW
DWZHHNIURPWKHGDUEHSRHWLQDOID0'6VWXG\
7KHGRVLQJVFKHGXOHLVGHVFULEHGE\DVFKHPDLQWKHSURWRFROV\QRSVLV

'RVDJH$GMXVWPHQWV'HOD\V5XOHVIRU:LWKKROGLQJRU5HVWDUWLQJ
3HUPDQHQW'LVFRQWLQXDWLRQ
7KHUHZLOOEHQRLQWHUDFWLYHYRLFHUHFRJQLWLRQV\VWHP,956JXLGDQFHIRU,3GRVLQJLQ
WKLVSURWRFRO7KH,956ZLOORQO\EHXVHGLQWKLVVWXG\WRWUDFN,3VXSSO\WRVLWHVDQGZLOO
DOORFDWHD,3ER[QXPEHUEDVHGRQWKH,3GRVHLQIRUPDWLRQHQWHUHGE\WKHVLWH
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

(DFKVXEMHFWHQWHULQJWKHVWXG\ZLOOFRQWLQXHWKHODVW,3GRVHDQGIUHTXHQF\IURPWKH
SDUHQWVWXG\7KHLQYHVWLJDWRUPD\FKRRVHWRLQFUHDVHWKHGRVHRI
GDUEHSRHWLQDOIDZLWKWKHPD[LPXPGRVHSHUPLWWHGRIȝJ4:'RVHLQFUHDVHV
VKRXOGIROORZDVWHSZLVHDSSURDFKHJȝJWRȝJȝJWRȝJZLWKDW
OHDVWZHHNVDWDJLYHQGRVHEHIRUHWKHGRVHPD\EHLQFUHDVHG
7KHIUHTXHQF\RIGDUEHSRHWLQDOIDDGPLQLVWUDWLRQPD\DOVREHFKDQJHGHJIURP4:WR
4:GRVLQJ1RWZR4:RU4:GRVHVVKRXOGEHDGPLQLVWHUHGZLWKLQDQ\FRQWLJXRXV
GD\RUGD\SHULRGUHVSHFWLYHO\
7KH,QYHVWLJDWRUVVKRXOGXVHWKHLUFOLQLFDOMXGJPHQWWRDVVHVVWKHEHVWGRVHDQG
IUHTXHQF\FRQVLGHULQJULVNVDQGEHQHILWVDQGVXEMHFWQHHGV$GMXVWPHQWVWRWKH
GDUEHSRHWLQDOIDGRVHVKRXOGEHPDGHEDVHGRQWKHPRVWUHFHQWORFDOKHPRJORELQ+E
YDOXHREWDLQHGZLWKLQGD\EHIRUHWKHGRVLQJYLVLW'RVLQJLQIRUPDWLRQDQGORFDO+E
YDOXHVZLOOEHUHFRUGHGLQWKHH&5)7KHUHDVRQIRUDGRVHFKDQJHLVWREHUHFRUGHGRQ
WKHH&5)
,QYHVWLJDWRUVVKRXOGFORVHO\PRQLWRUHDFKVXEMHFWV¶+EYDOXHVDQGVXVSHQGWKHGRVHRI
,3ZKHQWKH+EH[FHHGVWKHJG/WKUHVKROG,3VKRXOGWHPSRUDULO\EHZLWKKHOGXQWLO
+EIDOOVWRJG/DWZKLFKWLPH,3PD\EHUHVWDUWHGDWDGRVHWKDWLVUHGXFHGIURP
WKHSUHYLRXVGRVHLHȝJWRȝJȝJWRȝJȝJWRȝJ7DEOH
SURYLGHVDQRXWOLQHRIWKHUHFRPPHQGHGGRVHUHGXFWLRQV
6XEMHFWVZLOOEHSHUPDQHQWO\GLVFRQWLQXHGIURPGDUEHSRHWLQDOIDWUHDWPHQWDQGZLOO
FRPSOHWHWKH(26YLVLWDWWKHQH[WVFKHGXOHGVWXG\YLVLWLIDWDQ\WLPHWKH
x
VXEMHFWORVHVHU\WKURLGUHVSRQVHGHILQHGDV+EGHFUHDVHRIJG/
FRPSDUHGWRGD\+EDYHUDJHGRYHUZHHNV
x
VXEMHFWEHFRPHVWUDQVIXVLRQGHSHQGHQWGHILQHGDVXQLWVRI5%&
WUDQVIXVLRQUHODWLYHWRSUHYLRXVZHHNVSULRUWRHQUROPHQW
7DEOH,3'RVH5HGXFWLRQV
'RVH
1R3UHYLRXV'RVH
5HGXFWLRQ
3UHYLRXV'RVH
5HGXFWLRQ
3UHYLRXV'RVH
5HGXFWLRQV
3UHYLRXV
'RVH
5HGXFWLRQV
PJ
4:
,35HLQVWDWHGDW
5HGXFHGWRPJ
4:
,35HLQVWDWHGDW
5HGXFHGWRPJ
4:
,35HLQVWDWHGDW
5HGXFHGWRPJ
4:
,3
'LVFRQWLQXHG
PJ
4:
,35HLQVWDWHGDW
5HGXFHGWRPJ
4:
,35HLQVWDWHGDW
5HGXFHGWRPJ
4:
,35HLQVWDWHGDW
5HGXFHGWRPJ
4:
,3
'LVFRQWLQXHG
4: HYHU\ZHHNV4: HYHU\ZHHNV
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

$PD[LPXPRIGRVHUHGXFWLRQVDUHSHUPLWWHGGXULQJWKHVWXG\6KRXOGDVXEMHFWPHHW
WKHFULWHULDIRUDIRXUWKGRVHUHGXFWLRQWKHVXEMHFWZLOOEHSHUPDQHQWO\GLVFRQWLQXHGIURP
,3WUHDWPHQWDQGZLOOFRPSOHWHWKH(26YLVLWDWWKHQH[WVFKHGXOHGVWXG\YLVLW
$WDQ\WLPHGXULQJWKHVWXG\WKHLQYHVWLJDWRUPD\ZLWKKROGRUGLVFRQWLQXH,3IRUDQ\
VXEMHFWZKRH[SHULHQFHVDVHYHUHRUOLIHWKUHDWHQLQJDGYHUVHHYHQW,QWKHFDVHRI
XQFRQWUROOHGEORRGSUHVVXUHK\SHUWHQVLYHFULVLVRURFFXUUHQFHRIWKURPERHPEROLF
HYHQWWKHUHFRPPHQGDWLRQLVIRUWKHLQYHVWLJDWRUWRZLWKGUDZWKHVXEMHFWIURP,3
,QYHVWLJDWLRQDOSURGXFWPXVWDOVREHGLVFRQWLQXHGIRUDVXEMHFWXSRQWKHLQYHVWLJDWRU¶V
GHWHUPLQDWLRQRISURJUHVVLRQWR$0/RUGLDJQRVLVRIQHZPDOLJQDQF\
6XEMHFWVWKDWDUHZLWKGUDZQIURP,3VKRXOGFRPSOHWHWKH(26YLVLWDSSUR[LPDWHO\
ZHHNVDIWHUWKHODVW,3GRVLQJYLVLW

&RQFRPLWDQW7KHUDS\
7KURXJKRXWWKHVWXG\LQYHVWLJDWRUVPD\SUHVFULEHDQ\FRQFRPLWDQWPHGLFDWLRQVRU
WUHDWPHQWVGHHPHGQHFHVVDU\WRSURYLGHDGHTXDWHVXSSRUWLYHFDUHH[FHSWIRUWKRVH
OLVWHGLQ6HFWLRQ.H\FRQFRPLWDQWWKHUDSLHVDUHWREHFROOHFWHGIURPLQIRUPHG
FRQVHQWWKURXJKWKHHQGRIVWXG\&ROOHFWWKHWKHUDS\QDPHLQGLFDWLRQGRVHXQLW
IUHTXHQF\DQGVWDUWDQGVWRSGDWHVDQGUHFRUGLQWKHDSSOLFDEOHH&5)
6HH6HFWLRQ

+HSDWRWR[LFLW\6WRSSLQJDQG5HFKDOOHQJH5XOHV
6XEMHFWVZLWKDEQRUPDOKHSDWLFODERUDWRU\YDOXHVHJDONDOLQHSKRVSKDWDVHDVSDUWDWH
DPLQRWUDQVIHUDVH>$67@DODQLQHWUDQVDPLQDVH>$/7@WRWDOELOLUXELQRULQWHUQDWLRQDO
QRUPDOL]HGUDWLR>,15@RUVLJQVV\PSWRPVRIKHSDWLWLVPD\PHHWWKHFULWHULDIRU
ZLWKKROGLQJRILQYHVWLJDWLRQDOSURGXFWRURWKHUSURWRFROUHTXLUHGWKHUDSLHV:LWKKROGLQJ
LVHLWKHUSHUPDQHQWRUFRQGLWLRQDOGHSHQGLQJXSRQWKHFOLQLFDOFLUFXPVWDQFHVGLVFXVVHG
EHORZDVVSHFLILHGLQWKH*XLGDQFHIRU,QGXVWU\'UXJ,QGXFHG/LYHU,QMXU\
3UHPDUNHWLQJ&OLQLFDO(YDOXDWLRQ-XO\

&ULWHULDIRU3HUPDQHQW:LWKKROGLQJRI$PJHQ,QYHVWLJDWLRQDO
3URGXFWGXHWR3RWHQWLDO+HSDWRWR[LFLW\
$PJHQLQYHVWLJDWLRQDOSURGXFWVKRXOGEHGLVFRQWLQXHGSHUPDQHQWO\DQGWKHVXEMHFW
VKRXOGEHIROORZHGDFFRUGLQJWRWKHUHFRPPHQGDWLRQVLQ$SSHQGL[$$GGLWLRQDO6DIHW\
$VVHVVPHQW,QIRUPDWLRQIRUSRVVLEOHGUXJLQGXFHGOLYHULQMXU\',/,LIDOOWKHIROORZLQJ
FULWHULDDUHPHW
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

x
WRWDOELOLUXELQ![XSSHUOLPLWRIQRUPDO8/1RU,15!
x
LQFUHDVHG$67RU$/7IURPWKHUHOHYDQWEDVHOLQHYDOXHDVVSHFLILHGEHORZ
%DVHOLQH$67RU$/7YDOXH
$67RU$/7HOHYDWLRQ
8/1
![8/1

x
DQGQRRWKHUFDXVHIRUWKHFRPELQDWLRQRIODERUDWRU\DEQRUPDOLWLHVLVLPPHGLDWHO\
DSSDUHQWLPSRUWDQWSRWHQWLDOFDXVHVIRUDEQRUPDO$67$/7RUWRWDOELOLUXELQYDOXHV
LQFOXGHEXWDUHQRWOLPLWHGWR

2EVWUXFWLYHJDOOEODGGHURUELOHGXFWGLVHDVH

9LUDORUDOFRKROLFKHSDWLWLVHJ+HSDWLWLV$%&'((SVWHLQ%DUU9LUXV
F\WRPHJDORYLUXV+HUSHV6LPSOH[9LUXV9DULFHOODHWF

+\SR[LFRULVFKHPLFKHSDWRSDWK\RUFRQJHVWLYHKHSDWRSDWK\LQDVVRFLDWLRQ
ZLWKVLJQLILFDQWULJKWVLGHGKHDUWIDLOXUH

&RQFRPLWDQWDGPLQLVWUDWLRQRIRWKHUKHSDWRWR[LQVLQFOXGLQJGUXJVWKDWLQKLELW
ELOLUXELQJOXFXURQLGDWLRQHJLQGLQDYLUDWD]DQDYLULULQRWHFDQRUKHUEDORU
GLHWDU\VXSSOHPHQWV

+HULWDEOHGLVRUGHUVFDXVLQJLPSDLUHGJOXFXURQLGDWLRQHJ*LOEHUW¶V
6\QGURPHDOSKDRQHDQWLWU\SVLQGHILFLHQF\

$XWRLPPXQHKHSDWLWLV

1RQDOFRKROLF6WHDWRKHSDWLWLV1$6+RURWKHU³IDWW\OLYHUGLVHDVH´
,IDQDOWHUQDWLYHFDXVHIRUKHSDWRWR[LFLW\LVLGHQWLILHGRUOHVVVWULQJHQWFRQGLWLRQV
GHYHORSHGWKDQZKDWLVQRWHGDERYHGHWHUPLQHLILQYHVWLJDWLRQDOSURGXFWVKRXOGEH
SHUPDQHQWO\RUWHPSRUDULO\GLVFRQWLQXHGEDVHGRQSDWLHQWSRSXODWLRQDQGRUVHYHULW\RI
WKHKHSDWRWR[LFLW\RUHYHQWDVGHHPHGDSSURSULDWHIRUWKHVDIHW\RIWKHVXEMHFW

&ULWHULDIRU&RQGLWLRQDO:LWKKROGLQJRI$PJHQ,QYHVWLJDWLRQDO
3URGXFWGXHWR3RWHQWLDO+HSDWRWR[LFLW\
)RUVXEMHFWVWKDWGRQRWPHHWWKHFULWHULDIRUSHUPDQHQWZLWKKROGLQJRILQYHVWLJDWLRQDO
SURGXFWRXWOLQHGDERYH$PJHQLQYHVWLJDWLRQDOSURGXFWVKRXOGEHZLWKKHOGLIDQ\RIWKH
IROORZLQJFULWHULDDUHPHWDQGWKHVXEMHFWVKRXOGEHHYDOXDWHGIRU',/,
x
(OHYDWLRQRIHLWKHU$67RU$/7DFFRUGLQJWRWKHIROORZLQJVFKHGXOH
%DVHOLQH$67RU
$/7YDOXH
$67RU$/7HOHYDWLRQ
$Q\
![8/1DWDQ\WLPH
$Q\
![8/1EXW[8/1IRUZHHNV
$Q\
![8/1EXW[8/1DQGXQDEOHWRDGKHUHWRHQKDQFHGPRQLWRULQJ
VFKHGXOH

3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

x
FOLQLFDOVLJQVRUV\PSWRPVWKDWDUHLQWKHRSLQLRQRIWKH,QYHVWLJDWRUFRQVLVWHQWZLWK
KHSDWLWLVVXFKDVULJKWXSSHUTXDGUDQWSDLQWHQGHUQHVVIHYHUQDXVHDYRPLWLQJ
MDXQGLFHUDVKRUHRVLQRSKLOLD!,IVXFKVLJQVRUV\PSWRPVDUHFRXSOHGZLWK
$/7RU$67HOHYDWLRQV![8/1LQYHVWLJDWLRQDOSURGXFWVKRXOGEHZLWKKHOGRU
x
WRWDOELOLUXELQ![8/1DWDQ\WLPH
x
DONDOLQHSKRVSKDWDVH![8/1DWDQ\WLPH
$PJHQLQYHVWLJDWLRQDOSURGXFWVKRXOGEHZLWKKHOGSHQGLQJLQYHVWLJDWLRQLQWRDOWHUQDWLYH
FDXVHVRI',/,,ILQYHVWLJDWLRQDOSURGXFWLVZLWKKHOGWKHVXEMHFWVKRXOGEHIROORZHG
DFFRUGLQJWRUHFRPPHQGDWLRQVLQ$SSHQGL[$IRUSRVVLEOH',/,5HFKDOOHQJHPD\EH
FRQVLGHUHGLIDQDOWHUQDWLYHFDXVHVXFKDVDFXWH+HSDWLWLV%LQIHFWLRQLVGLVFRYHUHGDQG
WKHODERUDWRU\DEQRUPDOLWLHVUHVROYHWRQRUPDORUEDVHOLQH6HFWLRQ

&ULWHULDIRU5HFKDOOHQJHRI$PJHQ,QYHVWLJDWLRQDO3URGXFW$IWHU
3RWHQWLDO+HSDWRWR[LFLW\
7KHGHFLVLRQWRUHFKDOOHQJHWKHVXEMHFWVKRXOGEHGLVFXVVHGDQGDJUHHGXSRQ
XQDQLPRXVO\E\WKHVXEMHFW,QYHVWLJDWRUDQG$PJHQ
,IVLJQVRUV\PSWRPVUHFXUZLWKUHFKDOOHQJHWKHQ$PJHQLQYHVWLJDWLRQDOSURGXFWVKRXOG
EHSHUPDQHQWO\GLVFRQWLQXHG6XEMHFWVZKRFOHDUO\PHHWWKHFULWHULDIRUSHUPDQHQW
GLVFRQWLQXDWLRQDVGHVFULEHGLQ6HFWLRQVKRXOGQHYHUEHUHFKDOOHQJHG

3URGXFW&RPSODLQWV
$SURGXFWFRPSODLQWLVDQ\ZULWWHQHOHFWURQLFRURUDOFRPPXQLFDWLRQWKDWDOOHJHV
GHILFLHQFLHVUHODWHGWRWKHLGHQWLW\TXDOLW\GXUDELOLW\UHOLDELOLW\VDIHW\HIIHFWLYHQHVVRU
SHUIRUPDQFHRIDQ\LQYHVWLJDWLRQDORUQRQLQYHVWLJDWLRQDOSURGXFWVRUGHYLFHV
$Q\SURGXFWFRPSODLQWVDVVRFLDWHGZLWKDQLQYHVWLJDWLRQDOSURGXFWVRU
QRQLQYHVWLJDWLRQDOSURGXFWVRUGHYLFHVVXSSOLHGE\$PJHQDUHWREHUHSRUWHG
DFFRUGLQJWRWKHLQVWUXFWLRQVSURYLGHGLQWKH,3,0

([FOXGHG7UHDWPHQWVRU3URFHGXUHV'XULQJWKH7UHDWPHQW3HULRG
'XULQJWKHWUHDWPHQWSHULRGVXEMHFWVVKRXOGQRWUHFHLYHDQ\LQYHVWLJDWLRQDO
DJHQWVGHYLFHVQRWFXUUHQWO\DSSURYHGE\WKHFRXQWU\¶VUHJXODWRU\DXWKRULW\IRUDQ\
LQGLFDWLRQ6XEMHFWVDOVRVKRXOGQRWUHFHLYHWKURPERSRLHVLVVWLPXODWLQJIDFWRUV
HJHOWURPERSDJURPLSORVWLP1RRWKHUPHGLFDWLRQVDUHSURKLELWHGGXULQJWUHDWPHQW
SHULRG
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH






3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI


678'<352&('85(6

6FKHGXOHRI$VVHVVPHQWV
7DEOH6FKHGXOHRI$VVHVVPHQWV
6FUHHQ
(QUROO
(QGRI
6WXG\J
6WXG\:HHN
D
'D\

,QIRUPHG&RQVHQW
[
0HGLFDOKLVWRU\
[
3K\VLFDOH[DPLQDWLRQ
[
3K\VLFDOPHDVXUHPHQWVKHLJKWDQGZHLJKWE
[
[
9LWDO6LJQVKHDUWUDWHWHPSHUDWXUHEORRGSUHVVXUH
[
[
$VVHVVIRUVLJQVDQGV\PSWRPVRIFOLQLFDOO\UHOHYDQW79(
[
[
$GYHUVH(YHQWV$(V6HULRXV$GYHUVH(YHQWV6$(VF
[
[
.H\FRQFRPLQDQWPHGLFDWLRQVDQGUHGEORRGFHOO5%&
WUDQVIXVLRQV
[
/RFDOODERUDWRU\KDHPRJORELQIRUGRVLQJGHFLVLRQG
[
,3GDUEHSRHWLQDOIDDGPLQLVWUDWLRQH
[
'DUEHSRHWLQDOIDDQWLERG\VDPSOHFROOHFWLRQ
[I
[
D/DVWYLVLWRIWKH0'6VWXG\DWZHHNLVWKHILUVWGRVLQJYLVLWIRU
E+HLJKWRQO\FROOHFWHGDVSDUWRIVFUHHQLQJ:HLJKWFROOHFWHGDWHDFKYLVLW
F$(VDQG6$(VZLOOEHUHSRUWHGWKURXJKRXWWKHVWXG\WKURXJKGD\VDIWHUODVWGRVHRI,3GDUEHSRHWLQDOID
J(QGRI6WXG\(26YLVLWDWZHHNRUZHHNVDIWHUODVWGRVHRI,3IURP4:RU4:GRVLQJIRUVXEMHFWVWKDWHQG,3HDUO\
SHUIRUPHGDWHDFKYLVLW
G'RVLQJZLOORFFXU4:GD\RU4:GD\V1R4:RU4:GRVHVVKRXOGEHDGPLQLVWHUHGZLWKLQDQ\FRQWLJXRXVGD\RUGD\
SHULRGUHVSHFWLYHO\'RVLQJGHFLVLRQEDVHGRQORFDOODE+EWDNHQZLWKLQGD\EHIRUH,3GRVLQJYLVLW6HH3URWRFRO6HFWLRQIRUGRVLQJ
JXLGHOLQHV
I$'D\DQWLERG\VDPSOHLVQRWUHTXLUHGLIDSSURSULDWHO\FROOHFWHGLQWKH0'6VWXG\DWWKH(QGRIWKH$FWLYH7UHDWPHQW3HULRG
(2$73YLVLW
$VVHVVHGDWHDFKYLVLWDQGWKURXJKRXWWKHVWXG\
SHUIRUPHGDWHDFKYLVLW
H5HVXOWVRIORFDOODERUDWRU\+EPXVWEHDYDLODEOHDQGUHYLHZHGSULRUWR,3DGPLQVWUDWLRQ
SHUIRUPHGDWHDFKYLVLW
SHUIRUPHGDWHDFKYLVLW
$FWLYH7UHDWPHQW3HULRG
4:RU4:GRVLQJXSWRZHHN4:
SHUIRUPHGDWHDFKYLVLW
SHUIRUPHGDWHDFKYLVLW
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI


*HQHUDO6WXG\3URFHGXUHV
5HIHUWRWKH6FKHGXOHRI$VVHVVPHQWV7DEOHIRUDQRXWOLQHRIWKHSURFHGXUHV
UHTXLUHGDWHDFKVWXG\YLVLW7KHLQYHVWLJDWRUDWHDFKVLWHLVUHVSRQVLEOHIRUHQVXULQJWKDW
DOOVWXG\SURFHGXUHVDUHSHUIRUPHGDVVSHFLILHGLQWKHSURWRFRO
(DFKVXEMHFWRUWKHLUOHJDOO\DXWKRULVHGUHSUHVHQWDWLYHPXVWSHUVRQDOO\VLJQDQGGDWHWKH
$PJHQ,(&DSSURYHGLQIRUPHGFRQVHQWIRUP,&)EHIRUHDQ\VWXG\VSHFLILF
SURFHGXUHVDUHSHUIRUPHG7KH,&)PD\EHUHYLHZHGDQGVLJQHGGDWHGZLWKLQZHHNV
RIWKHVFUHHQLQJDVVHVVPHQWV
'HPRJUDSKLFGDWDFROOHFWLRQLQFOXGLQJVH[GDWHRIELUWKDJHUDFHDQGHWKQLFLW\ZLOOEH
FROOHFWHGLQRUGHUWRVWXG\WKHLUSRVVLEOHDVVRFLDWLRQZLWKVXEMHFWVDIHW\GDWD
(DFKVWXG\YLVLWPD\RFFXURYHUDFRQVHFXWLYHGD\SHULRG6WXG\DVVHVVPHQWV
LQFOXGLQJORFDOODERUDWRU\+EWHVWLQJPD\EHSHUIRUPHGXSWRGD\SULRUWRWKHGD\RI,3
DGPLQLVWUDWLRQ)RUHDFKVWXG\YLVLWDOOVWXG\SURFHGXUHVVKRXOGEHSHUIRUPHGSULRUWR,3
DGPLQLVWUDWLRQ

0HGLFDO+LVWRU\
7KH,QYHVWLJDWRURUGHVLJQHHZLOOFROOHFWDWDUJHWHGPHGLFDOKLVWRU\RQWKHIROORZLQJ
GLDEHWHVK\SHUWHQVLRQ+71FHUHEURYDVFXODUDFFLGHQW&9$WUDQVLHQWLVFKHPLFDWWDFN
7,$SHULSKHUDOYDVFXODUGLVHDVH39'P\RFDUGLDOLQIDUFWLRQ0,FRURQDU\DUWHU\
GLVHDVH&$'FRQJHVWLYHKHDUWIDLOXUH&+)FDUGLDFDUUK\WKPLDWKURPERHPEROLF
HYHQWDXWRLPPXQHGLVHDVHHQGRFDUGLWLVFKURQLFREVWUXFWLYHSXOPRQDU\GLVHDVH
&23'SXOPRQDU\ILEURVLVJDVWURLQWHVWLQDOEOHHGLQJFKROHF\VWROLWKLDVLVJDOOVWRQHV
SDQFUHDWLWLVKHSDWLWLVKDHPRFKURPDWRVLVFLUUKRVLVXUROLWKLDVLVNLGQH\VWRQHVRWKHU
YDVFXODUGLVHDVH5HFRUGDOOILQGLQJVRQWKHPHGLFDOKLVWRU\H&5)$GYHUVHHYHQWVWKDW
DUHRQJRLQJDWWKHHQGRIWKHVWXG\ZLOOQRWEHUHSRUWHGDVPHGLFDOKLVWRU\EXW
ZLOOEHFDUULHGIRUZDUGDVRQJRLQJRQWKHVWXG\DGYHUVHHYHQWH&5)

3K\VLFDO([DPLQDWLRQ
$FRPSOHWHSK\VLFDOH[DPLQDWLRQZLOOEHSHUIRUPHGRQDOOVXEMHFWVGXULQJVFUHHQLQJD
FRPSOHWHSK\VLFDOH[DPLQDWLRQSHUIRUPHGZLWKLQGD\VSULRUWRWKHVWDUWRIVFUHHQLQJ
PD\EHXVHG

3K\VLFDO0HDVXUHPHQWV
+HLJKWLQFHQWLPHWHUVDQGZHLJKWLQNLORJUDPVVKRXOGEHPHDVXUHGZLWKRXWVKRHV
+HLJKWZLOOEHFROOHFWHGDVSDUWRIVFUHHQLQJDVVHVVPHQWV:HLJKWZLOOEHFROOHFWHGDW
HYHU\VWXG\YLVLW
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI


9LWDO6LJQV
7KHIROORZLQJPHDVXUHPHQWVPXVWEHSHUIRUPHGV\VWROLFGLDVWROLFEORRGSUHVVXUHKHDUW
UDWHDQGWHPSHUDWXUHDWHYHU\VWXG\YLVLW  6XEMHFWVKRXOGEHLQDVXSLQHSRVLWLRQLQD
UHVWHGDQGFDOPVWDWHIRUDWOHDVWPLQXWHVEHIRUHEORRGSUHVVXUHDVVHVVPHQWVDUH
FRQGXFWHG7KHSRVLWLRQVHOHFWHGIRUDVXEMHFWVKRXOGEHWKHVDPHWKDWLVXVHG
WKURXJKRXWWKHVWXG\DQGGRFXPHQWHGRQWKHYLWDOVLJQVH&5)

7KURPERYDVFXODU(YHQWV
$OOVXEMHFWVZLOOEHPRQLWRUHGFORVHO\DWHDFKYLVLWIRUFOLQLFDOVLJQVDQGV\PSWRPVRI
WKURPERYDVFXODUHYHQWV79(V
x
$UWHULDOWKURPERHPEROLFHYHQWV>$7(V@

VWURNH

WUDQVLHQWLVFKHPLFDWWDFN>7,$@

DFXWHFRURQDU\V\QGURPHV>$&6@DQG

RWKHUDUWHULDOWKURPERVLVHPEROLVPDQG
x
9HQRXVWKURPERHPEROLFHYHQWV>97(V@

GHHSYHLQWKURPERVLV>'97@

SXOPRQDU\HPEROLVP>3(@DQG

RWKHUYHQRXVWKURPERVLVH[FOXGLQJVXSHUILFLDOYHQRXVWKURPERVLV
,IDQ\VLJQVRUV\PSWRPVDUHSUHVHQWWKHVXEMHFWZLOOXQGHUJRVSHFLILFODERUDWRU\DQG
PHGLFDOLPDJLQJVWXGLHVWRFRQILUP79(V7KHPHGLFDOLPDJLQJVWXG\RUVWXGLHV
VHOHFWHGZLOOGHSHQGRQWKHDQDWRPLFVLWHRIWKHVXVSHFWHG79(RURUJDQRILQYROYHPHQW
HJ'RSSOHUXOWUDVRXQGYHQRJUDSK\YHQWLODWLRQSHUIXVLRQOXQJVFDQDQJLRJUDSK\
PDJQHWLFUHVRQDQFHLPDJLQJ>05,@,ID79(LVFRQILUPHGDSSURSULDWHPHGLFDOFDUH
DFFRUGLQJWRVWDQGDUGORFDOFOLQLFDOSUDFWLFHVKRXOGEHLQLWLDWHGLPPHGLDWHO\DQGWKH79(
ZLOOEHUHFRUGHGLQWKHH&5)

&RQFRPLWDQW0HGLFDWLRQDQG5HG%ORRG&HOO7UDQVIXVLRQ
.H\FRQFRPLWDQWPHGLFDWLRQVDQG5%&WUDQVIXVLRQGHWDLOVZLOOEHFROOHFWHGIURP
VFUHHQLQJWRWKH(26YLVLW&RQFRPLWDQWPHGLFDWLRQVLQFOXGHEXWDUHQRWOLPLWHGWRWKH
XVHRIDQ\(6$RUQRQSURWRFROVSHFLILHGGRVHRI,3KDHPDWRSRLHWLFJURZWKIDFWRUVLURQ
VXSSOHPHQWVDQWLK\SHUWHQVLYHDJHQWVDQWLFRDJXODWLRQWKHUDSLHVDQGELRORJLFDO
UHVSRQVHPRGLILHUVHJWKDOLGRPLGHOHQDOLGRPLGHDUVHQLFWULR[LGHD]DFLWLGLQH
GHFLWDELQH
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

7KHGDWHRIWUDQVIXVLRQDQGQXPEHURIXQLWVDQGYROXPHUHDVRQIRUWUDQVIXVLRQWKH
DVVRFLDWHGSUHWUDQVIXVLRQ+EYDOXHDQGDQ\DVVRFLDWHG$(VZLOOEHUHFRUGHGLQWKH
H&5)

$GYHUVH(YHQWV5HSRUWLQJ
$GYHUVHHYHQWVWKDWRFFXUEHJLQQLQJRQGD\WKURXJKWKH(26YLVLWZLOOEHUHSRUWHG
XVLQJWKHDSSOLFDEOHH&5)$OOVHULRXVDGYHUVHHYHQWVRFFXUULQJIURPWKHGDWHWKH
VXEMHFWVLJQVWKH,&)WKURXJKGD\VDIWHUWKHODVWGRVHRI,3ZLOOEHUHSRUWHGWR$PJHQ
$GYHUVHHYHQWVRQJRLQJDWWKHHQGRIWKHSDUHQWVWXG\ZLOOEHFDUULHG
IRUZDUGWRWKHH&5)RIWKLVVWXG\
5HIHUWR6HFWLRQIRUPRUHGHWDLORQDGYHUVHHYHQWVUHSRUWLQJ

6FUHHQLQJDQG(QUROOPHQW
7KHIROORZLQJSURFHGXUHVDUHWREHFRPSOHWHGGXULQJWKHVFUHHQLQJSHULRGDVQRWHGLQ
WKH6FKHGXOHRI$VVHVVPHQWV7DEOH
x
&RQILUPDWLRQWKDWWKH,QIRUPHG&RQVHQW)RUPKDVEHHQVLJQHG
x
5HJLVWUDWLRQLQ,95V\VWHP
x
3K\VLFDOH[DPLQDWLRQ
x
3K\VLFDOPHDVXUHPHQWVKHLJKWDQGZHLJKW
x
'HPRJUDSKLFGDWDLQFOXGLQJVH[GDWHRIELUWKUDFHDQGHWKQLFLW\
x
&RPSOHWHPHGLFDOKLVWRU\
x
+HDUWUDWHWHPSHUDWXUHEORRGSUHVVXUH
x
$GYHUVHHYHQWUHSRUWLQJ
x
.H\FRQFRPLWDQWPHGLFDWLRQVDQG5%&WUDQVIXVLRQKLVWRU\
x
/RFDOODERUDWRU\+EDVVHVVPHQWLIDSSOLFDEOH
x
,3ER[QXPEHUDVVLJQPHQWLQ,956LIDSSOLFDEOH
x
,3GRVHDGPLQLVWUDWLRQLIDSSOLFDEOH
6FUHHQLQJDVVHVVPHQWHQUROOPHQWDQGWKHGD\RIILUVWGRVHRI,3PD\RFFXURQWKH
VDPHGD\SURYLGHGWKDWWKHVXEMHFWPHHWVDOOHOLJLELOLW\FULWHULDSULRUWR,3GRVLQJ7KH
GD\RIILUVWGRVHPD\RFFXUXSWRGD\VDIWHUWKHVFUHHQLQJYLVLWWRDFFRPPRGDWH
VFKHGXOLQJ/RFDOODERUDWRU\+EUHVXOWVPXVWEHDYDLODEOHDQGUHYLHZHGSULRUWRHDFK,3
GRVHDGPLQLVWUDWLRQ

7UHDWPHQW
7UHDWPHQWEHJLQVZKHQWKHILUVWGRVHRISURWRFROUHTXLUHGWKHUDSLHVLVDGPLQLVWHUHGWRD
VXEMHFW7KHIROORZLQJSURFHGXUHVZLOOEHFRPSOHWHGGXULQJWKHWUHDWPHQWSHULRGDWWKH
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

WLPHVGHVLJQDWHGLQWKH6FKHGXOHRI$VVHVVPHQWV7DEOH$GPLQLVWUDWLRQRI,3ZLOO
RFFXUDIWHUFRPSOHWLRQRIDOOVWXG\VSHFLILFDVVHVVPHQWVDVVKRZQEHORZ
x
:HLJKW
x
+HDUWUDWHWHPSHUDWXUHEORRGSUHVVXUH
x
$GYHUVHHYHQWUHSRUWLQJ
x
.H\FRQFRPLWDQWPHGLFDWLRQVDQG5%&WUDQVIXVLRQKLVWRU\
x
/RFDOODERUDWRU\+EDVVHVVPHQW
x
,3ER[QXPEHUDVVLJQPHQWLQ,956
x
,3GRVHDGPLQLVWUDWLRQ
6XEMHFWVWKDWHQGGDUEHSRHWLQDOIDWUHDWPHQWHDUO\ZLOOFRPSOHWHDQ(26YLVLWZHHNV
GD\VDIWHUODVWGRVHRIGDUEHSRHWLQDOID6HFWLRQ

(QGRI6WXG\9LVLW
x
:HLJKW
x
+HDUWUDWHWHPSHUDWXUHEORRGSUHVVXUH
x
$GYHUVHHYHQWUHSRUWLQJ
x
.H\FRQFRPLWDQWPHGLFDWLRQVDQG5%&WUDQVIXVLRQKLVWRU\
x
$QWLGDUEHSRHWLQDOIDDQWLERG\VSHFLPHQFROOHFWLRQ
x
5HJLVWUDWLRQRI(26YLVLWLQ,956

$QWLERG\7HVWLQJ3URFHGXUHV
%ORRGVDPSOHVIRUDQWLERG\WHVWLQJDUHWREHFROOHFWHGRQGD\SULRUWRGDUEHSRHWLQDOID
GRVLQJDQGDWWKH(26YLVLWIRUWKHPHDVXUHPHQWRIDQWLGDUEHSRHWLQDOIDELQGLQJ
DQWLERGLHV$'D\DQWLERG\VDPSOHLVQRWUHTXLUHGLIWKHDQWLERG\VSHFLPHQZDV
DSSURSULDWHO\FROOHFWHGLQWKH0'6VWXG\DWWKH(2$73YLVLW
6DPSOHVWHVWLQJSRVLWLYHIRUELQGLQJDQWLERGLHVZLOODOVREHWHVWHGIRUQHXWUDOL]LQJ
DQWLERGLHVDQGPD\EHIXUWKHUFKDUDFWHUL]HGIRUTXDQWLW\WLWHULVRW\SHDIILQLW\DQG
SUHVHQFHRILPPXQHFRPSOH[HV$GGLWLRQDOEORRGVDPSOHVPD\EHREWDLQHGWRUXOHRXW
DQWLGDUEHSRHWLQDOIDDQWLERGLHVGXULQJWKHVWXG\
6LWHVZLOOEHQRWLILHGRIDQ\SRVLWLYHQHXWUDOL]LQJDQWLERG\UHVXOWVWRGDUEHSRHWLQDOID,I
UHVXOWVDUHQRWSURYLGHGQRQHXWUDOL]LQJDQWLERGLHVWRGDUEHSRHWLQDOIDKDYHEHHQ
GHWHFWHG
6XEMHFWVZKRWHVWSRVLWLYHIRUQHXWUDOL]LQJDQWLERGLHVWRGDUEHSRHWLQDOIDDWWKHILQDO
VFKHGXOHGVWXG\YLVLWZLOOEHDVNHGWRUHWXUQIRUDGGLWLRQDOIROORZXSWHVWLQJ7KLVWHVWLQJ
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

LVWRRFFXUDSSUR[LPDWHO\HYHU\PRQWKVVWDUWLQJIURPZKHQWKHVLWHKDVEHHQQRWLILHGRI
WKHSRVLWLYHUHVXOWXQWLOQHXWUDOL]LQJDQWLERGLHVDUHQRORQJHUGHWHFWDEOHRUWKH
VXEMHFWKDVEHHQIROORZHGIRUDSHULRGRIDWOHDVW\HDUZHHNVSRVWDGPLQLVWUDWLRQ
RIGDUEHSRHWLQDOID$OOIROORZXSUHVXOWVERWKSRVLWLYHDQGQHJDWLYHZLOOEH
FRPPXQLFDWHGWRWKHVLWHV0RUHIUHTXHQWWHVWLQJHJHYHU\PRQWKRUWHVWLQJIRUD
ORQJHUSHULRGRIWLPHPD\EHUHTXHVWHGLQWKHHYHQWRIVDIHW\UHODWHGFRQFHUQV
6XEMHFWVZKRWHVWSRVLWLYHIRUELQGLQJQRQQHXWUDOL]LQJDQWLERGLHVDQGKDYHFOLQLFDO
VHTXHODHWKDWDUHFRQVLGHUHGSRWHQWLDOO\UHODWHGWRDQDQWLGDUEHSRHWLQDOIDDQWLERG\
UHVSRQVHPD\DOVREHDVNHGWRUHWXUQIRUDGGLWLRQDOIROORZXSWHVWLQJ

:,7+'5$:$/)52075($70(17352&('85(6$1'678'<

6XEMHFW¶V'HFLVLRQWR:LWKGUDZ
6XEMHFWVKDYHWKHULJKWWRZLWKGUDZIURPWKHVWXG\DWDQ\WLPHDQGIRUDQ\UHDVRQ
ZLWKRXWSUHMXGLFHWRWKHLUIXWXUHPHGLFDOFDUHE\WKHSK\VLFLDQRUDWWKHLQVWLWXWLRQ
6XEMHFWVRUDOHJDOO\DFFHSWDEOHUHSUHVHQWDWLYHFDQGHFOLQHWRFRQWLQXHUHFHLYLQJ
LQYHVWLJDWLRQDOSURGXFWDQGRURWKHUSURWRFROUHTXLUHGWKHUDSLHVRUSURFHGXUHVDWDQ\
WLPHGXULQJWKHVWXG\EXWFRQWLQXHSDUWLFLSDWLRQLQWKHVWXG\,IWKLVRFFXUVWKH
LQYHVWLJDWRULVWRGLVFXVVZLWKWKHVXEMHFWWKHDSSURSULDWHSURFHVVHVIRUGLVFRQWLQXDWLRQ
IURPLQYHVWLJDWLRQDOSURGXFWDQGPXVWGLVFXVVZLWKWKHVXEMHFWWKHRSWLRQVIRU
FRQWLQXDWLRQRIWKH6FKHGXOHRI$VVHVVPHQWV7DEOHDQGFROOHFWLRQRIGDWDLQFOXGLQJ
HQGSRLQWVDQGDGYHUVHHYHQWV7KHLQYHVWLJDWRUPXVWGRFXPHQWWKHFKDQJHWRWKH
6FKHGXOHRI$VVHVVPHQWV7DEOHDQGWKHOHYHORIIROORZXSWKDWLVDJUHHGWRE\WKH
VXEMHFWHJLQSHUVRQE\WHOHSKRQHPDLOWKURXJKIDPLO\IULHQGVLQ
FRUUHVSRQGHQFHFRPPXQLFDWLRQZLWKRWKHUSK\VLFLDQVIURPUHYLHZRIWKHPHGLFDO
UHFRUGV
:LWKGUDZDORIFRQVHQWIRUDVWXG\PHDQVWKDWWKHVXEMHFWGRHVQRWZLVKWRUHFHLYH
IXUWKHUSURWRFROUHTXLUHGWKHUDSLHVRUSURFHGXUHVDQGWKHVXEMHFWGRHVQRWZLVKWRRULV
XQDEOHWRFRQWLQXHIXUWKHUVWXG\SDUWLFLSDWLRQ6XEMHFWGDWDXSWRZLWKGUDZDORIFRQVHQW
ZLOOEHLQFOXGHGLQWKHDQDO\VLVRIWKHVWXG\DQGZKHUHSHUPLWWHGSXEOLFDOO\DYDLODEOH
GDWDFDQEHLQFOXGHGDIWHUZLWKGUDZDORIFRQVHQW7KHLQYHVWLJDWRULVWRGLVFXVVZLWKWKH
VXEMHFWDSSURSULDWHSURFHGXUHVIRUZLWKGUDZDOIURPWKHVWXG\
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI


,QYHVWLJDWRURU6SRQVRU'HFLVLRQWR:LWKGUDZRU7HUPLQDWH
6XEMHFW¶V3DUWLFLSDWLRQ3ULRUWR6WXG\&RPSOHWLRQ
7KHLQYHVWLJDWRUDQGRUVSRQVRUFDQGHFLGHWRZLWKGUDZDVXEMHFWIURP,3SURWRFRO
SURFHGXUHVRUWKHVWXG\DVDZKROHDWDQ\WLPHSULRUWRVWXG\FRPSOHWLRQ

5HDVRQVIRU5HPRYDO)URP,37UHDWPHQW
5HDVRQVIRUUHPRYDOIURPSURWRFROUHTXLUHG,3LQFOXGHDQ\RIWKHIROORZLQJ
x
VXEMHFWUHTXHVW
x
VDIHW\FRQFHUQHJGXHWRDQDGYHUVHHYHQWLQHOLJLELOLW\GHWHUPLQHGSURWRFRO
GHYLDWLRQQRQFRPSOLDQFHSURWRFROVSHFLILHGFULWHULDVHH6HFWLRQDQG
6HFWLRQSUHJQDQF\
x
GHFLVLRQE\VSRQVRURWKHUWKDQVXEMHFWUHTXHVWRUVDIHW\FRQFHUQ
x
GHDWK
x
ORVWWRIROORZXS
x
GHFLVLRQE\6SRQVRURWKHUWKDQVXEMHFWUHTXHVWVDIHW\FRQFHUQORVWWRIROORZ
XS

5HDVRQVIRU5HPRYDO)URPWKH6WXG\
5HDVRQVIRUUHPRYDORIDVXEMHFWIURPWKHVWXG\DUH
x
GHFLVLRQE\6SRQVRU
x
ZLWKGUDZRIFRQVHQWIURPVWXG\
x
GHDWK
x
ORVWWRIROORZXS
x
VDIHW\FRQFHUQHJGXHWRDQDGYHUVHHYHQWLQHOLJLELOLW\GHWHUPLQHGSURWRFRO
GHYLDWLRQQRQFRPSOLDQFHSURWRFROVSHFLILHGFULWHULDVHH6HFWLRQDQG
6HFWLRQSUHJQDQF\

6$)(7<'$7$&2//(&7,215(&25',1*$1'5(3257,1*

$GYHUVH(YHQWV

'HILQLWLRQRI$GYHUVH(YHQWV
$QDGYHUVHHYHQWLVGHILQHGDVDQ\XQWRZDUGPHGLFDORFFXUUHQFHLQDFOLQLFDOWULDO
VXEMHFW7KHHYHQWGRHVQRWQHFHVVDULO\KDYHDFDXVDOUHODWLRQVKLSZLWKVWXG\WUHDWPHQW
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKDWDQ\DGYHUVHHYHQWVREVHUYHGE\WKH
LQYHVWLJDWRURUUHSRUWHGE\WKHVXEMHFWDUHUHFRUGHGLQWKHVXEMHFW¶VPHGLFDOUHFRUG
7KHGHILQLWLRQRIDGYHUVHHYHQWVLQFOXGHVZRUVHQLQJRIDSUHH[LVWLQJPHGLFDOFRQGLWLRQ
:RUVHQLQJLQGLFDWHVWKDWWKHSUHH[LVWLQJPHGLFDOFRQGLWLRQHJGLDEHWHVPLJUDLQH
KHDGDFKHVJRXWKDVLQFUHDVHGLQVHYHULW\IUHTXHQF\DQGRUGXUDWLRQDQGRUKDVDQ
DVVRFLDWLRQZLWKDVLJQLILFDQWO\ZRUVHRXWFRPH$SUHH[LVWLQJFRQGLWLRQWKDWKDVQRW
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

ZRUVHQHGGXULQJWKHVWXG\RULQYROYHVDQLQWHUYHQWLRQVXFKDVHOHFWLYHFRVPHWLFVXUJHU\
RUDPHGLFDOSURFHGXUHZKLOHRQVWXG\LVQRWFRQVLGHUHGDQDGYHUVHHYHQW
)RUVLWXDWLRQVZKHQDQDGYHUVHHYHQWRUVHULRXVDGYHUVHHYHQWLVGXHWR0'6UHSRUWDOO
NQRZQVLJQVDQGV\PSWRPV'HDWKGXHWRGLVHDVHSURJUHVVLRQLQWKHDEVHQFHRIVLJQV
DQGV\PSWRPVVKRXOGEHUHSRUWHGDVWKHSULPDU\WXPRUW\SHHJPHWDVWDWLFSDQFUHDWLF
FDQFHU1RWHWKHWHUP³GLVHDVHSURJUHVVLRQ´VKRXOGQRWEHXVHGWRGHVFULEHWKH
DGYHUVHHYHQW
7KHLQYHVWLJDWRU¶VFOLQLFDOMXGJPHQWLVXVHGWRGHWHUPLQHZKHWKHUDVXEMHFWLVWREH
UHPRYHGIURPWUHDWPHQWGXHWRDQDGYHUVHHYHQW,QWKHHYHQWDVXEMHFWRUVXEMHFW¶V
OHJDOO\DFFHSWDEOHUHSUHVHQWDWLYHUHTXHVWVWRZLWKGUDZIURPSURWRFROUHTXLUHGWKHUDSLHV
RUWKHVWXG\GXHWRDQDGYHUVHHYHQWUHIHUWR6HFWLRQIRUDGGLWLRQDOLQVWUXFWLRQVRQ
WKHSURFHGXUHVUHFRPPHQGHGIRUVDIHZLWKGUDZDOIURPSURWRFROUHTXLUHGWKHUDSLHVRU
WKHVWXG\

'HILQLWLRQRI6HULRXV$GYHUVH(YHQWV
$VHULRXVDGYHUVHHYHQWLVGHILQHGDVDQDGYHUVHHYHQWWKDWPHHWVDWOHDVWRQHRIWKH
IROORZLQJVHULRXVFULWHULD
x
IDWDO
x
OLIHWKUHDWHQLQJSODFHVWKHVXEMHFWDWLPPHGLDWHULVNRIGHDWK
x
UHTXLUHVLQSDWLHQWKRVSLWDOL]DWLRQRUSURORQJDWLRQRIH[LVWLQJKRVSLWDOL]DWLRQ
x
UHVXOWVLQSHUVLVWHQWRUVLJQLILFDQWGLVDELOLW\LQFDSDFLW\
x
FRQJHQLWDODQRPDO\ELUWKGHIHFW
x
RWKHUPHGLFDOO\LPSRUWDQWVHULRXVHYHQW
$QDGYHUVHHYHQWZRXOGPHHWWKHFULWHULRQRI³UHTXLUHVKRVSLWDOL]DWLRQ´LIWKHHYHQW
QHFHVVLWDWHGDQDGPLVVLRQWRDKHDOWKFDUHIDFLOLW\HJRYHUQLJKWVWD\
,IDQLQYHVWLJDWRUFRQVLGHUVDQHYHQWWREHFOLQLFDOO\LPSRUWDQWEXWLWGRHVQRWPHHWDQ\
RIWKHVHULRXVFULWHULDWKHHYHQWFRXOGEHFODVVLILHGDVDVHULRXVDGYHUVHHYHQWXQGHUWKH
FULWHULRQRI³RWKHUPHGLFDOO\LPSRUWDQWVHULRXVHYHQW´([DPSOHVRIVXFKHYHQWVFRXOG
LQFOXGHDOOHUJLFEURQFKRVSDVPFRQYXOVLRQVEORRGG\VFUDVLDVGUXJLQGXFHGOLYHULQMXU\
RUHYHQWVWKDWQHFHVVLWDWHDQHPHUJHQF\URRPYLVLWRXWSDWLHQWVXUJHU\RUXUJHQW
LQWHUYHQWLRQ
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI


5HSRUWLQJRI$GYHUVH(YHQWV

5HSRUWLQJ3URFHGXUHVIRU$GYHUVH(YHQWV7KDW'R1RW0HHW6HULRXV
&ULWHULD
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKDWDOODGYHUVHHYHQWVREVHUYHGE\WKH
LQYHVWLJDWRURUUHSRUWHGE\WKHVXEMHFWWKDWRFFXUEHJLQQLQJRQGD\YLVLWWKURXJKWKH
(26DUHUHSRUWHGXVLQJWKHDSSOLFDEOHH&5)HJ$GYHUVH(YHQW6XPPDU\$GYHUVH
HYHQWVWKDWDUHRQJRLQJDWWKHHQGRIWKH0'6ZLOOEHWUDQVIHUUHGWRWKH
DSSOLFDEOHDGYHUVHHYHQWH&5)
7KHLQYHVWLJDWRUPXVWDVVLJQWKHIROORZLQJDGYHUVHHYHQWDWWULEXWHV
x
$GYHUVHHYHQWGLDJQRVLVRUV\QGURPHVLINQRZQLIQRWNQRZQVLJQVRUV\PSWRPV
x
'DWHVRIRQVHWDQGUHVROXWLRQLIUHVROYHG
x
6HYHULW\>DQGRUWR[LFLW\SHUSURWRFRO@
x
$VVHVVPHQWRIUHODWHGQHVVWR,3DQG
x
$FWLRQWDNHQ
7KHDGYHUVHHYHQWJUDGLQJVFDOHXVHGZLOOEHWKH&RPPRQ7HUPLQRORJ\&ULWHULDIRU
$GYHUVH(YHQWV&7&$(7KHJUDGLQJVFDOHXVHGLQWKLVVWXG\LVGHVFULEHGLQ
$SSHQGL[$7KHLQYHVWLJDWRUPXVWDVVHVVZKHWKHUWKHDGYHUVHHYHQWLVSRVVLEO\UHODWHG
WR,37KLVUHODWLRQVKLSLVLQGLFDWHGE\D³\HV´RU³QR´UHVSRQVHWRWKHTXHVWLRQ,VWKHUH
DUHDVRQDEOHSRVVLELOLW\WKDWWKHHYHQWPD\KDYHEHHQFDXVHGE\WKH,3"
7KHFULWHULDIRUJUDGHLQWKH&7&$(JUDGLQJVFDOHGLIIHUVIURPWKHUHJXODWRU\FULWHULDIRU
VHULRXVDGYHUVHHYHQWV,WLVOHIWWRWKHLQYHVWLJDWRU¶VMXGJPHQWWRUHSRUWWKHVHJUDGH
DEQRUPDOLWLHVDVVHULRXVDGYHUVHHYHQWV
,IWKHVHYHULW\RIDQDGYHUVHHYHQWFKDQJHVIURPWKHGDWHRIRQVHWWRWKHGDWHRI
UHVROXWLRQUHFRUGDVLQJOHHYHQWIRUHDFKOHYHORIVHYHULW\RQWKH$GYHUVH(YHQW
6XPPDU\H&5)
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUUHYLHZLQJODERUDWRU\WHVWUHVXOWVDQGGHWHUPLQLQJ
ZKHWKHUDQDEQRUPDOYDOXHLQDQLQGLYLGXDOVWXG\VXEMHFWUHSUHVHQWVDFOLQLFDOO\
VLJQLILFDQWFKDQJHIURPWKHVXEMHFW¶VEDVHOLQHYDOXHV,QJHQHUDODEQRUPDOODERUDWRU\
ILQGLQJVZLWKRXWFOLQLFDOVLJQLILFDQFHEDVHGRQWKHLQYHVWLJDWRU
VMXGJPHQWDUHQRWWREH
UHFRUGHGDVDGYHUVHHYHQWV+RZHYHUODERUDWRU\YDOXHFKDQJHVWKDWUHTXLUHWUHDWPHQW
RUDGMXVWPHQWLQFXUUHQWWKHUDS\DUHFRQVLGHUHGDGYHUVHHYHQWV:KHUHDSSOLFDEOH
FOLQLFDOVHTXHODHQRWWKHODERUDWRU\DEQRUPDOLW\DUHWREHUHFRUGHGDVWKHDGYHUVH
HYHQW
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

7KH,QYHVWLJDWRULVH[SHFWHGWRIROORZUHSRUWHGDGYHUVHHYHQWVXQWLOVWDELOL]DWLRQRU
UHYHUVLELOLW\

5HSRUWLQJ3URFHGXUHVIRU6HULRXV$GYHUVH(YHQWV
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKDWDOOVHULRXVDGYHUVHHYHQWVREVHUYHGE\
WKHLQYHVWLJDWRURUUHSRUWHGE\WKHVXEMHFWWKDWRFFXUDIWHUVLJQLQJRIWKHLQIRUPHG
FRQVHQWWKURXJKGD\VDIWHUWKHODVWGRVHRI,3DUHWREHUHFRUGHGLQWKHVXEMHFW¶V
PHGLFDOUHFRUGDQGDUHVXEPLWWHGWR$PJHQ7KHVHULRXVDGYHUVHHYHQWPXVWEH
VXEPLWWHGWR$PJHQZLWKLQKRXUVIROORZLQJWKHLQYHVWLJDWRU¶VNQRZOHGJHRIWKHHYHQW
YLDWKHDSSOLFDEOHH&5)
$IWHUWKHSURWRFROUHTXLUHGUHSRUWLQJSHULRGGHILQHGDERYHWKHLQYHVWLJDWRUGRHVQRW
QHHGWRDFWLYHO\PRQLWRUVXEMHFWVIRUVHULRXVDGYHUVHHYHQWV+RZHYHULIWKH
LQYHVWLJDWRUEHFRPHVDZDUHRIDVHULRXVDGYHUVHHYHQWDIWHUWKLVSURWRFROUHTXLUHG
UHSRUWLQJSHULRGWKHLQYHVWLJDWRUZLOOUHSRUWWKHHYHQWWR$PJHQZLWKLQKRXUVIROORZLQJ
WKHLQYHVWLJDWRU¶VNQRZOHGJHRIWKHHYHQW6$(VUHSRUWHGRXWVLGHRIWKHSURWRFROUHTXLUHG
UHSRUWLQJSHULRGZLOOEHFDSWXUHGZLWKLQWKHVDIHW\GDWDEDVHDVFOLQLFDOWULDOFDVHVIRUWKH
SXUSRVHVRIH[SHGLWHGUHSRUWLQJ
,IWKHHOHFWURQLFGDWDFDSWXUH('&V\VWHPLVXQDYDLODEOHWRWKHVLWHVWDIIWRUHSRUWWKH
6HULRXV$GYHUVH(YHQWWKHLQIRUPDWLRQLVWREHUHSRUWHGWR$PJHQYLDDQHOHFWURQLF
6HULRXV$GYHUVH(YHQWH6$(&RQWLQJHQF\5HSRUW)RUPZLWKLQKRXUVRIWKH
LQYHVWLJDWRU¶VNQRZOHGJHRIWKHHYHQW6HH$SSHQGL[%IRUDVDPSOHRIWKH6HULRXV
$GYHUVH(YHQW:RUNVKHHWHOHFWURQLF6HULRXV$GYHUVH(YHQW&RQWLQJHQF\5HSRUW)RUP
)RU('&VWXGLHVZKHUHWKHILUVWQRWLILFDWLRQRID6HULRXV$GYHUVH(YHQWLVUHSRUWHGWR
$PJHQYLDWKHH6HULRXV$GYHUVH(YHQW&RQWLQJHQF\5HSRUW)RUPWKHGDWDPXVWEH
HQWHUHGLQWRWKH('&V\VWHPZKHQWKHV\VWHPLVDJDLQDYDLODEOH
,QDGGLWLRQWRWKHDWWULEXWHVOLVWHGLQ6HFWLRQWKHLQYHVWLJDWRUPXVWDOVRFRPSOHWH
WKH6HULRXV$GYHUVH(YHQWVHFWLRQRIWKH$GYHUVH(YHQW6XPPDU\H&5)
7KHLQYHVWLJDWRUPXVWDVVHVVZKHWKHUWKHVHULRXVDGYHUVHHYHQWLVSRVVLEO\UHODWHGWR
DQ\VWXG\PDQGDWHGDFWLYLW\RUSURFHGXUH7KLVUHODWLRQVKLSLVLQGLFDWHGE\D³\HV´RU
³QR´UHVSRQVHWRWKHTXHVWLRQ³,VWKHUHDUHDVRQDEOHSRVVLELOLW\WKDWWKH6$(PD\KDYH
EHHQFDXVHGE\DVWXG\DFWLYLW\SURFHGXUH´"
7KHLQYHVWLJDWRULVH[SHFWHGWRIROORZUHSRUWHGVHULRXVDGYHUVHHYHQWVXQWLOVWDELOL]DWLRQ
RUUHYHUVLELOLW\
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

1HZLQIRUPDWLRQUHODWLQJWRDSUHYLRXVO\UHSRUWHGVHULRXVDGYHUVHHYHQWPXVWEH
VXEPLWWHGWR$PJHQ$OOQHZLQIRUPDWLRQIRUVHULRXVDGYHUVHHYHQWVPXVWEHVHQWWR
$PJHQZLWKLQKRXUVIROORZLQJNQRZOHGJHRIWKHQHZLQIRUPDWLRQ7KHLQYHVWLJDWRU
PD\EHDVNHGWRSURYLGHDGGLWLRQDOIROORZXSLQIRUPDWLRQZKLFKPD\LQFOXGHDGLVFKDUJH
VXPPDU\RUH[WUDFWVIURPWKHPHGLFDOUHFRUG,QIRUPDWLRQSURYLGHGDERXWWKHVHULRXV
DGYHUVHHYHQWPXVWEHFRQVLVWHQWZLWKWKDWUHFRUGHGRQWKHDSSOLFDEOHH&5)
HJ$GYHUVH(YHQW6XPPDU\H&5)
,IDVXEMHFWLVSHUPDQHQWO\ZLWKGUDZQIURPSURWRFROUHTXLUHGWKHUDSLHVEHFDXVHRID
VHULRXVDGYHUVHHYHQWWKLVLQIRUPDWLRQPXVWEHVXEPLWWHGWR$PJHQ
$PJHQZLOOUHSRUWVHULRXVDGYHUVHHYHQWVDQGRUVXVSHFWHGXQH[SHFWHGVHULRXVDGYHUVH
UHDFWLRQVDVUHTXLUHGWRUHJXODWRU\DXWKRULWLHVLQYHVWLJDWRUVLQVWLWXWLRQVDQG,(&VLQ
FRPSOLDQFHZLWKDOOUHSRUWLQJUHTXLUHPHQWVDFFRUGLQJWRORFDOUHJXODWLRQVDQGJRRG
FOLQLFDOSUDFWLFH
7KHLQYHVWLJDWRULVWRQRWLI\WKHDSSURSULDWH,(&RIVHULRXVDGYHUVHHYHQWVRFFXUULQJDW
WKHVLWHDQGRWKHUDGYHUVHHYHQWUHSRUWVUHFHLYHGIURP$PJHQLQDFFRUGDQFHZLWKORFDO
SURFHGXUHVDQGVWDWXWHV

3UHJQDQF\DQG/DFWDWLRQ5HSRUWLQJ
,IDSUHJQDQF\RFFXUVLQDIHPDOHVXEMHFWRUIHPDOHSDUWQHURIDPDOHVXEMHFWZKLOHWKH
VXEMHFWLVWDNLQJSURWRFROUHTXLUHGWKHUDSLHVUHSRUWWKHSUHJQDQF\WR$PJHQDVVSHFLILHG
EHORZ
,QDGGLWLRQWRUHSRUWLQJDQ\SUHJQDQFLHVRFFXUULQJGXULQJWKHVWXG\LQYHVWLJDWRUVVKRXOG
PRQLWRUIRUSUHJQDQFLHVWKDWRFFXUDIWHUWKHODVWGRVHRISURWRFROUHTXLUHGWKHUDSLHV
WKURXJKPRQWKDIWHUWKHHQGRI,3
7KHSUHJQDQF\VKRXOGEHUHSRUWHGWR$PJHQ¶VJOREDO3UHJQDQF\6XUYHLOODQFH3URJUDP
ZLWKLQKRXUVRIWKHLQYHVWLJDWRU¶VNQRZOHGJHRIWKHHYHQWRIDSUHJQDQF\5HSRUWD
SUHJQDQF\RQWKH3UHJQDQF\1RWLILFDWLRQ:RUNVKHHW$SSHQGL[&7KH3UHJQDQF\
6XUYHLOODQFH3URJUDP363ZLOOVHHNWRIROORZWKHSUHJQDQWZRPDQWKURXJKRXWKHU
SUHJQDQF\DQGKHUEDE\XSWRPRQWKVDIWHUELUWK
,IDODFWDWLRQFDVHRFFXUVZKLOHWKHIHPDOHVXEMHFWLVWDNLQJSURWRFROUHTXLUHGWKHUDSLHV
UHSRUWWKHODFWDWLRQFDVHWR$PJHQDVVSHFLILHGEHORZ
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

,QDGGLWLRQWRUHSRUWLQJDODFWDWLRQFDVHGXULQJWKHVWXG\LQYHVWLJDWRUVVKRXOGPRQLWRUIRU
ODFWDWLRQFDVHVWKDWRFFXUDIWHUWKHODVWGRVHRISURWRFROUHTXLUHGWKHUDSLHVWKURXJK
PRQWKDIWHUODVWGRVHRI,3
$Q\ODFWDWLRQFDVHVKRXOGEHUHSRUWHGWR$PJHQ¶VJOREDO/DFWDWLRQ6XUYHLOODQFH3URJUDP
/63ZLWKLQKRXUVRIWKHLQYHVWLJDWRU¶VNQRZOHGJHRIHYHQW5HSRUWDODFWDWLRQFDVH
RQWKH/DFWDWLRQ1RWLILFDWLRQ:RUNVKHHW$SSHQGL[&

67$7,67,&$/&216,'(5$7,216

6WXG\(QGSRLQWV$QDO\VLV6HWVDQG&RYDULDWHV

6WXG\(QGSRLQW
3ULPDU\(QGSRLQW6XEMHFWLQFLGHQFHRIWUHDWPHQWHPHUJHQWDGYHUVHHYHQWV

$QDO\VLV6HWV
7KHDQDO\VLVVHWZLOOLQFOXGHDOOVXEMHFWVZKRHQUROOHGLQWKHVWXG\DQGUHFHLYHGDWOHDVW
GRVHRIWKHLQYHVWLJDWLRQDOSURGXFWGDUEHSRHWLQDOID

&RYDULDWHVDQG6XEJURXSV
1RSODQQHGVXEJURXSVRUFRYDULDWHVZLOOEHXVHGLQWKHDQDO\VLVRIWKHVWXG\

6DPSOH6L]H&RQVLGHUDWLRQV
1RVDPSOHVL]HHVWLPDWLRQLVUHTXLUHG7KHQXPEHURIVXEMHFWVZLOOEHGHWHUPLQHGE\WKH
QXPEHURIVXEMHFWVZKRDUHUDQGRPLVHGWRWKHGDUEHSRHWLQDOIDVWXG\DQG
PHHWWKHHQWU\FULWHULDIRUWKHSURWRFRO,WLVHVWLPDWHGWKDWDSSUR[LPDWHO\RIWKH
VXEMHFWVWKDWFRPSOHWHWKHGRXEOHEOLQGWUHDWPHQWDQGDFWLYHWUHDWPHQWSHULRGVRIWKH
GDUEHSRHWLQDOIDVWXG\PLJKWEHHOLJLEOHWRHQUROOKRZHYHUQRWDOOVXEMHFWV
PD\FRQVHQWQRUZLOOWKHPDMRULW\RIVLWHVSDUWLFLSDWHLQWKHFRPSDQLRQVWXG\

3ODQQHG$QDO\VHV
1RIRUPDOK\SRWKHVLVZLOOEHWHVWHG$OOVWXG\UHVXOWVZLOOEHGHVFULSWLYH7UHDWPHQW
HPHUJHQWDGYHUVHHYHQWVSURJUHVVLRQWR$0/DQGGHDWKZLOOEHVXPPDULVHG

3ODQQHG0HWKRGVRI$QDO\VLV
1RVWDWLVWLFDOLQIHUHQWLDOWHVWVZLOOEHGRQH,QFLGHQFHRIWUHDWPHQWHPHUJHQWDGYHUVH
HYHQWVZLOOEHDQDO\]HGXVLQJWKHDQDO\VLVVHW'HVFULSWLYHVXPPDU\VWDWLVWLFVZLOOEH
SURYLGHGIRUGHPRJUDSKLFGDWDFXPXODWLYHGRVHVDQGSDWLHQWGLVSRVLWLRQGDWD
,PSRUWDQWSURWRFROGHYLDWLRQVZLOOEHSURYLGHG0LVVLQJGDWDZLOOQRWEHLPSXWHG'DWD
FROOHFWHGLQWKHVWXG\ZLOOQRWEHFRPELQHGZLWKVWXG\GDWD
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

6XEMHFWLQFLGHQFHRIDOOWUHDWPHQWHPHUJHQWDGYHUVHHYHQWVZLOOEHWDEXODWHGE\V\VWHP
RUJDQFODVVDQGSUHIHUUHGWHUP7DEOHVRIIDWDODGYHUVHHYHQWVVHULRXVDGYHUVHHYHQWV
DGYHUVHHYHQWVOHDGLQJWRZLWKGUDZDOIURP,3DQGVLJQLILFDQWWUHDWPHQWHPHUJHQW
DGYHUVHHYHQWVZLOODOVREHSURYLGHG
7KHLQFLGHQFHDQGSHUFHQWDJHRIVXEMHFWVZKRGHYHORSDQWLGDUEHSRHWLQDOIDDQWLERGLHV
ELQGLQJDQGLISRVLWLYHQHXWUDOL]LQJDWDQ\WLPHZLOOEHWDEXODWHG

5(*8/$725<2%/,*$7,216

,QIRUPHG&RQVHQW
$QLQLWLDOVDPSOHLQIRUPHGFRQVHQWIRUPLVSURYLGHGIRUWKHLQYHVWLJDWRUWRSUHSDUHWKH
LQIRUPHGFRQVHQWGRFXPHQWWREHXVHGDWKLVRUKHUVLWH8SGDWHVWRWKHWHPSODWHDUHWR
EHFRPPXQLFDWHGIRUPDOO\LQZULWLQJIURPWKH$PJHQ&OLQLFDO6WXG\0DQDJHUWRWKH
LQYHVWLJDWRU7KHZULWWHQLQIRUPHGFRQVHQWGRFXPHQWLVWREHSUHSDUHGLQWKH
ODQJXDJHVRIWKHSRWHQWLDOSDWLHQWSRSXODWLRQ
%HIRUHDVXEMHFW¶VSDUWLFLSDWLRQLQWKHFOLQLFDOVWXG\WKHLQYHVWLJDWRULVUHVSRQVLEOHIRU
REWDLQLQJZULWWHQLQIRUPHGFRQVHQWIURPWKHVXEMHFWRUOHJDOO\DFFHSWDEOHUHSUHVHQWDWLYH
DIWHUDGHTXDWHH[SODQDWLRQRIWKHDLPVPHWKRGVDQWLFLSDWHGEHQHILWVDQGSRWHQWLDO
KD]DUGVRIWKHVWXG\DQGEHIRUHDQ\SURWRFROVSHFLILFVFUHHQLQJSURFHGXUHVRUDQ\,3LV
DGPLQLVWHUHG$OHJDOO\DFFHSWDEOHUHSUHVHQWDWLYHLVDQLQGLYLGXDORURWKHUERG\
DXWKRUL]HGXQGHUDSSOLFDEOHODZWRFRQVHQWRQEHKDOIRIDSURVSHFWLYHVXEMHFWWRWKH
VXEMHFW¶VSDUWLFLSDWLRQLQWKHFOLQLFDOVWXG\
7KHDFTXLVLWLRQRILQIRUPHGFRQVHQWDQGWKHVXEMHFW¶VDJUHHPHQWRUUHIXVDORIKLVKHU
QRWLILFDWLRQRIWKHSULPDU\FDUHSK\VLFLDQLVWREHGRFXPHQWHGLQWKHVXEMHFW¶VPHGLFDO
UHFRUGVDQGWKHLQIRUPHGFRQVHQWIRUPLVWREHVLJQHGDQGSHUVRQDOO\GDWHGE\WKH
VXEMHFWRUDOHJDOO\DFFHSWDEOHUHSUHVHQWDWLYHDQGE\WKHSHUVRQZKRFRQGXFWHGWKH
LQIRUPHGFRQVHQWGLVFXVVLRQ7KHRULJLQDOVLJQHGLQIRUPHGFRQVHQWIRUPLVWREH
UHWDLQHGLQDFFRUGDQFHZLWKLQVWLWXWLRQDOSROLF\DQGDFRS\RIWKHVLJQHGFRQVHQWIRUPLV
WREHSURYLGHGWRWKHVXEMHFWRUOHJDOO\DFFHSWDEOHUHSUHVHQWDWLYH
,IDSRWHQWLDOVXEMHFWLVLOOLWHUDWHRUYLVXDOO\LPSDLUHGDQGGRHVQRWKDYHDOHJDOO\
DFFHSWDEOHUHSUHVHQWDWLYHWKHLQYHVWLJDWRUPXVWSURYLGHDQLPSDUWLDOZLWQHVVWRUHDGWKH
LQIRUPHGFRQVHQWIRUPWRWKHVXEMHFWDQGPXVWDOORZIRUTXHVWLRQV7KHUHDIWHUERWKWKH
VXEMHFWDQGWKHZLWQHVVPXVWVLJQWKHLQIRUPHGFRQVHQWIRUPWRDWWHVWWKDWLQIRUPHG
FRQVHQWZDVIUHHO\JLYHQDQGXQGHUVWRRG
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI


,QGHSHQGHQW(WKLFV&RPPLWWHH
$FRS\RIWKHSURWRFROSURSRVHGLQIRUPHGFRQVHQWIRUPRWKHUZULWWHQVXEMHFW
LQIRUPDWLRQDQGDQ\SURSRVHGDGYHUWLVLQJPDWHULDOPXVWEHVXEPLWWHGWRWKH,(&IRU
ZULWWHQDSSURYDO$FRS\RIWKHZULWWHQDSSURYDORIWKHSURWRFRODQGLQIRUPHGFRQVHQW
IRUPPXVWEHUHFHLYHGE\$PJHQEHIRUHUHFUXLWPHQWRIVXEMHFWVLQWRWKHVWXG\DQG
VKLSPHQWRI$PJHQLQYHVWLJDWLRQDOSURGXFW
7KHLQYHVWLJDWRUPXVWVXEPLWDQGZKHUHQHFHVVDU\REWDLQDSSURYDOIURPWKH,(&IRUDOO
VXEVHTXHQWSURWRFRODPHQGPHQWVDQGFKDQJHVWRWKHLQIRUPHGFRQVHQWGRFXPHQW7KH
LQYHVWLJDWRULVWRQRWLI\WKH,(&RIGHYLDWLRQVIURPWKHSURWRFRORUVHULRXVDGYHUVHHYHQWV
RFFXUULQJDWWKHVLWHDQGRWKHUDGYHUVHHYHQWUHSRUWVUHFHLYHGIURP$PJHQLQ
DFFRUGDQFHZLWKORFDOSURFHGXUHV
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUREWDLQLQJDQQXDOUHQHZDOWKURXJKRXWWKHGXUDWLRQRI
WKHVWXG\&RSLHVRIWKHLQYHVWLJDWRU¶VUHSRUWVDQGWKH,(&FRQWLQXDQFHRIDSSURYDOPXVW
EHVHQWWR$PJHQ

6XEMHFW&RQILGHQWLDOLW\
7KHLQYHVWLJDWRUPXVWHQVXUHWKDWWKHVXEMHFW¶VFRQILGHQWLDOLW\LVPDLQWDLQHGIRU
GRFXPHQWVVXEPLWWHGWR$PJHQ
x
6XEMHFWVDUHWREHLGHQWLILHGE\DXQLTXHVXEMHFWLGHQWLILFDWLRQQXPEHU
x
:KHUHSHUPLWWHGGDWHRIELUWKLVWREHGRFXPHQWHGDQGIRUPDWWHGLQDFFRUGDQFHZLWK
ORFDOODZVDQGUHJXODWLRQV
x
2QWKHH&5)GHPRJUDSKLFVSDJHLQDGGLWLRQWRWKHXQLTXHVXEMHFWLGHQWLILFDWLRQ
QXPEHULQFOXGHWKHDJHDWWLPHRIHQUROOPHQW
x
)RU6HULRXV$GYHUVH(YHQWVUHSRUWHGWR$PJHQVXEMHFWVDUHWREHLGHQWLILHGE\WKHLU
XQLTXHVXEMHFWLGHQWLILFDWLRQQXPEHULQLWLDOVIRUID[HGUHSRUWVLQDFFRUGDQFHZLWK
ORFDOODZVDQGUHJXODWLRQVDQGGDWHRIELUWKLQDFFRUGDQFHZLWKORFDOODZVDQG
UHJXODWLRQV
x
'RFXPHQWVWKDWDUHQRWVXEPLWWHGWR$PJHQHJVLJQHGLQIRUPHGFRQVHQWIRUPVDUH
WREHNHSWLQFRQILGHQFHE\WKHLQYHVWLJDWRUH[FHSWDVGHVFULEHGEHORZ
,QFRPSOLDQFHZLWK,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ,&+±*RRG&OLQLFDO
3UDFWLFHV*&3*XLGHOLQHVLWLVUHTXLUHGWKDWWKHLQYHVWLJDWRUDQGLQVWLWXWLRQSHUPLW
DXWKRUL]HGUHSUHVHQWDWLYHVRIWKHFRPSDQ\RIWKHUHJXODWRU\DJHQF\VDQGWKH,(&
GLUHFWDFFHVVWRUHYLHZWKHVXEMHFW¶VRULJLQDOPHGLFDOUHFRUGVIRUYHULILFDWLRQRIVWXG\
UHODWHGSURFHGXUHVDQGGDWD'LUHFWDFFHVVLQFOXGHVH[DPLQLQJDQDO\]LQJYHULI\LQJ
DQGUHSURGXFLQJDQ\UHFRUGVDQGUHSRUWVWKDWDUHLPSRUWDQWWRWKHHYDOXDWLRQRIWKH
VWXG\7KHLQYHVWLJDWRULVREOLJDWHGWRLQIRUPDQGREWDLQWKHFRQVHQWRIWKHVXEMHFWWR
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

SHUPLWVXFKLQGLYLGXDOVWRKDYHDFFHVVWRKLVKHUVWXG\UHODWHGUHFRUGVLQFOXGLQJ
SHUVRQDOLQIRUPDWLRQ

,QYHVWLJDWRU6LJQDWRU\2EOLJDWLRQV
(DFKFOLQLFDOVWXG\UHSRUWLVWREHVLJQHGE\WKHLQYHVWLJDWRURULQWKHFDVHRI
PXOWLFHQWHUVWXGLHVWKHFRRUGLQDWLQJLQYHVWLJDWRU
7KHFRRUGLQDWLQJLQYHVWLJDWRULGHQWLILHGE\$PJHQZLOOEHDQ\RUDOORIWKHIROORZLQJ
x
DUHFRJQL]HGH[SHUWLQWKHWKHUDSHXWLFDUHD
x
DQ,QYHVWLJDWRUZKRSURYLGHGVLJQLILFDQWFRQWULEXWLRQVWRHLWKHUWKHGHVLJQRU
LQWHUSUHWDWLRQRIWKHVWXG\
x
DQ,QYHVWLJDWRUFRQWULEXWLQJDKLJKQXPEHURIHOLJLEOHVXEMHFWV

$'0,1,675$7,9($1'/(*$/2%/,*$7,216

3URWRFRO$PHQGPHQWVDQG6WXG\7HUPLQDWLRQ
,I$PJHQDPHQGVWKHSURWRFRODJUHHPHQWIURPWKH,QYHVWLJDWRUPXVWEHREWDLQHG7KH
,(&PXVWEHLQIRUPHGRIDOODPHQGPHQWVDQGJLYHDSSURYDO7KHLQYHVWLJDWRUPXVW
VHQGDFRS\RIWKHDSSURYDOOHWWHUIURPWKH,(&WR$PJHQ
$PJHQUHVHUYHVWKHULJKWWRWHUPLQDWHWKHVWXG\DWDQ\WLPH%RWK$PJHQDQGWKH
,QYHVWLJDWRUUHVHUYHWKHULJKWWRWHUPLQDWHWKH,QYHVWLJDWRU¶VSDUWLFLSDWLRQLQWKHVWXG\
DFFRUGLQJWRWKHVWXG\FRQWUDFW7KHLQYHVWLJDWRULVWRQRWLI\WKH,(&LQZULWLQJRIWKH
VWXG\¶VFRPSOHWLRQRUHDUO\WHUPLQDWLRQDQGVHQGDFRS\RIWKHQRWLILFDWLRQWR$PJHQ
6XEMHFWVPD\EHHOLJLEOHIRUFRQWLQXHGWUHDWPHQWZLWK$PJHQLQYHVWLJDWLRQDOSURGXFWE\
DQH[WHQVLRQSURWRFRORUDVSURYLGHGIRUE\WKHORFDOFRXQWU\¶VUHJXODWRU\PHFKDQLVP
+RZHYHU$PJHQUHVHUYHVWKHXQLODWHUDOULJKWDWLWVVROHGLVFUHWLRQWRGHWHUPLQH
ZKHWKHUWRVXSSO\$PJHQLQYHVWLJDWLRQDOSURGXFWDQGE\ZKDWPHFKDQLVPDIWHU
WHUPLQDWLRQRIWKHVWXG\DQGEHIRUHWKHSURGXFWLVDUHDYDLODEOHFRPPHUFLDOO\

6WXG\'RFXPHQWDWLRQDQG$UFKLYH
7KHLQYHVWLJDWRULVWRPDLQWDLQDOLVWRIDSSURSULDWHO\TXDOLILHGSHUVRQVWRZKRPKHVKH
KDVGHOHJDWHGVWXG\GXWLHV$OOSHUVRQVDXWKRUL]HGWRPDNHHQWULHVDQGRUFRUUHFWLRQV
RQH&5)VZLOOEHLQFOXGHGRQWKH$PJHQ'HOHJDWLRQRI$XWKRULW\)RUP
6RXUFHGRFXPHQWVDUHRULJLQDOGRFXPHQWVGDWDDQGUHFRUGVIURPZKLFKWKHVXEMHFW¶V
H&5)GDWDDUHREWDLQHG7KHVHLQFOXGHEXWDUHQRWOLPLWHGWRKRVSLWDOUHFRUGVFOLQLFDO
DQGRIILFHFKDUWVODERUDWRU\DQGSKDUPDF\UHFRUGVGLDULHVPLFURILFKHVUDGLRJUDSKV
DQGFRUUHVSRQGHQFH
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

7KH,QYHVWLJDWRUDQGVWXG\VWDIIDUHUHVSRQVLEOHIRUPDLQWDLQLQJDFRPSUHKHQVLYHDQG
FHQWUDOL]HGILOLQJV\VWHPRIDOOVWXG\UHODWHGHVVHQWLDOGRFXPHQWDWLRQVXLWDEOHIRU
LQVSHFWLRQDWDQ\WLPHE\UHSUHVHQWDWLYHVIURP$PJHQDQGRUDSSOLFDEOHUHJXODWRU\
DXWKRULWLHV
(OHPHQWVLQFOXGH
x
6XEMHFWILOHVFRQWDLQLQJFRPSOHWHGH&5)VLQIRUPHGFRQVHQWIRUPVDQGVXEMHFW
LGHQWLILFDWLRQOLVW
x
6WXG\ILOHVFRQWDLQLQJWKHSURWRFROZLWKDOODPHQGPHQWV,QYHVWLJDWRU¶V%URFKXUH
FRSLHVRISUHVWXG\GRFXPHQWDWLRQDQGDOOFRUUHVSRQGHQFHWRDQGIURPWKH,(&DQG
$PJHQ
x
,QYHVWLJDWLRQDOSURGXFWUHODWHGFRUUHVSRQGHQFHLQFOXGLQJ,QYHVWLJDWLRQDO3URGXFW
$FFRXQWDELOLW\5HFRUGV5HWXUQRI,QYHVWLJDWLRQDO3URGXFWIRU'HVWUXFWLRQ)RUPV
)LQDO,QYHVWLJDWLRQDO3URGXFW5HFRQFLOLDWLRQ6WDWHPHQWDVDSSOLFDEOH
,QDGGLWLRQDOORULJLQDOVRXUFHGRFXPHQWVVXSSRUWLQJHQWULHVLQWKHH&5)VPXVWEH
PDLQWDLQHGDQGEHUHDGLO\DYDLODEOH
5HWHQWLRQRIVWXG\GRFXPHQWVZLOOEHJRYHUQHGE\WKH&OLQLFDO7ULDO$JUHHPHQW

6WXG\0RQLWRULQJDQG'DWD&ROOHFWLRQ
7KH$PJHQUHSUHVHQWDWLYHVDQGUHJXODWRU\DXWKRULW\LQVSHFWRUVDUHUHVSRQVLEOHIRU
FRQWDFWLQJDQGYLVLWLQJWKHLQYHVWLJDWRUIRUWKHSXUSRVHRILQVSHFWLQJWKHIDFLOLWLHVDQG
XSRQUHTXHVWLQVSHFWLQJWKHYDULRXVUHFRUGVRIWKHFOLQLFDOVWXG\HJH&5)VDQGRWKHU
SHUWLQHQWGDWDSURYLGHGWKDWVXEMHFWFRQILGHQWLDOLW\LVUHVSHFWHG
7KH$PJHQ&OLQLFDO0RQLWRULVUHVSRQVLEOHIRUYHULI\LQJWKHH&5)VDWUHJXODULQWHUYDOV
WKURXJKRXWWKHVWXG\WRYHULI\DGKHUHQFHWRWKHSURWRFROFRPSOHWHQHVVDFFXUDF\DQG
FRQVLVWHQF\RIWKHGDWDDQGDGKHUHQFHWRORFDOUHJXODWLRQVRQWKHFRQGXFWRIFOLQLFDO
UHVHDUFK7KH&OLQLFDO0RQLWRULVWRKDYHDFFHVVWRVXEMHFWPHGLFDOUHFRUGVDQGRWKHU
VWXG\UHODWHGUHFRUGVQHHGHGWRYHULI\WKHHQWULHVRQWKHH&5)V
7KHLQYHVWLJDWRUDJUHHVWRFRRSHUDWHZLWKWKHFOLQLFDOPRQLWRUWRHQVXUHWKDWDQ\
SUREOHPVGHWHFWHGLQWKHFRXUVHRIWKHVHPRQLWRULQJYLVLWVLQFOXGLQJGHOD\VLQ
FRPSOHWLQJH&5)VDUHUHVROYHG
,QDFFRUGDQFHZLWK,&+*&3DQGWKHVSRQVRU¶VDXGLWSODQVWKLVVWXG\PD\EHVHOHFWHG
IRUDXGLWE\UHSUHVHQWDWLYHVIURP$PJHQ¶V*OREDO&RPSOLDQFH$XGLWLQJIXQFWLRQRU
GHVLJQHHV,QVSHFWLRQRIVLWHIDFLOLWLHVHJSKDUPDF\SURWRFROUHTXLUHGWKHUDS\VWRUDJH
DUHDVODERUDWRULHVDQGUHYLHZRIVWXG\UHODWHGUHFRUGVZLOORFFXUWRHYDOXDWHWKHVWXG\
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

FRQGXFWDQGFRPSOLDQFHZLWKWKHSURWRFRO,&+*&3DQGDSSOLFDEOHUHJXODWRU\
UHTXLUHPHQWV
'DWDFDSWXUHIRUWKLVVWXG\LVSODQQHGWREHHOHFWURQLF
x
$OOVRXUFHGRFXPHQWDWLRQVXSSRUWLQJHQWULHVLQWRWKHH&5)VPXVWEHPDLQWDLQHGDQG
UHDGLO\DYDLODEOH
x
8SGDWHVWRH&5)VZLOOEHDXWRPDWLFDOO\GRFXPHQWHGWKURXJKWKHVRIWZDUH¶V³DXGLW
WUDLO´
x
7RHQVXUHWKHTXDOLW\RIFOLQLFDOGDWDDFURVVDOOVXEMHFWVDQGVLWHVDFOLQLFDOGDWD
PDQDJHPHQWUHYLHZLVSHUIRUPHGRQVXEMHFWGDWDUHFHLYHGDW$PJHQ'XULQJWKLV
UHYLHZVXEMHFWGDWDDUHFKHFNHGIRUFRQVLVWHQF\RPLVVLRQVDQGDQ\DSSDUHQW
GLVFUHSDQFLHV,QDGGLWLRQWKHGDWDDUHUHYLHZHGIRUDGKHUHQFHWRWKHSURWRFRODQG
*&37RUHVROYHDQ\TXHVWLRQVDULVLQJIURPWKHFOLQLFDOGDWDPDQDJHPHQWUHYLHZ
SURFHVVGDWDTXHULHVDQGRUVLWHQRWLILFDWLRQVDUHFUHDWHGLQWKH('&V\VWHP
GDWDEDVHIRUVLWHUHVROXWLRQDQGFORVHGE\$PJHQUHYLHZHU
x
7KHLQYHVWLJDWRUVLJQVRQO\WKH,QYHVWLJDWRU9HULILFDWLRQ)RUPIRUWKLVHOHFWURQLFGDWD
FDSWXUHVWXG\7KLVVLJQDWXUHLQGLFDWHVWKDWLQYHVWLJDWRULQVSHFWHGRUUHYLHZHGWKH
GDWDRQWKHH&5)WKHGDWDTXHULHVDQGWKHVLWHQRWLILFDWLRQVDQGDJUHHVZLWKWKH
FRQWHQW
$PJHQRUGHVLJQHHZLOOSHUIRUPVHOIHYLGHQWFRUUHFWLRQVWRREYLRXVGDWDHUURUVLQWKH
FOLQLFDOWULDOGDWDEDVHDVGRFXPHQWHGLQWKH6WXG\6SHFLILF6HOI(YLGHQW&RUUHFWLRQV
3ODQ([DPSOHVRIREYLRXVGDWDHUURUVWKDWPD\EHFRUUHFWHGE\$PJHQRUGHVLJQHH
LQFOXGHGHOHWLRQRIREYLRXVGXSOLFDWHGDWDHJVDPHUHVXOWVVHQWWZLFHZLWKWKHVDPH
GDWHZLWKGLIIHUHQWYLVLWZHHNDQGHDUO\WHUPLQDWLRQDQGFODULI\LQJ³RWKHUVSHFLI\´LI
GDWDDUHSURYLGHGHJUDFHSK\VLFDOH[DPLQDWLRQ(DFKLQYHVWLJDWLYHVLWHZLOOEH
SURYLGHGDOLVWRIWKHW\SHVRIFRUUHFWLRQVDSSOLHGWRVWXG\GDWDDWWKHLQLWLDWLRQRIWKHWULDO
DQGDWVWXG\FORVHRXW

,QYHVWLJDWRU5HVSRQVLELOLWLHVIRU'DWD&ROOHFWLRQ
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUFRPSO\LQJZLWKWKHUHTXLUHPHQWVIRUDOODVVHVVPHQWV
DQGGDWDFROOHFWLRQLQFOXGLQJVXEMHFWVQRWUHFHLYLQJSURWRFROUHTXLUHGWKHUDSLHVDV
VWLSXODWHGLQWKHSURWRFROIRUHDFKVXEMHFWLQWKHVWXG\)RUVXEMHFWVZKRZLWKGUDZSULRU
WRFRPSOHWLRQRIDOOSURWRFROUHTXLUHGYLVLWVDQGDUHXQDEOHRUXQZLOOLQJWRFRQWLQXHWKH
6FKHGXOHRI$VVHVVPHQWV7DEOHWKHLQYHVWLJDWRUFDQVHDUFKSXEOLFDOO\DYDLODEOH
UHFRUGV>ZKHUHSHUPLWWHG@WRDVFHUWDLQVXUYLYDOVWDWXV7KLVHQVXUHVWKDWWKHGDWDVHWV
SURGXFHGDVDQRXWFRPHRIWKHVWXG\LVDUHDVFRPSUHKHQVLYHDVSRVVLEOH

/DQJXDJH
H&5)VPXVWEHFRPSOHWHGLQ(QJOLVK75$'(1$0(6LIXVHGIRUFRQFRPLWDQW
PHGLFDWLRQVPD\EHHQWHUHGLQWKHORFDOODQJXDJH
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

$OOZULWWHQLQIRUPDWLRQDQGRWKHUPDWHULDOWREHXVHGE\VXEMHFWVDQGLQYHVWLJDWLYHVWDII
PXVWXVHYRFDEXODU\DQGODQJXDJHWKDWDUHFOHDUO\XQGHUVWRRG

3XEOLFDWLRQ3ROLF\
7RFRRUGLQDWHGLVVHPLQDWLRQRIGDWDIURPWKLVVWXG\$PJHQHQFRXUDJHVWKHIRUPDWLRQRI
DSXEOLFDWLRQFRPPLWWHHFRQVLVWLQJRIVHYHUDOLQYHVWLJDWRUVDQGDSSURSULDWH$PJHQVWDII
WKHJRYHUQDQFHDQGUHVSRQVLELOLWLHVRIZKLFKDUHVHWIRUWKLQD3XEOLFDWLRQ&KDUWHU7KH
FRPPLWWHHLVH[SHFWHGWRVROLFLWLQSXWDQGDVVLVWDQFHIURPRWKHULQYHVWLJDWRUVDQGWR
FROODERUDWHZLWKDXWKRUVDQG$PJHQVWDIIDVDSSURSULDWHDVGHILQHGLQWKH3XEOLFDWLRQ
&KDUWHU0HPEHUVKLSRQWKHFRPPLWWHHERWKIRULQYHVWLJDWRUVDQG$PJHQVWDIIGRHV
QRWJXDUDQWHHDXWKRUVKLS7KHFULWHULDGHVFULEHGEHORZDUHWREHPHWIRUHYHU\
SXEOLFDWLRQ
$XWKRUVKLSRIDQ\SXEOLFDWLRQVUHVXOWLQJIURPWKLVVWXG\ZLOOEHGHWHUPLQHGRQWKHEDVLV
RIWKH8QLIRUP5HTXLUHPHQWIRU0DQXVFULSWV6XEPLWWHGWR%LRPHGLFDO-RXUQDOV
,QWHUQDWLRQDO&RPPLWWHHRI0HGLFDO-RXUQDO(GLWRUVZKLFKVWDWHV
x
$XWKRUVKLSFUHGLWVKRXOGEHEDVHGRQVXEVWDQWLDOFRQWULEXWLRQVWRFRQFHSWLRQDQG
GHVLJQDFTXLVLWLRQRIGDWDRUDQDO\VLVDQGLQWHUSUHWDWLRQRIGDWDGUDIWLQJWKH
DUWLFOHRUUHYLVLQJLWFULWLFDOO\IRULPSRUWDQWLQWHOOHFWXDOFRQWHQWILQDODSSURYDORIWKH
YHUVLRQWREHSXEOLVKHG$XWKRUVVKRXOGPHHWFRQGLWLRQVDQG
x
:KHQDODUJHPXOWLFHQWHUJURXSKDVFRQGXFWHGWKHZRUNWKHJURXSVKRXOGLGHQWLI\
WKHLQGLYLGXDOVZKRDFFHSWGLUHFWUHVSRQVLELOLW\IRUWKHPDQXVFULSW7KHVHLQGLYLGXDOV
VKRXOGIXOO\PHHWWKHFULWHULDIRUDXWKRUVKLSGHILQHGDERYH
x
$FTXLVLWLRQRIIXQGLQJFROOHFWLRQRIGDWDRUJHQHUDOVXSHUYLVLRQRIWKHUHVHDUFK
JURXSDORQHGRHVQRWMXVWLI\DXWKRUVKLS
x
$OOSHUVRQVGHVLJQDWHGDVDXWKRUVVKRXOGTXDOLI\IRUDXWKRUVKLSDQGDOOWKRVHZKR
TXDOLI\VKRXOGEHOLVWHG
x
(DFKDXWKRUVKRXOGKDYHSDUWLFLSDWHGVXIILFLHQWO\LQWKHZRUNWRWDNHSXEOLF
UHVSRQVLELOLW\IRUDSSURSULDWHSRUWLRQVRIWKHFRQWHQW
$OOSXEOLFDWLRQVHJPDQXVFULSWVDEVWUDFWVRUDOVOLGHSUHVHQWDWLRQVERRNFKDSWHUV
EDVHGRQWKLVVWXG\PXVWEHVXEPLWWHGWR$PJHQIRUUHYLHZ7KH&OLQLFDO7ULDO
$JUHHPHQWDPRQJWKHLQVWLWXWLRQLQYHVWLJDWRUDQG$PJHQZLOOGHWDLOWKHSURFHGXUHVIRU
DQGWLPLQJRI$PJHQ¶VUHYLHZRISXEOLFDWLRQV

&RPSHQVDWLRQ
$Q\DUUDQJHPHQWVIRUFRPSHQVDWLRQWRVXEMHFWVIRULQMXU\RULOOQHVVWKDWDULVHVLQWKH
VWXG\DUHGHVFULEHGLQWKH&RPSHQVDWLRQIRU,QMXU\VHFWLRQRIWKH,QIRUPHG&RQVHQWWKDW
LVDYDLODEOHDVDVHSDUDWHGRFXPHQW

3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI


5()(5(1&(6
$OHVVDQGULQR(3$PDGRUL6%DURVL*HWDO(YLGHQFHDQGFRQVHQVXVEDVHGSUDFWLFH
JXLGHOLQHVIRUWKHWKHUDS\RISULPDU\P\HORG\VSODVWLFV\QGURPHVDVWDWHPHQWIURPWKH
,WDOLDQ6RFLHW\RI+HPDWRORJ\+DHPDWRORJLFD
$PJHQ'DUEHSRHWLQDOID,QYHVWLJDWRU¶V%URFKXUH(GLWLRQ
$XO&*HUPLQJ8*DWWHUPDQQ10LQQLQJ+,QFUHDVLQJLQFLGHQFHRIP\HORG\VSODVWLF
V\QGURPHVUHDORUILFWLWLRXV"/HXN5HV
%DOGXFFL/(UVKOHU:%.UDQW]6$QHPLDLQWKHHOGHUO\FOLQLFDOILQGLQJVDQGLPSDFWRQ
KHDOWK&ULW5HY2QFRO+HPDWRO
%DUEDUD-$7KHUDWLRQDOHIRUSDWKRJHQLQDFWLYDWLRQWUHDWPHQWRIEORRGFRPSRQHQWV
,QW-+HPDWRO
%HQQHWW-0&DWRYVN\''DQLHO07HWDO3URSRVDOVIRUWKHFODVVLILFDWLRQRIWKH
P\HORG\VSODVWLFV\QGURPHV%U-+DHPDWRO
%HUQDUG0DUW\&0DQR03DHVPDQV0HWDO6HFRQGPDOLJQDQFLHVIROORZLQJDGMXYDQW
FKHPRWKHUDS\\HDUUHVXOWVIURPD%HOJLDQUDQGRPL]HGVWXG\FRPSDULQJ
F\FORSKRVSKDPLGHPHWKRWUH[DWHDQGIOXRURXUDFLO&0)ZLWKDQDQWKUDF\FOLQHEDVHG
UHJLPHQLQDGMXYDQWWUHDWPHQWRIQRGHSRVLWLYHEUHDVWFDQFHUSDWLHQWV$QQ2QFRO

%HUQDVFRQL3.OHUV\&%RQL0HWDO:RUOG+HDOWK2UJDQL]DWLRQFODVVLILFDWLRQLQ
FRPELQDWLRQZLWKF\WRJHQHWLFPDUNHUVLPSURYHVWKHSURJQRVWLFVWUDWLILFDWLRQRISDWLHQWV
ZLWKGHQRYRSULPDU\P\HORG\VSODVWLFV\QGURPHV%U-RI+DHPDWRO
%RXVFDU\'&KHQ</*XHVQX0HWDO$FWLYLW\RIWKHFDVSDVH&33HQ]\PHLV
LQFUHDVHGLQ³HDUO\VWDJH´P\HORG\VSODVWLFV\QGURPHVZLWKH[FHVVLYHDSRSWRVLVEXW
FDVSDVHLQKLELWLRQGRHVQRWHQKDQFHFRORQ\IRUPDWLRQLQYLWUR([S+HPDWRO

%RZHQ'&XOOLJDQ'-RZLWW6HWDO*XLGHOLQHVIRUWKHGLDJQRVLVDQGWKHUDS\RIDGXOW
P\HORG\VSODVWLFV\QGURPHV%U-+DHPDWRO
%RZHQ'77UHDWPHQWVWUDWHJLHVDQGLVVXHVLQORZLQWHUPHGLDWHULVNP\HORG\VSODVWLF
V\QGURPH0'6SDWLHQWV6HPLQ2QFRO6
&DVDGHYDOO1'XULHX[3'XERLV6HWDO+HDOWKHFRQRPLFDQGTXDOLW\RIOLIHHIIHFWVRI
HU\WKURSRLHWLQDQGJUDQXORF\WHFRORQ\VWLPXODWLQJIDFWRUIRUWKHWUHDWPHQWRI
P\HORG\VSODVWLFV\QGURPHVDUDQGRPL]HGFRQWUROOHGWULDO%ORRG
&D]]ROD00DOFRYDWL/3URJQRVWLFUHOHYDQFHRIDQHPLDLQP\HORG\VSODVWLFV\QGURPHV
$P-+HPDWRO
&D]]ROD00DOFRYDWL/0\HORG\VSODVWLFV\QGURPHVFRSLQJZLWKLQHIIHFWLYH
KHPDWRSRLHVLV1(QJO-0HG
&D]]ROD0+DHPDWRSRLHWLFJURZWKIDFWRUVLQWKHWUHDWPHQWRIP\HORG\VSODVWLF
V\QGURPHV)RUXP*HQRYD
&HOOD'7KHIXQFWLRQDODVVHVVPHQWRIFDQFHUWKHUDS\DQHPLD)$&7$QVFDOHDQHZ
WRROIRUWKHDVVHVVPHQWRIRXWFRPHVLQFDQFHUDQHPLDDQGIDWLJXH6HPLQ+HPDWRO

&KHVRQ%'*UHHQEHUJ3/%HQQHWW-0HWDO&OLQLFDODSSOLFDWLRQDQGSURSRVDOIRU
PRGLILFDWLRQRIWKH,QWHUQDWLRQDO:RUNLQJ*URXS,:*UHVSRQVHFULWHULDLQ
P\HORG\VSODVLD%ORRG
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

&KHVRQ%'%HQQHWW-0.DQWDUMLDQ+5HSRUWRIDQLQWHUQDWLRQDOZRUNLQJJURXSWR
VWDQGDUGL]HUHVSRQVHFULWHULDIRUP\HORG\VSODVWLFV\QGURPHV%ORRG

&KULVWLDQVHQ'+$QGHUVHQ0.3HGHUVHQ%MHUJDDUG-0XWDWLRQVZLWKORVVRI
KHWHUR]\JRVLW\RISDUHFRPPRQLQWKHUDS\UHODWHGP\HORG\VSODVLDDQGDFXWHP\HORLG
OHXNHPLDDIWHUH[SRVXUHWRDON\ODWLQJDJHQWVDQGVLJQLILFDQWO\DVVRFLDWHGZLWKGHOHWLRQRI
RUORVVRITDFRPSOH[NDU\RW\SHDQGDSRRUSURJQRVLV-&OLQ2QFRO

&ODYLR01RELOL)%DOOHDUL(HWDO4XDOLW\RIOLIHDQGEUDLQIXQFWLRQIROORZLQJKLJKGRVH
UHFRPELQDQWKXPDQHU\WKURSRLHWLQLQORZULVNP\HORG\VSODVWLFV\QGURPHVDSUHOLPLQDU\
UHSRUW(XU-+DHPDWRO
&UDZIRUG-&HOOD'&OHHODQG&6HWDO5HODWLRQVKLSEHWZHHQFKDQJHVLQKHPRJORELQ
OHYHODQGTXDOLW\RIOLIHGXULQJFKHPRWKHUDS\LQDQHPLFFDQFHUSDWLHQWVUHFHLYLQJHSRHWLQ
DOIDWKHUDS\&DQFHU±
GH:LWWH76PLWK$'URVWH-HWDO(XURSHDQ5HJLVWU\IRUORZULVNDQGLQWHUPHGLDWH
ULVN0'6EDVHOLQHUHSRUWRQILUVWUHJLVWHUHGSDWLHQWV%ORRG
$EVWUDFW
'HOOD3RUWD0*0DOFRYDWL/%RYHUL(HWDO&OLQLFDOUHOHYDQFHRIERQHPDUURZILEURVLV
DQG&'SRVLWLYHFHOOFOXVWHUVLQSULPDU\P\HORG\VSODVWLFV\QGURPHV-&OLQ2QFRO

'HQQ\6'.XFKLEKDWOD01&RKHQ+-,PSDFWRIDQHPLDRQPRUWDOLW\FRJQLWLRQDQG
IXQFWLRQLQFRPPXQLW\GZHOOLQJHOGHUO\$P-0HG
(JULH-&'Z\HU(%URZQH-.HWDO'DUEHSRHWLQDOIDKDVDORQJHUFLUFXODWLQJKDOIOLIH
DQGJUHDWHULQYLYRSRWHQF\WKDQUHFRPELQDQWKXPDQHU\WKURSRLHWLQ([S+HPDWRO

(OOLRWW6(JULH-%URZQH-HWDO&RQWURORIU+X(SRELRORJLFDODFWLYLW\7KHUROHRI
FDUERK\GUDWH([S+HPDWRO
(UVOHY$-(U\WKURSRLHWLQ1(QJO-0HG
)LVKHU-:(U\WKURSRLHWLQSK\VLRORJ\DQGSKDUPDFRORJ\XSGDWH([S%LRO0HG
0D\ZRRG
)UDQFKLQL09HQHUL',URQFKHODWLRQWKHUDS\DQXSGDWH+HPDWRO-
)UHXGHQEHUJHU56&DUVRQ-/,VWKHUHDQRSWLPDOKHPRJORELQYDOXHLQWKHFDUGLDF
LQWHQVLYHFDUHXQLW"&XUU2SLQ&ULW&DUH
*DEULORYH-3DTXHWWH5/\RQV50HWDO3KDVHVLQJOHDUPWULDOWRHYDOXDWHWKH
HIIHFWLYHQHVVRIGDUEHSRHWLQDOIDIRUFRUUHFWLQJDQDHPLDLQSDWLHQWVZLWKP\HORG\VSODVWLF
V\QGURPHV%U-+DHPDWRO
*DUFLD0DQHUR*6KDQ-)DGHUO6HWDO$SURJQRVWLFVFRUHIRUSDWLHQWVZLWKORZHUULVN
P\HORG\VSODVWLFV\QGURPH/HXNHPLD
*RWOLE-/DYRUL34XHVHGD66WHLQ566KDKQLD6*UHHQEHUJ3/$SKDVH,,
LQWUDSDWLHQWGRVHHVFDODWLRQWULDORIZHLJKWEDVHGGDUEHSRHWLQDOIDZLWKRUZLWKRXW
JUDQXORF\WHFRORQ\VWLPXODWLQJIDFWRULQP\HORG\VSODVWLFV\QGURPHV$P-+HPDWRO

*LOVWDG&:$QDSK\ODFWLFWUDQVIXVLRQUHDFWLRQV&XUU2SLQ+HPDWRO
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

*UHHQEHUJ3&R[&/H%HDX00HWDO,QWHUQDWLRQDOVFRULQJV\VWHPIRUHYDOXDWLQJ
SURJQRVLVLQP\HORG\VSODVWLFV\QGURPHV%ORRG
*UHHQEHUJ3/6XQ=0LOOHU.%HWDO7UHDWPHQWRIP\HORG\VSODVWLFV\QGURPHSDWLHQWV
ZLWKHU\WKURSRLHWLQZLWKRUZLWKRXWJUDQXORF\WHFRORQ\VWLPXODWLQJIDFWRUUHVXOWVRID
SURVSHFWLYHUDQGRPL]HGSKDVHWULDOE\WKH(DVWHUQ&RRSHUDWLYH2QFRORJ\*URXS
(%ORRG
*UHHQEHUJ3/%DHU05%HQQHWW-0HWDO0\HORG\VSODVWLFV\QGURPHVFOLQLFDOSUDFWLFH
JXLGHOLQHVLQRQFRORJ\-1DWO&RPSU&DQF1HWZ
+DPEOLQ7(SLGHPLRORJ\RIWKH0\HORG\VSODVWLF6\QGURPHV,Q%HQQHWW-0HG7KH
0\HORG\VSODVWLF6\QGURPHV1HZ<RUN1<0DUFHO'HNNHU,QF
+DPEOLQ7&OLQLFDOIHDWXUHVRI0'6/HXN5HV
+DUSHU3/LWWOHZRRG7$QDHPLDRIFDQFHULPSDFWRQSDWLHQWIDWLJXHDQGORQJWHUP
RXWFRPH2QFRORJ\6XSSO±
+DUULV1/-DIIH(6'LHEROG-HWDO7KH:RUOG+HDOWK2UJDQL]DWLRQFODVVLILFDWLRQRI
QHRSODVWLFGLVHDVHVRIWKHKHPDWRSRLHWLFDQGO\PSKRLGWLVVXHV5HSRUWRIWKH&OLQLFDO
$GYLVRU\&RPPLWWHHPHHWLQJ$LUOLH+RXVH:DUUHQWRQ9$1RYHPEHU
$QQ2QFRO
+HDQH\0/*ROGH':0\HORG\VSODVLD1(QJO-0HG
+HOOVWU|P/LQGEHUJ((IILFDF\RIHU\WKURSRLHWLQLQWKHP\HORG\VSODVWLFV\QGURPHVD
PHWDDQDO\VLVRISDWLHQWVIURPVWXGLHV%U-+DHPDWRO
+HOOVWU|P/LQGEHUJ(*XOEUDQGVHQ1/LQGEHUJ*HWDO$YDOLGDWHGGHFLVLRQPRGHOIRU
WUHDWLQJWKHDQDHPLDRIP\HORG\VSODVWLFV\QGURPHVZLWKHU\WKURSRLHWLQJUDQXORF\WH
FRORQ\VWLPXODWLQJIDFWRU6LJQLILFDQWHIIHFWVRQTXDOLW\RIOLIH%U-+DHPDWRO

+HOOVWU|P/LQGEHUJ(1HJULQ56WHLQ5HWDO(U\WKURLGUHVSRQVHWRWUHDWPHQWZLWK
*&6)SOXVHU\WKURSRLHWLQIRUWKHDQDHPLDRISDWLHQWVZLWKP\HORG\VSODVWLFV\QGURPHV
SURSRVDOIRUDSUHGLFWLYHPRGHO%U-+DHPDWRO
+RIPDQQ:..RHIIOHU+30\HORG\VSODVWLFV\QGURPH$QQ5HY0HG
+RIPDQQ:.3ODW]EHFNHU8*HUPLQJ80\HORG\VSODVWLVFKH6\QGURPH
$YDLODEOHIURPKWWSZZZGJKRGHRQNRSHGLD0'6$FFHVVHG)HEUXDU\
,WDOLDQ&RRSHUDWLYH6WXG\*URXSIRUU+X(SRLQ0\HORG\VSODVWLF6\QGURPHV$
UDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGVWXG\ZLWKVXEFXWDQHRXVUHFRPELQDQW
KXPDQHU\WKURSRLHWLQLQSDWLHQWVZLWKORZULVNP\HORG\VSODVWLFV\QGURPHV
%U-+DHPDWRO
-lGHUVWHQ0+HOOVWU|P/LQGEHUJ(0\HORG\VSODVWLFV\QGURPHVELRORJ\DQGWUHDWPHQW
-,QWHUQ0HG
-lGHUVWHQ00DOFRYDWL/'\EHGDO,HWDO(U\WKURSRLHWLQDQGJUDQXORF\WHFRORQ\
VWLPXODWLQJIDFWRUWUHDWPHQWDVVRFLDWHGZLWKLPSURYHGVXUYLYDOLQP\HORG\VSODVWLF
V\QGURPH-&OLQ2QFRO
-lGHUVWHQ00RQWJRPHU\60'\EHGDO,3RUZLW0DF'RQDOG$+HOOVWU|P/LQGEHUJ(
/RQJWHUPRXWFRPHRIWUHDWPHQWRIDQHPLDLQ0'6ZLWKHU\WKURSRLHWLQDQG*&6)
%ORRG
-XQJ//6FKZDUW]51'DUEHSRHWLQDOID$UHYLHZRILWVXVHLQSDWLHQWVZLWKFDQFHU
&DQFHU3UDFW
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

.DQWDUMLDQ+2¶%ULHQ65DYDQGL)HWDO3URSRVDOIRUDQHZULVNPRGHOLQ
P\HORG\VSODVWLFV\QGURPHWKDWDFFRXQWVIRUHYHQWVQRWFRQVLGHUHGLQWKHRULJLQDO
,QWHUQDWLRQDO3URJQRVWLF6FRULQJV\VWHP&DQFHU
.DR-00F0LOODQ$*UHHQEHUJ3/,QWHUQDWLRQDO0'6ULVNDQDO\VLVZRUNVKRS
,05$:,366UHDQDO\]HG,PSDFWRIF\WRSHQLDVRQFOLQLFDORXWFRPHVLQP\HORG\VSODVWLF
V\QGURPHV$P-+HPDWRO
.DVQHU07/XJHU608SGDWHRQWKHWKHUDS\IRUP\HORG\VSODVWLFV\QGURPH
$P-+HPDWRO
.HODLGL&6WDPDWRXOODV$%H\QH5DX]\2HWDO'DLO\SUDFWLFHPDQDJHPHQWRI
P\HORG\VSODVWLFV\QGURPHVLQ)UDQFHUHVXOWVRIDRQHZHHNFURVVVHFWLRQDOVWXG\LQ
SDWLHQWVE\WKH*URXSH)UDQFRSKRQHGHV0\pORG\VSODVLHV+DHPDWRORJLFD

.HQGDOO5*(U\WKURSRLHWLQ&OLQ/DE+DHPDWRO
/HLWFK+$9LFNDUV/06XSSRUWLYHFDUHDQGFKHODWLRQWKHUDS\LQ0'6DUHZHVDYLQJ
OLYHVRUMXVWORZHULQJLURQ"$P6RF+HPDWRO(GXF3URJUDP
/LFKWPDQ0$0\HORG\VSODVLDRUP\HORQHRSODVLDWKRXJKWVRQWKHQRVRORJ\RIFORQDO
P\HORLGGLVHDVHV%ORRG&HOOV0RO'LV
/LVW$.XUWLQ65RH'-HWDO(IILFDF\RIOHQDOLGRPLGHLQP\HORG\VSODVWLFV\QGURPHV
1(QJO-0HG
/RRQH\05*URSSHU0$0DWWKD\0$7UDQVIXVLRQUHODWHGDFXWHOXQJLQMXU\$
5HYLHZ&KHVW
0DFGRXJDOO,*UD\6-(OVWRQ2HWDO3KDUPDFRNLQHWLFVRIQRYHOHU\WKURSRLHVLV
VWLPXODWLQJSURWHLQDQGHSRHWLQDOIDLQGLDO\VLVSDWLHQWV-$P6RF1HSKURO

0DOFRYDWL/*HUPLQJ8.XHQGJHQ$HWDO7LPHGHSHQGHQWSURJQRVWLFVFRULQJV\VWHP
IRUSUHGLFWLQJVXUYLYDODQGOHXNHPLFHYROXWLRQLQP\HORG\VSODVWLFV\QGURPHV
-&OLQ2QFRO
0DOFRYDWL/'HOOD3RUWD0*&D]]ROD03UHGLFWLQJVXUYLYDODQGOHXNHPLFHYROXWLRQLQ
SDWLHQWVZLWKP\HORG\VSODVWLFV\QGURPH+DHPDWRORJLFD
0DQQRQH/*DUGLQ&4XDUUH0&HWDO+LJKGRVHGDUEHSRHWLQDOSKDLQWKHWUHDWPHQW
RIDQDHPLDRIORZHUULVNP\HORG\VSODVWLFV\QGURPHUHVXOWVRIDSKDVH,,VWXG\
%U-+DHPDWRO
0LWWHOPDQ0=HLGPDQ$3ODWHOHWIXQFWLRQLQWKHP\HORG\VSODVWLFV\QGURPHV
,QW-+HPDWRO
0R\R9/HIHEYUH3'XK06<HNWDVKHQDV%0XQGOH6(U\WKURSRLHVLVVWLPXODWLQJ
DJHQWVLQWKHWUHDWPHQWRIDQHPLDLQP\HORG\VSODVWLFV\QGURPHVDPHWDDQDO\VLV
$QQ+HPDWRO
0XVWR3/DQ]D)%DOOHDUL(HWDO'DUEHSRHWLQDOSKDIRUWKHWUHDWPHQWRIDQDHPLDLQ
ORZLQWHUPHGLDWHULVNP\HORG\VSODVWLFV\QGURPHV%U-+DHPDWRO
1DWLRQDO&RPSUHKHQVLYH&DQFHU1HWZRUN1&&1&OLQLFDO3UDFWLFH*XLGHOLQHVLQ
2QFRORJ\0\HORG\VSODVWLF6\QGURPHV9HUVLRQ$YDLODEOHIURP
KWWSZZZQFFQRUJSURIHVVLRQDOVSK\VLFLDQBJOVSGIPGVSGI$FFHVVHG0DUFK
1RUGLF0'6*URXS&DUH3URJUDP$YDLODEOHIURP
KWWSZZZQRUGLFPGVRUJ&DUH3URJUDPPHDVS$FFHVVHG-DQXDU\
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

2OLYD(1'LPLWURY%'%HQHGHWWR)'
$QJHOR$1RELOH)+HPRJORELQOHYHOWKUHVKROG
IRUFDUGLDFUHPRGHOLQJDQGTXDOLW\RIOLIHLQP\HORG\VSODVWLFV\QGURPH/HXN5HV

3DGXD5$*XLQQ%$$/6DEDK$,HWDO5$6)06DQGSPXWDWLRQVDQGSRRU
FOLQLFDORXWFRPHLQP\HORG\VSODVLDVD\HDUIROORZXS/HXNHPLD
3DUN6*UDEDU6.HODLGL&HWDO3UHGLFWLYHIDFWRUVRIUHVSRQVHDQGVXUYLYDOLQ
P\HORG\VSODVWLFV\QGURPHWUHDWHGZLWKHU\WKURSRLHWLQDQG*&6)WKH*)0H[SHULHQFH
%ORRG
3DUNHU-()LVKORFN./0LMRYLF$&]HSXONRZVNL%3DJOLXFD$0XIWL*-³/RZULVN´
P\HORG\VSODVWLFV\QGURPHLVDVVRFLDWHGZLWKH[FHVVLYHDSRSWRVLVDQGDQLQFUHDVHGUDWLR
RISURYHUVXVDQWLDSRSWRWLFEFOUHODWHGSURWHLQV%U-+DHPDWRO

3DWWRQ-)6XOOLYDQ70XQ<5HHYHV75RVVL*:DOODFH-)$UHWURVSHFWLYHFRKRUW
VWXG\WRDVVHVVWKHLPSDFWRIWKHUDSHXWLFVXEVWLWXWLRQRIGDUEHSRHWLQDOIDIRUHSRHWLQDOID
LQDQHPLFSDWLHQWVZLWKP\HORG\VSODVWLFV\QGURPH-6XSSRUW2QFRO
3HDUVRQ+$/REHO-6.RFRVKLV6$HWDO$QHZV\QGURPHRIUHIUDFWRU\VLGHUREODVWLF
DQHPLDZLWKYDFXROL]DWLRQRIPDUURZSUHFXUVRUVDQGH[RFULQHSDQFUHDWLFG\VIXQFWLRQ
-3HGLDWU
3RO\FKURQRSRXORX63DQDJLRWRX-3.RVVLYD/0DYURX$$QDJQRVWRX'+DLGDV6
&OLQLFDODQGPRUSKRORJLFDOIHDWXUHVRISDHGLDWULFP\HORG\VSODVWLFV\QGURPHVDUHYLHZRI
FDVHV$FWD3DHGLDWU
5RVH(+$EHOV5,1HOVRQ5$0F&XOORXJK'0/HVVLQ/7KHXVHRIU+X(SRLQWKH
WUHDWPHQWRIDQDHPLDUHODWHGWRP\HORG\VSODVLD0'6%U-+DHPDWRO

6FRWW%/'HHJ+-+HPRSRLHWLFFHOOWUDQVSODQWDWLRQIRUWKHP\HORG\VSODVWLFV\QGURPHV
$UFK,PPXQRO7KHU([S:DUV]
6KLK/</LQ7/:DQJ31HWDO,QWHUQDOWDQGHPGXSOLFDWLRQRIIPVOLNHW\URVLQHNLQDVH
LVDVVRFLDWHGZLWKSRRURXWFRPHLQSDWLHQWVZLWKP\HORG\VSODVWLFV\QGURPH&DQFHU

6ORRS*')ULHGEHUJ5&&RPSOLFDWLRQVRIEORRGWUDQVIXVLRQ+RZWRUHFRJQL]HDQG
UHVSRQGWRQRQLQIHFWLRXVUHDFWLRQV3RVWJUDG0HG
6ROH)/XQR(6DQ]R&HWDO,GHQWLILFDWLRQRIQRYHOF\WRJHQHWLFPDUNHUVZLWK
SURJQRVWLFVLJQLILFDQFHLQDVHULHVRISDWLHQWVZLWKSULPDU\P\HORG\VSODVWLF
V\QGURPHV+DHPDWRORJLFD
6SLULWL0$/DWDJOLDWD51LVFROD3HWDO,PSDFWRIDQHZGRVLQJUHJLPHQRIHSRHWLQDOID
RQTXDOLW\RIOLIHDQGDQHPLDLQSDWLHQWVZLWKORZULVNP\HORG\VSODVWLFV\QGURPH
$QQ+HPDWRO
6WDVL5$EUX]]HVH(/DQ]HWWD*7HU]ROL($PDGRUL6'DUEHSRHWLQDOIDIRUWKH
WUHDWPHQWRIDQHPLFSDWLHQWVZLWKORZDQGLQWHUPHGLDWHULVNP\HORG\VSODVWLF
V\QGURPHV$QQ2QFRO
6WHHQVPD'3%HQQHWW-07KHP\HORG\VSODVWLFV\QGURPHVGLDJQRVLVDQGWUHDWPHQW
0D\R&OLQ3URF
6WHLQ56$EHOV5,.UDQW]6%3KDUPDFRORJLFGRVHVRIUHFRPELQDQWKXPDQ
HU\WKURSRLHWLQLQWKHWUHDWPHQWRIP\HORG\VSODVWLFV\QGURPHV%ORRG

3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

6WRQH50%HUQVWHLQ6+'HPHWUL*HWDO7KHUDS\ZLWKUHFRPELQDQWKXPDQ
HU\WKURSRLHWLQLQSDWLHQWVZLWKP\HORG\VSODVWLFV\QGURPHV/HXN5HV

7DNDKDVKL07DNDKDVKL+$L]DZD<.RLNH78VHIXOQHVVRI,366IRUWKHSDWLHQWVZLWK
UHIUDFWRU\DQHPLD$P-+HPDWRO
7HVWD8$SRSWRWLFPHFKDQLVPVLQWKHFRQWURORIHU\WKURSRLHVLV/HXNHPLD

7KRPSVRQ-(/XJHU607KHUROHRIKHPDWRSRLHWLFVWHPFHOOWUDQVSODQWDWLRQLQ
P\HORG\VSODVWLFV\QGURPH2QFRORJ\:LOOLVWRQ3DUN
8FKLGD7.RNXEXQ.$EH5HWDO)HUURNLQHWLFHYDOXDWLRQRIHU\WKURSRLHVLVLQSDWLHQWV
ZLWKP\HORG\VSODVWLFV\QGURPHV$FWD+DHPDWRO
9DUGLPDQ-:7KLHOH-$UEHU'$HWDO7KHUHYLVLRQRIWKH:RUOG+HDOWK
2UJDQL]DWLRQ:+2FODVVLILFDWLRQRIP\HORLGQHRSODVPVDQGDFXWHOHXNHPLDUDWLRQDOH
DQGLPSRUWDQWFKDQJHV%ORRG
9DUGLPDQ-:+DUULV1/%UXQQLQJ5'7KH:RUOG+HDOWK2UJDQL]DWLRQ:+2
FODVVLILFDWLRQRIWKH0\HORLG1HRSODVPV%ORRG
9LOODQL2*XDULJOLD53LHWUDQWXRQR*HWDO'DUEHSRHWLQPFJ4:DORQHRULQ
FRPELQDWLRQZLWKSHJILOJUDVWLPLQORZLQW,366ULVNP\HORG\VSODVWLFV\QGURPHV
XQUHVSRQVLYHWRUHFRPELQDQWHU\WKURSRLHWLQ%ORRG$EVWUDFW  
9LOOHJDV$$UUL]DEDODJD%)HUQiQGH]/DJR&HWDO'DUEHSRHWLQDOIDIRUDQHPLDLQ
SDWLHQWVZLWKORZRULQWHUPHGLDWHULVNP\HORG\VSODVWLFV\QGURPHVDQGSRVLWLYH
SUHGLFWLYHIDFWRUVRIUHVSRQVH&XUU0HG5HV2SLQ
<HK63<DQJ<6<DR&<3HQJ&7,URQFKHODWLRQWKHUDS\IRUSDWLHQWVZLWK
P\HORG\VSODVWLFV\QGURPH+HPRJORELQ
=HLJOHU=5-RQHV'5RVHQIHOG&66KDGGXFN5.5HFRPELQDQWKXPDQHU\WKURSRLHWLQ
U+X(SRIRUWUHDWPHQWRIP\HORG\VSODVWLFV\QGURPH6WHP&HOOV


3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI


$33(1',&(6

3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

$SSHQGL[$$GGLWLRQDO6DIHW\$VVHVVPHQW,QIRUPDWLRQ
$GYHUVH(YHQW*UDGLQJ6FDOH
7KH&RPPRQ7HUPLQRORJ\&ULWHULDIRU$GYHUVH(YHQWV&7&$(YHUVLRQLV
DYDLODEOHDWWKHIROORZLQJORFDWLRQ
KWWSFWHSFDQFHUJRYSURWRFRO'HYHORSPHQWHOHFWURQLFBDSSOLFDWLRQVFWFKWP
'UXJLQGXFHG/LYHU,QMXU\5HSRUWLQJ	$GGLWLRQDO$VVHVVPHQWV
5HSRUWLQJ
7RIDFLOLWDWHDSSURSULDWHPRQLWRULQJIRUVLJQDOVRI',/,FDVHVRIFRQFXUUHQW$67$/7DQG
WRWDOELOLUXELQHOHYDWLRQDFFRUGLQJWRWKHFULWHULDVSHFLILHGLQ6HFWLRQUHTXLUHWKH
IROORZLQJ
x
7KHHYHQWLVWREHUHSRUWHGWR$PJHQDVDVHULRXVDGYHUVHHYHQWZLWKLQKRXUVRI
GLVFRYHU\RUQRWLILFDWLRQRIWKHHYHQWLHEHIRUHDGGLWLRQDOHWLRORJLFLQYHVWLJDWLRQV
KDYHEHHQFRQFOXGHG
x
7KHDSSURSULDWHH&5)HJ$GYHUVH(YHQW&5)WKDWFDSWXUHVLQIRUPDWLRQQHFHVVDU\
WRIDFLOLWDWHWKHHYDOXDWLRQRIWUHDWPHQWHPHUJHQWOLYHUDEQRUPDOLWLHVDUHWREH
FRPSOHWHGDQGVHQWWRWKH$PJHQ
2WKHUHYHQWVRIKHSDWRWR[LFLW\DQGSRWHQWLDO',/,DUHWREHUHSRUWHGDVVHULRXVDGYHUVH
HYHQWVLIWKH\PHHWWKHFULWHULDIRUDVHULRXVDGYHUVHHYHQWGHILQHGLQ6HFWLRQ
$GGLWLRQDO&OLQLFDO$VVHVVPHQWVDQG2EVHUYDWLRQ
$OOVXEMHFWVLQZKRPLQYHVWLJDWLRQDOSURGXFWVRUSURWRFROUHTXLUHGWKHUDSLHVLVDUH
ZLWKKHOGHLWKHUSHUPDQHQWO\RUFRQGLWLRQDOO\GXHWRSRWHQWLDO',/,RUZKRH[SHULHQFH
$67$/7HOHYDWLRQV![8/1DUHWRXQGHUJRDSHULRGRI³FORVHREVHUYDWLRQ´XQWLO
DEQRUPDOLWLHVUHWXUQWRQRUPDORUWRWKHVXEMHFW¶VEDVHOLQHOHYHOV$VVHVVPHQWVWKDWDUH
WREHSHUIRUPHGGXULQJWKLVSHULRGLQFOXGH
x
5HSHDWOLYHUFKHPLVWULHVZLWKLQKRXUV$/7$67DONDOLQHSKRVSKDVHWRWDO
ELOLUXELQLQFDVHVRIWRWDOELOLUXELQ![8/1RU$67$/7PXFKJUHDWHUWKDQ[8/1
UHWHVWLQJLVWREHSHUIRUPHGZLWKLQKRXUV
x
6XEMHFWVDUHWREHPRQLWRUHGDWOHDVWWZLFHZHHNO\WHVWLQJIUHTXHQF\PD\
GHFUHDVHWRRQFHSHUZHHNRUOHVVLIODERUDWRU\DEQRUPDOLWLHVVWDELOL]HRUWKH
LQYHVWLJDWLRQDOSURGXFWVRUSURWRFROUHTXLUHGWKHUDSLHVKDVKDYHEHHQ
GLVFRQWLQXHGDQGWKHVXEMHFWLVDV\PSWRPDWLF
x
2EWDLQSURWKURPELQ,15IUDFWLRQDWHGELOLUXELQDQGDQ\RWKHUSRWHQWLDOO\UHOHYDQW
ODERUDWRU\HYDOXDWLRQVRIOLYHUIXQFWLRQRUGLVHDVH
x
2EWDLQFRPSOHWHEORRGFRXQW&%&ZLWKGLIIHUHQWLDOWRDVVHVVIRUHRVLQRSKLOLD
x
2EWDLQDSSURSULDWHEORRGVDPSOLQJIRUSKDUPDFRNLQHWLFDQDO\VLVLIWKLVKDVQRW
DOUHDG\EHHQFROOHFWHG
3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

x
2EWDLQDPRUHGHWDLOHGKLVWRU\RI
x
3ULRUDQGRUFRQFXUUHQWGLVHDVHVRULOOQHVV
x
([SRVXUHWRHQYLURQPHQWDODQGRULQGXVWULDOFKHPLFDODJHQWV
x
6\PSWRPVLIDSSOLFDEOHLQFOXGLQJULJKWXSSHUTXDGUDQWSDLQK\SHUVHQVLWLYLW\
W\SHUHDFWLRQVIDWLJXHQDXVHDYRPLWLQJDQGIHYHU
x
3ULRUDQGRUFRQFXUUHQWXVHRIDOFRKROUHFUHDWLRQDOGUXJVDQGVSHFLDOGLHWV
x
&RQFRPLWDQWPHGLFDWLRQVLQFOXGLQJQRQSUHVFULSWLRQPHGLFLQHV	KHUEDODQG
GLHWDU\VXSSOHPHQWV
x
,QLWLDWHIXOOYLUDODQGDXWRLPPXQHKHSDWLWLVHYDOXDWLRQVHURORJLHVIRUKHSDWLWLV$%&
'((SVWHLQ%DUU9LUXV+HUSHV6LPSOH[9LUXVHWFHYDOXDWHIRURWKHUSRWHQWLDO
FDXVHVRI',/,LQFOXGLQJEXWQRWOLPLWHGWR1$6+K\SR[LFLVFKHPLFKHSDWRSDWK\
DQGELOLDU\WUDFWGLVHDVH
x
2EWDLQJDVWURHQWHURORJ\RUKHSDWRORJ\FRQVXOW
x
3HUIRUPDSSURSULDWHOLYHULPDJLQJRUELRSV\LIFOLQLFDOO\LQGLFDWHGVWURQJO\FRQVLGHU
WKHVHWHVWVLQFDVHVRIFRQFXUUHQWWUDQVDPLQDVHDQGWRWDOELOLUXELQHOHYDWLRQDV
VSHFLILHGLQ6HFWLRQ
x
)ROORZWKHVXEMHFWXQWLODOOODERUDWRU\DEQRUPDOLWLHVUHWXUQWREDVHOLQHRUQRUPDO7KH
³FORVHREVHUYDWLRQSHULRG´LVWRFRQWLQXHIRUDPLQLPXPRIZHHNVDIWHU
LQYHVWLJDWLRQDOSURGXFWGLVFRQWLQXDWLRQ


3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

$SSHQGL[%6DPSOH6HULRXV$GYHUVH(YHQW5HSRUWLQJ)RUP



3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI





3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI


3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

$SSHQGL[&3UHJQDQF\DQG/DFWDWLRQ1RWLILFDWLRQ:RUNVKHHWV




3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI




3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

$SSHQGL[':+2&ODVVLILFDWLRQRI$FXWH0\HORLG/HXNHPLD$0/DQG5HODWHG
1HRSODVPV
Acute myeloid leukemia with recurrent genetic abnormalities 
      AML with t(8;21)(q22;q22); RUNX1-RUNX1T1 
      AML with inv(16)(p13.1q22) or t(16;16)(p13.1;q22); CBFB-MYH11 
      APL with t(15;17)(q22;q12); PML-RARA 
      AML with t(9;11)(p22;q23); MLLT3-MLL 
      AML with t(6;9)(p23;q34); DEK-NUP214 
      AML with inv(3)(q21q26.2) or t(3;3)(q21;q26.2); RPN1-EVI1 
      AML (megakaryoblastic) with t(1;22)(p13;q13); RBM15-MKL1 
      Provisional entity: AML with mutated NPM1 
      Provisional entity: AML with mutated CEBPA 
Acute myeloid leukemia with myelodysplasia-related changes 
Therapy-related myeloid neoplasms 
Acute myeloid leukemia, not otherwise specified 
      AML with minimal differentiation 
      AML without maturation 
      AML with maturation 
      Acute myelomonocytic leukemia 
      Acute monoblastic/monocytic leukemia 
      Acute erythroid leukemia 
           Pure erythroid leukemia 
           Erythroleukemia, erythroid/myeloid 
      Acute megakaryoblastic leukemia 
      Acute basophilic leukemia 
      Acute panmyelosis with myelofibrosis 
Myeloid sarcoma 
Myeloid proliferations related to Down syndrome 
      Transient abnormal myelopoiesis 
      Myeloid leukemia associated with Down syndrome 
Blastic plasmacytoid dendritic cell neoplasm 
9DUGLPDQHWDO

3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

$SSHQGL[((U\WKURLG5HVSRQVH5DWHV)URP3URVSHFWLYH6LQJOH$UP6WXGLHV
RI'DUEHSRHWLQDOID$ORQHRULQ&RPELQDWLRQ:LWK*&6)LQ3DWLHQWV:LWK0'6
5HIHUHQFH
,QLWLDO'DUEHSRHWLQDOID
'RVH6FKHGXOH
(YDOXDEOH
3DWLHQWV
2YHUDOO
5HVSRQVH
0DMRU
5HVSRQVH
0LQRU
5HVSRQVH
'DUEHSRHWLQDORQH
*DEULORYH
1 
PJ4:ZHHN
SHULRG

'RVHHVFDODWLRQPJ
4:DIWHUZHHNVRI
WUHDWPHQW
(6$QDwYH
Q 



(6$WUHDWHG
Q 



6WDVL
1 
PJ4:ZHHNV

'RVHHVFDODWLRQPJ
4:DIWHUZHHNVRI
WUHDWPHQW
$OO(6$QDwYH
Q 



0XVWR
1 
PJ4:ZHHNV

'RVHHVFDODWLRQQRW
DOORZHGSHUSURWRFRO
(6$QDwYH
Q 



(6$WUHDWHG
Q 



'DUEHSRHWLQSOXV*&6)
0DQQRQH
1 
PJ4:ZHHNV

'RVHHVFDODWLRQQRW
DOORZHG
SHUSURWRFRO

*&6)ZDVDGGHGWR
QRQUHVSRQGHUVDIWHU
ZHHNV
(6$QDwYH
Q 



(6$WUHDWHG
Q 



9LOOHJDV
1 
PJ4:ZHHNV

'RVHHVFDODWLRQQRW
DOORZHGSHUSURWRFRO

)LOJUDVWLPPJ4:
ZDVDGGHGWR
QRQUHVSRQGHUV
1RWVSHFLILHG
Q 



9LOODQL
1 
PJ4:

'RVHHVFDODWLRQQRW
DOORZHGSHUSURWRFRO

3HJILOJUDVWLPPJ4:
IRUZHHNVZDVDGGHG
WRQRQUHVSRQGHUVDIWHU
ZHHNV
$OO(6$WUHDWHG
Q 

1$
1$
*RWOLE
1 
PJNJ4:

'RVHHVFDODWLRQPJNJ
4:DIWHUZHHNVRI
WUHDWPHQW

*&6)PJNJ%,:IRU
ZHHNVZDVDGGHGWR
QRQUHVSRQGHUVDIWHU
ZHHNV
$OO(6$QDwYH
Q 





3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH





3URGXFW'DUEHSRHWLQDOID
3URWRFRO1XPEHU
'DWH$SULO
3DJHRI

$SSHQGL[),QWHUQDWLRQDO3URJQRVWLF6FRULQJ6\VWHP,366IRU0'6

*UHHQEHUJHWDOSDJH


3URGXFW
'DWH
'DUEHSRHWLQDOID
6\QRSVLV&OLQLFDO6WXG\5HSRUW)LQDO$QDO\VLV
-XQH
3DJH

SAP_001.pdf: 
Product: Darbepoetin alfa 
Statistical Analysis Plan: 20130113 
Version 1.0, Date: 12 June 2014 
Page 1 of 8 
 
 
 
 
 
 
STATISTICAL ANALYSIS PLAN 
 
Primary Analysis for the Companion Study for Darbepoeitin Alfa Study 20090160 
 
 
 
 
 
 
 
 
Protocol Number : 
20130113 
Version: 
1.0 
Date: 
12 June 2014 
Authors: 
PPD  
 
 
 
 
Does this Statistical Analysis Plan document any analysis with the objective to claim 
pre-specification? 
 
 Yes 
 
 No 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NCT Number: 02175277 
This NCT number has been applied to the document 
for purposes of posting on clinicaltrials.gov 


Product: Darbepoetin alfa 
Statistical Analysis Plan: 20130113 
Version 1.0, Date: 12 June 2014 
Page 2 of 8 
 
 
 
 
 
Table of Contents 
 
1. 
INTRODUCTION...................................................................................................... 5 
 
2. 
OBJECTIVES ........................................................................................................... 5 
2.1 
Definitions..................................................................................................... 5 
 
3. 
COVARIATES .......................................................................................................... 7 
 
4. 
ENDPOINT CATEGORIES AND ANALYSES.......................................................... 7 
4.1 
Safety Endpoints .......................................................................................... 7 
4.1.1 
Endpoints...................................................................................... 7 
4.1.2 
Analysis Methods ......................................................................... 7 
 
5. 
LIST OF PLANNED TABLES, FIGURES, AND LISTINGS ...................................... 7 


Product: Darbepoetin alfa 
Statistical Analysis Plan: 20130113 
Version 1.0, Date: 12 June 2014 
Page 3 of 8 
 
 
 
 
Table of Abbreviations 
 
Abbreviation or Term 
Definition/Explanation 
ACS 
Acute coronary syndrome 
AE 
Adverse Event 
AML 
Acute myelogenous leukemia 
ATE 
Arterial thromboembolic event 
Baseline hemoglobin 
Hemoglobin value measured on study day 1 (the day of first 
administration of IP) before administration of IP and assessed by the 
local laboratory 
CRF 
Case report form 
CTCAE 
Common Terminology Criteria for Adverse Events 
DVT 
Deep vein thrombosis 
End of study (EOS) 
Subjects will not receive IP beyond week 73. The overall end of 
study will occur once all subjects enrolled and dosed with IP either 
withdraw from the study early, die, or complete the treatment period 
of the study. The end of study for an individual subject will occur 
either when the subject is withdrawn from the study, dies, or 
completes the final EOS visit. 
End of the active 
treatment period visit 
(EOATP) 
The final required visit in the MDS 20090160 study for subjects that 
complete IP treatment per protocol through week 72 / 73. Only 
subjects that complete all IP treatment in the MDS 20090160 study 
are potentially eligible to participate in the 20130113 study. 
Enroll, Enrolled, or 
Enrollment 
Enrollment is defined as the point in time when the subject has 
completed required screening procedures, all eligibility criteria are 
met, and the subject receives the first dose of IP on day 1 / week 1. 
ESA 
Erythropoiesis-stimulating agent 
g/dL 
Grams per deciliter 
Hb 
Hemoglobin 
ICF 
Informed consent form 
IP 
Investigational product 
MDS 
Myelodysplastic syndrome 
PE 
Pulmonary embolism 
RBC transfusion 
Red blood cell transfusion 
SAE 
Serious adverse event 
SAP 
Statistical Analysis Plan 
SMQ 
Standardized MedDRA query 


Product: Darbepoetin alfa 
Statistical Analysis Plan: 20130113 
Version 1.0, Date: 12 June 2014 
Page 4 of 8 
 
 
 
 
Abbreviation or Term 
Definition/Explanation 
 
Source Data 
Information from an original record or certified copy of the original 
record containing patient information for use in clinical research. 
The information may include, but is not limited to, clinical findings, 
observations, or other activities in a clinical trial necessary for the 
reconstruction and evaluation of the trial. Source data are contained 
in source documents (original records or certified copies). [ICH 
Guideline (E6)]. 
 
Study day 1 
The first day that protocol specified IP is administered to the subject; 
Day 1 t is expected to align with the end of the active treatment 
period visit of the MDS 20090160 study (window +10 days) 
 
TIA 
Transient ischemic attack 
 
TVE 
Thrombovascular event 
 
µg 
Microgram 
 
VTE 
Venous thromboembolic event 
 
WHO 
World Health Organization 


Product: Darbepoetin alfa 
Statistical Analysis Plan: 20130113 
Version 1.0, Date: 12 June 2014 
Page 5 of 8 
 
 
 
 
1. 
INTRODUCTION 
 
This statistical analysis plan (SAP) outlines the statistical analyses to be performed for 
Amgen protocol 20130113 entitled A Single Arm, Companion Study to Myelodysplastic 
Syndrome (MDS) 20090160 Using Darbepoetin alfa for the Treatment of Anaemic 
Subjects With Myelodysplastic Syndrome. The analyses summarized here are beyond 
the analyses described within the SAP version 3.0, dated on 30 September 2013 for 
data collected within the scope of Amgen protocol 20090160 entitled A Multicenter, 
Randomised, Double-blind, Placebo-controlled Study of Darbepoetin Alfa for the 
Treatment of Anaemic Subjects with Low or Intermediate-1 Risk Myelodysplastic 
Syndromes (MDS). The objective of this SAP is to pre-specify non Clinical Study Report 
 
(CSR) -related analyses. 
 
 
2. 
OBJECTIVES 
 
The primary objective of this study is to provide required access of investigational 
product (darbepoetin alfa) beyond the end of active treatment period of the 
darbepoetin alfa MDS 20090160 study for subjects that have continued demonstration of 
benefit from darbepoetin alfa treatment and to describe the safety of longer-term use in 
this patient population. Treatment with darbepoetin alfa may continue for up to 73 weeks 
or until progression to AML, whichever occurs first. 
 
2.1 
Definitions 
 
Progression to Acute Myelogenous Leukemia (AML) 
 
Progression to AML in this study will be assessed according to World Health 
Organization (WHO) guidelines (peripheral or blast cells ≥ 20%, presence of 
pathognomonic AML cytogenetic change, or evidence of marrow blast criteria for 
erythroleukemia). 
 
Red Blood Cell (RBC) Transfusions 
 
This is defined as any RBC transfusion (includes packed RBCs or whole blood and 
excludes platelets) given during an assessment period, regardless of hemoglobin 
concentration level at the time of transfusion or reason for transfusion.  Subjects with at 
least 1 RBC transfusion during the assessment period will be considered “transfused”. 
Subjects with no RBC transfusions during the assessment period will be considered “not 
transfused”. 


Product: Darbepoetin alfa 
Statistical Analysis Plan: 20130113 
Version 1.0, Date: 12 June 2014 
Page 6 of 8 
 
 
 
Treatment-emergent Adverse Event 
 
A treatment-emergent adverse event (AE) is any event reported via the AE summary 
case report form (CRF) with an onset date between study day 1 and EOS. 
 
• 
A treatment-emergent serious adverse event (SAE) is any event reported with an 
onset date between the date the subject signs the Informed Consent Form (ICF) 
through 30 days after the last dose of IP. 
 
• 
Day 1 / week 1 dosing visit is expected to align with the end of the active 
treatment period (EOATP) visit of the MDS 20090160 study (window +10 days) 
 
• 
End of Study visit performed 3 weeks ± 7 days after last dose of IP. 
 
 
Thrombovascular event (TVE) 
 
Thrombovascular events are adverse events that include arterial thromboembolic events 
(ATEs) and venous thromboembolic events (VTEs). These events will be coded using 
MedDRA version 17 (or higher) and identified using a Standardized MedDRA Query 
(SMQ 20000081, “embolic and thrombotic events” excluding terms from the 
sub-SMQ 20000083, “embolic and thrombotic events, vessel type unspecified and mixed 
arterial and venous”) or more appropriate query available at the time of analysis.  ATEs 
and VTEs are described below: 
 
• 
Arterial thromboembolic event (ATE) 
 
ATEs include stroke, transient ischemic attack (TIA), acute coronary syndromes 
(ACS), and other arterial thrombosis/embolism. These events will be coded 
using MedDRA version 17 (or higher) and identified using the 
sub-SMQ 20000082 (“embolic and thrombotic events, arterial”) or more 
appropriate query available at the time of analysis. 
 
• 
Venous thromboembolic event (VTE) 
 
VTEs include deep vein thrombosis (DVT), pulmonary embolism (PE), and other 
venous thrombosis excluding superficial venous thrombosis. These events will 
be coded using MedDRA version 17 (or higher) and identified using the 
sub-SMQ 20000084 (“embolic and thrombotic events, venous”) or more 
appropriate query available at the time of analysis.  In addition, VTEs will be 
distinguished by whether or not they were confirmed by imaging.  The primary 
analysis of VTEs will include fatal VTEs and VTEs confirmed by imaging; a 
sensitivity analysis will summarize all VTEs regardless of severity or 
confirmation. 


Product: Darbepoetin alfa 
Statistical Analysis Plan: 20130113 
Version 1.0, Date: 12 June 2014 
Page 7 of 8 
 
 
 
3. 
COVARIATES 
 
No covariates will be used in the analysis of the study. 
 
 
4. 
ENDPOINT CATEGORIES AND ANALYSES 
 
4.1 
Safety Endpoints 
 
4.1.1 
Endpoints 
 
Primary Endpoint: Subject incidence of treatment-emergent adverse events 
 
 
4.1.2 
Analysis Methods 
 
Total enrollment is projected to be less than 10 subjects from 1 country. Given the small 
population, no summary statistics (descriptive or otherwise) will be provided.  Listings 
will be provided for patient disposition data, baseline demographics, baseline 
characteristics, IP administration, and important protocol deviations.  Listings will also be 
generated for the primary endpoint of all treatment-emergent adverse events by system 
organ class and preferred term.  In addition, listings will be provided, by system organ 
class and preferred term, of all fatal adverse events, serious adverse events, adverse 
events leading to withdrawal from IP and significant treatment emergent adverse events. 
Progression to AML will also be summarized in a listing. 
 
Listings of subjects who develop anti-darbepoetin alfa antibodies (binding and if positive, 
neutralizing) at any time will also be provided. 
 
Missing data will not be imputed.  Data collected in the study will not be combined with 
 
Amgen 20090160 study data. 
 
 
5. 
LIST OF PLANNED TABLES, FIGURES, AND LISTINGS 
 
The following listings will be provided: 
 
• 
Listing of demographics and baseline characteristics including: enrollment date, 
sex, age at enrollment, height, weight, heart rate, temperature, blood pressure, 
and hemoglobin at enrollment 
 
• 
Listing of treatment emergent adverse events and significant treatment emergent 
adverse events by system organ class and preferred term 
 
• 
Listing of fatal adverse events by system organ class and preferred term 
 
• 
Listing of serious adverse events by system organ class and preferred term 
 
• 
Listing of adverse events leading to withdrawal from IP by system organ class 
and preferred term 
 
• 
Listing of subjects that progressed to AML 
 
• 
Listing of exposure to IP may include:  the number of weeks of dosing, the total 
number of doses, the average weekly dose (µg/week), the average dose 


Product: Darbepoetin alfa 
Statistical Analysis Plan: 20130113 
Version 1.0, Date: 12 June 2014 
Page 8 of 8 
 
 
 
administered (µg/dose), the cumulative dose administered (µg), the 
weight-adjusted average dose administered (µg/kg/dose), and the 
weight-adjusted cumulative dose administered (µg/kg) 
 
• 
Listing of Important Protocol Deviations 
 
• 
Listing of all RBC transfusions given on-study 
 
• 
Listing of development of anti-darbepoetin alfa antibodies (binding and if positive, 
neutralizing) at any timepoint 
 
• 
Listing of Thrombovascular Events including: 
 
o Arterial thromboembolic events [ATEs]: stroke; transient ischemic 
attack [TIA]; acute coronary syndromes [ACS]; other arterial 
thrombosis/embolism; 
 
o Venous thromboembolic events [VTEs]: deep vein thrombosis [DVT]; 
pulmonary embolism [PE]); and other venous thrombosis (excluding 
superficial venous thrombosis).