Clinical trial NCT02412306
Conditions: Relapsed Refractory B Precursor Acute Lymphoblastic Leukemia
Keywords: Amgen
Sponsor: Amgen
Start date: 2015-06-04; Completion date: 2019-07-04
Enrollment: 66 participants; Allocation: NON_RANDOMIZED; Intervention model: SINGLE_GROUP

Brief summary:
This is an open-label, combined 2-part multicenter study to evaluate the efficacy, safety, and tolerability of blinatumomab in adult and pediatric Japanese patients with relapsed/refractory B-precursor ALL.

Detailed description:
The Phase 1b part will investigate the safety, efficacy, pharmacokinetics (PK) and pharmacodynamics (PD) of blinatumomab to determine the maximum tolerated dose (MTD) in both adult and pediatric Japanese patients with relapsed/refractory B-precursor ALL. The Phase 2 part will assess the safety and efficacy of the recommended dose level of blinatumomab identified in the Phase 1b portion of the study in the adult study population.

In June 2017 protocol amendment 4 extended the study to include an expansion cohort of approximately 65 participants to investigate the safety of blinatumomab in participants who did not participate in Phase 1b or Phase 2 of the study. Adult and pediatric patients in the expansion cohort may receive up to 5 cycles of investigational blinatomumab and may receive commercial blinatomumab after a minimum of 2 cycles of the investigational drug.

Arms: arm 1: Participants received blinatumomab by continuous intravenous (CIV) infusion over 4 weeks followed by a treatment-free interval of 2 weeks for up to 5 consecutive cycles. The initial dose for adults was 9 µg/day for the first week of cycle 1, escalated to 28 µg/day starting from Week 2 and all cycles thereafter. arm 2: Participants received blinatumomab by CIV infusion over 4 weeks followed by a treatment-free interval of 2 weeks for up to 5 consecutive cycles. For pediatric participants the initial dose was 5 µg/m²/day for the first week of cycle 1, escalated to 15 µg/m²/day starting from week 2 and all cycles thereafter. arm 3: Participants received blinatumomab by CIV infusion over 4 weeks followed by a treatment-free interval of 2 weeks for up to 5 consecutive cycles. The initial dose for adults was 9 µg/day for the first week of cycle 1, escalated to 28 µg/day starting from Week 2 and all cycles thereafter. arm 4: Participants received blinatumomab by CIV infusion over 4 weeks followed by a treatment-free interval of 2 weeks for up to 5 consecutive cycles. The initial dose for adults was 9 µg/day for the first week of cycle 1, escalated to 28 µg/day starting from Week 2 and all cycles thereafter. arm 5: Participants received blinatumomab by CIV infusion over 4 weeks followed by a treatment-free interval of 2 weeks for up to 5 consecutive cycles. For pediatric participants the initial dose was 5 µg/m²/day for the first week of cycle 1, escalated to 15 µg/m²/day starting from week 2 and all cycles thereafter.
Interventions: intervention 1: Blinatumomab
Intervention descriptions: intervention 1: Continuous intravenous infusion over four weeks per treatment cycle

Protocol documents:
Prot_000.pdf: 
3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/
7LWOH$3KDVHE6WXG\RI%OLQDWXPRPDELQ-DSDQHVH6XEMHFWV:LWK
5HODSVHG5HIUDFWRU\%SUHFXUVRU$FXWH/\PSKREODVWLF/HXNHPLD$//
+RUDL6WXG\
%OLQDWXPRPDE
$PJHQ3URWRFRO1XPEHU
(XGUD&7QXPEHU1$
1&7QXPEHU1&7
&OLQLFDO6WXG\6SRQVRUV
$PJHQ,QF
2QH$PJHQ&HQWHU'ULYH
7KRXVDQG2DNV&DOLIRUQLD
8QLWHG6WDWHV
3KRQH
)D[
$PJHQ$VWHOODV%LRSKDUPD..
6DSLD7RZHU0DUXQRXFKL&KL\RGDNX7RN\R
-DSDQ
3KRQH
)D[
.H\6SRQVRU&RQWDFWV
0'
2QH$PJHQ&HQWHU'ULYH
7KRXVDQG2DNV&$86$
3KRQH
)D[
(PDLO
*OREDO&OLQLFDO7ULDO0DQDJHU
2QH$PJHQ&HQWHU'ULYH
7KRXVDQG2DNV&$86$
3KRQH
(PDLO
9HUVLRQ'DWH
1RYHPEHU 
$PHQGPHQW
1RYHPEHU
$PHQGPHQW
0DUFK
$PHQGPHQW
0D\
$PHQGPHQW
-XQH
6XSHUVHGLQJ$PHQGPHQW
$XJXVW
6XSHUVHGLQJ$PHQGPHQW
Y
-XO\
$PHQGPHQW
0DUFK
PPD
PPD
PPD
PPD
PPD
1&71XPEHU
7KLV1&7QXPEHUKDVEHHQDSSOLHGWRWKHGRFXPHQW
IRUSXUSRVHVRISRVWLQJRQFOLQLFDOWULDOVJRY


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


7KLVSURWRFROZDVGHYHORSHGUHYLHZHGDQGDSSURYHGLQDFFRUGDQFHZLWK
$PJHQ¶VVWDQGDUGRSHUDWLQJSURFHGXUHV
7RFRPSO\ZLWKORFDOUHJXODWRU\UHTXLUHPHQWVDOOXVHVRIWKHWHUP³FOLQLFDOVWXG\´LQWKH
SURWRFRORWKHUVWXG\UHODWHGGRFXPHQWVDQGIRUPVWKDWKDYHEHHQLVVXHGRUWREH
LVVXHGLQIXWXUHLVUHSODFHGZLWK³SRVWPDUNHWLQJFOLQLFDOVWXG\´DIWHU%OLQDWXPRPDEKDV
EHHQDSSURYHGE\UHJXODWRU\DXWKRULW\
&RQILGHQWLDOLW\1RWLFH
7KLVGRFXPHQWFRQWDLQVFRQILGHQWLDOLQIRUPDWLRQRI$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ORFDO.H\
6SRQVRU&RQWDFW)RUDOORWKHUVWXG\UHODWHGTXHVWLRQVDOVRFDOOWKHORFDO.H\6SRQVRU&RQWDFW


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/
,QYHVWLJDWRU¶V$JUHHPHQW
,KDYHUHDGWKHDWWDFKHGSURWRFROHQWLWOHG$3KDVHE6WXG\RI%OLQDWXPRPDELQ
-DSDQHVH6XEMHFWVZLWK5HODSVHG5HIUDFWRU\%SUHFXUVRU$FXWH/\PSKREODVWLF
/HXNHPLD$//+RUDL6WXG\GDWHG0DUFKDQGDJUHHWRDELGHE\DOO
SURYLVLRQVVHWIRUWKWKHUHLQ
,DJUHHWRFRPSO\ZLWKWKH,QWHUQDWLRQDO&RXQFLOIRU+DUPRQLVDWLRQ,&+7ULSDUWLWH
*XLGHOLQHRQ*RRG&OLQLFDO3UDFWLFH*&3DQGDSSOLFDEOHQDWLRQDORUUHJLRQDO
UHJXODWLRQVJXLGHOLQHV
7KHVWXG\ZLOOEHFRQGXFWHGLQFRPSOLDQFHZLWKWKH0LQLVWHULDO2UGLQDQFHRQ*RRG
&OLQLFDO3UDFWLFHIRU'UXJV0LQLVWU\RI+HDOWKDQG:HOIDUH2UGLQDQFH1R
0DUFK
,DJUHHWRHQVXUHWKDWWKHFRQILGHQWLDOLQIRUPDWLRQFRQWDLQHGLQWKLVGRFXPHQWZLOOQRWEH
XVHGIRUDQ\SXUSRVHRWKHUWKDQWKHHYDOXDWLRQRUFRQGXFWRIWKHFOLQLFDOLQYHVWLJDWLRQ
ZLWKRXWWKHSULRUZULWWHQFRQVHQWRI$PJHQ,QF
6LJQDWXUH
1DPHRI,QYHVWLJDWRU
'DWH''0RQWK<<<<


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/
3URWRFRO6\QRSVLV
7LWOH$3KDVHE6WXG\RI%OLQDWXPRPDELQ-DSDQHVH6XEMHFWVZLWK5HODSVHG5HIUDFWRU\
%SUHFXUVRU$FXWH/\PSKREODVWLF/HXNHPLD$//+RUDL6WXG\
6WXG\3KDVHE
,QGLFDWLRQ$GXOWDQGSHGLDWULFVXEMHFWVZLWKUHODSVHGUHIUDFWRU\55%SUHFXUVRU$//
3KDVHE3DUW
3ULPDU\2EMHFWLYH
7RGHWHUPLQHWKHPD[LPXPWROHUDWHGGRVH07'RIEOLQDWXPRPDELQDGXOWDQGSHGLDWULFVXEMHFWV
ZLWK55%SUHFXUVRU$//
6HFRQGDU\2EMHFWLYHV
7RHYDOXDWHWKHVDIHW\HIILFDF\SKDUPDFRNLQHWLFV3.DQGSKDUPDFRG\QDPLFV3'RI
EOLQDWXPRPDELQDGXOWDQGSHGLDWULFVXEMHFWVZLWK55%SUHFXUVRU$//
+\SRWKHVLV
)HZHUWKDQRXWRIVXEMHFWVLQERWKDGXOWDQGSHGLDWULFFRKRUWVZLOOH[SHULHQFHDGRVHOLPLWLQJ
WR[LFLW\'/7DWWKHDGPLQLVWHUHGGRVHRIEOLQDWXPRPDE
3ULPDU\(QGSRLQW
,QFLGHQFHRI'/7V
6HFRQGDU\(QGSRLQWV
x
,QFLGHQFHDQGVHYHULW\RIDGYHUVHHYHQWV
x
&RPSOHWHUHPLVVLRQ&5FRPSOHWHUHPLVVLRQZLWKSDUWLDOKHPDWRORJLFDOUHFRYHU\&5K
ZLWKLQILUVWF\FOHVRIWUHDWPHQWZLWKEOLQDWXPRPDEIRUDGXOWVXEMHFWVDQG0UHPLVVLRQ
ZLWKLQWKHILUVWF\FOHVRIWUHDWPHQWZLWKEOLQDWXPRPDEIRUSHGLDWULFVXEMHFWV
x
7LPHWRKHPDWRORJLFDOUHODSVH77+5
x
5HODSVHIUHHVXUYLYDO5)6
x
2YHUDOOVXUYLYDO26
x
%OLQDWXPRPDE3.SDUDPHWHUVHJVWHDG\VWDWHFRQFHQWUDWLRQ>&VV@DQGFOHDUDQFHRI
EOLQDWXPRPDE
x
6HUXPF\WRNLQHFRQFHQWUDWLRQV
x
,QFLGHQFHRIDQWLEOLQDWXPRPDEDQWLERG\IRUPDWLRQ
([SORUDWRU\(QGSRLQWV
x
05'UHVSRQVH
x
&RPSOHWH05'UHVSRQVH
3KDVH3DUW
3ULPDU\2EMHFWLYH
7RHYDOXDWHWKHUDWHRI&5&5KLQDGXOWVXEMHFWVZLWK55%SUHFXUVRU$//ZKRUHFHLYH
EOLQDWXPRPDE
6HFRQGDU\2EMHFWLYHV
7RHYDOXDWHRWKHUPHDVXUHVRIHIILFDF\VDIHW\DQG3.LQDGXOWVXEMHFWVZLWK55%SUHFXUVRU$//
DWWKHEOLQDWXPRPDEUHJLPHQVHOHFWHGEDVHGRQWKH3KDVHEGDWD
+\SRWKHVLV
%OLQDWXPRPDEZLOOKDYHFOLQLFDODFWLYLW\LQWKHWUHDWPHQWRI55$//DVPHDVXUHGE\WKHUDWHRI
&5&5KZLWKLQF\FOHV7KHVWXG\ZLOOWHVWDQXOOK\SRWKHVLVWKDWWKHOHYHORIFOLQLFDODFWLYLW\LV
DQLQHIIHFWLYHOHYHORIRUOHVV7KHDVVXPHGOHYHORIHIIHFWLYHFOLQLFDODFWLYLW\LVDWOHDVW


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


3ULPDU\(QGSRLQW
&5&5KZLWKLQF\FOHVRIWUHDWPHQWZLWKEOLQDWXPRPDE
6HFRQGDU\(QGSRLQWV
x
77+5
x
5)6
x
$OORJHQHLF+6&7DOOR+6&7WUHDWPHQWZLWKEOLQDWXPRPDE
x
%HVWRYHUDOOUHVSRQVHZLWKLQF\FOHVRIWUHDWPHQWZLWKEOLQDWXPRPDE
x
26
x
,QFLGHQFHDQGVHYHULW\RIDGYHUVHHYHQWV
x
GD\PRUWDOLW\DIWHUDOOR+6&7
x
%OLQDWXPRPDE3.SDUDPHWHUVHJVWHDG\VWDWHFRQFHQWUDWLRQ>&VV@DQGFOHDUDQFHRI
EOLQDWXPRPDE
x
6HUXPF\WRNLQHFRQFHQWUDWLRQV
x
,QFLGHQFHRIDQWLEOLQDWXPRPDEDQWLERG\IRUPDWLRQ
([SORUDWRU\(QGSRLQWV
x
05'UHVSRQVH
x
&RPSOHWH05'UHVSRQVH
x
3HULSKHUDOEORRGO\PSKRF\WHVXEVHWV
x
1HXURORJLFDOH[DPDEQRUPDOLWLHVDQGFKDQJHVIURPEDVHOLQH
([SDQVLRQFRKRUW
3ULPDU\2EMHFWLYH
x
7RREVHUYHWKHLQFLGHQFHRIWUHDWPHQWHPHUJHQWDQGWUHDWPHQWUHODWHGDGYHUVHHYHQWV
GXULQJWUHDWPHQWZLWKEOLQDWXPRPDELQDGXOWDQGSHGLDWULFVXEMHFWVZLWK55%SUHFXUVRU
$//
6HFRQGDU\2EMHFWLYH
7RHYDOXDWHWKHHIILFDF\RIEOLQDWXPRPDELQDGXOWDQGSHGLDWULFVXEMHFWVZLWK55%SUHFXUVRU
$//
+\SRWKHVLV
$IRUPDOVWDWLVWLFDOK\SRWKHVLVZLOOQRWEHWHVWHG7KHLQFLGHQFHRIWUHDWPHQWHPHUJHQWDQG
WUHDWPHQWUHODWHGDGYHUVHHYHQWVZLOOEHUHYLHZHG
3ULPDU\(QGSRLQW
x
,QFLGHQFHRIWUHDWPHQWHPHUJHQWDQGWUHDWPHQWUHODWHGDGYHUVHHYHQWV
6HFRQGDU\(QGSRLQW
x
&5&5KZLWKLQILUVWF\FOHVRIWUHDWPHQWZLWKEOLQDWXPRPDEIRUDGXOWVXEMHFWVDQG0
UHPLVVLRQZLWKLQWKHILUVWF\FOHVRIWUHDWPHQWZLWKEOLQDWXPRPDEIRUSHGLDWULFVXEMHFWV
([SORUDWRU\(QGSRLQW
x
05'UHPLVVLRQZLWKLQF\FOHVRIEOLQDWXPRPDE


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


6WXG\'HVLJQ
7KLVLVDQRSHQODEHOFRPELQHGSDUWPXOWLFHQWHUFOLQLFDOVWXG\WRHYDOXDWHWKHHIILFDF\VDIHW\
DQGWROHUDELOLW\RIEOLQDWXPRPDELQDGXOWDQGSHGLDWULF-DSDQHVHVXEMHFWVZLWK55%SUHFXUVRU
$//
7KH3KDVHESDUWZLOOLQYHVWLJDWHWKHVDIHW\HIILFDF\3.DQG3'RIEOLQDWXPRPDEWRGHWHUPLQH
WKH07'LQERWKDGXOWDQGSHGLDWULFVXEMHFWV2QFHDGRVHKDVEHHQVHOHFWHGLQWKH3KDVHE
SDUWWKH3KDVHSDUWZLOODVVHVVWKHVDIHW\DQGHIILFDF\RIWKHUHFRPPHQGHGGRVHOHYHORI
EOLQDWXPRPDELGHQWLILHGLQWKH3KDVHESRUWLRQRIWKHVWXG\LQWKHDGXOWVWXG\SRSXODWLRQ7KH
H[SDQVLRQSDUWRIWKHVWXG\ZLOOLQYHVWLJDWHWKHVDIHW\RIEOLQDWXPRPDELQVXEMHFWVZKRGLGQRW
SDUWLFLSDWHLQ3KDVHERU3KDVHRIWKHVWXG\6XEMHFWVLQWKHH[SDQVLRQFRKRUWZLOOEHHOLJLEOH
WRUHFHLYHFRPPHUFLDOEOLQDWXPRPDERQFHLWLVDYDLODEOHLQ-DSDQDIWHUFRPSOHWLQJDPLQLPXPRI
F\FOHVRILQYHVWLJDWLRQDOEOLQDWXPRPDE
6DPSOH6L]H
$GXOW3KDVHE3DUW8SWRVXEMHFWV
3HGLDWULF3KDVHE3DUW8SWRVXEMHFWV
3KDVH3DUWVXEMHFWV
([SDQVLRQFRKRUW$SSUR[LPDWHO\VXEMHFWVQRWUHVWULFWHG
6XPPDU\RI.H\6XEMHFW(OLJLELOLW\&ULWHULD
.H\,QFOXVLRQ&ULWHULD
$GXOW6XEMHFWV
x
$JH\HDUVROGDWHQUROOPHQW
x
6XEMHFWVZLWK3KLODGHOSKLDQHJDWLYH%SUHFXUVRU$//ZLWKDQ\RIWKHIROORZLQJ
R
5HODSVHGRUUHIUDFWRU\DIWHUILUVWOLQHWKHUDS\ZLWKILUVWUHPLVVLRQGXUDWLRQ
PRQWKVRU
R
5HODSVHGRUUHIUDFWRU\DIWHUILUVWVDOYDJHWKHUDS\RU
R
5HODSVHGRUUHIUDFWRU\ZLWKLQPRQWKVRIDOOR+6&7
x
(DVWHUQ&RRSHUDWLYH2QFRORJ\*URXS(&2*3HUIRUPDQFH6WDWXVRIRU
x
*UHDWHUWKDQEODVWVLQERQHPDUURZ
3HGLDWULF6XEMHFWV
x
$JH\HDUVROGDWHQUROOPHQW
x
6XEMHFWVZLWKUHODSVHGUHIUDFWRU\%SUHFXUVRU$//GHILQHGDVRQHRIWKHIROORZLQJ
x
VHFRQGRUODWHUERQHPDUURZUHODSVH
x
DQ\PDUURZUHODSVHDIWHUDOOR+6&7RU
x
5HIUDFWRU\WRRWKHUWUHDWPHQWV
R
)RUVXEMHFWVLQILUVWUHODSVHIDLOXUHWRDFKLHYHD&5IROORZLQJDIXOO
VWDQGDUGUHLQGXFWLRQFKHPRWKHUDS\UHJLPHQ
R
)RUVXEMHFWVZKRKDYHQRWDFKLHYHGDILUVWUHPLVVLRQIDLOXUHWRDFKLHYH
UHPLVVLRQIROORZLQJDIXOOVWDQGDUGLQGXFWLRQUHJLPHQ
x
*UHDWHUWKDQEODVWVLQERQHPDUURZ
x
.DUQRIVN\SHUIRUPDQFHVWDWXVIRUVXEMHFWV\HDUV
x
/DQVN\SHUIRUPDQFHVWDWXVIRUVXEMHFWV\HDUV


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


.H\([FOXVLRQ&ULWHULD
x
6XEMHFWVZLWK%XUNLWWV/HXNHPLDDFFRUGLQJWR:RUOG+HDOWK2UJDQL]DWLRQ:+2
FODVVLILFDWLRQ
x
+LVWRU\RUSUHVHQFHRIFOLQLFDOO\UHOHYDQWFHQWUDOQHUYRXVV\VWHP&16SDWKRORJ\VXFKDV
HSLOHSV\VHL]XUHSDUHVLVDSKDVLDVWURNHVHYHUHEUDLQLQMXULHVGHPHQWLD3DUNLQVRQ¶V
GLVHDVHFHUHEHOODUGLVHDVHRUJDQLFEUDLQV\QGURPHSV\FKRVLVZLWKWKHH[FHSWLRQRI
ZHOOFRQWUROOHG&16OHXNHPLD
x
$FWLYH$//LQWKH&16RUWHVWHV
x
&XUUHQWDXWRLPPXQHGLVHDVHRUKLVWRU\RIDXWRLPPXQHGLVHDVHZLWKSRWHQWLDO&16
LQYROYHPHQW
x
$XWRORJRXV+6&7ZLWKLQZHHNVSULRUWRVWDUWRIEOLQDWXPRPDEWUHDWPHQW
x
$OOR+6&7ZLWKLQZHHNVSULRUWRVWDUWRIEOLQDWXPRPDEWUHDWPHQW
x
$Q\DFWLYHDFXWH*UDIWYHUVXV+RVW'LVHDVH*Y+'JUDGHDFFRUGLQJWR*OXFNVEHUJ
FULWHULDRUDFWLYHFKURQLF*Y+'UHTXLULQJV\VWHPLFWUHDWPHQW
)RUDIXOOOLVWRIHOLJLELOLW\FULWHULDSOHDVHUHIHUWR6HFWLRQVDQG
,QYHVWLJDWLRQDO3URGXFW
%OLQDWXPRPDELVDGPLQLVWHUHGDVDFRQWLQXRXVLQWUDYHQRXVLQIXVLRQ&,9,$VLQJOHF\FOHRI
EOLQDWXPRPDEWUHDWPHQWLVZHHNVLQGXUDWLRQZKLFKLQFOXGHVZHHNVRIEOLQDWXPRPDE
IROORZHGE\DZHHNWUHDWPHQWIUHHLQWHUYDO
(DFKFRKRUWLQWKHVWXG\ZLOOUHFHLYHDFRPELQDWLRQRIGRVHOHYHOV,QWKHILUVWLQGXFWLRQF\FOH
WKHLQLWLDOGRVHRIEOLQDWXPRPDEZLOOEHWKHORZHUDVVLJQHGGRVHOHYHOIRUWKHILUVWGD\VRI
WUHDWPHQWZKLFKWKHQZLOOEHHVFDODWHGGRVHVWHSWRWKHKLJKHUDVVLJQHGGRVHOHYHOVWDUWLQJRQ
GD\ZHHNWKURXJKGD\ZHHN)RUDOOVXEVHTXHQWF\FOHVEHJLQQLQJZLWKWKHVHFRQG
LQGXFWLRQF\FOHDQGFRQWLQXLQJWKURXJKFRQVROLGDWLRQDQGPDLQWHQDQFHIRUDSSOLFDEOHVXEMHFWV
WKHKLJKHUDVVLJQHGGRVHOHYHOZLOOEHWKHGRVHIRUDOOZHHNVRIFRQWLQXRXVWUHDWPHQW
3URFHGXUHV$WVSHFLILHGWLPHSRLQWVRXWOLQHGLQWKH6FKHGXOHRI$VVHVVPHQWVVXEMHFWVZLOO
XQGHUJRWKHIROORZLQJSURFHGXUHVFROOHFWLRQRILQIRUPHGFRQVHQWPHGLFDOKLVWRU\GHPRJUDSKLFV
(&2*3HUIRUPDQFH6WDWXV.DUQRIVN\SHUIRUPDQFHVWDWXVIRUSHGLDWULFVXEMHFWV\HDUVROG
RQO\RU/DQVN\SHUIRUPDQFHVWDWXVIRUSHGLDWULFVXEMHFWV\HDUVROGRQO\FRPSOHWH
QHXURORJLFDOH[DPLQDWLRQSK\VLFDOH[DPLQFOXGLQJKHLJKWZHLJKWYLWDOVLJQVDQGWHPSHUDWXUH
OXPEDUSXQFWXUHDQGDERQHPDUURZDVSLUDWH6XEMHFWVZLOOSURYLGHVDPSOHVIRUKHPDWRORJ\ZLWK
GLIIHUHQWLDOEORRGFKHPLVWU\SURILOHVXULQDO\VLVDQWLEOLQDWXPRPDEDQGKXPDQDQWLPRXVH
DQWLERG\+$0$DQWLERGLHV6XEMHFWVZLOOIXUWKHUSURYLGHVDPSOHVIRURWKHUVSHFLDOW\ODEV
LQFOXGLQJO\PSKRF\WHVXEVHWVTXDQWLWDWLYHLPPXQRJOREXOLQV3.VDPSOHVDQGDXULQHRUVHUXP
SUHJQDQF\WHVWIRUIHPDOHVRIFKLOGEHDULQJSRWHQWLDO5HVHDUFKVWDIIZLOOGRFXPHQWWKHXVHRI
FRQFRPLWDQWPHGLFDWLRQVDQGDOODGYHUVHHYHQWVUHSRUWHGE\WKHVXEMHFW$IWHUWKHODVWGRVHRI
EOLQDWXPRPDEVXEMHFWVZLOOXQGHUJRDVDIHW\IROORZXSYLVLWDQGHQWHUWKHORQJWHUPIROORZXS
SHULRG
)RUDIXOOOLVWRIVWXG\SURFHGXUHVLQFOXGLQJWKHWLPLQJRIHDFKSURFHGXUHSOHDVHUHIHUWR
6HFWLRQDQGWKH6FKHGXOHRI$VVHVVPHQWV7DEOH
6WDWLVWLFDO&RQVLGHUDWLRQV
7KHHIILFDF\DQDO\VLVZLOOEHEDVHGRQWKHIXOODQDO\VLVVHW)$6ZKLFKZLOOLQFOXGHDOOVXEMHFWV
ZKRUHFHLYHDQ\LQIXVLRQRILQYHVWLJDWLRQDOSURGXFW6HQVLWLYLW\DQDO\VHVZLOOEHSHUIRUPHGRQ
VXEMHFWVZKRPHHWWKHGHILQLWLRQRISURWRFRODQDO\VLVVHW
6HSDUDWHVDIHW\DQGHIILFDF\DQDO\VHVZLOOEHSHUIRUPHGIRUWKHH[SDQVLRQFRKRUWEDVHGRQWKH
H[SDQVLRQVHW
1XPEHURIWKHVXEMHFWVUHSRUWHG'/7ZLOOEHWDEXODWHGGXULQJWKH3KDVHESDUW
7KHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVDFKLHYLQJ&5&5KZLWKLQF\FOHVZLOOEHVXPPDUL]HG
DQGDQH[DFWELQRPLDOFRQILGHQFHLQWHUYDO&,ZLOODOVREHSURYLGHG2WKHUUHVSRQVHVOLVWHG
LQWKHVHFRQGDU\HQGSRLQWVZLOODOVREHVXPPDUL]HGE\WKLVDSSURDFK26DQG5)6ZLOOEH


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


HVWLPDWHGE\XVLQJ.DSODQ0HLHUPHWKRG4XDUWLOHVZLWK&,ZLOOEHVXPPDUL]HG7KH
GD\PRUWDOLW\UDWHDIWHUDOOR+6&7ZLOOEHHVWLPDWHGE\WDNLQJPLQXVWKH.0SURSRUWLRQDW
GD\RQWKHVXEVHWRIVXEMHFWVZKRXQGHUJRDQDOOR+6&7LQWKH)$63.SDUDPHWHUVZLOOEH
HVWLPDWHGE\QRQFRPSDUWPHQWDQDO\VLV
$GYHUVHHYHQWVZLOOEHFRGHGXVLQJWKH0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV0HG'5$
DQGJURXSHGE\WKHLUV\VWHPRUJDQFODVVDQGSUHIHUUHGWHUP6XPPDU\WDEOHVZLOOLQFOXGHWKH
QXPEHUDQGSHUFHQWDJHRIVXEMHFWVZLWKDGYHUVHHYHQWVVHULRXVDGYHUVHHYHQWVIDWDODGYHUVH
HYHQWVDQGRWKHUDGYHUVHHYHQWVRILQWHUHVW
$'DWD5HYLHZ&RPPLWWHHZLOORYHUVHHWKHLQWHULPDQDO\VHVDQGSURYLGHDUHFRPPHQGDWLRQ
UHJDUGLQJGRVHVHOHFWLRQIRUWKH3KDVH
)RUDIXOOGHVFULSWLRQRIVWDWLVWLFDODQDO\VLVPHWKRGVSOHDVHUHIHUWR6HFWLRQ
6SRQVRUV$PJHQ,QFDQG$PJHQ$VWHOODV%LRSKDUPD..
'DWD(OHPHQW6WDQGDUGV
9HUVLRQV'DWHV
9HUVLRQ2FWREHU


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/
$GXOW6WXG\'HVLJQDQG7UHDWPHQW6FKHPD
Expansion cohort
Blinatumomab
9-28 μg/day
(MTD)
SAFETY FOLLOW-UP


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


'/7 GRVHOLPLWLQJWR[LFLW\07' PD[LPXPWROHUDWHGGRVH
$,QWKHSUHSKDVHSHULRGZLWKLQWKHGD\VFUHHQLQJSHULRGGH[DPHWKDVRQHLVSHUPLWWHGWRUHGXFHWXPRUEXUGHQDQGWKHLQFLGHQFHRIWXPRUO\VLVV\QGURPH
%(DFKFRKRUWZLOOUHFHLYHDFRPELQDWLRQRIGRVHOHYHOVRIEOLQDWXPRPDE5HIHUWR6HFWLRQIRUGHWDLOVUHJDUGLQJGRVDJHDGPLQLVWUDWLRQDQGVFKHGXOH
&$VLQJOHF\FOHRIEOLQDWXPRPDELVGHILQHGDVZHHNVLQGXUDWLRQZKLFKLQFOXGHVZHHNVRIEOLQDWXPRPDEFRQWLQXRXVLQWUDYHQRXVLQIXVLRQIROORZHGE\DZHHN
WUHDWPHQWIUHHLQWHUYDO6XEMHFWVPD\UHFHLYHXSWRLQGXFWLRQF\FOHVUHVSRQGHUVPD\UHFHLYHDGGLWLRQDOFRQVROLGDWLRQF\FOHVXSWRDPD[LPXPRIWRWDOLQGXFWLRQ
DQGFRQVROLGDWLRQF\FOHV
'5HIHUWR6HFWLRQIRUGHWDLOVUHJDUGLQJUHTXLUHPHQWVIRUSKDVHVRIWUHDWPHQWVDIHW\IROORZXSDQGORQJWHUPIROORZXS
(5HIHUWR6HFWLRQIRUGHWDLOVUHJDUGLQJ'/7FULWHULDREVHUYDWLRQSHULRGDQGGHHVFDODWLRQUXOHV


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


3HGLDWULF6WXG\'HVLJQDQG7UHDWPHQW6FKHPD
&RKRUW3
&RKRUW3
&RKRUW3
&RKRUW3
'/7DWJPGD\
DQG
'/7DWJPGD\
%OLQDWXPRPDE
JPGD\
%OLQDWXPRPDE
JPGD\
6HOHFWJPGD\
DV07'
%OLQDWXPRPDE
JPGD\
%OLQDWXPRPDE
JPGD\
%OLQDWXPRPDE
JPGD\
%OLQDWXPRPDE
JPGD\
%OLQDWXPRPDE
JPGD\
%OLQDWXPRPDE
JPGD\
6HOHFWJPGD\
DV07'
6HOHFWJP
GD\DV07'
6HOHFWJP
GD\DV07'
6DIHW\)ROORZ
XS
/RQJ
7HUP
)ROORZ
XS
6FUHHQLQJ3UH3KDVH
'RVHVWHS
'RVHVWHS
'RVHVWHS
'RVHVWHS
1 DQG'/7
1 DQG'/7
1 DQG'/7
1 DQG'/7
'/7V
'HHVFDODWHGRVH
'/7V
'HHVFDODWHGRVH
'/7V
'HHVFDODWHGRVH
'/7V
'HHVFDODWH
GRVH
'HHVFDODWH
GRVH





Expansion cohort
Blinatumomab
5-15 μg/m2/day
(MTD)
SAFETY FOLLOW-UP 
SCREENING/PRE-PHASE


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


1RWH(DFKFRKRUWZLOOUHFHLYHDFRPELQDWLRQRIGRVHOHYHOVRIEOLQDWXPRPDE5HIHUWR6HFWLRQIRUGHWDLOVUHJDUGLQJGRVDJHDGPLQLVWUDWLRQDQGVFKHGXOH
'/7 GRVHOLPLWLQJWR[LFLW\07' PD[LPXPWROHUDWHGGRVH
$VLQJOHF\FOHRIEOLQDWXPRPDELVGHILQHGDVZHHNVLQGXUDWLRQZKLFKLQFOXGHVZHHNVRIEOLQDWXPRPDEFRQWLQXRXVLQWUDYHQRXVLQIXVLRQIROORZHGE\DZHHN
WUHDWPHQWIUHHLQWHUYDO6XEMHFWVPD\UHFHLYHXSWRLQGXFWLRQF\FOHVUHVSRQGHUVPD\UHFHLYHDGGLWLRQDOFRQVROLGDWLRQF\FOHVXSWRDPD[LPXPRIWRWDOLQGXFWLRQ
DQGFRQVROLGDWLRQF\FOHV
5HIHUWR6HFWLRQIRUGHWDLOVUHJDUGLQJUHTXLUHPHQWVIRUSKDVHVRIWUHDWPHQWVDIHW\IROORZXSDQGORQJWHUPIROORZXS
5HIHUWR6HFWLRQIRUGHWDLOVUHJDUGLQJ'/7FULWHULDREVHUYDWLRQSHULRGDQGGHHVFDODWLRQUXOHV


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


6WXG\*ORVVDU\
$EEUHYLDWLRQRU7HUP
'HILQLWLRQ([SODQDWLRQ
$//
DFXWHO\PSKREODVWLFOHXNHPLD
DOOR+6&7
DOORJHQHLFKHPDWRSRLHWLFVWHPFHOOWUDQVSODQW
$$%3
$PJHQ$VWHOODV%LRSKDUPD..
$'$
DQWLEOLQDWXPRPDEDQWLERGLHV
$1&
DEVROXWHQHXWURSKLOFRXQW
%L7(£
ELVSHFLILF7FHOOHQJDJHU
%)0
%HUOLQ)UDQNIXUW0XQVWHU
%6$
ERG\VXUIDFHDUHD
&,
FRQILGHQFHLQWHUYDO
&,9,
FRQWLQXRXVLQWUDYHQRXVLQIXVLRQ
&09
F\WRPHJDORYLUXV
&16
FHQWUDOQHUYRXVV\VWHP
&5
FRPSOHWHUHPLVVLRQ
&5
ILUVWFRPSOHWHUHPLVVLRQ
&5
VHFRQGFRPSOHWHUHPLVVLRQ
&5
WKLUGFRPSOHWHUHPLVVLRQ
&5)
FDVHUHSRUWIRUP
&5K
FRPSOHWHUHPLVVLRQZLWKSDUWLDOKHPDWRORJLFDOUHFRYHU\
&56
F\WRNLQHUHOHDVHV\QGURPH
&6)
FHUHEURVSLQDOIOXLG
&7
FRPSXWHGWRPRJUDSK\
&7&$(
FRPPRQWHUPLQRORJ\FULWHULDIRUDGYHUVHHYHQWV
&7/
F\WRWR[LF7O\PSKRF\WH
')6
GLVHDVHIUHHVXUYLYDO
',&
GLVVHPLQDWHGLQWUDYDVFXODUFRDJXODWLRQ
',/,
GUXJLQGXFHGOLYHULQMXU\
'/7
GRVHOLPLWLQJWR[LFLW\
'5&
GDWDUHYLHZFRPPLWWHH
'60%
'DWD6DIHW\0RQLWRULQJ%RDUG
H&5)
HOHFWURQLFFDVHUHSRUWIRUP
H6$(
HOHFWURQLFVHULRXVDGYHUVHHYHQW
(&2*
(DVWHUQ&RRSHUDWLYH2QFRORJ\*URXS
('&
HOHFWURQLFGDWDFDSWXUH
(OHFWURQLF6RXUFH'DWD
H6RXUFH
VRXUFHGDWDFDSWXUHGLQLWLDOO\LQWRDSHUPDQHQWHOHFWURQLFUHFRUG
XVHGIRUWKHUHFRQVWUXFWLRQDQGHYDOXDWLRQRIDWULDO


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


$EEUHYLDWLRQRU7HUP
'HILQLWLRQ([SODQDWLRQ
([SRVXUH5HVSRQVH
$QDO\VLV
DQDO\VHVEDVHGRQLQGLYLGXDOSKDUPDFRNLQHWLF3.H[SRVXUHDQG
FOLQLFDOUHVSRQVHVZKLFKPD\LQFOXGHSKDUPDFRG\QDPLF3'
HIIHFWVHIILFDF\DQGVDIHW\HQGSRLQWV
(QGRI)ROORZXS
GHILQHGDVZKHQWKHODVWVXEMHFWFRPSOHWHVWKHODVW
SURWRFROVSHFLILHGDVVHVVPHQWLQWKHVWXG\
(QGRI6WXG\IRU
,QGLYLGXDO6XEMHFW
GHILQHGDVWKHODVWGD\WKDWSURWRFROVSHFLILHGSURFHGXUHVDUH
FRQGXFWHGIRUDQLQGLYLGXDOVXEMHFW
(QGRI6WXG\SULPDU\
FRPSOHWLRQ
GHILQHGDVWKHGDWHZKHQWKHODVWVXEMHFWLVDVVHVVHGRUUHFHLYHVDQ
LQWHUYHQWLRQIRUWKHILQDOFROOHFWLRQRIGDWDIRUWKHSULPDU\HQGSRLQWV
(QGRI6WXG\
GHILQHGDVWKHGDWHZKHQWKHODVWVXEMHFWDFURVVDOOVLWHVLV
DVVHVVHGRUUHFHLYHVDQLQWHUYHQWLRQIRUHYDOXDWLRQLQWKHVWXG\LI
WKHVWXG\LQFOXGHVPXOWLSOHSDUWVHJVDIHW\IROORZXSRUVXUYLYDO
DVVHVVPHQWWKHHQGRIVWXG\ZRXOGLQFOXGHWKHVHDGGLWLRQDOSDUWV
(QGRI7UHDWPHQW
GHILQHGDVWKHODVWDVVHVVPHQWIRUWKHSURWRFROVSHFLILHGWUHDWPHQW
SKDVHRIWKHVWXG\IRUDQLQGLYLGXDOVXEMHFW
()6
HYHQWIUHHVXUYLYDO
)$6
IXOODQDO\VLVVHW
)2&%3
IHPDOHRIFKLOGEHDULQJSRWHQWLDO
)6+
IROOLFOHVWLPXODWLQJKRUPRQH
*&3
*RRG&OLQLFDO3UDFWLFH
*Y+'
JUDIWYHUVXVKRVWGLVHDVH
+$0$
KXPDQDQWLPRXVHDQWLERGLHV
++9
KXPDQKHUSHVYLUXV
+57
KRUPRQDOUHSODFHPHQWWKHUDS\
+6&7
KHPDWRSRLHWLFVWHPFHOOWUDQVSODQW
+69
KHUSHVVLPSOH[YLUXVW\SHVDQG
,&)
LQIRUPHGFRQVHQWIRUPLQFOXVLYHRIDVVHQWIRUPZKHUHDSSOLFDEOH
,&+
,QWHUQDWLRQDO&RXQFLOIRU+DUPRQLVDWLRQ
,&0-(
,QWHUQDWLRQDO&RPPLWWHHRI0HGLFDO-RXUQDO(GLWRUV
,3,0
LQYHVWLJDWLRQDOSURGXFWLQVWUXFWLRQPDQXDO
,5%
LQVWLWXWLRQDOUHYLHZERDUG
,77
LQWHQWWRWUHDW
,8'
LQWUDXWHULQHGHYLFH
,86
LQWUDXWHULQHKRUPRQDOUHOHDVLQJV\VWHP
,9
LQWUDYHQRXV
.0
.DSODQ0HLHU
0$'
PD[LPXPDGPLQLVWHUHGGRVH
0HG'5$
0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


$EEUHYLDWLRQRU7HUP
'HILQLWLRQ([SODQDWLRQ
05'
PLQLPDOUHVLGXDOGLVHDVH
07'
PD[LPXPWROHUDWHGGRVH
26
RYHUDOOVXUYLYDO
3&5
SRO\PHUDVHFKDLQUHDFWLRQ
3'
SKDUPDFRG\QDPLF
3.
SKDUPDFRNLQHWLF
35
SDUWLDOUHVSRQVH
55
UHODSVHGUHIUDFWRU\
5)6
UHODSVHIUHHVXUYLYDO
6RXUFH'DWD
LQIRUPDWLRQ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>(@([DPSOHVRIVRXUFHGDWDLQFOXGHVXEMHFW
LGHQWLILFDWLRQ
6WXG\'D\
GHILQHGDVWKHILUVWGD\WKDWSURWRFROVSHFLILHGLQYHVWLJDWLRQDO
SURGXFWVSURWRFROUHTXLUHGWKHUDSLHVLVDUHDGPLQLVWHUHGWRWKH
VXEMHFW
77+5
WLPHWRKHPDWRORJLFDOUHODSVH
8/1
XSSHUOLPLWRIQRUPDO
:+2
:RUOG+HDOWK2UJDQL]DWLRQ


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


7$%/(2)&217(176
3URWRFRO6\QRSVLV 
$GXOW6WXG\'HVLJQDQG7UHDWPHQW6FKHPD 
3HGLDWULF6WXG\'HVLJQDQG7UHDWPHQW6FKHPD 
6WXG\*ORVVDU\ 
 
2%-(&7,9(6 
 
3ULPDU\ 
 
6HFRQGDU\ 
 
%$&.*5281'$1'5$7,21$/( 
 
'LVHDVH 
 
5HODSVHG5HIUDFWRU\$GXOW$// 
 
5HODSVHG5HIUDFWRU\3HGLDWULF$// 
 
5HODSVHG5HIUDFWRU\$//LQ-DSDQHVH3DWLHQWV 
 
%OLQDWXPRPDE'DWDLQ$VLDQ6XEMHFWV 
 
%OLQDWXPRPDE,QYHVWLJDWLRQDO3URGXFW 
 
3HGLDWULF5LVN$VVHVVPHQW 
 
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 
 
$GXOW6XEMHFWV 
 
3HGLDWULF6XEMHFWV 
 
([FOXVLRQ&ULWHULD 
 
68%-(&7(152//0(17 
 
75($70(17352&('85(6 
 
&ODVVLILFDWLRQRI3URGXFW 
 
%OLQDWXPRPDE 
 
'RVDJH$GPLQLVWUDWLRQDQG6FKHGXOH 
 
%OLQDWXPRPDE,QSDWLHQW'RVLQJ 
 
%OLQDWXPRPDE2XWSDWLHQW'RVLQJ 


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


 
3KDVHE'RVHFRKRUW6WXG\'HHVFDODWLRQDQG
6WRSSLQJ5XOHV 
 
'/7&ULWHULD 
 
'/72EVHUYDWLRQ3HULRG 
 
'RVH'HHVFDODWLRQ5XOHV 
 
'DWD5HYLHZ&RPPLWWHH 
 
'H[DPHWKDVRQH3UHPHGLFDWLRQ 
 
3UHSKDVH7KHUDS\3ULRUWR6WDUWRI%OLQDWXPRPDE
7UHDWPHQW 
 
3UHGRVH'H[DPHWKDVRQH3ULRUWR7UHDWPHQW&\FOHV
DQG'RVH6WHS 
 
3UHPHGLFDWLRQIRU$GXOW6XEMHFWV 
 
3UHPHGLFDWLRQIRU3HGLDWULF6XEMHFWV 
 
&6)3URSK\OD[LV%HIRUHDQG'XULQJ%OLQDWXPRPDE7UHDWPHQW 
 
'RVDJH$GMXVWPHQWV'HOD\V5XOHVIRU:LWKKROGLQJRU
5HVWDUWLQJ3HUPDQHQW'LVFRQWLQXDWLRQ 
 
,QIXVLRQ,QWHUUXSWLRQ'RVH0RGLILFDWLRQGXHWR$GYHUVH
(YHQWV 
 
$GXOW6XEMHFWV 
 
3HGLDWULF6XEMHFWV 
 
,QIXVLRQ,QWHUUXSWLRQ'RVH0RGLILFDWLRQGXHWR
1HXURORJLF(YHQWV 
 
&ULWHULDIRU'LVFRQWLQXDWLRQRI%OLQDWXPRPDE 
 
+HSDWRWR[LFLW\6WRSSLQJDQG5HFKDOOHQJH5XOHV 
 
&ULWHULDIRU3HUPDQHQW'LVFRQWLQXDWLRQRI
%OLQDWXPRPDEDQG2WKHU3URWRFROUHTXLUHG7KHUDSLHV
GXHWR3RWHQWLDO+HSDWRWR[LFLW\ 
 
&ULWHULDIRU&RQGLWLRQDO:LWKKROGLQJRI%OLQDWXPRPDE
DQG2WKHU3URWRFROUHTXLUHG7KHUDSLHVGXHWR
3RWHQWLDO+HSDWRWR[LFLW\ 
 
&ULWHULDIRU5HFKDOOHQJHRI%OLQDWXPRPDEDQG2WKHU
3URWRFROUHTXLUHG7KHUDSLHV$IWHU3RWHQWLDO
+HSDWRWR[LFLW\ 
 
&RQFRPLWDQW7KHUDS\ 
 
+\GUDWLRQ'XULQJWKH7UHDWPHQW3HULRG 
 
)HYHU0DQDJHPHQW 
 
$GGLWLRQDO7UHDWPHQWIRU6SHFLDO6XEMHFW3RSXODWLRQV 
 
0HGLFDO'HYLFHV 
 
3URGXFW&RPSODLQWV 
 
([FOXGHG7UHDWPHQWVDQGRU3URFHGXUHV'XULQJ6WXG\3HULRG 
 
&RQWUDFHSWLYH5HTXLUHPHQWV 
 
)HPDOHRI&KLOGEHDULQJ3RWHQWLDO 
 
0DOH6XEMHFWV 
 
8QDFFHSWDEOH0HWKRGVRI%LUWK&RQWUROIRU)HPDOH
6XEMHFWV 


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


 
678'<352&('85(6 
 
6FKHGXOHRI$VVHVVPHQWV 
 
*HQHUDO6WXG\3URFHGXUHV 
 
6FUHHQLQJ3UHSKDVH 
 
5HVFUHHQLQJ 
 
7UHDWPHQW 
 
6DIHW\)ROORZXS9LVLWV(QGRI6WXG\9LVLW 
 
/RQJWHUP)ROORZXS 
 
1HXURORJLFDO([DPLQDWLRQ 
 
6XEMHFW:ULWLQJ6DPSOH 
 
/XPEDU3XQFWXUHDQG,QWUDWKHFDO&163URSK\OD[LV 
 
%RQH0DUURZ%LRSV\$VSLUDWLRQ 
 
'HILQLWLRQVRI7UHDWPHQW5HVSRQVH 
 
$GXOW6XEMHFWV 
 
3HGLDWULF6XEMHFWV 
 
/DERUDWRU\$VVHVVPHQWV 
 
/\PSKRF\WH6XEVHWV 
 
,PPXQRJOREXOLQV 
 
3KDUPDFRNLQHWLF$VVHVVPHQWV 
 
$QWLERG\7HVWLQJ3URFHGXUHV 
 
%LRPDUNHU'HYHORSPHQW 
 
6DPSOH6WRUDJHDQG'HVWUXFWLRQ 
 
:,7+'5$:$/)52075($70(17352&('85(6$1'678'< 
 
6XEMHFWV¶'HFLVLRQWR:LWKGUDZ 
 
,QYHVWLJDWRURU6SRQVRU'HFLVLRQWR:LWKGUDZRU7HUPLQDWH
6XEMHFWV¶3DUWLFLSDWLRQ3ULRUWR6WXG\&RPSOHWLRQ 
 
5HDVRQVIRU5HPRYDO)URP7UHDWPHQW 
 
5HDVRQVIRU5HPRYDO)URP6WXG\ 
 
6$)(7<'$7$&2//(&7,215(&25',1*$1'5(3257,1* 
 
'HILQLWLRQRI6DIHW\(YHQWV 
 
'HILQLWLRQRI$GYHUVH(YHQWV 
 
'HILQLWLRQRI6HULRXV$GYHUVH(YHQWV 
 
6DIHW\(YHQW5HSRUWLQJ3URFHGXUHV 
 
$GYHUVH(YHQWV 
 
5HSRUWLQJ3URFHGXUHVIRU$GYHUVH(YHQWV
7KDWGRQRW0HHW6HULRXV&ULWHULD 
 
5HSRUWLQJ3URFHGXUHVIRU6HULRXV$GYHUVH(YHQWV 
 
5HSRUWLQJ6HULRXV$GYHUVH(YHQWV$IWHU
WKH3URWRFROUHTXLUHG5HSRUWLQJ3HULRG 
 
'UXJLQGXFHG/LYHU,QMXU\5HSRUWLQJ	
$GGLWLRQDO$VVHVVPHQWV5HSRUWLQJ 
 
3UHJQDQF\DQG/DFWDWLRQ5HSRUWLQJ 


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


 
67$7,67,&$/&216,'(5$7,216 
 
6WXG\(QGSRLQWV$QDO\VLV6HWVDQG&RYDULDWHV 
 
6WXG\(QGSRLQWV 
 
3KDVHE3ULPDU\(QGSRLQW 
 
3KDVH3ULPDU\(QGSRLQW 
 
([SDQVLRQ3ULPDU\(QGSRLQW 
 
([SDQVLRQ6HFRQGDU\(QGSRLQW 
 
([SDQVLRQ([SORUDWRU\(QGSRLQW 
 
$QDO\VLV6HWV 
 
)XOO$QDO\VLV6HW 
 
6DIHW\$QDO\VLV6HW 
 
3HU3URWRFRO6HWV 
 
3RROHG$QDO\VLV6HW 
 
3KDUPDFRNLQHWLF$QDO\VLV6HW 
 
3KDUPDFRG\QDPLF$QDO\VLV6HWV 
 
([SDQVLRQ$QDO\VLV6HW 
 
&RYDULDWHVDQG6XEJURXSV 
 
6DPSOH6L]H&RQVLGHUDWLRQV 
 
3KDVHE3DUW 
 
3KDVH3DUW 
 
([SDQVLRQFRKRUW 
 
3ODQQHG$QDO\VHV 
 
,QWHULP$QDO\VHV 
 
'DWD5HYLHZ&RPPLWWHH 
 
'DWD6DIHW\0RQLWRULQJ%RDUG 
 
3ULPDU\$QDO\VLV 
 
)LQDO$QDO\VLV 
 
3ODQQHG0HWKRGVRI$QDO\VLV 
 
*HQHUDO&RQVLGHUDWLRQV 
 
3ULPDU\(IILFDF\(QGSRLQW 
 
6HFRQGDU\(IILFDF\(QGSRLQWV 
 
6DIHW\(QGSRLQWV 
 
([SORUDWRU\(QGSRLQWV 
 
3KDUPDFRNLQHWLF$QDO\VLV 
 
3KDUPDFRG\QDPLF$QDO\VLV 
 
5(*8/$725<2%/,*$7,216 
 
,QIRUPHG&RQVHQW 
 
,QVWLWXWLRQDO5HYLHZ%RDUG,QGHSHQGHQW(WKLFV&RPPLWWHH 
 
6XEMHFW&RQILGHQWLDOLW\ 
 
,QYHVWLJDWRU6LJQDWRU\2EOLJDWLRQV 
 
$'0,1,675$7,9($1'/(*$/2%/,*$7,216 


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


 
3URWRFRO$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 
 
$33(1',&(6 
/LVWRI7DEOHV
7DEOH5ROOLQJ6L[3KDVH'RVH'HHVFDODWLRQ'HFLVLRQ5XOHV 
7DEOH%OLQDWXPRPDE$GXOW'RVH/HYHOVE\&RKRUW 
7DEOH%OLQDWXPRPDE3HGLDWULF'RVH/HYHOVE\&RKRUW 
7DEOH'H[DPHWKDVRQH3UHPHGLFDWLRQ 
7DEOH7UHDWPHQW0RGLILFDWLRQIRU5HYHUVLEOH&567XPRU/\VLV6\QGURPH
DQG',& 
7DEOH6FKHGXOHRI$VVHVVPHQWV3KDVHE 
7DEOH6FKHGXOHRI$VVHVVPHQWV([SDQVLRQFRKRUW 
7DEOH/DERUDWRU\$QDO\WH/LVWLQJ 
7DEOH&RPSOHWH5HPLVVLRQ5DWHV:LWK&RQILGHQFH,QWHUYDOVIRU3KDVH
3DUW 
/LVWRI)LJXUHV
)LJXUH0RGHRI$FWLRQRI%OLQDWXPRPDE 
/LVWRI$SSHQGLFHV
$SSHQGL[$$GGLWLRQDO6DIHW\$VVHVVPHQW,QIRUPDWLRQ 
$SSHQGL[%6DPSOH6HULRXV$GYHUVH(YHQW5HSRUW)RUP 
$SSHQGL[&3UHJQDQF\1RWLILFDWLRQ:RUNVKHHW 
$SSHQGL['/DFWDWLRQ1RWLILFDWLRQ:RUNVKHHW 
$SSHQGL[((DVWHUQ&RRSHUDWLYH2QFRORJ\*URXS(&2*3HUIRUPDQFH
6WDWXV6FDOH 
$SSHQGL[)+HPDWRORJLFDO5HVSRQVH'HILQLWLRQ&ULWHULD 
$SSHQGL[*0RGLILHG&KHVRQ&ULWHULDIRU(YDOXDWLRQRI([WUDPHGXOODU\
'LVHDVH 
$SSHQGL[+.QRZQ$GYHUVH'UXJ5HDFWLRQV$VVRFLDWHG:LWK%OLQDWXPRPDE 
$SSHQGL[,&OLQLFDOO\5HOHYDQW1HXURORJLF(YHQWVE\+LJKOHYHO*URXS7HUP
+/*7 


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


$SSHQGL[-.DUQRIVN\3HUIRUPDQFH6WDWXV 
$SSHQGL[./DQVN\3OD\3HUIRUPDQFH6WDWXV 


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



2%-(&7,9(6

3ULPDU\
7KHSULPDU\REMHFWLYHRIWKH3KDVHESDUWRIWKHVWXG\LVWRGHWHUPLQHWKHPD[LPXP
WROHUDWHGGRVH07'RIEOLQDWXPRPDELQDGXOWDQGSHGLDWULFVXEMHFWVZLWK
UHODSVHGUHIUDFWRU\55%SUHFXUVRUDFXWHO\PSKREODVWLFOHXNHPLD$//
7KHSULPDU\REMHFWLYHRIWKH3KDVHSDUWRIWKHVWXG\LVWRIXUWKHUHYDOXDWHLQDGXOWVWKH
UHFRPPHQGHGGRVHLGHQWLILHGLQWKH3KDVHESRUWLRQRIWKHVWXG\DQGWRHYDOXDWHWKH
UDWHRIFRPSOHWHUHPLVVLRQFRPSOHWHUHPLVVLRQZLWKSDUWLDOKHPDWRORJLFDOUHFRYHU\
&5&5KLQDGXOWVXEMHFWVZLWK55%SUHFXUVRU$//ZKRUHFHLYHEOLQDWXPRPDE
7KHSULPDU\REMHFWLYHRIWKHH[SDQVLRQSDUWRIWKHVWXG\LVWRREVHUYHWKHLQFLGHQFHRI
WUHDWPHQWHPHUJHQWDQGWUHDWPHQWUHODWHGDGYHUVHHYHQWVGXULQJWUHDWPHQWZLWK
EOLQDWXPRPDELQDGXOWDQGSHGLDWULFVXEMHFWVZLWK55%SUHFXUVRU$//

6HFRQGDU\
7KHVHFRQGDU\REMHFWLYHVRIWKH3KDVHESDUWRIWKHVWXG\DUHWRHYDOXDWHWKHVDIHW\
HIILFDF\SKDUPDFRNLQHWLFV3.DQGSKDUPDFRG\QDPLFV3'RIEOLQDWXPRPDELQDGXOW
DQGSHGLDWULFVXEMHFWVZLWK55%SUHFXUVRU$//
7KHVHFRQGDU\REMHFWLYHVRIWKH3KDVHSDUWRIWKHVWXG\DUHWRHYDOXDWHRWKHU
PHDVXUHVRIHIILFDF\VDIHW\DQG3.LQDGXOWVXEMHFWVZLWK55%SUHFXUVRU$//DWWKH
EOLQDWXPRPDEUHJLPHQVHOHFWHGEDVHGRQWKH3KDVHEGDWD
7KHVHFRQGDU\REMHFWLYHRIWKHH[SDQVLRQSDUWRIWKHVWXG\LVWRHYDOXDWHWKHHIILFDF\RI
EOLQDWXPRPDELQVXEMHFWVZLWK55%SUHFXUVRU$//

%$&.*5281'$1'5$7,21$/(

'LVHDVH

5HODSVHG5HIUDFWRU\$GXOW$//
$//LVDKHWHURJHQHRXVKHPDWRORJLFGLVHDVHFKDUDFWHUL]HGE\WKHSUROLIHUDWLRQRI
LPPDWXUHO\PSKRLGFHOOVLQWKHERQHPDUURZDQGSHULSKHUDOEORRG1RUPDOEORRGFHOO
GHYHORSPHQWLQWKHPDUURZLVWKHUHIRUHDUUHVWHGDQGUHSODFHGZLWKLPPDWXUHDQG
DEQRUPDOO\PSKREODVWV7KHSUROLIHUDWLRQRIWKHVHLPPDWXUHDEQRUPDOO\PSKRLGFHOOVLQ
WKHERQHPDUURZVXEVHTXHQWO\FURZGRXWWKHSURGXFWLRQRIQRUPDOERQHPDUURZ
HOHPHQWVXOWLPDWHO\UHVXOWLQJLQGHFUHDVHGUHGEORRGFHOOZKLWHEORRGFHOODQGSODWHOHW
FRXQWV1&&1&OLQLFDO3UDFWLFH*XLGHOLQHV
$//LVDUDUHPDOLJQDQWGLVHDVHZLWKDQRYHUDOOLQFLGHQFHRISHU\HDU$//
KDVDELPRGDOGLVWULEXWLRQZLWKDQHDUO\SHDNDWWR\HDUVRIDJHLQFLGHQFHRI


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


SHU\HDUIROORZHGE\DVHFRQGJUDGXDOLQFUHDVHDW\HDUVLQFLGHQFHRI
SHU\HDU,WUHSUHVHQWVRIDFXWHFKLOGKRRGOHXNHPLDDQGRIDFXWH
OHXNHPLDFDVHVLQDGXOWV3XLDQG(YDQV-DEERXUHWDO/DUVRQ
6((5>DFFHVVHG-XO\@
7KHSRSXODWLRQWKDWWKLVVWXG\ZLOOUHFUXLWLV-DSDQHVHDGXOWDQGSHGLDWULFVXEMHFWVZLWK
55%SUHFXUVRU$//3ULPDU\UHIUDFWRU\$//LVGHILQHGE\DEVHQFHRI&5DIWHU
VWDQGDUGLQGXFWLRQWKHUDS\$VXEMHFWKDVUHODSVHG$//LIWKH\DFKLHYHGDILUVWFRPSOHWH
UHPLVVLRQ&5GXULQJXSIURQWWKHUDS\DQGKDVWKHQUHODSVHGGXULQJRUDIWHU
FRQWLQXDWLRQRIWKHUDS\
$VLPLODUFODVVLILFDWLRQLVSRVVLEOHIRUVDOYDJHWKHUDS\5HIUDFWRU\UHODSVHLVGHILQHGE\
ODFNRI&5DIWHUILUVWVDOYDJHWKHUDS\6HFRQGUHODSVHRUODWHUUHODSVHVDUHGHILQHGDV
UHODSVHDIWHUDFKLHYLQJDVHFRQGFRPSOHWHUHPLVVLRQ&5LQILUVWVDOYDJHRUODWHU
VDOYDJHWKHUDSLHV
7KHVHGHILQLWLRQVDUHLPSRUWDQWIRUFOLQLFDOWULDOVRIQHZWKHUDSHXWLFDJHQWVZKLFKDUHLQ
VRPHFDVHVWDLORUHGWRUHFUXLWVXEMHFWVLQVSHFLILFVLWXDWLRQVIRUH[DPSOHVHFRQGRU
HDUO\ILUVWUHODSVH*|NEXJHWDQG+RHO]HU
'HVSLWHLPSURYHPHQWVLQXSIURQWWUHDWPHQWWKHRXWFRPHLQDGXOWVZLWK55%SUHFXUVRU
$//UHPDLQVGLVPDOZLWKDPHGLDQRYHUDOOVXUYLYDO26RIWRPRQWKVDQGD\HDU
26UDWHRIWR)LHOGLQJHWDO2ULROHWDO
)XUWKHULQWHQVLILFDWLRQRIH[LVWLQJFKHPRWKHUDS\UHJLPHQVLVXQOLNHO\WRLQFUHDVHWKHFXUH
UDWHDQGPD\VLJQLILFDQWO\LQFUHDVHWR[LFLWLHV.DQWDUMLDQHWDO$FOHDUQHHGIRU
EHWWHUDQGQRYHOWKHUDSHXWLFRSWLRQVH[LVWVVXFKDVWKHXVHRIWDUJHWHG
LPPXQRWKHUDSHXWLFDJHQWVOLNHEOLQDWXPRPDEZKLFKKDVGHPRQVWUDWHGHIILFDF\DQG
VDIHW\LQWKHVLQJOHDUP3KDVHVWXG\07LQWKLVVXEMHFWSRSXODWLRQZKHUH
&5&5KUDWHZDVDIWHUF\FOHVRIWUHDWPHQWZLWKEOLQDWXPRPDE7KUHHVXEMHFWV
KDGK\SRSODVWLFEODVWIUHHERQHPDUURZ5HFHQWUHVXOWVIURPWKHSLYRWDO3KDVH
07VWXG\VKRZHGWKDWRIHYDOXDEOHVXEMHFWVVXEMHFWVDFKLHYHGD
&5&5KDIWHUF\FOHVRIWUHDWPHQWZLWKEOLQDWXPRPDE7KHPHGLDQUHODSVHIUHH
VXUYLYDO5)6ZDVPRQWKVDQG26ZDVPRQWKV7RSSHWDO

5HODSVHG5HIUDFWRU\3HGLDWULF$//
$//LVWKHPRVWFRPPRQSHGLDWULFPDOLJQDQF\,WUHSUHVHQWVRQHWKLUGRIFDQFHU
GLDJQRVHVDPRQJFKLOGUHQDQGRIDOOFDQFHUVLQDGROHVFHQWV
&RHEHUJKHWDO$PRQJFKLOGUHQZLWK$//PRUHWKDQDFKLHYHD&5ZLWK


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


ILUVWOLQHWUHDWPHQWDQGWRUHPDLQSURJUHVVLRQIUHH\HDUVIURPLQLWLDO
GLDJQRVLV&XUUHQWO\DERXWRISDWLHQWVVXIIHUDUHODSVHRI$//
6FKUDSSHHWDO
7KHSURJQRVLVIRUDSDWLHQWZLWKUHODSVHG$//GHSHQGVRQWKHWLPHIURPGLDJQRVLVWR
UHODSVHDQGVLWHRIUHODSVHDVZHOODVF\WRJHQHWLFVDQGLPPXQRSKHQRW\SH
&KHVVHOOVHWDO8GHU]RHWDO0DOHPSDWLHWDO$FFRUGLQJO\WKHULVN
JURXSRIFKLOGUHQZLWKUHODSVHG$//VWDQGDUGULVNYHUVXVKLJKULVNGHSHQGVRQWKH
WLPHSRLQWRIUHODSVHWKHVLWHRIUHODSVHDQGWKHLPPXQRSKHQRW\SH
/RFDWHOOLHWDO
/RQJWHUPVXUYLYDOUDWHVDIWHUPDUURZUHODSVHUDQJHIURPOHVVWKDQIRUSDWLHQWV
ZLWKPDUURZUHODSVHVRFFXUULQJZLWKLQPRQWKVIURPGLDJQRVLVWRWRIRU
UHODSVHVRFFXUULQJPRUHWKDQPRQWKVIURPGLDJQRVLV(LQVLHGHOHWDO
1JX\HQHWDO)RUSDWLHQWVZLWKLVRODWHGFHQWUDOQHUYRXVV\VWHP&16UHODSVHV
WKH26UDWHVDUHWRIRUHDUO\UHODSVHPRQWKVIURPGLDJQRVLVDQGWR
IRUODWHUHODSVHV!PRQWKVIURPGLDJQRVLV1JX\HQHWDO
%DUUHGRHWDO'DWDIURPWKH,QWHUQDWLRQDO%HUOLQ)UDQNIXUW0XQVWHU%)0VWXG\
JURXSVKRZWKDWDSSUR[LPDWHO\RISDWLHQWVZLWKKLJKULVNILUVWUHODSVHKDYHD
VHFRQGUHODSVHZLWKLQ\HDUV3DUNHUHWDO
$SSUR[LPDWHO\RISHGLDWULFSDWLHQWVZLWKVHFRQGPDUURZUHODSVHDQGRIWKRVH
ZLWKWKLUGPDUURZUHODSVHDFKLHYHDVXEVHTXHQW&5)LYH\HDUGLVHDVHIUHHVXUYLYDO
')6UDWHVLQVHFRQGDQGWKLUG&5&5ZHUHUHSRUWHGWREHDQG
UHVSHFWLYHO\.RHWDO$OWKRXJKD&5LVDWWDLQDEOHWKHRYHUDOOVXUYLYDOUDWH
DPRQJSDWLHQWVZKRDFKLHYH&5DIWHUDVHFRQGPDUURZUHODSVHUHPDLQVSRRUZLWKD
UHSRUWHGUDWHRIRQO\&KHVVHOOV3HGLDWULFSDWLHQWVHQUROOHGLQ%)0VWXGLHV
ZKRGLGQRWUHVSRQGWRILUVWUHODSVHWKHUDS\KDYHDGLUHSURJQRVLV)LIW\RQHRI
SDWLHQWVUHFHLYHGVDOYDJHWKHUDS\ZLWKDFXUDWLYHDSSURDFK7KH&5UDWHZDV
ZLWKDPHGLDQVXUYLYDOIROORZLQJFHVVDWLRQRIUHODSVHSURWRFROWKHUDS\RIGD\V
YRQ6WDFNHOEHUJ
2YHUDOOWRRIFKLOGUHQZLWK$//GLHIURPWUHDWPHQWUHVLVWDQWRUUHFXUUHQW$//
RUIURPWKHDFXWHDQGRUORQJWHUPDGYHUVHHIIHFWVRIWKHUDS\3XL7ZRSHUFHQW
RIFKLOGUHQ3XLHWDOZLWK$//ZKRGRQRWDFKLHYHDUHPLVVLRQDUHFODVVLILHGDV
KDYLQJUHIUDFWRU\GLVHDVHDQGVXIIHUDZRUVHSURJQRVLVFRPSDUHGWRSDWLHQWVZLWK
UHODSVHG$//'HVSLWHLPSURYHGVXUYLYDOZLWKFXUUHQWULVNDGDSWHGWUHDWPHQWUHJLPHQV
QHZDJHQWVDUHQHHGHGWRLPSURYHWKHGLVPDORXWFRPHVIRUFKLOGUHQZLWKUHODSVHGRU


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


UHIUDFWRU\%SUHFXUVRU$//'UXJVZLWKDOWHUQDWLYHPHFKDQLVPVRIDFWLRQDUHLPSRUWDQW
WRLPSURYHRXWFRPHVLQFKLOGUHQZLWKUHODSVHGRUUHIUDFWRU\%SUHFXUVRU$//,Q
SDUWLFXODUQHZGUXJVZLWKVLQJOHDJHQWHIILFDF\DQGUHGXFHGWR[LFLW\FRPSDUHGWRRWKHU
DYDLODEOHF\WRWR[LFWKHUDSLHVDUHQHHGHG
7KHUDSHXWLFRSWLRQVWKDWDUHKLJKO\DFWLYHDQGOHVVWR[LFZLOODGGUHVVWKLVPHGLFDOQHHG
$FFRUGLQJO\EOLQDWXPRPDEKDVEHHQLQYHVWLJDWHGLQSHGLDWULFUHODSVHGUHIUDFWRU\
SHGLDWULF$//LQWKH07VWXG\7KHILUVWSDUWRIWKHVWXG\ZDVGHVLJQHGWREHD
GRVHILQGLQJSDUW3KDVHWRLQYHVWLJDWHWKH3.VDIHW\DQGFOLQLFDODFWLYLW\RI
HVFDODWLQJGRVHOHYHOVRIEOLQDWXPRPDELQSHGLDWULFVXEMHFWVZLWK%SUHFXUVRU$//LQ
VHFRQGRUODWHUERQHPDUURZUHODSVHLQDQ\PDUURZUHODSVHDIWHUDOORJHQHLF
KHPDWRSRLHWLFVWHPFHOOWUDQVSODQWDOOR+6&7RULQSHGLDWULFVXEMHFWVUHIUDFWRU\WRRWKHU
WUHDWPHQWV)RXUGLIIHUHQWGRVHOHYHOVRIEOLQDWXPRPDEZHUHHYDOXDWHG7KHGRVH
ȝJPðGD\IRUF\FOHZHHNDQGDGRVHRIȝJPðGD\IRUF\FOHZHHNVDQGDOO
VXEVHTXHQWDGGLWLRQDOF\FOHVKDVEHHQVHOHFWHGLQWKH3KDVHSDUWRIWKHVWXG\
ȝJPðGD\7KH3KDVHSDUWDVVHVVHGWKHVDIHW\DQGHIILFDF\RIWKHVHOHFWHG
DQG'0&UHFRPPHQGHGGRVHRIȝJPðGD\
,QWHULPGDWDIURP07KDYHVKRZQSURPLVLQJUHVXOWVYRQ6WDFNHOEHUJ
8VLQJERG\VXUIDFHDUHDGRVLQJEOLQDWXPRPDEVKRZHGOLQHDU3.LQSHGLDWULFVXEMHFWV
ZLWK$//%OLQDWXPRPDEVWHDG\VWDWHFRQFHQWUDWLRQVLQWKHVHUXPZHUHFRPSDUDEOH
DFURVVSHGLDWULFDJHJURXSVDQGVLPLODUWRWKRVHUHSRUWHGIRUDGXOWVXEMHFWVZLWK$//,Q
WKH3KDVHSDUWRIWKLVVWXG\GRVHOLPLWLQJWR[LFLWLHV'/7VZHUHF\WRNLQHUHOHDVH
V\QGURPHV&56DIXUWKHULPSRUWDQWILQGLQJZDVQHXURORJLFHYHQWVLQLQGLYLGXDO
VXEMHFWV%DVHGRQ'/7VWKH3KDVHSDUWRIWKHVWXG\HVWDEOLVKHGD07'DQG
UHFRPPHQGHGGRVHRIȝJPðGD\IRU3KDVHLQSHGLDWULFVXEMHFWVZLWK$//2XWRI
WKHVXEMHFWVWUHDWHGVXEMHFWVDFKLHYHG&5(LJKWRIWKHVHUHVSRQGHUVDOVR
UHDFKHGPLQLPDOUHVLGXDOGLVHDVH05'QHJDWLYLW\
$VRI'HFHPEHUVXEMHFWVUHFHLYHGEOLQDWXPRPDEDWDGRVHRIWR
JPGD\LQFOXGLQJVXEMHFWVIURPWKHGRVHH[SDQVLRQFRKRUWRIWKH3KDVHSDUW
DQGVXEMHFWVIURPWKH3KDVHSDUWRIWKHVWXG\7KHPHGLDQUDQJHDJHZDV
\HDUVRIVXEMHFWVZHUHPDOH6L[WHHQVXEMHFWVKDGDQG
VXEMHFWVKDGRUPRUHSULRUVDOYDJHWKHUDSLHVUHVSHFWLYHO\VXEMHFWVZHUH
HLWKHUSULPDU\UHIUDFWRU\RUKDGUHIUDFWRU\UHODSVH7ZHQW\ILYHVXEMHFWVKDG
UHFHLYHGSULRUDOOR+6&7RIWKRVHVXEMHFWVKDGUHODSVHDQG
VXEMHFWVKDGRUPRUHUHODSVHV2IWKHVXEMHFWVVXEMHFWVKDGUHODSVHG


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


ZLWKLQPRQWKVSULRUWRVWXG\HQWU\7KHPHGLDQUDQJHWLPHIURPODVWSULRUUHODSVHWR
WKHUHODSVHDWVWXG\HQWU\ZDV±PRQWKV6L[W\QLQHSHUFHQWRIVXEMHFWVKDG
ERQHPDUURZEODVWLQILOWUDWLRQRI1LQHWHHQVXEMHFWVVWDUWHGDQGFRPSOHWHG
RQHF\FOHRIEOLQDWXPRPDEWUHDWPHQWWZRF\FOHV>@VXEMHFWVWKUHHF\FOHV
>@VXEMHFWV'XULQJWKHILUVWWZRWUHDWPHQWF\FOHVVXEMHFWVDFKLHYHG&5
FRQILGHQFHLQWHUYDO>&,@±PDLQO\GXULQJWKHILUVWF\FOH
7ZRDGGLWLRQDOVXEMHFWVKDGEODVWIUHHK\SRSODVWLFRUDSODVWLFERQHPDUURZ
$PRQJVXEMHFWVZLWK&5LQWKHILUVWWZRF\FOHVKDGFRPSOHWH05'UHVSRQVH
0HGLDQ5)6IRU&5UHVSRQGHUVZDV&,PRQWKV$PRQJDOO
VXEMHFWVPHGLDQ26ZDV&,±PRQWKVZLWKPRQWKVRIVWXG\
IROORZXSWLPH6L[RIWKHVXEMHFWVZLWK&5SURFHHGHGWRDOOR+6&7$Q
DGGLWLRQDOVXEMHFWVZKRGLGQRWUHVSRQGWREOLQDWXPRPDEUHFHLYHGDOOR+6&7DIWHU
EOLQDWXPRPDEWUHDWPHQWZDVVWRSSHG$OOVXEMHFWVH[SHULHQFHGDGYHUVHHYHQWVPRVWO\
IOXOLNHV\PSWRPVFRQVLVWHQWZLWKWKHPHFKDQLVPRIDFWLRQRIEOLQDWXPRPDE$GYHUVH
HYHQWVUHJDUGOHVVRIFDXVDOLW\RFFXUULQJLQ!RISDWLHQWVZHUHS\UH[LDDQHPLD
QDXVHDKHDGDFKHK\SHUWHQVLRQLQFUHDVHGDODQLQH
DPLQRWUDQVIHUDVH>$/7@DQGFRXJK7KHPRVWFRPPRQJUDGHDGYHUVH
HYHQWVLQFOXGHGDQHPLDS\UH[LDLQFUHDVHGDODQLQHDPLQRWUDQVIHUDVH
LQFUHDVHGDVSDUWDWHDPLQRWUDQVIHUDVH>$67@DQGIHEULOHQHXWURSHQLD
&\WRNLQHUHOHDVHV\QGURPHRFFXUUHGLQWKUHHVXEMHFWVRIZKRP
KDGJUDGHHYHQWV,QFRQFOXVLRQEOLQDWXPRPDEVKRZHGSURPLVLQJDQWLOHXNHPLD
DFWLYLW\LQKHDYLO\SUHWUHDWHGSHGLDWULFUHODSVHGUHIUDFWRU\%FHOOSUHFXUVRU$//VXEMHFWV
ZLWKDPHGLDQWLPHIURPODVWUHODSVHRIPRQWKV+DOIRIWKHVXEMHFWVZKRUHVSRQGHG
ZLWKLQWKHILUVWWZRF\FOHVZHUHDEOHWRUHFHLYHDOOR+6&7IROORZLQJ
EOLQDWXPRPDELQGXFHGUHPLVVLRQVXJJHVWLQJWKDWEOLQDWXPRPDEPD\RSHQDZLQGRZIRU
DOOR+6&7LQWKRVHSDWLHQWVZKRDUHUHVLVWDQWWRVDOYDJHFKHPRWKHUDS\

5HODSVHG5HIUDFWRU\$//LQ-DSDQHVH3DWLHQWV
$//LVDOVRDUDUHGLVHDVHLQ-DSDQ7KHRYHUDOOLQFLGHQFHUDWHRIDOOOHXNHPLDLQ
ZDV&DQFHU6WDWLVWLFVLQ-DSDQ7KHWRWDOVRIDOOOHXNHPLDDQGDGXOW
FDVHVLQZHUHDQGUHVSHFWLYHO\&DQFHU6WDWLVWLFVLQ-DSDQ
$//DFFRXQWVIRUDSSUR[LPDWHO\RIDGXOWOHXNHPLDFDVHV1DRH$PRQJ
$//DFXWHFKLOGKRRGOHXNHPLDUHSUHVHQWVDQGDGXOWFDVHVFRPSULVH,QDGXOW
$//ZKHUHDVSUHYLRXVVWXGLHVLQ-DSDQHVHSDWLHQWVVKRZHGDa&5UDWHE\
LQGXFWLRQFKHPRWKHUDS\\HDUVXUYLYDOUDWHUHPDLQHGWR
7DQLPRWRHWDO8HGDHWDO7DNHXFKLHWDO


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


7KHUHDUHOLPLWHGGDWDLQSHGLDWULF$//LQWKHUHODSVHGUHIUDFWRU\VHWWLQJVSHFLILFWR
-DSDQ,QIURQWOLQHSHGLDWULF$//PXOWLDJHQWFKHPRWKHUDS\EDVHGRQ%)0JURXS
WUHDWPHQWUHJLPHQLVWKHVWDQGDUGDVLQ:HVWHUQFRXQWULHV:KLOH\HDU')6UDWHVIRU
VWDQGDUGDQGKLJKULVNSDWLHQWVDUHDSSUR[LPDWHO\DQGUHVSHFWLYHO\')6LQ
SDWLHQWVZKRGLGQRWUHVSRQGWRLQGXFWLRQFKHPRWKHUDS\LVOHVVWKDQ
0DNLPRWR
$OWKRXJKFOLQLFDOGDWDRI55$//LQ-DSDQHVHSDWLHQWVDUHOLPLWHGWUHDWPHQWRXWFRPHV
LQWKLVSRSXODWLRQDUHSRRUVLPLODUO\WRQRQ-DSDQHVHSDWLHQWV*LYHQWKHOLPLWHG
WUHDWPHQWRSWLRQVDQGGLVPDOHIILFDF\RIH[LVWLQJFKHPRWKHUDSLHVWKHUHLVDFOHDUQHHG
IRUGHYHORSPHQWRIQRYHOWKHUDSHXWLFDSSURDFKHVIRU-DSDQHVHDGXOWDQGSHGLDWULF
SDWLHQWVZLWK55$//

%OLQDWXPRPDE'DWDLQ$VLDQ6XEMHFWV
7RGDWHWKHGHYHORSPHQWRIEOLQDWXPRPDEKDVEHHQIRFXVHGRQ(XURSHDQGWKH8QLWHG
6WDWHV$WWKHWLPHRIWKLVSURWRFROUHOHDVHDJOREDO3KDVHEOLQDWXPRPDEVWXG\LV
FXUUHQWO\RSHQLQJLQ$VLDWKHUHIRUHGDWDDUHQRW\HWDYDLODEOHIRU$VLDQVXEMHFWVIURPWKLV
VWXG\
2QWKH3KDVH07DQG07VWXGLHV$VLDQDGXOWVXEMHFWVZHUH
HQUROOHGLQWKH8QLWHG6WDWHVDQG(XURSHRIZKLFKVXEMHFWVKDGHYDOXDEOH3.
VDPSOHV7KHVHVXEMHFWVUHFHLYHGEOLQDWXPRPDEDWJGD\GXULQJWKHILUVWZHHNDQG
JGD\IRUWKHUHPDLQLQJWUHDWPHQWWLPH'DWDDUHFXUUHQWO\OLPLWHGKRZHYHUWKH
VDIHW\SURILOHDQG3.SURILOHLQ$VLDQVXEMHFWVDQGQRQ$VLDQVXEMHFWVDSSHDUWREH
FRPSDUDEOH

%OLQDWXPRPDE,QYHVWLJDWLRQDO3URGXFW
%OLQDWXPRPDELVDPXULQHUHFRPELQDQWVLQJOHFKDLQDQWLERG\FRQVWUXFWFRPELQLQJERWK
WKHELQGLQJVSHFLILFLW\IRUWKHSDQ%FHOODQWLJHQ&'DQGWKHHSVLORQFKDLQRIWKH7FHOO
UHFHSWRU&'FRPSOH[RQRQHSRO\SHSWLGHFKDLQ,WLVPRQRPHULFQRWJO\FRV\ODWHGDQG
ZHLJKVDSSUR[LPDWHO\NLOR'DOWRQVN'D
,WEHORQJVWRDQHZFODVVRIELVSHFLILFDQWLERG\FRQVWUXFWVFDOOHGELVSHFLILF7FHOO
HQJDJHUV%L7(%L7(KDYHEHHQGHVLJQHGWRGLUHFW7FHOOVWRZDUGVWDUJHWFHOOV7KH
SUR[LPLW\LQGXFHGE\WKH%L7(£ WULJJHUVWDUJHWFHOOVSHFLILFF\WRWR[LFLW\ZKLFKFORVHO\
UHVHPEOHVVWDQGDUGF\WRWR[LF7O\PSKRF\WH&7/DFWLYDWLRQ7KLV7FHOO±PHGLDWHG
WDUJHWVSHFLILFNLOOLQJLVWKHWKHUDSHXWLFPHFKDQLVPRIDFWLRQRIEOLQDWXPRPDE
/|IIOHUHWDO:ROIHWDO


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


%OLQDWXPRPDEVSHFLILFDOO\WDUJHWVFHOOVWKDWH[SUHVV&'DPDUNHUVROHO\H[SUHVVHGE\
%FHOOVLQFOXGLQJ%SUHFXUVRU$//FHOOVZLWKDQDIILQLW\RI[0%OLQDWXPRPDE
UHFUXLWVDQGDFWLYDWHV7FHOOVYLDDORZHUDIILQLW\LQWHUDFWLRQZLWK&'[0
7KHVHDFWLYDWHG7FHOOVWKHQLQGXFHDKDOIPD[LPDOWDUJHWFHOOO\VLVUDQJLQJLQYLWUR
EHWZHHQWRSJP/VKRZLQJEOLQDWXPRPDEWREHDQH[WUHPHO\SRWHQWPROHFXOH
'UHLHUHWDO
'XULQJWKHFRXUVHRIWXPRUFHOOHOLPLQDWLRQDFWLYDWHG7FHOOVV\QWKHVL]HDQGVHFUHWH
SURLQIODPPDWRU\F\WRNLQHVDVWXPRUQHFURVLVIDFWRUDOSKD71)ĮLQWHUIHURQJDPPD
,)1ȖLQWHUOHXNLQ,/DQG,/ZKLFKPLJKWLQGXFHV\PSWRPVVXFKDVIHYHURU
GHFUHDVHVRIEORRGSUHVVXUH,QYLWURGDWDGHPRQVWUDWHF\WRNLQHUHOHDVHDVDUHVXOWRI
EOLQDWXPRPDEPHGLDWHGDFWLYDWLRQZKLFKFDQEHDWWHQXDWHGE\FRUWLFRVWHURLGVZLWKRXW
LPSDLULQJWKHF\WRWR[LFDFWLYLW\,QYLYRGDWDLQGLFDWHF\WRNLQHUHOHDVHWREHPRVW
SURPLQHQWIROORZLQJWKHILUVWGRVHRIEOLQDWXPRPDE
)LJXUH0RGHRI$FWLRQRI%OLQDWXPRPDE

'XHWRLWVXQLTXHDELOLW\WRUHGLUHFW7FHOOVYLD&'WRZDUGVD&'WXPRUFHOOO\VLV
EOLQDWXPRPDEFDQHOLFLWUHSHDWHGWDUJHWFHOOHOLPLQDWLRQE\F\WRWR[LF7FHOOVDQGD
SRO\FORQDOUHVSRQVHRISUHYLRXVO\SULPHG&'DQG&'7FHOOV7KHDQWLWXPRUDFWLYLW\
LVHIIHFWLYHZLWKLQDZLGHUDQJHRIHIIHFWRUWRWDUJHW(7UDWLRV
,QWKHDEVHQFHRI&'WDUJHWFHOOVQHLWKHUF\WRWR[LFLW\QRUUHOHDVHRIF\WRNLQHVZLOO
RFFXU%OLQDWXPRPDEDFWVVWULFWO\LQDWDUJHWFHOOVSHFLILFDQGGHSHQGHQWPDQQHUZLWK
UHJDUGWRF\WRWR[LFDFWLRQ7KHSUHVHQFHRIERWK&'WDUJHWFHOOVDQG7FHOOVLV
UHTXLUHGIRULWVF\WRWR[LFDFWLYLW\
5HIHUWRWKH%OLQDWXPRPDE,QYHVWLJDWRU¶V%URFKXUHIRUDGGLWLRQDOLQIRUPDWLRQ
6LJQDO
$QWL&'$QWLERG\
$QWL&'$QWLERG\
%L7(
07
9+
9+
9/
9/
%&HOO
&\WRWR[LF7&HOO
5HGLUHFWHG &HOO /\VLV
&'
&'
&'
&'
$FWLYDWLRQ
3UROLIHUDWLRQ
$SRSWRWLF &HOO
'HDWK
$
%
6LJQDO
J
6LJQD
QD
6LJQD
QD
QDODODODODODODODO
6LJQDO
$QWL&'$QWLERG\
$QWL&'$QWLERG\
%L7(
07
9+
9+
9/
9/
%&HOO
&\WRWR[LF7&HOO
5HGLUHFWHG &HOO /\VLV
&'
&'
&'
&'
$FWLYDWLRQ
3UROLIHUDWLRQ
$SRSWRWLF &HOO
'HDWK
$
%


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



3HGLDWULF5LVN$VVHVVPHQW
$VRI2FWREHUDGXOWVXEMHFWVDQGSHGLDWULFDGROHVFHQWVXEMHFWVKDYH
EHHQWUHDWHGZLWKEOLQDWXPRPDE&,9,7KHYDVWPDMRULW\RIDGYHUVHHYHQWVREVHUYHG
GXULQJEOLQDWXPRPDEWUHDWPHQWZHUHWUDQVLHQWDQGFRPSOHWHO\UHYHUVLEOH7KHPRVW
FRPPRQHYHQWVZHUHIHYHUFKLOOVDQGKHDGDFKH0RVWZHUHREVHUYHGRQO\GXULQJWKH
ILUVWGD\VRIWUHDWPHQW
7KHPRVWPHGLFDOO\VLJQLILFDQWDGYHUVHHYHQWVREVHUYHGGXULQJEOLQDWXPRPDEWUHDWPHQW
ZHUHQHXURORJLFHYHQWVRIJUDGHRUDQG&56RIJUDGHRU
/DERUDWRU\DGYHUVHHYHQWVREVHUYHGGXULQJWUHDWPHQWZLWKEOLQDWXPRPDEZHUHWUDQVLHQW
HOHYDWLRQVRIWUDQVDPLQDVHV
7KHSUHVHQWULVNSURILOHLVEDODQFHGE\EHQHILWVRIDKLJKUDWHRIGXUDEOHUHVSRQVHVLQWKH
UHFHQWO\FRQGXFWHG3KDVHFOLQLFDOWULDO07LQWKHVDPHSHGLDWULFSRSXODWLRQ
ZKHUHRIDOOVXEMHFWVDFKLHYHGFRPSOHWHKHPDWRORJLFDOUHPLVVLRQ
YRQ6WDFNHOEHUJ
,QDUHODSVHGSHGLDWULF$//SDWLHQWSRSXODWLRQWKHULVNRIWXPRUO\VLVDQG&56LV
FRQVLGHUHGWREHKLJK6XEMHFWVZLWKDKLJKOHXNHPLDEXUGHQDWVFUHHQLQJZLOOUHFHLYHD
SUHSKDVHRIGH[DPHWKDVRQHWRUHGXFHWKHULVNRIDGYHUVHHYHQWVRIF\WRNLQHUHOHDVH
DQGWXPRUO\VLVDQGWKHLUVHTXHODH,IFOLQLFDOO\UHOHYDQWWXPRUO\VLVRU&56DUH
REVHUYHGWUHDWPHQWZLOOEHLQWHUUXSWHGXQWLOUHVROXWLRQDQGWKHGRVLQJVFKHGXOHZLOOEH
PRGLILHGE\DQDOJRULWKPZLWKVWHSZLVHGRVHLQFUHDVHXQWLOPDLQWHQDQFHGRVH
,QWKHFDVHRIDQHXURORJLFDGYHUVHHYHQWGH[DPHWKDVRQHVKRXOGEHDGPLQLVWHUHGDWD
WRWDOGDLO\GRVHRIDWOHDVWWRPJNJGD\PD[LPXPPJSHUGD\GLYLGHGLQWR
GRVHVSHUGD\SUHIHUDEO\LQWUDYHQRXV>,9@IRUXSWRGD\V7KHGRVHZLOOWKHQEH
UHGXFHGVWHSZLVHE\DWOHDVWSHUGD\RYHUDPD[LPXPRIGD\VRUDVRWKHUZLVH
DSSURSULDWHSHULQYHVWLJDWRU5HVWDUWRIEOLQDWXPRPDEWUHDWPHQWZLOOEHSHUIRUPHGE\DQ
DOJRULWKPZLWKVWHSZLVHGRVHLQFUHDVHXQWLOPDLQWHQDQFHGRVH
$QLQFUHDVHGULVNRILQIHFWLRQPD\H[LVWVLQFHDQ\ORQJWHUP,9WUHDWPHQWLVDVVRFLDWHG
ZLWKWKHULVNRIFDWKHWHULQIHFWLRQVDQGVHSVLV$OVREOLQDWXPRPDEPHGLDWHGGHSOHWLRQ
RI%FHOOVFRXOGUHVXOWLQDQLQFUHDVHGLQIHFWLRQUDWH6XEMHFWVVKRXOGEHPRQLWRUHG
LQWHQVHO\GXULQJWKHILUVWGD\VRIWKHILUVWLQGXFWLRQF\FOHDQGWKHILUVWGD\VRI
VXEVHTXHQWF\FOHVDVZHOODVDIWHUDQ\GRVHVWHSWRDOORZIRUPDQDJHPHQWRILQIHFWLRQV
DQGDQ\RWKHUDGYHUVHHYHQWV


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


7KHFRQGXFWRID3KDVHEVWXG\LQ-DSDQHVHSHGLDWULF%SUHFXUVRU$//VXEMHFWVLV
MXVWLILHGEDVHGRQSUHYLRXVKXPDQH[SHULHQFHDWWKHLQWHQGHGGRVHDQGVFKHGXOH
VKRZLQJWROHUDEOHVDIHW\PDUJLQVDQGDFFHSWDEOHHIILFDF\LQWKLVSRSXODWLRQDWWKHLQLWLDO
VWDUWLQJGRVH
,QFRQFOXVLRQWKHOHYHORIULVNWKDWWKHFKLOGPD\H[SHULHQFHLVRXWZHLJKHGE\WKH
SURVSHFWRIGLUHFWEHQHILWWRWKHVXEMHFW

5DWLRQDOH
'HVSLWHLPSURYHPHQWVLQXSIURQWWUHDWPHQWWKHRXWFRPHLQDGXOWVZLWK55%SUHFXUVRU
$//UHPDLQVGLVPDOZLWKDPHGLDQ26RIWRPRQWKVDQGD\HDU26UDWHRIWR
)LHOGLQJHWDO2ULROHWDO
)XUWKHULQWHQVLILFDWLRQRIH[LVWLQJFKHPRWKHUDS\UHJLPHQVLVXQOLNHO\WRLQFUHDVHWKHFXUH
UDWHDQGPD\VLJQLILFDQWO\LQFUHDVHWR[LFLWLHV.DQWDUMLDQHWDO6LPLODUO\WRDGXOW
SDWLHQWVRXWFRPHVLQUHODSVHGSHGLDWULF%FHOOSUHFXUVRU$//DUHSRRUSDUWLFXODUO\LQ
SDWLHQWVZKRDUHEH\RQGILUVWVDOYDJHUHODSVHGSRVWDOORJHQHLFVWHPFHOOWUDQVSODQWRU
ZLWKUHIUDFWRU\GLVHDVH
$FOHDUQHHGIRUEHWWHUDQGQRYHOWKHUDSHXWLFRSWLRQVH[LVWVVXFKDVWKHXVHRIWDUJHWHG
LPPXQRWKHUDSHXWLFDJHQWVOLNHEOLQDWXPRPDEZKLFKKDVGHPRQVWUDWHGHIILFDF\DQG
VDIHW\LQWZRSUHYLRXVO\UHSRUWHGVLQJOHDUP3KDVHVWXGLHV07DQG
07LQDGXOWVZLWK55$//DQGWKHVLQJOHDUP3KDVHVWXG\07LQ
SHGLDWULFVXEMHFWVZLWK55$//7KHSXUSRVHRIWKLVVWXG\ZLOOEHWRGHPRQVWUDWHWKDW
WKHHIILFDF\DQGVDIHW\SURILOHRIEOLQDWXPRPDELQ-DSDQHVHVXEMHFWVZLWK55$//LV
FRQVLVWHQWZLWKWKHSURGXFWSURILOHHVWDEOLVKHGWRGDWH
,QDGXOWVXEMHFWVWKHVHOHFWLRQRIWKHVWDUWLQJGRVHRIJGD\LVSULPDULO\EDVHGRQ
PHGLFDODVVHVVPHQWRIVDIHW\DQGHIILFDF\DVZHOODVSKDUPDFRORJLFDODVVHVVPHQWRI
3.DQGSKDUPDFRG\QDPLF3'SDUDPHWHUV(IILFDF\DQGVDIHW\SURILOHVKDYHEHHQ
VKRZQWREHIDYRUDEOHDWDGRVHRIJPGD\DQGWKHFRUUHVSRQGLQJIL[HGGRVHRI
JGD\HYDOXDWHGRQWKH07DQG07VWXGLHV,QDGGLWLRQFRQWLQXRXV
%FHOOVXSSUHVVLRQZDVPDLQWDLQHGGXULQJWKHZHHNWUHDWPHQWIUHHLQWHUYDOEHWZHHQ
F\FOHVVXJJHVWLQJWKHJGD\GRVHDQGUHJLPHQLVHIIHFWLYHDQGVDIHIRUWKH
WUHDWPHQWRIDGXOW55$//3.DQDO\VLVLQGLFDWHGWKDWERG\VL]HZHLJKWRUERG\
VXUIDFHDUHD>%6$@GLGQRWDIIHFWEOLQDWXPRPDEH[SRVXUHDQGIL[HGGRVLQJLVDQ
DFFHSWDEOHDOWHUQDWLYHWR%6$QRUPDOL]HGGRVLQJLQDGXOWV7KHVHOHFWLRQRIWKH


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


GHHVFDODWLRQGRVHVLVEDVHGRQWKHHVWDEOLVKHGVDIHW\SURILOHREVHUYHGRQWKH
07DQG07VWXGLHV
)RUSHGLDWULFVXEMHFWVWKHUDWLRQDOHIRUGRVHVHOHFWLRQLVEDVHGRQWKHLQLWLDO3KDVH
VWXG\FRQGXFWHGLQSHGLDWULFVXEMHFWVZLWK55$//077KH%6$EDVHG
UHJLPHQVZHUHWHVWHGLQ6WXG\07)LYHGRVHVFKHPHVDQG
JPGD\ZHUHHYDOXDWHGLQWKHGRVHILQGLQJSRUWLRQRISDUWRI6WXG\
077KHJPGD\GRVHSURYLGHGELRORJLFDOO\DFWLYHVWHDG\VWDWH
FRQFHQWUDWLRQVRIEOLQDWXPRPDEDQGWKH07'ZDVIRXQGWREHȝJPGD\
6XEMHFWVUHFHLYHGEHWZHHQDQGF\FOHVRIEOLQDWXPRPDE)ROORZLQJ'DWD5HYLHZ
&RPPLWWHH'DWD6DIHW\0RQLWRULQJ%RDUG'5&'60%UHYLHZRIWKHVDIHW\HIILFDF\
3.DQG3'GDWDIURPDOOVXEMHFWVIURPWKH3KDVHFRKRUWVDGRVLQJUHJLPHQRI
ȝJPGD\ZDVVHOHFWHGIRUWKH3KDVHVWXG\7KLVGRVLQJUHJLPHQLQFOXGHV
ȝJPGD\IRUZHHNDQGȝJPGD\IRUZHHNVLQF\FOHDQGȝJPGD\IRU
ZHHNVLQWKHUHVWRIWKHWUHDWPHQWF\FOHV7KHEOLQDWXPRPDEH[SRVXUHZDVVLPLODULQ
SHGLDWULFDQGDGXOWVXEMHFWVDWDQHTXLYDOHQWGRVHLHȝJPGD\YHUVXV
ȝJGD\

&OLQLFDO+\SRWKHVHV
7KHK\SRWKHVLVIRUWKH3KDVHESDUWRIWKHVWXG\LVWKDWIHZHUWKDQRXWRIVXEMHFWVLQ
ERWKDGXOWDQGSHGLDWULFFRKRUWVZLOOH[SHULHQFHD'/7DWWKHDGPLQLVWHUHGGRVHRI
EOLQDWXPRPDE
)RUWKH3KDVHSDUWRIWKHVWXG\WKHK\SRWKHVLVLVWKDWEOLQDWXPRPDEZLOOKDYHFOLQLFDO
DFWLYLW\LQWKHWUHDWPHQWRIDGXOW55$//DVPHDVXUHGE\WKHUDWHRI&5&5KZLWKLQ
F\FOHV7KHVWXG\GHVLJQZLOOWHVWDQXOOK\SRWKHVLVWKDWWKHOHYHORIFOLQLFDODFWLYLW\LV
DQLQHIIHFWLYHOHYHORIRUOHVV7KHDVVXPHGOHYHORIHIIHFWLYHFOLQLFDODFWLYLW\LVDW
OHDVW

(;3(5,0(17$/3/$1

6WXG\'HVLJQ
7KLVLVDQRSHQODEHOFRPELQHGWZRSDUWPXOWLFHQWHUFOLQLFDOVWXG\WRHYDOXDWHWKH
HIILFDF\VDIHW\DQGWROHUDELOLW\RIEOLQDWXPRPDELQDGXOWDQGSHGLDWULF-DSDQHVH
VXEMHFWVZLWK55%SUHFXUVRU$//
7KH3KDVHESDUWZLOOLQYHVWLJDWHWKHVDIHW\HIILFDF\3.DQG3'RIEOLQDWXPRPDEWR
GHWHUPLQHWKH07'LQERWKDGXOWDQGSHGLDWULFVXEMHFWV,QDGXOWVXEMHFWVWKH3KDVH
SDUWZLOODVVHVVWKHVDIHW\DQGHIILFDF\RIWKHUHFRPPHQGHGGRVHOHYHORI


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


EOLQDWXPRPDELGHQWLILHGLQWKH3KDVHESRUWLRQRIWKHVWXG\LQWKHDGXOWVWXG\
SRSXODWLRQ
7KHVWXG\GHVLJQIRUERWKWKH3KDVHEDQG3KDVHSDUWVLQFOXGH
x
$ZHHNVFUHHQLQJDQGSUHSKDVHSHULRG7KHSUHSKDVHSHULRGZLWKLQWKH
VFUHHQLQJSHULRGLVSHUPLWWHGIRUWKHDGPLQLVWUDWLRQRIGH[DPHWKDVRQHWRUHGXFH
WXPRUEXUGHQDQGWKHLQFLGHQFHRIWXPRUO\VLVV\QGURPH
x
,QGXFWLRQSKDVH8SWRWZRLQGXFWLRQF\FOHVRIEOLQDWXPRPDE$VLQJOHF\FOHRI
EOLQDWXPRPDELVGHILQHGDVZHHNVLQGXUDWLRQZKLFKLQFOXGHVZHHNVRI
FRQWLQXRXVLQWUDYHQRXVLQIXVLRQ&,9,RIEOLQDWXPRPDEIROORZHGE\DZHHN
WUHDWPHQWIUHHLQWHUYDO
x
&RQVROLGDWLRQSKDVH6XEMHFWVZKRDFKLHYHDERQHPDUURZUHVSRQVHEODVWV
ZLWKLQLQGXFWLRQF\FOHVRIWUHDWPHQWPD\FRQWLQXHWRUHFHLYHDGGLWLRQDO
FRQVROLGDWLRQF\FOHVRIEOLQDWXPRPDEXSWRDPD[LPXPRIWRWDOLQGXFWLRQDQG
FRQVROLGDWLRQF\FOHVRUGLVHDVHSURJUHVVLRQLQWROHUDEOHDGYHUVHHYHQWRUZLWKGUDZDO
RIFRQVHQWXQGHUWKHVDPHVFKHGXOHDVRXWOLQHGLQWKHLQGXFWLRQWUHDWPHQWSKDVH
DERYH
x
6DIHW\IROORZXSYLVLWUHTXLUHGGD\VDIWHUODVWGRVHRIEOLQDWXPRPDE
)ROORZLQJWKHVDIHW\IROORZXSYLVLWVXEMHFWVZLOOEHIROORZHGDWDQG
PRQWKVZHHNVDIWHUWUHDWPHQWVWDUWIRUGLVHDVHDQGVXUYLYDOVWDWXV6XEMHFWVZLOO
UHWXUQWRWKHFOLQLFIRUDVVHVVPHQWVXQWLOUHODSVHZLWKWKHIROORZLQJH[FHSWLRQV
x
6XEMHFWVZKRIDLOWRDFKLHYHDERQHPDUURZUHVSRQVHEODVWVZLWKLQ
LQGXFWLRQF\FOHVRIEOLQDWXPRPDEWUHDWPHQWZLOOXQGHUJRWKHVDIHW\
IROORZXSYLVLWDQGZLOOEHIROORZHGE\WHOHSKRQHFRQWDFWVLQWKHORQJWHUP
IROORZXSSKDVHRIWKHVWXG\
x
6XEMHFWVZKRJRRQWRUHFHLYHDOORJHQHLFKHPDWRSRLHWLFVWHPFHOOWUDQVSODQW
DOOR+6&7RUEHJLQRWKHUWUHDWPHQWIRU$//DWDQ\WLPHIROORZLQJWKHILUVW
WUHDWPHQWF\FOHZLOOXQGHUJRWKHVDIHW\IROORZXSYLVLWDQGZLOOEHIROORZHG
E\WHOHSKRQHFRQWDFWVLQWKHORQJWHUPIROORZXSSKDVHRIWKHVWXG\
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
7KHVWXG\GHVLJQIRUWKHH[SDQVLRQSDUWLQFOXGHV
x
$ZHHNVFUHHQLQJDQGSUHSKDVHSHULRG7KHSUHSKDVHSHULRGZLWKLQWKH
VFUHHQLQJSHULRGLVSHUPLWWHGIRUWKHDGPLQLVWUDWLRQRIGH[DPHWKDVRQHWRUHGXFH
WXPRUEXUGHQDQGWKHLQFLGHQFHRIWXPRUO\VLVV\QGURPH
x
,QGXFWLRQSKDVH8SWRLQGXFWLRQF\FOHVRIEOLQDWXPRPDE$VLQJOHF\FOHRI
EOLQDWXPRPDELVGHILQHGDVZHHNVLQGXUDWLRQZKLFKLQFOXGHVZHHNVRI
FRQWLQXRXVLQWUDYHQRXVLQIXVLRQRIEOLQDWXPRPDEIROORZHGE\DZHHN
WUHDWPHQWIUHHLQWHUYDO


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


x
&RQVROLGDWLRQSKDVH6XEMHFWVZKRDFKLHYHDERQHPDUURZUHVSRQVHEODVWV
ZLWKLQLQGXFWLRQF\FOHVRIWUHDWPHQWPD\FRQWLQXHWRUHFHLYHDGGLWLRQDO
FRQVROLGDWLRQF\FOHVRIEOLQDWXPRPDEXSWRDPD[LPXPRIWRWDOLQGXFWLRQDQG
FRQVROLGDWLRQF\FOHVRUGLVHDVHSURJUHVVLRQLQWROHUDEOHDGYHUVHHYHQWRU
ZLWKGUDZDORIFRQVHQWXQGHUWKHVDPHVFKHGXOHDVRXWOLQHGLQWKHLQGXFWLRQ
WUHDWPHQWSKDVHDERYH
x
6DIHW\IROORZXS$VDIHW\IROORZXSYLVLWLVUHTXLUHGGD\VDIWHUODVWGRVH
RIEOLQDWXPRPDE7KHVXEMHFWZLOOFRPSOHWHWKHVWXG\DWWKHWLPHRIWKHVDIHW\
IROORZXSYLVLW
7KHVWXG\ZLOODXWRPDWLFDOO\VZLWFKWRDSRVWPDUNHWLQJFOLQLFDOVWXG\DIWHUDSSURYDORI
EOLQDWXPRPDE

1XPEHURI6LWHV
$SSUR[LPDWHO\FHQWHUVIRUDGXOWVXEMHFWVDQGFHQWHUVIRUSHGLDWULFVXEMHFWVORFDWHG
LQ-DSDQZLOOSDUWLFLSDWHLQWKLVVWXG\
6LWHVWKDWGRQRWHQUROOVXEMHFWVZLWKLQPRQWKVRIVLWHLQLWLDWLRQPD\EHFORVHG
2QO\FHQWHUVWKDWKDYHHQUROOHGDQGWUHDWHGVXEMHFWVLQWKH3KDVHESRUWLRQRIWKH
VWXG\ZLOOSDUWLFLSDWHLQWKHH[SDQVLRQSDUWRIWKHVWXG\

1XPEHURI6XEMHFWV
3DUWLFLSDQWVLQWKLVFOLQLFDOLQYHVWLJDWLRQVKDOOEHUHIHUUHGWRDV³VXEMHFWV´
$PLQLPXPRIVXEMHFWVRUDPD[LPXPRIDGXOWVXEMHFWVDQGDPLQLPXPRIRU
PD[LPXPRISHGLDWULFVXEMHFWVPD\EHHQUROOHGLQWKH3KDVHESDUW$SSUR[LPDWHO\
DGXOWVXEMHFWVZLOOEHHQUROOHGLQWKH3KDVHSDUW$PJHQPD\FORVHHQUROOPHQWDW
DQ\WLPH
$SSUR[LPDWHO\VXEMHFWVQRWUHVWULFWHGLQFOXGLQJDGXOWDQGSHGLDWULFVXEMHFWVPD\EH
HQUROOHGLQWKHH[SDQVLRQFRKRUW
3OHDVHUHIHUWR6HFWLRQIRUVDPSOHVL]HFRQVLGHUDWLRQV

5HSODFHPHQWRI6XEMHFWV
6XEMHFWVHQUROOHGLQWKH3KDVHESDUWZKRDUHQRWHYDOXDEOHIRU'/7DVGHILQHGLQ
6HFWLRQRUZLWKGUDZSULRUWRFRPSOHWLQJWKH'/7DVVHVVPHQWSHULRGIRUDQ\UHDVRQ
RWKHUWKDQH[SHULHQFLQJ'/7VZLOOEHUHSODFHG6XEMHFWVZKRUHFHLYHRIWKH
LQWHQGHGGRVHRIEOLQDWXPRPDEEXWGLVFRQWLQXHWUHDWPHQWIRUUHDVRQVRWKHUWKDQ'/7V
SULRUWRFRPSOHWLRQRIWKH'/7HYDOXDWLRQSHULRGZLOOEHFRQVLGHUHGHYDOXDEOHIRUVDIHW\
6XEMHFWVHQUROOHGLQWKH3KDVHSDUWZKRZLWKGUDZRUDUHUHPRYHGIURPWUHDWPHQWRU
WKHVWXG\ZLOOQRWEHUHSODFHG


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


6XEMHFWVHQUROOHGLQWKHH[SDQVLRQSDUWZKRZLWKGUDZRUDUHUHPRYHGIURPWUHDWPHQWRU
WKHVWXG\ZLOOQRWEHUHSODFHG

(VWLPDWHG6WXG\'XUDWLRQ

6WXG\'XUDWLRQIRU6XEMHFWV
)RUDQLQGLYLGXDOVXEMHFWWKHOHQJWKRISDUWLFLSDWLRQLQFOXGHVDZHHNVFUHHQLQJSHULRG
DQDYHUDJHRIXSWRDPRQWKWUHDWPHQWSHULRGDVVXPHVLQGXFWLRQDQG
FRQVROLGDWLRQF\FOHVDVDIHW\IROORZXSYLVLWGD\V>GD\V@DIWHUWKHODVWGRVHRI
VWXG\WUHDWPHQWDQGDORQJWHUPIROORZXSSHULRGPRQWKV>ZHHNV@DIWHU
FRPSOHWLRQRIWKHVDIHW\IROORZXSYLVLWRUXQWLOGHDWKZKLFKHYHURFFXUVILUVW
)RUVXEMHFWVZKRFRPSOHWHWKHSURWRFROIURPWKHGDWHRIILUVWGRVHWKURXJKWKHORQJWHUP
IROORZXSSHULRGWKHHQWLUHGXUDWLRQRIWKHVWXG\ZLOOWDNHDSSUR[LPDWHO\PRQWKVWR
FRPSOHWH+RZHYHULQGLYLGXDOVWXG\GXUDWLRQZLOOYDU\GHSHQGLQJRQWKHQHHGIRU
FRQVROLGDWLRQWUHDWPHQWZLWKEOLQDWXPRPDEDQGVXUYLYDORIDQLQGLYLGXDOVXEMHFW
)RUDQLQGLYLGXDOVXEMHFWHQUROOHGLQWKHH[SDQVLRQFRKRUWWKHOHQJWKRISDUWLFLSDWLRQ
LQFOXGHVDZHHNVFUHHQLQJSHULRGDQDYHUDJHRIXSWRDPRQWKWUHDWPHQWSHULRG
DVVXPHVLQGXFWLRQDQGFRQVROLGDWLRQF\FOHVDQGDVDIHW\IROORZXSYLVLWGD\V
>GD\V@DIWHUWKHODVWGRVHRIVWXG\WUHDWPHQW

(QGRI6WXG\
7KHHQGRIVWXG\LVGHILQHGLQSDUWVWKHSULPDU\FRPSOHWLRQDQGWKHHQGRIWKHWULDO
%RWKGHILQLWLRQVDUHRXWOLQHGEHORZ
3ULPDU\&RPSOHWLRQ7KHSULPDU\FRPSOHWLRQGDWHLVGHILQHGDVWKHGDWHZKHQWKH
ODVWVXEMHFWLVDVVHVVHGRUUHFHLYHVDQLQWHUYHQWLRQIRUWKHILQDOFROOHFWLRQRIGDWDIRUWKH
SULPDU\HQGSRLQWVZKHWKHUWKHVWXG\FRQFOXGHGDVSODQQHGRUZDVWHUPLQDWHGHDUO\
VHH6HFWLRQ
(QGRI6WXG\3KDVHE7KHHQGRIVWXG\GDWHLVGHILQHGDVWKHGDWHZKHQWKH
ODVWVXEMHFWDFURVVDOOVLWHVLVDVVHVVHGRUUHFHLYHVDQLQWHUYHQWLRQIRUHYDOXDWLRQLQWKH
VWXG\VHH6HFWLRQZKLFKFRUUHVSRQGVWRWKHPRQWKORQJWHUPIROORZXSYLVLW
([SDQVLRQFRKRUW7KHH[SDQVLRQFRKRUWZLOOFORVHZKHQWKHGUXJLVFRPPHUFLDOO\
DYDLODEOHLQ-DSDQDQGWKHH[SDQVLRQSRUWLRQRIWKHVWXG\ZLOOHQGZKHQWKHODVWVXEMHFW
HQUROOHGKDVFRPSOHWHGDWOHDVWF\FOHVRIEOLQDWXPRPDEDQGVDIHW\IROORZXS


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



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
%HIRUHDQ\VWXG\VSHFLILFDFWLYLWLHVSURFHGXUHWKHDSSURSULDWHZULWWHQLQIRUPHGFRQVHQW
PXVWEHREWDLQHGVHH6HFWLRQ)RUSHGLDWULFVXEMHFWVLQDGGLWLRQWRZULWWHQ
LQIRUPHGFRQVHQWIURPDOHJDOO\DFFHSWDEOHUHSUHVHQWDWLYHWKHDVVHQWRIWKHFKLOGPXVW
DOVREHREWDLQHGDVDSSURSULDWHLIUHTXHVWHGE\WKHLQVWLWXWLRQDOUHYLHZERDUG,5%

,QFOXVLRQ&ULWHULD

$GXOW6XEMHFWV

6XEMHFWVZLWK3KLODGHOSKLDQHJDWLYH%SUHFXUVRU$//ZLWKDQ\RIWKHIROORZLQJ
x
5HODSVHGRUUHIUDFWRU\DIWHUILUVWOLQHWKHUDS\ZLWKILUVWUHPLVVLRQGXUDWLRQ
PRQWKVRU
x
5HODSVHGRUUHIUDFWRU\DIWHUILUVWVDOYDJHWKHUDS\RU
x
5HODSVHGRUUHIUDFWRU\ZLWKLQPRQWKVRIDOOR+6&7

*UHDWHUWKDQEODVWVLQERQHPDUURZ

(DVWHUQ&RRSHUDWLYH2QFRORJ\*URXS(&2*3HUIRUPDQFH6WDWXVRIRU
$SSHQGL[(

$JH\HDUVROGDWHQUROOPHQW

6XEMHFWKDVSURYLGHGLQIRUPHGFRQVHQWSULRUWRLQLWLDWLRQRIDQ\VWXG\VSHFLILF
DFWLYLWLHVSURFHGXUHV$OWHUQDWLYHO\VXEMHFW¶VOHJDOO\DFFHSWDEOHUHSUHVHQWDWLYH
KDVSURYLGHGLQIRUPHGFRQVHQWZKHQWKHVXEMHFWLVOHJDOO\WRR\RXQJWRSURYLGH
LQIRUPHGFRQVHQWDQGWKHVXEMHFWKDVSURYLGHGZULWWHQDVVHQWEDVHGRQORFDO
UHJXODWLRQVDQGRUJXLGHOLQHVSULRUWRDQ\VWXG\VSHFLILFDFWLYLWLHVSURFHGXUHV
EHLQJLQLWLDWHG

3HGLDWULF6XEMHFWV

$JH\HDUVROGDWHQUROOPHQW

6XEMHFWVZLWKUHODSVHGUHIUDFWRU\%SUHFXUVRU$//GHILQHGDVRQHRIWKH
IROORZLQJ
x
VHFRQGRUODWHUERQHPDUURZUHODSVH
x
DQ\PDUURZUHODSVHDIWHUDOOR+6&7RU
x
5HIUDFWRU\WRRWKHUWUHDWPHQWV
R )RUVXEMHFWVLQILUVWUHODSVHIDLOXUHWRDFKLHYHD&5IROORZLQJDIXOO
VWDQGDUGUHLQGXFWLRQFKHPRWKHUDS\UHJLPHQ
R )RUVXEMHFWVZKRKDYHQRWDFKLHYHGDILUVWUHPLVVLRQIDLOXUHWR
DFKLHYHUHPLVVLRQIROORZLQJDIXOOVWDQGDUGLQGXFWLRQUHJLPHQ

*UHDWHUWKDQEODVWVLQERQHPDUURZ

.DUQRIVN\SHUIRUPDQFHVWDWXVIRUVXEMHFWV\HDUV


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



/DQVN\SHUIRUPDQFHVWDWXVIRUVXEMHFWV\HDUV

6XEMHFW¶VOHJDOO\DFFHSWDEOHUHSUHVHQWDWLYHKDVSURYLGHGLQIRUPHGFRQVHQWZKHQ
WKHVXEMHFWLVOHJDOO\WRR\RXQJWRSURYLGHLQIRUPHGFRQVHQWDQGWKHVXEMHFWKDV
SURYLGHGZULWWHQDVVHQWEDVHGRQORFDOUHJXODWLRQVDQGRUJXLGHOLQHVSULRUWRDQ\
VWXG\VSHFLILFDFWLYLWLHVSURFHGXUHVEHLQJLQLWLDWHG

([FOXVLRQ&ULWHULD

+LVWRU\RIPDOLJQDQF\RWKHUWKDQ$//ZLWKLQ\HDUVSULRUWRVWDUWRI
SURWRFROVSHFLILHGWKHUDS\ZLWKWKHH[FHSWLRQRI

0DOLJQDQF\WUHDWHGZLWKFXUDWLYHLQWHQWDQGZLWKQRNQRZQDFWLYHGLVHDVH
SUHVHQWIRU\HDUVEHIRUHHQUROOPHQWDQGIHOWWREHDWORZULVNIRUUHFXUUHQFH
E\WKHWUHDWLQJSK\VLFLDQ

$GHTXDWHO\WUHDWHGQRQPHODQRPDVNLQFDQFHURUOHQWLJRPDOLJQDZLWKRXW
HYLGHQFHRIGLVHDVH

$GHTXDWHO\WUHDWHGFHUYLFDOFDUFLQRPDLQVLWXZLWKRXWHYLGHQFHRIGLVHDVH

$GHTXDWHO\WUHDWHGEUHDVWGXFWDOFDUFLQRPDLQVLWXZLWKRXWHYLGHQFHRI
GLVHDVH

3URVWDWLFLQVLWXZLWKRXWHYLGHQFHRIGLVHDVH

$GHTXDWHO\WUHDWHGPXFRVDOJDVWULFFDQFHURUPXFRVDOFRORUHFWDOFDQFHU
ZLWKRXWHYLGHQFHRIGLVHDVH

'LDJQRVLVRI%XUNLWW¶V/HXNHPLDDFFRUGLQJWR:RUOG+HDOWK2UJDQL]DWLRQ:+2
FODVVLILFDWLRQ

+LVWRU\RUSUHVHQFHRIFOLQLFDOO\UHOHYDQW&16SDWKRORJ\VXFKDVHSLOHSV\
VHL]XUHSDUHVLVDSKDVLDVWURNHVHYHUHEUDLQLQMXULHVGHPHQWLD3DUNLQVRQ¶V
GLVHDVHFHUHEHOODUGLVHDVHRUJDQLFEUDLQV\QGURPHSV\FKRVLV

:LWKWKHH[FHSWLRQRI&16OHXNHPLDWKDWLVZHOOFRQWUROOHGZLWKLQWUDWKHFDO
WKHUDS\

$FWLYH$//LQWKH&16FRQILUPHGE\FHUHEURVSLQDOIOXLG>&6)DQDO\VLV@RUWHVWHV

,VRODWHGH[WUDPHGXOODU\GLVHDVH

&XUUHQWDXWRLPPXQHGLVHDVHRUKLVWRU\RIDXWRLPPXQHGLVHDVHZLWKSRWHQWLDO
&16LQYROYHPHQW

$XWRORJRXV+6&7ZLWKLQZHHNVSULRUWRVWDUWRIEOLQDWXPRPDEWUHDWPHQW

$OOR+6&7ZLWKLQZHHNVSULRUWRVWDUWRIEOLQDWXPRPDEWUHDWPHQW

$Q\DFWLYHDFXWH*UDIWYHUVXV+RVW'LVHDVH*Y+'JUDGHDFFRUGLQJWRWKH
*OXFNVEHUJFULWHULDRUDFWLYHFKURQLF*Y+'UHTXLULQJV\VWHPLFWUHDWPHQW

$Q\V\VWHPLFWKHUDS\DJDLQVW*Y+'ZLWKLQZHHNVSULRUWRVWDUWRI
EOLQDWXPRPDEWUHDWPHQW

&DQFHUFKHPRWKHUDS\ZLWKLQZHHNVSULRUWRVWDUWRIEOLQDWXPRPDEWUHDWPHQW
,QWUDWKHFDOFKHPRWKHUDS\DQGGH[DPHWKDVRQHDUHDOORZHGXQWLOVWDUWRI
EOLQDWXPRPDEWUHDWPHQW3HGLDWULFVXEMHFWVRQO\7\URVLQHNLQDVHLQKLELWRUV
DQGRUORZGRVHPDLQWHQDQFHWKHUDS\VXFKDVYLQFDDONDORLGVPHUFDSWRSXULQH
PHWKRWUH[DWHJOXFRFRUWLFRLGVLQWUDWKHFDOFKHPRWKHUDS\DQGGH[DPHWKDVRQHDUH
DOORZHGXQWLOVWDUWRIEOLQDWXPRPDE


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



5DGLRWKHUDS\ZLWKLQZHHNVSULRUWRVWDUWRIEOLQDWXPRPDEWUHDWPHQW

,PPXQRWKHUDS\HJULWX[LPDEZLWKLQZHHNVSULRUWRVWDUWRIEOLQDWXPRPDE
WUHDWPHQW

6XEMHFWUHFHLYHGSULRUDQWL&'WKHUDS\

(OLJLELOLW\IRUDOOR+6&7DWWKHWLPHRIHQUROOPHQWDVGHILQHGE\GLVHDVHVWDWXV
SHUIRUPDQFHVWDWXVDQGDYDLODELOLW\RIGRQRU

$EQRUPDOVFUHHQLQJODERUDWRU\YDOXHVDVGHILQHGEHORZ

$676*27DQGRU$/76*37DQGRU$/3[XSSHUOLPLWRIQRUPDO
8/1

7RWDOELOLUXELQ[8/1XQOHVVUHODWHGWR*LOEHUWVRU0HXOHQJUDFKW
GLVHDVH

&UHDWLQLQH8/1IRUDJHRUFUHDWLQLQHFOHDUDQFHP/PLQ

.QRZQLQIHFWLRQZLWKKXPDQLPPXQRGHILFLHQF\YLUXV+,9RUFKURQLFLQIHFWLRQ
ZLWKKHSDWLWLV%YLUXV+%V$JSRVLWLYHRUKHSDWLWLV&YLUXVDQWL+&9SRVLWLYH

&XUUHQWO\UHFHLYLQJWUHDWPHQWLQDQRWKHULQYHVWLJDWLRQDOGHYLFHRUGUXJVWXG\RU
OHVVWKDQZHHNVVLQFHHQGLQJWUHDWPHQWRQDQRWKHULQYHVWLJDWLRQDOGHYLFHRU
GUXJVWXG\V2WKHULQYHVWLJDWLRQDOSURFHGXUHVZKLOHSDUWLFLSDWLQJLQWKLVVWXG\
DUHH[FOXGHG

6XEMHFWKDVNQRZQVHQVLWLYLW\WRLPPXQRJOREXOLQVRUDQ\RIWKHSURGXFWVRU
FRPSRQHQWVWREHDGPLQLVWHUHGGXULQJGRVLQJ

6XEMHFWOLNHO\WRQRWEHDYDLODEOHWRFRPSOHWHDOOSURWRFROUHTXLUHGVWXG\YLVLWVRU
SURFHGXUHVLQFOXGLQJIROORZXSYLVLWVDQGRUWRFRPSO\ZLWKDOOUHTXLUHGVWXG\
SURFHGXUHVWRWKHEHVWRIWKHVXEMHFW¶VDQGLQYHVWLJDWRU¶VNQRZOHGJH

3UHYLRXVWUHDWPHQWZLWKEOLQDWXPRPDE

&KHPRWKHUDS\UHODWHGWR[LFLWLHVH[FOXGLQJKHPDWRORJLFWKDWKDYHQRWUHVROYHG
WRJUDGH

6\PSWRPVDQGRUFOLQLFDOVLJQVDQGRUUDGLRORJLFDODQGRUVRQRJUDSKLFVLJQVWKDW
LQGLFDWHDQDFXWHRUXQFRQWUROOHGFKURQLFLQIHFWLRQDQ\RWKHUFRQFXUUHQWGLVHDVH
RUPHGLFDOFRQGLWLRQWKDWFRXOGEHH[DFHUEDWHGE\WKHWUHDWPHQWRUZRXOG
VHULRXVO\FRPSOLFDWHFRPSOLDQFHZLWKWKHSURWRFRO

3UHJQDQWRUEUHDVWIHHGLQJZRPHQRUZRPHQZKRDUHSODQQLQJWREHFRPH
SUHJQDQWRUEUHDVWIHHGGXULQJWUHDWPHQWDQGIRUDQDGGLWLRQDOWLPHSHULRGDIWHU
GLVFRQWLQXLQJWUHDWPHQWWLPHSHULRGZLOOPDWFKUHTXLUHGIHPDOHFRQWUDFHSWLRQ
WLPHIUDPHRXWOLQHGLQ6HFWLRQ

)HPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOXQZLOOLQJWRXVHFRQWUDFHSWLRQDV
RXWOLQHGLQ6HFWLRQ
1RWH7KHSUHJQDQF\EUHDVWIHHGLQJDQGFRQWUDFHSWLYHUHTXLUHPHQWVDUH
VSHFLILFIRUEOLQDWXPRPDE7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUSURYLGLQJWKH
VXEMHFWPDOHDQGIHPDOHZLWKSUHJQDQF\DQGEUHDVWIHHGLQJIHPDOHRQO\
DYRLGDQFHUHTXLUHPHQWVIRURWKHUPHGLFDWLRQVJLYHQGXULQJWKHVWXG\


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



68%-(&7(152//0(17
%HIRUHVXEMHFWVEHJLQSDUWLFLSDWLRQLQDQ\VWXG\VSHFLILFDFWLYLWLHVSURFHGXUHV$PJHQ
UHTXLUHVDFRS\RIWKHVLWH¶VZULWWHQ,5%DSSURYDORIWKHSURWRFROLQIRUPHGFRQVHQWIRUP
,&)DQGDOORWKHUVXEMHFWLQIRUPDWLRQDQGRUUHFUXLWPHQWPDWHULDOLIDSSOLFDEOH
VHH6HFWLRQ
$OOVXEMHFWVRUOHJDOO\DFFHSWDEOHUHSUHVHQWDWLYHVPXVWSHUVRQDOO\VLJQDQGGDWHWKH,&)
DQGRUDVVHQWEHIRUHFRPPHQFHPHQWRIVWXG\VSHFLILFSURFHGXUHV3HGLDWULFVXEMHFWV
PXVWSHUVRQDOO\VLJQDQGGDWHWKHDVVHQWIRUPDVDSSURSULDWHDQGLIUHTXLUHGE\WKH
,5%
$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LQRQWKHHQUROOPHQWHOHFWURQLFFDVHUHSRUWIRUPH&5)
(DFKVXEMHFWZKRHQWHUVLQWRWKHVFUHHQLQJSHULRGIRUWKHVWXG\UHFHLYHVDXQLTXH
VXEMHFWLGHQWLILFDWLRQQXPEHUEHIRUHDQ\VWXG\UHODWHGDFWLYLWLHVSURFHGXUHVDUH
SHUIRUPHG7KHVXEMHFWLGHQWLILFDWLRQQXPEHUZLOOEHDVVLJQHGPDQXDOO\E\WKHVLWH



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
7KHVXEMHFWLGHQWLILFDWLRQQXPEHUPXVWUHPDLQFRQVWDQWWKURXJKRXWWKHHQWLUHFOLQLFDO
VWXG\LWPXVWQRWEHFKDQJHGDIWHULQLWLDODVVLJQPHQWLQFOXGLQJLIDVXEMHFWLV
UHVFUHHQHG

75($70(17352&('85(6

&ODVVLILFDWLRQRI3URGXFW
7KHLQYHVWLJDWLRQDOSURGXFWIRUWKLVVWXG\LVEOLQDWXPRPDE%OLQDWXPRPDEZLOOEH
PDQXIDFWXUHGDQGSDFNDJHGE\$PJHQ,QFDQGGLVWULEXWHGXVLQJ$PJHQFOLQLFDOVWXG\
GUXJGLVWULEXWLRQSURFHGXUHV
7KH,QYHVWLJDWLRQDO3URGXFW,QVWUXFWLRQ0DQXDO,3,0DGRFXPHQWH[WHUQDOWRWKLV
SURWRFROFRQWDLQVGHWDLOHGLQIRUPDWLRQUHJDUGLQJWKHVWRUDJHSUHSDUDWLRQDQG
DGPLQLVWUDWLRQRIEOLQDWXPRPDE
7KHWHUP³SUHSKDVHWKHUDSLHV´XVHGWKURXJKRXWWKHSURWRFROUHIHUVWRRWKHU
SURWRFROPDQGDWHGPHGLFDWLRQHJSUHSKDVHZLWKGH[DPHWKDVRQHRULQWUDWKHFDO
PP
D


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


SURSK\OD[LV3UHSKDVHWKHUDSLHVDUHFRPPHUFLDOO\DYDLODEOHDQGDUHQRWSURYLGHGRU
UHLPEXUVHGE\$PJHQH[FHSWLIUHTXLUHGE\ORFDOUHJXODWLRQ7KHLQYHVWLJDWRUZLOOEH
UHVSRQVLEOHIRUREWDLQLQJVXSSOLHVRIWKHVHSURWRFROVSHFLILHGWKHUDSLHV

%OLQDWXPRPDE
%OLQDWXPRPDEZLOOEHVXSSOLHGDVVLQJOHXVHJODVVLQMHFWLRQYLDOVFRQWDLQLQJDVWHULOH
SUHVHUYDWLYHIUHHZKLWHWRRIIZKLWHO\RSKLOL]HGSRZGHUIRU,9DGPLQLVWUDWLRQIROORZLQJ
UHFRQVWLWXWLRQZLWKVWHULOHZDWHUIRULQMHFWLRQ6WHULOHZDWHUIRULQMHFWLRQDQGVXSSOLHV
UHTXLUHGIRUUHFRQVWLWXWLRQDQGLQMHFWLRQRIEOLQDWXPRPDEZLOOQRWEHSURYLGHGWRFOLQLFDO
VLWHV
)RULQIRUPDWLRQVXUURXQGLQJWKHXVHRIDFRQWLQXRXVLQIXVLRQSXPSUHIHUWR6HFWLRQ

'RVDJH$GPLQLVWUDWLRQDQG6FKHGXOH
%OLQDWXPRPDELVDGPLQLVWHUHGDVD&,9,
$VLQJOHF\FOHRIEOLQDWXPRPDEWUHDWPHQWLVZHHNVLQGXUDWLRQZKLFKLQFOXGHVZHHNV
RIEOLQDWXPRPDE&,9,IROORZHGE\DZHHNWUHDWPHQWIUHHLQWHUYDO7KHWUHDWPHQWIUHH
LQWHUYDOPD\EHSURORQJHGE\XSWRGD\VLIGHHPHGQHFHVVDU\E\WKHLQYHVWLJDWRU
(DFKFRKRUWLQWKHVWXG\ZLOOUHFHLYHDFRPELQDWLRQRIGRVHOHYHOV,QWKHILUVWLQGXFWLRQ
F\FOHWKHLQLWLDOGRVHRIEOLQDWXPRPDEZLOOEHWKHORZHUDVVLJQHGGRVHOHYHOIRUWKHILUVW
GD\VRIWUHDWPHQWWRPLWLJDWHIRUSRWHQWLDO&56DQGQHXURORJLFHYHQWVDVVRFLDWHGZLWK
LQWURGXFWLRQWREOLQDWXPRPDEZKLFKWKHQZLOOEHHVFDODWHGGRVHVWHSWRWKHKLJKHU
DVVLJQHGGRVHOHYHOVWDUWLQJRQGD\ZHHNWKURXJKGD\ZHHN)RUDOO
VXEVHTXHQWF\FOHVEHJLQQLQJZLWKWKHVHFRQGLQGXFWLRQF\FOHDQGFRQWLQXLQJWKURXJK
FRQVROLGDWLRQIRUDSSOLFDEOHVXEMHFWVWKHKLJKHUDVVLJQHGGRVHOHYHOZLOOEHWKHGRVHIRU
DOOZHHNVRIFRQWLQXRXVWUHDWPHQW
%OLQDWXPRPDEZLOOEHDGPLQLVWHUHGSHUSURWRFROIRUDPD[LPXPRIWUHDWPHQWF\FOHVRU
XQWLOGRFXPHQWHGGLVHDVHSURJUHVVLRQLQWROHUDEOHDGYHUVHHYHQWRUZLWKGUDZDORI
FRQVHQW
7KHGUXJDGPLQLVWUDWLRQVKRXOGQRWEHLQWHUUXSWHGLISRVVLEOH,QFDVHRILQIXVLRQ
LQWHUUXSWLRQGXHWRDQ\WHFKQLFDORUORJLVWLFUHDVRQWKHLQWHUUXSWLRQVKRXOGEHDVVKRUWDV
SRVVLEOHDQGWKHLQIXVLRQFRQWLQXHGDWWKHHDUOLHVWWLPHSRVVLEOH,QWHUUXSWLRQVGXHWR
DGYHUVHHYHQWVVKRXOGEHGRFXPHQWHGDQGPDQDJHGSHU6HFWLRQ7KHGDWHDQG
WLPHRILQIXVLRQEDJFKDQJHVZLOOEHFROOHFWHGSULRUWR3.VDPSOHFROOHFWLRQDOOLQIXVLRQ
VWDUWDQGVWRSWLPHVDQGDQ\GRVHPRGLILFDWLRQVVKRXOGEHUHFRUGHGDFFXUDWHO\,IWKH
LQWHUUXSWLRQLVORQJHUWKDQKRXUVUHVWDUWRIWKHLQIXVLRQVKRXOGEHSHUIRUPHGXQGHUWKH


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


VXSHUYLVLRQRIWKHLQYHVWLJDWRU7KHVXEMHFWVKRXOGEHREVHUYHGRYHUQLJKWIRUSRVVLEOH
VLGHHIIHFWVDIWHUWKHUHVWDUW$GPLQLVWUDWLRQRIGH[DPHWKDVRQHSUHPHGLFDWLRQDV
GHVFULEHGLQ7DEOHLVUHFRPPHQGHG,ISRVVLEOHWKHLQIXVLRQGXUDWLRQEHIRUHDQGDIWHU
DQLQWHUUXSWLRQVKRXOGWRWDOGD\VSHUWUHDWPHQWF\FOH
7KHGDLO\EOLQDWXPRPDEGRVHPD\EHXSWRORZHURUKLJKHUWRDFFRXQWIRU
,9KDQGOLQJSURFHGXUHVDQGSRVVLEOHSXPSLQDFFXUDFLHV)RUGRVHPRGLILFDWLRQVLQFDVH
RIDGYHUVHHYHQWVVHH6HFWLRQ
$GRVHRIXSWRKLJKHUWKDQWKHLQWHQGHGGRVHPD\QRWUHTXLUHVSHFLILFLQWHUYHQWLRQ
,QFDVHRIRYHUGRVH!KLJKHUGRVHRUPHGLFDWLRQHUURUWKHLQIXVLRQVKRXOGEH
LPPHGLDWHO\VWRSSHG5RXWLQHVXSSRUWLYHDQGV\PSWRPDWLFFDUHDFFRUGLQJWRVWDQGDUG
PHGLFDOSUDFWLFHLVUHFRPPHQGHG2QFHWKHVXEMHFWLVVWDELOL]HGDQGQRFOLQLFDOO\
UHOHYDQWVDIHW\ILQGLQJVGXHWREOLQDWXPRPDEDUHREVHUYHGUHVXPSWLRQRIEOLQDWXPRPDE
DWDFRUUHFWGRVHFDQEHFRQVLGHUHGDIWHUFRQVXOWDWLRQZLWKWKH$PJHQPHGLFDOPRQLWRU
$GRVHRI!KLJKHUWKDQWKHLQWHQGHGEOLQDWXPRPDEGRVHZLOOEHFRQVLGHUHG
FOLQLFDOO\LPSRUWDQWDQGFODVVLILHGDVDVHULRXVDGYHUVHHYHQWXQGHUWKHFULWHULRQRI³RWKHU
PHGLFDOO\LPSRUWDQWVHULRXVHYHQW´SHU6HFWLRQ,IWKHRYHUGRVHUHVXOWVLQ
DGGLWLRQDODGYHUVHHYHQWVWKHVXEMHFWVKRXOGEHIROORZHGFDUHIXOO\XQWLODOOVLJQVRI
WR[LFLW\DUHUHVROYHGDQGWKHDGYHUVHHYHQWVVKRXOGEHUHFRUGHGUHSRUWHGSHU6HFWLRQ
RIWKHSURWRFRO
7KHGRVHVWDUWDQGVWRSGDWHWLPHDQGORWQXPEHURISURWRFROVSHFLILHGWKHUDS\DUHWR
EHUHFRUGHGRQHDFKVXEMHFW¶VH&5)
7KHGRVLQJVFKHGXOHLVGHVFULEHGE\DVFKHPDLQWKHSURWRFROV\QRSVLV

%OLQDWXPRPDE,QSDWLHQW'RVLQJ
'XULQJF\FOHLQSDWLHQWKRVSLWDOL]DWLRQZLOOEHUHTXLUHGIRUWKHGXUDWLRQRIWKH'/7
REVHUYDWLRQSHULRGGD\VWKURXJK'XULQJVXEVHTXHQWF\FOHVLQSDWLHQW
KRVSLWDOL]DWLRQLVUHTXLUHGIRUWKHILUVWKRXUVDIWHUWUHDWPHQWVWDUWDQGDIWHUDQ\GRVH
VWHSWRDOORZFORVHPRQLWRULQJIRUSRWHQWLDODGYHUVHHYHQWVDVVRFLDWHGZLWK7FHOO
UHGLVWULEXWLRQDQGSRWHQWLDOF\WRNLQHUHOHDVHHIIHFWVWULJJHUHGE\WKHDGPLQLVWUDWLRQRI
EOLQDWXPRPDE,WLVVWURQJO\UHFRPPHQGHGWKDWVXEMHFWVUHPDLQKRVSLWDOL]HGIRUWKH
UHPDLQGHURIHDFKWUHDWPHQWF\FOHWRHQVXUHVXEMHFWVPD\FRQWLQXHWREHPRQLWRUHG
IUHTXHQWO\7KHKRVSLWDOL]DWLRQWLPHGHSHQGVRQLQYHVWLJDWRUVMXGJPHQWDVZHOODV
VDIHW\DQGWROHUDELOLW\RIEOLQDWXPRPDE


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


,QIXVLRQEDJVZLOOEHFKDQJHGE\VLWHQXUVLQJSHUVRQQHOWUDLQHGRQWKHSURWRFRODQGRQ
WKHSURSHUDGPLQLVWUDWLRQRIEOLQDWXPRPDE1XUVHVSK\VLFLDQVDGHTXDWHO\WUDLQHGLQ
HPHUJHQF\PHGLFLQHVKRXOGEHDYDLODEOHIRULPPHGLDWHLQWHUYHQWLRQLQFDVHRI
FRPSOLFDWLRQV

%OLQDWXPRPDE2XWSDWLHQW'RVLQJ
$IWHUDVXEMHFWPHHWVWKHPLQLPXPFULWHULDIRULQSDWLHQWDGPLQLVWUDWLRQDQGPRQLWRULQJDV
GHVFULEHGLQWKHDERYHVHFWLRQDQGLIDVXEMHFWLVGHHPHGVWDEOHE\WKHLQYHVWLJDWRU
VXEMHFWVPD\EHSHUPLWWHGWROHDYHWKHFOLQLFSHULRGLFDOO\%OLQDWXPRPDELQIXVLRQVKRXOG
FRQWLQXHLQWKHRXWSDWLHQWVHWWLQJXQGHUDGHTXDWHPHGLFDOVXSHUYLVLRQ2XWSDWLHQW
EOLQDWXPRPDEWUHDWPHQWVKRXOGEHDOORZHGRQO\IRUWKHFOLQLFDOVLWHVZKHUHRXWSDWLHQW
FRQWLQXRXVLQWUDYHQRXVLQMHFWLRQLVDEOHWREHDSSURSULDWHO\PDQDJHGLQFOXGLQJFRYHUDJH
IRUHPHUJHQFLHVH[SHULHQFHGDWQLJKWRURQKROLGD\V7KHVXEMHFWZLOOUHWXUQWRWKHVWXG\
VLWHIRUFKDQJHVRILQIXVLRQEDJV
,QWKHHYHQWRIGUXJLQWHUUXSWLRQVRI!KRXUVWKHUHVWDUWRIWKHLQIXVLRQVKRXOGEH
SHUIRUPHGLQWKHFOLQLFKRVSLWDOXQGHUWKHVXSHUYLVLRQRIWKHLQYHVWLJDWRUZLWK
GH[DPHWKDVRQHSUHPHGLFDWLRQDVGHVFULEHGLQ7DEOH
,QFDVHRIDQ\DGYHUVHHYHQWLQWKHRXWSDWLHQWVHWWLQJWKHVXEMHFWVKRXOGUHWXUQWRWKH
FOLQLFLPPHGLDWHO\DQGWKHVXEMHFWVKRXOGFRQWDFWWKHLQYHVWLJDWRULPPHGLDWHO\IRUIXUWKHU
LQVWUXFWLRQRQPDQDJHPHQWDQGDVVHVVPHQWRIDGYHUVHHYHQWVE\WKHLQYHVWLJDWRU

3KDVHE'RVHFRKRUW6WXG\'HHVFDODWLRQDQG6WRSSLQJ5XOHV

'/7&ULWHULD
$'/7ZLOOEHGHILQHGDVIROORZV
x
$Q\&7&$(JUDGHDGYHUVHHYHQWUHODWHGWREOLQDWXPRPDEZLWKH[FHSWLRQV
QRWHGEHORZ
x
3HUVLVWHQW&7&$(JUDGHQRQKHPDWRORJLFDGYHUVHHYHQWVUHODWHGWR
EOLQDWXPRPDEWKDWDUHGHHPHGLQWROHUDEOHE\WKHVXEMHFWRUWKHWUHDWLQJ
SK\VLFLDQWKDWGRQRWUHVSRQGWRDSSURSULDWHPHGLFDOPDQDJHPHQWZLWKLQGD\V
DQGOHDGWRWUHDWPHQWGLVFRQWLQXDWLRQ
x
1RQKHPDWRORJLFRUQRQLQIHFWLRQDGYHUVHHYHQWVUHODWHGWREOLQDWXPRPDE
OHDGLQJWRWUHDWPHQWGLVFRQWLQXDWLRQODVWLQJ!GD\VDUHWREHFRQVLGHUHG'/7V
E\WKH'5&UHJDUGOHVVRIWKHLULQFOXVLRQLQ$SSHQGL[+DQG$SSHQGL[,


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


7KHIROORZLQJZLOOQRWEHFRQVLGHUHG'/7V
x
6SHFLILF&7&$(JUDGHDGYHUVHHYHQWVFRQVLGHUHGWREHFRQVLVWHQWZLWKWKH
FXUUHQWNQRZQVDIHW\SURILOHRIEOLQDWXPRPDE$SSHQGL[+DQG$SSHQGL[,
+RZHYHUDGYHUVHHYHQWVLQ$SSHQGL[+DQG$SSHQGL[,ZKLFKGLIIHUVXEVWDQWLDOO\
LQVHYHULW\RUWROHUDELOLW\FRPSDUHGWRWKHFXUUHQWO\NQRZQVDIHW\SURILOHDV
GHWHUPLQHGE\WKH'5&PD\EHFRQVLGHUHGD'/7
x
&7&$(JUDGHIHYHURULQIHFWLRQ
x
/DERUDWRU\SDUDPHWHUVRI&7&$(JUDGHQRWFRQVLGHUHGFOLQLFDOO\UHOHYDQW
DQGRUUHVSRQGLQJWRURXWLQHPHGLFDOPDQDJHPHQW

'/72EVHUYDWLRQ3HULRG
7KHWLPHIRUWKH'/7DVVHVVPHQWZLOOEHWKHILUVWGD\VRIWUHDWPHQWEDVHGRQWKH
REVHUYDWLRQWKDWPRVWDGYHUVHHYHQWVDUHXVXDOO\REVHUYHGZLWKLQDIHZGD\VRI
WUHDWPHQWLQLWLDWLRQDQGGRVHVWHS,IWKHGRVHPRGLILFDWLRQSHU7DEOHLVIROORZHGWLPH
IRUWKH'/7DVVHVVPHQWZLOOEHWKHILUVWGD\V$QREVHUYHG'/7ZLOOEHDWWULEXWHGWR
WKHEOLQDWXPRPDEGRVHOHYHODGPLQLVWHUHGDWWKHWLPHDWZKLFKWKH'/7RFFXUUHG

'RVH'HHVFDODWLRQ5XOHV
07'ZLOOEHGHILQHGDVWKHGRVHOHYHODWZKLFKRIVXEMHFWVH[SHULHQFHD'/7RUWKH
PD[LPXPDGPLQLVWHUHGGRVH0$'7KH0$'WREHWHVWHGZLOOEHJGD\IRUDGXOWV
DQGJPGD\IRUSHGLDWULFVXEMHFWV7KH07'GHILQHVWKHVWRSSLQJUXOHVIRUWKH
VWXG\
6XEMHFWVZLOOEHHQUROOHGDFFRUGLQJWRWKH³UROOLQJVL[´SKDVHGHVLJQ
6NROQLNHWDO7KHGHFLVLRQUXOHVGHILQLQJWKHQXPEHURIVXEMHFWVHQUROOHGLQD
GRVHOHYHODUHVKRZQLQ7DEOH
7DEOH5ROOLQJ6L[3KDVH'RVH'HHVFDODWLRQ'HFLVLRQ5XOHV
(QUROOHG
6XEMHFWVZLWKD
'/7VDWHQGRIGD\
2EVHUYDWLRQ3HULRG
6XEMHFWV:LWK'DWD
3HQGLQJ
'HFLVLRQ



'HHVFDODWH


RU
'HHVFDODWH


RU
'HHVFDODWH



6HOHFWGRVHIRU3KDVH


RU
'HHVFDODWH

RU
RU
6HOHFWGRVHIRU3KDVH


RU
'HHVFDODWH
,IILQDOGRVHOHYHOKDVEHHQUHDFKHGDFFUXDOZLOOEHVXVSHQGHGXQWLOWKHGD\'/7REVHUYDWLRQSHULRGLV
FRPSOHWH


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



'RVH'HHVFDODWLRQ5XOHVIRU$GXOW6XEMHFWV
'XULQJWKH3KDVHESDUWXSWRVXEMHFWVZLOOEHHQUROOHGLQ&RKRUW$DQGUHFHLYHRQH
WRILYHWUHDWPHQWF\FOHVRIEOLQDWXPRPDEDWDWDUJHWEOLQDWXPRPDEGRVHRIJGD\
&,9,DVGHVFULEHGLQ6HFWLRQ&RKRUWPD\RSHQDVVRRQDVVXEMHFWVKDYH
FRPSOHWHGWKH'/7REVHUYDWLRQSHULRGZLWKQR'/7VRUZKHQVXEMHFWVKDYH
FRPSOHWHGWKH'/7REVHUYDWLRQSHULRGZLWK'/7,IVXEMHFWVH[SHULHQFHD'/7
GXULQJWKH'/7REVHUYDWLRQSHULRGZKLOHUHFHLYLQJJGD\GXULQJ&RKRUW$WKHFRKRUW
ZLOOEHFORVHGDQG&RKRUW&ZLOORSHQDWDGHHVFDODWHGGRVHOHYHORIEOLQDWXPRPDE
,IVXEMHFWVH[SHULHQFHD'/7GXULQJWKH'/7REVHUYDWLRQSHULRGZKLOHUHFHLYLQJ
JGD\GXULQJ&RKRUW$WKHFRKRUWZLOOEHFORVHGDQG&RKRUW%ZLOORSHQDWD
GHHVFDODWHGGRVHOHYHORIEOLQDWXPRPDE)XUWKHULIVXEMHFWH[SHULHQFHVD'/7DW
JGD\DQGVXEMHFWH[SHULHQFHVD'/7DWJGD\GXULQJWKH'/7REVHUYDWLRQ
SHULRGLQ&RKRUW$WKHFRKRUWZLOOEHFORVHGDQG&RKRUW'ZLOORSHQDWDGHHVFDODWHG
GRVHOHYHORIEOLQDWXPRPDE
,Q&RKRUW%XSWRVXEMHFWVZLOOUHFHLYHDWDUJHWEOLQDWXPRPDEGRVHRIJGD\
&,9,&RKRUWPD\RSHQDVVRRQDVVXEMHFWVKDYHFRPSOHWHGWKH'/7REVHUYDWLRQ
SHULRGZLWKQR'/7VRUZKHQVXEMHFWVKDYHFRPSOHWHGWKH'/7REVHUYDWLRQSHULRG
ZLWK'/7,IVXEMHFWVH[SHULHQFHD'/7GXULQJWKH'/7REVHUYDWLRQSHULRG
GXULQJ&RKRUW%LUUHVSHFWLYHRIGRVHOHYHOWKHFRKRUWZLOOEHFORVHGDQG&RKRUW'ZLOO
RSHQDWDGHHVFDODWHGGRVHOHYHORIEOLQDWXPRPDE
,Q&RKRUW&XSWRVXEMHFWVZLOOUHFHLYHDWDUJHWEOLQDWXPRPDEGRVHRIJGD\
&,9,&RKRUWPD\RSHQDVVRRQDVVXEMHFWVKDYHFRPSOHWHGWKH'/7REVHUYDWLRQ
SHULRGZLWKQR'/7VRUZKHQVXEMHFWVKDYHFRPSOHWHGWKH'/7REVHUYDWLRQSHULRG
ZLWK'/7,IVXEMHFWVH[SHULHQFHD'/7GXULQJWKH'/7REVHUYDWLRQSHULRG
GXULQJ&RKRUW&LUUHVSHFWLYHRIGRVHOHYHOWKHFRKRUWZLOOEHFORVHGDQG&RKRUW'ZLOO
RSHQDWDGHHVFDODWHGGRVHOHYHORIEOLQDWXPRPDE
,Q&RKRUW'XSWRVXEMHFWVZLOOUHFHLYHDWDUJHWEOLQDWXPRPDEGRVHRIJGD\
&,9,&RKRUWPD\RSHQDVVRRQDVVXEMHFWVKDYHFRPSOHWHGWKH'/7REVHUYDWLRQ
SHULRGZLWKQR'/7VRUZKHQVXEMHFWVKDYHFRPSOHWHGWKH'/7REVHUYDWLRQSHULRG
ZLWK'/7,IVXEMHFWVH[SHULHQFHD'/7GXULQJWKH'/7REVHUYDWLRQSHULRG
GXULQJ&RKRUW'LUUHVSHFWLYHRIGRVHOHYHOIXUWKHUHQUROOPHQWLQWRWKHVWXG\ZLOOEH
VXVSHQGHGXQWLOIXUWKHUQRWLFH$GGLWLRQDOFRKRUWVPD\EHRSHQHGDWWKHGLVFUHWLRQRI
$PJHQ


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


,QWKHH[SDQVLRQFRKRUWDGXOWVXEMHFWVZLOOUHFHLYHWKH3KDVHGRVHJGD\RI
EOLQDWXPRPDE
6XEMHFWVZKRH[SHULHQFHD'/7PD\UHVWDUWWUHDWPHQWDWDUHGXFHGGRVHDIWHUWKH'/7
KDVUHVROYHGDQGWKHLQYHVWLJDWRUKDVFRQVXOWHGZLWKDQ$PJHQPHGLFDOPRQLWRU
6XEMHFWVZKRGRQRWH[SHULHQFHD'/7RUPHHWRWKHUFULWHULDIRUGRVHPRGLILFDWLRQSHU
6HFWLRQDWWKHWLPHDFRKRUWLVFORVHGPD\FRQWLQXHWUHDWPHQWDWDUHGXFHGGRVH
DIWHUWKHLQYHVWLJDWRUKDVFRQVXOWHGZLWKDQ$PJHQPHGLFDOPRQLWRU
7KHVWXG\GHVLJQVFKHPDLQWKHSURWRFROV\QRSVLVIXUWKHULOOXVWUDWHVWKHGRVH
GHHVFDODWLRQUXOHV%OLQDWXPRPDEGRVHOHYHOVE\FRKRUWDUHGHVFULEHGLQ7DEOH
7DEOH%OLQDWXPRPDE$GXOW'RVH/HYHOVE\&RKRUW
3DUW
&RKRUW
%OLQDWXPRPDE
&\FOH
,QGXFWLRQ
&\FOHV
,QGXFWLRQDQG
&RQVROLGDWLRQ
'WR'
'WR'
'WR'
3KDVHE
$
JGD\&,9,
JGD\&,9,
JGD\&,9,
3KDVHE
%
JGD\&,9,
JGD\&,9,
JGD\&,9,
3KDVHE
&
JGD\&,9,
JGD\&,9,
JGD\&,9,
3KDVHE
'
JGD\&,9,
JGD\&,9,
JGD\&,9,
3KDVH



3KDVH07'
RUJGD\&,9,
3KDVH07'
RUJGD\&,9,
3KDVH07'
RUJGD\&,9,
6XEMHFWVZKRDFKLHYHDFRPSOHWHUHPLVVLRQ&5GHILQHGDV&5&5KZLWKLQLQGXFWLRQF\FOHVRI
WUHDWPHQWPD\UHFHLYHFRQVROLGDWLRQF\FOHVRIEOLQDWXPRPDEXSWRDPD[LPXPRIWRWDOLQGXFWLRQDQG
FRQVROLGDWLRQF\FOHVRUGLVHDVHSURJUHVVLRQLQWROHUDEOHDGYHUVHHYHQWRUZLWKGUDZDORIFRQVHQW

'RVH'HHVFDODWLRQ5XOHVIRU3HGLDWULF6XEMHFWV
8SWRVXEMHFWVZLOOEHHQUROOHGLQ&RKRUW3DQGUHFHLYHRQHWRILYHWUHDWPHQWF\FOHVRI
EOLQDWXPRPDEDWDWDUJHWEOLQDWXPRPDEGRVHRIJPGD\&,9,DVGHVFULEHGLQ
6HFWLRQ,IVXEMHFWVH[SHULHQFHD'/7GXULQJWKH'/7REVHUYDWLRQSHULRGZKLOH
UHFHLYLQJJPGD\GXULQJ&RKRUW3WKHFRKRUWZLOOEHFORVHGDQG&RKRUW3ZLOO
RSHQDWDGHHVFDODWHGGRVHOHYHORIEOLQDWXPRPDE,IVXEMHFWVH[SHULHQFHD'/7
GXULQJWKH'/7REVHUYDWLRQSHULRGZKLOHUHFHLYLQJJPGD\GXULQJ&RKRUW3WKH
FRKRUWZLOOEHFORVHGDQG&RKRUW3ZLOORSHQDWDGHHVFDODWHGGRVHOHYHORI
EOLQDWXPRPDE)XUWKHULIVXEMHFWH[SHULHQFHVD'/7DWJPGD\DQGVXEMHFW
H[SHULHQFHVD'/7DWJPGD\GXULQJWKH'/7REVHUYDWLRQSHULRGLQ&RKRUW3WKH


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


FRKRUWZLOOEHFORVHGDQG&RKRUW3ZLOORSHQDWDGHHVFDODWHGGRVHOHYHORI
EOLQDWXPRPDE
,Q&RKRUW3XSWRVXEMHFWVZLOOUHFHLYHDWDUJHWEOLQDWXPRPDEGRVHRIJPGD\
&,9,,IVXEMHFWVH[SHULHQFHD'/7GXULQJWKH'/7REVHUYDWLRQSHULRGGXULQJ
&RKRUW3LUUHVSHFWLYHRIGRVHOHYHOWKHFRKRUWZLOOEHFORVHGDQG&RKRUW3ZLOORSHQ
DWDGHHVFDODWHGGRVHOHYHORIEOLQDWXPRPDE
,Q&RKRUW3XSWRVXEMHFWVZLOOUHFHLYHDWDUJHWEOLQDWXPRPDEGRVHRI
JPGD\&,9,,IVXEMHFWVH[SHULHQFHD'/7GXULQJWKH'/7REVHUYDWLRQ
SHULRGGXULQJ&RKRUW3LUUHVSHFWLYHRIGRVHOHYHOWKHFRKRUWZLOOEHFORVHGDQG&RKRUW
3ZLOORSHQDWDGHHVFDODWHGGRVHOHYHORIEOLQDWXPRPDE
,Q&RKRUW3XSWRVXEMHFWVZLOOUHFHLYHDWDUJHWEOLQDWXPRPDEGRVHRI
JPGD\&,9,,IVXEMHFWVH[SHULHQFHD'/7GXULQJWKH'/7REVHUYDWLRQ
SHULRGGXULQJ&RKRUW3LUUHVSHFWLYHRIGRVHOHYHOIXUWKHUHQUROOPHQWLQWRWKHVWXG\ZLOO
EHVXVSHQGHGXQWLOIXUWKHUQRWLFH$GGLWLRQDOFRKRUWVPD\EHRSHQHGDWWKHGLVFUHWLRQRI
$PJHQ
,QWKHH[SDQVLRQFRKRUWSHGLDWULFVXEMHFWVZLOOUHFHLYHWKHGRVHVHOHFWHGIURPWKH
3KDVHSDUWJPðGD\RIEOLQDWXPRPDE
6XEMHFWVZKRH[SHULHQFHD'/7PD\UHVWDUWWUHDWPHQWDWDUHGXFHGGRVHDIWHUWKH'/7
KDVUHVROYHGDQGWKHLQYHVWLJDWRUKDVFRQVXOWHGZLWKDQ$PJHQPHGLFDOPRQLWRU
6XEMHFWVZKRGRQRWH[SHULHQFHD'/7RUPHHWRWKHUFULWHULDIRUGRVHPRGLILFDWLRQSHU
6HFWLRQDWWKHWLPHDFRKRUWLVFORVHGPD\FRQWLQXHWUHDWPHQWDWDUHGXFHGGRVH
DIWHUWKHLQYHVWLJDWRUKDVFRQVXOWHGZLWKDQ$PJHQPHGLFDOPRQLWRU
7KHVWXG\GHVLJQVFKHPDLQWKHSURWRFROV\QRSVLVIXUWKHULOOXVWUDWHVWKHGRVH
GHHVFDODWLRQUXOHV%OLQDWXPRPDEGRVHOHYHOVE\FRKRUWDUHGHVFULEHGLQ7DEOH


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


7DEOH%OLQDWXPRPDE3HGLDWULF'RVH/HYHOVE\&RKRUW
3DUW
&RKRUW
%OLQDWXPRPDE
&\FOH
,QGXFWLRQ
&\FOHVWR
,QGXFWLRQDQG
&RQVROLGDWLRQD
'D\WR'D\
'D\WR'D\
'D\WR'D\
3KDVHE
3
JPGD\&,9,
JPGD\&,9,
JPGD\&,9,
3KDVHE
3
JPGD\&,9,
JPGD\&,9,
JPGD\&,9,
3KDVHE
3
JPGD\&,9,
JPGD\&,9,
JPGD\&,9,
3KDVHE
3
JPGD\&,9,
JPGD\&,9,
JPGD\&,9,
&,9, FRQWLQXRXVLQWUDYHQRXVLQIXVLRQ
D6XEMHFWVZKRDFKLHYHDERQHPDUURZUHVSRQVHEODVWVZLWKLQLQGXFWLRQF\FOHVRIWUHDWPHQWPD\
UHFHLYHFRQVROLGDWLRQF\FOHVRIEOLQDWXPRPDEXSWRDPD[LPXPRIWRWDOLQGXFWLRQDQGFRQVROLGDWLRQ
F\FOHVRUGLVHDVHSURJUHVVLRQLQWROHUDEOHDGYHUVHHYHQWRUZLWKGUDZDORIFRQVHQW

'DWD5HYLHZ&RPPLWWHH
$'5&ZLOOUHYLHZVDIHW\GDWDIURPHDFKFRKRUWLQWKH3KDVHESDUWWRGHWHUPLQHLI
EOLQDWXPRPDELVVDIHDQGWROHUDEOHDVGHILQHGE\'/7FULWHULDWDNLQJLQWRDFFRXQWD
JHQHUDOEHQHILWULVNDVVHVVPHQW3.GDWDPD\EHUHYLHZHGLIDYDLODEOH7KH'5&ZLOO
PHHWWRFRQILUPWKHGHFLVLRQUXOHVDQGUHFRPPHQGDWLRQVVXPPDUL]HGLQ7DEOHIRU
DGXOWVXEMHFWVDQG7DEOHIRUSHGLDWULFVXEMHFWVZKHQDQ\RIWKHIROORZLQJFULWHULDDUH
PHW
x
RUPRUHVXEMHFWVKDYHH[SHULHQFHGD'/7LQDFRKRUW
x
RUVXEMHFWVDUHHQUROOHGLQDFRKRUWDQGDOOVXEMHFWVKDYHFRPSOHWHGWKH
GD\'/7REVHUYDWLRQSHULRG
7KH'5&ZLOOFRQVLVWRIDWDPLQLPXPPHPEHUVIURPWKH$PJHQDQG$PJHQ$VWHOODV
%LRSKDUPD$$%3VWXG\WHDPVLQFOXGLQJDWOHDVWRQHFOLQLFLDQRQHVDIHW\
UHSUHVHQWDWLYHDQGRQHLQYHVWLJDWRUSDUWLFLSDWLQJLQWKHVWXG\ZKRKDVUHFUXLWHGVXEMHFWV
LQWRWKHFRKRUWXQGHUUHYLHZ5HIHUWR6HFWLRQIRUPRUHLQIRUPDWLRQRQWKHVFRSH
RIWKH'5&
$GYHUVHHYHQWVLQ$SSHQGL[+DQG$SSHQGL[,ZKLFKGLIIHUVXEVWDQWLDOO\LQVHYHULW\RU
WROHUDELOLW\FRPSDUHGWRWKHFXUUHQWO\NQRZQVDIHW\SURILOHDVGHWHUPLQHGE\WKH'5&ZLOO
EHUHYLHZHGE\WKHLQGHSHQGHQW'60%


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



'H[DPHWKDVRQH3UHPHGLFDWLRQ
3UHPHGLFDWLRQZLWKGH[DPHWKDVRQHLVLQWHQGHGWRSUHYHQWQHXURORJLF&56DQGWXPRU
O\VLVV\QGURPHHYHQWVDVVRFLDWHGZLWKEOLQDWXPRPDEWUHDWPHQW
7DEOHEHORZVXPPDUL]HVGH[DPHWKDVRQHXVHSULRUWREOLQDWXPRPDEWUHDWPHQWGXULQJ
GLIIHUHQWSKDVHVRIWKHVWXG\3OHDVHDOVRUHIHUWRDSSURSULDWHSURWRFROVHFWLRQVIRU
VSHFLILFGHWDLOVDVQRWDOOLQIRUPDWLRQLVFRQWDLQHGZLWKLQ7DEOH$VFODULILFDWLRQWKH
GH[DPHWKDVRQHGRVDJHVUHIHUHQFHGLQWKHSURWRFRODUHLQFOXVLYHRIWKHVDOW
HJGH[DPHWKDVRQHVRGLXPSKRVSKDWH



3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


7DEOH'H[DPHWKDVRQH3UHPHGLFDWLRQ
7UHDWPHQW3KDVH
7DUJHW6XEMHFW
'H[DPHWKDVRQH'RVH
&RPPHQWV
3UHSKDVH7KHUDS\3ULRU
WR6WDUWRI7UHDWPHQW
0DQGDWRU\LI
x
%ODVWSURSRUWLRQLQERQH
PDUURZLV!25
x
3HULSKHUDOEORRGEODVWFRXQW
/
5HFRPPHQGHGLI
x
/'+LQGLFDWHVUDSLGO\
SURJUHVVLQJGLVHDVH25
x
([WUDPHGXOODU\KLJKWXPRUORDG
$GXOWVDQG3HGLDWULFV
'H[DPHWKDVRQHPJPGD\FDQEHDGPLQLVWHUHGXSWRGD\VGXULQJ
VFUHHQLQJSUHIHUDEO\,9,ILQGLFDWHGGH[DPHWKDVRQHPD\EHLQFUHDVHGWRDQ
DEVROXWHPD[LPXPRIPJGD\
6HHSURWRFRO
6HFWLRQ
3UHGRVH
'H[DPHWKDVRQH
$OOVXEMHFWV
$GXOWVSULRUWRHDFKWUHDWPHQWF\FOHDQGGRVHVWHS
'H[DPHWKDVRQHPJ,9ZLWKLQKRXUSULRUWRVWDUWRILQIXVLRQLQHDFK
WUHDWPHQWF\FOHDQGZLWKLQKRXUSULRUWRGRVHVWHS
3HGLDWULFVSULRUWR&\FOH
'H[DPHWKDVRQHPJPRUDORU,9ZLWKLQKRXUV$1'PJPRUDORU,9
ZLWKLQPLQXWHVSULRUWRWKHVWDUWRILQIXVLRQ
6HHSURWRFRO
6HFWLRQ
,QIXVLRQ,QWHUUXSWLRQ'RVH
0RGLILFDWLRQ'XHWR
$GYHUVH(YHQW
6XEMHFWVZLWKWUHDWPHQWLQWHUUXSWLRQ
!KRXUV
$GXOWV
'H[DPHWKDVRQHPJ,9ZLWKLQKRXUSULRUWRUHVWDUWRIWUHDWPHQW
3HGLDWULFV
'H[DPHWKDVRQHPJP RUDORU,9ZLWKLQKRXUV$1'PJP RUDORU,9
ZLWKLQPLQXWHVSULRUWRUHVWDUWRIWUHDWPHQW
6HHSURWRFRO
6HFWLRQ
DQG
,QFDVHRIVLJQVRI
F\WRNLQHUHOHDVH&56
6XEMHFWVZLWKVLJQVRI&56
$GXOWV
'H[DPHWKDVRQHDWDPD[LPXPGRVHRIPJWLPHVSHUGD\5HGXFH
VWHSZLVHRYHUGD\VRUDVRWKHUZLVHDSSURSULDWHSHULQYHVWLJDWRU
3HGLDWULFV
'H[DPHWKDVRQHDWDWRWDOGDLO\GRVHRIDWOHDVWPJNJGD\SUHIHUDEO\
,9PD[LPXPPJGD\GLYLGHGLQWRGRVHVSHUGD\IRUXSWRGD\VWKHQ
UHGXFHGVWHSZLVHE\DWOHDVWSHUGD\RYHUXSWRGD\V
6HHSURWRFRO
6HFWLRQ
,QIXVLRQ,QWHUUXSWLRQ'RVH
0RGLILFDWLRQ'XHWR
1HXURORJLF(YHQWV
6XEMHFWVZLWK&16UHODWHGDGYHUVH
HYHQW
$GXOWV
'H[DPHWKDVRQHXSWRPJGD\IRUXSWRGD\V5HGXFHVWHSZLVHRYHU
GD\V RUDVRWKHUZLVHDSSURSULDWHSHULQYHVWLJDWRU
3HGLDWULFV
'H[DPHWKDVRQHDWDWRWDOGDLO\GRVHRIDWOHDVWPJNJGD\SUHIHUDEO\
,9PD[LPXPPJGD\GLYLGHGLQWRGRVHVSHUGD\IRUXSWRGD\VWKHQ
UHGXFHGVWHSZLVHE\DWOHDVWSHUGD\RYHUXSWRGD\V
6HHSURWRFRO
6HFWLRQ


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



3UHSKDVH7KHUDS\3ULRUWR6WDUWRI%OLQDWXPRPDE7UHDWPHQW
3UHPHGLFDWLRQZLWKGH[DPHWKDVRQHLVLQWHQGHGWRSUHYHQWQHXURORJLF&56DQGWXPRU
O\VLVV\QGURPHHYHQWVDVVRFLDWHGZLWKEOLQDWXPRPDEWUHDWPHQW3OHDVHUHIHUWR7DEOH
IRUSUHSKDVHGRVLQJLQVWUXFWLRQVZLWKGH[DPHWKDVRQH
0DQGDWRU\SUHSKDVHWKHUDS\ZLWKGH[DPHWKDVRQHLVUHTXLUHGSULRUWREOLQDWXPRPDE
WUHDWPHQWLIWKHIROORZLQJFULWHULDDUHPHW
x
3URSRUWLRQRIEODVWVGHWHUPLQHGE\F\WRPRUSKRORJ\LV!25
x
3HULSKHUDOEORRGEODVWFRXQW/
3UHSKDVHWKHUDS\ZLWKGH[DPHWKDVRQHLVUHFRPPHQGHGSULRUWREOLQDWXPRPDE
WUHDWPHQWIRUDOOVXEMHFWVSDUWLFXODUO\LILQWKHRSLQLRQRIWKHLQYHVWLJDWRU
x
/'+LQGLFDWHVUDSLGO\SURJUHVVLQJGLVHDVH25
x
6LJQVRIH[WUDPHGXOODU\GLVHDVHVKRZKLJKWXPRUORDG
3UHSKDVHGH[DPHWKDVRQHDWDGRVHXSWRPJPGD\FDQEHDGPLQLVWHUHGXSWR
GD\VGXULQJVFUHHQLQJSUHIHUDEO\,9,IFOLQLFDOO\LQGLFDWHGWKHGH[DPHWKDVRQHGRVH
FDQEHLQFUHDVHGWRDQDEVROXWHPD[LPXPGRVHRIPJGD\
,IWKHVXEMHFWUHFHLYHGGH[DPHWKDVRQHXSWRPJGD\IRUUHDVRQVRWKHUWKDQ
SUHSKDVHZLWKLQGD\VSULRUWRWKHVWDUWRIVFUHHQLQJIXUWKHUSUHSKDVHWUHDWPHQWZLWK
GH[DPHWKDVRQHLVQRWUHTXLUHG+RZHYHUSUHPHGLFDWLRQZLWKGH[DPHWKDVRQHLV
UHTXLUHGSULRUWRVWDUWRILQIXVLRQDVGHVFULEHGLQ7DEOHDQG6HFWLRQ
,WVKRXOGEHQRWHGWKDWLQFDVHVRI$//WKDWDUHUHIUDFWRU\WRGH[DPHWKDVRQHWUHDWPHQW
DSUHYHQWDWLYHHIIHFWRQ&56FDQVWLOOEHDFKLHYHG,IDVXEMHFWLVUHIUDFWRU\WR
GH[DPHWKDVRQHDSUHSKDVHLVQRWPDQGDWRU\EXWGH[DPHWKDVRQHXSWRDPD[LPXP
GRVHRIPJGD\VKRXOGEHDGPLQLVWHUHGDWOHDVWIRUWKHILUVWGD\VRIWUHDWPHQWZLWK
VWHSZLVHUHGXFWLRQDIWHUZDUGV
6XEMHFWVZKRVKRXOGUHFHLYHGH[DPHWKDVRQHWUHDWPHQWVRIXSWRPJGD\DQGZKR
KDYHDOUHDG\UHFHLYHGWKHPDQGDWRU\SUHPHGLFDWLRQGRVHSULRUWREOLQDWXPRPDELQIXVLRQ
RQF\FOHGD\PD\UHFHLYHWKHUHPDLQLQJEDODQFHRIGH[DPHWKDVRQHXSWRD
PD[LPXPRIPJGD\


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



3UHGRVH'H[DPHWKDVRQH3ULRUWR7UHDWPHQW&\FOHVDQG'RVH6WHS

3UHPHGLFDWLRQIRU$GXOW6XEMHFWV
0DQGDWRU\SUHPHGLFDWLRQZLWKGH[DPHWKDVRQHLVUHTXLUHGIRUWKHSUHYHQWLRQRI&56
UHVXOWLQJIURPEOLQDWXPRPDESULRUWRHDFKWUHDWPHQWF\FOHDQGGRVHVWHS
x
'H[DPHWKDVRQHPJ,9ZLWKLQKRXUSULRUWRVWDUWRILQIXVLRQDQG
x
'H[DPHWKDVRQHPJ,9ZLWKLQKRXUSULRUWRGRVHVWHS
'H[DPHWKDVRQHSUHPHGLFDWLRQZLOODOVREHUHTXLUHGSULRUWRUHVWDUWLQJEOLQDWXPRPDE
DIWHUDQLQIXVLRQLQWHUUXSWLRQGXHWRDQDGYHUVHHYHQWUHIHUWR7DEOHDQG
6HFWLRQ

3UHPHGLFDWLRQIRU3HGLDWULF6XEMHFWV
0DQGDWRU\SUHPHGLFDWLRQZLWKGH[DPHWKDVRQHLVUHTXLUHGIRUWKHSUHYHQWLRQRI&56
UHVXOWLQJIURPEOLQDWXPRPDESULRUWRF\FOH
x
'H[DPHWKDVRQHPJPRUDOO\RU,9WRKRXUVSULRUWRVWDUWRILQIXVLRQ$1'
x
'H[DPHWKDVRQHPJPRUDOO\RU,9ZLWKLQPLQXWHVSULRUWRVWDUWRILQIXVLRQ
x
'H[DPHWKDVRQHSUHPHGLFDWLRQZLOODOVREHUHTXLUHGSULRUWRUHVWDUWLQJ
EOLQDWXPRPDEDIWHUDQLQIXVLRQLQWHUUXSWLRQGXHWRDQDGYHUVHHYHQWUHIHUWR
7DEOHDQG6HFWLRQ

&6)3URSK\OD[LV%HIRUHDQG'XULQJ%OLQDWXPRPDE7UHDWPHQW
:LWKLQZHHNGD\VSULRUWRVWDUWRIEOLQDWXPRPDEDQGIROORZLQJHDFKWUHDWPHQW
F\FOHDIWHUERQHPDUURZDVSLUDWLRQRQGD\DPDQGDWRU\&6)SURSK\OD[LVFRQVLVWLQJ
RIDQLQWUDWKHFDOUHJLPHQDFFRUGLQJWRLQVWLWXWLRQDORUQDWLRQDOJXLGHOLQHVZLOOEH
DGPLQLVWHUHGHJPHWKRWUH[DWHF\WRVLQHDUDELQRVLGHGH[DPHWKDVRQH,QWUDWKHFDO
WKHUDS\GXULQJDQGDIWHUPDLQWHQDQFHWKHUDS\ZLOOEHOHIWWRWKHLQYHVWLJDWRU¶VGLVFUHWLRQ
,QFDVHRIDQWLFLSDWHGVDIHW\ULVNVFDXVHGE\OXPEDUSXQFWXUHHJLQFDVHRI
WKURPERF\WRSHQLDOXPEDUSXQFWXUHDQG&6)SURSK\OD[LVPD\EHRPLWWHG


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



'RVDJH$GMXVWPHQWV'HOD\V5XOHVIRU:LWKKROGLQJRU5HVWDUWLQJ
3HUPDQHQW'LVFRQWLQXDWLRQ

,QIXVLRQ,QWHUUXSWLRQ'RVH0RGLILFDWLRQGXHWR$GYHUVH(YHQWV

$GXOW6XEMHFWV
%OLQDWXPRPDEWUHDWPHQWZLOOEHLQWHUUXSWHGXQWLOWKHIROORZLQJQRQ'/7HYHQWVUHVROYHWR
JUDGH
x
*UDGHRUKLJKHU&56WXPRUO\VLVV\QGURPHDQGGLVVHPLQDWHGLQWUDYDVFXODU
FRDJXODWLRQ',&FRDJXORSDWK\UHODWHGWREOLQDWXPRPDE
x
*UDGHRUKLJKHUFOLQLFDOO\UHOHYDQWQHXURORJLFHYHQWUHODWHGWREOLQDWXPRPDEDV
GHILQHGLQ$SSHQGL[,
,QWKHHYHQWRIDJUDGHRUKLJKHULQIHFWLRQEOLQDWXPRPDEZLOOEHLQWHUUXSWHGXQWLOWKH
LQIHFWLRQLVDGHTXDWHO\FRQWUROOHGRUUHVROYHGSHUWKHRSLQLRQRIWKHLQYHVWLJDWRU
)RULQWHUUXSWLRQVRUGRVHPRGLILFDWLRQVGXHWRQHXURORJLFHYHQWVDVGHILQHGLQ
$SSHQGL[,VHH6HFWLRQ
&7&$(JUDGHDGYHUVHHYHQWVQRWGHILQHGVROHO\EDVHGRQODERUDWRU\SDUDPHWHUVDW
OHDVWSRVVLEO\UHODWHGWREOLQDWXPRPDEZLOOUHTXLUHSHUPDQHQWGLVFRQWLQXDWLRQRI
EOLQDWXPRPDE,QGHSHQGHQWLQYHVWLJDWRUDVVHVVPHQWVKRXOGEHXVHGWRGHWHUPLQHWKH
ULVNEHQHILWIRUHDFKLQGLYLGXDOVXEMHFWWRFRQWLQXHEOLQDWXPRPDEWKHUDS\ZLWKRUZLWKRXW
GRVHUHGXFWLRQRUGLVFRQWLQXHWKHUDS\IRU
x
*UDGHDGYHUVHHYHQWVWKDWDUHQXPHULFDOO\GHILQHGODERUDWRU\SDUDPHWHUV
x
$OORWKHUJUDGHDGYHUVHHYHQWVDQGFOLQLFDOO\VLJQLILFDQWODERUDWRU\YDOXH
FKDQJHV
,IWKHDGYHUVHHYHQWUHVROYHVWRJUDGHZLWKLQZHHNEOLQDWXPRPDEPD\EH
UHVWDUWHGDWWKHORZHUDVVLJQHGGRVHOHYHOIRUWKHVXEMHFW¶VDVVLJQHGFRKRUWIRUDWOHDVW
GD\VEHIRUHLQFUHDVLQJWRWKHKLJKHUDVVLJQHGGRVHOHYHO
5HVWDUWRIWKHLQIXVLRQVKRXOGEHSHUIRUPHGXQGHUVXSHUYLVLRQRIWKHLQYHVWLJDWRU
%HIRUHEOLQDWXPRPDELVUHVWDUWHGSUHPHGLFDWLRQZLWKGH[DPHWKDVRQHPXVWEH
DGPLQLVWHUHGDVGHVFULEHGLQ7DEOH7KHVXEMHFWVKRXOGEHREVHUYHGRYHUQLJKWIRU
SRVVLEOHVLGHHIIHFWVDIWHUWKHUHVWDUW
,QDGGLWLRQWRWKHHYHQWVGHVFULEHGDERYHWKHGRVHPD\EHWHPSRUDULO\RUSHUPDQHQWO\
UHGXFHGWRWKHORZHUDVVLJQHGGRVHOHYHOIRUWKHVXEMHFW¶VDVVLJQHGFRKRUWLIE\WKH
LQYHVWLJDWRUVMXGJPHQWLWLVQHFHVVDU\IRUVDIHW\UHDVRQV$IWHUDWOHDVWGD\VRI
GRVLQJDWWKHORZHUDVVLJQHGGRVHOHYHOWKHGRVHPD\EHLQFUHDVHGWRWKHKLJKHU
DVVLJQHGGRVHOHYHORUWUHDWPHQWPD\EHFRQWLQXHGDWWKHORZHUDVVLJQHGGRVHOHYHO


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


DIWHUFRQVXOWDWLRQZLWKDQ$PJHQPHGLFDOPRQLWRU7KHVXEMHFWZLOOFRQWLQXHWREH
WUHDWHGDWWKHDGMXVWHGEOLQDWXPRPDEGRVHDQGHYDOXDWHGLQWKHRULJLQDOO\DVVLJQHG
FRKRUW
'XULQJWKH3KDVHSDUWRQO\LIWKHLQWHUUXSWLRQDIWHUDQDGYHUVHHYHQWLVGD\VRUOHVV
WKHVDPHF\FOHZLOOEHFRQWLQXHG7KHLQIXVLRQGXUDWLRQEHIRUHDQGDIWHUDQLQWHUUXSWLRQ
VKRXOGWRWDOGD\VSHUWUHDWPHQWF\FOH,IDQLQWHUUXSWLRQGXHWRDQDGYHUVHHYHQWLV
JUHDWHUWKDQGD\VDQHZF\FOHZLOOVWDUW,QDGGLWLRQDQLQFRPSOHWHWUHDWPHQWF\FOH
ZLWKDWUHDWPHQWGXUDWLRQRIOHVVWKDQZHHNVZLOOQRWEHFRXQWHGDVDQHYDOXDEOHF\FOH
IRUWKHSULPDU\HQGSRLQWDQGZLOOKDYHWREHUHSHDWHGHJLIF\FOHZDVLQWHUUXSWHGRQ
GD\IRUPRUHWKDQGD\VWKHQH[WF\FOHZLOOEHGHQRWHGDVF\FOHDQGWKHVDPH
DVVHVVPHQWVZLOOEHSHUIRUPHGDVLQF\FOH)RUF\FOHVXEMHFWVZLOOEHVWDUWHGDW
WKHORZHUDVVLJQHGGRVHIRUWKHVXEMHFW¶VDVVLJQHGFRKRUWIRUWKHILUVWGD\VRIGRVLQJ
IROORZHGE\DGRVHVWHSWRWKHKLJKHUDVVLJQHGGRVHOHYHOEHJLQQLQJDWF\FOHGD\
DQGFRQWLQXLQJIRUWKHUHPDLQGHURIF\FOH
$QLQIXVLRQLQWHUUXSWLRQRIPRUHWKDQZHHNVGXHWRDQDGYHUVHHYHQWUHODWHGWR
EOLQDWXPRPDEZLOOOHDGWRSHUPDQHQWGLVFRQWLQXDWLRQRIWUHDWPHQW,QFDVHRIORJLVWLFDO
GLIILFXOWLHVUHVWDUWRIWUHDWPHQWFDQEHSRVWSRQHGIRUXSWRDGGLWLRQDOGD\VZLWKRXW
UHVXOWLQJLQSHUPDQHQWWUHDWPHQWGLVFRQWLQXDWLRQ
$Q\LQIXVLRQLQWHUUXSWLRQRUGRVHPRGLILFDWLRQVGXHWRDGYHUVHHYHQWZLOOEHUHFRUGHGLQ
WKHH&5)
,QIXVLRQLQWHUUXSWLRQGRVHPRGLILFDWLRQJXLGHOLQHVIRUDGXOWVXEMHFWVLQWKHH[SDQVLRQ
FRKRUWZLOOEHWKHVDPHDVGHVFULEHGDERYH

3HGLDWULF6XEMHFWV
%OLQDWXPRPDEWUHDWPHQWZLOOEHLQWHUUXSWHGXQWLOWKHIROORZLQJHYHQWVUHVROYHWR
JUDGH
x
*UDGHRUKLJKHU&56WXPRUO\VLVV\QGURPHDQG',&FRDJXORSDWK\UHODWHGWR
EOLQDWXPRPDE
x
*UDGHFOLQLFDOO\UHOHYDQWQHXURORJLFHYHQWUHODWHGWREOLQDWXPRPDEDVGHILQHG
LQ$SSHQGL[,
x
$Q\JUDGHRUKLJKHUFOLQLFDOO\UHOHYDQWDGYHUVHHYHQWUHODWHGWREOLQDWXPRPDE
&7&$(JUDGHDGYHUVHHYHQWVQRWGHILQHGVROHO\EDVHGRQODERUDWRU\SDUDPHWHUVDW
OHDVWSRVVLEO\UHODWHGWREOLQDWXPRPDEZLOOUHTXLUHSHUPDQHQWGLVFRQWLQXDWLRQRI
EOLQDWXPRPDE,QGHSHQGHQWLQYHVWLJDWRUDVVHVVPHQWVKRXOGEHXVHGWRGHWHUPLQHWKH


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


ULVNEHQHILWIRUHDFKLQGLYLGXDOVXEMHFWWRFRQWLQXHEOLQDWXPRPDEWKHUDS\ZLWKRUZLWKRXW
GRVHUHGXFWLRQRUGLVFRQWLQXHWKHUDS\IRU
x
*UDGHDGYHUVHHYHQWVWKDWDUHQXPHULFDOO\GHILQHGODERUDWRU\SDUDPHWHUV
x
$OORWKHUJUDGHDGYHUVHHYHQWVDQGFOLQLFDOO\VLJQLILFDQWODERUDWRU\YDOXH
FKDQJHV
,IWKHDGYHUVHHYHQWUHVROYHVWRJUDGHEOLQDWXPRPDEPD\EHUHVWDUWHGDWWKHORZHVW
VWDUWLQJGRVHRIWKHGRVHFRKRUWIRUDWOHDVWGD\VEHIRUHLQFUHDVLQJWRDPD[LPXPRI
ȝJPGD\
/DERUDWRU\DVVHVVPHQWVZLOOEHSHUIRUPHGGXULQJF\FOHRQGD\VDQGIRUWKH
PRQLWRULQJRIWXPRUO\VLVV\QGURPH,ID&56WXPRUO\VLVV\QGURPHRU',&DUH
REVHUYHGGXULQJZHHNGRVHPRGLILFDWLRQVZLOOEHPDGHDVRXWOLQHGLQ7DEOH,IWKLV
GRVHUHGXFWLRQRFFXUVGXULQJF\FOHWKH'/7REVHUYDWLRQSHULRGZLOOEHH[WHQGHGIRUDQ
DGGLWLRQDOGD\V
7DEOH7UHDWPHQW0RGLILFDWLRQIRU5HYHUVLEOH&567XPRU/\VLV6\QGURPHDQG
',&
&XUUHQW'RVH
:HHN
:HHN'D\
:HHN'D\
ȝJPGD\
ȝJPGD\
ȝJPGD\
ȝJPGD\
ȝJPGD\
ȝJPGD\
ȝJPGD\
ȝJPGD\
ȝJPGD\
ȝJPGD\
ȝJPGD\
ȝJPGD\
5HVWDUWRIWKHLQIXVLRQVKRXOGEHSHUIRUPHGXQGHUVXSHUYLVLRQRIWKHLQYHVWLJDWRU
%HIRUHEOLQDWXPRPDELVUHVWDUWHGSUHPHGLFDWLRQZLWKGH[DPHWKDVRQHPXVWEH
DGPLQLVWHUHGDVGHVFULEHGLQ7DEOH7KHVXEMHFWVKRXOGEHREVHUYHGRYHUQLJKWIRU
SRVVLEOHVLGHHIIHFWVDIWHUWKHUHVWDUW
,QDGGLWLRQWRWKHHYHQWVGHVFULEHGDERYHWKHGRVHPD\EHWHPSRUDULO\RUSHUPDQHQWO\
UHGXFHGWRWKHORZHUDVVLJQHGGRVHOHYHOLIE\LQYHVWLJDWRUVMXGJPHQWLWLVQHFHVVDU\
IRUVDIHW\UHDVRQV$IWHUDWOHDVWGD\VRIGRVLQJDWWKHORZHUDVVLJQHGGRVHOHYHOWKH
GRVHPD\EHLQFUHDVHGWRWKHKLJKHVWDVVLJQHGGRVHOHYHORUWUHDWPHQWPD\EH
FRQWLQXHGDWWKHORZHVWDVVLJQHGGRVHOHYHODIWHUFRQVXOWDWLRQZLWKDQ$PJHQPHGLFDO
PRQLWRU7KLVGRHVQRWDSSO\IRUQHXURORJLFHYHQWVDVRXWOLQHGLQ$SSHQGL[,
,IWKHLQWHUUXSWLRQDIWHUDQDGYHUVHHYHQWLVOHVVWKDQGD\VWKHVDPHF\FOHZLOOEH
FRQWLQXHG7KHLQIXVLRQGXUDWLRQEHIRUHDQGDIWHUDQLQWHUUXSWLRQVKRXOGWRWDOGD\V
SHUWUHDWPHQWF\FOH,IDQLQWHUUXSWLRQGXHWRDQDGYHUVHHYHQWLVJUHDWHUWKDQGD\VD
QHZF\FOHZLOOVWDUW,QDGGLWLRQDQLQFRPSOHWHWUHDWPHQWF\FOHZLWKDWUHDWPHQWGXUDWLRQ


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


RIOHVVWKDQZHHNVZLOOQRWEHFRXQWHGDVDQHYDOXDEOHF\FOHIRUWKHSULPDU\HQGSRLQW
DQGZLOOKDYHWREHUHSHDWHGHJLIF\FOHZDVLQWHUUXSWHGRQGD\IRUPRUHWKDQ
GD\VWKHQH[WF\FOHZLOOEHGHQRWHGDVF\FOHDQGWKHVDPHDVVHVVPHQWVZLOOEH
SHUIRUPHGDVLQF\FOH)RUF\FOHVXEMHFWVZLOOEHVWDUWHGDWȝJPGD\IRUWKH
ILUVWGD\VRIGRVLQJIROORZHGE\DGRVHVWHSWRȝJPGD\EHJLQQLQJDW
F\FOHGD\DQGFRQWLQXLQJIRUWKHUHPDLQGHURIF\FOH
$QLQIXVLRQLQWHUUXSWLRQRIPRUHWKDQZHHNVGXHWRDQDGYHUVHHYHQWUHODWHGWR
EOLQDWXPRPDEZLOOOHDGWRSHUPDQHQWGLVFRQWLQXDWLRQRIWUHDWPHQW,QFDVHRIORJLVWLFDO
GLIILFXOWLHVUHVWDUWRIWUHDWPHQWFDQEHSRVWSRQHGIRUXSWRDGGLWLRQDOGD\VZLWKRXW
UHVXOWLQJLQSHUPDQHQWWUHDWPHQWGLVFRQWLQXDWLRQ
$Q\LQIXVLRQLQWHUUXSWLRQRUGRVHPRGLILFDWLRQVGXHWRDGYHUVHHYHQWZLOOEHUHFRUGHGLQ
WKHH&5)
,QIXVLRQLQWHUUXSWLRQGRVHPRGLILFDWLRQJXLGHOLQHVIRUSHGLDWULFVXEMHFWVLQWKHH[SDQVLRQ
FRKRUWZLOOEHWKHVDPHDVGHVFULEHGDERYH

,QIXVLRQ,QWHUUXSWLRQ'RVH0RGLILFDWLRQGXHWR1HXURORJLF(YHQWV
,QFDVHRIJUDGHRUKLJKHUIRUDGXOWVXEMHFWVRUJUDGHRUKLJKHUIRUSHGLDWULF
VXEMHFWVQHXURORJLFDGYHUVHHYHQWVUHODWHGWREOLQDWXPRPDEEOLQDWXPRPDEZLOOEH
VWRSSHGLPPHGLDWHO\DQGDSK\VLFDOH[DPYLWDOVLJQVDQGVDIHW\ODERUDWRU\WHVWVZLOOEH
SHUIRUPHG$GGLWLRQDOPHDVXUHVFDQEHWDNHQXSRQGLVFUHWLRQRIWKHLQYHVWLJDWRU
GHSHQGLQJRQWKHQDWXUHRIWKHDGYHUVHHYHQW'LDJQRVWLFPHDVXUHVWRH[FOXGHSRWHQWLDO
LQIHFWLRXVFDXVHVVKRXOGEHFRQGXFWHG$VVHVVPHQWVRI&6)VKRXOGEHSHUIRUPHGIRU
F\WRORJ\FHOOFRXQW%DQG7FHOOPHDVXUHPHQWIORZIORZF\WRPHWU\DWORFDOODEDQG
YLUDOVWXGLHVKHUSHVVLPSOH[YLUXVW\SHVDQG+69òKXPDQKHUSHVYLUXV++9
-&YLUXVDQGDGHQRYLUXV$GGLWLRQDOLQYHVWLJDWLRQVRIWKH&6)VKRXOGEHSHUIRUPHGDV
FOLQLFDOO\DSSURSULDWH
,IWKHQHXURORJLFHYHQWKDVUHVROYHGWRJUDGHZLWKLQZHHNWUHDWPHQWPD\EH
UHVWDUWHGZLWKLQZHHNVEXWQRWHDUOLHUWKDQGD\VDIWHULQIXVLRQZDVVWRSSHG
$IWHUWUHDWPHQWLQWHUUXSWLRQDQHZWUHDWPHQWF\FOHPD\EHVWDUWHGDIWHUFRQVXOWDWLRQZLWK
DQ$PJHQPHGLFDOPRQLWRU)ROORZLQJGH[DPHWKDVRQHSUHPHGLFDWLRQDVGHVFULEHGLQ
7DEOHDQHZWUHDWPHQWF\FOHZLOOVWDUWDWWKHORZHUGRVHOHYHOIRUDVXEMHFW¶VDVVLJQHG
FRKRUW7KHUHZLOOEHQRGRVHHVFDODWLRQVDIWHUEOLQDWXPRPDEWUHDWPHQWKDVUHVWDUWHG
IROORZLQJDQHYHQW


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


,IWKHHYHQWZDVDtJUDGHVHL]XUHDSSURSULDWHSURSK\ODFWLFDQWLFRQYXOVDQWWUHDWPHQW
HJDWKHUDSHXWLFGRVHRISKHQ\WRLQRUOHYHWLUDFHWDPZLOOEHDGPLQLVWHUHGGXULQJWKH
QH[WWUHDWPHQWF\FOH

&ULWHULDIRU'LVFRQWLQXDWLRQRI%OLQDWXPRPDE
7UHDWPHQWZLWKEOLQDWXPRPDEPXVWEHGLVFRQWLQXHGLQWKHHYHQWRIDQ\RIWKHIROORZLQJ
x
+HPDWRORJLFDORUH[WUDPHGXOODU\UHODSVHVXEVHTXHQWWRDFKLHYLQJERQH
PDUURZEODVWVRQSURWRFROWUHDWPHQW
R ([FHSWLRQVXEMHFWVZKRGHYHORSLVRODWHG&16OHXNHPLDUHODSVHGXULQJ
WUHDWPHQWDQGZKRKDYHQRWPHWWKHFULWHULDIRUDQHYHQWDVGHILQHG
DERYHPD\FRQWLQXHRQVWXG\DQGUHFHLYHDGGLWLRQDO&16GLUHFWHG
WKHUDS\LQDGGLWLRQWRWKHLUV\VWHPLFSURWRFROVSHFLILHGWKHUDS\
x
)DLOXUHWRDFKLHYHERQHPDUURZUHVSRQVHDVGHILQHGE\EODVWVLQWKHERQH
PDUURZZLWKLQWUHDWPHQWF\FOHV
x
2FFXUUHQFHRIDQDGYHUVHHYHQWZKLFKPDNHVGLVFRQWLQXDWLRQIURPWUHDWPHQW
QHFHVVDU\GXHWRSURWRFROVSHFLILHGVDIHW\FULWHULDRUGHVLUDEOHLQWKH
LQYHVWLJDWRU¶VDQGRUWKHVXEMHFW¶VRSLQLRQ
x
,QYHVWLJDWRU¶VGHFLVLRQWKDWDFKDQJHRIWKHUDS\LQFOXGLQJLPPHGLDWH+6&7LVLQ
WKHVXEMHFWVEHVWLQWHUHVW
x
$GPLQLVWUDWLRQRIUHOHYDQWQRQSHUPLWWHGFRQFRPLWDQWPHGLFDWLRQV6HFWLRQ
x
,QYHVWLJDWRU¶VGHFLVLRQWKDWDVXEMHFWGRHVQRWEHQHILWIURPWUHDWPHQWDQ\PRUH
HJQRQUHVSRQVHRUGHYHORSPHQWRISURJUHVVLYHGLVHDVH
x
,QWHUFXUUHQWPHGLFDOFRQGLWLRQZKLFKLQWKHRSLQLRQRIWKHLQYHVWLJDWRURUWKH
VXEMHFWSUHFOXGHVIXUWKHUWUHDWPHQWRIWKHVXEMHFW
x
:LWKGUDZDORIVXEMHFW¶VFRQVHQWWRVWXG\WUHDWPHQW
$OOUHDVRQVIRUWUHDWPHQWGLVFRQWLQXDWLRQZLOOEHGRFXPHQWHGLQWKHH&5),IDVXEMHFW
IDLOVWRNHHSWKHDSSRLQWPHQWVIRUVWXG\YLVLWVWKHLQYHVWLJDWRUZLOOGRFXPHQWWKHUHDVRQ
DQGFLUFXPVWDQFHVDVFRPSOHWHO\DQGDFFXUDWHO\DVSRVVLEOH
,QFDVHRISUHPDWXUHWUHDWPHQWGLVFRQWLQXDWLRQWKHDVVHVVPHQWVSODQQHGIRU
GD\HQGRILQIXVLRQVKRXOGEHSHUIRUPHGLPPHGLDWHO\([FHSWLRQV7KH&6)
H[DPLQDWLRQSURSK\OD[LVGRHVQRWKDYHWREHGRQHLQFDVHRISUHPDWXUHWUHDWPHQW
GLVFRQWLQXDWLRQ%RQHPDUURZDVSLUDWLRQELRSV\LVQRWUHTXLUHGLQFDVHRIGRFXPHQWHG
SURJUHVVLYHGLVHDVH,QDGGLWLRQWKHVDIHW\IROORZXSYLVLWVKRXOGEHSHUIRUPHG
GD\VDIWHUWKHODVWGRVHRIEOLQDWXPRPDEZDVDGPLQLVWHUHGRULIDSSOLFDEOH
SULRUWRWKHVWDUWRIDQHZDQWLOHXNHPLFWUHDWPHQWRUDOOR+6&7ZKLFKHYHURFFXUVILUVW
7KHVXEMHFWZLOOFRQWLQXHWREHIROORZHGLQORQJWHUPIROORZXSDVGHVFULEHGLQ
6HFWLRQ


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



+HSDWRWR[LFLW\6WRSSLQJDQG5HFKDOOHQJH5XOHV
6XEMHFWVZLWKDEQRUPDOKHSDWLFODERUDWRU\YDOXHVLH$/3$67$/77%/DQGRU
LQWHUQDWLRQDOQRUPDOL]HGUDWLR,15DQGRUVLJQVV\PSWRPVRIKHSDWLWLVDVGHVFULEHG
EHORZPD\PHHWWKHFULWHULDIRUZLWKKROGLQJRUSHUPDQHQWGLVFRQWLQXDWLRQRI
EOLQDWXPRPDERURWKHUSURWRFROUHTXLUHGWKHUDSLHVDVVSHFLILHGLQWKHJXLGDQFHIRU
LQGXVWU\'UXJ,QGXFHG/LYHU,QMXU\3UHPDUNHWLQJ&OLQLFDO(YDOXDWLRQ-XO\

&ULWHULDIRU3HUPDQHQW'LVFRQWLQXDWLRQRI%OLQDWXPRPDEDQG2WKHU
3URWRFROUHTXLUHG7KHUDSLHVGXHWR3RWHQWLDO+HSDWRWR[LFLW\
%OLQDWXPRPDEDQGRWKHUSURWRFROUHTXLUHGWKHUDSLHV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$//RIWKHFULWHULDEHORZDUHPHW
x
7%/![8/1RU,15!
x
$1'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
$1'QRRWKHUFDXVHIRUWKHFRPELQDWLRQRIWKHDERYHODERUDWRU\DEQRUPDOLWLHVLV
LPPHGLDWHO\DSSDUHQWLPSRUWDQWDOWHUQDWLYHFDXVHVIRUHOHYDWHG$67$/7DQGRU
7%/YDOXHVLQFOXGHEXWDUHQRWOLPLWHGWR

+HSDWRELOLDU\WUDFWGLVHDVH

9LUDOKHSDWLWLVHJKHSDWLWLV$%&'((SVWHLQ%DUUYLUXVF\WRPHJDORYLUXV
&09KHUSHVVLPSOH[YLUXV9DULFHOODWR[RSODVPRVLVDQGSDUYRYLUXV

5LJKWVLGHGKHDUWIDLOXUHK\SRWHQVLRQRUDQ\FDXVHRIK\SR[LDWRWKHOLYHU
FDXVLQJLVFKHPLD

([SRVXUHWRKHSDWRWR[LFDJHQWVGUXJVRUKHSDWRWR[LQVLQFOXGLQJKHUEDODQG
GLHWDU\VXSSOHPHQWVSODQWVDQGPXVKURRPV

+HULWDEOHGLVRUGHUVFDXVLQJLPSDLUHGJOXFXURQLGDWLRQHJ*LOEHUW¶VV\QGURPH
&ULJOHU1DMMDUV\QGURPHDQGGUXJVWKDWLQKLELWELOLUXELQJOXFXURQLGDWLRQHJ
LQGLQDYLUDWD]DQDYLU

$OSKDRQHDQWLWU\SVLQGHILFLHQF\

$OFRKROLFKHSDWLWLV

$XWRLPPXQHKHSDWLWLV

:LOVRQ¶VGLVHDVHDQGKHPRFKURPDWRVLV

1RQDOFRKROLFIDWW\OLYHUGLVHDVHLQFOXGLQJVWHDWRKHSDWLWLV1$6+

1RQKHSDWLFFDXVHVHJUKDEGRP\ORVLVKHPRO\VLV

&\WRNLQHUHOHDVHV\QGURPH


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


,IDQDOWHUQDWLYHFDXVHIRUKHSDWRWR[LFLW\LVLGHQWLILHGRUOHVVVWULQJHQWFRQGLWLRQV
GHYHORSHGWKDQZKDWDUHQRWHGDERYHGHWHUPLQHEDVHGRQSDWLHQWSRSXODWLRQDQGRU
VHYHULW\RIWKHKHSDWRWR[LFLW\RUHYHQWLIEOLQDWXPRPDEDQGRWKHUSURWRFROUHTXLUHG
WKHUDSLHVVKRXOGEHZLWKKHOGRUSHUPDQHQWO\GLVFRQWLQXHGDVGHHPHGDSSURSULDWHIRU
WKHVDIHW\RIWKHVXEMHFW

&ULWHULDIRU&RQGLWLRQDO:LWKKROGLQJRI%OLQDWXPRPDEDQG2WKHU
3URWRFROUHTXLUHG7KHUDSLHVGXHWR3RWHQWLDO+HSDWRWR[LFLW\
)RUVXEMHFWVZKRGRQRWPHHWWKHFULWHULDIRUSHUPDQHQWGLVFRQWLQXDWLRQRIEOLQDWXPRPDE
RXWOLQHGDERYHDQGKDYHQRXQGHUO\LQJOLYHUGLVHDVHDQGHOLJLELOLW\FULWHULDFRQFHUQLQJ
WUDQVDPLQDVHVDQG7%/DWEDVHOLQHRUVXEMHFWVZLWKXQGHUO\LQJOLYHUGLVHDVHDQG
EDVHOLQHDEQRUPDOWUDQVDPLQDVHVWKHIROORZLQJUXOHVDUHUHFRPPHQGHGIRUZLWKKROGLQJ
RIEOLQDWXPRPDEDQGRWKHUSURWRFROUHTXLUHGWKHUDSLHV
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
$Q\
![8/1ZLWKFOLQLFDOVLJQVRUV\PSWRPVWKDWDUH
FRQVLVWHQWZLWKKHSDWLWLVVXFKDVULJKWXSSHUTXDGUDQW
SDLQWHQGHUQHVVIHYHUQDXVHDYRPLWLQJMDXQGLFH
x
257%/![8/1DWDQ\WLPH
x
25$/3![8/1DWDQ\WLPH
%OLQDWXPRPDEDQGRWKHUSURWRFROUHTXLUHGWKHUDSLHVDVDSSURSULDWHVKRXOGEHZLWKKHOG
SHQGLQJLQYHVWLJDWLRQLQWRDOWHUQDWLYHFDXVHVRI',/,,ILQYHVWLJDWLRQDOSURGXFWVLV
ZLWKKHOGWKHVXEMHFWLVWREHIROORZHGDFFRUGLQJWRUHFRPPHQGDWLRQVLQ$SSHQGL[$IRU
SRVVLEOH',/,5HFKDOOHQJHPD\EHFRQVLGHUHGLIDQDOWHUQDWLYHFDXVHIRULPSDLUHGOLYHU
WHVWV$/7$67$/3DQGRUHOHYDWHG7%/LVGLVFRYHUHGDQGWKHODERUDWRU\
DEQRUPDOLWLHVUHVROYHWRQRUPDORUEDVHOLQH6HFWLRQ

&ULWHULDIRU5HFKDOOHQJHRI%OLQDWXPRPDEDQG2WKHU
3URWRFROUHTXLUHG7KHUDSLHV$IWHU3RWHQWLDO+HSDWRWR[LFLW\
7KHGHFLVLRQWRUHFKDOOHQJHWKHVXEMHFWVKRXOGEHGLVFXVVHGDQGDJUHHGXSRQ
XQDQLPRXVO\E\WKHVXEMHFWLQYHVWLJDWRUDQG$PJHQ


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


,IVLJQVRUV\PSWRPVUHFXUZLWKUHFKDOOHQJHWKHQEOLQDWXPRPDEDQGRWKHU
SURWRFROUHTXLUHGWKHUDSLHVDVDSSURSULDWHVKRXOGEHSHUPDQHQWO\GLVFRQWLQXHG
6XEMHFWVZKRFOHDUO\PHHWWKHFULWHULDIRUSHUPDQHQWGLVFRQWLQXDWLRQDVGHVFULEHGLQ
6HFWLRQVKRXOGQHYHUEHUHFKDOOHQJHG

&RQFRPLWDQW7KHUDS\
7KURXJKRXWWKHVWXG\LQYHVWLJDWRUVPD\SUHVFULEHDQ\FRQFRPLWDQWPHGLFDWLRQVRU
WUHDWPHQWVGHHPHGQHFHVVDU\WRSURYLGHDGHTXDWHVXSSRUWLYHFDUHH[FHSWIRUWKRVH
OLVWHGLQ6HFWLRQ
5HOHYDQWFRQFRPLWDQWWKHUDSLHVHJVWHURLGVSUHSKDVHWKHUDS\LPPXQRJOREXOLQV
*&6)DQWLELRWLFVDQWLYLUDOVDQWLIXQJDOV&6)SURSK\OD[LVPHGLFDWLRQDQWLFRQYXOVDQWV
DUHWREHFROOHFWHGIURPVLJQLQJRIWKH,&)WKURXJKWKHVDIHW\IROORZXSSHULRG)ROORZLQJ
WKHVDIHW\IROORZXSYLVLWRQO\PHGLFDWLRQVWDNHQIRUWKHWUHDWPHQWRI$//ZLOOEH
FROOHFWHG

+\GUDWLRQ'XULQJWKH7UHDWPHQW3HULRG
%HFDXVHRIWKHKLJKWXPRUORDGVXEMHFWVVKRXOGUHFHLYHDGHTXDWHK\GUDWLRQDFFRUGLQJ
WRLQVWLWXWLRQDOJXLGHOLQHV

)HYHU0DQDJHPHQW
1RQVWHURLGDODQWLLQIODPPDWRU\GUXJV16$,'VVKRXOGEHDYRLGHGLISRVVLEOHEHFDXVH
WKH\DUHDSRWHQWLDOFDXVHRIHQGRWKHOLDOVWUHVVDQGFRXOGSRWHQWLDOO\DIIHFW7FHOOVWKDW
DUHUHTXLUHGIRUEOLQDWXPRPDEDFWLRQ)RUV\PSWRPDWLFUHOLHIRIIHYHUVGXHWRDQ\FDXVH
HJLQIHFWLRQGUXJIHYHUWKHUHFRPPHQGHGILUVWFKRLFHVIRUIHYHUPDQDJHPHQWDUH
SDUDFHWDPRODFHWDPLQRSKHQDQGRUGH[DPHWKDVRQH7KHGH[DPHWKDVRQHGRVHVKRXOG
EHUHGXFHGVWHSZLVHDVVRRQDVWKHIHYHULVUHVROYHG,IWKHVHDUHQRWVXIILFLHQWO\
HIIHFWLYHSHWKLGLQPHSHULGLQHLVUHFRPPHQGHG)RUSHWKLGLQPHSHULGLQHDGHTXDWH
DQWLHPHWLFSURSK\OD[LVVKRXOGEHDGPLQLVWHUHG7KHWUHDWLQJSK\VLFLDQVKRXOGDOVRXVH
WKHLUFOLQLFDOMXGJPHQWWRGHWHUPLQHWKHXQGHUO\LQJFDXVHRIWKHIHYHUDQGWUHDWPHQW)RU
LQVWDQFHLQWKHFDVHRIIHYHUGXHWRLQIHFWLRQRQHVKRXOGFRQVLGHUWKHXVHRIDQWLELRWLFV
DQGDYRLGWKHXVHRIGH[DPHWKDVRQH

$GGLWLRQDO7UHDWPHQWIRU6SHFLDO6XEMHFW3RSXODWLRQV
6XEMHFWVZKRHQWHUWKHVWXG\ZKRSUHYLRXVO\XQGHUZHQWDOOR+6&7DQGSUHVHQWZLWKD
PHGLFDOKLVWRU\RI*Y+'PXVWUHFHLYHDQWLIXQJDOSURSK\OD[LVDFFRUGLQJWRQDWLRQDO
JXLGHOLQHVIRU-DSDQ


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


)RUVXEMHFWVZLWKDKLJKULVNIRU&09LQIHFWLRQSULRU&09UHDFWLYDWLRQRUULVN
FRQVWHOODWLRQLQSULRUDOOR+6&7>GRQRU&09QHJDWLYHUHFLSLHQW&09SRVLWLYH@RQHRI
WKHIROORZLQJPHDVXUHVVKRXOGEHSHUIRUPHG
x
,QWHQVLYHWLPHVZHHN&09SRO\PHUDVHFKDLQUHDFWLRQ3&5IROORZXSZLWKHDUO\
WKHUDSHXWLFLQWHUYHQWLRQLISRVLWLYH
x
3URSK\ODFWLF&09WUHDWPHQW

0HGLFDO'HYLFHV
%OLQDWXPRPDEPXVWEHDGPLQLVWHUHGXVLQJLQIXVLRQSXPSVDSSURYHGIRUXVHE\WKH
DSSURSULDWHUHJXODWRU\DXWKRULWLHVIRUWKHFRXQWU\LQZKLFKWKHVXEMHFWLVXQGHUJRLQJ
WUHDWPHQW
%OLQDWXPRPDELQIXVLRQIRUVROXWLRQZLOOEHSUHSDUHGLQEDJVIRU,9LQIXVLRQDQGGHOLYHUHG
WKURXJKLQIXVLRQOLQHVWKDWDUHERWKFRPSDWLEOHZLWKWKHLQYHVWLJDWLRQDOSURGXFWDV
GHVFULEHGLQWKH,3,07KHEOLQDWXPRPDEILQDOVROXWLRQIRULQIXVLRQVKRXOGQRWFRPHLQWR
FRQWDFWZLWKWKHSXPSDWDQ\WLPH
$GGLWLRQDOGHWDLOVIRUWKHXVHRIWKHDERYHPHQWLRQHGPHGLFDOGHYLFHVDUHSURYLGHGLQWKH
,3,0
,QIXVLRQSXPSV,9EDJVDQGWXELQJDQGDGGLWLRQDOPHGLFDOGHYLFHVHJV\ULQJHVVWHULOH
QHHGOHVDOFRKROSUHSSDGVWKDWDUHFRPPHUFLDOO\DYDLODEOHVKRXOGEHSURFXUHGE\WKH
WULDOVLWH,QIXVLRQSXPSVDQGWXELQJPD\EHDYDLODEOHLQOLPLWHGTXDQWLWLHVIRUSURYLVLRQ
E\$PJHQZKHUHSURYLVLRQLVUHTXLUHGE\ORFDOUHJXODWLRQ7KH,QYHVWLJDWRURYHUVHHLQJ
WKHFRQGXFWRIWKHVWXG\DWHDFKUHVSHFWLYHLQVWLWXWLRQZLOOEHUHVSRQVLEOHIRUREWDLQLQJ
WKHVHVXSSOLHV

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GHYLFHV
$Q\SURGXFWFRPSODLQWVDVVRFLDWHGZLWKDQLQYHVWLJDWLRQDOSURGXFWVRUGHYLFHV
VXSSOLHGE\$PJHQDUHWREHUHSRUWHGDFFRUGLQJWRWKHLQVWUXFWLRQVSURYLGHGLQWKH,3,0


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



([FOXGHG7UHDWPHQWVDQGRU3URFHGXUHV'XULQJ6WXG\3HULRG
7KHIROORZLQJPHGLFDWLRQVDUHQRWSHUPLWWHGGXULQJDVXEMHFW¶VSDUWLFLSDWLRQGXULQJ
WUHDWPHQWSKDVHLQFOXGLQJWKHLQGXFWLRQDQGFRQVROLGDWLRQSKDVHVRIWUHDWPHQWRIWKLV
VWXG\
x
7\URVLQHNLQDVHLQKLELWRUWKHUDS\HJLPDWLQLEGDVDWLQLEQLRORWLQLEERVXWLQLEDQG
SRQDWLQLEDUHQRWSHUPLWWHGGXULQJWUHDWPHQWZLWKEOLQDWXPRPDE
x
$Q\DQWLWXPRUWKHUDS\RWKHUWKDQWKHEOLQDWXPRPDE
R &\WRWR[LFDQGRUF\WRVWDWLFGUXJV
R 5DGLDWLRQWKHUDS\
R ,PPXQRWKHUDS\
x
&KURQLFV\VWHPLF!GD\VKLJKGRVHFRUWLFRVWHURLGWKHUDS\
GH[DPHWKDVRQH!PJGD\RUHTXLYDOHQW
x
$Q\RWKHULPPXQRVXSSUHVVLYHWKHUDSLHVH[FHSWIRUWUDQVLHQWXVHRIFRUWLFRVWHURLGV
x
$Q\RWKHULQYHVWLJDWLRQDODJHQW

&RQWUDFHSWLYH5HTXLUHPHQWV

)HPDOHRI&KLOGEHDULQJ3RWHQWLDO
$ZRPDQLVFRQVLGHUHGIHUWLOHIROORZLQJPHQDUFKHDQGXQWLOEHFRPLQJSRVWPHQRSDXVDO
XQOHVVSHUPDQHQWO\VWHULOH3HUPDQHQWVWHULOL]DWLRQPHWKRGVLQFOXGHK\VWHUHFWRP\
ELODWHUDOVDOSLQJHFWRP\DQGELODWHUDORRSKRUHFWRP\
:RPHQLQWKHIROORZLQJFDWHJRULHVDUHQRWFRQVLGHUHGRIFKLOGEHDULQJSRWHQWLDO
 3UHPHQRSDXVDOZLWKRIWKHIROORZLQJ
x
'RFXPHQWHGK\VWHUHFWRP\
x
'RFXPHQWHGELODWHUDOVDOSLQJHFWRP\
x
'RFXPHQWHGELODWHUDORRSKRUHFWRP\
1RWH6LWHSHUVRQQHOGRFXPHQWDWLRQIURPWKHIROORZLQJVRXUFHVLVDFFHSWDEOHUHYLHZ
RIVXEMHFWPHGLFDOUHFRUGVVXEMHFWPHGLFDOH[DPLQDWLRQRUVXEMHFWPHGLFDOKLVWRU\
LQWHUYLHZ


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


 3UHPHQDUFKDO
 3RVWPHQRSDXVDO
D $SRVWPHQRSDXVDOVWDWHLVGHILQHGDVQRPHQVHVIRUPRQWKV
ZLWKRXWDQDOWHUQDWLYHPHGLFDOFDXVH>$KLJKIROOLFOHVWLPXODWLQJ
KRUPRQH)6+OHYHOLQWKHSRVWPHQRSDXVDOUDQJHPD\EHXVHGWR
FRQILUPDSRVWPHQRSDXVDOVWDWHLQZRPHQQRWXVLQJKRUPRQDO
FRQWUDFHSWLRQRUKRUPRQDOUHSODFHPHQWWKHUDS\+57+RZHYHULQ
WKHDEVHQFHRIPRQWKVRIDPHQRUUKHDDVLQJOH)6+PHDVXUHPHQW
LVLQVXIILFLHQW@
E )HPDOHVRQ+57DQGZKRVHPHQRSDXVDOVWDWXVLVLQGRXEWZLOOEH
UHTXLUHGWRXVHRQHRIWKHQRQKRUPRQDOKLJKO\HIIHFWLYHFRQWUDFHSWLRQ
PHWKRGVLIWKH\ZLVKWRFRQWLQXHWKHLU+57GXULQJWKHVWXG\
2WKHUZLVHWKH\PXVWGLVFRQWLQXH+57WRDOORZFRQILUPDWLRQRI
SRVWPHQRSDXVDOVWDWXVEHIRUHVWXG\HQUROOPHQW
)HPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOPXVWDJUHHWRXVHDQDFFHSWDEOHPHWKRGRI
HIIHFWLYHFRQWUDFHSWLRQGXULQJWUHDWPHQWDQGIRUDQDGGLWLRQDOKRXUVDIWHUWKHODVW
GRVHRIEOLQDWXPRPDE
$FFHSWDEOHPHWKRGVRIHIIHFWLYHFRQWUDFHSWLRQLQFOXGH
x
+RUPRQDOFRPELQHGHVWURJHQDQGSURJHVWRJHQRUSURJHVWHURQHRQO\KRUPRQDO
FRQWUDFHSWLRQJLYHQYLDRUDOLQWUDYDJLQDOWUDQVGHUPDOLQMHFWDEOHRULPSODQWDEOH
URXWH
x
,QWUDXWHULQHGHYLFH,8'
x
,QWUDXWHULQHKRUPRQDOUHOHDVLQJV\VWHP,86
x
%LODWHUDOWXEDORFFOXVLRQOLJDWLRQDSSOLFDEOHIRUDGXOWIHPDOHVXEMHFWV
x
9DVHFWRPL]HGSDUWQHUDSSOLFDEOHIRUDGXOWIHPDOHVXEMHFWVWKHYDVHFWRPL]HGPXVW
EHWKHVROHVH[XDOSDUWQHURIWKHIHPDOHVXEMHFWRIFKLOGEHDULQJSRWHQWLDODQG
UHFHLYHGPHGLFDODVVHVVPHQWRIVXUJLFDOVXFFHVV
x
7ZREDUULHUPHWKRGVRQHE\HDFKSDUWQHUWKHPDOHXVHVDFRQGRPDQGWKHIHPDOH
XVHVDGLDSKUDJPZLWKVSHUPLFLGHRUFHUYLFDOFDSRUFRQWUDFHSWLYHVSRQJHD
IHPDOHFRQGRPLVQRWDQRSWLRQGXHWRWKHULVNRIWHDULQJZKHQERWKSDUWQHUVXVHD
FRQGRP
x
6H[XDODEVWLQHQFHGHILQHGDVUHIUDLQLQJIURPKHWHURVH[XDOLQWHUFRXUVHGXULQJWKH
HQWLUHSHULRGRIULVNDVVRFLDWHGZLWKWKHVWXG\WUHDWPHQWV7KHUHOLDELOLW\RIVH[XDO
DEVWLQHQFHPXVWEHHYDOXDWHGLQUHODWLRQWRWKHGXUDWLRQRIWKHWULDODQGWKHSUHIHUUHG
DQGXVXDOOLIHVW\OHRIWKHVXEMHFW
)HPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOPXVWUHFHLYHSUHJQDQF\SUHYHQWLRQFRXQVHOLQJ
DQGEHDGYLVHGRIWKHULVNWRIHWXVLIWKH\EHFRPHSUHJQDQWGXULQJWUHDWPHQWDQGIRUDQ
DGGLWLRQDOKRXUVDIWHUWKHODVWGRVHRISURWRFROUHTXLUHGWKHUDSLHV


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


,IDIHPDOHVXEMHFWLVVXVSHFWHGRIEHLQJSUHJQDQWEOLQDWXPRPDEPXVWEHVWRSSHG
LPPHGLDWHO\DQGPD\QRWEHUHVXPHGXQWLODEVHQFHRISUHJQDQF\KDVEHHQPHGLFDOO\
FRQILUPHG

0DOH6XEMHFWV
0DOHSDUWLFLSDQWVDUHQRWUHTXLUHGWRXVHELUWKFRQWUROGXULQJWUHDWPHQWZLWK
EOLQDWXPRPDE+RZHYHU\RXVKRXOGOHW\RXUIHPDOHSDUWQHUNQRZ\RXDUHLQWKLVVWXG\

8QDFFHSWDEOH0HWKRGVRI%LUWK&RQWUROIRU)HPDOH6XEMHFWV
%LUWKFRQWUROPHWKRGVWKDWDUHFRQVLGHUHGXQDFFHSWDEOHLQFOLQLFDOWULDOVLQFOXGHSHULRGLF
DEVWLQHQFHFDOHQGDUV\PSWRWKHUPDOSRVWRYXODWLRQPHWKRGVZLWKGUDZDOFRLWXV
LQWHUUXSWXVVSHUPLFLGHVRQO\DQGODFWDWLRQDODPHQRUUKRHDPHWKRG

678'<352&('85(6
5HIHUWRWKH6FKHGXOHRI$VVHVVPHQWV7DEOHIRUDQRXWOLQHRIWKHSURFHGXUHV
UHTXLUHGDWHDFKYLVLW7KHYLVLWVFKHGXOHLVFDOFXODWHGIURPF\FOHGD\ILUVW
DGPLQLVWUDWLRQRIEOLQDWXPRPDE6WXG\SURFHGXUHVIRUGD\WKURXJKGD\VKRXOG
RFFXUDVVFKHGXOHG
5HIHUWRWKHDSSOLFDEOHVXSSOHPHQWPDQXDOVHJODERUDWRU\PDQXDOH&5)FRPSOHWLRQ
JXLGHOLQHVIRUGHWDLOHGGDWDFROOHFWLRQDQGSURFHGXUDOJXLGDQFH



3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



6FKHGXOHRI$VVHVVPHQWV
7DEOH6FKHGXOHRI$VVHVVPHQWV3KDVHE
([DPLQDWLRQD
6FUHHQLQJ
3UHSKDVH
7UHDWPHQW3HULRG(DFK&\FOH'D\
6)89LVLW
/RQJ7HUP)8
(IILFDF\
6XUYLYDOQ






(QGRI
,QIXVLRQ
7UHDWPHQW
)UHH
,QWHUYDO
'D\V
$IWHU/DVW
'RVH

0RQWKV$IWHU
FRPSOHWLRQRI
6)8YLVLW
'D\'
' WR'
'
'
'
'
'G
'
G
Z
,QIRUPHGFRQVHQW
;








,QFOXVLRQH[FOXVLRQFULWHULD
;








0HGLFDOKLVWRU\GHPRJUDSKLFV
;








/DQVN\.DUQRIVN\3HUIRUPDQFH6WDWXV
SHGLDWULFVXEMHFWVRQO\
;






;

(&2*3HUIRUPDQFH6WDWXV
;






;

&RPSOHWHQHXURORJLFDOH[DPLQDWLRQ
;






;

3K\VLFDOH[DPLQDWLRQ
;






;

9LWDOVLJQVDQGWHPSHUDWXUHE
;
;
;
;R



;

+HLJKWDQGZHLJKWF

;





;

/XPEDUSXQFWXUH&16SURSK\OD[LVG
;




;



%RQHPDUURZDVSLUDWHELRSV\
;H




;

;H
;
&KHPLVWU\
;
;
;
;
;
;

;

+HSDWLWLVVHURORJ\
;








&RDJXODWLRQ,15D377

;
;






+HPDWRORJ\ZLWKGLIIHUHQWLDO
;
;
;
;
;
;

;
;
8ULQDO\VLV

;





;

3UHJQDQF\WHVWIHPDOHVRIFKLOGEHDULQJ
SRWHQWLDO
;






;

,PPXQRJOREXOLQV,J*I

;



;

;

$QWLEOLQDWXPRPDEDQWLERG\J

;



;

;

+$0$VDPSOHJ

;



;

;

3KDUPDFRNLQHWLFVDPSOHK

;
;
;
;
;



&\WRNLQHV,

;
;
;





/\PSKRF\WHVXEVHWVM

;
;
;
;
;

;
;
3DJHRI
)RRWQRWHVGHILQHGRQWKHODVWSDJHRIWKHWDEOH


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


7DEOH6FKHGXOHRI$VVHVVPHQWV3KDVHE
([DPLQDWLRQD
6FUHHQLQJ
3UHSKDVH
7UHDWPHQW3HULRG(DFK&\FOH'D\
6)89LVLW
/RQJ7HUP)8
(IILFDF\
6XUYLYDOQ






(QGRI
,QIXVLRQ
7UHDWPHQW
)UHH
,QWHUYDO
'D\V
$IWHU/DVW
'RVH

0RQWKV$IWHU
FRPSOHWLRQRI
6)8YLVLW
3URWRFROUHTXLUHGWKHUDS\

&RQWLQXRXVZHHNLQIXVLRQ



6XEMHFWZULWLQJVDPSOHDGXOWVXEMHFWVRQO\N

&RQWLQXRXVO\WKURXJKRXWWKHVWXG\



$GYHUVHHYHQWVHULRXVDGYHUVHHYHQW
DVVHVVPHQWO
;
&RQWLQXRXVO\WKURXJKRXWWKHVWXG\
;
;

&RQFRPLWDQWPHGLFDWLRQP
;
&RQWLQXRXVO\WKURXJKRXWWKHVWXG\
;
;
;
'LVHDVHVXUYLYDOVWDWXV

&RQWLQXRXVO\WKURXJKRXWWKHVWXG\
;
3DJHRI
D377 DFWLYDWHGSDUWLDOWKURPERSODVWLQWLPH&16 FHQWUDOQHUYRXVV\VWHP(&2* (DVWHUQ&RRSHUDWLYH2QFRORJ\*URXS+$0$ KXPDQDQWLPRXVHDQWLERGLHV
,15 LQWHUQDWLRQDOQRUPDOL]HGUDWLR05' PLQLPDOUHVLGXDOGLVHDVH6)8 VDIHW\IROORZXS
D$VVHVVPHQWVVKRXOGEHSHUIRUPHGRQVSHFLILHGGD\RIHDFKWUHDWPHQWF\FOHXQOHVVRWKHUZLVHVWDWHGYLDDIRRWQRWH
E9LWDOVLJQVLHV\VWROLFGLDVWROLFEORRGSUHVVXUHSXOVHUDWHDQGWHPSHUDWXUHFROOHFWHGHYHU\KRXUVGXULQJF\FOH'DQG'RQFHGDLO\RQ'DQG'IRUHDFKVXEVHTXHQWF\FOH9LWDO
VLJQVFROOHFWHGDWF\FOH'RQO\LIGRVHVWHSLVSHUIRUPHGDQGWKH6)8YLVLW
F+HLJKWDQGZHLJKWSHUIRUPHGSUHGRVHRQ'KRZHYHUWKLVFDQEHGRQHWKHGD\EHIRUH:HLJKWRQO\SHUIRUPHGDW6)8YLVLW+HLJKWLQFPDQGZHLJKWLQNJVKRXOGEHPHDVXUHG
ZLWKRXWVKRHV
G/XPEDUSXQFWXUHLQWUDWKHFDO&16SURSK\OD[LVZLWKLQZHHNGD\VSULRUWRVWDUWRIEOLQDWXPRPDEWKHUDS\$1'IROORZLQJHDFKWUHDWPHQWF\FOHDIWHUERQHPDUURZDVSLUDWHRQ'
H&RPSOHWHGRQO\LIERQHPDUURZDVSLUDWHZDVQRWSHUIRUPHGDVSDUWRIVWDQGDUGRIFDUHDQGDVDPSOHZDVSURYLGHGIRUKHPDWRORJLFDODQG05'DVVHVVPHQWDWWKHFHQWUDOODE%RQH
PDUURZDVSLUDWHELRSV\ZLOOEHSHUIRUPHGDWWKH6)8YLVLWLIWKHVXEMHFWHQGHGWUHDWPHQWIRUDQ\RWKHUUHDVRQWKDQUHODSVH,IDVXEMHFWKDVQRWUHODSVHGE\GD\'RIWKHLUODVW
WUHDWPHQWF\FOHERQHPDUURZDVSLUDWHVKRXOGEHSHUIRUPHGHYHU\PRQWKVXQWLOUHODSVH'ERQHPDUURZDVSLUDWHELRSV\IRU05'RQF\FOHVDQGRQO\'ERQHPDUURZ
DVSLUDWHELRSV\IRUF\WRPRUSKRORJ\RQHYHU\WUHDWPHQWF\FOH
I ,PPXQRJOREXOLQ,J*VDPSOHVZLOOEHFROOHFWHGSUHGRVHRQ'DW'GD\VRIHDFKWUHDWPHQWF\FOHDQGWKH6)8YLVLW
J$QWLEOLQDWXPRPDEDQWLERG\DQG+$0$VDPSOHVZLOOEHFROOHFWHGEHIRUHILUVWGRVHRQ'F\FOHVDQGRQ'KDIWHUHQGRILQIXVLRQDQGDWWKH6)8YLVLW6HH6HFWLRQIRU
GHWDLOVUHJDUGLQJDGGLWLRQDOVDPSOHVQHHGHGLIDQWLEOLQDWXPRPDEDQWLERG\VDPSOHLVSRVLWLYHDW6)8
K3KDUPDFRNLQHWLFVDGXOWV&\FOHRQO\RQ'SULRUWRLQIXVLRQDQGKKKDIWHULQIXVLRQVWDUW'KDIWHULQIXVLRQVWDUW'KSULRUWRGRVHVWHS'DQ\WLPHGXULQJ
LQIXVLRQ'KSULRUWRVWRSSLQJLQIXVLRQDQGWKHQKKKKDIWHUHQGRILQIXVLRQ$OORWKHUF\FOHVRQ'''DQ\WLPHGXULQJWKHLQIXVLRQ3KDUPDFRNLQHWLFV
SHGLDWULF&\FOHRQO\RQ'SULRUWRLQIXVLRQDQGKKDIWHULQIXVLRQVWDUW'KDIWHULQIXVLRQVWDUW'DQ\WLPHGXULQJLQIXVLRQ'KSULRUWRVWRSSLQJLQIXVLRQDQG
WKHQKKDIWHUHQGRILQIXVLRQ$OORWKHUF\FOHVRQ'DQ\WLPHGXULQJWKHLQIXVLRQ
L&\WRNLQHVDGXOWV&\FOHRQO\RQ'KKKDIWHULQIXVLRQVWDUW'KDIWHULQIXVLRQVWDUW'KKKDIWHUGRVHVWHS$OORWKHUF\FOHVRQ'KDIWHULQIXVLRQVWDUW
&\WRNLQHVSHGLDWULF&\FOHRQO\RQ'KKDIWHULQIXVLRQVWDUW'KDIWHULQIXVLRQVWDUW$OORWKHUF\FOHVRQ'KDIWHULQIXVLRQVWDUW
M/\PSKRF\WHVXEVHWVDGXOWV&\FOHRQO\RQ'SULRUWRLQIXVLRQ'KDIWHULQIXVLRQVWDUW''DQG'DQ\WLPHGXULQJLQIXVLRQ/\PSKRF\WHVXEVHWVSHGLDWULF&\FOH
RQO\RQ'SULRUWRLQIXVLRQ'KDIWHULQIXVLRQVWDUW'DQG'DQ\WLPHGXULQJLQIXVLRQ)RUDOOVXEMHFWVLI%FHOOVKDYHQRWUHFRYHUHGQXPEHURI&'SRVLWLYHFHOOVLVWR
SHUȝ/DWWKH6)8YLVLWO\PSKRF\WHVXEVHWVZLOODOVREHFROOHFWHGPRQWKVDIWHUWKH6)8YLVLW
N6XEMHFWZULWLQJVDPSOHZLOOEHFRPSOHWHGE\DGXOWVXEMHFWVRQO\LQWKHPRUQLQJDQGHYHQLQJRQ'DQG'WKHQRQFHGDLO\IRUHDFKF\FOH
O6HULRXVDGYHUVHHYHQWVFROOHFWHGIURPWLPHRILQIRUPHGFRQVHQWDGYHUVHHYHQWVFROOHFWHGIURPWLPHRIHQUROOPHQW5HIHUWR6HFWLRQIRUDGYHUVHHYHQWVHULRXVDGYHUVHHYHQWUHSRUWLQJ
JXLGHOLQHV


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


P&RQFRPLWDQWPHGLFDWLRQGRFXPHQWDWLRQGXULQJORQJWHUPIROORZXSSHULRGLVOLPLWHGWRRQO\DQWLOHXNHPLFWUHDWPHQWV
Q6XEMHFWVZKRGLGQRWUHVSRQGWRRUUHODSVHGDIWHUEOLQDWXPRPDEWUHDWPHQWDQGDUHEHLQJIROORZHGLQORQJWHUPIROORZXSZLOORQO\XQGHUJRDWHOHSKRQHFRQWDFWWRGHWHUPLQHVXUYLYDOVWDWXV
E\HLWKHUWKHUHVHDUFKLQYHVWLJDWLRQDOVLWHRUWUHDWLQJSK\VLFLDQDQGFROOHFWLRQRIDQWLOHXNHPLFWUHDWPHQWFRQFRPLWDQWPHGLFDWLRQV%RQHPDUURZDQGKHPDWRORJ\DVVHVVPHQWVDUH
UHTXLUHGRQO\IRUVXEMHFWVZKRUHPDLQLQUHPLVVLRQ
R&ROOHFWHGSULRUWRGRVHVWHS


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


7DEOH6FKHGXOHRI$VVHVVPHQWV([SDQVLRQFRKRUW
([DPLQDWLRQD
6FUHHQLQJ
3UHSKDVH
7UHDWPHQW3HULRG(DFK&\FOH'D\
6)89LVLW






(QGRI
,QIXVLRQ
7UHDWPHQW
)UHH
,QWHUYDO
'D\V
$IWHU/DVW'RVH
'D\'
'WR'
'
'
'
'
'G
'
G
,QIRUPHGFRQVHQW
;







,QFOXVLRQH[FOXVLRQFULWHULD
;







0HGLFDOKLVWRU\GHPRJUDSKLFV
;







/DQVN\.DUQRIVN\3HUIRUPDQFH6WDWXVSHGLDWULF
VXEMHFWVRQO\
;






;
(&2*3HUIRUPDQFH6WDWXV
;






;
&RPSOHWHQHXURORJLFDOH[DPLQDWLRQ
;






;
3K\VLFDOH[DPLQDWLRQ
;






;
9LWDOVLJQVDQGWHPSHUDWXUHE
;
;
;
;M



;
+HLJKWDQGZHLJKWF

;





;
/XPEDUSXQFWXUH&16SURSK\OD[LVG
;




;


%RQHPDUURZDVSLUDWHELRSV\
;H




;

;H
&KHPLVWU\
;
;
;
;
;
;

;
+HSDWLWLVVHURORJ\
;







&RDJXODWLRQ,15D377

;
;





+HPDWRORJ\ZLWKGLIIHUHQWLDO
;
;
;
;
;
;

;
8ULQDO\VLV

;





;
3UHJQDQF\WHVWIHPDOHVRIFKLOGEHDULQJSRWHQWLDO
;






;
,PPXQRJOREXOLQV,J*I

;



;

;
$QWLEOLQDWXPRPDEDQWLERG\J

;



;

;
+$0$VDPSOHJ

;



;

;
3URWRFROUHTXLUHGWKHUDS\

&RQWLQXRXVZHHNLQIXVLRQ


6XEMHFWZULWLQJVDPSOHDGXOWVXEMHFWVRQO\K

&RQWLQXRXVO\WKURXJKRXWWKHVWXG\


$GYHUVHHYHQWVHULRXVDGYHUVHHYHQWDVVHVVPHQWL
;
&RQWLQXRXVO\WKURXJKRXWWKHVWXG\
;
;
3DJHRI
)RRWQRWHVGHILQHGRQWKHODVWSDJHRIWKHWDEOH


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


7DEOH6FKHGXOHRI$VVHVVPHQWV([SDQVLRQFRKRUW
([DPLQDWLRQD
6FUHHQLQJ
3UHSKDVH
7UHDWPHQW3HULRG(DFK&\FOH'D\
6)89LVLW






(QGRI
,QIXVLRQ
7UHDWPHQW
)UHH
,QWHUYDO
'D\V
$IWHU/DVW'RVH
&RQFRPLWDQWPHGLFDWLRQ
;
&RQWLQXRXVO\WKURXJKRXWWKHVWXG\
;
;
'LVHDVHVXUYLYDOVWDWXV

&RQWLQXRXVO\WKURXJKRXWWKHVWXG\
3DJHRI
D377 DFWLYDWHGSDUWLDOWKURPERSODVWLQWLPH&16 FHQWUDOQHUYRXVV\VWHP(&2* (DVWHUQ&RRSHUDWLYH2QFRORJ\*URXS+$0$ KXPDQDQWLPRXVHDQWLERGLHV
,15 LQWHUQDWLRQDOQRUPDOL]HGUDWLR05' PLQLPDOUHVLGXDOGLVHDVH6)8 VDIHW\IROORZXS
D$VVHVVPHQWVVKRXOGEHSHUIRUPHGRQVSHFLILHGGD\RIHDFKWUHDWPHQWF\FOHXQOHVVRWKHUZLVHVWDWHGYLDDIRRWQRWH
E9LWDOVLJQVLHV\VWROLFGLDVWROLFEORRGSUHVVXUHSXOVHUDWHDQGWHPSHUDWXUHFROOHFWHGHYHU\KRXUVGXULQJF\FOH'DQG'RQFHGDLO\RQ'DQG'IRUHDFKVXEVHTXHQWF\FOH9LWDO
VLJQVFROOHFWHGDWF\FOH'RQO\LIGRVHVWHSLVSHUIRUPHGDQGWKH6)8YLVLW
F+HLJKWDQGZHLJKWSHUIRUPHGSUHGRVHRQ'KRZHYHUWKLVFDQEHGRQHWKHGD\EHIRUH:HLJKWRQO\SHUIRUPHGDW6)8YLVLW+HLJKWLQFPDQGZHLJKWLQNJVKRXOGEHPHDVXUHG
ZLWKRXWVKRHV
G/XPEDUSXQFWXUHLQWUDWKHFDO&16SURSK\OD[LVZLWKLQZHHNGD\VSULRUWRVWDUWRIEOLQDWXPRPDEWKHUDS\$1'IROORZLQJHDFKWUHDWPHQWF\FOHDIWHUERQHPDUURZDVSLUDWHRQ'
H&RPSOHWHGRQO\LIERQHPDUURZDVSLUDWHZDVQRWSHUIRUPHGDVSDUWRIVWDQGDUGRIFDUHDQGDVDPSOHZDVSURYLGHGIRUKHPDWRORJLFDODQG05'DVVHVVPHQWDWWKHFHQWUDOODE%RQH
PDUURZDVSLUDWHELRSV\ZLOOEHSHUIRUPHGDWWKH6)8YLVLWLIWKHVXEMHFWHQGHGWUHDWPHQWIRUDQ\RWKHUUHDVRQWKDQUHODSVH,IDVXEMHFWKDVQRWUHODSVHGE\GD\'RIWKHLUODVW
WUHDWPHQWF\FOHERQHPDUURZDVSLUDWHVKRXOGEHSHUIRUPHGHYHU\PRQWKVXQWLOUHODSVH'ERQHPDUURZDVSLUDWHELRSV\IRU05'RQF\FOHVDQGRQO\'ERQHPDUURZ
DVSLUDWHELRSV\IRUF\WRPRUSKRORJ\RQHYHU\WUHDWPHQWF\FOH
I,PPXQRJOREXOLQ,J*VDPSOHVZLOOEHFROOHFWHGSUHGRVHRQ'DW'GD\VRIHDFKWUHDWPHQWF\FOHDQGWKH6)8YLVLW
J$QWLEOLQDWXPRPDEDQWLERG\DQG+$0$VDPSOHVZLOOEHFROOHFWHGEHIRUHILUVWGRVHRQ'F\FOHVDQGRQ'KDIWHUHQGRILQIXVLRQDQGDWWKH6)8YLVLW6HH6HFWLRQIRU
GHWDLOVUHJDUGLQJDGGLWLRQDOVDPSOHVQHHGHGLIDQWLEOLQDWXPRPDEDQWLERG\VDPSOHLVSRVLWLYHDW6)8
K6XEMHFWZULWLQJVDPSOHZLOOEHFRPSOHWHGE\DGXOWVXEMHFWVRQO\LQWKHPRUQLQJDQGHYHQLQJRQ'DQG'WKHQRQFHGDLO\IRUHDFKF\FOH
L6HULRXVDGYHUVHHYHQWVFROOHFWHGIURPWLPHRILQIRUPHGFRQVHQWDGYHUVHHYHQWVFROOHFWHGIURPWLPHRIHQUROOPHQW5HIHUWR6HFWLRQIRUDGYHUVHHYHQWVHULRXVDGYHUVHHYHQWUHSRUWLQJ
JXLGHOLQHV
M&ROOHFWHGSULRUWRGRVHVWHS


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



*HQHUDO6WXG\3URFHGXUHV
$GHVFULSWLRQIRUHDFKSKDVHRIWKHVWXG\LVSURYLGHGLQWKLVVHFWLRQ5HIHUWRWKHH&5)
FRPSOHWLRQJXLGHOLQHVIRUGDWDFROOHFWLRQUHTXLUHPHQWVDQGGRFXPHQWDWLRQRIVWXG\
DVVHVVPHQWVSURFHGXUHV
&RQILUPDWLRQWKDWWKHPRVWFXUUHQW,5%DSSURYHGLQIRUPHGFRQVHQWIRUPKDVEHHQ
VLJQHGVKRXOGRFFXUEHIRUHDQ\VWXG\VSHFLILFSURFHGXUHVDUHSHUIRUPHG$OOVXEMHFWV
ZKRDUHHQUROOHGDQGUHFHLYHEOLQDWXPRPDERUXQGHUJRVWXG\VSHFLILFSURFHGXUHV
VKRXOGEHUHFRQVHQWHGZLWKDQ\XSGDWHGYHUVLRQVRI,5%DSSURYHGLQIRUPHGFRQVHQWV
GXULQJVWXG\SDUWLFLSDWLRQDVDSSOLFDEOHDQGSHULQVWLWXWLRQDOJXLGHOLQHV
5HOHYDQWPHGLFDOKLVWRU\UHODWHGWRWKHVXEMHFW¶VGLDJQRVLVRI$//HJULVNVWUDWLILFDWLRQ
LPPXQRSKHQRW\SHLQIRUPDWLRQRQSULRUDQWLWXPRUWKHUDSLHV+6&7GDWD
UHODSVHGUHIUDFWRU\VWDWXVZLOOEHFROOHFWHGDQGPXVWGDWHEDFNWRWKHRULJLQDOGLDJQRVLV

6FUHHQLQJ3UHSKDVH
7KHVFUHHQLQJSURFHVVEHJLQVRQWKHGDWHWKHVXEMHFWVLJQVWKH,5%DSSURYHG,&)DQG
FRQWLQXHVXQWLOHQUROOPHQW,QIRUPHGFRQVHQWPXVWEHREWDLQHGEHIRUHFRPSOHWLQJDQ\
VWXG\VSHFLILFSURFHGXUHV3URFHGXUHVWKDWDUHSDUWRIVWDQGDUGRIFDUHDUHQRW
FRQVLGHUHGVWXG\VSHFLILFSURFHGXUHVDQGPD\EHSHUIRUPHGSULRUWRLQIRUPHGFRQVHQW
DQGXVHGWRGHWHUPLQHHOLJLELOLW\EXWPXVWEHGRQHZLWKLQGD\VSULRUWRWUHDWPHQW
VWDUW
$IWHUZULWWHQLQIRUPHGFRQVHQWKDVEHHQREWDLQHGVXEMHFWVZLOOEHVFUHHQHGWRDVVHVV
HOLJLELOLW\IRUVWXG\SDUWLFLSDWLRQ2QO\HOLJLEOHVXEMHFWVZKRPHHWWKHLQFOXVLRQH[FOXVLRQ
FULWHULDOLVWHGLQ6HFWLRQZLOOEHHQUROOHGLQWKHVWXG\7KHWRWDOVFUHHQLQJZLQGRZLVXS
WRGD\V,IDVXEMHFWKDVQRWPHWDOOHOLJLELOLW\FULWHULDDWWKHHQGRIWKHGD\ZLQGRZ
WKHVXEMHFWZLOOEHFODVVLILHGDVDVFUHHQIDLOXUH6XEMHFWVZKRVFUHHQIDLOPD\EH
HOLJLEOHWRUHVFUHHQRQHWLPHSHU6HFWLRQ
7KHIROORZLQJSURFHGXUHVDUHWREHFRPSOHWHGGXULQJWKHGD\VFUHHQLQJSHULRGDW
WLPHSRLQWVGHVLJQDWHGLQWKH6FKHGXOHRI$VVHVVPHQWV7DEOH
x
&RQILUPDWLRQWKDWWKH,&)DQGVXEMHFWDVVHQWLIDSSURSULDWHKDVEHHQVLJQHG
x
'HPRJUDSKLFGDWDLQFOXGLQJVH[DJHUDFHDQGHWKQLFLW\ZLOOEHFROOHFWHGWRVWXG\
WKHLUSRVVLEOHDVVRFLDWLRQZLWKVXEMHFWVDIHW\DQGWUHDWPHQWHIIHFWLYHQHVV
$GGLWLRQDOO\GHPRJUDSKLFGDWDZLOOEHXVHGWRVWXG\WKHLPSDFWRI3.RI
EOLQDWXPRPDE
x
5HYLHZRILQFOXVLRQH[FOXVLRQFULWHULD


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


x
5HOHYDQWPHGLFDOKLVWRU\
x
(&2*3HUIRUPDQFH6WDWXV$VVHVVPHQWDGXOWVRQO\$SSHQGL[(
x
.DUQRIVN\/DQVN\3HUIRUPDQFH6WDWXV$VVHVVPHQW3HGLDWULFVXEMHFWVRQO\
$SSHQGL[-DQG$SSHQGL[.UHVSHFWLYHO\
x
&RPSOHWHQHXURORJLFDOH[DPLQDWLRQ
x
/XPEDUSXQFWXUHDQGLQWUDWKHFDO&16SURSK\OD[LVZLWKLQZHHNGD\VSULRUWR
VWDUWRIEOLQDWXPRPDEWKHUDS\
x
%RQHPDUURZDVSLUDWHELRSV\PRUSKRORJLFDODQG05'DVVHVVPHQWLIELRSV\ZDVQRW
SHUIRUPHGDVVWDQGDUGRIFDUH
x
3K\VLFDOH[DPLQDWLRQDVSHUVWDQGDUGRIFDUH)LQGLQJVVKRXOGEHUHFRUGHGRQWKH
DSSURSULDWHH&5)
x
9LWDOVLJQVHJEORRGSUHVVXUHKHDUWUDWHDQGWHPSHUDWXUH
x
/RFDOODERUDWRU\DVVHVVPHQWVLQFOXGLQJ
R &KHPLVWU\
R +HPDWRORJ\ZLWKGLIIHUHQWLDO
R &UHDWLQLQH
R +HSDWLWLVVHURORJ\
R 8ULQHRUVHUXPSUHJQDQF\WHVWIHPDOHVRIFKLOGEHDULQJSRWHQWLDO
x
6HULRXVDGYHUVHHYHQWUHSRUWLQJIURPVLJQLQJRILQIRUPHGFRQVHQW
x
$GYHUVHHYHQWUHSRUWLQJIURPHQUROOPHQW
x
'RFXPHQWDWLRQRIFRQFRPLWDQWPHGLFDWLRQV

5HVFUHHQLQJ
6XEMHFWVZKRDUHXQDEOHWRFRPSOHWHRUPHHWHOLJLELOLW\DWWKHLQLWLDOVFUHHQLQJZLOOEH
SHUPLWWHGWRUHVFUHHQRQFHSURYLGHGVWXG\UHFUXLWPHQWKDVQRWFORVHG8SRQVLJQLQJD
QHZ,&)DQHZGD\VFUHHQLQJZLQGRZZLOOEHJLQ6XEMHFWVZLOOUHWDLQWKHVDPH
VXEMHFWLGHQWLILFDWLRQQXPEHUDVVLJQHGDWWKHRULJLQDOVFUHHQLQJ
$IWHUUHFRQVHQWLQJDOOVFUHHQLQJSURFHGXUHVLQFOXGLQJWKHOXPEDUSXQFWXUHDQGERQH
PDUURZELRSV\PXVWEHUHSHDWHGXQOHVVWKHSURFHGXUHZDVSHUIRUPHGZLWKLQGD\V
SULRUWRWUHDWPHQWVWDUW

7UHDWPHQW
7KHIROORZLQJSURFHGXUHVZLOOEHFRPSOHWHGGXULQJGD\WRGD\RIHDFKWUHDWPHQW
F\FOHLQGXFWLRQDQGFRQVROLGDWLRQDWWKHWLPHVGHVLJQDWHGLQWKH6FKHGXOHRI
$VVHVVPHQWV7DEOH


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


)RUDVVHVVPHQWVSHUIRUPHGDWF\FOHGD\DOOVWXG\SURFHGXUHVVKRXOGEHFRPSOHWHG
SULRUWRWKHLQLWLDWLRQRIEOLQDWXPRPDEWKHUDS\
x
9LWDOVLJQVHJEORRGSUHVVXUHKHDUWUDWHDQGWHPSHUDWXUH
x
+HLJKWDQGZHLJKW
x
/RFDOODERUDWRU\DVVHVVPHQWV
R &KHPLVWU\
R &RDJXODWLRQ,15DQGD377
R +HPDWRORJ\ZLWKGLIIHUHQWLDO
R 8ULQDO\VLVYLDGLSVWLFN
R ,PPXQRJOREXOLQV
x
&HQWUDOODERUDWRU\DVVHVVPHQWVLQFOXGLQJ
R ,PPXQRJHQLFLW\VDPSOHDQWLEOLQDWXPRPDEDQWLERG\KXPDQDQWLPRXVH
DQWLERGLHV+$0$

&\FOH'SULRUWRLQIXVLRQ'KDIWHUHQGRILQIXVLRQ

&\FOH'KDIWHUHQGRILQIXVLRQ
x
3.VDPSOH$GXOW

&\FOHRQO\RQ'SULRUWRLQIXVLRQDQGKKKDIWHULQIXVLRQ
VWDUW'KDIWHULQIXVLRQVWDUW'KSULRUWRGRVHVWHS'DQ\WLPH
GXULQJLQIXVLRQ'KSULRUWRVWRSSLQJLQIXVLRQDQGKKK
KDIWHUHQGRILQIXVLRQ

$OORWKHUF\FOHVRQ'''DQ\WLPHGXULQJLQIXVLRQ
7LPHVHQVLWLYHVDPSOHVDQGPXVWEHFROOHFWHGZLWKLQDPLQXWHWLPHIUDPH

3.VDPSOLQJLVQRWUHTXLUHGIRUVXEMHFWVSDUWLFLSDWLQJLQWKHH[SDQVLRQFRKRUW
x
3.VDPSOH3HGLDWULF

&\FOHRQO\RQ'SULRUWRLQIXVLRQDQGKKDIWHULQIXVLRQVWDUW'
KDIWHULQIXVLRQVWDUW'DQ\WLPHGXULQJLQIXVLRQ'KSULRUWR
VWRSSLQJLQIXVLRQDQGKKDIWHUHQGRILQIXVLRQ

$OORWKHUF\FOHVRQ'DQ\WLPHGXULQJLQIXVLRQ
7LPHVHQVLWLYHVDPSOHVDQGPXVWEHFROOHFWHGZLWKLQDPLQXWHWLPHIUDPH

3.VDPSOLQJLVQRWUHTXLUHGIRUVXEMHFWVSDUWLFLSDWLQJLQWKHH[SDQVLRQFRKRUW
x
&\WRNLQHV$GXOW

&\FOHRQO\RQ'KKKDIWHULQIXVLRQVWDUW'KDIWHU
LQIXVLRQVWDUW'KKKDIWHUGRVHVWHS

$OORWKHUF\FOHVRQ'KDIWHULQIXVLRQVWDUW

&\WRNLQHWHVWLQJLVQRWUHTXLUHGIRUVXEMHFWVSDUWLFLSDWLQJLQWKHH[SDQVLRQ
FRKRUW


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


x
&\WRNLQHVSHGLDWULF

&\FOHRQO\RQ'KKDIWHULQIXVLRQVWDUW'KDIWHULQIXVLRQ
VWDUW

$OORWKHUF\FOHVRQ'KDIWHULQIXVLRQVWDUW

&\WRNLQHWHVWLQJLVQRWUHTXLUHGIRUVXEMHFWVSDUWLFLSDWLQJLQWKHH[SDQVLRQ
FRKRUW
x
/\PSKRF\WHVXEVHWV$GXOW

&\FOHRQO\RQ'SULRUWRLQIXVLRQ'KDIWHULQIXVLRQVWDUW''
DQG'DQ\WLPHGXULQJLQIXVLRQ

/\PSKRF\WHVXEVHWVDUHQRWUHTXLUHGIRUVXEMHFWVSDUWLFLSDWLQJLQWKH
H[SDQVLRQFRKRUW
x
/\PSKRF\WHVXEVHWV3HGLDWULF

&\FOHRQO\RQ'SULRUWRLQIXVLRQ'KDIWHULQIXVLRQVWDUW'DQG
'DQ\WLPHGXULQJLQIXVLRQ

/\PSKRF\WHVXEVHWVDUHQRWUHTXLUHGIRUVXEMHFWVSDUWLFLSDWLQJLQWKH
H[SDQVLRQFRKRUW
x
/XPEDUSXQFWXUHDQGLQWUDWKHFDO&16SURSK\OD[LV
x
%RQHPDUURZDVSLUDWHELRSV\PRUSKRORJLFDODQG05'DVVHVVPHQW
x
6XEMHFWZULWLQJVDPSOHDGXOWVXEMHFWVRQO\
x
6HULRXVDGYHUVHHYHQWUHSRUWLQJ
x
$GYHUVHHYHQWUHSRUWLQJ
x
'RFXPHQWDWLRQRIFRQFRPLWDQWPHGLFDWLRQV
x
5HFHLSWRIEOLQDWXPRPDE

6DIHW\)ROORZXS9LVLWV(QGRI6WXG\9LVLW
$OOVXEMHFWVLQFOXGLQJVXEMHFWVZKRZLWKGUDZHDUO\VKRXOGFRPSOHWHDVDIHW\IROORZXS
YLVLWGD\VDIWHUWKHODVWGRVHRIEOLQDWXPRPDERUSULRUWR+6&7RUDQ\
QRQSURWRFROVSHFLILHGDQWLWXPRUWKHUDS\LIDSSOLFDEOH7KHIROORZLQJSURFHGXUHVZLOOEH
FRPSOHWHGDWWKHYLVLW
x
(&2*3HUIRUPDQFH6WDWXV$VVHVVPHQWDGXOWVXEMHFWVRQO\$SSHQGL[(
x
.DUQRIVN\/DQVN\3HUIRUPDQFH6WDWXV$VVHVVPHQWSHGLDWULFVXEMHFWVRQO\
$SSHQGL[-DQG$SSHQGL[.UHVSHFWLYHO\
x
&RPSOHWHQHXURORJLFDOH[DPLQDWLRQ
x
%RQHPDUURZDVSLUDWHELRSV\PRUSKRORJLFDO
x
3K\VLFDOH[DPLQDWLRQDVSHUVWDQGDUGRIFDUH
x
9LWDOVLJQVHJEORRGSUHVVXUHKHDUWUDWHUHVSLUDWLRQUDWHWHPSHUDWXUH
x
:HLJKW


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


x
/RFDOODERUDWRU\DVVHVVPHQWVLQFOXGLQJ
R &KHPLVWU\
R +HPDWRORJ\ZLWKGLIIHUHQWLDO
R 8ULQDO\VLVYLDGLSVWLFN
R 8ULQHRUVHUXPSUHJQDQF\WHVWIHPDOHVRIFKLOGEHDULQJSRWHQWLDO
R ,PPXQRJOREXOLQV
x
&HQWUDOODERUDWRU\DVVHVVPHQWVLQFOXGLQJ
R ,PPXQRJHQLFLW\VDPSOHDQWLEOLQDWXPRPDEDQWLERG\+$0$
R /\PSKRF\WHVXEVHWV3KDVHERQO\QRWUHTXLUHGIRUVXEMHFWVHQUROOHG
LQWKHH[SDQVLRQFRKRUW
x
6HULRXVDGYHUVHHYHQWUHSRUWLQJ
x
$GYHUVHHYHQWUHSRUWLQJ
x
'RFXPHQWDWLRQRIFRQFRPLWDQWPHGLFDWLRQV

/RQJWHUP)ROORZXS
/RQJWHUPIROORZXSLVUHTXLUHGIRUVXEMHFWVSDUWLFLSDWLQJLQWKH3KDVHESDUWVRIWKH
VWXG\/RQJWHUPIROORZXSLVQRWUHTXLUHGIRUVXEMHFWVSDUWLFLSDWLQJLQWKHH[SDQVLRQ
FRKRUW$OOVXEMHFWVHQUROOHGLQ3KDVHEZLOOEHIROORZHGLQWKHORQJWHUPIROORZXS
SRUWLRQRIWKHVWXG\IRUVXUYLYDO6XEMHFWVLQUHPLVVLRQZLOODOVREHIROORZHGIRUGXUDWLRQ
RIUHVSRQVH)ROORZLQJWKHVDIHW\IROORZXSYLVLWVXEMHFWVZLOOEHIROORZHGYLDFOLQLFRU
WHOHSKRQHFRQWDFWDWDQGPRQWKVZHHNVDIWHUFRPSOHWLRQRIWKH
VDIHW\IROORZXSWRDVVHVVGLVHDVHVWDWXVDQGVXUYLYDO6XEMHFWVZLOODOORZ$PJHQ$$%3
FRQWLQXHGDFFHVVWRPHGLFDOUHFRUGVVRWKDWLQIRUPDWLRQUHODWHGWRVXEMHFWV¶KHDOWK
FRQGLWLRQLQFOXGLQJGXUDWLRQRIUHVSRQVHDQGVXUYLYDOPD\EHREWDLQHG
7KHIROORZLQJSURFHGXUHVZLOOEHFRPSOHWHGIRUVXEMHFWVZKRUHPDLQLQUHPLVVLRQDWHDFK
FOLQLFYLVLW
x
'LVHDVHVXUYLYDOVWDWXV
x
%RQHPDUURZDVSLUDWHELRSV\PRUSKRORJLFDO
x
/RFDOODERUDWRU\DVVHVVPHQWVLQFOXGLQJ
ż +HPDWRORJ\ZLWKGLIIHUHQWLDO
x
&HQWUDOODERUDWRU\DVVHVVPHQWVLQFOXGLQJ
ż /\PSKRF\WHVXEVHWVDWPRQWKVDIWHUWKHVDIHW\IROORZXSYLVLWLI%FHOOV
KDYHQRWUHFRYHUHGDWWKHVDIHW\IROORZXSYLVLW>LHQXPEHURI
&'SRVLWLYHFHOOVLVWRSHU/@
x
'RFXPHQWDWLRQRIFRQFRPLWDQWPHGLFDWLRQVDQWLOHXNHPLFWUHDWPHQWVRQO\


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


7KHIROORZLQJSURFHGXUHVZLOOEHFRPSOHWHGIRUVXEMHFWVZKRGLGQRWUHVSRQGWRRU
UHODSVHGDIWHUEOLQDWXPRPDEZKRKDYHUHFHLYHGRWKHUDQWLOHXNHPLFWUHDWPHQWVRU
+6&7DQGDUHEHLQJIROORZHGLQORQJWHUPIROORZXS
x
7HOHSKRQHFRQWDFWE\HLWKHUWKHUHVHDUFKLQYHVWLJDWLRQDOVLWHRUWUHDWLQJSK\VLFLDQ
WRWKHVXEMHFWWRGHWHUPLQHVXUYLYDOVWDWXV
x
'RFXPHQWDWLRQRIFRQFRPLWDQWPHGLFDWLRQVDQWLOHXNHPLFWUHDWPHQWVRQO\
6KRXOGDVXEMHFWIDLOWRUHWXUQWRWKHFOLQLFIRUDVFKHGXOHGSURWRFROYLVLWRUQRWEH
DYDLODEOHIRUWHOHSKRQHFRQWDFWVLWHVZLOOQHHGWRPDNHDWWHPSWVE\DFRPELQDWLRQRI
WHOHSKRQHDQGPDLOWRFRQWDFWVXEMHFWV6LWHVPXVWGRFXPHQWDOODWWHPSWVWRFRQWDFW
WKHVXEMHFW,IDVXEMHFWGRHVQRWUHVSRQGZLWKLQPRQWKDIWHUWKHWKLUGFRQWDFWWKH
VXEMHFWZLOOEHFRQVLGHUHGORVWWRIROORZXSDQGQRDGGLWLRQDOFRQWDFWZLOOEHUHTXLUHG

1HXURORJLFDO([DPLQDWLRQ
$QHXURORJLFDOH[DPLQDWLRQZLOOEHSHUIRUPHGDVRXWOLQHGLQWKH6FKHGXOHRI
$VVHVVPHQWV7DEOH6XEMHFWVZLOOEHVSHFLILFDOO\TXHULHGIRUQHXURORJLFDOV\PSWRPV
REVHUYHGLQWKHLQWHUYDOVLQFHWKHODVWH[WHQGHGQHXURORJLFDOH[DPLQDWLRQ$EQRUPDOLWLHV
RIWKHIROORZLQJVKRXOGEHUHFRUGHGOHYHORIFRQVFLRXVQHVVRULHQWDWLRQYLVLRQFUDQLDO
QHUYHVDQGEUDLQVWHPIXQFWLRQVS\UDPLGDODQGH[WUDS\UDPLGDOPRWRUV\VWHPUHIOH[HV
PXVFOHWRQHDQGWURSKLFILQGLQJVFRRUGLQDWLRQVHQVRU\V\VWHPQHXURSV\FKRORJLFDO
ILQGLQJVHJVSHHFKFRJQLWLRQDQGHPRWLRQ

6XEMHFW:ULWLQJ6DPSOH
$GXOWVXEMHFWVZLOOEHDVNHGWRSURYLGHGDLO\ZULWLQJVDPSOHVWRGHWHFWHDUO\FHUHEHOODU
VLJQVDVRXWOLQHGLQWKH6FKHGXOHRI$VVHVVPHQWV7DEOH6XEMHFWVZLOOZULWHGRZQ
WKHFXUUHQWGDWHFXUUHQWORFDWLRQDQGWLPHLQWKHVHQWHQFH7KHVHQWHQFHIRUPDWVKRXOG
EHUHSHDWHGHDFKWLPHWKURXJKRXWWKHVWXG\,QWHUSUHWDWLRQRIZULWLQJVDPSOHUHVXOWVZLOO
EHEDVHGVROHO\RQWKHLQYHVWLJDWRU¶VDVVHVVPHQW

/XPEDU3XQFWXUHDQG,QWUDWKHFDO&163URSK\OD[LV
3OHDVHUHIHUWR6HFWLRQIRUPDQGDWRU\LQWUDWKHFDO&16SURSK\OD[LVJXLGHOLQHV


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



%RQH0DUURZ%LRSV\$VSLUDWLRQ
%RQHPDUURZZLOOEHXVHGIRUKHPDWRORJLFDODVVHVVPHQWDQGIRUHYDOXDWLRQRI05'E\
3&57KHIROORZLQJVDPSOHVZLOOEHREWDLQHGIRUF\WRPRUSKRORJLFDODVVHVVPHQWDQG
05'PHDVXUHPHQW
x
&\WRPRUSKRORJ\%0VPHDUVVOLGHVDWVFUHHQLQJDQGDWWKHHQGRIHDFK
WUHDWPHQWF\FOH,QFDVHRILQVXIILFLHQWTXDOLW\RIWKHDVSLUDWLRQPDWHULDODWWKH
HQGRIHDFKWUHDWPHQWF\FOHDFRUHELRSV\VKRXOGEHSHUIRUPHGEHIRUHWUHDWPHQW
VWDUWLQWKHQH[WF\FOHRUDWWKHVDIHW\IROORZXSYLVLWLIWKHVXEMHFWKDVQRW
SURJUHVVHGDQGQRIXUWKHUWUHDWPHQWF\FOHVDUHWREHDGPLQLVWHUHG
x
05'DOLTXRWVIRU3&5LQGLYLGXDOUHDUUDQJHPHQWVDWVFUHHQLQJLIQRW
SHUIRUPHGDVSDUWRIURXWLQHWHVWLQJDQGDWWKHHQGRIWKHILUVWDQGVHFRQG
WUHDWPHQWF\FOHVZLOOEHFROOHFWHGDQGDQDO\]HGDWDFHQWUDOODE
,IDPDUURZDVSLUDWLRQLVQRWSRVVLEOHRUWKHDVSLUDWHGRHVQRWFRQWDLQDQ\%0DFRUH
ELRSV\ZLOOEHGRQH,QFDVHRIFRUHELRSVLHVQRFHQWUDO05'DVVHVVPHQWZLOOEH
SRVVLEOHGXHWRWKHQHHGWRSUHVHUYHWKHELRSV\ZLWKIRUPDOLQEHIRUHVKLSPHQW
,IDVXEMHFWKDVQRWUHODSVHGE\WKHLUODVWLQGXFWLRQDQGFRQVROLGDWLRQWUHDWPHQWF\FOHD
%0ELRSV\RUDVSLUDWHVKRXOGEHSHUIRUPHGHYHU\ORQJWHUPIROORZXSYLVLWXQWLOUHODSVH
7KHGHJUHHRIERQHPDUURZLQILOWUDWLRQGHILQHGE\WKHSHUFHQWDJHRIOHXNHPLFEODVWVLQ
ERQHPDUURZZLOOEHHYDOXDWHGE\ORFDOODERUDWRULHVDVSHUF\WRORJLFDODVVHVVPHQW,Q
DGGLWLRQWKHERQHPDUURZVOLGHVZLOOEHSURYLGHGWRWKHGHVLJQDWHGFHQWUDOODERUDWRULHV
IRUKHPDWRORJLFDODVVHVVPHQW7KH%SUHFXUVRUSKHQRW\SHKDVWREHFRQILUPHGE\WKH
FHQWUDOODERUDWRU\E\LPPXQRF\WRFKHPLVWU\7KHIROORZLQJPDUNHUVZLOOEHDQDO\]HGDV
QHHGHG&'&'&'&'&'&'&'&'&'$32;7'7
7KHUHVXOWVRIWKHORFDOODERUDWRU\DUHDSSOLFDEOHIRULQFOXVLRQLQWRWKHVWXG\DQGIRUWKH
GHFLVLRQLISUHWUHDWPHQWVKRXOGEHDGPLQLVWHUHGLIWKHUHVXOWVRIWKHFHQWUDOODERUDWRU\
DUHQRW\HWDYDLODEOHDWWKHWLPHWKHVHGHFLVLRQVDUHPDGH
.QRZQF\WRJHQHWLFDQGPROHFXODUDEHUUDWLRQVZLOOEHGRFXPHQWHGLQWKHFDVHUHSRUW
IRUP&5)
5HVXOWVRIDGGLWLRQDOWHVWVURXWLQHO\FRQGXFWHGE\WKHLQYHVWLJDWRUVEXWQRWUHTXLUHGE\
WKHSURWRFROVXFKDVLPPXQRSKHQRW\SLFF\WRJHQHWLFRUPROHFXODUDQDO\VHVFRQGXFWHG
GXULQJWKHVWXG\ZLOOEHFROOHFWHGDQGGRFXPHQWHGLQWKH&5)
$OO%0DVVHVVPHQWVZLOOEHSHUIRUPHGDWWLPHSRLQWVRXWOLQHGLQWKH6FKHGXOHRI
$VVHVVPHQWV7DEOH


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



'HILQLWLRQVRI7UHDWPHQW5HVSRQVH

$GXOW6XEMHFWV
$WVFUHHQLQJDQGDWWKHHQGRIHDFKWUHDWPHQWF\FOHDFHQWUDOO\DQDO\]HGERQHPDUURZ
DVSLUDWLRQDQGORFDOSHULSKHUDOEORRGFRXQWVZLOOEHSHUIRUPHGWRHYDOXDWHWKHHIILFDF\RI
SURWRFROVSHFLILHGWKHUDS\&ULWHULDIRUWUHDWPHQWUHVSRQVHDUHGHILQHGLQ$SSHQGL[)
(YDOXDWLRQRI&5DQG&5KZLOORFFXUDWWKHHQGRIHDFKWUHDWPHQWF\FOHDVSHUWKH
IROORZLQJGHILQLWLRQV
x
&5LVGHILQHGDVEODVWVLQWKHERQHPDUURZQRHYLGHQFHRIGLVHDVHDQG
IXOOUHFRYHU\RISHULSKHUDOEORRGFRXQWVSODWHOHWV!ODQGDEVROXWH
QHXWURSKLOFRXQW$1&!O
x
&5KLVGHILQHGDVEODVWVLQWKHERQHPDUURZQRHYLGHQFHRIGLVHDVHDQG
SDUWLDOUHFRYHU\RISHULSKHUDOEORRGFRXQWVSODWHOHWV!ODQG
$1&!O
6XEMHFWVZKRGHYHORSLVRODWHG&16OHXNHPLDUHODSVHGXULQJWUHDWPHQWDQGZKRKDYH
QRWPHWWKHFULWHULDIRUDQHYHQWDVGHILQHGDERYHPD\FRQWLQXHRQVWXG\DQGUHFHLYH
DGGLWLRQDO&16GLUHFWHGWKHUDS\LQDGGLWLRQWRWKHLUV\VWHPLFSURWRFROVSHFLILHGWKHUDS\
1HYHUWKHOHVVDQLVRODWHG&16HYHQWZRXOGEHFRQVLGHUHGDQHYHQW
([WUDPHGXOODU\'LVHDVH
$QH[WUDPHGXOODU\UHODSVHZLOOEHDVVHVVHGDVKHPDWRORJLFDOUHODSVH,IFOLQLFDOVLJQVRI
H[WUDPHGXOODU\OHVLRQVDUHSUHVHQWDVVHVVPHQWVZLOOEHSHUIRUPHGDFFRUGLQJWR
PRGLILHG&KHVRQFULWHULD$SSHQGL[*,IFRPSXWHGWRPRJUDSK\&7VFDQVDUH
FRQGXFWHGWKLVVKRXOGEHGRQHDFFRUGLQJWRVWDQGDUGFOLQLFDOSUDFWLFH,ID&7VFDQKDV
EHHQSHUIRUPHGZLWKLQGD\VEHIRUHVWDUWRIEOLQDWXPRPDEWUHDWPHQWDQGLIQRFOLQLFDO
VLJQVRIDFKDQJHRIGLVHDVHVWDWHKDYHEHHQREVHUYHGWKLVDVVHVVPHQWFDQEH
UHJDUGHGDVVFUHHQLQJDVVHVVPHQW

3HGLDWULF6XEMHFWV
7KHWUHDWPHQWLVGHILQHGWREHHIILFDFLRXVZKHQWKHVXEMHFWLVVWDWHGWREHLQ&5ZLWK
UHFRYHU\RISHULSKHUDOEORRGFRXQWVRULQ&5ZLWKLQFRPSOHWHUHFRYHU\RISHULSKHUDO
EORRGFRXQWV7KHRQVHWRIUHPLVVLRQZLOOEHGHILQHGE\WKHODWHURIWKHGDWHRIWKHILUVW
PDUURZDVSLUDWLRQLQZKLFKWKHUHPLVVLRQZDVGRFXPHQWHGDQGWKHGD\LQZKLFK
SHULSKHUDOEORRGFRXQWUHFRYHU\PHWWKHGHILQHGFULWHULD


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


+HPDWRORJLFDOUHVSRQVHVDUHGHILQHGE\WKHIROORZLQJFULWHULD/DXWHQ
x
&RPSOHWHUHPLVVLRQ&5LQFOXGLQJVXEMHFWVZLWKLQFRPSOHWHUHFRYHU\RI
SHULSKHUDOEORRGFRXQWV
ż 1RHYLGHQFHRIFLUFXODWLQJEODVWVRUH[WUDPHGXOODU\GLVHDVH
ż 0ERQHPDUURZEODVWVLQDQHYDOXDEOHERQHPDUURZ
&5VXEMHFWVZLOOEHVXEFODVVLILHGEDVHGRQWKHLUSHULSKHUDOEORRGFRXQWV
x
0ERQHPDUURZZLWKIXOOUHFRYHU\RISHULSKHUDOEORRGFRXQWV
ż 3ODWHOHWV![/DQG
R $1&![/
x
0ERQHPDUURZZLWKLQFRPSOHWHUHFRYHU\RISHULSKHUDOEORRGFRXQWV
0HHWVWKHFULWHULDIRU&5H[FHSWIRUIXOOUHFRYHU\RISHULSKHUDOEORRGFRXQWV
R 3ODWHOHWV![/EXW[/DQG$1&![/EXW
[/
x
0ERQHPDUURZWKDWGLGQRWTXDOLI\IRUIXOORULQFRPSOHWHUHFRYHU\RISHULSKHUDO
EORRGFRXQWV
+\SRFHOOXODURUDFHOOXODUERQHPDUURZ
x
1R0ERQHPDUURZ05'UHVSRQVH
x
05'PHDVXUHGHLWKHUE\3&5RUIORZF\WRPHWU\
x
1RHYLGHQFHRIGLVHDVH
x
,QVXIILFLHQWUHFRYHU\RISHULSKHUDOEORRGFRXQWV
R 3ODWHOHWV[/RU$1&[/
&RPSOHWH05'UHVSRQVH
x
1RGHWHFWDEOHVLJQDOIRUOHXNHPLFFHOOVHLWKHUE\3&5RUIORZF\WRPHWU\
3DUWLDOUHPLVVLRQ
x
&RPSOHWHGLVDSSHDUDQFHRIFLUFXODWLQJEODVWVDQGDFKLHYHPHQWRI0PDUURZ
VWDWXV!WREODVWFHOOVDQGDSSHDUDQFHRIQRUPDOSURJHQLWRUFHOOV
6WDEOHGLVHDVH
x
7KLVLVSUHVHQWZKHQWKHVXEMHFWIDLOVWRTXDOLI\HLWKHUIRUD&5SDUWLDOUHPLVVLRQ
RUSURJUHVVLYHGLVHDVH


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


3URJUHVVLYHGLVHDVH
x
$QLQFUHDVHRIDWOHDVWRUDQDEVROXWHLQFUHDVHRIDWOHDVWFHOOV/
ZKLFKHYHULVJUHDWHULQWKHQXPEHURIFLUFXODWLQJOHXNHPLDFHOOVGHYHORSPHQW
RIH[WUDPHGXOODU\GLVHDVHRURWKHUODERUDWRU\RUFOLQLFDOHYLGHQFHRISURJUHVVLYH
GLVHDVH
5HODSVHLVGHILQHGE\WKHIROORZLQJFULWHULD
+HPDWRORJLFDOUHODSVH
x
3URSRUWLRQRIEODVWVLQERQHPDUURZ!RUH[WUDPHGXOODU\UHODSVHIROORZLQJ
GRFXPHQWHG&5
05'UHODSVH
x
,QFUHDVHRI05'OHYHOE\DWOHDVWORJIROORZLQJDQ05'UHVSRQVH

/DERUDWRU\$VVHVVPHQWV
7KHDQDO\WHVIRUDOOODERUDWRU\WHVWVXVHGWKURXJKRXWWKLVVWXG\DUHOLVWHGLQWKHWDEOH
EHORZ$OOVFUHHQLQJDQGRQVWXG\ODERUDWRU\VDPSOHVZLOOEHFROOHFWHGDQGSURFHVVHGDW
WKHLQYHVWLJDWRU¶VORFDOODERUDWRU\DQGDQDO\]HGORFDOO\RUFHQWUDOO\&KHPLVWU\FUHDWLQLQH
FOHDUDQFHFRDJXODWLRQWHVWVKHPDWRORJ\XULQDO\VLV,J*DQGSUHJQDQF\FRQILUPDWLRQ
ZLOOEHSHUIRUPHGORFDOO\$QWLEOLQDWXPRPDEDQWLERG\DQG+$0$VDPSOHV3.VDPSOHV
F\WRNLQHVO\PSKRF\WHVXEVHWVDVZHOODVERQHPDUURZVDPSOHVIRUKHPDWRORJLFDODQG
05'DVVHVVPHQWVZLOOEHHYDOXDWHGFHQWUDOO\&\WRNLQHVO\PSKRF\WHVXEVHWVDQG3.
VDPSOHVDUHQRWUHTXLUHGIRUWKHH[SDQVLRQFRKRUW
$PJHQRUWKHFHQWUDOODERUDWRULHVZLOOVXSSO\FRQWDLQHUVIRUVDPSOHFROOHFWLRQ
SUHSDUDWLRQSDFNDJLQJDQGVKLSSLQJ'HWDLOHGLQVWUXFWLRQVIRUVDPSOHFROOHFWLRQ
SURFHVVLQJDQGVKLSSLQJDUHSURYLGHGLQWKHFHQWUDOODERUDWRU\PDQXDODQGRU
$PJHQSURYLGHGWUDLQLQJPDWHULDOV7KHGDWHDQGWLPHRIVDPSOHFROOHFWLRQZLOOEH
UHFRUGHGLQWKHVRXUFHGRFXPHQWVDWWKHVLWH
%ORRGGUDZVVKRXOGQRWEHGRQHYLDWKHFHQWUDOYHQRXVDFFHVV([FHSWLRQ,ID
SHUPDQHQWFHQWUDOOLQHZLWKPRUHWKDQRQHOXPHQLVXVHGEORRGGUDZVFDQEHGRQHYLD
WKHOXPHQWKDWLVQRWXVHGIRUGUXJDGPLQLVWUDWLRQ
7KHEHORZ7DEOHRXWOLQHVWKHVSHFLILFDQDO\WHVWKDWZLOOEHDVVHVVHGGXULQJWKHVWXG\DW
WLPHSRLQWVRXWOLQHGLQWKH6FKHGXOHRI$VVHVVPHQWV7DEOH


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


7DEOH/DERUDWRU\$QDO\WH/LVWLQJ
/RFDO
/DERUDWRU\
&KHPLVWU\
6RGLXP
3RWDVVLXP
&KORULGH
7RWDOSURWHLQ
$OEXPLQ
&DOFLXP
0DJQHVLXP
3KRVSKRUXV
*OXFRVH
%81RU8UHD
&UHDWLQLQH
&UHDWLQLQH
FOHDUDQFH
8ULFDFLG
$ONSKRV
/'+
$676*27
$/76*37
&UHDFWLYH
SURWHLQ
$P\ODVHE
/LSDVHE
%LOLUXELQWRWDO
**7
/RFDO
/DERUDWRU\
&RDJXODWLRQ
D377,15





















/RFDO
/DERUDWRU\
8ULQDO\VLVD
%ORRG
3URWHLQ
*OXFRVH

/RFDO
/DERUDWRU\
+HPDWRORJ\
+HPRJORELQ
+HPDWRFULW
5HWLFXORF\WHV
3ODWHOHWV
:%&
5%&
'LIIHUHQWLDO
x1HXWURSKLOV
x%DQGVVWDEV
x(RVLQRSKLOV
x%DVRSKLOV
x/\PSKRF\WHV
x0RQRF\WHV
%ODVWV
2WKHU/DEV
/RFDO/DERUDWRU\
+HSDWLWLV%VXUIDFH
DQWLJHQ
+HSDWLWLV%VXUIDFH
DQWLERG\
+HSDWLWLV%FRUH
DQWLERG\
+HSDWLWLV&YLUXV
DQWLERG\
,J*
8ULQHRUVHUXP
SUHJQDQF\
&6)DQDO\WHV


&HQWUDO
/DERUDWRU\
$QWLEOLQDWXPRPDE
DQWLERGLHV
+$0$

3KDVHERQO\
3.F
&\WRNLQHVF
/\PSKRF\WH
VXEVHWVF

D7KHSUHVHQFHRIJOXFRVHSURWHLQDQGEORRGLQXULQHZLOOEHDVVHVVHGE\GLSVWLFNGXULQJEDVHOLQHDW
'EHIRUHWKHVWDUWRILQIXVLRQDWHDFKF\FOHDQGDWWKHVDIHW\IROORZXSYLVLW
E$WVFUHHQLQJRQO\
F1RWUHTXLUHGIRUVXEMHFWVHQUROOHGLQWKHH[SDQVLRQ FRKRUW

/\PSKRF\WH6XEVHWV
/\PSKRF\WHVXEVHWWHVWLQJLVUHTXLUHGIRUVXEMHFWVSDUWLFLSDWLQJLQWKH3KDVHESDUWV
RIWKHVWXG\/\PSKRF\WHVXEVHWWHVWLQJLVQRWUHTXLUHGIRUVXEMHFWVSDUWLFLSDWLQJLQWKH
H[SDQVLRQFRKRUW/\PSKRF\WHVXEVHWVZLOOEHPHDVXUHGE\IORZF\WRPHWULF
GHWHUPLQDWLRQRIGLIIHUHQWPDUNHUVHJ7FHOOV&'&'&'%FHOOV&'7FHOO
VXEVHWV&'5$&'DQGRWKHUV/\PSKRF\WHVXEVHWVZLOOEHFROOHFWHGDWWLPH
SRLQWVRXWOLQHGLQWKH6FKHGXOHRI$VVHVVPHQWV7DEOH
,I%FHOOFRXQWVKDYHQRWUHFRYHUHGDWWKHVDIHW\IROORZXSYLVLWUHFRYHUHGLVGHILQHGDV
QXPEHURI&'SRVLWLYHFHOOVSHU/LVWR0F1HUODQHWDODQGWKH
VXEMHFWKDVQRWUHODSVHGDQRWKHUVDPSOHZLOODOVREHWDNHQPRQWKVDIWHU6)8YLVLWIRU
GHWHUPLQDWLRQRIO\PSKRF\WHVXEVHWV


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



,PPXQRJOREXOLQV
,PPXQRJOREXOLQV,J*RQO\ZLOOEHFROOHFWHGDWWLPHSRLQWVRXWOLQHGLQWKH6FKHGXOHRI
$VVHVVPHQWV7DEOHWRGHWHFWK\SRJDPPDJOREXOLQHPLDRULPPXQRORJLFDOFKDQJHV

3KDUPDFRNLQHWLF$VVHVVPHQWV
3KDUPDFRNLQHWLFWHVWLQJLVUHTXLUHGIRUVXEMHFWVSDUWLFLSDWLQJLQWKH3KDVHESDUWVRI
WKHVWXG\3KDUPDFRNLQHWLFWHVWLQJLVQRWUHTXLUHGIRUVXEMHFWVSDUWLFLSDWLQJLQWKH
H[SDQVLRQFRKRUW6HUXPVDPSOHVZLOOEHFROOHFWHGWRPHDVXUHEOLQDWXPRPDEVHUXP
FRQFHQWUDWLRQGXULQJWKHEOLQDWXPRPDEWUHDWPHQWSHULRGLQDOOVXEMHFWVZKRUHFHLYHGWKH
GUXJGXULQJWKHVWXG\6DPSOHVZLOOEHFROOHFWHGDWWLPHSRLQWVRXWOLQHGLQWKH6FKHGXOH
RI$VVHVVPHQWV7DEOHIRUGHWHUPLQDWLRQRIVHUXPVWHDG\VWDWHGUXJFRQFHQWUDWLRQV
&VV7KHVDPSOHVZLOOEHPHDVXUHGZLWKDYDOLGDWHGELRDVVD\
3.VDPSOHVPXVWEHGUDZQIURPDVLWHWKDWLVGLVWDOIURPWKHVLWHZKHUHWKH
LQYHVWLJDWLRQDOSURGXFWKDVEHHQDGPLQLVWHUHGWRDYRLGFRQWDPLQDWLRQRIWKH3.VDPSOHV
DQGWREHWWHUHVWLPDWH3.SDUDPHWHUV2Q3.DVVHVVPHQWGD\VWKHGDWHDQGWLPHRI
LQIXVLRQEDJFKDQJHVDQGDQ\GRVLQJLQWHUUXSWLRQVZLOOEHUHFRUGHGLQWKHH&5)

$QWLERG\7HVWLQJ3URFHGXUHV
%ORRGVDPSOHVZLOOEHFROOHFWHGDWWLPHSRLQWVDVRXWOLQHGLQWKH6FKHGXOHRI
$VVHVVPHQWV7DEOHIRUWKHPHDVXUHPHQWRIDQWLEOLQDWXPRPDEELQGLQJDQWLERGLHV
6DPSOHVWHVWLQJSRVLWLYHIRUELQGLQJDQWLERGLHVZLOODOVREHWHVWHGIRUQHXWUDOL]LQJ
DQWLERGLHVDQGPD\EHIXUWKHUFKDUDFWHUL]HGIRUTXDQWLW\WLWHULVRW\SHDIILQLW\DQG
SUHVHQFHRILPPXQHFRPSOH[HV$GGLWLRQDOEORRGVDPSOHVPD\EHREWDLQHGWRUXOHRXW
DQWLEOLQDWXPRPDEDQWLERGLHV$'$GXULQJWKHVWXG\
6LWHVZLOOEHQRWLILHGRIDQ\SRVLWLYHQHXWUDOL]LQJDQWLERG\UHVXOWVWREOLQDWXPRPDEIRU
LQGLYLGXDOVXEMHFWVDWWKHHQGRIWKHVWXG\IRUHDFKVXEMHFW,IUHVXOWVDUHQRWSURYLGHG
QRQHXWUDOL]LQJDQWLERGLHVWREOLQDWXPRPDEKDYHEHHQGHWHFWHG
6XEMHFWVZKRWHVWSRVLWLYHIRUQHXWUDOL]LQJDQWLERGLHVWREOLQDWXPRPDEDWWKH(QGRI
6DIHW\)ROORZXSYLVLWPD\EHDVNHGWRUHWXUQIRUDGGLWLRQDOIROORZXSWHVWLQJ7KLV
WHVWLQJ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FRPSOHWHG)ROORZXSSHULRGIRUWKHVWXG\$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


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


VDIHW\UHODWHGFRQFHUQV)ROORZXSWHVWLQJLVQRWUHTXLUHGZKHUHLWLVHVWDEOLVKHGWKDWWKH
VXEMHFWGLGQRWUHFHLYHEOLQDWXPRPDE
6XEMHFWVZKRWHVWSRVLWLYHIRUELQGLQJQRQQHXWUDOL]LQJDQWLERGLHVDQGKDYHFOLQLFDO
VHTXHODHWKDWDUHFRQVLGHUHGSRWHQWLDOO\UHODWHGWRDQDQWLEOLQDWXPRPDEDQWLERG\
UHVSRQVHPD\DOVREHDVNHGWRUHWXUQIRUDGGLWLRQDOIROORZXSWHVWLQJ

%LRPDUNHU'HYHORSPHQW
%LRPDUNHUDQDO\VHVDUHQRWSODQQHGIRUWKLVVWXG\

6DPSOH6WRUDJHDQG'HVWUXFWLRQ
$Q\EORRGVDPSOHHJ3.FROOHFWHGDFFRUGLQJWRWKH6FKHGXOHRI$VVHVVPHQWV
7DEOHFDQEHDQDO\]HGIRUDQ\RIWKHWHVWVRXWOLQHGLQWKHSURWRFRODQGIRUDQ\WHVWV
QHFHVVDU\WRPLQLPL]HULVNVWRVWXG\VXEMHFWV7KLVLQFOXGHVWHVWLQJWRHQVXUHDQDO\WLFDO
PHWKRGVSURGXFHUHOLDEOHDQGYDOLGGDWDWKURXJKRXWWKHFRXUVHRIWKHVWXG\7KLVFDQ
DOVRLQFOXGHEXWLVQRWOLPLWHGWRLQYHVWLJDWLRQRIXQH[SHFWHGUHVXOWVLQFXUUHGVDPSOH
UHDQDO\VLVDQGDQDO\VHVIRUPHWKRGWUDQVIHUDQGFRPSDUDELOLW\
$OOVDPSOHVDQGDVVRFLDWHGUHVXOWVZLOOEHFRGHGSULRUWREHLQJVKLSSHGIURPWKHVLWHIRU
DQDO\VLVRUVWRUDJH6DPSOHVZLOOEHWUDFNHGXVLQJDXQLTXHLGHQWLILHUWKDWLVDVVLJQHGWR
WKHVDPSOHVIRUWKHVWXG\5HVXOWVDUHVWRUHGLQDVHFXUHGDWDEDVHWRHQVXUH
FRQILGHQWLDOLW\
,ILQIRUPHGFRQVHQWLVSURYLGHGE\WKHVXEMHFW$PJHQFDQGRDGGLWLRQDOWHVWLQJRQ
UHPDLQLQJVDPSOHVLHUHVLGXDODQGEDFNXSWRLQYHVWLJDWHDQGEHWWHUXQGHUVWDQGWKH
GLVHDVHXQGHUVWXG\$//WKHGRVHUHVSRQVHDQGRUSUHGLFWLRQRIUHVSRQVHWR
EOLQDWXPRPDEFKDUDFWHUL]HDQWLERG\UHVSRQVHDQGFKDUDFWHUL]HDVSHFWVRIWKH
PROHFXOHHJPHFKDQLVPRIDFWLRQWDUJHWPHWDEROLWHV5HVXOWVIURPWKLVDQDO\VLVDUH
WREHGRFXPHQWHGDQGPDLQWDLQHGEXWDUHQRWQHFHVVDULO\UHSRUWHGDVSDUWRIWKLVVWXG\
6DPSOHVFDQEHUHWDLQHGIRUXSWR\HDUV
6LQFHWKHHYDOXDWLRQVDUHQRWH[SHFWHGWREHQHILWWKHVXEMHFWGLUHFWO\RUWRDOWHUWKH
WUHDWPHQWFRXUVHWKHUHVXOWVRIDQ\H[SORUDWRU\VWXGLHVDUHQRWSODFHGLQWKHVXEMHFW¶V
PHGLFDOUHFRUGDQGDUHQRWWREHPDGHDYDLODEOHWRWKHVXEMHFWPHPEHUVRIWKHIDPLO\
WKHSHUVRQDOSK\VLFLDQRURWKHUWKLUGSDUWLHVH[FHSWDVVSHFLILHGLQWKHLQIRUPHG
FRQVHQW
7KHVXEMHFWUHWDLQVWKHULJKWWRUHTXHVWWKDWWKHVDPSOHPDWHULDOEHGHVWUR\HGE\
FRQWDFWLQJWKHLQYHVWLJDWRU)ROORZLQJWKHUHTXHVWIURPWKHVXEMHFWWKHLQYHVWLJDWRULVWR
SURYLGHWKHVSRQVRUZLWKWKHUHTXLUHGVWXG\DQGVXEMHFWQXPEHUVRWKDWDQ\UHPDLQLQJ


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


EORRGVDPSOHVDQGDQ\RWKHUFRPSRQHQWVIURPWKHFHOOVFDQEHORFDWHGDQGGHVWUR\HG
6DPSOHVZLOOEHGHVWUR\HGRQFHDOOSURWRFROGHILQHGSURFHGXUHVDUHFRPSOHWHG
+RZHYHULQIRUPDWLRQFROOHFWHGIURPVDPSOHVSULRUWRWKHUHTXHVWIRUGHVWUXFWLRQZLOOEH
UHWDLQHGE\$PJHQ
7KHVSRQVRULVWKHH[FOXVLYHRZQHURIDQ\GDWDGLVFRYHULHVRUGHULYDWLYHPDWHULDOVIURP
WKHVDPSOHPDWHULDOVDQGLVUHVSRQVLEOHIRUWKHGHVWUXFWLRQRIWKHVDPSOHVDWWKH
UHTXHVWRIWKHVXEMHFWWKURXJKWKHLQYHVWLJDWRUDWWKHHQGRIWKHVWRUDJHSHULRGRUDV
DSSURSULDWHHJWKHVFLHQWLILFUDWLRQDOHIRUH[SHULPHQWDWLRQZLWKDFHUWDLQVDPSOHW\SHQR
ORQJHUMXVWLILHVNHHSLQJWKHVDPSOH,IDFRPPHUFLDOSURGXFWLVGHYHORSHGIURPWKLV
UHVHDUFKSURMHFWWKHVSRQVRURZQVWKHFRPPHUFLDOSURGXFW7KHVXEMHFWKDVQR
FRPPHUFLDOULJKWVWRVXFKSURGXFWDQGKDVQRFRPPHUFLDOULJKWVWRWKHGDWDLQIRUPDWLRQ
GLVFRYHULHVRUGHULYDWLYHPDWHULDOVJDLQHGRUSURGXFHGIURPWKHVDPSOH6HH
6HFWLRQIRUVXEMHFWFRQILGHQWLDOLW\

:,7+'5$:$/)52075($70(17352&('85(6$1'678'<

6XEMHFWV¶'HFLVLRQWR:LWKGUDZ
6XEMHFWVKDYHWKHULJKWWRZLWKGUDZIURPWKHVWXG\DWDQ\WLPHDQGIRUDQ\UHDVRQ
ZLWKRXWSUHMXGLFHWRWKHLUIXWXUHPHGLFDOFDUHE\WKHSK\VLFLDQRUDWWKHLQVWLWXWLRQ
6XEMHFWVRUDOHJDOO\DFFHSWDEOHUHSUHVHQWDWLYHFDQGHFOLQHWRFRQWLQXHUHFHLYLQJ
LQYHVWLJDWLRQDOSURGXFWDQGRURWKHUSURWRFROUHTXLUHGWKHUDSLHVRUSURFHGXUHVDWDQ\
WLPHGXULQJWKHVWXG\EXWFRQWLQXHSDUWLFLSDWLRQLQWKHVWXG\,IWKLVRFFXUVWKH
LQYHVWLJDWRULVWRGLVFXVVZLWKWKHVXEMHFWWKHDSSURSULDWHSURFHVVHVIRUGLVFRQWLQXDWLRQ
IURPLQYHVWLJDWLRQDOSURGXFWRURWKHUSURWRFROUHTXLUHGWKHUDSLHVDQGPXVWGLVFXVVZLWK
WKHVXEMHFWWKHRSWLRQVIRUFRQWLQXDWLRQRIWKH6FKHGXOHRI$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%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



,QYHVWLJDWRURU6SRQVRU'HFLVLRQWR:LWKGUDZRU7HUPLQDWH
6XEMHFWV¶3DUWLFLSDWLRQ3ULRUWR6WXG\&RPSOHWLRQ
7KHLQYHVWLJDWRUDQGRUVSRQVRUFDQGHFLGHWRZLWKGUDZDVXEMHFWVIURPLQYHVWLJDWLRQDO
SURGXFWDQGRURWKHUSURWRFROUHTXLUHGWKHUDSLHVSURWRFROSURFHGXUHVRUWKHVWXG\DVD
ZKROHDWDQ\WLPHSULRUWRVWXG\FRPSOHWLRQ
6XEMHFWVPD\EHHOLJLEOHIRUFRQWLQXHGWUHDWPHQWZLWK$PJHQLQYHVWLJDWLRQDOSURGXFWV
DQGRURWKHUSURWRFROUHTXLUHGWKHUDSLHVE\DVHSDUDWHSURWRFRORUDVSURYLGHGIRUE\WKH
ORFDOFRXQWU\¶VUHJXODWRU\PHFKDQLVPEDVHGRQSDUDPHWHUVFRQVLVWHQWZLWK
6HFWLRQ

5HDVRQVIRU5HPRYDO)URP7UHDWPHQW
5HDVRQVIRUUHPRYDOIURPSURWRFROUHTXLUHGLQYHVWLJDWLRQDOSURGXFWVRUSURFHGXUDO
DVVHVVPHQWVLQFOXGHDQ\RIWKHIROORZLQJ
x
3URWRFROVSHFLILHGFULWHULD
R +HPDWRORJLFDORUH[WUDPHGXOODU\UHODSVHVXEVHTXHQWWRDFKLHYLQJ
EODVWVRQSURWRFROWUHDWPHQW
R )DLOXUHWRDFKLHYHERQHPDUURZUHVSRQVHGHILQHGDVEODVWVZLWKLQ
FRPSOHWHWUHDWPHQWF\FOHV
R ,QYHVWLJDWRUGHFLVLRQWKDWDFKDQJHRIWKHUDS\HJLPPHGLDWH+6&7LVLQ
WKHVXEMHFW¶VEHVWLQWHUHVW
x
6XEMHFWUHTXHVW
x
6DIHW\FRQFHUQHJGXHWRWR[LFLW\RISURWRFROVSHFLILHGWKHUDS\RURWKHUDGYHUVH
HYHQW
x
'HFLVLRQE\VSRQVRURWKHUWKDQVXEMHFWUHTXHVWRUVDIHW\FRQFHUQ
x
'HDWK
x
/RVWWRIROORZXS

5HDVRQVIRU5HPRYDO)URP6WXG\
5HDVRQVIRUUHPRYDORIDVXEMHFWIURPWKHVWXG\DUH
x
'HFLVLRQE\VSRQVRU
x
:LWKGUDZDORIFRQVHQWIURPVWXG\
x
'HDWK
x
/RVWWRIROORZXS
$VSDUWRIWKHVWXG\VLWHVPD\EHDVNHGWRFRQGXFWVHDUFKHVRISXEOLFUHFRUGVVXFKDV
WKRVHHVWDEOLVKLQJVXUYLYDOVWDWXVLIDYDLODEOHWRREWDLQVXUYLYDOGDWDIRUDQ\VXEMHFWIRU
ZKRPWKHVXUYLYDOVWDWXVLVQRWNQRZQ


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



6$)(7<'$7$&2//(&7,215(&25',1*$1'5(3257,1*

'HILQLWLRQRI6DIHW\(YHQWV

'HILQLWLRQRI$GYHUVH(YHQWV
$QDGYHUVHHYHQWLVGHILQHGDVDQ\XQWRZDUGPHGLFDORFFXUUHQFHLQDFOLQLFDOWULDO
VXEMHFW7KHHYHQWGRHVQRWQHFHVVDULO\KDYHDFDXVDOUHODWLRQVKLSZLWKVWXG\WUHDWPHQW
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKDWDQ\DGYHUVHHYHQWVREVHUYHGE\WKH
LQYHVWLJDWRURUUHSRUWHGE\WKHVXEMHFWDUHUHFRUGHGLQWKHVXEMHFW¶VPHGLFDOUHFRUG
7KHGHILQLWLRQRIDGYHUVHHYHQWVLQFOXGHVZRUVHQLQJRIDSUHH[LVWLQJPHGLFDOFRQGLWLRQ
:RUVHQLQJLQGLFDWHVWKDWWKHSUHH[LVWLQJPHGLFDOFRQGLWLRQRUXQGHUO\LQJGLVHDVH
HJGLDEHWHVPLJUDLQHKHDGDFKHVJRXWKDVLQFUHDVHGLQVHYHULW\IUHTXHQF\DQGRU
GXUDWLRQPRUHWKDQZRXOGEHH[SHFWHGDQGRUKDVDQDVVRFLDWLRQZLWKDVLJQLILFDQWO\
ZRUVHRXWFRPHWKDQH[SHFWHG$SUHH[LVWLQJFRQGLWLRQWKDWKDVQRWZRUVHQHGPRUH
WKDQDQWLFLSDWHGLHPRUHWKDQXVXDOIOXFWXDWLRQRIGLVHDVH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
,IWKHVHYHULW\RIDQDGYHUVHHYHQWFKDQJHVIURPWKHGDWHRIRQVHWWRWKHGDWHRI
UHVROXWLRQUHFRUGDVDVLQJOHHYHQWZLWKWKHZRUVWVHYHULW\RQWKH$GYHUVH(YHQW
6XPPDU\H&5)
)RUVLWXDWLRQVZKHQDQDGYHUVHHYHQWRUVHULRXVDGYHUVHHYHQWLVGXHWR$//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UHODSVHGUHIUDFWRU\
%SUHFXUVRU$//
1RWH7KHWHUP³GLVHDVHSURJUHVVLRQ´VKRXOGQRWEHXVHGWRGHVFULEHWKHDGYHUVHHYHQW
$QDGYHUVHGHYLFHHIIHFWLVDQ\DGYHUVHHYHQWUHODWHGWRWKHXVHRIDPHGLFDOGHYLFH
$GYHUVHGHYLFHHIIHFWVLQFOXGHDGYHUVHHYHQWVUHVXOWLQJIURPLQVXIILFLHQWRULQDGHTXDWH
LQVWUXFWLRQVIRUXVHDGYHUVHHYHQWVUHVXOWLQJIURPDQ\PDOIXQFWLRQRIWKHGHYLFHRU
DGYHUVHHYHQWVUHVXOWLQJIURPXVHHUURURUIURPLQWHQWLRQDOPLVXVHRIWKHGHYLFH
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\


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



'HILQLWLRQRI6HULRXV$GYHUVH(YHQWV
$VHULRXVDGYHUVHHYHQWLVGHILQHGDVDQDGYHUVHHYHQWWKDWPHHWVDWOHDVWRIWKH
IROORZLQJVHULRXVFULWHULD
x
)DWDO
x
/LIHWKUHDWHQLQJSODFHVWKHVXEMHFWDWLPPHGLDWHULVNRIGHDWK
x
5HTXLUHVLQSDWLHQWKRVSLWDOL]DWLRQRUSURORQJDWLRQRIH[LVWLQJKRVSLWDOL]DWLRQ
x
5HVXOWVLQSHUVLVWHQWRUVLJQLILFDQWGLVDELOLW\LQFDSDFLW\
x
&RQJHQLWDODQRPDO\ELUWKGHIHFW
x
2WKHU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´2YHUGRVH!EOLQDWXPRPDE
GRVHZLOOEHFODVVLILHGDVVXFK2WKHUH[DPSOHVRIVXFKHYHQWVFRXOGLQFOXGHDOOHUJLF
EURQFKRVSDVPFRQYXOVLRQVEORRGG\VFUDVLDV',/,$SSHQGL[$RUHYHQWVWKDW
QHFHVVLWDWHDQHPHUJHQF\URRPYLVLWRXWSDWLHQWVXUJHU\RUXUJHQWLQWHUYHQWLRQ
7KHFULWHULDIRUJUDGHLQWKH&7&$(JUDGLQJVFDOH$SSHQGL[$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

6DIHW\(YHQW5HSRUWLQJ3URFHGXUHV

$GYHUVH(YHQWV

5HSRUWLQJ3URFHGXUHVIRU$GYHUVH(YHQWV7KDWGRQRW0HHW6HULRXV
&ULWHULD
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKDWDOODGYHUVHHYHQWVREVHUYHGE\WKH
LQYHVWLJDWRURUUHSRUWHGE\WKHVXEMHFWWKDWRFFXUDIWHUHQUROOPHQWWKURXJKGD\VDIWHU
WKHODVWGRVHRIVWXG\WUHDWPHQWRUWKHVDIHW\IROORZXSYLVLWZKLFKHYHULVORQJHUDUH
UHSRUWHGXVLQJWKHDSSOLFDEOHH&5)HJ$GYHUVH(YHQW6XPPDU\
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


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


x
$VVHVVPHQWRIUHODWHGQHVVWREOLQDWXPRPDERUPHGLFDOGHYLFH
x
$FWLRQWDNHQ
,IWKHVHYHULW\RIDQDGYHUVHHYHQWFKDQJHVIURPWKHGDWHRIRQVHWWRWKHGDWHRI
UHVROXWLRQUHFRUGDVDVLQJOHHYHQWZLWKWKHZRUVWVHYHULW\RQWKH$GYHUVH(YHQW
6XPPDU\H&5)
7KHDGYHUVHHYHQWJUDGLQJVFDOHXVHGZLOOEHWKH&7&$(7KHJUDGLQJVFDOHXVHGLQ
WKLVVWXG\LVGHVFULEHGLQ$SSHQGL[$7KHLQYHVWLJDWRUPXVWDVVHVVZKHWKHUWKH
DGYHUVHHYHQWLVSRVVLEO\UHODWHGWREOLQDWXPRPDE7KLVUHODWLRQVKLSLVLQGLFDWHGE\D
³\HV´RU³QR´UHVSRQVHWRWKHTXHVWLRQ,VWKHUHDUHDVRQDEOHSRVVLELOLW\WKDWWKHHYHQW
PD\KDYHEHHQFDXVHGE\EOLQDWXPRPDERURWKHUSURWRFROVSHFLILHGWKHUDSLHV"
7KHLQYHVWLJDWRUPXVWDVVHVVZKHWKHUWKHDGYHUVHHYHQWLVSRVVLEO\UHODWHGWRDQ\
VWXG\PDQGDWHGDFWLYLW\HJDGPLQLVWUDWLRQRILQYHVWLJDWLRQDOSURGXFWSURWRFROUHTXLUHG
WKHUDSLHVGHYLFHVDQGRUSURFHGXUHLQFOXGLQJDQ\VFUHHQLQJSURFHGXUHV7KLV
UHODWLRQVKLSLVLQGLFDWHGE\D³\HV´RU³QR´UHVSRQVHWRWKHTXHVWLRQ³,VWKHUHD
UHDVRQDEOHSRVVLELOLW\WKDWWKHHYHQWPD\KDYHEHHQFDXVHGE\DVWXG\DFWLYLW\
HJDGPLQLVWUDWLRQRILQYHVWLJDWLRQDOSURGXFWSURWRFROUHTXLUHGWKHUDSLHVGHYLFHV
DQGRUSURFHGXUH´"
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUUHYLHZLQJODERUDWRU\WHVWUHVXOWVDQGGHWHUPLQLQJ
ZKHWKHUDQDEQRUPDOYDOXHLQDQLQGLYLGXDOVWXG\VXEMHFWUHSUHVHQWVDFOLQLFDOO\
VLJQLILFDQWFKDQJHIURPWKHVXEMHFW¶VEDVHOLQHYDOXHV,QJHQHUDODEQRUPDOODERUDWRU\
ILQGLQJVZLWKRXWFOLQLFDOVLJQLILFDQFHEDVHGRQWKHLQYHVWLJDWRU
VMXGJPHQWDUHQRWWREH
UHFRUGHGDVDGYHUVHHYHQWV+RZHYHUODERUDWRU\YDOXHFKDQJHVWKDWUHTXLUHWUHDWPHQW
RUDGMXVWPHQWLQFXUUHQWWKHUDS\DUHFRQVLGHUHGDGYHUVHHYHQWV:KHUHDSSOLFDEOH
FOLQLFDOVHTXHODHQRWWKHODERUDWRU\DEQRUPDOLW\DUHWREHUHFRUGHGDVWKHDGYHUVH
HYHQW
7KH,QYHVWLJDWRULVH[SHFWHGWRIROORZUHSRUWHGDGYHUVHHYHQWVXQWLOVWDELOL]DWLRQRU
UHYHUVLELOLW\

5HSRUWLQJ3URFHGXUHVIRU6HULRXV$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LQIRUPHGFRQVHQW
DQGDVVHQWWKURXJKGD\VDIWHUWKHODVWGRVHRIVWXG\WUHDWPHQWRUWKHVDIHW\IROORZXS
YLVLWZKLFKHYHULVORQJHUDUHUHFRUGHGLQWKHVXEMHFW¶VPHGLFDOUHFRUGDQGDUHVXEPLWWHG
WR$PJHQ$$%3


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


7KHVHULRXVDGYHUVHHYHQWPXVWEHVXEPLWWHGWR$PJHQ$$%3ZLWKLQKRXUVIROORZLQJ
WKHLQYHVWLJDWRU¶VNQRZOHGJHRIWKHHYHQWYLDWKHDSSOLFDEOHH&5),IWKHHOHFWURQLFGDWD
FDSWXUH('&V\VWHPLVXQDYDLODEOHWRWKHVLWHVWDIIWRUHSRUWWKHVHULRXVDGYHUVHHYHQW
WKHLQIRUPDWLRQLVWREHUHSRUWHGWR$PJHQ$$%3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
H6$(&RQWLQJHQF\5HSRUW)RUP)RU('&VWXGLHVZKHUHWKHILUVWQRWLILFDWLRQRID
6HULRXV$GYHUVH(YHQWLVUHSRUWHGWR$PJHQ$$%3YLDWKHH6$(&RQWLQJHQF\5HSRUW
)RUPWKHGDWDPXVWEHHQWHUHGLQWRWKH('&V\VWHPZKHQWKHV\VWHPLVDJDLQ
DYDLODEOH
7KHLQYHVWLJDWRUPXVWDVVHVVZKHWKHUWKHVHULRXVDGYHUVHHYHQWLVSRVVLEO\UHODWHGWR
DQ\VWXG\PDQGDWHGDFWLYLW\RUSURFHGXUH7KLVUHODWLRQVKLSLVLQGLFDWHGE\D³\HV´RU
³QR´UHVSRQVHWRWKHTXHVWLRQ³,VWKHUHDUHDVRQDEOHSRVVLELOLW\WKDWWKHHYHQWPD\KDYH
EHHQFDXVHGE\DVWXG\DFWLYLW\SURFHGXUH´"
7KHLQYHVWLJDWRULVH[SHFWHGWRIROORZUHSRUWHGVHULRXVDGYHUVHHYHQWVXQWLOVWDELOL]DWLRQ
RUUHYHUVLELOLW\,QDGGLWLRQWRWKHDWWULEXWHVOLVWHGLQ6HFWLRQWKHLQYHVWLJDWRUPXVW
DOVRFRPSOHWHWKHVHULRXVDGYHUVHHYHQWVHFWLRQRIWKH$GYHUVH(YHQW6XPPDU\&5)
1HZLQIRUPDWLRQUHODWLQJWRDSUHYLRXVO\UHSRUWHGVHULRXVDGYHUVHHYHQWPXVWEH
VXEPLWWHGWR$PJHQ$$%3$OOQHZLQIRUPDWLRQIRUVHULRXVDGYHUVHHYHQWVPXVWEHVHQW
WR$PJHQ$$%3ZLWKLQKRXUVIROORZLQJNQRZOHGJHRIWKHQHZLQIRUPDWLRQ,I
VSHFLILFDOO\UHTXHVWHGWKHLQYHVWLJDWRUPD\QHHGWRSURYLGHDGGLWLRQDOIROORZXS
LQIRUPDWLRQVXFKDVGLVFKDUJHVXPPDULHVPHGLFDOUHFRUGVRUH[WUDFWVIURPWKHPHGLFDO
UHFRUG,QIRUPDWLRQSURYLGHGDERXWWKHVHULRXVDGYHUVHHYHQWPXVWEHFRQVLVWHQWZLWK
WKDWUHFRUGHGRQWKHDSSOLFDEOHH&5)HJ$GYHUVH(YHQW6XPPDU\H&5)
,IDVXEMHFWLVSHUPDQHQWO\ZLWKGUDZQIURPSURWRFROUHTXLUHGWKHUDSLHVEHFDXVHRID
VHULRXVDGYHUVHHYHQWWKLVLQIRUPDWLRQPXVWEHVXEPLWWHGWR$PJHQ$$%3
$PJHQ$$%3ZLOOUHSRUWVHULRXVDGYHUVHHYHQWVDQGRUVXVSHFWHGXQH[SHFWHGVHULRXV
DGYHUVHUHDFWLRQVDVUHTXLUHGWRUHJXODWRU\DXWKRULWLHVLQYHVWLJDWRUVLQVWLWXWLRQVDQG
,5%VLQFRPSOLDQFHZLWKDOOUHSRUWLQJUHTXLUHPHQWVDFFRUGLQJWRORFDOUHJXODWLRQVDQG
JRRGFOLQLFDOSUDFWLFH
7KHLQYHVWLJDWRULVWRQRWLI\WKHDSSURSULDWH,5%RIVHULRXVDGYHUVHHYHQWVRFFXUULQJDW
WKHVLWHDQGRWKHUDGYHUVHHYHQWUHSRUWVUHFHLYHGIURP$PJHQ$$%3LQDFFRUGDQFHZLWK
ORFDOSURFHGXUHVDQGVWDWXWHV


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



5HSRUWLQJ6HULRXV$GYHUVH(YHQWV$IWHUWKH3URWRFROUHTXLUHG
5HSRUWLQJ3HULRG
7KHUHLVQRUHTXLUHPHQWWRPRQLWRUVXEMHFWVIRUVHULRXVDGYHUVHHYHQWVIROORZLQJWKH
SURWRFROUHTXLUHGUHSRUWLQJSHULRGRUDIWHUHQGRIVWXG\+RZHYHUWKHVHVHULRXVDGYHUVH
HYHQWVFDQEHUHSRUWHGWR$PJHQ,QVRPHFRXQWULHVHJ(XURSHDQ8QLRQPHPEHU
VWDWHVLQYHVWLJDWRUVDUHUHTXLUHGWRUHSRUWVHULRXVDGYHUVHHYHQWVWKDWWKH\EHFRPH
DZDUHRIDIWHUHQGRIVWXG\,IVHULRXVDGYHUVHHYHQWVDUHUHSRUWHGWKHLQYHVWLJDWRULVWR
UHSRUWWKHPWR$PJHQZLWKLQKRXUVIROORZLQJWKHLQYHVWLJDWRU¶VNQRZOHGJHRIWKH
HYHQW
6HULRXVDGYHUVHHYHQWVUHSRUWHGRXWVLGHRIWKHSURWRFROUHTXLUHGUHSRUWLQJSHULRGZLOOEH
FDSWXUHGZLWKLQWKHVDIHW\GDWDEDVHDVFOLQLFDOWULDOFDVHVIRUWKHSXUSRVHVRIH[SHGLWHG
UHSRUWLQJ

'UXJLQGXFHG/LYHU,QMXU\5HSRUWLQJ	$GGLWLRQDO$VVHVVPHQWV
5HSRUWLQJ
7RIDFLOLWDWHDSSURSULDWHPRQLWRULQJIRUVLJQDOVRI',/,FDVHVRIFRQFXUUHQW$67RU$/7
DQG7%/DQGRU,15HOHYDWLRQDFFRUGLQJWRWKHFULWHULDVSHFLILHGLQ6HFWLRQUHTXLUH
WKHIROORZLQJ
7KHHYHQWLVWREHUHSRUWHGWR$PJHQ$$%3DVDVHULRXVDGYHUVHHYHQWZLWKLQKRXUV
RIGLVFRYHU\RUQRWLILFDWLRQRIWKHHYHQWLHEHIRUHDGGLWLRQDOHWLRORJLFLQYHVWLJDWLRQVKDYH
EHHQFRQFOXGHG
7KHDSSURSULDWH&5)HJ$GYHUVH(YHQW&5)WKDWFDSWXUHVLQIRUPDWLRQQHFHVVDU\WR
IDFLOLWDWHWKHHYDOXDWLRQRIWUHDWPHQWHPHUJHQWOLYHUDEQRUPDOLWLHVLVWREHFRPSOHWHGDQG
VHQWWRWKH$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
6HH$SSHQGL[%IRUDVDPSOHRIWKH6HULRXV$GYHUVH(YHQW:RUNVKHHWH6$(
&RQWLQJHQF\5HSRUW)RUP)RU('&VWXGLHVZKHUHWKHILUVWQRWLILFDWLRQRIDVHULRXV
DGYHUVHHYHQWLVUHSRUWHGWR$PJHQYLDWKHH6$(&RQWLQJHQF\5HSRUW)RUPWKHGDWD
PXVWEHHQWHUHGLQWRWKH('&V\VWHPZKHQWKHV\VWHPLVDJDLQDYDLODEOH
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HYHQWPD\KDYH
EHHQFDXVHGE\DVWXG\DFWLYLW\SURFHGXUH´"


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


7KHLQYHVWLJDWRULVH[SHFWHGWRIROORZUHSRUWHGVHULRXVDGYHUVHHYHQWVXQWLOVWDELOL]DWLRQ
RUUHYHUVLELOLW\
1HZLQIRUPDWLRQUHODWLQJWRDSUHYLRXVO\UHSRUWHGVHULRXVDGYHUVHHYHQWPXVWEH
VXEPLWWHGWR$PJHQ$OOQHZLQIRUPDWLRQIRUVHULRXVDGYHUVHHYHQWVPXVWEHVHQWWR
$PJHQZLWKLQKRXUVIROORZLQJNQRZOHGJHRIWKHQHZLQIRUPDWLRQ7KHLQYHVWLJDWRU
PD\EHDVNHGWRSURYLGHDGGLWLRQDOIROORZXSLQIRUPDWLRQZKLFKPD\LQFOXGHDGLVFKDUJH
VXPPDU\RUH[WUDFWVIURPWKHPHGLFDOUHFRUG,QIRUPDWLRQSURYLGHGDERXWWKHVHULRXV
DGYHUVHHYHQWPXVWEHFRQVLVWHQWZLWKWKDWUHFRUGHGRQWKH(YHQW&5)

3UHJQDQF\DQG/DFWDWLRQ5HSRUWLQJ
,IDIHPDOHVXEMHFWEHFRPHVSUHJQDQWRUDPDOHVXEMHFWIDWKHUVDFKLOGZKLOHWKH
VXEMHFWLVWDNLQJEOLQDWXPRPDEUHSRUWWKHSUHJQDQF\WR$PJHQ$$%3DVVSHFLILHG
EHORZ
,QDGGLWLRQWRUHSRUWLQJDQ\SUHJQDQFLHVRFFXUULQJGXULQJWKHVWXG\LQYHVWLJDWRUVVKRXOG
PRQLWRUIRUSUHJQDQFLHVWKDWRFFXUDIWHUWKHODVWGRVHRIEOLQDWXPRPDEWKURXJKKRXUV
IRUIHPDOHVXEMHFWVDQGIRUKRXUVIRUWKHIHPDOHSDUWQHURIPDOHVXEMHFWV
7KHSUHJQDQF\VKRXOGEHUHSRUWHGWR$PJHQ¶V*OREDO3DWLHQW6DIHW\$$%3ZLWKLQ
KRXUVRIWKHLQYHVWLJDWRU¶VNQRZOHGJHRIWKHHYHQWRIDSUHJQDQF\5HSRUWD
SUHJQDQF\RQWKH3UHJQDQF\1RWLILFDWLRQ:RUNVKHHW$SSHQGL[&7KH$PJHQ*OREDO
3DWLHQW6DIHW\ZLOOIROORZXSZLWKWKHLQYHVWLJDWRUUHJDUGLQJDGGLWLRQDOLQIRUPDWLRQWKDW
PD\EHUHTXHVWHG
,IDIHPDOHVXEMHFWEHFRPHVSUHJQDQWGXULQJWKHVWXG\WKHLQYHVWLJDWRUVKRXOGDWWHPSW
WRREWDLQLQIRUPDWLRQUHJDUGLQJWKHELUWKRXWFRPHDQGKHDOWKRIWKHLQIDQW,IDPDOH
VXEMHFW
VIHPDOHSDUWQHUEHFRPHVSUHJQDQWWKHLQYHVWLJDWRUVKRXOGGLVFXVVREWDLQLQJ
LQIRUPDWLRQUHJDUGLQJWKHELUWKRXWFRPHDQGKHDOWKRIWKHLQIDQWIURPWKHSUHJQDQW
SDUWQHU
,IWKHRXWFRPHRIWKHSUHJQDQF\PHHWVDFULWHULRQIRULPPHGLDWHFODVVLILFDWLRQDVD
6HULRXV$GYHUVH(YHQWHJIHPDOHVXEMHFWH[SHULHQFHVDVSRQWDQHRXVDERUWLRQ
VWLOOELUWKRUQHRQDWDOGHDWKRUWKHUHLVDIHWDORUQHRQDWDOFRQJHQLWDODQRPDO\WKH
LQYHVWLJDWRUZLOOUHSRUWWKHHYHQWDVD6HULRXV$GYHUVH(YHQW
,IDIHPDOHVXEMHFWEUHDVWIHHGVZKLOHWDNLQJEOLQDWXPRPDEUHSRUWWKHODFWDWLRQFDVHWR
$PJHQ$$%3DVVSHFLILHGEHORZ


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


,QDGGLWLRQWRUHSRUWLQJDODFWDWLRQFDVHGXULQJWKHVWXG\LQYHVWLJDWRUVVKRXOGUHSRUW
ODFWDWLRQFDVHVWKDWRFFXUDIWHUWKHODVWGRVHRIEOLQDWXPRPDEWKURXJKKRXUV
$Q\ODFWDWLRQFDVHVKRXOGEHUHSRUWHGWR$PJHQ*OREDO3DWLHQW6DIHW\$$%3ZLWKLQ
KRXUVRIWKHLQYHVWLJDWRU¶VNQRZOHGJHRIHYHQW5HSRUWDODFWDWLRQFDVHRQWKH
/DFWDWLRQ1RWLILFDWLRQ:RUNVKHHW$SSHQGL['$PJHQ*OREDO3DWLHQW6DIHW\ZLOO
IROORZXSZLWKWKHLQYHVWLJDWRUUHJDUGLQJDGGLWLRQDOLQIRUPDWLRQWKDWPD\EHUHTXHVWHG

67$7,67,&$/&216,'(5$7,216

6WXG\(QGSRLQWV$QDO\VLV6HWVDQG&RYDULDWHV

6WXG\(QGSRLQWV

3KDVHE3ULPDU\(QGSRLQW
x
,QFLGHQFHRI'/7V

3KDVHE6HFRQGDU\(QGSRLQWV
x
,QFLGHQFHDQGVHYHULW\RIDGYHUVHHYHQWV
x
&5&5KZLWKLQILUVWF\FOHVRIWUHDWPHQWZLWKEOLQDWXPRPDEIRUDGXOWVDQG0
UHPLVVLRQZLWKLQWKHILUVWF\FOHVRIWUHDWPHQWZLWKEOLQDWXPRPDELQSHGLDWULF
VXEMHFWV
x
7LPHWRKHPDWRORJLFDOUHODSVH77+5
x
5)6
x
26
x
%OLQDWXPRPDE3.SDUDPHWHUVHJ&VVDQGFOHDUDQFHRIEOLQDWXPRPDE
x
6HUXPF\WRNLQHFRQFHQWUDWLRQV
x
,QFLGHQFHRIDQWLEOLQDWXPRPDEDQWLERG\IRUPDWLRQ

3KDVHE([SORUDWRU\(QGSRLQWV
x
05'UHVSRQVH
x
&RPSOHWH05'UHVSRQVH

3KDVH3ULPDU\(QGSRLQW
x
&5&5KZLWKLQF\FOHVRIWUHDWPHQWZLWKEOLQDWXPRPDE

3KDVH6HFRQGDU\(QGSRLQWV
x
77+5
x
5)6
x
$OOR+6&7DIWHUWUHDWPHQWZLWKEOLQDWXPRPDE
x
%HVWRYHUDOOUHVSRQVHZLWKLQF\FOHVRIWUHDWPHQWZLWKEOLQDWXPRPDE
x
26
x
,QFLGHQFHDQGVHYHULW\RIDGYHUVHHYHQWV
x
GD\PRUWDOLW\DIWHUDOOR+6&7


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


x
%OLQDWXPRPDE3.SDUDPHWHUVHJ&VVDQGFOHDUDQFHRIEOLQDWXPRPDE
x
6HUXPF\WRNLQHFRQFHQWUDWLRQV
x
,QFLGHQFHRIDQWLEOLQDWXPRPDEDQWLERG\IRUPDWLRQ

3KDVH([SORUDWRU\(QGSRLQWV
x
05'UHVSRQVH
x
&RPSOHWH05'UHVSRQVH
x
3HULSKHUDOEORRGO\PSKRF\WHVXEVHWV
x
1HXURORJLFDOH[DPDEQRUPDOLWLHVDQGFKDQJHVIURPEDVHOLQH

([SDQVLRQ3ULPDU\(QGSRLQW
x
,QFLGHQFHRIWUHDWPHQWHPHUJHQWDQGWUHDWPHQWUHODWHGDGYHUVHHYHQWV

([SDQVLRQ6HFRQGDU\(QGSRLQW
x
&5&5KZLWKLQILUVWF\FOHVRIWUHDWPHQWZLWKEOLQDWXPRPDEIRUDGXOWVDQG0
UHPLVVLRQZLWKLQWKHILUVWF\FOHVRIWUHDWPHQWZLWKEOLQDWXPRPDELQSHGLDWULF
VXEMHFWV

([SDQVLRQ([SORUDWRU\(QGSRLQW
x
05'UHPLVVLRQZLWKLQF\FOHVRIEOLQDWXPRPDE

$QDO\VLV6HWV
7KHVWDWLVWLFDODQDO\VLVZLOOEHEDVHGRQWKHIROORZLQJVWXG\SRSXODWLRQV3KDVHEGRVH
HYDOXDWLRQ3KDVHHIILFDF\H[SDQVLRQFRKRUWDQGSRROHGDQDO\VLVVHWV$GXOW
VXEMHFWVDQGSHGLDWULFVXEMHFWVZLOOEHVXPPDUL]HGVHSDUDWHO\

)XOO$QDO\VLV6HW
$OOVXEMHFWVZKRUHFHLYHGDQ\LQIXVLRQRIEOLQDWXPRPDEDUHLQFOXGHGLQWKHIXOODQDO\VLV
VHW)$67KLVGHILQLWLRQLVLQOLQHZLWKWKHLQWHQWWRWUHDW,77SULQFLSOHLQVLQJOHDUP
RSHQODEHOVWXGLHV7KHHIILFDF\DQDO\VLVZLOOEHEDVHGRQVXEMHFWVIURPWKH)$6

6DIHW\$QDO\VLV6HW
)RUHDFKSDUWRIWKHVWXG\WKHVDIHW\DQDO\VLVVHWZLOOEHWKHVDPHDVWKH)$6IRUWKDW
SDUW)RUWKHDVVHVVPHQWRI'/7VRQO\HYDOXDEOHVXEMHFWVVXEMHFWVZKRUHFHLYH
LQYHVWLJDWLRQDOSURGXFWZLOOEHLQFOXGHG

3HU3URWRFRO6HWV
)RUHDFKSDUWRIWKHVWXG\WKHSHUSURWRFROVHWZLOOLQFOXGHDOOVXEMHFWVIURPWKH)$6IRU
WKDWSDUWZKRGRQRWKDYHDQ\PDMRUUHOHYDQWSURWRFROYLRODWLRQVZKLFKFRXOGKDYHDQ
LPSDFWRQWKHHIILFDF\HYDOXDWLRQV


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



3RROHG$QDO\VLV6HW
7KHSRROHGDQDO\VLVVHWZLOOEHDQH[SORUDWRU\SRROHGDQDO\VLVVHWWKDWZLOOLQFOXGH
VXEMHFWVIURPWKH)$6IURP3KDVHEDQGIURPWKH)$6IURP3KDVH7KLVDGGLWLRQDO
SRROHGDQDO\VLVZLOOEHSHUIRUPHGIRUVDIHW\GDWDDQGWKHSULPDU\DQGVHFRQGDU\HIILFDF\
HQGSRLQWV

3KDUPDFRNLQHWLF$QDO\VLV6HW
$OOVXEMHFWVZKRUHFHLYHGDQ\LQIXVLRQRIEOLQDWXPRPDEDQGKDGDWOHDVWRQH3.VDPSOH
FROOHFWHGZLOOEHLQFOXGHGLQWKH3.DQDO\VLVVHW7KHVHVXEMHFWVZLOOEHHYDOXDWHGIRU3.
XQOHVVVLJQLILFDQWSURWRFROGHYLDWLRQVDIIHFWWKHGDWDDQDO\VLVRULINH\GRVLQJGRVLQJ
LQWHUUXSWLRQRUVDPSOLQJLQIRUPDWLRQLVPLVVLQJ

3KDUPDFRG\QDPLF$QDO\VLV6HWV
$OOVXEMHFWVZKRKDGF\WRNLQHDQGRUO\PSKRF\WHVXEVHWVDPSOHVFROOHFWHGDWDQ\WLPH
GXULQJWKHVWXG\ZLOOEHLQFOXGHGLQWKH3'DQDO\VLVVHW

([SDQVLRQ$QDO\VLV6HW
$OOVXEMHFWVZKRHQUROOHGLQWKHH[SDQVLRQFRKRUWDQGUHFHLYHGDQ\LQIXVLRQRI
EOLQDWXPRPDEZLOOEHLQFOXGHGLQWKHDQDO\VLVVHW

&RYDULDWHVDQG6XEJURXSV
$GXOWDQGSHGLDWULFVXEMHFWVZLOOEHVXPPDUL]HGVHSDUDWHO\(QGSRLQWVPD\DOVREH
GHVFULEHGXVLQJWKHIROORZLQJVXEJURXSVDVDSSURSULDWH
x
$JH\HDUV\HDUV\HDUV
x
1XPEHURISUHYLRXVVDOYDJHWKHUDSLHV
x
QRSULRU+6&7DWOHDVWRQHSULRU+6&7
x
3ULPDU\UHIUDFWRU\RUUHODSVHUHODSVHV!UHODSVHVSULRUWRVWXG\HQWU\
x
3ODWHOHWFRXQWVDWEDVHOLQHWR/
$GGLWLRQDOVXEJURXSVPD\DOVREHH[SORUHG
(QGSRLQWVIRUSHGLDWULFVXEMHFWVZLOOQRWEHGHVFULEHGE\WKHVXEJURXSGXHWROLPLWHGVL]H

6DPSOH6L]H&RQVLGHUDWLRQV
7KHPD[LPXPVDPSOHVL]HRIVXEMHFWVPD[LPXPRIIRUWKH3KDVHESDUWIRU
WKH3KDVHSDUWZLOOEHHQUROOHGLQWRWKLVVWXG\$PLQLPXPRIVXEMHFWVRUD
PD[LPXPRIVXEMHFWVPD\EHHQUROOHGLQWKH3KDVHESDUW)RUWKH3KDVHSDUW
VXEMHFWVZLOOEHLQFOXGHGLQWKHHYDOXDWLRQRIWKHSULPDU\HQGSRLQWDWWKHVHOHFWHG
GRVHVFKHGXOH$SSUR[LPDWHO\VXEMHFWVQRWUHVWULFWHGLQFOXGLQJDGXOWDQGSHGLDWULF
VXEMHFWVPD\EHHQUROOHGLQWKHH[SDQVLRQFRKRUW


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



3KDVHE3DUW
*LYHQWKHUDULW\RIWKLVGLVHDVHQRIRUPDOVDPSOHVL]HHVWLPDWLRQDQGVWDWLVWLFDOWHVWLQJ
ZLOOEHDSSOLHGWRWKH3KDVHESDUWRIWKHVWXG\7KHVDPSOHVL]HIRUWKHGRVHILQGLQJ
SKDVHRIWKLVVWXG\ZLOOEHGHWHUPLQHGE\WKHLQFLGHQFHDQGVHYHULW\RIDGYHUVHHYHQWVLQ
DUROOLQJVL[3KDVHEGHVLJQ)RUHDFKSRSXODWLRQDGXOWVDQGSHGLDWULFVVXEMHFWVD
PLQLPXPRIDQGDPD[LPXPRIHYDOXDEOHVXEMHFWVZLOOEHHQUROOHGDWHDFKGRVHOHYHO
IRUGHWHUPLQDWLRQRIWKHGRVHWREHVHOHFWHGIRUWKH3KDVHHIILFDF\SDUWRIWKHVWXG\IRU
DWRWDORIEHWZHHQDQGVXEMHFWV

3KDVH3DUW
)RUWKH3KDVHSDUWRIWKHVWXG\WKHVDPSOHVL]HHVWLPDWLRQLVEDVHGRQWKHSULPDU\
HIILFDF\HQGSRLQW6LPRQ¶VPLQLPD[VWDJHGHVLJQ6LPRQLVXVHGZLWKD
VDPSOHVL]HVXEMHFWVLQWKHILUVWVWDJHHYDOXDEOHVXEMHFWVWRWDOEDVHGRQD
VLGHGW\SHHUURURIDQGDSRZHURIWRGHWHFWWKHHIIHFWLYHUHVSRQVHUDWH
DVVXPSWLRQRIRYHUDQLQHIIHFWLYHWUHDWPHQWUDWHRI7KHVWXG\ZLOOEH
VWRSSHGDWVWDJHLIRUIHZHURXWRIVXEMHFWVDUHREVHUYHGZLWK&5&5KLQ
VWDJH,IDWOHDVWRUPRUHRXWRIVXEMHFWVVKRZ&5&5KZLWKLQF\FOHVRI
WUHDWPHQWZLWKEOLQDWXPRPDEDWWKHHQGRIVWDJHRQHZLOOEHDEOHWRUHMHFWVWXG\¶V
LQHIIHFWLYHWUHDWPHQWDVVXPSWLRQUHIHUWR7DEOH

([SDQVLRQFRKRUW
)RUWKHH[SDQVLRQFRKRUWWKHVDPSOHVL]HZDVHVWLPDWHGEDVHGRQWKHHQUROOPHQWUDWH
LQWKH3KDVHEDQG3KDVHSRUWLRQRIWKHVWXG\LQFRQVLGHUDWLRQRIWKHH[SHFWHG
WLPHIUDPHLQZKLFKEOLQDWXPRPDEZLOOEHDYDLODEOHLQWKHFRPPHUFLDOPDUNHWLQ-DSDQ
7DEOH&RPSOHWH5HPLVVLRQ5DWHV:LWK&RQILGHQFH,QWHUYDOVIRU
3KDVH3DUW
1XPEHURI6XEMHFWV
5HSRUWLQJ&5&5KDWWKH
(QGRI&\FOH
2EVHUYHG&55DWH
([DFW&,















&5&5K FRPSOHWHUHPLVVLRQFRPSOHWHUHPLVVLRQZLWKSDUWLDOKHPDWRORJLFDOUHFRYHU\


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



3ODQQHG$QDO\VHV

,QWHULP$QDO\VHV
$QLQWHULPDQDO\VLVZLOOEHSHUIRUPHGDWWKHODWHVWGXULQJWKH3KDVHSDUWRIWKHVWXG\
DIWHUWKHILUVWVXEMHFWVZKRDUHHQUROOHGLQWKHILUVWVWDJHKDYHHLWKHUGLVFRQWLQXHG
WUHDWPHQWRUFRPSOHWHGWKHLUILUVWWUHDWPHQWF\FOHV7KHSXUSRVHRIWKLVLQWHULP
DQDO\VLVZLOOGHWHUPLQHZKHWKHUWKHVHFRQGVWDJHRIWKH3KDVHSDUWRIWKHSURWRFRO
VKRXOGFRQWLQXHSHUWKHVWXG\GHVLJQ
$GGLWLRQDOLQWHULPDQDO\VHVPD\EHSHUIRUPHGWRSURYLGHGDWDIRUUHJXODWRU\LQWHUDFWLRQV
7KHSXUSRVHRIWKHVHLQWHULPGDWDDQDO\VHVLVWRSURYLGHWKHVDIHW\DQGHIILFDF\
LQIRUPDWLRQXSGDWHV
7KHVWXG\ZLOOEHVWRSSHGDWVWDJHLIRUIHZHURXWRIVXEMHFWVDUHREVHUYHGZLWK
&5&5KLQVWDJHRIWKHVWXG\6KRXOGRUPRUHVXEMHFWVDFKLHYH&5&5KSULRUWR
ILUVWVXEMHFWVHYDOXDWHGWKHVWDJHFULWHULDZRXOGEHPHW

'DWD5HYLHZ&RPPLWWHH
$'5&ZLOOUHYLHZVDIHW\GDWDIURPHDFKFRKRUWLQWKH3KDVHESDUWWRVHOHFWDGRVHIRU
WKH3KDVHSDUW7KH'5&PD\UHYLHZ3.GDWDLIDYDLODEOH3OHDVHUHIHUWR
6HFWLRQIRUPRUHLQIRUPDWLRQRQWKHVFRSHRIWKH'5&

'DWD6DIHW\0RQLWRULQJ%RDUG
$QH[WHUQDOLQGHSHQGHQW'DWD6DIHW\0RQLWRULQJ%RDUG'60%ZLOORYHUVHHVDIHW\
DSSUR[LPDWHO\HYHU\PRQWKVSURYLGHGDQDGHTXDWHHQUROOPHQWUDWH7KHWLPLQJRI
VDIHW\UHYLHZVPD\EHDGMXVWHGWRDGHJUHHLQRUGHUWRFRLQFLGHZLWKZKHQWKH'60%
PHHWVWRUHYLHZWKHFXPXODWLYHVDIHW\GDWDIURPWKH3KDVHEEHIRUH3KDVHVWDUWV
HQUROOPHQW2QWKHEDVLVRIWKHLUUHYLHZVWKH'60%ZLOOPDNHUHFRPPHQGDWLRQVWR
$PJHQUHJDUGLQJWKHFRQWLQXDWLRQRIWKHVWXG\7KH'60%ZLOOFRQVLVWRIRUPRUH
PHPEHUVLQFOXGLQJRUPRUHFOLQLFLDQVZLWKUHOHYDQWVSHFLDOWLHVDQGRUPRUH
VWDWLVWLFLDQV'HWDLOVUHJDUGLQJWKHUHVSRQVLELOLWLHVRIWKH'60%ZLOOEHGHVFULEHGLQWKH
'60%&KDUWHU

3ULPDU\$QDO\VLV
7KHREMHFWLYHRIWKHSULPDU\DQDO\VLVLVWRHVWLPDWHWKH&5&5KUDWHZLWKLQF\FOHVRI
WUHDWPHQWZLWKEOLQDWXPRPDE7KHSULPDU\DQDO\VLVZLOOEHWULJJHUHGZKHQDOOHQUROOHG
VXEMHFWVFRPSOHWHLQGXFWLRQWUHDWPHQWGXULQJWKH3KDVHSDUWRIWKHVWXG\$GGLWLRQDO
VXPPDULHVRI3KDVHEILQGLQJVDQGVHFRQGDU\HQGSRLQWVIURPERWKSDUWVRIWKHVWXG\
ZLOOEHDOVRSURYLGHG


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



)LQDO$QDO\VLV
7KHREMHFWLYHRIWKHILQDODQDO\VLVLVWRXSGDWHWKHIROORZLQJVHFRQGDU\DQGH[SORUDWRU\
HQGSRLQWVIRU3KDVHEFRKRUWZLWKIXUWKHUIROORZXSGDWD5)626GD\
PRUWDOLW\DIWHUDOOR+6&7LQFLGHQFHRIDGYHUVHHYHQWVDQGLQFLGHQFHRIDQWLERG\
IRUPDWLRQDQGDQDO\]HWKHH[SDQVLRQFRKRUW$ILQDODQDO\VLVZLOOEHFRQGXFWHGZKHQ
DOOHQUROOHGVXEMHFWVLQ3KDVHEFRPSOHWHWKHORQJWHUPIROORZXSSHULRGRIWKH
SURWRFRODQGDOOHQUROOHGVXEMHFWVLQWKHH[SDQVLRQFRKRUWFRPSOHWHWKHVDIHW\
IROORZXSSHULRG

3ODQQHG0HWKRGVRI$QDO\VLV

*HQHUDO&RQVLGHUDWLRQV
$FOLQLFDOVWXG\UHSRUWZLOOEHJHQHUDWHGIRUWKHSULPDU\DQDO\VLV7KHORQJWHUP
IROORZXSSHULRGRIWKHVWXG\ZLOOEHXSGDWHGLQWKHUHSRUWRQFHDOOWKHVXEMHFWVKDYH
FRPSOHWHGORQJWHUPIROORZXSXQWLOORVWWRIROORZXSRUXQWLOGHDWKZKLFKHYHURFFXUV
ILUVW
$GXOWDQGSHGLDWULFVXEMHFWVZLOOEHVXPPDUL]HGVHSDUDWHO\$OOGRFXPHQWHGSDUDPHWHUV
ZLOOEHDGHTXDWHO\HYDOXDWHG7KHGDWDZLOOEHVXPPDUL]HGRYHUDOODQGE\DVVLJQHG
GRVHFRKRUWXVLQJVXLWDEOHGHVFULSWLYHPHDVXUHV,QGLYLGXDOGDWDZLOOEHOLVWHG
7KH'/7ILQGLQJVGXULQJWKH3KDVHESDUWZLOOEHWDEXODWHG
'HVFULSWLYHVWDWLVWLFVIRUGHPRJUDSKLFDQGEDVHOLQHFKDUDFWHULVWLFVZLOOEHVXPPDUL]HG
)RUFDWHJRULFDOYDULDEOHVWKHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVLQHDFKFDWHJRU\ZLOO
EHVXPPDUL]HG&RQWLQXRXVYDULDEOHVZLOOEHVXPPDUL]HGE\QPHDQVWDQGDUG
GHYLDWLRQ6'PHGLDQ4WKSHUFHQWLOH4WKSHUFHQWLOHPLQLPXPDQG
PD[LPXPYDOXHV
3RLQWHVWLPDWHVIRUHIILFDF\HQGSRLQWVLQFLGHQFHVZLOOEHDFFRPSDQLHGE\VLGHG
H[DFWELQRPLDO&,V&ORSSHUDQG3HDUVRQ
)RUWLPHWRHYHQWYDULDEOHVWKH.DSODQ0HLHU.0PHWKRG.DSODQDQG0HLHU
ZLOOEHXVHGWRHVWLPDWHWKHTXDUWLOHVPHGLDQWKDQGWKSHUFHQWLOHVRIWKHYDULDEOH
DORQJZLWKWZRVLGHG&,%URRNPH\HUDQG&URZOH\RURWKHUVVSHFLILHG7KH
UDQJHILUVWTXDUWLOHDQGWKHWKLUGTXDUWLOHRIWKHREVHUYDWLRQWLPHZLOOEHSURYLGHGLQ
DGGLWLRQ.0HVWLPDWHVZLOOEHSUHVHQWHGJUDSKLFDOO\&XPXODWLYHLQFLGHQFHFXUYHV
ZHUHXVHGWRHVWLPDWHWKHSUREDELOLWLHVRI77+5'HDWKQRWGXHWRGLVHDVHSURJUHVVLRQ
ZDVWUHDWHGDVDFRPSHWLQJULVNIRUKHPDWRORJLFDOUHODSVHDQGGHDWKGXHWRGLVHDVH
SURJUHVVLRQ


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


1RDGMXVWPHQWVIRUPXOWLSOLFLW\DUHSODQQHGIRUWKHDQDO\VHVRIWKHHIILFDF\HQGSRLQWV
$GGLWLRQDOH[SORUDWRU\DQDO\VHVZLOOEHSHUIRUPHGWRDGMXVWIRUWKHEDVHOLQHFRYDULDWHVDV
GHHPHGDSSURSULDWH

3ULPDU\(IILFDF\(QGSRLQW
7KHSULPDU\HIILFDF\HQGSRLQWRIWKH3KDVHSDUWRIWKHVWXG\LVDGXOWV&5&5KZLWKLQ
WKHILUVWF\FOHVRIEOLQDWXPRPDEWUHDWPHQW7KHDQDO\VLVLVEDVHGRQWKHUHVSRQVH
HYDOXDWLRQUHFRUGHGLQWKHH&5)IRUVXEMHFWVLQWKH)$67KHEHVWUHVSRQVHZLWKLQWKH
ILUVWF\FOHVZLOOGHWHUPLQHWKHSULPDU\HIILFDF\HQGSRLQW7KHVXEMHFWVZLOOEH
FRQVLGHUHGDVQRQUHVSRQGHULIWKHUHLVQRHYDOXDWLRQUHVSRQVHDVVHVVPHQWDYDLODEOH
7KHUDWHZLOOEHHVWLPDWHGDORQJZLWKLWVH[DFW&,$GGLWLRQDOLQIHUHQFHVSRLQW
HVWLPDWH&,FRQVLGHULQJJURXSVHTXHQWLDOQDWXUHRIWKHGHVLJQPD\EHSURYLGHG
3RUFKHUDQG'HVVHDX[
6XPPDU\RIRWKHUEHVWUHVSRQVHVVWDWXVE\HDFKUHVSRQVHFDWHJRU\ZLOOEHDOVR
SURYLGHG

6HFRQGDU\(IILFDF\(QGSRLQWV
26DQG5)6ZLOOEHVXPPDUL]HGE\.0PHWKRGDVGHVFULEHGLQ6HFWLRQ26ZLOO
EHSHUIRUPHGRQ)$6DQGWKHHYHQWWLPHZLOOEHFDOFXODWHGUHODWLYHWRWKHVWDUWGDWHRI
EOLQDWXPRPDELQIXVLRQLQWKHILUVWWUHDWPHQWF\FOH77+5DQG5)6ZLOOLQFOXGHVXEMHFWV
LQWKH)$6ZKRDFKLHYHG&5&5K0UHPLVVLRQIRUSHGLDWULFVXEMHFWVDQGWKHHYHQW
WLPHZLOOEHFDOFXODWHGUHODWLYHWRWKHGDWHRIERQHPDUURZDVSLUDWLRQZKHQUHVSRQVHZDV
GHWHFWHGIRUWKHILUVWWLPHLQWKLVVWXG\7KUHHVL[DQGWZHOYHPRQWKVVXUYLYDOUDWHZLOO
EHSURYLGHG$GGLWLRQDOVXPPDU\FRQVLGHULQJWKHFHQVRULQJDWWKHWLPHRI+6&7PD\EH
FRQVLGHUHGIRUWKHVHQVLWLYLW\DQDO\VLVSXUSRVH
$VXPPDU\RIEHVWUHVSRQVHE\HDFKUHVSRQVHFDWHJRU\ZLWKLQILUVWWZRF\FOHVZLOOEH
SURYLGHG7KHUDWHZLOOEHHVWLPDWHGDORQJZLWKLWVH[DFW&,$GGLWLRQDOVHQVLWLYLW\
DQDO\VLVZLOOEHFRQGXFWHGDQGZLOOH[FOXGHWKRVHVXEMHFWVZLWKRXWDQ\SRVWEDVHOLQH
UHVSRQVHDVVHVVPHQW
77+5ZLOOEHHVWLPDWHGE\WKHQRQSDUDPHWULFPHWKRGVIRUHVWLPDWLQJFXPXODWLYH
LQFLGHQFHIXQFWLRQE\WUHDWLQJWKHGHDWKQRWGXHWRGLVHDVHSURJUHVVLRQDVDFRPSHWLQJ
ULVN+RVPHUHWDO


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


7KHSURSRUWLRQRIVXEMHFWVZKRXQGHUJRDOOR+6&7LQUHPLVVLRQGXHWRWUHDWPHQWZLWK
EOLQDWXPRPDEZLOOEHVXPPDUL]HGEDVHGRQ)$66XEMHFWVZKRUHFHLYHDQ+6&7ODWHU
GXULQJWKHORQJWHUPIROORZXSWLPHRIWKHVWXG\ZLOOEHUHSRUWHGVHSDUDWHO\
7KHDQDO\VLVRI±GD\PRUWDOLW\DIWHUDOOR+6&7ZLOOEHEDVHGRQ)$6ZLWKDOOR+6&7
ZKLOHLQDQ\&5IROORZLQJWUHDWPHQWZLWKEOLQDWXPRPDE7KHGD\PRUWDOLW\UDWHDIWHU
DOOR+6&7ZLOOEHHVWLPDWHGE\WDNLQJPLQXVWKH.0SURSRUWLRQDWGD\RQWKH
VXEVHWRIVXEMHFWVZKRXQGHUJRDQDOOR+6&7LQWKH)$6
7KHVHFRQGDU\HIILFDF\HQGSRLQWVIRUWKHH[SDQVLRQFRKRUWLV&5&5KLQDGXOWVZLWKLQ
F\FOHVRIWUHDWPHQWZLWKEOLQDWXPRPDEDQG0UHPLVVLRQLQSHGLDWULFVXEMHFWVZLWKLQ
F\FOHVRIWUHDWPHQWZLWKEOLQDWRPXPDE$QDO\VLVRIWKHVHHQGSRLQWVZLOOEHWKHVDPH
DVGHVFULEHGLQWKLVVHFWLRQRIRWKHUSDUWVRIWKHVWXG\

6DIHW\(QGSRLQWV
6DIHW\DQDO\VHVZLOOEHSHUIRUPHGRQVXEMHFWVLQWKH)$66XEMHFWLQFLGHQFHRIDOO
WUHDWPHQWHPHUJHQWDGYHUVHHYHQWVZLOOEHWDEXODWHGE\VHYHULW\V\VWHPRUJDQFODVV
DQGSUHIHUUHGWHUP7DEOHVRIIDWDODGYHUVHHYHQWVVHULRXVDGYHUVHHYHQWVDGYHUVH
HYHQWVOHDGLQJWRZLWKGUDZDOIURPLQYHVWLJDWLRQDOSURGXFWRURWKHUSURWRFROVSHFLILHG
WKHUDSLHVDQGVLJQLILFDQWWUHDWPHQWHPHUJHQWDGYHUVHHYHQWVLQFOXGLQJDGYHUVHHYHQWV
RILQWHUHVWZLOODOVREHSURYLGHG
7KHSULPDU\HQGSRLQWRIWKHH[SDQVLRQSDUWRIWKHVWXG\LVWUHDWPHQWHPHUJHQWDQG
WUHDWPHQWUHODWHGDGYHUVHHYHQWVZKLFKZLOOEHWDEXODWHGDVGHVFULEHGDERYH
7KHLQFLGHQFHDQGSHUFHQWDJHRIVXEMHFWVZKRGHYHORS$'$ELQGLQJDQGLISRVLWLYH
QHXWUDOL]LQJDWDQ\WLPHZLOOEHWDEXODWHG
7KHGXUDWLRQRILQIXVLRQQXPEHURIF\FOHVDQGRWKHUPHDVXUHVUHODWHGWREOLQDWXPRPDE
H[SRVXUHZLOOEHSURYLGHG
6DIHW\ODERUDWRU\DQGYLWDOVLJQVZLOOEHVXPPDUL]HGDWVDPSOHWLPHSRLQWV3.
HQGSRLQWVZLOOEHDQDO\]HGSHU6HFWLRQ

([SORUDWRU\(QGSRLQWV
05'UHVSRQVHDQG05'FRPSOHWHUHVSRQVHZLOOEHVXPPDUL]HGEDVHGRQ)$67KH
UDWHZLOOEHHVWLPDWHGDORQJZLWKLWVH[DFW&,$GGLWLRQDOVHQVLWLYLW\DQDO\VLVZLOOEH
FRQGXFWHGDQGZLOOH[FOXGHWKRVHVXEMHFWVZLWKRXWDQ\SRVWEDVHOLQHUHVSRQVH
DVVHVVPHQW


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


3HULSKHUDOEORRGO\PSKRF\WHVXEVHWVDQGQHXURORJLFDOH[DPDEQRUPDOLWLHVDQGILQGLQJV
ZLOOEHVXPPDUL]HGEDVHGRQ)$6
05'UHVSRQVHLVDOVRDQH[SORUDWRU\HQGSRLQWIRUWKHH[SDQVLRQSDUWRIWKHVWXG\DQG
ZLOOEHDQDO\]HGDVGHVFULEHGDERYHEDVHGRQWKHH[SDQVLRQDQDO\VLVVHW

3KDUPDFRNLQHWLF$QDO\VLV
7KH3.DQDO\VLVZLOOEHEDVHGRQWKH3.DQDO\VLVVHW6HUXPFRQFHQWUDWLRQVZLOOEH
VXPPDUL]HGE\GHVFULSWLYHVWDWLVWLFV1RQFRPSDUWPHQWDQDO\VLVZLOOEHSHUIRUPHGWR
HVWLPDWH3.SDUDPHWHUV

3KDUPDFRG\QDPLF$QDO\VLV
7KH3'DQDO\VLVZLOOEHEDVHGRQWKH3'DQDO\VLVVHW'HVFULSWLYHVWDWLVWLFVZLOOEHXVHG
IRUGDWDDQDO\VLV

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IRUPLVWREHSUHSDUHGLQWKHODQJXDJHVRI
WKHSRWHQWLDOVXEMHFW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\
LQYHVWLJDWLRQDOSURGXFWVLVDUH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\
,QDGGLWLRQWRLQIRUPHGFRQVHQWIURPWKHVXEMHFW¶VOHJDOO\DXWKRUL]HGUHSUHVHQWDWLYH
DVVHQWPXVWEHREWDLQHGZKHQWKHVXEMHFWLVOHJDOO\WRR\RXQJWRSURYLGHLQIRUPHG
FRQVHQWIRUWUHDWPHQWVRUSURFHGXUHVLQYROYHGLQFOLQLFDOLQYHVWLJDWLRQVXQGHUWKH
DSSOLFDEOHODZRIWKHMXULVGLFWLRQLQZKLFKWKHFOLQLFDOLQYHVWLJDWLRQZLOOWDNHSODFH
7KHLQYHVWLJDWRULVDOVRUHVSRQVLEOHIRUDVNLQJWKHVXEMHFWLIWKHVXEMHFWKDVDSULPDU\
FDUHSK\VLFLDQDQGLIWKHVXEMHFWDJUHHVWRKDYHKLVKHUSULPDU\FDUHSK\VLFLDQLQIRUPHG
RIWKHVXEMHFW¶VSDUWLFLSDWLRQLQWKHFOLQLFDOVWXG\,IWKHVXEMHFWDJUHHVWRVXFK
QRWLILFDWLRQWKHLQYHVWLJDWRULVWRLQIRUPWKHVXEMHFW¶VSULPDU\FDUHSK\VLFLDQRIWKH


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


VXEMHFW¶VSDUWLFLSDWLRQLQWKHFOLQLFDOVWXG\,IWKHVXEMHFWGRHVQRWKDYHDSULPDU\FDUH
SK\VLFLDQDQGWKHLQYHVWLJDWRUZLOOEHDFWLQJLQWKDWFDSDFLW\WKHLQYHVWLJDWRULVWR
GRFXPHQWVXFKLQWKHVXEMHFW¶VPHGLFDOUHFRUG
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

,QVWLWXWLRQDO5HYLHZ%RDUG,QGHSHQGHQW(WKLFV&RPPLWWHH
$FRS\RIWKHSURWRFROSURSRVHGLQIRUPHGFRQVHQWIRUPRWKHUZULWWHQVXEMHFW
LQIRUPDWLRQDQGDQ\SURSRVHGDGYHUWLVLQJPDWHULDOPXVWEHVXEPLWWHGWRWKH,5%IRU
ZULWWHQDSSURYDO$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,5%IRUDOO
VXEVHTXHQWSURWRFRODPHQGPHQWVDQGFKDQJHVWRWKHLQIRUPHGFRQVHQWGRFXPHQW7KH
LQYHVWLJDWRULVWRQRWLI\WKH,5%RIGHYLDWLRQVIURPWKHSURWRFRORUVHULRXVDGYHUVHHYHQWV
RFFXUULQJDWWKHVLWHDQGRWKHUDGYHUVHHYHQWUHSRUWVUHFHLYHGIURP$PJHQLQ
DFFRUGDQFHZLWKORFDOSURFHGXUHV
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUREWDLQLQJDQQXDO,5%DSSURYDOUHQHZDOWKURXJKRXWWKH
GXUDWLRQRIWKHVWXG\&RSLHVRIWKHLQYHVWLJDWRU¶VUHSRUWVDQGWKH,5%FRQWLQXDQFHRI
DSSURYDOPXVWEHVHQWWR$PJHQ$$%3

6XEMHFW&RQILGHQWLDOLW\
7KHLQYHVWLJDWRUPXVWHQVXUHWKDWWKHVXEMHFW¶VFRQILGHQWLDOLW\LVPDLQWDLQHGIRU
GRFXPHQWVVXEPLWWHGWR$PJHQ$$%3
6XEMHFWVDUHWREHLGHQWLILHGE\DXQLTXHVXEMHFWLGHQWLILFDWLRQQXPEHU


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


:KHUHSHUPLWWHGGDWHRIELUWKLVWREHGRFXPHQWHGDQGIRUPDWWHGLQDFFRUGDQFHZLWK
ORFDOODZVDQGUHJXODWLRQV
2QWKHH&5)GHPRJUDSKLFVSDJHLQDGGLWLRQWRWKHXQLTXHVXEMHFWLGHQWLILFDWLRQ
QXPEHULQFOXGHWKHDJHDWWLPHRIHQUROOPHQW
)RU6HULRXV$GYHUVH(YHQWVUHSRUWHGWR$PJHQ$$%3VXEMHFWVDUHWREHLGHQWLILHGE\
WKHLUXQLTXHVXEMHFWLGHQWLILFDWLRQQXPEHULQLWLDOVIRUID[HGUHSRUWVLQDFFRUGDQFHZLWK
ORFDOODZVDQGUHJXODWLRQVDQGGDWHRIELUWKLQDFFRUGDQFHZLWKORFDOODZVDQG
UHJXODWLRQV
'RFXPHQWVWKDWDUHQRWVXEPLWWHGWR$PJHQ$$%3HJVLJQHGLQIRUPHGFRQVHQWIRUPV
DUHWREHNHSWLQFRQILGHQFHE\WKHLQYHVWLJDWRUH[FHSWDVGHVFULEHGEHORZ
5HSUHVHQWDWLYHVRIWKH$PJHQ$$%3ZKRFDQKDYHGLUHFWDFFHVVWRUHYLHZWKHVXEMHFW¶V
RULJLQDOPHGLFDOUHFRUGDUHOLPLWHGWRWKHVSRQVRU¶VDXWKRUL]HGPRQLWRUVDXGLWRUVDQG
PHGLFDOSHUVRQQHO
,QFRPSOLDQFHZLWK)HGHUDOUHJXODWLRQV,&+*&3*XLGHOLQHVLWLVUHTXLUHGWKDWWKH
LQYHVWLJDWRUDQGLQVWLWXWLRQSHUPLWDXWKRUL]HGUHSUHVHQWDWLYHVRIWKHFRPSDQ\RIWKH
UHJXODWRU\DJHQF\VDQGWKH,5%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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$$%3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


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



$'0,1,675$7,9($1'/(*$/2%/,*$7,216

3URWRFRO$PHQGPHQWVDQG6WXG\7HUPLQDWLRQ
$PJHQPD\DPHQGWKHSURWRFRODWDQ\WLPH$IWHU$PJHQDPHQGVWKHSURWRFROWKH
,QYHVWLJDWRULVWRUHWXUQWKHVLJQHG,QYHVWLJDWRU¶V6LJQDWXUHSDJHFRQILUPLQJDJUHHPHQW
WRFRQWLQXHSDUWLFLSDWLRQLQWKHVWXG\DFFRUGLQJWRWKHDPHQGPHQW7KH,5%PXVWEH
LQIRUPHGRIDOODPHQGPHQWVDQGJLYHDSSURYDO7KH,QYHVWLJDWRUPXVWVHQGDFRS\RI
WKHDSSURYDOOHWWHUIURPWKH,5%DQGDPHQGHGSURWRFRO,QYHVWLJDWRU¶V6LJQDWXUHSDJHWR
$PJHQ$$%3SULRUWRLPSOHPHQWDWLRQRIWKHSURWRFRODPHQGPHQWDWWKHLUVLWH
$PJHQUHVHUYHVWKHULJKWWRWHUPLQDWHWKHVWXG\DWDQ\WLPH%RWK$PJHQDQGWKH
,QYHVWLJDWRUUHVHUYHWKHULJKWWRWHUPLQDWHWKH,QYHVWLJDWRU¶VSDUWLFLSDWLRQLQWKHVWXG\
DFFRUGLQJWRWKH&OLQLFDO7ULDO$JUHHPHQW7KHLQYHVWLJDWRULVWRQRWLI\WKHKHDGRIWKH
LQVWLWXWLRQLQZULWLQJRIWKHVWXG\¶VFRPSOHWLRQRUHDUO\WHUPLQDWLRQDQGVHQGDFRS\RIWKH
QRWLILFDWLRQWR$PJHQ$$%3
6XEMHFWVPD\EHHOLJLEOHIRUFRQWLQXHGWUHDWPHQWZLWK$PJHQLQYHVWLJDWLRQDOSURGXFWV
E\DQH[WHQVLRQSURWRFRORUDVSURYLGHGIRUE\WKHORFDOFRXQWU\¶VUHJXODWRU\PHFKDQLVP
+RZHYHU$PJHQUHVHUYHVWKHXQLODWHUDOULJKWDWLWVVROHGLVFUHWLRQWRGHWHUPLQH
ZKHWKHUWRVXSSO\$PJHQLQYHVWLJDWLRQDOSURGXFWVDQGE\ZKDWPHFKDQLVPDIWHU
WHUPLQDWLRQRIWKHVWXG\DQGEHIRUHWKHSURGXFWVLVDUHDYDLODEOHFRPPHUFLDOO\

6WXG\'RFXPHQWDWLRQDQG$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$XWKRULW\)RUP
6RXUFHGRFXPHQWVDUHRULJLQDOGRFXPHQWVGDWDDQGUHFRUGVIURPZKLFKWKHVXEMHFW¶V
H&5)GDWDDUHREWDLQHG7KHVHLQFOXGHEXWDUHQRWOLPLWHGWRKRVSLWDOUHFRUGVFOLQLFDO
DQGRIILFHFKDUWVODERUDWRU\DQGSKDUPDF\UHFRUGVGLDULHVPLFURILFKHVUDGLRJUDSKV
DQGFRUUHVSRQGHQFH
7KH,QYHVWLJDWRUDQGVWXG\VWDIIDUHUHVSRQVLEOHIRUPDLQWDLQLQJDFRPSUHKHQVLYHDQG
FHQWUDOL]HGILOLQJV\VWHPRIDOOVWXG\UHODWHGHVVHQWLDOGRFXPHQWDWLRQVXLWDEOHIRU
LQVSHFWLRQDWDQ\WLPHE\UHSUHVHQWDWLYHVIURP$PJHQ$$%3DQGRUDSSOLFDEOH
UHJXODWRU\DXWKRULWLHV


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


(OHPHQWVWRLQFOXGH
x
6XEMHFWILOHVFRQWDLQLQJFRPSOHWHGH&5)VLQIRUPHGFRQVHQWIRUPVDQGVXEMHFW
LGHQWLILFDWLRQOLVW
x
6WXG\ILOHVFRQWDLQLQJWKHSURWRFROZLWKDOODPHQGPHQWV,QYHVWLJDWRU¶V%URFKXUH
FRSLHVRISUHVWXG\GRFXPHQWDWLRQDQGDOOFRUUHVSRQGHQFHWRDQGIURPWKH,5%
WKHPHGLFDOLQVWLWXWLRQ$PJHQDQG$$%3
x
,QYHVWLJDWLRQDOSURGXFWUHODWHGFRUUHVSRQGHQFHLQFOXGLQJ3URRIRI5HFHLSWV
325,QYHVWLJDWLRQDO3URGXFW$FFRXQWDELOLW\5HFRUGV5HWXUQRI,QYHVWLJDWLRQDO
3URGXFWIRU'HVWUXFWLRQ)RUPV)LQDO,QYHVWLJDWLRQDO3URGXFW5HFRQFLOLDWLRQ
6WDWHPHQWDVDSSOLFDEOH
x
1RQLQYHVWLJDWLRQDOSURGXFWVDQGRUPHGLFDOGHYLFHVGRFXPHQWDWLRQDV
DSSOLFDEOH
,QDGGLWLRQDOORULJLQDOVRXUFHGRFXPHQWVVXSSRUWLQJHQWULHVLQWKHH&5)VPXVWEH
PDLQWDLQHGDQGEHUHDGLO\DYDLODEOH
5HWHQWLRQRIVWXG\GRFXPHQWVZLOOEHJRYHUQHGE\WKH&OLQLFDO7ULDO$JUHHPHQW

6WXG\0RQLWRULQJDQG'DWD&ROOHFWLRQ
7KH$PJHQ$$%3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$$%3&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$PJHQ¶V*OREDO5HVHDUFK	'HYHORSPHQW&RPSOLDQFH
DQG$XGLW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\FRQGXFWDQGFRPSOLDQFHZLWKWKHSURWRFRO,&+
*&3DQGDSSOLFDEOHUHJXODWRU\UHTXLUHPHQWV


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


'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VXEVHTXHQWO\FORVHGE\WKH
('&V\VWHPRUE\DQ$PJHQUHYLHZHU
x
7KHLQYHVWLJDWRUVLJQVRQO\WKH,QYHVWLJDWRU9HULILFDWLRQ)RUPIRUWKLV('&VWXG\
7KLVVLJQDWXUHLQGLFDWHVWKDWLQYHVWLJDWRULQVSHFWHGRUUHYLHZHGWKHGDWDRQWKH
H&5)WKHGDWDTXHULHVDQGWKHVLWHQRWLILFDWLRQVDQGDJUHHVZLWKWKHFRQWHQW

,QYHVWLJDWRU5HVSRQVLELOLWLHVIRU'DWD&ROOHFWLRQ
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUFRPSO\LQJZLWKWKHUHTXLUHPHQWVIRUDOODVVHVVPHQWV
DQGGDWDFROOHFWLRQLQFOXGLQJVXEMHFWVQRWUHFHLYLQJSURWRFROUHTXLUHGWKHUDSLHVDV
VWLSXODWHGLQWKHSURWRFROIRUHDFKVXEMHFWLQWKHVWXG\)RUVXEMHFWVZKRZLWKGUDZSULRU
WRFRPSOHWLRQRIDOOSURWRFROUHTXLUHGYLVLWVDQGDUHXQDEOHRUXQZLOOLQJWRFRQWLQXHWKH
6FKHGXOHRI$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
$OOZULWWHQLQIRUPDWLRQDQGRWKHUPDWHULDOWREHXVHGE\VXEMHFWVDQGLQYHVWLJDWLYHVWDII
PXVWXVHYRFDEXODU\DQGODQJXDJHWKDWDUHFOHDUO\XQGHUVWRRG


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



3XEOLFDWLRQ3ROLF\
7RFRRUGLQDWHGLVVHPLQDWLRQRIGDWDIURPWKLVVWXG\$PJHQPD\IDFLOLWDWH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,QWHUQDWLRQDO&RPPLWWHHRI0HGLFDO-RXUQDO(GLWRUV,&0-(5HFRPPHQGDWLRQVIRU
WKH&RQGXFW5HSRUWLQJ(GLWLQJDQG3XEOLFDWLRQRI6FKRODUO\:RUNLQ0HGLFDO-RXUQDOV
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DQGDJUHHPHQWWREHDFFRXQWDEOHIRU
DOODVSHFWVRIWKHZRUNLQHQVXULQJWKDWTXHVWLRQVUHODWHGWRWKHDFFXUDF\RU
LQWHJULW\RIDQ\SDUWRIWKHZRUNDUHDSSURSULDWHO\LQYHVWLJDWHGDQGUHVROYHG
$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%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


,ISHUPLWWHGXQGHUDSSOLFDEOHUHJLRQDOODZVRUUHJXODWRU\JXLGHOLQHVVXEMHFWVPD\EH
FRPSHQVDWHGIRURWKHULQFRQYHQLHQFHVQRWDVVRFLDWHGZLWKVWXG\UHODWHGLQMXULHV
HJWUDYHOFRVWV


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



5()(5(1&(6
$PJHQ%OLQDWXPRPDE,QYHVWLJDWRU¶V%URFKXUHYHUVLRQ
%DUUHGR-&'HYLGDV0/DXHU6-HWDO,VRODWHG&16UHODSVHRIDFXWHO\PSKREODVWLF
OHXNHPLDWUHDWHGZLWKLQWHQVLYHV\VWHPLFFKHPRWKHUDS\DQGGHOD\HG&16UDGLDWLRQD
SHGLDWULFRQFRORJ\JURXSVWXG\-&OLQ2QFRO
%URRNPH\HU5&URZOH\-$FRQILGHQFHLQWHUYDOIRUWKHPHGLDQVXUYLYDOWLPH
%LRPHWULFV
&DQFHU6WDWLVWLFVLQ-DSDQ±)RXQGDWLRQIRU3URPRWLRQRI&DQFHU5HVHDUFK
'HFHPEHU
&KHVRQ%'3ILVWQHU%-XZHLG0(HWDO5HYLVHGUHVSRQVHFULWHULDIRUPDOLJQDQW
O\PSKRPD-&OLQ2QFRO
&KHVVHOOV-09H\V3.HPSVNL+HWDO/RQJWHUPIROORZXSRIUHODSVHGFKLOGKRRG
DFXWHO\PSKREODVWLFOHXNDHPLD%U-+DHPDWRO
&ORSSHU&-3HDUVRQ(67KHXVHRIFRQILGHQFHRUILGXFLDOOLPLWVLOOXVWUDWHGLQWKHFDVH
RIWKHELQRPLDO%LRPHWULND
&RHEHUJK-:5HHGLMN$0GH9ULHV(/HXNDHPLDLQFLGHQFHDQGVXUYLYDOLQFKLOGUHQ
DQGDGROHVFHQWVLQ(XURSHGXULQJ5HSRUWIURPWKH$XWRPDWHG&KLOGKRRG
&DQFHU,QIRUPDWLRQ6\VWHPSURMHFW(XU-&DQFHU
'UHLHU7/RUHQF]HZVNL*%UDQGO&HWDO([WUHPHO\SRWHQWUDSLGDQG
FRVWLPXODWLRQLQGHSHQGHQWF\WRWR[LF7FHOOUHVSRQVHDJDLQVWO\PSKRPDFHOOVFDWDO\]HG
E\DVLQJOHFKDLQELVSHFLILFDQWLERG\,QW-&DQFHU
(LQVLHGHO+*YRQ6WDFNHOEHUJ$+DUWPDQQ5HWDO/RQJWHUPRXWFRPHLQFKLOGUHQ
ZLWKUHODSVHG$//E\ULVNVWUDWLILHGVDOYDJHWKHUDS\UHVXOWVRIWULDODFXWHO\PSKREODVWLF
OHXNHPLDUHODSVHVWXG\RIWKH%HUOLQ)UDQNIXUW0QVWHU*URXS-&OLQ2QFRO

)LHOGLQJ$.5LFKDUGV60&KRSUD5HWDO2XWFRPHRIDGXOWVDIWHUUHODSVHRIDFXWH
O\PSKREODVWLFOHXNHPLD$//DQ05&8.$//(&2*VWXG\%ORRG

*|NEXJHW1+RHO]HU'6DOYDJHWKHUDS\RIDGXOWDFXWHO\PSKREODVWLFOHXNHPLD,Q
)DGHUO6.DQWDUMLDQ+HGV/HXNHPLDV3ULQFLSOHVDQG3UDFWLFHRI7KHUDS\2[IRUG
8.:LOH\%ODFNZHOO&K
+RVPHU'/HPHVKRZ6DQG0D\6$SSOLHG6XUYLYDO$QDO\VLV5HJUHVVLRQ0RGHOLQJ
RI7LPHWR(YHQW'DWDQGHG-RKQ:LOH\	6RQV
-DEERXU(-)DGHUO6.DQWDUMLDQ+0$GXOWDFXWHO\PSKREODVWLFOHXNHPLD0D\R&OLQ
3URF
.DQWDUMLDQ+7KRPDV':D\QH$62¶%ULHQ60RQRFORQDODQWLERG\EDVHGWKHUDSLHV
DQHZGDZQLQWKHWUHDWPHQWRIDFXWHO\PSKREODVWLFOHXNHPLD-&OLQ2QFRO

.DSODQ(/0HLHU31RQSDUDPHWULFHVWLPDWLRQIURPLQFRPSOHWHREVHUYDWLRQV-$P
6WDW$VVRF
.R5+-L/%DUQHWWH3HWDO2XWFRPHRISDWLHQWVWUHDWHGIRUUHODSVHGRUUHIUDFWRU\
DFXWHO\PSKREODVWLFOHXNHPLDD7KHUDSHXWLF$GYDQFHVLQ&KLOGKRRG/HXNHPLD
&RQVRUWLXPVWXG\-&OLQ2QFRO


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


/DUVRQ5$$FXWHO\PSKREODVWLFOHXNHPLDROGHUSDWLHQWVDQGQHZHUGUXJV
+HPDWRORJ\$P6RF+HPDWRO(GXF3URJUDP
/DXWHQ00|ULFNH$%HLHU53UHGLFWLRQRIRXWFRPHE\HDUO\ERQHPDUURZUHVSRQVHLQ
FKLOGKRRGDFXWHO\PSKREODVWLFOHXNHPLDWUHDWHGLQWKH$//%)0WULDOGLIIHUHQWLDO
HIIHFWVLQSUHFXUVRU%FHOODQG7FHOOOHXNHPLD+DHPDWRORJLFD
/RFDWHOOL)6FKUDSSH0%HUQDUGR0(5XWHOOD6+RZ,WUHDWFKLOGKRRGDFXWH
O\PSKREODVWLFOHXNHPLD%ORRG
/|IIOHU$.XIHU3/XWWHUEVH5HWDO$UHFRPELQDQWELVSHFLILFVLQJOHFKDLQDQWLERG\
&'[&'LQGXFHVUDSLGDQGKLJKO\PSKRPDGLUHFWHGF\WRWR[LFLW\E\XQVWLPXODWHG
7O\PSKRF\WHV%ORRG
0DNLPRWR$/HXNHPLD/\PSKRPD&OLQLFDO2QFRORJ\8SGDWH±(VVHQWLDOVIRU0HGLFDO
2QFRORJLVWVUG(GLWLRQ
0DOHPSDWL6*D\QRQ366DWKHU+/D0.6WRUN/&&KLOGUHQ
V2QFRORJ\*URXS
2XWFRPHDIWHUUHODSVHDPRQJFKLOGUHQZLWKVWDQGDUGULVNDFXWHO\PSKREODVWLFOHXNHPLD
&KLOGUHQ¶V2QFRORJ\*URXSVWXG\&&*-&OLQ2QFRO
1&&1&OLQLFDO3UDFWLFH*XLGHOLQHVLQ2QFRORJ\$FXWH/\PSKREODVWLF/HXNHPLD
1&&1RUJ9HUVLRQ
1JX\HQ.'HYLGDV0&KHQJ6&HWDO)DFWRUVLQIOXHQFLQJVXUYLYDODIWHUUHODSVHIURP
DFXWHO\PSKREODVWLFOHXNHPLDD&KLOGUHQ¶V2QFRORJ\*URXSVWXG\/HXNHPLD

0F1HUODQ6($OH[DQGHU+'5HD,0$JHUHODWHGUHIHUHQFHLQWHUYDOVIRUO\PSKRF\WH
VXEVHWVLQZKROHEORRGRIKHDOWK\LQGLYLGXDOV6FDQG-&OLQ/DE,QYHVW

1DRH7/HXNHPLDDQGUHODWHGGLVHDVHV&OLQLFDO2QFRORJ\UGHGLWLRQ
2NHQ00&UHHFK5+7RUPH\'&HWDO7R[LFLW\DQGUHVSRQVHFULWHULDRIWKH(DVWHUQ
&RRSHUDWLYH2QFRORJ\*URXS$P-&OLQ2QFRO
2ULRO$9LYHV6+HUQiQGH]5LYDV-0HWDO2XWFRPHDIWHUUHODSVHRIDFXWH
O\PSKREODVWLFOHXNHPLDLQDGXOWSDWLHQWVLQFOXGHGLQIRXUFRQVHFXWLYHULVNDGDSWHGWULDOV
E\WKH3(7+(0$6WXG\*URXS+DHPDWRORJLFD
3DUNHU&:DWHUV5/HLJKWRQ&HWDO(IIHFWRIPLWR[DQWURQHRQRXWFRPHRIFKLOGUHQ
ZLWKILUVWUHODSVHRIDFXWHO\PSKREODVWLFOHXNDHPLD$//5DQRSHQODEHOUDQGRPLVHG
WULDO/DQFHW
3RUFKHU5'HVVHDX[.:KDWLQIHUHQFHIRUWZRVWDJHSKDVH,,WULDOV"%0&0HG5HV
0HWKRGRO
3XL&+(YDQV:($FXWHO\PSKREODVWLFOHXNHPLD1(QJO-0HG
3XL&+HG$FXWH/\PSKREODVWLF/HXNHPLD,Q&KLOGKRRG/HXNHPLDV&DPEULGJH
8QLWHG.LQJGRP&DPEULGJH8QLYHUVLW\3UHVV
3XL&+5RELVRQ///RRN$7$FXWHO\PSKREODVWLFOHXNDHPLD/DQFHW

6FKUDSSH00|ULFNH$5HLWHU$HWDO.H\WUHDWPHQWTXHVWLRQVLQFKLOGKRRGDFXWH
O\PSKREODVWLFOHXNHPLDUHVXOWVLQFRQVHFXWLYHWULDOVSHUIRUPHGE\WKH$//%)0VWXG\
JURXSIURPWR.OLQ3DGLDWU0D\6XSSO6


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


6((5&DQFHU6WDWLVWLFV5HYLHZ1DWLRQDO&DQFHU,QVWLWXWH%HWKHVGD0'
KWWSVHHUFDQFHUJRYFVUBBSRSVEDVHGRQ1RYHPEHU6((5GDWD
VXEPLVVLRQSRVWHGWRWKH6((5ZHEVLWH$FFHVVHG-XO\
6LPRQ52SWLPDOWZRVWDJHGHVLJQVIRUSKDVH,,FOLQLFDOWULDOV&RQWURO&OLQ7ULDOV

6NROQLN-0%DUUHWW-6-D\DUDPDQ%3DWHO'$GDPVRQ3&6KRUWHQLQJWKHWLPHOLQHRI
SHGLDWULFSKDVH,WULDOVWKHUROOLQJVL[GHVLJQ-&OLQ2QFRO
7DNHXFKL-.\R71DLWR.HWDO,QGXFWLRQWKHUDS\E\IUHTXHQWDGPLQLVWUDWLRQRI
GR[RUXELFLQZLWKIRXURWKHUGUXJVIROORZHGE\LQWHQVLYHFRQVROLGDWLRQDQGPDLQWHQDQFH
WKHUDS\IRUDGXOWDFXWHO\PSKREODVWLFOHXNHPLDWKH-$/6*$//VWXG\/HXNHPLD

7DQLPRWR00L\DZDNL6,QR7HWDO5HVSRQVHRULHQWHGLQGLYLGXDOL]HGLQGXFWLRQ
WKHUDS\IROORZHGE\LQWHQVLYHFRQVROLGDWLRQDQGPDLQWHQDQFHIRUDGXOWSDWLHQWVZLWK
DFXWHO\PSKREODVWLFOHXNHPLD7KH$//6WXG\RIWKH-DSDQ$GXOW/HXNHPLD6WXG\
*URXS-$/6*,QW-+HPDWRO
7RSS06*|NEXJHW16WHLQ$6HWDO&RQILUPDWRU\RSHQODEHOVLQJOHDUPPXOWLFHQWHU
SKDVHVWXG\RIWKH%L7(DQWLERG\EOLQDWXPRPDELQSDWLHQWVSWVZLWK
UHODSVHGUHIUDFWRU\%SUHFXUVRUDFXWHO\PSKREODVWLFOHXNHPLDUU$//-&OLQ2QFRO
VXSSO>DEVWUDFW@
8GHU]R&3LOORQ0&RUWL3HWDO,PSDFWRIFXPXODWLYHDQWKUDF\FOLQHGRVHSUHSDUDWLYH
UHJLPHQWDQGFKURQLFJUDIWYHUVXVKRVWGLVHDVHRQSXOPRQDU\DQGFDUGLDFIXQFWLRQLQ
FKLOGUHQ\HDUVDIWHUDOORJHQHLFKHPDWRSRHWLFVWHPFHOOWUDQVSODQWDWLRQDSURVSHFWLYH
HYDOXDWLRQRQEHKDOIRIWKH(%073HGLDWULF'LVHDVHVDQG/DWH(IIHFWV:RUNLQJ3DUWLHV
%RQH0DUURZ7UDQVSODQW
8HGD70L\DZDNL6$VRX1HWDO5HVSRQVHRULHQWHGLQGLYLGXDOL]HGLQGXFWLRQWKHUDS\
ZLWKVL[GUXJVIROORZHGE\IRXUFRXUVHVRILQWHQVLYHFRQVROLGDWLRQ\HDUPDLQWHQDQFH
DQGLQWHQVLILFDWLRQWKHUDS\WKH$//VWXG\RIWKH-DSDQ$GXOW/HXNHPLD6WXG\*URXS
,QW-+HPDWRO
YRQ6WDFNHOEHUJ$$QQXDO0HHWLQJRIWKH$PHULFDQ6RFLHW\RI+HPDWRORJ\$6+
'HFHPEHU1HZ2UOHDQV/$
:ROI(+RIPHLVWHU5.XIHU36FKOHUHWK%%DHXHUOH3$%L7(VELVSHFLILFDQWLERG\
FRQVWUXFWVZLWKXQLTXHDQWLWXPRUDFWLYLW\'UXJ'LVFRY7RGD\


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/



$33(1',&(6


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


$SSHQGL[$$GGLWLRQDO6DIHW\$VVHVVPHQW,QIRUPDWLRQ
5HIHUWRWKH1&,&RPPRQ7HUPLQRORJ\&ULWHULDIRU$GYHUVH(YHQWV&7&$(YHUVLRQ
IRUDGYHUVHHYHQWJUDGLQJDQGLQIRUPDWLRQ7KH&7&$(VFDOHLVDYDLODEOHDWWKH
IROORZLQJORFDWLRQ
KWWSFWHSFDQFHUJRYSURWRFRO'HYHORSPHQWHOHFWURQLFBDSSOLFDWLRQVFWFKWP
'UXJLQGXFHG/LYHU,QMXU\5HSRUWLQJ	$GGLWLRQDO$VVHVVPHQWV
5HSRUWLQJ
7RIDFLOLWDWHDSSURSULDWHPRQLWRULQJIRUVLJQDOVRI',/,FDVHVRIFRQFXUUHQW$67RU$/7
DQG7%/DQGRU,15HOHYDWLRQDFFRUGLQJWRWKHFULWHULDVSHFLILHGLQ6HFWLRQUHTXLUH
WKHIROORZLQJ
7KHHYHQWLVWREHUHSRUWHGWR$PJHQ$$%3DVDVHULRXVDGYHUVHHYHQWZLWKLQKRXUV
RIGLVFRYHU\RUQRWLILFDWLRQRIWKHHYHQWLHEHIRUHDGGLWLRQDOHWLRORJLFLQYHVWLJDWLRQVKDYH
EHHQFRQFOXGHG
7KHDSSURSULDWH&5)HJ$GYHUVH(YHQW&5)WKDWFDSWXUHVLQIRUPDWLRQQHFHVVDU\WR
IDFLOLWDWHWKHHYDOXDWLRQRIWUHDWPHQWHPHUJHQWOLYHUDEQRUPDOLWLHVLVWREHFRPSOHWHGDQG
VHQWWRWKH$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


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


$SSHQGL[%6DPSOH6HULRXV$GYHUVH(YHQW5HSRUW)RUP



3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/





3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/




3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


$SSHQGL[&3UHJQDQF\1RWLILFDWLRQ:RUNVKHHW




3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


$SSHQGL['/DFWDWLRQ1RWLILFDWLRQ:RUNVKHHW




3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


$SSHQGL[((DVWHUQ&RRSHUDWLYH2QFRORJ\*URXS(&2*3HUIRUPDQFH6WDWXV
6FDOH
(&2*3HUIRUPDQFH6WDWXV6FDOH
*UDGH
'HVFULSWLRQV

)XOO\DFWLYHDEOHWRFDUU\RQDOOSUHGLVHDVHSHUIRUPDQFHZLWKRXWUHVWULFWLRQ

5HVWULFWHGLQSK\VLFDOO\VWUHQXRXVDFWLYLW\EXWDPEXODWRU\DQGDEOHWRFDUU\RXW
ZRUNRIDOLJKWRUVHGHQWDU\QDWXUHHJOLJKWKRXVHZRUNRIILFHZRUN

$PEXODWRU\DQGFDSDEOHRIDOOVHOIFDUHEXWXQDEOHWRFDUU\RXWDQ\ZRUNDFWLYLWLHV
8SDQGDERXWPRUHWKDQRIZDNLQJKRXUV

&DSDEOHRIRQO\OLPLWHGVHOIFDUHFRQILQHGWREHGRUFKDLUPRUHWKDQRI
ZDNLQJKRXUV

&RPSOHWHO\GLVDEOHG&DQQRWFDUU\RQDQ\VHOIFDUH7RWDOO\FRQILQHGWREHGRU
FKDLU

'HDG
6RXUFH2NHQ00&UHHFK5+7RUPH\'&HWDO7R[LFLW\$QG5HVSRQVH&ULWHULD2I7KH(DVWHUQ
&RRSHUDWLYH2QFRORJ\*URXS$P-&OLQ2QFRO


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


$SSHQGL[)+HPDWRORJLFDO5HVSRQVH'HILQLWLRQ&ULWHULD
+HPDWRORJLFDO5HVSRQVH
$GXOWVXEMHFWV
&5
x
EODVWVLQWKHERQHPDUURZ
x
1RHYLGHQFHRIGLVHDVH
x
)XOOUHFRYHU\RISHULSKHUDOEORRGFRXQWV3ODWHOHWV!O
DQG$1&!O
&5K
x
EODVWVLQWKHERQHPDUURZ
x
1RHYLGHQFHRIGLVHDVH
x
3DUWLDOUHFRYHU\RISHULSKHUDOEORRGFRXQWV3ODWHOHWV!O
DQG$1&!O
%ODVWIUHHK\SRSODVWLF
RUDSODVWLFERQH
PDUURZ
x
EODVWVLQWKHERQHPDUURZ
x
1RHYLGHQFHRIGLVHDVH
x
,QVXIILFLHQWUHFRYHU\RISHULSKHUDOEORRGFRXQWVSODWHOHWV
ODQGRU$1&O
3DUWLDO5HPLVVLRQ
x
%0EODVWV!WRZLWKDWOHDVWDUHGXFWLRQIURP
EDVHOLQH
3URJUHVVLYH'LVHDVH
x
$QLQFUHDVHIURPEDVHOLQHRIDWOHDVWRIERQHPDUURZEODVWV
RUDQDEVROXWHLQFUHDVHRIDWOHDVWFHOOV/LQWKHQXPEHURI
FLUFXODWLQJOHXNHPLDFHOOV
1RQ5HVSRQVH
x
1RQHRIWKHDERYH
+HPDWRORJLFDO
5HODSVH
x
3URSRUWLRQRIEODVWVLQERQHPDUURZ!RU
x
%ODVWVLQSHULSKHUDOEORRGDIWHUGRFXPHQWHG&5&5K
([WUDPHGXOODU\'LVHDVH
([WUDPHGXOODU\
GLVHDVH
x
,IFOLQLFDOVLJQVRIH[WUDPHGXOODU\OHVLRQVDUHSUHVHQWUHVSRQVHV
DUHDVVHVVHGE\PRGLILHG&KHVRQFULWHULD&KHVRQHWDO
0ROHFXODU5HVSRQVH
05'UHVSRQVH
x
05'PHDVXUHGE\3&5RUIORZF\WRPHWU\
05'FRPSOHWH
UHVSRQVH
x
1RGHWHFWDEOHOHXNHPLFFHOOVE\SRO\PHUDVHFKDLQUHDFWLRQ3&5
RUIORZF\WRPHWU\
05'UHODSVH
x
5HDSSHDUDQFHRIOHXNHPLFFHOOVGHWHFWDEOHE\3&5RUIORZ
F\WRPHWU\
05'SURJUHVVLRQ
x
,QFUHDVHLQWKH05'OHYHOE\RQHORJDVFRPSDUHGWRWKHEDVHOLQH
OHYHOZKLFKLVHTXDOWRDIROGLQFUHDVHLQWKHQXPEHURI05'
FHOOV
7KHUHODSVHZLOOEHDQDO\]HGE\LPPXQRSKHQRW\SLQJZKHWKHULWVWLOOIXOILOOVWKHFULWHULDIRU%SUHFXUVRU$//
$QH[WUDPHGXOODU\UHODSVHZLOOEHDVVHVVHGDVKHPDWRORJLFDOUHODSVH$OOKHPDWRORJLFDODVVHVVPHQWVRI
ERQHPDUURZZLOOEHUHYLHZHGLQDFHQWUDOUHIHUHQFHODERUDWRU\


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


3HGLDWULFVXEMHFWV
&RPSOHWHUHPLVVLRQ&5
x
EODVWVLQWKHERQHPDUURZ
0ERQHPDUURZ
x
1RHYLGHQFHRIGLVHDVH
&5VXEMHFWVZLOOEHVXEFODVVLILHGEDVHGRQ
SHULSKHUDOEORRGFRXQWV
x
0ERQHPDUURZZLWKIXOOUHFRYHU\RI
SHULSKHUDOEORRGFRXQWV
R
3ODWHOHWV![/DQG
R
$1&![/
x
0ERQHPDUURZZLWKLQFRPSOHWH
UHFRYHU\RISHULSKHUDOEORRGFRXQWV
R 3ODWHOHWV![/EXW
[/DQG$1&
![/EXW[/
x
0ERQHPDUURZWKDWGLGQRWTXDOLI\IRU
IXOORULQFRPSOHWHUHFRYHU\RIEORRG
SHULSKHUDOEORRGFRXQWV
+\SRFHOOXODURUDFHOOXODUERQHPDUURZ
x
1R0ERQHPDUURZ
x
1RHYLGHQFHRIGLVHDVH
x
,QVXIILFLHQWUHFRYHU\RISHULSKHUDOEORRG
FRXQWV
R
3ODWHOHWV[/DQGRU$1&
[/
3DUWLDOUHPLVVLRQ
&RPSOHWHGLVDSSHDUDQFHRIFLUFXODWLQJEODVWVDQG
DFKLHYHPHQWRI0ERQHPDUURZVWDWXV!WR
EODVWFHOOVDQGDSSHDUDQFHRIQRUPDO
SURJHQLWRUFHOOV
6WDEOHGLVHDVH
x
)DLOXUHWRTXDOLI\IRU&5SDUWLDO
UHPLVVLRQRUSURJUHVVLYHGLVHDVH
3URJUHVVLYHGLVHDVH
x
$QLQFUHDVHIURPEDVHOLQHRIDWOHDVW
RUDQDEVROXWHLQFUHDVHRIDWOHDVW
FHOOV/ZKLFKHYHULVJUHDWHULQ
WKHQXPEHURIFLUFXODWLQJOHXNHPLDFHOOV
GHYHORSPHQWRIH[WUDPHGXOODU\GLVHDVH
RURWKHUODERUDWRU\RUFOLQLFDOHYLGHQFHRI
SURJUHVVLYHGLVHDVH
+HPDWRORJLFDOUHODSVH
5HODSVHVZLOOEHVXEGLYLGHGLQWR&'SRVLWLYH
DQG&'QHJDWLYHUHODSVHV
x
3URSRUWLRQRIEODVWVLQERQHPDUURZ
!RUH[WUDPHGXOODU\UHODSVH
IROORZLQJGRFXPHQWHG&5
$QH[WUDPHGXOODU\UHODSVHZLOOEHFRQVLGHUHGD
UHODSVHHYHQW
05'UHVSRQVH
x
05'PHDVXUHGE\3&5RUIORZ
F\WRPHWU\
05'FRPSOHWHUHVSRQVH
x
1RGHWHFWDEOHOHXNHPLFFHOOVE\3&5RU
IORZF\WRPHWU\
05'UHODSVH
x
,QFUHDVHLQ05'OHYHOIURPODVW
DVVHVVPHQWE\ORJIROORZLQJDQ05'
UHVSRQVH


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


$SSHQGL[*0RGLILHG&KHVRQ&ULWHULDIRU(YDOXDWLRQRI([WUDPHGXOODU\'LVHDVH

5HVSRQVH
'HILQLWLRQ
1RGDO0DVVHV
6SOHHQ/LYHU
%RQH0DUURZ
&5
'LVDSSHDUDQFHRIDOO
HYLGHQFHRIGLVHDVH
D)'*DYLGRU3(7SRVLWLYHSULRUWRWKHUDS\
PDVVRIDQ\VL]HSHUPLWWHGLI3(7QHJDWLYH
E9DULDEO\)'*DYLGRU3(7QHJDWLYHUHJUHVVLRQ
WRQRUPDOVL]HRQ&7
1RWSDOSDEOHQRGXOHV
GLVDSSHDUHG

,QILOWUDWHFOHDUHGRQUHSHDWELRSV\LI
LQGHWHUPLQDWHE\PRUSKRORJ\
LPPXQRKLVWRFKHPLVWU\VKRXOGEH
QHJDWLYH
35
5HJUHVVLRQRI
PHDVXUDEOHGLVHDVH
DQGQRQHZVLWHV
GHFUHDVHLQ63'RIXSWRODUJHVW
GRPLQDQWPDVVHVQRLQFUHDVHLQVL]HRIRWKHU
QRGHV
D)'*DYLGRU3(7SRVLWLYHSULRUWRWKHUDS\RQH
RUPRUH3(7SRVLWLYHDWSUHYLRXVO\LQYROYHG
VLWH
E9DULDEO\)'*DYLGRU3(7QHJDWLYHUHJUHVVLRQ
RQ&7
GHFUHDVHLQ63'RI
QRGXOHVIRUVLQJOHQRGXOHLQ
JUHDWHVWWUDQVYHUVHGLDPHWHUQR
LQFUHDVHLQVL]HRIOLYHURUVSOHHQ
,UUHOHYDQWLISRVLWLYHSULRUWRWKHUDS\
FHOOW\SHVKRXOGEHVSHFLILHG
6'
)DLOXUHWRDWWDLQ
&535RU3'
x )'*DYLGRU3(7SRVLWLYHSULRUWRWKHUDS\
3(7SRVLWLYHDWSULRUVLWHVRIGLVHDVHDQGQR
QHZVLWHVRQ&7RU3(7
x
9DULDEO\)'*DYLGRU3(7QHJDWLYHQR
FKDQJHLQVL]HRISUHYLRXVOHVLRQVRQ&7



5HODSVHG
GLVHDVHRU3'
$Q\QHZOHVLRQRU
LQFUHDVHE\RI
SUHYLRXVO\LQYROYHG
VLWHVIURPQDGLU
$SSHDUDQFHRIDQHZOHVLRQV!FPLQDQ\
D[LVLQFUHDVHLQ63'RIPRUHWKDQRQH
QRGHRULQFUHDVHLQORQJHVWGLDPHWHURI
DSUHYLRXVO\LGHQWLIHGQRGH!FPLQVKRUWD[LV
/HVLRQV3(7SRVLWLYHLI)'*DYLGO\PSKRPDRU
3(7SRVLWLYHSULRUWRWKHUDS\
!LQFUHDVHIURPQDGLULQWKH
63'RIDQ\SUHYLRXVOHVLRQV
1HZRUUHFXUUHQWLQYROYHPHQW
$EEUHYLDWLRQV&5FRPSOHWHUHPLVVLRQ)'*>
)@IOXRURGHR[\JOXFRVH3(7SRVLWURQHPLVVLRQWRPRJUDSK\&7FRPSXWHGWRPRJUDSK\35SDUWLDOUHPLVVLRQ63'VXPRIWKH
SURGXFWRIWKHGLDPHWHUV6'VWDEOHGLVHDVH3'SURJUHVVLYHGLVHDVH



3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


$SSHQGL[+.QRZQ$GYHUVH'UXJ5HDFWLRQV$VVRFLDWHG:LWK%OLQDWXPRPDE
6\VWHP2UJDQ&ODVV
$GYHUVH5HDFWLRQ
%ORRGDQGO\PSKDWLFV\VWHP
GLVRUGHUV
)HEULOHQHXWURSHQLDDQHPLDQHXWURSHQLD
WKURPERF\WRSHQLDOHXNRSHQLDOHXNRF\WRVLVO\PSKRSHQLD
KHPRSKDJRF\WLFKLVWLRF\WRVLV
&DUGLDF'LVRUGHUV
7DFK\FDUGLD
*DVWURLQWHVWLQDOGLVRUGHUV
1DXVHDFRQVWLSDWLRQGLDUUKHDDEGRPLQDOSDLQYRPLWLQJ
*HQHUDOGLVRUGHUVDQG
DGPLQLVWUDWLRQVLWHFRQGLWLRQV
3\UH[LDSHULSKHUDOHGHPDIDWLJXHFKLOOVFKHVWSDLQ
HGHPD
,PPXQHV\VWHPGLVRUGHUV
&\WRNLQHUHOHDVHV\QGURPHF\WRNLQHVWRUP
K\SHUVHQVLWLYLW\
,QIHFWLRQVDQGLQIHVWDWLRQV
2WKHUSDWKRJHQLQIHFWLRQVEDFWHULDOLQIHFWLRQVIXQJDO
LQIHFWLRQVYLUDOLQIHFWLRQVSQHXPRQLDVHSVLV
,QMXU\3RLVRQLQJDQG3URFHGXUDO
&RPSOLFDWLRQV
,QIXVLRQUHODWHGUHDFWLRQVDQGDVVRFLDWHGV\PSWRPV
LQFOXGLQJZKHH]LQJIOXVKLQJIDFHVZHOOLQJG\VSQHD
K\SRWHQVLRQDQGK\SHUWHQVLRQ
,QYHVWLJDWLRQV
,QFUHDVHGZHLJKWGHFUHDVHGLPPXQRJOREXOLQVLQFUHDVHG
EORRGELOLUXELQLQFUHDVHGOLYHUHQ]\PHVLQFOXGLQJDODQLQH
DPLQRWUDQVIHUDVHDVSDUWDWHDPLQRWUDQVIHUDVHDQG
JDPPDJOXWDP\OWUDQVIHUDVH
0HWDEROLVPDQGQXWULWLRQ
GLVRUGHUV
+\SRNDOHPLDK\SHUJO\FHPLDK\SRPDJQHVHPLDWXPRU
O\VLVV\QGURPHK\SRDOEXPLQHPLD
0XVFXORVNHOHWDODQGFRQQHFWLYH
WLVVXHGLVRUGHUV
%DFNSDLQSDLQLQH[WUHPLW\DUWKUDOJLDERQHSDLQ
1HUYRXVV\VWHPGLVRUGHUV
+HDGDFKHWUHPRUGL]]LQHVVHQFHSKDORSDWK\SDUHVWKHVLD
DSKDVLDFRQYXOVLRQPHPRU\LPSDLUPHQWFRJQLWLYH
GLVRUGHUVSHHFKGLVRUGHU
3V\FKLDWULFGLVRUGHUV
,QVRPQLDFRQIXVLRQGLVRULHQWDWLRQ
5HVSLUDWRU\WKRUDFLFDQG
PHGLDVWLQDOGLVRUGHUV
&RXJK
6NLQDQGVXEFXWDQHRXVWLVVXH
GLVRUGHUV
5DVK
9DVFXODUGLVRUGHUV
+\SRWHQVLRQFDSLOODU\OHDNV\QGURPH


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


$SSHQGL[,&OLQLFDOO\5HOHYDQW1HXURORJLF(YHQWVE\+LJKOHYHO*URXS7HUP
+/*7
&UDQLDOQHUYHGLVRUGHUVH[FOXGLQJQHRSODVPV
'HP\HOLQDWLQJGLVRUGHUV
(QFHSKDORSDWKLHV
0HQWDOLPSDLUPHQWGLVRUGHUV
0RYHPHQWGLVRUGHUVLQFOXGLQJSDUNLQVRQLVP
1HXURORJLFDOGLVRUGHUV1(&
6HL]XUHVLQFOXGLQJVXEW\SHV
&RJQLWLYHDQGDWWHQWLRQGLVRUGHUVDQGGLVWXUEDQFHV
&RPPXQLFDWLRQGLVRUGHUVDQGGLVWXUEDQFHV
'HOLULDLQFOXGLQJFRQIXVLRQ
'HPHQWLDDQGDPQHVWLFFRQGLWLRQV
'LVWXUEDQFHVLQWKLQNLQJDQGSHUFHSWLRQ
3V\FKLDWULFGLVRUGHUV1(&
6FKL]RSKUHQLDDQGRWKHUSV\FKRWLFGLVRUGHUV


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


$SSHQGL[-.DUQRIVN\3HUIRUPDQFH6WDWXV



3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/


$SSHQGL[./DQVN\3OD\3HUIRUPDQFH6WDWXV



Product:  Blinatumomab 
Protocol Number:  20130265 
Date:  20 March 2019 
Page 1 of 5 
CONFIDENTIAL 
 
 
Amendment 5 
Protocol Title:  A Phase 1b/2 Study of Blinatumomab in Japanese Subjects With 
Relapsed/Refractory B-precursor Acute Lymphoblastic Leukemia (ALL) 
(Horai Study) 
 
Amgen Protocol Number (Blinatumomab) 20130265 
NCT Number:  NCT02412306 
 
Amendment Date: 
20 March 2019 
 
Rationale: 
This protocol is being amended to: 
• 
Update the Primary Completion and End of Study language to reflect end of 
evaluation in the expansion cohort instead of Phase 1b/2 portion of study. 
• 
Revise the analysis set to include expansion cohort. 
• 
Align that the final analysis occurs when the last subject in the expansion cohort 
finishes safety follow-up period. 
• 
Remove language regarding self-evident corrections in Section 12.3 which has been 
retired by Amgen.   


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/ 
 

'HVFULSWLRQRI&KDQJHV
6HFWLRQ*OREDO
&KDQJH9HUVLRQGDWHXSGDWHGWKURXJKRXWGRFXPHQWIURP-XO\WR
0DUFK
6HFWLRQ*OREDO
&KDQJH(GLWRULDOFKDQJHVLQFOXGLQJW\SRJUDSKLFDOJUDPPDWLFDODQGIRUPDWWLQJKDYH
EHHQPDGHWKURXJKRXWWKHGRFXPHQW
6HFWLRQ*OREDO
5HSODFH
,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ
:LWK
,QWHUQDWLRQDO&RXQFLOIRU+DUPRQLVDWLRQ
6HFWLRQ7LWOH3DJH
5HSODFH
.H\6SRQVRU&RQWDFWV
0'3K'
&OLQLFDO'HYHORSPHQW
$PJHQ,QF
3KRQH
(PDLO
*OREDO&OLQLFDO3URJUDP0DQDJHPHQW
$PJHQ,QF
3KRQH
(PDLO
PPD
PPD
PPD
PPD


3URGXFW%OLQDWXPRPDE
3URWRFRO1XPEHU
'DWH0DUFK
3DJHRI
&21),'(17,$/ 
 

:LWK
.H\6SRQVRU&RQWDFWV
0'
2QH$PJHQ&HQWHU'ULYH
7KRXVDQG2DNV&$86$
3KRQH

)D[

(PDLO

*OREDO&OLQLFDO7ULDO0DQDJHU
2QH$PJHQ&HQWHU'ULYH
7KRXVDQG2DNV&$86$
3KRQH
(PDLO
6HFWLRQ7LWOH3DJH
$GG
7KLVSURWRFROZDVGHYHORSHGUHYLHZHGDQGDSSURYHGLQDFFRUGDQFHZLWK
$PJHQ¶VVWDQGDUGRSHUDWLQJSURFHGXUHV
6HFWLRQ6WXG\*ORVVDU\
'HOHWH
6(&
VHOIHYLGHQWFRUUHFWLRQ
6HFWLRQ6WXG\*ORVVDU\
5HSODFH
(QGRI6WXG\SULPDU\
FRPSOHWLRQ
GHILQHGDVZKHQWKHODVWVXEMHFWLVDVVHVVHGRUUHFHLYHVDQ
LQWHUYHQWLRQIRUWKHSXUSRVHVRIILQDOFROOHFWLRQRIGDWDIRUWKHSULPDU\
HQGSRLQWV
(QGRI6WXG\HQGRIWULDO GHILQHGDVZKHQWKHODVWVXEMHFWLVDVVHVVHGRUUHFHLYHVDQ
LQWHUYHQWLRQIRUHYDOXDWLRQLQWKHVWXG\LIWKHVWXG\LQFOXGHVPXOWLSOH
SDUWVHJVDIHW\IROORZXSRUVXUYLYDODVVHVVPHQWWKHHQGRIVWXG\
ZRXOGLQFOXGHWKHVHDGGLWLRQDOSDUWV
:LWK
(QGRI6WXG\SULPDU\
FRPSOHWLRQ
GHILQHGDVWKHGDWHZKHQWKHODVWVXEMHFWLVDVVHVVHGRUUHFHLYHVDQ
LQWHUYHQWLRQIRUWKHILQDOFROOHFWLRQRIGDWDIRUWKHSULPDU\HQGSRLQWV
(QGRI6WXG\
GHILQHGDVWKHGDWHZKHQWKHODVWVXEMHFWDFURVVDOOVLWHVLV
DVVHVVHGRUUHFHLYHVDQLQWHUYHQWLRQIRUHYDOXDWLRQLQWKHVWXG\LI
WKHVWXG\LQFOXGHVPXOWLSOHSDUWVHJVDIHW\IROORZXSRUVXUYLYDO
DVVHVVPHQWWKHHQGRIVWXG\ZRXOGLQFOXGHWKHVHDGGLWLRQDOSDUWV
PPD
PPD
PPD
PPD
PPD
PPD


Product:  Blinatumomab 
Protocol Number:  20130265 
Date:  20 March 2019 
Page 4 of 5 
CONFIDENTIAL 
 
 
Section:  3.5.2 End of Study, Paragraphs 2-4 
Replace: 
Primary Completion:  the time when the last subject is assessed or receives an 
intervention for the purposes of final collection of data for the primary endpoint for the 
purposes of conducting the primary analysis, whether the study concluded as planned or 
was terminated early (see Section10.3.4). 
End of Trial:  Phase 1b/2: the time when the last subject is assessed or receives an 
intervention for evaluation in the study (see Section 10.3.5), which corresponds to the 
24 month long-term follow-up visit. 
Expansion cohort: The expansion cohort will close when the drug is commercially 
available in Japan and the expansion  part of the study will end when the last subject 
enrolled has completed at least 2 cycles of blinatumomaband safety follow-up.   
With: 
Primary Completion:  The primary completion date is defined as the date when the 
last subject is assessed or receives an intervention for the final collection of data for the 
primary endpoint(s), whether the study concluded as planned or was terminated early 
(see Section 10.3.4). 
End of Study:  Phase 1b/2:  The end of study date is defined as the date when the 
last subject across all sites is assessed or receives an intervention for evaluation in the 
study (see Section 10.3.5), which corresponds to the 24 month long-term follow-up visit. 
Expansion cohort:  The expansion cohort will close when the drug is commercially 
available in Japan and the expansion portion of the study will end when the last subject 
enrolled has completed at least 2 cycles of blinatumomab and safety follow-up.   
Section:  10.1.2 Analysis Sets, Paragraph 1 
Add: 
The statistical analysis will be based on the following study populations:  Phase 1b (dose 
evaluation), Phase 2 (efficacy), expansion cohort, and pooled analysis sets.  Adult 
subjects and pediatric subjects will be summarized separately. 


Product:  Blinatumomab 
Protocol Number:  20130265 
Date:  20 March 2019 
Page 5 of 5 
CONFIDENTIAL 
 
 
Section:  10.3.5 Final Analysis, Paragraph 1 
Add: 
The objective of the final analysis is to update the following secondary and exploratory 
endpoints for Phase 1b/2 cohort with further follow-up data:  RFS, OS, 100-day 
mortality after alloHSCT, incidence of adverse events, and incidence of antibody 
formation, and analyze the expansion cohort.  A final analysis will be conducted when 
all enrolled subjects in Phase 1b/2 complete the long-term follow-up period of the 
protocol, and all enrolled subjects in the expansion cohort complete the safety 
follow-up period. 
Section:  12.3 Study Monitoring and Data Collection, Paragraph 6 
Delete: 
Amgen (or designee) will perform self-evident corrections (SECs) to obvious data errors 
in the clinical trial database.  SECs will be documented in the eCRF instructions 
available in the EDC system.  Examples of obvious data errors that may be corrected by 
Amgen (or designee) include deletion of obvious duplicate data (ie, the same results 
sent twice with the same date with different visit, [eg, week 4 and early termination]) and 
updating specific response if the confirming datum is provided in the “other, specify” field 
(eg, for race, reason for ending study). 


Product:  Blinatumomab 
Protocol Number:  20130265 
Date:  04 August 2017 
Page 1 of 4 
CONFIDENTIAL 
 
 
Superseding Amendment 4 
Protocol Title:  A Phase 1b/2 Study of Blinatumomab in Japanese Subjects With 
Relapsed/Refractory B-precursor Acute Lymphoblastic Leukemia (ALL) 
(Horai Study) 
 
Amgen Protocol Number  20130265 
 
Amendment Date: 
04 August 2017 
Rationale: 
This protocol is being to amended help clarify issues that were identified after finalization 
of Amendment 4.  Changes include: 
• 
Added ClinicalTrials.gov Identifier as it is a requirement to disclose Japan (or other 
single ex-US) studies that meet the definition of Applicable Clinical Trials for 
ClinicalTrials.gov 
• 
Added amendment approval date 
• 
Corrected units in the dosing box in the expansion cohort section of the Pediatric 
Subjects Schema 
• 
Clarified the number of subjects in the expansion cohort 
• 
Clarified expansion cohort dosing for the adult subjects 
• 
Added information on expansion cohort dosing for pediatric subjects 
• 
Clarified study phase in Schedule of Assessments title 
• 
Deleted definition of CRi from Appendix F as it is not appropriate for this study 
• 
Minor administrative and editorial changes 


Product:  Blinatumomab 
Protocol Number:  20130265 
Date:  23 May 2016 
Page 1 of 27 
CONFIDENTIAL 
 
 
Amendment 3 
Protocol Title:  A Phase 1b/2 Study of Blinatumomab in Japanese Subjects With 
Relapsed/Refractory B-precursor Acute Lymphoblastic Leukemia (ALL) 
(Horai Study) 
 
Amgen Protocol Number 20130265 
EudraCT number N/A 
 
Amendment Date: 
23 May 2016 
Rationale: 
This protocol is being amended to: 
• 
Update and clarify the dexamethasone premedication dosing 
• 
Inclusion and exclusion criteria were updated: 
o Update pediatric inclusion to clarify definition of relapsed/refractory 
disease. 
o Pediatric subject inclusion was updated to remove eligibility that subjects 
previously treated with blinatumomab may be eligible to align with adult 
criteria. 
o Pediatric inclusion updated to clarify blasts in bone marrow can be 
greater than 5% to align with adult criteria. 
• 
Update the contraception and pregnancy language to reflect the newest protocol 
template (including the inclusion and exclusion criteria). 
• 
The capture of Disease Related Events (DRE) was removed from the protocol. 
This was added at amendment 1 as a result of protocol template change, 
however, it was not required. No CRFs or SAPs were updated when DREs were 
added to the protocol; therefore, they have been removed. 
• 
The definition of complete remission with incomplete hematological recovery was 
removed from the protocol to align with the new SAP amendment. 
• 
Covariate and Subgroup for ‘Age’ was corrected 
• 
Protocol was updated to align with current version of protocol template: 
o Section 9.1.1 Definition of Adverse Event 
o Section 9.2.2 Reporting Procedures for Serious Adverse Events 
o Section 11.1 Informed Consent 
o Section 12 Administrative and Legal Obligations 
• 
Appendix C and Appendix D were corrected 


Product:  Blinatumomab 
Protocol Number:  20130265 
Date:  07 March 2016 
Page 1 of 31 
CONFIDENTIAL 
 
 
Amendment 2 
Protocol Title:  A Phase 1b/2 Study of Blinatumomab in Japanese Subjects With 
Relapsed/Refractory B-precursor Acute Lymphoblastic Leukemia (ALL)  
(Horai Study) 
 
Amgen Protocol Number 20130265 
EudraCT number N/A 
 
Amendment Date: 
07 March 2016 
Rationale: 
This protocol is being amended to: 
• 
Update and clarify the dexamethasone premedication dosing 
• 
Appendix H was updated to reflect the latest IB 
• 
Inclusion and exclusion criteria were updated: 
o Remove inclusion criteria that required the disease to be measurable 
in case of extramedullary disease in addition to medullary disease 
o Pediatric subject inclusion criteria regarding percentage of blasts in 
bone marrow was updated 
o Exclusion criteria for creatinine updated to include criteria for 
creatinine clearance 
• 
Update the contraception and pregnancy language 
• 
Secondary Endpoints were updated to align with the current blinatumomab 
program 
• 
One additional subgroup covariate was added 
• 
Subject writing sample removed during screening phase 
• 
Time-sensitive PK samples were clarified 
• 
Appendix B, Appendix C, Appendix D, and Appendix K were all updated 
• 
Table 5 was updated to clarify dose modifications 
• 
Section 10.3.1 was updated to clarify what is meant by stage 1 and 2 


Product:  Blinatumomab 
Protocol Number:  20130265 
Date:  02 November 2015 
Page 1 of 70 
CONFIDENTIAL 
 
 
Amendment 1 
Protocol Title:  A Phase 1b/2 Study of Blinatumomab in Japanese Subjects With 
Relapsed/Refractory B-precursor Acute Lymphoblastic Leukemia (ALL) 
(Horai Study) 
 
Amgen Protocol Number 20130265 
 
Version 1.0; Date 
Amendment Date: 
24 November 2014 
02 November 2015 
Rationale: 
This protocol amendment was created to add Pediatric cohorts (dose de-escalation 
design) in Phase 1b in hopes to be able to file in Japan in a pediatric setting. 

SAP_001.pdf: 
3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
67$7,67,&$/$1$/<6,63/$1
$3KDVHE6WXG\RI%OLQDWXPRPDELQ-DSDQHVH6XEMHFWV:LWK
5HODSVHG5HIUDFWRU\%SUHFXUVRU$FXWH/\PSKREODVWLF/HXNHPLD$//
+RUDL6WXG\
3URWRFRO1XPEHU

9HUVLRQ

'DWH
$SULO
$XWKRUV
*OREDO%LRVWDWLVWLFDO6FLHQFHV
*OREDO%LRVWDWLVWLFDO6FLHQFHV
&OLQLFDO3KDUPDFRORJ\0RGHOLQJDQG
6LPXODWLRQ
1&71XPEHU
7KLV1&7QXPEHUKDVEHHQDSSOLHGWRWKHGRFXPHQW
IRUSXUSRVHVRISRVWLQJRQFOLQLFDOWULDOVJRY
33'
33'
33'


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
9HUVLRQ1XPEHU
'DWH
''000<<<<
6XPPDU\RI&KDQJHV
LQFOXGLQJUDWLRQDOHIRUFKDQJHV
2ULJLQDOY


>$PHQGPHQWY@
2FW
x
7KHFODULILFDWLRQRISULPDU\HIILFDF\
HQGSRLQWIRUDGXOWVXEMHFWVERWK3KDVH
EDQG3KDVHWREH&5&5K7KH
WHUPVRI³FRPSOHWHUHPLVVLRQ´³&5´
³&5&5K&5L´³&5&5K´ZHUHXVHG
LQWHUFKDQJHDEO\LQWKHSURWRFRO
x
7KHFODULILFDWLRQRISULPDU\HIILFDF\
HQGSRLQWIRUSHGLDWULFVXEMHFWVWREH
0UHPLVVLRQ
x
7KHFODULILFDWLRQRI5)6DQG'XUDWLRQRI
5HVSRQVHHQGSRLQWVIRUVXEMHFWVZKR
PHWSULPDU\HIILFDF\HQGSRLQW&5&5K
IRUDGXOWVXEMHFWVDQG0UHPLVVLRQIRU
SHGLDWULFVXEMHFWV
x
&ODULILFDWLRQIRUWLPHWRHYHQWDQDO\VHVIRU
265)6DQG77+5WKDWWKRVHDQDO\VHV
ZLOORQO\EHGRQHZKHQVDPSOHVL]H
DOORZV
x
&ODULILFDWLRQRIVXEJURXSDQDO\VHVEDVHG
RQSODQHGFRYDULDWHVLQ
6HFWLRQWKDWVXEJURXSDQDO\VHVHZLOO
RQO\EHGRQHZKHQVDPSOHVL]HDOORZV
x
8SGDWHRIODQJXDJHIRUFRQFRPLWDQW
PHGLFDWLRQVXPPDU\LQ6HFWLRQ
x
$GGLWLRQRIODQJXDJHIRUSRWHQWLDO
LQWHULDPDQDO\VLVEDVHGRQ3KDVHEGDWD
RQO\WRVXSSRUWHDUO\-1'$ILOLQJLQ
6HFWLRQ
>$PHQGPHQWY@
$SU
x
$GGHGHQGSRLQWVDQDO\VLVVHWDQDO\VLVWR
EHSHUIRUPHGIRU([SDQVLRQFRKRUW
x
5HPRYHG&5&5KDVVHFRQGDU\HIILFDF\
HQGSRLQWIURPWDEHDVLWKDVDOUHDG\
EHHQLGHQWLILHGDVSULPDU\HIILFDF\
HQGSRLQWIRUDGXOWVLQ3KDVHE
x
8SGDWHGWKHODQJXDJHLQWDEOHWREH
FRQVLVWHQWZLWK&65IRU3ULPDU\DQDO\VLV
x
5HPRYHG05'DQDO\VLVVHWEHFDXVH05'
UHVSRQVHDQG&RPSOHWH05'UHVSRQVH
ZLOOEHDQDO\]HGEDVHGRQ)$6DQGWKLVLV
FRQVLVWHQWZLWK3URWRFRO
x
6RPHHGLWRULDOFKDQJHVDUHDOVRPDGHWR
EHFRQVLVWHQWZLWKSURWRFRO


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
7DEOHRI&RQWHQWV
7DEOHRI$EEUHYLDWLRQV 
 
,QWURGXFWLRQ 
 
2EMHFWLYHV 
 
3ULPDU\2EMHFWLYHV 
 
6HFRQGDU\2EMHFWLYHV 
 
6WXG\2YHUYLHZ 
 
6WXG\'HVLJQ 
 
6DPSOH6L]H 
 
6WXG\(QGSRLQWVDQG&RYDULDWHV 
 
6WXG\(QGSRLQWV 
 
3KDVHE(QGSRLQWV 
 
3KDVH(QGSRLQWV 
 
([SDQVLRQ(QGSRLQWV 
 
3ODQQHG&RYDULDWHV 
 
+\SRWKHVHVDQGRU(VWLPDWLRQV 
 
3KDVHE 
 
3KDVH 
 
([SDQVLRQFRKRUW 
 
'HILQLWLRQV 
 
$QDO\VLV6XEVHWV 
 
)XOO$QDO\VLV6HW 
 
6DIHW\$QDO\VLV6HW 
 
'/7$QDO\VLV6HW 
 
3HU3URWRFRO6HWV336 
 
3RROHG$GXOW$QDO\VLV6HW3$6 
 
3KDUPDFRNLQHWLF3KDUPDFRG\QDPLF$QDO\VHV6HWV 
 
([SDQVLRQ$QDO\VLV6HW($6 
 
,QWHULP$QDO\VLVDQG(DUO\6WRSSLQJ*XLGHOLQHV 
 
'DWD6FUHHQLQJDQG$FFHSWDQFH 
 
*HQHUDO3ULQFLSOHV 
 
'DWD+DQGOLQJDQG(OHFWURQLF7UDQVIHURI'DWD 
 
+DQGOLQJRI0LVVLQJDQG,QFRPSOHWH'DWD 
 
'HWHFWLRQRI%LDV 
 
2XWOLHUV 
 
'LVWULEXWLRQDO&KDUDFWHULVWLFV 
 
9DOLGDWLRQRI6WDWLVWLFDO$QDO\VHV 


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
 
6WDWLVWLFDO0HWKRGVRI$QDO\VLV 
 
*HQHUDO3ULQFLSOHV 
 
6XEMHFW$FFRXQWDELOLW\ 
 
,PSRUWDQW3URWRFRO'HYLDWLRQV 
 
'HPRJUDSKLFDQG%DVHOLQH&KDUDFWHULVWLFV 
 
'/7 
 
(IILFDF\$QDO\VHV 
 
$QDO\VHVRI3ULPDU\(IILFDF\(QGSRLQW 
 
$QDO\VHVRI6HFRQGDU\(IILFDF\(QGSRLQWV 
 
$QDO\VHVRI([SORUDWRU\(QGSRLQWV 
 
6DIHW\$QDO\VHV 
 
$GYHUVH(YHQWV 
 
/DERUDWRU\7HVW5HVXOWV 
 
9LWDO6LJQV 
 
$QWLERG\)RUPDWLRQ 
 
([SRVXUHWR,QYHVWLJDWLRQDO3URGXFW 
 
'HILQLWLRQVRI9DULDEOHV5HODWHGWR6WXG\
'UXJ([SRVXUH 
 
$QDO\VLVRI6WXG\'UXJ([SRVXUH 
 
([SRVXUHWR&RQFRPLWDQW0HGLFDWLRQ 
 
3KDUPDFRNLQHWLFDQG3KDUPDFRG\QDPLF$QDO\VHV 
 
3KDUPDFRNLQHWLF$QDO\VLV 
 
3KDUPDFRG\QDPLF$QDO\VLV 
 
([SRVXUH5HVSRQVH$QDO\VLV 
 
&KDQJHV)URP3URWRFROVSHFLILHG$QDO\VHV 
 
/LWHUDWXUH&LWDWLRQV5HIHUHQFHV 
 
$SSHQGLFHV 
/LVWRI7DEOHV
7DEOH&5&5K5DWHV:LWK&RQILGHQFH,QWHUYDOVIRU3KDVH3DUW 
7DEOH7UHDWPHQW0RGLILFDWLRQIRU5HYHUVLEOH&567XPRU/\VLV6\QGURPH
DQG',& 
7DEOH(IILFDF\(QGSRLQW6XPPDU\IRU3KDVHE 
7DEOH(IILFDF\(QGSRLQW6XPPDU\IRU3KDVH,,$GXOWV2QO\ 
7DEOH(IILFDF\(QGSRLQWV6XPPDU\IRU([SDQVLRQFRKRUW 
7DEOH'HILQLWLRQRI'LIIHUHQW7\SHVRI0HGLFDWLRQ 
7DEOH,PSXWDWLRQ5XOHVIRU3DUWLDORU0LVVLQJ6WDUW'DWHV 


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
/LVWRI$SSHQGLFHV
$SSHQGL[$(DVWHUQ&RRSHUDWLYH2QFRORJ\*URXS(&2*3HUIRUPDQFH
6WDWXV6FDOH 
$SSHQGL[%.DUQRIVN\3HUIRUPDQFH6WDWXV 
$SSHQGL[&/DQVN\3OD\3HUIRUPDQFH6WDWXV 
$SSHQGL['+DQGOLQJRI'DWHV,QFRPSOHWH'DWHVDQG0LVVLQJ'DWH 


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
7DEOHRI$EEUHYLDWLRQV
$EEUHYLDWLRQRU7HUP
'HILQLWLRQ([SODQDWLRQ
$(
DGYHUVHHYHQW
$//
DFXWHO\PSKREODVWLFOHXNHPLD
DOOR+6&7
DOORJHQHLFKHPDWRSRLHWLFVWHPFHOOWUDQVSODQW
$1&
DEVROXWHQHXWURSKLOFRXQW
%L7(£
ELVSHFLILF7FHOOHQJDJHU
&,
FRQILGHQFHLQWHUYDO
&,9,
FRQWLQXRXVLQWUDYHQRXVLQIXVLRQ
&09
&\WRPHJDORYLUXV
&16
FHQWUDOQHUYRXVV\VWHP
&5
FRPSOHWHUHPLVVLRQ
&5)
FDVHUHSRUWIRUP
&5K
FRPSOHWHUHPLVVLRQZLWKSDUWLDOKHPDWRORJLFDOUHFRYHU\
&5L
FRPSOHWHUHPLVVLRQZLWKLQFRPSOHWHKHPDWRORJLFDOUHFRYHU\
&56
F\WRNLQHUHOHDVHV\QGURPH
&65
FOLQLFDOVWXG\UHSRUW
&6)
FHUHEURVSLQDOIOXLG
&7&$(
FRPPRQWHUPLQRORJ\FULWHULDIRUDGYHUVHHYHQWV
'/7
GRVHOLPLWLQJWR[LFLW\
'5&
GDWDUHYLHZFRPPLWWHH
'60%
'DWD6DIHW\0RQLWRULQJ%RDUG
(&2*
(DVWHUQ&RRSHUDWLYH2QFRORJ\*URXS
(2,
$(VRILQWHUHVW
)$6
IXOODQDO\VLVVHW
+$0$
KXPDQDQWLPRXVHDQWLERGLHV
+6&7
KHPDWRSRLHWLFVWHPFHOOWUDQVSODQW
,77
LQWHQWWRWUHDW
,9
,QWUDYHQRXV
.0
.DSODQ0HLHU
0$'
PD[LPXPDGPLQLVWHUHGGRVH
0HG'5$
0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV
05'
PLQLPDOUHVLGXDOGLVHDVH
07'
PD[LPXPWROHUDWHGGRVH
26
RYHUDOOVXUYLYDO
3&5
SRO\PHUDVHFKDLQUHDFWLRQ


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
$EEUHYLDWLRQRU7HUP
'HILQLWLRQ([SODQDWLRQ
3'
SKDUPDFRG\QDPLFV
3.
SKDUPDFRNLQHWLFV
336
SHUSURWRFROVHW
35
SDUWLDOUHVSRQVH
55
UHODSVHGUHIUDFWRU\
5)6
UHODSVHIUHHVXUYLYDO
6$3
VWDWLVWLFDODQDO\VLVSODQ
77+5
WLPHWRKHPDWRORJLFDOUHODSVH
8/1
XSSHUOLPLWRIQRUPDO
:+2
:RUOG+HDOWK2UJDQL]DWLRQ


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH

,QWURGXFWLRQ
7KHSXUSRVHRIWKLVVWDWLVWLFDODQDO\VLVSODQ6$3LVWRSURYLGHGHWDLOVRIWKHVWDWLVWLFDO
DQDO\VHVWKDWKDYHEHHQRXWOLQHGZLWKLQWKHSURWRFROIRUEOLQDWXPRPDE6WXG\
$PHQGPHQW0DUFKHQWLWOHG³$3KDVHE6WXG\RI%OLQDWXPRPDELQ
-DSDQHVH6XEMHFWV:LWK5HODSVHG5HIUDFWRU\%SUHFXUVRU$FXWH/\PSKREODVWLF
/HXNHPLD$//+RUDL6WXG\´
7KHVFRSHRIWKLVSODQLQFOXGHVWKHLQWHULPDQDO\VLVWKHSULPDU\DQDO\VLVDQGWKHILQDO
DQDO\VLVLQFOXGLQJH[SDQVLRQFRKRUWWKDWDUHSODQQHGDQGZLOOEHH[HFXWHGE\
$PJHQ¶V*OREDO%LRVWDWLVWLFDO6FLHQFHVGHSDUWPHQWXQOHVVRWKHUZLVHVSHFLILHG
3KDUPDFRNLQHWLFV3.DQDO\VLVZLOOEHSURYLGHGE\'HSDUWPHQWRI&OLQLFDO
3KDUPDFRORJ\0RGHOLQJDQG6LPXODWLRQ&306&KDQJHVWRWKHVWDWLVWLFDODQDO\VLV
SODQVKRXOGEHDOORZHGWRWKHH[WHQWWKDWVXFKGHYLDWLRQVIURPWKHRULJLQDOSODQZRXOG
SURYLGHPRUHUHOLDEOHDQGYDOLGDQDO\VHVRIWKHFXUUHQWGDWD$Q\³SRVWKRF´RU³GDWD
GULYHQ´DQDO\VHVZLOOEHLGHQWLILHGDVVXFKLQWKHILQDOFOLQLFDOVWXG\UHSRUW&65

2EMHFWLYHV

3ULPDU\2EMHFWLYHV
3KDVHE
x
7RGHWHUPLQHWKHPD[LPXPWROHUDWHGGRVH07'RIEOLQDWXPRPDELQDGXOWDQG
SHGLDWULFVXEMHFWVZLWK55%SUHFXUVRU$//
3KDVH
x
7RIXUWKHUHYDOXDWHLQDGXOWVWKHUHFRPPHQGHGGRVHLGHQWLILHGLQWKH3KDVHE
SRUWLRQRIWKHVWXG\DQGWRHYDOXDWHWKHUDWHRI&5&5KLQDGXOWVXEMHFWVZLWK
55%SUHFXUVRU$//ZKRUHFHLYHEOLQDWXPRPDE
([SDQVLRQ&RKRUW
x
7RREVHUYHWKHLQFLGHQFHRIWUHDWPHQWHPHUJHQWDQGWUHDWPHQWUHODWHG
DGYHUVHHYHQWVGXULQJWUHDWPHQWZLWKEOLQDWXPRPDELQDGXOWDQGSHGLDWULF
VXEMHFWVZLWK55%SUHFXUVRU$//

6HFRQGDU\2EMHFWLYHV
3KDVHE
x
7RHYDOXDWHWKHVDIHW\HIILFDF\SKDUPDFRNLQHWLFV3.DQGSKDUPDFRG\QDPLFV
3'RIEOLQDWXPRPDELQDGXOWDQGSHGLDWULFVXEMHFWVZLWK55%SUHFXUVRU$//


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
3KDVH
x
7RHYDOXDWHRWKHUPHDVXUHVRIHIILFDF\VDIHW\DQG3.LQDGXOWVXEMHFWVZLWK55
%SUHFXUVRU$//DWWKHEOLQDWXPRPDEUHJLPHQVHOHFWHGEDVHGRQWKH3KDVHE
GDWD
([SDQVLRQ&RKRUW
x
7RHYDOXDWHWKHHIILFDF\RIEOLQDWXPRPDELQDGXOWDQGSHGLDWULFVXEMHFWV
ZLWK55%SUHFXUVRU$//

6WXG\2YHUYLHZ

6WXG\'HVLJQ
7KLVLVDQRSHQODEHOFRPELQHGWZRSDUWPXOWLFHQWHUFOLQLFDOVWXG\WRHYDOXDWHWKH
HIILFDF\VDIHW\DQGWROHUDELOLW\RIEOLQDWXPRPDELQDGXOWDQGSHGLDWULF-DSDQHVH
VXEMHFWVZLWK55%SUHFXUVRU$//7KH3KDVHESDUWZLOOLQYHVWLJDWHWKHVDIHW\
HIILFDF\3.DQG3'RIEOLQDWXPRPDEWRGHWHUPLQHWKH07'LQDGXOWDQGSHGLDWULF
-DSDQHVHVXEMHFWVUHVSHFWLYHO\ZLWK55%SUHFXUVRU$//,QDGXOWVXEMHFWVWKH3KDVH
SDUWZLOODVVHVVWKHVDIHW\DQGHIILFDF\RIWKHUHFRPPHQGHGGRVHOHYHORI
EOLQDWXPRPDELGHQWLILHGLQWKH3KDVHESRUWLRQRIWKHVWXG\LQWKHDGXOWVWXG\
SRSXODWLRQ1RSKDVHSDUWLVSODQQHGIRUWKHSHGLDWULFSRSXODWLRQLQWKLVVWXG\
7KHVWXG\GHVLJQIRU3KDVHE3KDVHDQG([SDQVLRQSDUWVLQFOXGH
x
$ZHHN6FUHHQLQJDQG3UH3KDVH3HULRG
7KHSUHSKDVHSHULRGZLWKLQWKHVFUHHQLQJSHULRGLVSHUPLWWHGIRUWKH
DGPLQLVWUDWLRQRIGH[DPHWKDVRQHWRUHGXFHWXPRUEXUGHQDQGWKHLQFLGHQFHRI
WXPRUO\VLVV\QGURPH
x
,QGXFWLRQ3KDVH
8SWRWZRLQGXFWLRQF\FOHVRIEOLQDWXPRPDE$VLQJOHF\FOHRIEOLQDWXPRPDELV
GHILQHGDVZHHNVLQGXUDWLRQZKLFKLQFOXGHVZHHNVRIFRQWLQXRXV
LQWUDYHQRXVLQIXVLRQ&,9,RIEOLQDWXPRPDEIROORZHGE\DZHHNWUHDWPHQWIUHH
LQWHUYDO
x
&RQVROLGDWLRQ3KDVH
6XEMHFWVZKRDFKLHYHDERQHPDUURZUHVSRQVHEODVWVZLWKLQLQGXFWLRQ
F\FOHVRIWUHDWPHQWPD\FRQWLQXHWRUHFHLYHDGGLWLRQDOFRQVROLGDWLRQF\FOHVRI
EOLQDWXPRPDEXSWRDPD[LPXPRIWRWDOLQGXFWLRQDQGFRQVROLGDWLRQF\FOHVRU
GLVHDVHSURJUHVVLRQLQWROHUDEOHDGYHUVHHYHQWRUZLWKGUDZDORIFRQVHQWXQGHU
WKHVDPHVFKHGXOHDVRXWOLQHGLQWKHLQGXFWLRQWUHDWPHQWSKDVHDERYH


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
x
$VDIHW\IROORZXSYLVLWLVUHTXLUHGGD\VDIWHUODVWGRVHRIEOLQDWXPRPDE
)ROORZLQJWKHVDIHW\IROORZXSYLVLWVXEMHFWVZLOOEHIROORZHGDW
DQGPRQWKVZHHNVDIWHUWUHDWPHQWVWDUWIRUGLVHDVHDQGVXUYLYDOVWDWXV
6XEMHFWVZLOOUHWXUQWRWKHFOLQLFIRUDVVHVVPHQWVXQWLOUHODSVHZLWKWKHIROORZLQJ
H[FHSWLRQV
R 6XEMHFWVZKRIDLOWRDFKLHYHDERQHPDUURZUHVSRQVHEODVWVZLWKLQ
LQGXFWLRQF\FOHVRIEOLQDWXPRPDEWUHDWPHQWZLOOXQGHUJRWKHVDIHW\
IROORZXSYLVLWDQGZLOOEHIROORZHGE\WHOHSKRQHFRQWDFWVLQWKHORQJWHUP
IROORZXSSKDVHRIWKHVWXG\
R 6XEMHFWVZKRJRRQWRUHFHLYHDOORJHQHLFKHPDWRSRLHWLFVWHPFHOOWUDQVSODQW
DOOR+6&7RUEHJLQRWKHUWUHDWPHQWIRU$//DWDQ\WLPHIROORZLQJWKHILUVW
WUHDWPHQWF\FOHZLOOXQGHUJRWKHVDIHW\IROORZXSYLVLWDQGZLOOEHIROORZHGE\
WHOHSKRQHFRQWDFWVLQWKHORQJWHUPIROORZXSSKDVHRIWKHVWXG\
x
)RU([SDQVLRQFRKRUWVXEMHFWVZLOOQRWEHIROORZHGDIWHUVDIHW\IROORZXS
YLVLW7KHVXEMHFWZLOOFRPSOHWHWKHVWXG\DWWKHWLPHRIWKHVDIHW\IROORZXS
YLVLW
7KHRYHUDOOVWXG\GHVLJQLVGHVFULEHGE\DVWXG\VFKHPDDWWKHHQGRIWKHSURWRFRO
V\QRSVLVVHFWLRQ

6DPSOH6L]H
7KHPD[LPXPVDPSOHVL]HRIVXEMHFWVPD[LPXPRIIRUWKH3KDVHESDUWIRU
WKH3KDVHSDUWZLOOEHHQUROOHGLQWRWKLVVWXG\$SSUR[LPDWHO\VXEMHFWVQRW
UHVWULFWHGLQFOXGLQJDGXOWDQGSHGLDWULFVXEMHFWVPD\EHHQUROOHGLQWKH
H[SDQVLRQFRKRUW
3KDVHE3DUW
1RIRUPDOVDPSOHVL]HHVWLPDWLRQDQGVWDWLVWLFDOWHVWLQJZLOOEHDSSOLHGWRWKH3KDVHE
SDUWRIWKHVWXG\7KHVDPSOHVL]HIRUWKHGRVHILQGLQJSKDVHRIWKLVVWXG\ZLOOEH
GHWHUPLQHGE\WKHLQFLGHQFHDQGVHYHULW\RIDGYHUVHHYHQWVLQDUROOLQJVL[3KDVHE
GHVLJQ)RUHDFKSRSXODWLRQDGXOWVDQGSHGLDWULFVXEMHFWVDPLQLPXPRIDQGXSWR
HYDOXDEOHVXEMHFWVZLOOEHHQUROOHGDWHDFKGRVHOHYHOIRUGHWHUPLQDWLRQRIWKHGRVHWR
EHVHOHFWHGIRUWKH3KDVHHIILFDF\SDUWRIWKHVWXG\IRUDWRWDORIEHWZHHQDQG
VXEMHFWV
3KDVH3DUW
)RUWKH3KDVHSDUWRIWKHVWXG\WKHVDPSOHVL]HHVWLPDWLRQLVEDVHGRQWKHSULPDU\
HIILFDF\HQGSRLQWRIKHPDWRORJLFDOUHVSRQVH6LPRQ¶VPLQLPD[VWDJHGHVLJQ
6LPRQLVXVHGZLWKDVDPSOHVL]HVXEMHFWVLQWKHILUVWVWDJHHYDOXDEOH


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
VXEMHFWVWRWDOEDVHGRQDVLGHGW\SHHUURURIDQGDSRZHURIWRGHWHFWWKH
HIIHFWLYHUHVSRQVHUDWHDVVXPSWLRQRIRYHUDQLQHIIHFWLYHWUHDWPHQWUDWHRI
7KHVWXG\ZLOOEHVWRSSHGDWWKHILUVWVWDJHLIRUIHZHURXWRIVXEMHFWVDUHREVHUYHG
ZLWK&5&5KLQWKHILUVWVWDJH,IDWOHDVWRUPRUHRXWRIVXEMHFWVVKRZ&5&5K
ZLWKLQF\FOHVRIWUHDWPHQWZLWKEOLQDWXPRPDEDWWKHHQGRIWKHVHFRQGVWDJHRQHZLOO
EHDEOHWRUHMHFWVWXG\¶VLQHIIHFWLYHWUHDWPHQWDVVXPSWLRQUHIHUWR7DEOH
([SDQVLRQFRKRUW
)RUWKHH[SDQVLRQFRKRUWRIWKHVWXG\WKHVDPSOHVL]HLVEDVHGRQWKHHQUROOPHQW
UDWHLQWKH3KDVHEDQG3KDVHSRUWLRQRIWKHVWXG\LQFRQVLGHUDWLRQRIWKH
H[SHFWHGWLPHIUDPHLQZKLFKEOLQDWXPRPDEZLOOEHDYDLODEOHLQWKHFRPPHUFLDO
PDUNHWLQ-DSDQ
7DEOH&5&5K5DWHV:LWK&RQILGHQFH,QWHUYDOVIRU3KDVH3DUW
1XPEHURI6XEMHFWV
5HSRUWLQJ&5&5KDWWKH
HQGRIF\FOH
2EVHUYHG&5&5K5DWH

1 
([DFW&,















&5&5K FRPSOHWHUHPLVVLRQFRPSOHWHUHPLVVLRQZLWKSDUWLDOKHPDWRORJLFDOUHFRYHU\

6WXG\(QGSRLQWVDQG&RYDULDWHV

6WXG\(QGSRLQWV

3KDVHE(QGSRLQWV
3KDVHE3ULPDU\(QGSRLQW
x
,QFLGHQFHRI'/7V
3KDVHE6HFRQGDU\(QGSRLQWV
x
&5&5KZLWKLQILUVWF\FOHVRIWUHDWPHQWZLWKEOLQDWXPRPDEIRUDGXOWVXEMHFWV
x
0UHPLVVLRQZLWKLQILUVWF\FOHVRIWUHDWPHQWZLWKEOLQDWXPRPDEIRUSHGLDWULF
VXEMHFWV
x
'XUDWLRQRIUHVSRQVHRU7LPHWRKHPDWRORJLFDOUHODSVH77+5
x
5HODSVHIUHHVXUYLYDO5)6
x
2YHUDOOVXUYLYDO26
x
,QFLGHQFHDQGVHYHULW\RIDGYHUVHHYHQWV


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
x
%OLQDWXPRPDE3.SDUDPHWHUVHJVWHDG\VWDWHFRQFHQWUDWLRQ>&VV@DQG
FOHDUDQFHRIEOLQDWXPRPDE
x
6HUXPF\WRNLQHFRQFHQWUDWLRQV
x
,QFLGHQFHRIDQWLEOLQDWXPRPDEDQWLERG\IRUPDWLRQ
3KDVHE([SORUDWRU\(QGSRLQWV
x
0LQLPDO5HVLGXDO'LVHDVH05'UHVSRQVH
x
&RPSOHWH05'UHVSRQVH

3KDVH(QGSRLQWV
3KDVH3ULPDU\(QGSRLQW
x
&5&5KZLWKLQF\FOHVRIWUHDWPHQWZLWKEOLQDWXPRPDE
3KDVH6HFRQGDU\(QGSRLQWV
x
'XUDWLRQRIUHVSRQVHRU77+5
x
5)6
x
$OORJHQHLF+6&7DOOR+6&7WUHDWPHQWZLWKEOLQDWXPRPDE
x
%HVWRYHUDOOUHVSRQVHZLWKLQF\FOHVRIWUHDWPHQWZLWKEOLQDWXPRPDE
x
26
x
,QFLGHQFHDQGVHYHULW\RIDGYHUVHHYHQWV
x
GD\PRUWDOLW\DIWHUDOOR+6&7
x
%OLQDWXPRPDE3.SDUDPHWHUVHJVWHDG\VWDWHFRQFHQWUDWLRQ>&VV@DQG
FOHDUDQFHRIEOLQDWXPRPDE
x
6HUXPF\WRNLQHFRQFHQWUDWLRQV
x
,QFLGHQFHRIDQWLEOLQDWXPRPDEDQWLERG\IRUPDWLRQ
3KDVH([SORUDWRU\(QGSRLQWV
x
05'UHVSRQVH
x
&RPSOHWH05'UHVSRQVH
x
3HULSKHUDOEORRGO\PSKRF\WHVXEVHWV
x
1HXURORJLFDOH[DPDEQRUPDOLWLHVDQGFKDQJHVIURPEDVHOLQH

([SDQVLRQ(QGSRLQWV
([SDQVLRQ3ULPDU\(QGSRLQW
x
,QFLGHQFHRIWUHDWPHQWHPHUJHQWDQGWUHDWPHQWUHODWHGDGYHUVHHYHQWV


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
([SDQVLRQ6HFRQGDU\(QGSRLQW
x
&5&5KZLWKLQILUVWF\FOHVRIWUHDWPHQWZLWKEOLQDWXPRPDEIRUDGXOW
VXEMHFWV
x
0UHPLVVLRQZLWKLQILUVWF\FOHVRIWUHDWPHQWZLWKEOLQDWXPRPDEIRU
SHGLDWULFVXEMHFWV
([SDQVLRQ([SORUDWRU\(QGSRLQW
x
05'UHPLVVLRQZLWKLQILUVWF\FOHVRIEOLQDWXPRPDE

3ODQQHG&RYDULDWHV
$GXOWVXEMHFWVDQGSHGLDWULFVXEMHFWVZLOOEHVXPPDUL]HGVHSDUDWHO\(QGSRLQWVIRUDGXOW
VXEMHFWVPD\DOVREHGHVFULEHGXVLQJWKHIROORZLQJVXEJURXSVDVDSSURSULDWH
x
$JH\UV\UV\UV
x
1XPEHURISUHYLRXVVDOYDJHWKHUDSLHV
x
1RSULRU+6&7DWOHDVWRQHSULRU+6&7
x
3ULPDU\UHIUDFWRU\RUUHODSVHUHODSVHV!UHODSVHVSULRUWRVWXG\HQWU\
x
3ODWHOHWFRXQWVDWEDVHOLQHWRȝ/
(QGSRLQWVIRU3KDVHESDUWPD\QRWEHGHVFULEHGE\WKHVXEJURXSGXHWROLPLWHG
VDPSOHVL]H'XHWROLPLWHGVDPSOHVL]HHQGSRLQWVIRUSHGLDWULFVXEMHFWVZLOOQRWEH
GHVFULEHGE\WKHVXEJURXSV6XEJURXSDQDO\VHVZLOORQO\EHSHUIRUPHGLIWKHUHDUHDW
OHDVWWZRFDWHJRULHVZLWKDWOHDVWVXEMHFWVLQHDFKRIWKHFDWHJRULHV

+\SRWKHVHVDQGRU(VWLPDWLRQV

3KDVHE
1RIRUPDOK\SRWKHVLVZLOOEHWHVWHGLQ3KDVHESDUWRIWKHVWXG\

3KDVH
7KHFOLQLFDOK\SRWKHVLVIRUWKHSKDVHSDUWRIWKHVWXG\LVWKDWEOLQDWXPRPDEZLOOKDYH
FOLQLFDODFWLYLW\LQWKHWUHDWPHQWRIDGXOW55$//DVPHDVXUHGE\WKHUDWHRI&5&5K
ZLWKLQF\FOHV7KHVWXG\ZLOOWHVWDQXOOK\SRWKHVLVWKDWWKHOHYHORIFOLQLFDODFWLYLW\LVDQ
LQHIIHFWLYHOHYHORIRUOHVV7KHDVVXPHGOHYHORIHIIHFWLYHFOLQLFDODFWLYLW\LVDWOHDVW


([SDQVLRQFRKRUW
1RIRUPDOK\SRWKHVLVZLOOEHWHVWHGLQ([SDQVLRQFRKRUWRIWKHVWXG\


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH

'HILQLWLRQV
%DVHOLQH
%DVHOLQHLVGHILQHGDVWKHYDOXHWDNHQRQGD\RIWKHILUVWF\FOHEHIRUHVWDUWRILQIXVLRQ
RIEOLQDWXPRPDE,IVXFKYDOXHLVQRWDYDLODEOHLWPD\EHUHSODFHGE\WKHODWHVWDYDLODEOH
YDOXHWDNHQEHIRUHVWDUWRIWKHILUVWEOLQDWXPRPDELQIXVLRQGXULQJWKHVWXG\
%ODVWIUHHK\SRSODVWLFRUDSODVWLFERQHPDUURZ
)RUDGXOWVXEMHFWV
/HVVWKDQRUHTXDOWREODVWVLQWKHERQHPDUURZ1RHYLGHQFHRIGLVHDVHDQG
LQVXIILFLHQWUHFRYHU\RISHULSKHUDOEORRGFRXQWVSODWHOHWVȝ/DQGRU$1&
ȝ/
)RUSHGLDWULFVXEMHFWVWKLVWUHDWPHQWRXWFRPHZLOOEHFRQVLGHUHGDVSDUWRI0UHPLVVLRQ
&RPSOHWH05'UHVSRQVH
&RPSOHWH05'UHVSRQVHLVGHILQHGDVKDYLQJQRGHWHFWDEOHOHXNHPLDFHOOVE\3&5RU
IORZF\WRPHWU\6HQVLWLYLW\DQGTXDQWLWDWLYHPHDVXUHPHQWUDQJHRIDVVD\QHHGWREHDW
OHDVW
&RPSOHWHUHPLVVLRQ&5
&5LVGHILQHGDVEODVWVLQWKHERQHPDUURZQRHYLGHQFHRIGLVHDVHDQGIXOO
UHFRYHU\RISHULSKHUDOEORRGFRXQWVSODWHOHWV!ȝ/DQG$1&!ȝ/
&RPSOHWHUHPLVVLRQZLWKSDUWLDOKHPDWRORJLFDOUHFRYHU\&5K
&5KLVGHILQHGDVEODVWVLQWKHERQHPDUURZQRHYLGHQFHRIGLVHDVHDQGSDUWLDO
UHFRYHU\RISHULSKHUDOEORRGFRXQWVSODWHOHWV!ȝ/DQG$1&!ȝ/EXWQRWD
&5
'/7REVHUYDWLRQSHULRG
7KHWLPHIRUWKH'/7DVVHVVPHQWZLOOEHWKHILUVWGD\VRIWUHDWPHQWEDVHGRQWKH
REVHUYDWLRQWKDWPRVWDGYHUVHHYHQWVDUHXVXDOO\REVHUYHGZLWKLQDIHZGD\VRI
WUHDWPHQWLQLWLDWLRQDQGGRVHVWHS,IWKHGRVHPRGLILFDWLRQIRUSHGLDWULFVXEMHFWVSHU
7DEOHLVIROORZHGWLPHIRUWKH'/7DVVHVVPHQWZLOOEHWKHILUVWGD\V$QREVHUYHG
'/7ZLOOEHDWWULEXWHGWRWKHEOLQDWXPRPDEGRVHOHYHODGPLQLVWHUHGDWWKHWLPHDWZKLFK
WKH'/7RFFXUUHG


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
7DEOH7UHDWPHQW0RGLILFDWLRQIRU5HYHUVLEOH&567XPRU/\VLV6\QGURPHDQG
',&
&XUUHQW'RVH
:HHN
:HHN'D\
:HHN'D\
ȝJPGD\
ȝJPGD\
ȝJPGD\
ȝJPGD\
ȝJPGD\
ȝJPGD\
ȝJPGD\
ȝJPGD\
ȝJPGD\
ȝJPGD\
ȝJPGD\
ȝJPGD\
,QDGGLWLRQDQLQFRPSOHWHWUHDWPHQWF\FOHZLWKDWUHDWPHQWGXUDWLRQ RIOHVVWKDQZHHNV
ZLOOQRWEHFRXQWHGDVDQHYDOXDEOHF\FOHIRUWKHSULPDU\HQGSRLQWDQGZLOOKDYHWREH
UHSHDWHGHJLIF\FOHZDVLQWHUUXSWHGRQGD\IRUPRUHWKDQGD\VWKHQH[WF\FOHZLOO
EHGHQRWHGDVF\FOHDQGWKHVDPHDVVHVVPHQWVZLOOEHSHUIRUPHGDVLQF\FOH
'RVHOLPLWLQJWR[LFLW\'/7
$'/7ZLOOEHGHILQHGDVIROORZV
x
$Q\&7&$(JUDGHDGYHUVHHYHQWUHODWHGWREOLQDWXPRPDEZLWKH[FHSWLRQV
QRWHGEHORZ
x
3HUVLVWHQW&7&$(JUDGHQRQKHPDWRORJLFDGYHUVHHYHQWVUHODWHGWR
EOLQDWXPRPDEWKDWDUHGHHPHGLQWROHUDEOHE\WKHVXEMHFWRUWKHWUHDWLQJ
SK\VLFLDQWKDWGRQRWUHVSRQGWRDSSURSULDWHPHGLFDOPDQDJHPHQWZLWKLQGD\V
DQGOHDGWRWUHDWPHQWGLVFRQWLQXDWLRQ
x
1RQKHPDWRORJLFRUQRQLQIHFWLRQDGYHUVHHYHQWVUHODWHGWREOLQDWXPRPDE
OHDGLQJWRWUHDWPHQWGLVFRQWLQXDWLRQODVWLQJ!GD\VDUHWREHFRQVLGHUHG'/7V
E\WKH'5&
7KHIROORZLQJZLOOQRWEHFRQVLGHUHG'/7V
x
6SHFLILF&7&$(JUDGHDGYHUVHHYHQWVFRQVLGHUHGWREHFRQVLVWHQWZLWKWKH
FXUUHQWNQRZQVDIHW\SURILOHRIEOLQDWXPRPDE
x
&7&$(JUDGHIHYHURULQIHFWLRQ
x
/DERUDWRU\SDUDPHWHUVRI&7&$(JUDGHQRWFRQVLGHUHGFOLQLFDOO\UHOHYDQW
DQGRUUHVSRQGLQJWRURXWLQHPHGLFDOPDQDJHPHQW
(QGRIVWXG\IRULQGLYLGXDOVXEMHFW
'HILQHGDVWKHODVWGD\WKDWSURWRFROVSHFLILHGSURFHGXUHVDUHFRQGXFWHGIRUDQ
LQGLYLGXDOVXEMHFW
+HPDWRORJLFDO5HODSVH+5
)RUDGXOWVXEMHFWV
3URSRUWLRQRIEODVWVLQERQHPDUURZ!RUEODVWVLQSHULSKHUDOEORRGDIWHUGRFXPHQWHG
&5&5KGXULQJWKHVWXG\


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
)RUSHGLDWULFVXEMHFWV
3URSRUWLRQRIEODVWVLQERQHPDUURZ!IROORZLQJGRFXPHQWHG0UHPLVVLRQ
$QH[WUDPHGXOODU\UHODSVHZLOOEHFRQVLGHUHGDVDUHODSVHHYHQW7KHUHODSVHPD\EH
VXEGLYLGHGLQ&'SRVLWLYHDQG&'QHJDWLYHUHODSVHVLIDYDLODEOH
+\SRFHOOXODURUDFHOOXODUERQHPDUURZ
)RUSHGLDWULFRQO\
1RWDFKLHYH0ERQHPDUURZVWDWXVQRHYLGHQFHRIGLVHDVHDQG,QVXIILFLHQWUHFRYHU\
RISHULSKHUDOEORRGFRXQWV3ODWHOHWV;/DQGRU$1&;/
0UHPLVVLRQ
)RUSHGLDWULFVXEMHFWVRQO\0UHPLVVLRQLVGHILQHGDVEODVWV0ERQHPDUURZLQ
WKHERQHPDUURZDQGQRHYLGHQFHRIGLVHDVH
0D[LPDODGPLQLVWHUHGGRVH0$'
7KH0$'WREHWHVWHGIRUWKLVVWXG\LVPJGD\IRUDGXOWVDQGPJPðGD\IRUSHGLDWULF
VXEMHFWV
05'SURJUHVVLRQ
,QFUHDVHLQWKH05'OHYHOE\RQHORJDVFRPSDUHGWRWKHEDVHOLQHOHYHOZKLFKLVHTXDOWR
DIROGLQFUHDVHLQWKHQXPEHURI05'FHOOV
05'UHODSVH
)RUDGXOWVXEMHFWV5HDSSHDUDQFHRIOHXNHPLFFHOOVGHWHFWDEOHE\3&5RUIORZ
F\WRPHWU\
)RUSHGLDWULFVXEMHFWV,QFUHDVHRI05'OHYHOIURPODVWDVVHVVPHQWE\DWOHDVWORJ
IROORZLQJDQ05'UHVSRQVH
05'UHVSRQVH
05'PHDVXUHGE\3&5RUIORZF\WRPHWU\
1RQUHVSRQVH
)RUDGXOWVXEMHFWVRQO\1RQHRI&5&5K&5L%ODVWIUHHK\SRSODVWLFRUDSODVWLFERQH
PDUURZ3DUWLDO5HPLVVLRQRU3URJUHVVLYH'LVHDVH
2YHUDOOVXUYLYDO26
26ZLOOEHFDOFXODWHGUHODWLYHWRWKHVWDUWGDWHRIEOLQDWXPRPDELQIXVLRQLQWKHILUVW
WUHDWPHQWF\FOH$OOGHDWKVZLOOFRXQWDVHYHQWVRQWKHGDWHRIGHDWK


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
3DWLHQWVDOLYHZLOOEHFHQVRUHGRQWKHODVWGRFXPHQWHGYLVLWGDWHRUWKHGDWHRIWKHODVW
SKRQHFRQWDFWZKHQWKHSDWLHQWZDVODVWNQRZQWRKDYHEHHQDOLYH)RUSDWLHQWVZKR
KDYHZLWKGUDZQWKHLULQIRUPHGFRQVHQWRQO\LQIRUPDWLRQXQWLOWKHGDWHRIZLWKGUDZDOZLOO
EHXVHGIRUDQDO\VLV
$VDVHQVLWLYLW\DQDO\VLV26PD\DOVREHPHDVXUHGZKHUHE\VXUYLYDOZLOOEHFHQVRUHG
DWWKHWLPHRI+6&7
3DUWLDO5HPLVVLRQ35
)RUDGXOWVXEMHFWV
%RQHPDUURZEODVWV!ZLWKDWOHDVWDUHGXFWLRQIURPEDVHOLQH
)RUSHGLDWULFVXEMHFWVFRPSOHWHGLVDSSHDUDQFHRIFLUFXODWLQJEODVWVDFKLHYHPHQWRI
0ERQHPDUURZVWDWXV!WREODVWFHOOVDQGDSSHDUDQFHRIQRUPDO
SURJHQLWRUFHOOV
3URJUHVVLYH'LVHDVH3'
3'LVGHILQHGDVWKHIROORZLQJV
)RUDGXOWVXEMHFWVDQLQFUHDVHIURPEDVHOLQHRIDWOHDVWRIERQHPDUURZEODVWVRU
DQDEVROXWHLQFUHDVHRIDWOHDVWFHOOVX/ZKLFKHYHULVJUHDWHULQWKHQXPEHURI
FLUFXODWLQJOHXNHPLDFHOOV
)RU3HGLDWULFVXEMHFWVDQLQFUHDVHIURPEDVHOLQHRIDWOHDVWRUDQDEVROXWH
LQFUHDVHRIDWOHDVWFHOOVX/ZKLFKHYHULVJUHDWHULQWKHQXPEHURI
FLUFXODWLQJOHXNHPLDFHOOVGHYHORSPHQWRIH[WUDPHGXOODU\GLVHDVHRURWKHU
ODERUDWRU\RUFOLQLFDOHYLGHQFHRISURJUHVVLYHGLVHDVH
5HODSVHIUHHVXUYLYDO5)6
5)6LVGHILQHGIRUVXEMHFWVZKRDFKLHYHGDUHVSRQVH&5&5KIRUDGXOWVXEMHFWVRU0
UHPLVVLRQIRUSHGLDWULFVXEMHFWVGXULQJWKHLQGXFWLRQSKDVH,WZLOOEHFDOFXODWHGUHODWLYH
WRWKHGDWHRIERQHPDUURZDVSLUDWLRQZKHQUHVSRQVH&5&5KIRUDGXOWVXEMHFWVRU0
UHPLVVLRQIRUSHGLDWULFVXEMHFWVZDVGHWHFWHGIRUWKHILUVWWLPHGXULQJWKHLQGXFWLRQ
SKDVH7KHGDWHRIERQHPDUURZDVSLUDWLRQDWZKLFKKHPDWRORJLFDOUHODSVHZDVILUVW
GHWHFWHGRUWKHGDWHRIGLDJQRVLVRQZKLFKWKHKHPDWRORJLFDORUH[WUDPHGXOODU\UHODSVH
ZDVGRFXPHQWHGRUWKHGDWHRIGHDWKGXHWRDQ\FDXVHZLOOEHXVHGDVWKHHYHQWGDWH
IRUUHODSVHIUHHVXUYLYDOZKLFKHYHULVHDUOLHU


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
$SDWLHQWZKRGLGQRWH[SHULHQFHKHPDWRORJLFDOUHODSVHDQGGLGQRWGLHZLOOEHFHQVRUHG
RQWKHGDWHRIWKHODVWDYDLODEOHERQHPDUURZDVSLUDWLRQSULRUWRGDWDFXWRIIGDWHRI
DQDO\VLV
$VDVHQVLWLYLW\DQDO\VLV5)6PD\DOVREHPHDVXUHGZKHUHE\FHQVRULQJZLOORFFXUUDW
WKHWLPHRI+6&7
6WDEOHGLVHDVH6'
)RUSHGLDWULFSDWLHQWVRQO\IDLOWRTXDOLI\IRU0UHPLVVLRQ35RU3'
6WXG\FRPSOHWLRQ
3KDVHE
3DWLHQWVZKRKDYHFRPSOHWHGWKHVFKHGXOHGYLVLWVRILQGXFWLRQDQGFRQVOLGDWLRQSKDVH
VDIHW\IROORZXSDQGORQJWHUPIROORZXSSHULRGDUHGHHPHGDVVWXG\FRPSOHWLRQ
([SDQVLRQFRKRUW
3DWLHQWVZKRKDYHFRPSOHWHGWKHVFKHGXOHGYLVLWRILQGXFWLRQDQGFRQVROLGDWLRQ
SKDVHDQGVDIHW\IROORZXSSHULRGDUHGHHPHGDVVWXG\FRPSOHWLRQ/RQJWHUP
IROORZXSLVQRWUHTXLUHGIRUVXEMHFWVSDUWLFLSDWLQJLQH[SDQVLRQSKDVH
6WXG\GD\
'HILQHGDVWKHILUVWGD\WKDWSURWRFROVSHFLILHGLQYHVWLJDWLRQDOSURGXFWVSURWRFRO
UHTXLUHGWKHUDSLHVLVDUHDGPLQLVWHUHGWRWKHVXEMHFW
'XUDWRQRIUHVSRQVHRU7LPHWRKHPDWRORJLFDOUHODSVH77+5
7KH'XUDWLRQRIUHVSRQVHZLOOEHFDOFXODWHGUHODWLYHWRWKHGDWHRIERQHPDUURZ
DVSLUDWLRQZKHQUHVSRQVH&5&5KIRUDGXOWVXEMHFWVRU0UHPLVVLRQIRUSHGLDWULF
VXEMHFWVZDVGHWHFWHGIRUWKHILUVWWLPHGXULQJWKHLQGXFWLRQSKDVH3DWLHQWVZLWK
UHVSRQVHZKRGLGH[SHULHQFHKHPDWRORJLFDOUHODSVHRU3'WKHHQGGDWHRIGXUDWLRQZLOO
EHEDVHGRQ
x
WKHGDWHRIERQHPDUURZDVSLUDWLRQDWZKLFKKHPDWRORJLFDOUHODSVHRU3'ZDVILUVW
GHWHFWHG
x
WKHGDWHRIGLDJQRVLVRQZKLFKWKHKHPDWRORJLFDORUH[WUDPHGXOODU\UHODSVHZDV
GRFXPHQWHG
x
WKHGDWHRIGHDWKLISDWLHQWGLHGGXHWR3'
x
WKHGDWHRIHQGRILQGXFWLRQSKDVHLISULPDU\UHDVRQIRUWUHDWPHQWWHUPLQDWLRQZDV
KHPDWRORJLFDORUH[WUDPHGXOODU\UHODSVH
ZKLFKHYHULVHDUOLHUDQGFRQVLGHUHGDVUHSRUWLQJDQHYHQW


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
)RUDUHVSRQGHUZKRGLGQRWUHSRUWDQHYHQWDQGZDVDOLYHGXULQJWKHVWXG\WKHHQG
GDWHRIGXUDWLRQFHQVRULQJZLOOEHEDVHGRQWKHGDWHRIWKHODVWDYDLODEOHERQHPDUURZ
DVSLUDWLRQSULRUWRGDWDFXWRIIGDWHRIDQDO\VLV
3DWLHQWVZLWKUHVSRQVHZKRGLGQRWUHSRUWDQHYHQWDQGGLGGLHGXHWRRWKHUUHDVRQWKH
HQGGDWHZLOOEHWKHGDWHRIGHDWK6XFKGHDWKVZLOOEHWUHDWHGDVFRPSHWLQJULVNVLQWKH
DQDO\VLV+RVPHU/HPHVKRZDQG0D\XVLQJFXPXODWLYHLQFLGHQFHIXQFWLRQ
PHWKRGZKHQDSSURSULDWH
$VDVHQVLWLYLW\DQDO\VLVGXUDWLRQRIUHVSRQVHPD\DOVREHPHDVXUHGZKHUHE\FHQVRULQJ
ZLOORFFXUUDWWKHWLPHRI+6&7
7UHDWPHQWHPHUJHQWDGYHUVHHYHQWV7($(V
7($(VDUHGHILQHGDVWKRVHZKLFKVWDUWEHWZHHQWKHVWDUWRIWKHILUVWLQIXVLRQRI
EOLQDWXPRPDEDQGGD\VDIWHUWKHHQGRIWKHODVWLQIXVLRQGXULQJWKHWUHDWPHQW
SHULRG,QFDVHWKHVWDUWWLPHRUWKHH[DFWVWDUWGDWHRIWKH$(LVQRWDYDLODEOHDQGLWLV
WKXVXQFOHDUZKHWKHUDQ$(VWDUWHGDIWHUVWDUWRIILUVWEOLQDWXPRPDELQIXVLRQRUEHIRUH
GD\VDIWHUWKHHQGRIODVWLQIXVLRQWKHQWKH$(ZLOOEHLQFOXGHGLQWKHDQDO\VLVDV
7($(

$QDO\VLV6XEVHWV

)XOO$QDO\VLV6HW
$OOVXEMHFWVZKRUHFHLYHGDQ\LQIXVLRQRIEOLQDWXPRPDEDUHLQFOXGHGLQWKHIXOODQDO\VLV
VHW)$6IRUSKDVHEDQGSKDVHSRUWLRQRIWKHVWXG\UHVSHFWLYHO\7KLVGHILQLWLRQLVLQ
OLQHZLWKWKHLQWHQWWRWUHDW,77SULQFLSOHLQVLQJOHDUPRSHQODEHOVWXGLHV7KHHIILFDF\
DQDO\VLVZLOOEHEDVHGRQVXEMHFWVIURPWKH)$6

6DIHW\$QDO\VLV6HW
)RUHDFKSDUWRIWKHVWXG\WKHVDIHW\DQDO\VLVVHWZLOOEHWKHVDPHDVWKH)$6IRUWKDW
SDUW

'/7$QDO\VLV6HW
)RUWKHDVVHVVPHQWRI'/7VRQO\'/7HYDOXDEOHVXEMHFWVZLOOEHLQFOXGHG

3HU3URWRFRO6HWV336
)RUHDFKSDUWRIWKHVWXG\WKHSHUSURWRFROVHWZLOOLQFOXGHDOOVXEMHFWVIURPWKH)$6IRU
WKDWSDUWZKRGRQRWKDYHDQ\PDMRUUHOHYDQWSURWRFROYLRODWLRQVZKLFKFRXOGKDYHDQ
LPSDFWRQWKHHIILFDF\HYDOXDWLRQV


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH

3RROHG$GXOW$QDO\VLV6HW3$6
7KHSRROHGDQDO\VLVVHWZLOOEHDQH[SORUDWRU\SRROHGDQDO\VLVVHWWKDWZLOOLQFOXGHDGXOW
VXEMHFWVIURPWKH)$6IURP3KDVHEDQGIURPWKH)$6IURP3KDVH7KLVDGGLWLRQDO
SRROHGDQDO\VLVZLOOEHSHUIRUPHGIRUVDIHW\GDWDDQGWKHSULPDU\DQGVHFRQGDU\HIILFDF\
HQGSRLQWVIRUDGXOWVXEMHFWV

3KDUPDFRNLQHWLF3KDUPDFRG\QDPLF$QDO\VHV6HWV
$OOVXEMHFWVZKRUHFHLYHGDQ\LQIXVLRQRIEOLQDWXPRPDEDQGKDGDWOHDVWRQH3.VDPSOH
FROOHFWHGZLOOEHLQFOXGHGLQWKH3.DQDO\VLVVHW7KHVHVXEMHFWVZLOOEHHYDOXDWHGIRU3.
XQOHVVVLJQLILFDQWSURWRFROGHYLDWLRQVDIIHFWWKHGDWDDQDO\VLVRULINH\GRVLQJGRVLQJ
LQWHUUXSWLRQRUVDPSOLQJLQIRUPDWLRQLVPLVVLQJ$OOVXEMHFWVZKRKDGF\WRNLQHDQGRU
O\PSKRF\WHVXEVHWVDPSOHVFROOHFWHGDWDQ\WLPHGXULQJWKHVWXG\ZLOOEHLQFOXGHGLQWKH
3'DQDO\VLVVHW

([SDQVLRQ$QDO\VLV6HW($6
$OOVXEMHFWVZKRDUHHQUROOHGLQWKHH[SDQVLRQFRKRUWDQGUHFHLYHGDQ\LQIXVLRQRI
EOLQDWXPRPDEZLOOEHLQFOXGHGLQWKH([SDQVLRQDQDO\VLVVHW

,QWHULP$QDO\VLVDQG(DUO\6WRSSLQJ*XLGHOLQHV
$QLQWHULPDQDO\VLVZLOOEHSHUIRUPHGDWWKHODWHVWGXULQJWKH3KDVHSDUWRIWKHVWXG\
DIWHUWKHILUVWDGXOWVXEMHFWVZKRDUHHQUROOHGLQWKHILUVWVWDJHKDYHHLWKHU
GLVFRQWLQXHGWUHDWPHQWRUFRPSOHWHGWKHLUILUVWWUHDWPHQWF\FOHV7KHSXUSRVHRIWKLV
LQWHULPDQDO\VLVZLOOEHWRGHWHUPLQHZKHWKHUWKHVHFRQGVWDJHRIWKH3KDVHSDUWRIWKH
SURWRFROVKRXOGFRQWLQXHSHUWKHVWXG\GHVLJQ7KHVWXG\ZLOOEHVWRSSHGDWWKHILUVW
VWDJHLIRUIHZHURXWRIVXEMHFWVDUHREVHUYHGZLWKDQ\&5&5KLQWKHILUVWVWDJHRI
WKH3KDVHSDUWRIWKHVWXG\6KRXOGRUPRUHVXEMHFWVDFKLHYHD&5&5KSULRUWRILUVW
VXEMHFWVHYDOXDWHGWKHILUVWVWDJHFULWHULDZRXOGEHPHW$QLQWHULPDQDO\VLVPD\EH
SHUIRUPHGEDVHGRQ3KDVHEGDWDRQO\IRUHDUO\-1'$ILOLQJLIQHHGHG
$GGLWLRQDOLQWHULPDQDO\VHVPD\EHSHUIRUPHGWRSURYLGHGDWDIRUUHJXODWRU\LQWHUDFWLRQV
7KHSXUSRVHRIWKHVHLQWHULPGDWDDQDO\VHVLVWRSURYLGHWKHVDIHW\DQGHIILFDF\
LQIRUPDWLRQXSGDWHV
)RU3KDVHEGRVHFRKRUWVWXG\GHHVFDODWLRQDQGVWRSSLQJUXOHVSOHDVHUHIHUWR
SURWRFROVHFWLRQ'XULQJSKDVHE'5&ZLOOUHYLHZVDIHW\GDWDIURPHDFKFRKRUWLQ
WKH3KDVHESDUWWRVHOHFWDGRVHIRUWKH3KDVHSDUW,QDGGLWLRQ'60%ZLOODOVR
RYHUVHHVDIHW\DSSUR[LPDWHO\HYHU\PRQWKV


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH

'DWD6FUHHQLQJDQG$FFHSWDQFH

*HQHUDO3ULQFLSOHV
7KHGDWDEDVHZLOOEHVXEMHFWHGWRHGLWFKHFNVRXWOLQHGLQWKHGDWDYDOLGDWLRQ
VSHFLILFDWLRQVSODQE\$PJHQ&OLQLFDO'DWD0DQDJHPHQW&'0GHSDUWPHQW$Q\
RXWVWDQGLQJGDWDLVVXHVZLOOEHFRPPXQLFDWHGWR&'0IRUUHVROXWLRQEHIRUHWKHGDWDEDVH
LVORFNHG
4XLQWLOHV,QFZLOOSURYLGHVXSSRUWIRUGDWDPDQDJHPHQWDFWLYLWLHVDQGDVVHVVWKH
TXDQWLW\TXDOLW\DQGVWDWLVWLFDOFKDUDFWHULVWLFVRIWKHGDWDUHODWLYHWRWKHUHTXLUHPHQWVRI
WKHSODQQHGDQDO\VHV

'DWD+DQGOLQJDQG(OHFWURQLF7UDQVIHURI'DWD
$PJHQ¶V&'0GHSDUWPHQWZLOOSURYLGHDOOGDWDWREHXVHGLQWKHSODQQHGDQDO\VHV7KLV
VWXG\ZLOOXVHWKH5$9(GDWDEDVH
7KHUHVXOWVRIWKHFHQWUDOODEVXFKDVF\WRPRUSKRORJ\RIEODVWVLQERQHPDUURZ
+$0$DQGO\PSKRF\WHVZLOOEHDQDO\]HGE\FHQWUDOODERUDWRU\YHQGRUV$QWLERG\
&\WRNLQHDQG3.VDPSOHVZLOOEHVKLSSHGIURPVLWHVWRWKH%LRODQDO\WLFVGHSDUWPHQWDW
$PJHQIRUDQDO\VLV7KHVHDGGLWLRQDOODERUDWRU\GDWDZLOOEHWUDQVIHUUHGWR&'0DQG
WKHQORDGHGLQWRWKHFOLQLFDOGDWDEDVH
$OOGDWDIRUWKLVVWXG\ZLOOEHVXEPLWWHGGLUHFWO\WR&'0IRULQFOXVLRQLQWRWKHFOLQLFDOVWXG\
GDWDEDVH
2QFHDOOGDWDTXHULHVKDYHEHHQUHVROYHGDQGVRXUFHYHULILHGDQGLQLWLDOORFNHGWKH
GDWDEDVHZLOOEHILQDOORFNHG7KHILQDODQDO\VLVZLOOEHFRQGXFWHGRQWKHILQDOORFNGDWD
7KHILQDO6$6GDWDVHWVZLOOEHDUFKLYHG

+DQGOLQJRI0LVVLQJDQG,QFRPSOHWH'DWD
,QJHQHUDOPLVVLQJGDWDZLOOEHWUHDWHGDVPLVVLQJXQOHVVRWKHUZLVHVSHFLILHG)RU
SULPDU\HIILFDF\HQGSRLQWSDWLHQWVZLWKPLVVLQJUHVSRQVHZLOOEHFRQVLGHUHGDV
QRQUHVSRQGHUV$WWHPSWVZLOOEHPDGHWRFKDUDFWHUL]HWKHPLVVLQJGDWD,QVWHDGLWLV
UHFRPPHQGHGWRSHUIRUPDVHWRIVHQVLWLYLW\DQDO\VHVWRGHPRQVWUDWHKRZPLVVLQJ
YDOXHVPD\LQIOXHQFHHVWLPDWHVDQGWKHFRUUHVSRQGLQJWHVWGHFLVLRQV
'DWDZLOOEHDQDO\]HGDVUHWULHYHGIURPWKHGDWDEDVHSURYLGHGE\&'0H[FHSWIRU
DQDO\VHVUHTXLULQJLPSXWDWLRQV7KHLPSXWHGGDWDZLOOEHZULWWHQWRWKHGHULYHGGDWDVHWV
EXWQRWWRWKHUDZGDWD7KHLPSXWDWLRQDOJRULWKPZLOOEHGHVFULEHGLQWKH'DWD'HILQLWLRQ
7DEOH''73OHDVHUHIHUWR$SSHQGL['IRUWKHJHQHUDOLPSXWDWLRQDOJRULWKP


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH

'HWHFWLRQRI%LDV
7KHVRXUFHVRISRVVLEOHELDVZLOOEHVXPPDUL]HGDQGEHFRQVLGHUHGZKLOHLQWHUSUHWLQJ
VWXG\UHVXOWV6RXUFHVRIELDVWREHFRQVLGHUHGPD\LQFOXGHSURWRFROYLRODWLRQVRU
LQIRUPDWLYHFHQVRULQJ

2XWOLHUV
1RVWDWLVWLFDOWHVWIRURXWOLHUVZLOOEHSHUIRUPHG$Q\VXVSHFWHGRXWOLHUVZLOOEH
LQYHVWLJDWHGE\WKHVWXG\WHDPDQGZLOOEHLQFOXGHGLQWKHGDWDEDVHXQOHVVGHWHUPLQHGWR
EHDQHUURURUWKHUHLVVXSSRUWLQJHYLGHQFHRUH[SODQDWLRQWRMXVWLI\WKHH[FOXVLRQ$Q\
RXWOLHUVH[FOXGHGIURPWKHDQDO\VLVZLOOEHGLVFXVVHGLQWKH&65LQFOXGLQJWKHUHDVRQV
IRUH[FOXVLRQDQGWKHLPSDFWRIWKHLUH[FOXVLRQRQWKHVWXG\

'LVWULEXWLRQDO&KDUDFWHULVWLFV
'XHWRWKHVLQJOHDUPVWXG\WKHVXPPDULHVRIDQDO\VHVUHVXOWVDUHGHVFULSWLYHLQQDWXUH

9DOLGDWLRQRI6WDWLVWLFDO$QDO\VHV
6$6YHUVLRQRUKLJKHUZLOOEHXWLOL]HGLQSURJUDPPLQJIRUDOOVWDWLVWLFDODQDO\VHV
GHULYHGGDWDDQGWDEOHVOLVWLQJVDQGILJXUHV7)/FUHDWLRQ:KHUHSRVVLEOHWKH
VWDQGDUGGHSDUWPHQWDOPDFURVZLOOEHXVHG7HVWLQJDQGYDOLGDWLRQSODQVIRUDOO
SURJUDPVZLOOEHGHYHORSHGLQDFFRUGDQFHZLWKGHSDUWPHQWDOJXLGHOLQHVRU0HWURQRPLD
SURFHGXUHV

6WDWLVWLFDO0HWKRGVRI$QDO\VLV

*HQHUDO3ULQFLSOHV
$GXOWVXEMHFWVDQGSHGLDWULFVXEMHFWVZLOOEHVXPPDUL]HGVHSDUDWHO\3HGLDWULFVXEMHFWV
ZLOOQRWHQUROOLQWRSKDVHIRUK\SRWKHVLVWHVWLQJ7KHHIILFDF\HQGSRLQWUHVXOWVRI
SHGLDWULFVXEMHFWVZLOOEHOLVWHGDQGGHVFULSWLYH
$QDO\VLVIRUH[SDQVLRQFRKRUWZLOOEHEDVHGRQ([SDQVLRQDQDO\VLVVHW
$FOLQLFDOVWXG\UHSRUWZLOOEHJHQHUDWHGIRUWKHSULPDU\DQDO\VLV7KHORQJWHUP
IROORZXSSHULRGRIWKHVWXG\ZLOOEHXSGDWHGLQWKHUHSRUWRQFHDOOWKHVXEMHFWVKDYH
FRPSOHWHGORQJWHUPIROORZXSXQWLOORVWWRIROORZXSRUXQWLOGHDWKZKLFKHYHURFFXUV
ILUVW$OOGRFXPHQWHGSDUDPHWHUVZLOOEHDGHTXDWHO\HYDOXDWHG7KHGDWDZLOOEH
VXPPDUL]HGRYHUDOODQGE\DVVLJQHGGRVHFRKRUWXVLQJVXLWDEOHGHVFULSWLYHPHDVXUHV
7KH'/7ILQGLQJVGXULQJWKH3KDVHESDUWZLOOEHWDEXODWHG'HVFULSWLYHVWDWLVWLFVIRU
GHPRJUDSKLFDQGEDVHOLQHFKDUDFWHULVWLFVZLOOEHVXPPDUL]HG


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
)RUFDWHJRULFDOYDULDEOHVWKHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVLQHDFKFDWHJRU\ZLOO
EHVXPPDUL]HG&RQWLQXRXVYDULDEOHVZLOOEHVXPPDUL]HGE\QPHDQVWDQGDUG
GHYLDWLRQPHGLDQ4WKSHUFHQWLOH4WKSHUFHQWLOHPLQLPXPDQGPD[LPXP
YDOXHV
3RLQWHVWLPDWHVIRUHIILFDF\HQGSRLQWVLQFLGHQFHVZLOOEHDFFRPSDQLHGE\VLGHG
H[DFWELQRPLDOFRQILGHQFHLQWHUYDOV&,V&ORSSHUDQG3HDUVRQ)RUWLPHWR
HYHQWYDULDEOHVWKH.DSODQ0HLHU.0PHWKRG.DSODQDQG0HLHUZLOOEHXVHG
WRHVWLPDWHWKHTXDUWLOHVPHGLDQWKDQGWKSHUFHQWLOHVRIWKHYDULDEOHDORQJZLWK
WZRVLGHG&,%URRNPH\HUDQG&URZOH\RURWKHUVVSHFLILHG7KHUDQJHILUVW
TXDUWLOHDQGWKHWKLUGTXDUWLOHRIWKHREVHUYDWLRQWLPHZLOOEHSURYLGHGLQDGGLWLRQ.0
HVWLPDWHVZLOOEHSUHVHQWHGJUDSKLFDOO\
1RDGMXVWPHQWVIRUPXOWLSOLFLW\DUHSODQQHGIRUWKHDQDO\VHVRIWKHHIILFDF\HQGSRLQWV
$GGLWLRQDOH[SORUDWRU\DQDO\VHVZLOOEHSHUIRUPHGWRDGMXVWIRUWKHEDVHOLQHFRYDULDWHVDV
GHHPHGDSSURSULDWH

6XEMHFW$FFRXQWDELOLW\
7KHQXPEHURIVXEMHFWVZKRVFUHHQHGHQUROOHGUHFHLYHGDWOHDVWRQHGRVHRI
EOLQDWXPRPDEFRPSOHWHGWKHILUVWWZRF\FOHVDQGIROORZXSSHULRGFRPSOHWHGVWXG\
SUHPDWXUHO\ZLWKGUHZDQGWKHUHDVRQIRUSUHPDWXUHZLWKGUDZDOZLOOEHWDEXODWHGDQG
VXPPDUL]HGRYHUDOODQGE\GRVHFRKRUW

,PSRUWDQW3URWRFRO'HYLDWLRQV
,PSRUWDQWSURWRFROGHYLDWLRQVZLOOEHOLVWHG'HFLVLRQVRQWKHH[FOXVLRQRIDSDWLHQWIURP
WKH336DUHRQDE\SDWLHQWEDVLV$OOFULWHULDDQGUHDVRQVIRUWKHVHGHFLVLRQVZLOOEH
GRFXPHQWHG(OLJLELOLW\GHYLDWLRQVDUHGHILQHGLQWKHSURWRFRO

'HPRJUDSKLFDQG%DVHOLQH&KDUDFWHULVWLFV
'HPRJUDSKLFVDQGRWKHUEDVHOLQHFKDUDFWHULVWLFVZLOOEHVXPPDUL]HGRYHUDOOE\GRVH
FRKRUWE\PHDQVRIVXPPDU\VWDWLVWLFVQXPEHURISDWLHQWVQXPEHURISDWLHQWVZLWK
PLVVLQJGDWDPHDQVWDQGDUGGHYLDWLRQVPLQLPXPPHGLDQPD[LPXPIRUFRQWLQXRXV
YDULDEOHVDQGE\IUHTXHQFLHVIRUFDWHJRULFDOYDULDEOHV


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
'HPRJUDSKLFGDWDDQGRWKHUEDVHOLQHFKDUDFWHULVWLFVZLOOEHVXPPDUL]HGXVLQJ)$6IRU
3KDVHEDQG3KDVHSDUWRIWKHVWXG\ZKHUHDV([SDQVLRQ$QDO\VLV6HWZLOOEH
XVHGIRU([SDQVLRQFRKRUW)RUWKHIROORZLQJYDULDEOHVIUHTXHQF\WDEOHVZLOOEH
SURGXFHG
x
*HQGHU
x
5DFH
x
$JHE\JURXS
x
'LVHDVHHYDOXDWLRQ%$//VXEW\SHDQGJHQHWLFDEQRUPDOLW\
x
6WXG\HQWU\FULWHULD3ULPDU\UHIUDFWRU\UHIUDFWRU\WRVDOYDJHWKHUDS\ILUVWUHODSVH
ZLWKUHPLVVLRQGXUDWLRQOHVVWKDQPRQWKVXQWUHDWHGQGRUJUHDWHUUHODSVH
DQGUHODSVHDIWHUDOOR+6&7
x
$Q\H[WUDPHGXOODU\GLVHDVH
x
3ULRU+6&7VWDWXV
x
1XPEHURIUHODSVHV
x
5HIUDFWRU\
x
1XPEHURISDWLHQWVSULPDU\UHIUDFWRU\
x
1XPEHURISDWLHQWVUHODSVHUHIUDFWRU\UHIUDFWRU\WRVDOYDJHWKHUDS\
x
1XPEHURISULRUVDOYDJHWKHUDS\
x
(&2*DGXOWVRU/DQVN\.DUQRIVN\SHGLDWULFSHUIRUPDQFHVWDWXV
7KHIROORZLQJFRQWLQXRXVYDULDEOHVZLOOEHVXPPDUL]HG
x
$JH
x
7LPHVLQFHODVW+6&7>PRQWKV@
x
7LPHVLQFHLQLWLDOGLDJQRVLV>PRQWKV@
x
7LPHEHWZHHQLQLWLDOGLDJQRVLVDQGILUVWUHODSVH>PRQWKV@
x
7LPHEHWZHHQODWHVWUHODSVHDQGILUVWGRVHRIEOLQDWXPRPDE>PRQWKV@
x
7LPHEHWZHHQODVW+6&7DQGODWHVWUHODSVH>PRQWKV@

'/7
,QFLGHQFHUDWHRI'/7ZLOOEHVXPPDULGHGIRUDGXOWVXEMHFWVDQGSHGLDWULFVXEMHFWV
VHSDUDWHO\IRU3KDVHE3DUWRIWKHVWXG\7KH'/7VXPPDU\ZLOOEHEDVHGRQWKH'/7
DQDO\VLVVHW

(IILFDF\$QDO\VHV
7KHHIILFDF\DQDO\VHVIRUSKDVHEDQGSKDVHSDUWVRIWKHVWXG\ZHUHVXPPDUL]HGLQ
WDEOHVEHORZ


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
7DEOH(IILFDF\(QGSRLQW6XPPDU\IRU3KDVHE
3KDVHE
(QGSRLQW
3ULPDU\6XPPDU\DQG$QDO\VLV0HWKRG
6HQVLWLYLW\$QDO\VLV
3ULPDU\(IILFDF\(QGSRLQW
5HVSRQVH
&5&5KIRU
DGXOWVXEMHFWV
RU0
UHPLVVLRQIRU
SHGLDWULF
VXEMHFWV
x
6XPPDU\VWDWLVWLFVRI&5&5KUDWHIRU
DGXOWVXEMHFWVRU0UHPLVVLRQUDWHIRU
SHGLDWULFVXEMHFWVZLWKLQWKHILUVWF\FOHV
x
6XEFDWHJRULHVZLOODOVREHSURYLGHG7KH
UDWHZLOOEHHVWLPDWHGDORQJZLWKLWV
H[DFW&,)$6VXEMHFWVZLWKRXWUHVSRQVH
GDWDZLOOEHWUHDWHGDVQRQUHVSRQGHUV
x
5HSHDWWKHDQDO\VLV
IRUVXEMHFWVLQWKH)$6
ZKRKDGQRQPLVVLQJ
SRVWEDVHOLQH
UHVSRQVHGDWD
x
0D\UHSHDWWKH
DQDO\VLVIRU336ZKHQ
GHHPHGDSSURSULDWH
6HFRQGDU\(IILFDF\(QGSRLQWV
'XUDWLRQRI
5HVSRQVH
RU77+5
x
)$6VXEMHFWVLQILUVWF\FOHVZKRDFKLHYHG
UHVSRQVH&5&5KIRUDGXOWVXEMHFWVRU
0UHPLVVLRQIRUSHGLDWULFVXEMHFWVDUH
LQFOXGHG
x
&XPXODWLYHLQFLGHQFHIXQFWLRQFRQVLGHULQJ
FRPSHWLQJULVNZLOOEHSURYLGHGZKHQ
VDPSOHVL]HLVDSSURSULDWH
x
&HQVRULQJDWWKHWLPH
RI+6&7PD\EH
FRQVLGHUHGDVGHHPHG
DVDSSURSULDWH
2YHUDOO
VXUYLYDO
x
)$6VXEMHFWVLQILUVWF\FOHZLOOEHXVHG
x
.0HVWLPDWHVZLOOEHXWLOL]HGDQGDQG
PRQWKVUDWHVZLOOEHSURYLGHGZKHQ
VDPSOHVL]HLVHQRXJK
x
&HQVRULQJDWWKHWLPH
RI+6&7PD\EH
FRQVLGHUHGDVGHHP
DVDSSURSULDWH
5)6
x
)$6VXEMHFWVLQILUVWF\FOHVZKRDFKLHYHG
UHVSRQVH&5&5KIRUDGXOWVXEMHFWVRU
0UHPLVVLRQIRUSHGLDWULFVXEMHFWVDUH
LQFOXGHG
x
.0HVWLPDWHVZLOOEHXWLOL]HGDQGDQG
PRQWKVUDWHVZLOOEHSURYLGHGZKHQ
VDPSOHVL]HLVDSSURSULDWH
x
&HQVRULQJDWWKHWLPH
RI+6&7PD\EH
FRQVLGHUHGDVGHHP
DVDSSURSULDWH

([SORUDWRU\(IILFDF\(QGSRLQWV
05'
UHVSRQVH
x
6XPPDU\VWDWLVWLFVRI05'UHVSRQVHLQ
)$67KHUDWHZLOOEHHVWLPDWHGDORQJZLWK
LWVH[DFW&,5HVSRQVHUDWHLVEDVHG
RQWKHQXPEHURIVXEMHFWVZLWKD
&5&5KDQGHYDOXDEOH05'

&RPSOHWH
05'
UHVSRQVH
x
6XPPDU\VWDWLVWLFVRI&RPSOHWH05'
UHVSRQVHLQ)$67KHUDWHZLOOEH
HVWLPDWHGDORQJZLWKLWVH[DFW&,
5HVSRQVHUDWHLVEDVHGRQWKHQXPEHURI
VXEMHFWVZLWKD&5&5KDQGHYDOXDEOH
05'



3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
7DEOH(IILFDF\(QGSRLQW6XPPDU\IRU3KDVH,,$GXOWV2QO\
3KDVH,,
(QGSRLQW
3ULPDU\6XPPDU\DQG$QDO\VLV0HWKRG
6HQVLWLYLW\$QDO\VLV
3ULPDU\(QGSRLQW
&5&5K
x
6XPPDU\VWDWLVWLFVRI&5&5KUDWH
ZLWKLQILUVWF\FOHV7KHUDWHZLOOEH
HVWLPDWHGDORQJZLWKLWVH[DFW&,
)$6VXEMHFWVZLWKRXWUHVSRQVH
DVVHVVPHQWZLOOEHWUHDWHGDV
QRQUHVSRQGHUV
x
5HSHDWWKHDQDO\VLVIRU
VXEMHFWVLQWKH)$6ZKRKDG
QRQPLVVLQJSRVWEDVHOLQH
UHVSRQVHGDWD
x
0D\UHSHDWWKHDQDO\VLVIRU
336ZKHQGHHPHG
DSSURSULDWH
6HFRQGDU\(QGSRLQWV
'XUDWLRQRI
5HVSRQVH
RU77+5
x
)$6VXEMHFWVZKRDFKLHYHG&5&5K
LQILUVWF\FOHVDUHLQFOXGHG
x
&XPXODWLYHLQFLGHQFHIXQFWLRQ
FRQVLGHULQJFRPSHWLQJULVNZLOOEH
SURYLGHGZKHQVDPSOHVL]HLV
DSSURSULDWH
x
&HQVRULQJDWWKHWLPHRI
+6&7PD\EHFRQVLGHUHGDV
GHHPDVDSSURSULDWH
5HFHLYHG
$OOR+6&7
x
6XPPDU\VWDWLVWLFVRISURSRUWLRQRI
$OOR+6&7LQ)$6
%HVW
RYHUDOO
UHVSRQVH
255
x
6XPPDU\VWDWLVWLFVRI255ZLWKLQILUVW
F\FOHV)$6VXEMHFWVZLWKRXW
UHVSRQVHZLOOEHLQFOXGHG
x
7KHUDWHZLOOEHHVWLPDWHGDORQJZLWKLWV
H[DFW&,
x
$GGLWLRQDOVHQVLWLYLW\DQDO\VLV
ZLOOEHFRQGXFWHGDQGZLOO
H[FOXGHWKRVHVXEMHFWVZLWKRXW
DQ\SRVWEDVHOLQHUHVSRQVH
DVVHVVPHQW
2YHUDOO
VXUYLYDO
x
)$6VXEMHFWVZLOOEHXVHG
x
.0HVWLPDWHVZLOOEHXVHGDQG
DQGPRQWKVUDWHVZLOOEHSURYLGHG
x
&HQVRULQJDWWKHWLPHRI
+6&7PD\EHFRQVLGHUHGDV
GHHPDVDSSURSULDWH
5)6
x
)$6VXEMHFWVZKRDFKLHYHG&5&5K
LQWKHILUVWF\FOHVDUHLQFOXGHG
x
.0HVWLPDWHVZLOOEHXVHGDQG
DQGPRQWKVUDWHVZLOOEHSURYLGHG
ZKHQVDPSOHVL]HLVDSSURSULDWH
x
&HQVRULQJDWWKHWLPHRI
+6&7PD\EHFRQVLGHUHGDV
GHHPDVDSSURSULDWH
GD\
PRUWDOLW\
DIWHU
DOOR+6&7
x
6XEVHWRIVXEMHFWVZKRXQGHUJRDQ
DOOR+6&7LQWKH)$6ZLOOEHLQFOXGHG
PLQXVWKH.0VXUYLYDOHVWLPDWHDW
GD\ZLOOEHSURYLGHGZKHQVDPSOH
VL]HLVDSSURSULDWH
([SORUDWRU\(QGSRLQWV
05'
UHVSRQVH
x
6XPPDU\VWDWLVWLFVRI05'UHVSRQVHLQ
)$67KHUDWHZLOOEHHVWLPDWHGDORQJ
ZLWKLWVH[DFW&,5HVSRQVHUDWH
LVEDVHGRQWKHQXPEHURIVXEMHFWV
ZLWKD&5&5KDQGHYDOXDEOH05'
&RPSOHWH
05'
UHVSRQVH
x
6XPPDU\VWDWLVWLFVRI&RPSOHWH05'
UHVSRQVHLQ)$67KHUDWHZLOOEH
HVWLPDWHGDORQJZLWKLWVH[DFW&,
5HVSRQVHUDWHLVEDVHGRQWKH
QXPEHURIVXEMHFWVZLWKD&5&5K
DQGHYDOXDEOH05'


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
7DEOH(IILFDF\(QGSRLQWV6XPPDU\IRU([SDQVLRQFRKRUW
([SDQVLRQ&RKRUW
(QGSRLQW
3ULPDU\6XPPDU\DQG
$QDO\VLV0HWKRG
6HQVLWLYLW\$QDO\VLV
6HFRQGDU\(QGSRLQWV
&5&5KIRUDGXOW
VXEMHFWVRU0
UHPLVVLRQIRU
SHGLDWULFVXEMHFWV
x
6XPPDU\VWDWLVWLFVRI
&5&5KUDWHIRUDGXOW
VXEMHFWVRU0
UHPLVVLRQUDWHIRU
SHGLDWULFVXEMHFWV
ZLWKLQWKHILUVWF\FOHV
x
6XEFDWHJRULHVZLOO
DOVREHSURYLGHG7KH
UDWHZLOOEHHVWLPDWHG
DORQJZLWKLWV
H[DFW&,($6VXEMHFWV
ZLWKRXWUHVSRQVHGDWD
ZLOOEHWUHDWHGDV
QRQUHVSRQGHUV
x
5HSHDWWKHDQDO\VLVIRU
VXEMHFWVLQWKH($6ZKRKDG
QRQPLVVLQJSRVWEDVHOLQH
UHVSRQVHGDWD
0D\UHSHDWWKHDQDO\VLVIRU
336ZKHQGHHPHG
DSSURSULDWH
([SORUDWRU\(QGSRLQWV
05'UHVSRQVH
x
6XPPDU\VWDWLVWLFVRI
05'UHVSRQVHLQ($6
DQDO\VLVVHW7KHUDWH
ZLOOEHHVWLPDWHGDORQJ
ZLWKLWVH[DFW&,
5HVSRQVHUDWHLVEDVHG
RQWKHQXPEHURI
VXEMHFWVZLWKD
&5&5KDQGHYDOXDEOH
05'


$QDO\VHVRI3ULPDU\(IILFDF\(QGSRLQW
7KHSULPDU\HIILFDF\HQGSRLQWLQWKHVWXG\LV&5&5KIRUDGXOWVXEMHFWVRU0UHPLVVLRQ
IRUSHGLDWULFVXEMHFWVZLWKLQWKHILUVWF\FOHVRIEOLQDWXPRPDEWUHDWPHQW7KHDQDO\VLVLV
EDVHGRQWKHUHVSRQVHHYDOXDWLRQUHFRUGHGLQWKHH&5)IRUVXEMHFWVLQWKH)$67KH
EHVWUHVSRQVHZLWKLQWKHILUVWF\FOHVZLOOGHWHUPLQHWKHSULPDU\HIILFDF\HQGSRLQW7KH
VXEMHFWVZLWKRXWHYDOXDEOHUHVSRQVHDVVHVVPHQWZLOOEHLQFOXGHGDQGWUHDWHGDVPLVVLQJ
UHVSRQVHVWDWXV7KHUDWHZLOOEHHVWLPDWHGDORQJZLWKLWVH[DFW&,6XPPDU\RI
RWKHUEHVWUHVSRQVHVVWDWXVE\HDFKUHVSRQVHFDWHJRU\ZLOODOVREHSURYLGHG
6HQVLWLYL\DQDO\VHVPD\EHSHUIRUPHGE\UHSHDWLQJWKHDERYHDQDO\VHVIRUVXEMHFWVZKR
KDGQRQPLVVLQJSRVWEDVHOLQHUHVSRQVHDVVHVVPHQWVDQGIRU336

$QDO\VHVRI6HFRQGDU\(IILFDF\(QGSRLQWV
:KHQVDPSOHVL]HLVGHHPHGDSSURSULDWHLHDWOHDVWVXEMHFWV5)6DQG26ZLOOEH
VXPPDUL]HGE\.0PHWKRG'XUDWLRQRIUHVSRQVHRU77+5ZLOOEHHVWLPDWHGE\WKH


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
QRQSDUDPHWULFPHWKRGVIRUHVWLPDWLQJFXPXODWLYHLQFLGHQFHIXQFWLRQE\WUHDWLQJWKH
GHDWKQRWGXHWR3'DVDFRPSHWLQJULVN+RVPHU/HPHVKRZDQG0D\26ZLOO
EHSHUIRUPHGRQ)$6DQGWKHHYHQWWLPHZLOOEHFDOFXODWHGUHODWLYHWRWKHVWDUWGDWHRI
EOLQDWXPRPDELQIXVLRQLQWKHILUVWWUHDWPHQWF\FOH5)6DQG'XUDWLRQRI5HVSRQVHRU
77+5ZLOOLQFOXGHVXEMHFWVLQWKH)$6ZKRDFKLHYHG&5&5KIRUDGXOWVXEHMFWVRU0
UHPLVVLRQIRUSHGLDWULFVXEMHFWV7KHHYHQWWLPHZLOOEHFDOFXODWHGUHODWLYHWRWKHGDWHRI
ERQHPDUURZDVSLUDWLRQZKHQUHVSRQVHZDVGHWHFWHGIRUWKHILUVWWLPHLQWKLVVWXG\)RU
5)6DQG26WKUHHVL[DQGWZHOYHPRQWKVXUYLYDOUDWHVZLOOEHSURYLGHG$GGLWLRQDO
VXPPDU\FRQVLGHULQJWKHFHQVRULQJDWWKHWLPHRI+6&7PD\EHFRQVLGHUHGIRUWKH
VHQVLWLYLW\DQDO\VLVSXUSRVH
3URSRUWLRQRIVXEMHFWVZKRXQGHUJRDOOR+6&7LQUHPLVVLRQGXHWRWUHDWPHQWZLWK
EOLQDWXPRPDEZLOOEHVXPPDUL]HGEDVHGRQ)$66XEMHFWVZKRUHFHLYHDQ+6&7ODWHU
GXULQJWKHORQJWHUPIROORZXSWLPHRIWKHVWXG\ZLOOEHUHSRUWHGVHSDUDWHO\
:KHQVDPSOHVL]HLVGHHPHGDSSURSULDWHWKHDQDO\VLVRI±GD\PRUWDOLW\DIWHU
DOOR+6&7ZLOOEHEDVHGRQ)$6ZLWKDOOR+6&7ZKLOHLQDQ\&5IROORZLQJWUHDWPHQWZLWK
EOLQDWXPRPDE7KHGD\PRUWDOLW\UDWHDIWHUDOOR+6&7ZLOOEHHVWLPDWHGE\WDNLQJ
PLQXVWKH.0VXUYLYDOSURSRUWLRQDWGD\RQWKHVXEVHWRIVXEMHFWVZKRXQGHUJR
DQDOOR+6&7LQWKH)$6
6HFRQGDU\HIILFDF\HQGSRLQWVIRUH[SDQVLRQFRKRUWLQWKHVWXG\LV&5&5KIRU
DGXOWVXEMHFWVRU0UHPLVVLRQIRUSHGLDWULFVXEMHFWVZLWKLQWKHILUVWF\FOHVRI
EOLQDWXPRPDEWUHDWPHQW$QDO\VLVRIWKHVHHQGSRLQWVEDVHGRQ([SDQVLRQ
DQDO\VLVVHW($6ZLOOEHWKHVDPHDVIRUSULPDU\HIILFDF\HQGSRLQWVLQSKDVH

$QDO\VHVRI([SORUDWRU\(QGSRLQWV
05'UHVSRQVHDQGFRPSOHWH05'UHVSRQVHZLOOEHVXPPDUL]HGEDVHGRQ)$6IRU
SKDVHE)RUH[SDQVLRQFRKRUWDQDO\VLVIRU05'UHVSRQVHZLOOEHEDVHGRQ
($65HVSRQVHUDWHLVEDVHGRQ&5&5KUHVSRQGHUZKRKDYHHYDOXDEOH05'
DVVHVVPHQW7KHUDWHZLOOEHHVWLPDWHGDORQJZLWKLWVH[DFW&,
3HULSKHUDOEORRGO\PSKRF\WHVXEVHWVDQGQHXURORJLFDOH[DPDEQRUPDOLWLHVDQGILQGLQJV
ZLOOEHVXPPDUL]HGEDVHGRQ)$6

6DIHW\$QDO\VHV
6DIHW\DQDO\VHVZLOOLQFOXGHEOLQDWXPRPDEDGPLQLVWUDWLRQDGYHUVHHYHQWVFRQFRPLWDQW
PHGLFDWLRQVODERUDWRU\PHDVXUHPHQWYLWDOVLJQVDQGDQWLERG\WHVWLQJ6WDWLVWLFDO
DQDO\VHVRIVDIHW\ZLOOEHFDUULHGRXWRQWKHVDIHW\DQDO\VLVVHW1RVWDWLVWLFDO


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
FRPSDULVRQRIWKHRYHUDOOLQFLGHQFHRIDGYHUVHHYHQWVZLOOEHGRQHEHWZHHQGRVH
FRKRUWV
5HVXOWVRISK\VLFDODQGQHXURORJLFDOH[DPLQDWLRQVDQGWKHZULWLQJWHVWZLOOEHOLVWHGRQO\
$OOGDWDRI+$0$DVVHVVPHQWVKRVSLWDOL]DWLRQDQWLEOLQDWXPRPDELPPXQRJHQLFLW\
WHVWLQJDQGSUHJQDQF\WHVWVZLOOEHOLVWHGRQO\
7KHUHJXODUDVVHVVPHQWVRI&6)DQGWKH&16HYHQWUHODWHG&6)DVVHVVPHQWVZLOOEH
OLVWHGRQO\
6DIHW\DVVHVVPHQWVDVGHILQHGDERYHIRU3KDVHEDGXOWVDQGSHGLDWULFV
3KDVHDGXOWVDQG([SDQVLRQFRKRUWDGXOWVDQGSHGLDWULFVZLOOEHUHSRUWHGDV
LOOXVWUDWHGLQWKHVHFWLRQVEHORZ

$GYHUVH(YHQWV
7KH0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV0HG'5$YHUVLRQRUODWHUZLOOEH
XVHGWRFRGHDOODGYHUVHHYHQWV$(WRDV\VWHPRUJDQFODVVDQGDSUHIHUUHGWHUP$OO
DGYHUVHHYHQWWDEOHVZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXS3OHDVHUHIHUWRVHFWLRQ
IRU7($(GHILQLWLRQ6HYHULW\ZLOOEHFRGHGXVLQJ&7&$(YHUVLRQRUODWHU
7KHVXEMHFWLQFLGHQFHRI$(VZLOOEHVXPPDUL]HGIRUDOOWUHDWPHQWHPHUJHQW$(VJUDGH
DQGDERYH$(VVHULRXV$(VWUHDWPHQWUHODWHG$(V$(VOHDGLQJWRZLWKGUDZDORI
LQYHVWLJDWLRQDOSURGXFWIDWDO$(VDQG$(VRILQWHUHVW(2,6XEMHFWLQFLGHQFHRI(2,V
ZLOOEHVXPPDUL]HGE\62&DQG37DFFRUGLQJWRWKH(2,VHDUFKVWUDWHJ\FDWHJRULHV
GHILQHGE\WKH(2,VWHHULQJFRPPLWWHH
6XEMHFWLQFLGHQFHRIDOOWUHDWPHQWHPHUJHQW$(VJUDGHDQGDERYH$(VVHULRXV$(V
WUHDWPHQWUHODWHG$(V$(VOHDGLQJWRZLWKGUDZDORILQYHVWLJDWLRQDOSURGXFWDQGIDWDO
$(VZLOOEHWDEXODWHGE\V\VWHPRUJDQFODVVDQGSUHIHUUHGWHUPLQGHVFHQGLQJRUGHURI
IUHTXHQF\
6XPPDULHVRIWUHDWPHQWHPHUJHQWDQGVHULRXV$(VRFFXUULQJLQDWOHDVWRIWKH
VXEMHFWVE\SUHIHUUHGWHUPLQDQ\WUHDWPHQWDUPPD\EHSURYLGHGLQGHVFHQGLQJRUGHURI
IUHTXHQF\
:KHQDSSURSULDWHVXEJURXSDQDO\VHVLIWKHUHLVDPHGLFDOUDWLRQDOHZLOOEHSUHVHQWHG
E\V\VWHPRUJDQFODVVDQGSUHIHUUHGWHUPLQGHVFHQGLQJRUGHURIIUHTXHQF\$OOUDFHVLI
DSSURSULDWHZLWKOHVVWKDQRIWKHWRWDOHQUROOHGVXEMHFWVZLOOEHSRROHGWRJHWKHUIRU
VXPPDU\SXUSRVHV


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH

/DERUDWRU\7HVW5HVXOWV
6KLIWWDEOHVEHWZHHQWKHZRUVWSRVWEDVHOLQHDQGEDVHOLQHYDOXHVIRUVHOHFWHGODERUDWRU\
SDUDPHWHUVZLOOEHSURYLGHGEDVHGRQWKH&RPPRQ7HUPLQRORJ\&ULWHULDIRU$GYHUVH
(YHQWV
*UDSKVIRUWKHGHYHORSPHQWRIWKHIROORZLQJODESDUDPHWHUVZLOOEHSURYLGHG
x
,PPXQRJOREXOLQ
x
7KURPERF\WHVSODWHOHWV
x
/LYHUSDUDPHWHUVDODQLQHWUDQVDPLQDVHDVSDUWDWHWUDQVDPLQDVHDONDOLQH
SKRVSKDWDVHWRWDOELOLUXELQ

9LWDO6LJQV
1RWDEOHYDOXHVRIV\VWROLFEORRGSUHVVXUHGLDVWROLFEORRGSUHVVXUHDQGKHDUWUDWHZLOOEH
VXPPDUL]HGDWVHOHFWHGWLPHSRLQWV

$QWLERG\)RUPDWLRQ
$WDEOHRUOLVWLQJVXPPDUL]LQJWKHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVZLWKDQWLGUXJ
DQWLERGLHVWREOLQDWXPRPDEZLOOEHSURYLGHG

([SRVXUHWR,QYHVWLJDWLRQDO3URGXFW
'HVFULSWLYHVWDWLVWLFVZLOOEHSURGXFHGWRGHVFULEHWKHH[SRVXUHWRLQYHVWLJDWLRQDOSURGXFW
E\GRVHFRKRUWJURXSDQGRYHUDOO

'HILQLWLRQVRI9DULDEOHV5HODWHGWR6WXG\'UXJ([SRVXUH
7KHGXUDWLRQRILQIXVLRQLQGD\V
x
ZLWKLQHDFKF\FOH
x
DFURVVF\FOHV
ZLOOEHFDOFXODWHGXVLQJWKHH[DFWVWDUWDQGVWRSWLPHVRIVWDUWRILQIXVLRQVWDUWDQGHQGRI
SRVVLEOHLQWHUUXSWLRQVDQGVWRSRILQIXVLRQ$Q\PLVVLQJWLPHZLOOEHLPSXWHGXVLQJWKH
ILUVWVWDUWWLPHRILQIXVLRQRIWKHUHVSHFWLYHF\FOH
7KHUHODWLYHWUHDWPHQWGXUDWLRQLVGHILQHGDVWKHGXUDWLRQRILQIXVLRQUHFHLYHGDWHDFK
UHVSHFWLYHGRVHOHYHOUHODWLYHWRWKHSODQQHGGXUDWLRQRILQIXVLRQRIHDFKGRVHOHYHO
7KHDEVROXWHFXPXODWLYHGRVH>J@LVGHILQHGDV
෍(duration of infusion [days]for each dose received × dose received[Ɋ])
7KHSHUFHQWRIWKHLQWHQGHGGRVHZLOOEHVXPPDUL]HG)RUSDWLHQWVZKRUHFHLYHWZRRU
IHZHUF\FOHVWKLVPD\EHFDOFXODWHGXVLQJWKHDEVROXWHFXPXODWLYHGRVHUHFHLYHG


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
GLYLGHGE\WKHSODQQHGFXPXODWLYHGRVHSDWLHQWVVKRXOGKDYHUHFHLYHGWKURXJKWZR
F\FOHV(DFKF\FOHWKDWZDVLQWHUUXSWHGDQGODWHURQUHVWDUWHGZLOOEHFRXQWHGDVWZR
WLPHGD\VRISODQQHGLQIXVLRQLHLIWKHILUVWRUVHFRQGF\FOHLVUHVWDUWHGWKHQWKH
SODQQHGFXPXODWLYHGRVHIRUWKHILUVWWZRF\FOHVZLOOEHEDVHGRQWKUHHWLPHVGD\V,I
DF\FOHZDVQRWUHVWDUWHGEXWFRQWLQXHGDIWHUDVKRUWHULQWHUUXSWLRQWKHQWKHSODQQHG
FXPXODWLYHGRVHZLOOEHEDVHGRQGD\VIRUWKHILUVWWZRF\FOHV
)RUSDWLHQWVZKRUHFHLYHGFRQVROLGDWLRQF\FOHVWKHFRPSOHWHFXPXODWLYHGRVHZLOOEH
GLYLGHGE\WKHLQWHQGHGFXPXODWLYHGRVHRIDOOF\FOHVWKDWZHUHVWDUWHGWRFRPSXWHWKH
SHUFHQWRIWKHLQWHQGHGGRVH
7KHQXPEHURIF\FOHVVWDUWHGLVGHILQHGDVWKHVXPRIWKHQXPEHURIF\FOHV7KH
QXPEHURIUHVWDUWHGF\FOHVZLOOEHDQDO\]HGVHSDUDWHO\

$QDO\VLVRI6WXG\'UXJ([SRVXUH
'DWDRQVWXG\GUXJDGPLQLVWUDWLRQZLOOEHOLVWHGDVUHFRUGHGLQD&5)LQFOXGLQJ
LQIRUPDWLRQRQGRVHFKDQJHVWRJHWKHUZLWKWKHFDOFXODWHGYDULDEOHVDVGHILQHGDERYH
7KHGXUDWLRQRILQIXVLRQ>GD\V@DQGWKHFXPXODWLYHGRVH>J@ZLOOEHWDEXODWHGIRUHDFK
F\FOHDQGWKHZKROHLQIXVLRQIRUWKH6$)
7KHUHODWLYHWUHDWPHQWGXUDWLRQDQGWKHSHUFHQWRIWKHLQWHQGHGGRVHZLOOEHWDEXODWHGIRU
HDFKF\FOHDQGDFURVVF\FOHVIRUWKH6$)
7KHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVUHFHLYLQJGLVWLQFWQXPEHUVRIFRPSOHWHRU
LQFRPSOHWHF\FOHVRIEOLQDWXPRPDEZLOOEHVXPPDUL]HG
7KHQXPEHURIF\FOHVFRPSOHWHDQGLQFRPSOHWHWRJHWKHUUHFHLYHGZLOODOVREH
VXPPDUL]HGE\PHDQVWDQGDUGGHYLDWLRQPLQLPXPPHGLDQDQGPD[LPXPIRUHDFK
DQDO\VLVVHW
5HDVRQIRUWUHDWPHQWLQWHUUXSWLRQVLQFOXGLQJGXHWRDGYHUVHHYHQWDVGRFXPHQWHG
GXULQJHDFKWUHDWPHQWF\FOHZLOOEHWDEXODWHGIRUHDFKGRVHOHYHODQGF\FOHIRUDOO
DQDO\VLVVHWVE\GLVSOD\RIGLVSOD\RIQXPEHUDQGSHUFHQWDJHRISDWLHQWVZLWKHDFK
UHDVRQIRULQWHUUXSWLRQ

([SRVXUHWR&RQFRPLWDQW0HGLFDWLRQ
7KHQXPEHUDQGSURSRUWLRQRIVXEMHFWVUHFHLYLQJFRQFRPLWDQWPHGLFDWLRQVIURPVWXG\
GD\WKURXJKVDIHW\IROORZXSZLOOEHVXPPDUL]HGE\SUHIHUUHGWHUPDVFRGHGE\WKH
:RUOG+HDOWK2UJDQL]DWLRQ'UXJ:+2'58*GLFWLRQDU\LQWKH6$),QDGGLWLRQWKH


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
QXPEHUDQGSURSRUWLRQRIVXEMHFWVUHFHLYLQJDQWLFDQFHUWKHUDSLHVGXULQJORQJWHUP
IROORZXSZLOOEHVXPPDUL]HGE\:+2'58*SUHIHUUHGWHUPIRUWKH6$)
7DEOH'HILQLWLRQRI'LIIHUHQW7\SHVRI0HGLFDWLRQ
7\SHRIPHGLFDWLRQ
'HILQLWLRQ
3ULRUPHGLFDWLRQ
6WDUWDQGVWRSEHIRUHILUVWEOLQDWXPRPDELQIXVLRQ
&RQFRPLWDQWPHGLFDWLRQ
6WDUW HQGRILQGXFWLRQSKDVHYLVLWDQGVWRSSHGDIWHUILUVW
EOLQDWXPRPDELQIXVLRQRUVWDUWGXULQJUHWUHDWPHQW
0HGLFDWLRQVWDUWHGGXULQJ
IROORZXSSHULRG
6WDUWGD\DIWHUHQGRILQGXFWLRQSKDVHYLVLWEXWQRWGXULQJ
UHWUHDWPHQW

3KDUPDFRNLQHWLFDQG3KDUPDFRG\QDPLF$QDO\VHV
)RU([SDQVLRQFRKRUWQR3.DQG3'DQDO\VLVZLOOEHSHUIRUPHG

3KDUPDFRNLQHWLF$QDO\VLV
7KH3.DQDO\VLVZLOOEHEDVHGRQWKH3.DQDO\VLVVHW%OLQDWXPRPDEVHUXP
FRQFHQWUDWLRQZLOOEHTXDQWLILHGLQDOOSDWLHQWVDWEDVHOLQHSUHGRVHDQGGXULQJWKHILUVW
WUHDWPHQWF\FOHVRIWUHDWPHQW1RQFRPSDUWPHQWDODQDO\VLVZLOOEHSHUIRUPHGZLWK3.
GDWDFROOHFWHGDWGLIIHUHQWGRVHOHYHOVIRUDGXOWVDQGSHGLDWULFVUHVSHFWLYHUO\3KRHQL[
:LQ1RQOLQYHUVLRQVRIWZDUHRQ&LWUL[3KDUVLJKW6W/RXLV02DVSDUWRIWKH
YDOLGDWHG3.6V\VWHPZLOOEHXVHGIRUWKHQRQFRPSDUWPHQWDODQDO\VLV
$OOFRQFHQWUDWLRQYDOXHVOHVVWKDQWKH//24ZHUHVHWWR]HUREHIRUHSKDUPDFRNLQHWLF
DQDO\VLV$FWXDOGRVHDQGDFWXDOVDPSOLQJWLPHZLOOEHXVHG'RVLQJLQWHUUXSWLRQVRU
DGPLQLVWUDWLRQHUURUVLPSDFWLQJEOLQDWXPRPDESKDUPDFRNLQHWLFDVVHVVPHQWVZLOOEH
WDNHQLQWRDFFRXQWLQWKHDQDO\VLV7KHUHODWHGFRQFHQWUDWLRQYDOXHVDQGHVWLPDWHG
3.SDUDPHWHUVZLOOEHH[FOXGHGIURPVXPPDU\VWDWLVWLFVZKHUHDSSURSULDWH
3.SDUDPHWHUVVXFKDVVWHDG\VWDWHFRQFHQWUDWLRQ&VVFOHDUDQFH&/DQG
HOLPLQDWLRQKDOIOLIHWZLOOEHHVWLPDWHGIRUVXEMHFWVZKRKDYHVXIILFLHQWHYDOXDEOH
3.GDWD6XPPDU\VWDWLVWLFVLQFOXGLQJPHDQVWDQGDUGGHYLDWLRQPHGLDQUDQJH
JHRPHWULFPHDQDQG&9RIJHRPHWULFPHDQZLOOEHFRPSXWHGIRUHDFK
SKDUPDFRNLQHWLFSDUDPHWHUDQGJURXSHGE\GRVHWUHDWPHQWF\FOHDQGDJHJURXSV
,QGLYLGXDOFRQFHQWUDWLRQWLPHGDWDZLOOEHWDEXODWHGDQGSUHVHQWHGJUDSKLFDOO\0HDQ
FRQFHQWUDWLRQWLPHSURILOHVIRUHDFKGRVHZLOOEHSURYLGHG

3KDUPDFRG\QDPLF$QDO\VLV
7KH3'DQDO\VLVZLOOEHEDVHGRQWKH3'DQDO\VLVVHW'HVFULSWLYHVWDWLVWLFVRUJUDSKLF
SUHVHQWDWLRQZLOOEHXVHGIRUGDWDDQDO\VLV


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
/\PSKRF\WHVXEVHWV&HOOFRXQWVRIHDFKFHOOW\SHWHVWHGDWEDVHOLQHDQGRYHUWLPHZLOO
EHSUHVHQWHGJUDSKLFDOO\6XPPDU\VWDWLVWLFVRIFHOOFRXQWVPD\EHSUHVHQWHGLIGDWDDUH
VXIILFLHQWLQGLYLGXDOGDWDZLOOEHSURYLGHGDVDOLVWLQJ
&\WRNLQHV6XPPDU\VWDWLVWLFDODQDO\VLVRIF\WRNLQHOHYHOVHJ,/,/,/,/
71)Į,)1ȖSULRUWRWUHDWPHQWDQGGXULQJEOLQDWXPRPDELQIXVLRQZLOOEHSURYLGHGIRU
HDFKVDPSOLQJFROOHFWLRQWLPH0D[LPDOF\WRNLQHFRQFHQWUDWLRQ&PD[RIHDFKF\WRNLQH
ZLOOEHVXPPDUL]HGE\GHVFULSWLYHVWDWLVWLFV,QGLYLGXDOGDWDZLOOEHSURYLGHGDVDOLVWLQJ

([SRVXUH5HVSRQVH$QDO\VLV
([SORUDWRU\H[SRVXUHHIILFDF\DQDO\VHVPD\EHSHUIRUPHGWRHYDOXDWHWKHUHODWLRQVKLSRI
HIILFDFLRXVH[SRVXUHUDQJHDQGFRUUHVSRQGLQJGRVHUDQJHLIGDWDDUHVXIILFLHQWIRU
FRQGXFWLQJWKHDQDO\VLV([SRVXUHVDIHW\DQDO\VHVPD\EHSHUIRUPHGDVQHHGHGWR
HYDOXDWHWKHUHODWLRQVKLSRIWROHUDEOHH[SRVXUHDQGGRVHUDQJHV$VHSDUDWH
H[SRVXUHUHVSRQVHDQDO\VLVSODQZLOOEHJHQHUDWHGDQGWKHUHVXOWVZLOOEHUHSRUWHG
VHSDUDWHO\IURPWKH&65

&KDQJHV)URP3URWRFROVSHFLILHG$QDO\VHV
x
7KHFODULILFDWLRQRISULPDU\HIILFDF\HQGSRLQWIRUDGXOWVXEMHFWVERWK3KDVHEDQG
3KDVHWREH&5&5K7KHWHUPVRI³FRPSOHWHUHPLVVLRQ´³&5´³&5&5K&5L´
³&5&5K´ZHUHXVHGLQWHUFKDQJHDEO\LQWKHSURWRFRO
x
7KHFODILFDWLRQRISULPDU\HIILFDF\HQGSRLQWIRUSHGLDWULFVXEMHFWVWREH0UHPLVVLRQ
x
7KHFODULILFDWLRQRI5)6DQG'XUDWLRQRI5HVSRQVHHQGSRLQWVIRUVXEMHFWVZKRPHW
SULPDU\HIILFDF\HQGSRLQW&5&5KIRUDGXOWVXEMHFWVDQG0UHPLVVLRQIRUSHGLDWULF
VXEMHFWV
x
6HQVLWLYLW\DQDO\VLVIRU05'UHVSRQVHDQGFRPSOHWH05'UHVSRQVHLVQRW
SHUIRUPHGEHFDXVHPDLQDQDO\VLVKDVDOUHDG\H[FOXGHGVXEMHFWVZLWKRXWDQ\
SRVWEDVHOLQHUHVSRQVHDVVHVVPHQW



3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH

/LWHUDWXUH&LWDWLRQV5HIHUHQFHV
%URRNPH\HU5DQG&URZOH\-$&RQILGHQFH,QWHUYDOIRUWKH0HGLDQ6XUYLYDO
7LPH%LRPHWULFV
&KHVRQ%'%HQQHWW-0.RSHFN\.-HWDO5HYLVHG5HFRPPHQGDWLRQVRIWKH
,QWHUQDWLRQDO:RUNLQJ*URXSIRU'LDJQRVLV6WDQGDUGL]DWLRQRI5HVSRQVH&ULWHULD
7UHDWPHQW2XWFRPHVDQG5HSRUWLQJ6WDQGDUGVIRU7KHUDSHXWLF7ULDOVLQ$FXWH0\HORLG
/HXNHPLD-&OLQ2QFRO
&ORSSHU&-DQG3HDUVRQ(67KHXVHRIFRQILGHQFHRUILGXFLDOOLPLWVLOOXVWUDWHGLQ
WKHFDVHRIWKHELQRPLDO%LRPHWULND
+RVPHU'/HPHVKRZ6DQG0D\6$SSOLHG6XUYLYDO$QDO\VLV5HJUHVVLRQ
0RGHOLQJRI7LPHWR(YHQW'DWD6HFRQG(GLWLRQ-RKQ:LOH\	6RQV
.DSODQ(/DQG0HLHU31RQSDUDPHWULFHVWLPDWLRQIURPLQFRPSOHWHREVHUYDWLRQV
-$P6WDW$VVRF
6LPRQ52SWLPDO7ZR6WDJH'HVLJQVIRU3KDVH,,&OLQLFDO7ULDOV&RQWUROOHG
&OLQLFDO7ULDOV


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH

$SSHQGLFHV


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
$SSHQGL[$(DVWHUQ&RRSHUDWLYH2QFRORJ\*URXS(&2*3HUIRUPDQFH6WDWXV
6FDOH
(&2*3HUIRUPDQFH6WDWXV6FDOH
*UDGH
'HVFULSWLRQV

)XOO\DFWLYHDEOHWRFDUU\RQDOOSUHGLVHDVHSHUIRUPDQFHZLWKRXWUHVWULFWLRQ

5HVWULFWHGLQSK\VLFDOO\VWUHQXRXVDFWLYLW\EXWDPEXODWRU\DQGDEOHWRFDUU\RXW
ZRUNRIDOLJKWRUVHGHQWDU\QDWXUHHJOLJKWKRXVHZRUNRIILFHZRUN

$PEXODWRU\DQGFDSDEOHRIDOOVHOIFDUHEXWXQDEOHWRFDUU\RXWDQ\ZRUNDFWLYLWLHV
8SDQGDERXWPRUHWKDQRIZDNLQJKRXUV

&DSDEOHRIRQO\OLPLWHGVHOIFDUHFRQILQHGWREHGRUFKDLUPRUHWKDQRI
ZDNLQJKRXUV

&RPSOHWHO\GLVDEOHG&DQQRWFDUU\RQDQ\VHOIFDUH7RWDOO\FRQILQHGWREHGRU
FKDLU

'HDG
6RXUFH2NHQ00&UHHFK5+7RUPH\'&HWDO7R[LFLW\$QG5HVSRQVH&ULWHULD2I7KH(DVWHUQ
&RRSHUDWLYH2QFRORJ\*URXS$P-&OLQ2QFRO


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
$SSHQGL[%.DUQRIVN\3HUIRUPDQFH6WDWXV



3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
$SSHQGL[&/DQVN\3OD\3HUIRUPDQFH6WDWXV



3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
$SSHQGL['+DQGOLQJRI'DWHV,QFRPSOHWH'DWHVDQG0LVVLQJ'DWH
7KHIROORZLQJGDWDZLOOEHLPSXWHGXVLQJWKHIROORZLQJDOJRULWKP
$GYHUVH(YHQWV
&RQFRPLWDQW0HGLFDWLRQV
7DEOH,PSXWDWLRQ5XOHVIRU3DUWLDORU0LVVLQJ6WDUW'DWHV
6WDUW'DWH 
6WRS'DWH 
&RPSOHWH
\\\\PPGG 
3DUWLDO
\\\\PP 
3DUWLDO
\\\\ 
PLVVLQJ 
VW
GRVH 
VW
GRVH 
VW
GRVH
\\\\PP 
VW
GRVH
\\\\PP 
VW
GRVH
\\\\ 
VW
GRVH
\\\\ 
3DUWLDO
\\\\PP 
 VWGRVH
\\\\PP 
 
 
 
 
QD 
 
 
VW GRVH
\\\\PP 
 
 
 
 
 
3DUWLDO
\\\\ 
 VWGRVH
\\\\ 
 
 
 
 
QD 
 
 
VWGRVH
\\\\ 
 
 
 
 
 
0LVVLQJ 
 
 
 
 
 
 
 
 ,PSXWHWKHGDWHRIILUVWGRVH
 ,PSXWHWKHILUVWRIWKHPRQWK
 ,PSXWH-DQXDU\RIWKH\HDU
 ,PSXWH-DQXDU\RIWKHVWRS\HDU
1RWH,IWKHVWDUWGDWHLPSXWDWLRQOHDGVWRDVWDUWGDWHWKDWLVDIWHUWKHVWRSGDWHWKHQGR
QRWLPSXWHWKHVWDUWGDWH
,PSXWDWLRQUXOHVIRUSDUWLDORUPLVVLQJVWRSGDWHV
,QLWLDOLPSXWDWLRQ
)RUSDUWLDOVWRSGDWHPP\\\\LPSXWHWKHODVWRIWKHPRQWK
)RUSDUWLDOVWRSGDWH\\\\LPSXWH'HFHPEHURIWKH\HDU
)RUFRPSOHWHO\PLVVLQJVWRSGDWHGRQRWLPSXWH


3URGXFW%OLQDWXPRPDE
6WDWLVWLFDO$QDO\VLV3ODQ
'DWH$SULO
3DJH
,IWKHVWRSGDWHLPSXWDWLRQOHDGVWRDVWRSGDWHWKDWLVDIWHUWKHGHDWKGDWHWKHQ
LPSXWHWKHVWRSGDWHDVWKHGHDWKGDWH
,IWKHVWRSGDWHLPSXWDWLRQOHDGVWRDVWRSGDWHWKDWLVEHIRUHWKHVWDUWGDWHWKHQ
WKHUHLVDGDWDHUURUDQGGRQRWLPSXWHWKHVWRSGDWHLHVHWWKHVWRSGDWHDV
PLVVLQJ
,PSXWDWLRQUXOHVIRUSDUWLDORUPLVVLQJGHDWKGDWHV
,IGHDWK\HDUDQGPRQWKDUHDYDLODEOHEXWGD\LVPLVVLQJ
,IPP\\\\IRUODVWFRQWDFWGDWH PP\\\\IRUGHDWKGDWHVHWGHDWKGDWHWRWKHGD\
DIWHUWKHODVWFRQWDFWGDWH
,IPP\\\\IRUODVWFRQWDFWGDWHPP\\\\IRUGHDWKGDWHVHWGHDWKGDWHWRWKHILUVW
GD\RIWKHGHDWKPRQWK
,IPP\\\\IRUODVWFRQWDFWGDWH!PP\\\\IRUGHDWKGDWHGDWDHUURUDQGGRQRW
LPSXWH
,IERWKPRQWKDQGGD\DUHPLVVLQJIRUGHDWKGDWHRUDGHDWKGDWHLVWRWDOO\PLVVLQJ
GRQRWLPSXWH