Conditions: Hepatitis C Virus Infection
Allocation: RANDOMIZED | Intervention model: PARALLEL
Enrollment: 117
Healthy volunteers: no

Brief summary:
The primary objective of this study is to evaluate the antiviral efficacy, safety, and tolerability of therapy with sofosbuvir/velpatasvir (SOF/VEL) fixed-dose combination (FDC) and ribavirin (RBV) in participants with chronic genotype 1 or 2 hepatitis C virus (HCV) infection who have previously failed a direct-acting antiviral (DAA)-containing regimen.

Detailed description:

Arms:
arm 1: SOF/VEL FDC + RBV for 12 weeks in participants with genotype 1 or 2 HCV infection arm 2: SOF/VEL FDC + RBV for 24 weeks in participants with genotype 1 or 2 HCV infection

Interventions: intervention 1: SOF/VEL intervention 2: RBV
Intervention descriptions: intervention 1: 400/100 mg tablet administered orally once daily intervention 2: Capsules administered orally in a divided daily dose according to package insert weight-based dosing recommendations (≤ 60 kg = 600 mg, \> 60 kg to ≤ 80 kg = 800 mg, and ≥ 80 kg = 1000 mg)

Protocol document:
Prot_001.pdf: 


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
7$%/(2)&217(176
7$%/(2)&217(176 
/,672),17(;77$%/(6
35272&2/6<1236,6 
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506

,1752'8&7,21 

%DFNJURXQG 

+&9,QIHFWLRQLQ-DSDQ

7UHDWPHQW2SWLRQVLQ-DSDQ

6RIRVEXYLU9HOSDWDVYLU)'&

*HQHUDO,QIRUPDWLRQ 

&OLQLFDO3KDUPDFRORJ\6WXGLHV

&OLQLFDO7ULDOVRI62)9(/ 

,QIRUPDWLRQDERXW5LEDYLULQ

5DWLRQDOHIRU7KLV6WXG\ 

5LVN%HQHILW$VVHVVPHQWIRUWKH6WXG\

&RPSOLDQFH 

2%-(&7,9(6

678'<'(6,*1

6WXG\'HVLJQ

6WXG\7UHDWPHQWV 

'XUDWLRQRI7UHDWPHQW

6WRSSLQJ5XOHVDQG'LVFRQWLQXDWLRQ&ULWHULD

9LURORJLF5HVSRQVH%DVHG7UHDWPHQW6WRSSLQJ&ULWHULD 

6XEMHFW6WRSSLQJ5XOHV 

6DPSOHVIRU2SWLRQDO*HQRPLF 5HVHDUFK

6DPSOHVIRU2SWLRQDO)XWXUH5HVHDUFK

,QWHQVLYH3KDUPDFRNLQHWLF3.6XEVWXG\

68%-(&73238/$7,21

1XPEHURI6XEMHFWVDQG6XEMHFW6HOHFWLRQ 

,QFOXVLRQ&ULWHULD

([FOXVLRQ&ULWHULD

678'<'58*

5DQGRPL]DWLRQ%OLQGLQJDQG7UHDWPHQW&RGHV 

'HVFULSWLRQDQG+DQGOLQJRI62)9(/)'& 

)RUPXODWLRQ

62)9(/)'&3DFNDJLQJDQG/DEHOLQJ

62)9(/)'&6WRUDJHDQG+DQGOLQJ 

'RVDJHDQG$GPLQLVWUDWLRQRI62)9(/)'&

'HVFULSWLRQDQG+DQGOLQJRI5LEDYLULQ5%9 

)RUPXODWLRQ

5%93DFNDJLQJDQG/DEHOLQJ 

5%96WRUDJHDQG+DQGOLQJ

'RVDJHDQG$GPLQLVWUDWLRQRI5LEDYLULQ5%9

&RDGPLQLVWUDWLRQRI62)9(/)'&DQG5%9

6WXG\'UXJ$GKHUHQFHDQG'UXJ$FFRXQWDELOLW\

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

$FFRXQWDELOLW\IRU6WXG\'UXJ

678'<352&('85(6 

6FUHHQLQJ9LVLW

5DQGRPL]DWLRQ 

'D\$VVHVVPHQWV

7UHDWPHQW$VVHVVPHQWVGD\V

:HHNGD\V 

:HHNVDQGGD\V 

:HHNGD\V 

:HHNVDQGGD\V 

:HHNGD\V 

:HHNGD\V 

:HHNGD\V 

:HHNVDQGGD\V>IRU6XEMHFWVRQWKHZHHN7UHDWPHQW
*URXS2QO\@ 

:HHNGD\V>IRU6XEMHFWVRQWKHZHHN7UHDWPHQW*URXS2QO\@

3RVWWUHDWPHQW$VVHVVPHQWVGD\V 

3RVWWUHDWPHQW:HHNGD\V

3RVWWUHDWPHQW:HHNGD\V

3RVWWUHDWPHQW:HHNGD\V

(DUO\7HUPLQDWLRQ(7

8QVFKHGXOHG9LVLW 

3URFHGXUHVDQG6SHFLILFDWLRQV

&OLQLFDO/DERUDWRU\$QDO\WHV 

0HGLFDO+LVWRU\

&RPSOHWH3K\VLFDO([DPLQDWLRQ

9LWDO6LJQV

/HDG(&*

+HDOWK5HODWHG4XDOLW\RI/LIH+54R/

9LUDO51$6HTXHQFLQJ3KHQRW\SLQJ6DPSOH

6LQJOH3KDUPDFRNLQHWLF3.6DPSOH 

,QWHQVLYH3KDUPDFRNLQHWLF3.6XEVWXG\

3UHJQDQF\7HVWLQJ

,/%7HVWLQJ 

$UFKLYH3ODVPD6DPSOH

*HQRPLF7HVWLQJ 

&UHDWLQLQH&OHDUDQFH 

(QGRI6WXG\

3RVWVWXG\&DUH

$'9(56((9(176$1'72;,&,7<0$1$*(0(17

'HILQLWLRQVRI$GYHUVH(YHQWV$GYHUVH5HDFWLRQVDQG6HULRXV$GYHUVH(YHQWV

$GYHUVH(YHQWV

6HULRXV$GYHUVH(YHQWV

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV
$GYHUVH(YHQWVRU6HULRXV$GYHUVH(YHQWV 

$VVHVVPHQWRI$GYHUVH(YHQWVDQG6HULRXV$GYHUVH(YHQWV

$VVHVVPHQWRI&DXVDOLW\IRU6WXG\'UXJVDQG3URFHGXUHV

$VVHVVPHQWRI6HYHULW\ 

,QYHVWLJDWRU5HTXLUHPHQWVDQG,QVWUXFWLRQVIRU5HSRUWLQJ$GYHUVH(YHQWVDQG6HULRXV
$GYHUVH(YHQWVWR*LOHDG

*LOHDG5HSRUWLQJ5HTXLUHPHQWV

7R[LFLW\0DQDJHPHQW 


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

5%9'RVH$GMXVWPHQWV 

6SHFLDO6LWXDWLRQV5HSRUWV

'HILQLWLRQVRI6SHFLDO6LWXDWLRQV

,QVWUXFWLRQVIRU5HSRUWLQJ6SHFLDO6LWXDWLRQV

67$7,67,&$/&216,'(5$7,216

$QDO\VLV2EMHFWLYHVDQG(QGSRLQWV

$QDO\VLV2EMHFWLYHV

3ULPDU\(QGSRLQW 

6HFRQGDU\(QGSRLQW 

2WKHU(QGSRLQWVRI,QWHUHVW 

$QDO\VLV&RQYHQWLRQV

$QDO\VLV6HWV 

'DWD+DQGOLQJ&RQYHQWLRQV 

'HPRJUDSKLF'DWDDQG%DVHOLQH&KDUDFWHULVWLFV 

(IILFDF\$QDO\VLV 

3ULPDU\$QDO\VLV

6HFRQGDU\$QDO\VHV 

6DIHW\$QDO\VLV

([WHQWRI([SRVXUH

$GYHUVH(YHQWV

/DERUDWRU\(YDOXDWLRQV 

2WKHU6DIHW\(YDOXDWLRQV

3KDUPDFRNLQHWLF$QDO\VLV

6DPSOH6L]H

5(63216,%,/,7,(6

,QYHVWLJDWRU5HVSRQVLELOLWLHV 

*RRG&OLQLFDO3UDFWLFH

,QVWLWXWLRQDO5HYLHZ%RDUG,5%,QGHSHQGHQW(WKLFV&RPPLWWHH,(&
5HYLHZDQG$SSURYDO

,QIRUPHG&RQVHQW

&RQILGHQWLDOLW\

6WXG\)LOHVDQG5HWHQWLRQRI5HFRUGV 

&DVH5HSRUW)RUPV

6WXG\'UXJ$FFRXQWDELOLW\DQG5HWXUQ 

,QVSHFWLRQV

3URWRFRO&RPSOLDQFH

6SRQVRU5HVSRQVLELOLWLHV 

3URWRFRO0RGLILFDWLRQV

6WXG\5HSRUWDQG3XEOLFDWLRQV 

-RLQW,QYHVWLJDWRU6SRQVRU5HVSRQVLELOLWLHV 

$FFHVVWR,QIRUPDWLRQIRU0RQLWRULQJ

$FFHVVWR,QIRUPDWLRQIRU$XGLWLQJRU,QVSHFWLRQV 

6WXG\'LVFRQWLQXDWLRQ

5()(5(1&(6 

$33(1',&(6 
$SSHQGL[ 
,QYHVWLJDWRU6LJQDWXUH3DJH
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDODQG
&RQWUDFHSWLYH5HTXLUHPHQWV
/,672),17(;77$%/(6
7DEOH 
*6863UHOLPLQDU\*HRPHWULF0HDQ5DWLRVRI62)9(/*63.
3DUDPHWHUV2EVHUYHG-DSDQHVH&DXFDVLDQ
7DEOH 
1*011*((DQG9(/3ODVPD3.3DUDPHWHUV)ROORZLQJ$GPLQLVWUDWLRQRI
1*0((DORQHRUZLWK9(/
7DEOH 
6XPPDU\RI/+)6+DQG3URJHVWHURQH&RQFHQWUDWLRQV)ROORZLQJ$GPLQLVWUDWLRQ
RI1*0((DORQHRUZLWK9(/
7DEOH 
6XPPDU\RI&KDQJHVLQ62)9(/3.IROORZLQJDGPLQLVWUDWLRQZLWK
5HSUHVHQWDWLYH+5$VDQG33,V 
7DEOH 
*6866952YHUDOODQG E\+&9*HQRW\SHV 
7DEOH 
9LURORJLF2XWFRPHVE\*HQRW\SH 
7DEOH 
*686%ULHI6XPPDU\RI$GYHUVH(YHQWV&RKRUW 
7DEOH 
'RVLQJDQG$GPLQLVWUDWLRQRI5%9LQ-DSDQ
7DEOH 
'LVDOORZHGDQG&RQFRPLWDQW0HGLFDWLRQVWREH8VHGZLWK&DXWLRQ 
7DEOH 
5%9'RVH5HGXFWLRQ*XLGHOLQHVIRU1RQ&LUUKRWLF6XEMHFWV 
7DEOH 
5%9'RVH5HGXFWLRQ*XLGHOLQHVIRU&LUUKRWLF6XEMHFWV


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
35272&2/6<1236,6
*LOHDG6FLHQFHV,QF
/DNHVLGH'ULYH
)RVWHU&LW\&$
6WXG\ 7LWOH
$3KDVH0XOWLFHQWHU5DQGRPL]HG2SHQ/DEHO 6WXG\WR
,QYHVWLJDWHWKH(IILFDF\DQG6DIHW\ RI6RIRVEXYLU9HOSDWDVYLU
)L[HG'RVH&RPELQDWLRQ DQG5LEDYLULQ IRU RU :HHNVLQ
6XEMHFWVZLWK&KURQLF*HQRW\SHRU +&9,QIHFWLRQ :KR+DYH
3UHYLRXVO\)DLOHG D 'LUHFW$FWLQJ$QWLYLUDO&RQWDLQLQJ5HJLPHQ
,1'1XPEHU
(XGUD&71XPEHU
&OLQLFDO7ULDOVJRY
,GHQWLILHU
7KLVLVDQRQ,1'VWXG\
1RW$SSOLFDEOH
1RW$YDLODEOH
6WXG\&HQWHUV
3ODQQHG
$SSUR[LPDWHO\ FHQWHUV LQ-DSDQ
2EMHFWLYHV
7KHSULPDU\REMHFWLYHV RIWKLVVWXG\DUH IROORZV

7RHYDOXDWHWKHDQWLYLUDOHIILFDF\RIWKHUDS\ZLWK
VRIRVEXYLUYHOSDWDVYLU62)9(/IL[HGGRVHFRPELQDWLRQ)'&
DQGULEDYLULQIRURUZHHNV DVPHDVXUHGE\WKHSURSRUWLRQRI
VXEMHFWVZLWKVXVWDLQHGYLURORJLFUHVSRQVH ZHHNVDIWHU
FHVVDWLRQRIWUHDWPHQW695

7RHYDOXDWHWKHVDIHW\DQGWROHUDELOLW\RIHDFK UHJLPHQ DVDVVHVVHG
E\UHYLHZRIWKHDFFXPXODWHGVDIHW\GDWD
7KHVHFRQGDU\REMHFWLYHVRIWKLVVWXG\DUHDVIROORZV

7RGHWHUPLQHWKHSURSRUWLRQRIVXEMHFWVZKRDWWDLQ695DW DQG
 ZHHNV DIWHUFHVVDWLRQRIWUHDWPHQW 695DQG695

7RHYDOXDWHWKHSURSRUWLRQRIVXEMHFWVZLWKYLURORJLFIDLOXUH

7RHYDOXDWH WKHNLQHWLFVRIFLUFXODWLQJ+&951$GXULQJ
WUHDWPHQWDQGDIWHUFHVVDWLRQRIHDFKWUHDWPHQWUHJLPHQ

7RHYDOXDWHWKHHPHUJHQFHRI YLUDOUHVLVWDQFHWR62) DQG9(/
GXULQJWUHDWPHQWDQGDIWHUFHVVDWLRQRIWUHDWPHQW




62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
 KRXUVSRVWGRVHZLOOEHSHUIRUPHGDWHLWKHUWKH:HHN:HHN
RU:HHNRQWUHDWPHQWYLVLWWRGHWHUPLQHWKHVWHDG\VWDWH
SKDUPDFRNLQHWLFVRI62)LWVPHWDEROLWHV*6DQG
*69(/DQG5%9LIDSSURSULDWH
6WXG\3URFHGXUHV
)UHTXHQF\
6FUHHQLQJDVVHVVPHQWVZLOOEHFRPSOHWHGZLWKLQGD\VSULRUWR
WKH 'D\ YLVLW7KHVFUHHQLQJZLQGRZFDQEHH[WHQGHGXSWRGD\V
LQH[WHQXDWLQJFLUFXPVWDQFHVLQFOXGLQJWKHQHHGIRUDOLYHUELRSV\RU
DGGLWLRQDO+&9JHQRW\SLQJLILQLWLDOWHVWLQJLVLQFRQFOXVLYH
6WXG\YLVLWVZLOORFFXUDW6FUHHQLQJ'D\DQGRQWUHDWPHQWDWWKH
HQGRI:HHNVDQGIRUVXEMHFWVUDQGRPL]HGWR
UHFHLYHZHHNVRIVWXG\WUHDWPHQW
6WXG\YLVLWVZLOORFFXUDW6FUHHQLQJ'D\DQGRQWUHDWPHQWDWWKH
HQGRI:HHNVDQGIRUVXEMHFWV
UDQGRPL]HGWRUHFHLYHZHHNVRIVWXG\WUHDWPHQW
)ROORZLQJWKHODVWGRVHRIVWXG\GUXJVDOOVXEMHFWVZLOOFRPSOHWH
SRVWWUHDWPHQW:HHN:HHNDQG:HHNYLVLWV
6FUHHQLQJDVVHVVPHQWVZLOOLQFOXGHPHGLFDOKLVWRU\SK\VLFDO
H[DPLQDWLRQKHLJKWZHLJKWYLWDOVLJQVOHDGHOHFWURFDUGLRJUDP
(&*DGYHUVHHYHQWV$(VUHODWHGWRVFUHHQLQJSURFHGXUHV
FRQFRPLWDQWPHGLFDWLRQVOLYHULPDJLQJWRH[FOXGHKHSDWRFHOOXODU
FDUFLQRPD+&&ZLWKLQPRQWKVIRUQRQFLUUKRWLFVDQGZLWKLQ
 PRQWKVIRUFLUUKRWLFVVDIHW\ODERUDWRU\WHVWVLQFOXGLQJKHPDWRORJ\
FKHPLVWU\FRDJXODWLRQXULQDO\VLV+&951$VHUXPȕK&*
IHPDOHVRIFKLOGEHDULQJSRWHQWLDORQO\+&9JHQRW\SHKRVW,/%
JHQRW\SHVHURORJ\+,9+&9+%9KHPRJORELQ$F+E$F
DQGDVVHVVPHQWRIWKHSUHVHQFHRUDEVHQFHRIFLUUKRVLVLQFOXGLQJ
)LEUR7HVW
2QWUHDWPHQWDVVHVVPHQWVLQFOXGHSK\VLFDOH[DPLQDWLRQZHLJKWYLWDO
VLJQV$(VFRQFRPLWDQWPHGLFDWLRQVSUHJQDQF\SUHYHQWLRQ
FRXQVHOLQJUHYLHZRIVWXG\GUXJV DGKHUHQFHDQGGUXJDFFRXQWDELOLW\
VWXG\GUXJV GLVSHQVLQJVDIHW\ODERUDWRU\WHVWVLQFOXGLQJKHPDWRORJ\
FKHPLVWU\FRDJXODWLRQ+&951$YLUDO51$
VHTXHQFLQJSKHQRW\SLQJDQGRU+%9'1$VDPSOHSKDUPDFRNLQHWLF
VDPSOHVXULQHSUHJQDQF\WHVWVIHPDOHVRIFKLOGEHDULQJSRWHQWLDO
RQO\
3RVWWUHDWPHQWDVVHVVPHQWVLQFOXGHSK\VLFDOH[DPLQDWLRQZHLJKWYLWDO
VLJQV$(VDQGFRQFRPLWDQWPHGLFDWLRQVSUHJQDQF\SUHYHQWLRQ
FRXQVHOLQJVDIHW\ODERUDWRU\WHVWVLQFOXGLQJKHPDWRORJ\DQG
FKHPLVWU\ +&951$YLUDO51$VHTXHQFLQJSKHQRW\SLQJ DQGRU
+%9'1$DQGXULQHSUHJQDQF\WHVWVIHPDOHVRIFKLOGEHDULQJ
SRWHQWLDORQO\


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
6WXG\3URFHGXUHV
)UHTXHQF\
)RUVXEMHFWVZKRSURYLGHWKHLUDGGLWLRQDODQGVSHFLILFFRQVHQWD
VLQJOHEORRGVDPSOHZLOOEHFROOHFWHGDWWKH'D\YLVLWIRUKXPDQ
JHQRPLFWHVWLQJWKLVVDPSOHPD\EHGUDZQDIWHU'D\LIQHFHVVDU\
+HDOWK5HODWHG4XDOLW\RI/LIH+54R/VXUYH\VZLOOEHFRQGXFWHGDW
'D\RQWUHDWPHQW:HHNVDQGLIDSSOLFDEOHDQG
3RVWWUHDWPHQW:HHNYLVLWV
)RUVXEMHFWVZKRSURYLGHFRQVHQWDUFKLYHSODVPDVDPSOHVZLOOEH
FROOHFWHGDW'D\DQG(QGRI7UHDWPHQW:HHNRU:HHN
9LVLWV IRUSRWHQWLDOIXWXUHWHVWLQJ
)RUVXEMHFWVZKRSURYLGHFRQVHQWDQLQWHQVLYH3.FROOHFWLRQZLOOEH
SHUIRUPHGDWWKHRQWUHDWPHQW:HHN :HHNRU:HHNYLVLW
7HVW3URGXFW'RVH
DQG0RGHRI
$GPLQLVWUDWLRQ
 62)9(/IL[HGGRVHFRPELQDWLRQ)'&LVPDQXIDFWXUHGDVD
PJ)'&WDEOHWIRURUDODGPLQLVWUDWLRQ6XEMHFWVZLOOWDNH
WDEOHWGDLO\ZLWKRUZLWKRXWIRRG
 5LEDYLULQ5(%(72/5%9LVPDQXIDFWXUHGDVDPJ
FDSVXOH6XEMHFWVZLOOWDNHZHLJKWEDVHG5%9 HYHU\GD\
PJGD\LQDGLYLGHGGDLO\GRVHLQDFFRUGDQFHZLWK
5%9SURGXFWODEHOLQJ7KHPRUQLQJGRVHRI5%9ZLOOEHWDNHQ
ZLWKWKH62)9(/WDEOHWDQGZLWKIRRG7KHHYHQLQJGRVHRI
5%9ZLOOEHWDNHQDORQHZLWKIRRG5LEDYLULQGRVHUHGXFWLRQVDQG
PRGLILFDWLRQVZLOOEHSHUIRUPHGDFFRUGLQJWRWKHDSSURYHG5%9
ODEHOLQJ
5HIHUHQFH7KHUDS\
'RVHDQG0RGHRI
$GPLQLVWUDWLRQ
1RQH
&ULWHULDIRU
(YDOXDWLRQ
6DIHW\
$(VDQGVDIHW\ODERUDWRU\WHVWVZLOOEHFROOHFWHGWKURXJKRXWWKHVWXG\
(IILFDF\
(IILFDF\ZLOOEHHYDOXDWHGXVLQJVFKHGXOHGDVVHVVPHQWVRI+&951$
SHUIRUPHGXVLQJ&2%$6 $PSOLSUHS &2%$6 7DT0DQ +&9
4XDQWLWDWLYH7HVWYHUVLRQ
3KDUPDFRNLQHWLFV
$VLQJOH3.EORRGVDPSOHZLOOEHFROOHFWHGDWHDFKRQWUHDWPHQWYLVLW
IRU DOOVXEMHFWV
$QRSWLRQDOLQWHQVLYH3.VXEVWXG\PD\DOVREHSHUIRUPHGDWWKH
:HHN:HHNRU:HHNRQWUHDWPHQWYLVLWLQDVXEVHWRIVXEMHFWV
WDUJHWaVXEMHFWV6HULDO3.VDPSOHVZLOOEHFROOHFWHGRYHU
 KRXUVSRVWGRVH7KH3.RI62)LWVPHWDEROLWHV*6DQG
*69(/DQG5%9PD\EHDVVHVVHG


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
6WDWLVWLFDO0HWKRGV
7KHSULPDU\HIILFDF\HQGSRLQWIRUWKHVWXG\LV695LQDOO
UDQGRPL]HGDQGWUHDWHGVXEMHFWV
$SSUR[LPDWHO\VXEMHFWVZLOOEHUDQGRPL]HGLQWKLVVWXG\ZLWK
DSSUR[LPDWHO\VXEMHFWVZLWKJHQRW\SH+&9LQIHFWLRQDQG
DSSUR[LPDWHO\ VXEMHFWVZLWKJHQRW\SH+&9LQIHFWLRQ'XHWRWKH
OLPLWHGQXPEHURIJHQRW\SHVXEMHFWVLQWKLVVWXG\WKHVDPSOHVL]H
MXVWLILFDWLRQZLOOEHEDVHGRQJHQRW\SHVXEMHFWVRQO\
*HQRW\SH6XEMHFWV
,QWKHSULPDU\HIILFDF\DQDO\VLVWKH695UDWHIRUJHQRW\SH 
VXEMHFWVLQHDFKRIWKHWZRWUHDWPHQWJURXSVZLOOEHFRPSDUHGWRWKH
KLVWRULFDOFRQWUROUDWHRIXVLQJWKHWZRVLGHGH[DFWRQHVDPSOH
ELQRPLDOWHVWZLWK%RQIHUURQLDOSKDDGMXVWPHQWHDFKDWVLJQLILFDQFH
OHYHO
7KH695QXOOUDWHLVDZHLJKWHGDYHUDJHUDWHGHULYHGIURP695
UDWHVRIDQGIRUWUHDWPHQWQDLYHJHQRW\SH
+&9LQIHFWHGSDWLHQWV DQGKLJKYLUDOORDGVWUHDWHGZLWK3(*,)1
DQG5%9IRUZHHNVFLWHGLQWKH-DSDQHVHSDFNDJHLQVHUWVIRU
5(%(72/&DSVXOHVPJ06'-XO\WK YHUVLRQ DQG
&23(*86 7DEOHWVPJ&KXJDL3KDUPDFHXWLFDOV-XO\WK
YHUVLRQUHVSHFWLYHO\
$VDPSOHVL]HRIJHQRW\SHVXEMHFWVLQHDFKWUHDWPHQWJURXSZLOO
SURYLGHRYHUSRZHUWRGHWHFWDWOHDVWLPSURYHPHQWLQ
695UDWHIURPWKHKLVWRULFDOFRQWUROUDWHRIXVLQJDWZRVLGHG
H[DFWRQHVDPSOHELQRPLDOWHVWDWVLJQLILFDQFHOHYHORI
*HQRW\SH6XEMHFWV
1RVWDWLVWLFDOK\SRWKHVLVWHVWLQJZLOOEHSHUIRUPHGLQJHQRW\SH 
VXEMHFWV$SRLQWHVWLPDWHZLWKWZRVLGHG H[DFWFRQILGHQFH
LQWHUYDOXVLQJWKHELQRPLDOGLVWULEXWLRQ&ORSSHU3HDUVRQPHWKRG
ZLOOEHFRQVWUXFWHGIRUWKH695UDWHV
7KHVHFRQGDU\HIILFDF\HQGSRLQWVLQFOXGH695PHDVXUHGDW DQG
 ZHHNVDIWHUFHVVDWLRQ RIVWXG\GUXJV 695DQG695
SURSRUWLRQRIVXEMHFWVZKRKDYH+&951$//24E\YLVLWZKLOH
RQVWXG\WUHDWPHQWDEVROXWHDQGFKDQJHIURPEDVHOLQH LQ+&951$
WKURXJKHQGRIWUHDWPHQWDQGYLURORJLFIDLOXUH
7KLVVWXG\ZLOOEHFRQGXFWHGLQDFFRUGDQFH ZLWK,&+*RRG&OLQLFDO 3UDFWLFH *&3DQG-*&3
0LQLVWHULDO2UGLQDQFHRQ*RRG&OLQLFDO3UDFWLFHIRU'UXJVDQGDOODSSOLFDEOHUHJXODWRU\
UHTXLUHPHQWVLQFOXGLQJDUFKLYLQJRIHVVHQWLDOGRFXPHQWV


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506
&
GHJUHHV&HOVLXV
)
GHJUHHV)DKUHQKHLW
$E
DQWLERG\
$%:
DFWXDOERG\ZHLJKW
$''
$WWHQWLRQGHILFLWGLVRUGHU
$(V
DGYHUVHHYHQWV
$/7
DODQLQHDPLQRWUDQVIHUDVHDOVR6*37
$1&
DEVROXWHQHXWURSKLOFRXQW
D377
DFWLYDWHGSDUWLDOWKURPERSODVWLQWLPH
$67
DVSDUWDWHDPLQRWUDQVIHUDVHDOVR6*27
$69
DVXQDSUHYLU
$8&
DUHDXQGHUWKHFXUYH
$9
DWULRYHQWULFXODU
%/4
EHORZOLPLWRITXDQWLILFDWLRQ
%0'
ERQHPLQHUDOGHQVLW\
%0,
ERG\PDVVLQGH[
%:
ERG\ZHLJKW
&'
FOXVWHURIGLIIHUHQWLDWLRQ
&)5
&RGHRI)HGHUDO5HJXODWLRQV
&+)
FRQJHVWLYHKHDUWIDLOXUH
&,
FRQILGHQFHLQWHUYDO
&/&U
FUHDWLQLQHUDWH
&/'4+&9
&KURQLF/LYHU'LVHDVH4XHVWLRQQDLUH
FP
VTXDUHFHQWLPHWHU
&PD[
WKHPD[LPXPREVHUYHGVHUXPSODVPDSHULSKHUDOEORRGPRQRQXFOHDU3%0&
FRQFHQWUDWLRQRIGUXJ
&16
&HQWUDOQHUYRXVV\VWHP
&UFO
FUHDWLQLQHFOHDUDQFH
&52
FRQWUDFWRUFOLQLFDOUHVHDUFKRUJDQL]DWLRQ
&65
FOLQLFDOVWXG\UHSRUW
&9$
&HUHEUDOYDVFXODUDFFLGHQW
'$$
GLUHFWDFWLQJDQWLYLUDO
'&9
GDFODWDVYLU
G/
GHFLOLWHU
'1$
GHR[\ULERQXFOHLFDFLG
'63+
*LOHDG 'UXJ6DIHW\DQG3XEOLF+HDOWK
(&*
HOHFWURFDUGLRJUDP
H&5)
HOHFWURQLFFDVHUHSRUWIRUP


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
('&
HOHFWURQLFGDWDFDSWXUH
HJ
H[DPSOHJLYHQ
(5
HPHUJHQF\URRP
H6$(
HOHFWURQLFVHULRXV DGYHUVHHYHQW
(6/'
HQGVWDJHOLYHUGLVHDVH
(7
HDUO\WHUPLQDWLRQ
(8
(XURSHDQ8QLRQ
(XGUD&7
(XURSHDQ8QLRQ'UXJ5HJXODWLQJ$XWKRULWLHV&OLQLFDO7ULDOV
)$&,7)
)DWLJXH,QGH[
)$6
IXOODQDO\VLVVHW
)'$
8QLWHG6WDWHV)RRGDQG'UXJ$GPLQLVWUDWLRQ
)'&
IL[HGGRVHFRPELQDWLRQ
)(9
IRUFHGH[SLUDWRU\YROXPHLQVHFRQG
)6+
IROOLFOHVWLPXODWLQJKRUPRQH
J
JUDPV
*&3
*RRG&OLQLFDO3UDFWLFH
**7
JDPPDJOXWDP\OWUDQVIHUDVH
*,
JLJD
*05
JHRPHWULFPHDQUDWLR
*6
VRIRVEXYLUIRUPHUO\36,
*6,
*LOHDG6FLHQFHV,QF
*7
JHQRW\SH
K
KRXU
+
KLVWDPLQH
+E
KHPRJORELQ
+E$F
KHPRJORELQ$F
+%V$J
KHSDWLWLV%VXUIDFHDQWLJHQ
+%9
KHSDWLWLV%YLUXV
+&&
KHSDWRFHOOXODUFDUFLQRPD
+&9
KHSDWLWLV&YLUXV
+'3(
KLJKGHQVLW\SRO\HWK\OHQH
+,9
KXPDQLPPXQRGHILFLHQF\YLUXV
+/*7
KLJKOHYHOJURXSWHUP
+/7
KLJKOHYHOWHUP
+0*&R$
K\GUR[\PHWK\OJOXWDU\OFRHQ]\PH$
+3)
KLJKSRZHUILHOG
+54R/
+HDOWK5HODWHG4XDOLW\RI/LIH
,%
LQYHVWLJDWRUEURFKXUH
,&)
LQIRUPHGFRQVHQWIRUP
,&+
,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQL]DWLRQ


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
,(&
LQGHSHQGHQWHWKLFVFRPPLWWHH
,)1
LQWHUIHURQ
/+
OXWHLQL]LQJKRUPRQH
,/%
LQWHUOHXNLQ%JHQH
,0%
LQWHUPHQVWUXDOEOHHGLQJ
,1'
,QYHVWLJDWLRQDO1HZ'UXJ$SSOLFDWLRQ
,15
LQWHUQDWLRQDOQRUPDOL]HGUDWLRRISURWKURPELQWLPH
,5%
LQVWLWXWLRQDOUHYLHZERDUG
,8
,QWHUQDWLRQDO8QLWV
,8'
LQWUDXWHULQHGHYLFH
,86
LQWUDXWHULQHKRUPRQHUHOHDVLQJV\VWHP
,9
LQWUDYHQRXV
,:56
LQWHUDFWLYHZHEUHVSRQVHV\VWHP
-*&3
0LQLVWHULDO2UGLQDQFHRQ*RRG&OLQLFDO3UDFWLFHIRU'UXJV
NJ
NLORJUDP
N3$
NLORSDVFDO
/
OLWHU
/$0
ODFWDWLRQDODPHQRUUKHDPHWKRG
/'/
ORZGHQVLW\OLSRSURWHLQ
/'9
OHGLSDVYLU
//1
ORZHUOLPLWRIWKHQRUPDOUDQJH
//24
ORZHUOLPLWRITXDQWLILFDWLRQ
//7
ORZHUOHYHOWHUP
P
VTXDUHPHWHU
0&9
PHDQFRUSXVFXODUYROXPHRUPHDQFHOOYROXPH
0HG'5$
0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV
P(T
PLOOLHTXLYDOHQWV
PJ
PLOOLJUDP
0*%
PLQRUJURRYHELQGHU
0+
0DQWHO+DHQV]HO
0+/:
0LQLVWU\RI+HDOWK/DERXUDQG:HOIDUH
P/
PLOOLOLWHU
PP
FXELFPLOOLPHWHU
PP+J
PLOOLPHWHUVPHUFXU\
PPRO
PLOOLPROH
Q
QXPEHU
1*0((
QRUJHVWLPDWHHWKLQ\OHVWUDGLRO
16 $$%
QRQVWUXFWXUDOSURWHLQ
2&
KRUPRQDOFRQWUDFHSWLYH
3&5
SRO\PHUDVHFKDLQUHDFWLRQ


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
3HJ,)1
SHJ\ODWHGLQWHUIHURQ
3JS
SJO\FRSURWHLQ
3.
SKDUPDFRNLQHWLF
30'$
3KDUPDFHXWLFDOVDQG0HGLFDO'HYLFHV$JHQF\
33,V
SURWRQSXPSLQKLELWRU
35
3DQG5ZDYHVLQHOHFWURFDUGLRJUDSK\
37
SUHIHUUHGWHUPRUSURWKURPELQWLPH
4
TXDUWLOH
4
TXDUWLOH
47F
FRUUHFWHG47
5$9
UHVLVWDQFHDVVRFLDWHGYDULDQWV
5%&
UHGEORRGFHOOFRXQW
5%9
ULEDYLULQ
51$
ULERQXFOHLFDFLG
6$'5
VHULRXVDGYHUVHGUXJUHDFWLRQ
6$(
VHULRXVDGYHUVHHYHQW
6FU
VHUXPFUHDWLQLQHPJG/
6'
VWDQGDUGGHYLDWLRQ
VHF
VHFRQGV
6)
,WHP6KRUW)RUP+HDOWK6XUYH\
6*27
VHUXPJOXWDPLFR[DORDFHWLFWUDQVDPLQDVH
6*37
VHUXPJOXWDPLFS\UXYLFWUDQVDPLQDVH
613
VLQJOHQXFOHRWLGHSRO\PRUSKLVP
62&
V\VWHP2UJDQ&ODVV
62)
VRIRVEXYLUIRUPHUO\*6
623
VWDQGDUGRSHUDWLQJSURFHGXUH
675
VLQJOHWDEOHWUHJLPHQ
686$5
6XVSHFWHG8QH[SHFWHG6HULRXV$GYHUVH5HDFWLRQ
695
VXVWDLQHGYLURORJLFUHVSRQVH
695
VXVWDLQHGYLURORJLFUHVSRQVHZHHNVDIWHU FHVVDWLRQRIWUHDWPHQW
695
VXVWDLQHGYLURORJLFUHVSRQVHZHHNVDIWHUFHVVDWLRQRIWUHDWPHQW
695
VXVWDLQHGYLURORJLFUHVSRQVHZHHNVDIWHUFHVVDWLRQRIWUHDWPHQW
7(1
WR[LFHSLGHUPDOQHFURO\VLV
71'
WDUJHWQRWGHWHFWHG
8/1
XSSHUOLPLWRIQRUPDO
86
8QLWHG6WDWHV
:%&
ZKLWHEORRGFHOO
:3$,
:RUN3URGXFWLYLW\DQG$FWLYLW\,PSDLUPHQW
9(/
YHOSDWDVYLU
ȕK&*
ȕKXPDQFKRULRQLFJRQDGRWURSLQ


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
ȝJ
PLFURJUDP
ȝ/
PLFUROLWHU
ȝPRO
PLFURPROH


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

,1752'8&7,21

%DFNJURXQG
+HSDWLWLV&9LUXV+&9LQIHFWLRQLVDJOREDOKHDOWKFKDOOHQJHZLWKDQHVWLPDWHGPLOOLRQ
LQGLYLGXDOVLQIHFWHGZRUOGZLGH^*KDQ\HWDO`8SWRRILQGLYLGXDOVLQIHFWHGZLWK+&9
IDLOWRFOHDUWKHYLUXVDQGSURJUHVVWRFKURQLFLQIHFWLRQ^/DXHUHWDO`&RQVHTXHQFHVRI
FKURQLFLQIHFWLRQLQFOXGHFLUUKRVLVDQGKHSDWRFHOOXODUFDUFLQRPD^7KHLQHWDO`7KHDQQXDO
UDWHRISURJUHVVLRQWRFLUUKRVLVLQFKURQLF+&9LQIHFWHGSDWLHQWVZLWKDGYDQFHGILEURVLVLVa
^'LHQVWDJHWDO`$SSUR[LPDWHO\ WRRISDWLHQWVSHU\HDUZLWKHVWDEOLVKHGFLUUKRVLVZLOO
SURJUHVVWRKHSDWRFHOOXODUFDUFLQRPD+&&^'HJRVHWDO`^'LHQVWDJHWDO`
^1LVKLJXFKLHWDO`^6HUIDW\HWDO`*LYHQWKHDV\PSWRPDWLFQDWXUHRIHDUO\LQIHFWLRQ
WKHVORZSURJUHVVLRQWRFKURQLFOLYHUGLVHDVHDQGWKHODFNRIDGHTXDWHVFUHHQLQJLQDWULVN
LQGLYLGXDOVLWLVH[SHFWHGWKDWWKHSUHYDOHQFHRIVXEMHFWVGLDJQRVHGZLWK+&9UHODWHG
FRPSOLFDWLRQVZLOOSHDNRYHUWKHQH[W GHFDGHV^+RRIQDJOHHWDO`^:RUOG+HDOWK
2UJDQL]DWLRQ:+2`^(O6HUDJ`^'DYLVHWDO`
7KHDGYHQWRIGLUHFWDFWLQJDQWLYLUDOV'$$VWKDWWDUJHWWKH16$ DQG16%UHJLRQVRIWKH
+&9YLUXV RIIHUKLJKHUUHVSRQVHUDWHVDQGLPSURYHGVDIHW\DQGWROHUDELOLW\WKDQWKHSUHYLRXV
WKHUDSLHV EDVHGRQ SHJ\ODWHGLQWHUIHURQ3(*,)1DQGULEDYLULQ 5%97KRXJK
'$$FRQWDLQLQJWKHUDSLHVSURYLGH695UDWHV!WKRVHZKRIDLOWKHVHUHJLPHQVRIWHQGHYHORS
UHVLVWDQFHDVVRFLDWHGYDULDQWV5$9VWKHUHE\OLPLWLQJIXWXUHWUHDWPHQWRSWLRQV7KHUHDUHQR
DSSURYHGWKHUDSLHVIRUSDWLHQWVZKR KDYH IDLOHG'$$FRQWDLQLQJUHJLPHQV DQGWKHVHSDWLHQWVDUH
W\SLFDOO\H[FOXGHGIURPFOLQLFDOWULDOVRIQH[WJHQHUDWLRQ+&9GUXJV7KHUHIRUHGHYHORSPHQWRI
VDOYDJHWKHUDSLHVZLOODGGUHVVWKHXQPHWPHGLFDOQHHGRISDWLHQWVZKRKDYHSUHYLRXVO\IDLOHG
'$$FRQWDLQLQJUHJLPHQV

+&9,QIHFWLRQ LQ-DSDQ
:LWKSXEOLVKHG+&9SUHYDOHQFHHVWLPDWHVIURPEORRGGRQRUDQGVXEJURXSEDVHGVWXGLHVRQ WKH
RUGHURILQ-DSDQ^6LHYHUWHWDO` LWLVHVWLPDWHGWKDW WKHUHDUH
DSSUR[LPDWHO\ PLOOLRQSHRSOHFKURQLFDOO\LQIHFWHGZLWK+&9,Q-DSDQLWLVHVWLPDWHGWKDW
DSSUR[LPDWHO\RIWKHPLOOLRQSHRSOHLQIHFWHGZLWKFKURQLFKHSDWLWLV&YLUXVKDYH
JHQRW\SH ^6LHYHUWHWDO`^&KXQJHWDO`7KHKLJKHVWSUHYDOHQFHUDWHVRI+&9
DQWLERGLHVLQILUVWWLPHEORRGGRQRUVWXGLHVKDYHEHHQUHSRUWHGLQWKH\HDU DQG
 \HDUDJHJURXSV^7DQDNDHWDO`&RQVHTXHQWO\WKHPDMRULW\RI-DSDQHVH
SDWLHQWVZLWKFKURQLFKHSDWLWLV&DUHHOGHUO\DYHUDJHDJHa\HDUV DQG DUHPRUHOLNHO\WREH
WUHDWPHQWH[SHULHQFHGDQGKDYHSURJUHVVLYHOLYHUGLVHDVH&RPRUELGFRQGLWLRQV HJGLDEHWHVDQG
FDUGLRYDVFXODUGLVHDVHDUHFRPPRQLQWKLVSRSXODWLRQDQGSRVH FKDOOHQJHVWRWKHXVHRI5%9
WKHUDS\,WLVHVWLPDWHGWKDWDSSUR[LPDWHO\RI SDWLHQWVZLWKFKURQLFKHSDWLWLV&ZLOOJRRQ
WRGHYHORSFRPSOLFDWLRQVLQFOXGLQJOLYHU FLUUKRVLV+&& DQGHQGVWDJHOLYHUGLVHDVH(6/'
^7KHLQHWDO` ,Q-DSDQ+&9JHQRW\SHDQGJHQRW\SHDUHWKHSUHGRPLQDQWJHQRW\SHV
ZKLFKDFFRXQWIRUDSSUR[LPDWHO\DQGRIFKURQLFLQIHFWLRQVUHVSHFWLYHO\^&KXQJHWDO
`


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

7UHDWPHQW2SWLRQVLQ-DSDQ
8QWLOUHFHQWO\WKHVWDQGDUGRIFDUHLQ-DSDQIRUFKURQLFJHQRW\SHDQGJHQRW\SH+&9
LQIHFWLRQZDV ZHHNVRILQWHUIHURQEDVHGWKHUDS\DFFRUGLQJWR+&9JHQRW\SHDQG
YLURORJLFUHVSRQVH+RZHYHUWKHVWDQGDUGRIFDUHWKHUDS\IRUFKURQLF+&9LQIHFWLRQKDVEHHQ
HYROYLQJUDSLGO\VLQFHWKHILUVW'$$DJHQWWHODSUHYLU795DGPLQLVWHUHGLQFRPELQDWLRQZLWK
3HJ,)1Į5%9ZDVDSSURYHGLQ6LQFHWKHQWKHDOORUDO,)1IUHHUHJLPHQRIWKH+&9
16$LQKLELWRUGDFODWDVYLU'&9SOXVWKH+&916$SURWHDVHLQKLELWRUDVXQDSUHYLU$69
KDVEHHQDSSURYHGIRUSDWLHQWVZLWKFKURQLFJHQRW\SH+&9LQIHFWLRQ7KLVUHJLPHQZDV
LQLWLDOO\LQGLFDWHGIRUSDWLHQWVZKRZHUHLQHOLJLEOHIRURULQWROHUDQWRI,)1EDVHGWKHUDS\ZLWK
VXEVHTXHQWODEHOPRGLILFDWLRQVWRLQFOXGHSULRUQRQUHVSRQGHUVDQGILQDOO\WUHDWPHQWQDwYH
SDWLHQWVDQGUHODSVHUV$OWKRXJKWKH'&9$69FRPELQDWLRQKDVSURYLGHGDQHZWUHDWPHQW
RSWLRQLQ-DSDQWKHRYHUDOOHIILFDF\DVVRFLDWHGZLWKWKLVUHJLPHQLVVXERSWLPDO,QWKH-DSDQHVH
3KDVHVWXG\RYHUDOORIVXEMHFWVH[SHULHQFHGYLURORJLFIDLOXUHZKLFKZDV
DVVRFLDWHGZLWKWKHHPHUJHQFHRIUHVLVWDQFHDVVRFLDWHGPXWDWLRQVWRERWK'&9DQG$69
SUHGRPLQDQWO\16$/09 DQG<+DQG16'()DLOXUHUDWHVDUHKLJKLQSDWLHQWV
ZLWKEDVHOLQH16$5$9VZKHUHWKH695UDWHVZHUHRYHUDOOZLWK
DQGLQVXEMHFWVZLWKEDVHOLQH<+DQG/09UHVSHFWLYHO\^.XPDGDHWDO
`7KLVILQGLQJLVSDUWLFXODUO\LPSRUWDQWVLQFHWKH<+DQG/0YDULDQWVKDYHEHHQ
UHSRUWHGWRRFFXULQDQGRIXQWUHDWHG-DSDQHVHSDWLHQWVZLWKFKURQLF
JHQRW\SHE+&9LQIHFWLRQUHVSHFWLYHO\^6X]XNLHWDO`0RUHUHFHQWVWXGLHVKDYH
GHPRQVWUDWHGWKDWDPRQJSDWLHQWVZKRIDLOWUHDWPHQWZLWK'&9$69IRUZHHNV
GHYHORS16$5$9V^/LRHWDO` 5HVXOWVIURPWKHFOLQLFDOVWXGLHVDUHFRQVLVWHQWZLWKSRVW
PDUNHWLQJGDWDZLWKDQHVWLPDWHGSDWLHQWVKDYLQJIDLOHGWKH'&9$69UHJLPHQDWWKLV
WLPHODUJHO\GXHWRWKHHPHUJHQFHRIPXOWLFODVVGUXJUHVLVWDQFH
,Q-XO\+DUYRQLWKH VLQJOHWDEOHWUHJLPHQ675 FRPSULVHGRIWKH16$LQKLELWRU
OHGLSDVYLU/'9DQGWKH16%QXFOHRWLGHDQDORJXHSRO\PHUDVHLQKLELWRUVRIRVEXYLU62)ZDV
DSSURYHGIRUSDWLHQWVZLWKFKURQLFJHQRW\SH+&9LQIHFWLRQ,QWKH-DSDQHVH3KDVHFOLQLFDO
WULDO*686WUHDWPHQWZLWK+DUYRQL /'962)DGPLQLVWHUHGIRUZHHNV
UHVXOWHGLQD695UDWHLQWUHDWPHQWQDLYHDQGWUHDWPHQWH[SHULHQFHGVXEMHFWV
LUUHVSHFWLYHRIFLUUKRVLVVWDWXV^0L]RNDPLHWDO` ,QWKLVVWXG\SDWLHQWV ZKRKDGSUHYLRXVO\
UHFHLYHGWUHDWPHQWZLWKDUHJLPHQFRQWDLQLQJDQ+&916$LQKLELWRUZHUHSURKLELWHGIURP
SDUWLFLSDWLRQ\HWRIVXEMHFWVHQUROOHGKDG+&916$5$9VDWEDVHOLQHODUJHO\
/DQG<YDULDQWV^0L]RNDPLHWDO` ,QWKRVHSDWLHQWVZLWKSUHH[LVWLQJ+&916$
5$9VWKH695UDWHLQ/'962)UHFLSLHQWVZDV
,Q6HSWHPEHU9LHNLUD[WKHFRPELQDWLRQRIWKH16$LQKLELWRURPELWDVYLUWKH16$
SURWHDVHLQKLELWRUSDULWDSUHYLUDQGULWRQDYLUWDNHQIRUZHHNVZDVDSSURYHGIRUWKHWUHDWPHQW
RIFKURQLFJHQRW\SH+&9LQIHFWLRQ,QWKH-DSDQHVH3KDVHWULDOWKHRYHUDOO695UDWH
DPRQJSDWLHQWVZLWKRXWFLUUKRVLVZDVDQGLQWKRVHZLWK
FRPSHQVDWHGFLUUKRVLV ^.XPDGDHWDO`5$9VZHUHREVHUYHGLQERWKWKH16DQG16$
UHJLRQVDWWKHWLPHRIYLURORJLFIDLOXUHLQRXWRIWKHSDWLHQWVZKRH[SHULHQFHGRQWUHDWPHQW
YLURORJLFIDLOXUHRUUHODSVH,Q16$WKH<+ZDVIRXQGDWERWKEDVHOLQHDQGWKHWLPHRI


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
YLURORJLFIDLOXUHLQSDWLHQWV<+DORQHRULQFRPELQDWLRQZLWK/054/0/9
DQGRU36ZHUHREVHUYHGLQRISDWLHQWV/)ZDVREVHUYHGLQRQHSDWLHQW
7KHDOORUDO,)1IUHHUHJLPHQRI62)5%9ZDVDSSURYHGLQ0DUFKIRUWKHWUHDWPHQWRI
FKURQLFJHQRW\SH+&9LQIHFWLRQZLWKRUZLWKRXWFRPSHQVDWHGFLUUKRVLV,QWKH-DSDQHVH
3KDVH FOLQLFDOWULDO *68662)5%9DGPLQLVWHUHGIRUZHHNVUHVXOWHGLQ
695UDWHVRILQWUHDWPHQWQDwYHSDWLHQWVDQGLQWUHDWPHQWH[SHULHQFHGSDWLHQWV
7KH695UDWHVLQSDWLHQWVZLWKDQGZLWKRXWFLUUKRVLVZHUHVLPLODUDWDQG
UHVSHFWLYHO\^2PDWDHWDO`

6RIRVEXYLU9HOSDWDVYLU )'&
7KHVRIRVEXYLUYHOSDWDVYLUIL[HGGRVHFRPELQDWLRQ62)9(/)'&FRPELQHVWZR+&9
VSHFLILF'$$VLQWRDVLQJOHWDEOHWIRUWKHWUHDWPHQWRIFKURQLF+&9LQIHFWLRQ 3KDVH VWXGLHV
KDYHGHPRQVWUDWHGWKDW 62)9(/ )'&DGPLQLVWHUHGIRUZHHNV LVZHOOWROHUDWHGDQGUHVXOWVLQ
KLJK695UDWHVDFURVV+&9JHQRW\SHV 
7KHGHYHORSPHQWRI62)9(/5%9 PD\KDYHDPDMRULPSDFWRQWKH EXUGHQRI+&9LQ-DSDQ
DVLWPD\SURYLGHDVDOYDJHUHJLPHQIRUWKHJURZLQJSRSXODWLRQRI +&9LQIHFWHGSDWLHQWV ZKR
KDYHIDLOHG'$$FRQWDLQLQJUHJLPHQV (IILFDF\RIWKLVUHJLPHQLQ+&9LQIHFWHGVXEMHFWVZKR
KDYHIDLOHG'$$FRQWDLQLQJUHJLPHQVLVGHVFULEHGLQ6HFWLRQ

*HQHUDO,QIRUPDWLRQ
3OHDVHUHIHUWRWKH,QYHVWLJDWRU¶V%URFKXUH,%IRUDGGLWLRQDOLQIRUPDWLRQRQ62)9(/DQGWKH
LQGLYLGXDOFRPSRQHQWVLQFOXGLQJ

,Q9LWUR$QWL+HSDWLWLV&9LUXV$FWLYLW\

1RQFOLQLFDO3KDUPDFRNLQHWLFVDQG,Q9LWUR0HWDEROLVP

1RQFOLQLFDO3KDUPDFRORJ\DQG7R[LFRORJ\

&OLQLFDO([SHULHQFH

&OLQLFDO3KDUPDFRORJ\6WXGLHV

6WXG\*686
6WXG\*686HYDOXDWHGWKHSKDUPDFRNLQHWLFVRI62)9(/*6LQKHDOWK\
-DSDQHVH1 DQG&DXFDVLDQ1 VXEMHFWVIROORZLQJDGPLQLVWUDWLRQRI62)9(/
 PJ*6PJDGPLQLVWHUHGZLWKIRRG-DSDQHVHGLHWIRUGD\V,QWHQVLYH
SKDUPDFRNLQHWLFDVVHVVPHQWVZHUHFRQGXFWHGRQ'D\DQG'D\$GGLWLRQDOO\EORRG
VDPSOHVZHUHFROOHFWHGIRU2$73%JHQRW\SHDQDO\VLV
3UHOLPLQDU\UHVXOWVIURPWKH2$73%JHQRW\SHDQDO\VLVLQFOXGLQJ$%DQG
 YDULDQWVLQGLFDWHWKDWWKH-DSDQHVHVXEMHFWVHQUROOHGLQWKLVVWXG\DGHTXDWHO\UHSUHVHQWWKH


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
EURDGHU-DSDQHVHSRSXODWLRQZLWKUHVSHFWWR2$73%JHQRW\SHSUHYDOHQFH^1R]DZDHWDO
`
3UHOLPLQDU\SKDUPDFRNLQHWLFUHVXOWVDUHDYDLODEOHIRUDOOVXEMHFWV3HUFHQWJHRPHWULFPHDQ
UDWLRV*05V-DSDQHVH&DXFDVLDQIRU3.SDUDPHWHUVDUHSUHVHQWHGLQ7DEOH  6LQJOH GRVH
DQGVWHDG\VWDWHH[SRVXUHVRI62) DQGLWVPHWDEROLWHV*6DQG*6ZHUH
VLPLODU EHWZHHQKHDOWK\-DSDQHVHDQG&DXFDVLDQVXEMHFWV 7KHVHGDWDDJUHHZLWKSUHYLRXVO\
FRQGXFWHGVWXGLHVGHPRQVWUDWLQJVLPLODU62)DQGPHWDEROLWHH[SRVXUHZKHQDGPLQLVWHUHGDV
62)VLQJOHDJHQWRUDV/'962)LQ-DSDQHVHDQG&DXFDVLDQVXEMHFWV*686
6LQJOHGRVHDQGVWHDG\VWDWH9(/H[SRVXUHVZHUHDOVRVLPLODUEHWZHHQKHDOWK\-DSDQHVHDQG
&DXFDVLDQVXEMHFWV)RU*6$8&WDX DQG&PD[ ZHUHKLJKHUIROORZLQJDVLQJOHGRVH'D\ 
$8&WDX&PD[RUDWVWHDG\VWDWH'D\$8&WDX&PD[ LQ-DSDQHVH
FRPSDUHGWR&DXFDVLDQVXEMHFWV
7DEOH 
*6863UHOLPLQDU\*HRPHWULF0HDQ5DWLRVRI
62)9(/*6 3.3DUDPHWHUV2EVHUYHG-DSDQHVH&DXFDVLDQ
3.3DUDPHWHU
*HRPHWULF0HDQ5DWLRV&,
-DSDQHVH&DXFDVLDQ
'D\
'D\
62)
$8&WDX


&PD[


*6
$8&WDX


&PD[


*6
$8&WDX


&PD[


9(/
$8&WDX


&PD[


&WDX


*6
$8&WDX


&PD[


&WDX


3UHOLPLQDU\GDWDSUHVHQWHGWR VLJQLILFDQWILJXUHV


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

6WXG\*686
*686LVDQRSHQODEHO3KDVHPXOWLSOHGRVHGUXJGUXJLQWHUDFWLRQVWXG\LQKHDOWK\
IHPDOHVXEMHFWVRIFKLOGEHDULQJDJHHYDOXDWLQJWKHHIIHFWRI9(/ RQWKHSKDUPDFRNLQHWLFVRID
UHSUHVHQWDWLYHKRUPRQDOFRQWUDFHSWLYHPHGLFDWLRQQRUJHVWLPDWHHWKLQ\OHVWUDGLRO1*0((
2&)ROORZLQJVFUHHQLQJHOLJLEOHVXEMHFWVZHUHHQUROOHGLQDOHDGLQSHULRG3DUW $RI GD\V
GXULQJZKLFKWKH\FRPSOHWHGGRVLQJZLWKWKHKRUPRQDOFRQWUDFHSWLYH2&SULRUWREDVHOLQH
DVVHVVPHQWVDQGLQLWLDWLRQRI&\FOH3DUW%6XEMHFWVZLWKDGRFXPHQWHGKLVWRU\RIWDNLQJ2&
IRUDWOHDVWPHQVWUXDOF\FOHFRXOGEHHQUROOHGGLUHFWO\LQWR&\FOH7KH3.VDIHW\DQG
WROHUDELOLW\RI2&DQG2&9(/ ZHUHDVVHVVHGLQ3DUW%RIWKHVWXG\ZKLFKFRQVLVWHGRI
 F\FOHVVXEMHFWVUHFHLYHG2&DORQHGXULQJ&\FOHDQG2&SOXV9(/ PJRQFHGDLO\
GXULQJGD\VRI&\FOH)LIWHHQVXEMHFWVZHUHHQUROOHGDQGFRPSOHWHGWKHVWXG\
7ZR VXEMHFWVZHUHGLVFRQWLQXHGIURPWKHVWXG\SULRUWRLQLWLDWLRQRI&\FOH2&9(/IRU
ODERUDWRU\DEQRUPDOLWLHV
7DEOH  SUHVHQWV WKHVWHDG\VWDWH3.SDUDPHWHUVDQGVWDWLVWLFDOFRPSDULVRQVRI1*0
PHWDEROLWHVQRUHOJHVWURPLQ1*01DQGQRUJHVWUHO1*DQG((IROORZLQJDGPLQLVWUDWLRQDORQH
RULQFRPELQDWLRQZLWK9(/6WHDG\VWDWH9(/ 3.SDUDPHWHUVZHUHDOVRDVVHVVHG1RUJHVWLPDWH
ZDVQRWTXDQWLILDEOHIRUDOOVXEMHFWVDWPRVWWLPHSRLQWV6LPLODUV\VWHPLFH[SRVXUHRI1*01
DQG1*ZHUHDFKLHYHGIROORZLQJ1*0((DGPLQLVWUDWLRQZLWK9(/ UHODWLYHWRDGPLQLVWUDWLRQRI
1*0((DORQH$PRGHVWLQFUHDVHLQ((&PD[ ZDVREVHUYHGZKHQDGPLQLVWHUHGZLWK9(/ ZLWK
QRFKDQJHLQRYHUDOOH[SRVXUH$8&RU&WDX7KHPDJQLWXGHRILQFUHDVHLQ((&PD[ ZKHQ
DGPLQLVWHUHGZLWK9(/ LVVLPLODUWRWKDWREVHUYHGZLWKWKHFRQFRPLWDQWDGPLQLVWUDWLRQRIRWKHU
GUXJVVXFKDVYRULFRQD]ROHDQGHWUDYLULQHZKLFKGLGQRWZDUUDQWGRVHDGMXVWPHQW^$QGUHZVHWDO
`^-DQVVHQ3KDUPDFHXWLFDOV,QF`9(/ H[SRVXUHVZHUHFRQVLVWHQWZLWKKLVWRULFDOGDWD
*686*686
7DEOH 
1*011*((DQG9(/3ODVPD3.3DUDPHWHUV)ROORZLQJ
$GPLQLVWUDWLRQRI1*0((DORQHRUZLWK9(/
3.3DUDPHWHU
0HDQ&9
*/605DWLR
&,1*0((9(/
YV1*0((
1*0(($ORQH
1 
1*0((9(/
1 
1RUHOJHVWURPLQ
$8&WDXSJKP/


 
&PD[SJP/



&WDXSJP/



1RUJHVWUHO
$8&WDXSJKP/



&PD[SJP/



&WDXSJP/





62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
3.3DUDPHWHU
0HDQ&9
*/605DWLR
&,1*0((9(/
YV1*0((
1*0(($ORQH
1 
1*0((9(/
1 
(WKLQ\O(VWUDGLRO
$8&WDXSJKP/

D
 
&PD[SJP/

D
 
&WDXSJP/

D
 
9HOSDWDVYLU
$8&WDXQJKP/
í

í
&PD[QJP/
í

í
&WDXQJP/
í

í
1RWH SUHOLPLQDU\GDWDSUHVHQWHGWRVLJQLILFDQWILJXUHV
D
1 
/XWHLQL]LQJKRUPRQH/+IROOLFOHVWLPXODWLQJKRUPRQH)6+DQGSURJHVWHURQHFRQFHQWUDWLRQV
ZHUHVLPLODULQERWKWUHDWPHQWF\FOHVDVSUHVHQWHGLQ7DEOH  /XWHLQL]LQJKRUPRQHDQG
SURJHVWHURQHPHGLDQYDOXHVZHUHORZHUWKDQWKRVHH[SHFWHGIRURYXODWRU\RUOXWHDOSKDVHV
UHVSHFWLYHO\^4XHVW'LDJQRVWLFVE`^4XHVW'LDJQRVWLFVD`^%DUGLWFK&URYRHWDO
`)ROOLFOHVWLPXODWLQJKRUPRQHZDVORZHURUZLWKLQWKHH[SHFWHGUDQJHIRUWKHRYXODWRU\
SKDVH^4XHVW'LDJQRVWLFVD`7KHVHUHVXOWVDUHFRQVLVWHQWZLWKDSRVVLEOHGHFUHDVHLQVHUXP
/+DQG)6+E\KRUPRQDOFRQWUDFHSWLYHVDQGDEVHQFHRIRYXODWLRQDVDVVHVVHGE\YHU\ORZ
SURJHVWHURQHYDOXHVRQF\FOH'D\
7DEOH 
6XPPDU\RI/+)6+DQG3URJHVWHURQH&RQFHQWUDWLRQV )ROORZLQJ
$GPLQLVWUDWLRQRI1*0((DORQHRUZLWK9(/
3'$QDO\WH
0HGLDQ44
2&$ORQH1 
2&9(/ 1 
/+P,8P/


)6+P,8P/


3URJHVWHURQHQJP/


%DVHGRQWKHVHUHVXOWVQRORVVLQFRQWUDFHSWLYHHIILFDF\LVH[SHFWHGXSRQDGPLQLVWUDWLRQRI
FRPELQHGRUDOFRQWUDFHSWLYHVFRQWDLQLQJQRUJHVWLPDWHHWKLQ\OHVWUDGLROZLWK9(/
6WXG\ *686SUHYLRXVO\GHPRQVWUDWHGWKDWWKHXVHRI62)ZLWKFRQWUDFHSWLYHV
HJ QRUJHVWLPDWHHWKLQ\OHVWUDGLROLVSHUPLWWHG$FFRUGLQJO\WKHXVHRIKRUPRQDO
FRQWUDFHSWLYHVZLWK9(/ DVDVLQJOHDJHQWRUDVSDUWRI62)9(/ )'&LVSHUPLWWHG


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

'UXJ'UXJ,QWHUDFWLRQ6WXGLHVZLWK62)9(/DQG*DVWULF$FLG6XSSUHVVDQWV
*686DQG*686 ZHUH RSHQODEHO3KDVHVLQJOHGRVHGUXJGUXJ
LQWHUDFWLRQVWXGLHV LQKHDOWK\YROXQWHHUVHYDOXDWLQJWKHHIIHFWRIJDVWULFDFLGVXSSUHVVDQWV
KLVWDPLQHUHFHSWRUDQWDJRQLVWVDQGSURWRQSXPSLQKLELWRUVRQWKH3.RI62)9(/7KHVH
VWXGLHVZHUHFRQGXFWHGEHFDXVH9(/KDVGHPRQVWUDWHGS+GHSHQGHQWVROXELOLW\LQYLWUR$
VXPPDU\RIUHVXOWVIURPWKHVHVWXGLHVLVSUHVHQWHGLQWKHWDEOHEHORZ
6WXG\*686GHPRQVWUDWHGWKDWVLPXOWDQHRXVRUVWDJJHUHGKRXUDGPLQLVWUDWLRQRI
62)9(/DGPLQLVWHUHGXQGHUIDVWLQJFRQGLWLRQVZLWKIDPRWLGLQHPJUHVXOWHGLQQRFKDQJH
WRWKH$8&RI62)RU9(/VXJJHVWLQJWKDW62)9(/FDQEHDGPLQLVWHUHGVLPXOWDQHRXVO\RU
VWDJJHUHGZLWK+5$VDWGRVHVFRPSDUDEOHWRIDPRWLGLQHPJ6WXG\*686DOVR
GHPRQVWUDWHGWKDWVLPXOWDQHRXVRUVWDJJHUHGKRXUDGPLQLVWUDWLRQRI62)9(/DGPLQLVWHUHG
XQGHUIDVWLQJFRQGLWLRQVZLWKRPHSUD]ROHPJUHVXOWHGLQDUHGXFWLRQLQ9(/$8&RI
DQGUHVSHFWLYHO\7KH$8&RI62)DOVRGHFUHDVHGWRUHVSHFWLYHO\WKRXJKWKHVH
HIIHFWVDUHVHFRQGDU\WRWKHLPSDFWRI33,VRQ9(/DV62)GRHVQRWGHPRQVWUDWHGS+
GHSHQGHQWVROXELOLW\ %DVHGRQWKHVHGDWDWKHXVHRI62)9(/XQGHUIDVWLQJFRQGLWLRQVZLWK
33,VLVQRWUHFRPPHQGHG
6WXG\*686HYDOXDWHGWKHHIIHFWRIRPHSUD]ROHPJRUPJRQWKH3.RI
62)9(/ZKHQ62)9(/LVDGPLQLVWHUHGZLWKIRRG$GPLQLVWUDWLRQRI62)9(/ZLWKIRRGDQG
RPHSUD]ROHGLGQRWDOWHUWKHRYHUDOOH[SRVXUH$8&RI62)RULWVPHWDEROLWHVUHJDUGOHVVRI
WLPLQJRUGRVHRIRPHSUD]ROH$GPLQLVWUDWLRQRI62)9(/ZLWKIRRGDQGRPHSUD]ROHUHVXOWHGLQ
DGHFUHDVHLQ9(/H[SRVXUH7KHVPDOOHVWGHFUHDVHLQ9(/H[SRVXUH$8&&PD[
ZDVREVHUYHGIROORZLQJDGPLQLVWUDWLRQRI62)9(/ZLWKIRRGKRXUVEHIRUHRPHSUD]ROH
 PJ$VOLJKWO\JUHDWHUGHFUHDVHLQ9(/H[SRVXUH$8&&PD[ZDVREVHUYHGZKHQ
62)9(/ZDVDGPLQLVWHUHGZLWKIRRGKRXUVDIWHURPHSUD]ROHPJ7KHODUJHVWGHFOLQHLQ
9(/H[SRVXUH$8&&PD[ZDVREVHUYHGIROORZLQJ62)9(/DGPLQLVWUDWLRQZLWK
IRRGKRXUVEHIRUHWKHKLJKHUGRVHRIRPHSUD]ROHPJ
&ROOHFWLYHO\WKHVHVWXGLHVLQGLFDWHWKDW33,VFDQLPSDFWWKH3.RI62)9(/$GPLQLVWUDWLRQRI
62)9(/ZLWKIRRGUHGXFHVWKHHIIHFWRIRPHSUD]ROHRQ62)9(/3.7KHRYHUDOOH[SRVXUHRI
62)DQGLWVPHWDEROLWHVZHUHQRWDIIHFWHGE\RPHSUD]ROHPJZKHQ62)9(/ZDV
DGPLQLVWHUHGZLWKIRRGDQGWKHUHGXFWLRQLQ9(/H[SRVXUHZDVOHVVZKHQDGPLQLVWHUHGZLWK
IRRGWRFRPSDUHGWRIDVWHGDGPLQLVWUDWLRQWR6WDJJHULQJWLPLQJRI
RPHSUD]ROHPJDQG62)9(/DGPLQLVWUDWLRQDOVRPRGHVWO\LPSDFWHG9(/H[SRVXUH9(/
$8&ZDVOHDVWLPSDFWHGZKHQDGPLQLVWHUHGKRXUVEHIRUHRPHSUD]ROHPJHTXLYDOHQW WR
 KRXUVDIWHUWKHSUHYLRXVRPHSUD]ROHGRVH
6WXG\*686DOVRGHPRQVWUDWHVWKDWWKHQDWXUHRI9(/H[SRVXUHGHFUHDVHZDVQRW
XQLIRUPDFURVVWKHVWXG\SRSXODWLRQ7KHODUJHVWGHFUHDVHVZHUHREVHUYHGLQVXEMHFWVZLWKWKH
KLJKHVWH[SRVXUHDWWKH UHIHUHQFHFRQGLWLRQRIGRVLQJZLWK62)9(/IDVWHGZLWKRXWDQDFLG
UHGXFLQJDJHQWDQGWKRVHZLWKORZH[SRVXUHDWWKHUHIHUHQFHFRQGLWLRQZHUHJHQHUDOO\XQDIIHFWHG
E\DGPLQLVWUDWLRQZLWKD33,7KHVHGDWDVXJJHVWVWKDWJDVWULFS+LVDFRQWULEXWRUWRWKHQDWXUDO
YDULDELOLW\RI9(/DQGWKHUDQJHRIH[SRVXUHIRU+&9LQIHFWHGVXEMHFWVRQ33,VLVH[SHFWHGWR
EHZLWKLQWKDWREVHUYHGLQ3KDVH$675$/VWXGLHV$FFRUGLQJO\33,GRVHVFRPSDUDEOHZLWK


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
RPHSUD]ROHPJFDQEHDGPLQLVWHUHGZLWK62)9(/ZKHQ62)9(/LVDGPLQLVWHUHGZLWK
IRRG
7DEOH 
6XPPDU\RI&KDQJHVLQ62)9(/3.IROORZLQJDGPLQLVWUDWLRQZLWK
5HSUHVHQWDWLYH+5$VDQG33,V
6WXG\
'RVLQJ
6FKHPH
62)3.3DUDPHWHUV
*63.3DUDPHWHUV
9(/3.3DUDPHWHUV
$8&ODVW
$8&LQI
&PD[
$8&ODVW
$8&LQI
&PD[
$8&ODVW
$8&LQI
&PD[
*686

1 
62)9(/
IDVWHGZLWK
VLPXOWDQHRXV
)$0PJ
ļ
ļ
ļ
ļ
ļ
ļ
ļ
ļ
ļ
62)9(/
IDVWHGZLWK
KRXUV
DIWHU)$0
PJ
ļ
ļ
Ļ
ļ
ļ
ļ
ļ
ļ
ļ
62)9(/
IDVWHGZLWK
VLPXOWDQHRXV
20(PJ
Ļ
Ļ
Ļ
ļ
ļ
ļ
Ļ
Ļ
Ļ
62)9(/
IDVWHG
KRXUVDIWHU
20(PJ
Ļ
Ļ
Ļ
ļ
ļ
ļ
Ļ
Ļ
Ļ
*686

1 
62)9(/
IHG KRXUV
$IWHU20(
 PJ
ļ
ļ
Ļ
ļ
ļ
ļ
Ļ
Ļ
Ļ
62)9(/
IHG KRXUV
%HIRUH20(
 PJ
ļ
ļ
Ļ
ļ
ļ
ļ
Ļ
Ļ
Ļ
62)9(/
IHG KRXUV
%HIRUH20(
 PJ
ļ
ļ
Ļ
ļ
ļ
ļ
Ļ
Ļ
Ļ
)$0 IDPRWLGLQH20( RPHSUD]ROH7KH&,VRIWKH*/60UDWLRVZHUHZLWKLQļRUH[WHQGHGEHORZĻWKH
SUHGHWHUPLQHG3.DOWHUDWLRQERXQGDU\RI

&OLQLFDO7ULDOVRI62)9(/
7ZR3KDVHVWXGLHVHYDOXDWHG WKHHIILFDF\DQGVDIHW\RI62)9(/LQVXEMHFWVZLWKJHQRW\SHD
E  +&9LQIHFWLRQ ZLWKRXWFLUUKRVLVRUZLWKFRPSHQVDWHGFLUUKRVLV*686
$675$/ DQG *686$675$/ 6XPPDULHVRILQWHULPUHVXOWVIURPWKH
LQGLYLGXDO3KDVH VWXGLHVDUHSUHVHQWHGEHORZ$OVRVXPPDU\RILQWHULPUHVXOWVIURPVWXG\
*686LVSUHVHQWHGEHORZ


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

6WXG\*686$675$/

'HVLJQ
7KLV3KDVH UDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGPXOWLFHQWHULQWHUQDWLRQDOVWXG\LV
DVVHVVLQJWKHDQWLYLUDOHIILFDF\VDIHW\DQGWROHUDELOLW\RI ZHHNVRI62)9(/WUHDWPHQW
FRPSDUHGZLWK ZHHNVRI62)9(/SODFHERWUHDWPHQWLQVXEMHFWVZLWKFKURQLFJHQRW\SH 
RUKHSDWLWLV&YLUXV+&9LQIHFWLRQ7KLVVWXG\ZDVFRQGXFWHGLQ%HOJLXP&DQDGD
)UDQFH*HUPDQ\+RQJ.RQJ,WDO\8QLWHG.LQJGRPDQG8QLWHG6WDWHV
6XEMHFWVZLWKJHQRW\SH RU+&9LQIHFWLRQZHUHUDQGRPL]HGLQD UDWLRWRWUHDWPHQW
ZLWK62)9(/IRU ZHHNV62)9(/:HHNJURXSRU62)9(/SODFHERIRU ZHHNV
3ODFHER:HHNJURXS6XEMHFWVZLWKJHQRW\SH +&9LQIHFWLRQZHUHHQUROOHGWRWKH
62)9(/:HHNJURXS5DQGRPL]DWLRQZDVVWUDWLILHGE\+&9JHQRW\SHDQG
LQGHWHUPLQDWHDQGWKHSUHVHQFHRUDEVHQFHRIFLUUKRVLVDWVFUHHQLQJ

'LVSRVLWLRQ
$WRWDORI VXEMHFWVZHUHHQUROOHGDQGWUHDWHG VXEMHFWVLQ WKH62)9(/ :HHNJURXS
DQG VXEMHFWVLQWKH3ODFHER:HHNJURXS
7KHPDMRULW\RIVXEMHFWVFRPSOHWHGVWXG\WUHDWPHQW)LYH VXEMHFWVSUHPDWXUHO\
GLVFRQWLQXHGVWXG\WUHDWPHQW VXEMHFWVLQWKH62)9(/JURXSDQG VXEMHFWVLQWKHSODFHER
JURXS,QWKH62)9(/ :HHNJURXSVXEMHFWSUHPDWXUHO\GLVFRQWLQXHG GXHWR DQ$( DQG
 VXEMHFWZDVORVWWRIROORZXSLQWKH3ODFHER:HHNJURXSVXEMHFWVSUHPDWXUHO\
GLVFRQWLQXHGGXHWR $(VDQGVXEMHFWGLVFRQWLQXHGEDVHGRQ LQYHVWLJDWRUGLVFUHWLRQ

'HPRJUDSKLFV DQG%DVHOLQH&KDUDFWHULVWLFV
'HPRJUDSKLFVDQGEDVHOLQHGLVHDVHFKDUDFWHULVWLFVZHUHJHQHUDOO\EDODQFHGEHWZHHQWKH
62)9(/:HHNDQG3ODFHER:HHNJURXSV
,QWKH62)9(/:HHNJURXSWKHPDMRULW\RIVXEMHFWVZHUHPDOHDQGRI
VXEMHFWVKDGDERG\PDVVLQGH[%0, NJPKDGFLUUKRVLVDQGPRVWVXEMHFWV
KDGEDVHOLQH+&951$  ,8P/2IWKH VXEMHFWVZKRUHFHLYHG62)9(/
 VXEMHFWVKDGJHQRW\SH +&9LQIHFWLRQVXEMHFWV>@ZLWK+&9
JHQRW\SH DDQG VXEMHFWV>@ZLWK+&9JHQRW\SH E VXEMHFWVKDG
JHQRW\SH +&9LQIHFWLRQ VXEMHFWVKDGJHQRW\SH +&9LQIHFWLRQ VXEMHFWV
KDGJHQRW\SH +&9LQIHFWLRQDQG VXEMHFWVKDGJHQRW\SH +&9LQIHFWLRQ

(IILFDF\5HVXOWV
7KH62)9(/ :HHNJURXSPHWWKHSULPDU\HQGSRLQWRIDQ695UDWHWKDWZDVVWDWLVWLFDOO\
VXSHULRUUHODWLYHWRWKHSUHVSHFLILHGSHUIRUPDQFHJRDORIS  7KH695UDWHZDV
DVIROORZV

62)9(/ :HHNJURXS&,WRRIVXEMHFWV RI 
DFKLHYHG695


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
7DEOH  SUHVHQWV WKH695UHVXOWVIRUWKH6299(/:HHNJURXSRYHUDOODQGE\+&9
JHQRW\SH$WRWDORIRI VXEMHFWVZKRUHFHLYHG62)9(/GLGQRWDFKLHYHG695
7ZRVXEMHFWVKDGUHODSVHGHWHUPLQHGDW3RVWWUHDWPHQW ZHHN RQHWUHDWPHQWQDLYHVXEMHFWZLWK
JHQRW\SHD+&9LQIHFWLRQZLWKRXWFLUUKRVLVDQGRQHWUHDWPHQWH[SHULHQFHGVXEMHFWZLWK
JHQRW\SHELQIHFWLRQDQGFLUUKRVLV)RXUDGGLWLRQDOVXEMHFWV ZLWKJHQRW\SHDQG ZLWK
JHQRW\SH GLGQRWDFKLHYH695VXEMHFWZLWKGUHZFRQVHQW VXEMHFWVKDGQRWUHWXUQHGIRU
WKH3RVWWUHDWPHQW :HHNYLVLWDQGVXEMHFWGLHGSULRUWRWKH3RVWWUHDWPHQW :HHN YLVLW
7DEOH 
*6866952YHUDOODQG E\+&9*HQRW\SHV
62)9(/
 :HHNV
7RWDO
$OO
*HQRW\SHV
1  
*7D
1  
*7E
1  
*7
7RWDO
1  
*7
1  
*7
1  
*7
1  
*7
1  
695
















*7 JHQRW\SH
7KH695UHVXOWVIRUVXEMHFWVZLWKJHQRW\SHRU+&9LQIHFWLRQZHUHWKHVDPHDVWKH
695UHVXOWVZLWKWKHH[FHSWLRQRIVXEMHFWZLWKJHQRW\SH D+&9LQIHFWLRQZKRDFKLHYHG
695EXWKDGQRWUHWXUQHGIRUKLV3RVWWUHDWPHQW :HHNYLVLWDWWKHWLPHRIWKHLQWHULP
DQDO\VLV
+&951$ GHFOLQHGUDSLGO\ZLWKVLPLODUGHFUHDVHVLQ+&951$REVHUYHGDFURVVDOO+&9
JHQRW\SHVLQWKH62)9(/ :HHNJURXS&RQVLVWHQWZLWKWKHUDSLGDQGVXVWDLQHGGHFOLQHLQ
+&9 51$! RIVXEMHFWVLQWKH62)9(/ :HHNJURXSKDG+&951$//24DW
:HHN 7LPHWRYLURORJLFVXSSUHVVLRQZDVQRWDVVRFLDWHGZLWKWUHDWPHQWRXWFRPHRYHUDOORULQ
DQ\JHQRW\SH

9LURORJLF5HVLVWDQFH
'HHSVHTXHQFHDQDO\VHVLQGLFDWHGWKDWVXEMHFWVLQWKH62)9(/ :HHNJURXSKDGDGLYHUVH
SRSXODWLRQRI+&9ZLWKPRUHWKDQVXEW\SHVDFURVVJHQRW\SHVDQG
$SSUR[LPDWHO\DQGRIVXEMHFWVLQWKH62)9(/:HHNJURXSKDGEDVHOLQH16$
UHVLVWDQFHDVVRFLDWHGYDULDQWV5$9VDQG16%5$9VUHVSHFWLYHO\%DVHOLQH16$RU16%
5$9VKDGQRLPSDFWRQ695ZLWKKLJK695 DFURVVDOOVXEW\SHVJHQRW\SHVUHJDUGOHVVRI
WKHSUHVHQFHRI16$5$9VRU16%5$9V7ZRVXEMHFWVKDGYLURORJLFIDLOXUHDQGERWKKDG
EDVHOLQH16$5$9V$WYLURORJLFIDLOXUHWLPHSRLQWVERWKVXEMHFWVGHYHORSHGDGGLWLRQDO16$
5$9V<1DQG<+WKDWFRQIHUUHGDKLJK! IROGVKLIWLQ(& WR9(/1R16%
5$9VZHUHGHWHFWHGDWEDVHOLQHRU3RVWWUHDWPHQW LQHLWKHUVXEMHFWZLWKYLURORJLFIDLOXUH


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

6DIHW\5HVXOWV
7UHDWPHQWZLWK62)9(/ZDVZHOOWROHUDWHG6XEMHFWVLQWKH62)9(/ :HHNWUHDWPHQW
JURXSKDGVLPLODUW\SHLQFLGHQFHDQGVHYHULW\RI$(VDVVXEMHFWVLQWKH3ODFHER :HHNJURXS
*UDGH VHYHUHDQG*UDGH OLIHWKUHDWHQLQJ$(VZHUHUDUH RI  LQWKH62)9(/
 :HHNJURXSDQGRILQWKH3ODFHER :HHNJURXS7ZR VXEMHFWVLQWKH
62)9(/ :HHNJURXSKDG*UDGH $(V2QHVXEMHFWKDGD*UDGH $(RIPDOLJQDQWOXQJ
QHRSODVPDQG VXEMHFWKDGD*UDGH $(RIVXGGHQGHDWK%RWKHYHQWVZHUHDVVHVVHGE\WKH
LQYHVWLJDWRUVDVXQUHODWHGWRVWXG\GUXJV
6$(VZHUHUDUHDQG RFFXUUHGLQVXEMHFWVLQWKH62)9(/ :HHNJURXS$OO6$(V
ZHUHDVVHVVHGE\WKHLQYHVWLJDWRUVDVXQUHODWHGWRVWXG\GUXJV1RSODFHERWUHDWHGVXEMHFWVKDG
6$(V1RWUHQGVLQ6$(W\SHRURQVHWWLPHZHUHREVHUYHGDQGQR6$(ZDVUHSRUWHGLQ
!  VXEMHFW1R6$(VOHGWRWUHDWPHQWGLVFRQWLQXDWLRQ2QHVXEMHFWGHDWKZDVUHSRUWHGLQWKH
VWXG\7KLVVXEMHFWFRPSOHWHGZHHNVRIWUHDWPHQWZLWK62)9(/DQGGLHGLQKLVVOHHSRQ
3RVWWUHDWPHQW 'D\ 7KHGHDWKZDVDVVHVVHGDVQRWUHODWHGWRVWXG\GUXJV E\WKHLQYHVWLJDWRU
2QHVXEMHFWLQWKH62)9(/ :HHNJURXSGLVFRQWLQXHGVWXG\WUHDWPHQWGXHWRD
*UDGH $(RIDQ[LHW\DQGVXEMHFWVLQWKH3ODFHER :HHNJURXSGLVFRQWLQXHGVWXG\
WUHDWPHQWGXHWRPHHWLQJWKHSUHVSHFLILHGVWRSSLQJFULWHULDRIHOHYDWHG$/7DQGRU$67OHYHOV
  QDGLU
0RVWODERUDWRU\DEQRUPDOLWLHVZHUH*UDGHRULQVHYHULW\6XEMHFWVLQWKH62)9(/ :HHN
JURXSKDG*UDGHRUFKHPLVWU\DEQRUPDOLWLHVRIHOHYDWHG$67*UDGHVXEMHFW>@
HOHYDWHGFUHDWLQHNLQDVH *UDGHVXEMHFWV>@*UDGHVXEMHFWV>@K\SHUJO\FHPLD
*UDGHVXEMHFWV>@DQGHOHYDWHGOLSDVH*UDGHVXEMHFWV>@*UDGH 
 VXEMHFWV>@$PRQJVXEMHFWVLQWKH62)9(/:HHNDOO*UDGHRU FUHDWLQLQHNLQDVH
HOHYDWLRQVZHUHWUDQVLHQWDOO*UDGHRUOLSDVHHOHYDWLRQVZHUHDV\PSWRPDWLFDQGJHQHUDOO\
WUDQVLHQWDQG*UDGHRUK\SHUJO\FHPLDRFFXUUHGLQVXEMHFWVZLWKDPHGLFDOKLVWRU\RI
GLDEHWHV7KHPRVWIUHTXHQWO\REVHUYHG*UDGHRUODERUDWRU\DEQRUPDOLWLHVREVHUYHGLQ
SODFHERWUHDWHGVXEMHFWVZHUHHOHYDWHG$/7*UDGHVXEMHFWV>@DQG*UDGHVXEMHFWV
>@FRQVLVWHQWZLWKRQJRLQJ+&9LQIHFWLRQ
1RQRWDEOHFKDQJHVIURPEDVHOLQHLQYLWDOVLJQVV\VWROLFEORRGSUHVVXUHGLDVWROLFEORRGSUHVVXUH
RUSXOVHZHUHREVHUYHGGXULQJWKHVWXG\1RWUHQGVLQ(&*ILQGLQJVVXJJHVWLYHRIFDUGLRWR[LFLW\
ZHUHREVHUYHG

&RQFOXVLRQV
7KHFRQFOXVLRQVZHUHDVIROORZV

7KHVWXG\PHWLWVSULPDU\HIILFDF\HQGSRLQWGHPRQVWUDWLQJWKDWWKH695UDWHRI
&, WRLQJHQRW\SH DQG+&9LQIHFWHGVXEMHFWVWUHDWHGIRU
 ZHHNVZLWK62)9(/ZDVVWDWLVWLFDOO\VXSHULRUWRWKHSUHVSHFLILHG695SHUIRUPDQFH
JRDORIS


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

+LJK695UDWHVZHUHDFKLHYHGDFURVVDOO+&9JHQRW\SHVDQGVXEJURXSV
$PRQJVXEMHFWVZLWKFLUUKRVLVWKH695UDWHZDV
$PRQJVXEMHFWVZLWKSULRUWUHDWPHQWIDLOXUHWKH695UDWHZDV
$PRQJVXEMHFWVZLWKEDVHOLQH16$5$9VWKH695UDWHZDV

7UHDWPHQWZLWK62)9(/IRU:HHNVZDVJHQHUDOO\ZHOOWROHUDWHG ZLWKDVDIHW\SURILOH
VLPLODUWRWKDWRISODFHERWUHDWPHQW7KHUHZDVDORZLQFLGHQFHRI6$(VGLVFRQWLQXDWLRQV
GXHWR$(VDQGQRFOLQLFDOO\UHOHYDQWODERUDWRU\DEQRUPDOLWLHV

6WXG\*686$675$/

6WXG\'HVLJQ
7KLV3KDVH UDQGRPL]HGRSHQODEHOPXOWLFHQWHUVWXG\LVDVVHVVLQJWKHDQWLYLUDOHIILFDF\
VDIHW\DQGWROHUDELOLW\RI ZHHNVRI62)9(/WUHDWPHQWFRPSDUHGZLWK ZHHNVRI
62)5%9WUHDWPHQWLQVXEMHFWVZLWKFKURQLFJHQRW\SH +&9LQIHFWLRQ7KHVWXG\ZDV
FRQGXFWHGLQWKH8QLWHG6WDWHV 86
6XEMHFWVZLWKJHQRW\SH +&9LQIHFWLRQZHUHUDQGRPL]HGWRWUHDWPHQWZLWK62)9(/IRU
 ZHHNV62)9(/:HHNJURXSRU62)5%9IRU ZHHNV62)5%9:HHNJURXS
5DQGRPL]DWLRQZDVVWUDWLILHGE\WKHSUHVHQFHRUDEVHQFHRIFLUUKRVLVDWVFUHHQLQJDQGSULRU
WUHDWPHQWH[SHULHQFHWUHDWPHQWQDLYHYVWUHDWPHQWH[SHULHQFHG

'LVSRVLWLRQ
$WRWDORI VXEMHFWVZHUHUDQGRPL]HGDQGWUHDWHGLQWKH62)9(/:HHNJURXSDQG
LQWKH62)5%9:HHNJURXS 7KHPDMRULW\RIVXEMHFWVFRPSOHWHGVWXG\
WUHDWPHQW7ZR VXEMHFWVLQHDFKWUHDWPHQWJURXSSUHPDWXUHO\GLVFRQWLQXHGVWXG\
WUHDWPHQW2QHVXEMHFWLQWKH62)9(/:HHNJURXSGLVFRQWLQXHGVWXG\WUHDWPHQWRQ'D\ 
DIWHUUHFHLYLQJ GRVHRI VWXG\GUXJVGXHWR$(VRIGLVWXUEDQFHLQDWWHQWLRQKHDGDFKHDQG
DQ[LHW\2QHVXEMHFWLQWKH62)5%9:HHNJURXSFRPSOHWHGWKH:HHNVWXG\YLVLWEXW
GLGQRWUHWXUQIRUDQ\VXEVHTXHQWVWXG\YLVLWVDQGZDVDVVXPHGWREHORVWWRIROORZXSWKHODVW
FRQILUPHGGRVLQJGDWHZDV'D\ 

'HPRJUDSKLFVDQG%DVHOLQH&KDUDFWHULVWLFV
2YHUDOOGHPRJUDSKLFVDQGEDVHOLQHGLVHDVHFKDUDFWHULVWLFVZHUHEDODQFHGDFURVVERWKWUHDWPHQW
JURXSV 7KHPDMRULW\RIVXEMHFWVZHUHPDOHDQGRIVXEMHFWVKDGD%0,
 NJP$WRWDORI VXEMHFWVKDGFLUUKRVLVDWVFUHHQLQJ2YHUDOOWKHPDMRULW\RI
VXEMHFWVKDG+&951$ ,8P/2YHUDOOVXEMHFWVZHUHWUHDWPHQW
H[SHULHQFHG


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

(IILFDF\5HVXOWV
7KH62)9(/:HHNJURXSPHWWKHSULPDU\HQGSRLQWRIDQ695UDWHWKDWZDVQRQLQIHULRU
WRWKH695UDWHLQWKH62)5%9:HHNJURXS7KH695UDWHVZHUHDVIROORZV

62)9(/:HHNJURXS &,WRRIVXEMHFWV RI 
DFKLHYHG695

62)5%9:HHNJURXS &,WRRIVXEMHFWV RI 
DFKLHYHG695
7KHVWUDWDDGMXVWHGGLIIHUHQFH&,LQWKHSURSRUWLRQVZDVWR6LQFHWKH
ORZHUERXQGRIWKHVLGHG&,IRUWKHGLIIHUHQFHEHWZHHQJURXSVZDVJUHDWHUWKDQWKH
SUHVSHFLILHGQRQLQIHULRULW\PDUJLQRIíWKHHIILFDF\RI62)9(/IRUZHHNVZDV
GHPRQVWUDWHGWREHVWDWLVWLFDOO\QRQLQIHULRUWR62)5%9IRUZHHNV7KHUHZDVVXIILFLHQW
HYLGHQFHWRGHPRQVWUDWHWKHVWDWLVWLFDOVXSHULRULW\RIWUHDWPHQWZLWK62)9(/IRUZHHNVRYHU
62)5%9IRU ZHHNVIRU695S &0+WHVWVWUDWLILHGE\FLUUKRVLVVWDWXVDQGSULRU
WUHDWPHQWH[SHULHQFH
,QWKH62)9(/ :HHNJURXS RI  VXEMHFWVGLGQRWDFKLHYH695WKHVXEMHFW
GLVFRQWLQXHGVWXG\WUHDWPHQWRQ'D\ DIWHUUHFHLYLQJGRVHGXHWR$(VRIGLIILFXOW\
FRQFHQWUDWLQJKHDGDFKHDQGDQ[LHW\7KHVXEMHFWQHYHUDFKLHYHG+&951$//24,QWKH
62)5%9 :HHNJURXS RI  VXEMHFWVGLGQRWDFKLHYH6952IWKHVH
 VXEMHFWVUHODSVHGDQGZHUHORVWWRIROORZXS)RXUUHODSVHVRFFXUUHGE\WKH3RVWWUHDWPHQW
:HHN YLVLWDQGUHODSVHVRFFXUUHGEHWZHHQWKH3RVWWUHDWPHQW :HHN DQGYLVLWV7KHORZ
QXPEHURIYLURORJLFIDLOXUHVLQWKHVWXG\SUHFOXGHGPHDQLQJIXOVXEJURXSDQDO\VLVRI695
7KH695UHVXOWVZHUHVLPLODUWRWKH695UHVXOWVZLWKWKHH[FHSWLRQRIVXEMHFWVLQ
62)5%9:HHNJURXSVXEMHFWZDVORVWWRIROORZXSDIWHU3RVWWUHDWPHQW :HHNDQG
 VXEMHFWVUHODSVHGEHWZHHQWKH3RVWWUHDWPHQW :HHNDQG:HHNYLVLWV
+&951$OHYHOVORJ ,8P/GHFOLQHGUDSLGO\ZLWKVLPLODUGHFUHDVHVLQ+&951$REVHUYHG
LQERWKWUHDWPHQWJURXSV$IWHU ZHHNRIWUHDWPHQWWKHPHDQFKDQJHIURPEDVHOLQHLQ+&9
51$OHYHOVZDV ORJ ,8P/LQERWKWUHDWPHQWJURXSV7KHGHFUHDVHVLQ+&951$ZHUH
PDLQWDLQHGIURP:HHNV WKURXJK&RQVLVWHQWZLWKWKHUDSLGDQGVXVWDLQHGGHFOLQHLQ
+&9 51$RIVXEMHFWVLQERWKWUHDWPHQWJURXSVKDG+&951$//24DW:HHN 
7KHUHZDVDODFNRIFRUUHODWLRQRIWLPHWRVXSSUHVVLRQZLWKYLURORJLFRXWFRPHLQWKH62)9(/
ZHHNJURXSDVDOOVXEMHFWVZKRFRPSOHWHGWUHDWPHQWDFKLHYHG695UHJDUGOHVVRIWKHWLPHWR
VXSSUHVVLRQ

9LURORJLF5HVLVWDQFH
'HHSVHTXHQFLQJDQDO\VHVLQGLFDWHGWKDWJHQRW\SHDDQGEZHUHWKHSUHGRPLQDQW+&9
VXEW\SHVLQVXEMHFWVZKRZHUHUDQGRPL]HGDQGWUHDWHGLQWKLV VWXG\$SSUR[LPDWHO\DQG
RIVXEMHFWVLQWKH62)9(/:HHNJURXSKDGSUHWUHDWPHQW16$DQG16%5$9V
UHVSHFWLYHO\7KHPRVWSUHYDOHQW16$5$9REVHUYHGZDV/0LQRI VXEMHFWV'HVSLWH


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
WKHSUHVHQFHRISUHWUHDWPHQW16$DQG16%5$9VQRVXEMHFWVLQWKH62)9(/:HHN
JURXSH[SHULHQFHGYLURORJLFIDLOXUHLQWKLVVWXG\7ZRRIWKHVXEMHFWVZKRUHODSVHGLQWKH
62)5%9 :HHNJURXSKDGORZOHYHOVRIWKH16%1,5$9/)GHWHFWDEOHDWIDLOXUH

6DIHW\5HVXOWV
2YHUDOOWUHDWPHQWZLWK62)9(/RU62)5%9IRUZHHNVZDVJHQHUDOO\VDIHDQGZHOO
WROHUDWHG$VPDOOHUSHUFHQWDJHRIVXEMHFWVLQWKH62)9(/:HHNJURXSH[SHULHQFHGDQ\$(
RIFRPSDUHGZLWKWKH62)5%9 :HHNJURXS RI
LQFOXGLQJWUHDWPHQWUHODWHG$(V62)9(/62)5%9DQG$(VOHDGLQJWR
PRGLILFDWLRQRULQWHUUXSWLRQRIDQ\VWXG\GUXJV 62)9(/62)5%9
7KHPRVWFRPPRQ$(VLH$(VUHSRUWHGLQ!RIVXEMHFWVLQHLWKHUJURXSZHUHUHSRUWHGE\
DVPDOOHUSHUFHQWDJHRIVXEMHFWVLQWKH62)9(/ :HHNJURXSFRPSDUHGZLWKWKH62)5%9
:HHNJURXSLQFOXGLQJIDWLJXHYVKHDGDFKHYVQDXVHD
YVDQGLQVRPQLDYV
0RVW$(VZHUH*UDGH PLOGRU*UDGH PRGHUDWHLQVHYHULW\*UDGH VHYHUH$(VZHUH
UDUH62)9(/62)5%91R*UDGH OLIHWKUHDWHQLQJ$(VZHUHUHSRUWHG
$Q[LHW\ZDVWKHRQO\*UDGH$(UHSRUWHGLQ!VXEMHFWLQWKH62)9(/:HHNJURXSQ 

6HULRXVDGYHUVHHYHQWV6$(VZHUHDOVRUDUHRI VXEMHFWV>LQHDFKWUHDWPHQW
JURXS@1R6$(ZDVUHSRUWHGLQ VXEMHFW$OO6$(VZHUHFRQVLGHUHGE\WKHLQYHVWLJDWRUVWR
EHQRW UHODWHGWRVWXG\GUXJV7ZRQRQWUHDWPHQWHPHUJHQWGHDWKVZHUHUHSRUWHGGXULQJWKHVWXG\
PHWDVWDWLFOXQJFDQFHUDQGFDUGLDFDUUHVWDIWHUWUHDWPHQWFRPSOHWLRQ1RSUHJQDQFLHVZHUH
UHSRUWHGGXULQJWKHVWXG\2QO\VXEMHFWSHUPDQHQWO\GLVFRQWLQXHGDQ\VWXG\GUXJV 62)9(/
GXHWR$(V$IWHUUHFHLYLQJGRVHRI62)9(/WKHVXEMHFWZKRKDGDPHGLFDOKLVWRU\RI
GHSUHVVLRQLQVRPQLDDQGSRVWWUDXPDWLFVWUHVVGLVRUGHUGLVFRQWLQXHGVWXG\WUHDWPHQWGXHWR
*UDGH$(VRIGLIILFXOW\FRQFHQWUDWLQJKHDGDFKHDQGDQ[LHW\WKDWZHUHDVVHVVHGDVUHODWHGWR
VWXG\GUXJV E\WKHLQYHVWLJDWRU
0RVWVXEMHFWVKDGDWOHDVW ODERUDWRU\DEQRUPDOLW\UHSRUWHGZLWKWKHPDMRULW\EHLQJ*UDGH 
RI VXEMHFWVRU*UDGH RI VXEMHFWVLQVHYHULW\$VPDOOHU
SHUFHQWDJHRIVXEMHFWVKDG*UDGH ODERUDWRU\DEQRUPDOLWLHVLQWKH62)9(/:HHNJURXS
 VXEMHFWVFRPSDUHGZLWKWKH62)5%9:HHNJURXS VXEMHFWV7KLV
GLIIHUHQFHZDVDFFRXQWHGIRUSULPDULO\E\WKHH[SHFWHGGHFUHDVHVLQKHPRJORELQREVHUYHGZLWK
5%9WKHUDS\1RVXEMHFWVLQWKH62)9(/:HHNJURXSKDGD*UDGHRUKHPDWRORJ\
ODERUDWRU\DEQRUPDOLW\7KHRQO\*UDGH KHPDWRORJ\ODERUDWRULHVDEQRUPDOLW\LQWKH62)5%9
 :HHNJURXSZHUHGHFUHDVHGKHPRJORELQVXEMHFWVDQGLQFUHDVHGO\PSKRF\WHV
 VXEMHFW7KHPRVWFRPPRQ*UDGH RUFKHPLVWU\ODERUDWRU\DEQRUPDOLWLHVLQERWK
WUHDWPHQWJURXSVZHUHLQFUHDVHGVHUXPJOXFRVHK\SHUJO\FHPLDDQGLQFUHDVHGOLSDVH*UDGH 
LQFUHDVHVLQOLSDVHZHUHUHSRUWHGIRU VXEMHFWVLQWKH62)9(/ :HHNJURXSDQG
 VXEMHFWVLQWKH62)5%9 :HHNJURXS*UDGH LQFUHDVHVLQOLSDVH ZHUHUHSRUWHGIRU
 VXEMHFWLQHDFKWUHDWPHQWJURXS$OORIWKH*UDGHOLSDVHHOHYDWLRQVZHUHWUDQVLHQWDQG
DV\PSWRPDWLFZLWKQRFDVHVRIFOLQLFDOSDQFUHDWLWLV,QWKH62)9(/ :HHNJURXSVXEMHFW


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
HDFKH[SHULHQFHGD*UDGHRULQFUHDVHLQFUHDWLQHNLQDVHIROORZLQJZRUNRXWVHVVLRQV*UDGH 
K\SHUELOLUXELQHPLDZDVRQO\REVHUYHGLQWKH62)5%9:HHNJURXSDQGZDVFRQVLVWHQWZLWK
5%9DVVRFLDWHGKHPRO\VLV*UDGH FKHPLVWU\ODERUDWRU\DEQRUPDOLWLHVZHUHUHSRUWHGIRUOLSDVH
DQGFUHDWLQHNLQDVH
1RQRWDEOHFKDQJHVLQYLWDOVLJQVV\VWROLFEORRGSUHVVXUHGLDVWROLFEORRGSUHVVXUHDQGSXOVHRU
(&*VZHUHUHSRUWHGGXULQJWKHVWXG\

&RQFOXVLRQV
7KHFRQFOXVLRQVZHUHDVIROORZV

7KHVWXG\PHWLWVSUHGHILQHGSULPDU\HIILFDF\HQGSRLQWGHPRQVWUDWLQJWKDWWKH695UDWH
RIZLWK62)9(/IRUZHHNVZDVQRQLQIHULRUWRWKH695UDWHVRIZLWK
62)5%9IRUZHHNV

7UHDWPHQWZLWK62)9(/IRUZHHNVOHGWRDVWDWLVWLFDOO\VXSHULRU695UDWHFRPSDUHG
ZLWK62)5%9IRUZHHNVS 

1RVXEMHFWVWUHDWHGZLWK62)9(/H[SHULHQFHGYLURORJLFIDLOXUHLQFOXGLQJVXEMHFWVZLWK
FLUUKRVLVSULRUWUHDWPHQWIDLOXUHDQGEDVHOLQH16$5$9V

62)9(/ZDVJHQHUDOO\ZHOOWROHUDWHGDQGFRPSDUHGZLWK62)5%9ODFNHGWR[LFLWLHV
DVVRFLDWHGZLWK5%91RWUHDWPHQWHPHUJHQWGHDWKV*UDGH$(VWUHDWPHQWUHODWHG6$(V
RUFOLQLFDOO\UHOHYDQWODERUDWRU\DEQRUPDOLWLHVZHUHREVHUYHG

*686
6WXG\*686LVDQRQJRLQJ3KDVHERSHQODEHOPXOWLFHQWHUVWXG\WRHYDOXDWHWKH
DQWLYLUDO HIILFDF\VDIHW\DQGWROHUDELOLW\RIZHHNVRI62)9(/ULEDYLULQ5%9LQ+&9
LQIHFWHGVXEMHFWVWKDWKDYHIDLOHGWUHDWPHQWZLWK62)PJDQG9(/PJRUPJZLWK
RUZLWKRXW5%9IRURUZHHNVLQDSULRU*LOHDGVSRQVRUHG+&9VWXG\&RKRUW LQFOXGHV
VXEMHFWVZKRSDUWLFLSDWHGLQWKH3KDVHVWXGLHV*686*686RU
*686&RKRUWLQFOXGHVVXEMHFWVZLWKYLURORJLFIDLOXUHWR62)9(/*6
WUHDWPHQWIRURUZHHNVLQ6WXG\*686$VRI0DUFKVXEMHFWV LQ
&RKRUWKDYHFRPSOHWHGVWXG\WUHDWPHQWDQGDUHLQWKHSRVWWUHDWPHQWSKDVHZKLOH&RKRUWLVLQ
WKHWUHDWPHQWSKDVHWKHUHIRUHRQO\HIILFDF\DQGVDIHW\GDWDIRU FRKRUWLVSURYLGHGEHORZ

'LVSRVLWLRQ
$WRWDORIVXEMHFWVZHUHHQUROOHGLQ&RKRUWDOOHQUROOHGVXEMHFWVUHFHLYHGDWOHDVWGRVHRI
62)9(/5%92IWKHVXEMHFWVLQWKH6DIHW\$QDO\VLV6HWVXEMHFWVKDYH
FRPSOHWHGVWXG\WUHDWPHQWDQGVXEMHFWVKDYHGLVFRQWLQXHGVWXG\WUHDWPHQWGXHWR
ODFNRIHIILFDF\ GXHWRSURWRFROYLRODWLRQ


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

6XEMHFW
ZDVD
\HDUROGPDOHVXEMHFWZLWKJHQRW\SHD+&9LQIHFWLRQ
ZLWKFLUUKRVLVZKRKDGUHODSVHGHWHUPLQHGDWWKHSRVWWUHDWPHQW:HHNYLVLW

6XEMHFW
ZDVD
\HDUROGPDOHVXEMHFWZLWKJHQRW\SHD+&9LQIHFWLRQ
ZLWKRXWFLUUKRVLVZKRZDVDQRQUHVSRQGHUDWWKH:HHNYLVLWDQGZDVWDNHQRIIVWXG\GUXJ
GXHWRPHHWLQJWKHYLURORJLFVWRSSLQJFULWHULD
7KHVXEMHFWZLWKYLURORJLFRXWFRPHVFKDUDFWHUL]HGDV³2WKHU´LVGHVFULEHGEHORZ

6XEMHFW
ZDVD
\HDUROGPDOHVXEMHFWZLWKJHQRW\SHD+&9LQIHFWLRQ
ZLWKFLUUKRVLVZKRDFKLHYHG695+HZDVVXEVHTXHQWO\GLDJQRVHGZLWKKHSDWRFHOOXODU
FDUFLQRPDDQGZLWKGUHZFRQVHQWIURPWKHVWXG\

6DIHW\
7DEOH  SUHVHQWVDEULHIRYHUDOOVXPPDU\RIDGYHUVHHYHQWV$(V$WRWDORI VXEMHFWV
H[SHULHQFHGDWOHDVW$(7KHPDMRULW\RI$(VZHUH*UDGH RU*UDGH LQVHYHULW\
7KUHHVXEMHFWVKDG*UDGH RUDERYH$(V RIZKLFKZDVDVVHVVHGDVUHODWHGWRVWXG\
GUXJE\WKHLQYHVWLJDWRU*UDGH KHDGDFKH1R*UDGH $(VZHUHUHSRUWHG2QHVXEMHFW
KDGDQ6$(*UDGH QHSKUROLWKLDVLVZKLFKZDVDVVHVVHGDVXQUHODWHGWRVWXG\GUXJ7KHUHZHUH
QR$(VOHDGLQJWR SUHPDWXUH GLVFRQWLQXDWLRQRI62)9(/5%9$GYHUVHHYHQWVOHGWR
SUHPDWXUHGLVFRQWLQXDWLRQRI5%9IRUVXEMHFWVDQGPRGLILFDWLRQRULQWHUUXSWLRQRI5%9
IRUVXEMHFWV7KHUHZHUH QRVXEMHFWGHDWKV
7DEOH 
*686%ULHI6XPPDU\ RI$GYHUVH(YHQWV&RKRUW 
(YHQWQ
62)9(/5%9:HHNV
1 
6XEMHFWV([SHULHQFLQJ$Q\
$GYHUVH(YHQW

*UDGHRU$ERYH $GYHUVH(YHQW

7UHDWPHQW5HODWHG$GYHUVH(YHQW

*UDGHRU$ERYH 7UHDWPHQW5HODWHG$GYHUVH(YHQW

6HULRXV$GYHUVH(YHQW

7UHDWPHQW5HODWHG6HULRXV$GYHUVH(YHQW

$GYHUVH(YHQW/HDGLQJWR3UHPDWXUH'LVFRQWLQXDWLRQRI
62)9(/

$GYHUVH(YHQW/HDGLQJWR'LVFRQWLQXDWLRQRI5%9

$GYHUVH(YHQW/HDGLQJWR0RGLILFDWLRQRU,QWHUUXSWLRQRI$Q\
6WXG\'UXJD

'HDWK

D
$OOGRVLQJPRGLILFDWLRQVRULQWHUUXSWLRQVZHUHWR5%93HUFHQWDJHVZHUHFDOFXODWHGEDVHGRQWKHQXPEHURIVXEMHFWVLQWKH
6DIHW\$QDO\VLV6HW
PPD
PPD
PPD
PPD
PPD
PPD




62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
,QVXPPDU\UHWUHDWPHQWZLWK62)9(/5%9IRUZHHNVZDVVDIHDQGHIIHFWLYHLQWKH
PDMRULW\RIVXEMHFWVZKRIDLOHGSULRUWUHDWPHQWZLWK62)9(/7KHUHZHUHQRYLURORJLFIDLOXUHV
LQVXEMHFWVZLWKJHQRW\SHDQG+&9LQIHFWLRQZKRFRPSOHWHG ZHHNVRIWUHDWPHQWZLWK
62)9(/5%9$GGLWLRQDODQDO\VLVLVRQJRLQJDQGZLOOEHDYDLODEOHDWDODWHUGDWH

,QIRUPDWLRQDERXW 5LEDYLULQ
5LEDYLULQLVDJXDQRVLQHDQDORJXHWKDWLQKLELWVWKHLQYLWURUHSOLFDWLRQRIDZLGHUDQJHRI51$
DQG'1$YLUXVHV^5RFKH/DERUDWRULHV,QF`^5RFKH3URGXFWV/LPLWHG`5LEDYLULQ
PRQRWKHUDS\KDVOLWWOHRUQRHIIHFWRQWKHUHSOLFDWLRQRI+&9LQYLYREXWFDQUHVXOWLQ
QRUPDOL]DWLRQRIVHUXP$/7DFWLYLW\DQGLPSURYHPHQWLQOLYHUKLVWRORJ\:KHQFRPELQHGZLWK
,)1RU3(*,)1WKHUDS\5%9GHFUHDVHVVXEVWDQWLDOO\WKHUHODSVHUDWHVHHQDIWHUFHVVDWLRQRI
,)1WKHUDS\^3R\QDUGHWDO`^0F+XWFKLVRQHWDO`5LEDYLULQLVDNQRZQWHUDWRJHQ
)XUWKHUPRUH5%9LVNQRZQWRDFFXPXODWHLQWUDFHOOXODUO\ZKHUHLWLVFOHDUHGVORZO\DQGLVDOVR
H[FUHWHGLQVHPHQ7KHUHIRUHH[WUHPHFDUHPXVWEHWDNHQWRDYRLGSUHJQDQF\GXULQJ5%9
WKHUDS\DQGIRUXSWRPRQWKVIROORZLQJFRPSOHWLRQRIWUHDWPHQW$FRPSUHKHQVLYHUHYLHZRI
5%9LVFRQWDLQHGLQWKH5(%(72/ SDFNDJHLQVHUW

5DWLRQDOHIRU7KLV6WXG\
7KHSRSXODWLRQRIWKLVVWXG\ZLOOEHJHQRW\SH16$LQKLELWRUH[SHULHQFHGVXEMHFWVDQG
JHQRW\SH'$$H[SHULHQFHGVXEMHFWV$WWKLVWLPHWKHUHDUHQRDSSURYHGUHWUHDWPHQWRSWLRQV
IRUWKHVHSDWLHQWVZKRKDYHIDLOHG'$$FRQWDLQLQJ WUHDWPHQW5HWUHDWPHQWZLWKFXUUHQWO\
DYDLODEOH'$$FRQWDLQLQJUHJLPHQVGRHVQRW\LHOGKLJK695UDWHV 6XEMHFWVZLWK+&9JHQRW\SH
WKDWIDLOHG RU ZHHNVRI/'962)FRQWDLQLQJUHJLPHQVWKDWZHUHUHWUHDWHGZLWKZHHNV
RI/'962)KDGDQ695UDWHRIDQGLQWKLVSRSXODWLRQWKHSUHVHQFHRIEDVHOLQH16$
5$9VZDVDVVRFLDWHGZLWKYLURORJLFIDLOXUH^/DZLW]HWDO`$VPRUH'$$DJHQWVDUH
DSSURYHGDQGDYDLODEOHWKLVXQPHWPHGLFDOQHHGIRUHIIHFWLYHUHWUHDWPHQWRSWLRQVIRUSDWLHQWV
ZKRIDLOWKHVH UHJLPHQVHVSHFLDOO\ WKRVHZLWK5$9V ZLOOLQFUHDVH &RPELQDWLRQUHJLPHQVZLWK
KLJKO\ SRWHQW'$$VWKDWKDYHDFWLYLW\ DJDLQVW FRPPRQO\ REVHUYHGUHVLVWDQFHDVVRFLDWHGYDULDQWV
5$9VPD\ EHHIIHFWLYHLQWKHVHSDWLHQWV
6RIRVEXYLULVDQDSSURYHGSDQJHQRW\SLFQXFOHRWLGHDQDORJ+&916%SRO\PHUDVHLQKLELWRU
ZKLFKZKHQFRPELQHGZLWK9(/DVHFRQGJHQHUDWLRQ16$LQKLELWRULQDIL[HGGRVH
FRPELQDWLRQZDVZHOOWROHUDWHGDQGUHVXOWHGLQKLJK695UDWHVLQDEURDGUDQJHRI+&9
JHQRW\SHVDIWHUZHHNVRIWUHDWPHQWLQ3KDVHVWXGLHV
6RIRVEXYLUPJRQFHGDLO\ZKHQGRVHGLQFRPELQDWLRQZLWK5%9ZLWKRUZLWKRXW3HJ,)1
KDVGHPRQVWUDWHGEURDGJHQRW\SLFHIILFDF\DQGIDYRUDEOHVDIHW\SURILOHLQRYHU
 +&9LQIHFWHGVXEMHFWVDFURVVPXOWLSOHSDWLHQWSRSXODWLRQVLQ3KDVHDQGWULDOV7KLV
GRVHLVWKHDSSURYHGPDUNHWHGGRVHRIVRIRVEXYLUIRUWKHWUHDWPHQWRI+&9LQIHFWLRQDQG DV
VXFKZDVVHOHFWHGIRUFRIRUPXODWLRQZLWK9(/ LQWRDIL[HGGRVHFRPELQDWLRQWDEOHW
9(/ PJZDVDGPLQLVWHUHGLQFRPELQDWLRQZLWK62)PJIRUZHHNVWR
 +&9LQIHFWHGVXEMHFWVLQ3KDVHVWXGLHV9(/ PJZDVVHOHFWHGIRUFRIRUPXODWLRQZLWK
62)EDVHGRQWKH3KDVHVDIHW\3.DQGDQWLYLUDODFWLYLW\VWXGLHV *686


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
*686DQG*686>&RKRUW@7KH3KDVH VWXG\*686
HVWDEOLVKHGWKHDQWL+&9DFWLYLW\RI9(/ DQGLQGLFDWHGWKDWWKHH[SRVXUHVDFKLHYHGIROORZLQJ
DGPLQLVWUDWLRQRIGRVHV!PJSURYLGHDWOHDVWRIPD[LPDODQWLYLUDOUHVSRQVHLQDOO+&9
JHQRW\SHV62)9(/PJPJDVD)'&WDEOHWZDVHYDOXDWHGLQWKH3KDVH$675$/
SURJUDP
7KHIDYRUDEOHVDIHW\DQGHIILFDF\SURILOHVRI62)PJDQG9(/PJVXSSRUWIXUWKHU
HYDOXDWLRQRIWKLVFRPELQDWLRQDQGGRVHVLQFOLQLFDOGHYHORSPHQW

5LVN%HQHILW$VVHVVPHQWIRUWKH6WXG\
7KHUHJLPHQWREHDVVHVVHGLQWKLVVWXG\FRPELQHVDSRWHQW+&9QXFOHRWLGHLQKLELWRUZLWKD
SRWHQW+&916$LQKLELWRUDQG5%9LQSDWLHQWVZKRKDYHSUHYLRXVO\IDLOHGD'$$FRQWDLQLQJ
UHJLPHQ7KHSRWHQWLDOEHQHILWRIWUHDWPHQWZLWK62)9(/5%9LQWKLVSRSXODWLRQ LVWKH+&9
UHJLPHQZRXOGRIIHUDUHWUHDWPHQWRSWLRQIRUJHQRW\SHSDWLHQWVZKRKDYHIDLOHGDQ16$
LQKLELWRUFRQWDLQLQJUHJLPHQDQGJHQRW\SHSDWLHQWVZKRKDYHIDLOHGD'$$FRQWDLQLQJ
UHJLPHQ
7KHVDIHW\SURILOHRI62)LQFOLQLFDOVWXGLHVLQFOXGHVRYHUFKURQLF+&9LQIHFWHGVXEMHFWV
WKDWKDYHEHHQDGPLQLVWHUHGZHHNVRI62)DQG5%93HJ,)11RFOLQLFDOVDIHW\LVVXHV
VSHFLILFDOO\UHODWHGWR62)KDYHEHHQLGHQWLILHGWRGDWH
7KHVDIHW\SURILOHRI62)9(/ PJRU9(/ PJDGPLQLVWHUHGIRURUZHHNVKDVEHHQ
HVWDEOLVKHGLQRYHUVXEMHFWVLQ3KDVHVWXGLHV7KHVDIHW\SURILOHRIWKHSURSRVHGWKHUDSHXWLF
UHJLPHQRI62)PJDQG9(/PJDGPLQLVWHUHGIRUZHHNVKDVEHHQHVWDEOLVKHGLQ
 VXEMHFWVHQUROOHGLQ3KDVHVWXGLHV1RFOLQLFDOVDIHW\LVVXHVVSHFLILFDOO\UHODWHGWR9(/RU
62)9(/KDYHEHHQLGHQWLILHGWRGDWH
7KHVDIHW\SURILOHRI62)9(/KDVEHHQVWXGLHGLQ3KDVHWULDOV$675$/LQ
 VXEMHFWV7ZHOYHZHHNVRI62)9(/ZDVJHQHUDOO\ZHOOWROHUDWHGDQGOHG WRDVLPLODU
LQFLGHQFHRI$(VDQG6$(VFRPSDUHGWRSODFHERLQVXEMHFWV ZLWK*7RU+&96HH
6HFWLRQ:KHQZHHNVRI62)9(/ZDVFRPSDUHGWR62)5%9IRUZHHNVLQ
VXEMHFWVZLWKJHQRW\SHRU+&9WKHUDS\ZLWK62)9(/ZDVDJDLQ ZHOOWROHUDWHGZLWKIHZ
GLIIHUHQFHVLQ$(VRU6$(VPLQXVWKHDYRLGDQFHRI5%9DVVRFLDWHGWR[LFLWLHV
,QVXPPDU\WKHUHLVFXUUHQWO\QRDSSURYHGWUHDWPHQWIRUSDWLHQWVZKRKDYHIDLOHG
'$$FRQWDLQLQJWKHUDSLHVHVSHFLDOO\WKRVHZKRKDYHGHYHORSHG5$9V 7KHUHLVDQXUJHQWQHHG
WRGHYHORSVDOYDJHWKHUDSLHVWKDWDUHVDIHDQGKLJKO\HIILFDFLRXVIRUWKLVJURZLQJSRSXODWLRQ
'XULQJWKHFRQGXFWRIWKLVVWXG\WKHVSRQVRUWRJHWKHUZLWKWKHLQYHVWLJDWRUZLOOSHUIRUPRQJRLQJ
VDIHW\UHYLHZV

&RPSOLDQFH
7KLVVWXG\ZLOOEHFRQGXFWHGLQFRPSOLDQFHZLWKWKLVSURWRFRO,&+*RRG&OLQLFDO 3UDFWLFH
*&3DQG-*&3 0LQLVWHULDO2UGLQDQFHRQ*RRG&OLQLFDO3UDFWLFHIRU'UXJVDQGDOO
DSSOLFDEOHUHJXODWRU\UHTXLUHPHQWV




62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

678'<'(6,*1

6WXG\'HVLJQ
7KLVLVDPXOWLFHQWHUUDQGRPL]HGRSHQODEHOVWXG\LQVXEMHFWVZKRSUHYLRXVO\IDLOHG D
'$$FRQWDLQLQJUHJLPHQ ZLWK FKURQLF+&9LQIHFWLRQZLWKRUZLWKRXWFLUUKRVLV$OOVXEMHFWV
ZLWK+&9JHQRW\SH ZLOOKDYHIDLOHGSULRUWUHDWPHQWZLWKDQ16$LQKLELWRU6XEMHFWVZLWK
+&9JHQRW\SHFDQKDYHIDLOHGDQ\'$$FRQWDLQLQJWUHDWPHQWUHJLPHQ

6WXG\7UHDWPHQWV
$SSUR[LPDWHO\VXEMHFWVZLOOEHUDQGRPL]HGLQD UDWLRWRRQHRIWKHIROORZLQJWZRJURXSV

62)9(/)'&WDEOHWPJSOXV5%9 IRUZHHNV

62)9(/)'&WDEOHWPJSOXV5%9IRUZHHNV
5DQGRPL]DWLRQZLOOEHVWUDWLILHG E\FLUUKRVLVVWDWXVSUHVHQFHDEVHQFHDQG+&9JHQRW\SH
JHQRW\SHJHQRW\SH$SSUR[LPDWHO\VXEMHFWVZLOOKDYH&KLOG3XJK$FRPSHQVDWHG
FLUUKRVLV
7KHQXPEHURIVXEMHFWVE\+&9JHQRW\SHWREHHQUROOHGLQWKHVWXG\LVSUHVHQWHGEHORZ
+&9 *HQRW\SH
1XPEHURI6XEMHFWV(QUROOHG

DSSUR[LPDWHO\

DSSUR[LPDWHO\
7RWDO
DSSUR[LPDWHO\

'XUDWLRQRI7UHDWPHQW
6XEMHFWVZLOOEHWUHDWHGIRU RUZHHNV

6WRSSLQJ5XOHVDQG'LVFRQWLQXDWLRQ&ULWHULD
,IDVXEMHFWGLVFRQWLQXHVVWXG\ GRVLQJIRUH[DPSOHDVDUHVXOWRIDQDGYHUVHHYHQW>$(@HYHU\
DWWHPSWVKRXOGEHPDGHWRNHHSWKHVXEMHFWLQWKHVWXG\ DQGFRQWLQXHWRSHUIRUPWKHUHTXLUHG
VWXG\UHODWHGIROORZXSSURFHGXUHVVHH6HFWLRQ,IWKLVLVQRWSRVVLEOHRUDFFHSWDEOHWRWKH
VXEMHFWRULQYHVWLJDWRUWKHVXEMHFWPD\ EHZLWKGUDZQIURPWKHVWXG\
)RUVXEMHFWVZKRKDYHFRPSOHWHGDQ(7YLVLWWKHSRVWWUHDWPHQW:HHN DQG YLVLWVZLOOEH
FRPSOHWHG DIWHU WKH ODVWGRVH RI WKHVWXG\GUXJV


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
:KHQPHGLFDOO\ IHDVLEOHWKHPHGLFDOPRQLWRUPXVWEHFRQVXOWHGSULRUWRVXEMHFWGLVFRQWLQXDWLRQ
6WXG\ GUXJ PXVWEHGLVFRQWLQXHGLQWKHIROORZLQJLQVWDQFHV

,QWHUFXUUHQWLOOQHVVWKDWZRXOGLQWKHMXGJPHQWRIWKHLQYHVWLJDWRUDIIHFWDVVHVVPHQWVRI
FOLQLFDOVWDWXVWRDVLJQLILFDQWGHJUHH )ROORZLQJUHVROXWLRQRILQWHUFXUUHQWLOOQHVVWKHVXEMHFW
PD\ UHVXPHVWXG\ GRVLQJDWWKHGLVFUHWLRQRIWKHLQYHVWLJDWRU

8QDFFHSWDEOHWR[LFLW\ RU WR[LFLW\ WKDWLQWKHMXGJPHQWRIWKH LQYHVWLJDWRUFRPSURPLVHVWKH
DELOLW\ WRFRQWLQXHVWXG\VSHFLILFSURFHGXUHVRULVFRQVLGHUHGWRQRWEHLQWKHVXEMHFW¶VEHVW
LQWHUHVW

9LURORJLF IDLOXUH DVGHILQHGLQ6HFWLRQ

3UHJQDQF\ RIIHPDOHVXEMHFWUHIHUWR$SSHQGL[ 

6LJQLILFDQWSURWRFROYLRODWLRQWKDWLPSDFWVVXEMHFWVDIHW\

6XEMHFWUHTXHVWWRGLVFRQWLQXHIRUDQ\UHDVRQLWLVLPSRUWDQWWRGHWHUPLQHZKHWKHUWKH
ZLWKGUDZDORIFRQVHQWLVSULPDULO\ GXHWRDQ$(ODFNRIHIILFDF\RURWKHUUHDVRQ

6XEMHFWQRQFRPSOLDQFH

'LVFRQWLQXDWLRQRIWKHVWXG\ DWWKHUHTXHVWRI*LOHDGUHJXODWRU\ DJHQF\ RUDQ,QVWLWXWLRQDO
5HYLHZ%RDUG,5%,QGHSHQGHQW(WKLFV&RPPLWWHH,(&

9LURORJLF5HVSRQVH%DVHG7UHDWPHQW6WRSSLQJ&ULWHULD
7KH IROORZLQJRQWUHDWPHQW9LURORJLF5HVSRQVHEDVHG7UHDWPHQW6WRSSLQJ&ULWHULDZLOOEH
XWLOL]HG

&RQILUPHG+&951$//24DIWHUFRQVHFXWLYH+&951$//24

&RQILUPHG!ORJ LQFUHDVHLQ+&951$IURPQDGLU

+&951$//24WKURXJKZHHNVRIWUHDWPHQW
&RQILUPDWLRQVKRXOGEHSHUIRUPHGDVVRRQDVSRVVLEOHDQGPXVWRFFXUQRODWHUWKDQ ZHHNVDIWHU
DQLQLWLDOREVHUYDWLRQLQGLFDWLQJYLURORJLFIDLOXUHGXULQJWKHRQWUHDWPHQWSKDVH
6XEMHFWVZKRWHUPLQDWH VWXG\GUXJV HDUO\GXHWRYLURORJLFIDLOXUHDVGHILQHGDERYHZLOOFRPSOHWH
WKH(DUO\7HUPLQDWLRQ(7 YLVLW DQGDOOSRVWWUHDWPHQW YLVLWV








62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

68%-(&73238/$7,21

1XPEHURI6XEMHFWVDQG6XEMHFW6HOHFWLRQ
$SSUR[LPDWHO\VXEMHFWVZKRKDYHSUHYLRXVO\IDLOHGD'$$FRQWDLQLQJUHJLPHQ ZLWKFKURQLF
JHQRW\SH DSSUR[LPDWHO\  VXEMHFWVRUJHQRW\SH DSSUR[LPDWHO\VXEMHFWV+&9
LQIHFWLRQZLWKRUZLWKRXWFLUUKRVLVZLOOEHHQUROOHG
,QRUGHUWRPDQDJHWKHWRWDOVWXG\HQUROOPHQW*LOHDG6FLHQFHV,QFDWLWVVROHGLVFUHWLRQPD\
VXVSHQGVFUHHQLQJDQGRUHQUROOPHQWDWDQ\VLWHRUVWXG\ZLGHDWDQ\WLPH

,QFOXVLRQ&ULWHULD
6XEMHFWVPXVWPHHWDOORIWKHIROORZLQJLQFOXVLRQFULWHULDWREHHOLJLEOHIRUSDUWLFLSDWLRQLQWKLV
VWXG\ &ULWHULDDSSO\WRDOOVXEMHFWVXQOHVVRWKHUZLVHVWLSXODWHG
 :LOOLQJDQGDEOHWRSURYLGHZULWWHQLQIRUPHGFRQVHQW
 0DOHRUIHPDOHDJH \HDUV DW6FUHHQLQJ
 %RG\ ZHLJKW  NJ DW6FUHHQLQJ
 +&951$ ,8P/DW6FUHHQLQJ
 *HQRW\SHRU+&9DW6FUHHQLQJDVGHWHUPLQHGE\WKHFHQWUDO ODERUDWRU\$Q\
QRQGHILQLWLYH+&9JHQRW\SHUHVXOWVZLOOH[FOXGHWKHVXEMHFWIURPSDUWLFLSDWLRQ
 &KURQLF+&9LQIHFWLRQPRQWKV SULRUWR6FUHHQLQJGRFXPHQWHGE\SULRUPHGLFDOKLVWRU\
RUOLYHUELRSV\
 7UHDWPHQWH[SHULHQFHGZLWKD'$$FRQWDLQLQJUHJLPHQRIDWOHDVWDZHHN GXUDWLRQ
D 7KHPRVW UHFHQWWUHDWPHQWPXVWKDYHEHHQFRPSOHWHGDWOHDVWZHHNVSULRUWR6FUHHQLQJ
E 3ULRUWUHDWPHQWV
L
)RUVXEMHFWVZLWKJHQRW\SH7UHDWPHQWVPXVWKDYHLQFOXGHGDQ16$LQKLELWRU
LL )RUVXEMHFWVZLWKJHQRW\SH7UHDWPHQWV PXVWKDYHLQFOXGHGDWOHDVWRQH'$$
F 6XEMHFWVPXVWQRWKDYHGLVFRQWLQXHGWKHPRVWUHFHQWUHJLPHQGXHWR YLURORJLFIDLOXUHDVD
UHVXOWRI QRQFRPSOLDQFH 7KHVXEMHFW¶VPHGLFDOUHFRUGVPXVWLQFOXGHVXIILFLHQWGHWDLORI
SULRUWUHDWPHQWVWR FRQILUPHOLJLELOLW\
G 6XEMHFWVFDQQRWKDYHSUHYLRXVO\GLVFRQWLQXHG62)5%9GXHWRLQWROHUDQFH


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
 &LUUKRVLV'HWHUPLQDWLRQ
D 3UHVHQFHRIFLUUKRVLVLVGHILQHGDVDQ\RQHRIWKHIROORZLQJ
L
/LYHUELRSV\VKRZLQJFLUUKRVLVHJ0HWDYLUVFRUH RU,VKDNVFRUH
LL )LEURVFDQVKRZLQJFLUUKRVLVDVUHIOHFWHGE\DUHVXOW!N3D
LLL ,QWKHDEVHQFHRIOLYHUELRSV\RUDYDLODELOLW\RI)LEURVFDQ)LEUR7HVW VFRUH  DW
VFUHHQLQJ
E $EVHQFHRIFLUUKRVLVLVGHILQHGDVDQ\RQHRIWKHIROORZLQJXQOHVVWKHGHILQLWLRQRI
FLUUKRVLVKDVEHHQPHW
L
/LYHUELRSV\ZLWKLQ\HDUVRI6FUHHQLQJVKRZLQJDEVHQFHRIFLUUKRVLV
LL )LEURVFDQZLWKLQPRQWKVRI'D\ZLWKDUHVXOWN3D
LLL ,QWKHDEVHQFHRIOLYHUELRSV\RUDYDLODELOLW\RI)LEURVFDQ)LEUR7HVW VFRUH  DW
VFUHHQLQJ
 /LYHU LPDJLQJHJXOWUDVRXQGRU&7VFDQDWWKHGLVFUHWLRQRIWKHLQYHVWLJDWRUSHUIRUPHG
ZLWKLQPRQWKVRI'D\WRH[FOXGHKHSDWRFHOOXODUFDUFLQRPD+&&LVUHTXLUHG
D :LWKLQPRQWKVIRUVXEMHFWVZLWKFLUUKRVLV
E :LWKLQPRQWKVIRUVXEMHFWVZLWKRXWFLUUKRVLV
 )HPDOHVRIFKLOGEHDULQJSRWHQWLDODVGHILQHGLQ$SSHQGL[  PXVWKDYHDQHJDWLYHVHUXP
SUHJQDQF\WHVWDW6FUHHQLQJDQGDQHJDWLYHXULQHSUHJQDQF\WHVWRQ'D\SULRUWR
UDQGRPL]DWLRQ
 0DOHVXEMHFWVDQGIHPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOZKRHQJDJHLQKHWHURVH[XDO
LQWHUFRXUVHPXVWDJUHHWRXVHSURWRFROVSHFLILHGPHWKRGVRIFRQWUDFHSWLRQ DVGHVFULEHGLQ
$SSHQGL[ 
 0DOHVXEMHFWVPXVWDJUHHDQGUHIUDLQIURPVSHUPGRQDWLRQIURPWKHGDWHRIVFUHHQLQJXQWLODW
OHDVW PRQWKVDIWHUWKHODVWGRVHRI5%9 RUGD\VDIWHUWKHODVWGRVH62)9(/ )'&
 /DFWDWLQJIHPDOHVPXVWDJUHHWRGLVFRQWLQXHQXUVLQJEHIRUHWKHVWXG\GUXJV DUHDGPLQLVWHUHG
DQGWKURXJK DWOHDVWZHHNVDIWHUWKHODVWGRVHRIVWXG\GUXJ
 6XEMHFWPXVWEHRIJHQHUDOO\JRRGKHDOWKZLWKWKHH[FHSWLRQRIFKURQLF+&9LQIHFWLRQ DV
GHWHUPLQHGE\WKHLQYHVWLJDWRU
 6XEMHFWPXVWEHDEOHWRFRPSO\ZLWKWKHGRVLQJLQVWUXFWLRQVIRUVWXG\GUXJV DGPLQLVWUDWLRQ
DQGDEOHWRFRPSOHWHWKHVWXG\VFKHGXOHRIDVVHVVPHQWVLQFOXGLQJDOOUHTXLUHGSRVWWUHDWPHQW
YLVLWV


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

([FOXVLRQ&ULWHULD
6XEMHFWVZKRPHHWDQ\ RIWKHIROORZLQJH[FOXVLRQFULWHULDDUHQRWWREHHQUROOHGLQWKLVVWXG\
 &XUUHQWRUSULRUKLVWRU\RIDQ\RIWKHIROORZLQJ
D &OLQLFDOO\VLJQLILFDQWLOOQHVVRUFXUUHQWO\XQGHUHYDOXDWLRQIRUDSRWHQWLDOO\FOLQLFDOO\
VLJQLILFDQWLOOQHVVRWKHUWKDQ+&9RUDQ\RWKHUPDMRUPHGLFDOGLVRUGHUWKDWPD\
LQWHUIHUHZLWKVXEMHFWWUHDWPHQWDVVHVVPHQW RUFRPSOLDQFHZLWKWKHSURWRFRO
E *DVWURLQWHVWLQDOGLVRUGHURUSRVWRSHUDWLYHFRQGLWLRQWKDWFRXOGLQWHUIHUHZLWKWKH
DEVRUSWLRQRIWKHVWXG\GUXJV
F 'LIILFXOW\ZLWKEORRGFROOHFWLRQDQGRUSRRUYHQRXVDFFHVVIRUWKHSXUSRVHVRI
SKOHERWRP\
G &OLQLFDOKHSDWLFGHFRPSHQVDWLRQHJDVFLWHVHQFHSKDORSDWK\ YDULFHDOKHPRUUKDJH
&KLOG3XJK%RU&FLUUKRVLV
H 6ROLGRUJDQWUDQVSODQWDWLRQ
I
6LJQLILFDQWSXOPRQDU\GLVHDVH
J 8QVWDEOHFDUGLDFGLVHDVHRUVLJQLILFDQWFDUGLDFHYHQWZLWKLQRQH\HDUSULRUWR 6FUHHQLQJ
K 3RUSK\ULD
L
+LVWRU\RIFOLQLFDOO\VLJQLILFDQWKHPRJORELQRSDWK\HJ VLFNOHFHOOGLVHDVHWKDODVVHPLD
M
3V\FKLDWULFKRVSLWDOL]DWLRQVXLFLGHDWWHPSWDQGRUDSHULRGRIGLVDELOLW\DVDUHVXOWRIWKHLU
SV\FKLDWULFLOOQHVVZLWKLQWKHODVW\HDUV RI6FUHHQLQJ
N 0DOLJQDQF\ZLWKLQWKH\HDUVSULRUWRVFUHHQLQJZLWKWKHH[FHSWLRQRIVSHFLILFFDQFHUV
WKDWDUHFXUHGE\VXUJLFDOUHVHFWLRQEDVDOFHOOVNLQFDQFHUHWF6XEMHFWVXQGHU
HYDOXDWLRQIRUSRVVLEOHPDOLJQDQF\DUHQRWHOLJLEOH
O
3ULRURUFXUUHQWKHSDWRFHOOXODUFDUFLQRPD+&&
P 6LJQLILFDQWGUXJDOOHUJ\VXFKDVDQDSK\OD[LVRU KHSDWRWR[LFLW\
 ,QIHFWLRQZLWKKHSDWLWLV%YLUXV+%9RUKXPDQLPPXQRGHILFLHQF\YLUXV+,9
 6FUHHQLQJ(&*ZLWKFOLQLFDOO\VLJQLILFDQWDEQRUPDOLWLHV
 +LVWRU\RIFOLQLFDOO\VLJQLILFDQWPHGLFDOFRQGLWLRQDVVRFLDWHGZLWKRWKHUFKURQLFOLYHUGLVHDVH
HJKHPRFKURPDWRVLVDXWRLPPXQHKHSDWLWLV:LOVRQ¶VGLVHDVHĮDQWLWU\SVLQGHILFLHQF\
DOFRKROLFOLYHUGLVHDVHQRQDOFRKROLFVWHDWRKHSDWLWLV RUWR[LQH[SRVXUH


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
 3UHJQDQWRUQXUVLQJIHPDOHRUPDOHZLWKSUHJQDQWIHPDOHSDUWQHU
 :RPHQZKRZLVKWREHFRPHSUHJQDQWRUPDOHVZLWKIHPDOHSDUWQHUVZKRZLVKWREHFRPH
SUHJQDQW GXULQJVWXG\WUHDWPHQWDQGWKURXJKPRQWKVDIWHUWKHODVWGRVHRIVWXG\GUXJ
 6XEMHFWVZLWK DQ\RIWKHIROORZLQJODERUDWRU\SDUDPHWHUVDWVFUHHQLQJ
D $/7![XSSHUOLPLWRIQRUPDO8/1
E $67![ 8/1
F 'LUHFWELOLUXELQ!î8/1
G 3ODWHOHWV/
H +E$F!
I
&UHDWLQLQHFOHDUDQFH&UFOP/PLQDVFDOFXODWHGE\ WKH&RFNFURIW*DXOWHTXDWLRQ
^&RFNFURIWHWDO`
J +HPRJORELQJG/
K $OEXPLQJG/
L
,QWHUQDWLRQDO1RUPDOL]HG5DWLRRISURWKURPELQWLPH,15!î8/1XQOHVVVXEMHFW
KDVNQRZQKHPRSKLOLDRULVVWDEOHRQDQDQWLFRDJXODQWUHJLPHQDIIHFWLQJ,15
M
1HXWURSKLOFRXQW/
 'RQDWLRQRUORVVRIPRUHWKDQP/EORRGZLWKLQPRQWKVSULRUWR'D\
 8VHRIDQ\SURKLELWHGFRQFRPLWDQWPHGLFDWLRQV DVGHVFULEHGLQ6HFWLRQ
 .QRZQK\SHUVHQVLWLYLW\WRVRIRVEXYLU YHOSDWDVYLURUULEDYLULQ RUWKHPHWDEROLWHVRU
IRUPXODWLRQH[FLSLHQWV
 .QRZQFRQWUDLQGLFDWLRQWRVRIRVEXYLU DQGRUULEDYLULQ


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

678'<'58*

5DQGRPL]DWLRQ%OLQGLQJDQG7UHDWPHQW&RGHV
7KLVLVDUDQGRPL]HGRSHQODEHOVWXG\LQ VXEMHFWVZKRKDYHSUHYLRXVO\IDLOHG D '$$FRQWDLQLQJ
UHJLPHQ ZLWK FKURQLF+&9LQIHFWLRQZLWKRUZLWKRXWFLUUKRVLV1REOLQGLQJZLOOEHUHTXLUHG
6XEMHFWV ZLOOEHUDQGRPL]HGLQD UDWLRWRRQHRIWKHIROORZLQJWZRJURXSV

62)9(/)'&WDEOHWPJSOXV5%9 IRUZHHNV

62)9(/)'&WDEOHWPJSOXV5%9IRUZHHNV
5DQGRPL]DWLRQZLOOEHVWUDWLILHG E\FLUUKRVLVVWDWXVSUHVHQFHDEVHQFHDQG+&9JHQRW\SH
JHQRW\SHJHQRW\SH $SSUR[LPDWHO\ VXEMHFWVZLOOKDYH&KLOG3XJK$FRPSHQVDWHG
FLUUKRVLV

'HVFULSWLRQDQG+DQGOLQJRI62)9(/ )'&

)RUPXODWLRQ
7KH62)9(/ PJ)'&WDEOHWVDUHSLQNGLDPRQGVKDSHGILOPFRDWHGWDEOHWV
GHERVVHGZLWK³*6,´RQRQHVLGHDQG³´ RQWKHRWKHUVLGH,QDGGLWLRQWRWKHDFWLYH
LQJUHGLHQWVWKH62)9(/WDEOHWVFRQWDLQFRSRYLGRQHPLFURFU\VWDOOLQHFHOOXORVHFURVFDUPHOORVH
VRGLXPPDJQHVLXPVWHDUDWHSRO\YLQ\ODOFRKROWLWDQLXPGLR[LGHSRO\HWK\OHQHJO\FROWDOFDQG
LURQR[LGHUHG

62)9(/ )'& 3DFNDJLQJDQG/DEHOLQJ
62)9(/ PJ WDEOHWVDUHSDFNDJHGLQZKLWHKLJKGHQVLW\SRO\HWK\OHQH+'3(
ERWWOHV(DFKERWWOHFRQWDLQV WDEOHWVDQGSRO\HVWHUSDFNLQJPDWHULDO(DFKERWWOHLVHQFORVHG
ZLWKDZKLWHFRQWLQXRXVWKUHDGFKLOGUHVLVWDQWVFUHZFDSZLWKDQLQGXFWLRQVHDOHG
DOXPLQXPIDFHGOLQHU
62)9(/ ERWWOHVWREHGLVWULEXWHGWRFHQWHUVLQ-DSDQVKDOOEHODEHOHGIRUFOLQLFDOXVHWRPHHW
DSSOLFDEOHUHTXLUHPHQWVRIWKH-*&3 0LQLVWHULDO2UGLQDQFHRQ*RRG&OLQLFDO3UDFWLFHIRU
'UXJV

62)9(/ )'& 6WRUDJHDQG+DQGOLQJ
62)9(/)'&WDEOHWVVKRXOGEHVWRUHGDWFRQWUROOHGURRPWHPSHUDWXUHXQWLOUHTXLUHGIRU
DGPLQLVWUDWLRQ&RQWUROOHGURRPWHPSHUDWXUHLVGHILQHGDV&)H[FXUVLRQVDUHSHUPLWWHG
EHWZHHQ&DQG&)WR)
$OOGUXJSURGXFWVVKRXOGEHVWRUHGLQDVHFXUHO\ORFNHGDUHDDFFHVVLEOHRQO\WRDXWKRUL]HGVLWH
SHUVRQQHO7RHQVXUHWKHVWDELOLW\RIWKHVWXG\GUXJV DQGWRHQVXUHSURSHUSURGXFWLGHQWLILFDWLRQ


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
WKHGUXJSURGXFWVKRXOGQRWEHVWRUHGLQDFRQWDLQHURWKHUWKDQWKHFRQWDLQHULQZKLFKWKH\DUH
VXSSOLHG&RQVLGHUDWLRQVKRXOGEHJLYHQWRKDQGOLQJSUHSDUDWLRQDQGGLVSRVDOWKURXJKPHDVXUHV
WKDWPLQLPL]HGUXJFRQWDFWZLWKWKHERG\$SSURSULDWHSUHFDXWLRQVVKRXOGEHIROORZHGWRDYRLG
GLUHFWH\HFRQWDFWRUH[SRVXUHWKURXJKLQKDODWLRQZKHQKDQGOLQJ62)9(/WDEOHWV
6XIILFLHQWTXDQWLWLHVRI62)9(/)'&WDEOHWVWRFRPSOHWHWKHHQWLUHVWXG\ZLOOEHVKLSSHGWRWKH
LQYHVWLJDWRURUTXDOLILHGGHVLJQHH IURPWKH*LOHDG&OLQLFDO6XSSO\0DQDJHPHQW7HDP RULWV
GHVLJQHH

'RVDJHDQG$GPLQLVWUDWLRQRI62)9(/ )'&
62)9(/WDEOHW LVWREHDGPLQLVWHUHGRQFHGDLO\ZLWKRUZLWKRXWIRRG(DFKVXEMHFWPXVWEH
JLYHQLQVWUXFWLRQVWRPDLQWDLQDSSUR[LPDWHO\WKHVDPHGDLO\GRVLQJLQWHUYDOEHWZHHQVWXG\GUXJV
GRVHV
,IDVXEMHFWGRHVQRWWDNHWKH62)9(/)'& GRVHDWWKHXVXDOWLPHLWPD\EHWDNHQXSWR
 KRXUVODWHUKRZHYHUQRPRUHWKDQRQHWDEOHWVKRXOGEHWDNHQRQDQ\FDOHQGDUGD\7KH
VXEMHFWVKRXOGUHVXPHWKHVWDQGLQJGRVLQJVFKHGXOHRQWKHQH[WGD\
6WXG\GUXJV VKRXOGQRWEHFXWRUVSOLW62)9(/)'&WDEOHWVZLOOEHSURYLGHGE\
*LOHDG 6FLHQFHVIRUDOOVXEMHFWV

'HVFULSWLRQDQG+DQGOLQJRI5LEDYLULQ5%9

)RUPXODWLRQ
5LEDYLULQZLOOEHSURYLGHGLQWKHFRXUVHRIWKLVVWXG\DV5(%(72/FDSVXOHV06'..
5(%(72/FDSVXOHVDUHZKLWHRSDTXHKDUGFDSVXOHV(DFKFDSVXOHFRQWDLQVPJRI
ULEDYLULQ ,QIRUPDWLRQUHJDUGLQJFRPPHUFLDOO\DYDLODEOH5(%(72/FDSVXOHV FDQEHIRXQGLQ
WKHFXUUHQWSUHVFULELQJLQIRUPDWLRQ ^06'...XGDQNLWD&KL\RGDNX`

5%93DFNDJLQJDQG/DEHOLQJ
5(%(72/FDSVXOHVDUHSDFNDJHGLQEOLVWHUSDFNDJLQJRIFDSVXOHV7KHULEDYLULQSDFNDJH
VKDOOEHODEHOHGIRUFOLQLFDOXVHWRPHHWDOODSSOLFDEOHUHTXLUHPHQWVRIWKH-*&30LQLVWHULDO
2UGLQDQFHRQ*RRG&OLQLFDO3UDFWLFHIRU'UXJV

5%96WRUDJHDQG+DQGOLQJ
,QIRUPDWLRQUHJDUGLQJFRPPHUFLDOO\DYDLODEOH5(%(72/FDSVXOHVFDQEHIRXQGLQWKHFXUUHQW
SUHVFULELQJ LQIRUPDWLRQ
$OOGUXJSURGXFWVVKRXOGEHVWRUHGLQDVHFXUHO\ORFNHGDUHDDFFHVVLEOHRQO\WRDXWKRUL]HGVLWH
SHUVRQQHO7RHQVXUHWKHVWDELOLW\RIWKHVWXG\GUXJDQGWRHQVXUHSURSHUSURGXFWLGHQWLILFDWLRQ
WKHGUXJSURGXFWVKRXOGQRWEHVWRUHGLQDFRQWDLQHURWKHUWKDQWKHFRQWDLQHULQZKLFKWKH\DUH
VXSSOLHG&RQVLGHUDWLRQVKRXOGEHJLYHQWRKDQGOLQJSUHSDUDWLRQDQGGLVSRVDOWKURXJKPHDVXUHV


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
WKDWPLQLPL]HGUXJFRQWDFWZLWKWKHERG\$SSURSULDWHSUHFDXWLRQVVKRXOGEHIROORZHGWRDYRLG
GLUHFWH\HFRQWDFWRUH[SRVXUHWKURXJKLQKDODWLRQZKHQKDQGOLQJ5%9

'RVDJHDQG$GPLQLVWUDWLRQRI5LEDYLULQ5%9
5%9ZLOOEHDGPLQLVWHUHGLQDFFRUGDQFHZLWKDSSURYHG5%9 ODEHOLQJLQ-DSDQVHH7DEOH 
EHORZ
7DEOH 
'RVLQJDQG$GPLQLVWUDWLRQRI5%9LQ-DSDQ
%RG\ZHLJKW DW'D\
5LEDYLULQGRVDJH
'DLO\GRVDJH
$IWHUPRUQLQJPHDO
$IWHUHYHQLQJPHDO
NJ
PJ
PJ
PJ
!NJWRNJ
PJ
PJ
PJ
!NJ
PJ
 PJ
PJ
6RXUFH-DSDQ5HEHWRO3URGXFW/DEHO ^06'...XGDQNLWD&KL\RGDNX`
5%9GRVHPRGLILFDWLRQRUGLVFRQWLQXDWLRQVKRXOGEHSHUIRUPHGLQDFFRUGDQFHZLWKWKH5%9
SDFNDJHLQVHUW UHIHUWR6HFWLRQ
5%9VKRXOGEHGRVHGZLWKIRRGDQG62)9(/ )'& ZKHQDSSURSULDWH
5%9FDSVXOH  PJZLOOEHVXSSOLHGE\*LOHDG6FLHQFHVIRUDOODSSOLFDEOHVXEMHFWV

&RDGPLQLVWUDWLRQRI62)9(/ )'&DQG5%9
)RUPRUQLQJGRVHVVXEMHFWVZLOOEHLQVWUXFWHGWRWDNHVWXG\GUXJV ZLWKIRRG DVIROORZV

2QH62)9(/ )'& 7DEOHW FRQWDLQV PJ RI62)DQGPJRI9(/

:HLJKWEDVHG5%9DVSHU6HFWLRQ 
)RUHYHQLQJGRVHVVXEMHFWVZLOOEHLQVWUXFWHGWRWDNHVWXG\GUXJZLWKIRRG DVIROORZV

:HLJKWEDVHG5%9DVSHU6HFWLRQ 
,IDVXEMHFWGRHVQRWWDNHWKH62)9(/)'& GRVHDWWKHXVXDOWLPHLWPD\EHWDNHQXSWR
 KRXUVODWHUKRZHYHUQRPRUHWKDQRQHWDEOHWVKRXOGEHWDNHQRQDQ\FDOHQGDUGD\7KH
VXEMHFWVKRXOGUHVXPHWKHVWDQGLQJGRVLQJVFKHGXOHRQWKHQH[WGD\
5%9 VKRXOGEHDGPLQLVWHUHGDVDGLYLGHGGDLO\GRVHLHPRUQLQJDQGHYHQLQJDVSHUWKH
5HEHWRO SURGXFWODEHO6HFWLRQ ,IWKHVXEMHFWPLVVHVDGRVHRIULEDYLULQDQGUHPHPEHUV
WKHVDPHGD\WKHPLVVHGGRVHVKRXOGEHWDNHQDVVRRQDVSRVVLEOH+RZHYHULIWKHVXEMHFW
PLVVHGWDNLQJWKHPRUQLQJGRVHZLWKOXQFKRULIPRUHWKDQKRXUVKDYHSDVVHGVLQFHWKHXVXDO


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
PRUQLQJGRVH WLPHWKHVXEMHFWVKRXOGRQO\WDNHWKHSUHVFULEHGHYHQLQJGRVHRIULEDYLULQ
6XEMHFWVVKRXOGEHLQVWUXFWHGQRW WRWDNHGRVHVRIULEDYLULQDWWKHVDPHWLPH
6WXG\GUXJV VKRXOGQRWEHFXWRUVSOLW1RIRRGUHVWULFWLRQVDSSO\WR62)9(/ )'& KRZHYHU
62)9(/ )'& VKRXOGEHWDNHQZLWKWKHPRUQLQJGRVHRI5%9 ZKLFKLVWDNHQZLWK IRRG

6WXG\'UXJ$GKHUHQFHDQG'UXJ$FFRXQWDELOLW\
6XEMHFWVPXVWEHLQVWUXFWHGWREULQJEDFNDOOVWXG\GUXJV LQWKHRULJLQDOFRQWDLQHUDW HYHU\ VWXG\
YLVLWDIWHU'D\ WKURXJKWKHHQGRIWUHDWPHQW
6WXG\ GUXJVZLOOEHUHFRQFLOHGXVLQJPHGLFDWLRQSLOOFRXQWDW HYHU\SRVW'D\YLVLWE\WKH
LQYHVWLJDWRU RUGHVLJQHHLHSKDUPDFLVW LQRUGHUWRPRQLWRUWKHVXEMHFW¶VDGKHUHQFHZLWKWKH
PHGLFDWLRQ

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV
&RQFRPLWDQWPHGLFDWLRQVWDNHQZLWKLQGD\VSULRUWR6FUHHQLQJXSWRDQGLQFOXGLQJ GD\V
DIWHUWKHODVWGRVHRIVWXG\GUXJV QHHGWREHUHFRUGHGLQWKHVRXUFHGRFXPHQWVDQGH&5)V
7KHIROORZLQJPHGLFDWLRQVDUHSURKLELWHGIURPGD\VSULRUWRWKH'D\  YLVLWWKURXJKWKHHQG
RIWUHDWPHQW

,QYHVWLJDWLRQDODJHQWVRUGHYLFHVIRUDQ\LQGLFDWLRQ

'UXJVGLVDOORZHGSHUSUHVFULELQJLQIRUPDWLRQIRU5%9
&RQFRPLWDQWXVHRIFHUWDLQPHGLFDWLRQVRUKHUEDOQDWXUDOVXSSOHPHQWVVXFKDVVXEVWUDWHV
LQKLELWRUVRULQGXFHUVRIGUXJWUDQVSRUWHUVRUPHWDEROL]LQJHQ]\PHVHJ 3JS RU&<3$ZLWK
WKHVWXG\GUXJV PD\UHVXOWLQSKDUPDFRNLQHWLFLQWHUDFWLRQVUHVXOWLQJLQLQFUHDVHVRUGHFUHDVHVLQ
H[SRVXUHRIWKHVWXG\GUXJV RUWKHVHPHGLFDWLRQV
7DEOH  EHORZFRQWDLQVPHGLFDWLRQVWKDWDUH SURKLELWHGIURPGD\VSULRUWR'D\  WKURXJK
WKHHQGRIWUHDWPHQW DQGWKRVHPHGLFDWLRQVWKDWPD\EHXVHGZLWKFDXWLRQ 7KHXVHRI
DPLRGDURQHLVSURKLELWHGIURPGD\VSULRUWR'D\  WKURXJKWKHHQGRIWUHDWPHQW


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
7DEOH 
'LVDOORZHGDQG&RQFRPLWDQW0HGLFDWLRQVWREH8VHGZLWK&DXWLRQ
'UXJ&ODVV
$JHQWV'LVDOORZHG
8VHZLWK&DXWLRQ
$FLG5HGXFLQJ$JHQWVD
3URWRQ 3XPS,QKLELWRUV+5HFHSWRU
$QWDJRQLVWV$QWDFLGV
$QWLFRQYXOVDQWVE
3KHQ\WRLQ&DUEDPD]HSLQH3KHQREDUELWDO
2[FDUED]HSLQHJ
$QWLP\FREDFWHULDOVE
5LIDPSLFLQ5LIDEXWLQ5LIDSHQWLQHJ
&DUGLDF0HGLFDWLRQVF
$PLRGDURQHG
'LOWLD]HP9HUDSDPLO'URQHGDURQHJ
4XLQLGLQH5DQROD]LQHJ%RVHQWDQ
2OPHVDUWDQ9DOVDUWDQ'LJR[LQH
+HUEDO1DWXUDO
6XSSOHPHQWVE
6W-RKQ¶V:RUW(FKLQDFHD0LONWKLVWOH
LHVLO\PDULQ&KLQHVHKHUEVKRVDLNRWR
RU;LDR6KDL+X7DQJ
+0*&R$5HGXFWDVH
,QKLELWRUVI
5RVXYDVWDWLQ PJGD\
2WKHU
0RGDILQLO E6XOIDVDOD]LQHF J0HWKRWUH[DWHF
D
3URWRQSXPSLQKLELWRU33,GRVHVFRPSDUDEOHZLWKRPHSUD]ROHPJFDQEHDGPLQLVWHUHGZLWK62)9(/ZKHQ62)9(/
LVDGPLQLVWHUHGZLWKIRRG+UHFHSWRUDQWDJRQLVWVPXVWQRWH[FHHGDGRVHRIPJIDPRWLGLQHRUHTXLYDOHQWDQGFDQEH
WDNHQVLPXOWDQHRXVO\ZLWK62)9(/ DQGRUVWDJJHUHGE\KRXUV$QWDFLGVWKDWGLUHFWO\QHXWUDOL]HVWRPDFKDFLGPD\QRW
EHWDNHQZLWKLQ KRXUVEHIRUHRUDIWHURI62)9(/ DGPLQLVWUDWLRQ
E
0D\UHVXOWLQDGHFUHDVHLQWKHFRQFHQWUDWLRQRIVWXG\GUXJV
F
0D\UHVXOWLQDQLQFUHDVHLQWKHFRQFHQWUDWLRQRIVWXG\GUXJV DQGRUFRQFRPLWDQWPHGLFDWLRQV
G
0D\UHVXOWLQV\PSWRPDWLFEUDG\FDUGLD0HFKDQLVPLVQRWFXUUHQWO\NQRZQ7KHXVHRIDPLRGDURQHLVSURKLELWHGIURP
 GD\VSULRUWR'D\ WKURXJKWKHHQGRIWUHDWPHQW
H
0RQLWRUIRUVLJQVDQGV\PSWRPVRIGLJR[LQWR[LFLW\
I
8VHZLWK62)9(/PD\UHVXOWLQDQLQFUHDVHLQWKHFRQFHQWUDWLRQRI+0*&R$5HGXFWDVH,QKLELWRUURVXYDVWDWLQ0RQLWRU
IRUVLJQVDQGV\PSWRPVRIPXVFOHZHDNQHVVRUP\RSDWK\LQFOXGLQJUKDEGRP\RO\VLV
J
8QDSSURYHGLQ-DSDQ
0HGLFDWLRQV IRUGLVHDVHFRQGLWLRQVH[FOXGHG IURPWKHSURWRFROHJ+,9LQIHFWLRQDUHQRWOLVWHG
XQGHUWKLV&RQFRPLWDQW0HGLFDWLRQVHFWLRQDQGDUHGLVDOORZHGLQWKHVWXG\
6KRXOGVXEMHFWVKDYHDQHHGWRLQLWLDWHWUHDWPHQWZLWKDQ\H[FOXGHGFRQFRPLWDQWPHGLFDWLRQWKH
0HGLFDO0RQLWRUPXVWEHFRQVXOWHGSULRUWRLQLWLDWLRQRIWKHQHZPHGLFDWLRQ,QLQVWDQFHVZKHUH
DQH[FOXGHGPHGLFDWLRQLVLQLWLDWHGSULRUWRGLVFXVVLRQZLWKWKH6SRQVRUWKH,QYHVWLJDWRUPXVW
QRWLI\*LOHDGDVVRRQDVKHVKHLVDZDUHRIWKHXVHRIWKHH[FOXGHGPHGLFDWLRQ

$FFRXQWDELOLW\ IRU6WXG\'UXJ
7KHLQYHVWLJDWRU RUGHVLJQHHLHSKDUPDFLVW LVUHVSRQVLEOHIRUHQVXULQJDGHTXDWHDFFRXQWDELOLW\
RIDOOXVHGDQGXQXVHGVWXG\GUXJV 7KLVLQFOXGHVDFNQRZOHGJHPHQWRIUHFHLSWRIHDFKVKLSPHQW
RIVWXG\GUXJV TXDQWLW\DQGFRQGLWLRQ$OOXVHGDQGXQXVHGVWXG\GUXJV GLVSHQVHGWRVXEMHFWV
PXVWEHUHWXUQHGWRWKHVLWH


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
62)9(/ )'&DQG5%9 DFFRXQWDELOLW\UHFRUGVZLOOEHSURYLGHGWRHDFKVWXG\VLWHWR

5HFRUGWKHORWQXPEHUH[SLUDWLRQGDWH LIQHFHVVDU\

5HFRUGWKHGDWHUHFHLYHGDQGTXDQWLW\RIVWXG\GUXJV NLWV

5HFRUGWKHGDWHVXEMHFWQXPEHUWKHVWXG\GUXJV NLWQXPEHUGLVSHQVHG

5HFRUGWKHGDWHTXDQWLW\RIXVHGDQGXQXVHGVWXG\GUXJV UHWXUQHGDORQJZLWKWKHLQLWLDOVRI
WKHSHUVRQUHFRUGLQJWKHLQIRUPDWLRQ




62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

2EWDLQEORRGVDPSOHVIRUWHVWV DSSUR[LPDWHO\ P/ RIEORRGZLOOEHGUDZQ
+HPDWRORJ\
&KHPLVWU\
&RDJXODWLRQWHVWV
+&951$
6HUXPȕK&*SUHJQDQF\WHVWIRUIHPDOHVRIFKLOGEHDULQJSRWHQWLDORQO\
+&9*HQRW\SH
,/%*HQRW\SH
+&9DQWLERG\+,9DQWLERG\+%9VXUIDFHDQWLJHQ+%V$J+%9VXUIDFHDQWLERG\
+%V$E+%9FRUHDQWLERG\+%F$E
+E$F
)LEURWHVW

2EWDLQXULQHVDPSOHIRU
8ULQDO\VLV

$VLQJOHUHWHVWRI6FUHHQLQJODEVLV SHUPLWWHGRQO\LIWKHUHLVUHDVRQWREHOLHYHWKHUHWHVWYDOXH
ZLOOEHZLWKLQDFFHSWHGSDUDPHWHUVIRUH[DPSOHLIWKHLQLWLDOH[FOXVLRQDU\YDOXHZDVHLWKHU
GXHWRDVDPSOHSURFHVVLQJHUURURUGXHWRDQH[WHQXDWLQJFLUFXPVWDQFHVXFKDVLQWHUFXUUHQW
LOOQHVV
6XEMHFWVPHHWLQJDOORIWKHLQFOXVLRQFULWHULDDQGQRQHRIWKHH[FOXVLRQFULWHULDZLOOUHWXUQWRWKH
FOLQLFIRUUDQGRPL]DWLRQLQWRWKHVWXG\
)URPWKHWLPHRIREWDLQLQJLQIRUPHGFRQVHQWWKURXJKWKHILUVWDGPLQLVWUDWLRQRIVWXG\GUXJV
UHFRUGDOOVHULRXVDGYHUVHHYHQWV6$(VDVZHOODVDQ\DGYHUVHHYHQWVUHODWHGWR
SURWRFROPDQGDWHGSURFHGXUHVRQWKHDGYHUVHHYHQWVFDVHUHSRUWIRUPH&5)$OORWKHU
XQWRZDUGPHGLFDORFFXUUHQFHVREVHUYHGGXULQJWKHVFUHHQLQJSHULRGLQFOXGLQJH[DFHUEDWLRQRU
FKDQJHVLQPHGLFDOKLVWRU\ DUHWREHFDSWXUHGRQWKHPHGLFDOKLVWRU\H&5)6HH6HFWLRQ 
$GYHUVH(YHQWVDQG7R[LFLW\0DQDJHPHQWIRUDGGLWLRQDOGHWDLOV

5DQGRPL]DWLRQ
$Q,QWHUDFWLYH:HE5HVSRQVH6\VWHP,:56ZLOOEHHPSOR\HGWRPDQDJHVXEMHFWHQUROOPHQW
UDQGRPL]DWLRQDQGWUHDWPHQWDVVLJQPHQW5DQGRPL]DWLRQVWUDWLILFDWLRQIDFWRUV DUHGHVFULEHGLQ
6HFWLRQ 


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

'D\$VVHVVPHQWV
7KHIROORZLQJ 'D\WHVWVDQGSURFHGXUHVPXVWEHSHUIRUPHGSULRUWRHQUROOPHQWDQG
GRVLQJGLVSHQVDWLRQRIVWXG\GUXJV

'HWHUPLQHLQFOXVLRQDQGH[FOXVLRQHOLJLELOLW\UHIHUWR6HFWLRQ DQG

3HUIRUPFRPSOHWHSK\VLFDOH[DPLQDWLRQUHIHUWR6HFWLRQ

2EWDLQZHLJKW

2EWDLQYLWDOVLJQVUHIHUWR6HFWLRQ

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV

&RQGXFWSUHJQDQF\SUHYHQWLRQFRXQVHOLQJ

6XEMHFWFRPSOHWHV+HDOWK5HODWHG4XDOLW\RI/LIH+54R/VXUYH\VUHIHUWR6HFWLRQ 

2EWDLQEORRGVDPSOHVIRUWHVWV DSSUR[LPDWHO\ P/RIEORRGZLOOEHGUDZQIRUUHTXLUHG
WHVWV
+HPDWRORJ\
&KHPLVWU\
&RDJXODWLRQWHVWV
+&951$
9LUDO51$6HTXHQFLQJ3KHQRW\SLQJ6DPSOHDQGRU+%9'1$6DPSOH
$UFKLYHSODVPDVDPSOH IRUVXEMHFWVZKRKDYHFRQVHQWHG DQDGGLWLRQDOP/ RIEORRG
ZLOOEHGUDZQ
6LQJOHJHQRPLFVDPSOHIRUVXEMHFWVZKRKDYHFRQVHQWHG DQDGGLWLRQDOP/RIEORRG
ZLOOEHGUDZQ

2EWDLQXULQHVDPSOHIRU
3UHJQDQF\WHVWIRUIHPDOHVRIFKLOGEHDULQJSRWHQWLDORQO\
:KHQUHDG\WRDGPLQLVWHUVWXG\GUXJV WRWKHVXEMHFW

'LVSHQVHVWXG\GUXJVDVGLUHFWHGE\WKH,:56


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

,QVWUXFWWKHVXEMHFWRQWKHSDFNDJLQJVWRUDJH DQGDGPLQLVWUDWLRQRIVWXG\GUXJV

,QVWUXFWWKHVXEMHFWRQKRZWRFRPSOHWHWKHVXEMHFWGLDU\

2EVHUYHWKHVXEMHFWWDNLQJWKHILUVWGRVHRIVWXG\GUXJV7KHVXEMHFW VKRXOGWDNHWKHVWXG\
GUXJV ZLWKIRRG

7UHDWPHQW$VVHVVPHQWV  GD\V
2QWUHDWPHQWYLVLWVZLOOEHSHUIRUPHGDWWKHHQGRI:HHNV DQG IRU
VXEMHFWVUDQGRPL]HGWRUHFHLYHZHHNVRIVWXG\WUHDWPHQW
2QWUHDWPHQWYLVLWVZLOOEHSHUIRUPHGDWWKHHQGRI:HHNV  DQG
IRUVXEMHFWVUDQGRPL]HGWRUHFHLYHZHHNVRIVWXG\WUHDWPHQW
6WXG\GUXJV ZLOOEHUHFRQFLOHGDWHYHU\SRVW'D\YLVLWE\WKHLQYHVWLJDWRULQRUGHUWRPRQLWRU
WKHVXEMHFW¶VDGKHUHQFHZLWKWKHVWXG\GUXJV

:HHN GD\V
7KHIROORZLQJSURFHGXUHVDVVHVVPHQWVDUHWREHFRPSOHWHGDWWKHHQGRI:HHN 

3HUIRUPFRPSOHWHSK\VLFDOH[DPLQDWLRQUHIHUWR6HFWLRQ

2EWDLQZHLJKW

2EWDLQYLWDOVLJQVUHIHUWR6HFWLRQ

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV

$VVHVVDGKHUHQFHZLWKVWXG\GUXJGRVLQJUHJLPHQLQFOXGLQJSLOOFRXQW

2EWDLQEORRGVDPSOHVIRUWHVWV DSSUR[LPDWHO\ P/RIEORRGZLOOEHGUDZQ WRWDO
+HPDWRORJ\
&KHPLVWU\
&RDJXODWLRQWHVWV
+&951$
9LUDO51$6HTXHQFLQJ3KHQRW\SLQJ6DPSOH DQGRU+%9'1$6DPSOH
6LQJOH3. VDPSOH


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

:HHNV  DQG GD\V
7KHIROORZLQJSURFHGXUHVDVVHVVPHQWVDUHWREHFRPSOHWHGDWWKHHQGRI:HHNV DQG

3HUIRUPFRPSOHWHSK\VLFDOH[DPLQDWLRQUHIHUWR6HFWLRQ

2EWDLQZHLJKW

2EWDLQYLWDOVLJQVUHIHUWR6HFWLRQ

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV

$VVHVVDGKHUHQFHZLWKVWXG\GUXJGRVLQJUHJLPHQLQFOXGLQJSLOOFRXQW

2EWDLQEORRGVDPSOHVIRUWHVWV DSSUR[LPDWHO\P/RIEORRGZLOOEHGUDZQIRUUHTXLUHG
WHVWV
+HPDWRORJ\
&KHPLVWU\
&RDJXODWLRQWHVWV
+&951$
9LUDO51$6HTXHQFLQJ3KHQRW\SLQJ6DPSOH DQGRU+%9'1$6DPSOH
6LQJOH3.VDPSOH
,IDSSOLFDEOHFROOHFWLQWHQVLYH3.6XEVWXG\VDPSOHVDWHLWKHUWKH:HHNRUYLVLW
IRUVXEMHFWVZKR KDYHFRQVHQWHG DQDGGLWLRQDOP/RIEORRGZLOOEHGUDZQ

:HHNGD\V
7KHIROORZLQJSURFHGXUHVDVVHVVPHQWVDUHWREHFRPSOHWHGDWWKHHQGRI:HHN 

3HUIRUPFRPSOHWHSK\VLFDOH[DPLQDWLRQUHIHUWR6HFWLRQ

2EWDLQZHLJKW

2EWDLQYLWDOVLJQVUHIHUWR6HFWLRQ

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV

$VVHVVDGKHUHQFHZLWKVWXG\GUXJGRVLQJUHJLPHQLQFOXGLQJSLOOFRXQW

'LVSHQVHVWXG\GUXJVDVGLUHFWHGE\WKH,:56


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

2EWDLQEORRGVDPSOHVIRUWHVWV DSSUR[LPDWHO\P/RIEORRGZLOOEHGUDZQIRUUHTXLUHG
WHVWV
+HPDWRORJ\
&KHPLVWU\
&RDJXODWLRQWHVWV
+&951$
9LUDO51$6HTXHQFLQJ3KHQRW\SLQJ6DPSOH DQGRU+%9'1$6DPSOH
6LQJOH3.VDPSOH
,IDSSOLFDEOHFROOHFWLQWHQVLYH3.6XEVWXG\VDPSOHVDWHLWKHUWKH:HHNRUYLVLW
IRUVXEMHFWVZKRKDYHFRQVHQWHG DQDGGLWLRQDO P/RIEORRGZLOOEHGUDZQ

2EWDLQXULQHVDPSOHIRU
3UHJQDQF\WHVWIRUIHPDOHVRIFKLOGEHDULQJSRWHQWLDORQO\

:HHNVDQGGD\V
7KHIROORZLQJSURFHGXUHVDVVHVVPHQWVDUHWREHFRPSOHWHGDWWKHHQGRI:HHNV DQG

3HUIRUPFRPSOHWHSK\VLFDOH[DPLQDWLRQUHIHUWR6HFWLRQ

2EWDLQZHLJKW

2EWDLQYLWDOVLJQVUHIHUWR6HFWLRQ

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV

$VVHVVDGKHUHQFHZLWKVWXG\GUXJGRVLQJUHJLPHQLQFOXGLQJSLOOFRXQW

2EWDLQEORRGVDPSOHVIRUWHVWV DSSUR[LPDWHO\P/RIEORRGZLOOEHGUDZQWRWDO
+HPDWRORJ\
&KHPLVWU\
&RDJXODWLRQWHVWV
+&951$
9LUDO51$6HTXHQFLQJ3KHQRW\SLQJ6DPSOH DQGRU+%9'1$6DPSOH
6LQJOH3.VDPSOH


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

:HHNGD\V
7KHIROORZLQJSURFHGXUHVDVVHVVPHQWVDUHWREHFRPSOHWHGDWWKHHQGRI:HHN 

3HUIRUPFRPSOHWHSK\VLFDOH[DPLQDWLRQUHIHUWR6HFWLRQ

2EWDLQZHLJKW

2EWDLQYLWDOVLJQVUHIHUWR6HFWLRQ

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV

$VVHVVDGKHUHQFHZLWKVWXG\GUXJGRVLQJUHJLPHQLQFOXGLQJSLOOFRXQW

'LVSHQVHVWXG\GUXJVDVGLUHFWHGE\WKH,:56

2EWDLQEORRGVDPSOHVIRUWHVWV DSSUR[LPDWHO\P/RIEORRGZLOOEHGUDZQWRWDO
+HPDWRORJ\
&KHPLVWU\
&RDJXODWLRQWHVWV
+&951$
9LUDO51$6HTXHQFLQJ3KHQRW\SLQJ6DPSOH DQGRU+%9'1$6DPSOH
6LQJOH3.VDPSOH

2EWDLQXULQHVDPSOHIRU
3UHJQDQF\WHVWIRUIHPDOHVRIFKLOGEHDULQJSRWHQWLDORQO\

:HHNGD\V
7KHIROORZLQJSURFHGXUHVDVVHVVPHQWVDUHWREHFRPSOHWHGDWWKHHQGRI:HHN

3HUIRUPFRPSOHWHSK\VLFDOH[DPLQDWLRQUHIHUWR6HFWLRQ

2EWDLQZHLJKW

2EWDLQYLWDOVLJQVUHIHUWR6HFWLRQ

$VVHVVPHQWRI$(VDQG FRQFRPLWDQWPHGLFDWLRQV

$VVHVVDGKHUHQFHZLWKVWXG\GUXJGRVLQJUHJLPHQLQFOXGLQJSLOOFRXQW


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

2EWDLQEORRGVDPSOHVIRUWHVWV DSSUR[LPDWHO\P/RIEORRGZLOOEHGUDZQWRWDO
+HPDWRORJ\
&KHPLVWU\
&RDJXODWLRQWHVWV
+&951$
9LUDO51$6HTXHQFLQJ3KHQRW\SLQJ6DPSOH DQGRU+%9'1$6DPSOH
6LQJOH3.VDPSOH

:HHN GD\V
7KHIROORZLQJSURFHGXUHVDVVHVVPHQWVDUHWREHFRPSOHWHGDWWKHHQGRI:HHN

3HUIRUPFRPSOHWHSK\VLFDOH[DPLQDWLRQUHIHUWR6HFWLRQ

2EWDLQZHLJKW

2EWDLQYLWDOVLJQVUHIHUWR6HFWLRQ

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV

&RQGXFWSUHJQDQF\SUHYHQWLRQFRXQVHOLQJ

6XEMHFWFRPSOHWHV+HDOWK5HODWHG4XDOLW\RI/LIH+54R/VXUYH\VUHIHUWR6HFWLRQ 

$VVHVVDGKHUHQFHZLWKVWXG\GUXJGRVLQJUHJLPHQLQFOXGLQJSLOOFRXQW

'LVSHQVHVWXG\GUXJVDVGLUHFWHGE\WKH,:56 IRUVXEMHFWVRQWKHZHHNWUHDWPHQWJURXS
RQO\

&ROOHFWDQ\UHPDLQLQJVWXG\GUXJIURPWKHVXEMHFWIRUVXEMHFWVRQWKHZHHNWUHDWPHQW
JURXSRQO\

2EWDLQEORRGVDPSOHVIRUWHVWV DSSUR[LPDWHO\P/RIEORRGZLOOEHGUDZQIRUDOOUHTXLUHG
WHVWV
+HPDWRORJ\
&KHPLVWU\
&RDJXODWLRQWHVWV
+&951$


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
9LUDO51$6HTXHQFLQJ3KHQRW\SLQJ6DPSOH DQGRU+%9'1$6DPSOH
6LQJOH3.VDPSOH
$UFKLYHSODVPDVDPSOHIRUVXEMHFWVZKRKDYHFRQVHQWHG DQDGGLWLRQDOP/RIEORRG
ZLOOEHGUDZQ

2EWDLQXULQHVDPSOHIRU
3UHJQDQF\WHVWIRUIHPDOHVRIFKLOGEHDULQJSRWHQWLDORQO\

:HHNVDQGGD\V>IRU6XEMHFWVRQWKHZHHN7UHDWPHQW*URXS
2QO\@
7KHIROORZLQJSURFHGXUHVDVVHVVPHQWVDUHWREHFRPSOHWHGDWWKHHQGRI:HHNVDQG

3HUIRUPFRPSOHWHSK\VLFDOH[DPLQDWLRQUHIHUWR6HFWLRQ

2EWDLQZHLJKW

2EWDLQYLWDOVLJQVUHIHUWR6HFWLRQ

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV

$VVHVVDGKHUHQFHZLWKVWXG\GUXJGRVLQJUHJLPHQLQFOXGLQJSLOOFRXQW

'LVSHQVHVWXG\GUXJVDVGLUHFWHGE\WKH,:56

2EWDLQEORRGVDPSOHVIRUWHVWV DSSUR[LPDWHO\P/RIEORRGZLOOEHGUDZQWRWDO
+HPDWRORJ\
&KHPLVWU\
&RDJXODWLRQWHVWV
+&951$
9LUDO51$6HTXHQFLQJ3KHQRW\SLQJ6DPSOH DQGRU+%9'1$6DPSOH
6LQJOH3.VDPSOH

2EWDLQXULQHVDPSOHIRU
3UHJQDQF\WHVWIRUIHPDOHVRIFKLOGEHDULQJSRWHQWLDORQO\

:HHNGD\V>IRU6XEMHFWVRQWKHZHHN7UHDWPHQW*URXS2QO\@
7KHIROORZLQJSURFHGXUHVDVVHVVPHQWVDUHWREHFRPSOHWHGDWWKHHQGRI:HHN


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

3HUIRUPFRPSOHWHSK\VLFDOH[DPLQDWLRQUHIHUWR6HFWLRQ

2EWDLQZHLJKW

2EWDLQYLWDOVLJQVUHIHUWR6HFWLRQ

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV

&RQGXFWSUHJQDQF\SUHYHQWLRQFRXQVHOLQJ

6XEMHFWFRPSOHWHV+HDOWK5HODWHG4XDOLW\RI/LIH+54R/VXUYH\VUHIHUWR6HFWLRQ 

$VVHVVDGKHUHQFHZLWKVWXG\GUXJGRVLQJUHJLPHQLQFOXGLQJSLOOFRXQW&ROOHFWDQ\
UHPDLQLQJVWXG\GUXJIURPWKHVXEMHFW

2EWDLQEORRGVDPSOHVIRUWHVWV DSSUR[LPDWHO\P/RIEORRGZLOOEHGUDZQIRUUHTXLUHG
WHVWV
+HPDWRORJ\
&KHPLVWU\
&RDJXODWLRQWHVWV
+&951$
9LUDO51$6HTXHQFLQJ3KHQRW\SLQJ6DPSOH DQGRU+%9'1$6DPSOH
6LQJOH3.VDPSOH
$UFKLYHSODVPDVDPSOHIRUVXEMHFWVZKRKDYHFRQVHQWHG DQDGGLWLRQDOP/RIEORRG
ZLOOEHGUDZQ

2EWDLQXULQHVDPSOHIRU
3UHJQDQF\WHVWIRUIHPDOHVRIFKLOGEHDULQJSRWHQWLDORQO\

3RVWWUHDWPHQW $VVHVVPHQWV  GD\V
7KHSRVWWUHDWPHQW:HHNDQGYLVLWVVKRXOGEHWLPHGIURPWKHGDWHRIODVWDGPLQLVWUDWLRQ
RIDQ\VWXG\GUXJV IRUDOOVXEMHFWVUHJDUGOHVVRIZKHWKHUWKH\DUHDYLURORJLFIDLOXUHRU
GLVFRQWLQXHGVWXG\GUXJVHDUO\

3RVWWUHDWPHQW:HHNGD\V
7KHIROORZLQJSURFHGXUHVDVVHVVPHQWVDUHWREHFRPSOHWHGIRUDOOVXEMHFWV ZHHNVDIWHUWDNLQJ
WKHODVWGRVHRIVWXG\GUXJ


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

3HUIRUPFRPSOHWHSK\VLFDOH[DPLQDWLRQUHIHUWR6HFWLRQ

2EWDLQZHLJKW

2EWDLQYLWDOVLJQVUHIHUWR6HFWLRQ

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV

&RQGXFWSUHJQDQF\SUHYHQWLRQFRXQVHOLQJ

2EWDLQEORRGVDPSOHVIRUWHVWV DSSUR[LPDWHO\P/RIEORRGZLOOEHGUDZQWRWDO
+HPDWRORJ\
&KHPLVWU\
+&951$
9LUDO51$6HTXHQFLQJ3KHQRW\SLQJ6DPSOH DQGRU+%9'1$6DPSOH

2EWDLQXULQHVDPSOHIRU
3UHJQDQF\WHVWIRUIHPDOHVRIFKLOGEHDULQJSRWHQWLDORQO\
)HPDOHVRIFKLOGEHDULQJSRWHQWLDOVKRXOG EHSURYLGHGZLWKXULQHSUHJQDQF\WHVWNLWVLQVWUXFWHG
RQWKHLUXVHDQGUHTXHVWHGWRFRQWLQXHWRVHOIPRQLWRUIRUSUHJQDQF\EHWZHHQVFKHGXOHGVWXG\
YLVLWVHYHU\ ZHHNVIRUDPLQLPXPRIPRQWKVIROORZLQJODVWGRVHRI5%9,IUHTXLUHGE\
ORFDOUHJXODWLRQVDGGLWLRQDOSUHJQDQF\WHVWVEH\RQGPRQWKVPD\EHDGGHG,QWKHHYHQWRID
SRVLWLYHXULQHSUHJQDQF\UHVXOWVXEMHFWVZLOOEHLQVWUXFWHGWRUHWXUQWRWKHFOLQLFDVVRRQDV
SRVVLEOHIRUDVHUXPSUHJQDQF\WHVW7KHVXEMHFWZLOOEHFRQWDFWHGE\WHOHSKRQHPRQWKO\WR
FRQILUPWKDWXULQHSUHJQDQF\WHVWLQJKDVEHHQSHUIRUPHGSRVWWUHDWPHQWDQGWRUHFRUGWKH
RXWFRPH$OWHUQDWLYHO\LIUHTXLUHGE\ORFDOUHJXODWLRQVRUSUHIHUUHGE\WKHLQYHVWLJDWRURU
VXEMHFWWKHVXEMHFWPD\UHWXUQWRWKHFOLQLFIRUXULQHSUHJQDQF\WHVWV

3RVWWUHDWPHQW:HHNGD\V
7KHIROORZLQJSURFHGXUHVDVVHVVPHQWVDUHWREHFRPSOHWHGIRUDOOVXEMHFWV ZHHNVDIWHUWDNLQJ
WKHODVWGRVHRIVWXG\GUXJ

3HUIRUPFRPSOHWHSK\VLFDOH[DPLQDWLRQUHIHUWR6HFWLRQ

2EWDLQZHLJKW

2EWDLQYLWDOVLJQVUHIHUWR6HFWLRQ

&RQGXFWSUHJQDQF\SUHYHQWLRQFRXQVHOLQJ

6XEMHFWFRPSOHWHV+HDOWK5HODWHG4XDOLW\RI/LIH+54R/VXUYH\VUHIHUWR6HFWLRQ 


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

2EWDLQEORRGVDPSOHVIRUWHVWV DSSUR[LPDWHO\P/RIEORRGZLOOEHGUDZQWRWDO
+&951$
9LUDO51$6HTXHQFLQJ3KHQRW\SLQJ6DPSOH DQGRU+%9'1$6DPSOH

2EWDLQXULQHVDPSOHIRU
3UHJQDQF\WHVWIRUIHPDOHVRIFKLOGEHDULQJSRWHQWLDORQO\
)HPDOHVRIFKLOGEHDULQJSRWHQWLDOVKRXOGEHSURYLGHGZLWKXULQHSUHJQDQF\WHVWNLWVLQVWUXFWHG
RQWKHLUXVH DQGUHTXHVWHGWRFRQWLQXHWRVHOIPRQLWRUIRUSUHJQDQF\EHWZHHQVFKHGXOHGVWXG\
YLVLWVHYHU\ ZHHNVIRUDPLQLPXPRIPRQWKVIROORZLQJODVWGRVHRI5%9,IUHTXLUHGE\
ORFDOUHJXODWLRQVDGGLWLRQDOSUHJQDQF\WHVWVEH\RQGPRQWKVPD\EHDGGHG,QWKH HYHQWRID
SRVLWLYHXULQHSUHJQDQF\UHVXOWVXEMHFWVZLOOEHLQVWUXFWHGWRUHWXUQWRWKHFOLQLFDVVRRQDV
SRVVLEOHIRUDVHUXPSUHJQDQF\WHVW7KHVXEMHFWZLOOEHFRQWDFWHGE\WHOHSKRQHPRQWKO\WR
FRQILUPWKDWXULQHSUHJQDQF\WHVWLQJKDVEHHQSHUIRUPHGSRVWWUHDWPHQWDQGWRUHFRUGWKH
RXWFRPH$OWHUQDWLYHO\LIUHTXLUHGE\ORFDOUHJXODWLRQVRUSUHIHUUHGE\WKHLQYHVWLJDWRURU
VXEMHFWWKHVXEMHFWPD\UHWXUQWRWKHFOLQLFIRUXULQHSUHJQDQF\WHVWV

3RVWWUHDWPHQW:HHNGD\V
7KHIROORZLQJSURFHGXUHVDVVHVVPHQWVDUHWREHFRPSOHWHGIRUDOOVXEMHFWV ZHHNVDIWHUWDNLQJ
WKHODVWGRVHRIVWXG\GUXJ

3HUIRUPFRPSOHWHSK\VLFDOH[DPLQDWLRQUHIHUWR6HFWLRQ

2EWDLQZHLJKW

2EWDLQYLWDOVLJQVUHIHUWR6HFWLRQ

&RQGXFWSUHJQDQF\SUHYHQWLRQFRXQVHOLQJ

2EWDLQEORRGVDPSOHVIRUWHVWV DSSUR[LPDWHO\P/RIEORRGZLOOEHGUDZQWRWDO
+&951$
9LUDO51$6HTXHQFLQJ3KHQRW\SLQJ6DPSOH DQGRU+%9'1$6DPSOH

2EWDLQXULQHVDPSOHIRU
3UHJQDQF\WHVWIRUIHPDOHVRIFKLOGEHDULQJSRWHQWLDORQO\

(DUO\7HUPLQDWLRQ(7
)RUVXEMHFWVZKRKDYHFRPSOHWHGDQ(7YLVLWWKHSRVWWUHDWPHQW:HHNDQGIROORZXS
YLVLWVZLOOEHVFKHGXOHGDIWHUWKHODVWGRVHRIWKHVWXG\GUXJV


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
:KHQPHGLFDOO\IHDVLEOHWKHPHGLFDOPRQLWRUPXVWEHFRQVXOWHGSULRUWRVXEMHFWGLVFRQWLQXDWLRQ
7KHIROORZLQJSURFHGXUHVDVVHVVPHQWVDUHWREHFRPSOHWHGDWDQ(DUO\7HUPLQDWLRQYLVLW

3HUIRUPFRPSOHWHSK\VLFDOH[DPLQDWLRQUHIHUWR6HFWLRQ

2EWDLQZHLJKW

2EWDLQYLWDOVLJQVUHIHUWR6HFWLRQ

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV

&RQGXFWSUHJQDQF\SUHYHQWLRQFRXQVHOLQJ

6XEMHFWFRPSOHWHV+HDOWK5HODWHG4XDOLW\RI/LIH+54R/VXUYH\VUHIHUWR6HFWLRQ

$VVHVVDGKHUHQFHZLWKVWXG\GUXJGRVLQJUHJLPHQLQFOXGLQJSLOOFRXQW&ROOHFWDQ\
UHPDLQLQJVWXG\GUXJIURPWKHVXEMHFW

2EWDLQEORRGVDPSOHVIRUWHVWV DSSUR[LPDWHO\P/RIEORRGZLOOEHGUDZQIRUUHTXLUHG
WHVWV
+HPDWRORJ\
&KHPLVWU\
&RDJXODWLRQWHVWV
+&951$
9LUDO51$6HTXHQFLQJ3KHQRW\SLQJ6DPSOH DQGRU+%9'1$6DPSOH
6LQJOH3.VDPSOH
$UFKLYHSODVPDVDPSOHIRUVXEMHFWVZKRKDYHFRQVHQWHG DQDGGLWLRQDOP/RIEORRG
ZLOOEHGUDZQ

2EWDLQXULQHVDPSOHIRU
3UHJQDQF\WHVWIRUIHPDOHVRIFKLOGEHDULQJSRWHQWLDORQO\

8QVFKHGXOHG9LVLW
$VXEMHFWVKRXOGDWWHQGDQXQVFKHGXOHGYLVLWLIUHTXHVWHGE\WKH VSRQVRURUWKHLQYHVWLJDWRU7KH
DVVHVVPHQWVDUHDWWKHLQYHVWLJDWRU¶VGLVFUHWLRQDVFOLQLFDOO\LQGLFDWHGEXWWKHLQYHVWLJDWRUVKRXOG
DWDPLQLPXPFROOHFW$(DQGFRQFRPLWDQWPHGLFDWLRQLQIRUPDWLRQ$WDOOXQVFKHGXOHGYLVLWV
LQLWLDWHGIRUWKHSXUSRVHRI FRQILUPLQJYLURORJLFIDLOXUHDVDPSOHIRUDYLUDO51$
VHTXHQFLQJSKHQRW\SLQJPXVWEHFROOHFWHG


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

3URFHGXUHVDQG6SHFLILFDWLRQV

&OLQLFDO/DERUDWRU\$QDO\WHV
+HPDWRORJ\ +HPDWRFULW+HPRJORELQ+E3ODWHOHWFRXQW5HGEORRGFHOOFRXQW5%&
:KLWH EORRGFHOOFRXQW:%&ZLWKGLIIHUHQWLDODEVROXWHDQGSHUFHQWDJHLQFOXGLQJ
/\PSKRF\WHV0RQRF\WHV1HXWURSKLOV(RVLQRSKLOVDQG%DVRSKLOVDQG5HWLFXORF\WHFRXQWDQG
PHDQFRUSXVFXODUYROXPH0&9
&RDJXODWLRQ ,153URWKURPELQWLPH37$FWLYDWHGSDUWLDOWKURPERSODVWLQWLPHD377
&KHPLVWU\ $ODQLQHDPLQRWUDQVIHUDVH$/76*37$VSDUWDWHDPLQRWUDQVIHUDVH$676*27
$OEXPLQ$ONDOLQHSKRVSKDWDVH&UHDWLQH.LQDVH&UHDWLQLQH'LUHFW%LOLUXELQDWVFUHHQLQJDQG
UHIOH[HGIURPWRWDOELOLUXELQDWRWKHUYLVLWV7RWDO%LOLUXELQ*OXFRVH/LSDVH3RWDVVLXP
6RGLXP )LEUR7HVW DW6FUHHQLQJRQO\
8ULQDO\VLV %ORRG*OXFRVH/HXNRF\WHHVWHUDVHS+3URWHLQ8URELOLQRJHQ5HIOH[WR
PLFURVFRSLFXULQDO\VLVLIGLSVWLFNUHVXOWLVDEQRUPDO
9LURORJLFDO 7HVWV6HURORJLHVIRU +&9DQG+%9 +%9'1$UHIOH[WHVWLQJGRQHZKHQ$/7!
['D\YDOXHLQVXEMHFWVZKR DUH+%V$ERU+%F$ESRVLWLYHDW6FUHHQLQJ6HURORJ\DQGRU
DQWLJHQWHVWLQJIRU+,9LQFOXGLQJUHIOH[WHVWLQJDVQHFHVVDU\+&951$ZLOOEHPHDVXUHGXVLQJ
WKH&2%$6$PSOL3UHS&2%$67DT0DQ+&94XDQWLWDWLYH7HVWYHUVLRQ+&9JHQRW\SH
DQGVXEW\SHZLOOEHGHWHUPLQHGXVLQJWKH6LHPHQV9(56$17 +&9*HQRW\SH,112/L3$
$VVD\*LOHDGUHVHUYHVWKHULJKWWRXVHDOWHUQDWHDVVD\VIRU+&951$DQG+&9JHQRW\SH
VKRXOGWKHDERYHDVVD\VEHFRPHXQDYDLODEOHRUDUHQRWGHILQLWLYH
,/%JHQRW\SHZLOOEHGHWHUPLQHGE\SRO\PHUDVHFKDLQUHDFWLRQ3&5DPSOLILFDWLRQRIWKH
613UVZLWKVHTXHQFHVSHFLILFIRUZDUGDQGUHYHUVHSULPHUVDQGDOOHOHVSHFLILF
IOXRUHVFHQWO\ODEHOHG7DT0DQ0*%SUREHV*LOHDGUHVHUYHVWKHULJKWVWRXVHDQDOWHUQDWHDVVD\
IRU,/%GHWHUPLQDWLRQVKRXOGWKHDERYHDVVD\EHFRPHXQDYDLODEOH
3UHJQDQF\ 7HVWV6HUXPȕK&*RU8ULQHȕK&*LISRVLWLYHUHTXLUHVLPPHGLDWHFRQILUPDWLRQ
ZLWK6HUXPȕK&*
$GGLWLRQDO 7HVWV +HPRJORELQ$F+E$FVFUHHQLQJRQO\

0HGLFDO+LVWRU\
0HGLFDOKLVWRU\LQFOXGLQJGHWDLOVUHJDUGLQJLOOQHVVHVDQGDOOHUJLHVGDWHVRIRQVHWDQGZKHWKHU
FRQGLWLRQVLVFXUUHQWO\RQJRLQJDQGPHGLFDWLRQKLVWRU\ZLOOEHFROOHFWHGRQDOOVXEMHFWVGXULQJ
VFUHHQLQJ
2EWDLQ+&9WUHDWPHQWKLVWRU\ LQRUGHUWRFRQILUPHOLJLELOLW\RIWKHVXEMHFWDVSHU,QFOXVLRQ
&ULWHULD  ,QIRUPDWLRQUHODWHGWR+&9LQIHFWLRQZLOODOVREHFROOHFWHG


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

&RPSOHWH3K\VLFDO([DPLQDWLRQ
$SK\VLFDOH[DPLQDWLRQPXVWLQFOXGHVRXUFHGRFXPHQWDWLRQRIJHQHUDODSSHDUDQFHDQGWKH
IROORZLQJERG\V\VWHPV+HDGQHFNDQGWK\URLGH\HVHDUVQRVHWKURDWPRXWKDQGWRQJXH
FKHVWH[FOXGLQJEUHDVWVUHVSLUDWRU\FDUGLRYDVFXODUO\PSKQRGHVDEGRPHQVNLQKDLUQDLOV
PXVFXORVNHOHWDOQHXURORJLFDO

9LWDO6LJQV
$VVHVVPHQWRIYLWDOVLJQVZLOOLQFOXGHPHDVXUHPHQWRIUHVWLQJEORRGSUHVVXUHSXOVHUHVSLUDWRU\
UDWHDQGWHPSHUDWXUH
%ORRGSUHVVXUHZLOOEHPHDVXUHGXVLQJWKHIROORZLQJVWDQGDUGL]HGSURFHVV

6XEMHFWVKRXOGVLWIRU  PLQXWHVZLWKIHHWIODWRQWKHIORRUDQGPHDVXUHPHQWDUPVXSSRUWHG
VRWKDWWKHPLGSRLQWRIWKHPDQRPHWHUFXIILVDWKHDUWOHYHO

8VHDPHUFXU\VSK\JPRPDQRPHWHURUDXWRPDWLFEORRGSUHVVXUHGHYLFHZLWKDQDSSURSULDWHO\
VL]HGFXIIZLWKWKHEODGGHUFHQWHUHGRYHUWKHEUDFKLDODUWHU\

0HDVXUHDQGUHFRUGWKHEORRGSUHVVXUHWRWKHQHDUHVWPP+JPDUNRQWKHPDQRPHWHURUWR
WKHQHDUHVWZKROHQXPEHURQDQDXWRPDWLFGHYLFH

/HDG(&*
6XEMHFWVZLOOEHUHTXLUHGWRUHVWLQDVXSLQHSRVLWLRQIRUPLQXWHVSULRUWRPDNLQJDUHFRUGLQJ
7KHLQYHVWLJDWRURUTXDOLILHGGHVLJQHHVKRXOGUHYLHZWKH(&*WUDFHVUHFRUGHGLQUHDOWLPHIRU
FOLQLFDOO\ VLJQLILFDQWDEQRUPDOLWLHV

+HDOWK5HODWHG4XDOLW\RI/LIH+54R/
+HDOWK5HODWHG4XDOLW\RI/LIHVXUYH\V+54R/LQFOXGHGLQWKLVVWXG\DUHWKH6)&KURQLF
/LYHU'LVHDVH4XHVWLRQQDLUH&/'4+&9)DWLJXH,QGH[)$&,7)DQG:RUN3URGXFWLYLW\
DQG$FWLYLW\,PSDLUPHQW4XHVWLRQQDLUH+HSDWLWLV&Y:3$,+HSDWLWLV&
7KH+HDOWK5HODWHG4XDOLW\RI/LIHVXUYH\V+54R/ZLOORQO\EHDGPLQLVWHUHGWRVXEMHFWVLI
DYDLODEOHDW'D\:HHN:HHNLIDSSOLFDEOHDQG3RVWWUHDWPHQW:HHN7KHVXEMHFW
VKRXOGUHDGWKHTXHVWLRQQDLUHE\KLPVHOIKHUVHOIDQGUHFRUGWKHDQVZHUVE\KLPVHOIKHUVHOI

9LUDO51$6HTXHQFLQJ3KHQRW\SLQJ6DPSOH
3ODVPDVDPSOHVZLOOEHFROOHFWHGDW'D\ DQGHDFKYLVLWWKHUHDIWHU DQGPD\ EH DUFKLYHGIRUYLUDO
VHTXHQFHDQDO\VLV$WDQ\ XQVFKHGXOHGYLVLWLQLWLDWHGIRUWKHSXUSRVHRIFRQILUPLQJYLURORJLF
EUHDNWKURXJKDYLUDOVHTXHQFHDQDO\VLVSODVPDVDPSOHPXVWEHFROOHFWHG
'HWDLOVUHJDUGLQJWKHFROOHFWLRQSURFHVVLQJDQGVKLSSLQJRIVDPSOHVZLOOEHLQFOXGHGLQWKHODE
PDQXDO




62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

3UHJQDQF\7HVWLQJ
$OOIHPDOHVRIFKLOGEHDULQJSRWHQWLDOZLOOKDYHDVHUXPSUHJQDQF\WHVWDW6FUHHQLQJ8ULQH
SUHJQDQF\ WHVWLQJZLOORFFXUDW'D\DQGHYHU\  ZHHNV GXULQJWKHGRVLQJSHULRG
)HPDOHVRIFKLOGEHDULQJSRWHQWLDOZLOOKDYHDGGLWLRQDOXULQHSUHJQDQF\WHVWLQJHYHU\ ZHHNV IRU
DPLQLPXPRIPRQWKVIROORZLQJODVWGRVHRI5%9 ,IUHTXLUHGE\ORFDOUHJXODWLRQVDGGLWLRQDO
SUHJQDQF\WHVWVEH\RQGPRQWKVPD\EHDGGHG ,QWKHHYHQWRIDSRVLWLYHXULQHSUHJQDQF\
UHVXOWVXEMHFWVZLOOEHLQVWUXFWHGWRUHWXUQWRWKHFOLQLFDVVRRQDVSRVVLEOHIRUDVHUXPSUHJQDQF\
WHVW 3UHJQDQF\WHVWNLWVZLOOEHGLVSHQVHGWRIHPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDODIWHUWKH
SRVWWUHDWPHQW :HHNYLVLW7KHVXEMHFWZLOOEHFRQWDFWHGE\WHOHSKRQHPRQWKO\WRFRQILUPWKDW
XULQHSUHJQDQF\WHVWLQJKDVEHHQSHUIRUPHGSRVWWUHDWPHQW DQGWRUHFRUGWKHRXWFRPH
$OWHUQDWLYHO\LIUHTXLUHGE\ORFDOUHJXODWLRQVRUSUHIHUUHGE\WKHLQYHVWLJDWRURUVXEMHFWWKH
VXEMHFWPD\UHWXUQWRWKHFOLQLFIRUXULQHSUHJQDQF\WHVWV

,/% 7HVWLQJ
$ EORRGVDPSOHZLOOEHREWDLQHGDWVFUHHQLQJ IRUVSHFLILFJHQHWLFDQDO\VLVRIWKHUV
,/%JHQHWLFYDULDQW

$UFKLYH3ODVPD6DPSOH
)RUVXEMHFWVZKRSURYLGHFRQVHQWDQDUFKLYH SODVPDVDPSOH QRQJHQHWLF ZLOOEHFROOHFWHGDW
'D\:HHN:HHNLIDSSOLFDEOH DQG(DUO\7HUPLQDWLRQLIDSSOLFDEOH9LVLWV
$SSUR[LPDWHO\P/RIZKROHEORRGZLOOEHFROOHFWHGIRUHDFKVDPSOH7KHVSHFLPHQV
FROOHFWHGZLOOEHXVHGWRLQFUHDVHRXUNQRZOHGJHDQGXQGHUVWDQGLQJRIWKHELRORJ\SDWKRJHQHVLV
SURJUHVVLRQDQGRUWUHDWPHQWRXWFRPHVLQFOXGLQJHIILFDF\$(VDQGWKHSURFHVVHVRIGUXJ
DEVRUSWLRQDQGGLVSRVLWLRQ7KHVHVSHFLPHQVPD\EHXVHGIRUUHWHVWLQJRIWKHDPRXQWRI+&9LQ
WKHEORRGFOLQLFDOODERUDWRU\WHVWLQJWRSURYLGHDGGLWLRQDOFOLQLFDOGDWDDQGWRGHYHORSQRQ
JHQHWLFELRPDUNHURUGLDJQRVWLFDVVD\VDQGHVWDEOLVKWKHSHUIRUPDQFHFKDUDFWHULVWLFVRIWKHVH
DVVD\V
'HWDLOVUHJDUGLQJWKHFROOHFWLRQSURFHVVLQJDQGVKLSSLQJRIVDPSOHVZLOOEHLQFOXGHGLQWKHODE
PDQXDO$WWKHFRQFOXVLRQRIWKLVVWXG\WKHVHVDPSOHV PD\ EHUHWDLQHGLQVWRUDJHE\
*LOHDG 6FLHQFHV,QFIRUDSHULRGXSWR \HDUV DIWHUWKHHQGRIWKHVWXG\7KHVH VDPSOHV ZLOO
EHGHVWUR\HGE\LQWHUQDWLRQDOO\DFFHSWHGPHDQVHJ LQFLQHUDWLRQ

*HQRPLF7HVWLQJ
7KLVVWXG\DOVRLQFOXGHVWKHRSWLRQDOFROOHFWLRQRI DZKROHEORRGVDPSOHIRUKXPDQJHQRPLF
WHVWLQJ7KLVVDPSOHPD\RQO\EHFROOHFWHGIROORZLQJDSSURYDORIVLWH,5% RU (WKLFDO
&RPPLWWHHV ,QDGGLWLRQWRWKHVWXG\VSHFLILFLQIRUPHGFRQVHQWWREHVLJQHGE\HDFKVXEMHFW
SDUWLFLSDWLQJLQWKHVWXG\DVHSDUDWHVSHFLILFVLJQDWXUHZLOOEHUHTXLUHGWRGRFXPHQWDVXEMHFW¶V
DJUHHPHQWWRSURYLGHWKLVDGGLWLRQDOVDPSOHIRURSWLRQDOJHQRPLFUHVHDUFK3URYLVLRQRIWKH
JHQRPLFVDPSOHLVRSWLRQDODQGLVQRWUHTXLUHGLQRUGHUIRUDVXEMHFWWRSDUWLFLSDWHLQWKHVWXG\




62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

$'9(56((9(176$1'72;,&,7<0$1$*(0(17

'HILQLWLRQV RI$GYHUVH(YHQWV$GYHUVH5HDFWLRQV DQG6HULRXV$GYHUVH
(YHQWV

$GYHUVH(YHQWV
$QDGYHUVHHYHQW$(LVDQ\XQWRZDUGPHGLFDORFFXUUHQFHLQDFOLQLFDOVWXG\VXEMHFW
DGPLQLVWHUHGDPHGLFLQDOSURGXFW ZKLFKGRHVQRWQHFHVVDULO\KDYHDFDXVDOUHODWLRQVKLSZLWKWKH
WUHDWPHQW$Q$(FDQWKHUHIRUHEHDQ\XQIDYRUDEOHDQGRU XQLQWHQGHGVLJQV\PSWRPRUGLVHDVH
WHPSRUDOO\DVVRFLDWHGZLWKWKHXVHRIDPHGLFLQDOSURGXFWZKHWKHURUQRWFRQVLGHUHGUHODWHGWR
WKHPHGLFLQDOSURGXFW $(VPD\DOVRLQFOXGHSUH RUSRVWWUHDWPHQW FRPSOLFDWLRQVWKDWRFFXUDVD
UHVXOWRISURWRFROVSHFLILHG SURFHGXUHVRYHUGRVH GUXJDEXVHPLVXVHUHSRUWVRURFFXSDWLRQDO
H[SRVXUH 3UHH[LVWLQJHYHQWVWKDWLQFUHDVHLQVHYHULW\RUFKDQJHLQQDWXUHGXULQJRUDVD
FRQVHTXHQFHRISDUWLFLSDWLRQLQWKHFOLQLFDOVWXG\ZLOODOVREHFRQVLGHUHG$(V
$Q$(GRHVQRWLQFOXGHWKHIROORZLQJ

0HGLFDORUVXUJLFDOSURFHGXUHVVXFKDV VXUJHU\HQGRVFRS\ WRRWKH[WUDFWLRQ DQG WUDQVIXVLRQ
7KHFRQGLWLRQWKDWOHG WRWKHSURFHGXUHPD\ EHDQDGYHUVHHYHQW DQGPXVWEHUHSRUWHG

3UHH[LVWLQJGLVHDVHV FRQGLWLRQV RUODERUDWRU\DEQRUPDOLWLHVSUHVHQWRUGHWHFWHGEHIRUH WKH
VFUHHQLQJYLVLWWKDW GR QRWZRUVHQ

6LWXDWLRQVZKHUHDQXQWRZDUGPHGLFDORFFXUUHQFHKDVQRWRFFXUUHGHJ KRVSLWDOL]DWLRQIRU
HOHFWLYHVXUJHU\VRFLDO DQGRUFRQYHQLHQFHDGPLVVLRQV

2YHUGRVHZLWKRXWFOLQLFDOVHTXHODHVHH6HFWLRQ 

$Q\PHGLFDOFRQGLWLRQRUFOLQLFDOO\VLJQLILFDQWODERUDWRU\DEQRUPDOLW\ZLWKDQRQVHWGDWH
EHIRUHWKHFRQVHQWIRUPLVVLJQHGDQGQRWUHODWHG WRDSURWRFRODVVRFLDWHGSURFHGXUHLVQRWDQ
$(,WLVFRQVLGHUHGWREHSUHH[LVWLQJDQGVKRXOGEHGRFXPHQWHGRQWKHPHGLFDOKLVWRU\
H&5)

6HULRXV$GYHUVH(YHQWV
$VHULRXVDGYHUVHHYHQW 6$(LVGHILQHGDVDQ HYHQWWKDWDWDQ\GRVHUHVXOWVLQWKHIROORZLQJ

'HDWK

/LIHWKUHDWHQLQJ 1RWH7KHWHUP³OLIHWKUHDWHQLQJ´LQWKHGHILQLWLRQRI³VHULRXV´UHIHUVWRDQ
HYHQWLQZKLFKWKHVXEMHFWZDVDWULVNRIGHDWKDWWKHWLPHRIWKHHYHQWLWGRHVQRWUHIHUWRDQ
HYHQWWKDWK\SRWKHWLFDOO\PLJKWKDYHFDXVHGGHDWKLILWZHUHPRUHVHYHUH

,QSDWLHQWKRVSLWDOL]DWLRQRUSURORQJDWLRQRIH[LVWLQJKRVSLWDOL]DWLRQ

3HUVLVWHQWRUVLJQLILFDQWGLVDELOLW\LQFDSDFLW\


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

$FRQJHQLWDODQRPDO\ELUWKGHIHFW

$PHGLFDOO\LPSRUWDQW HYHQW RUUHDFWLRQVXFKHYHQWVPD\QRWEHLPPHGLDWHO\
OLIHWKUHDWHQLQJRUUHVXOWLQGHDWKRUKRVSLWDOL]DWLRQEXWPD\MHRSDUGL]HWKHVXEMHFW RUPD\
UHTXLUHLQWHUYHQWLRQWRSUHYHQWRQHRIWKHRWKHURXWFRPHVFRQVWLWXWLQJ6$(V0HGLFDODQG
VFLHQWLILFMXGJPHQWPXVW EHH[HUFLVHGWRGHWHUPLQH ZKHWKHUVXFKDQHYHQWLVD UHSRUWDEOH
XQGHUH[SHGLWHGUHSRUWLQJUXOHV([DPSOHVRIPHGLFDOO\LPSRUWDQWHYHQWVLQFOXGHLQWHQVLYH
WUHDWPHQWLQDQHPHUJHQF\URRPRUDWKRPHIRUDOOHUJLFEURQFKRVSDVPEORRGG\VFUDVLDVRU
FRQYXOVLRQVWKDWGRQRWUHVXOWLQKRVSLWDOL]DWLRQDQG GHYHORSPHQWRIGUXJGHSHQGHQF\RU
GUXJDEXVH)RUWKHDYRLGDQFHRIGRXEWLQIHFWLRQVUHVXOWLQJIURPFRQWDPLQDWHGPHGLFLQDO
SURGXFWZLOOEHFRQVLGHUHGDPHGLFDOO\LPSRUWDQWHYHQWDQGVXEMHFWWRH[SHGLWHGUHSRUWLQJ
UHTXLUHPHQWV

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV
$GYHUVH(YHQWVRU6HULRXV$GYHUVH(YHQWV
/DERUDWRU\DEQRUPDOLWLHVZLWKRXWFOLQLFDOVLJQLILFDQFHDUHQRWUHFRUGHGDV$(VRU6$(V
+RZHYHUODERUDWRU\DEQRUPDOLWLHVHJFOLQLFDOFKHPLVWU\KHPDWRORJ\DQGXULQDO\VLVWKDW
UHTXLUHPHGLFDORUVXUJLFDOLQWHUYHQWLRQRUOHDGWRVWXG\GUXJV LQWHUUXSWLRQPRGLILFDWLRQRU
GLVFRQWLQXDWLRQPXVWEHUHFRUGHGDVDQ$(DVZHOODVDQ6$(LIDSSOLFDEOH,QDGGLWLRQ
ODERUDWRU\RURWKHUDEQRUPDODVVHVVPHQWVHJHOHFWURFDUGLRJUDP[UD\VYLWDOVLJQVWKDWDUH
DVVRFLDWHGZLWKVLJQVDQGRUV\PSWRPVPXVWEHUHFRUGHGDVDQ$(RU6$(LIWKH\PHHWWKH
GHILQLWLRQRIDQ$(RU6$(DVGHVFULEHGLQ6HFWLRQV  DQG  ,IWKHODERUDWRU\
DEQRUPDOLW\ LVSDUWRIDV\QGURPHUHFRUGWKHV\QGURPHRUGLDJQRVLVHJDQHPLDQRWWKH
ODERUDWRU\UHVXOWLHGHFUHDVHGKHPRJORELQ

$VVHVVPHQWRI$GYHUVH(YHQWV DQG6HULRXV$GYHUVH(YHQWV
7KHLQYHVWLJDWRURUTXDOLILHGVXELQYHVWLJDWRU LVUHVSRQVLEOHIRUDVVHVVLQJ$(VDQG6$(VIRU
FDXVDOLW\DQGVHYHULW\DQGIRUILQDOUHYLHZDQGFRQILUPDWLRQRIDFFXUDF\RIHYHQW LQIRUPDWLRQ
DQGDVVHVVPHQWV

$VVHVVPHQWRI&DXVDOLW\IRU6WXG\'UXJVDQG3URFHGXUHV
7KHLQYHVWLJDWRURUTXDOLILHGVXELQYHVWLJDWRULVUHVSRQVLEOHIRUDVVHVVLQJWKHUHODWLRQVKLSWRVWXG\
GUXJV XVLQJFOLQLFDOMXGJPHQWDQGWKHIROORZLQJFRQVLGHUDWLRQV

1R(YLGHQFHH[LVWVWKDWWKHDGYHUVHHYHQWKDVDQHWLRORJ\RWKHUWKDQWKHVWXG\GUXJV)RU
6$(VDQDOWHUQDWLYHFDXVDOLW\PXVWEHSURYLGHGHJSUHH[LVWLQJFRQGLWLRQXQGHUO\LQJ
GLVHDVHLQWHUFXUUHQWLOOQHVVRUFRQFRPLWDQWPHGLFDWLRQ

<HV 7KHUHLVUHDVRQDEOHSRVVLELOLW\WKDWWKHHYHQWPD\KDYHEHHQFDXVHGE\WKHVWXG\GUXJV
,WVKRXOGEHHPSKDVL]HGWKDWLQHIIHFWLYHWUHDWPHQWVKRXOGQRWEHFRQVLGHUHGDVFDXVDOO\UHODWHGLQ
WKHFRQWH[WRIDGYHUVHHYHQWUHSRUWLQJ


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
7KHUHODWLRQVKLSWRVWXG\SURFHGXUHVHJLQYDVLYHSURFHGXUHVVXFKDVYHQLSXQFWXUHRUELRSV\
VKRXOGEHDVVHVVHGXVLQJWKHIROORZLQJFRQVLGHUDWLRQV

1R(YLGHQFHH[LVWVWKDWWKHDGYHUVHHYHQWKDVDQHWLRORJ\RWKHUWKDQWKHVWXG\SURFHGXUH

<HV 7KHDGYHUVHHYHQWRFFXUUHGDVDUHVXOWRISURWRFROSURFHGXUHV HJ YHQLSXQFWXUH

$VVHVVPHQWRI6HYHULW\
7KHVHYHULW\JUDGLQJRI$(VZLOOEHDVVHVVHGDV*UDGHRUXVLQJWKH*6,*UDGLQJ6FDOH
IRU 6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV$SSHQGL[  )RU$(VDVVRFLDWHG
ZLWKODERUDWRU\DEQRUPDOLWLHVWKHHYHQWVKRXOGEHJUDGHGRQWKHEDVLVRIWKHFOLQLFDOVHYHULW\LQ
WKHFRQWH[WRIWKHXQGHUO\LQJFRQGLWLRQVWKLVPD\RUPD\QRWEHLQDJUHHPHQWZLWKWKHJUDGLQJ
RIWKHODERUDWRU\DEQRUPDOLW\

,QYHVWLJDWRU5HTXLUHPHQWVDQG,QVWUXFWLRQVIRU5HSRUWLQJ$GYHUVH(YHQWV
DQG6HULRXV$GYHUVH(YHQWVWR*LOHDG
5HTXLUHPHQWVIRUFROOHFWLRQSULRUWRVWXG\GUXJV LQLWLDWLRQ
$IWHULQIRUPHGFRQVHQWEXWSULRUWRLQLWLDWLRQRIVWXG\GUXJVWKHIROORZLQJW\SHVRIHYHQWV
VKRXOGEHUHSRUWHGRQWKHFDVHUHSRUWIRUPH&5)DOO6$(VDQGDGYHUVHHYHQWVUHODWHGWR
SURWRFROPDQGDWHGSURFHGXUHV
$GYHUVH(YHQWV
)ROORZLQJLQLWLDWLRQRIVWXG\GUXJVFROOHFWDOO$(VUHJDUGOHVVRIFDXVHRUUHODWLRQVKLSXQWLO
 GD\V DIWHUODVWDGPLQLVWUDWLRQRIVWXG\GUXJV DQGUHSRUWWRWKHH&5)GDWDEDVHDVLQVWUXFWHG
$OO$(VVKRXOGEHIROORZHGXSXQWLOUHVROXWLRQRUXQWLOWKHDGYHUVHHYHQWLVVWDEOHLISRVVLEOH
*LOHDG6FLHQFHVPD\UHTXHVWWKDWFHUWDLQ$(VEHIROORZHGEH\RQGWKHSURWRFROGHILQHG IROORZXS
SHULRG
6HULRXV$GYHUVH(YHQWV
$OO6$(VUHJDUGOHVVRIFDXVHRUUHODWLRQVKLSWKDWRFFXUDIWHUWKHVXEMHFWILUVWFRQVHQWVWR
SDUWLFLSDWHLQWKHVWXG\LHVLJQLQJWKHLQIRUPHGFRQVHQWDQGWKURXJKRXWWKHGXUDWLRQRIWKH
VWXG\LQFOXGLQJWKHSURWRFROUHTXLUHGSRVWWUHDWPHQW IROORZXSSHULRGPXVWEHUHSRUWHGWRWKH
H&5)GDWDEDVHDQG*LOHDG'UXJ6DIHW\DQG3XEOLF+HDOWK'63+DVLQVWUXFWHG7KLVDOVR
LQFOXGHVDQ\6$(VUHVXOWLQJIURPSURWRFRODVVRFLDWHGSURFHGXUHVSHUIRUPHGDIWHULQIRUPHG
FRQVHQWLVVLJQHG
,QYHVWLJDWRUVDUHQRWREOLJDWHGWRDFWLYHO\VHHN6$(VDIWHUWKHSURWRFROGHILQHGIROORZXSSHULRG
KRZHYHULIWKHLQYHVWLJDWRUOHDUQVRIDQ\6$(VWKDWRFFXUDIWHUVWXG\SDUWLFLSDWLRQKDVFRQFOXGHG
DQGWKHHYHQWLVGHHPHGUHOHYDQWWRWKHXVHRIVWXG\GUXJVKHVKHVKRXOGSURPSWO\GRFXPHQWDQG
UHSRUWWKHHYHQWWR*LOHDG'63+


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
3ULRUWUHDWPHQWKLVWRU\LVFROOHFWHGDVSDUWRIWKHVWXG\HQWU\FULWHULDDQGHYDOXDWLRQRILQGLYLGXDO
SDWLHQWFKDUDFWHULVWLFVDQGZLOOQRWEHJHQHUDWLQJODFNRIHIIHFWUHSRUWVDVWKLVLVRXWVLGHWKHVFRSH
RIWKHSUHVHQWFOLQLFDOVWXG\+RZHYHULQYHVWLJDWRUVVKRXOGUHSRUWDQ\FDVHVRI ODFNRIHIIHFWWKDW
WKH\IHHODSSURSULDWHUHJDUGLQJWKHSUHYLRXVWUHDWPHQWUHJLPHQDVVSRQWDQHRXVUHSRUWVWRWKH
UHOHYDQWDXWKRULWLHVRUPDUNHWLQJDXWKRULVDWLRQKROGHUV

$OO$(VDQG6$(VZLOOEH UHFRUGHGLQWKHH&5)GDWDEDVHZLWKLQWKHWLPHOLQHVRXWOLQHGLQWKH
H&5)FRPSOHWLRQJXLGHOLQH
(OHFWURQLF6HULRXV$GYHUVH(YHQWH6$(5HSRUWLQJ3URFHVV

6LWHSHUVRQQHOUHFRUGDOO6$(GDWDLQWKHH&5)GDWDEDVHDQGIURPWKHUHWUDQVPLWWKH6$(
LQIRUPDWLRQWR*LOHDG'63+ZLWKLQKRXUVRIWKHLQYHVWLJDWRU¶VNQRZOHGJH RIWKHHYHQW
'HWDLOHGLQVWUXFWLRQVFDQEHIRXQGLQWKHH&5)FRPSOHWLRQJXLGHOLQHV

,IIRUDQ\UHDVRQLWLVQRWSRVVLEOHWRUHFRUGWKH6$(LQIRUPDWLRQHOHFWURQLFDOO\LHWKHH&5)
GDWDEDVHLVQRWIXQFWLRQLQJUHFRUGWKH6$(RQWKHSDSHUVHULRXVDGYHUVHHYHQWUHSRUWLQJ
IRUPDQGVXEPLWZLWKLQKRXUVWR
*LOHDG'63+
)D[
(PDLO6DIHW\B)&#JLOHDGFRP

$VVRRQDVLWLVSRVVLEOHWRGRVRDQ\6$(UHSRUWHGYLDSDSHUPXVWEHWUDQVFULEHGLQWRWKH
H&5)'DWDEDVHDFFRUGLQJWRLQVWUXFWLRQVLQWKHH&5)FRPSOHWLRQJXLGHOLQHV

,IDQ6$(KDVEHHQUHSRUWHGYLDDSDSHUIRUPEHFDXVHWKHH&5)GDWDEDVHKDVEHHQORFNHGQR
IXUWKHUDFWLRQLVQHFHVVDU\

)RUIDWDORUOLIHWKUHDWHQLQJHYHQWVFRSLHVRIKRVSLWDOFDVHUHSRUWVDXWRSV\UHSRUWVDQGRWKHU
GRFXPHQWVDUHDOVR WREHVXEPLWWHGE\ HPDLORUID[ZKHQUHTXHVWHGDQGDSSOLFDEOH
7UDQVPLVVLRQRIVXFKGRFXPHQWVVKRXOGRFFXUZLWKRXWSHUVRQDOVXEMHFWLGHQWLILFDWLRQ
PDLQWDLQLQJ WKHWUDFHDELOLW\RIDGRFXPHQWWRWKHVXEMHFWLGHQWLILHUV

$GGLWLRQDOLQIRUPDWLRQPD\EH UHTXHVWHGWRHQVXUHWKHWLPHO\FRPSOHWLRQRIDFFXUDWHVDIHW\
UHSRUWV

$Q\PHGLFDWLRQVQHFHVVDU\IRUWUHDWPHQWRIWKH6$(PXVWEHUHFRUGHGRQWRWKHFRQFRPLWDQW
PHGLFDWLRQVHFWLRQRIWKHVXEMHFW¶VH&5)DQGWKHHYHQWGHVFULSWLRQVHFWLRQRIWKH6$(IRUP

*LOHDG5HSRUWLQJ5HTXLUHPHQWV
'HSHQGLQJRQUHOHYDQWORFDOOHJLVODWLRQRUUHJXODWLRQVLQFOXGLQJWKHDSSOLFDEOH86)'$&RGHRI
)HGHUDO5HJXODWLRQVWKH(8 &OLQLFDO7ULDOV'LUHFWLYH(&DQGUHOHYDQWXSGDWHVDQG
RWKHUFRXQWU\VSHFLILFOHJLVODWLRQRU UHJXODWLRQV*LOHDGPD\EH UHTXLUHGWRH[SHGLWHWR
ZRUOGZLGHUHJXODWRU\DJHQFLHV UHSRUWVRI6$(VVHULRXVDGYHUVHGUXJUHDFWLRQV6$'5V RU
VXVSHFWHGXQH[SHFWHGVHULRXVDGYHUVHUHDFWLRQV686$5V ,QDFFRUGDQFHZLWKWKH(8&OLQLFDO


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
7ULDOV'LUHFWLYH(&*LOHDGRUDVSHFLILHGGHVLJQHHZLOOQRWLI\ZRUOGZLGHUHJXODWRU\
DJHQFLHV DQGWKHUHOHYDQW ,(& LQFRQFHUQHG0HPEHU6WDWHVRIDSSOLFDEOH686$5V DVRXWOLQHGLQ
FXUUHQWUHJXODWLRQV
$VVHVVPHQWRIH[SHFWHGQHVVIRU 6$(VZLOOEHGHWHUPLQHGE\*LOHDGXVLQJUHIHUHQFHVDIHW\
LQIRUPDWLRQVSHFLILHGLQWKHLQYHVWLJDWRU¶VEURFKXUH RUUHOHYDQWORFDOODEHODVDSSOLFDEOH
$OOLQYHVWLJDWRUVZLOOUHFHLYHDVDIHW\OHWWHUQRWLI\LQJWKHPRIUHOHYDQW686$5UHSRUWV DVVRFLDWHG
ZLWKDQ\VWXG\GUXJV7KHLQYHVWLJDWRUVKRXOGQRWLI\WKH,5%RU,(&RI686$5UHSRUWVDVVRRQ
DVLVSUDFWLFDOZKHUHWKLVLVUHTXLUHGE\ORFDOUHJXODWRU\DJHQFLHVDQGLQDFFRUGDQFHZLWKWKH
ORFDOLQVWLWXWLRQDOSROLF\

7R[LFLW\0DQDJHPHQW

5%9'RVH$GMXVWPHQWV
'RVHUHGXFWLRQRU GLVFRQWLQXDWLRQRI5%9GXHWRWR[LFLW\VKRXOGEHSHUIRUPHGDFFRUGLQJWRWKH
-DSDQHVH5HEHWRO SURGXFWODEHO,QIRUPDWLRQLVSURYLGHGLQ7DEOH  DQG7DEOH 
,QWKHHYHQWDIHPDOHSDUWQHURIDPDOHVXEMHFWEHFRPHVSUHJQDQWWKHPDOHVXEMHFWPXVW
SHUPDQHQWO\GLVFRQWLQXH 5%9KRZHYHUWKH\FDQFRQWLQXH62)9(/)'&
7DEOH 
5%9'RVH5HGXFWLRQ*XLGHOLQHVIRU1RQ&LUUKRWLF6XEMHFWV
7HVWLWHPV
9DOXH
5LEDYLULQ
1HXWURSKLOFRXQW
PP
'LVFRQWLQXH
3ODWHOHWFRXQW
PP
'LVFRQWLQXH
PP
'LVFRQWLQXHUHVXPSWLRQRIGRVLQJQRW
DOORZHG
+HPRJORELQ OHYHO
1RFDUGLDFGLVHDVHRUKLVWRU\RI
FDUGLDFGLVHDVH
JG/
5HGXFHGRVH
PJGD\ĺPJGD\
PJGD\ĺPJGD\
PJGD\ĺ PJGD\
JG/
'LVFRQWLQXH
+HPRJORELQ OHYHO
&DUGLDFGLVHDVHRUKLVWRU\RI
FDUGLDFGLVHDVHSUHVHQW
 JG/RUGXULQJDGPLQLVWUDWLRQ
UHGXFWLRQRIJG/RUPRUHUHODWLYH
WR'D\ SHUVLVWVIRUZHHNV
5HGXFHGRVH
PJGD\ĺPJGD\
PJGD\ĺPJGD\
PJGD\ĺPJGD\
JG/RUDIWHUGRVHUHGXFWLRQ
OHVVWKDQJG/HYHQDIWHU
ZHHNV
'LVFRQWLQXH
6RXUFH-DSDQ5HEHWRO3URGXFW/DEHO ^06'...XGDQNLWD&KL\RGDNX`


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
7DEOH 
5%9'RVH5HGXFWLRQ*XLGHOLQHVIRU&LUUKRWLF6XEMHFWV
7HVWLWHPV
9DOXH
5LEDYLULQ
1HXWURSKLOFRXQW
PP
'LVFRQWLQXH
3ODWHOHWFRXQW
PP
'LVFRQWLQXH
PP
'LVFRQWLQXHUHVXPSWLRQRIGRVLQJQRW
DOORZHG
+HPRJORELQ OHYHO
1RFDUGLDFGLVHDVHRUKLVWRU\RI
FDUGLDFGLVHDVH
JG/DW:HHNWRDIWHUVWDUW
RIDGPLQLVWUDWLRQ
5HGXFHGRVH
PJGD\ĺPJGD\
PJGD\ĺPJGD\
PJGD\ĺPJGD\
JG/DW:HHNWRDIWHU
VWDUWRIDGPLQLVWUDWLRQ
JG/
'LVFRQWLQXH
+HPRJORELQ OHYHO
&DUGLDFGLVHDVHRUKLVWRU\RI
FDUGLDFGLVHDVHSUHVHQW
JG/DW:HHNWRDIWHUVWDUW
RIDGPLQLVWUDWLRQRUGXULQJ
DGPLQLVWUDWLRQUHGXFWLRQRIJG/
RUPRUHUHODWLYHWR'D\ SHUVLVWV
IRUZHHNV
5HGXFHGRVH
PJGD\ĺPJGD\
PJGD\ĺPJGD\
PJGD\ĺPJGD\
 JG/DW:HHNWRDIWHU
VWDUWRIDGPLQLVWUDWLRQRUGXULQJ
DGPLQLVWUDWLRQUHGXFWLRQRIJG/
RUPRUHUHODWLYHWREDVHOLQHSHUVLVWV
IRUZHHNV
 JG/RUDIWHUGRVHUHGXFWLRQ
OHVVWKDQJG/HYHQDIWHU
ZHHNV
'LVFRQWLQXH
6RXUFH-DSDQ5HEHWRO3URGXFW/DEHO ^06'...XGDQNLWD&KL\RGDNX`
2QFH5%9KDVEHHQZLWKKHOGGXHWRHLWKHUDODERUDWRU\DEQRUPDOLW\RUFOLQLFDOPDQLIHVWDWLRQDQ
DWWHPSWPD\EHPDGHWRUHVWDUW5%9DWDORZHUGDLO\GRVHZLWKVXEVHTXHQWVWHSZLVHLQFUHDVHLQ
WKHGDLO\GRVHDVFOLQLFDOO\LQGLFDWHG+RZHYHULWLVQRWUHFRPPHQGHGWKDWWKH5%9GDLO\GRVH
EHLQFUHDVHGWRWKHRULJLQDODVVLJQHGGRVH

6SHFLDO6LWXDWLRQV5HSRUWV

'HILQLWLRQVRI6SHFLDO6LWXDWLRQV
6SHFLDOVLWXDWLRQUHSRUWVLQFOXGHDOOUHSRUWVRIPHGLFDWLRQHUURUDEXVHPLVXVHRYHUGRVHUHSRUWV
RIDGYHUVHHYHQWVDVVRFLDWHGZLWKSURGXFWFRPSODLQWV DQGSUHJQDQF\UHSRUWVUHJDUGOHVVRIDQ
DVVRFLDWHG$(
0HGLFDWLRQHUURULVDQ\XQLQWHQWLRQDOHUURULQWKHSUHVFULELQJGLVSHQVLQJ RUDGPLQLVWUDWLRQRID
VWXG\GUXJV ZKLOHLQWKHFRQWURORIWKHKHDOWKFDUHSURYLGHUVXEMHFW RUFRQVXPHU
$EXVHLVGHILQHGDVSHUVLVWHQWRUVSRUDGLFLQWHQWLRQDOH[FHVVLYHXVHRIVWXG\GUXJV E\DVXEMHFW


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
0LVXVHLVGHILQHGDVDQ\LQWHQWLRQDODQG LQDSSURSULDWHXVH RIVWXG\GUXJV WKDWLVQRWLQ
DFFRUGDQFHZLWKWKHSURWRFROLQVWUXFWLRQVRUWKHORFDOSUHVFULELQJLQIRUPDWLRQ
$QRYHUGRVH LVGHILQHGDV DQDFFLGHQWDORULQWHQWLRQDODGPLQLVWUDWLRQRIDTXDQWLW\RIVWXG\GUXJV
JLYHQSHUDGPLQLVWUDWLRQRUFXPXODWLYHO\ZKLFKLVDERYHWKHPD[LPXPUHFRPPHQGHGGRVHDVSHU
SURWRFRORULQWKHSURGXFWODEHOOLQJDVLWDSSOLHVWRWKHGDLO\GRVHRIWKHVXEMHFWLQTXHVWLRQ ,Q
FDVHVRIDGLVFUHSDQF\LQGUXJDFFRXQWDELOLW\RYHUGRVHZLOOEHHVWDEOLVKHGRQO\ZKHQLWLVFOHDU
WKDWWKHVXEMHFWKDVWDNHQWKHH[FHVVGRVHV2YHUGRVHFDQQRWEHHVWDEOLVKHGZKHQWKHVXEMHFW
FDQQRWDFFRXQWIRUWKHGLVFUHSDQF\H[FHSWLQFDVHVLQZKLFKWKHLQYHVWLJDWRUKDVUHDVRQWR
VXVSHFWWKDWWKHVXEMHFWKDVWDNHQWKHDGGLWLRQDOGRVHV
3URGXFWFRPSODLQWLVGHILQHGDVFRPSODLQWV DULVLQJIURPSRWHQWLDOGHYLDWLRQVLQWKHPDQXIDFWXUH
SDFNDJLQJRUGLVWULEXWLRQRIWKHPHGLFLQDOSURGXFW

,QVWUXFWLRQVIRU5HSRUWLQJ6SHFLDO6LWXDWLRQV

,QVWUXFWLRQVIRU5HSRUWLQJ3UHJQDQFLHV
7KHLQYHVWLJDWRUVKRXOGUHSRUWSUHJQDQFLHVLQIHPDOHVWXG\VXEMHFWVWKDWDUHLGHQWLILHGDIWHU
LQLWLDWLRQ RIVWXG\GUXJV DQGWKURXJKRXWWKHVWXG\LQFOXGLQJWKHSRVWVWXG\GUXJV IROORZXS
SHULRGWR*LOHDG'63+ E\WUDQVPLWWLQJ HOHFWURQLFDOO\ DQGDOVR E\ VHQGLQJSDSHUSUHJQDQF\
UHSRUWIRUPZLWKLQ KRXUVRIEHFRPLQJDZDUHRIWKHSUHJQDQF\
5HIHUWR6HFWLRQ  DQGWKHH&5)FRPSOHWLRQJXLGHOLQHVIRUIXOOLQVWUXFWLRQVRQWKHPHFKDQLVP
RISUHJQDQF\UHSRUWLQJ
7KHSUHJQDQF\LWVHOILVQRWFRQVLGHUHGDQ$(QRULVDQLQGXFHGHOHFWLYHDERUWLRQWRWHUPLQDWHD
SUHJQDQF\ZLWKRXWPHGLFDOUHDVRQV
$Q\SUHPDWXUHWHUPLQDWLRQRISUHJQDQF\HJDVSRQWDQHRXVDERUWLRQDQLQGXFHGWKHUDSHXWLF
DERUWLRQGXHWRFRPSOLFDWLRQVRURWKHUPHGLFDOUHDVRQVPXVWEH UHSRUWHGZLWKLQKRXUVDVDQ
6$(7KHXQGHUO\LQJPHGLFDOUHDVRQIRUWKLVSURFHGXUHVKRXOGEHUHFRUGHGDVWKH$( WHUP
$VSRQWDQHRXVDERUWLRQLVDOZD\VFRQVLGHUHGWREHDQ6$(DQGZLOOEHUHSRUWHGDVGHVFULEHGLQ
6HFWLRQ )XUWKHUPRUHDQ\6$(RFFXUULQJDVDQDGYHUVHSUHJQDQF\RXWFRPHSRVWVWXG\
PXVWEHUHSRUWHGWR*LOHDG'63+
7KHVXEMHFWVKRXOGUHFHLYHDSSURSULDWHPRQLWRULQJDQGFDUHXQWLOWKHFRQFOXVLRQRIWKH
SUHJQDQF\7KHRXWFRPHVKRXOGEHUHSRUWHGWR*LOHDG'63+XVLQJWKHSUHJQDQF\RXWFRPHUHSRUW
IRUP,IWKHHQGRIWKHSUHJQDQF\RFFXUVDIWHUWKHVWXG\KDVEHHQFRPSOHWHGWKHRXWFRPHVKRXOG
EHUHSRUWHGGLUHFWO\WR*LOHDG'63+*LOHDG'63+FRQWDFWLQIRUPDWLRQLVDVIROORZV(PDLO
6DIHW\B)&#JLOHDGFRPDQG)D[
3UHJQDQFLHVRIIHPDOHSDUWQHUVRIPDOHVWXG\VXEMHFWVH[SRVHGWRVWXG\GUXJV PXVWDOVREH
UHSRUWHGDQGUHOHYDQWLQIRUPDWLRQVKRXOGEHVXEPLWWHGWR*LOHDG'63+ XVLQJWKHSUHJQDQF\DQG
SUHJQDQF\RXWFRPHIRUPVZLWKLQKRXUV RIWKHLQYHVWLJDWRUEHFRPLQJDZDUHRIWKHSUHJQDQF\


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
0RQLWRULQJRIWKHVXEMHFWVKRXOGFRQWLQXHXQWLOWKH FRQFOXVLRQRIWKHSUHJQDQF\,IWKHHQGRIWKH
SUHJQDQF\RFFXUVDIWHUWKHVWXG\KDVEHHQFRPSOHWHGWKHRXWFRPHVKRXOGEH UHSRUWHGGLUHFWO\WR
*LOHDG'63+ID[QXPEHU  RUHPDLO6DIHW\B)&#JLOHDGFRP
&OLQLFDOVWDIIVKRXOGDOVRUHSRUWDQ\SUHJQDQFLHVWRWKH3UHJQDQF\5HJLVWU\DW
VHHDOVRKWWSZZZULEDYLULQSUHJQDQF\UHJLVWU\FRP 5HIHU WR$SSHQGL[  IRU3UHJQDQF\
3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDODQG&RQWUDFHSWLYH5HTXLUHPHQWV

5HSRUWLQJ2WKHU6SHFLDO6LWXDWLRQV
$OORWKHUVSHFLDOVLWXDWLRQUHSRUWVPXVWEHUHSRUWHGRQHOHFWURQLFVSHFLDOVLWXDWLRQVUHSRUWIRUP
DQGWUDQVPLWWHG WR*LOHDG'63+ ZLWKLQKRXUVRIWKHLQYHVWLJDWRUEHFRPLQJDZDUHRIWKH
VLWXDWLRQ7KHVHUHSRUWVPXVWFRQVLVWRIVLWXDWLRQVWKDWLQYROYHVWXG\GUXJV DQGRU*LOHDG
FRQFRPLWDQWPHGLFDWLRQVEXWGRQRWDSSO\WRQRQ*LOHDGFRQFRPLWDQWPHGLFDWLRQV
6SHFLDOVLWXDWLRQVLQYROYLQJQRQ*LOHDGFRQFRPLWDQWPHGLFDWLRQVGRHV QRWQHHGWREHUHSRUWHG RQ
WKHVSHFLDOVLWXDWLRQVUHSRUWIRUPKRZHYHUIRUVSHFLDOVLWXDWLRQVWKDWUHVXOWLQ$(V GXHWRD
QRQ*LOHDGFRQFRPLWDQWPHGLFDWLRQWKH$(VKRXOGEHUHSRUWHGRQWKH$(IRUP
$Q\LQDSSURSULDWHXVHRIFRQFRPLWDQWPHGLFDWLRQVSURKLELWHGE\WKLVSURWRFROVKRXOGQRWEH
UHSRUWHGDV³PLVXVH´EXWPD\EHPRUHDSSURSULDWHO\GRFXPHQWHGDVDSURWRFROGHYLDWLRQ
5HIHUWR6HFWLRQ DQG WKHH&5)FRPSOHWLRQJXLGHOLQHVIRUIXOOLQVWUXFWLRQVRQWKHPHFKDQLVP
RIVSHFLDOVLWXDWLRQVUHSRUWLQJ
$OOFOLQLFDOVHTXHODHLQUHODWLRQWRWKHVHVSHFLDOVLWXDWLRQUHSRUWVZLOOEHUHSRUWHGDV$(VRU6$(V
DWWKHVDPHWLPHXVLQJWKH$(H&5)DQGRUWKH6$(UHSRUWIRUP'HWDLOVRIWKHV\PSWRPVDQG
VLJQV FOLQLFDOPDQDJHPHQWDQGRXWFRPHZLOOEHUHSRUWHGZKHQDYDLODEOH




62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
7KH3.6XEVWXG\$QDO\VLV6HWLQFOXGHVDOOVXEMHFWVZKRDUHHQUROOHGLQWKH3.VXEVWXG\KDYH
EHHQDGPLQLVWHUHGDWOHDVWGRVHRIWKHVWXG\GUXJVDQGKDYHDWOHDVWQRQPLVVLQJSRVWGRVH
FRQFHQWUDWLRQYDOXHIRUWKHFRUUHVSRQGLQJDQDO\WHLQSODVPD7KHDQDO\WHVRILQWHUHVWPD\LQFOXGH
62)*6*69(/DQGRU5%9LIDSSURSULDWH7KH3.6XEVWXG\$QDO\VLV
6HWZLOOEHXVHGIRULQWHQVLYH3.SURILOHVRI WKHVHDQDO\WHV

'DWD+DQGOLQJ&RQYHQWLRQV
0LVVLQJGDWDFDQKDYHDQLPSDFWXSRQWKHLQWHUSUHWDWLRQRIWKHWULDOGDWD2WKHUWKDQWKH
HQGSRLQWVGLVFXVVHGEHORZYDOXHVIRUPLVVLQJGDWDZLOOQRWEHLPSXWHG
)RUWKHDQDO\VHVRIFDWHJRULFDO+&951$GDWDPLVVLQJSRVWWUHDWPHQW+&951$GDWDZLOOKDYH
WKHPLVVLQJGDWDLPSXWHG0LVVLQJRQWUHDWPHQW+&951$ZLOOKDYHWKHPLVVLQJGDWDLPSXWHG
XSWRWKHWLPHRIWKHODVWGRVH
,IDGDWDSRLQWLVPLVVLQJDQGLVSUHFHGHGDQGIROORZHGLQWLPHE\YDOXHVWKDWDUH“//24
WDUJHWQRWGHWHFWHG71'” WKHQWKHPLVVLQJGDWDSRLQWZLOOEHVHWWR“//2471'” ,ID
GDWDSRLQWLVPLVVLQJDQGSUHFHGHGDQGIROORZHGE\YDOXHVWKDWDUH“//24GHWHFWHG” RU
SUHFHGHGE\“ //24GHWHFWHG” DQGIROORZHGE\“//2471'” RUSUHFHGHGE\
³ //2471'” DQGIROORZHGE\“//24GHWHFWHG” WKHQWKHPLVVLQJYDOXHZLOOEHVHWWR
³ //24GHWHFWHG” ,QWKHVHVLWXDWLRQVWKHGDWDSRLQWZLOOEHWHUPHGDEUDFNHWHGVXFFHVV
RWKHUZLVHWKHGDWDSRLQWZLOOEHWHUPHGDEUDFNHWHGIDLOXUHLH≥//24GHWHFWHG,IDGDWD
SRLQWLVPLVVLQJDQGLVQRWEUDFNHWHGWKHPLVVLQJGDWDSRLQWZLOODOVREHWHUPHGDIDLOXUH
LH ≥//24GHWHFWHGH[FHSWIRU695ZKLFKZLOOEHLPSXWHGDFFRUGLQJWRWKH695VWDWXV
6XFFHVVIRU695ZKRKDYHQRIXUWKHU+&951$PHDVXUHPHQWVFROOHFWHGZLOOEHFRXQWHGDVD
VXFFHVVIRU695GXHWRWKHKLJKFRUUHODWLRQEHWZHHQWKHVHHQGSRLQWV
:KHUHDSSURSULDWHVDIHW\GDWDIRUVXEMHFWVWKDWGLGQRWFRPSOHWHWKHVWXG\ZLOOEHLQFOXGHGLQ
VXPPDU\VWDWLVWLFV)RUH[DPSOH

,IDVXEMHFWWRRNDW OHDVWGRVHRI VWXG\GUXJVWKHVXEMHFWZLOOEHLQFOXGHGLQDVXPPDU\RI
$(VDFFRUGLQJWRWKHWUHDWPHQWUHFHLYHGRWKHUZLVHLIWKHVXEMHFWLVQRWGRVHG WKHQWKH\ZLOO
EHH[FOXGHGIURPWKHVXPPDU\

,IVDIHW\ODERUDWRU\UHVXOWVIRUDVXEMHFWDUHPLVVLQJIRUDQ\UHDVRQDWDWLPHSRLQWWKHVXEMHFW
ZLOOEHH[FOXGHGIURPWKHFDOFXODWLRQRIVXPPDU\VWDWLVWLFVIRUWKDWWLPHSRLQW,IWKHVXEMHFW
LVPLVVLQJDSUHGRVHYDOXHWKHQWKHVXEMHFWZLOOEHH[FOXGHGIURPWKHFDOFXODWLRQRI
VXPPDU\VWDWLVWLFVIRUWKHSUHGRVHYDOXHDQGWKHFKDQJHIURPSUHGRVHYDOXHV
9DOXHVIRUPLVVLQJVDIHW\ODERUDWRU\GDWDZLOOQRWEHLPSXWHGKRZHYHUDPLVVLQJEDVHOLQH UHVXOW
ZLOOEHUHSODFHGZLWKDVFUHHQLQJUHVXOWLIDYDLODEOH,IQRSUHWUHDWPHQWVDIHW\ODERUDWRU\YDOXH
LVDYDLODEOHWKH EDVHOLQH YDOXHZLOOEHDVVXPHGWREHQRUPDOLH QRJUDGH>*UDGH @LQWKH
VXPPDU\RIJUDGHGODERUDWRU\DEQRUPDOLWLHV9DOXHVIRUPLVVLQJYLWDOVLJQVGDWDZLOOQRWEH
LPSXWHGKRZHYHUDPLVVLQJEDVHOLQH UHVXOWZLOOEHUHSODFHGZLWKDVFUHHQLQJUHVXOWLIDYDLODEOH


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
+&951$YDOXHVEHORZWKH//24IRUWKHDVVD\ZLOOEHVHWWRWKHORZHUOLPLWPLQXV IRU
FDOFXODWLRQRIVXPPDU\VWDWLVWLFVIRUWKHDFWXDO+&951$YDOXHVDQGWKHFKDQJHIURP
EDVHOLQH YDOXHVE\VWXG\YLVLW7KHUHSRUWHGYDOXHVZLOOEHSURYLGHGLQWKH+&951$OLVWLQJ
)RUVHOHFWHGDQDO\VHVRIHDUO\WLPHSRLQWGDWD+&951$GDWD,8P/PD\EHWUDQVIRUPHGWR
WKHORJDULWKPLFEDVH VFDOHORJ ,8P/
)RU3.SODVPDEORRGFRQFHQWUDWLRQVDQGDQDO\VLVRI3.SDUDPHWHUVQDWXUDOORJDULWKPLF
WUDQVIRUPDWLRQZLOOEHXVHG)RUWKHLQWHQVLYH3.VDPSOHVSODVPDFRQFHQWUDWLRQYDOXHVWKDWDUH
EHORZWKHORZHUOLPLWRITXDQWLWDWLRQ%/4ZLOOEHSUHVHQWHGDV³%/4´LQWKHFRQFHQWUDWLRQ
GDWDOLVWLQJ9DOXHVWKDWDUH%/4ZLOOEHWUHDWHGDVDWSUHGRVHWLPHSRLQWVDQGRQHKDOIWKH
YDOXHRIWKHORZHUOLPLWRITXDQWLWDWLRQ//24DWSRVWEDVHOLQHWLPHSRLQWVZKHUH//24LV
FRUUHFWHGIRUWKHGLOXWLRQIDFWRULHUHSRUWHG//24GLOXWLRQIDFWRUIRUGHWHUPLQDWLRQRI
VXPPDU\DQGRUGHUVWDWLVWLFV
)RUWKHSUHVHQWDWLRQRIVXPPDU\DQGRUGHUVWDWLVWLFVLIDWOHDVWVXEMHFWKDVDFRQFHQWUDWLRQ
YDOXHRI%/4IRUWKHWLPHSRLQWWKHQWKHPLQLPXPYDOXHZLOOEHGLVSOD\HGDV³%/4´,IPRUH
WKDQRIWKHVXEMHFWVKDYHDFRQFHQWUDWLRQGDWDYDOXHRI%/4IRUDJLYHQWLPHSRLQWWKHQWKH
PLQLPXPDQG4YDOXHVZLOOEHGLVSOD\HGDV³%/4´,IPRUHWKDQRIWKHVXEMHFWVKDYHD
FRQFHQWUDWLRQGDWDYDOXHRI%/4IRUDJLYHQWLPHSRLQWWKHQWKHPLQLPXP4DQGPHGLDQ
YDOXHVZLOOEHGLVSOD\HGDV³%/4´,IPRUHWKDQRIWKHVXEMHFWVKDYHDFRQFHQWUDWLRQGDWD
YDOXHRI%/4IRUDJLYHQWLPHSRLQWWKHQWKHPLQLPXP4PHGLDQDQG4YDOXHVZLOOEH
GLVSOD\HGDV³%/4´,IDOOVXEMHFWVKDYHFRQFHQWUDWLRQGDWDYDOXHVRI%/4IRUDJLYHQWLPHSRLQW
WKHQDOORUGHUVWDWLVWLFVPLQLPXP4PHGLDQ4DQGPD[LPXPDQGVXPPDU\VWDWLVWLFVZLOO
EHGLVSOD\HGDV³%/4

'HPRJUDSKLF 'DWDDQG%DVHOLQH&KDUDFWHULVWLFV
'HPRJUDSKLFDQGEDVHOLQHPHDVXUHPHQWVZLOOEHVXPPDUL]HGXVLQJVWDQGDUGGHVFULSWLYH
PHWKRGVE\WUHDWPHQWJURXSDQGRYHUDOO
'HPRJUDSKLFVXPPDULHVZLOOLQFOXGHDJHVH[VHOILGHQWLILHGUDFH DQGHWKQLFLW\ %DVHOLQH
FKDUDFWHULVWLFVGDWDZLOOLQFOXGHERG\PDVVLQGH[+&951$OHYHOORJ ,8P/ ,/%
JHQRW\SHDQGDGGLWLRQDOHQGSRLQWVDVQHFHVVDU\ 7KHQXPEHUSURSRUWLRQRIVXEMHFWVLQHDFK
VWUDWXPZLOOEHVXPPDUL]HG

(IILFDF\$QDO\VLV

3ULPDU\$QDO\VLV
7KHSULPDU\HIILFDF\HQGSRLQWIRUWKLVVWXG\ZLOOEHWKHSURSRUWLRQRIVXEMHFWVZLWK695
GHILQHGDV+&951$//24 ZHHNV DIWHUFHVVDWLRQRIWUHDWPHQW7KHSULPDU\DQDO\VLVZLOO
EHSHUIRUPHGDIWHUDOOUDQGRPL]HGDQGWUHDWHGVXEMHFWVKDYHEHHQIROORZHGWKURXJK ZHHNV
SRVWWUHDWPHQWRUGLVFRQWLQXHGIURPVWXG\




62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

6DIHW\$QDO\VLV
6DIHW\ZLOOEHHYDOXDWHGE\DVVHVVPHQWRIFOLQLFDOODERUDWRU\WHVWVSK\VLFDOH[DPLQDWLRQVDQG
YLWDOVLJQVPHDVXUHPHQWVDQG$(VZLOOEHGRFXPHQWHGDWYDULRXVWLPHSRLQWVGXULQJWKHVWXG\
$OOVDIHW\GDWDFROOHFWHGRQRUDIWHUWKHILUVWGRVHRIVWXG\GUXJV DGPLQLVWUDWLRQXSWRGD\V
DIWHUWKHODVWGRVHRIVWXG\GUXJV ZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXS DFFRUGLQJWRWKHVWXG\
GUXJV UHFHLYHG

([WHQWRI([SRVXUH
$VXEMHFW¶VH[WHQWRIH[SRVXUHWR VWXG\GUXJV ZLOOEHJHQHUDWHGIURPWKH VWXG\GUXJV
DGPLQLVWUDWLRQSDJHRIWKHH&5) ([SRVXUHGDWDZLOOEHVXPPDUL]HGE\ WUHDWPHQWJURXS

$GYHUVH(YHQWV
&OLQLFDODQGODERUDWRU\DGYHUVHHYHQWVZLOOEHFRGHGXVLQJWKH0HGLFDO'LFWLRQDU\IRU
5HJXODWRU\$FWLYLWLHV0HG'5$6\VWHP2UJDQ&ODVV62&+LJK/HYHO*URXS7HUP
+/*7+LJK/HYHO7HUP+/73UHIHUUHG7HUP 37 DQG/RZHU/HYHO7HUP//7ZLOOEH
DWWDFKHGWRWKHFOLQLFDOGDWDEDVH
(YHQWVZLOOEHVXPPDUL]HGRQWKHEDVLVRI WKHGDWHRIRQVHWIRUWKHHYHQW $WUHDWPHQWHPHUJHQW
DGYHUVHHYHQWZLOOEH GHILQHGDVDQ\$(ZLWKDQRQVHWGDWHRQRUDIWHUWKHVWXG\GUXJV VWDUWGDWH
DQGQRODWHUWKDQGD\VDIWHUSHUPDQHQWGLVFRQWLQXDWLRQRIWKHVWXG\GUXJVRUDQ\$(OHDGLQJ
WRSUHPDWXUHGLVFRQWLQXDWLRQRIWKHVWXG\GUXJV
6XPPDULHVQXPEHUDQGSHUFHQWDJHRIVXEMHFWVRUOLVWLQJVDVDSSURSULDWHRIWUHDWPHQW
HPHUJHQWDGYHUVHHYHQWVE\62&DQG37ZLOOEHSURYLGHGE\WUHDWPHQWJURXSIRU

$OO$(V

$(VRI*UDGHRUDERYH

$(VRI*UDGHRUDERYH

$OOWUHDWPHQWUHODWHG$(V

7UHDWPHQWUHODWHG$(VRI*UDGHRUDERYH

7UHDWPHQWUHODWHG$(VRI*UDGHRUDERYH

$OO6$(V

$OOWUHDWPHQWUHODWHG6$(V
PPD




62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

$(VOHDGLQJWRSUHPDWXUHGLVFRQWLQXDWLRQRIDQ\ VWXG\GUXJV

$(VOHDGLQJWRPRGLILFDWLRQRULQWHUUXSWLRQRIDQ\VWXG\GUXJV
$OO$(VFROOHFWHGGXULQJWKHFRXUVHRIWKHVWXG\ZLOOEHSUHVHQWHGLQGDWDOLVWLQJV

/DERUDWRU\(YDOXDWLRQV
6HOHFWHGODERUDWRU\GDWDZLOOEHVXPPDUL]HGQPHDQ6'PHGLDQ44PLQLPXPDQG
PD[LPXPE\WUHDWPHQWJURXSDQGVWXG\YLVLWDORQJZLWKFRUUHVSRQGLQJFKDQJHIURPEDVHOLQH
*UDGHGODERUDWRU\DEQRUPDOLWLHVZLOOEHGHILQHGXVLQJWKHODERUDWRU\WR[LFLW\JUDGLQJVFKHPH
GHILQHGLQ$SSHQGL[  RIWKLVSURWRFRO7KHLQFLGHQFHRIWUHDWPHQWHPHUJHQWODERUDWRU\
DEQRUPDOLWLHVGHILQHGDVYDOXHVWKDWLQFUHDVHE\DWOHDVWRQHWR[LFLW\JUDGHIURPEDVHOLQH DWDQ\
WLPHSRVWEDVHOLQHXSWRWKHGDWHRIODVWGRVHRIVWXG\GUXJV SOXVGD\VZLOOEHVXPPDUL]HG
9DOXHVIRUPLVVLQJVDIHW\ODERUDWRU\GDWDZLOOQRWEHLPSXWHGKRZHYHUDPLVVLQJEDVHOLQH UHVXOW
ZLOOEHUHSODFHGZLWKDVFUHHQLQJUHVXOWLIDYDLODEOH,IQRSUHWUHDWPHQWODERUDWRU\YDOXHLV
DYDLODEOHWKHEDVHOLQH YDOXHZLOOEHDVVXPHGWREHQRUPDOLHQRJUDGH>*UDGH@IRUWKH
VXPPDU\RIJUDGHGODERUDWRU\DEQRUPDOLWLHV
$OOODERUDWRU\DEQRUPDOLWLHVZLOOEHLQFOXGHGLQWKHOLVWLQJVRIODERUDWRU\GDWD

2WKHU6DIHW\(YDOXDWLRQV
,QGLYLGXDOGDWDIRUOHDG(&*YLWDOVLJQVPHDVXUHPHQWVZLOOEHOLVWHGE\VXEMHFWDQG
VXPPDUL]HGE\WUHDWPHQWJURXSE\LQFLGHQFHRIHYHQWVDEQRUPDOLWLHVRUGHVFULSWLYHVWDWLVWLFDO
VXPPDULHVQPHDQ6'PHGLDQ44PLQLPXPDQGPD[LPXPDVDSSURSULDWH

3KDUPDFRNLQHWLF$QDO\VLV
,QWKH3.DQDO\VLVVHWFRQFHQWUDWLRQVRI62)LWVPHWDEROLWHV *6DQG*69(/
DQG5%9 LIDSSURSULDWH LQSODVPDPD\EHGHWHUPLQHGXVLQJYDOLGDWHGELRDQDO\WLFDODVVD\VDQG
OLVWHG'HWDLOVRIWKHDQDO\VHVZLOOEHSURYLGHGLQWKHSKDUPDFRNLQHWLFUHSRUWLQJDQGDQDO\VLV
SODQ
,QWKH,QWHQVLYH3.VXEVWXG\DQDO\VLVVHWSODVPDFRQFHQWUDWLRQVRIWKHVWXG\GUXJV RYHUWLPH
ZLOOEHVXPPDUL]HGXVLQJGHVFULSWLYHVWDWLVWLFV3.SDUDPHWHUVHJ$8&WDX&PD[PD\EHOLVWHG
DQG VXPPDUL]HGDVDSSURSULDWHIRUDOODQDO\WHVXVLQJGHVFULSWLYHVWDWLVWLFV 'HWDLOVRIWKH
DQDO\VLVZLOOEHSURYLGHGLQWKHSKDUPDFRNLQHWLFUHSRUWLQJDQGDQDO\VLVSODQ

6DPSOH6L]H
$SSUR[LPDWHO\VXEMHFWVZLOOEHUDQGRPL]HGLQWKLVVWXG\ZLWKDSSUR[LPDWHO\VXEMHFWV
ZLWKJHQRW\SH+&9LQIHFWLRQDQGDSSUR[LPDWHO\VXEMHFWVZLWKJHQRW\SH+&9LQIHFWLRQ
'XHWRWKHOLPLWHGQXPEHURIJHQRW\SHVXEMHFWVLQWKLVVWXG\WKHVDPSOHVL]HMXVWLILFDWLRQZLOO
EHEDVHGRQJHQRW\SHVXEMHFWVRQO\


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
$VDPSOHVL]HRIJHQRW\SHVXEMHFWVLQHDFKWUHDWPHQWJURXSZLOOSURYLGHRYHUSRZHUWR
GHWHFWDWOHDVWLPSURYHPHQWLQ695UDWHIURPWKHKLVWRULFDOFRQWUROUDWHRIXVLQJD
WZRVLGHGH[DFWRQHVDPSOHELQRPLDOWHVWDWVLJQLILFDQFHOHYHORI


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

5(63216,%,/,7,(6

,QYHVWLJDWRU5HVSRQVLELOLWLHV

*RRG&OLQLFDO3UDFWLFH
7KHLQYHVWLJDWRUZLOOHQVXUHWKDWWKLVVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKHSULQFLSOHVRIWKH
'HFODUDWLRQRI+HOVLQNLDVDPHQGHGLQ(GLQEXUJK7RN\R9HQLFH+RQJ.RQJDQG
6RXWK $IULFD,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ,&+JXLGHOLQHVRUZLWKWKHODZVDQG
UHJXODWLRQVRIWKHFRXQWU\LQZKLFKWKHUHVHDUFKLVFRQGXFWHGZKLFKHYHUDIIRUGVWKHJUHDWHU
SURWHFWLRQWRWKHVWXG\VXEMHFW
7KLVSURWRFROLVWREHFRQGXFWHGLQDFFRUGDQFHZLWKWKHJXLGDQFHVWLSXODWHGLQ$UWLFOH
3DUDJUDSKDQG$UWLFOHRIWKH/DZIRU(QVXULQJWKH4XDOLW\(IILFDF\DQG6DIHW\RI'UXJV
DQG0HGLFDO'HYLFHV³0+/:2UGLQDQFHRQ*RRG&OLQLFDO3UDFWLFH´ ^0LQLVWU\RI+HDOWKDQG
:HOIDUH`
7KHLQYHVWLJDWRUDQGDOODSSOLFDEOHVXELQYHVWLJDWRUVZLOOFRPSO\ZLWK &)53DUW 
SURYLGLQJGRFXPHQWDWLRQRIWKHLUILQDQFLDOLQWHUHVWRUDUUDQJHPHQWVZLWK*LOHDGRUSURSULHWDU\
LQWHUHVWVLQWKHLQYHVWLJDWLRQDOGUXJXQGHUVWXG\7KLVGRFXPHQWDWLRQPXVWEHSURYLGHGSULRUWR
WKHLQYHVWLJDWRU¶VDQGDQ\VXELQYHVWLJDWRU¶VSDUWLFLSDWLRQLQWKHVWXG\7KHLQYHVWLJDWRUDQG
VXELQYHVWLJDWRUDJUHHWRQRWLI\*LOHDGRIDQ\FKDQJHLQUHSRUWDEOHLQWHUHVWVGXULQJWKHVWXG\DQG
IRU\HDUIROORZLQJFRPSOHWLRQRIWKHVWXG\6WXG\FRPSOHWLRQLVGHILQHGDVWKHGDWHZKHQWKH
ODVWVXEMHFWFRPSOHWHVWKHSURWRFROGHILQHGDFWLYLWLHV

,QVWLWXWLRQDO5HYLHZ%RDUG,5%,QGHSHQGHQW(WKLFV&RPPLWWHH,(&
5HYLHZDQG$SSURYDO
7KHLQYHVWLJDWRURUVSRQVRUDVDSSURSULDWHDFFRUGLQJWRORFDOUHJXODWLRQVZLOOVXEPLWWKLV
SURWRFROLQIRUPHGFRQVHQWIRUPDQGDQ\DFFRPSDQ\LQJPDWHULDOWREHSURYLGHGWRWKHVXEMHFW
VXFKDVDGYHUWLVHPHQWVVXEMHFWLQIRUPDWLRQVKHHWVRUGHVFULSWLRQVRIWKHVWXG\XVHGWRREWDLQ
LQIRUPHGFRQVHQWWRDQ ,5%RU,(&7KHLQYHVWLJDWRUZLOOQRWEHJLQDQ\VWXG\VXEMHFWDFWLYLWLHV
XQWLODSSURYDOIURPWKH,5%RU,(& KDVEHHQGRFXPHQWHGDQGSURYLGHGDVDOHWWHUWRWKH
LQYHVWLJDWRU
%HIRUHLPSOHPHQWDWLRQWKHLQYHVWLJDWRUZLOOVXEPLWWRDQGUHFHLYHGRFXPHQWHGDSSURYDOIURP
WKH,5%RU,(& DQ\PRGLILFDWLRQV PDGHWRWKHSURWRFRORUDQ\DFFRPSDQ\LQJPDWHULDOWREH
SURYLGHGWRWKHVXEMHFWDIWHULQLWLDODSSURYDOZLWKWKHH[FHSWLRQRIWKRVH QHFHVVDU\WRUHGXFH
LPPHGLDWHULVNWRVWXG\VXEMHFWV

,QIRUPHG&RQVHQW
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUREWDLQLQJZULWWHQLQIRUPHGFRQVHQWIURPHDFKLQGLYLGXDO
SDUWLFLSDWLQJLQWKLVVWXG\DIWHUDGHTXDWHH[SODQDWLRQRIWKHDLPVPHWKRGVREMHFWLYHVDQG
SRWHQWLDOKD]DUGVRIWKHVWXG\DQGEHIRUHXQGHUWDNLQJDQ\VWXG\UHODWHGSURFHGXUHV7KH


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
LQYHVWLJDWRUPXVWXVHWKHPRVWFXUUHQW DSSURYHGFRQVHQWIRUPIRUGRFXPHQWLQJZULWWHQLQIRUPHG
FRQVHQW(DFKLQIRUPHGFRQVHQW ZLOOEHDSSURSULDWHO\VLJQHGDQGGDWHGE\WKHVXEMHFWDQGWKH
SHUVRQFRQGXFWLQJWKHFRQVHQWGLVFXVVLRQDQGDOVRE\DQLPSDUWLDOZLWQHVVLIUHTXLUHGE\ORFDO
UHTXLUHPHQWV7KHFRQVHQWIRUPZLOOLQIRUPVXEMHFWVDERXWJHQRPLF WHVWLQJDQGVDPSOHUHWHQWLRQ

&RQILGHQWLDOLW\
7KHLQYHVWLJDWRUPXVWDVVXUHWKDWVXEMHFWV¶DQRQ\PLW\ZLOOEHVWULFWO\PDLQWDLQHGDQGWKDWWKHLU
LGHQWLWLHVDUHSURWHFWHGIURPXQDXWKRUL]HGSDUWLHV2QO\VXEMHFWLQLWLDOVGDWHRIELUWKDQRWKHU
XQLTXHLGHQWLILHUDVDOORZHGE\ORFDOODZDQGDQLGHQWLILFDWLRQFRGHZLOOEHUHFRUGHGRQDQ\
IRUPRUELRORJLFDOVDPSOHVXEPLWWHGWRWKH6SRQVRU ,5%RU,(& RUODERUDWRU\/DERUDWRU\
VSHFLPHQVPXVWEHODEHOHGLQVXFKDZD\DVWRSURWHFWVXEMHFWLGHQWLW\ZKLOHDOORZLQJWKHUHVXOWV
WREHUHFRUGHGWRWKHSURSHUVXEMHFW5HIHUWRVSHFLILFODERUDWRU\LQVWUXFWLRQV127( 7KH
LQYHVWLJDWRUPXVWNHHSDVFUHHQLQJORJVKRZLQJFRGHVQDPHVDQGDGGUHVVHVIRUDOOVXEMHFWV
VFUHHQHGDQGIRUDOOVXEMHFWVHQUROOHGLQWKHWULDO 6XEMHFWGDWDZLOOEHSURFHVVHGLQDFFRUGDQFH
ZLWKDOODSSOLFDEOHUHJXODWLRQV
7KHLQYHVWLJDWRUDJUHHVWKDWDOOLQIRUPDWLRQUHFHLYHGIURP*LOHDGLQFOXGLQJEXWQRWOLPLWHGWR WKH
LQYHVWLJDWRUEURFKXUHWKLVSURWRFROH&5)WKHVWXG\GUXJVDQGDQ\RWKHUVWXG\LQIRUPDWLRQ
UHPDLQWKHVROHDQGH[FOXVLYHSURSHUW\RI*LOHDGGXULQJWKHFRQGXFWRIWKHVWXG\DQGWKHUHDIWHU
7KLVLQIRUPDWLRQLVQRWWREHGLVFORVHGWRDQ\WKLUGSDUW\H[FHSWHPSOR\HHVRUDJHQWVGLUHFWO\
LQYROYHGLQWKHFRQGXFWRIWKHVWXG\RUDVUHTXLUHGE\ODZZLWKRXWSULRUZULWWHQFRQVHQWIURP
*LOHDG7KHLQYHVWLJDWRUIXUWKHUDJUHHVWRWDNHDOOUHDVRQDEOHSUHFDXWLRQVWRSUHYHQWWKH
GLVFORVXUHE\DQ\HPSOR\HHRUDJHQWRIWKHVWXG\VLWHWRDQ\WKLUGSDUW\RURWKHUZLVHLQWRWKH
SXEOLFGRPDLQ

6WXG\)LOHVDQG5HWHQWLRQRI5HFRUGV
7KHLQYHVWLJDWRUPXVWPDLQWDLQDGHTXDWHDQGDFFXUDWHUHFRUGVWRHQDEOHWKHFRQGXFWRIWKHVWXG\
WREHIXOO\GRFXPHQWHGDQGWKHVWXG\GDWDWREHVXEVHTXHQWO\YHULILHG7KHVHGRFXPHQWVVKRXOG
EHFODVVLILHGLQWRDWOHDVWWKHIROORZLQJWZRFDWHJRULHV  LQYHVWLJDWRU¶VVWXG\ILOHDQG
 VXEMHFWFOLQLFDOVRXUFHGRFXPHQWV
7KHLQYHVWLJDWRU¶VVWXG\ILOHZLOOFRQWDLQWKHSURWRFRODPHQGPHQWVDQGJRYHUQPHQWDODSSURYDO
ZLWKFRUUHVSRQGHQFHLQIRUPHGFRQVHQWGUXJ UHFRUGVVWDIIFXUULFXOXPYLWDHDQGDXWKRUL]DWLRQ
IRUPVDQGRWKHUDSSURSULDWHGRFXPHQWVDQGFRUUHVSRQGHQFH
7KHUHTXLUHGVRXUFHGDWDVKRXOGLQFOXGHVHTXHQWLDOQRWHVFRQWDLQLQJDWOHDVWWKHIROORZLQJ
LQIRUPDWLRQIRUHDFKVXEMHFW

6XEMHFWLGHQWLILFDWLRQQDPHGDWHRIELUWKJHQGHU

'RFXPHQWDWLRQWKDWVXEMHFWPHHWVHOLJLELOLW\FULWHULDLHKLVWRU\SK\VLFDOH[DPLQDWLRQDQG
FRQILUPDWLRQRIGLDJQRVLVWRVXSSRUWLQFOXVLRQDQGH[FOXVLRQFULWHULD

'RFXPHQWDWLRQRIWKHUHDVRQVDFRQVHQWHGVXEMHFWLVQRWHQUROOHG


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

3DUWLFLSDWLRQLQVWXG\LQFOXGLQJVWXG\QXPEHU

6WXG\GLVFXVVHGDQGGDWHRILQIRUPHGFRQVHQW

'DWHVRIDOOYLVLWV

'RFXPHQWDWLRQWKDWSURWRFROVSHFLILFSURFHGXUHVZHUHSHUIRUPHG

5HVXOWVRIHIILFDF\SDUDPHWHUV DVUHTXLUHGE\WKHSURWRFRO

6WDUWDQGHQGGDWHLQFOXGLQJGRVHUHJLPHQRIVWXG\GUXJVLQFOXGLQJGDWHVRI GLVSHQVLQJDQG
UHWXUQ

5HFRUGRIDOODGYHUVHHYHQWVDQGRWKHUVDIHW\SDUDPHWHUVVWDUWDQGHQGGDWHDQGLQFOXGLQJ
FDXVDOLW\DQGVHYHULW\

&RQFRPLWDQWPHGLFDWLRQLQFOXGLQJVWDUWDQGHQGGDWHGRVHLIUHOHYDQWGRVHFKDQJHV

'DWHRIVWXG\FRPSOHWLRQDQGUHDVRQIRUHDUO\GLVFRQWLQXDWLRQLILWRFFXUV
$OOFOLQLFDOVWXG\GRFXPHQWVPXVWEHUHWDLQHGE\WKHLQYHVWLJDWRUXQWLODWOHDVW \HDUVRU
DFFRUGLQJWRORFDOODZVZKLFKHYHULVORQJHUDIWHUWKHODVWDSSURYDORIDPDUNHWLQJDSSOLFDWLRQLQ
DQ,&+UHJLRQLH8QLWHG6WDWHV(XURSHRU-DSDQDQGXQWLOWKHUHDUHQRSHQGLQJRUSODQQHG
PDUNHWLQJDSSOLFDWLRQVLQDQ,&+UHJLRQRULIQRDSSOLFDWLRQ LVILOHGRULIWKHDSSOLFDWLRQLVQRW
DSSURYHGIRUVXFKLQGLFDWLRQXQWLO \HDUVDIWHUWKHLQYHVWLJDWLRQLVGLVFRQWLQXHGDQGUHJXODWRU\
DXWKRULWLHVKDYHEHHQQRWLILHG,QYHVWLJDWRUVPD\EHUHTXLUHGWRUHWDLQGRFXPHQWVORQJHULI
VSHFLILHGE\UHJXODWRU\UHTXLUHPHQWVE\ORFDOUHJXODWLRQVRUE\DQDJUHHPHQWZLWK*LOHDG7KH
LQYHVWLJDWRUPXVWQRWLI\*LOHDGEHIRUHGHVWUR\LQJDQ\FOLQLFDOVWXG\UHFRUGV
6KRXOGWKHLQYHVWLJDWRUZLVKWRDVVLJQWKHVWXG\UHFRUGVWRDQRWKHUSDUW\RUPRYHWKHPWRDQRWKHU
ORFDWLRQ*LOHDGPXVWEHQRWLILHGLQDGYDQFH
,IWKHLQYHVWLJDWRUFDQQRWSURYLGHIRUWKLVDUFKLYLQJUHTXLUHPHQWDWWKHVWXG\VLWHIRUDQ\RUDOORI
WKHGRFXPHQWVVSHFLDODUUDQJHPHQWVPXVWEHPDGHEHWZHHQWKHLQYHVWLJDWRUDQG*LOHDGWRVWRUH
WKHVHUHFRUGVVHFXUHO\DZD\IURP WKHVLWHVRWKDWWKH\FDQEHUHWXUQHGVHDOHGWRWKHLQYHVWLJDWRU
LQFDVHRIDQLQVSHFWLRQ:KHQVRXUFHGRFXPHQWVDUHUHTXLUHGIRUWKHFRQWLQXHGFDUHRIWKH
VXEMHFWDSSURSULDWHFRSLHVVKRXOGEHPDGHIRUVWRUDJHDZD\IURP WKHVLWH

&DVH5HSRUW)RUPV
)RUHDFKVXEMHFWFRQVHQWHGDQH&5)ZLOOEHFRPSOHWHGE\DQDXWKRUL]HGVWXG\VWDIIPHPEHU
ZKRVHWUDLQLQJIRUWKLVIXQFWLRQLVGRFXPHQWHGDFFRUGLQJWRVWXG\SURFHGXUHV H&5) VKRXOGEH
FRPSOHWHGRQWKHGD\RIWKHVXEMHFWYLVLWWRHQDEOHWKHVSRQVRUWRSHUIRUPFHQWUDOPRQLWRULQJRI
VDIHW\GDWD7KH(OLJLELOLW\&ULWHULDH&5)VKRXOGEHFRPSOHWHGRQO\DIWHUDOOGDWDUHODWHGWR
HOLJLELOLW\KDYHEHHQUHFHLYHG6XEVHTXHQWWRGDWDHQWU\DVWXG\PRQLWRUZLOOSHUIRUPVRXUFH
GDWDYHULILFDWLRQZLWKLQWKH('&V\VWHP 2ULJLQDOHQWULHVDVZHOODVDQ\FKDQJHVWRGDWDILHOGV


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
ZLOOEHVWRUHGLQWKHDXGLWWUDLORIWKHV\VWHP3ULRUWRGDWDEDVHORFNRUDQ\LQWHULPWLPHSRLQWV
DVGHVFULEHGLQWKHFOLQLFDOGDWDPDQDJHPHQWSODQWKHLQYHVWLJDWRUZLOOXVHKLVKHUORJLQ
FUHGHQWLDOVWRFRQILUPWKDWWKHIRUPVKDYHEHHQUHYLHZHGDQGWKDWWKHHQWULHVDFFXUDWHO\UHIOHFW
WKHLQIRUPDWLRQLQWKHVRXUFHGRFXPHQWV 7KHH&5)FDSWXUHWKHGDWDUHTXLUHGSHUWKHSURWRFRO
VFKHGXOHRIHYHQWVDQGSURFHGXUHV 6\VWHPJHQHUDWHGRUPDQXDOTXHULHVZLOOEHLVVXHGWRWKH
LQYHVWLJDWLYHVLWHVWDIIDVGDWDGLVFUHSDQFLHVDUHLGHQWLILHGE\WKHPRQLWRURULQWHUQDO*LOHDGVWDII
ZKRURXWLQHO\UHYLHZWKHGDWDIRUFRPSOHWHQHVVFRUUHFWQHVVDQGFRQVLVWHQF\ 7KHVLWH
FRRUGLQDWRULVUHVSRQVLEOHIRUUHVSRQGLQJWRWKHTXHULHVLQDWLPHO\PDQQHUZLWKLQWKHV\VWHP
HLWKHUE\FRQILUPLQJWKHGDWDDVFRUUHFWRUXSGDWLQJWKHRULJLQDOHQWU\DQGSURYLGLQJWKHUHDVRQ
IRUWKHXSGDWHHJ GDWDHQWU\HUURU $WWKHFRQFOXVLRQRIWKHWULDO*LOHDGZLOOSURYLGHWKHVLWH
ZLWKDUHDGRQO\DUFKLYHFRS\RIWKHGDWDHQWHUHGE\WKDWVLWH 7KLVDUFKLYHPXVWEHVWRUHGLQ
DFFRUGDQFHZLWKWKHUHFRUGVUHWHQWLRQUHTXLUHPHQWVRXWOLQHGLQ6HFWLRQ 

6WXG\'UXJ$FFRXQWDELOLW\ DQG5HWXUQ
*LOHDGUHFRPPHQGVWKDWXVHGDQGXQXVHGVWXG\GUXJV VXSSOLHVEHUHWXUQHGWRWKHVKLSSLQJ
IDFLOLW\IURPZKLFKLWFDPHIRUHYHQWXDOGHVWUXFWLRQ7KHVWXG\PRQLWRUZLOOSURYLGHLQVWUXFWLRQV
IRUUHWXUQ,IUHWXUQLVQRWSRVVLEOHWKHVWXG\PRQLWRUZLOOHYDOXDWHHDFKVWXG\FHQWHU¶VVWXG\
GUXJV GLVSRVDOSURFHGXUHVDQGSURYLGHDSSURSULDWHLQVWUXFWLRQIRUGHVWUXFWLRQRIXQXVHGVWXG\
GUXJV VXSSOLHV,IWKHVLWHKDVDQDSSURSULDWHVWDQGDUGRSHUDWLQJSURFHGXUH623IRUGUXJ
GHVWUXFWLRQ DVGHWHUPLQHGE\*LOHDGWKHVLWHPD\GHVWUR\XVHGHPSW\ RUSDUWLDOO\HPSW\DQG
XQXVHGVWXG\GUXJV VXSSOLHVLQDFFRUGDQFHZLWKWKDW VLWH¶VDSSURYHG 623$FRS\RIWKHVLWH¶V
DSSURYHG623ZLOOEHREWDLQHGIRUFHQWUDOILOHV
,IVWXG\GUXJV DUH GHVWUR\HGRQVLWHWKHLQYHVWLJDWRURUGHVLJQHHLHSKDUPDFLVW PXVWPDLQWDLQ
DFFXUDWHUHFRUGVIRUDOOVWXG\GUXJV GHVWUR\HG5HFRUGVPXVWVKRZWKHLGHQWLILFDWLRQDQGTXDQWLW\
RIHDFKXQLWGHVWUR\HGWKHPHWKRGRIGHVWUXFWLRQDQGWKHSHUVRQZKRGLVSRVHGRIWKHVWXG\
GUXJV8SRQVWXG\FRPSOHWLRQFRSLHV RIWKHVWXG\GUXJV DFFRXQWDELOLW\UHFRUGVPXVWEHILOHGDW
WKHVLWH$QRWKHUFRS\ZLOOEHUHWXUQHGWR*LOHDG
7KHVWXG\PRQLWRUZLOOUHYLHZVWXG\GUXJV VXSSOLHVDQGDVVRFLDWHGUHFRUGVDWSHULRGLFLQWHUYDOV

,QVSHFWLRQV
7KHLQYHVWLJDWRUZLOOPDNHDYDLODEOHDOO VRXUFHGRFXPHQWVDQGRWKHUUHFRUGVIRUWKLVWULDOWR
*LOHDG¶VDSSRLQWHGVWXG\PRQLWRUVWR,5%,(&VRUWRUHJXODWRU\DXWKRULW\RUKHDOWKDXWKRULW\
LQVSHFWRUV

3URWRFRO&RPSOLDQFH
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKHVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKH
SURFHGXUHVDQGHYDOXDWLRQVGHVFULEHGLQWKLVSURWRFRO


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

6SRQVRU5HVSRQVLELOLWLHV

3URWRFRO0RGLILFDWLRQV
3URWRFROPRGLILFDWLRQVH[FHSWWKRVHLQWHQGHGWRUHGXFHLPPHGLDWHULVNWRVWXG\VXEMHFWVPD\EH
PDGHRQO\E\*LOHDG7KHLQYHVWLJDWRUPXVWVXEPLWDOOSURWRFROPRGLILFDWLRQVWRWKH,5%RU,(&
LQDFFRUGDQFHZLWKORFDOUHTXLUHPHQWV DQGUHFHLYHGRFXPHQWHGDSSURYDOEHIRUHPRGLILFDWLRQV
FDQEHLPSOHPHQWHG

6WXG\5HSRUWDQG3XEOLFDWLRQV
$FOLQLFDOVWXG\UHSRUW&65ZLOOEHSUHSDUHGDQGSURYLGHGWRWKHUHJXODWRU\DJHQF\*LOHDGZLOO
HQVXUHWKDWWKHUHSRUWPHHWVWKHVWDQGDUGVVHWRXWLQWKH,&+*XLGHOLQHIRU6WUXFWXUHDQG&RQWHQW
RI&OLQLFDO6WXG\5HSRUWV,&+ (1RWHWKDWDQDEEUHYLDWHGUHSRUWPD\EHSUHSDUHGLQFHUWDLQ
FDVHV
,QYHVWLJDWRUVLQWKLVVWXG\PD\FRPPXQLFDWHRUDOO\SUHVHQWRUSXEOLVKLQVFLHQWLILFMRXUQDOVRU
RWKHUVFKRODUO\PHGLDRQO\DIWHUWKHIROORZLQJFRQGLWLRQVKDYHEHHQPHW
7KHUHVXOWVRIWKHVWXG\LQWKHLUHQWLUHW\KDYHEHHQSXEOLFO\GLVFORVHGE\RUZLWKWKHFRQVHQWRI
*LOHDGLQDQDEVWUDFWPDQXVFULSWRUSUHVHQWDWLRQIRUPRUWKHVWXG\KDVEHHQFRPSOHWHGDWDOO
VWXG\VLWHVIRUDWOHDVW\HDUV
7KHLQYHVWLJDWRUZLOOVXEPLWWR*LOHDGDQ\SURSRVHGSXEOLFDWLRQRUSUHVHQWDWLRQDORQJ ZLWKWKH
UHVSHFWLYHVFLHQWLILFMRXUQDORUSUHVHQWDWLRQIRUXPDWOHDVWGD\VEHIRUHVXEPLVVLRQRIWKH
SXEOLFDWLRQRUSUHVHQWDWLRQ
1RVXFKFRPPXQLFDWLRQSUHVHQWDWLRQRUSXEOLFDWLRQZLOOLQFOXGH*LOHDG¶VFRQILGHQWLDO
LQIRUPDWLRQVHH6HFWLRQ 
7KHLQYHVWLJDWRUZLOOFRPSO\ZLWK*LOHDG¶VUHTXHVWWRGHOHWHUHIHUHQFHVWRLWVFRQILGHQWLDO
LQIRUPDWLRQRWKHUWKDQWKHVWXG\UHVXOWVLQDQ\SDSHURUSUHVHQWDWLRQDQGDJUHHVWRZLWKKROG
SXEOLFDWLRQRUSUHVHQWDWLRQIRUDQDGGLWLRQDOGD\VLQRUGHUWRREWDLQSDWHQWSURWHFWLRQLI
GHHPHGQHFHVVDU\

-RLQW,QYHVWLJDWRU6SRQVRU5HVSRQVLELOLWLHV

$FFHVVWR,QIRUPDWLRQIRU0RQLWRULQJ
,QDFFRUGDQFHZLWK,&+*RRG&OLQLFDO3UDFWLFH,&+*&3JXLGHOLQHVWKHVWXG\PRQLWRUPXVW
KDYHGLUHFWDFFHVVWRWKHLQYHVWLJDWRU¶VVRXUFHGRFXPHQWDWLRQLQRUGHUWRYHULI\WKHDFFXUDF\RI
WKHGDWDUHFRUGHGLQWKHH&5)
7KHPRQLWRULVUHVSRQVLEOHIRUURXWLQHUHYLHZRIWKHH&5) DWUHJXODULQWHUYDOVWKURXJKRXWWKH
VWXG\WRYHULI\DGKHUHQFHWRWKHSURWRFRODQGWKHFRPSOHWHQHVVFRQVLVWHQF\DQGDFFXUDF\RIWKH
GDWDEHLQJHQWHUHGRQWKHP 7KHPRQLWRUVKRXOGKDYHDFFHVVWRDQ\VXEMHFWUHFRUGVQHHGHGWR


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
YHULI\WKHHQWULHVRQWKHH&5)7KHLQYHVWLJDWRUDJUHHVWRFRRSHUDWHZLWKWKHPRQLWRUWRHQVXUH
WKDWDQ\SUREOHPVGHWHFWHGWKURXJKDQ\W\SHRIPRQLWRULQJFHQWUDORQVLWH DUHUHVROYHG

$FFHVVWR,QIRUPDWLRQIRU$XGLWLQJRU,QVSHFWLRQV
5HSUHVHQWDWLYHVRIUHJXODWRU\DXWKRULWLHVRURI*LOHDGPD\FRQGXFWLQVSHFWLRQVRUDXGLWVRIWKH
FOLQLFDOVWXG\,IWKHLQYHVWLJDWRULVQRWLILHGRIDQLQVSHFWLRQE\DUHJXODWRU\DXWKRULW\WKH
LQYHVWLJDWRUDJUHHV WRQRWLI\*LOHDG RUWKH&52 LPPHGLDWHO\7KHLQYHVWLJDWRUDJUHHVWRSURYLGH
WRUHSUHVHQWDWLYHVRIDUHJXODWRU\DJHQF\RU*LOHDGDFFHVVWRUHFRUGVIDFLOLWLHVDQGSHUVRQQHOIRU
WKHHIIHFWLYHFRQGXFWRIDQ\LQVSHFWLRQRUDXGLW

6WXG\'LVFRQWLQXDWLRQ
%RWKWKHVSRQVRUDQGWKHLQYHVWLJDWRUUHVHUYHWKHULJKWWRWHUPLQDWHWKHVWXG\DWDQ\WLPH6KRXOG
WKLVEHQHFHVVDU\ERWKSDUWLHVZLOODUUDQJHGLVFRQWLQXDWLRQSURFHGXUHVDQGQRWLI\WKHDSSURSULDWH
UHJXODWRU\DXWKRULW\LHV,5%VDQG,(&V,QWHUPLQDWLQJWKHVWXG\*LOHDGDQGWKHLQYHVWLJDWRU
ZLOODVVXUHWKDWDGHTXDWHFRQVLGHUDWLRQLVJLYHQWRWKHSURWHFWLRQRIWKHVXEMHFWV¶LQWHUHVWV


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

5()(5(1&(6
$QGUHZV('DPOH%')DQJ$)RVWHU*&URZQRYHU3/D%DGLH5HWDO3KDUPDFRNLQHWLFVDQG
WROHUDELOLW\RIYRULFRQD]ROHDQGDFRPELQDWLRQRUDOFRQWUDFHSWLYHFRDGPLQLVWHUHG
LQKHDOWK\IHPDOHVXEMHFWV%U-&OLQ3KDUPDFRO
%DUGLWFK&URYR37UDSQHOO&%(WWH(=DFXU+$&RUHVK-5RFFR/(HWDO7KHHIIHFWVRI
ULIDPSLQDQGULIDEXWLQRQWKHSKDUPDFRNLQHWLFVDQGSKDUPDFRG\QDPLFVRID
FRPELQDWLRQRUDOFRQWUDFHSWLYH&OLQ3KDUPDFRO7KHU
&KXQJ+8HGD7.XGR0&KDQJLQJWUHQGVLQKHSDWLWLV&LQIHFWLRQRYHUWKHSDVW\HDUVLQ
-DSDQ,QWHUYLURORJ\
&RFNFURIW':*DXOW0+3UHGLFWLRQRIFUHDWLQLQHFOHDUDQFHIURPVHUXPFUHDWLQLQH1HSKURQ

'DYLV*/$OEULJKW-(&RRN6)5RVHQEHUJ'03URMHFWLQJIXWXUHFRPSOLFDWLRQVRIFKURQLF
KHSDWLWLV&LQWKH8QLWHG6WDWHV/LYHU7UDQVSO
'HJRV)&KULVWLGLV&*DQQH&DUULH1)DUPDFKLGL-3'HJRWW&*XHWWLHU&HWDO+HSDWLWLV&
YLUXVUHODWHGFLUUKRVLVWLPHWRRFFXUUHQFHRIKHSDWRFHOOXODUFDUFLQRPDDQGGHDWK
*XW
'LHQVWDJ-/*KDQ\0*0RUJDQ75'L%LVFHJOLH$0%RQNRYVN\+/.LP+<HWDO$
SURVSHFWLYHVWXG\RIWKHUDWHRISURJUHVVLRQLQFRPSHQVDWHGKLVWRORJLFDOO\
DGYDQFHGFKURQLFKHSDWLWLV&+HSDWRORJ\
(O6HUDJ+%+HSDWRFHOOXODUFDUFLQRPDUHFHQWWUHQGVLQWKH8QLWHG6WDWHV*DVWURHQWHURORJ\
6XSSO6
*KDQ\0*6WUDGHU'%7KRPDV'/6HHII/%'LDJQRVLVPDQDJHPHQWDQGWUHDWPHQWRI
KHSDWLWLV&DQXSGDWH+HSDWRORJ\
+RRIQDJOH-+6HHII/%3HJLQWHUIHURQDQGULEDYLULQIRUFKURQLFKHSDWLWLV&1(QJO -0HG

-DQVVHQ3KDUPDFHXWLFDOV,QF,17(/(1&( HWUDYLULQHWDEOHWVIRURUDOXVH863UHVFULELQJ
,QIRUPDWLRQ7LWXVYLOOH1-5HYLVHG)HEUXDU\
.XPDGD+&KD\DPD.5RGULJXHV/-U6X]XNL),NHGD.7R\RGD+HWDO5DQGRPL]HG
SKDVHWULDORIRPELWDVYLUSDULWDSUHYLUULWRQDYLUIRUKHSDWLWLV&YLUXVJHQRW\SHE
LQIHFWHG-DSDQHVHSDWLHQWVZLWKRUZLWKRXWFLUUKRVLV+HSDWRORJ\



62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
.XPDGD+6X]XNL<,NHGD.7R\RWD-.DULQR<&KD\DPD.HWDO'DFODWDVYLUSOXV
DVXQDSUHYLUIRUFKURQLF+&9JHQRW\SHELQIHFWLRQ+HSDWRORJ\

/DXHU*0:DONHU%'+HSDWLWLV&YLUXVLQIHFWLRQ1(QJO-0HG
/DZLW]()ODPP6<DQJ-&3DQJ36=KX<6YDURYVNDLD(HWDO5HWUHDWPHQWRI3DWLHQWV
:KR)DLOHGRU:HHNVRI/HGLSDVYLU6RIRVEXYLU%DVHG5HJLPHQV:LWK
/HGLSDVYLU6RIRVEXYLUIRU:HHNV(XURSHDQ$VVRFLDWLRQIRUWKH6WXG\RIWKH
/LYHU($6/7KHWK,QWHUQDWLRQDO/LYHU&RQJUHVV$SULO9LHQQD
$XVWULD
/LR(6KLPDGD1$EH+$WVXNDZD0<RVKL]DZD.WDNDJXFKL.HWDO(IILFDF\DQG$GYHUVH
(YHQWVRI'DFODWDVYLU$VXQDSUHYLULQ&KURQLF+HSDWLWLV&*HQRW\SHE>3RVWHU@
$VLDQ3DFLILF$VVRFLDWLRQIRUWKH6WXG\RIWKH/LYHU)HEUXDU\
7RN\R-DSDQ
0F+XWFKLVRQ-**RUGRQ6&6FKLII(56KLIIPDQ0//HH:05XVWJL9.HWDO,QWHUIHURQ
DOIDEDORQHRULQFRPELQDWLRQZLWKULEDYLULQDVLQLWLDOWUHDWPHQWIRUFKURQLF
KHSDWLWLV&+HSDWLWLV,QWHUYHQWLRQDO7KHUDS\*URXS1(QJO-0HG

0LQLVWU\RI+HDOWKDQG:HOIDUH0LQLVWHULDO2UGLQDQFHRQ*RRG&OLQLFDO3UDFWLFHIRU'UXJV
2UGLQDQFHRIWKH0LQLVWU\RI+HDOWKDQG:HOIDUH1RRI0DUFK$V
ODVWDPHQGHG E\WKH2UGLQDQFHRI0LQLVWU\RI+HDOWK/DERXUDQG:HOIDUH1R
RI'HFHPEHU3URYLVLRQDO7UDQVODWLRQDVRI0DUFK
0L]RNDPL0<RNRVXND27DNHKDUD76DNDPRWR1.RUHQDJD00RFKL]XNL+HWDO
/HGLSDVYLUDQGVRIRVEXYLUIL[HGGRVHFRPELQDWLRQZLWKDQGZLWKRXWULEDYLULQIRU
ZHHNVLQWUHDWPHQWQDLYHDQGSUHYLRXVO\WUHDWHG-DSDQHVHSDWLHQWVZLWK
JHQRW\SHKHSDWLWLV&DQRSHQODEHOUDQGRPLVHGSKDVHWULDO/DQFHW,QIHFW'LV

06'...XGDQNLWD&KL\RGDNX5(%(72/ULEDYLULQ&DSVXOHVPJ-DSDQ3UHVFULELQJ
,QIRUPDWLRQ>(QJOLVK@7RN\R-DSDQ5HYLVHG-DQXDU\
1LVKLJXFKL6.XURNL71DNDWDQL60RULPRWR+7DNHGD71DNDMLPD6HWDO5DQGRPLVHGWULDO
RIHIIHFWVRILQWHUIHURQDOSKDRQLQFLGHQFHRIKHSDWRFHOOXODUFDUFLQRPDLQFKURQLF
DFWLYHKHSDWLWLV&ZLWKFLUUKRVLV/DQFHW
1R]DZD71DNDMLPD07DPDL,1RGD.1H]X-6DL<HWDO*HQHWLFSRO\PRUSKLVPVRI
KXPDQRUJDQLFDQLRQWUDQVSRUWHUV2$73&6/&$DQG2$73%
6/&$DOOHOHIUHTXHQFLHVLQWKH-DSDQHVHSRSXODWLRQDQGIXQFWLRQDODQDO\VLV
-3KDUPDFRO([S7KHU


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
2PDWD01LVKLJXFKL68HQR<0RFKL]XNL+,]XPL1,NHGD)HWDO6RIRVEXYLUSOXVULEDYLULQ
LQ-DSDQHVHSDWLHQWVZLWKFKURQLFJHQRW\SH+&9LQIHFWLRQDQRSHQODEHOSKDVH
WULDO-9LUDO+HS
3R\QDUG70DUFHOOLQ3/HH661LHGHUDX&0LQXN*6,GHR*HWDO5DQGRPLVHGWULDORI
LQWHUIHURQDOSKDESOXVULEDYLULQIRUZHHNVRUIRUZHHNVYHUVXVLQWHUIHURQ
DOSKDESOXVSODFHERIRUZHHNVIRUWUHDWPHQWRIFKURQLFLQIHFWLRQZLWK
KHSDWLWLV&YLUXV,QWHUQDWLRQDO+HSDWLWLV,QWHUYHQWLRQDO7KHUDS\*URXS,+,7
/DQFHW
4XHVW'LDJQRVWLFV)6+DQG/+5HIHUHQFH5DQJHVD
4XHVW'LDJQRVWLFV3URJHVWHURQH/&06065HIHUHQFH5DQJHVE
5RFKH/DERUDWRULHV,QF&23(*86ULEDYLULQ8637$%/(76863UHVFULELQJ,QIRUPDWLRQ
1XWOH\1-5HYLVHG-DQXDU\
5RFKH3URGXFWV/LPLWHG&RSHJXVPJDQGPJ)LOPFRDWHG7DEOHWV6XPPDU\RI3URGXFW
&KDUDFWHULVWLFV:HOZ\Q*DUGHQ&LW\8QLWHG.LQJGRP5HYLVHG0DUFK
6HUIDW\/$XPDLWUH+&KD]RXLOOHUHV2%RQQDQG$05RVPRUGXF23RXSRQ5(HWDO
'HWHUPLQDQWVRIRXWFRPHRIFRPSHQVDWHGKHSDWLWLV&YLUXVUHODWHGFLUUKRVLV
+HSDWRORJ\
6LHYHUW:$OWUDLI,5D]DYL+$$EGR$$KPHG($$ORPDLU$HWDO$V\VWHPDWLFUHYLHZRI
KHSDWLWLV&YLUXVHSLGHPLRORJ\LQ$VLD$XVWUDOLDDQG(J\SW/LYHU,QW
6XSSO
6X]XNL)6H]DNL+$NXWD16X]XNL<6HNR<.DZDPXUD<HWDO3UHYDOHQFHRIKHSDWLWLV&
YLUXVYDULDQWVUHVLVWDQWWR16SURWHDVHLQKLELWRUVRUWKH16$LQKLELWRU%06
LQKHSDWLWLVSDWLHQWVZLWKJHQRW\SHE-&OLQ9LURO
7DQDND-.XPDJDL-.DWD\DPD..RPL\D<0L]XL0<DPDQDND5HWDO6H[ DQGDJH
VSHFLILFFDUULHUVRIKHSDWLWLV%DQG&YLUXVHVLQ-DSDQHVWLPDWHGE\WKHSUHYDOHQFH
LQWKHILUVWWLPHEORRGGRQRUVGXULQJ,QWHUYLURORJ\

7KHLQ++<L4'RUH*-.UDKQ0'(VWLPDWLRQRIVWDJHVSHFLILFILEURVLVSURJUHVVLRQUDWHVLQ
FKURQLFKHSDWLWLV&YLUXVLQIHFWLRQDPHWDDQDO\VLVDQGPHWDUHJUHVVLRQ
+HSDWRORJ\
:RUOG+HDOWK2UJDQL]DWLRQ:+2+HSDWLWLV&)DFWVKHHW1$YDLODEOHDW
KWWSZZZZKRLQWPHGLDFHQWUHIDFWVKHHWVIVHQ8SGDWHG-XO\
$FFHVVHG1RYHPEHU


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH

$33(1',&(6
$SSHQGL[ 
,QYHVWLJDWRU6LJQDWXUH3DJH
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDODQG
&RQWUDFHSWLYH5HTXLUHPHQWV




62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
6FUHHQLQJ 'D\ D
7UHDWPHQW:HHN
 GD\V
(7F
3RVWWUHDWPHQW
:HHN GD\V









E
E
E



&OLQLFDO$VVHVVPHQWV
,QIRUPHG&RQVHQW
;
'HWHUPLQH(OLJLELOLW\
;
;
0HGLFDO+LVWRU\
;
3K\VLFDO([DPLQDWLRQ
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
+HLJKW
;
:HLJKW
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
9LWDO6LJQVG
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
OHDG(&*H
;
$GYHUVH(YHQWVDQG&RQFRPLWDQW
0HGLFDWLRQVI
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
3UHJQDQF\3UHYHQWLRQ&RXQVHOLQJ
;
;
;
;
;
;
;
+HDOWK5HODWHG4XDOLW\RI/LIHJ
;
;
;
;
;
,PDJLQJIRU+&&K
;
5HYLHZRI6WXG\'UXJ$GKHUHQFH
DQG'UXJ$FFRXQWDELOLW\L
;
;
;
;
;
;
;
;
;
;
;
;
;
6WXG\'UXJ'LVSHQVLQJM
;
;
;
;E
;
;
/DERUDWRU\$VVHVVPHQWV
+HPDWRORJ\	&KHPLVWU\
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
&RDJXODWLRQ37D377DQG,15
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
+&951$3ODVPD
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;


62)9(/)'&

3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 -XQH
6FUHHQLQJ 'D\ D
7UHDWPHQW:HHN
 GD\V
(7F
3RVWWUHDWPHQW
:HHN GD\V









E
E
E



9LUDO51$6HTXHQFLQJ
3KHQRW\SLQJDQGRU+%9'1$
6DPSOH3ODVPD
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
6LQJOH3.
;
;
;
;
;
;
;
;
;
;
;
;
;
,QWHQVLYH3.6XEVWXG\&ROOHFWLRQN
;
;
;
6HUXPRU8ULQH3UHJQDQF\7HVWO
;
;
;
;
;
;
;
;
;
;
;
;
8ULQDO\VLV
;
+&9*HQRW\SH,/%*HQRW\SH
;
+&9$E+,9$E+%V$J
+%V$E+%F$E
;
+E$F
;
)LEUR7HVW
;
$UFKLYHSODVPDVDPSOHP
;
;
;
;
6LQJOH*HQRPLF6DPSOHQ
;
D
'D\DVVHVVPHQWVPXVWEHSHUIRUPHGSULRUWRGRVLQJ
E
2QO\WREHFRPSOHWHGIRUVXEMHFWVRQWKHZHHNWUHDWPHQWUHJLPHQ
F
(7 (DUO\7HUPLQDWLRQ
G
9LWDOVLJQVLQFOXGHUHVWLQJEORRGSUHVVXUHSXOVHUHVSLUDWRU\UDWHDQGWHPSHUDWXUH
H
6XEMHFWVZLOOEHUHTXLUHGWRUHVWLQDVXSLQHSRVLWLRQIRU PLQXWHVSULRUWRPDNLQJDUHFRUGLQJ7KHLQYHVWLJDWRURUTXDOLILHGGHVLJQHHVKRXOGUHYLHZWKH(&*WUDFHV
UHFRUGHGLQUHDOWLPHIRUFOLQLFDOO\VLJQLILFDQW DEQRUPDOLWLHV
I
$GYHUVHHYHQWVDQG&RQFRPLWDQW0HGLFDWLRQVZLOOEHFROOHFWHGXSWRGD\VDIWHUWKHODVWGRVHRIDOOVWXG\GUXJV
J
+HDOWK5HODWHG4XDOLW\RI/LIH+54R/6XUYH\VHJ 6)&/'4+&9)$&,7)DQG:3$,ZLOOEHFRQGXFWHGIRUDOOVXEMHFWVZKHUHWKHVXUYH\VDUHDYDLODEOHDW'D\ 
:HHN:HHNLIDSSOLFDEOHDQGSRVWWUHDWPHQW:HHN
K
/LYHULPDJLQJHJXOWUDVRXQGRU&7VFDQDWWKHGLVFUHWLRQRIWKHLQYHVWLJDWRUVKRXOGEHSHUIRUPHGWRH[FOXGHWKHSUHVHQFHRIKHSDWRFHOOXODUFDUFLQRPD+&& LQDOOVXEMHFWV
)RUVXEMHFWVZLWKRXWFLUUKRVLVLPDJLQJPXVWKDYHEHHQSHUIRUPHGZLWKLQPRQWKVSULRUWR'D\)RUVXEMHFWVZLWKFLUUKRVLV LPDJLQJPXVWKDYHEHHQSHUIRUPHGZLWKLQ
 PRQWKVRI'D\
L
6WXG\GUXJVZLOOEHUHFRQFLOHGDWHYHU\SRVW 'D\ YLVLWE\WKHLQYHVWLJDWRULQRUGHUWRPRQLWRUWKHVXEMHFW¶VDGKHUHQFHZLWKWKHVWXG\GUXJV6XEMHFWVPXVWEHLQVWUXFWHGWR
EULQJEDFNDOOERWWOHVRIVWXG\GUXJVLQWKHRULJLQDOFRQWDLQHUDWHYHU\SRVW 'D\YLVLWWKURXJKWKHHQGRIWUHDWPHQW
M
'LVSHQVH VWXG\GUXJV DVGLUHFWHGE\WKH,:56




62)9(/)'&

3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 -XQH
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
$QWLYLUDO7R[LFLW\*UDGLQJ6FDOH9HUVLRQ$SULO
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
+HPRJORELQ
+,9326,7,9(
$GXOWDQG3HGLDWULF'D\V
 WR  JG/
WR J/
 WR JG/
 WR  J/
WR JG/
WR J/
 JG/
 J/
+,91(*$7,9(
$GXOWDQG3HGLDWULF'D\V
 WR  JG/
 WR  J/
25
$Q\GHFUHDVHIURP%DVHOLQH
WR JG/
WR J/
WR JG/
WR J/
25
$Q\GHFUHDVHIURP%DVHOLQH
WR JG/
WR J/
WR JG/
WR J/
25
$Q\GHFUHDVHIURP%DVHOLQH
 JG/
 J/
 JG/
 J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WRJG/
WRJ/
JG/
J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WR JG/
WR J/
 JG/
 J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WR JG/
WR J/
 JG/
 J/
$EVROXWH1HXWURSKLO&RXQW
$1&
$GXOWDQG3HGLDWULF
0RQWKV
 WR PP
 WR PP
 WR PP
PP
 WR *,/
 WR*,/
 WR *,/
*,/
$EVROXWH&'&RXQW
+,91(*$7,9(21/<
$GXOWDQG3HGLDWULF
!  <HDUV
 WR PP
 WR ȝ/
 WR PP
 WRȝ/
 WR PP
 WR ȝ/
PP
ȝ/


62)9(/)'&

3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 -XQH
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
$EVROXWH/\PSKRF\WH&RXQW
+,91(*$7,9(21/<
$GXOWDQG3HGLDWULF
 <HDUV
WRPP
WR*,/
WRPP
WR*,/
WRPP
WR*,/
PP
*,/
3ODWHOHWV
WR PP
 WR *,/
WRPP
 WR*,/
WRPP
WR*,/
PP
 *,/
:%&V
PP WRPP
WRPP
WRPP
PP
 *,/ WR *,/
 WR *,/
WR *,/
*,/
+\SRILEULQRJHQHPLD
 WR  PJG/
WR PJG/
 WR PJG/
 PJG/
 WR  J/
 WR J/
WR J/
 J/
+\SHUILEULQRJHQHPLD
8/1WR PJG/
 PJG/
²
²
8/1WR J/
 J/
²
²
)LEULQ6SOLW3URGXFW
WR ȝJP/
 WR ȝJP/
 WR ȝJP/
 ȝJP/
WR PJ/
WR PJ/
WR PJ/
 PJ/
3URWKURPELQ7LPH37
WR 8/1
WR 8/1
WR 8/1
8/1
,QWHUQDWLRQDO1RUPDOL]HG5DWLR
RISURWKURPELQWLPH,15
WR[8/1
!WR[8/1
!WR[8/1
![8/1
$FWLYDWHG3DUWLDO
7KURPERSODVWLQ7LPH$377
 WR 8/1
 WR 8/1
 WR 8/1
8/1
0HWKHPRJORELQ
 WR 
 WR 
 WR 


$QRYHUODSEHWZHHQWKH*UDGHVFDOHDQGWKH/DE¶VQRUPDOUDQJHIRUDEVROXWHQHXWURSKLOVPD\UHVXOWIRUSHGLDWULFVXEMHFWV3OHDVHIROORZWKH*LOHDGFRQYHQWLRQRIJUDGLQJ
DQ\UHVXOWZLWKLQWKH//1DQG8/1D


62)9(/)'&

3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 -XQH
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SRQDWUHPLD
WR//1 P(T/
WR  P(T/
WR  P(T/
P(T/
WR //1 PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
+\SHUQDWUHPLD
!8/1WRP(T/
WRP(T/
WRP(T/
P(T/
!8/1WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
+\SRNDOHPLD
$GXOWDQG3HGLDWULF
<HDU
WR//1 P(T/
WR  P(T/
WR  P(T/
P(T/
WR //1 PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
,QIDQW <HDU
WRP(T/
WRPPRO/
WR  P(T/
WRPPRO/
WR  P(T/
WRPPRO/
P(T/
PPRO/
+\SHUNDOHPLD
$GXOWDQG3HGLDWULF
<HDU
WRP(T/
WRPPRO/
WR P(T/
WR PPRO/
WR P(T/
WR PPRO/
P(T/
PPRO/
,QIDQW <HDU
!8/1WRP(T/
!8/1WRPPRO/
!WRP(T/
!WRPPRO/
WR P(T/
WR PPRO/
P(T/
PPRO/
+\SRJO\FHPLD
$GXOWDQG3HGLDWULF
 0RQWK
WR PJG/
WR PPRO/
WR  PJG/
WR  PPRO/
WR  PJG/
WR  PPRO/
PJG/
PPRO/
,QIDQW  0RQWK
WR PJG/
WR PPRO/
WR PJG/
WR PPRO/
WR PJG/
WR PPRO/
PJG/
PPRO/
+\SHUJO\FHPLD1RQIDVWLQJ
 WR PJG/
WR PJG/
WR PJG/
PJG/
WR PPRO/
WR PPRO/
WR PPRO/
PPRO/
+\SHUJO\FHPLD)DVWLQJ
WRPJG/
WRPPRO/
!WRPJG/
!WRPPRO/
!WRPJG/
!WRPPRO/
!PJG/
!PPRO/


62)9(/)'&

3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 -XQH
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SRFDOFHPLD
FRUUHFWHGIRUDOEXPLQ LI
DSSURSULDWH
$GXOWDQG3HGLDWULF
<HDUV
//1PJG/
WR//1 PPRO/
WR PJG/
WR PPRO/
WR  PJG/
WR PPRO/
 PJG/
 PPRO/
3HGLDWULFGD\V<HDUV
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
PJG/
PPRO/
,QIDQW  'D\V
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
PJG/
PPRO/
+\SHUFDOFHPLD FRUUHFWHG
IRUDOEXPLQ LIDSSURSULDWH
$GXOWDQG3HGLDWULF
 'D\V
!8/1 WRPJG/
WRPJG/
WRPJG/
PJG/
!8/1WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
,QIDQW  'D\V
WRPJG/
WRPPRO/
WRPJG/
!WRPPRO/
WRPJG/
!WRPPRO/
PJG/
!PPRO/
+\SRFDOFHPLDLRQL]HG
PJG/WR //1
WRPJG/
WR PJG/
PJG/
PPRO/WR //1
WR PPRO/
 WR PPRO/
PPRO/
+\SHUFDOFHPLDLRQL]HG
8/1WRPJG/
WRPJG/
WRPJG/
PJG/
8/1WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
+\SRPDJQHVHPLD
WR //1PJG/
WR//1 P(T/
WR PJG/
WRP(T/
WR PJG/
WRP(T/
PJG/
P(T/
WR //1 PPRO/
WR PPRO/
WR PPRO/
PPRO/


62)9(/)'&

3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 -XQH
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SRSKRVSKDWHPLD
$GXOWDQG3HGLDWULF
 <HDUV
WR//1PJG/
WR//1PPRO/
WR PJG/
WR PPRO/
WR PJG/
WR PPRO/
PJG/
PPRO/
3HGLDWULF<HDU±<HDUV
WR//1 PJG/
WR//1 PPRO/
WRPJG/
WR  PPRO/
WRPJG/
WR PPRO/
PJG/
 PPRO/
3HGLDWULF <HDU
WR//1 PJG/
WR//1 PPRO/
WR PJG/
WR  PPRO/
WRPJG/
WRPPRO/
PJG/
 PPRO/
+\SHUELOLUXELQHPLD
$GXOWDQG3HGLDWULF
!  'D\V
WR8/1
WR8/1
WR8/1
8/1
,QIDQW 'D\V
QRQKHPRO\WLF
1$
WRPJG/
WRȝPRO/
WRPJG/
!WRȝPRO/
PJG/
!ȝPRO/
,QIDQW 'D\V
KHPRO\WLF
1$
1$
WRPJG/
WRȝPRO/
PJG/
!ȝPRO/
%ORRG8UHD1LWURJHQ
WR8/1
WR8/1
WR8/1
8/1
+\SHUXULFHPLD
!8/1 WRPJG/
WRPJG/
WRPJG/
PJG/
!8/1 WRȝPRO/
WRȝPRO/
WRȝPRO/
ȝPRO/
+\SRXULFHPLD
$GXOWDQG3HGLDWULF
\HDU
,QIDQW<HDU
PJG/WR //1
ȝPRO/WR //1
WR PJG/
WR ȝPRO/
WR PJG/
WR ȝPRO/
PJG/
ȝPRO/
1$
PJGOWR//1
ȝPROWR//1
WR PJG/
WR ȝPRO/
PJG/
ȝPRO/
&UHDWLQLQH
 WRPJG/
 WR ȝPRO/
 WRPJG/
 WR ȝPRO/
WRPJG/
 WR ȝPRO/
PJG/
 ȝPRO/


62)9(/)'&

3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 -XQH
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
%LFDUERQDWH
$GXOWDQG3HGLDWULF
<HDUV
P(T/WR //1
WR P(T/
WR P(T/
P(T/
PPRO/WR //1
WR PPRO/
WR PPRO/
PPRO/
3HGLDWULF<HDUV
1$
P(T/WR//1
WR P(T/
P(T/
PPRO/WR//1
WR PPRO/
PPRO/
7ULJO\FHULGHV
)DVWLQJ
1$
WRPJG/
±PPRO/
WRPJG/
±PPRO/
PJG/
PPRO/
/'/)DVWLQJ
$GXOW
WRPJG/
!WRPJG/
!PJG/
1$
WRPPRO/
!WRPPRO/
!PPRO/
/'/)DVWLQJ
3HGLDWULF!WR\HDUV
WRPJG/
!WRPJG/
!PJG/
1$
WRPPRO/
!WRPPRO/
!PPRO/
+\SHUFKROHVWHUROHPLD
)DVWLQJ
WRPJG/
WRPJG/
PJG/
1$
WRPPRO/
WRPPRO/
PPRO/
3HGLDWULF<HDUV
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
PJG/
PPRO/
1$
&UHDWLQH.LQDVH
WR 8/1
WR 8/1
WR 8/1
8/1

&DOFLXPVKRXOGEHFRUUHFWHGIRUDOEXPLQ LIDOEXPLQLVJG/
 $QRYHUODSEHWZHHQWKH*UDGHVFDOHDQGWKH /DE¶V QRUPDOUDQJHIRUFUHDWLQLQHPD\UHVXOWIRU0DOHVXEMHFWV!\UV3OHDVHIROORZWKH*LOHDGFRQYHQWLRQRIJUDGLQJDQ\
UHVXOWZLWKLQWKH//1DQG8/1D


62)9(/)'&

3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 -XQH
(1=<0(6
*UDGH
*UDGH
*UDGH
*UDGH
$676*27
WR8/1
WR8/1
WR8/1
8/1
$/76*37
WR8/1
WR8/1
WR8/1
8/1
**7
WR8/1
WR8/1
WR8/1
8/1
$ONDOLQH3KRVSKDWDVH
WR8/1
WR8/1
WR8/1
8/1
7RWDO$P\ODVH
WR8/1
WR8/1
WR8/1
8/1
3DQFUHDWLF$P\ODVH
WR8/1
WR8/1
WR8/1
8/1
/LSDVH
WR8/1
WR8/1
WR8/1
8/1
$OEXPLQ
3HGLDWULFV\HDUV
\HDUV

WR//1 JG/
WR//1 J/
JG/
J/
1$
JG/WR//1
J/WR//1
WRJG/
WRJ/
JG/
J/
1$


62)9(/)'&

3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 -XQH
85,1$/<6,6
*UDGH
*UDGH
*UDGH
*UDGH
+HPDWXULD'LSVWLFN



1$
+HPDWXULD4XDQWLWDWLYH
6HH1RWHEHORZ
)HPDOHV
!8/1  5%&+3)
 5%&+3)
!5%&+3)
1$
0DOHV
5%&+3)
 5%&+3)
!5%&+3)
1$
3URWHLQXULD'LSVWLFN

±

1$
3URWHLQXULD+RXU&ROOHFWLRQ
$GXOWDQG3HGLDWULF
<HDUV
WR  PJ K
! WR  PJK
! WR PJK
PJK
3HGLDWULF0RWR
  <HDUV
WR  PJP K
! WR  PJPK
! WR PJPK
PJPK
*O\FRVXULD'LSVWLFN



1$
1RWHV

7R[LFLW\JUDGHVIRU4XDQWLWDWLYHDQG'LSVWLFN+HPDWXULDZLOOEHDVVLJQHGE\&RYDQFH/DERUDWRU\KRZHYHUIRURWKHUODERUDWRULHVWR[LFLW\JUDGHVZLOORQO\EHDVVLJQHGWR
'LSVWLFN+HPDWXULD

:LWKWKHH[FHSWLRQRIOLSLGWHVWVDQ\JUDGHGODERUDWRU\WHVWZLWKDUHVXOWWKDWLVEHWZHHQWKH//1DQG8/1VKRXOGEHDVVLJQHG*UDGH

,IWKHVHYHULW\RIDFOLQLFDO$(FRXOGIDOOXQGHUHLWKHURQHRIWZRJUDGHVHJWKHVHYHULW\RIDQ$(FRXOGEHHLWKHU*UDGHRU*UDGHVHOHFWWKHKLJKHURIWKHWZRJUDGHVIRU
WKH$(


62)9(/)'&

3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 -XQH
&$5',29$6&8/$5
*UDGH
*UDGH
*UDGH
*UDGH
&DUGLDF$UUK\WKPLDJHQHUDO
%\(&*RUSK\VLFDOH[DP
$V\PSWRPDWLF$1'1R
LQWHUYHQWLRQLQGLFDWHG
$V\PSWRPDWLF$1'1RQ
XUJHQWPHGLFDOLQWHUYHQWLRQ
LQGLFDWHG
6\PSWRPDWLFQRQOLIH
WKUHDWHQLQJ$1'1RQ
XUJHQWPHGLFDOLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJDUUK\WKPLD
258UJHQWLQWHUYHQWLRQ
LQGLFDWHG
&DUGLDFLVFKHPLD,QIDUFWLRQ
1$
1$
6\PSWRPDWLFLVFKHPLD
VWDEOHDQJLQD257HVWLQJ
FRQVLVWHQWZLWKLVFKHPLD
8QVWDEOHDQJLQD25$FXWH
P\RFDUGLDOLQIDUFWLRQ
+HPRUUKDJHVLJQLILFDQWDFXWH
EORRGORVV
1$
6\PSWRPDWLF$1'1R
WUDQVIXVLRQLQGLFDWHG
6\PSWRPDWLF$1'
7UDQVIXVLRQRI XQLWV
SDFNHG5%&VIRUFKLOGUHQ
 FFNJLQGLFDWHG
/LIHWKUHDWHQLQJK\SRWHQVLRQ
257UDQVIXVLRQRI XQLWV
SDFNHG5%&VLQGLFDWHGIRU
FKLOGUHQ FFNJLQGLFDWHG
+\SHUWHQVLRQZLWKUHSHDW
WHVWLQJDWVDPHYLVLW
± PP+JV\VWROLF
25
±PP+JGLDVWROLF
±PP+JV\VWROLF
25
±PP+JGLDVWROLF
 PP+JV\VWROLF
25
 PP+JGLDVWROLF
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJPDOLJQDQWK\SHUWHQVLRQ
25+RVSLWDOL]DWLRQRWKHUWKDQ
(5YLVLWLQGLFDWHG
3HGLDWULF <HDUVZLWK
UHSHDWWHVWLQJDWVDPHYLVLW
1$
VW±WKSHUFHQWLOHDGMXVWHG
IRUDJHKHLJKWDQGJHQGHU
V\VWROLFDQGRUGLDVWROLF
 WKSHUFHQWLOHDGMXVWHG
IRUDJHKHLJKWDQGJHQGHU
V\VWROLFDQGRUGLDVWROLF
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJPDOLJQDQWK\SHUWHQVLRQ
25+RVSLWDOL]DWLRQLQGLFDWHG
RWKHUWKDQHPHUJHQF\URRP
YLVLW
+\SRWHQVLRQ
1$
6\PSWRPDWLFFRUUHFWHGZLWK
RUDOIOXLGUHSODFHPHQW
6\PSWRPDWLF,9IOXLGV
LQGLFDWHG
6KRFNUHTXLULQJXVHRI
YDVRSUHVVRUVRUPHFKDQLFDO
DVVLVWDQFH WRPDLQWDLQEORRG
SUHVVXUH
3HULFDUGLDO(IIXVLRQ
$V\PSWRPDWLFVPDOO
HIIXVLRQUHTXLULQJQR
LQWHUYHQWLRQ
$V\PSWRPDWLFPRGHUDWHRU
ODUJHUHIIXVLRQUHTXLULQJQR
LQWHUYHQWLRQ
(IIXVLRQZLWKQRQOLIH
WKUHDWHQLQJSK\VLRORJLF
FRQVHTXHQFHV25(IIXVLRQ
ZLWKQRQXUJHQWLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJWDPSRQDGH258UJHQW
LQWHUYHQWLRQLQGLFDWHG


62)9(/)'&

3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 -XQH
&$5',29$6&8/$5
*UDGH
*UDGH
*UDGH
*UDGH
3URORQJHG35,QWHUYDO
35LQWHUYDO
WRVHF
35LQWHUYDO
VHF
7\SH,,QGGHJUHH$9
EORFN259HQWULFXODUSDXVH
VHF
&RPSOHWH$9EORFN
3HGLDWULF<HDUV
VWGHJUHH$9EORFN
35!QRUPDOIRUDJHDQG
UDWH
7\SH,QGGHJUHH$9EORFN
7\SH,,QGGHJUHH$9
EORFN
&RPSOHWH$9EORFN
3URORQJHG47F
$V\PSWRPDWLF47FLQWHUYDO
WRVHF25,QFUHDVH
LQWHUYDOVHFDERYH
EDVHOLQH
$V\PSWRPDWLF47FLQWHUYDO
WRVHF25,QFUHDVH
LQLQWHUYDOWRVHF
DERYHEDVHOLQH
$V\PSWRPDWLF47FLQWHUYDO
 VHF25,QFUHDVHLQ
LQWHUYDO VHFDERYH
EDVHOLQH
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJ7RUVDGHGH
SRLQWHVRURWKHUDVVRFLDWHG
VHULRXVYHQWULFXODU
G\VUK\WKPLD
3HGLDWULF <HDUV
$V\PSWRPDWLF47FLQWHUYDO
WRVHF
$V\PSWRPDWLF47FLQWHUYDO
WRVHF
$V\PSWRPDWLF47FLQWHUYDO
VHF
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJ7RUVDGHGH
SRLQWHVRURWKHUDVVRFLDWHG
VHULRXVYHQWULFXODU
G\VUK\WKPLD
7KURPERVLV(PEROLVP
1$
'HHSYHLQWKURPERVLV$1'
1RLQWHUYHQWLRQLQGLFDWHGHJ
DQWLFRDJXODWLRQO\VLVILOWHU
LQYDVLYHSURFHGXUH
'HHSYHLQWKURPERVLV$1'
,QWHUYHQWLRQLQGLFDWHGHJ
DQWLFRDJXODWLRQO\VLVILOWHU
LQYDVLYHSURFHGXUH
(PEROLFHYHQWHJSXOPRQDU\
HPEROLVPOLIHWKUHDWHQLQJ
WKURPEXV
9DVRYDJDO(SLVRGHDVVRFLDWHG
ZLWKDSURFHGXUHRIDQ\NLQG
3UHVHQWZLWKRXWORVVRI
FRQVFLRXVQHVV
3UHVHQWZLWKWUDQVLHQWORVVRI
FRQVFLRXVQHVV
1$
1$
9HQWULFXODU'\VIXQFWLRQ
FRQJHVWLYHKHDUWIDLOXUH
&+)
1$
$V\PSWRPDWLFGLDJQRVWLF
ILQGLQJ$1'LQWHUYHQWLRQ
LQGLFDWHG
1HZRQVHWZLWKV\PSWRPV
25:RUVHQLQJV\PSWRPDWLF
&+)
/LIHWKUHDWHQLQJ&+)


62)9(/)'&

3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 -XQH
5(63,5$725<
*UDGH
*UDGH
*UDGH
*UDGH
%URQFKRVSDVPDFXWH
)(9RUSHDNIORZUHGXFHGWR
WR
)(9RUSHDNIORZWR
)(9RUSHDNIORZWR

&\DQRVLV25)(9RUSHDNIORZ
25,QWXEDWLRQ
'\VSQHDRU5HVSLUDWRU\
'LVWUHVV
'\VSQHDRQH[HUWLRQZLWKQR
RUPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'\VSQHDRQH[HUWLRQFDXVLQJ
JUHDWHUWKDQPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'\VSQHDDWUHVWFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
5HVSLUDWRU\IDLOXUHZLWK
YHQWLODWRU\VXSSRUWLQGLFDWHG
3HGLDWULF<HDUV
:KHH]LQJ25PLQLPDO
LQFUHDVHLQUHVSLUDWRU\UDWHIRU
DJH
1DVDOIODULQJ25,QWHUFRVWDO
UHWUDFWLRQV253XOVHR[LPHWU\
WR
'\VSQHDDWUHVWFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
253XOVHR[LPHWU\
5HVSLUDWRU\IDLOXUHZLWK
YHQWLODWRU\VXSSRUWLQGLFDWHG
2&8/$59,68$/
*UDGH
*UDGH
*UDGH
*UDGH
8YHLWLV
$V\PSWRPDWLFEXWGHWHFWDEOH
RQH[DP
6\PSWRPDWLFDQWHULRUXYHLWLV25
0HGLFDOLQWHUYHQWLRQLQGLFDWHG
3RVWHULRURUSDQXYHLWLV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
'LVDEOLQJYLVXDOORVVLQDIIHFWHG
H\HV
9LVXDO&KDQJHVIURP
EDVHOLQH
9LVXDOFKDQJHVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9LVXDOFKDQJHVFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9LVXDOFKDQJHVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJYLVXDOORVVLQDIIHFWHG
H\HV


62)9(/)'&

3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 -XQH
6.,1
*UDGH
*UDGH
*UDGH
*UDGH
$ORSHFLD
7KLQQLQJGHWHFWDEOHE\
VWXG\SDUWLFLSDQWRU
FDUHJLYHUIRUGLVDEOHG
DGXOWV
7KLQQLQJRUSDWFK\KDLUORVV
GHWHFWDEOHE\KHDOWKFDUH
SURYLGHU
&RPSOHWHKDLUORVV
1$
&XWDQHRXV5HDFWLRQ± 5DVK
/RFDOL]HGPDFXODUUDVK
'LIIXVHPDFXODU
PDFXORSDSXODURU
PRUELOOLIRUPUDVK257DUJHW
OHVLRQV
'LIIXVHPDFXODU
PDFXORSDSXODURUPRUELOOLIRUP
UDVKZLWKYHVLFOHVRUOLPLWHG
QXPEHURIEXOODH25
6XSHUILFLDOXOFHUDWLRQVRI
PXFRXVPHPEUDQHOLPLWHGWR
RQHVLWH
([WHQVLYHRUJHQHUDOL]HG
EXOORXVOHVLRQV25
6WHYHQV-RKQVRQV\QGURPH
258OFHUDWLRQRIPXFRXV
PHPEUDQHLQYROYLQJWZR
RUPRUHGLVWLQFWPXFRVDO
VLWHV257R[LFHSLGHUPDO
QHFURO\VLV7(1
+\SHUSLJPHQWDWLRQ
6OLJKWRUORFDOL]HG
0DUNHGRUJHQHUDOL]HG
1$
1$
+\SRSLJPHQWDWLRQ
6OLJKWRUORFDOL]HG
0DUNHGRUJHQHUDOL]HG
1$
1$
3UXULWLVLWFKLQJ± QRVNLQ
OHVLRQV
6HHDOVR,QMHFWLRQ6LWH
5HDFWLRQV3UXULWLVDVVRFLDWHG
ZLWKLQMHFWLRQ
,WFKLQJFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
,WFKLQJFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
,WFKLQJFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
1$


62)9(/)'&

3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 -XQH
*$6752,17(67,1$/
*UDGH
*UDGH
*UDGH
*UDGH
$QRUH[LD
/RVVRIDSSHWLWHZLWKRXW
GHFUHDVHGRUDOLQWDNH
/RVVRIDSSHWLWHDVVRFLDWHGZLWK
GHFUHDVHGRUDOLQWDNHZLWKRXW
VLJQLILFDQWZHLJKWORVV
/RVVRIDSSHWLWHDVVRFLDWHG
ZLWKVLJQLILFDQWZHLJKWORVV
/LIHWKUHDWHQLQJFRQVHTXHQFHV
25$JJUHVVLYHLQWHUYHQWLRQ
LQGLFDWHG>HJ WXEHIHHGLQJRU
WRWDOSDUHQWHUDOQXWULWLRQ@
$VFLWHV
$V\PSWRPDWLF
6\PSWRPDWLF$1',QWHUYHQWLRQ
LQGLFDWHGHJGLXUHWLFVRU
WKHUDSHXWLFSDUDFHQWHVLV
6\PSWRPDWLFGHVSLWH
LQWHUYHQWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
&KROHF\VWLWLV
1$
6\PSWRPDWLF$1' 0HGLFDO
LQWHUYHQWLRQLQGLFDWHG
5DGLRORJLFHQGRVFRSLFRU
RSHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJVHSVLVRUSHUIRUDWLRQ
&RQVWLSDWLRQ
1$
3HUVLVWHQWFRQVWLSDWLRQUHTXLULQJ
UHJXODUXVHRIGLHWDU\
PRGLILFDWLRQVOD[DWLYHVRU
HQHPDV
2EVWLSDWLRQZLWKPDQXDO
HYDFXDWLRQLQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJREVWUXFWLRQ
'LDUUKHD
$GXOWDQG3HGLDWULF
 <HDU
7UDQVLHQWRULQWHUPLWWHQW
HSLVRGHVRIXQIRUPHGVWRROV
25,QFUHDVHRI VWRROV
RYHUEDVHOLQH KU
3HUVLVWHQWHSLVRGHVRIXQIRUPHG
WRZDWHU\VWRROV25,QFUHDVHRI
±VWRROVRYHUEDVHOLQHSHU
 KUV
%ORRG\GLDUUKHD25,QFUHDVH
RI VWRROVSHUKRXU
SHULRG25,9IOXLG
UHSODFHPHQWLQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN
3HGLDWULF <HDU
/LTXLGVWRROVPRUH
XQIRUPHGWKDQXVXDOEXW
XVXDOQXPEHURIVWRROV
/LTXLGVWRROVZLWKLQFUHDVHG
QXPEHURIVWRROV250LOG
GHK\GUDWLRQ
/LTXLGVWRROVZLWKPRGHUDWH
GHK\GUDWLRQ
/LTXLGVWRROVUHVXOWLQJLQ
VHYHUHGHK\GUDWLRQZLWK
DJJUHVVLYHUHK\GUDWLRQ
LQGLFDWHG25+\SRWHQVLYH
VKRFN
'\VSKDJLD2G\QRSKDJLD
6\PSWRPDWLFEXWDEOHWRHDW
XVXDOGLHW
6\PSWRPVFDXVLQJDOWHUHG
GLHWDU\LQWDNHZLWKRXWPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJVHYHUHO\
DOWHUHGGLHWDU\LQWDNHZLWK
PHGLFDOLQWHUYHQWLRQLQGLFDWHG
/LIHWKUHDWHQLQJUHGXFWLRQLQ
RUDOLQWDNH


62)9(/)'&

3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 -XQH
*$6752,17(67,1$/
*UDGH
*UDGH
*UDGH
*UDGH
0XFRVLWLV6WRPDWLWLV
FOLQLFDOH[DP
6HHDOVR3URFWLWLV
'\VSKDJLD2G\QRSKDJLD
(U\WKHPDRIWKHPXFRVD
3DWFK\SVHXGRPHPEUDQHVRU
XOFHUDWLRQV
&RQIOXHQWSVHXGRPHPEUDQHV
RUXOFHUDWLRQV250XFRVDO
EOHHGLQJZLWKPLQRUWUDXPD
7LVVXHQHFURVLV25'LIIXVH
VSRQWDQHRXVPXFRVDOEOHHGLQJ
25/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJDVSLUDWLRQ
FKRNLQJ
1DXVHD
7UDQVLHQW KRXUVRU
LQWHUPLWWHQWQDXVHDZLWKQR
RUPLQLPDOLQWHUIHUHQFHZLWK
RUDOLQWDNH
3HUVLVWHQWQDXVHDUHVXOWLQJLQ
GHFUHDVHGRUDOLQWDNHIRU
 KRXUV
3HUVLVWHQWQDXVHDUHVXOWLQJLQ
PLQLPDORUDOLQWDNHIRU
 KRXUV25$JJUHVVLYH
UHK\GUDWLRQLQGLFDWHG
HJ ,9 IOXLGV
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN
3DQFUHDWLWLV
1$
6\PSWRPDWLF$1'
+RVSLWDOL]DWLRQQRWLQGLFDWHG
RWKHUWKDQ(5YLVLW
6\PSWRPDWLF$1'
+RVSLWDOL]DWLRQLQGLFDWHG
RWKHUWKDQ(5YLVLW
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJVHSVLVFLUFXODWRU\IDLOXUH
KHPRUUKDJH
3URFWLWLVIXQFWLRQDO
V\PSWRPDWLF
$OVRVHH 0XFRVLWLV
6WRPDWLWLVIRU&OLQLFDO
([DP
5HFWDOGLVFRPIRUW$1'1R
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
0HGLFDOLQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDO
VRFLDO IXQFWLRQDODFWLYLWLHV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJSHUIRUDWLRQ
9RPLWLQJ
7UDQVLHQWRULQWHUPLWWHQW
YRPLWLQJZLWKQRRU
PLQLPDOLQWHUIHUHQFHZLWK
RUDOLQWDNH
)UHTXHQWHSLVRGHVRIYRPLWLQJ
ZLWKQRRUPLOGGHK\GUDWLRQ
3HUVLVWHQWYRPLWLQJUHVXOWLQJ
LQRUWKRVWDWLFK\SRWHQVLRQ25
$JJUHVVLYHUHK\GUDWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN


62)9(/)'&

3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 -XQH
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
$OWHUDWLRQLQ
3HUVRQDOLW\%HKDYLRURULQ
0RRGHJ DJLWDWLRQ
DQ[LHW\GHSUHVVLRQPDQLD
SV\FKRVLV
$OWHUDWLRQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
$OWHUDWLRQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
$OWHUDWLRQFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
%HKDYLRUSRWHQWLDOO\KDUPIXO
WRVHOIRURWKHUV
HJ VXLFLGDOKRPLFLGDO
LGHDWLRQRUDWWHPSWDFXWH
SV\FKRVLV25&DXVLQJ
LQDELOLW\WRSHUIRUPEDVLF
VHOIFDUHIXQFWLRQV
$OWHUHG0HQWDO6WDWXV
)RU'HPHQWLDVHH&RJQLWLYH
DQG%HKDYLRUDO$WWHQWLRQDO
'LVWXUEDQFHLQFOXGLQJ
GHPHQWLDDQG$''
&KDQJHVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
0LOGOHWKDUJ\RUVRPQROHQFH
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWK XVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
&RQIXVLRQPHPRU\
LPSDLUPHQWOHWKDUJ\RU
VRPQROHQFHFDXVLQJLQDELOLW\
WRSHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'HOLULXP25REWXQGDWLRQ25
FRPD
$WD[LD
$V\PSWRPDWLFDWD[LD
GHWHFWDEOHRQH[DP25
0LQLPDODWD[LD FDXVLQJQR
RUPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPDWLFDWD[LDFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
6\PSWRPDWLFDWD[LDFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJDWD[LDFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
&RJQLWLYHDQG
%HKDYLRUDO$WWHQWLRQDO
'LVWXUEDQFHLQFOXGLQJ
GHPHQWLDDQG$WWHQWLRQ
'HILFLW'LVRUGHU
'LVDELOLW\FDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV256SHFLDOL]HG
UHVRXUFHVQRWLQGLFDWHG
'LVDELOLW\FDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV256SHFLDOL]HG
UHVRXUFHVRQSDUWWLPHEDVLV
LQGLFDWHG
'LVDELOLW\FDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
6SHFLDOL]HGUHVRXUFHVRQD
IXOOWLPHEDVLVLQGLFDWHG
'LVDELOLW\FDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV25
,QVWLWXWLRQDOL]DWLRQLQGLFDWHG
&16,VFKHPLD
DFXWH
1$
1$
7UDQVLHQWLVFKHPLFDWWDFN
&HUHEUDOYDVFXODUDFFLGHQW
&9$VWURNHZLWK
QHXURORJLFDOGHILFLW


62)9(/)'&

3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 -XQH
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
'HYHORSPHQWDOGHOD\±
3HGLDWULF<HDUV
0LOGGHYHORSPHQWDOGHOD\
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWH
IRUWKHVHWWLQJ
0RGHUDWHGHYHORSPHQWDO
GHOD\HLWKHUPRWRURU
FRJQLWLYHDVGHWHUPLQHGE\
FRPSDULVRQZLWKD
GHYHORSPHQWDOVFUHHQLQJWRRO
DSSURSULDWHIRUWKHVHWWLQJ
6HYHUHGHYHORSPHQWDOGHOD\
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWHIRU
WKHVHWWLQJ
'HYHORSPHQWDOUHJUHVVLRQ
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWHIRU
WKHVHWWLQJ
+HDGDFKH
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV25+RVSLWDOL]DWLRQ
LQGLFDWHGRWKHUWKDQ(5YLVLW
25+HDGDFKHZLWKVLJQLILFDQW
LPSDLUPHQWRIDOHUWQHVVRU
RWKHUQHXURORJLFIXQFWLRQ
,QVRPQLD
1$
'LIILFXOW\VOHHSLQJFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDOIXQFWLRQDODFWLYLWLHV
'LIILFXOW\VOHHSLQJFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJLQVRPQLDFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
1HXURPXVFXODU:HDNQHVV
LQFOXGLQJP\RSDWK\	
QHXURSDWK\
$V\PSWRPDWLFZLWK
GHFUHDVHGVWUHQJWKRQH[DP
250LQLPDOPXVFOHZHDN
QHVVFDXVLQJQRRUPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
0XVFOHZHDNQHVVFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
0XVFOHZHDNQHVVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJPXVFOHZHDNQHVV
FDXVLQJLQDELOLW\WRSHUIRUP
EDVLFVHOIFDUHIXQFWLRQV25
5HVSLUDWRU\PXVFOHZHDNQHVV
LPSDLULQJYHQWLODWLRQ
1HXURVHQVRU\$OWHUDWLRQ
LQFOXGLQJSDUHVWKHVLDDQG
SDLQIXOQHXURSDWK\
$V\PSWRPDWLFZLWKVHQVRU\
DOWHUDWLRQRQH[DPRU
PLQLPDOSDUHVWKHVLDFDXVLQJ
QRRUPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
6HQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6HQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJVHQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV


62)9(/)'&

3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 -XQH
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
6HL]XUHQHZRQVHW
1$
VHL]XUH
±VHL]XUHV
6HL]XUHVRIDQ\NLQGWKDWDUH
SURORQJHGUHSHWLWLYH
HJ VWDWXVHSLOHSWLFXVRU
GLIILFXOWWRFRQWURO
HJ UHIUDFWRU\HSLOHSV\
6HL]XUHSUHH[LVWLQJ
)RU:RUVHQLQJRI([LVWLQJ
(SLOHSV\WKH*UDGHV6KRXOG
%H%DVHGRQDQ,QFUHDVH
IURP3UHYLRXV/HYHORI
&RQWUROWR$Q\RI7KHVH
/HYHOV
1$
,QFUHDVHGIUHTXHQF\RISUH
H[LVWLQJVHL]XUHVQRQ
UHSHWLWLYHZLWKRXWFKDQJHLQ
VHL]XUHFKDUDFWHU25
LQIUHTXHQWEUHDNWKURXJK
VHL]XUHVZKLOHRQVWDEOHPHGV
LQDSUHYLRXVO\FRQWUROOHG
VHL]XUHGLVRUGHU
&KDQJHLQVHL]XUHFKDUDFWHU
IURPEDVHOLQHHLWKHULQ
GXUDWLRQRUTXDOLW\HJ
VHYHULW\RUIRFDOLW\
6HL]XUHVRIDQ\NLQGWKDWDUH
SURORQJHGUHSHWLWLYH
HJ VWDWXVHSLOHSWLFXVRU
GLIILFXOWWRFRQWURO
HJ UHIUDFWRU\HSLOHSV\
6HL]XUH
± 3HGLDWULF<HDUV
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ
  PLQXWHVZLWK  KRXUV
SRVWLFWDOVWDWH
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ
 PLQXWHVZLWK
KRXUVSRVWLFWDOVWDWH
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ
!PLQXWHV
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQUHTXLULQJ
LQWXEDWLRQDQGVHGDWLRQ
6\QFRSHQRWDVVRFLDWHG
ZLWKDSURFHGXUH
1$
3UHVHQW
1$
1$
9HUWLJR
9HUWLJRFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9HUWLJRFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9HUWLJRFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJYHUWLJRFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV


62)9(/)'&

3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 -XQH
086&8/26.(/(7$/
*UDGH
*UDGH
*UDGH
*UDGH
$UWKUDOJLD
6HHDOVR$UWKULWLV
-RLQWSDLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
-RLQWSDLQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
-RLQWSDLQFDXVLQJLQDELOLW\
WRSHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJMRLQWSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
$UWKULWLV
6HHDOVR$UWKUDOJLD
6WLIIQHVVRUMRLQWVZHOOLQJ
FDXVLQJQRRUPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6WLIIQHVVRUMRLQWVZHOOLQJFDXVLQJ
JUHDWHUWKDQPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6WLIIQHVVRUMRLQWVZHOOLQJ
FDXVLQJLQDELOLW\WRSHUIRUP
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'LVDEOLQJMRLQWVWLIIQHVVRU
VZHOOLQJFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV
%RQH0LQHUDO/RVV
%0'WVFRUHRU]VFRUH
±WR±
%0'WVFRUHRU]VFRUH ±
3DWKRORJLFDOIUDFWXUH
LQFOXGLQJORVVRIYHUWHEUDO
KHLJKW
3DWKRORJLFIUDFWXUHFDXVLQJ
OLIHWKUHDWHQLQJFRQVHTXHQFHV
3HGLDWULF <HDUV
%0']VFRUH
±WR±
%0']VFRUH±
3DWKRORJLFDOIUDFWXUH
LQFOXGLQJORVVRIYHUWHEUDO
KHLJKW
3DWKRORJLFIUDFWXUHFDXVLQJ
OLIHWKUHDWHQLQJFRQVHTXHQFHV
0\DOJLD
QRQLQMHFWLRQVLWH
0XVFOHSDLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
0XVFOHSDLQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
0XVFOHSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJPXVFOHSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
2VWHRQHFURVLV
1$
$V\PSWRPDWLFZLWKUDGLRJUDSKLF
ILQGLQJV$1'1RRSHUDWLYH
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPDWLFERQHSDLQZLWK
UDGLRJUDSKLFILQGLQJV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
'LVDEOLQJERQHSDLQZLWK
UDGLRJUDSKLFILQGLQJVFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV


62)9(/)'&

3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 -XQH
6<67(0,&
*UDGH
*UDGH
*UDGH
*UDGH
$FXWH6\VWHPLF$OOHUJLF
5HDFWLRQ
/RFDOL]HGXUWLFDULD
ZKHDOVZLWKQRPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
/RFDOL]HGXUWLFDULDZLWKPHGLFDO
LQWHUYHQWLRQLQGLFDWHG250LOG
DQJLRHGHPDZLWKQRPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
*HQHUDOL]HGXUWLFDULD25
$QJLRHGHPDZLWKPHGLFDO
LQWHUYHQWLRQLQGLFDWHG25
6\PSWRPDWLFPLOG
EURQFKRVSDVP
$FXWHDQDSK\OD[LV25/LIH
WKUHDWHQLQJEURQFKRVSDVP25
ODU\QJHDOHGHPD
&KLOOV
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
1$
)DWLJXH
0DODLVH
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
,QFDSDFLWDWLQJIDWLJXHPDODLVH
V\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV
)HYHUQRQD[LOODU\
&WR&
)WR)
&WR&
)WR)
&WR&
)WR)
&
)
3DLQ ,QGLFDWH%RG\6LWH
6HHDOVR,QMHFWLRQ6LWH
3DLQ+HDGDFKH
$UWKUDOJLDDQG0\DOJLD
3DLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
3DLQFDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
3DLQFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV25
+RVSLWDOL]DWLRQRWKHUWKDQ(5
YLVLWLQGLFDWHG
8QLQWHQWLRQDO:HLJKW
/RVV
1$
WRORVVLQERG\ZHLJKWIURP
EDVHOLQH
WRORVVLQERG\
ZHLJKWIURPEDVHOLQH
ORVVLQERG\ZHLJKW
IURPEDVHOLQH25$JJUHVVLYH
LQWHUYHQWLRQLQGLFDWHG
>HJ WXEHIHHGLQJRUWRWDO
SDUHQWHUDOQXWULWLRQ@


62)9(/)'&

3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 -XQH
,1-(&7,216,7(5($&7,21
*UDGH
*UDGH
*UDGH
*UDGH
,QMHFWLRQ6LWH3DLQSDLQ
ZLWKRXWWRXFKLQJ
2U7HQGHUQHVVSDLQZKHQ
DUHDLVWRXFKHG
3DLQWHQGHUQHVVFDXVLQJQR
RUPLQLPDOOLPLWDWLRQRIXVH
RIOLPE
3DLQWHQGHUQHVVOLPLWLQJXVHRI
OLPE253DLQWHQGHUQHVV
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
3DLQWHQGHUQHVVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
3DLQWHQGHUQHVVFDXVLQJLQDELOLW\
WRSHUIRUPEDVLFVHOIFDUH
IXQFWLRQ25+RVSLWDOL]DWLRQ
RWKHUWKDQ(5YLVLWLQGLFDWHG
IRUPDQDJHPHQWRI
SDLQWHQGHUQHVV
,QMHFWLRQ6LWH5HDFWLRQ
/RFDOL]HG <HDUV
(U\WKHPD25,QGXUDWLRQ
RI  FPWR  FPRU
 FP
(U\WKHPD25,QGXUDWLRQ25
(GHPD FPDQ\GLDPHWHU
RU FP
8OFHUDWLRQ256HFRQGDU\
LQIHFWLRQ253KOHELWLV25
6WHULOHDEVFHVV25'UDLQDJH
1HFURVLVLQYROYLQJGHUPLVDQG
GHHSHUWLVVXH
3HGLDWULF <HDUV
(U\WKHPD25,QGXUDWLRQ
25(GHPDSUHVHQWEXW
 FPGLDPHWHU
(U\WKHPD25,QGXUDWLRQ
25(GHPD!  FP
GLDPHWHUEXW VXUIDFH
DUHDRIWKHH[WUHPLW\
VHJPHQWHJXSSHU
DUPWKLJK
(U\WKHPD25,QGXUDWLRQ
25(GHPDLQYROYLQJ
VXUIDFHDUHDRIWKH
H[WUHPLW\VHJPHQW
HJ XSSHUDUPWKLJK25
8OFHUDWLRQ256HFRQGDU\
LQIHFWLRQ253KOHELWLV25
6WHULOHDEVFHVV25
'UDLQDJH
1HFURVLVLQYROYLQJGHUPLVDQG
GHHSHUWLVVXH
3UXULWLV$VVRFLDWHGZLWK
,QMHFWLRQ
6HHDOVR6NLQ3UXULWLV
LWFKLQJ²QRVNLQOHVLRQV
,WFKLQJORFDOL]HGWRLQMHFWLRQ
VLWH$1'5HOLHYHG
VSRQWDQHRXVO\RUZLWK
 KWUHDWPHQW
,WFKLQJEH\RQGWKHLQMHFWLRQ
VLWHEXWQRWJHQHUDOL]HG25
,WFKLQJORFDOL]HGWRLQMHFWLRQ
VLWHUHTXLULQJ KWUHDWPHQW
*HQHUDOL]HGLWFKLQJFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
1$


62)9(/)'&

3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 -XQH
(1'2&5,1(0(7$%2/,&
*UDGH
*UDGH
*UDGH
*UDGH
/LSRG\VWURSK\HJEDFN
RIQHFNEUHDVWV
DEGRPHQ
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXV
FKDQJHVRQFDVXDO YLVXDO
LQVSHFWLRQ
1$
'LDEHWHV0HOOLWXV
1$
1HZRQVHWZLWKRXWQHHGWRLQLWLDWH
PHGLFDWLRQ250RGLILFDWLRQRI
FXUUHQWPHGVWRUHJDLQJOXFRVH
FRQWURO
1HZRQVHWZLWKLQLWLDWLRQRI
LQGLFDWHGPHG25'LDEHWHV
XQFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJNHWRDFLGRVLV
K\SHURVPRODUQRQNHWRWLF
FRPD
*\QHFRPDVWLD
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXVRQ
FDVXDOYLVXDOLQVSHFWLRQ
1$
+\SHUWK\URLGLVP
$V\PSWRPDWLF
6\PSWRPDWLFFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
7K\URLGVXSSUHVVLRQWKHUDS\
LQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
8QFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJWK\URLGVWRUP
+\SRWK\URLGLVP
$V\PSWRPDWLF
6\PSWRPDWLFFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
7K\URLGUHSODFHPHQWWKHUDS\
LQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
8QFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJP\[HGHPDFRPD
/LSRDWURSK\HJIDWORVV
IURPWKHIDFHH[WUHPLWLHV
EXWWRFNV
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXVRQ
FDVXDOYLVXDOLQVSHFWLRQ
1$


62)9(/)'&

3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
 -XQH
*(1,7285,1$5<
*UDGH
*UDGH
*UDGH
*UDGH
,QWHUPHQVWUXDO%OHHGLQJ
,0%
6SRWWLQJREVHUYHGE\SDUWLFLSDQW
250LQLPDOEORRGREVHUYHG
GXULQJFOLQLFDORUFROSRVFRSLF
H[DP
,QWHUPHQVWUXDOEOHHGLQJQRW
JUHDWHULQGXUDWLRQRUDPRXQW
WKDQXVXDOPHQVWUXDOF\FOH
,QWHUPHQVWUXDOEOHHGLQJJUHDWHU
LQGXUDWLRQRU DPRXQWWKDQXVXDO
PHQVWUXDOF\FOH
+HPRUUKDJHZLWKOLIH
WKUHDWHQLQJK\SRWHQVLRQ25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
8ULQDU\7UDFW
REVWUXFWLRQHJVWRQH
1$
6LJQVRUV\PSWRPVRIXULQDU\
WUDFWREVWUXFWLRQZLWKRXW
K\GURQHSKURVLVRUUHQDO
G\VIXQFWLRQ
6LJQVRUV\PSWRPVRIXULQDU\
WUDFWREVWUXFWLRQZLWK
K\GURQHSKURVLVRUUHQDO
G\VIXQFWLRQ
2EVWUXFWLRQFDXVLQJOLIH
WKUHDWHQLQJFRQVHTXHQFHV
,1)(&7,21
*UDGH
*UDGH
*UDGH
*UDGH
,QIHFWLRQDQ\RWKHU
WKDQ+,9LQIHFWLRQ
/RFDOL]HGQRV\VWHPLFDQWLȝELDO
WUHDWPHQWLQGLFDWHG$1'
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\VWHPLFDQWLȝELDOWUHDWPHQW
LQGLFDWHG256\PSWRPV
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
6\VWHPLFDQWLȝELDOWUHDWPHQW
LQGLFDWHG$1'6\PSWRPV
FDXVLQJLQDELOLW\WRSHUIRUP
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV252SHUDWLYH
LQWHUYHQWLRQRWKHUWKDQVLPSOH
LQFLVLRQDQGGUDLQDJHLQGLFDWHG
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJVHSWLF
VKRFN
%DVLF6HOIFDUH)XQFWLRQV $FWLYLWLHVVXFKDVEDWKLQJGUHVVLQJWRLOHWLQJWUDQVIHUPRYHPHQWFRQWLQHQFHDQGIHHGLQJ
8VXDO6RFLDO	)XQFWLRQDO$FWLYLWLHV $GDSWLYHWDVNVDQGGHVLUDEOHDFWLYLWLHVVXFKDVJRLQJWRZRUNVKRSSLQJFRRNLQJXVHRIWUDQVSRUWDWLRQSXUVXLQJ DKREE\HWF


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ
3RWHQWLDODQG&RQWUDFHSWLYH5HTXLUHPHQWV
 %DFNJURXQG
5LEDYLULQLVFRQWUDLQGLFDWHGLQSUHJQDQF\DVVLJQLILFDQWWHUDWRJHQLFDQGHPEU\RFLGDOHIIHFWVKDYH
EHHQGHPRQVWUDWHGLQDOODQLPDOVSHFLHVWHVWHG3UHJQDQF\PXVWEHH[FOXGHGEHIRUHWKHVWDUWRI
WUHDWPHQWZLWKVWXG\GUXJVDQGSUHYHQWHGWKHUHDIWHUE\UHOLDEOHFRQWUDFHSWLYHPHWKRGV
3UHJQDQF\WHVWVZLOOEHSHUIRUPHGUHJXODUO\WKURXJKRXWWKLVVWXG\)XUWKHUPRUH5%9LVNQRZQ
WRDFFXPXODWHLQWUDFHOOXODUO\ZKHUHLWLVFOHDUHGVORZO\DQGLVDOVRH[FUHWHGLQVHPHQ7KHUHIRUH
H[WUHPHFDUHPXVWEHWDNHQWRDYRLGSUHJQDQF\GXULQJ5%9WKHUDS\DQGIRUXSWRPRQWKV
IROORZLQJFRPSOHWLRQRIWUHDWPHQW3OHDVHUHIHUWRWKHODWHVWYHUVLRQRIWKHSURGXFWLQVHUWIRU
DGGLWLRQDOLQIRUPDWLRQ
 'HILQLWLRQV
D 'HILQLWLRQRI&KLOGEHDULQJ3RWHQWLDO
)RUWKHSXUSRVHVRIWKLVVWXG\DIHPDOHERUQVXEMHFWLVFRQVLGHUHGRIFKLOGEHDULQJSRWHQWLDO
IROORZLQJPHQDUFKH XQWLOEHFRPLQJSRVWPHQRSDXVDOXQOHVVSHUPDQHQWO\VWHULOHRUZLWK
PHGLFDOO\GRFXPHQWHGRYDULDQIDLOXUH
:RPHQDUHFRQVLGHUHGWREHLQDSRVWPHQRSDXVDOVWDWHZKHQWKH\DUH  \HDUVRIDJHZLWK
FHVVDWLRQRISUHYLRXVO\RFFXUULQJPHQVHVIRU PRQWKV ZLWKRXWDQDOWHUQDWLYHFDXVH
3HUPDQHQWVWHULOL]DWLRQLQFOXGHVK\VWHUHFWRP\ELODWHUDORRSKRUHFWRP\RUELODWHUDO
VDOSLQJHFWRP\LQDIHPDOHVXEMHFWRIDQ\DJH
E 'HILQLWLRQRI0DOH)HUWLOLW\
)RUWKHSXUSRVHVRIWKLVVWXG\DPDOHERUQVXEMHFWLVFRQVLGHUHGRIIHUWLOHDIWHUWKHLQLWLDWLRQRI
SXEHUW\XQOHVVSHUPDQHQWO\VWHULOHE\ELODWHUDORUFKLGHFWRP\RUPHGLFDOGRFXPHQWDWLRQ
 6WXG\'UXJ(IIHFWRQ3UHJQDQF\DQG+RUPRQDO&RQWUDFHSWLRQ
'DWDIURPFOLQLFDOSKDUPDFRNLQHWLFLQWHUDFWLRQVWXGLHVRI62)KDYHGHPRQVWUDWHGWKDWWKHUHLVQR
UHGXFWLRQLQWKHFOLQLFDOHIILFDF\RIKRUPRQDOFRQWUDFHSWLRQ1RQFOLQLFDOWR[LFLW\VWXGLHVRI
62)KDYHGHPRQVWUDWHGQRDGYHUVHHIIHFWRQIHUWLOLW\RUHPEU\RIHWDOGHYHORSPHQW
'DWDIURPFOLQLFDOSKDUPDFRNLQHWLFLQWHUDFWLRQVWXGLHVRI9(/KDYHGHPRQVWUDWHGWKDWWKHUHLVQR
UHGXFWLRQLQWKHFOLQLFDOHIILFDF\RIKRUPRQDOFRQWUDFHSWLRQ1RQFOLQLFDOWR[LFLW\VWXGLHVRI
9(/ KDYHGHPRQVWUDWHGQRDGYHUVHHIIHFWRQIHUWLOLW\RUHPEU\RIHWDOGHYHORSPHQW
+RZHYHUWKHULVNVRIWUHDWPHQWZLWK 62)9(/ GXULQJSUHJQDQF\LQKXPDQVKDYHQRWEHHQ
HYDOXDWHG3OHDVHUHIHUWRWKHODWHVWYHUVLRQRIWKH,QYHVWLJDWRU¶V%URFKXUHIRUDGGLWLRQDO
LQIRUPDWLRQ


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
 &RQWUDFHSWLRQ5HTXLUHPHQWVIRU)HPDOH6XEMHFWVRI&KLOGEHDULQJ3RWHQWLDO
7KHLQFOXVLRQRIIHPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOUHTXLUHVXVLQJDWOHDVWDQDFFHSWDEOH
HIIHFWLYHFRQWUDFHSWLYHPHDVXUH7KH\PXVWKDYHDQHJDWLYHVHUXPSUHJQDQF\WHVWDW6FUHHQLQJ
DQGDQHJDWLYHSUHJQDQF\WHVWRQWKH'D\YLVLWSULRUWRILUVWGRVHRIVWXG\GUXJ3UHJQDQF\
WHVWLQJZLOORFFXUDWUHJXODULQWHUYDOVWKURXJKRXWWKHGXUDWLRQRIWKHWULDO,QWKHHYHQWRID
GHOD\HGPHQVWUXDOSHULRGRYHURQHPRQWKEHWZHHQPHQVWUXDWLRQVDSUHJQDQF\WHVWPXVWEH
SHUIRUPHGWRUXOHRXWSUHJQDQF\7KLVLVHYHQWUXHIRUZRPHQRIFKLOGEHDULQJSRWHQWLDOZLWK
LQIUHTXHQWRULUUHJXODUSHULRGV7KH\PXVWDOVRDJUHHWRRQHRIWKHIROORZLQJIURP6FUHHQLQJ
XQWLOGD\VDIWHUWKHODVWGRVHRI62)9(/ RUPRQWKVDIWHUWKHODVWGRVHRI5%9ZKLFKHYHU
RFFXUVODVW

&RPSOHWHDEVWLQHQFHIURPLQWHUFRXUVHRIUHSURGXFWLYHSRWHQWLDO$EVWLQHQFHLVDQDFFHSWDEOH
PHWKRGRIFRQWUDFHSWLRQRQO\ZKHQLWLVLQOLQHZLWKWKHVXEMHFW¶VSUHIHUUHGDQGXVXDO
OLIHVW\OH
2U

&RQVLVWHQWDQGFRUUHFWXVHRIRIWKHIROORZLQJPHWKRGVRIELUWKFRQWUROOLVWHGEHORZ LQ
DGGLWLRQWRDPDOHSDUWQHUZKRFRUUHFWO\XVHGDFRQGRPIURPWKHGDWHRI6FUHHQLQJXQWLO
 GD\VDIWHUWKHODVWGRVHRI62)9(/ RUPRQWKVDIWHUWKHODVWGRVHRI5%9ZKLFKHYHU
RFFXUVODVW
² ,QWUDXWHULQHGHYLFH,8'
² ,QWUDXWHULQHKRUPRQHUHOHDVLQJV\VWHP,86
² 7XEDOVWHULOL]DWLRQ
² (VVXUHPLFURLQVHUWV\VWHPXQDSSURYHGLQ-DSDQ
² 9DVHFWRP\LQWKHPDOHSDUWQHU
² %DUULHUPHWKRGV
Ŷ
)HPDOHEDUULHUV'LDSKUDJPZLWKVSHUPLFLGH RU&HUYLFDOFDSZLWKVSHUPLFLGH
XQDSSURYHGLQ-DSDQ
² +RUPRQDOPHWKRGV
Ŷ
2UDOFRQWUDFHSWLYHVHLWKHUFRPELQHGRUSURJHVWHURQHRQO\
Ŷ
,QMHFWDEOHSURJHVWHURQH XQDSSURYHGLQ-DSDQ
Ŷ
,PSODQWVRIOHYRQRUJHVWUHO RUHWRQRUJHVWUHO XQDSSURYHGLQ-DSDQ
Ŷ
7UDQVGHUPDOFRQWUDFHSWLYHSDWFK XQDSSURYHGLQ-DSDQ
Ŷ
&RQWUDFHSWLYHYDJLQDOULQJ XQDSSURYHGLQ-DSDQ


62)9(/)'&
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XQH
)HPDOHVXEMHFWVPXVWDOVRUHIUDLQIURPHJJGRQDWLRQDQGLQYLWURIHUWLOL]DWLRQGXULQJVWXG\
WUHDWPHQWDQGXQWLODWOHDVWGD\VDIWHUWKHODVWGRVHRI62)9(/ RUPRQWKVDIWHUWKHODVWGRVH
RI5%9ZKLFKHYHURFFXUVODVW
 &RQWUDFHSWLRQ5HTXLUHPHQWV IRU0DOH6XEMHFWV
'XULQJWKHVWXG\PDOHVXEMHFWVZLWKIHPDOHSDUWQHUVRIFKLOGEHDULQJSRWHQWLDOVKRXOGXVH
FRQGRPVXQWLOGD\VDIWHUWKHODVWGRVHRI62)9(/ WUHDWPHQWRU PRQWKVDIWHUWKHODVWGRVH
RI5%9ZKLFKHYHUFRPHVODVWZKHQHQJDJLQJLQLQWHUFRXUVHRIUHSURGXFWLYHSRWHQWLDO,IWKHLU
IHPDOHSDUWQHULVRIFKLOGEHDULQJSRWHQWLDODVGHILQHGDERYHWKHLUIHPDOHSDUWQHUPXVWXVHRI
WKHPHWKRGVRIELUWKFRQWUROOLVWHGDERYHIURPWKHGDWHRI6FUHHQLQJXQWLOGD\VDIWHUWKHODVW
GRVHRI62)9(/ RU PRQWKVDIWHUODVWGRVHRI5%9ZKLFKHYHUFRPHVODVW
0DOHVXEMHFWVPXVWDOVRUHIUDLQIURPVSHUPGRQDWLRQGXULQJWUHDWPHQWDQGXQWLODWOHDVW GD\V
DIWHUWKHODVWGRVHRI62)9(/ RU PRQWKVDIWHUWKHODVWGRVHRI5%9ZKLFKHYHUFRPHVODVW
 8QDFFHSWDEOH%LUWK&RQWURO0HWKRGV
%LUWKFRQWUROPHWKRGVWKDWDUHXQDFFHSWDEOHLQFOXGHSHULRGLFDEVWLQHQFHHJFDOHQGDU
RYXODWLRQV\PSWRWKHUPDOSRVWRYXODWLRQPHWKRGVZLWKGUDZDOFRLWXVLQWHUUXSWXVVSHUPLFLGHV
RQO\DQGODFWDWLRQDODPHQRUUKHDPHWKRG/$0)HPDOHFRQGRPDQGPDOHFRQGRPVKRXOGQRW
EHXVHGWRJHWKHU
 3URFHGXUHVWREH)ROORZHGLQWKH(YHQWRI3UHJQDQF\
6XEMHFWVZLOOEHLQVWUXFWHGWRQRWLI\WKHLQYHVWLJDWRULIWKH\EHFRPHSUHJQDQWDWDQ\WLPHGXULQJ
WKHVWXG\ LIWKH\EHFRPHSUHJQDQWZLWKLQ GD\VRIODVWGRVH RI62)9(/RULIWKH\EHFRPH
SUHJQDQWZLWKLQPRQWKVRIWKHODVWGRVHRI5%9 6XEMHFWVZKREHFRPHSUHJQDQWRUZKR
VXVSHFWWKDWWKH\DUHSUHJQDQWGXULQJWKHVWXG\PXVWUHSRUWWKHLQIRUPDWLRQWRWKHLQYHVWLJDWRU
DQGGLVFRQWLQXHVWXG\GUXJLPPHGLDWHO\6XEMHFWVZKRVHSDUWQHUKDVEHFRPHSUHJQDQWRU
VXVSHFWVVKHLVSUHJQDQW ZLWKLQGD\VRIWKHODVWGRVHRI62)9(/RU PRQWKVDIWHUWKHODVW
GRVHRI5%9ZKLFKHYHURFFXUVODVW PXVWUHSRUWWKHLQIRUPDWLRQWRWKHLQYHVWLJDWRU
,QVWUXFWLRQVIRUUHSRUWLQJSUHJQDQF\SDUWQHUSUHJQDQF\DQGSUHJQDQF\RXWFRPHDUHRXWOLQHGLQ
6HFWLRQ 

SAP_000.pdf: 


67$7,67,&$/$1$/<6,63/$1


6WXG\7LWOH
$3KDVH0XOWLFHQWHU5DQGRPL]HG2SHQ/DEHO6WXG\WR,QYHVWLJDWH
WKH(IILFDF\DQG6DIHW\RI6RIRVEXYLU9HOSDWDVYLU)L[HG'RVH
&RPELQDWLRQDQG5LEDYLULQIRURU:HHNVLQ6XEMHFWVZLWK
&KURQLF*HQRW\SHRU+&9,QIHFWLRQ:KR+DYH3UHYLRXVO\)DLOHG
D'LUHFW$FWLQJ$QWLYLUDO&RQWDLQLQJ5HJLPHQ


1DPHRI7HVW'UXJ
6RIRVEXYLU62)9HOSDWDVYLU9(/)L[HG'RVH&RPELQDWLRQ


6WXG\1XPEHU
*686


3URWRFRO9HUVLRQ'DWH
$PHQGPHQW-XQH


$QDO\VLV7\SH
695DQG)LQDO$QDO\VLV


$QDO\VLV3ODQ9HUVLRQ
9HUVLRQ


$QDO\VLV3ODQ'DWH
-XQH


$QDO\VLV3ODQ$XWKRU



&21),'(17,$/$1'35235,(7$5<,1)250$7,21
PPD


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH
7$%/(2)&217(176

7$%/(2)&217(176 
/,672),17(;77$%/(6 
/,672)$%%5(9,$7,216 
 
,1752'8&7,21 
 
6WXG\2EMHFWLYHV 
 
6WXG\'HVLJQ 
 
6DPSOH6L]HDQG3RZHU 
 
7<3(2)3/$11('$1$/<6,6 
 
'DWD0RQLWRULQJ&RPPLWWHH 
 
,QWHULP$QDO\VLV 
 
3RVWWUHDWPHQW:HHN$QDO\VLV 
 
)LQDO$QDO\VLV 
 
*(1(5$/&216,'(5$7,216)25'$7$$1$/<6(6 
 
$QDO\VLV6HWV 
 
$OO5DQGRPL]HG$QDO\VLV6HW 
 
)XOO$QDO\VLV6HW 
 
6DIHW\$QDO\VLV6HW 
 
3KDUPDFRNLQHWLF$QDO\VLV6HW 
 
3.6XEVWXG\$QDO\VLV6HW 
 
6XEMHFW*URXSLQJ 
 
6WUDWDDQG&RYDULDWHV 
 
([DPLQDWLRQRI6XEMHFW6XEVHWV 
 
0XOWLSOH&RPSDULVRQV 
 
0LVVLQJ'DWDDQG2XWOLHUV 
 
0LVVLQJ'DWD 
 
2XWOLHUV 
 
'DWD+DQGOLQJ&RQYHQWLRQVDQG7UDQVIRUPDWLRQV 
 
9LVLW:LQGRZV 
 
'HILQLWLRQRI6WXG\'D\ 
 
$QDO\VLV:LQGRZV 
 
6HOHFWLRQRI'DWDLQWKH(YHQWRI0XOWLSOH5HFRUGVLQDQ$QDO\VLV
:LQGRZ 
 
68%-(&7',6326,7,21 
 
6XEMHFW(QUROOPHQWDQG'LVSRVLWLRQ 
 
([WHQWRI([SRVXUH 
 
'XUDWLRQRI([SRVXUHWR6WXG\'UXJ 
 
$GKHUHQFHWR6WXG\'UXJ 
 
3URWRFRO'HYLDWLRQV 
 
%$6(/,1(&+$5$&7(5,67,&6 
 
'HPRJUDSKLFV 
 
2WKHU%DVHOLQH&KDUDFWHULVWLFV 
 
0HGLFDO+LVWRU\ 
 
()),&$&<$1$/<6(6 
 
3ULPDU\(IILFDF\(QGSRLQW 


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH
 
'HILQLWLRQRIWKH3ULPDU\(IILFDF\(QGSRLQW 
 
6WDWLVWLFDO+\SRWKHVLVIRUWKH3ULPDU\(IILFDF\(QGSRLQW 
 
3ULPDU\$QDO\VLVRIWKH3ULPDU\(IILFDF\(QGSRLQW 
 
6XEJURXS$QDO\VLVRIWKH3ULPDU\(IILFDF\(QGSRLQW 
 
6HFRQGDU\(IILFDF\(QGSRLQWV 
 
'HILQLWLRQRI6HFRQGDU\(IILFDF\(QGSRLQWV 
 
$QDO\VLV0HWKRGVIRU6HFRQGDU\(IILFDF\(QGSRLQWV 
 
([SORUDWRU\(IILFDF\(QGSRLQWV 
 
'HILQLWLRQRI([SORUDWRU\(IILFDF\(QGSRLQWV 
 
$QDO\VLV0HWKRGVIRU([SORUDWRU\(IILFDF\(QGSRLQWV 
 
&KDQJHV)URP3URWRFRO6SHFLILHG(IILFDF\$QDO\VHV 
 
6$)(7<$1$/<6(6 
 
$GYHUVH(YHQWVDQG'HDWKV 
 
$GYHUVH(YHQW'LFWLRQDU\ 
 
$GYHUVH(YHQW6HYHULW\ 
 
5HODWLRQVKLSRI$GYHUVH(YHQWVWR6WXG\'UXJ 
 
6HULRXV$GYHUVH(YHQWV 
 
7UHDWPHQW(PHUJHQW$GYHUVH(YHQWV 
 
'HILQLWLRQRI7UHDWPHQW(PHUJHQW 
 
,QFRPSOHWH'DWHV 
 
6XPPDULHVRI$GYHUVH(YHQWVDQG'HDWKV 
 
/DERUDWRU\(YDOXDWLRQV 
 
6XPPDULHVRI1XPHULF/DERUDWRU\5HVXOWV 
 
*UDGHG/DERUDWRU\9DOXHV 
 
7UHDWPHQW(PHUJHQW/DERUDWRU\$EQRUPDOLWLHV 
 
6XPPDULHVRI/DERUDWRU\$EQRUPDOLWLHV 
 
%RG\:HLJKW+HLJKWDQG9LWDO6LJQV 
 
3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV 
 
2WKHU6DIHW\0HDVXUHV 
 
&KDQJHV)URP3URWRFRO6SHFLILHG6DIHW\$QDO\VHV 
 
3+$50$&2.,1(7,&$1$/<6,6 
 
5()(5(1&(6 
 62)7:$5( 
 $33(1',&(6 

$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH(UURU%RRNPDUNQRWGHILQHG 
$SSHQGL[ 
6FKHGXOHRI$VVHVVPHQWV 
$SSHQGL[ 
42/6FRUH&DOFXODWLRQ$OJRULWKPV 


/,672),17(;77$%/(6

7DEOH 
$QDO\VLV:LQGRZVIRU2QWUHDWPHQW+&951$9LWDO6LJQVDQG6DIHW\/DERUDWRU\
'DWD 
7DEOH 
$QDO\VLV:LQGRZVIRU3RVWWUHDWPHQW+&951$9LWDO6LJQVDQG6DIHW\/DERUDWRU\
'DWD 



62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH
/,672)$%%5(9,$7,216

$(
DGYHUVHHYHQW
$/7
DODQLQHDPLQRWUDQVIHUDVH
$67
DVSDUWDWHWUDQVDPLQDVH
$7&
DQDWRPLFDOWKHUDSHXWLFFKHPLFDO
%0,
ERG\PDVVLQGH[
%30
EHDWVSHUPLQXWH
&,
FRQILGHQFHLQWHUYDO
'$$
GLUHFWDFWLQJDQWLYLUDO
'0&
GDWDPRQLWRULQJFRPPLWWHH
(&*
(OHFWURFDUGLRJUDP
H&5)
HOHFWURQLFFDVHUHSRUWIRUP
H*)5
HVWLPDWHGJORPHUXODUILOWUDWLRQUDWH
(27
HQGRIWUHDWPHQW
)$6
IXOODQDO\VLVVHW
)'&
IL[HGGRVHFRPELQDWLRQ
)8
)ROORZXS
*7
*HQRW\SH
+&9
KHSDWLWLV&YLUXV
+/*7
KLJKOHYHOJURXSWHUP
+/7
KLJKOHYHOWHUP
,'
,GHQWLILFDWLRQ
,:56
,QWHUDFWLYH:HE5HVSRQVH6\VWHP
//7
ORZHUOHYHOWHUP
//24
ORZHUOLPLWRITXDQWLWDWLRQ
0HG'5$
0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV
,15
LQWHUQDWLRQDOQRUPDOL]HGUDWLR
3.
3KDUPDFRNLQHWLFV
37
SUHIHUUHGWHUP
4
ILUVWTXDUWLOH
4
WKLUGTXDUWLOH
5%&
UHGEORRGFHOO
5%9
ULEDYLULQ
51$
ULERQXFOHLFDFLG
6$(
VHULRXVDGYHUVHHYHQW
6$3
VWDWLVWLFDODQDO\VLVSODQ
6'
VWDQGDUGGHYLDWLRQ
6(
VWDQGDUGHUURU
62&
V\VWHPRUJDQFODVV


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH
62)
VRIRVEXYLU6RYDOGL
695
VXVWDLQHGYLURORJLFUHVSRQVH
695[
VXVWDLQHGYLURORJLFUHVSRQVH[ZHHNVDIWHUVWRSSLQJVWXG\GUXJ
7(
WUHDWPHQWHPHUJHQW
7)/V
WDEOHVILJXUHVDQGOLVWLQJV
71'
WDUJHWQRWGHWHFWHG
8/1
XSSHUOLPLWRIWKHQRUPDOUDQJH
9(/
YHOSDWDVYLU
:%&
ZKLWHEORRGFHOO
:+2
:RUOG+HDOWK2UJDQL]DWLRQ





62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH

6WXG\'HVLJQ
7KLVLVDPXOWLFHQWHUUDQGRPL]HGRSHQODEHOVWXG\LQVXEMHFWVZKRSUHYLRXVO\IDLOHGD
'$$FRQWDLQLQJUHJLPHQZLWKFKURQLF+&9LQIHFWLRQZLWKRUZLWKRXWFLUUKRVLV$OOVXEMHFWV
ZLWK+&9JHQRW\SHZLOOKDYHIDLOHGSULRUWUHDWPHQWZLWKDQ16$LQKLELWRU6XEMHFWVZLWK
+&9JHQRW\SHFDQKDYHIDLOHGDQ\'$$FRQWDLQLQJWUHDWPHQWUHJLPHQ
$SSUR[LPDWHO\HOLJLEOHVXEMHFWVSOHDVHUHIHUWRWKHSURWRFROIRUWKHFRPSOHWHLQFOXVLRQDQG
H[FOXVLRQFULWHULDZLOOEHUDQGRPL]HGLQDUDWLRWRRQHRIWKHIROORZLQJWZRWUHDWPHQWJURXSV
x 62)9(/PJ5%9IRUZHHNV1 
x 62)9(/PJ5%9IRUZHHNV1 
5DQGRPL]DWLRQZLOOEHVWUDWLILHGE\FLUUKRVLVVWDWXVSUHVHQFHDEVHQFHDQG+&9JHQRW\SH
JHQRW\SHJHQRW\SH$SSUR[LPDWHO\VXEMHFWVZLOOKDYH&KLOG3XJK$FRPSHQVDWHG
FLUUKRVLV
+&9*HQRW\SH
1XPEHURI6XEMHFWV(QUROOHG

DSSUR[LPDWHO\

DSSUR[LPDWHO\
7RWDO
DSSUR[LPDWHO\

7KHVFKHGXOHRIDVVHVVPHQWVLVSURYLGHGDVDQDSSHQGL[WRWKH6$3$SSHQGL[
7KHWRWDOWLPHWRFRPSOHWHDOOVWXG\YLVLWVLVXSWRDSSUR[LPDWHO\RUZHHNVLQFOXGLQJWKH
IROORZLQJSHULRGV
x GD\ZHHNVFUHHQLQJSHULRG
x ZHHNRUZHHNWUHDWPHQWSHULRG
x 8SWRZHHNSRVWWUHDWPHQWSHULRG

6DPSOH6L]HDQG3RZHU
$SSUR[LPDWHO\VXEMHFWVZLOOEHUDQGRPL]HGLQWKLVVWXG\ZLWKDSSUR[LPDWHO\VXEMHFWV
ZLWKJHQRW\SH+&9LQIHFWLRQDQGDSSUR[LPDWHO\VXEMHFWVZLWKJHQRW\SH+&9LQIHFWLRQ
'XHWRWKHOLPLWHGQXPEHURIJHQRW\SHVXEMHFWVLQWKLVVWXG\WKHVDPSOHVL]HMXVWLILFDWLRQZLOO
EHEDVHGRQJHQRW\SHVXEMHFWVRQO\
$VDPSOHVL]HRIJHQRW\SHVXEMHFWVLQHDFKWUHDWPHQWJURXSZLOOSURYLGHRYHUSRZHUWR
GHWHFWDWOHDVWLPSURYHPHQWLQ695UDWHIURPWKHKLVWRULFDOFRQWUROUDWHRIXVLQJD
WZRVLGHGH[DFWRQHVDPSOHELQRPLDOWHVWDWVLJQLILFDQFHOHYHORI


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH

7<3(2)3/$11('$1$/<6,6

'DWD0RQLWRULQJ&RPPLWWHH
7KLVVWXG\GRHVQRWKDYHDGDWDPRQLWRULQJFRPPLWWHH'0&

,QWHULP$QDO\VLV

3RVWWUHDWPHQW:HHN$QDO\VLV
7KHDQDO\VLVIRUWKHSULPDU\HQGSRLQW695ZLOORFFXUDIWHUDOOVXEMHFWVKDYHFRPSOHWHGWKH
SRVWWUHDWPHQW:HHNYLVLWRUSUHPDWXUHO\GLVFRQWLQXHIURPVWXG\$OOVDIHW\DQGHIILFDF\GDWD
WKURXJKWKHSRVWWUHDWPHQW:HHNYLVLWZLOOEHFOHDQHGILQDOL]HGDQGLQFOXGHGIRUWKHDQDO\VLV

)LQDO$QDO\VLV
7KHILQDODQDO\VLVZLOOEHFRQGXFWHGZKHQDOOVXEMHFWVKDYHFRPSOHWHGWKHSRVWWUHDWPHQWZHHN
YLVLWRUSUHPDWXUHO\GLVFRQWLQXHGIURPVWXG\7KHGDWDZLOOEHILQDOL]HGDIWHUDOOGDWDTXHULHV
DUHUHVROYHGIRUVWXG\YLVLWVWKURXJKFRPSOHWLRQRIWKHSRVWWUHDWPHQWZHHNYLVLW$WWKH
FRQFOXVLRQRIGDWDILQDOL]DWLRQWKHVWXG\VWDWLVWLFLDQDQGVWDWLVWLFDOSURJUDPPHUVZLOOUXQWKH
ILQDOYHUVLRQRIWDEOHVILJXUHVDQGOLVWLQJV7)/V


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH

*(1(5$/&216,'(5$7,216)25'$7$$1$/<6(6
$QDO\VLVUHVXOWVZLOOEHSUHVHQWHGXVLQJGHVFULSWLYHVWDWLVWLFV)RUFDWHJRULFDOYDULDEOHVWKH
QXPEHUDQGSHUFHQWDJHRIVXEMHFWVLQHDFKFDWHJRU\ZLOOEHSUHVHQWHGIRUFRQWLQXRXVYDULDEOHV
WKHQXPEHURIVXEMHFWVQPHDQVWDQGDUGGHYLDWLRQ6'RUVWDQGDUGHUURU6(PHGLDQILUVW
TXDUWLOH4WKLUGTXDUWLOH4PLQLPXPDQGPD[LPXPZLOOEHSUHVHQWHG
$OOVWDWLVWLFDOWHVWVZLOOEHVLGHGDQGSHUIRUPHGDWWKHVLJQLILFDQFHOHYHOXQOHVVRWKHUZLVH
VSHFLILHGLQ6HFWLRQ
'DWDFROOHFWHGLQWKHVWXG\ZLOOEHSUHVHQWHGLQE\VXEMHFWOLVWLQJVIRUDOOVXEMHFWVLQWKH6DIHW\
$QDO\VLV6HWXQOHVVRWKHUZLVHVSHFLILHG$OOE\VXEMHFWOLVWLQJVZLOOEHSUHVHQWHGE\VXEMHFW
LGHQWLILFDWLRQ,'QXPEHULQDVFHQGLQJRUGHUXQOHVVRWKHUZLVHVSHFLILHG

$QDO\VLV6HWV
$QDO\VLVVHWVGHILQHWKHVXEMHFWVWREHLQFOXGHGLQDQDQDO\VLV$QDO\VLVVHWVDQGWKHLUGHILQLWLRQV
DUHSURYLGHGLQWKLVVHFWLRQ7KHQXPEHURIVXEMHFWVHOLJLEOHIRUHDFKDQDO\VLVVHWZLOOEH
SURYLGHG6XEMHFWVZKRZHUHH[FOXGHGIURPHDFKDQDO\VLVVHWZLOOEHVXPPDUL]HGRUSURYLGHGLQ
DE\VXEMHFWOLVWLQJZLWKUHDVRQVIRUH[FOXVLRQE\DQDO\VLVVHW

$OO5DQGRPL]HG$QDO\VLV6HW
$OO5DQGRPL]HG$QDO\VLV6HWLQFOXGHVDOOVXEMHFWVUDQGRPL]HGLQWKHVWXG\DIWHUVFUHHQLQJ$OO
DQDO\VHVEDVHGRQWKH$OO5DQGRPL]HG$QDO\VLV6HWZLOOEHSHUIRUPHGDFFRUGLQJWRWKHWUHDWPHQW
VXEMHFWVZHUHUDQGRPL]HGWRUHFHLYH

)XOO$QDO\VLV6HW
7KH)XOO$QDO\VLV6HW)$6LQFOXGHVDOOVXEMHFWVZKRZHUHUDQGRPL]HGLQWRWKHVWXG\DQG
UHFHLYHGDWOHDVWGRVHRIVWXG\GUXJ6XEMHFWVDUHJURXSHGZLWKLQWKH)$6E\WKHWUHDWPHQW
JURXSWRZKLFKWKH\ZHUHUDQGRPL]HG
7KLVLVWKHSULPDU\DQDO\VLVVHWIRUHIILFDF\DQDO\VHV

6DIHW\$QDO\VLV6HW
7KH6DIHW\$QDO\VLV6HWLQFOXGHVDOOVXEMHFWVZKRUHFHLYHGDWOHDVWGRVHRIVWXG\GUXJ6XEMHFWV
DUHJURXSHGDFFRUGLQJWRWKHWUHDWPHQWWKH\DFWXDOO\UHFHLYHG
7KLVLVWKHSULPDU\DQDO\VLVVHWIRUVDIHW\DQDO\VHV

3KDUPDFRNLQHWLF$QDO\VLV6HW
7KH3KDUPDFRNLQHWLF3.$QDO\VLV6HWLQFOXGHVDOOVXEMHFWVZKRZHUHUDQGRPL]HGLQWRWKH
VWXG\UHFHLYHGDWOHDVWGRVHRIVWXG\GUXJDQGKDYHDWOHDVWQRQPLVVLQJFRQFHQWUDWLRQYDOXH
IRUWKHFRUUHVSRQGLQJDQDO\WHLQSODVPD7KHDQDO\WHRILQWHUHVWPD\LQFOXGH62)*6
*6RU9(/7KH3.DQDO\VLVVHWZLOOEHXVHGIRUDQDO\VHVRIJHQHUDO3.


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH

3.6XEVWXG\$QDO\VLV6HW
7KH3.6XEVWXG\$QDO\VLV6HWLQFOXGHVDOOVXEMHFWVZKRDUHHQUROOHGLQWKH3.VXEVWXG\KDYH
EHHQDGPLQLVWHUHGDWOHDVWGRVHRIVWXG\GUXJDQGKDYHDWOHDVWQRQPLVVLQJSRVWGRVH
FRQFHQWUDWLRQYDOXHIRUWKHFRUUHVSRQGLQJDQDO\WHLQSODVPD7KHDQDO\WHVRILQWHUHVWPD\LQFOXGH
62)*6*6RU9(/7KH3.6XEVWXG\$QDO\VLV6HWZLOOEHXVHGIRULQWHQVLYH
3.SURILOHVRIWKHVHDQDO\WHV

6XEMHFW*URXSLQJ
)RUDQDO\VHVEDVHGRQWKH$OO5DQGRPL]HG$QDO\VLV6HWRU)$6VXEMHFWVZLOOEHJURXSHG
DFFRUGLQJWRWKHWUHDWPHQWWRZKLFKWKH\ZHUHUDQGRPL]HG)RUDQDO\VHVEDVHGRQRWKHUDQDO\VLV
VHWVVXFKDVWKH6DIHW\$QDO\VLV6HWVXEMHFWVZLOOEHJURXSHGDFFRUGLQJWRWKHDFWXDOWUHDWPHQW
UHFHLYHG7KHDFWXDOWUHDWPHQWUHFHLYHGLVGHILQHGDVWKHUDQGRPL]HGWUHDWPHQWH[FHSWIRU
VXEMHFWVZKRUHFHLYHGWUHDWPHQWWKDWGLIIHUHGIURPWKHUDQGRPL]HGWUHDWPHQWIRUWKHHQWLUH
WUHDWPHQWGXUDWLRQ,QWKLVFDVHWKHDFWXDOWUHDWPHQWUHFHLYHGLVGHILQHGDVWKHWUHDWPHQWUHFHLYHG
IRUWKHHQWLUHWUHDWPHQWGXUDWLRQ

6WUDWDDQG&RYDULDWHV
6XEMHFWVZLOOEHUDQGRPO\DVVLJQHGWRWUHDWPHQWJURXSVYLDWKHLQWHUDFWLYHZHEUHVSRQVHV\VWHP
,:56LQDUDWLRXVLQJDVWUDWLILHGUDQGRPL]DWLRQVFKHGXOH6WUDWLILFDWLRQZLOOEHEDVHGRQ
WKHIROORZLQJYDULDEOHV
x &LUUKRVLVVWDWXVSUHVHQFHYHUVXVDEVHQFH
x +&9JHQRW\SHJHQRW\SHYHUVXV

([DPLQDWLRQRI6XEMHFW6XEVHWV
6XEVHWWLQJRIVXEMHFWVEDVHGRQUDQGRPL]DWLRQVWUDWLILFDWLRQIDFWRUVZLOOEHH[SORUHGIRUVXEJURXS
DQDO\VHV,IWKHUHDUHGLVFUHSDQFLHVLQVWUDWLILFDWLRQIDFWRUYDOXHVEHWZHHQWKH,:56DQGWKH
FOLQLFDOGDWDEDVHWKHYDOXHVUHFRUGHGLQWKHFOLQLFDOGDWDEDVHZLOOEHXVHGIRUDQDO\VHV
2WKHUVXEMHFWVXEVHWVZLOODOVREHH[SORUHGIRUWKHSULPDU\HIILFDF\HQGSRLQW695LQFOXGLQJ
WKHIROORZLQJ
x DJH\HDUV\HDUV
x VH[PDOHIHPDOH
x EDVHOLQHERG\PDVVLQGH[%0,NJPNJP
x +&9JHQRW\SHVXEW\SH>DERWKHU@
x 1XPEHURISULRU'$$V!


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH
x 1XPEHURISULRU+&9WUHDWPHQWUHJLPHQV!
x 3ULRU'$$V16$RQO\16$16%16$1616$16%1616%RQO\
16%16
x FLUUKRVLVFLUUKRVLVDEVHQFHRIFLUUKRVLVPLVVLQJ
x ,/%JHQRW\SH&&QRQ&&ZLWKQRQ&&IXUWKHUEURNHQGRZQWR&777
x EDVHOLQH+&951$,8P/,8P/DQGORJ,8P/ORJ
,8P/
x EDVHOLQHDODQLQHDPLQRWUDQVIHUDVH$/7îXSSHUOLPLWRIQRUPDOUDQJH
8/1!î8/1
x PRVWUHFHQW+&9WUHDWPHQWUHVSRQVHQRQUHVSRQGHUUHODSVHEUHDNWKURXJKHDUO\WUHDWPHQW
GLVFRQWLQXDWLRQPHWDYLURORJLFVWRSSLQJUXOHQRWRWKHUZLVHOLVWHGRUXQNQRZQ
x VWXG\WUHDWPHQWVWDWXVFRPSOHWHGVWXG\WUHDWPHQWGLVFRQWLQXHGVWXG\WUHDWPHQW
x DGKHUHQFHWRVWXG\UHJLPHQ

0XOWLSOH&RPSDULVRQV
7KH695UDWHIRUJHQRW\SHSDWLHQWVLQHDFKRIWKHWZRWUHDWPHQWJURXSVZLOOEHFRPSDUHGWR
WKHKLVWRULFDOFRQWUROUDWHRIXVLQJWZRVLGHGH[DFWRQHVDPSOHELQRPLDOWHVWZLWKWKH
%RQIHUURQLFRUUHFWLRQHDFKDWVLJQLILFDQFHOHYHO
$GMXVWPHQWVIRUPXOWLSOLFLW\ZLOOQRWEHPDGHLQJHQRW\SHVXEMHFWVEHFDXVHQRVWDWLVWLFDO
WHVWLQJZLOOEHSHUIRUPHGIRUWKRVHVXEMHFWV
1REHWZHHQWUHDWPHQWFRPSDULVRQZLOOEHSHUIRUPHGIRUWKLVVWXG\

0LVVLQJ'DWDDQG2XWOLHUV

0LVVLQJ'DWD
,QJHQHUDOPLVVLQJGDWDZLOOQRWEHLPSXWHGXQOHVVPHWKRGVIRUKDQGOLQJPLVVLQJGDWDDUH
VSHFLILHG
)RUPLVVLQJODVWGRVLQJGDWHRIVWXG\GUXJLPSXWDWLRQUXOHVDUHGHVFULEHGLQ6HFWLRQ7KH
KDQGOLQJRIPLVVLQJRULQFRPSOHWHGDWHVIRUDGYHUVHHYHQW$(RQVHWLVGHVFULEHGLQ
6HFWLRQDQGIRUSULRUDQGFRQFRPLWDQWPHGLFDWLRQVLQ6HFWLRQ
)RUDQDO\VHVRIFDWHJRULFDO+&951$GDWDPLVVLQJSRVWWUHDWPHQW+&951$GDWDZLOOKDYHWKH
PLVVLQJGDWDLPSXWHG0LVVLQJRQWUHDWPHQW+&951$ZLOOKDYHWKHPLVVLQJGDWDLPSXWHGXSWR
WKHWLPHRIWKHODVWGRVHIRURQWUHDWPHQWGLVSOD\V,IWKHVWXG\GD\DVVRFLDWHGZLWKWKHODVW


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH
GRVLQJGDWHLVJUHDWHUWKDQRUHTXDOWRWKHORZHUERXQGRIDYLVLWZLQGRZDQGWKHYDOXHDWWKH
YLVLWLVPLVVLQJWKHYDOXHZLOOEHLPSXWHG,IWKHVWXG\GD\DVVRFLDWHGZLWKWKHODVWGRVLQJGDWHLV
OHVVWKDQWKHORZHUERXQGRIDYLVLWZLQGRZWKHQWKHRQWUHDWPHQWYDOXHDWWKDWYLVLWZLOOUHPDLQ
PLVVLQJ
,IDQ+&951$GDWDSRLQWLVPLVVLQJDQGLVSUHFHGHGDQGIROORZHGLQWLPHE\YDOXHVWKDWDUH
³ORZHUOLPLWRITXDQWLWDWLRQ//24WDUJHWQRWGHWHFWHG71'´WKHQWKHPLVVLQJGDWDSRLQW
ZLOOEHVHWWR³//2471'´,IDGDWDSRLQWLVPLVVLQJDQGSUHFHGHGDQGIROORZHGE\YDOXHV
WKDWDUH³//24GHWHFWHG´RUSUHFHGHGE\³//24GHWHFWHG´DQGIROORZHGE\³//24
71'´RUSUHFHGHGE\³//2471'´DQGIROORZHGE\³//24GHWHFWHG´WKHQWKHPLVVLQJ
YDOXHZLOOEHVHWWR³//24GHWHFWHG´,QWKHVHVLWXDWLRQVWKHGDWDSRLQWZLOOEHWHUPHGD
EUDFNHWHGVXFFHVVRWKHUZLVHWKHGDWDSRLQWZLOOEHWHUPHGDEUDFNHWHGIDLOXUHLH//24
GHWHFWHG,IDGDWDSRLQWLVPLVVLQJDQGLVQRWEUDFNHWHGWKHPLVVLQJGDWDSRLQWZLOODOVREH
WHUPHGDIDLOXUHLH//24GHWHFWHGH[FHSWIRU695ZKLFKZLOOEHLPSXWHGDFFRUGLQJWR
695VWDWXV6XFFHVVIRU695ZKRKDYHQRIXUWKHU+&951$PHDVXUHPHQWVFROOHFWHGZLOO
EHFRXQWHGDVDVXFFHVVIRU695GXHWRWKHKLJKFRUUHODWLRQEHWZHHQWKHVHHQGSRLQWV
)RUWKHDQDO\VHVRIFRQWLQXRXV+&951$HIILFDF\GDWDZKHQDQGRQO\ZKHQDPLVVLQJ+&9
51$YDOXHLVLPSXWHGDV//2471'RU//24GHWHFWHGDFFRUGLQJWRWKHLPSXWDWLRQUXOH
GHVFULEHGDERYHWKHFRUUHVSRQGLQJFRQWLQXRXVYDOXHZLOOEHLPSXWHGWR//24í,8P/1R
RWKHULPSXWDWLRQZLOOEHSHUIRUPHGIRUFRQWLQXRXV+&951$GDWD
)RUKHDOWKUHODWHGTXDOLW\RIOLIH+54R/GDWDLQFOXGLQJ,WHP6KRUW)RUP+HDOWK6XUYH\
6)&KURQLF/LYHU'LVHDVH4XHVWLRQQDLUH&/'4+&9)DWLJXH,QGH[)$&,7)DQG
:RUN3URGXFWLYLW\DQG$FWLYLW\,PSDLUPHQW4XHVWLRQQDLUH+HSDWLWLV&Y:3$,+HSDWLWLV
&PLVVLQJGDWDZLOOQRWEHLPSXWHG

2XWOLHUV
2XWOLHUVZLOOEHLGHQWLILHGGXULQJGDWDPDQDJHPHQWDQGGDWDDQDO\VLVSURFHVVHVEXWQRVHQVLWLYLW\
DQDO\VHVZLOOEHFRQGXFWHG$OODYDLODEOHGDWDZLOOEHLQFOXGHGLQWKHGDWDDQDO\VLV

'DWD+DQGOLQJ&RQYHQWLRQVDQG7UDQVIRUPDWLRQV
%\VXEMHFWOLVWLQJVZLOOEHSUHVHQWHGIRUDOOVXEMHFWVLQWKH6DIHW\$QDO\VLV6HWDQGVRUWHGE\
VXEMHFW,'QXPEHUYLVLWGDWHDQGWLPHLIDSSOLFDEOHXQOHVVRWKHUZLVHVSHFLILHG'DWDFROOHFWHG
RQORJIRUPVVXFKDV$(VZLOOEHSUHVHQWHGLQFKURQRORJLFDORUGHUZLWKLQVXEMHFW
$JHLQ\HDUVRQWKHGDWHRIWKHILUVWGRVHRIVWXG\GUXJDQGVH[DWELUWKZLOOEHXVHGIRUDQDO\VHV
DQGSUHVHQWDWLRQLQOLVWLQJV
,IDVXEMHFWZDVQRWGRVHGZLWKVWXG\GUXJWKHQWKHGDWHWKHLQIRUPHGFRQVHQWZDVVLJQHGZLOOEH
XVHGLQVWHDGRIWKHILUVWGRVHGDWHRIVWXG\GUXJ)RUVRPHFRXQWULHVRQO\ELUWK\HDULVFROOHFWHG
RQWKHFDVHUHSRUWIRUP&5),QWKRVHFDVHV³-DQXDU\´ZLOOEHXVHGIRUWKHXQNQRZQELUWK
GD\DQGPRQWKIRUWKHSXUSRVHRIDJHFDOFXODWLRQXQOHVVDJHLVFDSWXUHGRQWKH&5)


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH
1RQSKDUPDFRNLQHWLFV3.GDWDWKDWDUHFRQWLQXRXVLQQDWXUHEXWDUHOHVVWKDQWKHORZHUOLPLWRI
TXDQWLWDWLRQRUDERYHWKHXSSHUOLPLWRITXDQWLWDWLRQZLOOEHLPSXWHGDVIROORZV
x $YDOXHWKDWLVRQHXQLWOHVVWKDQWKHOLPLWRITXDQWLWDWLRQZLOOEHXVHGIRUFDOFXODWLRQRI
GHVFULSWLYHVWDWLVWLFVLIWKHGDWXPLVUHSRUWHGLQWKHIRUPRI³[´ZKHUH[LVFRQVLGHUHGWKH
OLPLWRITXDQWLWDWLRQ)RUH[DPSOHLIWKHYDOXHVDUHUHSRUWHGDVDQGYDOXHVRI
DQGUHVSHFWLYHO\ZLOOEHXVHGIRUFDOFXODWLRQRIVXPPDU\VWDWLVWLFV$QH[FHSWLRQIRU
WKLVUXOHLVDQ\YDOXHUHSRUWHG)RUWKHYDOXHVUHSRUWHGDVRUYDOXHVRI
RUZLOOEHXVHGIRUFDOFXODWLRQRIVXPPDU\VWDWLVWLFV
x $YDOXHWKDWLVRQHXQLWDERYHWKHOLPLWRITXDQWLWDWLRQZLOOEHXVHGIRUFDOFXODWLRQRI
GHVFULSWLYHVWDWLVWLFVLIWKHGDWXPLVUHSRUWHGLQWKHIRUPRI³![´ZKHUH[LVFRQVLGHUHGWKH
OLPLWRITXDQWLWDWLRQ9DOXHVZLWKGHFLPDOSRLQWVZLOOIROORZWKHVDPHORJLFDVDERYH
x 7KHOLPLWRITXDQWLWDWLRQZLOOEHXVHGIRUFDOFXODWLRQRIGHVFULSWLYHVWDWLVWLFVLIWKHGDWXPLV
UHSRUWHGLQWKHIRUPRI³[´RU³[´ZKHUH[LVFRQVLGHUHGWKHOLPLWRITXDQWLWDWLRQ
7KH&2%$6$PSOL3UHS&2%$67DT0DQ+&94XDQWLWDWLYH7HVWYZDVXVHGWR
GHWHUPLQH+&951$UHVXOWVLQWKLVVWXG\7KH//24RIWKHDVVD\LV,8P/
:KHQWKHFDOFXODWHG+&951$YDOXHLVZLWKLQWKHOLQHDUUDQJHRIWKHDVVD\WKHQWKHUHVXOWZLOO
EHUHSRUWDV³QXPHULFYDOXH!!,8P/´7KLVUHVXOWLVUHIHUUHGWRLQWKLVGRFXPHQWDVWKH
QXPHULFUHVXOWRUDV³//24GHWHFWHG´IRUFDWHJRULFDOUHVXOW
:KHQ+&951$LVQRWGHWHFWHGWKHUHVXOWLVUHSRUWHGDV³1R+&951$GHWHFWHG´RU³WDUJHW
QRWGHWHFWHG´7KLVUHVXOWZLOOEHUHIHUUHGWRLQWKLVGRFXPHQWDV³//24WDUJHWQRWGHWHFWHG´RU
³//2471'´
:KHQWKH+&951$,8P/LVOHVVWKDQ//24RIWKHDVVD\WKHUHVXOWLVUHSRUWHGDV
³,8P/+&951$GHWHFWHG´7KLVUHVXOWZLOOEHUHIHUUHGWRLQWKLVGRFXPHQWDV
³//24GHWHFWHG´
7KHRYHUDOOFDWHJRU\RI+&951$//24LQFOXGHV³//2471'´DQG³//24GHWHFWHG´
)RUQXPHULFDO+&951$GDWDYDOXHVEHORZ//24ZLOOEHVHWWRWKH//24±,8P/+&9
51$YDOXHVUHWXUQHGDV³12+&951$GHWHFWHG´ZLOODOVREHVHWWR//24±,8P/
)RUVHOHFWHGDQDO\VHV+&951$GDWD,8P/ZLOOEHWUDQVIRUPHGWRWKHORJDULWKPLFEDVH
VFDOHORJ,8P/
1DWXUDOORJDULWKPWUDQVIRUPDWLRQZLOOEHXVHGIRUSODVPDEORRGFRQFHQWUDWLRQVDQGDQDO\VLVRI
3.SDUDPHWHUV3ODVPDFRQFHQWUDWLRQYDOXHVWKDWDUHEHORZWKHORZHUOLPLWRITXDQWLWDWLRQ%/4
ZLOOEHSUHVHQWHGDV³%/4´LQWKHFRQFHQWUDWLRQGDWDOLVWLQJ


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH

9LVLW:LQGRZV

'HILQLWLRQRI6WXG\'D\
6WXG\GD\LVWKHGD\UHODWLYHWRWKHGDWHRIWKHILUVWGRVHRIVWXG\GUXJ6WXG\'D\ZLOOEH
GHILQHGDVWKHGDWHRIWKHILUVWGRVHRIVWXG\GUXJDGPLQLVWUDWLRQ
6WXG\GD\ZLOOEHFDOFXODWHGIURPWKHGDWHRIILUVWGRVHRIVWXG\GUXJDQGGHULYHGDVIROORZV
x )RUSRVWGRVHVWXG\GD\V$VVHVVPHQW'DWH±)LUVW'RVH'DWH
x )RUGD\VSULRUWRWKHILUVWGRVH$VVHVVPHQW'DWH±)LUVW'RVH'DWH
7KHODVWGRVHGDWHIRUDQLQGLYLGXDOVWXG\GUXJZLOOEHWKHHQGGDWHRQWKHVWXG\GUXJ
DGPLQLVWUDWLRQH&5)IRUWKHUHFRUGZKHUHWKH³VXEMHFWSHUPDQHQWO\GLVFRQWLQXHG´IODJLVµ<HV¶
7KHODVWGRVHGDWHZLOOEHGHILQHGDVWKHPD[LPXPRIWKHODVWGRVHGDWHVRILQGLYLGXDOVWXG\
GUXJVLQDWUHDWPHQWJURXS
,IWKHUHDUHVXEMHFWVIRUZKRPWKHGDWHRIODVWVWXG\GUXJLVXQNQRZQGXHWRWKHUHDVRQWKDWWKH
VXEMHFWZDVORVWWRIROORZXSDQGQRWDEOHWREHFRQWDFWHGWKHGDWHRIODVWGRVHZLOOEHHVWLPDWHG
XVLQJWKHPD[LPXPRIQRQPLVVLQJVWXG\GUXJVWDUWRUVWRSGDWHVYLVLWGDWHVDQGODERUDWRU\
FROOHFWLRQGDWHVSRVWWUHDWPHQWYLVLWVDQGXQVFKHGXOHGYLVLWVDUHQRWLQFOXGHG

$QDO\VLV:LQGRZV
6XEMHFWYLVLWVPLJKWQRWRFFXURQSURWRFROVSHFLILHGGD\V7KHUHIRUHIRUWKHSXUSRVHVRIDQDO\VLV
REVHUYDWLRQVZLOOEHDVVLJQHGWRDQDO\VLVZLQGRZV
,QJHQHUDOWKHEDVHOLQHYDOXHZLOOEHWKHODVWQRQPLVVLQJYDOXHRQRUSULRUWRWKHILUVWGRVHGDWH
RIVWXG\GUXJ
+&951$YLWDOVLJQVDQGVDIHW\ODERUDWRU\GDWDFROOHFWHGXSWRWKHODVWGRVHGDWHGD\VDUH
FRQVLGHUHGWREHRQWUHDWPHQWGDWDDQG+&951$YLWDOVLJQVDQGVDIHW\ODERUDWRU\GDWD
FROOHFWHGDIWHUWKHODVWGRVHGDWHGD\VDUHFRQVLGHUHGSRVWWUHDWPHQWGDWD7KHDQDO\VLV
ZLQGRZVIRURQWUHDWPHQW+&951$YLWDOVLJQVDQGVDIHW\ODERUDWRU\GDWDDUHSURYLGHGLQ
7DEOH


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH
7DEOH
$QDO\VLV:LQGRZVIRU2QWUHDWPHQW+&951$9LWDO6LJQVDQG
6DIHW\/DERUDWRU\'DWD
1RPLQDO9LVLW
62)9(/5%9:HHNV
62)9(/5%9:HHNV
1RPLQDO'D\
/RZHU/LPLW
8SSHU/LPLW
1RPLQDO'D\
/RZHU/LPLW
8SSHU/LPLW
%DVHOLQH

QRQH


QRQH

:HHN






:HHN






:HHN






:HHN






:HHN






:HHN






:HHN






:HHN






:HHN






:HHN
1$
1$
1$



:HHN
1$
1$
1$



:HHN
1$
1$
1$




+&951$YLWDOVLJQDQGVDIHW\ODERUDWRU\GDWDFROOHFWHGDIWHUWKHODVWGRVHGDWHGD\VZLOO
EHDVVLJQHGWRWKHSRVWWUHDWPHQWIROORZXS)8YLVLW9LVLWZLQGRZVZLOOEHFDOFXODWHGIURPWKH
ODVWGRVHGDWHLH)8'D\ FROOHFWLRQGDWHPLQXVWKHODVWGRVHGDWHDVVKRZQLQ7DEOH
7DEOH
$QDO\VLV:LQGRZVIRU3RVWWUHDWPHQW+&951$9LWDO6LJQVDQG
6DIHW\/DERUDWRU\'DWD
1RPLQDO)8D9LVLW
+&951$9LWDO6LJQ
9LWDO6LJQVDQG6DIHW\/DERUDWRU\'DWDE
1RPLQDO
)8'D\
/RZHU/LPLW
8SSHU/LPLW
1RPLQDO
)8'D\
/RZHU/LPLW
8SSHU/LPLW
)8






)8



1$
1$
1$
)8



1$
1$
1$
D
)8[YLVLW SRVWWUHDWPHQW:HHN[IROORZXSYLVLW
E
9LWDOVLJQVDQGVDIHW\ODEVZLOORQO\EHVXPPDUL]HGIRUWKH)8YLVLWXSWRGD\VDIWHUODVWGRVH
(&*GDWDLVFROOHFWHGDWEDVHOLQHRQO\4XDOLWDWLYHDVVHVVPHQWVRIZKHWKHUWKH(&*LVQRUPDORU
DEQRUPDOZLOOEHDVVHVVHGDWEDVHOLQH


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH

6HOHFWLRQRI'DWDLQWKH(YHQWRI0XOWLSOH5HFRUGVLQDQ$QDO\VLV:LQGRZ
'HSHQGLQJRQWKHVWDWLVWLFDODQDO\VLVPHWKRGVLQJOHYDOXHVPD\EHUHTXLUHGIRUHDFKDQDO\VLV
ZLQGRZ)RUH[DPSOHFKDQJHIURPEDVHOLQHE\YLVLWXVXDOO\UHTXLUHVDVLQJOHYDOXHZKHUHDVD
WLPHWRHYHQWDQDO\VLVZRXOGQRWUHTXLUHRQHYDOXHSHUDQDO\VLVZLQGRZ
,IPXOWLSOHYDOLGQRQPLVVLQJQXPHULFREVHUYDWLRQVH[LVWLQDQDQDO\VLVZLQGRZDQGDVLQJOH
YDOXHLVQHHGHGUHFRUGVZLOOEHFKRVHQEDVHGRQWKHIROORZLQJUXOHV
x )RUEDVHOLQHWKHODVWDYDLODEOHUHFRUGRQRUSULRUWRWKHGDWHRIWKHILUVWGRVHRIVWXG\GUXJ
ZLOOEHVHOHFWHG,IWKHUHDUHPXOWLSOHUHFRUGVZLWKWKHVDPHWLPHRUQRWLPHUHFRUGHGRQWKH
VDPHGD\WKHDYHUDJHDULWKPHWLFPHDQZLOOEHXVHGIRUWKHEDVHOLQHYDOXH,IPXOWLSOH(&*
PHDVXUHPHQWVRFFXURQWKHVDPHGD\SULRUWRILUVWGRVHRIDQ\VWXG\GUXJWKHDYHUDJHZLOOEH
XVHGDVEDVHOLQHYDOXHIRUFRQWLQXRXVGDWDUHJDUGOHVVRIWKHWLPLQJRIWKHVHPXOWLSOH(&*
PHDVXUHPHQWV
x )RUSRVWEDVHOLQHYLVLWV
 7KHUHFRUGFORVHVWWRWKHQRPLQDOGD\IRUWKDWYLVLWZLOOEHVHOHFWHGH[FHSWIRU+&951$
SRVWWUHDWPHQWIROORZXSYLVLWVIRUZKLFKWKHODWHVWUHFRUGLQWKHDQDO\VLVZLQGRZZLOOEH
VHOHFWHG
 ,IWKHUHDUHUHFRUGVWKDWDUHHTXLGLVWDQWIURPWKHQRPLQDOGD\WKHODWHUUHFRUGZLOOEH
VHOHFWHG
 ,IWKHUHLVPRUHWKDQUHFRUGRQWKHVHOHFWHGGD\WKHDYHUDJHZLOOEHWDNHQXQOHVV
RWKHUZLVHVSHFLILHG
,IPXOWLSOHYDOLGQRQPLVVLQJFDWHJRULFDOREVHUYDWLRQVH[LVWLQDZLQGRZUHFRUGVZLOOEHVHOHFWHG
DVIROORZV
x )RUEDVHOLQHWKHODVWDYDLODEOHUHFRUGRQRUSULRUWRWKHGDWHRIWKHILUVWGRVHRIVWXG\GUXJ
ZLOOEHVHOHFWHG,IWKHUHDUHPXOWLSOHUHFRUGVZLWKWKHVDPHWLPHRUQRWLPHUHFRUGHGRQWKH
VDPHGD\WKHYDOXHZLWKWKHORZHVWVHYHULW\ZLOOEHVHOHFWHGHJQRUPDOZLOOEHVHOHFWHGRYHU
DEQRUPDO,IPXOWLSOH(&*PHDVXUHPHQWVRFFXURQWKHVDPHGD\SULRUWRILUVWGRVHRIDQ\
VWXG\GUXJWKHYDOXHZLWKWKHORZHVWVHYHULW\ZLOOEHVHOHFWHGUHJDUGOHVVRIWKHWLPLQJRI
WKHVHPXOWLSOH(&*PHDVXUHPHQWV
x )RUSRVWEDVHOLQHYLVLWVIROORZWKHVDPHUXOHVGHVFULEHGDERYHIRUSRVWEDVHOLQHQXPHULF
REVHUYDWLRQVH[FHSWWKDWLIWKHUHDUHPXOWLSOHUHFRUGVRQWKHVDPHGD\WKHPRVWFRQVHUYDWLYH
YDOXHZLOOEHVHOHFWHGHJDEQRUPDOZLOOEHVHOHFWHGRYHUQRUPDO


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH

68%-(&7',6326,7,21

6XEMHFW(QUROOPHQWDQG'LVSRVLWLRQ
$VXPPDU\RIVXEMHFWHQUROOPHQWZLOOEHSURYLGHGIRUHDFKLQYHVWLJDWRUZLWKLQ-DSDQE\
WUHDWPHQWJURXSDQGWRWDO7KHVXPPDU\ZLOOSUHVHQWWKHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVLQ
WKH6DIHW\$QDO\VLV6HW)RUHDFKFROXPQWKHGHQRPLQDWRUIRUWKHSHUFHQWDJHFDOFXODWLRQZLOOEH
WKHWRWDOQXPEHURIVXEMHFWVDQDO\]HGIRUWKDWFROXPQ
$VLPLODUUDQGRPL]DWLRQWDEOHZLOOEHSURYLGHGE\UDQGRPL]DWLRQVWUDWXPIRUHDFKWUHDWPHQW
JURXSDQGWRWDO7KHGHQRPLQDWRUIRUWKHSHUFHQWDJHRIVXEMHFWVLQWKHVWUDWXPZLOOEHWKHWRWDO
QXPEHURIVXEMHFWVLQWKH6DIHW\$QDO\VLV6HWZLWKLQWKDWVWUDWXPIRUHDFKWUHDWPHQWJURXSDQG
WRWDO,IWKHUHDUHGLVFUHSDQFLHVLQWKHYDOXHXVHGIRUVWUDWLILFDWLRQDVVLJQPHQWEHWZHHQWKH
,QWHUDFWLYH:HE5HVSRQVH6\VWHP,:56DQGWKHFOLQLFDOGDWDEDVHLQFOXGLQJ&5)DQG
ODERUDWRU\GDWDWKHYDOXHFROOHFWHGLQWKHFOLQLFDOGDWDEDVHZLOOEHXVHGIRUWKHVXPPDU\$
OLVWLQJRIVXEMHFWVZLWKWKH,:56UDQGRPL]DWLRQVWUDWDWKDWGLIIHUIURPVWUDWLILFDWLRQIDFWRUGDWD
HQWHUHGLQWKHFOLQLFDOGDWDEDVHDWWKHWLPHRIGDWDILQDOL]DWLRQZLOOEHSURYLGHG
7KHUDQGRPL]DWLRQVFKHGXOHXVHGIRUWKHVWXG\ZLOOEHSURYLGHGDVDQDSSHQGL[WRWKH&65
$VXPPDU\RIVXEMHFWGLVSRVLWLRQZLOOEHSURYLGHGE\WUHDWPHQWJURXSDQGWRWDO7KLVVXPPDU\
ZLOOSUHVHQWWKHQXPEHURIVXEMHFWVVFUHHQHGWKHQXPEHURIVXEMHFWVQRWUDQGRPL]HGWKHQXPEHU
RIVXEMHFWVUDQGRPL]HGWKHQXPEHURIVXEMHFWVUDQGRPL]HGEXWQHYHUWUHDWHGUDQGRPL]HGDQG
WUHDWHGLHVDIHW\DQDO\VLVVHW)$63.DQDO\VLVVHWDQGWKHQXPEHUDQGSHUFHQWDJHRIVXEMHFWV
LQHDFKRIWKHFDWHJRULHVOLVWHGEHORZ)RUWKH³7UHDWHG´FDWHJRU\WKHGHQRPLQDWRUIRUWKH
SHUFHQWDJHFDOFXODWLRQZLOOEHWKHWRWDOQXPEHURIVXEMHFWVUDQGRPL]HGIRUHDFKFROXPQ)RUDOO
RWKHUFDWHJRULHVWKHGHQRPLQDWRUIRUWKHSHUFHQWDJHFDOFXODWLRQZLOOEHWKHWRWDOQXPEHURI
VXEMHFWVLQWKH6DIHW\$QDO\VLV6HWIRUHDFKFROXPQ
x &RPSOHWHGVWXG\WUHDWPHQW
x 'LGQRWFRPSOHWHVWXG\WUHDWPHQWZLWKUHDVRQVIRUSUHPDWXUHGLVFRQWLQXDWLRQRIVWXG\
WUHDWPHQW
x &RPSOHWHGVWXG\
x 'LGQRWFRPSOHWHVWXG\ZLWKUHDVRQIRUSUHPDWXUHGLVFRQWLQXDWLRQRIVWXG\
$PRQJVXEMHFWVZKRFRPSOHWHGVWXG\WUHDWPHQWDQGZKRGLVFRQWLQXHGVWXG\WUHDWPHQWWKH
QXPEHUDQGSHUFHQWDJHRIVXEMHFWVZLOOEHVXPPDUL]HGIRU
x :KRKDGQR+&9SRVWWUHDWPHQW:HHNDVVHVVPHQWDQGWKHUHDIWHU1R+&9)8DQG
WKHUHDIWHU
x :KRKDG+&9SRVWWUHDWPHQW:HHNDVVHVVPHQWEXWQR+&9SRVWWUHDWPHQW:HHNDQG
WKHUHDIWHU:LWK+&9)8EXW1R)8DQGWKHUHDIWHU


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH
,IDVXEMHFWGLGQRWKDYHDQ\+&951$DVVHVVPHQWGD\VDIWHUWKHODVWGRVHRIDQ\VWXG\
GUXJLHORZHUERXQGRI)8YLVLWIRU+&951$GDWDWKHVXEMHFWLVFDWHJRUL]HGDVKDYLQJ
³1R+&9)8DQGWKHUHDIWHU´,IDVXEMHFWKDGWKH+&9)8DVVHVVPHQWEXWGLGQRWKDYHDQ\
+&951$DVVHVVPHQWGD\VDIWHUWKHODVWGRVHRIDQ\VWXG\GUXJLHORZHUERXQGRI
)8YLVLWIRU+&951$GDWDWKHVXEMHFWLVFDWHJRUL]HGDVKDYLQJ³:LWK+&9)8EXW
1R)8DQGWKHUHDIWHU´
,QDGGLWLRQWKHWRWDOQXPEHURIVXEMHFWVZKRZHUHUDQGRPL]HGDQGWKHQXPEHURIVXEMHFWVLQ
HDFKRIWKHGLVSRVLWLRQFDWHJRULHVOLVWHGDERYHZLOOEHGHSLFWHGE\DIORZFKDUW
7KHIROORZLQJE\VXEMHFWOLVWLQJVZLOOEHSURYLGHGE\VXEMHFWLGHQWLILFDWLRQ,'QXPEHULQ
DVFHQGLQJRUGHUWRVXSSRUWWKHDERYHVXPPDU\WDEOHV
x 'LVSRVLWLRQIRUVXEMHFWVZKRFRPSOHWHVWXG\WUHDWPHQWDQGVWXG\
x 'LVSRVLWLRQIRUVXEMHFWVZKRGLGQRWFRPSOHWHVWXG\WUHDWPHQWDQGRUVWXG\ZLWKUHDVRQVIRU
SUHPDWXUHGLVFRQWLQXDWLRQRIVWXG\WUHDWPHQWDQGRUVWXG\
x /RWQXPEHUDQGNLW,'LIDSSOLFDEOH

([WHQWRI([SRVXUH
([WHQWRIH[SRVXUHWRVWXG\GUXJZLOOEHH[DPLQHGE\DVVHVVLQJWKHWRWDOGXUDWLRQRIVWXG\GUXJ
H[SRVXUHDQGWKHOHYHORIDGKHUHQFHWRWKHVWXG\GUXJUHJLPHQDVVSHFLILHGLQWKHVWXG\SURWRFRO

'XUDWLRQRI([SRVXUHWR6WXG\'UXJ
7RWDOGXUDWLRQRIH[SRVXUHWRVWXG\GUXJZLOOEHGHILQHGDVODVWGRVHGDWHíILUVWGRVHGDWH
UHJDUGOHVVRIDQ\WHPSRUDU\LQWHUUXSWLRQVLQVWXG\GUXJDGPLQLVWUDWLRQDQGZLOOEHH[SUHVVHGLQ
ZHHNVXVLQJXSWRGHFLPDOSODFHHJZHHNV
7KHWRWDOGXUDWLRQRIH[SRVXUHWRVWXG\GUXJZLOOEHVXPPDUL]HGXVLQJGHVFULSWLYHVWDWLVWLFV
QPHDQ6'PHGLDQ44PLQLPXPDQGPD[LPXPDQGWKHQXPEHUDQGSHUFHQWDJHRI
VXEMHFWVLHFXPXODWLYHFRXQWVH[SRVHGWKURXJKWKHIROORZLQJWLPHSHULRGVEDVHOLQH'D\
:HHN'D\:HHN'D\:HHN'D\:HHN'D\:HHN'D\
:HHN'D\:HHN'D\:HHN'D\:HHN'D\DQGIRUWKHZHHN
DUPRQO\:HHN'D\:HHN'D\DQG:HHN'D\$GD\ZLQGRZ
ZLOOEHDSSOLHGWRWKHODVWSODQQHGRQWUHDWPHQWYLVLWWRPDWFKZLWKWKHSURWRFROVSHFLILHGYLVLW
ZLQGRZLHWKHQXPEHURIVXEMHFWVH[SRVHGWKURXJK:HHNRU:HHNZLOOEHFDOFXODWHGDV
WKHQXPEHURIVXEMHFWVZKRZHUHH[SRVHGWRVWXG\GUXJIRUDWOHDVWGD\VRUGD\V
UHVSHFWLYHO\6XPPDULHVZLOOEHSURYLGHGE\WUHDWPHQWJURXSIRUWKH6DIHW\$QDO\VLV6HW

$GKHUHQFHWR6WXG\'UXJ
7KHWRWDOQXPEHURIWDEOHWVDGPLQLVWHUHGZLOOEHVXPPDUL]HGXVLQJGHVFULSWLYHVWDWLVWLFV
QPHDQ6'PHGLDQ44PLQLPXPDQGPD[LPXP


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH
7KHSUHVXPHGWRWDOQXPEHURIWDEOHWVDGPLQLVWHUHGWRDVXEMHFWZLOOEHGHWHUPLQHGE\WKHGDWD
FROOHFWHGRQWKHGUXJDFFRXQWDELOLW\&5)XVLQJWKHIROORZLQJIRUPXOD

 

¦
¦

 
5HWXUQHG
7DEOHWV

RI

1R
'LVSHQVHG
7DEOHWV

RI

1R
HG
$GPLQLVWHU

'RVHV
RI
1XPEHU

7RWDO


7KHOHYHORIDGKHUHQFHWRWKHVWXG\GUXJUHJLPHQZLOOEHDVVHVVHGEDVHGRQWKHWRWDODPRXQWRI
VWXG\GUXJDGPLQLVWHUHGUHODWLYHWRWKHWRWDODPRXQWRIVWXG\GUXJSUHVFULEHGDWEDVHOLQH
7KHOHYHORIDGKHUHQFHZLOOEHH[SUHVVHGLQSHUFHQWDJHXVLQJWKHIROORZLQJIRUPXOD


H
DW%DVHOLQ
G
3UHVFULEH
6WXG\'UXJ

RI
$PRXQW

7RWDO

HG
$GPLQLVWHU

6WXG\'UXJ

RI
$PRXQW

7RWDO



$GKHUHQFH

RI

/HYHO
u
¸
¹
·
¨
©
§
 


1RWH,IFDOFXODWHGDGKHUHQFHLVJUHDWHUWKDQWKHUHVXOWZLOOEHVHWWR
,QWKLVVWXG\WKHWRWDODPRXQWRI62)9(/PJPJSUHVFULEHGIRUDQGZHHNV
ZRXOGUHTXLUHDQGWDEOHWVUHVSHFWLYHO\ZHLJKWEDVHG5%9PJSUHVFULEHGIRU
DQGZHHNVZRXOGUHTXLUHWDEOHWVGD\IRUEDVHOLQHZHLJKWNJ
WDEOHWVGD\IRUEDVHOLQHZHLJKW!NJWRNJWDEOHWVRU
WDEOHWVGD\IRUEDVHOLQHZHLJKW!NJUHVSHFWLYHO\
6XEMHFWVZKRSUHPDWXUHO\GLVFRQWLQXHVWXG\GUXJGXHWRODFNRIHIILFDF\LHYLURORJLFIDLOXUH
ZLOOKDYHWKHWRWDODPRXQWRIVWXG\GUXJSUHVFULEHGFDOFXODWHGXSWRWKHILUVWGDWHWKDWYLURORJLF
IDLOXUHFULWHULDZHUHPHW)RUYLURORJLFIDLOXUHFRQILUPHGE\FRQVHFXWLYHPHDVXUHPHQWVWKH
GDWHRIWKHILUVWPHDVXUHPHQWZLOOEHXVHG,IWKHUHZHUHVWXG\GUXJERWWOHVGLVSHQVHGRQRUDIWHU
WKHGDWHWKDWWKHVXEMHFWILUVWPHWYLURORJLFIDLOXUHFULWHULDWKHVHERWWOHVZLOOQRWEHLQFOXGHGLQ
WKHFDOFXODWLRQRIDGKHUHQFH,IDERWWOHZDVGLVSHQVHGDQGWKHERWWOHZDVUHWXUQHGHPSW\WKHQ
WKHQXPEHURIWDEOHWVUHWXUQHGZLOOEHHQWHUHGDV]HUR,IDERWWOHZDVGLVSHQVHGEXWQRWUHWXUQHG
PLVVLQJWKHQXPEHURIWDEOHWVWDNHQIURPWKDWERWWOHZLOOEHFRXQWHGDV]HUR
'HVFULSWLYHVWDWLVWLFVIRUWKHOHYHORIDGKHUHQFHQPHDQ6'PHGLDQ44PLQLPXPDQG
PD[LPXPZLWKWKHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVEHORQJLQJWRDGKHUHQFHFDWHJRULHV
HJWRZLOOEHSURYLGHGE\WUHDWPHQWJURXSDQGWRWDOIRUWKH6DIHW\
$QDO\VLV6HW&DWHJRULFDOGLVSOD\VZLOOEHSURYLGHGIRUWKHQXPEHURIVXEMHFWVZKRZHUHDWOHDVW
DGKHUHQWWRWKHLUVWXG\GUXJUHJLPHQLHDGKHUHQFHZDVIRUHDFKRIWKHVWXG\GUXJV
1RLQIHUHQWLDOVWDWLVWLFVZLOOEHSURYLGHG
1RLQIHUHQWLDOVWDWLVWLFVZLOOEHSURYLGHGIRUGXUDWLRQRIH[SRVXUHDQGDGKHUHQFHWRVWXG\GUXJ


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH
$VHSDUDWHE\VXEMHFWOLVWLQJRIVWXG\GUXJDGPLQLVWUDWLRQDQGGUXJDFFRXQWDELOLW\ZLOOEH
SURYLGHGE\VXEMHFW,'QXPEHULQDVFHQGLQJRUGHUDQGYLVLWLQFKURQRORJLFDORUGHU

3URWRFRO'HYLDWLRQV
$VXPPDU\RILPSRUWDQWSURWRFROGHYLDWLRQVZLOOEHSURYLGHGE\WKH*LOHDG&OLQLFDO2SHUDWLRQV
JURXSIRUVXEMHFWVLQWKH6DIHW\$QDO\VLV6HW
6XEMHFWVZKRUHFHLYHGVWXG\GUXJRWKHUWKDQWKHLUUDQGRPL]HGWUHDWPHQWDVVLJQPHQWZLOOEH
OLVWHGZLWKWKHVWDUWDQGVWRSGDWHVWKDWWKH\UHFHLYHGLQFRUUHFWVWXG\GUXJ


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH

%$6(/,1(&+$5$&7(5,67,&6

'HPRJUDSKLFV
6XEMHFWGHPRJUDSKLFYDULDEOHVLHDJHVH[UDFHDQGHWKQLFLW\ZLOOEHVXPPDUL]HGE\WUHDWPHQW
JURXSJHQRW\SHDQGWRWDODQGWRWDOXVLQJGHVFULSWLYHVWDWLVWLFVQPHDQ6'PHGLDQ4
4PLQLPXPDQGPD[LPXPIRUDJHDQGXVLQJWKHQXPEHUVDQGSHUFHQWDJHVRIVXEMHFWVIRU
DJHFDWHJRULHV\HDUV\HDUVVH[UDFHDQGHWKQLFLW\$JHLVFDOFXODWHGLQ\HDUVDWWKH
GDWHRILQLWLDOVWXG\GUXJDGPLQLVWUDWLRQ,IDVXEMHFWGLGQRWUHFHLYHVWXG\GUXJDIWHU
UDQGRPL]DWLRQWKHVXEMHFW¶VDJHZLOOEHFDOFXODWHGIURPWKHGDWHWKDWWKHVXEMHFWVLJQHGWKH
LQIRUPHGFRQVHQWIRUP7KHVXPPDU\RIGHPRJUDSKLFGDWDZLOOEHSURYLGHGIRUWKH6DIHW\
$QDO\VLV6HW
$E\VXEMHFWGHPRJUDSKLFOLVWLQJZKLFKLQFOXGHVWKHGDWHWKHLQIRUPHGFRQVHQWZDVVLJQHGZLOO
EHSURYLGHGE\VXEMHFW,'QXPEHULQDVFHQGLQJRUGHU

2WKHU%DVHOLQH&KDUDFWHULVWLFV
2WKHUEDVHOLQHFKDUDFWHULVWLFVLQFOXGH
x ERG\PDVVLQGH[%0,LQNJPDVDFRQWLQXRXVYDULDEOHDQGDVFDWHJRULHVNJP
NJP
x +&9JHQRW\SHVXEW\SH>IXUWKHUEURNHQGRZQWRDEDQGRWKHULIDSSOLFDEOH@
>IXUWKHUEURNHQGRZQWRDEDQGRWKHULIDSSOLFDEOH@
x 1XPEHURISULRU'$$V!
x 1XPEHURISULRU+&9WUHDWPHQWUHJLPHQV!
x 3ULRU'$$V16$RQO\16$16%16$1616$16%1616%RQO\
16%16
x FLUUKRVLVFLUUKRVLVDEVHQFHRIFLUUKRVLVPLVVLQJ
x ,/%&&QRQ&&ZLWKQRQ&&IXUWKHUEURNHQGRZQWR&777
x EDVHOLQH+&951$ORJ,8P/DVDFRQWLQXRXVYDULDEOHDQGDVFDWHJRULHV
,8P/,8P/DQGORJ,8P/ORJ,8P/
x EDVHOLQH$/78/DVDFRQWLQXRXVYDULDEOHDQGDVFDWHJRULHVî8/1!î8/1
x PRVWUHFHQWSULRU+&9WUHDWPHQWUHVSRQVHQRQUHVSRQGHUUHODSVHEUHDNWKURXJKHDUO\
WUHDWPHQWGLVFRQWLQXDWLRQPHWDYLURORJLFVWRSSLQJUXOHQRWRWKHUZLVHOLVWHGRUXQNQRZQ
x HVWLPDWHGJORPHUXODUILOWUDWLRQUDWHH*)5XVLQJWKH&RFNFURIW*DXOWHTXDWLRQ


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH
H*)5ZLOOEHFDOFXODWHGE\WKH&RFNFURIW*DXOWPHWKRGH*)5&*P/PLQ >±DJH\UV
îZHLJKWNJîLIIHPDOH@VHUXPFUHDWLQLQHPJG/îZKHUHZHLJKWLVWRWDOERG\
PDVVLQNLORJUDPV
7KHVHEDVHOLQHFKDUDFWHULVWLFVZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXSJHQRW\SHDQGWRWDO
DQGWRWDOXVLQJGHVFULSWLYHVWDWLVWLFVQPHDQ6'PHGLDQ44PLQLPXPDQGPD[LPXP
IRUFRQWLQXRXVYDULDEOHVDQGXVLQJWKHQXPEHUVDQGSHUFHQWDJHVRIVXEMHFWVIRUFDWHJRULFDO
YDULDEOHV7KHVXPPDU\RIEDVHOLQHFKDUDFWHULVWLFVZLOOEHSURYLGHGIRUWKH6DIHW\$QDO\VLV6HW
$E\VXEMHFWOLVWLQJRIRWKHUEDVHOLQHFKDUDFWHULVWLFVZLOOEHSURYLGHGE\VXEMHFW,'QXPEHULQ
DVFHQGLQJRUGHU
$VHSDUDWHE\VXEMHFWGDWDOLVWLQJIRUFLUUKRVLVGHWHUPLQDWLRQDQGSULRU+&9WUHDWPHQWDQG
UHVSRQVHZLOOEHSURYLGHGIRUDOOVXEMHFWVDWVFUHHQLQJ

0HGLFDO+LVWRU\
*HQHUDOPHGLFDOKLVWRU\GDWDZLOOQRWEHFRGHGEXWZLOOEHOLVWHGRQO\
$E\VXEMHFWOLVWLQJRIGLVHDVHVSHFLILFPHGLFDOKLVWRU\ZLOOEHSURYLGHGE\VXEMHFW,'QXPEHULQ
DVFHQGLQJRUGHU


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH

()),&$&<$1$/<6(6

3ULPDU\(IILFDF\(QGSRLQW

'HILQLWLRQRIWKH3ULPDU\(IILFDF\(QGSRLQW
7KHSULPDU\HIILFDF\HQGSRLQWLVWKHSURSRUWLRQRIVXEMHFWVZLWK695GHILQHGDV+&9
51$//24LH,8P/ZHHNVDIWHUFHVVDWLRQRIWUHDWPHQW7KHSULPDU\DQDO\VLVZLOO
EHSHUIRUPHGDIWHUDOOUDQGRPL]HGVXEMHFWVKDYHEHHQIROORZHGWKURXJKZHHNVSRVWWUHDWPHQW
RUGLVFRQWLQXHGIURPVWXG\7KH&2%$6$PSOL3UHS&2%$67DT0DQ+&94XDQWLWDWLYH
7HVWYZLOOEHXVHGWRPHDVXUH+&951$

6WDWLVWLFDO+\SRWKHVLVIRUWKH3ULPDU\(IILFDF\(QGSRLQW
,QWKHSULPDU\HIILFDF\DQDO\VLVWKH695UDWHIRUJHQRW\SHVXEMHFWVLQHDFKRIWKHWZR
WUHDWPHQWJURXSVZLOOEHFRPSDUHGWRWKHSHUIRUPDQFHJRDORIXVLQJDVLGHGH[DFW
VDPSOHELQRPLDOWHVWDWWKHVLJQLILFDQFHOHYHO7KHQXOO+DQGDOWHUQDWLYH+
K\SRWKHVHVXVHGWRDVVHVVVXSHULRULW\RI62)9(/5%9UHODWLYHWRWKHSHUIRUPDQFHJRDORI
DUH
x +695UDWH 
x +695UDWH
7KH695QXOOUDWHLVGHULYHGIURP695UDWHVRIDQGIRU
WUHDWPHQWQDLYHSDWLHQWVZLWKJHQRW\SH+&9LQIHFWLRQDQGKLJKYLUDOORDGVWUHDWHGZLWK3(*
,)1DQG5%9IRUZHHNVFLWHGLQWKH-DSDQHVHSDFNDJHLQVHUWVIRU5(%(72/&DSVXOHV
PJ06'-XO\WKYHUVLRQDQG&23(*867DEOHWVPJ&KXJDL
3KDUPDFHXWLFDOV-XO\WK
YHUVLRQUHVSHFWLYHO\7KHZHLJKWHGDYHUDJHUDWHWKHQLV
 
,WLVLPSRUWDQWWRQRWHWKDWWKLVKLVWRULFDOFRQWUROUDWHLVDFRQVHUYDWLYHHVWLPDWH%HFDXVHWKHUHDUH
QRFXUUHQWO\DYDLODEOH,)1IUHHWUHDWPHQWRSWLRQVIRUWKHVHVXEMHFWVDQGEHFDXVHPDQ\RIWKHVH
VXEMHFWVZLOOKDYHDKLVWRU\RIWUHDWPHQWIDLOXUHZLWK,)1EDVHGWKHUDS\DQGRUPHGLFDO
FRPRUELGLWLHVSUHFOXGLQJWKHXVHRI,)1WKHDFWXDOUHVSRQVHUDWHRIWKLVSRSXODWLRQZRXOGOLNHO\
EHPXFKORZHUWKDQ
1RVWDWLVWLFDOK\SRWKHVLVWHVWLQJZLOOEHSHUIRUPHGLQJHQRW\SHVXEMHFWV

3ULPDU\$QDO\VLVRIWKH3ULPDU\(IILFDF\(QGSRLQW
7KHVLGHGH[DFWVDPSOHELQRPLDOWHVWZLOOEHXVHGWRWHVWWKHVWDWLVWLFDOK\SRWKHVHVGHVFULEHG
DERYH7KHVLGHGH[DFWFRQILGHQFHLQWHUYDO&,EDVHGRQWKH&ORSSHU3HDUVRQPHWKRG
^&ORSSHU`ZLOOEHSURYLGHGIRUWKH695UDWHIRUHDFKRIWKHWZRWUHDWPHQWJURXSVDQG
+&9JHQRW\SH>DERWKHU@DQGWRWDO


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH

6XEJURXS$QDO\VLVRIWKH3ULPDU\(IILFDF\(QGSRLQW
3RLQWHVWLPDWHVDQGH[DFW&,VRIWKH695UDWHVIRUHDFKWUHDWPHQWJURXSZLOOEHGLVSOD\HG
E\+&9JHQRW\SH>DERWKHU@DQGWRWDO6XEJURXSVDUHRXWOLQHGLQ6HFWLRQ

6HFRQGDU\(IILFDF\(QGSRLQWV

'HILQLWLRQRI6HFRQGDU\(IILFDF\(QGSRLQWV
6HFRQGDU\HIILFDF\HQGSRLQWVLQFOXGHWKHIROORZLQJ
x 7KHSURSRUWLRQRIVXEMHFWVZKRDWWDLQ695DWDQGZHHNVDIWHUFHVVDWLRQRIWUHDWPHQW
695DQG695
x 7KHSHUFHQWDJHRIVXEMHFWVZLWK+&951$//24ZKLOHRQWUHDWPHQWE\VWXG\YLVLW
x +&951$ORJ,8P/DQGFKDQJHIURPEDVHOLQHLQ+&951$ORJ,8P/WKURXJK
HQGRIWUHDWPHQW(27
x 7KHSHUFHQWDJHRIVXEMHFWVZLWKYLURORJLFIDLOXUHDVWKHIROORZLQJ
 2QWUHDWPHQWYLURORJLFIDLOXUH
Ŷ +&951$//24DIWHUKDYLQJSUHYLRXVO\KDG+&951$//24ZKLOHRQ
WUHDWPHQWFRQILUPHGE\FRQVHFXWLYHYDOXHV1RWHVHFRQGFRQILUPDWLRQYDOXHPD\
EHSRVWWUHDWPHQWRUODVWDYDLODEOHRQWUHDWPHQWPHDVXUHPHQWZLWKQRVXEVHTXHQW
IROORZXSYDOXHVLHEUHDNWKURXJK
Ŷ !ORJ,8P/LQFUHDVHLQ+&951$IURPQDGLUZKLOHRQWUHDWPHQWFRQILUPHGE\
FRQVHFXWLYHYDOXHV1RWHVHFRQGFRQILUPDWLRQYDOXHPD\EHSRVWWUHDWPHQWRUODVW
DYDLODEOHRQWUHDWPHQWPHDVXUHPHQWZLWKQRVXEVHTXHQWIROORZXSYDOXHV
LHUHERXQG
Ŷ +&951$SHUVLVWHQWO\//24WKURXJKZHHNVRIWUHDWPHQWLHQRQUHVSRQVH
 5HODSVH
Ŷ +&951$//24GXULQJWKHSRVWWUHDWPHQWSHULRGKDYLQJDFKLHYHG+&951$
//24DW(27FRQILUPHGE\FRQVHFXWLYHYDOXHVRUODVWDYDLODEOHSRVWWUHDWPHQW
PHDVXUHPHQW
x &KDUDFWHUL]DWLRQRI+&9GUXJUHVLVWDQFHVXEVWLWXWLRQVDWEDVHOLQHGXULQJDQGDIWHUWKHUDS\
ZLWK62)9(/5%9

$QDO\VLV0HWKRGVIRU6HFRQGDU\(IILFDF\(QGSRLQWV
)RUDQDO\VHVRI+&951$//24E\YLVLWZKLOHRQWUHDWPHQWDQGGXULQJWKHSRVWWUHDWPHQW
695IROORZXSSHULRGVXEMHFWVZLOOEHDVVLJQHGDYDOXHDWHDFKYLVLWEDVHGRQWKHDQDO\VLVYLVLW
ZLQGRZVVSHFLILHGLQ6HFWLRQ0LVVLQJYDOXHVZLOOEHLPSXWHGEDVHGRQWKHFDWHJRULFDO
LPSXWDWLRQUXOHVGHVFULEHGLQ6HFWLRQ7KHWZRVLGHGH[DFWFRQILGHQFHLQWHUYDOEDVHG
RQWKH&ORSSHU3HDUVRQPHWKRGZLOOEHSURYLGHGE\+&9JHQRW\SH>DERWKHU@DQG
WRWDOIRUWKHSHUFHQWDJHRIVXEMHFWVZLWK+&951$//24DWHDFKYLVLWZLWKLQHDFKWUHDWPHQW






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


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH

,QFRPSOHWH'DWHV
,IWKHRQVHWGDWHRIDQ$(LVLQFRPSOHWHWKHQWKHPRQWKDQG\HDURU\HDUDORQHLIPRQWKLVQRW
UHFRUGHGRIRQVHWZLOOGHWHUPLQHZKHWKHUDQ$(LVWUHDWPHQWHPHUJHQWDVORQJDVWKH$(VWRS
GDWHLVQRWSULRUWRWKHILUVWGRVHGDWHRIVWXG\GUXJ7KHHYHQWZLOOEHFRQVLGHUHGWUHDWPHQW
HPHUJHQWLIERWKRIWKHIROORZLQJFULWHULDDUHPHW
x 7KH$(RQVHWDQGHQGGDWHVDUHWKHVDPHDVRUDIWHUWKHPRQWKDQG\HDURU\HDURIWKHILUVW
GRVHGDWHRIVWXG\GUXJ
x 7KH$(RQVHWGDWHLVWKHVDPHDVRUEHIRUHGD\VDIWHUWKHGDWHRIWKHODVWGRVHRIVWXG\
GUXJ
$Q$(ZLWKFRPSOHWHO\PLVVLQJRQVHWDQGVWRSGDWHVRUZLWKWKHRQVHWGDWHPLVVLQJDQGDVWRS
GDWHODWHUWKDQWKHILUVWGRVHGDWHRIVWXG\GUXJZLOOEHFRQVLGHUHGWREHWUHDWPHQWHPHUJHQW

6XPPDULHVRI$GYHUVH(YHQWVDQG'HDWKV
$EULHIKLJKOHYHOVXPPDU\RI7($(VZLOOEHSURYLGHGE\WUHDWPHQWJURXSDQGWRWDODQGE\WKH
QXPEHUDQGSHUFHQWDJHRIVXEMHFWVZKRKDGWKHIROORZLQJDQ\$(DQ\$(RI*UDGHRUDERYH
DQ\$(RI*UDGHRUDERYHDQ\WUHDWPHQWUHODWHG$(DQ\WUHDWPHQWUHODWHG$(RI*UDGHRU
DERYHDQ\WUHDWPHQWUHODWHG$(RI*UDGHRUDERYHDQ\6$(DQ\WUHDWPHQWUHODWHG6$(DQ\
$(WKDWOHGWRSUHPDWXUHGLVFRQWLQXDWLRQRIDQ\VWXG\GUXJDQ\$(WKDWOHGWRSUHPDWXUH
GLVFRQWLQXDWLRQRI62)9(/DQ\$(WKDWOHGWRSUHPDWXUHGLVFRQWLQXDWLRQRI5%9DQ\$(WKDW
OHGWRSUHPDWXUHGLVFRQWLQXDWLRQRIDOOVWXG\GUXJVDQ\$(WKDWOHGWRPRGLILFDWLRQRU
LQWHUUXSWLRQRIDQ\VWXG\GUXJDQ\$(WKDWOHGWRLQWHUUXSWLRQRI62)9(/DQ\$(WKDWOHGWR
PRGLILFDWLRQRULQWHUUXSWLRQRI5%9DQ\$(WKDWOHGWRPRGLILFDWLRQRULQWHUUXSWLRQRIDOOVWXG\
GUXJV$OOGHDWKVLQFOXGLQJWKRVHWKDWZHUHWUHDWPHQWHPHUJHQWDQGWKRVHWKDWZHUHQRW
WUHDWPHQWHPHUJHQWREVHUYHGGXULQJWKHVWXG\ZLOODOVREHVXPPDUL]HGDQGLQFOXGHGLQWKLV
WDEOH
$EULHIVXPPDU\RI$(VE\DJHJURXSLH\HDUV\HDUVDQGE\FLUUKRVLVVWDWXVZLOODOVR
EHH[SORUHG
$GYHUVHHYHQWVXPPDULHVZLOOSURYLGHWKHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVZLWK7($(VE\
62&DQG37E\DJHJURXSE\WUHDWPHQWJURXSDQGWRWDOEDVHGRQWKH6DIHW\$QDO\VLV6HWDV
IROORZV
x $OO$(V
x $(VRI*UDGHRUDERYH
x $(VRI*UDGHRUDERYH
x $OOWUHDWPHQWUHODWHG$(V


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH
x 7UHDWPHQWUHODWHG$(VRI*UDGHRUDERYH
x 7UHDWPHQWUHODWHG$(VRI*UDGHRUDERYH
x $OO6$(V
x $OOWUHDWPHQWUHODWHG6$(V
x $(VOHDGLQJWRSUHPDWXUHGLVFRQWLQXDWLRQRIDQ\VWXG\GUXJ
x $(VOHDGLQJWRSUHPDWXUHGLVFRQWLQXDWLRQRI62)9(/
x $(VOHDGLQJWRSUHPDWXUHGLVFRQWLQXDWLRQRI5%9
x $(VOHDGLQJWRSUHPDWXUHGLVFRQWLQXDWLRQRIDOOVWXG\GUXJV
x $(VOHDGLQJWRPRGLILFDWLRQRULQWHUUXSWLRQRIDQ\VWXG\GUXJ
x $(VOHDGLQJWRLQWHUUXSWLRQRI62)9(/
x $(VOHDGLQJWRPRGLILFDWLRQRULQWHUUXSWLRQRI5%9
x $(VOHDGLQJWRPRGLILFDWLRQRULQWHUUXSWLRQRIDOOVWXG\GUXJV
0XOWLSOHHYHQWVZLOOEHFRXQWHGRQFHRQO\SHUVXEMHFWLQHDFKVXPPDU\$GYHUVHHYHQWVZLOOEH
VXPPDUL]HGDQGOLVWHGILUVWLQDOSKDEHWLFRUGHURI62&DQGWKHQE\37LQRUGHURIGHVFHQGLQJ
LQFLGHQFHLQWKHRYHUDOOJURXSZLWKLQHDFK62&,QVXPPDULHVE\VHYHULW\JUDGHWKHPRVWVHYHUH
JUDGHZLOOEHXVHGIRUWKRVH$(VWKDWRFFXUUHGPRUHWKDQRQFHLQDQLQGLYLGXDOVXEMHFWGXULQJWKH
VWXG\
,QDGGLWLRQWRWKHDERYHVXPPDU\WDEOHV7($(VZLOODOVREHVXPPDUL]HGE\37RQO\LQRUGHURI
GHVFHQGLQJLQFLGHQFHIRU
x $(VWKDWRFFXUUHGLQDWOHDVWRIVXEMHFWV
x $(VRI*UDGHRUDERYH
x $OOWUHDWPHQWUHODWHG$(V
x $OO6$(V
x $(VOHDGLQJWRSUHPDWXUHGLVFRQWLQXDWLRQRIDQ\VWXG\GUXJ
x $(VOHDGLQJWRSUHPDWXUHGLVFRQWLQXDWLRQRI62)9(/
x $(VOHDGLQJWRSUHPDWXUHGLVFRQWLQXDWLRQRI5%9
x $(VOHDGLQJWRSUHPDWXUHGLVFRQWLQXDWLRQRIDOOVWXG\GUXJV
x $(VOHDGLQJWRPRGLILFDWLRQRULQWHUUXSWLRQRIDQ\VWXG\GUXJ


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH
x $(VOHDGLQJWRLQWHUUXSWLRQRI62)9(/
x $(VOHDGLQJWRPRGLILFDWLRQRULQWHUUXSWLRQRI5%9
x $(VOHDGLQJWRPRGLILFDWLRQRULQWHUUXSWLRQRIDOOVWXG\GUXJV
,QDGGLWLRQWRWKHE\WUHDWPHQWVXPPDULHVGHVFULEHGDERYHGDWDOLVWLQJVZLOOEHSURYLGHGIRUWKH
IROORZLQJ
x $OO$(V
x $(VRI*UDGHRUDERYH
x 6$(V
x 'HDWKV
x $(VOHDGLQJWRSUHPDWXUHGLVFRQWLQXDWLRQRIDQ\VWXG\GUXJ
x $(ZLWKFKDQJHVRWKHUWKDQUHVROXWLRQGDWHVEHWZHHQWKH695DQG695DQDO\VHV
SURYLGHGRQO\DWWKHILQDODQDO\VLV

/DERUDWRU\(YDOXDWLRQV
/DERUDWRU\GDWDFROOHFWHGGXULQJWKHVWXG\ZLOOEHDQDO\]HGDQGVXPPDUL]HGXVLQJERWK
TXDQWLWDWLYHDQGTXDOLWDWLYHPHWKRGV6XPPDULHVRIODERUDWRU\GDWDZLOOEHSURYLGHGIRUWKH
6DIHW\$QDO\VLV6HWDQGZLOOLQFOXGHGDWDFROOHFWHGXSWRWKHODVWGRVHRIVWXG\GUXJSOXVGD\V
IRUVXEMHFWVZKRKDYHSHUPDQHQWO\GLVFRQWLQXHGVWXG\GUXJRUDOODYDLODEOHGDWDDWWKHWLPHRIWKH
GDWDEDVHVQDSVKRWIRUVXEMHFWVZKRZHUHRQJRLQJDWWKHWLPHRIDQLQWHULPDQDO\VLV7KHDQDO\VLV
ZLOOEHEDVHGRQYDOXHVUHSRUWHGLQFRQYHQWLRQDOXQLWV:KHQYDOXHVDUHEHORZWKHOLPLWRI
TXDQWLWDWLRQWKH\ZLOOEHOLVWHGDVVXFKDQGWKHFORVHVWLPSXWHGYDOXHZLOOEHXVHGIRUWKH
SXUSRVHRIFDOFXODWLQJVXPPDU\VWDWLVWLFV)RUH[DPSOHLI³´ZDVUHFRUGHGDYDOXHRI
ZLOOEHXVHGIRUWKHSXUSRVHRIFDOFXODWLQJVXPPDU\VWDWLVWLFVLI³´ZDVUHFRUGHGDYDOXH
RIZLOOEHXVHGIRUWKHSXUSRVHRIFDOFXODWLQJVXPPDU\VWDWLVWLFV+HPRO\]HGWHVWUHVXOWV
ZLOOQRWEHLQFOXGHGLQWKHDQDO\VLVEXWWKH\ZLOOEHOLVWHGLQE\VXEMHFWODERUDWRU\OLVWLQJV
$E\VXEMHFWOLVWLQJIRUODERUDWRU\WHVWUHVXOWVZLOOEHSURYLGHGE\VXEMHFW,'QXPEHUDQGYLVLWLQ
FKURQRORJLFDORUGHUIRUKHPDWRORJ\VHUXPFKHPLVWU\DQGXULQDO\VLVVHSDUDWHO\9DOXHVIDOOLQJ
RXWVLGHRIWKHUHOHYDQWUHIHUHQFHUDQJHDQGRUKDYLQJDVHYHULW\JUDGHRIRUKLJKHURQWKH
*LOHDG*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHVZLOOEH
IODJJHGLQWKHGDWDOLVWLQJVDVDSSURSULDWH
1RLQIHUHQWLDOVWDWLVWLFVZLOOEHJHQHUDWHG

6XPPDULHVRI1XPHULF/DERUDWRU\5HVXOWV
'HVFULSWLYHVWDWLVWLFVQPHDQ6'PHGLDQ44PLQLPXPDQGPD[LPXPZLOOEHSURYLGHG
E\WUHDWPHQWJURXSDQGWRWDOIRU$/7DVSDUWDWHDPLQRWUDQVIHUDVH$67WRWDOELOLUXELQDONDOLQH


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH
SKRVSKDWDVHKHPRJORELQUHWLFXORF\WHVUHGEORRGFHOO5%&ZKLWHEORRGFHOO:%&FRXQWV
QHXWURSKLOVO\PSKRF\WHVSODWHOHWV$OEXPLQDQGLQWHUQDWLRQDOQRUPDOL]HGUDWLR,15DV
IROORZV
x %DVHOLQHYDOXHV
x 9DOXHVDWHDFKSRVWEDVHOLQHYLVLW
x &KDQJHIURPEDVHOLQHDWHDFKSRVWEDVHOLQHYLVLW
$EDVHOLQHODERUDWRU\YDOXHZLOOEHGHILQHGDVWKHILQDODVVHVVPHQWSHUIRUPHGRQRUSULRUWRWKH
GDWHWLPHRIWKHILUVWGRVHRIVWXG\GUXJ&KDQJHIURPEDVHOLQHWRDSRVWEDVHOLQHYLVLWZLOOEH
GHILQHGDVYLVLWYDOXHíEDVHOLQHYDOXH7KHPHDQPHGLDQ44PLQLPXPDQGPD[LPXP
ZLOOEHGLVSOD\HGWRWKHUHSRUWHGQXPEHURIGLJLWVZLWK6'WRWKHUHSRUWHGQXPEHURIGLJLWV
SOXV
7KHPHGLDQ44RIWKHREVHUYHGYDOXHVIRU$/7$67WRWDOELOLUXELQDONDOLQHSKRVSKDWDVH
KHPRJORELQUHWLFXORF\WHV:%&QHXWURSKLOVO\PSKRF\WHVDQGSODWHOHWVZLOOEHSORWWHGXVLQJD
OLQHSORWE\WUHDWPHQWJURXSDQGWRWDODQGE\YLVLW
,QWKHFDVHRIPXOWLSOHYDOXHVLQDQDQDO\VLVZLQGRZGDWDZLOOEHVHOHFWHGIRUDQDO\VLVDV
GHVFULEHGLQ6HFWLRQ6HOHFWLRQRI'DWDLQWKH(YHQWRI0XOWLSOH5HFRUGVLQD:LQGRZ
7KHQXPEHURIVXEMHFWVZLWKKHPRJORELQJG/DQGJG/DWDQ\SRVWEDVHOLQHYLVLWVXS
WRGD\VDIWHUWKHODVWGRVHRIDQ\VWXG\GUXJZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXSDQGDJH
JURXSDQGWRWDO

*UDGHG/DERUDWRU\9DOXHV
7KH*LOHDG*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHVZLOOEH
XVHGIRUDVVLJQLQJWR[LFLW\JUDGHVWRODERUDWRU\UHVXOWVIRUDQDO\VLVDV*UDGH*UDGHPLOG
*UDGHPRGHUDWH*UDGHVHYHUHRU*UDGHSRWHQWLDOO\OLIHWKUHDWHQLQJ*UDGHLQFOXGHV
DOOYDOXHVWKDWGRQRWPHHWFULWHULDIRUDQDEQRUPDOLW\RIDWOHDVW*UDGH6RPHODERUDWRU\WHVWV
KDYHODERUDWRU\WR[LFLW\FULWHULDIRUERWKLQFUHDVHGDQGGHFUHDVHGOHYHOVDQDO\VHVIRUHDFK
GLUHFWLRQLHLQFUHDVHGGHFUHDVHGZLOOEHSUHVHQWHGVHSDUDWHO\

7UHDWPHQW(PHUJHQW/DERUDWRU\$EQRUPDOLWLHV
7UHDWPHQWHPHUJHQWODERUDWRU\DEQRUPDOLWLHVDUHGHILQHGDVYDOXHVWKDWLQFUHDVHDWOHDVW
WR[LFLW\JUDGHIURPEDVHOLQHDWDQ\SRVWEDVHOLQHWLPHSRLQWXSWRDQGLQFOXGLQJWKHGDWHRIODVW
GRVHRIVWXG\GUXJSOXVGD\VIRUVXEMHFWVZKRSHUPDQHQWO\GLVFRQWLQXHGVWXG\GUXJ
,IWKHUHOHYDQWEDVHOLQHODERUDWRU\YDOXHLVPLVVLQJWKHQDQ\DEQRUPDOLW\RIDWOHDVW*UDGHZLOO
EHFRQVLGHUHGWUHDWPHQWHPHUJHQW


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH

6XPPDULHVRI/DERUDWRU\$EQRUPDOLWLHV
/DERUDWRU\GDWDWKDWDUHFDWHJRULFDOZLOOEHVXPPDUL]HGXVLQJWKHQXPEHUDQGSHUFHQWDJHRI
VXEMHFWVLQWKHVWXG\ZLWKWKHJLYHQUHVSRQVHDWEDVHOLQHDQGHDFKVFKHGXOHGSRVWEDVHOLQHYLVLW
7KHIROORZLQJVXPPDULHVQXPEHUDQGSHUFHQWDJHRIVXEMHFWVIRUWUHDWPHQWHPHUJHQWODERUDWRU\
DEQRUPDOLWLHVZLOOEHSURYLGHGE\DQDO\WHDQGWUHDWPHQWJURXSVXEMHFWVZLOOEHFDWHJRUL]HG
DFFRUGLQJWRWKHPRVWVHYHUHSRVWEDVHOLQHDEQRUPDOLW\JUDGHIRUDJLYHQDQDO\WH
x *UDGHGODERUDWRU\DEQRUPDOLWLHV
x *UDGHRUDERYHODERUDWRU\DEQRUPDOLWLHV
)RUDOOVXPPDULHVRIODERUDWRU\DEQRUPDOLWLHVWKHGHQRPLQDWRUZLOOEHWKHQXPEHURIVXEMHFWV
ZLWKQRQPLVVLQJSRVWEDVHOLQHYDOXHVXSWRGD\VDIWHUODVWGRVHRIVWXG\GUXJIRUWKHODERUDWRU\
SDUDPHWHURILQWHUHVW
$E\VXEMHFWOLVWLQJRIWUHDWPHQWHPHUJHQW*UDGHRUDERYHODERUDWRU\DEQRUPDOLWLHVZLOOEH
SURYLGHGE\VXEMHFW,'QXPEHUDQGYLVLWLQFKURQRORJLFDORUGHU7KLVOLVWLQJZLOOLQFOXGHDOOWHVW
UHVXOWVWKDWZHUHFROOHFWHGWKURXJKRXWWKHVWXG\IRUWKHDQDO\WHRILQWHUHVWZLWKDOODSSOLFDEOH
VHYHULW\JUDGHVRUDEQRUPDOIODJVGLVSOD\HG

%RG\:HLJKW+HLJKWDQG9LWDO6LJQV
9LWDOVLJQVV\VWROLFDQGGLDVWROLFEORRGSUHVVXUH>PP+J@SXOVH>EHDWVPLQ@DWHDFKYLVLWDQG
FKDQJHIURPEDVHOLQHDWHDFKYLVLWZLOOEHVXPPDUL]HGIRUWKH6DIHW\$QDO\VLV6HWXVLQJ
GHVFULSWLYHVWDWLVWLFVQPHDQ6'PHGLDQ44PLQLPXPDQGPD[LPXPE\WUHDWPHQW
JURXS7KHEDVHOLQHYDOXHZLOOEHGHILQHGDVWKHODVWDYDLODEOHYDOXHFROOHFWHGRQRUSULRUWRWKH
GDWHWLPHRIILUVWGRVHRIVWXG\GUXJ&KDQJHIURPEDVHOLQHWRDSRVWEDVHOLQHYLVLWZLOOEHGHILQHG
DVWKHSRVWEDVHOLQHYDOXHPLQXVWKHEDVHOLQHYDOXH
,QWKHFDVHRIPXOWLSOHYDOXHVLQDQDQDO\VLVZLQGRZGDWDZLOOEHVHOHFWHGIRUDQDO\VLVDV
GHVFULEHGLQ6HFWLRQ1RLQIHUHQWLDOVWDWLVWLFVZLOOEHJHQHUDWHG
$E\VXEMHFWOLVWLQJRIYLWDOVLJQVV\VWROLFDQGGLDVWROLFEORRGSUHVVXUH>PP+J@
SXOVH>EHDWVPLQ@UHVSLUDWLRQ>EUHDWKVPLQ@DQGERG\WHPSHUDWXUH>&@ZLOOEHSURYLGHGE\
VXEMHFW,'QXPEHUDQGYLVLWLQFKURQRORJLFDORUGHU,QWKHVDPHPDQQHUDE\VXEMHFWOLVWLQJRI
ERG\ZHLJKWKHLJKWDQG%0,ZLOOEHSURYLGHGVHSDUDWHO\

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV
0HGLFDWLRQVFROOHFWHGDW6FUHHQLQJDQGGXULQJWKHVWXG\ZLOOEHFRGHGXVLQJWKHFXUUHQWYHUVLRQ
RIWKH:RUOG+HDOWK2UJDQL]DWLRQ:+2'UXJGLFWLRQDU\7KHPHGLFDWLRQVZLOOEHFDWHJRUL]HG
DVSULRUFRQFRPLWDQWRUERWKXVLQJWKHIROORZLQJGHILQLWLRQV
x 3ULRUPHGLFDWLRQVDQ\PHGLFDWLRQVWDNHQSULRUWRWKHLQLWLDOVWXG\GUXJGRVLQJGDWH
x &RQFRPLWDQWPHGLFDWLRQVDQ\PHGLFDWLRQVLQLWLDOO\WDNHQRQRUDIWHUWKHLQLWLDOVWXG\GUXJ
GRVLQJGDWHDQGZLWKLQWKHVWXG\GUXJ¶VWUHDWPHQWSHULRGLQFOXGLQJVWXG\GUXJ¶VWKHUDSHXWLF
UHDFK


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH
&RQFRPLWDQWPHGLFDWLRQVZLOOEHVXPPDUL]HGE\$QDWRPLFDO7KHUDSHXWLF&KHPLFDO$7&GUXJ
FODVV/HYHODQGSUHIHUUHGQDPHXVLQJWKHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVIRUHDFKWUHDWPHQW
JURXSDQGWRWDO$VXEMHFWUHSRUWLQJWKHVDPHPHGLFDWLRQPRUHWKDQRQFHZLOOEHFRXQWHGRQO\
RQFHZKHQFDOFXODWLQJWKHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVZKRUHFHLYHGWKDWPHGLFDWLRQ7KH
VXPPDU\ZLOOEHVRUWHGDOSKDEHWLFDOO\E\GUXJFODVVDQGWKHQE\GHFUHDVLQJWRWDOIUHTXHQF\RI
JHQHULFQDPHZLWKLQDFODVV)RUGUXJVZLWKWKHVDPHIUHTXHQF\VRUWLQJZLOOEHGRQH
DOSKDEHWLFDOO\
6XPPDULHVZLOOEHEDVHGRQWKH6DIHW\$QDO\VLV6HW1RLQIHUHQWLDOVWDWLVWLFVZLOOEHJHQHUDWHG
)RUSXUSRVHVRIDQDO\VLVDQ\PHGLFDWLRQZLWKDVWRSGDWHWKDWLVRQRUSULRUWRWKHLQLWLDOVWXG\
GUXJGRVLQJGDWHRUDVWDUWGDWHWKDWLVDIWHUWKHODVWVWXG\GUXJGRVLQJGDWHZLOOEHH[FOXGHGIURP
WKHFRQFRPLWDQWPHGLFDWLRQVXPPDU\,IDSDUWLDOVWRSGDWHLVHQWHUHGDQ\PHGLFDWLRQZLWKWKH
PRQWKDQG\HDULIGD\LVPLVVLQJRU\HDULIGD\DQGPRQWKDUHPLVVLQJSULRUWRWKHLQLWLDO
VWXG\GUXJGRVLQJGDWHZLOOEHH[FOXGHGIURPWKHFRQFRPLWDQWPHGLFDWLRQVXPPDU\,IDSDUWLDO
VWDUWGDWHLVHQWHUHGWKHQDQ\PHGLFDWLRQZLWKWKHPRQWKDQG\HDULIGD\LVPLVVLQJRU\HDU
LIGD\DQGPRQWKDUHPLVVLQJDIWHUWKHVWXG\GUXJVWRSGDWHZLOOEHH[FOXGHGIURPWKH
FRQFRPLWDQWPHGLFDWLRQVXPPDU\0HGLFDWLRQVZLWKFRPSOHWHO\PLVVLQJGDWHVZLOOEHLQFOXGHG
LQWKHFRQFRPLWDQWPHGLFDWLRQVXPPDU\
$OOSULRUDQGFRQFRPLWDQWPHGLFDWLRQVRWKHUWKDQSHUSURWRFROVWXG\GUXJVZLOOEHSURYLGHGLQD
E\VXEMHFWOLVWLQJVRUWHGE\VXEMHFW,'QXPEHUDQGDGPLQLVWUDWLRQGDWHLQFKURQRORJLFDORUGHU

2WKHU6DIHW\0HDVXUHV
$GDWDOLVWLQJZLOOEHSURYLGHGIRUVXEMHFWVZKREHFRPHSUHJQDQWGXULQJWKHVWXG\

&KDQJHV)URP3URWRFRO6SHFLILHG6DIHW\$QDO\VHV
7KHUHDUHQRGHYLDWLRQVIURPWKHSURWRFROVSHFLILHGVDIHW\DQDO\VHV


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH

3+$50$&2.,1(7,&$1$/<6,6
)RUWKH3.DQDO\VLVVHWSODVPDFRQFHQWUDWLRQVRI62)DQGLWVPHWDEROLWHV*6DQG
*6DQG9(/LQSODVPDZLOOEHGHWHUPLQHGXVLQJYDOLGDWHGELRDQDO\WLFDODVVD\V
3RSXODWLRQ3.PRGHOVIRU62)*6DQG9(/SUHYLRXVO\GHYHORSHGIRUWKH3KDVH
62)9(/861'$SRSXODWLRQDQDO\VHVZLOOEHDSSOLHGWRWKHGDWDIURPDOO3.VDPSOHV
LQWHQVLYHDQGVSDUVHFROOHFWHGLQWKLVVWXG\'HWDLOVRIWKHSRSXODWLRQ3.DQDO\VLVZLOOEH
SURYLGHGLQDVHSDUDWHSRSXODWLRQ3.DQDO\VLVSODQ3ODVPD3.6DPSOLQJ'HWDLOVDQG3.
&RQFHQWUDWLRQVZLOOEHSURYLGHGLQDOLVWLQJ


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH

5()(5(1&(6
&ORSSHU&-3HDUVRQ(67KH8VHRI&RQILGHQFHRU)LGXFLDO/LPLWV,OOXVWUDWHGLQWKH&DVHRIWKH
%LQRPLDO'HF%LRPHWULNDSS




62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH

62)7:$5(
6$66RIWZDUH9HUVLRQ6$6,QVWLWXWH,QF&DU\1&86$


62)9(/)'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH

$33(1',&(6
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH 
$SSHQGL[ 
42/6FRUH&DOFXODWLRQ$OJRULWKPV 



/'962))'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH
$SSHQGL[
6WXG\3URFHGXUHV7DEOH

6FUHHQLQJ 'D\D
7UHDWPHQW:HHN
rGD\V
(7F
3RVWWUHDWPHQW
:HHNrGD\V









E
E
E




&OLQLFDO$VVHVVPHQWV
,QIRUPHG&RQVHQW
;

















'HWHUPLQH(OLJLELOLW\
;
;
















0HGLFDO+LVWRU\
;

















3K\VLFDO([DPLQDWLRQ
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
+HLJKW
;

















:HLJKW
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
9LWDO6LJQVG
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
OHDG(&*H
;

















$GYHUVH(YHQWVDQG&RQFRPLWDQW
0HGLFDWLRQVI
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;


3UHJQDQF\3UHYHQWLRQ&RXQVHOLQJ

;








;


;
;
;
;
;
+HDOWK5HODWHG4XDOLW\RI/LIHJ

;








;


;
;

;

,PDJLQJIRU+&&K
;

















5HYLHZRI6WXG\'UXJ$GKHUHQFH
DQG'UXJ$FFRXQWDELOLW\L


;
;
;
;
;
;
;
;
;
;
;
;
;



6WXG\'UXJ'LVSHQVLQJM

;



;


;

;E
;
;





/DERUDWRU\$VVHVVPHQWV
+HPDWRORJ\	&KHPLVWU\
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;


&RDJXODWLRQ37D377DQG,15
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;



+&951$3ODVPD
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
9LUDO51$6HTXHQFLQJ
3KHQRW\SLQJ6DPSOH3ODVPD

;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
6LQJOH3.


;
;
;
;
;
;
;
;
;
;
;
;
;



,QWHQVLYH3.6XEVWXG\&ROOHFWLRQN



;
;
;












6HUXPRU8ULQH3UHJQDQF\7HVWO
;
;



;


;

;
;
;
;
;
;
;
;


/'962))'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH

6FUHHQLQJ 'D\D
7UHDWPHQW:HHN
rGD\V
(7F
3RVWWUHDWPHQW
:HHNrGD\V









E
E
E




8ULQDO\VLV
;

















+&9*HQRW\SH,/%*HQRW\SH
;

















+&9$E+,9$E+%V$J
+%V$E+%F$E
;

















+E$F
;

















)LEUR7HVW
;

















$UFKLYHSODVPDVDPSOHP

;








;


;
;



6LQJOH*HQRPLF6DPSOHQ

;
















D
'D\DVVHVVPHQWVPXVWEHSHUIRUPHGSULRUWRGRVLQJ
E
2QO\WREHFRPSOHWHGIRUVXEMHFWVRQWKHZHHNWUHDWPHQWUHJLPHQ
F
(7 (DUO\7HUPLQDWLRQ
G
9LWDOVLJQVLQFOXGHUHVWLQJEORRGSUHVVXUHSXOVHUHVSLUDWRU\UDWHDQGWHPSHUDWXUH
H
6XEMHFWVZLOOEHUHTXLUHGWRUHVWLQDVXSLQHSRVLWLRQIRUPLQXWHVSULRUWRPDNLQJDUHFRUGLQJ7KHLQYHVWLJDWRURUTXDOLILHGGHVLJQHHVKRXOGUHYLHZWKH(&*WUDFHV
UHFRUGHGLQUHDOWLPHIRUFOLQLFDOO\VLJQLILFDQWDEQRUPDOLWLHV
I
$GYHUVHHYHQWVDQG&RQFRPLWDQW0HGLFDWLRQVZLOOEHFROOHFWHGXSWRGD\VDIWHUWKHODVWGRVHRIDOOVWXG\GUXJV
J
+HDOWK5HODWHG4XDOLW\RI/LIH+54R/6XUYH\VHJ6)&/'4+&9)$&,7)DQG:3$,ZLOOEHFRQGXFWHGIRUDOOVXEMHFWVZKHUHWKHVXUYH\VDUHDYDLODEOHDW'D\
:HHN:HHNLIDSSOLFDEOHDQGSRVWWUHDWPHQW:HHN 
K
/LYHULPDJLQJHJXOWUDVRXQGRU&7VFDQDWWKHGLVFUHWLRQRIWKHLQYHVWLJDWRUVKRXOGEHSHUIRUPHGWRH[FOXGHWKHSUHVHQFHRIKHSDWRFHOOXODUFDUFLQRPD+&&LQDOOVXEMHFWV
)RUVXEMHFWVZLWKRXWFLUUKRVLVLPDJLQJPXVWKDYHEHHQSHUIRUPHGZLWKLQPRQWKVSULRUWR'D\)RUVXEMHFWVZLWKFLUUKRVLVLPDJLQJPXVWKDYHEHHQSHUIRUPHGZLWKLQ
PRQWKVRI'D\
L
6WXG\GUXJVZLOOEHUHFRQFLOHGDWHYHU\SRVW'D\YLVLWE\WKHLQYHVWLJDWRULQRUGHUWRPRQLWRUWKHVXEMHFW¶VDGKHUHQFHZLWKWKHVWXG\GUXJV6XEMHFWVPXVWEHLQVWUXFWHGWR
EULQJEDFNDOOERWWOHVRIVWXG\GUXJVLQWKHRULJLQDOFRQWDLQHUDWHYHU\SRVW'D\YLVLWWKURXJKWKHHQGRIWUHDWPHQW
M
'LVSHQVHVWXG\GUXJVDVGLUHFWHGE\WKH,:56
N
6XEMHFWVWKDWFRQVHQWWRWKHRSWLRQDO

O
$OOIHPDOHVRIFKLOGEHDULQJSRWHQWLDOZLOOKDYHDVHUXPSUHJQDQF\WHVWDW6FUHHQLQJ8ULQHSUHJQDQF\WHVWLQJZLOORFFXUDW'D\DQGHYHU\ZHHNVGXULQJWKHGRVLQJSHULRG
)HPDOHVRIFKLOGEHDULQJSRWHQWLDOZLOOKDYHDGGLWLRQDOXULQHSUHJQDQF\WHVWLQJHYHU\ZHHNVIRUDPLQLPXPRIPRQWKVIROORZLQJODVWGRVHRI5%9,IUHTXLUHGE\ORFDO
UHJXODWLRQVDGGLWLRQDOSUHJQDQF\WHVWVEH\RQGPRQWKVPD\EHDGGHG,QWKHHYHQWRIDSRVLWLYHXULQHSUHJQDQF\UHVXOWVXEMHFWVZLOOEHLQVWUXFWHGWRUHWXUQWRWKHFOLQLFDV
VRRQDVSRVVLEOHIRUDVHUXPSUHJQDQF\WHVW3UHJQDQF\WHVWNLWVZLOOEHGLVSHQVHGWRIHPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDODIWHUWKHSRVWWUHDWPHQW:HHNYLVLW7KHVXEMHFW
ZLOOEHFRQWDFWHGE\WHOHSKRQHPRQWKO\WRFRQILUPWKDWXULQHSUHJQDQF\WHVWLQJKDVEHHQSHUIRUPHGSRVWWUHDWPHQWDQGWRUHFRUGWKHRXWFRPH$OWHUQDWLYHO\LIUHTXLUHGE\ORFDO
UHJXODWLRQVRUSUHIHUUHGE\WKHLQYHVWLJDWRURUVXEMHFWWKHVXEMHFWPD\UHWXUQWRWKHFOLQLFIRUXULQHSUHJQDQF\WHVWV
P
2QO\IRUVXEMHFWVZKRKDYHSURYLGHGVHSDUDWHFRQVHQWIRUWKLVVDPSOHDQGWHVWLQJ
Q
2QO\IRUVXEMHFWVZKRKDYHSURYLGHGVHSDUDWHFRQVHQWIRUWKLVVDPSOHDQGWHVWLQJ7KLVVDPSOHFDQEHREWDLQHGDWDVXEVHTXHQWYLVLWLIQRWREWDLQHGDW'D\
PPD


/'962))'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH
$SSHQGL[
42/6FRUH&DOFXODWLRQ$OJRULWKPV
&/'4±+&9
&/'4+&9VFRUHVDUHFDOFXODWHGXVLQJVXEMHFWUHVSRQVHVWRTXHVWLRQVLQWKHTXHVWLRQQDLUH,I
5LLVWKHVFRUHIRUWKHSDWLHQW¶VUHVSRQVHWRWKHLWHPLIRUL «WKHQWKHGRPDLQVFRUHV
DUHFDOFXODWHGDVIROORZV
$FWLYLW\(QHUJ\$( 0HDQRI^555555`
(PRWLRQ(0 0HDQRI^555555555`
:RUU\:2 0HDQRI^55555555`
6\VWHPLF6< 0HDQRI^555555`
+HUH³0HDQ´LVWKHDYHUDJHRIQRQPLVVLQJLWHPV6$6PHDQIXQFWLRQ(DFKVFRUHLVFDOFXODWHG
RQO\LIDWOHDVWKDOIRIFRUUHVSRQGLQJLWHPVDUHQRWPLVVLQJ2WKHUZLVHWKHVFRUHZLOOEHPLVVLQJ
2YHUDOO&/'4+&9VFRUHLVFDOFXODWHGE\WDNLQJWKHPHDQRIGRPDLQVFRUHV>$((0:2
6<`
)$&,7)
3DWLHQWUHVSRQVHVWRTXHVWLRQVLQ)$&,7)TXHVWLRQQDLUHDUHUDWHGLQVFRUHDVIROORZV
1RWDWDOO 
$OLWWOHELW 
6RPHZKDW 
4XLWHDELW 
9HU\PXFK 
$OO)$&,7)VFDOHVDUHVFRUHGVRWKDWDKLJKVFRUHLVJRRG7RDFKLHYHWKLVVFRUHVIRUIROORZLQJ
TXHVWLRQVDUHUHYHUVHGE\WDNLQJWKHGLIIHUHQFHIURPLH±UHSRUWHGUHVSRQVH
*3 *3
*3 *3
*3 *3
*3 *3
*3 *3
*3 *3
*3 *3
*( *(
*( *(
*( *(
*( *(
*( *(
+, +,


/'962))'&
*686
6WDWLVWLFDO$QDO\VLV3ODQ
9HUVLRQ
&21),'(17,$/
3DJH
-XQH
+, +,
$1 $1
$1 $1
$1 $1
$1 $1
$1 $1
$1 $1
$1 $1
$1 $1
$1 $1
,IOHVVWKDQRIUHVSRQVHVLQWKHFRUUHVSRQGLQJGRPDLQDUHPLVVLQJWKHVXEVFDOHVIRU
ILYHGRPDLQVDUHFDOFXODWHGDVIROORZV
x 3K\VLFDO:HOO%HLQJ3:% î0HDQRI^RI*3*3`
x 6RFLDO)DPLO\:HOO%HLQJ6:% î0HDQRI^*6*6`
x (PRWLRQDO:HOO%HLQJ(:% î0HDQRI^*(*(`
x )XQFWLRQDO:HOO%HLQJ):% î0HDQRI^*)*)`
x )DWLJXH6XEVFDOH)6 î0HDQRI^+,+,$Q$Q$Q$Q$Q$Q$Q`
x )$&,7)7ULDO2XWFRPH,QGH[72, 3:%):%)6
x 7$&,7)7RWDO6FRUH 3:%6:%(:%):%)6
:$3,+HSDWLWLV&
7KHUHVSRQVHWR4XHVWLRQRIWKLVTXHVWLRQQDLUHSURYLGHVWKHELQDU\HQGSRLQWZKHWKHUKDGEHHQ
LQDSDLGHPSOR\PHQWGXULQJWKHZHHNSULRUWRDVVHVVPHQW
,IWKHSDWLHQWKDVEHHQLQDSDLGHPSOR\PHQW5HVSRQVHWR4LV³<HV´DWWKHYLVLWZKHQ
TXHVWLRQQDLUHZDVJLYHQWKHQIROORZLQJWKUHHVFRUHVDUHGHULYHG
3HUFHQWZRUNWLPHPLVVHGGXHWRKHSDWLWLV& î444
3HUFHQWLPSDLUPHQWZKLOHZRUNLQJGXHWRKHSDWLWLV& î4
3HUFHQWRYHUDOOZRUNLPSDLUPHQWGXHWRKHSDWLWLV& 
»
¼
º
«
¬
ª
u
¸
¹
·
¨
©
§




u













4
4
4
4
4
4
4

4XHVWLRQLVDSSOLFDEOHWRDOOVXEMHFWV
3HUFHQWDFWLYLW\LPSDLUPHQWGXHWRKHSDWLWLV& î4