Conditions: Neuromyelitis Optica Neuromyelitis Optica Spectrum Disorder
Keywords: Neuromyelitis Optica Neuromyelitis Optica Spectrum Disorder Devic's disease, Transverse Myelitis Optic Neuritis relapse eculizumab soliris NMO-IgG CNS Autoimmune Disorders Demyelinating Disorders NMO NMOSD
Allocation: RANDOMIZED | Intervention model: PARALLEL
Enrollment: 143
Healthy volunteers: no

Brief summary:
The objectives of this time-to-event study were to assess the efficacy and safety of eculizumab as compared with placebo in participants with neuromyelitis optica spectrum disorder (NMOSD) who were anti-aquaporin-4 (AQP4) antibody-positive.

Detailed description:

Arms:
arm 1: Biological/Vaccine: Eculizumab; Induction Period: Participants received eculizumab (900 milligrams \[mg\]) via intravenous (IV) infusion once a week (every 7 ± 2 days) for 4 weeks followed by eculizumab 1200 mg for the fifth dose (Week 4). This was followed by the Maintenance Period: Participants received eculizumab (1200 mg) via IV infusion every 2 weeks (every 14 ± 2 days) from the sixth dose (Week 6) onwards. arm 2: Placebo contains the same buffer components without the active ingredient. Induction Period: Participants received matching placebo (900 mg) via IV infusion once a week (every 7 ± 2 days) for 4 weeks, followed by matching placebo (1200 mg) for the fifth dose (Week 4). This was followed by the Maintenance Period: Participants received matching placebo (1200 mg) via IV infusion every 2 weeks (every 14 ± 2 days) from the sixth dose (Week 6) onwards.

Interventions: intervention 1: Eculizumab intervention 2: Placebo
Intervention descriptions: intervention 1: Induction Phase: 900 mg IV weekly for 4 weeks, followed by 1200 mg for the fifth dose; Maintenance Phase: 1200 mg IV every 2 weeks intervention 2: Induction Phase: matching placebo (900 mg) IV weekly for 4 weeks, followed by matching placebo (1200 mg) for the fifth dose; Maintenance Phase: matching placebo (1200 mg) IV every 2 weeks

Protocol document:
Prot_000.pdf: 
$5DQGRPL]HG'RXEOH%OLQG3ODFHER&RQWUROOHG0XOWL
&HQWHU7ULDOWR(YDOXDWHWKH6DIHW\DQG(IILFDF\RI
(FXOL]XPDELQ3DWLHQWV:LWK5HODSVLQJ1HXURP\HOLWLV
2SWLFD102


8QLTXH3URWRFRO,'
(&8102
1&71XPEHU
1&7
(XGUD&71XPEHU

'DWHRI3URWRFRO
-XO\




7,7/(3$*(
(&8/,=80$%
(&8102
$5$1'20,=(''28%/(%/,1'3/$&(%2&21752//('08/7,&(17(575,$/
72(9$/8$7(7+(6$)(7<$1'()),&$&<2)(&8/,=80$%,13$7,(176:,7+
5(/$36,1*1(8520<(/,7,6237,&$102
,1'
(XGUD&71XPEHU

6SRQVRU
$OH[LRQ3KDUPDFHXWLFDOV,QF
&ROOHJH6WUHHW
1HZ+DYHQ&7
86$
6SRQVRU&RQWDFW
 

$OH[LRQ3KDUPD*PE+
*LHVVKEHOVWUDVVH=ULFK6ZLW]HUODQG
7HOHSKRQH

)DFVLPLOH

0HGLFDO0RQLWRU 

 
$OH[LRQ3KDUPDFHXWLFDOV,QF
+D\GHQ5G
/H[LQJWRQ0$
86$
7HOHSKRQH

)DFVLPLOH

9HUVLRQ
 
'DWHRI3URWRFRO
-XO\
$PHQGHG 
3URWRFRO9HUVLRQ0D\ 
$PHQGPHQWWR3URWRFRO9HUVLRQWR9HUVLRQ*HUPDQ\2QO\-XQH 
$PHQGPHQWWR3URWRFRO9HUVLRQWR9HUVLRQ-DSDQ2QO\-XO\ 
$PHQGPHQWWR3URWRFRO9HUVLRQWR9HUVLRQ*OREDO2FWREHU
$PHQGPHQWWR3URWRFRO9HUVLRQWR9HUVLRQ±-DSDQ2QO\'HFHPEHU
$PHQGPHQWWR3URWRFRO9HUVLRQWR9HUVLRQ±&]HFK5HSXEOLF2QO\'HFHPEHU
$PHQGPHQWWR3URWRFRO9HUVLRQWR9HUVLRQ*OREDO)HEUXDU\
$PHQGPHQW±7KDLODQG2QO\-DQXDU\
$PHQGPHQWWR3URWRFRO9HUVLRQWR9HUVLRQ±-DSDQ2QO\$SULO
$PHQGPHQWWR3URWRFRO9HUVLRQWR9HUVLRQ±&]HFK5HSXEOLF2QO\$SULO
$PHQGPHQWWR3URWRFRO9HUVLRQWR9HUVLRQ±*OREDO-XO\ 
 
3URSULHWDU\1RWLFH
7KLVFRQILGHQWLDOLQIRUPDWLRQDERXWDQLQYHVWLJDWLRQDODJHQWLVSURYLGHGIRUWKHH[FOXVLYHXVHRI
LQYHVWLJDWRUVRIWKLVDJHQWDQGLVVXEMHFWWRUHFDOODWDQ\WLPH7KHLQIRUPDWLRQLQWKLVGRFXPHQW
PD\QRWEHGLVFORVHGXQOHVVVXFKGLVFORVXUHLVUHTXLUHGE\IHGHUDORUVWDWHODZRUUHJXODWLRQV
33'
33'
33'
33'
33'
33'


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
VXEMHFWWRWKHIRUHJRLQJ7KLVLQIRUPDWLRQPD\EHGLVFORVHGRQO\WRWKRVHSHUVRQVLQYROYHGLQWKH
VWXG\ZKRKDYHDQHHGWRNQRZZLWKWKHREOLJDWLRQQRWWRIXUWKHUGLVVHPLQDWHWKLVLQIRUPDWLRQ
7KHVHUHVWULFWLRQVRQGLVFORVXUHZLOODSSO\HTXDOO\WRDOOIXWXUHRUDORUZULWWHQLQIRUPDWLRQ
VXSSOLHGWR\RXE\$OH[LRQZKLFKLVGHVLJQDWHGDV³SULYLOHJHG´RU³FRQILGHQWLDO´


&21),'(17,$/

3DJHRI


33'


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
,19(67,*$725¶6$*5((0(17
35272&2/7,7/(
$5$1'20,=(''28%/(%/,1'3/$&(%2&21752//('
08/7,&(17(575,$/72(9$/8$7(7+(6$)(7<$1'()),&$&<2)
(&8/,=80$%,13$7,(176:,7+5(/$36,1*1(8520<(/,7,6237,&$102
35272&2/180%(5
(&8102
,KDYHUHFHLYHGDQGUHDGWKH,QYHVWLJDWRU¶V%URFKXUHIRU(FXOL]XPDE,KDYHUHDGWKH(&8
102VWXG\SURWRFRODQGDJUHHWRFRQGXFWWKHVWXG\DVRXWOLQHG,DJUHHWRPDLQWDLQWKH
FRQILGHQWLDOLW\RIDOOLQIRUPDWLRQUHFHLYHGRUGHYHORSHGLQFRQQHFWLRQZLWKWKLVSURWRFRO,DJUHH
WRFRQGXFWWKHWULDOLQDFFRUGDQFHZLWKHWKLFDOSULQFLSOHVWKDWKDYHWKHLURULJLQLQWKH'HFODUDWLRQ
RI+HOVLQNLDQGDUHFRQVLVWHQWZLWK,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ,&+*RRG
&OLQLFDO3UDFWLFH*&3DQGDSSOLFDEOHUHJXODWRU\UHTXLUHPHQWV
















3ULQWHG1DPHRI,QYHVWLJDWRU















6LJQDWXUHRI,QYHVWLJDWRU









'DWH
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
352&('85(6,1&$6(2)(0(5*(1&<
7DEOH
(PHUJHQF\&RQWDFW,QIRUPDWLRQ
5ROHLQ7ULDO
1DPH
$GGUHVVDQG7HOHSKRQHQXPEHU
&OLQLFDO7ULDO/HDG

$OH[LRQ3KDUPD*PE+
*LHVVKEHOVWUDVVH=ULFK
6ZLW]HUODQG

7HO

0RELOH

)D[

(0DLO

5HVSRQVLEOH3K\VLFLDQ0HGLFDO
0RQLWRU

$OH[LRQ3KDUPDFHXWLFDOV,QF
+D\GHQ$YH/H[LQJWRQ0$
86$
7HO

0RELOH

)D[

(0DLO

'UXJ6DIHW\3K\VLFLDQ

$OH[LRQ3KDUPDFHXWLFDOV,QF
+D\GHQ$YH/H[LQJWRQ0$
86$

7HO

0RELOH

(0DLO

+RXU(PHUJHQF\&RQWDFW
+RXU7HOHSKRQH1XPEHU
1RUWK$PHULFD
7HO

(XURSH
7HO


$XVWUDOLD
7HO

6HULRXV$GYHUVH(YHQW5HSRUWLQJ
$OH[LRQ3KDUPDFHXWLFDOV,QF

$OH[LRQ3KDUPDFHXWLFDOV,QF
.QRWWHU'ULYH
&KHVKLUH&7

(PDLO

)D[1XPEHU

&21),'(17,$/

3DJHRI
33'
33'
33'
33'
33'
33'
33'
33'
33'
33'
33'
33'
33'
33'
33'
33'
33'
33'
33'


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
5ROHLQ7ULDO
1DPH
$GGUHVVDQG7HOHSKRQHQXPEHU
,QYHVWLJDWLRQDO3URGXFW6XSSO\
$OPDF&OLQLFDO6HUYLFHV
86$
$OPDF&OLQLFDO6HUYLFHV
7HFKQRORJ\'ULYH
'XUKDP1&
7HO

)D[

(XURSH
$OPDF&OLQLFDO6HUYLFHV
&KDUOHVWRZQ5RDG
6HDJRH,QGXVWULDO(VWDWH
3RUWDGRZQ%73:
8QLWHG.LQJGRP
7HO

&OLQLFDO/DERUDWRU\
$&00HGLFDO/DERUDWRU\
1RUWK$PHULFDDQG/DWLQ$PHULFD
$&00HGLFDO/DERUDWRU\
(OPJURYH3DUN
5RFKHVWHU1<
3KRQH

)D[

(XURSH
$&0*OREDO&HQWUDO/DERUDWRU\/LPLWHG
+RVSLWDO)LHOGV5RDG
<RUN<2'=8.
7HO

)D[

$VLD3DFLILF
'RUHYLWFK3DWKRORJ\
%DQNVLD6WUHHW
+HLGHOEHUJ9,&$XVWUDOLD
7HO



&21),'(17,$/

3DJHRI
33'
33'
33'
33'
33'
33'
33'
33'


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

6<1236,6
1DPHRI6SRQVRU&RPSDQ\$OH[LRQ3KDUPDFHXWLFDOV,QF
1DPHRI,QYHVWLJDWLRQDO3URGXFW,3(FXOL]XPDERUSODFHER
1DPHRI$FWLYH,QJUHGLHQWK*P$E
7LWOHRI7ULDO
$5DQGRPL]HG'RXEOH%OLQG3ODFHER&RQWUROOHG0XOWL&HQWHU7ULDOWR(YDOXDWHWKH6DIHW\
DQG(IILFDF\RI(FXOL]XPDELQ3DWLHQWVZLWK5HODSVLQJ1HXURP\HOLWLV2SWLFD102
$EEUHYLDWHG7ULDO1DPH
35(9(17
7ULDO5DWLRQDOH
1HXURP\HOLWLV2SWLFD102RU1026SHFWUXP'LVRUGHUV1026'DOVRNQRZQDV'HYLF¶V
'LVHDVHLVDUDUHVHYHUHGLVDEOLQJDXWRLPPXQHLQIODPPDWRU\GLVRUGHURIWKHFHQWUDOQHUYRXV
V\VWHP&16WKDWSUHGRPLQDWHO\DIIHFWVWKHRSWLFQHUYHVDQGVSLQDOFRUGDQGLVRIWHQ
FKDUDFWHUL]HGE\DUHODSVLQJFRXUVH7KURXJKRXWWKLVSURWRFROWKHWHUP102UHIHUVWRERWK
102DQG1026':RPHQDUHPXFKPRUHFRPPRQO\DIIHFWHGWKDQPHQZLWKDIHPDOHWR
PDOHUDWLRRIDWOHDVW&XUUHQWO\WKHUHDUHQRDSSURYHGWKHUDSLHVIRUWKHWUHDWPHQWRI102
$FXWHDWWDFNVDUHXVXDOO\WUHDWHGZLWKKLJKGRVHFRUWLFRVWHURLGVRUSODVPDH[FKDQJH3(RU
ERWK6XSSRUWLYHWUHDWPHQWVIRUUHODSVHSUHYHQWLRQXVLQJLPPXQRVXSSUHVVLYHWKHUDSLHV,67V
DUHEDVHGRQFOLQLFDOH[SHULHQFHDQGFRQVHQVXVWKHUHKDYHEHHQQRFRQWUROOHGWULDOV
&RPSOHPHQWDFWLYDWLRQLVDNH\HOHPHQWLQWKHGHYHORSPHQWRI&16OHVLRQVLQ102
(FXOL]XPDEK*P$ELVDWHUPLQDOFRPSOHPHQWLQKLELWRUWKDWEORFNVFRQYHUVLRQRI&WR
&DDQG&EWKXVEORFNLQJWHUPLQDOFRPSOHPHQWDFWLYDWLRQ7KHPHFKDQLVPRIDFWLRQRI
HFXOL]XPDEDVDWHUPLQDOFRPSOHPHQWLQKLELWRUVXJJHVWVWKDWLWPD\SURYLGHWKHUDSHXWLFEHQHILW
LQWKHPDQDJHPHQWRI102E\UHGXFLQJ102UHODSVHVDQGWKXVUHGXFLQJGLVDELOLW\,QD
UHFHQWO\UHSRUWHGLQYHVWLJDWRULQLWLDWHGWULDOHFXOL]XPDEUHGXFHGWKHDQQXDOL]HGUHODSVHUDWH
$55LQDKLJKO\UHODSVLQJ102SDWLHQWSRSXODWLRQIURPDPHGLDQRIUHODSVHVSHU\HDUWR
]HURUHODSVHVSHU\HDUS7KLVSKDVHUHJLVWUDWLRQDOWULDOLVLQWHQGHGWRFRQILUPWKH
VDIHW\DQGHIILFDF\RIHFXOL]XPDELQWKHWUHDWPHQWRIUHODSVLQJ102
7ULDO&HQWHUV
$SSUR[LPDWHO\±FHQWHUVLQ1RUWK$PHULFD6RXWK$PHULFD(XURSHDQG$VLD3DFLILF
DGGLWLRQDOFHQWHUVPD\EHDGGHGDVQHHGHG
,QYHVWLJDWRUV$OLVWFRQWDLQLQJDOO,QYHVWLJDWRUVZLOOEHSURYLGHGZKHQVLWHVHOHFWLRQLV
FRPSOHWHG
6WXGLHGSHULRG\HDUV
(VWLPDWHGGDWHILUVWSDWLHQWHQUROOHG
(VWLPDWHGGDWHODVWSDWLHQWFRPSOHWHG±VLQFHWKLV
LVDQHYHQWGULYHQWULDOODVWSDWLHQWODVWYLVLWPD\YDU\
GHSHQGLQJRQWKHDFFUXHGUDWHRISULPDU\HQGSRLQWHYHQWV
3KDVHRIGHYHORSPHQW

2EMHFWLYHV
3ULPDU\

$VVHVVWKHHIILFDF\RIHFXOL]XPDEWUHDWPHQWDVFRPSDUHGZLWKSODFHERLQUHODSVLQJ
102SDWLHQWVEDVHGRQWKHWLPHWRILUVWUHODSVHDQGUHODSVHULVNUHGXFWLRQ
6HFRQGDU\

&KDUDFWHUL]HWKHRYHUDOOVDIHW\DQGWROHUDELOLW\RIHFXOL]XPDEFRPSDUHGZLWKSODFHER
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
LQUHODSVLQJ102SDWLHQWV

(YDOXDWHWKHHIILFDF\RIHFXOL]XPDEFRPSDUHGZLWKSODFHERE\DGGLWLRQDOHIILFDF\
PHDVXUHVLQFOXGLQJ

'LVHDVHUHODWHGGLVDELOLW\

4XDOLW\RIOLIH

1HXURORJLFIXQFWLRQ

$QQXDOL]HGUHODSVHUDWH

'HVFULEHWKHSKDUPDFRNLQHWLFV3.DQGSKDUPDFRG\QDPLFV3'RIHFXOL]XPDELQ
UHODSVLQJ102SDWLHQWV
0HWKRGRORJ\
7KLVLVDUDQGRPL]HGGRXEOHEOLQGSDUDOOHOJURXSSODFHERFRQWUROOHGPXOWLFHQWHUWLPHWR
HYHQWWULDOWRHYDOXDWHWKHVDIHW\DQGHIILFDF\RIHFXOL]XPDELQSDWLHQWVZLWKUHODSVLQJ102
(OLJLEOHSDWLHQWVZLOOEHUDQGRPL]HGWRRQHRIWZRSDUDOOHOWUHDWPHQWDUPVHFXOL]XPDE
LQIXVLRQRUSODFHERLQIXVLRQ3DWLHQWVPD\FRQWLQXHWRUHFHLYHVWDEOHPDLQWHQDQFHGRVHRI
SURWRFROSHUPLWWHGVXSSRUWLYH,67VIRUUHODSVHSUHYHQWLRQDVGHILQHGE\WKHLU7UHDWLQJ
3K\VLFLDQ3DWLHQWVPXVWUHPDLQRQWKDWGRVHIRUWKHGXUDWLRQRIWKHVWXG\RUXQWLOWKHSDWLHQW
H[SHULHQFHVDUHODSVH%DVHGRQSRZHUFDOFXODWLRQVIRUWKLVVWXG\WKHVWXG\LVGHVLJQHGWR
FRQWLQXHXQWLOUHODSVHVLQGLVWLQFWVXEMHFWVRFFXUDVDGMXGLFDWHGE\DFRPPLWWHH
H[WHUQDOWRWKH6SRQVRUDQGEOLQGHGWRWUHDWPHQW7KHUHIRUHWKHHQUROOPHQWZLOOEHFORVHG
ZKHQHLWKHUDGMXGLFDWHGHYHQWVKDYHRFFXUUHGRUZKHQXSWRSDWLHQWVDUHHQUROOHG
ZKLFKHYHUFRPHVILUVW7KHWULDOGXUDWLRQLVHVWLPDWHGWRWDNHDSSUR[LPDWHO\\HDUV
LQFOXGLQJHQUROOPHQW,QWKLVWLPHWRHYHQWWULDOWKHWULDOGXUDWLRQIRUDQLQGLYLGXDOSDWLHQWZLOO
YDU\GHSHQGLQJRQZKHQWKHSDWLHQWHQWHUVWKHWULDODQGRQWKHSDWLHQW¶VRXWFRPH7KHFRXUVH
RIWKHWULDOIRUDQLQGLYLGXDOSDWLHQWZLOOFRQVLVWRI6FUHHQLQJ3HULRG6WXG\3HULRGDQG6DIHW\
)ROORZXS3HULRGIRUSDWLHQWVZKRZLWKGUDZIURPWKLVWULDORUIRUSDWLHQWVZKRGRQRWHQWHU
WKHH[WHQVLRQWULDO7KH(QGRI6WXG\(269LVLWIRUDQLQGLYLGXDOSDWLHQWZLOOWDNHSODFH
ZKHQRQHRIWKHIROORZLQJFRQGLWLRQVLVPHWZKLFKHYHUFRPHVILUVWDWKHSDWLHQWH[SHULHQFHV
DQ2Q7ULDO5HODSVHDVGHILQHGE\WKLVSURWRFROVHH6WDQGDUG3URWRFRO'HILQLWLRQV6HFWLRQ
RUEWKHWULDOHQGVE\PHHWLQJDGMXGLFDWHG2Q7ULDO5HODSVHHYHQWVLQGLVWLQFW
SDWLHQWV3DWLHQWVPD\EHSURYLGHGZLWKWKHRSSRUWXQLW\WRSDUWLFLSDWHLQDQH[WHQVLRQWULDO
VHSDUDWHSURWRFRO(&8102WRUHFHLYHHFXOL]XPDEDIWHUFRPSOHWLRQRIWKH(269LVLW
SDWLHQWVZKRWHUPLQDWHWKHVWXG\HDUO\ZLOOQRWEHHOLJLEOH
6FUHHQLQJ3HULRG±ZHHNV
$WWKH6FUHHQLQJ9LVLWDIWHULQIRUPHGFRQVHQWLVREWDLQHGIURPWKHSDWLHQWWKHSDWLHQWZLOOEH
VFUHHQHGIRUWULDOHOLJLELOLW\WKURXJKPHGLFDOKLVWRU\UHYLHZGHPRJUDSKLFGDWDDQGODERUDWRU\
DVVHVVPHQWV7KHPHGLFDOKLVWRU\UHYLHZZLOOLQFOXGHFRQILUPDWLRQRIWKHGLDJQRVLVRI102
DVGHILQHGE\:LQJHUFKXNHWDO$SSHQGL[RU1026'DVGHILQHGE\:LQJHUFKXN
HWDO$SSHQGL[5HODSVHVZLWKLQWKHODVW\HDUVSULRUWRVFUHHQLQJPXVWEHDVVHVVHG
E\WKH,QYHVWLJDWRUWRGHWHUPLQHLIWKH\PHHWWKHFULWHULDIRUWKH+LVWRULFDO5HODSVH'HILQLWLRQ
DVVSHFLILHGE\WKLVSURWRFROVHH6WDQGDUG3URWRFRO'HILQLWLRQV6HFWLRQ'HWDLOHG
LQIRUPDWLRQUHODWHGWRUHODSVHVZLWKLQWKH\HDUVSULRUWRWKH6FUHHQLQJ9LVLWZLOOEHFROOHFWHG
LIDYDLODEOH7KLVLQFOXGHVGDWHRIRQVHWFOLQLFDOSUHVHQWDWLRQIRUHDFKUHODSVHHJRSWLF
QHXULWLV>21@WUDQVYHUVHP\HOLWLV>70@ORQJLWXGLQDOO\H[WHQVLYHWUDQVYHUVHP\HOLWLV>/(70@
RUEUDLQVWHPHYHQWDQG([SDQGHG'LVDELOLW\6WDWXV6FDOH('66VFRUHDWWKHIROORZLQJWLPH
SRLQWVSULRUWRUHODSVHDWQDGLUDQGGXULQJUHFRYHU\IRUVHYHULW\RIUHODSVHDQGUHFRYHU\LI
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
DYDLODEOH6WDUWVWRSGDWHVDQGGRVHUHJLPHQRIDOO,67VLQFOXGLQJLPPXQRPRGXODWRU\DJHQWV
DQGQRQGUXJWKHUDSLHVWDNHQIRUUHODSVHSUHYHQWLRQRUIRUUHODSVHWUHDWPHQWZLWKLQWKHODVW
\HDUVZLOODOVREHFROOHFWHGDQGUHFRUGHG,I3(ZDVDGPLQLVWHUHGWKHQXPEHURIVHVVLRQVRI
3(IRUHDFKUHODSVHZLOODOVREHFROOHFWHG,QIRUPDWLRQRQDOORWKHUSUHYLRXVKLVWRULFDOUHODSVHV
LQFOXGLQJUHODSVHRQVHWGDWHDQGLWVFOLQLFDOSUHVHQWDWLRQVQDPHW\SHRI,67VRUQRQGUXJ
WKHUDSLHVUHFHLYHGDWWKHWLPHRIUHODSVHDQGWUHDWPHQWUHFHLYHGIRUWKHDFXWHUHODSVHRU
SUHYHQWLRQRIUHODSVHVZLOODOVREHFROOHFWHGLIDYDLODEOH2QO\SDWLHQWVZLWKDSRVLWLYHWHVWIRU
102,J*DTXDSRULQ>$43@DQWLERG\REWDLQHGSULRUWRRUGXULQJWKHVFUHHQLQJZLOOEH
LQFOXGHGLQWKHVWXG\2QO\YDOLGDWHGGLDJQRVWLFWHVWVSHUIRUPHGE\DTXDOLILHGODERUDWRU\DUH
DFFHSWDEOH
6XSSRUWLYH,67VIRUUHODSVHSUHYHQWLRQDUHDOORZHGGXULQJWKHWULDOXQGHUFHUWDLQUHVWULFWLRQV
UHIHUWR&RQFRPLWDQW0HGLFDWLRQV6HFWLRQIRUGHWDLOV7KH,67VDUHSHUPLWWHGHLWKHUDV
PRQRWKHUDS\RULQFRPELQDWLRQVXFKDVFRUWLFRVWHURLGVD]DWKLRSULQH$=$P\FRSKHQRODWH
PRIHWLO00)PHWKRWUH[DWHWDFUROLPXVF\FORVSRULQHDQGF\FORSKRVSKDPLGH,IDSDWLHQW
HQWHUVWKHWULDOUHFHLYLQJ,67VIRUUHODSVHSUHYHQWLRQWKHSDWLHQWPXVWEHRQDVWDEOH
PDLQWHQDQFHGRVHRIWKHVH,67VDVGHILQHGE\WKH7UHDWLQJ3K\VLFLDQSULRUWRWKH6FUHHQLQJ
9LVLW1RQHZ,67VDUHSHUPLWWHGGXULQJWKHWULDOXQOHVVWKHSDWLHQWH[SHULHQFHVDUHODSVH
6XSSRUWLYH,67VIRUWKHSXUSRVHRIUHODSVHSUHYHQWLRQRUWUHDWPHQWRIDUHODSVHSULRUWRWKH
6FUHHQLQJ9LVLWDQGDOORWKHUPHGLFDWLRQVWDNHQZLWKLQGD\VRIVFUHHQLQJZLOOEHUHYLHZHG
DQGUHFRUGHGRQWKHHOHFWURQLFFDVHUHSRUWIRUPH&5)1RQGUXJWKHUDS\IRU102UHODSVH
SUHYHQWLRQRUWUHDWPHQWZLWKLQPRQWKVSULRUWRWKH6FUHHQLQJ9LVLWZLOODOVREHFROOHFWHG
DQGUHFRUGHGRQWKHH&5),I3(ZDVDGPLQLVWHUHGZLWKLQWKHODVW\HDUVWKHQXPEHURI
F\FOHVRI3(IRUHDFKUHODSVHWUHDWPHQWRUSUHYHQWLRQRIUHODSVHZLOODOVREHFROOHFWHG
$OOSDWLHQWVPXVWEHYDFFLQDWHGDJDLQVW1HLVVHULDPHQLQJLWLGLVDWOHDVWGD\VSULRUWR
UHFHLYLQJWKHILUVWGRVHRI,3RUEHYDFFLQDWHGDQGUHFHLYHWUHDWPHQWZLWKDSSURSULDWH
DQWLELRWLFVXQWLOGD\VDIWHUWKHYDFFLQDWLRQ
3DWLHQWVZKRH[SHULHQFHDUHODSVHGXULQJWKH6FUHHQLQJ3HULRGZLOOEHFRQVLGHUHGDVFUHHQLQJ
IDLOXUH)ROORZLQJGLVFXVVLRQZLWKDQGDSSURYDOE\WKH6SRQVRUVXFKSDWLHQWVPD\EH
UHVFUHHQHGDIWHUUHFHLYLQJWUHDWPHQWIRUWKHUHODSVHDQGZKHQLQWKHRSLQLRQRIWKH
,QYHVWLJDWRUWKHSDWLHQWLVPHGLFDOO\VWDEOH
6WXG\3HULRG
5DQGRPL]DWLRQ
$OOSDWLHQWVZKRDUHYDFFLQDWHGDQGFOHDUHGIRUUDQGRPL]DWLRQE\WKHLU3ULQFLSDO,QYHVWLJDWRU
3,RUWKH6XE,QYHVWLJDWRUDQGE\WKH6SRQVRUZLOOEHUDQGRPL]HGRQ'D\RQDEDVLVWR
WKH(FXOL]XPDE$UPRUWKH3ODFHER$UP7KHUDQGRPL]DWLRQZLOOEHDFURVVFHQWHUV7KH
UDQGRPL]DWLRQVWUDWLILFDWLRQZLOOLQFOXGHWZRYDULDEOHV('66VFRUHDWUDQGRPL]DWLRQ'D\
YVWRDQGSDWLHQWV¶SULRUVXSSRUWLYHLHIRUUHODSVHSUHYHQWLRQ,67
DQG,67VWDWXVDWWKHUDQGRPL]DWLRQ'D\WUHDWPHQWQDwYHSDWLHQWVYVSDWLHQWVFRQWLQXLQJ
RQWKHVDPH,67VVLQFHODVWUHODSVHYVSDWLHQWVZLWKFKDQJHVLQ,67VVLQFHODVWUHODSVHVHH
6WDQGDUG3URWRFRO'HILQLWLRQV6HFWLRQ
3DWLHQWVZLOOUHFHLYHHLWKHUHFXOL]XPDERUSODFHERDFFRUGLQJWRWKHUDQGRPL]DWLRQDVVLJQPHQW
DQGWKHUHJLPHQGHVFULEHGLQWKH,QYHVWLJDWLRQDO3URGXFW'RVDJHDQG0RGHRI$GPLQLVWUDWLRQ
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
6HFWLRQEHORZ
7KHWUHDWPHQWGXUDWLRQIRUDQLQGLYLGXDOSDWLHQWYDULHVLQWKLVWLPHWRHYHQWWULDO$OOSDWLHQWV
PXVWUHPDLQRQUDQGRPL]HGWUHDWPHQWDVVLJQPHQWXQWLOWKH(26RU(DUO\7HUPLQDWLRQ(7
9LVLW7KHHQGRIWULDOLVGHILQHGDVFRPSOHWLRQRIWKH(26(79LVLWE\DOOSDWLHQWV
5HODSVH(YDOXDWLRQ

D (YDOXDWLRQRI3DWLHQW2Q7ULDO5HODSVHVE\,QYHVWLJDWRUV
,GHQWLILFDWLRQRISRWHQWLDOUHODSVHLVFULWLFDOIRUSDWLHQWVDIHW\DQGIRUWKHLQWHJULW\RIWKHWULDO
3DWLHQWVZLOOUHFHLYHD3DWLHQW(GXFDWLRQ&DUGWKDWGHWDLOVVLJQVDQGV\PSWRPVRIDSRWHQWLDO
UHODSVHDQGLQVWUXFWLRQVWRFRQWDFWWKHVWXG\VLWHDWWKHILUVWVLJQRUV\PSWRPRIDSRWHQWLDO
UHODSVH7KH,QYHVWLJDWRURUKLVKHUGHVLJQHHVKRXOGUHYLHZLQGHWDLOWKLVLQIRUPDWLRQDQGDQ\
DGGLWLRQDOZDUQLQJVLJQVRIDUHODSVHVSHFLILFWRWKDWSDWLHQW¶VFOLQLFDOSLFWXUHDWHDFKYLVLW
3DWLHQWVVKRXOGEHHYDOXDWHGZLWKLQKRXUVRIQRWLILFDWLRQRIWKH,QYHVWLJDWRURIDSRVVLEOH
UHODSVHDQGQRODWHUWKDQKRXUV$OOUHSRUWVRISRVVLEOHUHODSVHVDQGDFWLRQVWDNHQLQ
UHVSRQVHRIDSRVVLEOHUHODSVHPXVWEHUHFRUGHG
$VSDUWRIWKH5HODSVH(YDOXDWLRQDEOLQGHG('665DWHUZLOOSHUIRUPWKH.XUW]NH
QHXURORJLFDODVVHVVPHQWWRGHWHUPLQHWKH)XQFWLRQDO6\VWHP6FRUHV)66DQG('66VFRUH
7KH7UHDWLQJ3K\VLFLDQZLOOSHUIRUPDFRPSOHWHQHXURORJLFH[DPLQDWLRQDQGGRFXPHQWWKH
2SWLF6SLQDO,PSDLUPHQW6FRUH26,67KH7UHDWLQJ3K\VLFLDQRUDSSURSULDWHO\WUDLQHG
GHVLJQHHZLOOSHUIRUPWKHYLVXDODFXLW\9$WHVW6QHOOHQ&KDUWDQG+DXVHU$PEXODWRU\
,QGH[+$,DVRXWOLQHGLQWKH5HODSVH(YDOXDWLRQ3HULRG6HFWLRQ7KH7UHDWLQJ
3K\VLFLDQZLOOPDNHWKHGHFLVLRQDVWRZKHWKHUWKHFOLQLFDOVLJQVV\PSWRPVDQGWKHQHXURORJLF
FKDQJHREMHFWLYHILQGLQJVRQQHXURORJLFH[DPLQDWLRQPHHWWKHGHILQLWLRQRIDQ2Q7ULDO
5HODSVH6HFWLRQ,IWKHHYHQWLVFRQILUPHGDVDQ2Q7ULDO5HODSVHWKHSDWLHQWPD\EH
WUHDWHGDFFRUGLQJWRWKHUHFRPPHQGHG6WDQGDUGL]HG2Q7ULDO5HODSVH7UHDWPHQWUHJLPHQ
6HFWLRQDQG,67VFDQEHFKDQJHGLIGHHPHGDSSURSULDWHE\WKH7UHDWLQJ3K\VLFLDQ
7KHGRXEOHEOLQGHG,3DGPLQLVWUDWLRQYLVLWVZLOOFRQWLQXHDVVFKHGXOHGHYHU\ZHHNVXQWLO
WKH(26
)ROORZXS5HODSVH(YDOXDWLRQ9LVLWVZLOOEHSHUIRUPHGDWDQGZHHNVDIWHUWKHRQVHWRI
UHODSVH$GGLWLRQDOXQVFKHGXOHG)ROORZ8S5HODSVH(YDOXDWLRQ9LVLWVRXWVLGHWKHVSHFLILHG
WLPHSRLQWVDUHSHUPLWWHGDWWKHGLVFUHWLRQRIWKH,QYHVWLJDWRU$VWKLVWULDOLVDWLPHWRHYHQW
WULDOSDWLHQWVZKRH[SHULHQFHDUHODSVHZLOOEHGLVFRQWLQXHGIURPWKLVWULDODIWHUFRPSOHWLRQRI
WKH:HHN5HODSVH(YDOXDWLRQ9LVLWZKLFKDOVRVHUYHVDVWKH(269LVLW
3DWLHQWVZKRFRPSOHWHWKLVWULDOHLWKHUEHFDXVHRIDUHODSVHRUEHFDXVHWKHWULDOLVHQGHGE\
PHHWLQJDGMXGLFDWHG2Q7ULDO5HODSVHHYHQWVPD\EHSURYLGHGZLWKDQRSSRUWXQLW\WRHQWHU
DQH[WHQVLRQWULDOVHSDUDWHSURWRFRO(&8102WRUHFHLYHRSHQODEHOHFXOL]XPDE7KH
YLVLWLQWHUYDOEHWZHHQWKLVWULDODQGWKHH[WHQVLRQWULDOLVZHHNVIURPWKHODVW,3
DGPLQLVWUDWLRQWKHUHIRUHWKHUHZLOOEHQRLQWHUUXSWLRQVLQ,3GRVLQJ7KXVSDWLHQWVZKRH[LW
WKHWULDOGXHWRDUHODSVHZLOOKDYHWKHLUILUVWH[WHQVLRQYLVLWRQFHWKH:HHN5HODSVH
(YDOXDWLRQ9LVLWLVFRPSOHWHGDQGQRODWHUWKDQZHHNVGD\VGD\VDIWHUWKHODVW,3
GRVHSDWLHQWVZKRH[LWWKLVWULDOGXHWRWULDOFRPSOHWLRQZLOOKDYHWKHLUILUVWH[WHQVLRQYLVLW
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
ZHHNVGD\VGD\VDIWHUWKH(269LVLW$OOSDWLHQWVHQWHULQJWKHH[WHQVLRQWULDOZLOO
XQGHUJRDEOLQGHGHFXOL]XPDELQGXFWLRQSHULRGVLPLODUWRWKHLQGXFWLRQLQWKLVWULDOLQRUGHUWR
SUHVHUYHWKHEOLQGWUHDWPHQWDVVLJQPHQWRIWKLVWULDO
E ,QGHSHQGHQW5HYLHZRI2Q7ULDO5HODSVHVE\WKH$GMXGLFDWLRQ&RPPLWWHH
$QLQGHSHQGHQW5HODSVH$GMXGLFDWLRQ&RPPLWWHHZLOOEHHVWDEOLVKHGWRFRQILUPDOO2Q7ULDO
5HODSVHHYHQWVXVLQJREMHFWLYHDQGFRQVLVWHQWFOLQLFDOFULWHULDGHVFULEHGLQD5HODSVH
$GMXGLFDWLRQ&KDUWHU7KH$GMXGLFDWLRQ&RPPLWWHHZLOOFRQVLVWRIWKUHHLQGHSHQGHQWPHGLFDO
H[SHUWVLQQHXURORJ\QHXURRSKWKDOPRORJ\ZKRDUHHDFKH[SHULHQFHGLQWKHPDQDJHPHQWRI
SDWLHQWVZLWK102DQGDUHEOLQGHGWRHDFKSDWLHQW¶VWUHDWPHQWDVVLJQPHQW7KH$GMXGLFDWLRQ
&RPPLWWHHZLOOGHFLGHE\PDMRULW\YRWHZKHWKHUHDFKUHODSVHPHHWVWKHSUHGHILQHGREMHFWLYH
FULWHULDIRUDQDGMXGLFDWHG2Q7ULDO5HODSVHDVGHVFULEHGLQWKH5HODSVH$GMXGLFDWLRQ&KDUWHU
7KH&KDUWHUZKLFKZLOOEHILQDOL]HGSULRUWRDGMXGLFDWLRQRIWKHILUVWUHODSVHHYHQWZLOO
GHVFULEHWKH$GMXGLFDWLRQ&RPPLWWHH¶VSXUSRVHSURFHVVUHODSVHHYHQWGHILQLWLRQDQGVSHFLILF
GDWDSRLQWVIRUUHYLHZDQGHYDOXDWLRQ
6DIHW\)ROORZXS3HULRGZHHNV
,IDSDWLHQWZLWKGUDZVIURPWKHWULDODWDQ\WLPHDIWHUUHFHLYLQJDQ\DPRXQWRI,3RUGRHVQRW
ZLVKWRHQWHUWKHH[WHQVLRQWULDO(&8102DIWHUFRPSOHWLRQRIWKLVWULDOWKHSDWLHQWZLOO
EHUHTXLUHGWRFRPSOHWHDQ(7RU(269LVLWDWWKHWLPHRIZLWKGUDZDODQGD)ROORZ8S9LVLW
ZHHNVDIWHUWKHODVWGRVHRI,3IRUVDIHW\PHDVXUHV
,IDSDWLHQWLVGLVFRQWLQXHGGXHWRDQDGYHUVHHYHQW$(WKHHYHQWZLOOEHIROORZHGXQWLOLWLV
UHVROYHGRULQWKHRSLQLRQRIWKH,QYHVWLJDWRULVGHWHUPLQHGPHGLFDOO\VWDEOH
1XPEHURI3DWLHQWVSODQQHG$PLQLPXPRIXSWRDPD[LPXPRISDWLHQWVDUH
SODQQHGWREHHQUROOHGLQWKLVWULDO%DVHGRQSRZHUFDOFXODWLRQVIRUWKLVWULDOWKHWULDOLV
GHVLJQHGWRFRQWLQXHXQWLODGMXGLFDWHG2Q7ULDO5HODSVHHYHQWVLQGLVWLQFWVXEMHFWVDUH
REVHUYHG7KHUHIRUHWKHHQUROOPHQWZLOOEHFORVHGZKHQHLWKHUDGMXGLFDWHG2Q7ULDO
5HODSVHHYHQWVKDYHRFFXUUHGRUXSWRSDWLHQWVDUHHQUROOHGZKLFKHYHUFRPHVILUVW
3ULPDU\(IILFDF\(QGSRLQW
7KHSULPDU\HIILFDF\HQGSRLQWLVWLPHWRILUVWDGMXGLFDWHG2Q7ULDO5HODSVH7KHWULDOZLOOEH
FRQVLGHUHGWRKDYHPHWLWVSULPDU\HIILFDF\REMHFWLYHLIDVWDWLVWLFDOO\VLJQLILFDQWGLIIHUHQFHLV
REVHUYHGEHWZHHQWKHHFXOL]XPDEWUHDWPHQWJURXSDQGSODFHERJURXS7KHFRPSDULVRQRIWKH
WUHDWPHQWJURXSVIRUWKHSULPDU\HQGSRLQWZLOOXVHDORJUDQNWHVWLQFOXGLQJVWUDWDIRUWKH
UDQGRPL]DWLRQVWUDWLILFDWLRQYDULDEOHV('66VFRUHDWUDQGRPL]DWLRQ'D\DQG
VXSSRUWLYH,67VWDWXVDWUDQGRPL]DWLRQ'D\

6HFRQGDU\(IILFDF\(QGSRLQWV
'XULQJWKH6WXG\3HULRG%DVHOLQHLVGHILQHGDVWKHODVWDYDLODEOHDVVHVVPHQWSULRUWR,3
WUHDWPHQWIRUDOOSDWLHQWVUHJDUGOHVVRIWKHLUWUHDWPHQWJURXS
+\SRWKHVLVWHVWLQJFRPSDULQJHFXOL]XPDEWUHDWPHQWZLWKSODFHERWUHDWPHQWIRUWKHVHFRQGDU\
HIILFDF\DQDO\VHVZLOOEHSHUIRUPHGXVLQJDFORVHGWHVWLQJSURFHGXUHZLWKWKHIROORZLQJUDQN
RUGHU
 &KDQJHIURPEDVHOLQHLQ('66VFRUHDWWKH(26
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
 $GMXGLFDWHGDQQXDOL]HGUHODSVHUDWH
 &KDQJHIURPEDVHOLQHLQ(XUR4R/(4'DWWKH(26
 &KDQJHIURPEDVHOLQHLQPRGLILHG5DQNLQ6FDOHP56VFRUHDWWKH(26
 &KDQJHIURPEDVHOLQHLQDPEXODWRU\IXQFWLRQDVPHDVXUHGE\+$,DWWKH(26
6DPSOH6L]H
7KHVDPSOHVL]HDQGSRZHUFDOFXODWLRQDVVXPSWLRQVIRUWKLVWLPHWRILUVWHYHQWWULDODUHDV
IROORZV/RJUDQNWHVWIRUFRPSDULVRQRIHFXOL]XPDEWRSODFHERUDQGRPL]DWLRQ
HFXOL]XPDESODFHERSRZHUWZRVLGHGOHYHORIVLJQLILFDQFHGURSRXWUDWH
DFFUXDOSHULRGRIDSSUR[LPDWHO\PRQWKVUHODSVHIUHHUDWHRIIRUWKHHFXOL]XPDEDUPDW
PRQWKVDQGIRUWKHSODFHERDUP7KHWRWDOQXPEHURIUHODSVHVWREHREVHUYHGIRUWKLV
WULDOLVDGMXGLFDWHG2Q7ULDO5HODSVHHYHQWVLQGLVWLQFWSDWLHQWV:LWKWKHVHDVVXPSWLRQV
DVDPSOHVL]HRIDSSUR[LPDWHO\SDWLHQWVHFXOL]XPDEDQGSODFHERSURYLGHV
SRZHUWRGHWHFWDWUHDWPHQWGLIIHUHQFHLQWLPHWRILUVWDGMXGLFDWHGUHODSVH
'LDJQRVLVDQGPDLQFULWHULDIRULQFOXVLRQ
,QFOXVLRQ&ULWHULD
 0DOHRUIHPDOHSDWLHQWV\HDUVROG
 'LDJQRVLVRI102DVGHILQHGE\&ULWHULDE\:LQJHUFKXNHWDO
$SSHQGL[RU1026'DVGHILQHGE\&ULWHULDE\:LQJHUFKXNHWDO
$SSHQGL[
 102,J*VHURSRVLWLYH
 +LVWRULFDO5HODSVHDVGHILQHGE\WKLVSURWRFRORIDWOHDVWUHODSVHVLQWKHODVW
PRQWKVRUUHODSVHVLQWKHODVWPRQWKVZLWKDWOHDVWUHODSVHLQWKHPRQWKV
SULRUWRWKHVFUHHQLQJ
 ('66VFRUH
 ,IDSDWLHQWHQWHUVWKHWULDOUHFHLYLQJ,67VIRUUHODSVHSUHYHQWLRQWKHSDWLHQWPXVWEH
RQDVWDEOHPDLQWHQDQFHGRVHRI,67VDVGHILQHGE\WKH7UHDWLQJ3K\VLFLDQSULRUWR
VFUHHQLQJDQGPXVWUHPDLQRQWKDWGRVHIRUWKHGXUDWLRQRIWKHVWXG\XQOHVVWKHSDWLHQW
H[SHULHQFHVDUHODSVH
 3DWLHQWVPXVWJLYHZULWWHQLQIRUPHGFRQVHQW
 3DWLHQWVPXVWEHZLOOLQJDQGDEOHWRFRPSO\ZLWKWKHSURWRFROUHTXLUHPHQWVIRUWKH
GXUDWLRQRIWKHWULDO
 )HPDOHSDWLHQWVRIFKLOGEHDULQJSRWHQWLDOPXVWKDYHDQHJDWLYHSUHJQDQF\WHVWVHUXP
KXPDQFKRULRQLFJRQDGRWURSLQ>+&*@3DWLHQWVPXVWSUDFWLFHDQHIIHFWLYHUHOLDEOH
DQGPHGLFDOO\DSSURYHGFRQWUDFHSWLYHUHJLPHQGXULQJWKHWULDODQGIRUXSWRPRQWKV
IROORZLQJGLVFRQWLQXDWLRQRIWUHDWPHQW
([FOXVLRQ&ULWHULD
 8VHRIULWX[LPDEZLWKLQPRQWKVSULRUWRVFUHHQLQJ
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
 8VHRIPLWR[DQWURQHZLWKLQPRQWKVSULRUWRVFUHHQLQJ
 8VHRI,QWUDYHQRXV,PPXQRJOREXOLQ,9,JZLWKLQZHHNVSULRUWRVFUHHQLQJ
 ,IDSDWLHQWHQWHUVWKHWULDOUHFHLYLQJRUDOFRUWLFRVWHURLGVZLWKRUZLWKRXWRWKHU,67V
WKHGDLO\FRUWLFRVWHURLGGRVHPXVWEHQRPRUHWKDQSUHGQLVRQHPJGD\RU
HTXLYDOHQWSULRUWRVFUHHQLQJDQGPXVWUHPDLQRQWKDWGRVHIRUWKHGXUDWLRQRIWKH
VWXG\RUXQWLOWKHSDWLHQWH[SHULHQFHVDUHODSVH
 3UHJQDQWEUHDVWIHHGLQJRULQWHQGLQJWRFRQFHLYHGXULQJWKHFRXUVHRIWKHWULDO
 8QUHVROYHGPHQLQJRFRFFDOLQIHFWLRQ
 $Q\V\VWHPLFEDFWHULDORURWKHULQIHFWLRQZKLFKLVFOLQLFDOO\VLJQLILFDQWLQWKHRSLQLRQ
RIWKH,QYHVWLJDWRUDQGKDVQRWEHHQWUHDWHGZLWKDSSURSULDWHDQWLELRWLFV
 3DUWLFLSDWLRQLQDQ\RWKHULQYHVWLJDWLRQDOGUXJVWXG\RUH[SRVXUHWRDQLQYHVWLJDWLRQDO
GUXJRUGHYLFHZLWKLQGD\VRIVFUHHQLQJ
 +DVSUHYLRXVO\UHFHLYHGWUHDWPHQWZLWKHFXOL]XPDE
+\SHUVHQVLWLYLW\WRPXULQHSURWHLQVRUWRRQHRIWKHH[FLSLHQWVRIHFXOL]XPDE
$Q\PHGLFDOFRQGLWLRQWKDWLQWKHRSLQLRQRIWKH,QYHVWLJDWRUPLJKWLQWHUIHUHZLWKWKH
SDWLHQW¶VSDUWLFLSDWLRQLQWKHWULDOSRVHVDQ\DGGHGULVNIRUWKHSDWLHQWRUFRQIRXQGVWKH
DVVHVVPHQWRIWKHSDWLHQWV
,QYHVWLJDWLRQDOSURGXFWGRVDJHDQGPRGHRIDGPLQLVWUDWLRQ
7KH,3ZLOOEHJLYHQE\LQWUDYHQRXV,9DGPLQLVWUDWLRQRYHUDSSUR[LPDWHO\PLQXWHV
DFFRUGLQJWRWKHIROORZLQJUHJLPHQ

,QGXFWLRQ3KDVHYLDOVRI,3SODFHERRUHTXLYDOHQWWRPJRIHFXOL]XPDEZHHNO\[
HYHU\GD\VGD\VIROORZHGE\YLDOVRI,3SODFHERRUHTXLYDOHQWWRPJRI
HFXOL]XPDERQHZHHNODWHUIRUWKHILIWKGRVH

0DLQWHQDQFH3KDVHYLDOVRI,3SODFHERRUHTXLYDOHQWWRPJRIHFXOL]XPDEHYHU\WZR
ZHHNVHYHU\GD\VGD\VIURPWKHWLPHRIWKHODVWGRVHRIWKHLQGXFWLRQSKDVH

6XSSOHPHQWDO'RVHV,IDSDWLHQWXQGHUJRHV3(IRU2Q7ULDO5HODSVHGXULQJWKH6WXG\3HULRG
DVXSSOHPHQWDOGRVHRIYLDOVRI,3SODFHERRUHTXLYDOHQWWRPJRIHFXOL]XPDEPXVWEH
DGPLQLVWHUHGDIWHUHDFK3(SUHIHUDEO\ZLWKLQKRXUV,IWKH3(LVRQWKHGD\RIDVFKHGXOHG
,3LQIXVLRQWKHVFKHGXOHGGRVHRI,3VKRXOGEHDGPLQLVWHUHGDIWHUHDFK3(SUHIHUDEO\ZLWKLQ
KRXUV3HUSURWRFROVFKHGXOHG,3DGPLQLVWUDWLRQZLOOEHFRQWLQXHGDFFRUGLQJWRWKHVSHFLILHG
GRVHDGPLQLVWUDWLRQVFKHGXOHIRUWKHSDWLHQWWKURXJKWKHHQGRIVWXG\
'XUDWLRQRIWUHDWPHQW6WXG\3HULRG
7KHGXUDWLRQRIWUHDWPHQWIRUDQLQGLYLGXDOSDWLHQWLQWKLVWLPHWRHYHQWWULDOZLOOYDU\7KH
DFWXDOGXUDWLRQZLOOEHGHWHUPLQHGE\WLPHRIUHODSVHIRUWKDWSDWLHQWRUWKHFRPSOHWLRQRIWKH
WULDOLIWKHSDWLHQWGRHVQRWKDYHDUHODSVH7KHPD[LPXPSURMHFWHGGXUDWLRQRIWUHDWPHQWIRU
DQLQGLYLGXDOSDWLHQWLVDSSUR[LPDWHO\\HDUV
5HIHUHQFHWKHUDS\GRVDJHDQGPRGHRIDGPLQLVWUDWLRQ
3ODFHERZLWKWKHVDPHEXIIHUFRPSRQHQWVDVHFXOL]XPDEDQGZLWKRXWWKHDFWLYHLQJUHGLHQW
DGPLQLVWHUHG,9DVGHVFULEHGLQWKHVHFWLRQDERYHRQ,QYHVWLJDWLRQDO3URGXFW'RVDJHDQG
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
0RGHRI$GPLQLVWUDWLRQ
&ULWHULDIRUHYDOXDWLRQ
(IILFDF\
'XUDWLRQRIWUHDWPHQWFRPPHQFHVZLWKWKHILUVW,3LQIXVLRQ7KH6WXG\3HULRGGHILQHVWKHWLPH
SHULRGIRUDVVHVVPHQWRIWKHWULDOHQGSRLQWV$WRWDORIDGMXGLFDWHG2Q7ULDO5HODSVHHYHQWV
LQGLVWLQFWLQGLYLGXDOSDWLHQWVDUHWREHREVHUYHG3DWLHQWVPXVWEHGLVFRQWLQXHGIURPWKLV
WULDODIWHUFRPSOHWLRQRIWKHZHHN)ROORZ8S5HODSVH(YDOXDWLRQ9LVLWDQGPD\EHRIIHUHG
HQUROOPHQWLQWKHH[WHQVLRQWULDOLQZKLFKDOOSDWLHQWVZLOOUHFHLYHHFXOL]XPDE
7KHWULDOZLOOFRQWLQXHXQWLOWKHWKDGMXGLFDWHG2Q7ULDO5HODSVHKDVEHHQREVHUYHG
DGMXGLFDWHGHYHQWVLQGLVWLQFWSDWLHQWV:KHQWKHWULDOLVVWRSSHGDOOGDWDIURPDOOSDWLHQWV
ZLOOEHFROOHFWHGDQGWKHGDWDEDVHFOHDQHGORFNHGDQGDQDO\]HG'DWDIURPWKH6WXG\3HULRG
ZLOOEHXVHGIRUHIILFDF\DQDO\VLV
x 2Q7ULDO5HODSVHVZLOOEHPRQLWRUHGFORVHO\WKURXJKRXWWKHWULDODQGHYDOXDWHGDV
GHVFULEHGLQWKHDERYHVHFWLRQ³6WXG\3HULRG5HODSVH(YDOXDWLRQ´
x 'LVDELOLW\ZLOOEHDVVHVVHGE\WKH('66DQGP56VFRUHVFRPSDULQJWKHFKDQJHIURP
EDVHOLQH7KHEOLQGHG('665DWHUZLOOSHUIRUPWKH.XUW]NHQHXURORJLFDODVVHVVPHQW
DQGGRFXPHQWWKH)66DQGWKH('66VFRUHWKURXJKRXWWKHWULDODWWKHSURWRFRO
VSHFLILHGWLPHSRLQWVDVZHOODVDWWKH2Q7ULDO5HODSVH(YDOXDWLRQ9LVLW7KH7UHDWLQJ
3K\VLFLDQRUGHVLJQHHZLOOSHUIRUPWKHP56WKURXJKRXWWKHWULDODWWKHSURWRFRO
VSHFLILHGWLPHSRLQWV
x 1HXURORJLFIXQFWLRQZLOOEHDVVHVVHGEDVHGRQWKH)66$PEXODWRU\IXQFWLRQZLOOEH
DVVHVVHGE\+$,DQGYLVXDOIXQFWLRQZLOOEHPHDVXUHGE\9$XVLQJWKH6QHOOHQFKDUW
,QDGGLWLRQWKHYLVXDORSWLF)66ZLOOEHXVHGIRUVWDWLVWLFDODQDO\VLVRIFKDQJHVLQ
9$1HXURORJLFIXQFWLRQHYDOXDWLRQZLOOEHDVVHVVHGDWWKHSURWRFROVSHFLILHGWLPH
SRLQWVDVZHOODVDWWKH2Q7ULDO5HODSVH(YDOXDWLRQ9LVLW
x 4XDOLW\RIOLIH42/ZLOOEHDVVHVVHGE\WKHSDWLHQWV¶VHOIDVVHVVPHQWTXHVWLRQQDLUHV
(4'DQGWKH6KRUW)RUP+HDOWK6XUYH\6)DWWKHSURWRFROVSHFLILHGWLPH
SRLQWV
6DIHW\
x 7KHVDIHW\RIHFXOL]XPDEZLOOEHDVVHVVHGEDVHGRQWKHWUHDWPHQWHPHUJHQWDGYHUVH
HYHQWV7($(VVHULRXVDGYHUVHHYHQWV6$(VDQGWKHFKDQJHVIURPEDVHOLQHWKURXJK
WULDOFRPSOHWLRQLQYLWDOVLJQVHOHFWURFDUGLRJUDP(&*URXWLQHFOLQLFDOODERUDWRU\
WHVWVFKHPLVWU\DQGKHPDWRORJ\&ROXPELD6XLFLGH6HYHULW\5DWLQJ6FDOH&6656
DQGSUHJQDQF\WHVWVIRUIHPDOHSDWLHQWVRIFKLOGEHDULQJSRWHQWLDO
x ,PPXQRJHQLFLW\%ORRGVDPSOHVZLOOEHFROOHFWHGWRDQDO\]HIRUKXPDQDQWLKXPDQ
DQWLERGLHV+$+$DWVSHFLILHGWLPHSRLQWVWRGHVFULEHWKHSUHVHQFHRUDEVHQFHRIDQ
LPPXQHUHVSRQVHWRHFXOL]XPDEDQGWRHYDOXDWHLIDQWLERGLHVDUHGHWHFWHGZKHWKHUWKH
DQWLERGLHVQHXWUDOL]HWKHDFWLYLW\RIHFXOL]XPDE
x $QLQGHSHQGHQW'DWD0RQLWRULQJ&RPPLWWHH'0&ZLOOFRQGXFWLQWHULPPRQLWRULQJ
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
RIXQEOLQGHGVDIHW\GDWD6LQFHLWVSULPDU\IXQFWLRQZLOOEHWRHQVXUHSDWLHQWVDIHW\WKH
'0&ZLOOKDYHDFFHVVWRDOOXQEOLQGHGVDIHW\GDWD7KH'0&PD\PDNH
UHFRPPHQGDWLRQVWRWKH6SRQVRUUHJDUGLQJVDIHW\LVVXHVWULDOFRQGXFWDQG
PRGLILFDWLRQH[WHQVLRQRUVWRSSLQJRIWKHWULDO$VHSDUDWH'0&&KDUWHUZLOO
GRFXPHQWDOO'0&SURFHGXUHVDQGSURFHVVHVIRUWKHWULDO'DWDDQGDQDO\VLVIRUWKH
'0&ZLOOEHSUHSDUHGE\DQLQGHSHQGHQWVWDWLVWLFDOJURXS
%LRPDUNHU
x %ORRGVDPSOHVDQGFHUHEURVSLQDOIOXLG&6)VDPSOHVIRU102,J*ZLOOEHPHDVXUHG
DWSURWRFROVSHFLILHGWLPHSRLQWVDQGGXULQJWKH2Q7ULDO5HODSVH(YDOXDWLRQ3HULRG
&6)VDPSOHVZLOOEHREWDLQHGRQO\IURPSDWLHQWVZKRKDYHSURYLGHGFRQVHQWIRU
OXPEDUSXQFWXUHWRREWDLQ&6)VDPSOHV

3KDUPDFRNLQHWLFV3.DQG3KDUPDFRG\QDPLFV3'
x 7KHSRSXODWLRQ3.DQDO\VLVRIHFXOL]XPDELQ102SDWLHQWVZLOOEHSHUIRUPHGWR
DVVHVVWKHFRQFHQWUDWLRQRIHFXOL]XPDEYHUVXVWLPH3.SDUDPHWHUVVXFKDVPD[LPXP
FRQFHQWUDWLRQDVZHOODVWURXJKDQGSHDNHFXOL]XPDEFRQFHQWUDWLRQGXULQJWKH
LQGXFWLRQDQGPDLQWHQDQFHWUHDWPHQWSKDVHVZLOOEHUHSRUWHG&OHDUDQFHDQGWHUPLQDO
KDOIOLIHZLOOEHHVWLPDWHG3'DQDO\VLVZLOOEHSHUIRUPHGWRDVVHVVSUHDQGSRVW
WUHDWPHQWVHUXPKHPRO\WLFDFWLYLW\DQGWKHUHIRUH&FRPSOHPHQWDFWLYLW\LQKLELWLRQ
)UHH&FRQFHQWUDWLRQDOVRPD\EHPHDVXUHG
x
&6)VDPSOHVIRU3.DQGIUHH&IURPSDWLHQWVZKRKDYHRSWHGWRSURYLGHFRQVHQWZLOO
EHPHDVXUHGDWSURWRFROVSHFLILHGWLPHSRLQWVDQGGXULQJWKH2Q7ULDO5HODSVH
(YDOXDWLRQ3HULRG
6WDWLVWLFDOPHWKRGV
$QDO\VHVZLOOEHSURGXFHGIRUWKHGRXEOHEOLQG6WXG\3HULRGLQRUGHUWRFRPSDUHWKH
HFXOL]XPDEJURXSZLWKWKHSODFHERJURXS7KHDQDO\VHVZLOOLQFOXGHHIILFDF\VDIHW\DQG
3.3'DQDO\VHV
(IILFDF\
(IILFDF\DQDO\VHVZLOOEHSHUIRUPHGRQWKH)XOO$QDO\VLV6HW)$6SRSXODWLRQDVZHOODVRQ
WKH3HU3URWRFRO33SRSXODWLRQ
)$63RSXODWLRQ7KHSRSXODWLRQRQZKLFKSULPDU\VHFRQGDU\WHUWLDU\DQGRWKHUHIILFDF\
DQDO\VHVZLOOEHSHUIRUPHG7KLVVHWFRQVLVWVRIDOOSDWLHQWVZKRDUHUDQGRPL]HGWRWUHDWPHQW
DQGZKRKDYHUHFHLYHGDWOHDVWGRVHRI,33DWLHQWVZLOOEHFRPSDUHGIRUHIILFDF\DFFRUGLQJ
WRWKHWUHDWPHQWWKH\ZHUHUDQGRPL]HGWRUHFHLYHLUUHVSHFWLYHRIWKHWUHDWPHQWWKH\DFWXDOO\
UHFHLYHG
333RSXODWLRQ7KHSHUSURWRFROSRSXODWLRQLVDVXEVHWRIWKHIXOODQDO\VLVVHWSRSXODWLRQ
H[FOXGLQJSDWLHQWVZLWKPDMRUSURWRFROGHYLDWLRQV7KH33SRSXODWLRQZLOOLQFOXGHDOOSDWLHQWV
ZKR
x +DYHQRPDMRUSURWRFROGHYLDWLRQVRUNH\LQFOXVLRQH[FOXVLRQFULWHULDGHYLDWLRQVWKDW
PLJKWSRWHQWLDOO\DIIHFWHIILFDF\
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
x 3DWLHQWVZKRWRRNDWOHDVWRIWKHUHTXLUHGWUHDWPHQWGRVHVZKLOHWKH\ZHUHLQWKH
6WXG\3HULRG
7KH33SRSXODWLRQZLOOEHGHWHUPLQHGSULRUWRGDWDEDVHORFNDQGXQEOLQGLQJ
3ULPDU\(IILFDF\$QDO\VLVIRUWKH6WXG\3HULRG
1RWH'XULQJWKH6WXG\3HULRG%DVHOLQHLVGHILQHGDVWKHODVWDYDLODEOHDVVHVVPHQWSULRUWR,3
WUHDWPHQWIRUDOOSDWLHQWVUHJDUGOHVVRIWUHDWPHQWJURXS
7KHSULPDU\HIILFDF\HQGSRLQWLVWLPHWRILUVWDGMXGLFDWHG2Q7ULDO5HODSVHDVGHILQHGLQWKH
SURWRFRO7KHWULDOZLOOEHFRQVLGHUHGWRKDYHPHWLWVSULPDU\HIILFDF\REMHFWLYHLID
VWDWLVWLFDOO\VLJQLILFDQWGLIIHUHQFHLVREVHUYHGEHWZHHQWKHHFXOL]XPDEWUHDWPHQWJURXSDQGWKH
SODFHERJURXS7KHFRPSDULVRQRIWKHWUHDWPHQWJURXSVIRUWKHSULPDU\HQGSRLQWZLOOXVHD
ORJUDQNWHVWLQFOXGLQJVWUDWDIRUWKHUDQGRPL]DWLRQVWUDWLILFDWLRQYDULDEOHVSDWLHQWV¶('66
VFRUHDW5DQGRPL]DWLRQ'D\DQGSDWLHQWV¶,67VWDWXVDWWKH5DQGRPL]DWLRQ'D\
&RQILGHQFHLQWHUYDOVDQGSYDOXHVZLOOEHSUHVHQWHG.DSODQ0HLHUFXUYHVIRUERWKWUHDWPHQW
JURXSVZLOOEHSURGXFHG+D]DUGUDWLRDQGULVNUHGXFWLRQZLOOEHVXPPDUL]HG$VHQVLWLYLW\
DQDO\VLVZLOOEHSHUIRUPHGRQWLPHWRILUVW2Q7ULDO5HODSVHDVLGHQWLILHGE\WKH,QYHVWLJDWRU
XVLQJDORJUDQNWHVWLQFOXGLQJVWUDWDIRUWKHUDQGRPL]DWLRQVWUDWLILFDWLRQYDULDEOHV,QDGGLWLRQ
DVHQVLWLYLW\FRPSDULVRQRIWKHSULPDU\HQGSRLQWZLOOXVHD&R[SURSRUWLRQDOKD]DUGV
UHJUHVVLRQPRGHOZLWKWUHDWPHQWJURXSLQGLFDWRUDQGUDQGRPL]DWLRQVWUDWLILFDWLRQYDULDEOHVDV
WKHRQO\FRYDULDWHVLQWKHPRGHO$VHFRQGVHQVLWLYLW\FRPSDULVRQRIWKHSULPDU\HQGSRLQW
ZLOOXVHD&R[SURSRUWLRQDOKD]DUGVUHJUHVVLRQPRGHOZLWKWUHDWPHQWJURXSLQGLFDWRU
UDQGRPL]DWLRQVWUDWLILFDWLRQYDULDEOHVDQGUHJLRQDVWKHRQO\FRYDULDWHVLQWKHPRGHO5HJLRQ
ZLOOEHGHILQHGEDVHGRQWKHVLWHVIRUWKHVWXG\DQGZLOOLQFOXGH1RUWK$PHULFD6RXWK
$PHULFD(XURSH$VLD3DFLILFLQFOXGLQJEXWQRWOLPLWHGWR$XVWUDOLDDQG-DSDQDQG2WKHUDV
DSSOLFDEOH,QWKHHYHQWWKDWWKHQXPEHURISDWLHQWVLQVRPHUHJLRQVLVWRRVPDOOWRSHUPLW
PRGHOLQJWKHVPDOOHUUHJLRQVZLOOEHSRROHGWRJHWKHU
$QDGGLWLRQDOVHQVLWLYLW\FRPSDULVRQRIWKHSULPDU\HQGSRLQWZLOOXVHD&R[SURSRUWLRQDO
KD]DUGVUHJUHVVLRQPRGHOZLWKWUHDWPHQWJURXSLQGLFDWRUDQGUDQGRPL]DWLRQVWUDWLILFDWLRQ
YDULDEOHVDVFRYDULDWHVDQGZLOODOVRLQFOXGHZLWKGUDZDOVGXHWR$(VDVRXWFRPHVHYHQWVLH
UHODSVHV
$QDGGLWLRQDOVHQVLWLYLW\FRPSDULVRQRIWKHWUHDWPHQWJURXSVIRUWKHSULPDU\HQGSRLQWZLOOXVH
DORJUDQNWHVWLQFOXGLQJVWUDWDIRUWKHUDQGRPL]DWLRQVWUDWLILFDWLRQYDULDEOHVIRUWKH)$6
SDWLHQWVZLWKDIROORZXSDVVHVVPHQWLH)$6SDWLHQWVZLWKRXWDIROORZXSDVVHVVPHQWZLOO
EHH[FOXGHGIURPWKHDQDO\VLV

6HFRQGDU\(IILFDF\$QDO\VLVIRUWKH6WXG\3HULRG
8QOHVVRWKHUZLVHVSHFLILHGWKHVHFRQGDU\HIILFDF\DQDO\VHVZLOOXVHWKHDYDLODEOHGDWDIURP
WKH6WXG\3HULRG+\SRWKHVLVWHVWLQJFRPSDULQJHFXOL]XPDEWUHDWPHQWZLWKSODFHERWUHDWPHQW
IRUWKHVHFRQGDU\HIILFDF\DQDO\VHVZLOOEHSHUIRUPHGXVLQJDFORVHGWHVWLQJSURFHGXUHZLWKWKH
IROORZLQJUDQNRUGHU
 &KDQJHIURPEDVHOLQHLQ('66VFRUHDWWKH(26
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
 $GMXGLFDWHGDQQXDOL]HGUHODSVHUDWH
 &KDQJHIURPEDVHOLQHLQ(4'DWWKH(26
 &KDQJHIURPEDVHOLQHLQP56VFRUHDWWKH(26
 &KDQJHIURPEDVHOLQHLQ+$,DWWKH(26
7KHK\SRWKHVLVWHVWLQJZLOOSURFHHGIURPKLJKHVWUDQNFKDQJHIURPEDVHOLQHLQ('66WR
WKHORZHVWUDQNFKDQJHIURPEDVHOLQHLQ+$,DQGLIVWDWLVWLFDOVLJQLILFDQFHLVQRWDFKLHYHG
DWDQHQGSRLQWSWKHQHQGSRLQWVRIORZHUUDQNZLOOQRWEHFRQVLGHUHGWREHVWDWLVWLFDOO\
VLJQLILFDQW&RQILGHQFHLQWHUYDOVDQGSYDOXHVZLOOEHSUHVHQWHGIRUDOOVHFRQGDU\HIILFDF\
HQGSRLQWVIRUGHVFULSWLYHSXUSRVHVUHJDUGOHVVRIWKHRXWFRPHRIWKHFORVHGWHVWLQJSURFHGXUH
7KH(4'KDVWZRHQGSRLQWVWKHLQGH[VFRUHDQG(4'9$6)RUWKHSXUSRVHVRIWKLV
FORVHGWHVWLQJSURFHGXUHWKH(4'LQGH[VFRUHZLOOEHDQDO\]HGILUVWDQGWKH(4'9$6
VFRUHZLOOEHDQDO\]HGVHFRQGIRUWKH(4'DQDO\VHV
7KHSULPDU\DQDO\VLVIRUWKHFKDQJHIURPEDVHOLQHLQ('66VFRUHWRWKHHQGRI6WXG\3HULRG
LHZHHNSRVWUHODSVHIRUWKHSDWLHQWVZKRKDYHUHODSVHVRUHQGRIWUHDWPHQWSHULRGYLVLWIRU
SDWLHQWVZKRGRQRWKDYHUHODSVHVZLOOEHDUDQNHG$1&29$ZLWKWUHDWPHQWJURXSEDVHOLQH
('66DQG,67VWDWXVDWUDQGRPL]DWLRQDVFRYDULDWHV,IDSDWLHQWH[SHULHQFHVDVHFRQGUHODSVH
GXULQJWKHZHHNUHFRYHU\SKDVHDIWHUWKHLQLWLDOUHODSVHWKHODVW('66VFRUHSULRUWRWKH
VHFRQGDWWDFNZLOOEHXVHGIRUWKHDQDO\VLV,IDSDWLHQWKDVQRIROORZXSDVVHVVPHQWVDFKDQJH
IURPEDVHOLQHRILHEDVHOLQHYDOXHFDUULHGIRUZDUGZLOOEHXVHG$VHQVLWLYLW\DQDO\VLVIRU
WKHFKDQJHIURPEDVHOLQHLQ('66VFRUHWRWKHHQGRI6WXG\3HULRGLHZHHNSRVWUHODSVH
IRUWKHSDWLHQWVZKRKDYHUHODSVHVRU(26IRUSDWLHQWVZKRGRQRWKDYHUHODSVHVZLOOEHD
UDQNHG$1&29$ZLWKWUHDWPHQWJURXS%DVHOLQH('66DQG,67VWDWXVDWUDQGRPL]DWLRQDV
FRYDULDWHVLQWKHVXEVHWRIWKH)$6SRSXODWLRQZKRGRKDYHDIROORZXSDVVHVVPHQWLH)$6
SDWLHQWVZLWKRXWDIROORZXSDVVHVVPHQWZLOOEHH[FOXGHGIURPWKHDQDO\VLV,IDSDWLHQW
H[SHULHQFHVDVHFRQGUHODSVHGXULQJWKHZHHNUHFRYHU\SKDVHDIWHUWKHLQLWLDOUHODSVHWKHODVW
('66VFRUHSULRUWRWKHVHFRQGDWWDFNZLOOEHXVHGIRUWKHDQDO\VLV,QDGGLWLRQVHQVLWLYLW\
DQDO\VHVIRUWKHFKDQJHIURP%DVHOLQHLQ('66ZLOOEHDQDO\]HGXVLQJDPL[HGPRGHOIRU
UHSHDWHGPHDVXUHVZLWKEDVHOLQH('66VFRUH,67VWDWXVDWUDQGRPL]DWLRQWUHDWPHQWJURXS
LQGLFDWRUWULDOYLVLWDQGWULDOYLVLWE\WUHDWPHQWJURXSLQWHUDFWLRQDVFRYDULDWHV$OOSRVW
EDVHOLQH('66VFRUHVZLOOEHLQFOXGHGLQWKHPRGHOVSDWLHQWVZLWKRXWDQ\SRVWEDVHOLQHVFRUHV
ZLOOQRWEHLQFOXGHG,QDGGLWLRQRWKHUVHQVLWLYLW\DQDO\VHVZLOOLQFOXGHLPSXWDWLRQVIRU
PLVVLQJYLVLWDVVHVVPHQWV3DWLHQWVZKRGLVFRQWLQXHWKHWULDOHDUO\ZLWKRXWDUHODSVHZLOOKDYH
VXEVHTXHQWPLVVLQJ('66DVVHVVPHQWVLPSXWHGXVLQJWKH/2&)DSSURDFK3DWLHQWVZKR
GLVFRQWLQXHWKHWULDOHDUO\ZLWKDUHODSVHZLOOKDYHVXEVHTXHQWPLVVLQJ('66DVVHVVPHQWV
LPSXWHGE\XVLQJWKH('66DVVHVVPHQWFRQGXFWHGZHHNVDIWHUWKHILUVWUHODSVHDWWDFN,IWKH
('66DVVHVVPHQWZHHNVDIWHUWKHILUVWUHODSVHLVPLVVLQJWKHQWKHODVWDYDLODEOH('66VFRUH
DIWHUWKHUHODSVHDWWULDOGLVFRQWLQXDWLRQIRUWKHSDWLHQWZLOOEHLPSXWHGXVLQJWKH/2&)
DSSURDFK,IWKHSDWLHQWGRHVQRWKDYHDQ('66VFRUHDIWHUWKHUHODSVHWKHQWKHZHHN
UHFRYHU\('66VFRUHZLOOEHLPSXWHGXVLQJWKHSDWLHQW¶VODVW('66EHIRUHWKHUHODSVHDGMXVWHG
DFFRUGLQJWRWKHDYHUDJHFKDQJHLQ('66DWZHHNDIWHUDUHODSVHREVHUYHGLQDOORWKHU
SDWLHQWVZKRGLGKDYHUHODSVHVLQWKHVDPHWUHDWPHQWJURXS
7KHFRPSDULVRQRIWKHWZRWUHDWPHQWJURXSVIRUVHFRQGDU\HQGSRLQWDGMXGLFDWHG$55ZLOO
XVH3RLVVRQUHJUHVVLRQDQDO\VLV7UHDWPHQWJURXSWKHVWUDWLILFDWLRQYDULDEOHVDQGEDVHOLQH
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
$55ZLOOEHFRYDULDWHVLQWKHPRGHODQGWKHORJRIWLPHLQWKHWULDOZLOOEHXVHGDVWKHRIIVHW
YDULDEOH$VHQVLWLYLW\DQDO\VLVZLOOEHSHUIRUPHGIRU$55XVLQJDOO2Q7ULDO5HODSVHVDV
LGHQWLILHGE\WKH,QYHVWLJDWRULQD3RLVVRQUHJUHVVLRQDQDO\VLVZLWKWUHDWPHQWJURXSWKH
VWUDWLILFDWLRQYDULDEOHVDQGEDVHOLQH$55DVFRYDULDWHVLQWKHPRGHODQGWKHORJRIWLPHLQWKH
WULDOZLOOEHXVHGDVWKHRIIVHWYDULDEOH
&KDQJHVIURPEDVHOLQHLQWKH+$,(4'LQGH[VFRUHDQG(4'9$6ZLOOEHDQDO\]HGLQD
VLPLODUPDQQHUDVFKDQJHVLQ('66VFRUH%DVHOLQHYDOXHDQGWKHVWUDWLILFDWLRQYDULDEOHVZLOO
EHFRYDULDWHVLQWKHPRGHOLQJIRUWKHVHHQGSRLQWV
7KHSULPDU\DQDO\VLVIRUWKHFKDQJHIURPEDVHOLQHLQP56VFRUHWRWKH(26LHZHHNSRVW
UHODSVHIRUWKHSDWLHQWVZKRKDYHUHODSVHVRU(26IRUSDWLHQWVZKRGRQRWKDYHUHODSVHVZLOO
EHDUDQNHG$1&29$ZLWKWUHDWPHQWJURXSEDVHOLQHP56('66VWUDWDDWUDQGRPL]DWLRQ
DQG,67VWDWXVDWUDQGRPL]DWLRQDVFRYDULDWHV,IDSDWLHQWH[SHULHQFHVDVHFRQGUHODSVHGXULQJ
WKHZHHNUHFRYHU\SKDVHDIWHUWKHLQLWLDOUHODSVHWKHODVWP56VFRUHSULRUWRWKHVHFRQG
DWWDFNZLOOEHXVHGIRUWKHDQDO\VLV,IDSDWLHQWKDVQRIROORZXSDVVHVVPHQWVDFKDQJHIURP
EDVHOLQHRILHEDVHOLQHYDOXHFDUULHGIRUZDUGZLOOEHXVHG$VHQVLWLYLW\DQDO\VLVIRUWKH
FKDQJHIURPEDVHOLQHLQP56VFRUHWRWKHHQGRIWKH6WXG\3HULRGZLOOEHDUDQNHG$1&29$
ZLWKWUHDWPHQWJURXSEDVHOLQHP56('66VWUDWDDWUDQGRPL]DWLRQDQG,67VWDWXVDW
UDQGRPL]DWLRQDVFRYDULDWHVLQWKHVXEVHWRIWKH)$6SRSXODWLRQZKRGRKDYHDIROORZXS
DVVHVVPHQWLH)$6SDWLHQWVZLWKRXWDIROORZXSDVVHVVPHQWZLOOEHH[FOXGHGIURPWKH
DQDO\VLV$QDGGLWLRQDOVHQVLWLYLW\FRPSDULVRQRIWKHWZRWUHDWPHQWJURXSVIRUWKHP56VFRUH
ZLOOXVHJHQHUDOL]HGHVWLPDWLQJHTXDWLRQV*((PHWKRGVDWWKH(26LHZHHNSRVWUHODSVH
IRUWKHSDWLHQWVZKRKDYHUHODSVHVRUHQGRIWUHDWPHQWSHULRGYLVLWIRUSDWLHQWVZKRGRQRWKDYH
UHODSVHV352&*(102'LQ6$6ZLOOEHXVHGWRILWD*((PRGHORIWKHP56VFRUHDWWKH
HQGRIWKHVWXG\LHZHHNSRVWUHODSVHIRUWKHSDWLHQWVZKRKDYHUHODSVHVRUHQGRI
WUHDWPHQWSHULRGYLVLWIRUSDWLHQWVZKRGRQRWKDYHUHODSVHV7KH*((PRGHOZLOOLQFOXGH
FRYDULDWHVIRUWUHDWPHQWJURXSUDQGRPL]DWLRQVWUDWLILFDWLRQYDULDEOHVEDVHOLQHP56VFRUH
YLVLWDQGWKHWUHDWPHQWJURXSE\YLVLWLQWHUDFWLRQWHUP$PXOWLQRPLDOGLVWULEXWLRQZLOOEHXVHG
LQWKHPRGHODORQJZLWKDFXPXODWLYHORJLWOLQNIXQFWLRQDQGDQLQGHSHQGHQWZRUNLQJ
FRUUHODWLRQPDWUL[,IWKHWUHDWPHQWJURXSE\YLVLWLQWHUDFWLRQWHUPLVQRWVLJQLILFDQWS
LWZLOOEHUHPRYHGIURPWKH*((PRGHODQGWKHPRGHOZLOOEHUHILWDQGXVHGDVWKHILQDOPRGHO
LQWKHDQDO\VHV,QDGGLWLRQVXPPDU\VWDWLVWLFVIRUWKHFKDQJHVIURPEDVHOLQHLQWKHP56VFRUH
ZLOOEHSURGXFHGE\YLVLWDQGWUHDWPHQWJURXS/LNHZLVHVKLIWWDEOHVIURPEDVHOLQHLQWKHP56
VFRUHZLOOEHSURGXFHGE\YLVLWDQGWUHDWPHQWJURXS
7HUWLDU\(IILFDF\$QDO\VLVIRUWKH6WXG\3HULRG
 &KDQJHIURPEDVHOLQHLQ+$,DW(26LQSDWLHQWVZLWKDEQRUPDOEDVHOLQHDPEXODWRU\
IXQFWLRQ
 &KDQJHIURPEDVHOLQHLQ9$DW(26LQDOOSDWLHQWVDQGLQSDWLHQWVZLWKDEQRUPDO
EDVHOLQHYLVXDOIXQFWLRQ
 &KDQJHIURPEDVHOLQHLQWKH6)DW(26
 &KDQJHIURPEDVHOLQHLQWKH('66)66DW(26
&KDQJHVIURPEDVHOLQHLQWKH9$ZLOOEHDQDO\]HGLQDVLPLODUPDQQHUDVFKDQJHVLQWKH('66
VFRUH%DVHOLQHYDOXHDQGWKHVWUDWLILFDWLRQYDULDEOHVZLOOEHFRYDULDWHVLQWKHPRGHOLQJIRU
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
WKHVHHQGSRLQWV&KDQJHVIURPEDVHOLQHLQWKH+$,DQGLQWKH9$IRUSDWLHQWVZKRZHUH
DEQRUPDODWEDVHOLQHZLOOEHDQDO\]HGLQDVLPLODUPDQQHUWRWKHDQDO\VHVGHVFULEHGIRUWKH
+$,DQGWKH9$LQDOOSDWLHQWV
&KDQJHIURPEDVHOLQHLQ42/ZLOOEHVXPPDUL]HGDVDSSURSULDWHWRWKHTXDOLW\RIOLIH
LQVWUXPHQWDQGWUHDWPHQWJURXSFRPSDULVRQVZLOOEHSHUIRUPHGDVVSHFLILHGLQWKH6WDWLVWLFDO
$QDO\VLV3ODQ6$3
&KDQJHVIURPEDVHOLQHLQWKH('66)66ZLOOEHDQDO\]HGLQDVLPLODUPDQQHUWRWKHVHFRQGDU\
HQGSRLQWDQDO\VHVGHVFULEHGIRUWKH('66VFRUH
6DIHW\
6DIHW\DQDO\VHVZLOOEHSHUIRUPHGRQWKH6DIHW\3RSXODWLRQ7KH6DIHW\3RSXODWLRQLQFOXGHV
DOOSDWLHQWVZKRUHFHLYHDWOHDVWGRVHRI,33DWLHQWVZLOOEHFRPSDUHGIRUVDIHW\DFFRUGLQJWR
WKHWUHDWPHQWWKH\DFWXDOO\UHFHLYHG$OO$(VDQGRWKHUVDIHW\LQIRUPDWLRQLQFOXGLQJXQWUHDWHG
SDWLHQWVFROOHFWHGDIWHUWKHVLJQLQJRILQIRUPHGFRQVHQWZLOOEHUHSRUWHGLQOLVWLQJVDV
DSSOLFDEOH
6DIHW\IRUWKH6WXG\3HULRG
1RWH'XULQJWKH6WXG\3HULRG%DVHOLQHLVGHILQHGDVWKHODVWDYDLODEOHDVVHVVPHQWSULRUWR
WUHDWPHQWIRUDOOSDWLHQWVUHJDUGOHVVRIWKHLUWUHDWPHQWJURXS
)RUWKH6WXG\3HULRG$(VZLOOEHVXPPDUL]HGE\LQFLGHQFHV\VWHPRUJDQFODVV62&
SUHIHUUHGWHUP37VHULRXVQHVVVHYHULW\UHODWLRQVKLSWRWUHDWPHQWDQGE\WUHDWPHQWJURXS
&RQFRPLWDQWPHGLFDWLRQVZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXS
&KDQJHVIURP%DVHOLQHLQYLWDOVLJQVODERUDWRU\DVVHVVPHQWVFKHPLVWU\DQGKHPDWRORJ\DQG
&6656ZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXS/LNHZLVHVKLIWWDEOHV/>ORZ@1>QRUPDO@
+>KLJK@E\WUHDWPHQWJURXSZLOOEHSURGXFHGIRUFOLQLFDOODERUDWRU\WHVWVDQGSUHJQDQF\WHVWV
ZLOOEHVXPPDUL]HGLQSDWLHQWOLVWLQJV6KLIWWDEOHVIRUWKH&6656ZLOOEHSURGXFHGE\
WUHDWPHQWJURXSDQGYLVLW
,PPXQRJHQLFLW\DVPHDVXUHGE\+$+$ZLOOEHVXPPDUL]HGLQWDEXODUIRUPE\WUHDWPHQW
JURXSDQGLQSDWLHQWOLVWLQJ
3.3'
3RSXODWLRQ3.DQDO\VLVRIHFXOL]XPDELQ102SDWLHQWVZLOOEHSHUIRUPHGWRDVVHVVWKH
FRQFHQWUDWLRQRIHFXOL]XPDEYHUVXVWLPH3.SDUDPHWHUVVXFKDVPD[LPXPFRQFHQWUDWLRQDV
ZHOODVWURXJKDQGSHDNHFXOL]XPDEFRQFHQWUDWLRQGXULQJWKHLQGXFWLRQDQGPDLQWHQDQFH
WUHDWPHQWSKDVHVZLOOEHUHSRUWHG&OHDUDQFHDQGWHUPLQDOKDOIOLIHZLOOEHHVWLPDWHG3'
DQDO\VLVZLOOEHSHUIRUPHGWRDVVHVVSUHDQGSRVWWUHDWPHQWVHUXPKHPRO\WLFDFWLYLW\DQG
WKHUHIRUH&FRPSOHPHQWDFWLYLW\LQKLELWLRQ)UHH&FRQFHQWUDWLRQDOVRPD\EHPHDVXUHG



&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

7$%/(2)&217(176

7$%/(2)&217(176
 
7,7/(3$*( 
 
6<1236,6 
 
7$%/(2)&217(176 
 
/,672)$%%5(9,$7,216 
 
,1752'8&7,21 
 
1HXURP\HOLWLV2SWLFD102 
 
&OLQLFDOSUHVHQWDWLRQRI102 
 
8QPHW0HGLFDO1HHG 
 
5ROHRI&RPSOHPHQWLQ102 
 
(FXOL]XPDEDVWKH)LUVW7HUPLQDO&RPSOHPHQW,QKLELWRU7KHUDSHXWLF 
 
(FXOL]XPDELQ1023DWLHQWV 
 
(FXOL]XPDE'RVHIRU102 
 
75,$/2%-(&7,9(6$1'385326( 
 
3ULPDU\2EMHFWLYH 
 
6HFRQGDU\2EMHFWLYHV 
 
3ULPDU\DQG6HFRQGDU\(IILFDF\(QGSRLQWV 
 
3ULPDU\(IILFDF\(QGSRLQW 
 
6HFRQGDU\(IILFDF\(QGSRLQWVHFXOL]XPDERXWFRPHVDVFRPSDUHGZLWK
SODFHERRXWFRPHV 
 
29(5$//75,$/'(6,*1$1'3/$1 
 
6FUHHQLQJ3HULRG 
 
6WXG\3HULRG 
 
5HODSVH(YDOXDWLRQ 
 
6DIHW\)ROORZ8S3HULRG3RVW7UHDWPHQW 
 
6WDQGDUG3URWRFRO'HILQLWLRQV 
 
+LVWRULFDO5HODSVH 
 
2Q7ULDO5HODSVH 
 
6HYHULW\RI5HODSVH 
 
3DWLHQW3RSXODWLRQ,PPXQRVXSSUHVVDQW7KHUDS\6WDWXV 
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
 
7UHDWPHQW1DwYH3DWLHQWV 
 
3DWLHQWV&RQWLQXLQJRQWKH6DPH,67DWWKH7LPHRI5DQGRPL]DWLRQ 
 
3DWLHQWVZLWK&KDQJHVLQ,67VDWWKH7LPHRI5DQGRPL]DWLRQ 
 
7KH7UHDWLQJ3K\VLFLDQ 
 
7KH('665DWHU%OLQGHG 
 
$GMXGLFDWLRQRI2Q7ULDO5HODSVHV 
 
6FKHGXOHRI$VVHVVPHQWV 
 
7ULDO9LVLW3URFHGXUHV 
 
6FUHHQLQJ3HULRG6FUHHQLQJ9LVLW>9LVLW@2FFXUVZHHNV3ULRUWR
%DVHOLQH9LVLW>'D\@ 
 
6WXG\3HULRG 
 
9LVLW6FKHGXOHDQG)UHTXHQF\ 
 
0LVVHG9LVLWV 
 
,QGXFWLRQ3KDVH%DVHOLQH>9LVLW'D\@7KURXJK9LVLW>:HHN@ 
 
0DLQWHQDQFH3KDVH9LVLW>:HHN@7KURXJK(QGRI6WXG\9LVLWRU(DUO\
7HUPLQDWLRQ9LVLW 
 
5HODSVH(YDOXDWLRQ3HULRG 
 
5HODSVH(YDOXDWLRQ9LVLW:LWKLQ+RXUV 
 
)ROORZ8S5HODSVH(YDOXDWLRQ9LVLWV:HHNVDQG 
 
8QVFKHGXOHG)ROORZ8S5HODSVH(YDOXDWLRQ9LVLWV 
 
$GMXGLFDWLRQRI2Q7ULDO5HODSVHV 
 
6DIHW\)ROORZXS3HULRG3RVW7UHDWPHQW 
 
1XPEHURI3DWLHQWV 
 
7UHDWPHQW$VVLJQPHQW 
 
&ULWHULDIRU7ULDO7HUPLQDWLRQ 
 
(QGRI7ULDOIRUDQ,QGLYLGXDO3DWLHQW 
 
(QGRI7ULDOIRU$OO3DWLHQWV 
 
6(/(&7,21$1':,7+'5$:$/2)3$7,(176 
 
3DWLHQW,QFOXVLRQ&ULWHULD 
 
3DWLHQW([FOXVLRQ&ULWHULD 
 
3DWLHQW:LWKGUDZDO&ULWHULD 
 
:LWKGUDZDORI3DWLHQWV)URPWKH7ULDO 
 
+DQGOLQJRI:LWKGUDZDOV 
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
 
6SRQVRU¶V7HUPLQDWLRQRI7ULDO 
 
75($70(172)3$7,(176 
 
,QYHVWLJDWLRQDO3URGXFW'RVDJHDQG$GPLQLVWUDWLRQ 
 
&RQFRPLWDQW0HGLFDWLRQV 
 
$OORZHG0HGLFDWLRQV 
 
3DOOLDWLYHDQG6XSSRUWLYH&DUH 
 
,PPXQRVXSSUHVVLYH7KHUDS\$JHQWV 
 
5HFRPPHQGHG6WDQGDUGL]HG5HODSVH7UHDWPHQW 
 
'LVDOORZHG0HGLFDWLRQV 
 
7UHDWPHQW&RPSOLDQFH 
 
5DQGRPL]DWLRQDQG%OLQGLQJ 
 
5DQGRPL]DWLRQ 
 
%OLQGLQJDQG8QEOLQGLQJ 
 
,19(67,*$7,21$/352'8&70$7(5,$/6$1'0$1$*(0(17 
 
,QYHVWLJDWLRQDO3URGXFW 
 
,QYHVWLJDWLRQDO3URGXFW3DFNDJLQJDQG/DEHOLQJ 
 
,QYHVWLJDWLRQDO3URGXFW6WRUDJH 
 
,QYHVWLJDWLRQDO3URGXFW3UHSDUDWLRQ 
 
,QYHVWLJDWLRQDO3URGXFW$GPLQLVWUDWLRQ 
 
,QYHVWLJDWLRQDO3URGXFW$FFRXQWDELOLW\ 
 
,QYHVWLJDWLRQDO3URGXFW+DQGOLQJDQG'LVSRVDO 
 
$66(660(172)()),&$&< 
 
(IILFDF\3DUDPHWHUV 
 
5HODSVHV 
 
'LVDELOLW\ 
 
1HXURORJLF)XQFWLRQV 
 
4XDOLW\RI/LIH 
 
$66(660(172)6$)(7< 
 
6DIHW\3DUDPHWHUV 
 
'HPRJUDSKLF0HGLFDO+LVWRU\ 
 
9LWDO6LJQV 
 
:HLJKWDQG+HLJKW 
 
3K\VLFDO([DPLQDWLRQ 
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
 
(OHFWURFDUGLRJUDP(&* 
 
/DERUDWRU\$VVHVVPHQWV 
 
&ROXPELD6XLFLGDO6HYHULW\5DWLQJ6FDOH&6656 
 
$GYHUVHDQG6HULRXV$GYHUVH(YHQWV 
 
'HILQLWLRQRI$GYHUVH(YHQWV 
 
$GYHUVH(YHQW 
 
$EQRUPDO7HVW)LQGLQJ 
 
6HULRXV$GYHUVH(YHQW6$( 
 
/DFNRI(IILFDF\ 
 
+RVSLWDOL]DWLRQ 
 
3URFHGXUHV 
 
2WKHU$GYHUVH(YHQW2$( 
 
6HYHULW\$VVHVVPHQW 
 
&DXVDOLW\$VVHVVPHQW 
 ([SRVXUHGXULQJ3UHJQDQF\DQG/DFWDWLRQ 
 :LWKGUDZDOGXHWRDQ$GYHUVH(YHQW 
 2EWDLQLQJWKH$GYHUVH(YHQW 
 5HSRUWLQJ3HULRG 
 5HSRUWLQJ5HTXLUHPHQWVIRU$GYHUVH(YHQWV 
 5HSRUWLQJ5HTXLUHPHQWVIRU1RQVHULRXV$GYHUVH(YHQWV 
 5HSRUWLQJ5HTXLUHPHQWVIRU6HULRXV$GYHUVH(YHQWV 
 6SRQVRU5HSRUWLQJ5HTXLUHPHQWV 
 ,QYHVWLJDWRU5HSRUWLQJ5HTXLUHPHQWV 
 5HIHUHQFH6DIHW\'RFXPHQW 
 'DWD0RQLWRULQJ&RPPLWWHH 
 
$66(660(172)%,20$5.(5 
 
102%LRPDUNHU 
 
67$7,67,&$/0(7+2'$1'3/$11('$1$/<6(6 
 
*HQHUDOFRQVLGHUDWLRQV 
 
'HWHUPLQDWLRQRI6DPSOH6L]H 
 
$QDO\VHV6HWV 
 
)XOO$QDO\VLV6HW)$6 
 
3HU3URWRFRO336HW 
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
 
6DIHW\6HW 
 
2WKHU6HWV 
 
'HPRJUDSKLFVDQG%DVHOLQH&KDUDFWHULVWLFV 
 
6XEMHFW'LVSRVLWLRQDQG7UHDWPHQW&RPSOLDQFH 
 
3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV 
 
(IILFDF\$QDO\VHV 
 
3ULPDU\(IILFDF\(QGSRLQW 
 
6HFRQGDU\(IILFDF\$QDO\VLV 
 
7HUWLDU\(IILFDF\(QGSRLQWV 
 
2WKHU(IILFDF\(QGSRLQWV 
 
6DIHW\$QDO\VHV 
 
3K\VLFDO([DPLQDWLRQVDQG9LWDO6LJQV 
 
/DERUDWRU\$VVHVVPHQWV 
 
$GYHUVH(YHQWV 
 
&ROXPELD6XLFLGH6HYHULW\5DWLQJ6FDOH 
 
2WKHU6DIHW\(QGSRLQWV 
 
3.3'$QDO\VHV 
 
%LRPDUNHU$QDO\VLV 
 
2WKHU6WDWLVWLFDO,VVXHV 
 
6LJQLILFDQFH/HYHOV 
 
0LVVLQJRU,QYDOLG'DWD 
 
',5(&7$&&(66726285&('$7$'2&80(176 
 
7ULDO0RQLWRULQJ 
 
$XGLWVDQG,QVSHFWLRQV 
 
,QVWLWXWLRQDO5HYLHZ%RDUG,QWHUQDWLRQDO(WKLFV&RPPLWWHH 
 
'DWD0RQLWRULQJ&RPPLWWHH'0& 
 
48$/,7<&21752/$1'48$/,7<$6685$1&( 
 
(7+,&6 
 
(WKLFV5HYLHZ 
 
(WKLFDO&RQGXFWRIWKH7ULDO 
 
:ULWWHQ,QIRUPHG&RQVHQW 
 
'$7$+$1'/,1*$1'5(&25'.((3,1* 
 
,QVSHFWLRQRI5HFRUGV 
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
 
5HWHQWLRQRI5HFRUGV 
 
/,672)5()(5(1&(6 
$33(1',&(6 
$33(1',; ',$*1267,&&5,7(5,$)25102 
$33(1',; ',$*1267,&&5,7(5,$)2510263(&7580',625'(5
 
$33(1',; .857=.((;3$1'('',6$%,/,7<67$7866&$/(('66 
$33(1',; 237,&63,1$/,03$,50(176&25(26,6 
$33(1',; +$86(5$0%8/$7,21,1'(; 
$33(1',; 6+257)250+($/7+6859(<6) 
$33(1',; (85242/(4' 
$33(1',; &/,1,&$//$%25$725<7(676 
$33(1',; 02',),('5$1.,16&$/(056 
$33(1',; &2/80%,$68,&,'(6(9(5,7<5$7,1*6&$/(&6656±
6&5((1,1*%$6(/,1( 
$33(1',; &2/80%,$68,&,'(6(9(5,7<5$7,1*6&$/(&6656±
6,1&(/$679,6,7 

/,672)7$%/(6
7DEOH 
(PHUJHQF\&RQWDFW,QIRUPDWLRQ 
7DEOH 
$EEUHYLDWLRQVDQG6SHFLDOLVW7HUPV 
7DEOH 
5HODSVH6HYHULW\DV0HDVXUHGE\26,6 
7DEOH 
5ROHVDQG5HVSRQVLELOLWLHVRIWKH7UHDWLQJ3K\VLFLDQDQG('665DWHU 
7DEOH 
6FKHGXOHRI$VVHVVPHQWV±6FUHHQLQJ3HULRG 
7DEOH 
6FKHGXOHRI$VVHVVPHQWV±6WXG\3HULRG9LVLW±9LVLW 
7DEOH 
6FKHGXOHRI$VVHVVPHQWV±6WXG\3HULRG9LVLW±9LVLW 
7DEOH 
6FKHGXOHRI$VVHVVPHQWV±6WXG\3HULRG9LVLW±9LVLW 
7DEOH 
6FKHGXOHRI$VVHVVPHQWV±6WXG\3HULRG9LVLW±9LVLW 
7DEOH 6FKHGXOHRI$VVHVVPHQWV6WXG\3HULRG%H\RQG9LVLWWR(26(7 
7DEOH 6FKHGXOHRI$VVHVVPHQWV±5HODSVH(YDOXDWLRQ3HULRG 
7DEOH 6FKHGXOHRI$VVHVVPHQWV±6DIHW\)ROORZ8S3HULRG3RVW7UHDWPHQW 
7DEOH 6FKHGXOHRI$VVHVVPHQWV±)RRWQRWHV 
7DEOH ,QYHVWLJDWLRQDO3URGXFW'RVDJHDQG$GPLQLVWUDWLRQ 
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
7DEOH ,QYHVWLJDWLRQDO3URGXFW 
7DEOH ,QYHVWLJDWLRQDO3URGXFW3UHSDUDWLRQDQG5HFRQVWLWXWLRQ 

/,672)),*85(6
)LJXUH 
5HODWLRQVKLSEHWZHHQ6HUXP&RQFHQWUDWLRQRI(FXOL]XPDEDQG)UHH&
,QKLELWLRQ 
)LJXUH 
5HODWLRQVKLSEHWZHHQ6HUXP&RQFHQWUDWLRQRI(FXOL]XPDEDQG3HUFHQW
+HPRO\VLV,QGXFWLRQDQG0DLQWHQDQFH3HULRGV 

&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

/,672)$%%5(9,$7,216
7KHIROORZLQJDEEUHYLDWLRQVDQGVSHFLDOLVWWHUPVDUHXVHGLQWKLVWULDOSURWRFRO
7DEOH
$EEUHYLDWLRQVDQG6SHFLDOLVW7HUPV
$EEUHYLDWLRQRU6SHFLDOLVW7HUP
([SODQDWLRQ
$(
$GYHUVHHYHQW
D+86
$W\SLFDOKHPRO\WLFXUHPLFV\QGURPH
$43
$TXDSRULQ
$55
$QQXDOL]HG5HODSVH5DWH
$=$
$]DWKLRSULQH
%3
%ORRG3UHVVXUH
&
&RPSOHPHQWSURWHLQ
&PD[
0D[LPDOFRQFHQWUDWLRQ
&PLQ
0LQLPDOFRQFHQWUDWLRQ
&16
&HQWUDO1HUYRXV6\VWHP
&6)
&HUHEURVSLQDOIOXLG
&6656
&ROXPELD6XLFLGH6HYHULW\5DWLQJ6FDOH
'0&
'DWD0RQLWRULQJ&RPPLWWHH
(&*
(OHFWURFDUGLRJUDP
H&5)
(OHFWURQLF&DVH5HSRUW)RUP
('66
([SDQGHG'LVDELOLW\6WDWXV6FDOH
(,8
([SRVXUHLQXWHUR
(26
(QGRI6WXG\
(4'
(XUR4R/
(7
(DUO\7HUPLQDWLRQ
(8
(XURSHDQ8QLRQ
)$6
)XOO$QDO\VLV6HW
)6
)XQFWLRQDO6\VWHP
)66
)XQFWLRQDO6\VWHP6FRUHV
*&3
*RRG&OLQLFDO3UDFWLFH
*((
*HQHUDOL]HG(VWLPDWLQJ(TXDWLRQV
+$+$
+XPDQ$QWLKXPDQ$QWLERG\
+$,
+DXVHU$PEXODWLRQ,QGH[
+&*
+XPDQ&KRULRQLFJ*RQDGRWURSLQ
+5
+HDUW5DWH
,%
,QYHVWLJDWRU¶V%URFKXUH
,&)
,QIRUPHG&RQVHQW)RUP
,&+
,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQL]DWLRQ
,(&
,QGHSHQGHQW(WKLFV&RPPLWWHH
,J*
,PPXQRJOREXOLQ*
,3
,QYHVWLJDWLRQDO3URGXFW
,5%
,QVWLWXWLRQDO5HYLHZ%RDUG
,67
,PPXQRVXSSUHVVDQW7KHUDS\
,9
,QWUDYHQRXV
,9,J
,QWUDYHQRXV,PPXQRJOREXOLQ
,903
,QWUDYHQRXV0HWK\OSUHGQLVRORQH
,;56
,QWHUDFWLYHYRLFHRUZHE5HVSRQVH6\VWHP
/(70
/RQJLWXGLQDOO\([WHQVLYH7UDQVYHUVH0\HOLWLV
P$E
0RQRFORQDO$QWLERG\
00)
0\FRSKHQRODWH0RIHWLO
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
$EEUHYLDWLRQRU6SHFLDOLVW7HUP
([SODQDWLRQ
P56
0RGLILHG5DQNLQ6FDOH
05,
0DJQHWLF5HVRQDQFH,PDJLQJ
06
0XOWLSOH6FOHURVLV
102
1HXURP\HOLWLV2SWLFD
102,J*
$TXDSRULQDQWLERG\
1026'
1HXURP\HOLWLV2SWLFD6SHFWUXP'LVRUGHUV
2$(
2WKHU$GYHUVH(YHQW
21
2SWLF1HXULWLV
26,6
2SWLF6SLQDO,PSDLUPHQW6FRUH
3'
3KDUPDFRG\QDPLFV
3(
3ODVPDSKHUHVLV2U3ODVPD([FKDQJH
3,
3ULQFLSDO,QYHVWLJDWRU
3.
3KDUPDFRNLQHWLFV
31+
3DUR[\VPDO1RFWXUQDO+HPRJORELQXULD
33
3HU3URWRFRO
37
3UHIHUUHG7HUP
42/
4XDOLW\2I/LIH
55
5HVSLUDWLRQ5DWH
6$(
6HULRXV$GYHUVH(YHQW
6$3
6WDWLVWLFDO$QDO\VLV3ODQ
6)
6KRUW)RUP+HDOWK6XUYH\
6,$'+
6\QGURPHRI,QDSSURSULDWH$QWL'LXUHWLF+RUPRQH
62&
6\VWHP2UJDQ&ODVV
7($(
7UHDWPHQW(PHUJHQW$GYHUVH(YHQWV
9$
9LVXDO$FXLW\
86
8QLWHG6WDWHV
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

,1752'8&7,21

1HXURP\HOLWLV2SWLFD102
102DOVRNQRZQDV'HYLF¶V'LVHDVHRU'HYLF¶V6\QGURPHLVDUDUHVHYHUHGLVDEOLQJ
DXWRLPPXQHLQIODPPDWRU\GLVRUGHURIWKHFHQWUDOQHUYRXVV\VWHP&16WKDWSUHGRPLQDWHO\
DIIHFWVWKHRSWLFQHUYHVDQGVSLQDOFRUGDQGLVRIWHQFKDUDFWHUL]HGE\DUHODSVLQJFRXUVH:RPHQ
DUHPXFKPRUHFRPPRQO\DIIHFWHGWKDQPHQZLWKDIHPDOHWRPDOHUDWLRRIDWOHDVW
0HGLDQDJHRIRQVHWLVJHQHUDOO\LQWKHODWHVHDUO\VZLWKDYHU\ZLGHUDQJH
&XUUHQWO\WKHUHLVQRWKHUDS\DSSURYHGIRUWKHWUHDWPHQWRI102(FXOL]XPDEK*P$ELV
DWHUPLQDOFRPSOHPHQWLQKLELWRUWKDWEORFNVFRQYHUVLRQRI&WR&DDQG&EWKXVEORFNLQJ
WHUPLQDOFRPSOHPHQWDFWLYDWLRQZKLFKOHDGVWRGHP\HOLQDWLQJOHVLRQVLQ102DWWDFNV,QD
UHFHQWLQYHVWLJDWRULQLWLDWHGWULDOHFXOL]XPDEUHGXFHGWKHDQQXDOL]HGUHODSVHUDWH$55LQ
KLJKO\UHODSVLQJ102SDWLHQWSRSXODWLRQIURPDPHGLDQRIUHODSVHVSHU\HDUWR]HURUHODSVH
SHU\HDU7KLVSKDVHUHJLVWUDWLRQDOWULDOLVLQWHQGHGWRFRQILUPWKHVDIHW\DQGHIILFDF\RI
HFXOL]XPDELQWKHWUHDWPHQWRIUHODSVLQJ102

&OLQLFDOSUHVHQWDWLRQRI102
7KHFOLQLFDOKDOOPDUNVRI102DUHDFXWHRSWLFQHXULWLVDQGWUDQVYHUVHP\HOLWLVWKDWIUHTXHQWO\
LQYROYHVJUHDWHUWKDQYHUWHEUDOOHYHOVGHVFULEHGDVORQJLWXGLQDOO\H[WHQVLYHWUDQVYHUVHP\HOLWLV
/(707KHVHFOLQLFDOHYHQWVFDQRFFXUHLWKHUVLPXOWDQHRXVO\RULQLVRODWLRQ6LJQVDQG
V\PSWRPVDWWULEXWDEOHWROHVLRQVEH\RQGWKHRSWLFQHUYHVDQGVSLQDOFRUGFDQDOVRRFFXULQ
SDWLHQWVZLWK102DQGDUHUHSRUWHGLQDERXWRISDWLHQWV7KHFOLQLFDOSUHVHQWDWLRQRI
102FDQEHTXLWHYDULDEOHDQGPD\HOXGHGLDJQRVLVDWWKHWLPHRIWKHILUVWDWWDFNRUHYHQWKH
VHFRQGDWWDFN
7KHFOLQLFDOIHDWXUHVRIWKHRSWLFQHXULWLVLQFOXGHFHQWUDOYLVXDOORVVDFFRPSDQLHGE\RFXODUSDLQ
DQGRFFDVLRQDOO\E\G\VFKURPDWRSVLD,QPRUHWKDQKDOIRIWKHSDWLHQW¶VRSWLFQHXULWLVXQLODWHUDO
RUELODWHUDOLVWKHLQLWLDOHYHQWRIUHODSVLQJ102&OLQLFDOPDQLIHVWDWLRQVRIP\HOLWLVPD\
LQFOXGHVHYHUHV\PPHWULFSDUDSOHJLDVHQVRU\ORVVEHORZWKHOHVLRQEODGGHUG\VIXQFWLRQ
/KHUPLWWH
VVLJQSDUR[\VPDOWRQLFVSDVPVDQGUDGLFXODUSDLQ0\HOLWLVPD\H[WHQGXSLQWRWKH
EUDLQVWHPFDXVLQJUHVSLUDWRU\IDLOXUHDQGGHDWK%UDLQVWHPLQYROYHPHQWPD\PDQLIHVWZLWK
QDXVHDYRPLWLQJKLFFXSVYHUWLJRKHDULQJORVVIDFLDOZHDNQHVVWULJHPLQDOQHXUDOJLDGLSORSLD
SWRVLVRUQ\VWDJPXV,QDGGLWLRQVHYHUDOVWXGLHVKDYHGRFXPHQWHGVLJQVDQGV\PSWRPVGXHWR
K\SRWKDODPLFLQYROYHPHQWLQFOXGLQJV\QGURPHRILQDSSURSULDWHDQWLGLXUHWLFKRUPRQH6,$'+
K\SHUVRPQROHQFHDQGK\SRWKHUPLD
7KHFOLQLFDOFRXUVHRI102FDQEHHLWKHUPRQRSKDVLFRUUHODSVLQJ5HFHQWVWXGLHVKDYHVKRZQ
WKDWLQPRUHWKDQRIFDVHV102LVDUHODSVLQJGLVHDVH2QFHDUHODSVLQJFRXUVHKDV
EHHQHVWDEOLVKHGUHFXUUHQWRSWLFQHXULWLVDQGP\HOLWLVDWWDFNVUHVXOWLQVWHSZLVHDFFXPXODWLRQRI
QHXURORJLFGLVDELOLW\:LWKLQ\HDUVPRUHWKDQRIVXFKSDWLHQWVDUHIXQFWLRQDOO\EOLQG
YLVXDODFXLW\>9$@ZRUVHWKDQRUKDYHORVWWKHDELOLW\WRDPEXODWHZLWKRXWDVVLVWDQFH
102LVXQOLNHPXOWLSOHVFOHURVLV06ZKHUHDVHFRQGDU\DQGSURJUHVVLYHSKDVHLV
FRPPRQDQGLVDPDMRUSUHGLFWRURIGLVDELOLW\,Q102SDWLHQWVWKHGLVDELOLW\DFFXPXODWLRQLV
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
DVVRFLDWHGZLWKUHODSVH7KHUHIRUHUHODSVHSUHYHQWLRQLVSDUDPRXQWIRUVXFFHVVIXOWUHDWPHQW
RIUHODSVLQJ102
,Q:LQJHUFKXNHWDOSURSRVHGGLDJQRVWLFFULWHULDIRU102ZKLFKZHUHEDVHGRQFOLQLFDO
DQGUDGLRJUDSKLFIHDWXUHV7KHGLVFRYHU\RIDQWLERGLHVGLUHFWHGDWWKHDTXDSRULQ$43
FKDQQHO$43,J*RU102,J*E\/HQQRQHWDOKDVFOHDUO\GHILQHGWKLVGLVRUGHUDVDQ
LQIODPPDWRU\DXWRLPPXQHGLVHDVH7KH$43,J*KHUHDIWHUUHIHUUHGWRDV102,J*LVWKH
ILUVWELRPDUNHUIRUGHP\HOLQDWLQJGLVRUGHUV&OLQLFDODQGSDWKRORJLFVWXGLHVKDYHFOHDUO\
GHPRQVWUDWHGWKHUROHRI102,J*LQWKHSDWKRSK\VLRORJ\RI102DQGWKHUROHRIFRPSOHPHQW
LQOHVLRQIRUPDWLRQ,QDKLJKSHUFHQWDJHRISDWLHQWVWKHGLVHDVHLVDVVRFLDWHGZLWK
102,J*LQWKHSHULSKHUDOFLUFXODWLRQ:LWKWKHGLVFRYHU\RI102,J*WKHGLDJQRVWLFFULWHULD
IRU102ZHUHUHYLVHGLQWRLQFOXGHWKHWHVWLQJRIWKLVGLVHDVHVSHFLILFDQWLERG\
7KHLGHQWLILFDWLRQRIWKHVHQVLWLYHDQGVSHFLILFELRPDUNHUKDVOHGWRWKHUHFRJQLWLRQWKDWWKLV
GLVWLQFWGLVHDVH102LQIDFWHQFRPSDVVHVDQXPEHURIFORVHO\UHODWHGFOLQLFDOSUHVHQWDWLRQV
WKDWKDYHEHHQGHILQHGDVERWKGHILQLWH102DQG102VSHFWUXPGLVRUGHUV1026'
7KHFKDUDFWHULVWLFVRI1021026'DUHXQLILHGE\WKHFOLQLFDOFRXUVHRIGLVHDVHDQGWKH
SUHVHQFHRIWKH102,J*LQWKHYDVWPDMRULW\RISDWLHQWV$WSUHVHQWWKHVHSURSRVHGGLDJQRVWLF
FULWHULDIRUGHILQLWH102DQG1026'DUHZLGHO\DFFHSWHGDQGLQSUDFWLFH7KHFULWHULDIRUWKH
GLDJQRVLVRI102KDYHEHHQLQGHSHQGHQWO\YDOLGDWHGLQGLIIHUHQWSDWLHQWSRSXODWLRQV
7KURXJKRXWWKLVGRFXPHQWWKHWHUP102UHIHUVWRERWK102DQG1026'
,QOLJKWRIWKHIDFWWKDW102LVDGLVRUGHUWKDWKDVWKHSRWHQWLDOWRFDXVHVLJQLILFDQWGLVDELOLW\WKH
DELOLW\WRUHFRJQL]HDQGGLIIHUHQWLDWH102DQGUHODWHGGLVRUGHUVIURPRWKHUGHP\HOLQDWLQJ
GLVRUGHUVLVLPSRUWDQWIURPDFOLQLFDOSHUVSHFWLYH7KHSURJQRVLVRIUHODSVLQJ102LVSRRU
%HIRUHXQLYHUVDOUHFRJQLWLRQRI102DVDGLVHDVHGLVWLQFWIURP06DQGWKXVUHTXLULQJDYHU\
GLIIHUHQWWUHDWPHQWSDUDGLJPWKH\HDUPRUWDOLW\RI102ZDVUHSRUWHGWREHVXVWDLQ
SHUPDQHQWVHYHUHGLVDELOLW\YLVXDOEOLQGLQRQHRUERWKH\HVRUDPEXODWRU\UHTXLULQJD
ZKHHOFKDLU0RVWGHDWKVUHVXOWIURPQHXURJHQLFUHVSLUDWRU\IDLOXUHVHFRQGDU\WRDKLJKFHUYLFDO
FRUGRUEUDLQVWHPOHVLRQ)UHTXHQWHDUO\UHODSVHVSUHGLFWDSRRUSURJQRVLV

8QPHW0HGLFDO1HHG
&XUUHQWO\WKHUHLVQRWKHUDS\DSSURYHGIRUWKHWUHDWPHQWRI102$GGLWLRQDOO\WKHUHKDYHEHHQ
QRUDQGRPL]HGSODFHERFRQWUROOHGWULDOVH[DPLQLQJWKHUDSHXWLFDSSURDFKHVIRUWUHDWPHQWRI
1026WDQGDUGWUHDWPHQWRSWLRQVLQFOXGLQJVWHURLGVDQGRWKHULPPXQRVXSSUHVVLYHDJHQWVDV
VXSSRUWLYHWUHDWPHQWVDUHXVHGEDVHGRQFOLQLFDOH[SHULHQFHDQGFRQVHQVXV$FXWH102
UHODSVHVDUHJHQHUDOO\WUHDWHGZLWKKLJKGRVHLQWUDYHQRXV,9VWHURLGVZLWKSODVPDH[FKDQJH
3(RIWHQXVHGDVDUHVFXHWKHUDS\IRUWKRVHZKRGRQRWUHVSRQG6XSSRUWLYHWUHDWPHQWVDJDLQVW
UHODSVHFXUUHQWO\XVHEURDGVSHFWUXPRUVHOHFWLYH%O\PSKRF\WHLPPXQRVXSSUHVVDQWV2IWKH
LPPXQRVXSSUHVVLYHDJHQWVFRUWLFRVWHURLGD]DWKLRSULQH$=$P\FRSKHQRODWHPRIHWLOH00)
DQGULWX[LPDEDUHSUREDEO\PRVWFRPPRQO\XVHGIRUORQJWHUPSURSK\OD[LV'HSHQGLQJRQ
UHJLRQDOPHGLFDORSWLRQVWKHVXSSRUWLYHPHGLFDWLRQVRSWLRQIRU102PD\YDU\,QWKH8QLWHG
6WDWHV86RSWLRQVLQFOXGHFRUWLFRVWHURLGV$=$00)ULWX[LPDEDQGPLWR[DQWURQH
ZKHUHDVFRUWLFRVWHURLGVLQFOXGLQJRUDOSUHGQLVRQHRUSXOVHKLJKGRVHVWHURLGV,9DUHFRPPRQ
WUHDWPHQWVLQ-DSDQ$VLJQLILFDQWQXPEHURISDWLHQWV!ZLOOFRQWLQXHWRKDYHDWWDFNV
UHVXOWLQJLQDGGLWLRQDODQGSHUPDQHQWQHXURORJLFGHILFLWVDQGGLVDELOLW\*LYHQWKH
VHULRXVQHVVRIWKHGLVHDVHOLPLWDWLRQVRIFXUUHQWO\DYDLODEOHWKHUDSLHVDQGWKHOLPLWHGRSWLRQVIRU
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
WUHDWPHQWWKHUHUHPDLQVDVLJQLILFDQWXQPHWPHGLFDOQHHGIRUDQHIIHFWLYHDQGVDIHWUHDWPHQWIRU
102

5ROHRI&RPSOHPHQWLQ102
,QDKLJKSHUFHQWDJHRISDWLHQWV102LVDVVRFLDWHGZLWKDGLVHDVHVSHFLILFDQWLERG\WRWKH
DTXDSRULQZDWHUFKDQQHO$43102,J*DQWLERG\$43LVDQLQWHJUDOKRPRWHWUDPHULF
SURWHLQFRPSOH[DQGLVH[SUHVVHGSULPDULO\RQWKHDEOXPLQDOVXUIDFHRIDVWURF\WHIRRWSURFHVV
DQGFDQDOVREHIRXQGRQHSHQG\PRF\WHVDQGHQGRWKHOLDOFHOOV$43LVRQHRIWKHPDLQ
ZDWHUFKDQQHOVLQWKH&16EXWLWLVDOVRIRXQGRXWVLGHRIWKH&16LQPDQ\VROLGRUJDQVLQFOXGLQJ
NLGQH\GLVWDOFROOHFWLQJWXEHVDQGLQDSURSRUWLRQRIJDVWULFSDULHWDOFHOOV$QLQFUHDVLQJERG\RI
OLWHUDWXUHLPSOLFDWHVWKDW102,J*LQGXFHVFRPSOHPHQWDFWLYDWLRQDVDPDMRUSDWKRJHQLF
PHFKDQLVPLQWKHFRXUVHRIWKHGLVHDVH2QFHERXQGWR$43102,J*FDQLPSDLU
VRGLXPGHSHQGHQWJOXWDPDWHWUDQVSRUWLQYLWURDQGDFWLYDWHFRPSOHPHQWFDVFDGHOHDGLQJWR
PHPEUDQHOHVLRQLQJ7KHDFWLYDWLRQRIFRPSOHPHQWFDVFDGHFRQWULEXWHVWRERWKWKHLQFUHDVHRI
EORRGEUDLQEDUULHUSHUPHDELOLW\DQGWRWKHUHFUXLWPHQWRILQIODPPDWRU\FHOOVWRWKHOHVLRQVLWHV
REVHUYHGLQSDWKRORJLFDOVWXGLHV
)XUWKHUPRUHLQYLWURREVHUYDWLRQVSUHGLFWWKDWDYDLODELOLW\RIFRPSOHPHQWFRPSRQHQWVDWVLWHVRI
,J*LQWHUDFWLRQZLWK$43HJEHIRUHGRZQUHJXODWLRQRIVXUIDFH$43H[SUHVVLRQFRXOG
WULJJHUDQH[SORVLYHLQIODPPDWRU\FDVFDGH7KHLQLWLDWLRQRIFRPSOHPHQWDFWLYDWLRQLVWKXV
GHVFULEHGDVDFULWLFDOIDFWRURIDQLQGLYLGXDOSDWLHQW¶VFOLQLFDOSUHVHQWDWLRQDQGGLVHDVHFRXUVH
7KHVHSDWKRORJLFDOILQGLQJVVXSSRUWWKHQRWLRQWKDWFRPSOHPHQWDFWLYDWLRQDQGVXEVHTXHQW
DVWURF\WHLQMXU\PD\UHSUHVHQWWKHSDWKRORJLFPROHFXODURXWFRPHRI102,J*LQWHUDFWLRQVZLWK
$43LQ102DWWDFNV

(FXOL]XPDEDVWKH)LUVW7HUPLQDO&RPSOHPHQW,QKLELWRU
7KHUDSHXWLF
(FXOL]XPDEK*P$ELVDKXPDQL]HGPRQRFORQDODQWLERG\P$EWKDWZDVGHULYHGIURP
WKHPXULQHDQWLKXPDQ&DQWLERG\P*(FXOL]XPDEVSHFLILFDOO\ELQGVWKHWHUPLQDO
FRPSOHPHQWSURWHLQ&WKHUHE\LQKLELWLQJLWVFOHDYDJHWR&DDQG&EGXULQJFRPSOHPHQW
DFWLYDWLRQ7KLVVWUDWHJLFEORFNDGHRIWKHFRPSOHPHQWFDVFDGHDW&SUHYHQWVWKHUHOHDVHRI
SURLQIODPPDWRU\PHGLDWRUVDQGWKHIRUPDWLRQRIWKHF\WRO\WLFSRUHZKLOHSUHVHUYLQJWKHHDUO\
FRPSRQHQWVRIFRPSOHPHQWDFWLYDWLRQWKDWDUHHVVHQWLDOIRUWKHRSVRQL]DWLRQRIPLFURRUJDQLVPV
DQGFOHDUDQFHRILPPXQHFRPSOH[HV
(FXOL]XPDEZDVDSSURYHGIRUWKHWUHDWPHQWRISDWLHQWVZLWKSDUR[\VPDOQRFWXUQDO
KHPRJORELQXULD31+XQGHUWKHWUDGHQDPH6ROLULVRQ0DUFKLQWKH86DQGRQ
-XQHLQWKH(XURSHDQ8QLRQ(8([WHQVLRQRIWKHLQGLFDWLRQRIHFXOL]XPDEWRLQFOXGHD
VHFRQGUDUHGLVHDVHLQGLFDWLRQDW\SLFDOKHPRO\WLFXUHPLFV\QGURPHD+86ZDVJUDQWHGXQGHU
$FFHOHUDWHG$SSURYDOLQWKH86RQ6HSWHPEHUDQGZDVDSSURYHGLQWKH(8RQ
1RYHPEHU(FXOL]XPDELVQRWDSSURYHGIRUWUHDWPHQWRI102

(FXOL]XPDELQ1023DWLHQWV
$UHFHQWO\UHSRUWHGLQYHVWLJDWRULQLWLDWHGWULDOGHVLJQHGWRHYDOXDWHWKHVDIHW\DQGHIILFDF\RI
HFXOL]XPDELQ102,J*VHURSRVLWLYH102SDWLHQWVGHPRQVWUDWHGSUHOLPLQDU\VDIHW\DQG
HIILFDF\LQUHODSVLQJ102$IWHUPRQWKVRIWUHDWPHQWSDWLHQWVZHUHDWWDFN
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
IUHHWZRKDGSRVVLEOHDWWDFNV7KHPHGLDQDQQXDOL]HGDWWDFNUDWHGHFOLQHGIURPSUH
HFXOL]XPDEUDQJHWR]HURSRVWHFXOL]XPDEUDQJHS'XULQJWUHDWPHQWWZR
SDWLHQWVKDGVLQJOHDWWDFNVRQHEDFNSDLQRQO\ZLWKRXWREMHFWLYHFOLQLFDORUUDGLRORJLFDO
HYLGHQFHWUHDWHGZLWKVWHURLGDVD³SRVVLEOH´DWWDFNWKHRWKHUUHFHLYHG,QWUDYHQRXV
,PPXQRJOREXOLQ,9,JIRUDSUHVXPHGRSWLFQHXULWLV$WPRQWKVQRSDWLHQWKDGZRUVHQHG
GLVDELOLW\E\DQ\RXWFRPHPHDVXUH7KHSUHWUHDWPHQWEDVHOLQHPHGLDQ([SDQGHG'LVDELOLW\
6WDWXV6FDOH('66VFRUHZDVDQGDWIROORZXSH[DPLQDWLRQWKHPHGLDQ('66VFRUHZDV
S 2QHSDWLHQWGHYHORSHGPHQLQJRFRFFDOVHSWLFHPLDDQGVWHULOHPHQLQJLWLVDQG
UHFRYHUHGZLWKDQWLELRWLFWKHUDS\7KHUHZHUHQRRWKHUVHULRXVDGYHUVHHYHQWV6$(VDQG
WUHDWPHQWZDVRWKHUZLVHZHOOWROHUDWHG(LJKWDWWDFNVLQSDWLHQWVZHUHUHSRUWHGZLWKLQ
PRQWKVRIHFXOL]XPDEZLWKGUDZDO

(FXOL]XPDE'RVHIRU102
(PSLULFDOGDWDIURPD+86FOLQLFDOWULDOVXVLQJWKHQRZDSSURYHGD+86GRVHUHJLPHQRI
PJLQGLFDWHWKDWVHUXPHFXOL]XPDEFRQFHQWUDWLRQVJUHDWHUWKDQJP/DQGFORVHUWR
DWOHDVWJP/)LJXUHZHUHUHTXLUHGWRVLJQLILFDQWO\UHGXFHIUHH&FRQFHQWUDWLRQV
6SHFLILFDOO\IUHH&FRQFHQWUDWLRQZDVUHGXFHGVLJQLILFDQWO\ZLWKLQFUHDVLQJFRQFHQWUDWLRQVRI
HFXOL]XPDEEHJLQQLQJDW!JP/DQGZDVDWQHDU]HUROHYHOVZLWKHFXOL]XPDEFRQFHQWUDWLRQV
DERYHJP/%DVHGRQWKHIUHH&SKDUPDFRNLQHWLFV3.SKDUPDFRG\QDPLFV3'
PRGHOPHDQ&PD[DQG&PLQYDOXHVRIHFXOL]XPDEGXULQJWKH,QGXFWLRQ3KDVHPJGRVH
ZHHNO\ZRXOGUHVXOWLQDQGLQKLELWLRQRIIUHH&UHVSHFWLYHO\6LPLODUO\PHDQ
&PD[DQG&PLQYDOXHVRIHFXOL]XPDEGXULQJWKH0DLQWHQDQFH3KDVHPJHYHU\GD\V
ZRXOGUHVXOWLQDQGLQKLELWLRQRIIUHH&UHVSHFWLYHO\

&21),'(17,$/

3DJHRI


Protocol ECU-NMO-301 
 
Alexion Pharmaceuticals, Inc. 
Version 6.0 
 
01 July 2016 
Figure 1: 
Relationship between Serum Concentration of Eculizumab and Free C5 Inhibition 
 
 
Figure 2: 
Relationship between Serum Concentration of Eculizumab and Percent Hemolysis 
(Induction and Maintenance Periods) 
 
 
Ecu
l
izumab Concentrat
ions (g/mL)
Free C5 (g/mL)
0
20
40
60
80
100
120
0
100
200
300
400
500
600
700
800
C08-002A/B
C08-003A/B
C09-001r
Ecu
l
izumab Concentrat
ions (g/mL)
Hemolysis (%)
0
20
40
60
80
100
0
100
200
300
400
500
600
700
800
C08-002A/B
C08-003A/B
C09-001r
CONFIDENTIAL 
 
Page 33 of 122 


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
2YHUDOOVLJQLILFDQWDQGVXVWDLQHGWHUPLQDOFRPSOHPHQWLQKLELWLRQDVPHDVXUHGE\WKHYDOLGDWHG
3'DVVD\PHDVXULQJKHPRO\WLFDFWLYLW\ZDVGHPRQVWUDWHGLQDOOSDWLHQWVZKRKDGDFKLHYHGD
VHUXPFRQFHQWUDWLRQRIHFXOL]XPDE!ȝJP/)LJXUH
3RWHQWLDOEUHDNWKURXJKORVVRIFRPSOHPHQWLQKLELWLRQLQWKHVHWWLQJRI102LVGHHPHG
XQDFFHSWDEOHEHFDXVHRIWKHSRWHQWLDOFOLQLFDOO\VHULRXVFRQVHTXHQFHVLQFOXGLQJIXQFWLRQDO
EOLQGQHVVRUSDUDO\VLVWKDWPD\UHVXOWIURPDVLQJOHDWWDFN7KHDSSURYHGHFXOL]XPDEGRVLQJ
UHJLPHQIRUSDWLHQWVZLWKD+86PJVKRXOGUHVXOWLQDFRPSOHWHDQGVXVWDLQHG
WHUPLQDOFRPSOHPHQWEORFNDGH7KHUHIRUHWKHD+86DSSURYHGGRVH,QGXFWLRQ3KDVHRIPJ
ZHHNO\IRUZHHNVDQG0DLQWHQDQFH3KDVHRIPJHYHU\GD\VZLOOEHXVHGLQWKLVWULDO
)RUDGGLWLRQDOLQIRUPDWLRQRQGRVLQJRIHFXOL]XPDEUHIHUWRWKH(FXOL]XPDE,QYHVWLJDWRU¶V
%URFKXUH
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

75,$/2%-(&7,9(6$1'385326(

3ULPDU\2EMHFWLYH
7KHSULPDU\REMHFWLYHRIWKLVWULDOLVWRDVVHVVWKHHIILFDF\RIHFXOL]XPDEWUHDWPHQWDVFRPSDUHG
ZLWKSODFHERLQUHODSVLQJ102SDWLHQWVEDVHGRQWLPHWRILUVWUHODSVHDQGUHODSVHULVNUHGXFWLRQ

6HFRQGDU\2EMHFWLYHV
x &KDUDFWHUL]HWKHRYHUDOOVDIHW\DQGWROHUDELOLW\RIHFXOL]XPDEFRPSDUHGZLWKSODFHER
LQUHODSVLQJ102SDWLHQWV
x (YDOXDWHWKHHIILFDF\RIHFXOL]XPDEFRPSDUHGZLWKSODFHERE\DGGLWLRQDOHIILFDF\
PHDVXUHVLQFOXGLQJ

'LVHDVHUHODWHGGLVDELOLW\

4XDOLW\RIOLIH42/

1HXURORJLFIXQFWLRQ

$QQXDOL]HGUHODSVHUDWH
x 'HVFULEHWKH3.DQG3'RIHFXOL]XPDELQUHODSVLQJ102SDWLHQWV

3ULPDU\DQG6HFRQGDU\(IILFDF\(QGSRLQWV

3ULPDU\(IILFDF\(QGSRLQW
7LPHWRILUVWDGMXGLFDWHG2Q7ULDO5HODSVHIRUHFXOL]XPDEFRPSDUHGZLWKSODFHER

6HFRQGDU\(IILFDF\(QGSRLQWVHFXOL]XPDERXWFRPHVDVFRPSDUHGZLWKSODFHER
RXWFRPHV
 &KDQJHIURPEDVHOLQHLQ('66VFRUHDWWKHHQGRIVWXG\(26
 $GMXGLFDWHGDQQXDOL]HGUHODSVHUDWH
 &KDQJHIURPEDVHOLQHLQ(XUR4R/(4'DWWKH(26
 &KDQJHIURPEDVHOLQHLQPRGLILHG5DQNLQ6FDOHP56VFRUHDWWKH(26
 &KDQJHIURPEDVHOLQHLQ+DXVHU$PEXODWRU\,QGH[+$,VFRUHDWWKH(26
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

29(5$//75,$/'(6,*1$1'3/$1
7KLVLVD3KDVHUDQGRPL]HGGRXEOHEOLQGSDUDOOHOJURXSSODFHERFRQWUROOHGPXOWLFHQWHU
WLPHWRHYHQWWULDOWRHYDOXDWHWKHVDIHW\DQGHIILFDF\RIHFXOL]XPDELQSDWLHQWVZLWKUHODSVLQJ
102
7KHUHDUHWKUHHSHULRGVLQWKHWULDOLQFOXGLQJ6FUHHQLQJ3HULRG6WXG\3HULRGDQG6DIHW\)ROORZ
8S3HULRGRQO\IRUSDWLHQWVZKRZLWKGUDZIURPWKLVWULDORUSDWLHQWVZKRGRQRWHQWHUWKH
H[WHQVLRQWULDO
3DWLHQWVZKRFRPSOHWHWKH6WXG\3HULRGPD\KDYHWKHRSSRUWXQLW\WRHQWHUDQH[WHQVLRQWULDO
VHSDUDWHSURWRFRO(&8102WRUHFHLYHRSHQODEHOHFXOL]XPDE3DWLHQWVHQWHULQJWKH
H[WHQVLRQWULDOZLOOXQGHUJRDEOLQGHG,QGXFWLRQ3KDVHVLPLODUWRWKHLQGXFWLRQLQWKLVWULDOLQ
RUGHUWRSUHVHUYHWKHEOLQGHGQDWXUHRIWKLVWULDO

6FUHHQLQJ3HULRG
$WWKH6FUHHQLQJ9LVLWDIWHULQIRUPHGFRQVHQWLVREWDLQHGIURPWKHSDWLHQWWKHSDWLHQWZLOOEH
VFUHHQHGIRUWULDOHOLJLELOLW\WKURXJKPHGLFDOKLVWRU\UHYLHZGHPRJUDSKLFGDWD
HOHFWURFDUGLRJUDP(&*DQGODERUDWRU\DVVHVVPHQWV7KHPHGLFDOKLVWRU\UHYLHZZLOOLQFOXGH
FRQILUPDWLRQRIWKHGLDJQRVLVRI102DVGHILQHGE\:LQJHUFKXNHWDO$SSHQGL[RU
1026'DVGHILQHGE\:LQJHUFKXNHWDO$SSHQGL['HWDLOHGLQIRUPDWLRQRQUHODSVHV
ZLWKLQWKHODVW\HDUVSULRUWRVFUHHQLQJPXVWEHDVVHVVHGE\WKH,QYHVWLJDWRUWRGHWHUPLQHLIWKH\
PHHWWKHGHILQLWLRQIRU+LVWRULFDO5HODSVHDVVSHFLILHGE\WKLVSURWRFROVHH6HFWLRQ6WDQGDUG
3URWRFRO'HILQLWLRQV'HWDLOHGLQIRUPDWLRQUHODWHGWRUHODSVHVZLWKLQWKHODVW\HDUVZLOOEH
FROOHFWHGDQGUHFRUGHGLQWKHHOHFWURQLFFDVHUHSRUWIRUPH&5)LIDYDLODEOH7KLVLQFOXGHVGDWH
RIRQVHWDQGLWVFOLQLFDOSUHVHQWDWLRQIRUHDFKUHODSVHHJRSWLFQHXULWLV>21@WUDQVYHUVH
P\HOLWLV>70@/(70RUEUDLQVWHPHYHQWDQG('66VFRUHDWWKHIROORZLQJWLPHSRLQWVSULRUWR
UHODSVHDWQDGLUDQGGXULQJUHFRYHU\IRUVHYHULW\RIUHODSVHDQGUHFRYHU\6WDUWVWRSGDWHVDQG
GRVHUHJLPHQRIDOOLPPXQRVXSSUHVVDQWWKHUDS\LHV,67>V@LQFOXGLQJLPPXQRPRGXODWRU\
DJHQWVDQGQRQGUXJWKHUDSLHVWDNHQIRUUHODSVHSUHYHQWLRQRUWUHDWPHQWRIDUHODSVHZLOODOVREH
FROOHFWHGDQGUHFRUGHG,I3(ZDVDGPLQLVWHUHGIRUWUHDWPHQWRIDUHODSVHWKHQXPEHURIF\FOHV
RI3(ZLOODOVREHFROOHFWHG,QIRUPDWLRQRQDOORWKHUSUHYLRXVKLVWRULFDOUHODSVHVLQFOXGLQJ
UHODSVHRQVHWGDWHDQGLWVFOLQLFDOSUHVHQWDWLRQVQDPHW\SHRI,67VDWWKHWLPHRIUHODSVHDQG
WUHDWPHQWUHFHLYHGIRUWKHDFXWHUHODSVHDQGRUWRSUHYHQWUHODSVHZLOODOVREHFROOHFWHGLI
DYDLODEOH2QO\SDWLHQWVZLWKGRFXPHQWHGSRVLWLYHWHVWIRUWKH$43DXWRDQWLERG\DOVRFDOOHG
102,J*REWDLQHGSULRUWRRUGXULQJWKHVFUHHQLQJZLOOEHLQFOXGHGLQWKHVWXG\2QO\
YDOLGDWHGGLDJQRVWLFWHVWVSHUIRUPHGE\DTXDOLILHGODERUDWRU\DUHDFFHSWDEOH
6XSSRUWLYH,67VIRUUHODSVHSUHYHQWLRQDUHDOORZHGGXULQJWKHWULDOXQGHUFHUWDLQUHVWULFWLRQV
UHIHUWR6HFWLRQ&RQFRPLWDQW0HGLFDWLRQVIRUGHWDLOV7KHIROORZLQJ,67VDUHDOORZHG
HLWKHUDVPRQRWKHUDS\RULQFRPELQDWLRQVXFKDVFRUWLFRVWHURLGV$=$00)PHWKRWUH[DWH
WDFUROLPXVF\FORVSRULQHDQGF\FORSKRVSKDPLGH,IDSDWLHQWHQWHUVWKHWULDOUHFHLYLQJ,67VWKH
SDWLHQWPXVWEHRQDVWDEOHPDLQWHQDQFHGRVHRI,67VDVGHILQHGE\WKHLU7UHDWLQJ3K\VLFLDQ
SULRUWRWKH6FUHHQLQJ9LVLW1RQHZ,67VDUHSHUPLWWHGGXULQJWKHWULDOXQOHVVDSDWLHQW
H[SHULHQFHVDUHODSVH,67DQGRUWKHUDSLHVIRU102UHODSVHVHLWKHUDFXWHWUHDWPHQWRU
SUHYHQWLRQSULRUWRVFUHHQLQJDQGDOORWKHUPHGLFDWLRQVWDNHQZLWKLQGD\VRIWKH6FUHHQLQJ
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
9LVLWZLOOEHUHYLHZHGDQGUHFRUGHGRQWKHH&5)1RQGUXJWKHUDS\IRU102UHODSVH
SUHYHQWLRQRUWUHDWPHQWZLWKLQPRQWKVSULRUWRVFUHHQLQJZLOODOVREHFROOHFWHGDQGUHFRUGHG
RQWKHH&5),I3(ZDVDGPLQLVWHUHGIRUWUHDWPHQWRIDUHODSVHWKHQXPEHURIF\FOHVRI3(ZLOO
DOVREHFROOHFWHGDQGUHFRUGHGRQWKHH&5)
$OOSDWLHQWVPXVWEHYDFFLQDWHGDJDLQVW1PHQLQJLWLGLVLIQRWDOUHDG\YDFFLQDWHGZLWKLQWKHWLPH
SHULRGRIDFWLYHFRYHUDJHVSHFLILHGE\WKHYDFFLQHPDQXIDFWXUHU3DWLHQWVPXVWEHYDFFLQDWHGDW
OHDVWGD\VSULRUWRUHFHLYLQJWKHILUVWGRVHRI,QYHVWLJDWLRQDO3URGXFW,3RUEHYDFFLQDWHGDQG
UHFHLYHWUHDWPHQWZLWKDSSURSULDWHDQWLELRWLFVXQWLOGD\VDIWHUWKHYDFFLQDWLRQ
3DWLHQWVZKRH[SHULHQFHDUHODSVHGXULQJWKH6FUHHQLQJ3HULRGZLOOEHFRQVLGHUHGDVFUHHQLQJ
IDLOXUH6XFKSDWLHQWVPD\EHUHVFUHHQHGIRUHQUROOPHQWLQWRWKHWULDODIWHUUHFHLYLQJWUHDWPHQW
IRUWKHUHODSVHDQGZKHQLQWKHRSLQLRQRIWKH,QYHVWLJDWRUWKHSDWLHQWLVPHGLFDOO\VWDEOH7KH
SDWLHQWPXVWPHHWWKHHQUROOPHQWFULWHULDLQRUGHUWRHQWHUWKHWULDO

6WXG\3HULRG
$OOSDWLHQWVZKRDUHYDFFLQDWHGDQGFOHDUHGIRUUDQGRPL]DWLRQE\WKHLU3ULQFLSDO,QYHVWLJDWRU3,
DQGE\WKH6SRQVRUZLOOEHUDQGRPL]HGRQ'D\RQDEDVLVWRWKH(FXOL]XPDE$UPRUWKH
3ODFHER$UP$UDQGRPL]DWLRQZRUNVKHHWZLOOEHSURYLGHGDQGWKH6SRQVRU¶VDSSURYDOLV
UHTXLUHGWRHQVXUHSURSHUUDQGRPL]DWLRQ7KHUDQGRPL]DWLRQZLOOEHDFURVVFHQWHUV7KH
UDQGRPL]DWLRQVWUDWLILFDWLRQZLOOLQFOXGHWZRYDULDEOHV('66VFRUHDWUDQGRPL]DWLRQ'D\
DQGSDWLHQWV¶SULRUVXSSRUWLYHLHIRUUHODSVHSUHYHQWLRQ,67DQG,67VWDWXVDWWKH
UDQGRPL]DWLRQ'D\VHH6WDQGDUG3URWRFRO'HILQLWLRQV6HFWLRQ
 3DWLHQWV¶('66VFRUHDWUDQGRPL]DWLRQ'D\
D ('66VFRUHVDUH
E ('66VFRUHVDUH
 3DWLHQWV¶SULRU,67DQG,67VWDWXVDWUDQGRPL]DWLRQ'D\
D 7UHDWPHQWQDwYHSDWLHQWVLHSDWLHQWVZLWKQRSULRURUFXUUHQW,67VH[FHSWVWHURLGV
DORQH
E 3DWLHQWVFRQWLQXLQJRQWKHVDPH,67VVLQFHWKHODVWUHODSVHLHLQFOXGLQJSDWLHQWV
ZLWKGRVHDGMXVWPHQWVVLQFHWKHODVWUHODSVH
F 3DWLHQWVZLWKFKDQJHVLQ,67VVLQFHODVWUHODSVHLHVZLWFKHG,67V>HJ$=$WR
00)@DGGHG,67>HJFRUWLFRVWHURLG@RUZLWKGUHZDQ\,67WUHDWPHQW
3DWLHQWVZLOOUHFHLYHHLWKHUHFXOL]XPDERUSODFHERDFFRUGLQJWRWKHUDQGRPL]DWLRQDVVLJQPHQW
DQGWKHUHJLPHQGHVFULEHGLQWKH,QYHVWLJDWLRQDO3URGXFW'RVDJHDQG0RGHRI$GPLQLVWUDWLRQ
6HFWLRQ7KHWUHDWPHQWGXUDWLRQIRUDQLQGLYLGXDOSDWLHQWYDULHVLQWKLVWLPHWRHYHQWWULDO
$OOSDWLHQWVPXVWUHPDLQRQUDQGRPL]HGWUHDWPHQWDVVLJQPHQWXQWLOWKH(269LVLW7KHHQGRI
WULDOLVGHILQHGDVFRPSOHWLRQRIWKH(26RU(DUO\7HUPLQDWLRQ(79LVLWE\DOOSDWLHQWV
,GHQWLILFDWLRQRISRWHQWLDOUHODSVHLVFULWLFDOIRUSDWLHQWVDIHW\DQGIRUWKHWULDO3DWLHQWVZLOO
UHFHLYHD3DWLHQW(GXFDWLRQ&DUGWKDWGHWDLOVVLJQVDQGV\PSWRPVRIDSRWHQWLDOUHODSVHDQG
LQVWUXFWLRQVWRFRQWDFWWKHVWXG\VLWHDWWKHILUVWVLJQRUV\PSWRPRIDSRWHQWLDOUHODSVH$Q\
SRWHQWLDOUHODSVHZLOOEHHYDOXDWHGDFFRUGLQJWRWKHLQIRUPDWLRQLQWKH5HODSVH(YDOXDWLRQ
6HFWLRQEHORZ
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
)ROORZXSYLVLWVWRPRQLWRUWKHFRXUVHRIWKHUHODSVHZLOOEHSHUIRUPHGDWDQGZHHNVDIWHU
WKHRQVHWRIUHODSVH$GGLWLRQDOXQVFKHGXOHG)ROORZ8S5HODSVH(YDOXDWLRQ9LVLWVDUH
SHUPLWWHGDQGZLOOEHPDGHDWWKHGLVFUHWLRQRIWKH7UHDWLQJ3K\VLFLDQ'XULQJWKLVWLPHWKH
GRXEOHEOLQG,3DGPLQLVWUDWLRQZLOOFRQWLQXHWREHDGPLQLVWHUHGDVVFKHGXOHGHYHU\ZHHNV
GD\VXQWLO(26$OOUHSRUWVRISRVVLEOHUHODSVHVDQGDFWLRQVWDNHQIRUWKHSRVVLEOHUHODSVH
PXVWEHGRFXPHQWHGLQWKHSDWLHQW¶VPHGLFDOFKDUWRUVRXUFHGRFXPHQWVDQGUHFRUGHGLQWKH
H&5)
$VWKLVLVDWLPHWRHYHQWWULDOSDWLHQWVZKRH[SHULHQFHDUHODSVHZLOOEHGLVFRQWLQXHGIURPWKLV
WULDODIWHUFRPSOHWLRQRIWKH:HHN5HODSVH(YDOXDWLRQ9LVLW7KXVWKH:HHN5HODSVH
(YDOXDWLRQ9LVLWDOVRVHUYHVDVWKH(269LVLWIRUWKHVHSDWLHQWV
)RUSDWLHQWVZKRGRQRWKDYHUHODSVHVWKH(269LVLWZLOOEHFRPSOHWHGZKHQWKHWULDOHQGVE\
PHHWLQJDGMXGLFDWHG2Q7ULDO5HODSVHVLQGLVWLQFWSDWLHQWV7KH(269LVLWIRUWKHVH
SDWLHQWVVKRXOGEHFRPSOHWHGDVVRRQDVSRVVLEOHSUHIHUDEO\ZLWKLQPRQWKRIWKHHQGRIWULDO
QRWLILFDWLRQ
3DWLHQWVZKRFRPSOHWHWKHWULDOHLWKHUEHFDXVHRIDUHODSVHRUEHFDXVHRIWKHWULDOLVHQGHGPD\EH
SURYLGHGZLWKDQRSSRUWXQLW\WRHQWHUDQH[WHQVLRQWULDOVHSDUDWHSURWRFRO(&8102WR
UHFHLYHRSHQODEHOHFXOL]XPDE7KHYLVLWLQWHUYDOEHWZHHQWKLVWULDODQGWKHH[WHQVLRQWULDOLV
ZHHNVIURPWKHODVW,3DGPLQLVWUDWLRQWKHUHIRUHWKHUHZLOOEHQRLQWHUUXSWLRQVLQ,3GRVLQJ7KXV
SDWLHQWVZKRH[LWWKLVWULDOGXHWRDUHODSVHZLOOKDYHWKHLUILUVWH[WHQVLRQYLVLWRQFHWKH:HHN
5HODSVH(YDOXDWLRQ9LVLWLVFRPSOHWHGDQGQRODWHUWKDQZHHNVGD\VGD\VDIWHUWKHODVW
,3GRVHSDWLHQWVZKRH[LWWKLVWULDOGXHWRWULDOFRPSOHWLRQZLOOKDYHWKHLUILUVWH[WHQVLRQYLVLW
ZHHNVGD\VGD\VDIWHUWKH(269LVLW$OOSDWLHQWVHQWHULQJWKHH[WHQVLRQWULDOZLOO
XQGHUJRDEOLQGHGHFXOL]XPDELQGXFWLRQSHULRGVLPLODUWRWKHLQGXFWLRQLQWKLVWULDOLQRUGHUWR
SUHVHUYHWKHEOLQGWUHDWPHQWDVVLJQPHQWRIWKLVWULDO
3DWLHQWVZKRGRQRWFRQWLQXHLQWKHRSHQODEHOH[WHQVLRQWULDOZLOOHQWHUWKHZHHN6DIHW\
)ROORZ8S3HULRG

5HODSVH(YDOXDWLRQ
3DWLHQWVZLOOEHLQVWUXFWHGWRFRQWDFWWKHVWXG\VLWHDWWKHILUVWVLJQRUV\PSWRPRIDSRWHQWLDO
UHODSVH3DWLHQWVVKRXOGEHHYDOXDWHGZLWKLQKRXUVRIQRWLILFDWLRQRIWKH,QYHVWLJDWRURID
SRVVLEOHUHODSVHDQGQRODWHUWKDQKRXUV$OOSRWHQWLDOUHODSVHVPXVWEHHYDOXDWHGE\ERWKWKH
7UHDWLQJ3K\VLFLDQDQG('665DWHU$OOUHSRUWVRISRVVLEOHUHODSVHVDQGDFWLRQVWDNHQIRUWKH
SRVVLEOHUHODSVHPXVWEHGRFXPHQWHGLQWKHSDWLHQW¶VVRXUFHGRFXPHQWVDQGUHFRUGHGLQWKH
H&5)
$WHDFK5HODSVH(YDOXDWLRQ9LVLWWKHEOLQGHG('665DWHUZLOOSHUIRUPWKH.XUW]NHQHXURORJLF
DVVHVVPHQWDQGGRFXPHQWWKH)XQFWLRQDO6\VWHP6FRUHV)66DQGWKH('66VFRUH7KH7UHDWLQJ
3K\VLFLDQZLOOSHUIRUPDFRPSOHWHQHXURORJLFH[DPLQDWLRQDQGGRFXPHQWWKH2SWLF6SLQDO
,PSDLUPHQW6FRUH26,67KH7UHDWLQJ3K\VLFLDQRUDSSURSULDWHO\WUDLQHGGHVLJQHHZLOOSHUIRUP
WKH9$WHVW6QHOOHQFKDUWDQG+$,
7KH7UHDWLQJ3K\VLFLDQGHWHUPLQHVLIWKHFOLQLFDOVLJQVV\PSWRPVDQGQHXURORJLFFKDQJH
REMHFWLYHILQGLQJVRQH[DPLQDWLRQPHHWWKHGHILQLWLRQIRU2Q7ULDO5HODSVHDVRXWOLQHGLQWKLV
SURWRFRO6HFWLRQ7KHEOLQGHG('665DWHUFRPSOHWHVWKH.XUW]NHQHXURORJLFDOH[DPWR
GHWHUPLQHLIWKHUHODSVHLVDVVRFLDWHGZLWKFKDQJHVLQDQ\RIWKH)XQFWLRQDO6\VWHP6FRUHV)66
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
RUWRWDO('66VFRUH$IWHUDOOVSHFLILHGUHODSVHHYDOXDWLRQSURFHGXUHVDUHFRPSOHWHDQGWKH2Q
7ULDO5HODSVHLVFRQILUPHGWKH7UHDWLQJ3K\VLFLDQPD\LQLWLDWHWKHUHFRPPHQGHGUHODSVH
WUHDWPHQWRXWOLQHGLQWKLVSURWRFRO6HFWLRQDQGFKDQJHWKHVXSSRUWLYH,67VLIQHHGHG
$OOUHODSVHVVKRXOGEHUHSRUWHGLQVRXUFHGRFXPHQWVDQGWKHH&5)DWWKH5HODSVH(YDOXDWLRQ
9LVLW5HODSVHVWKDWPHHWWKHFULWHULDRID6$(VKRXOGDOVREHUHSRUWHGDVD6$(6HH6HFWLRQ
IRUPRUHGHWDLOVRQ6$(FULWHULD
7RPRQLWRUWKHFRXUVHRIWKHUHODSVH)ROORZ8S5HODSVH(YDOXDWLRQ9LVLWVZLOOEHSHUIRUPHGDW
DQGZHHNVDIWHUWKHRQVHWRIUHODSVH$GGLWLRQDOXQVFKHGXOHG)ROORZ8S5HODSVH
(YDOXDWLRQ9LVLWVDUHSHUPLWWHGDWWKHGLVFUHWLRQRIWKH7UHDWLQJ3K\VLFLDQDQGPXVWEH
GRFXPHQWHGLQWKHSDWLHQW¶VVRXUFHGRFXPHQWVDQGUHFRUGHGLQWKHH&5)'XULQJWKH5HODSVH
(YDOXDWLRQ3HULRGWKHGRXEOHEOLQG,3DGPLQLVWUDWLRQYLVLWVZLOOFRQWLQXHDVVFKHGXOHGHYHU\
ZHHNVXQWLOWKH(26(7WKHUHIRUHGHSHQGLQJRQZKHQWKHUHODSVHRFFXUV,3DGPLQLVWUDWLRQ
YLVLWVPD\RUPD\QRWRYHUODSZLWKWKH5HODSVH(YDOXDWLRQ9LVLWDQGRU)ROORZ8S5HODSVH
(YDOXDWLRQ9LVLWV
$QLQGHSHQGHQW5HODSVH$GMXGLFDWLRQ&RPPLWWHHZLOOEHHVWDEOLVKHGWRFRQILUPDOO2Q7ULDO
5HODSVHHYHQWVXVLQJREMHFWLYHDQGFRQVLVWHQWFOLQLFDOFULWHULDGHVFULEHGLQD5HODSVH
$GMXGLFDWLRQ&KDUWHU7KH&KDUWHUZKLFKZLOOEHILQDOL]HGSULRUWRDGMXGLFDWLRQRIWKHILUVW
UHODSVHHYHQWZLOOGHVFULEHWKH$GMXGLFDWLRQ&RPPLWWHH¶VSXUSRVHSURFHVVUHODSVHHYHQW
GHILQLWLRQDQGVSHFLILFGDWDSRLQWVIRUUHYLHZDQGHYDOXDWLRQ7KH$GMXGLFDWLRQ&RPPLWWHHZLOO
FRQVLVWRIWKUHHLQGHSHQGHQWPHGLFDOH[SHUWVLQQHXURORJ\RUQHXURRSKWKDOPRORJ\ZKRDUHHDFK
H[SHULHQFHGLQWKHPDQDJHPHQWRISDWLHQWVZLWK102DQGDUHEOLQGHGWRHDFKSDWLHQW¶VWUHDWPHQW
DVVLJQPHQW7KH$GMXGLFDWLRQ&RPPLWWHHZLOOGHFLGHE\PDMRULW\YRWHZKHWKHUHDFKUHODSVH
PHHWVWKHSUHGHILQHGREMHFWLYHFULWHULDIRUDQDGMXGLFDWHG2Q7ULDO5HODSVH

6DIHW\)ROORZ8S3HULRG3RVW7UHDWPHQW
,ISDWLHQWVZLWKGUDZIURPWKLVWULDODIWHUUHFHLYLQJDQ\DPRXQWRI,3RUGRQRWHQWHUWKHH[WHQVLRQ
WULDODIWHUFRPSOHWLQJWKLVWULDODIROORZXSYLVLWIRUVDIHW\DVVHVVPHQWVLVUHTXLUHGDWZHHNV
DIWHUWKHODVWGRVHRI,3,IDSDWLHQWLVGLVFRQWLQXHGGXHWRDQDGYHUVHHYHQW$(WKHHYHQWZLOO
EHIROORZHGXQWLOLWLVUHVROYHGRULQWKHRSLQLRQRIWKH3,LVGHWHUPLQHGPHGLFDOO\VWDEOH

6WDQGDUG3URWRFRO'HILQLWLRQV

+LVWRULFDO5HODSVH
+LVWRULFDOUHODSVHVDUHWKHUHODSVHVWKDWRFFXUUHGSULRUWRWKH6FUHHQLQJ9LVLWLQFOXGLQJWKHILUVW
102DWWDFN)RUWKLVSURWRFROKLVWRULFDOUHODSVHLVGHILQHGDVDQHZRQVHWRIQHXURORJLF
V\PSWRPVRUZRUVHQLQJRIH[LVWLQJQHXURORJLFV\PSWRPVZLWKDQREMHFWLYHFKDQJHRQQHXURORJLF
H[DPLQDWLRQFOLQLFDOILQGLQJVRUPDJQHWLFUHVRQDQFHLPDJLQJ>05,@ILQGLQJVRUERWKWKDW
SHUVLVWHGIRUPRUHWKDQKRXUVDQGRUWKHQHZRQVHWRIQHXURORJLFV\PSWRPVRUZRUVHQLQJRI
H[LVWLQJQHXURORJLFV\PSWRPVWKDWUHTXLUHGWUHDWPHQW7UHDWPHQWLVGHILQHGDVXVHRIKLJKGRVH
,9VWHURLGV3(RU,9,J(YHQWVWKDWRFFXUZLWKLQDGD\LQWHUYDODUHFRQVLGHUHGDVRQHUHODSVH

2Q7ULDO5HODSVH
2Q7ULDO5HODSVHVDUHDFXWHDWWDFNVWKDWRFFXUGXULQJWKHWULDO)RUWKLVSURWRFRO2Q7ULDO
5HODSVHLVGHILQHGDVDQHZRQVHWRIQHXURORJLFV\PSWRPVRUZRUVHQLQJRIH[LVWLQJQHXURORJLF
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
V\PSWRPVZLWKDQREMHFWLYHFKDQJHFOLQLFDOVLJQRQQHXURORJLFH[DPLQDWLRQWKDWSHUVLVWVIRU
PRUHWKDQKRXUVDVFRQILUPHGE\WKH7UHDWLQJ3K\VLFLDQ7KHVLJQVDQGV\PSWRPVPXVWEH
DWWULEXWHGWR102LHQRWFDXVHGE\DQLGHQWLILDEOHFDXVHVXFKDVLQIHFWLRQH[FHVVLYHH[HUFLVH
RUH[FHVVLYHO\KLJKDPELHQWWHPSHUDWXUH,VRODWHGFKDQJHVRQ05,RURWKHULPDJLQJ
LQYHVWLJDWLRQZLWKQRUHODWHGFOLQLFDOILQGLQJVLVQRWFRQVLGHUHGDQ2Q7ULDO5HODSVH7KHUHODSVH
PXVWEHSUHFHGHGE\DWOHDVWGD\VRIFOLQLFDOVWDELOLW\7UHDWLQJ3K\VLFLDQLVQRWUHTXLUHGWR
ZDLWKRXUVSULRUWRLQLWLDWLQJWUHDWPHQWIRUWKHUHODSVH

6HYHULW\RI5HODSVH
6HYHULW\RIDQ2Q7ULDO5HODSVHZLOOEHPHDVXUHGE\WKH26,6$SSHQGL[7KH26,69$
6XEVFDOH6FRUHVZLOOEHXVHGWRFDWHJRUL]HWKHVHYHULW\RI217KH26,60RWRU6XEVFDOH6FRUHV
DQG6HQVRU\6XEVFDOH6FRUHVZLOOEHXVHGWRFDWHJRUL]HWKHVHYHULW\RI7UDQVYHUVH0\HOLWLV70
26,6VFRUHZLOOEHDVVHVVHGE\WKH7UHDWLQJ3K\VLFLDQDWWKHWLPHRIWKHUHODSVH
7DEOH
5HODSVH6HYHULW\DV0HDVXUHGE\26,6
2SWLF1HXULWLV21
9$6XEVFDOH6FRUH
5HODSVH'HVFULSWRU
3UH5HODSVH
3RVW5HODSVH


0LQRU


0DMRU

,QFUHDVHE\SRLQW
0LQRU

,QFUHDVHE\SRLQWV
0DMRU
7UDQVYHUVH0\HOLWLV70
0RWRU6XEVFDOH6FRUH
5HODSVH'HVFULSWRU
3UH5HODSVH
3RVW5HODSVH


0LQRU


0DMRU

,QFUHDVHE\SRLQW
0LQRU

,QFUHDVHE\SRLQWV
0DMRU
6HQVRU\6XEVFDOH6FRUH
5HODSVH'HVFULSWRU
%DVHGRQ
SURSULRFHSWLYHORVV
RQO\
,IVHYHUHORVVLQRQHRUPRUHOLPEV
ZLWKSULRUQRUPDOIXQFWLRQRUZLWK
PLOGSURSULRFHSWLYHORVV
0DMRU

3DWLHQW3RSXODWLRQ,PPXQRVXSSUHVVDQW7KHUDS\6WDWXV
7KHUHDUHSDWLHQWSRSXODWLRQVEDVHGRQWKHLUSULRUVXSSRUWLYH,67VLHXVHGIRUUHODSVH
SUHYHQWLRQDQG,67VWDWXVDWWKHWLPHRIUDQGRPL]DWLRQ
D 7UHDWPHQWQDwYHSDWLHQWVLHSDWLHQWVZLWKQRSULRURUFXUUHQW,67VH[FHSWVWHURLGV
DORQH
E 3DWLHQWVFRQWLQXLQJRQWKHVDPH,67VVLQFHWKHODVWUHODSVHLHLQFOXGLQJSDWLHQWV
ZLWKGRVHDGMXVWPHQWVVLQFHWKHODVWUHODSVH
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
F 3DWLHQWVZLWKFKDQJHVLQ,67VVLQFHWKHODVWUHODSVHLHVZLWFKHG,67V>HJ$=$
WR00)@DGGHG,67>HJFRUWLFRVWHURLG@RUZLWKGUHZDQ\,67WUHDWPHQW

7UHDWPHQW1DwYH3DWLHQWV
7UHDWPHQWQDwYHSDWLHQWVDUHGHILQHGDVWKRVHZKRKDYHUHFHLYHGRUDUHUHFHLYLQJHLWKHUQR,67V
RUKDYHUHFHLYHGRQO\FRUWLFRVWHURLGVIROORZLQJWUHDWPHQWRIDFXWHUHODSVHVSULRUWRWKHVFUHHQLQJ  

3DWLHQWV&RQWLQXLQJRQWKH6DPH,67DWWKH7LPHRI5DQGRPL]DWLRQ
3DWLHQWVFRQWLQXLQJRQWKHVDPH,67VXVHGIRUUHODSVHSUHYHQWLRQVLQFHWKHODVWUHODSVHDUH
GHILQHGDVWKRVHZKRSUHYLRXVO\UHFHLYHG,67VRWKHUWKDQRQO\FRUWLFRVWHURLGVDORQHDQGDUH
FRQWLQXLQJRQWKHVDPH,67VRQZKLFKWKH\KDGWKHPRVWUHFHQWUHODSVHDWWKHWLPHRI
UDQGRPL]DWLRQ3DWLHQWVZKRKDGGRVHDGMXVWPHQWZLWKWKHVDPH,67VIROORZLQJDUHODSVHDUH
LQFOXGHGLQWKLVJURXSHJ$=$PJNJGD\SULRUWRUHODSVHWR$=$PJNJGD\DIWHU
UHODSVH

3DWLHQWVZLWK&KDQJHVLQ,67VDWWKH7LPHRI5DQGRPL]DWLRQ
3DWLHQWVZLWKFKDQJHVLQ,67VXVHGIRUUHODSVHSUHYHQWLRQVLQFHWKHODVWUHODSVHDUHGHILQHGDV
WKRVHZKRDWWKHWLPHRIUDQGRPL]DWLRQKDGVZLWFKHG,67HJ$=$WR00)DGGHGDQRWKHU
,67HJDGGHGDFRUWLFRVWHURLGRUZLWKGUHZDQ\,67VIROORZLQJWKHWUHDWPHQWRIWKHODVW
UHODSVH

7KH7UHDWLQJ3K\VLFLDQ
7KH7UHDWLQJ3K\VLFLDQLVWKH3,RUWKH6XE,QYHVWLJDWRUIRUWKHVWXG\DQGZLOOEHUHVSRQVLEOHIRU
WKHRYHUDOOSDWLHQWPDQDJHPHQWLQFOXGLQJSDWLHQWHOLJLELOLW\HYDOXDWLRQVXSHUYLVLRQRIWKH
EOLQGHG,3DGPLQLVWUDWLRQUHFRUGLQJDQGWUHDWLQJRI$(VDQGPRQLWRULQJRIVDIHW\DVVHVVPHQW
$WWKHWLPHRIDUHODSVHWKH7UHDWLQJ3K\VLFLDQZLOOSHUIRUPDFRPSOHWHQHXURORJLFH[DPDQG
GHWHUPLQHLIDSDWLHQWH[SHULHQFHVDQ2Q7ULDO5HODSVHDQGPD\WUHDWWKHSDWLHQW¶VUHODSVH
DFFRUGLQJWRWKHUHFRPPHQGHG2Q7ULDO5HODSVH7UHDWPHQWUHJLPHQLQ6HFWLRQ7UHDWPHQW
IRU2Q7ULDO5HODSVHDQGDQ\FKDQJHVLQWKH,67VIROORZLQJDQ2Q7ULDO5HODSVHLVDWWKH
GLVFUHWLRQRIWKH7UHDWLQJ3K\VLFLDQ7KH7UHDWLQJ3K\VLFLDQLVEOLQGHGWRSDWLHQW¶VWUHDWPHQW
DVVLJQPHQW

7KH('665DWHU%OLQGHG
7KHEOLQGHG('665DWHUZLOOEHUHVSRQVLEOHIRUSHUIRUPLQJWKH('66DVVHVVPHQWVWKURXJKRXW
WKHWULDOLQFOXGLQJDWWKHWLPHRIDUHODSVH7KH('665DWHUZLOOSHUIRUPDFRPSOHWH.XUW]NH
QHXURORJLFH[DPDQGGRFXPHQWWKH)66DQGWKH('66VFRUH7KH('665DWHUVKDOOQRWEH
WKH3,RUWKH6XE,QYHVWLJDWRUDQGFDQQRWEHGLUHFWO\LQYROYHGLQWKHWULDOSDWLHQW¶VPDQDJHPHQW
7KH('665DWHUPXVWUHPDLQEOLQGHGWRDOORWKHUWULDOGDWDDVZHOODVDOORWKHUSDWLHQWFOLQLFDO
GDWD:KHQSRVVLEOHWKH('66UDWHUVKRXOGEHDSK\VLFLDQ,IDQRQSK\VLFLDQ('66UDWHUHJ
VSHFLDOL]HGQXUVHVZLOOEHXVHGWKHUDWHUPXVWEHDSSURYHGE\WKH6SRQVRUSULRUWRLQLWLDWLRQRI
WKHVWXG\)RUVSHFLILFUHTXLUHPHQWVIRU('66UDWHUTXDOLILFDWLRQUHIHUWRWKHWUDLQLQJPDWHULDOV
7KHWDEOHEHORZSURYLGHVUROHVDQGUHVSRQVLELOLWLHVRI7UHDWLQJ3K\VLFLDQDQG('665DWHU
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
7DEOH
5ROHVDQG5HVSRQVLELOLWLHVRIWKH7UHDWLQJ3K\VLFLDQDQG('665DWHU
7UHDWLQJ3K\VLFLDQ
('665DWHU
%OLQGHGWRWKHSDWLHQW¶VWUHDWPHQW
DVVLJQPHQW
x 'HWHUPLQHSDWLHQWHOLJLELOLW\IRUWKHWULDO
x 2YHUDOOSDWLHQWPDQDJHPHQWGXULQJWKH
WULDOLQFOXGLQJ,3DGPLQLVWUDWLRQDQG
VDIHW\DVVHVVPHQWV
x 3HUIRUPP56
x 3HUIRUP&ROXPELD6XLFLGH6HYHULW\
5DWLQJ6FDOH&6656

$WWKHWLPHRIUHODSVH
x ,QLWLDOSDWLHQWDVVHVVPHQW
x +DYHWKH('665DWHUUHFRUG)66DQG
('66VFRUH
x 3HUIRUPDFRPSOHWHQHXURORJLF
H[DPLQDWLRQ
x 'HWHUPLQHLIWKHSDWLHQWKDVH[SHULHQFHG
DQ2Q7ULDO5HODSVH
x 'HWHUPLQHUHODSVHVHYHULW\E\26,6
x $VVHVV9$6QHOOHQ&KDUW
x $VVHVVDPEXODWLRQE\+$,
x +DYHWKHSDWLHQWFRPSOHWHWKH(4'
DQG6KRUW)RUP+HDOWK6XUYH\6)
x 7UHDWUHODSVH
%OLQGHGWRDOORWKHUWULDOGDWDDVZHOODV
DOORWKHUSDWLHQWFOLQLFDOFKDUWGDWD
$WSURWRFROVSHFLILHGWLPHSRLQWV
x .XUW]NHQHXURORJLFDODVVHVVPHQW
x 'RFXPHQW)66
x 5HFRUG('66VFRUH



$WWKHWLPHRIUHODSVH
x 3HUIRUPWKH.XUW]NHQHXURORJLF
DVVHVVPHQW
x 'RFXPHQW)66
x 5HFRUG('66VFRUH
FDQEHSHUIRUPHGE\WKH7UHDWLQJ3K\VLFLDQRUKLVKHUGHVLJQHH

$GMXGLFDWLRQRI2Q7ULDO5HODSVHV
7RREWDLQDQLQGHSHQGHQWDVVHVVPHQWRIDOO2Q7ULDO5HODSVHHYHQWVXVLQJREMHFWLYHDQG
FRQVLVWHQWFOLQLFDOFULWHULDDOOUHODSVHVZLOOEHLQGHSHQGHQWO\UHYLHZHGE\DQ$GMXGLFDWLRQ
&RPPLWWHH7KH&RPPLWWHHFRQVLVWLQJRIPHGLFDOH[SHUWVLQQHXURORJ\DQGRU
QHXURRSKWKDOPRORJ\ZLOOFRQGXFWLQGHSHQGHQWUHYLHZVIRUDOOUHODSVHHYHQWVLGHQWLILHGE\WKH
,QYHVWLJDWRUV7KH&RPPLWWHHZLOOGHFLGHE\PDMRULW\YRWHZKHWKHUHDFK,QYHVWLJDWRULGHQWLILHG
2Q7ULDO5HODSVHPHHWVWKHREMHFWLYHFULWHULDIRUDQDGMXGLFDWHG2Q7ULDO5HODSVH$VHSDUDWH
&KDUWHUZLOOGRFXPHQWDOODGMXGLFDWLRQFULWHULDDQGSURFHGXUHVIRUWKLVWULDO
&21),'(17,$/

3DJHRI


3URWRFRO(&8102




$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ








-XO\

6FKHGXOHRI$VVHVVPHQWV
7DEOH
6FKHGXOHRI$VVHVVPHQWV±6FUHHQLQJ3HULRG
7ULDO9LVLW
9
6FUHHQLQJ3HULRG'XUDWLRQ
:HHNV
,QIRUPHG&RQVHQW
;
0HGLFDO+LVWRU\DQG'HPRJUDSK\
;
102+LVWRU\
;
3K\VLFDO([DPLQDWLRQ
;
:HLJKWDQG+HLJKW
;
9LWDO6LJQV
;
(OHFWURFDUGLRJUDP(&*
;
&RQFRPLWDQW0HGLFDWLRQV
;
$GYHUVH(YHQWV$(V

&OLQLFDO/DERUDWRU\7HVWV
;
3UHJQDQF\WHVWVHUXP
;
102,J*VHUXP
;
102,J*&6)

3.3')UHH&VHUXP

3.&&6)

(XUR4RO(4'

6KRUW)RUP+HDOWK6XUYH\6)

&ROXPELD6XLFLGH6HYHULW\5DWLQJ6FDOH&6656

([SDQGHG'LVDELOLW\6WDWXV6FDOH('66
;
0RGLILHG5DQNLQ6FDOHP56

3DWLHQW(GXFDWLRQ&DUGDQG1026\PSWRP(YDOXDWLRQ
;
1HXURORJLF([DPLQDWLRQ
;
2SWLF6SLQDO,PSDLUPHQW6FRUH26,6

6QHOOHQFKDUW
;
+DXVHU$PEXODWLRQ,QGH[+$,
;
0HGLFDOO\LQGLFDWHGWHVWV

5HYLHZ,QFOXVLRQ([FOXVLRQFULWHULD
;
5DQGRPL]DWLRQ

1PHQLQJLWLGLVYDFFLQDWLRQ
;
3DWLHQW6DIHW\,GHQWLILFDWLRQ&DUG

,QYHVWLJDWLRQDO3URGXFW,3,QIXVLRQ


&21),'(17,$/

3DJHRI


3URWRFRO(&8102




$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ








-XO\
7DEOH 6FKHGXOHRI$VVHVVPHQWV±6WXG\3HULRG9LVLW±9LVLW

,QGXFWLRQ3KDVH
0DLQWHQDQFH3KDVH
7ULDO9LVLW
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
7ULDO:HHN
'D\
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
,QIRUPHG&RQVHQW
















0HGLFDO+LVWRU\DQG'HPRJUDSK\
















102+LVWRU\
















3K\VLFDO([DPLQDWLRQ
















:HLJKWDQG+HLJKW
















9LWDO6LJQV
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
(OHFWURFDUGLRJUDP(&*
















&RQFRPLWDQW0HGLFDWLRQV
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
$GYHUVH(YHQWV$(V
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
&OLQLFDO/DERUDWRU\7HVWV
;



;

;

;





;

3UHJQDQF\WHVWVHUXP
;



;

;

;





;

102,J*VHUXP
;



;

;

;





;

102,J*&6)
;







;





;

3.3')UHH&VHUXP
%3



73

73

73





73

+$+$VHUXP
;



;



;





;

3.)UHH&&6)
;







;





;

(XUR4RO(4'
;



;

;

;





;

6KRUW)RUP+HDOWK6XUYH\6)
;



;

;

;





;

&ROXPELD6XLFLGH6HYHULW\5DWLQJ6FDOH&6656
;



;

;

;





;

([SDQGHG'LVDELOLW\6WDWXV6FDOH('66
;



;

;

;





;

0RGLILHG5DQNLQ6FDOHP56
;



;

;

;





;

3DWLHQW(GXFDWLRQ&DUGDQG1026\PSWRP(YDOXDWLRQ
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
1HXURORJLF([DPLQDWLRQ
;



;

;

;





;

2SWLF6SLQDO,PSDLUPHQW6FRUH26,6
;















6QHOOHQFKDUW
;



;

;

;





;

+DXVHU$PEXODWLRQ,QGH[+$,
;



;

;

;





;

0HGLFDOO\LQGLFDWHGWHVWV
















5HYLHZ,QFOXVLRQ([FOXVLRQFULWHULD
;















5DQGRPL]DWLRQ
;















1PHQLQJLWLGLVYDFFLQDWLRQ
















3DWLHQW6DIHW\,GHQWLILFDWLRQ&DUG
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
,QYHVWLJDWLRQDO3URGXFW,3,QIXVLRQ
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
&21),'(17,$/

3DJHRI


3URWRFRO(&8102




$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ








-XO\
7DEOH
6FKHGXOHRI$VVHVVPHQWV±6WXG\3HULRG9LVLW±9LVLW

0DLQWHQDQFH3KDVH
7ULDO9LVLW
9
9
9
9
9
9
9
9
9
9
9
9
9
7ULDO:HHN
:
:
:
:
:
:
:
:
:
:
:
:
:
,QIRUPHG&RQVHQW













0HGLFDO+LVWRU\DQG'HPRJUDSK\













102+LVWRU\













3K\VLFDO([DPLQDWLRQ













:HLJKW












;
9LWDO6LJQV
;
;
;
;
;
;
;
;
;
;
;
;
;
(OHFWURFDUGLRJUDP(&*












;
&RQFRPLWDQW0HGLFDWLRQV
;
;
;
;
;
;
;
;
;
;
;
;
;
$GYHUVH(YHQWV$(V
;
;
;
;
;
;
;
;
;
;
;
;
;
&OLQLFDO/DERUDWRU\7HVWV




;





;


3UHJQDQF\WHVWVHUXP




;





;


102,J*VHUXP




;





;


102,J*&6)










;


3.3')UHH&VHUXP




73





73


+$+$VHUXP




;





;


3.)UHH&&6)










;


(XUR4RO(4'




;





;


6KRUW)RUP+HDOWK6XUYH\6)




;





;


&ROXPELD6XLFLGH6HYHULW\5DWLQJ6FDOH&6656




;





;


([SDQGHG'LVDELOLW\6WDWXV6FDOH('66




;





;


0RGLILHG5DQNLQ6FDOHP56




;





;


3DWLHQW(GXFDWLRQ&DUG1026\PSWRP(YDOXDWLRQ
;
;
;
;
;
;
;
;
;
;
;
;
;
1HXURORJLF([DPLQDWLRQ




;





;


2SWLF6SLQDO,PSDLUPHQW6FRUH26,6













6QHOOHQFKDUW




;





;


+DXVHU$PEXODWLRQ,QGH[+$,




;





;


0HGLFDOO\LQGLFDWHGWHVWV













5HYLHZ,QFOXVLRQ([FOXVLRQFULWHULD













5DQGRPL]DWLRQ













1PHQLQJLWLGLVYDFFLQDWLRQ













3DWLHQW6DIHW\,GHQWLILFDWLRQ&DUG
;
;
;
;
;
;
;
;
;
;
;
;
;
,QYHVWLJDWLRQDO3URGXFW,3,QIXVLRQ
;
;
;
;
;
;
;
;
;
;
;
;
;
&21),'(17,$/

3DJHRI


3URWRFRO(&8102




$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ








-XO\
7DEOH
6FKHGXOHRI$VVHVVPHQWV±6WXG\3HULRG9LVLW±9LVLW

0DLQWHQDQFH3KDVH
7ULDO9LVLW
9
9
9
9
9
9
9
9
9
9
9
9
9
7ULDO:HHN
:
:
:
:
:
:
:
:
:
:
:
:
:
,QIRUPHG&RQVHQW













0HGLFDO+LVWRU\DQG'HPRJUDSK\













102+LVWRU\













3K\VLFDO([DPLQDWLRQ













:HLJKWDQG+HLJKW













9LWDO6LJQV
;
;
;
;
;
;
;
;
;
;
;
;
;
(OHFWURFDUGLRJUDP(&*













&RQFRPLWDQW0HGLFDWLRQV
;
;
;
;
;
;
;
;
;
;
;
;
;
$GYHUVH(YHQWV$(V
;
;
;
;
;
;
;
;
;
;
;
;
;
&OLQLFDO/DERUDWRU\7HVWV



;





;



3UHJQDQF\WHVWVHUXP



;





;



102,J*VHUXP



;





;



102,J*&6)









;



3.3')UHH&VHUXP



73





73



+$+$VHUXP



;





;



3.)UHH&&6)









;



(XUR4RO(4'



;





;



6KRUW)RUP+HDOWK6XUYH\6)



;





;



&ROXPELD6XLFLGH6HYHULW\5DWLQJ6FDOH&6656



;





;



([SDQGHG'LVDELOLW\6WDWXV6FDOH('66



;





;



0RGLILHG5DQNLQ6FDOHP56



;





;



3DWLHQW(GXFDWLRQ&DUG1026\PSWRP(YDOXDWLRQ
;
;
;
;
;
;
;
;
;
;
;
;
;
1HXURORJLF([DPLQDWLRQ



;





;



2SWLF6SLQDO,PSDLUPHQW6FRUH26,6













6QHOOHQFKDUW



;





;



+DXVHU$PEXODWLRQ,QGH[+$,



;





;



0HGLFDOO\LQGLFDWHGWHVWV













5HYLHZ,QFOXVLRQ([FOXVLRQFULWHULD













5DQGRPL]DWLRQ













1PHQLQJLWLGLVYDFFLQDWLRQ













3DWLHQW6DIHW\,GHQWLILFDWLRQ&DUG
;
;
;
;
;
;
;
;
;
;
;
;
;
,QYHVWLJDWLRQDO3URGXFW,3,QIXVLRQ
;
;
;
;
;
;
;
;
;
;
;
;
;
&21),'(17,$/

3DJHRI


3URWRFRO(&8102




$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ








-XO\
7DEOH
6FKHGXOHRI$VVHVVPHQWV±6WXG\3HULRG9LVLW±9LVLW

0DLQWHQDQFH3KDVH
7ULDO9LVLW
9
9
9
9
9
9
9
9
9
7ULDO:HHN
:
:
:
:
:
:
:
:
:
,QIRUPHG&RQVHQW









0HGLFDO+LVWRU\DQG'HPRJUDSK\









102+LVWRU\









3K\VLFDO([DPLQDWLRQ








;
:HLJKW








;
9LWDO6LJQV
;
;
;
;
;
;
;
;
;
(OHFWURFDUGLRJUDP(&*








;
&RQFRPLWDQW0HGLFDWLRQ
;
;
;
;
;
;
;
;
;
$GYHUVH(YHQWV
;
;
;
;
;
;
;
;
;
&OLQLFDO/DERUDWRU\7HVWV


;





;
3UHJQDQF\WHVWVHUXP


;





;
102,J*VHUXP


;





;
102,J*&6)








;
3.3')UHH&VHUXP


73





73
+$+$VHUXP


;





;
3.)UHH&&6)








;
(XUR4RO(4'


;





;
6KRUW)RUP+HDOWK6XUYH\6)


;





;
&ROXPELD6XLFLGH6HYHULW\5DWLQJ6FDOH&
6656


;





;
([SDQGHG'LVDELOLW\6WDWXV6FDOH('66


;





;
0RGLILHG5DQNLQ6FDOHP56


;





;
3DWLHQW(GXFDWLRQ&DUGDQG1026\PSWRP
(YDOXDWLRQ
;
;
;
;
;
;
;
;
;
1HXURORJLF([DPLQDWLRQ


;





;
2SWLF6SLQDO,PSDLUPHQW6FRUH26,6









6QHOOHQFKDUW


;





;
+DXVHU$PEXODWLRQ,QGH[+$,


;





;
0HGLFDOO\LQGLFDWHGWHVWV









5HYLHZ,QFOXVLRQ([FOXVLRQFULWHULD









1PHQLQJLWLGLVYDFFLQDWLRQ









3DWLHQW6DIHW\,GHQWLILFDWLRQ&DUG
;
;
;
;
;
;
;
;
;
,QYHVWLJDWLRQDO3URGXFW,3,QIXVLRQ
;
;
;
;
;
;
;
;
;
&21),'(17,$/

3DJHRI


3URWRFRO(&8102




$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ








-XO\
7DEOH
6FKHGXOHRI$VVHVVPHQWV6WXG\3HULRG%H\RQG9LVLWWR(26(7

0DLQWHQDQFH3KDVH
7ULDO9LVLW
6KRUW9LVLW
/RQJ9LVLW
(QGRI6WXG\(26(DUO\
7HUPLQDWLRQ(79LVLW
7ULDO:HHN
(YHU\QGZHHNDIWHU9LVLW
XQWLO(269LVLWH[FHSW/RQJ
9LVLWVHJ:HHNV
HWF«
(YHU\WKZHHNDIWHU
9LVLWXQWLO(269LVLW
HJ:HHNV
HWF

3K\VLFDO([DPLQDWLRQ


;
:HLJKW


;
9LWDO6LJQV
;
;
;
(OHFWURFDUGLRJUDP(&*


;
&RQFRPLWDQW0HGLFDWLRQ
;
;
;
$GYHUVH(YHQWV
;
;
;
&OLQLFDO/DERUDWRU\7HVWV

;
;
3UHJQDQF\WHVWVHUXP

;
;
102,J*VHUXP

;
;
102,J*&6)

;HYHU\WKZHHN
;
3.3')UHH&VHUXP

73
73
+$+$VHUXP

;
;
3.)UHH&&6)

;HYHU\WKZHHN
;
(XUR4RO(4'

;
;
6KRUW)RUP+HDOWK6XUYH\6)

;
;
&ROXPELD6XLFLGH6HYHULW\5DWLQJ6FDOH&6656

;
;
([SDQGHG'LVDELOLW\6WDWXV6FDOH('66

;
;
0RGLILHG5DQNLQ6FDOHP56

;
;
3DWLHQW(GXFDWLRQ&DUGDQG1026\PSWRP
(YDOXDWLRQ
;
;
;
1HXURORJLF([DPLQDWLRQ

;
;
2SWLF6SLQDO,PSDLUPHQW6FRUH26,6



6QHOOHQFKDUW

;
;
+DXVHU$PEXODWLRQ,QGH[+$,

;
;
0HGLFDOO\LQGLFDWHGWHVWV



3DWLHQW6DIHW\,GHQWLILFDWLRQ&DUG
;
;
;
,QYHVWLJDWLRQDO3URGXFW,3,QIXVLRQ
;
;
;
&21),'(17,$/

3DJHRI


3URWRFRO(&8102




$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ








-XO\
7DEOH
6FKHGXOHRI$VVHVVPHQWV±5HODSVH(YDOXDWLRQ3HULRG
$VVHVVPHQW
5HODSVH(YDOXDWLRQ9LVLW
)ROORZ8S5HODSVH(YDOXDWLRQ9LVLWV
7ULDO:HHN
:LWKLQKRXUV
:
:
:(26
8QVFKHGXOHG
,QIRUPHG&RQVHQW





0HGLFDO+LVWRU\DQG'HPRJUDSK\





102+LVWRU\





3K\VLFDO([DPLQDWLRQ



;

:HLJKW



;

9LWDO6LJQV
;
;
;
;
;
(OHFWURFDUGLRJUDP(&*



;

&RQFRPLWDQW0HGLFDWLRQ
;
;
;
;
;
$GYHUVH(YHQWV$(V
;
;
;
;
;
&OLQLFDO/DERUDWRU\7HVWV
;


;
;
3UHJQDQF\WHVWVHUXP



;
;
102,J*VHUXP
;


;
;
102,J*&6)
;


;
;
+$+$VHUXP



;

3.3')UHH&VHUXP
73
73
73
73
73
3.)UHH&&6)
;


;
;
(XUR4RO(4'



;
;
6KRUW)RUP+HDOWK6XUYH\6)



;
;
&ROXPELD6XLFLGH6HYHULW\5DWLQJ6FDOH&6656



;
;
([SDQGHG'LVDELOLW\6WDWXV6FDOH('66
;
;
;
;
;
0RGLILHG5DQNLQ6FDOHP56



;

3DWLHQW(GXFDWLRQ&DUGDQG1026\PSWRP(YDOXDWLRQ
;
;
;
;
;
1HXURORJLF([DPLQDWLRQ
;
;
;
;
;
2SWLF6SLQDO,PSDLUPHQW6FRUH26,6
;
;
;
;
;
6QHOOHQFKDUW
;
;
;
;
;
+DXVHU$PEXODWLRQ,QGH[+$,
;
;
;
;
;
0HGLFDOO\LQGLFDWHGWHVWV
;
;
;
;
;
5HYLHZ,QFOXVLRQ([FOXVLRQFULWHULD





5DQGRPL]DWLRQ





1PHQLQJLWLGLVYDFFLQDWLRQ





3DWLHQW6DIHW\,GHQWLILFDWLRQ&DUG
;
;
;
;
;
,QYHVWLJDWLRQDO3URGXFW,3,QIXVLRQ
&RQWLQXHHYHU\ZHHNVGD\VDVVFKHGXOHG


&21),'(17,$/

3DJHRI


3URWRFRO(&8102




$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ








-XO\
7DEOH
6FKHGXOHRI$VVHVVPHQWV±6DIHW\)ROORZ8S3HULRG3RVW7UHDWPHQW
$VVHVVPHQW
)ROORZ8S9LVLW
7ULDO:HHN
:
,QIRUPHG&RQVHQW

0HGLFDO+LVWRU\DQG'HPRJUDSK\

102+LVWRU\

3K\VLFDO([DPLQDWLRQ

:HLJKWDQG+HLJKW

9LWDO6LJQV
;
(OHFWURFDUGLRJUDP(&*

&RQFRPLWDQW0HGLFDWLRQ
;
$GYHUVH(YHQWV$(V
;
&OLQLFDO/DERUDWRU\7HVWV

3UHJQDQF\WHVWVHUXP

102,J*VHUXP

102,J*&6)

3.3')UHH&VHUXP

3.)UHH&&6)

(XUR4RO(4'

6KRUW)RUP+HDOWK6XUYH\6)

&ROXPELD6XLFLGH6HYHULW\5DWLQJ6FDOH&6656
;
([SDQGHG'LVDELOLW\6WDWXV6FDOH('66

0RGLILHG5DQNLQ6FDOHP56

3DWLHQW(GXFDWLRQ&DUGDQG1026\PSWRP(YDOXDWLRQ
;
1HXURORJLF([DPLQDWLRQ

2SWLF6SLQDO,PSDLUPHQW6FRUH26,6

6QHOOHQFKDUW

+DXVHU$PEXODWLRQ,QGH[+$,

0HGLFDOO\LQGLFDWHGWHVWV

5HYLHZ,QFOXVLRQ([FOXVLRQFULWHULD

5DQGRPL]DWLRQ

1PHQLQJLWLGLVYDFFLQDWLRQ

3DWLHQW6DIHW\,GHQWLILFDWLRQ&DUG
;
,QYHVWLJDWLRQDO3URGXFW,3,QIXVLRQ

&21),'(17,$/

3DJHRI


3URWRFRO(&8102




$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ








-XO\
7DEOH
6FKHGXOHRI$VVHVVPHQWV±)RRWQRWHV
)RRWQRWH
'HVFULSWLRQ

$OOVFUHHQLQJSURFHGXUHVPXVWEHFRPSOHWHGZLWKLQZHHNVSULRUWRWKHUDQGRPL]DWLRQDW%DVHOLQH9LVLW>'D\@3DWLHQWVZKRH[SHULHQFHDUHODSVHGXULQJ
WKH6FUHHQLQJ3HULRGZLOOEHFRQVLGHUHGDVFUHHQLQJIDLOXUH6XFKSDWLHQWVPD\EHUHVFUHHQHGIRUHQUROOPHQWLQWRWKHWULDO6HH6HFWLRQVDQGIRU
DGGLWLRQDOLQIRUPDWLRQ

7KHSDWLHQW¶VVLJQHGDQGGDWHGLQIRUPHGFRQVHQWIRUP,&)PXVWEHREWDLQHGEHIRUHFRQGXFWLQJDQ\WULDOSURFHGXUHV7KHWULDOGXUDWLRQIRUDQLQGLYLGXDOSDWLHQW
LQWKLVWLPHWRHYHQWWULDOZLOOYDU\LHWKHWULDOGXUDWLRQIRUDQLQGLYLGXDOSDWLHQWZLOOEHGHWHUPLQHGE\WKHWLPHRIUHODSVHRUIRUWKRVHSDWLHQWVZKRGRQRWKDYH
DUHODSVHE\WKHWLPHRIWULDOFORVXUH

7KH7UHDWLQJ3K\VLFLDQZLOOUHYLHZWKHSDWLHQW¶VKLVWRU\DQGGLDJQRVLVDQGGRFXPHQWWKHIROORZLQJDWWKH6FUHHQLQJ9LVLW102RU1026'GLDJQRVLVGDWH
:LQJHUFKXNHWDODQGUHIHUWR$SSHQGL[DQG$SSHQGL[DQGWKHQXPEHURIUHODSVHVRQVHWGDWHVDQGWKHFOLQLFDOSUHVHQWDWLRQRIHDFKUHODSVH
HJ2170/(70EUDLQVWHPRURWKHU6HH6HFWLRQVDQGIRUDGGLWLRQDOLQIRUPDWLRQ

$GGLWLRQDO3K\VLFDO([DPLQDWLRQVFDQEHSHUIRUPHGDVPHGLFDOO\LQGLFDWHGGXULQJWKHWULDODWWKH,QYHVWLJDWRU¶VGLVFUHWLRQ

9LWDOVLJQVLQFOXGHDVVHVVPHQWVRIV\VWROLFDQGGLDVWROLFEORRGSUHVVXUH%3WHPSHUDWXUHUHVSLUDWLRQUDWH55DQGKHDUWUDWH+59LWDOVLJQVZLOOEHREWDLQHG
DIWHUWKHSDWLHQWKDVEHHQVXSLQHRUVHDWHGIRUDWOHDVWPLQXWHV,GHDOO\HDFKSDWLHQW¶V%3VKRXOGEHPHDVXUHGXVLQJWKHVDPHDUP

(&*ZLOOEHSHUIRUPHGDWWKHSURWRFROVSHFLILHGWLPHSRLQWV,QDGGLWLRQ(&*PD\EHSHUIRUPHGLIWKH,QYHVWLJDWRUIHHOVLWLVFOLQLFDOO\ZDUUDQWHG

&RQFRPLWDQWPHGLFDWLRQVZLOOEHUHFRUGHGDWWKH6FUHHQLQJ9LVLWDVGHVFULEHGLQ6HFWLRQ8VHRIFRQFRPLWDQWPHGLFDWLRQZLOOEHHYDOXDWHGGXULQJWKHWULDODQG
DOOQHZPHGLFDWLRQVRUFKDQJHVWRFRQFRPLWDQWPHGLFDWLRQVZLOOEHUHFRUGHG

$(VZLOOEHHYDOXDWHGE\WKH,QYHVWLJDWRUDQGUHFRUGHGDWHYHU\YLVLWLQDFFRUGDQFHZLWKWKHWULDOSURWRFRODVGHVFULEHGLQ6HFWLRQ

&OLQLFDOODERUDWRU\WHVWVFKHPLVWU\KHPDWRORJ\DQGXULQDO\VLVZLOOEHSHUIRUPHGE\DFHQWUDOODERUDWRU\5HIHUWR$SSHQGL[IRUDVXPPDU\RIWKHFOLQLFDO
ODERUDWRU\WHVWVWREHPHDVXUHG

3UHJQDQF\WHVWPXVWEHSHUIRUPHGRQDOOZRPHQRIFKLOGEHDULQJSRWHQWLDODWVSHFLILHGWLPHSRLQWV3UHJQDQF\WHVWXULQHRUVHUXPPD\DOVREHSHUIRUPHGDWDQ\
WLPHGXULQJWKHWULDODWWKH,QYHVWLJDWRU¶VGLVFUHWLRQ3DWLHQWVPXVWSUDFWLFHDQHIIHFWLYHUHOLDEOHDQGPHGLFDOO\DSSURYHGFRQWUDFHSWLYHUHJLPHQGXULQJWKHWULDO
DQGIRUXSWRPRQWKVIROORZLQJGLVFRQWLQXDWLRQRIWUHDWPHQW,IDSDWLHQWRUDSDWLHQW¶VSDUWQHUEHFRPHVRULVIRXQGSUHJQDQWZKLOHLQWKHWULDOWKH6SRQVRUZLOO
EHQRWLILHGLQDFFRUGDQFHZLWKWKHWULDOSURWRFRO

6HUXPVDPSOHVIRU102,J*DQGWURXJK3.3')UHH&+$+$DUHWREHWDNHQDSSUR[LPDWHO\PLQXWHVEHIRUHWKH,3LQIXVLRQ3HDNVHUXPVDPSOHVIRU3.
3'DQGIUHH&DUHWREHWDNHQDWOHDVWPLQXWHVDIWHUFRPSOHWLRQRIWKH,3LQIXVLRQ

&HUHEURVSLQDOIOXLG&6)VDPSOHVIRU102,J*DQG3.)UHH&DQDO\VHVPD\EHFROOHFWHGIURPFRQVHQWHGSDWLHQWV3DWLHQWVPD\FKRRVHQRWWRKDYH&6)
VDPSOHVFROOHFWHGDQGZLOOVWLOOEHHOLJLEOHIRUWULDOSDUWLFLSDWLRQ

7KH42/VHOIDVVHVVPHQWV(4'DQG6)ZLOOEHSHUIRUPHGE\WKHSDWLHQWVEHIRUHDQ\RWKHUWULDOSURFHGXUHVDWDOOWULDOYLVLWV

7KHEOLQGHG('665DWHUZLOOSHUIRUPWKH.XUW]NHQHXURORJLFDODVVHVVPHQWDQGGRFXPHQWWKH)66DQG('66VFRUH6HH6HFWLRQIRUPRUHGHWDLO

7KH7UHDWLQJ3K\VLFLDQZLOOEHUHVSRQVLEOHIRURYHUDOOSDWLHQWPDQDJHPHQWLQFOXGLQJSDWLHQWHOLJLELOLW\HYDOXDWLRQWKHVXSHUYLVLRQRIWKHEOLQGHG,3
DGPLQLVWUDWLRQWKHUHFRUGLQJDQGWUHDWLQJRI$(VDQGWKHPRQLWRULQJRIVDIHW\DVVHVVPHQWV7KH7UHDWLQJ3K\VLFLDQZLOOGHWHUPLQHLIDSDWLHQWH[SHULHQFHVDQ2Q
7ULDO5HODSVHDQGWUHDWWKHSDWLHQW¶VUHODSVHDVQHHGHGVHHUHFRPPHQGHG2Q7ULDO5HODSVH7UHDWPHQWUHJLPHQLQ6HFWLRQ7KH7UHDWLQJ3K\VLFLDQZLOO
DVVHVVWKHSDWLHQWIRUDQ\VLJQVRUV\PSWRPVLQGLFDWLYHRIUHODSVHDWHYHU\YLVLWSHUIRUPDFRPSOHWHQHXURORJLFH[DPLQDWLRQDWWKHVSHFLILHGWLPHSRLQWVGXULQJWKH
WULDODQGGRFXPHQWWKH26,67KH7UHDWLQJ3K\VLFLDQRUDSSURSULDWHO\WUDLQHGGHVLJQHHZLOOSHUIRUPWKHP56WKHYLVXDODFXLW\9$WHVW6QHOOHQFKDUWWKH+$,
DQGWKH&6656

,IPHGLFDOO\LQGLFDWHGIRUHYDOXDWLRQRIUHODSVHDGGLWLRQDOWHVWVHJ05,&7VFDQODERUDWRU\WHVWVHWFPD\EHSHUIRUPHGDWWKHGLVFUHWLRQRIWKH,QYHVWLJDWRU
,IDGGLWLRQDOPHGLFDOO\LQGLFDWHGWHVWVSURFHGXUHVDUHSHUIRUPHGWKHUHVXOWVPXVWEHUHFRUGHGLQWKHH&5)

%RWKWKH3ULQFLSDO,QYHVWLJDWRUDQGWKH6SRQVRUPXVWDSSURYHSDWLHQWHOLJLELOLW\SULRUWRUDQGRPL]DWLRQ5DQGRPL]DWLRQZLOOEHGRQHE\XVLQJDQLQWHUDFWLYHYRLFH
RUZHEUHVSRQVHV\VWHP,;56RQ'D\
&21),'(17,$/

3DJHRI


3URWRFRO(&8102




$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ








-XO\
)RRWQRWH
'HVFULSWLRQ

$OOSDWLHQWVPXVWEHYDFFLQDWHGDJDLQVW1PHQLQJLWLGLVLIQRWDOUHDG\YDFFLQDWHGZLWKLQWKHWLPHSHULRGRIDFWLYHFRYHUDJHVSHFLILHGE\WKHYDFFLQH
PDQXIDFWXUHU3DWLHQWVPXVWEHYDFFLQDWHGDWOHDVWGD\VSULRUWRUHFHLYLQJWKHILUVW,3GRVHRUEHYDFFLQDWHGDQGUHFHLYHWUHDWPHQWZLWKDSSURSULDWHDQWLELRWLFV
XQWLOGD\VDIWHUWKHYDFFLQDWLRQ7KH1PHQLJLWLGLVYDFFLQDWLRQDQGDQ\DQWLELRWLFVPXVWEHUHFRUGHGLQWKHH&5)3DWLHQWVZLOOEHJLYHQD3DWLHQW6DIHW\
,GHQWLILFDWLRQ&DUGSULRUWRWKHILUVWGRVHRI,3$WHDFKYLVLWWKURXJKRXWWKHWULDOWULDOVWDIIZLOOHQVXUHWKDWWKHSDWLHQWKDVWKH3DWLHQW6DIHW\,GHQWLILFDWLRQ&DUG

'XULQJWKH6WXG\3HULRG,3HFXOL]XPDE>PJPJRUPJ@RUPDWFKLQJSODFHERZLOOEHDGPLQLVWHUHG,9RYHUDSSUR[LPDWHO\PLQXWHVDFFRUGLQJWR
WKHIROORZLQJUHJLPHQ
,QGXFWLRQ3KDVH
YLDOVRI,3HTXLYDOHQWWRPJRIHFXOL]XPDEZHHNO\[HYHU\GD\VGD\VIROORZHGE\YLDOVRI,3HTXLYDOHQWWRPJRIHFXOL]XPDERQHZHHN
ODWHUIRUWKHILIWKGRVH9LVLW
0DLQWHQDQFH3KDVH
YLDOVRI,3HTXLYDOHQWWRPJRIHFXOL]XPDEHYHU\WZRZHHNVGD\VGD\V
6XSSOHPHQWDO'RVHV
,ISDWLHQWXQGHUJRHV3(IRU2Q7ULDO5HODSVHRQDGD\WKDW,3DGPLQLVWUDWLRQLVQRWURXWLQHO\VFKHGXOHGGXULQJWKH6WXG\3HULRGDVXSSOHPHQWDOGRVHYLDOV,3
HTXLYDOHQWWRPJRIHFXOL]XPDEPXVWEHDGPLQLVWHUHGDIWHUHDFK3(SUHIHUDEO\ZLWKLQKRXUV3DWLHQWVZLOOFRQWLQXHLQDFFRUGDQFHZLWKWKHSURWRFRO
VSHFLILHG,3DGPLQLVWUDWLRQVFKHGXOHLHLI3(LVDGPLQLVWHUHGRQWKHGD\RIUHJXODUO\VFKHGXOHG,3DGPLQLVWUDWLRQSDWLHQWVZLOOUHFHLYHWKHUHJXODUO\VFKHGXOHG
QXPEHURIYLDOV>YLDOVRQ9LVLWVYLDOVRQDOORWKHU9LVLWV@DIWHUHDFK3(SUHIHUDEO\ZLWKLQKRXUV

3DWLHQWVKRXOGEHHYDOXDWHGZLWKLQKRXUVRIQRWLILFDWLRQRIWKH,QYHVWLJDWRURIDSRWHQWLDOUHODSVHDQGQRODWHUWKDQKRXUV$OOSRWHQWLDOUHODSVHVPXVWEH
HYDOXDWHGE\ERWKWKH7UHDWLQJ3K\VLFLDQDQGWKHEOLQGHG('665DWHU)ROORZ8S5HODSVH(YDOXDWLRQ9LVLWVZLOOEHSHUIRUPHGDWDQGZHHNVDIWHUWKHRQVHW
RIUHODSVH$GGLWLRQDO5HODSVH(YDOXDWLRQ9LVLWV8QVFKHGXOHG9LVLWVDUHSHUPLWWHGDWWKHGLVFUHWLRQRIWKH7UHDWLQJ3K\VLFLDQ7HVWVSURFHGXUHVDQG
DVVHVVPHQWVOLVWHGXQGHUWKH8QVFKHGXOHG9LVLWVDUHWREHSHUIRUPHGDWWKHGLVFUHWLRQRIWKH,QYHVWLJDWRU$OOLQYHVWLJDWLRQVWHVWVUHODWHGWRWKHUHODSVHHYDOXDWLRQ
HJ05,V&7VOXPEDUSXQFWXUHVHWFVKRXOGEHUHFRUGHGLQWKHVRXUFHGRFXPHQWVDQGLQWKHH&5)FRSLHVRIDOOUHSRUWVVKRXOGEHVHQWWRWKH6SRQVRU
$EEUHYLDWLRQV
% %DVHOLQHVDPSOH&6) &HUHEURVSLQDO)OXLG(26 (QGRI6WXG\(7 (DUO\7HUPLQDWLRQ+$+$ +XPDQDQWLKXPDQDQWLERG\7 7URXJKVDPSOH3 
3HDNVDPSOH9 9LVLW: :HHN
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

7ULDO9LVLW3URFHGXUHV

6FUHHQLQJ3HULRG6FUHHQLQJ9LVLW>9LVLW@2FFXUVZHHNV3ULRUWR%DVHOLQH
9LVLW>'D\@
$IWHUREWDLQLQJZULWWHQLQIRUPHGFRQVHQWWKHIROORZLQJWHVWVDQGHYDOXDWLRQVZLOOEHSHUIRUPHG
ZLWKLQZHHNVSULRUWRUDQGRPL]DWLRQDW%DVHOLQH9LVLW'D\WRGHWHUPLQHSDWLHQW
HOLJLELOLW\IRUSDUWLFLSDWLRQLQWKLVWULDO
x 8SRQ,&)VLJQDWXUHUHJLVWHUWKHSDWLHQWLQWKHLQWHUDFWLYHYRLFHRUZHEUHVSRQVH
,;56V\VWHPWRJHWWKHSDWLHQWLGHQWLILFDWLRQQXPEHULQWKHVWXG\DQGWULJJHU,3
VKLSPHQW
x 0HGLFDO+LVWRU\DQG'HPRJUDSK\
x 102+LVWRU\
x 102,J*WHVWKLVWRU\LIDQ\LQFOXGLQJLQIRUPDWLRQRQW\SHRIWHVWDQGWKH
ODERUDWRU\ZKHUHWKHWHVWZDVSHUIRUPHG
x 7KH('665DWHUZLOOSHUIRUPWKH.XUW]NHQHXURORJLFDODVVHVVPHQWWRGHWHUPLQHWKH
)66DQG('66VFRUH
x 7KH7UHDWLQJ3K\VLFLDQZLOOSHUIRUPWKHIROORZLQJ
R 5HYLHZWKHVLJQVDQGV\PSWRPVRISRWHQWLDO102UHODSVHZLWKWKHSDWLHQWDQG
LQVWUXFWWKHSDWLHQWWRFRQWDFWWKHVWXG\VLWHDWWKHILUVWVLJQVRUV\PSWRPVRI
SRWHQWLDOUHODSVH3URYLGHWKH3DWLHQW(GXFDWLRQ&DUGGHVFULELQJWKHSRWHQWLDO
VLJQVDQGV\PSWRPVRI102UHODSVHDQGWKHFRQWDFWLQIRUPDWLRQRIWKHVWXG\VLWH
R $FRPSOHWHQHXURORJLFH[DPLQDWLRQ
x 7KH7UHDWLQJ3K\VLFLDQRUDSSURSULDWHO\WUDLQHGGHVLJQHHZLOOSHUIRUPWKHIROORZLQJ
R 9$WHVW6QHOOHQFKDUW
R +$,
R &RPSOHWH3K\VLFDO([DPLQDWLRQLQFOXGLQJDVVHVVPHQWVRIWKHIROORZLQJ
RUJDQERG\V\VWHPVVNLQKHDGHDUVH\HVQRVHWKURDWQHFNO\PSKQRGHVSXOVH
FKHVWKHDUWDEGRPHQH[WUHPLWLHVPXVFXORVNHOHWDODQGJHQHUDOQHXURORJLF
H[DPLQDWLRQ
R %RG\ZHLJKWDQGKHLJKW
R 9LWDOVLJQVLQFOXGHDVVHVVPHQWVRIV\VWROLFDQGGLDVWROLFEORRGSUHVVXUH%3
WHPSHUDWXUHUHVSLUDWLRQUDWH55DQGKHDUWUDWH+5
R (&*
R &RQFRPLWDQWPHGLFDWLRQVZLOOEHUHFRUGHGDWWKH6FUHHQLQJ9LVLWLQFOXGLQJDQ\
NQRZQ,67VDQGRUQRQGUXJWKHUDS\IRUWKHSXUSRVHRIUHODSVHSUHYHQWLRQRU
WUHDWPHQWSULRUWRVFUHHQLQJDQGDOORWKHUFRQFRPLWDQWPHGLFDWLRQVZLWKLQGD\V
SULRUWRWKH6FUHHQLQJ9LVLW,I3(ZDVDGPLQLVWHUHGZLWKLQ\HDUVSULRUWR
VFUHHQLQJYLVLWWKHQXPEHURI3(F\FOHVIRUHDFKUHODSVHZLOODOVREHFROOHFWHG
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
R &OLQLFDOODERUDWRU\WHVWVFKHPLVWU\KHPDWRORJ\DQGXULQDO\VLV
R 3UHJQDQF\WHVWVHUXPPXVWEHSHUIRUPHGRQDOOZRPHQRIFKLOGEHDULQJ
SRWHQWLDO1RWHLIWKHSDWLHQWLVWDNLQJXVLQJFRQWUDFHSWLYHPHGLFDWLRQGHYLFH
SOHDVHEHVXUHWRUHFRUGWKHPHGLFDWLRQRUGHYLFHLQWKHH&5)FRQFRPLWDQW
PHGLFDWLRQRUSURFHGXUH
R %ORRGVDPSOHIRU102,J*ZLOOEHREWDLQHG
R $OOSDWLHQWVPXVWEHYDFFLQDWHGDJDLQVW1PHQLQJLWLGLVLIQRWDOUHDG\YDFFLQDWHG
ZLWKLQWKHWLPHSHULRGRIDFWLYHFRYHUDJHVSHFLILHGE\WKHYDFFLQHPDQXIDFWXUHU
3DWLHQWVPXVWEHYDFFLQDWHGDWOHDVWGD\VSULRUWRUHFHLYLQJWKHILUVW,3GRVHRU
EHYDFFLQDWHGDQGUHFHLYHWUHDWPHQWZLWKDSSURSULDWHDQWLELRWLFVXQWLOGD\V
DIWHUWKHYDFFLQDWLRQ

6WXG\3HULRG

9LVLW6FKHGXOHDQG)UHTXHQF\
9LVLWLQWHUYDOVGXULQJ,QGXFWLRQ3KDVH9LVLWVDQGDUHZHHNO\HYHU\GD\V
9LVLWLQWHUYDOVGXULQJWKH0DLQWHQDQFH3KDVH9LVLWV±(26(7DUHHYHU\WZRZHHNVHYHU\
GD\VGD\V

0LVVHG9LVLWV
3DWLHQWVZKRIDLOWRUHWXUQIRUDVFKHGXOHGYLVLWPXVWEHFRQWDFWHGE\WKHVLWHVWXG\VWDIIWR
GHWHUPLQHWKHUHDVRQIRUPLVVLQJWKHDSSRLQWPHQWDQGWKLVLQIRUPDWLRQPXVWEHUHFRUGHGLQWKH
VRXUFHGRFXPHQWV3DWLHQWVZLOOEHVWURQJO\HQFRXUDJHGWRUHWXUQWRWKHVWXG\VLWHIRUHYDOXDWLRQ
LIDUHODSVHRU$(LVVXVSHFWHGWRKDYHRFFXUUHG,QWKHH[FHSWLRQDOFLUFXPVWDQFHZKHUHDSDWLHQW
FDQQRWRUGRHVQRWFRPHWRWKHVWXG\VLWHIRUH[DPLQDWLRQWKHQWKHSDWLHQWZLOOEHLQVWUXFWHGWR
VHHKLVRUKHUORFDOQHXURORJLVWRUSK\VLFLDQ,QWKLVHYHQWLISRVVLEOHWKH7UHDWLQJ3K\VLFLDQRU
GHVLJQHHZLOOFRQWDFWWKHORFDOQHXURORJLVWRUSK\VLFLDQWRREWDLQDVPXFKLQIRUPDWLRQDVSRVVLEOH
DERXWWKHSDWLHQW¶VPHGLFDODQGQHXURORJLFDOFRQGLWLRQDQGSURYLGHFOLQLFDOJXLGDQFHLIQHHGHG
7KHVWXG\VLWHZLOOREWDLQUHOHYDQWPHGLFDOUHFRUGVDVGRFXPHQWDWLRQIURPWKHORFDOSK\VLFLDQ¶V
H[DPLQDWLRQDQGHQWHUUHOHYDQWGDWDLQWKH5HODSVH(YDOXDWLRQ9LVLWIRUPRULQWKH$(IRUPDV
DSSURSULDWH
$VLWLVYLWDOWRREWDLQLQIRUPDWLRQRQDQ\SDWLHQW¶VPLVVLQJYLVLWWRDVVXUHWKHPLVVLQJ
DSSRLQWPHQWZDVQRWGXHWRDQ$(RUSRWHQWLDOUHODSVHHYHU\HIIRUWPXVWEHPDGHWRXQGHUWDNH
SURWRFROVSHFLILHGIROORZXSSURFHGXUHV)ROORZXSGXHGLOLJHQFHGRFXPHQWDWLRQLQWKHVRXUFH
GRFXPHQWVZLOOFRQVLVWRISKRQHFDOOVIROORZHGE\UHJLVWHUHGOHWWHUWRWKHSDWLHQW¶VODVWNQRZQ
DGGUHVV
,IWKHUHFRPPHQGHGDFFHSWDEOHYLVLWZLQGRZVFDQQRWEHREVHUYHGRULIWKHSDWLHQWPLVVHVDQ,3
GRVHWKH,QYHVWLJDWRUZLOOGLVFXVVWKHSDWLHQW¶VVWDWXVDQGIXWXUHWUHDWPHQWSODQZLWKWKH6SRQVRU
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

,QGXFWLRQ3KDVH%DVHOLQH>9LVLW'D\@7KURXJK9LVLW>:HHN@
 %DVHOLQH9LVLW'D\
2QFHDOORIWKH%DVHOLQHYLVLWSURFHGXUHVKDYHEHHQSHUIRUPHGDQGWKHHOLJLELOLW\FULWHULDKDYH
EHHQFRQILUPHGE\WKH7UHDWLQJ3K\VLFLDQDQGE\WKH6SRQVRUWKHSDWLHQWZLOOEHUDQGRPL]HGRQ
'D\5DQGRPL]DWLRQZLOOEHGRQHE\XVLQJDQLQWHUDFWLYHYRLFHRUZHEUHVSRQVHV\VWHP,;56
SOHDVHUHIHUWRWKH,;564XLFN5HIHUHQFHGRFXPHQWIRUUDQGRPL]DWLRQSURFHGXUHV7KH
IROORZLQJWHVWVDQGSURFHGXUHVZLOOEHFRPSOHWHGDWWKH%DVHOLQHYLVLW9LVLW'D\
x 7KHSDWLHQWZLOOFRPSOHWHWKHVHOIDVVHVVPHQWTXHVWLRQQDLUHVWRHYDOXDWHTXDOLW\RI
OLIH(4'DQG6)
x 7KH('665DWHUZLOOSHUIRUPWKH.XUW]NHQHXURORJLFDODVVHVVPHQWWRGHWHUPLQHWKH
)66DQG('66
x 7KH7UHDWLQJ3K\VLFLDQZLOOSHUIRUPWKHIROORZLQJDVVHVVPHQWV
R 5HYLHZDQGDVVHVVWKHSDWLHQWIRUSRWHQWLDOVLJQVRUV\PSWRPVLQGLFDWLYHRI
UHODSVH(QVXUHWKHSDWLHQWKDVWKH3DWLHQW(GXFDWLRQ&DUGDQGUHPLQGWKHSDWLHQW
WRFRQWDFWWKHVWXG\VLWHDWWKHILUVWVLJQVRUV\PSWRPVRISRWHQWLDOUHODSVH
R $FRPSOHWHQHXURORJLFH[DPLQDWLRQ
R 'RFXPHQWWKH26,6
x 7KH7UHDWLQJ3K\VLFLDQRUDSSURSULDWHO\WUDLQHGGHVLJQHHZLOOSHUIRUPWKHIROORZLQJ
R P56
R 9$WHVW6QHOOHQFKDUW
R +$,
R &66566FUHHQLQJ%DVHOLQH
R 9LWDOVLJQVLQFOXGLQJDVVHVVPHQWVRIV\VWROLFDQGGLDVWROLF%3WHPSHUDWXUH55
DQG+5
R $Q\QHZPHGLFDWLRQVRUFKDQJHVWRFRQFRPLWDQWPHGLFDWLRQVZLOOEHUHFRUGHG
R $(VZLOOEHHYDOXDWHGDQGUHFRUGHG
R &OLQLFDOODERUDWRU\WHVWVFKHPLVWU\KHPDWRORJ\DQGXULQDO\VLV
R 3UHJQDQF\WHVWVHUXPPXVWEHSHUIRUPHGRQDOOZRPHQRIFKLOGEHDULQJSRWHQWLDO
R &ROOHFWEORRGVDPSOHVIRU102,J*
R &ROOHFWEDVHOLQHEORRGVDPSOHVIRU3.3'IUHH&DQG+$+$DVVD\VEHIRUHWKH
,3LQIXVLRQ
x )RUWKRVHSDWLHQWVZKRKDYHFRQVHQWHGSHUIRUPOXPEDUSXQFWXUHWRFROOHFWEDVHOLQH
&6)VDPSOHVIRU102,J*3.DQGIUHH&DVVD\VEHIRUHWKH,3LQIXVLRQ
x ,QVWUXFWWKHSDWLHQWRQWKHVLJQVDQGV\PSWRPVRI1PHQLQJLWGLV3URYLGHWKH3DWLHQW
6DIHW\,GHQWLILFDWLRQ&DUGGHVFULELQJWKH,3DQGHPHUJHQF\FRQWDFWLQIRUPDWLRQWRWKH
SDWLHQWSULRUWRWKHILUVWGRVHRI,3
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
x 5DQGRPL]HWKHSDWLHQWXVLQJ,;565HPLQGHU('66'D\VFRUHLVXVHGIRU
UDQGRPL]DWLRQVWUDWLILFDWLRQ
x ,3YLDOVZLOOEHDGPLQLVWHUHGDQGSDWLHQWVZLOOEHREVHUYHGIRUDWOHDVWKRXU
IROORZLQJWKHHQGRIWKH,3LQIXVLRQ
x &ROOHFWSHDNEORRGVDPSOHVIRU3.3'DQGIUHH&DVVD\VDWOHDVWPLQXWHVDIWHU
FRPSOHWLQJWKH,3LQIXVLRQ
 9LVLWV:HHNV
7KHIROORZLQJWHVWVDQGSURFHGXUHVZLOOEHFRPSOHWHG
x 7KH7UHDWLQJ3K\VLFLDQRUDSSURSULDWHO\WUDLQHGGHVLJQHHZLOOUHYLHZDQGDVVHVVWKH
SDWLHQWIRUDQ\SRWHQWLDOVLJQVRUV\PSWRPVLQGLFDWLYHRIUHODSVH(QVXUHWKHSDWLHQW
KDVWKH3DWLHQW(GXFDWLRQ&DUGDQGUHPLQGWKHSDWLHQWWRFRQWDFWWKHVWXG\VLWHDWWKH
ILUVWVLJQVRUV\PSWRPVRISRWHQWLDOUHODSVH
x 9LWDOVLJQVLQFOXGLQJDVVHVVPHQWVRIV\VWROLFDQGGLDVWROLF%3WHPSHUDWXUH55DQG
+5
x $Q\QHZPHGLFDWLRQVRUFKDQJHVWRFRQFRPLWDQWPHGLFDWLRQVZLOOEHUHFRUGHG
x $Q\QHZ$(VRUFKDQJHVLQ$(VVLQFHWKHSUHYLRXVYLVLWZLOOEHHYDOXDWHGDQG
UHFRUGHG
x (QVXUHWKDWWKHSDWLHQWKDVWKH3DWLHQW6DIHW\,GHQWLILFDWLRQ&DUGGHVFULELQJWKH,3DQG
HPHUJHQF\FRQWDFWLQIRUPDWLRQ
x 2EWDLQ,3NLWDVVLJQDWLRQWKURXJK,;56
x ,3YLDOVZLOOEHDGPLQLVWHUHGDQGSDWLHQWVZLOOEHREVHUYHGIRUDWOHDVWKRXU
IROORZLQJWKHHQGRIWKH,3LQIXVLRQ
 9LVLW:HHN
7KHIROORZLQJWHVWVDQGSURFHGXUHVZLOOEHFRPSOHWHGDWWKLVYLVLW
x 4XHVWLRQQDLUHVWRHYDOXDWHTXDOLW\RIOLIH(4'DQG6)
x 7KH('665DWHUZLOOWKH.XUW]NHQHXURORJLFDODVVHVVPHQWWRGHWHUPLQHWKH)66DQG
('66VFRUH
x 7KH7UHDWLQJ3K\VLFLDQZLOOSHUIRUPWKHIROORZLQJDVVHVVPHQWV
R 5HYLHZDQGDVVHVVWKHSDWLHQWIRUDQ\SRWHQWLDOVLJQVRUV\PSWRPVLQGLFDWLYHRI
UHODSVH(QVXUHWKHSDWLHQWKDVWKH3DWLHQW(GXFDWLRQ&DUGDQGUHPLQGWKHSDWLHQW
WRFRQWDFWWKH,QYHVWLJDWRUDWWKHILUVWVLJQVRUV\PSWRPVRISRWHQWLDOUHODSVH
R $FRPSOHWHQHXURORJLFH[DPLQDWLRQ
x 7KH7UHDWLQJ3K\VLFLDQRUDSSURSULDWHO\WUDLQHGGHVLJQHHZLOOSHUIRUPWKHIROORZLQJ
R P56
R 9$WHVW6QHOOHQFKDUW
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
R +$,
R &66566LQFH/DVW9LVLW
R 9LWDOVLJQVLQFOXGHDVVHVVPHQWVRIV\VWROLFDQGGLDVWROLF%3WHPSHUDWXUH55DQG
+5
R $Q\QHZPHGLFDWLRQVRUFKDQJHVWRFRQFRPLWDQWPHGLFDWLRQVZLOOEHUHFRUGHG
R $Q\QHZ$(VRUFKDQJHVLQ$(VVLQFHWKHSUHYLRXVYLVLWZLOOEHHYDOXDWHGDQG
UHFRUGHG
R (QVXUHWKDWWKHSDWLHQWKDVWKH3DWLHQW6DIHW\,GHQWLILFDWLRQ&DUGGHVFULELQJWKH,3
DQGHPHUJHQF\FRQWDFWLQIRUPDWLRQ
R &OLQLFDOODERUDWRU\WHVWVFKHPLVWU\KHPDWRORJ\DQGXULQDO\VLV
R 3UHJQDQF\WHVWPXVWEHSHUIRUPHGRQDOOZRPHQRIFKLOGEHDULQJSRWHQWLDO
R &ROOHFWEORRGVDPSOHVIRU102,J*
R &ROOHFWWURXJKEORRGVDPSOHVIRU3.3'IUHH&DQG+$+$DVVD\VEHIRUHWKH,3
LQIXVLRQ
R 2EWDLQ,3NLWDVVLJQDWLRQWKURXJK,;56
R ,3YLDOVZLOOEHDGPLQLVWHUHGDQGSDWLHQWVZLOOEHREVHUYHGIRUDWOHDVWKRXU
IROORZLQJWKHHQGRIWKH,3LQIXVLRQ
R &ROOHFWSHDNEORRGVDPSOHVIRU3.3'DQGIUHH&DVVD\VDWOHDVWPLQXWHV
DIWHUFRPSOHWLQJWKH,3LQIXVLRQ

0DLQWHQDQFH3KDVH9LVLW>:HHN@7KURXJK(QGRI6WXG\9LVLWRU(DUO\
7HUPLQDWLRQ9LVLW
3DWLHQWVZLOOUHWXUQIRU,3LQIXVLRQVHYHU\WZRZHHNVGD\VVKRUWYLVLWVGXULQJWKH
0DLQWHQDQFH3KDVH7KHIROORZLQJWHVWVDQGSURFHGXUHVZLOOEHFRPSOHWHGDWHYHU\YLVLW
EHJLQQLQJDW9LVLW:HHNDQGFRQWLQXLQJXQWLOWKH(26RU(7
x 7KH7UHDWLQJ3K\VLFLDQRUDSSURSULDWHO\WUDLQHGGHVLJQHHZLOOUHYLHZDQGDVVHVVWKH
SDWLHQWIRUDQ\SRWHQWLDOVLJQVRUV\PSWRPVLQGLFDWLYHRIUHODSVH(QVXUHWKHSDWLHQW
KDVWKH3DWLHQW(GXFDWLRQ&DUGDQGUHPLQGWKHSDWLHQWWRFRQWDFWWKHVWXG\VLWHDWWKH
ILUVWVLJQVRUV\PSWRPVRISRWHQWLDOUHODSVH
x 9LWDOVLJQVLQFOXGHDVVHVVPHQWVRIV\VWROLFDQGGLDVWROLF%3WHPSHUDWXUH55DQG+5
x $Q\QHZPHGLFDWLRQVRUFKDQJHVWRFRQFRPLWDQWPHGLFDWLRQVZLOOEHUHFRUGHG
x $Q\QHZ$(VRUFKDQJHVLQ$(VVLQFHWKHSUHYLRXVYLVLWZLOOEHHYDOXDWHGDQG
UHFRUGHG
x (QVXUHWKDWWKHSDWLHQWKDVWKH3DWLHQW6DIHW\,GHQWLILFDWLRQ&DUGGHVFULELQJWKH,3DQG
HPHUJHQF\FRQWDFWLQIRUPDWLRQ
x 2EWDLQ,3NLWDVVLJQDWLRQWKURXJK,;56
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
x ,3YLDOVZLOOEHDGPLQLVWHUHGDQGSDWLHQWVZLOOEHREVHUYHGIRUDWOHDVWKRXU
IROORZLQJWKHHQGRIWKH,3LQIXVLRQ
7KHIROORZLQJDGGLWLRQDOSURFHGXUHVZLOOEHFRPSOHWHGDWORQJYLVLWVLH9LVLW:HHN9LVLW
:HHNDQGHYHU\WKZHHNWKHUHDIWHULH9LVLW:HHN9LVLW:HHN9LVLW
:HHN9LVLW:HHN9LVLW:HHN9LVLW:HHN9LVLW:HHN
HWFWKURXJKWKH(26RU(79LVLW
x 7KHSDWLHQWZLOOFRPSOHWHWKHVHOIDVVHVVPHQWTXHVWLRQQDLUHVWRHYDOXDWHWKHLUTXDOLW\
RIOLIH(4'DQG6)
x 7KH('665DWHUZLOOSHUIRUPWKH.XUW]NHQHXURORJLFDODVVHVVPHQWWRGHWHUPLQHWKH
)66DQG('66VFRUH
x 7KH7UHDWLQJ3K\VLFLDQZLOOSHUIRUPWKHIROORZLQJDVVHVVPHQWV
R 5HYLHZDQGDVVHVVWKHSDWLHQWIRUDQ\SRWHQWLDOVLJQVRUV\PSWRPVLQGLFDWLYHRI
UHODSVH(QVXUHWKHSDWLHQWKDVWKH3DWLHQW(GXFDWLRQ&DUGDQGUHPLQGWKHSDWLHQW
WRFRQWDFWWKH,QYHVWLJDWRUDWWKHILUVWVLJQVRUV\PSWRPVRISRWHQWLDOUHODSVH
R $FRPSOHWHQHXURORJLFH[DPLQDWLRQ
x 7KH7UHDWLQJ3K\VLFLDQRUDSSURSULDWHO\WUDLQHGGHVLJQHHZLOOSHUIRUPWKHIROORZLQJ
R P56
R 9$WHVW6QHOOHQFKDUW
R +$,
R &66566LQFH/DVW9LVLW
R %RG\ZHLJKWZLOOEHPHDVXUHGDW9LVLWVDQGRU(26(79LVLW
R (&*ZLOOEHSHUIRUPHGDW9LVLWVDQGRU(26(79LVLW
R &RPSOHWH3K\VLFDO([DPLQDWLRQLQFOXGLQJDVVHVVPHQWVRIWKHIROORZLQJ
RUJDQERG\V\VWHPVVNLQKHDGHDUVH\HVQRVHWKURDWQHFNO\PSKQRGHVSXOVH
FKHVWKHDUWDEGRPHQH[WUHPLWLHVPXVFXORVNHOHWDODQGJHQHUDOQHXURORJLF
H[DPLQDWLRQDW9LVLWRU(26(79LVLW
R &OLQLFDOODERUDWRU\WHVWVFKHPLVWU\KHPDWRORJ\DQGXULQDO\VLV
R 3UHJQDQF\WHVWPXVWEHSHUIRUPHGRQDOOZRPHQRIFKLOGEHDULQJSRWHQWLDO
R &ROOHFWEORRGVDPSOHVIRU102,J*
R &ROOHFWWURXJKVDPSOHVIRU3.3'IUHH&DQG+$+$DVVD\VDSSUR[LPDWHO\
PLQXWHVEHIRUHWKH,3LQIXVLRQ1RWH+$+$ZLOOQRWEHFROOHFWHGDW9LVLW
R )RUWKRVHSDWLHQWVZKRKDYHFRQVHQWHGSHUIRUPOXPEDUSXQFWXUHWRFROOHFW&6)
IRU102,J*3.DQGIUHH&DVVD\VEHIRUH,3LQIXVLRQDW9LVLWV
DQGHYHU\WKZHHNYLVLWWKHUHDIWHUWKURXJKWKH(26RU(79LVLW
R &ROOHFWSHDNEORRGVDPSOHVIRU3.3'DQGIUHH&DVVD\VDWOHDVWPLQXWHV
DIWHUFRPSOHWLQJWKH,3LQIXVLRQ
3DWLHQWVZLOOEHUHTXLUHGWRUHFRQVHQWWRFRQWLQXHLQWKHWULDORQWKHVDPHWUHDWPHQWDVVLJQPHQW
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

5HODSVH(YDOXDWLRQ3HULRG
3DWLHQWVZLOOEHLQVWUXFWHGWRFRQWDFWWKHVWXG\VLWHDWWKHILUVWVLJQRUV\PSWRPRIDSRWHQWLDO
UHODSVH3DWLHQWVVKRXOGEHHYDOXDWHGZLWKLQKRXUVRIQRWLILFDWLRQRIWKH,QYHVWLJDWRURID
SRVVLEOHUHODSVHDQGQRODWHUWKDQKRXUV$OOSRWHQWLDOUHODSVHVPXVWEHHYDOXDWHGE\ERWKWKH
7UHDWLQJ3K\VLFLDQDQG('665DWHU
)ROORZ8S5HODSVH(YDOXDWLRQ9LVLWVZLOOEHSHUIRUPHGDWDQGZHHNVDIWHUWKHRQVHWRIWKH
2Q7ULDO5HODSVH$GGLWLRQDOXQVFKHGXOHG5HODSVH(YDOXDWLRQ9LVLWVDUHSHUPLWWHGDWWKH
GLVFUHWLRQRIWKH,QYHVWLJDWRU

5HODSVH(YDOXDWLRQ9LVLW:LWKLQ+RXUV
7KHIROORZLQJWHVWVDQGSURFHGXUHVZLOOEHSHUIRUPHGDWWKH5HODSVH(YDOXDWLRQ9LVLW
x 7KH('665DWHUZLOOSHUIRUPWKH.XUW]NHQHXURORJLFDODVVHVVPHQWWRGHWHUPLQHWKH
)66DQG('666FRUH
x 7KH7UHDWLQJ3K\VLFLDQZLOOSHUIRUPWKHIROORZLQJDVVHVVPHQWV
R $FRPSOHWHQHXURORJLFH[DPLQDWLRQ
R 26,6
R (QVXUHWKHSDWLHQWKDVWKH3DWLHQW(GXFDWLRQ&DUG
x 7KH7UHDWLQJ3K\VLFLDQRUDSSURSULDWHO\WUDLQHGGHVLJQHHZLOOSHUIRUPWKHIROORZLQJ
R 9$WHVW6QHOOHQFKDUW
R +$,
R 9LWDOVLJQVLQFOXGHDVVHVVPHQWVRIV\VWROLFDQGGLDVWROLF%3WHPSHUDWXUH55DQG
+5
R $Q\QHZPHGLFDWLRQVRUFKDQJHVWRFRQFRPLWDQWPHGLFDWLRQVZLOOEHUHFRUGHG
R $Q\QHZ$(VRUFKDQJHVLQ$(VVLQFHWKHSUHYLRXVYLVLWZLOOEHHYDOXDWHGDQG
UHFRUGHG
R &OLQLFDOODERUDWRU\WHVWVFKHPLVWU\KHPDWRORJ\DQGXULQDO\VLV
R &ROOHFWEORRGVDPSOHVIRU102,J*
R 3HUIRUPOXPEDUSXQFWXUHWRFROOHFW&6)VDPSOHIRU102,J*3.DQGIUHH&
DVVD\V
x ,IPHGLFDOO\LQGLFDWHGIRUHYDOXDWLRQRIUHODSVHDGGLWLRQDOWHVWVHJ05,&7VFDQ
ODERUDWRU\WHVWVHWFPD\EHSHUIRUPHGDWWKHGLVFUHWLRQRIWKH,QYHVWLJDWRU,I
DGGLWLRQDOPHGLFDOO\LQGLFDWHGWHVWVSURFHGXUHVDUHSHUIRUPHGWKHUHVXOWVPXVWEH
UHFRUGHGRQWKHH&5)V
x 7KH7UHDWLQJ3K\VLFLDQGHWHUPLQHVLIWKHFOLQLFDOVLJQVV\PSWRPVDQGQHXURORJLF
FKDQJHREMHFWLYHILQGLQJVRQWKHH[DPLQDWLRQPHHWWKHGHILQLWLRQIRU2Q7ULDO
5HODSVHDVRXWOLQHGLQWKLVSURWRFRO6HFWLRQ
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
x (QVXUHWKDWWKHSDWLHQWKDVWKH3DWLHQW6DIHW\,GHQWLILFDWLRQ&DUGGHVFULELQJWKH,3DQG
HPHUJHQF\FRQWDFWLQIRUPDWLRQ
x $IWHUDOOVSHFLILHGUHODSVHHYDOXDWLRQSURFHGXUHVDUHFRPSOHWHWKH7UHDWLQJ3K\VLFLDQ
PD\LQLWLDWHWKHUHFRPPHQGHGWUHDWPHQWUHJLPHQIRUFRQILUPHG2Q7ULDO5HODSVH
RXWOLQHGLQWKLVSURWRFRO6HFWLRQDQGDQ\FKDQJHVLQWKHVXSSRUWLYH,67V
IRUUHODSVHSUHYHQWLRQDVQHHGHG
x ,3DGPLQLVWUDWLRQ
R 3DWLHQWVZLOOFRQWLQXH,3DGPLQLVWUDWLRQLQDFFRUGDQFHZLWKSURWRFROVSHFLILHG,3
DGPLQLVWUDWLRQVFKHGXOHLHHYHU\ZHHNGD\VGD\VGXULQJ,QGXFWLRQ3KDVH
DQGHYHU\WZRZHHNVGD\VGD\VGXULQJ0DLQWHQDQFH3KDVH
R ([WUDGRVHVXSSOHPHQWDOGRVHPXVWEHDGPLQLVWHUHGLISDWLHQWVXQGHUJR3($
VXSSOHPHQWDOGRVHYLDOV,3PXVWEHDGPLQLVWHUHGDIWHUHDFK3(VHVVLRQ
SUHIHUDEO\ZLWKLQKRXUV,I3(LVDGPLQLVWHUHGRQWKHGD\RIUHJXODUO\
VFKHGXOHG,3DGPLQLVWUDWLRQYLVLWSDWLHQWVZLOOUHFHLYHWKHUHJXODUVFKHGXOHG
QXPEHURIYLDOVYLDOVRQ9LVLWVYLDOVRQDOORWKHU9LVLWVDIWHUHDFK3(
VHVVLRQSUHIHUDEO\DIWHUKRXUV
R ,I,3ZLOOEHDGPLQLVWHUHGDWWKLVYLVLWREWDLQ,3NLWDVVLJQDWLRQWKURXJKWKH,;56
x 3.3'VDPSOLQJ
R &ROOHFWRQHEORRGVDPSOHIRU3.3'DQGIUHH&LIQR,3DGPLQLVWUDWLRQDWWKH
5HODSVH(YDOXDWLRQ9LVLW
R ,I,3LVDGPLQLVWHUHGDWWKH5HODSVH(YDOXDWLRQ9LVLWDFFRUGLQJWRWKHUHJXODU,3
DGPLQLVWUDWLRQVFKHGXOHWZREORRGVDPSOHVWURXJKDQGSHDNIRU3.3'DQGIUHH
&ZLOOEHFROOHFWHGDW>@DSSUR[LPDWHO\PLQXWHVEHIRUHWKH,3LQIXVLRQDQG
>@SHDNVDPSOHDWOHDVWPLQXWHVDIWHUWKHFRPSOHWLRQRIWKH,3LQIXVLRQ
R ,IWKHSDWLHQWUHFHLYHV3(DQG,3LQIXVLRQDWWKH5HODSVH(YDOXDWLRQ9LVLWWKUHH
EORRGVDPSOHVIRU3.3'DQGIUHH&FROOHFWLRQVKRXOGRFFXU>@DSSUR[LPDWHO\
PLQXWHVSULRUWR3(>@DIWHU3(DQGEHIRUH,3LQIXVLRQDQG>@DWOHDVW
PLQXWHVDIWHUWKHFRPSOHWLRQRI,3LQIXVLRQ

)ROORZ8S5HODSVH(YDOXDWLRQ9LVLWV:HHNVDQG
)ROORZ8S5HODSVH(YDOXDWLRQ9LVLWVZLOOEHSHUIRUPHGDWDQGZHHNVDIWHUWKHRQVHWRIWKH
2Q7ULDO5HODSVH3DWLHQWVPXVWEHGLVFRQWLQXHGIURPWKLVWULDODQGPD\HQWHUWKHH[WHQVLRQWULDO
VHSDUDWHSURWRFRO(&8102DIWHUFRPSOHWLRQRIWKH:HHN)ROORZ8S5HODSVH
(YDOXDWLRQ9LVLW:HHN)ROORZ8S5HODSVH(YDOXDWLRQ9LVLWZLOOVHUYHDVWKH(269LVLWDOO
SURFHGXUHVOLVWHGXQGHUWKH(269LVLWZLOOEHSHUIRUPHG3DWLHQWVPD\HQWHUWKHH[WHQVLRQWULDO
VHSDUDWHSURWRFRO(&8102RQFHWKH:HHN)ROORZ8S5HODSVH(YDOXDWLRQ9LVLWKDV
EHHQFRPSOHWHGDQGQRODWHUWKDQZHHNVGD\VDIWHUWKHODVW,3DGPLQLVWUDWLRQ7KLVLVWR
HQVXUHQRLQWHUUXSWLRQLQ,3GRVLQJ
7KHIROORZLQJWHVWVDQGSURFHGXUHVZLOOEHFRPSOHWHGDWWKHVH5HODSVH(YDOXDWLRQ3HULRGYLVLWV
x 7KH('665DWHUZLOOSHUIRUPWKH.XUW]NHQHXURORJLFDODVVHVVPHQWWRGHWHUPLQHWKH
)66DQG('666FRUH
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
x 7KH7UHDWLQJ3K\VLFLDQZLOOSHUIRUPWKHIROORZLQJ
R $FRPSOHWHQHXURORJLFH[DPLQDWLRQ
R 26,6
R (QVXUHWKHSDWLHQWKDVWKH3DWLHQW(GXFDWLRQ&DUG
x 7KH7UHDWLQJ3K\VLFLDQRUDSSURSULDWHO\WUDLQHGGHVLJQHHZLOOSHUIRUPWKHIROORZLQJ
R 9$WHVW6QHOOHQFKDUW
R +$,
R P56±:HHNRQO\
R &66566LQFH/DVW9LVLW±:HHNRQO\
R 9LWDOVLJQVLQFOXGHDVVHVVPHQWVRIV\VWROLFDQGGLDVWROLF%3WHPSHUDWXUH55DQG
+5
R $Q\QHZPHGLFDWLRQVRUFKDQJHVWRFRQFRPLWDQWPHGLFDWLRQVZLOOEHUHFRUGHG
R $Q\QHZ$(VRUFKDQJHVLQ$(VVLQFHWKHSUHYLRXVYLVLWZLOOEHHYDOXDWHGDQG
UHFRUGHG
R 3DWLHQWVHOIDVVHVVPHQWVTXHVWLRQQDLUHVWRHYDOXDWHTXDOLW\RIOLIH(4'DQG6)
±:HHNRQO\
R &RPSOHWH3K\VLFDO([DPLQDWLRQLQFOXGLQJDVVHVVPHQWVRIWKHIROORZLQJ
RUJDQERG\V\VWHPVVNLQKHDGHDUVH\HVQRVHWKURDWQHFNO\PSKQRGHVSXOVH
FKHVWKHDUWDEGRPHQH[WUHPLWLHVPXVFXORVNHOHWDODQGJHQHUDOQHXURORJLF
H[DPLQDWLRQ±:HHNRQO\
R %RG\ZHLJKW±:HHNRQO\
R (&*±:HHNRQO\
R &OLQLFDOODERUDWRU\WHVWVFKHPLVWU\KHPDWRORJ\DQGXULQDO\VLV±:HHNRQO\
R &ROOHFWEORRGVDPSOHIRU+$+$DQDO\VLV±:HHNRQO\
R 3UHJQDQF\WHVWPXVWEHSHUIRUPHGRQDOOZRPHQRIFKLOGEHDULQJSRWHQWLDO±:HHN
RQO\
R &ROOHFWEORRGVDPSOHVIRU102,J*±:HHNRQO\
R )RUWKRVHSDWLHQWVZKRKDYHFRQVHQWHGSHUIRUPOXPEDUSXQFWXUHWRFROOHFW&6)
IRU102,J*3.DQGIUHH&DVVD\V±:HHNRQO\
x ,IPHGLFDOO\LQGLFDWHGIRUHYDOXDWLRQRIUHODSVHDGGLWLRQDOWHVWVHJ05,&7VFDQ
ODERUDWRU\WHVWVHWFPD\EHSHUIRUPHGDWWKHGLVFUHWLRQRIWKH,QYHVWLJDWRU$OOWHVW
UHVXOWVVKRXOGEHUHFRUGHGLQWKHVRXUFHGRFXPHQWVDQGLQWKHH&5)DQGFRSLHVRI
UHSRUWVVKRXOGEHVHQWWRWKH6SRQVRU
x (QVXUHWKDWWKHSDWLHQWKDVWKH3DWLHQW6DIHW\,GHQWLILFDWLRQ&DUGGHVFULELQJWKH,3DQG
HPHUJHQF\FRQWDFWLQIRUPDWLRQ
x ,3DGPLQLVWUDWLRQGXULQJWKHUHODSVHHYDOXDWLRQSHULRG
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
R 3DWLHQWVZLOOFRQWLQXH,3DGPLQLVWUDWLRQLQDFFRUGDQFHZLWKSURWRFROVSHFLILHG,3
DGPLQLVWUDWLRQVFKHGXOHLHHYHU\ZHHNGD\VGD\VGXULQJ,QGXFWLRQ3KDVH
DQGHYHU\WZRZHHNVGD\VGD\VGXULQJ0DLQWHQDQFH3KDVH
R ([WUDGRVHVVXSSOHPHQWDOGRVHVPXVWEHDGPLQLVWHUHGLISDWLHQWVXQGHUJR3($
VXSSOHPHQWDOGRVHYLDOV,3PXVWEHDGPLQLVWHUHGDIWHUHDFK3(VHVVLRQ
SUHIHUDEO\ZLWKLQKRXUV,I3(LVDGPLQLVWHUHGRQGD\RIUHJXODUVFKHGXOHG,3
DGPLQLVWUDWLRQSHUSURWRFROVFKHGXOHSDWLHQWVZLOOUHFHLYHWKHUHJXODUVFKHGXOHG
QXPEHURIYLDOV,3YLDOVRQ9LVLWVYLDOVRQDOORWKHU9LVLWVHDFK3(
VHVVLRQSUHIHUDEO\ZLWKLQKRXUV
R ,I,3ZLOOEHDGPLQLVWHUHGDWWKLVYLVLWREWDLQ,3NLWDVVLJQDWLRQWKURXJK,;56
x 3.3'VDPSOLQJGXULQJUHODSVHHYDOXDWLRQIROORZXSSHULRG
R &ROOHFWRQHEORRGVDPSOHIRU3.3'DQGIUHH&LIQR,3DGPLQLVWUDWLRQDWWKH
)ROORZ8S5HODSVH(YDOXDWLRQ9LVLWV
R ,I,3LVDGPLQLVWHUHGDWDQ\)ROORZ8S5HODSVH(YDOXDWLRQ9LVLWDFFRUGLQJWRWKH
UHJXODU,3DGPLQLVWUDWLRQVFKHGXOHWZREORRGVDPSOHVWURXJKDQGSHDNIRU3.
3'DQGIUHH&ZLOOEHFROOHFWHGDW>@DSSUR[LPDWHO\PLQXWHVEHIRUHWKH,3
LQIXVLRQDQG>@DWOHDVWPLQXWHVDIWHUWKHFRPSOHWLRQRIWKH,3LQIXVLRQ
R ,IWKHSDWLHQWUHFHLYHV3(DQG,3LQIXVLRQDWDQ\)ROORZ8S5HODSVH(YDOXDWLRQ
9LVLWWKUHHEORRGVDPSOHVIRU3.3'DQGIUHH&ZLOOEHFROOHFWHGDW>@
PLQXWHVSULRUWR3(>@DIWHU3(DQGEHIRUH,3LQIXVLRQDQG>@DWOHDVWPLQXWHV
DIWHUWKHFRPSOHWLRQRI,3LQIXVLRQ
1RWH7URXJKDQGSHDNEORRGVDPSOHVIRU3.3'DQGIUHH&ZLOOEHFROOHFWHGDWWKH,3
DGPLQLVWUDWLRQYLVLWVLISHUSURWRFROVFKHGXOHG,3DGPLQLVWUDWLRQGRHVQRWFRLQFLGHZLWKWKH
UHODSVHHYDOXDWLRQYLVLW9LWDOVVLJQVLQIRUPDWLRQRQFRQFRPLWDQWPHGLFDWLRQDQG$(ZLOOEH
FROOHFWHGDWWKH,3DGPLQLVWUDWLRQYLVLW

8QVFKHGXOHG)ROORZ8S5HODSVH(YDOXDWLRQ9LVLWV
$GGLWLRQDOXQVFKHGXOHG)ROORZ8S5HODSVH(YDOXDWLRQ9LVLWVRXWVLGHWKHVSHFLILHGYLVLWVDUH
SHUPLWWHGDWWKHGLVFUHWLRQRIWKH,QYHVWLJDWRU3URFHGXUHVWHVWVDQGDVVHVVPHQWVOLVWHGXQGHUWKH
5HODSVH(YDOXDWLRQ9LVLWZLOOEHSHUIRUPHGDWWKHGLVFUHWLRQRIWKH,QYHVWLJDWRU$Q\WHVWV
SURFHGXUHVRUDVVHVVPHQWVSHUIRUPHGDWWKHXQVFKHGXOHGYLVLWPXVWEHUHFRUGHGLQWKHH&5)V

$GMXGLFDWLRQRI2Q7ULDO5HODSVHV
)ROORZLQJWKHRFFXUUHQFHRIDQ2Q7ULDO5HODSVHDVGHWHUPLQHGE\WKH,QYHVWLJDWRUUHOHYDQW
FOLQLFDOLQIRUPDWLRQZLOOEHSURYLGHGWRWKH$GMXGLFDWLRQ&RPPLWWHHIRULQGHSHQGHQWUHYLHZ
6HFWLRQDVRXWOLQHGLQWKH$GMXGLFDWLRQ&RPPLWWHH&KDUWHU

6DIHW\)ROORZXS3HULRG3RVW7UHDWPHQW
,IDSDWLHQWZLWKGUDZVIURPWKHWULDODWDQ\WLPHGXULQJWKH6WXG\3HULRGDIWHUUHFHLYLQJDQ\
DPRXQWRI,3RULIWKHSDWLHQWGRHVQRWZLVKWRHQWHUWKHH[WHQVLRQWULDODIWHUFRPSOHWLRQRIWKH
(7RU(269LVLWDIROORZXSYLVLWIRUVDIHW\DVVHVVPHQWVLVUHTXLUHGDWZHHNVDIWHUWKHODVW
GRVHRI,37KHIROORZLQJWHVWVDQGSURFHGXUHVZLOOEHFRPSOHWHGDWWKH6DIHW\)ROORZ8S9LVLW
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
x 9LWDOVLJQVLQFOXGHDVVHVVPHQWVRIV\VWROLFDQGGLDVWROLF%3WHPSHUDWXUH55DQG+5
x $Q\QHZPHGLFDWLRQVRUFKDQJHVWRFRQFRPLWDQWPHGLFDWLRQVZLOOEHUHFRUGHG
x $Q\QHZ$(VRUFKDQJHVLQ$(VVLQFHWKHSUHYLRXVYLVLWZLOOEHHYDOXDWHGDQG
UHFRUGHG
x 3HUIRUP&66566LQFH/DVW9LVLW
x 7KH7UHDWLQJ3K\VLFLDQRUDSSURSULDWHO\WUDLQHGGHVLJQHHZLOODVVHVVWKHSDWLHQWIRU
DQ\VLJQVRUV\PSWRPVLQGLFDWLYHRIUHODSVH
x (QVXUHWKHSDWLHQWKDVWKH3DWLHQW(GXFDWLRQ&DUGDQGWKH3DWLHQW6DIHW\,GHQWLILFDWLRQ
&DUG
,IDSDWLHQWLVGLVFRQWLQXHGGXHWRDQ$(WKHHYHQWZLOOEHIROORZHGXQWLOLWLVUHVROYHGRULQWKH
RSLQLRQRIWKH3,LVGHWHUPLQHGPHGLFDOO\VWDEOH

1XPEHURI3DWLHQWV
$PD[LPXPRI102SDWLHQWVZLOOEHUDQGRPL]HGLQDHFXOL]XPDESODFHERUDWLRDW
DSSUR[LPDWHO\±FHQWHUV3DWLHQWVZLOOEHUDQGRPL]HGWRRIWUHDWPHQWJURXSVLQD
UDWLRHFXOL]XPDERUSODFHER5DQGRPL]DWLRQZLOOEHDFURVVFHQWHUVDQGZLOOEHVWUDWLILHGE\WZR
YDULDEOHV('66VFRUHDWUDQGRPL]DWLRQ'D\DQGSDWLHQWV¶SULRUVXSSRUWLYH,67LHIRU
UHODSVHSUHYHQWLRQDQG,67VWDWXVDWUDQGRPL]DWLRQ'D\$OOSDWLHQWVZLOOUHPDLQRQ
DVVLJQHGGRXEOHEOLQGWUHDWPHQWDQGEDFNJURXQGWUHDWPHQWUHJLPHQXQWLO(26(7YLVLW

7UHDWPHQW$VVLJQPHQW
,IDOOSDWLHQWVDUHHQUROOHGDSSUR[LPDWHO\SDWLHQWVZLOOEHUDQGRPL]HGWRHFXOL]XPDEDQG
SDWLHQWVZLOOEHUDQGRPL]HGWRSODFHER5DQGRPL]HGSDWLHQWVZKRGLVFRQWLQXHDIWHULQLWLDWLRQ
RIVWXG\WUHDWPHQWZLOOQRWEHUHSODFHG$OOSDWLHQWVZLOOUHPDLQRQWKHLUDVVLJQHGGRXEOHEOLQG
WUHDWPHQWXQWLO(26(79LVLW,3DVVLJQPHQWZLOOEHSHUIRUPHGWKURXJKWKH,;56DWHDFKYLVLW

&ULWHULDIRU7ULDO7HUPLQDWLRQ

(QGRI7ULDOIRUDQ,QGLYLGXDO3DWLHQW
7KHWULDOZLOOEHHQGHGIRUDSDWLHQWZKHQRQHRIWKHIROORZLQJFRQGLWLRQVLVPHWZKLFKHYHU
FRPHVILUVW
D 7KHSDWLHQWH[SHULHQFHVDQ2Q7ULDO5HODSVHRU
E 7KHWULDOHQGVZKHQDGMXGLFDWHG2Q7ULDO5HODSVHHYHQWVLQGLVWLQFWSDWLHQWVKDYH
RFFXUUHG

(QGRI7ULDOIRU$OO3DWLHQWV
7KHWULDOZLOOHQGZKHQDGMXGLFDWHG2Q7ULDO5HODSVHHYHQWVLQGLVWLQFWSDWLHQWVDUH
UHDFKHG7KHHQGRIWULDOLVGHILQHGDVFRPSOHWLRQRIWKH(26(79LVLWE\DOOSDWLHQWV7KH
(26(79LVLWLVWREHFRPSOHWHGDVVRRQDVSRVVLEOHSUHIHUDEO\ZLWKLQPRQWKRIWKHHQGRIWKH
WULDOQRWLILFDWLRQZLWKWKHH[FHSWLRQRISDWLHQWVZKRH[SHULHQFHDQ2Q7ULDO5HODSVHZKRZLOO
FRQWLQXHXQWLOFRPSOHWLRQRIWKH5HODSVH(YDOXDWLRQ3HULRG)ROORZLQJWKH(269LVLWSDWLHQWV
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
PD\HQUROOLQWKHH[WHQVLRQWULDO(&81023DWLHQWVZKRGRQRWHQUROOLQWKHH[WHQVLRQ
WULDOZLOOHQWHUWKHZHHN6DIHW\)ROORZ8S3HULRG
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

6(/(&7,21$1':,7+'5$:$/2)3$7,(176

3DWLHQW,QFOXVLRQ&ULWHULD
 0DOHRUIHPDOHSDWLHQWV\HDUVROG
 'LDJQRVLVRI102DVGHILQHGE\&ULWHULDE\:LQJHUFKXNHWDO$SSHQGL[RU
1026'DVGHILQHGE\&ULWHULDE\:LQJHUFKXNHWDO$SSHQGL[
 102,J*VHURSRVLWLYH
 +LVWRULFDO5HODSVHDVGHILQHGE\WKLVSURWRFRORIDWOHDVWUHODSVHVLQODVWPRQWKVRU
UHODSVHVLQWKHODVWPRQWKVZLWKDWOHDVWUHODSVHLQWKHPRQWKVSULRUWRVFUHHQLQJ
 ('66VFRUH
 ,IDSDWLHQWHQWHUVWKHWULDOUHFHLYLQJ,67VIRUUHODSVHSUHYHQWLRQWKHSDWLHQWPXVWEHRQ
DVWDEOHPDLQWHQDQFHGRVHRI,67VDVGHILQHGE\WKH7UHDWLQJ3K\VLFLDQSULRUWR
VFUHHQLQJDQGPXVWUHPDLQRQWKDWGRVHIRUWKHGXUDWLRQRIWKHVWXG\XQOHVVWKHSDWLHQW
H[SHULHQFHVDUHODSVH
 3DWLHQWVPXVWJLYHZULWWHQLQIRUPHGFRQVHQW
 3DWLHQWVPXVWEHZLOOLQJDQGDEOHWRFRPSO\ZLWKWKHSURWRFROUHTXLUHPHQWVIRUWKH
GXUDWLRQRIWKHWULDO
 )HPDOHSDWLHQWVRIFKLOGEHDULQJSRWHQWLDOPXVWKDYHDQHJDWLYHSUHJQDQF\WHVWVHUXP
KXPDQFKRULRQLFJRQDGRWURSLQ>+&*@3DWLHQWVPXVWSUDFWLFHDQHIIHFWLYHUHOLDEOHDQG
PHGLFDOO\DSSURYHGFRQWUDFHSWLYHUHJLPHQGXULQJWKHWULDODQGIRUXSWRPRQWKV
IROORZLQJGLVFRQWLQXDWLRQRIWUHDWPHQW

3DWLHQW([FOXVLRQ&ULWHULD
 8VHRIULWX[LPDEPRQWKVSULRUWRVFUHHQLQJ
 8VHRIPLWR[DQWURQHPRQWKVSULRUWRVFUHHQLQJ
 8VHRI,9,JZLWKLQZHHNVSULRUWRVFUHHQLQJ
 ,IDSDWLHQWHQWHUVWKHWULDOUHFHLYLQJRUDOFRUWLFRVWHURLGVZLWKRUZLWKRXWRWKHU,67V
WKHGDLO\FRUWLFRVWHURLGGRVHPXVWEHQRPRUHWKDQSUHGQLVRQHPJGD\RUHTXLYDOHQW
SULRUWRWKHVFUHHQLQJDQGPXVWUHPDLQRQWKDWGRVHIRUWKHGXUDWLRQRIWKHVWXG\RUXQWLO
WKHSDWLHQWH[SHULHQFHVDUHODSVH
 3UHJQDQWEUHDVWIHHGLQJRULQWHQGLQJWRFRQFHLYHGXULQJWKHFRXUVHRIWKHWULDO
 8QUHVROYHGPHQLQJRFRFFDOGLVHDVH
 $Q\V\VWHPLFEDFWHULDORURWKHULQIHFWLRQZKLFKLVFOLQLFDOO\VLJQLILFDQWLQWKHRSLQLRQRI
WKH,QYHVWLJDWRUDQGKDVQRWEHHQWUHDWHGZLWKDSSURSULDWHDQWLELRWLFV
 3DUWLFLSDWLRQLQDQ\RWKHULQYHVWLJDWLRQDOGUXJVWXG\RUH[SRVXUHWRDQLQYHVWLJDWLRQDO
GUXJRUGHYLFHZLWKLQGD\VRIVFUHHQLQJ
 +DVSUHYLRXVO\UHFHLYHGWUHDWPHQWZLWKHFXOL]XPDE
+\SHUVHQVLWLYLW\WRPXULQHSURWHLQVRUWRRQHRIWKHH[FLSLHQWVRIHFXOL]XPDE
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
$Q\PHGLFDOFRQGLWLRQWKDWLQWKHRSLQLRQRIWKH,QYHVWLJDWRUPLJKWLQWHUIHUHZLWKWKH
SDWLHQW¶VSDUWLFLSDWLRQLQWKHWULDOSRVHVDQ\DGGHGULVNIRUWKHSDWLHQWRUFRQIRXQGVWKH
DVVHVVPHQWRIWKHSDWLHQWV

3DWLHQW:LWKGUDZDO&ULWHULD

:LWKGUDZDORI3DWLHQWV)URPWKH7ULDO
3DWLHQWVDUHDOORZHGWRZLWKGUDZFRQVHQWDWDQ\WLPH(YHU\HIIRUWVKRXOGEHPDGHWRHQVXUH
SDWLHQWVDUHZLOOLQJWRFRPSO\ZLWKWULDOSDUWLFLSDWLRQSULRUWRFRQGXFWLQJWKHVFUHHQLQJ
SURFHGXUHVDQGWKHSDWLHQWVVKRXOGEHIXOO\LQIRUPHGRIWKHUHVWULFWLRQVUHODWHGWRWKHFKDQJHRI
FRQFRPLWDQWPHGLFDWLRQVGXULQJWKHWULDO,QYHVWLJDWRUVPD\FKRRVHWRGLVFRQWLQXHDSDWLHQW¶V
WUHDWPHQWEHFDXVHRI$(VDVZHOODVFRQGLWLRQVRULOOQHVVHVWKDWSUHFOXGHFRPSOLDQFHZLWKWKH
SURWRFROIURPWKHVWDQGSRLQWRIWKHSDWLHQW¶VVDIHW\RUZHOOEHLQJ7KHVWXG\VWDIIVKRXOGQRWLI\
WKH6SRQVRUDQGWKHLUVLWHPRQLWRURIDOOWULDOZLWKGUDZDOVDVVRRQDVSRVVLEOH7KHUHDVRQIRU
SDWLHQWGLVFRQWLQXDWLRQPXVWEHUHFRUGHGLQWKHVRXUFHGRFXPHQWVDQGH&5)
5HSURGXFWLRQDQGGHYHORSPHQWVWXGLHVZLWKHFXOL]XPDEKDYHQRWEHHQSHUIRUPHGWKHUHIRUH
HFXOL]XPDEVKRXOGQRWEHDGPLQLVWHUHGWRSUHJQDQWZRPHQ$WWKHWLPHRIWKHODVWIROORZXS
YLVLWDOOSDWLHQWVRIFKLOGEHDULQJSRWHQWLDOPXVWFRQWLQXHWRXVHDGHTXDWHFRQWUDFHSWLRQIRUXSWR
PRQWKVIROORZLQJGLVFRQWLQXDWLRQRIHFXOL]XPDEWUHDWPHQW,IDSDWLHQWEHFRPHVSUHJQDQWWKH
,3PXVWEHLPPHGLDWHO\GLVFRQWLQXHGDQGWKH6SRQVRUPXVWEHQRWLILHGDVSHU6HFWLRQ
(DFKSUHJQDQF\ZLOOEHIROORZHGWRWHUPDQGWKH6SRQVRUQRWLILHGUHJDUGLQJWKHRXWFRPH

+DQGOLQJRI:LWKGUDZDOV
:KHQDSDWLHQWZLWKGUDZVRULVZLWKGUDZQIURPWKHWULDOWKH,QYHVWLJDWRUVKDOOUHFRUGWKH
ZLWKGUDZDOUHDVRQVLQWKHVRXUFHGRFXPHQWVDQGH&5):KHQHYHUSRVVLEOHDOOSDWLHQWVZKR
SUHPDWXUHO\ZLWKGUDZIURPWKHWULDOZLOOXQGHUJRDOODVVHVVPHQWVDWWKH(7YLVLWDVSHUWKH
6FKHGXOHRI$VVHVVPHQWV
$IROORZXSYLVLWIRUVDIHW\DVVHVVPHQWLVUHTXLUHGDWZHHNVDIWHUWKHODVWGRVHRI,3
DGPLQLVWUDWLRQ
,IDSDWLHQWLVGLVFRQWLQXHGGXHWRDQ$(WKHHYHQWZLOOEHIROORZHGXQWLOLWLVUHVROYHGRULQWKH
RSLQLRQRIWKH3,WKHSDWLHQWLVGHWHUPLQHGWREHPHGLFDOO\VWDEOH(YHU\HIIRUWZLOOEHPDGHWR
XQGHUWDNHSURWRFROVSHFLILHGVDIHW\IROORZXSSURFHGXUHV
3DWLHQWVZKRIDLOWRUHWXUQIRUILQDODVVHVVPHQWVZLOOEHFRQWDFWHGE\WKHVLWHVWXG\VWDIIWREH
UHPLQGHGRIWKHQHFHVVDU\IROORZXS$VLWLVYLWDOWRREWDLQIROORZXSGDWDRQDQ\SDWLHQW
ZLWKGUDZQEHFDXVHRIDQ$(RU6$(IROORZXSGXHGLOLJHQFHGRFXPHQWDWLRQZLOOFRQVLVWRI
SKRQHFDOOVIROORZHGE\UHJLVWHUHGOHWWHUWRWKHSDWLHQW¶VODVWNQRZQDGGUHVV,QDQ\FDVHHYHU\
HIIRUWPXVWEHPDGHWRXQGHUWDNHSURWRFROVSHFLILHGVDIHW\IROORZXSSURFHGXUHV

6SRQVRU¶V7HUPLQDWLRQRI7ULDO
7KH6SRQVRURUDUHJXODWRU\DXWKRULW\PD\GLVFRQWLQXHWKHWULDODWDQ\WLPHIRUDQ\UHDVRQ
LQFOXGLQJIRUH[DPSOHFOLQLFDORUDGPLQLVWUDWLYHUHDVRQV
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

75($70(172)3$7,(176

,QYHVWLJDWLRQDO3URGXFW'RVDJHDQG$GPLQLVWUDWLRQ
(FXOL]XPDEPJPJRUPJRUPDWFKLQJSODFHERZLOOEHDGPLQLVWHUHG,9RYHU
DSSUR[LPDWHO\PLQXWHVDFFRUGLQJWRWKHUHJLPHQLQ7DEOH
7DEOH
,QYHVWLJDWLRQDO3URGXFW'RVDJHDQG$GPLQLVWUDWLRQ
'RVH3HULRG
)UHTXHQF\RI,QYHVWLJDWLRQDO3URGXFW,3
$GPLQLVWUDWLRQ
9LVLW
RI9LDOV
(TXLYDOHQW
(FXOL]XPDE
'RVH

,QGXFWLRQ3KDVH

:HHNO\HYHU\GD\V



PJ


PJ
0DLQWHQDQFH3KDVH
(YHU\ZHHNVGD\VIURPWKHILIWKGRVH
RQZDUG
±
(26(7

PJ
6XSSOHPHQW'RVHV
,I3(LVJLYHQIRU2Q7ULDO5HODSVHDGPLQLVWHU
DIWHUHDFK3(DVGHVFULEHGEHORZ


PJ

,QGXFWLRQ3KDVH
YLDOVRI,3HTXLYDOHQWWRPJRIHFXOL]XPDEZHHNO\[HYHU\GD\VGD\V9LVLWV
>'D\±:HHN@IROORZHGE\YLDOVRI,3HTXLYDOHQWWRPJRIHFXOL]XPDERQHZHHN
ODWHUGD\VGD\VIRUWKHWKGRVH9LVLW>:HHN@
0DLQWHQDQFH3KDVH
YLDOVRI,3HTXLYDOHQWWRPJRIHFXOL]XPDEHYHU\WZRZHHNVGD\VGD\V
6XSSOHPHQWDO'RVHV
,IWKHSDWLHQWXQGHUJRHV3(IRU2Q7ULDO5HODSVHRQDGD\WKDW,3DGPLQLVWUDWLRQLVQRWURXWLQHO\
VFKHGXOHGGXULQJWKH6WXG\3HULRGDVXSSOHPHQWDOGRVHYLDOV,3HTXLYDOHQWWRPJRI
HFXOL]XPDEPXVWEHDGPLQLVWHUHGDIWHUHDFK3(SUHIHUDEO\ZLWKLQKRXUV,I3(LV
DGPLQLVWHUHGRQDGD\RIUHJXODUO\VFKHGXOHG,3DGPLQLVWUDWLRQSDWLHQWVPXVWUHFHLYHWKH
UHJXODUO\VFKHGXOHGQXPEHURIYLDOVYLDOVRQ9LVLWVYLDOVRQDOORWKHU9LVLWVDIWHUHDFK
3(SUHIHUDEO\ZLWKLQKRXUV,QDGGLWLRQSDWLHQWVDUHWRFRQWLQXHSURWRFROVSHFLILHGGRVLQJ
XQWLO(26

&RQFRPLWDQW0HGLFDWLRQV

$OORZHG0HGLFDWLRQV

3DOOLDWLYHDQG6XSSRUWLYH&DUH
3DOOLDWLYHDQGVXSSRUWLYHFDUHLVSHUPLWWHGGXULQJWKHFRXUVHRIWKHWULDOIRUXQGHUO\LQJ
FRQGLWLRQV
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

,PPXQRVXSSUHVVLYH7KHUDS\$JHQWV
x 7KHFKRLFHRI,67DJHQWVLVDWWKHGLVFUHWLRQRIWKH7UHDWLQJ3K\VLFLDQZLWKWKH
H[FHSWLRQRIWKHGLVDOORZHGPHGLFDWLRQV6WDQGDUGUHFRPPHQGHGGRVLQJVKRXOGEH
XVHGIRUWKHFKRVHQ,678VHRIFRUWLFRVWHURLGVLVSHUPLWWHGKRZHYHUWRDVVXUH
EDODQFHEHWZHHQWUHDWPHQWJURXSVZLWKUHVSHFWWRVWHURLGGRVLQJWKHWRWDOGDLO\GRVH
VKRXOGQRWH[FHHGSUHGQLVRQHPJSHUGD\RUHTXLYDOHQW
x ,PPXQRVXSSUHVVLYHDJHQWVVXFKDVFRUWLFRVWHURLG$=$00)PHWKRWUH[DWH
WDFUROLPXVF\FORVSRULQHRUF\FORSKRVSKDPLGHHLWKHULQFRPELQDWLRQRUPRQRWKHUDS\
DUHSHUPLWWHG
x ,IDSDWLHQWHQWHUVWKHWULDOUHFHLYLQJVXSSRUWLYH,67VWKHSDWLHQWPXVWKDYHEHHQRQ
DVWDEOHPDLQWHQDQFHGRVHRI,67VDVGHILQHGE\WKHLU7UHDWLQJ3K\VLFLDQSULRUWR
WKH6FUHHQLQJ9LVLWDQGPXVWUHPDLQRQWKDWGRVHIRUWKHGXUDWLRQRIWKHVWXG\1R
QHZ,67VRUVZLWFKWRDQRWKHU,67LVSHUPLWWHGGXULQJWKHWULDOXQOHVVWKHSDWLHQW
H[SHULHQFHVDUHODSVH$IWHUDUHODSVHWKHUHDUHQRUHVWULFWLRQVRQ,67DGMXVWPHQWVRU
FKDQJHV
x ,IDSDWLHQWHQWHUVWKHWULDOUHFHLYLQJVWHURLGVHLWKHUDVPRQRWKHUDS\RULQFRPELQDWLRQ
ZLWKDQRWKHU,67WKHGDLO\VWHURLGGRVHFDQQRWEHPRUHWKDQSUHGQLVRQHPJGDLO\
RUHTXLYDOHQW7KHSDWLHQWPXVWUHPDLQRQWKDWGRVHIRUWKHGXUDWLRQRIWKHWULDO
XQOHVVWKHSDWLHQWH[SHULHQFHVDUHODSVH
x 7KH,67VDQGLWVGRVLQJUHJLPHQIRUDSDUWLFXODUSDWLHQWPXVWUHPDLQVWDEOHGXULQJ
WKHWULDO,IFKDQJHVLQWKHGRVHRUGRVLQJUHJLPHQDUHFRQVLGHUHGGXHWRDNQRZQ
WR[LFLW\RUVLGHHIIHFWVDVVRFLDWHGZLWKWKHJLYHQLPPXQRVXSSUHVVLYHDJHQWWKH
6SRQVRUVKRXOGEHQRWLILHGRIWKHFKDQJH

5HFRPPHQGHG6WDQGDUGL]HG5HODSVH7UHDWPHQW
)RUWKLVSURWRFROWKHWUHDWPHQWIRUUHODSVHLVDWWKHGLVFUHWLRQRIWKH7UHDWLQJ3K\VLFLDQ7KH
IROORZLQJVWDQGDUGL]HGWUHDWPHQWUHJLPHQIRUDFRQILUPHG2Q7ULDO5HODSVHLVUHFRPPHQGHGLQ
DFFRUGDQFHZLWKSXEOLVKHG([SHUW2SLQLRQ
 2QHJUDP,9PHWK\OSUHGQLVRORQH,903DGPLQLVWHUHGGDLO\IRUGD\VIROORZHGE\DQ
RUDOSUHGQLVRQHWDSHULQJ,IWKHSDWLHQWLPSURYHVWKHQFRQWLQXHWKHWULDODVVHVVPHQWVDV
SHUWKHVFKHGXOHRIWKLVSURWRFRO
 ,IWKHUHLVQRRUPLQLPDOUHVSRQVHWRPHWK\OSUHGQLVRORQH3(ZLOOEHDOORZHGDWWKH
GLVFUHWLRQRIWKH7UHDWLQJ3K\VLFLDQ)LYHF\FOHVRI3(WKDWHDFKUHPRYHV
YROXPHVRIFLUFXODWLQJSODVPDLVUHFRPPHQGHGIRUWUHDWPHQWRIDWWDFNVWKDWGRQRW
UHVSRQGWR,903
,IDSDWLHQWXQGHUJRHV3(IRUDQ2Q7ULDO5HODSVHGXULQJWKHWUHDWPHQWSHULRGDVXSSOHPHQWDO
GRVHRI,3YLDOVHTXLYDOHQWWRPJRIHFXOL]XPDEVKRXOGEHDGPLQLVWHUHGDIWHUHDFK3(
SUHIHUDEO\ZLWKLQKRXUV,I3(LVDGPLQLVWHUHGRQDGD\RIUHJXODUO\VFKHGXOHG,3
DGPLQLVWUDWLRQSDWLHQWVZLOOUHFHLYHWKHUHJXODUO\VFKHGXOHGQXPEHURIYLDOVYLDOVDW9LVLWV
YLDOVDWDOORWKHU9LVLWVDIWHUHDFK3(SUHIHUDEO\ZLWKLQKRXUV,QDGGLWLRQSDWLHQWVDUH
WRFRQWLQXHSURWRFROVSHFLILHGGRVLQJXQWLO(26
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

'LVDOORZHG0HGLFDWLRQV
7KHIROORZLQJPHGLFDWLRQVDUHSURKLELWHGGXULQJWKHWULDO
x &RQFRPLWDQWXVHRIULWX[LPDEZLWKHFXOL]XPDELVFRQWUDLQGLFDWHG
x 0LWR[DQWURQH
x ,PPXQRPRGXODWRU\WKHUDSLHVLQFOXGLQJLQWHUIHURQEHWDELQWHUIHURQEHWDDDQG
JODWLUDPHUDFHWDWH
x 2WKHUELRORJLFDJHQWVVXFKDVWRFLOL]XPDE
x ,9,JIRUUHODSVHSUHYHQWLRQ
x 3(IRUUHODSVHSUHYHQWLRQ

7UHDWPHQW&RPSOLDQFH
3DWLHQWVZLOOEHLQIXVHG,9ZLWK,3XQGHUWKHVXSHUYLVLRQRIWKH7UHDWLQJ3K\VLFLDQRUGHVLJQHHWR
HQVXUHWKDWWKHSDWLHQWUHFHLYHVWKHDSSURSULDWHGRVHDWWKHDSSURSULDWHWLPHSRLQWVGXULQJWKH
WULDO

5DQGRPL]DWLRQDQG%OLQGLQJ

5DQGRPL]DWLRQ
3DWLHQWVZLOOEHUDQGRPL]HGRQ'D\DIWHUWKH3,RU6XE,QYHVWLJDWRUDQGWKH6SRQVRUKDYH
YHULILHGWKDWWKH\DUHHOLJLEOH$UDQGRPL]DWLRQZRUNVKHHWZLOOEHSURYLGHGDQGWKH6SRQVRU¶V
DSSURYDOLVUHTXLUHGWRHQVXUHWKDWSDWLHQWVDUHUDQGRPL]HGSURSHUO\3DWLHQWVZLOOEHUDQGRPL]HG
RQDEDVLVWRWKH(FXOL]XPDE$UPRUWKH3ODFHER$UP7KHUDQGRPL]DWLRQDQGVWUDWLILFDWLRQ
ZLOOEHDFURVVFHQWHUV7KHUDQGRPL]DWLRQVWUDWLILFDWLRQZLOOLQFOXGHWZRYDULDEOHV('66
VFRUHDWUDQGRPL]DWLRQ'D\DQGSDWLHQWV¶SULRUVXSSRUWLYHLHIRUUHODSVHSUHYHQWLRQ
,67DQG,67VWDWXVDWWKHWLPHRIUDQGRPL]DWLRQ'D\VHH6WDQGDUG3URWRFRO'HILQLWLRQ
6HFWLRQ
 ('66VFRUHDWUDQGRPL]DWLRQ'D\
D ('66VFRUHVDUH
E ('66VFRUHVDUHWR
 3DWLHQWV¶,67VWDWXVDWUDQGRPL]DWLRQ'D\
D 7UHDWPHQWQDwYHSDWLHQWVLHSDWLHQWVZLWKQRSULRURUFXUUHQW,67VH[FHSWVWHURLGV
DORQH
E 3DWLHQWVFRQWLQXLQJRQWKHVDPHVXSSRUWLYH,67VIRUUHODSVHSUHYHQWLRQVLQFHWKHODVW
UHODSVHLHLQFOXGLQJSDWLHQWVZLWKGRVHDGMXVWPHQWZLWKWKHVDPH,67VVLQFHWKH
ODVWUHODSVH
F 3DWLHQWVZLWKFKDQJHVLQ,67VVLQFHODVWUHODSVHLHVZLWFKHG,67V>HJ$=$WR
00)@DGGHG,67>HJFRUWLFRVWHURLG@RUZLWKGUHZDQ\,67WUHDWPHQW
3DWLHQWVZLOOEHFHQWUDOO\UDQGRPL]HGXVLQJ,;56$OOSDWLHQWVZLOOEHDVVLJQHGWRGRXEOHEOLQG
WUHDWPHQWE\WKHVHFXUH,;56UDQGRPL]DWLRQDSSOLFDWLRQ
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

%OLQGLQJDQG8QEOLQGLQJ
$OOWULDOSDWLHQWVVWXG\VLWHSHUVRQQHO6SRQVRUVWDII6SRQVRUGHVLJQHHVDQGDOOVWDIIGLUHFWO\
DVVRFLDWHGZLWKWKHFRQGXFWRIWKHWULDOZLOOEHEOLQGHGWRWKHSDWLHQWWUHDWPHQWDVVLJQPHQWV7KH
GRXEOHEOLQGZLOOEHPDLQWDLQHGE\XVLQJLGHQWLFDO,3NLWVDQGODEHOVIRUHFXOL]XPDEDQGSODFHER
7KHSODFHERZLOOKDYHDQLGHQWLFDODSSHDUDQFHWRWKDWRIHFXOL]XPDE7KHUDQGRPL]DWLRQFRGH
ZLOOEHPDLQWDLQHGE\,;56
7KHUHLVQRDQWLGRWHWRUHYHUVHWKHHIIHFWVRIHFXOL]XPDE7KHUHIRUHXQEOLQGLQJZRXOGQRWEH
KHOSIXOLQWKHSODQQLQJRISDWLHQWWUHDWPHQWIRUDJLYHQHYHQW8QEOLQGLQJVKRXOGRQO\EH
FRQVLGHUHGIRUWKHVDIHW\RIWKHVXEMHFW,IXQEOLQGLQJLVGHHPHGQHFHVVDU\E\WKH,QYHVWLJDWRU
WKH,QYHVWLJDWRUFDQXQEOLQGWKHSDWLHQW¶VWUHDWPHQWDOORFDWLRQXVLQJWKH,;567KH,QYHVWLJDWRU
PXVWQRWHWKHGDWHWLPHDQGUHDVRQIRUXQEOLQGLQJ7KH,QYHVWLJDWRUVKRXOGLQIRUPWKH6SRQVRU
WKDWWKHSDWLHQWZDVXQEOLQGHGKRZHYHUWKH\DUHQRWUHTXLUHGWRUHYHDOWRWKH6SRQVRUWKH
SDWLHQWV¶WUHDWPHQWDOORFDWLRQ
:KHQDQ$(LVDQXQH[SHFWHGUHODWHGVHULRXV$(WKHEOLQGZLOOEHEURNHQE\WKH6SRQVRURQO\
IRUWKDWVSHFLILFVXEMHFW7KHEOLQGZLOOEHPDLQWDLQHGIRUSHUVRQVUHVSRQVLEOHIRUWKHRQJRLQJ
FRQGXFWRIWKHVWXG\VXFKDVWKHPDQDJHPHQWPRQLWRUVLQYHVWLJDWRUVHWFDQGWKRVH
UHVSRQVLEOHIRUGDWDDQDO\VLVDQGLQWHUSUHWDWLRQRIUHVXOWVDWWKHFRQFOXVLRQRIWKHVWXG\VXFKDV
ELRPHWULFVSHUVRQQHO8QEOLQGHGLQIRUPDWLRQZLOORQO\EHDFFHVVLEOHWRWKRVHZKRQHHGWREH
LQYROYHGLQWKHVDIHW\UHSRUWLQJWR+HDOWK$XWKRULWLHV(WKLFV&RPPLWWHHV,QVWLWXWLRQDO5HYLHZ
%RDUGV,5%VDQG'DWD0RQLWRULQJ&RPPLWWHH'0&RUSHUVRQVSHUIRUPLQJRQJRLQJVDIHW\
HYDOXDWLRQVGXULQJWKHWULDO
,QYHVWLJDWRUVZLOOUHFHLYHRQO\EOLQGHGLQIRUPDWLRQXQOHVVXQEOLQGHGLQIRUPDWLRQLVMXGJHG
QHFHVVDU\IRUVDIHW\UHDVRQV

,19(67,*$7,21$/352'8&70$7(5,$/6$1'
0$1$*(0(17

,QYHVWLJDWLRQDO3URGXFW
(DFKYLDORILQYHVWLJDWLRQDOSURGXFW,3FRQWDLQVHFXOL]XPDEPJRUPDWFKLQJSODFHERIRU,9
DGPLQLVWUDWLRQ

,QYHVWLJDWLRQDO3URGXFW3DFNDJLQJDQG/DEHOLQJ
7KHDFWLYH,3HFXOL]XPDELVPDQXIDFWXUHGDQGVXSSOLHGE\$OH[LRQ3KDUPDFHXWLFDOV,QFRU
VHOHFWHGFRQWUDFWHGPDQXIDFWXULQJRUJDQL]DWLRQVLQVLQJOHP/YLDOVDVDVROXWLRQFRQFHQWUDWLRQ
RIPJP/7KHFRPSDUDWRUSURGXFWLVPDQXIDFWXUHGE\$OH[LRQ3KDUPDFHXWLFDOV,QFRU
VHOHFWHGFRQWUDFWHGPDQXIDFWXULQJRUJDQL]DWLRQVDVDPDWFKLQJVWHULOHFOHDUFRORUOHVVVROXWLRQ
ZLWKWKHVDPHEXIIHUFRPSRQHQWVEXWZLWKRXWDFWLYHLQJUHGLHQWLQDQLGHQWLFDOP/YLDO
,3YLDOVZLOOEHLQGLYLGXDOO\SDFNDJHGLQWRNLWV%RWKYLDOVDQGNLWVZLOOEHODEHOHGDFFRUGLQJWR
WKHSURWRFRODQGORFDOUHJXODWRU\UHTXLUHPHQWV,3ZLOOEHVKLSSHGDQGUHOHDVHGWRHDFK
SDUWLFLSDWLQJWULDOFHQWHUXSRQUHFHLSWRIDOOUHTXLUHGHVVHQWLDOGRFXPHQWVEDVHGXSRQIHGHUDO
VWDWHDQGORFDOUHJXODWLRQV
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
7DEOH ,QYHVWLJDWLRQDO3URGXFW

,QYHVWLJDWLRQDO3URGXFW
3URGXFW1DPH
(FXOL]XPDE
3ODFHER
'RVDJH)RUP
&RQFHQWUDWHVROXWLRQIRU
LQIXVLRQ
6ROXWLRQIRULQIXVLRQ
8QLW'RVH
PJ
PJ
5RXWHRI$GPLQLVWUDWLRQ ,QWUDYHQRXV,QIXVLRQ
,QWUDYHQRXV,QIXVLRQ
3K\VLFDO'HVFULSWLRQ
P/YLDO
P/YLDO
0DQXIDFWXUHU
$OH[LRQ3KDUPDFHXWLFDOV,QF
RUVHOHFWHGFRQWUDFWHG
PDQXIDFWXULQJRUJDQL]DWLRQV
$OH[LRQ3KDUPDFHXWLFDOV,QF
RUVHOHFWHGFRQWUDFWHG
PDQXIDFWXULQJRUJDQL]DWLRQV

,QYHVWLJDWLRQDO3URGXFW6WRUDJH
,3ZLOOEHUHOHDVHGWRWKHVLWHXSRQUHFHLSWRIDOOUHTXLUHGHVVHQWLDOGRFXPHQWVEDVHGXSRQ
IHGHUDOVWDWHDQGORFDOUHJXODWLRQV(DFK,3NLWZLOOKDYHDERRNOHWODEHOGHVFULELQJWKHFRQWHQWV
DQGDSODFHIRUWKHSKDUPDFLVWWRUHFRUGWKHSDWLHQWQXPEHUSDWLHQWLQLWLDOVDQG,QYHVWLJDWRU
QDPH
8SRQDUULYDODWWKHFHQWHUWKH,3VKRXOGEHSURPSWO\UHPRYHGIURPWKHVKLSSLQJFRROHUDQG
VWRUHGLQUHIULJHUDWHGFRQGLWLRQVDW&WR&ZLWKPLQLPDOOLJKWH[SRVXUH7KHSKDUPDFLVW
VKRXOGLPPHGLDWHO\UHFRUGWKHUHFHLSWRIWKH,3LQWKH,;56DQGQRWLI\WKHGLVWULEXWRUDQGWKH
6SRQVRULIYLDOVDUHGDPDJHGDQGRULIWHPSHUDWXUHH[FXUVLRQVKDYHRFFXUUHGGXULQJ
WUDQVSRUWDWLRQ,3PXVWEHVWRUHGLQDVHFXUHOLPLWHGDFFHVVVWRUDJHDUHDDQGWHPSHUDWXUHVKRXOG
EHPRQLWRUHGGDLO\
'LOXWHGVROXWLRQVRI,3DUHVWDEOHIRUKRXUVDWWR&)DQGDWURRPWHPSHUDWXUH

,QYHVWLJDWLRQDO3URGXFW3UHSDUDWLRQ
,QIXVLRQVRI,3VKRXOGEHSUHSDUHGXVLQJDVHSWLFWHFKQLTXHDQGWKHGRVHUHJLPHQGHVFULEHGLQ
6HFWLRQ(DFKYLDORI,3FRQWDLQVPJRIDFWLYHLQJUHGLHQWLQP/RISURGXFWVROXWLRQRU
PDWFKLQJSODFHER
:LWKGUDZWKHUHTXLUHGDPRXQWRI,3IURPWKHYLDOV7UDQVIHUWKHUHFRPPHQGHGGRVHWRDQ
LQIXVLRQEDJ'LOXWH,3WRDILQDOFRQFHQWUDWLRQRIPJP/E\DGGLWLRQWRWKHLQIXVLRQEDJRIWKH
DSSURSULDWHDPRXQWHTXDOYROXPHRIRQHRIWKHIROORZLQJGLOXHQWV6RGLXP&KORULGH
,QMHFWLRQ8636RGLXP&KORULGH,QMHFWLRQ863'H[WURVHLQ:DWHU,QMHFWLRQ863
RU5LQJHU¶V,QMHFWLRQ8637KHILQDOYROXPHRIDPJP/GLOXWHG,3VROXWLRQLVP/IRU
PJGRVHVYLDOVP/IRUPJGRVHVYLDOVDQGP/IRUPJGRVHV
YLDOVDVVKRZQLQ7DEOH
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
7DEOH
,QYHVWLJDWLRQDO3URGXFW3UHSDUDWLRQDQG5HFRQVWLWXWLRQ

9ROXPHRI,3
9ROXPHRI'LOXHQWD
7RWDO9ROXPHRI
$GPLQLVWUDWLRQ
PJYLDOV
P/
P/
P/
PJYLDOV
P/
P/
P/
PJYLDOV
P/
P/
P/
D &KRRVHRQHRIWKHIROORZLQJGLOXHQWVDVRGLXPFKORULGHEVRGLXPFKORULGHFGH[WURVHLQ
ZDWHUG5LQJHU¶VLQMHFWLRQ

*HQWO\LQYHUWWKHLQIXVLRQEDJFRQWDLQLQJWKHGLOXWHG,3VROXWLRQWRHQVXUHWKRURXJKPL[LQJRIWKH
SURGXFWDQGGLOXHQWV'LVFDUGDQ\XQXVHGSRUWLRQOHIWLQDYLDODVWKHSURGXFWFRQWDLQVQR
SUHVHUYDWLYHV
7KHKRXUH[SLUDWLRQLQFOXGHVSUHSDUDWLRQWLPHVWRUDJHWLPHDWURRPWHPSHUDWXUHDQGXQGHU
UHIULJHUDWLRQDQGZDUPLQJWLPH

,QYHVWLJDWLRQDO3URGXFW$GPLQLVWUDWLRQ
'2127$'0,1,67(5$6$1,9386+25%2/86,1-(&7,21
,3VKRXOGRQO\EHDGPLQLVWHUHGYLD,9LQIXVLRQYLDJUDYLW\IHHGDV\ULQJHW\SHSXPSRUDQ
LQIXVLRQSXPSDQGPXVWEHGLOXWHGWRDILQDOFRQFHQWUDWLRQRIPJP/SULRUWRDGPLQLVWUDWLRQ
3ULRUWRDGPLQLVWUDWLRQLIWKHGLOXWHGVROXWLRQLVUHIULJHUDWHGLWVKRXOGEHDOORZHGWRZDUPWR
URRPWHPSHUDWXUHE\H[SRVXUHWRDPELHQWDLU7KHGLOXWHGVROXWLRQPXVWQRWEHKHDWHGLQD
PLFURZDYHRUZLWKDQ\KHDWVRXUFHRWKHUWKDQDPELHQWDLUWHPSHUDWXUH3DUHQWHUDOGUXJSURGXFWV
VKRXOGEHLQVSHFWHGYLVXDOO\IRUSDUWLFXODWHPDWWHUDQGGLVFRORUDWLRQSULRUWRDGPLQLVWUDWLRQ
7KHGLOXWHG,3VKRXOGEHLQWUDYHQRXVO\DGPLQLVWHUHGRYHUDSSUR[LPDWHO\PLQXWHV'LOXWHG,3
LVVWDEOHIRUKRXUVDW&)DQGDWURRPWHPSHUDWXUH,WLVQRWQHFHVVDU\WRSURWHFW
WKHLQIXVLRQEDJVIURPOLJKWZKLOH,3LVEHLQJDGPLQLVWHUHGWRWKHSDWLHQW7KHSDWLHQWVZLOOEH
PRQLWRUHGIRUDWOHDVWKRXUIROORZLQJWKHLQIXVLRQIRUVLJQVRUV\PSWRPVRIDQLQIXVLRQ
UHDFWLRQ
,IDQ$(RFFXUVGXULQJWKHDGPLQLVWUDWLRQRIWKH,3WKHLQIXVLRQPD\EHVORZHGRUVWRSSHGDWWKH
GLVFUHWLRQRIWKH,QYHVWLJDWRUGHSHQGLQJXSRQWKHQDWXUHDQGVHYHULW\RIWKHHYHQW7KH$(PXVW
EHFDSWXUHGLQWKHSDWLHQW¶VVRXUFHGRFXPHQWDQGH&5)

,QYHVWLJDWLRQDO3URGXFW$FFRXQWDELOLW\
:KHQDQ,3VKLSPHQWLVUHFHLYHGDWWKHVLWHWKHSKDUPDFLVWVKRXOGYHULI\WKHFRQWHQWVVLJQWKH
SDFNLQJLQYRLFHSURYLGHGZLWKWKHVKLSPHQWDQGPDLQWDLQWKHRULJLQDOFRS\IRUUHYLHZE\WKH
VWXG\PRQLWRU$VLJQHGFRS\VKRXOGEHID[HGWRWKHFRQWDFWSURYLGHGRQWKHSDFNLQJOLVWDQGWKH
GXSOLFDWHFRS\NHSWLQWKHSKDUPDF\ELQGHU$GGLWLRQDOO\UHFHSWLRQRI,3DVZHOODVUHFHSWLRQ
FRQGLWLRQVPXVWEHUHSRUWHGWRWKH,;56V\VWHPWRDOORZ,3DVVLJQPHQWUHVXSSO\HVWLPDWLRQV
DQGH[SLUDWLRQFRQWURO
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
$FFRXQWDELOLW\ORJVDQG,QYHQWRU\ORJVZLOOEHSURYLGHGWRDVVLVWWKHSKDUPDFLVWLQPDLQWDLQLQJ
FXUUHQWDQGDFFXUDWHLQYHQWRU\UHFRUGVFRYHULQJUHFHLSWGLVSHQVLQJDQGGLVSRVLWLRQRIWKH,3
'XULQJWKHWULDOWKHIROORZLQJLQIRUPDWLRQPXVWEHQRWHGLQWKHDFFRXQWDELOLW\ORJWKHSDWLHQW
QXPEHUVLQLWLDOVRISDWLHQWVWRZKRP,3LVGLVSHQVHGNLWQXPEHUWKHGDWHVDQGWLPHWKDWWKH
,3LVSUHSDUHGDQGWKHLQLWLDOVRIWKHSKDUPDFLVWRUGHVLJQHHZKRSUHSDUHGWKH,36LWHVVKRXOG
NHHSDUXQQLQJWRWDORIWKHLU,3VXSSO\(PSW\YLDOVDQGYLDOVZLWKUHVLGXDOPDWHULDOVVKRXOGEH
NHSWIRULQVSHFWLRQDQGDFFRXQWDELOLW\E\WKH&5$SULRUWRWKHLUGHVWUXFWLRQDQGKDQGOHGSHUORFDO
VLWHSKDUPDF\VWDQGDUGRSHUDWLQJSURFHGXUHVIRUFOLQLFDO,3V5HIHUWRWKH3KDUPDF\0DQXDOIRU
GHWDLOHGLQVWUXFWLRQVRQJHQHUDOUHFHLSWVWRUDJHSUHSDUDWLRQDGPLQLVWUDWLRQGHVWUXFWLRQDQG
UHWXUQRI,3
(DFKNLWZLOOKDYHDODEHODQGDSODFHIRUWKHSKDUPDFLVWWRUHFRUGWKHSDWLHQWQXPEHUDQGLQLWLDOV
7KH&5$ZLOOH[DPLQHWKHLQYHQWRU\GXULQJWKHVWXG\$GGLWLRQDOO\WKHLQYHQWRU\UHFRUGVPXVW
EHUHDGLO\DYDLODEOHDQGPD\EHVXEMHFWWRUHJXODWRU\DXWKRULWLHVWKHORFDOUHJXODWRU\DJHQF\RU
DQLQGHSHQGHQWDXGLWRU¶VLQVSHFWLRQDWDQ\WLPH

,QYHVWLJDWLRQDO3URGXFW+DQGOLQJDQG'LVSRVDO
$WWKHFRPSOHWLRQRIWKHWULDOLQRUGHUWRVDWLVI\UHJXODWRU\UHTXLUHPHQWVUHJDUGLQJGUXJ
DFFRXQWDELOLW\DOOUHPDLQLQJ,3LQYHQWRU\ZLOOEHUHFRQFLOHGDQGUHWDLQHGRUGHVWUR\HGDFFRUGLQJ
WRDSSOLFDEOHSURYLQFLDODQGIHGHUDOUHJXODWLRQV
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

$66(660(172)()),&$&<

(IILFDF\3DUDPHWHUV
'XUDWLRQRIWUHDWPHQWFRPPHQFHVZLWKWKHILUVW,3LQIXVLRQ7KH6WXG\3HULRGLHGRXEOHEOLQG
WUHDWPHQWSHULRGGHILQHVWKHWLPHSHULRGIRUDVVHVVPHQWRIWKHWULDOHQGSRLQWV$WRWDORI
DGMXGLFDWHG2Q7ULDO5HODSVHHYHQWVLQGLVWLQFWSDWLHQWVDUHWREHREVHUYHG7KHWULDOZLOO
FRQWLQXHXQWLOWKHWLPHWKDWWKHWKDGMXGLFDWHGHYHQWKDVEHHQREVHUYHGGXULQJWKH6WXG\
3HULRG$WWKHSRLQWZKHQWKHWULDOLVVWRSSHGDOOGDWDIURPDOOSDWLHQWVZLOOEHFROOHFWHG
GDWDEDVHFOHDQHGORFNHGDQGDQDO\]HG'DWDIURPWKH6WXG\3HULRGZLOOEHXVHGIRUHIILFDF\
DQDO\VLV

5HODSVHV
$FFXUDWHLGHQWLILFDWLRQDQGHYDOXDWLRQRI2Q7ULDO5HODSVHVLVFULWLFDOIRUWKHLQWHJULW\RIWKLV
VWXG\7KHSULPDU\HIILFDF\HQGSRLQWLVWLPHWRILUVWDGMXGLFDWHG2Q7ULDO5HODSVHWKH
VHFRQGDU\HIILFDF\HQGSRLQWVLQFOXGHDQDO\VLVRIWKHDGMXGLFDWHG$55
3UHWUHDWPHQWKLVWRULFDOUHODSVHVZLOOEHUHYLHZHGE\WKH,QYHVWLJDWRUWRGHWHUPLQHLIWKH\PHHW
FULWHULDIRU+LVWRULFDO5HODSVHDVGHILQHGE\WKLVSURWRFRO2Q7ULDO5HODSVHVZLOOEHPRQLWRUHG
WKURXJKRXWWKHWULDO3DWLHQWVZLOOEHHGXFDWHGRQWKHSRWHQWLDOVLJQVDQGV\PSWRPVRI102
UHODSVH3DWLHQWVZLOOEHDOVRJLYHQD3DWLHQW(GXFDWLRQ&DUGWKDWGHWDLOVWKHVLJQVDQGV\PSWRPV
RIDSRWHQWLDOUHODSVHDQGLQVWUXFWLRQVWRFRQWDFWWKHVWXG\VLWHDWWKHILUVWVLJQRUV\PSWRPVRID
SRWHQWLDOUHODSVH7KH,QYHVWLJDWRURUKLVKHUGHVLJQHHZLOOUHYLHZLQGHWDLOWKHVLJQVDQG
V\PSWRPVRIDSRWHQWLDOUHODSVHZLWKWKHSDWLHQWDWHDFKYLVLW3DWLHQWVZLOOEHLQVWUXFWHGWR
FRQWDFWWKHVWXG\VLWHDWWKHILUVWVLJQRUV\PSWRPRIDUHODSVH3DWLHQWVVKRXOGEHHYDOXDWHG
ZLWKLQKRXUVRIQRWLILFDWLRQRIWKH,QYHVWLJDWRURUWKHDSSURSULDWHGHVLJQHHRIDSRVVLEOH
DWWDFNDQGQRODWHUWKDQKRXUV
$OOSRWHQWLDOUHODSVHVPXVWEHHYDOXDWHGE\ERWKWKH7UHDWLQJ3K\VLFLDQDQG('665DWHU7KH
7UHDWLQJ3K\VLFLDQZLOOPDNHWKHGHFLVLRQDVWRZKHWKHUWKHFOLQLFDOVLJQVV\PSWRPVDQG
QHXURORJLFDOFKDQJHREMHFWLYHILQGLQJVRQH[DPPHHWWKHSURWRFROGHILQLWLRQRI2Q7ULDO
5HODSVHEDVHGRQ2Q7ULDO5HODSVH'HILQLWLRQDQGPD\WUHDWWKHSDWLHQW¶VUHODSVH
DFFRUGLQJWRWKHUHFRPPHQGHG6WDQGDUGL]HG7UHDWPHQW3ODQ6HFWLRQ7KHUHODSVH
WUHDWPHQWLVDWWKH7UHDWLQJ3K\VLFLDQ¶VGLVFUHWLRQ$OOLQYHVWLJDWLRQVWHVWVUHODWHGWRWKHUHODSVH
HYDOXDWLRQHJ05,V&7VOXPEDUSXQFWXUHVHWFVKRXOGEHUHFRUGHGLQWKHVRXUFHGRFXPHQWV
DQGLQWKHH&5)FRSLHVRIDOOUHSRUWVVKRXOGEHVHQWWRWKH6SRQVRU
)ROORZ8S5HODSVH(YDOXDWLRQ9LVLWVWRPRQLWRUWKHFRXUVHRIWKHUHODSVHXQWLOVWDELOL]DWLRQZLOO
EHPDGHDFFRUGLQJDWWKH7UHDWLQJ3K\VLFLDQ¶VGLVFUHWLRQVHH6HFWLRQ$OOUHSRUWVRI
SRVVLEOHUHODSVHVDQGDFWLRQVWDNHQPXVWEHGRFXPHQWHGLQWKHSDWLHQW¶VVRXUFHGRFXPHQWVDQG
UHFRUGHGLQWKHH&5)
5HODSVHVWKDWGRQRWPHHWWKHFULWHULDIRU6$(VHH6HFWLRQEHORZVKRXOGEHUHSRUWHGDV
SDUWRIWKH5HODSVH(YDOXDWLRQYLVLWVDQGQRWDV$(V
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

'LVDELOLW\
'LVDELOLW\ZLOOEHDVVHVVHGEDVHGRQWKH('66VFRUHVFRPSDULQJWKHFKDQJHIURPEDVHOLQHDWWKH
(26LQWKHWZRWUHDWPHQWJURXSV$Q('665DWHUZKRLVEOLQGHGWRDOORWKHUWULDODQGSDWLHQW
FOLQLFDOGDWDZLOOEHUHVSRQVLEOHIRUSHUIRUPLQJWKH('66DVVHVVPHQWVWKURXJKRXWWKHWULDODWWKH
SURWRFROVSHFLILHGWLPHSRLQWVDVZHOODVDWYLVLWVGXULQJWKH5HODSVH(YDOXDWLRQ3HULRG
,QDGGLWLRQGLVDELOLW\ZLOODOVREHDVVHVVHGEDVHGRQWKHP56VFRUHFRPSDULQJWKHFKDQJHIURP
EDVHOLQHLQWKHWZRWUHDWPHQWJURXSV056VFRUHZLOOEHDVVHVVHGE\7KH7UHDWLQJ3K\VLFLDQRUD
GHVLJQHHDWWKHSURWRFROVSHFLILHGWLPHSRLQWV

1HXURORJLF)XQFWLRQV
1HXURORJLFIXQFWLRQZLOOEHDVVHVVHGEDVHGRQ('66)66$PEXODWRU\IXQFWLRQZLOOEHDVVHVVHG
E\+$,VFDOHDQGYLVXDOIXQFWLRQZLOOEHPHDVXUHGE\9$XVLQJWKH6QHOOHQFKDUWDQGWKH9LVXDO
)66RIWKH.XUW]NHQHXURORJLFDODVVHVVPHQW7KH9LVXDO)66ZLOOEHXVHGIRUVWDWLVWLFDODQDO\VLV
RIFKDQJHVLQ9$
7KH6QHOOHQFKDUWVKRXOGEHSRVLWLRQHGDWPHWHUVIHHWGLVWDQFHLQDZHOOLOOXPLQDWHGDUHD
DQGWKHEHVWDYDLODEOHYLVXDOFRUUHFWLRQVKRXOGEHXVHGHJWKHSDWLHQWVKRXOGXVHWKHLUODWHVW
H\HJODVVHVRUH\HOHQVHV7KHSDWLHQWFDQPLVVRQHOHWWHUSHUURZWRVFRUHWKDWURZ,IWKHSDWLHQW
LVXQDEOHWRUHDGWKHFKDUWWKHQWHVWWKHSDWLHQWV¶DELOLW\WRFRXQWILQJHUVDWDSSUR[LPDWHO\
PHWHUGLVWDQFHGLVWLQJXLVKKDQGPRWLRQRUSHUFHLYHOLJKWE\VKLQLQJEULJKWOLJKWLQWKHH\H
1HXURORJLFIXQFWLRQDQG9$ZLOOEHDVVHVVHGDWWKHSURWRFROVSHFLILHGWLPHSRLQWVDVZHOODVDW
YLVLWVGXULQJWKH5HODSVH(YDOXDWLRQ3HULRG

4XDOLW\RI/LIH
42/ZLOOEHDVVHVVHGE\WKHSDWLHQWVHOIDVVHVVPHQWTXHVWLRQQDLUHV(4'DQG6)DWWKH
SURWRFROVSHFLILHGWLPHSRLQWV
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

$66(660(172)6$)(7<

6DIHW\3DUDPHWHUV

'HPRJUDSKLF0HGLFDO+LVWRU\
$W9LVLW6FUHHQLQJSDWLHQWV¶LQLWLDOVGDWHRIELUWKUDFHRUHWKQLFRULJLQDQGVH[ZLOOEH
FROOHFWHGPHGLFDOKLVWRU\ZLOOEHUHYLHZHGDQGGDWDZLOOEHUHFRUGHG0HGLFDOKLVWRU\LQFOXGLQJ
UHOHYDQWPHGLFDOVXUJLFDOKLVWRU\DQG102KLVWRU\ZLOOEHUHYLHZHGDQGUHFRUGHG

9LWDO6LJQV
9LWDOVLJQVZLOOEHPHDVXUHGDWHYHU\YLVLWDQGZLOOLQFOXGHDVVHVVPHQWVRIV\VWROLFDQGGLDVWROLF
%3WHPSHUDWXUH55DQG+59LWDOVLJQVZLOOEHREWDLQHGDIWHUWKHSDWLHQWKDVEHHQVXSLQHRU
VHDWHGIRUDWOHDVWPLQXWHV,GHDOO\HDFKSDWLHQW¶V%3VKRXOGEHPHDVXUHGXVLQJWKHVDPHDUP
6\VWROLFDQGGLDVWROLF%3VZLOOEHGRFXPHQWHGLQPP+J7HPSHUDWXUHZLOOEHREWDLQHGLQ
GHJUHHV&HOVLXVRU)DKUHQKHLW+5ZLOOEHGRFXPHQWHGLQEHDWVSHUPLQXWH

:HLJKWDQG+HLJKW
%RG\ZHLJKWZLOOEHPHDVXUHGLQSRXQGVRUNLORJUDPV+HLJKWZLOOEHPHDVXUHGLQLQFKHVRU
FHQWLPHWHUV%RG\ZHLJKWZLOOEHPHDVXUHGDWWKH6FUHHQLQJ9LVLW9LVLW:HHN9LVLW
:HHNDQG(26(79LVLW+HLJKWZLOOEHPHDVXUHGDWWKH6FUHHQLQJ9LVLW

3K\VLFDO([DPLQDWLRQ
$FRPSOHWHSK\VLFDOH[DPLQDWLRQZLOOEHSHUIRUPHGDW9LVLW6FUHHQLQJ9LVLW:HHN
DQGDWWKH(26(79LVLW7KHFRPSOHWHSK\VLFDOH[DPLQDWLRQZLOOLQFOXGHDVVHVVPHQWVRIWKH
IROORZLQJRUJDQERG\V\VWHPVVNLQKHDGHDUVH\HVQRVHWKURDWQHFNO\PSKQRGHVSXOVH
FKHVWKHDUWDEGRPHQH[WUHPLWLHVPXVFXORVNHOHWDODQGJHQHUDOQHXURORJLFH[DPLQDWLRQ)RU
FRQVLVWHQF\DOOHIIRUWVVKRXOGEHPDGHWRKDYHWKHSK\VLFDOH[DPLQDWLRQSHUIRUPHGE\WKHVDPH
TXDOLILHGVWXG\VWDIIDWWKHVHYLVLWV

(OHFWURFDUGLRJUDP(&*
$OHDG(&*ZLOOEHFRQGXFWHGDW9LVLWVDQG(26(7$GGLWLRQDO(&*DVVHVVPHQWV
DUHSHUPLWWHGDWWKH,QYHVWLJDWRU¶VGLVFUHWLRQ7KH,QYHVWLJDWRURUGHVLJQHHZLOOEHUHVSRQVLEOH
IRUUHYLHZLQJWKH(&*WRDVVHVVZKHWKHUWKH(&*LVZLWKLQQRUPDOOLPLWVDQGWRGHWHUPLQHWKH
FOLQLFDOVLJQLILFDQFHRIWKHUHVXOWV7KHVHDVVHVVPHQWVZLOOEHLQGLFDWHGRQWKHH&5))RUDQ\
FOLQLFDOO\VLJQLILFDQWDEQRUPDO(&*UHVXOWVWKH,QYHVWLJDWRUPXVWFRQWDFWWKH6SRQVRUWRGLVFXVV
WKHSDWLHQW¶VFRQWLQXHGHOLJLELOLW\WRSDUWLFLSDWHLQWKLVSURWRFRO

/DERUDWRU\$VVHVVPHQWV
3DWLHQWVZLOOKDYHELRORJLFVDPSOHVFROOHFWHGIRUDQDO\VLVRIYDULRXVSDUDPHWHUV7KHFHQWUDO
ODERUDWRU\ZLOOVXSSO\HVWDEOLVKHGRUJHQHUDOO\DFNQRZOHGJHGPHWKRGVQRUPDOUHIHUHQFHUDQJHV
DQGVKLSSLQJLQVWUXFWLRQV
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
&KHPLVWU\SDQHOFRPSOHWHEORRGFRXQW&%&DQGXULQDO\VLVKHPRO\WLFPDUNHUVUHQDOIXQFWLRQ
PHDVXUHVDQGVHUXPSUHJQDQF\WHVW6HH$SSHQGL[IRUGHWDLOVZLOOEHSUHSDUHGDQGVKLSSHG
DFFRUGLQJWRWKHLQVWUXFWLRQVLQWKHODERUDWRU\PDQXDOWRWKHFHQWUDOODERUDWRU\6DPSOHVZLOOEH
DQDO\]HGDWWKHFHQWUDOODERUDWRU\/HXNRSHQLDKDVEHHQUHSRUWHGLQDERXWRISDWLHQWVZLWK
D+86WUHDWHGZLWKHFXOL]XPDE,QWKH102SDWLHQWSRSXODWLRQWKDWPD\DOVREHWUHDWHGZLWK
,67VWKDWDUHNQRZQWRDIIHFW:%&FRXQWVFORVHPRQLWRULQJRIFHOOFRXQWVLVLPSHUDWLYH
5RXWLQHKHPDWRORJ\ODERUDWRU\DVVHVVPHQWLQFOXGLQJ&%&ZLOOEHSHUIRUPHGDWYDULRXVWLPH
SRLQWVDVVSHFLILHGE\WKHSURWRFRODQGVKRXOGEHUHYLHZHGDVVRRQDVWKHODEUHVXOWLVDYDLODEOH
$GGLWLRQDODVVHVVPHQWVWRPRQLWRU:%&FRXQWVFDQEHSHUIRUPHGDWWKHGLVFUHWLRQRIWKH
7UHDWLQJ3K\VLFLDQDVPHGLFDOO\LQGLFDWHG7UHDWPHQWRIOHXNRSHQLDLVDWWKHGLVFUHWLRQRIWKH
7UHDWLQJ3K\VLFLDQDQGFRQVXOWDWLRQZLWKKHPDWRORJLVWLVHQFRXUDJHGDVPHGLFDOO\LQGLFDWHG
%ORRGDQG&6)VDPSOHVIRU3.IUHH&DQGEORRGVDPSOHVIRU+$+$DQDO\VLVZLOOEHSUHSDUHG
DQGVKLSSHGDFFRUGLQJWRWKHLQVWUXFWLRQVLQWKHODERUDWRU\PDQXDOWRWKHFHQWUDOODERUDWRU\
6DPSOHDQDO\VLVZLOOEHFRQGXFWHGDW$OH[LRQ3KDUPDFHXWLFDOV,QFRUDFRQWUDFWHGRUJDQL]DWLRQ
3DWLHQWVPD\FKRRVHQRWWRKDYH&6)VDPSOHVFROOHFWHGDQGZLOOVWLOOEHHOLJLEOHIRUWULDO
SDUWLFLSDWLRQ
6DPSOHVIRU102,J*ZLOOEHSUHSDUHGDQGVKLSSHGDFFRUGLQJWRWKHLQVWUXFWLRQVLQWKHFHQWUDO
ODERUDWRU\PDQXDO6DPSOHDQDO\VLVZLOOEHFRQGXFWHGDWWKHFHQWUDOODERUDWRU\
$(VDQGHYHQWVUHODWHGWRWKHSDWLHQWV¶XQGHUO\LQJGLVHDVHWKDWKDYHRFFXUUHGGXULQJWKHWULDOZLOO
EHFROOHFWHGDWHYHU\YLVLWVHH6HFWLRQ$GYHUVHDQG6HULRXV$GYHUVH(YHQWV6HFWLRQ
$Q\FOLQLFDOO\VLJQLILFDQWDEQRUPDOODERUDWRU\UHVXOWLVWREHUHSRUWHGDVDQ$(

&ROXPELD6XLFLGDO6HYHULW\5DWLQJ6FDOH&6656
7KH&6656ZLOOEHSHUIRUPHGE\WKH7UHDWLQJ3K\VLFLDQRUDQDSSURSULDWHO\WUDLQHGGHVLJQHH
7KH%DVHOLQH6FUHHQLQJ&6656$SSHQGL[ZLOOEHSHUIRUPHGDW%DVHOLQH9LVLW7KH
6LQFH/DVW9LVLW&6656$SSHQGL[ZLOOEHSHUIRUPHGDW9LVLW:HHN9LVLW:HHN
9LVLW:HHNDQGHYHU\WKZHHNYLVLWWKHUHDIWHUWKURXJKWKH(26(79LVLW7KH6LQFH
/DVW9LVLW&6656DOVRQHHGVWREHSHUIRUPHGDWWKH:HHN)ROORZ8S5HODSVH(YDOXDWLRQ
9LVLWDQGWKHVDIHW\)ROORZ8S9LVLWZHHNVDIWHUWKH(26(79LVLW$GGLWLRQDO&6656
DVVHVVPHQWVDUHSHUPLWWHGDVQHHGHG7KLVLVWRHQVXUHWKDWSDWLHQWVZKRDUHH[SHULHQFLQJ
VXLFLGDOLGHDWLRQRUEHKDYLRUDUHSURSHUO\UHFRJQL]HGDQGDGHTXDWHO\PDQDJHGRUUHIHUUHGIRU
IXUWKHUHYDOXDWLRQ

$GYHUVHDQG6HULRXV$GYHUVH(YHQWV

'HILQLWLRQRI$GYHUVH(YHQWV
 $GYHUVH(YHQW
$QDGYHUVHHYHQW$(LVWKHGHYHORSPHQWRIDQXQGHVLUDEOHPHGLFDOFRQGLWLRQRUWKH
GHWHULRUDWLRQRIDSUHH[LVWLQJPHGLFDOFRQGLWLRQIROORZLQJRUGXULQJH[SRVXUHWRD
SKDUPDFHXWLFDOSURGXFWZKHWKHURUQRWFRQVLGHUHGFDVXDOO\UHODWHGWRWKHSURGXFW,QFOLQLFDO
VWXGLHVDQ$(FDQLQFOXGHDQXQGHVLUDEOHPHGLFDOFRQGLWLRQRFFXUULQJDWDQ\WLPHLQFOXGLQJ
EDVHOLQHHYHQLIQR,3KDVEHHQDGPLQLVWHUHG$(VFDQEHFODVVLILHGLQWRQRQVHULRXV$(VRU
6$(V
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
$OOREVHUYHGRUYROXQWHHUHG$(VUHJDUGOHVVRI7UHDWPHQW*URXSRUFDXVDOUHODWLRQVKLSZLOOEH
UHSRUWHGDVGHVFULEHGLQWKHVHFWLRQVEHORZ
)RUDOO$(VWKH,QYHVWLJDWRUPXVWREWDLQDGHTXDWHLQIRUPDWLRQIRUWKHIROORZLQJGHWHUPLQHWKH
RXWFRPHRIWKH$(GHWHUPLQHLIWKHHYHQWPHHWVFULWHULDIRUD6$(DVVHVVWKHVHYHULW\RI
WKH$(DQGGHWHUPLQHWKHFDXVDOLW\RIWKH$()RU$(VZLWKDFDXVDOUHODWLRQVKLSWRWKH,3
WKH,QYHVWLJDWRUPXVWIROORZXSRQWKHRXWFRPHRIWKHHYHQWXQWLOWKHHYHQWRUVHTXHODHHLWKHU
UHVROYHRUVWDELOL]H
$Q$(FDQWKHUHIRUHEHDQ\XQIDYRUDEOHDQGXQLQWHQGHGVLJQLQFOXGLQJDQDEQRUPDOODERUDWRU\
ILQGLQJIRUH[DPSOHV\PSWRPRUGLVHDVHWHPSRUDOO\DVVRFLDWHGZLWKWKHXVHRIDPHGLFLQDO
SURGXFWZKHWKHURUQRWFRQVLGHUHGUHODWHGWRWKHPHGLFLQDOSURGXFWUHIHUHQFH,&++DUPRQLVHG
7ULSDUWLWH*XLGHOLQH&OLQLFDO6DIHW\'DWD0DQDJHPHQW'HILQLWLRQVDQG6WDQGDUGVIRU([SHGLWHG
5HSRUWLQJ($6WHSYHUVLRQGDWHG2FWREHU
)RUWKLVWULDOLQIRUPDWLRQDERXWUHODSVHVWKDWGRQRWPHHWWKH6$(FULWHULDEHORZ6HFWLRQ
VKRXOGEHUHFRUGHGLQVRXUFHGRFXPHQWVDQGLQWKHH&5)DVSDUWRIWKH5HODSVH
(YDOXDWLRQ9LVLWVDQGQRWUHSRUWHGDV$(V
 $EQRUPDO7HVW)LQGLQJ
$EQRUPDOWHVWILQGLQJVPD\EHFRQVLGHUHG$(VRU6$(VDWWKH,QYHVWLJDWRU¶VGLVFUHWLRQ
KRZHYHU,QYHVWLJDWRUVDUHVWURQJO\HQFRXUDJHGWRUHSRUWWKHGLDJQRVLVVLJQRUV\PSWRPLQVWHDG
RIMXVWWKHDEQRUPDOUHVXOW7KHFULWHULDIRUDQDEQRUPDOWHVWILQGLQJEHLQJFODVVLILHGDVDQ$(RU
6$(DUHDVIROORZV
x 7HVWUHVXOWLVDVVRFLDWHGZLWKDVLJQRUV\PSWRP
x 7HVWUHVXOWUHTXLUHVDGGLWLRQDOGLDJQRVWLFWHVWLQJ
x 7HVWUHVXOWUHTXLUHVDPHGLFDORUVXUJLFDOLQWHUYHQWLRQ
x 7HVWUHVXOWOHDGVWRDFKDQJHLQVWXG\GRVLQJRXWVLGHRIWKHSURWRFROGHILQHGGRVLQJRU
GLVFRQWLQXDWLRQIURPWKHWULDO
x 7HVWUHVXOWUHTXLUHVVLJQLILFDQWDGGLWLRQDOWUHDWPHQW
 6HULRXV$GYHUVH(YHQW6$(
$Q\$(WKDWIXOILOOVRQHRUPRUHRIWKHFULWHULDOLVWHGEHORZPXVWEHUHFRUGHGDVD6$($6$(
H[SHULHQFHRUUHDFWLRQLVDQ\XQWRZDUGPHGLFDORFFXUUHQFHWKDWDWDQ\GRVH
x 5HVXOWVLQGHDWK
x ,VOLIHWKUHDWHQLQJ
127(7KHWHUPOLIHWKUHDWHQLQJLQWKHGHILQLWLRQRIVHULRXVUHIHUVWRDQHYHQWLQZKLFKWKH
SDWLHQWZDVDWULVNRIGHDWKDWWKHWLPHRIWKHHYHQWLWGRHVQRWUHIHUWRDQHYHQWZKLFK
K\SRWKHWLFDOO\PLJKWKDYHFDXVHGGHDWKLILWZHUHPRUHVHYHUH
x 5HTXLUHVLQSDWLHQWKRVSLWDOL]DWLRQRUSURORQJDWLRQRIH[LVWLQJKRVSLWDOL]DWLRQ
x 5HVXOWVLQSHUVLVWHQWRUVLJQLILFDQWGLVDELOLW\LQFDSDFLW\
x ,VDFRQJHQLWDODQRPDO\ELUWKGHIHFW
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
x ,VDQLPSRUWDQWPHGLFDOHYHQW
0HGLFDODQGVFLHQWLILFMXGJPHQWVKRXOGEHH[HUFLVHGLQGHFLGLQJZKHWKHUH[SHGLWHGUHSRUWLQJLV
DSSURSULDWHLQRWKHUVLWXDWLRQVVXFKDVLPSRUWDQWPHGLFDOHYHQWVWKDWPD\QRWEHLPPHGLDWHO\
OLIHWKUHDWHQLQJRUUHVXOWLQGHDWKRUKRVSLWDOL]DWLRQEXWPD\MHRSDUGL]HWKHSDWLHQWRUPD\
UHTXLUHLQWHUYHQWLRQWRSUHYHQWRQHRIWKHRWKHURXWFRPHVOLVWHGLQWKHGHILQLWLRQDERYH7KHVH
VKRXOGDOVRXVXDOO\EHFRQVLGHUHGVHULRXV([DPSOHVRIVXFKHYHQWVDUHLQWHQVLYHWUHDWPHQWLQDQ
HPHUJHQF\URRPRUDWKRPHIRUDOOHUJLFEURQFKRVSDVPEORRGG\VFUDVLDVRUFRQYXOVLRQVWKDWGR
QRWUHVXOWLQKRVSLWDOL]DWLRQGHYHORSPHQWRIGUXJGHSHQGHQF\RUGUXJDEXVH
 /DFNRI(IILFDF\
6LQFHHFXOL]XPDEWUHDWPHQWLQUHODSVLQJ102SDWLHQWVLVQRWDQDSSURYHGLQGLFDWLRQODFNRI
HIILFDF\QHHGQRWEHUHSRUWHGDVDQ$(
 +RVSLWDOL]DWLRQ
$(VWKDWDUHDVVRFLDWHGZLWKKRVSLWDOL]DWLRQRUSURORQJDWLRQRIKRVSLWDOL]DWLRQDUHFRQVLGHUHG
6$(V$OODGPLVVLRQVWRDKHDOWKFDUHIDFLOLW\PHHWWKLVFULWHULDHYHQLIIRUOHVVWKDQK
&ULWHULDIRUVHULRXVQHVVDUHDOVRPHWLIWUDQVIHUZLWKLQWKHKRVSLWDOLVGRQHWRUHFHLYHPRUHLQWHQVH
PHGLFDOVXUJLFDOFDUHHJIURPWKHPHGLFDOIORRUWRWKH,QWHQVLYH&DUH8QLW
+RVSLWDOL]DWLRQGRHVQRWLQFOXGHWKHIROORZLQJ
x 5HKDELOLWDWLRQIDFLOLW\
x +RVSLFHIDFLOLW\
x 1XUVLQJIDFLOLW\
x (PHUJHQF\5RRP
x 6DPHGD\VXUJHU\
+RVSLWDOL]DWLRQRUSURORQJDWLRQRIKRVSLWDOL]DWLRQQRWDVVRFLDWHGZLWKDQ$(LVQRWDQ6$(
H[DPSOHVLQFOXGH
x $GPLVVLRQIRUDSUHH[LVWLQJFRQGLWLRQQRWDVVRFLDWHGZLWKHLWKHUDQHZ$(RUZLWK
ZRUVHQLQJRIDSUHH[LVWLQJ$(
x 3URWRFROVSHFLILHGDGPLVVLRQ
x 3UHSODQQHGDGPLVVLRQ
 3URFHGXUHV
'LDJQRVWLFDQGWKHUDSHXWLFSURFHGXUHVLQYDVLYHDQGQRQLQYDVLYHVXFKDVVXUJHU\RU
DQJLRJUDSK\VKRXOGQRWEHUHSRUWHGDVDQ$(RU6$(+RZHYHUWKHPHGLFDOFRQGLWLRQRUWKH
GLDJQRVLVWKDWZDVUHVSRQVLEOHIRUWKHSURFHGXUHVKRXOGEHUHFRUGHG7KHSURFHGXUHVKRXOGEH
UHFRUGHGLQWKHQDUUDWLYHDVWUHDWPHQWIRUWKH$(RU6$(IRUH[DPSOH³/DSDURVFRSLF
FKROHF\VWHFWRP\LVWKHSURFHGXUHRUWUHDWPHQWIRUDQ6$(RIQHFURWLFJDOOEODGGHU´
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
 2WKHU$GYHUVH(YHQW2$(
2$(VZLOOEHLGHQWLILHGE\WKH'UXJ6DIHW\3K\VLFLDQDQGLIDSSOLFDEOHDOVRE\WKH&OLQLFDO7ULDO
7HDP3K\VLFLDQGXULQJWKHHYDOXDWLRQRIVDIHW\GDWDIRUWKH&OLQLFDO6WXG\5HSRUW6LJQLILFDQW
$(VRISDUWLFXODUFOLQLFDOLPSRUWDQFHRWKHUWKDQ6$(VDQGWKRVH$(VOHDGLQJWRGLVFRQWLQXDWLRQ
RIWKHSDWLHQWVXEMHFWIURPWKHWULDOZLOOEHFODVVLILHGDV2$(V)RUHDFK2$(DQDUUDWLYHPD\
EHZULWWHQDQGLQFOXGHGLQWKH&OLQLFDO6WXG\5HSRUW
 6HYHULW\$VVHVVPHQW
$(VHYHULW\ZLOOEHUDWHGE\WKH,QYHVWLJDWRUDVPLOGPRGHUDWHRUVHYHUHXVLQJWKHIROORZLQJ
FULWHULD
x 0LOG(YHQWVUHTXLUHPLQLPDORUQRWUHDWPHQWDQGGRQRWLQWHUIHUHZLWKWKHSDWLHQW¶VGDLO\
DFWLYLWLHV
x 0RGHUDWH(YHQWVUHVXOWLQDORZOHYHORILQFRQYHQLHQFHRUFRQFHUQVZLWKWKHWKHUDSHXWLF
PHDVXUHV0RGHUDWHHYHQWVPD\FDXVHVRPHLQWHUIHUHQFHZLWKIXQFWLRQLQJ
x 6HYHUH(YHQWVLQWHUUXSWDSDWLHQW¶VXVXDOGDLO\DFWLYLW\DQGPD\UHTXLUHV\VWHPLFGUXJ
WKHUDS\RURWKHUWUHDWPHQW6HYHUHHYHQWVDUHXVXDOO\LQFDSDFLWDWLQJ
&KDQJHVLQWKHVHYHULW\RIDQ$(VKRXOGEHGRFXPHQWHGWRDOORZDQDVVHVVPHQWRIWKHGXUDWLRQ
RIWKHHYHQWDWHDFKOHYHORILQWHQVLW\WREHSHUIRUPHG$(VFKDUDFWHUL]HGDVLQWHUPLWWHQWUHTXLUH
GRFXPHQWDWLRQRIRQVHWDQGGXUDWLRQRIHDFKHSLVRGHLIWKHVHYHULW\RIWKHLQWHUPLWWHQWHYHQW
FKDQJHV
6HYHULW\DQGVHULRXVQHVVPXVWEHGLIIHUHQWLDWHG6HYHULW\GHVFULEHVWKHLQWHQVLW\RIDQ$(ZKLOH
WKHWHUPVHULRXVQHVVUHIHUVWRDQ$(WKDWKDVPHWWKHFULWHULDIRUD6$(
 &DXVDOLW\$VVHVVPHQW
$Q,QYHVWLJDWRUFDXVDOLW\DVVHVVPHQW8QUHODWHG8QOLNHO\3RVVLEOH3UREDEOHRU'HILQLWHPXVW
EHSURYLGHGIRUDOO$(VERWKVHULRXVDQGQRQVHULRXV7KLVDVVHVVPHQWPXVWEHUHFRUGHGLQWKH
VRXUFHGRFXPHQWVDQGH&5)DQGDQ\DGGLWLRQDO6$(IRUPVDVDSSURSULDWH7KHGHILQLWLRQVIRU
WKHFDXVDOLW\DVVHVVPHQWVDSSHDUEHORZ
x 1RWUHODWHGXQUHODWHG7KLVUHODWLRQVKLSVXJJHVWVWKDWWKHUHLVQRDVVRFLDWLRQEHWZHHQ
WKH,3DQGWKHUHSRUWHGHYHQW
x 8QOLNHO\UHODWHG7KLVUHODWLRQVKLSVXJJHVWVWKDWWKHFOLQLFDOSLFWXUHLVKLJKO\
FRQVLVWHQWZLWKDFDXVHRWKHUWKDQWKH,3EXWDWWULEXWLRQFDQQRWEHPDGHZLWKDEVROXWH
FHUWDLQW\DQGDUHODWLRQVKLSEHWZHHQWKH,3DQGWKH$(FDQQRWEHH[FOXGHGZLWK
FRPSOHWHFRQILGHQFH
x 3RVVLEO\UHODWHG7KLVUHODWLRQVKLSVXJJHVWVWKDWWUHDWPHQWZLWKWKH,3PD\KDYH
FDXVHGRUFRQWULEXWHGWRWKH$(LHWKHHYHQWIROORZVDUHDVRQDEOHWHPSRUDO
VHTXHQFHIURPWKHWLPHRIGUXJDGPLQLVWUDWLRQDQGRUIROORZVDNQRZQUHVSRQVH
SDWWHUQWRWKH,3EXWFRXOGDOVRKDYHEHHQSURGXFHGE\RWKHUIDFWRUV
x 3UREDEO\UHODWHG7KLVUHODWLRQVKLSVXJJHVWVWKDWDUHDVRQDEOHWHPSRUDOVHTXHQFHRI
WKHHYHQWZLWKWKH,3DGPLQLVWUDWLRQH[LVWVDQGWKHOLNHO\DVVRFLDWLRQRIWKHHYHQWZLWK
WKH,37KLVZLOOEHEDVHGXSRQWKHNQRZQSKDUPDFRORJLFDODFWLRQRIWKH,3NQRZQRU
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
SUHYLRXVO\UHSRUWHGDGYHUVHUHDFWLRQVWRWKH,3RUFODVVRIGUXJVRUMXGJPHQWEDVHG
RQWKH,QYHVWLJDWRU¶VFOLQLFDOH[SHULHQFH
x 'HILQLWHO\UHODWHG7HPSRUDOUHODWLRQVKLSWRWKH,3RWKHUFRQGLWLRQVFRQFXUUHQW
LOOQHVVFRQFXUUHQWPHGLFDWLRQUHDFWLRQRUSURJUHVVLRQH[SUHVVLRQRIGLVHDVHVWDWHGR
QRWDSSHDUWRH[SODLQHYHQWFRUUHVSRQGVZLWKWKHNQRZQSKDUPDFHXWLFDOSURILOH
LPSURYHPHQWRQGLVFRQWLQXDWLRQUHDSSHDUDQFHRQUHFKDOOHQJH
 ([SRVXUHGXULQJ3UHJQDQF\DQG/DFWDWLRQ
3UHJQDQF\GDWDZLOOEHFROOHFWHGGXULQJWKLVWULDOIRUDOOSDWLHQWV
,3H[SRVXUHGXULQJSUHJQDQF\PXVWEHUHFRUGHGDQGIROORZHG([SRVXUHGXULQJSUHJQDQF\DOVR
FDOOHGH[SRVXUHLQXWHUR(,8FDQEHWKHUHVXOWRIHLWKHUPDWHUQDOH[SRVXUHRUWUDQVPLVVLRQRI
GUXJSURGXFWYLDVHPHQIROORZLQJSDWHUQDOH[SRVXUH
,IDSDWLHQWRUDSDWLHQW¶VSDUWQHUEHFRPHVRULVIRXQGSUHJQDQWZKLOHWUHDWHGRUH[SRVHGWR
HFXOL]XPDEWKH,QYHVWLJDWRUPXVWVXEPLWDSUHJQDQF\IRUPWRWKH6SRQVRUYLDWKHVDPHPHWKRG
DVWKHRQHIRU6$(UHSRUWLQJ7KH6SRQVRUZLOOVXSSO\WKH,QYHVWLJDWRUZLWKDFRS\RID
³3UHJQDQF\5HSRUWLQJDQG2XWFRPH)RUP%UHDVW)HHGLQJ´7KH6SRQVRUPXVWEHQRWLILHGYLD
WKHVDPHPHWKRGDV6$(UHSRUWLQJ
([SRVXUHRIDQLQIDQWWRWKH,3GXULQJEUHDVWIHHGLQJQHHGVWREHUHSRUWHGLQWKH³3UHJQDQF\
5HSRUWLQJDQG2XWFRPH)RUP%UHDVW)HHGLQJ´DQGDQ\$(DQLQIDQWPD\H[SHULHQFHIROORZLQJ
EUHDVWIHHGLQJQHHGVWREHUHSRUWHGWRWKH6SRQVRU
7KHSDWLHQWRUSDWLHQW¶VSDUWQHUVKRXOGEHIROORZHGXQWLOWKHRXWFRPHRIWKHSUHJQDQF\LVNQRZQ
VSRQWDQHRXVPLVFDUULDJHHOHFWLYHWHUPLQDWLRQQRUPDOELUWKRUFRQJHQLWDODEQRUPDOLW\HYHQLI
WKHSDWLHQWGLVFRQWLQXHG,3RUGLVFRQWLQXHVIURPWKHWULDO:KHQWKHRXWFRPHRIWKHSUHJQDQF\
EHFRPHVNQRZQWKHIRUPVKRXOGEHFRPSOHWHGDQGUHWXUQHGWRWKH6SRQVRU,IDGGLWLRQDOIROORZ
XSLVUHTXLUHGWKH,QYHVWLJDWRUZLOOEHUHTXHVWHGWRSURYLGHWKHLQIRUPDWLRQ
3UHJQDQF\LQLWVHOILVQRWUHJDUGHGDVDQ$(XQOHVVWKHUHLVDVXVSLFLRQWKDWWKH,3PD\KDYH
LQWHUIHUHGZLWKWKHHIIHFWLYHQHVVRIDFRQWUDFHSWLYHPHGLFDWLRQ+RZHYHUFRPSOLFDWLRQVRI
SUHJQDQF\DQGDEQRUPDORXWFRPHVRISUHJQDQF\DUH$(VDQGPDQ\PD\PHHWFULWHULDIRUD6$(
&RPSOLFDWLRQVRISUHJQDQF\DQGDEQRUPDORXWFRPHVRISUHJQDQF\VXFKDVHFWRSLFSUHJQDQF\
VSRQWDQHRXVDERUWLRQLQWUDXWHULQHIHWDOGHPLVHQHRQDWDOGHDWKRUFRQJHQLWDODQRPDO\ZRXOG
PHHWFULWHULDRID6$(DQGWKXVVKRXOGEHUHSRUWHGDVD6$((OHFWLYHDERUWLRQVZLWKRXW
FRPSOLFDWLRQVVKRXOGQRWEHKDQGOHGDV$(V
 :LWKGUDZDOGXHWRDQ$GYHUVH(YHQW
:LWKGUDZDOGXHWRDQ$(RU6$(PXVWEHFOHDUO\GLIIHUHQWLDWHGIURPZLWKGUDZDOGXHWRRWKHU
UHDVRQV
 2EWDLQLQJWKH$GYHUVH(YHQW
7KHLQYHVWLJDWRUPXVWFROOHFWDOO$(VREVHUYHGREWDLQHGE\GLUHFWTXHVWLRQLQJRUYROXQWHHUHG
IURPWKHWULDOSDWLHQW
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
 5HSRUWLQJ3HULRG
)RU6$(VWKHUHSRUWLQJSHULRGWRWKH6SRQVRUEHJLQVIROORZLQJWKHSDWLHQW¶VVLJQLQJRIWKH,&)
SURYLGLQJFRQVHQWWRSDUWLFLSDWHLQWKHWULDODQGFRQWLQXHVWKURXJKZHHNVDIWHUWKHODVW,3
GRVH1RWLPHOLPLWH[LVWVRQUHSRUWLQJ6$(VWKDWDUHWKRXJKWWREHSRVVLEO\RUSUREDEO\RU
GHILQLWHO\UHODWHGWRWKH,3
)RUQRQVHULRXV$(WKHUHSRUWLQJSHULRGVWDUWVIROORZLQJWKHILUVWGRVHRI,3'D\9LVLWDQG
FRQWLQXHVWKURXJKWKHODVWVWXG\YLVLWLQFOXGLQJWKHVDIHW\)ROORZ8S9LVLW$(VSDUWLFXODUO\
FDXVDOO\UHODWHGDUHWREHIROORZHGXQWLOWKHHYHQWRUVHTXDODHUHVROYHRUDUHGHWHUPLQHGWREH
PHGLFDOO\VWDEOH$OOQRQVHULRXVPHGLFDOHYHQWVWKDWRFFXUGXULQJWKH6FUHHQLQJ3HULRGRUSULRU
WRILUVW,3GRVHDGPLQLVWUDWLRQVKRXOGEHUHSRUWHGDV0HGLFDO+LVWRU\SUHH[LVWLQJFRQGLWLRQV
 5HSRUWLQJ5HTXLUHPHQWVIRU$GYHUVH(YHQWV
$OO$(VPXVWEHDVVHVVHGE\WKH,QYHVWLJDWRUWRGHWHUPLQHLIWKH\PHHWFULWHULDIRUD6$(,I
FULWHULDDUHPHWIRUD6$(WKHHYHQWPXVWEHUHSRUWHGWRWKH6SRQVRUDVSHU6$(UHSRUWLQJ
UHTXLUHPHQWVLQ6HFWLRQ
 5HSRUWLQJ5HTXLUHPHQWVIRU1RQVHULRXV$GYHUVH(YHQWV
$OOQRQVHULRXV$(VPXVWEHUHFRUGHGLQWKHH&5)XSRQDZDUHQHVVRUSULRUWRWKHQH[WSDWLHQW
YLVLW
 5HSRUWLQJ5HTXLUHPHQWVIRU6HULRXV$GYHUVH(YHQWV
)RU6$(VWKH6SRQVRUPXVWEHQRWLILHGLPPHGLDWHO\RUZLWKLQKRXUVRIWKH,QYHVWLJDWRUVLWH
EHFRPLQJDZDUHRIWKHHYHQWUHJDUGOHVVRISUHVXPHGUHODWLRQVKLSWRWKH,3,IWKHHYHQWPHHWV
FULWHULDIRUDIDWDORUOLIHWKUHDWHQLQJ6$(WKH,QYHVWLJDWRUVKRXOGQRWLI\WKH6SRQVRU
LPPHGLDWHO\7KHVHUHSRUWLQJWLPHOLQHVQHHGWREHIROORZHGIRUDOOLQLWLDO6$(FDVHVDQGIROORZ
XSYHUVLRQVWRWKHLQLWLDOFDVH
7KH,QYHVWLJDWRUPXVWFRPSOHWHVLJQDQGGDWHWKH6$(SDJHVYHULI\WKHDFFXUDF\RIWKH
LQIRUPDWLRQUHFRUGHGRQWKH6$(SDJHVZLWKWKHFRUUHVSRQGLQJVRXUFHGRFXPHQWVDQGVHQGD
FRS\YLD(PDLORUID[WRFRQWDFWLQIRUPDWLRQSURYLGHGEHORZ
(PDLO

)D[

$GGLWLRQDOIROORZXSLQIRUPDWLRQLIUHTXLUHGRUDYDLODEOHVKRXOGEHHPDLOHGRUID[HGWRWKH6SRQVRU
RU6SRQVRU¶VGHVLJQHHZLWKLQKRXUVRIWKH,QYHVWLJDWRUEHFRPLQJDZDUHRIWKLVDGGLWLRQDO
LQIRUPDWLRQ)ROORZXSLQIRUPDWLRQVKRXOGEHUHFRUGHGRQWKH6$(H&5)DQGSODFHGZLWKWKH
RULJLQDO6$(LQIRUPDWLRQDQGNHSWZLWKWKHDSSURSULDWHVHFWLRQRIWKHRULJLQDOVXEMHFWUHFRUGVDQGRU
WULDOILOH
)RUDOO6$(VWKH,QYHVWLJDWRUPXVWSURYLGHWKHIROORZLQJ
x $SSURSULDWHDQGUHTXHVWHGIROORZXSLQIRUPDWLRQLQWKHWLPHIUDPHGHWDLOHGDERYH
x &DXVDOLW\RIWKHVHULRXVHYHQWV
x 2XWFRPHRIWKHVHULRXVHYHQWV
&21),'(17,$/

3DJHRI
33'
33'


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
x 0HGLFDOUHFRUGVDQGODERUDWRU\GLDJQRVWLFLQIRUPDWLRQ
 6SRQVRU5HSRUWLQJ5HTXLUHPHQWV
7KH6SRQVRURUOHJDOUHSUHVHQWDWLYHLVUHVSRQVLEOHIRUQRWLI\LQJWKHUHOHYDQWUHJXODWRU\
DXWKRULWLHVRI6$(VPHHWLQJWKHUHSRUWLQJFULWHULDDVSHUUHJLRQDODQGORFDOUHJXODWLRQV
 ,QYHVWLJDWRU5HSRUWLQJ5HTXLUHPHQWV
7KHLQYHVWLJDWRUPXVWIXOILOODOOORFDOUHJXODWRU\REOLJDWLRQVUHTXLUHGIRUVWXG\LQYHVWLJDWRUV,WLV
WKH3,¶VUHVSRQVLELOLW\WRQRWLI\WKH,5%RU,QGHSHQGHQW(WKLFV&RPPLWWHH,(&RIDOO6$(VWKDW
RFFXUDWKLVRUKHUVLWH,QYHVWLJDWRUVZLOODOVREHQRWLILHGRIDOOXQH[SHFWHGVHULRXVGUXJUHODWHG
HYHQWV'D\6DIHW\5HSRUWVWKDWRFFXUGXULQJWKHFOLQLFDOWULDO7KHVHDGGLWLRQDO6$(VDUH
UHTXLUHGWREHUHSRUWHGWRWKH,5%RU,(&DFFRUGLQJWRORFDOUHJXODWLRQV
 5HIHUHQFH6DIHW\'RFXPHQW
7KLVSURWRFROZLOOXVHWKHFXUUHQW,QYHVWLJDWRUV%URFKXUH,%DVWKH5HIHUHQFH6DIHW\'RFXPHQW
7KHH[SHFWHGQHVVRID6$(LVGHWHUPLQHGE\WKH6SRQVRUIURPWKH5HIHUHQFH6DIHW\,QIRUPDWLRQ
VHFWLRQRIWKH,%
 'DWD0RQLWRULQJ&RPPLWWHH
$QLQGHSHQGHQW'DWD0RQLWRULQJ&RPPLWWHH'0&ZLOOFRQGXFWLQWHULPPRQLWRULQJRI
XQEOLQGHGGDWDDVGHVFULEHGLQ6HFWLRQ
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

$66(660(172)%,20$5.(5

102%LRPDUNHU
%ORRGVDPSOHVIURPDOOSDWLHQWVDQG&6)VDPSOHVIURPSDWLHQWVZKRKDYHFRQVHQWHGWR&6)
WHVWLQJZLOOEHPHDVXUHGIRU102,J*DWSURWRFROVSHFLILHGWLPHSRLQWV6HFWLRQDQGDWWKH
2Q7ULDO5HODSVH(YDOXDWLRQ9LVLW
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

67$7,67,&$/0(7+2'$1'3/$11('$1$/<6(6

*HQHUDOFRQVLGHUDWLRQV
(&8102LVD3KDVHUDQGRPL]HGGRXEOHEOLQGHGWZRDUPWLPHWRHYHQWWULDO
FRPSDULQJHFXOL]XPDEDQGSODFHERLQSDWLHQWVZLWK102$WFRPSOHWLRQRIWKHWULDOWKH
6SRQVRUZLOODQDO\]HWKHWULDOGDWD)XUWKHUHODERUDWLRQRIVWDWLVWLFDOLVVXHVLVSURYLGHGLQWKH
6WDWLVWLFDO$QDO\VLV3ODQ6$3
7KH6SRQVRUZLOOEHUHVSRQVLEOHIRUGDWDFROOHFWLRQDQGHGLWLQJUHYLHZLQJDQGYDOLGDWLQJDOOWKH
LQIRUPDWLRQLQWKHH&5)VVWDWLVWLFDODQDO\VLVDQGJHQHUDWLRQRIWKHFOLQLFDOUHSRUW
3ULRUWRORFNLQJWKHGDWDEDVHDOOGDWDHGLWLQJZLOOEHFRPSOHWHDQGGHFLVLRQVUHJDUGLQJWKH
HYDOXDELOLW\RIDOOSDWLHQWGDWDIRULQFOXVLRQLQWKHVWDWLVWLFDODQDO\VLVIRUWKH3HU3URWRFRO33
6HWZLOOEHPDGH7KHUDWLRQDOHIRUH[FOXGLQJDQ\GDWDIURPWKHVWDWLVWLFDODQDO\VHVZLOOEH
SURVSHFWLYHO\GHILQHGDQGFODVVLILFDWLRQRIDOORUSDUWRIDSDWLHQW
VGDWDDVQRQHYDOXDEOHZLOOEH
FRPSOHWHGDQGGRFXPHQWHGEHIRUHWKHGDWDEDVHLVORFNHGDQGEHIRUHWKHVWDWLVWLFDODQDO\VLVLV
EHJXQ7KHVWDWLVWLFDODQDO\VLVZLOOQRWEHJLQXQWLOWKHHQWLUHGDWDEDVHLVORFNHGDQGVLJQHGRII
7KH$OH[LRQ%LRVWDWLVWLFV'HSDUWPHQWZLOOSHUIRUPWKHVWDWLVWLFDODQDO\VLVRIWKHGDWDGHULYHG
IURPWKLVWULDO7KHDQDO\VLVZLOOEHSHUIRUPHGXVLQJWKH6$6VWDWLVWLFDOVRIWZDUHV\VWHP
9HUVLRQRUKLJKHU
$'0&ZLOOFRQGXFWSHULRGLFVDIHW\UHYLHZV
$OOVXPPDU\VWDWLVWLFVZLOOEHFRPSXWHGDQGGLVSOD\HGE\WUHDWPHQWJURXSDQGVFKHGXOHG
DVVHVVPHQWWLPH6XPPDU\VWDWLVWLFVIRUFRQWLQXRXVYDULDEOHVZLOOPLQLPDOO\LQFOXGHQPHDQ
VWDQGDUGGHYLDWLRQPLQLPXPPHGLDQDQGPD[LPXP)RUFDWHJRULFDOYDULDEOHVIUHTXHQFLHVDQG
SHUFHQWDJHVZLOOEHSUHVHQWHG*UDSKLFDOGLVSOD\VZLOOEHSURYLGHGDVDSSURSULDWH

'HWHUPLQDWLRQRI6DPSOH6L]H
7KLVLVDUDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGWULDOWRHYDOXDWHHFXOL]XPDELQ102
SDWLHQWVZLWKDSULPDU\HQGSRLQWRIWLPHWRILUVWDGMXGLFDWHG2Q7ULDO5HODSVH$VVXFKWKHWULDO
LVEDVHGRQREVHUYLQJUHODSVHHYHQWV
7KHVDPSOHVL]HDQGSRZHUFDOFXODWLRQDVVXPSWLRQVIRUWKLVWLPHWRILUVWHYHQWWULDODUHDV
IROORZV
x /RJUDQNWHVWIRUFRPSDULVRQRIHFXOL]XPDEWRSODFHER
x UDQGRPL]DWLRQHFXOL]XPDESODFHER
x 3RZHU
x 7ZRVLGHGOHYHORIVLJQLILFDQFH
x 'URSRXWUDWH
x $FFUXDOSHULRGRIDSSUR[LPDWHO\PRQWKV
x 5HODSVHIUHHUDWHRIIRUWKHHFXOL]XPDEDUPDWPRQWKV
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
x +D]DUGUDWLRRIORJKD]DUGUDWLR ZKLFKFRUUHVSRQGVWRDUHODSVHIUHH
UDWHRIIRUWKHSODFHERDUPDWPRQWKV
7KHWRWDOQXPEHURIUHODSVHHYHQWVWREHREVHUYHGIRUWKLVWULDOLVDGMXGLFDWHG2Q7ULDO
5HODSVHHYHQWVLQGLVWLQFWSDWLHQWV:LWKWKHVHDVVXPSWLRQVDPD[LPXPVDPSOHVL]HRI
DSSUR[LPDWHO\SDWLHQWVHFXOL]XPDEDQGSODFHERSURYLGHVSRZHUWRGHWHFWD
WUHDWPHQWGLIIHUHQFHLQWLPHWRILUVWUHODSVH

$QDO\VHV6HWV

)XOO$QDO\VLV6HW)$6
7KHSRSXODWLRQRQZKLFKSULPDU\VHFRQGDU\WHUWLDU\DQGRWKHUHIILFDF\DQDO\VHVZLOOEH
SHUIRUPHGFRQVLVWVRIDOOSDWLHQWVZKRDUHUDQGRPL]HGWRWUHDWPHQWDQGZKRKDYHUHFHLYHGDW
OHDVWGRVHRI,33DWLHQWVZLOOEHFRPSDUHGIRUHIILFDF\DFFRUGLQJWRWKHWUHDWPHQWWKH\ZHUH
UDQGRPL]HGWRUHFHLYHLUUHVSHFWLYHRIWKHWUHDWPHQWWKH\DFWXDOO\UHFHLYHG

3HU3URWRFRO336HW
7KH336HWLVDVXEVHWRIWKH)$6H[FOXGLQJSDWLHQWVZLWKPDMRUSURWRFROGHYLDWLRQV7KH33
SRSXODWLRQZLOOLQFOXGHDOOSDWLHQWVZKR

+DYHQRPDMRUSURWRFROGHYLDWLRQVRUNH\LQFOXVLRQH[FOXVLRQFULWHULDGHYLDWLRQVWKDW
PLJKWSRWHQWLDOO\DIIHFWHIILFDF\

3DWLHQWVZKRWRRNDWOHDVWRIWKHUHTXLUHGWUHDWPHQWGRVHVZKLOHWKH\ZHUHLQWKH
GRXEOHEOLQG6WXG\3HULRGIRUSDWLHQWVZKRKDYHUHODSVHVDQ\GRVLQJDIWHUWKHUHODSVH
ZLOOQRWEHLQFOXGHGLQWKLVFDOFXODWLRQ
7KH33SRSXODWLRQZLOOEHIXOO\GHVFULEHGLQWKHVWDWLVWLFDODQDO\VLVSODQDQGSDWLHQWVLGHQWLILHG
SULRUWRGDWDEDVHORFN

6DIHW\6HW
6DIHW\DQDO\VHVZLOOEHSHUIRUPHGRQWKH6DIHW\6HW3RSXODWLRQ7KH6DIHW\3RSXODWLRQLQFOXGHV
DOOSDWLHQWVZKRUHFHLYHDWOHDVWGRVHRI,33DWLHQWVZLOOEHFRPSDUHGIRUVDIHW\DFFRUGLQJWR
WKHWUHDWPHQWWKH\DFWXDOO\UHFHLYHG
3DWLHQWVZKRKDYHVLJQHGLQIRUPHGFRQVHQWEXWDUHQRWWUHDWHGLQWKHWULDODUHQRWLQWKH6DIHW\
3RSXODWLRQ+RZHYHULIWKHVHSDWLHQWVUHSRUW$(VRU6$(VWKHVHHYHQWVZLOOEHVXPPDUL]HG
VHSDUDWHO\LQWDEOHVDQGOLVWLQJVDVDSSURSULDWH

2WKHU6HWV
3.3'DQDO\VHVZLOOEHSHUIRUPHGRQWKH3.3'$QDO\VLV6HW7KH3.3'$QDO\VLV6HWLQFOXGHV
DOO102SDWLHQWVZKRKDYH3.3'GDWDDVVHVVPHQWVGXULQJWKHWULDO

'HPRJUDSKLFVDQG%DVHOLQH&KDUDFWHULVWLFV
$OOGHPRJUDSKLFDQGEDVHOLQHFKDUDFWHULVWLFVLQIRUPDWLRQZLOOEHVXPPDUL]HGXVLQJWKH
IROORZLQJVHWV)XOO$QDO\VLV33DQG6DIHW\6HWV1RIRUPDOK\SRWKHVLVWHVWLQJZLOOEH
SHUIRUPHG6XPPDU\VWDWLVWLFVZLOOEHSUHVHQWHGE\WUHDWPHQWJURXSDQGRYHUDOO
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
0HGLFDOKLVWRU\DQGPHGLFDOKLVWRU\UHODWHGWR102ZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXS
/LVWLQJVUHODWHGWRPHGLFDOKLVWRU\ZLOODOVREHSURGXFHG

6XEMHFW'LVSRVLWLRQDQG7UHDWPHQW&RPSOLDQFH
7KHQXPEHURISDWLHQWVVFUHHQHGUDQGRPL]HGWUHDWHGFRPSOHWLQJWKHWULDODQGLQFOXGHGLQWKH
VDIHW\DQGHIILFDF\DQDO\VLVVHWVZLOOEHWDEXODWHGE\FRXQWVDQGSHUFHQWDJHRISDWLHQWVE\
WUHDWPHQWJURXSDQGRYHUDOO5HDVRQVIRUDQ\SDWLHQWZLWKGUDZDOVZLOOEHSURYLGHG
7UHDWPHQWFRPSOLDQFHZLWK,3ZLOOEHVXPPDUL]HGXVLQJGHVFULSWLYHVWDWLVWLFV7KHH[WUDXVDJHRI
,3IRUSDWLHQWVZKRDUHWUHDWHGZLWK3(GXULQJWKHWULDOZLOOEHVXPPDUL]HGDQGOLVWLQJVZLOOEH
SURGXFHG

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV
3ULRUDQGFRQFRPLWDQWPHGLFDWLRQVZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXS/LVWLQJVRISULRUDQG
FRQFRPLWDQWPHGLFDWLRQVZLOOEHSURGXFHG
6XSSRUWLYH,67VDUHDOORZHGGXULQJWKHWULDOXQGHUFHUWDLQUHVWULFWLRQVUHIHUWR6HFWLRQ
&RQFRPLWDQW7UHDWPHQWIRUGHWDLOV7KHIROORZLQJ,67VDUHDOORZHGHLWKHUDVPRQRWKHUDS\RU
LQFRPELQDWLRQFRUWLFRVWHURLGV$=$00)PHWKRWUH[DWHWDFUROLPXVF\FORVSRULQHDQG
F\FORSKRVSKDPLGH7KXVVXSSRUWLYH,67ZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXS/LVWLQJVRI
VXSSRUWLYH,67VZLOOEHSURGXFHG&KDQJHVLQ,67VGXULQJWKHWULDOZLOOEHVXPPDUL]HG
)RUSDWLHQWVZLWK2Q7ULDO5HODSVHVWKHXVHRIPHWK\OSUHGQLVRORQHDQG3(ZLOOEHVXPPDUL]HG
E\WUHDWPHQWJURXS/LVWLQJVRIPHWK\OSUHGQLVRORQHSODVPDSKHUHVLVDQG3(XVDJHE\SDWLHQWV
ZLWK2Q7ULDO5HODSVHVZLOOEHSURGXFHG
0HGLFDWLRQVZLOOEHFRGHGXVLQJWKH:RUOG+HDOWK2UJDQL]DWLRQ'UXJ'LFWLRQDU\:+2'UXJ
$QDO\VHVZLOOEHSURGXFHGIRUWKHGRXEOHEOLQG6WXG\3HULRGLQRUGHUWRFRPSDUHWKHHFXOL]XPDE
JURXSZLWKSODFHERJURXS7KHDQDO\VHVZLOOLQFOXGHHIILFDF\VDIHW\DQG3.3'DQDO\VHV

(IILFDF\$QDO\VHV
$QDO\VHVZLOOEHSURGXFHGIRUWKHGRXEOHEOLQG6WXG\3HULRGLQRUGHUWRFRPSDUHWKHHFXOL]XPDE
JURXSZLWKSODFHERJURXS7KHDQDO\VHVZLOOLQFOXGHHIILFDF\VDIHW\DQG3.3'DQDO\VHV
(IILFDF\DQDO\VHVZLOOEHSHUIRUPHGRQWKH)$6SRSXODWLRQDVZHOODVWKH33SRSXODWLRQ

3ULPDU\(IILFDF\(QGSRLQW
7KHSULPDU\HIILFDF\HQGSRLQWLVWLPHWRILUVWDGMXGLFDWHG2Q7ULDO5HODSVH7KHWULDOZLOOEH
FRQVLGHUHGWRKDYHPHWLWVSULPDU\HIILFDF\REMHFWLYHLIDVWDWLVWLFDOO\VLJQLILFDQWGLIIHUHQFHLV
REVHUYHGEHWZHHQWKHHFXOL]XPDEWUHDWPHQWJURXSDQGWKHSODFHERJURXS7KHFRPSDULVRQRIWKH
WUHDWPHQWJURXSVIRUWKHSULPDU\HQGSRLQWZLOOXVHDORJUDQNWHVWLQFOXGLQJVWUDWDIRUWKH
UDQGRPL]DWLRQVWUDWLILFDWLRQYDULDEOHV('66VFRUHDWUDQGRPL]DWLRQ'D\YVWR
DQGSDWLHQWV¶SULRUVXSSRUWLYHLHIRUUHODSVHSUHYHQWLRQ,67DQG,67VWDWXVDWWKH
UDQGRPL]DWLRQ'D\WUHDWPHQWQDwYHSDWLHQWVYVSDWLHQWVFRQWLQXLQJRQWKHVDPH,67VVLQFH
ODVWUHODSVHYVSDWLHQWVZLWKFKDQJHVLQ,67VVLQFHODVWUHODSVH&RQILGHQFHLQWHUYDOVDQGS
YDOXHVZLOOEHSUHVHQWHG+D]DUGUDWLRDQGULVNUHGXFWLRQZLOOEHVXPPDUL]HG$VHQVLWLYLW\
DQDO\VLVZLOOEHSHUIRUPHGRQWLPHWRILUVW2Q7ULDO5HODSVHDVLGHQWLILHGE\WKH,QYHVWLJDWRU
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
XVLQJDORJUDQNWHVWLQFOXGLQJVWUDWDIRUWKHUDQGRPL]DWLRQVWUDWLILFDWLRQYDULDEOHV,QDGGLWLRQD
VHQVLWLYLW\FRPSDULVRQRIWKHSULPDU\HQGSRLQWZLOOXVHD&R[SURSRUWLRQDOKD]DUGVUHJUHVVLRQ
PRGHOZLWKWUHDWPHQWJURXSLQGLFDWRUDQGUDQGRPL]DWLRQVWUDWLILFDWLRQYDULDEOHVDVWKHRQO\
FRYDULDWHVLQWKHPRGHO$VHFRQGVHQVLWLYLW\FRPSDULVRQRIWKHSULPDU\HQGSRLQWZLOOXVHD&R[
SURSRUWLRQDOKD]DUGVUHJUHVVLRQPRGHOZLWKWUHDWPHQWJURXSLQGLFDWRUUDQGRPL]DWLRQ
VWUDWLILFDWLRQYDULDEOHVDQGUHJLRQDVWKHRQO\FRYDULDWHVLQWKHPRGHO5HJLRQZLOOEHGHILQHG
EDVHGRQWKHVLWHVIRUWKHWULDODQGZLOOLQFOXGH1RUWK$PHULFD6RXWK$PHULFD(XURSH$VLD
3DFLILFDQG2WKHUDVDSSOLFDEOH,QWKHHYHQWWKDWWKHQXPEHURISDWLHQWVLQVRPHUHJLRQVLVWRR
VPDOOWRSHUPLWPRGHOLQJWKHVPDOOHUUHJLRQVZLOOEHSRROHGWRJHWKHU
$QDGGLWLRQDOVHQVLWLYLW\FRPSDULVRQRIWKHSULPDU\HQGSRLQWZLOOXVHD&R[SURSRUWLRQDOKD]DUGV
UHJUHVVLRQPRGHOZLWKWUHDWPHQWJURXSLQGLFDWRUDQGUDQGRPL]DWLRQVWUDWLILFDWLRQYDULDEOHVDV
FRYDULDWHVDQGZLOODOVRLQFOXGHZLWKGUDZDOVGXHWR$(VDVRXWFRPHVHYHQWVLHUHODSVHV
$QDGGLWLRQDOVHQVLWLYLW\RIWKHWUHDWPHQWJURXSVIRUWKHSULPDU\HQGSRLQWZLOOXVHDORJUDQNWHVW
LQFOXGLQJVWUDWDIRUWKHUDQGRPL]DWLRQVWUDWLILFDWLRQYDULDEOHVIRUWKH)$6SDWLHQWVZLWKDIROORZ
XSDVVHVVPHQWLH)$6SDWLHQWVZLWKRXWDIROORZXSDVVHVVPHQWZLOOEHH[FOXGHGIURPWKH
DQDO\VLV
$QDGGLWLRQDOVHQVLWLYLW\FRPSDULVRQRIWKHSULPDU\HQGSRLQWZLOOXVHD&R[SURSRUWLRQDOKD]DUGV
UHJUHVVLRQPRGHOZLWKWUHDWPHQWJURXSLQGLFDWRUDQGUDQGRPL]DWLRQVWUDWLILFDWLRQYDULDEOHVDV
FRYDULDWHVRQO\LQFOXGLQJWKHUHODSVHVDVVHVVHGZLWKLQKRXUV&RQILUPHGUHODSVHVDVVHVVHG
DIWHUKRXUVZLOOEHFHQVRULQJHYHQWVEDVHGRQWKHSDWLHQW¶VODVWGDWHLQWKHVWXG\
,QRUGHUWRDFFRXQWIRUUHODSVHVWKDWDUHQRWHYDOXDWHGDFFRUGLQJWRWKHSURWRFROLHZLWKLQ
KRXUVRIWKHRQVHWRIUHODSVHVLJQDQGV\PSWRPVD&RFKUDQ0DQWHO+DHQV]HO&0+WHVWZLOO
EHXVHGDVVHVVLQJHFXOL]XPDEDQGSODFHERWUHDWPHQWDQGSDWLHQWHYDOXDWHGZLWKLQKUV\HVQR
IRUSDWLHQWVZLWKFRQILUPHGUHODSVHV6XPPDULHVRIWKHVHYHULW\RIWKHFRQILUPHGUHODSVHVYHUVXV
SDWLHQWHYDOXDWHGZLWKLQKRXUV\HVQRE\WUHDWPHQWJURXSZLOODOVREHSURGXFHG
.DSODQ0HLHUFXUYHVIRUERWKWUHDWPHQWJURXSVZLOOEHSURGXFHG/LNHZLVH.DSODQ0HLHU
FXUYHVIRUWKHVWUDWDZLWKLQHDFKWUHDWPHQWJURXSZLOOEHSURGXFHG

6HFRQGDU\(IILFDF\$QDO\VLV
'XULQJWKH6WXG\3HULRG%DVHOLQHLVGHILQHGDVWKHODVWDYDLODEOHDVVHVVPHQWSULRUWRWUHDWPHQW
IRUDOOSDWLHQWVUHJDUGOHVVRIWKHLUWUHDWPHQWJURXS
8QOHVVRWKHUZLVHVSHFLILHGWKHVHFRQGDU\HIILFDF\DQDO\VHVZLOOXVHWKHDYDLODEOHGDWDIURPWKH
6WXG\3HULRG+\SRWKHVLVWHVWLQJFRPSDULQJHFXOL]XPDEWUHDWPHQWZLWKSODFHERWUHDWPHQWIRUWKH
VHFRQGDU\HIILFDF\DQDO\VHVZLOOEHSHUIRUPHGXVLQJDFORVHGWHVWLQJSURFHGXUHZLWKWKH
IROORZLQJUDQNRUGHU
 &KDQJHIURPEDVHOLQHLQ('66VFRUHDWWKH(26
 $GMXGLFDWHGDQQXDOL]HGUHODSVHUDWH
 &KDQJHIURPEDVHOLQHLQ(4'DWWKH(26
 &KDQJHIURPEDVHOLQHLQP56VFRUHDWWKH(26
 &KDQJHIURPEDVHOLQHLQDPEXODWRU\IXQFWLRQDVPHDVXUHGE\+$,DW(26
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
7KHK\SRWKHVLVWHVWLQJZLOOSURFHHGIURPKLJKHVWUDQNFKDQJHIURPEDVHOLQHLQ('66WRWKH
ORZHVWUDQNFKDQJHIURPEDVHOLQHLQ+$,DQGLIVWDWLVWLFDOVLJQLILFDQFHLVQRWDFKLHYHGDWDQ
HQGSRLQWSWKHQHQGSRLQWVRIORZHUUDQNZLOOQRWEHFRQVLGHUHGWREHVWDWLVWLFDOO\
VLJQLILFDQW&RQILGHQFHLQWHUYDOVDQGSYDOXHVZLOOEHSUHVHQWHGIRUDOOVHFRQGDU\HIILFDF\
HQGSRLQWVIRUGHVFULSWLYHSXUSRVHVUHJDUGOHVVRIWKHRXWFRPHRIWKHFORVHGWHVWLQJSURFHGXUH
7KH(4'KDVWZRHQGSRLQWVWKHLQGH[VFRUHDQG(4'9$6)RUWKHSXUSRVHVRIWKLVFORVHG
WHVWLQJSURFHGXUHWKH(4'LQGH[VFRUHZLOOEHDQDO\]HGILUVWDQGWKH(4'9$6VFRUHZLOO
EHDQDO\]HGVHFRQGIRUWKH(4'DQDO\VHV
7KHSULPDU\DQDO\VLVIRUWKHFKDQJHIURPEDVHOLQHLQ('66VFRUHWRWKHHQGRI6WXG\3HULRGLH
ZHHNSRVWUHODSVHIRUWKHSDWLHQWVZKRKDYHUHODSVHVRUHQGRIWUHDWPHQWSHULRGYLVLWIRU
SDWLHQWVZKRGRQRWKDYHUHODSVHVZLOOEHDUDQNHG$1&29$ZLWKWUHDWPHQWJURXSEDVHOLQH
('66DQG,67VWDWXVDWUDQGRPL]DWLRQDVFRYDULDWHV,IDSDWLHQWH[SHULHQFHVDVHFRQGUHODSVH
GXULQJWKHZHHNUHFRYHU\SKDVHDIWHUWKHLQLWLDOUHODSVHWKHODVW('66VFRUHSULRUWRWKHVHFRQG
DWWDFNZLOOEHXVHGIRUWKHDQDO\VLV,IDSDWLHQWKDVQRIROORZXSDVVHVVPHQWVDFKDQJHIURP
EDVHOLQHRILHEDVHOLQHYDOXHFDUULHGIRUZDUGZLOOEHXVHG
$VHQVLWLYLW\DQDO\VLVIRUWKHFKDQJHIURPEDVHOLQHLQ('66VFRUHWRWKHHQGRI6WXG\3HULRG
LHZHHNSRVWUHODSVHIRUWKHSDWLHQWVZKRKDYHUHODSVHVRU(26IRUSDWLHQWVZKRGRQRWKDYH
UHODSVHVZLOOEHDUDQNHG$1&29$ZLWKWUHDWPHQWJURXSEDVHOLQH('66DQG,67VWDWXVDW
UDQGRPL]DWLRQDVFRYDULDWHVLQWKHVXEVHWRIWKH)$6SRSXODWLRQZKRGRKDYHDIROORZXS
DVVHVVPHQWLH)$6SDWLHQWVZLWKRXWDIROORZXSDVVHVVPHQWZLOOEHH[FOXGHGIURPWKH
DQDO\VLV,IDSDWLHQWH[SHULHQFHVDVHFRQGUHODSVHGXULQJWKHZHHNUHFRYHU\SKDVHDIWHUWKH
LQLWLDOUHODSVHWKHODVW('66VFRUHSULRUWRWKHVHFRQGUHODSVHZLOOEHXVHGIRUWKHDQDO\VLV
,QDGGLWLRQVHQVLWLYLW\DQDO\VHVIRUWKHFKDQJHIURP%DVHOLQHLQ('66ZLOOEHDQDO\]HGXVLQJD
PL[HGPRGHOIRUUHSHDWHGPHDVXUHVZLWKEDVHOLQH('66VFRUH,67VWDWXVDWUDQGRPL]DWLRQ
WUHDWPHQWJURXSLQGLFDWRUWULDOYLVLWDQGWULDOYLVLWE\WUHDWPHQWJURXSLQWHUDFWLRQDVFRYDULDWHV
$OOSRVWEDVHOLQH('66VFRUHVZLOOEHLQFOXGHGLQWKHPRGHOVSDWLHQWVZLWKRXWDQ\SRVWEDVHOLQH
VFRUHVZLOOQRWEHLQFOXGHG,QDGGLWLRQRWKHUVHQVLWLYLW\DQDO\VHVZLOOLQFOXGHLPSXWDWLRQVIRU
PLVVLQJYLVLWDVVHVVPHQWV3DWLHQWVZKRGLVFRQWLQXHWKHWULDOHDUO\ZLWKRXWDUHODSVHZLOOKDYH
VXEVHTXHQWPLVVLQJ('66DVVHVVPHQWVLPSXWHGXVLQJWKH/2&)DSSURDFK3DWLHQWVZKR
GLVFRQWLQXHWKHWULDOHDUO\ZLWKDUHODSVHZLOOKDYHVXEVHTXHQWPLVVLQJ('66DVVHVVPHQWV
LPSXWHGE\XVLQJWKH('66DVVHVVPHQWFRQGXFWHGZHHNVDIWHUWKHILUVWUHODSVH,IWKH('66
DVVHVVPHQWZHHNVDIWHUWKHILUVWUHODSVHLVPLVVLQJWKHQWKHODVWDYDLODEOH('66VFRUHDIWHUWKH
UHODSVHDWWULDOGLVFRQWLQXDWLRQIRUWKHSDWLHQWZLOOEHLPSXWHGXVLQJWKH/2&)DSSURDFK,IWKH
SDWLHQWGRHVQRWKDYHDQ('66VFRUHDIWHUWKHUHODSVHWKHQWKHZHHNUHFRYHU\('66VFRUHZLOO
EHLPSXWHGXVLQJWKHSDWLHQW¶VODVW('66EHIRUHWKHUHODSVHDGMXVWHGDFFRUGLQJWRWKHDYHUDJH
FKDQJHLQ('66DW:HHNDIWHUDUHODSVHREVHUYHGLQDOORWKHUSDWLHQWVZKRGLGKDYHUHODSVHVLQ
WKHVDPHWUHDWPHQWJURXS
7KHFRPSDULVRQRIWKHWZRWUHDWPHQWJURXSVIRUWKHVHFRQGDU\HQGSRLQWDGMXGLFDWHG$55ZLOO
XVH3RLVVRQUHJUHVVLRQDQDO\VLV7UHDWPHQWJURXSWKHVWUDWLILFDWLRQYDULDEOHVDQGEDVHOLQH$55
ZLOOEHFRYDULDWHVLQWKHPRGHODQGWKHORJRIWLPHLQWKHWULDOZLOOEHXVHGDVWKHRIIVHWYDULDEOH
$VHQVLWLYLW\DQDO\VLVZLOOEHSHUIRUPHGIRU$55XVLQJDOO2Q7ULDO5HODSVHVDVLGHQWLILHGE\
WKH,QYHVWLJDWRULQD3RLVVRQUHJUHVVLRQDQDO\VLVZLWKWUHDWPHQWJURXSWKHVWUDWLILFDWLRQ
YDULDEOHVDQGEDVHOLQH$55DVFRYDULDWHVLQWKHPRGHODQGWKHORJRIWLPHLQWKHWULDOZLOOEH
XVHGDVWKHRIIVHWYDULDEOH
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
&KDQJHVIURPEDVHOLQHLQWKH+$,(4'LQGH[VFRUHDQG(4'9$6ZLOOEHDQDO\]HGLQD
VLPLODUPDQQHUDVFKDQJHVLQ('66VFRUH%DVHOLQHYDOXHDQGWKHVWUDWLILFDWLRQYDULDEOHVZLOOEH
FRYDULDWHVLQWKHPRGHOLQJIRUWKHVHHQGSRLQWV
7KHSULPDU\DQDO\VLVIRUWKHFKDQJHIURPEDVHOLQHLQP56VFRUHWRWKHHQGRIWKH6WXG\3HULRG
LHZHHNSRVWUHODSVHIRUWKHSDWLHQWVZKRKDYHUHODSVHVRU(26IRUSDWLHQWVZKRGRQRWKDYH
UHODSVHVZLOOEHDUDQNHG$1&29$ZLWKWUHDWPHQWJURXSEDVHOLQHP56('66VWUDWDDW
UDQGRPL]DWLRQDQG,67VWDWXVDWUDQGRPL]DWLRQDVFRYDULDWHV,IDSDWLHQWH[SHULHQFHVDVHFRQG
UHODSVHGXULQJWKHZHHNUHFRYHU\SKDVHDIWHUWKHLQLWLDOUHODSVHWKHODVWP56VFRUHSULRUWRWKH
VHFRQGDWWDFNZLOOEHXVHGIRUWKHDQDO\VLV,IDSDWLHQWKDVQRIROORZXSDVVHVVPHQWVDFKDQJH
IURPEDVHOLQHRILHEDVHOLQHYDOXHFDUULHGIRUZDUGZLOOEHXVHG$VHQVLWLYLW\DQDO\VLVIRU
WKHFKDQJHIURPEDVHOLQHLQP56VFRUHWRWKHHQGRIWKH6WXG\3HULRGZLOOEHDUDQNHG
$1&29$ZLWKWUHDWPHQWJURXSEDVHOLQHP56('66VWUDWDDWUDQGRPL]DWLRQDQG,67VWDWXVDW
UDQGRPL]DWLRQDVFRYDULDWHVLQWKHVXEVHWRIWKH)$6SRSXODWLRQZKRGRKDYHDIROORZXS
DVVHVVPHQWLH)$6SDWLHQWVZLWKRXWDIROORZXSDVVHVVPHQWZLOOEHH[FOXGHGIURPWKH
DQDO\VLV$QDGGLWLRQDOVHQVLWLYLW\FRPSDULVRQRIWKHWZRWUHDWPHQWJURXSVIRUWKHP56VFRUH
ZLOOXVHJHQHUDOL]HGHVWLPDWLQJHTXDWLRQV*((PHWKRGVDWWKHHQGRIWKH6WXG\3HULRGLH
ZHHNSRVWUHODSVHIRUWKHSDWLHQWVZKRKDYHUHODSVHVRUHQGRIWUHDWPHQWSHULRGIRUSDWLHQWVZKR
GRQRWKDYHUHODSVHV352&*(102'LQ6$6ZLOOEHXVHGWRILWD*((PRGHORIWKHPRGLILHG
5DQNLQVFRUHDWWKHHQGRIWKHVWXG\LHZHHNSRVWUHODSVHIRUWKHSDWLHQWVZKRKDYHUHODSVHV
RUHQGRIWUHDWPHQWSHULRGYLVLWIRUSDWLHQWVZKRGRQRWKDYHUHODSVHV7KH*((PRGHOZLOO
LQFOXGHFRYDULDWHVIRUWUHDWPHQWJURXSUDQGRPL]DWLRQVWUDWLILFDWLRQYDULDEOHVEDVHOLQHP56
VFRUHYLVLWDQGWKHWUHDWPHQWJURXSE\YLVLWLQWHUDFWLRQWHUP$PXOWLQRPLDOGLVWULEXWLRQZLOOEH
XVHGLQWKHPRGHODORQJZLWKDFXPXODWLYHORJLWOLQNIXQFWLRQDQGDQLQGHSHQGHQWZRUNLQJ
FRUUHODWLRQPDWUL[,IWKHWUHDWPHQWJURXSE\YLVLWLQWHUDFWLRQWHUPLVQRWVLJQLILFDQWSLW
ZLOOEHUHPRYHGIURPWKH*((PRGHODQGWKHPRGHOZLOOEHUHILWDQGXVHGDVWKHILQDOPRGHOLQ
WKHDQDO\VHV,QDGGLWLRQVXPPDU\VWDWLVWLFVIRUWKHFKDQJHVIURPEDVHOLQHLQWKHP56VFRUHZLOO
EHSURGXFHGE\YLVLWDQGWUHDWPHQWJURXS/LNHZLVHVKLIWWDEOHVIURPEDVHOLQHLQWKHP56VFRUH
ZLOOEHSURGXFHGE\YLVLWDQGWUHDWPHQWJURXSV

7HUWLDU\(IILFDF\(QGSRLQWV
8QOHVVRWKHUZLVHVSHFLILHGWKHWHUWLDU\HIILFDF\DQDO\VHVZLOOXVHWKHDYDLODEOHGDWDIURPWKH
6WXG\3HULRG7KHWHUWLDU\HIILFDF\HQGSRLQWVLQFOXGH
 &KDQJHIURPEDVHOLQHLQDPEXODWRU\IXQFWLRQDVPHDVXUHGE\+$,DW(26LQSDWLHQWV
ZLWKDEQRUPDOEDVHOLQHDPEXODWRU\IXQFWLRQ
 &KDQJHIURPEDVHOLQHLQYLVXDOIXQFWLRQDVPHDVXUHGE\9$DW(26LQDOOSDWLHQWVDQGLQ
SDWLHQWVZLWKDEQRUPDOEDVHOLQHYLVXDOIXQFWLRQ
 &KDQJHIURPEDVHOLQHLQWKH6)DW(26
 &KDQJHIURPEDVHOLQHLQWKH('66)66DW(26
&KDQJHVIURPEDVHOLQHLQ9$ZLOOEHDQDO\]HGLQDVLPLODUPDQQHUDVFKDQJHVLQ('66VFRUH
%DVHOLQHYDOXHDQGWKHVWUDWLILFDWLRQYDULDEOHVZLOOEHFRYDULDWHVLQWKHPRGHOLQJIRUWKHVH
HQGSRLQWV&KDQJHVIURPEDVHOLQHLQWKH+$,DQG9$IRUSDWLHQWVZKRZHUHDEQRUPDODW
EDVHOLQHZLOOEHDQDO\]HGLQDVLPLODUPDQQHUWRWKHDQDO\VHVGHVFULEHGIRU+$,DQG9$LQDOO
SDWLHQWV
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
&KDQJHIURPEDVHOLQHLQTXDOLW\RIOLIHZLOOEHVXPPDUL]HGDVDSSURSULDWHWRWKHTXDOLW\RIOLIH
LQVWUXPHQWDQGWUHDWPHQWJURXSFRPSDULVRQVZLOOEHSHUIRUPHGDVVSHFLILHGLQWKH6$3
&KDQJHVIURPEDVHOLQHLQWKH('66)66ZLOOEHDQDO\]HGLQDVLPLODUPDQQHUWRWKHVHFRQGDU\
HQGSRLQWDQDO\VHVGHVFULEHGIRUWKH('66VFRUH

2WKHU(IILFDF\(QGSRLQWV
6HYHULW\RIDQLQGLYLGXDOUHODSVHDVDVVHVVHGE\26,6DVQRWHGLQ6HFWLRQDQGUHFRYHU\
ZLOOEHDVVHVVHGE\FKDQJHVLQ('66VFRUH

6DIHW\$QDO\VHV
6DIHW\DQDO\VHVZLOOEHSHUIRUPHGRQWKH6DIHW\3RSXODWLRQ7KH6DIHW\3RSXODWLRQLQFOXGHVDOO
SDWLHQWVZKRUHFHLYHDWOHDVWGRVHRI,33DWLHQWVZLOOEHFRPSDUHGIRUVDIHW\DFFRUGLQJWRWKH
WUHDWPHQWWKH\DFWXDOO\UHFHLYHG
'XULQJWKH6WXG\3HULRG%DVHOLQHLVGHILQHGDVWKHODVWDYDLODEOHDVVHVVPHQWSULRUWRWUHDWPHQW
IRUDOOSDWLHQWVUHJDUGOHVVRIWKHLUWUHDWPHQWJURXS
$OO$(VDQGRWKHUVDIHW\LQIRUPDWLRQLQFOXGLQJXQWUHDWHGSDWLHQWVFROOHFWHGDIWHUWKHVLJQLQJRI
LQIRUPHGFRQVHQWZLOOEHUHSRUWHGLQOLVWLQJVDVDSSOLFDEOH
$(VZLOOEHVXPPDUL]HGE\LQFLGHQFH62&SUHIHUUHGWHUP37VHULRXVQHVVVHYHULW\
UHODWLRQVKLSWRWUHDWPHQWDQGE\WUHDWPHQWJURXS&RQFRPLWDQWPHGLFDWLRQVZLOOEHVXPPDUL]HG
E\WUHDWPHQWJURXS
&KDQJHVIURP%DVHOLQHLQYLWDOVLJQVODERUDWRU\DVVHVVPHQWVFKHPLVWU\DQGKHPDWRORJ\DQG
&6656ZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXS/LNHZLVHVKLIWWDEOHV/>ORZ@1>QRUPDO@+
>KLJK@E\WUHDWPHQWJURXSZLOOEHSURGXFHGIRUFOLQLFDOODERUDWRU\WHVWVDQGSUHJQDQF\WHVWVZLOO
EHVXPPDUL]HGLQSDWLHQWOLVWLQJV6KLIWWDEOHVIRUWKH&6656ZLOOEHSURGXFHGE\WUHDWPHQW
JURXSDQGYLVLW

3K\VLFDO([DPLQDWLRQVDQG9LWDO6LJQV
3K\VLFDOH[DPLQDWLRQVZLOOEHVXPPDUL]HGE\YLVLWDQGWUHDWPHQWJURXS9LWDOVLJQVV\VWROLFDQG
GLDVWROLF%3WHPSHUDWXUHDQGVLWWLQJRUVXSLQH+5KHLJKWDQGZHLJKWDQGFKDQJHVIURP
EDVHOLQHLQYLWDOVLJQVLQFOXGLQJKHLJKWDQGZHLJKWZLOOEHVXPPDUL]HGE\YLVLWDQGE\
WUHDWPHQWJURXS/LVWLQJVRISK\VLFDOH[DPVDQGYLWDOVLJQVZLOOEHSURGXFHG

/DERUDWRU\$VVHVVPHQWV
&KDQJHVIURP%DVHOLQHLQODERUDWRU\DVVHVVPHQWVFKHPLVWU\DQGKHPDWRORJ\ZLOOEH
VXPPDUL]HGE\YLVLWDQGWUHDWPHQWJURXS/LNHZLVHVKLIWWDEOHV/>ORZ@1>QRUPDO@+>KLJK@
E\YLVLWDQGWUHDWPHQWJURXSZLOOEHSURGXFHGIRUFOLQLFDOODERUDWRU\WHVWV/LVWLQJVRIODERUDWRU\
GDWDZLOOEHSURGXFHG

$GYHUVH(YHQWV
6$(VRFFXUULQJIURPWKHVLJQLQJRILQIRUPHGFRQVHQWDQGSULRUWRWKHLQLWLDWLRQRI,3WUHDWPHQW
SUHWUHDWPHQW6$(VZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXS
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
7UHDWPHQWHPHUJHQW$(V7($(VDUH$(VWKDWRQVHWDIWHUWKHVWDUWRIWUHDWPHQWLQWKHWULDO
7($(VZLOOEHVXPPDUL]HGE\LQFLGHQFHSUHIHUUHGWHUP62&VHULRXVQHVVVHYHULW\
UHODWLRQVKLSWRWUHDWPHQWDQGE\WUHDWPHQWJURXS6$(VZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXS
7($(VDQG6$(VZLOOEHVXPPDUL]HGE\JHQGHUDQGWUHDWPHQWJURXSE\UDFHDQGWUHDWPHQW
JURXSDQGE\UHJLRQRIWKHZRUOGDQGWUHDWPHQWJURXS
$(VDQGJHQHUDOPHGLFDOVXUJLFDOKLVWRULHVZLOOEHFRGHGE\SULPDU\62&DQG37XVLQJWKH
0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV0HG'5$YHUVLRQRUKLJKHU
 &ROXPELD6XLFLGH6HYHULW\5DWLQJ6FDOH
7KH&6656ZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXSDQGYLVLW6KLIWWDEOHVIRUWKH&6656ZLOO
EHSURGXFHGE\WUHDWPHQWJURXSDQGYLVLW3DWLHQWOLVWLQJVIRUWKH&6656ZLOODOVREHSURGXFHG

2WKHU6DIHW\(QGSRLQWV
(&*UHVXOWVZLOOEHVXPPDUL]HGLQSDWLHQWOLVWLQJV
3UHJQDQF\WHVWVZLOOEHVXPPDUL]HGLQSDWLHQWOLVWLQJV
,PPXQRJHQLFLW\DVPHDVXUHGE\+$+$ZLOOEHVXPPDUL]HGLQSDWLHQWOLVWLQJ

3.3'$QDO\VHV
7KHSRSXODWLRQ3.DQDO\VLVRIHFXOL]XPDELQ102SDWLHQWVZLOOEHSHUIRUPHGWRDVVHVVWKH
FRQFHQWUDWLRQRIHFXOL]XPDEYHUVXVWLPH3.SDUDPHWHUVVXFKDVPD[LPXPFRQFHQWUDWLRQDVZHOO
DVWURXJKDQGSHDNHFXOL]XPDEFRQFHQWUDWLRQGXULQJWKHLQGXFWLRQDQGPDLQWHQDQFHWUHDWPHQW
SKDVHVZLOOEHUHSRUWHG&OHDUDQFHDQGWHUPLQDOKDOIOLIHZLOOEHHVWLPDWHG3'DQDO\VLVZLOOEH
SHUIRUPHGWRDVVHVVSUHDQGSRVWWUHDWPHQWVHUXPKHPRO\WLFDFWLYLW\DQGWKHUHIRUH&
FRPSOHPHQWDFWLYLW\LQKLELWLRQ)UHH&FRQFHQWUDWLRQDOVRPD\EHPHDVXUHG

%LRPDUNHU$QDO\VLV
102,J*DQWLERG\WLWHUOHYHOZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXSDQGYLVLW

2WKHU6WDWLVWLFDO,VVXHV

6LJQLILFDQFH/HYHOV
)RUDOODQDO\VHVWKHHFXOL]XPDEWUHDWHGJURXSZLOOEHFRPSDUHGWRWKHSODFHERJURXSDQGDOO
K\SRWKHVLVWHVWLQJZLOOEHWZRVLGHGDQGSHUIRUPHGDWWKHOHYHORIVLJQLILFDQFHXQOHVV
RWKHUZLVHVSHFLILHG(VWLPDWHVRIWUHDWPHQWHIIHFWRQHIILFDF\SDUDPHWHUVZLOOEHDFFRPSDQLHGE\
WZRVLGHGFRQILGHQFHLQWHUYDOVIRUWKHHIIHFWVL]H

0LVVLQJRU,QYDOLG'DWD
)RUVHFRQGDU\DQGWHUWLDU\HIILFDF\DQDO\VHVPLVVLQJSRVW%DVHOLQHHIILFDF\DQGVDIHW\GDWDZLOO
QRWEHLPSXWHGXQOHVVLQGLFDWHGLQWKHGHVFULEHGDQDO\VLVLQWKH6$3
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

',5(&7$&&(66726285&('$7$'2&80(176

7ULDO0RQLWRULQJ
%HIRUHDVWXG\VLWHFDQHQWHUDSDWLHQWLQWRWKHWULDODUHSUHVHQWDWLYHRIWKH6SRQVRURULWV
GHVLJQHHZLOOYLVLWWKHLQYHVWLJDWLRQDOWULDOVLWHWR
x 'HWHUPLQHWKHDGHTXDF\RIWKHIDFLOLWLHV
x 'LVFXVVZLWKWKHLQYHVWLJDWRUVDQGRWKHUSHUVRQQHOWKHLUUHVSRQVLELOLWLHVZLWKUHJDUGWR
SURWRFRODGKHUHQFHDQGWKHUHVSRQVLELOLWLHVRIWKH6SRQVRURUWKH6SRQVRU¶VGHVLJQHHRU
LWVUHSUHVHQWDWLYHV7KLVZLOOEHGRFXPHQWHGLQD&OLQLFDO7ULDO$JUHHPHQWEHWZHHQWKH
6SRQVRURUWKH6SRQVRU¶VGHVLJQHHDQGWKHLQYHVWLJDWRU
'XULQJWKHWULDODPRQLWRUIURPWKH6SRQVRURUWKH6SRQVRU¶VGHVLJQHHRUUHSUHVHQWDWLYHZLOO
KDYHUHJXODUFRQWDFWVZLWKWKHVWXG\VLWHIRUWKHIROORZLQJ
x 3URYLGHLQIRUPDWLRQDQGVXSSRUWWRWKHLQYHVWLJDWRUV
x &RQILUPWKDWIDFLOLWLHVUHPDLQDFFHSWDEOH
x &RQILUPWKDWWKHLQYHVWLJDWLRQDOWHDPLVDGKHULQJWRWKHSURWRFROWKDWGDWDDUHEHLQJ
DFFXUDWHO\UHFRUGHGLQWKHH&5)VDQGWKDW,3DFFRXQWDELOLW\FKHFNVDUHEHLQJSHUIRUPHG
x 3HUIRUPVRXUFHGDWDYHULILFDWLRQ7KLVLQFOXGHVDFRPSDULVRQRIWKHGDWDLQWKHFDVH
UHSRUWIRUPVZLWKWKHSDWLHQW¶VPHGLFDOUHFRUGVDWWKHKRVSLWDORUSUDFWLFHDQGRWKHU
UHFRUGVUHOHYDQWWRWKHWULDO7KLVZLOOUHTXLUHGLUHFWDFFHVVWRDOORULJLQDOUHFRUGVIRUHDFK
SDWLHQWHJFOLQLFFKDUWV
x 5HFRUGDQGUHSRUWDQ\SURWRFROGHYLDWLRQVQRWSUHYLRXVO\VHQWWRWKH6SRQVRURUWKH
6SRQVRU¶VGHVLJQHH
x &RQILUP$(VDQG6$(VKDYHEHHQSURSHUO\GRFXPHQWHGRQH&5)VDQGFRQILUPDQ\
6$(VKDYHEHHQIRUZDUGHGWRWKH6SRQVRURUWKH6SRQVRU¶VGHVLJQHHDQGWKRVH6$(VWKDW
PHWFULWHULDIRUUHSRUWLQJKDYHEHHQIRUZDUGHGWRWKH,5%
7KHPRQLWRUZLOOEHDYDLODEOHEHWZHHQYLVLWVLIWKHLQYHVWLJDWRUVRURWKHUVWDIIQHHGV
LQIRUPDWLRQRUDGYLFH

$XGLWVDQG,QVSHFWLRQV
$XWKRUL]HGUHSUHVHQWDWLYHVRIWKH6SRQVRURUWKH6SRQVRU¶VGHVLJQHHDUHJXODWRU\DXWKRULW\DQ
,(&RU,5%PD\YLVLWWKHVLWHWRSHUIRUPDXGLWVRULQVSHFWLRQVLQFOXGLQJVRXUFHGDWDYHULILFDWLRQ
7KHSXUSRVHRIDQDXGLWRULQVSHFWLRQLVWRV\VWHPDWLFDOO\DQGLQGHSHQGHQWO\H[DPLQHDOOWULDO
UHODWHGDFWLYLWLHVDQGGRFXPHQWVWRGHWHUPLQHZKHWKHUWKHVHDFWLYLWLHVZHUHFRQGXFWHGDQGGDWD
ZHUHUHFRUGHGDQDO\]HGDQGDFFXUDWHO\UHSRUWHGDFFRUGLQJWRWKHSURWRFRO*RRG&OLQLFDO
3UDFWLFH*&3JXLGHOLQHVRIWKH,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQL]DWLRQ,&+DQGDQ\
DSSOLFDEOHUHJXODWRU\UHTXLUHPHQWV7KHLQYHVWLJDWRUVKRXOGFRQWDFWWKH6SRQVRURUWKH
6SRQVRU¶VGHVLJQHHLPPHGLDWHO\LIFRQWDFWHGE\DUHJXODWRU\DJHQF\DERXWDQLQVSHFWLRQ

&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

,QVWLWXWLRQDO5HYLHZ%RDUG,QWHUQDWLRQDO(WKLFV&RPPLWWHH
7KH3,RU6SRQVRURU6SRQVRUGHVLJQHHGHSHQGLQJRQFRXQWU\UHTXLUHPHQWVPXVWREWDLQ,5%RU
,(&DSSURYDOIRUWKHLQYHVWLJDWLRQ,QLWLDO,5%RU,(&DSSURYDODQGDOOPDWHULDOVWKDWKDYHEHHQ
VXEPLWWHGDQGDSSURYHGE\WKH,5%RU,(&IRUWKLVWULDOLQFOXGLQJWKHSDWLHQW,&)DQGUHFUXLWPHQW
PDWHULDOVPXVWEHPDLQWDLQHGE\WKH,QYHVWLJDWRUDQGPDGHDYDLODEOHIRULQVSHFWLRQ

'DWD0RQLWRULQJ&RPPLWWHH'0&
$QLQGHSHQGHQW'DWD0RQLWRULQJ&RPPLWWHH'0&ZLOOFRQGXFWLQWHULPPRQLWRULQJRI
XQEOLQGHGVDIHW\GDWD
7KH'0&ZLOOKDYHDFFHVVWRDOOXQEOLQGHGVDIHW\GDWDVLQFHLWVSULPDU\IXQFWLRQLVWRHQVXUH
SDWLHQWVDIHW\7KH'0&PD\PDNHUHFRPPHQGDWLRQVWRWKH6SRQVRUUHJDUGLQJVDIHW\LVVXHV
WULDOFRQGXFWDQGPRGLI\LQJH[WHQGLQJRUVWRSSLQJWKHWULDO
,QDGGLWLRQWKH'0&ZLOOUHFHLYHUHSRUWVFRQFHUQLQJSDWLHQWVZKRKDYHGURSSHGRXWDQGDQ\
SDWLHQWVZLWKPLVVLQJSULPDU\DQGVHFRQGDU\HIILFDF\GDWD1RWLILFDWLRQRIWKHGURSRXWDQG
UHDVRQIRUWKHGURSRXWZLOOEHVHQWWRWKH'0&DFFRUGLQJWRWKHVFKHGXOHGHILQHGLQWKHFKDUWHU
$Q\PLVVLQJGDWDUHJDUGLQJWKHSULPDU\DQGVHFRQGDU\HQGSRLQWVZLOOEHQRWHGLQWKHUHJXODUO\
VFKHGXOHGPHHWLQJRIWKH'0&7KH'0&ZLOODOVRUHYLHZVXPPDULHVRIDOOSDWLHQWUHSRUWHG
UHODSVHVWRDVVXUHQRELDVKDVRFFXUUHGLQUHODSVHDVVHVVPHQWVE\WKH7UHDWLQJ3K\VLFLDQ
$VHSDUDWH'0&&KDUWHUZLOOGRFXPHQWDOO'0&SURFHGXUHVIRUWKLVWULDO
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

48$/,7<&21752/$1'48$/,7<$6685$1&(
7RHQVXUHFRPSOLDQFHZLWK*&3DQGDOODSSOLFDEOHUHJXODWRU\UHTXLUHPHQWVWKH6SRQVRURU
6SRQVRU¶VGHVLJQHHPD\FRQGXFWDTXDOLW\DVVXUDQFHDXGLW3OHDVHVHH6HFWLRQIRUPRUH
GHWDLOVUHJDUGLQJWKHDXGLWSURFHVV
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

(7+,&6

(WKLFV5HYLHZ
7KHILQDOWULDOSURWRFROLQFOXGLQJWKHILQDOYHUVLRQRIWKH,&)PXVWEHDSSURYHGRUJLYHQD
IDYRUDEOHRSLQLRQLQZULWLQJE\DQ,5%RU,(&DVDSSURSULDWH7KHLQYHVWLJDWRUPXVWVXEPLWD
FRS\RIWKHZULWWHQDSSURYDOWRWKH6SRQVRURUWKH6SRQVRU¶VGHVLJQHHVEHIRUHKHRUVKHFDQ
HQUROODQ\VXEMHFWLQWRWKHWULDO
7KH3,RU6SRQVRURU6SRQVRUGHVLJQHHGHSHQGLQJRQFRXQWU\UHTXLUHPHQWVLVUHVSRQVLEOHIRU
LQIRUPLQJWKH,5%RU,(&RIDQ\DPHQGPHQWWRWKHSURWRFROLQDFFRUGDQFHZLWKORFDO
UHTXLUHPHQWV,QDGGLWLRQWKH,5%RU,(&PXVWDSSURYHDOODGYHUWLVLQJXVHGWRUHFUXLWSDWLHQWV
IRUWKHWULDO7KHSURWRFROPXVWEHUHDSSURYHGE\WKH,5%RU,(&XSRQUHFHLSWRIDPHQGPHQWV
DQGDQQXDOO\RUSHUORFDOUHJXODWLRQV
7KH3,LVDOVRUHVSRQVLEOHIRUSURYLGLQJWKH,5%ZLWKUHSRUWVRIDQ\UHSRUWDEOHVHULRXVDGYHUVH
GUXJUHDFWLRQVIURPDQ\RWKHUWULDOFRQGXFWHGZLWKWKH,37KH6SRQVRURUWKH6SRQVRU¶V
GHVLJQHHVZLOOSURYLGHWKLVLQIRUPDWLRQWRWKH3,
3URJUHVVUHSRUWVDQGQRWLILFDWLRQVRIVHULRXVDGYHUVHGUXJUHDFWLRQVZLOOEHSURYLGHGWRWKH,5%
RU,(&DFFRUGLQJWRORFDOUHJXODWLRQVDQGJXLGHOLQHV

(WKLFDO&RQGXFWRIWKH7ULDO
7KHWULDOZLOOEHSHUIRUPHGLQDFFRUGDQFHZLWKHWKLFDOSULQFLSOHVWKDWKDYHWKHLURULJLQLQWKH
'HFODUDWLRQRI+HOVLQNLDQGDUHFRQVLVWHQWZLWK,&+*&3DSSOLFDEOHUHJXODWRU\UHTXLUHPHQWV

:ULWWHQ,QIRUPHG&RQVHQW
7KH3,VDWHDFKWULDOVLWHZLOOHQVXUHWKDWWKHSDWLHQWLVJLYHQIXOODQGDGHTXDWHRUDODQGZULWWHQ
LQIRUPDWLRQDERXWWKHQDWXUHSXUSRVHSRVVLEOHULVNDQGEHQHILWRIWKHWULDO3DWLHQWVPXVWDOVREH
QRWLILHGWKDWWKH\DUHIUHHWRGLVFRQWLQXHIURPWKHWULDODWDQ\WLPH7KHSDWLHQWVKRXOGEHJLYHQ
WKHRSSRUWXQLW\WRDVNTXHVWLRQVDQGDOORZHGWLPHWRFRQVLGHUWKHLQIRUPDWLRQSURYLGHG
7KHSDWLHQW¶VVLJQHGDQGGDWHGLQIRUPHGFRQVHQWPXVWEHREWDLQHGEHIRUHFRQGXFWLQJDQ\WULDO
SURFHGXUHV
7KH3,VPXVWPDLQWDLQWKHRULJLQDOVLJQHG,&)$FRS\RIWKHVLJQHG,&)PXVWEHJLYHQWRWKH
SDWLHQW
/RFDOUHJXODWLRQVVKRXOGEHIROORZHGIRUEOLQGRURWKHUGLVDEOHGSDWLHQWV,IWKHUHDUHQRWFOHDU
UHTXLUHPHQWVLWLVVWURQJO\UHFRPPHQGHGWKDWDWWKHYHU\PLQLPXPDQLPSDUWLDOZLWQHVVRULI
DSSOLFDEOHD/HJDO*XDUGLDQLVSUHVHQWGXULQJWKHFRQVHQWSURFHVVDQGVLJQVWKHFRQVHQW
$GGLWLRQDOO\WKH3,VKRXOGGLVFXVVZLWKWKH/RFDO(&,5%WKHUHFRPPHQGHGFRQVHQWSURFHVVIRU
WKHVHSDWLHQWVDQGDGKHUHWRLW
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

'$7$+$1'/,1*$1'5(&25'.((3,1*

,QVSHFWLRQRI5HFRUGV
7KH6SRQVRURUWKH6SRQVRU¶VGHVLJQHHZLOOEHDOORZHGWRFRQGXFWVLWHYLVLWVWRWKHLQYHVWLJDWLRQ
IDFLOLWLHVIRUWKHSXUSRVHRIPRQLWRULQJDQ\DVSHFWRIWKHWULDO7KH,QYHVWLJDWRUDJUHHVWRDOORZ
WKHPRQLWRUWRLQVSHFWWKH,3VWRUDJHDUHD,3VWRFNV,3DFFRXQWDELOLW\UHFRUGVSDWLHQWFKDUWVDQG
WULDOVRXUFHGRFXPHQWVDQGRWKHUUHFRUGVUHODWLYHWRWULDOFRQGXFW

5HWHQWLRQRI5HFRUGV
7KH3,PXVWPDLQWDLQDOOGRFXPHQWDWLRQUHODWLQJWRWKHWULDODFFRUGLQJWRORFDOUHJXODWLRQVRUD
PLQLPXPSHULRGRI\HDUVDIWHUWKHODVWPDUNHWLQJDSSOLFDWLRQDSSURYDOZRUOGZLGHRULIQRW
DSSURYHG\HDUVIROORZLQJWKHGLVFRQWLQXDQFHRIWKHWHVWDUWLFOHIRULQYHVWLJDWLRQ7KH3,PXVW
DOVRPDLQWDLQWKHFRQILGHQWLDOLW\RIDOOVWXG\GRFXPHQWDWLRQDQGWDNHPHDVXUHVWRSUHYHQW
DFFLGHQWDORUSUHPDWXUHGHVWUXFWLRQRIWKHVHGRFXPHQWV,ILWEHFRPHVQHFHVVDU\IRUWKH6SRQVRU
RUWKH6SRQVRU¶VGHVLJQHHRUWKH5HJXODWRU\$XWKRULW\WRUHYLHZDQ\GRFXPHQWDWLRQUHODWLQJWR
WKHWULDOWKH,QYHVWLJDWRUPXVWSHUPLWDFFHVVWRVXFKUHFRUGV
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

/,672)5()(5(1&(6



 0RUURZ0-:LQJHUFKXN'1HXURP\HOLWLVRSWLFD-1HXURRSKWKDOPRO
-XQ

 0HDO\0$:LQJHUFKXN'0*UHHQEHUJ%0/HY\0(SLGHPLRORJ\RI1HXURP\HOLWLV
2SWLFDLQWKH8QLWHG6WDWHV$0XOWLFHQWHU$QDO\VLV(SLGHPLRORJ\RI102$UFK1HXURO
-XQ

 2K-/HY\01HXURP\HOLWLVRSWLFDDQDQWLERG\PHGLDWHGGLVRUGHURIWKHFHQWUDO
QHUYRXVV\VWHP1HXURO5HV,QW

 3LWWRFN6/HQQRQ9$0F.HRQ$0DQGUHNDU-:HLQVKHQNHU%*/XFFKLQHWWL&)HWDO
(FXOL]XPDELQ$43,J*SRVLWLYHUHODSVLQJQHXURP\HOLWLVRSWLFDVSHFWUXPGLVRUGHUVDQ
RSHQODEHOSLORWVWXG\/DQFHW1HXURO

 :LQJHUFKXN'03LWWRFN6-/XFFKLQHWWL&)/HQQRQ9$:HLQVKHQNHU%*$
VHFRQGDU\SURJUHVVLYHFOLQLFDOFRXUVHLVXQFRPPRQLQQHXURP\HOLWLVRSWLFD1HXURORJ\
)HE

 :LQJHUFKXN'0/HQQRQ9$3LWWRFN6-/XFFKLQHWWL&):HLQVKHQNHU%*5HYLVHG
GLDJQRVWLFFULWHULDIRUQHXURP\HOLWLVRSWLFD1HXURORJ\0D\

 3RSHVFX%)/HQQRQ9$3DULVL-(+RZH&/:HLJDQG6'&DEUHUD*RPH]-$HWDO
1HXURP\HOLWLVRSWLFDXQLTXHDUHDSRVWUHPDOHVLRQVQDXVHDYRPLWLQJDQGSDWKRJHQLF
LPSOLFDWLRQV1HXURORJ\$SU

 3RSSH$</DSLHUUH<0HODQFRQ'/RZGHQ':DUGHOO/)XOOHUWRQ/0HWDO
1HXURP\HOLWLVRSWLFDZLWKK\SRWKDODPLFLQYROYHPHQW0XOW6FOHU2FW

 :LQJHUFKXN'0+RJDQFDPS:)2
%ULHQ3&:HLQVKHQNHU%*7KHFOLQLFDOFRXUVHRI
QHXURP\HOLWLVRSWLFD'HYLF
VV\QGURPH1HXURORJ\6HS
  3DSDLV$OYDUHQJD50&DUHOORV6&$OYDUHQJD03+RODQGHU&%LFKDUD537KXOHU/&
&OLQLFDOFRXUVHRIRSWLFQHXULWLVLQSDWLHQWVZLWKUHODSVLQJQHXURP\HOLWLVRSWLFD$UFK
2SKWKDOPRO-DQ
  9HUQDQW-&&DEUH36PDGMD'0HUOH+&DXEDUUHUH,0LNRO-HWDO5HFXUUHQWRSWLF
QHXURP\HOLWLVZLWKHQGRFULQRSDWKLHVDQHZV\QGURPH1HXURORJ\-DQ
  )DUGHW/*HQHUHDX70LNDHORII<)RQWDLQH%6HLOKHDQ'&DEDQH-'HYLF
V
QHXURP\HOLWLVRSWLFDVWXG\RIQLQHFDVHV$FWD1HXURO6FDQG6HS
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
  :LQJHUFKXN'0:HLQVKHQNHU%*1HXURP\HOLWLVRSWLFD&XUU7UHDW2SWLRQV1HXURO
-DQ
  /HQQRQ9$:LQJHUFKXN'0.U\]HU7-3LWWRFN6-/XFFKLQHWWL&))XMLKDUD.HWDO$
VHUXPDXWRDQWLERG\PDUNHURIQHXURP\HOLWLVRSWLFDGLVWLQFWLRQIURPPXOWLSOHVFOHURVLV
/DQFHW'HF
  3DSDGRSRXORV0&9HUNPDQ$6$TXDSRULQDQGQHXURP\HOLWLVRSWLFD/DQFHW1HXURO
-XQ
  5RHPHU6)3DULVL-(/HQQRQ9$%HQDUURFK((/DVVPDQQ+%UXFN:HWDO3DWWHUQ
VSHFLILFORVVRIDTXDSRULQLPPXQRUHDFWLYLW\GLVWLQJXLVKHVQHXURP\HOLWLVRSWLFDIURP
PXOWLSOHVFOHURVLV%UDLQ0D\3W
  3LWWRFN6-1HXURP\HOLWLVRSWLFDDQHZSHUVSHFWLYH6HPLQ1HXURO)HE

  :LQJHUFKXN'0/HQQRQ9$/XFFKLQHWWL&)3LWWRFN6-:HLQVKHQNHU%*7KH
VSHFWUXPRIQHXURP\HOLWLVRSWLFD/DQFHW1HXURO6HS
  6DL]$=XOLDQL/%ODQFR<7DYRODWR%*LRPHWWR%*UDXV)5HYLVHGGLDJQRVWLF
FULWHULDIRUQHXURP\HOLWLVRSWLFD102$SSOLFDWLRQLQDVHULHVRIVXVSHFWHGSDWLHQWV-
1HXURO6HS
  6HOOQHU-%RJJLOG0&ODQHW0+LQW]HQ54,OOHV=0RQWDOEDQ;HWDO()16
JXLGHOLQHVRQGLDJQRVLVDQGPDQDJHPHQWRIQHXURP\HOLWLVRSWLFD(XU-1HXURO
$XJ
  &RVWDQ]L&0DWLHOOR0/XFFKLQHWWL&):HLQVKHQNHU%*3LWWRFN6-0DQGUHNDU-HWDO
$]DWKLRSULQHWROHUDELOLW\HIILFDF\DQGSUHGLFWRUVRIEHQHILWLQQHXURP\HOLWLVRSWLFD
1HXURORJ\$XJ
  %LFKXHWWL'%/REDWRGH2OLYHLUD(02OLYHLUD'0$PRULQGH61*DEEDL$$
1HXURP\HOLWLVRSWLFDWUHDWPHQWDQDO\VLVRISDWLHQWV$UFK1HXURO
6HS
  %LFKXHWWL'%2OLYHLUD(0%RXORV)&*DEEDL$$/DFNRIUHVSRQVHWRSXOVH
F\FORSKRVSKDPLGHLQQHXURP\HOLWLVRSWLFDHYDOXDWLRQRISDWLHQWV$UFK1HXURO
-XO
  .LP6+.LP:3DUN066RKQ(+/L;).LP+-(IILFDF\DQGVDIHW\RI
PLWR[DQWURQHLQSDWLHQWVZLWKKLJKO\UHODSVLQJQHXURP\HOLWLVRSWLFD$UFK1HXURO
$SU
  -DFRE$0DWLHOOR0:HLQVKHQNHU%*:LQJHUFKXN'0/XFFKLQHWWL&6KXVWHU(HWDO
7UHDWPHQWRIQHXURP\HOLWLVRSWLFDZLWKP\FRSKHQRODWHPRIHWLOUHWURVSHFWLYHDQDO\VLVRI
SDWLHQWV$UFK1HXURO6HS
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
  /XFFKLQHWWL&)0DQGOHU510F*DYHUQ'%UXFN:*OHLFK*5DQVRKRII50HWDO$
UROHIRUKXPRUDOPHFKDQLVPVLQWKHSDWKRJHQHVLVRI'HYLF
VQHXURP\HOLWLVRSWLFD%UDLQ
-XO3W
  +LQVRQ653LWWRFN6-/XFFKLQHWWL&)5RHPHU6))U\HU-3.U\]HU7-HWDO3DWKRJHQLF
SRWHQWLDORI,J*ELQGLQJWRZDWHUFKDQQHOH[WUDFHOOXODUGRPDLQLQQHXURP\HOLWLVRSWLFD
1HXURORJ\'HF
  0DWD6/ROOL)1HXURP\HOLWLVRSWLFDDQXSGDWH-1HXURO6FL$SU

  +LQVRQ650F.HRQ$)U\HU-3$SLZDWWDQDNXO0/HQQRQ9$3LWWRFN6-3UHGLFWLRQ
RIQHXURP\HOLWLVRSWLFDDWWDFNVHYHULW\E\TXDQWLWDWLRQRIFRPSOHPHQWPHGLDWHGLQMXU\WR
DTXDSRULQH[SUHVVLQJFHOOV$UFK1HXURO6HS
  $OH[LRQ,QYHVWLJDWRU
V%URFKXUH(FXOL]XPDEY
5HI7\SH*HQHULF
  .LPEURXJK')XMLKDUD.-DFRE$HWDO7UHDWPHQWRIQHXURP\HOLWLVRSWLFD5HYLHZDQG
UHFRPPHQGDWLRQV0XOWLSOH6FOHURVLVDQG5HODWHG'LVRUGHUV
  .XUW]NH-)5DWLQJQHXURORJLFLPSDLUPHQWLQPXOWLSOHVFOHURVLVDQH[SDQGHGGLVDELOLW\
VWDWXVVFDOH('661HXURORJ\1RY
  +DXVHU6/'DZVRQ'0/HKULFK-5%HDO0).HY\693URSSHU5'HWDO,QWHQVLYH
LPPXQRVXSSUHVVLRQLQSURJUHVVLYHPXOWLSOHVFOHURVLV$UDQGRPL]HGWKUHHDUPVWXG\RI
KLJKGRVHLQWUDYHQRXVF\FORSKRVSKDPLGHSODVPDH[FKDQJHDQG$&7+1(QJO-0HG
-DQ
  3RVQHU.%UHQW'/XFDV&*RXOG06WDQOH\%%URZQ*HWDO&2/80%,$
68,&,'(6(9(5,7<5$7,1*6&$/(&6656%DVHOLQH6FUHHQLQJ
5HI7\SH2QOLQH6RXUFH
  3RVQHU.%UHQW'/XFDV&*RXOG06WDQOH\%%URZQ*HWDO&2/80%,$
68,&,'(6(9(5,7<5$7,1*6&$/(&66566LQFH/DVW9LVLW
5HI7\SH2QOLQH6RXUFH



&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
$33(1',&(6
$SSHQGL[ 'LDJQRVWLF&ULWHULDIRU102
$SSHQGL[ 'LDJQRVWLF&ULWHULDIRU102VSHFWUXPGLVRUGHU
$SSHQGL[ .XUW]NH([SDQGHG'LVDELOLW\6WDWXV6FDOH('66
$SSHQGL[ 2SWLF6SLQDO,PSDLUPHQW6FDOH26,6
$SSHQGL[ +DXVHU$PEXODWLRQ,QGH[+$,
$SSHQGL[ 6KRUW)RUP+HDOWK6XUYH\6)
$SSHQGL[ (XUR4R/(4'
$SSHQGL[ &OLQLFDO/DERUDWRU\7HVWV
$SSHQGL[ 0RGLILHG5DQNLQ6FDOHP56
$SSHQGL[&ROXPELD6XLFLGH6HYHULW\5DWLQJ6FDOH&6656%DVHOLQH6FUHHQLQJ
$SSHQGL[&ROXPELD6XLFLGH6HYHULW\5DWLQJ6FDOH&66566LQFH/DVW9LVLW
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
$33(1',; ',$*1267,&&5,7(5,$)25102

'HILQLWH102
x 
2SWLFQHXULWLV
x 
$FXWHP\HOLWLV

$WOHDVWWZRRIWKUHHVXSSRUWLYHFULWHULD
 &RQWLJXRXVVSLQDOFRUG05,OHVLRQH[WHQGLQJRYHUYHUWHEUDOVHJPHQWV
 %UDLQ05,QRWPHHWLQJGLDJQRVWLFFULWHULDIRUPXOWLSOHVFOHURVLV
 102,J*VHURSRVLWLYHVWDWXV
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
$33(1',; ',$*1267,&&5,7(5,$)2510263(&7580
',625'(5

1HXURP\OLWLVRSWLFD
/LPLWHGIRUPVRIQHXURP\OLWLVRSWLFD
x ,GLRSDWLFVLQJOHRUUHFXUUHQWHYHQWVRIORQJLWXGLQDOO\H[WHQVLYHP\HOLWLVYHUWHEUDO
VHJPHQWVSLQDOFRUGOHVLRQVHHQRQ05,
x 2SWLFQHXULWLVUHFXUUHQWRUVLPXOWDQHRXVELODWHUDO
$VLDQRSWLFVSLQDOPXOWLSOHVFOHURVLV
2SWLFQHXULWLVRUORQJLWXGLQDOO\H[WHQVLYHP\HOLWLVDVVRFLDWHGZLWKV\VWHPLFDXWRLPPXQHGLVHDVH
2SWLFQHXULWLVRUP\HOLWLVDVVRFLDWHGZLWKEUDLQOHVLRQVW\SLFDORIQHXURP\HOLWLVRSWLFD
K\SRWKDODPLFFRUSXVFDOORVDOSHULYHQWULFXODURUEUDLQVWHP

&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
$33(1',; .857=.((;3$1'('',6$%,/,7<67$7866&$/(
('66
7KH.XUW]NH([SDQGHG'LVDELOLW\6WDWXV6FDOH('66LVDPHWKRGRITXDQWLI\LQJGLVDELOLW\LQ
PXOWLSOHVFOHURVLV7KH('66UHSODFHGWKHSUHYLRXV'LVDELOLW\6WDWXV6FDOHVXVHGLQ0XOWLSOH
6FOHURVLV06
7KH('66TXDQWLILHVGLVDELOLW\LQHLJKW)XQFWLRQDO6\VWHPV)6DQGDOORZVQHXURORJLVWVWR
DVVLJQD)XQFWLRQDO6\VWHP6FRUH)66LQHDFKRIWKHVH7KH)XQFWLRQDO6\VWHPVDUH
S\UDPLGDO
FHUHEHOODU
EUDLQVWHP
VHQVRU\
ERZHODQGEODGGHU
YLVXDO
FHUHEUDO
RWKHU
('66VWHSVWRUHIHUWRSHRSOHZLWK06ZKRDUHIXOO\DPEXODWRU\('66VWHSVWR
DUHGHILQHGE\WKHLPSDLUPHQWWRDPEXODWLRQ


.XUW]NH([SDQGHG'LVDELOLW\6WDWXV6FDOH
 1RUPDOQHXURORJLFDOH[DPLQDWLRQ
 1RGLVDELOLW\PLQLPDOVLJQVLQRQH)6
 1RGLVDELOLW\PLQLPDOVLJQVLQPRUHWKDQRQH)6
 0LQLPDOGLVDELOLW\LQRQH)6
 0LOGGLVDELOLW\LQRQH)6RUPLQLPDOGLVDELOLW\LQWZR)6
 0RGHUDWHGLVDELOLW\LQRQH)6RUPLOGGLVDELOLW\LQWKUHHRUIRXU)6)XOO\DPEXODWRU\
 )XOO\DPEXODWRU\EXWZLWKPRGHUDWHGLVDELOLW\LQRQH)6DQGPRUHWKDQPLQLPDOGLVDELOLW\
LQVHYHUDORWKHUV
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
 )XOO\DPEXODWRU\ZLWKRXWDLGVHOIVXIILFLHQWXSDQGDERXWVRPHKRXUVDGD\GHVSLWH
UHODWLYHO\VHYHUHGLVDELOLW\DEOHWRZDONZLWKRXWDLGRUUHVWVRPHPHWHUV
 )XOO\DPEXODWRU\ZLWKRXWDLGXSDQGDERXWPXFKRIWKHGD\DEOHWRZRUNDIXOOGD\PD\
RWKHUZLVHKDYHVRPHOLPLWDWLRQRIIXOODFWLYLW\RUUHTXLUHPLQLPDODVVLVWDQFHFKDUDFWHUL]HG
E\UHODWLYHO\VHYHUHGLVDELOLW\DEOHWRZDONZLWKRXWDLGRUUHVWVRPHPHWHUV
 $PEXODWRU\ZLWKRXWDLGRUUHVWIRUDERXWPHWHUVGLVDELOLW\VHYHUHHQRXJKWRLPSDLUIXOO
GDLO\DFWLYLWLHVZRUNDIXOOGD\ZLWKRXWVSHFLDOSURYLVLRQV
 $PEXODWRU\ZLWKRXWDLGRUUHVWIRUDERXWPHWHUVGLVDELOLW\VHYHUHHQRXJKWRSUHFOXGH
IXOOGDLO\DFWLYLWLHV
 ,QWHUPLWWHQWRUXQLODWHUDOFRQVWDQWDVVLVWDQFHFDQHFUXWFKEUDFHUHTXLUHGWRZDONDERXW
PHWHUVZLWKRUZLWKRXWUHVWLQJ
 &RQVWDQWELODWHUDODVVLVWDQFHFDQHVFUXWFKHVEUDFHVUHTXLUHGWRZDONDERXWPHWHUV
ZLWKRXWUHVWLQJ
 8QDEOHWRZDONEH\RQGDSSUR[LPDWHO\ILYHPHWHUVHYHQZLWKDLGHVVHQWLDOO\UHVWULFWHGWR
ZKHHOFKDLUZKHHOVVHOILQVWDQGDUGZKHHOFKDLUDQGWUDQVIHUVDORQHXSDQGDERXWLQ
ZKHHOFKDLUVRPHKRXUVDGD\
 8QDEOHWRWDNHPRUHWKDQDIHZVWHSVUHVWULFWHGWRZKHHOFKDLUPD\QHHGDLGLQWUDQVIHU
ZKHHOVVHOIEXWFDQQRWFDUU\RQLQVWDQGDUGZKHHOFKDLUDIXOOGD\0D\UHTXLUHPRWRUL]HG
ZKHHOFKDLU
 (VVHQWLDOO\UHVWULFWHGWREHGRUFKDLURUSHUDPEXODWHGLQZKHHOFKDLUEXWPD\EHRXWRIEHG
LWVHOIPXFKRIWKHGD\UHWDLQVPDQ\VHOIFDUHIXQFWLRQVJHQHUDOO\KDVHIIHFWLYHXVHRIDUPV
 (VVHQWLDOO\UHVWULFWHGWREHGPXFKRIGD\KDVVRPHHIIHFWLYHXVHRIDUPVUHWDLQVVRPHVHOI
FDUHIXQFWLRQV
 &RQILQHGWREHGFDQVWLOOFRPPXQLFDWHDQGHDW
 7RWDOO\KHOSOHVVEHGSDWLHQWXQDEOHWRFRPPXQLFDWHHIIHFWLYHO\RUHDWVZDOORZ
'HDWKGXHWR06




&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
$33(1',; 237,&63,1$/,03$,50(176&25(26,6

9LVXDO$FXLW\9$
 1RUPDO
 6FRWRPDEXW9$FRUUHFWHGEHWWHUWKDQ
 9$
 9$
 9$,,
 9$,
 &RXQWILQJHUVRQO\
 /LJKWSHUFHSWLRQRQO\
 1ROLJKWSHUFHSWLRQ
0RWRU)XQFWLRQ
 1RUPDO
 $EQRUPDOVLJQVK\SHUUHIOH[LD%DELQVNLVLJQZLWKRXWZHDNQHVV
 0LOGZHDNQHVV05&JUDGHRULQDIIHFWHGOLPEV
 0RGHUDWHZHDNQHVVJUDGHRULQRU801PXVFOHVLQDIIHFWHGOLPEV
 0RGHUDWHZHDNQHVVJUDGHRULQ801PXVFOHVLQDIIHFWHGOLPEV
 6HYHUHZHDNQHVVJUDGHLQRUPRUHPXVFOHVLQDIIHFWHGOLPEV
 6RPHSOFJLFJUDGHRUPXVFOHVLQRUPRUHOLPEV
 3OHJLDJUDGHRURIDOOPXVFOHVLQRUPRUHOLPEV
6HQVRU\)XQFWLRQ
 1RUPDO
 0LOGGHFUHDVHLQYLEUDWLRQ
 0LOGGHFUHDVHLQSLQSULFNWHPSHUDWXUHSURSULRFHSWLRQRUPRGHUDWHGHFUHDVHLQYLEUDWLRQ
 0RGHUDWHGHFUHDVHLQWRXFKSLQSURSULRFHSWLRQRUHVVHQWLDOO\ORVWYLEUDWLRQVHQVH
 /RVVRIDOOVHQVRU\PRGDOLWLHV
 8QNQRZQ
6SKLQFWHU)XQFWLRQ
 1RUPDO
 0LOGXULQDU\XUJHQF\RUKHVLWDQF\FRQVWLSDWLRQ
 0RGHUDWHXULQDU\XUJHQF\KHVLWDQF\RUUHWHQWLRQRIEODGGHURUERZHOLQIUHTXHQWXULQDU\
LQFRQWLQHQFHOHVVWKDQRQFHZHHN
 )UHTXHQWLQFRQWLQHQFHRUUHWHQWLRQUHTXLULQJLQWHUPLWWHQWEODGGHUFDWKHWHUL]DWLRQRU
DJJUHVVLYHPDQXDOERZHODVVLVWDQFH
 ,QGZHOOLQJXULQDU\FDWKHWHURUDEVHQFHRIVSKLQFWHUFRQWURO
 8QNQRZQ




&21),'(17,$/

3DJHRI


Protocol ECU-NMO-301 
 
Alexion Pharmaceuticals, Inc. 
Version 6.0 
 
01 July 2016 
APPENDIX 5. HAUSER AMBULATION INDEX (33) 
 
� 0 = Asymptomatic; fully active. 
� 1 = Walks normally, but reports fatigue that interferes with athletic or other demanding activities. 
� 2 = Abnormal gait or episodic imbalance; gait disorder is noticed by family and friends; able to 
walk 25 feet (8 meters) in 10 seconds or less. 
� 3 = Walks independently; able to walk 25 feet in 20 seconds or less. 
� 4 = Requires unilateral support (cane or single crutch) to walk; walks 25 feet in   20 seconds or 
less. 
� 5 = Requires bilateral support (canes, crutches, or walker) and walks 25 feet in 20 seconds or 
less; or requires unilateral support but needs more than 20 seconds to walk 25 feet. 
� 6 = Requires bilateral support and more than 20 seconds to walk 25 feet; may use wheelchair* on 
occasion. 
� 7 = Walking limited to several steps with bilateral support; unable to walk 25 feet; may use 
wheelchair* for most activities. 
� 8 = Restricted to wheelchair; able to transfer self independently. 
� 9 = Restricted to wheelchair; unable to transfer self independently. 
*The use of a wheelchair may be determined by lifestyle and motivation. It is expected that 
patients in Grade 7 will use a wheelchair more frequently than those in Grades 5 or 6. 
Assignment of a grade in the range of 5 to 7, however, is determined by the patient’s ability to 
walk a given distance, and not by the extent to which the patient uses a wheelchair. 
 
 
 
 
 
CONFIDENTIAL 
 
Page 107 of 122 


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
$33(1',; 6+257)250+($/7+6859(<6)
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\



&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

&21),'(17,$/

3DJHRI


3URWRFRO(&8102
$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
$33(1',; (85242/(4'


&21),'(17,$/

3DJHRI


3URWRFRO(&8102
$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\


&21),'(17,$/

3DJHRI


3URWRFRO(&8102
$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
$33(1',; &/,1,&$//$%25$725<7(676

&KHPLVWU\3DQHO
6RGLXP
3RWDVVLXP
&KORULGH
%LFDUERQDWH
%ORRGXUHDQLWURJHQ
&UHDWLQLQH
*OXFRVH
$ONDOLQHSKRVSKDWDVH
$ODQLQHDPLQRWUDQVIHUDVH$/7
$VSDUWDWHDPLQRWUDQVIHUDVH$67
7RWDOELOLUXELQ
$OEXPLQ
7RWDOSURWHLQ
8ULFDFLG

&RPSOHWH%ORRG&RXQW&%&	'LIIHUHQWLDO
:KLWHEORRGFHOOFRXQW:%&
:KLWHEORRGFHOOGLIIHUHQWLDO
5HGEORRGFHOOFRXQW5%&
5%&PHDQFRUSXVFXODUYROXPH0&9
5%&GLVWULEXWLRQZLGWK
+HPRJORELQ
+HPDWRFULW
3ODWHOHWFRXQW

8ULQDO\VLV
$SSHDUDQFH
6SHFLILFJUDYLW\
3+
3URWHLQ
%ORRG
*OXFRVH
.HWRQH
%LOLUXELQ
8URELOLQRJHQ
1LWULWH

+XPDQ&KRULRQLF
*RQDGRWURSLQȕ+&*

$XWR$TXDSRULQDQWLERG\
$43$ERU102,J*

3KDUPDFRNLQHWLFV3.DQG
3KDUPDFRG\QDPLFV3'

&RPSOHPHQWIDFWRU&

+XPDQ$QWLKXPDQ$QWLERG\
+$+$

&21),'(17,$/

3DJHRI


3URWRFRO(&8102
$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
$33(1',; 02',),('5$1.,16&$/(056

&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
$33(1',;&2/80%,$68,&,'(6(9(5,7<5$7,1*6&$/(
&6656±6&5((1,1*%$6(/,1(

&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\
$33(1',;&2/80%,$68,&,'(6(9(5,7<5$7,1*6&$/(
&6656±6,1&(/$679,6,7

&21),'(17,$/

3DJHRI


3URWRFRO(&8102

$OH[LRQ3KDUPDFHXWLFDOV,QF
9HUVLRQ

-XO\

&21),'(17,$/

3DJHRI

SAP_001.pdf: 
$5DQGRPL]HG'RXEOH%OLQG3ODFHER&RQWUROOHG0XOWL
&HQWHU7ULDOWR(YDOXDWHWKH6DIHW\DQG(IILFDF\RI
(FXOL]XPDELQ3DWLHQWV:LWK5HODSVLQJ1HXURP\HOLWLV
2SWLFD10235(9(17


8QLTXH3URWRFRO,'
(&8102
1&71XPEHU
1&7
(XGUD&71XPEHU

'DWHRI6$3
-XQH



$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 

$OH[LRQ3KDUPDFHXWLFDOV,QF


67$7,67,&$/$1$/<6,63/$1



35272&2/180%(5(&8102


$5$1'20,=(''28%/(%/,1'3/$&(%2
&21752//('08/7,&(17(575,$/72
(9$/8$7(7+(6$)(7<$1'()),&$&<2)
(&8/,=80$%,13$7,(176:,7+5(/$36,1*
1(8520<(/,7,6237,&$10235(9(17



$XWKRU




 
'DWH 
-XQH
9HUVLRQ 
33'


33'


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 

7$%/(2)&217(176/,672)7$%/(6$1'/,672)
),*85(6
7$%/(2)&217(176
 
$33529$/6,*1$785(6 
 
7$%/(2)&217(176/,672)7$%/(6$1'/,672)),*85(6 
 
/,672)$%%5(9,$7,216$1''(),1,7,2162)7(506 
 
'(6&5,37,212)7+(35272&2/ 
 
&KDQJHVIURP$QDO\VHV6SHFLILHGLQWKH3URWRFRO 
 
&KDQJHVIURP$QDO\VHV6SHFLILHGLQWKH3UHYLRXV9HUVLRQRIWKH6$3 
 
'(),1,7,216 
 
(IILFDF\ 
 
3ULPDU\(QGSRLQWV 
 
6HFRQGDU\(QGSRLQWV 
 
([WHQGHG'LVDELOLW\6WDWXV6FDOH('66 
 
(4' 
 
0RGLILHG5DQNLQ6FDOHP56 
 
+DXVHU$PEXODWRU\,QGH[ 
 
$QQXDOL]HG5HODSVH5DWH 
 
7HUWLDU\(QGSRLQWV 
 
+DXVHU$PEXODWRU\,QGH[LQ3DWLHQWVZLWK$EQRUPDO%DVHOLQH$PEXODWRU\
)XQFWLRQ 
 
9LVXDO$VVHVVPHQW 
 
9LVXDO$FXLW\LQ3DWLHQWVZLWK$EQRUPDO%DVHOLQH9LVXDO)XQFWLRQ 
 
6)4XDOLW\RI/LIH 
 
.XUW]NH)XQFWLRQDO6\VWHP6FRUH)66 
 
2WKHU(IILFDF\(QGSRLQWV 
 
6HYHULW\RID5HODSVH 
 
6DIHW\ 
 
$GYHUVH(YHQWV$(V 
 
9LWDO6LJQV 
 
/DERUDWRU\$VVHVVPHQWV 
 
2WKHU6DIHW\(YHQWVRI6SHFLDO,QWHUHVW 


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
 
3K\VLFDO([DPLQDWLRQ 
 
(OHFWURFDUGLRJUDP(&* 
 
&ROXPELD6XLFLGH6HYHULW\5DWLQJ6FDOH&6656 
 
'$7$6(76$1$/<=('678'<3238/$7,216 
 
)XOO$QDO\VLV6HW)$6 
 
3HU3URWRFRO336HW 
 
6DIHW\6HW 
 
2WKHU6HWV 
 
3.3' 
 
67$7,67,&$/$1$/<6,6 
 
6WXG\3DWLHQWV 
 
'LVSRVLWLRQRI3DWLHQWV 
 
3URWRFRO'HYLDWLRQV 
 
'HPRJUDSKLFV'LVHDVH&KDUDFWHULVWLFVDQG+LVWRU\ 
 
'HPRJUDSKLFV 
 
'LVHDVH&KDUDFWHULVWLFV 
 
0HGLFDO6XUJLFDO+LVWRU\DQG%DVHOLQH3K\VLFDO([DPLQDWLRQ 
 
3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV7KHUDSLHV 
 
(IILFDF\$QDO\VHV 
 
3ULPDU\$QDO\VLV 
 
+DQGOLQJRI'URSRXWVRU0LVVLQJ'DWD 
 
6XEJURXS$QDO\VLV 
 
0XOWLFHQWHU6WXGLHV 
 
+\SRWKHVLV7HVWLQJDQG6LJQLILFDQFH/HYHO 
 
6HQVLWLYLW\$QDO\VHV 
 
6HFRQGDU\$QDO\VHV 
 
7HUWLDU\$QDO\VHV 
 
2WKHU(IILFDF\$QDO\VHV 
 
6HYHULW\RID5HODSVH 
 
3KDUPDFRNLQHWLFDQG3KDUPDFRG\QDPLF$QDO\VHV 
 
%LRPDUNHU$VVHVVPHQWV 
 
6DIHW\$QDO\VHV 
 
6WXG\'XUDWLRQ7UHDWPHQW&RPSOLDQFHDQG([SRVXUH 


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
 
$GYHUVH(YHQWV$(V 
 
2YHUDOO6XPPDU\RI$GYHUVH(YHQWV 
 
$(VDQG6$(VE\6\VWHP2UJDQ&ODVV62&DQG3UHIHUUHG7HUP37 
 
$(VDQG6$(VE\62&37DQG5HODWLRQVKLS 
 
$(VDQG6$(VE\62&37DQG6HYHULW\ 
 
$(VDQG6$(V2YHU7LPHE\62&37 
 
'HDWKV2WKHU6$(VDQG2WKHU6LJQLILFDQW$GYHUVH(YHQWV 
 
2WKHU6DIHW\ 
 
$QDO\VHVIRU/DERUDWRU\7HVWV 
 
9LWDO6LJQV 
 
2WKHU6DIHW\3DUDPHWHUVRI6SHFLDO,QWHUHVW 
 
,QWHULP$QDO\VLV 
 
5()(5(1&(6 
 
$33(1',&(6 
 
3URWRFRO6FKHGXOHRIHYHQWV 
 
&KDQJHVIURP$QDO\VHV6SHFLILHGLQWKH3UHYLRXV9HUVLRQRIWKH6$3 
 
6DPSOH6L]H3RZHUDQG5DQGRPL]DWLRQ 
 
7HFKQLFDO6SHFLILFDWLRQVIRU'HULYHG9DULDEOHV 
 
$GGLWLRQDOGHWDLOVRQ6WDWLVWLFDO0HWKRGV 
 
7LPHWR)LUVW(YHQW&HQVRULQJ7LPHDQG&DOFXODWLRQV 
 
$QQXDOL]HG5HODSVH5DWH&DOFXODWLRQV 
 
+LVWRULFDO$QQXDOL]HG5HODSVH5DWH$55KLVWRULFDO 
 
2Q7ULDO$QQXDOL]HG5HODSVH5DWH$552Q7ULDO 
 
6)&DOFXODWLRQV 
 
'DWD&OHDQLQJDQG,WHP5HFRGLQJ 
 
,WHP5HFDOLEUDWLRQ 
 
&RPSXWDWLRQRI5DZ6FRUHV 
 
7UDQVIRUPDWLRQRI5DZ6FDOH6FRUHWR6FRUHV 
 
7UDQVIRUPDWLRQRI6FRUHVWR7VFRUH%DVHG6FRUHV 
 
6FRULQJWKH6)Y+HDOWK6XUYH\&RPSRQHQW6XPPDU\0HDVXUHV 
 
,PSXWDWLRQRI0LVVLQJ,WHPV 
 
(4'&DOFXODWLRQV 
 
6$6&RGHIRU(IILFDF\$QDO\VHV 


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
 
6$6&RGHIRUWKH3ULPDU\(IILFDF\(QGSRLQW 
 
6$6&RGHIRUWKH6HFRQGDU\7HUWLDU\(IILFDF\(QGSRLQW 
 
6XPPDU\RI3ULPDU\DQG6HQVLWLYLW\$QDO\VHV 

/,672)7$%/(6
7DEOH 
$EEUHYLDWLRQVDQGDFURQ\PV 
7DEOH 
&RPSRQHQWVRIWKH6) 
7DEOH 
7UHDWPHQW(PHUJHQW$GYHUVH(YHQWV7($(V 
7DEOH 
$JHDQGUHIHUHQFHGDWH 
7DEOH 
3ODQQHGDQDO\VHV 


/,672)),*85(6
1RWDEOHRIILJXUHVHQWULHVIRXQG


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 

/,672)$%%5(9,$7,216$1''(),1,7,2162)7(506
7KHIROORZLQJDEEUHYLDWLRQVDQGDFURQ\PVDUHXVHGLQWKLV6$3
7DEOH
$EEUHYLDWLRQVDQGDFURQ\PV
$EEUHYLDWLRQRUDFURQ\P
([SODQDWLRQ
$(
$GYHUVHHYHQW
$(6,
$GYHUVH(YHQWRI6SHFLDO,QWHUHVW
$1&29$
$QDO\VLVRI&RYDULDQFH
$55
$QQXDOL]HG5HODSVH5DWH
$=$
$]DWKLRSULQH
%0,
%RG\PDVVLQGH[
%3
%ORRG3UHVVXUH
%36)
%RGLO\3DLQ6)
&
&RPSOHPHQW3URWHLQ
&,
&RQILGHQFH,QWHUYDO
&0+
&RFKUDQ0DQWHO+DHQV]HOWHVW
&5)
&DVH5HSRUW)RUP
&6)
&HUHEURVSLQDOIOXLG
&6656
&ROXPELD6XLFLGH6HYHULW\5DWLQJ6FDOH
'%3
'LDVWROLF%ORRG3UHVVXUH
'0&
'DWD0RQLWRULQJ&RPPLWWHH
(&*
(OHFWURFDUGLRJUDP
H&5)
(OHFWURQLF&DVH5HSRUW)RUP
('66
([WHQGHG'LVDELOLW\6WDWXV6FDOH
(26
(QGRI6WXG\
(4'
(XUR4ROGLPHQVLRQKHDOWKVWDWXV
(7
(DUO\7HUPLQDWLRQ
)$6
)XOO$QDO\VLV6HW
)6
)XQFWLRQDO6\VWHP
)66
)XQFWLRQDO6\VWHP6FRUHV
*+
*HQHUDO+HDOWK6)
$'$
$QWL'UXJ$QWLERG\
+$,
+DXVHU$PEXODWLRQ,QGH[
+5
+HDUW5DWH
+7
5HSRUWHG+HDOWK7UDQVLWLRQ6)
,&)
,QIRUPHG&RQVHQW)RUP
,3
,QYHVWLJDWLRQDO3URGXFW
,67
,PPXQRVXSSUHVVDQW7KHUDS\
,9
,QWUDYHQRXV
,9,J
,QWUDYHQRXVLPPXQRJOREXOLQ
,903
,QWUDYHQRXVPHWK\OSUHGQLVRORQH
,956
,QWHUDFWLYHYRLFHUHVSRQVHV\VWHP
NJ
.LORJUDPV


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
$EEUHYLDWLRQRUDFURQ\P
([SODQDWLRQ
/(70
/RQJLWXGLQDOO\([WHQVLYH7UDQVYHUVH0\HOLWLV
/2&)
/DVW2EVHUYDWLRQ&DUULHG)RUZDUG
P$E
0RQRFORQDO$QWLERG\
0HG'5$
0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV
PJ
0LOOLJUDPV
0+
0HQWDO+HDOWK6)
00)
0\FRSKHQRODWH0RIHWLO
0050
0L[HG0RGHOIRU5HSHDWHG0HDVXUHV
05&
0HGLFDO5HVHDUFK&RXQFLO
05,
0DJQHWLF5HVRQDQFH,PDJLQJ
P56
0RGLILHG5DQNLQ6FDOH
102
1HXURP\HOLWLV2SWLFD
102,J*
1HXURP\HOLWLV2SWLFDDQWLERG\
1026'
1HXURP\HOLWLV2SWLFD6SHFWUXP'LVRUGHUV
21
2SWLF1HXULWLV
26,6
2SWLF6SLQDO,PSDLUPHQW6FRUH
3'
3KDUPDFRG\QDPLFV
3(
3ODVPDSKHUHVLV2U3ODVPD([FKDQJH
3)
3K\VLFDO)XQFWLRQ6)
3+
3URSRUWLRQDO+D]DUGV
3,
3ULQFLSDO,QYHVWLJDWRU
3.
3KDUPDFRNLQHWLFV
33
3HU3URWRFRO3RSXODWLRQ
37
3UHIHUUHG7HUP0HG'5$
376$(V
3UH7UHDWPHQW6HULRXV$GYHUVH(YHQWV
42/
4XDOLW\RI/LIH
5(
5ROH(PRWLRQDO6)
53
5ROH3K\VLFDO6)
55
5HVSLUDWLRQUDWH
6$(
6HULRXV$GYHUVH(YHQW
6$3
6WDWLVWLFDO$QDO\VLV3ODQ
6$6
6WDWLVWLFDO$QDO\VLV6RIWZDUH
6%3
6\VWROLF%ORRG3UHVVXUH
6)
6RFLDO)XQFWLRQ6)
6)
6KRUW)RUP+HDOWK2XWFRPHV6XUYH\LWHPV
62&
6\VWHP2UJDQ&ODVV0HG'5$
7($(V
7UHDWPHQW(PHUJHQW$GYHUVH(YHQWV
7($(6,V
7UHDWPHQW(PHUJHQW$GYHUVH(YHQWVRI6SHFLDO,QWHUHVW
7(6$(V
7UHDWPHQW(PHUJHQW6HULRXV$GYHUVH(YHQWV
70
7UDQVYHUVH0\HOLWLV
801
8SSHU0RWRU1HXURQ
9$
9LVXDO$FXLW\
9$6
9LVXDO$QDORJXH6FDOH


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
$EEUHYLDWLRQRUDFURQ\P
([SODQDWLRQ
96
9LWDO6LJQV
97
9LWDOLW\6)
:+2$7&
:RUOG+HDOWK2UJDQL]DWLRQ$QDWRPLFDO7KHUDSHXWLF&KHPLFDO


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 

'(6&5,37,212)7+(35272&2/
6WXG\(&8102LVD3KDVHUDQGRPL]HGGRXEOHEOLQGSDUDOOHOJURXSSODFHER
FRQWUROOHGPXOWLFHQWHUPXOWLQDWLRQDOWLPHWRHYHQWWULDOWRHYDOXDWHWKHVDIHW\DQGHIILFDF\RI
HFXOL]XPDELQSDWLHQWVZLWKUHODSVLQJQHXURP\HOLWLVRSWLFD102DQG102VSHFWUXPGLVRUGHU
1026'ZKRDUH102,J*VHURSRVLWLYH)URPKHUHRQIRUWKHSXUSRVHVRIWKHSURWRFRODQG
WKLV6$3102ZLOOUHIHUWRERWK102DQG1026'7KH7UHDWLQJ3K\VLFLDQLVWKH3,RUWKH
6XE,QYHVWLJDWRUIRUWKHVWXG\DQGZLOOEHUHVSRQVLEOHIRUWKHRYHUDOOSDWLHQWPDQDJHPHQW
LQFOXGLQJSDWLHQWHOLJLELOLW\HYDOXDWLRQVXSHUYLVLRQRIWKHEOLQGHG,3DGPLQLVWUDWLRQUHFRUGLQJ
DQGWUHDWLQJRI$(VDQGPRQLWRULQJRIVDIHW\DVVHVVPHQW$WWKHWLPHRIDUHODSVHWKH7UHDWLQJ
3K\VLFLDQZLOOSHUIRUPDFRPSOHWHQHXURORJLFH[DPDQGGHWHUPLQHLIDSDWLHQWH[SHULHQFHVDQ
2Q7ULDO5HODSVHDQGPD\WUHDWWKHSDWLHQW¶VUHODSVH7KHEOLQGHG('665DWHUZLOOEH
UHVSRQVLEOHIRUSHUIRUPLQJWKH('66DVVHVVPHQWVWKURXJKRXWWKHWULDOLQFOXGLQJDWWKHWLPHRID
UHODSVH$WRWDORIDSSUR[LPDWHO\HOLJLEOHSDWLHQWVZLOOEHUDQGRPL]HGWRHFXOL]XPDERU
SODFHERLQIXVLRQV3DWLHQWVPD\FRQWLQXHWRUHFHLYHDVWDEOHPDLQWHQDQFHGRVHRISURWRFRO
SHUPLWWHGVXSSRUWLYHLPPXQRVXSSUHVVLYHWKHUDSLHV,67VIRUUHODSVHSUHYHQWLRQDVGHILQHGE\
WKHLU7UHDWLQJ3K\VLFLDQDQGPXVWUHPDLQRQWKDWGRVHIRUWKHGXUDWLRQRIWKHVWXG\RUXQWLOWKH
SDWLHQWH[SHULHQFHVDUHODSVH7KHVWXG\GXUDWLRQLVHVWLPDWHGWRWDNHDSSUR[LPDWHO\\HDUV
LQFOXGLQJHQUROOPHQW6WXG\GXUDWLRQIRUDQLQGLYLGXDOSDWLHQWLQWKLV7LPHWR(YHQWWULDOZLOO
YDU\GHSHQGLQJRQZKHQWKHSDWLHQWHQWHUVWKHWULDODQGWKHSDWLHQW¶VRXWFRPH7KHVWXG\SHULRG
IRUDQLQGLYLGXDOSDWLHQWZLOOFRQVLVWRI6FUHHQLQJ3HULRG6WXG\3HULRG(QGRI6WXG\9LVLWRU
(DUO\7HUPLQDWLRQ9LVLWDQGSRVWWUHDWPHQW)ROORZXS3HULRGRQO\IRUSDWLHQWVZKRZLWKGUDZ
IURPWKLVVWXG\RUGRQRWHQWHUWKHH[WHQVLRQVWXG\7KH(QGRI6WXG\9LVLWIRUDQLQGLYLGXDO
SDWLHQWZLOOWDNHSODFHZKHQRQHRIWKHIROORZLQJFRQGLWLRQVLVPHWZKLFKHYHUFRPHVILUVWD
WKHSDWLHQWH[SHULHQFHVDQ2Q7ULDO5HODSVHRUEWKHVWXG\HQGVE\PHHWLQJDGMXGLFDWHG
2Q7ULDO5HODSVHHYHQWVLQSDWLHQWV3DWLHQWVPD\EHSURYLGHGWKHRSSRUWXQLW\WRSDUWLFLSDWHLQ
DQH[WHQVLRQWULDOSURWRFRO(&8102WRUHFHLYHHFXOL]XPDEDIWHUFRPSOHWLRQRIWKH(QG
RI6WXG\9LVLW
7KHVWXG\REMHFWLYHVDUHDVIROORZV
3ULPDU\2EMHFWLYH
7KHSULPDU\REMHFWLYHRIWKLVWULDOLVWRDVVHVVWKHHIILFDF\RIHFXOL]XPDEWUHDWPHQWDVFRPSDUHG
ZLWKSODFHERLQUHODSVLQJ102SDWLHQWVEDVHGRQWLPHWRILUVWUHODSVHDQGUHODSVHULVNUHGXFWLRQ
6HFRQGDU\2EMHFWLYHV
x &KDUDFWHUL]HWKHRYHUDOOVDIHW\DQGWROHUDELOLW\RIHFXOL]XPDEFRPSDUHGZLWKSODFHER
LQUHODSVLQJ102SDWLHQWV
x (YDOXDWHWKHHIILFDF\RIHFXOL]XPDEFRPSDUHGZLWKSODFHERE\DGGLWLRQDOHIILFDF\
PHDVXUHVLQFOXGLQJ
 'LVHDVHUHODWHGGLVDELOLW\
 4XDOLW\RIOLIH42/
 1HXURORJLFIXQFWLRQV


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
 $QQXDOL]HGUHODSVHUDWH
x 'HVFULEHWKHSKDUPDFRNLQHWLFV3.DQGSKDUPDFRG\QDPLFV3'RIHFXOL]XPDELQ
UHODSVLQJ102SDWLHQWV

&KDQJHVIURP$QDO\VHV6SHFLILHGLQWKH3URWRFRO
$SSOLFDEOHFKDQJHVIURPSURWRFRO9HUVLRQDUHLWHPVDQGJLYHQ
EHORZLQ6HFWLRQRIWKLV6$37KHDQDO\VHVDVVSHFLILHGLQWKLV6$3RYHUULGHWKHSURWRFRO

&KDQJHVIURP$QDO\VHV6SHFLILHGLQWKH3UHYLRXV9HUVLRQRIWKH6$3
7KHIROORZLQJDUHFKDQJHVWRDQDO\VHVDVVSHFLILHGLQWKHSUHYLRXVYHUVLRQRIWKH6$3YHUVLRQ
GDWHG)HEUXDU\
 8SGDWHGWKHSULPDU\HQGSRLQWWRWLPHWRILUVWDGMXGLFDWHG2Q7ULDO5HODSVHDQGWKH
VHFRQGDU\HQGSRLQWRIDQQXDOL]HGUHODSVHUDWHWRDGMXGLFDWHG2Q7ULDODQQXDOL]HGUHODSVH
UDWHWRDOLJQZLWKSURWRFROYHUVLRQGDWHG-XO\'HILQHGDGMXGLFDWHG2Q7ULDO
5HODSVH2Q7ULDO5HODSVHDQGDGMXGLFDWHGUHODSVHLQ6HFWLRQ
 &ODULILHGWKHGHILQLWLRQRIWLPHDWULVNIRUUHODSVHLQ6HFWLRQDQGXSGDWHG
FDOFXODWLRQVRIWLPHWRILUVWHYHQWDQGFHQVRULQJWLPHLQ6HFWLRQ3DWLHQWVZLOOEH
FHQVRUHGDWWKHHQGRIWKHVWXG\RUDWWKHWLPHRIWKHQH[WH[SHFWHGGRVHZKLFKHYHU
FRPHVILUVW2Q7ULDO$55FDOFXODWLRQVZHUHDOVRXSGDWHGZLWKWLPHLQVWXG\SHULRGLQ
6HFWLRQ
 5HPRYHG³3DWLHQWVEHLQJUDQGRPL]HGLQWRZURQJVWUDWD´DVDPDMRUSURWRFROGHYLDWLRQIRU
WKHSXUSRVHVRIGHILQLQJWKH33SRSXODWLRQ7KLVFKDQJHZDVPDGHEHFDXVHWKH
UDQGRPL]DWLRQHUURUVGRQRWDIIHFWWKHFOLQLFDORXWFRPHLQWKHVWXG\RUPLVUHSUHVHQWWKH
LQWHQGHGSRSXODWLRQ7KHLPSDFWRIVWUDWLILFDWLRQHUURUVRQDQDO\VHVZLOOEHDVVHVVHG
WKURXJKVHQVLWLYLW\DQDO\VHV
 'HILQHGUHODSVHVHYHULW\IRUQRFKDQJHRUGHFUHDVHLQ26,6VFRUHDQGFODULILHGWKH
VHYHULW\GHILQLWLRQIRUWUDQVYHUVHP\HOLWLVUHODSVHVEDVHGRQWKHVHQVRU\VXEVFDOHVFRUHLQ
6HFWLRQ
 &ODULILHGLQ6HFWLRQWKDWWKHVWUDWDYDULDEOHWREHXVHGIRUDQDO\VHVZLOOEHEDVHGRQIRXU
VWUDWDVWUDWLI\LQJILUVWRQ('66WKHQRQ,67VWDWXVVLQFHVPDOOQXPEHUVRISDWLHQWVDUH
H[SHFWHGLQVRPHFHOOVRIWKHVWUDWD
 'HILQHGUHJLRQVEDVHGRQWKHVLWHVZLWKVFUHHQHGSDWLHQWVIRUWKHVWXG\LQ6HFWLRQ
 ,Q6HFWLRQPRGLILHGWKHVHQVLWLYLW\DQDO\VHVIRUWKHSULPDU\HQGSRLQWGXHWRWKH
FKDQJHLQSULPDU\HQGSRLQWWRWLPHWRILUVWDGMXGLFDWHG2Q7ULDO5HODSVHDQGWRDGGUHVV
VWUDWLILFDWLRQHUURUV
D $GGHGVHQVLWLYLW\DQDO\VHVEDVHGRQWLPHWRILUVW2Q7ULDO5HODSVHDQGWLPHWR
ILUVWDGMXGLFDWHGUHODSVH
E $GGHGDQXQVWUDWLILHGORJUDQNWHVWDVDVHQVLWLYLW\DQDO\VLVIRUWLPHWRILUVW
DGMXGLFDWHG2Q7ULDO5HODSVHDQGWLPHWRILUVW2Q7ULDO5HODSVH


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
F &KDQJHGWKHFRYDULDWHVLQWKHVHQVLWLYLW\DQDO\VLVXVLQJD&R[SURSRUWLRQDO
KD]DUGVUHJUHVVLRQPRGHOWRLQFOXGHYDULDEOHVWKDWPD\KDYHDFRYDULDWHHIIHFWRQ
WKHSULPDU\HQGSRLQWEDVHOLQH('66GLFKRWRPL]HGDWWKHPHGLDQREVHUYHG,67
VWUDWDDQGKLVWRULFDO$55
G /LPLWHGHIILFDF\DQDO\VHVRQWKH3HU3URWRFRO3RSXODWLRQWRWKHSULPDU\HQGSRLQW
DQGWLPHWRILUVW2Q7ULDO5HODSVH
H 5HPRYHGVHQVLWLYLW\DQDO\VHVLQFOXGLQJZLWKGUDZDOVGXHWR$(VDVUHODSVHHYHQWV
FHQVRULQJUHODSVHVDVVHVVHGDIWHUKRXUVH[FOXGLQJSDWLHQWVZLWKRXWDIROORZXS
DVVHVVPHQWDQGXVLQJ,67VWUDWDGHILQHGDVQDwYHSDWLHQWVSDWLHQWVZKR
SUHYLRXVO\KDG,67VDQGDUHUHFHLYLQJDQ,67DWWKHWLPHRIUDQGRPL]DWLRQDQG
SDWLHQWVZKRSUHYLRXVO\KDG,67VDQGDUHQRWUHFHLYLQJDQ,67
I 5HSODFHGWKH&RFKUDQ0DQWHO+DHQV]HOWHVWDVVHVVLQJHFXOL]XPDEYHUVXVSODFHER
WUHDWPHQWDQGSDWLHQWHYDOXDWHGZLWKLQKRXUV\HVQRZLWKDVXPPDU\RI
DGMXGLFDWLRQUHVXOWVDQGUHODSVHHYDOXDWHGZLWKLQKUV\HVQRE\WUHDWPHQW
JURXSIRUSDWLHQWVZLWK2Q7ULDO5HODSVHV1RVWDWLVWLFDOWHVWLQJZLOOEH
SHUIRUPHGDVDSDWLHQWPD\KDYHPRUHWKDQRQHUHODSVH
 5HPRYHGGHVFULSWLYHVXPPDULHVE\102DQG102VSHFWUXPGLVRUGHU1026'DVWKH
GHILQLWLRQRI1026'KDVEHHQUHYLVHGRYHUWKHFRXUVHRIWKLVVWXG\
 5HPRYHGVXPPDULHVE\,67VXEJURXSVH[SHFWHGWRKDYHVPDOOVDPSOHVL]HVDQGWRRIHZ
HYHQWVDQGUHPRYHGWKH&R[SURSRUWLRQDOKD]DUGVUHJUHVVLRQPRGHOZLWKLQWHUDFWLRQ
WHUPVZKLFKLVOLNHO\QRWWRFRQYHUJHGXHWRIHZHYHQWV
&ODULILHGFHQVRULQJWLPHLQOLJKWRIWKHFKDQJHWRWKHSULPDU\HQGSRLQWDQGVWDQGDUGL]HG
PLVVLQJGDWDKDQGOLQJIRUWKHVHFRQGDU\WHUWLDU\HQGSRLQWVLQ6HFWLRQ
&KDQJHGWKHRUGHULQJRIWHVWLQJIRUWKHVHFRQGDU\HQGSRLQWVLQ6HFWLRQWRDOLJQZLWK
WKHRUGHURILQWHUHVWIURPDFOLQLFDOSHUVSHFWLYHLQ102UHODSVHVGLVDELOLW\DPEXODWRU\
IXQFWLRQTXDOLW\RIOLIH7KLVUHGXFHVWKHULVNRIDW\SH,,HUURULIDPRUHFOLQLFDOO\
LPSRUWDQWHQGSRLQWLVVHWEHORZDQRWKHUHQGSRLQWLQWKHKLHUDUFK\IRUZKLFKWKHQXOO
K\SRWKHVLVLVQRWUHMHFWHG
6LQFHVHFRQGDU\DQGWHUWLDU\HQGSRLQWVDUHPDLQO\RUGHUHGFDWHJRULFDOUHVSRQVHYDULDEOHV
WKHDQDO\VLVVWUDWHJ\DVSURSRVHGLQ.RFKHWDO.RFKZDVDSSOLHGLQ6HFWLRQV
DQG$QRQSDUDPHWULFPHWKRGZKLFKLQFOXGHVDGMXVWPHQWIRUFRYDULDEOHVLV
VSHFLILHGIRUWKHSULPDU\HYDOXDWLRQRIWUHDWPHQWHIIHFWVIRUDOOUDQGRPL]HGSDWLHQWV$
UDQGRPL]DWLRQEDVHGQRQSDUDPHWULF$1&29$DGMXVWHGIRUEDVHOLQHDQGVWUDWLILHGE\
UDQGRPL]DWLRQVWUDWD7KHQVWDWLVWLFDOPRGHOVDUHILWWRGHVFULEHWKHSDWWHUQDQG
PDJQLWXGHRIWUHDWPHQWHIIHFWVIRUWKHLQWHQGHGSRSXODWLRQ$1&29$DQGPL[HGPRGHO
IRUUHSHDWHGPHDVXUHV00500DOOLQFNURGW
5HPRYHGVXPPDU\RIYLVXDODFXLW\XVLQJWKH6QHOOHQFKDUWDVVHVVPHQWVE\WUHDWPHQW
JURXSDVWKHGDWDDUHRSHQWH[WDQGQRWQXPHULFDORUFDWHJRULFDO%\SDWLHQWOLVWLQJVRI
WKHGDWDZLOOVWLOOEHSURGXFHGE\WUHDWPHQWJURXS
$GGHG6HFWLRQ$(VDQG6$(VRYHUWLPHE\62&37IRUDVVHVVPHQWRIDGYHUVH
HYHQWVRYHUWLPH


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
6HFWLRQKDVEHHQXSGDWHGWRDGGGHWDLOVIRUWKHDGYHUVHHYHQWVRIVSHFLDOLQWHUHVW
$GGHGRXWOLHUGHILQLWLRQVDQGVXPPDULHVIRUYLWDOVLJQV6HFWLRQDQG(&*V
6HFWLRQ
5HYLVHG6HFWLRQWRUHIOHFWWKDWWKH4XDOLW\0HWULF+HDOWK2XWFRPHV6FRULQJ
6RIWZDUHZLOOEHXVHGWRGHULYHWKHGRPDLQVFRUHVDQGFRPSRQHQWVFRUHVIRUWKH
6)
7KH6$6FRGHLQVHFWLRQZDVXSGDWHGWRDOLJQZLWKVSHFLILHGDQDO\VLVPHWKRGVDV
GHVFULEHGLQWKLV6$3
$GPLQLVWUDWLYHFKDQJHVIRUDFFXUDF\FODULW\DQGFRQVLVWHQF\


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 

'(),1,7,216

(IILFDF\

3ULPDU\(QGSRLQWV
7KHSULPDU\HIILFDF\HQGSRLQWLVWLPHWRILUVWDGMXGLFDWHG2Q7ULDO5HODSVH
1RWHIRUWKHSXUSRVHVRIWKHSURWRFRODQGWKLV6$3UHODSVHVDQGDWWDFNVDUHV\QRQ\PRXV
5HODSVHVLHDWWDFNVZLWKLQPRQWKVSULRUWRWKH6FUHHQLQJ9LVLWDQGUHODSVHVRQWULDOZLOOEH
FROOHFWHGDQGDQDO\]HG7KHGHILQLWLRQVRI+LVWRULFDO5HODSVHV2Q7ULDO5HODSVHVDQG
DGMXGLFDWHG2Q7ULDO5HODSVHVDUHDVIROORZV
+LVWRULFDO5HODSVH
+LVWRULFDOUHODSVHVDUHWKHUHODSVHVWKDWRFFXUUHGSULRUWRWKH6FUHHQLQJ9LVLWLQFOXGLQJWKHILUVW
102DWWDFN)RUWKHSURWRFROKLVWRULFDOUHODSVHLVGHILQHGDVDQHZRQVHWRIQHXURORJLF
V\PSWRPVRUZRUVHQLQJRIH[LVWLQJQHXURORJLFV\PSWRPVZLWKDQREMHFWLYHFKDQJHRQQHXURORJLF
H[DPLQDWLRQFOLQLFDOILQGLQJVRUPDJQHWLFUHVRQDQFHLPDJLQJ>05,@ILQGLQJVRUERWKWKDW
SHUVLVWHGIRUPRUHWKDQKRXUVDQGRUWKHQHZRQVHWRIQHXURORJLFV\PSWRPVRUZRUVHQLQJRI
DQH[LVWLQJQHXURORJLFV\PSWRPVWKDWUHTXLUHGWUHDWPHQW7UHDWPHQWLVGHILQHGDVXVHRIKLJK
GRVHLQWUDYHQRXVVWHURLGVSODVPDH[FKDQJH3(RU,9,J(YHQWVWKDWRFFXUZLWKLQDGD\
LQWHUYDODUHFRQVLGHUHGDVRQHUHODSVH)RUSDWLHQWVWKDWKDYHDUHODSVHGXULQJDQ\VFUHHQLQJ
SHULRGDQGJHWUHVFUHHQHGDQGWUHDWHGLQWKHWULDODQ\UHODSVHVGXULQJWKHSULRUVFUHHQLQJSHULRGV
ZLOOEHFRXQWHGDVKLVWRULFDOUHODSVHVLQWKHDVVHVVPHQWRIKLVWRULFDODQQXDOL]HGUHODSVHUDWH
2Q7ULDO5HODSVH
2Q7ULDO5HODSVHVDUHDFXWHDWWDFNVWKDWRFFXUGXULQJWKHWULDO)RUWKHSURWRFRO2Q7ULDO
5HODSVHLVGHILQHGDVDQHZRQVHWRIQHXURORJLFV\PSWRPVRUZRUVHQLQJRIH[LVWLQJQHXURORJLF
V\PSWRPVZLWKDQREMHFWLYHFKDQJHFOLQLFDOVLJQRQQHXURORJLFH[DPLQDWLRQWKDWSHUVLVWVIRU
PRUHWKDQKRXUVDVFRQILUPHGE\WKH7UHDWLQJ3K\VLFLDQ7KHVLJQVDQGV\PSWRPVPXVWEH
DWWULEXWHGWR102LHQRWFDXVHGE\DQLGHQWLILDEOHFDXVHVXFKDVLQIHFWLRQH[FHVVLYHH[HUFLVH
RUH[FHVVLYHO\KLJKDPELHQWWHPSHUDWXUH,VRODWHGFKDQJHVRQ05,RURWKHULPDJLQJ
LQYHVWLJDWLRQZLWKQRUHODWHGFOLQLFDOILQGLQJVLVQRWFRQVLGHUHGDQ2Q7ULDO5HODSVH7KHUHODSVH
PXVWEHSUHFHGHGE\DWOHDVWGD\VRIFOLQLFDOVWDELOLW\
2Q7ULDO5HODSVHVZLOOEHPRQLWRUHGWKURXJKRXWWKHWULDO3DWLHQWVZLOOEHHGXFDWHGRQWKH
SRWHQWLDOVLJQVDQGV\PSWRPVRI102UHODSVH7KH,QYHVWLJDWRURUKLVKHUGHVLJQHHZLOOUHYLHZ
LQGHWDLOWKHVLJQVDQGV\PSWRPVRIDSRWHQWLDOUHODSVHZLWKWKHSDWLHQWDWHDFKYLVLW7KH
SDWLHQWVZLOOEHLQVWUXFWHGWRFRQWDFWWKHLQYHVWLJDWRUDWWKHILUVWVLJQRUV\PSWRPRIDSRWHQWLDO
UHODSVH$OOSRWHQWLDOUHODSVHVPXVWEHHYDOXDWHGE\ERWKWKH('665DWHUDQGWKH7UHDWLQJ
3K\VLFLDQ3DWLHQWVVKRXOGEHHYDOXDWHGZLWKLQKRXUVRIQRWLILFDWLRQRIWKHLQYHVWLJDWRURUWKH
DSSURSULDWHGHVLJQHHRIDQ\VLJQVRUV\PSWRPVVXJJHVWLYHRIDSRWHQWLDOUHODSVHDQGQRODWHU
WKDQKRXUV7KH7UHDWLQJ3K\VLFLDQZLOOPDNHWKHGHFLVLRQDVWRZKHWKHUWKHQHXURORJLF
FKDQJHLVFRQVLGHUHGDQ2Q7ULDO5HODSVHEDVHGRQ2Q7ULDO5HODSVH'HILQLWLRQDQGWUHDWWKH
SDWLHQW¶VUHODSVHDFFRUGLQJWRWKH6WDQGDUGL]HG2Q7ULDO5HODSVH7UHDWPHQWSODQ)ROORZXS


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
YLVLWVWRPRQLWRUWKHFRXUVHRIWKHUHODSVHXQWLOVWDELOL]DWLRQZLOOEHPDGHDWWKH7UHDWLQJ
3K\VLFLDQGLVFUHWLRQLQDGGLWLRQWRWKHDVVHVVPHQWDWWKHQH[WVFKHGXOHGYLVLW
,GHQWLILFDWLRQRISRWHQWLDODWWDFNVLVFULWLFDOIRUSDWLHQWVDIHW\DQGWKLVVWXG\3DWLHQWVZLOOUHFHLYH
3DWLHQW(GXFDWLRQ&DUGVWKDWGHWDLOVVLJQVDQGV\PSWRPVRIDSRWHQWLDOUHODSVHDQGSURYLGHV
LQVWUXFWLRQVWRFRQWDFWWKHVWXG\VLWHDWWKHILUVWVLJQRUV\PSWRPRIDSRWHQWLDOUHODSVH7KH
,QYHVWLJDWRURUKLVKHUGHVLJQHHVKRXOGUHYLHZLQGHWDLOWKLVLQIRUPDWLRQDQGDQ\DGGLWLRQDO
ZDUQLQJVLJQVRIDQDWWDFNVSHFLILFWRWKDWSDWLHQWV¶FOLQLFDOSLFWXUHDWHDFKYLVLW3DWLHQWVVKRXOG
EHHYDOXDWHGZLWKLQKRXUVRIQRWLILFDWLRQRIWKHLQYHVWLJDWRURUDGHVLJQHHRIDSRVVLEOH
UHODSVHDQGQRODWHUWKDQKRXUV$OOUHSRUWVRISRVVLEOHUHODSVHVDQGDFWLRQVWDNHQIRUWKH
SRVVLEOHUHODSVHPXVWEHGRFXPHQWHGLQWKHSDWLHQW¶VVRXUFHGRFXPHQWVDQGUHFRUGHGLQWKHFDVH
UHSRUWIRUPV&5)
$GMXGLFDWHG2Q7ULDO5HODSVH
7RREWDLQDQLQGHSHQGHQWDVVHVVPHQWRIDOO2Q7ULDO5HODSVHHYHQWVXVLQJREMHFWLYHDQG
FRQVLVWHQWFOLQLFDOFULWHULDDOOUHODSVHVZLOOEHLQGHSHQGHQWO\UHYLHZHGE\DQ$GMXGLFDWLRQ
&RPPLWWHH7KH&RPPLWWHHFRQVLVWLQJRIPHGLFDOH[SHUWVLQQHXURORJ\DQGRU
QHXURRSKWKDOPRORJ\ZLOOFRQGXFWLQGHSHQGHQWUHYLHZVIRUDOOUHODSVHHYHQWVLGHQWLILHGE\WKH
,QYHVWLJDWRUV7KH&RPPLWWHHZLOOGHFLGHE\PDMRULW\YRWHZKHWKHUHDFK,QYHVWLJDWRULGHQWLILHG
2Q7ULDO5HODSVHPHHWVWKHREMHFWLYHFULWHULDIRUDQDGMXGLFDWHG2Q7ULDO5HODSVH$VHSDUDWH
&KDUWHUZLOOGRFXPHQWDOODGMXGLFDWLRQFULWHULDDQGSURFHGXUHVIRUWKLVWULDO7KURXJKRXWWKLV
6$3DGMXGLFDWHG2Q7ULDO5HODSVHUHIHUVWRDQ2Q7ULDO5HODSVHWKDWZDVSRVLWLYHO\DGMXGLFDWHG
E\WKHFRPPLWWHH$QDGMXGLFDWHGUHODSVHUHIHUVWRDUHODSVHWKDWZDVSRVLWLYHO\DGMXGLFDWHGE\
WKHFRPPLWWHHUHJDUGOHVVRIZKHWKHULWZDVFRQILUPHGDVDQ2Q7ULDO5HODSVHE\WKH7UHDWLQJ
3K\VLFLDQ
$IWHUWKHZHHNSRVW2Q7ULDO5HODSVHHYDOXDWLRQUHODSVHGSDWLHQWVDUHILQLVKHGZLWK6WXG\
(&81024XDOLI\LQJSDWLHQWVZLOOEHRIIHUHGHQUROOPHQWLQWKHH[WHQVLRQVWXG\LQZKLFK
DOOSDWLHQWVUHFHLYHHFXOL]XPDE3DWLHQWVZKRGRQRWFRQWLQXHLQWRWKHH[WHQVLRQVWXG\ZLOOQHHG
WRUHWXUQIRUDVDIHW\IROORZXSYLVLWZHHNVDIWHUWKHODVW,3GRVH

6HFRQGDU\(QGSRLQWV
7KHVHFRQGDU\HIILFDF\HQGSRLQWVDVVSHFLILHGLQWKHSURWRFROLQFOXGH
 &KDQJHIURPEDVHOLQHLQ([WHQGHG'LVDELOLW\6WDWXV6FDOH('66VFRUHDWWKHHQGRI
VWXG\(26
 $GMXGLFDWHG$QQXDOL]HG5HODSVH5DWH
 &KDQJHIURPEDVHOLQHLQ(XUR4R/(4'DWWKH(26
 &KDQJHIURPEDVHOLQHLQ0RGLILHG5DQNLQ6FDOHP56VFRUHDWWKH(26
 &KDQJHIURPEDVHOLQHLQ+DXVHU$PEXODWRU\,QGH[+$,VFRUHDWWKH(26

([WHQGHG'LVDELOLW\6WDWXV6FDOH('66
7KH('66LVDQRUGLQDOFOLQLFDOUDWLQJVFDOHZKLFKUDQJHVIURPQRUPDOQHXURORJLF
H[DPLQDWLRQWRGHDWKLQKDOISRLQWLQFUHPHQWV%ULHIO\WKHDVVHVVLQJQHXURORJLVWUDWHV
IXQFWLRQDOV\VWHPVS\UDPLGDOFHUHEHOODUEUDLQVWHPVHQVRU\ERZHODQGEODGGHUYLVXDODQG


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
FHUHEUDODQGDPEXODWLRQLQWKHFRQWH[WRIDVWDQGDUGQHXURORJLFDOH[DPLQDWLRQDQGWKHQXVHV
WKHVHUDWLQJV)XQFWLRQDO6\VWHP6FRUHV)66LQFRQMXQFWLRQZLWKREVHUYDWLRQVDQGLQIRUPDWLRQ
FRQFHUQLQJWKHSDWLHQW¶VPRELOLW\JDLWDQGXVHRIDVVLVWLYHGHYLFHVWRDVVLJQDQ('66VFRUH
('66VWHSVWRUHIHUWRSHRSOHZKRDUHIXOO\DPEXODWRU\ZKLOH('66VWHSVWRDUH
GHILQHGE\WKHLPSDLUPHQWWRDPEXODWLRQ
6HHWKHSURWRFRODSSHQGL[IRUWKH('66
7KHEOLQGHG('665DWHUZLOOSHUIRUPWKH.XUW]NHQHXURORJLFDODVVHVVPHQWWRGHWHUPLQHLIWKH
UHODSVHLVDVVRFLDWHGZLWKFKDQJHVLQDQ\RIWKH)XQFWLRQDO6\VWHP6FRUHV)66RUWRWDO('66
VFRUH7KH('665DWHUZLOOEHUHVSRQVLEOHIRUSHUIRUPLQJWKH('66DVVHVVPHQWVWKURXJKRXWWKH
WULDO

(4'
7KH(4'LVDJHQHULFVWDQGDUGL]HGSDWLHQWVHOIDGPLQLVWHUHGLQVWUXPHQWWKDWSURYLGHVD
VLPSOHGHVFULSWLYHSURILOHDQGDVLQJOHLQGH[YDOXHIRUKHDOWKVWDWXV7KH(4'FRPSULVHV
GLPHQVLRQVRIKHDOWKPRELOLW\VHOIFDUHXVXDODFWLYLWLHVSDLQGLVFRPIRUWDQG
DQ[LHW\GHSUHVVLRQ(DFKGLPHQVLRQFRQVLVWVRIOHYHOVVRPHPRGHUDWHRUH[WUHPHSUREOHPV
JHQHUDWLQJDWRWDORIWKHRUHWLFDOO\SRVVLEOHKHDOWKVWDWHV7KHUHVSRQVHSHULRGLVWKHGD\RI
DVVHVVPHQWRQO\$VVHVVPHQWVZLOODOVREHPDGHXVLQJWKH(4'9LVXDO$QDORJXH6FDOH(4
'9$6ZKLFKFDSWXUHVWKHVHOIUDWLQJRIFXUUHQWKHDOWKVWDWXVXVLQJDYLVXDOWKHUPRPHWHU
ZLWKWKHHQGSRLQWVRIEHVWLPDJLQDEOHKHDOWKVWDWHDWWKHWRSDQG]HURZRUVWLPDJLQDEOH
KHDOWKVWDWHDWWKHERWWRP
6HHWKHSURWRFRODSSHQGL[IRUWKH(4'

0RGLILHG5DQNLQ6FDOHP56
7KHPRGLILHG5DQNLQ6FDOHP56LVDFRPPRQO\XVHGVFDOHIRUPHDVXULQJWKHGHJUHHRI
GLVDELOLW\RUGHSHQGHQFHLQWKHGDLO\DFWLYLWLHVRISHRSOHZKRKDYHVXIIHUHGIURPDQHXURORJLFDO
GLVDELOLW\7KH7UHDWLQJ3K\VLFLDQZLOODGPLQLVWHUWKHP56
7KHVFDOHUXQVIURPUXQQLQJIURPQRGLVDELOLW\WRGHDWK
1RV\PSWRPV
1RVLJQLILFDQWGLVDELOLW\$EOHWRFDUU\RXWDOOXVXDODFWLYLWLHVGHVSLWHVRPHV\PSWRPV
6OLJKWGLVDELOLW\$EOHWRORRNDIWHURZQDIIDLUVZLWKRXWDVVLVWDQFHEXWXQDEOHWRFDUU\RXWDOO
SUHYLRXVDFWLYLWLHV
0RGHUDWHGLVDELOLW\5HTXLUHVVRPHKHOSEXWDEOHWRZDONXQDVVLVWHG
0RGHUDWHO\VHYHUHGLVDELOLW\8QDEOHWRDWWHQGWRRZQERGLO\QHHGVZLWKRXWDVVLVWDQFHDQG
XQDEOHWRZDONXQDVVLVWHG
6HYHUHGLVDELOLW\5HTXLUHVFRQVWDQWQXUVLQJFDUHDQGDWWHQWLRQEHGULGGHQLQFRQWLQHQW
'HDG


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 

+DXVHU$PEXODWRU\,QGH[
7KH+DXVHU$PEXODWRU\,QGH[HYDOXDWHVPRELOLW\7KLVLQGH[LVXVHGWRDVVHVVWKHWLPHDQG
GHJUHHRIDVVLVWDQFHUHTXLUHGIRUWKHSDWLHQWWRZDONIHHWPHWHUV7KHVFDOHUDQJHVIURP
WREHLQJWKHEHVWVFRUHDV\PSWRPDWLFIXOO\DPEXODWRU\ZLWKQRDVVLVWDQFHDQGEHLQJWKH
ZRUVHUHVWULFWHGWRZKHHOFKDLUXQDEOHWRWUDQVIHUVHOILQGHSHQGHQWO\7KH7UHDWLQJ3K\VLFLDQRU
DGHVLJQHHLVWRDGPLQLVWHUWKH+$,
6HHWKHSURWRFRODSSHQGL[IRUWKH+DXVHU$PEXODWRU\,QGH[

$QQXDOL]HG5HODSVH5DWH
$QQXDOL]HGUHODSVHUDWHZLOOEHFRPSXWHGIRUHDFKSDWLHQW$SUHWUHDWPHQWDQQXDOL]HGUHODSVH
UDWHZLOOEHFRPSXWHGIRUHDFKSDWLHQWXVLQJWKHKLVWRULFDOUHODSVHGDWDIRUWKDWSDWLHQW$Q
DGMXGLFDWHG2Q7ULDODQQXDOL]HGUHODSVHUDWHZLOOEHFRPSXWHGIRUHDFKSDWLHQWEDVHGRQDOO
DGMXGLFDWHG2Q7ULDO5HODSVHHYHQWV$Q2Q7ULDODQQXDOL]HGUHODSVHUDWHZLOODOVREHFRPSXWHG
IRUHDFKSDWLHQWEDVHGRQWKH2Q7ULDO5HODSVHVDVGHWHUPLQHGE\WKH7UHDWLQJ3K\VLFLDQ
REVHUYHGLQWKHWULDOIRUWKHSDWLHQW
6HH6HFWLRQRIWKLV6$3IRUWKHIRUPXODVIRUFDOFXODWLQJDQQXDOL]HGUHODSVHUDWH

7HUWLDU\(QGSRLQWV
7KHWHUWLDU\HIILFDF\HQGSRLQWVIRUWKHVWXG\DUH
 &KDQJHIURPEDVHOLQHLQ+DXVHU$PEXODWRU\,QGH[DWWKH(26LQSDWLHQWVZLWKDEQRUPDO
EDVHOLQHDPEXODWRU\IXQFWLRQ
 &KDQJHIURPEDVHOLQHLQYLVXDODFXLW\DWWKH(26LQDOOSDWLHQWVDQGLQSDWLHQWVZLWK
DEQRUPDOEDVHOLQHYLVXDOIXQFWLRQ
 &KDQJHIURPEDVHOLQHLQWKH6)DWWKH(26
 &KDQJHIURPEDVHOLQHLQWKH('66)XQFWLRQDO6\VWHP6FRUH)66DWWKH(26

+DXVHU$PEXODWRU\,QGH[LQ3DWLHQWVZLWK$EQRUPDO%DVHOLQH$PEXODWRU\
)XQFWLRQ
3DWLHQWVZLWKDEQRUPDODPEXODWRU\IXQFWLRQDUHSDWLHQWVZLWKDEDVHOLQH+DXVHUYDOXHRIWR
LHDEDVHOLQHYDOXHRILVFRQVLGHUHGQRUPDO

9LVXDO$VVHVVPHQW
$VVHVVPHQWRIYLVXDOIXQFWLRQLQFOXGHVWKHDVVHVVPHQWRIWKHRSWLFGLVFYLVXDOILHOGVWKH
SUHVHQFHRUDEVHQFHRIDVFRWRPDDQGYLVXDODFXLW\%RWKWKHWUHDWLQJSK\VLFLDQDQGWKH('66
5DWHUZLOODVVHVVYLVLRQ)RUWKH7UHDWLQJ3K\VLFLDQYLVXDODFXLW\ZLOOEHPHDVXUHGXVLQJWKH
6QHOOHQFKDUW)RUWKHEOLQGHG('665DWHUWKHDVVHVVPHQWLVUHFRUGHGDVSDUWRIWKHYLVXDO
RSWLF)XQFWLRQDO6\VWHP6FRUHIRUWKH('667KHYLVXDOVFRUHRQWKH)66ZLOOEHXVHGIRU
VWDWLVWLFDODQDO\VLVRIFKDQJHVLQYLVXDODFXLW\
7KH9LVXDO)XQFWLRQDO6\VWHP6FRUHLVDVIROORZV
x  1RUPDO


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
x  GLVFSDOORUDQGRUPLOGVFRWRPDDQGRUYLVXDODFXLW\FRUUHFWHGRIZRUVHH\HOHVV
WKDQEXWEHWWHUWKDQ
x  ZRUVHH\HZLWKODUJHVFRWRPDDQGRUPD[LPDOYLVXDODFXLW\FRUUHFWHGRIWR

x  ZRUVHH\HZLWKODUJHVFRWRPDRUPRGHUDWHGHFUHDVHLQILHOGVDQGRUPD[LPDOYLVXDO
DFXLW\FRUUHFWHGRIWR
x  ZRUVHH\HZLWKPDUNHGGHFUHDVHRIILHOGVDQGRUPD[LPDOYLVXDODFXLW\FRUUHFWHGRI
WRJUDGHSOXVPD[LPDODFXLW\RIEHWWHUH\HRIRUOHVV
x  ZRUVHH\HZLWKPD[LPDOYLVXDODFXLW\FRUUHFWHGOHVVWKDQJUDGHSOXV
PD[LPDODFXLW\RIEHWWHUH\HRIRUOHVV
x  JUDGHSOXVPD[LPDOYLVXDODFXLW\RIEHWWHUH\HRIRUOHVV

9LVXDO$FXLW\LQ3DWLHQWVZLWK$EQRUPDO%DVHOLQH9LVXDO)XQFWLRQ
3DWLHQWVZLWKDEQRUPDOYLVXDODFXLW\DWEDVHOLQHDUHSDWLHQWVZLWKDEDVHOLQH.XUW]NH)66IRU
YLVXDODFXLW\RIWRDWEDVHOLQHLHDEDVHOLQHYDOXHRILVFRQVLGHUHGQRUPDO

6)4XDOLW\RI/LIH

7KH6)LVDSDWLHQWVHOIDGPLQLVWHUHGTXHVWLRQQDLUHGHVLJQHGWRDVVHVVJHQHULFKHDOWKUHODWHG
TXDOLW\RIOLIHLQKHDOWK\DQGLOODGXOWSRSXODWLRQV7KH6)FRQVLVWVRILWHPVRUJDQL]HGLQWR
WKHVFDOHVVKRZQEHORZ7KH6)DOVR\LHOGVVXPPDU\PHDVXUHVRISK\VLFDOKHDOWKWKH
3K\VLFDO&RPSRQHQW6XPPDU\PHDVXUH>3&6@DQGPHQWDOKHDOWKWKH0HQWDO&RPSRQHQW
6XPPDU\PHDVXUH>0&6@GHULYHGIURPVFDOHDJJUHJDWHV+LJKHUJOREDOVFRUHVDUHDVVRFLDWHG
ZLWKEHWWHUTXDOLW\RIOLIH

7DEOH
&RPSRQHQWVRIWKH6)
6FDOH
1XPEHURI
,WHPV
'HILQLWLRQRI6FDOH
3K\VLFDO)XQFWLRQLQJ3)

/LPLWDWLRQVLQSK\VLFDODFWLYLW\EHFDXVHRI
KHDOWKSUREOHPV

6RFLDO)XQFWLRQLQJ6)

/LPLWDWLRQVLQVRFLDODFWLYLWLHVEHFDXVHRI
SK\VLFDORUHPRWLRQDOSUREOHPV

5ROH/LPLWDWLRQV3K\VLFDO
53

/LPLWDWLRQVLQXVXDOUROHDFWLYLWLHVEHFDXVH
RISK\VLFDOKHDOWKSUREOHP



$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
6FDOH
1XPEHURI
,WHPV
'HILQLWLRQRI6FDOH
%RGLO\3DLQ%3

3UHVHQFHRISDLQDQGOLPLWDWLRQVGXHWRSDLQ

*HQHUDO0HGLFDO+HDOWK*+

6HOIHYDOXDWLRQRISHUVRQDOKHDOWK

0HQWDO+HDOWK0+

3V\FKRORJLFDOGLVWUHVVDQGZHOOEHLQJ
5ROH/LPLWDWLRQV(PRWLRQDO
5(

/LPLWDWLRQVLQXVXDOUROHDFWLYLWLHVEHFDXVH
RIHPRWLRQDOSUREOHPV

9LWDOLW\97

(QHUJ\DQGIDWLJXH

5HSRUWHG+HDOWK7UDQVLWLRQ
+7

+HDOWKWUDQVLWLRQIRUP\HDUSULRUEDVHG
RQ6)LWHP
9HUVLRQRIWKH6)ZLOOEHXVHGLQWKLVVWXG\6HHWKHSURWRFRODSSHQGL[IRU6)
TXHVWLRQQDLUH

.XUW]NH)XQFWLRQDO6\VWHP6FRUH)66
7KH.XUW]NHLQVWUXPHQWKDVIXQFWLRQDOV\VWHPVS\UDPLGDOFHUHEHOODUEUDLQVWHPVHQVRU\
ERZHODQGEODGGHUYLVXDODQGFHUHEUDOHYDOXDWHGLQWKHFRQWH[WRIDVWDQGDUGQHXURORJLF
H[DPLQDWLRQ7KHVFRUHUDQJHVIURPWR$VFRUHRILQWKHIXQFWLRQDOV\VWHPVLPSOLHVWKH
SDWLHQWLVQRUPDO+LJKHUVFRUHVUHSUHVHQWZRUVHGLVDELOLW\7KHVHUDWLQJVDUHWKHQXVHGWRJHWKHU
ZLWKREVHUYDWLRQVDQGLQIRUPDWLRQDERXWJDLWDQGXVHRIDVVLVWLYHGHYLFHVWRUDWHWKH('66

2WKHU(IILFDF\(QGSRLQWV

6HYHULW\RID5HODSVH
6HYHULW\RIUHODSVHPDMRURUPLQRUZLOOEHPHDVXUHGE\WKH2SWLFRVSLQDO,PSDLUPHQW6FRUH
26,69LVXDO$FXLW\9$6XEVFDOH6FRUHVZLOOEHXVHGWRFDWHJRUL]HWKHVHYHULW\RI2SWLF
1HXULWLV21UHODSVHV0RWRU6XEVFDOH6FRUHVDQG6HQVRU\6XEVFDOH6FRUHVZLOOEHXVHGWR
FDWHJRUL]HWKHVHYHULW\RI7UDQVYHUVH0\HOLWLV70UHODSVHV6HYHULW\ZLOOEHDVVHVVHGDWWKH
WLPHRIWKHUHODSVH6HH7DEOHLQWKH(&8102SURWRFRO
,QWKHHYHQWDSDWLHQWKDVDUHODSVHWKDWLQFOXGHVPRUHWKDQRQHW\SHRIUHODSVHWKHZRUVWJUDGH
ZLOOEHXVHGIRUWKHVHYHULW\RIWKHUHODSVH)RUH[DPSOHLIWKHUHODSVHLVERWK21PLQRUDQG
70PDMRUWKHQWKHUHODSVHZLOOEHFRQVLGHUHGDPDMRUUHODSVH
2SWLF1HXULWLV5HODSVHV
7KH26,69LVXDO$FXLW\9$6FDOHLVDVIROORZV
x  1RUPDO
x  6FRWRPDEXWFRUUHFWHG9$EHWWHUWKDQ


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
x  9$±
x  9$±
x  9$±
x  9$±
x  &RXQWILQJHUVRQO\
x  /LJKWSHUFHSWLRQRQO\
x  1ROLJKWSHUFHSWLRQ

6HYHULW\RI21
9LVXDO$FXLW\6XEVFDOH6FRUH

5HODSVH'HVFULSWRU
3UH5HODSVH
3RVW5HODSVH


0LQRU


0DMRU

,QFUHDVHE\SRLQW
0LQRU

,QFUHDVHE\SRLQWV
0DMRU

1RFKDQJHRUGHFUHDVH
0LQRU

7UDQVYHUVH0\HOLWLV5HODSVHV
7KH26,60RWRU)XQFWLRQ6FDOHLVDVIROORZV
x  1RUPDO
x  $EQRUPDOVLJQVK\SHUUHIOH[LD%DELQVNLVLJQZLWKRXWZHDNQHVV
x  0LOGZHDNQHVV05&JUDGHRULQDIIHFWHGOLPEV
x  0RGHUDWHZHDNQHVVJUDGHRULQRU801PXVFOHVLQDIIHFWHGOLPEV
x  0RGHUDWHZHDNQHVVJUDGHRULQ801PXVFOHVLQDIIHFWHGOLPEV
x  6HYHUHZHDNQHVVJUDGHLQRUPRUHPXVFOHVLQDIIHFWHGOLPEV
x  6RPHSOHJLFJUDGHRUPXVFOHVLQRUPRUHOLPEV
x  3OHJLDJUDGHRURIDOOPXVFOHVLQRUPRUHOLPEV

6HYHULW\RI70


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
0RWRU6XEVFDOH6FRUH

5HODSVH'HVFULSWRU
3UH5HODSVH
3RVW5HODSVH


0LQRU


0DMRU

,QFUHDVHE\SRLQW
0LQRU

,QFUHDVHE\SRLQWV
0DMRU

1RFKDQJHRUGHFUHDVH 0LQRU

7KH26,66HQVRU\)XQFWLRQ6FDOHLVDVIROORZV
6HQVRU\)XQFWLRQ


 
1RUPDO


 
0LOGGHFUHDVHLQYLEUDWLRQ


 
0LOGGHFUHDVHLQSLQSULFNWHPSHUDWXUHSURSULRFHSWLRQRU








PRGHUDWHGHFUHDVHLQYLEUDWLRQ


 
0RGHUDWHGHFUHDVHLQWRXFKSLQSURSULRFHSWLRQRUHVVHQWLDOO\ORVW 





YLEUDWLRQVHQVH


 
/RVVRIDOOVHQVRU\PRGDOLWLHV


 
8QNQRZQ
6HYHULW\RI70
6HQVRU\6XEVFDOH6FRUH$Q\FKDQJHLQVHQVRU\IXQFWLRQDFFRPSDQLHGE\DFKDQJHRI
SRLQWVLQDQ\RIWKH7UHDWLQJ3K\VLFLDQDVVHVVPHQWVEHORZZLOOEHFODVVLILHGDVDPDMRUUHODSVH
2WKHUZLVHWKHUHODSVHZLOOEHFRQVLGHUHGPLQRUVHYHULW\
3RVLWLRQVHQVHXSSHU
H[WUHPLW\±5LJKW
1RUPDO
0LOG
0RGHUDWH
0DUNHG
3RVLWLRQVHQVHXSSHU
H[WUHPLW\±/HIW
1RUPDO
0LOG
0RGHUDWH
0DUNHG
3RVLWLRQVHQVHORZHU
H[WUHPLW\±5LJKW
1RUPDO
0LOG
0RGHUDWH
0DUNHG


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
3RVLWLRQVHQVHORZHU
H[WUHPLW\±/HIW
1RUPDO
0LOG
0RGHUDWH
0DUNHG


6DIHW\
7KHVDIHW\RIHFXOL]XPDEZLOOEHDVVHVVHGEDVHGRQDGYHUVHHYHQWV$(VVHULRXVDGYHUVHHYHQWV
6$(VDQGFKDQJHVIURPEDVHOLQHWKURXJKWULDOFRPSOHWLRQLQYLWDOVLJQVURXWLQHFOLQLFDO
ODERUDWRU\WHVWVFKHPLVWU\KHPDWRORJ\SK\VLFDOH[DPLQDWLRQHOHFWURFDUGLRJUDPUHVXOWV
&ROXPELD6XLFLGH6HYHULW\5DWLQJ6FDOHDQGSUHJQDQF\WHVWVIRUIHPDOHSDWLHQWVRIFKLOGEHDULQJ
SRWHQWLDO
$QLQGHSHQGHQW'DWD0RQLWRULQJ&RPPLWWHH'0&ZLOOFRQGXFWLQWHULPPRQLWRULQJRI
XQEOLQGHGGDWD6LQFHLWVSULPDU\IXQFWLRQZLOOEHWRHQVXUHSDWLHQWVDIHW\WKH'0&ZLOOKDYH
DFFHVVWRDOOVDIHW\GDWD7KH'0&PD\PDNHUHFRPPHQGDWLRQVWRWKH6SRQVRUUHJDUGLQJVDIHW\
LVVXHVWULDOFRQGXFWDQGPRGLI\LQJH[WHQGLQJRUVWRSSLQJWKHWULDO$VHSDUDWH'0&&KDUWHU
ZLOOGRFXPHQWDOO'0&SURFHGXUHVDQGSURFHVVHVIRUWKHWULDO

$GYHUVH(YHQWV$(V
$GYHUVH(YHQWVDUHGHILQHGLQ3URWRFRO6HFWLRQ
)RU6$(VWKHUHSRUWLQJSHULRGWR$OH[LRQRU$OH[LRQ3KDUPDFRYLJLODQFH'HOHJDWHEHJLQV
IROORZLQJWKHSDWLHQW¶VVLJQLQJRIWKH,QIRUPHG&RQVHQW)RUP,&)SURYLGLQJFRQVHQWWR
SDUWLFLSDWHLQWKHWULDODQGFRQWLQXHVWKURXJKZHHNVDIWHUWKHODVWGRVHRIVWXG\PHGLFDWLRQ
7KHUHLVQRWLPHOLPLWIRU6$(VWKDWDUHWKRXJKWWREHFDXVDOO\UHODWHG
)RUQRQVHULRXV$(WKHUHSRUWLQJSHULRGVWDUWVIROORZLQJILUVWGRVHRI,3DQGFRQWLQXHVWKURXJK
WKHODVWVWXG\YLVLWLQFOXGLQJWKHVDIHW\)ROORZ8S9LVLW$(VWKDWDUHWKRXJKWWREHFDXVDOO\
UHODWHGDUHWREHIROORZHGXQWLOWKHHYHQWRUVHTXHODHUHVROYHRUDUHGHWHUPLQHGWREHPHGLFDOO\
VWDEOH
)RUWKHSXUSRVHVRIWKLV6$3WKUHHW\SHVRI$(VZLOOEHQRWHG
x 3UH7UHDWPHQW6HULRXV$GYHUVH(YHQWV376$(V
x 7UHDWPHQW(PHUJHQW$GYHUVH(YHQWV7($(V
x 7UHDWPHQW(PHUJHQW6HULRXV$GYHUVH(YHQWV7(6$(V
376$(VDUHWKHVHULRXV$(VWKDWRFFXUEHWZHHQWKHVLJQLQJRILQIRUPHGFRQVHQWDQGILUVW,3GRVH
LHHFXOL]XPDERUSODFHER7($(VDUH$(VWKDWRQVHWRQRUDIWHUWKHILUVW,3GRVHLQWKHVWXG\
/LNHZLVH7(6$(VDUH6$(VWKDWRQVHWRQRUDIWHUWKHILUVW,3GRVHLQWKHVWXG\$WDEOHDQG
OLVWLQJRI376$(VZLOOEHSURGXFHG%RWKWDEXODURXWSXWVDQGOLVWLQJVZLOOEHFUHDWHGIRU7($(V
DQG7(6$(VDVGHVFULEHGLQWKLV6$3

9LWDO6LJQV
9LWDOVLJQVZLOOEHPHDVXUHGDWHYHU\YLVLWDQGZLOOLQFOXGHDVVHVVPHQWVRIV\VWROLFDQGGLDVWROLF
EORRGSUHVVXUH%3WHPSHUDWXUHUHVSLUDWLRQUDWH55DQGKHDUWUDWH+59LWDOVLJQVZLOOEH


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
REWDLQHGDIWHUWKHSDWLHQWKDVEHHQVXSLQHRUVHDWHGIRUDWOHDVWPLQXWHV,GHDOO\HDFKSDWLHQW¶V
%3VKRXOGEHPHDVXUHGXVLQJWKHVDPHDUP6\VWROLFDQGGLDVWROLF%3VZLOOEHGRFXPHQWHGLQ
PP+J7HPSHUDWXUHZLOOEHREWDLQHGLQGHJUHHV&HOVLXVRU)DKUHQKHLW+5ZLOOEHGRFXPHQWHG
LQEHDWVSHUPLQXWH
%RG\ZHLJKWZLOOEHPHDVXUHGLQSRXQGVRUNLORJUDPV+HLJKWZLOOEHPHDVXUHGLQLQFKHVRU
FHQWLPHWHUV%RG\ZHLJKWZLOOEHPHDVXUHGDWWKH6FUHHQLQJ9LVLW9LVLW:HHN9LVLW
:HHNDQG(26(79LVLW+HLJKWZLOOEHPHDVXUHGDWWKH6FUHHQLQJ9LVLW

/DERUDWRU\$VVHVVPHQWV
3DWLHQWVZLOOKDYHELRORJLFVDPSOHVFROOHFWHGIRUDQDO\VLVRIYDULRXVSDUDPHWHUV7KHFHQWUDO
ODERUDWRU\ZLOOVXSSO\HVWDEOLVKHGRUJHQHUDOO\DFNQRZOHGJHGPHWKRGVQRUPDOUHIHUHQFHUDQJHV
DQGVKLSSLQJLQVWUXFWLRQV
&KHPLVWU\SDQHOFRPSOHWHEORRGFRXQWDQGXULQDO\VLVKHPRO\WLFPDUNHUVUHQDOIXQFWLRQ
PHDVXUHVDQGVHUXPSUHJQDQF\WHVWVHH$SSHQGL[RIWKHSURWRFROIRUGHWDLOVZLOOEHSUHSDUHG
DQGVKLSSHGDFFRUGLQJWRWKHLQVWUXFWLRQVLQWKHODERUDWRU\PDQXDOWRWKHFHQWUDOODERUDWRU\
6DPSOHVZLOOEHDQDO\]HGDWWKHFHQWUDOODERUDWRU\
,PPXQRJHQLFLW\EORRGVDPSOHVZLOOEHFROOHFWHGIRUHYDOXDWLRQIRU$QWL'UXJ$QWLERG\DW
VSHFLILHGWLPHSRLQWVWRGHVFULEHWKHSUHVHQFHRUDEVHQFHRIDQLPPXQHUHVSRQVHWRHFXOL]XPDE

2WKHU6DIHW\(YHQWVRI6SHFLDO,QWHUHVW

3K\VLFDO([DPLQDWLRQ
$FRPSOHWHSK\VLFDOH[DPLQDWLRQZLOOEHSHUIRUPHGDW9LVLW6FUHHQLQJ9LVLW:HHN
DQGDW(26YLVLWRUHDUO\WHUPLQDWLRQ(7YLVLW7KHFRPSOHWHSK\VLFDOH[DPLQDWLRQZLOOLQFOXGH
DVVHVVPHQWVRIWKHIROORZLQJRUJDQERG\V\VWHPVVNLQKHDGHDUVH\HVQRVHWKURDWQHFN
O\PSKQRGHVSXOVHFKHVWKHDUWDEGRPHQH[WUHPLWLHVPXVFXORVNHOHWDODQGJHQHUDO
QHXURORJLFDOH[DPLQDWLRQ)RUFRQVLVWHQF\DOOHIIRUWVVKRXOGEHPDGHWRKDYHWKHSK\VLFDO
H[DPLQDWLRQSHUIRUPHGE\WKHVDPHTXDOLILHGVWXG\VWDIIDWWKHVHYLVLWV

(OHFWURFDUGLRJUDP(&*
$OHDGHOHFWURFDUGLRJUDP(&*ZLOOEHFRQGXFWHGDW9LVLWDQGDW(26YLVLWRU(7
YLVLW7KH,QYHVWLJDWRURUGHVLJQHHZLOOEHUHVSRQVLEOHIRUUHYLHZLQJWKH(&*WRDVVHVVZKHWKHU
WKH(&*LVZLWKLQQRUPDOOLPLWVDQGWRGHWHUPLQHWKHFOLQLFDOVLJQLILFDQFHRIWKHUHVXOWV7KHVH
DVVHVVPHQWVZLOOEHLQGLFDWHGRQWKH&5)

&ROXPELD6XLFLGH6HYHULW\5DWLQJ6FDOH&6656
7KH&6656LVDTXHVWLRQQDLUHXVHGIRUVXLFLGHULVNDVVHVVPHQWGHYHORSHGE\.HOO\3RVQHU3K'
'DYLG%UHQW0'&KULV/XFDV0'0DGHO\Q*RXOG3K'03+%DUEDUD6WDQOH\3K'*UHJ
%URZQ3K'3UXGHQFH)LVKHU3K'-DLPH=HOD]Q\1503+$LQVOH\%XUNH3K'0DULD
2TXHQGR0'DQG--RKQ0DQQ0'7KH&6656LVDPHDVXUHRIVXLFLGDOLGHDWLRQDQG
EHKDYLRU7KH&6656ZLOOEHSHUIRUPHGE\WKH7UHDWLQJ3K\VLFLDQRUDQDSSURSULDWHO\WUDLQHG
GHVLJQHH7KH%DVHOLQH6FUHHQLQJ&6656ZLOOEHSHUIRUPHGDW%DVHOLQH9LVLW7KH&6656
ZLOODOVREHSHUIRUPHGDW9LVLW:HHN9LVLW:HHN9LVLW:HHNDQGHYHU\
WKZHHNYLVLWWKHUHDIWHUWKURXJKWKH(26(79LVLWDWWKHZHHN)ROORZ8S5HODSVH


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
(YDOXDWLRQ9LVLWDQGDWWKH6DIHW\)ROORZXSYLVLW$GGLWLRQDO&6656DVVHVVPHQWVDUH
SHUPLWWHGDVQHHGHG7KLVLVWRHQVXUHWKDWSDWLHQWVZKRDUHH[SHULHQFLQJVXLFLGDOLGHDWLRQRU
EHKDYLRUDUHSURSHUO\UHFRJQL]HGDQGDGHTXDWHO\PDQDJHGRUUHIHUUHGIRUIXUWKHUHYDOXDWLRQ


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 

'$7$6(76$1$/<=('678'<3238/$7,216
(IILFDF\DQDO\VHVZLOOEHSHUIRUPHGRQWKH)XOO$QDO\VLV6HW)$6SRSXODWLRQDVZHOODVWKH3HU
3URWRFRO33SRSXODWLRQ7KHVDIHW\DQDO\VHVZLOOEHEDVHGRQWKH6DIHW\6HWSRSXODWLRQ,Q
VRPHDQDO\VHVVXEJURXSVPD\EHDQDO\]HGDVLQGLFDWHGLQWKLV6$3

)XOO$QDO\VLV6HW)$6
7KHSRSXODWLRQRQZKLFKSULPDU\VHFRQGDU\WHUWLDU\DQGRWKHUHIILFDF\DQDO\VHVZLOOEH
SHUIRUPHGFRQVLVWVRIDOOSDWLHQWVZKRDUHUDQGRPL]HGWRWUHDWPHQWDQGZKRKDYHUHFHLYHGDW
OHDVWGRVHRIVWXG\GUXJHFXOL]XPDERUSODFHERWUHDWPHQW3DWLHQWVZLOOEHFRPSDUHGIRU
HIILFDF\DFFRUGLQJWRWKHWUHDWPHQWWKH\ZHUHUDQGRPL]HGWRUHFHLYHLUUHVSHFWLYHRIWKHWUHDWPHQW
WKH\DFWXDOO\UHFHLYHG

3HU3URWRFRO336HW
7KH3HU3URWRFRO33SRSXODWLRQLVDVXEVHWRIWKH)XOO$QDO\VLV6HWSRSXODWLRQH[FOXGLQJ
SDWLHQWVZLWKPDMRUSURWRFROGHYLDWLRQV7KH33SRSXODWLRQZLOOLQFOXGHDOOSDWLHQWVZKR
x +DYHQRPDMRUSURWRFROGHYLDWLRQVRUNH\LQFOXVLRQH[FOXVLRQFULWHULDGHYLDWLRQVWKDW
PLJKWSRWHQWLDOO\DIIHFWHIILFDF\
x 3DWLHQWVZKRWRRNDWOHDVWRIWKHUHTXLUHGWUHDWPHQWGRVHVZKLOHWKH\ZHUHLQWKH
GRXEOHEOLQGVWXG\SHULRGIRUSDWLHQWVZKRKDYHUHODSVHVDQ\GRVLQJDIWHUWKHUHODSVH
ZLOOQRWEHLQFOXGHGLQWKLVFDOFXODWLRQ
7KH33SRSXODWLRQZLOOEHGHWHUPLQHGSULRUWRGDWDEDVHORFNDQGXQEOLQGLQJ.H\LQFOXVLRQ
FULWHULDDUHDQGNH\H[FOXVLRQFULWHULDDUHDQG
0DMRUSURWRFROGHYLDWLRQVDUHGLVFXVVHGLQ6HFWLRQ
)RU)$6SDWLHQWVLQWKHVWXG\ZKRKDYHDQ2Q7ULDO5HODSVHWKHFDOFXODWLRQIRUEHLQJDWOHDVW
FRPSOLDQWZLWKWKHUHTXLUHGWUHDWPHQWGRVHVIRUWKH3HU3URWRFROSRSXODWLRQZLOOLQFOXGHWKH
WLPHSHULRGIURPWKHILUVWVWXG\GRVHWRWKHGD\RIWKHILUVW2Q7ULDO5HODSVH7LPHRQVWXG\DIWHU
WKHGDWHRIWKHILUVW2Q7ULDO5HODSVHLVQRWFRXQWHGLQWKHGHWHUPLQDWLRQRIWUHDWPHQWFRPSOLDQFH
IRUWKH3HU3URWRFROSRSXODWLRQUHTXLUHPHQW

6DIHW\6HW
6DIHW\DQDO\VHVZLOOEHSHUIRUPHGRQWKH6DIHW\6HW3RSXODWLRQ7KH6DIHW\3RSXODWLRQLQFOXGHV
DOOSDWLHQWVZKRUHFHLYHDWOHDVWGRVHRIVWXG\GUXJHFXOL]XPDERUSODFHER3DWLHQWVZLOOEH
FRPSDUHGIRUVDIHW\DFFRUGLQJWRWKHWUHDWPHQWWKH\DFWXDOO\UHFHLYHG
3DWLHQWVZKRKDYHVLJQHGLQIRUPHGFRQVHQWEXWDUHQRWWUHDWHGLQWKHVWXG\DUHQRWLQWKH6DIHW\
3RSXODWLRQ+RZHYHULIWKHVHSDWLHQWVUHSRUW6$(VDIWHUWKHVLJQLQJRILQIRUPHGFRQVHQWWKHVH
HYHQWVZLOOEHVXPPDUL]HGVHSDUDWHO\LQOLVWLQJVDVDSSURSULDWH


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 

2WKHU6HWV

3.3'
3.3'DQDO\VHVZLOOEHSHUIRUPHGRQWKH3.3'$QDO\VLV6HW7KLVSRSXODWLRQLQFOXGHVSDWLHQWV
ZLWKDWOHDVWRQH3.RU3'UHVXOW'HWDLOVIRUWKH3.3'$QDO\VLV6HWFDQEHIRXQGLQDVHSDUDWH
3.3'DQDO\VLVSODQ$3.3'DQDO\VLVSODQZLOOEHLVVXHGVHSDUDWHO\LQZKLFKGHWDLOVIRUWKH
3.3'DQDO\VHVZLOOEHGHVFULEHG


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 

67$7,67,&$/$1$/<6,6
6XPPDULHVZLOOEHSUHVHQWHGE\WUHDWPHQWJURXS)RUFRQWLQXRXVYDULDEOHVVXPPDU\VWDWLVWLFV
ZLOOLQFOXGHVDPSOHVL]HPHDQVWDQGDUGGHYLDWLRQPHGLDQPLQLPXPDQGPD[LPXPYDOXHV
)UHTXHQFLHVDQGSHUFHQWDJHVZLOOEHFDOFXODWHGIRUFDWHJRULFDOYDULDEOHV*UDSKLFDOGLVSOD\VZLOO
EHSURGXFHGDVDSSURSULDWH
5DQGRPL]DWLRQZDVVWUDWLILHGXVLQJWZRYDULDEOHV('66VFRUHDWUDQGRPL]DWLRQ'D\
YVWRDQGSDWLHQWV¶SULRUVXSSRUWLYHLHIRUUHODSVHSUHYHQWLRQ,67DQG,67
VWDWXVDWUDQGRPL]DWLRQ'D\WUHDWPHQWQDwYHSDWLHQWVYVSDWLHQWVFRQWLQXLQJRQWKHVDPH
,67VVLQFHODVWUHODSVHYVSDWLHQWVZLWKFKDQJHVLQ,67VVLQFHODVWUHODSVHVHH6WDQGDUG
3URWRFRO'HILQLWLRQLQ6HFWLRQ
6LQFHVPDOOQXPEHUVRISDWLHQWVDUHH[SHFWHGLQVRPHFHOOVRIWKHVWUDWDLWLVSODQQHGWRFROODSVH
LQWRIRXUVWUDWDIRUDQDO\VHVXVLQJDKLHUDUFKLFDODSSURDFKVWUDWLI\LQJILUVWRQ('66WKHQRQ,67
VWDWXV)RUWKLV6$3WKHUDQGRPL]DWLRQVWUDWLILFDWLRQYDULDEOHUHIHUVWRIRXUVWUDWDEDVHGRQ
UDQGRPL]DWLRQ('66VFRUHDQG,67VWDWXVXQOHVVRWKHUZLVHVSHFLILHGORZ('66VWUDWXPDW
UDQGRPL]DWLRQKLJK('66VWUDWXPWRDQGWUHDWPHQWQDwYHSDWLHQWVDW
UDQGRPL]DWLRQKLJK('66VWUDWXPWRDQGSDWLHQWVFRQWLQXLQJRQWKHVDPH,67V
VLQFHODVWUHODSVHDWUDQGRPL]DWLRQDQGKLJK('66VWUDWXPWRDQGSDWLHQWVZLWK
FKDQJHVLQ,67VVLQFHODVWUHODSVHDWUDQGRPL]DWLRQ
6RPHSDWLHQWVZHUHUDQGRPL]HGXVLQJLQFRUUHFWEDVHOLQHLQIRUPDWLRQ)RUWKLV6$3REVHUYHG
VWUDWLILFDWLRQUHIHUVWRVWUDWDEDVHGRQWKHFRUUHFW('66DQG,67VWDWXVREVHUYHGDWEDVHOLQH
3ULPDU\DQDO\VHVZLOOEHDVUDQGRPL]HGZLWKVRPHVHQVLWLYLW\DQDO\VHVXVLQJREVHUYHGVWUDWD.H


6WXG\3DWLHQWV

'LVSRVLWLRQRI3DWLHQWV
$WDEOHVXPPDUL]LQJWKHQXPEHURIVFUHHQHGSDWLHQWVQXPEHUDQGSHUFHQWDJHRIVFUHHQIDLOXUHV
DQGQXPEHUDQGSHUFHQWDJHRIUDQGRPL]HGSDWLHQWVIRUDOOVFUHHQHGSDWLHQWVZLOOEHSURYLGHG$
OLVWLQJRIHDFKSDWLHQWZKRIDLOHGVFUHHQLQJZLWKUHDVRQIRUVFUHHQIDLOXUHZLOOEHSURGXFHG
6XPPDULHVRISDWLHQWGLVSRVLWLRQZLOOLQFOXGHDOOSDWLHQWVUDQGRPL]HG7KHIROORZLQJVXPPDULHV
ZLOOEHJHQHUDWHG
x 3DWLHQWVZKRZHUHUDQGRPL]HGWUHDWHGFRPSOHWHG
 2YHUDOODQGE\WUHDWPHQWJURXS
 %\UHJLRQ$PHULFD$5*&2/86$(XURSH&=('(8'1.(63)5$
*%5+59,7$586785DQG$VLD3DFLILF$86+.*-31.250<6
7+$7:1
 %\VLWH
x 3DWLHQWVZKRGLVFRQWLQXHGWKHVWXG\ZLWKUHDVRQIRUGLVFRQWLQXDWLRQ
x 3DWLHQWVLQDQDO\VLVGDWDVHWVDQGUHDVRQIRUH[FOXVLRQIURPVSHFLILFGDWDVHWV


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
x 3DWLHQWVZLWKLQFOXVLRQH[FOXVLRQFULWHULDYLRODWLRQV

3URWRFRO'HYLDWLRQV
7KHSURWRFROGHYLDWLRQVZLOOEHVXPPDUL]HGLQDWDEOHDQGDOLVWLQJ
)RUWKHSXUSRVHVRIGHILQLQJWKH33SRSXODWLRQPDMRUSURWRFROGHYLDWLRQVDUH
x 1RWPHHWLQJDOORIWKHNH\LQFOXVLRQH[FOXVLRQFULWHULD
.H\LQFOXVLRQFULWHULDDUH
 'LDJQRVLVRI102DVGHILQHGE\&ULWHULDE\:LQJHUFKXNHWDO
$SSHQGL[LQWKH3URWRFRORU1026'DVGHILQHGE\&ULWHULDE\
:LQJHUFKXNHWDO$SSHQGL[LQWKH3URWRFRO
 102,J*VHURSRVLWLYHFRQILUPHGE\DTXDOLILHGODERUDWRU\
 +LVWRULFDO5HODSVHDVGHILQHGE\WKHSURWRFRORIDWOHDVWUHODSVHVLQWKHODVW
PRQWKVRUUHODSVHVLQWKHODVWPRQWKVZLWKDWOHDVWUHODSVHLQWKHPRQWKV
SULRUWRWKHVFUHHQLQJ
 ('66VFRUH
 ,IDSDWLHQWHQWHUVWKHWULDOUHFHLYLQJ,67VIRUUHODSVHSUHYHQWLRQWKHSDWLHQWPXVW
EHRQDVWDEOHPDLQWHQDQFHGRVHRI,67VDVGHILQHGE\WKH7UHDWLQJ3K\VLFLDQ
SULRUWRVFUHHQLQJDQGPXVWUHPDLQRQWKDWGRVHIRUWKHGXUDWLRQRIWKHVWXG\
XQOHVVWKHSDWLHQWH[SHULHQFHVDUHODSVH
.H\H[FOXVLRQFULWHULDDUH
 8VHRIULWX[LPDEZLWKLQPRQWKVSULRUWRVFUHHQLQJ
 8VHRIPLWR[DQWURQHZLWKLQPRQWKVSULRUWRVFUHHQLQJ
 ,IDSDWLHQWHQWHUVWKHWULDOUHFHLYLQJRUDOFRUWLFRVWHURLGVZLWKRUZLWKRXWRWKHU
,67VWKHGDLO\FRUWLFRVWHURLGGRVHPXVWEHQRPRUHWKDQSUHGQLVRQHPJGD\
RUHTXLYDOHQWSULRUWRVFUHHQLQJDQGPXVWUHPDLQRQWKDWGRVHIRUWKHGXUDWLRQRI
WKHVWXG\RUXQWLOWKHSDWLHQWH[SHULHQFHVDUHODSVH
x 3DWLHQWVZKRWRRNOHVVWKDQRIWKHUHTXLUHGWUHDWPHQWGRVHVZKLOHWKH\ZHUHLQ
WKH6WXG\3HULRG
x 7DNLQJDSURKLELWHGPHGLFDWLRQGXULQJWKHGRXEOHEOLQGWUHDWPHQWSHULRGSULRUWRDQ
2Q7ULDO5HODSVHLIDSSOLFDEOH7KHIROORZLQJPHGLFDWLRQVDUHSURKLELWHGGXULQJWKH
WULDODQGZLOOUHVXOWLQWKHSDWLHQWEHLQJH[FOXGHGIURPWKH33SRSXODWLRQ
± &RQFRPLWDQWXVHRIULWX[LPDEZLWKHFXOL]XPDELVFRQWUDLQGLFDWHG
± 8VHRIPLWR[DQWURQH
± 8VHRILPPXQRPRGXODWRU\WKHUDSLHVLQFOXGLQJLQWHUIHURQEHWDELQWHUIHURQ
EHWDDDQGJODWLUDPHUDFHWDWH
± 2WKHUELRORJLFDJHQWVVXFKDVWRFLOL]XPDE
± ,9,JIRUUHODSVHSUHYHQWLRQ


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
± 3(IRUUHODSVHSUHYHQWLRQ
x &KDQJHLQGRVLQJRUDGGLWLRQRIDQ,67GXULQJWKHWUHDWPHQWSKDVHSULRUWRWKHILUVW
UHODSVH$VLQJOHGRVHVWHURLGLQMHFWLRQGXHWRVDIHW\UHODWHGHYHQWZLOOQRWEH
FRQVLGHUHGDSURWRFROGHYLDWLRQ0RUHWKDQVLQJOHGRVHVWHURLGLQMHFWLRQXSWRGD\V
RILQMHFWLRQRIKLJKGRVHVWHURLGVZLOOEHFRQVLGHUHGDPLQRUSURWRFROGHYLDWLRQ+LJK
GRVHVWHURLGVRIJUHDWHUWKDQGD\VZLOOEHFRQVLGHUHGDPDMRUSURWRFROGHYLDWLRQ 
x $Q\SDWLHQWZKRKDGHPHUJHQF\XQEOLQGLQJE\WKHLQYHVWLJDWRUGXULQJWKHVWXG\
x $Q\RWKHUSURWRFROGHYLDWLRQWKDWZRXOGEHFRQVLGHUHGWRKDYHDPDMRUHIIHFWRQWKH
DVVHVVPHQWRIHIILFDF\7KHVHZLOOEHGHWHUPLQHGE\PHGLFDODQGVWDWLVWLFDOUHYLHZRI
DOOSURWRFROGHYLDWLRQVSULRUWRGDWDEDVHORFNDQGXQEOLQGLQJ7KLVLQFOXGHV
XQIRUHVHHQFKDQJHVLQ,67VRUGRVLQJRI,67V

'HPRJUDSKLFV'LVHDVH&KDUDFWHULVWLFVDQG+LVWRU\
$OOGHPRJUDSKLFDQGEDVHOLQHFKDUDFWHULVWLFVLQIRUPDWLRQZLOOEHVXPPDUL]HGXVLQJWKH
IROORZLQJVHWV)XOO$QDO\VLV33DQG6DIHW\6HWV1RIRUPDOK\SRWKHVLVWHVWLQJZLOOEH
SHUIRUPHG6XPPDU\VWDWLVWLFVZLOOEHSUHVHQWHGE\WUHDWPHQWJURXSDQGRYHUDOO
'HPRJUDSKLFDQGEDVHOLQHFKDUDFWHULVWLFVZLOODOVREHVXPPDUL]HGE\WUHDWPHQWJURXSDQG
VWUDWLILFDWLRQYDULDEOHIRUWKH)$6DQG33SRSXODWLRQV

'HPRJUDSKLFV
7KHIROORZLQJGHPRJUDSKLFYDULDEOHVZLOOEHVXPPDUL]HG
x $JHDW)LUVW'RVH'DWH
x 6H[
x 5DFHDQGHWKQLFLW\
x -DSDQHVH'HVFHQW
x 5HJLRQ
x %DVHOLQH:HLJKW
x %DVHOLQH+HLJKW
x %DVHOLQH%0,

'LVHDVH&KDUDFWHULVWLFV
7KHIROORZLQJ102GLVHDVHFKDUDFWHULVWLFVZLOOEHVXPPDUL]HG
x $JHDW102,QLWLDO&OLQLFDO3UHVHQWDWLRQ\HDUV
x $JHDW1021026''LDJQRVLV\HDUV
x 102,QLWLDO&OLQLFDO3UHVHQWDWLRQ
x 102'LDJQRVLV


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
x 7LPHIURP,QLWLDO&OLQLFDO3UHVHQWDWLRQWR)LUVW'RVH'DWH\HDUV
x 7LPHIURP102'LDJQRVLVWR)LUVW'RVH'DWH\HDUV
x 7LPHIURP,QLWLDO&OLQLFDO3UHVHQWDWLRQWR102'LDJQRVLVPRQWKV
x ('66VFRUHDWUDQGRPL]DWLRQYVWR
x ,67VWDWXVDWUDQGRPL]DWLRQWUHDWPHQWQDwYHSDWLHQWVYVSDWLHQWVFRQWLQXLQJRQ
VDPH,67VVLQFHODVWUHODSVHYVSDWLHQWVZLWKFKDQJHVLQ,67VVLQFHODVWUHODSVH
x ,676XEJURXSDWEDVHOLQH6HH6HFWLRQRIWKLV6$3
x ('66P56DQG+$,VFRUHVDWEDVHOLQH

0HGLFDO6XUJLFDO+LVWRU\DQG%DVHOLQH3K\VLFDO([DPLQDWLRQ
%DVHOLQHPHGLFDOKLVWRU\LQIRUPDWLRQLHQXPEHURISDWLHQWVZKRKDYHDPHGLFDORU
VXUJLFDOKLVWRU\ZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXSIRUWKHIROORZLQJVHWV)$33DQG
6DIHW\/LNHZLVH%DVHOLQH3K\VLFDO([DPLQDWLRQLQIRUPDWLRQZLOOEHVXPPDUL]HGE\WUHDWPHQW
JURXSIRUWKHIROORZLQJVHWV)$33DQG6DIHW\%\3DWLHQW/LVWLQJVZLOOEHFUHDWHGIRU
PHGLFDOVXUJLFDOKLVWRU\DQGSK\VLFDOH[DPLQDWLRQV
+LVWRU\RISULRU102UHODSVHVLQFOXGLQJDVXPPDU\RIWKHW\SHRIUHODSVHVDQGWKHDQQXDOL]HG
UHODSVHUDWHLQWKHPRQWKVSULRUWRWKHVFUHHQLQJYLVLWIRUWKLVVWXG\ZLOOEHVXPPDUL]HGE\
WUHDWPHQWJURXS/LNHZLVHWKH+LVWRU\RISULRU102UHODSVHVLQFOXGLQJDVXPPDU\RIWKHW\SH
RIUHODSVHDQGWKHDQQXDOL]HGUHODSVHUDWHLQWKHPRQWKVSULRUWRWKHVFUHHQLQJYLVLWIRUWKLV
VWXG\ZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXSDQGVWUDWLILFDWLRQYDULDEOHIRUWKHSDWLHQWVLQWKH
)$6DQG33SRSXODWLRQV

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV7KHUDSLHV
3ULRUPHGLFDWLRQVDUHGHILQHGDVPHGLFDWLRQVWDNHQRUWKHUDSLHVUHFHLYHGE\SDWLHQWVSULRUWRWKH
ILUVWVWXG\WUHDWPHQW&RQFRPLWDQWPHGLFDWLRQVDUHGHILQHGDVPHGLFDWLRQVWDNHQRUWKHUDSLHV
UHFHLYHGE\SDWLHQWVGXULQJWKHVWXG\DIWHUILUVWVWXG\WUHDWPHQW0HGLFDWLRQVZLOOEHFRGHGXVLQJ
WKH:RUOG+HDOWK2UJDQL]DWLRQ'UXJ'LFWLRQDU\:+2''0$5RUKLJKHU6XPPDULHV
ZLOOEHSHUIRUPHGRQWKH6DIHW\VHW
3ULRUDQGFRQFRPLWDQWPHGLFDWLRQVZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXS7KHQXPEHURI
SDWLHQWVXVLQJSULRUDQGFRQFRPLWDQWPHGLFDWLRQVZLOOEHVXPPDUL]HGEDVHGRQWKH:RUOG+HDOWK
2UJDQL]DWLRQ$QDWRPLFDO7KHUDSHXWLF&KHPLFDO:+2$7&/HYHO&ODVVFRGHDQGJHQHULF
QDPH/LVWLQJVRISULRUDQGFRQFRPLWDQWPHGLFDWLRQVZLOOEHSURGXFHG
3DOOLDWLYHDQGVXSSRUWLYHFDUHLVSHUPLWWHGGXULQJWKHFRXUVHRIWKHWULDOIRUXQGHUO\LQJ
FRQGLWLRQV
7KHIROORZLQJPHGLFDWLRQVDUHDOORZHGXQGHUFHUWDLQFLUFXPVWDQFHVDQGUHVWULFWLRQV
,PPXQRVXSSUHVVLYHWKHUDS\DJHQWV
x 7KHFKRLFHRI,67DJHQWVLVDWWKHGLVFUHWLRQRIWKH7UHDWLQJ3K\VLFLDQZLWKWKH
H[FHSWLRQRIWKHGLVDOORZHGPHGLFDWLRQV6WDQGDUGUHFRPPHQGHGGRVLQJVKRXOGEH
XVHGIRUWKHFKRVHQ,678VHRIFRUWLFRVWHURLGVLVSHUPLWWHGKRZHYHUWRDVVXUH


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
EDODQFHEHWZHHQWUHDWPHQWJURXSVZLWKUHVSHFWWRVWHURLGGRVLQJWKHWRWDOGDLO\GRVH
VKRXOGQRWH[FHHGSUHGQLVRQHPJSHUGD\RUHTXLYDOHQW
x ,PPXQRVXSSUHVVLYHDJHQWVVXFKDVFRUWLFRVWHURLG$=$00)PHWKRWUH[DWH
WDFUROLPXVF\FORVSRULQHRUF\FORSKRVSKDPLGHHLWKHULQFRPELQDWLRQRUDVPRQR
WKHUDS\DUHSHUPLWWHG
x ,IDSDWLHQWHQWHUVWKHWULDOUHFHLYLQJ,67VIRUUHODSVHSUHYHQWLRQWKHSDWLHQWPXVW
KDYHEHHQRQDVWDEOHPDLQWHQDQFHGRVHRIWKHVH,67VDVGHILQHGE\WKHLU7UHDWLQJ
3K\VLFLDQSULRUWRWKH6FUHHQLQJ9LVLWDQGPXVWUHPDLQRQWKDWGRVHIRUWKHGXUDWLRQ
RIWKHVWXG\1RQHZ,67VRUVZLWFKWRDQRWKHU,67LVSHUPLWWHGGXULQJWKHWULDO
XQOHVVWKHSDWLHQWH[SHULHQFHVDUHODSVH$IWHUDUHODSVHWKHUHDUHQRUHVWULFWLRQVRQ
PHGLFDWLRQDGMXVWPHQWVRUFKDQJHV
x ,IDSDWLHQWHQWHUVWKHWULDOUHFHLYLQJVWHURLGVHLWKHUDVPRQRWKHUDS\RULQFRPELQDWLRQ
ZLWKDQRWKHU,67WKHGDLO\VWHURLGGRVHFDQQRWEHPRUHWKDQSUHGQLVRQHPJGDLO\
RUHTXLYDOHQW7KHSDWLHQWPXVWUHPDLQRQWKDWGRVHIRUWKHGXUDWLRQRIWKHWULDO
XQOHVVWKHSDWLHQWH[SHULHQFHVDUHODSVH
x 7KH,67VDQGLWVGRVLQJUHJLPHQIRUDSDUWLFXODUSDWLHQWPXVWUHPDLQVWDEOHGXULQJ
WKHWULDO,IFKDQJHVLQWKHGRVHRUGRVLQJUHJLPHQDUHFRQVLGHUHGGXHWRDNQRZQ
WR[LFLW\RUVLGHHIIHFWVDVVRFLDWHGZLWKWKHJLYHQLPPXQRVXSSUHVVLYHDJHQWWKH
6SRQVRUVKRXOGEHQRWLILHGRIWKHFKDQJH
6XSSRUWLYH,67VIRUWKHSXUSRVHRIUHODSVHSUHYHQWLRQRUWUHDWPHQWRIDUHODSVHSULRUWRWKH
6FUHHQLQJ9LVLWDQGDOORWKHUPHGLFDWLRQVWDNHQZLWKLQGD\VRIVFUHHQLQJZLOOEHUHYLHZHGDQG
UHFRUGHGRQWKHHOHFWURQLFFDVHUHSRUWIRUPH&5)6XSSRUWLYH,67WUHDWPHQWIRUUHODSVH
SUHYHQWLRQXVHGSULRUWRVWXG\WUHDWPHQWZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXS/LVWLQJVRI
VXSSRUWLYH,67VZLOOEHSURGXFHG&KDQJHVLQ,67VGXULQJWKHVWXG\ZLOOEHVXPPDUL]HG
7KHIROORZLQJPHGLFDWLRQVDUHSURKLELWHGGXULQJWKHWULDO
x &RQFRPLWDQWXVHRIULWX[LPDERUWRFLOL]XPDEZLWKHFXOL]XPDELVFRQWUDLQGLFDWHG
x 8VHRIPLWR[DQWURQH
x 8VHRILPPXQRPRGXODWRU\WKHUDSLHVLQFOXGLQJLQWHUIHURQEHWDELQWHUIHURQEHWDD
DQGJODWLUDPHUDFHWDWH
x 8VHRI,9,JIRUUHODSVHSUHYHQWLRQ
x 8VHRI3(IRUUHODSVHSUHYHQWLRQ
,ISURKLELWHGPHGLFDWLRQVDUHXVHGE\SDWLHQWVLQWKLVVWXG\WKHQDOLVWLQJRIWKRVHSDWLHQWVWKHLU
WUHDWPHQWJURXSDQGWKHLUSURKLELWHGPHGLFDWLRQVZLOOEHSURGXFHG
)RUSDWLHQWVZLWK2Q7ULDO5HODSVHVWKHXVHRI,67VSODVPDSKHUHVLVDQGSODVPDH[FKDQJHZLOO
EHVXPPDUL]HGE\WUHDWPHQWJURXS/LVWLQJVRI,67VSODVPDSKHUHVLVDQGSODVPDH[FKDQJH
XVDJHE\SDWLHQWVZLWK2Q7ULDO5HODSVHVZLOOEHSURGXFHG,QYHVWLJDWLRQDOSURFHGXUHVIRU2Q
7ULDO5HODSVHVZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXSIRUSDWLHQWVZLWK2Q7ULDO5HODSVHV
/LVWLQJVRI,QYHVWLJDWLRQDOSURFHGXUHVIRU2Q7ULDO5HODSVHVZLOOEHSURGXFHGIRUSDWLHQWVZLWK
2Q7ULDO5HODSVHV


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
1RQGUXJWKHUDSLHVDQGSURFHGXUHVSULRUWRVWXG\WUHDWPHQWDQGGXULQJWKHVWXG\ZLOOEH
VXPPDUL]HGE\V\VWHPRUJDQFODVVDQGSUHIHUUHGWHUPIRUHDFKWUHDWPHQWJURXSXVLQJFRXQWVDQG
SHUFHQWDJHV%\SDWLHQWOLVWLQJVRI1RQ'UXJ7KHUDSLHVDQG3URFHGXUHVZLOOEHSURGXFHGE\
WUHDWPHQWJURXS6XPPDULHVZLOOEHSHUIRUPHGRQWKH6DIHW\VHW


(IILFDF\$QDO\VHV
(IILFDF\DQDO\VHVZLOOEHSHUIRUPHGRQWKH)XOO$QDO\VLV6HW)$6SRSXODWLRQ7KHSULPDU\
HIILFDF\DQDO\VLVRIWLPHWRILUVWDGMXGLFDWHG2Q7ULDOUHODSVHDVZHOODVWKHVHQVLWLYLW\DQDO\VLVRI
WLPHWRILUVW2Q7ULDOUHODSVHDVGHWHUPLQHGE\WKH7UHDWLQJ3K\VLFLDQZLOODOVREHSHUIRUPHGRQ
WKH3HU3URWRFRO33SRSXODWLRQ%DVHOLQHLVGHILQHGDVWKHODVWDYDLODEOHDVVHVVPHQWSULRUWR
WUHDWPHQWIRUDOOSDWLHQWVUHJDUGOHVVRIWUHDWPHQWJURXS
3DWLHQWVZKRH[SHULHQFHDQ2Q7ULDO5HODSVHDVGHWHUPLQHGE\WKH7UHDWLQJ3K\VLFLDQPD\HQWHU
WKHH[WHQVLRQWULDODIWHUFRPSOHWLRQRIWKH:HHN5HODSVH(YDOXDWLRQ9LVLW7KXVWKH:HHN
5HODSVH(YDOXDWLRQ9LVLWDOVRVHUYHVDVWKH(269LVLWIRUSDWLHQWVH[SHULHQFLQJDQ2Q7ULDO
5HODSVH
7KH(269LVLWZLOOEHFRPSOHWHGZKHQRQHRIWKHIROORZLQJFRQGLWLRQVLVPHWZKLFKHYHUFRPHV
ILUVWDWKHSDWLHQWH[SHULHQFHVDUHODSVHDVGHVFULEHGDERYHRUEWKHWULDOHQGVE\PHHWLQJ
DGMXGLFDWHG2Q7ULDO5HODSVHHYHQWVLQSDWLHQWVRUFWKHSDWLHQWZLWKGUDZDOVIURPWKHVWXG\

3ULPDU\$QDO\VLV
7KHSULPDU\HIILFDF\HQGSRLQWLVWLPHWRILUVWDGMXGLFDWHG2Q7ULDO5HODSVH7KHWULDOZLOOEH
FRQVLGHUHGWRKDYHPHWLWVSULPDU\HIILFDF\REMHFWLYHLIDVWDWLVWLFDOO\VLJQLILFDQWGLIIHUHQFHLH
SYDOXHLVREVHUYHGEHWZHHQWKHHFXOL]XPDEWUHDWPHQWJURXSDQGSODFHERJURXS7KH
FRPSDULVRQRIWKHWUHDWPHQWJURXSVIRUWKHSULPDU\HQGSRLQWZLOOXVHDORJUDQNWHVWLQFOXGLQJ
VWUDWDIRUWKHUDQGRPL]DWLRQVWUDWLILFDWLRQYDULDEOH&RQILGHQFHLQWHUYDOVDQGSYDOXHVZLOOEH
SUHVHQWHG+D]DUGUDWLRDQGULVNUHGXFWLRQIURPDVWUDWLILHG&R[SURSRUWLRQDOKD]DUGVPRGHOZLOO
EHVXPPDUL]HG$VHQVLWLYLW\DQDO\VLVZLOOEHSHUIRUPHGRQWLPHWRILUVW2Q7ULDO5HODSVHDV
GHWHUPLQHGE\WKH7UHDWLQJ3K\VLFLDQXVLQJWKHVDPHVWUDWLILHGORJUDQNWHVW7KHVHDQDO\VHVZLOO
EHSHUIRUPHGIRUWKH)$6DQG33SRSXODWLRQV
$QXQVWUDWLILHGORJUDQNWHVWZLOOEHSHUIRUPHGDVDVHQVLWLYLW\DQDO\VLVIRUWKHSULPDU\HQGSRLQW
DQGIRUWKHWLPHWRILUVW2Q7ULDO5HODSVHDVGHWHUPLQHGE\WKH7UHDWLQJ3K\VLFLDQIRUWKH)$6
SRSXODWLRQ
,QDGGLWLRQDVHQVLWLYLW\FRPSDULVRQRIWKHSULPDU\HQGSRLQWZLOOXVHD&R[SURSRUWLRQDOKD]DUGV
UHJUHVVLRQPRGHOZLWKWUHDWPHQWJURXSLQGLFDWRUEDVHOLQH('66GLFKRWRPL]HGDWWKHPHGLDQ
KLVWRULFDO$55DQGWKHREVHUYHG,67VWUDWDIRUWKH)$6SRSXODWLRQ7KLVVHQVLWLYLW\DQDO\VLVZLOO
DOVREHSHUIRUPHGRQWKHWLPHWRILUVW2Q7ULDO5HODSVH
$VHQVLWLYLW\DQDO\VLVZLOODOVREHSHUIRUPHGRQWLPHWRILUVWDGMXGLFDWHGUHODSVHDVGHWHUPLQHG
E\WKHFRPPLWWHHXVLQJWKHVWUDWLILHGORJUDQNWHVWIRUWKH)$6SRSXODWLRQ
.DSODQ0HLHUFXUYHVIRUERWKWUHDWPHQWJURXSVZLOOEHSURGXFHG/LNHZLVH.DSODQ0HLHU
FXUYHVIRUWKHWUHDWPHQWJURXSVZLWKLQHDFKVWUDWDZLOOEHSURGXFHG


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
7KHWLPHDWULVNIRUUHODSVHZLOOEHGHILQHGDVWKHWLPHIURPILUVWGRVHWRWKHHQGRIVWXG\SHULRG
WKHODVWGRVHSOXVGD\VRUODVWGRVHSOXVGD\VLILQLQGXFWLRQSHULRGRUWKHODVWGDWH
REVHUYHGLQWKHVWXG\ZKLFKHYHUFRPHVILUVW$FHQVRULQJLQGLFDWRUZLOOEHHTXDOWRLIWKH
SDWLHQWGLGQRWH[SHULHQFHUHODSVHZDVFHQVRUHGGXULQJWKLVWLPHDQGLIWKHSDWLHQW
H[SHULHQFHGDUHODSVH6HH6HFWLRQIRUFDOFXODWLRQV
$GHVFULSWLYHVXPPDU\RIDGMXGLFDWHG2Q7ULDO5HODSVHVE\UHJLRQDJHJURXS! YV
JHQGHUDQGUDFHZLOOEHSURGXFHG,QDGGLWLRQWKHIROORZLQJVXEJURXSVZLOOEHXVHGIRUGDWD
VXPPDU\SXUSRVHVEDVHGRQDQWLFLSDWHG,67DQGVWHURLGXVDJHVWDQGDUGRIFDUH$GGLWLRQDO
FRPELQDWLRQVRI,67VXEJURXSVPD\EHVXPPDUL]HGGHSHQGLQJRQWKHGLVWULEXWLRQRI,67VXVHG
E\SDWLHQWVGXULQJWKHVWXG\
x 8VHRIVWHURLGVDORQH
x 8VHRI$]DWKLRSULQH
x 8VHRI0\FRSKHQRODWH0RIHWLO
x 1R,67XVDJH
x +LVWRULFDO8VDJHRI5LWX[LPDE
1RWHLQGLFDWHVDJJUHJDWHVXEJURXSLQFOXGLQJWKH,67DORQHRULQFRPELQDWLRQZLWKVWHURLGV
)RUHDFKGHPRJUDSKLFDQG,67VXEJURXSWKHIROORZLQJGHVFULSWLYHVXPPDULHVRIDGMXGLFDWHG
2Q7ULDO5HODSVHVDQGJUDSKLFDOLQIRUPDWLRQZLOOEHSURGXFHG

6XPPDU\RIWKHQXPEHURISDWLHQWVE\WUHDWPHQWJURXSHFXOL]XPDEYHUVXVSODFHER

6XPPDU\RIWKHQXPEHUDQGSHUFHQWDJHRISDWLHQWVZLWKDGMXGLFDWHG2Q7ULDO
5HODSVHVE\WUHDWPHQWJURXS

(VWLPDWHGSURSRUWLRQRIVXEMHFWVUHODSVHIUHHDWZHHNV.DSODQ0HLHUHVWLPDWH

6XPPDU\RIWKHWRWDOQXPEHURIDGMXGLFDWHG2Q7ULDO5HODSVHVE\WUHDWPHQWJURXS

6XPPDU\RIWKHWRWDOSDWLHQW\HDUVLQVWXG\SHULRGE\WUHDWPHQWJURXS

6XPPDU\RIWKHDGMXGLFDWHG2Q7ULDO$QQXDOL]HG5HODSVH5DWHE\WUHDWPHQWJURXS

.DSODQ0HLHUFXUYHVIRUWKHWLPHWRILUVWDGMXGLFDWHG2Q7ULDO5HODSVHE\WUHDWPHQW
JURXS
1RIRUPDOVWDWLVWLFDOWHVWVDUHSODQQHGIRUWKHVHVXEJURXSVXPPDULHVRIWUHDWPHQWUHVSRQVH$OO
VXEJURXSVZLOODOVREHVXPPDUL]HGIRU2Q7ULDO5HODSVHV
,QRUGHUWRDFFRXQWIRUUHODSVHVWKDWDUHQRWHYDOXDWHGDFFRUGLQJWRWKHSURWRFROLHZLWKLQ
KRXUVRIWKHUHSRUWLQJRIVLJQDQGV\PSWRPVRIDSRVVLEOHUHODSVHDVXPPDU\RIDGMXGLFDWLRQ
UHVXOWVZLOOEHSURGXFHGE\WUHDWPHQWJURXSDQGUHODSVHHYDOXDWHGZLWKLQKUV\HVQRIRU
SDWLHQWVZLWK2Q7ULDO5HODSVHV6XPPDULHVRIWKHVHYHULW\RIWKH2Q7ULDO5HODSVHVYHUVXV
SDWLHQWHYDOXDWHGZLWKLQKRXUV\HVQRE\WUHDWPHQWJURXSZLOODOVREHSURGXFHG

+DQGOLQJRI'URSRXWVRU0LVVLQJ'DWD
,QWKLVWLPHWRILUVWUHODSVHVWXG\DOO)$6DQG33SDWLHQWVZRXOGHLWKHUKDYHH[SHULHQFHGDQ
DGMXGLFDWHG2Q7ULDO5HODSVHRUZRXOGKDYHHQGHGSDUWLFLSDWLRQLQWKHVWXG\ZLWKRXWDQ


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
DGMXGLFDWHG2Q7ULDOUHODSVH7KHSDWLHQWVZKRGRQRWKDYHDGMXGLFDWHG2Q7ULDO5HODSVHVZLOO
EHFHQVRUHGDQGZLOOKDYHDFHQVRUWLPHWKDWLVEDVHGRQWKHSDWLHQW¶VWLPHIURPILUVWGRVHWRWKH
HQGRIVWXG\SHULRGWKHODVWGRVHSOXVGD\VRUODVWGRVHSOXVGD\VLILQLQGXFWLRQSHULRGRU
WKHODVWGDWHREVHUYHGLQWKHVWXG\ZKLFKHYHUFRPHVILUVW6HH6HFWLRQIRUFDOFXODWLRQV$
FHQVRULQJLQGLFDWRUZLOOEHHTXDOWRLIWKHSDWLHQWGLGQRWH[SHULHQFHUHODSVHZDVFHQVRUHG
DQGLIWKHSDWLHQWH[SHULHQFHGDUHODSVH5HDVRQVIRUFHQVRULQJZLOOEHVXPPDUL]HGE\
WUHDWPHQWJURXS
0LVVLQJGDWDIRUWKHSULPDU\DQDO\VLVRI('66(4'P56+$,DQGYLVXDODFXLW\.XUW]NH
)66DWWKH(26LHZHHNSRVWUHODSVHIRUWKHSDWLHQWVZKRKDYHUHODSVHVRU(26IRUSDWLHQWV
ZKRGRQRWKDYHUHODSVHVZLOOEHKDQGOHGDVIROORZV,IWKHDVVHVVPHQWZHHNVDIWHUWKHILUVW
UHODSVHLVPLVVLQJRULIDQRQUHODSVHSDWLHQWLVPLVVLQJWKH(26VFRUHWKHODVWREVHUYHGVFRUH
IURPDSURWRFROVFKHGXOHGYLVLWZLOOEHXVHG,IDSDWLHQWKDVQRSRVWEDVHOLQHDVVHVVPHQWVWKH
EDVHOLQHYDOXHZLOOEHXVHG,IDSDWLHQWH[SHULHQFHVDVHFRQGUHODSVHGXULQJWKHZHHNUHFRYHU\
SKDVHDIWHUWKHLQLWLDOUHODSVHWKHODVWVFRUHSULRUWRWKHVHFRQGDWWDFNZLOOEHXVHGIRUWKH
DQDO\VLV
0LVVLQJGDWDIRU6)42/ZLOOEHKDQGOHGDVVSHFLILHGLQWKLV6$3LQ6HFWLRQ

6XEJURXS$QDO\VLV
6RPHHIILFDF\DQDO\VHVZLOOLQYROYHVXEJURXSVRIWKH)$6SRSXODWLRQV7KHVHVXEJURXSDQDO\VHV
LQFOXGH
x $GHVFULSWLYHVXPPDU\RIDGMXGLFDWHG2Q7ULDODQG2Q7ULDO5HODSVHVE\UHJLRQDJH
JHQGHUDQGUDFHZLOOEHSURGXFHG.DSODQ0HLHUFXUYHVIRUERWKWUHDWPHQWJURXSV
ZLOOEHSURGXFHG/LNHZLVH.DSODQ0HLHUFXUYHVIRUHDFKWUHDWPHQWJURXSZLWKLQ
VWUDWDZLOOEHSURGXFHG
x 'HVFULSWLYHVXPPDULHVRIDGMXGLFDWHG2Q7ULDODQG2Q7ULDO5HODSVHVE\WUHDWPHQW
JURXSZLOOEHSURGXFHGIRU,67VXEJURXSV.DSODQ0HLHUFXUYHVIRUWKHWLPHWR
UHODSVHE\WUHDWPHQWJURXSZLOOEHSURGXFHGIRU,67VXEJURXSV
x &KDQJHIURPEDVHOLQHLQ+$,DWWKH(269LVLWLQSDWLHQWVZLWKDEQRUPDOEDVHOLQH
DPEXODWRU\IXQFWLRQ3DWLHQWVZLWKDEQRUPDODPEXODWRU\IXQFWLRQDUHSDWLHQWVZLWKD
EDVHOLQH+$,YDOXHRIWRLHDEDVHOLQHYDOXHRILVFRQVLGHUHGQRUPDO
x &KDQJHIURPEDVHOLQHLQYLVXDODFXLW\DWWKH(269LVLWLQSDWLHQWVZLWKDEQRUPDO
EDVHOLQHYLVXDOIXQFWLRQ3DWLHQWVZLWKDEQRUPDOYLVXDODFXLW\DWEDVHOLQHDUHSDWLHQWV
ZLWKDEDVHOLQH.XUW]NH)66IRUYLVXDODFXLW\RIWRDWEDVHOLQHLHDEDVHOLQH
YDOXHRILVFRQVLGHUHGQRUPDO
x 7KHDVVHVVPHQWRIWKHVHYHULW\DQGW\SHRIUHODSVHVZLOOEHFRQGXFWHGLQWKH
VXEJURXSVRISDWLHQWVZKRKDG2Q7ULDO5HODSVHVE\WUHDWPHQWJURXS


0XOWLFHQWHU6WXGLHV
6LQFHDVPDOOQXPEHURISDWLHQWVDUHDQWLFLSDWHGDWHDFKFHQWHUWKHVWXG\ZLOOEHUDQGRPL]HG
DFURVVFHQWHUVDQGQRWZLWKLQFHQWHUV$VVXFKFHQWHUZLOOQRWEHXVHGDVDFRYDULDWHLQWKH
HIILFDF\DQDO\VHV


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 

+\SRWKHVLV7HVWLQJDQG6LJQLILFDQFH/HYHO
)RUDOODQDO\VHVWKHHFXOL]XPDEWUHDWHGJURXSZLOOEHFRPSDUHGWRWKHSODFHERJURXSDQGDOO
K\SRWKHVLVWHVWLQJZLOOEHWZRVLGHGDQGSHUIRUPHGDWWKHOHYHORIVLJQLILFDQFHXQOHVV
RWKHUZLVHVSHFLILHG(VWLPDWHVRIWUHDWPHQWHIIHFWRQHIILFDF\SDUDPHWHUVZLOOEHDFFRPSDQLHGE\
WZRVLGHGFRQILGHQFHLQWHUYDOVIRUWKHHIIHFWVL]H

6HQVLWLYLW\$QDO\VHV
7DEOHLQVHFWLRQVXPPDUL]HVVHQVLWLYLW\DQDO\VHVIRUWKHSULPDU\HQGSRLQWDVGHVFULEHG
DERYH$GGLWLRQDOVHQVLWLYLW\VXPPDULHVEDVHGRQVXEJURXSVZLOOEHPDGHWRVXPPDUL]HUHODSVHV
E\WUHDWPHQWJURXS
6HQVLWLYLW\DQDO\VHVIRUWKHVHFRQGDU\HIILFDF\HQGSRLQWVDUHGHVFULEHGLQ6HFWLRQIRUHDFK
HQGSRLQWDQGDUHDOVRVXPPDUL]HGLQ7DEOH

6HFRQGDU\$QDO\VHV
%DVHOLQHLVGHILQHGDVWKHODVWDYDLODEOHDVVHVVPHQWSULRUWRWUHDWPHQWIRUDOOSDWLHQWVUHJDUGOHVV
RIWKHLUWUHDWPHQWJURXS+\SRWKHVLVWHVWLQJFRPSDULQJHFXOL]XPDEWUHDWPHQWZLWKSODFHER
WUHDWPHQWIRUWKHVHFRQGDU\HIILFDF\DQDO\VHVZLOOEHSHUIRUPHGXVLQJDFORVHGWHVWLQJSURFHGXUH
ZLWKWKHIROORZLQJUDQNRUGHU
 $GMXGLFDWHG2Q7ULDODQQXDOL]HGUHODSVHUDWH
 &KDQJHIURPEDVHOLQHLQ('66VFRUHDWWKH(26
 &KDQJHIURPEDVHOLQHLQP56VFRUHDWWKH(26
 &KDQJHIURPEDVHOLQHLQDPEXODWRU\IXQFWLRQDVPHDVXUHGE\+$,DWWKH(26
 &KDQJHIURPEDVHOLQHLQ(4'DWWKH(26
7KHK\SRWKHVLVWHVWLQJZLOOSURFHHGIURPKLJKHVWUDQN$GMXGLFDWHG2Q7ULDODQQXDOL]HG
UHODSVHUDWHWRWKHORZHVWUDQN&KDQJHIURP%DVHOLQHLQ(4'DWWKH(26DQGLIVWDWLVWLFDO
VLJQLILFDQFHLVQRWDFKLHYHGDWDQHQGSRLQWSWKHQHQGSRLQWVRIORZHUUDQNZLOOQRWEH
FRQVLGHUHGWREHVWDWLVWLFDOO\VLJQLILFDQW&RQILGHQFHLQWHUYDOVDQGSYDOXHVZLOOEHSUHVHQWHGIRU
DOOVHFRQGDU\HIILFDF\HQGSRLQWVIRUGHVFULSWLYHSXUSRVHVUHJDUGOHVVRIWKHRXWFRPHRIWKHFORVHG
WHVWLQJSURFHGXUH7KH(4'KDVWZRHQGSRLQWVWKHLQGH[VFRUHDQG(4'9$6)RUWKH
SXUSRVHVRIWKLVFORVHGWHVWLQJSURFHGXUHWKH(4'9$6VFRUHZLOOEHDQDO\]HGILUVWDQGWKH
(4',QGH[VFRUHZLOOEHDQDO\]HGVHFRQGIRUWKH(4'DQDO\VHV
7KHFRPSDULVRQRIWKHWZRWUHDWPHQWJURXSVIRUWKHVHFRQGDU\HQGSRLQWDGMXGLFDWHG2Q7ULDO
DQQXDOL]HGUHODSVHUDWHZLOOXVH3RLVVRQUHJUHVVLRQDQDO\VLV7UHDWPHQWJURXSWKHUDQGRPL]DWLRQ
VWUDWLILFDWLRQYDULDEOHDQGKLVWRULFDODQQXDOL]HGUHODSVHUDWHZLOOEHFRYDULDWHVLQWKHPRGHODQG
WKHORJRIWLPHLQWKHVWXG\ZLOOEHXVHGDVWKHRIIVHWYDULDEOH
$VHQVLWLYLW\DQDO\VLVZLOOEHSHUIRUPHGIRU$55XVLQJDOO2Q7ULDO5HODSVHVDVGHWHUPLQHGE\
WKH7UHDWLQJ3K\VLFLDQLQD3RLVVRQUHJUHVVLRQDQDO\VLVZLWKWUHDWPHQWJURXSWKHUDQGRPL]DWLRQ
VWUDWLILFDWLRQYDULDEOHDQGKLVWRULFDO$55DVFRYDULDWHVLQWKHPRGHODQGWKHORJRIWLPHLQWKH
WULDOZLOOEHXVHGDVWKHRIIVHWYDULDEOH6HH6HFWLRQIRUFDOFXODWLRQVRIDQQXDOL]HGUHODSVH
UDWHV


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
7KHSULPDU\DQDO\VLVIRUWKHFKDQJHIURPEDVHOLQHLQ('66VFRUHWRWKH(26LHZHHNSRVW
UHODSVHIRUWKHSDWLHQWVZKRKDYHUHODSVHVRU(26IRUSDWLHQWVZKRGRQRWKDYHUHODSVHVZLOOEH
DUDQGRPL]DWLRQEDVHGQRQSDUDPHWULF$1&29$DGMXVWHGIRUEDVHOLQH('66DQGVWUDWLILHGE\
UDQGRPL]DWLRQ,67VWUDWD=LQN0LVVLQJGDWDZLOOEHKDQGOHGDVGHVFULEHGLQ6HFWLRQ
$VHQVLWLYLW\DQDO\VLVIRUWKHFKDQJHIURPEDVHOLQHLQ('66VFRUHWRWKH(26ZLOOEHDQ
$1&29$ZLWKWUHDWPHQWJURXSEDVHOLQH('66DQGUDQGRPL]DWLRQ,67VWUDWDDVFRYDULDWHV
&KDQJHIURPEDVHOLQHLQ('66VFRUHZLOODOVREHDQDO\]HGXVLQJDUHVWULFWHGPD[LPXP
OLNHOLKRRG5(0/EDVHGUHSHDWHGPHDVXUHVDSSURDFKLHDPL[HGPRGHO7KHPRGHOZLOO
LQFOXGHIL[HGFDWHJRULFDOHIIHFWVIRUREVHUYHG,67VWUDWDWUHDWPHQWJURXSDQGVWXG\YLVLWDQGD
FRQWLQXRXVIL[HGFRYDULDWHIRUEDVHOLQH('66VFRUH$OOSRVWEDVHOLQH('66VFRUHVDWWKH
VFKHGXOHGYLVLWVZLOOEHLQFOXGHGLQWKHPRGHOVSDWLHQWVZLWKRXWDQ\SRVWEDVHOLQHVFRUHVZLOOQRW
EHLQFOXGHG$QXQVWUXFWXUHGFRYDULDQFHVWUXFWXUHZLOOEHXVHGWRPRGHOWKHZLWKLQSDWLHQW
HUURUV,IWKLVDQDO\VLVIDLOVWRFRQYHUJHWKHIROORZLQJVWUXFWXUHVZLOOEHWHVWHGDQGWKHILQDO
FRYDULDQFHVWUXFWXUHZLOOEHGHWHUPLQHGE\$NDLNH¶VLQIRUPDWLRQFULWHULRQ$,&ILUVWRUGHU
DXWRUHJUHVVLYHFRPSRXQGV\PPHWU\DQG7RHSOLW]7KH.HQZDUG5RJHUDSSUR[LPDWLRQZLOOEH
XVHGWRHVWLPDWHGHQRPLQDWRUGHJUHHVRIIUHHGRP7KHSDUDPHWHUHVWLPDWHVIRUWKHFRYDULDWHV
DQGWKHLUDVVRFLDWHGSYDOXHVZLOOEHSURYLGHGDQGWUHDWPHQWFRPSDULVRQVZLOOEHEDVHGRQWKH
WUHDWPHQWPDLQHIIHFW
,QDGGLWLRQVHQVLWLYLW\DQDO\VHVIRUWKHFKDQJHIURP%DVHOLQHLQ('66ZLOOLQFOXGHDQDQDO\VLV
RYHU\HDUXVLQJDPL[HGPRGHOIRUUHSHDWHGPHDVXUHVZLWKEDVHOLQH('66VFRUHREVHUYHG,67
VWUDWDWUHDWPHQWJURXSLQGLFDWRUVWXG\YLVLWDQGVWXG\YLVLWE\WUHDWPHQWJURXSLQWHUDFWLRQDV
FRYDULDWHV$OOSRVWEDVHOLQH('66VFRUHVDWWKHVFKHGXOHGYLVLWVXSWRZHHNZLOOEHLQFOXGHG
LQWKHPRGHOVSDWLHQWVZLWKRXWDQ\SRVWEDVHOLQHVFRUHVZLOOQRWEHLQFOXGHG
7KHFKDQJHIURPEDVHOLQHLQ('66SDUDPHWHUZLOOEHVWDWLVWLFDOO\DQDO\]HGDWHDFKYLVLWXVLQJD
UHVWULFWHGPD[LPXPOLNHOLKRRG5(0/EDVHGUHSHDWHGPHDVXUHVDSSURDFKLHDPL[HGPRGHO
$QXQVWUXFWXUHGFRYDULDQFHVWUXFWXUHZLOOEHXVHGWRPRGHOWKHZLWKLQSDWLHQWHUURUV,IWKLV
DQDO\VLVIDLOVWRFRQYHUJHWKHIROORZLQJVWUXFWXUHVZLOOEHWHVWHGDQGWKHILQDOFRYDULDQFH
VWUXFWXUHZLOOEHGHWHUPLQHGE\$NDLNH¶VLQIRUPDWLRQFULWHULRQ$,&ILUVWRUGHUDXWRUHJUHVVLYH
FRPSRXQGV\PPHWU\DQG7RHSOLW]7KH.HQZDUG5RJHUDSSUR[LPDWLRQZLOOEHXVHGWRHVWLPDWH
GHQRPLQDWRUGHJUHHVRIIUHHGRP7KHHVWLPDWLRQRIFKDQJHIURPEDVHOLQHRQGHILQHGZHHNV
DORQJZLWKFRQILGHQFHLQWHUYDOVDQGSYDOXHVZLOOEHSURYLGHGDVZLOOWKHSDUDPHWHU
HVWLPDWHVIRUWKHFRYDULDWHVDQGWKHLUDVVRFLDWHGSYDOXHV
7DEOHVXPPDULHVDQGE\SDWLHQWOLVWLQJVRIWKH('66DVVHVVPHQWVDQGFKDQJHVIURPEDVHOLQHLQ
('66ZLOOEHSURGXFHG7KHGLVWULEXWLRQRI('66VFRUHVRYHUWLPHZLOODOVREHVXPPDUL]HG
&KDQJHVIURPEDVHOLQHWRWKH(26LHZHHNSRVWUHODSVHIRUWKHSDWLHQWVZKRKDYHUHODSVHVRU
(26IRUSDWLHQWVZKRGRQRWKDYHUHODSVHVLQP56+$,(4'9$6DQG(4'LQGH[VFRUH
ZLOOEHDQDO\]HGLQDVLPLODUPDQQHUDVFKDQJHVLQ('66VFRUH$UDQGRPL]DWLRQEDVHG
QRQSDUDPHWULF$1&29$DGMXVWHGIRUEDVHOLQHVFRUHDQGVWUDWLILHGE\WKHUDQGRPL]DWLRQ
VWUDWLILFDWLRQYDULDEOHZLOOEHXVHG6HQVLWLYLW\DQDO\VHVZLOOLQFOXGHDQ$1&29$ZLWKWUHDWPHQW
JURXSEDVHOLQHVFRUHDQGUDQGRPL]DWLRQVWUDWLILFDWLRQYDULDEOHDVFRYDULDWHVDVZHOODVDPL[HG
PRGHOIRUUHSHDWHGPHDVXUHVLQFOXGLQJDOOSRVWEDVHOLQHVFRUHVDWWKHVFKHGXOHGYLVLWVZLWK
EDVHOLQHVFRUHREVHUYHGVWUDWLILFDWLRQYDULDEOHWUHDWPHQWJURXSLQGLFDWRUVWXG\YLVLWDV
FRYDULDWHVDQGDPL[HGPRGHOIRUUHSHDWHGPHDVXUHVLQFOXGLQJDOOSRVWEDVHOLQHVFRUHVDWWKH
VFKHGXOHGYLVLWVRYHU\HDUZLWKEDVHOLQHVFRUHREVHUYHGVWUDWLILFDWLRQYDULDEOHWUHDWPHQWJURXS


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
LQGLFDWRUVWXG\YLVLWDQGVWXG\YLVLWE\WUHDWPHQWJURXSLQWHUDFWLRQDVFRYDULDWHV7DEOH
VXPPDULHVDQGE\SDWLHQWOLVWLQJVRIWKHDVVHVVPHQWVDQGFKDQJHVIURPEDVHOLQHLQWKH
DVVHVVPHQWVZLOOEHSURGXFHG7KHGLVWULEXWLRQVRIP56DQG+$,VFRUHVRYHUWLPHZLOODOVREH
VXPPDUL]HG
7KHKHDOWKSURILOHVRIWKHSDWLHQWVEDVHGRQWKH(4'ZLOOEHSUHVHQWHGLQWDEXODUIRUPE\
WUHDWPHQWJURXSRYHUWKHYLVLWDVVHVVPHQWV7KHVHKHDOWKSURILOHVZLOOSUHVHQWWKHIUHTXHQF\DQG
WKHSURSRUWLRQRIUHSRUWHGSUREOHPVIRUHDFK(4'OHYHOLHQRSUREOHPVRPHSUREOHPVDQG
H[WUHPHSUREOHPVIRUHDFKGLPHQVLRQLHPRELOLW\VHOIFDUHXVXDODFWLYLWLHVSDLQGLVFRPIRUW
DQGDQ[LHW\GHSUHVVLRQ$E\SDWLHQWOLVWLQJZLOOEHSURGXFHGIRUWKH(4'LQGH[VFRUHVXVLQJ
86772DQG9$6VFRUHVDQGZLOOLQFOXGHYLVLWDQGFKDQJHIURPEDVHOLQH

7HUWLDU\$QDO\VHV
7KHWHUWLDU\HIILFDF\HQGSRLQWVLQFOXGH
 &KDQJHIURPEDVHOLQHLQDPEXODWRU\IXQFWLRQDVPHDVXUHGE\+$,DW(269LVLWLQ
SDWLHQWVZLWKDEQRUPDOEDVHOLQHDPEXODWRU\IXQFWLRQ
 &KDQJHIURPEDVHOLQHLQYLVXDOIXQFWLRQDVPHDVXUHGE\YLVXDODFXLW\DW(269LVLWLQDOO
SDWLHQWVDQGSDWLHQWVZLWKDEQRUPDOEDVHOLQHYLVXDOIXQFWLRQ
 &KDQJHIURPEDVHOLQHLQWKH6)DW(26
 &KDQJHIURPEDVHOLQHLQWKH.XUW]NH)66RWKHUWKDQYLVXDODFXLW\DW(269LVLW
&KDQJHVIURPEDVHOLQHLQYLVXDODFXLW\ZLOOEHDQDO\]HGLQDVLPLODUPDQQHUDVFKDQJHVLQP56
+$,(4'9$6DQG(4'LQGH[VFRUHVGHVFULEHGLQ6HFWLRQXVLQJWKH.XUW]NH)66
YLVXDODFXLW\DVVHVVPHQW%DVHOLQHYDOXHDQGWKHUDQGRPL]DWLRQRUREVHUYHGVWUDWLILFDWLRQ
YDULDEOHZLOOEHXVHGLQWKHDQDO\VHVIRUWKLVHQGSRLQW7DEOHVXPPDULHVDQGE\SDWLHQWOLVWLQJVRI
YLVXDODFXLW\DVVHVVPHQWVDQGFKDQJHVIURPEDVHOLQHLQWKHYLVXDODFXLW\ZLOOEHSURGXFHG
&KDQJHVIURPEDVHOLQHLQWKH+$,DQGYLVXDODFXLW\IRUSDWLHQWVZKRZHUHDEQRUPDODWEDVHOLQH
ZLOOEHDQDO\]HGLQDVLPLODUPDQQHUWRWKHVHFRQGDU\HQGSRLQWDQDO\VHVGHVFULEHGIRU+$,LQ
6HFWLRQ9LVXDODFXLW\XVLQJWKH6QHOOHQFKDUWDVVHVVPHQWVZLOOEHVXPPDUL]HGLQE\SDWLHQW
OLVWLQJV
&KDQJHIURPEDVHOLQHLQ6)42/HQGSRLQWVZLOOEHDQDO\]HGLQDVLPLODUPDQQHUWRWKH
VHFRQGDU\HQGSRLQWDQDO\VHVGHVFULEHGIRUP56+$,(4'9$6DQG(4'LQGH[VFRUHV
GHVFULEHGLQ6HFWLRQ7KHKHDOWKGRPDLQVFRUHVWUDQVIRUPHGWRWKHVFDOH3)6)
53%3*+0+5(DQG97DQGWKHWZRQRUPEDVHGFRPSRVLWHVFRUHV3&6DQG0&6ZLOOEH
DQDO\]HG'HWDLOVIRUFDOFXODWLQJWKHKHDOWKGRPDLQVFRUHVDQGFRPSRVLWHVFRUHVDUHJLYHQLQ
6HFWLRQRIWKLV6$37KH+HDOWK7UDQVLWLRQ+7EDVHGRQLWHPRIWKH6)ZLOOEHOLVWHG
E\YLVLWDQGE\WUHDWPHQWJURXS
&KDQJHVIURPEDVHOLQHLQWKH.XUW]NH)66ZLOOEHDQDO\]HGLQDVLPLODUPDQQHUWRWKHVHFRQGDU\
HQGSRLQWDQDO\VHVGHVFULEHGIRUWKHP56+$,(4'9$6DQG(4'LQGH[VFRUHVGHVFULEHG
LQ6HFWLRQ
3DWLHQWOLVWLQJVRIWKHWHUWLDU\HQGSRLQWSDUDPHWHUVZLOOEHSURGXFHG


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 

2WKHU(IILFDF\$QDO\VHV

6HYHULW\RID5HODSVH
)RUDGMXGLFDWHG2Q7ULDO5HODSVHVDQGIRU2Q7ULDO5HODSVHVVXPPDU\WDEOHVRIWKHW\SHVRI
UHODSVHVDQGWKHVHYHULW\RIWKHUHODSVHVZLOOEHSURGXFHGE\WUHDWPHQWJURXS$E\SDWLHQWOLVWLQJ
RIWKHUHODSVHVZLOOEHSURGXFHG7KHVHYHULW\RIDUHODSVHZLOOEHGHWHUPLQHGXVLQJWKH26,6
VFDOH7KHGHWHUPLQDWLRQRIWKHVHYHULW\RIDUHODSVHLVGHILQHGLQ6HFWLRQRIWKLV6$3
6HYHULW\XVLQJWKH26,6VFDOHZLOORQO\EHVXPPDUL]HGIRU2SWLF1HXULWLVDQG7UDQVYHUVH
0\HOLWLVUHODSVHVEDVHGRQWKH26,69LVXDO$FXLW\0RWRUDQG6HQVRU\6FDOHV7KHZRUVW
VHYHULW\REVHUYHGRYHUDOOUHODSVHYLVLWVZLOOEHXVHG,QWKHHYHQWWKDWDSDWLHQWKDVDUHODSVHWKDW
LQFOXGHVPRUHWKDQRQHW\SHRIUHODSVHWKHZRUVWJUDGHZLOOEHXVHGWRFODVVLI\WKHRYHUDOO
VHYHULW\RIWKHUHODSVH
&KDQJHVIURPEDVHOLQHWRDOORIWKHVWXG\FROOHFWHGWLPHSRLQWVDIWHUDUHODSVHZLOOEH
VXPPDUL]HGIRU('66+$,DQGYLVXDODFXLW\IRUWKHILUVWDGMXGLFDWHG2Q7ULDO5HODSVHDQGIRU
WKHILUVW2Q7ULDO5HODSVH&KDQJHVIURPWKHODVWDVVHVVPHQWSULRUWRWKHUHODSVHWRDOOVWXG\
FROOHFWHGWLPHSRLQWVDIWHUDUHODSVHZLOODOVREHVXPPDUL]HGIRU('66+$,DQGYLVXDODFXLW\
3DWLHQWOLVWLQJVIRUWKH('66+$,DQGYLVXDODFXLW\DVVHVVPHQWVEHIRUHDQGDIWHUDUHODSVHZLOO
EHFUHDWHGIRUWKHSDWLHQWVZLWKUHODSVHV
2Q7ULDO5HODSVHVZLOODOVREHDVVHVVHGE\VXPPDUL]LQJWKHQXPEHUDQGUDWHRIUHODSVHV
UHTXLULQJKRVSLWDOL]DWLRQDQGWKHQXPEHUDQGUDWHRIWUHDWPHQWVIRUUHODSVHVE\WUHDWPHQWJURXS

3KDUPDFRNLQHWLFDQG3KDUPDFRG\QDPLF$QDO\VHV
%ORRGVDPSOHVZLOOEHFROOHFWHGDWVSHFLILHGWLPHSRLQWVWRVWXG\WKHFRQFHQWUDWLRQRIHFXOL]XPDE
YHUVXVWLPH3.SDUDPHWHUVVXFKDVPD[LPXPFRQFHQWUDWLRQDVZHOODVWURXJKDQGSHDN
HFXOL]XPDEFRQFHQWUDWLRQGXULQJWKHLQGXFWLRQDQGPDLQWHQDQFHWUHDWPHQWSKDVHVZLOOEH
UHSRUWHG&OHDUDQFHDQGWHUPLQDOKDOIOLIHZLOOEHHVWLPDWHG'HWDLOVZLOOEHGHVFULEHGLQD
VHSDUDWH3.3'DQDO\VLVSODQ
&HUHEURVSLQDOIOXLG&6)VDPSOHVIRU3.3'DQDO\VHVZLOODOVREHFROOHFWHGDWVSHFLILHGWLPH
SRLQWVIRUSDWLHQWVZKRFRQVHQWWRWKHVHDVVHVVPHQWV'HWDLOVIRU3.3'DQDO\VHVUHODWHGWR&6)
VDPSOHVZLOOEHGHVFULEHGLQDVHSDUDWH3.3'DQDO\VLVSODQ
%ORRGVDPSOHVIRU3'DQDO\VLVZLOOEHFROOHFWHGDWVSHFLILHGWLPHSRLQWVWRDVVHVVSUHDQGSRVW
WUHDWPHQWVHUXPKHPRO\WLFDFWLYLW\DQGWKHUHIRUH&FRPSOHPHQWDFWLYLW\LQKLELWLRQ)UHH&
FRQFHQWUDWLRQZLOOEHPHDVXUHG
7KHSRSXODWLRQ3.DQDO\VLVRIHFXOL]XPDELQ102SDWLHQWVZLOOEHSHUIRUPHGWRDVVHVVWKH
FRQFHQWUDWLRQRIHFXOL]XPDEYHUVXVWLPH3.SDUDPHWHUVVXFKDVPD[LPXPFRQFHQWUDWLRQDVZHOO
DVWURXJKDQGSHDNHFXOL]XPDEFRQFHQWUDWLRQGXULQJWKHLQGXFWLRQDQGPDLQWHQDQFHWUHDWPHQW
SKDVHVZLOOEHUHSRUWHG&OHDUDQFHDQGWHUPLQDOKDOIOLIHZLOOEHHVWLPDWHG3'DQDO\VLVZLOOEH
SHUIRUPHGWRDVVHVVSUHDQGSRVWWUHDWPHQWVHUXPKHPRO\WLFDFWLYLW\DQGWKHUHIRUH&
FRPSOHPHQWDFWLYLW\LQKLELWLRQ)UHH&FRQFHQWUDWLRQZLOOEHVXPPDUL]HG7KHSRWHQWLDO
H[SRVXUHUHVSRQVHDQDO\VHVIRUVHOHFWHGHIILFDF\DQGVDIHW\HQGSRLQWVPD\DOVREHSHUIRUPHG
EDVHGRQWKHRXWFRPHVRIH[SORUDWRU\GDWDYLVXDOL]DWLRQ


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
'HWDLOVIRU3.3'DQDO\VHVDQGSRWHQWLDOH[SRVXUHUHVSRQVHDQDO\VHVZLOOEHGHVFULEHGLQD
VHSDUDWH3.3'DQDO\VLVSODQ6HUXPDQG&6)IUHH&DQGSHUFHQWDJHRIEDVHOLQHVHUXPDQG
&6)(FXOL]XPDEFRQFHQWUDWLRQVDQGSHUFHQWKHPRO\VLVZLOOEHVXPPDUL]HGE\7UHDWPHQW*URXS
DQG9LVLW7LPH3RLQW
3DWLHQWOLVWLQJVRIWKH3.3'SDUDPHWHUVZLOOEHSURGXFHG

%LRPDUNHU$VVHVVPHQWV
6HUXP102,J*$QWLERG\VDPSOHVZLOOEHFROOHFWHGDW6FUHHQLQJ%DVHOLQH5HODSVHHYDOXDWLRQ
YLVLWVDQGDWRWKHUVWXG\YLVLWVDVRXWOLQHGLQWKHSURWRFRO6FKHGXOHRI$VVHVVPHQWV2QO\
SDWLHQWVZLWKGRFXPHQWHGSRVLWLYHWHVWIRUWKH$43DXWRDQWLERG\DOVRFDOOHG102,J*
REWDLQHGSULRUWRRUGXULQJWKHVFUHHQLQJZLOOEHLQFOXGHGLQWKHVWXG\2QO\YDOLGDWHGGLDJQRVWLF
WHVWVSHUIRUPHGE\DTXDOLILHGODERUDWRU\DUHDFFHSWDEOH6DPSOHDQDO\VLVZLOOEHFRQGXFWHGDW
WKH0D\R&OLQLFODERUDWRU\&HUHEURVSLQDOIOXLG&6)VDPSOHVIRU102,J*DQWLERG\OHYHOZLOO
DOVREHFROOHFWHGDWVSHFLILHGWLPHSRLQWVIRUSDWLHQWVZKRFRQVHQWWRKDYLQJWKHVHDVVHVVPHQWV
6KLIWVIURPEDVHOLQHLQVHUXPDQG&6)102,J*DQWLERG\WLWHUOHYHOZLOOEHVXPPDUL]HGE\
WUHDWPHQWJURXSDQGYLVLW6KLIWVIURPEDVHOLQHLQVHUXPDQG&6)102,J*DQWLERG\WLWHUOHYHOV
WRUHODSVHHYDOXDWLRQYLVLWVZLOODOVREHSURGXFHG$OLVWLQJRIVHUXPDQG&6)102,J*
DQWLERG\WLWHUVZLOOEHSURGXFHG

6DIHW\$QDO\VHV
$OOVDIHW\DQDO\VHVZLOOEHFRQGXFWHGRQWKH6DIHW\6HWWUHDWPHQWDFWXDOO\UHFHLYHG$OOVDIHW\
GDWDZLOOEHSURYLGHGE\WUHDWPHQWJURXSLQSDWLHQWOLVWLQJV1RIRUPDOK\SRWKHVLVWHVWLQJLV
SODQQHG%DVHOLQHLVGHILQHGDVWKHODVWDYDLODEOHDVVHVVPHQWSULRUWRWUHDWPHQWIRUDOOSDWLHQWV
UHJDUGOHVVRIWKHLUWUHDWPHQWJURXS

6WXG\'XUDWLRQ7UHDWPHQW&RPSOLDQFHDQG([SRVXUH
6WXG\GXUDWLRQWUHDWPHQWGXUDWLRQWUHDWPHQWFRPSOLDQFHDQGH[SRVXUHZLOOEHVXPPDUL]HGE\
WUHDWPHQWJURXSIRUWKH)$633DQG6DIHW\SRSXODWLRQV/LNHZLVHHDFKSDWLHQW¶VVWXG\
GXUDWLRQWUHDWPHQWGXUDWLRQWUHDWPHQWFRPSOLDQFHDQGH[SRVXUHZLOOEHVXPPDUL]HGLQSDWLHQW
OLVWLQJV
6WXG\GXUDWLRQZLOOEHFDOFXODWHGDVWKHWLPHLQGD\VIURPWKHILUVWGRVHGDWHRIVWXG\GUXJXQWLO
WKHGDWHRIGLVFRQWLQXDWLRQFRPSOHWLRQIURPWKH6WXG\LH6WXG\GXUDWLRQGD\V 'DWHRI
GLVFRQWLQXDWLRQFRPSOHWLRQRUGHDWK±)LUVW'RVH'DWH7UHDWPHQWGXUDWLRQZLOOEH
FDOFXODWHGDVWKHWLPHLQGD\VIURPWKHILUVWGRVHGDWHRIVWXG\GUXJXQWLOWKHODVWGRVHGDWHRI
VWXG\GUXJLHWUHDWPHQWGXUDWLRQGD\V /DVW'RVH'DWH±)LUVW'RVH'DWH
,IDSDWLHQWXQGHUJRHVSODVPDSKHUHVLVRUSODVPDH[FKDQJH3(IRUDQ2Q7ULDO5HODSVHGXULQJ
WKH7UHDWPHQW3HULRGDVXSSOHPHQWDOGRVHRI,3YLDOVHTXLYDOHQWWRPJRIHFXOL]XPDE
VKRXOGEHDGPLQLVWHUHGDIWHUHDFK3(SUHIHUDEO\ZLWKLQKRXUV,I3(LVDGPLQLVWHUHGRQGD\
RIUHJXODUO\VFKHGXOHG,3DGPLQLVWUDWLRQSDWLHQWVZLOOUHFHLYHWKHUHJXODUO\VFKHGXOHGQXPEHURI
YLDOVDIWHUHDFK3(SUHIHUDEO\ZLWKLQKRXUV,QDGGLWLRQSDWLHQWVDUHWRFRQWLQXHSURWRFRO
VSHFLILHGGRVLQJXQWLOWKHZHHNSRVWDWWDFNDVVHVVPHQW3DWLHQWVWDNLQJVXSSOHPHQWDOGRVHVRI
,3ZLOOEHVXPPDUL]HGLQE\SDWLHQWOLVWLQJV


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 

$GYHUVH(YHQWV$(V
$GYHUVH(YHQWVDUHGHILQHGLQ3URWRFRO6HFWLRQ
,Q6WXG\(&8102IRU6$(VWKHUHSRUWLQJSHULRGWR$OH[LRQRU$OH[LRQ
3KDUPDFRYLJLODQFH'HOHJDWHEHJLQVIROORZLQJWKHSDWLHQW¶VVLJQLQJRIWKH,&)SURYLGLQJFRQVHQW
WRSDUWLFLSDWHLQWKHWULDODQGFRQWLQXHVWKURXJKZHHNVDIWHUWKHODVWGRVHRIVWXG\PHGLFDWLRQ
)RUQRQVHULRXV$(WKHUHSRUWLQJSHULRGVWDUWVIROORZLQJILUVWGRVHRI,3DQGFRQWLQXHVWKURXJK
WKHODVWVWXG\YLVLW$(VWKDWDUHWKRXJKWWREHFDXVDOO\UHODWHGDUHWREHIROORZHGXQWLOHYHQWRU
VHTXHODHUHVROYHRUDUHGHWHUPLQHGWREHPHGLFDOO\VWDEOH
)RUWKHSXUSRVHVRIWKLV6$3WKUHHW\SHVRI$(VZLOOEHQRWHG

3UH7UHDWPHQW6HULRXV$GYHUVH(YHQWV376$(V

7UHDWPHQW(PHUJHQW$GYHUVH(YHQWV7($(V

7UHDWPHQW(PHUJHQW6HULRXV$GYHUVH(YHQWV7(6$(V
376$(VDUHWKHVHULRXV$(VWKDWRFFXUEHWZHHQWKHVLJQLQJRILQIRUPHGFRQVHQWDQGILUVW,3GRVH
LHHFXOL]XPDERUSODFHER7($(VDUH$(VWKDWRQVHWRQRUDIWHUWKHILUVW,3GRVHLQWKHVWXG\
/LNHZLVH7(6$(VDUH6$(VWKDWRQVHWRQRUDIWHUWKHILUVW,3GRVHLQWKHVWXG\$WDEOHDQG
OLVWLQJRI376$(VZLOOEHSURGXFHG%RWKWDEXODURXWSXWVDQGOLVWLQJVZLOOEHFUHDWHGIRU7($(V
DQG7(6$(VDVGHVFULEHGLQWKLV6$3
6WXG\GLVSOD\WDEOHVDQGOLVWLQJVIRU$(VDUHGHVFULEHGEHORZDGGLWLRQDOGHWDLOVUHJDUGLQJ$(V
DUHRXWOLQHGLQ6HFWLRQ
$(VZLOOEHFRGHGE\SULPDU\V\VWHPRUJDQFODVVDQGSUHIHUUHGWHUPXVLQJWKH0HGLFDO
'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV0HG'5$YHUVLRQRUKLJKHU

2YHUDOO6XPPDU\RI$GYHUVH(YHQWV
$OO7($(VZLOOEHSUHVHQWHGXVLQJVXPPDU\VWDWLVWLFVQ7KHQXPEHURI(YHQWVQDQG
QXPEHURISDWLHQWVZLWKHYHQWVQZLOOEHVKRZQIRUWKHIROORZLQJHYHQWVXEFDWHJRULHV
7DEOH
7UHDWPHQW(PHUJHQW$GYHUVH(YHQWV7($(V
5HODWLRQVKLS
6HYHULW\
5HODWHG$(V
0LOG$(V
1RW5HODWHG$(V
0RGHUDWH$(V

6HYHUH$(V
$GGLWLRQDOO\WKHQXPEHUDQGSHUFHQWDJHRISDWLHQWVZKRZLWKGUHZIURPWKHVWXG\GXHWRDQ$(
RUZKRGLHGRQVWXG\ZLOOEHSUHVHQWHG7KHVHVWDWLVWLFVZLOOEHSUHSDUHGIRUDOO7($(VDQG
VHSDUDWHO\IRU6$(VH[FHSWVHYHULW\6HH6HFWLRQIRUGHILQLWLRQRIUHODWHG7($(V
$QRYHUDOOVXPPDU\WDEOHRI7($(LQIRUPDWLRQZLOOEHSUHVHQWHGWKDWZLOOVXPPDUL]HWKH
IUHTXHQF\DQGSHUFHQWDJHRISDWLHQWVZKR
x ([SHULHQFHGDQ\$(
x 'LVFRQWLQXHGGXHWRDQ$(


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
x 'LHGLIDSSOLFDEOH
x ([SHULHQFHGDUHODWHG$(
x ([SHULHQFHDVHULRXV$(
x ([SHULHQFHGDVHYHUH$(

$GGLWLRQDORYHUDOOVXPPDU\WDEOHVE\DJHJHQGHUUDFHDQGUHJLRQZLOODOVREHSURYLGHG

$(VDQG6$(VE\6\VWHP2UJDQ&ODVV62&DQG3UHIHUUHG7HUP37
7KHQXPEHURI7($(V7(6$(VDQGWKHQXPEHUDQGSHUFHQWDJHRISDWLHQWVZLWKHYHQWVZLOOEH
SUHVHQWHGE\62&DQG37DQGE\37DORQH3DWLHQWVDUHFRXQWHGRQFHLQHDFK62&DQG37
3HUFHQWDJHVZLOOEHEDVHGRQWKHWRWDOQXPEHURIWUHDWHGSDWLHQWVLQWKHWUHDWPHQWJURXS62&V
ZLOOEHOLVWHGDOSKDEHWLFDOO\DQG37VZLWKLQHDFK62&ZLOOEHOLVWHGLQRUGHURIIUHTXHQF\RI
RFFXUUHQFHEDVHGRQ7RWDO3DWLHQWV$GYHUVHHYHQWUDWHVEDVHGRQSHUVRQ\HDUVRI
IROORZXSZLOOEHSURGXFHGIRUDOO7($(VDQGDOO7(6$(VE\WUHDWPHQWJURXS3HUVRQ\HDUVRI
IROORZXSDUHGHILQHGLQ6HFWLRQ
$GGLWLRQDOVXPPDU\WDEOHVVWUDWLI\LQJ7($(VDQG7(6$(VE\DJHJHQGHUUDFHDQGUHJLRQZLOO
DOVREHSURYLGHG
7KHQXPEHURIQRQVHULRXVDGYHUVHHYHQWVDQGWKHQXPEHUDQGSHUFHQWDJHRISDWLHQWVZLWKQRQ
VHULRXVHYHQWVZLOOEHSUHVHQWHGE\62&DQG37
'HWDLOHGOLVWLQJVRISDWLHQWVZKRH[SHULHQFH7($(V7(6$(VDQGUHODWHG7($(VZLOOEH
SUHVHQWHG'HWDLOHGOLVWLQJVZLOOLQFOXGHVHYHULW\DQGUHODWLRQVKLSWRWUHDWPHQWDVZHOODVDFWLRQ
WDNHQUHJDUGLQJVWXG\WUHDWPHQWRWKHUDFWLRQWDNHQDQGSDWLHQWRXWFRPH$VHSDUDWHOLVWLQJRI
SDWLHQWVZKRGLVFRQWLQXHGIURPWKHVWXG\GXHWRDWUHDWPHQWHPHUJHQW$(ZLOODOVREHSURYLGHG
7KHLQFLGHQFHRI$(VOHDGLQJWRVWXG\GLVFRQWLQXDWLRQZLOOEHVXPPDUL]HG$VHSDUDWHOLVWLQJRI
SDWLHQWVZKRGLHGGXULQJWKHVWXG\ZLOODOVREHSURYLGHG

$(VDQG6$(VE\62&37DQG5HODWLRQVKLS
6XPPDULHVRI7($(VE\UHODWLRQVKLSVHHVHFWLRQWRWUHDWPHQWZLOOEHSURYLGHG6XPPDU\
RI7(6$(VE\UHODWLRQVKLSZLOODOVREHSURYLGHG
$GYHUVHHYHQWUDWHVEDVHGRQSHUVRQ\HDUVRIIROORZXSZLOOEHSURGXFHGIRUDOO7($(V7(6$(V
E\UHODWLRQVKLSWRWUHDWPHQWDQGWUHDWPHQWJURXS

$(VDQG6$(VE\62&37DQG6HYHULW\
6XPPDULHVRI7($(VE\VHYHULW\ZLOOEHSURYLGHG
$GYHUVHHYHQWUDWHVEDVHGRQSHUVRQ\HDUVRIIROORZXSZLOOEHSURGXFHGIRUDOO7($(VE\
VHYHULW\DQGWUHDWPHQWJURXS

$(VDQG6$(V2YHU7LPHE\62&37
6XPPDULHVRI7($(VDQG76$(VRYHUWLPHZLOOEHSURYLGHG7KHGHQRPLQDWRUSHUWLPHLQWHUYDO
ZLOOEHWKHQXPEHURISDWLHQWVFRQWLQXLQJLQWKHWULDOZLWKVWXG\GXUDWLRQLQFOXGLQJDOORUSDUWRI
WKHLQWHUYDO


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 

'HDWKV2WKHU6$(VDQG2WKHU6LJQLILFDQW$GYHUVH(YHQWV
$OLVWLQJRISDWLHQWGHDWKVDQGFDXVHRIGHDWKZLOOEHSURGXFHGLIDSSOLFDEOH
7UHDWPHQWHPHUJHQWDGYHUVHHYHQWVRIVSHFLDOLQWHUHVW7($(6,VZLOOEHVXPPDUL]HGE\
WUHDWPHQWJURXSLQWDEXODUIRUP7KHIROORZLQJSURYLGHVDOLVWRI$(6,
x ,QIHFWLRQV
0HQLQJRFRFFDO,QIHFWLRQV
$VSHUJLOOXV,QIHFWLRQV
2WKHU6HULRXV,QIHFWLRQV
x 6HSVLV
x ,QIXVLRQ5HDFWLRQV
x 6HULRXV&XWDQHRXV$GYHUVH5HDFWLRQV
x &DUGLDF'LVRUGHUV
x $QJLRHGHPD

7($(6,VZLOOEHVXPPDUL]HGE\62&37E\37DORQHE\UHODWLRQVKLSDQGRYHUWLPH

2WKHU6DIHW\

$QDO\VHVIRU/DERUDWRU\7HVWV
'HVFULSWLYHVWDWLVWLFVE\YLVLWDQGWUHDWPHQWJURXSZLOOEHSUHVHQWHGIRUHDFKODERUDWRU\
SDUDPHWHU&KDQJHVIURP%DVHOLQHDVZHOODVVKLIWWDEOHVZLOOEHSUHVHQWHG$OOODERUDWRU\YDOXHV
ZLOOEHFODVVLILHGDVQRUPDOEHORZQRUPDORUDERYHQRUPDOEDVHGRQQRUPDOUDQJHVVXSSOLHGE\
WKHFHQWUDOODERUDWRU\)UHTXHQFLHVRIDEQRUPDOYDOXHVZLOOEHSUHVHQWHGLQWDEXODUIRUP$OOGDWD
ZLOOEHSUHVHQWHGLQOLVWLQJV

9LWDO6LJQV
9LWDOVLJQVV\VWROLFDQGGLDVWROLFEORRGSUHVVXUH%3WHPSHUDWXUHUHVSLUDWLRQUDWH55DQG
VLWWLQJRUO\LQJKHDUWUDWH+5DQGFKDQJHVIURPEDVHOLQHLQYLWDOVLJQVZLOOEHVXPPDUL]HGE\
YLVLWDQGE\WUHDWPHQWJURXS/LVWLQJVRIYLWDOVLJQVZLOOEHSURGXFHG
:HLJKWZLOOEHVXPPDUL]HGE\YLVLWDQGWUHDWPHQWJURXS&KDQJHVLQZHLJKWZLOOEHVXPPDUL]HG
E\YLVLWDQGWUHDWPHQWJURXS/LVWLQJVRIZHLJKWZLOOEHSURGXFHG
9LWDOVLJQVRXWOLHUVIRUV\VWROLFDQGGLDVWROLF%3+555WHPSHUDWXUHDQGZHLJKWZLOOEH
SUHVHQWHGE\WUHDWPHQWJURXS7KHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVKDYLQJREVHUYHGDQ\YLWDO
VLJQVWKDWVDWLVI\DQ\RIWKHIROORZLQJFRQGLWLRQVZLOOEHSUHVHQWHGE\WUHDWPHQWJURXSDQGWLPH
SRLQW

'%3PP+J'%3!PP+J'%3!PP+J

+5EHDWVSHUPLQXWH+5!EHDWVSHUPLQXWH

55EUHDWKVSHUPLQXWH55!EUHDWKVSHUPLQXWH

6%3PP+J6%3!PP+J6%3!PP+J

7HPSHUDWXUHGHJUHHV&HOVLXV7HPSHUDWXUH!GHJUHHV&HOVLXV

:HLJKW! GHFUHDVHIURP%DVHOLQH:HLJKW! LQFUHDVHIURP%DVHOLQH


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 

2WKHU6DIHW\3DUDPHWHUVRI6SHFLDO,QWHUHVW
2WKHUVDIHW\SDUDPHWHUVRIVSHFLDOLQWHUHVWLQFOXGHFHUWDLQDGYHUVHHYHQWVPHQWLRQHGLQVHFWLRQ
DVZHOODV(&*GDWDDQGVXLFLGHLGHDWLRQDQGEHKDYLRU3K\VLFDOH[DPLQDWLRQVZLOOEH
VXPPDUL]HGE\WUHDWPHQWJURXSDQGYLVLW/LVWLQJVRISK\VLFDOH[DPLQDWLRQVZLOOEHSURGXFHG
,PPXQRJHQLFLW\DVPHDVXUHGE\$QWL'UXJ$QWLERG\ZLOOEHVXPPDUL]HGLQWDEXODUIRUPE\
WUHDWPHQWJURXSDQGSUHVHQWHGLQE\SDWLHQWOLVWLQJ$E\SDWLHQWOLVWLQJRI1PHQLQJLWLGHV
YDFFLQDWLRQVZLOOEHSURGXFHGVKRZLQJWKHGDWHRIYDFFLQDWLRQVIRUHDFKSDWLHQWE\WUHDWPHQW
JURXS3UHJQDQF\WHVWVZLOOEHVXPPDUL]HGLQSDWLHQWOLVWLQJV
 (OHFWURFDUGLRJUDPV(&*
7KH(&*UHVXOWVZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXSDQGYLVLW/LVWLQJVRI(&*UHVXOWVZLOO
EHSURGXFHG'HVFULSWLYHVWDWLVWLFVE\YLVLWZLOOEHSUHVHQWHGIRUHDFK(&*SDUDPHWHULQFOXGLQJ
YHQWULFXODUUDWH35GXUDWLRQ456GXUDWLRQ47GXUDWLRQ55GXUDWLRQ47F%DQG47F)YDOXH
DQGIRUFKDQJHIURPEDVHOLQH(&*RXWOLHUVIRU47FFDWHJRULHVDQG!WR
DQG!PVHFDQGFKDQJHVIURPEDVHOLQH!DQGPVHFDQG!PVHFVZLOOEH
SUHVHQWHGE\WUHDWPHQWJURXS
7KHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVKDYLQJREVHUYHG4747F%RU47F)WKDWVDWLVI\DQ\RI
WKHIROORZLQJFRQGLWLRQVZLOOEHSUHVHQWHGE\WUHDWPHQWDQGWLPHSRLQW

PVHF

WRPVHF

!WRPVHF

!PVHF
7KHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVKDYLQJFKDQJHVIURPEDVHOLQHIRU4747F%RU47F)
WKDWVDWLVI\DQ\RIWKHIROORZLQJFRQGLWLRQVZLOOEHSUHVHQWHGE\WUHDWPHQWDQGWLPHSRLQW

PVHF

!WRPVHF

!WRPVHF

!PVHF
 &ROXPELD6XLFLGH6HYHULW\5DWLQJ6FDOH&6656
7KHQXPEHUDQGSHUFHQWDJHRISDWLHQWVZLWK6XLFLGDO,GHDWLRQ6XLFLGDO%HKDYLRUDQG6HOI
,QMXULRXV%HKDYLRUZLWKRXW6XLFLGDO,QWHQWEDVHGRQWKH&ROXPELD6XLFLGH6HYHULW\5DWLQJ6FDOH
&6656GXULQJWKHWUHDWPHQWSHULRGZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXS7UHDWPHQW
HPHUJHQW6XLFLGDO,GHDWLRQ6XLFLGDO%HKDYLRUDQG6HOI,QMXULRXV%HKDYLRUZLWKRXW6XLFLGDO
,QWHQWZLOOEHEDVHGRQ9LVLWVDQGHYHU\WKZHHNVWKHUHDIWHUWKURXJK(26(7DWWKH
ZHHN5HODSVH(YDOXDWLRQ9LVLWDQGRUDWWKH6DIHW\)ROORZXSYLVLW,QWKLVVXPPDU\WKH
QXPEHUDQGSHUFHQWDJHRISDWLHQWVZKRH[SHULHQFHWKHSDUWLFXODUHYHQWDWOHDVWRQFHGXULQJWKH
WUHDWPHQWSHULRGZLOOEHVXPPDUL]HG7KHSDUWLFXODUHYHQWVDUH
x 6XLFLGDO,GHDWLRQ
 :LVKWREH'HDG
 1RQVSHFLILFDFWLYHVXLFLGDOWKRXJKWV
 $FWLYHVXLFLGDOLGHDWLRQZLWKDQ\PHWKRGVQRWSODQZLWKRXWLQWHQWWRDFW


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
 $FWLYHVXLFLGDOLGHDWLRQZLWKVRPHLQWHQWWRDFWZLWKRXWVSHFLILFSODQ
 $FWLYHVXLFLGDOLGHDWLRQZLWKVSHFLILFSODQDQGLQWHQW
x 6XLFLGDO%HKDYLRU
 3UHSDUDWRU\DFWVRUEHKDYLRU
 $ERUWHGDWWHPSW
 ,QWHUUXSWHGDWWHPSW
 1RQIDWDOVXLFLGHDWWHPSW
&RPSOHWHGVXLFLGH
x 6HOILQMXULRXVEHKDYLRUZLWKRXWVXLFLGDOLQWHQW
)RUWKHFRPSRVLWHHQGSRLQWRIVXLFLGDOLGHDWLRQ&DWHJRULHVWKHQXPEHUDQGSHUFHQWDJHRI
SDWLHQWVZKRH[SHULHQFHDQ\RQHRIWKHILYHVXLFLGDOHYHQWVDWOHDVWRQFHGXULQJWKHWUHDWPHQW
SHULRGZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXS)RUWKHFRPSRVLWHHQGSRLQWRIVXLFLGDOEHKDYLRU
&DWHJRULHVWKHQXPEHUDQGSHUFHQWDJHRISDWLHQWVZKRH[SHULHQFHDQ\RQHRIWKHILYH
VXLFLGDOEHKDYLRUHYHQWVDWOHDVWRQFHGXULQJWKHWUHDWPHQWSHULRGZLOOEHVXPPDUL]HGE\
WUHDWPHQWJURXS
7ZRVKLIWWDEXODWLRQVIURPEDVHOLQHIRUWKH&6656ZLOOEHSURGXFHGE\WUHDWPHQWJURXSGXULQJ
WKHWUHDWPHQWSHULRG7KH%DVHOLQH&6656DVVHVVPHQWLQFOXGHVERWK$/LIHWLPH$VVHVVPHQW
IRUERWKWKHVXLFLGDOEHKDYLRUDQGIRUWKHVXLFLGDOLGHDWLRQVHFWLRQVDQG%5HFHQW$VVHVVPHQW
\HDUSULRUWRVWXG\VWDUWIRUWKHVXLFLGDOEHKDYLRUVHFWLRQDQGPRQWKSULRUWRWKHVWXG\VWDUW
IRUWKHVXLFLGDOLGHDWLRQVHFWLRQ$VHSDUDWHVKLIWWDEXODWLRQZLOOEHSURGXFHGXVLQJHDFKRIWKHVH
WZREDVHOLQHV7KHWKUHHJURXSLQJVIRUWKHVKLIWWDEOHVDUHD1RVXLFLGDOLGHDWLRQRUEHKDYLRU
E6XLFLGDO,GHDWLRQDQGF6XLFLGDO%HKDYLRU6XLFLGDO,GHDWLRQLQFOXGHVDQ\RQHRIWKHILYH
VXLFLGDOLGHDWLRQHYHQWV&DWHJRULHV6XLFLGDOEHKDYLRULQFOXGHVDQ\RQHRIWKHILYHVXLFLGDO
EHKDYLRUFDWHJRULHV&DWHJRULHV(DFKSDWLHQWLVFRXQWHGLQRQHFHOORQO\IRUHDFKRIWKH
WZRWDEXODWLRQV3DWLHQWVZLWKERWK6XLFLGDO,GHDWLRQDQG6XLFLGDO%HKDYLRUDUHLQFOXGHGLQWKH
6XLFLGDO%HKDYLRUFDWHJRU\IRUWKHSDUWLFXODUWDEXODWLRQ
3DWLHQWOLVWLQJVIRUWKH&6656ZLOODOVREHSURGXFHG


,QWHULP$QDO\VLV
1RWDSSOLFDEOH


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 

5()(5(1&(6
.H&:DQJ-=KDQJ&-LDQ46QDSLQQ62Q(UURUVLQ6WUDWLILHG5DQGRPL]DWLRQ6WDWLVWLFVLQ
%LRSKDUPDFHXWLFDO5HVHDUFK
.RFK**7DQJHQ&0-XQJ-:$PDUD,$,VVXHVIRU&RYDULDQFH$QDO\VLVRI'LFKRWRPRXV
DQG2UGHUHG&DWHJRULFDO'DWDIURP5DQGRPL]HG&OLQLFDO7ULDOVDQG1RQSDUDPHWULF6WUDWHJLHV
IRU$GGUHVVLQJ7KHP6WDWLVWLFVLQ0HGLFLQH
0DOOLQFNURGW&+/DQH3:6FKQHOO'3HQJ<0DQFXVR-35HFRPPHQGDWLRQVIRUWKH3ULPDU\
$QDO\VLVRI&RQWLQXRXV(QGSRLQWVLQ/RQJLWXGLQDO&OLQLFDO7ULDOV'UXJ,QIRUPDWLRQ-RXUQDO

4XDOLW\0HWULF+HDOWK2XWFRPHV706FRULQJ6RIWZDUH8VHU¶V*XLGH4XDOLW\0HWULF
,QFRUSRUDWHG/LQFROQ5,
6]HQGH2SSH'HYOLQ(GV(4'9DOXH6HWV,QYHQWRU\&RPSDUDWLYH5HYLHZDQG8VHU
*XLGH6SULQJHU
=LQN5&DQG.RFK**13DU&RY$6$6,0/0DFURIRU1RQSDUDPHWULF5DQGRPL]DWLRQ
%DVHG$QDO\VLVRI&RYDULDQFH-RXUQDORI6WDWLVWLFDO6RIWZDUH



$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 

$33(1',&(6

3URWRFRO6FKHGXOHRIHYHQWV

5HIHUWRWKHSURWRFROIRUDVFKHGXOHRIHYHQWV

&KDQJHVIURP$QDO\VHV6SHFLILHGLQWKH3UHYLRXV9HUVLRQRIWKH6$3
6HH6HFWLRQ

6DPSOH6L]H3RZHUDQG5DQGRPL]DWLRQ
7KLVLVDUDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGVWXG\WRHYDOXDWHHFXOL]XPDELQ102
SDWLHQWVZLWKDSULPDU\HQGSRLQWRIWLPHWRILUVWDGMXGLFDWHG2Q7ULDO5HODSVH$VVXFKWKHVWXG\
LVEDVHGRQREVHUYLQJUHODSVHHYHQWV%DVHGRQWKHSRZHUFDOFXODWLRQVDWRWDORIUHODSVH
HYHQWVLQLQGLYLGXDOSDWLHQWVDUHWREHREVHUYHG
$SSUR[LPDWHO\102SDWLHQWVZLOOEHUDQGRPL]HGLQDHFXOL]XPDE3ODFHERUDWLR
7KHUHIRUHDSSUR[LPDWHO\102SDWLHQWVZLOOEHUDQGRPL]HGWRHFXOL]XPDEDQGDSSUR[LPDWHO\
102SDWLHQWVZLOOEHUDQGRPL]HGWR3ODFHER5DQGRPL]HGSDWLHQWVZKRGLVFRQWLQXHDIWHU
LQLWLDWLRQRIWUHDWPHQWZLOOQRWEHUHSODFHG
7KLVLVDUDQGRPL]HGSODFHERFRQWUROOHGWULDOWRHYDOXDWHHFXOL]XPDELQ102SDWLHQWV7KH
VDPSOHVL]HDQGSRZHUFDOFXODWLRQDVVXPSWLRQVIRUWKLVWLPHWRILUVWHYHQWVWXG\DUHDVIROORZV
x /RJUDQNWHVWIRUFRPSDULVRQRIHFXOL]XPDEWRSODFHER
x UDQGRPL]DWLRQHFXOL]XPDESODFHER
x 3RZHU
x 7ZRVLGHGOHYHORIVLJQLILFDQFH
x 'URSRXWUDWH
x $FFUXDOSHULRGRIDSSUR[LPDWHO\PRQWKV
x 5HODSVHIUHHUDWHRIIRUWKHHFXOL]XPDEDUPDWPRQWKV
x +D]DUGUDWLRRIORJKD]DUGUDWLR ZKLFKFRUUHVSRQGVWRDUHODSVHIUHH
UDWHRIIRUWKHSODFHERDUPDWPRQWKV
7KHWRWDOQXPEHURIUHODSVHHYHQWVWREHREVHUYHGIRUWKLVVWXG\LVDGMXGLFDWHG2Q7ULDO
5HODSVHHYHQWVLQGLVWLQFWSDWLHQWV:LWKWKHVHDVVXPSWLRQVDVDPSOHVL]HRIDSSUR[LPDWHO\
SDWLHQWVHFXOL]XPDEDQGSODFHERSURYLGHVSRZHUWRGHWHFWDWUHDWPHQW
GLIIHUHQFHLQWLPHWRILUVWUHODSVH
$OOSDWLHQWVZKRDUHYDFFLQDWHGDQGFOHDUHGIRUUDQGRPL]DWLRQE\WKHLU3ULQFLSDO,QYHVWLJDWRU3,
RU6XE,QYHVWLJDWRUDQGE\WKH6SRQVRUZLOOEHUDQGRPL]HGRQ'D\RQDEDVLVWRWKH
(FXOL]XPDE$UPRUWKH3ODFHER$UP7KHUDQGRPL]DWLRQZLOOEHDFURVVFHQWHUV7KH
UDQGRPL]DWLRQVWUDWLILFDWLRQZLOOLQFOXGHWZRYDULDEOHV('66VFRUHDW'D\YVWR


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
DQG,67VWDWXVDWUDQGRPL]DWLRQIRUUHODSVHSUHYHQWLRQWUHDWPHQWQDwYHSDWLHQWVRQWKH
VDPH,67VVLQFHWKHODVWUHODSVHDQGZLWKFKDQJHVLQ,67VVLQFHODVWUHODSVH
3DWLHQWVZLOOEHFHQWUDOO\UDQGRPL]HGYLD,956$OPDFFOLQLFDOVHUYLFHEDVHGUDQGRPL]DWLRQ
DSSOLFDWLRQ

7HFKQLFDO6SHFLILFDWLRQVIRU'HULYHG9DULDEOHV
7KHIROORZLQJGHULYHGGDWDZLOOEHFDOFXODWHGSULRUWRDQDO\VLV
$JH
$JHZLOOEHSUHVHQWHGDVWKHQXPEHURI\HDUVEHWZHHQGDWHRIELUWKDQGWKHUHIHUHQFHGDWH7KH
IROORZLQJDJHVPD\EHFRPSXWHGZLWKUHIHUHQFHGDWHVLQGLFDWHG
7DEOH
$JHDQGUHIHUHQFHGDWH
$*(
5()(5(1&('$7(

$JHDW(QUROOPHQW

'DWHRI6LJQLQJ,&)

$JHDW5DQGRPL]DWLRQ

'DWHRI5DQGRPL]DWLRQ

$JHDW'LVHDVH2QVHW

'DWHRI,QLWLDO&OLQLFDO3UHVHQWDWLRQ

$JHDW)LUVW,QIXVLRQ

'DWHRI)LUVW,QIXVLRQ
)RUDOOGDWHVH[FHSWDGYHUVHHYHQWDQGPHGLFDWLRQVWDUWGDWHVLQFDVHVZKHUHRQO\WKHPRQWK
DQG\HDUDUHSURYLGHGIRUDGDWHWKHGD\IRUWKHGDWHZLOOEHLPSXWHGDV0LVVLQJPRQWKZLOO
EHLPSXWHGDV-XQH,QFDVHVZKHUHWKHGD\LVREVHUYHGEXWWKHPRQWKLVPLVVLQJWKHGDWHZLOOEH
LPSXWHGDV-XQH
'LVHDVH'XUDWLRQ
102GLVHDVHGXUDWLRQZLOOEHSUHVHQWHGDVWKHQXPEHURI\HDUVEHWZHHQWKHGDWHRIILUVWLQIXVLRQ
DQGWKHGDWHRILQLWLDOFOLQLFDOSUHVHQWDWLRQLH,17>'DWHRIILUVWLQIXVLRQ±'DWHRILQLWLDO
FOLQLFDOSUHVHQWDWLRQ@)RUGDWHVLQFDVHVZKHUHRQO\WKHPRQWKDQG\HDUDUH
SURYLGHGIRUDGDWHWKHGD\IRUWKHGDWHZLOOEHLPSXWHGDV0LVVLQJPRQWKZLOOEHLPSXWHGDV
-XQH,QFDVHVZKHUHWKHGD\LVREVHUYHGEXWWKHPRQWKLVPLVVLQJWKHGDWHZLOOEHLPSXWHGDV
-XQH
'HILQLWLRQRI%DVHOLQH9DOXHV
'XULQJWKH7UHDWPHQW3HULRG%DVHOLQHLVGHILQHGDVWKHODVWDYDLODEOHDVVHVVPHQWSULRUWRRURQ
WKHGD\RIILUVWVWXG\GUXJWUHDWPHQWIRUDOOSDWLHQWVUHJDUGOHVVRIWKHLUWUHDWPHQWJURXS
%DVHOLQH%0,NJP %DVHOLQHZHLJKWLQNJ%DVHOLQH+HLJKWLQPHWHUV
&KDQJHIURP%DVHOLQH
&KDQJHIURPEDVHOLQHZLOOEHFDOFXODWHGDV
&KDQJHRI%DVHOLQH $VVHVVPHQW9DOXH±%DVHOLQH$VVHVVPHQW9DOXH
47F%DQG47F)&DOFXODWLRQV
7KH%D]HWW
VIRUPXOD47F%LVDVIROORZV
47F% 47LQWHUYDOVTUW55


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
7KH)ULGHULFLDIRUPXOD47F)LVDVIROORZV
47F) 47LQWHUYDO55A
$GYHUVH(YHQWV
7KHDQDO\VLVRI$GYHUVH(YHQWVLVGHVFULEHGLQGHWDLOLQ6HFWLRQ
7UHDWPHQWHPHUJHQW$(V7($(VDUHHYHQWVZLWKVWDUWGDWHVDQGVWDUWWLPHVRQRUDIWHUWKHGDWH
DQGWLPHRIWKHILUVWVWXG\GUXJGRVHSODFHERRUHFXOL]XPDE,IWKHVWDUWGDWHRIDQ$(LV
SDUWLDOO\RUFRPSOHWHO\PLVVLQJDQGWKHHQGVWRSGDWHDQGWLPHRIWKH$(GRHVQRWLQGLFDWHWKDW
LWRFFXUUHGSULRUWRILUVWGRVHWKHQWKHGHWHUPLQDWLRQRIWUHDWPHQWHPHUJHQWVWDWXVZLOOEHEDVHG
RQWKHIROORZLQJ
x ,IWKHVWDUW\HDULVDIWHUWKH\HDURIWKHILUVWVWXG\GUXJGRVHWKHQWKH$(LVWUHDWPHQW
HPHUJHQWHOVH
x ,IWKHVWDUW\HDULVWKHVDPHDVWKH\HDURIWKHILUVWVWXG\GUXJGRVHDQG
 WKHVWDUWPRQWKLVPLVVLQJWKHQWKH$(LVWUHDWPHQWHPHUJHQWHOVHLI
 WKHVWDUWPRQWKLVSUHVHQWDQGLVWKHVDPHRUDIWHUWKHPRQWKRIWKHILUVWVWXG\GUXJ
GRVHWKHQWKH$(LVWUHDWPHQWHPHUJHQWHOVH
x ,IWKHVWDUWGDWHLVFRPSOHWHO\PLVVLQJWKHQWKH$(LVWUHDWPHQWHPHUJHQW
$OORWKHU$(VDUHFRQVLGHUHG3UH7UHDWPHQW$GYHUVH(YHQWV37$(V
3DWLHQWSHUFHQWDJHVDUHEDVHGRQWKHWRWDOQXPEHURIWUHDWHGSDWLHQWVLQWKHSDUWLFXODUWUHDWPHQW
JURXS
5HODWHG$(VDUHGHILQHGDVSRVVLEOHSUREDEOHRUGHILQLWHO\UHODWHG8QUHODWHG$(VDUHGHILQHGDV
XQOLNHO\RUQRWUHODWHG$(VZLWKPLVVLQJUHODWLRQVKLSWRVWXG\WUHDWPHQWZLOOEHDVVXPHGDV
UHODWHGWRVWXG\WUHDWPHQW
3HUVRQ\HDUVRIIROORZXSLVGHILQHGDV
3HUVRQ\HDUVRIIROORZXS /DVWVWXG\GDWH±)LUVW'RVHGDWH
7RWDOSHUVRQ\HDUVRIIROORZXSIRUDSDUWLFXODUWUHDWPHQWJURXSEDVHGRQWKH6DIHW\6HWLVWKH
VXPRIWKHSHUVRQ\HDUVRIIROORZXSIRUDOOWKHSDWLHQWVLQWKHSDUWLFXODUWUHDWPHQWJURXS
$GYHUVHHYHQWUDWHVEDVHGRQSHUVRQ\HDUVRIIROORZXSIRUDSDUWLFXODUSUHIHUUHGWHUPDQG
WUHDWPHQWJURXSZLOOEHFDOFXODWHGDVWKHQXPEHURIHYHQWVIRUWKHSDUWLFXODUDGYHUVHHYHQWLQWKH
SDUWLFXODUWUHDWPHQWJURXSWLPHV\HDUVGLYLGHGE\WKHWRWDOSHUVRQ\HDUVRIIROORZXSIRU
WKDWSDUWLFXODUWUHDWPHQWJURXS
3DWLHQW3RSXODWLRQV,PPXQRVXSSUHVVDQW7KHUDS\6WDWXV
7KHUHDUHSDWLHQWSRSXODWLRQVIRUWKLVVWXG\GHILQHGE\SULRUVXSSRUWLYHWUHDWPHQWZLWK
LPPXQRVXSSUHVVLYHDJHQWVXVHGIRUUHODSVHSUHYHQWLRQ
7UHDWPHQW1DwYH3DWLHQWV
)RUWKHSXUSRVHRIWKLVSURWRFROWUHDWPHQWQDwYHSDWLHQWVDUHGHILQHGDVWKRVHZKRKDYHUHFHLYHG
HLWKHUQR,67RURQO\FRUWLFRVWHURLGV


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
3DWLHQWVFRQWLQXLQJRQWKHVDPH,67VVLQFHWKHODVWUHODSVH
7KLVLQFOXGHVSDWLHQWVZLWKGRVHDGMXVWPHQWZLWKWKHVDPH,67VVLQFHWKHODVWUHODSVH
3DWLHQWVZLWKFKDQJHVLQ,67VVLQFHODVWUHODSVH
7KLVLQFOXGHVSDWLHQWVZKRVZLWFKHG,67V>HJ$=$WR00)@DGGHG,67RUZLWKGUHZDQ\
,67WUHDWPHQW

$GGLWLRQDOGHWDLOVRQ6WDWLVWLFDO0HWKRGV

7LPHWR)LUVW(YHQW&HQVRULQJ7LPHDQG&DOFXODWLRQV
,QWKLVWLPHWRILUVWUHODSVHVWXG\DOO)$6DQG33SDWLHQWVZRXOGHLWKHUKDYHH[SHULHQFHGDQ
DGMXGLFDWHG2Q7ULDO5HODSVHRUZRXOGKDYHHQGHGSDUWLFLSDWLRQLQWKHVWXG\SHULRGZLWKRXWDQ
DGMXGLFDWHG2Q7ULDO5HODSVH7KHSDWLHQWVZKRGRQRWKDYHDGMXGLFDWHG2Q7ULDO5HODSVHV
GXULQJWKHVWXG\SHULRGZLOOEHFHQVRUHGDWWKHODVWNQRZQGDWHGXULQJWKH(26'DWHVHHEHORZ
$FHQVRULQJLQGLFDWRUZLOOEHHTXDOWRLIWKHSDWLHQWGLGQRWH[SHULHQFHDUHODSVHZDV
FHQVRUHGDQGLIWKHSDWLHQWH[SHULHQFHGDUHODSVH
)RUSDWLHQWVZLWKDQDGMXGLFDWHG2Q7ULDO5HODSVHGXULQJWKHVWXG\SHULRGWKHWLPHWRILUVWHYHQW
LQGD\VLVGHILQHGDV
ܶ݅݉݁ݐ݋ܨ݅ݎݏݐܴ݈݁ܽ݌ݏ݁ൌሺܦܽݐ݁݋݂ͳݏݐ݆ܽ݀ݑ݀ܿ݅ܽݐ݁݀ܱ݊ܶݎ݈݅ܽܴ݈݁ܽ݌ݏ݁െܨ݅ݎݏݐܦ݋ݏ݁ܦܽݐ݁൅ͳሻ
)RUSDWLHQWVZLWKRXWDQDGMXGLFDWHG2Q7ULDO5HODSVHGXULQJWKHVWXG\SHULRGWKHFHQVRULQJWLPH
LQGD\VLVGHILQHGDV
ܥ݁݊ݏ݋ݎ݅݊݃ܶ݅݉݁ൌሺܧܱܵܦܽݐ݁െܨ݅ݎݏݐܦ݋ݏ݁ܦܽݐ݁൅ͳሻ
ZKHUH(26'DWHLVWKHPLQLPXPQRQPLVVLQJYDOXHRIWKHIROORZLQJGDWHV/DVW'RVH'DWH
GD\VRUGD\VLILQLQGXFWLRQSKDVHDQG/DVW6WXG\'DWH
)RUSDWLHQWVZLWKDQ2Q7ULDO5HODSVHGXULQJWKHVWXG\SHULRGWKHWLPHWRILUVWHYHQWLQGD\VLV
GHILQHGDV
ܶ݅݉݁ݐ݋ܨ݅ݎݏݐܴ݈݁ܽ݌ݏ݁ൌሺܦܽݐ݁݋݂ͳݏݐܱ݊ܶݎ݈݅ܽܴ݈݁ܽ݌ݏ݁െܨ݅ݎݏݐܦ݋ݏ݁ܦܽݐ݁൅ͳሻ
)RUSDWLHQWVZLWKRXWDQ2Q7ULDO5HODSVHGXULQJWKHVWXG\SHULRGWKHFHQVRULQJWLPHLQGD\VLV
GHILQHGDV
ܥ݁݊ݏ݋ݎ݅݊݃ܶ݅݉݁ൌሺܧܱܵܦܽݐ݁െܨ݅ݎݏݐܦ݋ݏ݁ܦܽݐ݁൅ͳሻ
ZKHUH(26'DWHLVWKHPLQLPXPQRQPLVVLQJYDOXHRIWKHIROORZLQJGDWHV/DVW'RVH'DWH
GD\VRUGD\VLILQLQGXFWLRQSKDVHDQG/DVW6WXG\'DWH

$QQXDOL]HG5HODSVH5DWH&DOFXODWLRQV

+LVWRULFDO$QQXDOL]HG5HODSVH5DWH$55KLVWRULFDO
'HWDLOHGLQIRUPDWLRQRQUHODSVHVZLWKLQODVWPRQWKVSULRUWRVFUHHQLQJPXVWEHDVVHVVHGE\
WKH,QYHVWLJDWRUWRGHWHUPLQHLIWKH\PHHWWKHFULWHULDIRUWKH+LVWRULFDO5HODSVH'HILQLWLRQDV
VSHFLILHGE\WKHSURWRFRO


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
+LVWRULFDO5HODSVHVDUHWKHUHODSVHVWKDWRFFXUUHGSULRUWRVFUHHQLQJYLVLWLHWKHODVW
VFUHHQLQJYLVLWIRUWKHSDWLHQW)RUWKLVSURWRFROWKH+LVWRULFDO5HODSVHLVGHILQHGDVQHZ
RQVHWRIQHXURORJLFV\PSWRPVRUZRUVHQLQJRIH[LVWLQJQHXURORJLFV\PSWRPVZLWKDQ
REMHFWLYHFKDQJHRQQHXURORJLFH[DPLQDWLRQFOLQLFDOILQGLQJVRU05,ILQGLQJVRUERWKWKDW
SHUVLVWHGIRUPRUHWKDQKRXUVDQGRUWKHQHZRQVHWRIQHXURORJLFV\PSWRPVRUZRUVHQLQJ
RIDQH[LVWLQJQHXURORJLFV\PSWRPVUHTXLUHGWUHDWPHQW7UHDWPHQWLVGHILQHGDVXVHRIKLJK
GRVHLQWUDYHQRXVVWHURLGVSODVPDH[FKDQJH3(RU,9,J)RUSDWLHQWVWKDWKDYHDUHODSVH
GXULQJDQ\VFUHHQLQJSHULRGDQGJHWUHVFUHHQHGDQGWUHDWHGLQWKHWULDODQ\UHODSVHVGXULQJ
WKHSULRUVFUHHQLQJSHULRGVZLOOEHFRXQWHGDVKLVWRULFDOUHODSVHVLQWKHDVVHVVPHQWRI
KLVWRULFDODQQXDOL]HGUHODSVHUDWH
7RDOORZIRUWKHGD\ZLQGRZRIFRXQWLQJGLVWLQFWUHODSVHVWKHKLVWRULFDODQQXDOL]HGUHODSVH
UDWHZLOOEHFDOFXODWHGIRUHDFKSDWLHQWDV
$55KLVWRULFDO 1XPEHURIUHODSVHVLQPRQWKVSULRUWRVFUHHQLQJ+LVWRULFDOUHODSVHWLPH
+LVWRULFDOUHODSVHWLPHZLOOEHEDVHGRQGDWDPRQWKVSULRUWRWKHGDWHRIWKHVFUHHQLQJYLVLW
+LVWRULFDOUHODSVHWLPHZLOOEHPRQWKVIRU102SDWLHQWVZLWKGLVHDVHJUHDWHUWKDQPRQWKV
IURPWKHGDWHRIWKHVFUHHQLQJYLVLWDQG+LVWRULFDOUHODSVHWLPHZLOOEHEDVHGRQWKHGLIIHUHQFHLQ
WLPHIURPGDWHRILQLWLDOSUHVHQWDWLRQWRGDWHRIVFUHHQLQJYLVLWGD\IRUSDWLHQWVZLWKDQLQLWLDO
SUHVHQWDWLRQZLWKLQPRQWKVRIWKHVFUHHQLQJGDWH

2Q7ULDO$QQXDOL]HG5HODSVH5DWH$552Q7ULDO
7KHGHILQLWLRQRIDQ2Q7ULDO5HODSVHLVDUHODSVHWKDWRFFXUVGXULQJWKHVWXG\SHULRG7LPHLQ
VWXG\SHULRGLVGHILQHGEHORZ
)RUHDFKSDWLHQWWKHDGMXGLFDWHG2Q7ULDODQQXDOL]HGUHODSVHUDWHZLOOEHFDOFXODWHGDV
ܣܴܴሺ஺ௗ௝௨ௗ௜௖௔௧௘ௗሻൌܰݑܾ݉݁ݎ݋݂݆ܽ݀ݑ݀݅ܿܽݐ݁݀ݎ݈݁ܽ݌ݏ݁ݏ݅݊ݐ݄݁ݏݐݑ݀ݕ݌݁ݎ݅݋݀
ܶ݅݉݁݅݊ݏݐݑ݀ݕ݌݁ݎ݅݋݀


DQGWKH2Q7ULDODQQXDOL]HGUHODSVHUDWHDVGHWHUPLQHGE\WKH7UHDWLQJ3K\VLFLDQZLOOEH
FDOFXODWHGDV
ܣܴܴሺை௡ି்௥௜௔௟ሻൌܰݑܾ݉݁ݎ݋݂ݎ݈݁ܽ݌ݏ݁ݏ݅݊ݐ݄݁ݏݐݑ݀ݕ݌݁ݎ݅݋݀
ܶ݅݉݁݅݊ݏݐݑ݀ݕ݌݁ݎ݅݋݀

7KHQXPEHURIUHODSVHVLQWKHVWXG\SHULRGLVWKHQXPEHURIUHODSVHVIURPWKHVWDUWRIVWXG\
WUHDWPHQWILUVWGRVHGDWHWRWKHHQGRIWKHVWXG\SHULRGIRUWKHSDWLHQW7KHHQGRIVWXG\(26
SHULRGZLOOEHGHWHUPLQHGE\WKHODVWGRVHGDWHGD\VRUGD\VLILQLQGXFWLRQSKDVHRUWKH
ODVWGD\LQ102ZKLFKHYHURFFXUVILUVW)RUSDWLHQWVZKRHQWHUHG6WXG\(&8102
GXULQJWKHDGGLWLRQDOUHODSVHIROORZXSYLVLWVWKH(26ZLOOEHRQHGD\EHIRUHWKHILUVWVWXG\GRVH
LQ6WXG\(&81027KHWLPHLQVWXG\SHULRGLQ\HDUVIRUWKHSXUSRVHVRIFDOFXODWLQJ
$55LVDVIROORZV
ܶ݅݉݁݅݊ܵݐݑ݀ݕܲ݁ݎ݅݋݀ൌሺܧܱܵܦܽݐ݁െܨ݅ݎݏݐܦ݋ݏ݁ܦܽݐ݁൅ͳሻȀ͵͸ͷǤʹͷ
ZKHUH(26'DWHLVWKHPLQLPXPQRQPLVVLQJYDOXHRIWKHIROORZLQJGDWHV/DVW'RVH'DWH
GD\VRUGD\VLILQLQGXFWLRQSKDVHDQG/DVW6WXG\'DWH


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
7KHܣܴܴሺ஺ௗ௝௨ௗ௜௖௔௧௘ௗሻZLOOEHIRUSDWLHQWVZLWKQRDGMXGLFDWHG2Q7ULDO5HODSVHVGXULQJWKH
VWXG\SHULRG7KHܣܴܴሺை௡ି்௥௜௔௟ሻZLOOEHIRUSDWLHQWVZLWKQR2Q7ULDO5HODSVHVGXULQJWKH
VWXG\SHULRG

6)&DOFXODWLRQV
7KH6)LVDVHOIDGPLQLVWHUHGTXHVWLRQQDLUHGHVLJQHGWRDVVHVVJHQHULFKHDOWKUHODWHGTXDOLW\
RIOLIHLQKHDOWK\DQGLOODGXOWSRSXODWLRQV(LJKWKHDOWKGRPDLQVFRUHV3)6)53%3*+0+
5(DQG97DQGWZRFRPSRQHQWVFRUHV3&6DQG0&6ZLOOEHFDOFXODWHGIRUIXUWKHUVWDWLVWLFDO
DQDO\VLVRIWKH6)GDWD
7KH6)Y+HDOWK6XUYH\ZLWKWKHVWDQGDUGZHHNUHFDOOSHULRGZDVXVHGLQWKLVWULDO7KH
4XDOLW\0HWULF+HDOWK2XWFRPHV6FRULQJ6RIWZDUHZLOOEHXVHGWRGHULYHWKHGRPDLQVFRUHV
DQGFRPSRQHQWVFRUHV7KHDOJRULWKPVXVHGE\WKHVRIWZDUHWRWKHVFRUHWKHGDWDDUHGHVFULHG
EHORZH[FHUSWHGIURPWKH8VHU¶V*XLGH


'DWD&OHDQLQJDQG,WHP5HFRGLQJ
)LUVWWKHGDWDDUHFKHFNHGIRURXWRIUDQJHYDOXHV2XWRIUDQJHYDOXHVDUHDQ\YDOXHVWKDWDUH
RXWVLGHWKHUDQJHRIDFFHSWDEOHLWHPUHVSRQVHYDOXHVIRUWKH6)Y+HDOWK6XUYH\2XWRI
UDQJHYDOXHVZLOOEHFRQYHUWHGWRPLVVLQJYDOXHV1H[WWHQLWHPV%3%3*+*+
*+97976)0+0+DUHUHYHUVHVFRUHG5HYHUVHVFRULQJRIWKHVHLWHPVLV
UHTXLUHGVRWKDWDKLJKHULWHPUHVSRQVHYDOXHLQGLFDWHVEHWWHUKHDOWKIRUDOO6)Y+HDOWK
6XUYH\LWHPVDQGVXPPDU\PHDVXUHV

,WHP5HFDOLEUDWLRQ
)RUPRVWRIWKH6)Y+HDOWK6XUYH\LWHPVUHVHDUFKWRGDWHRIIHUVJRRGVXSSRUWIRUWKH
DVVXPSWLRQRIDOLQHDUUHODWLRQVKLSEHWZHHQWKHLWHPVFRUHVDQGWKHXQGHUO\LQJKHDOWKFRQFHSW
GHILQHGE\WKHLUVFDOHV+RZHYHUHPSLULFDOZRUNKDVVKRZQWKDWWZRLWHPVLWHPV*+DQG
%3UHTXLUHUHFDOLEUDWLRQWRVDWLVI\WKLVLPSRUWDQWVFDOLQJDVVXPSWLRQ7KH%RGLO\3DLQ%3
VFDOHUHTXLUHVDGGLWLRQDOVFRULQJUXOHVEHFDXVHWKHLWHPVRIIHUERWKGLIIHUHQWQXPEHUVDQG
GLIIHUHQWFRQWHQWRIUHVSRQVHFKRLFHVDQGDGPLQLVWUDWLRQRILWHP%3GHSHQGHGXSRQWKH
UHVSRQVHWRDQLWHPOLNHLWHP%3LQSDVWVWXGLHV7KHUHFRPPHQGHGVFRULQJIRULWHP*+DQG
WKH%RGLO\3DLQLWHPVZLOOEHXVHG

&RPSXWDWLRQRI5DZ6FRUHV
$IWHUUHFRGLQJDQGUHFDOLEUDWLQJWKHUHTXLUHGLWHPYDOXHVDUDZVFRUHLVFRPSXWHGIRUHDFKVFDOH
7KLVVFRUHLVWKHVLPSOHDOJHEUDLFVXPRIWKHILQDOYDOXHVIRUDOOLWHPVLQWKDWVFDOH

7UDQVIRUPDWLRQRI5DZ6FDOH6FRUHWR6FRUHV
7KHQH[WVWHSLQYROYHVWUDQVIRUPLQJHDFKUDZVFDOHVFRUHWRDVFDOH
7KLVWUDQVIRUPDWLRQFRQYHUWVWKHORZHVWDQGKLJKHVWSRVVLEOHVFRUHVWR]HURDQG
UHVSHFWLYHO\6FRUHVEHWZHHQWKHVHYDOXHVUHSUHVHQWWKHSHUFHQWDJHRIWKHWRWDOSRVVLEOHVFRUH
DFKLHYHG


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 

7UDQVIRUPDWLRQRI6FRUHVWR7VFRUH%DVHG6FRUHV
7KHILUVWVWHSLQ7VFRUH%DVHGVFRULQJFRQVLVWVRIVWDQGDUGL]LQJHDFK6)Y+HDOWK6XUYH\
VFDOHXVLQJD]VFRUHWUDQVIRUPDWLRQ$]VFRUHLQGLFDWHVKRZIDUDVFRUHGHYLDWHVIURPWKHPHDQ
LQVWDQGDUGGHYLDWLRQXQLWV7KH]VFRUHIRUHDFKVFDOHLVFRPSXWHGE\VXEWUDFWLQJWKHPHDQ
VFRUHREVHUYHGLQWKHJHQHUDO86SRSXODWLRQIURPHDFK6)Y+HDOWK6XUYH\VFDOH
VFRUHVFDOHDQGGLYLGLQJWKHGLIIHUHQFHE\WKHFRUUHVSRQGLQJVFDOHVWDQGDUGGHYLDWLRQ
REVHUYHGLQWKHJHQHUDO86SRSXODWLRQ7KHPHDQVDQGVWDQGDUGGHYLDWLRQVXWLOL]HGDUH
GHSHQGHQWXSRQWKHUHFDOOSHULRGRSWLRQFKRVHQE\WKHXVHUEDVHGRQWKH6)Y+HDOWK6XUYH\
IRUPXVHGWRFROOHFWWKHGDWDEHLQJVFRUHG
7KHQH[WVWHSRIWKH7VFRUH%DVHGVFRULQJLVWROLQHDUO\WUDQVIRUPHDFK6)Y+HDOWK6XUYH\
]VFRUHWRKDYHDPHDQVFRUHRIDQGDVWDQGDUGGHYLDWLRQRI7KLVLVGRQHE\PXOWLSO\LQJ
HDFK6)Y+HDOWK6XUYH\]VFRUHE\DQGDGGLQJWKHUHVXOWLQJSURGXFWWR7KHVHDUH
UHIHUUHGWRDVµQRUPEDVHG¶VFRUHV7KHQRUPEDVHGVFRUHVZLOOEHXVHGIRUWKHGRPDLQVFRUHV

6FRULQJWKH6)Y+HDOWK6XUYH\&RPSRQHQW6XPPDU\0HDVXUHV
7KHILUVWVWHSLQVFRULQJWKHFRPSRQHQWVXPPDU\PHDVXUHVFRQVLVWVRIVWDQGDUGL]LQJHDFK6)
Y+HDOWK6XUYH\VFDOHXVLQJD]VFRUHWUDQVIRUPDWLRQDVGHVFULEHGSUHYLRXVO\7KH]VFRUHIRU
HDFKVFDOHLVFRPSXWHGE\VXEWUDFWLQJWKHPHDQVFRUHREVHUYHGLQWKHJHQHUDO86
SRSXODWLRQIURPHDFK6)Y+HDOWK6XUYH\VFDOHVFRUHVFDOHDQGGLYLGLQJWKH
GLIIHUHQFHE\WKHFRUUHVSRQGLQJVFDOHVWDQGDUGGHYLDWLRQREVHUYHGLQWKHJHQHUDO86
SRSXODWLRQ7KHPHDQVDQGVWDQGDUGGHYLDWLRQVXWLOL]HGDUHGHSHQGHQWXSRQWKHUHFDOOSHULRG
RSWLRQFKRVHQE\WKHXVHUEDVHGRQWKH6)Y+HDOWK6XUYH\IRUPXVHGWRFROOHFWWKHGDWD
EHLQJVFRUHG
$IWHUD]VFRUHKDVEHHQFRPSXWHGIRUHDFK6)Y+HDOWK6XUYH\VFDOHWKHVHFRQGVWHS
LQYROYHVFRPSXWDWLRQRIDJJUHJDWHVFRUHVIRUWKHSK\VLFDODQGPHQWDOVXPPDULHVXVLQJZHLJKWV
IDFWRUVFRUHFRHIILFLHQWVGHULYHGIURPWKHJHQHUDO86SRSXODWLRQ7KHVHDUHWKHVDPH
ZHLJKWVDVWKRVHXVHGWRVFRUH3&6DQG0&6IURPWKH6)
+HDOWK6XUYH\$QDJJUHJDWH
SK\VLFDOVFRUHLVFRPSXWHGE\PXOWLSO\LQJWKH]VFRUHRIHDFK6)Y+HDOWK6XUYH\VFDOHE\
LWVDVVRFLDWHGSK\VLFDOIDFWRUVFRUHFRHIILFLHQWDQGVXPPLQJWKHHLJKWSURGXFWV,IDQ\RIWKH
VFDOHVFRUHVDUHPLVVLQJWKHQWKHDJJUHJDWHSK\VLFDOVFRUHLVQRWFRPSXWHG$QDJJUHJDWHPHQWDO
VFRUHLVFRPSXWHGE\PXOWLSO\LQJWKH]VFRUHRIHDFK6)Y+HDOWK6XUYH\VFDOHE\LWV
DVVRFLDWHGPHQWDOIDFWRUVFRUHFRHIILFLHQWDQGVXPPLQJWKHHLJKWSURGXFWV,IDQ\RIWKHVFDOH
VFRUHVDUHPLVVLQJWKHQWKHDJJUHJDWHPHQWDOVFRUHLVQRWFRPSXWHG
7KHWKLUGVWHSLQYROYHVWUDQVIRUPLQJWKHDJJUHJDWHSK\VLFDODQGPHQWDOVXPPDU\VFRUHVWRWKH7
VFRUH%DVHGVFRULQJ7KLVLVGRQHE\PXOWLSO\LQJHDFKDJJUHJDWHVXPPDU\VFRUH
REWDLQHGIURP6WHSE\DQGDGGLQJWKHUHVXOWLQJSURGXFWWR

,PSXWDWLRQRI0LVVLQJ,WHPV
7KH0D[LPXP'DWD5HFRYHU\RSWLRQZLOOEHXVHGIRUPLVVLQJGDWDHVWLPDWLRQ7KLVUHVXOWVLQWKH
DSSOLFDWLRQRIDOJRULWKPVWKDWFRPSXWHDVFDOHVFRUHIRUWKRVHUHVSRQGHQWVZKRPKDYHDQVZHUHG
DWOHDVWRQHLWHPWKDWUHSUHVHQWVWKDWFRQVWUXFW)RUWKH3)VFDOHLWHPSDUDPHWHUVREWDLQHG
WKURXJK,57PHWKRGVDUHXVHGWRHVWLPDWHDPLVVLQJYDOXHRQDQLWHPEDVHGXSRQDUHVSRQGHQW¶V
UHVSRQVHVWRDQVZHUHGLWHPV)RUWKHVHYHQUHPDLQLQJVFDOHVDSHUVRQVSHFLILFHVWLPDWHEDVHGRQ


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
WKHPHDQUHVSRQVHWRWKHDQVZHUHGLWHPVRQWKHVFDOHLVXVHGWRHVWLPDWHDPLVVLQJYDOXH
$GGLWLRQDOO\D3&6DQG0&6VFRUHLVFDOFXODWHGIRUWKRVHUHVSRQGHQWVZKRPKDYHFDOFXODWHG
VFRUHVRQDWOHDVWVHYHQRIWKHHLJKW6)Y+HDOWK6XUYH\VFDOHV+RZHYHU3&6LVQRW
HVWLPDWHGLIWKH3)VFDOHLVPLVVLQJDQG0&6LVQRWHVWLPDWHGLIWKH0+VFDOHLVPLVVLQJ

(4'&DOFXODWLRQV
7KH(4'/YHUVLRQZDVXVHGLQWKLVVWXG\(4'KHDOWKVWDWHVGHILQHGE\WKH(4'
GHVFULSWLYHV\VWHPPD\EHFRQYHUWHGLQWRDVLQJOHVXPPDU\LQGH[E\DSSO\LQJDIRUPXODWKDW
HVVHQWLDOO\DWWDFKHVYDOXHVDOVRFDOOHGZHLJKWVWRHDFKRIWKHOHYHOVLQHDFKGLPHQVLRQ7KH
LQGH[FDQEHFDOFXODWHGE\GHGXFWLQJWKHDSSURSULDWHZHLJKWVIURPWKHYDOXHIRUIXOOKHDOWK
LHVWDWH(4'LQGH[VFRUHVIRUWKLVVWXG\ZLOOEHREWDLQHGXVLQJWKH86772PHWKRG
7KHFDOFXODWLRQLVLOOXVWUDWHGLQWKHWDEOHEHORZ
US TTO value set 
Example: the value for health state 21232 
Full health (11111)                           1  
 
Mobility = 2                                    -0.146 
Mobility = 3                                    -0.558 
 
Self care = 2                                    -0.175 
Self care = 3                                    -0.471 
 
Usual activities = 2                         -0.140 
Usual activities = 3                         -0.374 
 
Pain/discomfort = 2                        -0.173 
Pain discomfort = 3                        -0.537 
 
Anxiety/depression = 2                  -0.156 
Anxiety / depression = 3                -0.450 
 
Full health =                                    1 
 
Minus MO level 2                         -0.146 
 
 
Minus SC level 1                           -0.000 
 
 
Minus UA level 2                          -0.140 
 
 
Minus PD level 3                          -0.537 
 
 
Minus AD level 2                          -0.156 
 
 


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
D1                                                  +0.140 
 
I2-square                                         -0.011 
 
I3                                                    +0.122 
 
I3-square                                        +0.015 
 
 
Plus D1                                    +3*0.140 
 
Minus I2-square                        -4*0.011 
 
Plus I3                                       +0*0.122 
 
Plus I3-square                           +0*0.015 
 
State 21232 = 0.397 
:KHUH
' 1XPEHURI6WDWHV±
, 1XPEHURI6WDWHV ±
, 1XPEHURI6WDWHV ±

6$6&RGHIRU(IILFDF\$QDO\VHV

6$6&RGHIRUWKH3ULPDU\(IILFDF\(QGSRLQW
7KHSULPDU\HIILFDF\HQGSRLQWLVWLPHWRILUVWDGMXGLFDWHG2Q7ULDO5HODSVH7KHFRPSDULVRQRI
WKHWUHDWPHQWJURXSVIRUWKHSULPDU\HQGSRLQWZLOOXVHDORJUDQNWHVWLQFOXGLQJVWUDWDIRUWKH
UDQGRPL]DWLRQVWUDWLILFDWLRQYDULDEOH7KHEDVLF6$6FRGHIRUWKLVORJUDQNDQDO\VLVLV
SURFOLIHWHVWGDWD $'77(

WLPHDYDOFQVU

VWUDWDVWUDWJURXS WUWS
UXQ
ZKHUHWUWSLVDYDULDEOHWKDWLQGLFDWHVWKHSDWLHQW¶VUDQGRPL]HGWUHDWPHQWJURXSDYDOLVD
YDULDEOHIRUWKHSDWLHQW¶VWLPHLQVWXG\SHULRGDWWLPHRIUHODSVHRUFHQVRULQJFQVULVWKH
FHQVRULQJYDULDEOH QRHYHQWFHQVRUHG HYHQWVWUDWLVWKHUDQGRPL]DWLRQVWUDWLILFDWLRQ
YDULDEOHZLWKIRXUVWUDWD7KLVVDPHEDVLFORJUDQNWHVW6$6FRGHZLOOEHXVHGLQWKHVHQVLWLYLW\
DQDO\VHVIRUWLPHWRILUVW2Q7ULDO5HODSVHDVGHWHUPLQHGE\WKH7UHDWLQJ3K\VLFLDQDQGWLPHWR
ILUVWDGMXGLFDWHGUHODSVH
7KHKD]DUGUDWLRDQGULVNUHGXFWLRQZLOOEHHVWLPDWHGIURPDVWUDWLILHG&R[SURSRUWLRQDOKD]DUGV
3+PRGHO7KHEDVLF6$6FRGHIRUWKLVDQDO\VLVLV


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
SURFSKUHJGDWD $'77(
FODVVWUWSVWUDW
PRGHODYDOFQVU WUWS
VWUDWDVWUDW
KD]DUGUDWLRWUWS
UXQ

$QXQVWUDWLILHGORJUDQNWHVWZLOOEHSHUIRUPHGDVDVHQVLWLYLW\DQDO\VLVIRUWLPHWRILUVW
DGMXGLFDWHG2Q7ULDO5HODSVHDQGWLPHWRILUVW2Q7ULDO5HODSVH7KHEDVLF6$6FRGHIRUWKLV
DQDO\VLVLV
SURFOLIHWHVWGDWD $'77(

WLPHDYDOFQVU

VWUDWDWUWS
UXQ

6$6&RGHIRUDVHQVLWLYLW\FRPSDULVRQRIWKHSULPDU\HQGSRLQWZLOOXVHD&R[SURSRUWLRQDO
KD]DUGVUHJUHVVLRQPRGHOZLWKWUHDWPHQWJURXSLQGLFDWRUEDVHOLQH('66GLFKRWRPL]HGDW
PHGLDQKLVWRULFDO$55DQGREVHUYHG,67VWUDWD
SURFSKUHJGDWD $'77(
FODVVWUWSHGVVBLLVWBL
PRGHODYDOFQVU WUWSHGVVBLLVWBLDUUKLVW
KD]DUGUDWLRWUWS
UXQ
ZKHUHHGVVBLLVEDVHOLQH('66GLFKRPL]HGDWWKHPHGLDQLVWBLLVREVHUYHG,67VWUDWDDQGDUUKLVW
LVWKHKLVWRULFDO$55


6$6&RGHIRUWKH6HFRQGDU\7HUWLDU\(IILFDF\(QGSRLQW
 5DQGRPL]DWLRQEDVHGQRQSDUDPHWULF$1&29$
7KHSULPDU\DQDO\VLVIRUWKHVHFRQGDU\DQGWHUWLDU\HQGSRLQWVLVDUDQGRPL]DWLRQEDVHG
QRQSDUDPHWULF$1&29$DGMXVWHGIRUEDVHOLQHDQGVWUDWLILHGE\WKHUDQGRPL]DWLRQVWUDWLILFDWLRQ
YDULDEOH7KH6$6,0/PDFUR13DU&RY=LQNZLOOEHXVHGIRUWKLVDQDO\VLV7KH
IROORZLQJPDFURFDOOZLOOEHXVHG
13DU&RY287&20(6 FKJ&29$56 EDVH757*536 WUWSQ675$7$ VWUDW
+<327+ 18//75$16)250 121(&20%,1( ),567& '61,1 GDWDHRV
'61287 RXWGDW


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
ZKHUHFKJLVWKHFKDQJHIURPEDVHOLQHDWWKH(26EDVHLVWKHYDOXHDWEDVHOLQHWUWSQLVWKH
QXPHULFUDQGRPL]HGWUHDWPHQWJURXSVWUDWLVWKHUDQGRPL]DWLRQVWUDWLILFDWLRQYDULDEOHZLWKIRXU
VWUDWDGDWDHRVLVWKHLQSXWGDWDVHWDQGRXWGDWLVWKHSUHIL[IRUWKHRXWSXWGDWDVHWV1RWH)RU
('66FKDQJHIURPEDVHOLQHWKHVWUDWDZLOOEHUDQGRPL]HG,67VWUDWD
 $1&29$
6HQVLWLYLW\DQDO\VHVIRUWKHVHFRQGDU\DQGWHUWLDU\HQGSRLQWVLQYROYH$1&29$7KHEDVLF6$6
FRGHIRUVXFKDQDQDO\VLVLVJLYHQE\
SURFJOPGDWD $'())
FODVVVWUDWWUWS
PRGHOFKJ EDVHVWUDWWUWSVROXWLRQ
OVPHDQVWUWSFOGLIIVWGHUU
TXLW
 5HSHDWHG0HDVXUHV0L[HG0RGHO$QDO\VLV
6HQVLWLYLW\DQDO\VHVIRUWKHVHFRQGDU\DQGWHUWLDU\HQGSRLQWVLQYROYHDPL[HGPRGHOIRUUHSHDWHG
PHDVXUHVDQDO\VLVZLWKWUHDWPHQWFRPSDULVRQVEDVHGRQWKHPDLQWUHDWPHQWHIIHFW7KHEDVLF
6$6FRGHIRUVXFKDQDQDO\VLVLVJLYHQE\
SURFPL[HGGDWD $'())PHWKRG UHPO
FODVVVXEMLGWUWSDYLVLWVWUDW
PRGHOFKJ WUWSDYLVLWEDVHVWUDWGGIP NUVROXWLRQ
UHSHDWHGDYLVLWW\SH XQVXEMHFW VXEMLG
ZKHUHDYLVLWQ
UXQ
ZKHUHVXEMLGLVWKHSDWLHQWYDULDEOHWUWSLVWKHUDQGRPL]HGWUHDWPHQWJURXSDYLVLWLVWKHYLVLW
YDULDEOHUHSUHVHQWLQJWKHEDVHOLQHYLVLWEDVHLVWKHYDOXHDWEDVHOLQHFKJLVWKHFKDQJHIURP
EDVHOLQHDWDSDUWLFXODUYLVLWDQGVWUDWLVWKHREVHUYHGVWUDWLILFDWLRQYDULDEOHZLWKIRXUVWUDWD
1RWH)RU('66FKDQJHIURPEDVHOLQHWKHVWUDWDZLOOEHREVHUYHG,67VWUDWD
$GGLWLRQDOVHQVLWLYLW\DQDO\VHVIRUWKHVHFRQGDU\DQGWHUWLDU\HQGSRLQWVLQYROYHDPL[HGPRGHO
IRUUHSHDWHGPHDVXUHVDQDO\VLVRYHU\HDUXVLQJWKHIXOOPXOWLYDULDWHDSSURDFKZLWKWUHDWPHQWE\
WLPHLQWHUDFWLRQ7KHEDVLF6$6FRGHIRUVXFKDQDQDO\VLVLVJLYHQE\
SURFPL[HGGDWD $'())PHWKRG UHPO
FODVVVXEMLGWUWSDYLVLWVWUDW
PRGHOFKJ WUWSDYLVLWWUWSDYLVLWEDVHVWUDWGGIP NUVROXWLRQ
UHSHDWHGDYLVLWW\SH XQVXEMHFW VXEMLG
OVPHDQVWUWSDYLVLWFOGLII
ZKHUHDYLVLWQ


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
UXQ
ZKHUHVXEMLGLVWKHSDWLHQWYDULDEOHWUWSLVWKHUDQGRPL]HGWUHDWPHQWJURXSDYLVLWLVWKHYLVLW
YDULDEOHUHSUHVHQWLQJWKHEDVHOLQHYLVLWEDVHLVWKHYDOXHDWEDVHOLQHFKJLVWKHFKDQJHIURP
EDVHOLQHIRUWKHSDUDPHWHUDWDSDUWLFXODUYLVLWDQGVWUDWLVWKHREVHUYHGVWUDWLILFDWLRQYDULDEOH
ZLWKIRXUVWUDWD1RWH)RUWKHFKDQJHIURPEDVHOLQHLQ('66VFRUHWKHEDVHOLQHIRU('66ZLOO
EHDFRYDULDWHLQWKHDQDO\VLVDORQJZLWKWKHREVHUYHG,67VWUDWD
 3RLVVRQ5HJUHVVLRQ$QDO\VLV
7KHDQDO\VLVRIWKHDQQXDOL]HGUHODSVHUDWHZLOOLQYROYH3RLVVRQ5HJUHVVLRQDQDO\VLV7KHEDVLF
6$6FRGHIRUWKDWDQDO\VLVLVJLYHQE\
SURFJHQPRGGDWD $'())
FODVVWUWSVWUDW
PRGHODYDO WUWSVWUDWEDVHGLVW SRLVVRQOLQN ORJRIIVHW ORJWLPHW\SH
OVPHDQVWUWSFOGLIIH[S
UXQ
ZKHUHWUWSLVWKHUDQGRPL]HGWUHDWPHQWJURXSDYDOLVWKHQXPEHURIUHODSVHVLQWKHVWXG\
SHULRGEDVHLVWKHDQQXDOL]HGUHODSVHUDWHDWEDVHOLQHLHKLVWRULFDO$55VWUDWLVWKH
UDQGRPL]DWLRQVWUDWLILFDWLRQYDULDEOHZLWKIRXUVWUDWDDQGORJWLPHLVWKHORJRIWKHWLPHLQ\HDUV
WKDWWKHSDWLHQWLVLQWKHVWXG\

6XPPDU\RI3ULPDU\DQG6HQVLWLYLW\$QDO\VHV
7DEOH
3ODQQHGDQDO\VHV
(QGSRLQW
3ULPDU\$QDO\VLV
6HQVLWLYLW\$QDO\VHV
3ULPDU\7LPHWR
ILUVWDGMXGLFDWHG
2Q7ULDO5HODSVH
x 6WUDWLILHGORJUDQN&,SYDOXH
o 6WUDWLILHG&R[PRGHO
+D]DUGUDWLRULVN
UHGXFWLRQ
o )$6SRSXODWLRQ
x 3ULPDU\HQGSRLQWXVLQJ
VWUDWLILHGORJUDQNRQ33
SRSXODWLRQ
x 7LPHWRILUVW2Q7ULDO
5HODSVHXVLQJVWUDWLILHGORJ
UDQN)$6DQG33
x 3ULPDU\HQGSRLQWDQG7LPH
WRILUVW2Q7ULDO5HODSVH
XVLQJXQVWUDWLILHGORJUDQN
)$6
x 3ULPDU\HQGSRLQWDQG7LPH
WRILUVW2Q7ULDO5HODSVH
XVLQJ&R[3+PRGHOZLWK
WUHDWPHQWJURXSEDVHOLQH
('66GLFKRWRPL]HGDWWKH
PHGLDQKLVWRULFDO$55
UHJLRQDQGREVHUYHG,67
VWUDWDDVFRYDULDWHV)$6


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
x 7LPHWRILUVWDGMXGLFDWHG
UHODSVHXVLQJVWUDWLILHGORJ
UDQNWHVW)$6
 
(QGSRLQW
3ULPDU\$QDO\VLV
6HQVLWLYLW\$QDO\VHV

$OODQDO\VHVRIVHFRQGDU\HQGSRLQWV
SHUIRUPHGRQ)$6

6HFRQGDU\
$GMXGLFDWHG2Q
7ULDO$55
x 3RLVVRQUHJUHVVLRQZLWK
WUHDWPHQWJURXSKLVWRULFDO
$55DQGUDQGRPL]DWLRQ
VWUDWDDVFRYDULDWHV
x 2Q7ULDO$55XVLQJ3RLVVRQ
UHJUHVVLRQZLWKWUHDWPHQW
JURXSKLVWRULFDO$55DQG
UDQGRPL]DWLRQVWUDWDDV
FRYDULDWHV
6HFRQGDU\
&KDQJHIURP
%DVHOLQHLQ('66
VFRUHDWWKH(26
x 5DQGRPL]DWLRQEDVHG
QRQSDUDPHWULF$1&29$
DGMXVWHGIRUEDVHOLQH('66
DQGVWUDWLILHGE\
UDQGRPL]DWLRQ,67VWUDWD
o :LWKGDWDLPSXWDWLRQ
DVGHVFULEHG
x &KDQJHIURP%DVHOLQHLQ
('66VFRUHDW(26XVLQJDQ
$1&29$DGMXVWHGIRU
EDVHOLQH('66DQG
UDQGRPL]DWLRQ,67VWUDWD
x &KDQJHIURP%DVHOLQHLQ
('66VFRUHDWDOOVFKHGXOHG
YLVLWVXVLQJDPL[HGPRGHO
IRUUHSHDWHGPHDVXUHVZLWK
EDVHOLQH('66VFRUH
REVHUYHG,67VWUDWD
WUHDWPHQWJURXSDQGVWXG\
YLVLWDVFRYDULDWHV
x &KDQJHIURP%DVHOLQHLQ
('66VFRUHDWDOOVFKHGXOHG
YLVLWVRYHU<HDUXVLQJD
PL[HGPRGHOIRUUHSHDWHG
PHDVXUHVZLWKEDVHOLQH
('66VFRUHREVHUYHG,67
VWUDWDWUHDWPHQWJURXSVWXG\
YLVLWDQGVWXG\YLVLWE\
WUHDWPHQWLQWHUDFWLRQDV
FRYDULDWHV

6HFRQGDU\
&KDQJHIURP
%DVHOLQHLQP56
VFRUHDW(26
x 5DQGRPL]DWLRQEDVHG
QRQSDUDPHWULF$1&29$
DGMXVWHGIRUEDVHOLQHP56
DQGVWUDWLILHGE\
UDQGRPL]DWLRQVWUDWD
o :LWKGDWDLPSXWDWLRQ
DVGHVFULEHG
x &KDQJHIURP%DVHOLQHLQ
P56VFRUHDW(26XVLQJDQ
$1&29$DGMXVWHGIRU
EDVHOLQHP56DQG
UDQGRPL]DWLRQVWUDWD
x &KDQJHIURP%DVHOLQHLQ
P56VFRUHDWDOOVFKHGXOHG


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
YLVLWVXVLQJDPL[HGPRGHO
IRUUHSHDWHGPHDVXUHVZLWK
EDVHOLQHP56VFRUH
REVHUYHGVWUDWDWUHDWPHQW
JURXSDQGVWXG\YLVLWDV
FRYDULDWHV
x &KDQJHIURP%DVHOLQHLQ
P56VFRUHDWDOOVFKHGXOHG
YLVLWVRYHU<HDUXVLQJD
PL[HGPRGHOIRUUHSHDWHG
PHDVXUHVZLWKEDVHOLQHP56
VFRUHREVHUYHGVWUDWD
WUHDWPHQWJURXSVWXG\YLVLW
DQGVWXG\YLVLWE\WUHDWPHQW
LQWHUDFWLRQDVFRYDULDWHV

 
 


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
6HFRQGDU\
&KDQJHIURP
%DVHOLQHLQ+$,
VFRUHDW(26
x 5DQGRPL]DWLRQEDVHG
QRQSDUDPHWULF$1&29$
DGMXVWHGIRUEDVHOLQH+$,
DQGVWUDWLILHGE\
UDQGRPL]DWLRQVWUDWD
o :LWKGDWDLPSXWDWLRQ
DVGHVFULEHG
x &KDQJHIURP%DVHOLQHLQ
+$,VFRUHDW(26XVLQJDQ
$1&29$DGMXVWHGIRU
EDVHOLQH+$,DQG
UDQGRPL]DWLRQVWUDWD
x &KDQJHIURP%DVHOLQHLQ
+$,VFRUHDWDOOVFKHGXOHG
YLVLWVXVLQJDPL[HGPRGHO
IRUUHSHDWHGPHDVXUHVZLWK
EDVHOLQH+$,VFRUHREVHUYHG
VWUDWDWUHDWPHQWJURXSDQG
VWXG\YLVLWDVFRYDULDWHV
x &KDQJHIURP%DVHOLQHLQ
+$,VFRUHDWDOOVFKHGXOHG
YLVLWVRYHU<HDUXVLQJD
PL[HGPRGHOIRUUHSHDWHG
PHDVXUHVZLWKEDVHOLQH+$,
VFRUHREVHUYHGVWUDWD
WUHDWPHQWJURXSVWXG\YLVLW
DQGVWXG\YLVLWE\WUHDWPHQW
LQWHUDFWLRQDVFRYDULDWHV

6HFRQGDU\D
&KDQJHIURP
%DVHOLQHLQ(4
'9$6VFRUHDW
(26
x 5DQGRPL]DWLRQEDVHG
QRQSDUDPHWULF$1&29$
DGMXVWHGIRUEDVHOLQH(4'
9$6DQGVWUDWLILHGE\
UDQGRPL]DWLRQVWUDWD
o :LWKGDWDLPSXWDWLRQ
DVGHVFULEHG
x &KDQJHIURP%DVHOLQHLQ(4
'9$6VFRUHDW(26XVLQJ
DQ$1&29$DGMXVWHGIRU
EDVHOLQH(4'9$6DQG
UDQGRPL]DWLRQVWUDWD
x &KDQJHIURP%DVHOLQHLQ(4
'9$6VFRUHDWDOO
VFKHGXOHGYLVLWVXVLQJD
PL[HGPRGHOIRUUHSHDWHG
PHDVXUHVZLWKEDVHOLQH(4
'9$6VFRUHREVHUYHG
VWUDWDWUHDWPHQWJURXSDQG
VWXG\YLVLWDVFRYDULDWHV
x &KDQJHIURP%DVHOLQHLQ(4
'9$6VFRUHDWDOO
VFKHGXOHGYLVLWVRYHU<HDU
XVLQJDPL[HGPRGHOIRU
UHSHDWHGPHDVXUHVZLWK
EDVHOLQH(4'9$6VFRUH
REVHUYHGVWUDWDWUHDWPHQW
JURXSVWXG\YLVLWDQGVWXG\
YLVLWE\WUHDWPHQWLQWHUDFWLRQ
DVFRYDULDWHV



$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
6HFRQGDU\E
&KDQJHIURP
%DVHOLQHLQ(4
',QGH[VFRUHDW
(26
x 5DQGRPL]DWLRQEDVHG
QRQSDUDPHWULF$1&29$
DGMXVWHGIRUEDVHOLQH(4'
,QGH[DQGVWUDWLILHGE\
UDQGRPL]DWLRQVWUDWD
o :LWKGDWDLPSXWDWLRQ
DVGHVFULEHG
x &KDQJHIURP%DVHOLQHLQ(4
',QGH[VFRUHDW(26XVLQJ
DQ$1&29$DGMXVWHGIRU
EDVHOLQH(4',QGH[DQG
UDQGRPL]DWLRQVWUDWD
x &KDQJHIURP%DVHOLQHLQ(4
',QGH[VFRUHDWDOO
VFKHGXOHGYLVLWVXVLQJD
PL[HGPRGHOIRUUHSHDWHG
PHDVXUHVZLWKEDVHOLQH(4
',QGH[VFRUHREVHUYHG
VWUDWDWUHDWPHQWJURXSDQG
VWXG\YLVLWDVFRYDULDWHV
x &KDQJHIURP%DVHOLQHLQ(4
',QGH[VFRUHDWDOO
VFKHGXOHGYLVLWVRYHU<HDU
XVLQJDPL[HGPRGHOIRU
UHSHDWHGPHDVXUHVZLWK
EDVHOLQH(4',QGH[VFRUH
REVHUYHGVWUDWDWUHDWPHQW
JURXSVWXG\YLVLWDQGVWXG\
YLVLWE\WUHDWPHQWLQWHUDFWLRQ
DVFRYDULDWHV
 
(QGSRLQW
3ULPDU\$QDO\VLV
6HQVLWLYLW\$QDO\VHV

$OODQDO\VHVRIWHUWLDU\HQGSRLQWV
SHUIRUPHGRQ)$6

7HUWLDU\&KDQJH
IURP%DVHOLQHLQ
+$,DW(26LQ
SDWLHQWVZLWK
DEQRUPDOEDVHOLQH
x 5DQGRPL]DWLRQEDVHG
QRQSDUDPHWULF$1&29$
DGMXVWHGIRUEDVHOLQH+$,
DQGVWUDWLILHGE\
UDQGRPL]DWLRQVWUDWD
o :LWKGDWD
LPSXWDWLRQDV
GHVFULEHG
x &KDQJHIURP%DVHOLQHLQ
+$,VFRUHDW(26LQ
SDWLHQWVZLWKDEQRUPDO
EDVHOLQHXVLQJDQ
$1&29$DGMXVWHGIRU
EDVHOLQH+$,DQG
UDQGRPL]DWLRQVWUDWD
x &KDQJHIURP%DVHOLQHLQ
+$,VFRUHLQSDWLHQWVZLWK
DEQRUPDOEDVHOLQHDWDOO
VFKHGXOHGYLVLWVXVLQJD
PL[HGPRGHOIRUUHSHDWHG
PHDVXUHVZLWKEDVHOLQH
+$,VFRUHREVHUYHGVWUDWD
WUHDWPHQWJURXSDQGVWXG\
YLVLWDVFRYDULDWHV


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
x &KDQJHIURP%DVHOLQHLQ
+$,VFRUHLQSDWLHQWVZLWK
DEQRUPDOEDVHOLQHDWDOO
VFKHGXOHGYLVLWVRYHU<HDU
XVLQJDPL[HGPRGHOIRU
UHSHDWHGPHDVXUHVZLWK
EDVHOLQH+$,VFRUH
REVHUYHGVWUDWDWUHDWPHQW
JURXSVWXG\YLVLWDQG
VWXG\YLVLWE\WUHDWPHQW
LQWHUDFWLRQDVFRYDULDWHV

7HUWLDU\&KDQJH
IURP%DVHOLQHLQ
9LVXDO.)66DW(26
LQDOOSDWLHQWVDQGLQ
SDWLHQWVZLWK
DEQRUPDOEDVHOLQH
x 5DQGRPL]DWLRQEDVHG
QRQSDUDPHWULF$1&29$
DGMXVWHGIRUEDVHOLQH9LVXDO
.)66DQGVWUDWLILHGE\
UDQGRPL]DWLRQVWUDWD
o :LWKGDWD
LPSXWDWLRQDV
GHVFULEHG
x &KDQJHIURP%DVHOLQHLQ
9LVXDO.)66DW(26LQDOO
SDWLHQWVDQGLQSDWLHQWVZLWK
DEQRUPDOEDVHOLQHXVLQJDQ
$1&29$DGMXVWHGIRU
EDVHOLQH9LVXDO.)66DQG
UDQGRPL]DWLRQVWUDWD
x &KDQJHIURP%DVHOLQHLQ
9LVXDO.)66VFRUHLQDOO
SDWLHQWVDQGLQSDWLHQWVZLWK
DEQRUPDOEDVHOLQHDWDOO
VFKHGXOHGYLVLWVXVLQJD
PL[HGPRGHOIRUUHSHDWHG
PHDVXUHVZLWKEDVHOLQH
9LVXDO.)66VFRUH
REVHUYHGVWUDWDWUHDWPHQW
JURXSDQGVWXG\YLVLWDV
FRYDULDWHV
x &KDQJHIURP%DVHOLQHLQ
9LVXDO.)66LQDOOSDWLHQWV
DQGLQSDWLHQWVZLWK
DEQRUPDOEDVHOLQHDWDOO
VFKHGXOHGYLVLWVRYHU<HDU
XVLQJDPL[HGPRGHOIRU
UHSHDWHGPHDVXUHVZLWK
EDVHOLQH9LVXDO.)66
VFRUHREVHUYHGVWUDWD
WUHDWPHQWJURXSVWXG\YLVLW
DQGVWXG\YLVLWE\WUHDWPHQW
LQWHUDFWLRQDVFRYDULDWHV

7HUWLDU\&KDQJH
IURP%DVHOLQHLQ6)
x 5DQGRPL]DWLRQEDVHG
QRQSDUDPHWULF$1&29$
DGMXVWHGIRUEDVHOLQH6)
x &KDQJHIURP%DVHOLQHLQ
6)VFRUHDW(26XVLQJ
DQ$1&29$DGMXVWHGIRU


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
DW(26
DQGVWUDWLILHGE\
UDQGRPL]DWLRQVWUDWD
o :LWKGDWD
LPSXWDWLRQDV
GHVFULEHG
EDVHOLQH6)DQG
UDQGRPL]DWLRQVWUDWD
x &KDQJHIURP%DVHOLQHLQ
6)VFRUHDWDOOVFKHGXOHG
YLVLWVXVLQJDPL[HGPRGHO
IRUUHSHDWHGPHDVXUHVZLWK
EDVHOLQH6)VFRUH
REVHUYHGVWUDWDWUHDWPHQW
JURXSDQGVWXG\YLVLWDV
FRYDULDWHV
x &KDQJHIURP%DVHOLQHLQ
6)VFRUHDWDOOVFKHGXOHG
YLVLWVRYHU<HDUXVLQJD
PL[HGPRGHOIRUUHSHDWHG
PHDVXUHVZLWKEDVHOLQH6)
VFRUHREVHUYHGVWUDWD
WUHDWPHQWJURXSVWXG\YLVLW
DQGVWXG\YLVLWE\WUHDWPHQW
LQWHUDFWLRQDVFRYDULDWHV

7HUWLDU\&KDQJH
IURP%DVHOLQHLQ
.XUW]NH)66
%UDLQVWHP
3\UDPLGDO
&HUHEHOODU6HQVRU\
%RZHO%ODGGHU
&HUHEUDODW(26
x 5DQGRPL]DWLRQEDVHG
QRQSDUDPHWULF$1&29$
DGMXVWHGIRUEDVHOLQH.)66
DQGVWUDWLILHGE\
UDQGRPL]DWLRQVWUDWD
o :LWKGDWD
LPSXWDWLRQDV
GHVFULEHG
x &KDQJHIURP%DVHOLQHLQ
.)66VFRUHDW(26XVLQJ
DQ$1&29$DGMXVWHGIRU
EDVHOLQH.)66DQG
UDQGRPL]DWLRQVWUDWD
x &KDQJHIURP%DVHOLQHLQ
.)66VFRUHDWDOOVFKHGXOHG
YLVLWVXVLQJDPL[HGPRGHO
IRUUHSHDWHGPHDVXUHVZLWK
EDVHOLQH.)66VFRUH
REVHUYHGVWUDWDWUHDWPHQW
JURXSDQGVWXG\YLVLWDV
FRYDULDWHV
x &KDQJHIURP%DVHOLQHLQ
.)66VFRUHDWDOOVFKHGXOHG
YLVLWVRYHU<HDUXVLQJD
PL[HGPRGHOIRUUHSHDWHG
PHDVXUHVZLWKEDVHOLQH
.)66VFRUHREVHUYHG
VWUDWDWUHDWPHQWJURXS
VWXG\YLVLWDQGVWXG\YLVLW
E\WUHDWPHQWLQWHUDFWLRQDV
FRYDULDWHV

 


$OH[LRQ3KDUPDFHXWLFDOV
6WDWLVWLFDO$QDO\VLV3ODQ
3URWRFRO1XPEHU(&8102-XO\9HUVLRQ
-XQH9HUVLRQ
3URSULHWDU\DQG&RQILGHQWLDO
3DJHRI 
