Conditions: Chronic Obstructive Pulmonary Disease
Keywords: Safety Efficacy Aclidinium bromide Formoterol fumarate Tiotropium Bronchodilation COPD
Allocation: RANDOMIZED | Intervention model: PARALLEL
Enrollment: 1595
Healthy volunteers: no

Brief summary:
This is a multiple dose, randomized, parallel, double-blind, double-dummy, multicenter and multinational Phase III study to determine the efficacy and safety of Aclidinium bromide 400μg/Formoterol Fumarate (AB/FF) 12 μg compared to individual components and TIO (Tiotropium) 18 μg when administered to patients with stable chronic obstructive pulmonary disease (COPD).

Detailed description:
This study was conducted to assess the bronchodilator efficacy and safety as well as effect on health related quality of life of AB/FF 400/12 μg compared to the individual components (AB 400 μg and FF 12 μg) in COPD patients. The trial duration of 24 weeks allows the assessment of the effect on symptoms improvement of the combined treatments versus individual components as well as the long term bronchodilation comparison between AB 400 μg and TIO 18 μg in minimizing the risk of COPD exacerbations in current or former smokers, aged ≥40 in symptomatic COPD patients.

Arms:
arm 1: Participants were administered AB/FF 400/12 μg via Pressair®/Genuair® inhaler twice daily for 24 weeks of treatment. arm 2: Participants were administered AB 400 μg via Pressair®/Genuair® inhaler twice daily for 24 weeks of treatment. arm 3: Participants were administered FF 12 μg via Pressair®/Genuair® inhaler twice daily for 24 weeks of treatment. arm 4: Participants were administered TIO 18 μg via Handihaler® inhale once daily for 24 weeks of treatment.

Interventions: intervention 1: Aclidinium bromide 400 μg/Formoterol Fumarate 12 μg (AB/FF 400/12 μg) intervention 2: Aclidinium bromide 400 μg (AB 400 μg) intervention 3: Formoterol fumarate 12 μg (FF 12 μg) intervention 4: Placebo to AB/FF 400/12 μg, AB 400 μg and FF 12 μg intervention 5: Tiotropium 18 μg (TIO 18 μg) intervention 6: Placebo to TIO 18 μg
Intervention descriptions: intervention 1: Inhalation powder intervention 2: Inhalation powder intervention 3: Inhalation powder intervention 4: Inhalation powder intervention 5: Powder in capsules for oral inhalation intervention 6: Powder in capsules for oral inhalation

Protocol document:
Prot_000.pdf: 
WƌŽƚŽĐŽů͗ϲϱϳϭϬϬϬϬϭ
&RQILGHQWLDO3URSULHWDU\,QIRUPDWLRQ
x 3URWRFROQXPEHU'&
x 'RFXPHQWWLWOH$ZHHNWUHDWPHQWPXOWLFHQWHUUDQGRPL]HGGRXEOH
EOLQGHGGRXEOHGXPP\SDUDOOHOJURXSFOLQLFDOWULDOHYDOXDWLQJWKHHIILFDF\
DQGVDIHW\RIDFOLGLQLXPEURPLGHȝJIRUPRWHUROIXPDUDWHȝJIL[HG
GRVHFRPELQDWLRQ%,'FRPSDUHGZLWKHDFKPRQRWKHUDS\DFOLGLQLXP
EURPLGHȝJ%,'DQGIRUPRWHUROIXPDUDWHȝJ%,'DQGWLRWURSLXP
ȝJ4'ZKHQDGPLQLVWHUHGWRSDWLHQWVZLWKVWDEOHFKURQLFREVWUXFWLYH
SXOPRQDU\GLVHDVH
x 9HUVLRQQXPEHU
x 'DWHRIWKHGRFXPHQW0DUFK
x 1&7QXPEHU1&7







&OLQLFDO6WXG\3URWRFRO

'UXJ6XEVWDQFH
$FOLGLQLXP%URPLGH
)RUPRWHURO)XPDUDWH

6WXG\&RGH
'&

9HUVLRQ


'DWH
0DUFK



$ZHHNWUHDWPHQWPXOWLFHQWHUUDQGRPL]HGGRXEOHEOLQGHGGRXEOH
GXPP\SDUDOOHOJURXSFOLQLFDOWULDOHYDOXDWLQJWKHHIILFDF\DQGVDIHW\RI
DFOLGLQLXPEURPLGHȝJIRUPRWHUROIXPDUDWHȝJIL[HGGRVH
FRPELQDWLRQ%,'FRPSDUHGZLWKHDFKPRQRWKHUDS\DFOLGLQLXPEURPLGH
ȝJ%,'DQGIRUPRWHUROIXPDUDWHȝJ%,'DQGWLRWURSLXPȝJ4'
ZKHQDGPLQLVWHUHGWRSDWLHQWVZLWKVWDEOHFKURQLFREVWUXFWLYHSXOPRQDU\
GLVHDVH

6SRQVRU$VWUD=HQHFD$%6|GHUWlOMH6ZHGHQ
(XGUD&7QXPEHU


7KLVVXEPLVVLRQGRFXPHQWFRQWDLQVFRQILGHQWLDOFRPPHUFLDOLQIRUPDWLRQGLVFORVXUHRIZKLFK
LVSURKLELWHGZLWKRXWSURYLGLQJDGYDQFHQRWLFHWR$VWUD=HQHFDDQGRSSRUWXQLW\WRREMHFW
7KLV&OLQLFDO6WXG\3URWRFROKDVEHHQVXEMHFWWRDSHHUUHYLHZDFFRUGLQJWR$VWUD=HQHFD
6WDQGDUGSURFHGXUHV7KHFOLQLFDOVWXG\SURWRFROLVSXEOLFO\UHJLVWHUHGDQGWKHUHVXOWVDUH
GLVFORVHGDQGRUSXEOLVKHGDFFRUGLQJWRWKH$VWUD=HQHFD*OREDO3ROLF\RQ%LRHWKLFVDQGLQ
FRPSOLDQFHZLWKSUHYDLOLQJODZVDQGUHJXODWLRQV


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


9(56,21+,6725<
9HUVLRQ0DUFK
&KDQJHVWRWKHSURWRFRODUHVXPPDULVHGEHORZ
6\QRSVLVSDJH6HFWLRQ6WXG\'HVLJQSDJH6HFWLRQ6WXG\3ODQDQG7LPLQJ
RI3URFHGXUHV7DEOHSDJH6HFWLRQ&RPSOLDQFHSDJH7KHFROOHFWLRQRI,3
LQWDNHKDVEHHQLQFOXGHGLQWKHHGLDU\
$SSHQGL[&SDJH$FWLRQV5HTXLUHGLQ&DVHVRI,QFUHDVHVLQ/LYHU%LRFKHPLVWU\DQG
(YDOXDWLRQRI+\¶V/DZ8SGDWHGDFFRUGLQJWRWKHVWXG\GHVLJQUHPRYHGLQIRUPDWLRQRQO\
DSSOLFDEOHIRUVWXGLHVZLWKORFDOODERUDWRU\DQGVWXGLHVRIPDOLJQDQWGLVHDVH

9HUVLRQ0DUFK
&KDQJHVWRWKHSURWRFRODUHVXPPDULVHGEHORZ
9HUVLRQ+LVWRU\VHFWLRQLQFOXGHGLQWRWKLVQHZYHUVLRQ
6\QRSVLV,QWHUQDWLRQDO&RRUGLQDWLQJ,QYHVWLJDWRUSDJH1DPHFRUUHFWHG'HILQHG
SULPDU\REMHFWLYHIRU0DUNHW$FFHVVSDJHDQG$WURYHQWSDJHVSHFLILHGEUDQG
QDPHIRU86DQGUHVWRIWKHZRUGFRXQWULHVDQGGRVHFRUUHFWHG7DUJHWSRSXODWLRQSDJH
³VWDEOH´KDVEHHQDGGHGLQWKHGHILQLWLRQRI&23'
/LVWRIDEEUHYLDWLRQVSDJH$GGHGDEEUHYLDWLRQIRU0&90HDQ&RUSXVFXODU9ROXPH
6HFWLRQ%DFNJURXQGDQGUDWLRQDOHIRUFRQGXFWLQJWKLVVWXG\SDJH,QFOXGHG
UHIHUHQFHIRU%UHWDULV*HQXDLUDQG%UHWDULV*HQXDLU6P3&
6HFWLRQ5DWLRQDOHIRUVWXG\GHVLJQGRVHVDQGFRQWUROJURXSVSDJH'HILQHG
SULPDU\REMHFWLYHIRU0DUNHW$FFHVV
6HFWLRQ%HQHILW5LVNDQGHWKLFDODVVHVVPHQWSDJH,QFOXGHGUHIHUHQFHIRU%UHWDULV
*HQXDLUDQG%UHWDULV*HQXDLU6P3&
6HFWLRQ6WXG\'HVLJQSDJH&RUUHFWHGGRVHIRU$WURYHQW
6HFWLRQ6WXG\2EMHFWLYHVSDJHDQGSDJH'HILQHGSULPDU\REMHFWLYHIRU0DUNHW
$FFHVV


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


6HFWLRQ6WXG\3ODQDQGWLPLQJRISURFHGXUHVSDJHVWR5HSODFHG³9LVLW´IURP
7DEOHE\³IROORZXSFDOO´$GGHGFODULILFDWLRQVRQIRRWQRWHVDQGIRU(27DQG
(26SURFHGXUHV
6HFWLRQ9LVLW6FUHHQLQJSDJH&RUUHFWHGGRVHIRU$WURYHQW
6HFWLRQ(QGRI7UHDWPHQW(27SDJH6HFWLRQ(QGRI6WXG\(26SDJH
$GGHGKSRVWGRVHSXOPRQDU\IXQFWLRQWHVWDIWHU&23'SUHVFULEHGWUHDWPHQW
&ODULILFDWLRQRQSURFHGXUHV
6HFWLRQ/DERUDWRU\6DIHW\$VVHVVPHQWVSDJH$GGHGUHGEORRGFHOOV
PRUSKRORJ\ZKLWHEORRGFHOOVGLIIHUHQWLDODQG0&9LQWKHODERUDWRU\DVVHVVPHQWV
6HFWLRQ$GGLWLRQDO'UXJSDJHDQG&RQFRPLWDQWDQGRWKHUWUHDWPHQWVSDJH
&RUUHFWHGGRVHIRU$WURYHQW
6HFWLRQ6WDWLVWLFDO$QDO\VHVE\$VWUD=HQHFDSDJHVDQG'HILQHG
0DUNHW$FFHVVDQDO\VHV
/LVWRIUHIHUHQFHVSDJH$GGHGUHIHUHQFHIRU%UHWDULV*HQXDLUDQG%UHWDULV
*HQXDLU6P3&


9HUVLRQ)HEUXDU\
,QLWLDOFUHDWLRQ


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


35272&2/6<1236,6

$  ZHHN WUHDWPHQW PXOWLFHQWHU UDQGRPL]HG GRXEOH EOLQGHG GRXEOH
GXPP\ SDUDOOHOJURXS FOLQLFDO WULDO HYDOXDWLQJ WKH HIILFDF\ DQG VDIHW\ RI
DFOLGLQLXP EURPLGH  ȝJIRUPRWHURO IXPDUDWH  ȝJ IL[HGGRVH
FRPELQDWLRQ%,'FRPSDUHGZLWKHDFKPRQRWKHUDS\DFOLGLQLXPEURPLGH
ȝJ%,'DQGIRUPRWHUROIXPDUDWHȝJ%,'DQGWLRWURSLXPȝJ4'ZKHQ
DGPLQLVWHUHGWRSDWLHQWVZLWKVWDEOHFKURQLFREVWUXFWLYHSXOPRQDU\GLVHDVH

,QWHUQDWLRQDO&RRUGLQDWLQJ,QYHVWLJDWRU


7HO

)D[


6WXG\VLWHVDQGQXPEHURIVXEMHFWVSODQQHG
$SSUR[LPDWHO\SDWLHQWVSDWLHQWVIRUDFOLGLQLXPEURPLGH$%ȝJIRUPRWHURO
IXPDUDWH))ȝJIL[HGGRVHFRPELQDWLRQDQGSDWLHQWVIRU))ȝJDUPVSDWLHQWV
IRU $%  ȝJ DQG  SDWLHQWV IRU WLRWURSLXP 7,2  ȝJ DUPV ZLOO EH UDQGRPL]HG
$SSUR[LPDWHO\SDWLHQWVZLOOKDYHWREHVFUHHQHGLQWKLVVWXG\FRQVLGHULQJDQHVWLPDWHG
LQHOLJLELOLW\UDWHRISULRUWRUDQGRPL]DWLRQ
$SSUR[LPDWHO\VLWHVZLOOSDUWLFLSDWHIURP86(XURSHDQGUHVWRIWKHZRUOGFRXQWULHV
6WXG\SHULRG

3KDVHRIGHYHORSPHQW
(VWLPDWHGGDWHRIILUVWVXEMHFWHQUROOHG
4
,,,

(VWLPDWHGGDWHRIODVWVXEMHFWFRPSOHWHG
4


33'
33'
33'
33'


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


2EMHFWLYHVDQGRXWFRPHYDULDEOHV
3ULPDU\2EMHFWLYHVIRU86
2XWFRPHPHDVXUHDQGFRPSDULVRQ
7R DVVHVV WKH EURQFKRGLODWRU\ HIIHFW RI
$%))  J FRPSDUHG WR HDFK
LQGLYLGXDOFRPSRQHQWZKHQDGPLQLVWHUHG
WZLFH GDLO\ YLD LQKDODWLRQ WR &23'
SDWLHQWV

&R3ULPDU\HQGSRLQWDQGFRPSDULVRQ
x &KDQJHIURPEDVHOLQHLQKRXUPRUQLQJ
SRVWGRVHGRVH)(9RI$%))J
FRPSDUHGWR$%JDWZHHN
x &KDQJHIURPEDVHOLQHLQPRUQLQJSUH
GRVHWURXJK)(9RI$%))J
FRPSDUHGWR))JDWZHHN

3ULPDU\2EMHFWLYHIRU0DUNHW$FFHVV
2XWFRPH
PHDVXUH
DQG
SULPDU\
FRPSDULVRQ
7RDVVHVVWKHQRQLQIHULRUEURQFKRGLODWLRQ
RI$%ȝJ%,'DVFRPSDUHGWR7,2
ȝJ4'LQ&23'SDWLHQWV
x &KDQJHIURPEDVHOLQHLQPRUQLQJSUH
GRVHWURXJK)(9DWZHHN
FRPSDULQJ$%JYHUVXV7,2J

6HFRQGDU\2EMHFWLYHV
2XWFRPH
PHDVXUH
DQG
SULPDU\
FRPSDULVRQ
7R IXUWKHU FKDUDFWHUL]H WKH HIIHFW RI
$%))JRQEURQFKRGLODWLRQDQG
KHDOWKUHODWHGTXDOLW\RIOLIHFRPSDUHGWR
LQGLYLGXDOFRPSRQHQWVZKHQDGPLQLVWHUHG
WZLFH GDLO\ YLD LQKDODWLRQ WR &23'
SDWLHQWV


x &KDQJHIURPEDVHOLQHLQQRUPDOL]HG
$8&K)(9RI$%))JDW
ZHHNFRPSDUHGWR$%JDQG))
J
x 1XPEHURISDWLHQWVDFKLHYLQJD
FOLQLFDOO\PHDQLQJIXOLPSURYHPHQWD
GHFUHDVHRIDWOHDVWXQLWVIURPEDVHOLQH
ZLWK$%))JLQ6*54WRWDO
VFRUHDWZHHNFRPSDUHGWR$%J
DQG))J


6DIHW\REMHFWLYHV
(QGSRLQWV


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


7RHYDOXDWHWKHVDIHW\DQGWROHUDELOLW\RI
$%))  J DV FRPSDUHG WR
LQGLYLGXDOFRPSRQHQWVLQ&23'SDWLHQWV
x $GYHUVH (YHQWV $(V6HULRXV $GYHUVH
(YHQWV6$(V
x &OLQLFDOODERUDWRU\WHVWKHPDWRORJ\DQG
ELRFKHPLVWU\
x %ORRGSUHVVXUH
x OHDG(&*
x 0DMRU$GYHUVH&DUGLDF(YHQWV0$&(

$GGLWLRQDOHIILFDF\YDULDEOHVWRVXSSRUWWKHSULPDU\DQGVHFRQGDU\REMHFWLYHVLQFOXGLQJWKH
IROORZLQJDVVHVVPHQWV
x 3XOPRQDU\IXQFWLRQYDULDEOHV)(9)9&DWHDFKGLIIHUHQWWLPHSRLQWVRQVHWRIDFWLRQ
SHDNDQGWURXJK)(9DWHDFKYLVLW0RUHRYHULQWKHVXEVHWRISDWLHQWVZLWKKVHULDO
SXOPRQDU\IXQFWLRQWHVWVWKHIROORZLQJYDULDEOHVZLOOEHDVVHVVHG)(9DQG)9&DWHDFK
WLPHSRLQWDQG$8&K$8&K$8&K
x +HDOWK UHODWHG TXDOLW\ RI OLIH RXWFRPHV 6W *HRUJH 5HVSLUDWRU\ 4XHVWLRQQDLUH 6*54
&23'$VVHVVPHQW7HVW&$7FKDQJHIURPEDVHOLQHDQGUHVSRQGHUDQDO\VLVSHUFHQWDJH
RISDWLHQWVUHDFKLQJWKHPLQLPDOO\FOLQLFDOLPSRUWDQWGLIIHUHQFH>0&,'@DWHDFKYLVLW
x 6\PSWRPDWLF RXWFRPHV (YDOXDWLQJ 5HVSLUDWRU\ 6\PSWRPV LQ &23' (5670 &23'
1LJKWWLPH DQG (DUO\ PRUQLQJ V\PSWRPV RI &23' 1L6&, 	 (06&, FKDQJH IURP
EDVHOLQHDQGUHVSRQGHUDQDO\VLVRQO\(56DWHDFKYLVLWDQGRYHUWKHWUHDWPHQWSHULRG
x &23' H[DFHUEDWLRQV DV GHILQHG E\ +HDOWK &DUH 5HVHDUFK 8WLOL]DWLRQ +&58 DQG
([DFHUEDWLRQVRI&KURQLF3XOPRQDU\'LVHDVH7RRO(;$&7SHUFHQWDJHRISDWLHQWVZLWK
DWOHDVWRQHH[DFHUEDWLRQUDWHRIH[DFHUEDWLRQVDQGWLPHWRILUVWH[DFHUEDWLRQ
x 8VHRIUHOLHIPHGLFDWLRQFKDQJHIURPEDVHOLQHDWHDFKYLVLWDQGRYHUWKHWUHDWPHQWSHULRG
x 'HYLFHSUHIHUHQFH

([SORUDWRU\REMHFWLYHV
7UHDWPHQWHIIHFWVDQGFRPSDULVRQVLQSULPDU\DQGVHFRQGDU\HQGSRLQWVZLOOEHHYDOXDWHGIRU
WKH VXEJURXS RI SDWLHQWV ZKLFK DUH PRUH V\PSWRPDWLF DW VWXG\ HQWU\ EDVHG RQ GLIIHUHQW
GHILQLWLRQV

6WXG\GHVLJQ
7KLVLVDPXOWLSOHGRVHUDQGRPL]HGSDUDOOHOGRXEOHEOLQGGRXEOHGXPP\DFWLYHFRQWUROOHG
PXOWLFHQWUHDQGPXOWLQDWLRQDOSKDVH,,,VWXG\WRGHWHUPLQHWKHHIILFDF\DQGVDIHW\RI$%))


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


JFRPSDUHGZLWKLWVLQGLYLGXDOFRPSRQHQWVZKHQDGPLQLVWHUHGWRSDWLHQWVZLWKVWDEOH
&KURQLF2EVWUXFWLYH3XOPRQDU\'LVHDVH&23'
3DWLHQWV¶ LQIRUPHG FRQVHQW IRUP ,&) VLJQDWXUH PXVW EH REWDLQHG EHIRUH SHUIRUPLQJ DQ\
SURFHGXUH UHODWHG WR WKH WULDO ,&) PXVW EH VLJQHG DIWHU WKH SDWLHQW KDV UHFHLYHG VXIILFLHQW
LQIRUPDWLRQDERXWWKHWULDODIWHUKHVKHKDVKDGWKHRSSRUWXQLW\WRDVNDQ\TXHVWLRQVUHODWHGWR
WKHVWXG\DQGFRQVLGHUHGWKHRSWLRQV
$IWHUVLJQDWXUHRIWKH,&)SDWLHQWVZKRUHTXLUHZDVKRXWRISURKLELWHGPHGLFDWLRQZLOOEH
SURYLGHG$WURYHQW$WURYHQW+)$LQKDODWLRQDHURVROJIRU86SDWLHQWV$WURYHQW,QKDOHU
&)&)UHHSUHVVXULVHGLQKDODWLRQVROXWLRQJIRUQRQ86SDWLHQWVWREHWDNHQGXULQJWKH
ZDVKRXWDQGUXQLQSHULRGSXIIVIRXUWLPHVSHUGD\$WURYHQWZLOOEHLQWHUUXSWHGKRXUV
EHIRUH9LVLWUDQGRPL]DWLRQYLVLW
$OOSDWLHQWVZLOOEHSURYLGHGZLWKUHOLHIPHGLFDWLRQDOEXWHUROVDOEXWDPROWREHWDNHQLQFDVH
RI QHHG VLQFH VLJQDWXUH RI WKH ,&) WKURXJK WKH VWXG\ ,Q DGGLWLRQ VHYHUDO PDLQWHQDQFH
PHGLFDWLRQV IRU WKH WUHDWPHQW RI &23' LQKDOHG FRUWLFRVWHURLGV RUDO RU SDUHQWHUDO
FRUWLFRVWHURLGVXSWRDPD[LPXPRIPJRISUHGQLVRQHGD\RUPJHYHU\RWKHUGD\DQGRUDO
VXVWDLQHGUHOHDVHWKHRSK\OOLQHVDUHSHUPLWWHGLIWKHGRVHLVVWDEOHIRUDWOHDVWZHHNVSULRUWR
HQWHULQJWKHVWXG\9LVLW
$W 6FUHHQLQJ 9LVLW 9LVLW  LQFOXVLRQ DQG H[FOXVLRQ FULWHULD ZLOO EH FKHFNHG E\ PHDQV RI
SDWLHQW¶VPHGLFDOKLVWRU\UHYLHZSK\VLFDOH[DPLQDWLRQODERUDWRU\HOHFWURFDUGLRJUDP(&*
PHDVXUHPHQWDQG&23'VHYHULW\VWDJHDFFRUGLQJWR*OREDO,QLWLDWLYHIRU&KURQLF2EVWUXFWLYH
/XQJ'LVHDVH*2/'JXLGHOLQHV
3DWLHQWVIXOILOOLQJLQFOXVLRQH[FOXVLRQFULWHULDDWWKHWLPHRIWKHVFUHHQLQJZLOOEHHQWHUHGLQWRD
UXQLQSHULRGRIGD\VWRDVVHVVSDWLHQW¶VGLVHDVHVWDELOLW\
3DWLHQWVZKRPHHWHQWU\FULWHULDDW5DQGRPL]DWLRQ9LVLW9LVLWZLOOEHUDQGRPL]HGLQDUDWLR
WRRQHRIWKHWUHDWPHQWDUPV
 $%))ȝJ%,'
 $%ȝJ%,'
 ))ȝJ%,'
 7,2ȝJ4'

6PRNLQJ VWDWXV FXUUHQW VPRNHUV YV IRUPHU VPRNHUV DQG FRXQWU\ ZLOO EH WKH WUHDWPHQW
DOORFDWLRQIDFWRUV
$W9LVLWDIWHUUDQGRPL]DWLRQSDWLHQWZLOOUHFHLYHLQYHVWLJDWLRQDOSURGXFW,3IRUZHHNV
DQGZLOOFRPHIRUVFKHGXOHGYLVLWVDW9LVLW:HHN9LVLW:HHN9LVLW:HHN


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


9LVLW:HHNDQG9LVLW:HHNIRUDVVHVVPHQWVRIFOLQLFDOHIILFDF\DQGVDIHW\$IWHU
WUHDWPHQWFRPSOHWLRQDIROORZXSFRQWDFWZLOOEHSHUIRUPHGDSSUR[LPDWHO\ZHHNVODWHU
)URP6FUHHQLQJ9LVLW9LVLWWRWKHHQGRIWKHVWXG\SDWLHQWVZLOOXVHDQHOHFWURQLF3DWLHQW
'LDU\WRFDSWXUHWKHLU&23'V\PSWRPV,3LQWDNHDQGWKHXVHRIUHVFXHPHGLFDWLRQDVZHOODV
DSDSHU3DWLHQW'LDU\WRUHFRUGDQ\$(DQGWKHLQWDNHRIDQ\FRQFRPLWDQWPHGLFDWLRQVIURP
6FUHHQLQJ9LVLW9LVLWXQWLOWKHHQGRIWKHVWXG\
(IILFDF\RIWUHDWPHQWVZLOOEHDVVHVVHGE\PHDQVRIWKHIROORZLQJWHVWV
 %URQFKRGLODWLRQ
x 0RUQLQJ SUHGRVH )(9 )9& SDWLHQWV ZLOO SHUIRUP WZR PRUQLQJ SUHGRVH VSLURPHWU\
VHSDUDWHGE\WRPLQDWDOOYLVLWV
x 3RVWGRVHVSLURPHWU\)(9DQG)9&DWPLQKRXUKRXUVDQGKRXUVDW9LVLWV
DQG$GGLWLRQDOO\RQ'D\9LVLWSRVWGRVHVSLURPHWU\ZLOOEHDVVHVVHGDWPLQXWHV
PLQDQGPLQWRDVVHVVWKHRQVHWRIDFWLRQ$W9LVLWVDQGSRVWGRVHVSLURPHWULHVZLOO
EHSHUIRUPHGDWKRXU
x ,QDVXEVHWRISDWLHQWVSRVWGRVHVSLURPHWU\)(9DQG)9&ZLOOEHDGGLWLRQDOO\
SHUIRUPHGDWKKKKSUHHYHQLQJGRVHKKKWRFKDUDFWHUL]H
WKHHYHQLQJSHDNHIIHFWDQGKKDQGKDIWHUWKHPRUQLQJGRVHDW9LVLWVDQG


 +HDOWKUHODWHG4XDOLW\RI/LIH
x 6*54ZLOOEHFRPSOHWHGDWYLVLWV9LVLWEDVHOLQHDQG
x &$7TXHVWLRQQDLUHZLOOEHFRPSOHWHGDWYLVLWV9LVLW6FUHHQLQJ9LVLWEDVHOLQH
DQG

 ([DFHUEDWLRQV
x %DVHGRQ+&58GHILQLWLRQ$WHDFKYLVLWWKHLQYHVWLJDWRUZLOODVVHVVWKHRFFXUUHQFHRIDQ\
&23'H[DFHUEDWLRQGHILQHGDVDZRUVHQLQJRIV\PSWRPVIRUDWOHDVWFRQVHFXWLYHGD\VWKDW
UHTXLUHVDFKDQJHLQ&23'WUHDWPHQW
x %DVHG RQ (;$&7 TXHVWLRQQDLUH 3DWLHQWV ZLOO UHFRUG HOHFWURQLFDOO\ WKH LWHPV RI WKH
(;$&7 TXHVWLRQQDLUH HYHU\ HYHQLQJ MXVW EHIRUH EHG 5HWURVSHFWLYHO\ WKH VSRQVRU ZLOO
HVWLPDWHWKH(;$&7HYHQWVEDVHGRQDSUHGHILQHGDOJRULWKP

 &23'V\PSWRPV


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


x 'DLO\V\PSWRPVZLOOEHDVVHVVHGIURPDVXEVHWRIRXWRIWKHLWHPVRIWKH(;$&7WKDW
FRQIRUPVWKH(5670&23'ZKLFKFDSWXUHVWKHFDUGLQDOV\PSWRPVRI&23'G\VSQHD
FRXJKDQGVSXWXPSURGXFWLRQFKHVWV\PSWRPV
x 3DWLHQWVZLOODOVRFRPSOHWHWKHHGLDU\HYHU\PRUQLQJWRUHFRUG1L6&,DQG(06&,IURP
6FUHHQLQJ9LVLW9LVLWWRWKHHQGRIWKHVWXG\

 2WKHUV
x 5HOLHIPHGLFDWLRQWKHVSRQVRUZLOOSURYLGHWKHUHOLHIPHGLFDWLRQDOEXWHUROVDOEXWDPROWR
EHWDNHQE\WKHSDWLHQWVGXULQJWKHVWXG\3DWLHQWVZLOOEHUHTXHVWHGWRUHFRUGWKHQXPEHURI
SXIIVRIDOEXWHUROVDOEXWDPROWDNHQGDLO\LQWRWKHSDWLHQW¶VHOHFWURQLFGLDU\
x 'HYLFHSUHIHUHQFHDWWKHHQGRIWKHWUHDWPHQWSHULRGRUXSRQHDUO\GLVFRQWLQXDWLRQSDWLHQWV
ZLOOEHUHTXHVWHGWRDVVHVVWKHLULPSUHVVLRQRIWKHHDVHRIXVHRIWKH3UHVVDLU*HQXDLUDQG
+DQGL+DOHULQKDOHUV'HYLFHSUHIHUHQFHDQGZLOOLQJQHVVWRFRQWLQXHTXHVWLRQQDLUH

 6DIHW\DQGWROHUDELOLW\ZLOOEHDVVHVVHGE\PHDQVRIWKHIROORZLQJWHVWV
x $GYHUVHHYHQWVSDWLHQWVZLOOEHLQVWUXFWHGWRUHFRUGDQ\XQWRZDUGPHGLFDORFFXUUHQFHGXULQJ
WKHFOLQLFDOWULDODIWHUVLJQLQJWKH,&)XQWLOWKHHQGRIWKHWULDOZHHNVDIWHUODVWVWXG\GUXJ
DGPLQLVWUDWLRQLQWRDSDSHUGLDU\
x &OLQLFDOODERUDWRU\WHVWKHPDWRORJ\ELRFKHPLVWU\DQGSUHJQDQF\WHVWDW6FUHHQLQJ9LVLW
9LVLWDQGILQDOYLVLW9LVLW
x %ORRGSUHVVXUHWREHPHDVXUHGDW6FUHHQLQJ9LVLW9LVLWSUHGRVHDWDOORWKHUYLVLWVDQG
KSRVWPRUQLQJGRVHDW9LVLWVDQG
x OHDG(&*WREHWDNHQDW6FUHHQLQJ9LVLW9LVLWSUHGRVHDWDOORWKHUYLVLWVDQGKSRVW
PRUQLQJGRVHDW9LVLWVDQG
x 0DMRU$GYHUVH&DUGLDF(YHQWV0$&(XVLQJDQDGMXGLFDWLRQFRPPLWWHH
6XEMHFWVZKRGLVFRQWLQXHVWXG\WUHDWPHQWSULRUWRZHHN9LVLWZLOOEHHQFRXUDJHGWR
UHPDLQLQWKHVWXG\WRFRPSOHWHDOOUHPDLQLQJVWXG\YLVLWVGXULQJWKHZHHNWUHDWPHQWSHULRG
6XEMHFWV ZKR DJUHH WR FRQWLQXH WR EH IROORZHG SRVW ,3 GLVFRQWLQXDWLRQ ZLOO VLJQ DQ ,&)
DGGHQGXP $OO VXEMHFWV ZKR DJUHH WR FRQWLQXH VWXG\ SDUWLFLSDWLRQ EH\RQG WUHDWPHQW
GLVFRQWLQXDWLRQZLOOFRPSOHWHDQ(QGRI7UHDWPHQW9LVLW(27SULRUWRWUDQVLWLRQLQJEDFNWR
UHJXODUO\VFKHGXOHGVWXG\YLVLWVZKLFKZLOOLQFOXGHHIILFDF\DQGVDIHW\DVVHVVPHQWV
7KH,3DQGUHOLHIPHGLFDWLRQZLOOEHUHWXUQHGDWWKH(27YLVLWEXWWKHSDSHUGLDU\DQGHOHFWURQLF
GLDU\ ZLOO EH UHGLVSHQVHG WR EH XVHG GXULQJ WKHSRVWWUHDWPHQW IROORZXS 3DWLHQWV ZLOO EH
IROORZHGXSIRU6$(VDQGFRQFRPLWDQWPHGLFDWLRQDQGWKH\ZLOOEHUHTXHVWHGWRUHFRUGGDLO\
WKH(;$&7TXHVWLRQQDLUHLQWKHHGLDU\
6XEMHFWVSDUWLFLSDWLQJLQWKHVXEVWXG\ZKRFKRRVHWRGLVFRQWLQXHIURPWUHDWPHQWZLOORQO\
FRPSOHWHUHJXODUVFKHGXOHGYLVLWVDQGQRWFRPSOHWHDQ\UHPDLQLQJVXEVWXG\DVVHVVPHQWV


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


3DWLHQWVZKRSUHPDWXUHO\GLVFRQWLQXHIURPWKHVWXG\ZLWKGUDZDOZLOOSDUWLFLSDWHLQDQ(QGRI
6WXG\(269LVLW7KH,3SDSHUGLDU\DQGHOHFWURQLFGLDU\ZLOOEHUHWXUQHGDWWKH(26YLVLW
7UHDWPHQWGLVFRQWLQXDWLRQVXEMHFWVZLOOUHWXUQWRDSSURSULDWHPDLQWHQDQFH&23'PHGLFDWLRQV
SHUWKHLQYHVWLJDWRUVGLVFUHWLRQ
$OOSDWLHQWV ZLOOSHUIRUP D IROORZXSFRQWDFWGD\V DIWHU ODVW ,3 LQWDNHWR DVVHVVQHZRU
RQJRLQJ DGYHUVH HYHQW $( &23' H[DFHUEDWLRQV DV ZHOO DV DQ\ FRQFRPLWDQW PHGLFDWLRQ
DGPLQLVWHUHGWRWUHDWWKHPHQWLRQHG$(
7DUJHWVXEMHFWSRSXODWLRQ
&XUUHQWRUIRUPHUVPRNHUVDJHGtV\PSWRPDWLF&23'SDWLHQWV&$7VFRUHDWERWK
VFUHHQLQJ DQG UDQGRPL]DWLRQ YLVLW ZLWK VWDEOH PRGHUDWH WR YHU\ VHYHUH DLUIORZ REVWUXFWLRQ
SRVWEURQFKRGLODWRUWHVW)(9)9&DQG)(9RIWKHSUHGLFWHGQRUPDOYDOXHDW
6FUHHQLQJ9LVLW
'XUDWLRQRIWUHDWPHQW
7KH WRWDO GXUDWLRQ RI WKH WULDO IRU HDFK SDWLHQW ZLOO EH DSSUR[LPDWHO\  ZHHNV LQFOXGLQJ
6FUHHQLQJ9LVLWDQGIROORZXSFRQWDFW7KHUHZLOOEHDUXQLQSHULRGRIZHHNVIROORZHGE\
WUHDWPHQWSHULRGRIZHHNVDQGDIROORZXSFRQWDFWWKDWZLOOEHSHUIRUPHGZHHNVDIWHUODVW
VWXG\WUHDWPHQW
,QYHVWLJDWLRQDOSURGXFWGRVDJHDQGPRGHRIDGPLQLVWUDWLRQ
$GRXEOHGXPP\GHVLJQZLOOEHDGRSWHGLQWKHVWXG\WRDFKLHYHEOLQGLQJ$%))JJ
$%J))JDQGSODFHERWR$%))ZLOOEHDGPLQLVWHUHGYLDWKH3UHVVDLU*HQXDLU
7LRWURSLXPJ7,2DQGSODFHERWR7,2ZLOOEHDGPLQLVWHUHGYLDWKH+DQGLKDOHUGHYLFH
%OLQGLQJZLOOEHHQVXUHGLQVWUXFWLQJWKHVLWHVWDIIWKDWDWKLUGSDUW\DGPLQLVWUDWRUQRWLQYROYHG
LQRWKHUDVSHFWVRIWKHVWXG\ZLOODGPLQLVWHUWKH,3DWVLWH3DWLHQWVZLOOEHLQVWUXFWHGWRWDNH
GRVHRIVWXG\GUXJIURPWKH3UHVVDLU*HQXDLUDQGGRVHRIVWXG\GUXJIURPWKH+DQGLKDOHU
LQWKHPRUQLQJKDQGRQHGRVHIURPWKH3UHVVDLU*HQXDLULQWKHHYHQLQJ
KGXULQJWKHZHHNVRIWUHDWPHQW,WLVLPSRUWDQWWKDWWKHHYHQLQJDGPLQLVWUDWLRQVDUH
FRQVLVWHQWO\SHUIRUPHGDSSUR[LPDWHO\KRXUVDIWHUPRUQLQJDGPLQLVWUDWLRQV
1RWH7KHVWUHQJWKVDUHH[SUHVVHGDVPHWHUHGGRVH
6XEVWDQFHDQGVWUHQJWK
$FOLGLQLXPEURPLGHJ)RUPRWHURO)XPDUDWHJ$%))
J
'RVDJHIRUP
,QKDODWLRQSRZGHU
$GPLQLVWUDWLRQURXWH
2UDO,QKDODWLRQE\3UHVVDLU*HQXDLU'U\3RZGHU,QKDOHU'3,
6XEVWDQFHDQGVWUHQJWK
$FOLGLQLXPEURPLGHJ$%J
'RVDJHIRUP
,QKDODWLRQSRZGHU
$GPLQLVWUDWLRQURXWH
2UDO,QKDODWLRQE\3UHVVDLU*HQXDLU'U\3RZGHU,QKDOHU'3,


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


6XEVWDQFHDQGVWUHQJWK
)RUPRWHUROIXPDUDWHJ))J
'RVDJHIRUP
,QKDODWLRQSRZGHU
$GPLQLVWUDWLRQURXWH
2UDO,QKDODWLRQE\3UHVVDLU*HQXDLU'U\3RZGHU,QKDOHU'3,
6XEVWDQFHDQGVWUHQJWK
3ODFHERWR$%))J$%JDQG))J
'RVDJHIRUP
,QKDODWLRQSRZGHU
$GPLQLVWUDWLRQURXWH
2UDO,QKDODWLRQE\3UHVVDLU*HQXDLU'U\3RZGHU,QKDOHU'3,
6XEVWDQFHDQGVWUHQJWK
7LRWURSLXPȝJ7,2J
'RVDJHIRUP
3RZGHULQFDSVXOHVIRURUDOLQKDODWLRQ
$GPLQLVWUDWLRQURXWH
2UDO,QKDODWLRQE\+DQGLKDOHU'U\3RZGHU,QKDOHU'3,
6XEVWDQFHDQGVWUHQJWK
3ODFHERWR7,2ȝJ
'RVDJHIRUP
3RZGHULQFDSVXOHVIRURUDOLQKDODWLRQ
$GPLQLVWUDWLRQURXWH
2UDO,QKDODWLRQE\+DQGLKDOHU'U\3RZGHU,QKDOHU'3,

6WDWLVWLFDOPHWKRGV
$VVXPSWLRQVIRUWKHVDPSOHVL]H
$SSUR[LPDWHO\  SDWLHQWV ZLOO EH VFUHHQHG LQ WKLV WULDO FRQVLGHULQJ DQ HVWLPDWHG
LQHOLJLELOLW\UDWHRIWRKDYHDQRYHUDOOVDPSOHVL]HRIUDQGRPL]HGSDWLHQWVWR$%))
J$%J))JDQG7,2JEDVHGRQDUDQGRPL]DWLRQUDWLRRI
ZKLFKFRUUHVSRQGVWRDQGSDWLHQWVSHUWUHDWPHQWDUPUHVSHFWLYHO\
%DVHGRQK\SRWKHVHVGHULYHGIURPWKHHYLGHQFHVKRZQLQRXURZQSUHYLRXVFOLQLFDOWULDOVWKLV
VDPSOH VL]H ZLOO SURYLGH DW OHDVW  SRZHU WR GHWHFW D VWDWLVWLFDOO\ VLJQLILFDQW WUHDWPHQW
GLIIHUHQFHRIP/EHWZHHQ$%))JDQG$%JLQFKDQJHIURPEDVHOLQHLQ
KRXUPRUQLQJSRVWGRVH)(9DW:HHNDQGP/EHWZHHQ$%))JDQG))J
LQFKDQJHIURPEDVHOLQHLQPRUQLQJSUHGRVHWURXJK)(9DW:HHNDVVXPLQJDVWDQGDUG
GHYLDWLRQ6'RIP/XVLQJWZRVLGHGWHVWVDQGDGMXVWLQJIRUPXOWLSOHWHVWVDWRYHUDOO
VLJQLILFDQFHOHYHO7KHH[SHFWHGPLQLPXPVWDWLVWLFDOO\VLJQLILFDQWHIIHFWLVP/LQWURXJK
)(9 7KH VDPH VDPSOH VL]H ZLOO KDYH HQRXJK SRZHU WR GHWHFW D VWDWLVWLFDOO\ VLJQLILFDQW
WUHDWPHQWGLIIHUHQFHEHWZHHQ$%))JDQGERWKLQGLYLGXDOFRPSRQHQWVLQWKHFKDQJH
IURPEDVHOLQHLQQRUPDOL]HG$8&)(9DWZHHN
7KHUHVSRQGHUDQDO\VLVRIWKH6*54WRWDOVFRUHEDVHGRQDGHFUHDVHRIDWOHDVWXQLWVIURP
EDVHOLQHZLOOEHWHVWHGFRPSDULQJ$%))JYHUVXVERWKLQGLYLGXDOFRPSRQHQWV
$OOWHVWVZLOOEHSHUIRUPHGXVLQJWZRVLGHGWHVWVDWVLJQLILFDQFHOHYHO
7KLVVDPSOHVL]HZLOOKDYHSRZHUWRVKRZWKDWWKHORZHUERXQGRIWKHWZRVLGHG
FRQILGHQFH LQWHUYDO IRU WKH GLIIHUHQFH EHWZHHQ $%  J DQG 7,2 ȝJ LQ FKDQJH IURP


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


EDVHOLQHLQPRUQLQJSUHGRVHWURXJK)(9DW:HHNLVDERYHP/QRQLQIHULRULW\OLPLW
DVVXPLQJWKDWWKHH[SHFWHGGLIIHUHQFHLVP/DQGD6'RIP/
0XOWLSOLFLW\
6HSDUDWHPXOWLSOLFLW\DSSURDFKHVZLOOEHFRQVLGHUHGIRUHDFKUHJLRQ86DQG0DUNHW$FFHVV
)RU86VHTXHQWLDOVWHSGRZQFORVHGWHVWLQJSURFHGXUHZLOOEHDSSOLHGWRFRQWUROWKHRYHUDOO
W\SH,HUURUUDWHDFURVVWKHPXOWLSOHFRPSDULVRQVRISULPDU\DQGVHFRQGDU\HQGSRLQWV
6WDWLVWLFDODQDO\VHV
$OOHIILFDF\DQGDQDO\VLVRXWFRPHVZLOOEHSHUIRUPHGLQWKH,77SRSXODWLRQH[FHSWIRUWKH
&23'H[DFHUEDWLRQVWKDWZLOOEHDQDO\]HGXQGHUWKHVDIHW\SRSXODWLRQ7KHVDIHW\SRSXODWLRQ
LVGHILQHGDVDOOUDQGRPL]HGSDWLHQWVZKRWRRNDWOHDVWRQHGRVHRI,037KH,77SRSXODWLRQLV
GHILQHGDVDOOUDQGRPL]HGSDWLHQWVZKRWDNHDWOHDVWRQHGRVHRI,3DQGKDYHDWOHDVWDEDVHOLQH
)(9XQGHUWKH,77SULQFLSOHDQGUHJDUGOHVVWKHDGKHUHQFHWRWKHUDQGRPL]HGWUHDWPHQW
)RUWKHQRQLQIHULRULW\REMHFWLYHWKH3HU3URWRFRO33SRSXODWLRQZLOOEHXVHG,WLVGHILQHGDV
DVXEVHWRIWKH,77SRSXODWLRQFRQVLVWLQJRISDWLHQWVZKRPHWDOOLQFOXVLRQH[FOXVLRQFULWHULD
OLDEOH WR DIIHFW WKH HIILFDF\ DVVHVVPHQW KDYH VXIILFLHQW WUHDWPHQW FRPSOLDQFH DQG GLG QRW
SUHVHQWVHULRXVGHYLDWLRQVRIWKHSURWRFROWKDWPD\DIIHFWHIILFDF\
7KHHVWLPDQGZLOODVVXPHWKDWDOOSDWLHQWVDGKHUHWRWUHDWPHQWLHPLVVLQJGDWDZLOOEHPRGHOOHG
EDVHG RQ ZKDW LW ZDV REVHUYHG GXULQJ WUHDWPHQW XVLQJ GLUHFW OLNHOLKRRG DSSURDFKHV 7KLV
DVVXPHVGDWDLVPLVVLQJDWUDQGRP0$56HQVLWLYLW\DQDO\VHVZLOOEHSHUIRUPHGLQFOXGLQJDOO
GDWDFDSWXUHGGXULQJWKHZHHNGRXEOHEOLQGWUHDWPHQWSHULRGDQGDOVRXQGHU0LVVLQJ1RW
$W5DQGRP01$5DVVXPSWLRQV
7KHFRSULPDU\HIILFDF\YDULDEOHVFKDQJHIURPEDVHOLQHLQPRUQLQJSUHGRVHWURXJK)(9DQG
FKDQJHIURPEDVHOLQHLQKRXUPRUQLQJSRVWGRVH)(9DWZHHNZLOOEHDQDO\]HGE\PHDQV
RI PL[HG PRGHOIRU UHSHDWHG PHDVXUHV 0050 DGMXVWHG IRUSUH DQGSRVWEURQFKRGLODWRU
DOEXWHUROVDOEXWDPRO )(9 DW VFUHHQLQJ YLVLW DJH DQG EDVHOLQH )(9 DV FRYDULDWHV DQG
WUHDWPHQWJURXSVH[VPRNLQJVWDWXVYLVLWDQGWUHDWPHQWJURXSE\YLVLWLQWHUDFWLRQDVIL[HG
HIIHFWIDFWRUVDQGFRXQWU\DVUDQGRPHIIHFW7KHFKDQJHIURPEDVHOLQHLQQRUPDOL]HG$8&
)(9DWZHHNZLOOEHDQDO\]HGEDVHGRQWKHVDPH0050PRGHO
7KHQXPEHURISDWLHQWVDFKLHYLQJDFOLQLFDOO\PHDQLQJIXOLPSURYHPHQWDGHFUHDVHRIDW
OHDVWXQLWVIURPEDVHOLQHFRPSDUHGWRLQGLYLGXDOFRPSRQHQWVLQWKH6*54WRWDOVFRUHZLOOEH
DQDO\]HGEDVHGRQDORJLVWLFUDQGRPHIIHFWPRGHOXVLQJ*/,00,;WKDWLQFOXGHVDUDQGRP
LQWHUFHSW WR DFFRXQW WKH YDULDELOLW\ EHWZHHQ VXEMHFWV DQG WUHDWPHQW VH[ VPRNLQJVWDWXV
FRXQWU\YLVLWDQGWUHDWPHQWJURXSE\YLVLWLQWHUDFWLRQDVIL[HGIDFWRUVDQGZLWKDJHDQGWKH
FRUUHVSRQGLQJEDVHOLQHDVFRYDULDWHV
7KHREMHFWLYHRIGHPRQVWUDWLQJQRQLQIHULRULW\EHWZHHQ$%JDQG7,2JLQFKDQJH
IURPEDVHOLQHLQPRUQLQJSUHGRVHWURXJK)(9DWZHHNZLOOEHDQDO\]HGE\PHDQVRI
PL[HG PRGHO IRU UHSHDWHG PHDVXUHV 0050 7KH PRGHO ZLOO DGMXVW IRU SUH DQG SRVW


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


EURQFKRGLODWRU DOEXWHUROVDOEXWDPRO )(9 DW VFUHHQLQJ YLVLW DJH DQG EDVHOLQH )(9 DV
FRYDULDWHV DQG WUHDWPHQW JURXS VH[ VPRNLQJVWDWXV YLVLW DQG WUHDWPHQW JURXSE\YLVLW
LQWHUDFWLRQDVIL[HGHIIHFWIDFWRUVDQGFRXQWU\DVUDQGRPHIIHFW
(DFKWUHDWPHQWHIIHFWDQGWUHDWPHQWGLIIHUHQFHVEHWZHHQDOOWUHDWPHQWVZLOOEHHVWLPDWHGE\WKH
/HDVW6TXDUHPHDQV/60HDQVRQWKHFRUUHVSRQGHQWWUHDWPHQWE\YLVLWLQWHUDFWLRQDORQJZLWK
WKHLUVWDQGDUGHUURUV6(DQGFRQILGHQFHLQWHUYDOV&,DQGWKHSYDOXHFRUUHVSRQGLQJWR
WKHEHWZHHQWUHDWPHQWJURXSGLIIHUHQFH
+HDOWKFDUHTXHVWLRQQDLUHVOLNH6*54&$7&23'V\PSWRPVDQGUHOLHIPHGLFDWLRQZLOOEH
DQDO\VHG E\ PHDQV RI 0050 DGMXVWHG E\ WKH FRUUHVSRQGLQJ EDVHOLQH YDOXHV DQG DJH DV
FRYDULDWHVDQGWUHDWPHQWJURXSVH[VPRNLQJVWDWXVFRXQWU\YLVLWDQGWUHDWPHQWJURXSE\
YLVLWLQWHUDFWLRQDVIL[HGHIIHFWIDFWRUV
,QJHQHUDOFRQWLQXRXVYDULDEOHVGHILQHGDVFKDQJHIURPEDVHOLQHRUDEVROXWHYDOXHVZLOOEH
DQDO\VHG E\ XVLQJ 0050 PRGHOV 'LFKRWRPRXV YDULDEOHV ZLOO EH DQDO\VHG E\ PHDQV RI
/RJLVWLF5HJUHVVLRQPRGHOVDQGWDNLQJLQWRDFFRXQWWKHORQJLWXGLQDOQDWXUHRIWKHGDWD
5DWH RI &23' H[DFHUEDWLRQV SHU SDWLHQW\HDU ZLOO EH PRGHOHG WKURXJK QHJDWLYH ELQRPLDO
UHJUHVVLRQPRGHOV7LPHWRILUVW&23'H[DFHUEDWLRQZLOOEHDQDO\]HGWKURXJK&R[UHJUHVVLRQ
PRGHOV1XPEHURISDWLHQWVZLWKDWOHDVW&23'H[DFHUEDWLRQZLOOEHDQDO\]HGWKURXJKORJLVWLF
UHJUHVVLRQPRGHOV
6DIHW\RXWFRPHVZLOOEHVXPPDULVHGE\PHDQVRIGHVFULSWLYHVWDWLVWLFVDFURVVWLPHE\WUHDWPHQW
JURXS


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


7$%/(2)&217(176
3$*(

7,7/(3$*(
9(56,21+,6725<
35272&2/6<1236,6
7$%/(2)&217(176
/,672)$%%5(9,$7,216$1''(),1,7,212)7(506

,1752'8&7,21

%DFNJURXQGDQGUDWLRQDOHIRUFRQGXFWLQJWKLVVWXG\

5DWLRQDOHIRUVWXG\GHVLJQGRVHVDQGFRQWUROJURXSV

%HQHILWULVNDQGHWKLFDODVVHVVPHQW

6WXG\'HVLJQ

678'<2%-(&7,9(6

3ULPDU\REMHFWLYH

6HFRQGDU\REMHFWLYHV

6DIHW\REMHFWLYHV

([SORUDWRU\REMHFWLYHV

2XWFRPHYDULDEOHV

68%-(&76(/(&7,21(152/0(175$1'20,=$7,21
5(675,&7,216',6&217,18$7,21$1':,7+'5$:$/

,QFOXVLRQFULWHULD

([FOXVLRQFULWHULD

6XEMHFWHQUROPHQWDQGUDQGRPL]DWLRQ

3URFHGXUHVIRUKDQGOLQJLQFRUUHFWO\HQUROOHGRUUDQGRPL]HGVXEMHFWV

0HWKRGVIRUDVVLJQLQJWUHDWPHQWJURXSV

0HWKRGVIRUHQVXULQJEOLQGLQJ

0HWKRGVIRUXQEOLQGLQJ

5HVWULFWLRQV

3DWLHQWGLVFRQWLQXDWLRQRILQYHVWLJDWLRQDOSURGXFW

3URFHGXUHVIRUGLVFRQWLQXDWLRQRIDVXEMHFWIURPLQYHVWLJDWLRQDOSURGXFW

3DWLHQWGLVFRQWLQXDWLRQIURPWKHVWXG\ZLWKGUDZDO


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK



3URFHGXUHVIRUGLVFRQWLQXDWLRQRIDVXEMHFWIURPWKHVWXG\

3UHPDWXUHWHUPLQDWLRQRIWKHVWXG\

678'<3/$1$1'7,0,1*2)352&('85(6

(QUROPHQWVFUHHQLQJSHULRG

9LVLWVFUHHQLQJ

7UHDWPHQWSHULRG

9LVLW5DQGRPL]DWLRQ9LVLW

9LVLW:HHN

9LVLW:HHN

9LVLW:HHN

9LVLW:HHN

9LVLW:HHN

(QGRI7UHDWPHQW(27

)ROORZXSSHULRGDIWHU,3GLVFRQWLQXDWLRQ

(QGRI6WXG\(26YLVLWIRUSDWLHQWVWKDWGLVFRQWLQXHIURPWKHWUHDWPHQW
IROORZXSSHULRG

(QGRI6WXG\(26

)ROORZXSSHULRG

5HVFKHGXOLQJYLVLWVUXOHVDQGUHSHDWHGWHVWV

678'<$66(660(176

(IILFDF\DVVHVVPHQWV

3XOPRQDU\IXQFWLRQWHVWVSLURPHWU\

*HQHUDO&RQGLWLRQV

3UDFWLFDO&RQVLGHUDWLRQV

6W*HRUJH¶V5HVSLUDWRU\4XHVWLRQQDLUH6*54

&23'$VVHVVPHQW7HVW&$7

([DFHUEDWLRQVRI&KURQLF3XOPRQDU\'LVHDVH7RRO(;$&7DQG
(YDOXDWLQJ5HVSLUDWRU\6\PSWRPVLQ&23'(5670&23'

1LJKWWLPHDQG(DUO\PRUQLQJV\PSWRPVRI&23'LQVWUXPHQW1L6&,DQG
(06&,

'HYLFH3UHIHUHQFHDQG:LOOLQJQHVVWR&RQWLQXH4XHVWLRQQDLUH

&23'([DFHUEDWLRQ

2WKHUFRQFRPLWDQWPHGLFDWLRQ

6DIHW\DVVHVVPHQWV

/DERUDWRU\VDIHW\DVVHVVPHQWV

+\¶V/DZ

0HGLFDO+LVWRU\3K\VLFDOH[DPLQDWLRQ

(&*

%ORRGSUHVVXUH

$GYHUVH(YHQWV

0$&(PDMRUDGYHUVHFDUGLDFHYHQWDGMXGLFDWLRQ


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK



2WKHUDVVHVVPHQWV

3KDUPDFRNLQHWLFV

3KDUPDFRG\QDPLFV

3KDUPDFRJHQHWLFV

%LRPDUNHUDQDO\VLV

6$)(7<5(3257,1*$1'0(',&$/0$1$*(0(17

'HILQLWLRQRIDGYHUVHHYHQWV

'HILQLWLRQVRIVHULRXVDGYHUVHHYHQW

5HFRUGLQJRIDGYHUVHHYHQWV

7LPHSHULRGIRUFROOHFWLRQRIDGYHUVHHYHQWV

)ROORZXSRIXQUHVROYHGDGYHUVHHYHQWV

9DULDEOHV

$VVHVVPHQWRILQWHQVLW\

&DXVDOLW\FROOHFWLRQ

$GYHUVHHYHQWVEDVHGRQVLJQVDQGV\PSWRPV

$GYHUVHHYHQWVEDVHGRQH[DPLQDWLRQVDQGWHVWV

'LVHDVHSURJUHVVLRQ

5HSRUWLQJRIVHULRXVDGYHUVHHYHQWV

2YHUGRVH

3UHJQDQF\

0DWHUQDOH[SRVXUH

3DWHUQDOH[SRVXUH

0DQDJHPHQWRI,3UHODWHGWR[LFLWLHV

6WXG\JRYHUQDQFHDQGRYHUVLJKW

,19(67,*$7,21$/352'8&7$1'27+(575($70(176

,GHQWLW\RILQYHVWLJDWLRQDOSURGXFWV

$GGLWLRQDO'UXJ

'RVHDQGWUHDWPHQWUHJLPHQV

:DVKRXWDQG5XQLQSHULRG

'RXEOHEOLQGWUHDWPHQWSHULRG

/DEHOOLQJ

6WRUDJH

&RPSOLDQFH

$FFRXQWDELOLW\

&RQFRPLWDQWDQGRWKHUWUHDWPHQWV

2WKHUFRQFRPLWDQWWUHDWPHQW


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK



67$7,67,&$/$1$/<6(6%<$675$=(1(&$

6WDWLVWLFDOFRQVLGHUDWLRQV

6DPSOHVL]HHVWLPDWH

'HILQLWLRQVRIDQDO\VLVVHWV

6FUHHQLQJDQDO\VLVVHW

5DQGRPL]HGDQDO\VLVVHW

6DIHW\DQDO\VLVVHW

(IILFDF\DQDO\VLV

3.DQDO\VLVVHW

352DQDO\VLVVHW

2XWFRPHPHDVXUHVIRUDQDO\VHV

3ULPDU\HIILFDF\YDULDEOHIRU86

6HFRQGDU\HIILFDF\YDULDEOHVIRU86

3ULPDU\HIILFDF\YDULDEOH

$GGLWLRQDOHIILFDF\YDULDEOHV

6DIHW\RXWFRPHV

0HWKRGVIRUVWDWLVWLFDODQDO\VHV

'HPRJUDSKLFDQGSDWLHQWFKDUDFWHULVWLFV

3DWLHQWGLVSRVLWLRQ

([SRVXUH

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQ

$QDO\VLVRIWKHSULPDU\YDULDEOHV

$QDO\VLVRIWKHVHFRQGDU\YDULDEOHV

0XOWLSOLFLW\FRQWURO

6XEJURXSDQDO\VLVLIDSSOLFDEOH

,QWHULPDQDO\VLV

6HQVLWLYLW\DQDO\VLV

$QDO\VLVRIDGGLWLRQDOHIILFDF\YDULDEOHV

$QDO\VHVRIVDIHW\DQGWROHUDELOLW\RXWFRPHV

([SORUDWRU\$QDO\VLV

'HYLDWLRQVIURPWKHSODQQHGDQDO\VHV

678'<$1''$7$0$1$*(0(17%<$675$=(1(&$

7UDLQLQJRIVWXG\VLWHSHUVRQQHO

0RQLWRULQJRIWKHVWXG\

6RXUFHGDWD

6WXG\DJUHHPHQWV

$UFKLYLQJRIVWXG\GRFXPHQWV

6WXG\WLPHWDEOHDQGHQGRIVWXG\

'DWDPDQDJHPHQW

(7+,&$/$1'5(*8/$725<5(48,5(0(176


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK



(WKLFDOFRQGXFWRIWKHVWXG\

6XEMHFWGDWDSURWHFWLRQ

(WKLFVDQGUHJXODWRU\UHYLHZ

,QIRUPHGFRQVHQW

&KDQJHVWRWKHSURWRFRODQGLQIRUPHGFRQVHQWIRUP

$XGLWVDQGLQVSHFWLRQV
/,672)5()(5(1&(6

/,672)7$%/(6
7DEOH
6FKHPDRI,3DGPLQLVWUDWLRQWRHQVXUHGRXEOHEOLQGWULDO
7DEOH
6WXG\3ODQGHWDLOLQJWKHSURFHGXUHV
7DEOH
3UHVSHFLILHG6HTXHQFHRI7HVWLQJIRU0XOWLSOLFLW\$GMXVWPHQW

/,672)),*85(6
)LJXUH
6WXG\IORZFKDUW

/,672)$33(1',&(6
$SSHQGL[$
$GGLWLRQDO6DIHW\,QIRUPDWLRQ
$SSHQGL[%
,QWHUQDWLRQDO$LUOLQH7UDQVSRUWDWLRQ$VVRFLDWLRQ,$7$
*XLGDQFH'RFXPHQW
$SSHQGL[&
$FWLRQV5HTXLUHGLQ&DVHVRI,QFUHDVHVLQ/LYHU%LRFKHPLVWU\DQG
(YDOXDWLRQRI+\¶V/DZ
$SSHQGL['
6DLQW*HRUJH5HVSLUDWRU\4XHVWLRQQDLUH6*54
$SSHQGL[(
&23'$66(660(177(67&$7
$SSHQGL[)
(;$&7DQG(5670&23'
$SSHQGL[*
1LJKWWLPHDQG(DUO\0RUQLQJ6\PSWRPV1L6&,DQG(06&,
$SSHQGL[+
'HYLFH3UHIHUHQFHDQGZLOOLQJQHVVWRFRQWLQXHTXHVWLRQQDLUH



&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


$''(1'80
3URWRFRO6LJQDWXUHV


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


/,672)$%%5(9,$7,216$1''(),1,7,212)7(506
7KHIROORZLQJDEEUHYLDWLRQVDQGVSHFLDOWHUPVDUHXVHGLQWKLVVWXG\&OLQLFDO6WXG\3URWRFRO
$EEUHYLDWLRQRU
VSHFLDOWHUP
([SODQDWLRQ
$%
$FOLGLQLXPEURPLGH
$(
$GYHUVHHYHQW
$/7
$ODQLQHDPLQRWUDQVIHUDVHDOVRQDPHG*37
$67
$VSDUWDWHDPLQRWUDQVIHUDVHDOVRQDPHG*27
$76
$PHULFDQ7KRUDFLF6RFLHW\
$8&
$UHDXQGHUWKHFXUYH
$8&
$UHDXQGHUFXUYHIURPWLPHWRKRXUV
$8&
$UHDXQGHUFXUYHIURPWLPHWRKRXUV
$8&
$UHDXQGHUFXUYHIURPWLPHWRKRXUV
$8&
$UHDXQGHUFXUYHIURPWLPHWRKRXUV
$7&
$QDWRPLFDO7KHUDSHXWLF&KHPLFDO
%,'
7ZLFHGDLO\
%'50
%OLQG'DWD5HYLHZ0HHWLQJ
%81
%ORRGXUHDQLWURJHQ
&$7
&23'DVVHVVPHQWWHVW
&'6,&
&OLQLFDO'DWD,QWHUFKDQJH6WDQGDUGV&RQVRUWLXP
&,
&RQILGHQFHLQWHUYDOV
&23'
&KURQLFREVWUXFWLYHSXOPRQDU\GLVHDVH
&0$
&OLQLFDO0RQLWRULQJ$VVRFLDWH
&5$
&OLQLFDO5HVHDUFK$VVRFLDWH
&5)
&DVH5HSRUW)RUPHOHFWURQLFSDSHU
&52
&OLQLFDO5HVHDUFK2UJDQL]DWLRQ
&6$
&OLQLFDO6WXG\$JUHHPHQW
&65
&OLQLFDO6WXG\5HSRUW
&9
&DUGLRYDVFXODU
&9$&
&DUGLRYDVFXODU$GMXGLFDWLRQ&RPPLWWHH
'0
'DWD0DQDJHPHQW
'03
'DWD0DQDJHPHQW3ODQ


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


$EEUHYLDWLRQRU
VSHFLDOWHUP
([SODQDWLRQ
'3,
'U\3RZGHU,QKDOHU
(&
(WKLFV&RPPLWWHHV\QRQ\PRXVWR,QVWLWXWLRQDO5HYLHZ%RDUG,5%DQG
,QGHSHQGHQW(WKLFV&RPPLWWHH,(&
(&*
(OHFWURFDUGLRJUDP
('&
(OHFWURQLF'DWD&DSWXUH
(06&,
(DUO\0RUQLQJ6\PSWRPVRI&23',QVWUXPHQW
(26
(QGRI6WXG\
(27
(QGRIWUHDWPHQW
H352
(OHFWURQLF3DWLHQW5HSRUWHG2XWFRPHV
(56
(XURSHDQ5HVSLUDWRU\6RFLHW\
(5670&23'
(YDOXDWLQJ5HVSLUDWRU\6\PSWRPVLQ&23'
(8
(XURSHDQ8QLRQ
(;$&7
([DFHUEDWLRQVRI&KURQLF3XOPRQDU\'LVHDVH7RRO
)$6
)XOODQDO\VLVVHWSRSXODWLRQ
)(9
)RUFHGH[SLUDWRU\YROXPHLQVHFRQG
)'$
86)RRGDQG'UXJ$GPLQLVWUDWLRQ
)'&
)L[HGGRVH&RPELQDWLRQ
))
)RUPRWHURO)XPDUDWH
)9&
)RUFHGYLWDOFDSDFLW\
*&3
*RRG&OLQLFDO3UDFWLFH
*03
*RRG0DQXIDFWXULQJ3UDFWLFH
*2/'
*OREDO,QLWLDWLYHIRU&KURQLF2EVWUXFWLYH/XQJ'LVHDVH
*27
*OXWDPLF2[DODFHWLF7UDQVDPLQDVHDOVRQDPHG$67
*37
*OXWDPLF3\UXYLFWUDQVDPLQDVHDOVRQDPHG$/7
+%F$J
+HSDWLWLV%FRUHDQWLJHQ
+%V$J
+HSDWLWLV%VXUIDFHDQWLJHQ
+&58
+HDOWKFDUHUHVRXUFHXWLOL]DWLRQ
+&9
+HSDWLWLV&YLUXV
,$7$
,QWHUQDWLRQDO$LU7UDQVSRUW$VVRFLDWLRQ
,&)
,QIRUPHG&RQVHQW)RUP
,&+
,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


$EEUHYLDWLRQRU
VSHFLDOWHUP
([SODQDWLRQ
,&6
,QKDOHGFRUWLFRVWHURLGV
,QWHUQDWLRQDO
&RRUGLQDWLQJ
LQYHVWLJDWRU
,IDVWXG\LVFRQGXFWHGLQVHYHUDOFRXQWULHVWKH,QWHUQDWLRQDO&RRUGLQDWLQJ
,QYHVWLJDWRULVWKH,QYHVWLJDWRUFRRUGLQDWLQJWKHLQYHVWLJDWRUVDQGRU
DFWLYLWLHVLQWHUQDWLRQDOO\
,3
,QYHVWLJDWLRQDO3URGXFW
,77
,QWHQWLRQWR7UHDW
,8'5V
,PSXWDWLRQXVLQJGURSRXWUHDVRQV
,956
,QWHUDFWLYH9RLFH5HVSRQVH6\VWHP
,:56
,QWHUDFWLYH:HE5HVSRQVH6\VWHP
/$%$
/RQJDFWLQJEHWDDGUHQHUJLFDJRQLVW
/$0$
/RQJDFWLQJPXVFDULQLFDQWDJRQLVWLQKDOHGDQWLFKROLQHUJLF
/'+
/DFWDWHGHK\GURJHQDVH
/60HDQV
/HDVW6TXDUHPHDQV
0$&(
0DMRU$GYHUVH&DUGLDF(YHQWV
0$5
0LVVLQJDWUDQGRP
0&9
0HDQ&RUSXVFXODU9ROXPH
01$5
0LVVLQJ1RW$W5DQGRP
0&,'
0LQLPDOO\FOLQLFDOLPSRUWDQWGLIIHUHQFH
0HG'5$
0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV
0050
0L[HGPRGHOIRUUHSHDWHGPHDVXUHV
1L6&,
1LJKWWLPH6\PSWRPVRI&23',QVWUXPHQW
3'(,9LQKLELWRU
3KRVSKRGLHVWHUDVHW\SHLQKLELWRU
3)7
3XOPRQDU\)XQFWLRQ7HVW
3,
3ULQFLSDO,QYHVWLJDWRU
3.
3KDUPDFRNLQHWLFV
S0',
3UHVVXULVHGPHWHUHGGRVHLQKDOHU
33
3HU3URWRFRO
35LQWHUYDO
'XUDWLRQLQPLOOLVHFRQGVIURPWKHEHJLQQLQJRIZDYH3WRRQVHWRI
YHQWULFXODUGHSRODULVDWLRQ4DQG5
352
3DWLHQWUHSRUWHGRXWFRPHV
3.
3KDUPDFRNLQHWLFV
4'
2QFHGDLO\


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


$EEUHYLDWLRQRU
VSHFLDOWHUP
([SODQDWLRQ
4,'
)RXUWLPHVDGD\
456LQWHUYDO
'XUDWLRQLQPLOOLVHFRQGVRIWKH456FRPSOH[
47
(&*LQWHUYDOPHDVXUHGIURPWKHRQVHWRIWKH456FRPSOH[WRWKHHQGRI
WKH7ZDYH
47F
47FRUUHFWHG
47F%LQWHUYDO
47LQWHUYDOFRUUHFWHG%D]HWWIRUPXODH
47F)LQWHUYDO
47LQWHUYDOFRUUHFWHG)ULGHULFLDIRUPXODH
47FLQWHUYDO
47LQWHUYDOFRUUHFWHGE\KHDUWUDWH
47F)
47FRUUHFWHG)ULGHULFLDIRUPXODH
47LQWHUYDO
'XUDWLRQLQPLOOLVHFRQGVIURPWKHEHJLQQLQJRI4ZDYHWRWKHHQGRIWKH7
ZDYH
55LQWHUYDO
'XUDWLRQLQPLOOLVHFRQGVEHWZHHQWZR5SHDNVRIWZRFRQVHFXWLYH456
FRPSOH[HV
604
6WDQGDUG0HG'5$4XHU\
6P3&
6XPPDU\RI3URGXFW&KDUDFWHULVWLFV
6$%$
6KRUWDFWLQJEHWDDGUHQHUJLFDJRQLVWV
6$(
6HULRXVDGYHUVHHYHQW
6$0$
6KRUWDFWLQJPXVFDULQLFDQWDJRQLVWLQKDOHGDQWLFKROLQHUJLFV
6$3
6WDWLVWLFDO$QDO\VLV3ODQ
6'
6WDQGDUG'HYLDWLRQ
6'70
6WXG\'DWD7DEXODWLRQ0RGHO
6(
6WDQGDUGHUURUV
6*54
6W*HRUJHV5HVSLUDWRU\4XHVWLRQQDLUH
67VHJPHQW
3DUWRIDQHOHFWURFDUGLRJUDPEHWZHHQWKH456FRPSOH[DQGWKH7ZDYH
7($(
7UHDWPHQWHPHUJHQWDGYHUVHHYHQW
7,2
7LRWURSLXP
86
8QLWHG6WDWHV
:+2
:RUOG+HDOWK2UJDQLVDWLRQ
Ȗ*7
*DPPDJOXWDP\OWUDQVIHUDVHJDPPDJOXWDP\OWUDQVSHSWLGDVH





&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK



,1752'8&7,21

%DFNJURXQGDQGUDWLRQDOHIRUFRQGXFWLQJWKLVVWXG\
&KURQLFREVWUXFWLYHSXOPRQDU\GLVHDVH&23'DFRPPRQSUHYHQWDEOHDQGWUHDWDEOHGLVHDVH
LVFKDUDFWHULVHGE\SHUVLVWHQWDLUIORZOLPLWDWLRQWKDWLVXVXDOO\SURJUHVVLYHDQGDVVRFLDWHGZLWK
DQHQKDQFHGFKURQLFLQIODPPDWRU\UHVSRQVHLQWKHDLUZD\VDQGWKHOXQJWRQR[LRXVSDUWLFOHVRU
JDVHV&LJDUHWWHVPRNLQJLVWKHPRVWFRPPRQULVNIDFWRUIRU&23''\VSQRHDFKURQLFFRXJK
DQG VSXWXP SURGXFWLRQ DUH WKH PRVW FRPPRQ FOLQLFDO V\PSWRPV ([DFHUEDWLRQ DQG
FRPRUELGLWLHVFRQWULEXWHWRWKHRYHUDOOVHYHULW\LQLQGLYLGXDOSDWLHQWV&23'LVDPDMRUFDXVH
RIPRUELGLW\DQGPRUWDOLW\ZRUOGZLGHDQGUHVXOWVLQHFRQRPLFDQGVRFLDOEXUGHQZKLFKLVERWK
VXEVWDQWLDODQGLQFUHDVLQJ%XLVWHWDO%XLVWHWDO
&23'LVFKDUDFWHUL]HGE\VWUXFWXUDOFKDQJHVLQWKHDLUZD\VUHVXOWLQJIURPUHSHDWHGLQMXU\DQG
UHSDLUDQGE\EURQFKRFRQVWULFWLRQZKLFKLVDQLPSRUWDQWWDUJHWIRUSKDUPDFRORJLFLQWHUYHQWLRQV
*2/'$GUHQHUJLFDQGFKROLQHUJLFSDWKZD\VPHGLDWHEURQFKRFRQVWULFWLRQLQ&23'
$QWLFKROLQHUJLFFRPSRXQGVVXFKDVLSUDWURSLXPWLRWURSLXPDFOLGLQLXPJO\FRS\UURQLXPRU
XPHFOLGLQLXPKDYHEHHQVKRZQWRSURYLGHFOLQLFDOEHQHILWLQWKHWUHDWPHQWRI&23'7KHVH
WKHUDSHXWLFDJHQWVEORFNPXVFDULQLFDFHW\OFKROLQHUHFHSWRUVLQEURQFKLDOVPRRWKPXVFOHDQG
WKXV GHFUHDVH FKROLQHUJLF WRQH PXVFDULQLF DQWDJRQLVP ȕDGUHQHUJLF DJRQLVWV VXFK DV
VDOEXWDPRODOEXWHURO IRUPRWHURO VDOPHWHURO RU LQGDFDWHURO VWLPXODWH ȕUHFHSWRUV LQ WKH
EURQFKLDO VPRRWK PXVFOH UHVXOWLQJ LQ VLPLODU HIIHFWV WR WKRVH RI DQWLFKROLQHUJLFV %RWK
DQWLFKROLQHUJLF GUXJV DQG ȕDGUHQHUJLF DJRQLVWV GHFUHDVH EURQFKRFRQVWULFWLRQ LQFUHDVHG
)(9DQGWKHUHE\UHGXFHG\VSQRHDDQG&23'H[DFHUEDWLRQVLQFUHDVHH[HUFLVHWROHUDQFHDQG
LPSURYHTXDOLW\RIOLIH
$V D UHVXOW RI WKHLU GLIIHULQJ PHFKDQLVPV RI DFWLRQ DQG VLPLODU SKDUPDFRG\QDPLF HIIHFWV
ȕDJRQLVWVDQGPXVFDULQLFDQWDJRQLVWVKDYHEHHQFRPELQHGZLWKLQWKHVDPHLQKDODWLRQGHYLFH
IRUWKHWUHDWPHQWRI&23'$GPLQLVWUDWLRQRIDQLQKDOHGIL[HGGRVHFRPELQDWLRQRILSUDWURSLXP
PXVFDULQLF DQWDJRQLVW DQG VDOEXWDPRODOEXWHURO ȕDJRQLVW KDV EHHQ VKRZQ WR SURGXFH D
VLJQLILFDQWO\ JUHDWHU LPSURYHPHQW LQ SXOPRQDU\ IXQFWLRQ WKDQ HLWKHU LSUDWURSLXP RU
VDOEXWDPRODOEXWHUROPRQRWKHUDSLHV>&RPELYHQW8'9V8QLWHG.LQJGRP8.6XPPDU\RI
3URGXFW&KDUDFWHULVWLFV6P3&@7KHVDIHW\DQGWROHUDELOLW\SURILOHRILSUDWURSLXPDOEXWHUROLV
VLPLODUWRWKRVHRIWKHLQGLYLGXDOFRPSRQHQWV+RZHYHURQHVLJQLILFDQWGUDZEDFNLVWKHVKRUW
OLYHGGXUDWLRQRIDFWLRQRIERWKRIWKHFRPSRQHQWVZKLFKQHFHVVLWDWHVUHSHDWHGGRVLQJWLPHV
GDLO\
6HYHUDOFRPELQDWLRQVRIORQJDFWLQJȕDGUHQHUJLFDJRQLVWV/$%$DQGORQJDFWLQJPXVFDULQLF
DQWDJRQLVWV /$0$ KDYH EHHQ UHFHQWO\ DSSURYHG RU WKH WUHDWPHQW RI &23' LH
8OWLEUR8WLEURQ LQGDFDWHUROJO\FRS\UURQLXP $QRUR YLODQWHUROXPHFOLGLQLXP DQG
6WLROWRRODGDWHUROWLRWURSLXP7KHFOLQLFDOVWXGLHVKDYHVKRZQWKDWWKHFRPELQHGXVHRID
/$%$DQGD/$0$SURYLGHVJUHDWHUEURQFKRGLODWLRQDQGEHWWHUV\PSWRPVFRQWUROFRPSDUHG
ZLWKWKHFRUUHVSRQGLQJPRQRWKHUDSLHV3HODLDHWDO0DOWDLVHWDO0DOHNL<D]GLHW
DO
'XDNOLU*HQXDLULVDIL[HGGRVHFRPELQDWLRQRI$%ȝJDQG))ȝJDSSURYHGLQ(XURSH
LQ1RYHPEHUDVDPDLQWHQDQFHEURQFKRGLODWRUWUHDWPHQWWRUHOLHYHV\PSWRPVLQDGXOW


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


SDWLHQWVZLWK&23'7KHDSSURYHGSRVRORJ\LVRQHLQKDODWLRQWZLFHGDLO\'XDNOLU*HQXDLU
6P3&
(NOLUD *HQXDLU%UHWDULV *HQXDLU7XGRU]D 3UHVVDLU LV D QRYHO /$0$ $%  ȝJ
DSSURYHGLQ(XURSHDQGLQWKH86LQ-XO\DVDPDLQWHQDQFHEURQFKRGLODWRUWUHDWPHQWWR
UHOLHYHV\PSWRPVLQDGXOWSDWLHQWVZLWK&23'7KHDSSURYHGSRVRORJ\LVRQHLQKDODWLRQWZLFH
GDLO\(NOLUD*HQXDLU6P3&6HS%UHWDULV*HQXDLU6P3&7XGRU]D3UHVVDLU
863UHVFULELQJ,QIRUPDWLRQ$SU
7KHFXUUHQW3KDVH,,,VWXG\LVGHVLJQHGWRLQYHVWLJDWHWKHORQJWHUPEURQFKRGLODWRUHIILFDF\RI
$%))JGHOLYHUHGE\LQKDODWLRQ%,'WRVXSSRUWUHJLVWUDWLRQRIWKHFRPELQDWLRQLQ86
7KHVWXG\ZLOODOVRDVVHVVWKHSRWHQWLDOEHQHILWVRIWKH,QYHVWLJDWLRQDO3URGXFW,3RQGLVHDVH
UHODWHGKHDOWKVWDWXV&23'V\PSWRPVDQGRWKHURXWFRPHVLQSDWLHQWVZLWKPRGHUDWHWRYHU\
VHYHUH&23',QDGGLWLRQWKHVWXG\ZLOODVVHVVWKHQRQLQIHULRUEURQFKRGLODWLRQRI$%J
%,'FRPSDUHGWR7,2J4'DQGHYDOXDWHWKHVDIHW\DQGWROHUDELOLW\RIWKHSURGXFWVLQWKH
VDPHSDWLHQWSRSXODWLRQ


5DWLRQDOHIRUVWXG\GHVLJQGRVHVDQGFRQWUROJURXSV
7KHREMHFWLYHVRIWKLVVWXG\DUHWRDVVHVVWKHEURQFKRGLODWRUHIILFDF\DQGVDIHW\DVZHOODVWKH
HIIHFW RQ KHDOWK UHODWHG TXDOLW\ RI OLIH RI $%))  PJ FRPSDUHG WR WKH LQGLYLGXDO
FRPSRQHQWV$%PJDQG))PJ$VDSULPDU\REMHFWLYHIRU0DUNHW$FFHVVWKHVWXG\
ZLOODVVHVVWKHQRQLQIHULRUEURQFKRGLODWLRQRI$%ȝJ%,'DVFRPSDUHGWR7,2ȝJ4'
LQ&23'SDWLHQWV
)'$ &RGHRI )HGHUDO5HJXODWLRQV 7LWOH 6HFWLRQ DQGWKH*XLGHOLQHRQ&OLQLFDO
'HYHORSPHQWRI)L[HG&RPELQDWLRQ0HGLFLQDO3URGXFWV&+03(:3VWDWHWKDW
HDFK VXEVWDQFH RI D IL[HG FRPELQDWLRQ PXVW KDYH D GRFXPHQWHG FRQWULEXWLRQ ZLWKLQ WKH
FRPELQDWLRQWRWKHFODLPHGHIIHFWV7KHUHIRUHWKHREMHFWLYHVRIWKHSUHVHQWWULDOZLOOEHWR
GHPRQVWUDWHVWDWLVWLFDOO\VLJQLILFDQWEURQFKRGLODWLRQDQGEHQHILWVRQKHDOWKUHODWHGTXDOLW\RIOLIH
RI$%))JFRPSDUHGZLWK$%JDQG))JDQGDQDFFHSWDEOHVDIHW\SURILOH
RIWKHFRPELQDWLRQFRPSDUHGWRWKHLQGLYLGXDOFRPSRQHQWV
$QDGGLWLRQDOREMHFWLYHRIWKHSUHVHQWVWXG\LVWRDVVHVVWKHQRQLQIHULRUEURQFKRGLODWLRQRI
LQKDOHG$%JYHUVXV7,2JDWZHHN$SUHYLRXVSKDVH,,,EWULDORIZHHNVGXUDWLRQ
LQPRGHUDWHWRVHYHUH&23'SDWLHQWVFRPSDUHG$%JWR7,2J4'7KHUHVXOWVRI
WKLVVWXG\VKRZHGWKDWDWGD\DQGDIWHUZHHNVRIWUHDWPHQW$%JSURYLGHGFRPSDUDEOH
UHVXOWVLQEURQFKRGLODWLRQRYHU7,2J4'ZLWKLPSURYHPHQWVEHLQJVWDWLVWLFDOO\VXSHULRU
IDYRXULQJ$%JRQ'D\IRUPRVWRIWKHVSLURPHWULFYDULDEOHVPDLQO\GXHWRGLIIHUHQFHV
GXULQJWKHQLJKWWLPHSHULRG%HLHUHWDO
7KHWDUJHWVWXG\SRSXODWLRQRIWKLVVWXG\V\PSWRPDWLF&$7&23'SDWLHQWVZLWKPRGHUDWH
WR YHU\ VHYHUH DLUIORZ REVWUXFWLRQ 6WDJH ,, WR ,9 DFFRUGLQJ WR WKH *2/' *XLGHOLQHV
FODVVLILFDWLRQSRVWEURQFKRGLODWRU)(9RIWKHSUHGLFWHGQRUPDODQG)(9)9&
KDVEHHQFRPPRQO\LQYHVWLJDWHGLQVLPLODUWULDOV'RQRKXH-)HWDO%DWHPDQ('
HWDO0DKOHU'$HWDO


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


7KHSURSRVHGWULDOGXUDWLRQRIZHHNVKDVEHHQFKRVHQDVLWZLOODOORZWKHDVVHVVPHQWRIWKH
HIIHFWRQV\PSWRPVLPSURYHPHQWRIWKHFRPELQHGWUHDWPHQWVYHUVXVLQGLYLGXDOFRPSRQHQWVDV
ZHOODVWKHORQJWHUPEURQFKRGLODWLRQFRPSDULVRQEHWZHHQ$%PJDQG7,2PJ
'XULQJWKHZDVKRXWDQGUXQLQSHULRGVSRQVRUSURYLGHGLSUDWURSLXPEURPLGH$WURYHQW+)$
LQKDODWLRQDHURVROIRU86SDWLHQWV$WURYHQW,QKDOHU&)&)UHHSUHVVXULVHGLQKDODWLRQVROXWLRQ
IRUQRQ86SDWLHQWVZLOOEHDGPLQLVWHUHG4,'WRWKHSDWLHQWVWKDWUHTXLUHDZDVKRXWRIDQ\
SURKLELWHGPHGLFDWLRQ
,QDGGLWLRQWRWKHIRXUDFWLYHWUHDWPHQWVLQWKLVVWXG\$%))J$%J))J
DQG7,2JUHOLHIPHGLFDWLRQDOEXWHUROVXOSKDWHȝJSXIIRUVDOEXWDPROS0',
PJSXII DV ZHOO DV VHYHUDO EDFNJURXQG PHGLFDWLRQV IRU WKH WUHDWPHQW RI &23' LQKDOHG
FRUWLFRVWHURLGVRUDORUSDUHQWHUDOFRUWLFRVWHURLGVXSWRDPD[LPXPGRVHRIPJRISUHGQLVRQH
SHUGD\RUPJHYHU\RWKHUGD\RUORZHUGRVHVR[\JHQWKHUDS\DQGRUDOVXVWDLQHGUHOHDVH
WKHRSK\OOLQHVZLOOEHSHUPLWWHGWKURXJKRXWWKHVWXG\GXUDWLRQLIWKHGRVHLVVWDEOHIRUDWOHDVW
ZHHNVSULRUWRHQWHULQJWKHVWXG\9LVLW
7KHDERYHWUHDWPHQWVZLOOKHOSFRQWUROOLQJSDWLHQW¶V&23'V\PSWRPVDVZHOODVWRPLQLPLVH
WKHULVNRI&23'H[DFHUEDWLRQV
,QKDOHUVDQGPHGLFDWLRQNLWVFRQWDLQLQJVWXG\GUXJZLOOSUHVHQWWKHVDPHH[WHUQDODSSHDUDQFHWR
HQVXUHWKHGRXEOHEOLQGQDWXUHRIWKHWULDO7KHEOLQGLQJDQGUDQGRPL]DWLRQRIVWXG\GUXJZLOO
DYRLGWKHFKDQFHRIELDVLQSDWLHQWWUHDWPHQWDVVLJQDWLRQDVZHOODVSDWLHQWPDQDJHPHQWGXULQJ
WKHVWXG\DQGGDWDLQWHUSUHWDWLRQ$GGLWLRQDOO\E\UDQGRPO\DVVLJQLQJSDWLHQWVWRDQ\RIWKH
SRVVLEOHWUHDWPHQWDUPVGLIIHUHQFHVLQEDVHOLQHFKDUDFWHULVWLFVRIWKHWUHDWPHQWJURXSVZLOOEH
PLQLPLVHG3DWLHQW¶VVPRNLQJVWDWXVDWWKHWLPHRIUDQGRPL]DWLRQZLOOEHXVHGDVWUHDWPHQW
DOORFDWLRQIDFWRU
7KHSDUDPHWHUVWREHPHDVXUHGKDYHEHHQVHOHFWHGEDVHGRQWKHREMHFWLYHVDQGRXWFRPHVWREH
DVVHVVHG7KXVWKHVWXG\ZLOODVVHVV)(9DVDPHDVXUHRIOXQJIXQFWLRQDQGRWKHUOXQJ
IXQFWLRQSDUDPHWHUVDVZHOODVV\PSWRPDWLFEHQHILWVLQFOXGLQJWKH&23'$VVHVVPHQW7HVW
&$76W*HRUJH5HVSLUDWRU\4XHVWLRQQDLUH6*54(YDOXDWLQJ5HVSLUDWRU\6\PSWRPVLQ
&23' (5670 &23' 1LJKWWLPH DQG (DUO\ 0RUQLQJ 6\PSWRPV RI &23' LQVWUXPHQW
1L6&,DQG(06&,&23'H[DFHUEDWLRQVDQGXVHRIUHOLHIPHGLFDWLRQDOOSUHYLRXVO\XVHGLQ
VLPLODUVWXGLHV'RQRKXHHWDO&HOOLHWDO%DWHPDQHWDO6LPLODUO\DGYHUVH
HYHQWVDQGFRPPRQO\XVHGWROHUDELOLW\DVVHVVPHQWVHJ(&*EORRGSUHVVXUHDQGFOLQLFDO
ODERUDWRU\WHVWZLOOEHSHUIRUPHGWRPRQLWRUVWXG\GUXJVDIHW\SURILOHDQGSDWLHQW¶VZHOOEHLQJ
WKURXJKRXWWKHWULDO
,QDVXEVHWRIRISDWLHQWVKVSLURPHWU\DVVHVVPHQWVZLOOEHSHUIRUPHGDW9LVLWVDQG
WRFKDUDFWHUL]HWKHHYHQLQJSHDNHIIHFW

%HQHILWULVNDQGHWKLFDODVVHVVPHQW
7KH$%))JFRPELQDWLRQLVDSSURYHGLQ(XURSHDVDPDLQWHQDQFHEURQFKRGLODWRU
WUHDWPHQWWRUHOLHYHV\PSWRPVLQDGXOWSDWLHQWVZLWK&23'$%JDQG7,2JDUHERWK


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


DSSURYHGLQ(XURSHDQGLQWKH86DOVRDVDPDLQWHQDQFHEURQFKRGLODWRUWUHDWPHQWLQWKHVDPH
SRSXODWLRQ:KLOH))JGHOLYHUHGE\3UHVVDLU*HQXDLULVQRWDQDSSURYHGSURGXFWUHVXOWV
IURP SUHYLRXVO\ FRPSOHWHG VWXGLHV KDYHGHPRQVWUDWHG WKH HIILFDF\ DQG VDIHW\ RI ))  J
FRPSDUHGWRSODFHERLQSDWLHQWVRYHUDWUHDWPHQWSHULRGRIZHHNV'¶8U]RHWDO
6LQJKHWDO
7KHFOLQLFDOGHYHORSPHQWSURJUDPPHIRU$%))JKDVVKRZQWRSURYLGHDGGLWLRQDO
HIILFDF\EHQHILWVFRPSDUHGWRWKRVHDVVRFLDWHGZLWK$%RU))PRQRWKHUDSLHVDVDVVHVVHGE\
PHDVXUHVRIOXQJIXQFWLRQ&23'V\PSWRPVDQGGLVHDVHVSHFLILFKHDOWKVWDWXVZLWKDVDIHW\
SURILOHFRPSDUDEOHWRWKHPRQRWKHUDSLHV'¶8U]RHWDO6LQJKHWDO
7KHVDIHW\SURILOHRI$%))J$%JDQG7,2JDUHEDVHGRQFOLQLFDODQG
SRVWPDUNHWLQJH[SHULHQFH
$VWKH,3FRQWDLQV$%DQG))WKHW\SHDQGVHYHULW\RIDGYHUVHUHDFWLRQVDVVRFLDWHGZLWKHDFK
RIWKHFRPSRQHQWVDUHWKHRQHVH[SHFWHGZLWK$%))J
&RPPRQDGYHUVHHYHQWVWREHH[SHFWHGIRUWKHGLIIHUHQW,3VDUH

$%JVLQXVLWLVQDVRSKDU\QJLWLVKHDGDFKHFRXJKVLQXVLWLVGLDUUKRHDDQGQDXVHD

))JSDOSLWDWLRQVKHDGDFKHDQGWUHPRU

$%))  J QDVRSKDU\QJLWLV XULQDU\ WUDFW LQIHFWLRQ VLQXVLWLV WRRWK DEVFHVV
LQVRPQLDDQ[LHW\WUHPRUGU\PRXWKEORRGFUHDWLQLQHSKRVSKRNLQDVHLQFUHDVHG

7,2GU\PRXWK
7KHUH LV OLPLWHG HYLGHQFH RQ WKH PDQDJHPHQW RI RYHUGRVH ZLWK 'XDNOLU *HQXDLU
(NOLUD%UHWDULV7XGRU]D *HQXDLU3UHVVDLU +LJK GRVHV PD\ OHDG WR H[DJJHUDWHG
DQWLFKROLQHUJLFDQGRUȕDGUHQHUJLFVLJQVDQGV\PSWRPVWKHPRVWIUHTXHQWRIZKLFKLQFOXGH
EOXUUHGYLVLRQGU\PRXWKQDXVHDPXVFOHVSDVPWUHPRUKHDGDFKHSDOSLWDWLRQVDQGV\VWROLF
K\SHUWHQVLRQ
)RUPRUHGHWDLOVRQWKHVDIHW\DQGWROHUDELOLW\SURILOHRIWKHDIRUHPHQWLRQHGFRPSRXQGVSOHDVH
VHH WKH DSSURYHG 6P3& (NOLUD *HQXDLU 6P3&  %UHWDULV *HQXDLU 6P3& 
7XGRU]D3UHVVDLU863UHVFULELQJ,QIRUPDWLRQ$%)),QYHVWLJDWRU¶V%URFKXUH(GLWLRQ
$XJXVW6SLULYD6P3&DQG6SLULYD863UHVFULELQJ,QIRUPDWLRQ
%DVHGRQWKHVWXG\GUXJVDIHW\SURILOHQRVSHFLILFULVNVDUHDQWLFLSDWHGZLWKWKHGRVHVDQGWKH
GRVHUHJLPHQSURSRVHGLQWKLVWULDO6WLOOLQYHVWLJDWRUVZLOOHQVXUHDGHTXDWHPHGLFDOFDUHRI
WKHWULDOSDUWLFLSDQWVDWDOOWLPHVWKURXJKRXWWKHFRXUVHRIWKHVWXG\

6WXG\'HVLJQ
7KLVLVDPXOWLSOHGRVHUDQGRPL]HGSDUDOOHOGRXEOHEOLQGGRXEOHGXPP\PXOWLFHQWUHDQG
PXOWLQDWLRQDO3KDVH,,,VWXG\WRGHWHUPLQHWKHHIILFDF\DQGVDIHW\RI$%))JFRPSDUHG
WRLQGLYLGXDOFRPSRQHQWVDQG7,2JZKHQDGPLQLVWHUHGWRSDWLHQWVZLWKVWDEOH&23'


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


7KHVWXG\ZLOOFRQVLVWRID6FUHHQLQJ9LVLW9LVLWFRQGXFWHGDIWHUVLJQDWXUHRIWKH,&)ZKHUH
PHGLFDOKLVWRU\&23'KLVWRU\SK\VLFDOH[DPLQDWLRQODERUDWRU\DQDO\VLV(&*DQG&23'
VHYHULW\ VWDJH &23' DVVHVVPHQW WHVW DQG SRVWEURQFKRGLODWRU )(9 DFFRUGLQJ WR *2/'
JXLGHOLQHVZLOOEHFRQGXFWHG
3DWLHQWVIXOILOOLQJLQFOXVLRQH[FOXVLRQFULWHULDDWWKHWLPHRIWKHVFUHHQLQJZLOOEHHQWHUHGLQWRD
UXQLQSHULRGRIGD\VWRDVVHVVSDWLHQW¶VGLVHDVHVWDELOLW\3DWLHQWVZKRUHTXLUHDZDVK
RXWRISURKLELWHGPHGLFDWLRQZLOOEHSUHVFULEHG$WURYHQWSXII4,'WREHWDNHQGXULQJWKH
ZDVKRXW DQG WKH UXQLQ SHULRG  $OO SDWLHQWV ZLOO EH SURYLGHG ZLWK UHOLHI PHGLFDWLRQ
VDOEXWDPRODOEXWHURODWWKHVLJQDWXUHRIWKH,&)DQGZLOOFRQWLQXHXVLQJRQO\WKHDOORZHG
&23'PHGLFDWLRQVWKURXJKWKHVWXG\$WWKH6FUHHQLQJ9LVLW9LVLWSDWLHQWVDUHSURYLGHG
ZLWKWKHHGLDU\WRUHFRUGWKHXVHRIUHOLHIPHGLFDWLRQRQFHGDLO\DQGWKHLU&23'V\PSWRPVDQG
,3LQWDNHHYHU\PRUQLQJDQGQLJKW
'XULQJWKHGRXEOHEOLQGWUHDWPHQWSHULRGSDWLHQWVZLOOYLVLWWKHVLWHWRDVVHVVFOLQLFDOHIILFDF\
DQGVDIHW\RQPRUHRFFDVLRQVDIWHUZHHNRIWUHDWPHQW9LVLWDIWHUZHHNVRIWUHDWPHQW
9LVLWDIWHUZHHNVRIWUHDWPHQW9LVLWDIWHUZHHNVRIWUHDWPHQW9LVLWDQGDIWHU
ZHHNVRIWUHDWPHQW9LVLW$IROORZXSFRQWDFWZLOOEHSHUIRUPHGZHHNVDIWHUWKHODVW
LQYHVWLJDWLRQDOSURGXFW,3DGPLQLVWUDWLRQIRUSDWLHQWVWKDWFRPSOHWHWKHVWXG\WUHDWPHQWDQG
IRUSDWLHQWVWKDWGLVFRQWLQXHIURPWKHWULDOZLWKGUDZDOVWRDVVHVVQHZRURQJRLQJDGYHUVH
HYHQWV$(V&23'H[DFHUEDWLRQVDVZHOODVDQ\FRQFRPLWDQWPHGLFDWLRQDGPLQLVWHUHGWRWUHDW
WKHPHQWLRQHG$(3DWLHQWVFRPSOHWLQJWKHWULDOZLOOEHWKHSDWLHQWVZKRSHUIRUPHGWKHVWXG\
SURFHGXUHVXSWR9LVLWDFFRUGLQJWRWKHSURWRFRO3DWLHQWVFRPSOHWLQJWKHWUHDWPHQWZLOOEH
WKRVHSDWLHQWVZKRZHUHRQVWXG\GUXJGXULQJWKHZHHNWUHDWPHQWSHULRGHYHQLIWKH\GRQRW
FRPSOHWHWKHIROORZXSFRQWDFW
3DWLHQWVZKRSUHPDWXUHO\GLVFRQWLQXH,3ZLOOSHUIRUPDQ(QGRI7UHDWPHQW(279LVLWDQGZLOO
EH HQFRXUDJHG WR FRPSOHWH D SRVW,3 GLVFRQWLQXDWLRQ IROORZXS SHULRG LQFOXGLQJ VFKHGXOHG
VWXG\YLVLWV3DWLHQWVSDUWLFLSDWLQJLQWKHVXEVWXG\ZKRFKRRVHWRGLVFRQWLQXHIURPWUHDWPHQW
ZLOORQO\FRPSOHWHVFKHGXOHGYLVLWVDQGQRWFRPSOHWHDQ\UHPDLQLQJVXEVWXG\DVVHVVPHQWV
3DWLHQWVZKRSUHPDWXUHO\GLVFRQWLQXHIURPWKHVWXG\ZLWKGUDZDOZLOOSDUWLFLSDWHLQDQ(QGRI
6WXG\(26
)LJXUH
6WXG\IORZFKDUW
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
)ROORZ8S
&RQWDFW
aZHHNV
:HHN
:HHN
:HHN
:HHN :HHN :HHN :HHN
6FUHHQLQJ
5XQLQ
SHULRG
fGD\V
7UHDWPHQW3KDVHZHHNV
)ROORZ8S

GD\V
$%))ȝJ%,'
$%ȝJ%,'
))ȝJ%,'
7,2J


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK



5HIHUWRVHFWLRQIRUWKHOLVWRIDOORZHGDQGFRQFRPLWDQWPHGLFDWLRQ


678'<2%-(&7,9(6
3ULPDU\DQGVHFRQGDU\REMHFWLYHVDUHWREHDVVHVVHGUHJDUGOHVVWKHDGKHUHQFHWRWKHUDQGRPL]HG
WUHDWPHQW

3ULPDU\REMHFWLYH

3ULPDU\REMHFWLYHIRU86
7R DVVHVV WKH EURQFKRGLODWRU\ HIIHFW RI $%))  J FRPSDUHG WR HDFK LQGLYLGXDO
FRPSRQHQWZKHQDGPLQLVWHUHGWZLFHGDLO\YLDLQKDODWLRQWR&23'SDWLHQWV
3ULPDU\REMHFWLYHIRU0DUNHW$FFHVV
7RDVVHVVWKHQRQLQIHULRUEURQFKRGLODWLRQRI$%ȝJ%,'DVFRPSDUHGWRWLRWURSLXP7,2
ȝJ4'LQ&23'SDWLHQWV


6HFRQGDU\REMHFWLYHV
7RIXUWKHUFKDUDFWHUL]HWKHHIIHFWRI$%))JRQEURQFKRGLODWLRQDQGKHDOWKUHODWHG
TXDOLW\RIOLIHFRPSDUHGWRLQGLYLGXDOFRPSRQHQWVZKHQDGPLQLVWHUHGWZLFHGDLO\YLDLQKDODWLRQ
WR&23'SDWLHQWV


6DIHW\REMHFWLYHV
7R HYDOXDWH WKH VDIHW\ DQG WROHUDELOLW\ RI $%))  J DV FRPSDUHG WR LQGLYLGXDO
FRPSRQHQWVLQ&23'SDWLHQWV


([SORUDWRU\REMHFWLYHV
7UHDWPHQWHIIHFWVDQGFRPSDULVRQVLQSULPDU\DQGVHFRQGDU\HQGSRLQWVZLOOEHHYDOXDWHGIRU
WKH VXEJURXS RI SDWLHQWV ZKLFK DUH PRUH V\PSWRPDWLF DW VWXG\ HQWU\ EDVHG RQ GLIIHUHQW
GHILQLWLRQV



&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK



2XWFRPHYDULDEOHV
7KHFRSULPDU\YDULDEOHVIRU86DUHWKHIROORZLQJ
x &KDQJHIURPEDVHOLQHLQKRXUPRUQLQJSRVWGRVHGRVH)(9RI$%))J
FRPSDUHGWR$%JDWZHHN
x &KDQJH IURP EDVHOLQH LQ PRUQLQJ SUHGRVH WURXJK )(9 RI $%))  J
FRPSDUHGWR))JDWZHHN
7KHSULPDU\YDULDEOHIRU0DUNHW$FFHVVLVWKHIROORZLQJ
x &KDQJHIURPEDVHOLQHLQPRUQLQJSUHGRVHWURXJK)(9DWZHHNFRPSDULQJ$%
J%,'YHUVXV7,2J
7KHVHFRQGDU\YDULDEOHVDUHWKHIROORZLQJ
x &KDQJHIURPEDVHOLQHLQQRUPDOL]HG$8&K)(9RI$%))JDWZHHN
FRPSDUHGWR$%JDQG))J
x 1XPEHURISDWLHQWVDFKLHYLQJDFOLQLFDOO\PHDQLQJIXOLPSURYHPHQWDGHFUHDVHRI
DWOHDVWXQLWVIURPEDVHOLQHZLWK$%))JLQ6*54WRWDOVFRUHDWZHHN
FRPSDUHGWR$%JDQG))J
$GGLWLRQDOHIILFDF\YDULDEOHV
x 3XOPRQDU\IXQFWLRQYDULDEOHV)(9)9&DWHDFKGLIIHUHQWWLPHSRLQWVRQVHWRIDFWLRQ
SHDNDQGWURXJK)(9DWHDFKYLVLWDQGDYHUDJHLH$UHD8QGHUWKH&XUYHRYHUKSRVW
GRVH >$8& K@ 0RUHRYHU LQ WKH VXEVHW RI SDWLHQWV ZLWK K VHULDO SXOPRQDU\
IXQFWLRQWHVWVWKHIROORZLQJYDULDEOHVZLOOEHDVVHVVHG)(9DQG)9&DWHDFKWLPHSRLQW
DQG$8&K$8&K$8&K
x +HDOWKUHODWHGTXDOLW\RIOLIHRXWFRPHV6W*HRUJH5HVSLUDWRU\4XHVWLRQQDLUH6*54
&23' $VVHVVPHQW 7HVW &$7 FKDQJH IURP EDVHOLQH DQG UHVSRQGHU DQDO\VLV
SHUFHQWDJHRISDWLHQWVUHDFKLQJWKHPLQLPDOO\FOLQLFDOLPSRUWDQWGLIIHUHQFH>0&,'@DW
HDFKYLVLW
x 6\PSWRPDWLFRXWFRPHV(YDOXDWLQJ5HVSLUDWRU\6\PSWRPVLQ&23'(5670&23'
1LJKWWLPH DQG (DUO\ PRUQLQJ V\PSWRPV RI &23' LQVWUXPHQW 1L6&, 	 (06&,
FKDQJHIURPEDVHOLQHDQGUHVSRQGHUDQDO\VLVRQO\(56DWHDFKYLVLWDQGRYHUWKH
WUHDWPHQWSHULRG
x &23' H[DFHUEDWLRQV DV GHILQHG E\ +HDOWK &DUH 5HVHDUFK 8WLOL]DWLRQ +&58 DQG
([DFHUEDWLRQVRI&KURQLF3XOPRQDU\'LVHDVH7RRO(;$&7SHUFHQWDJHRISDWLHQWV
ZLWKDWOHDVWRQHH[DFHUEDWLRQUDWHRIH[DFHUEDWLRQVDQGWLPHWRILUVWH[DFHUEDWLRQ


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


x 8VHRIUHOLHI PHGLFDWLRQFKDQJHIURPEDVHOLQHDWHDFKYLVLWDQGRYHUWKHWUHDWPHQW
SHULRG
x 'HYLFHSUHIHUHQFHDQGZLOOLQJQHVVWRFRQWLQXH
6DIHW\RXWFRPHV
x $GYHUVH(YHQWV$(V6HULRXV$GYHUVH(YHQWV6$(V
x &OLQLFDOODERUDWRU\WHVWKHPDWRORJ\DQGELRFKHPLVWU\
x %ORRGSUHVVXUH
x OHDG(&*
x 0DMRU$GYHUVH&DUGLDF(YHQWV0$&(

68%-(&76(/(&7,21(152/0(175$1'20,=$7,21
5(675,&7,216',6&217,18$7,21$1':,7+'5$:$/
(DFKVXEMHFWVKRXOGPHHWDOORIWKHLQFOXVLRQFULWHULDDQGQRQHRIWKHH[FOXVLRQFULWHULDIRUWKLV
VWXG\8QGHUQRFLUFXPVWDQFHVFDQWKHUHEHH[FHSWLRQVWRWKLVUXOH

,QFOXVLRQFULWHULD
)RULQFOXVLRQLQWKHVWXG\VXEMHFWVVKRXOGIXOILOWKHIROORZLQJFULWHULD
 $GXOWPDOHRUQRQSUHJQDQWQRQODFWDWLQJIHPDOHSDWLHQWVDJHG
([SODQDWRU\QRWH$IHPDOHLVFRQVLGHUHGWREHRIFKLOGEHDULQJSRWHQWLDOXQOHVVLVDW
OHDVWRQH\HDUSRVWPHQRSDXVDORUSHUPDQHQWO\VWHULOLVHGHJWXEDORFFOXVLRQ

K\VWHUHFWRP\ELODWHUDOVDOSLQJHFWRP\:RPHQRIFKLOGEHDULQJSRWHQWLDODUHDOORZHG
WRHQWHUWKHWULDOLIWKH\VKRZWRKDYHDQHJDWLYHSUHJQDQF\WHVWDWWKH6FUHHQLQJ9LVLW
DQGDUHXVLQJGXULQJWKHODVWWZRPRQWKVEHIRUHWKH6FUHHQLQJ9LVLWDQGGXULQJWKH
ZKROHGXUDWLRQRIWKHWULDODWOHDVWRQHPHGLFDOO\DSSURYHGDQGKLJKO\HIIHFWLYHPHWKRG
RIELUWKFRQWUROGHILQHGDVWKRVHDORQHRULQFRPELQDWLRQZKLFKUHVXOWLQDORZIDLOXUH
UDWHLHOHVVWKDQSHU\HDUZKHQXVHGFRQVLVWHQWO\DQGFRUUHFWO\0DOHSDUWLFLSDQWV
DUHQRWUHTXHVWHGWRXVHFRQWUDFHSWLRQPHWKRGVGXULQJWKHLUSDUWLFLSDWLRQRQWKHWULDO
 3DWLHQWVZLWKGLDJQRVLVRIPRGHUDWHWRYHU\VHYHUHVWDEOH&23'SRVWEURQFKRGLODWRU
)(9  RI WKHSUHGLFWHGQRUPDODQGSRVWEURQFKRGLODWRU )(9)9& DW
6FUHHQLQJ9LVLW
([SODQDWRU\QRWH0RGHUDWHWRYHU\VHYHUH&23'6WDJH,,RU6WDJH,9DFFRUGLQJWR
WKH*2/'JXLGHOLQHVFODVVLILFDWLRQ3RVWEURQFKRGLODWLRQPHDQV)(9DQG)9&
EHWZHHQ  WR  PLQXWHV DIWHU LQKDODWLRQ RI  SXIIV RI DOEXWHUROVDOEXWDPRO IURP
DFFHSWDEOH DQG UHSHDWDEOH SXOPRQDU\ IXQFWLRQ WHVWLQJ DFFRUGLQJ WR WKH $PHULFDQ


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


7KRUDFLF6RFLHW\$76(XURSHDQ5HVSLUDWRU\6RFLHW\(56FULWHULD3UHGLFWHG
QRUPDOYDOXHVWREHXVHGDUHEDVHGRQWKH*OREDO/XQJ)XQFWLRQ,QLWLDWLYHSUHGLFWHG
YDOXHV4XDQMHUHWDO
 6\PSWRPDWLF SDWLHQWV ZLWK D &$7 VFRUH  DW 6FUHHQLQJ DQG 5DQGRPL]DWLRQ YLVLW
9LVLWVDQG
 &XUUHQWRUIRUPHUVPRNHUVZLWKDVPRNLQJKLVWRU\RISDFN\HDUV
([SODQDWRU\QRWHV
D )RUPHUVPRNHUFRQGLWLRQGHILQHGDVKDYLQJTXLWVPRNLQJPRQWKVEHIRUH9LVLW
6FUHHQLQJ
E 3DFN\HDUVLVFDOFXODWHGE\GLYLGLQJWKHQXPEHURIFLJDUHWWHVVPRNHGSHUGD\E\
WKHQXPEHURIFLJDUHWWHVLQDSDFNDQGPXOWLSO\LQJWKLVILJXUHE\WKHQXPEHURI
\HDUVDSHUVRQKDVVPRNHG)RUH[DPSOHDSHUVRQZKRVPRNHVFLJDUHWWHVDGD\
DQG KDV VPRNHG IRU  \HDUV ZRXOG KDYH D  SDFN\HDU VPRNLQJ KLVWRU\ 
FLJDUHWWHVSHUGD\yFLJDUHWWHVSHUSDFN [\HDUVRIVPRNLQJ SDFN
\HDUKLVWRU\,QFDVHRILQWHUPLWWHQWVPRNLQJQRQVPRNLQJSHULRGVSDFN\HDUVLV
FDOFXODWHGE\VXPPLQJDOOSHULRGVSDFN\HDUV
F 3DWLHQWV VPRNLQJ RWKHU WREDFFR W\SHV ZLOO QRW EH DOORZHG XQOHVV WKH\ PHHW WKH
FLJDUHWWHFULWHULRQDVZHOO
 3DWLHQWVDEOHWRSHUIRUPDFFHSWDEOHDQGUHSHDWDEOHSXOPRQDU\IXQFWLRQWHVWLQJIRU)(9
DFFRUGLQJ WR WKH $PHULFDQ 7KRUDFLF 6RFLHW\ $76(XURSHDQ 5HVSLUDWRU\ 6RFLHW\
(56FULWHULDDW9LVLW
 3DWLHQWVHOLJLEOHDQGDEOHWRSDUWLFLSDWHLQWKHVWXG\DQGZKRKDGVLJQHGDQ,QIRUPHG
&RQVHQW)RUPSULRUWRLQLWLDWLRQRIDQ\VWXG\UHODWHGSURFHGXUHV


([FOXVLRQFULWHULD
6XEMHFWVVKRXOGQRWHQWHUWKHVWXG\LIDQ\RIWKHIROORZLQJH[FOXVLRQFULWHULDDUHIXOILOOHG
 ,QYROYHPHQWLQWKHSODQQLQJDQGRUFRQGXFWRIWKHVWXG\DSSOLHVWR$VWUD=HQHFDVWDII
DQGRUVLWHVWDIIRUSDWLHQWVHPSOR\HGE\RUUHODWLYHVRIWKHHPSOR\HHVRIWKHVLWHRU
VSRQVRU
 3UHYLRXVUDQGRPL]DWLRQLQWKHSUHVHQWVWXG\'&
 3DWLHQWVZLWKSUHGRPLQDQWDVWKPD
([SODQDWRU\QRWH,IWKHLQYHVWLJDWRULQKLVRUKHUPHGLFDOMXGJHPHQWGHWHUPLQHVWKH
SULRU DVWKPD GLDJQRVLV LV XQUHODWHG WR VXEMHFW FXUUHQW FRQGLWLRQ HJ PLVGLDJQRVLV
SUHPDWXUHGLDJQRVLVRUUHVROXWLRQRIHDUO\RQVHWGLVHDVHWKHQWKHSDWLHQWLVHOLJLEOH
IRUWKHVWXG\
 $Q\ UHVSLUDWRU\ WUDFW LQIHFWLRQ LQFOXGLQJ WKH XSSHU UHVSLUDWRU\ WUDFW RU &23'
H[DFHUEDWLRQLQFOXGLQJWKHPLOG&23'H[DFHUEDWLRQZLWKLQZHHNVSULRUWRVFUHHQLQJ
RUGXULQJWKHUXQLQSHULRG


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


 3DWLHQWVKRVSLWDOL]HGIRUD&23'H[DFHUEDWLRQDQHPHUJHQF\URRPYLVLWIRUORQJHUWKDQ
KRXUVLVFRQVLGHUHGDKRVSLWDOL]DWLRQZLWKLQPRQWKVSULRUWR6FUHHQLQJ9LVLW
 &OLQLFDOO\VLJQLILFDQWUHVSLUDWRU\FRQGLWLRQVRWKHUWKDQ&23'
([SODQDWRU\QRWH&OLQLFDOO\VLJQLILFDQWUHVSLUDWRU\FRQGLWLRQVGHILQHGDV
D .QRZQDFWLYHWXEHUFXORVLV
E +LVWRU\RILQWHUVWLWLDOOXQJGLVHDVHRUPDVVLYHSXOPRQDU\WKURPERHPEROLFGLVHDVH
F 3XOPRQDU\UHVHFWLRQRUOXQJYROXPHUHGXFWLRQVXUJHU\
G +LVWRU\RIOXQJWUDQVSODQWDWLRQ
H 3DWLHQWVZKRLQWKH,QYHVWLJDWRU¶VRSLQLRQPLJKWQHHGWKRUDFRWRP\RURWKHUOXQJ
VXUJHU\GXULQJWKHVWXG\
I %URQFKLHFWDVLVVHFRQGDU\WRUHVSLUDWRU\GLVHDVHVRWKHUWKDQ&23'HJF\VWLF
ILEURVLV.DUWDJHQHU¶VV\QGURPHHWF
J .QRZQĮDQWLWU\SVLQGHILFLHQF\
 3DWLHQWVZKRLQWKH,QYHVWLJDWRU¶VRSLQLRQPD\QHHGWRVWDUWDSXOPRQDU\UHKDELOLWDWLRQ
SURJUDPGXULQJWKHVWXG\DQGRUSDWLHQWVZKRVWDUWHGILQLVKHGLWZLWKLQPRQWKVSULRU
WR6FUHHQLQJ
 8VHRIORQJWHUPR[\JHQWKHUDS\KRXUVGD\
 3DWLHQWVZKRGRQRWPDLQWDLQUHJXODUGD\QLJKWZDNLQJVOHHSLQJF\FOHVLQFOXGLQJQLJKW
VKLIWZRUNHUV
([SODQDWRU\QRWHWKHXVHRIFRQWLQXRXVSRVLWLYHDLUZD\SUHVVXUH&3$3LVQRWDQ
H[FOXVLRQFULWHULD
&OLQLFDOO\VLJQLILFDQWFDUGLRYDVFXODUFRQGLWLRQV
([SODQDWRU\QRWH&OLQLFDOO\VLJQLILFDQWFDUGLRYDVFXODUFRQGLWLRQVVRPHH[DPSOHV
DUH
D 0\RFDUGLDOLQIDUFWLRQZLWKLQWKHPRQWKVSULRUWRVFUHHQLQJ
E 7KRUDFLFVXUJHU\ZLWKLQPRQWKVSULRUWRVFUHHQLQJ
F 8QVWDEOH DQJLQD RU XQVWDEOH DUUK\WKPLD ZKLFK KDG UHTXLUHG FKDQJHV LQ WKH
SKDUPDFRORJLFDOWKHUDS\RURWKHULQWHUYHQWLRQZLWKLQPRQWKVSULRUWRVFUHHQLQJ
RU QHZO\ GLDJQRVHG DUUK\WKPLD ZLWKLQ WKH  PRQWKV SULRU WR VFUHHQLQJ ZKLFK
UHTXLUHGWKHSKDUPDFRORJLFDOWKHUDS\RURWKHULQWHUYHQWLRQ
G +RVSLWDOL]DWLRQ ZLWKLQ  PRQWKV SULRU WR VFUHHQLQJ IRU KHDUW IDLOXUH IXQFWLRQDO
FODVVHV,,,PDUNHGOLPLWDWLRQRIDFWLYLW\DQGRQO\FRPIRUWDEOHDWUHVWDQG,9QHHG


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


RIFRPSOHWHUHVWFRQILQHPHQWWREHGRUFKDLUGLVFRPIRUWDWDQ\SK\VLFDODFWLYLW\DQG
SUHVHQFHRIV\PSWRPVDWUHVWDVSHUWKH1HZ<RUN+HDUW$VVRFLDWLRQ
H 3UHVHQFH RI DQ LPSODQWDEOH FDUGLRYHUWHUGHILEULOODWRU ,&' ZLWKLQ WKH ODVW \HDU
SULRUWR6FUHHQLQJYLVLW
3DWLHQWV ZLWK XQFRQWUROOHG 7\SH , RU 7\SH ,, GLDEHWHV XQFRQWUROOHG K\SRRU
K\SHUWK\URLGLVPK\SRNDODHPLDRUK\SHUDGUHQHUJLFVWDWHXQFRQWUROOHGK\SHUWHQVLRQ
3DWLHQWV ZLWK KLVWRU\ RI ORQJ 47 V\QGURPH RU ZKRVH 47F FDOFXODWHG DFFRUGLQJ WR
)ULGHULFLD¶V)RUPXOD47F 4755!PVDVLQGLFDWHGLQWKHFHQWUDOLVHGUHDGLQJ
UHSRUWDVVHVVHGDW6FUHHQLQJ
3DWLHQWVZLWKFOLQLFDOO\VLJQLILFDQWDEQRUPDOLWLHVLQWKHODERUDWRU\WHVWV(&*
SDUDPHWHUVRWKHUWKDQ47FRULQWKHSK\VLFDOH[DPLQDWLRQDW6FUHHQLQJ9LVLWWKDW
PLJKWFRPSULVHSDWLHQWVDIHW\
3DWLHQWZLWKNQRZQQRQFRQWUROOHGKLVWRU\RILQIHFWLRQZLWKKXPDQLPPXQRGHILFLHQF\
YLUXVDQGRUDFWLYHKHSDWLWLV
([SODQDWRU\QRWH
Ă͘ $FWLYH KHSDWLWLV LV GHILQHG DV FOLQLFDO V\PSWRPV DVVRFLDWHG ZLWK FKURQLF SRUWDO
LQIODPPDWLRQZLWKUHJLRQDOQHFURVLVDQGILEURVLVZKLFKPD\SURJUHVVWRQRGXODU
SRVWQHFURWLFFLUUKRVLVRUSDWLHQWVZLWKDQWLERG\WRKHSDWLWLV%FRUHDQWLJHQ+%F$J
DQGKHSDWLWLV%VXUIDFHDQWLJHQ+%V$JWHVWZLWKSRVLWLYHUHVXOWVRUDQWLKHSDWLWLV&
YLUXV+&9DQWLERG\DQG+&9UHFRPELQDQWLPPXQREORWDVVD\+&9SRVLWLYHWHVWV
RUJHQHWLFPDWHULDOULERQXFOHLFDFLGWHVWLQJSRVLWLYHUHVXOWV
ď͘ $FWLYHLQIHFWLRQZLWKKXPDQLPPXQRGHILFLHQF\YLUXVLVGHILQHGDVDFRQILUPHGYLUDO
ORDG!FRSLHVP/DQGRU&'&RXQWFHOOVPP
3DWLHQW ZLWK D KLVWRU\ RI K\SHUVHQVLWLYLW\ UHDFWLRQ WR LQKDOHG PHGLFDWLRQ RU DQ\
FRPSRQHQWWKHUHRILQFOXGLQJSDUDGR[LFDOEURQFKRVSDVP
3DWLHQWVZLWKNQRZQQDUURZDQJOHJODXFRPDV\PSWRPDWLFEODGGHUQHFNREVWUXFWLRQ
DFXWHXULQDU\UHWHQWLRQRUV\PSWRPDWLFQRQVWDEOHSURVWDWHK\SHUWURSK\
([SODQDWRU\QRWH3DWLHQWVZLWKZHOOFRQWUROOHGVWDEOHEHQLJQSURVWDWLFK\SHUWURSK\
DUHQRWH[FOXGHG
+LVWRU\RIPDOLJQDQF\RIDQ\RUJDQV\VWHPLQFOXGLQJOXQJFDQFHUWUHDWHGRU
XQWUHDWHGZLWKLQWKHSDVW\HDUVRWKHUWKDQEDVDORUVTXDPRXVFHOOVNLQFDQFHU
([SODQDWRU\QRWH3DWLHQWVDUHH[FOXGHGZKHWKHURUQRWWKHUHLVHYLGHQFHRIORFDO
UHFXUUHQFHRUPHWDVWDVHV


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


3DWLHQWVZLWKDQ\RWKHUVHULRXVRUXQFRQWUROOHGSK\VLFDORUPHQWDOG\VIXQFWLRQ
([SODQDWRU\QRWH$VMXGJHGE\WKHLQYHVWLJDWRUWKHG\VIXQFWLRQFRXOGSODFHWKHSDWLHQW
DWKLJKHUULVNIURPKLVKHUSDUWLFLSDWLRQLQWKHVWXG\RUFRXOGFRQIRXQGWKHUHVXOWVRI
WKHVWXG\RUZRXOGEHOLNHO\WRSUHYHQWWKHSDWLHQWIURPFRPSO\LQJZLWKWKHUHTXLUHPHQWV
RIWKHVWXG\RUFRPSOHWLQJWKHVWXG\
3DWLHQWVZLWKDKLVWRU\ZLWKLQ\HDUVSULRUWRVFUHHQLQJRIGUXJDQGRUDOFRKRODEXVH
WKDWPD\SUHYHQWVWXG\FRPSOLDQFHEDVHGRQWKH,QYHVWLJDWRUMXGJPHQW
3DWLHQWVXQOLNHO\WREHFRRSHUDWLYHRUWKDWFDQQRWFRPSO\ZLWKWKHVWXG\SURFHGXUHV
([SODQDWRU\ QRWH 3DWLHQWV ZKR PD\ KDYH GLIILFXOWLHV IROORZLQJ WKH WUHDWPHQW
FRPSOHWLQJWKHSDWLHQWGLDU\DWWHQGLQJWKHFOLQLFDWWKHUHTXLUHGWLPHVRUXQDEOHWR
SURSHUO\XVHD'3,RUS0',LQKDOHUGHYLFHRUSHUIRUPLQJVSLURPHWU\PHDVXUHPHQWV
3DWLHQWVWUHDWHGZLWKDQ\LQYHVWLJDWLRQDOGUXJZLWKLQGD\VRUKDOIOLYHV
ZKLFKHYHULVORQJHUSULRUWR6FUHHQLQJ
3DWLHQWVZKRLQWHQGHGWRXVHDQ\FRQFRPLWDQWPHGLFDWLRQQRWSHUPLWWHGE\WKLVSURWRFRO
RU ZKR KDG QRW XQGHUJRQH WKH UHTXLUHG ZDVKRXW SHULRG IRU D SDUWLFXODU SURKLELWHG
PHGLFDWLRQ
([SODQDWRU\QRWHUHIHUWRVHFWLRQIRUZDVKRXWSHULRGVRISURKLELWHGPHGLFDWLRQ
3DWLHQWVXQDEOHWRJLYHFRQVHQWRUSDWLHQWVRIFRQVHQWLQJDJHEXWXQGHUJXDUGLDQVKLSRU
YXOQHUDEOHSDWLHQWV
3DWLHQWVZKRGHPRQVWUDWHFRPSOLDQFHZLWKWKHHOHFWURQLFGLDU\GXULQJWKHUXQLQ
SHULRG
$Q\RWKHUFRQGLWLRQVWKDWLQWKH,QYHVWLJDWRU¶VRSLQLRQPLJKWKDYHLQGLFDWHGWKHSDWLHQW
WREHXQVXLWDEOHIRUWKHVWXG\
3URFHGXUHVIRUZLWKGUDZDORILQFRUUHFWO\HQUROOHGVXEMHFWVVHH6HFWLRQ

6XEMHFWHQUROPHQWDQGUDQGRPL]DWLRQ
,QYHVWLJDWRUVVKRXOGNHHSDUHFRUGWKHVXEMHFWVFUHHQLQJORJRIVXEMHFWVZKRHQWHUHGSUH
VWXG\VFUHHQLQJ
7KH,QYHVWLJDWRUVZLOO

2EWDLQVLJQHG,&)IURPWKHSRWHQWLDOVXEMHFWEHIRUHDQ\VWXG\VSHFLILFSURFHGXUHVDUH
SHUIRUPHG


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


)RUSDWLHQWVSDUWLFLSDWLQJLQWKHKVSLURPHWU\VXEVWXG\DQDGGLWLRQDO,&)ZLOOEH
UHTXLUHG

&DOODFFHVVWKH,QWHUDFWLYH9RLFH:HE5HVSRQVH6\VWHP,956,:56WRDVVLJQ
SRWHQWLDODXQLTXH3DWLHQW,GHQWLILFDWLRQQXPEHUFRQVLVWLQJRISDUWVWKHVLWHQXPEHU
GLJLWVDQGWKHVFUHHQLQJQXPEHUGLJLWV

$W5DQGRPL]DWLRQ9LVLW9LVLWWKHLQYHVWLJDWRUZLOOGHWHUPLQHVXEMHFWHOLJLELOLW\
6HH6HFWLRQ

)RUSDWLHQWVIXOILOOLQJWKHHOLJLELOLW\FULWHULDWKHLQYHVWLJDWRUZLOOFDOODFFHVV
,956,:56WRDVVLJQHOLJLEOHVXEMHFWXQLTXHUDQGRPL]DWLRQFRGHDQGILUVWPHGLFDWLRQ
NLWQXPEHU
,IDVXEMHFWZLWKGUDZVIURPSDUWLFLSDWLRQLQWKHVWXG\WKHQKLVKHUHQUROPHQWUDQGRPL]DWLRQ
FRGHFDQQRWEHUHXVHG
5DQGRPL]DWLRQFRGHVZLOOEHDVVLJQHGVWULFWO\VHTXHQWLDOO\DVVXEMHFWVEHFRPHHOLJLEOHIRU
UDQGRPL]DWLRQ

3URFHGXUHVIRUKDQGOLQJLQFRUUHFWO\HQUROOHGRUUDQGRPL]HG
VXEMHFWV
6XEMHFWVZKRIDLOWRPHHWWKHHOLJLELOLW\FULWHULDVKRXOGQRWXQGHUDQ\FLUFXPVWDQFHVEHHQUROOHG
RUUHFHLYHVWXG\PHGLFDWLRQ7KHUHFDQEHQRH[FHSWLRQVWRWKLVUXOH6XEMHFWVZKRDUHHQUROOHG
EXWVXEVHTXHQWO\IRXQGQRWWRPHHWDOOWKHHOLJLELOLW\FULWHULDPXVWQRWEHUDQGRPL]HGRULQLWLDWHG
RQWUHDWPHQWDQGPXVWEHZLWKGUDZQIURPWKHVWXG\
:KHUHDVXEMHFWGRHVQRWPHHWDOOWKHHOLJLELOLW\FULWHULDEXWLVUDQGRPL]HGLQHUURURULQFRUUHFWO\
VWDUWHGRQWUHDWPHQWWKH,QYHVWLJDWRUVKRXOGLQIRUP3$5(;(/LPPHGLDWHO\DQGDGLVFXVVLRQ
VKRXOG RFFXU EHWZHHQ WKH 3$5(;(/ 0HGLFDO UHVSRQVLEOH DQG WKH LQYHVWLJDWRU UHJDUGLQJ
ZKHWKHU WR FRQWLQXH RU GLVFRQWLQXH WKH SDWLHQW IURP WUHDWPHQW 7KH $VWUD=HQHFD VWXG\
SK\VLFLDQ&52PXVWHQVXUHDOOGHFLVLRQVDUHDSSURSULDWHO\GRFXPHQWHG


0HWKRGVIRUDVVLJQLQJWUHDWPHQWJURXSV
6XEMHFWVZLOOEHDOORFDWHGWRWKHIRXUWUHDWPHQWJURXSVLQDUDWLR
x $%))ȝJDGPLQLVWHUHGYLD3UHVVDLU*HQXDLULQKDOHU
x $%ȝJDGPLQLVWHUHGYLD3UHVVDLU*HQXDLULQKDOHU
x ))ȝJDGPLQLVWHUHGYLD3UHVVDLU*HQXDLULQKDOHU
x 7,2ȝJYLD+DQGLKDOHU


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


7KHUDQGRPL]DWLRQZLOOEHVWUDWLILHGE\FRXQWU\DQGVPRNLQJVWDWXVVPRNHURUIRUPHUVPRNHU
DQG WKH UDQGRPL]DWLRQ QXPEHUV ZLOO EH JURXSHG LQ EORFNV 7KH EORFN VL]H ZLOO QRW EH
FRPPXQLFDWHGWRWKHLQYHVWLJDWRUV
,QWKHVSLURPHWU\VXEVWXG\WKHUDQGRPL]DWLRQVFKHPHZLOODOVRHQVXUHDOORFDWLRQRISDWLHQWVWR
WKHIRXUWUHDWPHQWJURXSVLQDUDWLR
7KHUDQGRPL]DWLRQZLOOEHSHUIRUPHGXVLQJWKHFHQWUDOL]HG,956,:56DW9LVLW'D\
6SHFLILF LQIRUPDWLRQ FRQFHUQLQJ WKH XVHRI WKH ,956,:56 ZLOO EHSURYLGHG LQ D VHSDUDWH
PDQXDO5DQGRPL]HGVXEMHFWVZKRGLVFRQWLQXHIURPWKHWUHDWPHQWZLOOQRWEHUHSODFHG
$W WKH UDQGRPL]DWLRQ WKH ,956,:56 ZLOO LQIRUP WKH VLWH DERXW WKH ILUVW PHGLFDWLRQ NLW
QXPEHUVWREHDGPLQLVWHUHGDQGGLVSHQVHGWRHDFKSDUWLFXODUSDWLHQW

0HWKRGVIRUHQVXULQJEOLQGLQJ
$OOGRXEOHEOLQGPHGLFDWLRQNLWVZLOOKDYHVLPLODUDSSHDUDQFHUHJDUGOHVVRIWKHLQYHVWLJDWLRQDO
SURGXFWFRQWDLQHGDQGZLOOEHODEHOHGXVLQJDXQLTXHPHGLFDWLRQLGHQWLILFDWLRQQXPEHU.LW,'
WKDWLVOLQNHGWRDWUHDWPHQWDUP,956,:56ZLOODVVLJQWKHVWXG\PHGLFDWLRQWREHGLVSHQVHG
WRHDFKVXEMHFWDW9LVLWDQG9LVLWDIWHUZHHNVRIWUHDWPHQW
7KLVLVDGRXEOHGXPP\VWXG\EHFDXVH$%))J$%JDQG))JZLOOEH
DGPLQLVWHUHG YLD 3UHVVDLU*HQXDLU LQKDOHU DQG 7,2  ȝJ ZLOO EH DGPLQLVWHUHG YLD
+DQGLKDOHULQKDOHU7KHUHIRUHLQRUGHUWRHQVXUHWKHGRXEOHEOLQGQDWXUHRIWKHWULDOSDWLHQWV
ZLOOKDYHWRLQKDOHIURPWKH3UHVVDLU*HQXDLUWZLFHGDLO\LQWKHPRUQLQJDQGLQWKHHYHQLQJ
DQGIURPWKH+DQGLKDOHURQFHGDLO\LQWKHPRUQLQJIROORZLQJWKHVFKHPDEHORZ3DWLHQWVZLOO
EHLQVWUXFWHGWRXVHWKH*HQXDLUGHYLFHULJKWEHIRUHWKH+DQGLKDOHUGHYLFH
7DEOH
6FKHPDRI,3DGPLQLVWUDWLRQWRHQVXUHGRXEOHEOLQGWULDO
7UHDWPHQWDUP
0RUQLQJDGPLQLVWUDWLRQ
(YHQLQJDGPLQLVWUDWLRQ
$%J))J

$%))J
3UHVVDLU*HQXDLU

SODFHERWR7,2J
+DQGLKDOHU
$%))J
3UHVVDLU*HQXDLU
$%ȝJ%,'
$%J3UHVVDLU*HQXDLU

SODFHERWR7,2J
+DQGLKDOHU
$%J
3UHVVDLU*HQXDLU
))ȝJ%,'
))J3UHVVDLU*HQXDLU

SODFHERWR7,2J
+DQGLKDOHU
))J
3UHVVDLU*HQXDLU


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK



$OWKRXJK7,2DQGSODFHERWR7,2FDSVXOHVKDYHDVLPLODUDSSHDUDQFHWKH\DUHQRWDQH[DFW
PDWFKDQGWKHUHIRUHWKHSUHSDUDWLRQDQGDGPLQLVWUDWLRQRIWKH,3ZLOOEHSHUIRUPHGE\DWKLUG
SDUW\SHUVRQLQGHSHQGHQWWRWKHVWXG\DFWLYLWLHV7KHWKLUGSDUW\DGPLQLVWUDWRUVKRXOGFKHFN
WKDWWKHSDWLHQWKDVFRUUHFWO\XVHGWKHLQKDOHU


0HWKRGVIRUXQEOLQGLQJ
,QGLYLGXDOWUHDWPHQWFRGHVLQGLFDWLQJWKHWUHDWPHQWUDQGRPL]DWLRQIRUHDFKUDQGRPL]HGVXEMHFW
ZLOOEHDYDLODEOHWRWKH,QYHVWLJDWRUVRU3KDUPDFLVWVIURPWKH,956,:562QO\DXWKRUL]HG
SHUVRQQHODWWKHUHVHDUFKVLWHZLOOUHFHLYHXQEOLQGLQJSHUPLWVLQ,956,:563DWLHQWZLOOEH
LPPHGLDWHO\ZLWKGUDZQIURPWKHVWXG\RQFHKLVKHUWUHDWPHQWKDVEHHQXQEOLQGHG
5RXWLQHVIRUWKLVZLOOEHGHVFULEHGLQWKH,956,:56XVHUPDQXDOWKDWZLOOEHSURYLGHGWRHDFK
FHQWUH
7KHWUHDWPHQWFRGHVKRXOGQRWEHEURNHQH[FHSWLQPHGLFDOHPHUJHQFLHVZKHQWKHDSSURSULDWH
PDQDJHPHQWRIWKHVXEMHFWUHTXLUHVNQRZOHGJHRIWKHWUHDWPHQWUDQGRPL]DWLRQ7KH,QYHVWLJDWRU
GRFXPHQWVDQGUHSRUWVWKHDFWLRQWR$VWUD=HQHFD&52ZLWKRXWUHYHDOLQJWKHWUHDWPHQWJLYHQ
WRVXEMHFWWRWKH$VWUD=HQHFD&52VWDII
$VWUD=HQHFDUHWDLQVWKHULJKWWREUHDNWKHFRGHIRU6$(VWKDWDUHXQH[SHFWHGDQGDUHVXVSHFWHG
WR EH FDXVDOO\ UHODWHG WR DQ LQYHVWLJDWLRQDO SURGXFW DQG WKDW SRWHQWLDOO\ UHTXLUH H[SHGLWHG
UHSRUWLQJ WR 5HJXODWRU\ $XWKRULWLHV 7UHDWPHQW FRGHV ZLOO QRW EH EURNHQ IRU WKH SODQQHG
DQDO\VHVRIGDWDXQWLODOOGHFLVLRQVRQWKHHYDOXDELOLW\RIWKHGDWDIURPHDFKLQGLYLGXDOVXEMHFW
KDYHEHHQPDGHDQGGRFXPHQWHG

5HVWULFWLRQV
 'RQDWLRQRIEORRGLVQRWDOORZHGWKURXJKRXWWKHVWXG\
 3DWLHQWVKRXOGNHHSUHJXODUQLJKWGD\VKLIWV
 7KHDFWLYLWLHVWKDWVKRXOGSUHIHUDEO\EHDYRLGHGSULRUWROXQJIXQFWLRQWHVWLQJ
DUH
R 6PRNLQJZLWKLQDWOHDVWKRIWHVWLQJ
R &RQVXPLQJDOFRKROZLWKLQKRIWHVWLQJ
7,2ȝJ4'J
SODFHERWR$%))J$%
JDQG))J
3UHVVDLU*HQXDLU

7,2J+DQGLKDOHU
3ODFHERWR$%))J
$%JDQG))J
3UHVVDLU*HQXDLU


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


R 3HUIRUPLQJYLJRURXVH[HUFLVHZLWKLQPLQRIWHVWLQJ
R :HDULQJFORWKLQJWKDWVXEVWDQWLDOO\UHVWULFWVIXOOFKHVWDQGDEGRPLQDO
H[SDQVLRQ
R (DWLQJDODUJHPHDOZLWKLQKRIWHVWLQJ
R 6XEMHFWVVKRXOGDYRLGWDNLQJLQKDOHGEURQFKRGLODWRUVSULRUWRVSLURPHWU\
VHH6HFWLRQ
 5HVWULFWLRQVUHJDUGLQJFRQFRPLWDQWPHGLFDWLRQDUHGHVFULEHGLQ6HFWLRQ
$Q\ HYHQW OLNHO\ WR LQWHUIHUH ZLWK WKH REMHFWLYHV RI WKH WULDO ZLOO EH FRPPXQLFDWHG WR WKH
,QYHVWLJDWRUDQGUHSRUWHGZLWKRXWGHOD\WR$VWUD=HQHFD

3DWLHQWGLVFRQWLQXDWLRQRILQYHVWLJDWLRQDOSURGXFW
6XEMHFWVPD\EHGLVFRQWLQXHGIURPLQYHVWLJDWLRQDOSURGXFW,3LQWKHIROORZLQJVLWXDWLRQV
x
$GYHUVH(YHQWLIDSDWLHQWH[SHULHQFHVDQ$(LWVSUHPDWXUHGLVFRQWLQXDWLRQZLOOEH
FRQVLGHUHGDWWKHGLVFUHWLRQRIHLWKHUWKHLQYHVWLJDWRURUWKHSDWLHQWUHJDUGOHVVRIWKH
FDXVDOUHODWLRQVKLSWRWKH,3$(VKRXOGEHLQGLFDWHGDVWKHUHDVRQIRUGLVFRQWLQXDWLRQLQ
WKHH&5)
x
3URJUHVVLYHGLVHDVHLIDWLQYHVWLJDWRU¶VRUSDWLHQW¶VGLVFUHWLRQWKHVHYHULW\RIWKH&23'
H[DFHUEDWLRQHSLVRGHMHRSDUGLVHVWKHFXUUHQWPHGLFDOFRQGLWLRQRIWKHSDWLHQWWKHSDWLHQW
VKRXOGEHGLVFRQWLQXHGIURPWKHWUHDWPHQWDQGSURJUHVVLYHGLVHDVHVKRXOGEHLQGLFDWHG
DV WKH UHDVRQ IRU GLVFRQWLQXDWLRQ LQ WKH H&5) $Q\ VXEMHFW ZKR VXIIHUV D VHYHUH
H[DFHUEDWLRQUHTXLULQJKRVSLWDOL]DWLRQRUPRUHWKDQWZRPRGHUDWHH[DFHUEDWLRQVZLOO
EHGLVFRQWLQXHGIURPWKHLQYHVWLJDWLRQDOSURGXFW
x
3URWRFROGHYLDWLRQ7KLVZLOOLQFOXGHSDWLHQWVWKDWKDYHEHHQZURQJO\UDQGRPL]HGQRW
IXOILOOLQJ LQFOXVLRQH[FOXVLRQ FULWHULD EXW GHWHFWHG DIWHU UDQGRPL]DWLRQ $IWHU
UDQGRPL]DWLRQDQ\SURWRFROGHYLDWLRQVGHWHFWHGVKRXOGEHFRUUHFWHGZKHQSRVVLEOHDQG
WKHSDWLHQWVKRXOGEHDOORZHGWRFRQWLQXH7KHIROORZLQJPDMRUGHYLDWLRQVFRXOGOHDGWR
SDWLHQWGLVFRQWLQXDWLRQDIWHUGLVFXVVLRQEHWZHHQWKH$VWUD=HQHFDVWXG\SK\VLFLDQ&52
DQGWKHLQYHVWLJDWRUVHHVHFWLRQWKRVHZKLFKFRXOGDIIHFWSDWLHQW
VVDIHW\HJ
LOOQHVVUHTXLULQJWUHDWPHQWVZKLFKLQWKHFOLQLFDOMXGJHPHQWRIWKHLQYHVWLJDWRU>RUDIWHU
GLVFXVVLRQZLWKWKHWULDOPRQLWRU@PLJKWLQYDOLGDWHWKHWULDOE\LQWHUIHULQJZLWKWKH,3RU
ZKLFK DUH GXH WR SDWLHQW XQZLOOLQJQHVV WR FRPSO\ ZLWK WKH WULDO DFWLYLWLHV RU WKRVH
YLRODWLRQVRILQFOXVLRQDQGRUH[FOXVLRQFULWHULDGHWHFWHGDIWHUUDQGRPL]DWLRQ
x
/DFNRIHIILFDF\RQO\LIDWWKHLQYHVWLJDWRUVGLVFUHWLRQWKHUHVSRQVHWRWKHWUHDWPHQWLV
FRQVLGHUHGDVXQVDWLVIDFWRU\
x
3UHJQDQF\


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


 3URFHGXUHVIRUGLVFRQWLQXDWLRQRIDVXEMHFWIURPLQYHVWLJDWLRQDOSURGXFW
$WDQ\WLPHVXEMHFWVDUHIUHHWRGLVFRQWLQXHLQYHVWLJDWLRQDOSURGXFWZLWKRXWSUHMXGLFHWRIXUWKHU
WUHDWPHQW$VXEMHFWWKDWGHFLGHVWRGLVFRQWLQXHLQYHVWLJDWLRQDOSURGXFWZLOODOZD\VEHDVNHG
DERXWWKHUHDVRQVDQGWKHSUHVHQFHRIDQ\DGYHUVHHYHQWV
'LVFRQWLQXDWLRQRI,3GRHVQRWQHFHVVDULO\PHDQGLVFRQWLQXDWLRQRIIROORZXSRUWHUPLQDWLRQRI
VWXG\SDUWLFLSDWLRQ6XEMHFWVZKRDUHGLVFRQWLQXHGIURPWKH,3VKRXOGEHHQFRXUDJHGWRFRQWLQXH
WRXQGHUJRDOOVWXG\UHODWHGYLVLWVIRUWKHIXOOVWXG\SHULRG7KHUHDVRQDQGGDWHIRUSUHPDWXUH
GLVFRQWLQXDWLRQRI,3ZLOOEHGRFXPHQWHGLQWKHVRXUFHGRFXPHQWDWLRQDQGLQWKHH&5)
6XEMHFWVZKRGLVFRQWLQXHLQYHVWLJDWLRQDOSURGXFWZLOOEHVHHQDQGDVVHVVHGE\DQ,QYHVWLJDWRUV
LQDQ(QGRIWUHDWPHQW(27YLVLW)URPWKH(27YLVLWRQWKHSDWLHQWVZLOOVWDUWDSRVW,3
GLVFRQWLQXDWLRQIROORZXSSHULRGDFFRUGLQJWRWKHSODQQHGYLVLWVFKHGXOHLQFOXGLQJHIILFDF\DQG
VDIHW\DVVHVVPHQWV7UHDWPHQWGLVFRQWLQXDWLRQVXEMHFWVZLOOUHWXUQWRDSSURSULDWHPDLQWHQDQFH
&23'PHGLFDWLRQVSHUWKHLQYHVWLJDWRUVGLVFUHWLRQ
7KH,3DQGUHOLHIPHGLFDWLRQZLOOEHUHWXUQHGDWWKH(27YLVLWEXWWKHSDSHUGLDU\DQGHOHFWURQLF
GLDU\ZLOOEHUHGLVSHQVHG3DWLHQWVZLOOEHIROORZHGXSIRU6$(VDQGFRQFRPLWDQWPHGLFDWLRQ
DQGWKH\ZLOOEHUHTXHVWHGWRUHFRUGGDLO\WKH(;$&7TXHVWLRQQDLUHLQWKHHGLDU\
6XEMHFWVSDUWLFLSDWLQJLQWKHVXEVWXG\ZKRFKRRVHWRGLVFRQWLQXHIURPWUHDWPHQWZLOORQO\
FRPSOHWHVFKHGXOHGYLVLWVDQGQRWFRPSOHWHDQ\UHPDLQLQJVXEVWXG\DVVHVVPHQWV
,IDVXEMHFWFKRRVHVQRWWRFRQWLQXHZLWKVWXG\DVVHVVPHQWVDWDPLQLPXPWKHVXEMHFWZLOO
FRPSOHWH WKH (27 YLVLW  7KHVH VXEMHFWV ZLOO UHWXUQ WR DSSURSULDWH PDLQWHQDQFH &23'
PHGLFDWLRQVSHUWKHLQYHVWLJDWRUVGLVFUHWLRQ$IROORZXSWHOHSKRQHFDOOZLOOEHSHUIRUPHGDW
OHDVWGD\VDIWHUWKHODVWVWXG\GUXJGRVH,QWKHHYHQWWKH(27YLVLWLVSHUIRUPHG!GD\V
SRVWODVWVWXG\GUXJGRVLQJDIROORZXSFRQWDFWZLOOQRWEHUHTXLUHG

3DWLHQWGLVFRQWLQXDWLRQIURPWKHVWXG\ZLWKGUDZDO
3DWLHQWVPD\EHGLVFRQWLQXHGIURPWKHVWXG\LQWKHIROORZLQJVLWXDWLRQV
x
6FUHHQ IDLOXUHV SDWLHQWV ZKR GR QRW IXOILO WKH HOLJLELOLW\ FULWHULD IRU WKH VWXG\ DQG
WKHUHIRUHPXVWQRWEHUDQGRPL]HG7KHVHSDWLHQWVVKRXOGKDYHWKHUHDVRQIRUVWXG\
ZLWKGUDZDOUHFRUGHGDVµ6FUHHQ)DLOXUH1RQIXOILOPHQWRILQFOXVLRQH[FOXVLRQFULWHULD¶
LHSDWLHQWGRHVQRWPHHWWKHUHTXLUHGLQFOXVLRQH[FOXVLRQFULWHULD7KLVUHDVRQIRU
VWXG\ZLWKGUDZDOLVRQO\YDOLGIRUVFUHHQIDLOXUHVQRWUDQGRPL]HGSDWLHQWV
x
$GYHUVH(YHQWLIDSDWLHQWH[SHULHQFHVDQ$(LWVSUHPDWXUHGLVFRQWLQXDWLRQZLOOEH
FRQVLGHUHGDWWKHGLVFUHWLRQRIHLWKHUWKHLQYHVWLJDWRURUWKHSDWLHQWUHJDUGOHVVRIWKH
FDXVDOUHODWLRQVKLSWRWKH,3$(VKRXOGEHLQGLFDWHGDVWKHUHDVRQIRUGLVFRQWLQXDWLRQLQ
WKHH&5)
x
3URJUHVVLYHGLVHDVHLIDWLQYHVWLJDWRU¶VRUSDWLHQW¶VGLVFUHWLRQWKHVHYHULW\RIWKH&23'
H[DFHUEDWLRQHSLVRGHMHRSDUGLVHVWKHFXUUHQWPHGLFDOFRQGLWLRQRIWKHSDWLHQWWKHSDWLHQW


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


VKRXOGEHGLVFRQWLQXHGIURPWKHWUHDWPHQWDQGSURJUHVVLYHGLVHDVHVKRXOGEHLQGLFDWHG
DVWKHUHDVRQIRUGLVFRQWLQXDWLRQLQWKHH&5)
x
/RVWWRIROORZXS1RQDWWHQGDQFHWRYLVLWV,QWKHVHFDVHVHYHU\HIIRUWVKRXOGEHPDGH
E\WKHLQYHVWLJDWRUWRDVFHUWDLQWKHUHDVRQDQGWRDVVXUHSDWLHQW¶VDWWHQGDQFHDVVRRQDV
SRVVLEOH(YHU\HIIRUWDWOHDVWWKUHHGRFXPHQWHGDWWHPSWVVKRXOGEHPDGHWRFRQWDFW
WKHSDWLHQWDQGGRFXPHQWHGLQWKHPHGLFDOUHFRUGV,ISDWLHQWFRXOGQRWEHUHDFKHGDIWHU
WKDWDUHJLVWHUHGPDLOOHWWHUZLOOEHVHQWWRWKHSDWLHQWDQGGRFXPHQWHGLQWKHPHGLFDO
UHFRUGV
x
:LWKGUDZDOE\WKHVXEMHFW7KHSDWLHQWLVSHUPLWWHGWRVWRSKLVKHUSDUWLFLSDWLRQDWDQ\
WLPHGXULQJWKHWULDOZLWKRXWLQFXUULQJDQ\ORVVLQKLVKHUPHGLFDOFDUH7KHLQYHVWLJDWRU
VKRXOGHQVXUHWKDWVXFKZLWKGUDZDOLVQRWGXHWR$(VRU&23'H[DFHUEDWLRQLQZKLFK
FDVHWKHFRUUHVSRQGLQJUHDVRQVKRXOGEHVHOHFWHG
x
2WKHUV$WWKHLQYHVWLJDWRUVRU6SRQVRU¶VUHTXHVWVWXG\FDQFHOODWLRQRUDQ\RWKHUUHDVRQ
QRWGHVFULEHGDERYH

3URFHGXUHVIRUGLVFRQWLQXDWLRQRIDVXEMHFWIURPWKHVWXG\
3DWLHQWVZKRSUHPDWXUHO\GLVFRQWLQXHIURPWKHVWXG\ZLWKGUDZDOZLOOSDUWLFLSDWHLQDQ(QGRI
6WXG\(269LVLW$UHYLHZRIWKHHGLDU\DQGDQDVVHVVPHQWRI$(VDQG&23'H[DFHUEDWLRQV
ZLOODOVREHSHUIRUPHGDWWKH(26YLVLW7KH,3SDSHUGLDU\DQGHOHFWURQLFGLDU\ZLOOEHUHWXUQHG
DWWKH(26YLVLW
)RUDQ\SDWLHQWZKRZLWKGUDZVIURPWKHVWXG\WKHLQYHVWLJDWRUZLOO

$VNWKHSDWLHQWWRXQGHUJRWKH(26YLVLW$66221$63266,%/(DIWHU
GLVFRQWLQXDWLRQ

$UUDQJHIRUDOWHUQDWLYHPHGLFDOFDUHRIWKHZLWKGUDZQSDWLHQW

$SSRLQWWKHIROORZXSFDOOZLWKLQGD\VDIWHUWKHODVW,3LIDSSOLFDEOH
7KHGDWHDQGFDXVHRIGLVFRQWLQXDWLRQIURPWKHVWXG\ZLOOEHFROOHFWHGLQWKHH&5)
,IDVXEMHFWZLWKGUDZVIURPSDUWLFLSDWLRQLQWKHVWXG\WKHQKLVKHUHQUROPHQWUDQGRPL]DWLRQ
FRGHFDQQRWEHUHXVHG:LWKGUDZQVXEMHFWVZLOOQRWEHUHSODFHG

3UHPDWXUHWHUPLQDWLRQRIWKHVWXG\
7KH³HQGRIWULDO´LVGHILQHGDVWKHGDWHZKHQDOOSDWLHQWVUDQGRPL]HGLQWKHWULDOSHUIRUPWKH
ODVW FRQWDFW HLWKHU 9LVLW  RU )ROORZXS FRQWDFW DQG ZLOO EH FRPPXQLFDWHG WR 5HJXODWRU\
$XWKRULWLHVDQG(WKLFV&RPPLWWHHV(&RQGXHWLPHDFFRUGLQJWRORFDOUHJXODWLRQV
6SRQVRUUHVHUYHVWKHULJKWWRSUHPDWXUHO\WHUPLQDWHLHVXVSHQGWKHWULDOIRUUHDVRQVVXFKDV


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


x
7KHSULQFLSDOLQYHVWLJDWRU3,DQGWKHVSRQVRUIHHOWKDWWKHW\SHQXPEHUDQGRUVHYHULW\
RI$(VMXVWLI\GLVFRQWLQXDWLRQRIWKHWULDO
x
'DWDQRWNQRZQEHIRUHEHFRPHDYDLODEOHDQGUDLVHFRQFHUQDERXWWKHVDIHW\RIWKHVWXG\
GUXJVVRWKDWFRQWLQXDWLRQZRXOGSRVHSRWHQWLDOULVNVWRWKHSDWLHQW
x
7KHVSRQVRUGHFLGHVWRGLVFRQWLQXHWKHVWXG\IRUUHDVRQQRWUHODWHGWRWKHVDIHW\RIVWXG\
GUXJV
,IWKHVWXG\LVWHUPLQDWHGWKHVSRQVRUZLOOSURPSWO\LQIRUPWKHLQYHVWLJDWRUVLQVWLWXWLRQVDQG
WKH5HJXODWRU\$XWKRULWLHVDQGSURYLGHGZLWKWKHUHDVRQVIRUWKHWHUPLQDWLRQRUVXVSHQVLRQ
,QGHSHQGHQW(WKLFV&RPPLWWHH,(&ZLOOEHLQIRUPHGE\WKHLQYHVWLJDWRURUVSRQVRUDFFRUGLQJ
WRORFDOUHJXODWLRQV
7KHLQYHVWLJDWRUZLOOLQIRUPWKHSDWLHQWVDQGZLOOFROOHFWDQGNHHSDOOWKHGDWDXSWRWKHGDWHRI
GLVFRQWLQXDWLRQ
5HJDUGOHVV RI WKH UHDVRQ IRU WHUPLQDWLRQ DOO GDWD DYDLODEOH IRU WKH VXEMHFW DW WKH WLPH RI
GLVFRQWLQXDWLRQRIIROORZXSPXVWEHUHFRUGHGLQWKH&5)$OOUHDVRQVIRUGLVFRQWLQXDWLRQRI
WUHDWPHQWPXVWEHGRFXPHQWHG
,I WKH WULDO LV WHUPLQDWHG RU VXVSHQGHG VWXG\ UHVXOWV ZLOO EH UHSRUWHG DFFRUGLQJ WR WKH
UHTXLUHPHQWVRXWOLQHGLQWKLVSURWRFRODVIDUDVDSSOLFDEOH
,QWHUPLQDWLQJWKHVWXG\WKH6SRQVRUZLOOHQVXUHWKDWDGHTXDWHFRQVLGHUDWLRQLVJLYHQWRWKH
SURWHFWLRQRIWKHVXEMHFWV¶LQWHUHVWV


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK



678'<3/$1$1'7,0,1*2)352&('85(6
7DEOH
6WXG\3ODQGHWDLOLQJWKHSURFHGXUHV

3HULRG
:DVKRXW
3HULRG
6FUHHQLQJ
3HULRG
7UHDWPHQW

)ROORZXS
FDOO
9LVLW
9LVLW
5HJLVWUDWLRQ
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
(27(26
9LVLW

:HHN
8SWR









'D\
8SWR









9LVLW:LQGRZ

GD\V

GD\V
GD\V
GD\V
GD\V

GD\V

GD\V
,&)
;









0HGLFDO6PRNLQJ
&23'DQG0HGLFDWLRQ
+LVWRU\
;
;








3K\VLFDOH[DPLQDWLRQ

;





;
;

%ORRGSUHVVXUHDQG
OHDG(&*

;
;
;
;
;
;
;
;

3UHDQGSRVW
EURQFKRGLODWRUWHVW

;








'LVSHQVHZDVKRXW
PHGLFDWLRQ
;
;








,QFOXVLRQH[FOXVLRQ
FULWHULD
;
;
;







&OLQLFDOODERUDWRU\
WHVWLQJ

;





;
;

5DQGRPL]DWLRQ


;









&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


3HULRG
:DVKRXW
3HULRG
6FUHHQLQJ
3HULRG
7UHDWPHQW

)ROORZXS
FDOO
9LVLW
9LVLW
5HJLVWUDWLRQ
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
(27(26
9LVLW

:HHN
8SWR









'D\
8SWR









9LVLW:LQGRZ

GD\V

GD\V
GD\V
GD\V
GD\V

GD\V

GD\V
6*54&$7

;
;

;
;
;
;
;

'HYLFHSUHIHUHQFH







;
;

HGLDU\FRPSOHWLRQ

'DLO\VLQFH6FUHHQLQJ9LVLW9LVLW(;$&7LQWKHHYHQLQJDQG1L6&,DQG(06&,
LQWKHPRUQLQJ
;

3UHGRVH3XOPRQDU\
)XQFWLRQ7HW3)7


;
;
;
;
;
;
;

3RVWGRVH3)7


;

;
;
;
;
;

7UDLQLQJRQLQKDOHUV


;
$VQHHGHG


'LVSHQVHUHOLHI
PHGLFDWLRQ
;
$VQHHGHG



$VVHVVVWXG\GUXJ
FRPSOLDQFH



;
;
;
;
;


'LVSHQVHVWXG\GUXJYLD
,:56


;


;




3DSHU'LDU\

;
;
;
;
;
;
;
;
;
$GYHUVH(YHQWV&23'
H[DFHUEDWLRQV

;
;
;
;
;
;
;
;
;
3URKLELWHGFRQFRPLWDQW
PHGLFDWLRQV
;
;
;
;
;
;
;
;
;
;
6(5,$/63,520(75<68%678'<$GGLWLRQDO$VVHVVPHQWV
KRXU3)7


;




;




&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


3HULRG
:DVKRXW
3HULRG
6FUHHQLQJ
3HULRG
7UHDWPHQW

)ROORZXS
FDOO
9LVLW
9LVLW
5HJLVWUDWLRQ
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
(27(26
9LVLW

:HHN
8SWR









'D\
8SWR









9LVLW:LQGRZ

GD\V

GD\V
GD\V
GD\V
GD\V

GD\V

GD\V
7LPHZLQGRZVIRUDOOYLVLWVDUHUHODWHGWRYLVLW
3DWLHQWVUHTXLULQJDZDVKRXWRISURKLELWHG&23'PHGLFDWLRQVZLOOVLJQWKH,&)EHDVVLJQHGD3DWLHQW,GHQWLILFDWLRQQXPEHUHQUROPHQWFRGHE\WKH,:56
V\VWHPDQGUHFHLYH$WURYHQWDQGUHOLHIPHGLFDWLRQDOEXWHUROVDOEXWDPRODW9LVLW9LVLWPD\RFFXUWKHVDPHGD\DV9LVLWLIWKHSDWLHQWGRHVQRW
UHTXLUHDZDVKRXW,QWKLVFDVHRQO\UHOLHIPHGLFDWLRQZLOOEHSURYLGHGWRWKHSDWLHQW
(27 (QGRI7UHDWPHQW(26 (QGRI6WXG\IRUSDWLHQWVZKRGLVFRQWLQXHIURPWKHWUHDWPHQWDQGIURPWKHVWXG\DWWKHVDPHWLPH3DWLHQWVZKRGLVFRQWLQXH
IURPWKHWUHDWPHQWSRVWIROORZXSSHULRGVKRXOGXQGHUJRDUHGXFH(26YLVLWWRFROOHFWWKHGLDULHV
+HLJKWDQGZHLJKWRQO\DW6FUHHQLQJ9LVLW
%ORRG3UHVVXUHDIWHUEHLQJVHDWHGIRUPLQXWHVDQGEHIRUHWKH(&*DVVHVVPHQWDQG(&*ZLOOEHSHUIRUPHGRQFHDW6FUHHQLQJ9LVLWWRGHWHUPLQH
SDWLHQWHOLJLELOLW\DQGRQFHDW(27(26YLVLW$WRWKHUYLVLWV(&*DQG%ORRG3UHVVXUHZLOOEHSHUIRUPHGSUHPRUQLQJGRVHEHIRUHWKHSDWLHQWH[HUWVDQ\
HIIRUWLQFOXGLQJ3)7VDQGKRXUVSRVWPRUQLQJGRVHRQO\DWYLVLWVDQG
2QHSUHEURQFKRGLODWRU3)7IROORZHGE\RQHSRVWEURQFKRGLODWRU3)7PLQXWHVDIWHUWKHLQKDODWLRQRISXIIVRIDOEXWHUROVDOEXWDPROWKURXJKDVSDFHU
GHYLFH
+HPDWRORJ\DQGELRFKHPLVWU\6HUXPSUHJQDQF\WHVWRQO\LQIHPDOHSDWLHQWVRIFKLOGEHDULQJSRWHQWLDO
$W6FUHHQLQJYLVLWRQO\WKH&$7TXHVWLRQQDLUHZLOOEHDGPLQLVWHUHGWRDVVHVVWKHIXOILOOPHQWRIWKHLQFOXVLRQFULWHULD$WRWKHUYLVLWV6*54DQG&$7
TXHVWLRQQDLUHVZLOOEHDGPLQLVWHUHGSULRUWRVWXG\GUXJDGPLQLVWUDWLRQ6*54ZLOOEHWKHILUVWTXHVWLRQQDLUHWREHDGPLQLVWHUHG
3DWLHQWZLOOUHFRUGQXPEHURIGRVHVWDNHQRIUHOLHIPHGLFDWLRQRQFHGDLO\LQWKHHYHQLQJ,3LQWDNHZLOOEHUHFRUGHGLQWKHPRUQLQJDQGHYHQLQJ(;$&7
TXHVWLRQQDLUHZLOOEHFRPSOHWHGHYHU\HYHQLQJDQG1LJKWWLPHDQG(DUO\0RUQLQJ&23'V\PSWRPVTXHVWLRQQDLUHZLOOEHFRPSOHWHGHYHU\PRUQLQJ
)ROORZLQJ(27YLVLWSDWLHQWVZLOOEHDVNHGWRFRPSOHWHWKHHGLDU\RQO\LQWKHHYHQLQJIRUWKH(;$&7TXHVWLRQQDLUH
7ZRSUH3)7VDSSUR[LPDWHO\WRPLQXWHVDSDUWERWKWREHFRPSOHWHGZLWKLQPLQXWHVSULRUWRWKHPRUQLQJGRVHRIVWXG\GUXJ
$W9LVLWPLQXWHVPLQXWHVPLQXWHVKRXUKRXUVDQGKRXUVSRVWVWXG\GUXJDGPLQLVWUDWLRQ
$W9LVLWVDQGKRXUSRVWVWXG\GUXJDGPLQLVWUDWLRQ
$W9LVLWVDQGPLQXWHVKRXUKRXUVDQGKRXUVSRVWVWXG\GUXJDGPLQLVWUDWLRQ
$W(27(26YLVLWKRXUSRVW&23'WUHDWPHQWDGPLQLVWUDWLRQ
3DWLHQWZLOOUHFRUGLQWKHSDSHUGLDU\WKH$(VDQGQHZFRQFRPLWDQWPHGLFDWLRQGXULQJWKHVWXG\
2QO\FRQFRPLWDQWPHGLFDWLRQUHODWHGWR$(VPXVWEHUHFRUGHGDWIROORZXSFRQWDFW
$GGLWLRQDO3)7VDW9LVLWDQGRQO\IRURISDWLHQWVZKRZLOOSDUWLFLSDWHLQWKHKRXUVHULDOVSLURPHWU\VXEVWXG\KKKKSUHHYHQLQJ
GRVHKKKKDQGKDIWHUWKHPRUQLQJGRVH6XEMHFWVSDUWLFLSDWLQJLQWKHVXEVWXG\ZKRFKRRVHWRGLVFRQWLQXHIURPWUHDWPHQWZLOO
QRWFRPSOHWHWKHKVSLURPHWU\DVVHVVPHQWVDWWKH(27YLVLW


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK



(QUROPHQWVFUHHQLQJSHULRG
7KLVSHULRGZLOOVWDUWZLWKWKHVLJQDWXUHRIWKH,&)ZLOOIROORZZLWK9LVLW6FUHHQLQJDQGZLOO
HQGDWWKHUDQGRPL]DWLRQYLVLW9LVLW
3DWLHQWVUHTXLULQJDZDVKRXWRISURKLELWHG&23'PHGLFDWLRQVZLOOVLJQWKH,&)EHDVVLJQHGD
3DWLHQW,GHQWLILFDWLRQQXPEHUHQUROPHQWFRGHE\WKH,:56V\VWHPDQGUHFHLYH$WURYHQWDQG
UHOLHIPHGLFDWLRQDOEXWHUROVDOEXWDPRODW9LVLWUHJLVWUDWLRQYLVLW9LVLWPD\RFFXUWKH
VDPHGD\DV9LVLWLIWKHSDWLHQWGRHVQRWUHTXLUHDZDVKRXW,QWKLVFDVHRQO\UHOLHIPHGLFDWLRQ
ZLOOEHSURYLGHGWRWKHSDWLHQW
3ULRUWRVLJQLQJWKH,&)LQYHVWLJDWRUVZLOOHYDOXDWHVXLWDELOLW\RISDWLHQWVIRUHQWU\LQWKHWULDOE\
FRPSDULQJSDVWDQGFXUUHQWPHGLFDOVWDWXVDVGRFXPHQWHGLQWKHSDWLHQW
VPHGLFDOUHFRUGVWR
WKHLQFOXVLRQH[FOXVLRQFULWHULDRIWKLVVWXG\SURWRFRO
,&)VLJQDWXUHPXVWEHREWDLQHGEHIRUHSHUIRUPLQJDQ\SURFHGXUHUHODWHGWRWKHWULDO,&)PXVW
EHVLJQHGDIWHUWKHSDWLHQWKDVUHFHLYHGVXIILFLHQWLQIRUPDWLRQDERXWWKHWULDODIWHUKHVKHKDV
KDGWKHRSSRUWXQLW\WRDVNDQ\TXHVWLRQVUHODWHGWRWKHVWXG\DQGFRQVLGHUHGWKHRSWLRQV
$Q\SDWLHQWVLJQLQJWKH,&)VKRXOGEHUHFRUGHGLQ,956,:56DQGVKRXOGEHDVVLJQHGDSDWLHQW
,'QXPEHU
$ VHSDUDWH ,&) ZLOO EH REWDLQHG IRU WKRVH SDWLHQWV ZKR DJUHH WR SDUWLFLSDWH LQ WKH K
VSLURPHWU\VXEVWXG\

9LVLWVFUHHQLQJ
6FUHHQLQJ9LVLWZLOOEHVFKHGXOHGLQWKHPRUQLQJDWDVLPLODUVWDUWWLPHWKDQIXWXUHVWXG\YLVLWV
7KHIROORZLQJDVVHVVPHQWVDQGSURFHVVHVZLOOEHSHUIRUPHGDQGGDWDUHYLHZHG
 3ULRUPHGLFDWLRQDQGFRQFRPLWDQWPHGLFDWLRQUHYLHZ&RQILUPWKDWQRSURKLELWHG
PHGLFDWLRQ ZDV WDNHQ GXULQJ WKH ZDVKRXW SHULRG DQG WKDW WKH DSSURSULDWH
ZLWKKROGVKDYHEHHQPDGHLIUHTXLUHG5HFRUGLQWKHH&5)DOOPHGLFDWLRQVWKH
SDWLHQW LV FXUUHQWO\ WDNLQJ DQG KDV WDNHQ GXULQJ WKH SUHYLRXV  GD\V EHIRUH
VLJQDWXUHRIWKH,&)
 5HYLHZRIDQ\$GYHUVH(YHQWDQG&23'H[DFHUEDWLRQVVLQFHVLJQDWXUHRIWKH
,&)
 5HJLVWHUSDWLHQWLQ,956,:56LIQRWGRQH\HW
 5HYLHZPHGLFDOKLVWRU\GHPRJUDSKLF&23'KLVWRU\GDWHRI&23'GLDJQRVLV
GLDJQRVLVRIFKURQLFEURQFKLWLVRUHPSK\VHPDQXPEHURI&23'H[DFHUEDWLRQV
GXULQJODVW\HDUDQGGDWHRIODVW&23'H[DFHUEDWLRQDQGLIKRVSLWDOL]DWLRQDQG
VPRNLQJLQIRUPDWLRQLHGDWHRIVPRNLQJLQLWLDWLRQFXUUHQWVPRNHURUIRUPHU
VPRNHUGDWHRIVPRNLQJFHVVDWLRQDQGWRWDOSDFN\HDUV


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


 &$7TXHVWLRQQDLUH
 3K\VLFDO H[DPLQDWLRQ LQFOXGLQJ ERG\ ZHLJKW LQ OLJKW LQGRRU FORWKHV ZLWKRXW
VKRHVDQGKHLJKWPHDVXUHPHQW
 %ORRGSUHVVXUH
 OHDG(&*
 %ORRG VDPSOLQJ IRU KDHPDWRORJ\ DQG ELRFKHPLVWU\ DQG ZKHQ DSSURSULDWH
SUHJQDQF\WHVW
 6SLURPHWU\)RUFHGPDQRHXYUHWHVW)(9DQG)9&PHDVXUHPHQWVHWRIWHVWV
ZLOOEHSHUIRUPHG
 %URQFKRGLODWRUWHVW5HYHUVLELOLW\WHVWDGPLQLVWHULQKDOHGDOEXWHUROVDOEXWDPRO
SXIIVWKURXJKDVSDFHUGHYLFHDWOHDVWPLQXWHVDIWHUSUHYLRXVVSLURPHWU\
WHVW$IWHUZDUGVWRPLQXWHVDIWHUDOEXWHUROVDOEXWDPROLQKDODWLRQSHUIRUP
DJDLQVHWRI6SLURPHWU\)RUFHGPDQRHXYUH
 5HYLHZLQFOXVLRQH[FOXVLRQFULWHULD
2QO\SDWLHQWVZKRPHHWDOOLQFOXVLRQH[FOXVLRQFULWHULDDWWKLVSRLQWZLOOEHDOORZHGWRFRQWLQXH
2WKHUZLVHWKHVFUHHQLQJIDLOXUHZLOOEHUHFRUGHGLQWKH,956,:56RU('&:KHQSDWLHQW
IXOILOOHGLQFOXVLRQH[FOXVLRQFULWHULDWKHIROORZLQJZLOORFFXU
 3DWLHQWZLOOEHGLVSHQVHGWKHUHOLHIPHGLFDWLRQLQKDOHUDQGWUDLQHGRQLWVXVHLI
UHTXLUHG
 3DWLHQWVZKRUHTXLUHGDZDVKRXWRIDQ\SURKLELWHGPHGLFDWLRQZLOOEHGLVSHQVHG
ZLWK$WURYHQWWREHWDNHQSXIIV4,'GXULQJWKHUXQLQSHULRG
 3DWLHQWZLOOEHWUDLQHGDQGSURYLGHGZLWKWKHHOHFWURQLF3DWLHQW'LDU\DQGZLOOEH
DVNHGWRVWDUWLWVUHFRUGLQJWKDWQLJKWRQZDUGV
 3DWLHQWZLOOEHWUDLQHGDQGSURYLGHGZLWKWKHSDSHU3DWLHQW'LDU\DQGZLOOEHDVNHG
WRUHFRUGQHZ$(VDQGFKDQJHVLQWKHFRQFRPLWDQWPHGLFDWLRQLIDQ\
 1H[WSURWRFROYLVLWZLOOEHVFKHGXOHG3DWLHQWZLOOEHUHPLQGHGWRDYRLGWKHLQWDNH
RIUHOLHIDQGZDVKRXWPHGLFDWLRQIRUDWOHDVWKRXUVEHIRUHDWWHQGLQJWKHQH[W
YLVLWDQGWREULQJEDFNWKHUHOLHIDQGZDVKRXWPHGLFDWLRQVWKHHOHFWURQLFDQGWKH
SDSHU3DWLHQW'LDU\
)25K63,520(75<68%678'<3$7,(17621/<


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


 3DWLHQWVZKRSDUWLFLSDWHLQWKHKVSLURPHWU\VXEVWXG\ZLOOVLJQDVSHFLILF,&)
7KH\ZLOOEHUHPLQGHGWKDWLIWKH\DUHUDQGRPL]HGDWQH[WYLVLWWKH\ZLOOEH
UHTXLUHGWRVWD\RQVLWHWRSHUIRUPVSLURPHWULHVIRUDSSUR[LPDWHO\KRXUV

7UHDWPHQWSHULRG

9LVLW5DQGRPL]DWLRQ9LVLW
7KHIROORZLQJDVVHVVPHQWVZLOOEHSHUIRUPHGSUHUDQGRPL]DWLRQDQGSUHPRUQLQJ,3GRVH
 3DSHU 3DWLHQW 'LDU\ UHYLHZ $GYHUVH HYHQWV &23' H[DFHUEDWLRQ DQG
FRQFRPLWDQWPHGLFDWLRQUHYLHZ
 (OHFWURQLF 3DWLHQW 'LDU\ UHYLHZ &KHFN LI SDWLHQW KDV FRPSOHWHG WKH PRUQLQJ
TXHVWLRQQDLUHRQWKHHGLDU\,IQRSDWLHQWVKRXOGFRPSOHWHWKHHGLDU\DWWKHVLWH
EHIRUHDQ\VWXG\SURFHGXUH,QFDVHRIORZFRPSOLDQFHZLWKWKHHGLDU\OHVVWKDQ
RIHQWULHVSDWLHQWVKRXOGEHUHWUDLQHGRQKRZWRXVHWKHHGLDU\DQGLI
SRVVLEOHYLVLWVKRXOGEHUHVFKHGXOHGLQRUGHUWRJHWPLQLPXPEDVHOLQHGDWD
 5HWULHYDORIZDVKRXWPHGLFDWLRQ$WURYHQWIRUWKRVHSDWLHQWVZKRUHTXLUHG
ZDVKRXWRISURKLELWHGPHGLFDWLRQ
$ 3UHGRVHDVVHVVPHQWVEDVHOLQH
 6*54WKLVVKRXOGEHWKHILUVWTXHVWLRQQDLUHWREHFRPSOHWHG
 &$7TXHVWLRQQDLUH
 &RQILUPDWLRQRILQFOXVLRQH[FOXVLRQFULWHULD
2QO\SDWLHQWVZKRPHHWDOOLQFOXVLRQH[FOXVLRQFULWHULDDWWKLVSRLQWZLOOEHDOORZHGWR
FRQWLQXH2WKHUZLVHWKHVFUHHQLQJIDLOXUHZLOOEHUHFRUGHGLQWKH,956,:56RU('&
:KHQSDWLHQWIXOILOVLQFOXVLRQH[FOXVLRQFULWHULDWKHIROORZLQJDVVHVVPHQWVZLOOEHSHUIRUPHG
 %ORRGSUHVVXUH
 OHDG(&*
 6SLURPHWU\IRUFHGPDQRHXYUHWHVWV)(9DQG)9&VHWVZLOOEHSHUIRUPHG
GXULQJ WKH KRXU SUHFHGLQJ WKH VFKHGXOHG PRUQLQJ ,3 GRVH DOORZLQJ
DSSUR[LPDWHO\PLQEHWZHHQWKHP
% 5DQGRPL]DWLRQ
 5DQGRPL]HWKHSDWLHQWYLD,:56,956DQGREWDLQNLWQXPEHUDVVLJQPHQW
'RFXPHQWWKHUDQGRPL]DWLRQGDWHRQWKHPHGLFDOQRWHV


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


& 0RUQLQJ,3DGPLQLVWUDWLRQ
 'LVSHQVHWKHNLWQXPEHUVDVVLJQHGE\,:56,956DQGUHFRUGWKHNLWQXPEHUV
GLVSHQVHGRQWKH'UXJ$FFRXQWDELOLW\/RJ
 7UDLQWKHSDWLHQWRQWKHXVHRI3UHVVDLU*HQXDLUDQG+DQGLKDOHUZLWKWKHHPSW\
WUDLQLQJLQKDOHUVDQGHPSW\FDSVXOHVSURYLGHG
 $GPLQLVWUDWLRQ RI WKH ,3V VKRXOG EH SHUIRUPHG E\ D WKLUG SDUW\
DGPLQLVWUDWRU SHUVRQ LQGHSHQGHQW WR WKH VWXG\ DFWLYLWLHV $GPLQLVWHU WKH
ILUVW GRVH RI ,3 DW DSSUR[LPDWHO\ K E\ LQKDODWLRQ RI  SXII IURP WKH
3UHVVDLU*HQXDLULQKDOHUDQGSXIIIURPWKH+DQGLKDOHULQKDOHU7KHWKLUGSDUW\
DGPLQLVWUDWRUVKRXOGFKHFNWKDWWKHSDWLHQWKDVFRUUHFWO\XVHGWKHLQKDOHUV
 ,QVWUXFW WKH SDWLHQW WR LQKDOH IURP WKH 3UHVVDLU*HQXDLU HYHU\ PRUQLQJ DQG
HYHQLQJDQGIURPWKH+DQGLKDOHUHYHU\PRUQLQJXQWLOWKHODVWHYHQLQJEHIRUH
QH[W YLVLW 5HPLQG WKH SDWLHQW WR XVH WKH *HQXDLU GHYLFH ULJKW EHIRUH WKH
+DQGLKDOHUGHYLFHDQGWRFRPHWRQH[WYLVLWZLWKWKHPHGLFDWLRQNLWVWRDVVHVV
WKHGUXJDFFRXQWDELOLW\
 5HFRUGWKHGDWHDQGWLPHRIWKHILUVW,3DGPLQLVWUDWLRQLQWKHPHGLFDOQRWHVDQGLQ
WKHVSLURPHWU\HTXLSPHQW0DVWHUVFRSH&7
' 3RVWGRVHDVVHVVPHQWV

 3RVWGRVH3)7)(9DQG)9&DWPLQPLQPLQKKDQG
K
 %ORRGSUHVVXUHDWK
 OHDG(&*DWK
1RWH IRU 7K WKH (&* DQG EORRG SUHVVXUH VKRXOG EH PHDVXUHG EHIRUH WKH 3)7
PDQRHXYUH


7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGDWDQ\WLPHDIWHUSRVWPRUQLQJ,3GRVH

 ,3NLWVZLOOEHJLYHQWRWKHSDWLHQWDQGUHPLQGHGDERXWWKHFRUUHFWGRVHUHJLPHQ
DQGWLPLQJ
 5HOLHIPHGLFDWLRQZLOOEHGLVSHQVHGDVQHHGHG
 3DWLHQWZLOOEHSURYLGHGZLWKDQHZSDSHUSDWLHQWGLDU\
 7KHHOHFWURQLF3DWLHQW'LDU\ZLOOEHUHGLVSHQVHG


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


 1H[W SURWRFRO YLVLW ZLOO EH VFKHGXOHG 3DWLHQW ZLOO EH UHPLQGHG WR KROG WKH
PRUQLQJ,3GRVHWKDWGD\DYRLGWKHLQWDNHRIUHOLHIPHGLFDWLRQIRUDWOHDVWKRXUV
EHIRUH DWWHQGLQJ WKHQH[WYLVLWDQGWREULQJWKH ,3NLWVWKH UHOLHI PHGLFDWLRQ
LQKDOHUWKHHOHFWURQLFDQGWKHSDSHU3DWLHQW'LDU\WRWKHFOLQLF

)25K63,520(75<68%678'<3$7,(17621/<

 3RVWGRVH3)7)(9DQG)9&DWKKKDQGKSUHHYHQLQJGRVH
 $GPLQLVWHUWKHHYHQLQJGRVHZLWKWKH3UHVVDLU*HQXDLULQKDOHUKRXUVDSDUW
IURPWKHPRUQLQJGRVH
 3RVWGRVH3)7VDWKKKKKDQGKDIWHUWKHPRUQLQJ
GRVH


9LVLW:HHN
$ 3UHGRVHDVVHVVPHQWV
 3DSHU 3DWLHQW 'LDU\ UHYLHZ $GYHUVH HYHQWV &23' H[DFHUEDWLRQ DQG
FRQFRPLWDQWPHGLFDWLRQUHYLHZVLQFHODVWYLVLW
 (OHFWURQLF3DWLHQW'LDU\UHYLHZ
 &KHFNDSSURSULDWHPHGLFDWLRQZDVKRXWVEHIRUHYLVLWDWOHDVWKVLQFHODVWUHOLHI
PHGLFDWLRQLQWDNH
 7KLUGSDUW\DGPLQLVWUDWRUVKRXOGFKHFNVWXG\GUXJFRPSOLDQFHDQGUHWUDLQ
SDWLHQWLIUHTXLUHG
 %ORRGSUHVVXUH
 OHDG(&*
 6SLURPHWU\IRUFHGPDQRHXYUHWHVWV)(9DQG)9&VHWVZLOOEHSHUIRUPHG
GXULQJ WKH KRXU SUHFHGLQJ WKH VFKHGXOHG PRUQLQJ ,3 GRVH DOORZLQJ
DSSUR[LPDWHO\PLQEHWZHHQWKHP
% 0RUQLQJ,3DGPLQLVWUDWLRQ
 ,I QHHGHG SDWLHQW ZLOO EH UHWUDLQHG RQ WKH XVH RI 3UHVVDLU*HQXDLU DQG
+DQGLKDOHU ZLWK WKH HPSW\ WUDLQLQJ LQKDOHUV DQG FDSVXOHV 7KH WKLUG SDUW\
DGPLQLVWUDWRUZLOOHYDOXDWHSURSHUXVHRIWKHGHYLFHVE\WKHSDWLHQWDQGSURYLGH
DGGLWLRQDOWUDLQLQJLIQHHGHG


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


 $GPLQLVWUDWLRQ RI WKH ,3V VKRXOG EH SHUIRUPHG E\ WKH WKLUG SDUW\
DGPLQLVWUDWRU$GPLQLVWHUWKHILUVWGRVHRI,3DWDSSUR[LPDWHO\KE\
LQKDODWLRQ RI  SXII IURP WKH 3UHVVDLU*HQXDLU LQKDOHU DQG  SXII IURP WKH
+DQGLKDOHULQKDOHU7KHWKLUGSDUW\DGPLQLVWUDWRUVKRXOGFKHFNWKDWWKHSDWLHQW
KDVFRUUHFWO\XVHGWKHLQKDOHUV
 5HPLQG WKH SDWLHQW WR LQKDOH IURP WKH 3UHVVDLU*HQXDLU HYHU\ PRUQLQJ DQG
HYHQLQJDQGIURPWKH+DQGLKDOHUHYHU\PRUQLQJXQWLOWKHODVWHYHQLQJEHIRUH
QH[W YLVLW 5HPLQG WKH SDWLHQW WR XVH WKH *HQXDLU GHYLFH ULJKW EHIRUH WKH
+DQGLKDOHUGHYLFHDQGWRFRPHWRQH[WYLVLWZLWKWKHPHGLFDWLRQNLWVWRDVVHVV
WKHGUXJDFFRXQWDELOLW\
 5HFRUGWKHGDWHDQGWLPHRIWKH,3DGPLQLVWUDWLRQLQWKHPHGLFDOQRWHVDQGLQWKH
VSLURPHWU\HTXLSPHQW0DVWHUVFRSH&7
7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGDWDQ\WLPHDIWHUSRVWPRUQLQJ,3GRVH
 7KLUGSDUW\DGPLQLVWUDWRUVKRXOGFROOHFWHPSW\7,2FDSVXOHV
 ,3NLWVZLOOEHUHGLVSHQVHGWRWKHSDWLHQWDQGUHPLQGHGDERXWWKHFRUUHFWGRVH
UHJLPHQDQGWLPLQJ
 5HOLHIPHGLFDWLRQZLOOEHGLVSHQVHGDVQHHGHG
 3DWLHQWZLOOEHSURYLGHGZLWKDQHZSDSHUSDWLHQWGLDU\
 7KHHOHFWURQLF3DWLHQW'LDU\ZLOOEHUHGLVSHQVHG
 1H[WSURWRFROYLVLWZLOOEHVFKHGXOHG3DWLHQWZLOOEHUHPLQGHGWRKROGWKH
PRUQLQJ,3GRVHWKDWGD\DYRLGWKHLQWDNHRIUHOLHIPHGLFDWLRQIRUDWOHDVW
KRXUVEHIRUHDWWHQGLQJWKHQH[WYLVLWDQGWREULQJWKH,3NLWVWKHUHOLHI
PHGLFDWLRQLQKDOHUWKHHOHFWURQLFDQGWKHSDSHU3DWLHQW'LDU\WRWKHFOLQLF

9LVLW:HHN

$
3UHGRVHDVVHVVPHQWV
 3DSHU3DWLHQW'LDU\UHYLHZ$GYHUVHHYHQWV&23'H[DFHUEDWLRQDQG
FRQFRPLWDQWPHGLFDWLRQUHYLHZVLQFHODVWYLVLW
 (OHFWURQLF3DWLHQW'LDU\UHYLHZ
 &KHFNDSSURSULDWHPHGLFDWLRQZDVKRXWVEHIRUHYLVLWDWOHDVWKVLQFHODVWUHOLHI
PHGLFDWLRQLQWDNH


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


 7KLUGSDUW\DGPLQLVWUDWRUVKRXOGFKHFNVWXG\GUXJFRPSOLDQFHDQGUHWUDLQ
SDWLHQWLIUHTXLUHG
 6*54WKLVVKRXOGEHWKHILUVWTXHVWLRQQDLUHWREHFRPSOHWHG
 &$7TXHVWLRQQDLUH
 %ORRGSUHVVXUH
 OHDG(&*
 6SLURPHWU\IRUFHGPDQRHXYUHWHVWV)(9DQG)9&VHWVZLOOEHSHUIRUPHG
GXULQJWKHKRXUSUHFHGLQJWKHVFKHGXOHGPRUQLQJ,3GRVHDOORZLQJ
DSSUR[LPDWHO\PLQEHWZHHQWKHP
%
0RUQLQJ,3DGPLQLVWUDWLRQ
 ,IQHHGHGSDWLHQWZLOOEHUHWUDLQHGRQWKHXVHRI3UHVVDLU*HQXDLUDQG
+DQGLKDOHUZLWKWKHHPSW\WUDLQLQJLQKDOHUVDQGFDSVXOHV7KHWKLUGSDUW\
DGPLQLVWUDWRUZLOOHYDOXDWHSURSHUXVHRIWKHGHYLFHVE\WKHSDWLHQWDQG
SURYLGHDGGLWLRQDOWUDLQLQJLIQHHGHG
 $GPLQLVWUDWLRQ RI WKH ,3V VKRXOG EH SHUIRUPHG E\ WKH WKLUG SDUW\
DGPLQLVWUDWRU$GPLQLVWHUWKHILUVWGRVHRI,3DWDSSUR[LPDWHO\KE\
LQKDODWLRQ RI  SXII IURP WKH 3UHVVDLU*HQXDLU LQKDOHU DQG  SXII IURP WKH
+DQGLKDOHULQKDOHU7KHWKLUGSDUW\DGPLQLVWUDWRUVKRXOGFKHFNWKDWWKHSDWLHQW
KDVFRUUHFWO\XVHGWKHLQKDOHUV
 5HPLQGWKHSDWLHQWWRLQKDOHIURPWKH3UHVVDLU*HQXDLUHYHU\PRUQLQJDQG
HYHQLQJDQGIURPWKH+DQGLKDOHUHYHU\PRUQLQJXQWLOWKHODVWHYHQLQJEHIRUH
QH[WYLVLW5HPLQGWKHSDWLHQWWRXVHWKH*HQXDLUGHYLFHULJKWEHIRUHWKH
+DQGLKDOHUGHYLFHDQGWRFRPHWRQH[WYLVLWZLWKWKHPHGLFDWLRQNLWVWRDVVHVV
WKHGUXJDFFRXQWDELOLW\
 5HFRUGWKHGDWHDQGWLPHRIWKH,3DGPLQLVWUDWLRQLQWKHPHGLFDOQRWHVDQGLQWKH
VSLURPHWU\HTXLSPHQW0DVWHUVFRSH&7
&
3RVWGRVHDVVHVVPHQWV
 3RVWGRVH3)7)(9DQG)9&DWK
7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGDWDQ\WLPHDIWHUSRVWPRUQLQJ,3GRVH
 7KLUGSDUW\DGPLQLVWUDWRUVKRXOGFROOHFWHPSW\ORFNHG3UHVVDLU*HQXDLU
DQGHPSW\7,2FDSVXOHV


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


 ,3NLWVZLOOEHUHGLVSHQVHGWRWKHSDWLHQWDQGUHPLQGHGDERXWWKHFRUUHFWGRVH
UHJLPHQDQGWLPLQJ
 5HOLHIPHGLFDWLRQZLOOEHGLVSHQVHGDVQHHGHG
 3DWLHQWZLOOEHSURYLGHGZLWKDQHZSDSHUSDWLHQWGLDU\
 7KHHOHFWURQLF3DWLHQW'LDU\ZLOOEHUHGLVSHQVHG
 1H[WSURWRFROYLVLWZLOOEHVFKHGXOHG3DWLHQWZLOOEHUHPLQGHGWRKROGWKH
PRUQLQJ,3GRVHWKDWGD\DYRLGWKHLQWDNHRIUHOLHIPHGLFDWLRQIRUDWOHDVW
KRXUVEHIRUHDWWHQGLQJWKHQH[WYLVLWDQGWREULQJWKH,3NLWWKHUHOLHI
PHGLFDWLRQLQKDOHUWKHHOHFWURQLFDQGWKHSDSHU3DWLHQW'LDU\WRWKHFOLQLF

9LVLW:HHN
$
3UHGRVHDVVHVVPHQWV
 3DSHU3DWLHQW'LDU\UHYLHZ$GYHUVHHYHQWV&23'H[DFHUEDWLRQDQG
FRQFRPLWDQWPHGLFDWLRQUHYLHZ
 (OHFWURQLF3DWLHQW'LDU\UHYLHZ
 &KHFNDSSURSULDWHPHGLFDWLRQZDVKRXWVEHIRUHYLVLWDWOHDVWKVLQFHODVWUHOLHI
PHGLFDWLRQLQWDNH
 7KLUGSDUW\DGPLQLVWUDWRUVKRXOGFROOHFW$//3UHVVDLU*HQXDLUDQG
+DQGLKDOHUFDSVXOHVDQGFKHFNWKHPLQRUGHUWRDVVHVVVWXG\GUXJ
FRPSOLDQFHDQGSHUIRUPGUXJDFFRXQWDELOLW\
 6*54WKLVVKRXOGEHWKHILUVWTXHVWLRQQDLUHWREHFRPSOHWHG
 &$7TXHVWLRQQDLUH
 %ORRGSUHVVXUH
 OHDG(&*
 6SLURPHWU\IRUFHGPDQRHXYUHWHVWV)(9DQG)9&VHWVZLOOEHSHUIRUPHG
GXULQJWKHKRXUSUHFHGLQJWKHVFKHGXOHGPRUQLQJ,3GRVHDOORZLQJ
DSSUR[LPDWHO\PLQEHWZHHQWKHP
%
0RUQLQJ,3DGPLQLVWUDWLRQ
 ,IQHHGHGSDWLHQWZLOOEHUHWUDLQHGRQWKHXVHRI3UHVVDLU*HQXDLUDQG
+DQGLKDOHUZLWKWKHHPSW\WUDLQLQJLQKDOHUVDQGHPSW\FDSVXOHV


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


 &DOO,956DFFHVV,:56WRDVVLJQDQHZPHGLFDWLRQNLWDQGUHFRUGWKHNLW
QXPEHULQWKHGUXJDFFRXQWDELOLW\ORJ
 $GPLQLVWUDWLRQ RI WKH ,3V VKRXOG EH SHUIRUPHG E\ D WKLUG SDUW\
DGPLQLVWUDWRU SHUVRQ LQGHSHQGHQW WR WKH VWXG\ DFWLYLWLHV $GPLQLVWHU WKH
ILUVW GRVH RI ,3 DW DSSUR[LPDWHO\ K E\ LQKDODWLRQ RI  SXII IURP WKH
3UHVVDLU*HQXDLULQKDOHUDQGSXIIIURPWKH+DQGLKDOHULQKDOHU7KHWKLUGSDUW\
DGPLQLVWUDWRUVKRXOGFKHFNWKDWWKHSDWLHQWKDVFRUUHFWO\XVHGWKHLQKDOHUV
 ,QVWUXFWWKHSDWLHQWWRLQKDOHIURPWKH3UHVVDLU*HQXDLUHYHU\PRUQLQJDQG
HYHQLQJDQGIURPWKH+DQGLKDOHUHYHU\PRUQLQJXQWLOWKHODVWHYHQLQJEHIRUH
QH[WYLVLW5HPLQGWKHSDWLHQWWRXVHWKH*HQXDLUGHYLFHULJKWEHIRUHWKH
+DQGLKDOHUGHYLFHDQGWRFRPHWRQH[WYLVLWZLWKWKHPHGLFDWLRQNLWVWRDVVHVV
WKHGUXJDFFRXQWDELOLW\
 5HFRUGWKHGDWHDQGWLPHRIWKHILUVW,3DGPLQLVWUDWLRQLQWKHPHGLFDOQRWHVDQG
LQWKHVSLURPHWU\HTXLSPHQW0DVWHUVFRSH&7
&
3RVWGRVHDVVHVVPHQWV

 3RVWGRVH3)7)(9DQG)9&DWPLQKKDQGK
 %ORRGSUHVVXUHDWK
 OHDG(&*DWK
1RWH IRU 7K WKH (&* DQG EORRG SUHVVXUH VKRXOG EH PHDVXUHG EHIRUH WKH 3)7
PDQRHXYUH

7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGDWDQ\WLPHDIWHUSRVWPRUQLQJ,3GRVH
 ,3NLWVZLOOEHGLVSHQVHGWRWKHSDWLHQWDQGUHPLQGHGDERXWWKHFRUUHFWGRVH
UHJLPHQDQGWLPLQJ
 5HOLHIPHGLFDWLRQZLOOEHGLVSHQVHGDVQHHGHG
 3DWLHQWZLOOEHSURYLGHGZLWKDSDSHUSDWLHQWGLDU\
 7KHHOHFWURQLF3DWLHQW'LDU\ZLOOEHUHGLVSHQVHG
 1H[WSURWRFROYLVLWZLOOEHVFKHGXOHG3DWLHQWZLOOEHUHPLQGHGWRKROGWKH
PRUQLQJ,3GRVHWKDWGD\DYRLGWKHLQWDNHRIUHOLHIPHGLFDWLRQIRUDWOHDVW
KRXUVEHIRUHDWWHQGLQJWKHQH[WYLVLWDQGWREULQJWKH,3NLWWKHUHOLHI
PHGLFDWLRQLQKDOHUWKHHOHFWURQLFDQGWKHSDSHU3DWLHQW'LDU\WRWKHFOLQLF


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK



9LVLW:HHN
$
3UHGRVHDVVHVVPHQWV
 3DSHU3DWLHQW'LDU\UHYLHZ$GYHUVHHYHQWV&23'H[DFHUEDWLRQDQG
FRQFRPLWDQWPHGLFDWLRQUHYLHZVLQFHODVWYLVLW
 (OHFWURQLF3DWLHQW'LDU\UHYLHZ
 &KHFNDSSURSULDWHPHGLFDWLRQZDVKRXWVEHIRUHYLVLWDWOHDVWKVLQFHODVWUHOLHI
PHGLFDWLRQLQWDNH
 7KLUGSDUW\DGPLQLVWUDWRUVKRXOGFKHFNVWXG\GUXJFRPSOLDQFHDQGUH
WUDLQSDWLHQWLIUHTXLUHG
 6*54WKLVVKRXOGEHWKHILUVWTXHVWLRQQDLUHWREHFRPSOHWHG
 &$7TXHVWLRQQDLUH
 %ORRGSUHVVXUH
 OHDG(&*
 6SLURPHWU\IRUFHGPDQRHXYUHWHVWV)(9DQG)9&VHWVZLOOEHSHUIRUPHG
GXULQJWKHKRXUSUHFHGLQJWKHVFKHGXOHGPRUQLQJ,3GRVHDOORZLQJ
DSSUR[LPDWHO\PLQEHWZHHQWKHP

%
0RUQLQJ,3DGPLQLVWUDWLRQ
 ,IQHHGHGSDWLHQWZLOOEHUHWUDLQHGRQWKHXVHRI3UHVVDLU*HQXDLUDQG
+DQGLKDOHUZLWKWKHHPSW\WUDLQLQJLQKDOHUVDQGHPSW\FDSVXOHV
 $GPLQLVWUDWLRQ RI WKH ,3V VKRXOG EH SHUIRUPHG E\ D WKLUG SDUW\
DGPLQLVWUDWRU SHUVRQ LQGHSHQGHQW WR WKH VWXG\ DFWLYLWLHV $GPLQLVWHU WKH
ILUVW GRVH RI ,3 DW DSSUR[LPDWHO\ K E\ LQKDODWLRQ RI  SXII IURP WKH
3UHVVDLU*HQXDLULQKDOHUDQGSXIIIURPWKH+DQGLKDOHULQKDOHU7KHWKLUGSDUW\
DGPLQLVWUDWRUVKRXOGFKHFNWKDWWKHSDWLHQWKDVFRUUHFWO\XVHGWKHLQKDOHUV
 5HPLQGWKHSDWLHQWWRLQKDOHIURPWKH3UHVVDLU*HQXDLUHYHU\PRUQLQJDQG
HYHQLQJDQGIURPWKH+DQGLKDOHUHYHU\PRUQLQJXQWLOWKHODVWHYHQLQJEHIRUH
QH[WYLVLW5HPLQGWKHSDWLHQWWRXVHWKH*HQXDLUGHYLFHULJKWEHIRUHWKH
+DQGLKDOHUGHYLFHDQGWRFRPHWRQH[WYLVLWZLWKWKHPHGLFDWLRQNLWVWRDVVHVV
WKHGUXJDFFRXQWDELOLW\
 5HFRUGWKHGDWHDQGWLPHRIWKHILUVW,3DGPLQLVWUDWLRQLQWKHPHGLFDOQRWHVDQG
LQWKHVSLURPHWU\HTXLSPHQW0DVWHUVFRSH&7


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


&
3RVWGRVHDVVHVVPHQWV
 3RVWGRVH3)7)(9DQG)9&DWK
7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGDWDQ\WLPHDIWHUSRVWPRUQLQJ,3GRVH
 7KLUGSDUW\DGPLQLVWUDWRUVKRXOGFROOHFWHPSW\ORFNHG3UHVVDLU*HQXDLU
DQGHPSW\7,2FDSVXOHV
 6DPH,3NLWVZLOOEHUHGLVSHQVHGWRWKHSDWLHQWDQGUHPLQGHGDERXWWKHFRUUHFW
GRVHUHJLPHQDQGWLPLQJ
 5HOLHIPHGLFDWLRQZLOOEHGLVSHQVHGDVQHHGHG
 3DWLHQWZLOOEHSURYLGHGZLWKDSDSHUSDWLHQWGLDU\
 7KHHOHFWURQLF3DWLHQW'LDU\ZLOOEHUHGLVSHQVHG
 1H[WSURWRFROYLVLWZLOOEHVFKHGXOHG3DWLHQWZLOOEHUHPLQGHGWRKROGWKH
PRUQLQJ,3GRVHWKDWGD\DYRLGWKHLQWDNHRIUHOLHIPHGLFDWLRQIRUDWOHDVW
KRXUVEHIRUHDWWHQGLQJWKHQH[WYLVLWDQGWREULQJWKH,3NLWWKHUHOLHI
PHGLFDWLRQLQKDOHUWKHHOHFWURQLFDQGWKHSDSHU3DWLHQW'LDU\WRWKHFOLQLF


9LVLW:HHN
$
3UHGRVHDVVHVVPHQWVEDVHOLQH
 3DSHU3DWLHQW'LDU\UHYLHZ$GYHUVHHYHQWV&23'H[DFHUEDWLRQDQG
FRQFRPLWDQWPHGLFDWLRQUHYLHZ
 (OHFWURQLF3DWLHQW'LDU\UHYLHZ
 &KHFNDSSURSULDWHPHGLFDWLRQZDVKRXWVEHIRUHYLVLWDWOHDVWKVLQFHODVWUHOLHI
PHGLFDWLRQLQWDNH
 6*54WKLVVKRXOGEHWKHILUVWTXHVWLRQQDLUHWREHFRPSOHWHG
 &$7
 'HYLFH3UHIHUHQFH4XHVWLRQQDLUH
 %ORRGVDPSOLQJIRUKDHPDWRORJ\DQGELRFKHPLVWU\ZKHQDSSURSULDWH
SUHJQDQF\WHVW
 3K\VLFDOH[DPLQDWLRQDQ\QHZRUZRUVHQHGILQGLQJZLOOEHUHFRUGHGLQWKH$(
IRUPRIWKH('&


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


 %ORRGSUHVVXUH
 OHDG(&*
 6SLURPHWU\IRUFHGPDQRHXYUHWHVWV)(9DQG)9&VHWVZLOOEHSHUIRUPHG
GXULQJWKHKRXUSUHFHGLQJWKHVFKHGXOHGPRUQLQJ,3GRVHDOORZLQJ
DSSUR[LPDWHO\PLQEHWZHHQWKHP
%
0RUQLQJ,3DGPLQLVWUDWLRQ
 $GPLQLVWUDWLRQ RI WKH ,3V VKRXOG EH SHUIRUPHG E\ D WKLUG SDUW\
DGPLQLVWUDWRU SHUVRQ LQGHSHQGHQW WR WKH VWXG\ DFWLYLWLHV $GPLQLVWHU WKH
ILUVW GRVH RI ,3 DW DSSUR[LPDWHO\ K E\ LQKDODWLRQ RI  SXII IURP WKH
3UHVVDLU*HQXDLULQKDOHUDQGSXIIIURPWKH+DQGLKDOHULQKDOHU7KHWKLUGSDUW\
DGPLQLVWUDWRUVKRXOGFKHFNWKDWWKHSDWLHQWKDVFRUUHFWO\XVHGWKHLQKDOHUV
 5HFRUGWKHGDWHDQGWLPHRIWKH,3DGPLQLVWUDWLRQLQWKHPHGLFDOQRWHVDQGLQWKH
VSLURPHWU\HTXLSPHQW0DVWHUVFRSH&7

&
3RVWGRVHDVVHVVPHQWV
 3RVWGRVH3)7)(9DQG)9&DWPLQKKDQGK
 %ORRGSUHVVXUHDWK
 OHDG(&*DWK
1RWH IRU 7K WKH (&* DQG EORRG SUHVVXUH VKRXOG EH PHDVXUHG EHIRUH WKH 3)7
PDQRHXYUH

7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGDWDQ\WLPHDIWHUSRVWPRUQLQJ,3GRVH
 7KLUGSDUW\DGPLQLVWUDWRUVKRXOGFROOHFW$//3UHVVDLU*HQXDLUDQG
+DQGLKDOHUFDSVXOHVDQGFKHFNWKHPLQRUGHUWRDVVHVVVWXG\GUXJ
FRPSOLDQFHDQGSHUIRUPGUXJDFFRXQWDELOLW\
 5HYLHZDQGUHWULHYHSDSHUDQGHOHFWURQLF3DWLHQW'LDU\
 5HWULHYDORIUHOLHIPHGLFDWLRQ
 5HVHDUFKSHUVRQQHOZLOOUHJLVWHUSDWLHQWVFRPSOHWLRQRIWKHWUHDWPHQWLQ
,956,:56RU('&
 7KHIROORZXSFDOOZLOOEHVFKHGXOHG


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


 3DWLHQWZLOOEHLQVWUXFWHGE\VWXG\SHUVRQQHOWRUHVXPHWKH&23'PHGLFDWLRQ
WDNHQEHIRUHWULDOVWDUWRUDQ\RWKHUWUHDWPHQWGHHPHGDSSURSULDWHDFFRUGLQJWR
PHGLFDOMXGJHPHQW

)25K63,520(75<68%678'<3$7,(17621/<

 3RVWGRVH3)7)(9DQG)9&DWKKKDQGKSUHHYHQLQJGRVH
 $GPLQLVWHUWKHHYHQLQJGRVHZLWKWKH3UHVVDLU*HQXDLULQKDOHUKRXUVDSDUW
IURPWKHPRUQLQJGRVH
 3RVWGRVH3)7VDWKKKKKDQGKDIWHUWKH
PRUQLQJDGPLQLVWUDWLRQ

(QGRI7UHDWPHQW(27
7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGIRUSDWLHQWVWKDWGLVFRQWLQXHIURPWKH,3(27
 3DSHU3DWLHQW'LDU\UHYLHZ$GYHUVHHYHQWV&23'H[DFHUEDWLRQDQG
FRQFRPLWDQWPHGLFDWLRQUHYLHZ
 (OHFWURQLF3DWLHQW'LDU\UHYLHZ
 6*54WKLVVKRXOGEHWKHILUVWTXHVWLRQQDLUHWREHFRPSOHWHG
 &$7
 'HYLFH3UHIHUHQFH4XHVWLRQQDLUH
 7KLUGSDUW\DGPLQLVWUDWRUVKRXOGFROOHFW$//3UHVVDLU*HQXDLUDQG
+DQGLKDOHUFDSVXOHVDQGFKHFNWKHPLQRUGHUWRDVVHVVVWXG\GUXJ
FRPSOLDQFHDQGSHUIRUPGUXJDFFRXQWDELOLW\
 5HWULHYDORIUHOLHIPHGLFDWLRQ
 %ORRGVDPSOLQJIRUKDHPDWRORJ\DQGELRFKHPLVWU\ZKHQDSSURSULDWH
SUHJQDQF\WHVW
 3K\VLFDOH[DPLQDWLRQDQ\QHZRUZRUVHQHGILQGLQJZLOOEHUHFRUGHGLQWKH$(
IRUPRIWKH('&
 OHDG(&*
 %ORRGSUHVVXUH
 6SLURPHWU\IRUFHGPDQRHXYUHWHVWV)(9DQG)9&VHWVZLOOEHSHUIRUPHG
GXULQJWKHKRXUSUHFHGLQJWKHVFKHGXOHGPRUQLQJGRVHDOORZLQJDSSUR[LPDWHO\


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


PLQEHWZHHQWKHP,IWKHSDWLHQWKDVWDNHQWKH&23'WUHDWPHQWEHIRUHWKH
YLVLWWKHSXOPRQDU\IXQFWLRQWHVWVKRXOGQRWEHSHUIRUPHG
 3DWLHQWZLOOEHLQVWUXFWHGE\VWXG\SHUVRQQHOWRUHVXPHWKH&23'PHGLFDWLRQ
WDNHQEHIRUHWULDOVWDUWRUDQ\RWKHUWUHDWPHQWGHHPHGDSSURSULDWHDFFRUGLQJWR
PHGLFDOMXGJHPHQW
 $GPLQLVWUDWLRQRIWKH&23'WUHDWPHQWDWWKH(27YLVLW
 3RVWGRVH3)7)(9DQG)9&DWK,QFDVHWKH&23'SUHVFULEHGWUHDWPHQW
LVQRWDGPLQLVWHUHGGXULQJWKH(27YLVLWWKHSRVWGRVH3)7ZLOOEHVNLSSHG
 5HFRUGWKHGDWHDQGWLPHRIWKHDGPLQLVWUDWLRQLQWKHPHGLFDOQRWHVDQGLQWKH
VSLURPHWU\HTXLSPHQW0DVWHUVFRSH&7
 5HVHDUFKSHUVRQQHOZLOOUHJLVWHUSDWLHQWVGLVFRQWLQXDWLRQRIWKHWUHDWPHQWLQ
,956,:56RU('&DQGZLOOFRPSOHWHWKHFRUUHVSRQGLQJYLVLWLQWKH('&
3DWLHQWVZKRGLVFRQWLQXHIURP,3ZLOOEHHQFRXUDJHGWRHQWHULQDIROORZXSSHULRG7KH
IROORZLQJDGGLWLRQDOSURFHGXUHVZLOOEHSHUIRUPHGDWWKH(27YLVLW
 2EWDLQVLJQHG,&)IRUSDWLHQWVZKRGLVFRQWLQXHIURP,3
 5HGLVSHQVHWKHSDSHUGLDU\DQGHOHFWURQLFGLDU\7KHHOHFWURQLFGLDU\ZLOOQHHG
WREHVHWXSWRDOORZSDWLHQWWRFRPSOHWHRQO\WKH6*54DQG(5670&23'
GXULQJWKHSRVW,3GLVFRQWLQXDWLRQIROORZXSSHULRG
 ,QIRUPWKHSDWLHQWWKDWKHVKHVKRXOGDWWHQGWKHFOLQLFSHUWKHSODQQHGVWXG\
YLVLWVXQWLOWKHZHHNVRIWUHDWPHQWDUHFRPSOHWHG,IWKH(27RFFXUVZLWKLQ
WZRZHHNVRIWKHQH[WVFKHGXOHGYLVLWWKHQH[WYLVLWFDQEHVNLSSHG
 6FKHGXOHWKHQH[WYLVLWDFFRUGLQJWRWKHSURWRFRO
,IDQ\SDWLHQWDFFHSWLQJWKHSDUWLFLSDWLRQLQWKHSRVWWUHDWPHQWIROORZXSSHULRGGHFLGHVWR
GLVFRQWLQXHIURPWKHVWXG\ODWHURQZLWKGUDZDODQ(26YLVLWVKRXOGEHVFKHGXOHGLQRUGHUWR
UHWXUQWKHSDSHUDQGHOHFWURQLFGLDULHVDVZHOODVWKHUHOLHIPHGLFDWLRQ6HHVHFWLRQ
 )ROORZXSSHULRGDIWHU,3GLVFRQWLQXDWLRQ
6XEMHFWVZKRGLVFRQWLQXHVWXG\WUHDWPHQWZLOOEHHQFRXUDJHGWRUHPDLQLQWKHVWXG\WRFRPSOHWH
DOOUHPDLQLQJVWXG\YLVLWVGXULQJWKHZHHNWUHDWPHQWSHULRG3DWLHQWVZKRDJUHHWRSDUWLFLSDWH
LQWKHIROORZXSSHULRGDIWHU,3GLVFRQWLQXDWLRQ(27ZLOODWWHQGWRWKHFOLQLFRQWKHVFKHGXOHG
SURWRFROYLVLWV
7KH\ZLOOSHUIRUPWKHIROORZLQJSURFHGXUHV


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


 3DSHU3DWLHQW'LDU\UHYLHZ)RU6HULRXV$GYHUVHHYHQWV&23'H[DFHUEDWLRQ
DQGFRQFRPLWDQWPHGLFDWLRQUHYLHZ
 (OHFWURQLF3DWLHQW'LDU\UHYLHZHYHQLQJGLDU\FRPSOHWLRQ(;$&7
 6*54FRPSOHWLRQH[FHSWIRUIROORZXSYLVLWUHSODFLQJUHJXODU9LVLW
 6SLURPHWU\IRUFHGPDQRHXYUHWHVWV)(9DQG)9&VHWVZLOOEHSHUIRUPHG
GXULQJWKHKRXUSUHFHGLQJWKHVFKHGXOHGPRUQLQJGRVHDOORZLQJDSSUR[LPDWHO\
PLQEHWZHHQWKHP,IWKHSDWLHQWKDVWDNHQWKH&23'WUHDWPHQWEHIRUHWKH
YLVLWWKHSXOPRQDU\IXQFWLRQWHVWVKRXOGQRWEHSHUIRUPHG
 $GPLQLVWUDWLRQRIWKH&23'WUHDWPHQWSUHVFULEHGDWWKH(27YLVLW
 5HFRUGWKHGDWHDQGWLPHRIWKHDGPLQLVWUDWLRQLQWKHPHGLFDOQRWHVDQGLQWKH
VSLURPHWU\HTXLSPHQW0DVWHUVFRSH&7
 3RVWGRVH3)7)(9DWKH[FHSWIRUYLVLWVUHSODFLQJUHJXODU9LVLW
 5HVHDUFKSHUVRQQHOZLOOUHJLVWHUSDWLHQWVGLVFRQWLQXDWLRQRIWKHWUHDWPHQWLQ
,956,:56RU('&DQGZLOOFRPSOHWHWKHFRUUHVSRQGLQJ(27YLVLWLQWKH
('&
$WWKHHQGRIWKHYLVLWWKHLQYHVWLJDWRUZLOO
 5HGLVSHQVHWKHSDSHUGLDU\DQGHOHFWURQLFGLDU\
 ,QIRUPWKHSDWLHQWWKDWKHVKHVKRXOGDWWHQGWKHFOLQLFSHUWKHSODQQHGVWXG\
YLVLWVXQWLOWKHZHHNVRIWUHDWPHQWDUHFRPSOHWHG
 6FKHGXOHWKHUHPDLQLQJRQVLWHYLVLWV

(QGRI6WXG\(26YLVLWIRUSDWLHQWVWKDWGLVFRQWLQXHIURPWKHWUHDWPHQWIROORZ
XSSHULRG
3DWLHQWV ZKR GLVFRQWLQXH IURP WKH SRVWWUHDWPHQW IROORZXS SHULRG IRU DQ\ UHDVRQ LH
ZLWKGUDZDORIFRQVHQWDQ(26YLVLWVKRXOGEHSHUIRUPHGDVVRRQDVSRVVLEOHLQRUGHUWRUHWULHYH
WKHVWXG\PDWHULDOSDSHUGLDU\HOHFWURQLFGLDU\
1RDGGLWLRQDOWHVWVDUHUHTXLUHGLQWKLVYLVLWXQOHVVWKHLQYHVWLJDWRUFRQVLGHUVWKHPQHFHVVDU\WR
HQVXUHWKHSDWLHQW¶VVDIHW\
7KHDFWLYLWLHVWREHSHUIRUPHGLQWKH(26YLVLWIRUSDWLHQWVWKDWKDGSUHYLRXVO\GLVFRQWLQXHG
IURPWKH,3DUH


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


 5HVHDUFKSHUVRQQHOZLOOUHJLVWHUSDWLHQWVGLVFRQWLQXDWLRQRIWKHVWXG\LQ
,956,:56RU('&DQGZLOOFRPSOHWHWKHFRUUHVSRQGLQJ(26YLVLWLQWKH('&
UHVSHFWLYHO\
 5HWULHYHSDSHUDQGHOHFWURQLF3DWLHQW'LDU\

(QGRI6WXG\(26
7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGIRUSDWLHQWVWKDWGLVFRQWLQXHIURPWKHVWXG\
(26
 3DSHU3DWLHQW'LDU\UHYLHZ$GYHUVHHYHQWV&23'H[DFHUEDWLRQDQG
FRQFRPLWDQWPHGLFDWLRQUHYLHZ
 (OHFWURQLF3DWLHQW'LDU\UHYLHZ
 6*54WKLVVKRXOGEHWKHILUVWTXHVWLRQQDLUHWREHFRPSOHWHG
 &$7
 'HYLFH3UHIHUHQFH4XHVWLRQQDLUH
 7KLUGSDUW\DGPLQLVWUDWRUVKRXOGFROOHFW$//3UHVVDLU*HQXDLUDQG
+DQGLKDOHUFDSVXOHVDQGFKHFNWKHPLQRUGHUWRDVVHVVVWXG\GUXJ
FRPSOLDQFHDQGSHUIRUPGUXJDFFRXQWDELOLW\
 5HWULHYDORIUHOLHIPHGLFDWLRQ
 %ORRGVDPSOLQJIRUKDHPDWRORJ\DQGELRFKHPLVWU\ZKHQDSSURSULDWH
SUHJQDQF\WHVW
 3K\VLFDOH[DPLQDWLRQDQ\QHZRUZRUVHQHGILQGLQJZLOOEHUHFRUGHGLQWKH$(
IRUPRIWKH('&
 OHDG(&*
 %ORRGSUHVVXUH
 6SLURPHWU\IRUFHGPDQRHXYUHWHVWV)(9DQG)9&VHWVZLOOEHSHUIRUPHG
GXULQJWKHKRXUSUHFHGLQJWKHVFKHGXOHGPRUQLQJGRVHDOORZLQJDSSUR[LPDWHO\
PLQEHWZHHQWKHP,IWKHSDWLHQWKDVWDNHQWKH&23'WUHDWPHQWEHIRUHWKH
YLVLWWKHSXOPRQDU\IXQFWLRQWHVWVKRXOGQRWEHSHUIRUPHG
 3DWLHQWZLOOEHLQVWUXFWHGE\VWXG\SHUVRQQHOWRUHVXPHWKH&23'PHGLFDWLRQ
WDNHQEHIRUHWULDOVWDUWRUDQ\RWKHUWUHDWPHQWGHHPHGDSSURSULDWHDFFRUGLQJWR
PHGLFDOMXGJHPHQW
 $GPLQLVWUDWLRQRIWKH&23'WUHDWPHQWDWWKH(26YLVLW


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


 3RVWGRVH3)7)(9DQG)9&DWK,QFDVHWKH&23'SUHVFULEHGWUHDWPHQW
LVQRWDGPLQLVWHUHGGXULQJWKH(26YLVLWWKHSRVWGRVH3)7ZLOOEHVNLSSHG
 5HFRUGWKHGDWHDQGWLPHRIWKHDGPLQLVWUDWLRQLQWKHPHGLFDOQRWHVDQGLQWKH
VSLURPHWU\HTXLSPHQW0DVWHUVFRSH&7
 5HVHDUFKSHUVRQQHOZLOOUHJLVWHUSDWLHQWVGLVFRQWLQXDWLRQRIWKHVWXG\LQ
,956,:56RU('&DQGZLOOFRPSOHWHWKHFRUUHVSRQGLQJYLVLWLQWKH('&


)ROORZXSSHULRG
$IROORZXSVKRXOGEHSHUIRUPHGIRUSDWLHQWVFRPSOHWLQJWKHWUHDWPHQWRUGLVFRQWLQXHGIURP
WKH,3VWXG\E\PHDQVRIDYLVLWRUDSKRQHFRQWDFWDVFRQVLGHUHGDSSURSULDWHGD\V
DIWHUODVW,3LQWDNHLQRUGHUWRDVVHVVQHZRURQJRLQJ$(DVZHOODVDQ\FRQFRPLWDQWPHGLFDWLRQ
DGPLQLVWHUHGWRWUHDWWKHPHQWLRQHG$(DQG&23'H[DFHUEDWLRQV

5HVFKHGXOLQJYLVLWVUXOHVDQGUHSHDWHGWHVWV
$W9LVLWVFUHHQLQJDQ\LQGLYLGXDOWHVWVPLJKWEHUHSHDWHGEHIRUHUDQGRPL]DWLRQHJLQFDVH
RILPSDLUHGUHVXOWVHJEORRGVDPSOHKDHPRO\VHGRUUHVXOWVUHTXLULQJFRQILUPDWLRQWRHQVXUH
SDWLHQWHOLJLELOLW\RUUHVXOWVLQFRQVLVWHQWZLWKSDWLHQW¶VNQRZQSDVWPHGLFDOFRQGLWLRQVHWF7KH
IXOO9LVLWZLOOQRWEHUHSHDWHG,IDQ\RIWKHVSHFLILFWHVWVRIWKH6FUHHQLQJ9LVLWQHHGVWREH
UHSHDWHGDQGPRUHWKDQGD\VKDVHODSVHGVLQFHILUVWWHVWGDWHWKHSDWLHQWZLOOEHVFUHHQIDLOHG
$VGHHPHGQHFHVVDU\E\WKHLQYHVWLJDWRU(&*VDQGODERUDWRU\WHVWFDQEHUHSHDWHGDWDQ\WLPH
GXULQJWKHVWXG\LQRUGHUWRIROORZXSWKHSURJUHVVRIDQ\FOLQLFDOO\UHOHYDQWDEQRUPDOILQGLQJ
LQYHVWLJDWH DQ\ SRWHQWLDO QHZ DGYHUVH HYHQW HWF $OVR IRU PRQLWRULQJ SXUSRVHV DGGLWLRQDO
VSLURPHWU\WHVWVPD\EHSHUIRUPHGLQEHWZHHQSURWRFROYLVLWV
+RZHYHULQGLYLGXDOVSLURPHWU\WHVWVZLWKLQDSURWRFROYLVLW3)7VFKHGXOHGWLPHSRLQWVDVZHOO
DV6*54DQG&$7PXVWQRWEHUHSHDWHG
%HIRUHVWDUWLQJDQ\YLVLWSURFHGXUHUHVHDUFKSHUVRQQHOZLOOUHYLHZWKHGDWDUHFRUGHGRQWKH
HOHFWURQLFDQGSDSHU3DWLHQW'LDU\DQGZLOODVNWKHSDWLHQWDERXWKLVKHURYHUDOOVWDWXV7KH
IROORZLQJUXOHVZLWKUHVSHFWWRSRVWSRQLQJWKHYLVLWZLOOEHDGKHUHGWR
 7KHRFFXUUHQFHRIDQ\&23'H[DFHUEDWLRQHSLVRGH
 7KHPDLQWHQDQFHRIWKHUHOHYDQWZDVKRXWKRXUVIRUDOEXWHUROVDOEXWDPRO
EHIRUHDQ\YLVLWDQGKRXUVIRU$WURYHQWEHIRUHVFUHHQLQJDQGUDQGRPL]DWLRQ
YLVLWWKHUDQGRPL]DWLRQYLVLWZLOOEHSRVWSRQHGXQOHVVLWFDQEHVOLJKWO\GHOD\HG
WKDWLVPRUQLQJ,3GRVHFDQVWLOOKDSSHQEHIRUHDP
 7KHLQWDNHRIDQ\SURKLELWHGPHGLFDWLRQH[FHSWZKHQUHODWHGWRWUHDWD&23'
H[DFHUEDWLRQWKHYLVLWZLOOEHSRVWSRQHGQRDVVHVVPHQWSHUIRUPHGDFFRUGLQJ


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


WRWKHZDVKRXWOHQJWKUHTXLUHGIRUWKHVSHFLILFSURKLELWHGPHGLFDWLRQWDNHQDV
ORQJDVGHOD\ILWVWKHSURWRFRODOORZHGWLPHZLQGRZ,IWKHGHOD\LVORQJHUWKDQ
WKHSURWRFRODOORZHGWLPHZLQGRZSOHDVHFRQWDFW\RXU&OLQLFDO0RQLWRULQJ
$VVRFLDWH&0$
 )RUORJLVWLFUHDVRQV3DWLHQWRU,QYHVWLJDWRUDUHQRWDEOHWRSHUIRUPWKHYLVLWRQ
WKHVFKHGXOHGGDWHGXHWRWHFKQLFDORUSHUVRQDOLVVXHVE\VLWHSDWLHQW
$IWHUYLVLWDVVHVVPHQWVKDYHVWDUWHG
 ,QFDVHRILQWDNHRIDOEXWHUROVDOEXWDPROGXULQJWKHFRXUVHRIDYLVLWEHIRUH
PRUQLQJ,3GRVHWKHYLVLWPD\EHUHVFKHGXOHGLIDWDOOSRVVLEOH6KRXOGWKLV
KDSSHQDOODVVHVVPHQWVH[FHSWIRU6*54DQG&$7SODQQHGIRUWKHYLVLWPXVW
EHDJDLQSHUIRUPHGHYHQLIWKLVUHVXOWVLQWKHUHSHWLWLRQRIVRPHDVVHVVPHQWV
,IYLVLWUHVFKHGXOHLVQRWSRVVLEOHVDIHW\DVVHVVPHQWVZLOOEHSHUIRUPHGDQG
VSLURPHWULHVVNLSSHG
 ,QFDVHRILQWDNHRIDOEXWHUROVDOEXWDPROGXULQJWKHFRXUVHRIDYLVLWDIWHU
PRUQLQJ,3GRVHDOOSODQQHGVDIHW\DVVHVVPHQWVZLOOEHSHUIRUPHGDQG
VSLURPHWU\DVVHVVPHQWVZLOOEHVNLSSHG$IWHU,3LQWDNHUHVFKHGXOLQJRIYLVLWV
LVQRWDOORZHG
 )RUSDWLHQWVSDUWLFLSDWLQJLQWKHKVSLURPHWU\VXEVWXG\,QFDVHRILQWDNHRI
DOEXWHUROVDOEXWDPROGXULQJWKHFRXUVHRIWKHYLVLWDIWHUPRUQLQJ,3GRVH
VSLURPHWU\WHVWVZLOOEHVNLSSHGIRUKRXUVIURPWKHUHVFXHPHGLFDWLRQLQWDNH
7KHQXPEHURISXIIVRIDOEXWHUROVDOEXWDPROZLOOEHUHFRUGHGLQWKHVSLURPHWHU
HTXLSPHQW

678'<$66(660(176
7KH(OHFWURQLF'DWD&DSWXUH('&V\VWHPZLOOEHXVHGIRUGDWDFROOHFWLRQDQGTXHU\KDQGOLQJ
7KHLQYHVWLJDWRUZLOOHQVXUHWKDWGDWDDUHUHFRUGHGRQWKHHOHFWURQLF&DVH5HSRUW)RUPVDV
VSHFLILHGLQWKHVWXG\SURWRFRODQGLQDFFRUGDQFHZLWKWKHLQVWUXFWLRQVSURYLGHG
7KHLQYHVWLJDWRUHQVXUHVWKHDFFXUDF\FRPSOHWHQHVVDQGWLPHOLQHVVRIWKHGDWDUHFRUGHGDQGRI
WKHSURYLVLRQRIDQVZHUVWRGDWDTXHULHVDFFRUGLQJWRWKH&OLQLFDO6WXG\$JUHHPHQW&6$7KH
LQYHVWLJDWRUZLOOVLJQWKHFRPSOHWHGHOHFWURQLF&DVH5HSRUW)RUPVHOHFWURQLFDOO\$FRS\RIWKH
FRPSOHWHGHOHFWURQLF&DVH5HSRUW)RUPVZLOOEHDUFKLYHGDWWKHVWXG\VLWH

(IILFDF\DVVHVVPHQWV

3XOPRQDU\IXQFWLRQWHVWVSLURPHWU\

*HQHUDO&RQGLWLRQV
$ FHQWUDOL]HG VSLURPHWU\ FRPSDQ\ (57 ZLOO SURYLGH WKH VSLURPHWHUV DQG DOO QHFHVVDU\
HTXLSPHQWFRPSXWHUFDOLEUDWLRQV\ULQJHSULQWHUSDSHULQNHWFDGHWDLOHGVWXG\PDQXDODQG


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


WUDLQLQJWRWKHWHFKQLFLDQVDQG3,DVQHHGHGLQFKDUJHRIFRQGXFWLQJWKHVSLURPHWULHVIRUWKLV
FOLQLFDOWULDO6SLURPHWHUZLOOPHDVXUH
 )9&PD[LPDOYROXPHRIDLUH[KDOHGZLWKPD[LPDOO\IRUFHGH[SLUDWRU\HIIRUW
IURPDSRVLWLRQRIPD[LPDOLQVSLUDWLRQ
 )(9YROXPHRIDLUH[SUHVVHGLQOLWUHVH[KDOHGGXULQJWKHILUVWVHFRQGRI
SHUIRUPDQFHRIWKH)9&
7KH $76 DQG (56 JXLGHOLQHV VKRXOG EH IROORZHG WR SURYLGH DFFXUDWH DQG FRPSDUDEOH
VSLURPHWULF GDWD 6SLURPHWHU ZLOO EH FRQILJXUHG WR PHHW $76(56 UHFRPPHQGDWLRQV IRU
DFFXUDF\DQGSUHFLVLRQ6WDQGDUGLVDWLRQRI/XQJ)XQFWLRQ7HVWLQJ0LOOHUHWDO7KH
FRPSXWHULVHGVSLURPHWHUZLOOJHQHUDOO\FKHFNWKHFRQVLVWHQF\EHWZHHQWHVWVDQGVRPHRIWKH
UHTXLUHPHQWVVHWRXWLQWKH$76(56VSLURPHWU\JXLGHOLQHVDQGZLOODXWRPDWLFDOO\DOHUWWKH
WHFKQLFLDQWRWKHSUHVHQFHRIVRPHGHYLDWLRQVIURPVRPH$76(56UHTXLUHPHQWV+RZHYHU
WKH WHFKQLFLDQ PXVW HQVXUH WKDW WHVWV DUH SHUIRUPHG ZLWK WKH FRUUHFW WHFKQLTXH PDQXDOO\
GHVHOHFWLQJHIIRUWVZKLFKGRQRWPHHWPLQLPXPVWDQGDUGV7KHWHFKQLFLDQPXVWXVHWKHLU
MXGJHPHQWWRHQVXUHWKDWWKHRSWLPXPVSLURPHWU\GDWDLVJDLQHGIURPWKHSDWLHQWDWHDFKWHVW
VHVVLRQ
7KHVHGDWDZLOOEHHOHFWURQLFDOO\WUDQVPLWWHGE\WKHLQYHVWLJDWRUWR(57DWOHDVWDWWKHHQGRI
HDFKSDWLHQWSURWRFROYLVLW7KURXJKRXWWKHVWXG\DFHQWUDOLVHGUHDGLQJRIVSLURPHWULFYDOXHV
ZLOO EH SHUIRUPHG E\ DQ LQGHSHQGHQW VSLURPHWULF H[SHUW DW (57 EOLQGHG WR SDWLHQW¶V ,3
DOORFDWLRQDQGSDWLHQW¶VLGHQWLW\LQDWZRVWHSVTXDOLW\FRQWURO
 ³2YHU5HDG´SURFHVV7KHILUVWUHYLHZRIWKHVSLURPHWU\GDWDLQFOXGLQJUHYLHZ
RIWHVWVWKDWZHUHUHMHFWHGE\WKHWHFKQLFLDQTXDOLILHVVSLURPHWULFFXUYHV
DFFRUGLQJWR$76(56FULWHULD1RFKDQJHVDUHPDGHWRWKHGDWD
 ³%HVW7HVW5HYLHZ´SURFHVV'XULQJWKLVSURFHGXUHWKHDFFHSWDELOLW\RIWHVWVLV
DVVHVVHGILUVWIROORZHGE\UHSHDWDELOLW\,ISUREOHPVDUHHQFRXQWHUHGRQWKH
VSLURPHWULFFXUYHLGHQWLILHGE\WKHWHFKQLFLDQDVWKH³EHVWWHVW´(57ZLOOFKHFN
LIWKHUHLVDQRWKHUFXUYHWKDWLVDFFHSWDEOH,IDEHWWHU³EHVWWHVW´WKHVLWHVZLOOEH
TXHULHG,IWKHVLWHDFFHSWVWKHSURSRVHGQHZ³EHVWWHVW´DVLQGLFDWHGE\WKH
LQYHVWLJDWRUVLJQLQJDTXHU\IRUPWKLVQHZO\DFFHSWHGPHDVXUHZLOOUHSUHVHQW
WKH³EHVWWHVW´LQDOODQDO\VLVDQGUHSRUWLQJ1RLGHQWLILFDWLRQRI³EHVWWHVW´ZLOO
EHPDGHZLWKRXWWKHDSSURYDORIWKHLQYHVWLJDWRU$OOWHVWVZLOOEHVDYHG
,QFOXVLRQRISDWLHQWLQWKHVWXG\ZLOOEHEDVHGRQWKHSRVW%HVW7HVW5HYLHZYDOXHV

3UDFWLFDO&RQVLGHUDWLRQV
3ULRUWRWKHILUVWVSLURPHWU\WKHWUDLQHGWHFKQLFLDQVKRXOGGHPRQVWUDWHWKHSURFHGXUHWRWKH
SDWLHQWE\XVLQJ DGHWDFKHG PRXWKSLHFH WKHQ DOORZVRPH SUDFWLVHDWWHPSWV 'HPRQVWUDWLRQ
VKRXOGEHUHSHDWHGDQGWKHSDWLHQWVKRXOGSUDFWLVHWKHSURFHGXUHDVPDQ\WLPHVGXULQJWKHWULDO
FRXUVHDVGHHPHGQHFHVVDU\


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


3DWLHQWVZKRDUHXQDEOHWRSURGXFHDFFHSWDEOHVSLURPHWU\WHVWVPXVWQRWEHLQFOXGHGLQWKH
VWXG\,QYHVWLJDWRUVVKRXOGSD\SDUWLFXODUDWWHQWLRQWRWKHJHRPHWU\RIDSDWLHQWVIORZORRS
7KLVVKRXOGEHUHDVRQDEO\FRQVWDQWIRUDVSHFLILFSDWLHQWRYHUWLPH7KHUHLVRIWHQDOHDUQLQJ
FRPSRQHQWWRVSLURPHWU\DQGWKHLQYHVWLJDWRUVKRXOGHQVXUHWKDWWKHSDWLHQWWHFKQLTXHLVVWDEOH
SULRUWRUDQGRPL]DWLRQ
7KHDFWLYLWLHVWKDWVKRXOGSUHIHUDEO\EHDYRLGHGSULRUWROXQJIXQFWLRQWHVWLQJDUH
 6PRNLQJZLWKLQDWOHDVWKRIWHVWLQJ
 &RQVXPLQJDOFRKROZLWKLQKRIWHVWLQJ
 3HUIRUPLQJYLJRURXVH[HUFLVHZLWKLQPLQRIWHVWLQJ
 :HDULQJFORWKLQJWKDWVXEVWDQWLDOO\UHVWULFWVIXOOFKHVWDQGDEGRPLQDOH[SDQVLRQ
 (DWLQJDODUJHPHDOZLWKLQKRIWHVWLQJ
7HVWLQJPD\EHSHUIRUPHGHLWKHULQWKHVLWWLQJRUVWDQGLQJSRVLWLRQ6LWWLQJLVSUHIHUDEOHIRU
VDIHW\UHDVRQVLQRUGHUWRDYRLGIDOOLQJGXHWRV\QFRSH7KHFKDLUVKRXOGKDYHDUPVDQGEH
ZLWKRXWZKHHOV,IDZKHHOFKDLULVXVHGWKHZKHHOVVKRXOGEHORFNHG,IWKHVWDQGLQJSRVLWLRQLV
XVHGDFKDLUFDQEHSODFHGEHKLQGWKHSDWLHQWVRWKDWWKH\FDQEHTXLFNO\DQGHDVLO\PRYHGLQWR
DVLWWLQJSRVLWLRQLIWKH\EHFRPHOLJKWKHDGHGGXULQJWKHPDQRHXYUH
(DFK PDQRHXYUH DW HDFK WLPH SRLQW FRPSULVHV RQH ³VHWRI WHVWV´ PHDVXUHPHQWV FXUYHV
WHFKQLFDOO\DGHTXDWHDUHQHHGHGDFFRUGLQJWRWKHDFFHSWDELOLW\DQGUHSHDWDELOLW\FULWHULDRIWKH
$76(56VSLURPHWU\JXLGHOLQHV,IERWKWKHDFFHSWDELOLW\DQGUHSHDWDELOLW\FULWHULDDUHPHWWKH
PDQRHXYUHVHVVLRQFDQFRQFOXGHDIWHUPHDVXUHPHQWV,IRQHRUERWKRIWKHVHFULWHULDDUHQRW
PHWDGGLWLRQDOWHVWVVKRXOGEHSHUIRUPHG
,QFDVHDSDWLHQWEHFRPHVIDWLJXHGGXULQJWKHSURFHGXUHGXHWRWKHLQWHQVLYHVHULDOUHSHWLWLRQV
SDWLHQWZLOOUHVWIRUDSSUR[LPDWHO\PLQXWHVDQGWKHDIIHFWHGWLPHSRLQWZLOOEHVNLSSHGXQWLO
SDWLHQWUHFRYHUV$OEXWHUROVDOEXWDPROXVHZLOOEHDYRLGHGLIDWDOOSRVVLEOHE\OHWWLQJSDWLHQW
UHVWDVQHHGHG
$Q\EURQFKRFRQVWULFWLRQWKDWDSSHDUVDIWHUFRQVHFXWLYHPHDVXUHPHQWVVKRXOGEHUHFRUGHGRQ
WKH$(IRUPRIWKH('&
7KHSDUDJUDSKEHORZGHVFULEHVWKHSURFHVVWRSHUIRUPIRUFHGPDQRHXYUHVWRPHDVXUH)(9DQG
)9&
 3ODFHWKHPRXWKSLHFHLQWKHPRXWKDQGFORVHWKHOLSVDURXQGWKHPRXWKSLHFH
 %UHDWKHQRUPDOO\DSSUR[LPDWHO\WLPHV
 ,QKDOHFRPSOHWHO\DQGUDSLGO\ZLWKDSDXVHRICVHFRQGDWWRWDOOXQJFDSDFLW\


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


 ([KDOHPD[LPDOO\GXULQJDWOHDVWVHFRQGVWDNLQJFDUHWKDWOLSVDUHVHDOHG
DURXQGWKHPRXWKSLHFHDQGZKLOHPDLQWDLQLQJDQXSULJKWSRVWXUH
 %UHDWKHLQDJDLQDQGUHOD[
$WWKHWLPHRIIRUFHGPDQRHXYUHWKHWHFKQLFLDQSHUIRUPLQJWKHPHDVXUHPHQWVKRXOGSURPSW
WKHSDWLHQWWREODVWQRWMXVWEORZWKHDLUIURPWKHLUOXQJVDQGWKHQFRQWLQXHWRDFWLYHO\HQFRXUDJH
KLPKHU WR IXOO\ H[KDOH 7KURXJKRXW DOO PDQRHXYUHV WKH WHFKQLFLDQ VKRXOG HQWKXVLDVWLFDOO\
FRDFKWKHSDWLHQWE\ZRUGDQGERG\ODQJXDJH
,QYHVWLJDWRUPXVWSULQWHYHU\VSLURPHWU\WHVWVLJQDQGGDWHWKHP

6W*HRUJH¶V5HVSLUDWRU\4XHVWLRQQDLUH6*54
7KHGLVHDVHVSHFLILFKHDOWKVWDWXVZLOOEHHYDOXDWHGE\PHDQVRIDVHOIDGPLQLVWHUHGLQVWUXPHQW
WKH 6*54 -RQHV HW DO  7KLV TXHVWLRQQDLUH LV D VWDQGDUGLVHG VHOIFRPSOHWHG WRRO IRU
PHDVXULQJLPSDLUHGKHDOWKDQGSHUFHLYHGZHOOEHLQJ³TXDOLW\RIOLIH´LQUHVSLUDWRU\GLVHDVHV
-RQHVHWDO
$ YDOLGDWHG HOHFWURQLF YHUVLRQ RI WKH TXHVWLRQQDLUH ZLOO EH XVHG LQ WKH UHOHYDQW YDOLGDWHG
ODQJXDJHYHUVLRQV'DWDZLOOEHUHFRUGHGE\WKHSDWLHQWLQWKHHGLDU\ORJSDGSURYLGHGE\(57
'DWD ZLOO EH WUDQVIHUUHG WR (57 DIWHU HDFK VHVVLRQ 'XULQJ WKH VWXG\ 6*54 GDWD ZLOO EH
DFFHVVLEOHWRLQYHVWLJDWRUVRQDQRQOLQHZHEVLWH+RZHYHUDIWHUUDQGRPL]DWLRQSDWLHQWVZLOO
127 EH SURYLGHG ZLWK DQ\ LQIRUPDWLRQ RQ WKH GDWD UHFRUGHG DW WKH SUHYLRXV YLVLWV  7KH
HOHFWURQLFSDWLHQW¶VHQWULHVRQWKHORJSDGDUHFRQVLGHUHGDVRXUFHGRFXPHQWDQGZLOOEHNHSWDW
VLWHLQD&''9'VHQWE\(57DWWKHHQGRIWKHWULDO
7KHTXHVWLRQQDLUHFRQWDLQVLWHPVGLYLGHGLQWRWKUHHGLPHQVLRQV
 6\PSWRPVZKLFKFRQWDLQVLWHPVFRQFHUQHGZLWKWKHOHYHORIV\PSWRPDWRORJ\
LQFOXGLQJIUHTXHQF\RIFRXJKVSXWXPSURGXFWLRQZKHH]HEUHDWKOHVVQHVVDQG
WKHGXUDWLRQDQGIUHTXHQF\RIDWWDFNVRIEUHDWKOHVVRUZKHH]H$W\SLFDO
TXHVWLRQLQWKLVGLPHQVLRQLV³,QDQDYHUDJHZHHNKRZPDQ\JRRGGD\VZLWK
OLWWOHFKHVWWURXEOHKDYH\RXKDG"´7KHUHDUHSRVVLEOHUHVSRQVHVWRWKLVLWHP
LHSRLQW/LNHUWVFDOHQRQHRQHRUWZRWKUHHRUIRXUQHDUO\HYHU\GD\
DQGHYHU\GD\
 $FWLYLW\ZKLFKLVFRQFHUQHGZLWKSK\VLFDODFWLYLWLHVWKDWFDXVHRUDUHOLPLWHG
E\EUHDWKOHVVQHVV$W\SLFDOLWHPLQWKLVGLPHQVLRQLV³%HFDXVHRIP\
EUHDWKLQJMREVVXFKDVKRXVHZRUNWDNHDORQJWLPHRU,KDYHWRVWRSIRU
UHVWV"´5HVSRQVHVLQWKLVGLPHQVLRQDUHGLFKRWRPRXVLHHLWKHUWUXHRUIDOVH
 ,PSDFWVZKLFKFRYHUVDUDQJHRIDVSHFWVUHODWHGWRVRFLDOIXQFWLRQDODQG
SV\FKRORJLFDOGLVWXUEDQFHVUHVXOWLQJIURPWKHGLVHDVHVXFKDVHPSOR\PHQW
EHLQJLQFRQWURORIKHDOWKSDQLFVWLJPDWLVDWLRQWKHQHHGIRUPHGLFDWLRQVDQG
LWVVLGHHIIHFWVH[SHFWDWLRQVIRUKHDOWKDQGGLVWXUEDQFHVLQGDLO\OLIH$Q
H[DPSOHRIWKHVHLWHPVLV³,JHWDIUDLGRUSDQLFZKHQ,FDQQRWFDWFKP\


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


EUHDWK´5HVSRQVHVWRLWHPVLQWKLVGLPHQVLRQDUHGLFKRWRPRXVLHHLWKHUWUXH
RUIDOVH
(DFKRIWKHWKUHHGLPHQVLRQVRIWKHTXHVWLRQQDLUHLVVFRUHGVHSDUDWHO\LQWKHUDQJHIURPWR
]HURVFRUHLQGLFDWLQJQRLPSDLUPHQWRIOLIHTXDOLW\$VXPPDU\VFRUHXWLOLVLQJ
UHVSRQVHVWRDOOLWHPVLVWKHWRWDO6*54VFRUHZKLFKDOVRUDQJHVIURPWR7KH6*54
VFRUHVDUHFDOFXODWHGXVLQJZHLJKWVDWWDFKHGWRHDFKLWHPRIWKHTXHVWLRQQDLUHZKLFKSURYLGHV
DQHVWLPDWHRIWKHGLVWUHVVDVVRFLDWHGZLWKWKHV\PSWRPVRUVWDWHGHVFULEHGLQHDFKLWHP
+LJKHUVFRUHVLQGLFDWHSRRUHUKHDOWK
$GHFUHDVHRIDWOHDVWXQLWVLQWKH6*54WRWDOVFRUHKDVEHHQHVWDEOLVKHGDVWKHFULWHULRQIRU
PLQLPDOPHDQLQJIXOLPSURYHPHQW-RQHV6*54UHVSRQGHUVZLOOEHWKRVHZLWKD
GHFUHDVHLQ6*54WRWDOVFRUHRIDWOHDVWXQLWVIURPEDVHOLQH
7KH 6*54 LV ORFDWHG LQ $SSHQGL[ ' 7KH RIILFLDO PDQXDO ZLWK LQVWUXFWLRQV IRU WKH
DGPLQLVWUDWLRQRI6*54ZLOOEHSURYLGHGWRWKHLQYHVWLJDWRUVLQDVHSDUDWHPDQXDO

&23'$VVHVVPHQW7HVW&$7
7KH &$7 LV DQ LWHP TXHVWLRQQDLUH GHVLJQHG WR DVVHVV DQG TXDQWLI\ WKH LPSDFW RI &23'
V\PSWRPVRQKHDOWKVWDWXV7KHYDOLGDWLRQVWXGLHVVKRZWKDWLWKDVSURSHUWLHVYHU\VLPLODUWR
PXFKPRUHFRPSOH[KHDOWKVWDWXVTXHVWLRQQDLUHVVXFKDVWKH6*54-RQHVHWDO
%DVHGRQWKHVWURQJFRUUHODWLRQEHWZHHQWKH&$7DQG6*54DGLIIHUHQFHRUFKDQJHRIRU
PRUHXQLWVLQWKH&$7VFRUHKDVEHHQVXJJHVWHGDVDFOLQLFDOO\VLJQLILFDQWGLIIHUHQFHRUFKDQJH
LQKHDOWKVWDWXV-RQHVHWDO
7KH&$7KDVDVFRULQJUDQJHRIDQGLWLVFDOFXODWHGDVWKHVXPRIWKHUHVSRQVHVJLYHQIRU
HDFKRIWKHLWHPV6FRUHVUDQJLQJIURPWR$SSHQGL[(ZLWKKLJKHUVFRUHVLQGLFDWLQJD
KLJKHULPSDFWRI&23'V\PSWRPVRQKHDOWKVWDWXV
$ YDOLGDWHG HOHFWURQLF YHUVLRQ RI WKH TXHVWLRQQDLUH ZLOO EH XVHG LQ WKH UHOHYDQW YDOLGDWHG
ODQJXDJHYHUVLRQV'DWDZLOOEHUHFRUGHGE\WKHSDWLHQWLQWKHHGLDU\ORJSDGSURYLGHGE\(57
'DWDZLOOEHWUDQVIHUUHGWR(57DIWHUHDFKVHVVLRQ'XULQJWKHVWXG\&$7GDWDZLOOEHDFFHVVLEOH
WRLQYHVWLJDWRUVRQDQRQOLQHZHEVLWH7KHHOHFWURQLFHQWULHVRQWKHORJSDGDUHFRQVLGHUHGD
VRXUFHGRFXPHQWDQGZLOOEHNHSWDWVLWHLQD&''9'VHQWE\(57DWWKHHQGRIWKHWULDO

([DFHUEDWLRQVRI&KURQLF3XOPRQDU\'LVHDVH7RRO(;$&7DQG(YDOXDWLQJ
5HVSLUDWRU\6\PSWRPVLQ&23'(5670&23'
7KH([DFHUEDWLRQVRI&KURQLF3XOPRQDU\'LVHDVH7RRO(;$&7LVDVLQJOHSDWLHQWUHSRUWHG
RXWFRPH352PHDVXUHWRHYDOXDWHWKHHIIHFWVRISKDUPDFRORJLFWUHDWPHQWSUHYHQWLYHDQG
FXUDWLYHRQH[DFHUEDWLRQVRI&23'LQFOXGLQJFKURQLFEURQFKLWLVSUHVHQFHIUHTXHQF\VHYHULW\
GXUDWLRQDQGUHVROXWLRQ/HLG\HWDOD/HLG\HWDOE-RQHVHWDO,WFDSWXUHVWKH
FDUGLQDOV\PSWRPVRI&23'G\VSQRHDFRXJKVSXWXPSURGXFWLRQ


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


7KH(;$&7TXHVWLRQQDLUHFRQVLVWVRITXHVWLRQVWKDWZLOOEHUHFRUGHGE\WKHSDWLHQWLQDQ
HOHFWURQLF 3DWLHQW 'LDU\ ORJSDG SURYLGHG E\ (57 YDOLGDWHG LQ GLIIHUHQW ODQJXDJHV VHH
$SSHQGL[)HDFKGD\LQWKHHYHQLQJEHIRUHJRLQJWREHGVWDUWLQJDW6FUHHQLQJ9LVLWQLJKW7KH
UHFDOOSHULRGLV³WRGD\´
$Q(;$&77RWDOVFRUHLVFRPSXWHGIRUHDFKGD\RIGLDU\FROOHFWLRQ7KH(;$&77RWDOVFRUH
LVFRPSXWHGDFURVVWKHLWHPVDQGKDVDWKHRUHWLFDOUDQJHRIWRZLWKKLJKHUYDOXHV
LQGLFDWLQJDPRUHVHYHUHFRQGLWLRQ$Q(;$&7LGHQWLILHGHYHQWZLOOEHGHILQHGDVDSHUVLVWHQW
LQFUHDVHIURPEDVHOLQHLQWRWDO(;$&7VFRUHRIǃSRLQWVIRUǃGD\VRUǃSRLQWVIRUǃ
GD\V
7KH(YDOXDWLQJ5HVSLUDWRU\6\PSWRPVLQ&23'(5670&23'TXHVWLRQQDLUHLVDUHOLDEOH
YDOLGDQGUHVSRQVLYHPHDVXUHRIUHVSLUDWRU\V\PSWRPVRI&23'VXLWDEOHIRUXVHLQFOLQLFDOWULDOV
/HLG\HWDO7KH(5670&23'LVEDVHGRQWKHUHVSLUDWRU\V\PSWRPLWHPVIURPWKH
LWHP(;$&77KH(5670&23'\LHOGVDWRWDOVFRUHUDQJLQJIURPWRTXDQWLI\LQJ
UHVSLUDWRU\V\PSWRPVHYHULW\RYHUDOODQGVXEVFDOHVFRUHVDVVHVVLQJEUHDWKOHVVQHVVGHULYHG
VXPRILWHPVFRXJKDQGVSXWXPGHULYHGVXPRILWHPVDQGFKHVWV\PSWRPVGHULYHGVXP
RILWHPV$FKDQJHRIXQLWVLQWKH56WRWDOVFRUHKDVEHHQSURSRVHGDVFXWRIIWRGHILQH
UHVSRQGHUGHILQLWLRQIRUV\PSWRPDWLFLPSURYHPHQW/HLG\HWDO
'DWDUHFRUGHGZLOOEHWUDQVIHUUHGWR(57DIWHUHDFKVHVVLRQ'XULQJWKHVWXG\(;$&7GDWDZLOO
EHDFFHVVLEOHWRLQYHVWLJDWRUVRQDQRQOLQHZHEVLWH
7KHHOHFWURQLFHQWULHVRQWKHHOHFWURQLF3DWLHQW'LDU\ORJSDGDUHFRQVLGHUHGVRXUFHGRFXPHQW
DQGZLOOEHNHSWDWVLWHLQD&''9'VHQWE\(57DWWKHHQGRIWKHWULDO


1LJKWWLPHDQG(DUO\PRUQLQJV\PSWRPVRI&23'LQVWUXPHQW1L6&,DQG
(06&,
7KHTXHVWLRQQDLUHLVPDGHXSRIWZRSDUWV7KHILUVWSDUWFRYHULQJ³ODVWQLJKW´V\PSWRPVWLPH
HODSVHGIURPWKHWLPHSDWLHQWZHQWWREHGXQWLOZRNHXSDQGJRWRXWRIEHGWRVWDUWKLVKHUGD\
DQGWKHVHFRQGSDUWFRYHULQJ³WKLVPRUQLQJ´V\PSWRPVWLPHHODSVHGVLQFHSDWLHQWJRWRXWRI
EHGWRVWDUWWKHGD\
7KH(06&,ZDVGHYHORSHGWRFROOHFWGDWDDERXWWKHIUHTXHQF\DQGVHYHULW\RIHDUO\PRUQLQJ
V\PSWRPVDQGWKHLPSDFWRI&23'V\PSWRPVRQHDUO\PRUQLQJDFWLYLW\LQSDWLHQWVZLWK&23'
7KH(06&,UHIHUVSDWLHQWVWRWKLQNDERXWWKH³WLPHVLQFHZKHQ\RXJRWRXWRIEHGWRVWDUW\RXU
GD\´
7KH 1L6&, ZDV GHYHORSHG WR FROOHFW GDWD DERXW WKH IUHTXHQF\ DQG VHYHULW\ RI QLJKWWLPH
V\PSWRPV DQG WKH LPSDFW RI &23' V\PSWRPV RQ QLJKWWLPH DZDNHQLQJV LQ SDWLHQWV ZLWK
&23'
7KHGDWDFROOHFWHGFDQEHXVHGWRJHQHUDWHWKHIROORZLQJVFRUHV


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


 7KHVL[,WHP6\PSWRP6HYHULW\VFRUHLVGHULYHGE\DYHUDJLQJWKHUHVSRQVHVIURPD
SDWLHQWRQWKHVL[LWHPOHYHOV\PSWRPVFRUHVDQGFDQEHXVHGWRTXDQWLI\WKHVHYHULW\RI
HDUO\PRUQLQJDQGQLJKWWLPHV\PSWRPV
 7KH2YHUDOO&23'6\PSWRP6HYHULW\VFRUHLVFRPSULVHGRIDVLQJOHLWHPDVNLQJDERXW
RYHUDOO&23'V\PSWRPVHYHULW\LQWKHHDUO\PRUQLQJDQGDWQLJKW
 7KH(DUO\0RUQLQJ$FWLYLW\VFRUHREWDLQVLQIRUPDWLRQRQWKHUHGXFWLRQLQHDUO\PRUQLQJ
DFWLYLW\OLPLWDWLRQGXHWR&23'V\PSWRPV7KH1LJKWWLPH$ZDNHQLQJVVFRUHFDQEH
XVHGWRREWDLQLQIRUPDWLRQRQWKHQXPEHURUSURSRUWLRQRIGD\VZLWKRXWQLJKWWLPH
DZDNHQLQJGXHWR&23'V\PSWRPV
7KH1L6&,DQG(06&,VHH$SSHQGL[*ZLOOEHUHFRUGHGE\WKHSDWLHQWLQWKHHOHFWURQLF3DWLHQW
'LDU\SURYLGHGE\(57LQUHOHYDQWORFDOODQJXDJHHYHU\PRUQLQJEHWZHHQDQGDPIURP
WKHGD\DIWHU9LVLW6FUHHQLQJDQGXSWR9LVLWPRUQLQJHQWU\LQFOXGHG
'DWDUHFRUGHGZLOOEHWUDQVIHUUHGWR(57DIWHUHDFKVHVVLRQ'XULQJWKHVWXG\WKH1L6&,DQG
(06&,GDWDZLOOEHDFFHVVLEOHWRLQYHVWLJDWRUVRQDQRQOLQHZHEVLWH
7KHHOHFWURQLFHQWULHVRQWKHHOHFWURQLF3DWLHQW'LDU\DUHFRQVLGHUHGVRXUFHGRFXPHQWDQGZLOO
EHNHSWDWVLWHLQD&''9'VHQWE\(57DWWKHHQGRIWKHWULDO

'HYLFH3UHIHUHQFHDQG:LOOLQJQHVVWR&RQWLQXH4XHVWLRQQDLUH
$WWKHHQGRIWKHWUHDWPHQWSHULRGDW9LVLWRU(27(26SDWLHQWVZLOOEHUHTXHVWHGWRHYDOXDWH
WKHFRQYHQLHQFHRIWKHGHYLFHE\PHDQVRIWKHTXHVWLRQQDLUHVLQFOXGHGLQ$SSHQGL[+
7KHTXHVWLRQQDLUHZLOOEHSURYLGHGWRWKHSDWLHQWVLQORFDOODQJXDJH'DWDZLOOEHUHFRUGHGE\
WKHSDWLHQWLQWKHHGLDU\ORJSDGSURYLGHGE\(57'DWDZLOOEHWUDQVIHUUHGWR(57DIWHU
FRPSOHWLRQ'XULQJWKHVWXG\GDWDZLOOEHDFFHVVLEOHWRLQYHVWLJDWRUVRQDQRQOLQHZHEVLWH
7KHHOHFWURQLFHQWULHVRQWKH/RJSDGDUHFRQVLGHUHGVRXUFHGRFXPHQWDQGZLOOEHNHSWDWVLWHLQ
D&''9'VHQWE\(57DWWKHHQGRIWKHWULDO

&23'([DFHUEDWLRQ
)RU WKLV VWXG\ SXUSRVHV D &23' H[DFHUEDWLRQ XVLQJ WKH +HDOWK &DUH 5HVRXUFH 8WLOLVDWLRQ
GHILQLWLRQLVGHILQHGDFFRUGLQJWRWKHIROORZLQJVHYHULW\FDWHJRULHV
6HYHULW\
'HILQLWLRQ
0LOG
,QFUHDVHRI&23'V\PSWRPVGXULQJDWOHDVWFRQVHFXWLYHGD\VVHOI
PDQDJHGE\WKHSDWLHQWDWKRPHE\LQFUHDVLQJXVXDO&23'PHGLFDWLRQ
VKRUWDFWLQJEURQFKRGLODWRUDQGRULQKDOHGFRUWLFRVWHURLGXVH
0RGHUDWH
,QFUHDVHRI&23'V\PSWRPVGXULQJDWOHDVWFRQVHFXWLYHGD\VZKLFK
GRHVQRWOHDGWRKRVSLWDOLVDWLRQEXWLVWUHDWHGZLWKDQWLELRWLFVDQGRU
V\VWHPLFFRUWLFRVWHURLGVRUDQLQFUHDVHLQGRVHRIV\VWHPLF
FRUWLFRVWHURLGV


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


6HYHUH
,QFUHDVHLQ&23'V\PSWRPVGXULQJDWOHDVWFRQVHFXWLYHGD\VZKLFK
OHDGVWRKRVSLWDOLVDWLRQRYHUQLJKWVWD\DWKRVSLWDORUHPHUJHQF\URRP
RUGHDWK

&23'H[DFHUEDWLRQDFFRUGLQJWRWKHKHDOWKFDUHXWLOLVDWLRQGHILQLWLRQZLOOEHHYDOXDWHGE\WKH
LQYHVWLJDWRU DW HDFK YLVLW RQ WKH EDVLV RI WKH LQIRUPDWLRQ UHJLVWHUHG E\ WKH SDWLHQW DQG
VXEVHTXHQWO\FKHFNHGE\WKHLQYHVWLJDWRUDWHDFKYLVLWLQWRWKHHOHFWURQLF3DWLHQW'LDU\DQG
SDSHU3DWLHQW'LDU\&23'H[DFHUEDWLRQHSLVRGHVZLOOQRWEHUHFRUGHGLQWKH$(IRUPRIWKH
('&EXWLQDGHYRWHG&23'([DFHUEDWLRQIRUPRIWKH('&
$Q\VXEMHFWZKRVXIIHUVDVHYHUHH[DFHUEDWLRQUHTXLULQJKRVSLWDOL]DWLRQRUPRUHWKDQWZR
PRGHUDWHH[DFHUEDWLRQVZLOOEHGLVFRQWLQXHGIURPWKHVWXG\
,QIRUPDWLRQWREHUHFRUGHGLQWKH&23'([DFHUEDWLRQLQFOXGHVVWDUWDQGVWRSGDWHWUHDWPHQW
UHFHLYHGDQWLELRWLFVV\VWHPLFFRUWLFRVWHURLGVLQFUHDVHLQUHOLHIPHGLFDWLRQRXWFRPHQHHGRI
KRVSLWDOLVDWLRQHWF7KHRQVHWRIDQH[DFHUEDWLRQZLOOEHGHILQHGE\WKHRQVHWRIV\PSWRPV
ZRUVHQLQJ7KHHQGRIWKHH[DFHUEDWLRQZLOOEHGHILQHGE\WKHLQYHVWLJDWRUEDVHGRQV\PSWRPV
UHFRYHU\RUVWDELOL]DWLRQDQGHQGRIWUHDWPHQWUHFHLYHGIRUWKHHSLVRGH
$ QHZ &23' H[DFHUEDWLRQ HSLVRGH LV GHILQHG DV WKH SDWLHQW EHLQJ RII RUDO VWHURLGV DQG
DQWLELRWLFVIRUǃȱGD\VVLQFHSULRUH[DFHUEDWLRQ,IWKHSDWLHQWLVRIIRUDOVWHURLGVDQGDQWLELRWLFV
IRUOHVVWKDQGD\VWKHQLWZLOOEHFRQVLGHUHGDVD³UHODSVH´RIWKHSUHYLRXVH[DFHUEDWLRQDQG
LWZLOOEHWUHDWHGDVWKHVDPH&23'H[DFHUEDWLRQHSLVRGHZLWKLQWKH&23'H[DFHUEDWLRQIRUP
RIWKH('&
,QFDVHRID&23'H[DFHUEDWLRQDIWHUUDQGRPL]DWLRQ
 7KHQH[WVWXG\YLVLW9DRWKHUWKDQ9LVLWPXVWEHSRVWSRQHGXQWLOZHHNV
DIWHUWKHUHVROXWLRQRIDPRGHUDWHHSLVRGHRUZHHNVDIWHUDPLOGHSLVRGH,IWKH
UHVFKHGXOHGYLVLW9DGDWHIDOOVZLWKLQOHVVWKDQZHHNVIURPWKHIROORZLQJ
SHUSURWRFROYLVLW9DWKHQWKHILUVWYLVLW9DZLOOEHVNLSSHG6XEVHTXHQW
YLVLWVVKRXOGEHVFKHGXOHGDQGSHUIRUPHGDVLQGLFDWHGLQWKHSURWRFROLHZLWK
UHVSHFWWR5DQGRPL]DWLRQ9LVLWGD\
 7KHQH[WVWXG\YLVLWLV9LVLWDQGSDWLHQWNHHSVRQ,3GRVLQJ9LVLWZLOOQHYHU
EHVNLSSHGVLQFHWKHZKROHDVVHVVPHQWVIRUVWXG\FRPSOHWLRQDUHGXHWREH
SHUIRUPHGQRULWZLOOEHSRVWSRQHGVLQFHLWZRXOGH[WHQGVWXG\WUHDWPHQW
H[SRVXUH7KXV9LVLWZLOOEHPDLQWDLQHGRQWKHVFKHGXOHGGD\EXWRQO\VDIHW\
DVVHVVPHQWVZLOOEHSHUIRUPHG
 7KHQH[WVWXG\YLVLWLV9LVLWDQGSDWLHQWLQWHUUXSWHG,3GRVLQJGXHWR
H[DFHUEDWLRQWUHDWPHQWLQWHUYHQWLRQV(QGRI7UHDWPHQW9LVLWZLOOEHSHUIRUPHG
&23'H[DFHUEDWLRQVZLOOEHDQDO\VHGLQWKLVVWXG\RQWKHEDVLVRI(;$&7TXHVWLRQQDLUH
VHFWLRQDVZHOODVRQWKHEDVLVRIKHDOWKFDUHXWLOLVDWLRQGHILQLWLRQ


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK



2WKHUFRQFRPLWDQWPHGLFDWLRQ
3DWLHQWVZLOOUHFRUGRQFHGDLO\LQWKHHOHFWURQLF3DWLHQW'LDU\ORJSDGWKHQXPEHURILQKDODWLRQV
SXIIV RI UHOLHI PHGLFDWLRQ DOEXWHUROVDOEXWDPRO WDNHQ GXULQJ WKH ODVW K 7KH TXHVWLRQ
GLVSOD\HGRQWKHGHYLFHZLOOEH³+RZPDQ\SXIIVRIUHOLHIPHGLFDWLRQDOEXWHUROVDOEXWDPRO
KDYH\RXLQKDOHGLQWKHODVWKRXUVIURP\HVWHUGD\ZKHQ\RXZHQWWREHGXQWLOQRZ"´
7KHHOHFWURQLF3DWLHQW'LDU\UHFRUGLQJZLOOVWDUWDW9LVLWVFUHHQLQJQLJKWDQGZLOOHQGWKH
QLJKWEHIRUH9LVLW
'DWD UHFRUGHG ZLOO EH WUDQVIHUUHG WR (57 RQ RQJRLQJ EDVLV GXULQJ WKH VWXG\ 'DWD ZLOO EH
DFFHVVLEOHWRLQYHVWLJDWRUVRQDQRQOLQHZHEVLWH
7KHHOHFWURQLFHQWULHVRQWKHHOHFWURQLF3DWLHQW'LDU\ORJSDGDUHFRQVLGHUHGVRXUFHGRFXPHQW
DQGZLOOEHNHSWDWVLWHLQD&''9'VHQWE\(57DWWKHHQGRIWKHWULDO
$WSUHVFUHHQLQJYLVLWSDWLHQWVZKRUHTXLUHDZDVKRXWRISURKLELWHGPHGLFDWLRQZLOOEHSURYLGHG
ZLWK$WURYHQWWREHWDNHQGXULQJWKHZDVKRXWDQGUXQLQSHULRG$WURYHQWDGPLQLVWUDWLRQZLOO
EHUHFRUGHGLQWKH('&

6DIHW\DVVHVVPHQWV

/DERUDWRU\VDIHW\DVVHVVPHQWV
%ORRGVDPSOHVIRUGHWHUPLQDWLRQRIFOLQLFDOFKHPLVWU\DQGKDHPDWRORJ\ZLOOEHWDNHQDWWKH
WLPHVLQGLFDWHGLQWKH6WXG\3ODQVHH6HFWLRQ
$GGLWLRQDOVDIHW\VDPSOHVPD\EHFROOHFWHGLIFOLQLFDOO\LQGLFDWHGDWWKHGLVFUHWLRQRIWKH
,QYHVWLJDWRU7KHGDWHWLPHRIFROOHFWLRQDQGUHVXOWVYDOXHVXQLWVDQGUHIHUHQFHUDQJHVZLOO
EHUHFRUGHGRQWKHDSSURSULDWHH&5)
7KHFOLQLFDOFKHPLVWU\DQGKDHPDWRORJ\ZLOOEHSHUIRUPHGE\&RYDQFHODERUDWRU\VHUYLFHV
ZKLFKZLOOSURYLGHWKHUHSRUWWRVLWHV$VSHFLILFPDQXDOZLOOEHGLVWULEXWHGE\&RYDQFH
7KHIROORZLQJODERUDWRU\YDULDEOHVZLOOEHPHDVXUHG
x
+DHPDWRORJ\+DHPDWRFULWKDHPRJORELQHU\WKURF\WHVUHGEORRGFHOOV
OHXFRF\WHVZKLWHEORRGFHOOVGLIIHUHQWLDOEORRGFRXQWQHXWURSKLOV
O\PSKRF\WHVPRQRF\WHVHRVLQRSKLOVDQGEDVRSKLOVWKURPERF\WHVSODWHOHWV
UHGEORRGFHOOVPRUSKRORJ\ZKLWHEORRGFHOOVGLIIHUHQWLDODQG0&9
x
%LRFKHPLVWU\

(OHFWURO\WHV6RGLXPSRWDVVLXPFDOFLXPFKORULGHDQGLQRUJDQLF
SKRVSKRUXV

(Q]\PHV*27$67*37$/7DONDOLQHSKRVSKDWDVHȖ*7/'+DQG
FUHDWLQHNLQDVHDQGLVRHQ]\PHV&.00&.0%RU&.%%


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK



6XEVWUDWHV*OXFRVHWRWDOFKROHVWHUROWULJO\FHULGHVFUHDWLQLQHWRWDO
ELOLUXELQWRWDOSURWHLQDOEXPLQXULFDFLGDQG%81
x
3UHJQDQF\6HUXPSUHJQDQF\WHVWRQO\IRUZRPHQRIFKLOGEHDULQJSRWHQWLDO
7KH,QYHVWLJDWRUVKRXOGPDNHDQDVVHVVPHQWRIWKHDYDLODEOHUHVXOWVZLWKUHJDUGWRFOLQLFDOO\
UHOHYDQWDEQRUPDOLWLHV7KHODERUDWRU\UHVXOWVVKRXOGEHUHWDLQHGDWFHQWUHDVVRXUFHGDWDIRU
ODERUDWRU\YDULDEOHV
$OODORQJWKHWULDOFOLQLFDOO\UHOHYDQWQHZILQGLQJVRUZRUVHQLQJRIDSUHH[LVWLQJILQGLQJLQWKH
ODERUDWRU\UHVXOWVPXVWEHFRQVLGHUHGDQDGYHUVHHYHQWDQGPXVWEHUHFRUGHGRQWKH$GYHUVH
(YHQW('&IRUP)RULQIRUPDWLRQRQKRZ$(VEDVHGRQODERUDWRU\WHVWVVKRXOGEHUHFRUGHG
DQGUHSRUWHGVHH6HFWLRQ
,QFDVHRIWHFKQLFDOSUREOHPVRULIWKHLQYHVWLJDWRUFRQVLGHUVWKDWDUHVXOWLVFOLQLFDOO\UHOHYDQW
RUGRXEWIXODGGLWLRQDOEORRGVDPSOHVPD\EHFROOHFWHGZLWKLQDUHDVRQDEOHWLPHDQGZLOOEH
VHQWWRWKHFHQWUDOODERUDWRU\IRUDQDO\VLV
6KRXOG SUHJQDQF\ RFFXU GXULQJ WKH SDUWLFLSDWLRQ LQ WKH WULDO WKH SDWLHQW PXVW LPPHGLDWHO\
GLVFRQWLQXHIURPWKHWULDO7KHSUHJQDQF\VKRXOGEHUHSRUWHGDVGHVFULEHGLQVHFWLRQ

+\¶V/DZ
&DVHVZKHUHDVXEMHFWVKRZVHOHYDWLRQVLQOLYHUELRFKHPLVWU\PD\UHTXLUHIXUWKHUHYDOXDWLRQ
DQGRFFXUUHQFHVRI$67RU$/7[8/1WRJHWKHUZLWKWRWDOELOLUXELQ[8/1PD\QHHGWR
EHUHSRUWHGDV6$(V3OHDVHUHIHUWR$SSHQGL[&IRUIXUWKHULQVWUXFWLRQRQFDVHVRILQFUHDVHV
LQOLYHUELRFKHPLVWU\DQGHYDOXDWLRQRI+\¶V/DZ

0HGLFDO+LVWRU\3K\VLFDOH[DPLQDWLRQ
$PHGLFDOKLVWRU\RIVFUHHQHGSDWLHQWVZLOOEHREWDLQHGDWWKH9LVLWUHFRUGLQJRQO\WKHUHOHYDQW
GHPRJUDSK\DQGPHGLFDOGDWDDVUHTXLUHGLQWKH0HGLFDO+LVWRU\3K\VLFDOH[DPLQDWLRQ('&
IRUPDQGH[FOXGLQJWKHWDUJHWLQGLFDWLRQLH&23'
$ FRPSOHWH SK\VLFDO H[DPLQDWLRQ ZLOO EH SHUIRUPHG DW 9LVLW  DQG 9LVLW  2QO\ UHOHYDQW
ILQGLQJV GHWHFWHG DW 6FUHHQLQJ 9LVLW ZLOO EH UHFRUGHG LQ WKH 0HGLFDO +LVWRU\3K\VLFDO
H[DPLQDWLRQ('&IRUP
%RG\ZHLJKWDQGKHLJKWZLOOEHPHDVXUHGRQO\DW9LVLWVFUHHQLQJDOORZLQJFDOFXODWLRQRI
%RG\0DVV,QGH[ZKLFKZLOOEHUHFRUGHGRQWKH0DVWHU6FRSH&73DWLHQWVVKRXOGEHLQOLJKW
LQGRRUFORWKHVZLWKRXWVKRHV

(&*
6WDQGDUGOHDG(&*HYDOXDWLRQVZLOOEHUHFRUGHGDIWHUDSSUR[LPDWHO\PLQXWHVUHVWLQJLQ
VXSLQHSRVLWLRQEHIRUHDQ\EORRGVDPSOLQJDQGVSLURPHWU\WHVWOHDG(&*VZLOOEHUHFRUGHG
SUHIHUDEO\DOZD\VE\WKHVDPHWHFKQLFLDQIRUHDFKSDWLHQW


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


$W9LVLWVFUHHQLQJWKHOHDG(&*VKRXOGEHUHFRUGHGDWDVLPLODUWLPHWRWKDWWREH
REWDLQHGSUHGRVHGXULQJWKHFRXUVHRIWKHWULDO,QYHVWLJDWRUVZLOODVVHVVSDWLHQWV¶HOLJLELOLW\
DFFRUGLQJWRWKHPDQXDOUHDGLQJUHSRUWRI9LVLW$WIROORZLQJYLVLWVOHDG(&*ZLOOEH
UHFRUGHGSUHGRVHDQGKSRVWGRVHDW9LVLWVDQG
(57DVWKHUHVSRQVLEOHFRPSDQ\IRUWKHFHQWUDOL]HGHOHFWURFDUGLRJUDSKLFDVVHVVPHQWVZLOO
SURYLGHWKHUHVHDUFKVLWHVZLWKWKHOHDG(&*HTXLSPHQWDQGVXSSOLHVVSHFLILFWUDLQLQJDQG
ZULWWHQLQVWUXFWLRQV
)ROORZLQJ DQ DFTXLVLWLRQ RI D TXDOLW\ (&* WUDFLQJ WKH LQYHVWLJDWRU RU GHVLJQHH ZLOO
HOHFWURQLFDOO\WUDQVIHUWKHGDWDWR(57
:LWKLQKRXUVRIUHFHSWLRQDVSHFLDOL]HGFDUGLDFVDIHW\WHFKQLFLDQDQGFDUGLRORJLVWDW(57
ZLOOUHDGDQGLQWHUSUHWWKH(&*WUDFLQJVDFFRUGLQJWRWKH(57LQWHUQDOSURFHVVHV³PDQXDO
UHDGLQJ´ DQG ZLOO PDNH DYDLODEOH WKH (&* UHSRUW WR WKH UHVHDUFK SHUVRQQHO RQ DQ RQOLQH
ZHEVLWH
:KHQDQ\OHDG(&*UHVXOWH[FHHGVQRUPDOUDQJHVDOHUWUHSRUWVZLOOEHLPPHGLDWHO\VHQWE\
(57E\HPDLOWRWKHLQYHVWLJDWRU
7KHSHUVRQQHOLQFKDUJHRIWKHUHDGLQJDQLQWHUSUHWDWLRQRIWKH(&*WUDFLQJVDW(57ZLOOEH
EOLQGHGWRSDWLHQW¶V,3DOORFDWLRQDQGSDWLHQW¶VLGHQWLW\
7KHLQYHVWLJDWRUZLOOUHYLHZWKH³PDQXDOUHDGLQJ´UHSRUWVWRDVVHVVWKHFOLQLFDOUHOHYDQFHRIDQ\
DEQRUPDOILQGLQJVDQGRUWRGHFLGHLIWKHSDWLHQWLVRUUHPDLQVHOLJLEOHIRUWKHVWXG\
+RZHYHUWKHUHVSRQVLELOLW\IRULQFOXVLRQRUFRQWLQXDWLRQRIWKHVXEMHFWLQWKHVWXG\ZLOOOLH
ZLWKLQWKHLQYHVWLJDWRULQFRQVXOWDQF\ZLWKWKHVSRQVRU
7KHOHDG(&*ZLOOEHUHFRUGHGDWPPVHFDQGZLOOFRQVLVWRIDUHFRUGLQJRIOHDGV,,,
,,,D95D9/D9)DQG9WR9DQGVHFRQGVUHFRUGLQJRIOHDG,,UK\WKPVWULS$WOHDVW
FRPSOHWHHYDOXDEOHFRPSOH[HVSHUOHDGZLOOEHUHFRUGHG7KHIROORZLQJ(&*SDUDPHWHUVZLOO
EHGHWHUPLQHG+HDUWUDWH55LQWHUYDO35LQWHUYDO456LQWHUYDO47LQWHUYDO47FLQWHUYDO
47F%LQWHUYDODQG47F)LQWHUYDO
$Q\ DEQRUPDO ILQGLQJ LQ WKH (&* WUDFLQJ UK\WKP HFWRS\ FRQGXFWLRQ PRUSKRORJ\
P\RFDUGLDOLQIDUFWLRQ67VHJPHQW7ZDYHDQG8ZDYHREVHUYDWLRQVZLOOEHHYDOXDWHGE\WKH
LQYHVWLJDWRUDQGZLOOEHVSHFLILFDOO\GRFXPHQWHG
7KURXJKRXWWKHWULDOFOLQLFDOO\UHOHYDQWQHZILQGLQJVRUZRUVHQLQJRIDSUHH[LVWLQJILQGLQJLQ
WKH(&*VSDUDPHWHUVRUDEQRUPDOILQGLQJVLQWKHWUDFLQJPXVWEHFRQVLGHUHGDQDGYHUVHHYHQW
DQGPXVWEHUHFRUGHGRQWKH$GYHUVH(YHQW('&IRUP
,QFDVHRIWHFKQLFDOSUREOHPVWKHLQYHVWLJDWRUFRQVLGHUVDQ\UHVXOWLVFOLQLFDOO\UHOHYDQWRU
GRXEWIXO DGGLWLRQDO OHDG (&*V PD\ EH SHUIRUPHG XVLQJ WKH VDPH HTXLSPHQW ZLWKLQ D
UHDVRQDEOHWLPH


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK



%ORRGSUHVVXUH
6\VWROLFDQGGLDVWROLFSUHVVXUHLQPP+JZLOOEHPHDVXUHGDIWHUDWOHDVWPLQXWHVUHVWLQJDQG
DOVREHIRUHWDNLQJDQ\EORRGVDPSOHDQGFRQGXFWLQJDQ\VSLURPHWU\0HDVXUHPHQWVZLOOEH
FDUULHGRXWZLWKSDWLHQWLQWKHVXSLQHSRVLWLRQDQGSUHIHUDEO\DOZD\VRQWKHVDPHDUP'DWDZLOO
EHUHFRUGHGRQWKH('&
,IWKHUHLVDQ\VXVSLFLRQRIXQUHOLDEOHPHDVXUHPHQWEORRGSUHVVXUHZLOOEHPHDVXUHGDJDLQ7KH
YDOXHREWDLQHGRQWKHVHFRQGPHDVXUHPHQWZLOOEHFRQVLGHUHGDVGHILQLWLYHDQGZLOOEHWKHRQH
UHFRUGHGRQWKH('&
7KURXJKRXWWKHWULDOFOLQLFDOO\UHOHYDQWQHZILQGLQJVRUZRUVHQLQJRIDSUHH[LVWLQJILQGLQJLQ
WKHPHGLFDOKLVWRU\SK\VLFDOH[DPLQDWLRQEORRGSUHVVXUHPXVWEHFRQVLGHUHGDQDGYHUVHHYHQW
DQGPXVWEHUHFRUGHGRQWKH$(IRUPRIWKH('&

$GYHUVH(YHQWV
3URFHGXUHVIRUUHFRUGLQJDQGDVVHVVLQJDGYHUVHHYHQWVDUHLQFOXGHGLQVHFWLRQ

0$&(PDMRUDGYHUVHFDUGLDFHYHQWDGMXGLFDWLRQ
0$&(PDMRUDGYHUVHFDUGLDFHYHQWLVDFRPSRVLWHRIWKHWRWDORIFDUGLRYDVFXODU&9GHDWK
QRQIDWDOP\RFDUGLDOLQIDUFWLRQDQGQRQIDWDOVWURNH
$&DUGLRYDVFXODU$GMXGLFDWLRQ&RPPLWWHH&9$&ZLOOSURYLGHLQGHSHQGHQWDQGREMHFWLYH
UHYLHZDQGDGMXGLFDWLRQRI0$&(DQGZLOODOVRDGMXGLFDWHDOOGHDWKV7KH&9$&FKDLUZLOO
DOVRFKRRVHDGGLWLRQDOVHULRXVDQGQRQVHULRXVDGYHUVHHYHQWVIRUDGMXGLFDWLRQ
$QH[WHUQDOYHQGRUZLOOEHXVHGWRPDQDJHGRVVLHUFRPSLODWLRQDQGFRPPXQLFDWLRQEHWZHHQ
$VWUD=HQHFDDQG&9$&PHPEHUV
)RUWKHSURFHGXUHVUHODWHGWRWKH0$&(DGMXGLFDWLRQSOHDVHUHIHUWRWKHVSHFLILFFKDUWHU

2WKHUDVVHVVPHQWV
1RWDSSOLFDEOH

3KDUPDFRNLQHWLFV
3KDUPDFRNLQHWLFVVDPSOHVZLOOQRWEHWDNHQGXULQJWKHVWXG\

3KDUPDFRG\QDPLFV
3KDUPDFRG\QDPLFVDPSOHVZLOOQRWEHWDNHQGXULQJWKHVWXG\

3KDUPDFRJHQHWLFV
3KDUPDFRJHQHWLFVDPSOHVZLOOQRWEHWDNHQGXULQJWKHVWXG\


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK



%LRPDUNHUDQDO\VLV
1RWDSSOLFDEOH

6$)(7<5(3257,1*$1'0(',&$/0$1$*(0(17
7KH3,LVUHVSRQVLEOHIRUHQVXULQJWKDWDOOVWDIILQYROYHGLQWKHVWXG\DUHIDPLOLDUZLWKWKH
FRQWHQWRIWKLVVHFWLRQ
7KHLQYHVWLJDWRUZLOOFORVHO\PRQLWRUDQ\DGYHUVHHYHQWDQGZLOODGRSWWKHQHFHVVDU\FOLQLFDO
PHDVXUHVWRHQVXUHWKHVDIHW\RIWKHSDWLHQW

'HILQLWLRQRIDGYHUVHHYHQWV
$QDGYHUVHHYHQWLVWKHGHYHORSPHQWRIDQXQGHVLUDEOHPHGLFDOFRQGLWLRQRUWKHGHWHULRUDWLRQ
RIDSUHH[LVWLQJPHGLFDOFRQGLWLRQIROORZLQJRUGXULQJH[SRVXUHWRDSKDUPDFHXWLFDOSURGXFW
ZKHWKHURUQRWFRQVLGHUHGFDXVDOO\UHODWHGWRWKHSURGXFW$QXQGHVLUDEOHPHGLFDOFRQGLWLRQ
FDQ EH V\PSWRPV HJ QDXVHD FKHVW SDLQ VLJQV HJ WDFK\FDUGLD HQODUJHG OLYHU RU WKH
DEQRUPDOUHVXOWVRIDQLQYHVWLJDWLRQHJODERUDWRU\ILQGLQJVHOHFWURFDUGLRJUDP,QFOLQLFDO
VWXGLHVDQ$(FDQLQFOXGHDQXQGHVLUDEOHPHGLFDOFRQGLWLRQRFFXUULQJDWDQ\WLPHLQFOXGLQJ
UXQLQRUZDVKRXWSHULRGVHYHQLIQRVWXG\WUHDWPHQWKDVEHHQDGPLQLVWHUHG
7KHWHUP$(LVXVHGWRLQFOXGHERWKVHULRXVDQGQRQVHULRXV$(V

'HILQLWLRQVRIVHULRXVDGYHUVHHYHQW
$VHULRXVDGYHUVHHYHQWLVDQ$(RFFXUULQJGXULQJDQ\VWXG\SKDVHLHUXQLQWUHDWPHQW
ZDVKRXWIROORZXSWKDWIXOILOVRQHRUPRUHRIWKHIROORZLQJFULWHULD
x 5HVXOWVLQGHDWK
x ,VLPPHGLDWHO\OLIHWKUHDWHQLQJ
x 5HTXLUHVLQSDWLHQWKRVSLWDOLVDWLRQRUSURORQJDWLRQRIH[LVWLQJKRVSLWDOLVDWLRQ
x 5HVXOWVLQSHUVLVWHQWRUVLJQLILFDQWGLVDELOLW\LQFDSDFLW\
x ,VDFRQJHQLWDODEQRUPDOLW\RUELUWKGHIHFW
x ,VDQLPSRUWDQWPHGLFDOHYHQWWKDWPD\MHRSDUGLVHWKHVXEMHFWRUPD\UHTXLUHPHGLFDO
LQWHUYHQWLRQWRSUHYHQWRQHRIWKHRXWFRPHVOLVWHGDERYH
)RUIXUWKHUJXLGDQFHRQWKHGHILQLWLRQRID6$(VHH$SSHQGL[$WRWKH&OLQLFDO6WXG\
3URWRFRO


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK



5HFRUGLQJRIDGYHUVHHYHQWV

7LPHSHULRGIRUFROOHFWLRQRIDGYHUVHHYHQWV
$GYHUVH(YHQWVZLOOEHFROOHFWHGIURPWLPHRIVLJQDWXUHRIWKH,&)WKURXJKRXWWKHWUHDWPHQW
SHULRGDQGLQFOXGLQJWKHIROORZXSSHULRGLHZHHNVDIWHUWKHODVW,3

)ROORZXSRIXQUHVROYHGDGYHUVHHYHQWV
$Q\$(VWKDWDUHXQUHVROYHGDWWKHVXEMHFW¶VODVW$(DVVHVVPHQWLQWKHVWXG\DUHIROORZHGXS
E\WKH,QYHVWLJDWRUIRUDVORQJDVPHGLFDOO\LQGLFDWHGEXWZLWKRXWIXUWKHUUHFRUGLQJLQWKH
&5)$VWUD=HQHFDUHWDLQVWKHULJKWWRUHTXHVWDGGLWLRQDOLQIRUPDWLRQIRUDQ\VXEMHFWZLWK
RQJRLQJ$(V6$(VDWWKHHQGRIWKHVWXG\LIMXGJHGQHFHVVDU\

9DULDEOHV
7KHIROORZLQJYDULDEOHVZLOOEHFROOHFWIRUHDFK$(
x $(YHUEDWLP
x 7KHGDWHZKHQWKH$(VWDUWHGDQGVWRSSHG
x $VVHVVPHQWRILQWHQVLW\
x :KHWKHUWKH$(LVVHULRXVRUQRW
x ,QYHVWLJDWRUFDXVDOLW\UDWLQJDJDLQVWWKH,QYHVWLJDWLRQDO3URGXFW\HVRUQR
x $FWLRQWDNHQZLWKUHJDUGWRLQYHVWLJDWLRQDOSURGXFW
x 2XWFRPH
,QDGGLWLRQWKHIROORZLQJYDULDEOHVZLOOEHFROOHFWHGIRU6$(V
x 'DWH$(PHWFULWHULDIRUVHULRXV$(
x 'DWH,QYHVWLJDWRUEHFDPHDZDUHRIVHULRXV$(
x $(LVVHULRXVGXHWR
x 'DWHRIKRVSLWDOLVDWLRQ
x 'DWHRIGLVFKDUJH
x 3UREDEOHFDXVHRIGHDWK
x 'DWHRIGHDWK
x $XWRSV\SHUIRUPHG


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


x &DXVDOLW\DVVHVVPHQWLQUHODWLRQWR6WXG\SURFHGXUHV
x 'HVFULSWLRQRI$(

$VVHVVPHQWRILQWHQVLW\
)RUJUDGLQJWKHLQWHQVLW\RIDQ$(WKHIROORZLQJLQWHQVLW\UDWLQJVFDOHZLOOEHXVHG

0LOGDZDUHQHVVRIVLJQRUV\PSWRPEXWHDVLO\WROHUDWHGDFFHSWDEOH

0RGHUDWHGLVFRPIRUWVXIILFLHQWWRFDXVHLQWHUIHUHQFHZLWKQRUPDODFWLYLWLHV
GLVWXUELQJ

6HYHUHLQFDSDFLWDWLQJZLWKLQDELOLW\WRSHUIRUPQRUPDODFWLYLWLHVXQDFFHSWDEOH
$(VZLOOEHFROOHFWHGRQO\RQFHZLWKLWVPD[LPXPLQWHQVLW\H[FHSWZKHQWKH$(VWDUWHG
EHIRUHILUVW,3DGPLQLVWUDWLRQSHUVLVWHGDIWHULWDQGZRUVHQHGLQLQWHQVLW\DQ\WLPHDIWHUILUVW
,3,QWKLVODWWHUFDVHWKH$(ZLOOEHFROOHFWHGZLWKHDFKUHVSHFWLYHLQWHQVLW\$(WHUP
UHFRUGHGPXVWEHH[DFWO\WKHVDPHLQWKHGLIIHUHQWLQWHQVLWLHVFROOHFWHG
)RUJUDGLQJWKHLQWHQVLW\RID&23'H[DFHUEDWLRQSOHDVHUHIHUWRVHFWLRQ
,WLVLPSRUWDQWWRGLVWLQJXLVKEHWZHHQVHULRXVDQGVHYHUH$(V6HYHULW\LVDPHDVXUHRI
LQWHQVLW\ZKHUHDVVHULRXVQHVVLVGHILQHGE\WKHFULWHULDLQVHFWLRQ$Q$(RIVHYHUH
LQWHQVLW\QHHGQRWQHFHVVDULO\EHFRQVLGHUHGVHULRXV)RUH[DPSOHQDXVHDWKDWSHUVLVWVIRU
VHYHUDOKRXUVPD\EHFRQVLGHUHGVHYHUHQDXVHDEXWQRWD6$(2QWKHRWKHUKDQGDVWURNH
WKDWUHVXOWVLQRQO\DOLPLWHGGHJUHHRIGLVDELOLW\PD\EHFRQVLGHUHGDPLOGVWURNHEXWZRXOGEH
D6$(

&DXVDOLW\FROOHFWLRQ
7KH ,QYHVWLJDWRU ZLOO DVVHVV FDXVDO UHODWLRQVKLS EHWZHHQ ,QYHVWLJDWLRQDO 3URGXFW DQG HDFK
$GYHUVH (YHQW DQG DQVZHU µ\HV¶ RU µQR¶ WR WKH TXHVWLRQ µ'R \RX FRQVLGHU WKDW WKHUH LV D
UHDVRQDEOHSRVVLELOLW\WKDWWKHHYHQWPD\KDYHEHHQFDXVHGE\WKHLQYHVWLJDWLRQDOSURGXFW"¶
)RU6$(VFDXVDOUHODWLRQVKLSZLOODOVREHDVVHVVHGIRURWKHUPHGLFDWLRQDQGVWXG\SURFHGXUHV
DQGDGGLWLRQDOVWXG\GUXJ1RWHWKDWIRU6$(VWKDWFRXOGEHDVVRFLDWHGZLWKDQ\VWXG\SURFHGXUH
WKHFDXVDOUHODWLRQVKLSLVLPSOLHGDVµ\HV¶
$JXLGHWRWKHLQWHUSUHWDWLRQRIWKHFDXVDOLW\TXHVWLRQLVIRXQGLQ$SSHQGL[$WRWKH&OLQLFDO
6WXG\3URWRFRO

$GYHUVHHYHQWVEDVHGRQVLJQVDQGV\PSWRPV
$OO$(VVSRQWDQHRXVO\UHSRUWHGE\WKHVXEMHFWRUUHSRUWHGLQUHVSRQVHWRWKHRSHQTXHVWLRQIURP
WKHVWXG\SHUVRQQHOµ+DYH\RXKDGDQ\KHDOWKSUREOHPVVLQFHWKHSUHYLRXVYLVLW\RXZHUHODVW
DVNHG"¶RUUHYHDOHGE\REVHUYDWLRQZLOOEHFROOHFWHGDQGUHFRUGHGLQWKHH&5)


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


3DWLHQWVVKRXOGEHLQVWUXFWHGWRUHFRUG$(VLQWKH3DWLHQW'LDU\RQDGDLO\EDVLVEHWZHHQYLVLWV
$Q\$(UHFRUGHGRQWKH3DWLHQW'LDU\ZLOOEHWUDQVFULEHGLQVWDQGDUGPHGLFDOWHUPVDV$(RQ
WKHH&5)$(SDJHE\WKHLQYHVWLJDWRU
:KHQFROOHFWLQJ$(VWKHUHFRUGLQJRIGLDJQRVHVLVSUHIHUUHGZKHQSRVVLEOHWRUHFRUGLQJDOLVW
RIVLJQVDQGV\PSWRPV+RZHYHULIDGLDJQRVLVLVNQRZQDQGWKHUHDUHRWKHUVLJQVRUV\PSWRPV
WKDWDUHQRWJHQHUDOO\SDUWRIWKHGLDJQRVLVWKHGLDJQRVLVDQGHDFKVLJQRUV\PSWRPZLOOEH
UHFRUGHGVHSDUDWHO\

$GYHUVHHYHQWVEDVHGRQH[DPLQDWLRQVDQGWHVWV
7KHUHVXOWVIURPSURWRFROPDQGDWHGODERUDWRU\WHVWV(&*VSK\VLFDOH[DPLQDWLRQDQGYLWDOVLJQV
ZLOOEHVXPPDULVHGLQWKHFOLQLFDOVWXG\UHSRUW&65
0HGLFDOGLVRUGHUVSUHVHQWDWWKHWLPHRIVLJQLQJWKH,&)WKDWDUHSDUWRIWKHSDWLHQW¶VPHGLFDO
KLVWRU\ZLOORQO\EHFRQVLGHUHG$(VLIWKH\ZRUVHQDIWHUWKLVWLPH
5HOHYDQW DEQRUPDOLWLHV GHWHFWHG EHIRUH ,3 DGPLQLVWUDWLRQ LQ SK\VLFDO H[DP ODERUDWRU\
YDOXHYLWDOVLJQ(&*VZLOOQRWEHFRQVLGHUHG$(VLIDOUHDG\NQRZQDVSDUWRIWKHPHGLFDO
KLVWRU\RULQUHODWLRQWRSULRUPHGLFDOFRQGLWLRQVDQGZLOOEHUHFRUGHGRQWKHH&5)0HGLFDO
+LVWRU\SK\VLFDO H[DPLQDWLRQ IRUPSDJH +RZHYHU DEQRUPDOLWLHV GHWHFWHG LQ VFUHHQLQJUXQ
LQEDVHOLQHWHVWVWKRXJKWWREHGXHWRDVWXG\SURFHGXUHZLOOEHFRQVLGHUHG$(V
'XULQJ WKH WULDO DEQRUPDOLWLHV QHZO\ RFFXUULQJ RU ZRUVHQLQJ RI SUHYLRXVO\ NQRZQ
DEQRUPDOLWLHVGHWHFWHGLQODERUDWRU\YDOXHVYLWDOVLJQV(&*VDQGSK\VLFDOH[DPLQDWLRQZKLFK
DUH FRQVLGHUHG FOLQLFDOO\ UHOHYDQW E\ WKH LQYHVWLJDWRU RU ZKLFK UHTXLUH DQ LQWHUYHQWLRQ RU D
GLDJQRVLVWHVWRUDUHWKHUHDVRQIRUGLVFRQWLQXDWLRQRIWUHDWPHQWZLWKWKHLQYHVWLJDWLRQDOSURGXFW
VKRXOGEHUHSRUWHGDV$(V
,QDGGLWLRQZKHQDQ$(PHHWVWKHFULWHULDRIVHULRXVQHVV6$(LWPXVWDOVREHUHFRUGHGRQWKH
6$(IRUPDQGUHSRUWHGIROORZLQJWKHGHILQHGWLPHOLQHVVHFWLRQ

'LVHDVHSURJUHVVLRQ
'LVHDVHSURJUHVVLRQFDQEHFRQVLGHUHGDVDZRUVHQLQJRIDVXEMHFW¶VFRQGLWLRQDWWULEXWDEOHWR
WKHGLVHDVHIRUZKLFKWKHLQYHVWLJDWLRQDOSURGXFWLVEHLQJVWXGLHG,WPD\EHDQLQFUHDVHLQWKH
VHYHULW\RIWKHGLVHDVHXQGHUVWXG\DQGRULQFUHDVHVLQWKHV\PSWRPVRIWKHGLVHDVH
$Q\ZRUVHQLQJRIFKURQLF&23'V\PSWRPVZKLFKGRQRWPHHWFOLQLFDOFULWHULDIRUD&23'
H[DFHUEDWLRQDVGHWHUPLQHGE\WKHLQYHVWLJDWRUVKRXOGQRWEHUHFRUGHGDVDQDGYHUVHHYHQW
XQOHVVWKHVWXG\GUXJZDVGLVFRQWLQXHGWKHZRUVHQLQJPHHWVWKHFULWHULDRID6HULRXV$GYHUVH
(YHQWRUWKHSDWLHQWVKRZHGFOHDUGHWHULRUDWLRQIURPEDVHOLQH
&23'H[DFHUEDWLRQVWKDWPHHWWKHFULWHULDIRUVHULRXVQHVVZLOOEHUHSRUWHGLQWKH6$(IRUP
DFFRUGLQJWRSURFHGXUHGHWDLOHGLQVHFWLRQEHORZ


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK



5HSRUWLQJRIVHULRXVDGYHUVHHYHQWV
6HULRXV$GYHUVH(YHQWVZLOOEHFROOHFWHGIURPWLPHRIVLJQDWXUHRI,&)WKURXJKRXWWKHWUHDWPHQW
SHULRG DQG LQFOXGLQJ WKH IROORZXS SHULRG LH  ZHHNV DIWHU ODVW ,3 DGPLQLVWUDWLRQ  )RU
SDWLHQWVZKRGLVFRQWLQXHGWKH,36$(VZLOOEHFROOHFWHGGXULQJWKHSRVW,3GLVFRQWLQXDWLRQ
IROORZXSSHULRG
$OO6$(VKDYHWREHUHSRUWHGZKHWKHURUQRWFRQVLGHUHGFDXVDOO\UHODWHGWRWKHLQYHVWLJDWLRQDO
SURGXFW RU WR WKH VWXG\ SURFHGXUHV $OO 6$(V ZLOO EH UHFRUGHG LQ WKH H&5) 2QFH WKH
,QYHVWLJDWRUVRURWKHUVLWHSHUVRQQHOLQGLFDWHDQ$(LVVHULRXVLQWKH('&V\VWHPDQDXWRPDWHG
HPDLODOHUWLVVHQWWRWKHGHVLJQDWHG$VWUD=HQHFDUHSUHVHQWDWLYH
,IDQ\6$(RFFXUVLQWKHFRXUVHRIWKHVWXG\WKHQ,QYHVWLJDWRUVRURWKHUVLWHSHUVRQQHOLQIRUP
WKHDSSURSULDWH$VWUD=HQHFDUHSUHVHQWDWLYHVZLWKLQRQHGD\LHLPPHGLDWHO\EXWQRODWHUWKDQ
KRXUVRIZKHQKHRUVKHEHFRPHVDZDUHRILW
7KHGHVLJQDWHG$VWUD=HQHFDUHSUHVHQWDWLYHZRUNVZLWKWKH,QYHVWLJDWRUWRHQVXUHWKDWDOOWKH
QHFHVVDU\LQIRUPDWLRQLVSURYLGHGWRWKH$VWUD=HQHFD3DWLHQW6DIHW\GDWDHQWU\VLWHZLWKLQ
FDOHQGDUGD\RILQLWLDOUHFHLSWIRUIDWDODQGOLIHWKUHDWHQLQJHYHQWVDQGZLWKLQFDOHQGDUGD\V
RILQLWLDOUHFHLSWIRUDOORWKHU6$(V
)RUIDWDORUOLIHWKUHDWHQLQJDGYHUVHHYHQWVZKHUHLPSRUWDQWRUUHOHYDQWLQIRUPDWLRQLVPLVVLQJ
DFWLYH IROORZXS LV XQGHUWDNHQ LPPHGLDWHO\  ,QYHVWLJDWRUV RU RWKHU VLWH SHUVRQQHO LQIRUP
$VWUD=HQHFDUHSUHVHQWDWLYHVRIDQ\IROORZXSLQIRUPDWLRQRQDSUHYLRXVO\UHSRUWHG6$(ZLWKLQ
RQHFDOHQGDUGD\LHLPPHGLDWHO\EXWQRODWHUWKDQKRXUVRIZKHQKHRUVKHEHFRPHVDZDUH
RILW
,IWKH('&V\VWHPLVQRWDYDLODEOHWKHQWKH,QYHVWLJDWRURURWKHUVWXG\VLWHSHUVRQQHOUHSRUWVD
6$(WRWKHDSSURSULDWH$VWUD=HQHFDUHSUHVHQWDWLYHE\WHOHSKRQH
7KH $VWUD=HQHFD UHSUHVHQWDWLYH ZLOO DGYLVH WKH ,QYHVWLJDWRUVWXG\ VLWH SHUVRQQHO KRZ WR
SURFHHG
7KHPLQLPXPLQIRUPDWLRQWKDWKDVWREHLQFOXGHGLQWKHLQLWLDOUHSRUWLV
x $QHYHQWPHHWLQJWKHFULWHULDRI6$(
x $TXDOLILDEOHUHSRUWHUGHILQHGDVDQLQYHVWLJDWRURIWKLVWULDORUKLVKHUGHOHJDWH
x $TXDOLILHGSDWLHQWGHILQHGDVDSDWLHQWZKRKDVFRQVHQWHGWRWKLVWULDO
x $VXVSHFWPHGLFLQDOSURGXFW
x 7KHLQYHVWLJDWRU¶VFDXVDOLW\DVVHVVPHQW
8QOHVVWKH6$(KDVEHHQVXIILFLHQWO\GRFXPHQWHGLQWKHLQLWLDOUHSRUWWKHLQYHVWLJDWRUZLOO
SURYLGHDOODYDLODEOHDGGLWLRQDOLQIRUPDWLRQLQIROORZXSUHSRUWVE\XSGDWLQJWKH('&IRUPDQG


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


DGKHULQJWRWKHVDPHWLPHIUDPHVDVGHILQHGIRUWKHLQLWLDOUHSRUW7KLVZLOOEHFRQWLQXHGXQWLO
WKHHYHQWKDVEHHQIXOO\GRFXPHQWHGDQGUHSRUWHG
$QHYHQWUHSRUWHGWRWKH$]WUD=HQHFDUHSUHVHQWDWLYHZKLFKGRHVQRWPHHWWKH6$(FULWHULDVKDOO
EHQXOOLILHGE\WKHLQYHVWLJDWRUE\DIROORZXSUHSRUW
$UHJXODWRU\UHSRUWRIWKH6$(GHSHQGLQJRQWKHORFDOUHTXLUHPHQWVZLOOEHSURGXFHGE\
$]WUD=HQHFD DQG VXEPLWWHG WR WKH 5HJXODWRU\ $XWKRULWLHV (&V DQGRU LQYHVWLJDWRUV ZKHQ
DSSOLFDEOHDFFRUGLQJWRORFDOUHJXODWLRQV
7KHUHIHUHQFHGRFXPHQWIRUGHILQLWLRQRIH[SHFWHGQHVVOLVWHGQHVVLVWKH,%IRUWKH$VWUD=HQHFD
GUXJDQGWKH(86XPPDU\RI3URGXFW&KDUDFWHULVWLFV63&IRUWKHDFWLYHFRPSDUDWRU
6$(V127FRQVLGHUHGWREHUHSRUWHGWRWKHVSRQVRUZLOOEH
x +RVSLWDOLVDWLRQIRUDWUHDWPHQWVXUJLFDOSURFHGXUHZKLFKZDVHOHFWLYHRUSUHSODQQHGIRUD
SUHH[LVWLQJFRQGLWLRQWKDWGLGQRWZRUVHQGXULQJWKHSDUWLFLSDWLRQLQWKHWULDO
x +RVSLWDOLVDWLRQRUSURORQJDWLRQRIDQH[LVWLQJKRVSLWDOLVDWLRQIRUUHVSLWHFDUHHJSDWLHQW
OLYHVWRRIDUIURPWKHKRVSLWDORUKDVQRFDUHJLYHUDWKRPH

2YHUGRVH
$QRYHUGRVHZLWKDVVRFLDWHG$(VLVUHFRUGHGDVWKH$(GLDJQRVLVV\PSWRPVRQWKHUHOHYDQW$(
PRGXOHVLQWKHH&5)
,IDQRYHUGRVHZLWKDVVRFLDWHG$(RQDQ$VWUD=HQHFDVWXG\GUXJRFFXUVLQWKHFRXUVHRIWKH
VWXG\ WKHQ WKH ,QYHVWLJDWRU RU RWKHU VLWH SHUVRQQHO VKRXOG LQIRUP DSSURSULDWH $VWUD=HQHFD
UHSUHVHQWDWLYHVLPPHGLDWHO\DQGQRODWHUWKDQKRXUVRIZKHQKHRUVKHEHFRPHVDZDUHRI
LWIROORZLQJWKHVDPHSURFHVVGHVFULEHGLQVHFWLRQ
7KHGHVLJQDWHG$VWUD=HQHFDUHSUHVHQWDWLYHZLOOZRUNZLWKWKH,QYHVWLJDWRUWRHQVXUHWKDWDOO
UHOHYDQWLQIRUPDWLRQLVSURYLGHGWR$VWUD=HQHFD6DIHW\'DWDEDVH
)RURYHUGRVHVDVVRFLDWHGZLWKD6$(WKHVWDQGDUGUHSRUWLQJWLPHOLQHVDSSO\VHH6HFWLRQ

3UHJQDQF\
$OOSUHJQDQFLHVDQGRXWFRPHVRISUHJQDQF\VKRXOGEHUHSRUWHGWR$VWUD=HQHFD

0DWHUQDOH[SRVXUH
,IDVXEMHFWEHFRPHVSUHJQDQWGXULQJWKHFRXUVHRIWKHVWXG\LQYHVWLJDWLRQDOSURGXFWVKRXOGEH
GLVFRQWLQXHGLPPHGLDWHO\
3UHJQDQF\ LWVHOI LV QRW UHJDUGHG DV DQ DGYHUVH HYHQW XQOHVV WKHUH LV D VXVSLFLRQ WKDW WKH
LQYHVWLJDWLRQDO SURGXFW XQGHU VWXG\ PD\ KDYH LQWHUIHUHG ZLWK WKH HIIHFWLYHQHVV RI D
FRQWUDFHSWLYHPHGLFDWLRQ&RQJHQLWDODEQRUPDOLWLHVELUWKGHIHFWVDQGVSRQWDQHRXVPLVFDUULDJHV


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


VKRXOGEHUHSRUWHGDQGKDQGOHGDV6$(V(OHFWLYHDERUWLRQVZLWKRXWFRPSOLFDWLRQVVKRXOGQRW
EH KDQGOHG DV $(V  7KH RXWFRPH RI DOO SUHJQDQFLHV VSRQWDQHRXV PLVFDUULDJH HOHFWLYH
WHUPLQDWLRQHFWRSLFSUHJQDQF\QRUPDOELUWKRUFRQJHQLWDODEQRUPDOLW\VKRXOGEHIROORZHGXS
DQGGRFXPHQWHGHYHQLIWKHVXEMHFWZDVGLVFRQWLQXHGIURPWKHVWXG\
,IDQ\SUHJQDQF\RFFXUVLQWKHFRXUVHRIWKHVWXG\WKHQWKH,QYHVWLJDWRURURWKHUVLWHSHUVRQQHO
LQIRUPVWKHDSSURSULDWH$VWUD=HQHFDUHSUHVHQWDWLYHVZLWKLQGD\LHLPPHGLDWHO\EXWQRODWHU
WKDQKRXUVRIZKHQKHRUVKHEHFRPHVDZDUHRILW
7KH GHVLJQDWHG $VWUD=HQHFD UHSUHVHQWDWLYH ZRUNV ZLWK WKH ,QYHVWLJDWRU WR HQVXUH WKDW DOO
UHOHYDQWLQIRUPDWLRQLVSURYLGHGWRWKH$VWUD=HQHFD3DWLHQW6DIHW\GDWDHQWU\VLWHZLWKLQRU
FDOHQGDUGD\VIRU6$(VVHH6HFWLRQDQGZLWKLQGD\VIRUDOORWKHUSUHJQDQFLHV
7KHVDPHWLPHOLQHVDSSO\ZKHQRXWFRPHLQIRUPDWLRQLVDYDLODEOH

3DWHUQDOH[SRVXUH
3URYLGHG WKDW QRQFOLQLFDO GDWD ZLWK $% DQG )) EDVHG RQ FRQYHQWLRQDO VWXGLHV RI VDIHW\
SKDUPDFRORJ\UHSHDWHGGRVHWR[LFLW\JHQRWR[LFLW\DQGFDUFLQRJHQLFSRWHQWLDODQGWR[LFLW\WR
UHSURGXFWLRQDQGGHYHORSPHQWGRQRWUHYHDOVSHFLDOKD]DUGIRUKXPDQVPDOHSDUWLFLSDQWVDUH
QRWUHTXHVWHGWRXVHFRQWUDFHSWLRQPHWKRGVGXULQJWKHLUSDUWLFLSDWLRQRQWKHWULDO
,Q FDVH RI SUHJQDQF\ RI WKH VXEMHFW¶V SDUWQHUV WKH SDUWLFLSDQW ZLOO QRW EH QHFHVVDULO\
GLVFRQWLQXHGIURPWKHWULDOEXWWKHSDUWQHU¶VSUHJQDQF\VKRXOGEHUHSRUWHGRQWKH3UHJQDQF\
IRUPIROORZLQJWKHVDPHWLPHIUDPHDQGURXWLQJDVGHVFULEHGIRUDQ\SDUWLFLSDQW¶VSUHJQDQF\
7KHVHSUHJQDQFLHVZLOOEHDOVRIROORZHGXSDQGWKHRXWFRPHRIWKHSUHJQDQF\VSRQWDQHRXV
PLVFDUULDJHHOHFWLYHWHUPLQDWLRQHFWRSLFSUHJQDQF\QRUPDOELUWKRUFRQJHQLWDODEQRUPDOLW\
VKRXOGLISRVVLEOHEHREWDLQHGDQGGRFXPHQWHG

0DQDJHPHQWRI,3UHODWHGWR[LFLWLHV
7KHUHZLOOEHQRGRVHUHGXFWLRQVLQWKLVVWXG\

6WXG\JRYHUQDQFHDQGRYHUVLJKW
1RWDSSOLFDEOH

,19(67,*$7,21$/352'8&7$1'27+(575($70(176

,GHQWLW\RILQYHVWLJDWLRQDOSURGXFWV

6XEVWDQFHDQGVWUHQJWK
$FOLGLQLXPEURPLGHJ)RUPRWHURO)XPDUDWHJ$%))
J
'RVDJHIRUP
,QKDODWLRQSRZGHU


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


$GPLQLVWUDWLRQURXWH
2UDO,QKDODWLRQE\3UHVVDLU*HQXDLU'U\3RZGHU,QKDOHU'3,
6XEVWDQFHDQGVWUHQJWK
$FOLGLQLXPEURPLGHJ$%J
'RVDJHIRUP
,QKDODWLRQSRZGHU
$GPLQLVWUDWLRQURXWH
2UDO,QKDODWLRQE\3UHVVDLU*HQXDLU'U\3RZGHU,QKDOHU'3,
6XEVWDQFHDQGVWUHQJWK
)RUPRWHUROIXPDUDWHJ))J
'RVDJHIRUP
,QKDODWLRQSRZGHU
$GPLQLVWUDWLRQURXWH
2UDO,QKDODWLRQE\3UHVVDLU*HQXDLU'U\3RZGHU,QKDOHU'3,
6XEVWDQFHDQGVWUHQJWK
3ODFHERWR$%))JSODFHERWR$%JDQGSODFHERWR
))J
'RVDJHIRUP
,QKDODWLRQSRZGHU
$GPLQLVWUDWLRQURXWH
2UDO,QKDODWLRQE\3UHVVDLU*HQXDLU'U\3RZGHU,QKDOHU'3,
6XEVWDQFHDQGVWUHQJWK
7LRWURSLXPȝJ7,2J
'RVDJHIRUP
3RZGHULQFDSVXOHVIRURUDOLQKDODWLRQ
$GPLQLVWUDWLRQURXWH
2UDO,QKDODWLRQE\+DQGLKDOHU'U\3RZGHU,QKDOHU'3,
6XEVWDQFHDQGVWUHQJWK
3ODFHERWR7,2ȝJ
'RVDJHIRUP
3RZGHULQFDSVXOHVIRURUDOLQKDODWLRQ
$GPLQLVWUDWLRQURXWH
2UDO,QKDODWLRQE\+DQGLKDOHU'U\3RZGHU,QKDOHU'3,
1RWH7KHVWUHQJWKVDUHH[SUHVVHGDVPHWHUHGGRVH

$GGLWLRQDO'UXJ
5HOLHIPHGLFDWLRQDOEXWHUROVXOSKDWHJSXIILQ86DQGVDOEXWDPROS0',PJSXIILQ
(XURSHDQFRXQWULHVLVFRQVLGHUHGDVDGGLWLRQDOVWXG\GUXJDQGWKHDFFHSWHGVWDQGDUGEUDQG
DYDLODEOHLQWKHFRXQWU\ZLOOEHVRXUFHG
$WURYHQWZLOOEHSURYLGHGE\WKHVSRQVRUGXULQJWKHZDVKRXWSHULRGWRWKRVHSDWLHQWVWKDW
UHTXLUHZDVKRXWRIDQ\SURKLELWHGPHGLFDWLRQ3DWLHQWVZLOOEHUHTXLUHGWRXVH$WURYHQW
SXIIV4,'GXULQJWKHZDVKRXWDQGUXQLQSHULRG
7KH&52$VWUD=HQHFDZLOOSURYLGHWKHUHOLHIDQGZDVKRXWPHGLFDWLRQ

'RVHDQGWUHDWPHQWUHJLPHQV

:DVKRXWDQG5XQLQSHULRG
3DWLHQWVWKDWDUHUHTXLUHGWRZDVKRXWDQ\PHGLFDWLRQZLOOEHGLVSHQVHGZLWK$WURYHQW+)$
LQKDODWLRQ DHURVRO IRU 86 SDWLHQWV DQG $WURYHQW ,QKDOHU &)&)UHH SUHVVXULVHG LQKDODWLRQ
VROXWLRQIRUQRQ86SDWLHQWVWREHDGPLQLVWHUHG4,'GXULQJWKHZDVKRXWDQGUXQLQSHULRG
$WURYHQWZLOOEHZLWKKHOGKRXUVEHIRUH9LVLWDQG9LVLW
$W WKH PRPHQW RI WKH ,&) VLJQDWXUH RU 9LVLW  VFUHHQLQJ DOO VXEMHFWV ZLOO UHFHLYH UHOLHI
PHGLFDWLRQVHH6HFWLRQWREHDGPLQLVWHUHGDVQHHGHGXQWLO9LVLWUDQGRPL]DWLRQ


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


,QVWUXFWLRQVZLOOEHJLYHQWRWKHVXEMHFWRQKRZWRXVHWKHLQKDOHUVLQKDODWLRQWHFKQLTXHDQG
SULPLQJLQVWUXFWLRQV

'RXEOHEOLQGWUHDWPHQWSHULRG
$GRXEOHGXPP\GHVLJQZLOOEHDGRSWHGLQWKHVWXG\WRDFKLHYHEOLQGLQJ$%))J
$%  J ))  J DQG SODFHER WR $%))  J DQG LWV PRQRFRPSRQHQWV ZLOO EH
DGPLQLVWHUHG YLD WKH 3UHVVDLU*HQXDLU 7,2  J DQG SODFHER WR 7,2  J ZLOO EH
DGPLQLVWHUHGYLDWKH+DQGLKDOHUGHYLFH$GGLWLRQDOO\EOLQGLQJZLOOEHHQVXUHGLQVWUXFWLQJWKH
VLWH VWDII WKDW D WKLUG SDUW\ DGPLQLVWUDWRU QRW LQYROYHG LQ RWKHU DVSHFWV RI WKH VWXG\ ZLOO
DGPLQLVWHU WKH ,3 DW VLWH 3DWLHQWV ZLOO EHLQVWUXFWHGWR WDNH GRVHRI VWXG\GUXJ IURP WKH
3UHVVDLU*HQXDLUDQGGRVHRIVWXG\GUXJIURPWKH+DQGLKDOHULQWKHPRUQLQJK
DQGRQHGRVHIURPWKH3UHVVDLU*HQXDLULQWKHHYHQLQJKGXULQJWKHZHHNVRI
WUHDWPHQW ,W LV LPSRUWDQW WKDW WKH HYHQLQJ DGPLQLVWUDWLRQV DUH FRQVLVWHQWO\ SHUIRUPHG
DSSUR[LPDWHO\KRXUVDIWHUPRUQLQJDGPLQLVWUDWLRQV


/DEHOOLQJ
/DEHOVZLOOEHSUHSDUHGLQDFFRUGDQFHZLWK*RRG0DQXIDFWXULQJ3UDFWLFH*03DQGORFDO
UHJXODWRU\JXLGHOLQHV7KHODEHOVZLOOIXOILO*03$QQH[UHTXLUHPHQWVIRUODEHOOLQJ/DEHO
WH[WZLOOEHWUDQVODWHGLQWRORFDOODQJXDJHH[FHSWIRUWKHHPSW\WUDLQLQJLQKDOHUVDQGFDSVXOHV
WKDWZLOOKDYHDQ(QJOLVKODEHORQO\
$W9LVLWSDWLHQWVZLOOEHSURYLGHGZLWKGLIIHUHQWNLWV
x )RU*HQXDLULQKDOHUVGRVHVSHULQKDOHUHDFKLQVHUWHGLQDEDJLQ
RQHER[
x 7HQ7,2RUSODFHERWR7,2EOLVWHUFDUGVFDSVXOHVSHUEOLVWHULQRQH
ER[
x 2QH+DQGLKDOHULQKDOHULQRQHER[
$W9LVLWSDWLHQWVZLOOEHSURYLGHGZLWKGLIIHUHQWNLWV
x )RU*HQXDLULQKDOHUVGRVHVSHULQKDOHUHDFKLQVHUWHGLQDEDJLQ
RQHER[
x 7HQ7,2RUSODFHERWR7,2EOLVWHUFDUGVFDSVXOHVSHUEOLVWHULQRQH
ER[
,QRUGHUWRDOORZGUXJUHFRQFLOLDWLRQDQGGLVSHQVDWLRQFRQWUROUHVHDUFKSHUVRQQHOZLOOUHFRUG
WKHSDWLHQWQXPEHURQWKHODEHOVRIHYHU\NLWGLVSHQVHGDVZHOODVRQWKHEDJVODEHODQGLQKDOHUV
ODEHOVRQFHWKHLQKDOHUVDUHUHWXUQHG


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK



6WRUDJH
$OOVWXG\GUXJVVKRXOGEHNHSWLQDVHFXUHSODFHXQGHUDSSURSULDWHVWRUDJHFRQGLWLRQV7KH
LQYHVWLJDWLRQDOSURGXFWODEHORQWKHVWXG\GUXJVSHFLILHVWKHDSSURSULDWHVWRUDJH
7KHSHUVRQUHVSRQVLEOHIRUWKH,3DWWKHGUXJGLVWULEXWLRQFHQWUHDQGKRVSLWDOSKDUPDF\RUDQ\
IDFLOLW\DWWKHUHVHDUFKVLWHZLOOLQYHQWRU\DQGDFNQRZOHGJHUHFHLSWRIDOO,3VXSSOLHVUHFHLYHG
DVZHOODVLWVGLVSHQVDWLRQ

&RPSOLDQFH
(DFKVXEMHFWLVUHTXLUHGWRFRPSO\ZLWKWKHSUHVFULEHGWUHDWPHQWUHJLPHQWKURXJKRXWWKHVWXG\
6XEMHFWV ZLOO EH LQVWUXFWHG RQ KRZ WR XVH WKH LQKDOHUV FRUUHFWO\ $Q\ VXEMHFW IRXQG WR EH
QRQFRPSOLDQW ZRXOG EH FRXQVHOOHG RQ WKH LPSRUWDQFH RI WDNLQJ WKHLU VWXG\ PHGLFDWLRQ DV
SUHVFULEHG
,QRUGHUWRHQVXUHFRUUHFWLQKDODWLRQWHFKQLTXHHPSW\WUDLQLQJ3UHVVDLU*HQXDLUGHYLFHVDQG
HPSW\7,2FDSVXOHVZLOOEHDYDLODEOHDWHDFKVWXG\VLWHIRULQVWUXFWLRQDOSXUSRVHVDVZHOODVIRU
VXEMHFWV WR SUDFWLFH WKH FRUUHFW LQKDODWLRQ WHFKQLTXH +DQGLKDOHU GHYLFH SURYLGHG DW
UDQGRPL]DWLRQYLVLW9LVLWZLOOEHXVHGWRSHUIRUPWKHWUDLQLQJZLWKWKHHPSW\7,2FDSVXOHV
,QVWUXFWLRQDQGSUDFWLFHVKRXOGRFFXUSULRUWRGLVSHQVLQJVWXG\PHGLFDWLRQ7KHHPSW\WUDLQLQJ
3UHVVDLU*HQXDLUGHYLFHVDQGHPSW\7,2FDSVXOHVZLOOEHXVHGLQWKHFOLQLFRQO\DQGZLOOQRW
EHGLVSHQVHGWRVXEMHFWVIRUXVHDWKRPH
7KHWRWDOQXPEHURI,3LQKDODWLRQVIURP3UHVVDLU*HQXDLUGHYLFHZLOOEHUHFRUGHGWZLFHGDLO\
PRUQLQJDQGHYHQLQJDQGWKHLQKDODWLRQVIURPWKH+DQGL+DOHUZLOOEHUHFRUGHGRQFHGDLO\
HYHQLQJ$WHDFKYLVLWWKHLQYHVWLJDWRUZLOOUHYLHZWKHHGLDU\GDWDWRDVVHVVWKHWUHDWPHQW
FRPSOLDQFH

$GGLWLRQDOO\WKHWKLUGSDUW\DGPLQLVWUDWRUZLOOFKHFNWKHUHWXUQHG3UHVVDLU*HQXDLULQKDOHUV
DQGWLRWURSLXPFDSVXOHVWRHQVXUHWKDWWKH\ZHUHXVHGSURSHUO\DQGWRGRXEOHFKHFNWKHQXPEHU
RIGRVHVWDNHQDJDLQVWWKHLQIRUPDWLRQUHFRUGHGRQWKHHGLDU\,QFDVHRIGLVFUHSDQFLHVRU
VXVSHFWHGSURWRFROGHYLDWLRQVWKHLQYHVWLJDWRUZLOODVNWKHSDWLHQWWRH[SODLQVXFKILQGLQJVDQG
WKHGLVFUHSDQF\RUGHYLDWLRQZLOOEHGRFXPHQWHGLQWKHPHGLFDOQRWHV

7KHWUHDWPHQWFRPSOLDQFHZLOOEHFDOFXODWHGIRUHDFK,3DVQXPEHURIGRVHVFDSVXOHVWDNHQ
UHVSHFWWRWKHQXPEHURIGRVHVFDSVXOHVH[SHFWHGH[SUHVVHGLQSHUFHQWDJH7KHIRUPXODDQG
WKHFXWSRLQWZLOOEHHVWDEOLVKHGLQWKH6WDWLVWLFDO$QDO\VLV3ODQ6$3

7RFRQVLGHUDSDWLHQWDV³WUHDWPHQWFRPSOLDQW´VKHKHPXVWEHFRPSOLDQWZLWKERWKLQKDOHUV
3UHVVDLU*HQXDLU DQG +DQGLKDOHU 3DWLHQWV QRQFRPSOLDQW ZLOO EH UHSRUWHG DV SURWRFRO
GHYLDWLRQV

$FFRXQWDELOLW\
7KHVWXG\GUXJSURYLGHGIRUWKLVVWXG\ZLOOEHXVHGRQO\DVGLUHFWHGLQWKHVWXG\SURWRFRO


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


7KHWKLUGSDUW\DGPLQLVWUDWRUZLOODFFRXQWIRUDOOVWXG\GUXJVGLVSHQVHGWRDQGUHWXUQHGIURP
WKHVXEMHFW
6XEMHFWVZLOOEHDVNHGWREULQJDOOXVHGDQGXQXVHGLQKDOHUVFDSVXOHVWRWKHVLWHDWHDFKRQVLWH
YLVLW 7KH WKLUG SDUW\ DGPLQLVWUDWRU ZLOO UHYLHZ WKH LQKDOHUVFDSVXOHV DQG ZLOO UHFRUG WKH
GRVHVFDSVXOHVWDNHQLQWKH'UXJ$FFRXQWDELOLW\/RJ
$Q\VWXG\PHGLFDWLRQGHOLEHUDWHO\RUDFFLGHQWDOO\GHVWUR\HGPXVWEHUHFRUGHG$Q\GLVFUHSDQF\
EHWZHHQGLVSHQVHGDQGUHWXUQHGVWXG\PHGLFDWLRQVKRXOGEHH[SODLQHGDQGGRFXPHQWHG
7KLUGSDUW\DGPLQLVWUDWLRQZLOODFFRXQWIRUDOOVWXG\GUXJVUHFHLYHGDWWKHVLWHXQXVHGVWXG\
GUXJVDQGIRUDSSURSULDWHGHVWUXFWLRQ&HUWLILFDWHVRIGHOLYHU\GHVWUXFWLRQDQGUHWXUQVKRXOGEH
VLJQHG
6WXG\'UXJLVGHVWUR\HGRQFHWKHUHDUHVDWLVIDFWRU\UHFRUGVRISURGXFWDFFRXQWDELOLW\E\WKH
0RQLWRUDQGWKH6WXG\/HDGHUKDVJLYHQDXWKRUL]DWLRQ
$WWKHHQGRIWKHWULDODQGDIWHUUHFRQFLOLDWLRQDOOWKHVWXG\PHGLFDWLRQ,3UHOLHIDQGZDVKRXW
PHGLFDWLRQ ERWK XVHG DQG XQXVHG ZLOO EH GHVWUR\HG LQ DXWKRUL]HG ORFDWLRQVVLWHV 7KH
GHVWUXFWLRQZLOOEHGRFXPHQWDSSURSULDWHO\DQGWKHFHUWLILFDWHRIGHVWUXFWLRQZLOOEHILOHGLQWKH
7ULDO0DVWHU)LOH

&RQFRPLWDQWDQGRWKHUWUHDWPHQWV
$OORZHG0HGLFDWLRQ&ODVVRI
GUXJ
5HVWULFWLRQV
6WDELOL]DWLRQ
SHULRG
,QKDOHGFRUWLFRVWHURLGV
3DWLHQWVZKRZHUHIROORZLQJDVWDEOHUHJLPHQRI
D/$%$,&6FRPELQDWLRQIRUDWOHDVWZHHNV
FDQEHVZLWFKHGWRWKHVDPHLQKDOHG
FRUWLFRVWHURLGDWWKHVDPHGRVHDQGGRVH
UHJLPHQDVPRQRWKHUDS\,QWKLVFDVHQR
VWDELOLVDWLRQSHULRGLVQHHGHG
,IWUHDWPHQWLVVZLWFKHGWRDGLIIHUHQWLQKDOHG
FRUWLFRVWHURLGDVPRQRWKHUDS\DWDQHTXLYDOHQW
WKHUDSHXWLFGRVHWRWKHRQHXVHGIRUWKHIL[HG
LQKDOHGFRPELQDWLRQDVWDELOLVDWLRQSHULRGRIDW
OHDVWGD\VRUORQJHUXQWLOSDWLHQWLV
FRQVLGHUHGVWDELOLVHGVKRXOGRFFXUEHIRUH
6FUHHQLQJ9LVLW7KHSDWLHQWZLOOEH
FRQVLGHUHGVWDELOLVHGLIDFFRUGLQJWRWKH
,QYHVWLJDWRU
VMXGJHPHQWGXULQJWKHVHFRQG
ZHHNRIREVHUYDWLRQWKHUHDUHQRFKDQJHVLQ
V\PSWRPVEH\RQGWKHGD\WRGD\YDULDWLRQRU
V\PSWRPVH[SHULHQFHGUHPDLQDWDVLPLODUOHYHO
RIWKRVHH[LVWLQJEHIRUHPHGLFDWLRQFKDQJH
ZHHNV
&RQWLQXRXVRUDORUSDUHQWHUDO
FRUWLFRVWHURLGV
'RVHHTXLYDOHQWRIPJRISUHGQLVRQHSHUGD\
RUPJHYHU\RWKHUGD\RUORZHUWKDQWKLV
ZHHNV


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


6HOHFWLYHȕEORFNLQJDJHQWVHJ
$WHQROROPHWRSUROROQHELYRORO

ZHHNV
2[\JHQWKHUDS\
KRXUVDGD\
ZHHNV
2UDOVXVWDLQHGUHOHDVH
WKHRSK\OOLQHV
7KHRSK\OOLQHVKRXOGEHDYRLGHGWKHPRUQLQJRI
VWXG\YLVLWVDQGEHJLQDIWHUYLVLWFRPSOHWLRQ
ZHHNV
&KDQJHLQGDLO\GRVHGRVLQJVFKHGXOHIRUPXODWLRQRUWUHDWPHQWLVXQOLNHO\GXULQJWKHFRXUVHRIWKHWULDOWKHH[FHSWLRQEHLQJWKHWUHDWPHQWRID&23'H[DFHUEDWLRQ
3URKLELWHG0HGLFDWLRQ&ODVVRIGUXJ
:DVKRXW
EHIRUH9
2UDOLQWUDQDVDORUSDUHQWHUDODQWLFKROLQHUJLFDJHQWVVXFKDVDWURSLQH
JO\FRS\UURODWHRUELSHULGHQ
GD\V
7ZLFHGDLO\ORQJDFWLQJLQKDOHGDQWLFKROLQHUJLFV/$0$VHJDFOLGLQLXP
EURPLGH
K
2QFHGDLO\ORQJDFWLQJLQKDOHGDQWLFKROLQHUJLFV/$0$VHJXPHFOLGLQLXP
WLRWURSLXPEURPLGHJO\FRS\UURODWHD
GD\V
6KRUWDFWLQJLQKDOHGDQWLFKROLQHUJLFV6$0$VH[FHSWIRULSUDWURSLXPZKLFKLVWR
EHDGPLQLVWHUHGGXULQJWKHZDVKRXWDQGUXQLQSHULRG
K
,QKDOHGDQGVKRUWDFWLQJȕDJRQLVWV6$%$VHJIHQRWHURORUDOEXWHUROH[FHSW
IRUDOEXWHUROVDOEXWDPRO
K
2QFHGDLO\ORQJDFWLQJȕDJRQLVWV/$%$VHJLQGDFDWHURORODGDWHURODQG
RQFHGDLO\FRPELQDWLRQRI/$%$V,&6HJYLODQWHUROIOXWLFDVRQH
GD\V
2UDOWHUEXWDOLQHDQGWZLFHGDLO\/$%$VHJIRUPRWHUROVDOPHWHURODQGWZLFH
GDLO\FRPELQDWLRQRI/$%$V,&6HJIOXWLFDVRQHVDOPHWHURO
EXGHVRQLGHIRUPRWHURO
1RWH3DWLHQWVFDQEHVZLWFKHGWRWKHVDPHRUDGLIIHUHQWLQKDOHGFRUWLFRVWHURLGDV
PRQRWKHUDS\VHHUHVWULFWHGPHGLFDWLRQVHFWLRQIRUVWDELOL]DWLRQSHULRG
K
&RPELQDWLRQRI6$%$V6$0$HJLSUDWURSLXPVDOEXWDPRO
K
&RPELQDWLRQRI/$%$/$0$HJLQGDFDWHUROJO\FRS\UURQLXP
XPHFOLGLQLXPYLODQWHUROWLRWURSLXPRORGDWHURO
GD\V
0HWK\O[DQWKLQHVHJ7KHRSK\OOLQHWKHREURPLQHWDEOHWV
K
/HXNRWULHQHPRGLILHUVHJPRQWHOOXNDVW
K
3'(,9LQKLELWRUVHJURIOXPLODVW
ZHHNV
&RQWLQXRXVRUDORUSDUHQWHUDOFRUWLFRVWHURLGVXVHGDWDGRVHLQH[FHVVRIWKH
HTXLYDOHQWRIPJRISUHGQLVRQHSHUGD\RUPJHYHU\RWKHUGD\
1RWHFDQEHVZLWFKHGWRGRVHHTXLYDOHQWRIPJRISUHGQLVRQHSHUGD\RUPJ
HYHU\RWKHUGD\DVORQJDVWKH\DUHDWVWDEOHGRVHIRUDWOHDVWZHHNVSULRUWR9
ZHHNV
1RQVHOHFWLYHȕEORFNLQJDJHQWVHJ&DUYHGLORODOSUHQROROQDGROROSURSUDQRORO
VRWDOROWLPRORO
1RWHFDQEHVZLWFKHGWRVHOHFWLYHȕEORFNLQJDJHQWVDVORQJDVWKH\DUHDW
VWDEOHGRVHIRUDWOHDVWZHHNVSULRUWR9
ZHHNV



&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


5HOLHI:DVKRXWDQG5XQLQ
0HGLFDWLRQ&ODVVRIGUXJ
8VDJH
$OEXWHUROVXOSKDWHPJSXII6DOEXWDPRO
S0',PJSXII
1RWHPDUNHWHGDOEXWHUROVDOEXWDPRODYDLODEOH
LQWKHSDUWLFLSDWLQJFRXQWULHVZLOOEHVXSSOLHG
LQWKHLURULJLQDOER[DQGZLWKLWVRULJLQDO
LQVWUXFWLRQVOHDIOHWORFDOODQJXDJHV:KHUH
QHHGHGDFFRUGLQJWRORFDOUHJXODWLRQV
VDOEXWDPROER[HVZLOOEHSURYLGHGODEHOOHGIRU
WKHSXUSRVHVRIWKLVWULDO

x
$GPLQLVWUDWLRQVKRXOGEHRQ³DVQHHGHG´EDVLV
DVSHUWKHLQYHVWLJDWRU¶VLQVWUXFWLRQVIURPWKH
,&)VLJQDWXUHXQWLOWKHHQGRIWKHWULDO
x
KRIZDVKRXWLVQHHGHGEHIRUHHDFKVWXG\YLVLW
DQGKGXULQJKVHULDOVSLURPHWU\

$WURYHQW+)$LQKDODWLRQDHURVROIRU86
SDWLHQWVJ$WURYHQW,QKDOHU&)&)UHH
SUHVVXULVHGLQKDODWLRQVROXWLRQJIRUQRQ
86SDWLHQWV
x
$GPLQLVWHUHGDVDPDLQWHQDQFHWUHDWPHQW4,'
RQO\GXULQJWKHZDVKRXWDQGUXQLQSHULRG
x
KRIZDVKRXWLVQHHGHGEHIRUHVFUHHQLQJDQG
UDQGRPL]DWLRQYLVLW
x
,WVKRXOGEHLQWHUUXSWHGEHIRUHUDQGRPL]DWLRQ
YLVLW


2WKHUFRQFRPLWDQWWUHDWPHQW
0HGLFDWLRQVRWKHUWKDQWKDWGHVFULEHGDERYHZKLFKLVFRQVLGHUHGQHFHVVDU\IRUWKHVXEMHFW¶V
VDIHW\DQGZHOOEHLQJPD\EHJLYHQDWWKHGLVFUHWLRQRIWKH,QYHVWLJDWRUDQGUHFRUGHGLQWKH
DSSURSULDWHVHFWLRQVRIWKH&DVH5HSRUW)RUP

67$7,67,&$/$1$/<6(6%<$675$=(1(&$

6WDWLVWLFDOFRQVLGHUDWLRQV
$OOSHUVRQQHOLQYROYHGZLWKWKHDQDO\VLVRIWKHVWXG\ZLOOUHPDLQEOLQGHGXQWLOGDWDEDVHORFN
DQGSURWRFROYLRODWRUVLGHQWLILHG
$QDO\VHVZLOOEHSHUIRUPHGE\$VWUD=HQHFDRULWVUHSUHVHQWDWLYHV
$ FRPSUHKHQVLYH 6WDWLVWLFDO $QDO\VLV 3ODQ 6$3 ZLOO EH SUHSDUHG SULRU WR ILUVW VXEMHFW
UDQGRPL]HG DQG DQ\ VXEVHTXHQW DPHQGPHQWV ZLOO EH GRFXPHQWHG ZLWK ILQDO DPHQGPHQWV
FRPSOHWHGSULRUWRXQEOLQGLQJRIWKHGDWD

6DPSOHVL]HHVWLPDWH
$SSUR[LPDWHO\  SDWLHQWV ZLOO EH VFUHHQHG LQ WKLV WULDO FRQVLGHULQJ DQ HVWLPDWHG
LQHOLJLELOLW\UDWHRIWRKDYHDQRYHUDOOVDPSOHVL]HRIUDQGRPL]HGSDWLHQWVWR$%))
J$%J))JDQG7,2JEDVHGRQDUDQGRPL]DWLRQUDWLRRI
ZKLFKFRUUHVSRQGVWRDQGSDWLHQWVSHUWUHDWPHQWDUPUHVSHFWLYHO\


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


%DVHGRQK\SRWKHVHVGHULYHGIURPWKHHYLGHQFHVKRZQLQRXURZQSUHYLRXVFOLQLFDOWULDOVWKLV
VDPSOH VL]H ZLOO SURYLGH DW OHDVW  SRZHU WR GHWHFW D VWDWLVWLFDOO\ VLJQLILFDQW WUHDWPHQW
GLIIHUHQFHRIP/EHWZHHQ$%))JDQG$%JLQFKDQJHIURPEDVHOLQHLQ
KRXUPRUQLQJSRVWGRVH)(9DW:HHNDQGP/EHWZHHQ$%))JDQG))J
LQFKDQJHIURPEDVHOLQHLQPRUQLQJSUHGRVHWURXJK)(9DW:HHNDVVXPLQJDVWDQGDUG
GHYLDWLRQ6'RIP/XVLQJWZRVLGHGWHVWVDQGDGMXVWLQJIRUPXOWLSOHWHVWVDWRYHUDOO
VLJQLILFDQFHOHYHO7KHH[SHFWHGPLQLPXPVWDWLVWLFDOO\VLJQLILFDQWHIIHFWLVP/LQWURXJK
)(97KLVVDPSOHVL]HZLOOSURYLGHHQRXJKSRZHUWRGHWHFWDVWDWLVWLFDOO\VLJQLILFDQWWUHDWPHQW
GLIIHUHQFHRIP/EHWZHHQ$%))JDQG$%JDQG))JLQFKDQJHIURP
EDVHOLQHLQQRUPDOL]HG$8&)(9DWZHHNDVVXPLQJD6'RIP/
7KHUHVSRQGHUDQDO\VLVRIWKH6*54WRWDOVFRUHEDVHGRQDGHFUHDVHRIDWOHDVWXQLWVIURP
EDVHOLQHZLOOEHWHVWHGFRPSDULQJ$%))JYHUVXVERWKLQGLYLGXDOFRPSRQHQWV
$OOWHVWVZLOOEHSHUIRUPHGXVLQJWZRVLGHGWHVWVDWVLJQLILFDQFHOHYHO
3ULPDU\DQGVHFRQGDU\HIILFDF\YDULDEOHVIRU86DQG0DUNHW$FFHVVDUHDVIROORZ

6WHS
(QGSRLQW
7UHDWPHQW&RPSDULVRQ
86
3ULPDU\
(QGSRLQWV

KRXUSRVWGRVH)(9
$%))ȝJYV$%ȝJ

0RUQLQJSUHGRVH)(9
$%))ȝJYV))ȝJ
0DUNHW
$FFHVV
3ULPDU\
(QGSRLQW

0RUQLQJSUHGRVH)(9DW:HHN
LVDERYHP/QRQLQIHULRULW\
OLPLW
$%JYV7,2ȝJ
6HFRQGDU\(QGSRLQWV

Q$8&)(9
$%))ȝJYV$%ȝJ

Q$8&)(9
$%))ȝJYV))ȝJ

5HVSRQGHUDQDO\VLVRI6*54WRWDO
VFRUH
$%))ȝJYV$%ȝJ


5HVSRQGHUDQDO\VLVRI6*54WRWDO
VFRUH

$%))ȝJYV))ȝJ
7KHRUGHURIWKHKLHUDUFK\RIHQGSRLQWVDQGWUHDWPHQWFRPSDULVRQVLVGHWDLOHGLQVHFWLRQ

7KLVVDPSOHVL]HZLOOKDYHSRZHUWRVKRZWKDWWKHORZHUERXQGRIWKHWZRVLGHG
FRQILGHQFH LQWHUYDO IRU WKH GLIIHUHQFH EHWZHHQ $%  J DQG 7,2 ȝJ LQ FKDQJH IURP
EDVHOLQHLQPRUQLQJSUHGRVHWURXJK)(9DW:HHNLVDERYHP/QRQLQIHULRULW\OLPLW
DVVXPLQJWKDWWKHH[SHFWHGGLIIHUHQFHLVP/DQGD6'RIP/


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK



'HILQLWLRQVRIDQDO\VLVVHWV
'HPRJUDSKLFDQGRWKHUEDVHOLQHVFUHHQLQJFKDUDFWHULVWLFVZLOOEHDQDO\VHGXVLQJWKH6DIHW\
SRSXODWLRQ7KHDQDO\VLVRIDOOHIILFDF\YDULDEOHVH[FHSWIRUH[DFHUEDWLRQVZLOOEHSHUIRUPHG
RQWKH,QWHQWLRQWR7UHDW,77SRSXODWLRQ7KHDQDO\VLVRIH[DFHUEDWLRQVZLOOEHSHUIRUPHGRQ
WKH6DIHW\SRSXODWLRQ7KHDQDO\VLVIRU0DUNHW$FFHVVZLOOEHSHUIRUPHGRQWKH3HU3URWRFRO
33SRSXODWLRQ$OOVDIHW\RXWFRPHVDQGRWKHUYDULDEOHVZLOOEHDQDO\VHGXVLQJWKH6DIHW\
SRSXODWLRQ

6FUHHQLQJDQDO\VLVVHW
7KH6FUHHQHGSRSXODWLRQLVGHILQHGDVDOOVXEMHFWVZKRDWWHQGHGVFUHHQLQJYLVLWDQGUHFHLYHGD
VXEMHFWQXPEHU

5DQGRPL]HGDQDO\VLVVHW
7KHUDQGRPL]HGSRSXODWLRQLVGHILQHGDVDOOVXEMHFWVLQWKHVFUHHQHGSRSXODWLRQZKRZHUH
UDQGRPL]HGWRDWUHDWPHQWJURXSLQWKHVWXG\

6DIHW\DQDO\VLVVHW
7KHVDIHW\SRSXODWLRQLVGHILQHGDVDOOUDQGRPL]HGSDWLHQWVZKRWRRNDWOHDVWRQHGRVHRI,03

(IILFDF\DQDO\VLV
7KH,77SRSXODWLRQLVGHILQHGDVDOOUDQGRPL]HGSDWLHQWVZKRWDNHDWOHDVWRQHGRVHRI,3DQG
KDYHDWOHDVWDEDVHOLQH)(9XQGHUWKH,77SULQFLSOHDQGUHJDUGOHVVWKHDGKHUHQFHWRWKH
UDQGRPL]HGWUHDWPHQW
7KH33SRSXODWLRQLVGHILQHGDVDVXEVHWRIWKH,77SRSXODWLRQFRQVLVWLQJRISDWLHQWVZKR
D
PHWDOOLQFOXVLRQH[FOXVLRQFULWHULDOLDEOHWRDIIHFWWKHHIILFDF\DVVHVVPHQW
E
KDYHVXIILFLHQWWUHDWPHQWFRPSOLDQFH
F
GLGQRWSUHVHQWVHULRXVGHYLDWLRQVRIWKHSURWRFROWKDWPD\DIIHFWHIILFDF\7KHSUHFLVH
UHDVRQVIRUH[FOXGLQJSDWLHQWVIURPWKHVWXG\SRSXODWLRQVZLOOEHIXOO\GHILQHGDQG
GRFXPHQWHGLQWKH%OLQG'DWD5HYLHZ0HHWLQJ%'50

3.DQDO\VLVVHW
1RWDSSOLFDEOH

352DQDO\VLVVHW
1RWDSSOLFDEOH


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK



2XWFRPHPHDVXUHVIRUDQDO\VHV

3ULPDU\HIILFDF\YDULDEOHIRU86
7KHFRSULPDU\YDULDEOHVDUHWKHIROORZLQJ
x &KDQJHIURPEDVHOLQHLQKRXUPRUQLQJSRVWGRVHGRVH)(9RI$%))J
FRPSDUHGWR$%JDWZHHN
x &KDQJH IURP EDVHOLQH LQ PRUQLQJ SUHGRVH WURXJK )(9 RI $%))  J
FRPSDUHGWR))JDWZHHN
0RUQLQJSUHGRVHWURXJK)(9LVGHILQHGDVWKHDYHUDJHRIWKHFRUUHVSRQGLQJDQGPLQXWH
WLPHSRLQWVYDOXHVEHIRUHWKHPRUQLQJ,3DGPLQLVWUDWLRQDW:HHN,IRQHWLPHSRLQWLVPLVVLQJ
WKHQWKHDYDLODEOHRQHZLOOXVHGDVPRUQLQJSUHGRVH%DVHOLQHIRUERWKYDULDEOHVLVGHILQHGDV
WKHDYHUDJHRIWKHWZR)(9YDOXHVPHDVXUHGMXVWSULRUWRWKHDGPLQLVWUDWLRQRIWKHILUVWGRVHRI
,3DW9LVLW,IRQHRIWKHWZRLVPLVVLQJWKHQWKHDYDLODEOHRQHZLOOEHXVHGDVEDVHOLQHYDOXH

6HFRQGDU\HIILFDF\YDULDEOHVIRU86
7KHVHFRQGDU\YDULDEOHVDUHWKHIROORZLQJ
x &KDQJHIURPEDVHOLQHLQQRUPDOL]HG$8&K)(9RI$%))JFRPSDUHGWR
$%JDWZHHN
x &KDQJHIURPEDVHOLQHLQQRUPDOL]HG$8&K)(9RI$%))JFRPSDUHGWR
))JDWZHHN
x 1XPEHURISDWLHQWVDFKLHYLQJDFOLQLFDOO\PHDQLQJIXOLPSURYHPHQWDGHFUHDVHRI
DWOHDVWXQLWVIURPEDVHOLQHRI$%))JFRPSDUHGWR$%JDWZHHN
x 1XPEHURISDWLHQWVDFKLHYLQJDFOLQLFDOO\PHDQLQJIXOLPSURYHPHQWDGHFUHDVHRI
DWOHDVWXQLWVIURPEDVHOLQHRI$%))JFRPSDUHGWR))JDWZHHN

3ULPDU\HIILFDF\YDULDEOH
x &KDQJHIURPEDVHOLQHLQPRUQLQJSUHGRVHWURXJK)(9DWZHHNFRPSDULQJ$%
J%,'YHUVXV7,2JWRGHPRQVWUDWHQRQLQIHULRULW\

$GGLWLRQDOHIILFDF\YDULDEOHV
3XOPRQDU\)XQFWLRQ7HVWV
x &KDQJHIURPEDVHOLQHLQ)(9PLQXWHVDIWHUWKHILUVWGRVHRI$%))JRQ'D\
RQVHWRIDFWLRQ
x &KDQJH IURP EDVHOLQH LQ PRUQLQJ SUHGRVH )(9 DQG )9& DW DOO YLVLWV H[FHSW IRU
SULPDU\YDULDEOHVDWZHHN


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


x 0RUQLQJSUHGRVH)(9DQG)9&DWDOOYLVLWV
x &KDQJHIURPEDVHOLQHLQ)(9DQG)9&E\WLPHSRLQWDWDOOYLVLWVH[FHSWIRUWKHSULPDU\
YDULDEOH
x )(9DQG)9&E\WLPHSRLQWDWDOOYLVLWV
x &KDQJHIURPEDVHOLQHLQQRUPDOL]HGDUHDXQGHUFXUYHIURPWLPHWRKRXUV$8&
K)(9DQG)9&DW'D\DQGDWZHHNH[FHSWIRU$8&K)(9DWZHHN
x &KDQJHIURPEDVHOLQHLQSHDN)(9DQG)9&DW'D\DQGDWZHHN
6LJQVDQG6\PSWRPVDQG+HDOWKUHODWHG4XDOLW\RI/LIH
x &KDQJHIURPEDVHOLQHLQ6*54WRWDOVFRUHDQGWKUHHGLPHQVLRQVFRUHVDWZHHNV
DQG
x 1XPEHURISDWLHQWVDFKLHYLQJDFOLQLFDOO\PHDQLQJIXOLPSURYHPHQWDGHFUHDVHRI
DWOHDVWXQLWVIURPEDVHOLQHFRPSDUHGZLWKEDVHOLQHLQ6*54WRWDOVFRUHDW:HHNV
DQG
x &KDQJHIURPEDVHOLQHLQWKH&$7VFRUHDWZHHNVDQG
x 1XPEHURISDWLHQWVDFKLHYLQJDFOLQLFDOO\PHDQLQJIXOLPSURYHPHQWXQLWVLQ
&$7WRWDOVFRUHDWZHHNVDQG
&23'([DFHUEDWLRQV
x $QDO\VHG EDVHG RQ +HDOWK 5HVRXUFH 8WLOL]DWLRQ GHILQLWLRQ ZRUVHQLQJ RI V\PSWRPV
UHTXLULQJDFKDQJHLQ&23'WUHDWPHQWDQGRUKRVSLWDOL]DWLRQDQGRUHPHUJHQF\URRP
WUHDWPHQW
R
5DWHRI&23'H[DFHUEDWLRQVSHUSDWLHQW\HDUDQ\PLOGPRGHUDWHVHYHUH
DQGPRGHUDWHRUVHYHUH
R
7LPHGD\VWRILUVW&23'H[DFHUEDWLRQDQ\DQGPRGHUDWHRUVHYHUH
R
1XPEHURISDWLHQWVZLWKDWOHDVW&23'H[DFHUEDWLRQDQ\PLOG
PRGHUDWHVHYHUHDQGPRGHUDWHRUVHYHUH
x 'HULYHGIURPWKH(;$&7TXHVWLRQQDLUH
R
5DWHRI&23'H[DFHUEDWLRQVSHUSDWLHQW\HDU
R
7LPHGD\VWRILUVW&23'H[DFHUEDWLRQ
R
1XPEHURISDWLHQWVZLWKDWOHDVW&23'H[DFHUEDWLRQ


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


'DLO\&23'6\PSWRPVDQGXVHRIUHOLHIPHGLFDWLRQ
x &KDQJHIURPEDVHOLQHLQ(56WRWDOVFRUHDQGEUHDWKOHVVQHVVFRXJK	VSXWXPDQGFKHVW
GRPDLQVDWDOOYLVLWVDQGRYHUZHHNV
x 1XPEHURISDWLHQWVZLWKDFOLQLFDOO\PHDQLQJIXOLPSURYHPHQWLQ(56WRWDOVFRUH
DQGE\GRPDLQDWDOOYLVLWVPRUHGHWDLOVLQWKH6$3
x &KDQJHIURPEDVHOLQHLQWKHXVHRIUHOLHIPHGLFDWLRQDWDOOYLVLWVDQGRYHUZHHNV

6DIHW\RXWFRPHV
x $GYHUVH(YHQWV$(V6HULRXV$GYHUVH(YHQWV6$(V
x &OLQLFDOODERUDWRU\WHVWKHPDWRORJ\DQGELRFKHPLVWU\
x %ORRGSUHVVXUH
x OHDG(&*
x 0DMRU$GYHUVH&DUGLDF(YHQWV0$&(


0HWKRGVIRUVWDWLVWLFDODQDO\VHV
6WDWLVWLFDODQDO\VHVRIGHPRJUDSKLFEDVHOLQHFKDUDFWHULVWLFVHIILFDF\DQGVDIHW\DQGWROHUDELOLW\
GDWDZLOOEHSHUIRUPHGE\WKHVSRQVRU$IXOO\VSHFLILHG6WDWLVWLFDO$QDO\VLV3ODQ6$3ZLOOEH
SUHSDUHGE\WKHVWDWLVWLFLDQEHIRUHGDWDEDVHORFN6$6YZLOOEHWKHVWDWLVWLFDOVRIWZDUH
XVHGWRDQDO\VHWKHGDWDVHWV7DEOHVILJXUHVDQGOLVWLQJVZLOOEHFRPSLOHGLQWKHVWDWLVWLFDOUHSRUW
DQGDSSHQGHGWRWKH&65
)RU SULPDU\ DQG VHFRQGDU\ YDULDEOHV WKH HVWLPDQG ZLOO DVVXPH WKDW DOO SDWLHQWV DGKHUH WR
WUHDWPHQWLHPLVVLQJGDWDZLOOEHPRGHOOHGEDVHGRQZKDWLWZDVREVHUYHGGXULQJWUHDWPHQW
XVLQJGLUHFWOLNHOLKRRGDSSURDFKHV7KLVDVVXPHVGDWDLVPLVVLQJDWUDQGRP0$56HQVLWLYLW\
DQDO\VHV ZLOO EH SHUIRUPHG LQFOXGLQJ DOO GDWD FDSWXUHG GXULQJ WKH ZHHN GRXEOHEOLQG
WUHDWPHQWSHULRGDQGXQGHU0LVVLQJ1RW$W5DQGRP01$5DVVXPSWLRQV
(VWLPDQGV IRU DOO DGGLWLRQDOYDULDEOHVZLOOEHGHULYHG ³RQWUHDWPHQW´0LVVLQJGDWDZLOOEH
PRGHOOHGWKURXJKGLUHFWOLNHOLKRRGDSSURDFKHV
)RUDOOSDWLHQWVZLWKH[DFHUEDWLRQV6$(VDQGFRQFRPLWDQWPHGLFDWLRQGDWDXSWRWKHILQDOWLPH
SRLQWZLOOEHFROOHFWHGHYHQLIDSDWLHQWVWRSVWUHDWPHQWHDUO\WKHUHIRUHDVHQVLWLYLW\HVWLPDQG
EDVHGRQWKLVGDWDZLOODOVREHGHULYHGDQGDQDO\VHVZLOOEHSHUIRUPHGEDVHGRQWKLVGDWD


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK




'HPRJUDSKLFDQGSDWLHQWFKDUDFWHULVWLFV
$OOYDULDEOHVLQWKLVVHFWLRQZLOOEHDQDO\]HGXVLQJWKH)$6
'HPRJUDSKLFV DQG SDWLHQW FKDUDFWHULVWLFV ZLOO EH VXPPDUL]HG E\ WUHDWPHQW JURXS XVLQJ
IUHTXHQF\ DQG SHUFHQWDJHV IRU FDWHJRULFDO YDULDEOHV DQG GHVFULSWLYH VWDWLVWLFV RI PHDQ
VWDQGDUGGHYLDWLRQPLQLPXPPHGLDQ44DQGPD[LPXPIRUFRQWLQXRXVYDULDEOHV

3DWLHQWGLVSRVLWLRQ
)UHTXHQF\ DQG SHUFHQWDJHV RI SDWLHQW GLVSRVLWLRQ DQG UHDVRQV IRU GLVFRQWLQXDWLRQ RI
LQYHVWLJDWLRQDO SURGXFW ZLOO EH SUHVHQWHG 3DWLHQWV ZKR SUHPDWXUHO\ GLVFRQWLQXH WKH
LQYHVWLJDWLRQDOSURGXFWZLOOEHOLVWHGDORQJZLWKWKHUHDVRQIRUGLVFRQWLQXDWLRQ,QDGGLWLRQ
IUHTXHQF\DQGSHUFHQWDJHVRIZLWKGUDZDOIURPWKHVWXG\WRJHWKHUZLWKUHDVRQVZLOOEHSUHVHQWHG

([SRVXUH
0HDQ H[SRVXUH WR WKH VWXG\ PHGLFDWLRQ LQ GD\V DQG QXPEHU DQG SHUFHQWDJH RI SDWLHQWV
H[SRVHG GXULQJ WKH GRXEOHEOLQG VWXG\ SHULRG ZLOO EH VXPPDULVHG E\ WUHDWPHQW JURXS
7UHDWPHQWH[SRVXUHLVGHILQHGDVWKHQXPEHURIGD\VEHWZHHQWKHGDWHRIILUVWGRVHRIWKH
GRXEOHEOLQGPHGLFDWLRQWDNHQDQGWKHGDWHODVWGRVHWDNHQSOXVRQH

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQ
7KHSULRUDQGFRQFRPLWDQWPHGLFDWLRQVFDWHJRUL]HGDFFRUGLQJWRWKH:+2'UXJ5HIHUHQFH
/LVW GLFWLRQDU\ ZKLFK HPSOR\V WKH $QDWRPLFDO 7KHUDSHXWLF &KHPLFDO $7& FODVV
FODVVLILFDWLRQV\VWHPDQGSUHIHUUHGQDPHZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXSDVIUHTXHQF\
DQGSHUFHQWDJHRISDWLHQWVUHSRUWLQJXVDJH0XOWLSOHPHGLFDWLRQXVHE\DSDWLHQWZLOORQO\EH
FRXQWHGRQFH,QDGGLWLRQSULRU&23'PHGLFDWLRQVZLOOEHJURXSHGDQGWDEXODWHGE\WUHDWPHQW
JURXSDQGE\WKHUDSHXWLFFDWHJRULHV

$QDO\VLVRIWKHSULPDU\YDULDEOHV
&RSULPDU\HQGSRLQWV
7KH DQDO\VHV RI WKH FRSULPDU\ YDULDEOHV ZLOO EH SHUIRUPHG RQ ,77 6DIHW\ RXWFRPHV DQG
H[DFHUEDWLRQV ZLOO EH DQDO\VHG RQ WKH 6DIHW\ SRSXODWLRQ 7KH DQDO\VLV IRU 0DUNHW $FFHVV
FRPSDULQJ$%J%,'YHUVXV7,2JWRGHPRQVWUDWHQRQLQIHULRULW\ZLOOEHSHUIRUPHG
RQ WKH 3HU 3URWRFRO SRSXODWLRQ 0RUHRYHU VPRNLQJVWDWXV DQG FRXQWU\ ZLOO EH XVHG DV D
WUHDWPHQWDOORFDWLRQIDFWRUGXULQJWKHUDQGRPL]DWLRQSURFHVV
7KHFRSULPDU\HIILFDF\YDULDEOHVFKDQJHIURPEDVHOLQHLQKRXUPRUQLQJSRVWGRVH)(9DQG
FKDQJHIURPEDVHOLQHLQPRUQLQJSUHGRVHWURXJK)(9DWZHHNZLOOEHDQDO\]HGE\PHDQV
RI PL[HG PRGHOIRU UHSHDWHG PHDVXUHV 0050 DGMXVWHG IRUSUH DQGSRVWEURQFKRGLODWRU
DOEXWHUROVDOEXWDPRO )(9 DW VFUHHQLQJ YLVLW DJH DQG EDVHOLQH )(9 DV FRYDULDWHV DQG
WUHDWPHQWJURXSVH[VPRNLQJVWDWXVYLVLWDQGWUHDWPHQWJURXSE\YLVLWLQWHUDFWLRQDVIL[HG
HIIHFWIDFWRUVDQGFRXQWU\DVUDQGRPHIIHFW


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


$Q XQVWUXFWXUHGFRYDULDQFHSDWWHUQ ZLOOEHXVHGWR HVWLPDWHWKHYDULDQFHFRYDULDQFH RI WKH
ZLWKLQVXEMHFWUHSHDWHGPHDVXUHV3DUDPHWHUVZLOOEHHVWLPDWHGXVLQJ5(0/ZLWK1HZWRQ
5DSKVRQ DOJRULWKP DQG XVLQJ WKH .HQZDUG5RJHU PHWKRG IRU FDOFXODWLQJ WKH GHQRPLQDWRU
GHJUHHVRIIUHHGRP,QFDVHRIQRWFRQYHUJHQFHWKHFRPSRXQGV\PPHWU\FRYDULDQFHSDWWHUQ
ZLOOEHXVHG
(DFKWUHDWPHQWHIIHFWDQGWUHDWPHQWGLIIHUHQFHVEHWZHHQDOOWUHDWPHQWVZLOOEHHVWLPDWHGE\WKH
/HDVW6TXDUHPHDQV/60HDQVRQWKHFRUUHVSRQGHQWWUHDWPHQWE\YLVLWLQWHUDFWLRQDORQJZLWK
WKHLUVWDQGDUGHUURUV6(DQGFRQILGHQFHLQWHUYDOV&,DQGWKHSYDOXHFRUUHVSRQGLQJWR
WKHEHWZHHQWUHDWPHQWJURXSGLIIHUHQFH6WDWLVWLFDOFRPSDULVRQVZLOOEHWZRVLGHGK\SRWKHVLV
WHVWVDQGWKHRYHUDOOVLJQLILFDQFHOHYHOZLOOVHWDW
)RUQRQLQIHULRULW\FRPSDULVRQEHWZHHQ$%JDQG7,2JLQFKDQJHIURPEDVHOLQHLQ
PRUQLQJSUHGRVHWURXJK)(9DW:HHNWKHORZHUERXQGRIWKHWRZVLGHGFRQILGHQFH
LQWHUYDOVKRXOGEHDERYHP/QRQLQIHULRULW\OLPLW7KHFRPSDULVRQEHWZHHQ$%J
DQG7,2JLQFKDQJHIURPEDVHOLQHLQPRUQLQJSUHGRVHWURXJK)(9DWZHHNZLOOEH
DQDO\]HGE\PHDQVRIPL[HGPRGHOIRUUHSHDWHGPHDVXUHV00507KHPRGHOZLOODGMXVWIRU
SUHDQGSRVWEURQFKRGLODWRUDOEXWHUROVDOEXWDPRO)(9DWVFUHHQLQJYLVLWDJHDQGEDVHOLQH
)(9DVFRYDULDWHVDQGWUHDWPHQWJURXSVH[VPRNLQJVWDWXVYLVLWDQGWUHDWPHQWJURXSE\
YLVLWLQWHUDFWLRQDVIL[HGHIIHFWIDFWRUVDQGFRXQWU\DVUDQGRPHIIHFW

$QDO\VLVRIWKHVHFRQGDU\YDULDEOHV
7KHVDPH0050PRGHOXVHGIRUWKHFRSULPDU\HQGSRLQWVZLOOEHXVHGIRUWKHFKDQJHIURP
EDVHOLQHLQQRUPDOL]HG$8&)(9DWZHHN
7KHQXPEHURISDWLHQWVDFKLHYLQJDFOLQLFDOO\PHDQLQJIXOLPSURYHPHQWDGHFUHDVHRIDW
OHDVWXQLWVIURPEDVHOLQHFRPSDUHGWRERWKLQGLYLGXDOFRPSRQHQWVLQWKH6*54WRWDOVFRUH
ZLOOEHDQDO\]HGEDVHGRQDORJLVWLFUDQGRPHIIHFWPRGHOXVLQJ*/,00,;WKDWLQFOXGHVD
UDQGRP LQWHUFHSW WR DFFRXQW WKH YDULDELOLW\ EHWZHHQ VXEMHFWV DQG WUHDWPHQW VH[ VPRNLQJ
VWDWXVFRXQWU\YLVLWDQGWUHDWPHQWJURXSE\YLVLWLQWHUDFWLRQDVIL[HGIDFWRUVDQGZLWKDJHDQG
WKHFRUUHVSRQGLQJEDVHOLQHDVFRYDULDWHV

0XOWLSOLFLW\FRQWURO
'LIIHUHQWPXOWLSOLFLW\DSSURDFKHVZLOOEHFRQVLGHUHGIRUHDFKUHJLRQIRUWKH86DQGIRU0DUNHW
$FFHVV7ZRGLIIHUHQW6$3VZLOOEHGHYHORSHGVRWKDWWKHVDPHWULDOGDWDVHSDUDWHO\ZLOODGGUHVV
WKHGLIIHUHQWVWDQGDUGVRIHDFKUHJLRQ
)RUWKH86ILOLQJSULPDU\DQGVHFRQGDU\HQGSRLQWVZLOOEHDGMXVWHGIRUFRQWUROOLQJWKHIDPLO\
ZLVHW\SH,HUURUDQGFDUULHGRXWDWVLJQLILFDQFHOHYHODFFRUGLQJWRDSUHVSHFLILHGIL[HGRUGHU
LQWKHVHTXHQFHVSHFLILHGLQWKH7DEOH(DFKHQGSRLQWLQWKHKLHUDUFK\PXVWEHUHMHFWHGDWWKH
OHYHOLQRUGHUWRWHVWWKHQH[WRQHLQWKHVHTXHQFHDWWKHOHYHO7KLVVWUDWHJ\RIVHTXHQWLDO
WHVWLQJSURFHGXUHFRQWUROVWKHRYHUDOOW\SH,HUURUDWWKHVLJQLILFDQFHOHYHO


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


7DEOH
3UHVSHFLILHG6HTXHQFHRI7HVWLQJIRU0XOWLSOLFLW\$GMXVWPHQW
7HVWLQJ2UGHULQ
+LHUDUFK\
(QGSRLQW
DWZHHN
7UHDWPHQW&RPSDULVRQ

KRXUSRVWGRVH)(9
$%))ȝJYV$%ȝJ

0RUQLQJSUHGRVH)(9
$%))ȝJYV))ȝJ

Q$8&)(9
$%))ȝJYV$%ȝJ

Q$8&)(9
$%))ȝJYV))ȝJ

5HVSRQGHUDQDO\VLVRI6*54
WRWDOVFRUH
$%))ȝJYV$%ȝJ

5HVSRQGHUDQDO\VLVRI6*54
WRWDOVFRUH

$%))ȝJYV))ȝJ
1RWH %RWK FRSULPDU\ HQGSRLQWV WKH ILUVW WZR WHVWLQJ K\SRWKHVLV VKRXOG RYHUFRPH WKH
VWDWLVWLFDOKLHUDUFK\WRPHHWWKHSULPDU\EURQFKRGLODWRUREMHFWLYH
)RU0DUNHW$FFHVVWKHQRQLQIHULRULW\EHWZHHQ$%JDQG7,2ȝJLQFKDQJHIURP
EDVHOLQHLQPRUQLQJSUHGRVHWURXJK)(9DWZHHNZLOOEHWHVWHGDWDVLJQLILFDQFHOHYHORI


6XEJURXSDQDO\VLVLIDSSOLFDEOH
6XEJURXSDQDO\VHVLIDSSOLFDEOHZLOOEHGHVFULEHGLQWKH6$3

,QWHULPDQDO\VLV
1RWDSSOLFDEOH


6HQVLWLYLW\DQDO\VLV
$OOGDWDFDSWXUHGGXULQJWKHZHHNGRXEOHEOLQGWUHDWPHQWSHULRGGHILQHGDVWKHSHULRGDIWHU
DGPLQLVWUDWLRQRIUDQGRPL]HGLQYHVWLJDWLRQDOSURGXFWDW9LVLW:HHN7KLVLQFOXGHVGDWD
UHJDUGOHVV RI ZKHWKHU VWXG\ WUHDWPHQW ZDV SUHPDWXUHO\ GLVFRQWLQXHG RU GHOD\HG DQGRU
LUUHVSHFWLYHRISURWRFRODGKHUHQFHXQOHVVWKHSDWLHQWZLWKGUDZVFRQVHQWWRVWXG\SDUWLFLSDWLRQ
6HQVLWLYLW\DQDO\VLVZLOOEHFDUULHGRXWIRUWKHFRSULPDU\DQGVHFRQGDU\HQGSRLQWVLQFOXGLQJDOO
GDWD FDSWXUHG GXULQJ WKH ZHHN GRXEOHEOLQG SHULRG DQG EDVHG RQ WKH GLUHFW OLNHOLKRRG
DSSURDFKDQGDGMXVWLQJWKHVDPHVWDWLVWLFDOPRGHOVGHVFULEHGLQVHFWLRQVDQG,QWKLV
FDVHQRLPSXWDWLRQLVWREHSHUIRUPHGWKHSURILOHRIWKHSDWLHQWLVXVHGLQVWHDGWRDGMXVWWKH
HVWLPDWHVRIWKHSDUDPHWHUVZKHQGDWDLVQRWDYDLODEOH
,QDGGLWLRQVHQVLWLYLW\DQDO\VHVEDVHGRQLPSXWDWLRQXVLQJGURSRXWUHDVRQV,8'5ZLOOEH
H[SORUHGDQGDGGHGWRWKH6$3LIGHHPDSSURSULDWH7RDVVHVVWKHUREXVWQHVVWRYDULDWLRQVRI
WKHPLVVLQJGDWDDVVXPSWLRQVRQWKHFRSULPDU\HIILFDF\HQGSRLQWVVHQVLWLYLW\DQDO\VHVZLOOEH
FRQGXFWHGVXFKDVFRS\UHIHUHQFHDSSURDFK


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


$ VHQVLWLYLW\ DQDO\VLV ZLOO EH FDUULHG RXW IRU DOO SDWLHQWV ZLWK H[DFHUEDWLRQV 6$( DQG
FRQFRPLWDQWPHGLFDWLRQLQFOXGLQJGDWDFDSWXUHGGXULQJWKHZHHNGRXEOHEOLQGSHULRG
)XUWKHUGHWDLOVZLOOEHSURYLGHGLQWKH6$3


$QDO\VLVRIDGGLWLRQDOHIILFDF\YDULDEOHV
&RQWLQXRXVYDULDEOHVGHILQHGDVFKDQJHIURPEDVHOLQHRUDEVROXWHYDOXHVZLOOEHDQDO\VHGE\
XVLQJWKHVDPHPL[HGPRGHOVDVIRUSULPDU\DQGVHFRQGDU\HQGSRLQWV)RUH[DPSOHWKHVDPH
0050PRGHOXVHGIRUWKHFRSULPDU\HQGSRLQWZLOOEHXVHGIRUWKHDQDO\VLVRIWKHFKDQJH
IURPEDVHOLQHLQ)(9PLQXWHVDIWHUWKHILUVWGRVHRI$%))JRQ'D\RQVHWRI
DFWLRQ'LFKRWRPRXVYDULDEOHVZLOOEHDQDO\VHGE\PHDQVRIORJLVWLFUHJUHVVLRQPRGHOV
7KHUDWHRIPRGHUDWHWRVHYHUH&23'H[DFHUEDWLRQV+&58RI$%J))JFRPSDUHG
WR$%JDQG))JRYHUZHHNVRIWUHDWPHQWZLOOEHPRGHOOHGWKURXJKQHJDWLYH
ELQRPLDOUHJUHVVLRQPRGHOVLQFOXGLQJDJHDVDFRYDULDWHDQGVH[EDVHOLQH,&6XVH\HVQR
EDVHOLQH &23' VHYHULW\ VPRNLQJ VWDWXV FRXQWU\ DQG WUHDWPHQW JURXS DV IDFWRUV WKH ORJ
H[SRVXUHLQ\HDUVZLOOEHLQFOXGHGDVDQRIIVHW
7LPHWRILUVW&23'H[DFHUEDWLRQZLOOEHDQDO\VHGWKURXJK&R[UHJUHVVLRQPRGHOV1XPEHURI
SDWLHQWVZLWKDWOHDVW&23'H[DFHUEDWLRQZLOOEHDQDO\VHGWKURXJKORJLVWLFUHJUHVVLRQPRGHOV
7KHQXPEHUDQGSHUFHQWDJHRISDWLHQWVZLWKDQ\SULRUDQGFRQFRPLWDQWPHGLFDWLRQZLOOEH
GHVFULEHG E\ $7& WH[W DQG SUHIHUUHG QDPH DQG ZKHUH DSSOLFDEOH E\ WUHDWPHQW JURXS
&RQFRPLWDQWPHGLFDWLRQZLOOEHDQDO\VHGIROORZLQJWKHVDPHFULWHULDGHVFULEHGLQWKHSUHYLRXV
SDUDJUDSKIRU&23'H[DFHUEDWLRQV
([SRVXUHDQGFRPSOLDQFHWRWKHVWXG\PHGLFDWLRQGXULQJWKHVWXG\SHULRGZLOOEHVXPPDULVHG
XVLQJGHVFULSWLYHVWDWLVWLFVDQGZLOOEHSUHVHQWHGE\WUHDWPHQWJURXS
0RUHGHWDLOVRQKRZDGGLWLRQDOHIILFDF\YDULDEOHVZLOOEHDQDO\]HGZLOOEHSURYLGHGLQWKH6$3

$QDO\VHVRIVDIHW\DQGWROHUDELOLW\RXWFRPHV
6XEMHFWVZLOOEHDQDO\]HGDFFRUGLQJWRWKHUDQGRPL]HGWUHDWPHQWDVVLJQPHQWDQGEDVHGRQ,3
LQWDNHWUHDWPHQWSHULRG$Q\PDMRUGHYLDWLRQVIURPWKHUDQGRPL]HGWUHDWPHQWDVVLJQPHQWZLOO
EHOLVWHGDQGFRQVLGHUHGZKHQLQWHUSUHWLQJWKHVDIHW\GDWD
$GYHUVH HYHQWV ZLOO EH FRGHG XVLQJ WKH 0HG'5$ GLFWLRQDU\ $Q DGYHUVH HYHQW ZLOO EH
FRQVLGHUHG DV WUHDWPHQWHPHUJHQW 7($(V LI LW VWDUWHG DW WKH WLPH RI RU DIWHU WKH ILUVW ,3
DGPLQLVWUDWLRQRULILWVWDUWHGEHIRUHWUHDWPHQWEXWLWVVHYHULW\ZRUVHQHGDIWHUZDUGV$GYHUVH
HYHQWRFFXUUHGPRUHWKDQGD\VZHHNVDIWHUODVW,3LQWDNHZLOOQRWEHFRQVLGHUHGD7($(
$FRPSUHKHQVLYHVXPPDU\RI$(VZLOOEHSUHVHQWHG6XPPDULHVRIWKHQXPEHUDQGSHUFHQWDJH
RI SDWLHQWV ZLWK QRQ7($( 7UHDWPHQW (PHUJHQW $GYHUVH (YHQWV 7($( $( OHDGLQJ WR
GLVFRQWLQXDWLRQ6HULRXV$GYHUVH(YHQWV6$(0DMRU$GYHUVH&DUGLDF(YHQWV0$&(DQG
)DWDO$GYHUVH(YHQWVZLOOEHSUHVHQWHGE\WUHDWPHQWXVLQJGHVFULSWLYHVWDWLVWLFV6$(ZLOOEH


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


DOVR FROOHFWHG SRVWGLVFRQWLQXDWLRQ DQG LQWHUSUHWDWLRQ LQ WKH GDWD SURYLGHG SUH DQG SRVW
GLVFRQWLQXDWLRQDQDO\VHG
$GGLWLRQDOO\7($(VZLOOEHWDEXODWHGIRUDOOWUHDWPHQWVE\V\VWHPRUJDQFODVVKLJKOHYHOWHUP
SUHIHUUHG WHUP DV ZHOO DV 604V IRU $(V RI LQWHUHVW LQWHQVLW\ FDXVDOLW\ VHULRXVQHVV DQG
RXWFRPHDQG6$(VZLOOEHWDEXODWHGIRUDOOWUHDWPHQWVE\V\VWHPRUJDQFODVVSUHIHUUHGWHUP
LQWHQVLW\DQGFDXVDOLW\
/DERUDWRU\GDWDZLOOEHVXPPDUL]HGE\SUHVHQWLQJVKLIWWDEOHVXVLQJQRUPDOUDQJHVEDVHOLQHWR
PRVWH[WUHPHSRVWEDVHOLQHYDOXHDQGE\SUHVHQWLQJVXPPDU\VWDWLVWLFVRIREVHUYHGDQGFKDQJH
IURPEDVHOLQHYDOXHVPHDQVPHGLDQVTXDUWLOHVUDQJHV7KHLQFLGHQFHRIFOLQLFDOO\QRWDEOH
ODEDEQRUPDOLWLHVZLOOEHVXPPDUL]HG
%ORRGSUHVVXUH GDWDZLOO EH VXPPDUL]HG E\ SUHVHQWLQJ VXPPDU\ VWDWLVWLFV RI REVHUYHG DQG
FKDQJHIURPEDVHOLQHYDOXHV7KHLQFLGHQFHRIFOLQLFDOO\QRWDEOHYLWDOVLJQDEQRUPDOLWLHVZLOO
EHVXPPDUL]HG
(&*LQWHUYDOVZLOOEHVXPPDUL]HGE\SUHVHQWLQJVXPPDU\VWDWLVWLFVRIREVHUYHGDQGFKDQJH
IURP EDVHOLQH YDOXHV 7KH XQFRUUHFWHG 47 LQWHUYDO ZLOO EH FRUUHFWHG DFFRUGLQJ WR WKH
)ULGHULFLD¶V IRUPXOD 7KH LQFLGHQFH RI FOLQLFDOO\ QRWDEOH (&* DEQRUPDOLWLHV ZLOO EH
VXPPDUL]HG

([SORUDWRU\$QDO\VLV
1RWDSSOLFDEOH

'HYLDWLRQVIURPWKHSODQQHGDQDO\VHV
$Q\DGGLWLRQDODQDO\VHVZLOOEHGHWDLOHGLQWKH6$3WKDWZLOOEHLQFOXGHGLQWKH)LQDO&65$Q\
GHYLDWLRQIURPWKHSODQQHGDQDO\VHVZLOOEHMXVWLILHGDQGGHWDLOHGLQWKH)LQDO&65


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK



678'<$1''$7$0$1$*(0(17%<$675$=(1(&$

7UDLQLQJRIVWXG\VLWHSHUVRQQHO
%HIRUHWKHILUVWVXEMHFWLVHQWHUHGLQWRWKHVWXG\DQ$VWUD=HQHFDUHSUHVHQWDWLYHRUGHOHJDWHZLOO
UHYLHZDQGGLVFXVVWKHUHTXLUHPHQWVRIWKH&OLQLFDO6WXG\3URWRFRODQGUHODWHGGRFXPHQWVZLWK
WKHLQYHVWLJDWLRQDOVWDIIDQGDOVRWUDLQWKHPLQDQ\VWXG\VSHFLILFSURFHGXUHVDQGWKH('&DQGRU
H352VV\VWHPVXWLOLVHG
7KH3,ZLOOHQVXUHWKDWDSSURSULDWHWUDLQLQJUHOHYDQWWRWKHVWXG\LVJLYHQWRDOORIWKHVHVWDII
DQGWKDWDQ\QHZLQIRUPDWLRQUHOHYDQWWRWKHSHUIRUPDQFHRIWKLVVWXG\LVIRUZDUGHGWRWKHVWDII
LQYROYHG
7KH3,ZLOOPDLQWDLQDUHFRUGRIDOOLQGLYLGXDOVLQYROYHGLQWKHVWXG\PHGLFDOQXUVLQJDQGRWKHU
VWDII

0RQLWRULQJRIWKHVWXG\
'XULQJ WKH VWXG\ DQ $VWUD=HQHFD UHSUHVHQWDWLYH RU GHOHJDWH >&OLQLFDO 5HVHDUFK $VVRFLDWH
&5$DQG&0$@ZLOOKDYHUHJXODUFRQWDFWVZLWKWKHVWXG\VLWHLQFOXGLQJYLVLWVWR
x 3URYLGHLQIRUPDWLRQDQGVXSSRUWWRWKH,QYHVWLJDWRUV
x &RQILUPWKDWIDFLOLWLHVUHPDLQDFFHSWDEOH
x &RQILUP WKDW WKH LQYHVWLJDWLRQDO WHDP LV DGKHULQJ WR WKH SURWRFRO WKDW GDWD DUH EHLQJ
DFFXUDWHO\ DQG WLPHO\ UHFRUGHG LQ WKH &5)V WKDW ELRORJLFDO VDPSOHV DUH KDQGOHG LQ
DFFRUGDQFHZLWKWKH/DERUDWRU\0DQXDODQGWKDWVWXG\GUXJDFFRXQWDELOLW\FKHFNVDUHEHLQJ
SHUIRUPHG
x 3HUIRUPVRXUFHGDWDYHULILFDWLRQDFRPSDULVRQRIWKHGDWDLQWKH&5)VZLWKWKHVXEMHFW¶V
PHGLFDOUHFRUGVDWWKHKRVSLWDORUSUDFWLFHDQGRWKHUUHFRUGVUHOHYDQWWRWKHVWXG\LQFOXGLQJ
YHULILFDWLRQRI,&)RISDUWLFLSDWLQJVXEMHFWV7KLVZLOOUHTXLUHGLUHFWDFFHVVWRDOORULJLQDO
UHFRUGVIRUHDFKVXEMHFWHJFOLQLFFKDUWV
7KH$VWUD=HQHFDUHSUHVHQWDWLYHRUGHOHJDWHZLOOEHDYDLODEOHEHWZHHQYLVLWVLIWKH,QYHVWLJDWRUV
RURWKHUVWDIIDWWKHFHQWUHQHHGVLQIRUPDWLRQDQGDGYLFHDERXWWKHVWXG\FRQGXFW

6RXUFHGDWD
5HIHUWRWKH&6$IRUORFDWLRQRIVRXUFHGDWD

6WXG\DJUHHPHQWV
7KH3,DWHDFKWKHFHQWUHVKRXOGFRPSO\ZLWKDOOWKHWHUPVFRQGLWLRQVDQGREOLJDWLRQVRIWKH
&6$RUHTXLYDOHQWIRUWKLVVWXG\,QWKHHYHQWRIDQ\LQFRQVLVWHQF\EHWZHHQWKLV&OLQLFDO6WXG\
3URWRFRODQGWKH&6$WKHWHUPVRI&OLQLFDO6WXG\3URWRFROVKDOOSUHYDLOZLWKUHVSHFWWRWKH


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


FRQGXFWRIWKHVWXG\DQGWKHWUHDWPHQWRIVXEMHFWVDQGLQDOORWKHUUHVSHFWVQRWUHODWLQJWRVWXG\
FRQGXFWRUWUHDWPHQWRIVXEMHFWVWKHWHUPVRIWKH&6$VKDOOSUHYDLO
$JUHHPHQWVEHWZHHQ$VWUD=HQHFD&52DQGWKH3,VKRXOGEHLQSODFHEHIRUHDQ\VWXG\UHODWHG
SURFHGXUHVFDQWDNHSODFHRUVXEMHFWVDUHHQUROOHG

$UFKLYLQJRIVWXG\GRFXPHQWV
7KH,QYHVWLJDWRUIROORZVWKHSULQFLSOHVRXWOLQHGLQWKH&6$

6WXG\WLPHWDEOHDQGHQGRIVWXG\
7KHHQGRIWKHVWXG\LVGHILQHGDVµWKHODVWYLVLWRIWKHODVWVXEMHFWXQGHUJRLQJWKHVWXG\¶
7KHVWXG\LVH[SHFWHGWRVWDUWLQ4DQGWRHQGE\4
7KH VWXG\ PD\ EH WHUPLQDWHG DW LQGLYLGXDO FHQWUHV LI WKH VWXG\ SURFHGXUHV DUH QRW EHLQJ
SHUIRUPHGDFFRUGLQJWR*RRG&OLQLFDO3UDFWLFH*&3RULIUHFUXLWPHQWLVVORZ$VWUD=HQHFD
PD\DOVRWHUPLQDWHWKHHQWLUHVWXG\SUHPDWXUHO\LIFRQFHUQVIRUVDIHW\DULVHZLWKLQWKLVVWXG\RU
LQDQ\RWKHUVWXG\ZLWK$%RU))

'DWDPDQDJHPHQW
'DWD0DQDJHPHQW'0RIWKHVWXG\ZLOOEHSHUIRUPHGE\3$5(;(/DQGVXSHUYLVHGE\'0
DW$VWUD=HQHFDDFFRUGLQJXSRQDJUHHG6WDQGDUG2SHUDWLQJ3URFHGXUHV
0DLQ'0DFWLYLWLHVDQGSURFHGXUHVZLOOEHDFFXUDWHO\GHVFULEHGLQWKH'DWD0DQDJHPHQW3ODQ
'03FUHDWHGE\3$5(;(/DQGPHHWLQJWKHVSRQVRUUHTXLUHPHQWV
$Q('&V\VWHPZLOOEHXVHGWRFROOHFWDQGPDQDJHFOLQLFDOGDWDLQHOHFWURQLFIRUPDWH&5)RU
HOHFWURQLFIRUPV3$5(;(/ZLOOEHUHVSRQVLEOHIRU('&DQGGDWDEDVHFUHDWLRQLQFOXGLQJDOO
GDWD VRXUFHV DFFRUGLQJ WR WKH 6SRQVRU VWUXFWXUH VSHFLILFDWLRQV IROORZLQJ &OLQLFDO 'DWD
,QWHUFKDQJH6WDQGDUGV&RQVRUWLXP&'6,&VWDQGDUGV
,QDGGLWLRQWRWKH$VWUD=HQHFDH&5)GDWD3$5(;(/'0ZLOOUHFHLYHHOHFWURQLFUHFRUGVIRU
H[WHUQDOGDWDSURFHVVHGE\H[WHUQDOSURYLGHUVYHQGRUV$UHFRQFLOLDWLRQZLOOEHSHUIRUPHGE\
3$5(;(/RIWKHH&5)GDWDDQGDJDLQVWWKHUHVWRIGDWDVRXUFHVWRHQVXUHFRQVLVWHQF\RIWKH
FRPPRQGDWD&RQVLVWHQF\DQGVWUXFWXUDOFKHFNVWREHUXQLQWKHGDWDDQGOLVWLQJVIRU3$5(;(/
GDWDFOHDQLQJDQGUHYLHZZLOOEHGHILQHGLQD'DWD9DOLGDWLRQ3ODQZKLFKZLOOEHFUHDWHGE\
3$5(;(/WRPHHWVSRQVRUUHTXLUHPHQWVDQGVWDQGDUGV
,QWHUDFWLYHFKHFNVRQWKH('&ZLOOSURYLGHDILUVWOHYHORIILOWHUV&KHFNVZLOOUXQZKHQGDWD
KDVEHHQLQVHUWHGLQIRUPLQJWKHUHVHDUFKSHUVRQQHOWKURXJKDIODJZKHQGDWDPXVWEHYHULILHG
7KHQHHGRIDGGLWLRQDOTXHULHVPD\DOVREHLGHQWLILHGGXULQJWKHVWXG\DVSHUWKHOLVWLQJVUHYLHZ
E\WKH3$5(;(/'0VWDIIGDWDFRGLQJ6$(VUHFRQFLOLDWLRQSURFHVVHWF


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


'DWDEDVHFKHFNVSURJUDPPHVIRUGDWDYLVXDOLVDWLRQOLVWLQJVSURJUDPPLQJIRUGDWDUHYLHZDQG
GDWD YLVXDOLVDWLRQ DQG DQ\ SURJUDPPLQJ LPSO\LQJ GDWD FRQYHUVLRQV ZLOO EH DSSURSULDWHO\
YDOLGDWHGE\3$5(;(/
3$5(;(/'0ZLOORYHUVHHWKHVWDWXVRITXHULHVSHUIRUPHGE\WKHWKLUGSDUW\SURYLGHUV
5HFRQFLOLDWLRQ RI 6$(V EHWZHHQ WKH FOLQLFDO GDWDEDVH DQG 'UXJ 6DIHW\ GDWDEDVH ZLOO EH
SHUIRUPHGE\3$5(;(/'0RQRQJRLQJEDVLVDQGEHIRUHGDWDEDVHVRIWORFN3URFHGXUHVWR
IROORZZLOOEHGHWDLOHGLQWKH'03
$GYHUVHHYHQWVDQGPHGLFDOVXUJLFDOKLVWRU\ZLOOEHFODVVLILHGDFFRUGLQJWRWKHWHUPLQRORJ\RI
WKHODWHVWYHUVLRQWKH0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV0HG'5$0HGLFDWLRQV
ZLOOEHFODVVLILHGDFFRUGLQJWR:+2'58*(QKDQFHG$OOFRGLQJZLOOEHSHUIRUPHGE\PHGLFDO
FRGLQJWHDPDWWKH&520HG'5$DQG:+2'58*(QKDQFHGZLOOEHXVHGYHUVLRQQXPEHU
RIHDFKGLFWLRQDU\ZLOOEHGRFXPHQWHGLQWKH'03
'DWDZLOOEHFROOHFWHGGXULQJWKHVWXG\H[HFXWLRQDQGWUDQVIHUUHGWRWKHVWXG\GDWDUHSRVLWRU\DW
WKH&52ZKHUHGDWDZLOOEHPDSSHGLQWR6'70GDWDVHWVRQDQRQJRLQJEDVLV
7UDQVIHUVRI6'70GDWDVHWVIURPWKHVWXG\GDWDUHSRVLWRU\ZLOOEHSHULRGLFDOO\UHFHLYHGDW
$VWUD=HQHFDGXULQJWKHVWXG\DQGDIWHU'DWDEDVHORFN)UHTXHQF\RIWKHVHWUDQVIHUVZLOOEH
DJUHHGEHWZHHQ$VWUD=HQHFDDQGWKH&52
$OOWKHSURFHVVHVZLOOEHFDUULHGRXWDFFRUGLQJWRWKHVSHFLILFSUHHVWDEOLVKHGSURFHVVHVDQG
WLPHOLQHVGRFXPHQWHGLQWKH'03
7KHGDWDZLOOEHYDOLGDWHGDVGHILQHGLQWKH'034XDOLW\FRQWUROSURFHGXUHVZLOOEHDSSOLHG
WRHDFKVWDJHRIGDWDKDQGOLQJWRHQVXUHWKDWDOOGDWDDUHUHOLDEOHDQGKDYHEHHQSURFHVVHG
FRUUHFWO\
:KHQDOOGDWDKDYHEHHQFRGHGYDOLGDWHGORFNHGDQGVLJQHGFOLQLFDOGDWDEDVHORFNZLOOEH
GHFODUHG$Q\WUHDWPHQWUHYHDOLQJGDWDUDQGRPHWFPD\WKHUHDIWHUEHDGGHGDQGDIWHUFOLQLFDO
GDWDEDVHZLOOKDVEHHQORFNHG
$QDXGLWWUDLORIDOOGDWDEDVHVZLOOEHPDLQWDLQHGLQRUGHUWRSURWHFWWKHDXWKHQWLFLW\DQGLQWHJULW\
RIWKHFOLQLFDOGDWD

(7+,&$/$1'5(*8/$725<5(48,5(0(176

(WKLFDOFRQGXFWRIWKHVWXG\
7KHVWXG\ZLOOEHSHUIRUPHGLQDFFRUGDQFHZLWKHWKLFDOSULQFLSOHVWKDWKDYHWKHLURULJLQLQWKH
'HFODUDWLRQRI+HOVLQNLDQGDUHFRQVLVWHQWZLWK,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ
,&+*&3DSSOLFDEOHUHJXODWRU\UHTXLUHPHQWVDQGWKH$VWUD=HQHFDSROLF\RQ%LRHWKLFVDQG
+XPDQ%LRORJLFDO6DPSOHV


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK



6XEMHFWGDWDSURWHFWLRQ
7KH ,&) ZLOO LQFRUSRUDWH RU LQ VRPH FDVHV EH DFFRPSDQLHG E\ D VHSDUDWH GRFXPHQW
LQFRUSRUDWLQJZRUGLQJWKDWFRPSOLHVZLWKUHOHYDQWGDWDSURWHFWLRQDQGSULYDF\OHJLVODWLRQ

(WKLFVDQGUHJXODWRU\UHYLHZ
$Q(&VKRXOGDSSURYHWKHILQDOVWXG\SURWRFROLQFOXGLQJWKHILQDOYHUVLRQRIWKH,&)DQGDQ\
RWKHUZULWWHQLQIRUPDWLRQDQGRUPDWHULDOVWREHSURYLGHGWRWKHVXEMHFWV7KH,QYHVWLJDWRUZLOO
HQVXUHWKHGLVWULEXWLRQRIWKHVHGRFXPHQWVWRWKHDSSOLFDEOH(&DQGWRWKHVWXG\VLWHVWDII
7KHRSLQLRQRIWKH(&VKRXOGEHJLYHQLQZULWLQJ7KH,QYHVWLJDWRUVKRXOGVXEPLWWKHZULWWHQ
DSSURYDOWR$VWUD=HQHFD&52EHIRUHHQUROPHQWRIDQ\VXEMHFWLQWRWKHVWXG\
7KH(&VKRXOGDSSURYHDOODGYHUWLVLQJXVHGWRUHFUXLWVXEMHFWVIRUWKHVWXG\
$VWUD=HQHFD VKRXOG DSSURYH DQ\ PRGLILFDWLRQV WR WKH ,&) WKDW DUH QHHGHG WR PHHW ORFDO
UHTXLUHPHQWV
,IUHTXLUHGE\ORFDOUHJXODWLRQVWKHSURWRFROVKRXOGEHUHDSSURYHGE\WKH(&VDQQXDOO\
%HIRUHHQUROPHQWRIDQ\VXEMHFWLQWRWKHVWXG\WKHILQDOVWXG\SURWRFROLQFOXGLQJWKHILQDO
YHUVLRQRIWKH,&)LVDSSURYHGE\WKHQDWLRQDOUHJXODWRU\DXWKRULW\RUDQRWLILFDWLRQWRWKH
QDWLRQDOUHJXODWRU\DXWKRULW\LVGRQHDFFRUGLQJWRORFDOUHJXODWLRQV
$VWUD=HQHFD&52 ZLOO KDQGOH WKH GLVWULEXWLRQ RI DQ\ RI WKHVH GRFXPHQWV WR WKH QDWLRQDO
UHJXODWRU\DXWKRULWLHV
$VWUD=HQHFD&52ZLOOSURYLGH5HJXODWRU\$XWKRULWLHV(&VDQG3,VZLWKVDIHW\XSGDWHVUHSRUWV
DFFRUGLQJWRORFDOUHTXLUHPHQWV

,QIRUPHGFRQVHQW
7KH3,DWHDFKFHQWUHZLOO
x (QVXUHHDFKVXEMHFWLVJLYHQIXOODQGDGHTXDWHRUDODQGZULWWHQLQIRUPDWLRQDERXWWKHQDWXUH
SXUSRVHSRVVLEOHULVNDQGEHQHILWRIWKHVWXG\
x (QVXUHHDFKVXEMHFWLVQRWLILHGWKDWWKH\DUHIUHHWRGLVFRQWLQXHIURPWKHVWXG\DWDQ\WLPH
x (QVXUH WKDW HDFK VXEMHFW LV JLYHQWKHRSSRUWXQLW\ WR DVN TXHVWLRQV DQGDOORZHG WLPH WR
FRQVLGHUWKHLQIRUPDWLRQSURYLGHG
x (QVXUH HDFK VXEMHFW SURYLGHV VLJQHG DQG GDWHG ,&) EHIRUH FRQGXFWLQJ DQ\ SURFHGXUH
VSHFLILFDOO\IRUWKHVWXG\
x (QVXUHWKHRULJLQDOVLJQHG,&)VDUHVWRUHGLQWKH,QYHVWLJDWRU¶V6WXG\)LOH


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


x (QVXUHDFRS\RIWKHVLJQHG,&)LVJLYHQWRWKHVXEMHFW
x (QVXUHWKDWDQ\LQFHQWLYHVIRUVXEMHFWVZKRSDUWLFLSDWHLQWKHVWXG\DVZHOODVDQ\SURYLVLRQV
IRUVXEMHFWVKDUPHGDVDFRQVHTXHQFHRIVWXG\SDUWLFLSDWLRQDUHGHVFULEHGLQWKH,&)WKDWLV
DSSURYHGE\DQ(&

&KDQJHVWRWKHSURWRFRODQGLQIRUPHGFRQVHQWIRUP
6WXG\SURFHGXUHVZLOOQRWEHFKDQJHGZLWKRXWWKHPXWXDODJUHHPHQWRIWKH,QWHUQDWLRQDOFR
RUGLQDWLQJ,QYHVWLJDWRUDQG$VWUD=HQHFD
,IWKHUHDUHDQ\VXEVWDQWLDOFKDQJHVWRWKHVWXG\SURWRFROWKHQWKHVHFKDQJHVZLOOEHGRFXPHQWHG
LQDVWXG\SURWRFRODPHQGPHQWDQGZKHUHUHTXLUHGLQDQHZYHUVLRQRIWKHVWXG\SURWRFRO
5HYLVHG&OLQLFDO6WXG\3URWRFRO
7KH DPHQGPHQW LV WR EH DSSURYHG E\ WKH UHOHYDQW (& DQG LI DSSOLFDEOH DOVR WKH QDWLRQDO
UHJXODWRU\DXWKRULW\DSSURYDOEHIRUHLPSOHPHQWDWLRQ/RFDOUHTXLUHPHQWVDUHWREHIROORZHG
IRUUHYLVHGSURWRFROV
$VWUD=HQHFDZLOOGLVWULEXWHDQ\VXEVHTXHQWDPHQGPHQWVDQGQHZYHUVLRQVRIWKHSURWRFROWR
HDFK3,)RUGLVWULEXWLRQWR(&VHH6HFWLRQ
,IDSURWRFRODPHQGPHQWUHTXLUHVDFKDQJHWRDFHQWUH¶V,&)$VWUD=HQHFDDQGWKHFHQWUH¶V(&
DUHWRDSSURYHWKHUHYLVHG,&)EHIRUHWKHUHYLVHGIRUPLVXVHG
,IORFDOUHJXODWLRQVUHTXLUHDQ\DGPLQLVWUDWLYHFKDQJHZLOOEHFRPPXQLFDWHGWRRUDSSURYHGE\
HDFK(&

$XGLWVDQGLQVSHFWLRQV
$XWKRULVHGUHSUHVHQWDWLYHVRI$VWUD=HQHFD&52DUHJXODWRU\DXWKRULW\RUDQ(&PD\SHUIRUP
DXGLWVRULQVSHFWLRQVDWWKHFHQWUHLQFOXGLQJVRXUFHGDWDYHULILFDWLRQ7KHSXUSRVHRIDQDXGLW
RULQVSHFWLRQLVWRV\VWHPDWLFDOO\DQGLQGHSHQGHQWO\H[DPLQHDOOVWXG\UHODWHGDFWLYLWLHVDQG
GRFXPHQWV WR GHWHUPLQH ZKHWKHU WKHVH DFWLYLWLHV ZHUH FRQGXFWHG DQG GDWD ZHUH UHFRUGHG
DQDO\VHG DQG DFFXUDWHO\ UHSRUWHG DFFRUGLQJ WR WKHSURWRFRO *&3 ,&+ JXLGHOLQHV DQGDQ\
DSSOLFDEOH UHJXODWRU\ UHTXLUHPHQWV  7KH ,QYHVWLJDWRU ZLOO FRQWDFW $VWUD=HQHFD&52
LPPHGLDWHO\LIFRQWDFWHGE\DUHJXODWRU\DJHQF\DERXWDQLQVSHFWLRQDWWKHFHQWUH




&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


/,672)5()(5(1&(6
$%)),QYHVWLJDWRU¶V%URFKXUH
$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH,QYHVWLJDWRU¶V%URFKXUH(GLWLRQ$XJXVW
%DWHPDQHWDO
%DWHPDQ(')HUJXVRQ*7%DUQHV1*DOODJKHU1*UHHQ<+HQOH\0%DQHUML''XDO
EURQFKRGLODWLRQZLWK49$YHUVXVVLQJOHEURQFKRGLODWRUWKHUDS\WKH6+,1(VWXG\(XU
5HVSLU-
%HLHUHWDO
(IILFDF\DQGVDIHW\RI$%FRPSDUHGZLWKSODFHERDQGWLRWURSLXPLQSDWLHQWVZLWKPRGHUDWH
WRVHYHUHFKURQLFREVWUXFWLYHSXOPRQDU\GLVHDVHUHVXOWVIURPDZHHNUDQGRPL]HG
FRQWUROOHG3KDVH,,,EVWXG\&23'$XJGRL
(SXE-XO
%UHWDULV*HQXDLU6P3&
%UHWDULV*HQXDLU6XPPDU\RI3URGXFW&KDUDFWHULVWLFV0DUFK
%XLVWHWDO
,QWHUQDWLRQDOYDULDWLRQLQWKHSUHYDOHQFHRI&23'WKH%2/'6WXG\DSRSXODWLRQEDVHG
SUHYDOHQFHVWXG\/DQFHW
%XLVWHWDO
:RUOGZLGHEXUGHQRI&23'LQKLJKDQGORZLQFRPHFRXQWULHV3DUW,7KHEXUGHQRI
REVWUXFWLYHOXQJGLVHDVH%2/'LQLWLDWLYH,QW-7XEHUF/XQJ'LV
&HOOLHWDO
&HOOL%&UDWHU*.LOEULGH60HKWD5HWDO2QFH'DLO\8PHFOLGLQLXP9LODQWHUROPJ
7KHUDS\LQ&23'$5DQGRPL]HG&RQWUROOHG6WXG\&KHVW±
&+03$VVHVVPHQWUHSRUWIRU8OWLEUR%UHH]KDOHU(0$&+03-XO\


&+03$VVHVVPHQWUHSRUWIRU$QRUR(0$&+030DUFK

&+03(:3
&+03(:3*XLGHOLQHRQFOLQLFDOGHYHORSPHQWRIIL[HGFRPELQDWLRQPHGLFLQDO
SURGXFWV)HEUXDU\
&RPELYHQW8'9V8QLWHG.LQJGRP8.6P3&
&RPELYHQW8'9V8QLWHG.LQJGRP8.6XPPDU\RI3URGXFW&KDUDFWHULVWLFV6P3&
'RQRKXHHWDO
'RQRKXH-)0DOHNL<D]GL05.LOEULGH6HWDO(IILFDF\DQGVDIHW\RIRQFHGDLO\
XPHFOLGLQLXPYLODQWHUROPFJLQ&23'5HVSLU0HG


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


'XDNOLU*HQXDLU6P3&
'XDNOLU*HQXDLU6XPPDU\RI3URGXFW&KDUDFWHULVWLFV0DUFK

'¶8U]RHWDO
'¶8U]R$'5HQQDUG6,.HUZLQ(0HWDO(IILFDF\DQGVDIHW\RIIL[HGGRVHFRPELQDWLRQVRI
$%))WKHZHHNUDQGRPL]HGSODFHERFRQWUROOHG$8*0(17&23'VWXG\5HVSLUDWRU\
5HVHDUFK
(NOLUD*HQXDLU6P3&
(NOLUD*HQXDLU6XPPDU\RI3URGXFW&KDUDFWHULVWLFV-XQH
*2/'
*OREDO,QLWLDWLYHIRU&KURQLF2EVWUXFWLYH/XQJ'LVHDVH*2/'*OREDOVWUDWHJ\IRUWKH
GLDJQRVLVPDQDJHPHQWDQGSUHYHQWLRQRIFKURQLFREVWUXFWLYHSXOPRQDU\GLVHDVH0HGLFDO
&RPPXQLFDWLRQV5HVRXUFHV,QF$YDLODEOHIURPKWWSZZZJROGFRSGRUJ
-RQHVHWDO
-RQHV3:4XLUN)+%DYH\VWRFN&0HWDO$VHOIFRPSOHWHPHDVXUHIRUFKURQLFDLUIORZ
OLPLWDWLRQ±WKH6W*HRUJH¶V5HVSLUDWRU\4XHVWLRQQDLUH$P5HY5HVSLU'LV

-RQHVHWDO
-RQHV3:4XLUN)+%DYH\VWRFN&07KH6W*HRUJH¶V5HVSLUDWRU\4XHVWLRQQDLUH
5HVSLUDWRU\0HGLFLQH6XSSO%
-RQHV
-RQHV3:6W*HRUJH¶V5HVSLUDWRU\4XHVWLRQQDLUH0&,'-RXUQDORI&KURQLF2EVWUXFWLYH
3XOPRQDU\'LVHDVH
-RQHVHWDO
-RQHV3:+DUGLQJ*%HUU\3:LNOXQG,HWDO'HYHORSPHQWDQG)LUVWYDOLGDWLRQRIWKH
&23'$VVHVVPHQW7HVW(XU5HVSLU-
-RQHVHWDO
-RQHV3:&KHQ:+:LOFR[76HWKL6/HLG\1.IRUWKH(;$&73526WXG\*URXS,Q
SUHVV&KDUDFWHUL]LQJDQGTXDQWLI\LQJWKHV\PSWRPDWLFIHDWXUHVRI&23'H[DFHUEDWLRQV
&KHVW1RY>(SXEDKHDGRISULQW@
-RQHVHWDO
-RQHV3:7DEEHUHU0&KHQ:&UHDWLQJVFHQDULRVRIWKHLPSDFWRI&23'DQGWKHLU
UHODWLRQVKLSWR&23'DVVHVVPHQWWHVW&$7706FRUHV%0&3XOPRQDU\0HGLFLQH



&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


-RQHVHWDO
-RQHV36LQJK'%DWHPDQ('HWDO(IILFDF\DQGVDIHW\RIWZLFHGDLO\$%LQ&23'SDWLHQWV
WKH$77$,1VWXG\(XU5HVSLU-±
/HLG\HWDOD
/HLG\1.:LOFR[7-RQHV3:5REHUWV/3RZHUV-6HWKL6DQGWKH(;$&73526WXG\
*URXS,QSUHVV6WDQGDUGL]LQJPHDVXUHPHQWRI&23'H[DFHUEDWLRQV5HOLDELOLW\DQGYDOLGLW\
RIDSDWLHQWUHSRUWHGGLDU\$PHULFDQ-RXUQDORI5HVSLUDWRU\DQG&ULWLFDO&DUH0HGLFLQH
6HS>(SXE@
/HLG\HWDOE
/HLG\1.:LOFR[7-RQHV3:0XUUD\/:LQQHWWH5+RZDUG.3HWULOOR-3RZHUV-6HWKL
6DQGWKH(;$&73526WXG\*URXS'HYHORSPHQWRIWKH(;$FHUEDWLRQVRI&KURQLF
2EVWUXFWLYH3XOPRQDU\'LVHDVH7RRO(;$&7$3DWLHQW5HSRUWHG2XWFRPH
0HDVXUH9DOXHLQ+HDOWK>(SXE-XO@
/HLG\HWDO
/HLG\10XUUD\/70RQ]%80HDVXULQJUHVSLUDWRU\V\PSWRPVRI&23'SHUIRUPDQFHRI
WKH(;$&75HVSLUDWRU\6\PSWRPV7RRO(56LQWKUHHFOLQLFDOWULDOV5HVSLUDWRU\5HVHDUFK

0DKOHUHWDO
0DKOHU'$.HUZLQ($\HUV7HWDO)/,*+7DQG)/,*+7(IILFDF\DQG6DIHW\RI
49$,QGDFDWHURO*O\FRS\UURODWHYHUVXV,WV0RQRFRPSRQHQWVDQG3ODFHERLQ3DWLHQWV
ZLWK&KURQLF2EVWUXFWLYH3XOPRQDU\'LVHDVH$P-5HVSLU&ULW&DUH0HG±

0LOOHUHWDO
0LOOHU05+DQNLQVRQ-%UXVDVFR9%XUJRV)&DVDEXUL5&RDWHV$&UDSR5(QULJKW3
YDQGHU*ULQWHQ&30*XVWDIVVRQ3-HQVHQ5-RKQVRQ'&0DF,QW\UH10F.D\51DYDMDV
'3HGHUVHQ2)3HOOHJULQR59LHJL*:DQJHU-6HULHV$76(56WDVNIRUFH
6WDQGDUGLVDWLRQRIOXQJIXQFWLRQWHVWLQJ*HQHUDO&RQVLGHUDWLRQVIRUOXQJIXQFWLRQWHVWLQJ(XU
5HVSLU-

0DOHNL<D]GLHWDO
0DOHNL<D]GL05.DHOLQ75LFKDUG1=YDULFK0&KXUFK$(IILFDF\DQGVDIHW\RI
XPHFOLGLQLXPYLODQWHUROPFJDQG7,2PFJLQFKURQLFREVWUXFWLYHSXOPRQDU\
GLVHDVH5HVXOWVRIDZHHNUDQGRPL]HGFRQWUROOHGWULDO5HVSLU0HG2FW

0DOWDLVHWDO
0DOWDLV)6LQJK6'RQDOG$&&UDWHU*&KXUFK$*RK$+5LOH\-+(IIHFWVRID
FRPELQDWLRQRIXPHFOLGLQLXPYLODQWHURORQH[HUFLVHHQGXUDQFHLQSDWLHQWVZLWKFKURQLF
REVWUXFWLYHSXOPRQDU\GLVHDVHWZRUDQGRPL]HGGRXEOHEOLQGFOLQLFDOWULDOV7KHU$GY5HVSLU
'LV'HF


&OLQLFDO6WXG\3URWRFRO
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


3HODLDHWDO
3HODLD*0DVHOOL50DWHUD0*7UHDWPHQWRI&KURQLF2EVWUXFWLYH3XOPRQDU\'LVHDVHE\
'XDO%URQFKRGLODWLRQZLWK&RIRUPXODWLRQRI,QGDFDWHURO*O\FRS\UURQLXP3KDUPDFRORJ\
1RYV
4XDQMHUHWDO
4XDQMHU(5-0XOWLHWKQLFUHIHUHQFHYDOXHVIRUVSLURPHWU\IRUWKH±\UDJHUDQJHWKH
JOREDOOXQJIXQFWLRQHTXDWLRQV(XU5HVSLU-±
6LQJKHWDO
6LQJK'-RQHV3%DWHPDQ('HWDO(IILFDF\DQGVDIHW\RI$%))IL[HGGRVHFRPELQDWLRQV
FRPSDUHGZLWKLQGLYLGXDOFRPSRQHQWVDQGSODFHERLQSDWLHQWVZLWK&23'$&/,)250
&23'DPXOWLFHQWUHUDQGRPL]HGVWXG\%0&3XOPRQDU\0HGLFLQH
6SLULYD+DQGLKDOHU6XPPDU\RI3URGXFW&KDUDFWHULVWLFV)HEUXDU\
6SLULYD+DQGLKDOHU6XPPDU\RI3URGXFW&KDUDFWHULVWLFV)HEUXDU\
6SLULYD+DQGLKDOHU863UHVFULELQJ,QIRUPDWLRQ-DQXDU\
6SLULYD+DQGLKDOHU863UHVFULELQJ,QIRUPDWLRQ-DQXDU\
7XGRU]D3UHVVDLU863UHVFULELQJ,QIRUPDWLRQ$SU
7XGRU]D3UHVVDLU863UHVFULELQJ,QIRUPDWLRQ$SU



&OLQLFDO6WXG\3URWRFRO$SSHQGL[$
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


$SSHQGL[$
$GGLWLRQDO6DIHW\,QIRUPDWLRQ
)XUWKHU*XLGDQFHRQWKH'HILQLWLRQRID6HULRXV$GYHUVH(YHQW6$(
/LIHWKUHDWHQLQJ
µ/LIHWKUHDWHQLQJ¶PHDQVWKDWWKHVXEMHFWZDVDWLPPHGLDWHULVNRIGHDWKIURPWKH$(DVLW
RFFXUUHGRULWLVVXVSHFWHGWKDWXVHRUFRQWLQXHGXVHRIWKHSURGXFWZRXOGUHVXOWLQWKH
VXEMHFW¶VGHDWKµ/LIHWKUHDWHQLQJ¶GRHVQRWPHDQWKDWKDGDQ$(RFFXUUHGLQDPRUHVHYHUH
IRUPLWPLJKWKDYHFDXVHGGHDWKHJKHSDWLWLVWKDWUHVROYHGZLWKRXWKHSDWLFIDLOXUH
+RVSLWDOLVDWLRQ
2XWSDWLHQWWUHDWPHQWLQDQHPHUJHQF\URRPLVQRWLQLWVHOIDVHULRXV$(DOWKRXJKWKHUHDVRQV
IRULWPD\EHHJEURQFKRVSDVPODU\QJHDORHGHPD+RVSLWDODGPLVVLRQVDQGRUVXUJLFDO
RSHUDWLRQVSODQQHGEHIRUHRUGXULQJDVWXG\DUHQRWFRQVLGHUHG$(VLIWKHLOOQHVVRUGLVHDVH
H[LVWHGEHIRUHWKHVXEMHFWZDVHQUROOHGLQWKHVWXG\SURYLGHGWKDWLWGLGQRWGHWHULRUDWHLQDQ
XQH[SHFWHGZD\GXULQJWKHVWXG\
,PSRUWDQWPHGLFDOHYHQWRUPHGLFDOLQWHUYHQWLRQ
0HGLFDODQGVFLHQWLILFMXGJHPHQWVKRXOGEHH[HUFLVHGLQGHFLGLQJZKHWKHUDFDVHLVVHULRXVLQ
VLWXDWLRQVZKHUHLPSRUWDQWPHGLFDOHYHQWVPD\QRWEHLPPHGLDWHO\OLIHWKUHDWHQLQJRUUHVXOWLQ
GHDWKKRVSLWDOLVDWLRQGLVDELOLW\RULQFDSDFLW\EXWPD\MHRSDUGL]HWKHVXEMHFWRUPD\UHTXLUH
PHGLFDOLQWHUYHQWLRQWRSUHYHQWRQHRUPRUHRXWFRPHVOLVWHGLQWKHGHILQLWLRQRIVHULRXV
7KHVHVKRXOGXVXDOO\EHFRQVLGHUHGDVVHULRXV
6LPSO\VWRSSLQJWKHVXVSHFWGUXJGRHVQRWPHDQWKDWLWLVDQLPSRUWDQWPHGLFDOHYHQWPHGLFDO
MXGJHPHQWPXVWEHXVHG
x
$QJLRHGHPDQRWVHYHUHHQRXJKWRUHTXLUHLQWXEDWLRQEXWUHTXLULQJLYK\GURFRUWLVRQH
WUHDWPHQW
x
+HSDWRWR[LFLW\FDXVHGE\SDUDFHWDPRODFHWDPLQRSKHQRYHUGRVHUHTXLULQJWUHDWPHQW
ZLWK1DFHW\OF\VWHLQH
x
,QWHQVLYHWUHDWPHQWLQDQHPHUJHQF\URRPRUDWKRPHIRUDOOHUJLFEURQFKRVSDVP
x
%ORRGG\VFUDVLDVHJQHXWURSHQLDRUDQDHPLDUHTXLULQJEORRGWUDQVIXVLRQHWFRU
FRQYXOVLRQVWKDWGRQRWUHVXOWLQKRVSLWDOLVDWLRQ
'HYHORSPHQWRIGUXJGHSHQGHQF\RUGUXJDEXVH
$*XLGHWR,QWHUSUHWLQJWKH&DXVDOLW\4XHVWLRQ
:KHQPDNLQJDQDVVHVVPHQWRIFDXVDOLW\FRQVLGHUWKHIROORZLQJIDFWRUVZKHQGHFLGLQJLIWKHUH
LVDµUHDVRQDEOHSRVVLELOLW\¶WKDWDQ$(PD\KDYHEHHQFDXVHGE\WKHGUXJ


&OLQLFDO6WXG\3URWRFRO$SSHQGL[$
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH0DUFK


x
7LPH&RXUVH([SRVXUHWRVXVSHFWGUXJ+DVWKHVXEMHFWDFWXDOO\UHFHLYHGWKHVXVSHFW
GUXJ"'LGWKH$(RFFXULQDUHDVRQDEOHWHPSRUDOUHODWLRQVKLSWRWKHDGPLQLVWUDWLRQRI
WKHVXVSHFWGUXJ"
x
&RQVLVWHQF\ZLWKNQRZQGUXJSURILOH:DVWKH$(FRQVLVWHQWZLWKWKHSUHYLRXV
NQRZOHGJHRIWKHVXVSHFWGUXJSKDUPDFRORJ\DQGWR[LFRORJ\RUGUXJVRIWKHVDPH
SKDUPDFRORJLFDOFODVV"2UFRXOGWKH$(EHDQWLFLSDWHGIURPLWVSKDUPDFRORJLFDO
SURSHUWLHV"
x
'HFKDOOHQJHH[SHULHQFH'LGWKH$(UHVROYHRULPSURYHRQVWRSSLQJRUUHGXFLQJWKH
GRVHRIWKHVXVSHFWGUXJ"
x
1RDOWHUQDWLYHFDXVH7KH$(FDQQRWEHUHDVRQDEO\H[SODLQHGE\DQRWKHUDHWLRORJ\
VXFKDVWKHXQGHUO\LQJGLVHDVHRWKHUGUXJVRWKHUKRVWRUHQYLURQPHQWDOIDFWRUV
x
5HFKDOOHQJHH[SHULHQFH'LGWKH$(UHRFFXULIWKHVXVSHFWHGGUXJZDVUHLQWURGXFHG
DIWHUKDYLQJEHHQVWRSSHG"$VWUD=HQHFDZRXOGQRWQRUPDOO\UHFRPPHQGRUVXSSRUWD
UHFKDOOHQJH
x
/DERUDWRU\WHVWV$VSHFLILFODERUDWRU\LQYHVWLJDWLRQLISHUIRUPHGKDVFRQILUPHGWKH
UHODWLRQVKLS
,QGLIILFXOWFDVHVRWKHUIDFWRUVFRXOGEHFRQVLGHUHGVXFKDV
x
,VWKLVDUHFRJQL]HGIHDWXUHRIRYHUGRVHRIWKHGUXJ"
x
,VWKHUHDNQRZQPHFKDQLVP"
&DXVDOLW\RIµUHODWHG¶LVPDGHLIIROORZLQJDUHYLHZRIWKHUHOHYDQWGDWDWKHUHLVHYLGHQFHIRUD
µUHDVRQDEOHSRVVLELOLW\¶RIDFDXVDOUHODWLRQVKLSIRUWKHLQGLYLGXDOFDVH7KHH[SUHVVLRQ
µUHDVRQDEOHSRVVLELOLW\¶RIDFDXVDOUHODWLRQVKLSLVPHDQWWRFRQYH\LQJHQHUDOWKDWWKHUHDUH
IDFWVHYLGHQFHRUDUJXPHQWVWRVXJJHVWDFDXVDOUHODWLRQVKLS
7KHFDXVDOLW\DVVHVVPHQWLVSHUIRUPHGEDVHGRQWKHDYDLODEOHGDWDLQFOXGLQJHQRXJK
LQIRUPDWLRQWRPDNHDQLQIRUPHGMXGJPHQW:LWKOLPLWHGRULQVXIILFLHQWLQIRUPDWLRQLQWKH
FDVHLWLVOLNHO\WKDWWKHHYHQWVZLOOEHDVVHVVHGDVµQRWUHODWHG¶
&DXVDOUHODWLRQVKLSLQFDVHVZKHUHWKHGLVHDVHXQGHUVWXG\KDVGHWHULRUDWHGGXHWRODFNRI
HIIHFWVKRXOGEHFODVVLILHGDVQRUHDVRQDEOHSRVVLELOLW\



&OLQLFDO6WXG\3URWRFRO$SSHQGL[%
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
9HUVLRQ
'DWH0DUFK


$SSHQGL[%
,QWHUQDWLRQDO$LUOLQH7UDQVSRUWDWLRQ$VVRFLDWLRQ,$7$
*XLGDQFH'RFXPHQW
/DEHOOLQJDQGVKLSPHQWRIELRKD]DUGVDPSOHV
,QWHUQDWLRQDO$LUOLQH7UDQVSRUWDWLRQ$VVRFLDWLRQ,$7$FODVVLILHVELRKD]DUGRXVDJHQWVLQWR
FDWHJRULHV)RUWUDQVSRUWSXUSRVHVWKHFODVVLILFDWLRQRILQIHFWLRXVVXEVWDQFHVDFFRUGLQJWRULVN
JURXSVZDVUHPRYHGIURPWKH'DQJHURXV*RRGV5HJXODWLRQV'*5LQWKHWKHGLWLRQ
,QIHFWLRXVVXEVWDQFHVDUHQRZFODVVLILHGHLWKHUDV&DWHJRU\$&DWHJRU\%RU([HPSW
7KHUHLVQRGLUHFWUHODWLRQVKLSEHWZHHQ5LVN*URXSVDQGFDWHJRULHV$DQG%
&DWHJRU\$,QIHFWLRXV6XEVWDQFHVDUHLQIHFWLRXVVXEVWDQFHVLQDIRUPWKDWZKHQH[SRVXUHWR
LWRFFXUVLVFDSDEOHRIFDXVLQJSHUPDQHQWGLVDELOLW\OLIHWKUHDWHQLQJRUIDWDOGLVHDVHLQ
RWKHUZLVHKHDOWK\KXPDQVRUDQLPDOV&DWHJRU\$SDWKRJHQVDUHHJ(EROD/DVVDIHYHUYLUXV
x
DUHWREHSDFNHGDQGVKLSSHGLQDFFRUGDQFHZLWK,$7$,QVWUXFWLRQ
&DWHJRU\%,QIHFWLRXV6XEVWDQFHVDUHLQIHFWLRXV6XEVWDQFHVWKDWGRQRWPHHWWKHFULWHULDIRU
LQFOXVLRQLQ&DWHJRU\$&DWHJRU\%SDWKRJHQVDUHHJ+HSDWLWLV$%&'DQG(YLUXVHV
+XPDQLPPXQRGHILFLHQF\YLUXV+,9W\SHVDQG7KH\DUHDVVLJQHGWKHIROORZLQJ81
QXPEHUDQGSURSHUVKLSSLQJQDPH
x
81±%LRORJLFDO6XEVWDQFH&DWHJRU\%
x
DUHWREHSDFNHGLQDFFRUGDQFHZLWK81DQG,$7$
([HPSWDOORWKHUPDWHULDOVZLWKPLQLPDOULVNRIFRQWDLQLQJSDWKRJHQV
x
&OLQLFDOWULDOVDPSOHVZLOOIDOOLQWR&DWHJRU\%RUH[HPSWXQGHU,$7$UHJXODWLRQV
x
&OLQLFDOWULDOVDPSOHVZLOOURXWLQHO\EHSDFNHGDQGWUDQVSRUWHGDWDPELHQWWHPSHUDWXUH
LQ,$7$FRPSOLDQWSDFNDJLQJ
x
%LRORJLFDOVDPSOHVWUDQVSRUWHGLQGU\LFHUHTXLUHDGGLWLRQDOGDQJHURXVJRRGV
VSHFLILFDWLRQIRUWKHGU\LFHFRQWHQW
x
,$7$FRPSOLDQWFRXULHUDQGSDFNDJLQJPDWHULDOVVKRXOGEHXVHGIRUSDFNLQJDQG
WUDQVSRUWDWLRQDQGSDFNLQJVKRXOGEHGRQHE\DQ,$7$FHUWLILHGSHUVRQDVDSSOLFDEOH
x
6DPSOHVURXWLQHO\WUDQVSRUWHGE\URDGRUUDLODUHVXEMHFWWRORFDOUHJXODWLRQVZKLFK
UHTXLUHWKDWWKH\DUHDOVRSDFNHGDQGWUDQVSRUWHGLQDVDIHDQGDSSURSULDWHZD\WR
FRQWDLQDQ\ULVNRILQIHFWLRQRUFRQWDPLQDWLRQE\XVLQJDSSURYHGFRXULHUVDQG
SDFNDJLQJFRQWDLQPHQWPDWHULDOVDWDOOWLPHV7KH,$7$ELRORJLFDOVDPSOH
FRQWDLQPHQWVWDQGDUGVDUHHQFRXUDJHGZKHUHYHUSRVVLEOHZKHQURDGRUUDLOWUDQVSRUWLV
XVHG


&OLQLFDO6WXG\3URWRFRO$SSHQGL[&
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
9HUVLRQ
'DWH0DUFK


$SSHQGL[&
$FWLRQV5HTXLUHGLQ&DVHVRI,QFUHDVHVLQ/LYHU
%LRFKHPLVWU\DQG(YDOXDWLRQRI+\¶V/DZ
,QWURGXFWLRQ
7KLV$SSHQGL[GHVFULEHVWKHSURFHVVWREHIROORZHGLQRUGHUWRLGHQWLI\DQGDSSURSULDWHO\
UHSRUWFDVHVRI+\¶V/DZ,WLVQRWLQWHQGHGWREHDFRPSUHKHQVLYHJXLGHWRWKHPDQDJHPHQW
RIHOHYDWHGOLYHUELRFKHPLVWULHV
'XULQJWKHFRXUVHRIWKHVWXG\WKH,QYHVWLJDWRUZLOOUHPDLQYLJLODQWIRULQFUHDVHVLQOLYHU
ELRFKHPLVWU\7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUGHWHUPLQLQJZKHWKHUDSDWLHQWPHHWV
SRWHQWLDO+\¶V/DZ3+/FULWHULDDWDQ\SRLQWGXULQJWKHVWXG\
7KH,QYHVWLJDWRUSDUWLFLSDWHVWRJHWKHUZLWK$VWUD=HQHFDFOLQLFDOSURMHFWUHSUHVHQWDWLYHVLQ
UHYLHZDQGDVVHVVPHQWRIFDVHVPHHWLQJ3+/FULWHULDWRDJUHHZKHWKHU+\¶V/DZ+/FULWHULD
DUHPHW+/FULWHULDDUHPHWLIWKHUHLVQRDOWHUQDWLYHH[SODQDWLRQIRUWKHHOHYDWLRQVLQOLYHU
ELRFKHPLVWU\RWKHUWKDQ'UXJ,QGXFHG/LYHU,QMXU\',/,FDXVHGE\WKH,QYHVWLJDWLRQDO
3URGXFW,3
7KH,QYHVWLJDWRULVUHVSRQVLEOHIRUUHFRUGLQJGDWDSHUWDLQLQJWR3+/+/FDVHVDQGIRU
UHSRUWLQJ$GYHUVH(YHQWV$(DQG6HULRXV$GYHUVH(YHQWV6$(DFFRUGLQJWRWKHRXWFRPH
RIWKHUHYLHZDQGDVVHVVPHQWLQOLQHZLWKVWDQGDUGVDIHW\UHSRUWLQJSURFHVVHV
'HILQLWLRQV
3RWHQWLDO+\¶V/DZ3+/
$VSDUWDWH$PLQRWUDQVIHUDVH$67RU$ODQLQH$PLQRWUDQVIHUDVH$/7[8SSHU/LPLWRI
1RUPDO8/1WRJHWKHUZLWK7RWDO%LOLUXELQ7%/[8/1DWDQ\SRLQWGXULQJWKHVWXG\
IROORZLQJWKHVWDUWRIVWXG\PHGLFDWLRQLUUHVSHFWLYHRIDQLQFUHDVHLQ$ONDOLQH3KRVSKDWDVH
$/3

+\¶V/DZ+/
$67RU$/7[8/1WRJHWKHUZLWK7%/[8/1ZKHUHQRRWKHUUHDVRQRWKHUWKDQWKH
,03FDQEHIRXQGWRH[SODLQWKHFRPELQDWLRQRILQFUHDVHVHJHOHYDWHG$/3LQGLFDWLQJ
FKROHVWDVLVYLUDOKHSDWLWLVDQRWKHUGUXJ
)RU3+/DQG+/WKHHOHYDWLRQLQWUDQVDPLQDVHVPXVWSUHFHGHRUEHFRLQFLGHQWZLWKLHRQWKH
VDPHGD\WKHHOHYDWLRQLQ7%/EXWWKHUHLVQRVSHFLILHGWLPHIUDPHZLWKLQZKLFKWKH
HOHYDWLRQVLQWUDQVDPLQDVHVDQG7%/PXVWRFFXU

,GHQWLILFDWLRQRI3RWHQWLDO+\¶V/DZ&DVHV
,QRUGHUWRLGHQWLI\FDVHVRI3+/LWLVLPSRUWDQWWRSHUIRUPDFRPSUHKHQVLYHUHYLHZRI
ODERUDWRU\GDWDIRUDQ\SDWLHQWZKRPHHWVDQ\RIWKHIROORZLQJLGHQWLILFDWLRQFULWHULDLQ
LVRODWLRQRULQFRPELQDWLRQ
x
$/7[8/1


&OLQLFDO6WXG\3URWRFRO$SSHQGL[&
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
9HUVLRQ
'DWH0DUFK


x
$67[8/1
x
7%/[8/1
:KHQWKHLGHQWLILFDWLRQFULWHULDDUHPHWIURPFHQWUDORUORFDOODERUDWRU\UHVXOWVWKH,QYHVWLJDWRU
ZLOOZLWKRXWGHOD\
x
'HWHUPLQHZKHWKHUWKHSDWLHQWPHHWV3+/FULWHULDVHH'HILQLWLRQVZLWKLQWKLV
$SSHQGL[IRUGHILQLWLRQE\UHYLHZLQJODERUDWRU\UHSRUWVIURPDOOSUHYLRXVYLVLWV
LQFOXGLQJERWKFHQWUDODQGORFDOODERUDWRU\UHVXOWV
7KH,QYHVWLJDWRUZLOOZLWKRXWGHOD\UHYLHZHDFKQHZODERUDWRU\UHSRUWDQGLIWKHLGHQWLILFDWLRQ
FULWHULDDUHPHWZLOO
x
1RWLI\WKH$VWUD=HQHFDUHSUHVHQWDWLYH
x
'HWHUPLQHZKHWKHUWKHSDWLHQWPHHWV3+/FULWHULDVHH'HILQLWLRQVZLWKLQWKLV
$SSHQGL[IRUGHILQLWLRQE\UHYLHZLQJODERUDWRU\UHSRUWVIURPDOOSUHYLRXVYLVLWV
)ROORZXS
3RWHQWLDO+\¶V/DZ&ULWHULDQRWPHW
,IWKHSDWLHQWGRHVQRWPHHW3+/FULWHULDWKH,QYHVWLJDWRUZLOO
x
,QIRUPWKH$VWUD=HQHFDUHSUHVHQWDWLYHWKDWWKHSDWLHQWKDVQRWPHW3+/FULWHULD
x
3HUIRUPIROORZXSRQVXEVHTXHQWODERUDWRU\UHVXOWVDFFRUGLQJWRWKHJXLGDQFH
SURYLGHGLQWKH&OLQLFDO6WXG\3URWRFRO
3RWHQWLDO+\¶V/DZ&ULWHULDPHW
,IWKHSDWLHQWGRHVPHHW3+/FULWHULDWKH,QYHVWLJDWRUZLOO
x
1RWLI\WKH$VWUD=HQHFDUHSUHVHQWDWLYHZKRZLOOWKHQLQIRUPWKHFHQWUDO6WXG\7HDP
7KH6WXG\3K\VLFLDQFRQWDFWVWKH,QYHVWLJDWRUWRSURYLGHJXLGDQFHGLVFXVVDQGDJUHHDQ
DSSURDFKIRUWKHVWXG\SDWLHQWV¶IROORZXSDQGWKHFRQWLQXRXVUHYLHZRIGDWD6XEVHTXHQWWR
WKLVFRQWDFWWKH,QYHVWLJDWRUZLOO
x
0RQLWRUWKHSDWLHQWXQWLOOLYHUELRFKHPLVWU\SDUDPHWHUVDQGDSSURSULDWHFOLQLFDO
V\PSWRPVDQGVLJQVUHWXUQWRQRUPDORUEDVHOLQHOHYHOVRUDVORQJDVPHGLFDOO\
LQGLFDWHG
x
,QYHVWLJDWHWKHHWLRORJ\RIWKHHYHQWDQGSHUIRUPGLDJQRVWLFLQYHVWLJDWLRQVDVGLVFXVVHG
ZLWKWKH6WXG\3K\VLFLDQ
x
&RPSOHWHWKHWKUHH/LYHU&5)0RGXOHVDVLQIRUPDWLRQEHFRPHVDYDLODEOH


&OLQLFDO6WXG\3URWRFRO$SSHQGL[&
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
9HUVLRQ
'DWH0DUFK


x
,IDWDQ\WLPHLQFRQVXOWDWLRQZLWKWKH6WXG\3K\VLFLDQWKH3+/FDVHPHHWVVHULRXV
FULWHULDUHSRUWLWDVDQ6$(XVLQJVWDQGDUGUHSRUWLQJSURFHGXUHV
5HYLHZDQG$VVHVVPHQWRI3RWHQWLDO+\¶V/DZ&DVHV
7KHLQVWUXFWLRQVLQWKLV6HFWLRQVKRXOGEHIROORZHGIRUDOOFDVHVZKHUH3+/FULWHULDDUHPHW
1RODWHUWKDQZHHNVDIWHUWKHELRFKHPLVWU\DEQRUPDOLW\ZDVLQLWLDOO\GHWHFWHGWKH6WXG\
3K\VLFLDQFRQWDFWVWKH,QYHVWLJDWRULQRUGHUWRUHYLHZDYDLODEOHGDWDDQGDJUHHRQZKHWKHU
WKHUHLVDQDOWHUQDWLYHH[SODQDWLRQIRUPHHWLQJ3+/FULWHULDRWKHUWKDQ',/,FDXVHGE\WKH
,037KH$VWUD=HQHFD0HGLFDO6FLHQFH'LUHFWRUDQG*OREDO6DIHW\3K\VLFLDQZLOODOVREH
LQYROYHGLQWKLVUHYLHZWRJHWKHUZLWKRWKHUVXEMHFWPDWWHUH[SHUWVDVDSSURSULDWH
$FFRUGLQJWRWKHRXWFRPHRIWKHUHYLHZDQGDVVHVVPHQWWKH,QYHVWLJDWRUZLOOIROORZWKH
LQVWUXFWLRQVEHORZ
,IWKHUHLVDQDJUHHGDOWHUQDWLYHH[SODQDWLRQIRUWKH$/7RU$67DQG7%/HOHYDWLRQVD
GHWHUPLQDWLRQRIZKHWKHUWKHDOWHUQDWLYHH[SODQDWLRQLVDQ$(ZLOOEHPDGHDQGVXEVHTXHQWO\
ZKHWKHUWKH$(PHHWVWKHFULWHULDIRUD6$(
x
,IWKHDOWHUQDWLYHH[SODQDWLRQLVQRWDQ$(UHFRUGWKHDOWHUQDWLYHH[SODQDWLRQRQWKH
DSSURSULDWH&5)
x
,IWKHDOWHUQDWLYHH[SODQDWLRQLVDQ$(6$(UHFRUGWKH$(6$(LQWKH&5)
DFFRUGLQJO\DQGIROORZWKH$=VWDQGDUGSURFHVVHV
,ILWLVDJUHHGWKDWWKHUHLVQRH[SODQDWLRQWKDWZRXOGH[SODLQWKH$/7RU$67DQG7%/
HOHYDWLRQVRWKHUWKDQWKH,03
x
5HSRUWDQ6$(UHSRUWWHUPµ+\¶V/DZ¶DFFRUGLQJWR$VWUD=HQHFDVWDQGDUGSURFHVVHV

7KHµ0HGLFDOO\,PSRUWDQW¶VHULRXVFULWHULRQVKRXOGEHXVHGLIQRRWKHUVHULRXV
FULWHULDDSSO\

$VWKHUHLVQRDOWHUQDWLYHH[SODQDWLRQIRUWKH+/FDVHDFDXVDOLW\DVVHVVPHQWRI
µUHODWHG¶VKRXOGEHDVVLJQHG
,IWKHUHLVDQXQDYRLGDEOHGHOD\RIRYHUZHHNVLQREWDLQLQJWKHLQIRUPDWLRQQHFHVVDU\WR
DVVHVVZKHWKHURUQRWWKHFDVHPHHWVWKHFULWHULDIRU+/WKHQLWLVDVVXPHGWKDWWKHUHLVQR
DOWHUQDWLYHH[SODQDWLRQXQWLOVXFKWLPHDVDQLQIRUPHGGHFLVLRQFDQEHPDGH
x
5HSRUWDQ6$(UHSRUWWHUPµ3RWHQWLDO+\¶V/DZ¶DSSO\LQJVHULRXVFULWHULDDQG
FDXVDOLW\DVVHVVPHQWDVSHUDERYH
x
&RQWLQXHIROORZXSDQGUHYLHZDFFRUGLQJWRDJUHHGSODQ2QFHWKHQHFHVVDU\
VXSSOHPHQWDU\LQIRUPDWLRQLVREWDLQHGUHSHDWWKHUHYLHZDQGDVVHVVPHQWWRGHWHUPLQH


&OLQLFDO6WXG\3URWRFRO$SSHQGL[&
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
9HUVLRQ
'DWH0DUFK


ZKHWKHU+/FULWHULDDUHPHW8SGDWHWKH6$(UHSRUWDFFRUGLQJWRWKHRXWFRPHRIWKH
UHYLHZ
5HIHUHQFHV
)'$*XLGDQFHIRU,QGXVWU\LVVXHG-XO\µ'UXJLQGXFHGOLYHULQMXU\3UHPDUNHWLQJ
FOLQLFDOHYDOXDWLRQ¶
KWWSZZZIGDJRYGRZQORDGV'UXJV*XLGDQFH&RPSOLDQFH5HJXODWRU\,QIRUPDWLRQ*XLGDQFHV8&0SGI



&OLQLFDO6WXG\3URWRFRO$SSHQGL['
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
9HUVLRQ
'DWH0DUFK


$SSHQGL['
6DLQW*HRUJH5HVSLUDWRU\4XHVWLRQQDLUH6*54
Screen 
Title 
Question Text 
Response Values 
6*54
7KH6W*HRUJH
V5HVSLUDWRU\4XHVWLRQQDLUH

7KLVTXHVWLRQQDLUHLVGHVLJQHGWRKHOSXVOHDUQPRUHDERXWKRZ\RXU
EUHDWKLQJLVWURXEOLQJ\RXDQGKRZLWDIIHFWV\RXUOLIH:HDUHXVLQJ
LWWRILQGRXWZKLFKDVSHFWVRI\RXULOOQHVVFDXVH\RXWKHPRVW
SUREOHPVUDWKHUWKDQZKDWWKHGRFWRUVDQGQXUVHVWKLQN\RXU
SUREOHPVDUH

6*54
3OHDVHUHDGWKHLQVWUXFWLRQVFDUHIXOO\DQGDVNLI\RXGRQRW
XQGHUVWDQGDQ\WKLQJ'RQRWVSHQGDORQJWLPHGHFLGLQJRQ\RXU
DQVZHUV

6*54
3OHDVHVHOHFWUHVSRQVHWRVKRZKRZ\RXGHVFULEH\RXUFXUUHQW
KHDOWK
 9HU\JRRG
 *RRG
 )DLU
 3RRU
 9HU\SRRU
6*54
7KH6W*HRUJH
V5HVSLUDWRU\4XHVWLRQQDLUH

3$57

3OHDVHGHVFULEHKRZRIWHQ\RXUUHVSLUDWRU\SUREOHPVKDYHDIIHFWHG
\RXRYHUWKHSDVWZHHNV

6*54
2YHUWKHSDVWZHHNV,KDYHFRXJKHG
 DOPRVWHYHU\GD\
 VHYHUDOGD\VD
ZHHN
 DIHZGD\VDPRQWK
 RQO\ZLWK
UHVSLUDWRU\LQIHFWLRQV
 QRWDWDOO
6*54
2YHUWKHSDVWZHHNV,KDYHEURXJKWXSSKOHJPVSXWXP
 DOPRVWHYHU\GD\
 VHYHUDOGD\VD
ZHHN
 DIHZGD\VDPRQWK
 RQO\ZLWK
UHVSLUDWRU\LQIHFWLRQV
 QRWDWDOO
6*54
2YHUWKHSDVWZHHNV,KDYHKDGVKRUWQHVVRIEUHDWK
 DOPRVWHYHU\GD\
 VHYHUDOGD\VD
ZHHN
 DIHZGD\VDPRQWK
 RQO\ZLWK
UHVSLUDWRU\LQIHFWLRQV
 QRWDWDOO


&OLQLFDO6WXG\3URWRFRO$SSHQGL['
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
9HUVLRQ
'DWH0DUFK


Screen 
Title 
Question Text 
Response Values 
6*54
2YHUWKHSDVWZHHNV,KDYHKDGZKHH]LQJDWWDFNV
 DOPRVWHYHU\GD\
 VHYHUDOGD\VD
ZHHN
 DIHZGD\VDPRQWK
 RQO\ZLWK
UHVSLUDWRU\LQIHFWLRQV
 QRWDWDOO
6*54
+RZPDQ\WLPHVGXULQJWKHSDVWZHHNVKDYH\RXVXIIHUHGIURP
VHYHUHRUYHU\XQSOHDVDQWUHVSLUDWRU\DWWDFNV"
 PRUHWKDQWLPHV
 WLPHV
 WLPHV
 WLPH
 QRQHRIWKHWLPH
6*54
+RZORQJGLGWKHZRUVWUHVSLUDWRU\DWWDFNODVW"
 DZHHNRUPRUH
 RUPRUHGD\V
 RUGD\V
 OHVVWKDQDGD\
6*54
2YHUWKHSDVWZHHNVLQDW\SLFDOZHHNKRZPDQ\JRRGGD\V
ZLWKIHZUHVSLUDWRU\SUREOHPVKDYH\RXKDG"
 1RJRRGGD\V
 RUJRRGGD\V
 RUJRRGGD\V
 QHDUO\HYHU\GD\
ZDVJRRG
 HYHU\GD\ZDV
JRRG
6*54
,I\RXZKHH]HLVLWZRUVHZKHQ\RXJHWXSLQWKHPRUQLQJ"
 1R
 <HV
6*54
7KH6W*HRUJH
V5HVSLUDWRU\4XHVWLRQQDLUH

3DUW

6*54
6HFWLRQ

+RZZRXOG\RXGHVFULEH\RXUUHVSLUDWRU\FRQGLWLRQ"
 7KHPRVWLPSRUWDQW
SUREOHP,KDYH
 &DXVHVPHTXLWHD
ORWRISUREOHPV
 &DXVHVPHDIHZ
SUREOHPV
 &DXVHVQRSUREOHP


&OLQLFDO6WXG\3URWRFRO$SSHQGL['
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
9HUVLRQ
'DWH0DUFK


Screen 
Title 
Question Text 
Response Values 
6*54
,I\RXKDYHHYHUKHOGDMRESOHDVHVHOHFWRQO\RQH
 0\UHVSLUDWRU\
SUREOHPVPDGHPH
VWRSZRUNLQJ
DOWRJHWKHU
 0\UHVSLUDWRU\
SUREOHPVLQWHUIHUHZLWK
P\MRERUPDGHPH
FKDQJHP\MRE
 0\UHVSLUDWRU\
SUREOHPVGRQRWDIIHFW
P\MRE
6*54
6HFWLRQ
7KHVHDUHTXHVWLRQVDERXWZKDWDFWLYLWLHVXVXDOO\PDNH\RXIHHO
VKRUWRIEUHDWKWKHVHGD\V
±
6*54
7KHVHDUHTXHVWLRQVDERXWZKDWDFWLYLWLHVXVXDOO\PDNH\RXIHHO
VKRUWRIEUHDWKWKHVHGD\V

3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXWKHVHGD\V

6LWWLQJRUO\LQJVWLOO
 7UXH
 )DOVH
6*54
7KHVHDUHTXHVWLRQVDERXWZKDWDFWLYLWLHVXVXDOO\PDNH\RXIHHO
VKRUWRIEUHDWKWKHVHGD\V

3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXWKHVHGD\V

:DVKLQJRUGUHVVLQJ\RXUVHOI
 7UXH
 )DOVH
6*54
7KHVHDUHTXHVWLRQVDERXWZKDWDFWLYLWLHVXVXDOO\PDNH\RXIHHO
VKRUWRIEUHDWKWKHVHGD\V

3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXWKHVHGD\V

:DONLQJDURXQGWKHKRXVH
 7UXH
 )DOVH
6*54
7KHVHDUHTXHVWLRQVDERXWZKDWDFWLYLWLHVXVXDOO\PDNH\RXIHHO
VKRUWRIEUHDWKWKHVHGD\V

3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXWKHVHGD\V

:DONLQJRXWVLGHRQOHYHOJURXQG
 7UXH
 )DOVH
6*54
7KHVHDUHTXHVWLRQVDERXWZKDWDFWLYLWLHVXVXDOO\PDNH\RXIHHO
VKRUWRIEUHDWKWKHVHGD\V

3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXWKHVHGD\V

:DONLQJXSDIOLJKWRIVWDLUV
 7UXH
 )DOVH


&OLQLFDO6WXG\3URWRFRO$SSHQGL['
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
9HUVLRQ
'DWH0DUFK


Screen 
Title 
Question Text 
Response Values 
6*54
7KHVHDUHTXHVWLRQVDERXWZKDWDFWLYLWLHVXVXDOO\PDNH\RXIHHO
VKRUWRIEUHDWKWKHVHGD\V

3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXWKHVHGD\V

:DONLQJXSKLOOV
 7UXH
 )DOVH
6*54
7KHVHDUHTXHVWLRQVDERXWZKDWDFWLYLWLHVXVXDOO\PDNH\RXIHHO
VKRUWRIEUHDWKWKHVHGD\V

3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXWKHVHGD\V

3OD\LQJVSRUWVRURWKHUSK\VLFDODFWLYLWLHV
 7UXH
 )DOVH
6*54
6HFWLRQ
7KHVHDUHPRUHTXHVWLRQVDERXW\RXUFRXJKDQGVKRUWQHVVRI
EUHDWKWKHVHGD\V


6*54
7KHVHDUHPRUHTXHVWLRQVDERXW\RXUFRXJKDQGVKRUWQHVVRIEUHDWK
WKHVHGD\V

3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXWKHVHGD\V

&RXJKLQJKXUWV
 7UXH
 )DOVH
6*54
7KHVHDUHPRUHTXHVWLRQVDERXW\RXUFRXJKDQGVKRUWQHVVRIEUHDWK
WKHVHGD\V

3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXWKHVHGD\V

&RXJKLQJPDNHVPHWLUHG
 7UXH
 )DOVH
6*54
7KHVHDUHPRUHTXHVWLRQVDERXW\RXUFRXJKDQGVKRUWQHVVRIEUHDWK
WKHVHGD\V

3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXWKHVHGD\V

,DPVKRUWRIEUHDWKZKHQ,WDON
 7UXH
 )DOVH
6*54
7KHVHDUHPRUHTXHVWLRQVDERXW\RXUFRXJKDQGVKRUWQHVVRIEUHDWK
WKHVHGD\V

3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXWKHVHGD\V

,DPVKRUWRIEUHDWKZKHQ,EHQGRYHU
 7UXH
 )DOVH


&OLQLFDO6WXG\3URWRFRO$SSHQGL['
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
9HUVLRQ
'DWH0DUFK


Screen 
Title 
Question Text 
Response Values 
6*54
7KHVHDUHPRUHTXHVWLRQVDERXW\RXUFRXJKDQGVKRUWQHVVRIEUHDWK
WKHVHGD\V

3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXWKHVHGD\V

0\FRXJKLQJRUEUHDWKLQJGLVWXUEVP\VOHHS
 7UXH
 )DOVH
6*54
7KHVHDUHPRUHTXHVWLRQVDERXW\RXUFRXJKDQGVKRUWQHVVRIEUHDWK
WKHVHGD\V

3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXWKHVHGD\V

,JHWH[KDXVWHGHDVLO\
 7UXH
 )DOVH
6*54
6HFWLRQ
7KHVHDUHTXHVWLRQVDERXWRWKHUHIIHFWVWKDW\RXUUHVSLUDWRU\
SUREOHPVPD\KDYHRQ\RXWKHVHGD\V
±
6*54
7KHVHDUHTXHVWLRQVDERXWRWKHUHIIHFWVWKDW\RXUUHVSLUDWRU\
SUREOHPVPD\KDYHRQ\RXWKHVHGD\V

3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXWKHVHGD\V

0\FRXJKRUEUHDWKLQJLVHPEDUUDVVLQJLQSXEOLF
 7UXH
 )DOVH
6*54
7KHVHDUHTXHVWLRQVDERXWRWKHUHIIHFWVWKDW\RXUUHVSLUDWRU\
SUREOHPVPD\KDYHRQ\RXWKHVHGD\V

3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXWKHVHGD\V

0\UHVSLUDWRU\SUREOHPVDUHDQXLVDQFHWRP\IDPLO\IULHQGVRU
QHLJKERUV
 7UXH
 )DOVH
6*54
7KHVHDUHTXHVWLRQVDERXWRWKHUHIIHFWVWKDW\RXUUHVSLUDWRU\
SUREOHPVPD\KDYHRQ\RXWKHVHGD\V

3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXWKHVHGD\V

,JHWDIUDLGRUSDQLFZKHQ,FDQQRWFDWFKP\EUHDWK
 7UXH
 )DOVH
6*54
7KHVHDUHTXHVWLRQVDERXWRWKHUHIIHFWVWKDW\RXUUHVSLUDWRU\
SUREOHPVPD\KDYHRQ\RXWKHVHGD\V

3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXWKHVHGD\V

,IHHOWKDW,DPQRWLQFRQWURORIP\UHVSLUDWRU\SUREOHPV
 7UXH
 )DOVH


&OLQLFDO6WXG\3URWRFRO$SSHQGL['
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
9HUVLRQ
'DWH0DUFK


Screen 
Title 
Question Text 
Response Values 
6*54
7KHVHDUHTXHVWLRQVDERXWRWKHUHIIHFWVWKDW\RXUUHVSLUDWRU\
SUREOHPVPD\KDYHRQ\RXWKHVHGD\V

3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXWKHVHGD\V

,GRQRWH[SHFWP\UHVSLUDWRU\SUREOHPVWRJHWDQ\EHWWHU
 7UXH
 )DOVH
6*54
7KHVHDUHTXHVWLRQVDERXWRWKHUHIIHFWVWKDW\RXUUHVSLUDWRU\
SUREOHPVPD\KDYHRQ\RXWKHVHGD\V

3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXWKHVHGD\V

,KDYHEHFRPHIUDLORUDQLQYDOLGEHFDXVHRIP\UHVSLUDWRU\
SUREOHPV
 7UXH
 )DOVH
6*54
7KHVHDUHTXHVWLRQVDERXWRWKHUHIIHFWVWKDW\RXUUHVSLUDWRU\
SUREOHPVPD\KDYHRQ\RXWKHVHGD\V

3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXWKHVHGD\V

([HUFLVHLVQRWVDIHIRUPH
 7UXH
 )DOVH
6*54
7KHVHDUHTXHVWLRQVDERXWRWKHUHIIHFWVWKDW\RXUUHVSLUDWRU\
SUREOHPVPD\KDYHRQ\RXWKHVHGD\V

3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXWKHVHGD\V

(YHU\WKLQJVHHPVWRRPXFKRIDQHIIRUW
 7UXH
 )DOVH
6*54
6HFWLRQ
7KHVHDUHTXHVWLRQVDERXW\RXUUHVSLUDWRU\WUHDWPHQW
±
6*54
7KHVHDUHTXHVWLRQVDERXW\RXUUHVSLUDWRU\WUHDWPHQW

3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXWKHVHGD\V

0\WUHDWPHQWGRHVQRWKHOSPHYHU\PXFK
 7UXH
 )DOVH
6*54
7KHVHDUHTXHVWLRQVDERXW\RXUUHVSLUDWRU\WUHDWPHQW

3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXWKHVHGD\V

,JHWHPEDUUDVVHGXVLQJP\PHGLFDWLRQLQSXEOLF
 7UXH
 )DOVH
6*54
7KHVHDUHTXHVWLRQVDERXW\RXUUHVSLUDWRU\WUHDWPHQW

3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXWKHVHGD\V

,KDYHXQSOHDVDQWVLGHHIIHFWVIURPP\PHGLFDWLRQ
 7UXH
 )DOVH


&OLQLFDO6WXG\3URWRFRO$SSHQGL['
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
9HUVLRQ
'DWH0DUFK


Screen 
Title 
Question Text 
Response Values 
6*54
7KHVHDUHTXHVWLRQVDERXW\RXUUHVSLUDWRU\WUHDWPHQW

3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXWKHVHGD\V

0\PHGLFDWLRQLQWHUIHUHVZLWKP\OLIHDORW
 7UXH
 )DOVH
6*54
6HFWLRQ
7KHVHDUHTXHVWLRQVDERXWKRZ\RXUDFWLYLWLHVPLJKWEHDIIHFWHG
E\\RXUUHVSLUDWRU\SUREOHPV

6*54
3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXEHFDXVHRI\RXU
UHVSLUDWRU\SUREOHPV

,WDNHDORQJWLPHWRJHWZDVKHGRUGUHVVHG
 7UXH
 )DOVH
6*54
3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXEHFDXVHRI\RXU
UHVSLUDWRU\SUREOHPV

,FDQQRWWDNHDEDWKRUVKRZHURU,WDNHDORQJWLPHWRGRLW
 7UXH
 )DOVH
6*54
3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXEHFDXVHRI\RXU
UHVSLUDWRU\SUREOHPV

,ZDONVORZHUWKDQRWKHUSHRSOHP\DJHRU,VWRSWRUHVW
 7UXH
 )DOVH
6*54
3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXEHFDXVHRI\RXU
UHVSLUDWRU\SUREOHPV

-REVVXFKDVKRXVHKROGFKRUHVWDNHDORQJWLPHRU,KDYHWRVWRSWR
UHVW
 7UXH
 )DOVH
6*54
3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXEHFDXVHRI\RXU
UHVSLUDWRU\SUREOHPV

,I,ZDONXSRQHIOLJKWRIVWDLUV,KDYHWRJRVORZO\RUVWRS
 7UXH
 )DOVH
6*54
3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXEHFDXVHRI\RXU
UHVSLUDWRU\SUREOHPV

,I,KXUU\RUZDONIDVW,KDYHWRVWRSRUVORZGRZQ
 7UXH
 )DOVH
6*54
3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXEHFDXVHRI\RXU
UHVSLUDWRU\SUREOHPV

0\EUHDWKLQJPDNHVLWGLIILFXOWWRGRWKLQJVVXFKDVZDONXSKLOOV
FDUU\LQJWKLQJVXSVWDLUVOLJKWJDUGHQLQJVXFKDVZHHGLQJGDQFH
ERZORUSOD\JROI
 7UXH
 )DOVH
6*54
3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXEHFDXVHRI\RXU
UHVSLUDWRU\SUREOHPV

0\EUHDWKLQJPDNHVLWGLIILFXOWWRGRWKLQJVVXFKDVFDUU\KHDY\
ORDGVGLJLQWKHJDUGHQRUVKRYHOVQRZMRJRUZDONEULVNO\PLOHV
SHUKRXUSOD\WHQQLVRUVZLP
 7UXH
 )DOVH


&OLQLFDO6WXG\3URWRFRO$SSHQGL['
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
9HUVLRQ
'DWH0DUFK


Screen 
Title 
Question Text 
Response Values 
6*54
3OHDVHVHOHFWWKHUHVSRQVHWKDWDSSOLHVWR\RXEHFDXVHRI\RXU
UHVSLUDWRU\SUREOHPV

0\EUHDWKLQJPDNHVLWGLIILFXOWWRGRWKLQJVVXFKDVYHU\KHDY\
PDQXDOZRUNULGHDELNHUXQVZLPIDVWRUSOD\FRPSHWLWLYHVSRUWV
 7UXH
 )DOVH
6*54
6HFWLRQ
:HZRXOGOLNHWRNQRZKRZ\RXUUHVSLUDWRU\SUREOHPVXVXDOO\
DIIHFW\RXUGDLO\OLIH

6*54
3OHDVHVHOHFWWKHUHVSRQVHWKDWXVXDOO\DSSOLHVWR\RXEHFDXVHRI
\RXUUHVSLUDWRU\SUREOHPV

,FDQQRWSOD\VSRUWVRUGRRWKHUSK\VLFDODFWLYLWLHV
 7UXH
 )DOVH
6*54
3OHDVHVHOHFWWKHUHVSRQVHWKDWXVXDOO\DSSOLHVWR\RXEHFDXVHRI
\RXUUHVSLUDWRU\SUREOHPV

,FDQQRWJRRXWIRUHQWHUWDLQPHQWRUUHFUHDWLRQ
 7UXH
 )DOVH
6*54
3OHDVHVHOHFWWKHUHVSRQVHWKDWXVXDOO\DSSOLHVWR\RXEHFDXVHRI
\RXUUHVSLUDWRU\SUREOHPV

,FDQQRWJRRXWRIWKHKRXVHWRGRWKHVKRSSLQJ
 7UXH
 )DOVH
6*54
3OHDVHVHOHFWWKHUHVSRQVHWKDWXVXDOO\DSSOLHVWR\RXEHFDXVHRI
\RXUUHVSLUDWRU\SUREOHPV

,FDQQRWGRKRXVHKROGFKRUHV
 7UXH
 )DOVH
6*54
3OHDVHVHOHFWWKHUHVSRQVHWKDWXVXDOO\DSSOLHVWR\RXEHFDXVHRI
\RXUUHVSLUDWRU\SUREOHPV

,FDQQRWPRYHIDUIURPP\EHGRUFKDLU
 7UXH
 )DOVH
6*54
7KHUHLVDOLVWRQWKHIROORZLQJVFUHHQRIRWKHUDFWLYLWLHVWKDW
\RXUUHVSLUDWRU\SUREOHPVPD\SUHYHQW\RXIURPGRLQJ<RX
GRQRWKDYHWRFKHFNWKHVHWKH\DUHMXVWWRUHPLQG\RXRIZD\V
\RXUVKRUWQHVVRIEUHDWKPD\DIIHFW\RX
±
6*54
*RLQJIRUZDONVRUZDONLQJWKHGRJ
'RLQJDFWLYLWLHVRUFKRUHVDWKRPHRULQWKHJDUGHQ
6H[XDOLQWHUFRXUVH
*RLQJWRDSODFHRIZRUVKLSRUDSODFHRIHQWHUWDLQPHQW
*RLQJRXWLQEDGZHDWKHURULQWRVPRN\URRPV
9LVLWLQJIDPLO\RUIULHQGVRUSOD\LQJZLWKFKLOGUHQ
±


&OLQLFDO6WXG\3URWRFRO$SSHQGL['
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
9HUVLRQ
'DWH0DUFK


Screen 
Title 
Question Text 
Response Values 
6*54
3OHDVHVHOHFWWKHUHVSRQVHWKDW\RXWKLQNEHVWGHVFULEHVKRZ\RXU
UHVSLUDWRU\SUREOHPVDIIHFW\RX
 ,WGRHVQRWVWRSPH
IURPGRLQJDQ\WKLQJ,
ZRXOGOLNHWRGR
 ,WVWRSVPHIURP
GRLQJRQHRUWZR
WKLQJV,ZRXOGOLNHWR
GR
 ,WVWRSVPHIURP
GRLQJPRVWRIWKH
WKLQJV,ZRXOGOLNHWR
GR
 ,WVWRSVPHIURP
GRLQJHYHU\WKLQJ,
ZRXOGOLNHWRGR
6*54
7KDQN\RXIRUFRPSOHWLQJWKLVTXHVWLRQQDLUH
±
6*54
&RS\ULJKWUHVHUYHG3:-RQHV3K')5&33URIHVVRURI
5HVSLUDWRU\0HGLFLQH6W*HRUJH¶V8QLYHUVLW\RI/RQGRQ-HQQHU
:LQJ
&UDQPHU7HUUDFH/RQGRQ6:25(8.
±
6*54
6LWH
3DUWLFLSDQW&RGH

7KDQN\RX<RXKDYHSURYLGHGDOOUHTXLUHGUHVSRQVHV<RXFDQ
FKHFNDQGFKDQJH\RXUUHVSRQVHVE\VHOHFWLQJ%DFN

6HOHFW2.DQGWKHQ1H[WZKHQUHDG\WRVDYH\RXUUHVSRQVHV
1$






&OLQLFDO6WXG\3URWRFRO$SSHQGL[(
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
9HUVLRQ
'DWH0DUFK


$SSHQGL[(
&23'$66(660(177(67&$7




&OLQLFDO6WXG\3URWRFRO$SSHQGL[)
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
9HUVLRQ
'DWH0DUFK


$SSHQGL[)
(;$&7DQG(5670&23'
'HVFULSWLRQ
5HTXLUHG7H[W
7UDQVODWLRQ
7LWOH
(;$&7'DLO\'LDU\
(;$&7'DLO\'LDU\
''
'DLO\'LDU\
'DLO\'LDU\
4RI
4XHVWLRQ^`RI
4XHVWLRQ^`RI
,QVWUXFWLRQV
$V\RXDQVZHUWKHIROORZLQJTXHVWLRQVSOHDVHVHOHFWWKH
RSWLRQWKDWEHVWGHVFULEHV\RXUH[SHULHQFH
$V\RXDQVZHUWKHIROORZLQJTXHVWLRQVSOHDVHVHOHFW
WKHRSWLRQWKDWEHVWGHVFULEHV\RXUH[SHULHQFH
 

 'LG\RXUFKHVWIHHOFRQJHVWHGWRGD\"
'LG\RXUFKHVWIHHOFRQJHVWHGWRGD\"
 1RWDWDOO
1RWDWDOO
 6OLJKWO\
6OLJKWO\
 0RGHUDWHO\
0RGHUDWHO\
 6HYHUHO\
6HYHUHO\
 ([WUHPHO\
([WUHPHO\
 

 +RZRIWHQGLG\RXFRXJKWRGD\"
+RZRIWHQGLG\RXFRXJKWRGD\"
 1RWDWDOO
1RWDWDOO
 5DUHO\
5DUHO\
 2FFDVLRQDOO\
2FFDVLRQDOO\
 )UHTXHQWO\
)UHTXHQWO\
 $OPRVWFRQVWDQWO\
$OPRVWFRQVWDQWO\
 


+RZPXFKPXFXVSKOHJPGLG\RXEULQJXSZKHQ
FRXJKLQJWRGD\"
+RZPXFKPXFXVSKOHJPGLG\RXEULQJXSZKHQ
FRXJKLQJWRGD\"
 1RQHDWDOO
1RQHDWDOO
 $OLWWOH
$OLWWOH
 6RPH
6RPH
 $JUHDWGHDO
$JUHDWGHDO
 $YHU\JUHDWGHDO
$YHU\JUHDWGHDO
3URSULHWDU\DQG&RQILGHQWLDO

(;$&7(YLGHUD,QF$OOULJKWVUHVHUYHG


&OLQLFDO6WXG\3URWRFRO$SSHQGL[)
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
9HUVLRQ
'DWH0DUFK


 

 +RZGLIILFXOWZDVLWWREULQJXSPXFXVSKOHJPWRGD\"
+RZGLIILFXOWZDVLWWREULQJXSPXFXVSKOHJP
WRGD\"
 1RWDWDOO
1RWDWDOO
 6OLJKWO\
6OLJKWO\
 0RGHUDWHO\
0RGHUDWHO\
 4XLWHDELW
4XLWHDELW
 ([WUHPHO\
([WUHPHO\
 

 'LG\RXKDYHFKHVWGLVFRPIRUWWRGD\"
'LG\RXKDYHFKHVWGLVFRPIRUWWRGD\"
 1RWDWDOO
1RWDWDOO
 6OLJKW
6OLJKW
 0RGHUDWH
0RGHUDWH
 6HYHUH
6HYHUH
 ([WUHPH
([WUHPH
 

 'LG\RXUFKHVWIHHOWLJKWWRGD\"
'LG\RXUFKHVWIHHOWLJKWWRGD\"
 1RWDWDOO
1RWDWDOO
 6OLJKWO\
6OLJKWO\
 0RGHUDWHO\
0RGHUDWHO\
 6HYHUHO\
6HYHUHO\
 ([WUHPHO\
([WUHPHO\
 

 :HUH\RXEUHDWKOHVVWRGD\"
:HUH\RXEUHDWKOHVVWRGD\"
 1RWDWDOO
1RWDWDOO
 6OLJKWO\
6OLJKWO\
 0RGHUDWHO\
0RGHUDWHO\
 6HYHUHO\
6HYHUHO\
 ([WUHPHO\
([WUHPHO\
 

3URSULHWDU\DQG&RQILGHQWLDO
(;$&7(YLGHUD,QF$OOULJKWVUHVHUYHG


&OLQLFDO6WXG\3URWRFRO$SSHQGL[)
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
9HUVLRQ
'DWH0DUFK



 

 'HVFULEHKRZEUHDWKOHVV\RXZHUHWRGD\
'HVFULEHKRZEUHDWKOHVV\RXZHUHWRGD\
 8QDZDUHRIEUHDWKOHVVQHVV
8QDZDUHRIEUHDWKOHVVQHVV
 %UHDWKOHVVGXULQJVWUHQXRXVDFWLYLW\
%UHDWKOHVVGXULQJVWUHQXRXVDFWLYLW\
 %UHDWKOHVVGXULQJOLJKWDFWLYLW\
%UHDWKOHVVGXULQJOLJKWDFWLYLW\
 %UHDWKOHVVZKHQZDVKLQJRUGUHVVLQJ
%UHDWKOHVVZKHQZDVKLQJRUGUHVVLQJ
 3UHVHQWZKHQUHVWLQJ
3UHVHQWZKHQUHVWLQJ
 


:HUH\RXVKRUWRIEUHDWKWRGD\ZKHQSHUIRUPLQJ\RXU
XVXDOSHUVRQDOFDUHDFWLYLWLHVOLNHZDVKLQJRUGUHVVLQJ"
:HUH\RXVKRUWRIEUHDWKWRGD\ZKHQSHUIRUPLQJ\RXU
XVXDOSHUVRQDOFDUHDFWLYLWLHVOLNHZDVKLQJRUGUHVVLQJ"
 1RWDWDOO
1RWDWDOO
 6OLJKWO\
6OLJKWO\
 0RGHUDWHO\
0RGHUDWHO\
 6HYHUHO\
6HYHUHO\
 ([WUHPHO\
([WUHPHO\
 7RREUHDWKOHVVWRGRWKHVH
7RREUHDWKOHVVWRGRWKHVH
 


:HUH\RXVKRUWRIEUHDWKWRGD\ZKHQSHUIRUPLQJ\RXU
XVXDOLQGRRUDFWLYLWLHVOLNHFOHDQLQJRUKRXVHKROGZRUN"
:HUH\RXVKRUWRIEUHDWKWRGD\ZKHQSHUIRUPLQJ\RXU
XVXDOLQGRRUDFWLYLWLHVOLNHFOHDQLQJRUKRXVHKROG
ZRUN"
 1RWDWDOO
1RWDWDOO
 6OLJKWO\
6OLJKWO\
 0RGHUDWHO\
0RGHUDWHO\
 6HYHUHO\
6HYHUHO\
 ([WUHPHO\
([WUHPHO\
 7RREUHDWKOHVVWRGRWKHVH
7RREUHDWKOHVVWRGRWKHVH
 

 

3URSULHWDU\DQG&RQILGHQWLDO
(;$&7(YLGHUD,QF$OOULJKWVUHVHUYHG


&OLQLFDO6WXG\3URWRFRO$SSHQGL[)
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
9HUVLRQ
'DWH0DUFK



 


:HUH\RXVKRUWRIEUHDWKWRGD\ZKHQSHUIRUPLQJ\RXU
XVXDODFWLYLWLHVRXWVLGHWKHKRPHVXFKDV\DUGZRUNRU
HUUDQGV"
:HUH\RXVKRUWRIEUHDWKWRGD\ZKHQSHUIRUPLQJ\RXU
XVXDODFWLYLWLHVRXWVLGHWKHKRPHVXFKDV\DUGZRUNRU
HUUDQGV"
 1RWDWDOO
1RWDWDOO
 6OLJKWO\
6OLJKWO\
 0RGHUDWHO\
0RGHUDWHO\
 6HYHUHO\
6HYHUHO\
 ([WUHPHO\
([WUHPHO\
 7RREUHDWKOHVVWRGRWKHVH
7RREUHDWKOHVVWRGRWKHVH
 

 :HUH\RXWLUHGRUZHDNWRGD\"
:HUH\RXWLUHGRUZHDNWRGD\"
 1RWDWDOO
1RWDWDOO
 6OLJKWO\
6OLJKWO\
 0RGHUDWHO\
0RGHUDWHO\
 6HYHUHO\
6HYHUHO\
 ([WUHPHO\
([WUHPHO\
 

 /DVWQLJKWZDV\RXUVOHHSGLVWXUEHG"
/DVWQLJKWZDV\RXUVOHHSGLVWXUEHG"
 1RWDWDOO
1RWDWDOO
 6OLJKWO\
6OLJKWO\
 0RGHUDWHO\
0RGHUDWHO\
 6HYHUHO\
6HYHUHO\
 ([WUHPHO\
([WUHPHO\
 

 

3URSULHWDU\DQG&RQILGHQWLDO
(;$&7(YLGHUD,QF$OOULJKWVUHVHUYHG




&OLQLFDO6WXG\3URWRFRO$SSHQGL[)
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
9HUVLRQ
'DWH0DUFK


 


+RZVFDUHGRUZRUULHGZHUH\RXDERXW\RXUOXQJ
SUREOHPVWRGD\"
+RZVFDUHGRUZRUULHGZHUH\RXDERXW\RXUOXQJ
SUREOHPVWRGD\"
 1RWDWDOO
1RWDWDOO
 6OLJKWO\
6OLJKWO\
 0RGHUDWHO\
0RGHUDWHO\
 6HYHUHO\
6HYHUHO\
 ([WUHPHO\
([WUHPHO\
&RS\ULJKW (;$&7(YLGHUD,QF$OOULJKWVUHVHUYHG
(;$&7(YLGHUD,QF$OOULJKWVUHVHUYHG

7UDLQLQJ0DWHULDO
5HFRPPHQGHG7H[W
7UDQVODWLRQLIDYDLODEOH
6WDQGDUGL]HGLQVWUXFWLRQJLYHQWRSDWLHQWV
ZLWK3'$WUDLQLQJDQGZLWKWDNHKRPH
LQVWUXFWLRQPDQXDO
3OHDVHFRPSOHWH\RXUGLDU\HYHU\
HYHQLQJMXVWEHIRUH\RXJRWREHG
3OHDVHFRPSOHWH\RXUGLDU\HYHU\
HYHQLQJMXVWEHIRUH\RXJRWREHG
3URSULHWDU\DQG&RQILGHQWLDO
(;$&7(YLGHUD,QF$OOULJKWVUHVHUYHG





&OLQLFDO6WXG\3URWRFRO$SSHQGL[*
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
9HUVLRQ
'DWH0DUFK


$SSHQGL[*
1LJKWWLPHDQG(DUO\0RUQLQJ6\PSWRPV1L6&,DQG
(06&,
&&,


&OLQLFDO6WXG\3URWRFRO$SSHQGL[*
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
9HUVLRQ
'DWH0DUFK



&&,


&OLQLFDO6WXG\3URWRFRO$SSHQGL[*
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
9HUVLRQ
'DWH0DUFK



&&,


&OLQLFDO6WXG\3URWRFRO$SSHQGL[*
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
9HUVLRQ
'DWH0DUFK



&&,


&OLQLFDO6WXG\3URWRFRO$SSHQGL[*
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
9HUVLRQ
'DWH0DUFK



&&,


&OLQLFDO6WXG\3URWRFRO$SSHQGL[+
'UXJ6XEVWDQFH$FOLGLQLXP%URPLGH)RUPRWHURO)XPDUDWH
6WXG\&RGH'&
9HUVLRQ
'DWH0DUFK


$SSHQGL[+
'HYLFH3UHIHUHQFHDQGZLOOLQJQHVVWRFRQWLQXHTXHVWLRQQDLUH








&OLQLFDO6WXG\3URWRFRO$GGHQGXP

'UXJ6XEVWDQFH
$FOLGLQLXPEURPLGH
)RUPRWHURO)XPDUDWH

6WXG\&RGH
'&

$GGHQGXP9HUVLRQ 

'DWH
0DUFK



$GGHQGXP
$ZHHNWUHDWPHQWPXOWLFHQWHUUDQGRPL]HGGRXEOHEOLQGHGGRXEOH
GXPP\SDUDOOHOJURXSFOLQLFDOWULDOHYDOXDWLQJWKHHIILFDF\DQGVDIHW\RI
DFOLGLQLXPEURPLGHȝJIRUPRWHUROIXPDUDWHȝJIL[HGGRVH
FRPELQDWLRQ%,'FRPSDUHGZLWKHDFKPRQRWKHUDS\DFOLGLQLXPEURPLGH
ȝJ%,'DQGIRUPRWHUROIXPDUDWHȝJ%,'DQGWLRWURSLXPȝJ4'
ZKHQDGPLQLVWHUHGWRSDWLHQWVZLWKVWDEOHFKURQLFREVWUXFWLYHSXOPRQDU\
GLVHDVH

6SRQVRU$VWUD=HQHFD$%6|GHUWlOMH6ZHGHQ


33'
33'
33'
33'
33'
33'
33'
33'

SAP_001.pdf: 
^W͗ϲϱϳϭϬϬϬϬϭ
&RQILGHQWLDO3URSULHWDU\,QIRUPDWLRQ
x 3URWRFROQXPEHU'&
x 'RFXPHQWWLWOH$ZHHNWUHDWPHQWPXOWLFHQWHUUDQGRPL]HGGRXEOH
EOLQGHGGRXEOHGXPP\SDUDOOHOJURXSFOLQLFDOWULDOHYDOXDWLQJWKHHIILFDF\
DQGVDIHW\RIDFOLGLQLXPEURPLGHȝJIRUPRWHUROIXPDUDWHȝJIL[HG
GRVHFRPELQDWLRQ%,'FRPSDUHGZLWKHDFKPRQRWKHUDS\DFOLGLQLXP
EURPLGHȝJ%,'DQGIRUPRWHUROIXPDUDWHȝJ%,'DQGWLRWURSLXP
ȝJ4'ZKHQDGPLQLVWHUHGWRSDWLHQWVZLWKVWDEOHFKURQLFREVWUXFWLYH
SXOPRQDU\GLVHDVH
x 9HUVLRQQXPEHU
x 'DWHRIWKHGRFXPHQW-XO\
x 1&7QXPEHU1&7







6WDWLVWLFDO$QDO\VLV3ODQ

6WXG\&RGH
'&

(GLWLRQ1XPEHU


'DWH
-XO\






$ZHHNWUHDWPHQWPXOWLFHQWHUUDQGRPL]HGGRXEOHEOLQGHGGRXEOH
GXPP\SDUDOOHOJURXSFOLQLFDOWULDOHYDOXDWLQJWKHHIILFDF\DQGVDIHW\RI
DFOLGLQLXPEURPLGHȝJIRUPRWHUROIXPDUDWHȝJIL[HGGRVH
FRPELQDWLRQ%,'FRPSDUHGZLWKHDFKPRQRWKHUDS\DFOLGLQLXPEURPLGH
ȝJ%,'DQGIRUPRWHUROIXPDUDWHȝJ%,'DQGWLRWURSLXPȝJ4'
ZKHQDGPLQLVWHUHGWRSDWLHQWVZLWKVWDEOHFKURQLFREVWUXFWLYHSXOPRQDU\
GLVHDVH








33'
33'


33'
33'


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

7$%/(2)&217(176
>/^dK&Zs/d/KE^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲ
DEDEd,/^dKZz͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴ
ϭ͘
^dhzd/>^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵ
ϭ͘ϭ
^ƚƵĚǇŽďũĞĐƚŝǀĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵ
ϭ͘Ϯ
^ƚƵĚǇĚĞƐŝŐŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵ
ϭ͘ϯ
&ůŽǁĐŚĂƌƚŽĨƉƌŽĐĞĚƵƌĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬ
ϭ͘ϰ
EƵŵďĞƌŽĨƐƵďũĞĐƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϯ
Ϯ͘
E>z^/^^d^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϰ
Ϯ͘ϭ
ĞĨŝŶŝƚŝŽŶŽĨĂŶĂůǇƐŝƐƐĞƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϰ
Ϯ͘Ϯ
sŝŽůĂƚŝŽŶƐĂŶĚĚĞǀŝĂƚŝŽŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱ

6800$5<2)9$5,$%/(6$1'&203$5,6216͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϴ
ϯ͘ϭ
ŽͲƉƌŝŵĂƌǇĞĨĨŝĐĂĐǇǀĂƌŝĂďůĞƐĨŽƌh^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϴ
ϯ͘Ϯ
^ĞĐŽŶĚĂƌǇĞĨĨŝĐĂĐǇǀĂƌŝĂďůĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϴ
ϯ͘ϯ
WƌŝŵĂƌǇĞĨĨŝĐĂĐǇǀĂƌŝĂďůĞĨŽƌŵĂƌŬĞƚĂĐĐĞƐƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϴ
ϯ͘ϰ
WƌĞͲƐƉĞĐŝĨŝĞĚ^ĞƋƵĞŶĐĞŽĨdĞƐƚŝŶŐĨŽƌDƵůƚŝƉůŝĐŝƚǇĚũƵƐƚŵĞŶƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϵ
ϯ͘ϱ
ĚĚŝƚŝŽŶĂůĞĨĨŝĐĂĐǇǀĂƌŝĂďůĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϵ
ϯ͘ϲ
ĞǀŝĐĞƉƌĞĨĞƌĞŶĐĞĂŶĚǁŝůůŝŶŐŶĞƐƐƚŽĐŽŶƚŝŶƵĞƋƵĞƐƚŝŽŶŶĂŝƌĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϵ
ϯ͘ϳ
^ĂĨĞƚǇsĂƌŝĂďůĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϬ
ϰ͘
E>z^/^Dd,K^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϬ
ϰ͘ϭ
'ĞŶĞƌĂůƉƌŝŶĐŝƉůĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϬ
ϰ͘Ϯ
WĂƚŝĞŶƚĚŝƐƉŽƐŝƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϬ
ϰ͘ϯ
ĞŵŽŐƌĂƉŚŝĐƐĂŶĚŽƚŚĞƌďĂƐĞůŝŶĞ;ƐĐƌĞĞŶŝŶŐͿĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϭ
ϰ͘ϰ
ŶĂůǇƐŝƐŽĨ^ƚƵĚǇDĞĚŝĐĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϯ
ϰ͘ϰ͘ϭ
ǆƉŽƐƵƌĞƚŽƐƚƵĚǇŵĞĚŝĐĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϯ
ϰ͘ϰ͘Ϯ
ŽŵƉůŝĂŶĐĞǁŝƚŚƐƚƵĚǇŵĞĚŝĐĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϯ
ϰ͘ϱ
ŶĂůǇƐĞƐŽĨƉƌŝŽƌĂŶĚĐŽŶĐŽŵŝƚĂŶƚŵĞĚŝĐĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϱ
ϰ͘ϱ͘ϭ
WƌŝŽƌŵĞĚŝĐĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϱ
ϰ͘ϱ͘Ϯ
ŽŶĐŽŵŝƚĂŶƚŵĞĚŝĐĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϱ
ϰ͘ϱ͘ϯ
^ĞŶƐŝƚŝǀŝƚǇĂŶĂůǇƐŝƐŽĨĐŽŶĐŽŵŝƚĂŶƚŵĞĚŝĐĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϲ
ϰ͘ϲ
ŶĂůǇƐŝƐŽĨĐŽͲƉƌŝŵĂƌǇǀĂƌŝĂďůĞƐĨŽƌh^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϲ
ϰ͘ϲ͘ϭ
,ǇƉŽƚŚĞƐŝƐƚĞƐƚŝŶŐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϲ
ϰ͘ϳ
ŶĂůǇƐŝƐŽĨƐĞĐŽŶĚĂƌǇǀĂƌŝĂďůĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϴ
ϰ͘ϳ͘ϭ
,ǇƉŽƚŚĞƐŝƐƚĞƐƚŝŶŐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϴ
ϰ͘ϴ
^ĞŶƐŝƚŝǀŝƚǇĂŶĂůǇƐŝƐĨŽƌĐŽͲƉƌŝŵĂƌǇĂŶĚƐĞĐŽŶĚĂƌǇǀĂƌŝĂďůĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϵ
ϰ͘ϵ
WƌŝŵĂƌǇĞĨĨŝĐĂĐǇǀĂƌŝĂďůĞĨŽƌŵĂƌŬĞƚĂĐĐĞƐƐ;ŶŽŶͲŝŶĨĞƌŝŽƌŝƚǇͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϬ
ϰ͘ϵ͘ϭ
,ǇƉŽƚŚĞƐŝƐƚĞƐƚŝŶŐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϬ
ϰ͘ϭϬ
ŶĂůǇƐŝƐŽĨĂĚĚŝƚŝŽŶĂůĞĨĨŝĐĂĐǇǀĂƌŝĂďůĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϭ
ϰ͘ϭϬ͘ϭ
WƵůŵŽŶĂƌǇ&ƵŶĐƚŝŽŶdĞƐƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϭ
ϰ͘ϭϬ͘Ϯ
^ǇŵƉƚŽŵƐĂŶĚ,ĞĂůƚŚͲƌĞůĂƚĞĚYƵĂůŝƚǇŽĨ>ŝĨĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϯ
ϰ͘ϭϬ͘ϯ
KWǆĂĐĞƌďĂƚŝŽŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϰ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

ϰ͘ϭϬ͘ϰ
^ĞŶƐŝƚŝǀŝƚǇĂŶĂůǇƐŝƐŽĨKWĞǆĂĐĞƌďĂƚŝŽŶƐ;,ZhΘydͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϲ
ϰ͘ϭϬ͘ϱ
ĂŝůǇKW^ǇŵƉƚŽŵƐ;ͲZ^Ϳ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϲ
ϰ͘ϭϬ͘ϲ
hƐĞŽĨƌĞůŝĞĨŵĞĚŝĐĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϴ
ϰ͘ϭϬ͘ϳ
EŝŐŚƚͲƚŝŵĞĂŶĚĂƌůǇDŽƌŶŝŶŐ^ǇŵƉƚŽŵƐ;Eŝ^/ΘD^/Ϳ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϴ
ϰ͘ϭϭ
ĞǀŝĐĞƉƌĞĨĞƌĞŶĐĞĂŶĚǁŝůůŝŶŐŶĞƐƐƚŽĐŽŶƚŝŶƵĞƋƵĞƐƚŝŽŶŶĂŝƌĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϭ
ϰ͘ϭϮ
^ƵďŐƌŽƵƉĂŶĂůǇƐŝƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϭ
ϰ͘ϭϯ
ŶĂůǇƐŝƐŽĨƐĂĨĞƚǇĂŶĚƚŽůĞƌĂďŝůŝƚǇǀĂƌŝĂďůĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϭ
ϰ͘ϭϯ͘ϭ
ĚǀĞƌƐĞĞǀĞŶƚƐ;ƐͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϭ
ϰ͘ϭϯ͘Ϯ
^ĞŶƐŝƚŝǀŝƚǇĂŶĂůǇƐŝƐŽĨ^Ɛ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϮ
ϰ͘ϭϯ͘ϯ
ĂƌĚŝĂĐΘĐĞƌĞďƌŽǀĂƐĐƵůĂƌĚŝƐŽƌĚĞƌƐ͕D͕ĂŶƚŝĐŚŽůŝŶĞƌŐŝĐΘƉŶĞƵŵŽŶŝĂĞǀĞŶƚƐ͘͘͘͘͘͘ϰϮ
ϰ͘ϭϯ͘ϰ
ůŝŶŝĐĂůůĂďŽƌĂƚŽƌǇƉĂƌĂŵĞƚĞƌƐ͗ŚĂĞŵĂƚŽůŽŐǇ͕ďŝŽĐŚĞŵŝƐƚƌǇ͕ĂŶĚƉƌĞŐŶĂŶĐǇƚĞƐƚ͘͘͘͘͘͘͘͘ϰϱ
ϰ͘ϭϯ͘ϱ
,Ǉ͛Ɛ>Ăǁ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϳ
ϰ͘ϭϯ͘ϲ
ůŽŽĚƉƌĞƐƐƵƌĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϳ
ϰ͘ϭϯ͘ϳ
ϭϮͲůĞĂĚ'͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϴ
ϰ͘ϭϰ
ĂƚĂ,ĂŶĚůŝŶŐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϬ
ϰ͘ϭϰ͘ϭ
/ŵƉƵƚĂƚŝŽŶŽĨŵŝƐƐŝŶŐĚĂƚĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϬ
ϰ͘ϭϰ͘ϭ͘ϭ
WƵůŵŽŶĂƌǇĨƵŶĐƚŝŽŶƚĞƐƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϬ
ϰ͘ϭϰ͘ϭ͘Ϯ
^ŝŐŶƐĂŶĚ^ǇŵƉƚŽŵƐĂŶĚ,ĞĂůƚŚͲƌĞůĂƚĞĚYƵĂůŝƚǇŽĨ>ŝĨĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϬ
ϰ͘ϭϰ͘ϭ͘ϯ
/ŵƉƵƚĂƚŝŽŶĨŽƌKWĞǆĂĐĞƌďĂƚŝŽŶƐ;,ZhĂŶĚydͿĚĂƚĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϬ
ϰ͘ϭϰ͘ϭ͘ϰ
ĂŝůǇKWƐǇŵƉƚŽŵƐ;ͲZ^ͿĂŶĚƵƐĞŽĨƌĞůŝĞĨŵĞĚŝĐĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϬ
ϰ͘ϭϰ͘ϭ͘ϱ
EŝŐŚƚͲƚŝŵĞĂŶĚĂƌůǇDŽƌŶŝŶŐ^ǇŵƉƚŽŵƐ;Eŝ^/ΘD^/Ϳ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϬ
ϰ͘ϭϰ͘ϭ͘ϲ
/ŵƉƵƚĂƚŝŽŶĨŽƌ^ĂĨĞƚǇĂŶĚƚŽůĞƌĂďŝůŝƚǇǀĂƌŝĂďůĞƐĂŶĚĚĂƚĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϬ
ϰ͘ϭϰ͘ϭ͘ϳ
/ŵƉƵƚĂƚŝŽŶĨŽƌĚĂƚĞƐĨŽƌƉƌŝŽƌĂŶĚĐŽŶĐŽŵŝƚĂŶƚŵĞĚŝĐĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϮ
ϰ͘ϭϰ͘Ϯ
ŽŵƉƵƚĂƚŝŽŶŽĨĚĞƌŝǀĞĚǀĂƌŝĂďůĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϯ
ϰ͘ϭϰ͘Ϯ͘ϭ
ĞƐƚƚĞƐƚƌĞǀŝĞǁ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϯ
ϰ͘ϭϰ͘Ϯ͘Ϯ
WĂƚŝĞŶƚƐƌĂŶĚŽŵŝǌĞĚŝŶŵŽƌĞƚŚĂŶŽŶĞƐŝƚĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϯ
ϰ͘ϭϰ͘Ϯ͘ϯ
ZĞƉĞĂƚĞĚĂŶĚƵŶƐĐŚĞĚƵůĞĚĂƐƐĞƐƐŵĞŶƚƐĨŽƌĞĨĨŝĐĂĐǇ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϯ
ϰ͘ϭϰ͘Ϯ͘ϰ
KWǆĂĐĞƌďĂƚŝŽŶƐďĂƐĞĚŽŶ,ĞĂůƚŚĂƌĞZĞƐŽƵƌĐĞhƚŝůŝƐĂƚŝŽŶ;,ZhͿĚĞĨŝŶŝƚŝŽŶ͘ϱϯ
ϰ͘ϭϰ͘Ϯ͘ϱ
ZĞƉĞĂƚĞĚŽƌƵŶƐĐŚĞĚƵůĞĚĂƐƐĞƐƐŵĞŶƚƐŽĨƐĂĨĞƚǇƉĂƌĂŵĞƚĞƌƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϰ
ϰ͘ϭϰ͘Ϯ͘ϲ
^ĞůĞĐƚŝŽŶŽĨƌĞƉĞĂƚĞĚƋƵĞƐƚŝŽŶŶĂŝƌĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϱ
ϱ͘
/EdZ/DE>z^/^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϱ
ϲ͘
,E'^K&E>z^/^&ZKDWZKdKK>͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϱ
ϳ͘
Z&ZE^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϲ
ϴ͘
WWE/y^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϳ

$SSHQGL[6WDWLVWLFDOPRGHOIRUWURXJK)(9͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϳ

$SSHQGL[6W*HRUJH¶VUHVSLUDWRU\TXHVWLRQQDLUH6*54͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϵ

$SSHQGL[&23'$VVHVVPHQW7HVW&$7͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϰ

$SSHQGL[(;$&7DQGUDZVFRUHDVVLJQPHQW͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϱ

$SSHQGL[$QQRWDWHG(56IRU5DZ6FRUH$VVLJQPHQW͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϭ

$SSHQGL[1LJKWWLPHDQG(DUO\0RUQLQJ6\PSWRPV1L6&,DQG
(06&,͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϯ

$SSHQGL['HYLFH3UHIHUHQFHDQGZLOOLQJQHVVWRFRQWLQXH
TXHVWLRQQDLUH͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϴ

,1'(;2)7$%/(V),*85(V$1'/,67,1*V͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϵ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

/,672)$%%5(9,$7,216
$EEUHYLDWLRQRU
VSHFLDOWHUP
([SODQDWLRQ
$%

$FOLGLQLXPEURPLGH
$%)) )L[HGGRVHFRPELQDWLRQRIDFOLGLQLXPEURPLGHJDQG)RUPRWHURO
$(

$GYHUVHHYHQW
$/7

$ODQLQHDPLQRWUDQVIHUDVH
$/3

$ONDOLQHSKRVSKDWDVH
$1&29$
$QDO\VLVRIFRYDULDQFH
$67

$VSDUWDWHDPLQRWUDQVIHUDVH
$7&

$QDWRPLFDOWKHUDSHXWLFFKHPLFDO
$8&

$UHDXQGHUWKHFXUYH
%,'

%LVLQ'LHWZLFHDGD\
%'50
%OLQGGDWDUHYLHZPHHWLQJ
%0,

%RG\PDVVLQGH[
%30

%HDWVSHUPLQXWH
%75

%HVWWHVWUHYLHZ
&$7

&23'$VVHVVPHQW7HVW
&,

&RQILGHQFH,QWHUYDO
&23'

&KURQLFREVWUXFWLYHSXOPRQDU\GLVHDVH
&5

&RS\UHIHUHQFH
&65

&OLQLFDOVWXG\UHSRUW
&9

&DUGLRYDVFXODU
&9$&

&DUGLRYDVFXODU$GMXGLFDWLRQ&RPPLWWHH
'%3

'LDVWROLFEORRGSUHVVXUH
',/,

'UXJLQGXFHGOLYHULQMXU\
(&*

(OHFWURFDUGLRJUDP
('&

(OHFWURQLFGDWDFDSWXUH
(06&,

(DUO\PRUQLQJV\PSWRPV
(15

([SDQGHGQRUPDOUDQJHV
(27

(QGRIWUHDWPHQW
(26

(QGRIVWXG\
(56

(;$&75HVSLUDWRU\V\PSWRPV
(8

7KH(XURSHDQ8QLRQ
(;$&7

([DFHUEDWLRQVRI&KURQLF3XOPRQDU\'LVHDVH7RRO
)(9

)RUFHGH[SLUDWRU\YROXPHLQRQHVHFRQG
))

)RUPRWHUROIXPDUDWH
)9&

)RUFHGYLWDOFDSDFLW\
+&58

+HDOWK&DUH5HVRXUFHV8WLOL]DWLRQ
+,9

+XPDQLPPXQRGHILFLHQF\YLUXV
+/

+\¶V/DZ
+/7

+LJK/HYHO7HUP
+5

+HDUWUDWH
,&)

,QIRUPHG&RQVHQW)RUP
,&6

,QKDOHGFRUWLFRVWHURLGV
,3

,QYHVWLJDWLRQDOSURGXFW
,77

,QWHQWLRQWRWUHDW
,956

,QWHUDFWLYH9RLFH5HVSRQVH6\VWHP
/$%$

/RQJDFWLQJȕDJRQLVW
/$0$

/RQJDFWLQJPXVFDULQLFDJHQW
/

/LWWHU
//1

/RZHUOLPLWRIQRUPDOLW\
/60HDQ

/HDVWVTXDUHPHDQ
0$&(

0DMRUDGYHUVHFDUGLDFHYHQW
0$5

0LVVLQJDWUDQGRP
0&,'

0LQLPDOFOLQLFDOO\LPSRUWDQWGLIIHUHQFH
0HG'5$

0HGLFDOGLFWLRQDU\IRUUHJXODWRU\DFWLYLWLHV


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

0,

0\RFDUGLDOLQIDUFWLRQ0XOWLSOHLPSXWDWLRQ
P/

0LOOLOLWUHV
0050

0L[HGPRGHOIRUUHSHDWHGPHDVXUHV
01$5

0LVVLQJQRWDWUDQGRP
PVHF

0LOOLVHFRQGV
0662

0DLQWHQDQFHDQG6XSSRUW6HUYLFHV2UJDQL]DWLRQ
1$

1RWDSSOLFDEOH
Q$8&

1RUPDOLVHGDUHDXQGHUWKHFXUYH
1L6&,

1LJKWWLPHV\PSWRPV
117

1XPEHUQHHGHGWRWUHDW
3&6

3RWHQWLDOO\FOLQLFDOO\VLJQLILFDQW
3'(

3KRVSKRGLHVWHUDVHV
3,'

3DWLHQWLGHQWLILHU
3)7

3XOPRQDU\IXQFWLRQWHVW
3+/

3RWHQWLDO+\¶V/DZ
33

3HUSURWRFRO
35LQWHUYDO 
'XUDWLRQLQPLOOLVHFRQGVEHWZHHQWZR5SHDNVRIWZRFRQVHFXWLYH456FRPSOH[HV
37

3UHIHUUHGWHUP
352

3DWLHQWUHSRUWHGRXWFRPH
456LQWHUYDO
'XUDWLRQLQPLOOLVHFRQGVRIWKH456FRPSOH[
47LQWHUYDO 
'XUDWLRQLQPLOOLVHFRQGVIURPWKHEHJLQQLQJRI4ZDYHWRWKHHQGRIWKH7ZDYH
47F%LQWHUYDO
47LQWHUYDOFRUUHFWHG%D]HWWIRUPXODH4755
47F)LQWHUYDO
47LQWHUYDOFRUUHFWHG)UHGHULFLDIRUPXODH4755
5(0/

5HVWULFWHGPD[LPXPOLNHOLKRRG
6$%$

6KRUWDFWLQJȕDJRQLVWDJHQW
6$0$

6KRUWDFWLQJLQKDOHGDQWLFKROLQHUJLFDJHQW
6$(

6HULRXVDGYHUVHHYHQW
6$3

6WDWLVWLFDODQDO\VLVSODQ
6%3

6\VWROLFEORRGSUHVVXUH
6'

6WDQGDUGGHYLDWLRQ
6(

6WDQGDUGHUURU
6*54

6W*HRUJH
V5HVSLUDWRU\4XHVWLRQQDLUH


604

6WDQGDUG0HG'5$4XHU\
62&

6\VWHPRUJDQFODVV
7%/

7RWDOELOLUXELQ
7($(

7UHDWPHQWHPHUJHQWDGYHUVHHYHQW
7(6$(

7UHDWPHQWHPHUJHQWVHULRXVDGYHUVHHYHQW
7,2

7LRWURSLXP
8.

7KH8QLWHG.LQJGRP
8/1

8SSHUOLPLWRIQRUPDOLW\
86

7KH8QLWHG6WDWHV
:+2

:RUOGKHDOWKRUJDQL]DWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

$0(1'0(17+,6725<
'DWH
%ULHIGHVFULSWLRQRIFKDQJH
'HFHPEHU
RULJLQDOGRF
1$
-XQH
7KHGRFXPHQWZDVDPHQGHGWRLQFOXGHWKHIROORZLQJXSGDWHV
x
$GGHGSURWRFROGHYLDWLRQWRH[FOXGHSDWLHQWVIURPWKH33
SRSXODWLRQZLWKRXWEDVHOLQH)(9YDOXHV
x
8SGDWHGWKHFRPSOLDQFHZLWKWKHVWXG\PHGLFDWLRQXVLQJWKH
GUXJDFFRXQWDELOLW\IRUPVHFWLRQDQG
x
3DWLHQWVGLVFRQWLQXLQJWKH,3EXWFRQWLQRXQLQJLQWKHVWXG\RQO\
KDYHVSLURPHWULHVDWVFKHGXOHGYLVLWVSUHGUXJDGPLQLVWUDWLRQ
7KHUHIRUHDQDO\VLVEDVHGRQ$8&FDQQRWEHGRQHLQFOXGLQJ
WKHVHQVLWLYLW\DQDO\VLVVSHFLILHGLQVHFWLRQ
x
8SGDWHGFDOFXODWLRQRQH[DFHUEDWLRQVLQFOXGLQJWKHFDOFXODWLRQ
RIWKHRIIVHWDQGWKHLPSXWDWLRQRIVWRSGDWHRI+&58DQG
(;$&7H[DFHUEDWLRQVVHFWLRQVDQG
x
8SGDWHGGDWDKDQGOLQJIRUPLVVLQJ&$7TXHVWLRQQDLUHYDOXHV
VHFWLRQ
x
0LQRULQFRQVLVWHQFLHVRUPLVWDNHVKDYHEHHQIL[HGLQWKLV
DPHQGPHQW
x
8SGDWHG³&KDQJHVRIDQDO\VLVIURPSURWRFRO´DVDSSURSLDWH




6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


678'<'(7$,/6

6WXG\REMHFWLYHV
3ULPDU\REMHFWLYHIRU86
7RDVVHVVWKHEURQFKRGLODWRU\HIIHFWRI$%))JFRPSDUHGWRHDFKLQGLYLGXDO
FRPSRQHQWZKHQDGPLQLVWHUHGWZLFHGDLO\YLDLQKDODWLRQWR&23'SDWLHQWV
3ULPDU\REMHFWLYHIRU0DUNHW$FFHVV
7RDVVHVVWKHQRQLQIHULRUEURQFKRGLODWLRQRI$%ȝJ%,'DVFRPSDUHGWR
WLRWURSLXP7,2ȝJ4'LQ&23'SDWLHQWV
6HFRQGDU\2EMHFWLYHV
7RIXUWKHUFKDUDFWHUL]HWKHHIIHFWRI$%))JRQEURQFKRGLODWLRQDQGKHDOWK
UHODWHGTXDOLW\RIOLIHFRPSDUHGWRLQGLYLGXDOFRPSRQHQWVZKHQDGPLQLVWHUHGWZLFH
GDLO\YLDLQKDODWLRQWR&23'SDWLHQWV
6DIHW\REMHFWLYHV
7RHYDOXDWHWKHVDIHW\DQGWROHUDELOLW\RI$%))JDVFRPSDUHGWRLQGLYLGXDO
FRPSRQHQWVLQ&23'SDWLHQWV
([SORUDWRU\REMHFWLYHV
7UHDWPHQWHIIHFWVDQGFRPSDULVRQVLQSULPDU\DQGVHFRQGDU\YDULDEOHVZLOOEHHYDOXDWHG
IRUWKHVXEJURXSRISDWLHQWVZKLFKDUHPRUHV\PSWRPDWLFDWVWXG\HQWU\VHH6HFWLRQ


6WXG\GHVLJQ
7KLVLVDZHHNWUHDWPHQWPXOWLFHQWHUUDQGRPL]HGGRXEOHEOLQGHGGRXEOHGXPP\
SDUDOOHOJURXSVWXG\
7DUJHWSRSXODWLRQVLVEDVHGRQFXUUHQWRUIRUPHUVPRNHUVDJHGV\PSWRPDWLF
&23'SDWLHQWV&$7VFRUHDWERWKVFUHHQLQJDQGUDQGRPL]DWLRQYLVLWZLWKVWDEOH
PRGHUDWHWRYHU\VHYHUHDLUIORZREVWUXFWLRQSRVWEURQFKRGLODWRUWHVW)(9)9&
DQG)(9RIWKHSUHGLFWHGQRUPDOYDOXHDW6FUHHQLQJ9LVLW
6WXG\GHVLJQ
)LJXUH
6WXG\IORZFKDUW
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
)ROORZ8S
&RQWDFW
aZHHNV
:HHN
:HHN
:HHN
:HHN :HHN :HHN :HHN
6FUHHQLQJ
5XQLQ
SHULRG
GD\V
7UHDWPHQW3KDVHZHHNV
)ROORZ8S

GD\V
$%))ȝJ%,'
$%ȝJ%,'
))ȝJ%,'
7,2J





 )ORZFKDUWRISURFHGXUHV
3HULRG
:DVKRXW
3HULRG
6FUHHQLQJ
3HULRG
7UHDWPHQW

)ROORZXS
FDOO
9LVLW
9LVLW
5HJLVWUDWLRQ
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
(27(2
69LVLW

:HHN
8SWR
8SWR








'D\
8SWR
8SWR








9LVLW:LQGRZ

GD\V

GD\V
GD\V
GD\V
GD\V
GD\V

GD\V
,QIRUPHGFRQVHQWIRUP
;









0HGLFDO6PRNLQJ
&23'DQG0HGLFDWLRQ
+LVWRU\
;
;








3K\VLFDOH[DPLQDWLRQ

;





;
;

%ORRGSUHVVXUHDQG
OHDG(&*

;
;
;
;
;
;
;
;

%URQFKRGLODWRUWHVW

;








'LVSHQVHZDVKRXW
PHGLFDWLRQ
;
;








,QFOXVLRQH[FOXVLRQ
FULWHULD
;
;
;







&OLQLFDOODERUDWRU\
WHVWLQJ

;





;
;

5DQGRPL]DWLRQ


;







6*54&$7

;&$7
;

;
;
;
;
;

'HYLFHSUHIHUHQFH







;
;

HGLDU\FRPSOHWLRQ

'DLO\VLQFH6FUHHQLQJ9LVLW9LVLW(;$&7LQWKHHYHQLQJDQG1L6&,DQG(06&,
LQWKHPRUQLQJ
;



6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

3HULRG
:DVKRXW
3HULRG
6FUHHQLQJ
3HULRG
7UHDWPHQW

)ROORZXS
FDOO
9LVLW
9LVLW
5HJLVWUDWLRQ
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
(27(2
69LVLW

:HHN
8SWR
8SWR








'D\
8SWR
8SWR








9LVLW:LQGRZ

GD\V

GD\V
GD\V
GD\V
GD\V
GD\V

GD\V
3UHGRVH3)7


;
;
;
;
;
;
;

3RVWGRVH3)7


;

;
;
;
;
;

7UDLQLQJRQLQKDOHUV


;
$VQHHGHG


'LVSHQVHUHOLHI
PHGLFDWLRQ
;
$VQHHGHG



$VVHVVVWXG\GUXJ
FRPSOLDQFH



;
;
;
;
;


'LVSHQVHVWXG\GUXJYLD
,956


;


;




3DSHU'LDU\

;
;
;
;
;
;
;
;
;
$GYHUVH(YHQWV&23'
H[DFHUEDWLRQV

;
;
;
;
;
;
;
;
;
3URKLELWHGFRQFRPLWDQW
PHGLFDWLRQV
;
;
;
;
;
;
;
;
;
;
6(5,$/63,520(75<68%678'<$GGLWLRQDO$VVHVVPHQWV
KRXU3)7


;




;


7LPHZLQGRZVIRUDOOYLVLWVDUHUHODWHGWRYLVLW
3DWLHQWVUHTXLULQJDZDVKRXWRISURKLELWHG&23'PHGLFDWLRQVZLOOVLJQWKH,&)EHDVVLJQHGD3DWLHQW,GHQWLILFDWLRQQXPEHUHQUROPHQWFRGHE\WKH,:56
V\VWHPDQGUHFHLYH$WURYHQWDQGUHOLHIPHGLFDWLRQDOEXWHUROVDOEXWDPRODW9LVLW9LVLWPD\RFFXUWKHVDPHGD\DV9LVLWLIWKHSDWLHQWGRHVQRW
UHTXLUHDZDVKRXW,QWKLVFDVHRQO\UHOLHIPHGLFDWLRQZLOOEHSURYLGHGWRWKHSDWLHQW


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

3HULRG
:DVKRXW
3HULRG
6FUHHQLQJ
3HULRG
7UHDWPHQW

)ROORZXS
FDOO
9LVLW
9LVLW
5HJLVWUDWLRQ
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
(27(2
69LVLW

:HHN
8SWR
8SWR








'D\
8SWR
8SWR








9LVLW:LQGRZ

GD\V

GD\V
GD\V
GD\V
GD\V
GD\V

GD\V
(27 (QGRI7UHDWPHQW(26 (QGRI6WXG\IRUSDWLHQWVZKRGLVFRQWLQXHIURPWKHWUHDWPHQWDQGIURPWKHVWXG\DWWKHVDPHWLPH3DWLHQWVZKRGLVFRQWLQXH
IURPWKHWUHDWPHQWSRVWIROORZXSSHULRGVKRXOGXQGHUJRDUHGXFH(26YLVLWWRFROOHFWWKHGLDULHV

+HLJKWDQGZHLJKWRQO\DW6FUHHQLQJ9LVLW
%ORRG3UHVVXUHDIWHUEHLQJVHDWHGIRUPLQXWHVDQGEHIRUHWKH(&*DVVHVVPHQWDQG(&*ZLOOEHSHUIRUPHGRQFHDW6FUHHQLQJ9LVLWWRGHWHUPLQH
SDWLHQWHOLJLELOLW\DQGRQFHLQFDVHRI(27YLVLW$WRWKHUYLVLWV(&*DQG%ORRG3UHVVXUHZLOOEHSHUIRUPHGSUHPRUQLQJGRVHEHIRUHWKHSDWLHQWH[HUWVDQ\
HIIRUWLQFOXGLQJ3)7VDQGKRXUVSRVWPRUQLQJGRVHDWYLVLWVDQG
2QHSUHEURQFKRGLODWRU3)7IROORZHGE\RQHSRVWEURQFKRGLODWRU3)7PLQXWHVDIWHUWKHLQKDODWLRQRISXIIVRIDOEXWHUROVDOEXWDPROWKURXJKDVSDFHU
GHYLFH$WWKH(27DQRSWLRQDO3)7FRXOGEHSHUIRUPHGLIUHTXLUHG
+HPDWRORJ\DQGELRFKHPLVWU\6HUXPSUHJQDQF\WHVWRQO\LQIHPDOHSDWLHQWVRIFKLOGEHDULQJSRWHQWLDO
$W6FUHHQLQJYLVLWRQO\WKH&$7TXHVWLRQQDLUHZLOOEHDGPLQLVWHUHGWRDVVHVVWKHIXOILOOPHQWRIWKHLQFOXVLRQFULWHULD$WRWKHUYLVLWV6*54DQG&$7
TXHVWLRQQDLUHVZLOOEHDGPLQLVWHUHGSULRUWRVWXG\GUXJDGPLQLVWUDWLRQ6W*HRUJH
V5HVSLUDWRU\4XHVWLRQQDLUH6*54ZLOOEHWKHILUVWTXHVWLRQQDLUHWREH
DGPLQLVWHUHG
3DWLHQWZLOOUHFRUGQXPEHURIGRVHVWDNHQRIUHOLHIPHGLFDWLRQRQFHGDLO\LQWKHHYHQLQJ,3LQWDNHZLOOEHUHFRUGHGLQWKHPRUQLQJDQGHYHQLQJ(;$&7
TXHVWLRQQDLUHZLOOEHFRPSOHWHGHYHU\HYHQLQJDQG1LJKWWLPHDQG(DUO\0RUQLQJ&23'V\PSWRPVTXHVWLRQQDLUHZLOOEHFRPSOHWHGHYHU\PRUQLQJ
7ZRSUH3)7VDSSUR[LPDWHO\WRPLQXWHVDSDUWERWKWREHFRPSOHWHGZLWKLQPLQXWHVSULRUWRWKHPRUQLQJGRVHRIVWXG\GUXJ
$W9LVLWPLQXWHVPLQXWHVPLQXWHVKRXUKRXUVDQGKRXUVSRVWVWXG\GUXJDGPLQLVWUDWLRQ
$W9LVLWVDQGKRXUSRVWVWXG\GUXJDGPLQLVWUDWLRQ
$W9LVLWVDQGPLQXWHVKRXUKRXUVDQGKRXUVSRVWVWXG\GUXJDGPLQLVWUDWLRQ
$W(27(26YLVLWKRXUSRVW&23'WUHDWPHQWDGPLQLVWUDWLRQ3DWLHQWZLOOUHFRUGLQWKHSDSHUGLDU\WKH$(VDQGQHZFRQFRPLWDQWPHGLFDWLRQGXULQJWKH
VWXG\
2QO\FRQFRPLWDQWPHGLFDWLRQUHODWHGWR$(VPXVWEHUHFRUGHGDWIROORZXSFRQWDFW
$GGLWLRQDO3)7VDW9LVLWDQGRQO\IRURISDWLHQWVZKRZLOOSDUWLFLSDWHLQWKHKRXUVHULDOVSLURPHWU\VXEVWXG\KKKKKSUH
HYHQLQJGRVHKKKKDQGKDIWHUWKHPRUQLQJGRVH6XEMHFWVSDUWLFLSDWLQJLQWKHVXEVWXG\ZKRFKRRVHWRGLVFRQWLQXHIURP
WUHDWPHQWZLOOQRWFRPSOHWHWKHKVSLURPHWU\DVVHVVPHQWVDWWKH(27YLVLW






6XEMHFWVZKRGLVFRQWLQXHVWXG\,3WUHDWPHQWSULRUWRZHHN9LVLWZLOOEH
HQFRXUDJHGWRUHPDLQLQWKHVWXG\WRXQGHUJRDOOVWXG\UHODWHGUHPDLQLQJYLVLWVIRUWKH
IXOOZHHNV¶SHULRG$OOSDWLHQWVZKRDJUHHWRFRQWLQXHVWXG\SDUWLFLSDWLRQEH\RQGWKH
,3WUHDWPHQWGLVFRQWLQXDWLRQZLOOFRPSOHWHDQ(QGRI7UHDWPHQW9LVLW(27,QWKLV
FDVHWKH,3DQGUHOLHIPHGLFDWLRQZLOOEHUHWXUQHGDWWKH(27YLVLWEXWWKHSDSHUGLDU\
DQGHOHFWURQLFGLDU\ZLOOEHUHGLVSHQVHGWREHXVHGGXULQJWKHSRVW,3IROORZXSDQG
WKHSUHVFULSWLRQRID&23'PHGLFDWLRQZLOOEHGRQH)URPWKH(27YLVLWRQWKHVH
SDWLHQWVZLOOVWDUWDSRVW,3GLVFRQWLQXDWLRQIROORZXSSHULRGDFFRUGLQJWRWKHSODQQHG
YLVLWVFKHGXOHLQFOXGLQJVSLURPHWU\DVVHVVPHQWVDQG6*54FRPSOHWLRQ3DWLHQWVZLOOEH
DOVRIROORZHGXSIRU&23'H[DFHUEDWLRQV6$(VDQGFRQFRPLWDQWPHGLFDWLRQDQGZLOO
EHUHTXHVWHGWRUHFRUGGDLO\WKH(;$&7TXHVWLRQQDLUHLQWKHHGLDU\6XEMHFWV
SDUWLFLSDWLQJLQWKHVXEVWXG\ZKRFKRRVHWRGLVFRQWLQXHIURP,3WUHDWPHQWZLOORQO\
FRPSOHWHUHJXODUVFKHGXOHGYLVLWVDQGQRWFRPSOHWHDQ\UHPDLQLQJVXEVWXG\
DVVHVVPHQWV
6PRNLQJVWDWXVDQGFRXQWU\ZDVXVHGDVDWUHDWPHQWDOORFDWLRQIDFWRUGXULQJWKH
UDQGRPL]DWLRQSURFHVV

1XPEHURIVXEMHFWV
$SSUR[LPDWHO\SDWLHQWVZLOOEHVFUHHQHGLQWKLVWULDOFRQVLGHULQJDQHVWLPDWHG
LQHOLJLELOLW\UDWHRIWRKDYHDQRYHUDOOVDPSOHVL]HRIUDQGRPL]HGSDWLHQWVWR
$%))J$%J))JDQG7,2JEDVHGRQDUDQGRPL]DWLRQ
UDWLRRIZKLFKFRUUHVSRQGVWRDQGSDWLHQWVSHUWUHDWPHQW
DUPUHVSHFWLYHO\
%DVHGRQK\SRWKHVHVGHULYHGIURPWKHHYLGHQFHVKRZQLQSUHYLRXV'XDNOLUFOLQLFDO
WULDOVWKLVVDPSOHVL]HZLOOSURYLGHDWOHDVWSRZHUWRGHWHFWDVWDWLVWLFDOO\
VLJQLILFDQWWUHDWPHQWGLIIHUHQFHRIP/EHWZHHQ$%))JDQG$%JLQ
FKDQJHIURPEDVHOLQHLQKRXUPRUQLQJSRVWGRVH)(9DWZHHNDQGP/
EHWZHHQ$%))JDQG))JLQFKDQJHIURPEDVHOLQHLQPRUQLQJSUHGRVH
WURXJK)(9DWZHHNDVVXPLQJDVWDQGDUGGHYLDWLRQ6'RIP/XVLQJWZR
VLGHGWHVWVDQGDGMXVWLQJIRUPXOWLSOHWHVWVDWRYHUDOOVLJQLILFDQFHOHYHO7KH
H[SHFWHGPLQLPXPVWDWLVWLFDOO\VLJQLILFDQWHIIHFWLVP/LQ)(97KLVVDPSOHVL]H
ZLOOSURYLGHHQRXJKSRZHUWRGHWHFWDVWDWLVWLFDOO\VLJQLILFDQWWUHDWPHQWGLIIHUHQFHRI
P/EHWZHHQ$%))JDQG$%JDQG))JLQFKDQJHIURP
EDVHOLQHLQQRUPDOL]HG$8&)(9DWZHHNDVVXPLQJD6'RIP/
7KHUHVSRQGHUDQDO\VLVRIWKH6W*HRUJH
V5HVSLUDWRU\4XHVWLRQQDLUH6*54WRWDO
VFRUHEDVHGRQDGHFUHDVHRIXQLWVIURPEDVHOLQHZLOOEHWHVWHGFRPSDULQJ$%))
JYHUVXVERWKPRQRWKHUDSLHV
$OOWHVWVZLOOEHSHUIRUPHGXVLQJWZRVLGHGWHVWVDWVLJQLILFDQFHOHYHO
)RUWKHPDUNHWDFFHVVWKLVVDPSOHVL]HZLOOKDYHSRZHUWRVKRZWKDWWKHORZHU
ERXQGRIWKHWZRVLGHGFRQILGHQFHLQWHUYDOIRUWKHGLIIHUHQFHEHWZHHQ$%J
DQG7,2ȝJLQFKDQJHIURPEDVHOLQHLQPRUQLQJSUHGRVHWURXJK)(9DWZHHN


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

LVDERYHP/QRQLQIHULRULW\OLPLWDVVXPLQJWKDWWKHH[SHFWHGGLIIHUHQFHLVP/
DQGD6'RIP/
3ULPDU\DQGVHFRQGDU\HIILFDF\YDULDEOHVWRDVVHVVWKHHIIHFWRIDFOLGQLXPIRUPRWHURO
YVHDFKLQGLYLGXDOPRQRFRPSRHQHQWDQG

6WHS 9DULDEOHDWZHHN
7UHDWPHQW&RPSDULVRQ
3ULPDU\
9DULDEOHV

&KDQJHIURPEDVHOLQHLQ
KRXUSRVWGRVH)(9
$%))ȝJYV$%ȝJ

&KDQJHIURPEDVHOLQHLQ
PRUQLQJSUHGRVH)(9
$%))ȝJYV))ȝJ
6HFRQGDU\9DULDEOHV

&KDQJHIURPEDVHOLQHLQ
Q$8&)(9
$%))ȝJYV$%ȝJ

&KDQJHIURPEDVHOLQHLQ
Q$8&)(9
$%))ȝJYV))ȝJ

5HVSRQGHUDQDO\VLVRI6*54
WRWDOVFRUH0&,'DGHFUHDVH
RIDWOHDVWXQLWVIURP
EDVHOLQH
$%))ȝJYV$%ȝJ

5HVSRQGHUDQDO\VLVRI6*54
WRWDOVFRUH0&,'DGHFUHDVH
RIDWOHDVWXQLWVIURP
EDVHOLQH
$%))ȝJYV))ȝJ
3ULPDU\HQGSRLQWWRDVVHVVWKHQRQLQIHULRULW\HIIHFWRIDFOLGLQLXPȝJYVWLRWURSLXP
ȝJLVDVIROORZ
&KDQJHIURPEDVHOLQHLQ
PRUQLQJSUHGRVH)(9DW
ZHHNLVDERYHP/
QRQLQIHULRULW\OLPLW
$%JYV7,2ȝJ

$1$/<6,66(76

'HILQLWLRQRIDQDO\VLVVHWV
'HPRJUDSKLFDQGRWKHUEDVHOLQHVFUHHQLQJFKDUDFWHULVWLFVZLOOEHDQDO\VHGXVLQJWKH
6DIHW\SRSXODWLRQ7KHDQDO\VLVRIDOOHIILFDF\YDULDEOHVH[FHSWIRUH[DFHUEDWLRQVZLOO
EHSHUIRUPHGRQWKH,77SRSXODWLRQ7KHDQDO\VLVRIH[DFHUEDWLRQVZLOOEHSHUIRUPHGRQ
WKH6DIHW\SRSXODWLRQ7KHQRQLQIHULRULW\DQDO\VLVZLOOEHSHUIRUPHGRQWKH3HU
3URWRFROSRSXODWLRQ$OOVDIHW\YDULDEOHVDQGRWKHUYDULDEOHVZLOOEHDQDO\VHGXVLQJWKH
6DIHW\SRSXODWLRQ




6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

6FUHHQLQJDQDO\VLVVHW
7KH6FUHHQHGSRSXODWLRQLVGHILQHGDVDOOVXEMHFWVZKRDWWHQGHGVFUHHQLQJYLVLWDQG
UHFHLYHGDVXEMHFWQXPEHU
5DQGRPLVHGDQDO\VLVVHW
7KHUDQGRPLVHGSRSXODWLRQLVGHILQHGDVDOOVXEMHFWVLQWKHVFUHHQHGSRSXODWLRQZKR
ZHUHUDQGRPLVHGWRDWUHDWPHQWJURXSLQWKHVWXG\
6DIHW\DQDO\VLVVHW
7KHVDIHW\SRSXODWLRQLVGHILQHGDVDOOUDQGRPLVHGSDWLHQWVZKRWRRNDWOHDVWRQHGRVHRI
,3
(IILFDF\DQDO\VLVVHW
7KH,QWHQWLRQWR7UHDW,77SRSXODWLRQLVGHILQHGDVDOOUDQGRPLVHGSDWLHQWVZKRWDNH
DWOHDVWRQHGRVHRI,3DQGKDYHDWOHDVWDEDVHOLQH)(9XQGHUWKH,77SULQFLSOHDQG
UHJDUGOHVVWKHDGKHUHQFHWRWKHUDQGRPLVHGWUHDWPHQW
7KH3HU3URWRFRO33SRSXODWLRQLVGHILQHGDVDVXEVHWRIWKH,77SRSXODWLRQFRQVLVWLQJ
RISDWLHQWVZKR
D
PHWDOOLQFOXVLRQH[FOXVLRQFULWHULDOLDEOHWRDIIHFWWKHHIILFDF\DVVHVVPHQW
E
KDYHVXIILFLHQWWUHDWPHQWFRPSOLDQFH6HFWLRQLWHP
F
GLGQRWSUHVHQWVHULRXVGHYLDWLRQVRIWKHSURWRFROWKDWPD\DIIHFWHIILFDF\
7KHSUHFLVHUHDVRQVIRUH[FOXGLQJSDWLHQWVIURPWKHVWXG\SRSXODWLRQVZLOOEHIXOO\
GHILQHGDQGGRFXPHQWHGLQWKH%OLQG'DWD5HYLHZ0HHWLQJ%'50
3.DQDO\VLVVHW
1RWDSSOLFDEOH

9LRODWLRQVDQGGHYLDWLRQV
3DWLHQWVZLOOEHDVVLJQHGWRWKHDQDO\VLVSRSXODWLRQVGXULQJWKH%OLQG'DWD5HYLHZ
0HHWLQJ%'50DIWHUWKHGDWDEDVHORFNKRZHYHUWKHFRQYHQWLRQVDUHDJUHHGEHIRUH
WKHGDWDEDVHORFNLQRUGHUWRDYRLGSRWHQWLDOELDVZKHQDVVLJQLQJWKHDQDO\VLV
SRSXODWLRQVDWWKHHQGRIWKHWULDO7KLVLVWKHOLVWRIWKHLPSRUWDQWSURWRFROGHYLDWLRQV
DQGWKRVHOHDGLQJWRH[FOXGHSDWLHQWVIURPWKH33SRSXODWLRQ




6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\



3URWRFRO'HYLDWLRQ&RGHG7HUP
,03257$17
<HV1R
33
H[FOXVLRQ"
<HV1R

3RVLWLYHSUHJQDQF\WHVW
<HV
1R

3RVW%')(9)9&DW6FUHHQLQJ9LVLWRU
PLVVLQJYDOXH3RVW%')(9RISUHGLFWHGDW
6FUHHQLQJ9LVLWRUPLVVLQJYDOXH
<HV
<HV

3DWLHQWQRWDEOHWRSHUIRUPDFFHSWDEOHDQGUHSHDWDEOH
3)7V
<HV
<HV

1RWVLJQDWXUHRIWKH,&)
<HV
1R

3UHYLRXVUDQGRPL]DWLRQLQWKHSUHVHQWVWXG\RU
VLPXOWDQHRXVUDQGRPL]DWLRQ
<HV
<HV

3DWLHQWVZLWKSUHGRPLQDQWDVWKPD
<HV
<HV

5HVSLUDWRU\7UDFWLQIHFWLRQRU&23'H[DFHUEDWLRQ
ZLWKLQZHHNVSULRUWR6FUHHQLQJ9LVLWRUGXULQJWKH
UXQLQSHULRG
<HV
<HV

3DWLHQWVKRVSLWDOL]HGIRUD&23'H[DFHUEDWLRQZLWKLQ
PRQWKVSULRUWR6FUHHQLQJ9LVLW
<HV
<HV

&OLQLFDOO\VLJQLILFDQWUHVSLUDWRU\FRQGLWLRQVRWKHUWKDQ
&23'
<HV
<HV

3XOPRQDU\UHKDELOLWDWLRQSURJUDP
VWDUWHGVWRSSHGZLWKLQPRQWKVEHIRUH6FUHHQLQJ
<HV
<HV

,QWDNHRIDQRWKHU,03ZLWKLQGD\VRUKDOIOLYHV
ZKLFKHYHULVORQJHUEHIRUH6FUHHQLQJ9LVLW
<HV
<HV

3DWLHQWVXQDEOHWRJLYHFRQVHQWRUSDWLHQWVRI
FRQVHQWLQJDJHEXWXQGHUJXDUGLDQVKLSRUYXOQHUDEOH
SDWLHQWV
<HV
1R

,QVXIILFLHQWZDVKRXWIRUSURKLELWHGPHGLFDWLRQV2UDO
LQWUDQDVDORUSDUHQWHUDODQWLFKROLQHUJLFV/$0$V
6$0$V/$%$V/$%$V,&66$%$V6$0$
/$%$/$0$0HWK\O[DQWKLQHV/HXNRWULHQH
PRGLILHUV3'(,9LQKLELWRUV&RQWLQXRXVRUDORU
SDUHQWHUDOFRUWLFRVWHURLGVKLJKHUGRVHV1RQVHOHFWLYH
ȕEORFNLQJDJHQWV
1R<HVFDVH
E\FDVH
1R<HV
&DVHE\
FDVH


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


3URWRFRO'HYLDWLRQ&RGHG7HUP
,03257$17
<HV1R
33
H[FOXVLRQ"
<HV1R

,QWDNHRISURKLELWHGPHGLFDWLRQH[FHSWLQFDVHRID
&23'H[DFHUEDWLRQ$GYHUVH(YHQWVKRUWFRXUVH
2UDOLQWUDQDVDORUSDUHQWHUDODQWLFKROLQHUJLFV/$0$V
6$0$V/$%$V/$%$V,&66$%$V6$0$
/$%$/$0$0HWK\O[DQWKLQHV/HXNRWULHQH
PRGLILHUV3'(,9LQKLELWRUV&RQWLQXRXVRUDORU
SDUHQWHUDOFRUWLFRVWHURLGVKLJKHUGRVHV1RQVHOHFWLYH
ȕEORFNLQJDJHQWV
1R<HVFDVH
E\FDVH
1R<HV
FDVHE\
FDVH

5DQGRPLVHGSDWLHQWVZKRGLGQRWWDNH,35DQGRPLVHG
SDWLHQWVZLWKRXWEDVHOLQH)(9YDOXHV
<HV
<HV

.LWGLVSHQVHGQRWPDWFKLQJWKHNLWDVVLJQHGE\,956
<HV
<HV

7UHDWPHQWFRPSOLDQFHLQDQ\GHYLFH*HQXDLURU
+DQGLKDOHUDFFRUGLQJWRWKHGUXJDFFRXQWDELOLW\
<HV
<HV

/DVW9LVLWSHUIRUPHGQRWSRVWSRQHGGHVSLWHRI
02'(5$7(H[DFHUEDWLRQZLWKLQZHHNVRIYLVLW
<HV
<HV

3DWLHQWZLWKD6(9(5(H[DFHUEDWLRQQRWGLVFRQWLQXHG
IURPWKHVWXG\DIIHFWLQJODVWYLVLW
<HV
<HV

6FUHHQIDLOXUHDGPLQLVWHUHGZLWKVWXG\GUXJ
<HV
1R

&ULWLFDO6XEMHFWVULJKWVEUHDFKRUGDWDLQWHJULW\EUHDFK
<HV
1R
7KRVHGHYLDWLRQVZRXOGQRWEHOLVWHGDVLPSRUWDQWGHYLDWLRQVLQWKH&65DVWKHSDWLHQWVZLOOEH
H[FOXGHGIURPWKH,77








6800$5<2)9$5,$%/(6$1'&203$5,6216

&RSULPDU\HIILFDF\YDULDEOHVIRU86
7KHFRSULPDU\YDULDEOHVDQGFRPSDULVRQVDUHWKHIROORZLQJ
x &KDQJHIURPEDVHOLQHLQKRXUPRUQLQJSRVWGRVHGRVH)(9RI$%))J
FRPSDUHGWR$%JDWZHHN
x &KDQJHIURPEDVHOLQHLQPRUQLQJSUHGRVHWURXJK)(9RI$%))J
FRPSDUHGWR))JDWZHHN
7URXJK)(9ZLOOEHFRPSXWHGDVWKHDYHUDJHRIWKHWZRSXOPRQDU\WHVWUHDGLQJVMXVW
EHIRUHKRXUVDIWHUSRVWHYHQLQJGRVHFRQFUHWHO\DVWKHDYHUDJHRIWKHFRUUHVSRQGLQJ
WZRYDOXHVEHIRUHWKHPRUQLQJ,3DGPLQLVWUDWLRQ,IRQHYDOXHLVPLVVLQJWKHQWKH
UHPDLQLQJRQHZLOOEHXVHGDVWKHWURXJKYDOXH
%DVHOLQHIRUERWKYDULDEOHVLVGHILQHGDVWKHDYHUDJHRIWKHWZR)(9YDOXHVMXVWSULRUWR
WKHDGPLQLVWUDWLRQRIWKHILUVWGRVHRI,3DWGD\RIWUHDWPHQW,IRQHRIWKHWZRYDOXHVLV
PLVVLQJWKHQWKHDYDLODEOHRQHZLOOEHXVHGDVEDVHOLQHYDOXH,IERWKYDOXHVDUH
PLVVLQJWKHSUHEURQFKRGLODWRUYDOXHDWVFUHHQLQJYLVLWZLOOEHXVHGDVWKHEDVHOLQH
YDOXH2WKHUZLVHWKHEDVHOLQHYDOXHZLOOQRWEHFDOFXODWHGDQGZLOOEHFRQVLGHUHG
PLVVLQJ

6HFRQGDU\HIILFDF\YDULDEOHV
7KHVHFRQGDU\YDULDEOHVDQGFRPSDULVRQVDUHWKHIROORZLQJ
x &KDQJHIURPEDVHOLQHLQQRUPDOL]HG$8&K)(9RI$%))JFRPSDUHG
WR$%JDWZHHN
x &KDQJHIURPEDVHOLQHLQQRUPDOL]HG$8&K)(9RI$%))JFRPSDUHG
WR))JDWZHHN
x 1XPEHURISDWLHQWVDFKLHYLQJDFOLQLFDOO\PHDQLQJIXOLPSURYHPHQWXQLWV
UHGXFWLRQIURPEDVHOLQHRI$%))JFRPSDUHGWR$%JLQ6*54WRWDO
VFRUHDWZHHN
x 1XPEHURISDWLHQWVDFKLHYLQJDFOLQLFDOO\PHDQLQJIXOLPSURYHPHQWXQLWV
UHGXFWLRQIURPEDVHOLQHRI$%))JFRPSDUHGWR))JLQ6*54WRWDO
VFRUHDWZHHN

3ULPDU\HIILFDF\YDULDEOHIRUPDUNHWDFFHVV
7KHSULPDU\YDULDEOHDQGFRPSDULVRQIRUPDUNHWDFFHVVLVWKHIROORZLQJ
x &KDQJHIURPEDVHOLQHLQPRUQLQJSUHGRVHWURXJK)(9DWZHHNFRPSDULQJ$%
J%,'YHUVXV7,2JWRGHPRQVWUDWHQRQLQIHULRULW\


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


3UHVSHFLILHG6HTXHQFHRI7HVWLQJIRU0XOWLSOLFLW\$GMXVWPHQW
7R FRQWURO WKH IDPLO\ZLVH W\SH , HUURU GXH WR PXOWLSOH REMHFWLYHV PXOWLSOLFLW\ WKH
IROORZLQJSUHVSHFLILHGVHTXHQFHRIWHVWLQJZLOOEHDSSOLHG
7HVWLQJ2UGHU
LQ+LHUDUFK\
9DULDEOH
DWZHHN
7UHDWPHQW&RPSDULVRQ

&KDQJHIURPEDVHOLQHLQ
KRXUSRVWGRVH)(9
$%))ȝJYV$%ȝJ

&KDQJHIURPEDVHOLQHLQ
PRUQLQJSUHGRVH)(9
$%))ȝJYV))ȝJ

&KDQJHIURPEDVHOLQHLQ
Q$8&)(9
$%))ȝJYV$%ȝJ

&KDQJHIURPEDVHOLQHLQ
Q$8&)(9
$%))ȝJYV))ȝJ

5HVSRQGHUDQDO\VLVRI6*54
WRWDOVFRUHDGHFUHDVHRIDW
OHDVWXQLWVIURPEDVHOLQH
$%))ȝJYV$%ȝJ

5HVSRQGHUDQDO\VLVRI6*54
WRWDOVFRUHDGHFUHDVHRIDW
OHDVWXQLWVIURPEDVHOLQH
$%))ȝJYV))ȝJ
1RWH%RWKFRSULPDU\YDULDEOHVWKHILUVWWZRWHVWLQJK\SRWKHVLVVKRXOGRYHUFRPHWKHVWDWLVWLFDOKLHUDUFK\
WRPHHWWKHSULPDU\EURQFKRGLODWRUREMHFWLYH
)RUWKH0DUNHW$FFHVVWKHQRQLQIHULRULW\EHWZHHQ$%JDQG7,2ȝJLQ
FKDQJHIURPEDVHOLQHLQPRUQLQJSUHGRVHWURXJK)(9DWZHHNZLOOEHWHVWHGDWD
VLJQLILFDQFHOHYHORI

$GGLWLRQDOHIILFDF\YDULDEOHV
6HWRIDGGLWLRQDOHIILFDF\YDULDEOHV
x 3XOPRQDU\)XQFWLRQ7HVWVVHFWLRQ
x 6LJQVDQG6\PSWRPVDQG+HDOWKUHODWHG4XDOLW\RI/LIHVHFWLRQ
x &23'([DFHUEDWLRQVVHFWLRQ
x 'DLO\&23'6\PSWRPV(56DQGXVHRIUHOLHIPHGLFDWLRQVHFWLRQ
x 1LJKWWLPHDQG(DUO\PRUQLQJV\PSWRPVVHFWLRQ

'HYLFHSUHIHUHQFHDQGZLOOLQJQHVVWRFRQWLQXHTXHVWLRQQDLUH
x 'HYLFHSUHIHUHQFHDQGZLOOLQJQHVVWRFRQWLQXHTXHVWLRQQDLUHVHFWLRQ



6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


6DIHW\9DULDEOHV
x $GYHUVH(YHQWV$(V6HULRXV$GYHUVH(YHQWV6$(VVHFWLRQ
x &DUGLDF	FHUHEURYDVFXODUGLVRUGHUV0$&(DQWLFKROLQHUJLF	SQHXPRQLDHYHQWV
VHFWLRQ
x &OLQLFDOODERUDWRU\WHVWVHFWLRQDQG+\¶V/DZVHFWLRQ
x %ORRGSUHVVXUHVHFWLRQ
x OHDG(&*VHFWLRQ

$1$/<6,60(7+2'6

*HQHUDOSULQFLSOHV
7KHDQDO\VLVRIDOOHIILFDF\YDULDEOHVH[FHSWIRUH[DFHUEDWLRQVZLOOEHSHUIRUPHGRQ
WKH,77SRSXODWLRQ7KHDQDO\VLVRIH[DFHUEDWLRQVZLOOEHSHUIRUPHGRQWKH6DIHW\
SRSXODWLRQ
&RQWLQXRXVYDULDEOHVZLOOEHVXPPDUL]HGZLWKGHVFULSWLYHVWDWLVWLFVWKHQXPEHURIQRQ
PLVVLQJYDOXHVPHDQVWDQGDUGGHYLDWLRQPHGLDQPLQLPXPDQGPD[LPXP6WDQGDUG
HUURUVDQGFRQILGHQFHLQWHUYDOVZLOOEHSUHVHQWHGZKHUHVSHFLILHGLQWDEOHILJXUHVDQG
OLVWLQJVVKHOOVDQGDOOFDWHJRULFDOYDULDEOHVZLOOEHVXPPDUL]HGZLWKIUHTXHQF\FRXQWV
DQGSHUFHQWDJHVE\WUHDWPHQW0LVVLQJGDWDZLOOQRWEHSUHVHQWHGZLWKSHUFHQWDJHV
RQO\ZLWKFRXQWVDQGZLOOQRWEHLQFOXGHGLQWKHFDOFXODWLRQRISHUFHQWDJHVRIWKHQRQ
PLVVLQJFDWHJRULHV(IILFDF\GDWDREWDLQHGGXULQJXQVFKHGXOHGYLVLWVZLOOQRWEHXVHG
$OOVDIHW\DQGHIILFDF\SDUDPHWHUVZLOOEHVXPPDUL]HGE\WUHDWPHQWXQOHVVVSHFLILHG
RWKHUZLVH
6WDWLVWLFDODQDO\VHVRIGHPRJUDSKLFEDVHOLQHFKDUDFWHULVWLFVHIILFDF\DQGVDIHW\GDWD
ZLOOEHSHUIRUPHGE\WKHVSRQVRU7DEOHVILJXUHVDQGOLVWLQJVZLOOEHFRPSLOHGLQWKH
VWDWLVWLFDOUHSRUWDQGDSSHQGHGWRWKH&65,QIHUHQWLDOHIILFDF\DQDO\VLVZLOOJRZLWK
GHVFULSWLYHYDOXHV,QSDUWLFXODUWKRVHWLWOHG³FKDQJHIURPEDVHOLQH´ZLOOLQFOXGH
GHVFULSWLYHYDOXHVRIWKHEDVHOLQHSULRUWKHILUVW,3LQWDNHWKHDEVROXWHYDOXHDWD
SDUWLFXODUWLPHSRLQWSRVWILUVW,3LQWDNHDQGWKHFKDQJHIURPEDVHOLQHDWWKDWWLPH
SRLQW
'DWDSURFHVVLQJGHVFULSWLYHUHSRUWLQJDQGDQDO\VLVRIWKHHIILFDF\DQGVDIHW\GDWDZLOO
EHSHUIRUPHGXVLQJWKH6$6VRIWZDUHYRUKLJKHU

3DWLHQWGLVSRVLWLRQ
$SDWLHQWGLVSRVLWLRQWDEOHZLOOVKRZWKHWRWDOQXPEHURISDWLHQWVHQUROOHGVFUHHQHG
DQGWKHDVVRFLDWHGUHDVRQVIRUVFUHHQIDLOXUH$OVRWKHQXPEHURISDWLHQWVUDQGRPLVHG
ZLOOEHVXPPDULVHGWUHDWPHQWJURXSDQGRYHUDOO7KHWDEOHZLOOLQFOXGHWKHQXPEHURI
SDWLHQWVLQFOXGHGLQERWKWKH(IILFDF\(VWLPDQGDVGHVFULEHGLQVHFWLRQDQGWKH
7UHDWPHQW3ROLF\(VWLPDQGDVGHVFULEHGLQVHFWLRQLQFOXGLQJWKHIROORZLQJ
FDWHJRULHV
R 6XEMHFWVZKRUHPDLQRQVWXG\WUHDWPHQWDQGFRPSOHWHWKHVWXG\
R 6XEMHFWVZKRUHPDLQRQVWXG\WUHDWPHQWDQGFRPSOHWHWKHVWXG\DQGDWWHQGWR


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

WKHIROORZXSFRQWDFW
R 6XEMHFWVZKRGLVFRQWLQXHVWXG\WUHDWPHQWDQGFRPSOHWHWKHVWXG\
R 6XEMHFWVZKRGLVFRQWLQXHVWXG\WUHDWPHQWDQGFRQWLQXHWREHIROORZHGDQG
WKHQSUHPDWXUHO\GLVFRQWLQXHIURPWKHVWXG\
R 6XEMHFWVZKRSUHPDWXUHO\GLVFRQWLQXHERWKWUHDWPHQWDQGVWXG\DQGSURYLGH
QRGDWDDIWHUGLVFRQWLQXDWLRQ
7KHQXPEHUDQGSHUFHQWDJHRISDWLHQWVLQFOXGHGLQHDFKDQDO\VLVVHWUDQGRPLVHG
VDIHW\,77DQG33SRSXODWLRQVZLOOEHVXPPDULVHGE\WUHDWPHQWJURXSDQGRYHUDOO
DQGDORQJZLWKDOOFDXVHVIURPH[FOXVLRQIURPWKHVHSRSXODWLRQV
$GGLWLRQDOO\LQFOXVLRQH[FOXVLRQVFUHHQLQJFULWHULDDQGWKHQXPEHUDQGSHUFHQWDJHRI
SDWHLQWVIXOOILOLQJHDFKH[FOXVLRQFULWHULDE\WUHDWPHQWDQGRYHUDOOZLOOEHWDEXODWHG
7RDVVHVVWKHDGKHUHQFHRQ,3WUHDWPHQWWKHDQDO\VLVRIWLPHLQGD\VWRZLWKGUDZDOIURP
,3ZLOOEHDQDO\]HGEDVHGRQD&R[SURSRUWLRQDOKD]DUGPRGHODGMXVWHGE\WUHDWPHQW
JURXS:KHQWKHGLVFRQWLQXDWLRQGDWHLVQRWDYDLODEOHWKHQWKHODVWGRVHWDNHQZLOOEH
XVHGLQVWHDG

'HPRJUDSKLFVDQGRWKHUEDVHOLQHVFUHHQLQJFKDUDFWHULVWLFV
7KHVWXG\SRSXODWLRQZLOOEHGHVFULEHGXVLQJGHPRJUDSKLFDQGEDVHOLQHFKDUDFWHULVWLFV
DQGLWZLOOEHVXPPDULVHGIRUWKH,77DQG6DIHW\SRSXODWLRQ
x 'HPRJUDSKLFFKDUDFWHULVWLFVWREHVXPPDULVHGDUHDJHVH[DJHJURXS
!@UDFHKHLJKWZHLJKWDQGERG\PDVVLQGH[%0,DQG%0,FDWHJRU\
XQGHUZHLJKW.JP1RUPDOZHLJKW! .JP2YHUZHLJKW! 
.JP2EHVH! .JP
6FUHHQLQJDQGEDVHOLQHFKDUDFWHULVWLFVWREHVXPPDULVHGLQFOXGH
x &23'PHGLFDOKLVWRU\
R 6PRNLQJVWDWXVFXUUHQWVPRNHUIRUPHUVPRNHUDQGVPRNLQJGXUDWLRQLQ
\HDUV
7KHVPRNLQJGXUDWLRQLQ\HDUVZLOOEHFDOFXODWHGIRUH[VPRNHUVDVWKH
GLIIHUHQFHEHWZHHQWKH\HDUWKH\VWRSSHGVPRNLQJDQGWKH\HDUWKH\VWDUWHGWR
VPRNHDQGIRUFXUUHQWVPRNHUVDVWKHGLIIHUHQFHEHWZHHQWKH\HDURIWKH
VFUHHQLQJYLVLWDQGWKH\HDUWKH\VWDUWHGWRVPRNH
R 6PRNLQJFRQVXPSWLRQQXPEHURISDFN\HDUV
x 0HGLFDOKLVWRU\E\V\VWHPRUJDQFODVV62&DQGSUHIHUUHGWHUP37
x &23'KLVWRU\
R &23'FODVVLILFDWLRQRIDLUIORZOLPLWDWLRQEDVHGRQWKHSRVWEURQFKRGLODWRU
3)7DWVFUHHQLQJ
6WDJH,PLOG)(9)9&DQG)(9! SUHGLFWHG
6WDJH,,PRGHUDWH)(9)9&DQG)(9SUHGLFWHG
6WDJH,,,VHYHUH)(9)9&DQG)(9SUHGLFWHG
6WDJH,9YHU\VHYHUH)(9)9&DQG)(9SUHGLFWHG


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

R &23'VHYHULW\EDVHGRQ*2/'JXLGHOLQHVRQV\PSWRPVDQGULVNRI
H[DFHUEDWLRQVDWVFUHHQLQJ
$FDWHJRU\&$7&23'$VVHVVPHQW7HVWDQGH[DFHUEDWLRQKLVWRU\LQ
SUHYLRXVPRQWKVQRWUHTXLULQJKRVSLWDOL]DWLRQ
%FDWHJRU\&$7DQGH[DFHUEDWLRQKLVWRU\LQSUHYLRXVPRQWKVQRW
UHTXLULQJKRVSLWDOL]DWLRQ
&FDWHJRU\&$7DQGH[DFHUEDWLRQKLVWRU\LQSUHYLRXVPRQWKVRULI
UHTXLULQJKRVSLWDOL]DWLRQ
'FDWHJRU\&$7DQGH[DFHUEDWLRQKLVWRU\LQSUHYLRXVPRQWKVRU
LIUHTXLULQJKRVSLWDOL]DWLRQ
R &23'GXUDWLRQ\HDUV
:LOOEHFRPSXWHGDVWKHGLIIHUHQFHEHWZHHQWKHGDWHRIVFUHHQLQJYLVLWDQGWKH
GDWHRIILUVWGLDJQRVLVRI&23'LQWKH('&
&23'GXUDWLRQ \HDURIVFUHHQLQJYLVLW<HDURIGLDJQRVLVRI&23'
R 1XPEHURISDWLHQWVZLWK&23'H[DFHUEDWLRQVLQWKHSUHYLRXVPRQWKV
x 3XOPRQDU\IXQFWLRQWHVWVDWVFUHHQLQJYLVLW
R $EVROXWHYDOXHVRI)(9DQG)9&SUHDQGSRVWEURQFKRGLODWRU
R 3HUFHQWRISUHGLFWHG)(9DQG)9&SUHDQGSRVWEURQFKRGLODWRU
R 5DWLR)(9)9&SRVWEURQFKRGLODWRUWHVW

%URQFKRGLODWRUWHVW
R 0HDQDEVROXWHFKDQJHDQG3HUFHQWDJHUHYHUVLELOLW\LQ)(9
7KHPHDQEURQFKRGLODWRUDEVROXWHUHYHUVLELOLW\ZLOOEHFRPSXWHGDV
)(9SRVWDOEXWHUROVDOEXWDPRO)(9SUHDOEXWHUROVDOEXWDPRO
7KHSHUFHQWDJHRIEURQFKRGLODWRUUHYHUVLELOLW\ZLOOEHFRPSXWHGDVWKHSHUFHQWDJH
LQFUHDVHRYHUSUHEURQFKRGLODWRUWHVWYDOXHXVLQJWKHIROORZLQJIRUPXODH
ϭϬϬ


Ϳ
ƐĂůďƵƚĂŵŽů
ĂůďƵƚĞƌŽůͬ
Ͳ
;ƉƌĞ
&s
Ϳ
ƐĂůďƵƚĂŵŽů
ĂůďƵƚĞƌŽůͬ
Ͳ
;ƉƌĞ
&s

Ϳ
ƐĂůďƵƚĂŵŽů
ĂůďƵƚĞƌŽůͬ
Ͳ
;ƉŽƐƚ
&s
ϭ
ϭ
ϭ
u


R 3HUFHQWDJHRISDWLHQWVZLWKEURQFKLDOUHYHUVLELOLW\DQLQFUHDVHLQ)(9WKDWLV
ERWK!P/DQGDERYHWKHSUHEURQFKRGLODWRU)(9
x %DVHOLQHYDOXHVDW'D\
R 3XOPRQDU\IXQFWLRQWHVWVSUH,3DWEDVHOLQH
$EVROXWHYDOXHVRI)(9DQG)9&
3HUFHQWRISUHGLFWHG)(9DQG)9&
R 6*54
R &$7
x 3ULRUPHGLFDWLRQLVGLVFXVVHGLQ6HFWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


$QDO\VLVRI6WXG\0HGLFDWLRQ

([SRVXUHWRVWXG\PHGLFDWLRQ
([SRVXUHWR,3IRUWKH6DIHW\SRSXODWLRQGXULQJWKHWUHDWPHQWGXUDWLRQZLOOEH
VXPPDUL]HG,WZLOOEHFDOFXODWHGDVWKHQXPEHURIGD\VIURPWKHGDWHRIWKHILUVWGRVH
RI,3WDNHQWRWKHGDWHRIWKHODVWGRVHWDNHQLQFOXVLYH)RUWKRVHVXEMHFWVZKR
GLVFRQWLQXHGDQGWKHGDWHRIODVWGRVHWDNHQLVQRWDYDLODEOHWKHQWKHGLVFRQWLQXDWLRQ
GDWHZLOOEHXVHGLQVWHDG'HVFULSWLYHVWDWLVWLFVZLOOEHSUHVHQWHGE\WUHDWPHQWJURXSDQG
RYHUDOO7UHDWPHQWH[SRVXUHZLOODOVREHVXPPDUL]HGE\WKHIROORZLQJFDWHJRULHV
SDWLHQWVQXPEHUDQGSHUFHQWDJHZLWKGD\ZHHNZHHNVZHHNV
ZHHNVZHHNVRIWUHDWPHQWH[SRVXUH3DWLHQW\HDUVRIH[SRVXUHZLOOEHFDOFXODWHG
DVWKHVXPRIWKHWUHDWPHQWGXUDWLRQVIRUDOOSDWLHQWVGLYLGHGE\

&RPSOLDQFHZLWKVWXG\PHGLFDWLRQ
3DWLHQWVDUHH[SHFWHGWRWDNHWZRLQKDODWLRQVRI3UHVVDLU*HQXDLURQHLQWKHPRUQLQJ
DQGRQHLQWKHHYHQLQJSOXVXVLQJRQHFDSVXOHRI+DQGLKDOHULQWKHPRUQLQJ
6FKHPDRI,3DGPLQLVWUDWLRQWRHQVXUHGRXEOHEOLQGWULDO
&ULWHULRQIRUQRQFRPSOLDQWSDWLHQWVOHDGLQJWREHH[FOXGHGIURPWKH33SRSXODWLRQLV
UHSRUWHGDVDSURWRFROGHYLDWLRQLQVHFWLRQLWHP
7KHFRPSOLDQFHIRU3UHVVDLU*HQXDLUZLOOEHEDVHGRQWKHGUXJDFFRXQWDELOLW\IRUP
ZKLFKLVEDVHGRQWKHGRVHLQGLFDWRUREVHUYHGGXULQJ,3WUHDWPHQWSHULRGE\FKHFNLQJ
WKHQXPEHURILQKDODWLRQVWDNHQ7KHFRPSOLDQFHZLOOEHUHSRUWHGRYHUDOOIURPILUVW,3
GRVHWRODVW,3GRVHLHIURPWKHGDWHRIYLVLWRQGD\WRGDWHRIODVWGRVLQJGD\DWZHHN
RUGLVFRQWLQXDWLRQ(27YLVLWGDWH6LQFHWKH3UHVVDLU*HQXDLULQGLFDWRURQO\
VKRZVUDQJHVRIWKHGRVHVUHPDLQLQJDQGWKLVLVWKHZD\LWLVFROOHFWHGLQWKH('&WKH
GHULYHGYDOXHVKRZQLQWKHQH[WWDEOHZLOOEHXVHGIRUFRPSXWDWLRQRIFRPSOLDQFH
7UHDWPHQWDUP
0RUQLQJDGPLQLVWUDWLRQ
(YHQLQJDGPLQLVWUDWLRQ
$%J))
J%,'

$%))J
3UHVVDLU*HQXDLU

SODFHERWR7,2J
+DQGLKDOHU
$%))J
3UHVVDLU*HQXDLU
$%ȝJ%,'
$%J3UHVVDLU*HQXDLU

SODFHERWR7,2J
+DQGLKDOHU
$%J
3UHVVDLU*HQXDLU
))ȝJ%,'
))J3UHVVDLU*HQXDLU

SODFHERWR7,2J
+DQGLKDOHU
))J
3UHVVDLU*HQXDLU
7,2ȝJ4'
SODFHERWR$%))J
$%JDQG))J
3UHVVDLU*HQXDLU

7,2J+DQGLKDOHU
3ODFHERWR$%))
J$%JDQG))
J
3UHVVDLU*HQXDLU


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

5DQJHVSHFLILHGLQ('&GRVHV
UHPDLQLQJGRVHXVHG
6WDWXV
9DOXH WR GHULYH FRPSOLDQFH RI
GRVHVXVHG

(PSW\


,QXVH


1RWXVHG

WRWR
,QXVH
XQOHVVSDWLHQWWRRNRQO\RQH
GRVHDWWKHFOLQLFDQG
GLVFRQWLQXHGZKHUHZLOOEH
LPSXWHG
WRWR
,QXVH

WRWR
,QXVH

WRWR
,QXVH

WRWR
,QXVH

WRWR
,QXVH

WRWR
,QXVH

WRWR
,QXVH

WRWR
,QXVH

WRWR
,QXVH

WRWR
,QXVH

WRWR
,QXVH

WRWR
,QXVH

1$
,QXVH
0LVVLQJ

7KHFRPSOLDQFHZLOOEHFDOFXODWHGDVIROORZ
&RPSOLDQFHIRU3UHVVDLU*HQXDLUREVHUYHGGLYLGHGE\H[SHFWHGQXPEHURI
SXIIV
ܥ୔Ȁୋൌ̺Ȁ
̺

כ ͳͲͲ

&RPSOLDQFHIRU+DQGLKDOHUREVHUYHGGLYLGHGE\H[SHFWHGQXPEHURIFDSVXOHV
ܥୌൌ̺

כ ͳͲͲ

2YHUDOOFRPSOLDQFHZLOOEHFDOFXODWHGDV
ܥ୔Ȁୋ൅ܥୌ
ʹ

,QFDVHRIDSDWLHQWPLVVLQJHQWU\WKHQXPEHURISXIIVFDSVXOHVIRUWKDWHQWU\ZLOOEH
LPSXWHGWR
'HVFULSWLYHVWDWLVWLFVZLOOEHSUHVHQWHGE\WUHDWPHQWJURXSDQGRYHUDOOIRUWKHVDIHW\
SRSXODWLRQ7KHWDEOHZLOOVKRZWKHFRPSOLDQFHRI3UHVVDLU*HQXDLUWKHFRPSOLDQFH
RI+DQGLKDOHUDQGWKHRYHUDOOFRPSOLDQFHDVWKHPHDQRIERWKGHYLFHV
,QDGGLWLRQDVXEMHFWZLOOEHFRQVLGHUHGWUHDWPHQWFRPSOLDQWLIWKHFRPSOLDQFHUDWHLV
JUHDWHURUHTXDOWRLQ3UHVVDLU*HQXDLUDQGJUHDWHURUHTXDOWRLQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

+DQGLKDOHU1XPEHUDQGSHUFHQWDJHRISDWLHQWFRPSOLDQFH\HVQRZLOOEHSUHVHQWHG
E\WUHDWPHQWJURXSDQGRYHUDOOIRUWKHVDIHW\SRSXODWLRQ

$QDO\VHVRISULRUDQGFRQFRPLWDQWPHGLFDWLRQ

3ULRUPHGLFDWLRQ
3ULRUPHGLFDWLRQZLOOEHDQDO\VHGIRUWKH6DIHW\3RSXODWLRQLQWZRGLIIHUHQWZD\V
 3ULRUPHGLFDWLRQZLOOEHVKRZQDVWKHQXPEHURISDWLHQWVWDNLQJSULRUPHGLFDWLRQ
DQGWDEXODWHGE\$QDWRPLFDO7KHUDSHXWLF&KHPLFDOFRGH$7&WH[WRU$7&LI
WKH$7&LVPLVVLQJSUHIHUUHGQDPH:+2'58*(QKDQFHG([WHQGHG+HUEDO
0DUFKDQGE\WUHDWPHQWJURXS7ZRWLPHSHULRGVDUHGHILQHG
 :LWKLQGD\VSULRUWRWKH,QIRUPHG&RQVHQWGDWH,&)
ϭ͘Ϯ͘ )URPWKH,&)GDWHQRWLQFOXGHGWRWKHGD\EHIRUHWKHILUVWGRVHRIGRXEOHEOLQG
LQYHVWLJDWLRQDOSURGXFW
,IDSDWLHQWXVHVPRUHWKDQPHGLFDWLRQLQDSDUWLFXODUSUHIHUUHGQDPHWKDWSDWLHQW
ZLOOEHFRXQWHGRQO\RQFHLQWKLVSUHIHUUHGQDPH
 3ULRUPHGLFDWLRQLQGLFDWHGIRU&23'RQO\ZLOOEHDQ\PHGLFDWLRQIRU&23'WDNHQ
ZLWKLQGD\VSULRUWRWKH,QIRUPHG&RQVHQWGDWHH[SHFWIRUYDFFLQHVZKLFKUHIHU
WKH\HDUSUHYLRXVWKHLQIRUPHGFRQVHQWGDWH7KHQXPEHURISDWLHQWVWDNLQJSULRU
PHGLFDWLRQIRU&23'ZLOOEHJURXSHGDQGWDEXODWHGE\WUHDWPHQWJURXSDQGE\WKH
IROORZLQJWKHUDSHXWLFFDWHJRULHVVKRUWDFWLQJȕDJRQLVWV>6$%$V@VKRUWDFWLQJ
PXVFDULQLFDQWDJRQLVWV>6$0$V@6$%$DQG,&6FRPELQDWLRQV6$%$DQG6$0$
FRPELQDWLRQVORQJDFWLQJȕDJRQLVWV>/$%$V@ORQJDFWLQJPXVFDULQLFDQWDJRQLVWV
>/$0$V@/$%$DQG,&6FRPELQDWLRQVIUHHDQGIL[HG/$%$DQG/$0$
FRPELQDWLRQVIUHHDQGIL[HG/$0$DQG,&6IUHHDQGWULSOHFRPELQDWLRQV/$%$
DQG/$0$DQG,&6LQDQ\NLQGRIFRPELQDWLRQRUIUHHLQKDOHGFRUWLFRVWHURLGV
>,&6V@V\VWHPLFFRUWLFRVWHURLG[DQWKLQHVOHXNRWULHQHPRGLILHUVR[\JHQRUDO
SKRVSKRGLHVWHUDVHW\SH>3'(@LQIOXHQ]DYDFFLQH7KRVHSDWLHQWVLQFOXGHGLQ
IL[HGRUIUHHFRPELQDWLRQVZLOOQRWDSSHDULQWKHPRQRWKHUDSLHVHJLIDSDWLHQWLV
WDNLQJ/$%$DQG/$0$DVIUHHFRPELQDWLRQZLOOQRWEHFRXQWHGLQWKH/$%$DQG
/$0$FDWHJRULHVDORQH

&RQFRPLWDQWPHGLFDWLRQ
&RQFRPLWDQWPHGLFDWLRQLVGHILQHGDVDQ\PHGLFDWLRQWDNHQGXULQJWKHGRXEOHEOLQG
WUHDWPHQWGXUDWLRQEHWZHHQWKHGDWHRIWKHILUVWGRVHRIVWXG\GUXJDQGWKHGDWHRIWKH
ODVWGRVHRIVWXG\GUXJ$Q\PHGLFDWLRQVVWDUWHGWKHGDWHRUDIWHUWKHGDWHRIWKHODVW
GRVHRIGRXEOHEOLQGVWXG\GUXJZLOOQRWEHFRQVLGHUHGFRQFRPLWDQWPHGLFDWLRQV
&RQFRPLWDQWPHGLFDWLRQVZLOOEHDQDO\VHGEDVHGRQWZRSHULRGVPHGLFDWLRQVWKDWWKH
SDWLHQWVWDUWHGWRWDNHEHIRUHWKHILUVW,3LQWDNHDQGFRQWLQXHGDIWHUWKHILUVWVWXG\GUXJ
DGPLQLVWUDWLRQDQGPHGLFDWLRQVWKDWWKHSDWLHQWVWDUWHGWRWDNHGXULQJWKHGRXEOH
EOLQGWUHDWPHQWGXUDWLRQ
1XPEHUDQGSHUFHQWDJHRISDWLHQWVWDNLQJFRQFRPLWDQWPHGLFDWLRQZLOOEHVXPPDULVHG
RYHUDOODQGE\$7&WH[WRU$7&LIWKH$7&LVPLVVLQJSUHIHUUHGQDPHDQG
WUHDWPHQWJURXSIRUHDFKSHULRG,IDSDWLHQWXVHVPRUHWKDQPHGLFDWLRQLQDSDUWLFXODU
SUHIHUUHGQDPHWKDWSDWLHQWZLOOEHFRXQWHGRQO\RQFHLQWKLVSUHIHUUHGQDPH


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

&RQFRPLWDQWPHGLFDWLRQUHSRUWHGGXULQJWKH(27RU(26YLVLWGDWHZLOOQRWEHWDNHQ
LQWRDFFRXQW
7DEOHVZLOOEHVRUWHGLQ$7&DOSKDEHWLFDORUGHUDQGE\SUHIHUUHGQDPHZLWKLQ$7&LQ
GHFUHDVLQJIUHTXHQF\LQ$%))JWUHDWPHQWJURXS
&RQFRPLWDQWPHGLFDWLRQZLOOEHVXPPDULVHGIRUWKH6DIHW\3RSXODWLRQ

6HQVLWLYLW\DQDO\VLVRIFRQFRPLWDQWPHGLFDWLRQ
)ROORZLQJWKHWUHDWPHQWSROLF\HVWLPDQGDVGHILQHGLQVHFWLRQFXPXODWHG
FRQFRPLWDQWPHGLFDWLRQGDWDXSWRZHHNR(26YLVLWZLOOEHFROOHFWHG7KHVDPH
DQDO\VLVVSHFLILHGLQWKHVHFWLRQZLOOEHGRQH

$QDO\VLVRIFRSULPDU\YDULDEOHVIRU86
(IILFDF\(VWLPDQG7KHHIILFDF\HVWLPDQGTXDQWLILHVWKHGLIIHUHQFHLQRXWFRPHVIRUDOO
VXEMHFWVDVLIWKH\FRQWLQXHGRQWKHLULQLWLDOO\UDQGRPL]HGWUHDWPHQW7KHHIILFDF\
HVWLPDQGLQFOXGHVGDWDFROOHFWHGXSXQWLOWKHWLPHRIGLVFRQWLQXDWLRQIURP,3VWXG\
WUHDWPHQW,WFRQVLVWVRQVSLURPHWU\GDWDIURPVFKHGXOHGYLVLWVREWDLQHGGXULQJWKHVWXG\
SHULRGRIZHHNVRIWUHDWPHQWRUXSWRWKHHQGRI,3WUHDWPHQWYLVLWIRUSDWLHQWVZKR
ZLWKGUDZQGDWDDW(27YLVLWQRWLQFOXGHG7KXVWKHPDLQDQDO\VLVGRHVQRWLQFOXGH
VSLURPHWU\GDWDRIWKHSRVW,3GLVFRQWLQXDWLRQIROORZXSSHULRGEXWVHHWKHVHQVLWLYLW\
DQDO\VLVLQVHFWLRQLQFOXGLQJDQHZHVWLPDQGEDVHGRQWUHDWPHQWSROLF\7KLV
DQDO\VLVZLOOEHFDUULHGRXWXQGHUWKHUDQGRPL]HGWUHDWPHQWDVVLJQPHQWDQGPLVVLQJ
GDWDZLOOEHPRGHOOHGXVLQJGLUHFWOLNHOLKRRGDSSURDFKHVXQGHUPLVVLQJDWUDQGRP
0$5DVVXPSWLRQV7KLVHVWLPDQGZDVDOUHDG\XVHGWRDVVHVVWKHFRQWULEXWLRQRIHDFK
PRQRWKHUDS\WRWKHDFOLGLQLXPIRUPRWHUROFRPELQDWLRQLQSULRUSKDVHFOLQLFDOVWXGLHV
0DQG/$&0'7KHUHIRUHNHHSLQJWKHVDPHHVWLPDQGLVFRQVLGHUHG
DSSURSULDWHWREHDEOHWRDVVHVVZKHWKHUDFORVHUGLIIHUHQFHLQDFOLGLQLXPILQH
SDUWLFOHGRVHEHWZHHQWKHPRQRWKHUDS\DQGFRPELQDWLRQDUPZLOOKDYHDQLQIOXHQFHRQ
WKHFRQWULEXWLRQHIIHFWRIIRUPRWHUROWRWKHDFOLGLQLXPIRUPRWHUROFRPELQDWLRQ

+\SRWKHVLVWHVWLQJ
7KHFRSULPDU\YDULDEOHVDQGFRPSDULVRQVDUH
x &KDQJHIURPEDVHOLQHLQKRXUPRUQLQJSRVWGRVHGRVH)(9RI$%))ȝJ
FRPSDUHGWR$%ȝJDWZHHN
x &KDQJHIURPEDVHOLQHLQPRUQLQJSUHGRVHWURXJK)(9RI$%))ȝJ
FRPSDUHGWR))ȝJDWZHHN
)RUFRSULPDU\YDULDEOHVWKHQXOO+DQGDOWHUQDWLYH+DK\SRWKHVHVZLWKȝ
UHSUHVHQWLQJWKHWUXHPHDQDUH
+$%))J$%ȝJ IRUFKDQJHIURPEDVHOLQHLQK
PRUQLQJSRVWGRVH)(9DWZHHN
+D$%))J$%ȝJ
+$%))J))ȝJ IRUFKDQJHIURPEDVHOLQHLQPRUQLQJ
SUHGRVHWURXJK)(9DWZHHN
+D$%))J))ȝJ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

7KHDQDO\VHVRIWKHFRSULPDU\YDULDEOHVZLOOEHSHUIRUPHGXVLQJWKHHIILFDF\HVWLPDQG
DQGXVLQJWKH,77SRSXODWLRQ
7KHFRSULPDU\HIILFDF\YDULDEOHVFKDQJHIURPEDVHOLQHLQKRXUPRUQLQJSRVWGRVH
)(9DQGFKDQJHIURPEDVHOLQHLQPRUQLQJSUHGRVHWURXJK)(9DWZHHNZLOOEH
DQDO\]HGE\PHDQVRIPL[HGPRGHOIRUUHSHDWHGPHDVXUHV0050DGMXVWHGIRUSUH
DQGSRVWEURQFKRGLODWRUDOEXWHUROVDOEXWDPRO)(9DWVFUHHQLQJYLVLWDJHDQG
EDVHOLQH)(9DVFRYDULDWHVDQGWUHDWPHQWJURXS>$%))$%))7,2
@VH[>PDOHIHPDOH@VPRNLQJVWDWXV>FXUUHQWH[VPRNHUV@YLVLW>'D\ZHHNZHHN
ZHHNDQGZHHNIRUKSRVWGRVH)(9DQGZHHNZHHNZHHNZHHN
DQGZHHNIRUWURXJK)(9@DQGWUHDWPHQWJURXSE\YLVLWLQWHUDFWLRQDVIL[HG
HIIHFWIDFWRUVDQGFRXQWU\>%XOJDULD&]HFK
5HSXEOLF*HUPDQ\+XQJDU\,VUDHO3RODQG6SDLQ8NUDLQH8.86@DVUDQGRPLQWHUFHSW
$SSHQGL[
$QXQVWUXFWXUHGFRYDULDQFHSDWWHUQZLOOEHXVHGWRHVWLPDWHWKHYDULDQFHFRYDULDQFHRI
WKHZLWKLQVXEMHFWUHSHDWHGPHDVXUHVLH5VLGHHIIHFWVDQGD*VLGHGLDJRQDOPDWUL[
IRUWKHUDQGRPLQWHUFHSW3DUDPHWHUVZLOOEHHVWLPDWHGXVLQJ5(0/ZLWK1HZWRQ
5DSKVRQDOJRULWKPDQGXVLQJWKH.HQZDUG5RJHUPHWKRGIRUFDOFXODWLQJWKH
GHQRPLQDWRUGHJUHHVRIIUHHGRP
,QFDVHRIWKHVWDWLVWLFDOPRGHOGRHVQRWFRQYHUJHQFHWKHFRPSRXQGV\PPHWU\
FRYDULDQFHSDWWHUQZLOOEHXVHG
(DFKWUHDWPHQWHIIHFWDQGWUHDWPHQWGLIIHUHQFHVEHWZHHQDOOWUHDWPHQWVZLOOEHHVWLPDWHG
E\WKH/HDVW6TXDUHPHDQV/60HDQVRQWKHWUHDWPHQWE\YLVLWLQWHUDFWLRQDWZHHN
DORQJZLWKWKHLUVWDQGDUGHUURUV6(DQGWZRVLGHGFRQILGHQFHLQWHUYDOV&,DQG
WKHSYDOXHFRUUHVSRQGLQJWRWKHEHWZHHQWUHDWPHQWJURXSGLIIHUHQFH6WDWLVWLFDO
FRPSDULVRQVZLOOEHWZRVLGHGK\SRWKHVLVWHVWVDQGWKHVLJQLILFDQFHOHYHOZLOOVHWDW
3YDOXHVZLOOEHUHSRUWHGDVWZRVLGHG
$OOWUHDWPHQWHIIHFWVDQGWUHDWPHQWGLIIHUHQFHVZLOOEHSHUIRUPHGRQFRSULPDU\
YDULDEOHVDOWKRXJKWKHPRVWUHOHYDQWRQHVDUHWKRVHGHVFULEHGLQWKHK\SRWKHVLVWHVWLQJ
ZKLFKLQWXUQDUHLQFOXGHGLQWKHPXOWLSOLFLW\DGMXVWPHQWVWUDWHJ\DQGDOORWKHU
WUHDWPHQWGLIIHUHQFHVZLOOEHH[SORUDWRU\RQO\7KHUHIRUHWUHDWPHQWFRPSDULVRQVDUHDV
IROORZ
R $%))ȝJYV$%ȝJ
R $%))ȝJYV))ȝJ
R $%))ȝJYV7,2J
R $%ȝJYV7,2ȝJ

6$6RXWSXWVZLOOEHSURYLGHGIRUFRSULPDU\HIILFDF\YDULDEOHV





6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


$QDO\VLVRIVHFRQGDU\YDULDEOHV
7KHHIILFDF\HVWLPDQGDVVXPSWLRQZLOOEHDOVRXVHGIRUVHFRQGDU\YDULDEOHV

+\SRWKHVLVWHVWLQJ
7KHVHFRQGDU\YDULDEOHVDQGFRPSDULVRQVDUH
x &KDQJHIURPEDVHOLQHLQQRUPDOL]HG$8&K)(9RI$%))ȝJFRPSDUHG
WR$%ȝJDWZHHN
x &KDQJHIURPEDVHOLQHLQQRUPDOL]HG$8&K)(9RI$%))ȝJFRPSDUHG
WR))ȝJDWZHHN
x 1XPEHURISDWLHQWVDFKLHYLQJDFOLQLFDOO\PHDQLQJIXOLPSURYHPHQWDGHFUHDVH
RIDWOHDVWXQLWVIURPEDVHOLQHRI$%))ȝJFRPSDUHGWR$%ȝJLQ
6*54WRWDOVFRUHDWZHHN$SSHQGL[
x 1XPEHURISDWLHQWVDFKLHYLQJDFOLQLFDOO\PHDQLQJIXOLPSURYHPHQWDGHFUHDVH
RIDWOHDVWXQLWVIURPEDVHOLQHRI$%))ȝJFRPSDUHGWR))ȝJLQ
6*54WRWDOVFRUHDWZHHN$SSHQGL[
)RUVHFRQGDU\YDULDEOHVWKHQXOO+DQGDOWHUQDWLYH+DK\SRWKHVHVDUH

+$%))J$%ȝJ IRUFKDQJHIURPEDVHOLQHLQ
QRUPDOL]HG$8&K)(9DWZHHN
+D$%))J$%ȝJ
+$%))J))ȝJ IRUFKDQJHIURPEDVHOLQHLQ
QRUPDOL]HG$8&K)(9DWZHHN
+D$%))J))ȝJ
+2GGVUDWLR$%))JYV$%J IRUSHUFHQWDJHRISDWLHQWV
DFKLHYLQJDFOLQLFDOO\PHDQLQJIXOLPSURYHPHQW! XQLWVFRPSDUHGWR
EDVHOLQHLQWKH6*54WRWDOVFRUHDWZHHN
+D2GGVUDWLR$%))JYV$%J
+2GGVUDWLR$%))JYV))J IRUSHUFHQWDJHRISDWLHQWV
DFKLHYLQJDFOLQLFDOO\PHDQLQJIXOLPSURYHPHQW! XQLWVFRPSDUHGWR
EDVHOLQHLQWKH6*54WRWDOVFRUHDWZHHN
+D2GGVUDWLR$%))JYV))J
7KHVDPH0050PRGHOXVHGIRUWKHFRSULPDU\YDULDEOHVZLOOEHXVHGIRUWKHFKDQJH
IURPEDVHOLQHLQQRUPDOL]HG$8&)(9DWZHHN
7KHQXPEHURISDWLHQWVDFKLHYLQJDFOLQLFDOO\PHDQLQJIXOLPSURYHPHQWDGHFUHDVH
RIDWOHDVWXQLWVIURPEDVHOLQHFRPSDUHGWRPRQRWKHUDSLHVLQWKH6*54WRWDOVFRUH
ZLOOEHDQDO\]HGEDVHGRQDORJLVWLFUDQGRPHIIHFWPRGHOXVLQJ*/,00,;WKDWLQFOXGHV
DUDQGRPLQWHUFHSWWRDFFRXQWWKHYDULDELOLW\EHWZHHQVXEMHFWVDQGWUHDWPHQWVH[
VPRNLQJVWDWXVFRXQWU\YLVLWDQGWUHDWPHQWJURXSE\YLVLWLQWHUDFWLRQDVIL[HGIDFWRUV
DQGZLWKDJHDQGEDVHOLQHDVFRYDULDWH


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

2GGVUDWLRVEHWZHHQWUHDWPHQWVJURXSVZLOOEHHVWLPDWHGRQWKHWUHDWPHQWE\YLVLW
LQWHUDFWLRQDWZHHNDORQJZLWKWKHLU6(&,DQGVLGHGSYDOXHV
$OOWUHDWPHQWHIIHFWVDQGWUHDWPHQWGLIIHUHQFHVSHUIRUPHGIRUFRSULPDU\YDULDEOHVZLOO
EHDOVRSHUIRUPHGRQVHFRQGDU\YDULDEOHVDOWKRXJKWKHPRVWUHOHYDQWRQHVDUHWKRVH
GHVFULEHGLQWKHK\SRWKHVLVWHVWLQJZKLFKLQWXUQDUHLQFOXGHGLQWKHPXOWLSOLFLW\
DGMXVWPHQWVWUDWHJ\DQGDOORWKHUWUHDWPHQWGLIIHUHQFHVZLOOEHH[SORUDWRU\RQO\
6$6RXWSXWVZLOOEHSURYLGHGIRUVHFRQGDU\HIILFDF\YDULDEOHV

6HQVLWLYLW\DQDO\VLVIRUFRSULPDU\DQGVHFRQGDU\YDULDEOHV
6HQVLWLYLW\DQDO\VHVZLOOEHFRQGXFWHGWRHYDOXDWHWKHUREXVWQHVVWRYDULDWLRQVRIWKH
PLVVLQJGDWDDVVXPSWLRQVRQWKHFRSULPDU\DQGVHFRQGDU\HIILFDF\YDULDEOHV
 6HQVLWLYLW\DQDO\VLVEDVHGRQWKHHIILFDF\HVWLPDQG
&RSULPDU\DQGVHFRQGDU\YDULDEOHVZLOOGHVFULSWLYHO\DQDO\]HGE\UHDVRQRI
ZLWKGUDZDO

&RS\5HIHUHQFH&5DSSURDFK
)RUFRSULPDU\KRXUSRVWGRVH)(9DQGWURXJK)(9DQGVHFRQGDU\
YDULDEOHVQ$8&)(9DVHQVLWLYLW\DQDO\VLVZLOOEHSHUIRUPHGXQGHU
0LVVLQJ1RW$W5DQGRP01$5DVVXPSWLRQ7KHDQDO\VLVZLOOEHSHUIRUPHG
WRFRPSDUH$%))JYHUVXV$%ȝJLQWKHFKDQJHIURPEDVHOLQHLQ
KPRUQLQJSRVWGRVH)(9DWZHHNFRQVLGHULQJ01$5DVVXPSWLRQWKDW
SDWLHQWVIURPWKH$%))JWUHDWPHQWDUPEHKDYHDVSDWLHQWVIURPWKH
$%ȝJDIWHUGURSRXWVRSDWLHQWVZKRZLWKGUDZIURP$%))J
DUPZLOOEHLPSXWHGDVLIWKH\ZHUHDPHPEHURIWKH$%ȝJ7KH&5
DSSURDFKGHVFULEHGE\0LFKDHO2¶.HOO\DQG5DWLWFK%RKGDQDZLOOEHXVHG
8VLQJUHJUHVVLRQPRGHOVPXOWLSOHGDWDVHWV1 ZLOOEHFUHDWHGLPSXWHG
XQGHUDPRQRWRQHPLVVLQJDSSURDFKIRUHDFKWUHDWPHQWDQGLPSOHPHQWHGYLD
VHTXHQWLDOPRGHOOLQJXVLQJ6$6SURF0,ZKHUHWKHLPSXWDWLRQSURFHVVZLOOEH
GRQHYLVLWE\YLVLWQRQPRQRWRQH³KROHV´DUHLPSXWHGEDVHGRQ0&0&
7KHQIRUHDFKLPSXWHGGDWDVHWWKHVDPH0050XVHGLQWKHPDLQDQDO\VLV
VHFWLRQZLOOEHDGMXVWHGVRWKDWWKHHVWLPDWHVLQIHUHQFHRIWKLVDQDO\VLV
FDQEHFRPSDUHGZLWKWKHRULJLQDORQH)LQDOO\WKHUHVXOWVRIWKHPXOWLSOH
GDWDVHWVZLOOEHFRPELQHGXVLQJWKH6$6SURF0,$1$/<=(WRREWDLQWKH
HVWLPDWLRQRIWKHWUHDWPHQWHIIHFWDQGWUHDWPHQWFRPSDULVRQZHDUHORRNLQJIRU
7KHVDPH&5DSSURDFKZLOOEHXVHGWRFRPSDUH$%))JYHUVXV))
ȝJLQFKDQJHIURPEDVHOLQHLQPRUQLQJSUHGRVHWURXJK)(9DWZHHNDQG
WRFRPSDUH$%))JYHUVXV$%ȝJDQG))ȝJLQFKDQJHIURP
EDVHOLQHLQQRUPDOL]HG$8&KDWZHHN5HIHUHQFHFDWHJRULHVZLOOEHWKH
PRQRWKHUDSLHV

5HVSRQGHUDQDO\VLVRI6*54
6HQVLWLYLW\DQDO\VLVIRUSHUFHQWDJHRISDWLHQWVDFKLHYLQJDFOLQLFDOO\PHDQLQJIXO
LPSURYHPHQW! XQLWVUHGXFWLRQFRPSDUHGWREDVHOLQHLQWKH6*54WRWDO
VFRUHDWZHHNZKHQFRPSDULQJ$%))JYHUVXV$%ȝJDQG))


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

ZLOOEHGRQHXVLQJWKHVDPHVWDWLVWLFDOPRGHOVGHVFULEHGLQVHFWLRQ
EXWFRQVLGHULQJDOOPLVVLQJGDWDDVQRQUHVSRQGHU

 6HQVLWLYLW\DQDO\VLVEDVHGRQD7UHDWPHQW3ROLF\(VWLPDQG
7KHWUHDWPHQWSROLF\HVWLPDQGTXDQWLILHVWKHGLIIHUHQFHLQRXWFRPHVIRUVXEMHFWV
UDQGRPL]HGWRWKH,3VWXG\WUHDWPHQWVUHJDUGOHVVRIWKHWUHDWPHQWVWKDWVXEMHFWVDFWXDOO\
UHFHLYHG,QFOXGHVGDWDFROOHFWHGDIWHUGLVFRQWLQXDWLRQRI,3VWXG\WUHDWPHQW7KXVLW
FRQVLVWVRQDOOGDWDRIHQWLUHVWXG\SHULRGZHHNVUHJDUGOHVVLIWKHSDWLHQWZDVRQ
VWXG\WUHDWPHQWRURIIVWXG\WUHDWPHQWRUXQWLOWKHHQGRIVWXG\(26YLVLWLH
LQFOXGLQJDOOGDWDUHJDUGOHVVRIZKHWKHUVWXG\WUHDWPHQWZDVSUHPDWXUHO\GLVFRQWLQXHG
RUGHOD\HGDQGRULUUHVSHFWLYHRISURWRFRODGKHUHQFHXQOHVVWKHSDWLHQWZLWKGUDZV
FRQVHQWWRVWXG\SDUWLFLSDWLRQ3DWLHQWVGLVFRQWLQXLQJWKH,3EHIRUHZHHNDQGZLOOLQJ
WRFRQWLQXHLQWKHVWXG\ZLOOSHUIRUPWKH(27YLVLWDQGVWDUWDSRVW,3IROORZXSSHULRG
DFFRUGLQJWRWKHSODQQHGYLVLWVFKHGXOHZKLFKLQFOXGHVSLURPHWU\DVVHVVPHQWV)URP
WKH(27YLVLWXQWLO(26YLVLWSDWLHQWVZLOOUHWXUQWRDSSURSULDWHPDLQWHQDQFH&23'
PHGLFDWLRQVDVSHUWKHLQYHVWLJDWRUVGLVFUHWLRQ
7KLVDQDO\VLVZLOOEHFDUULHGRXWXQGHUWKHUDQGRPL]HGWUHDWPHQWDVVLJQPHQWDQG
PLVVLQJGDWDZLOOEHPRGHOOHGXVLQJGLUHFWOLNHOLKRRGDSSURDFKHVXQGHUPLVVLQJDW
UDQGRP0$5DVVXPSWLRQV7KHVDPHVWDWLVWLFDOPRGHOVXVHGIRUERWKFRSULPDU\DQG
VHFRQGDU\YDULDEOHVZLOOEHDGMXVWHGH[FHSWIRU$8&KEHFDXVHDIWHU
GLVFRQWLQXDWLRQDWVXEVHTXHQWVFKHGXOHGYLVLWVZHRQO\FROOHFWVSLURPHWU\GDWDSUH
WUHDWPHQWDQGDQGKSRVWWUHDWPHQW

3ULPDU\HIILFDF\YDULDEOHIRUPDUNHWDFFHVVQRQLQIHULRULW\
7KHHIILFDF\HVWLPDQGDVVXPSWLRQZLOOEHDOVRXVHGIRUPDUNHWDFFHVV

+\SRWKHVLVWHVWLQJ
)RUPDUNHWDFFHVVWKHQXOO+DQGDOWHUQDWLYH+DK\SRWKHVHVDUH

+$%ȝJ7,2JP/IRUFKDQJHIURPEDVHOLQHLQPRUQLQJSUH
GRVHWURXJK)(9DWZHHN
+D$%ȝJ7,2J!P/
1RQLQIHULRULW\ZLOOEHHVWDEOLVKHGE\VKRZLQJWKDWWKHORZHUERXQGRIWKHWZRVLGHG
FRQILGHQFHLQWHUYDOIRUFKDQJHIURPEDVHOLQHLQPRUQLQJSUHGRVHWURXJK)(9DW
ZHHNZKHQFRPSDULQJ$%ȝJYV7,2JLVKLJKHUWKDQP/QRQ
LQIHULRULW\OLPLW
7KHFRPSDULVRQEHWZHHQ$%ȝJDQG7,2ȝJLQFKDQJHIURPEDVHOLQHLQPRUQLQJ
SUHGRVHWURXJK)(9DWZHHNZLOOEHDQDO\VHGE\PHDQVRIPL[HGPRGHOIRU
UHSHDWHGPHDVXUHV00507KHPRGHOZLOODGMXVWIRUSUHDQGSRVWEURQFKRGLODWRU
DOEXWHUROVDOEXWDPRO)(9DWVFUHHQLQJYLVLWDJHDQGEDVHOLQH)(9DVFRYDULDWHV
DQGWUHDWPHQWJURXSVH[VPRNLQJVWDWXVYLVLWDQGWUHDWPHQWJURXSE\YLVLWLQWHUDFWLRQ
DVIL[HGHIIHFWIDFWRUVDQGFRXQWU\DVUDQGRPHIIHFW
$QXQVWUXFWXUHGFRYDULDQFHSDWWHUQZLOOEHXVHGWRHVWLPDWHWKHYDULDQFHFRYDULDQFHRI
WKHZLWKLQVXEMHFWUHSHDWHGPHDVXUHV3DUDPHWHUVZLOOEHHVWLPDWHGXVLQJ5(0/ZLWK


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

1HZWRQ5DSKVRQDOJRULWKPDQGXVLQJWKH.HQZDUG5RJHUPHWKRGIRUFDOFXODWLQJWKH
GHQRPLQDWRUGHJUHHVRIIUHHGRP
,QFDVHRIWKHVWDWLVWLFDOPRGHOGRHVQRWFRQYHUJHQFHWKHFRPSRXQGV\PPHWU\
FRYDULDQFHSDWWHUQZLOOEHXVHG
$OOWUHDWPHQWHIIHFWVDQGWUHDWPHQWGLIIHUHQFHVSHUIRUPHGIRUFRSULPDU\YDULDEOHVZLOO
EHVKRZQWKRXJKZHDUHLQWHUHVWHGLQWKHWUHDWPHQWGLIIHUHQFHEHWZHHQ$%ȝJDQG
7,2JDWZHHNHVWLPDWHGE\WKH/HDVW6TXDUHPHDQV/60HDQVRQWKH
WUHDWPHQWE\YLVLWLQWHUDFWLRQDWZHHNDORQJZLWKLWVVWDQGDUGHUURU6(DQGWZR
VLGHG&,

$QDO\VLVRIDGGLWLRQDOHIILFDF\YDULDEOHV
7KHHIILFDF\HVWLPDQGDVVXPSWLRQZLOOEHDOVRXVHGIRUDOODGGLWLRQDOYDULDEOHV
,QWKLVFDVHQRPXOWLSOLFLW\DGMXVWPHQWIRUWKHFRQWURORIIDPLO\ZLVHW\SH,HUURUZLOOEH
DSSOLHGIRUWKHDQDO\VLVRIDGGLWLRQDOHIILFDF\YDULDEOHV$OOWUHDWPHQWGLIIHUHQFHVZLOO
EHUHSRUWHGDVVKRZQIRUWKHFRSULPDU\YDULDEOHV

3XOPRQDU\)XQFWLRQ7HVWV
2QVHWRIDFWLRQZLOOEHDQDO\VHGXVLQJ$1&29$PRGHOVDGMXVWLQJE\SUHDQGSRVW
EURQFKRGLODWRUVDOEXWDPRO)(9DWVFUHHQLQJYLVLWDJHDQGEDVHOLQH)(9DV
FRYDULDWHVDQGWUHDWPHQWJURXSVH[VPRNLQJVWDWXVDVIL[HGHIIHFWIDFWRUVDQGFRXQWU\
DVUDQGRPLQWHUFHSW
x &KDQJHIURPEDVHOLQHLQ)(9PLQXWHVDIWHUWKHILUVWGRVHRQGD\RQVHWRI
DFWLRQ
x &KDQJHIURPEDVHOLQHLQ)(9PLQXWHVDIWHUWKHILUVWGRVHRQGD\RQVHWRI
DFWLRQ
$GGLWLRQDOSXOPRQDU\IXQFWLRQWHVWVHLWKHUFKDQJHIURPEDVHOLQHRUDEVROXWHYDOXHVZLOO
EHDQDO\VHGE\XVLQJWKHVDPH0050DVDSSOLHGWRFRSULPDU\YDULDEOHV(DFK
WUHDWPHQWHIIHFWDQGWUHDWPHQWGLIIHUHQFHVZLOOEHHVWLPDWHGE\WKH/HDVW6TXDUHPHDQV
/60HDQVRQWKHFRUUHVSRQGHQWWUHDWPHQWE\YLVLWLQWHUDFWLRQ,QDGGLWLRQRQH
0050PRGHOE\WLPHSRLQWZLOOEHDSSOLHGWRFKDQJHIURPEDVHOLQHDQGDEVROXWH
YDOXHV7KHDGGLWLRQDOSXOPRQDU\IXQFWLRQWHVWVDUH
x &KDQJHIURPEDVHOLQHLQ)(9DQG)9&E\YLVLWDQGWLPHSRLQWDWDOOYLVLWV
x )(9DQG)9&E\YLVLWDQGWLPHSRLQWDWDOOYLVLWV
x &KDQJHIURPEDVHOLQHLQPRUQLQJSUHGRVH)(9DQG)9&DWDOOYLVLWVZHHNV

x 0RUQLQJSUHGRVH)(9DQG)9&DWDOOYLVLWVZHHNVDQG
x &KDQJHIURPEDVHOLQHLQSHDN)(9DQG)9&DWGD\DQGZHHNVDQGGHILQHG
DVWKHKLJKHVWYDOXHREVHUYHGLQWKHKSHULRGLPPHGLDWHO\DIWHUWKHPRUQLQJ,3
DGPLQLVWUDWLRQ
x &KDQJHIURPEDVHOLQHLQQRUPDOLVHGDUHDXQGHUFXUYHIURPWLPHWRKRXUV$8&
K)(9DQG)9&DWGD\DQGZHHNVDQG


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

x 6XEVHWRISDWLHQWV&KDQJHIURPEDVHOLQHLQ)(9DQG)9&E\WLPHSRLQWDWDOOYLVLWV
x 6XEVHWRISDWLHQWV&KDQJHIURPEDVHOLQHLQQRUPDOLVHGDUHDXQGHUFXUYHIURPWLPH
WRKRXUV$8&K)(9DQG)9&DWGD\DQGZHHN
x 6XEVHWRISDWLHQWV&KDQJHIURPEDVHOLQHLQQRUPDOLVHGDUHDXQGHUFXUYHIURPWLPH
WRKRXUV$8&K)(9DQG)9&DWGD\DQGZHHN
x 6XEVHWRISDWLHQWV&KDQJHIURPEDVHOLQHLQQRUPDOLVHGDUHDXQGHUFXUYHIURPWLPH
WRKRXUV$8&K)(9DQG)9&DWGD\DQGZHHN
7KHQRUPDOLVHG$8&K$8&K$8&KDQG$8&KRI)(9DQG)9&ZLOOEH
FDOFXODWHGE\PHDQVRIWKHWUDSH]RLGDOPHWKRG
6SLURPHWULFEDVHOLQHYDOXHVIRU)(9DQG)9&ZLOOEHFDOFXODWHGDVWKHDYHUDJHRIWKH
WZRVSLURPHWULFYDOXHVMXVWSULRUWRWKHDGPLQLVWUDWLRQRIWKHILUVWGRVHRI,3DWGD\RI
WUHDWPHQW,IRQHRIWKHWZRYDOXHVLVPLVVLQJWKHQWKHDYDLODEOHRQHZLOOEHXVHGDV
EDVHOLQHYDOXH,IERWKYDOXHVDUHPLVVLQJWKHSUHEURQFKRGLODWRUYDOXHDWVFUHHQLQJ
YLVLWZLOOEHXVHGDVWKHEDVHOLQHYDOXH2WKHUZLVHWKHEDVHOLQHYDOXHZLOOQRWEH
FDOFXODWHGDQGZLOOEHFRQVLGHUHGPLVVLQJ
1RUPDOL]HG$8&
)RU$8&KDVVHVVPHQWWKHIROORZLQJFULWHULDDUHUHTXLUHGDWOHDVWRQHDYDLODEOHSUH
,33)7YDOXHRQ'D\WKHSUHEURQFKRGLODWRUYDOXHLIERWKSUH,33)7YDOXHVDUH
PLVVLQJDWOHDVWRQH3)7YDOXHEHWZHHQKDQGKSRVWGRVHLQFOXVLYH
ͳ
ݐ଺௢௥ସെݐ଴
෍ሺݐ௜െݐ௜ିଵሻሺ݀௜൅݀௜ିଵሻ
ʹ
଺௢௥ସ
௜ୀଵ

:KHUHGLLVWKHVSLURPHWULFYDOXHLH)(9RU)9&REWDLQHGDWWLPHWLWLLVWKHWLPH
LQKRXUVIRUZKLFKGLLVPHDVXUHGGLVFDOFXODWHGDVWKHDYHUDJHRIERWKSUH,3WLPH
SRLQWVRUWKHSUHEURQFKRGLODWRUYDOXHLIERWKSUH,3DUHPLVVLQJ
$WGD\W W W W W W W 
)RUWKHUHVWRIWKHYLVLWVW W W W W 
1RUPDOL]HG$8&
)RU$8&KDVVHVVPHQWLQDGGLWLRQWRWKHWZRFULWHULDVSHFLILHGIRUWKH$8&KDW
OHDVWRQH3)7YDOXHDIWHUKQRWLQFOXVLYHSRVWGRVHVKRXOGEHDYDLODEOH
ͳ
ݐଵଵ௢௥ଽെݐ଴
෍ሺݐ௜െݐ௜ିଵሻሺ݀௜൅݀௜ିଵሻ
ʹ
ଵଵ௢௥ଽ
௜ୀଵ

:KHUHGLLVWKHVSLURPHWULFYDOXHLH)(9RU)9&REWDLQHGDWWLPHWLWLLVWKHWLPH
LQKRXUVIRUZKLFKGLLVPHDVXUHGGLVFDOFXODWHGDVWKHDYHUDJHRIERWKSUH,3WLPH
SRLQWVRUWKHSUHEURQFKRGLODWRUYDOXHLIERWKSUH,3DUHPLVVLQJDQG


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

$WGD\W W W W W W W W W W W
 
)RUWKHUHVWRIWKHYLVLWVW W W W W W W W W 
1RUPDOL]HG$8&
)RU$8&KDVVHVVPHQWWKHIROORZLQJFULWHULDDUHUHTXLUHGWKH3)7YDOXHEHWZHHQ
DQGKSUHHYHQLQJGRVHDWOHDVWRQH3)7YDOXHEHWZHHQDQGKDW
OHDVWRQH3)7YDOXHEHWZHHQKDQGKLQFOXVLYH
ͳ
ݐ଺െݐ଴
෍ሺݐ௜െݐ௜ିଵሻሺ݀௜൅݀௜ିଵሻ
ʹ
଺
௜ୀଵ

:KHUH'LLVWKHVSLURPHWULFYDOXHLH)(9RU)9&REWDLQHGDWWLPHWLWLLVWKHWLPH
LQKRXUVIRUZKLFKGLLVPHDVXUHG$QGW W W W W 
W W 
1RUPDOL]HG$8&
)RU$8&KDVVHVVPHQWLWLVUHTXLUHGWRIXOILODOOFULWHULDVSHFLILHGLQWKHSUHYLRXV
$8&VFDOFXODWLRQV
ͳ
ݐଵ଻௢௥ଵହെݐ଴
෍
ሺݐ௜െݐ௜ିଵሻሺ݀௜൅݀௜ିଵሻ
ʹ
ଵ଻௢௥ଵହ
௜ୀଵ

:KHUHGLLVWKHVSLURPHWULFYDOXHLH)(9RU)9&REWDLQHGDWWLPHWLWLLVWKHWLPH
LQKRXUVIRUZKLFKGLLVPHDVXUHGGLVFDOFXODWHGDVWKHDYHUDJHRIERWKSUH,3WLPH
SRLQWVRUWKHSUHEURQFKRGLODWRUYDOXHLIERWKSUH,3DUHPLVVLQJ
$WGD\W W W W W W W W W W W
 W W W W W W 
)RUWKHUHVWRIWKHYLVLWVW W W W W W W W W 
W W W W W W W 
$OOWUHDWPHQWHIIHFWVDQGWUHDWPHQWGLIIHUHQFHFRPELQDWLRQVZLOOEHVKRZQDVVSHFLILHG
IRUFRSULPDU\YDULDEOHV

6\PSWRPVDQG+HDOWKUHODWHG4XDOLW\RI/LIH
&KDQJHIURPEDVHOLQHLQ6*54$SSHQGL[DQG&$7$SSHQGL[ZLOOEHDQDO\VHG
E\XVLQJWKHVDPHPL[HGPRGHOVDVDSSOLHGIRUFRSULPDU\YDULDEOHVEXWXVLQJWKH
DSSURSULDWHEDVHOLQHVEXWUHPRYLQJSUHDQGSRVWEURQFKRGLODWRUFRYDULDWHV(DFK
WUHDWPHQWHIIHFWDQGWUHDWPHQWGLIIHUHQFHVZLOOEHHVWLPDWHGE\WKH/HDVW6TXDUHPHDQV
/60HDQVRQWKHFRUUHVSRQGHQWWUHDWPHQWE\YLVLWLQWHUDFWLRQ
x &KDQJHIURPEDVHOLQHLQ6*54WRWDOVFRUHDQGWKUHHGLPHQVLRQVFRUHVDWZHHNV
DQG
x &KDQJHIURPEDVHOLQHLQWKH&$7VFRUHDWZHHNVDQG


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

7KHQXPEHURISDWLHQWVDFKLHYLQJDFOLQLFDOO\PHDQLQJIXOLPSURYHPHQWLQ6*54
DQG&$7ZLOOEHDQDO\VHGXVLQJWKHVDPHORJLVWLFUDQGRPHIIHFWPRGHODVDSSOLHGIRU
VHFRQGDU\UHVSRQGHUYDULDEOHVXVLQJWKHFRUUHVSRQGLQJEDVHOLQHV2GGVUDWLRVZLOOEH
HVWLPDWHGRQWKHFRUUHVSRQGHQWWUHDWPHQWE\YLVLWLQWHUDFWLRQ
x 1XPEHURISDWLHQWVDFKLHYLQJDFOLQLFDOO\PHDQLQJIXOLPSURYHPHQWDGHFUHDVH
RIDWOHDVWXQLWVIURPEDVHOLQHLQ6*54WRWDOVFRUHDW:HHNVDQG
>1RWHWKDWWRWDOVFRUHDWZHHNLVDOUHDG\GHILQHGDVDVHFRQGDU\YDULDEOH@
x 1XPEHURISDWLHQWVDFKLHYLQJDFOLQLFDOO\PHDQLQJIXOLPSURYHPHQW0&,'
XQLWVGHFUHDVHLQ&$7WRWDOVFRUHDWZHHNVDQG
$OOWUHDWPHQWHIIHFWVDQGWUHDWPHQWGLIIHUHQFHFRPELQDWLRQVZLOOEHVKRZQ

&23'([DFHUEDWLRQV
:HZLOOFRQVLGHURQWUHDWPHQW,3&23'H[DFHUEDWLRQHYHQWVZKLFKVWDUWGXULQJWKH
SHULRGIURPWKHILUVW,3GRVHWRWKHODVW,3GRVH
7KHIROORZLQJYDULDEOHVZLOOEHDQDO\VHGEDVHGRQ+HDOWK5HVRXUFH8WLOL]DWLRQ+&58
GHILQLWLRQZRUVHQLQJRIV\PSWRPVUHTXLULQJDFKDQJHLQ&23'WUHDWPHQWDQGRU
KRVSLWDOL]DWLRQDQGRUHPHUJHQF\URRPWUHDWPHQW
x )UHTXHQF\GLVWULEXWLRQRI&23'H[DFHUEDWLRQVDQ\PLOGPRGHUDWHVHYHUHDQG
PRGHUDWHWRVHYHUH
x 1XPEHURISDWLHQWVZLWKDWOHDVWRQH&23'H[DFHUEDWLRQDQ\PLOGPRGHUDWH
VHYHUHDQGPRGHUDWHWRVHYHUH
x 1XPEHURI&23'H[DFHUEDWLRQVDQ\PLOGPRGHUDWHVHYHUHDQGPRGHUDWHWR
VHYHUH
x 5DWHRI&23'H[DFHUEDWLRQVSHUSDWLHQW\HDUDQ\PLOGPRGHUDWHVHYHUHDQG
PRGHUDWHWRVHYHUH7KHGHVFULSWLYHUDWHRI&23'H[DFHUEDWLRQVSHUSDWLHQW\HDU
ZLOOEHFDOFXODWHGE\GLYLGLQJWKHWRWDOQXPEHURIH[DFHUEDWLRQVIRUDSDWLHQWE\WLPH
RQVWXG\LQ\HDUV)RUSDWLHQWVKDYLQJQRH[DFHUEDWLRQVWKHH[DFHUEDWLRQVZLOOEH
DVVLJQHGWR
x 'XUDWLRQGD\VRIWKH&23'H[DFHUEDWLRQVDQ\DQGPRGHUDWHWRVHYHUH7KH
GXUDWLRQGD\VRI&23'H[DFHUEDWLRQVLVFRPSXWHGDVWKHLQWHUYDOLQGD\VIURPWKH
VWRSGDWHWRWKHVWDUWGDWHRID&23'H[DFHUEDWLRQSOXVGD\7RWDOO\RUSDUWLDOO\
PLVVLQJVWDUWDQGVWRSGDWHVZLOOEHLPSXWHGDVSHUUXOHVRI6HFWLRQ
6HH6HFWLRQIRUWKHGHILQLWLRQRIDUHODSVHRIDQH[DFHUEDWLRQ
x 7LPHGD\VWRILUVW&23'H[DFHUEDWLRQDQ\DQGPRGHUDWHWRVHYHUH
7KHWLPHGD\VWRILUVW&23'H[DFHUEDWLRQLVFRPSXWHGDVWKHWLPHHODSVHGIURPWKH
ILUVW,3LQWDNHGDWHWRWKHH[DFHUEDWLRQVWDUWLQJGDWHQRQFHQVRUHGGDWDRUGDWHRIODVW
,3DGPLQLVWUDWLRQZKDWHYHURFFXUVILUVWFHQVRUHGGDWD,IGDWHRIODVW,3DGPLQLVWUDWLRQ
LVPLVVLQJWKHSDWLHQWGURSVRXWIURPWKHWULDOWKHQWKHGLVFRQWLQXDWLRQGDWHZLOOEH
XVHGKRZHYHULIWKHSDWLHQWFRPSOHWHVWKHVWXG\ZHHNGDWHZLOOEHXVHG
'HULYHGIURPWKH(;$&7TXHVWLRQQDLUH$SSHQGL[
x )UHTXHQF\GLVWULEXWLRQRI&23'H[DFHUEDWLRQV
x 1XPEHURISDWLHQWVZLWKDWOHDVWRQH&23'H[DFHUEDWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

x 1XPEHURI&23'([DFHUEDWLRQV
x 5DWHRI&23'H[DFHUEDWLRQVSHUSDWLHQW\HDU
x 'XUDWLRQGD\VRIWKH&23'H[DFHUEDWLRQV
x 7LPHGD\VWRILUVW&23'H[DFHUEDWLRQ
7KHIUHTXHQF\GLVWULEXWLRQRI&23'H[DFHUEDWLRQVZLOOEHDQDO\VHGGHVFULSWLYHO\
7KHQXPEHURISDWLHQWVZLWKDWOHDVWRQH&23'H[DFHUEDWLRQZLOOEHDQDO\VHG
GHVFULSWLYHO\DQGE\PHDQVRIDORJLVWLFUHJUHVVLRQPRGHOLQFOXGLQJDJHDVDFRYDULDWH
DQGVH[EDVHOLQH,&6XVHXVHQRXVHRI,&6DVPRQRWKHUDS\ZLWKLQGD\VSULRUWRWKH
ILUVWGRVHGDWHRIWKH,3DQGFRQWLQXHGDIWHUUDQGRPL]DWLRQEDVHOLQH&23'VHYHULW\
PLOGPRGHUDWHYVVHYHUHYHU\VHYHUHVPRNLQJVWDWXVFXUUHQWH[VPRNHUVFRXQWU\
SULRUKLVWRU\RIH[DFHUEDWLRQRYHUPRQWKVEHIRUHUDQGRPL]DWLRQ\HVQRDQG
WUHDWPHQWJURXSDVIDFWRUV)UHTXHQF\GLVWULEXWLRQQXPEHUDQGSHUFHQWDJHZLOODOVREH
UHSRUWHG
7KHPHDQQXPEHURI&23'H[DFHUEDWLRQVZLOOEHDQDO\VHGGHVFULSWLYHO\
7KHUDWHRI&23'H[DFHUEDWLRQVSHU\HDUVRIH[SRVXUHZLOOEHDQDO\VHGDQGE\PHDQV
RIQHJDWLYHELQRPLDO1%UHJUHVVLRQPRGHOVLQFOXGLQJDJHDVDFRYDULDWHDQGVH[
EDVHOLQH,&6XVHXVHQRXVHRI,&6DVPRQRWKHUDS\ZLWKLQGD\VSULRUWRWKHILUVW
GRVHGDWHRIWKH,3DQGFRQWLQXHGDIWHUUDQGRPL]DWLRQEDVHOLQH&23'VHYHULW\
PLOGPRGHUDWHYVVHYHUHYHU\VHYHUHVPRNLQJVWDWXVFXUUHQWH[VPRNHUVFRXQWU\
SULRUKLVWRU\RIH[DFHUEDWLRQRYHUPRQWKVEHIRUHUDQGRPL]DWLRQ\HVQRWUHDWPHQW
JURXSDVIDFWRUVDQGWKHRIIVHW
7KHRIIVHWZLOOEHFDOFXODWHGDVWKH,3H[SRVXUHWLPHDVGHILQHGLQ6HFWLRQPLQXV
WKHVXPRIWKHGXUDWLRQLQGD\VRIDOO&23'H[DFHUEDWLRQHSLVRGHVSOXVGD\DQG
WKHQWUDQVIRUPHGWR\HDUVDQGH[SUHVVHGRQWKHORJDULWKPLFVFDOH7KHGXUDWLRQRID
&23'H[DFHUEDWLRQHSLVRGHZLOOEHFDOFXODWHGDVWKHVWRSPLQXVWKHVWDUWGDWHSOXV
GD\,IWKHVWDUWGDWHRIDQHYHQWLVSDUWLDOO\PLVVLQJWKHQWKHUXOHVVSHFLILHGLQWKH
VHFWLRQZLOOEHDSSOLHGKRZHYHULIWKHVWRSGDWHRIDQHSLVRGHLV
³XQNQRZQRQJRLQJ´RUWRWDOO\PLVVLQJRULILWLVNQRZQEXWEH\RQGWKHODVW,3GRVHHJ
DSDWLHQWZKRGLVFRQWLQXHVWKH,3EXWUHPDLQVLQWKHVWXG\WKHQWKHGDWHRIWKHODVW,3
GRVHZLOOEHXVHGWRFDOFXODWHWKHRIIVHW6SHFLILFUXOHVDERXWKRZWRLPSXWHVWRSGDWHV
ZKLFKDUHWRWDOO\PLVVLQJDUHGHWDLOHGLQ6HFWLRQ
,IWKH1%UHJUHVVLRQPRGHOGRHVQRWFRQYHUJHWKH3RLVVRQUHJUHVVLRQPRGHOZLWKUREXVW
YDULDQFHHVWLPDWHXVLQJVDQGZLFKPHWKRGZLOOEHDSSOLHG$VFDOHSDUDPHWHUZLOOEH
LQFOXGHGWRWDNHRYHUGLVSHUVLRQLQWRDFFRXQWLQILWWLQJ3RLVVRQUHJUHVVLRQPRGHO7KLV
ZRXOGEHDVLPLODU6$6*(102'PRGHOWRWKHRQHXVHGIRUWKH1HJDWLYH%LQRPLDO
EXWZLOOVSHFLI\3RLVVRQDVWKHGLVWULEXWLRQDQGLQFOXGHDVFDOHSDUDPHWHU'6&$/(
5DWHUDWLRVZLOOEHFDOFXODWHGZLWKWKHFRUUHVSRQGLQJ&,DQGSYDOXHV,QDGGLWLRQ
UDWHGLIIHUHQFHVDQGQXPEHUQHHGHGWRWUHDW117WRDYRLGRQHH[DFHUEDWLRQSHUSDWLHQW
SHU\HDUZLOOEHFDOFXODWHGZLWKWKHFRUUHVSRQGLQJ&,7RFDOFXODWHWKHFRQILGHQFH
LQWHUYDOIRU117ILUVWWKHYDULDQFHFRYDULDQFHPDWUL[ȍIRUWKHORJVFDOHGUDWHVLV
FDOFXODWHGIURPVWDQGDUGHUURUVIRUOHDVWVTXDUHVPHDQVDQGWKHGLIIHUHQFHHVWLPDWHG
IURPUHJUHVVLRQPRGHOQH[WWKHYDULDQFHFRYDULDQFHPDWUL[ȈIRUWKHH[DFHUEDWLRQ
UDWHVRIWZRWUHDWPHQWJURXSVLVGHULYHGIURPȍXVLQJWKH'HOWDPHWKRGILQDOO\WKH
YDULDQFHIRUGLIIHUHQFHRIH[DFHUEDWLRQUDWHVEHWZHHQWZRWUHDWPHQWJURXSVLVFDOFXODWHG
XVLQJYDULDQFHFRYDULDQFHPDWUL[ȈIRUUDWHVDQGWKHFRQILGHQFHLQWHUYDOIRUUDWH


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

GLIIHUHQFHLVFRQVWUXFWHGEDVHGRQȈDVVXPLQJHVWLPDWHGH[DFHUEDWLRQUDWHVDUH
QRUPDOO\GLVWULEXWHG7KHFRQILGHQFHLQWHUYDOIRU117LVWKHUHFLSURFDORIWKH
FRQILGHQFHLQWHUYDOIRUUDWHGLIIHUHQFH:KHQWKHXSSHUERXQGRIWKHFRQILGHQFHLQWHUYDO
RI117LVQHJDWLYHLWZLOOEHOHIWPLVVLQJ
7KHGXUDWLRQGD\VRIWKH&23'H[DFHUEDWLRQVDQ\DQGPRGHUDWHWRVHYHUHZLOOEH
GHVFULSWLYHO\DQDO\VHG
7LPHGD\VWRILUVW&23'H[DFHUEDWLRQZLOOEHDQDO\VHGWKURXJK&R[3URSRUWLRQDO
+D]DUGPRGHOLQFOXGLQJDJHDVDFRYDULDWHDQGVH[EDVHOLQH,&6XVHXVHQRXVHRI,&6
DVPRQRWKHUDS\ZLWKLQGD\VSULRUWRWKHILUVWGRVHGDWHRIWKH,3DQGFRQWLQXHGDIWHU
UDQGRPL]DWLRQEDVHOLQH&23'VHYHULW\PLOGPRGHUDWHYVVHYHUHYHU\VHYHUH
VPRNLQJVWDWXVFXUUHQWH[VPRNHUVFRXQWU\SULRUKLVWRU\RIH[DFHUEDWLRQRYHU
PRQWKVEHIRUHUDQGRPL]DWLRQ\HVQRDQGWUHDWPHQWJURXSDVIDFWRUV.DSODQ0HLHU
VXUYLYDOFXUYHVIRUPRGHUDWHWRVHYHUHH[DFHUEDWLRQVZLOOEHGLVSOD\HGIRUHDFK
WUHDWPHQW
$OOWUHDWPHQWHIIHFWVDQGH[DFHUEDWLRQUDWHRUWUHDWPHQWGLIIHUHQFHVFRPELQDWLRQV
EHWZHHQWUHDWPHQWJURXSVZLOOEHVKRZQDVVSHFLILHGIRUFRSULPDU\YDULDEOHV

6HQVLWLYLW\DQDO\VLVRI&23'H[DFHUEDWLRQV+&58	(;$&7
7KHWUHDWPHQWSROLF\HVWLPDQGDVVXPSWLRQZLOOEHXVHGIRUDQDO\VLQJFXPXODWHG
H[DFHUEDWLRQVHYHQWVXSWRZHHNUHJDUGOHVVLIWKHSDWLHQWZDVRQ,3RUQRWRU(26
YLVLW6DPHDQDO\VHVVSHFLILHGLQWKHSUHYLRXVVHFWLRQZLOOEHGRQH:HZLOOFRQVLGHURQ
VWXG\&23'H[DFHUEDWLRQHYHQWVVWDUWLQJGXULQJWKHSHULRGIURPWKHILUVW,3GRVHWR
(26:HHNGDWHWKHILUVWRQRFFXUULQJ
)RUWKHLQIHUHQWLDODQDO\VLVRIWKHUDWHRI&23'H[DFHUEDWLRQVWKHRIIVHWZLOOEH
FDOFXODWHGDVWKHH[SRVXUHWLPHQXPEHURIGD\VIURP'D\WR:HHNRU(26YLVLW
PLQXVWKHVXPRIWKHGXUDWLRQRIDOO&23'H[DFHUEDWLRQHSLVRGHVSOXVGD\DQGWKHQ
WUDQVIRUPHGWR\HDUVDQGH[SUHVVHGRQWKHORJDULWKPLFVFDOH7KHGXUDWLRQRID&23'
H[DFHUEDWLRQHSLVRGHZLOOEHFDOFXODWHGDVVWRSPLQXVVWDUWH[DFHUEDWLRQGDWHVSOXV
GD\,IWKHVWDUWDQGRUVWRSGDWHRIDQHYHQWLVSDUWLDOO\PLVVLQJWKHQWKHUXOHVVSHFLILHG
LQVHFWLRQZLOOEHDSSOLHGKRZHYHULIWKHVWRSGDWHRIDQHSLVRGHLV
³XQNQRZQRQJRLQJ´RUWRWDOO\PLVVLQJRULILWLVNQRZQEXWEH\RQGWKH(26:HHN
WKHQWKHGDWHRIWKH(26:HHNZLOOEHXVHGWRFDOFXODWHWKHRIIVHW6SHFLILFUXOHV
DERXWKRZWRLPSXWHWRWDOO\PLVVLQJVWRSGDWHVDUHGHWDLOHGLQ6HFWLRQ

'DLO\&23'6\PSWRPV(56
7KH(;$&75HVSLUDWRU\6\PSWRPV(56VFDOHZDVGHVLJQHGWRDGGUHVVWKHQHHGIRU
DGDLO\GLDU\IRUHYDOXDWLQJWKHHIIHFWRIWUHDWPHQWRQWKHVHYHULW\RIUHVSLUDWRU\
V\PSWRPVLQVWDEOH&23'3DWLHQW¶V&23'V\PSWRPV3DWLHQW5HSRUWHG2XFWRPHV
352FDQEHREWDLQHGWKURXJKGRPDLQVFRUHVHPEHGGHGZLWKLQWKH(;$&7(56
%UHDWKOHVVQHVV(56&RXJKDQG6SXWXPDQG(56&KHVW6\PSWRPV$Q(567RWDO
VFRUHLVFRPSXWHGIRUHDFKGD\RIGLDU\FROOHFWLRQ



6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


$GDLO\(56WRWDOVFRUHFDQEHREWDLQHGE\ILUVWUHFRGLQJWKHLWHPUHVSRQVHV
FRPSOHWHGE\SDWLHQWVHDFKHYHQLQJSULRUWREHGWLPHXVLQJWKHUDZVFRUHDVVLJQPHQWV
IRXQGEHORZLQ$SSHQGL[DQGWDNLQJWKHVXPRIWKHLWHPVUDQJHIURPWR
,QDGGLWLRQWRWKLVVLQJOHWRWDOVFRUHWKHGRPDLQVFRUHVEDVHGRQWKHIDFWRUVWUXFWXUHRI
WKHWRROFDQEHGHULYHGE\VXPPLQJHDFKRIWKHLWHPVLQWKHUHVSHFWLYHGRPDLQ(56
EUHDWKOHVVQHVVLVWKHVXPRILWHPVDQGVFRUHUDQJH(56FRXJK	
VSXWXPLVWKHVXPRILWHPVVFRUHUDQJHDQG(56FKHVWLVWKHVXPRI
LWHPVVFRUHUDQJH
7KHIROORZLQJYDULDEOHVEDVHGRQGDLO\HGLDU\HYHQLQJDQVZHUVZLOOEHDQDO\VHG
x &KDQJHIURPEDVHOLQHLQ(56WRWDOVFRUHDQGEUHDWKOHVVQHVVFRXJK	VSXWXPDQG
FKHVWGRPDLQVDWDOOYLVLWVDQGRYHUZHHNV
x 5HVSRQGHUDQDO\VLV1XPEHURISDWLHQWVZLWKDFOLQLFDOO\PHDQLQJIXO
LPSURYHPHQWLQ(56WRWDOVFRUHDQGE\GRPDLQDWDOOYLVLWV
'HVFULSWLYHVWDWLVWLFVZLOOEHSUHVHQWHGE\WUHDWPHQWJURXSDWEDVHOLQHDQGDWVFKHGXOHG
YLVLWVDWZHHNVDQGDQGRYHUDOORYHUWKHVWXG\SHULRG
)RUHDFKSDWLHQWDOOQRQPLVVLQJGDWDFRPSULVHGEHWZHHQWZRFRQVHFXWLYHQRQ
VNLSSHGVFKHGXOHGYLVLWVHQGLQJWKHQLJKWEHIRUHWKHVFKHGXOHGYLVLWZLOOEHLQFOXGHG
RUEHWZHHQDYLVLWDQGWKHODVW,3GDWHLIDSDWLHQWZLWKGUDZQ2YHUDOOSHULRGLVGHILQHG
DVDSHULRGEHWZHHQILUVWGRVHDQGODVW,3GRVH
(56GDLO\&23'V\PSWRPVIRUHDFKSHULRGYLVLWRURYHUDOOZLOOEHGHULYHGDVWKH
DYHUDJHVFRUHVUHSRUWHGGXULQJWKLVSHULRGSHUQXPEHURIGD\VZLWKQRQPLVVLQJ
UHVSRQVHVLQHGLDU\7KHEDVHOLQHLVGHILQHGDVDGD\LQWHUYDOEHIRUHWKHILUVW,3GRVH
HQGLQJWKHQLJKWEHIRUHWKHILUVWGRVHRI,3DQGZLOOEHFDOFXODWHGDVWKHVXPRIVFRUHV
GLYLGHGE\WKHWRWDOQXPEHURIGD\VZLWKQRQPLVVLQJYDOXHVUHSRUWHGWKDWZHHN
%DVHOLQHYDOXHVZLOOEHFRPSXWHGRQO\IRUWKRVHSDWLHQWVUHFRUGLQJDWOHDVWGLDU\
HQWULHVGXULQJWKLVSHULRG
&KDQJHIURPEDVHOLQHLQ(56GDLO\&23'V\PSWRPVZLOOEHDQDO\VHGE\PHDQVRI
0050PRGHOVDWWKHVDPHVFKHGXOHGYLVLWVDGMXVWLQJE\EDVHOLQH(56DQGDJHDV
FRYDULDWHVDQGWUHDWPHQWJURXSVH[VPRNLQJVWDWXVYLVLWDQGWUHDWPHQWE\YLVLW


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

LQWHUDFWLRQDVIL[HGHIIHFWIDFWRUVDQGFRXQWU\DVUDQGRPLQWHUFHSW$QXQVWUXFWXUHG
FRYDULDQFHSDWWHUQZLOOEHXVHGWRHVWLPDWHWKHYDULDQFHFRYDULDQFHRIWKHZLWKLQVXEMHFW
UHSHDWHGPHDVXUHV,QFDVHRIWKHVWDWLVWLFDOPRGHOGRHVQRWFRQYHUJHQFHWKHFRPSRXQG
V\PPHWU\FRYDULDQFHSDWWHUQZLOOEHXVHG
$ILJXUHVKRZLQJFKDQJHIURPEDVHOLQHLQ(56WRWDOVFRUHZLOOEHGUDZQE\ZHHN
XVLQJWKHVDPH0050PRGHOEXWVXEVWLWXWLQJWKHIDFWRUVYLVLWDQGWUHDWPHQWE\YLVLW
LQWHUDFWLRQE\ZHHNDQGWUHDWPHQWE\ZHHNLQWHUDFWLRQ
5HVSRQGHUDQDO\VHVRIFKDQJHIURPEDVHOLQHLQGDLO\WRWDO(56VFRUHVEUHDWKOHVVQHVV
FRXJKDQGVSXWXPFKHVWDQGWRWDOZLOOEHDQDO\VHGXVLQJORJLVWLFUDQGRPHIIHFW
PRGHOVXVLQJ*/,00,;DOOWUHDWPHQWYLVLWVDUHLQFOXGHGLQWKHVWDWLVWLFDOPRGHOEDVHG
RQWKHIROORZLQJ0&,'V
R (567RWDOVFDOHUDQJH>WKLVLVDUHGXFWLRQIURPEDVHOLQHRIDW
OHDVWXQLWV@
R (56%UHDWKOHVVQHVVVFDOHUDQJH
R (56&RXJKDQG6SXWXPVFDOHUDQJH
R (56&KHVW6\PSWRPVVFDOHUDQJH
7KHVDPHVWDWLVWLFDOPRGHOXVHGIRUWKHVHFRQGDU\YDULDEOHVEDVHGRQUHVSRQGHUDQDO\VLV
ZLOOEHDGMXVWHGZLWKWKHFRUUHVSRQGLQJ(56EDVHOLQHV
7UHDWPHQWHIIHFWDQGWUHDWPHQWGLIIHUHQFHVRIDOOWKHVHDQDO\VLVZLOOEHHVWLPDWHGE\WKH
/60HDQVRGGVUDWLRVIRUUHVSRQGHUDQDO\VLVRQWKHFRUUHVSRQGHQWWUHDWPHQWE\YLVLW
LQWHUDFWLRQ$OOWUHDWPHQWHIIHFWVDQGWUHDWPHQWGLIIHUHQFHFRPELQDWLRQVZLOOEHVKRZQ
DVVSHFLILHGIRUFRSULPDU\YDULDEOHV

8VHRIUHOLHIPHGLFDWLRQ
)RUWKHQXPEHURISXIIVRIUHOLHIPHGLFDWLRQWKHIROORZLQJTXHVWLRQLVDQVZHUHGGDLO\
E\SDWLHQWVEDVHGDOVRRQGDLO\HGLDU\HYHQLQJDQVZHUV+RZPDQ\SXIIVRIUHOLHI
PHGLFDWLRQDOEXWHUROVDOEXWDPROKDYH\RXLQKDOHGLQWKHODVWKRXUVIURP\HVWHUGD\
ZKHQ\RXZHQWWREHGXQWLOQRZ"
7KHUHIRUHWKHIROORZLQJYDULDEOHZLOOEHDQDO\VHG
x &KDQJHIURPEDVHOLQHLQWKHXVHRIUHOLHIPHGLFDWLRQDWDOOYLVLWVDQGRYHUZHHNV
7KHVDPHGHVFULSWLYHDQDO\VLVDQG0050LQIHUHQWLDOPRGHOVSHFLILHGIRUGDLO\&23'
V\PSWRPV(56ZLOODGMXVWHGIRUWKHXVHRIUHOLHIPHGLFDWLRQXVLQJWKHVDPH
FRYDULDWHVDQGIDFWRUVEXWZLWKWKHFRUUHVSRQGLQJQXPEHURISXIIVDVEDVHOLQH6DPH
EDVHOLQHGHILQLWLRQGHVFULEHGIRU(56ZLOOEHXVHG

1LJKWWLPHDQG(DUO\0RUQLQJ6\PSWRPV1L6&,	(06&,
$GDLO\352GLDU\TXHVWLRQQDLUHRIQLJKWWLPHDQGHDUO\PRUQLQJV\PSWRPVRI&23'
ZLOOEHUHFRUGHGE\SDWLHQWVLQWKHHGLDU\$SSHQGL[7KLVTXHVWLRQQDLUHLVDQVZHUHG
HYHU\PRUQLQJDQGLVDERXWWKHSUHVHQFHDQGVHYHULW\RIFRXJKZKHH]LQJVKRUWQHVVRI
EUHDWKEUHDWKOHVVQHVVWLJKWQHVVFKHVWFRQJHVWLRQDQGSKOHJPH[SHFWRUDWLRQDWQLJKW
DQGHDUO\PRUQLQJQRFWXUQDODZDNHQLQJVDQGDFWLYLWLHVOLPLWDWLRQLQWKHHDUO\PRUQLQJ




6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

7KHIROORZLQJYDULDEOHVZLOOEHDQDO\VHG
1L6&,
x &KDQJHIURPEDVHOLQHLQWKHDYHUDJHQXPEHURIWLPHVDSDWLHQWZRNHXSGXULQJD
QLJKWEHFDXVHRI&23'6\PSWRPV
x &KDQJHIURPEDVHOLQHLQWKHDYHUDJHUDWLQJRIWKHQLJKWFRXJKVHYHULW\
x &KDQJHIURPEDVHOLQHLQWKHDYHUDJHUDWLQJRIWKHQLJKWZKHH]LQJVHYHULW\
x &KDQJHIURPEDVHOLQHLQWKHDYHUDJHUDWLQJRIWKHQLJKWVKRUWQHVVRIEUHDWKVHYHULW\
x &KDQJHIURPEDVHOLQHLQWKHDYHUDJHUDWLQJRIWKHQLJKWWLJKWQHVVFKHVWVHYHULW\
x &KDQJHIURPEDVHOLQHLQWKHDYHUDJHUDWLQJRIWKHQLJKWFKHVWFRQJHVWLRQVHYHULW\
x &KDQJHIURPEDVHOLQHLQWKHDYHUDJHUDWLQJRIWKHQLJKWGLIILFXOW\EULQJLQJXSSKOHJP
VHYHULW\
x &KDQJHIURPEDVHOLQHLQWKHDYHUDJHUDWLQJRIRYHUDOOQLJKWWLPH&23'V\PSWRP
VHYHULW\
(06&,
x &KDQJHIURPEDVHOLQHLQWKHDYHUDJHUDWLQJUDWLQJRIWKHHDUO\PRUQLQJVFRXJK
VHYHULW\
x &KDQJHIURPEDVHOLQHLQWKHDYHUDJHUDWLQJRIWKHHDUO\PRUQLQJVZKHH]LQJVHYHULW\
x &KDQJHIURPEDVHOLQHLQWKHDYHUDJHUDWLQJRIWKHHDUO\PRUQLQJVVKRUWQHVVRIEUHDWK
VHYHULW\
x &KDQJHIURPEDVHOLQHLQWKHDYHUDJHUDWLQJRIWKHHDUO\PRUQLQJVWLJKWQHVVFKHVW
VHYHULW\
x &KDQJHIURPEDVHOLQHLQWKHDYHUDJHUDWLQJRIWKHHDUO\PRUQLQJVFKHVWFRQJHVWLRQ
VHYHULW\
x &KDQJHIURPEDVHOLQHLQWKHDYHUDJHUDWLQJRIWKHHDUO\PRUQLQJVGLIILFXOW\EULQJLQJ
XSSKOHJPVHYHULW\
x &KDQJHIURPEDVHOLQHLQWKHDYHUDJHUDWLQJRIRYHUDOOHDUO\PRUQLQJV&23'
V\PSWRPVHYHULW\
x &KDQJHIURPEDVHOLQHLQWKHDYHUDJHUDWLQJRI&23'V\PSWRPVOLPLWLQJHDUO\
PRUQLQJDFWLYLWLHV
)RUHDFKSDWLHQWDOOQRQPLVVLQJGDWDFRPSULVHGEHWZHHQWZRFRQVHFXWLYHQRQ
VNLSSHGYLVLWVZLOOEHXVHGIRUDQDO\VLVRUEHWZHHQDYLVLWDQGWKHGDWHRI
GLVFRQWLQXDWLRQLIDSDWLHQWZLWKGUDZQ2YHUDOOSHULRGLVGHILQHGDVDSHULRGEHWZHHQ
ILUVWGRVHDQGODVW,3GRVH
%DVHOLQHLVGHILQHGDVWKHGD\LQWHUYDOHQGLQJWKHGD\RIWKHILUVWGRVHRIGRXEOHEOLQG
,3GRVH%DVHOLQHYDOXHVZLOOEHFRPSXWHGRQO\IRUWKRVHSDWLHQWVUHFRUGLQJDWOHDVW
GLDU\HQWULHVGXULQJWKLVSHULRG7KHGHQRPLQDWRUZLOOEHEDVHGRQWKHQXPEHURIGD\V
ZLWKDYDLODEOHGDWD
7KHVHDUHWKHGDWDFRQYHQWLRQVZKLFKZLOODSSO\WRERWKQLJKWWLPHDQGHDUO\PRUQLQJ
V\PSWRPV


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

9 7KHFKDQJHIURPEDVHOLQHLQWKHDYHUDJHQXPEHURIWLPHVDSDWLHQWZRNHXS
EHFDXVHRI&23'V\PSWRPVIRUHDFKSHULRGYLVLWRURYHUDOOZLOOEHGHULYHGDV
WKHDYHUDJHVFRUHVUHSRUWHGGXULQJWKLVSHULRGSHUQXPEHURIGD\VZLWKQRQ
PLVVLQJUHVSRQVHVLQHGLDU\
9 7KHFKDQJHIURPEDVHOLQHLQWKHDYHUDJHUDWLQJVRIWKHFRXJKZKHH]LQJ
VKRUWQHVVRIEUHDWKWLJKWQHVVFKHVWFRQJHVWLRQGLIILFXOW\EULQJLQJXSSKOHJP
DQGRYHUDOO&23'V\PSWRPVHYHULW\ZLOOEHFDOFXODWHGDVWKHPHDQVFRUHVIRU
HDFKSHULRGYLVLWRURYHUDOOSHUQXPEHURIGD\VZLWKQRQPLVVLQJUHVSRQVHVLQ
HGLDU\DQGKDYLQJLQWRDFFRXQWWKHIROORZLQJFDWHJRUL]DWLRQ
R ,GLGQRWH[SHULHQFHDQ\V\PSWRP 
R 0LOG 
R 0RGHUDWH 
R 6HYHUH 
R 9HU\6HYHUH 
9 7KHFKDQJHIURPEDVHOLQHLQWKHDYHUDJHUDWLQJRI&23'V\PSWRPVOLPLWLQJ
HDUO\PRUQLQJDFWLYLWLHVZKLFKLVFDWHJRUL]HGDV1RWDWDOO$OLWWOH0RGHUDWHO\
$JRRGGHDODQG$YHU\JUHDWGHDOZLOOEHFDOFXODWHGKDYLQJLQWRDFFRXQWWKH
IROORZLQJWUDQVIRUPDWLRQ
R 1RWDWDOO 
R $OLWWOH 
R 0RGHUDWHO\ 
R $JRRGGHDO 
R $YHU\JUHDWGHDO 
'HVFULSWLYHVWDWLVWLFVZLOOEHSUHVHQWHGE\WUHDWPHQWJURXSDWEDVHOLQHDQGDWVFKHGXOHG
YLVLWVDWZHHNVDQGDQGRYHUDOORYHUWKHVWXG\SHULRG
'DLO\GLDU\TXHVWLRQQDLUHVZLOOEHDQDO\]HGE\PHDQVRI0050PRGHOVDWWKHVDPH
VFKHGXOHGYLVLWVDGMXVWHGIRUDJHDQGEDVHOLQHDVFRYDULDWHVDQGWUHDWPHQWJURXSVH[
VPRNLQJVWDWXVYLVLWDQGWUHDWPHQWJURXSE\YLVLWLQWHUDFWLRQDVIL[HGHIIHFWIDFWRUV
DQGFRXQWU\DVUDQGRPLQWHUFHSW$QXQVWUXFWXUHGFRYDULDQFHSDWWHUQZLOOEHXVHGWR
HVWLPDWHWKHYDULDQFHFRYDULDQFHRIWKHZLWKLQVXEMHFWUHSHDWHGPHDVXUHV,QFDVHRIWKH
VWDWLVWLFDOPRGHOGRHVQRWFRQYHUJHQFHWKHFRPSRXQGV\PPHWU\FRYDULDQFHSDWWHUQZLOO
EHXVHG
7UHDWPHQWHIIHFWDQGWUHDWPHQWGLIIHUHQFHVRIDOOWKHVHDQDO\VLVZLOOEHHVWLPDWHGE\WKH
/60HDQVRGGVUDWLRVIRUUHVSRQGHUDQDO\VLVRQWKHFRUUHVSRQGHQWWUHDWPHQWE\YLVLW
LQWHUDFWLRQ$OOWUHDWPHQWHIIHFWVDQGWUHDWPHQWGLIIHUHQFHFRPELQDWLRQVZLOOEHVKRZQ
&KDQJHIURPEDVHOLQHLQWKHDYHUDJHUDWLQJRIRYHUDOOQLJKWWLPH&23'V\PSWRP
VHYHULW\DQGFKDQJHIURPEDVHOLQHLQWKHDYHUDJHUDWLQJRIRYHUDOOHDUO\PRUQLQJV
&23'V\PSWRPVHYHULW\ZLOOEHGUDZQE\ZHHNXVLQJWKHVDPH0050PRGHOEXW
VXEVWLWXWLQJWKHIDFWRUVYLVLWDQGWUHDWPHQWE\YLVLWLQWHUDFWLRQE\ZHHNDQGWUHDWPHQW
E\ZHHNLQWHUDFWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


'HYLFHSUHIHUHQFHDQGZLOOLQJQHVVWRFRQWLQXHTXHVWLRQQDLUH
$WWKHHQGRIWKHWUHDWPHQWSHULRGRUXSRQHDUO\GLVFRQWLQXDWLRQSDWLHQWVZLOOEH
UHTXHVWHGWRDVVHVVWKHLULPSUHVVLRQRIWKHHDVHRIXVHRIWKH3UHVVDLU*HQXDLUDQG
+DQGL+DOHULQKDOHUVGHYLFHSUHIHUHQFHDQGZLOOLQJQHVVWRFRQWLQXHTXHVWLRQQDLUH
$WWKHHQGRIWKHWUHDWPHQWSHULRGDWZHHNRU(27(26SDWLHQWVZLOOEHUHTXHVWHG
WRHYDOXDWHWKHFRQYHQLHQFHRIWKHGHYLFHE\PHDQVRIWKHTXHVWLRQQDLUHVLQFOXGHGLQ
$SSHQGL['DWDZLOOEHUHFRUGHGE\WKHSDWLHQWLQWKHHGLDU\
7KHQXPEHURISDWLHQWVIXOILOOLQJHDFKFDWHJRU\DWHDFKVSHFLILFTXHVWLRQDWWULEXWH
ZLOOEHDQDO\VHGRYHUDOOXVLQJGHVFULSWLYHVWDWLVWLFVZLWKWKHLU&,E\WUHDWPHQW
JURXSDQGRYHUDOO7KHSHUFHQWDJHRISDWLHQWVZKRSUHIHU*HQXDLUZLOOEHDOVRFRPSDUHG
WRE\PHDQVRIDQH[DFWELQRPLDOWHVWGDWDIURPSDWLHQWVZKRKDYHDSUHIHUHQFH
ZLOOEHXVHGWKHWHVWZLOOEHSHUIRUPHGRYHUDOO
,QDGGLWLRQWKHH[WHQWWRZKLFKSDWLHQWVSUHIHUFRQWLQXLQJXVLQJHDFKGHYLFHZLOO
EHGHVFULSWLYHO\DQDO\VHGQXPEHURIQRQPLVVLQJYDOXHVPHDQVWDQGDUGGHYLDWLRQ
PHGLDQPLQLPXPDQGPD[LPXPDQG&,DQGXVLQJDSDLUHGWWHVW

6XEJURXSDQDO\VLV
6XEJURXSDQDO\VLVRI&$7WRWDOVFRUHFDWHJRULHVDWEDVHOLQHEHWZHHQDQG
EHWZHHQDQGDQGZLOOEHGRQH&RSULPDU\DQGVHFRQGDU\HIILFDF\
YDULDEOHVZLOOEHDQDO\VHGIRUHDFKFDWHJRU\XVLQJWKHVDPHVWDWLVWLFDOPRGHOV

$QDO\VLVRIVDIHW\DQGWROHUDELOLW\YDULDEOHV
7KHHIILFDF\HVWLPDQGDVVXPSWLRQZLOOEHDOVRXVHGIRUDOODGGLWLRQDOYDULDEOHV
+RZHYHUVDIHW\YDULDEOHVZLOOEHDQDO\VHGRQWKH6DIHW\SRSXODWLRQ

$GYHUVHHYHQWV$(V
$GYHUVHHYHQWVLQFOXGLQJ+&58&23'H[DFHUEDWLRQVZLOOEHFRGHGXVLQJWKH
0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV0HG'5$YHUVLRQ$Q$(ZLOOEH
FRQVLGHUHGDWUHDWPHQWHPHUJHQWDGYHUVHHYHQW7($(LILWVWDUWVDWWKHWLPHRIRUDIWHU
WKHILUVW,3DGPLQLVWUDWLRQ2WKHUZLVHLWZLOOEHFRQVLGHUHGDVDQRQ7($($Q$(WKDW
RFFXUVPRUHWKDQGD\VDIWHUWKHODVW,3LQWDNHZLOOQRWEHFRQVLGHUHGD7($(
$OOWDEOHVZLOOEHVRUWHGE\DOSKDEHWLFDORUGHURIV\VWHPRUJDQFODVV62&KLJKOHYHO
WHUP+/7ZKHQDSSOLFDEOHDQGE\GHFUHDVLQJIUHTXHQF\SDWLHQWVRISUHIHUUHGWHUP
37ZLWKLQ62&DQG+/7ZKHQDSSOLFDEOHIRUWKH$%))JDUP
$FRPSUHKHQVLYHVXPPDU\RI7($(VZLOOEHSUHVHQWHGZLWKWKHQXPEHUDQGSHUFHQWDJH
RISDWLHQWVZLWKQRQ7($(7($(7($(OHDGLQJWRGLVFRQWLQXDWLRQVHULRXVDGYHUVH
HYHQWV6$(PDMRUDGYHUVHFDUGLDFHYHQWV0$&(DQGDGYHUVHHYHQWVZLWKIDWDO
RXWFRPHZLOOEHSUHVHQWHGE\WUHDWPHQWDQGRYHUDOOXVLQJGHVFULSWLYHVWDWLVWLFV
,QFDVHRIDVXEMHFWKDVPRUHWKDQRQHHSLVRGHRIWKHVDPHSUHIHUUHGWHUPZLWKGLIIHUHQW
OHYHOVRILQWHQVLW\FDXVDOLW\RUVHULRXVQHVVWKHQWKHVXEMHFWZLOOEHFRXQWHGRQFHLQ
HDFKFRPELQDWLRQRIWKLVSUHIHUUHGWHUPDQGLQWHQVLW\FDXVDOLW\RUVHULRXVQHVVOHYHO
UHVSHFWLYHO\
7KHQXPEHURI7($(DQGWKHQXPEHUDQGSHUFHQWDJHRISDWLHQWVZLWKDWOHDVWRQH
7($(ZLOOEHWDEXODWHGE\WUHDWPHQWDQGRYHUDOOE\62&+/737E\62&


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

+/737DQGLQWHQVLW\E\62&+/737DQGFDXVDOLW\E\62&+/737DQG
VHULRXVQHVVE\62&+/737DQGRXWFRPH
7KHQXPEHURI7($(VDQGWKHQXPEHUDQGSHUFHQWDJHRISDWLHQWVZLWK7($(VUHSRUWHG
E\!RISDWLHQWVLQDQ\WUHDWPHQWJURXSZLOOEHWDEXODWHGE\WUHDWPHQWDQGRYHUDOOE\
37
7KHQXPEHURIWUHDWPHQWHPHUJHQW6$(V7(6$(DQGWKHQXPEHUDQGSHUFHQWDJHRI
SDWLHQWVZLWKDWOHDVWRQH7(6$(ZLOOEHWDEXODWHGE\WUHDWPHQWDQGRYHUDOOE\62&
+/7DQG37E\62&37DQGLQWHQVLW\E\62&37DQGFDXVDOLW\
7KHQXPEHUDQGSHUFHQWDJHRISDWLHQWVZLWK7($(VOHDGLQJWRGLVFRQWLQXDWLRQUHSRUWHG
DVWKHPDLQFDXVHRIGLVFRQWLQXDWLRQZLOOEHWDEXODWHGE\WUHDWPHQWDQGRYHUDOOE\
62&DQG37E\62&37DQGLQWHQVLW\E\62&37DQGFDXVDOLW\
7KHQXPEHUDQGSHUFHQWDJHRISDWLHQWVZLWKIDWDO7(6$(VZLOOEHWDEXODWHGE\
WUHDWPHQWDQGRYHUDOOE\62&DQG37E\62&37DQGFDXVDOLW\
$OLVWLQJRI7(6$(V7($(VOHDGLQJWRGLVFRQWLQXDWLRQDQGIDWDO6$(VERWKWUHDWPHQW
HPHUJHQWDQGQRQWUHDWPHQWHPHUJHQWZLOODOVREHSURYLGHG

6HQVLWLYLW\DQDO\VLVRI6$(V
7KHWUHDWPHQWSROLF\HVWLPDQGDVVXPSWLRQZLOOEHXVHGIRUDQDO\VLQJFXPXODWHG6$(
DIWHUWKHILUVW,3LQWDNHDQGXSWKHILQDOWLPHSRLQWSOXVIROORZXSGD\VIRUWKRVH
SDWLHQWVZKRFRPSOHWHWKHZHHNWUHDWPHQWSHULRG6DPHDQDO\VHVVSHFLILHGLQWKH
SUHYLRXVVHFWLRQZLOOEHGRQH

&DUGLDF	FHUHEURYDVFXODUGLVRUGHUV0$&(DQWLFKROLQHUJLF	
SQHXPRQLDHYHQWV
6XPPDU\RI7($(VRIVSHFLDOLQWHUHVWLQFOXGHVFDUGLDFFHUHEURYDVFXODU
DQWLFKROLQHUJLFSQHXPRQLDDQGȕDGUHQHUJLFHYHQWV62&WHUPVDORQJZLWK6WDQGDUG
0HG'5$4XHU\604VDQG37VXVHGDUHLQFOXGHGLQWKHWDEOHEHORZ
7($(VLQWKHFDUGLDFGLVRUGHUVDQGWKHFHUHEURYDVFXODUGLVRUGHUVZLOOEHUHSRUWHG
LQFOXGLQJWKHQXPEHUSHUFHQWDJHDQGLQFLGHQFHRISDWLHQWVZLWKWKH7($(VE\604
FDWHJRU\DQG37DQGE\WUHDWPHQWDQGRYHUDOO$OLVWRISDWLHQWVZLWKFDUGLDFDQG
FHUHEURYDVFXODU7($(XQGHU604FDWHJRU\ZLOOEHSURYLGHGLQFOXGLQJPHGLFDOKLVWRU\
37FRQFRPLWDQWPHGLFDWLRQSUHIHUUHGQDPH(&*DEQRUPDOILQGLQJVDQGODE3&6
ILQGLQJV
7KH&DUGLRYDVFXODU$GMXGLFDWLRQ&RPPLWWHH&9$&LVDQLQGHSHQGHQWH[WHUQDOH[SHUW
DGYLVRU\SDQHOUHVSRQVLEOHIRUDSSO\LQJDFRQVLVWHQWDQGSUHVSHFLILHGVHWRIFULWHULDWR
GHWHUPLQHLIWKHUHSRUWHGSRWHQWLDOO\FDUGLRYDVFXODUHYHQWVDUHLGHQWLILHGDV0DMRU
$GYHUVH&DUGLRYDVFXODUHYHQWV0$&($GMXGLFDWHG0$&(VDUHFRPSRVHGE\
FDUGLRYDVFXODUGHDWKVGHDWKGXHWRDFXWHP\RFDUGLDOLQIDUFWLRQVXGGHQFDUGLDFGHDWK
GHDWKGXHWRKHDUWIDLOXUHRUFDUGLRJHQLFVKRFNGHDWKGXHWRVWURNHDQGGHDWKGXHWR
RWKHUFDUGLRYDVFXODUFDXVHQRQIDWDOP\RFDUGLDOLQIDUFWLRQ0,7\SHVSRQWDQHRXV
7\SHGHPDQGW\SHDQGSURFHGXUHUHODWHG0,DQGQRQIDWDOVWURNHLVFKHPLF
KHPRUUKDJLFDQGXQGHWHUPLQHG$GMXGLFDWHG0$&(VZLOOEHWDEXODWHGZLWKWKH
QXPEHUSHUFHQWDJHDQGLQFLGHQFHRISDWLHQWVZLWKDGMXGLFDWHG0$&(VDQGE\
WUHDWPHQWDQGRYHUDOO$OLVWLQJRISDWLHQWVZLWKDOOWHUPVWKDWZHUHUHYLHZHGE\WKH
DGMXGLFDWLRQFRPPLWWHHZLWKWKH37DQGWKHDGMXGLFDWHGWHUPZLOOEHSUHVHQWHG


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

7KHLQFLGHQFHRIWUHDWPHQWHPHUJHQWDGYHUVHSRWHQWLDODQWLFKROLQHUJLFHYHQWVZLOOEH
WDEXODWHGE\62&DQG37DQGZLOOEHVXPPDUL]HGE\WUHDWPHQWDQGRYHUDOOȕ
DGUHQHUJLFHYHQWVZLOOEHWDEXODWHGE\604DQG37DQGE\WUHDWPHQWDQGRYHUDOO
3QHXPRQLDVERWK7($(DQG7(6$(ZLOOEHWDEXODWHGE\37DQGRYHUDOODQGE\
WUHDWPHQWDQGRYHUDOO
,QFLGHQFHRISDWLHQWVZLWK7($(VSHUSDWLHQW\HDUVRIH[SRVXUHLVFDOFXODWHGDV
WKHQXPEHURISDWLHQWVZLWK7($(VîWRWDOSDWLHQW\HDUH[SRVXUHWRLQYHVWLJDWLRQDO
SURGXFW,WLVH[SUHVVHGDVQXPEHURISDWLHQWVZLWKDQHYHQWSHUSDWLHQW\HDU




6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

'HILQLWLRQRI7UHDWPHQW(PHUJHQW$GYHUVH(YHQWVRI,QWHUHVW
(YHQWVRILQWHUHVW
6WDQGDUG0HG'5$4XHU\&DWHJRU\SOXVDGGLWLRQDO+LJK/HYHO7HUPVRU
3UHIHUUHG7HUPLIDSSOLFDEOH
&DUGLDFHYHQWV
,VFKHPLF+HDUW'LVHDVH

x
DǇŽĐĂƌĚŝĂůŝŶĨĂƌĐƚŝŽŶ
1DUURZVHDUFK604
x
KƚŚĞƌ/ƐĐŚĞŵŝĐ,ĞĂƌƚŝƐĞĂƐĞ 1DUURZVHDUFK604
7DFK\DUUK\WKPLDV
7DFK\DUUK\WKPLDVLQFO
VXSUDYHQWULFXODUDQGYHQWULFXODU
WDFK\DUUK\WKPLDV604QDUURZDQG
EURDGVHDUFK604SOXVDGGLWLRQDO
37VWDFK\FDUGLDKHDUWUDWHLQFUHDVH
DQGSDOSLWDWLRQ
&DUGLDFIDLOXUH
1DUURZVHDUFK604
%UDG\FDUGLD
%UDG\DUUK\WKPLDWHUPVQRQVSHFLILF
QDUURZVHDUFK604SOXVDGGLWLRQDO
37VVLQXVDUUHVWDQGVLQXVEUDG\FDUGLD
&RQGXFWLRQGHIHFWV
1DUURZVHDUFK604

&HUHEURYDVFXODU
HYHQWV
+HPRUUKDJLFDQG,VFKHPLFGLVRUGHUV
+DHPRUUKDJLFFHQWUDOQHUYRXVV\VWHP
YDVFXODUFRQGLWLRQVQDUURZVHDUFK
604SOXV
,VFKDHPLFFHQWUDOQHUYRXVV\VWHP
YDVFXODUFRQGLWLRQVQDUURZVHDUFK
604
0DMRUDGYHUVH
FDUGLRYDVFXODUHYHQWV
0$&(V
$OO$GMXGLFDWHG0$&(E\&9$&FDUGLDFGHDWKQRQIDWDOP\RFDUGLDO
LQIDUFWLRQDQGQRQIDWDOVWURNH
$QWLFKROLQHUJLF
HYHQWV
$QWLFKROLQHUJLFV\QGURPHQDUURZDQGEURDGVHDUFK604*ODXFRPDQDUURZ
VHDUFK604
$GGLWLRQDO37VVLQXVWDFK\FDUGLDVXSUDYHQWULFXODUWDFK\FDUGLDYHQWULFXODU
WDFK\FDUGLDKHDUWUDWHLQFUHDVHGSDOSLWDWLRQVSXSLOODU\UHIOH[LPSDLUHGSXSLOV
XQHTXDOYLVXDOLPSDLUPHQWFRQVWLSDWLRQJDVWURLQWHVWLQDOREVWUXFWLRQLOHXV
SDUDO\WLFXULQDU\WUDFWLQIHFWLRQF\VWLWLVXULQDU\LQFRQWLQHQFHLQFRQWLQHQFH
G\VXULDXUJHLQFRQWLQHQFHXULQHIORZGHFUHDVHGEODGGHULUULWDWLRQ
RURSKDU\QJHDOSDLQG\VSKRQLDODU\QJLWLVSKDU\QJLWLVDQGWKURDWLUULWDWLRQ
3QHXPRQLD
$OO37VWKDWFRQWDLQWKHWHUPSQHXPRQLD
%DGUHQHUJLFHYHQWV
+\SHUWHQVLRQ
+\SHUWHQVLRQQDUURZVHDUFK604
+\SHUJO\FHPLD
+\SHUJO\FHPLDQHZRQVHWGLDEHWHV
PHOOLWXVQDUURZVHDUFK604
7DFK\DUUK\WKPLDV
7DFK\DUUK\WKPLDVLQFO
VXSUDYHQWULFXODUDQGYHQWULFXODU
WDFK\DUUK\WKPLDV604QDUURZDQG
EURDGVHDUFK604SOXV
$GGLWLRQDO37VWDFK\FDUGLDKHDUWUDWH
LQFUHDVHDQGSDOSLWDWLRQ
7UHPRUH[FOXGLQJFRQJHQLWDO
+/7
$GGLWLRQDO37V$Q[LHW\1HUYRXVQHVV,QVRPQLD+HDGDFKH'L]]LQHVV9LVLRQ
EOXUUHG0\GULDVLV'\VJHXVLD7KURDWLUULWDWLRQ&RXJK+\SRNDOHPLD0\DOJLD
0XVFOHVSDVPV8ULQDU\UHWHQWLRQ8ULQDU\WUDFWLQIHFWLRQ&RQVWLSDWLRQ
2HGHPDSHULSKHUDO(OHFWURFDUGLRJUDP47LQWHUYDODEQRUPDO
(OHFWURFDUGLRJUDP47SURORQJHG
&9$& &DUGLRYDVFXODU$GMXGLFDWLRQ&RPPLWWHH0$&( 0DMRU$GYHUVH&DUGLRYDVFXODU(YHQW0HG'5$ 
0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV37 SUHIHUHGWHUP+/7 KLJKOHYHOWHUP
604 6WDQGDUG0HG'5$4XHU\62& V\VWHPRUJDQFODVV7($( WUHDWPHQWHPHUJHQWDGYHUVHHYHQW
604 6WDQGDUG0HG'5$4XHU\62& V\VWHPRUJDQFODVV7($( WUHDWPHQWHPHUJHQWDGYHUVHHYHQW
0662 0DLQWHQDQFHDQG6XSSRUW6HUYLFHV2UJDQL]DWLRQ7KH0662604EDVHGRQWKH0HG'5$YHUVLRQ
ZLOOEHXVHG


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


&OLQLFDOODERUDWRU\SDUDPHWHUVKDHPDWRORJ\ELRFKHPLVWU\DQG
SUHJQDQF\WHVW
/DERUDWRU\DVVHVVPHQWVLQFOXGHVWDQGDUGKDHPDWRORJ\ELRFKHPLVWU\DQGVHUXP
SUHJQDQF\WHVWRQO\LQIHPDOHSDWLHQWVRIFKLOGEHDULQJSRWHQWLDO/DERUDWRU\
SDUDPHWHUVDUHPHDVXUHGDWVFUHHQLQJYLVLWEDVHOLQHDIWHUZHHNVRQWUHDWPHQWRUDW
(27(26LQFDVHRIHDUO\WHUPLQDWLRQ$OOFOLQLFDOODERUDWRU\UHVXOWVZLOOEHSUHVHQWHG
LQ,QWHUQDWLRQDO6\VWHPXQLWV
'HVFULSWLYHVWDWLVWLFVQPHDQ6'PHGLDQPLQLPXPPD[LPXP4DQG4ZLOOEH
UHSRUWHGIRUFOLQLFDOODERUDWRU\YDOXHVDWEDVHOLQHDQGFKDQJHIURPEDVHOLQHDWZHHN
DQGHQGRIVWXG\E\WUHDWPHQWDUPDQGRYHUDOO%DVHOLQHYDOXHLVGHILQHGDVWKHODVW
YDOXHEHIRUHILUVW,3LQWDNHDWVFUHHQLQJYLVLW(QGRIVWXG\LVGHILQHGDVWKHODVWSRVW
EDVHOLQHYDOXHIROORZLQJWKHILUVW,3GRVHHLWKHUDWZHHNRUHDUO\WHUPLQDWLRQDW
(27(26YLVLW
$FOLQLFDOODERUDWRU\YDOXHZLOOEHFRQVLGHUHGSRWHQWLDOO\FOLQLFDOO\VLJQLILFDQW3&6LI
LWLVRXWVLGHHLWKHUWKHORZHURUXSSHUOLPLWRIWKHH[SDQGHGQRUPDOUDQJH(15OLVWHGLQ
WKHWDEOHEHORZ/DERUDWRU\3&6DEQRUPDOLWLHVZLOOEHFODVVLILHGDVQHZZRUVHQHGRU
QRWDEOHDEQRUPDOLWLHVDQGZLOOEHUHSRUWHGDWZHHNDQGHQGRIVWXG\
R $FOLQLFDOODERUDWRU\WHVWYDOXHZLOOEHGHILQHGDVDQHZDEQRUPDOLW\LIWKH
REVHUYHGODERUDWRU\YDOXHLVZLWKLQWKH(15DWEDVHOLQHEXWQRWDWZHHNRU
HQGRIVWXG\RULILWLVRXWVLGHWKH(15DWEDVHOLQHDQGRXWVLGHWKH(15DWZHHN
RUHQGRIVWXG\DWWKHRSSRVLWHH[WUHPHLHLWFKDQJHGIURPRXWVLGHWKH
ORZHUOLPLWRIQRUPDOWRRXWVLGHWKHXSSHUOLPLWRIQRUPDORUYLFHYHUVD
R $FOLQLFDOODERUDWRU\WHVWYDOXHZLOOEHGHILQHGDVDZRUVHQHGDEQRUPDOLW\LIWKH
EDVHOLQHYDOXHLVDERYHWKHXSSHUOLPLWRIWKHFRUUHVSRQGLQJ(15DQGWKHUDWLR
RIWKHYDOXHDWZHHNRUHQGRIVWXG\WRWKHEDVHOLQHLVDOVRJUHDWHUWKDQWKH
FRUUHVSRQGLQJFRHIILFLHQWVSHFLILHGLQWKHXSSHUOLPLWRIWKH(15FROXPQLQWKH
WDEOHRUFRQYHUVHO\LIWKHEDVHOLQHYDOXHLVEHORZWKHORZHUOLPLWRIWKH
FRUUHVSRQGLQJ(15DQGWKHUDWLRRIWKHYDOXHDWZHHNRUHQGRIVWXG\WR
WKHEDVHOLQHYDOXHLVDOVRORZHUWKDQWKHFRUUHVSRQGLQJFRHIILFLHQWVSHFLILHGLQ
WKHORZHUOLPLWRIWKH(15FROXPQLQWKHWDEOH
R $FOLQLFDOODERUDWRU\WHVWYDOXHZLOOEHGHILQHGDVDQRWDEOHDEQRUPDOLW\LILWIDOOV
EHORZWKHORZHUOLPLWRUDERYHWKHXSSHUOLPLWLQWKHQRWDEOHDEQRUPDOLWLHV
FROXPQV
7KHQXPEHUDQGSHUFHQWDJHRIQHZZRUVHQHGRUQRWDEOH3&6DEQRUPDOLWLHVZLOOEH
VXPPDUL]HGE\PHDQVRIVKLIWFRQWLQJHQF\WDEOHVFRPSDULQJWKHYDOXHVDWVFUHHQLQJ
YLVLWORZHUQRUPDOXSSHUZLWKWKHSRVWEDVHOLQHYDOXHVQHZO\ZRUVHQLQJDQGRU
QRWDEOHDVIROORZQHZLQFUHDVHQHZGHFUHDVHZRUVHQLQJLQFUHDVHZRUVHQLQJ
GHFUHDVHQRWDEOH!XSSHUOLPLWQRWDEOHORZHUOLPLW
$WDEOHZLWKQXPEHUDQGSHUFHQWDJHVRISDWLHQWVZLWK3&6ZLOOEHFDOFXODWHGUHODWLYHWR
WKHQXPEHURISDWLHQWVZLWKDYDLODEOHEDVHOLQHDQGDWOHDVWRQHSRVWEDVHOLQHYDOXH7KH
WDEOHZLOOVKRZ$QRYHUDOOVXPPDU\LQFOXGLQJDQ\3&6YDOXHGHWHUPLQHGDWDQ\
VFKHGXOHGYLVLWLQFOXGLQJUHWHVWVHDUO\WHUPLQDWLRQYLVLWVRUXQVFKHGXOHGYLVLWV
3&6DWZHHN3&6DWHQGRIVWXG\IROORZLQJWKHGHILQLWLRQRIHQGRIVWXG\
5HVXOWVZLOOEHUHSRUWHGE\WUHDWPHQWJURXSDQGRYHUDOO


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

$VXSSRUWLYHOLVWLQJRISDWLHQWVZLWKSRWHQWLDOO\FOLQLFDOO\VLJQLILFDQWSRVWEDVHOLQH
YDOXHVZLOOEHSURYLGHG$OLVWLQJRIDOO7($(VIRUSDWLHQWVZLWKSRWHQWLDOO\FOLQLFDOO\
VLJQLILFDQWODERUDWRU\YDOXHVDQGFODVVLILHGDVDEQRUPDOFOLQLFDFOO\UHOHYDQWE\WKH
LQYHVWLJDWRUZLOODOVREHSURYLGHG
7KHQXPEHUDQGSHUFHQWDJHRISDWLHQWVZLWKDUHVXOWRIDQ\ODERUDWRU\SDUDPHWHU
FODVVLILHGDVDEQRUPDOFOLQLFDOO\UHOHYDQWE\WKHLQYHVWLJDWRUZLOOEHWDEXODWHGDWZHHN
DQGHQGRIVWXG\DQGE\WUHDWPHQWJURXSDQGRYHUDOO,QDGGLWLRQDOLVWLQJRI7($(V
IRUSDWLHQWVZLWKDEQRUPDOFOLQLFDOO\UHOHYDQWSDUDPHWHUVZLOOEHSURYLGHG
7KHUHVXOWVRISUHJQDQF\WHVWVSHUIRUPHGDWVFUHHQLQJDQGDWWKHHQGRIWKHWULDOZLOOEH
UHSRUWHGE\PHDQVRIOLVWLQJV
([SDQGHG1RUPDO5DQJHVDQG1RWDEOH$EQRUPDOLWLHVIRU/DERUDWRU\3DUDPHWHUV
/DERUDWRU\
SDUDPHWHU

([SDQGHGQRUPDOUDQJHV
1RWDEOHDEQRUPDOLWLHV
[//1
[8/1
/RZHU/LPLW
8SSHU/LPLW
+(0$72/2*<
+HPRJORELQ


J/
!J/
+HPDWRFULW



1$
(U\WKURF\WHV


1$
1$
0&9


1$
1$
3ODWHOHWV


[/
1$
/HXNRF\WHV
7RWDO


[/
![/
1HXWURSKLOV


[/
1$
(RVLQRSKLOV
1$

1$
1$
%DVRSKLOV
1$

1$
1$
/\PSKRF\WHV


1$
1$
0RQRF\WHV
1$

1$
1$
%,2&+(0,675<
$6$7
1$

1$
![8/1
$/$7
1$

1$
![8/1
$ONDOLQHSKRVSKDWDVH
1$

1$
![8/1
Ȗ*7
1$

1$
![8/1
%LOLUXELQ
1$

1$
!ȝPRO/
&.
1$

1$
![8/1
&.00
1$

1$
![8/1
&.0%
1$

1$
![8/1
&.%%
1$

1$
![8/1
/'+
1$

1$
![8/1
%81
1$

1$
!PPRO/
&UHDWLQLQH
1$

1$
!ȝPRO/
8ULFDFLG
1$

1$
!ȝPRO/
&KROHVWHURO
1$

1$
1$
7ULJO\FHULGHV
1$

1$
1$
*OXFRVH


PPRO/ !PPRO/
6RGLXP


PPRO/
!PPRO/
3RWDVVLXP


PPRO/
!PPRO/
&DOFLXP


PPRO/ !PPRO/
&KORULGH


1$
1$
,QRUJDQLFSKRVSKRURXV 

1$
1$


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

3URWHLQ


J/
!J/
$OEXPLQ


1$
1$
[//1 0XOWLSO\LQJIDFWRUIRUWKHORZHUOLPLWRIWKHH[SDQGHGQRUPDOUDQJH
[8/1 0XOWLSO\LQJIDFWRUIRUWKHXSSHUOLPLWRIWKHH[SDQGHGQRUPDOUDQJH
1$ 1RW$SSOLFDEOH

+\¶V/DZ
+\
VODZLVDUXOHRIWKXPEWKDWDGUXJLVDWKLJKULVNRIFDXVLQJDIDWDOGUXJLQGXFHG
OLYHULQMXU\',/,ZKHQJLYHQWRDODUJHSRSXODWLRQ
'XULQJWKHFRXUVHRIWKHVWXG\WKHLQYHVWLJDWRUUHPDLQVYLJLODQWIRULQFUHDVHVLQOLYHU
ELRFKHPLVWU\DQGLVUHVSRQVLEOHIRUGHWHUPLQLQJZKHWKHUDSDWLHQWPHHWV3RWHQWLDO+\¶V
/DZ3+/FULWHULDDWDQ\SRLQWGXULQJWKHVWXG\
$UHYLHZDQGDVVHVVPHQWRIFDVHVWRGHWHUPLQHZKHWKHU3+/FDVHVDJUHHZLWK+\¶V/DZ
+/FULWHULDLVSHUIRUPHG+/FULWHULDDUHPHWLIWKHUHLVQRDOWHUQDWLYHH[SODQDWLRQIRU
WKHHOHYDWLRQVLQOLYHUELRFKHPLVWU\RWKHUWKDQ',/,FDXVHGE\WKH,3
3RWHQWLDO+\¶V/DZ3+/
$WOHDVWRQHHYHQWRIDVSDUWDWHDPLQRWUDQVIHUDVH$67RUDODQLQHDPLQRWUDQVIHUDVH
$/7[XSSHUOLPLWRIQRUPDO8/1DQGZLWKWRWDOELOLUXELQ7%/[8/1DW
DQ\SRLQWGXULQJWKHVWXG\IROORZLQJWKHVWDUWRIVWXG\PHGLFDWLRQLUUHVSHFWLYHRIDQ
LQFUHDVHLQ$ONDOLQH3KRVSKDWDVH$/3
+\¶V/DZ+/
$67RU$/7[8/1DQGZLWK7%/[8/1ZKHUHQRRWKHUUHDVRQRWKHUWKDQWKH
,3FDQEHIRXQGWRH[SODLQWKHFRPELQDWLRQRILQFUHDVHVHJHOHYDWHG$/3LQGLFDWLQJ
FKROHVWDVLVYLUDOKHSDWLWLVDQRWKHUGUXJ
)RU3+/DQG+/WKHHOHYDWLRQLQWUDQVDPLQDVHVPXVWSUHFHGHRUEHFRLQFLGHQWZLWKLH
RQWKHVDPHGD\WKHHOHYDWLRQLQ7%/EXWWKHUHLVQRVSHFLILHGWLPHIUDPHZLWKLQZKLFK
WKHHOHYDWLRQVLQWUDQVDPLQDVHVDQG7%/PXVWRFFXU
$OLVWLQJRIDOO+\¶V/DZLQFOXGLQJ3+/DQGRU+/ZLOOEHSURYLGHGDORQJZLWKPHGLFDO
KLVWR\FRQFRPLWDQWPHGLFDWLRQDQG7($(UHSRUWHGE\WUHDWPHQWDUP

%ORRGSUHVVXUH
6\VWROLFEORRGSUHVVXUH6%3DQGGLDVWROLFEORRGSUHVVXUH'%3YDOXHVDUHPHDVXUHG
DWVFUHHQLQJEDVHOLQHODVWYDOXHPHDVXUHGSUHPRUQLQJEHIRUH,3DW'D\DQGDWDOO
VFKHGXOHGSRVWEDVHOLQHYLVLWVERWKSUHPRUQLQJGRVHDQGKSRVWGRVHRUDW
(27(26YLVLWLQFDVHRIHDUO\WHUPLQDWLRQ
$EVROXWHYDOXHVDQGFKDQJHIURPEDVHOLQHE\WLPHSRLQWLQFOXGLQJHQGRIVWXG\LQ
6%3DQG'%3ZLOOEHUHSRUWHGE\WUHDWPHQWDQGRYHUDOO(QGRIVWXG\LVGHILQHGDVWKH
ODVWSRVWEDVHOLQHYDOXHIROORZLQJWKHILUVW,3GRVHHLWKHUDWDQ\VFKHGXOHGYLVLWRUDW
(27(26YLVLWLQFDVHRIHDUO\WHUPLQDWLRQ
%ORRGSUHVVXUHYDOXHVDUHFRQVLGHUHGWREH3&6LIWKH\PHHWHLWKHUWKHKLJKRUORZ
FULWHULDLQWKHWDEOHEHORZ
$WDEOHZLWKQXPEHUDQGSHUFHQWDJHVRISDWLHQWVZLWK3&6LQ6%3DQG'%3ZLOOEH
FDOFXODWHGUHODWLYHWRWKHQXPEHURISDWLHQWVZLWKDYDLODEOHEDVHOLQHDQGDWOHDVWRQH
SRVWEDVHOLQHYDOXH7KHWDEOHZLOOVKRZ$QRYHUDOOVXPPDU\LQFOXGLQJDQ\3&6
YDOXHGHWHUPLQHGDWDQ\VFKHGXOHGYLVLWLQFOXGLQJUHWHVWVHDUO\WHUPLQDWLRQYLVLWVRU


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

XQVFKHGXOHGYLVLWV3&6DWDOOVFKHGXOHGYLVLWV3&6DWHQGRIVWXG\5HVXOWVZLOO
EHUHSRUWHGE\WUHDWPHQWDQGRYHUDOO
&ULWHULDIRU3RWHQWLDOO\&OLQLFDOO\6LJQLILFDQW%ORRG3UHVVXUH
6%3QRWDEOHLQFUHDVH
DQGLQFUHDVHIURPEDVHOLQH
6%3QRWDEOHGHFUHDVH
DQGGHFUHDVHIURPEDVHOLQH
'%3QRWDEOHLQFUHDVH
DQGLQFUHDVHIURPEDVHOLQH
'%3QRWDEOHGHFUHDVH
DQGGHFUHDVHIURPEDVHOLQH
$VXSSRUWLYHOLVWLQJRIQRQDEQRUPDODEQRUPDOSRVWEDVHOLQHYDOXHVZLOOEHSURYLGHG$
OLVWLQJRIDOO7($(VIRUSDWLHQWVZLWKDEQRUPDOEORRGSUHVVXUHSRVWEDVHOLQHYDOXHVZLOO
DOVREHSURYLGHG3&6OLVWLQJVZLOOLQFOXGHDOOGDWDLHVFKHGXOHGDQGXQVFKHGXOHG
YLVLWV

OHDG(&*
OHDG(&*VDUHSHUIRUPHGDWVFUHHQLQJEDVHOLQHWKHODVWYDOXHVSHUIRUPHGSULRUWR,3
DGPLQLVWUDWLRQSUHPRUQLQJ,3DWDOOSRVWEDVHOLQHYLVLWVDQGKSRVWGRVHDWGD\
DQGZHHNVDQGRUDW(27(26YLVLWLQFDVHRIHDUO\WHUPLQDWLRQ
(&*LQWHUYDOVZLOOEHVXPPDUL]HGE\WLPHSRLQWDQGHQGRIVWXG\E\VXPPDU\VWDWLVWLFV
RIDEVROXWHDQGFKDQJHIURPEDVHOLQHYDOXHVE\WUHDWPHQWJURXSDQGRYHUDOO7KH
IROORZLQJSDUDPHWHUVZLOOEHUHSRUWHG+HDUWUDWHEHDWVPLQ35LQWHUYDOPVHF456
LQWHUYDOPVHF47LQWHUYDOPVHF47F%LQWHUYDOPVHF47F)LQWHUYDOPVHFDQG
55LQWHUYDOPVHF(QGRIVWXG\LVGHILQHGDVWKHODVWSRVWEDVHOLQHYDOXHIROORZLQJWKH
ILUVW,3GRVHHLWKHUDWDQ\VFKHGXOHGYLVLWRUDW(27(26YLVLWLQFDVHRIHDUO\
WHUPLQDWLRQ
7KHQXPEHUDQGSHUFHQWDJHRI(&*DEQRUPDOILQGLQJVQRWSUHVHQWDWEDVHOLQHUK\WKP
HFWRS\FRQGXFWLRQPRUSKRORJ\P\RFDUGLDOLQIDUFWLRQ67VHJPHQW7ZDYHDQG8
ZDYHREVHUYDWLRQVZLOOEHE\UHSRUWHGE\ILQGLQJSDUDPHWHUW\SHRIILQGLQJWLPH
SRLQWLQFOXGLQJHQGRIVWXG\DQGE\WUHDWPHQWJURXSDQGRYHUDOO
7KHQXPEHUDQGSHUFHQWDJHRISDWLHQWVZLWKDWOHDVWRQHFOLQLFDOO\VLJQLILFDQW3&6
(&*YDOXHZLWKLQHDFKRIKHDUWUDWH3545647F%DQG47F)SDUDPHWHUVDQGZLOO
EHUHSRUWHGEDVHGRQERWKFULWHULDVKRZHGLQWKHWDEOHEHORZ7ZRFULWHULDZHUHGHILQHG
EDVHGRQVHYHULW\OHYHOWKXVFULWHULDLVOHVVVHYHUHWKDQFULWHULD
$WDEOHZLWKQXPEHUDQGSHUFHQWDJHVRISDWLHQWVZLWK3&6ZLOOEHFDOFXODWHGUHODWLYHWR
WKHQXPEHURISDWLHQWVZLWKDYDLODEOHEDVHOLQHDQGDWOHDVWRQHSRVWEDVHOLQHYDOXH7KH
WDEOHZLOOVKRZ$QRYHUDOOVXPPDU\LQFOXGLQJDQ\3&6YDOXHGHWHUPLQHGDWDQ\
VFKHGXOHGYLVLWLQFOXGLQJUHWHVWVHDUO\WHUPLQDWLRQYLVLWVRUXQVFKHGXOHGYLVLWV
3&6DWDOOVFKHGXOHGYLVLWV3&6DWHQGRIVWXG\5HVXOWVZLOOEHUHSRUWHGE\
WUHDWPHQWDQGRYHUDOO






6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

'HILQLWLRQRISRWHQWLDOO\FOLQLFDOO\VLJQLILFDQW3&6YDOXHVLQOHDG(&*SDUDPHWHUV

&ULWHULD
&ULWHULD
47F%DQG47F)
LQWHUYDOV


$EVROXWHYDOXHV
!PLOOLVHFRQGVPVHF
!PVHF
$EVROXWHFKDQJHIURP
EDVHOLQH
!PVHF
!PVHF
456LQWHUYDO
PVHFDQGDQLQFUHDVHRI
RYHUEDVHOLQHYDOXH
PVHFLIEDVHOLQHLV
PVHF
35LQWHUYDO
PVHFDQGDQLQFUHDVHRI
RYHUEDVHOLQHYDOXH
PVHFLIEDVHOLQHLV
PVHF
+HDUW5DWH


7DFK\FDUGLDHYHQW
EHDWVSHUPLQXWHESP
DQGDQLQFUHDVHRIRYHU
EDVHOLQHYDOXH
ESPLIEDVHOLQHLV
ESP
%UDG\FDUGLDHYHQW
ESPDQGDGHFUHDVHRI
RYHUEDVHOLQHYDOXH
ESPLIEDVHOLQHLV!
EPS
ESP EHDWVSHUPLQXWH(&* HOHFWURFDUGLRJUDP47F% 47LQWHUYDOFRUUHFWHGIRUKHDUWUDWHXVLQJWKH%D]HWW
IRUPXOD47F% 4755ò47F) 47LQWHUYDOFRUUHFWHGIRUKHDUWUDWHXVLQJWKH)ULGHULFLDIRUPXOD
47F) 4755̃

7KHQXPEHUDQGSHUFHQWDJHRISDWLHQWVZLWK(&*VFODVVLILHGDVDEQRUPDOFOLQLFDOO\
UHOHYDQWZLOOEHWDEXODWHGE\WLPHSRLQWDQGHQGRIVWXG\E\WUHDWPHQWJURXS,Q
DGGLWLRQDOLVWLQJRI7($(VIRUSDWLHQWVZLWK(&*VFODVVLILHGDVDEQRUPDOFOLQLFDOO\
UHOHYDQWZLOOEHSURYLGHG
$OLVWLQJRI7($(IRUSDWLHQWVZLWKDWOHDVWRQH3&6(&*YDOXHZLOOEHGRQH


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


'DWD+DQGOLQJ
,IQRWVSHFLILHGHIILFDF\DQGVDIHW\GDWDZLOOEHDQDO\]HGEDVHGRQWKHSURWRFROGHILQHGYLVLWV

,PSXWDWLRQRIPLVVLQJGDWD
 3XOPRQDU\IXQFWLRQWHVWV
)RU)(9DQG)9&LPSXWDWLRQRISUHDQGSRVWEURQFKRGLODWRUDOEXWHUROVDOEXWDPRO
LQWDNHZLOOEHSHUIRUPHGLQWZRVWHSV
R ,ISUHEURQFKRGLODWRUYDOXHDWVFUHHQLQJYLVLWLVPLVVLQJWKHQWKHEDVHOLQH
YDOXHZLOOEHXVHGDVWKHSUHEURQFKRGLODWRUYDOXH
R ,ISRVWEURQFKRGLODWRUYDOXHDWVFUHHQLQJYLVLWLVPLVVLQJLWZLOOEHLPSXWHG
DIWHULPSXWDWLRQLVSHUIRUPHGIRUSUHEURQFKRGLODWRUYDOXH0LVVLQJSRVW
EURQFKRGLODWRUYDOXHZLOOEHLPSXWHGE\WKHSUHEURQFKRGLODWRURIWKHLWK
SDWLHQWSOXVWKHPHDQDEVROXWHUHYHUVLELOLW\RIDOOSDWLHQWVZKROHVDPSOH
0LVVLQJGDWDIRUSXOPRQDU\YDULDEOHV)(9DQG)9&ZLOOEHGHDOWZLWKGLUHFW
OLNHOLKRRGDSSURDFK%HXQFNHQVHWDO
 6LJQVDQG6\PSWRPVDQG+HDOWKUHODWHG4XDOLW\RI/LIH
,IPLVVLQJWKH&$7YDOXHDWYLVLWEDVHOLQHZLOOEHLPSXWHGZLWKWKHVFUHHLQJYDOXH
)RU6*54WKHZD\RIGHDOLQJZLWKPLVVLQJLWHPVDQGPXOWLSOHUHVSRQVHVDUHGHVFULEHG
LQWKH6*54PDQXDO
6*54DQG&$7PLVVLQJGDWDZLOOEHGHDOWZLWKGLUHFWOLNHOLKRRGDSSURDFK
 ,PSXWDWLRQIRU&23'H[DFHUEDWLRQV+&58DQG(;$&7GDWHV
7KHZD\WRLPSXWHSDUWLDOO\VWDUWPLVVLQJGDWHVRID&23'H[DFHUEDWLRQHSLVRGHLV
GHVFULEHGLQVHFWLRQ
,QFDVHRIWKHVWRSGDWHRID&23'H[DFHUEDWLRQLVXQNQRZQRQJRLQJRUWRWDOO\PLVVLQJ
WKHQWKH(26:GDWHWKHILUVWRQRFFXUULQJZLOOEHXVHGWRLPSXWHVXFKGDWH
$GGLWLRQDOO\LIWKHVWRSGDWHRID&23'H[DFHUEDWLRQLVLPSXWHGDQGDQHZ
H[DFHUEDWLRQHSLVRGHVWDUWVDIWHUZDUGVDQGFRQFRPLWDQWO\WRWKHSUHYLRXVRQHERWK
H[DFHUEDWLRQVZLOOEHFRQVLGHUHG³UHODSVHG´WKHVDPHH[DFHUEDWLRQDQGWKHGXUDWLRQ
DQGVHYHULW\RIWKLVH[DFHUEDWLRQHVWDEOLVKHGIROORZLQJWKHUXOHVVSHFLILHGLQVHFWLRQ

 'DLO\&23'V\PSWRPV(56DQGXVHRIUHOLHIPHGLFDWLRQ
1RLPSXWDWLRQZLOOEHGRQH0LVVLQJGDWDIRUUHOLHIPHGLFDWLRQXVHZLOOEHGHDOWZLWK
GLUHFWOLNHOLKRRGDSSURDFK%HXQFNHQVHWDO
 1LJKWWLPHDQG(DUO\0RUQLQJ6\PSWRPV1L6&,	(06&,
1RLPSXWDWLRQZLOOEHGRQH0LVVLQJGDWDIRUUHOLHIPHGLFDWLRQXVHZLOOEHGHDOWZLWK
GLUHFWOLNHOLKRRGDSSURDFK%HXQFNHQVHWDO
 ,PSXWDWLRQIRU6DIHW\DQGWROHUDELOLW\YDULDEOHVDQGGDWHV
,ILQWHQVLW\LVPLVVLQJIRUDQ$(VWDUWHGEHIRUHWKHILUVWGRVHRIGRXEOHEOLQG
LQYHVWLJDWLRQDOSURGXFWWKHQDQLQWHQVLW\RIPLOGZLOOEHDVVLJQHG,IWKHLQWHQVLW\LV
PLVVLQJIRUDQ$(WKDWVWDUWHGRQRUDIWHUWKHILUVWGD\RIGRXEOHEOLQGLQYHVWLJDWLRQDO
SURGXFWGRVLQJWKHQDQLQWHQVLW\RIVHYHUHZLOOEHDVVLJQHG7KHLPSXWHGYDOXHVIRU


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

LQWHQVLW\DVVHVVPHQWZLOOEHXVHGIRUWKHLQFLGHQFHVXPPDU\WKHDFWXDOYDOXHVZLOOEH
SUHVHQWHGLQWKHGDWDOLVWLQJV
,IWKHFDXVDOLW\WRWKHLQYHVWLJDWLRQDOSURGXFWLVPLVVLQJIRUDQ$(VWDUWHGRQRUDIWHUWKH
GDWHRIWKHILUVWGRVHRIGRXEOHEOLQGLQYHVWLJDWLRQDOSURGXFWDUHODWLRQVKLSRIUHODWHG
ZLOOEHDVVLJQHG7KHLPSXWHGYDOXHVIRUUHODWLRQVKLSWRGRXEOHEOLQGLQYHVWLJDWLRQDO
SURGXFWZLOOEHXVHGIRULQFLGHQFHVXPPDU\ZKLOHWKHDFWXDOYDOXHVZLOOEHSUHVHQWHGLQ
GDWDOLVWLQJV
7KHIROORZLQJLPSXWDWLRQUXOHVDSSO\WRFDVHVLQZKLFKWKHVWDUWGDWHLVLQFRPSOHWHLH
SDUWLDOPLVVLQJIRUDGYHUVHHYHQWV
0LVVLQJGD\DQGPRQWK
x ,IWKH\HDULVWKHVDPHDVWKH\HDURIWKHGDWHRIWKHILUVWGRVHRIGRXEOHEOLQGVWXG\
GUXJWKHQWKHGD\DQGPRQWKRIWKHGDWHRIWKHILUVWGRVHRIGRXEOHEOLQGVWXG\GUXJ
ZLOOEHDVVLJQHGWRWKHPLVVLQJILHOGV
x ,IWKH\HDULVSULRUWRWKH\HDURIWKHGDWHRIWKHILUVWGRVHRIGRXEOHEOLQGVWXG\GUXJ
WKHQ'HFHPEHUZLOOEHDVVLJQHGWRWKHPLVVLQJILHOGV
x ,IWKH\HDULVDIWHUWKH\HDURIWKHGDWHRIWKHILUVWGRVHRIGRXEOHEOLQGVWXG\GUXJ
WKHQ-DQXDU\ZLOOEHDVVLJQHGWRWKHPLVVLQJILHOGV
0LVVLQJPRQWKRQO\
x 7KHGD\ZLOOEHWUHDWHGDVPLVVLQJDQGERWKPRQWKDQGGD\ZLOOEHUHSODFHG
DFFRUGLQJWRWKHDERYHSURFHGXUH
0LVVLQJGD\RQO\
x ,IWKHPRQWKDQG\HDUDUHWKHVDPHDVWKH\HDUDQGPRQWKRIWKHGDWHRIWKHILUVWGRVH
RIGRXEOHEOLQGVWXG\GUXJWKHQWKHGDWHRIWKHILUVWGRVHRIGRXEOHEOLQGVWXG\GUXJ
ZLOOEHDVVLJQHGWRWKHPLVVLQJGD\
x ,IHLWKHUWKH\HDULVEHIRUHWKH\HDURIWKHGDWHRIWKHILUVWGRVHRIGRXEOHEOLQGVWXG\
GUXJRULIERWK\HDUVDUHWKHVDPHEXWWKHPRQWKLVEHIRUHWKHPRQWKRIWKHGDWHRIWKH
ILUVWGRVHRIGRXEOHEOLQGVWXG\GUXJWKHQWKHODVWGD\RIWKHPRQWKZLOOEHDVVLJQHG
WRWKHPLVVLQJGD\
x ,IHLWKHUWKH\HDULVDIWHUWKH\HDURIWKHGDWHRIWKHILUVWGRVHRIGRXEOHEOLQGVWXG\
GUXJRULIERWK\HDUVDUHWKHVDPHEXWWKHPRQWKLVDIWHUWKHPRQWKRIWKHGDWHRIWKH
ILUVWGRVHRIGRXEOHEOLQGVWXG\GUXJWKHQWKHILUVWGD\RIWKHPRQWKZLOOEHDVVLJQHG
WRWKHPLVVLQJGD\
x ,IWKHVWRSGDWHLVFRPSOHWHDQGWKHLPSXWHGVWDUWGDWHDVDERYHLVDIWHUWKHVWRSGDWH
WKHVWDUWGDWHZLOOEHLPSXWHGE\WKHVWRSGDWH
x ,IWKHVWDUWGDWHLVFRPSOHWHO\PLVVLQJDQGWKHVWRSGDWHLVFRPSOHWHWKHQXVLQJWKH
IROORZLQJDOJRULWKPWRLPSXWHWKHVWDUWGDWH
R ,IWKHVWRSGDWHLVDIWHUWKHGDWHRIWKHILUVWGRVHRIGRXEOHEOLQGVWXG\GUXJ
WKHGDWHRIWKHILUVWGRVHRIGRXEOHEOLQGVWXG\GUXJZLOOEHDVVLJQHGWRWKH
PLVVLQJVWDUWGDWH
R ,IWKHVWRSGDWHLVEHIRUHWKHGDWHRIWKHILUVWGRVHRIGRXEOHEOLQGVWXG\GUXJ
WKHVWRSGDWHZLOOEHDVVLJQHGWRWKHPLVVLQJVWDUWGDWH


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

 ,PSXWDWLRQIRUGDWHVIRUSULRUDQGFRQFRPLWDQWPHGLFDWLRQ
)RUSULRURUFRQFRPLWDQWPHGLFDWLRQVLQFOXGLQJUHOLHIPHGLFDWLRQVLQFRPSOHWHLH
SDUWLDOPLVVLQJVWDUWGDWHDQGRUVWRSGDWHZLOOEHLPSXWHG:KHQWKHVWDUWGDWHDQGWKH
VWRSGDWHDUHERWKLQFRPSOHWHIRUDSDWLHQWLPSXWHWKHVWDUWGDWHILUVW
,QFRPSOHWH6WDUW'DWH
7KHIROORZLQJUXOHVZLOOEHDSSOLHGWRLPSXWHWKHPLVVLQJQXPHULFDOILHOGV,IWKHVWRS
GDWHLVFRPSOHWHDQGWKHLPSXWHGVWDUWGDWHLVDIWHUWKHVWRSGDWHWKHQWKHVWDUWGDWHZLOO
EHLPSXWHGXVLQJWKHVWRSGDWH3DUWLFXODUO\IRUWKHFRQFRPLWDQWPHGLFDWLRQLIVWRSGDWH
LVSUHVHQWEXWWKHVWDUWGDWHLVWRWDOO\PLVVLQJWKHQWKHVWDUWGDWHRIFRQFRPLWDQW
PHGLFDWLRQZLOOEHFDOFXODWHGDVDILUVWGRVHLQWDNHGDWH
0LVVLQJGD\DQGPRQWK
x ,IWKH\HDURIWKHLQFRPSOHWHVWDUWGDWHLVWKHVDPHDVWKH\HDURIWKHGDWHRIWKHILUVW
GRVHRIGRXEOHEOLQGVWXG\GUXJWKHQWKHGD\DQGPRQWKRIWKHGDWHRIWKHILUVWGRVH
ZLOOEHDVVLJQHGWRWKHPLVVLQJILHOGV
x ,IWKH\HDURIWKHLQFRPSOHWHVWDUWGDWHLVSULRUWRWKH\HDURIWKHGDWHRIWKHILUVWGRVH
RIGRXEOHEOLQGVWXG\GUXJWKHQ'HFHPEHUZLOOEHDVVLJQHGWRWKHPLVVLQJILHOGV
x ,IWKH\HDURIWKHLQFRPSOHWHVWDUWGDWHLVDIWHUWKH\HDURIWKHGDWHRIWKHILUVWGRVHRI
GRXEOHEOLQGVWXG\GUXJWKHQ-DQXDU\ZLOOEHDVVLJQHGWRWKHPLVVLQJILHOGV
0LVVLQJPRQWKRQO\
x 7KHGD\ZLOOEHWUHDWHGDVPLVVLQJDQGERWKPRQWKDQGGD\ZLOOEHUHSODFHG
DFFRUGLQJWRWKHDERYHSURFHGXUH
0LVVLQJGD\RQO\
x ,IWKHPRQWKDQG\HDURIWKHLQFRPSOHWHVWDUWGDWHDUHWKHVDPHDVWKHPRQWKDQG\HDU
RIWKHGDWHRIWKHILUVWGRVHRIGRXEOHEOLQGVWXG\GUXJWKHQWKHGD\RIWKHGDWHRIWKH
ILUVWGRVHZLOOEHDVVLJQHGWRWKHPLVVLQJGD\
x ,IHLWKHUWKH\HDULVEHIRUHWKH\HDURIWKHGDWHRIWKHILUVWGRVHRIGRXEOHEOLQGVWXG\
GUXJRULIERWK\HDUVDUHWKHVDPHEXWWKHPRQWKLVEHIRUHWKHPRQWKRIWKHGDWHRIWKH
ILUVWGRVHRIGRXEOHEOLQGVWXG\GUXJWKHQWKHODVWGD\RIWKHPRQWKZLOOEHDVVLJQHG
WRWKHPLVVLQJGD\
x ,IHLWKHUWKH\HDULVDIWHUWKH\HDURIWKHGDWHRIWKHILUVWGRVHRIGRXEOHEOLQGVWXG\
GUXJRULIERWK\HDUVDUHWKHVDPHEXWWKHPRQWKLVDIWHUWKHPRQWKRIWKHGDWHRIWKH
ILUVWGRVHRIGRXEOHEOLQGVWXG\GUXJWKHQWKHILUVWGD\RIWKHPRQWKZLOOEHDVVLJQHG
WRWKHPLVVLQJGD\
,QFRPSOHWH6WRS'DWH
7KHIROORZLQJUXOHVZLOOEHDSSOLHGWRLPSXWHWKHPLVVLQJQXPHULFDOILHOGV,IWKHGDWHRI
WKHVWRSGDWHLVPLVVLQJUHSODFHLWZLWKWKHODVWGRVHRIGRXEOHEOLQGVWXG\GUXJ,IWKH
LPSXWHGVWRSGDWHLVEHIRUHWKHVWDUWGDWHLPSXWHGRUQRQLPSXWHGVWDUWGDWHWKHQWKH
LPSXWHGVWRSGDWHZLOOEHHTXDOWRWKHVWDUWGDWH
0LVVLQJGD\DQGPRQWK
x ,IWKH\HDURIWKHLQFRPSOHWHVWRSGDWHLVWKHVDPHDVWKH\HDURIWKHGDWHRIWKHODVW
GRVHRIGRXEOHEOLQGVWXG\GUXJWKHQWKHGD\DQGPRQWKRIWKHGDWHRIWKHODVWGRVH
ZLOOEHDVVLJQHGWRWKHPLVVLQJILHOGV


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

x ,IWKH\HDURIWKHLQFRPSOHWHVWRSGDWHLVSULRUWRWKH\HDURIWKHGDWHRIWKHODVWGRVH
RIGRXEOHEOLQGVWXG\GUXJWKHQ'HFHPEHUZLOOEHDVVLJQHGWRWKHPLVVLQJILHOGV
x ,IWKH\HDURIWKHLQFRPSOHWHVWRSGDWHLVDIWHUWKH\HDURIWKHGDWHRIWKHODVWGRVHRI
GRXEOHEOLQGVWXG\GUXJWKHQ-DQXDU\ZLOOEHDVVLJQHGWRWKHPLVVLQJILHOGV
0LVVLQJPRQWKRQO\
x 7KHGD\ZLOOEHWUHDWHGDVPLVVLQJDQGERWKPRQWKDQGGD\ZLOOEHUHSODFHG
DFFRUGLQJWRWKHDERYHSURFHGXUH
0LVVLQJGD\RQO\
x ,IWKHPRQWKDQG\HDURIWKHLQFRPSOHWHVWRSGDWHDUHWKHVDPHDVWKHPRQWKDQG\HDU
RIWKHGDWHRIWKHODVWGRVHRIGRXEOHEOLQGVWXG\GUXJWKHQWKHGD\RIWKHGDWHRIWKH
ODVWGRVHZLOOEHDVVLJQHGWRWKHPLVVLQJGD\
x ,IHLWKHUWKH\HDULVEHIRUHWKH\HDURIWKHGDWHRIWKHODVWGRVHRIGRXEOHEOLQGVWXG\
GUXJRULIERWK\HDUVDUHWKHVDPHEXWWKHPRQWKLVEHIRUHWKHPRQWKRIWKHGDWHRIWKH
ODVWGRVHRIGRXEOHEOLQGVWXG\GUXJWKHQWKHODVWGD\RIWKHPRQWKZLOOEHDVVLJQHG
WRWKHPLVVLQJGD\
x ,IHLWKHUWKH\HDULVDIWHUWKH\HDURIWKHGDWHRIWKHODVWGRVHRIGRXEOHEOLQGVWXG\
GUXJRULIERWK\HDUVDUHWKHVDPHEXWWKHPRQWKLVDIWHUWKHPRQWKRIWKHGDWHRIWKH
ODVWGRVHRIGRXEOHEOLQGVWXG\GUXJWKHQWKHILUVWGD\RIWKHPRQWKZLOOEHDVVLJQHG
WRWKHPLVVLQJGD\

&RPSXWDWLRQRIGHULYHGYDULDEOHV
 %HVWWHVWUHYLHZ
x )RUDOOVSLURPHWULFSDUDPHWHUVWKHEHVWWHVWUHYLHZ%75SURFHVVGRQHE\D
H5HVHDUFK7HFKQRORJ\FOLQLFDOVSHFLDOLVWZLOOEHXWLOL]HG8QDFFHSWDEOHYDOXHVDIWHU
%75FRGHGDV%) ´<(6´IRU)(9DQG)9&ZLOOEHWUHDWHGDVPLVVLQJ
 3DWLHQWVUDQGRPL]HGLQPRUHWKDQRQHVLWH
x )RUSDWLHQWVUDQGRPL]HGLQPRUHWKDQRQHVLWHLQYHVWLJDWRUZLOOEHLQVWUXFWHGWR
GLVFRQWLQXHWKHSDWLHQWIURPDOOWUHDWPHQWVVLWHVDQGDQDO\VHGXQGHUWKHILUVW
UDQGRPL]DWLRQ,3DQGXQWLOFRPSOHWDWLRQGLVFRQWLQXDWLRQ$GGLWLRQDOO\DOLVWLQJZLWK
VDIHW\YDOXHVIRUDOO,3LQWDNHZLOOEHUHSRUWHG
 5HSHDWHGDQGXQVFKHGXOHGDVVHVVPHQWVIRUHIILFDF\
x )RUUHSHDWHGYLVLWVWKHVSLURPHWU\REVHUYDWLRQIURPWKHODVWUHSHDWHGYLVLWZLOOEH
XVHGLQVWDWLVWLFDODQDO\VHVERWKSUHDQGSRVW,3LQWDNH
x 6SLURPHWU\GDWD6*54DQG&$7GDWDIURPXQVFKHGXOHGDQGSUHPDWXUH
GLVFRQWLQXDWLRQYLVLWVDW(27RU(26YLVLWVZLOOQRWEHVWDWLVWLFDOO\DQDO\VHGVLQFH
WKH\DUHDLPHGWRSDWLHQWPRQLWRULQJSXUSRVHVRQO\+RZHYHUWKLVGDWDZLOOEHOLVWHG
 &23'([DFHUEDWLRQVEDVHGRQ+HDOWK&DUH5HVRXUFH8WLOLVDWLRQ
+&58GHILQLWLRQ
&23'H[DFHUEDWLRQDFFRUGLQJWRWKHKHDOWKFDUHXWLOLVDWLRQGHILQLWLRQZLOOEHHYDOXDWHG
E\WKHLQYHVWLJDWRUDWHDFKYLVLWRQWKHEDVLVRIWKHLQIRUPDWLRQUHJLVWHUHGE\WKHSDWLHQW
DQGVXEVHTXHQWO\FKHFNHGE\WKHLQYHVWLJDWRUDWHDFKYLVLWLQWRWKHHOHFWURQLF3DWLHQW
'LDU\DQGSDSHU3DWLHQW'LDU\&23'H[DFHUEDWLRQHSLVRGHVZLOOQRWEHUHFRUGHGLQWKH


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

$(IRUPRIWKH('&EXWLQDGHYRWHG&23'([DFHUEDWLRQIRUPRIWKH('&
$Q\VXEMHFWZKRVXIIHUVDVHYHUHH[DFHUEDWLRQUHTXLULQJKRVSLWDOL]DWLRQRUPRUHWKDQ
WZRPRGHUDWHH[DFHUEDWLRQVZLOOEHGLVFRQWLQXHGIURPWKHVWXG\,QIRUPDWLRQWREH
UHFRUGHGLQWKH&23'([DFHUEDWLRQLQFOXGHVVWDUWDQGVWRSGDWHWUHDWPHQWUHFHLYHG
DQWLELRWLFVV\VWHPLFFRUWLFRVWHURLGVLQFUHDVHLQUHOLHIPHGLFDWLRQRXWFRPHQHHGRI
KRVSLWDOLVDWLRQHWF7KHRQVHWRIDQH[DFHUEDWLRQZLOOEHGHILQHGE\WKHRQVHWRI
V\PSWRPVZRUVHQLQJ7KHHQGRIWKHH[DFHUEDWLRQZLOOEHGHILQHGE\WKHLQYHVWLJDWRU
EDVHGRQV\PSWRPVUHFRYHU\RUVWDELOL]DWLRQDQGHQGRIWUHDWPHQWUHFHLYHGIRUWKH
HSLVRGH
$QHZ&23'H[DFHUEDWLRQHSLVRGHLVGHILQHGDVWKHSDWLHQWEHLQJRIIRUDOVWHURLGVDQG
DQWLELRWLFVIRUGD\VVLQFHSULRUH[DFHUEDWLRQ,IWKHSDWLHQWLVRIIRUDOVWHURLGVDQG
DQWLELRWLFVIRUOHVVWKDQGD\VWKHQLWZLOOEHFRQVLGHUHGDVD³UHODSVH´RIWKHSUHYLRXV
H[DFHUEDWLRQDQGLWZLOOEHWUHDWHGDVWKHVDPH&23'H[DFHUEDWLRQHSLVRGHZLWKLQWKH
&23'H[DFHUEDWLRQIRUPRIWKH('&
)RUWKLVVWXG\SXUSRVHVD&23'H[DFHUEDWLRQXVLQJWKH+&58GHILQLWLRQLVGHILQHG
DFFRUGLQJWRWKHIROORZLQJVHYHULW\FDWHJRULHV
6HYHULW\RI&23'H[DFHUEDWLRQ
6HYHULW\
'HILQLWLRQ
0LOG
,QFUHDVHRI&23'V\PSWRPVGXULQJDWOHDVWFRQVHFXWLYHGD\V
VHOIPDQDJHGE\WKHSDWLHQWDWKRPHE\LQFUHDVLQJXVXDO&23'
PHGLFDWLRQVKRUWDFWLQJEURQFKRGLODWRUDQGRULQKDOHG
FRUWLFRVWHURLGXVH
0RGHUDWH
,QFUHDVHRI&23'V\PSWRPVGXULQJDWOHDVWFRQVHFXWLYHGD\V
ZKLFKGRHVQRWOHDGWRKRVSLWDOLVDWLRQEXWLVWUHDWHGZLWK
DQWLELRWLFVDQGRUV\VWHPLFFRUWLFRVWHURLGVRUDQLQFUHDVHLQGRVH
RIV\VWHPLFFRUWLFRVWHURLGV
6HYHUH
,QFUHDVHLQ&23'V\PSWRPVGXULQJDWOHDVWFRQVHFXWLYHGD\V
ZKLFKOHDGVWRKRVSLWDOLVDWLRQRYHUQLJKWVWD\DWKRVSLWDORU
HPHUJHQF\URRPRUGHDWK
,QFDVHRIUHODSVH
7KHGXUDWLRQRIWKH&23'H[DFHUEDWLRQVKRXOGEHFDOFXODWHGIURPWKHVWDUWGDWHRIWKH
ILUVWHSLVRGHWRWKHVWRSGDWHRIWKHODVWHSLVRGH
7KHVHYHULW\VKRXOGEHFKRVHQDVWKHPRUHVHYHUHFRQGLWLRQRIDOOHSLVRGHV
7RFODVVLI\WKHFDXVDOLW\ZLWKWKHVWXG\GUXJZHVKRXOGVHOHFWWKHPRVWDGYHUVHUHVXOW
LHUHODWHGZLWKWKHVWXG\GUXJLIDSSOLHV
 5HSHDWHGRUXQVFKHGXOHGDVVHVVPHQWVRIVDIHW\SDUDPHWHUV
)RUODERUDWRU\WHVWVEORRGSUHVVXUHDQG(&*SDUDPHWHUVWKHIROORZLQJVWUDWHJ\ZLOOEH
XVHGIRUUHWHVWVLQRUGHUWRSURGXFHWKHWDEOHV
x %HIRUHWUHDWPHQWLQWDNHWKHODVWREVHUYDWLRQZLOOEHXVHGLQVWDWLVWLFDODQDO\VHV
x $IWHUWUHDWPHQWLQWDNHWKHILUVWREVHUYDWLRQZLOOEHXVHGLQVWDWLVWLFDODQDO\VHV


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

x $EHUUDQWQRQLQWHUSUHWDEOHYDOXHVWKHYDOXHZLOOEHH[FOXGHGIURPWKHDQDO\VHV
5HJDUGLQJOLVWLQJVDOOYDOXHVLQFOXGLQJVFKHGXOHGYLVLWVLQFOXGLQJUHWHVWYDOXH
XQVFKHGXOHGYLVLWVDQHDUO\WHUPLQDWLRQYLVLWV(27RU(26ZLOOEHVKRZQ
 6HOHFWLRQRIUHSHDWHGTXHVWLRQQDLUHV
,QFDVHRIGXSOLFLWLHVLQWKHTXHVWLRQQDLUHVDQGLQWKHTXHVWLRQQDLUHVSHUSDWLHQWGD\WKH
DQVZHUVIURPWKHILUVWUHSHDWHGTXHVWLRQQDLUHZLOOEHXVHGLQVWDWLVWLFDODQDO\VHVERWKSUH
DQGSRVW,3LQWDNH

,17(5,0$1$/<6,6
1$

&+$1*(62)$1$/<6,6)52035272&2/
7KHHQGSRLQWVDQGVWDWLVWLFDOPRGHOVGHVFULEHGLQWKH3URWRFROKDYHQRWFKDQJHGLQWKLV
DPHQGPHQWH[FHSWIRUWKHUDWHRI&23'H[DFHUEDWLRQVZKHUHWKHRIIVHWDVVHVVPHQWIRU
WKHUDWHRI&23'H[DFHUEDWLRQVKDYHEHHQXSGDWHGDFFRUGLQJWRDQHZ)'$
UHTXLUHPHQW




6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


5()(5(1&(6

6QHGHFRU*:&RFKUDQ:*6WDWLVWLFDOPHWKRGVWKHGLWLRQ$PHV,RZD,RZD
6WDWH8QLYHUVLW\3UHVV

:LQHU%-%URZQ'5.HQQHWK.06WDWLVWLFDOSULQFLSOHVLQH[SHULPHQWDOGHVLJQ
WKLUGHGLWLRQ1HZ<RUN0F*UDZ+LOO

%HXQFNHQV & 0ROHQEHUJKV * DQG .HQZDUG 0* 'LUHFW OLNHOLKRRG DQDO\VLV
YHUVXVVLPSOHIRUPVRILPSXWDWLRQIRUPLVVLQJGDWDLQUDQGRPL]HGFOLQLFDOWULDOV
&OLQLFDO7ULDOV±

6WRNHV0('DYLV&6DQG.RFK**&DWHJRULFDO'DWD$QDO\VLV8VLQJWKH
6$66\VWHPQG(GLWLRQ&DU\1&6$6,QVWLWXWH,QF

+RVPHU':/HPHVKRZ6$SSOLHGORJLVWLFUHJUHVVLRQ1HZ<RUN-RKQ:LOH\
DQG6RQV

&ROOHWW'0RGHOOLQJELQDU\GDWD/RQGRQ&KDSPDQDQG+DOO

(YHULWW %6 'XQQ * $SSOLHG 0XOWLYDULDWH 'DWD $QDO\VLV /RQGRQ (GZDUG
$UQROGSS

$LWNLQ 0 $QGHUVRQ ' )UDQFLV % +LQGH - 6WDWLVWLFDO 0RGHOOLQJ LQ */,0
2[IRUG&ODUHQGRQ3UHVVSS

5RWKPDQ .- *UHHHQODQG 6 0RGHUQ (SLGHPLRORJ\ QG HG 3KLODGHOSKLD
/LSSLQFRWW5DYHQ3XEOLVKHUVSS

-RQHV 3: 4XLUN )+ %DYH\VWRFN &0 7KH 6W *HRUJH
V 5HVSLUDWRU\
4XHVWLRQQDLUH5HVSLU0HG6XSSO%

.HQZDUG0*0ROHQEHUJKV*7KLMV+3DWWHUQPL[WXUHPRGHOVZLWKSURSHUWLPH
GHSHQGHQFH%LRPHWULND

2¶.HOO\0LFKDHO5DWLWFK%RKGDQD&OLQLFDO7ULDOV:LWK0LVVLQJ'DWD$JXLGH
IRU3UDFWLWLRQHUV6WDWLVWLFVLQ3UDFWLFH-RKQ:LOH\	6RQV/WG



6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


$33(1',;(6

$SSHQGL[6WDWLVWLFDOPRGHOIRUWURXJK)(9
/HYHORFFDVLRQOHYHO
	ͳ୧୲ Ⱦ଴୧൅Ⱦଵ୧൅ɀଶଵ୧୲൅ɀଶଶሺ୧כ ୧୲ሻ൅፴୧୲
>LSDWLHQW«W:HHN@
$QGȾ଴୧Ⱦଵ୧DUHUDQGRPFRHIILFLHQWV

/HYHO
Ⱦ଴୧ൌɀ଴଴൅ɀ଴ଵ୧൅ɀ଴ଶ୧൅ɀ଴ଷ୧൅ɀ଴ସ୧൅ɀ଴ହ୧൅ɀ଴଺୧൅
ɀ଴଻୧൅଴୧SDWLHQWOHYHO
Ⱦଵ୧ൌɀଵ଴൅ɀଵଵ୧൅ଵ୧FRXQWU\OHYHOFRXQWULHV

2YHUDOOPRGHO
	ͳ୧୲ ɀ଴଴൅ɀଵ଴൅ɀ଴ଵ୧൅ɀ଴ଶ୧൅ɀ଴ଷ୧൅ɀ଴ସ୧൅ɀ଴ହ୧൅ɀ଴଺୧൅
൅ɀ଴଻୧൅ɀଵଵ୧൅ɀଶଵ୧୲൅ɀଶଶሺ୧כ ୧୲ሻ൅
൅଴୧൅ଵ୧൅፴୧୲

፴୧୲׽ ܰሺͲǡ ௜ሻ
൬଴୧
ଵ୧൰ൌܷ௜׽ ܰሺͲǡ ܩሻ
+ܩൌͲ !7KHUHDUHQRGLIIHUHQFHVEHWZHHQFRXQWULHV

0DWUL[QRWDWLRQ
൭
	ͳଵ
ǥ
	ͳଵǡହ଴଴
൱ൌ୧Ȟ ൅୧୧൅፴୧୲ൌ



6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

ൌ൭
ͳ
ڭ
ͳ
݌ݎ݁ଵ
ڭ
݌ݎ݁௡௜
݌݋ݏݐଵ
ڭ
݌݋ݏݐ௡௜
ܽ݃݁ଵ
ڭ
ܽ݃݁௡௜
ܾܽݏଵ
ڭ
ܾܽݏ௡௜
ݐݎݐଵ
ڭ
ݐݎݐ௡௜
ݏ݁ݔଵ
ڭ
ݏ݁ݔ௡௜
ݏ݉݋݇݁ଵ
ڭ
ݏ݉݋݇݁௡௜
ܿ݋ݑ݊ݐݎݕଵ
ڭ
ܿ݋ݑ݊ݐݎݕ௡௜
ݓ݁݁݇ଵ
ڭ
ݓ݁݁݇௡௜
ݐݎݐכ ݓ݁݁݇ଵ
ڭ
ݐݎݐכ ݓ݁݁݇௡௜
൱
ۉ
ۈ
ۈ
ۈ
ۈ
ۈ
ۈ
ۈ
ۈ
ۈ
ۇ
ߛ଴
ɀͲͳ
ɀͲʹ
ɀͲ͵
ɀͲͶ
ɀͲͷ
ɀͲ͸
ɀͲ͹
ɀͳͳ
ɀʹͳ
ɀʹʹی
ۋ
ۋ
ۋ
ۋ
ۋ
ۋ
ۋ
ۋ
ۋ
ۊ
൅൭ͳ
ڭ
ͳ
ͳ
ڭ
ͳ
൱ቆܷͲ݅
ܷͳ݅
ቇ
൅ቌ
፴݅ͳ
ڭ
፴݅ͳͷͲͲ
ቍ
:KHUH
	ͳ୧୲ ׽ ሺ୧Ȟǡ ሺ୧
୧
ᇱ൅୧ሻሻ
>&RY፴8 @
፴୧୲׽ ܰሺͲǡ ௜ሻ5LPLJKWQRWEHɐଶFRXOGEHXQVWUXFWXUHG
¸
¸
¸
¸
¸
¸
¹
·
¨
¨
¨
¨
¨
¨
©
§
 




















V
V
V
V
V
V
V
V
V
V
V
V
V
V
V
L5
FRYDULDQFHPDWUL[RISDWLHQWLIURPYLVLWWRYLVLW
7KLVVWUXFWXUHZRXOGEHSODFHGUHSHDWHGO\LQWKHGLDJRQDORIDPDWUL[IRUHDFKSDWLHQWDQG
RXWVLGHWKHGLDJRQDO1HHGVWRHVWLPDWHWWSDUDPHWHUV
ıXLVDFRQVWDQWDQGLWLVWKHVDPHLQHDFKFRXQWU\
9 =*=¶5 ıX5L
1RWHWKDWZKHQ5 ı,DQG= WKHPL[HGPRGHOUHGXFHVWRWKHVWDQGDUGOLQHDUPRGHO
6$6GLIIHUHQWLDWHVEHWZHHQ*VLGHDQG5VLGHHIIHFWVLQWKHPRGHO*VLGHDUHUDQGRP
HIIHFWVWKDWHQWHUWKURXJKWKH*PDWUL[DERYHDQG5VLGHHIIHFWVHQWHUWKURXJKWKH5
PDWUL[DERYH
6$6&2'(
SURFPL[HGGDWD GDWDVHW
FODVV75731$9,6,71&28175<6(;602.67868%-,'
PRGHO&+* 75731$9,6,7175731$9,6,71)(935)(932$*(%$6(6(;
602.67VFOGGIP NU
UHSHDWHG$9,6,71VXEMHFW XVXEMLG75731W\SH XQUUFRUU
UDQGRP&28175<J
OVPHDQV75731$9,6,71GLIIFOSGLII
UXQ



6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


$SSHQGL[6W*HRUJH¶VUHVSLUDWRU\TXHVWLRQQDLUH6*54
7KH6*54FRQWDLQVLWHPVGLYLGHGLQWRWKUHHGLPHQVLRQVV\PSWRPVDFWLYLW\DQG
LPSDFWVFRUHV7KUHHGLPHQVLRQVFRUHVDUHFDOFXODWHGIRUWKH6*54XVLQJHPSLULFDOO\
GHULYHGZHLJKWV
6\PSWRPV
WKHHIIHFWRIUHVSLUDWRU\V\PSWRPVWKHLUIUHTXHQF\DQGVHYHULW\
$FWLYLW\
DFWLYLWLHVWKDWFDXVHRUDUHOLPLWHGE\EUHDWKOHVVQHVV
,PSDFWV
DUDQJHRIDVSHFWVFRQFHUQHGZLWKVRFLDOIXQFWLRQLQJDQG
SV\FKRORJLFDOGLVWXUEDQFHVUHVXOWLQJIURPDLUZD\VGLVHDVH
$7RWDOVFRUHLVFDOFXODWHGWRVXPPDULVHWKHLPSDFWRIWKHGLVHDVHRQRYHUDOOKHDOWK
VWDWXV
7KHVHGLPHQVLRQDQG7RWDOVFRUHVUDQJHIURPWRZKHUHHDFKUHVXOWLVH[SUHVVHG
DVDSHUFHQWDJHRIWKHZHLJKWVVXPPHGXSE\DSDWLHQWRQWKHPD[LPXPSRVVLEOHVXPRI
ZHLJKWVWKDWFRUUHVSRQGVWRWKHZRUVWSRVVLEOHVWDWHRIWKHSDWLHQW³´LQGLFDWHVWKH
ZRUVWKHDOWKVWDWXV
7KHDOJRULWKPVWREHXVHGIRUVFRUHFDOFXODWLRQVDQGWKHZD\RIGHDOLQJZLWKPLVVLQJ
LWHPVDQGPXOWLSOHUHVSRQVHVDUHGHVFULEHGLQWKH6*54PDQXDO-RQHVDQG)RUGH

7KHDOJRULWKPVKDYHEHHQPRGLILHGWRWUHDWWKHVNLSLWHPVQXPEHUDQGRIWKH
TXHVWLRQQDLUH7KXVLIDSDWLHQWKDVQRWH[SHULHQFHGDVHYHUHDWWDFNLWHP QR
DWWDFNVWKHQLWHPLVQRWDSSOLFDEOHDQGWKHQ³OHVVWKDQDGD\´VKRXOGEHDVVLJQHGWR
TXHVWLRQLIDSDWLHQWKDVQRWUHSRUWHGDQ\PHGLFDWLRQLQTXHVWLRQVRILWHPLH
WKH\DUHPLVVLQJWKHQWKHUHVSRQVHVZLOOEHLPSXWHGDVµIDOVH¶
,WHP6FRULQJ
4XHVWLRQ
$QVZHU
6FRUH
6\PSWRP&RPSRQHQW4XHVWLRQV
 2YHUWKHSDVWPRQWKV,KDYHFRXJKHG
$OPRVWHYHU\GD\
6HYHUDOGD\VDZHHN
$IHZGD\VDPRQWK
2QO\ZLWKUHVSLUDWRU\LQIHFWLRQV
1RWDWDOO





 2YHUWKHSDVWPRQWKV,KDYHEURXJKWXS
SKOHJPVSXWXP
$OPRVWHYHU\GD\
6HYHUDOGD\VDZHHN
$IHZGD\VDPRQWK
2QO\ZLWKUHVSLUDWRU\LQIHFWLRQV
1RWDWDOO





 2YHUWKHSDVWPRQWKV,KDYHKDG
VKRUWQHVVRIEUHDWK
$OPRVWHYHU\GD\
6HYHUDOGD\VDZHHN
$IHZGD\VDPRQWK
2QO\ZLWKUHVSLUDWRU\LQIHFWLRQV
1RWDWDOO





 2YHUWKHSDVWPRQWKV,KDYHKDG
ZKHH]LQJDWWDFNV
$OPRVWHYHU\GD\
6HYHUDOGD\VDZHHN
$IHZGD\VDPRQWK
2QO\ZLWKUHVSLUDWRU\LQIHFWLRQV
1RWDWDOO







6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

,WHP6FRULQJ
4XHVWLRQ
$QVZHU
6FRUH
 +RZPDQ\WLPHVGXULQJWKHSDVWPRQWKV
KDYH\RXVXIIHUHGIURPVHYHUHRUYHU\
XQSOHDVDQWUHVSLUDWRU\DWWDFNV"
PRUHWKDQWLPHV
WLPHV
WLPHV
WLPH
QRQHRIWKHWLPH





 +RZORQJGLGWKHZRUVWUHVSLUDWRU\DWWDFN
ODVW"*RWR4XHVWLRQLI\RXGLGQRWKDYH
DVHYHUHDWWDFN
DZHHNRUPRUH
RUPRUHGD\V
RUGD\V
OHVVWKDQDGD\




 2YHUWKHSDVWPRQWKVLQDW\SLFDOZHHN
KRZPDQ\JRRGGD\VZLWKIHZUHVSLUDWRU\
SUREOHPVKDYH\RXKDG"
1RJRRGGD\V
RUJRRGGD\V
RUJRRGGD\V
QHDUO\HYHU\GD\ZDVJRRG
HYHU\GD\ZDVJRRG





 ,I\RXZKHH]HLVLWZRUVHZKHQ\RXJHWXS
LQWKHPRUQLQJ"
1R
<HV


$FWLYLW\&RPSRQHQW4XHVWLRQVDQG
 7KHVHDUHTXHVWLRQVDERXWZKDWDFWLYLWLHVXVXDOO\PDNH\RXIHHOVKRUWRIEUHDWKWKHVHGD\V
6LWWLQJRUO\LQJVWLOO
7UXH
)DOVH


:DVKLQJRUGUHVVLQJ\RXUVHOI
7UXH
)DOVH


:DONLQJDURXQGWKHKRXVH
7UXH
)DOVH


:DONLQJRXWVLGHRQOHYHOJURXQG
7UXH
)DOVH


:DONLQJXSDIOLJKWRIVWDLUV
7UXH
)DOVH


:DONLQJXSKLOOV
7UXH
)DOVH


3OD\LQJVSRUWVRURWKHUSK\VLFDODFWLYLWLHV
7UXH
)DOVH


 7KHVHDUHTXHVWLRQVDERXWKRZ\RXUDFWLYLWLHVPLJKWEHDIIHFWHGE\\RXUUHVSLUDWRU\SUREOHPV
,WDNHDORQJWLPHWRJHWZDVKHGRUGUHVVHG
7UXH
)DOVH


,FDQQRWWDNHDEDWKRUVKRZHURU,WDNHDORQJ
WLPHWRGRLW
7UXH
)DOVH


,ZDONVORZHUWKDQRWKHUSHRSOHP\DJHRU,
VWRSWRUHVW
7UXH
)DOVH


-REVVXFKDVKRXVHKROGFKRUHVWDNHDORQJWLPH
RU,KDYHWRVWRSWRUHVW
7UXH
)DOVH


,I,ZDONXSRQHIOLJKWRIVWDLUV,KDYHWRJR
VORZO\RUVWRS
7UXH
)DOVH


,I,KXUU\RUZDONIDVW,KDYHWRVWRSRUVORZ
GRZQ
7UXH
)DOVH


0\EUHDWKLQJPDNHVLWGLIILFXOWWRGRWKLQJV
VXFKDVZDONXSKLOOVFDUU\WKLQJVXS
VWDLUVOLJKWJDUGHQLQJVXFKDVZHHGLQJ
GDQFHERZORUSOD\JROI
7UXH
)DOVH




6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

,WHP6FRULQJ
4XHVWLRQ
$QVZHU
6FRUH
0\EUHDWKLQJPDNHVLWGLIILFXOWWRGRWKLQJV
VXFKDVFDUU\KHDY\ORDGVGLJLQWKH
JDUGHQRUVKRYHOVQRZMRJRUZDONEULVNO\
PLOHVSHUKRXUSOD\WHQQLVRUVZLP
7UXH
)DOVH


0\EUHDWKLQJSUREOHPPDNHVLWGLIILFXOWWRGR
WKLQJVVXFKDVYHU\KHDY\PDQXDOZRUN
ULGHDELNHUXQVZLPIDVWRUSOD\
FRPSHWLWLYHVSRUWV
7UXH
)DOVH


,PSDFW&RPSRQHQW4XHVWLRQVDQG
 +RZZRXOG\RXGHVFULEH\RXUUHVSLUDWRU\
FRQGLWLRQ"
7KHPRVWLPSRUWDQWSUREOHP,KDYH
&DXVHVPHTXLWHDORWRISUREOHPV
&DXVHVPHDIHZSUREOHPV
&DXVHVQRSUREOHP




 ,I\RXKDYHHYHUKHOGDMREP\UHVSLUDWRU\
SUREOHPV
PDGHPHVWRSZRUNLQJDOWRJHWKHU
LQWHUIHUHZLWKRUPDGHPHFKDQJHP\MRE
GRQRWDIIHFWP\MRE




 7KHVHDUHPRUHTXHVWLRQVDERXW\RXUFRXJKDQGVKRUWQHVVRIEUHDWKWKHVHGD\V
&RXJKLQJKXUWV
7UXH
)DOVH


&RXJKLQJPDNHVPHWLUHG
7UXH
)DOVH


,DPVKRUWRIEUHDWKZKHQ,WDON
7UXH
)DOVH


,DPVKRUWRIEUHDWKZKHQ,EHQGRYHU
7UXH
)DOVH


0\FRXJKLQJRUEUHDWKLQJGLVWXUEVP\VOHHS
7UXH
)DOVH


,JHWH[KDXVWHGHDVLO\
7UXH
)DOVH


 7KHVHDUHTXHVWLRQVDERXWRWKHUHIIHFWVWKDW\RXUUHVSLUDWRU\SUREOHPVPD\KDYHLQ\RXWKHVHGD\V
0\FRXJKLQJRUEUHDWKLQJLVHPEDUUDVVLQJLQ
SXEOLF
7UXH
)DOVH


0\UHVSLUDWRU\SUREOHPDUHDQXLVDQFHWRP\
IDPLO\IULHQGVRUQHLJKERUV
7UXH
)DOVH


,JHWDIUDLGRUSDQLFZKHQ,FDQQRWFDWFKP\
EUHDWK
7UXH
)DOVH


,IHHOWKDW,DPQRWLQFRQWURORIP\UHVSLUDWRU\
SUREOHPV
7UXH
)DOVH


,GRQRWH[SHFWP\UHVSLUDWRU\SUREOHPWRJHW
DQ\EHWWHU
7UXH
)DOVH


,KDYHEHFRPHIUDLORUDQLQYDOLGEHFDXVHRIP\
UHVSLUDWRU\SUREOHP
7UXH
)DOVH


([HUFLVHLVQRWVDIHIRUPH
7UXH
)DOVH


(YHU\WKLQJVHHPVWRRPXFKRIDQHIIRUW
7UXH
)DOVH




6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

,WHP6FRULQJ
4XHVWLRQ
$QVZHU
6FRUH
 7KHVHDUHTXHVWLRQVDERXW\RXUUHVSLUDWRU\WUHDWPHQW
0\WUHDWPHQWGRHVQRWKHOSPHYHU\PXFK
7UXH
)DOVH


,JHWHPEDUUDVVHGXVLQJP\PHGLFDWLRQLQ
SXEOLF
7UXH
)DOVH


,KDYHXQSOHDVDQWVLGHHIIHFWVIURPP\
PHGLFDWLRQ
7UXH
)DOVH


0\WUHDWPHQWLQWHUIHUHVZLWKP\OLIHDORW
7UXH
)DOVH


 :HZRXOGOLNHWRNQRZKRZ\RXUUHVSLUDWRU\SUREOHPVXVXDOO\DIIHFW\RXUGDLO\OLIH
,FDQQRWSOD\VSRUWVRUGRRWKHUSK\VLFDO
DFWLYLWLHV
7UXH
)DOVH


,FDQQRWJRRXWIRUHQWHUWDLQPHQWRUUHFUHDWLRQ
7UXH
)DOVH


,FDQQRWJRRXWRIWKHKRXVHWRGRWKHVKRSSLQJ
7UXH
)DOVH


,FDQQRWGRKRXVHKROGFKRUHV
7UXH
)DOVH


,FDQQRWPRYHIDUIURPP\EHGRUFKDLU
7UXH
)DOVH


 1RZZRXOG\RXFKHFNRQHRQO\ZKLFK
\RXWKLQNEHVWGHVFULEHVKRZ\RXU
UHVSLUDWRU\SUREOHPDIIHFWV\RX"
'RHVQRWVWRSPHIURPGRLQJDQ\WKLQJ
6WRSVPHIURPGRLQJRQHRUWZRWKLQJV
6WRSVPHIURPGRLQJPRVWRIWKHWKLQJV
6WRSVPHIURPGRLQJHYHU\WKLQJ





(DFKFRPSRQHQWRIWKHTXHVWLRQQDLUHLVVFRUHGVHSDUDWHO\LQVWHSV
D7KHZHLJKWVLQWKHWDEOHFRUUHVSRQGWRWKHDFWXDOSRVLWLYHUHVSRQVHVIRUDOOLWHPVLQ
WKHFRPSRQHQWDUHVXPPHG7KHFRPSRQHQWVFRUHLVFDOFXODWHGE\GLYLGLQJWKHVXPPHG
ZHLJKWVE\WKHDGMXVWHGPD[LPXPSRVVLEOHZHLJKWIRUWKDWFRPSRQHQWDQGH[SUHVVLQJ
WKHUHVXOWDVDSHUFHQWDJH

îVXPPHGZHLJKWVIURPSRVLWLYHLWHPVLQWKDWFRPSRQHQW
6XPRIZHLJKWVIRUDOOLWHPVLQWKDWFRPSRQHQW
7KHWRWDOVFRUHLVFDOFXODWHGLQVLPLODUZD\

îVXPPHGZHLJKWVIURPSRVLWLYHLWHPVLQWKHTXHVWLRQQDLUH
6XPRIZHLJKWVIRUDOOLWHPVLQWKHTXHVWLRQQDLUH
$GMXVWHGVXPRIPD[LPXPSRVVLEOHZHLJKWVIRUHDFKFRPSRQHQWDQGWRWDO

6\PSWRPV

$FWLYLW\

,PSDFWV

7RWDO 




6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

E7KHZHLJKWVIRUDQ\PLVVHGLWHPVDUHGHGXFWHGIURPWKHPD[LPXPSRVVLEOHZHLJKW
IRUHDFKGLPHQVLRQ7KHZHLJKWVIRUDOOPLVVHGLWHPVDUHGHGXFWHGIURPWKHPD[LPXP
SRVVLEOHZHLJKWIRUWKHWRWDOVFRUH




6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


$SSHQGL[&23'$VVHVVPHQW7HVW&$7










$SSHQGL[(;$&7DQGUDZVFRUHDVVLJQPHQW
7KH([DFHUEDWLRQVRI&KURQLF3XOPRQDU\'LVHDVH7RROLVDSDWLHQWUHSRUWHGRXWFRPH
352PHDVXUHGHVLJQHGWRSURYLGHUHVHDUFKHUVZLWKDVLQJOHVWDQGDUGL]HGUHOLDEOHDQG
YDOLGPHWKRGIRUDVVHVVLQJIUHTXHQF\FRXQWVVHYHULW\VFRUHDQGGXUDWLRQGD\VRI
H[DFHUEDWLRQVRIFKURQLFREVWUXFWLYHSXOPRQDU\GLVHDVH
7KH(;$&7LVDLWHPGDLO\GLDU\GHVLJQHGIRUHOHFWURQLFDGPLQLVWUDWLRQ3DWLHQWVDUH
LQVWUXFWHGWRFRPSOHWHWKHGLDU\HDFKHYHQLQJMXVWSULRUWREHGWLPHUHIOHFWLQJEDFNRQ
WKHLUH[SHULHQFHV³WRGD\´'DLO\DGPLQLVWUDWLRQLVHVVHQWLDOLQRUGHUWRFDSWXUHFKDQJHLQ
WKHSDWLHQW¶VFRQGLWLRQFRQVLVWHQWZLWKH[DFHUEDWLRQLQFOXGLQJZRUVHQLQJLPSURYHPHQW
DQGVWDELOL]DWLRQLQGLFDWLYHRIUHFRYHU\
$Q(;$&77RWDOVFRUHLVFRPSXWHGIRUHDFKGD\RIGLDU\FROOHFWLRQ7KH(;$&77RWDO
VFRUHLVEDVHGRQDORJLWVFRULQJV\VWHPZLWKFRQYHUVLRQWRDWRVFDOHIRUHDVHRI
LQWHUSUHWDWLRQDQGXVH7RFRPSXWHWKH(;$&77RWDOVFRUH
 6XPWKHUDZVFRUHVRIWKH(;$&7LWHPV5DZVFRUHVDUHDVVLJQHGWRHDFK
(;$&7LWHPUHVSRQVH(DFK³UDZVXPPHGVFRUH´KDVLWVFRUUHVSRQGLQJ
(;$&77RWDOVFRUH
 )RUHDFK³UDZVXPPHGVFRUH´ILQGWKHFRUUHVSRQGLQJ(;$&77RWDOVFRUH
ZKLFKFDQUDQJHRQDVFDOHIURPWR5DZVXPPHGVFRUHWRVFDOHVFRUH
FRQYHUVLRQWDEOHIRU(;$&77RWDO6FRUH
 'DLO\(;$&77RWDOVFRUHVRIDUHVHWWRPLVVLQJ
 :KHUHQRGLDU\HQWU\H[LVWVIRUDJLYHQGD\HQWHUPLVVLQJIRUWKH(;$&77RWDO
VFRUHFRPSXWDWLRQ
%DVHOLQHLVGHILQHGDVDGD\LQWHUYDOHQGLQJWKHGDWHEHIRUHWKHILUVWGRVHRIGRXEOH
EOLQGLQYHVWLJDWLRQDOSURGXFW%DVHOLQH(;$&7VFRUHLVWKHPHDQZLWKLQSDWLHQWVFRUH
RYHUGD\VZLWKGDWDSUHVHQWIRUDPLQLPXPRIRIGD\V,IIHZHUWKDQGD\VRIGDWD
DUHDYDLODEOHWKH(;$&7%DVHOLQHVFRUHVKRXOGQRWEHFDOFXODWHG
)RUWKRVHWULDOSDUWLFLSDQWVZKRH[SHULHQFHRQHRUPRUHH[DFHUEDWLRQVGXULQJWKHVWXG\
WKH(;$&7EDVHOLQHYDOXHLVUHHVWDEOLVKHGIROORZLQJHDFKH[DFHUEDWLRQ7RUHVHW
%DVHOLQHYDOXHVIROORZLQJDQH[DFHUEDWLRQWKHSDWLHQW¶VPHDQ(;$&7VFRUHGXULQJWKH
WKZHHNIROORZLQJ5HFRYHU\'D\VSRVW5HFRYHU\LVFRPSXWHGZLWKD
PLQLPXPRIGD\VRIGDWDUHTXLUHGDQGLQWKHDEVHQFHRIDQHZH[DFHUEDWLRQ,IWKH
SDWLHQWH[SHULHQFHVDQHZHYHQWGXULQJWKLVZHHNSHULRGDQHZ%DVHOLQHLVQRW
FDOFXODWHGXQWLOWKHWKZHHNIROORZLQJ5HFRYHU\IURPWKDWVXEVHTXHQWHYHQW$QHZ
%DVHOLQHHVWDEOLVKHGIROORZLQJ5HFRYHU\IURPWKHILUVWH[DFHUEDWLRQZLOOEHGHQRWHGDV
%DVHOLQH5ZLWKVXEVHTXHQWQHZ%DVHOLQHVHVWDEOLVKHGODEHOOHGDFFRUGLQJO\DV
%DVHOLQH5DQGVRRQDVDSSURSULDWH
2QVHWLVGHILQHGDVWKHILUVWGD\LQZKLFKWKHSDWLHQWH[SHULHQFHVDQDFXWHVXVWDLQHG
ZRUVHQLQJRIWKHLUEDVHOLQHFRQGLWLRQ2QVHWLVLGHQWLILHGLQRQHRIWZRZD\V(LWKHU
DQLQFUHDVHLQ(;$&7VFRUHSRLQWVDERYHWKHSDWLHQW¶VPHDQ%DVHOLQHIRU
FRQVHFXWLYHGD\VZLWK'D\RIWKHGD\VVHUYLQJDV'D\2QVHWRIWKHHYHQW25
DQLQFUHDVHSRLQWVDERYHWKHSDWLHQW¶VPHDQ%DVHOLQHIRUFRQVHFXWLYHGD\VZLWK
'D\RIWKHGD\VVHUYLQJDV'D\2QVHWRIWKHHYHQW7KHSUHVHQFHRIHLWKHU
FRQVWLWXWHV2QVHWRIDQHYHQW
(YHQW'XUDWLRQUHTXLUHVLGHQWLILFDWLRQRIWKHIROORZLQJSDUDPHWHUV2QVHW7KUHH
GD\5ROOLQJ$YHUDJH0D[LPXP2EVHUYHG9DOXH7KUHVKROGIRU,PSURYHPHQW


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

DQG5HFRYHU\,WLVSRVVLEOHWKDW,PSURYHPHQWPD\RFFXUDWPXOWLSOHWLPHSRLQWV
GXULQJDQHYHQWDQGWKDWWKLV,PSURYHPHQWPD\RUPD\QRWUHIOHFWIXOO5HFRYHU\
9 7KUHHGD\5ROOLQJ$YHUDJH$7KUHHGD\5ROOLQJ$YHUDJHLVXVHGWRDFFRXQWIRU
GD\WRGD\YDULDELOLW\LQ(;$&7VFRUHVWKDWFDQRFFXUGXULQJDQH[DFHUEDWLRQ
7KLVLVRSHUDWLRQDOL]HGDVDGD\UROOLQJRIWKHPHDQ(;$&7VFRUH>'D\[
'D\['D\[@ZLWKWKHILUVWFRPSXWDWLRQEDVHGRQ'D\V2QVHWDQGRI
WKHHYHQWDQGFRQWLQXLQJIRUZDUGVHTXHQWLDOO\'D\V'D\VHWF
2QO\RQHRIWKHGDWDSRLQWVQHHGWREHSUHVHQWIRUWKLVFRPSXWDWLRQ
9 0D[LPXP2EVHUYHG9DOXH029+LJKHVW(;$&7VFRUHREVHUYHGGXULQJD
JLYHQWLPHSHULRGXVLQJDGD\5ROOLQJ$YHUDJH
9 7KH7KUHVKROGIRU,PSURYHPHQWLVDGHFUHDVHLQ(;$&7VFRUHSRLQWVIURP
WKHSUHYLRXVGD\¶VVFRUHGXULQJDQHYHQW
9 5HFRYHU\LVGHILQHGDVWKHILUVWGD\LQZKLFKDSDWLHQWH[SHULHQFHVDSHUVLVWHQW
VXVWDLQHGLPSURYHPHQWLQWKHLUFRQGLWLRQ)RUVFRULQJSXUSRVHV5HFRYHU\LVD
UHGXFWLRQLQ(;$&7VFRUHSRLQWVEHQFKPDUNHGDJDLQVWWKH029GXULQJWKH
ILUVWGD\VRIWKHHYHQWZLWKWKLVLPSURYHPHQWPDLQWDLQHGIRUFRQVHFXWLYH
GD\VXVLQJDGD\5ROOLQJ$YHUDJH,IWKH029RFFXUVPRUHWKDQRQFHGXULQJ
WKHGD\SHULRGWKHILUVWGD\RQZKLFKWKHYDOXHRFFXUVLVXVHGDVWKH
EHQFKPDUNIRUFRPSXWDWLRQRI5HFRYHU\7KHILUVWGD\RIWKHGD\SHULRGLV
GHVLJQDWHGWKHGD\RI5HFRYHU\'D\5
9 6FRUHLQFUHDVHVFRQVLVWHQWZLWK2QVHWDQGRFFXUULQJDQ\WLPHDIWHUWKHWKGD\RI
WKH5HFRYHU\SHULRGDUHFRXQWHGDVDQHZHYHQW7RLGHQWLI\DQHZH[DFHUEDWLRQ
XVHWKHODVWDYDLODEOH%DVHOLQHYDOXH7KHUHVHW%DVHOLQHYDOXH%DVHOLQH5;LV
XVHGLIDSDUWLFLSDQW¶V%DVHOLQHZDVUHHVWDEOLVKHGRWKHUZLVHWKHRULJLQDO
%DVHOLQHYDOXHLVXVHG
7KHWRWDOQXPEHURI&23'H[DFHUEDWLRQVLVHLWKHUHTXDOWR,IQRRQVHWLVSUHVHQW
LIRQVHWLVSUHVHQWDQGQRQHZHYHQWLVLGHQWLILHGRULVHTXDOWRWKHQXPEHURIQHZ
HYHQWVLGHQWLILHG
'XUDWLRQLVWKHOHQJWKRIWLPHLQGD\VIURP2QVHWWR5HFRYHU\'XUDWLRQLVFDOFXODWHGDV
WKHGLIIHUHQFHLQGD\VEHWZHHQWKHGD\RI2QVHW'D\DQGWKHGD\RI5HFRYHU\
'D\57KHGD\RI5HFRYHU\'D\5LVQRWLQFOXGHGLQFDOFXODWLQJ'XUDWLRQGD\V
6HYHULW\LVWKH(;$&7VFRUHRQWKHZRUVWGD\RIWKHHYHQWIURP2QVHW'D\WR
5HFRYHU\'D\5




6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\








6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\






6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\






6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

5DZVXPPHGVFRUHWRVFDOHVFRUHFRQYHUVLRQWDEOHIRU(;$&77RWDO6FRUH








6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\



$SSHQGL[$QQRWDWHG(56IRU5DZ6FRUH$VVLJQPHQW

7KHIROORZLQJDQQRWDWHVWKHUDZVFRUHYDOXHVDVVRFLDWHGZLWKHDFKUHVSRQVHFDWHJRU\IRUWKH(
56LWHPV

'LG\RXUFKHVWIHHOFRQJHVWHGWRGD\"

1RWDWDOO
6OLJKWO\
0RGHUDWHO\
6HYHUHO\
([WUHPHO\

+RZRIWHQGLG\RXFRXJKWRGD\"

1RWDWDOO
5DUHO\
2FFDVLRQDOO\
)UHTXHQWO\
$OPRVWFRQVWDQWO\

+RZPXFKPXFXVSKOHJPGLG\RXEULQJXSZKHQFRXJKLQJWRGD\"

1RQHDWDOO
$OLWWOH
6RPH
$JUHDWGHDO
$YHU\JUHDWGHDO
127(6FRUH³DOLWWOH´DQG³VRPH´WKHVDPH

+RZGLIILFXOWZDVLWWREULQJXSPXFXVSKOHJPWRGD\"

1RWDWDOO
6OLJKWO\
0RGHUDWHO\
4XLWHDELW
([WUHPHO\

'LG\RXKDYHFKHVWGLVFRPIRUWWRGD\"

1RWDWDOO
6OLJKWO\
0RGHUDWH
6HYHUH
([WUHPH

'LG\RXUFKHVWIHHOWLJKWWRGD\"

1RWDWDOO
6OLJKWO\
0RGHUDWHO\
6HYHUHO\
([WUHPHO\

:HUH\RXEUHDWKOHVVWRGD\"

1RWDWDOO


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

6OLJKWO\
0RGHUDWHO\
6HYHUHO\
([WUHPHO\

'HVFULEHKRZEUHDWKOHVV\RXZHUHWRGD\

8QDZDUHRIEUHDWKOHVVQHVV
%UHDWKOHVVGXULQJVWUHQXRXVDFWLYLW\
%UHDWKOHVVGXULQJOLJKWDFWLYLW\
%UHDWKOHVVZKHQZDVKLQJRUGUHVVLQJ
3UHVHQWZKHQUHVWLQJ
127(6FRUH³%UHDWKOHVVZKHQZDVKLQJRUGUHVVLQJ´DQG³3UHVHQWZKHQUHVWLQJ´WKHVDPH

:HUH\RXVKRUWRIEUHDWKWRGD\ZKHQSHUIRUPLQJ\RXUXVXDOSHUVRQDOFDUHDFWLYLWLHVOLNH
ZDVKLQJRUGUHVVLQJ"

1RWDWDOO
6OLJKWO\
0RGHUDWHO\
6HYHUHO\
([WUHPHO\
7RREUHDWKOHVVWRGRWKHVH
127(6FRUH³VHYHUHO\´DQG³H[WUHPHO\´WKHVDPH

:HUH\RXVKRUWRIEUHDWKWRGD\ZKHQSHUIRUPLQJ\RXUXVXDOLQGRRUDFWLYLWLHVOLNHFOHDQLQJRU
KRXVHKROGZRUN"

1RWDWDOO
6OLJKWO\
0RGHUDWHO\
6HYHUHO\
([WUHPHO\
7RREUHDWKOHVVWRGRWKHVH
127(6FRUH³VHYHUHO\´³H[WUHPHO\´DQG³WRREUHDWKOHVVWRGRWKHVH´WKHVDPH

:HUH\RXVKRUWRIEUHDWKWRGD\ZKHQSHUIRUPLQJ\RXUXVXDODFWLYLWLHVRXWVLGHWKHKRPHVXFK
DV\DUGZRUNRUHUUDQGV"

1RWDWDOO
6OLJKWO\
0RGHUDWHO\
6HYHUHO\
([WUHPHO\
7RREUHDWKOHVVWRGRWKHVH
127(6FRUH³VHYHUHO\´³H[WUHPHO\´DQG³7RREUHDWKOHVVWRGRWKHVH´WKHVDPH


,PSRUWDQWO\WKLVVLPSOHVXPPDWLRQLVDQHQWLUHO\GLIIHUHQWPHDVXUHPHQWVFDOHIURPWKDWXVHGLQWKH(;$&7ZKLFKLQFOXGHV
WKUHHDGGLWLRQDOLWHPVDQGIRFXVHVRQPHDVXULQJWKHIUHTXHQF\GXUDWLRQDQGVHYHULW\RIDFXWHH[DFHUEDWLRQV*LYHQWKDW
WKHGRPDLQVFRQWDLQHGZLWKWKH(56DUHQHDUO\LGHQWLFDOWRWKDWRIWKH(;$&7LWLVFULWLFDOWKDWWKHVHGRPDLQVDUHFOHDUO\
GLVWLQJXLVKHGIURPRQHDQRWKHULQVWXGLHVXVLQJERWKVFRULQJDOJRULWKPV






$SSHQGL[1LJKWWLPHDQG(DUO\0RUQLQJ6\PSWRPV1L6&,DQG(06&,

&&,
&&,


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

&&,
&&,


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

&&,
&&,


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

&&,
&&,


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\




&&,
&&,


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


$SSHQGL['HYLFH3UHIHUHQFHDQGZLOOLQJQHVVWRFRQWLQXHTXHVWLRQQDLUH






6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


,1'(;2)7$%/(V),*85(V$1'/,67,1*V
7KLVLVDQDPHQGHG7)/LQGH[IURPWKH'&B7)/LQGH[B)LQDO9HUVLRQVLJQHG
RIIRQ0D\WKHWK
'(02*5$3+,&'$7$
6WXG\SRSXODWLRQDQGLQFOXVLRQH[FOXVLRQFULWHULD
7DEOH
'HVFULSWLRQ
7DEOH
3DWLHQWGLVSRVLWLRQ
$OO3DWLHQWV
7DEOH
$QDO\VLVVHWV
5DQGRPL]HGSDWLHQWV
7DEOH
,QFOXVLRQFULWHULDDWVFUHHQLQJYLVLW
7DEOH
,QFOXVLRQFULWHULDQRWPHWDWVFUHHQLQJYLVLW
'HVFULSWLYHVWDWLVWLFV
6DIHW\SRSXODWLRQ
7DEOH
([FOXVLRQFULWHULDDWVFUHHQLQJYLVLW
7DEOH
([FOXVLRQFULWHULDPHWDWVFUHHQLQJYLVLW
'HVFULSWLYHVWDWLVWLFV
6DIHW\SRSXODWLRQ
3DWLHQWV¶WLPHWRZLWKGUDZDO
7DEOH
'HVFULSWLRQ
7DEOH
7LPHGD\VWRZLWKGUDZDOIURP,3
'HVFULSWLYHVWDWLVWLFVDQGDQDO\VLVEDVHGRQWKH &R[3URSRUWLRQDO
+D]DUGPRGHO
6DIHW\SRSXODWLRQ
3$7,(176¶&+$5$&7(5,67,&6$76&5((1,1*9,6,7
7DEOH
'HVFULSWLRQ

'HPRJUDSKLFFKDUDFWHULVWLFVDWVFUHHQLQJYLVLW
6DIHW\SRSXODWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


'HPRJUDSKLFFKDUDFWHULVWLFVDWVFUHHQLQJYLVLW
,QWHQWLRQWR7UHDWSRSXODWLRQ

&LJDUHWWH VPRNLQJ VWDWXV VPRNLQJ GXUDWLRQ DQG VPRNLQJ
FRQVXPSWLRQ
6DIHW\SRSXODWLRQ

&LJDUHWWH VPRNLQJ VWDWXV VPRNLQJ GXUDWLRQ DQG VPRNLQJ
FRQVXPSWLRQ
,QWHQWLRQWR7UHDWSRSXODWLRQ

0HGLFDOKLVWRU\DWVFUHHQLQJYLVLW
'HVFULSWLRQE\V\VWHPRUJDQFODVVDQGSUHIHUUHGWHUP
6DIHW\SRSXODWLRQ

&23'VHYHULW\EDVHGRQDLUIORZOLPLWDWLRQDQG*2/'JXLGHOLQHV
DQGGXUDWLRQ
6DIHW\SRSXODWLRQ

&23'VHYHULW\EDVHGRQDLUIORZOLPLWDWLRQDQG*2/'JXLGHOLQHV
DQGGXUDWLRQ
,QWHQWLRQWR7UHDWSRSXODWLRQ

1XPEHU RI SDWLHQWV ZLWK &23' H[DFHUEDWLRQV LQ WKH SUHYLRXV 
PRQWKV
6DIHW\SRSXODWLRQ

1XPEHU RI SDWLHQWV ZLWK &23' H[DFHUEDWLRQV LQ WKH SUHYLRXV 
PRQWKV
,QWHQWLRQWR7UHDWSRSXODWLRQ

3XOPRQDU\IXQFWLRQWHVWDWVFUHHQLQJYLVLW
3UHEURQFKRGLODWRUWHVW$EVROXWHYDOXHVDQGSHUFHQWRISUHGLFWHGRI
WKH)(9DQG)9&
6DIHW\SRSXODWLRQ

3XOPRQDU\IXQFWLRQWHVWDWVFUHHQLQJYLVLW
3UHEURQFKRGLODWRUWHVW$EVROXWHYDOXHVDQGSHUFHQWRISUHGLFWHGRI
WKH)(9DQG)9&
,QWHQWLRQWR7UHDWSRSXODWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


3XOPRQDU\IXQFWLRQWHVWDWVFUHHQLQJYLVLW
3RVWEURQFKRGLODWRUWHVW$EVROXWHYDOXHVDQGSHUFHQWRISUHGLFWHGRI
WKH)(9)9&DQG5DWLR)(9)9&
6DIHW\SRSXODWLRQ

3XOPRQDU\IXQFWLRQWHVWDWVFUHHQLQJYLVLW
3RVWEURQFKRGLODWRUWHVW$EVROXWHYDOXHVDQGSHUFHQWRISUHGLFWHGRI
WKH)(9)9&DQG5DWLR)(9)9&
,QWHQWLRQWR7UHDWSRSXODWLRQ

3XOPRQDU\IXQFWLRQWHVWDWVFUHHQLQJYLVLW
%URQFKRGLODWRUWHVWUHYHUVLELOLW\0HDQDEVROXWHUHYHUVLELOLW\
FKDQJHIURPSUHWHVWDQGEURQFKLDOUHYHUVLELOLW\SHUFHQWDJH
LQFUHDVHRYHUSUHWHVWDQGQXPEHUDQGSHUFHQWDJHRISDWLHQWV
UHYHUVLEOHPHHWWKHUHYHUVLELOLW\FULWHULD
6DIHW\SRSXODWLRQ

3XOPRQDU\IXQFWLRQWHVWDWVFUHHQLQJYLVLW
%URQFKRGLODWRUWHVWUHYHUVLELOLW\0HDQDEVROXWHUHYHUVLELOLW\
FKDQJHIURPSUHWHVWDQGEURQFKLDOUHYHUVLELOLW\SHUFHQWDJH
LQFUHDVHRYHUSUHWHVWDQGQXPEHUDQGSHUFHQWDJHRISDWLHQWV
UHYHUVLEOHPHHWWKHUHYHUVLELOLW\FULWHULD
,QWHQWLRQWR7UHDWSRSXODWLRQ

3XOPRQDU\ IXQFWLRQ WHVW SDUDPHWHUV DEVROXWH YDOXHV DQG SHUFHQW
SUHGLFWHG)(9DQG)9&3UH,QYHVWLJDWLRQDOPHGLFLQDO3URGXFWDW
EDVHOLQHYLVLWGD\
6DIHW\SRSXODWLRQ

3XOPRQDU\ IXQFWLRQ WHVW SDUDPHWHUV DEVROXWH YDOXHV DQG SHUFHQW
SUHGLFWHG)(9DQG)9&3UH,QYHVWLJDWLRQDOPHGLFLQDO3URGXFWDW
EDVHOLQHYLVLWGD\
,QWHQWLRQWR7UHDWSRSXODWLRQ

6W *HRUJH
V 5HVSLUDWRU\ 4XHVWLRQQDLUH 6*54 WRWDO DQG WKUHH
GLPHQVLRQVFRUHVDWEDVHOLQHYLVLWGD\
6DIHW\SRSXODWLRQ

6W *HRUJH
V 5HVSLUDWRU\ 4XHVWLRQQDLUH 6*54 WRWDO DQG WKUHH
GLPHQVLRQVFRUHVDWEDVHOLQHYLVLWGD\
,QWHQWLRQWR7UHDWSRSXODWLRQ

&23'$VVHVVPHQW7HVW&$7DWEDVHOLQHYLVLWGD\


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

6DIHW\SRSXODWLRQ

&23'$VVHVVPHQW7HVW&$7DWEDVHOLQHYLVLWGD\
,QWHQWLRQWR7UHDWSRSXODWLRQ
75($70(17&203/,$1&(
7DEOH
'HVFULSWLRQ

7UHDWPHQWFRPSOLDQFH
'HVFULSWLYHDQDO\VLVE\WUHDWPHQW
6DIHW\SRSXODWLRQ
3ULRUPHGLFDWLRQDQGFRQFRPLWDQWPHGLFDWLRQ
7DEOH
'HVFULSWLRQ

3ULRUPHGLFDWLRQE\$7&WH[WDQGSUHIHUUHGQDPH
6DIHW\SRSXODWLRQ

&23'UHODWHGSULRUPHGLFDWLRQE\WKHUDSHXWLFFDWHJRULHV
6DIHW\SRSXODWLRQ

1XPEHURISDWLHQWVZLWKFRQFRPLWDQWPHGLFDWLRQE\$7&WH[W
DQGSUHIHUUHGQDPH
0HGLFDWLRQV VWDUWHG WR EH WDNHQ EHIRUH WKH ILUVW ,3 LQWDNH DQG
FRQWLQXHGDIWHUWKHILUVW,3LQWDNH
6DIHW\SRSXODWLRQ

1XPEHURISDWLHQWVZLWKFRQFRPLWDQWPHGLFDWLRQE\$7&WH[W
DQGSUHIHUUHGQDPH
0HGLFDWLRQVVWDUWHGWREHWDNHQDIWHUWKHILUVW,3LQWDNH
6DIHW\SRSXODWLRQ

6HQVLWLYLW\ DQDO\VLV IRU SDWLHQWV FRQWLQXLQJ VWXG\ SDUWLFLSDWLRQ
EH\RQGWKH,3WUHDWPHQWGLVFRQWLQXDWLRQ1XPEHURISDWLHQWVZLWK
FRQFRPLWDQW PHGLFDWLRQ E\ $7& WH[W DQG SUHIHUUHG QDPH
0HGLFDWLRQV VWDUWHG WR EH WDNHQ EHIRUH WKH ILUVW ,3 LQWDNH DQG
FRQWLQXHGDIWHUWKHILUVW,3LQWDNH
6DIHW\SRSXODWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


6HQVLWLYLW\ DQDO\VLV IRU SDWLHQWV FRQWLQXLQJ VWXG\ SDUWLFLSDWLRQ
EH\RQGWKH,3WUHDWPHQWGLVFRQWLQXDWLRQ1XPEHURISDWLHQWVZLWK
FRQFRPLWDQW PHGLFDWLRQ E\ $7& WH[W DQG SUHIHUUHG QDPH
0HGLFDWLRQVVWDUWHGWREHWDNHQDIWHUWKHILUVW,3LQWDNH
6DIHW\SRSXODWLRQ
()),&$&<'$7$
KSRVWGRVH)(9RYHUZHHNVRQWUHDWPHQW
7DEOH
'HVFULSWLRQ

&KDQJHIURPEDVHOLQHLQKRXUPRUQLQJSRVWGRVH)(9/RYHU
ZHHNVRQWUHDWPHQWGD\ZHHNVDQG
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

&KDQJHIURPEDVHOLQHLQKRXUPRUQLQJSRVWGRVH)(9/RYHU
ZHHNVRQWUHDWPHQWGD\ZHHNVDQG
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

6HQVLWLYLW\ DQDO\VLV IRU PLVVLQJ GDWD 01$5 LQ FKDQJH IURP
EDVHOLQHLQ KRXUPRUQLQJSRVWGRVH)(9/ RYHUZHHNV RQ
WUHDWPHQWGD\ZHHNVDQG
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

6HQVLWLYLW\DQDO\VLVE\UHDVRQRIZLWKGUDZOIRUFKDQJHIURPEDVHOLQH
LQKRXUPRUQLQJSRVWGRVH)(9/RYHUZHHNVRQWUHDWPHQW
GD\ZHHNVDQG
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

&KDQJHIURPEDVHOLQHLQKRXUPRUQLQJSRVWGRVH)(9/RYHU
ZHHNV RQ WUHDWPHQW GD\  ZHHNV    DQG  IRU SDWLHQWV
FRQWLQXLQJ
VWXG\
SDUWLFLSDWLRQ
EH\RQG
WKH
,3
WUHDWPHQW
GLVFRQWLQXDWLRQ
6XPPDU\VWDWLVWLFV
6DIHW\SRSXODWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


&KDQJHIURPEDVHOLQHLQKRXUPRUQLQJSRVWGRVH)(9/RYHU
ZHHNV RQ WUHDWPHQW GD\  ZHHNV    DQG  IRU SDWLHQWV
FRQWLQXLQJ
VWXG\
SDUWLFLSDWLRQ
EH\RQG
WKH
,3
WUHDWPHQW
GLVFRQWLQXDWLRQ
7UHDWPHQWFRPSDULVRQV
6DIHW\SRSXODWLRQ

$EVROXWH YDOXHV LQ KRXU PRUQLQJ SRVWGRVH )(9 / RYHU 
ZHHNVRQWUHDWPHQWGD\ZHHNVDQG
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

$EVROXWH YDOXHV LQ KRXU PRUQLQJ SRVWGRVH )(9 / RYHU 
ZHHNVRQWUHDWPHQWGD\ZHHNVDQG
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ
0RUQLQJSUHGRVHWURXJK)(9DQG)9&RYHUZHHNVRQWUHDWPHQW
7DEOH
'HVFULSWLRQ

&KDQJHIURPEDVHOLQHLQPRUQLQJSUHGRVHWURXJK)(9/RYHU
ZHHNVRQWUHDWPHQWZHHNVDQG
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

&KDQJHIURPEDVHOLQHLQPRUQLQJSUHGRVHWURXJK)(9/RYHU
ZHHNVRQWUHDWPHQWZHHNVDQG
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

6HQVLWLYLW\ DQDO\VLV IRU PLVVLQJ GDWD 01$5 LQ FKDQJH IURP
EDVHOLQH PRUQLQJ SUHGRVH WURXJK )(9 / RYHU  ZHHNV RQ
WUHDWPHQWZHHNVDQG
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

6HQVLWLYLW\DQDO\VLVE\UHDVRQRIZLWKGUDZOIRUFKDQJHIURPEDVHOLQH
LQPRUQLQJSUHGRVHWURXJK)(9/RYHUZHHNVRQWUHDWPHQW
ZHHNVDQG
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


&KDQJHIURPEDVHOLQHLQPRUQLQJSUHGRVHWURXJK)(9/RYHU
 ZHHNV RQ WUHDWPHQW IRU SDWLHQWV FRQWLQXLQJ VWXG\ SDUWLFLSDWLRQ
EH\RQGWKH,3WUHDWPHQWGLVFRQWLQXDWLRQ
6XPPDU\VWDWLVWLFV
6DIHW\SRSXODWLRQ

&KDQJHIURPEDVHOLQHLQPRUQLQJSUHGRVHWURXJK)(9/RYHU
 ZHHNV RQ WUHDWPHQW ZHHNV     DQG  IRU SDWLHQWV
FRQWLQXLQJ
VWXG\
SDUWLFLSDWLRQ
EH\RQG
WKH
,3
WUHDWPHQW
GLVFRQWLQXDWLRQ
7UHDWPHQWFRPSDULVRQV
6DIHW\SRSXODWLRQ

1RQLQIHULRULW\DVVHVVPHQW&KDQJHIURPEDVHOLQHLQPRUQLQJSUH
GRVHWURXJK)(9/RYHUZHHNVRQWUHDWPHQWZHHNV
DQG
6XPPDU\VWDWLVWLFV
3HUSURWRFROSRSXODWLRQ

1RQLQIHULRULW\DVVHVVPHQW&KDQJHIURPEDVHOLQHLQPRUQLQJSUH
GRVHWURXJK)(9/RYHUZHHNVRQWUHDWPHQWZHHNV
DQG
7UHDWPHQWFRPSDULVRQV
3HUSURWRFROSRSXODWLRQ

$EVROXWH YDOXHV LQ PRUQLQJ SUHGRVH WURXJK )(9 / RYHU 
ZHHNVRQWUHDWPHQWZHHNVDQG
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

$EVROXWH YDOXHV LQ PRUQLQJ SUHGRVH WURXJK )(9 / RYHU 
ZHHNVRQWUHDWPHQWZHHNVDQG
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

&KDQJHIURPEDVHOLQHLQPRUQLQJSUHGRVHWURXJK)9&/RYHU
ZHHNVRQWUHDWPHQWZHHNVDQG
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


&KDQJHIURPEDVHOLQHLQPRUQLQJSUHGRVHWURXJK)9&/RYHU
ZHHNVRQWUHDWPHQWZHHNVDQG
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

$EVROXWHYDOXHVLQPRUQLQJSUHGRVHWURXJK)9&/RYHUZHHNV
RQWUHDWPHQWZHHNVDQG
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

$EVROXWHYDOXHVLQPRUQLQJSUHGRVHWURXJK)9&/RYHUZHHNV
RQWUHDWPHQWZHHNVDQG
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ
1RUPDOL]HG$8&)(9RYHUZHHNVRQWUHDWPHQW
7DEOH
'HVFULSWLRQ

&KDQJHIURPEDVHOLQHLQQRUPDOL]HG$8&K)(9/RYHU
ZHHNVRQWUHDWPHQWGD\DQGZHHNVDQG
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

&KDQJHIURPEDVHOLQHLQQRUPDOL]HG$8&K)(9/RYHU
ZHHNVRQWUHDWPHQWGD\DQGZHHNVDQG
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

6HQVLWLYLW\ DQDO\VLV IRU PLVVLQJ GDWD 01$5 LQ FKDQJH IURP
EDVHOLQH LQ QRUPDOL]HG $8& K )(9 / RYHU  ZHHNV RQ
WUHDWPHQWGD\DQGZHHNVDQG
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

6HQVLWLYLW\DQDO\VLVE\UHDVRQRIZLWKGUDZOIRUFKDQJHIURPEDVHOLQH
LQLQQRUPDOL]HG$8&K)(9/RYHUZHHNVRQWUHDWPHQW
GD\DQGZHHNVDQG
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


6XEVWXG\ SDWLHQWV &KDQJH IURP EDVHOLQH LQ QRUPDOL]HG $8& 
K)(9/RYHUZHHNVRQWUHDWPHQWGD\DQGZHHN
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

6XEVWXG\ SDWLHQWV &KDQJH IURP EDVHOLQH LQ QRUPDOL]HG $8& 
K)(9/RYHUZHHNVRQWUHDWPHQWGD\DQGZHHN
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

6XEVWXG\ SDWLHQWV &KDQJH IURP EDVHOLQH LQ QRUPDOL]HG $8& 
K)(9/RYHUZHHNVRQWUHDWPHQWGD\DQGZHHN
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

6XEVWXG\ SDWLHQWV &KDQJH IURP EDVHOLQH LQ QRUPDOL]HG $8& 
K)(9/RYHUZHHNVRQWUHDWPHQWGD\DQGZHHN
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

6XEVWXG\ SDWLHQWV &KDQJH IURP EDVHOLQH LQ QRUPDOL]HG $8& 
K)(9/RYHUZHHNVRQWUHDWPHQWGD\DQGZHHN
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

6XEVWXG\ SDWLHQWV &KDQJH IURP EDVHOLQH LQ QRUPDOL]HG $8& 
K)(9/RYHUZHHNVRQWUHDWPHQWGD\DQGZHHN
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

&KDQJHIURPEDVHOLQHLQQRUPDOL]HG$8&K)9&/RYHU
ZHHNVRQWUHDWPHQWGD\DQGZHHNVDQG
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

&KDQJHIURPEDVHOLQHLQQRUPDOL]HG$8&K)9&/RYHU
ZHHNVRQWUHDWPHQWGD\DQGZHHNVDQG
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

6XEVWXG\ SDWLHQWV &KDQJH IURP EDVHOLQH LQ QRUPDOL]HG $8& 
K)9&/RYHUZHHNVRQWUHDWPHQWGD\DQGZHHN


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

6\PSWRPVDQGKHDOWKUHODWHG4R/6*54DQG&$7RYHUZHHNVRIWUHDWPHQW
7DEOH
'HVFULSWLRQ

1XPEHU  RI SDWLHQWV DFKLHYLQJ D FOLQLFDOO\ PHDQLQJIXO
LPSURYHPHQW D GHFUHDVH RI DW OHDVW XQLWV IURP EDVHOLQH LQ WKH
6*54WRWDOVFRUHRYHUZHHNVRQWUHDWPHQWZHHNVDQG

6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

1XPEHU  RI SDWLHQWV DFKLHYLQJ D FOLQLFDOO\ PHDQLQJIXO
LPSURYHPHQW D GHFUHDVH RI DW OHDVW XQLWV IURP EDVHOLQH LQ WKH
6*54WRWDOVFRUHRYHUZHHNVRQWUHDWPHQWZHHNVDQG

6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

6XEVWXG\ SDWLHQWV &KDQJH IURP EDVHOLQH LQ QRUPDOL]HG $8& 
K)9&/RYHUZHHNVRQWUHDWPHQWGD\DQGZHHN
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

6XEVWXG\ SDWLHQWV &KDQJH IURP EDVHOLQH LQ QRUPDOL]HG $8& 
K)9&/RYHUZHHNVRQWUHDWPHQWGD\DQGZHHN
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

6XEVWXG\ SDWLHQWV &KDQJH IURP EDVHOLQH LQ QRUPDOL]HG $8& 
K)9&/RYHUZHHNVRQWUHDWPHQWGD\DQGZHHN
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

6XEVWXG\ SDWLHQWV &KDQJH IURP EDVHOLQH LQ QRUPDOL]HG $8& 
K)9&/RYHUZHHNVRQWUHDWPHQWGD\DQGZHHN
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

6XEVWXG\ SDWLHQWV &KDQJH IURP EDVHOLQH LQ QRUPDOL]HG $8& 
K)9&/RYHUZHHNVRQWUHDWPHQWGD\DQGZHHN
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

6HQVLWLYLW\ DQDO\VLV FRQVLGHULQJ SDWLHQW¶V PLVVLQJ GDWD DV QRQ
UHVSRQGHUV LQ QXPEHU  RI SDWLHQWV DFKLHYLQJ D FOLQLFDOO\
PHDQLQJIXO LPSURYHPHQW D GHFUHDVH RI DW OHDVW XQLWV IURP
EDVHOLQHLQWKH6*54WRWDOVFRUHRYHUZHHNVRQWUHDWPHQWZHHNV
DQG
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

6HQVLWLYLW\ DQDO\VLV E\ UHDVRQ RI ZLWKGUDZO IRU QXPEHU  RI
SDWLHQWVDFKLHYLQJDFOLQLFDOO\PHDQLQJIXOLPSURYHPHQWDGHFUHDVH
RIDWOHDVWXQLWVIURPEDVHOLQHLQWKH6*54WRWDOVFRUHRYHU
ZHHNVRQWUHDWPHQWZHHNVDQG
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

1XPEHU  RI SDWLHQWV DFKLHYLQJ D FOLQLFDOO\ PHDQLQJIXO
LPSURYHPHQW D GHFUHDVH RI DW OHDVW XQLWV IURP EDVHOLQH LQ WKH
6*54 WRWDO VFRUH DW ZHHN  IRU SDWLHQWV FRQWLQXLQJ VWXG\
SDUWLFLSDWLRQEH\RQGWKH,3WUHDWPHQWGLVFRQWLQXDWLRQ
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

1XPEHU  RI SDWLHQWV DFKLHYLQJ D FOLQLFDOO\ PHDQLQJIXO
LPSURYHPHQW D GHFUHDVH RI DW OHDVW XQLWV IURP EDVHOLQH LQ WKH
6*54 WRWDO VFRUH DW ZHHN   IRU SDWLHQWV FRQWLQXLQJ VWXG\
SDUWLFLSDWLRQEH\RQGWKH,3WUHDWPHQWGLVFRQWLQXDWLRQ
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

&KDQJH IURP EDVHOLQH LQ 6*54 WRWDO VFRUH DQG WKUHH GLPHQVLRQ
VFRUHVRYHUZHHNVRQWUHDWPHQWZHHNVDQG
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

&KDQJH IURP EDVHOLQH LQ 6*54 WRWDO VFRUH DQG WKUHH GLPHQVLRQ
VFRUHVRYHUZHHNVRQWUHDWPHQWZHHNVDQG
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


&KDQJHIURPEDVHOLQHLQ&23'$VVHVVPHQW7HVW&$7VFRUHRYHU
ZHHNVRQWUHDWPHQWZHHNVDQG
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

&KDQJHIURPEDVHOLQHLQ&23'$VVHVVPHQW7HVW&$7VFRUHRYHU
ZHHNVRQWUHDWPHQWZHHNVDQG
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

1XPEHU  RI SDWLHQWV DFKLHYLQJ D FOLQLFDOO\ PHDQLQJIXO
LPSURYHPHQWDGHFUHDVHRIDWOHDVWXQLWVIURPEDVHOLQHLQ&23'
$VVHVVPHQW7HVW&$7VFRUHRYHUZHHNVRQWUHDWPHQWZHHNV
DQG
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

1XPEHU  RI SDWLHQWV DFKLHYLQJ D FOLQLFDOO\ PHDQLQJIXO
LPSURYHPHQWDGHFUHDVHRIDWOHDVWXQLWVIURPEDVHOLQHLQ&23'
$VVHVVPHQW7HVW&$7VFRUHRYHUZHHNVRQWUHDWPHQWZHHNV
DQG
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ
)(9DQG)9&E\YLVLWDQGWLPHSRLQW
7DEOH
'HVFULSWLRQ

&KDQJH IURP EDVHOLQH )(9 / E\ YLVLW DQG WLPHSRLQW GD\ 
ZHHNVDQG
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

&KDQJH IURP EDVHOLQH )(9 / E\ YLVLW DQG WLPHSRLQW GD\ 
ZHHNVDQG
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

)(9/E\YLVLWDQGWLPHSRLQWGD\ZHHNVDQG
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


)(9/E\YLVLWDQGWLPHSRLQWGD\ZHHNVDQG
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

6XEVWXG\SDWLHQWV&KDQJHIURPEDVHOLQH)(9/E\YLVLWDQGWLPH
SRLQWGD\ZHHNVDQG
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

6XEVWXG\SDWLHQWV&KDQJHIURPEDVHOLQH)(9/E\YLVLWDQGWLPH
SRLQWGD\ZHHNVDQG
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

&KDQJHIURPEDVHOLQH)9&/E\YLVLWDQGWLPHSRLQWGD\ZHHNV
DQG
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

&KDQJHIURPEDVHOLQH)9&/E\YLVLWDQGWLPHSRLQWGD\ZHHNV
DQG
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

)9&/E\YLVLWDQGWLPHSRLQWGD\ZHHNVDQG
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

)9&/E\YLVLWDQGWLPHSRLQWGD\ZHHNVDQG
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

6XEVWXG\SDWLHQWV&KDQJHIURPEDVHOLQH)9&/E\YLVLWDQGWLPH
SRLQWGD\ZHHNVDQG
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

6XEVWXG\SDWLHQWV&KDQJHIURPEDVHOLQH)9&/E\YLVLWDQGWLPH
SRLQWGD\ZHHNVDQG
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

2QVHWRIDFWLRQRIEURQFKRGLODWLRQ)(9
7DEOH
'HVFULSWLRQ

2QVHWRIDFWLRQ&KDQJHIURPEDVHOLQHLQ)(9PLQXWHVDIWHUWKH
ILVUWGRVHRQGD\
6XPPDU\VWDWLVLWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

2QVHWRIDFWLRQ&KDQJHIURPEDVHOLQHLQ)(9PLQXWHVDIWHUWKH
ILVUWGRVHRQGD\
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

2QVHWRIDFWLRQ&KDQJHIURPEDVHOLQHLQ)(9PLQXWHVDIWHUWKH
ILVUWGRVHRQGD\
6XPPDU\VWDWLVLWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

2QVHWRIDFWLRQ&KDQJHIURPEDVHOLQHLQ)(9PLQXWHVDIWHUWKH
ILVUWGRVHRQGD\
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ
3HDN)(9DQG)9&KLJKHVWYDOXHREVHUYHGZLWKLQWKHKDIWHUWKHPRUQLQJ,3
LQWDNH
7DEOH
'HVFULSWLRQ

&KDQJHIURPEDVHOLQHLQSHDN)(9RYHUZHHNVRQWUHDWPHQWGD\
ZHHNVDQG
6XPPDU\VWDWLVLWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

&KDQJHIURPEDVHOLQHLQSHDN)(9RYHUZHHNVRQWUHDWPHQWGD\
ZHHNVDQG
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

&KDQJHIURPEDVHOLQHLQSHDN)9&RYHUZHHNVRQWUHDWPHQWGD\
ZHHNVDQG
6XPPDU\VWDWLVLWLFV


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

,QWHQWLRQWR7UHDWSRSXODWLRQ

&KDQJHIURPEDVHOLQHLQSHDN)9&RYHUZHHNVRQWUHDWPHQWGD\
ZHHNVDQG
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ
&23'H[DFHUEDWLRQV+HDOWK&DUHUHVRXUFHXWLOLVDWLRQ+&58DQGGHULYHGIURP
(;$&7
7DEOH
'HVFULSWLRQ

)UHTXHQF\GLVWULEXWLRQRI+&58&23'H[DFHUEDWLRQVDQ\PLOG
PRGHUDWH
VHYHUH
DQG
PRGHUDWHWRVHYHUH
DQG
(;$&7
H[DFHUEDWLRQV
6XPPDU\VWDWLVWLFV
6DIHW\SRSXODWLRQ


1XPEHURISDWLHQWVZLWKDWOHDVWRQH+&58&23'H[DFHUEDWLRQV
DQ\PLOGPRGHUDWHVHYHUHDQGPRGHUDWHRUVHYHUHDQG(;$&7
H[DFHUEDWLRQV
6XPPDU\VWDWLVWLFV
6DIHW\SRSXODWLRQ


1XPEHURISDWLHQWVZLWKDWOHDVWRQH+&58&23'H[DFHUEDWLRQV
DQ\PLOGPRGHUDWHVHYHUHDQGPRGHUDWHRUVHYHUHDQG(;$&7
H[DFHUEDWLRQV
7UHDWPHQWFRPSDULVRQV
6DIHW\SRSXODWLRQ

0HDQQXPEHURI+&58&23'H[DFHUEDWLRQVDQ\PLOGPRGHUDWH
VHYHUHDQGPRGHUDWHRUVHYHUHDQG(;$&7H[DFHUEDWLRQV
6XPPDU\VWDWLVWLFV
6DIHW\SRSXODWLRQ

5DWH RI +&58 &23' H[DFHUEDWLRQV SHU SDWLHQW\HDU DQ\ PLOG
PRGHUDWH VHYHUH DQG PRGHUDWH RU VHYHUH DQG (;$&7
H[DFHUEDWLRQV
6XPPDU\VWDWLVWLFV
6DIHW\SRSXODWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


5DWH RI +&58 &23' H[DFHUEDWLRQV SHU SDWLHQW\HDU DQ\ PLOG
PRGHUDWH VHYHUH DQG PRGHUDWH RU VHYHUH DQG (;$&7
H[DFHUEDWLRQV
/RJOLQHDUPRGHO
6DIHW\SRSXODWLRQ

'XUDWLRQ GD\V RI WKH +&58 &23' H[DFHUEDWLRQV DQ\ DQG
PRGHUDWHWRVHYHUHDQG(;$&7H[DFHUEDWLRQV
6XPPDU\VWDWLVWLFV
6DIHW\SRSXODWLRQ

7LPHGD\VWRILUVW+&58&23'H[DFHUEDWLRQDQ\DQGPRGHUDWH
WRVHYHUHDQG(;$&7H[DFHUEDWLRQV
6XPPDU\VWDWLVWLFVDQG&R[3URSRUWLRQDO+D]DUGPRGHO
6DIHW\SRSXODWLRQ

)UHTXHQF\GLVWULEXWLRQRI+&58&23'H[DFHUEDWLRQVDQ\PLOG
PRGHUDWH
VHYHUH
DQG
PRGHUDWHWRVHYHUH
DQG
(;$&7
H[DFHUEDWLRQVIRUSDWLHQWVFRQWLQXLQJVWXG\SDUWLFLSDWLRQEH\RQGWKH
,3WUHDWPHQWGLVFRQWLQXDWLRQ
6XPPDU\VWDWLVWLFV
6DIHW\SRSXODWLRQ

1XPEHURISDWLHQWVZLWKDWOHDVWRQH+&58&23'H[DFHUEDWLRQV
DQ\PLOGPRGHUDWHVHYHUHDQGPRGHUDWHRUVHYHUHDQG(;$&7
H[DFHUEDWLRQVIRUSDWLHQWVFRQWLQXLQJVWXG\SDUWLFLSDWLRQEH\RQGWKH
,3WUHDWPHQWGLVFRQWLQXDWLRQ
6XPPDU\VWDWLVWLFV
6DIHW\SRSXODWLRQ

1XPEHURISDWLHQWVZLWKDWOHDVWRQH+&58&23'H[DFHUEDWLRQV
DQ\PLOGPRGHUDWHVHYHUHDQGPRGHUDWHRUVHYHUHDQG(;$&7
H[DFHUEDWLRQVIRUSDWLHQWVFRQWLQXLQJVWXG\SDUWLFLSDWLRQEH\RQGWKH
,3WUHDWPHQWGLVFRQWLQXDWLRQ
7UHDWPHQWFRPSDULVRQV
6DIHW\SRSXODWLRQ

0HDQQXPEHURI+&58&23'H[DFHUEDWLRQVDQ\PLOGPRGHUDWH
VHYHUH DQG PRGHUDWH RU VHYHUH DQG (;$&7 H[DFHUEDWLRQV IRU
SDWLHQWV FRQWLQXLQJ VWXG\ SDUWLFLSDWLRQ EH\RQG WKH ,3 WUHDWPHQW
GLVFRQWLQXDWLRQ
6XPPDU\VWDWLVWLFV
6DIHW\SRSXODWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


5DWH RI +&58 &23' H[DFHUEDWLRQV SHU SDWLHQW\HDU DQ\ PLOG
PRGHUDWH VHYHUH DQG PRGHUDWH RU VHYHUH DQG (;$&7
H[DFHUEDWLRQVIRUSDWLHQWVFRQWLQXLQJVWXG\SDUWLFLSDWLRQEH\RQGWKH
,3WUHDWPHQWGLVFRQWLQXDWLRQ
6XPPDU\VWDWLVWLFV
6DIHW\SRSXODWLRQ

5DWH RI +&58 &23' H[DFHUEDWLRQV SHU SDWLHQW\HDU DQ\ PLOG
PRGHUDWH VHYHUH DQG PRGHUDWH RU VHYHUH DQG (;$&7
H[DFHUEDWLRQVIRUSDWLHQWVFRQWLQXLQJVWXG\SDUWLFLSDWLRQEH\RQGWKH
,3WUHDWPHQWGLVFRQWLQXDWLRQ
/RJOLQHDUPRGHO
6DIHW\SRSXODWLRQ

'XUDWLRQ GD\V RI WKH +&58 &23' H[DFHUEDWLRQV DQ\ DQG
PRGHUDWHWRVHYHUH DQG (;$&7 H[DFHUEDWLRQV IRU SDWLHQWV
FRQWLQXLQJ
VWXG\
SDUWLFLSDWLRQ
EH\RQG
WKH
,3
WUHDWPHQW
GLVFRQWLQXDWLRQ
6XPPDU\VWDWLVWLFV
6DIHW\SRSXODWLRQ

7LPHGD\VWRILUVW+&58&23'H[DFHUEDWLRQDQ\DQGPRGHUDWH
WRVHYHUHDQG(;$&7H[DFHUEDWLRQVIRUSDWLHQWVFRQWLQXLQJVWXG\
SDUWLFLSDWLRQEH\RQGWKH,3WUHDWPHQWGLVFRQWLQXDWLRQ
6XPPDU\VWDWLVWLFVDQG&R[3URSRUWLRQDO+D]DUGPRGHO
6DIHW\SRSXODWLRQ
(567RWDOVFRUH%UHDWKOHVVQHVV&RXJK	6SXWXPDQG&KHVWGRPDLQVVRFUHV
7DEOH
'HVFULSWLRQ

&KDQJHIURPEDVHOLQHLQWKH(56WRWDOVFRUHEUHDWKOHVVQHVVFRXJK
DQGVSXWXPDQGFKHVWGRPDLQVFRUHVRYHUZHHNVRQWUHDWPHQW
EDVHOLQHZHHNVDQGRYHUDOO
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

&KDQJHIURPEDVHOLQHLQWKH(56WRWDOVFRUHEUHDWKOHVVQHVVFRXJK
DQGVSXWXPDQGFKHVWGRPDLQVFRUHVRYHUZHHNVRQWUHDWPHQW
ZHHNVDQGRYHUDOO
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


1XPEHU  RI SDWLHQWV DFKLHYLQJ D FOLQLFDOO\ PHDQLQJIXO
LPSURYHPHQWDGHFUHDVHRIDWOHDVWXQLWVIURPEDVHOLQHLQWKH(
56WRWDOVFRUHRYHUZHHNVRQWUHDWPHQWZHHNVDQG
RYHUDOO
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

1XPEHU  RI SDWLHQWV DFKLHYLQJ D FOLQLFDOO\ PHDQLQJIXO
LPSURYHPHQWDGHFUHDVHRIDWOHDVWXQLWVIURPEDVHOLQHLQWKH(
56WRWDOVFRUHRYHUZHHNVRQWUHDWPHQWZHHNVDQG
RYHUDOO
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

1XPEHU  RI SDWLHQWV DFKLHYLQJ D FOLQLFDOO\ PHDQLQJIXO
LPSURYHPHQWDGHFUHDVHRIDWOHDVWXQLWVIURPEDVHOLQHLQWKH(
56EUHDWKOHVVQHVVVFRUHRYHUZHHNVRQWUHDWPHQWZHHNV
DQGRYHUDOO
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

1XPEHU  RI SDWLHQWV DFKLHYLQJ D FOLQLFDOO\ PHDQLQJIXO
LPSURYHPHQWDGHFUHDVHRIDWOHDVWXQLWVIURPEDVHOLQHLQWKH(
56EUHDWKOHVVQHVVVFRUHRYHUZHHNVRQWUHDWPHQWZHHNV
DQGRYHUDOO
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

1XPEHU  RI SDWLHQWV DFKLHYLQJ D FOLQLFDOO\ PHDQLQJIXO
LPSURYHPHQWDGHFUHDVHRIDWOHDVWXQLWVIURPEDVHOLQHLQWKH(
56FRXJKDQGVSXWXPVFRUHRYHUZHHNVRQWUHDWPHQWZHHNV
DQGRYHUDOO
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

1XPEHU  RI SDWLHQWV DFKLHYLQJ D FOLQLFDOO\ PHDQLQJIXO
LPSURYHPHQWDGHFUHDVHRIDWOHDVWXQLWVIURPEDVHOLQHLQWKH(
56FRXJKDQGVSXWXPVFRUHRYHUZHHNVRQWUHDWPHQWZHHNV
DQGRYHUDOO
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


1XPEHU  RI SDWLHQWV DFKLHYLQJ D FOLQLFDOO\ PHDQLQJIXO
LPSURYHPHQWDGHFUHDVHRIDWOHDVWXQLWVIURPEDVHOLQHLQWKH(
56FKHVWVFRUHRYHUZHHNVRQWUHDWPHQWZHHNVDQG
RYHUDOO
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

1XPEHU  RI SDWLHQWV DFKLHYLQJ D FOLQLFDOO\ PHDQLQJIXO
LPSURYHPHQWDGHFUHDVHRIDWOHDVWXQLWVIURPEDVHOLQHLQWKH(
56FKHVWVFRUHRYHUZHHNVRQWUHDWPHQWZHHNVDQG
RYHUDOO
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ
5HOLHIPHGLFDWLRQ
1LJKWWLPHDQG(DUO\PRUQLQJV\PSWRPV1L6&,	(06&,
7DEOH
'HVFULSWLRQ

1L6&, &KDQJH IURP EDVHOLQH LQ WKH DYHUDJH QXPEHU RI WLPHV D
SDWLHQWZRNHXSGXULQJDQLJKWEHFDXVHRI&23'V\PSWRPVRYHU
ZHHNVRQWUHDWPHQWEDVHOLQHZHHNVDQGRYHUDOO
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

1L6&, &KDQJH IURP EDVHOLQH LQ WKH DYHUDJH QXPEHU RI WLPHV D
SDWLHQWZRNHXSGXULQJDQLJKWEHFDXVHRI&23'V\PSWRPVRYHU
ZHHNVRQWUHDWPHQWZHHNVDQGRYHUDOO
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ
7DEOH
'HVFULSWLRQ

&KDQJHIURPEDVHOLQHLQWKHXVHRIUHOLHIPHGLFDWLRQRYHUZHHNV
RQWUHDWPHQWEDVHOLQHZHHNVDQGRYHUDOO
6XPPDU\VWDWLVWLFV
,QWHQWWR7UHDW3RSXODWLRQ

&KDQJHIURPEDVHOLQHLQWKHXVHRIUHOLHIPHGLFDWLRQRYHUZHHNV
RQWUHDWPHQWZHHNVDQGRYHUDOO
,QWHQWWR7UHDW3RSXODWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\



1L6&,&KDQJHIURPEDVHOLQHLQWKHDYHUDJHUDWLQJRIQLJKWVHYHULW\
FRXJKZKHH]LQJVKRUWQHVV RIEUHDWK WLJKWQHVV FKHVW FRQJHVWLRQ
GLIILFXOW\ EULQJLQJ XS SKOHJP DQG RYHUDOO QLJKWWLPH &23'
V\PSWRPRYHUZHHNVRQWUHDWPHQWEDVHOLQHZHHNV
DQGRYHUDOO
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

1L6&,&KDQJHIURPEDVHOLQHLQWKHDYHUDJHUDWLQJRIQLJKWVHYHULW\
FRXJKZKHH]LQJVKRUWQHVV RIEUHDWK WLJKWQHVV FKHVW FRQJHVWLRQ
GLIILFXOW\ EULQJLQJ XS SKOHJP DQG RYHUDOO QLJKWWLPH &23'
V\PSWRP RYHU  ZHHNV RQ WUHDWPHQW ZHHNV     DQG
RYHUDOO
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

(06&,&KDQJHIURPEDVHOLQHLQWKHDYHUDJHUDWLQJRIQLJKWVHYHULW\
FRXJKZKHH]LQJVKRUWQHVV RIEUHDWK WLJKWQHVV FKHVW FRQJHVWLRQ
GLIILFXOW\ EULQJLQJ XS SKOHJP DQG RYHUDOO QLJKWWLPH &23'
V\PSWRPRYHUZHHNVRQWUHDWPHQWEDVHOLQHZHHNV
DQGRYHUDOO
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

(06&,&KDQJHIURPEDVHOLQHLQWKHDYHUDJHUDWLQJRIQLJKWVHYHULW\
FRXJKZKHH]LQJVKRUWQHVVRIEUHDWKWLJKWQHVVFKHVWFRQJHVWLRQ
GLIILFXOW\ EULQJLQJ XS SKOHJP DQG RYHUDOO QLJKWWLPH &23'
V\PSWRP RYHU  ZHHNV RQ WUHDWPHQW ZHHNV     DQG
RYHUDOO
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

(06&, &KDQJH IURP EDVHOLQH LQ WKH DYHUDJH UDWLQJ RI &23'
V\PSWRPV OLPLWLQJ HDUO\ PRUQLQJ DFWLYLWLHV RYHU  ZHHNV RQ
WUHDWPHQWEDVHOLQHZHHNVDQGRYHUDOO
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

(06&, &KDQJH IURP EDVHOLQH LQ WKH DYHUDJH UDWLQJ RI &23'
V\PSWRPV OLPLWLQJ HDUO\ PRUQLQJ DFWLYLWLHV RYHU  ZHHNV RQ
WUHDWPHQWZHHNVDQGRYHUDOO
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

'HYLFHSUHIHUHQFHDQGZLOOLQJQHVVWRFRQWLQXHTXHVWLRQQDLUH
7DEOH
'HVFULSWLRQ

1XPEHU RISDWLHQWV DW WKHHQGRIWUHDWPHQWSHULRGE\ GHYLFH
SUHIHUHQFHLQKDOHU*HQXDLU3UHVVDLU+DQGL+DOHU1RSUHIHUHQFH
DQGDWWULEXWHHDVHRIXVHFRQYHQLHQFHHDVHRIOHDUQLQJWRXVHHDVH
RI KROGLQJ HDVH RI RSHUDWLQJ HDVH RI SUHSDUDWLRQ RI WKH GRVH
IHHGEDFNWRLQGLFDWHFRUUHFWLQKDODWLRQ
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

1XPEHU RISDWLHQWV DW WKHHQGRIWUHDWPHQWSHULRGE\ GHYLFH
SUHIHUHQFHLQKDOHU*HQXDLU3UHVVDLU+DQGL+DOHU1RSUHIHUHQFH
DQGDWWULEXWHHDVHRIXVHFRQYHQLHQFHHDVHRIOHDUQLQJWRXVHHDVH
RI KROGLQJ HDVH RI RSHUDWLQJ HDVH RI SUHSDUDWLRQ RI WKH GRVH
IHHGEDFNWRLQGLFDWHFRUUHFWLQKDODWLRQ
%LQRPLDOWHVW
,QWHQWLRQWR7UHDWSRSXODWLRQ

3UHIHUHQFH ZLOOLQJ WR FRQWLQXH XVLQJ HDFK RI WKH GHYLFHV
*HQXDLU3UHVVDLU+DQGL+DOHU
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

3UHIHUHQFH ZLOOLQJ WR FRQWLQXH XVLQJ HDFK RI WKH GHYLFHV
*HQXDLU3UHVVDLU+DQGL+DOHU
3DLUHGWWHVW
,QWHQWLRQWR7UHDWSRSXODWLRQ
6XEJURXSDQDO\VLVIRUFRSULPDU\DQGVHFRQGDU\HIILFDF\YDULDEOHV
7DEOH
'HVFULSWLRQ

&KDQJHIURPEDVHOLQHLQKRXUPRUQLQJSRVWGRVH)(9/DWZHHN
E\&23'$VVHVVPHQW7HVW&$7FDWHJRU\
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

&KDQJHIURPEDVHOLQHLQKRXUPRUQLQJSRVWGRVH)(9/DWZHHN
E\&23'$VVHVVPHQW7HVW&$7FDWHJRU\
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


&KDQJH IURP EDVHOLQH LQ PRUQLQJ SUHGRVH WURXJK )(9 / DW
ZHHNE\&23'$VVHVVPHQW7HVW&$7FDWHJRU\
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

&KDQJH IURP EDVHOLQH LQ PRUQLQJ SUHGRVH WURXJK )(9 / DW
ZHHNE\&23'$VVHVVPHQW7HVW&$7FDWHJRU\
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

&KDQJHIURPEDVHOLQHLQQRUPDOL]HG$8&K)(9/DWZHHN
E\&23'$VVHVVPHQW7HVW&$7FDWHJRU\
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

&KDQJHIURPEDVHOLQHLQQRUPDOL]HG$8&K)(9/DWZHHN
E\&23'$VVHVVPHQW7HVW&$7FDWHJRU\
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ

1XPEHU  RI SDWLHQWV DFKLHYLQJ D FOLQLFDOO\ PHDQLQJIXO
LPSURYHPHQW D GHFUHDVH RI DW OHDVW XQLWV IURP EDVHOLQH LQ WKH
6*54WRWDODWZHHNE\&23'$VVHVVPHQW7HVW&$7FDWHJRU\
6XPPDU\VWDWLVWLFV
,QWHQWLRQWR7UHDWSRSXODWLRQ

1XPEHU  RI SDWLHQWV DFKLHYLQJ D FOLQLFDOO\ PHDQLQJIXO
LPSURYHPHQW D GHFUHDVH RI DW OHDVW XQLWV IURP EDVHOLQH LQ WKH
6*54 WRWDO VFRUH DW ZHHN  E\ &23' $VVHVVPHQW 7HVW &$7
FDWHJRU\
7UHDWPHQWFRPSDULVRQV
,QWHQWLRQWR7UHDWSRSXODWLRQ
),*85(6
)LJXUH
'HVFULSWLRQ

7LPHGD\VWRZLWKGUDZDOIURP,3.DSODQ0HLHU3ORW
,QWHQWLRQWR7UHDW3RSXODWLRQ

&KDQJHIURP%DVHOLQHLQKRXU0RUQLQJ3RVWGRVH)(9E\9LVLW
RYHU:HHNV/60HDQ6(


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

,QWHQWLRQWR7UHDW3RSXODWLRQ

&KDQJH)URP%DVHOLQHLQ0RUQLQJ3UHGRVH7URXJK)(9/%\
9LVLWRYHU:HHNV
/60HDQV6(
,QWHQWLRQWR7UHDW3RSXODWLRQ

&KDQJH)URP%DVHOLQHLQQRUPDOL]HG$8&K)(9/%\9LVLW
RYHU:HHNV
/60HDQV6(
,QWHQWLRQWR7UHDW3RSXODWLRQ

&KDQJHIURPEDVHOLQH)(9E\WLPHDW:HHN
/60HDQV6(
,QWHQWWR7UHDW3RSXODWLRQ

&KDQJH IURP EDVHOLQH )(9 E\ WLPH DW :HHN  K VHULDO
VSLURPHWU\VXEVWXG\
/60HDQV6(
,QWHQWWR7UHDW3RSXODWLRQ

&KDQJH)URP%DVHOLQHLQ6*54WRWDOVFRUHDW:HHNVDQG
/60HDQV6(
,QWHQWWR7UHDW3RSXODWLRQ

3HUFHQWDJH
RI
SDWLHQWV
DFKLHYLQJ
D
FOLQLFDOO\
PHDQLQJIXO
LPSURYHPHQW XQLWV FRPSDUHG WR EDVHOLQH LQ WKH 6*54 7RWDO
VFRUHDW:HHN
,QWHQWWR7UHDW3RSXODWLRQ

7LPHWRILUVWPRGHUDWHWRVHYHUH&23'H[DFHUEDWLRQ'D\VH&5)
.DSODQ0HLHU3ORW
,77([DFHUEDWLRQVSRSXODWLRQ

7LPHWRILUVW&23'H[DFHUEDWLRQ'D\V(;$&7.DSODQ0HLHU
3ORW
,77([DFHUEDWLRQVSRSXODWLRQ

&KDQJHIURP%DVHOLQHLQKRXU0RUQLQJ3RVWGRVH)(9E\UHDVRQ
RIZLWKGUDZDODQGWUHDWPHQWDUP
,QWHQWLRQWR7UHDW3RSXODWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


&KDQJHIURP%DVHOLQHLQWURXJK)(9E\UHDVRQRIZLWKGUDZDODQG
WUHDWPHQWDUP
,QWHQWLRQWR7UHDW3RSXODWLRQ

&KDQJHIURP%DVHOLQHLQQ$8&)(9E\UHDVRQRIZLWKGUDZDO
DQGWUHDWPHQWDUP
,QWHQWLRQWR7UHDW3RSXODWLRQ
6$6RXWSXWRIVWDWLVWLFDODQDO\VLV

6$)(7<'$7$
7DEOH
'HVFULSWLRQ

3DWLHQWH[SRVXUH
'HVFULSWLYHDQDO\VLVE\WUHDWPHQW
6DIHW\SRSXODWLRQ
6XPPDU\RIDGYHUVHHYHQWV
7DEOH
'HVFULSWLRQ

6XPPDU\RI$GYHUVH(YHQWV
6DIHW\SRSXODWLRQ
7DEOH
'HVFULSWLRQ

&KDQJHIURPEDVHOLQHLQKRXUPRUQLQJSRVWGRVH)(9/RYHU
ZHHNVRQWUHDWPHQW
,QWHQWLRQWR7UHDWSRSXODWLRQ

&KDQJHIURPEDVHOLQHLQPRUQLQJSUHGRVHWURXJK)(9/RYHU
ZHHNVRQWUHDWPHQW
,QWHQWLRQWR7UHDWSRSXODWLRQ

&KDQJHIURPEDVHOLQHLQLQQRUPDOL]HG$8&K)(9/RYHU
ZHHNVRQWUHDWPHQW
,QWHQWLRQWR7UHDWSRSXODWLRQ

1XPEHU  RI SDWLHQWV DFKLHYLQJ D FOLQLFDOO\ PHDQLQJIXO
LPSURYHPHQW XQLWV FRPSDUHG WR EDVHOLQH LQ WKH 6*54 7RWDO
VFRUHDW:HHN
,QWHQWWR7UHDW3RSXODWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

$GYHUVHHYHQWV
7DEOH
'HVFULSWLRQ

1XPEHURISDWLHQWVZLWKDQ\WUHDWPHQWHPHUJHQWDGYHUVHHYHQW
7($(DQGQXPEHURI7($(HSLVRGHVE\V\VWHPRUJDQFODVVKLJK
OHYHOWHUPDQGSUHIHUUHGWHUP
6DIHW\SRSXODWLRQ

1XPEHURISDWLHQWVZLWKDQ\WUHDWPHQWHPHUJHQWDGYHUVHHYHQW
7($(DQGQXPEHURI7($(HSLVRGHVE\V\VWHPRUJDQFODVVKLJK
OHYHOWHUPSUHIHUUHGWHUPDQGVHYHULW\
6DIHW\SRSXODWLRQ

1XPEHURISDWLHQWVZLWKDQ\WUHDWPHQWHPHUJHQWDGYHUVHHYHQW
7($(DQGQXPEHURI7($(HSLVRGHVE\V\VWHPRUJDQFODVVKLJK
OHYHOWHUPSUHIHUUHGWHUPDQGFDXVDOLW\
6DIHW\SRSXODWLRQ

1XPEHURISDWLHQWVZLWKDQ\WUHDWPHQWHPHUJHQWDGYHUVHHYHQW
7($(DQGQXPEHURI7($(HSLVRGHVE\V\VWHPRUJDQFODVVKLJK
OHYHOWHUPSUHIHUUHGWHUPDQGVHULRXVQHVV
6DIHW\SRSXODWLRQ

1XPEHURISDWLHQWVZLWKDQ\WUHDWPHQWHPHUJHQWDGYHUVHHYHQW
7($(DQGQXPEHURI7($(HSLVRGHVE\V\VWHPRUJDQFODVVKLJK
OHYHOWHUPSUHIHUUHGWHUPDQGRXWFRPH
6DIHW\SRSXODWLRQ

1XPEHURISDWLHQWVZLWK7($(VDQGQXPEHURI7($(HSLVRGHV
UHSRUWHGE\!RISDWLHQWVLQDQ\WUHDWPHQWJURXSE\SUHIHUUHG
WHUP
6DIHW\SRSXODWLRQ
6HULRXVDQGVLJQLILFDQWDGYHUVHHYHQWV
7DEOH
'HVFULSWLRQ

1XPEHURISDWLHQWVZLWKDQ\WUHDWPHQWHPHUJHQWVHULRXVDGYHUVH
HYHQW7(6$(DQGQXPEHURI7(6$(HSLVRGHVE\V\VWHPRUJDQ
FODVVKLJKOHYHOWHUPDQGSUHIHUUHGWHUP
6DIHW\SRSXODWLRQ

1XPEHURISDWLHQWVZLWKDQ\WUHDWPHQWHPHUJHQWVHULRXVDGYHUVH
HYHQW7(6$(DQGQXPEHURI7(6$(HSLVRGHVE\V\VWHPRUJDQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

FODVVSUHIHUUHGWHUPDQGLQWHQVLW\
6DIHW\SRSXODWLRQ

1XPEHURISDWLHQWVZLWKDQ\WUHDWPHQWHPHUJHQWVHULRXVDGYHUVH
HYHQW7(6$(DQGQXPEHURI7(6$(HSLVRGHVE\V\VWHPRUJDQ
FODVVSUHIHUUHGWHUPDQGFDXVDOLW\
6DIHW\SRSXODWLRQ

1XPEHURISDWLHQWVZLWKDQ\WUHDWPHQWHPHUJHQWVHULRXVDGYHUVH
HYHQW7(6$(DQGQXPEHURI7(6$(HSLVRGHVE\V\VWHPRUJDQ
FODVV KLJK OHYHO WHUP DQG SUHIHUUHG WHUP 6HQVLWLYLW\ DQDO\VLV
LQFOXGLQJ SDWLHQWV FRQWLQXLQJ VWXG\ SDUWLFLSDWLRQ EH\RQG WKH ,3
WUHDWPHQWGLVFRQWLQXDWLRQ
6DIHW\SRSXODWLRQ

1XPEHURISDWLHQWVZLWKDQ\WUHDWPHQWHPHUJHQWVHULRXVDGYHUVH
HYHQW7(6$(DQGQXPEHURI7(6$(HSLVRGHVE\V\VWHPRUJDQ
FODVV KLJK OHYHO WHUP SUHIHUUHG WHUP DQG LQWHQVLW\ 6HQVLWLYLW\
DQDO\VLVLQFOXGLQJSDWLHQWVFRQWLQXLQJVWXG\SDUWLFLSDWLRQEH\RQGWKH
,3WUHDWPHQWGLVFRQWLQXDWLRQ
6DIHW\SRSXODWLRQ

1XPEHURISDWLHQWVZLWKDQ\WUHDWPHQWHPHUJHQWVHULRXVDGYHUVH
HYHQW7(6$(DQGQXPEHURI7(6$(HSLVRGHVE\V\VWHPRUJDQ
FODVV KLJK OHYHO WHUP SUHIHUUHG WHUP DQG FDXVDOLW\ 6HQVLWLYLW\
DQDO\VLVLQFOXGLQJSDWLHQWVFRQWLQXLQJVWXG\SDUWLFLSDWLRQEH\RQGWKH
,3WUHDWPHQWGLVFRQWLQXDWLRQ
6DIHW\SRSXODWLRQ
$GYHUVHHYHQWVOHDGLQJWRGLVFRQWLQXWLRQ
7DEOH
'HVFULSWLRQ

1XPEHURISDWLHQWVZLWKDQ\WUHDWPHQWHPHUJHQWDGYHUVHHYHQW
7($( OHDGLQJ WR GLVFRQWLQXDWLRQ E\ V\VWHP RUJDQ FODVV DQG
SUHIHUUHGWHUP
6DIHW\SRSXODWLRQ

1XPEHURISDWLHQWVZLWKDQ\WUHDWPHQWHPHUJHQWDGYHUVHHYHQW
7($(OHDGLQJWRGLVFRQWLQXDWLRQE\V\VWHPRUJDQFODVVSUHIHUUHG
WHUPDQGLQWHQVLW\
6DIHW\SRSXODWLRQ

1XPEHURISDWLHQWVZLWKDQ\WUHDWPHQWHPHUJHQWDGYHUVHHYHQW
7($(OHDGLQJWRGLVFRQWLQXDWLRQE\V\VWHPRUJDQFODVVSUHIHUUHG


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

WHUPDQGFDXVDOLW\
6DIHW\SRSXODWLRQ

1XPEHURISDWLHQWVZLWKDQ\WUHDWPHQWHPHUJHQWDGYHUVHHYHQW
7($( OHDGLQJ WR GLVFRQWLQXDWLRQ E\ V\VWHP RUJDQ FODVV DQG
SUHIHUUHG WHUP 6HQVLWLYLW\ DQDO\VLV LQFOXGLQJ SDWLHQWV FRQWLQXLQJ
VWXG\SDUWLFLSDWLRQEH\RQGWKH,3WUHDWPHQWGLVFRQWLQXDWLRQ
6DIHW\SRSXODWLRQ

1XPEHURISDWLHQWVZLWKDQ\WUHDWPHQWHPHUJHQWDGYHUVHHYHQW
7($(OHDGLQJWRGLVFRQWLQXDWLRQE\V\VWHPRUJDQFODVVSUHIHUUHG
WHUPDQGLQWHQVLW\6HQVLWLYLW\DQDO\VLVLQFOXGLQJSDWLHQWVFRQWLQXLQJ
VWXG\SDUWLFLSDWLRQEH\RQGWKH,3WUHDWPHQWGLVFRQWLQXDWLRQ
6DIHW\SRSXODWLRQ

1XPEHURISDWLHQWVZLWKDQ\WUHDWPHQWHPHUJHQWDGYHUVHHYHQW
7($(OHDGLQJWRGLVFRQWLQXDWLRQE\V\VWHPRUJDQFODVVSUHIHUUHG
WHUPDQGFDXVDOLW\6HQVLWLYLW\DQDO\VLVLQFOXGLQJSDWLHQWVFRQWLQXLQJ
VWXG\SDUWLFLSDWLRQEH\RQGWKH,3WUHDWPHQWGLVFRQWLQXDWLRQ
6DIHW\SRSXODWLRQ
'HDWKV
7DEOH
'HVFULSWLRQ

1XPEHUDQGSHUFHQWDJHRISDWLHQWVZLWKDWUHDWPHQWHPHUJHQWIDWDO
7(6$(E\V\VWHPRUJDQFODVVDQGSUHIHUUHGWHUP
6DIHW\SRSXODWLRQ

1XPEHUDQGSHUFHQWDJHRISDWLHQWVZLWKDWUHDWPHQWHPHUJHQWIDWDO
7(6$(E\V\VWHPRUJDQFODVVSUHIHUUHGWHUPDQGFDXVDOLW\
6DIHW\SRSXODWLRQ

1XPEHUDQGSHUFHQWDJHRISDWLHQWVZLWKDWUHDWPHQWHPHUJHQWIDWDO
7(6$( E\ V\VWHP RUJDQ FODVV DQG SUHIHUUHG WHUP 6HQVLWLYLW\
DQDO\VLVLQFOXGLQJSDWLHQWVFRQWLQXLQJVWXG\SDUWLFLSDWLRQEH\RQGWKH
,3WUHDWPHQWGLVFRQWLQXDWLRQ
6DIHW\SRSXODWLRQ

1XPEHUDQGSHUFHQWDJHRISDWLHQWVZLWKDWUHDWPHQWHPHUJHQWIDWDO
7(6$( E\ V\VWHP RUJDQ FODVV SUHIHUUHG WHUP DQG FDXVDOLW\
6HQVLWLYLW\DQDO\VLVLQFOXGLQJSDWLHQWVFRQWLQXLQJVWXG\SDUWLFLSDWLRQ
EH\RQGWKH,3WUHDWPHQWGLVFRQWLQXDWLRQ
6DIHW\SRSXODWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

/LVWLQJVRIVHULRXVIDWDORUOHDGLQJWRGLVFRQWLQXDWLRQ$(V
7DEOH
'HVFULSWLRQ

/LVWLQJRIWUHDWPHQWHPHUJHQWVHULRXVDGYHUVHHYHQWV7(6$(V
6DIHW\SRSXODWLRQ

/LVWLQJ RI WUHDWPHQWHPHUJHQW DGYHUVH HYHQWV 7($( OHDGLQJ WR
GLVFRQWLQXDWLRQ
6DIHW\SRSXODWLRQ

/LVWLQJRIIDWDOVHULRXVDGYHUVHHYHQWV6$(V
$OOSDWLHQWV

/LVWLQJ RI WUHDWPHQW HPHUJHQW VHULRXV DGYHUVH HYHQWV 7(6$(V
6HQVLWLYLW\DQDO\VLVLQFOXGLQJSDWLHQWVFRQWLQXLQJVWXG\SDUWLFLSDWLRQ
EH\RQGWKH,3WUHDWPHQWGLVFRQWLQXDWLRQ
6DIHW\SRSXODWLRQ

/LVWLQJ RI WUHDWPHQWHPHUJHQW DGYHUVH HYHQWV 7($( OHDGLQJ WR
GLVFRQWLQXDWLRQ 6HQVLWLYLW\ DQDO\VLV LQFOXGLQJ SDWLHQWV FRQWLQXLQJ
VWXG\SDUWLFLSDWLRQEH\RQGWKH,3WUHDWPHQWGLVFRQWLQXDWLRQ
6DIHW\SRSXODWLRQ

/LVWLQJRIIDWDOVHULRXVDGYHUVHHYHQWV6$(V6HQVLWLYLW\DQDO\VLV
LQFOXGLQJ SDWLHQWV FRQWLQXLQJ VWXG\ SDUWLFLSDWLRQ EH\RQG WKH ,3
WUHDWPHQWGLVFRQWLQXDWLRQ
$OOSDWLHQWV
&DUGLDF	FHUHEURYDVFXODUGLVRUGHUV0$&(DQWLFKROLQHUJLF	SUQHXPRQLDHYHQWV
7DEOH
'HVFULSWLRQ

,QFLGHQFHRIWUHDWPHQWHPHUJHQWFDUGLDFDQGFHUHEURYDVFXODUDGYHUVH
HYHQWVE\VSHFLILF604FDWHJRU\DQGSUHIHUUHGWHUP
6DIHW\3RSXODWLRQ

/LVWRISDWLHQWVZLWKWUHDWPHQWHPHUJHQWFDUGLDFDQGFHUHEURYDVFXODU
GLVRUGHUVE\VSHFLILF604FDWHJRU\
6DIHW\3RSXODWLRQ

,QFLGHQFH RI DGMXGLFDWHG PDMRU DGYHUVH FDUGLRYDVFXODU HYHQWV E\
SUHIHUUHGWHUP
6DIHW\3RSXODWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


/LVW RI SDWLHQWV ZLWK WUHDWPHQW HPHUJHQW PDMRU DGYHUVH
FDUGLRYDVFXODUHYHQWVE\SUHIHUUHGWHUP
6DIHW\3RSXODWLRQ

,QFLGHQFHRIWUHDWPHQWHPHUJHQWDGYHUVHHYHQWVRIDQWLFKROLQHUJLF
V\QGURPHE\V\VWHPRUJDQFODVVDQGSUHIHUUHGWHUP
6DIHW\3RSXODWLRQ

,QFLGHQFH RI WUHDWPHQW HPHUJHQW DGYHUVH HYHQWV RI ȕ DGUHQHUJLF
HYHQWVE\604FDWHJRU\DQGSUHIHUUHGWHUP
6DIHW\3RSXODWLRQ

,QFLGHQFHRIWUHDWPHQW HPHUJHQW DGYHUVHHYHQWV RISQHXPRQLDE\
SUHIHUUHGWHUP
6DIHW\3RSXODWLRQ
/DERUDWRU\DVVHVVPHQWV
7DEOH
'HVFULSWLRQ

+DHPDWRORJ\$EVROXWHYDOXHVDQGFKDQJHVIURPEDVHOLQH
6DIHW\SRSXODWLRQ

+DHPDWRORJ\6KLIWWDEOHRISRWHQWLDOO\FOLQLFDOO\VLJQLILFDQWYDOXHV
LQODERUDWRU\SDUDPHWHUV
6DIHW\SRSXODWLRQ

+DHPDWRORJ\/LVWRISDWLHQWVZLWKSRWHQWLDOO\FOLQLFDOO\VLJQLILFDQW
SRVWEDVHOLQHFOLQLFDO/DERUDWRU\YDOXHV
6DIHW\SRSXODWLRQ

+DHPDWRORJ\ /LVWLQJ RI 7($(V IRU SDWLHQWV ZLWK SRWHQWLDOO\
FOLQLFDOO\VLJQLILFDQWSRVWEDVHOLQHFOLQLFDOODERUDWRU\YDOXHV
6DIHW\SRSXODWLRQ

+DHPDWRORJ\ 1XPEHU  RI SDWLHQWV ZLWK DEQRUPDO FOLQLFDOO\
UHOHYDQWSDUDPHWHUV
6DIHW\SRSXODWLRQ

+DHPDWRORJ\/LVWLQJRI7($(IRUSDWLHQWVZLWKDEQRUPDOFOLQLFDOO\
UHOHYDQWSDUDPHWHUV
6DIHW\SRSXODWLRQ

%LRFKHPLVWU\$EVROXWHYDOXHVDQGFKDQJHVIURPEDVHOLQH


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

6DIHW\SRSXODWLRQ

%LRFKHPLVWU\6KLIWWDEOHRISRWHQWLDOO\FOLQLFDOO\VLJQLILFDQWYDOXHV
LQODERUDWRU\SDUDPHWHUV
6DIHW\SRSXODWLRQ

%LRFKHPLVWU\/LVWRISDWLHQWVZLWKSRWHQWLDOO\FOLQLFDOO\VLJQLILFDQW
SRVWEDVHOLQHFOLQLFDO/DERUDWRU\YDOXHV
6DIHW\SRSXODWLRQ

%LRFKHPLVWU\ /LVWLQJ RI 7($(V IRU SDWLHQWV ZLWK SRWHQWLDOO\
FOLQLFDOO\VLJQLILFDQWSRVWEDVHOLQHFOLQLFDOODERUDWRU\YDOXHV
6DIHW\SRSXODWLRQ

%LRFKHPLVWU\ 1XPEHU  RI SDWLHQWV ZLWK DEQRUPDO FOLQLFDOO\
UHOHYDQWSDUDPHWHUV
6DIHW\SRSXODWLRQ

%LRFKHPLVWU\/LVWLQJRI7($(IRUSDWLHQWVZLWKDEQRUPDOFOLQLFDOO\
UHOHYDQWSDUDPHWHUV
6DIHW\SRSXODWLRQ

%LRFKHPLVWU\/LVWLQJRISRWHQWLDO+\¶V/DZ3+/DQG+\¶V/DZ
+/
6DIHW\SRSXODWLRQ

/LVWLQJRISRVLWLYHSUHJQDQF\WHVWUHVXOWVDWVFUHHQLQJDQGDWWKHHQG
RIWKHWULDO
6DIHW\SRSXODWLRQ
%ORRG3UHVVXUH
7DEOH
'HVFULSWLRQ

%ORRG3UHVVXUH$EVROXWHYDOXHVDQGFKDQJHVIURPEDVHOLQHE\WLPH
SRLQWLQV\VWROLFEORRGSUHVVXUH6%3DQGGLDVWROLFEORRGSUHVVXUH
'%3
6DIHW\SRSXODWLRQ

%ORRG3UHVVXUH1XPEHURISDWLHQWVZLWKSRWHQWLDOO\FOLQLFDOO\
VLJQLILFDQW YDOXHV LQ V\VWROLF EORRG SUHVVXUH 6%3 DQG GLDVWROLF
EORRGSUHVVXUH'%3
6DIHW\SRSXODWLRQ


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


%ORRG3UHVVXUH/LVWRISDWLHQWVZLWKQRQDEQRUPDODEQRUPDOSRVW
EDVHOLQHYDOXHV
6DIHW\SRSXODWLRQ

%ORRG3UHVVXUH/LVWLQJRI7($(VIRUSDWLHQWVZLWKDEQRUPDOEORRG
SUHVVXUHSRVWEDVHOLQHYDOXHV
6DIHW\SRSXODWLRQ
(&*3DUDPHWHUV
7DEOH
'HVFULSWLRQ

(&*SDUDPHWHUV$EVROXWHYDOXHVDQGFKDQJHIURPEDVHOLQHE\WLPH
SRLQWKHDUWUDWH3545647F%47F)DQG55LQWHUYDOV
6DIHW\SRSXODWLRQ

(&*JOREDODEQRUPDOILQGLQJVQRWSUHVHQWDWEDVHOLQHE\WLPHSRLQW
LQUK\WKPHFWRS\FRQGXFWLRQPRUSKRORJ\P\RFDUGLDOLQIDUFWLRQ
67VHJPHQW7ZDYHDQG8ZDYH
6DIHW\SRSXODWLRQ

1XPEHU  RI SDWLHQWV ZLWK DW OHDVW RQH SRWHQWLDOO\ FOLQLFDOO\
VLJQLILFDQW (&* YDOXH KHDUW UDWH 35 456 47F% DQG 47F)
SDUDPHWHUVE\WLPHSRLQWDQGWUHDWPHQW
6DIHW\SRSXODWLRQ

1XPEHURISDWLHQWVZLWK(&*FODVVLILHGDVDEQRUPDOFOLQLFDOO\
UHOHYDQW
6DIHW\SRSXODWLRQ

(&*SDUDPHWHUV /LVWLQJRI7($(VIRUSDWLHQWVZLWK DW OHDVW RQH
SRWHQWLDOO\FOLQLFDOO\VLJQLILFDQW(&*YDOXH
6DIHW\SRSXODWLRQ








6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\


3$7,(17'$7$/,67,1*6
'LVFRQWLQXHGSDWLHQWV
/LVWLQJ
'HVFULSWLRQ

'LVFRQWLQXHGSDWLHQWV
3URWRFROGHYLDWLRQV
/LVWLQJ
'HVFULSWLRQ

,PSRUWDQW SURWRFRO GHYLDWLRQV DQG SDWLHQWV H[FOXGHG IURP 33
SRSXODWLRQ

,QFOXVLRQFULWHULDDWVFUHHQLQJYLVLW'HVFULSWLRQ

,QFOXVLRQFULWHULD$QVZHU

([FOXVLRQFULWHULDDWVFUHHQLQJYLVLW'HVFULSWLRQ

([FOXVLRQFULWHULD$QVZHU
3DWLHQWVH[FOXGHGIURPVDIHW\DQGHIILFDF\DQDO\VHV
/LVWLQJ
'HVFULSWLRQ

3DWLHQWVH[FOXGHGIURPWKHLQWHQWWRWUHDWRUSHUSURWRFROSRSXODWLRQ

5DQGRPL]DWLRQ VFKHPH 3DWLHQW LGHQWLILFDWLRQ DQG WUHDWPHQW
DVVLJQHG

3DWLHQWVWUHDWPHQWDOORFDWLRQ

.LWQXPEHUDOORFDWLRQLQFOXGLQJEDWFKHVRIPHGLFDWLRQ
'HPRJUDSKLF'DWD
/LVWLQJ
'HVFULSWLRQ

'HPRJUDSK\VPRNLQJKLVWRU\LQIRUPHGFRQVHQW

0HGLFDOKLVWRU\

&23'KLVWRU\DQGSK\VLFDOH[DPLQDWLRQ

:HLJKWKHLJKWDQG%0,


6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

3DWLHQWH[SRVXUHSDWLHQWFRPSOLDQFHSULRUPHGLFDWLRQFRQFRPLWDQWPHGLFDWLRQDQG
SRVWWUHDWPHQWPHGLFDWLRQ
/LVWLQJ
'HVFULSWLRQ

3DWLHQWFRPSOLDQFH

3DWLHQWH[SRVXUH

3ULRUPHGLFDWLRQE\$7&WH[W

3ULRU PHGLFDWLRQ IRU &23' E\ WKHUDSHXWLF FDWHJRULHV LQFOXGLQJ
YDFFLQHV

&RQFRPLWDQWPHGLFDWLRQ

3RVWWUHDWPHQWPHGLFDWLRQ
,QGLYLGXDO(IILFDF\UHVSRQVHGDWD
/LVWLQJ
'HVFULSWLRQ

3XOPRQDU\)XQFWLRQ7HVWSDUDPHWHUV'HULYHGYDOXHV

6*54DQVZHUV

&$7DQVZHUV

+HDOWKVWDWXVWRWDODQGWKUHHGLPHQVLRQVVFRUHVDVPHDVXUHGE\WKH
6*54RYHUZHHNVRIWUHDWPHQW

&23'H[DFHUEDWLRQVE\VRXUFH('&DQG(;$&7TXHVWLRQQDLUH

+RVSLWDOL]DWLRQGDWHVSHUSDWLHQW

'UXJDFFRXQWDELOLW\7UHDWPHQWFRPSOLDQFH

H'LDU\DVVHVVPHQWV(;$&7TXHVWLRQQDLUH

H'LDU\DVVHVVPHQWV(567RWDO6FRUH	%UHDWKOHVVQHVV&RXJK	
6SXWXPDQG&KHVWGRPDLQVVFRUHV

H'LDU\ DVVHVVPHQWV 1LJKWWLPH DQG HDUO\ PRUQLQJ &23'
V\PSWRPV

H'LDU\DVVHVVPHQWV5HOLHIPHGLFDWLRQ




6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

$GYHUVHHYHQWOLVWLQJV
/LVWLQJ
'HVFULSWLRQ
/LVWLQJ
$GYHUVHHYHQWVE\SDWLHQWQXPEHUDQGWUHDWPHQWJURXS
/DERUDWRU\9DOXHV
/LVWLQJ
'HVFULSWLRQ

/DERUDWRU\YDOXHV+DHPDWRORJ\

/DERUDWRU\DEQRUPDOLWLHV+DHPDWRORJ\

/DERUDWRU\YDOXHV%LRFKHPLVWU\LQFOXGLQJWKHRSK\OOLQHOHYHOV

/DERUDWRU\ DEQRUPDOLWLHV %LRFKHPLVWU\ LQFOXGLQJ WKHRSK\OOLQH
OHYHOV
9LWDOV6LJQV
/LVWLQJ
'HVFULSWLRQ

9LWDOVLJQV%ORRGSUHVVXUHRYHUWLPHE\WUHDWPHQWJURXS
(&*SDUDPHWHUV
/LVWLQJ
'HVFULSWLRQ

(OHFWURFDUGLRJUDPSDUDPHWHUVE\WUHDWPHQWJURXS

(OHFWURFDUGLRJUDPJOREDOHYDOXDWLRQE\WUHDWPHQWJURXS

3DWLHQWVVKRZLQJRXWOLHUVLQ(&*DVVHVVPHQWVE\YLVLWDQGWUHDWPHQW
JURXS

'HVFULSWLRQRIUK\WKPHFWRS\FRQGXFWLRQPRUSKRORJ\P\RFDUGLDO
LQIDUFWLRQE\WUHDWPHQWJURXS

'HVFULSWLRQRI67VHJPHQW7ZDYHDQG8ZDYHREVHUYDWLRQVE\
WUHDWPHQWJURXS





6WDWLVWLFDO$QDO\VLV3ODQ6$3
6WXG\&RGH'&
(GLWLRQ1XPEHU
'DWH-XO\

)LQDO(YDOXDWLRQ
/LVWLQJ
'HVFULSWLRQ

(QGRI6WXG\DQG(QGRI7UHDWPHQWIRUPV

6WXG\FRPPHQWV
