Conditions: Adenocarcinoma of the Gastroesophageal Junction Esophageal Cancer Gastric Cancer
Keywords: recurrent esophageal cancer stage IV esophageal cancer recurrent gastric cancer stage IV gastric cancer adenocarcinoma of the gastroesophageal junction stage IIIB gastric cancer stage IIIC gastric cancer stage IIIB esophageal cancer stage IIIC esophageal cancer adenocarcinoma of the esophagus adenocarcinoma of the stomach
Allocation: RANDOMIZED | Intervention model: PARALLEL
Enrollment: 213
Healthy volunteers: no

Brief summary:
RATIONALE: Drugs used in chemotherapy, such as oxaliplatin, leucovorin calcium, fluorouracil, irinotecan hydrochloride, and docetaxel, work in different ways to stop the growth of tumor cells, either by killing the cells or by stopping them from dividing. Combining more than one drug may kill more tumor cells. It is not yet known which regimen of combination chemotherapy is more effective in treating tumor cells.

PURPOSE: This randomized phase II trial studies how well oxaliplatin, leucovorin calcium, and fluorouracil work compared to irinotecan hydrochloride and docetaxel in treating patients with esophageal cancer, gastric cancer, or gastroesophageal junction cancer.

Detailed description:
OBJECTIVES:

* To assess progression-free survival of high-excision repair cross-complementing 1(ERCC1) patients with advanced or metastatic cancer of the esophagus, stomach, or gastroesophageal junction (GEJ) treated with FOLFOX comprising oxaliplatin, leucovorin calcium, and fluorouracil compared to those treated with irinotecan hydrochloride plus docetaxel.
* To assess progression-free survival of low-ERCC1 patients with advanced or metastatic cancer of the esophagus, stomach, or GEJ treated with FOLFOX compared to those treated with irinotecan hydrochloride plus docetaxel.
* To assess progression-free survival of low-ERCC1 patients with advanced or metastatic cancer of the esophagus, stomach, or GEJ treated with FOLFOX compared to high-ERCC1 patients treated with FOLFOX.
* To assess overall survival of and toxicities in each of the two treatment arms in this group of patients.
* To assess the response probability (confirmed and unconfirmed, complete and partial responses) in the subset of patients with measurable disease in each of the two treatment arms.
* To explore whether there is evidence of interaction between treatment arm and ERCC1 expression in this group of patients. (Exploratory)
* To bank tissue and blood for future translational medicine studies; a) To explore the relationship of ERCC-1 and ERCC-2 single nucleotide polymorphism (SNP) genotypes with clinical outcome in these patients; and b) To explore the association between germline variations in these SNPs and ERCC-1 mRNA expression in these patients. (Exploratory)

OUTLINE: This is a multicenter study. Patients are stratified according to ERCC1 expression (high \[≥ 1.7\] vs low \[\< 1.7\]), and disease site (esophageal vs gastric/gastroesophageal junction). Patients are randomized to 1 of 2 treatment arms.

* Arm I (FOLFOX): Patients receive oxaliplatin IV over 2 hours and leucovorin calcium IV over 2 hours on day 1, and fluorouracil IV over 46-48 hours on days 1-2. Courses repeat every 14 days in the absence of disease progression or unacceptable toxicity.
* Arm II: Patients receive irinotecan hydrochloride IV over 90 minutes and docetaxel IV over 30-60 minutes on days 1 and 8. Courses repeat every 21 days in the absence of disease progression or unacceptable toxicity.

Blood and tumor tissue samples may be collected for ERCC1 expression analysis and future research studies.

After completion of study treatment, patients are followed up every 3 months for up to 3 years.

Arms:
arm 1: FOLFOX regimen: Patients receive oxaliplatin IV over 2 hours and leucovorin calcium IV over 2 hours on day 1, and fluorouracil IV over 46-48 hours on days 1-2. Courses repeat every 14 days in the absence of disease progression or unacceptable toxicity. arm 2: Patients receive irinotecan hydrochloride IV over 90 minutes and docetaxel IV over 30-60 minutes on days 1 and 8. Courses repeat every 21 days in the absence of disease progression or unacceptable toxicity.

Interventions: intervention 1: FOLFOX regimen intervention 2: docetaxel intervention 3: fluorouracil intervention 4: irinotecan hydrochloride intervention 5: leucovorin calcium intervention 6: oxaliplatin
Intervention descriptions: intervention 1: Given IV. Fluorouracil, oxaliplatin, \& leucovorin calcium. intervention 2: 30 mg/m\^2, IV over 30 minutes on Day 1,8 of each 21 day cycle. intervention 3: 400 mg/m\^2, IV bolus on Day 1 of each 14 day cycle; 2400 mg/m\^2 IV over 46-48 hours on Days 1-2 of each 14 day cycle. intervention 4: 65 mg/m\^2, IV over 90 minutes on Days 1 \& 8 of every 21 day cycle. intervention 5: 400 mg/m\^2, IV over 2 hours on Day 1 of every 14 day cycle. intervention 6: 85 mg/m\^2, IV over 2 hours on Day 1 of every 14 day cycle.

Protocol document:
Prot_SAP_ICF_000.pdf: 
'LVWULEXWLRQ'DWH
$SULO
(PDLOHG'DWH
0DUFK
72
$//1$7,21$/&/,1,&$/75,$/61(7:25.1&710(0%(56


)520
.LPEHUO\).DEHUOH3URWRFRO&RRUGLQDWRU(PDLONNDEHUOH#VZRJRUJ
5(
6 $ 5DQGRPL]HG 3KDVH ,, 3LORW 6WXG\ 3URVSHFWLYHO\ (YDOXDWLQJ
7UHDWPHQW IRU 3DWLHQWV %DVHG RQ (5&& ([FLVLRQ 5HSDLU &URVV
&RPSOHPHQWLQJ  IRU $GYDQFHG0HWDVWDWLF (VRSKDJHDO *DVWULF RU
*DVWURHVRSKDJHDO-XQFWLRQ*(-&DQFHU6WXG\&KDLUV'UV6,TEDO
DQG+-/HQ]


67$786127,&(


6WXG\&KDLU6\PD,TEDO0'

3KRQH

(PDLOLTEDO#XVFHGX

,5%5HYLHZ5HTXLUHPHQWV


)XOOERDUGUHYLHZUHTXLUHG5HDVRQ
 ,QLWLDODFWLYDWLRQVKRXOG\RXULQVWLWXWLRQFKRRVHWRSDUWLFLSDWH
 ,QFUHDVHGULVNWRSDWLHQW
 &RPSOHWHVWXG\UHGHVLJQ
 $GGLWLRQRIWLVVXHEDQNLQJUHTXLUHPHQWV
 6WXG\FORVXUHGXHWRQHZULVNLQIRUPDWLRQ

¥
([SHGLWHGUHYLHZDOORZHG


1RUHYLHZUHTXLUHG


3(50$1(17&/2685(

7KHDERYHUHIHUHQFHGVWXG\KDVPHWLWVDFFUXDOJRDODQGZLOOSHUPDQHQWO\FORVHWRDFFUXDO
HIIHFWLYH$SULODWSP3DFLILF

7KLVPHPRUDQGXPVHUYHVWRQRWLI\WKH1&,DQG6:2*6WDWLVWLFDO&HQWHU

FF
35272&2/	,1)250$7,212)),&(
.DWKHULQH$*XWKULH3K'

6KDQQRQ0F'RQRXJK06

&DWKU\Q5DQNLQ06

6WHSKDQLH(GZDUGV
&KULVWLQH0F/HRG
%ULDQ=HOOHU
0LULDQD0RUDQ3K'±5HVSRQVH*HQHWLFV,QF
ED E
D EFFECTIVE 04/01/2015
(56
(56
EHUOH#VZRJR
UOH#VZRJ
3URVSHFWLYHO\
3URVSHFWLYHO\
 ([FLVLRQ 5
([FLVLRQ
DWLF (VRSKDJ
WLF (VRSKDJ
HU6WXG\&K
6WXG\
'
'
HQWV
HQWV
GUHYLHZUHTXLU
UHYLHZUHTXL
WLDODFWLYDWLRQ
WLDODFWLYDWLR
,QFUHDVHGULVN
,QFUHDVHGULVN
 &RPSOHWHV
 &RPSOHWH
 $GGLWLRQ
 $GGLWLRQ
 6WXG\
 6WXG\
 ¥ 
([SHG

([SHG

1

1
D E
DER
DER
7KHD
W
HIIHF
7


'LVWULEXWLRQ'DWH
0D\
&7(36XEPLVVLRQ'DWH
$SULO
72
$//1$7,21$/&/,1,&$/75,$/61(7:25.1&710(0%(56


)520
.LPEHUO\).DEHUOH3URWRFRO&RRUGLQDWRU(PDLONNDEHUOH#VZRJRUJ
5(
6 $ 5DQGRPL]HG 3KDVH ,, 3LORW 6WXG\ 3URVSHFWLYHO\ (YDOXDWLQJ
7UHDWPHQW IRU 3DWLHQWV %DVHG RQ (5&& ([FLVLRQ 5HSDLU &URVV
&RPSOHPHQWLQJ  IRU $GYDQFHG0HWDVWDWLF (VRSKDJHDO *DVWULF RU
*DVWURHVRSKDJHDO-XQFWLRQ*(-&DQFHU6WXG\&KDLUV'UV6,TEDO
DQG+-/HQ]


5(9,6,21


6WXG\&KDLU6\PD,TEDO0'

3KRQH

(PDLOLTEDO#XVFHGX

,5%5HYLHZ5HTXLUHPHQWV


)XOOERDUGUHYLHZUHTXLUHG5HDVRQ
 ,QLWLDODFWLYDWLRQVKRXOG\RXULQVWLWXWLRQFKRRVHWRSDUWLFLSDWH
 ,QFUHDVHGULVNWRSDWLHQW
 &RPSOHWHVWXG\UHGHVLJQ
 $GGLWLRQRIWLVVXHEDQNLQJUHTXLUHPHQWV
 6WXG\FORVXUHGXHWRQHZULVNLQIRUPDWLRQ

¥
([SHGLWHGUHYLHZDOORZHG


1RUHYLHZUHTXLUHG


5(9,6,21

7KHDERYHUHIHUHQFHGSURWRFROKDVEHHQUHYLVHGDVIROORZV


7KHYHUVLRQGDWHKDVEHHQXSGDWHGLQWKHSURWRFRODQGFRQVHQWIRUP


7LWOH3DJH3DJHV7KH1&7QXPEHUKDVEHHQDGGHGEHORZWKHWLWOH³,1'
([HPSW $JHQWV´ KDV EHHQ DGGHG EHORZ WKH ³$JHQWV´ KHDGLQJ ³678'<
&225',1$7256´
KDV
EHHQ
FKDQJHG
WR
³678'<
&+$,56´
8QGHU
%LRVWDWLVWLFLDQV -DFTXHOLQH %HQHGHWWL¶V QDPH DQG HPDLO KDYH EHHQ UHSODFHG
ZLWK .DWKHULQH $ *XWKULH NJXWKULH#IKFUFRUJ 7KH SDUWLFLSDQWV OLVW KDV EHHQ
UHPRYHG DQG WKH QHZ 1&, DSSURYHG SDUWLFLSDQW WDEOH KDV EHHQ DGGHG WR WKH
ERWWRPRI3DJH7KH7DEOHRI&RQWHQWVKDVEHHQXSGDWHGDQGPRYHGWR3DJHV
VXEVHTXHQWSDJHVKDYHEHHQUHQXPEHUHGDFFRUGLQJO\
ED E
D EFFECTIVE 04/01/2015
(56
(56
EHUOH#VZRJR
UOH#VZRJ
3URVSHFWLYHO\
3URVSHFWLYHO\
 ([FLVLRQ 5
([FLVLRQ
DWLF (VRSKDJ
WLF (VRSKDJ
HU6WXG\&K
6WXG\
'
'
HQWV
HQWV
GUHYLHZUHTXLU
UHYLHZUHTXL
WLDODFWLYDWLRQ
WLDODFWLYDWLR
,QFUHDVHGULVN
,QFUHDVHGULVN
 &RPSOHWHV
 &RPSOHWH
 $GGLWLRQ
 $GGLWLRQ
 6WXG\
 6WXG\
 ¥ 
([SHG

([SHG

1

1
D E
DER
DER
7KHD



6
5HYLVLRQFRQWG

3DJH


&768 LQIRUPDWLRQ 3DJH   7KH &768 DGGUHVV DQG FRQWDFW LQIRUPDWLRQ WDEOH
KDVEHHQXSGDWHGZLWKWKHQHZVWDQGDUGWDEOH


6HFWLRQ3DJH6HFWLRQKHDGLQJVKDYHEHHQDGGHG6XEVHTXHQWVHFWLRQV
KDYHEHHQUHQXPEHUHGDFFRUGLQJO\

6HFWLRQ  3DJH  ,QIRUPDWLRQ UHJDUGLQJ ,QYHVWLJDWRU %URFKXUHV IRU
FRPPHUFLDOGUXJVLQWKLVSURWRFROKDVEHHQDGGHG


6HFWLRQ  3DJHV  ,QIRUPDWLRQ UHJDUGLQJ WKH &$(35 DQG 63((5 KDV
EHHQ UHPRYHG 6LWHV VKRXOG UHIHUHQFH WKH SDFNDJH LQVHUW RU PDQXIDFWXUHU
ZHEVLWHIRUWKHPRVWFRPSOHWHDQGXSWRGDWHLQIRUPDWLRQ7KHYHUVLRQGDWHKDV
EHHQ UHPRYHG IURP WKH WRS RI WKH WDEOH DQG WKH ³63((5´ FROXPQ KDV EHHQ
UHPRYHGIURPWKHWDEOH,QWKHILUVWIRRWQRWHEHORZWKHWDEOHLQIRUPDWLRQDERXW
XSGDWHV EHLQJ GLVWULEXWHG WR DOO 3ULQFLSDO ,QYHVWLJDWRUV KDV EHHQ UHPRYHG DV
&7(3LVQRORQJHUXSGDWLQJWKLVLQIRUPDWLRQ


6HFWLRQ3DJHV6HFWLRQKHDGLQJVKDYHEHHQDGGHGDQGVXEVHTXHQW
VHFWLRQVKDYHEHHQUHQXPEHUHGDFFRUGLQJO\


6HFWLRQH3DJH7KLVVHFWLRQZDVDGGHGWRUHTXLUHSUHVWXG\KLVWRU\DQG
SK\VLFDOZLWKLQGD\VSULRUWRUHJLVWUDWLRQ


6HFWLRQ3DJH³2UWKHLUOHJDOO\DXWKRUL]HGUHSUHVHQWDWLYH´KDVEHHQDGGHG
DIWHU³SDWLHQWV´


6HFWLRQ3DJH6HFWLRQVDQGKDYHEHHQUHQXPEHUHGWR6HFWLRQV
DDQGEUHVSHFWLYHO\


6HFWLRQV I 3DJHV   'XH WR IRUPDWWLQJ FKDQJHV 6HFWLRQ  DQG
VXEVHTXHQWVHFWLRQVKDYHEHHQUHGLVWULEXWHGDFURVV3DJHV


6HFWLRQV3DJH6HFWLRQKHDGLQJVKDYHEHHQDGGHG


6HFWLRQ  3DJH  6HFWLRQ KHDGLQJ ³1&, &RPPRQ 7HUPLQRORJ\ &ULWHULD IRU
$GYHUVH(YHQWV´KDVEHHQDGGHG


6HFWLRQV3DJHV6HFWLRQKHDGLQJVKDYHEHHQDGGHG

6HFWLRQ3DJH7KHUHIHUHQFHWR6WXG\&RRUGLQDWRUKDVEHHQFKDQJHGWR
6WXG\&KDLUDQGWKHUHIHUHQFHWR$G((56KDVEHHQFKDQJHGWR&7(3$(56

6HFWLRQ  3DJHV  7KH ³a´ ZDV DGGHG WR WKH FDOHQGDU XQGHU SUHVWXG\
KLVWRU\ DQG SK\VLFDO H[DP DQG WR WKH IRRWQRWH VHFWLRQ UHTXLULQJ WKH SUHVWXG\
KLVWRU\DQGSK\VLFDOEHREWDLQHGZLWKLQGD\VSULRUWRUHJLVWUDWLRQ

6HFWLRQ  3DJHV  7KH ³a´ ZDV DGGHG WR WKH FDOHQGDU XQGHU SUHVWXG\
KLVWRU\ DQG SK\VLFDO H[DP DQG WR WKH IRRWQRWH VHFWLRQ UHTXLULQJ WKH SUHVWXG\
KLVWRU\DQGSK\VLFDOEHREWDLQHGZLWKLQGD\VSULRUWRUHJLVWUDWLRQ

6HFWLRQV3DJHV6HFWLRQKHDGLQJVKDYHEHHQDGGHG3UHYLRXV
6HFWLRQV  DQG  KDYH EHHQ FRPELQHG  DQG  KDYH EHHQ
FRPELQHGDQGKDYHEHHQFRPELQHG6XEVHTXHQWVXEVHFWLRQVKDYH
EHHQUHQXPEHUHGDFFRUGLQJO\
CLOSED EFFECTIVE 04/01/2015
UHV IRU
HV IRU
QG 63((5 KD
QG 63((5 KD
RU PDQXIDFW
U PDQXIDF
KHYHUVLRQGD
HYHUVLRQGD
(5´ FROXPQ K
FROXPQ
WDEOHLQIRUP
WDEOHLQIRUP
RUV KDV EHHQ
UV KDV EH
KDYHEHHQDG
KDYHEHHQDG
\
ZDVDGGHGWR
ZDVDG
WUDWLRQ
UDWLRQ
OHJDOO\
HJDOO\ DXWKRU
DXW
6HFWLRQV
6HFWLRQV
FWLYHO\
WLYH
I 3DJHV 
I 3DJHV 
VHFWLRQVKDYH
VHFWLRQVKDYH
V3DJ
V
FWLRQ  3DJ
FWLRQ 
$GYHUVH(YHQ
GYHUVH(YHQ
6HFWLRQV
6HFWLRQV

6HFW

6H
6W
6




6
5HYLVLRQFRQWG

3DJH


6HFWLRQV3DJHV6HFWLRQKHDGLQJVKDYHEHHQDGGHG


6HFWLRQ  3DJH  ,QIRUPDWLRQ UHJDUGLQJ WKH DIILUPDWLRQ RI HOLJLELOLW\ KDV
EHHQDGGHGWRWKHILUVWVHQWHQFHRIWKHILUVWEXOOHW


6HFWLRQ3DJH6HFWLRQKHDGLQJKDVEHHQDGGHG


6HFWLRQV3DJH6HFWLRQKHDGLQJVKDYHEHHQDGGHG


6HFWLRQ3DJH6:2*VWDQGDUGLQIRUPDWLRQUHJDUGLQJWKH0DVWHU)RUPV
KDVUHSODFHGRXWGDWHGLQIRUPDWLRQ


6HFWLRQF3DJH7KH3DJHQXPEHUIRUWKH&7683DUWLFLSDWLRQ7DEOHKDV
EHHQXSGDWHGIURP3DJHWR3DJH


6HFWLRQV  3DJHV  DQG  6HFWLRQ KHDGLQJV KDYH EHHQ DGGHG ,Q
6HFWLRQDWKHUHIHUHQFHWR6HFWLRQKDVFKDQJHGWR6HFWLRQD


6HFWLRQ3DJH7KH6:2*VWDQGDUGFRQILGHQWLDOLW\LQIRUPDWLRQKDVEHHQ
DGGHGEHORZWKH³0RQLWRULQJ´SDUDJUDSK


6HFWLRQD3DJH7KHUHIHUHQFHWR³$SSHQGL[´KDVEHHQFRUUHFWHGWR
³$SSHQGL[´


6HFWLRQE3DJH5HIHUHQFHVWR$G((56KDYHEHHQXSGDWHGWR&7(3
$(56 7KH OLQN IRU WKH 1&,¶V JXLGHOLQHV KDV EHHQ XSGDWHG ,Q WKH VHFRQG
SDUDJUDSKWKHVHQWHQFHUHJDUGLQJSDSHU$G((56IRUPVKDVEHHQUHPRYHG


6HFWLRQH3DJH7KHUHIHUHQFHWR$G((56KDVEHHQXSGDWHGWR&7(3
$(56'XHWRIRUPDWWLQJFKDQJHVWKLVVHFWLRQKDVEHHQGLVSODFHGIURP3DJH
WR


7DEOH3DJH5HIHUHQFHVWR$G((56KDYHEHHQXSGDWHGWR&7(3$(56
WKURXJKRXWWKHWDEOHDQGIRRWQRWHV


6HFWLRQI3DJHV7KLVVHFWLRQKDVEHHQDGGHGWRLQFOXGHLQIRUPDWLRQ
UHJDUGLQJ UHSRUWLQJ SUHJQDQF\ IHWDO GHDWK DQG GHDWK QHRQDWDO 6XEVHTXHQW
SDJHVKDYHEHHQUHQXPEHUHGDFFRUGLQJO\


6HFWLRQ3DJHVDQG7KH0DVWHU)RUPV6HWKDVEHHQUHPRYHG
IURPWKHSURWRFRODQGLVQRZDYDLODEOHRQWKH6DEVWUDFWSDJHRQWKH6:2*
ZHEVLWH ZZZVZRJRUJ $SSHQGL[  KDV EHHQ PRYHG WR  VXEVHTXHQW
VHFWLRQVKDYHEHHQUHQXPEHUHGDFFRUGLQJO\

,QVWLWXWLRQVVKRXOGXSGDWHWKHLUORFDOFRQVHQWIRUPVWRLQFOXGHWKHFKDQJHVWRWKH0RGHO
&RQVHQW )RUP 6:2* FRQVLGHUV WKDW WKH 0RGHO &RQVHQW )RUP FKDQJHV GR QRW
UHSUHVHQWDQDOWHUDWLRQLQULVNEHQHILWUDWLR7KHUHIRUHORFDODFFUXDOGRHVQRWQHHGWREH
VXVSHQGHGSHQGLQJLPSOHPHQWDWLRQRIWKHVHFKDQJHV3DWLHQWVQHHGQRWEHLQIRUPHGRI
WKHIROORZLQJFKDQJHVXQOHVVUHTXLUHGE\WKHORFDO,5%


0RGHO&RQVHQW)RUP3DJH6HFWLRQUHIHUHQFHVLQWKHQRWHWRVLWHVKDYHEHHQ
XSGDWHG


0RGHO &RQVHQW )RUP 3DJH   8QGHU ³:KDW DUH WKH FRVWV«´ LQ WKH IRXUWK
SDUDJUDSK WKH OLQN IRU LQIRUPDWLRQ DERXW FOLQLFDO WULDOV DQG LQVXUDQFH FRYHUDJH
KDVEHHQXSGDWHG
CLOSED EFFECTIVE 04/01/2015
H0DVWHU)RUP
H0DVWHU)RUP
3DUWLFLSDWLRQ7
LFLSDWLRQ
HDGLQJV KDYH
DGLQJV KDYH
FKDQJHGWR6H
JHGWR6
UGFRQILGHQWLD
FRQILGHQ
HQF
QFHWR³$SSH
HWR³$SS
HIHUHQFHVWR$
HIHUHQFHVWR$
1&,¶V JXLGHO
1&,¶V JXLGH
HUHJDUGLQJSD
HUHJDUGLQJ
JH7KHUH
JH7KHU
RUPDWWLQJFKD
RUPDWWLQJFKD
3DJH5
3DJH
JKRXWWKHWDEOH
KRXWWKHWDE
6HFWLRQI
HFWLRQI
UHJDUGLQJ U
JDUGLQJ U
SDJHVKD
SDJHVKD

6HFW

6H
IUR
IU


6
5HYLVLRQFRQWG

3DJH


0RGHO &RQVHQW )RUP 3DJH  ³RU OHJDOO\ DXWKRUL]HG UHSUHVHQWDWLYH´ ZDV
DGGHGEHORZWKH3DUWLFLSDQWVLJQDWXUHOLQH

5HSODFHPHQWV DUH LQFOXGHG IRU WKRVH SDJHV OLVWHG DERYH $WWDFK WKLV PHPRUDQGXP WR
\RXUFRS\RIWKHSURWRFROLQVHUWWKHUHSODFHPHQWSDJHVDQGIRUZDUGWR\RXU,QVWLWXWLRQDO
5HYLHZ%RDUG,5%IRUUHYLHZ

7KLVPHPRUDQGXPVHUYHVWRQRWLI\WKH1&,DQG6:2*6WDWLVWLFDO&HQWHU

FF
35272&2/	,1)250$7,212)),&(
.DWKHULQH$*XWKULH3K'

6KDQQRQ0F'RQRXJK06

&DWKU\Q5DQNLQ06

6WHSKDQLH(GZDUGV
&KULVWLQH0F/HRG
5RGQH\6XWWHU
0LULDQD0RUDQ3K'±5HVSRQVH*HQHWLFV,QF


CLOSED EFFECTIVE 04/01/2015
QDODO


-DQXDU\
72
$//
6:2*
0(0%(5
&&23
$1'
$)),/,$7(
0(',&$/
,19(67,*$7256$1'&/,1,&$/5(6($5&+$662&,$7(6


)520
6:2*2SHUDWLRQV2IILFH


5(
(OLJLELOLW\$IILUPDWLRQ


0(025$1'80

%\VLJQLQJWKH)'$HYHU\6:2*LQYHVWLJDWRUKDVDJUHHGWRFRQGXFWVWXGLHVLQ
FRPSOLDQFH ZLWK WKH SURWRFRO DQG WR SHUVRQDOO\ FRQGXFW RU VXSHUYLVH WKH
LQYHVWLJDWLRQ$FULWLFDOVWHSLQWKLVSURFHVVLVYHULILFDWLRQRISDWLHQWHOLJLELOLW\

(IIHFWLYH -DQXDU\ VW  HYHU\ UHJLVWHULQJ LQYHVWLJDWRU RU DQRWKHU 6:2*
LQYHVWLJDWRUGHVLJQDWHLVUHTXLUHGWRVLJQDVWDWHPHQWRQWKH5HJLVWUDWLRQ:RUNVKHHW
WKDWWKHHOLJLELOLW\FULWHULDKDYHEHHQFRQILUPHG7KLVZRUNVKHHWZLOOQRWEHVXEPLWWHG
WR'DWD2SHUDWLRQV2IILFHEXWPXVWEHPDLQWDLQHGDWWKHORFDOLQVWLWXWLRQIRUUHYLHZ
GXULQJDXGLWV

$VSDUWRIWKLVWUDQVLWLRQIRUPVDQGWKHIRUPVOLVW6HFWLRQDUHEHLQJUHPRYHG
IURPDFWLYHVWXGLHVDQGZLOOEHSRVWHGVHSDUDWHO\RQWKHLQGLYLGXDOSURWRFRODEVWUDFW
SDJHIRUHDFKVWXG\6XEVHTXHQWSDJHVKDYHEHHQUHQXPEHUHGDFFRUGLQJO\1R
RWKHU IRUP SURWRFRO RU FRQVHQW IRUP FKDQJHV KDYH EHHQ PDGH DV SDUW RI WKH
WUDQVLWLRQ

,I\RXKDYHDQ\TXHVWLRQVSOHDVHFRQWDFWWKH6:2*2SHUDWLRQV2IILFHDW





ED 
D EFFECTIVE 04/01/2015
0(',&$/
0(',&$/
&,$7(6
$7(
0
'80
'80
QYHVWL
QYHVWLJDWRUKD
JDWRUKD
WR
WR SHUVRQD
SHUVR
RFHVVLVYHULIL
RFHVVLVYHULI
HYHU\ UHJLVW
HYHU\ UHJ
XLUHGWRVLJQ
UHGWRV
D
DYHEHHQFRQ
DYHEHHQFR
FHEXWPXVWE
FHEXWPXVWE
UDQVLWLRQIRUP
DQVLWLRQIRUP
XGLHVDQGZLOO
XGLHVDQGZ
DFKVWXG\6
DFKVWXG\
UP SURWRFRO
P SURWRFRO
RQ
XKDYHDQ\
XKDYH
\RX





'LVWULEXWLRQ'DWH
$XJXVW
&7(36XEPLVVLRQ'DWH
-XO\
72
$// 6:2* *5283 0(0%(5 &&23 $1' $)),/,$7( 0(',&$/
21&2/2*,676&768
)520
.LPEHUO\).DEHUOH3URWRFRO&RRUGLQDWRU
5(
6 $ 5DQGRPL]HG 3KDVH ,, 3LORW 6WXG\ 3URVSHFWLYHO\ (YDOXDWLQJ
7UHDWPHQW IRU 3DWLHQWV %DVHG RQ (5&& ([FLVLRQ 5HSDLU &URVV
&RPSOHPHQWLQJ  IRU $GYDQFHG0HWDVWDWLF (VRSKDJHDO *DVWULF RU
*DVWURHVRSKDJHDO-XQFWLRQ*(-&DQFHU6WXG\&RRUGLQDWRUV'UV6
,TEDODQG+-/HQ]


5(9,6,21


6WXG\&RRUGLQDWRU6\PD,TEDO0'

3KRQH

(PDLOLTEDO#XVFHGX

,5%5HYLHZ5HTXLUHPHQWV


)XOOERDUGUHYLHZUHTXLUHG5HDVRQ
 ,QLWLDODFWLYDWLRQVKRXOG\RXULQVWLWXWLRQFKRRVHWRSDUWLFLSDWH
 ,QFUHDVHGULVNWRSDWLHQW
 &RPSOHWHVWXG\UHGHVLJQ
 $GGLWLRQRIWLVVXHEDQNLQJUHTXLUHPHQWV
 6WXG\FORVXUHGXHWRQHZULVNLQIRUPDWLRQ

¥
([SHGLWHGUHYLHZDOORZHG


1RUHYLHZUHTXLUHG


5(9,6,21

7KHDERYHUHIHUHQFHGSURWRFROKDVEHHQUHYLVHGDVIROORZV


7LWOHSDJH7KHYHUVLRQGDWHKDVEHHQXSGDWHG


6HFWLRQ3DJH7KLVVHFWLRQKDVEHHQUHYLVHGWRFODULI\WKDWDQDGGLWLRQDO
WLVVXHVXEPLVVLRQLVUHTXLUHGLI+(5H[SUHVVLRQKDVQRWEHHQWHVWHGSULRUWR
UHJLVWUDWLRQ  ,Q WKH ILUVW DQG VHFRQG VHQWHQFHV SDWLHQW FRQVHQW KDV EHHQ
FKDQJHGWRUHJLVWUDWLRQ


6HFWLRQ3DJH7KLVWXPRUVSHFLPHQZLOODOVREHXVHGWRDVVHVV+(5
LI QRW DOUHDG\ SHUIRUPHG KDV EHHQ UHPRYHG DV DQ DGGLWLRQDO VSHFLPHQ LV
UHTXLUHGIRU+(5H[SUHVVLRQWHVWLQJ


6HFWLRQ3DJH7KHVHFWLRQWLWOHKDVEHHQXSGDWHGWRLQFOXGH+(5
ED 
D EFFE
FECTIVE 04/01/2015
(',&$/
(',&$/
3URVSHFWLYHO\
3URVSHFWLYHO\
 ([FLVLRQ 5
([FLVLRQ
WDWLF (VRSKDJ
WLF (VRSKDJ
FHU6WXG\&R
6WXG\&
EDO0'
DO0'
PHQWV
PHQWV
GUHYLHZUHTXL
UHYLHZUHTX
QLWLDODFWLYDWLRQ
LWLDODFWLYDWLR
,QFUHDVHGULV
,QFUHDVHGULV
 &RPSOHWH
 &RPSOHWH
 $GGLWLRQ
 $GGLWLRQ
 6WXG\
 6WXG\
¥
([SH


1

D E
DER
DE
7KHD



6
5HYLVLRQFRQWG

3DJH


6HFWLRQDD3DJH8QFKDUJHGKDVEHHQFKDQJHGWRFKDUJHG


6HFWLRQ DF 3DJH   7KLV VHFWLRQ KDV EHHQ DGGHG WR LQFOXGH WLVVXH
VHFWLRQV IRU +(5 WHVWLQJ LI SDWLHQW KDV QRW DOUHDG\ KDG +(5 WHVWLQJ GRQH
SULRUWRUHJLVWUDWLRQ

5HSODFHPHQWV DUH LQFOXGHG IRU WKRVH SDJHV OLVWHG DERYH $WWDFK WKLV PHPRUDQGXP WR
\RXUFRS\RIWKHSURWRFROLQVHUWWKHUHSODFHPHQWSDJHVDQGIRUZDUGWR\RXU,QVWLWXWLRQDO
5HYLHZ%RDUG,5%IRUUHYLHZ

7KLVPHPRUDQGXPVHUYHVWRQRWLI\WKH1&,DQG6:2*6WDWLVWLFDO&HQWHU

FF
35272&2/	,1)250$7,212)),&(
-DFTXHOLQH.%HQHGHWWL3K'

6KDQQRQ0F'RQRXJK06

&DWKU\Q5DQNLQ06

6WHSKDQLH(GZDUGV
&KULVWLQH0F/HRG
5RGQH\6XWWHU
1DWKDOLH.HUWHV]3K'±5HVSRQVH*HQHWLFV,QF


CLOSED EFFECTIVE 04/01/2015
XP WR
P WR
VWLWXWLRQDO
VWLWXWLRQDO
WLFV,QF
QF


'LVWULEXWLRQ'DWH
-XQH
&7(36XEPLVVLRQ'DWH
0D\
72
$// 6:2* *5283 0(0%(5 &&23 $1' $)),/,$7( 0(',&$/
21&2/2*,676&768
)520
.LPEHUO\).DEHUOH3URWRFRO&RRUGLQDWRU
5(
6 $ 5DQGRPL]HG 3KDVH ,, 3LORW 6WXG\ 3URVSHFWLYHO\ (YDOXDWLQJ
7UHDWPHQW IRU 3DWLHQWV %DVHG RQ (5&& ([FLVLRQ 5HSDLU &URVV
&RPSOHPHQWLQJ  IRU $GYDQFHG0HWDVWDWLF (VRSKDJHDO *DVWULF RU
*DVWURHVRSKDJHDO-XQFWLRQ*(-&DQFHU6WXG\&RRUGLQDWRUV'UV6
,TEDODQG+-/HQ]


5(9,6,21


6WXG\&RRUGLQDWRU6\PD,TEDO0'

3KRQH

(PDLOLTEDO#XVFHGX

,5%5HYLHZ5HTXLUHPHQWV


)XOOERDUGUHYLHZUHTXLUHG5HDVRQ
 ,QLWLDODFWLYDWLRQVKRXOG\RXULQVWLWXWLRQFKRRVHWRSDUWLFLSDWH
 ,QFUHDVHGULVNWRSDWLHQW
 &RPSOHWHVWXG\UHGHVLJQ
 $GGLWLRQRIWLVVXHEDQNLQJUHTXLUHPHQWV
 6WXG\FORVXUHGXHWRQHZULVNLQIRUPDWLRQ

¥
([SHGLWHGUHYLHZDOORZHG


1RUHYLHZUHTXLUHG


5(9,6,21

7KHDERYHUHIHUHQFHGSURWRFROKDVEHHQUHYLVHGDVIROORZV


7LWOHSDJH7KHYHUVLRQGDWHKDVEHHQXSGDWHG


6HFWLRQ  3DJH  ³RU KDYH EUDLQ PHWDVWDVHV´ KDV EHHQ DGGHG WR WKH ODVW
VHQWHQFHWRH[FOXGHSDWLHQWVZLWKEUDLQPHWDVWDVHV


6HFWLRQ GJ 3DJH  7KH 5HVSRQVH *HQHWLFV ,QF FRQWDFW KDV EHHQ
XSGDWHGIURP<RODQGD(FKHYHUULDWR1DWKDOLH.HUWHV]


6HFWLRQG3DJH7KHFRQWDFWQDPHKDVEHHQUHPRYHGDQGWKHHPDLO
DGGUHVVKDVEHHQXSGDWHGWR6#UHVSRQVHJHQHWLFVFRP
FECTIVE 04/01/2015
,/,$7( 0('
,/,$7( 0('
6WXG\ 3URVSHF
XG\ 3URVSHF
5&& ([FLV
5&& ([F
0HWDVWDWLF (V
WDVWDWLF (V
&DQF
QFHU6WX
HU6
PD,TEDO0'
PD,TEDO0


FHGX
HGX
CT
TXLUHPHQWV
LUHPHQWV
ERDUGUHYLHZ
ERDUGUHYLHZ
 ,QLWLDODFWLY
 ,QLWLDODFW
 ,QFUHDV
 ,QFUHDV
 &RP

 $G
 $

¥

ED
7


6
5HYLVLRQFRQWG

3DJH
5HSODFHPHQWV DUH LQFOXGHG IRU WKRVH SDJHV OLVWHG DERYH $WWDFK WKLV PHPRUDQGXP WR
\RXUFRS\RIWKHSURWRFROLQVHUWWKHUHSODFHPHQWSDJHVDQGIRUZDUGWR\RXU,QVWLWXWLRQDO
5HYLHZ%RDUG,5%IRUUHYLHZ

7KLVPHPRUDQGXPVHUYHVWRQRWLI\WKH1&,DQG6:2*6WDWLVWLFDO&HQWHU

FF
35272&2/	,1)250$7,212)),&(
-DFTXHOLQH.%HQHGHWWL3K'
6KDQQRQ0F'RQRXJK06
&DWKU\Q5DQNLQ06
6WHSKDQLH(GZDUGV
&KULVWLQH0F/HRG
5RGQH\6XWWHU
1DWKDOLH.HUWHV]3K'±5HVSRQVH*HQHWLFV,QF
CLOSED EFFECTIVE 04/01/2015


'LVWULEXWLRQ'DWH
0D\
&7(36XEPLVVLRQ'DWH
$SULO
72
$// 6:2* *5283 0(0%(5 &&23 $1' $)),/,$7( 0(',&$/
21&2/2*,676&768
)520
.LPEHUO\).DEHUOH3URWRFRO&RRUGLQDWRU
5(
6 $ 5DQGRPL]HG 3KDVH ,, 3LORW 6WXG\ 3URVSHFWLYHO\ (YDOXDWLQJ
7UHDWPHQW IRU 3DWLHQWV %DVHG RQ (5&& ([FLVLRQ 5HSDLU &URVV
&RPSOHPHQWLQJ  IRU $GYDQFHG0HWDVWDWLF (VRSKDJHDO *DVWULF RU
*DVWURHVRSKDJHDO-XQFWLRQ*(-&DQFHU6WXG\&RRUGLQDWRUV'UV6
,TEDODQG+-/HQ]


5(9,6,21


6WXG\&RRUGLQDWRU6\PD,TEDO0'

3KRQH

(PDLOLTEDO#XVFHGX

,5%5HYLHZ5HTXLUHPHQWV


)XOOERDUGUHYLHZUHTXLUHG5HDVRQ
 ,QLWLDODFWLYDWLRQVKRXOG\RXULQVWLWXWLRQFKRRVHWRSDUWLFLSDWH
 ,QFUHDVHGULVNWRSDWLHQW
 &RPSOHWHVWXG\UHGHVLJQ
 $GGLWLRQRIWLVVXHEDQNLQJUHTXLUHPHQWV
 6WXG\FORVXUHGXHWRQHZULVNLQIRUPDWLRQ

¥
([SHGLWHGUHYLHZDOORZHG


1RUHYLHZUHTXLUHG


5(9,6,21

7KHDERYHUHIHUHQFHGSURWRFROKDVEHHQUHYLVHGDVIROORZV


7LWOH SDJH 7KH YHUVLRQ GDWH KDV EHHQ XSGDWHG 8QGHU ³6WDWLVWLFLDQV´ %U\DQ
*ROGPDQ KDV EHHQ UHPRYHG DQG UHSODFHG ZLWK 6KDQQRQ 0F'RQRXJK 06
VPFGRQRX#IKFUFRUJ


&768 ,QIRUPDWLRQ 3DJH  8QGHU ³)RU SDWLHQW HOLJLELOLW\ TXHVWLRQV´ WKH HPDLO
DGGUHVVKDVEHHQXSGDWHGWRJLTXHVWLRQ#FUDERUJ


6HFWLRQ  3DJH  7KH IROORZLQJ VHQWHQFH ZDV DGGHG WR WKH HQG RI WKLV
VHFWLRQ$OOSDOOLDWLYHUDGLDWLRQWKHUDS\DORQHPXVWEHFRPSOHWHGDWOHDVWGD\V
SULRUWRUHJLVWUDWLRQ

ED EFFE
FECTIVE 04/01/2015
,/,$7( 0('
,/,$7( 0('
6WXG\ 3URVSHF
XG\ 3URVSHF
5&& ([FLV
5&& ([F
0HWDVWDWLF (V
WDVWDWLF (V
&DQF
QFHU6WX
HU6
PD,TEDO0'
PD,TEDO0


FHGX
HGX
CT
TXLUHPHQWV
LUHPHQWV
ERDUGUHYLHZ
ERDUGUHYLHZ
 ,QLWLDODFWLY
 ,QLWLDODFW
 ,QFUHDV
 ,QFUHDV
 &RP

 $G
 $

¥

ED
7


6
5HYLVLRQFRQWG

3DJH

6HFWLRQ  3DJH  7KH GHILQLWLRQV IRU UHSURGXFWLYH SRWHQWLDO DQG HIIHFWLYH
FRQWUDFHSWLRQKDYHEHHQDGGHGIRUFODULILFDWLRQ

6HFWLRQ3DJH,QWKH$UPWDEOHXQGHU³5RXWH´³RYHUKU´KDVEHHQ
UHPRYHGIURPWKH)8,9EROXVOLQH7KHIROORZLQJZDVDGGHGWRWKHIRRWQRWH
DWWKHERWWRPRIWKHWDEOH³«WKHGRVDJHPD\EHUHGXFHGWRPJPRU«´


6HFWLRQE3DJH,QWKH³127(´WKHUHIHUHQFHWR6HFWLRQVGNKDV
EHHQFRUUHFWHGWR6HFWLRQVHI


0RGHO &RQVHQW )RUP 3DJH   RYHU RQH KRXU KDV EHHQ UHPRYHG IURP WKH
VL[WKVHQWHQFHXQGHUWKH$UPKHDGLQJ


0RGHO&RQVHQW)RUP3DJH³'HFUHDVHGQXPEHURIDW\SHRIZKLWHEORRGFHOO
O\PSKRF\WH´KDVEHHQUHPRYHGIURPWKH/HVV/LNHO\VHFWLRQIRU$UPDVLWLV
DOUHDG\OLVWHGLQWKH/LNHO\VHFWLRQ

5HSODFHPHQWV DUH LQFOXGHG IRU WKRVH SDJHV OLVWHG DERYH $WWDFK WKLV PHPRUDQGXP WR
\RXUFRS\RIWKHSURWRFROLQVHUWWKHUHSODFHPHQWSDJHVDQGIRUZDUGWR\RXU,QVWLWXWLRQDO
5HYLHZ%RDUG,5%IRUUHYLHZ

7KLVPHPRUDQGXPVHUYHVWRQRWLI\WKH1&,DQG6:2*6WDWLVWLFDO&HQWHU

FF
35272&2/	,1)250$7,212)),&(
-DFTXHOLQH.%HQHGHWWL3K'
6KDQQRQ0F'RQRXJK06
&DWKU\Q5DQNLQ06
6WHSKDQLH(GZDUGV
&KULVWLQH0F/HRG
5RGQH\6XWWHU
1DWKDOLH.HUWHV]3K'±5HVSRQVH*HQHWLFV,QF
CLOSED EFFECTIVE 04/01/2015
H
NKDV
NKDV
PRYHG IURP WK
PRYHG IURP WK
W\SHRIZKLWHE
\SHRIZKLWH
VHFWLRQIRU$U
HFWLRQIRU$
YH $WWDFK WK
$WWDFK
HVDQG
VDQG IRUZD
IRUZD
G6:2*6WDWL
G6:2*
)),&(
&(
]3K'±5HV
]3K'±5HV


'LVWULEXWLRQ'DWH
0DUFK
&7(36XEPLVVLRQ'DWH
0DUFK
72
$// 6:2* *5283 0(0%(5 &&23 $1' $)),/,$7( 0(',&$/
21&2/2*,676&768
)520
.LPEHUO\).DEHUOH3URWRFRO&RRUGLQDWRU
5(
6 $ 5DQGRPL]HG 3KDVH ,, 3LORW 6WXG\ 3URVSHFWLYHO\ (YDOXDWLQJ
7UHDWPHQW IRU 3DWLHQWV %DVHG RQ (5&& ([FLVLRQ 5HSDLU &URVV
&RPSOHPHQWLQJ  IRU $GYDQFHG0HWDVWDWLF (VRSKDJHDO *DVWULF RU
*DVWURHVRSKDJHDO-XQFWLRQ*(-&DQFHU6WXG\&RRUGLQDWRUV'UV6
,TEDODQG+-/HQ]


5(9,6,21


6WXG\&RRUGLQDWRU6\PD,TEDO0'

3KRQH

(PDLOLTEDO#XVFHGX

,5%5HYLHZ5HTXLUHPHQWV


)XOOERDUGUHYLHZUHTXLUHG5HDVRQ
 ,QLWLDODFWLYDWLRQVKRXOG\RXULQVWLWXWLRQFKRRVHWRSDUWLFLSDWH
 ,QFUHDVHGULVNWRSDWLHQW
 &RPSOHWHVWXG\UHGHVLJQ
 $GGLWLRQRIWLVVXHEDQNLQJUHTXLUHPHQWV
 6WXG\FORVXUHGXHWRQHZULVNLQIRUPDWLRQ

¥
([SHGLWHGUHYLHZDOORZHG


1RUHYLHZUHTXLUHG


5(9,6,21

7KHDERYHUHIHUHQFHGSURWRFROKDVEHHQUHYLVHGDVIROORZV


7LWOHSDJH7KHYHUVLRQGDWHKDVEHHQXSGDWHG


6HFWLRQD3DJH$VHQWHQFHKDVEHHQDGGHGWRWKHHQGRIWKLVVHFWLRQ
WR LQFOXGH VXEPLVVLRQ RI VOLGHV LQ WKH HYHQW WKDW D WXPRU EORFN FDQQRW EH
UHOHDVHGDDDQGDEKDYHEHHQDGGHGWRLQFOXGHWKHVSHFLILFVOLGHV
WKDWDUHUHTXLUHGLIDWXPRUEORFNFDQQRWEHVXEPLWWHG


6HFWLRQ E 3DJH  ³RU VOLGHV´ KDV EHHQ DGGHG DIWHU ³EORFN´ LQ WKH ODVW
VHQWHQFHRIWKHSDUDJUDSK

ED EFFE
FECTIVE 04/01/2015
,/,$7( 0('
,/,$7( 0('
6WXG\ 3URVSHF
XG\ 3URVSHF
5&& ([FLV
5&& ([F
0HWDVWDWLF (V
WDVWDWLF (V
&DQF
QFHU6WX
HU6
PD,TEDO0'
PD,TEDO0


FHGX
HGX
CT
TXLUHPHQWV
LUHPHQWV
ERDUGUHYLHZ
ERDUGUHYLHZ
 ,QLWLDODFWLY
 ,QLWLDODFW
 ,QFUHDV
 ,QFUHDV
 &RP

 $G
 $

¥

ED
7


6
5HYLVLRQFRQWG

3DJH

6HFWLRQGF3DJH³RUVOLGHVDUH´KDVEHHQDGGHGDIWHU³EORFN´LQWKH
VHFRQGVHQWHQFHRIWKHSDUDJUDSK7KHDOLJQPHQWRIWKLVSDUDJUDSKKDVEHHQ
FRUUHFWHG

6HFWLRQD3DJHVD³RUVOLGHV´KDVEHHQDGGHGDIWHU³WXPRUEORFN´

3DJHDZDVDGGHGWRSUHYHQWH[WHQVLYHUHSDJLQDWLRQ

5HSODFHPHQWV DUH LQFOXGHG IRU WKRVH SDJHV OLVWHG DERYH $WWDFK WKLV PHPRUDQGXP WR
\RXUFRS\RIWKHSURWRFROLQVHUWWKHUHSODFHPHQWSDJHVDQGIRUZDUGWR\RXU,QVWLWXWLRQDO
5HYLHZ%RDUG,5%IRUUHYLHZ

7KLVPHPRUDQGXPVHUYHVWRQRWLI\WKH1&,DQG6:2*6WDWLVWLFDO&HQWHU

FF
35272&2/	,1)250$7,212)),&(
-DFTXHOLQH.%HQHGHWWL3K'
+ROO\*XQGDFNHU06
&DWKU\Q5DQNLQ06
6WHSKDQLH(GZDUGV
&KULVWLQH0F/HRG
5RGQH\6XWWHU
1DWKDOLH.HUWHV]3K'±5HVSRQVH*HQHWLFV,QF
CLOSED EFFECTIVE 04/01/2015
UDQGXP WR
DQGXP
U,QVWLWXWLRQDO
U,QVWLWXWLRQ
QWHU
HU
HQHWLFV,QF
HQHWLFV


'LVWULEXWLRQ'DWH
)HEUXDU\
(PDLOHG'DWH
)HEUXDU\
72
$// 6:2* *5283 0(0%(5 &&23 $1' $)),/,$7( 0(',&$/
21&2/2*,676&768
)520
.LPEHUO\).DEHUOH3URWRFRO&RRUGLQDWRU
5(
6 $ 5DQGRPL]HG 3KDVH ,, 3LORW 6WXG\ 3URVSHFWLYHO\ (YDOXDWLQJ
7UHDWPHQW IRU 3DWLHQWV %DVHG RQ (5&& ([FLVLRQ 5HSDLU &URVV
&RPSOHPHQWLQJ  IRU $GYDQFHG0HWDVWDWLF (VRSKDJHDO *DVWULF RU
*DVWURHVRSKDJHDO-XQFWLRQ*(-&DQFHU6WXG\&RRUGLQDWRUV'UV6
,TEDODQG+-/HQ]


67$786127,&(


6WXG\&RRUGLQDWRU6\PD,TEDO0'

3KRQH

(PDLOLTEDO#XVFHGX

,5%5HYLHZ5HTXLUHPHQWV

¥
)XOOERDUGUHYLHZUHTXLUHG5HDVRQ
¥,QLWLDODFWLYDWLRQVKRXOG\RXULQVWLWXWLRQFKRRVHWRSDUWLFLSDWH
 ,QFUHDVHGULVNWRSDWLHQW
 &RPSOHWHVWXG\UHGHVLJQ
 $GGLWLRQRIWLVVXHEDQNLQJUHTXLUHPHQWV
 6WXG\FORVXUHGXHWRQHZULVNLQIRUPDWLRQ


([SHGLWHGUHYLHZDOORZHG


1RUHYLHZUHTXLUHG


$&7,9$7,21

7KHVWXG\UHIHUHQFHGDERYHLVQRZRSHQIRUSDUWLFLSDWLRQ7KHHQWLUHSURWRFROLVDWWDFKHGIRU
\RXUXVH

7KLVPHPRUDQGXPVHUYHVWRQRWLI\WKH1&,DQG6:2*6WDWLVWLFDO&HQWHU

FF
35272&2/	,1)250$7,212)),&(

-DFTXHOLQH.%HQHGHWWL3K'

%U\DQ*ROGPDQ06

+ROO\*XQGDFNHU06 
&DWKU\Q5DQNLQ06

6WHSKDQLH(GZDUGV
&KULVWLQH0F/HRG

5RGQH\6XWWHU
ED EFFE
FECTIVE 04/01/2015
,/,$7( 0('
,/,$7( 0('
6WXG\ 3URVSHF
XG\ 3URVSHF
5&& ([FLV
5&& ([F
0HWDVWDWLF (V
WDVWDWLF (V
&DQF
QFHU6WX
HU6
PD,TEDO0'
PD,TEDO0


FHGX
HGX
CT
TXLUHPHQWV
LUHPHQWV
ERDUGUHYLHZ
ERDUGUHYLHZ
¥,QLWLDODFWLY
,QLWLDODFW
 ,QFUHDV
 ,QFUHDV
 &RP

 $G
 $




ED
7


5HYLVHG
6
5HYLVHG
3DJH

9HUVLRQ'DWH

35,9,/(*('&20081,&$7,21
$FWLYDWHG)HEUXDU\
)25,19(67,*$7,21$/86(21/<


6:2*

$5$1'20,=('3+$6(,,3,/27678'<35263(&7,9(/<(9$/8$7,1*75($70(17)25
3$7,(176%$6('21(5&&(;&,6,215(3$,5&5266&203/(0(17,1*)25
$'9$1&('0(7$67$7,&(623+$*($/*$675,&25*$6752(623+$*($/-81&7,21*(-
&$1&(5

1&7


678'<&+$,56
$*(176
6\PD,TEDO0'0HGLFDO2QFRORJ\
,1'([HPSW$JHQWV
8QLYHUVLW\RI6RXWKHUQ&DOLIRUQLD
)OXRURXUDFLO)816&
1RUULV&RPSUHKHQVLYH&DQFHU&HQWHU
'RFHWD[HO7D[RWHUH5316&
(DVWODNH$YHQXH5RRP
,ULQRWHFDQ&3716&
/RV$QJHOHV&$
/HXFRYRULQ&DOFLXP16&
3KRQH
2[DOLSODWLQ(OR[DWLQ16&
)$;

(PDLOLTEDO#XVFHGX
%,267$7,67,&,$16



+HLQ]-RVHI/HQ]0'0HGLFDO2QFRORJ\
6KDQQRQ0F'RQRXJK06
8QLYHUVLW\RI6RXWKHUQ&DOLIRUQLD
.DWKHULQH$*XWKULH3K'
1RUULV&RPSUHKHQVLYH&DQFHU&HQWHU
6:2*6WDWLVWLFDO&HQWHU
(DVWODNH$YHQXH
)UHG+XWFKLQVRQ&DQFHU5HVHDUFK&HQWHU
/RV$QJHOHV&$
)DLUYLHZ$YHQXH10&
3KRQH
32%R[
)$;
6HDWWOH:$
(PDLOOHQ]#XVFHGX
3KRQH

)$;

(PDLOVPFGRQRX#IKFUFRUJ

(PDLONJXWKULH#IKFUFRUJ

























3$57,&,3$176

$//,$1&($OOLDQFHIRU&OLQLFDO7ULDOVLQ2QFRORJ\

(&2*$&5,1(&2*$&5,1&DQFHU5HVHDUFK*URXS

15*15*2QFRORJ\

1&,&&7*1&,&&OLQLFDO7ULDOV*URXS

6:2*6:2*

CLOSED EFFECTIVE 04/01/2015
*(-
(-
1
16&
&

UH53
53

16&
16&

DOFLXP16&
LXP16 
(OR[DWLQ
(OR[DWLQ
 1

7$7,67,&,$16
$7,67,&,$
VE
6KDQQRQ0F'R
KDQQRQ0F'R
.DWKHULQH$
.DWKHULQH$
6:2*6W
2*
)UHG+X
)UHG+X


32
CLOSED E
CLOSED E


6

3DJH

9HUVLRQ'DWH

5HYLVHG

7$%/(2)&217(176

3DJH

3$57,&,3$176
&$1&(575,$/6683325781,7&768$''5(66$1'&217$&7,1)250$7,21
6&+(0$

2%-(&7,9(6

3ULPDU\2EMHFWLYHV

2WKHU2EMHFWLYHV

%$&.*5281'

'58*,1)250$7,21

)OXRURXUDFLO)816&

'RFHWD[HO7D[RWHUH5316&

,ULQRWHFDQ&3716&

/HXFRYRULQ&DOFLXP16&

2[DOLSODWLQ(OR[DWLQ16&

67$*,1*&5,7(5,$

(/,*,%,/,7<&5,7(5,$

'LVHDVH5HODWHG&ULWHULD

6SHFLPHQ6XEPLVVLRQ

&OLQLFDO/DERUDWRU\&ULWHULD

5HJXODWRU\&ULWHULD

675$7,),&$7,21)$&7256

75($70(173/$1

3UHPHGLFDWLRQDQG6XSSRUWLYH&DUH

(5&&DQG+(5'HWHUPLQDWLRQ

7UHDWPHQW

&ULWHULDIRU5HPRYDOIURP3URWRFRO7UHDWPHQW

'LVFRQWLQXDWLRQRI7UHDWPHQW

)ROORZ8S3HULRG

72;,&,7,(672%(021,725('$1''26$*(02',),&$7,216

1&,&RPPRQ7HUPLQRORJ\&ULWHULDIRU$GYHUVH(YHQWV

*HQHUDO&RQVLGHUDWLRQV

'RVH'HOD\0RGLILFDWLRQIRU)2/)2;

'RVH'HOD\0RGLILFDWLRQIRU'RFHWD[HODQG,ULQRWHFDQ

*&6)

'RVH0RGLILFDWLRQ&RQWDFWV

$GYHUVH(YHQWV5HSRUWLQJ

678'<&$/(1'$5

$50)2/)2;

$UP,ULQRWHFDQGRFHWD[HO

&5,7(5,$)25(9$/8$7,21$1'(1'32,17'(),1,7,216

0HDVXUDELOLW\RIOHVLRQV

2EMHFWLYHVWDWXVDWHDFKGLVHDVHHYDOXDWLRQ

%HVW5HVSRQVH7KLVLVFDOFXODWHGIURPWKHVHTXHQFHRIREMHFWLYHVWDWXVHV

3HUIRUPDQFH6WDWXV3DWLHQWVZLOOEHJUDGHGDFFRUGLQJWRWKH=XEURG3HUIRUPDQFH
6WDWXV6FDOH

3URJUHVVLRQ)UHH6XUYLYDO

2YHUDOO6XUYLYDO

67$7,67,&$/&216,'(5$7,216

$FFUXDO

(5&&(YDOXDWLRQDQG6WUDWLILFDWLRQ

3ULPDU\2EMHFWLYHVDQG$QDO\VHV

2WKHU$QDO\VHV

'DWDDQG6DIHW\0RQLWRULQJ&RPPLWWHH

',6&,3/,1(5(9,(:

CLOSED EFFECTIVE 04/01/2015


 




 
































DWPHQW
DWPHQ 




5('$1''26
5('$1''
&ULWHULDIRU$GY
&ULWHULDIRU$GY


QIRU)2/)2;
QIRU)2/)
WLRQIRU'RFHW
WLRQIRU'RFHW


RQ&RQWDFWV
&RQWDFWV
QWV5HSRUWLQJ
SRUWLQJ
$/(1'$5
$/(1'$ 
)2/)2;
)2/)


,ULQRWHFDQGR
,ULQRWHFDQG
7(5,$)25
7(5,$)25
0HDVXUDELOLW\R
0HDVXUDELOLW\R
2EMHFWLYHVW
2EMHFWLYHVW
%HVW5HVS
%HVW5HV

3HUIRUP
3HUIRUP
6WDWX
WD

3U
3U








6

3DJH

9HUVLRQ'DWH

5HYLVHG


5(*,675$7,21*8,'(/,1(6

5HJLVWUDWLRQ7LPLQJ

,QYHVWLJDWRU6LWH5HJLVWUDWLRQ

23(15HJLVWUDWLRQ5HTXLUHPHQWV

5HJLVWUDWLRQSURFHGXUHV

([FHSWLRQVWR6:2*UHJLVWUDWLRQSROLFLHVZLOOQRWEHSHUPLWWHG

3DWLHQWV1RW5DQGRPL]HG

'$7$68%0,66,216&+('8/(

'DWD6XEPLVVLRQ5HTXLUHPHQWV

0DVWHU)RUPV

'DWD6XEPLVVLRQ3URFHGXUHV

'DWD6XEPLVVLRQ2YHUYLHZDQG7LPHSRLQWV

63(&,$/,16758&7,216

6SHFLPHQVIRU(5&&DQG+(5WHVWLQJUHTXLUHGIRUSDWLHQW

7UDQVODWLRQDOPHGLFLQHDQG%DQNLQJ

(7+,&$/$1'5(*8/$725<&216,'(5$7,216

$GYHUVH(YHQW5HSRUWLQJ5HTXLUHPHQWV

%,%/,,2*5$3+<

$33(1',;

'HWHUPLQDWLRQRI([SHGLWHG$GYHUVH(YHQW5HSRUWLQJ5HTXLUHPHQWV

(5&&0HWKRGV

+(50HWKRGV

613V0HWKRGV




CLOSED EFFECTIVE 04/01/2015



 





 

 













XLUHPHQWV
XLUHPHQWV









5HYLVHG
6
5HYLVHG
3DJH

9HUVLRQ'DWH


&$1&(575,$/6683325781,7&768$''5(66$1'&217$&7,1)250$7,21
7RVXEPLWVLWHUHJLVWUDWLRQ
GRFXPHQWV
)RUSDWLHQW
HQUROOPHQWV

6XEPLWVWXG\GDWDGLUHFWO\WRWKH
/HDG&RRSHUDWLYH*URXSXQOHVV
RWKHUZLVHVSHFLILHGLQWKHSURWRFRO
&7685HJXODWRU\2IILFH
0DUNHW6WUHHW
6XLWH
3KLODGHOSKLD3$

)D[

(PDLO

&7685HJXODWRU\#FWVXFRF
FJRUJ

)RUPRUHLQIRUPDWLRQFDOO
WKH&768+HOS'HVNDW
RUWKH5HJXODWRU\
+HOS'HVNDW
&768


3OHDVHUHIHUWRWKHSDWLHQW
HQUROOPHQWVHFWLRQRIWKH
SURWRFROIRULQVWUXFWLRQVRQXVLQJ
WKH2QFRORJ\3DWLHQW(QUROOPHQW
1HWZRUN23(1ZKLFKFDQEH
DFFHVVHGDW
KWWSVZZZFWVXRUJ23(1B6<
67(0RU
KWWSV23(1FWVXRUJ

&RQWDFWWKH&768+HOS'HVN
ZLWKDQ\23(1UHODWHG
TXHVWLRQVDW
FWVXFRQWDFW#ZHVWDWFRP



2QOLQH'DWD6XEPLVVLRQ,QVWLWXWLRQV
SDUWLFLSDWLQJWKURXJK&768DUH
UHTXLUHGWRVXEPLWDQGDPHQGWKHLU
GDWDHOHFWURQLFDOO\YLD2QOLQH'DWD
6XEPLVVLRQ$FFHVVWKH6:2*
:RUNEHQFKXVLQJ\RXU&768XVHULG
DQGSDVVZRUGDWWKHIROORZLQJXUO
KWWSVFUDZEFUDERUJ7;4:%FWVXORJ
RQDVS[

([FHSWLRQV'DWDLWHPVWKDWDUHQRW
DYDLODEOHIRURQOLQHVXEPLVVLRQ
RSHUDWLYHDQGSDWKRORJ\UHSRUWV
SDWLHQWFRPSOHWHGIRUPVVFDQUHSRUWV
HWFPD\EHVXEPLWWHGE\ID[DW
'RQRWVXEPLWGDWDRU
IRUPVWR&768'DWD2SHUDWLRQV'R
QRWFRS\WKH&768RQGDWD
VXEPLVVLRQV
7KHPRVWFXUUHQWYHUVLRQRIWKHVWXG\SURWRFRODQGDOOVXSSRUWLQJGRFXPHQWVPXVWEHGRZQORDGHG
IURPWKHSURWRFROVSHFLILF:HESDJHRIWKH&7680HPEHU:HEVLWHORFDWHGDWKWWSVZZZFWVXRUJ
$FFHVVWRWKH&768PHPEHUV¶ZHEVLWHLVPDQDJHGWKURXJKWKH&DQFHU7KHUDS\DQG(YDOXDWLRQ
3URJUDP,GHQWLW\DQG$FFHVV0DQDJHPHQW&7(3,$0UHJLVWUDWLRQV\VWHPDQGUHTXLUHVXVHUORJRQ
ZLWK&7(3,$0XVHUQDPHDQGSDVVZRUG
)RUSDWLHQWHOLJLELOLW\TXHVWLRQVFRQWDFWWKH6:2*'DWD2SHUDWLRQV&HQWHUE\SKRQHRUHPDLO

JLTXHVWLRQ#FUDERUJ
)RUWUHDWPHQWRUWR[LFLW\UHODWHGTXHVWLRQVFRQWDFWWKH6WXG\3,RIWKH&RRUGLQDWLQJ*URXS
)RUTXHVWLRQVXQUHODWHGWRSDWLHQWHOLJLELOLW\WUHDWPHQWRUGDWDVXEPLVVLRQFRQWDFWWKH&768+HOS
'HVNE\SKRQHRUHPDLO

&768*HQHUDO,QIRUPDWLRQ/LQH

FWVXFRQWDFW#ZHVWDWFRP

$OOFDOOVDQGFRUUHVSRQGHQFHZLOOEHWULDJHGWRWKHDSSURSULDWH&768UHSUHVHQWDWLYH
)RUGHWDLOHGLQIRUPDWLRQRQWKHUHJXODWRU\DQGPRQLWRULQJSURFHGXUHVIRU&768VLWHVSOHDVH
UHYLHZWKH&7685HJXODWRU\DQG0RQLWRULQJ3URFHGXUHVSROLF\ORFDWHGRQWKH&768PHPEHUV¶ZHEVLWH
KWWSVZZZFWVXRUJ!HGXFDWLRQDQGUHVRXUFHVWDE!&7682SHUDWLRQV,QIRUPDWLRQ!&7685HJXODWRU\
DQG0RQLWRULQJ3ROLF\
7KH&768:HEVLWHLVORFDWHGDWKWWSVZZZFWVXRUJ

CLOS
)RUGHWDLOHG
UGHWDLOH
LO
UHYLHZWKH
HZ WKH
KWWSV
KWWSV
DQG
D
OSED E
ODWHGWRSDWLH
DWHGWRSDWLH
D E
HPDLO
PDLO
DO,QIRUPDWLRQ
DO,QIRUPDWLRQ


EFFECTIV
QGDOOVXSSR
GDOOVXSSR
680HPEHU:
680HPEHU:
DQDJHGWKURXJ
DQDJHGWKU
TIVE 04/01/2015
RQVV
H
QGWKHLU
QGWKHLU
QOLQH'DWD
QH'DWD
H6:2*
6:2*
RXU&768XVH
XU&768XVH
WKHIROORZLQJX
IROORZLQJ
UDERUJ7;4:
DERUJ7;4
WLRQV
04
'DWDLWHP
'DWDL
DEOHIRURQOLQH
DEOHIRURQOLQ
RSHUDWLYHDQG
UDWLYHDQ
SDWLHQWFRPS
SDWLHQWFRPS
HWFPD\
WF

 

IRUPV
IRUP
QR
5
VE
15
HQW&7(3
HQW&7(3,$0
,$
UG
UG
TIV
QWDFWWKH6:2
QWDFWWKH6:2
LW\UHODWHGTX
UHODWHGT
E FE
WDFW#ZHVWDWF
DFW#ZHVWDWF
FDOOVDQGFRU
FDOOVDQGFRU
E
OS
CL
7
C


6

3DJH

9HUVLRQ'DWH

6&+(0$

$GYDQFHGRUPHWDVWDWLFDGHQRFDUFLQRPDRIWKHHVRSKDJXVVWRPDFKRUJDVWURHVRSKDJHDOMXQFWLRQ*(-




5(*,675$7,21




6XEPLVVLRQRIVSHFLPHQVIRU(5&&DQG+(5DQDO\VLV




5HVXOWVUHFHLYHGE\6:2*





6WUDWLILFDWLRQ







5DQGRPL]DWLRQ


















3URJUHVVLRQ






2II7UHDWPHQW

 6LWHVZLOOEHLQIRUPHGYLDHPDLORISDWLHQW¶VWUHDWPHQWDVVLJQPHQWVHH6HFWLRQ


)2/)2;
'RFHWD[HO
LULQRWHFDQ

)2/)2;
'RFHWD[HO
LULQRWHFDQ

/2:(5&&


+,*+(5&&
CLOSED EFFECTIVE 04/01/2015
5DQGRP
5DQG
F
FF
D EF
EF
'
LU
V
SED


5HYLVHG
6

3DJH

9HUVLRQ'DWH


2%-(&7,9(6


3ULPDU\2EMHFWLYHV

D
7R DVVHVV SURJUHVVLRQIUHH VXUYLYDO LQ KLJK(5&& SDWLHQWV ZLWK DGYDQFHG RU
PHWDVWDWLF FDQFHU RI WKH HVRSKDJXV VWRPDFK RU *(- WUHDWHG ZLWK )2/)2;
FRPSDUHGWRWKRVHWUHDWHGZLWKLULQRWHFDQSOXVGRFHWD[HO

E
7R DVVHVV SURJUHVVLRQIUHH VXUYLYDO LQ ORZ(5&& SDWLHQWV ZLWK DGYDQFHG RU
PHWDVWDWLF FDQFHU RI WKH HVRSKDJXV VWRPDFK RU *(- WUHDWHG ZLWK )2/)2;
FRPSDUHGWRWKRVHWUHDWHGZLWKLULQRWHFDQSOXVGRFHWD[HO

F
7R DVVHVV SURJUHVVLRQIUHH VXUYLYDO LQ ORZ(5&& SDWLHQWV ZLWK DGYDQFHG RU
PHWDVWDWLF FDQFHU RI WKH HVRSKDJXV VWRPDFK RU *(- WUHDWHG ZLWK )2/)2;
FRPSDUHGWRKLJK(5&&SDWLHQWVWUHDWHGZLWK)2/)2;

G
7RDVVHVVRYHUDOOVXUYLYDODQGWR[LFLWLHVLQHDFKRIWKHWZRWUHDWPHQWDUPVLQWKLV
JURXSRISDWLHQWV


2WKHU2EMHFWLYHV

D
7RDVVHVVWKHUHVSRQVHSUREDELOLW\FRQILUPHGDQGXQFRQILUPHGFRPSOHWHDQG
SDUWLDOUHVSRQVHVLQWKHVXEVHWRISDWLHQWVZLWKPHDVXUDEOHGLVHDVHLQHDFKRI
WKHWZRWUHDWPHQWDUPV

E
7RH[SORUHZKHWKHUWKHUHLVHYLGHQFHRILQWHUDFWLRQEHWZHHQWUHDWPHQWDUPDQG
(5&&H[SUHVVLRQLQWKLVJURXSRISDWLHQWV

F
7REDQNWLVVXHDQGEORRGIRUIXWXUHWUDQVODWLRQDOPHGLFLQHVWXGLHV


7R H[SORUH WKH UHODWLRQVKLS RI (5&& DQG (5&& VLQJOH QXFOHRWLGH
SRO\PRUSKLVP613JHQRW\SHVZLWKFOLQLFDORXWFRPHLQWKHVHSDWLHQWV


7R H[SORUH WKH DVVRFLDWLRQ EHWZHHQ JHUPOLQH YDULDWLRQV LQ WKHVH 613V
DQG(5&&P51$H[SUHVVLRQLQWKHVHSDWLHQWV



%$&.*5281'

7UHDWPHQW2YHUYLHZRI,QRSHUDEOH*DVWULF&DQFHU

,Q  WKHUH ZHUH  FDVHV RI JDVWULF DQG HVRSKDJHDO FDQFHU GLDJQRVHG LQ WKH 8QLWHG
6WDWHVZLWKRYHUGHDWKV0RVWSDWLHQWVZLWKXSSHU*,FDQFHUVDUHGLDJQRVHG ZLWK
DGYDQFHGGLVHDVH(YHQSDWLHQWVZKRKDYHFXUDWLYHVXUJLFDODSSURDFKHVKDYHDKLJKLQFLGHQFH
RI UHFXUUHQFH   0DQ\ FKHPRWKHUDSHXWLF GUXJV KDYH GHPRQVWUDWHG VLQJOHDJHQW DFWLYLW\ LQ
DGYDQFHG GLVHDVH LQFOXGLQJ IOXRURS\ULPLGLQHV SODWLQXPV &37 WD[DQHV DQG DGULDP\FLQ
&RPELQDWLRQVKDYHEHHQVKRZQWREHPRUHHIIHFWLYHWKDQVLQJOHDJHQWFKHPRWKHUDS\$OWKRXJK
UHVSRQVHUDWHVZLWKF\WRWR[LFFRPELQDWLRQVUDQJHIURPWRWKHUHFDQEHVLJQLILFDQWWR[LFLW\
DVVRFLDWHGZLWKWKHVHUHJLPHQVDQGPHGLDQVXUYLYDOUHPDLQVODUJHO\EHWZHHQDQGPRQWKV
ZLWKSURJUHVVLRQIUHHVXUYLYDOLQWKHWRPRQWKUDQJH1HZHUFRPELQDWLRQWDUJHWHGWKHUDSLHV
KDYHRIIHUHGVRPHLQFUHDVHGEHQHILWWRDVPDOOSRSXODWLRQ*LYHQ WKH OLPLWDWLRQVRIWUDGLWLRQDO
WKHUDSLHV DQG SURPLVLQJ SUHOLPLQDU\ GDWD ZLWK WDUJHWHG WKHUDSHXWLFV QRYHO DJHQWV DUH EHLQJ
LQYHVWLJDWHG1HYHUWKHOHVVWKHUHLVQRFOHDUVWDQGDUGUHJLPHQIRUWKLVGLVHDVH7KHUHDUHGDWD
UHJDUGLQJ LGHQWLILFDWLRQ RI SRWHQWLDO PDUNHUV RI UHVSRQVH DQG VXUYLYDO WR FKHPRWKHUDSHXWLF
WUHDWPHQW ZLWK IOXRURXUDFLO DQG SODWLQXP FRPSRXQGV ZKLFK PD\ KHOS WDLORU WUHDWPHQW DQG
UDWLRQDOO\FKRRVHDJHQWVEDVHGRQLQGLYLGXDOWXPRUV



CLOSED EFFECTIVE 04/01/2015
2;
;
YDQFHG RU
DQFHG RU
WK )2/)2;
)2/)2
V ZLWK DGYDQF
ZLWK DGYDQF
UHDWHG ZLWK )
DWHG ZLWK
KHWZRWUHDWP
KHWZRWUHDWP
RQILUPHGDQG
RQILUPHGDQG
SDWLHQWVZLWKP
DWLHQWVZLWK
HYLGHQFHRILQ
HYLGHQFHRI
JURXSRISDWLHQ
JURXSRISD
RRGIRUIXWXUH
RGIRUIXWXUH
RUH WKH UHODWLR
RUH WKH UHODWLR
RUSKLVP613
RUSKLVP61
R H[SORUH WKH
R H[SORUH WKH
DQG(5&&
DQG(5& 
'
2YHUYLHZRI,Q
2YHUYLHZRI,
 WKHUH ZHUH
 WKHUH ZHU
WHVZLWKRYHU
VZLWKRYHU
DGYDQFHGGLVH
DGYDQFHGGLVH
RI UHFXUUHQF
RI UHFXUUHQF
DGYDQFHG
DGYDQFHG
&RPELQ
&RPEL
UHVS
HV
DV
DV


6

3DJH

9HUVLRQ'DWH

(5&&([FLVLRQ5HSDLU&URVV&RPSOHPHQWLQJ

7KHQXFOHRWLGHH[FLVLRQUHSDLU1(5SDWKZD\LVDUHFRJQL]HG'1$UHSDLUSDWKZD\WKDWKDVEHHQ
LGHQWLILHGWRUHSDLUEXON\KHOL[GLVWRUWLQJ'1$OHVLRQVFDXVHGE\89OLJKWRUFKHPLFDOVLQFOXGLQJ
SODWLQXPFRPSRXQGV7KHF\WRWR[LFHIIHFWRISODWLQXPFRPSRXQGVLVEDVHGRQWKHIRUPDWLRQRI
WKHVHEXON\LQVWUDVWUDQGSODWLQXP'1$DGGXFWVDQGUHPRYDORIWKHVHDGGXFWVIURPJHQRPLF'1$
LV PHGLDWHG E\ WKH 1(5 SDWKZD\  5HFRJQLWLRQ DQG UHSDLU RI WKH SODWLQXPLQGXFHG GDPDJH
UHVXOWVLQSODWLQXPUHVLVWDQFH&ULWLFDOLQWKLVSDWKZD\LVWKH(5&&JHQHDQGSURWHLQDQGORZ
H[SUHVVLRQ KDV EHHQ DVVRFLDWHG ZLWK SODWLQXP VHQVLWLYLW\  6HYHUDO VWXGLHV DFURVV WXPRU W\SHV
KDYHHYDOXDWHG(5&&P51$OHYHOVDQGSRWHQWLDOUHVSRQVHWRRXWFRPHLQSDWLHQWVWUHDWHGZLWK
SODWLQXPFRPSRXQGV

(5&&DQG3ULPDU\*DVWULF&DQFHU&LVSODWLQ)8

(5&&KDVVKRZQDVWDWLVWLFDOO\VLJQLILFDQWUHODWLRQVKLSWRUHVSRQVHDQGVXUYLYDOLQSDWLHQWVZLWK
DGYDQFHGJDVWULFFDQFHU,QDUHWURVSHFWLYHHYDOXDWLRQRISDWLHQWVZLWKJDVWULFFDQFHUSDWLHQWV
HOLJLEOH IRU SUHRSHUDWLYH FLVSODWLQ DQG LQIXVLRQDO )8 F'1$ GHULYHG IURP WKH SULPDU\ JDVWULF
FDQFHUEHIRUHFKHPRWKHUDS\ZDVXVHGZDVHYDOXDWHGWRDVVHVV(5&&P51$OHYHOVE\3&5
7KLUW\WKUHHRIWXPRUVDPSOHVZHUHDVVHVVDEOHIRUUHVSRQVH2IWKHSDWLHQWVUHVSRQGLQJ
ZHUHOHVVWKDQRUHTXDOWR;ȕDFWLQDQGZHUHJUHDWHUS 7KHPHGLDQ
VXUYLYDOIRUWKHSDWLHQWVZLWK(5&&P51$OHYHOV[KDGQRWEHHQUHDFKHGDWWKHWLPH
RISXEOLFDWLRQ YVPRQWKVS IRUWKRVH ZLWKOHYHOVDERYHWKLVYDOXH 7KHPHGLDQ76
P51$OHYHODOVRVHSDUDWHGUHVSRQVLYHYVUHVLVWDQWWXPRUV[ZDVDFXWRIIGHWHUPLQHG
,QDQHYDOXDWLRQRIERWK76P51$DQG(5&&RISDWLHQWVUHVSRQGHGS 

(5&&DQG(VRSKDJHDO$GHQRFDUFLQRPD2[DOLSODWLQDQG)8

7KH6:2*QHRDGMXYDQWHVRSKDJHDOFDQFHUWULDO6WHVWHGDSUHRSHUDWLYHWUHDWPHQWUHJLPHQ
FRQVLVWLQJRIR[DOLSODWLQ'D\VDQGZLWKSURWUDFWHGLQIXVLRQ)83,)8DGPLQLVWHUHG
FRQWLQXRXVO\'D\VZLWKF*\H[WHUQDOEHDPUDGLDWLRQ(%576XUJLFDOUHVHFWLRQ
WRRN SODFH IRXU WR VL[ ZHHNV DIWHU WKH FRPSOHWLRQ RI WKHUDS\  7KH 3&5 UDWH ZDV  DQG
PHGLDQRYHUDOOVXUYLYDOZDVMXVWXQGHUWKUHH\HDUV3URJUHVVLRQIUHHVXUYLYDOZDVPRQWKV2I
WKHSDWLHQWVHYDOXDEOHIRUWKLVWULDOVSHFLPHQVZHUHDQDO\]HGIRU(5&&DVZHOO
DV VHYHUDO RWKHU JHQHV RI LQWHUHVW  (5&& P51$ OHYHOV ZLWKLQ WKH SULPDU\ WXPRU KDG D
VWDWLVWLFDOO\VLJQLILFDQWLQYHUVHUHODWLRQVKLSWRWZR\HDURYHUDOOVXUYLYDOYVS DQG
WZR\HDU SURJUHVVLRQ IUHH VXUYLYDO   YV  S  7KH FXW RII OHYHO ZDV 
FRQVLVWHQWZLWKWKHSUHYLRXVO\UHSRUWHG1RRWKHUJHQHH[SUHVVLRQRUSRO\PRUSKLVPWHVWHGLQ
6 KDG D VWDWLVWLFDOO\ VLJQLILFDQW UHODWLRQVKLS WR RYHUDOO RU SURJUHVVLRQ IUHH VXUYLYDO 
$FFHSWHGIRUSXEOLFDWLRQLQ-&2

(5&&DQG16&/&1RQ6PDOO&HOO/XQJ&DQFHU&LVSODWLQ'RXEOHW

&RERDQGFROOHDJXHVHYDOXDWHGSDWLHQWVZLWK16&/&DQGSURVSHFWLYHO\DVVLJQHGFKHPRWKHUDS\
EDVHGRQTXDQWLWDWLYHDVVHVVPHQWRI(5&&,QSDWLHQWVZLWKPHWDVWDWLF16&/&51$ZDV
LVRODWHGIURPSUHWUHDWPHQWELRSVLHVDQGTXDQWLWDWLYHUHDOWLPHUHYHUVHWUDQVFULSWDVH3&5DVVD\V
ZHUHSHUIRUPHGWRGHWHUPLQH(5&&P51$H[SUHVVLRQ3DWLHQWVZHUHUDQGRPO\DVVLJQHGLQD
UDWLRWRHLWKHUFRQWURORUJHQRW\SLFH[SHULPHQWDODUPEHIRUH(5&&DVVHVVPHQWZDVGRQH
7KHFRQWURODUPZDVGRFHWD[HODQGFLVSODWLQLQWKHH[SHULPHQWDOJHQRW\SLFDUPSDWLHQWVZLWKORZ
(5&& OHYHOV UHFHLYHG GRFHWD[HO SOXV FLVSODWLQ DQG SDWLHQWV ZLWK KLJK (5&& OHYHOV UHFHLYHG
GRFHWD[HODQGJHPFLWDELQHDQRQSODWLQXPFRPSRXQG2IWKHDVVHVVDEOHIRUUHVSRQVH
SDWLHQWVKDGDUHVSRQVHLQWKHFRQWURODUPDQGSDWLHQWVKDGDUHVSRQVHLQ
WKHH[SHULPHQWDOJHQRW\SLFDUPS 5HVSRQVHUDWHZDVWKHSULPDU\HQGSRLQWRIWKHVWXG\
3DWLHQWVZKRZHUHDVVLJQHGFKHPRWKHUDS\EDVHGRQ(5&&KDGVLJQLILFDQWO\KLJKHUUHVSRQVH
UDWHVWKDQWKHFRQWUROJURXSPDNLQJWKLVWKHILUVWFOLQLFDOWULDOGHPRQVWUDWLQJWKDWDVVLJQLQJWKHUDS\
XVLQJ JHQH H[SUHVVLRQ FRXOG LQFUHDVH WKH EHQHILW RI FKHPRWKHUDS\ IRU SDWLHQWV ZLWK 16&/&
$OWKRXJKWKHUHZDVQRVLJQLILFDQWGLIIHUHQFHLQ3)6RU26WKHSULPDU\HQGSRLQWRIWKHWULDOZDV
557KLVVWXG\GHPRQVWUDWHGWKHIHDVLELOLW\RISXUVXLQJVXFKDGHVLJQ


CLOSED EFFECTIVE 04/01/2015
1$
$
PDJH
DJ
DQGORZ
ORZ
PRU W\SHV
PRU W\SHV
WUHDWHGZLWK
WUHDWHGZL
GVXUYLYDOLQSD
VXUYLYDOLQ
ZLWKJDVWULFFD
LWKJDVWULF
YHG IURP WKH
YHG IURP WKH
V(5&&P51
5&&P
H2IWKHSDWLH
H2IWKHSDWLH
ZHUHJUHDWHU
HUHJUHD

 KDGQRW
KDGQR
OHYHOVDERYH
HYHOVDERYH
WXPRUV[
XPRUV
RISDWLHQWV
SDWLHQWV
2[DOLSODWLQDQG
2[DOLSODWLQDQ
QFHUWULDO
QFHUWULDO 6
T
QGZLWKSUR
GZLWKSU
F*\H[WHUQDO
F*\H[WHUQ
WHU WKH FRPSO
WHU WKH FRPSO
VWXQGHUWKUHH
VWXQGHUWKUH
RUWKLVWULDO
UWKLVWULDO
RI LQWHUHVW 
RI LQWHUHVW 
QYHUVHUHODWLR
QYHUVHUHOD
Q IUHH VXUYLY
Q IUHH VXUYLY
HSUHYLRXVO\UH
HSUHYLRXVO\
VWDWLVWLFDOO\ VL
DWLVWLFDOO\ V
USXEOLFDWLRQLQ
SXEOLFDWLRQLQ
DQG16&/&
DQG16&/
ERDQGFROOHDJ
RDQGFROOHD
EDVHGRQTXDQ
EDVHGRQTXDQ
LVRODWHGIURP
VRODWHGIURP
ZHUHSHUI
ZHUHSHU
UDWL
UDW
7KH
7KH
(5
(5


6

3DJH

9HUVLRQ'DWH

(5&&DQG&RORUHFWDO&DQFHU2[DOLSODWLQDQG)8

,QSDWLHQWVZLWKFRORUHFWDOFDQFHU6KLURWDHWDOVKRZHGWKDWJHQHH[SUHVVLRQRI76DQG(5&&
DUHDVVRFLDWHGZLWKUHVSRQVHDQGVXUYLYDOLQSDWLHQWVWUHDWHGZLWK)8DQGR[DOLSODWLQ7KH\
HYDOXDWHGSDWLHQWVZLWK6WDJH,9FRORUHFWDOFDQFHUDQGIRXQGJHQHH[SUHVVLRQRI(5&&DQG
76LQGHSHQGHQWO\FRUUHODWHGZLWKRXWFRPHWRWUHDWPHQWZLWK)2/)2;3DWLHQWVZLWKKLJK(5&&
KDGORZHUUHVSRQVHUDWHVDQGPHGLDQRYHUDOOVXUYLYDOFRPSDUHGZLWKWKRVHZLWKORZ(5&&

)XUWKHU *ULPPLQJHU UHFHQWO\ SXEOLVKHG 76 DQG (5&& P51$ H[SUHVVLRQ IURP SDWLHQWV ZLWK
PHWDVWDWLF FRORUHFWDO FDQFHU ZKR SDUWLFLSDWHG LQ &21),50 WUHDWPHQW ZLWK 37. ZLWK
)2/)2;  7R YDOLGDWH HVWDEOLVKHG FXWRII OHYHOV RI (5&&  VDPSOHV RI SDWLHQWV ZLWK
PHWDVWDWLFFRORUHFWDOFDQFHUZHUHHYDOXDWHG7KH\GHPRQVWUDWHG(5&&ZDVDVVRFLDWHGZLWK
RYHUDOOVXUYLYDODQGWKH(5&&OHYHORIZDVWKHFXWRII

(5&&(VWDEOLVKHG&XW2II

7DEOH   (5&& JHQH H[SUHVVLRQ OHYHOV DVVRFLDWHG ZLWK FOLQLFDO RXWFRPH LQ OXQJ
FRORUHFWDODQGJDVWULFFDQFHUFOLQLFDOWULDOV
&OLQLFDO6WXG\
(5&&7KUHVKROG
IRU3ODWLQ
6HQVLWLYLW\
3HUFHQW
3DWLHQWVZLWK
/RZ(5&&
%HQHILW
5HI
16&/&*,/73ODWLQ'RXEOHWV
(5&&

55 

16&/&0$'H,73ODWLQ
'RXEOHWV
(5&&

55 
,QFUHDVHG
6XUYLYDO

&5&)2/)2;
(5&&

,QFUHDVHG
6XUYLYDODQG
5HVSRQVH

&5&)2/)2;9DOLGDWLRQ
(5&&

,QFUHDVHG
6XUYLYDO

&5&&DSH2;
(5&&

,QFUHDVHG77)

*DVWULF)8&LV
(5&&

,QFUHDVHG
6XUYLYDO

*DVWULF)2/)2;
(5&&

,QFUHDVHG
6XUYLYDO

*DVWULF3ODWLQ
62[DOLSODWLQ
(5&&

,QFUHDVHG55
DQG6XUYLYDO

(VRSKDJHDO'&)


16IRU55

(VRSKDJHDO
(5&&

,QFUHDVHG55

(VRSKDJHDO
(5&&

,QFUHDVHG26

(VRSKDJHDO)82[DOL
(5&&

,QFUHDVHG\U
3)6DQG26

,Q GHILQLQJ D WKUHVKROG IRU (5&& H[SUHVVLRQ WKDW LPSDUWV UHVLVWDQFH WR SODWLQXPEDVHG
FKHPRWKHUDSLHVDUHYLHZRIVWXGLHVLQJDVWULFFRORQRYDULDQQRQVPDOOFHOOOXQJDQGKHDGQHFN
FDQFHUVVKRZHGWKDWWKHPHGLDQOHYHORI(5&&P51$H[SUHVVLRQZDVW\SLFDOO\EHWZHHQ±
 î ± UHODWLYH WR H[SUHVVLRQ RI ȕDFWLQ  3DWLHQWV KDUERULQJ WXPRUV ZLWK (5&& P51$
OHYHOVRIDSSUR[LPDWHO\GRQRWDSSHDUWRGHULYHEHQHILWIURPSODWLQXPEDVHGFKHPRWKHUDS\



CLOSED EFFECTIVE 04/01/2015
&


1


LHQWV
HQWV ZLWK
ZLWK
7. ZLWK
7. ZL
I SDWLHQWV ZLW
SDWLHQWV ZL
VDVVRFLDWHGZ
DVVRFLDWHG
FOLQLFDO RXW
FOLQLFDO RXW
ZLWK
LWK
(5&&
(5&&
04
04
E 04
04
04/
04


E 0
VE 0

TIV
TIV
TIVE
TIV
TIV
TIV
&
&
TIV
TIV
CTIV
TIV
TIV
TIV
(5&&
(5&&
C
EC
E
(5&&
(5&&
FF
FFEC
FE
(5
(
FF
FF
EFF
;
EF
EF
DWLQ
DWLQ
DOLSODWLQ
OLSO
E
ED
VRSKDJHDO'&)
RSKDJHDO'&)
ED
E
(VRSKDJH
(VRSKD
SE
OS
OS
OS
OS
(VR
(
OS
OS
OS
O


6

3DJH

9HUVLRQ'DWH

VXJJHVWLQJDUHVLVWDQFHWKUHVKROGEHWZHHQDQG7KHWKUHVKROGIRUVHQVLWLYLW\WRSODWLQXP
EDVHG FKHPRWKHUDS\ VKRZV WKDW SDWLHQWV KDUERULQJ WXPRUV ZLWK P51$ H[SUHVVLRQ OHYHOV RI
(5&&   DQG LQ RQH VWXG\  GR QRW DSSHDU WR GHULYH EHQHILW IURP SODWLQXP EDVHG
FKHPRWKHUDS\)XUWKHUWKHVHVWXGLHVVXSSRUWWKHK\SRWKHVLVWKDWKLJKOHYHOVRI(5&&SUHGLFW
UHVLVWDQFH WR SODWLQXP EDVHG FKHPRWKHUDS\ /DWHU VWXGLHV KDYH FRQVLVWHQWO\ LGHQWLILHG ORZHU
(5&&OHYHOVDVFRUUHODWLQJZLWKRXWFRPH7KHYDULDWLRQLQUHSRUWVRI(5&&PD\EHDWWULEXWHG
WRFXUUHQWGDWDRIIHULQJEHWWHUWHFKQLTXHVLQHYDOXDWLQJWKHWLVVXHWKHDGGLWLRQRIPLFURGLVVHFWLRQ
SULPHUVXVHGHWFVXJJHVWLQJDUHVLVWDQFHWKUHVKROGEHWZHHQDQG)XUWKHUWKHVHVWXGLHV
VXSSRUW WKH K\SRWKHVLV WKDW KLJK OHYHOV RI (5&& SUHGLFW UHVLVWDQFH WR SODWLQXP EDVHG
FKHPRWKHUDS\/DWHUVWXGLHVKDYHFRQVLVWHQWO\LGHQWLILHGORZHU(5&&OHYHOVDVFRUUHODWLQJZLWK
RXWFRPH 7KH YDULDWLRQ LQ UHSRUWV RI (5&& PD\ EH DWWULEXWHG WR FXUUHQW GDWD RIIHULQJ EHWWHU
WHFKQLTXHV LQ HYDOXDWLQJ WKH WLVVXH WKH DGGLWLRQ RI PLFURGLVVHFWLRQ SULPHUV XVHG HWF
)XUWKHUPRUHWKHWULDOVUHSRUWHGLQXSSHU*,WXPRUVKDYHEHHQVLQJOHDUPVWXGLHVWKDWKDYHQRWHG
WKH DVVRFLDWLRQ EHWZHHQ (5&& DQG FOLQLFDO RXWFRPH 0RVW RI WKHVH DUH UHWURVSHFWLYH
HYDOXDWLRQV  7KLV FRXOG EH DQRWKHU SRVVLEOH H[SODQDWLRQ IRU WKH YDULDELOLW\ DQG SRWHQWLDO
LQFRQVLVWHQFLHVLQVLJQLILFDQFHZLWK553)6DQGRU26:KLOHWKH\VXJJHVWWKDW(5&&VKRZV
UHVLVWDQFHLQYHVWLJDWRUVFDQQRWGLVWLQJXLVKEHWZHHQ(5&&EHLQJDVVRFLDWHGZLWKUHVLVWDQFHRU
MXVWZLWKFOLQLFDORXWFRPHLWVHOIWKDWLVDSURJQRVWLFPDUNHU7KLVLVSDUWRIWKHMXVWLILFDWLRQIRU
JRLQJ IRUZDUG ZLWK WKLV WULDO UDQGRPL]LQJ SDWLHQWV ZLWK (5&& KLJK DQG ORZ WR HLWKHU ERWK
UHJLPHQV7DEOHRXWOLQHVFXUUHQWO\SXEOLVKHGGDWDIRU(5&&DQGWKHFRUUHODWLRQZLWKRXWFRPH
/DVWO\WKHVHFXWRIIYDOXHVKDYHEHHQHVWDEOLVKHGDQGFRUURERUDWHGRYHUQXPHURXVDQDO\VHVRI
VDPSOHVDW5HVSRQVH*HQHWLFV,QF
(5&&DQG(5&&613DVSUHGLFWRURIRXWFRPHLQSDWLHQWVZLWKSODWLQXPEDVHGFKHPRWKHUDS\
(5&& DQG (5&& SURWHLQV DUH PDMRU FRPSRQHQWV RI WKH 1(5 FRPSOH[ DFWLQJ DV WKH UDWH
OLPLWLQJ HQ]\PHV LQ WKH 1(5 SDWKZD\ 6HYHUDO FRPPRQ DQG SXWDWLYHO\ IXQFWLRQDO VLQJOH
QXFOHRWLGHSRO\PRUSKLVPV613VRI(5&&DQG(5&&KDYHEHHQLGHQWLILHGRIZKLFK(5&&
UV DQG UV 613V &7 DQG &$ KDYH VRPH HIIHFWV RQ (5&& P51$
H[SUHVVLRQZKHUHDV(5&&UVDQGUV613V>$VS$VQ*!$DQG/\V*OQ
7!*UHVSHFWLYHO\@613VDUHDVVRFLDWHGZLWKVXERSWLPDO'1$UHSDLUFDSDFLW\3UHYLRXV
VWXGLHV KDYH VXJJHVWHG WKDW (5&& LV D SURPLVLQJ SUHGLFWLYH PDUNHU IRU UHVSRQVH WR WKH
SODWLQXPEDVHG FKHPRWKHUDS\ EHFDXVH RI LWV ORZ H[SUHVVLRQ DVVRFLDWHG ZLWK LQFUHDVHG
FKHPRWKHUDSHXWLF VHQVLWLYLW\  7KHUHIRUH WKHVH (5&& DQG (5&& 613V PD\ EH XVHIXO
SURJQRVWLF PDUNHUV IRU WUHDWPHQW ZLWK SODWLQXP DJHQWV ,Q D UHFHQW PHWDDQDO\VLV (5&&
UV 7 DOOHOH ZDV D ELRPDUNHU RI ORZ REMHFWLYH UHVSRQVH D VKRUW 3)6 DQG 26 LQ $VLDQ
SDWLHQWV ZKHUHDV (5&& UV * DOOHOH VKRZHG VLJQLILFDQW RU PDUJLQDOO\ VLJQLILFDQW
DVVRFLDWLRQ ZLWK ORZ REMHFWLYHUHVSRQVHDVKRUW 3)6DQG26LQ RYHUDOOSDWLHQWV&DXFDVLDQV
DQG FRORUHFWDO FDQFHU VXEJURXSV $OWKRXJK VRPH VLQJOH VWXGLHV PD\ KDYH LQIOXHQFHG WKH
VLJQLILFDQFH RI WKH SRROHG UHVXOWV WKH DVVRFLDWLRQ WHQGHQF\ ZDV REYLRXV ZLWK RU ZLWKRXW WKHVH
VWXGLHV7KHFRQVLVWHQWFKDQJHVRISDUDPHWHUVVWURQJO\VXJJHVWHGWKDW (5&&UV&!7
DQG (5&& UV7!* ERWK KDG DQ HIIHFW RQ R[DOLSODWLQEDVHG FKHPRWKHUDS\ DQG WKDW
REMHFWLYH UHVSRQVH FRXOG EH D XVHIXO VXUURJDWH RI VXUYLYDO LQ R[DOLSODWLQWUHDWHG JDVWULF DQG
FRORUHFWDO FDQFHU SDWLHQWV 7KHVH UHVXOWV FRXOG EH UHDVRQDEO\ H[SODLQHG E\ WKH ELRORJLFDO
VLJQLILFDQFHRIWKHVH 613V7KHUV7DOOHOH RI(5&&SRO\PRUSKLVPZDVIRXQGWREH
DVVRFLDWHGZLWKKLJKP51$H[SUHVVLRQRIWKHFRUUHVSRQGLQJJHQHZKHUHDVWKHUV*DOOHOH
RI (5&& SRO\PRUSKLVP ZDV IRXQG WR EH DVVRFLDWHG ZLWK D ORZ QXPEHU RI ;UD\±LQGXFHG
FKURPDWLG DEHUUDWLRQV   )XQFWLRQDO VWXGLHV FRQILUPHG D VXEVWDQWLDO LQIOXHQFH RI WKH
(5&& UV&!7 DQG (5&& UV7!* 613V RQ WKH SKHQRW\SH RI 1(5 FDSDFLW\ DQG
SRVVHVVLQJ WKH 77 JHQRW\SH RI (5&& UV7!* 613 ZDV DVVRFLDWHG ZLWK WKH ULVN RI
VXERSWLPDO '1$ UHSDLU XS WR IROG FRPSDUHG ZLWK WKH ***7 JHQRW\SHV 
+HQFH SDWLHQWV FDUU\LQJ WKH (5&& UV 7 RU (5&& UV * DOOHOH PD\ KDYH KLJKHU
'1$UHSDLUFDSDFLW\WKDWFRXOGHIIHFWLYHO\UHGXFHWKHDQWLFDQFHUHIIHFWRIR[DOLSODWLQOHDGLQJWR
SRRU SURJQRVLV RI WKHVH SDWLHQWV 7KH PHWDDQDO\VLV VKRZHG WKDW (5&& UV&!7 DQG
(5&&UV7!*613VPLJKWEHXVHIXOSURJQRVWLFIDFWRUVIRUDVVHVVLQJFOLQLFDORXWFRPHVRI
R[DOLSODWLQEDVHGFKHPRWKHUDSLHV)2/)2;RU;(/2;LQJDVWULFDQGFRORUHFWDOFDQFHU,QWKLV
SURSRVDO LQYHVWLJDWRUV ZLOO HYDOXDWH (5&& DQG (5&& 613V DQG D SRWHQWLDO DVVRFLDWLRQ WR
FRUUHODWHWKHVH613VZLWK(5&&LQWUDWXPRUDOP51$
HG
FWLRQ
WLR
VWXGLHV
GLHV
P EDVHG
P EDVHG
UUHODWLQJZLWK
UHODWLQJZL
RIIHULQJ
RIIHULQJ EHWWH
EHWW
PHUV XVHG
HUV XVHG
GLHVWKDWKDYH
HVWKDWKDYH
HVH DUH UHWUR
DUH UHWUR
YDULDELOLW\ DQG
YDULDELOLW\ D
XJJHVWWKDW(
JJHVWWKD
DVVRFLDWHGZ
DVVRFLDWHGZ
KLVLVSDUWRIW
LVSDUW
&& KLJK DQG
&& KLJK DQG
&
DQGWKHFR
DQGWKH
UURERUDWHG
UURERUDWHG RY
R
VE 
VE
SDWLHQWVZLW
IVE
TIV
PSRQHQWV RI
TIV
6HYHUDO F
CTI
&
DQG
5&
CT
7 DQG &
ECT
DQG
EC
VRFLDWHGZLWK
FEC
(5&& LV
FE
DS\ EHFDXVH
FFE
YLW\ 

FF


7KH
FF
U WUHDWPHQ
EFF
V D ELRPDUNH
EF
(5&&
EF
RZ REMHFWLY
D E
O FDQFHU VX
D E
H RI WKH SRROH
ED 
7KHFRQVLV
ED
(5&& UV
SED
FWLYH UHVSRQ
SE
FRORUHFWDO FDQ
OSE
VLJQLILFDQFH
OS
DVVRFLDWH
OS
RI (5&
O
KU
O
(5
O


6

3DJH

9HUVLRQ'DWH

&XUUHQWWUHDWPHQWRIDGYDQFHGXSSHU*,WXPRUV

7KH FXUUHQW VWDQGDUG FKHPRWKHUDS\ UHJLPHQV IRU DGYDQFHG JDVWULFJDVWURHVRSKDJHDO
HVRSKDJHDOFDQFHUVKDYHOLPLWHGHIILFDF\DVVXPPDUL]HGLQ7DEOH&XUUHQWHIIRUWVLQRQJRLQJ
FOLQLFDOWULDOVDUHIRFXVLQJRQQHZGUXJFRPELQDWLRQVDQGWKHDGGLWLRQRIQRYHOWDUJHWHGWKHUDSLHV
$OWKRXJK WKH DGGLWLRQ RI VRPH RI WKHVH QHZHU WKHUDSHXWLFV KDV DGGHG SRWHQWLDO EHQHILW WR
FKHPRWKHUDS\PDQ\RIWKHVHVWXGLHVKDYHVKRZQFRQIOLFWLQJRXWFRPHVDQGRUDGGLWLRQRIWR[LFLW\
DQGVLJQLILFDQWFRVW

7DEOH&XUUHQW5HJLPHQV
&RPELQDWLRQ
5HVSRQVH
5DWH
0HGLDQ773
0RQWKV
0HGLDQ26
0RQWKV
)$0


)3¶



)$07;



(&)



&LV,ULQ



',



'&



'&)



&$32;



&$3'



6FLV



%RWK)2/)2;DQGWKHFRPELQDWLRQRILULQRWHFDQDQGGRFHWD[HOKDYHEHHQHYDOXDWHGIRUSDWLHQWV
ZLWKSUHYLRXVO\XQWUHDWHGDGYDQFHGJDVWULFFDQFHUDQG*(MXQFWLRQWXPRUVLQ3KDVH,,VWXGLHV
/RXYHWDQGFROOHDJXHVUHSRUWHGDUHVSRQVHUDWHRIZLWK)2/)2;7LPHWRSURJUHVVLRQ
773 ZDV  PRQWKV ZLWK DQ RYHUDOO VXUYLYDO 26 RI  PRQWKV  $O%DWUDQ DQG FROOHDJXHV
UHSRUWHG D UDQGRPL]HG FOLQLFDO WULDO LQ PHWDVWDWLF JDVWURHVRSKDJHDO SDWLHQWV UHSRUWLQJ 3)6 IRU
)/2 )8/92[DOLSODWLQ RI  PRQWKV ZLWK 26  PRQWKV   )XUWKHU (Q]LQJHU DQG
FROOHDJXHV UHFHQWO\ SUHVHQWHG D UDQGRPL]HG SKDVH ,, FRPSDULQJ )2/)2; (&) DQG ,& ZLWK
FHWX[LPDE >&@ VKRZLQJ KLJKHU UHVSRQVHV IRU (&)& DQG )2/)2;& ZLWK WKH )2/)2;
FRPELQDWLRQ EHLQJ EHWWHU WROHUDWHG 3DUN HW DO HYDOXDWHG WKH FRPELQDWLRQ RI LULQRWHFDQ DQG
GRFHWD[HOLQXQWUHDWHGDGYDQFHGRUPHWDVWDWLFJDVWULFFDQFHU7KLVJURXSUHSRUWHGDUHVSRQVH
UDWHRI773PRQWKVDQG26RIPRQWKV7KHVHUHVXOWVDUHVLPLODUWRZKDWKDV
EHHQUHSRUWHGZLWKRWKHUUHJLPHQV7DEOH

9DQ &XWVHP DQG FROOHDJXHV HYDOXDWHG IOXRURS\ULPLGLQHV DQG SODWLQXP EDVHG FKHPRWKHUDS\ LQ
FRPELQDWLRQZLWKWUDVWX]XPDELQSDWLHQWVZLWK+(5SRVLWLYLW\+(5RYHUH[SUHVVLRQKDVEHHQ
GHPRQVWUDWHGLQDSSUR[LPDWHO\WRRISDWLHQWVLQYLWURDQGLQYLYR7UDVWX]XPDEEORFNV
+(5DFWLYDWLRQE\EORFNLQJWKHH[WUDFHOOXODUGRPDLQFOHDYDJHDQGDFWLYDWHVDQWLERG\GHSHQGHQW
FHOOXODU F\WRWR[LW\ :LWK WKH DGGLWLRQ RI WUDVWX]XPDE WR FKHPRWKHUDS\ WKH\ GHPRQVWUDWHG DQ
RYHUDOOVXUYLYDORIPRQWKVZLWKWUDVWX]XPDEYVPRQWKVIRU)8FLVSODWLQDORQH
7KHKD]DUGUDWLRZDVGHPRQVWUDWLQJVWDWLVWLFDOVXSHULRULW\IRUWKH+(5UHFHSWRULQKLELWRU
7UDVWX]XPDEUHGXFHGWKHULVNRIGHDWKE\ZKHQFRPELQHGZLWKFKHPRWKHUDS\*LYHQ
WKH XQFOHDU UHODWLRQVKLS EHWZHHQ +(5 (5&& DQG RXWFRPH +(5 SRVLWLYH SDWLHQWV ZLOO EH
H[FOXGHGIURPWKLVVWXG\

7KLVVWXG\ZLOOHYDOXDWHWKHXWLOLW\RI(5&&LQXSSHU*,WXPRUV%DVHGRQGDWDIURPSUHYLRXV
FOLQLFDOWULDOVLQFOXGLQJ6:2*WULDOVYDOLGDWHGWHFKQRORJ\ZLOOEHXVHGWRDVVHVV(5&&JHQH
H[SUHVVLRQDQGHYDOXDWH (5&&OHYHOVZLWK)2/)2;DQGLULQRWHFDQGRFHWD[HOLQSDWLHQWV ZLWK
PHWDVWDWLFHVRSKDJHDOJDVWURHVRSKDJHDORUJDVWULFFDQFHU'HVSLWHVRPHLQFRQVLVWHQFLHVZLWK
(5&&DQGDVVRFLDWLRQZLWKRXWFRPHVWXG\VSHFLILFWKHUHLVHQRXJKGDWDWRVXJJHVWWKDWWKLV
PDUNHUPD\KHOSLGHQWLI\WKRVHSDWLHQWVWKDWZLOOEHQHILWIURPSODWLQXPEDVHGWKHUDS\7KLVVWXG\


CLOSED EFFECTIVE 04/01/2015
WR
R
[LFLW\
LFL
0HGLDQ26
0HGLDQ26
0RQWKV
0RQWKV
20
20
/2

 
/2
1/

01/
01
0

0
/0
/0
/01
/0
/0
/0
/0
/0
4/0
/0
/0
/0
/0
/0
/0
/0
4/0
/0
04/0
/0
/0
/0

04/
04/


04
0

 
0
E 0

E 0
VE


VE
VE
V

V
IV
IV
IV
IVE
IV
IV
IV
IV
IV
RWHFDQDQGGR
RWHFDQDQG
VWULFFDQFHUD
VWULFFDQFH
VSRQVHUDWHRI
SRQVHUDWHRI
YHUDOO VXUYLYDO
YHUDOO VXUYLYD
WULDO LQ PHWDV
WULDO LQ PHWDV
 PRQWKV
 PRQWKV
QWHG D UDQGRP
WHG D UDQGRP
J KLJKHU UHVS
J KLJKHU UHVS
HWWHU WROHUDWHG
WWHU WROHUDWH
HDWHGDGYDQF
HDWHGDG
PRQWKVD
PRQWKV
ZLWKRWKHUUHJ
RWKHUUHJ
HP DQG FROOHD
HP DQG F
DWLRQZLWKWUDV
DWLRQZLWKWU
RQVWUDWHGLQD
RQVWUDWHGLQD
(5DFWLYDWLRQ
(5DFWLYDWLR
FHOOXODU F\WRWR
FHOOXODU F\WRWR
RYHUDOOVXUY
RYHUDOOVXUY
7KHKD]
7KHKD]
7UDVWX
UD
WKH
WKH
H


5HYLVHG
6

3DJH

9HUVLRQ'DWH

ZLOODVVHVVWKHUROHRI(5&&LQSDWLHQWWUHDWPHQW7KHHYDOXDWLRQRISDWLHQWVLVEDVHGRQWKH
JHQRW\SLF PDUNHU (5&& DV PHDVXUHG E\ P51$ OHYHOV DV IROORZV  (5&& VWDWXV ZLOO EH
GHWHUPLQHGDQGSDWLHQWVZLWKLQHDFKVXEVHWORZRUKLJK(5&&ZLOOEHUDQGRPL]HGWR)2/)2;
RULULQRWHFDQGRFHWD[HO7KLVZLOODOORZFRPSDUDWLYHHYDOXDWLRQVRIWKHHDFKUHJLPHQEDVHGRQ
(5&&VWDWXVLH)2/)2;ZLWKKLJKRUORZDQG&'EDVHGRQKLJKRUORZ(5&&$QHYDOXDWLRQ
RI(5&&DQG(5&&613VZLOODOVREHH[SORUHG,IWKLVPDUNHULVYDOLGDWHGLQDSURVSHFWLYH
VHWWLQJDYDOLGDWLRQUDQGRPL]HG3KDVH,,,ZLOOQHHGWREHGRQHWRSRWHQWLDOO\LQFRUSRUDWH(5&&
LQWRVWDQGDUGRIFDUH,IWKHPDUNHULVQRWYDOLGDWHGSURVSHFWLYHO\DVWRLWVSUHGLFWLYHYDOXHLWPD\
EH WKDW WKH UHSRUWHG FRQIOLFWV LQ WKH OLWHUDWXUH DUH UHODWHG WR D JUHDWHU LPSDFW RI (5&& DV D
SURJQRVWLF PDUNHU  7DLORULQJ D FKHPRWKHUDSHXWLF UHJLPHQ EDVHG RQ PROHFXODU SURILOLQJ ZRXOG
UHSUHVHQW D PDMRU VWHS IRUZDUG LQ JDVWULF *( MXQFWLRQ DQG HVRSKDJHDO FDQFHU WKHUDS\ DQG LW
ZRXOG UHSUHVHQW D SDUDGLJP VKLIW LQ FXUUHQW FOLQLFDO SUDFWLFH SRWHQWLDOO\ DOORZLQJ IRU PD[LPDO
EHQHILWIURPWUHDWPHQWDQGGHFUHDVLQJH[SRVXUHWRLQHIIHFWLYHGUXJV

,QFOXVLRQRI:RPHQDQG0LQRULWLHV

7KLV VWXG\ ZDV GHVLJQHG WR LQFOXGH ZRPHQ DQG PLQRULWLHV EXW ZDV QRW GHVLJQHG WR PHDVXUH
GLIIHUHQFHV RI LQWHUYHQWLRQ HIIHFWV  7KH DQWLFLSDWHG DFFUXDO LQ WKH HWKQLFLW\UDFH DQG VH[
FDWHJRULHVLVVKRZQLQWKHWDEOHEHORZ

(WKQLF&DWHJRU\
)HPDOHV
0DOHV
7RWDO
+LVSDQLFRU/DWLQR



1RW+LVSDQLFRU/DWLQR



7RWDO(WKQLF



5DFLDO&DWHJRU\
$PHULFDQ,QGLDQRU$ODVNDQ1DWLYH



$VLDQ



%ODFNRU$IULFDQ$PHULFDQ



1DWLYH+DZDLLDQRURWKHU3DFLILF,VODQGHU



:KLWH



5DFLDO&DWHJRU\7RWDORIDOO6XEMHFWV




'58*,1)250$7,21

)RULQIRUPDWLRQUHJDUGLQJ,QYHVWLJDWRU%URFKXUHVSOHDVHUHIHUWR6:2*3ROLF\

)RU WKLV VWXG\ DOO GUXJV DUH FRPPHUFLDOO\ DYDLODEOH WKHUHIRUH ,QYHVWLJDWRU %URFKXUHV DUH QRW
DSSOLFDEOH WR WKHVH GUXJV  ,QIRUPDWLRQ DERXW FRPPHUFLDO GUXJV LV SXEOLFO\ DYDLODEOH LQ WKH
SUHVFULELQJLQIRUPDWLRQDQGRWKHUUHVRXUFHV


)OXRURXUDFLO)816&

D
'HVFULSWLRQ


)8 LV D IOXRULQDWHG S\ULPLGLQH ZKLFK KDV EHHQ PRGLILHG IURP WKH
QDWXUDOO\RFFXUULQJSURGXFWXUDFLOE\WKHDGGLWLRQRIDIOXRULGHDWSRVLWLRQ


0ROHFXODU)RUPXOD&+)12


0ROHFXODU:HLJKWJPRO


CLOSED EF
U\7RWDORIDO
U\7RWDOR
FFECTIVE 04/01/2015
YH
5&&
&&
LWPD\
PD\
&& DV D
&& DV D
RILOLQJ ZRXOG
RILOLQJ ZRX
WKHUDS\ DQ
KHUDS\ DQG
G
ZLQJ IRU PD[L
QJ IRU PD
ZDV QRW GHVLJQ
DV QRW GHVLJ
LQ WKH HWKQLF
WKH HW
DOHV
DOHV
E 0
E

VE


V


TIV
TI
CT
DWLYH
DWLYH
CT
CT
CT
CT
CT
EC
PHULFDQ
PHULFDQ
EC
HU3DFLILF,VOD
HU3DFLILF,VOD
FE
KLWH
KLWH
FF
FF
EF
250$7,21
250$7,21
IRUPDWLRQUHJD
RUPDWLRQUHJ
RU WKLV VWXG\
RU WKLV VWXG\
DSSOLFDEOH WR
DSSOLFDEOH WR
SUHVFULELQJ
SUHVFULELQ



6

3DJH

9HUVLRQ'DWH

E
3KDUPDFRORJ\

0HFKDQLVP RI $FWLRQ )8¶V SULPDU\ PRGH RI DFWLRQ LV WKH LQKLELWLRQ RI
WK\PLG\ODWH V\QWKDVH ZKLFK LV QHFHVVDU\ IRU ERWK WKH V\QWKHVLV DQG UHSDLU RI
'1$7KHDJHQWH[KLELWVDFWLYLW\ LQGLIIHUHQWSKDVHV RIWKHFHOOF\FOHEDVHGRQ
PRGH RI DGPLQLVWUDWLRQ $IWHU EROXV H[SRVXUH RI )8 VSKDVH F\WRWR[LFLW\ LV
QRWHG$IWHUKRXUVRIFRQWLQXRXVLQWUDYHQRXVLQIXVLRQ*SKDVHF\WRWR[LFLW\
KDVEHHQGHPRQVWUDWHG

F
3KDUPDFRNLQHWLFV


$EVRUSWLRQ 2UDO )8 LV LQFRPSOHWHO\ DEVRUEHG IURP WKH *, WUDFW ZLWK
KLJKO\ YDULDEOH UDWHV RI ELRDYDLODELOLW\ UHSRUWHG EHWZHHQ  DQG 
7RSLFDO DEVRUSWLRQ LV DOVR PLQLPDO ZLWK RQO\  RI DFWLYH GUXJ EHLQJ
DEVRUEHGIURPWKHFRPPHUFLDOFUHDP


'LVWULEXWLRQ )OXRURXUDFLO KDV ZLGH UDQJLQJ GLVWULEXWLRQ WR ERWK WLVVXH
DQGH[WUDFHOOXODUIOXLG9ROXPHRIGLVWULEXWLRQKDVEHHQUHSRUWHGEHWZHHQ
OLWHUVDIWHU,9EROXVDGPLQLVWUDWLRQ


0HWDEROLVP7KHPHWDEROLVPRI)8LVZHOONQRZQDQGRFFXUVSULPDULO\
LQ WKH OLYHU YLD QRQOLQHDU NLQHWLFV 7KH UDWH OLPLWLQJ VWHS RI KHSDWLF
EUHDNGRZQ LV WKH FRQYHUVLRQ RI IOXRURXUDFLO WR  GLK\GURIOXRURXUDFLO
YLDGLK\GURS\ULPLGLQHGHK\GURJHQDVH'3'3DWLHQWVZLWKNQRZQ'3'
GHILFLHQF\VKRXOGQRWEHJLYHQ)8


(OLPLQDWLRQWKHHOLPLQDWLRQKDOIOLIHRI)8DIWHU,9EROXVDGPLQLVWUDWLRQ
KDV EHHQ UHSRUWHG WR RFFXU ZLWKLQ  PLQXWHV 6PDOO DPRXQWV RI
XQFKDQJHG)8DUHHOLPLQDWHGYLDWKHNLGQH\DQGELOLDU\V\VWHPV

G
$GYHUVH(IIHFWV


+XPDQ
x
&16 FRQIXVLRQ GLVRULHQWDWLRQ HXSKRULD Q\VWDJPXV KHDGDFKH
HQFHSKDORSDWK\DQGSHULSKHUDOQHXURSDWK\
x
2SWKDOPLFODFULPDOGXFWVWHQRVLVYLVXDOFKDQJHVODFULPDWLRQDQG
SKRWRSKRELDH[FHVVLYHQDVDOGLVFKDUJHUHGGHQLQJRIWKHH\HV
EOXUULQJRIWKHYLVLRQ
x
*DVWURLQWHVWLQDOVWRPDWLWLVHVRSKDJRSKDU\QJLWLVQDXVHDYRPLWLQJ
DQRUH[LDGLDUUKHDJDVWURLQWHVWLQDOXOFHUDWLRQDQGEOHHGLQJ
x
&DUGLRYDVFXODUFDUGLRP\RSDWK\LVFKHPLFFKHVWSDLQP\RFDUGLDO
LVFKHPLDGLDSKRUHVLVWKURPERSKOHELWLVHOHFWURFDUGLRJUDPFKDQJHV
x
'HUPDWRORJLFPDFXORSDSXODUUDVKDORSHFLDGU\VNLQILVVXULQJ
KDQGIRRWV\QGURPHQDLOFKDQJHVUDVKSKRWRVHQVLWLYLW\DQGYHLQ
SLJPHQWDWLRQRQ\FKROLVLVG\VWURSK\SDLQDQGWKLFNHQLQJRIWKHQDLO
EHGWUDQVYHUVHVWULDWLRQVKDOIDQGKDOIQDLOFKDQJHVORVVRIQDLO
SDURQ\FKLDOLQIODPPDWLRQDQGK\SHUSLJPHQWDWLRQ
x
+HPDWRORJLFOHXFRSHQLDDJUDQXORF\WRVLVDQHPLDHSLVWD[LV
SDQF\WRSHQLDDQGWKURPERF\WRSHQLD
x
,PPXQRORJLFDOOHUJLFUHDFWLRQVDQDSK\OD[LV


3UHJQDQF\ DQG ODFWDWLRQ )8 LV FODVVLILHG DV SUHJQDQF\ FDWHJRU\ '
7HUDWRJHQLFHIIHFWVKDYHEHHQGHPRQVWUDWHGLQDQLPDOVKRZHYHUQRZHOO
FRQWUROOHG VWXGLHV LQ KXPDQV KDYH EHHQ SHUIRUPHG ,Q DGGLWLRQ QR
DGHTXDWH GDWD LV DYDLODEOH RQ WKH XVH RI )8 ZKLOH EUHDVW IHHGLQJ
:RPHQDUHDGYLVHGWRXVHIRUPXODLIUHPDLQLQJRQWUHDWPHQW



CLOSED EFFECTIVE 04/01/2015
LV
[LFLW\
LFL
WKH *, WUDFW Z
H *, WUDFW
WZHHQ  DQG
ZHHQ  DQG
 RI DFWLYH GUX
I DFWLYH GU
QJ GLVWULEXWLRQ
QJ GLVWULEXWLR
WLRQKDVEHHQ
QKDVEH
Q
Q
)8LVZHOONQ
)8LVZHOON
QHWLFV 7KH UD
QHWLFV 7KH UD
Q RI 
Q RI IOXRURX
IOXRUR
\GURJHQDVH
RJHQDVH
HJLYHQ
HJLYHQ)8
8
PLQDWLRQKDOI
PLQDWLRQK
UWHG WR RFFXU
WHG WR RFFXU
)8DUHHOLPLQ
)8DUHHOLPLQ
PDQ
PDQ
&16
&16 FRQI
RQ
HQFHSKD
HQFHS
x
2SWKD
2SWKD
SKR
S
E
x


6

3DJH

9HUVLRQ'DWH


'UXJLQWHUDFWLRQV

'58*&/$66
(;$03/(6
287&20(
%ORRGWKLQQLQJ
DJHQWV
16$,'6SODWHOHW
LQKLELWRUVVDOLF\ODWHV
VWURQWLXPFKORULGH
WKURPERO\WLFVZDUIDULQ
,QFUHDVHGULVNRI
KHPRUUKDJH
$QWLIRODWHV
'DSVRQHWULPHWKRSULP
S\ULPHWKDPLQH
,QFUHDVHGDQWLIRODWH
WR[LFLW\
+\GDQWRLQV
3KHQ\WRLQ
IRVSKHQ\WRLQHWKRWRLQ
$OWHUHGOHYHOVRI
K\GDQWRLQVHUXPOHYHOV
PRQLWRUFORVHO\
*URZWKIDFWRUV
*&6)*0&6)3(*
*&6)
,QFUHDVHGERQH
PDUURZVXSSUHVVLRQLI
XVHGRXWVLGHRI
UHFRPPHQGHG
WLPHOLQHV
9DFFLQHV
$Q\OLYHYDFFLQHLH
URWDYLUXV
3RWHQWLDOIRULQIHFWLRQ
ZLWKOLYHYLUXV
&DUGLDF
JO\FRVLGHV
'LJR[LQ
$OWHUHGDEVRUSWLRQGXH
WR*,WR[LFLW\0RQLWRU
OHYHOVFORVHO\
&\WRFKURPH
S&
PHWDEROL]HG
DJHQWV
5DPHOWHRQERVHQWDQ
,QFUHDVHGOHYHOVRIFR
DGPLQLVWHUHGDJHQW
XVHDOWHUQDWLYHLI
SRVVLEOH

'LS\ULGDPROH
,QKLELWLRQRI'3'
IXQFWLRQDQGLQFUHDVHG
)8WR[LFLW\
QLWURLPLGD]ROHV
0HWURQLGD]ROH
7LQLGD]ROH
,QFUHDVHG)8OHYHOV
DQGWR[LFLW\

7DPR[LIHQ
,QFUHDVHGULVNRI
WKURPERHPEROLVP
H
$GPLQLVWUDWLRQ'RVLQJ6HHWUHDWPHQWSODQ6HFWLRQ
I
6WRUDJH6WDELOLW\


&RPSDWLELOLW\6WRUHXQRSHQYLDOVDWURRPWHPSHUDWXUHDQGSURWHFWIURP
OLJKW0D\EHGLOXWHGLQ16RU':


)8 LV D F\WRWR[LF GUXJ DQG DSSURSULDWH SURFHGXUHV IRU KDQGOLQJ
SUHSDULQJDQGDGPLQLVWHULQJWKHGUXJVKRXOGEHIROORZHG


:KHQ GLOXWHG LQ 16 RU ': WR D FRQFHQWUDWLRQ RI  PJPO LQ HLWKHU
JODVVRUSRO\YLQ\OFKORULGHFRQWDLQHUV)8LVVWDEOHIRUZHHNVDWURRP
WHPSHUDWXUH,QHWK\OHQHYLQ\OFKORULGHSXPSV)8PJPOLQ16RU
':LVVWDEOHIRUGD\VDW²GHJUHHV&

J
+RZ6XSSOLHG


)8LVDYDLODEOHDVDQ,9VROXWLRQIRULQMHFWLRQ7KHFRQFHQWUDWLRQLV
PJPO



CLOSED EFFECTIVE 
HOWHRQ
OWHR
E 04/01/2015
1
01
II
UXPOHYHOV
UXPOHYHOV
RVHO\
HO\
01
01
01
HGERQH
GERQH
RZVXSSUHVVLR
ZVXSSUHVV
HGRXWVLGHRI
GRXWVLGHRI
UHFRPPHQGHG
FRPPHQG
WLPHOLQHV
WLPHOLQHV
/2
4
3RWHQWLDO
3RWHQW
ZLWKOLY
ZLWKO
4/0
04
$OWH
$
WR
W
04
04
04
04
ERVHQW
ERVHQW
E
'LS\ULGDP
'LS\ULGD
TIV
C
GD]ROHV
GD]ROHV
0HWUR
0HW
7LQ
7LQ
CT
EC


EC
EC
EC
FEC
QLVWUDWLRQ'RV
VWUDWLRQ'R
6WRUDJH6WDELO
WRUDJH6WDE


&




6

3DJH

9HUVLRQ'DWH


)8LVFRPPHUFLDOO\DYDLODEOHDQGVKRXOGEHSXUFKDVHGE\DWKLUGSDUW\
7KLVGUXJZLOOQRORQJHUEHVXSSOLHGE\WKH1&,

'UXJ DFFRXQWDELOLW\ ZLOO QRW EH UHTXLUHG IRU )8 DV LW LV FRPPHUFLDOO\
DYDLODEOH


'RFHWD[HO7D[RWHUH5316&

D
'HVFULSWLRQ

 'RFHWD[HOLVDVHPLV\QWKHWLFDQWLQHRSODVWLFDJHQWH[WUDFWHGIURPWKHQHHGOHV
RIWKH(XURSHDQ\HZWUHH7D[XVEDFFDWD

0ROHFXODU)RUPXOD&+12+2

0ROHFXODU:HLJKWJPRO

E
3KDUPDFRORJ\

0HFKDQLVP RI $FWLRQ 'RFHWD[HO LV D PHPEHU RI WKH WD[DQH FODVV RI
DQWLPLFURWXEXOH DJHQWV 'RFHWD[HO SURPRWHV WKH DVVHPEO\ RI PLFURWXEXOHV DQG
VWDELOL]HVWKHLUIRUPDWLRQE\LQKLELWLQJGHSRO\PHUL]DWLRQ7KLVVWDELOL]DWLRQFUHDWHV
DPLFURWXEXOHZKLFKLVQRQIXQFWLRQDO&HOOGHDWKLVSURPRWHGE\WKHGLVUXSWLRQRI
QRUPDOFHOOVKDSHPRWLOLW\DWWDFKPHQWDQGLQWUDFHOOXODUWUDQVSRUW'RFHWD[HOLV
F\WRWR[LFSUHGRPLQDWHO\LQWKHVSKDVHRIWKHFHOOF\FOH

F
3KDUPDFRNLQHWLFV


$EVRUSWLRQVWXGLHVRIRUDOGRFHWD[HOKDYHGHPRQVWUDWHGDELRDYDLODELOLW\
RI


'LVWULEXWLRQLQYLWURVWXGLHVGHPRQVWUDWHGWKDWGRFHWD[HOLVDSSUR[LPDWHO\
SURWHLQERXQGSULPDULO\WRDOSKDDFLGJO\FRSURWHLQDOEXPLQDQG
OLSRSURWHLQV'RFHWD[HOKDVDYROXPHRIGLVWULEXWLRQRI/DQGZLGHO\
GLVWULEXWHGWRDOOWLVVXHVH[FHSWWKH&16


0HWDEROLVP 'RFHWD[HO LV SULPDULO\ PHWDEROL]HG LQ WKH OLYHU E\
F\WRFKURPH3$DQG$LVRHQ]\PHV7KHPHWDEROLVPUHVXOWVLQ
RQHPDMRUDQGWKUHHPLQRUPHWDEROLWHV$OOIRXUPHWDEROLWHVDUHR[LGDWLRQ
SURGXFWVRIWKHWHUWEXW\OJURXSDWWDFKHGWRWKH&VLGHFKDLQ


(OLPLQDWLRQ GRFHWD[HO HOLPLQDWLRQ IROORZV D WKUHH FRPSDUWPHQW PRGHO
ZLWK DQ LQLWLDO GLVWULEXWLRQ KDOIOLIH RI  WR  PLQXWHV DQ LQWHUPHGLDWH
HOLPLQDWLRQKDOIOLIHRIWRPLQXWHVDQGDWHUPLQDOKDOIOLIHRIWR
 KRXUV $SSUR[LPDWHO\  RI XQFKDQJHG GUXJ LV HOLPLQDWHG E\ WKH
NLGQH\ LQ  KRXUV ZLWK WKH PDMRULW\  RI H[FUHWLRQ RFFXUULQJ LQ
IHFHVDWGD\V

G
$GYHUVH(IIHFWV


+XPDQWR[LFLW\

x
&16 DVWKHQLD SDUHVWKHVLD G\VHVWKHVLD SDLQ SHULSKHUHDO PRWRU
QHXURSDWK\P\DOJLDDUWKUDOJLD
x
2SWKDOPLF&RQMXQFWLYLWLV(SLSKRUD
x
*DVWURLQWHVWLQDO FROLWLV GLDUUKHD *, KHPRUUKDJH QDXVHD DQG
YRPLWLQJVWRPDWLWLV


CLOSED EFFECTIVE 04/01/2015
RPWKHQHHGOH
PWKHQHHGOH
PHPEHU RI
HPEHU
RWHV WKH DVVH
RWHV WKH DVV
HSRO\PHUL]DWLR
HSRO\PHUL]DWLR
 &HOOGHDWKLV
&HOOGHDWK
KPHQWDQGLQW
QWDQGLQ
SKDVHRIWKH
SKDVHRIWKH
WXGLHVRIRUDO
XGLHVRIRUDO


XWLRQ
XWLRQ LQYLWUR
LQYLWU
SURWHLQERXQ
SURWHLQERXQ
SRSURWHLQV'R
SRSURWHLQV'
GLVWULEXWHGWR
GLVWULEXWH
0HWDER
0HWD
F\WRF
\WRF
RQ
RQ




6

3DJH

9HUVLRQ'DWH

x
&DUGLRYDVFXODUFDUGLDFG\VU\WKPLDHGHPDFRQJHVWLYHKHDUWIDLOXUH
K\SRWHQVLRQP\RFDUGLDOLVFKHPLDSKOHELWLVV\QFRSHYDVRGLODWDWLRQ
'97
x
+HSDWLFHOHYDWHGELOLUXELQ6*276*37DQGDONDOLQHSKRVSKDWDVH
DUH FRPPRQ 5DUH LQVWDQFHV RI KHSDWLF FRPD DQG KHSDWLWLV KDYH
EHHQUHSRUWHG
x
5HVSLUDWRU\SOHXUDOHIIXVLRQSXOPRQDU\HPEROLVP
x
+HPDWRORJLF $QHPLD QHXWURSHQLD OHXNRSHQLD WKURPERF\WRSHQLD
5DUHFDVHVRI$0/DQG0'6KDYHEHHQUHSRUWHG
x
'HUPDWRORJLF $ORSHFLD QDLO GLVRUGHUV GU\ VNLQ &XWDQHRXV
UHDFWLRQVLQFOXGLQJORFDOL]HGHU\WKHPDRIWKHH[WUHPLWLHVZLWKHGHPD
IROORZHGE\GHVTXDPDWLRQKDYHEHHQUHSRUWHGZLWKGRFHWD[HOXVH
,Q
DGGLWLRQ
+DQG
IRRW
V\QGURPH
LQMHFWLRQ
VLWH
UHDFWLRQV
H[WUDYDVDWLRQUDVKDQGSUXULWLVKDYHEHHQUHSRUWHG
x
,PPXQRORJLFK\SHUVHQVLWLYLW\DQDSK\OD[LVO\PSKHGHPD


3UHJQDQF\DQG/DFWDWLRQ'RFHWD[HOLVFODVVLILHGDV)'$SUHJQDQF\ULVN
FDWHJRU\ ' 7KHUH DUH QR GDWD FRQFHUQLQJ WKH HIIHFWV LQ SUHJQDQW
ZRPHQ ,Q DQLPDO VWXGLHV GRFHWD[HO LV HPEU\RWR[LF DQG IHWRWR[LF
)HPDOHVRIFKLOGEHDULQJSRWHQWLDOVKRXOGEHLQVWUXFWHGWRDYRLGEHFRPLQJ
SUHJQDQWGXULQJWKHUDS\,WLVXQNQRZQZKHWKHUGRFHWD[HOLVH[FUHWHGLQ
EUHDVW PLON WKHUHIRUH SDWLHQWV VKRXOG EH LQVWUXFWHG WR DYRLG EUHDVW
IHHGLQJGXULQJWUHDWPHQW


'UXJLQWHUDFWLRQV

'UXJ&ODVV
([DPSOHV
2XWFRPH
%ORRGWKLQQLQJ
DJHQWV
16$,'VSODWHOHWLQKLELWRUV
KLJKGRVHVDOLF\ODWHV
VWURQWLXPFKORULGHDQG
WKURPERO\WLFDJHQWV
,QFUHDVHGULVNRI
KHPRUUKDJH
&\WRFKURPH
3$
PHWDEROL]HG
DJHQWV
$SUHSLWDQWIRVDSUHSLWDQW
FDUEDPD]HSLQHHWUDYLULQH
LPDWLQLEQHID]RGRQH
YRULFRQD]ROHFRQLYDSWDQ
NHWRFRQD]ROHVRUDIHQLE
TXLQXSULVWLQGDOIRSULVWLQ
PDFUROLGHV
$OWHUHGOHYHOVRI
GRFHWD[HOPRQLWRU
FORVHO\
0'5S
JO\FRSURWHLQ
LQKLELWRUV
&\FORVSRULQHQLORWLQLE
3RVVLEOHHQKDQFHG
WR[LFLW\RIGRFHWD[HO
*URZWKIDFWRUV
)LOJUDVWLPVDUJUDPRVWLP
SHJILOJUDVWLP
,QFUHDVHGERQH
PDUURZVXSSUHVVLRQ
LIXVHGRXWVLGHRI
UHFRPPHQGHG
WLPHOLQHV
9DFFLQHV
$Q\OLYHYDFFLQHLHURWDYLUXV
3RWHQWLDOIRULQIHFWLRQ
ZLWKOLYHYLUXV
&DUGLDF
JO\FRVLGHV
'LJR[LQ
$OWHUHGDEVRUSWLRQ
GXHWR*,WR[LFLW\
0RQLWRUOHYHOV
FORVHO\
$QWKUDF\FOLQHV
'R[RUXELFLQHSLUXELFLQ
3RWHQWLDOVHTXHQFH
UHODWHGLQFUHDVHLQ
GRFHWD[HO

7KDOLGRPLGH
,QFUHDVHGULVNRI
97(
CLOSED EFFECTIVE 04/01/2015
RSHQLD
HQLD
&XWDQHRXV
XWDQHRX
HVZLWKHGHP
VZLWKHGHP
WKGRFHWD[HOX
GRFHWD[HO
RQ
VLWH
UHDF
Q
VLWH
UHDF
RUWHG
G
\PSKHGHPD
\PSKHGHPD
VVLILHGDV)'$
VLILHGDV)'$
HUQLQJ WKH HI
QJ WKH
HO LV HPEU\R
HO LV HPEU\R
RXOGEHLQVWUX
OGEHLQV
NQRZQZKHWKH
NQRZQZKHWK
V VKRXOG EH
V VKRXOG EH
([DPSOHV
([DPSOHV
TIV
16$,'VSO
$,'VSO
KLJKGRV
KLJKGRV
VWURQWL
UR
WKUR
WKUR
TI
EC
FKURPH
FKURPH
$
$
PHWDEROL]HG
PHWDEROL]HG
DJHQWV
DJHQWV
$
EC
EC
EC
EF EC
0
E


6

3DJH

9HUVLRQ'DWH

H
$GPLQLVWUDWLRQ'RVLQJ6HHWUHDWPHQWSODQ6HFWLRQ

I
6WRUDJHDQG6WDELOLW\


6WRUH EHWZHHQ & )  5HWDLQ LQ WKH RULJLQDO SDFNDJH WR
SURWHFWIURPEULJKWOLJKW0D\XVH':RU16IRUDGPLQLVWUDWLRQ

'RFHWD[HO LVDF\WRWR[LFGUXJDQGDSSURSULDWHSURFHGXUHVIRUKDQGOLQJ
SUHSDULQJDQGDGPLQLVWHULQJWKHGUXJVKRXOGEHIROORZHG8VHRQO\QRQ
'(+3EDJVDQGWXELQJIRUDGPLQLVWUDWLRQ


7KHUHFRQVWLWXWHGVROXWLRQPD\EHXVHGLPPHGLDWHO\RUVWRUHGHLWKHULQ
WKHUHIULJHUDWRURUDWURRPWHPSHUDWXUHIRUXSWRKRXUV

J
+RZ6XSSOLHG


'RFHWD[HOLVDYDLODEOHDVDO\RSKLOL]HGSRZGHUDQGVROXWLRQIRULQMHFWLRQ


7KLVGUXJLVFRPPHUFLDOO\DYDLODEOHIRUSXUFKDVHE\DWKLUGSDUW\,WZLOO
QRWEHVXSSOLHGE\WKH1&,

'UXJ DFFRXQWDELOLW\ ZLOO QRW EH UHTXLUHG IRU GRFHWD[HO DV LW LV
FRPPHUFLDOO\DYDLODEOH


,ULQRWHFDQ&3716&

D
'HVFULSWLRQ


,ULQRWHFDQ LV D ZDWHUVROXEOH GHULYDWLYH RI FDPSWRWKHFLQ &37 D
F\WRWR[LF SODQW DONDORLG LVRODWHG IURP WKH &KLQHVH WUHH &DPSWRWKHFD
DFXPLQDWD


0ROHFXODU)RUPXOD&+12+&O+2


0ROHFXODU:HLJKWJPRO

E
3KDUPDFRORJ\

0HFKDQLVP RI $FWLRQ LULQRWHFDQ DQG LWV PHWDEROLWH 61 ZRUN E\ LQKLELWLQJ
WRSRLVRPHUDVH,7RSRLVRPHUDVH,UHOLHYHVWKHWRUVLRQDOVWUDLQLQWKH'1$KHOL[
GXULQJ UHSOLFDWLRQ DQG 51$ WUDQVFULSWLRQ E\ LQGXFLQJ VLQJOHVWUDQG EUHDNV %\
ELQGLQJ ZLWKWKHWRSRLVRPHUDVH,²'1$FRPSOH[LULQRWHFDQRU 61SUHYHQWV
WKHUHOHJDWLRQRIWKHVLQJOHVWUDQGEUHDNV,UUHYHUVLEOH'1$GDPDJHRFFXUVZKHQ
D '1$ UHSOLFDWLRQ IRUN HQFRXQWHUV WKH LULQRWHFDQ RU 61WRSRLVRPHUDVH ,
FRPSOH[HVUHVXOWLQJLQGRXEOHVWUDQG'1$EUHDNV&DPSWRWKHFLQVDUHKLJKO\6
SKDVHVSHFLILFLQWKHLUDFWLYLW\GXHWKHUHTXLUHPHQWRI'1$V\QWKHVLV

F
3KDUPDFRNLQHWLFV


$EVRUSWLRQ1$


'LVWULEXWLRQ3URWHLQELQGLQJRILULQRWHFDQLVSHUFHQWZKHUHDV61
 VKRZV D KLJKHU  SURWHLQ ELQGLQJ %RWK LULQRWHFDQ DQG LWV
PHWDEROLWH DUH SULPDULO\ ERXQG WR DOEXPLQ 9ROXPH RI GLVWULEXWLRQ RI
LULQRWHFDQKDVEHHQIRXQGWREH/P



CLOSED EFFECTIVE 04/01/2015
GOLQJ
LQ
QO\QRQ
QRQ
VWRUHGHLWKHUL
RUHGHLWKHU
DQGVROXWLRQ
DQGVROXW
SXUFKDVHE\D
FKDVHE\
EH UHTXLUHG
EH UHTXLUHG
ZDWHU
ZDWHUVROXE
VROXE
QW DONDORLG LVR
W DONDORLG LV
XODU)RUPXOD
XODU)RUPXO
0ROHFXODU:HLJ
0ROHFXODU:HLJ
UPDFRORJ\
UPDFRORJ
0HFKDQLVP R
0HFKDQLVP
WRSRLVRPH
RLVRPH
GXULQJ U
GXULQJ U
ELQGLQ
ELQ
WKH
WKH
D


6

3DJH

9HUVLRQ'DWH


0HWDEROLVP ,ULQRWHFDQ LV PHWDEROL]HG SULPDULO\ LQ WKH OLYHU E\
FDUER[\OHVWHUDVHWR61DQGYLDKHSDWLFF\WRFKURPH3&<3$
WRDPLQRSHQWDQHFDUER[\OLFDFLG$3& 61LVFRQMXJDWHGWRIRUPD
JOXFXURQLGH PHWDEROLWH E\ WKH HQ]\PH 8'3JOXFXURQRV\O WUDQVIHUDVH
$ 8*7$ *HQHWLF SRO\PRUSKLVPV H[LVW LQ WKH HQ]\PH 8*7$
OHDGLQJ WR GLIIHUHQW OHYHOV RI H[SRVXUH DQG WR[LFLW\ DPRQJ SDWLHQWV  ,Q
DGGLWLRQERWKLULQRWHFDQDQG61XQGHUJRSODVPDK\GURO\VLVEHWZHHQ
WKHLU DFWLYH ODFWRQH DQG LQDFWLYH IRUPV FDUER[\ODWH )LQDOO\ D VPDOO
DPRXQWRILULQRWHFDQLVPHWDEROL]HGE\WKHLQWHVWLQDOZDOO


(OOLPLQDWLRQ  RI LULQRWHFDQ LV UHFRYHUHG XQFKDQJHG LQ XULQH
ZKHUHDV RQO\ VPDOO DPRXQWV RI 61 KDYH EHHQ IRXQG &OHDUDQFH LV
DSSUR[LPDWHO\  /KUP ,Q DGGLWLRQ LULQRWHFDQ KDV DSSUR[LPDWHO\
ELOLDU\H[FUHWLRQ

G
$GYHUVH(IIHFWV


+XPDQ
x
1HXURORJLF $VWKHQLD FRQIXVLRQ GL]]LQHVV KHDGDFKH LQVRPQLD
VRPQROHQFH
x
*DVWURLQWHVWLQDO DEGRPLQDO SDLQ FRQVWLSDWLRQ GLDUUKHD HDUO\ DQG
ODWH RQVHW IODWXOHQFH LQGLJHVWLRQ PXFRVLWLV ORVV RI DSSHWLWH
VWRPDWLWLVQDXVHDDQGYRPLWLQJ
x
&DUGLRYDVFXODU
G\VUK\WKPLDV
LVFKHPLD
HGHPD
IOXVKLQJ
K\SRWHQVLRQYDVRGLODWDWLRQDQGPHFKDQLFDOFDUGLDFG\VIXQFWLRQ
x
+HSDWLF HOHYDWHG $67 $/7 ELOLUXELQ DQG DONDOLQH SKRVSKDWDVH
1RQVSHFLILFKHSDWRWR[LFLW\KDVDOVREHHQUHSRUWHG
x
0XVFXORVNHOHWDOEDFNDFKHSDLQ
x
5HVSLUDWRU\FRXJKG\VSQHDUKLQLWLVSQHXPRQLDDQGSQHXPRQLWLV
x
'HUPDWRORJLF DFUDO HU\WKHPD DORSHFLD UDVK VZHDWLQJ  DQG
H[WUDYDVDWLRQ
x
(QGRFULQHGHK\GUDWLRQZHLJKWORVV
x
+HPDWRORJLF
DQHPLD
HRVLQRSKLOLD
QHXWURSHQLD
OHXNRSHQLD
WKURPERF\WRSHQLDDQGWKURPERHPEROLFGLVRUGHU
x
,PPXQRORJLF IHYHU VKLYHULQJ K\SHUVHQVLWLYLW\ DQG DQDSK\OD[LV
KDYHEHHQUHSRUWHG


3UHJQDQF\DQG/DFWDWLRQ,ULQRWHFDQLVQRWUHFRPPHQGHGIRUXVHGXULQJ
SUHJQDQF\,WFDUULHVDQ)'$SUHJQDQF\ULVNFDWHJRU\'DQGPD\FDXVH
IHWDOKDUP,ULQRWHFDQLVHPEU\RWR[LFLQDQLPDOVKRZHYHUWKHUHDUHQR
GDWDFRQFHUQLQJXVHLQSUHJQDQWKXPDQV7HUDWRJHQLFHIIHFWVLQDQLPDOV
OLNHUDWVDQGUDEELWVLQFOXGHDYDULHW\RIH[WHUQDOYLVFHUDODQGVNHOHWDO
DEQRUPDOLWLHV%UHDVWIHHGLQJVKRXOGEHDYRLGHGZKLOHRQLULQRWHFDQDV
WKHGUXJLVNQRZQWREHH[FUHWHGLQEUHDVWPLON



CLOSED EFFECTIVE 04/01/2015
,Q
Q
ZHHQ
HH
D VPDOO
PDOO
QJHG LQ XULQ
JHG LQ XULQ
QG &OHDUDQFH
G &OHDUDQ
KDV DSSUR[LP
KDV DSSUR[LP
GL]]LQHVV K
GL]]LQHVV K
SDLQ FRQVWLSD
SDLQ FRQVWLS
QGLJHVWLRQ P
QGLJHVWLRQ P
RPLWLQJ
RPLWLQJ
VUK\WKPLDV
\WKPLDV
LODWDWLRQDQGP
LODWDWLRQDQG
G $67 $/7
G $67 $/7
HSDWRWR[LFLW\K
HSDWRWR[LFLW
OHWDOEDFNDFK
HWDOEDFNDFK
U\FRXJKG\V
U\FRXJKG\
WRORJLF DFUDO
WRORJLF DF
YDVDWLRQ
YDVDWLRQ
QGRFULQHGHK\
QGRFULQHGH
+HPDWRORJLF
+HPDWRORJLF
WKURPERF\W
WKURPERF\
x
,PPXQR
,PPX
KDYHE
KDYH

3UHJ
3UHJ
SUH
SUH


6

3DJH

9HUVLRQ'DWH


'UXJ,QWHUDFWLRQV

'UXJ&ODVV
([DPSOHV
2XWFRPH
8*7$
LQKLELWRUV
$WD]DQDYLU6RUDIHQLE
,QFUHDVHGH[SRVXUHWR61

&<3$
LQKLELWRUV
.HWRFRQD]ROHQLORWLQLE
DSUHSLWDQWIRVDSUHSLWDQW
WHOLWKURP\FLQ
,QFUHDVHGOHYHOVRI
LULQRWHFDQ
&<3$
LQGXFHUV
6W-RKQ¶V:RUW
FDUEDPD]HSLQHULIDPSLQ
ULIDEXWLQSKH\WRLQ
EDUELWXDWHVHWUDYLULQH
ORSLQDYLU
'HFUHDVHGOHYHOVRI
LULQRWHFDQ
'LXUHWLFV
&RQLYDSWDQ
,QFUHDVHGULVNRIYROXPH
GHSOHWLRQ
*URZWKIDFWRUV
*&6)*0&6)3(**
&6)
,QFUHDVHGERQHPDUURZ
VXSSUHVVLRQLIXVHGRXWVLGH
RIUHFRPPHQGHGWLPHOLQHV
%ORRGWKLQQLQJ
DJHQWV
16$,'6SODWHOHWLQKLELWRUV
VDOLF\ODWHVVWURQWLXP
FKORULGHWKURPERO\WLFV
ZDUIDULQ
,QFUHDVHGULVNRI
KHPRUUKDJH
9DFFLQHV
$Q\OLYHYDFFLQHLH
5RWDYLUXV
3RWHQWLDOIRULQIHFWLRQZLWK
OLYHYLUXV
&DUGLDF
JO\FRVLGHV
'LJR[LQ
$OWHUHGDEVRUSWLRQGXHWR*,
WR[LFLW\0RQLWRUOHYHOV
FORVHO\

&LWDORSUDP
,QFUHDVHGULVNRIP\RSDWK\
DQGUKDEGRP\RO\VLV

6XFF\QOFKROLQH
3URORQJDWLRQRI
QHXURPXVFXODUEORFNDGH
'(127(6&2175$,1',&$7(''58*
H
$GPLQLVWUDWLRQ'RVLQJ6HHWUHDWPHQWSODQ6HFWLRQ

I
6WRUDJH6WDELOLW\


6WRUHDW&)3URWHFWIURPOLJKW.HHSERWKWKHYLDODQG
SURWHFWLYH EDFNLQJ LQ WKH PDQXIDFWXUHU¶V RULJLQDO SDFNDJLQJ XQWLO MXVW
EHIRUHXVH,ULQRWHFDQPD\EH'LOXWHGLQ':SUHIHUUHGRU16LQMHFWLRQ
WRDILQDOFRQFHQWUDWLRQRI²PJPO


LULQRWHFDQ LV D F\WRWR[LF GUXJ DQG DSSURSULDWH SURFHGXUHV IRU KDQGOLQJ
SUHSDULQJDQGDGPLQLVWHULQJWKHGUXJVKRXOGEHIROORZHG


3UHSDUHGLULQRWHFDQLVSK\VLFDOO\DQGFKHPLFDOO\VWDEOHIRUXSWRKRXUV
DW URRP WHPSHUDWXUH DQG URRP OLJKWLQJ +RZHYHU EHFDXVH RI WKH
SRVVLEOH PLFURELDO FRQWDPLQDWLRQ GXULQJ SUHSDUDWLRQ DQ DGPL[WXUH
SUHSDUHGZLWK':RU16VKRXOGEHXVHGZLWKLQKRXUVRISUHSDUDWLRQLI
NHSW DW URRP WHPSHUDWXUH 6ROXWLRQV SUHSDUHG ZLWK ': VWRUHG DW
UHIULJHUDWHG WHPSHUDWXUHV DQG SURWHFWHG IURP OLJKW DUH SK\VLFDOO\ DQG
FKHPLFDOO\VWDEOHIRUKRXUV,WLVUHFRPPHQGHGWKDWLQIXVLRQVROXWLRQV
SUHSDUHGZLWK16QRWEHUHIULJHUDWHG



CLOSED EFFECTIVE 
LH
H
E 04/01/2015
15
OVRI
VRI
01
VHGULVNRIYROX
ULVNRIYR
HWLRQ
WLRQ
1/
FUHDVHG
UHDVH
ERQH
ER
VXSSUHVVLRQ
VXSSUHVVLRQ
RIUHFRPP
RIUHFRP
/01
04

V
V
,QFUH
,QF
KH
KH
04
04
04/
04
E
VE
WDORSUDP
DORSUD
CT
6XFF\QOFKR
6XFF\QOFKR
C
EC
&2175$,1',
&2175$,1'
FE
WUDWLRQ'RVLQJ
WUDWLRQ'
RUDJH6WDELOLW\
RUDJH6WD

6WR
6WR
S


6

3DJH

9HUVLRQ'DWH

J
+RZ6XSSOLHG


,ULQRWHFDQLVVXSSOLHGDVDOLTXLGIRULQMHFWLRQ


7KLVGUXJLVFRPPHUFLDOO\DYDLODEOHIRUSXUFKDVHE\DWKLUGSDUW\7KLV
GUXJZLOOQRWEHVXSSOLHGE\WKH1&,

'UXJ DFFRXQWDELOLW\ ZLOO QRW EH UHTXLUHG IRU LULQRWHFDQ DV LW LV
FRPPHUFLDOO\DYDLODEOH


/HXFRYRULQ&DOFLXP16&

D
'HVFULSWLRQ


/HXFRYRULQLVDPL[WXUHRIWKHGLDVWHUHRLVRPHUVRIIRUP\OGHULYDWLYHRI
WHWUDK\GURIROLFDFLG7KHDFWLYHFRPSRQHQWLVWKH/LVRPHUNQRZQDV
&LWURYRUXPIDFWRU


0ROHFXODU)RUPXOD&+&D12

0ROHFXODU:HLJKWJPRO

E
3KDUPDFRORJ\

0HFKDQLVPRI$FWLRQ'XULQJQRUPDOSURFHVVHVWK\PLG\ODWHV\QWKHWDVHIRUPVD
QRQFRYDOHQWWHUQDU\FRPSOH[ZLWKGHR[\XULG\ODWHG803DQGWKHUHGXFHGIRODWH
FRIDFWRU RI OHXFRYRULQ PHWK\OHQHWHWUDK\GURIRODWH P7+) 7KH UHGXFHG
IRODWH IDFLOLWDWHV WKH DVVRFLDWLRQ DQG GLVDVVRFLDWLRQ RI WKH FRPSOH[ DQG WKH
IRUPDWLRQ RI WK\PLG\ODWH G703 DQG GLK\GURIRODWH )OXRURXUDFLO LQKLELWV
WK\PLG\ODWH V\QWKHWDVH WKURXJK WKH FRYDOHQW ELQGLQJ RI IOXRURGHR[\XULGLQH
PRQRSKRVSKDWH)G803DQGP7+)7KHELQGLQJRI)G803LVGHSHQGHQWXSRQ
WKH LQWUDFHOOXODU FRQFHQWUDWLRQ RI P7+) 6LQFH OOHXFRYRULQ LV PHWDEROL]HG WR
P7+) LW LQFUHDVHV DQG VWDELOL]HV WKH ELQGLQJ RI )G803 WR WK\PLG\ODWH
V\QWKHWDVHWKXVLQFUHDVLQJWKHF\WRWR[LFHIIHFWVRIIOXRURXUDFLO

F
3KDUPDFRNLQHWLFV


$EVRUSWLRQ2UDOELRDYDLODELOLW\RIOHXFRYRULQLVFRQFHQWUDWLRQGHSHQGHQW
DQG VHYHUHO\ UHGXFHG ZLWK GRVHV JUHDWHU WKDQ  PJ 6WXGLHV KDYH
SURGXFHG ELRDYDLODELOLWLHV RI   DQG  IRU GRVHV RI  PJ
PJDQGPJUHVSHFWLYHO\


'LVWULEXWLRQ /HXFRYRULQ LV UDSLGO\ FRQYHUWHG WR P7+) DQG GLVWULEXWHG
ZLGHO\WRWLVVXHVLQFOXGLQJWKH&16'LVWULEXWLRQLVKRZHYHUVORZHGLQWKH
SUHVHQFHRIPHWKRWUH[DWHDVWKLVDJHQWFRPSHWHVZLWKERGLO\WLVVXHVIRU
OHXFRYRULQDQGDKLJKHUSHUFHQWDJHRIXQFKDQJHGGUXJLVH[FUHWHGLQ
WKHXULQHZKHQPHWKRWUH[DWHLVSUHVHQW


0HWDEROLVP 7KURXJK WKH LQWUDYHQRXV URXWH WKH DFWLYH LVRPHU RI
OHXFRYRULQOOHXFRYRULQLVSULPDULO\PHWDEROL]HGWKURXJKKHSDWLFPHDQV
WRP7+)7KHGLVRPHULVQRWPHWDEROL]HGQRUELRORJLFDOO\DFWLYH%\WKH
RUDO URXWH OHXFRYRULQ LV FRQYHUWHG WR P7+) SULPDULO\ E\ WKH LQWHVWLQDO
PXFRVD


(OLPLQDWLRQ WKH G LVRPHU LV SULPDULO\ H[FUHWHG XQFKDQJHG LQ WKH XULQH
ZKLOHWKHDFWLYHIRUPLVH[WHQVLYHO\PHWDEROL]HGE\LQWHVWLQDODQGKHSDWLF
PHDQV/HXFRYRULQKDVDKDOIOLIHRIDSSUR[LPDWHO\KRXUV


V LW LV
W LV
RI
RIIRUP\OG
IRUP\O
VWKH
WKH/
/LVRP
L
RUPDOSURFHVV
RUPDOSURFHVV
ZLWKGHR[\XUL
ZLWKGHR[\X

PHWK\OHQH
PHWK\OH
VVRFLDWLRQ DQG
VRFLDWLRQ DQG
G\ODWH G703
\ODWH G70
HWDVH WKURXJK
WDVH WKURX
)G803DQG
)G803DQG
DU FRQFHQWUDW
DU FRQFHQWU
QFUHDVHV DQ
QFUHDVHV DQ
VHWKXVLQFUHD
HWKXVLQFUHD
PDFRNLQHWLFV
PDFRNLQHWLFV

$EVR
$EVR
DQ
DQ



6

3DJH

9HUVLRQ'DWH

G
$GYHUVH(IIHFWV


+XPDQWR[LFLW\
x
*DVWURLQWHVWLQDO7R[LFLW\KDVEHHQVWXGLHGLQFRPELQDWLRQZLWK)8
ZKHUH GLDUUKHD GHK\GUDWLRQ DQG VWRPDWLWLV DUH DOO PRUH FRPPRQ
ZLWKWKHFRPELQDWLRQ
x
,PPXQRORJLFK\SHUVHQVLWLYLW\DQGDQDSK\OD[LVKDYHEHHQUHSRUWHG
x
(QGRFULQHK\SRFDOFHPLD


3UHJQDQF\DQG/DFWDWLRQ/HXFRYRULQLVFODVVLILHGDV)'$SUHJQDQF\ULVN
FDWHJRU\&1RDGHTXDWH KXPDQVWXGLHVKDYHH[DPLQHGWKHHIIHFWVRI
WKLVGUXJRQWKHIHWXV,WLVQRWNQRZQLIOHXFRYRULQLVH[FUHWHGLQWREUHDVW
PLON DQG WKHUHIRUH PRWKHUV UHFHLYLQJ WKH DJHQW VKRXOG FRQVLGHU
DOWHUQDWLYHPRGHVRIIHHGLQJ


'UXJ,QWHUDFWLRQV


'UXJ&ODVV
([DPSOHV
2XWFRPH
$QWL
PHWDEROLWHV
)8FDSHFLWDELQH
IOR[XULGLQH
(QKDQFHGWR[LFLW\
$QWLIRODWHV
0HWKRWUH[DWH
$QWDJRQLVWLFHIIHFWLIQRW
VHTXHQFHGSURSHUO\
$QWL
FRQYXOVDQWV
3KHQ\QWRLQSULPLGRQH
IRVSKHQ\WRLQ
EDUELWXDWHV
'HFUHDVHGHIILFDF\RIDQWL
FRQYXOVDQWPRQLWRUFORVHO\
H
$GPLQLVWUDWLRQ'RVLQJ6HHWUHDWPHQWSODQ6HFWLRQ

I
6WRUDJH6WDELOLW\


&RPSDWLELOLW\,QIRUPDWLRQOHXFRYRULQPD\EHGLOXWHLQ':':16
5LQJHU
VRUODFWDWHG5LQJHU
VVROXWLRQ


'UXJ KDQGOLQJ DQG FRPSDWLELOLW\  OHXFRYRULQ LV QRW FRQVLGHUHG DV
KD]DUGRXV VXEVWDQFH DQG DV VXFK PD\ EH SUHSDUHG LQ D ODPLQDU IORZ
KRRGXVLQJDVHSWLFWHFKQLTXH


6WRUHGU\ SRZGHUUHFRQVWLWXWHGVROXWLRQDQGWDEOHWV DWFRQWUROOHGURRP
WHPSHUDWXUH3URWHFWIURPOLJKW:KHQUHFRQVWLWXWHGZLWK%DFWHULRVWDWLF
:DWHU IRU ,QMHFWLRQ WKH UHVXOWLQJ VROXWLRQ PXVW EH XVHG ZLWKLQ VHYHQ
GD\V  ,I UHFRQVWLWXWHG ZLWK 6WHULOH:DWHU IRU ,QMHFWLRQ XVH LPPHGLDWHO\
DQG GLVFDUG DQ\ XQXVHG SRUWLRQ  'LOXWHG LQMHFWLRQV DUH VWDEOH IRU 
KRXUV

J
+RZ6XSSOLHG


/HXFRYRULQLVSURYLGHGDVERWKDSRZGHUDQGOLTXLGIRULQMHFWLRQ


/HXFRYRULQLVFRPPHUFLDOO\DYDLODEOHDQGVKRXOGWKHUHIRUHEHSXUFKDVHG
E\DWKLUGSDUW\7KLVGUXJZLOO127EHVXSSOLHGE\WKH1&,

'UXJ DFFRXQWDELOLW\ ZLOO QRW EH UHTXLUHG IRU OHXFRYRULQ DV LW LV
FRPPHUFLDOO\DYDLODEOH


'UXJ KDQGOLQJ DQG FRPSDWLELOLW\ OHXFRYRULQ LV QRW FRQVLGHUHG DV
KD]DUGRXV VXEVWDQFH DQG DV VXFK PD\ EH SUHSDUHG LQ D ODPLQDU
IORZKRRG XVLQJ DVHSWLF WHFKQLTXH /HXFRYRULQ ZLOO EH FRPPHUFLDOO\
SURYLGHGDQGVRGUXJDFFRXQWDELOLW\UHFRUGVZLOOQRWEHUHTXLUHGIRUWKLV
DJHQW

CLOSED EFFECTIVE 04/01/2015
HG
HJQDQF\ULVN
DQF\ULV
WKHHIIHFWVR
WKHHIIHFWV
FUHWHGLQWREUH
HWHGLQWREUH
W VKRXOG FRQ
VKRXOG FRQ
2XWFRPH
XWFRPH
4/0
(QKDQFHG
(QKDQFH
4/
0
$QWDJ
$QWD
VHT
VHT
04
0
SULPLGRQH
SULPLGRQH
RLQ
WHV
HV
E
IV
6HHWUHDWPHQW
HHWUHDWPH
ELOLW\,QIRUPDWLR
LOLW\,QIRUPDW
VRUODFWDWHG
VRUODFWDWHG
XJ KDQGOLQJ
XJ KDQGOLQJ
KD]DUGRXV VX
KD]DUGRX
KRRGXVLQJ
KRRGXVLQ

6WRUH
6WRUH
WHP
WHP
:
J
J


5HYLVHG
6

3DJH

9HUVLRQ'DWH


2[DOLSODWLQ(OR[DWLQ16&

D
'HVFULSWLRQ


2[DOLSODWLQ LVDWKLUGJHQHUDWLRQSODWLQXPDQDORJ2[DOLSODWLQFRQWDLQVD
EXON\ FDUULHU OLJDQG GLDPLQRF\FORKH[DQH '$&+ QRW SUHVHQW LQ
HLWKHUFLVSODWLQRUFDUERSODWLQ


0ROHFXODU)RUPXOD&+123W


0ROHFXODU:HLJKWJPRO

E
3KDUPDFRORJ\

0HFKDQLVP RI $FWLRQ 2[DOLSODWLQ LV D QRQFHOO F\FOH VSHFLILF DON\ODWLQJ
DQWLQHRSODVWLF DJHQW WKDW LQKLELWV '1$ V\QWKHVLV WKURXJK WKH IRUPDWLRQ RI
&URVVOLQNV EHWZHHQ WKH 1 SRVLWLRQV RI WZR DGMDFHQW JXDQLQHV ** DGMDFHQW
DGHQLQHJXDQLQHV $* DQG JXDQLQHV VHSDUDWHG E\ DQ LQWHUYHQLQJ QXFOHRWLGH
*1*7KHVHFURVVOLQNVLQKLELW'1$UHSOLFDWLRQDQGWUDQVFULSWLRQ

F
3KDUPDFRNLQHWLFV


$EVRUSWLRQ1$


'LVWULEXWLRQ R[DOLSODWLQ KDV D SURWHLQ ELQGLQJ RI  ZLWK ORQJHU LQ
YLWURH[SRVXUHOHDGLQJWRKLJKHUSURWHLQELQGLQJUDWHV,QDGGLWLRQLWKDV
EHHQ GHPRQVWUDWHG DSSUR[LPDWHO\  RI SODWLQXP LV WDNHQ XS E\
HU\WKURF\WHV6WHDG\VWDWHYROXPHRIGLVWULEXWLRQLVDSSUR[LPDWHO\/


0HWDEROLVP 2[DOLSODWLQ LV UDSLGO\ PHWDEROL]HG LQ SODVPD SULPDULO\ E\
ELRWUDQVIRUPDWLRQ 1R XQFKDQJHG R[DOLSODWLQ LV IRXQG  KRXUV DIWHU
DGPLQLVWUDWLRQ
2[DOLSODWLQ
GHPRQVWUDWHV
QR
F\WRFKURPH
3
PHWDEROLVP  NQRZQ PHWDEROLWHV RI R[DOLSODWLQ KDYH EHHQ LGHQWLILHG
PRQRFKORUR '$&+ SODWLQXP GLFKORUR '$&+ SODWLQXP DQG PRQR DQG
GLDTXR'$&+SODWLQXPDUHF\WRWR[LF


(OLPLQDWLRQ3ODWLQXPLVSUHGRPLQDWHO\H[FUHWHGWKURXJKWKHNLGQH\ZLWK
DFOHDUDQFHRI/KRXU(OLPLQDWLRQNLQHWLFVDUHWULSKDVLFZLWKDOSKD
EHWD DQG JDPPD KDOIOLYHV RI DSSUR[LPDWHO\   DQG  KRXUV
UHVSHFWLYHO\ $ YHU\ VPDOO  DPRXQW RI SODWLQXP LV H[FUHWHG LQ WKH
IHFHV

G
$GYHUVH(IIHFWV

5HIHUWRSDFNDJHLQVHUWRUPDQXIDFWXUHUZHEVLWHIRUWKHPRVWFRPSOHWHDQGXSWR
GDWH LQIRUPDWLRQ RQ FRQWUDLQGLFDWLRQV ZDUQLQJ DQG SUHFDXWLRQV DQG DGYHUVH
UHDFWLRQV


CLOSED EFFECTIVE 04/01/2015
LQ
Q
\FOH VSHFLILF
FOH VSHFLILF
WKURXJK
KURXJ
WKH
W
FHQW JXDQLQHV
HQW JXDQLQHV
HG E\ DQ LQWHU
E\ DQ LQ
QDQGWUDQVFULS
QDQGWUDQVFUL
KDV D SURWHLQ
KDV D SURWHLQ
JWRKLJKHUSU
JWRKLJKHU
HG DSSUR[LPD
HG DSSUR[LP
HDG\VWDWH
HDG\VWDWH YRORO
P 2[DOLSODWLQ
 2[DOLSODW
RUPDWLRQ 1R
RUPDWLRQ 1R
LVWUDWLRQ
2[
LVWUDWLRQ
DEROLVP
DEROLVP  N
 N
PRQRFKORUR '$
PRQRFKORUR '$
GLDTXR'$&
GLDTXR'$
(OLPLQD
(OLPL
DFOH
FOH
EH
EH
G
G
$


5HYLVHG
6

3DJH

9HUVLRQ'DWH





$GYHUVH(YHQWVZLWK3RVVLEOH
5HODWLRQVKLSWR2[DOLSODWLQ
&7&$(7HUP
>Q @


/LNHO\!
/HVV/LNHO\ 
5DUHEXW6HULRXV

%/22'$1'/<03+$7,&6<67(0',625'(56

$QHPLD




'LVVHPLQDWHGLQWUDYDVFXODU
FRDJXODWLRQ



)HEULOHQHXWURSHQLD



+HPRO\VLV




7KURPERWLFWKURPERF\WRSHQLF
SXUSXUD

&$5',$&',625'(56


$WULDOILEULOODWLRQ



$WULDOIOXWWHU



3DUR[\VPDODWULDOWDFK\FDUGLD



6LQXVEUDG\FDUGLD



6LQXVWDFK\FDUGLD



6XSUDYHQWULFXODUWDFK\FDUGLD



9HQWULFXODUDUUK\WKPLD



9HQWULFXODUILEULOODWLRQ



9HQWULFXODUWDFK\FDUGLD


($5$1'/$%<5,17+',625'(56


+HDULQJLPSDLUHG



0LGGOHHDULQIODPPDWLRQ


(<(',625'(56


&RQMXQFWLYLWLV



'U\H\H



(\HGLVRUGHUV2WKHUDPDXURVLV
IXJD[



CLOSED E
D EFFECTIVE 04/01/2015
15
015
15
015
15
015
15
01
20
201

1
01
01
201
/20
20
20
/20
/20
/20
/20
1/2
1/2
01/
1/2
1/2
1/2
01
/01
01
01
/0
/0
4/0
/0
/0
4/0
4
04/0
04
04/0
7KURPER
04/
XUSXUD
4/0
4/0
04
04
04
E 04
04
04
04
04
04
04
E 0
E 0
E 0
E 0
E 0
E 0
E
VE
VE 
E
VE
IVE
VE
OWDFK\FDUGLD
VE
VE
IV
TIV
\FDUGLD
IV
IV
TIV
CTIV
FK\FDUG
TIV
TIV
CT
CT
ECT
CT
DYHQWULFXODUWD
CT
CT
EC
EC
EC
EC
9HQWULFXODUDU
EC
EC
EC
E
FE
FE
FE
FEC
9HQWULFX
EC
EC
FE
FE
FE
FE
FE
FE
FE
9HQWULF
FE
FE
FE
FE
FE
FE
FE
FE
FE
FFE
/$%<5,17+'
FE
FE
FE
FE
FE
FE
FF
FF
FF
FF
FF
EF
EF
EF
EF
EF
(',625'(5
EF
EF
E
D E
D E
D E
D E
D E
D 
D


5HYLVHG
6

3DJH

9HUVLRQ'DWH

(<(',625'(56FRQWG


(\HGLVRUGHUV 2WKHUFROGLQGXFHG
WUDQVLHQWYLVXDODEQRUPDOLWLHV



(\HOLGIXQFWLRQGLVRUGHU



3DSLOOHGHPD


*$6752,17(67,1$/',625'(56


$EGRPLQDOSDLQ



$VFLWHV



&ROLWLV



&RQVWLSDWLRQ


'LDUUKHD




'U\PRXWK



'\VSHSVLD



'\VSKDJLD



(QWHURFROLWLV



(VRSKDJLWLV



)ODWXOHQFH



*DVWULWLV




*DVWURLQWHVWLQDOGLVRUGHUV±
2WKHUSQHXPDWRVLV
LQWHVWLQDOLV


*DVWURLQWHVWLQDOKHPRUUKDJH



*DVWURLQWHVWLQDOQHFURVLV



*DVWURLQWHVWLQDOXOFHU



,OHXV



0XFRVLWLVRUDO


1DXVHD




3DQFUHDWLWLV



6PDOOLQWHVWLQDOREVWUXFWLRQ


9RPLWLQJ



*(1(5$/',625'(56$1'$'0,1,675$7,216,7(&21',7,216


&KLOOV



(GHPDIDFH



(GHPDOLPEV


)DWLJXH




)HYHU



*DLWGLVWXUEDQFH



*HQHUDOGLVRUGHUVDQG
DGPLQLVWUDWLRQVLWHFRQGLWLRQV
2WKHU+HSDWRUHQDOV\QGURPH



CLOSED EFFECTIVE 04/01/2015
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
01
015
15
15
15
15
15
15
15
15
15
15
015
15
1
20
201
01
01
201
/20
/20
20
20
/20
/20
/2
/20
/20
/20
/2
1/
1/2
/2
/2
1/
01
01/
1/
1/
01
01
/0
/01
01
01
/0
4/0
4/0
/0
/0
4/0
04
04
04
04
04/
04/0
4/0
4/0
04
04/
04
04
04
04
04
04/
04
04
04/
04
04
04
04/
04/
04
04
04
04
04
04
04
04
04
04
04
04
04
0
E 0
E 0
E 0
E 0
VE
VE 0
E 0
E 0
VE 0
TIVE
VE
VE
VE
TI
CT
CTI
QWHVWLQDOKHPR
TI
TI
CT
EC
ECT
*DVWURLQWHVWLQ
CT
CT
EC
EC
EC
EC
*DVWURLQWHVWL
EC
EC
EC
E
FE
FE
FE
FE
FE
FEC
,OHX
EC
EC
FE
FE
FE
FE
FF
FFE
FE
FE
XFRV
FE
FE
FE
FE
FE
FFE
FF
FF
FF
FF
FF
FF
EF
EFF
FF
FF
EFF
EF
EF
EF
EF
E
D E
D E
9RPLWLQJ
E
D E
D 
*(1
D


5HYLVHG
6

3DJH

9HUVLRQ'DWH

*(1(5$/',625'(56$1'$'0,1,675$7,216,7(&21',7,216 FRQWG


,QMHFWLRQVLWHUHDFWLRQ



1RQFDUGLDFFKHVWSDLQ


+(3$72%,/,$5<',625'(56



&KROHF\VWLWLV


+HSDWLFIDLOXUH



+HSDWRELOLDU\GLVRUGHUV2WKHU
KHSDWLFHQODUJHPHQW



+HSDWRELOLDU\GLVRUGHUV2WKHU
YHQRRFFOXVLYHOLYHUGLVHDVH


,0081(6<67(0',625'(56


$OOHUJLFUHDFWLRQ


,1)(&7,216$1',1)(67$7,216


,QIHFWLRQ


,19(67,*$7,216

$FWLYDWHGSDUWLDOWKURPERSODVWLQ
WLPHSURORQJHG


$ODQLQH
DPLQRWUDQVIHUDVH
LQFUHDVHG





$ONDOLQHSKRVSKDWDVHLQFUHDVHG


$VSDUWDWH
DPLQRWUDQVIHUDVH
LQFUHDVHG




%ORRGELOLUXELQLQFUHDVHG



&UHDWLQLQHLQFUHDVHG



**7LQFUHDVHG



,15LQFUHDVHG



/\PSKRF\WHFRXQWGHFUHDVHG



1HXWURSKLOFRXQWGHFUHDVHG


3ODWHOHWFRXQW
GHFUHDVHG




:HLJKWJDLQ



:HLJKWORVV



:KLWHEORRGFHOOGHFUHDVHG



CLOSED EFFECTIVE 04/01/2015
15
15
15
15
15
15
15
15
15
15
15
15
015
015
15
15
15
15
15
15
15
15
15
15
015
15
15
15
15
01
015
15
15
15
015
015
15
15
15
15
015
15
1
/20
201
01
01
/2 1
/01/
1/2
/2
/2
/01
/01
4/01
/01
/01
4/0
4/0
4/
4/0
4/0
4/0
4/
4
04/
4/
4/
04
04
04
04
04
04
04
04
04
04
04
04
04
04
04
04
E 0
E 04
04
04
04
04
04
04
E 0
VE 0
ERSODVWL
VE 0
E 0
E 0
VE 0
VE
CTIV
IVE
TIVE
VE
CT
ECT
OLQHSKRVSKDW
CT
CT
EC
E
FEC
EC
EC
EC
FE
FE
FFE
FE
VH
FE
FFE
F
EF
EFF
FF
FF
EFF
EF
EF
EF
EF
EF
EF
EF
EF
E
D E
D E
D E
D 
D E
D


5HYLVHG
6

3DJH

9HUVLRQ'DWH

0(7$%2/,60$1'1875,7,21',625'(56


$FLGRVLV



$QRUH[LD



'HK\GUDWLRQ



+\SHUJO\FHPLD



+\SHUXULFHPLD



+\SRDOEXPLQHPLD



+\SRFDOFHPLD



+\SRJO\FHPLD



+\SRNDOHPLD



+\SRPDJQHVHPLD



+\SRQDWUHPLD



+\SRSKRVSKDWHPLD


086&8/26.(/(7$/$1'&211(&7,9(7,668(',625'(56


$UWKUDOJLD



%DFNSDLQ



%RQHSDLQ



0\DOJLD



7ULVPXV


1(592866<67(0',625'(56


$WD[LD



'HSUHVVHGOHYHORIFRQVFLRXVQHVV



'L]]LQHVV



'\VJHXVLD



'\VSKDVLD



([WUDS\UDPLGDOGLVRUGHU



+HDGDFKH



,QWUDFUDQLDOKHPRUUKDJH



,VFKHPLDFHUHEURYDVFXODU



1HUYHGLVRUGHU



1HUYRXVV\VWHPGLVRUGHUV2WKHU
PXOWLSOHFUDQLDOQHUYHSDOVLHV


3HULSKHUDOPRWRUQHXURSDWK\
3HULSKHUDOVHQVRU\
QHXURSDWK\




6HL]XUH


36<&+,$75,&',625'(56


$Q[LHW\



&RQIXVLRQ



'HSUHVVLRQ



,QVRPQLD


CLOSED E
D E
D EFFECTIVE 04/01/2015
15
15
15
15
15
15
15
15
15
15
15
15
015
15
15
15
15
15
15
15
15
15
015
15
15
15
1
01
01
015
015
15
15
15
15
01
20
201
01
01
20
20
/20
/20
20
20
/20
/2
1/2
/2
/2
1/2
1/2
1/
1/2
1/2
1/2
01/
01
01/
01/
01/
01
/01
01
01
/0
04/0
4/0
5'(56
/0
/0
04/
04
04
04
04
04/
04
04
04/
04
04
04
04
04/
04/
04
04
04
04
04
04
04
04
04
04
04
04
04
0
E 0
E 0
E 0
E 0
VE
VE 
E
VE
VE
VE
VE
VE
IV
IVE
VE
VE
IV
TIV
TIV
IV
IV
TIV
TIV
CT
CTIV
HGOHYHORIFR
TIV
TIV
CT
CT
LQ
CT
CT
EC
EC
EC
'\VJHXVLD
EC
EC
EC
E
FE
FE
FE
FEC
'\VSKDV
EC
EC
FE
FE
FE
FE
FE
FE
FE
FE
FE
FE
FE
([WUDS\
FE
FE
FE
FE
FE
FE
FE
FE
FE
FE
FF
FFE
FE
FE
FE
FE
FE
FE
FE
FE
FFE
FF
FF
FF
FF
FF
FF
EF
EF
EF
EF
EF
EF
EF
E
D


5HYLVHG
6

3DJH

9HUVLRQ'DWH

5(1$/$1'85,1$5<',625'(56


$FXWHNLGQH\LQMXU\


+HPDWXULD



5HQDOKHPRUUKDJH



8ULQDU\IUHTXHQF\



8ULQDU\UHWHQWLRQ


5(352'8&7,9(6<67(0$1'%5($67',625'(56


+HPDWRVDOSLQ[



2YDULDQKHPRUUKDJH



3URVWDWLFKHPRUUKDJH



6SHUPDWLFFRUGKHPRUUKDJH


7HVWLFXODUKHPRUUKDJH

8WHULQHKHPRUUKDJH



9DJLQDOKHPRUUKDJH


5(63,5$725<7+25$&,&$1'0(',$67,1$/',625'(56


$GXOWUHVSLUDWRU\GLVWUHVV
V\QGURPH

$OOHUJLF UKLQLWLV

%URQFKRSXOPRQDU\KHPRUUKDJH



%URQFKRVSDVP



&RXJK



'\VSQHD



+LFFXSV



3QHXPRQLWLV



3XOPRQDU\ILEURVLV



6LQXVGLVRUGHU



9RLFHDOWHUDWLRQ


6.,1$1'68%&87$1(2867,668(',625'(56


$ORSHFLD



'U\VNLQ



+\SHUKLGURVLV



3DOPDUSODQWDU
HU\WKURG\VHVWKHVLDV\QGURPH


3UXULWXV



5DVKPDFXORSDSXODU



8UWLFDULD


CLOSED EFF
EF
EFFECTIVE 04/01/2015
15
15
15
15
15
15
15
15
15
15
15
15
15
015
015
15
15
15
15
15
15
15
15
15
15
15
015
15
15
15
01
01
015
015
15
15
01
01
20
201
01
01
201
20
/20
/20
20
20
/20
1/2
1/2
/2
/2
1/2
1/2
01/
1/2
1/2
1/2
01
/0
/01
01
01
/0
4/0
4/0
/0
/0
4/0
4
04
04
04
04/0
4/0
4/0
04
04/
04
04
04/
625'(56
04
04
04
04
04/
04/
04
04
E 04
04
04
$G
0
V\
04
04
04
04
04
04
E 04
0
VE 
VE 0
E 0
E 0
VE
IVE
VE
HPRUUKDJH
VE
VE
IV
TIV
VP
IV
IV
TIV
TI
TIV
TIV
TIV
TI
CT
QHD
TI
TI
CT
CT
CT
XS
CT
CT
C
EC
3QHXPRQLWLV
C
EC
E
FE
FE
FEC
FE
FE
FEC
3XOPRQDU\
EC
EC
FE
FE
FE
FE
FE
FE
FE
FE
FE
6LQXVG
FE
FE
FE
FE
FE
FE
FE
FE
FE
FE
FF
FFE
FE
FE
FE
LF
FE
FE
FE
FE
FE
FFE
FF
FF
'68%&87$
FF
FF
FF
FF
FF
EF
EF
EF
EF
EF
E
D E
D E
D E
D 
D E
D E
D E
D


5HYLVHG
6

3DJH

9HUVLRQ'DWH

9$6&8/$5',625'(56


)OXVKLQJ



+RWIODVKHV



+\SHUWHQVLRQ



+\SRWHQVLRQ



3KOHELWLV



7KURPERHPEROLFHYHQW



9DVFXODUGLVRUGHUV2WKHU
KHPRUUKDJHZLWK
WKURPERF\WRSHQLD



7KLVWDEOHZLOOEHXSGDWHGDVWKHWR[LFLW\SURILOHRIWKHDJHQWLVUHYLVHG

*DVWURLQWHVWLQDOKHPRUUKDJHLQFOXGHV$QDOKHPRUUKDJH&HFDOKHPRUUKDJH
&RORQLF KHPRUUKDJH 'RXGHQDO KHPRUUKDJH (VRSKDJHDO KHPRUUKDJH
(VRSKDJHDO YDULFHV KHPRUUKDJH *DVWULF KHPRUUKDJH +HPRUUKRLGDO
KHPRUUKDJH ,OHDO KHPRUUKDJH ,QWUDDEGRPLQDO KHPRUUKDJH -HMXQDO
KHPRUUKDJH
/RZHU
JDVWURLQWHVWLQDO
KHPRUUKDJH
2UDO
KHPRUUKDJH
3DQFUHDWLF KHPRUUKDJH 5HFWDO KHPRUUKDJH 5HWURSHULWRQHDO KHPRUUKDJH
DQG 8SSHU JDVWURLQWHVWLQDO KHPRUUKDJH XQGHU WKH *$6752,17(67,1$/
',625'(5662&

*DVWURLQWHVWLQDO QHFURVLV LQFOXGHV $QDO QHFURVLV (VRSKDJHDO QHFURVLV
*DVWULF QHFURVLV 3DQFUHDWLF QHFURVLV 3HULWRQHDO QHFURVLV DQG 5HFWDO
QHFURVLVXQGHUWKH*$6752,17(67,1$/',625'(5662&

*DVWURLQWHVWLQDO XOFHU LQFOXGHV $QDO XOFHU &RORQLF XOFHU 'XRGHQDO XOFHU
(VRSKDJHDOXOFHU*DVWULFXOFHU,OHDOXOFHU-HMXQDOXOFHU5HFWDOXOFHUDQG
6PDOOLQWHVWLQHXOFHUXQGHUWKH*$6752,17(67,1$/',625'(5662&

,QIHFWLRQ LQFOXGHV DOO  VLWHV RI LQIHFWLRQ XQGHU WKH ,1)(&7,216 $1'
,1)(67$7,21662&

1HUYHGLVRUGHULQFOXGHV$EGXFHQVQHUYHGLVRUGHU$FFHVVRU\QHUYHGLVRUGHU
$FRXVWLFQHUYHGLVRUGHU126)DFLDOQHUYHGLVRUGHU*ORVVRSKDU\QJHDOQHUYH
GLVRUGHU+\SRJORVVDOQHUYHGLVRUGHU,9WKQHUYHGLVRUGHU2FXORPRWRUQHUYH
GLVRUGHU 2OIDFWRU\ QHUYH GLVRUGHU 7ULJHPLQDO QHUYH GLVRUGHU DQG 9DJXV
QHUYHGLVRUGHUXQGHUWKH1(592866<67(0',625'(5662&

*DVWURLQWHVWLQDO
SHUIRUDWLRQ
LQFOXGHV
&RORQLF
SHUIRUDWLRQ
'XRGHQDO
SHUIRUDWLRQ (VRSKDJHDO SHUIRUDWLRQ *DVWULF SHUIRUDWLRQ ,OHDO SHUIRUDWLRQ
-HMXQDOSHUIRUDWLRQ5HFWDOSHUIRUDWLRQDQG6PDOOLQWHVWLQDOSHUIRUDWLRQXQGHU
WKH*$6752,17(67,1$/',625'(5662&

$OVR UHSRUWHG RQ R[DOLSODWLQ WULDOV EXW ZLWK WKH UHODWLRQVKLS WR R[DOLSODWLQ
VWLOOXQGHWHUPLQHG

&$5',$& ',625'(56  +HDUW IDLOXUH /HIW YHQWULFXODU V\VWROLF G\VIXQFWLRQ
0\RFDUGLDOLQIDUFWLRQ3HULFDUGLDOHIIXVLRQ
(<(',625'(56(\HSDLQ
*$6752,17(67,1$/',625'(56*DVWURLQWHVWLQDOSHUIRUDWLRQ
,1-85< 32,621,1* $1' 35&('85$/ &203/,&$7,216 ± ,QMXU\ WR
VXSHULRUYHQDFDYD9DVFXODUDFFHVVFRPSOLFDWLRQ
,19(67,*$7,216  &DUGLDF WURSRQLQ , LQFUHDVHG /LSDVH LQFUHDVHG 6HUXP
DP\ODVHLQFUHDVHG



CLOSED EFFECTIVE 04/01/2015
15
15
15
15
15
15
15
15
15
15
15
015
015
015
015
15
015
015
15
15
15
15
15
15
015
015
015
15
01
01
01
01
01
01
01
01
01
01
01
01
01
01
01
01
/20
201
01
01
01
01
01
01
01
01
/2
/201
HQWLVUHYLVHG
WLVUHYLVHG
JH&HFDOKHP
JH&HFDOKH
(VRSKDJHDO K
(VRSKDJHDO K
KHPRUUKDJH
PRUUKDJH
RPLQDO KHPR
PLQDO KHPR
HPRUUKDJH
UUKDJH
KDJH 5HWURSH
DJH 5HWURS
JH XQGHU WKH
XQGHU
HV $QDO QHFU
V $QD
QHFURVLV 3H
HFURVLV 3
17(67,1$/'
67,1$/
XGHV $QDO XO
XGHV $QDO
ULFXOFHU,OHDO
ULFXOFHU,OHD
QGHUWKH*$6
QGHUWKH*$
DOO  VLWHV
DOO  VLWH
62&
62
ULQFOXGHV$EG
ULQFOXGHV$E
UYHGLVRUGHU1
UYHGLVRUGHU1
+\SRJORVVDOQ
+\SRJORVVDO
HU 2OIDFWRU\
U 2OIDFWRU\
HGLVRUGHUXQG
HGLVRUGHUXQG
DVWURLQWHVWLQDO
DVWURLQWHVWLQ
SHUIRUDWL
SHUIRUDW RQ
-HMXQDOSH
-HMXQDOS
WKH*$6
WKH*$6
$OVR UH
$OV
VWLOO
WL


6

3DJH

9HUVLRQ'DWH

0(7$%2/,60 $1' 1875,7,21 ',625'(56  +\SHUFDOFHPLD 7XPRU O\VLV
V\QGURPH
086&2/26.(/(7$/
$1'
&211(&7,9(
7,668(
',625'(56

*HQHUDOL]HGPXVFOHZHDNQHVV
1(592866<67(0',625'(56±6\QFRSH
5(63,5$725<7+25$5,&$1'0(',$67,1$/',625'(56±+\SR[LD
9$6&8/$5',625'(569LVFHUDODUWHULDOLVFKHPLD

1RWH  2[DOLSODWLQ LQ FRPELQDWLRQ ZLWK RWKHU DJHQWV FRXOG FDXVH DQ
H[DFHUEDWLRQ RI DQ\ DGYHUVH HYHQW FXUUHQWO\ NQRZQ WR EH FDXVHG E\ WKH
RWKHU DJHQW RU WKH FRPELQDWLRQ PD\ UHVXOW LQ HYHQWV QHYHU SUHYLRXVO\
DVVRFLDWHGZLWKHLWKHUDJHQW


3UHJQDQF\ DQG /DFWDWLRQ 2[DOLSODWLQ PD\ FDXVH IHWDO KDUP ZKHQ
DGPLQLVWHUHGWRDSUHJQDQWZRPDQ)'$SUHJQDQF\ULVNFDWHJRU\',Q
DQLPDO
VWXGLHV
R[DOLSODWLQ
DW
GRVHV
OHVV
WKDQ
RQHWHQWK
WKH
UHFRPPHQGHG KXPDQ GRVH EDVHG RQ ERG\ VXUIDFH DUHD FDXVHG
GHYHORSPHQWDOPRUWDOLW\DQGDGYHUVHO\DIIHFWHGIHWDOJURZWKGHFUHDVHG
IHWDOZHLJKWGHOD\HGRVVLILFDWLRQ,IWKLVGUXJLVXVHGGXULQJSUHJQDQF\
RU LI WKH SDWLHQW EHFRPHV SUHJQDQW ZKLOH WDNLQJ WKLV GUXJ WKH SDWLHQW
VKRXOGEHFRXQVHOHGUHJDUGLQJWKHSRWHQWLDOULVNVWRWKHIHWXV)HPDOHV
RIFKLOGEHDULQJSRWHQWLDOVKRXOGDYRLGEHFRPLQJSUHJQDQWZKLOHUHFHLYLQJ
WUHDWPHQWZLWKR[DOLSODWLQ,WLVXQNQRZQZKHWKHUR[DOLSODWLQLVH[FUHWHGLQ
EUHDVW PLON 7KHUHIRUH DOWHUQDWLYH PHDQV WR IHHGLQJ RU GHOD\LQJ
WUHDWPHQWVKRXOGEHFRQVLGHUHG


'UXJ,QWHUDFWLRQV
'UXJ
&ODVV
([DPSOHV
2XWFRPH
%ORRG
WKLQQLQJ
DJHQWV
16$,'6SODWHOHW
LQKLELWRUVVDOLF\ODWHV
VWURQWLXPFKORULGH
WKURPERO\WLFVZDUIDULQ
,QFUHDVHGULVNRIKHPRUUKDJH
*URZWK
IDFWRUV
*&6)*0&6)3(*
*&6)
,QFUHDVHGERQHPDUURZ
VXSSUHVVLRQLIXVHGRXWVLGHRI
UHFRPPHQGHGWLPHOLQHV
9DFFLQHV
$Q\OLYHYDFFLQHLH
URWDYLUXV
3RWHQWLDOIRULQIHFWLRQZLWKOLYH
YLUXV

=DOFLWDELQH
,QFUHDVHGULVNRIQHXURSDWK\
H
$GPLQLVWUDWLRQ'RVLQJ6HHWUHDWPHQWSODQ6HFWLRQ

I
6WRUDJH6WDELOLW\


&RPSDWLELOLW\ 2[DOLSODWLQ LV LQFRPSDWLEOH LQ D VROXWLRQ ZLWK DONDOLQH
PHGLFDWLRQVRUGLOXHQWVVXFKDVEDVLFVROXWLRQVRI)8DQGPXVWQRW
EH PL[HG ZLWK WKHVH RU DGPLQLVWHUHG VLPXOWDQHRXVO\ WKURXJK WKH VDPH
LQIXVLRQ OLQH 7KH LQIXVLRQ OLQH VKRXOG EH IOXVKHG ZLWK ': SULRU WR
DGPLQLVWUDWLRQ RI DQ\ FRQFRQPLQDQW PHGLFDWLRQV 2QO\ ': LV
DFFHSWDEOHIRUGLOXWLRQ$OXPLQXPQHHGOHVRULYVHWVVKRXOGQRWEHXVHG
DVGHJUDGDWLRQRISODWLQXPPD\RFFXU


6SHFLDO +DQGOLQJ R[DOLSODWLQ LV D F\WRWR[LF GUXJ DQG DSSURSULDWH
SURFHGXUHVIRUKDQGOLQJSUHSDULQJDQGDGPLQLVWHULQJWKHGUXJVKRXOGEH
IROORZHG

CLOSED EFFECTIVE 04/01/2015
DXVH DQ
DXVH DQ
XVHG E\ WKH
VHG E\ WK
HU SUHYLRXVO
U SUHYLRXV
VH IHWDO KDUP
IHWDO KDU
DQF\ULVNFDWH
QF\ULVNFDW
HVV
WKDQ
RQ
VV
WKDQ
ERG\ VXUIDFH
ERG\ VXUIDF
DIIHFWHGIHWDOJ
FWHGIHW
KLVGUXJLVXV
KLVGUXJLVXV
W ZKLOH WDNLQJ
ZKLOH WDN
KHSRWHQWLDOUL
KHSRWHQWLDO
GDYRLGEHFRP
DYRLGEHFRP
VXQNQRZQZK
VXQNQRZQ
DOWHUQDWLYH P
HUQDWLYH P
VLGHUHG
VLGHUHG
DPSOHV
DPSOHV
TI
J
J
QWVWV
16$,'6SO
16$,'6
LQKLELWRUV
LQKLELWRUV
VWURQWL
VWURQ
WKUR
WKUR
CT
FE
*URZWK
*URZWK
IDFWRUV
IDFWRUV
*
FE
FE
FE
EFFE
9DFFL
9DF
EF
EF
EF
E
H
H
$GPL
$G
II


6

3DJH

9HUVLRQ'DWH


6WRUH WKH LQWDFW YLDOV DW FRQWUROOHG URRP WHPSHUDWXUH ([FXUVLRQV
SHUPLWWHG WR & WR & ) WR ) QRW H[FHHGLQJ &
5HFRQVWLWXWHG VROXWLRQ LQ  'H[WURVH RU :DWHU IRU ,QMHFWLRQ LQ WKH
RULJLQDOYLDOWKHVROXWLRQPD\EHVWRUHGIRUXSWRKRXUVEHWZHHQq&
WRq&q)q),QIXVLRQVROXWLRQDIWHUGLOXWLRQLQ'H[WURVHLQ
:DWHUWKHVKHOIOLIHLVKRXUVDWq&WRq&q)q)

J
+RZ6XSSOLHG


2[DOLSODWLQLVFRPPHUFLDOO\DYDLODEOHDQGVKRXOGWKHUHIRUHEHSXUFKDVHG
E\DWKLUGSDUW\7KLVGUXJZLOO127EHVXSSOLHGE\WKH1&,

'UXJ DFFRXQWDELOLW\ ZLOO QRW EH UHTXLUHG IRU R[DOLSODWLQ DV LW LV
FRPPHUFLDOO\DYDLODEOH


67$*,1*&5,7(5,$

6WDJLQJFULWHULDDUHQRWDSSOLFDEOHWRWKLVVWXG\



CLOSED EFFECTIVE 04/01/2015
HSXUFKDVHG
HSXUFKDVH
&,

[DOLSODWLQ
DOLSODWLQ
DV
DV


5HYLVHG
6
5HYLVHG
3DJH
5HYLVHG
9HUVLRQ'DWH



(/,*,%,/,7<&5,7(5,$

(DFKRIWKHFULWHULDLQWKHIROORZLQJVHFWLRQPXVWEHPHWLQRUGHUIRUDSDWLHQWWREHFRQVLGHUHGHOLJLEOHIRU
UHJLVWUDWLRQ8VHWKHVSDFHVSURYLGHGWRFRQILUPDSDWLHQW
VHOLJLELOLW\)RUHDFKFULWHULRQUHTXLULQJWHVW
UHVXOWVDQGGDWHVSOHDVHUHFRUGWKLVLQIRUPDWLRQRQWKH3UHVWXG\)RUPDQGVXEPLWWRWKH'DWD2SHUDWLRQV
&HQWHU LQ 6HDWWOH VHH 6HFWLRQ   $Q\ SRWHQWLDO HOLJLELOLW\ LVVXHV VKRXOG EH DGGUHVVHG WR WKH 'DWD
2SHUDWLRQV&HQWHULQ6HDWWOHDWSULRUWRUHJLVWUDWLRQ

,QFDOFXODWLQJGD\VRIWHVWVDQGPHDVXUHPHQWVWKHGD\DWHVWRUPHDVXUHPHQWLVGRQHLVFRQVLGHUHG'D\
7KHUHIRUHLIDWHVWLVGRQHRQD0RQGD\WKH0RQGD\ZHHNVODWHUZRXOGEHFRQVLGHUHG'D\7KLV
DOORZV IRU HIILFLHQW SDWLHQW VFKHGXOLQJ ZLWKRXW H[FHHGLQJ WKH JXLGHOLQHV  ,I 'D\  RU  IDOOV RQ D
ZHHNHQGRUKROLGD\WKHOLPLWPD\EHH[WHQGHGWRWKHQH[WZRUNLQJGD\

6:2*3DWLHQW1R
3DWLHQW¶V,QLWLDOV/)0

'LVHDVH5HODWHG&ULWHULD

D
3DWLHQWV PXVW KDYH XQUHVHFWDEOH DGYDQFHG RU PHWDVWDWLF KLVWRORJLFDOO\ RU
F\WRORJLFDOO\ FRQILUPHG DGHQRFDUFLQRPD RI WKH HVRSKDJXV VWRPDFK RU
JDVWURHVRSKDJHDOMXQFWLRQ*(-3DWLHQWVPXVWQRWKDYHUHFHLYHGWUHDWPHQWIRU
PHWDVWDWLFRUXQUHVHFWDEOHGLVHDVHRUKDYHEUDLQPHWDVWDVHV

E
3DWLHQWV PXVW KDYH PHDVXUDEOH DQGRU QRQPHDVXUDEOH GLVHDVH DV GHILQHG LQ
6HFWLRQ&7VFDQVRU05,VXVHGWRDVVHVVPHDVXUDEOHGLVHDVHPXVWKDYH
EHHQFRPSOHWHGZLWKLQGD\VSULRUWRUHJLVWUDWLRQ&7VFDQVRU05,VXVHGWR
DVVHVVQRQPHDVXUDEOHGLVHDVHPXVWKDYHEHHQFRPSOHWHGZLWKLQGD\VSULRU
WRUHJLVWUDWLRQ$OOGLVHDVHPXVWEHDVVHVVHGDQGGRFXPHQWHGRQWKH%DVHOLQH
7XPRU$VVHVVPHQW)RUP5(&,67

F
3DWLHQWVZKRKDYHKDG+(5H[SUHVVLRQWHVWLQJSULRUWRUHJLVWUDWLRQWRWKLVVWXG\
PXVW EH +(5 QHJDWLYH ,I +(5 H[SUHVVLRQ KDV QRW EHHQ WHVWHG SULRU WR
UHJLVWUDWLRQ WR WKLV VWXG\ WLVVXH VSHFLPHQ PXVW EH VXEPLWWHG IRU +(5
H[SUHVVLRQVHH6HFWLRQDF,IWKHVSHFLPHQLV+(5SRVLWLYHRULI+(5
FRXOGQRWEHHYDOXDWHGWKHSDWLHQWZLOOQRWEHUDQGRPL]HG

G
3DWLHQWV PXVW KDYH FRPSOHWHG DQ\ SULRU QHRDGMXYDQW DQG DGMXYDQW WKHUDS\ IRU
UHVHFWDEOHGLVHDVHDWOHDVWGD\VSULRUWRUHJLVWUDWLRQ


6SHFLPHQ6XEPLVVLRQ

D
3DWLHQWV PXVW KDYH WXPRU DYDLODEOH IRU VXEPLVVLRQ WR DVVHVV (5&& VHH
6HFWLRQ  ,I (5&& RU +(5 LI QRW DOUHDG\ SHUIRUPHG FDQQRW EH
HYDOXDWHGIURPWKHVXEPLWWHGVSHFLPHQVLWHVZLOOEHQRWLILHGDQGWKHSDWLHQWZLOO
QRWEHUDQGRPL]HG

E
3DWLHQWVPXVWEHJLYHQWKHRSSRUWXQLW\WRFRQVHQWWRWKHRSWLRQDOVXEPLVVLRQRI
ZKROH EORRG OHIWRYHU WLVVXH IURP (5&& DQG +(5 WHVWLQJ DQG DGGLWLRQDO
WLVVXHLIDYDLODEOHIRUIXWXUHUHVHDUFKDVRXWOLQHGLQ6HFWLRQDQG
CLOSED EFFECTIVE 04/01/2015
WD
GHUHG'D\
HUHG'D\
'D\7KLV
'D\7K
 IDOOV RQ
 IDOOV RQ
FHG RU PHWD
G RU PH
D RI WKH H
D RI WKH
HQWVPXVWQRW
HQWVPXVWQRW
UKDYHEUDLQP
UKDYHEUDLQ
H DQGRU QRQ
DQGRU QRQ
5,VXVHGWRD
5,VXVHGWR
GD\VSULRUWR
GD\VSULRU
GLVHDVHPXVW
GLVHDVHPXV
HDVHPXVWEH
HDVHPXVWE
W)RUP5(&,6
)RUP5(&
DYHKDG+(5
DYHKDG+(
(5
(5 QHJDWLYH
 QHJDWLYH
RQ WR WKLV VW
RQ WR WKLV VW
VLRQVHH
VLRQVHH6HF
6
F
GQRWEHHYDOX
GQRWEHHYDOX
3DWLHQWV PXV
DWLHQWV PXV
UHVHFWDEOH
HFWDEOH
6SHFLPHQ6X
6SHFLPHQ6
D
D
3
O E


5HYLVHG
6
5HYLVHG
3DJH

9HUVLRQ'DWH

6:2*3DWLHQW1R
3DWLHQW¶V,QLWLDOV/)0

&OLQLFDO/DERUDWRU\&ULWHULD

D
3DWLHQWVPXVWKDYHD=XEURGSHUIRUPDQFHVWDWXVRI6HH6HFWLRQ

E
3DWLHQWV PXVW KDYH DGHTXDWH KHPDWRORJLF IXQFWLRQ DV HYLGHQFHG E\ DOO RI WKH
IROORZLQJ ZLWKLQ  GD\V SULRU WR UHJLVWUDWLRQ KHPRJORELQ   JG/ $1& 
PF/SODWHOHWVPF/

F
3DWLHQWVPXVWKDYHDGHTXDWHKHSDWLFIXQFWLRQDVHYLGHQFHGE\DOORIWKHIROORZLQJ
ZLWKLQ  GD\V SULRU WR UHJLVWUDWLRQ WRWDO ELOLUXELQ   PJG/ UHJDUGOHVV RI
ZKHWKHUSDWLHQWVKDYHOLYHULQYROYHPHQWVHFRQGDU\WRWXPRU$67DQG$/7ERWK
 [ ,QVWLWXWLRQDO 8SSHU /LPLW RI 1RUPDO ,8/1 XQOHVV WKH OLYHU LV LQYROYHG ZLWK
WXPRULQZKLFKFDVHERWK$67DQG$/7PXVWEH[,8/1

G
3DWLHQWVPXVWKDYHDGHTXDWHNLGQH\IXQFWLRQDVHYLGHQFHGE\DWOHDVW21(RI
WKHIROORZLQJ
x
6HUXPFUHDWLQLQHPJG/ZLWKLQGD\VSULRUWRUHJLVWUDWLRQ
x
&DOFXODWHG FUHDWLQLQH FOHDUDQFH !  POPLQ 7KH VHUXP FUHDWLQLQH YDOXH
XVHG LQ WKH FDOFXODWLRQ PXVW KDYH EHHQ REWDLQHG ZLWKLQ  GD\V SULRU WR
UHJLVWUDWLRQ

&DOFXODWHGFUHDWLQLQHFOHDUDQFH ±DJH[ZWNJ[>LIIHPDOH@
[FUHDWLQLQHPJG/

H
3UHVWXG\ KLVWRU\ DQG SK\VLFDO PXVW EH REWDLQHG ZLWKLQ  GD\V SULRU WR
UHJLVWUDWLRQ

I
3DWLHQWVPXVWQRWKDYHPRWRURUVHQVRU\QHXURSDWK\ !*UDGH XVLQJ&7&$(
9HUVLRQ

J
3DWLHQW PXVW KDYH QR SODQV WR UHFHLYH FRQFXUUHQW FKHPRWKHUDS\ KRUPRQDO
WKHUDS\UDGLRWKHUDS\LPPXQRWKHUDS\RUDQ\RWKHUW\SHRIWKHUDS\IRUWUHDWPHQW
RIFDQFHUZKLOHRQWKLVSURWRFROWUHDWPHQW$OOSDOOLDWLYHUDGLDWLRQWKHUDS\DORQH
PXVWEHFRPSOHWHGDWOHDVWGD\VSULRUWRUHJLVWUDWLRQ

K
'XHWRWKHSRVVLELOLW\RIKDUPWRDIHWXVRUQXUVLQJLQIDQWSDWLHQWVPXVWQRWEH
SUHJQDQW RU QXUVLQJ  :RPHQ DQG PHQ RI UHSURGXFWLYH SRWHQWLDO PXVW KDYH
DJUHHGWRXVHDQHIIHFWLYHFRQWUDFHSWLYHPHWKRG$ZRPDQLVFRQVLGHUHGWREH
RIUHSURGXFWLYHSRWHQWLDOLIVKHKDVKDGPHQVHVDWDQ\WLPHLQWKHSUHFHGLQJ
FRQVHFXWLYH PRQWKV,Q DGGLWLRQ WR URXWLQH FRQWUDFHSWLYH PHWKRGV HIIHFWLYH
FRQWUDFHSWLRQDOVR LQFOXGHV KHWHURVH[XDO FHOLEDF\ DQG VXUJHU\ LQWHQGHG WR
SUHYHQWSUHJQDQF\RUZLWKDVLGHHIIHFWRISUHJQDQF\SUHYHQWLRQGHILQHGDVD
K\VWHUHFWRP\ ELODWHUDO RRSKRUHFWRP\ RU ELODWHUDO WXEDO OLJDWLRQ +RZHYHU LI DW
DQ\SRLQWDSUHYLRXVO\FHOLEDWHSDWLHQWFKRRVHVWREHFRPHKHWHURVH[XDOO\DFWLYH
GXULQJWKHWLPHSHULRGIRUXVHRIFRQWUDFHSWLYHPHDVXUHVRXWOLQHGLQWKHSURWRFRO
KHVKHLVUHVSRQVLEOHIRUEHJLQQLQJFRQWUDFHSWLYHPHDVXUHV

L
1RRWKHUSULRUPDOLJQDQF\LVDOORZHGH[FHSWIRUWKHIROORZLQJDGHTXDWHO\WUHDWHG
EDVDO FHOO RU VTXDPRXV FHOO VNLQ FDQFHU LQ VLWX FHUYLFDO FDQFHU DGHTXDWHO\
WUHDWHG 6WDJH , RU ,, FDQFHU IURP ZKLFK WKH SDWLHQW LV FXUUHQWO\ LQ FRPSOHWH
UHPLVVLRQRUDQ\RWKHUFDQFHUIURPZKLFKWKHSDWLHQWKDVEHHQGLVHDVHIUHHIRU
ILYH\HDUV
CLOSED EFFECTIVE 04/01/2015
DOO RI WKH
DOO RI WKH
G/ $1& 
G/ $1&
\DOORIWKHIROO
DOORIWKHIRO
PJG/ UHJDU
JG/ UHJDU
PRU$67DQG
PRU$67DQG
V WKH OLYHU LV
WKH OLYHU
[,8/1
[,8/1
DVHYLG
DVHYLGHQFHG
HQFHG
QGD\VSULR
QGD\VSULR
!  POPLQ
!  POP
KDYH EHHQ R
YH EHHQ R
DQFH 
DQFH

 ±
TI
DQG SK\VLFDO
DQG SK\VLF
XVWQRWKDYHP
VWQRWKDYHP


HQW
QW PXVW KDY
PXVW KDY
HUDS\UDGLRWK
HUDS\UDGLR
RIFDQFHUZK
IFDQFHUZK
PXVWEHFR
VWEHFR
K
K
'XH
'X
W
SUH
SUH
D


5HYLVHG
6

3DJH

9HUVLRQ'DWH

5HYLVHG

6:2*3DWLHQW1R
3DWLHQW¶V,QLWLDOV/)0


&OLQLFDO/DERUDWRU\&ULWHULDFRQWG

M
3UHVWXG\ KLVWRU\ DQG SK\VLFDO PXVW EH REWDLQHG ZLWKLQ  GD\V SULRU WR
UHJLVWUDWLRQ


5HJXODWRU\&ULWHULD

D
$OO SDWLHQWV RU WKHLU OHJDOO\ DXWKRUL]HG UHSUHVHQWDWLYH PXVW EH LQIRUPHG RI WKH
LQYHVWLJDWLRQDO QDWXUH RI WKLV VWXG\ DQG PXVW VLJQ DQG JLYH ZULWWHQ LQIRUPHG
FRQVHQWLQDFFRUGDQFHZLWKLQVWLWXWLRQDODQGIHGHUDOJXLGHOLQHV

E
$VDSDUWRIWKH23(1UHJLVWUDWLRQSURFHVVVHH6HFWLRQIRU23(1DFFHVV
LQVWUXFWLRQV WKH WUHDWLQJ LQVWLWXWLRQ
VLGHQWLW\ LV SURYLGHG LQ RUGHU WR HQVXUH WKDW
WKHFXUUHQWZLWKLQGD\VGDWHRILQVWLWXWLRQDOUHYLHZERDUGDSSURYDOIRUWKLV
VWXG\KDVEHHQHQWHUHGLQWKHV\VWHP

CLOSED EFFECTIVE 04/01/2015
SULRU WR
U WR
EH LQIRUPHG
EH LQIRUPHG
JLYH ZULWWHQ
H ZULWWHQ
HOLQHV
OLQHV
HFWLRQ
HFWLRQ
4/0
IR
IR
SURYLGHG LQ RU
YLGHG LQ
QDOUHYLHZER
QDOUHYLHZER


5HYLVHG
6
5HYLVHG
3DJH

9HUVLRQ'DWH




675$7,),&$7,21)$&7256

3DWLHQWVZLOOEHUDQGRPL]HGXVLQJDG\QDPLFEDODQFLQJDOJRULWKPZLWKVWUDWLILFDWLRQEDVHGRQ

D
(5&&H[SUHVVLRQEDVHGRQUHVXOWVIURP5HVSRQVH*HQHWLFVVHH6HFWLRQKLJK
YVORZ

E
6LWHRIGLVHDVHHVRSKDJHDOYVJDVWULF*(-



75($70(173/$1

)RUWUHDWPHQWRUGRVHPRGLILFDWLRQTXHVWLRQVSOHDVHFRQWDFW'U,TEDODWDQG'U
/HQ]DW)RUGRVLQJSULQFLSOHVRUTXHVWLRQVSOHDVHFRQVXOWWKH6:2*3ROLF\
'RVLQJ3ULQFLSOHVIRU3DWLHQWVRQ&OLQLFDO7ULDOVDWKWWSVZRJRUJWKHQFOLFNRQ3ROLFLHVDQG
0DQXDOVXQGHUWKH9LVLWRUVPHQXDQGFKRRVH3ROLF\


3UHPHGLFDWLRQDQG6XSSRUWLYH&DUH

3UHPHGLFDWLRQ DVVRFLDWHG ZLWK VWDQGDUG GUXJ DGPLQLVWUDWLRQ DQG VXSSRUWLYH FDUH
LQFOXGLQJ DQWLGLDUUKHDOV DQWLELRWLFV GLXUHWLFV RU RWKHU PHGLFDWLRQV PD\ EH JLYHQ
DFFRUGLQJWRLQVWLWXWLRQDOVWDQGDUGV


(5&&DQG+(5'HWHUPLQDWLRQ

7LVVXHVSHFLPHQVVXEPLWWHGDWUHJLVWUDWLRQZLOOEHXVHGWRGHWHUPLQH(5&&H[SUHVVLRQ
DQG +(5 VWDWXV VHH 6HFWLRQ  2QFH (5&& H[SUHVVLRQ DQG +(5 VWDWXV
UHVXOWVKDYHEHHQUHFHLYHGDWWKH6:2*6WDWLVWLFDO&HQWHU+(5QHJDWLYHSDWLHQWVZLOO
EH UDQGRPL]HG WR RQH RI WKH WUHDWPHQW DUPV GHVFULEHG LQ 6HFWLRQ  2QFH WKH
UDQGRPL]DWLRQKDVEHHQFRPSOHWHGSDWLHQWWUHDWPHQWDVVLJQPHQWDQG+(5VWDWXVZLOO
EH HPDLOHG WR WKH FRQWDFW SHRSOH LGHQWLILHG E\ WKH UHJLVWHULQJ LQVWLWXWLRQ GXULQJ WKH
VSHFLPHQ VXEPLVVLRQ SURFHVV VHH 6HFWLRQ H ,I (5&& H[SUHVVLRQ RU +(5
VWDWXVLIQRWDOUHDG\SHUIRUPHGFDQQRWEHGHWHUPLQHGRULIWKHSDWLHQWLV+(5SRVLWLYH
VLWHV ZLOO EH LQIRUPHG DQG WKH SDWLHQW ZLOO QRW EH UDQGRPL]HG  7XUQDURXQG WLPH IURP
VSHFLPHQVXEPLVVLRQWRQRWLILFDWLRQRIWUHDWPHQWDVVLJQPHQWZLOOEHFDOHQGDUGD\V


CLOSED EFFECTIVE 04/01/2015





XOWWKH
OWWKH 6:2*
:2*
WKHQFOLFNRQ
KHQFOLFN
DGPLQLVWUDWLR
DGPLQLVWUD
V RU RWKHU
V RU RWKHU P
LVWUDWLRQZLOOE
LVWUDWLRQZL
Q 
 
CT
 2QF
WKH6:2*6
WKH6:2*
WKH WUHDWPH
WKH WUHDWP
FRPSOHWHGSD
FRPSOHWHGS
RQWDFW SHRSOH
RQWDFW SHRS
RQ SURFHVV V
RQ SURFHVV 
DG\SHUIRUPHG
DG\SHUIRUPHG
IRUPHG DQG W
IRUPHG DQ
EPLVVLRQWRQR
EPLVVLRQWRQ


5HYLVHG
6

3DJH

9HUVLRQ'DWH


7UHDWPHQW

$UP)2/)2;

3DWLHQWVDVVLJQHGWR$UPZLOOUHFHLYHWKHIROORZLQJWUHDWPHQWXQWLOPHHWLQJRQHRIWKH
FULWHULDLQ6HFWLRQ

$JHQW
'RVH
5RXWH
'D\
6FKHGXOH 
2[DOLSODWLQ
PJP
,9RYHUKU

TGD\V

/HXFRYRULQ
PJP
,9RYHUKU

TGD\V
&DOFLXP
 




)8
PJP
,9EROXV

TGD\V

)8
PJP
,9RYHU

TGD\V



KRXUVYLD&$''



SXPS


 1RWH2QHF\FOH GD\V
,QWKHHYHQWRIDOHXFRYRULQFDOFLXPVKRUWDJHWKHGRVDJHPD\EHUHGXFHGWRPJP
RUPJPUDFHPLFOHYROHXFRYRULQPD\EHVXEVWLWXWHG/HXFRYRULQPD\EHLQIXVHG
FRQFXUUHQWO\ZLWKR[DOLSODWLQYLDVHSDUDWHLQIXVLRQOLQHV

$UP,ULQRWHFDQ'RFHWD[HO

3DWLHQWVDVVLJQHGWR$UPZLOOUHFHLYHWKHIROORZLQJWUHDWPHQWXQWLOPHHWLQJRQHRIWKH
FULWHULDLQ6HFWLRQ

$JHQW
'RVH
5RXWH
'D\
6FKHGXOH
,ULQRWHFDQ
PJP
,9RYHU

TGD\V



PLQXWHV



'RFHWD[HO
PJP
,9RYHU

TGD\V



PLQXWHV



1RWH2QHF\FOH GD\V
 ,QLWLDOGRVHRIGRFHWD[HOVKRXOGEHJLYHQ,9RYHUPLQXWHV
 $GPLQLVWHULULQRWHFDQSULRUWRGRFHWD[HO


&ULWHULDIRU5HPRYDOIURP3URWRFRO7UHDWPHQW

D
3URJUHVVLRQRIGLVHDVHRUV\PSWRPDWLFGHWHULRUDWLRQDVGHILQHGLQ6HFWLRQ

E
8QDFFHSWDEOHWR[LFLW\

F
7UHDWPHQWGHOD\IRUDQ\UHDVRQ!ZHHNV

G
7KHSDWLHQWPD\ZLWKGUDZIURPWKHVWXG\DWDQ\WLPHIRUDQ\UHDVRQ

CLOSED EFFECTIVE 04/01/2015
01
\V
\V
GD\V
GD\
TGD\V
TGD\


T
T
0
HWKHGRVDJH
HWKHGR
\EHVXEVWLWXW
EHVXEVWLWX
WHLQIXVLRQOLQH
WHLQIXVLRQOLQH
UHFHLYHWKHI
UHFHLYHWK
RVH
RVH
EC
PJP
PJP

1RWH2QHF\
1RWH2QHF\
D E
,QLWLDOGRVH
,QLWLDOG


$GPLQLVW
$GPLQL


&ULWHULD
&ULWHULD
D
D


5HYLVHG
6

3DJH

9HUVLRQ'DWH



'LVFRQWLQXDWLRQRI7UHDWPHQW

$OO UHDVRQV IRU GLVFRQWLQXDWLRQ RI WUHDWPHQW PXVW EH GRFXPHQWHG LQ WKH 2II7UHDWPHQW
1RWLFH


)ROORZ8S3HULRG

$OO SDWLHQWV UDQGRPL]HG WR D WUHDWPHQW ZLOO EH IROORZHG XQWLO GHDWK RU  \HDUV DIWHU
UHJLVWUDWLRQZKLFKHYHURFFXUVILUVW



72;,&,7,(672%(021,725('$1''26$*(02',),&$7,216


1&,&RPPRQ7HUPLQRORJ\&ULWHULDIRU$GYHUVH(YHQWV

7KLVVWXG\ZLOOXWLOL]HWKH&7&$(1&,&RPPRQ7HUPLQRORJ\&ULWHULDIRU$GYHUVH(YHQWV
9HUVLRQ  IRU WR[LFLW\ DQG 6HULRXV $GYHUVH (YHQW UHSRUWLQJ  $ FRS\ RI WKH &7&$(
9HUVLRQFDQEHGRZQORDGHGIURPWKH&7(3KRPHSDJHKWWSFWHSFDQFHUJRY$OO
DSSURSULDWHWUHDWPHQWDUHDVVKRXOGKDYHDFFHVVWRDFRS\RIWKH&7&$(9HUVLRQ


*HQHUDO&RQVLGHUDWLRQV

D
1RGRVHUHHVFDODWLRQVDUHSHUPLWWHG,IWKHSDWLHQWH[SHULHQFHVWR[LFLW\UHTXLULQJ
DGRVHUHGXFWLRQWKHGRVHZLOOUHPDLQORZHUHGIRUVXEVHTXHQWF\FOHV

E
:KHUHVHYHUDOWR[LFLWLHVZLWKGLIIHUHQWJUDGHVRUVHYHULW\RFFXUDWWKHVDPHWLPH
WKHGRVHPRGLILFDWLRQDSSOLHGVKRXOGEHWKHJUHDWHVWUHGXFWLRQDSSOLFDEOH

F
)RUWR[LFLWLHVWKDWDUHFRQVLGHUHGE\WKHLQYHVWLJDWRUWREHXQOLNHO\WRGHYHORSLQWR
VHULRXV RU OLIHWKUHDWHQLQJ HYHQWV HJ DORSHFLD DOWHUHG WDVWH HWF WUHDWPHQW
ZLOOEHFRQWLQXHGDWWKHVDPHGRVHZLWKRXWUHGXFWLRQRULQWHUUXSWLRQ,QDGGLWLRQ
QRGRVHUHGXFWLRQVRULQWHUUXSWLRQVZLOOEHUHTXLUHGIRUDQHPLDQRQKHPRO\WLFDV
LWFDQEHVDWLVIDFWRULO\PDQDJHGE\WUDQVIXVLRQV

G
7KHPD[LPXPGRVHGHOD\IRUDQ\UHDVRQLVZHHNV

H
'RVHVRPLWWHGGXULQJDF\FOHZLOOQRWEHPDGHXS


'RVH'HOD\0RGLILFDWLRQIRU)2/)2;

D
'RVH/HYHOVIRU7UHDWPHQW0RGLILFDWLRQV

$JHQW
6WDUWLQJ'RVH
/HYHO
/HYHO
2[DOLSODWLQ
PJP
PJP
PJP

/HXFRYRULQ
PJP
1RGRVH
1RGRVH
FDOFLXP

DGMXVWPHQWV
DGMXVWPHQWV


DOORZHG
DOORZHG

)8EROXV
PJP
PJP
PJP

)8LQIXVLRQ
PJP
PJP
PJP
 3DWLHQW PXVW EH UHPRYHG IURP WKH VSHFLILHG DJHQW LI IXUWKHU UHGXFWLRQ LV
LQGLFDWHGEH\RQGWKHOHYHO

CLOSED EFFECTIVE 04/01/2015
HDUV DIWHU
DUV DIWHU
\&ULWHULDIRU$
\&ULWHULDIRU
SRUWLQJ  $ FR
LQJ  $
HSDJHKWWSF
SDJHKWWS
DFRS\RIWKH&
RS\RIWK
WHG,IWKHSDW
,IWKHSDW
HPDLQORZHUHG
HPDLQORZHUH
WKGLIIHUHQWJU
WKGLIIHUHQW
SOLHGVKRXOGE
SOLHGVKRXOGE
UHFRQVLGHUHG
UHFRQVLGHU
UHDWHQLQJ HYH
UHDWHQLQJ HYH
HGDWWKHVDP
HGDWWKHVD
XFWLRQVRULQWH
XFWLRQVRULQWH
VDWLVIDFWRULO\P
VDWLVIDFWRULO\P
PD[L
PD[LPXPGRV
PXPGRV
'RVH
RVHV RPLWWH
RPLWWH
RVH'HOD\0RG
RVH'HOD\0RG
D
D
'RV
'R


5HYLVHG
6

3DJH

9HUVLRQ'DWH

:KHQDWWKHEHJLQQLQJRIDWUHDWPHQWF\FOHWUHDWPHQWGHOD\UHODWHGWRR[DOLSODWLQ
WUHDWPHQWDORQHLVLQGLFDWHG)8WUHDWPHQWPD\FRQWLQXH,IWUHDWPHQWGHOD\LV
UHODWHG WR )8 DOO WUHDWPHQW VKRXOG EH GHOD\HG 7UHDWPHQW VKRXOG RQO\ EH
UHVWDUWHGZKHQWKHUHTXLUHPHQWVIRUUHVWDUWLQJ)8DUHPHW

7KHGRVHPRGLILFDWLRQVGHVFULEHGEHORZIRU)8VKRXOGEHDSSOLHGWRERWKWKH
)8EROXVDQGWKH)8LQIXVLRQ

E
1HXWURSKLO&RXQWRU:KLWH%ORRG&HOO'HFUHDVHG

7R[LFLW\*UDGH
'RVH0RGLILFDWLRQ
2[DOLSODWLQ
)8

+ROGWUHDWPHQW
+ROGWUHDWPHQW
&KHFNZHHNO\
&KHFNZHHNO\
:KHQUHVROYHVWR
:KHQUHVROYHVWR
*UDGHFRQWLQXH
*UDGHFRQWLQXH
DWQH[WORZHVWGRVHOHYHO
DWQH[WORZHVWGRVHOHYHO

)HEULOH
+ROGWUHDWPHQW
+ROGWUHDWPHQW
QHXWURSHQLD
&KHFNZHHNO\
&KHFNZHHNO\
*UDGH
:KHQUHVROYHVWRJUDGH
:KHQUHVROYHVWRJUDGH
ZLWKQRIHYHUFRQWLQXHDW
ZLWKQRIHYHUFRQWLQXHDW
QH[WORZHVWGRVHOHYHO
QH[WORZHVWGRVHOHYHO

F
3ODWHOHW&RXQW'HFUHDVHG
7R[LFLW\*UDGH
'RVH0RGLILFDWLRQ
2[DOLSODWLQ
)8

+ROGWUHDWPHQW
+ROGWUHDWPHQW

&KHFNZHHNO\
&KHFNZHHNO\
:KHQFRPSOHWHO\
:KHQFRPSOHWHO\
UHVROYHGFRQWLQXHDW
UHVROYHGFRQWLQXHDW
VDPHGRVHOHYHO
VDPHGRVHOHYHO


+ROGWUHDWPHQW
+ROGWUHDWPHQW

&KHFNZHHNO\
&KHFNZHHNO\
:KHQFRPSOHWHO\
:KHQFRPSOHWHO\
UHVROYHGFRQWLQXHDW
UHVROYHGFRQWLQXHDW
QH[WORZHVWGRVHOHYHO
QH[WORZHVWGRVHOHYHO
$IWHUQGRFFXUUHQFHUHGXFHERWKR[DOLSODWLQDQG)8

CLOSED EFFECTIVE 04/01/2015
KH
H
/20
ROGWUHDWPHQW
ROGWUHDWPHQ
&KHFNZHHN
&KHFNZH
:KHQUHVR
:KHQUHV
*UDGH
*UD
HYHO
HYHO
DWQH
DWQH

O\\
ROYHV
OYHV WRJUDGH
WRJUDG
IHYHU
HUFRQWLQXH
QWLQX
RZHVWGRVHOH
RZHVWGRVHOH
TIV
HG
HG
'RVH
RV
EC
2

 



5HYLVHG
6

3DJH

9HUVLRQ'DWH


G
'LDUUKHDGHVSLWHRSWLPDODQWLGLDUUKHDOWUHDWPHQW

7R[LFLW\*UDGH
'RVH0RGLILFDWLRQ
2[DOLSODWLQ
)8

+ROGWUHDWPHQW
+ROGWUHDWPHQW

&KHFNZHHNO\
&KHFNZHHNO\
:KHQUHVROYHVWR
:KHQUHVROYHVWR

*UDGHFRQWLQXH
*UDGHFRQWLQXHDW

DWVDPHGRVHOHYHO
QH[WORZHVWGRVHOHYHO


+ROGWUHDWPHQW
+ROGWUHDWPHQW

&KHFNZHHNO\
&KHFNZHHNO\

:KHQUHVROYHVWR
:KHQUHVROYHVWR


*UDGHFRQWLQXHDW
*UDGHFRQWLQXHDW

QH[WORZHVWGRVHOHYHO
QH[WORZHVWGRVHOHYHO


H
0XFRVLWLV
7R[LFLW\*UDGH
'RVH0RGLILFDWLRQ
2[DOLSODWLQ
)8

+ROGWUHDWPHQW
+ROGWUHDWPHQW

&KHFNZHHNO\
&KHFNZHHNO\

:KHQUHVROYHVWR
:KHQUHVROYHVWR

*UDGHFRQWLQXH
*UDGHFRQWLQXH

DWVDPHGRVHOHYHO
DWVDPHGRVHOHYHO


+ROGWUHDWPHQW
+ROGWUHDWPHQW

&KHFNZHHNO\
&KHFNZHHNO\

:KHQUHVROYHVWR
:KHQUHVROYHVWR

*UDGHFRQWLQXH
*UDGHFRQWLQXHDW

DWVDPHGRVHOHYHO
QH[WORZHVWGRVHOHYHO
I
$OOHUJLF5HDFWLRQV

7R[LFLW\*UDGH
'RVH0RGLILFDWLRQ
2[DOLSODWLQ
)8

'LVFRQWLQXHR[DOLSODWLQ
1RGRVHPRGLILFDWLRQ


,IK\SHUVHQVLWLYLW\UHDFWLRQ
FRQWLQXHV
DIWHU
GLVFRQ
WLQXLQJR[DOLSODWLQUHPRYH
IURPSURWRFROWUHDWPHQW
 )RU*UDGHRUDFXWHDOOHUJLFUHDFWLRQVSUHPHGLFDWLRQPLQXWHVSULRUWR
R[DOLSODWLQ DGPLQLVWUDWLRQ LV UHFRPPHQGHG ZLWK GH[DPHWKDVRQH PJ ,9
GLSKHQK\GUDPLQH PJ ,9 DQG RQH RI WKH IROORZLQJ UDQLWLGLQH PJ ,9 RU
IDPRWLGLQHPJ,9RUHTXLYDOHQW,IDQDOOHUJLFUHDFWLRQSHUVLVWVLQWRWKHQH[W
F\FOH DGPLQLVWHU  PJ GH[DPHWKDVRQH 32 KRXUV DQG  KRXUV SULRU WR
DGPLQLVWUDWLRQRIR[DOLSODWLQ

CLOSED EFFECTIVE 04/01/2015
VWR
VWR
FRQWLQXHDW
FRQWLQXHDW
HVWGRVHOHYHO
GRVHOHYH
GWUHDWPHQW
HDWPHQW
&KHFNZHHNO\
KHFNZHHNO\
:KHQUHVROY
:KHQUHV
*UDGH
*UDGH
QH[WORZ
QH[W
04
GLILFDWLRQ
ILFDWLRQ
VE
OLSODWLQ
SODWLQ
IV
+ROGWUHDWPH
+ROGWUHDWP
&KHFNZHH
&KHFNZ
:KHQUH
KHQUH
*UD
*U
DWV
DW V
D E
$OOHUJLF
$OOH
7R
7


5HYLVHG
6

3DJH

9HUVLRQ'DWH


J
3DOPDUSODQWDU(U\WKURG\VHVWKHVLD6\QGURPH

7R[LFLW\*UDGH
'RVH0RGLILFDWLRQ
2[DOLSODWLQ
)8

1RGRVHPRGLILFDWLRQ
+ROGWUHDWPHQW

&KHFNZHHNO\

:KHQUHVROYHVWR


*UDGHFRQWLQXHDW

QH[WORZHVWGRVHOHYHO
K
&RXJK'\VSQHD+\SR[LDRU3QHXPRQLWLV

7R[LFLW\*UDGH
'RVH0RGLILFDWLRQ
2[DOLSODWLQ
)8

+ROGWUHDWPHQWXQWLOLQWHUVWLWLDO
1RGRVHPRGLILFDWLRQ

OXQJGLVHDVHLVUXOHGRXWWKHQ

UHVXPHWUHDWPHQWDWVDPH

GRVHOHYHO
L
3DUHVWKHVLD RU 3HULSKHUDO 6HQVRU\ 1HXURSDWK\ ± 'RVH PRGLILFDWLRQV IRU
R[DOLSODWLQRQO\

7R[LFLW\*UDGH
'XUDWLRQRI7R[LFLW\
3HUVLVWHQWEHWZHHQ
GD\V
!GD\V
F\FOHV
*UDGH

1RGRVH
1RGRVH
1RGRVH


PRGLILFDWLRQ
PRGLILFDWLRQ PRGLILFDWLRQ

*UDGH
1RGRVH
1RGRVH
1H[WORZHVWGRVH

PRGLILFDWLRQ
PRGLILFDWLRQ OHYHOIRUR[DOLSODWLQ

*UDGH
1H[WORZHVW
1H[WORZHVW
'LVFRQWLQXH

GRVHOHYHO
GRVHOHYHO

IRUR[DOLSODWLQ
IRUR[DOLSODWLQ

3HULSKHUDO6HQVRU\
'LVFRQWLQXH
'LVFRQWLQXH
'LVFRQWLQXH
1HXURSDWK\*UDGH
M
/DU\QJRSKDU\QJHDO'\VHVWKHVLD

7KLVWR[LFLW\PD\EHLQGXFHGRUH[DFHUEDWHGXSRQH[SRVXUHWRFROG3DWLHQWVRQ
R[DOLSODWLQVKRXOGQRWUHFHLYHFROGGULQNVRULFHFKLSVRQ'D\RIHDFKF\FOHDV
WKLV PD\ H[DFHUEDWH RUDO RU WKURDW G\VHVWKHVLDV DV ZHOO DV ODU\QJRSKDU\QJHDO
G\VHVWKHVLD

CLOSED EFFECTIVE 04/01/2015
VWR
VWR
FRQWLQXHDW
FRQWLQXHDW
HVWGRVHOHYHO
GRVHOHYH
1/
4/0

WXQWLOLQWHUVWLWL
XQWLOLQWHUVWLW
HLVUXOHGRXW
HLVUXOH
HDWPHQWDWVD
DWPHQWDWV
YHO
TIV
UDODO
6HQVRU\
6HQVRU\
'XU
'

E
DGH
DGH
*UDGH
*UDGH


6

3DJH

9HUVLRQ'DWH

5HYLVHG

5HYLVHG


2[DOLSODWLQ+ROGR[DOLSODWLQDQGHYDOXDWHSDWLHQW
VR[\JHQVDWXUDWLRQYLDDSXOVH
R[LPHWHU,IQRUPDOUHDVVXUDQFHVXFKDVDQDQ[LRO\WLFDJHQWRUEHQ]RGLD]HSLQH
VKRXOG EH FRQVLGHUHG  7KH SDWLHQW VKRXOG EH REVHUYHG LQ WKH FOLQLF XQWLO WKH
HSLVRGHKDVUHVROYHG7KHR[DOLSODWLQLQIXVLRQPD\WKHQEHFRQWLQXHGDWWKH
UDWH
%HFDXVH WKLV V\QGURPH PD\ EH DVVRFLDWHG ZLWK WKH UDSLGLW\ RI R[DOLSODWLQ
LQIXVLRQ VXEVHTXHQW GRVHV RI R[DOLSODWLQ VKRXOG EH DGPLQLVWHUHG DV KRXU
LQIXVLRQVLQVWHDGRIWKHQRUPDOKRXULQIXVLRQ

N
2WKHU1RQ+HPDWRORJLF7R[LFLWLHV

1RWH  $ORSHFLD DQRUH[LD DQG QDXVHD RU YRPLWLQJ WKDW FDQ EH FRQWUROOHG E\
DQWLHPHWLFVGRQRWUHTXLUHGRVHPRGLILFDWLRQV

7R[LFLW\*UDGH
'RVH0RGLILFDWLRQ
2[DOLSODWLQ
)8
RU*UDGH
+ROGWUHDWPHQW
+ROGWUHDWPHQW
IDWLJXH
&KHFNZHHNO\
&KHFNZHHNO\
:KHQUHVROYHVWR
:KHQUHVROYHVWR

*UDGHFRQWLQXHDW
*UDGHFRQWLQXHDW

QH[WORZHVWGRVHOHYHO
QH[WORZHVWGRVHOHYHO

RWKHUWKDQ
+ROGWUHDWPHQW
+ROGWUHDWPHQW
IDWLJXH
&KHFNZHHNO\
&KHFNZHHNO\

,IDV\PSWRPDWLFZKHQ
,IDV\PSWRPDWLFZKHQ
UHVROYHVWR*UDGH
UHVROYHVWR*UDGH
FRQWLQXHDWQH[WORZHVW
FRQWLQXHDWQH[WORZHVW
GRVHOHYHO
GRVHOHYHO


,IV\PSWRPDWLFHJ
,IV\PSWRPDWLFHJ


HOHFWURO\WHVVWRSGUXJ
HOHFWURO\WHVVWRSGUXJ

'RVH'HOD\0RGLILFDWLRQIRU'RFHWD[HODQG,ULQRWHFDQ

D
'RVH/HYHOVIRU7UHDWPHQW0RGLILFDWLRQ

$JHQW
6WDUWLQJ'RVH
/HYHO
/HYHO 
'RFHWD[HO
PJP
PJP
PJP





 


,ULQRWHFDQ
PJP
PJP
PJP
3DWLHQWV PXVW EH UHPRYHG IURP WKH VSHFLILHG DJHQW LI IXUWKHU UHGXFWLRQ LV
LQGLFDWHGEH\RQGWKHOHYHO3DWLHQWVPD\FRQWLQXHRQRQHDJHQWLIWKHRWKHULV
GLVFRQWLQXHG

KH
WKH
WK
I R[DOLSODWLQ
I R[DOLSODW
UHG DV 
HG DV KRX
KR
WKDW FDQ EH
KDW FDQ
04
HQW
QW
HHNO\\
HVROYHVWR
HVROYHVWR
DGHFRQWLQX
DGHFRQWLQ
[WORZHVW
[WORZHVW GRV
G
+ROGWUHDWP
+ROG WUHDWP
&KHFNZ
FN
,I
,IDV\
DV\
UHV
UH
F
EF
H'HOD\0RGLI
H'HOD\0RGLI
D
D
'RVH
'R


6

3DJH

9HUVLRQ'DWH

5HYLVHG


E
*HQHUDO&RQVLGHUDWLRQV

6RPHSDWLHQWVZLOOGHYHORSWR[LFLW\DQGUHTXLUHRPLVVLRQRI'D\GRVH,QWKHVH
SDWLHQWV WKH LQYHVWLJDWRU VKRXOG VWDUW WKH QH[W F\FOH DV VFKHGXOHG ZLWK GRVH
UHGXFWLRQVDVDSSURSULDWH

127(7KHUHDUHWZRGLIIHUHQWGRVHDGMXVWPHQWVFKHGXOHVLQ6HFWLRQVHI
DGMXVWPHQWDWWKHEHJLQQLQJRIDQHZF\FOHEDVHGRQODEVRQWKHVFKHGXOHG
GD\RIWUHDWPHQWDQGXSRQPD[LPXPWR[LFLW\HQFRXQWHUHGLQWKHSUHYLRXVF\FOH
DQGDGMXVWPHQWRQWUHDWPHQWGD\VGXULQJDF\FOH

F
1HXWURSKLO&RXQWRU:KLWH%ORRG&HOO'HFUHDVHG

7R[LFLW\*UDGH
'RVH0RGLILFDWLRQ
,ULQRWHFDQ
'RFHWD[HO

+ROGWUHDWPHQW
+ROGWUHDWPHQW
&KHFNZHHNO\
&KHFNZHHNO\
:KHQUHVROYHVWR
:KHQUHVROYHVWR
*UDGHFRQWLQXH
*UDGHFRQWLQXH
DWQH[WORZHVWGRVHOHYHO
DWQH[WORZHVWGRVHOHYHO

)HEULOH
+ROGWUHDWPHQW
+ROGWUHDWPHQW
QHXWURSHQLD
&KHFNZHHNO\
&KHFNZHHNO\
*UDGH
:KHQUHVROYHVWR*UDGH :KHQUHVROYHVWR*UDGH
ZLWKQRIHYHUFRQWLQXHDW
ZLWKQRIHYHUFRQWLQXHDW
QH[WORZHVWGRVHOHYHO
QH[WORZHVWGRVHOHYHO
G
3ODWHOHW&RXQW'HFUHDVHG

7R[LFLW\*UDGH
'RVH0RGLILFDWLRQ
,ULQRWHFDQ
'RFHWD[HO

+ROGWUHDWPHQW
+ROGWUHDWPHQW

&KHFNZHHNO\
&KHFNZHHNO\
:KHQFRPSOHWHO\
:KHQFRPSOHWHO\
UHVROYHGFRQWLQXHDW
UHVROYHGFRQWLQXHDW
VDPHGRVHOHYHO
VDPHGRVHOHYHO


+ROGWUHDWPHQW
+ROGWUHDWPHQW

&KHFNZHHNO\
&KHFNZHHNO\
:KHQFRPSOHWHO\
:KHQFRPSOHWHO\
UHVROYHGFRQWLQXHDW
UHVROYHGFRQWLQXHDW
QH[WORZHVWGRVHOHYHO
QH[WORZHVWGRVHOHYHO
$IWHUQGRFFXUUHQFHUHGXFHERWKLULQRWHFDQDQGGRFHWD[HO


CLOSED EFFECTIVE 04/01/2015
VH
H
H
01
I

01

HVFKHGXOHG
HVFKHGXOH
SUHYLRXV
UHYLRXVF\FOH
F\FO
/0
'RFHWD[
'RFH
+R
HVWR
HVW
FRQWLQXH
FRQWLQX
RZHVW
HV GRVHOH
GRVHOH
OGWUHDWPHQW
OGWUHDWPHQW
&KHFNZHHNO\
&KHFNZHHN
:K
: HQUHVR
HQUHVR
ZLWKQRIH
ZLWK QR I
QH[WOR
[W
EC
XQW'HFUHDVHG
XQW'HFUHDVH
W\*UDGH
\*UDGH
FF




6

3DJH

9HUVLRQ'DWH

H
'LDUUKHDGHVSLWHRSWLPDODQWLGLDUUKHDOWUHDWPHQW

7R[LFLW\*UDGH
'RVH0RGLILFDWLRQ

'XULQJDF\FOH
$W6WDUWRI6XEVHTXHQW
RI7KHUDS\
&\FOHRI7KHUDS\



5HGXFHLULQRWHFDQE\RQH +ROGLULQRWHFDQXQWLOUHVROXWLRQ
GRVHOHYHOPDLQWDLQ
WR*UDGHWKHQUHGXFHE\RQH
GRFHWD[HOGRVHOHYHO
GRVHOHYHOPDLQWDLQGRFHWD[HO





GRVHOHYHO




2PLWLULQRWHFDQDQG
+ROGLULQRWHFDQDQG



GRFHWD[HOGRVHVZKHQ
GRFHWD[HOGRVHVZKHQ



UHVROYHGWRd*UDGH
UHVROYHGWRd*UDGH



UHGXFHLULQRWHFDQE\RQH
UHGXFHLULQRWHFDQE\



GRVHOHYHOPDLQWDLQ
RQHGRVHOHYHOPDLQWDLQ



GRFHWD[HOGRVHOHYHO
GRFHWD[HOGRVHOHYHO




2PLWLULQRWHFDQDQG +ROGLULQRWHFDQDQG



GRFHWD[HOGRVHVZKHQ
GRFHWD[HOGRVHVZKHQ



UHVROYHGWRd*UDGH
UHVROYHGWRd*UDGH



UHGXFHLULQRWHFDQDQG
UHGXFHLULQRWHFDQDQG



GRFHWD[HOE\RQHGRVH
GRFHWD[HOE\RQHGRVH



OHYHO 
OHYHO
$IWHUQGRFFXUUHQFHUHGXFHDQRWKHUGRVHOHYHO

I
0XFRVLWLV

7R[LFLW\*UDGH
'RVH0RGLILFDWLRQ

'XULQJD&RXUVH
$W6WDUWRI6XEVHTXHQW
RI7KHUDS\
&RXUVHRI7KHUDS\





0DLQWDLQLULQRWHFDQGRVH
+ROGLULQRWHFDQDQG



OHYHORPLWGRFHWD[HOGRVH
GRFHWD[HOGRVHVXQWLO



XQWLOUHVROYHGWR*UDGH UHVROYHGWR*UDGH



WKHQUHGXFHE\RQHGRVH
WKHQPDLQWDLQLULQRWHFDQ



OHYHO 
GRVHOHYHODQGUHGXFH





GRFHWD[HOE\RQHGRVH





OHYHO


2PLWLULQRWHFDQDQG +ROGLULQRWHFDQDQG

GRFHWD[HOGRVHVXQWLO
GRFHWD[HOGRVHVXQWLO



UHVROYHGWR*UDGH
UHVROYHGWR*UDGH



WKHQUHGXFHGRVHVE\
WKHQUHGXFHGRFHWD[HOGRVHE\



RQHGRVHOHYHO
RQHGRVHOHYHO

CLOSED EFFECTIVE 04/01/2015
XWLRQ
RQ
HE\RQH
E\RQH
GRFHWD[HO
GRFHWD[HO
DQDQG
QDQG
GRVHVZKHQ
VHVZKHQ
GWR
WR d *UDGH
*UDGH
FHLULQRWHFDQE
HLULQRWHFD
HGRVHOHYHOP
HGRVHOHYHO
GRFHWD[HOGRV
HWD[HOG
 +ROGLULQR
ROGL
HQ
HQ
GRFHWD
GRFHW
H
H
UHVR
QDQG
QDQG
UH
RQHGRVH
GRVH
TIV
FHDQRWKHUGR
FHDQRWKHU
'RVH0RG
'RVH0RG
EC
'XUL
'XUL
RI




5HYLVHG
6

3DJH

9HUVLRQ'DWH

J
3HULSKHUDO1HXURSDWK\

'RFHWD[HO
,ULQRWHFDQ 



*UDGH
+ROGXQWLOJUDGHDQG
0DLQWDLQGRVH

UHGXFHGRVHOHYHO





K
'RFHWD[HO$OOHUJLF5HDFWLRQV

6HYHULW\RI6\PSWRP
7UHDWPHQW*XLGHOLQHV




$OOHUJLF5HDFWLRQ
 &RQVLGHUGHFUHDVLQJWKHUDWHRILQIXVLRQ
*UDGH
XQWLOUHFRYHU\IURPV\PSWRPVVWD\DW

EHGVLGHDQGPRQLWRUSDWLHQWWKHQ

FRPSOHWHGRFHWD[HOLQIXVLRQDWWKHLQLWLDO

SODQQHGUDWH

$OOHUJLF5HDFWLRQ
 ,QWHUUXSWGRFHWD[HOLQIXVLRQ
*UDGH
 *LYHGLSKHQK\GUDPLQHPJ,9ZLWKRU

 ZLWKRXWGH[DPHWKDVRQHPJ,9PRQLWRU

 SDWLHQWXQWLOV\PSWRPVUHVROYH

 5HVXPHGRFHWD[HOLQIXVLRQDIWHUUHVROXWLRQ

 RIV\PSWRPVGHSHQGLQJRQSK\VLFLDQ

 DVVHVVPHQWGRFHWD[HOLQIXVLRQVKRXOGEH

 UHVXPHGDWDVORZHUUDWHWKHQLQFUHDVHG

 LQFUHPHQWDOO\WRWKHLQLWLDOSODQQHGUDWH
HJLQIXVHDWKRXUUDWHIRUPLQXWHVWKHQDW
KRXUUDWHIRUPLQXWHVWKHQDWD
KRXUUDWHIRUPLQXWHVWKHQILQDOO\UHVXPHDW
WKHKRXUUDWH

 'HSHQGLQJRQLQWHQVLW\RIUHDFWLRQDGGLWLRQDORUDO
RU,9SUHPHGLFDWLRQZLWKDQDQWLKLVWDPLQHVKRXOG
DOVREHJLYHQIRUWKHQH[WF\FOHRIWUHDWPHQWDQG
WKHUDWHRILQIXVLRQVKRXOGEHGHFUHDVHGLQLWLDOO\
WKHQLQFUHDVHGEDFNWRWKHUHFRPPHQGHGKRXU
LQIXVLRQUDWHDVGHVFULEHGDERYH

$OOHUJLF5HDFWLRQ*UDGH  ,PPHGLDWHO\GLVFRQWLQXHGRFHWD[HO
2U$QDSK\OD[LV*UDGH
LQIXVLRQ

 8WLOL]HVDPHWUHDWPHQWJXLGHOLQHVDVWKRVH

GHVFULEHGDERYHIRUPRGHUDWHUHDFWLRQV

$OOHUJLF5HDFWLRQ*UDGHRU 'LVFRQWLQXHGRFHWD[HODQGFRQWLQXHLULQRWHFDQ
$QDSK\OD[LV*UDGH

*&6)

*&6) SHJ\ODWHG *&6) RU *0&6) PD\ EH XWLOL]HG SHU $6&2 JXLGHOLQHV
KWWSMRSDVFRSXEVRUJFJLFRQWHQWIXOO


CLOSED EFFECTIVE 04/01/2015
15
/20
RILQIXVLRQ
LQIXVLRQ
PVVWD\DW
PVVWD\DW
HQWWKHQ
HQWWKHQ
XVLRQDWWKHLQ
VLRQDWWKH
D[HOLQIXVLRQ
[HOLQIXVLRQ
K\GUDPLQH
UDPLQH
[DPHWKDVRQH
[DPHWKDVRQH
XQWLOV\PSWRP
XQWLOV\P
PHGRFHWD[HO
PHGRFHWD[H
V\PSWRPVGH
V\PSWRPVGH
DVVHVVPHQWG
DVVHVVPHQ
UHVXPHGDW
UHVXPHGDW
LQFUHPHQ
LQFUHPH
HJLQ
HJ
KRX

$OOHUJLF5H
UJLF5H
2U$QDS
2U$QDS




5HYLVHG
6

3DJH

9HUVLRQ'DWH



'RVH0RGLILFDWLRQ&RQWDFWV

)RU WUHDWPHQW RU GRVH PRGLILFDWLRQ TXHVWLRQV SOHDVH FRQWDFW 6\PD ,TEDO 0' DW
RU+HLQ]-RVHI/HQ]0'DW


$GYHUVH(YHQWV5HSRUWLQJ

7R[LFLWLHV LQFOXGLQJ VXVSHFWHG UHDFWLRQV WKDW PHHW WKH H[SHGLWHG UHSRUWLQJ FULWHULD DV
RXWOLQHGLQ6HFWLRQRIWKHSURWRFROPXVWEHUHSRUWHGWRWKH2SHUDWLRQV2IILFH6WXG\
&KDLUDQG1&,YLD&7(3$(56DQGWRWKH,5%SHUORFDO,5%UHTXLUHPHQWV



CLOSED EFFECTIVE 04/01/2015
FULWHULD DV
ULWHULD DV
2IILFH6WXG\
2IILFH6WXG


5HYLVHG
6

3DJH

9HUVLRQ'DWH


678'<&$/(1'$5


$50)2/)2;




























 &\FOH

&\FOH

&\FOH

&\FOH

&\FOH

&\FOH

&\FOH

&\FOH

&\FOH

&\FOH

&\FOH

&\FOH

ȍ

5(48,5('678',(6
35(
: :: :: : : : : : : : : : : : : : : : : : : :
)8
SULRUWR
)8DIWHU

678'<          
              
SURJ
SURJ
3+<6,&$/
























+LVWRU\DQG3K\VLFDO([DP
;a
;
 ;  ; 
;

;

;

;

;

;
;

;

;

;
;
:HLJKWDQG3HUIRUPDQFH
6WDWXV
;
;
 ;  ; 
;

;

;

;

;

;

;

;

;

;

'LVHDVH$VVHVVPHQW
;




 ;





;




;




;
;

7R[LFLW\1RWDWLRQ

;
 ;  ; 
;

;

;

;

;

;
;

;

;




























/$%25$725< 
























&%&'LIIHUHQWLDO3ODWHOHWV
;
;
 ;  ; 
;

;

;

;

;

;
;

;

;



6HUXPFUHDWLQLQH&DOFXODWHG
FUHDWLQLQHFOHDUDQFH
;


























6HUXPELOLUXELQ
;
;
 ;  ; 
;

;

;

;

;

;
;

;

;



$67DQG$/7
;
;
 ;  ; 
;

;

;

;

;

;
;

;

;




























63(&,0(168%0,66,21
























(5&&DQG+(5
;























7LVVXHIRUEDQNLQJȕ
;























%ORRGȕ
;
















































;5$<6$1'6&$16
























&7RU05,IRUGLVHDVH
DVVHVVPHQW
;




 ;





;





;





;
;


























75($70(17
























2[DOLSODWLQį

;
 ;  ; 
;

;

;

;

;

;
;

;

;



/HXFRYRULQį

;
 ;  ; 
;

;

;

;

;

;
;

;

;



)8Į

;
 ;  ; 
;

;

;

;

;

;
;

;

;



&OLFNKHUHIRU)RRWQRWHVIRU&DOHQGDU

CLOSED EFFECTIVE 04/01/2015
OH

&\FOH
&\FOH

&\
&
1/
1/
1/
1/
/01/
:
:
:
:
/0
/0
/0
/0
/01
01
01
4/0
/01
 


 

4/0
4/0
4/0
/0
/0
04/
04
04
04
04
;
;
E 0
E 0
E 0
E 0
;
;
E 0
E 0
E 0
VE 0
VE
VE
VE
VE
;
;
V
TIV
TIV
TIV
TIV
TIV
TI
TI
TI
CT
CTI
;
;
CT
CT
CT
CT
CT
CT
CT
CT
CT
CT
CT
CT
ECT
CT
;
;
EC
EC
EC
FE
FEC
;
;
;
FE
FE
FE
FE
FE
FE
FE
FE
FE
FE
FE
FE
FFE
FE
FF
FF
FF
FF
FF
FF
FF
EF
EF
EF
EF
EF
EF
EF
EF
EF
E
D E
D E
D E
D E
D E
D
ED
ED
ED
ED
SED
SE
SE
SE
SE
SE
SE
SE
OSE
OS
OS
OS
OS
OS
OS
LO
LO
RWQRWHV
WQRW
CL
IRU&D
U&


5HYLVHG
6

3DJH

9HUVLRQ'DWH


)227127(6IRU&DOHQGDU

1RWH)RUPVDUHIRXQGLQ6HFWLRQ)RUPVVXEPLVVLRQJXLGHOLQHVDUHIRXQGLQ6HFWLRQ
 3URWRFROWUHDWPHQWDQGSDUDPHWHUVZLOOFRQWLQXHDWWKHVHLQWHUYDOVXQWLOSURJUHVVLRQRIGLVHDVHRUXQWLOSDWLHQWKDVPHWDQ\RIWKH

JXLGHOLQHVLQ6HFWLRQ

5HTXLUHGWLVVXHVXEPLVVLRQIRUSDWLHQWV6HH6HFWLRQIRUDGGLWLRQDOLQIRUPDWLRQ
į 7REHJLYHQRQ'D\RIHDFKF\FOH
Į7REHJLYHQRQ'D\VRIHDFKF\FOH
ȕ 2SWLRQDOVXEPLVVLRQIRUSDWLHQWV6HH6HFWLRQIRUDGGLWLRQDOLQIRUPDWLRQ
ȍ $IWHURIIWUHDWPHQWSULRUWRGLVHDVHSURJUHVVLRQVFDQVIRUGLVHDVHDVVHVVPHQWDQGSK\VLFDODVVHVVPHQWVZLWKODEWHVWVSHUIRUPHGDW

WKHGLVFUHWLRQRIWKHWUHDWLQJLQYHVWLJDWRUVKRXOGWDNHSODFHHYHU\ZHHNVXQWLOSURJUHVVLRQ
 $IWHURIIWUHDWPHQWIROORZLQJGLVHDVHSURJUHVVLRQSK\VLFDODVVHVVPHQWVZLWKODEWHVWVSHUIRUPHGDWWKHGLVFUHWLRQRIWKHWUHDWLQJLQYHVWLJDWRU

VKRXOGWDNHSODFHHYHU\PRQWKVIRUWKUHH\HDUVIURPWKHWLPHRIUHJLVWUDWLRQ
a
3UHVWXG\KLVWRU\DQGSK\VLFDOH[DPPXVWEHREWDLQHGZLWKLQGD\V

CLOSED EFFECTIVE 04/01/2015
XQWLOSDWLHQWKD
XQWLOSDWLHQWK
QGSK\VLFDODVV
GSK\VLFDODV
OSURJUHVVLRQ
SURJUHVVLRQ
KODEWHVWVSHU
ODEWHVWVSH
WLRQ


5HYLVHG
6

3DJH

9HUVLRQ'DWH


$UP,ULQRWHFDQGRFHWD[HO

&\FOH
&\FOH
&\FOH
&\FOH
&\FOH
&\FOH
ȍ

5(48,5('678',(6
35(
:
:
: :
:
:
: :
:
:
:
:
:
:
:
:
:
:
)8
3ULRU
WR
3URJ
)8
$IWHU
3URJ

678'<














 


3+<6,&$/ 





















+LVWRU\DQG3K\VLFDO([DP
;a
;


;


;


;


;


;


;
;
:HLJKWDQG3HUIRUPDQFH
6WDWXV
;
;


;


;


;


;


;


;

'LVHDVH$VVHVVPHQW
;





;





;





;
;

7R[LFLW\1RWDWLRQ

;


;


;


;


;


;


























/$%25$725< 





















&%&'LIIHUHQWLDO3ODWHOHWV
;
;
;

;
;

;
;

;
;

;
;

;
;



6HUXPFUHDWLQLQH
&DOFXODWHGFUHDWLQLQH
FOHDUDQFH
;
;
;

;
;

;
;

;
;

;
;

;
;



6HUXPELOLUXELQ
;
;
;

;
;

;
;

;
;

;
;

;
;



$67DQG$/7
;
;
;

;
;

;
;

;
;

;
;

;
;

























63(&,0(168%0,66,21





















(5&&DQG+(5
;




















7LVVXHIRUEDQNLQJȕ
;




















%ORRGȕ
;










































;5$<6$1'6&$16





















&7RU05,IRUGLVHDVH
DVVHVVPHQW
;





;





;





;
;























75($70(17 





















,ULQRWHFDQį

;
;

;
;

;
;

;
;

;
;

;
;



'RFHWD[HOį

;
;

;
;

;
;

;
;

;
;

;
;



&OLFNKHUHIRU)RRWQRWHV


CLOSED EFFECTIVE 04/01/2015
&\FOH
&\FOH
20
/2
:
:
:
/2
/2
/20
/20
20
1/2
/2




1/2
1/2
1/2
/2
/01/2
/2
/0
/0
/0
4/0
;
4/0
4/0
4/0
04/0
;
04
04
04/
4/
4/
04/
;
0
E 0
;
E 0
E 0
E 0
VE 0
VE
VE
VE
VE
VE
VE
VE
IVE
;
;
IV
IV
IV
TIV
;
;
TI
TI
TIV
IV
IV
CTIV
;
;
C
EFFEC
;
;
EC
EC
EC
FEC
FE
FE
FE
FE
FE
FE
FE
FFE
FF
FF
FF
EFF
EF
EF
EF
EF
EF
EF
EF
EF
E
D E
D E
D E
;
D 
ED
SE
SE
SE
OS
OS
OS
OS
OS
OS
OS
OS
LOS
O
WQRWHV
WQ
LO



5HYLVHG
6

3DJH

9HUVLRQ'DWH

)227127(6IRU&DOHQGDU

1RWH)RUPVDUHIRXQGLQ6HFWLRQ)RUPVVXEPLVVLRQJXLGHOLQHVDUHIRXQGLQ6HFWLRQ

3URWRFROWUHDWPHQWDQGSDUDPHWHUVZLOOFRQWLQXHDWWKHVHLQWHUYDOVXQWLOSURJUHVVLRQRIGLVHDVHRUXQWLOSDWLHQWKDVPHWDQ\RIWKH

JXLGHOLQHVLQ6HFWLRQ
 5HTXLUHGWLVVXHVXEPLVVLRQIRUSDWLHQWV6HH6HFWLRQIRUDGGLWLRQDOLQIRUPDWLRQ
Ǻ
2SWLRQDOVXEPLVVLRQIRUSDWLHQWV6HH6HFWLRQIRUDGGLWLRQDOLQIRUPDWLRQ
į 7REHJLYHQRQ'D\DQGRIHDFKF\FOH6HH6HFWLRQ
ȍ $IWHURIIWUHDWPHQWSULRUWRGLVHDVHSURJUHVVLRQVFDQVIRUGLVHDVHDVVHVVPHQWDQGSK\VLFDODVVHVVPHQWVZLWKODEWHVWVSHUIRUPHG

DWWKHGLVFUHWLRQRIWKHWUHDWLQJLQYHVWLJDWRUVKRXOGWDNHSODFHHYHU\ZHHNVXQWLOSURJUHVVLRQ
 $IWHURIIWUHDWPHQWIROORZLQJGLVHDVHSURJUHVVLRQSK\VLFDODVVHVVPHQWVZLWKODEWHVWVSHUIRUPHGDWWKHGLVFUHWLRQRIWKHWUHDWLQJ

LQYHVWLJDWRUVKRXOGWDNHSODFHHYHU\PRQWKVIRUWKUHH\HDUVIURPWKHWLPHRIUHJLVWUDWLRQ

6FDQVZLOOFRQWLQXHDWWKLVLQWHUYDOXQWLOSURJUHVVLRQRIGLVHDVHHYHQLIWKHSDWLHQWLVUHPRYHGIURPSURWRFROWUHDWPHQWEHIRUH

SURJUHVVLRQ
a
3UHVWXG\KLVWRU\DQGSK\VLFDOH[DPPXVWEHREWDLQHGZLWKLQGD\V

CLOSED EFFECTIVE 04/01/2015
WLOSDWLHQWKDV
SDWLHQWKDV
\VLFDODVVHVVP
\VLFDODVVHVVP
URJUHVVLRQ
UHVVLRQ
WHVWVSHUIRUP
WHVWVSHUIRUP
UHJLVWUDWLRQ
UHJLVWUD
DWLHQWLVUHPR
WLHQWLVUHPR


6

3DJH

9HUVLRQ'DWH


&5,7(5,$)25(9$/8$7,21$1'(1'32,17'(),1,7,216

7KLVVWXG\ZLOOXVHWKH5(&,67JXLGHOLQHV


0HDVXUDELOLW\RIOHVLRQV

D
0HDVXUDEOHGLVHDVH
0HDVXUDEOHGLVHDVHLVGHILQHGGLIIHUHQWO\IRUO\PSKQRGHVFRPSDUHGZLWKRWKHU
GLVHDVHDQGZLOOEHDGGUHVVHGLQDVHSDUDWHVHFWLRQEHORZ


/HVLRQV WKDW FDQ EH DFFXUDWHO\ PHDVXUHG LQ DW OHDVW RQH GLPHQVLRQ
ORQJHVWGLDPHWHUWREHUHFRUGHGDVFPE\FKHVW[UD\E\
FPZLWK&7RU05,VFDQVRUFPZLWKFDOLSHUVE\FOLQLFDOH[DP$OO
WXPRU PHDVXUHPHQWV PXVW EH UHFRUGHG LQ GHFLPDO IUDFWLRQV RI
FHQWLPHWHUVRUPLOOLPHWHUV

7KH GHILQHG PHDVXUDELOLW\ RI OHVLRQV RQ &7 VFDQ LV EDVHG RQ WKH
DVVXPSWLRQWKDW&7VOLFHWKLFNQHVVLVFPRUOHVV,I&7VFDQVKDYH
VOLFHWKLFNQHVVJUHDWHUWKDQFPWKHPLQLPXPVL]HIRUDPHDVXUDEOH
OHVLRQVKRXOGEHWZLFHWKHVOLFHWKLFNQHVV


0DOLJQDQWO\PSKQRGHVDUHWREHFRQVLGHUHGSDWKRORJLFDOO\HQODUJHGDQG
PHDVXUDEOHLILWPHDVXUHVFPLQ6+257$;,6JUHDWHVWGLDPHWHU
SHUSHQGLFXODU WR WKH ORQJ D[LV RI WKH O\PSK QRGH ZKHQ DVVHVVHG E\
VFDQ&7VFDQVOLFHUHFRPPHQGHGEHLQJQRJUHDWHUWKDQFP
E
1RQPHDVXUDEOHGLVHDVH$OORWKHUOHVLRQVRUVLWHVRIGLVHDVHLQFOXGLQJVPDOO
OHVLRQVORQJHVWGLDPHWHUFPRUSDWKRORJLFO\PSKQRGHVZLWKFPWR
 FP VKRUW D[LV DUH FRQVLGHUHG QRQPHDVXUDEOH GLVHDVH  %RQH OHVLRQV
OHSWRPHQLQJHDO GLVHDVH DVFLWHV SOHXUDOSHULFDUGLDO HIIXVLRQV O\PSKDQJLWLV
FXWLVSXOPRQLWLV LQIODPPDWRU\ EUHDVW GLVHDVH DQG DEGRPLQDO PDVVHV QRW
IROORZHG E\ &7 RU 05, DUH FRQVLGHUHG QRQPHDVXUDEOH DV DUH SUHYLRXVO\
UDGLDWHGOHVLRQVWKDWKDYHQRWSURJUHVVHG
F
1RWHVRQPHDVXUDELOLW\

)RU &7 DQG 05,V WKH VDPH W\SH RI VFDQQHU VKRXOG EH XVHG DQG WKH
LPDJHDFTXLVLWLRQSURWRFROVKRXOGEHIROORZHGDVFORVHO\DVSRVVLEOHWR
SULRUVFDQV%RG\VFDQVVKRXOGE\SHUIRUPHGZLWKEUHDWKKROGVFDQQLQJ
WHFKQLTXHVLISRVVLEOH


3(7&7$WSUHVHQWWKHORZGRVHRUDWWHQXDWLRQFRUUHFWLRQ&7SRUWLRQRI
D 3(7&7 LV QRW DOZD\V RI RSWLPDO GLDJQRVWLF &7 TXDOLW\ IRU XVH ZLWK
5(&,67PHDVXUHPHQWV+RZHYHULIWKHVLWHFDQGRFXPHQWWKDWWKH&7
SHUIRUPHG DV SDUW RI D 3(7&7 LV RI LGHQWLFDO GLDJQRVWLF TXDOLW\ WR D
GLDJQRVWLF &7 WKHQ WKH &7 SRUWLRQ RI WKH 3(7&7 FDQ EH XVHG IRU
5(&,67 PHDVXUHPHQWV DQG FDQ EH XVHG LQWHUFKDQJHDEO\ ZLWK
FRQYHQWLRQDO&7


8OWUDVRXQG 8OWUDVRXQG LV QRW XVHIXO LQ DVVHVVPHQW RI OHVLRQ VL]H DQG
VKRXOGQRWEHXVHGDVDPHWKRGRIPHDVXUHPHQW


&\VWLF OHVLRQV WKDW PHHW WKH FULWHULD IRU UDGLRJUDSKLFDOO\ GHILQHG VLPSOH
F\VWVVKRXOGQRWEHFRQVLGHUHGDVPDOLJQDQWOHVLRQVQHLWKHUPHDVXUDEOH
QRUQRQPHDVXUDEOHVLQFHWKH\DUHE\GHILQLWLRQVLPSOHF\VWV

CLOSED EFFECTIVE 04/01/2015
ZLWK
ZLWK RWKHU
RWKHU
W RQH GLPHQV
RQH GLPH
KHVW[
HVW[UD\E\
UD\E\
UVE\FOLQLFDOH
\FOLQLFDOH
GHFLPDO IU
GHFLPDO
RQ &7 VFDQ
&7 VFD
FPRUOHV
FPRUOHV
WKHPLQLPXP
KHPLQLP
FNQHVV
FNQHVV
REHFRQVLGHU
REHFRQVLG
FPLQ
FPLQ
QJ D[LV RI WK
QJ D[LV RI WK
HFRPPHQGHG
HFRPPHQGH
VH
CT
$OORWKHUO
$OORWKHU
HWHUFP
HWHUFP
 DUH FRQVLGH
 DUH FRQV
GLVHDVH DVF
GLVHDVH DV
V LQIODPPDWR
V LQIODPP
\ &7 RU 05,
&7 RU 05,
HVLRQVWKDWKD
HVLRQVWKDWKD
HVRQ
VRQ PHDVXU
PHDVXU
EF

)RU &
)RU &
LP
LP



6

3DJH

9HUVLRQ'DWH



,IDWDUJHWOHVLRQEHFRPHVYHU\VPDOOVRPHUDGLRORJLVWVLQGLFDWHWKDWLWLV
WRR VPDOO WR PHDVXUH  ,I WKH OHVLRQ LV DFWXDOO\ VWLOO SUHVHQW D GHIDXOW
PHDVXUHPHQWRIFPVKRXOGEHDSSOLHG,IWKHUDGLRORJLVWEHOLHYHVWKH
OHVLRQKDVJRQHDGHIDXOWPHDVXUHPHQWRIFPVKRXOGEHUHFRUGHG


2EMHFWLYHVWDWXVDWHDFKGLVHDVHHYDOXDWLRQ

2EMHFWLYH 6WDWXV LV WR EH UHFRUGHG DW HDFK HYDOXDWLRQ $OO PHDVXUDEOH OHVLRQV XS WR D
PD[LPXPRIOHVLRQVSHURUJDQOHVLRQVLQWRWDOUHSUHVHQWDWLYHRIDOOLQYROYHGRUJDQV
VKRXOGEHLGHQWLILHGDVWDUJHWOHVLRQVDWEDVHOLQH$OORWKHUOHVLRQVRUVLWHVRIGLVHDVH
LQFOXGLQJDQ\PHDVXUDEOHOHVLRQVRYHUDQGDERYHWKHWDUJHWOHVLRQVVKRXOGEHLGHQWLILHG
DVQRQWDUJHWOHVLRQV0HDVXUHPHQWVPXVWEHSURYLGHGIRUWDUJHWPHDVXUDEOHOHVLRQV
ZKLOH SUHVHQFH RU DEVHQFH PXVW EH QRWHG IRU QRQWDUJHW PHDVXUDEOH DQG QRQ
PHDVXUDEOHGLVHDVH
)RUVWXGLHVWKDWXVHGLVHDVHSURJUHVVLRQDVDQHQGSRLQWZKROHERG\VFDQQLQJDWVSHFLILF
LQWHUYDOV LV QHFHVVDU\ WR GHWHUPLQH WKDW SURJUHVVLRQ LV 127 SUHVHQW RXWVLGH RI WKH
³WDUJHW´DUHDV7KHUHIRUHLQWKHVHVWXGLHVLWLVQRWDFFHSWDEOHWRLPDJHRQO\WKH³WDUJHW´
DUHDVRIWKHERG\LQIROORZXSVFDQV)RUVWXG\VSHFLILFLPDJLQJUHTXLUHPHQWVVHHWKH
6WXG\&DOHQGDULQ6HFWLRQ

D
&RPSOHWH 5HVSRQVH &5  &RPSOHWH GLVDSSHDUDQFH RI DOO WDUJHW DQG QRQ
WDUJHW OHVLRQV ZLWK WKH H[FHSWLRQ RI O\PSK QRGHV PHQWLRQHG EHORZ  1R QHZ
OHVLRQV  1R GLVHDVH UHODWHG V\PSWRPV  $Q\ O\PSK QRGHV ZKHWKHU WDUJHW RU
QRQWDUJHWPXVWKDYHUHGXFWLRQLQVKRUWD[LVWRFP$OOGLVHDVHPXVWEH
DVVHVVHGXVLQJWKHVDPHWHFKQLTXHDVEDVHOLQH
E
3DUWLDO 5HVSRQVH 35 $SSOLHV RQO\ WR SDWLHQWV ZLWK DW OHDVW RQH PHDVXUDEOH
OHVLRQ *UHDWHU WKDQ RU HTXDO WR  GHFUHDVH XQGHU EDVHOLQH RI WKH VXP RI
DSSURSULDWH GLDPHWHUV RI DOO WDUJHW PHDVXUDEOH OHVLRQV  1R XQHTXLYRFDO
SURJUHVVLRQRIQRQPHDVXUDEOHGLVHDVH1RQHZOHVLRQV$OOWDUJHWPHDVXUDEOH
OHVLRQVPXVWEHDVVHVVHGXVLQJWKHVDPHWHFKQLTXHVDVEDVHOLQH
F
6WDEOH'RHVQRWTXDOLI\IRU&5353URJUHVVLRQRU6\PSWRPDWLF'HWHULRUDWLRQ
$OOWDUJHWPHDVXUDEOHOHVLRQVPXVWEHDVVHVVHGXVLQJWKHVDPHWHFKQLTXHVDV
EDVHOLQH
G
3URJUHVVLRQ2QHRUPRUHRIWKHIROORZLQJPXVWRFFXULQFUHDVHLQWKHVXP
RI DSSURSULDWH GLDPHWHUV RI WDUJHW PHDVXUDEOH OHVLRQV RYHU VPDOOHVW VXP
REVHUYHG RYHU EDVHOLQH LI QR GHFUHDVH GXULQJ WKHUDS\ XVLQJ WKH VDPH
WHFKQLTXHV DV EDVHOLQH DV ZHOO DV DQ DEVROXWH LQFUHDVH RI DW OHDVW  FP
8QHTXLYRFDOSURJUHVVLRQRIQRQPHDVXUDEOHGLVHDVHLQWKHRSLQLRQRIWKHWUHDWLQJ
SK\VLFLDQDQH[SODQDWLRQPXVWEHSURYLGHG$SSHDUDQFHRIDQ\QHZOHVLRQVLWH
'HDWK GXH WR GLVHDVH ZLWKRXW SULRU GRFXPHQWDWLRQ RI SURJUHVVLRQ DQG ZLWKRXW
V\PSWRPDWLFGHWHULRUDWLRQVHH6HFWLRQH

1RWHVUHJDUGLQJQHZOHVLRQV)'*3(7LPDJLQJFDQFRPSOHPHQWUHJXODUVFDQV
LQLGHQWLI\LQJQHZOHVLRQVDFFRUGLQJWRWKHIROORZLQJDOJRULWKP


1HJDWLYH)'*3(7DWEDVHOLQHZLWKDSRVLWLYH)'*3(7DWIROORZXSLV
DVLJQRISURJUHVVLRQEDVHGRQDQHZOHVLRQ

CLOSED EFFECTIVE 04/01/2015
V XS WR D
V XS WR D
OYHGRUJDQV
YHGRUJDQ
WHVRIGLVHDVH
VRIGLVHDV
RXOGEHLGHQWL
XOGEHLGHQ
PHDVXUDEOHOH
HDVXUDEOHOH
PHDVXUDEOH D
VXUDEOH
KROHERG\VFD
ROHERG\VFD
V 127 SUHVH
127 SUH
FHSWDEOHWRLP
FHSWDEOHWRLP
HFLILFLPDJLQJ
ILFLPDJ
SOHWH GLVDSSH
SOHWH GLVDSS
 RI O\PSK QR
O\PSK QR
\PSWRPV  $
\PSWRPV  $
WLRQLQVKRUWD
WLRQLQVKRUW
HFKQLTXHDVE
HFKQLTXHD
5
5
C
$SSOLHV R
$SSOLHV
Q RU HTXDO WR
Q RU HTXDO
PHWHUV RI DOO
PHWHUV RI DO
I QRQ
QRQPHDVXUD
PHDVX
WEHDVVHVVHG
WEHDVVHVVHG
F
'RHVQRWTX
'RHVQRW
DUJHWPHDVXUD
DUJHWPHDVXUD
VHOLQH
VHOLQH
3URJUHVVL
JUHVVL
D E
RI DSSU
RI DSSU
REVHU
REV
WHF
WHF
8


6

3DJH

9HUVLRQ'DWH



1R )'*3(7 DW EDVHOLQH DQG D SRVLWLYH )'*3(7 DW IROORZXS
FRUUHVSRQGLQJ WR D SRWHQWLDO QHZ VLWH RI GLVHDVH PXVW KDYH D
FRQILUPDWLRQE\DQDWRPLFDODVVHVVPHQWHJ&705,[UD\DVQHZVLWH
RIGLVHDVHWREHFRQVLGHUHGSURJUHVVLYHGLVHDVH,QVXFKDFDVH WKH
GDWHRISURJUHVVLYHGLVHDVHZLOOEHWKHGDWHRIWKHLQLWLDODEQRUPDO)'*
3(7

H
6\PSWRPDWLF GHWHULRUDWLRQ  *OREDO GHWHULRUDWLRQ RI KHDOWK VWDWXV UHTXLULQJ
GLVFRQWLQXDWLRQ RI WUHDWPHQW ZLWKRXW REMHFWLYH HYLGHQFH RI SURJUHVVLRQ  (IIRUWV
VKRXOGEHPDGHWRREWDLQREMHFWLYHHYLGHQFHRISURJUHVVLRQDIWHUGLVFRQWLQXDWLRQ
I
$VVHVVPHQW LQDGHTXDWH REMHFWLYH VWDWXV XQNQRZQ  3URJUHVVLRQ RU
V\PSWRPDWLF GHWHULRUDWLRQ KDV QRW EHHQ GRFXPHQWHG DQG RQH RU PRUH WDUJHW
PHDVXUDEOH OHVLRQV KDYH QRW EHHQ DVVHVVHG RU LQFRQVLVWHQW DVVHVVPHQW
PHWKRGVZHUHXVHG
J
2EMHFWLYHVWDWXVQRWHV


1RQPHDVXUDEOH DQG QRQWDUJHW PHDVXUDEOH GLVHDVH GR QRW DIIHFW
2EMHFWLYH6WDWXVLQGHWHUPLQDWLRQRI&5PXVWEHDEVHQWDSDWLHQWZKR
RWKHUZLVH KDV D &5 EXW ZKR KDV QRQPHDVXUDEOH RU QRQWDUJHW
PHDVXUDEOHGLVHDVHSUHVHQWRUQRWDVVHVVHGZLOOEHFODVVLILHGDVKDYLQJ
D35+RZHYHUQRQPHDVXUDEOHDQGQRQWDUJHWOHVLRQVDUHLQFOXGHGLQ
GHWHUPLQDWLRQ RI SURJUHVVLRQ LI QHZ VLWHV RI GLVHDVH GHYHORS RU LI
XQHTXLYRFDOSURJUHVVLRQRFFXUVLQWKHRSLQLRQRIWKHWUHDWLQJSK\VLFLDQ

$QREMHFWLYHVWDWXVRI35RUVWDEOHFDQQRWIROORZRQHRI&56WDEOHFDQ
IROORZ35RQO\LQWKHUDUHFDVHWKDWWXPRULQFUHDVHVWRROLWWOHWRTXDOLI\DV
SURJUHVVLRQEXWHQRXJKWKDWDSUHYLRXVO\GRFXPHQWHGGHFUHDVHQR
ORQJHUKROGV

,Q FDVHV IRU ZKLFK LQLWLDO IODUH UHDFWLRQ LV SRVVLEOH K\SHUFDOFHPLD
LQFUHDVHG ERQH SDLQ HU\WKHPD RI VNLQ OHVLRQV REMHFWLYH VWDWXV LV QRW
SURJUHVVLRQXQOHVVHLWKHUV\PSWRPVSHUVLVWEH\RQGZHHNVRUWKHUHLV
DGGLWLRQDOHYLGHQFHRISURJUHVVLRQ

/HVLRQVWKDWDSSHDUWRLQFUHDVHLQVL]HGXHWRSUHVHQFHRIQHFURWLFWLVVXH
ZLOOQRWEHFRQVLGHUHGWRKDYHSURJUHVVHG

)RU ERQH GLVHDVH GRFXPHQWHG RQ ERQH VFDQ RQO\ LQFUHDVHG XSWDNH
GRHV QRW FRQVWLWXWH XQHTXLYRFDO SURJUHVVLRQ +RZHYHU LQFUHDVH LQ WKH
VRIW WLVVXH FRPSRQHQW RI D OHVLRQ DV PHDVXUHG E\ &7 RU 05, ZRXOG
FRQVWLWXWHSURJUHVVLRQ

$SSHDUDQFH RI QHZ SOHXUDO HIIXVLRQV GRHV QRW FRQVWLWXWH XQHTXLYRFDO
SURJUHVVLRQXQOHVVF\WRORJLFDOO\SURYHQRIQHRSODVWLFRULJLQVLQFHVRPH
HIIXVLRQV DUH D WR[LFLW\ UHODWHG WR WKHUDS\ RU RWKHU PHGLFDO FRQGLWLRQV
,QFUHDVH LQ WKH VL]H RI DQ H[LVWLQJ HIIXVLRQ GRHV QRW FRQVWLWXWH
XQHTXLYRFDOSURJUHVVLRQVLQFHWKHIOXLGVWDWXVRIWKHSDWLHQWFRXOGDOWHU
WKHVL]HRIWKHHIIXVLRQ

,I&5GHWHUPLQDWLRQGHSHQGVRQDOHVLRQIRUZKLFKWKHVWDWXVLVXQFOHDU
E\ WKH UHTXLUHG WHVWV LW LV UHFRPPHQGHG WKH UHVLGXDO OHVLRQ EH
LQYHVWLJDWHGZLWKELRSV\RUILQHQHHGOHDVSLUDWH


CLOSED EFFECTIVE 04/01/2015
*
UHTXLULQJ
UHTXLULQJ
VLRQ  (IIRUWV
LRQ  (IIRU
LVFRQWLQXDWLRQ
VFRQWLQXDWLRQ
 3URJUHVVLR
 3URJUHVVLR
G RQH RU PR
RQH RU P
QFRQVLVWHQ
FRQVLVWHQW D
W
PHDVXUDEOH G
HDVXUDEOH
QRI&5PXVW
QRI&5PXV
ZKR KDV QRQ
ZKR KDV QRQ
RUQRWDVVHVV
RUQRWDVVH
VXUDEOHDQGQ
UDEOHDQG
UHVVLRQ LI QH
HVVLRQ LI QH
VLRQRFFXUVLQ
LRQRFFXUVLQ
VRI35RUVWD
VRI35RUV
QWKHUDUHFDVH
QWKHUDUHFDV
EXWHQRXJKWKD
XWHQRXJKWK
VV
V IRU ZKLFK
V IRU ZKLFK
VHG ERQH SDL
VHG ERQH S
JUHVVLRQXQOHV
JUHVVLRQXQOHV
GGLWLRQDOHYLGH
GGLWLRQDOHYLGH
/HVLRQVWKDW
/HVLRQVW
ZLOOQRWEH
ZLOOQRWEH
)RU ERQ
)RU E
GRHV
RHV
VR
VR




6

3DJH

9HUVLRQ'DWH


%HVW5HVSRQVH7KLVLVFDOFXODWHGIURPWKHVHTXHQFHRIREMHFWLYHVWDWXVHV

D
&5  7ZR RU PRUH REMHFWLYH VWDWXVHV RI &5 D PLQLPXP RI IRXU ZHHNV DSDUW
GRFXPHQWHGEHIRUHSURJUHVVLRQRUV\PSWRPDWLFGHWHULRUDWLRQ

E
357ZRRUPRUHREMHFWLYHVWDWXVHV RI35 RUEHWWHUDPLQLPXPRIIRXUZHHNV
DSDUW GRFXPHQWHG EHIRUH SURJUHVVLRQ RU V\PSWRPDWLF GHWHULRUDWLRQ EXW QRW
TXDOLI\LQJDV&5

F
8QFRQILUPHG&52QHREMHFWLYHVWDWXVRI&5GRFXPHQWHGEHIRUHSURJUHVVLRQRU
V\PSWRPDWLFGHWHULRUDWLRQEXWQRWTXDOLI\LQJDV&5RU35

G
8QFRQILUPHG352QHREMHFWLYHVWDWXVRI35GRFXPHQWHGEHIRUHSURJUHVVLRQRU
V\PSWRPDWLFGHWHULRUDWLRQEXWQRWTXDOLI\LQJDV&535RUXQFRQILUPHG&5

H
6WDEOHQR UHVSRQVH  $W OHDVW RQH REMHFWLYH VWDWXV RI VWDEOHQR UHVSRQVH
GRFXPHQWHG DW OHDVW  ZHHNV DIWHU UHJLVWUDWLRQ DQG EHIRUH SURJUHVVLRQ RU
V\PSWRPDWLFGHWHULRUDWLRQEXWQRWTXDOLI\LQJDVDQ\WKLQJHOVHDERYH

I
,QFUHDVLQJ GLVHDVH  2EMHFWLYH VWDWXV RI SURJUHVVLRQ ZLWKLQ  ZHHNV RI
UHJLVWUDWLRQQRWTXDOLI\LQJDVDQ\WKLQJHOVHDERYH

J
6\PSWRPDWLF GHWHULRUDWLRQ 2EMHFWLYH VWDWXV RI V\PSWRPDWLF GHWHULRUDWLRQ ZLWKLQ
ZHHNVRIUHJLVWUDWLRQQRWTXDOLI\LQJDVDQ\WKLQJHOVHDERYH

K
,QDGHTXDWH DVVHVVPHQW UHVSRQVH XQNQRZQ  3URJUHVVLRQ RU V\PSWRPDWLF
GHWHULRUDWLRQ JUHDWHU WKDQ  ZHHNV DIWHU UHJLVWUDWLRQ DQG QR RWKHU UHVSRQVH
FDWHJRU\DSSOLHV


3HUIRUPDQFH 6WDWXV  3DWLHQWV ZLOO EH JUDGHG DFFRUGLQJ WR WKH =XEURG 3HUIRUPDQFH
6WDWXV6FDOH

32,17'(6&5,37,21

)XOO\DFWLYHDEOHWRFDUU\RQDOOSUHGLVHDVHSHUIRUPDQFHZLWKRXWUHVWULFWLRQ


5HVWULFWHGLQSK\VLFDOO\VWUHQXRXVDFWLYLW\EXWDPEXODWRU\DQGDEOHWRFDUU\ RXW
ZRUNRIDOLJKWRUVHGHQWDU\QDWXUHHJOLJKWKRXVHZRUNRIILFHZRUN


$PEXODWRU\DQGFDSDEOHRIVHOIFDUHEXWXQDEOHWRFDUU\RXWDQ\ZRUNDFWLYLWLHV
XSDQGDERXWPRUHWKDQRIZDNLQJKRXUV


&DSDEOHRIOLPLWHGVHOIFDUHFRQILQHGWREHGRUFKDLUPRUHWKDQRIZDNLQJ
KRXUV


&RPSOHWHO\ GLVDEOHG FDQQRW FDUU\ RQ DQ\ VHOIFDUH WRWDOO\ FRQILQHG WR EHG RU
FKDLU


3URJUHVVLRQ)UHH6XUYLYDO

)URP DWH RI UHJLVWUDWLRQ WR GDWH RI ILUVW GRFXPHQWDWLRQ RI SURJUHVVLRQ RU V\PSWRPDWLF
GHWHULRUDWLRQDVGHILQHGLQDERYHRUGHDWKGXHWRDQ\FDXVH3DWLHQWVODVWNQRZQWREH
DOLYHZLWKRXWUHSRUWRISURJUHVVLRQDUHFHQVRUHGDWGDWHRIODVWFRQWDFW


2YHUDOO6XUYLYDO

)URPGDWHRIUHJLVWUDWLRQWRGDWHRIGHDWKGXHWRDQ\FDXVH3DWLHQWVODVWNQRZQWREH
DOLYHDUHFHQVRUHGDWGDWHRIODVWFRQWDFW

CLOSED EFFECTIVE 04/01/2015
NVV
W QRW
Q
RJUHVVLRQRU
RJUHVVLRQ
HIRUHSURJUHVV
IRUHSURJUHVV
XQFRQILUPHG&
RQILUPHG&
XV RI VWDEOH
V RI VWD
DQG EHIRUH
DQG EHIRUH
Q\WKLQJHOVHD
KLQJHOV
I SURJUHVVLRQ
SURJUHVV
HDERYH
HDERYH
H VWDWXV RI V\
H VWDWXV RI
\LQJDVDQ\WKL
JDVDQ\WK
VSRQVH XQNQ
VSRQVH XQN
 ZHHNV DI
 ZHHNV
HQWV ZLOO EH
HQWV ZLOO E
21
21
F
FWLYHDEOHWRF
FWLYHDEOH
HVWULFWHGLQSK
HVWULFWHGLQ
ZRUNRIDOLJK
RUNRIDOLJK
$PEXODW
$PEXODW
XSDQ
S


&





5HYLVHG
6

3DJH

9HUVLRQ'DWH


67$7,67,&$/&216,'(5$7,216


$FFUXDO

7KHDFFUXDOUDWHLVDQWLFLSDWHGWREHDSSUR[LPDWHO\SDWLHQWVSHUPRQWKEDVHGRQ6
DQG6%DVHGRQSUHYLRXVWULDOVLQWKLVSDWLHQWSRSXODWLRQZHDQWLFLSDWHHQUROOLQJ
SDWLHQWVLQRUGHUWRKDYHHOLJLEOHSDWLHQWVUDQGRPL]HGLQWKLVVWXG\,WLVQRWNQRZQ
KRZ PDQ\ SDWLHQWV ZLOO EH +(5 SRVLWLYH DIWHU UHJLVWUDWLRQ  ,I WKLV LV D FRQVLGHUDEOH
QXPEHULWPD\EHQHFHVVDU\WRHQUROODGGLWLRQDOSDWLHQWVXQWLOHOLJLEOHSDWLHQWVKDYH
EHHQUDQGRPL]HG

(5&&(YDOXDWLRQDQG6WUDWLILFDWLRQ

3DWLHQWVSHFLPHQVZLOOEHHYDOXDWHGIRU(5&&OHYHOV(5&&ZLOOEHGHILQHGDVµKLJK¶
LILWLVRUJUHDWHUDQGµORZ¶LIEHORZ3DWLHQWVZLWKLQHDFK(5&&VXEVHWZLOOEH
UDQGRPL]HGWRHLWKHU)2/)2;RULULQRWHFDQDQGGRFHWD[HO3DWLHQWVIRUZKRP(5&&
H[SUHVVLRQOHYHOFDQQRWEHPHDVXUHGZLOOQRWEHUDQGRPL]HG

%DVHGRQSUHYLRXVGDWDLWLVDQWLFLSDWHGWKDWURXJKO\RISDWLHQWVZLOOIDOOLQWRHDFKRI
WKH(5&&VXEJURXSVVXFKWKDWWRWDOHOLJLEOHSDWLHQWVZLOO\LHOGDSSUR[LPDWHO\
SDWLHQWV LQ HDFK VXEJURXS 6LQFH RXWFRPHV ZLWKLQ (5&&EDVHG VXEJURXSV KDYH QRW
EHHQZHOOGHVFULEHGLQWKHKLVWRULFDOGDWDZHKDYHFRQGXFWHGSRZHUFDOFXODWLRQVRYHUD
UDQJHRISRWHQWLDORXWFRPHVDQGHIIHFWVL]HV7KHVHDUHSUHVHQWHGIRUWKHFRPSDULVRQV
ZLWKLQERWKWKHORZDQGKLJK(5&&VXEJURXSVLQ7DEOHEHORZ7RWKHH[WHQWWKDWWKH
REVHUYHG EUHDNGRZQ RI HOLJLEOH UDQGRPL]HG SDWLHQWV LQWR (5&& EDVHG VXEJURXSV
GLIIHUVIURPWKHH[SHFWHGVSOLWDFWXDOSRZHUIRUHDFKFRPSDULVRQZLOOGLIIHUVOLJKWO\
IURPWKHHVWLPDWHVEHORZ


3ULPDU\2EMHFWLYHVDQG$QDO\VHV

7KH SULPDU\ K\SRWKHVLV LV WKDW KLJK(5&& SDWLHQWV WUHDWHG ZLWK LULQRWHFDQ SOXV
GRFHWD[HOZLOOKDYHVXSHULRU3)6WRWKRVHWUHDWHGZLWK)2/)2;%DVHGRQDORJUDQN
WHVWWKHUHZLOOEHRUJUHDWHUSRZHUWRGHWHFWKD]DUGUDWLRVRIRUJUHDWHURYHUD
ZLGHUDQJHRISRWHQWLDOPHGLDQV7DEOHEDVHGRQDRQHVLGHGWHVW \HDUVRI
DFFUXDO DQG  \HDUV RI IROORZXS 7KHUH ZLOO DOVR EH  RU JUHDWHU SRZHU WR GHWHFW
KD]DUGUDWLRVRIRUJUHDWHURYHUDVLPLODUO\ZLGHUDQJHRISRWHQWLDOPHGLDQVIRUWKH
VHFRQGDU\K\SRWKHVLVWKDWORZ(5&&SDWLHQWVWUHDWHGZLWK)2/)2;ZLOOKDYHVXSHULRU
3)6WRWKRVHWUHDWHGZLWKLULQRWHFDQSOXVGRFHWD[HO



CLOSED EFFECTIVE 04/01/2015

QRZQ
RZ
GHUDEOH
DEOH
HQWVKDYH
HQWVKDYH
LOOEHGHILQHGD
HGHILQHGD
5&&
5&&VXEVH
XEV
LHQWVIRUZKRP
HQWVIRUZ
G

RISDWLHQW
RISDWLHQW
SDWLHQWVZLOO\
DWLHQWVZ
KLQ (5&&
KLQ (5&&ED
E
KDYHFRQGXFWH
KDYHFRQGXFWH
V7KHVHDUH
V7KHVHDUH
JURXSVLQ7DEO
XSVLQ7DE
RPL]HG SDWLHQ
RPL]HG SDWLHQ
DFWXDOSRZHU
DFWXDOSRZH
VHV
HV
V LV WKDW KLJ
V LV WKDW KLJ
XSHULRU3)6WR
SHULRU3)6
RUJUHDWHU
RUJUHDWHU
WHQWLDOPHGLDQ
WHQWLDOPHGLDQ
\HDUV RI IROO
\HDUV RI
VRIRUJ
VRIRUJ
\K\SRWKHVLVWK
\K\SRWKHVLV
WKRVHWUHDWHG
RVHWUHDWHG


5HYLVHG
6

3DJH

9HUVLRQ'DWH
7DEOH3RZHUWRGHWHFWYDULRXVKD]DUGUDWLRVEDVHGRQSDWLHQWVSHUFRPSDULVRQ
RQHVLGHGW\SHHUURU)RUKLJK(5&&SDWLHQWVK\SRWKHVL]HGRXWFRPHVRQWKH
)2/)2; DQG LULQRWHFDQ SOXV GRFHWD[HO DUPV DUH UHSUHVHQWHG LQ WKH ILUVW DQG VHFRQG
FROXPQVUHVSHFWLYHO\)RUORZ(5&&SDWLHQWVWKHRUGHULVUHYHUVHG
























%DVHG RQ D  RQHVLGHG WHVW WKHUH ZLOO EH  RU JUHDWHU SRZHU WR GHWHFW KD]DUG
UDWLRV RI  RU JUHDWHU RYHU D ZLGH UDQJH RI SRWHQWLDO PHGLDQV IRU WKH FRPSDULVRQ
EHWZHHQ(5&&KLJKDQGORZSDWLHQWVWUHDWHGZLWK)2/)2;


2WKHU$QDO\VHV

6HFRQGDU\ HQGSRLQWV LQFOXGH RYHUDOO VXUYLYDO UHVSRQVH UDWH DQG WR[LFLW\ :LWK 
HOLJLEOH SDWLHQWV LQ HDFK DUP RYHUDOO VXUYLYDO DW D SDUWLFXODU WLPHSRLQW DQG UDWHV RI
UHVSRQVHDQGRIVSHFLILFWR[LFLWLHVFDQEHHVWLPDWHGWRZLWKLQFRQILGHQFH
LQWHUYDO$Q\WR[LFLW\RFFXUULQJZLWKDWOHDVWSUREDELOLW\LVOLNHO\WREHVHHQDWOHDVW
RQFH!FKDQFH

,QYHVWLJDWRUVZLOODOVRH[SORUHZKHWKHUWKHUHLVHYLGHQFHRILQWHUDFWLRQEHWZHHQ(5&&
H[SUHVVLRQ DQG WUHDWPHQW DUP)RUH[DPSOHEDVHG RQD  VLGHGWHVW \HDUVRI
DFFUXDODQG\HDUVRIIROORZXSWKHUHZLOOEHSRZHUWRGHWHFWDQLQWHUDFWLRQLIWKH
KD]DUG UDWLR FRPSDULQJ )2/)2; WR LULQRWHFDQ SOXV GRFHWD[HO DPRQJ KLJK(5&&
SDWLHQWVLV$1'WKDWDPRQJORZ(5&&SDWLHQWVLV,IWKHUHLVQRWUHDWPHQW
HIIHFW LQ RQH (5&& VXEJURXS LH KD]DUG UDWLR LV  WKHQ WKH SRZHU WR GHWHFW WKLV
LQWHUDFWLRQLVRQO\

0HGLDQ3)6PRQWKV
LQIHULRUDUP
0HGLDQ3)6PRQWKV
VXSHULRUDUP
+D]DUG5DWLR
3RZHU












































































VW WKHUH ZLOO
VW WKHUH Z
HU D ZLGH UDQ
U D ZLGH UD
ORZSDWLHQWVW
ORZSDWLHQWV
SRLQWV LQFOXGH
RLQWV LQFOXGH
WV LQ HDFK D
WV LQ HDFK
QGRIVSHFLILF
QGRIVSHFLILF
$Q\WR[LFLW\R
$Q\WR[LFLW\
!FKDQFH
FKDQFH
YHVWLJDWRUV
YHVWLJDWR
ZL
H[SUHVVLRQ D
H[SUHVVLRQ
DFFUXDODQ
DFFUXDODQ
KD]DUG
KD]DUG
SDWLHQ
SDWLHQ
HIIH
HIIH
L
TIVE 04

04/01/2015

5
15


15
15
15


01


201
20
/2


/2
/2
/2
1/2

1/2
1/2
1/2
1/2


1/
1/
1/
1/


01
/0


4/0
4


4/
04
04
04
04
04
04
04
04
04
E 0
E

VE


VE


IV
TIV


5HYLVHG
6

3DJH

9HUVLRQ'DWH


7KH DVVRFLDWLRQ EHWZHHQ (5&& DQG (5&& JHUPOLQH SRO\PRUSKLVPV DQG
SURJUHVVLRQIUHH VXUYLYDO ZLOO DOVR EH H[SORUHG ,I DGHTXDWH EORRG VSHFLPHQV IRU
JHQRW\SLQJ DUH UHFHLYHG IURP  RI UDQGRPL]HG SDWLHQWV DQG LI IRU H[DPSOH WKH
GRPLQDQWDOOHOHLVSUHVHQWLQRISDWLHQWVWKHQZLWKLQHDFKWUHDWPHQWDUPDWZR
VLGHGORJUDQNWHVWZLOOKDYHDWOHDVWSRZHUWRGHWHFWDKD]DUGUDWLRRIRUJUHDWHU
RYHU D ZLGH UDQJH RI SRWHQWLDO PHGLDQV IRU WKH FRPSDULVRQ EHWZHHQ KRPR]\JRXV
UHFHVVLYH SDWLHQWV )RU WKH DQDO\VLV LQFOXGLQJ ERWK WUHDWPHQW DUPV XQGHU WKH VDPH
DVVXPSWLRQVWKHORJUDQNWHVWVWUDWLILHGE\WUHDWPHQWDUPZLOOKDYHDWOHDVWSRZHUWR
GHWHFWDKD]DUGUDWLRRIRUJUHDWHU,IWKHKRPR]\JRXVUHFHVVLYHJHQRW\SHRFFXUVLQ
OHVVWKDQRISDWLHQWVWKHQSRZHUIRUWKHVHWHVWVZLOOEHPRUHOLPLWHG

)LQDOO\WKHDVVRFLDWLRQEHWZHHQ(5&&P51$H[SUHVVLRQDQG(5&&DQG(5&&
JHUPOLQHSRO\PRUSKLVPVZLOOEHH[SORUHGXVLQJWKH0DQWHO+DHQV]HOFKLVTXDUHWHVWIRU
WUHQG


'DWDDQG6DIHW\0RQLWRULQJ&RPPLWWHH

$ 'DWD DQG 6DIHW\ 0RQLWRULQJ &RPPLWWHH ZLOO RYHUVHH WKH FRQGXFW RI WKH VWXG\  7KH
&RPPLWWHHFRQVLVWVRIIRXUPHPEHUVIURPRXWVLGHRIWKH6:2*6:2*PHPEHUV
QRQYRWLQJ UHSUHVHQWDWLYHV IURP WKH 1DWLRQDO &DQFHU ,QVWLWXWH 1&, DQG WKH *URXS
6WDWLVWLFLDQQRQYRWLQJ7KHPHPEHUVRIWKLV&RPPLWWHHZLOOUHFHLYHFRQILGHQWLDOUHSRUWV
HYHU\PRQWKVIURPWKH6:2*6WDWLVWLFDO&HQWHUDQGZLOOPHHWDWWKH*URXS
VELDQQXDO
PHHWLQJV DV QHFHVVDU\  7KH &RPPLWWHH ZLOO EH UHVSRQVLEOH IRU UHFRPPHQGDWLRQV
UHJDUGLQJSRVVLEOHWHUPLQDWLRQDQGRUHDUO\UHSRUWLQJRIWKHVWXG\



',6&,3/,1(5(9,(:

7KHUHZLOOEHQRGLVFLSOLQHUHYLHZIRUWKLVVWXG\



5(*,675$7,21*8,'(/,1(6


5HJLVWUDWLRQ7LPLQJ

3DWLHQWV PXVW EHJLQ WUHDWPHQW ZLWKLQ  ZRUNLQJ GD\V DIWHU UHFHLYLQJ UDQGRPL]DWLRQ
DVVLJQPHQW


,QYHVWLJDWRU6LWH5HJLVWUDWLRQ

7KLVVWXG\LVVXSSRUWHGE\WKH1&,&DQFHU7ULDOV6XSSRUW8QLW&768

3ULRU WR WKH UHFUXLWPHQW RI D SDWLHQW IRU WKLV VWXG\ LQYHVWLJDWRUV PXVW EH UHJLVWHUHG
PHPEHUV RI D &RRSHUDWLYH *URXS  (DFK LQYHVWLJDWRU PXVW KDYH DQ 1&, LQYHVWLJDWRU
QXPEHUDQGPXVWPDLQWDLQDQ³DFWLYH´LQYHVWLJDWRUUHJLVWUDWLRQVWDWXVWKURXJKWKHDQQXDO
VXEPLVVLRQRIDFRPSOHWHLQYHVWLJDWRUUHJLVWUDWLRQSDFNHW)'$)RUPZLWKRULJLQDO
VLJQDWXUHFXUUHQW&96XSSOHPHQWDO,QYHVWLJDWRU'DWD)RUPZLWKVLJQDWXUHDQG)LQDQFLDO
'LVFORVXUH )RUP ZLWK RULJLQDO VLJQDWXUH WR WKH 3KDUPDFHXWLFDO 0DQDJHPHQW %UDQFK
&7(3'&7'1&,7KHVHIRUPVDUHDYDLODEOHRQWKH&768:HEVLWHHQWHUFUHGHQWLDOV
DWKWWSVZZZFWVXRUJWKHQFOLFNRQWKH5HJLVWHUWDERUE\FDOOLQJWKH30%DW
0RQGD\WKURXJK)ULGD\EHWZHHQDPDQGSP(DVWHUQWLPH

WHUU
JRXV
RX
H VDPH
DPH
SRZHUWR
SRZHUWR
SHRFFXUVLQ
SHRFFXUV
5&&
&&DQG(5
DQG(5
]HOFKLVTXDUH
FKLVTXDUH
HH WKH FRQGXF
H WKH FRQGXF
RIWKH6:2*
WKH6:2
&DQFHU ,QVWLWXW
DQFHU ,QVWLW
&RPPLWWHHZLO
&RPPLWWHHZL
HQWHUDQGZLO
HQWHUDQGZ
HH ZLOO EH UH
ZLOO EH UH
DUO\UHSRUWLQJR
DUO\UHSRUWLQJR
UWKLVVWXG\
UWKLVVWXG\
(6
(6
PLQJ
PLQJ
PXVW EHJLQ
PXVW EHJLQ WU
PHQW
QW
YHVWLJDWRU6LWH
YHVWLJDWRU6LWH
7KLVV
7KLVVWXG\L
WXG\
3ULRU W
3ULRU W
PHP
PHP
Q


5HYLVHG
6

3DJH

9HUVLRQ'DWH


(DFKLQYHVWLJDWRURUJURXSRILQYHVWLJDWRUVDWDFOLQLFVLWHPXVWREWDLQ,5%DSSURYDOIRU
WKLV SURWRFRO DQG VXEPLW ,5% DSSURYDO DQG VXSSRUWLQJ GRFXPHQWDWLRQ WR WKH &768
5HJXODWRU\2IILFHEHIRUHWKH\FDQHQUROOSDWLHQWV6WXG\FHQWHUVFDQFKHFNWKHVWDWXVRI
WKHLU UHJLVWUDWLRQ SDFNHWV E\ TXHU\LQJ WKH 5HJXODWRU\ 6XSSRUW 6\VWHP 566 VLWH
UHJLVWUDWLRQ VWDWXV SDJH RI WKH &768 PHPEHU ZHE VLWH E\ HQWHULQJ FUHGHQWLDOV DW
KWWSVZZZFWVXRUJ

5HTXLUHPHQWVIRUVLWHUHJLVWUDWLRQ

x
&768,5%&HUWLILFDWLRQ
x
&768,5%5HJXODWRU\$SSURYDO7UDQVPLWWDO6KHHW


23(15HJLVWUDWLRQ5HTXLUHPHQWV

7KH LQGLYLGXDO UHJLVWHULQJ WKH SDWLHQW PXVW KDYH FRPSOHWHG WKH DSSURSULDWH 6:2*
5HJLVWUDWLRQ:RUNVKHHW7KHFRPSOHWHGIRUPPXVWEHUHIHUUHGWRGXULQJWKHUHJLVWUDWLRQ
EXWVKRXOGQRWEHVXEPLWWHGDVSDUWRIWKHSDWLHQWGDWD

2QFRORJ\3DWLHQW(QUROOPHQW1HWZRUN23(1ZLOODOVRDVNDGGLWLRQDOTXHVWLRQVWKDWDUH
QRWSUHVHQWRQWKH6:2*5HJLVWUDWLRQ:RUNVKHHW7KHLQGLYLGXDOUHJLVWHULQJWKHSDWLHQW
PXVWEHSUHSDUHGWRSURYLGHDQVZHUVWRWKHIROORZLQJTXHVWLRQV

D
,QVWLWXWLRQ&7(3,'

E
3URWRFRO1XPEHU

F
5HJLVWUDWLRQ6WHS

G
7UHDWLQJ,QYHVWLJDWRU

H
&RRSHUDWLYH*URXS&UHGLW

I
&UHGLW,QYHVWLJDWRU

J
3DWLHQW,QLWLDOV

K
3DWLHQW¶V'DWHRI%LUWK

L
3DWLHQW661661LVGHVLUHGEXWRSWLRQDO'RQRWHQWHULQYDOLGQXPEHUV

M
&RXQWU\RI5HVLGHQFH

N
=,3&RGH

O
*HQGHUVHOHFWRQH
x
)HPDOH*HQGHU
x
0DOH*HQGHU

P
(WKQLFLW\VHOHFWRQH
x
+LVSDQLFRU/DWLQR
x
1RW+LVSDQLFRU/DWLQR
x
8QNQRZQ

Q
0HWKRGRI3D\PHQWVHOHFWRQH
x
3ULYDWH,QVXUDQFH
x
0HGLFDUH

CLOSED EFFECTIVE 04/01/2015
DW
DW
G WKH DSSURS
 WKH DSS
UUHGWRGXULQJ
UUHGWRGXULQJ
DOVRDVNDGGLWL
RDVNDG
HW7KHLQGLYLG
W7KHLQGLY
RZLQJTXHVWLR
RZLQJTXHVWLR
RU
RU
URXS&UHGLW
URXS&UHGLW
YHVWLJDWRU
YHVWLJDWRU
HQW,QLWLDOV
QW,QLWLDO
3DWLHQW¶V'DWH
DWLHQW¶V'DW
3DWLHQW6
3DWLHQW6
MM
&RX
&R
NN
O


5HYLVHG
6

3DJH

9HUVLRQ'DWH

x
0HGLFDUHDQG3ULYDWH,QVXUDQFH
x
0HGLFDLG
x
0HGLFDLGDQG0HGLFDUH
x
0LOLWDU\RU9HWHUDQV6SRQVRUHG126
x
0LOLWDU\6SRQVRUHG,QFOXGLQJ&KDPSXV	7ULFDUH
x
9HWHUDQV6SRQVRUHG
x
6HOI3D\1R,QVXUDQFH
x
1R0HDQVRI3D\PHQW1R,QVXUDQFH
x
2WKHU
x
8QNQRZQ

R
5DFHVHOHFWDOOWKDWDSSO\
x
$PHULFDQ,QGLDQRU$ODVND1DWLYH
x
$VLDQ
x
%ODFNRU$IULFDQ$PHULFDQ
x
1DWLYH+DZDLLDQRURWKHU3DFLILF,VODQGHU
x
:KLWH
x
8QNQRZQ


5HJLVWUDWLRQSURFHGXUHV

D
$OO VLWH VWDII6:2* DQG &768 6LWHV ZLOO XVH 23(1 WR HQUROO SDWLHQWV WR WKLV
VWXG\ 23(1 LV D ZHEEDVHG DSSOLFDWLRQ DQG FDQ EH DFFHVVHG DW
KWWSVRSHQFWVXRUJRUIURPWKH23(1WDERQWKH&768PHPEHUV¶VLGHRIWKH
ZHEVLWH DW KWWSVZZZFWVXRUJ RU IURP WKH 23(1 3DWLHQW 5HJLVWUDWLRQ OLQN RQ
WKH6:2*&5$:RUNEHQFK

E
3ULRUWRDFFHVVLQJ23(1VLWHVWDIIVKRXOGYHULI\WKHIROORZLQJ

x
$OOHOLJLELOLW\FULWHULDKDYHEHHQPHWZLWKLQWKHSURWRFROVWDWHGWLPHIUDPHV
DQGWKHDIILUPDWLRQRIHOLJLELOLW\RQWKH5HJLVWUDWLRQ:RUNVKHHWKDVEHHQ
VLJQHG E\ WKH UHJLVWHULQJ LQYHVWLJDWRU RU DQRWKHU LQYHVWLJDWRU GHVLJQHH
6LWHVWDIIVKRXOGUHIHUWR6HFWLRQWRYHULI\HOLJLELOLW\

x
$OO SDWLHQWV KDYH VLJQHG DQ DSSURSULDWH FRQVHQW IRUP DQG +,3$$
DXWKRUL]DWLRQIRUPLIDSSOLFDEOH

x
7KHVWXG\VLWHLVOLVWHGDV³DSSURYHG´LQWKH&768566

F
$FFHVVUHTXLUHPHQWVIRU23(1

x
6LWH VWDII ZLOO QHHG WR EH UHJLVWHUHG ZLWK &7(3 DQG KDYH D YDOLG DQG
DFWLYH &7(3,$0 DFFRXQW 7KLV LV WKH VDPH DFFRXQW XVHU ,' DQG
SDVVZRUGXVHGIRUWKH&768PHPEHUV
ZHEVLWH

x
7R SHUIRUP UHJLVWUDWLRQV WKH VLWH XVHU PXVW KDYH EHHQ DVVLJQHG WKH

5HJLVWUDU
UROHRQWKH6:2*RU&768URVWHU

 ,I \RX DUH D 6:2* PHPEHU WR SHUIRUP UHJLVWUDWLRQV RQ 6:2*
SURWRFROV\RXPXVWKDYHDQHTXLYDOHQW
5HJLVWUDU
UROHRQWKH6:2*
URVWHU5ROHDVVLJQPHQWVDUHKDQGOHGWKURXJK6:2*

 ,I\RXDUHQRWD6:2*PHPEHUWRSHUIRUPUHJLVWUDWLRQVRQ6:2*
SURWRFROV \RXPXVWKDYHWKHUROH RI5HJLVWUDURQWKH&768URVWHU
6LWHDQGRU'DWD$GPLQLVWUDWRUVFDQPDQDJH&768URVWHUUROHVYLD
WKH QHZ 6LWH 5ROHV PDLQWHQDQFH IHDWXUH XQGHU 566 RQ WKH &768
PHPEHUV
 ZHE VLWH 7KLV ZLOO DOORZ WKHP WR DVVLJQ VWDII WKH
5HJLVWUDUUROH

CLOSED EFFECTIVE 04/01/2015
 ZLOO XVH 23(
 ZLOO XVH 23(
DSSOLFDWLRQ
DSSOLFDWLRQ
23(1WDERQ
(1WDERQ
 RU IURP WKH
 RU IURP WKH
1VLWHVWDIIVKR
1VLWHVWDIIVKR
\FULWHULD
\FULWH
KDYH
KD
DIILUPDWLRQRI
DIILUPDWLRQRI
G E\ WKH UHJLV
 E\ WKH UHJ
VWDIIVKRXOGU
VWDIIVKRXOGU
$OO SDWLHQWV
$OO SDWLHQ
DXWKRUL]DW
DXWKRUL]DW
x
7KHV
7KHV
$FFHVV
$FFHVV


5HYLVHG
6

3DJH

9HUVLRQ'DWH


1RWH  7KH 23(1V\VWHP ZLOO SURYLGH WKH VLWH ZLWK D SULQWDEOH FRQILUPDWLRQ RI
UHJLVWUDWLRQ DQG WUHDWPHQW LQIRUPDWLRQ3OHDVH SULQW WKLV FRQILUPDWLRQ IRU \RXU
UHFRUGV

G
)XUWKHU LQVWUXFWLRQDO LQIRUPDWLRQ LVSURYLGHG RQ WKH 23(1 WDE RI WKH &768
PHPEHUV¶
VLGH
RI
WKH
&768
ZHEVLWH
DW
KWWSVZZZFWVXRUJ
RU
DW
KWWSVRSHQFWVXRUJ)RUDQ\DGGLWLRQDOTXHVWLRQVFRQWDFWWKH&768+HOS'HVN
DWRUFWVXFRQWDFW#ZHVWDWFRP

([FHSWLRQVWR6:2*UHJLVWUDWLRQSROLFLHVZLOOQRWEHSHUPLWWHG

D
3DWLHQWVPXVWPHHWDOOHOLJLELOLW\UHTXLUHPHQWV

E
,QVWLWXWLRQVPXVWEHLGHQWLILHGDVDSSURYHGIRUUHJLVWUDWLRQ

F
5HJLVWUDWLRQVPD\QRWEHFDQFHOOHG

/DWHUHJLVWUDWLRQVDIWHULQLWLDWLRQRIWUHDWPHQWZLOOQRWEHDFFHSWHG



3DWLHQWV1RW5DQGRPL]HG

3DWLHQWVZKRUHJLVWHUWRWKLVVWXG\EXWDUHQRWUDQGRPL]HGVHH6HFWLRQVDQGH
ZLOO QRW UHTXLUH IROORZXS ZKHUHDV DOO SDWLHQWV ZKR DUH UDQGRPL]HG WR UHFHLYH HLWKHU
)2/)2; RU LULQRWHFDQ SOXV GRFHWD[HO VKRXOG EH IROORZHG UHJDUGOHVV RI ZKHWKHU WKH\
UHFHLYHWKHDVVLJQHGWUHDWPHQWLQDFFRUGDQFHZLWKWKHLQWHQWWRWUHDWSULQFLSOH



'$7$68%0,66,216&+('8/(


'DWD6XEPLVVLRQ5HTXLUHPHQWV

'DWD PXVW EH VXEPLWWHG DFFRUGLQJ WR WKH SURWRFRO UHTXLUHPHQWV IRU $// SDWLHQWV
UDQGRPL]HG WR WUHDWPHQW ZKHWKHU RU QRW DVVLJQHG WUHDWPHQW LV DGPLQLVWHUHG LQFOXGLQJ
SDWLHQWV GHHPHG WR EH LQHOLJLEOH  3DWLHQWV IRU ZKRP GRFXPHQWDWLRQ LV LQDGHTXDWH WR
GHWHUPLQHHOLJLELOLW\ZLOOJHQHUDOO\EHGHHPHGLQHOLJLEOH


0DVWHU)RUPV

0DVWHU IRUPV FDQ EH IRXQG RQ WKH SURWRFRO DEVWUDFW SDJH RQ WKH 6:2* ZHEVLWH
ZZZVZRJRUJDQGZLWKWKHH[FHSWLRQRIWKHVDPSOHFRQVHQWIRUPDQGWKH5HJLVWUDWLRQ
:RUNVKHHWPXVWEHVXEPLWWHGRQOLQHYLDWKH:HEVHH6HFWLRQDIRUGHWDLOV


'DWD6XEPLVVLRQ3URFHGXUHV

D
6:2* LQVWLWXWLRQV PXVW VXEPLW GDWD HOHFWURQLFDOO\ YLD WKH :HE E\ XVLQJ WKH
6:2*&5$:RUNEHQFK7RDFFHVVWKH&5$:RUNEHQFKJRWRWKH6:2*:HE
VLWHKWWSVZRJRUJDQGORJRQWRWKH0HPEHUV$UHD$IWHU\RXKDYHORJJHGRQ
FOLFNRQWKH&5$:RUNEHQFKOLQNWRDFFHVVWKHKRPHSDJHIRU&5$:RUNEHQFK
ZHEVLWH1H[WFOLFNRQWKH'DWD6XEPLVVLRQOLQNDQGIROORZWKHLQVWUXFWLRQV)RU
QHZXVHUVWKHOLQNWRD6WDUWHU.LWRIKHOSILOHVPD\EHIRXQGE\FOLFNLQJRQWKH
6WDUWHU.LWOLQNDWWKH0HPEHUV¶ORJRQSDJH

CLOSED EFFECTIVE 04/01/2015
68
U
DW
S 'HVN
'HVN
Q
EHDFFHSWHG
HDFFHSWHG
HQRWUDQGRPL]
RWUDQGRPL]
SDWLHQWV ZKR
SDWLHQWV ZKR
HO VKRXOG EH
HO VKRXOG EH
DFFRUGDQFHZ
DFFRUGDQFH
XLUHPHQWV
XLUHPHQWV
VXEPLWWHG DFF
XEPLWWHG DFF
WUHDWPHQW Z
WUHDWPHQW
HPHG WR EH
PHG WR
LQLQ
HOLJLELOLW\ZLOO
HOLJLELOLW\Z
HU)RUPV
PV
0DVWHU IRUPV
0DVWHU IRU
ZZZVZRJ
ZZZVZRJ
:RUNVKH
:RUNVKH


'DWD
'DW


5HYLVHG
6

3DJH

9HUVLRQ'DWH

7RVXEPLWGDWDYLDWKHZHEWKHIROORZLQJPXVWEHGRQHLQRUGHU


<RXDUHHQWHUHGLQWRWKH6:2*5RVWHUDQGLVVXHGD6:2*5RVWHU,'
1XPEHU

<RXDUHDVVRFLDWHGDVDQLQYHVWLJDWRURU&5$51DWWKHLQVWLWXWLRQZKHUH
WKHSDWLHQWLVEHLQJWUHDWHGRUIROORZHGDQG

<RXU :HE 8VHU $GPLQLVWUDWRU KDV DGGHG \RX DV D ZHE XVHU DQG KDV
JLYHQ \RX WKH DSSURSULDWH V\VWHP SHUPLVVLRQV WR VXEPLW GDWD IRU WKDW
LQVWLWXWLRQ

)RUDVVLVWDQFHZLWKSRLQWVDQGFDOOWKH2SHUDWLRQV2IILFHDW
)RUSRLQWFRQWDFW\RXUORFDO:HE8VHU$GPLQLVWUDWRUUHIHUWRWKH:KRLVP\
:HE8VHU$GPLQLVWUDWRU"IXQFWLRQRQWKHVZRJRUJ0HPEHUVORJRQSDJH)RU
RWKHU
GLIILFXOWLHV
ZLWK
WKH
&5$
:RUNEHQFK
SOHDVH
HPDLO
WHFKQLFDOTXHVWLRQ#FUDERUJ

E
,I\RXQHHGWRVXEPLWGDWDWKDWDUHQRWDYDLODEOHIRURQOLQHGDWDVXEPLVVLRQWKHRQO\
DOWHUQDWLYHLVYLDIDFVLPLOH6KRXOGWKHQHHGIRUWKLVRFFXULQVWLWXWLRQVPD\VXEPLW
GDWDYLDIDFVLPLOHWRRUORFDOO\3OHDVHGRQRWXVHFRYHU
VKHHWIRUID[HGGDWD3OHDVHPDNHVXUHWKDWHDFKSDJHRIDOOID[HGGDWDLQFOXGHWKH
6:2*SDWLHQWQXPEHUVWXG\,'DQGSDWLHQWLQLWLDOV
F
,QVWLWXWLRQVSDUWLFLSDWLQJWKURXJKWKH&DQFHU7ULDOV6XSSRUW8QLW&768SOHDVHUHIHU
WRWKH&7683DUWLFLSDWLRQ7DEOHRQSDJH


'DWD6XEPLVVLRQ2YHUYLHZDQG7LPHSRLQWV

D
217+(6$0('$<$65(*,675$7,21
6XEPLWWLVVXHVSHFLPHQIRU(5&&H[SUHVVLRQDQGLIQRWDOUHDG\GRQH+(5
WHVWLQJVHH6HFWLRQ

6XEPLW SDWKRORJ\ UHSRUW LQFOXGLQJ +(5 VWDWXV LI NQRZQ ZLWK VSHFLPHQ WR
5HVSRQVH*HQHWLFV,QFVHH6HFWLRQ

E
:,7+,1'$<62)5(*,675$7,21
6XEPLWSDWKRORJ\UHSRUWLQFOXGLQJ+(5VWDWXVLINQRZQ127(7KLVLVWREH
VXEPLWWHG WR WKH 'DWD 2SHUDWLRQV &HQWHU LQ 6HDWWOH  7KLV VXEPLVVLRQ LV LQ
DGGLWLRQ WR WKH SDWKRORJ\ UHSRUW VXEPLVVLRQ WR 5HVSRQVH *HQHWLFV ,QF WKDW LV
UHTXLUHGE\6HFWLRQE

F
:,7+,1'$<6$)7(55(&(,9,1*5$1'20,=$7,21$66,*10(17
6XEPLWUDGLRORJ\UHSRUWVIURPDOOVFDQVSHUIRUPHGWRDVVHVVGLVHDVHDWEDVHOLQH

%DVHOLQH7XPRU$VVHVVPHQW5(&,67

63UHVWXG\)RUP
G
:,7+,1'$<6$)7(55(&(,9,1*5$1'20,=$7,21$66,*10(17
6XEPLWEORRGLISDWLHQWFRQVHQWVVHH6HFWLRQ

6XEPLWDGGLWLRQDOWLVVXHIRUEDQNLQJLISDWLHQWFRQVHQWVVHH6HFWLRQ

CLOSED EFFECTIVE 04/01/2015
 KDV
KD
IRU WKDW
WKDW



RWKH
WKH :KRLV
KRL
VORJRQSDJH
ORJRQSDJH
K
SOHDVH
SOHDVH
URQOLQHGDWDV
RQOLQHGDWD
UWKLVRFFXULQ
LVRFFX
ORFDOO\
ORFDOO\
DWHDFKSDJHR
HDFKSDJ
HQWLQLWLDOV
HQWLQLWLDOV
&DQFHU7ULDOV
&DQFHU7ULD
Q SDJH
DJH
VE

SRLQWV
SRLQWV
5(*,675$7
5(*,675$7
CT
LPHQIRU(5&
PHQIRU(5
RQ
RQ
EC

KRORJ\ UHSRUW
KRORJ\ UHSRUW
H*HQHWLFV
H*HQHWLF ,Q
,Q
+,1'$<62
+,1'$<62
EF
6XEPLWSDWKR
XEPLWSDWKR
VXEPLWWHG
PLWWHG
DGGLWLRQ
DGGLWLRQ
D
UHTXLU
HT
FF
:


5HYLVHG
6
5HYLVHG
3DJH
5HYLVHG
9HUVLRQ'DWH


H
:,7+,1'$<6$)7(5(9(5<&<&/(2175($70(17
67UHDWPHQW)RUP
6$GYHUVH(YHQW)RUP
I
:,7+,1'$<6$)7(5(9(5<',6($6($66(660(17,1&/8',1*%27+
21
75($7(0(17
$1'
2))
75($70(17
35,25
72
',6($6(
352*5(66,21VHH6HFWLRQ
)ROORZ8S7XPRU$VVHVVPHQW)RUP

5DGLRORJ\UHSRUWV

J
:,7+,1'$<62)352*5(66,215(/$36(
)ROORZ8S7XPRU$VVHVVPHQW)RUP5(&,67

)ROORZ8S)RUP±LISDWLHQWLVDOUHDG\RIIWUHDWPHQW

2II7UHDWPHQW1RWLFH±LISDWLHQWLVVWLOORQWUHDWPHQW

5DGLRORJ\5HSRUWV

K
:,7+,1'$<62)',6&217,18$7,212)75($70(17
2II7UHDWPHQW1RWLFH

67UHDWPHQW)RUP
6$GYHUVH(YHQW)RUP
L
$)7(52))75($70(17(9(5<0217+6)257+5((<($56
)ROORZ8S)RUP

M
:,7+,1:((.62).12:/('*(2)'($7+
6XEPLWWKH1RWLFHRI'HDWKDQGDILQDO67UHDWPHQW)RUPLIWKHSDWLHQW
ZDVVWLOORQSURWRFROWUHDWPHQWRU)ROORZ8S)RUPLIWKHSDWLHQWZDVRIISURWRFRO
WUHDWPHQWGRFXPHQWLQJGHDWKLQIRUPDWLRQ

63(&,$/,16758&7,216


6SHFLPHQVIRU(5&&DQG+(5WHVWLQJUHTXLUHGIRUSDWLHQW

D
7KH IROORZLQJ VSHFLPHQ PXVW EH VXEPLWWHG RQ WKH VDPH GD\ DV UHJLVWUDWLRQ
VHH6HFWLRQD&ROOHFWLRQLQVWUXFWLRQVDUHRXWOLQHGLQ 6HFWLRQE DQG
VXEPLVVLRQLQVWUXFWLRQVDUHRXWOLQHGLQ6HFWLRQG:LWKDGGLWLRQDOSDWLHQW
FRQVHQW DQ\ PDWHULDO UHPDLQLQJ DIWHU (5&& DQG +(5 WHVWLQJ ZLOO EH
IRUZDUGHGWRWKH6:2*6ROLG7XPRU5HSRVLWRU\IRUEDQNLQJ

%27+
27+
015
',6($6(
',6($6(
01

HDWPHQW
WPHQW
RQWUHDWPHQW
RQWUHDWPHQW
17,18$7,21
17,18$7,2
TIV
RUP
RUP
H(YHQW)RUP
H(YHQW)RU
2))75($70(
))75($70(
FF
Z8S)RUP
8S)R
:,7+,1:(
:,7+,1:
E
6XEPLW
6XEPLW
ZDVV
ZD
WUHD
WUH
63(&,$/,1
63(&,$/,1




6

3DJH

9HUVLRQ'DWH

5HYLVHG

5HYLVHG



7XPRUEORFNRSWLPDOWXPRUDUHDRIPPRUODUJHUPLQLPXPRIPP
UHTXLUHG&RS\RISDWKRORJ\UHSRUWPXVWEHLQFOXGHG,QWKHHYHQWWKDW
DWXPRUEORFNFDQQRWEHUHOHDVHGWKHIROORZLQJVOLGHVPXVWEH
VXEPLWWHG


D
7HQILIWHHQSUHIHUUHGFKDUJHGVOLGHVZLWKPLFURQWLVVXH
VHFWLRQVPRXQWHGRQHDFKVOLGHIURPSDUDIILQHPEHGGHGWLVVXH
EORFN127('RQRWXVHFRYHUVOLSRUEDNHVOLGH


E
2QHFRYHUVOLSSHG+	(VWDLQHGVOLGHZLWKPLFURQWLVVXH
VHFWLRQ

F
,I+(5WHVWLQJZDVQRWSHUIRUPHGSULRUWRUHJLVWUDWLRQVXEPLW
LQDGGLWLRQWRWKHDERYHIRXUPLFURQWLVVXHVHFWLRQVRQUHJXODU
JODVVVOLGHV'RQRWEDNHGHSDUDIIILQL]HVWDLQRUFRYHUVOLS
VOLGHV

1RWH&\WRORJLFDOVSHFLPHQVDUHQRWDFFHSWDEOH

E
6SHFLPHQ&ROOHFWLRQ,QVWUXFWLRQV

2EWDLQELRSV\DFFRUGLQJWRLQVWLWXWLRQDOVWDQGDUGV7KHWLVVXHVDPSOHVKRXOGEH
IL[HGLQIRUPDOLQIRUKRXUVDQGWKHQSDUDIILQHPEHGWKHVDPSOHDFFRUGLQJWR
LQVWLWXWLRQDOSURFHGXUHV6KLSWKHSDUDIILQHPEHGGHGEORFNRUVOLGHVWR5HVSRQVH
*HQHWLFVVHH6HFWLRQH

F
6SHFLPHQFROOHFWLRQNLWVDUHQRWEHLQJSURYLGHGIRUWKLVVXEPLVVLRQVLWHVZLOO
XVHLQVWLWXWLRQDOVXSSOLHV

G
6+,33,1*6$03/(6


6SHFLPHQ7UDFNLQJ6\VWHP

D
$OO UHSRVLWRU\ VXEPLVVLRQV IRU SDWLHQWV UHJLVWHUHG E\ 6:2*
LQVWLWXWLRQVDQGDIILOLDWHVPXVWEHHQWHUHGDQGWUDFNHGXVLQJWKH
6:2*2QOLQH6SHFLPHQ7UDFNLQJ6\VWHP6SHF7UDFN

E
6:2* PHPEHUV PD\ ORJ RQWR 6SHF7UDFN YLD WKH &5$
:RUNEHQFKXVLQJWKHLU6:2*URVWHU,'QXPEHUDQGSDVVZRUG

F
6SHF7UDFNODERUDWRU\,'VDUHXVHGWRLGHQWLI\WKHODERUDWRULHVWR
ZKLFK VSHFLPHQV DUH VKLSSHG   8QGHU 6SHFLPHQ 6SHFLILF
4XHVWLRQV VLWHV PXVW HQWHU SDWLHQW
V +(5 VWDWXV DV ZHOO DV
FRQWDFW LQIRUPDWLRQ IRU WKH SHRSOH ZKR ZLOO UHFHLYH WKH
UDQGRPL]HGWUHDWPHQWDVVLJQPHQWVHH6HFWLRQH

G
$OOVSHFLPHQVPXVWEHORJJHGYLDWKLVV\VWHPWKHUHDUHQR
H[FHSWLRQV

CLOSED EFFECTIVE 04/01/2015
VXH
VXH
GHGWLVVXH
GHGWLVVXH
PLFURQWLVVXH
LFURQWLVVXH
ULRUWRUHJLVWUDW
RUWRUHJLV
URQWLVVXHVHFW
RQWLVVXHVHF
DIIILQL]HVWDLQ
LQL]HVW
QRWDFFHSWDEOH
QRWDFFHSWDE
LWXWLRQDOVWDQG
LWXWLRQDOVWDQG
UVDQGWKHQSD
UVDQGWKHQS
KLSWKHSDUDIILQ
KLSWKHSDUD
H
H
CT

QNLWVDUHQRW
QNLWVDUHQ
VXSSOLHV
VXSSOLHV
6$03/(6
6$03/(6
6SHFLPHQ7U
6SHFLPHQ
D
D


5HYLVHG
6
5HYLVHG
3DJH

9HUVLRQ'DWH


H
7RUHSRUWWHFKQLFDOSUREOHPVZLWK6SHF7UDFNVXFKDVGDWDEDVH
HUURUV RU FRQQHFWLYLW\ LVVXHV SOHDVH VHQG DQ HPDLO WR
WHFKQLFDOTXHVWLRQ#FUDERUJ)RU SURFHGXUDO KHOS ZLWK ORJJLQJ
DQGVKLSSLQJVSHFLPHQVWKHUHLVDQLQWURGXFWLRQWRWKHV\VWHP
RQ WKH 6SHFLPHQ 7UDFNLQJ PDLQ SDJH )RU IXUWKHU DVVLVWDQFH
FRQWDFW WKH 'DWD 2SHUDWLRQV &HQWHU DW  WR EH
URXWHGWRWKH'DWD&RRUGLQDWRU

J
,QWKHRQOLQHVSHFLPHQWUDFNLQJV\VWHPWKHDSSURSULDWH6:2*
ODERUDWRU\IRUVXEPLVVLRQRIWLVVXHVDPSOHVIRU(5&&WHVWLQJLV
LGHQWLILHGDVIROORZV

/DE
5HVSRQVH*HQHWLFV,QF
0DUHQJR6WUHHWWK)ORRU
/RV$QJHOHV&$
3KRQH
&RQWDFW1DWKDOLH.HUWHV]


6XEPLVVLRQWR5HVSRQVH*HQHWLFV,QF

6SHFLPHQVPXVWEHVKLSSHG0RQGD\WKURXJK7KXUVGD\DQGDWOHDVWWZR
GD\VSULRUWRPDMRU86KROLGD\V2QFHWKHVSHFLPHQKDVEHHQORJJHGLQ
XVLQJWKH6:2*6SHFLPHQ7UDFNLQJ6\VWHPVLWHVPXVWVHQGDQHPDLO
WR6#UHVSRQVHJHQHWLFVFRPZLWKWKHIROORZLQJLQIRUPDWLRQ

D
2QVXEMHFWOLQH63ULQFLSDO,QYHVWLJDWRU1DPHDQG6:2*
6LWHQXPEHU
E
,Q ERG\ RI HPDLO /LVW WKH VSHFLPHQV EHLQJ VHQW ZLWK SDWLHQW
QXPEHUDQGGDWHRIELUWK
F
,QERG\RIHPDLO)HG([WUDFNLQJQXPEHU

%HVXUHWKH3DWKRORJ\5HSRUW/DEHOLVRQWKHSDWLHQW¶VSDWKRORJ\
UHSRUWDQGSODFHWKHSDWKRORJ\UHSRUWDQGVKLSPHQWSDFNLQJOLVW
LQDSODVWLFEDJ(QVXUHWKHEORFNRUVOLGHVDUHODEHOHGZLWKWKH
6:2*SDWLHQW,'6KLSRYHUQLJKWE\)HG([6SHFLPHQVPXVWEH
VKLSSHGDFFRUGLQJWRWKHIROORZLQJ,$7$VKLSSLQJUHJXODWLRQV

G
7KHVSHFLPHQPXVWEHZUDSSHGLQDEVRUEDEOHPDWHULDO

H
3ODFH WKH VSHFLPHQ LQ DQ $,57,*+7 FRQWDLQHU PXVW KDYH D
SULPDU\DQGVHFRQGDU\FRQWDLQHUH[D6DI73DN

I
3ODFHSDFNDJHGVSHFLPHQLQDQDSSURSULDWHVKLSSLQJFRQWDLQHU
H[)HG([ER[RUFOLQLFDOSDFN

J
0DUN WKH RXWVLGH VKLSSLQJ FRQWDLQHU ZLWK DQ ³([HPSW +XPDQ
6SHFLPHQ´ODEHO

CLOSED EFFECTIVE 04/01/2015
FH
H
R EH
E
ULDWH6:2*
ULDWH6:2
5&&WHVWLQJL
&&WHVWLQJ
)ORRU
)ORR



H.HUWHV]
.HUWHV]
QF
0RQGD\WKURXJ
RQGD\WKURXJ
GD\V2QFHWKH
D\V2QFHW
HQ7UDFNLQJ6
7UDFNLQJ6
QHWLFVFRP
QHWLFVFRP ZLW
ZLW
WOLQH
WOLQH 6

TI
PEHU
HU
G\ RI H
G\ RI HPDLO
DLO
PEHUDQGGDWH
PEHUDQGG
QERG\RIHPD
QERG\RIHP
%HVXUHW
%HVXUHW
UHSRUW
UHSRUW
LQD
LQ
6:
6
G
G


5HYLVHG
6
5HYLVHG
3DJH

9HUVLRQ'DWH


H
,QVWLWXWLRQV ZLOO EH QRWLILHG E\ HPDLO ZLWK WKH SDWLHQW¶V WUHDWPHQW DVVLJQPHQW
)2/)2;RUGRFHWD[HOLULQRWHFDQZLWKLQDSSUR[LPDWHO\FDOHQGDUGD\VDIWHU
VSHFLPHQVXEPLVVLRQ,IDQHPDLO ZLWKWKHSDWLHQW¶V WUHDWPHQWDVVLJQPHQWKDV
QRW EHHQ UHFHLYHG ZLWKLQ  FDOHQGDU GD\V RI VXEPLWWLQJ WKH VSHFLPHQ SOHDVH
FRQWDFWWKH6:2*'DWD2SHUDWLRQV&HQWHUDW

127(7UHDWPHQWDVVLJQPHQWZLOOEHHPDLOHGWRWKHFRQWDFWSHUVRQVLGHQWLILHG
LQWKH6SHFLPHQ7UDFNLQJ6\VWHP$WWKHWLPHRIGDWDHQWU\LQWRWKH6SHFLPHQ
7UDFNLQJ6\VWHPXQGHU³6SHFLPHQ6SHFLILF4XHVWLRQV´VLWHVPXVWHQWHUWKHH
PDLO DGGUHVV RI D FRQWDFW SHUVRQ DQG D EDFNXS FRQWDFW SHUVRQ ZKR DUH
UHVSRQVLEOHIRUUHFHLYLQJWKHWUHDWPHQWDVVLJQPHQWQRWLILFDWLRQ


7UDQVODWLRQDOPHGLFLQHDQG%DQNLQJ

6SHFLPHQV IRU FRUUHODWLYH VWXGLHV DQG EDQNLQJ VXEPLWWHG WR WKH 6:2* 6SHFLPHQ
5HSRVLWRU\6ROLG 7LVVXH 0\HORPD DQG /\PSKRPD 'LYLVLRQ /DE  RSWLRQDO IRU
SDWLHQW

D
:LWK SDWLHQW¶V FRQVHQW VSHFLPHQVPXVW EH REWDLQHG DW WKH IROORZLQJ WLPHV DQG
VXEPLWWHGQRODWHUWKDQGD\VDIWHUUDQGRPL]DWLRQVHH6HFWLRQ


2EWDLQRQHSXUSOHWRSWXEHRIEORRGSULRUWRILUVWGRVHRIFKHPRWKHUDS\
2QFHWKHSXUSOHWRSWXEHRIEORRGLVFROOHFWHGLWVKRXOGEHVWRUHGLQWKH
UHIULJHUDWRUDQGVHQWDWURRPWHPSHUDWXUHWKHVDPHRUQH[WGD\


$Q\DYDLODEOHWLVVXHDWEDVHOLQHDIWHUVXEPLVVLRQRIWKHWXPRUEORFNRU
VOLGHVIRU(5&&DQG+(5WHVWLQJ

E
$GGLWLRQDOVSHFLPHQFROOHFWLRQDQGVXEPLVVLRQLQVWUXFWLRQVFDQEHDFFHVVHGRQ
WKH6:2*6SHFLPHQ6XEPLVVLRQZHESDJH
KWWSVZRJRUJ0HPEHUV&OLQLFDO7ULDOV6SHFLPHQV676SHFLPHQVDVSRUYLDWKH
OLQNRQWKH6SURWRFRODEVWUDFWSDJHRQWKH6:2*ZHEVLWHZZZVZRJRUJ

(7+,&$/$1'5(*8/$725<&216,'(5$7,216

7KHIROORZLQJPXVWEHREVHUYHGWRFRPSO\ZLWK)RRGDQG'UXJ$GPLQLVWUDWLRQUHJXODWLRQVIRUWKH
FRQGXFWDQGPRQLWRULQJRIFOLQLFDOLQYHVWLJDWLRQVWKH\DOVRUHSUHVHQWVRXQGUHVHDUFKSUDFWLFH

,QIRUPHG&RQVHQW
7KH SULQFLSOHV RI LQIRUPHG FRQVHQW DUH GHVFULEHG E\ )HGHUDO 5HJXODWRU\ *XLGHOLQHV )HGHUDO
5HJLVWHU9RO1R-DQXDU\SDUWDQGWKH2IILFHIRU3URWHFWLRQIURP5HVHDUFK
5LVNV5HSRUWV3URWHFWLRQRI+XPDQ6XEMHFWV&RGHRI)HGHUDO5HJXODWLRQV&)57KH\
PXVW EH IROORZHG WR FRPSO\ ZLWK )'$ UHJXODWLRQV IRU WKH FRQGXFW DQG PRQLWRULQJ RI FOLQLFDO
LQYHVWLJDWLRQV
,QVWLWXWLRQDO5HYLHZ
7KLV VWXG\ PXVW EH DSSURYHG E\ DQ DSSURSULDWH LQVWLWXWLRQDO UHYLHZ FRPPLWWHH DV GHILQHG E\
)HGHUDO5HJXODWRU\*XLGHOLQHV5HI)HGHUDO5HJLVWHU9RO1R-DQXDU\SDUW
DQGWKH2IILFHIRU3URWHFWLRQIURP5HVHDUFK5LVNV5HSRUWV3URWHFWLRQRI+XPDQ6XEMHFWV&RGH
RI)HGHUDO5HJXODWLRQV&)5


CLOSED EFFECTIVE 04/01/2015
HQWLILHG
LILHG
6SHFLPHQ
6SHFLPHQ
HQWHUWKHH
HQWHUWKH 
UVRQ ZKR DU
VRQ ZKR D
WR WKH
WR WK
6:2
6:
LRQ /DE 
RQ /DE 

REWDLQHG
EWDLQHG DW W
RPL]DWLRQ
RPL]DWLRQ VH
V
RIE
RIEORRG
ORRG SULRU
ULR
RIEORRGLVFR
EORRGLVFR
URRPWHPSHUD
URRPWHPSHUD
H DWEDVHOLQH
DWEDVH
DQG+(5
DQG+

QFROOHFWLRQD
QFROOHFWLRQ
LPHQ6XEPLVV
PHQ6XEPLVV
J0HPEHUV&
J0HPEHUV


FE
SURWRFR
SURWRFR
8/$725<&2
8/$725<&
PXVWEHREVHUY
VWEHREVHUY
PRQLWRULQJRIF
PRQLWRULQJRI
&RQVHQW
&RQVHQW
ED
H SULQFLSOHV R
SULQFLSOHV R
5HJLVWHU9RO
5HJLVWHU9RO
5LVNV5HSR
5LVNV5HSR
PXVW EH
PXVW EH
LQYHVWLJ
QYHVWLJ
,Q
,Q


5HYLVHG
6

3DJH

9HUVLRQ'DWH

0RQLWRULQJ
7KLV VWXG\ ZLOO EH PRQLWRUHG E\ WKH &OLQLFDO 'DWD 8SGDWH 6\VWHP &'86 9HUVLRQ 
&XPXODWLYH&'86GDWDZLOOEHVXEPLWWHGTXDUWHUO\WR&7(3E\HOHFWURQLFPHDQV5HSRUWVDUH
GXH-DQXDU\$SULO-XO\DQG2FWREHU

&RQILGHQWLDOLW\
3OHDVHQRWHWKDWWKHLQIRUPDWLRQFRQWDLQHGLQWKLVSURWRFROLVFRQVLGHUHGFRQILGHQWLDODQGVKRXOG
QRWEHXVHGRUVKDUHGEH\RQGWKHSXUSRVHVRIFRPSOHWLQJSURWRFROUHTXLUHPHQWVXQWLORUXQOHVV
DGGLWLRQDOSHUPLVVLRQLVREWDLQHG


$GYHUVH(YHQW5HSRUWLQJ5HTXLUHPHQWV

D
3XUSRVH

$GYHUVHHYHQWGDWDFROOHFWLRQDQGUHSRUWLQJZKLFKDUHUHTXLUHGDVSDUWRIHYHU\
FOLQLFDOWULDODUHGRQHWRHQVXUHWKHVDIHW\RISDWLHQWVHQUROOHGLQWKHVWXGLHVDV
ZHOO DV WKRVH ZKR ZLOO HQUROO LQ IXWXUH VWXGLHV XVLQJ VLPLODU DJHQWV $GYHUVH
HYHQWV DUH UHSRUWHG LQ D URXWLQH PDQQHU DW VFKHGXOHG WLPHV GXULQJ D WULDO
'LUHFWLRQV IRU URXWLQH UHSRUWLQJ DUH SURYLGHG LQ 6HFWLRQ  $GGLWLRQDOO\
FHUWDLQ DGYHUVH HYHQWV PXVW EH UHSRUWHG LQ DQ H[SHGLWHG PDQQHU WR DOORZ IRU
PRUH WLPHO\ PRQLWRULQJ RI SDWLHQW VDIHW\ DQG FDUH 7KH IROORZLQJ JXLGHOLQHV
SUHVFULEHH[SHGLWHGDGYHUVHHYHQWUHSRUWLQJIRUWKLVSURWRFRO6HHDOVR$SSHQGL[
IRUJHQHUDODQGEDFNJURXQGLQIRUPDWLRQDERXWH[SHGLWHGUHSRUWLQJ
E
5HSRUWLQJPHWKRGV

7KLVVWXG\UHTXLUHVWKDWH[SHGLWHGDGYHUVHHYHQWUHSRUWLQJXVHWKH&7(3¶V
$GYHUVH (YHQW 5HSRUWLQJ 6\VWHP &7(3$(56 7KH 1&,¶V JXLGHOLQHV IRU
&7(3$(56FDQEHIRXQGDW
KWWSFWHSFDQFHUJRYSURWRFRO'HYHORSPHQWHOHFWURQLFBDSSOLFDWLRQVDGYHUVHBHYH
QWVKWP

,QWKHUDUHHYHQWZKHQLQWHUQHWFRQQHFWLYLW\LVGLVUXSWHGDQHOHFWURQLFUHSRUW
0867 EH VXEPLWWHG LPPHGLDWHO\ XSRQ UHHVWDEOLVKPHQW RI LQWHUQHW
FRQQHFWLRQ

F
:KHQWRUHSRUWDQHYHQWLQDQH[SHGLWHGPDQQHU

:KHQWKHDGYHUVHHYHQWUHTXLUHVH[SHGLWHGUHSRUWLQJVXEPLWWKHUHSRUWZLWKLQ
FDOHQGDUGD\VRIOHDUQLQJRIWKHHYHQW

G
2WKHUUHFLSLHQWVRIDGYHUVHHYHQWUHSRUWV

7KH2SHUDWLRQV2IILFHZLOOIRUZDUGUHSRUWVDQGGRFXPHQWDWLRQWRWKHDSSURSULDWH
UHJXODWRU\DJHQFLHVDQGGUXJFRPSDQLHVDVUHTXLUHG

$GYHUVH HYHQWV GHWHUPLQHG WR EH UHSRUWDEOH WR WKH ,QVWLWXWLRQDO 5HYLHZ %RDUG
UHVSRQVLEOHIRURYHUVLJKWRIWKHSDWLHQWPXVWDOVREHUHSRUWHGDFFRUGLQJWRORFDO
SROLF\DQGSURFHGXUHV

CLOSED EFFECTIVE 04/01/2015
QGVKRXOG
QGVKRXOG
QWLORUXQOHVV
QWLORUXQOHV
DUHUHTXLUHG
DUHUHTXLUHG
WLHQWVHQUROOHG
QWVHQUR
HV XVLQJ VLP
HV XVLQJ VLP
DW VFKHGXOHG
W VFKHGX
RYLGHG LQ
RYLGHG LQ 6H
6
0
UWHG LQ DQ H[S
WHG LQ DQ H[S
VDIHW\ DQG F
VDIHW\ DQG
WUHSRUWLQJIRU
SRUWLQJIRU
GLQIRUPDWLRQD
GLQIRUPDWLRQ
WKDWH[SHGLWHG
KDWH[SHGLWH
HSRUWLQJ 6\VWH
HSRUWLQJ 6\
QEHIRXQGDW
QEHIRXQGDW
FHUJRYSURWRF
FHUJRYSURWR
UDUHHYHQWZ
UDUHHYHQW
67 EH VXEP
67 EH VXE
RQQHFWLRQ
RQQHFWLRQ
:KHQWRUH
HQWRUH
:KHQ
:K
FDOH
FD
G
G


5HYLVHG
6

3DJH

9HUVLRQ'DWH


H
([SHGLWHGUHSRUWLQJIRUFRPPHUFLDODJHQWV
&RPPHUFLDOUHSRUWLQJUHTXLUHPHQWVDUHSURYLGHGLQ7DEOH7KHFRPPHUFLDO
DJHQWV XVHG LQ $UP  RI WKLV VWXG\ DUH IOXRURXUDFLO OHXFRYRULQ FDOFLXP DQG
R[DOLSODWLQ7KHFRPPHUFLDODJHQWVXVHGLQ$UPRIWKLVVWXG\DUHGRFHWD[HODQG
LULQRWHFDQ,IWKHUHLVDQ\TXHVWLRQDERXWWKHUHSRUWDELOLW\RIDQDGYHUVHHYHQWRULI
RQOLQH &7(3$(56 FDQQRW EH XVHG SOHDVH WHOHSKRQH RU HPDLO WKH 6$(
3URJUDP DW WKH 2SHUDWLRQV 2IILFH  RU DGU#VZRJRUJ EHIRUH
SUHSDULQJWKHUHSRUW

7DEOH  ([SHGLWHG UHSRUWLQJ UHTXLUHPHQWV IRU DGYHUVH HYHQWV
H[SHULHQFHG E\ SDWLHQWV RQ ERWK VWXG\ DUPV ZLWKLQ  GD\V RI WKH ODVW
DGPLQLVWUDWLRQ RI WKH FRPPHUFLDO DJHQWV  $OO RI WKH DJHQWV XVHG LQ WKH
VWXG\DUHFRPPHUFLDODJHQWV
$775,%87,21

*UDGH

*UDGHD
8QH[SHFWHG
([SHFWHG
8QH[SHFWHG
([SHFWHG
8QUHODWHGRU
8QOLNHO\


&7(3$(56
&7(3$(56
3RVVLEOH3UREDEOH
'HILQLWH
&7(3$(56

&7(3$(56
&7(3$(56
&7(3$(56,QGLFDWHVDQH[SHGLWHGUHSRUWLVWREHVXEPLWWHGYLD1&,&7(3$(56
ZLWKLQFDOHQGDUGD\VRIOHDUQLQJRIWKHHYHQWE
D 7KLV LQFOXGHV DOO GHDWKV ZLWKLQ  GD\V RI WKH ODVW GRVH RI WUHDWPHQW ZLWK D
FRPPHUFLDODJHQWVUHJDUGOHVVRIDWWULEXWLRQ$Q\GHDWKWKDWRFFXUVPRUHWKDQ
GD\VDIWHUWKHODVWGRVHRIWUHDWPHQWZLWKDFRPPHUFLDODJHQWVDQGLVDWWULEXWHG
SRVVLEO\ SUREDEO\ RU GHILQLWHO\ WR WKH DJHQWV DQG LV QRW GXH WR FDQFHU
UHFXUUHQFHPXVWEHUHSRUWHGDFFRUGLQJWRWKHLQVWUXFWLRQVDERYH

E 6XEPLVVLRQ RI WKH RQOLQH &7(3$(56 UHSRUW SOXV DQ\ QHFHVVDU\ DPHQGPHQWV
JHQHUDOO\FRPSOHWHVWKHUHSRUWLQJUHTXLUHPHQWV<RXPD\KRZHYHUEHDVNHGWR
VXEPLWVXSSRUWLQJFOLQLFDOGDWDWRWKH2SHUDWLRQV2IILFHLQRUGHUWRFRPSOHWHWKH
HYDOXDWLRQRI WKH HYHQW ,I UHTXHVWHG WKH VSHFLILHG GDWDVKRXOG EH VHQW ZLWKLQ 
FDOHQGDUGD\VE\ID[WR

I
5HSRUWLQJ3UHJQDQF\)HWDO'HDWKDQG'HDWK1HRQDWDO


3UHJQDQF\6WXG\SDUWLFLSDQWVZKREHFRPHSUHJQDQWZKLOHRQVWXG\WKDW
SUHJQDQF\VKRXOGEHUHSRUWHGLQDQH[SHGLWHGPDQQHUYLD&7(3$(56
DV *UDGH  ³3UHJQDQF\ SXHUSHULXP DQG SHULQDWDO FRQGLWLRQV ±
2WKHUSUHJQDQF\´XQGHUWKH3UHJQDQF\SXHUSHULXPDQGSHULQDWDO
FRQGLWLRQV62&

$GGLWLRQDOO\ WKH SUHJQDQF\ RXWFRPH IRU SDWLHQWV RQ VWXG\ VKRXOG EH
UHSRUWHG YLD &7(3$(56 DW WKH WLPH WKH RXWFRPH EHFRPHV NQRZQ
DFFRPSDQLHG E\ WKH VDPH 3UHJQDQF\ 5HSRUW )RUP XVHG IRU WKH LQLWLDO
UHSRUW


)HWDO'HDWK)HWDO'HDWKGHILQHGLQ&7&$(DV³$GLVRUGHUFKDUDFWHUL]HG
E\GHDWKLQXWHURIDLOXUHRIWKHSURGXFWRIFRQFHSWLRQWRVKRZHYLGHQFH
RI UHVSLUDWLRQ KHDUWEHDW RU GHILQLWH PRYHPHQW RI D YROXQWDU\ PXVFOH

CLOSED EFFECTIVE 04/01/2015
QG
WRULI
RU
H 6$(
6$(
J EHIRUH
J EHIRUH
DGYHUVH HYH
YHUVH HY
 GD\V RI WK
GD\V RI WK
H DJHQWV XVH
JHQWV XVH
*UDGH
*UDGHD
01
01
4
HG
8QH[SHFW
8QH[SH
4/0
04
04
04
E 04
04
&7(3
&7
04
04
04/
04
E 0
E 0
VE 
E 0
E 0
VE 0
HGUHSRUWLVWRE
HSRUWLVWRE
RIOHDUQLQJRIW
RIOHDUQLQJRIW
ZLWKLQ  GD\
ZLWKLQ  G
HJDUGOHVVRIDWW
HJDUGOHVVRIDWW
RVHRIWUHDWPH
RVHRIWUHDWPH
EO\ RU GHILQLWH
O\ RU GHILQ
VWEHUHSRUWHGD
VWEHUHSRUWHGD
RQ RI WKH RQ
RQ RI WKH RQOLOL
DOO\FRPSOHWHVW
OO\FRPSOHWHV
PLWVXSSRUWLQJ
PLWVXSSRUWLQ
YDOXD
YDOXDWLRQRI WK
WLRQRI WK
FDOHQGDUGD\V
FDOHQGDUGD
VE
VE
VE
E
5HSRUW
5H




5HYLVHG
6

3DJH

9HUVLRQ'DWH

DIWHU H[SXOVLRQ IURP WKH XWHUXV ZLWKRXW SRVVLELOLW\ RI UHVXVFLWDWLRQ´
VKRXOGEHUHSRUWHGH[SHGLWLRXVO\DV*UDGH³SUHJQDQF\SXHUSHULXP
DQG SHULQDWDO FRQGLWLRQV ± 2WKHU SUHJQDQF\ ORVV´ XQGHU WKH
3UHJQDQF\SXHUSHULXPDQGSHULQDWDOFRQGLWLRQV62&


'HDWK 1HRQDWDO  1HRQDWDO GHDWK GHILQHG LQ &7&$( DV ³$ GLVRUGHU
FKDUDFWHUL]HGE\FHVVDWLRQRIOLIHRFFXUULQJGXULQJWKHILUVWGD\VRIOLIH´
WKDW LV IHOW E\ WKH LQYHVWLJDWRU WR EH DW OHDVW SRVVLEO\ GXH WR WKH
LQYHVWLJDWLRQDODJHQWLQWHUYHQWLRQVKRXOGEHUHSRUWHGH[SHGLWLRXVO\

$QHRQDWDOGHDWKVKRXOGEHUHSRUWHGH[SHGLWLRXVO\DV*UDGH³*HQHUDO
GLVRUGHUV DQG DGPLQLVWUDWLRQ ± 2WKHU QHRQDWDO ORVV´ XQGHU WKH
*HQHUDOGLVRUGHUVDQGDGPLQLVWUDWLRQ62&

)HWDOGHDWKDQGQHRQDWDOGHDWKVKRXOG127EHUHSRUWHGDVD*UDGHHYHQW,I
UHSRUWHGDVVXFKWKH&7(3$(56LQWHUSUHWVWKLVDVDGHDWKRIWKHSDWLHQWEHLQJ
WUHDWHG

127(:KHQVXEPLWWLQJ&7(3$(56UHSRUWVIRU³3UHJQDQF\³3UHJQDQF\ORVV´
RU ³1HRQDWDO ORVV´ WKH 3UHJQDQF\ ,QIRUPDWLRQ )RUP VKRXOG DOVR EH FRPSOHWHG
DQG ID[HG ZLWK DQ\ DGGLWLRQDO PHGLFDO LQIRUPDWLRQ WR   7KH
SRWHQWLDO ULVN RI H[SRVXUH RI WKH IHWXV WR WKH LQYHVWLJDWLRQDO DJHQWV RU
FKHPRWKHUDS\ DJHQWV VKRXOG EH GRFXPHQWHG LQ WKH ³'HVFULSWLRQ RI (YHQW´
VHFWLRQRIWKH&7(3$(56UHSRUW

7KH3UHJQDQF\,QIRUPDWLRQ)RUPLVDYDLODEOHDW
KWWSFWHSFDQFHUJRYSURWRFRO'HYHORSPHQWDGYHUVHBHIIHFWVKWP




CLOSED EFFECTIVE 04/01/2015
HUU
IOLIH´
OLIH
WR WKH
WKH
VO\
VO\
GH³*HQHUD
H³*HQHU
RVV
VV´´ XQGHU
XQGH
GDVD*UDGH
DVD*UDGH
DGHDWKRIWKH
GHDWKRI
IRU³3UHJQDQF
IRU³3UHJQDQ
WLRQ )RUP VKR
Q )RUP V
O LQIRUPDWLRQ
 LQIRUPDWLRQ
HWXV WR WKH
HWXV WR WKH
GRFXPHQWHG
GRFXPHQWHG
RUPLVDYDLODE
RUPLVDYDLOD
RFRO'HYHORSP
RFRO'HYHOR
TI


6

3DJH

9HUVLRQ'DWH


%,%/,,2*5$3+<


&DQFHU)DFWV	)LJXUHV$WODQWD*$$PHULFDQ&DQFHU6RFLHW\,QF


5HDUGSP-76DQFDU$1XFOHRWLGHH[FLVLRQUHSDLU3URJ1XFOHLF$FLG5HV0RO%LRO



0HW]HU5/HLFKPDQ&*HWDO(5&&P51$OHYHOVFRPSOHPHQWWK\PLG\ODWHV\QWKDVHP51$
OHYHOV LQ SUHGLFWLQJ UHVSRQVH DQG VXUYLYDO IRU JDVWULF FDQFHU SDWLHQWV UHFHLYLQJ FRPELQDWLRQ
FLVSODWLQDQGIOXRURXUDFLOFKHPRWKHUDS\-&OLQ2QFRO


/HLFKPDQ / HW DO 2[DOLSODWLQ 2;3 SOXV SURWHFWHG LQIXVLRQ IOXRURXUDFLO 3,)8 DQG H[WHUQDO
EHDPUDGLDWLRQ(%57SULRUWRVXUJHU\6IRUSRWHQWLDOO\FXUDEOHHVRSKDJHDODGHQRFDUFLQRPD
($$6RXWKZHVW2QFRORJ\*URXS6:2*SKDVH,,WULDOZLWKPROHFXODUFRUUHODWHV6-
&OLQ2QFROVXSSODEVWU


%RKDQHV32HWDO$VVRFLDWLRQRIH[FLVLRQUHSDLUFURVVFRPSOHPHQWDWLRQJURXS(5&&JHQH
H[SUHVVLRQ*(ZLWKRXWFRPHLQVWDJH,,,,,HVRSKDJHDODGHQRFDUFLQRPD($LQSDWLHQWVWUHDWHG
ZLWKSUHRSHUDWLYHSODWLQXPEDVHGFKHPRUDGLDWLRQ&57LQDSKDVH,,FRRSHUDWLYHVWXG\6:2*
-&OLQ2QFROVXSSODEVWU


&RER 0' ,VOD HW DO &XVWRPL]LQJ FLVSODWLQ EDVHG RQ TXDQWLWDWLYH H[FLVLRQ UHSDLU FURVV
FRPSOHPHQWLQJP51$H[SUHVVLRQDSKDVH,,,WULDOLQQRQVPDOOFHOOOXQJFDQFHUU-&OLQ2QFRO



6KLURWD<6WRHKOPDFKHU-HWDO(5&&DQGWK\PLG\ODWHV\QWKDVHP51$OHYHOVSUHGLFWVXUYLYDO
IRUFRORUHFWDOFDQFHUSDWLHQWVUHFHLYLQJFRPELQDWLRQR[DOLSODWLQDQGIOXRURXUDFLOFKHPRWKHUDS\-
&OLQ2QFRO


*ULPPLQJHU33HWDO76DQG(5&&P51$H[SUHVVLRQVDQGFOLQLFDORXWFRPHLQSDWLHQWVZLWK
PHWDVWDWLFFRORQFDQFHULQ&21),50DQGFOLQLFDOWULDOV3KDUPDFRJHQRPLFV-


6LPRQ*HWDO)HDVLELOLW\DQGHIILFDF\RIPROHFXODUDQDO\VLVGLUHFWHGLQGLYLGXDOL]HGWKHUDS\LQ
DGYDQFHGQRQVPDOOFHOOOXQJFDQFHU-&OLQ2QFRO


/HQ] +- HW DO (5&& JHQH H[SUHVVLRQ OHYHOV DQG RXWFRPH WR )2/)2; FKHPRWKHUDS\ LQ
SDWLHQWV HQUROOHG LQ &21),50 DQG &21),50 $EVWUDFW  3URFHHGLQJ RI WKH $PHULFDQ
6RFLHW\RI&OLQLFDO2QFRORJ\


8FKLGD . 'DQHQEHUJ 39 HW DO 7K\PLG\ODWH V\QWKDVH GLK\GURS\ULPLGLQH GHK\GURJHQDVH
(5&&DQGWK\PLGLQHSKRVSKRU\ODVHJHQHH[SUHVVLRQLQSULPDU\DQGPHWDVWDWLFJDVWURLQWHVWLQDO
DGHQRFDUFLQRPDWLVVXHLQSDWLHQWVWUHDWHGRQDSKDVH,WULDORIR[DOLSODWLQDQGFDSHFLWDELQH%0&
&DQFHU


:HL-HWDO(5&&P51$OHYHOVDQGVXUYLYDORIDGYDQFHGJDVWULFFDQFHUSDWLHQWVWUHDWHGZLWK
PRGLILHG)2/)2;UHJLPHQ%U-&DQFHU


0DWVXEDUD-1LVKLQD7HWDO,PSDFWVRIH[FLVLRQUHSDLUFURVVFRPSOHPHQWLQJJHQH(5&&
GLK\GURS\ULPLGLQH GHK\GURJHQDVH DQG HSLGHUPDO JURZWK JDFWRU UHFHSWRU RQ WKH RXWFRPHV RI
SDWLHQWVZLWKDGYDQFHGJDVWULFFDQFHU%U-&DQFHU


/DQJHU 5 2WW . HW DO 3URWHLQ H[SUHVVLRQ SURILOLQJ LQ HVRSKDJHDO DGHQRFDUFLQRPD SDWLHQWV
LQGLFDWHV DVVRFLDWLRQ RI KHDWVKRFN SURWHLQ  H[SUHVVLRQ DQG FKHPRWKHUDS\ UHVSRQVH &OLQ
&DQFHU5HV

P51$
51$
PELQDWLRQ
PELQDWLRQ
)8 DQG H[WH
8 DQG H[W
HDODGHQRFDUF
DODGHQRFDUF
FRUUHODWHV6
UUHODWHV6
WDWLRQJURXS
WDWLRQJURXS
UFLQRPD($
QRPD(
SKDVH,,FRRSH
KDVH,,FRRSH
G RQ TXDQWLWD
G RQ TXDQWLWD
LQQRQ
LQQRQVPDOO
VPD
GWK\PLG\ODWHV
WK\PLG\ODWH
PELQDWLRQR[D
PELQDWLRQR
&&P51$H[
P51$
50
50DQG
DQG
DQGHIILFDF\R
DQGHIILFDF\R
XQJFDQFHU-
XQJFDQFHU-
&&
&& JHQH H
 JHQH H
LQ &21),50
Q &21),5
FDO2QFRORJ\
2QFRORJ\
'DQHQEHUJ
'DQHQEHUJ
DQGWK\PLGLQ
DQGWK\PLG
RFDUFLQRPDWLV
RFDUFLQRPDWLV
QFHU
FHU
:HL-HWDO
:HL-HWDO
PRGLILHG)
PRGLILHG

0DWV
0DW
GLK
GLK




6

3DJH

9HUVLRQ'DWH



:DUQHFNH(EHU] 8 0HW]JHU 5 HW DO +LJK VSHFLILFLW\ RI TXDQWLWDWLYH H[FLVLRQ UHSDLU FURVV
FRPSOHPHQWLQJPHVVHQJHU51$H[SUHVVLRQIRUSUHGLFWLRQRIPLQRUKLVWRSDWKRORJLFDOUHVSRQVH
WRQHRDGMXYDQWUDGLRFKHPRWKHUDS\LQHVRSKDJHDOFDQFHU&OLQ&DQFHU5HV


-RVKL0%6KLURWD<HWDO+LJKJHQHH[SUHVVLRQRI76*673DQG(5&&DUHULVNIDFWRUVIRU
VXUYLYDO LQ SDWLHQWV WUHDWHG ZLWK WULPRGDOLW\ WKHUDS\ IRU HVRSKDJHDO FDQFHU &OLQ &DQFHU 5HV



<X--/HH.%0X&/L4$EHUQDWK\79%RVWLFN%UXWRQ)HWDO&RPSDULVRQRIWZRKXPDQ
RYDULDQFDUFLQRPDFHOOOLQHV$&3DQG0&$6WKDWDUHHTXDOO\UHVLVWDQWWRSODWLQXPEXW
GLIIHUDWFRGRQRIWKH(5&&JHQH,QW-2QFRO


/XQQ 50 +HO]OVRXHU .- 3DUVKDG 5 8PEDFK '0 +DUULV (/ 6DQIRUG .. HW DO ;3'
SRO\PRUSKLVPVHIIHFWVRQ'1$UHSDLUSURILFLHQF\&DUFLQRJHQHVLV


'XHOO(-:LHQFNH-.&KHQJ7-9DUNRQ\L$=XR=)$VKRN7'HWDO3RO\PRUSKLVPVLQWKH
'1$ UHSDLU JHQHV ;5&& DQG (5&& DQG ELRPDUNHUV RI '1$ GDPDJH LQ KXPDQ EORRG
PRQRQXFOHDUFHOOV&DUFLQRJHQHVLV


9LOPDU $ 6RUHQVHQ -% ([FLVLRQ UHSDLU FURVVFRPSOHPHQWDWLRQ JURXS  (5&& LQ SODWLQXP
EDVHGWUHDWPHQWRIQRQVPDOOFHOOOXQJFDQFHUZLWKVSHFLDOHPSKDVLVRQFDUERSODWLQDUHYLHZRI
FXUUHQWOLWHUDWXUH/XQJ&DQFHU


3DUN'6WRHKOPDFKHU-=KDQJ:7VDR:HL'*URVKHQ6/HQ]+-(5&&SRO\PRUSKLVPLV
DVVRFLDWHG ZLWK GLIIHUHQWLDO (5&& JHQH H[SUHVVLRQ $6&2 3URFHHGLQJV 6DQ )UDQFLVFR &$
$PHULFDQ$VVRFLDWLRQIRU&DQFHU5HVHDUFK


6KL 4 :DQJ /( %RQG\ 0/ %UHZVWHU $ 6LQJOHWDU\ 6( :HL 4 5HGXFHG '1$ UHSDLU RI
EHQ]R>D@S\UHQHGLROHSR[LGHLQGXFHGDGGXFWVDQGFRPPRQ;3'SRO\PRUSKLVPVLQEUHDVWFDQFHU
SDWLHQWV&DUFLQRJHQHVLV


4LDR<6SLW]056KHQ+*XR=6KHWH6+HGD\DWL0HWDO0RGXODWLRQRIUHSDLURIXOWUDYLROHW
GDPDJH LQ WKH KRVWFHOO UHDFWLYDWLRQ DVVD\ E\ SRO\PRUSKLF ;3& DQG ;3'(5&& JHQRW\SHV
&DUFLQRJHQHVLV


/RXYHW & $QGUH 7 HW DO 3KDVH ,, VWXG\ RI R[DOLSODWLQ IOXRURXUDFLO DQG IROLQLF DFLG LQ ORFDOO\
DGYDQFHGRUPHWDVWDWLFJDVWULFFDQFHUSDWLHQWV-&OLQ2QFRO


3DUN 65 &KXQ -+ HW DO 3KDVH ,, VWXG\ RI GRFHWD[HO DQG LULQRWHFDQ FRPELQDWLRQ WKHUDS\ LQ
PHWDVWDWLFJDVWULFFDUFLQRPD%5-&DQFHU


9DQ &XWVHP ( .DQJ < HW DO (IILFDF\ UHVXOWV IURP WKH 7R*$ WULDO $ SKDVH ,,, VWXG\ RI
WUDVWX]XPDE DGGHG WR VWDQGDUG FKHPRWKHUDS\ &7 LQ ILUVWOLQH KXPDQ HSLGHUPDO JURZWK IDFW
UHFHSWRU+(5SRVLWLYHDGYDQFHGJDVWULFFDQFHU*&$EVWUDFW/%$3URFHHGLQJVRIWKH
$PHULFDQ6RFLHW\RI&OLQLFDO2QFRORJ\
KWWSPHHWLQJDVFRSXEVRUJFJLFRQWHQWDEVWUDFW6/%$


3RFRFN6-6LPRQ56HTXHQWLDOWUHDWPHQWDVVLJQPHQWZLWKEDODQFLQJIRUSURJQRVWLFIDFWRUVLQ
WKHFRQWUROOHGFOLQLFDOWULDO%LRPHWULFV


(LVHQKDXHU($7KHUDVVH3%RJDHUWV-6FKZDUW]/+6DUJHQW')RUG5'DQFH\-$UEXFN6
*Z\WKHU60RRQH\05XELQVWHLQ/6KDQNDU/'RGG/.DSODQ5/DFRPEH'9HUZHLM-1HZ
UHVSRQVH HYDOXDWLRQ FULWHULD LQ VROLG WXPRXUV  UHYLVHG 5(&,67 JXLGHOLQH YHUVLRQ   (XU -
&DQFHU

CLOSED EFFECTIVE 04/01/2015
IRUU
5HV
5H
I WZRKXPDQ
WZRKXPD
RSODWLQXPEX
SODWLQXPE
IRUG .. HW
G .. HW


HWDO3RO\P
HWDO3RO\P
'1$ GDPDJH
$ GDPD
HQWDWLRQ JURXS
HQWDWLRQ JURX
HFLDOHPSKDVLV
HFLDOHPSKDVLV
'*URVKHQ6
'*URVKHQ6
SUHVVLRQ $6&
SUHVVLRQ $6


ZVWHU $ 6LQJO
VWHU $ 6LQJ
HGDGGXFWVDQG
GDGGXFWVD



*XR=6KHWH
*XR=6KHWH
UHDFWLYDWLRQ D
UHDFWLYDWLRQ D


7 HW DO 3KD
7 HW DO 3
HWDVWDWLFJDVWUL
DVWDWLFJDVWU
&KXQ -+ HW
&KXQ -+ HW
WLFJDVWULFFDUF
WLFJDVWULFF
Q &XWVHP (
&XWVHP (
UDVWX]XPDE D
UDVWX]XPDE D
UHFHSWRU+
HFHSWRU
$PHULFDQ
$PHULFDQ
KWWSP
KWWSP

3R
3R




6

3DJH

9HUVLRQ'DWH

5HYLVHG


$33(1',;


'HWHUPLQDWLRQRI([SHGLWHG5HSRUWLQJ5HTXLUHPHQWV


(5&&0HWKRGV


+(50HWKRGV


613V0HWKRGV




CLOSED EFFECTIVE 04/01/2015


5HYLVHG
6

3DJH

9HUVLRQ'DWH


'HWHUPLQDWLRQRI([SHGLWHG$GYHUVH(YHQW5HSRUWLQJ5HTXLUHPHQWV

$GYHUVHHYHQWGDWDFROOHFWLRQDQGUHSRUWLQJZKLFKDUHUHTXLUHGDVSDUWRIHYHU\FOLQLFDO
WULDODUHGRQHWRHQVXUHWKHVDIHW\RISDWLHQWVHQUROOHGLQWKHVWXGLHVDVZHOODVWKRVHZKR
ZLOOHQUROOLQIXWXUHVWXGLHVXVLQJVLPLODUDJHQWV$GYHUVHHYHQWVDUHUHSRUWHGLQDURXWLQH
PDQQHUDWVFKHGXOHGWLPHVGXULQJDWULDO'LUHFWLRQVIRUURXWLQHUHSRUWLQJDUHSURYLGHGLQ
6HFWLRQ  $GGLWLRQDOO\ FHUWDLQ DGYHUVH HYHQWV PXVW EH UHSRUWHG LQ DQ H[SHGLWHG
PDQQHUWRDOORZIRUPRUHWLPHO\PRQLWRULQJRISDWLHQWVDIHW\DQGFDUH([SHGLWHGDGYHUVH
HYHQWUHSRUWLQJSULQFLSOHVDQGJHQHUDOJXLGHOLQHVIROORZVSHFLILFJXLGHOLQHVIRUH[SHGLWHG
DGYHUVHHYHQWUHSRUWLQJRQWKLVSURWRFRODUHIRXQGLQ6HFWLRQ

$OOVHULRXVDGYHUVHHYHQWVGHWHUPLQHGWREHUHSRUWDEOHWRWKH,QVWLWXWLRQDO5HYLHZ%RDUG
UHVSRQVLEOHIRUWKHRYHUVLJKWRIWKHSDWLHQWPXVWEHUHSRUWHGDFFRUGLQJWRORFDOSROLF\DQG
SURFHGXUHV  'RFXPHQWDWLRQ RI WKLV UHSRUWLQJ VKRXOG EH PDLQWDLQHG IRU SRVVLEOH
LQVSHFWLRQGXULQJTXDOLW\DVVXUDQFHDXGLWV

6WHSVWRGHWHUPLQHLIDQDGYHUVHHYHQWLVWREHUHSRUWHGLQDQH[SHGLWHGPDQQHU
7KLVLQFOXGHVDOOHYHQWVWKDWRFFXUZKLOHRQWUHDWPHQWRUZLWKLQGD\VRIWKHODVWGRVH
RISURWRFROWUHDWPHQW

6WHS'HWHUPLQHZKHWKHUWKHSDWLHQWKDVUHFHLYHGDQLQYHVWLJDWLRQDODJHQWFRPPHUFLDO
DJHQWRUDFRPELQDWLRQRILQYHVWLJDWLRQDODQGFRPPHUFLDODJHQWV

$QLQYHVWLJDWLRQDODJHQWLVDSURWRFROGUXJDGPLQLVWHUHGXQGHUDQ,QYHVWLJDWLRQDO1HZ
'UXJ6XEPLVVLRQ,1',QVRPHLQVWDQFHVWKH LQYHVWLJDWLRQDO DJHQWPD\EH DYDLODEOH
FRPPHUFLDOO\ EXW LV DFWXDOO\ EHLQJ WHVWHG IRU LQGLFDWLRQV QRW LQFOXGHG LQ WKH DSSURYHG
SDFNDJHODEHO

&RPPHUFLDODJHQWVDUHWKRVHDJHQWVQRWSURYLGHGXQGHUDQ,1'EXWREWDLQHGLQVWHDG
IURPDFRPPHUFLDOVRXUFH7KH1&,UDWKHUWKDQDFRPPHUFLDOGLVWULEXWRUPD\RQVRPH
RFFDVLRQVGLVWULEXWHFRPPHUFLDODJHQWVIRUDWULDO

:KHQDVWXG\ LQFOXGHVERWKLQYHVWLJDWLRQDODQGFRPPHUFLDODJHQWVWKHIROORZLQJUXOHV
DSSO\
x
&RQFXUUHQW DGPLQLVWUDWLRQ :KHQ DQ LQYHVWLJDWLRQDO DJHQWV LV XVHG LQ
FRPELQDWLRQ ZLWK D FRPPHUFLDO DJHQWV WKH FRPELQDWLRQ LV FRQVLGHUHG WR EH
LQYHVWLJDWLRQDO DQG H[SHGLWHG UHSRUWLQJ RI DGYHUVH HYHQWV ZRXOG IROORZ WKH
JXLGHOLQHVIRULQYHVWLJDWLRQDODJHQWV
x
6HTXHQWLDODGPLQLVWUDWLRQ:KHQDVWXG\LQFOXGHVDQLQYHVWLJDWLRQDODJHQWV
DQGDFRPPHUFLDODJHQWVRQWKHVDPHVWXG\DUPZLWKVHTXHQWLDODGPLQLVWUDWLRQ
DOOH[SHGLWHGUHSRUWLQJRIDGYHUVHHYHQWVVKRXOGIROORZWKHJXLGHOLQHVIRUWKHW\SH
RI DJHQW EHLQJ JLYHQ  )RU H[DPSOH LI WKH SDWLHQW EHJLQV WKH VWXG\ RQ WKH
LQYHVWLJDWLRQDO DJHQWV WKHQ DOO H[SHGLWHG UHSRUWLQJ RI DGYHUVH HYHQWV VKRXOG
IROORZ JXLGHOLQHV IRU WKH LQYHVWLJDWLRQDO DJHQWV  2QFH WKH SDWLHQW EHJLQV
UHFHLYLQJWKHFRPPHUFLDODJHQWVWKHQDOOH[SHGLWHGUHSRUWLQJRIDGYHUVHHYHQWV
VKRXOGIROORZWKHJXLGHOLQHVIRUFRPPHUFLDODJHQWV

6WHS  ,GHQWLI\ WKH W\SH RI HYHQW XVLQJ WKH 1&, &RPPRQ 7HUPLQRORJ\ &ULWHULD IRU
$GYHUVH(YHQWV&7&$(7KH&7&$(SURYLGHVGHVFULSWLYHWHUPLQRORJ\DQGDJUDGLQJ
VFDOHIRUHDFKDGYHUVHHYHQWOLVWHG$FRS\RIWKH&7&$(FDQEHGRZQORDGHGIURPWKH
&7(3KRPHSDJHKWWSFWHSFDQFHUJRY$GGLWLRQDOO\LIDVVLVWDQFHLVQHHGHGWKH1&,
KDVDQ,QGH[WRWKH&7&$(WKDWSURYLGHVKHOSIRUFODVVLI\LQJDQGORFDWLQJWHUPV
6WHS   *UDGH WKH HYHQW XVLQJ WKH 1&, &7&$( YHUVLRQ VSHFLILHG LQ WKH SURWRFRO IRU
UHSRUWLQJVHULRXVDGYHUVHHYHQWV
LQ
GLWHG
LWH
DGYHUVH
HUVH
H[SHGLWHG
H[SHGLWHG
QDO5HYLHZ%R
O5HYLHZ%
JWRORFDOSROLF
WRORFDOSROLF
LQWDLQHG IRU
DLQHG IRU
WHGLQDQH[S
HGLQDQH[S
UZLWKLQGD\
LWKLQ
HGDQLQYHVWLJ
HGDQLQYHVW
RPPHUFLDODJH
RPPHUFLDODJ
UXJDGPLQLVWHU
DGPLQLVWH
QFHVWKH LQYH
QFHVWKH LQYH
WHVWHG IRU LQGL
HVWHG IRU LQ
VHDJHQWV
HDJHQW
QRW
QR
7KH1&,UDWK
7KH1&,U
PHUFLDODJHQWV
PHUFLDODJHQW
GHVERWKLQYH
GHVERWKLQYH
UUHQW DGPLQ
UUHQW DGP
ELQDWLRQ ZLWK
ELQDWLRQ ZLWK
YHVWLJDWLRQDO
YHVWLJDWLRQD
JXLGHOLQH
XLGHOLQ VIRU
VIR
6HTXHQWLD
TXHQWLD
DQGDFR
DQGDFR
DOOH[S
DOO
RI
RI
L


6

3DJH

9HUVLRQ'DWH

6WHS  'HWHUPLQH LI WKH DGYHUVH HYHQW LV ([SHFWHG RU DQ ([FHSWLRQ WR ([SHGLWHG
5HSRUWLQJ([SHFWHGHYHQWVDUHWKRVHWKDWKDYHEHHQSUHYLRXVO\LGHQWLILHGDVUHVXOWLQJ
IURPDGPLQLVWUDWLRQRIWKHDJHQWDQGDUHOLVWHGLQRQHRIWKHIROORZLQJ
x
7KHFXUUHQW1&,63((56SHFLILF3URWRFRO([FHSWLRQVWR([SHGLWHG5HSRUWLQJ
IRU WUHDWPHQWV XVLQJ DJHQWV SURYLGHG XQGHU DQ 1&,KHOG ,1' RU DQ HTXLYDOHQW
OLVWLQJIRUWUHDWPHQWVXVLQJDJHQWVSURYLGHGXQGHUD1RQ&7(3KHOG,1'ORFDWHG
LQ6HFWLRQRIWKHSURWRFRO
x
)RU WUHDWPHQWV XVLQJ FRPPHUFLDO DJHQWV WKH FXUUHQW &$(35 &RPSUHKHQVLYH
$GYHUVH(YHQWDQG3RWHQWLDO5LVNV$6$(/$JHQW6SHFLILF$GYHUVH(YHQW/LVW
RURWKHUOLVWRIH[SHFWHGWR[LFLWLHVORFDWHG LQ6HFWLRQ RIWKHSURWRFRORUWKH
GUXJSDFNDJHLQVHUW
x
([FHSWLRQWR([SHGLWHGUHSRUWLQJORFDWHGLQ6HFWLRQIRIWKHSURWRFRO

$Q DGYHUVH HYHQW LV FRQVLGHUHG XQH[SHFWHG IRU H[SHGLWHG UHSRUWLQJ SXUSRVHV RQO\
ZKHQHLWKHUWKHW\SHRIHYHQWRUWKHVHYHULW\RIWKHHYHQWLVQRW OLVWHGLQRQHRIWKHDUHDV
RXWOLQHGDERYH
6WHS'HWHUPLQHZKHWKHUWKHDGYHUVHHYHQWLQYROYHGKRVSLWDOL]DWLRQRUDSURORQJDWLRQ
RIKRVSLWDOL]DWLRQKRXUV
6WHS   $GGLWLRQDOO\ IRU FRPPHUFLDO GUXJV GHWHUPLQH ZKHWKHU WKH DGYHUVH HYHQW LV
UHODWHGWRWKHSURWRFROWKHUDS\$WWULEXWLRQFDWHJRULHVDUHDVIROORZV8QUHODWHG8QOLNHO\
3RVVLEOH3UREDEOHDQG'HILQLWH&RQVXOWWKHDSSURSULDWHWDEOHIRUH[SHGLWHGUHSRUWLQJ
FULWHULDIRUFRPPHUFLDODJHQWV
127($Q\HYHQWWKDWRFFXUVPRUHWKDQGD\VDIWHUWKHODVWGRVHRIVWXG\DJHQWDQG
LV DWWULEXWHG SRVVLEOH SUREDEOH RU GHILQLWH WR WKH VWXG\ DJHQWV PXVW EH UHSRUWHG
DFFRUGLQJWRWKHLQVWUXFWLRQVDERYHDQG DVRXWOLQHG LQWKH DSSURSULDWHWDEOHLQ6HFWLRQ



W
WHG
G
HKHQVLYH
HKHQVLYH
(YHQW/LVW
YHQW/LV
RWRFRORUWKH
RWRFRORUWK
HSURWRFRO
HSURWRFRO
UHSRUWLQJ SXU
UHSRUWLQJ SX
RW
4/
OLVWHGLQRQ
OLVWHGLQ
HGKRVSLWDOL]D
HGKRVSLWDOL]
GHWHUPLQH Z
GHWHUP
FDWHJRULHVDUH
WHJRULHVDUH
XOWWKHDSSURS
XOWWKHDSSURS
RUHWKDQGD
RUHWKDQ
OH RU GHILQLWH
OH RU GHILQ
DERYHDQG D
DERYHDQG D


6

3DJH

9HUVLRQ'DWH

5HYLVHG


(5&&0HWKRGV

0DQXDOPLFURGLVVHFWLRQXVLQJDOLJKWPLFURVFRSHZLOOEHSHUIRUPHGRQDOOWXPRUVDPSOHV
WRHQVXUH!WXPRUFHOOVLVGLVVHFWHG51$LVRODWLRQIURPSDUDIILQHPEHGGHGVDPSOHV
ZLOOEHSHUIRUPHGDFFRUGLQJWRDSURSULHWDU\SURFHGXUHGHILQHGE\5HVSRQVH*HQHWLFV
$IWHU 51$ LVRODWLRQ F'1$ ZLOO EH SUHSDUHG IURP HDFK VDPSOH  4XDQWLWDWLRQ RI WKH
(5&& JHQH DQG DQ LQWHUQDO UHIHUHQFH ȕDFWLQ F'1$ ZLOO EH SHUIRUPHG XVLQJ D
IOXRUHVFHQFHEDVHGUHDOWLPHGHWHFWLRQPHWKRG$%,35,60+76HTXHQFHGHWHFWLRQ
6\VWHP>7DT0DQ@$SSOLHG%LRV\VWHPV)RVWHU&LW\&$7KHSRO\PHUDVHFKDLQUHDFWLRQ
PL[WXUHFRQVLVWVRISULPHUSUREH$PSOL7DT*ROG3RO\PHUDVHWKHG173PL[WXUHDQGWKH
7DT0DQ%XIIHU$UHIHUHQFHG\HLVDGGHGWRDILQDOUHDFWLRQYROXPHZKLFKLV/DOO
UHDJHQWVIURP$SSOLHG%LRV\VWHPV)RVWHU&LW\&$

$OO VDPSOHV ZLOO EH DPSOLILHG LQ WULSOLFDWH IRU HDFK JHQH )RU HDFK VDPSOH SDUDOOHO
7DT0DQSRO\PHUDVHFKDLQUHDFWLRQVZLOOEHSHUIRUPHGIRUWKH(5&&JHQHDQGWKHȕ
DFWLQUHIHUHQFHJHQHWRQRUPDOL]HWKHJHQHH[SUHVVLRQIRU(5&&7KH REWDLQHGUDWLR
EHWZHHQWKHYDOXHVSURYLGHVUHODWLYHJHQHH[SUHVVLRQOHYHOVIRU(5&&







CLOSED EFFECTIVE 04/01/2015
FVV
I WKH
WK
XVLQJ D
J D
GHWHFWLRQ
GHWHFWLRQ
KDLQUHDFWLRQ
KDLQUHDFWLR
PL[WXUHDQGWK
[WXUHDQGWK
KLFKLV/
FKLV
U HDFK VDPS
HDFK VDP
H(5&&JHQ
(5&&
U(5&&7KH
U(5&&7K
HOVIRU(5&&
IRU(5&


6

3DJH

9HUVLRQ'DWH

5HYLVHG


+(50HWKRGV

),6+
,Q VLWX K\EULGL]DWLRQ LV D WHFKQLTXH WKDW DOORZV WKH YLVXDOL]DWLRQ RI VSHFLILF QXFOHLF DFLG
VHTXHQFHV ZLWKLQ D FHOOXODU SUHSDUDWLRQ 6SHFLILFDOO\ '1$ IOXRUHVFHQFH LQ VLWX
K\EULGL]DWLRQ LQYROYHV WKH SUHFLVH DQQHDOLQJ RI D VLQJOH VWDQGDUG IOXRUHVFHQWO\ODEHOHG
'1$SUREHWRFRPSOHPHQWLQJWDUJHWVHTXHQFHV7KHK\EULGL]DWLRQRIWKHSUREHZLWKWKH
FHOOXODU'1$VLWHLVYLVLEOHE\GLUHFWGHWHFWLRQXVLQJIOXRUHVFHQWPLFURVFRS\7KHSUREHV
DUH SUHPL[HG DQG SUHGHQDWXUHG LQ K\EULGL]DWLRQ EXIIHU IRU HDVH RI XVH 8QODEHOHG
EORFNLQJ'1$LVDOVRLQFOXGHGZLWKWKHSUREHVWRVXSSUHVVVHTXHQFHVFRQWDLQHGZLWKLQ
WKHWDUJHWORFLWKDWDUHFRPPRQWRRWKHUFKURPRVRPHV

7KH3DWK9\VLRQ.LWLVGHVLJQHGIRUGHWHFWLRQRI+HUQHXJHQHDPSOLILFDWLRQLQIRUPDOLQ
IL[HGSDUDIILQHPEHGGHGKXPDQWLVVXHVVSHFLPHQVE\),6+7KH'1$LVGHQDWXUHGWR
VLQJOHVWUDQGHGIRUPDQGVXEVHTXHQWO\DOORZHGWRK\EULGL]HZLWKWKH3DWK9\VLRQSUREHV
)ROORZLQJK\EULGL]DWLRQWKHXQERXQGSUREH LVUHPRYHGE\DVHULHVRIZDVKHV DQGWKH
QXFOHLDUHFRXQWHUVWDLQHGZLWK'$3,GLDPLGLQRSKHQ\OLQGROHD'1$VSHFLILFVWDLQ
WKDW IOXRUHVFHV EOXH +\EULGL]DWLRQ RI WKH 3DWK9\VLRQ SUREHV LV YLHZHG E\ XVLQJ D
IOXRUHVFHQWPLFURVFRSHHTXLSSHGZLWKDSSURSULDWHH[FLWDWLRQDQGHPLVVLRQILOWHUVDOORZLQJ
YLVXDOL]DWLRQRIWKHLQWHQVHRUDQJHDQGJUHHQIOXRUHVFHQWVLJQDOV(QXPHUDWLRQRIWKH/6,
+(5QHXDQG&(3VLJQDOVLVFRQGXFWHGE\PLFURVFRSLFH[DPLQDWLRQRIWKHQXFOHXV
ZKLFK\LHOGVDUDWLRRIWKH+(5QHXJHQHWRFKURPRVRPHFRS\QXPEHU


([FHUSWIURP$EERWW3DWK9\VLRQ+(5'1$3UREH3DFNDJH,QVHUW



CLOSED EFFECTIVE 04/01/2015
LWX
X
HOHG
HOH
ZLWKWKH
WKH
KHSUREHV
HSUREHV
 8QODEHOHG
8QODEHOH
RQWDLQHGZLWKL
QWDLQHGZLWK
PSOLILFDWLRQLQI
ILFDWLRQLQ
7KH'1$LVGH
KH'1$LVG
ZLWKWKH3DWK9
WKWKH3DW
\DVHULHVRIZ
DVHULHVRI
HQ\OLQGROHD
OLQGROH
RQ SUREHV LV
RQ SUREHV LV
[FLWDWLRQDQGH
WDWLRQDQ
UHVFHQWVLJQDO
UHVFHQWVLJQ
\PLFURVFRSLF
\PLFURVFRSLF
RFKURPRVRP
RFKURPRVR
5'1$3URE
'1$3UR


6

3DJH

9HUVLRQ'DWH

5HYLVHG


613V0HWKRGV

0HWKRGV7DTPDQDVVD\V

7KH SRO\PRUSKLVPV LQ (5&& DUH VLQJOH QXFOHRWLGH SRO\PRUSKLVPV DQG ZLOO EH
DVVHVVHGXVLQJ7DTPDQDVVD\V)RUWKH7DTPDQDVVD\WKHJHQRPLF'1$IUDJPHQWRI
LQWHUHVW LV 3&5 DPSOLILHG ,QFOXGHG LQ WKH UHDFWLRQ DUH WZR K\EULGL]DWLRQ SUREHV
FRPSOHPHQWDU\WRHLWKHUWKHZLOGW\SHRUWKHYDULDQWDOOHOH7KHWZRSUREHVDUHODEHOHG
ZLWK GLIIHUHQW UHSRUWHU G\HV DQG D TXHQFKHU G\H +\EULGL]DWLRQ FRQGLWLRQV DUH FKRVHQ
VXFKWKDWWKHSUREHVGRQRWDQQHDOZKHQWKHUHLVDPLVPDWFKHJWKHZLOGW\SHSULPHU
GRHVQRWDQQHDOWRWKHYDULDQW3&5IUDJPHQWDQGYLFHYHUVD'XULQJ3&5DPSOLILFDWLRQ
WKH
H[RQXFOHDVHDFWLYLW\RI7DTSRO\PHUDVHFOHDYHVWKH
UHSRUWHUG\HIURPDSUREH
WKDWDQQHDOHGWRWKHWHPSODWH7KHLQVWUXPHQWPHDVXUHVWKHIOXRUHVFHQFHJHQHUDWHGE\
WKH UHSRUWHU G\H UHOHDVHG IURP WKH ZLOG W\SH DQG YDULDQW SUREHV ,Q VDPSOHV WKDW DUH
KRPR]\JRXVHLWKHUIRUZLOGW\SHRUIRUWKHYDULDQWVLJQDOIURPRQO\RQHSUREHLVGHWHFWHG
)RUKHWHUR]\JRXVVDPSOHVVLJQDOIURPERWKSUREHVLVGHWHFWHG7KHDGYDQWDJHVRIXVLQJ
DQ $%, 35,60  IRU JHQRW\SLQJ DUH D GHFUHDVHG VHQVLWLYLW\ WR 3&5 DUWLIDFWV QRQ
VSHFLILFDPSOLILFDWLRQUHGXFWLRQRIWKHQXPEHURISURFHGXUHVUHTXLUHGDQGWKHSRWHQWLDO
HUURUDVVRFLDWHGZLWKWKHPDQGWKHIDFWWKDWORZHUDPRXQWVRIJHQRPLF'1$WHPSODWH
FDQEHXVHG7DTPDQDVVD\VDUHYDOLGDWHGE\JHQRW\SLQJLQGLYLGXDOVXVLQJERWK
WKH 7DTPDQ DVVD\ DQG DQ DOWHUQDWH DVVD\ XVXDOO\ 5)/3 RU VHTXHQFLQJ $ 7DTPDQ
DVVD\LVFRQVLGHUHGYDOLGDWHGLIWKHUHDUHQRGLVFUHSDQFLHVEHWZHHQWKHWZRDVVD\V

4XDOLW\FRQWURO

7KLV VWXG\ ZLOO XVH VHYHUDO DSSURDFKHV WR PLQLPL]H FRQWDPLQDWLRQ DQG PRQLWRU TXDOLW\
FRQWURO LQ WKH FRQGXFW RI WKH JHQRW\SLQJ DVVD\V  DOO UHDJHQWV DUH SUHSDUHG ZLWK
GHGLFDWHG RU GLVSRVDEOH YHVVHOV VROXWLRQV DQG SLSHWWHV DQG  SRVLWLYH GLVSODFHPHQW
SLSHWWHV RU DLUGLVSODFHPHQW SLSHWWHV ZLWK DHURVROUHVLVWDQW WLSV DUH XVHG IRU UHDFWLRQ
DVVHPEO\DQGVDPSOHDQDO\VLV7RGHWHFWFRQWDPLQDWLRQHDFKEDWFKRIVDPSOHVLQFOXGHV
RQH EODQN FRQWDLQLQJ DOO UHDJHQWV EXW QR '1$ 7DTPDQ DVVD\V DOVR LQFOXGH FRQWURO
'1$VZLWKNQRZQJHQRW\SHV7KHDFFXUDF\RIWKHJHQRW\SLQJDVVD\VZLOOEHWHVWHGE\
UHSHDWLQJ WKH DVVD\ IRU  RI UDQGRPO\ FKRVHQ VDPSOHV )RU 7DTPDQ DVVD\V DQ
DGGLWLRQDO  RI VDPSOHV ZLOO EH JHQRW\SHG XVLQJ HLWKHU DQ 5)/3 PHWKRG RU
VHTXHQFLQJ ,I GLVFUHSDQFLHV DUH IRXQG WKH DVVD\ UHVXOWV ZLOO EH FDUHIXOO\ LQYHVWLJDWHG
DQGSRWHQWLDOUHDVRQVIRUGLVFUHSDQFLHVZLOOEHH[SORUHG$VVD\VZLOOEHUHSHDWHGDWKLUG
WLPH,IQRFOHDUUHVXOWFDQEHREWDLQHGWKHVDPSOHZLOOEHVHTXHQFHGDQGDOODVVD\VZLOO
EHUHSHDWHGLIQHFHVVDU\


CLOSED EFFECTIVE 04/01/2015
EH
HQWRI
QW
SUREHV
REHV
UHODEHOHG
HODEHOHG
DUH FKRVHQ
DUH FKRVH
ZLOGW\SHSULPH
GW\SHSULP
&5DPSOLILFDW
5DPSOLILFD
HUG\HIURPD
U G\HIURPD
HVFHQFHJHQH
HQFHJHQH
HV ,Q VDPSOH
HV ,Q VDPS
RQO\RQHSURE
QO\RQHS
FWHG7KHDGYD
WHG7KHDGY
HQVLWLYLW\ WR 3
VLWLYLW\ WR
FHGXUHVUHTXL
FHGXUHVUHTXL
DPRXQWVRIJ
PRXQWVR
QRW\SLQJ
QRW\SLQJ
XVXDOO\ 5)/3
XVXDOO\ 5)/3
GLVFUHSDQFLHV
GLVFUHSDQFLH
DFKHV WR PLQL
DFKHV WR P
JHQRW\SLQJ D
JHQRW\SLQJ D
VHOV VROXWLRQV
HOV VROXWLRQ
QW SLSHWWHV ZL
QW SLSHWWHV
DO\VLV7RGHW
DO\VLV7RGHW
DOO UHDJHQWV
DOO UHDJHQW
JHQRW\SHV7K
HQRW\SHV7K
VD\ IRU 
VD\ IRU 
 RI VDPSOHV
 RI VDPS
,I GLVFUHSDQF
,I GLVFUHSDQF
WLDOUHDVRQVIR
WLDOUHDVRQV
QRFOHDUUHVXO
RFOHDUUHVX
SHDWHGLIQHFH
LIQHFH


6

3DJH

9HUVLRQ'DWH

,QIRUPHG&RQVHQW0RGHOIRU6

127(6)25/2&$/,167,787,21,1)250('&216(17$87+256
7KLVPRGHOLQIRUPHGFRQVHQWIRUPKDVEHHQUHYLHZHGE\WKH'&7'1&,DQGLVWKHRIILFLDO
FRQVHQWGRFXPHQWIRUWKLVVWXG\/RFDO,5%FKDQJHVWRWKLVGRFXPHQWDUHDOORZHG,QVWLWXWLRQV
VKRXOGDWWHPSWWRXVHVHFWLRQVRIWKLVGRFXPHQWWKDWDUHLQEROGW\SHLQWKHLUHQWLUHW\(GLWRULDO
FKDQJHVWRWKHVHVHFWLRQVPD\EHPDGHDVORQJDVWKH\GRQRWFKDQJHLQIRUPDWLRQRULQWHQW,I
WKHLQVWLWXWLRQDO,5%LQVLVWVRQPDNLQJGHOHWLRQVRUPRUHVXEVWDQWLYHPRGLILFDWLRQVWRWKHULVNVRU
DOWHUQDWLYHVVHFWLRQVWKH\PD\EHMXVWLILHGLQZULWLQJE\WKHLQYHVWLJDWRUDQGDSSURYHGE\WKH
,5%8QGHUWKHVHFLUFXPVWDQFHVWKHUHYLVHGODQJXDJHMXVWLILFDWLRQDQGDFRS\RIWKH,5%
PLQXWHVPXVWEHIRUZDUGHGWRWKH6:2*2SHUDWLRQV2IILFHIRUDSSURYDOEHIRUHDSDWLHQWPD\EH
UHJLVWHUHGWRWKLVVWXG\

3OHDVHSDUWLFXODUO\QRWHWKDWWKHTXHVWLRQVUHODWHGWREDQNLQJRIVSHFLPHQVIRUIXWXUHVWXG\
DUHLQEROGHGW\SHDQGPD\QRWEHFKDQJHGLQDQ\ZD\ZLWKRXWSULRUDSSURYDOIURPWKH
6:2*2SHUDWLRQV2IILFH
5HDGDELOLW\6WDWLVWLFV
)OHVFK5HDGLQJ(DVH

WDUJHWHGDERYH
)OHVFK.LQFDLG*UDGH/HYHO  WDUJHWHGEHORZ

x
,QVWUXFWLRQVDQGH[DPSOHVIRULQIRUPHGFRQVHQWDXWKRUVDUHLQ>LWDOLFV@
x
$EODQNOLQHBBBBBBBBBBLQGLFDWHVWKDWWKHORFDOLQYHVWLJDWRUVKRXOGSURYLGHWKH
DSSURSULDWHLQIRUPDWLRQEHIRUHWKHGRFXPHQWLVUHYLHZHGZLWKWKHSURVSHFWLYH
UHVHDUFKSDUWLFLSDQW
x
7KHWHUPVWXG\GRFWRUKDVEHHQXVHGWKURXJKRXWWKHPRGHOEHFDXVHWKHORFDO
LQYHVWLJDWRUIRUDFDQFHUWUHDWPHQWWULDOLVDSK\VLFLDQ,IWKLVPRGHOLVXVHGIRUD
WULDOLQZKLFKWKHORFDOLQYHVWLJDWRULVQRWDSK\VLFLDQDQRWKHUDSSURSULDWHWHUP
VKRXOGEHXVHGLQVWHDGRIVWXG\GRFWRU
x
7KHGDWHVRISURWRFROXSGDWHVLQWKHKHDGHUDQGLQWKHWH[WRIWKHFRQVHQWLVIRU
UHIHUHQFHWRWKLVPRGHORQO\DQGVKRXOGQRWEHLQFOXGHGLQWKHLQIRUPHGFRQVHQW
IRUPJLYHQWRWKHSURVSHFWLYHUHVHDUFKSDUWLFLSDQW
x
7KHORFDOLQIRUPHGFRQVHQWPXVWVWDWHZKLFKSDUWLHVPD\LQVSHFWWKHUHVHDUFK
UHFRUGV7KLVLQFOXGHVWKH1&,WKHGUXJPDQXIDFWXUHUIRULQYHVWLJDWLRQDOVWXGLHV
DQ\FRPSDQLHVRUJUDQWRUVWKDWDUHSURYLGLQJVWXG\VXSSRUWWKHVHZLOOEHOLVWHGLQ
WKHSURWRFRO
VPRGHOLQIRUPHGFRQVHQWIRUPDQG6:2*

6:2*PXVWEHOLVWHGDVRQHRIWKHSDUWLHVWKDWPD\LQVSHFWWKHUHVHDUFKUHFRUGV
LQDOOSURWRFROFRQVHQWIRUPVIRUZKLFKSDWLHQWUHJLVWUDWLRQLVEHLQJFUHGLWHGWR
6:2*7KLVLQFOXGHVFRQVHQWIRUPVIRUVWXGLHVZKHUHDOOSDWLHQWVDUHUHJLVWHUHG
GLUHFWO\WKURXJKWKH6:2*'DWD2SHUDWLRQV2IILFHDOOLQWHUJURXSVWXGLHVIRU
ZKLFKWKHUHJLVWUDWLRQLVEHLQJFUHGLWHGWR6:2*ZKHWKHUWKHUHJLVWUDWLRQLV
WKURXJKWKH6:2*'DWD2SHUDWLRQV2IILFHRUGLUHFWO\WKURXJKWKHRWKHUJURXSDV
CLOSED EFFECTIVE 04/01/2015
DOO
VWLWXWLRQV
WXWLRQV
\(GLWRULDO
(GLWRULDO
QRULQWHQW,I
ULQWHQW,
WLRQVWRWKHUL
RQVWRWKHUL
GDSSURYHGE
GDSSURYHGE
DFRS\RIWKH
DFRS\RI
RYDOEHIRUHD
YDOEHIRUHD
NLQJRIVSHFL
NLQJRIVSHF
ZLWKRXWSULR
ZLWKRXWSUL
VE
YH
H
RZ
RZ
CT
IRULQIRUPHG
IRULQIRUP
BBBLQGLFDWHV
BBBLQGLFDWHV
LRQEHIRUHWKH
LRQEHIRUHWK
QW
QW
G\GRFWRUKDV
\GRFWRUK
IRUDFDQFHU
IRUDFDQ
KLFKWKHORFDO
LFKWKHORFD
GEHXVHGLQVW
EHXVHGLQVW
HGDWHVRISUR
HGDWHVR
UHIHUHQFHWRW
UHIHUHQFHWR
IRUPJLYHQ
IRUPJLYHQ
x
7KHORF
7KHORF
UHFR
UHFR
DQ
DQ


6

3DJH

9HUVLRQ'DWH

ZHOODVFRQVHQWIRUPVIRUVWXGLHVZKHUHSDWLHQWVDUHUHJLVWHUHGYLD&768DQGWKH
UHJLVWUDWLRQLVFUHGLWHGWR6:2*
x
:KHQFKDQJHVWRWKHSURWRFROUHTXLUHUHYLVLRQRIWKHLQIRUPHGFRQVHQWGRFXPHQW
WKH,5%VKRXOGKDYHDV\VWHPWKDWLGHQWLILHVWKHUHYLVHGFRQVHQWGRFXPHQWLQRUGHU
WRSUHFOXGHFRQWLQXHGXVHRIWKHROGHUYHUVLRQDQGWRLGHQWLI\ILOHFRSLHV$Q
DSSURSULDWHPHWKRGWRLGHQWLI\WKHFXUUHQWYHUVLRQRIWKHFRQVHQWLVIRUWKH,5%WR
VWDPSWKHILQDOFRS\RIWKHFRQVHQWGRFXPHQWZLWKWKHDSSURYDOGDWH7KHVWDPSHG
FRQVHQWGRFXPHQWLVWKHQSKRWRFRSLHGIRUXVH2WKHUV\VWHPVRILGHQWLI\LQJWKH
FXUUHQWYHUVLRQRIWKHFRQVHQWVXFKDVDGGLQJDYHUVLRQRUDSSURYDOGDWHDUHDOORZHG
DVORQJDVLWLVSRVVLEOHWRGHWHUPLQHGXULQJDQDXGLWWKDWWKHSDWLHQWVLJQHGWKHPRVW
FXUUHQWYHUVLRQRIWKHFRQVHQWIRUP
127(6)25/2&$/,19(67,*$7256
x
7KHJRDORIWKHLQIRUPHGFRQVHQWSURFHVVLVWRSURYLGHSHRSOHZLWKVXIILFLHQW
LQIRUPDWLRQIRUPDNLQJLQIRUPHGFKRLFHV7KHLQIRUPHGFRQVHQWIRUPSURYLGHVD
VXPPDU\RIWKHFOLQLFDOVWXG\DQGWKHLQGLYLGXDO
VULJKWVDVDUHVHDUFKSDUWLFLSDQW
,WVHUYHVDVDVWDUWLQJSRLQWIRUWKHQHFHVVDU\H[FKDQJHRILQIRUPDWLRQEHWZHHQWKH
LQYHVWLJDWRUDQGSRWHQWLDOUHVHDUFKSDUWLFLSDQW7KLVPRGHOIRUWKHLQIRUPHGFRQVHQW
IRUPLVRQO\RQHSDUWRIWKHODUJHUSURFHVVRILQIRUPHGFRQVHQW)RUPRUH
LQIRUPDWLRQDERXWLQIRUPHGFRQVHQWUHYLHZWKH5HFRPPHQGDWLRQVIRUWKH
'HYHORSPHQWRI,QIRUPHG&RQVHQW'RFXPHQWVIRU&DQFHU&OLQLFDO7ULDOVSUHSDUHG
E\WKH&RPSUHKHQVLYH:RUNLQJ*URXSRQ,QIRUPHG&RQVHQWLQ&DQFHU&OLQLFDO
7ULDOVIRUWKH1DWLRQDO&DQFHU,QVWLWXWH7KH:HEVLWHDGGUHVVIRUWKLVGRFXPHQWLV
KWWSFDQFHUJRYFOLQLFDOWULDOVXQGHUVWDQGLQJVLPSOLILFDWLRQRILQIRUPHGFRQVHQW
GRFV
x
$EODQNOLQHBBBBBBBBBBLQGLFDWHVWKDWWKHORFDOLQYHVWLJDWRUVKRXOGSURYLGHWKH
DSSURSULDWHLQIRUPDWLRQEHIRUHWKHGRFXPHQWLVUHYLHZHGZLWKWKHSURVSHFWLYH
UHVHDUFKSDUWLFLSDQW
x
6XJJHVWLRQIRU/RFDO,QYHVWLJDWRUV$Q1&,SDPSKOHWH[SODLQLQJFOLQLFDOWULDOVLV
DYDLODEOHIRU\RXUSDWLHQWV7KHSDPSKOHWLVWLWOHG7DNLQJ3DUWLQ&DQFHU
7UHDWPHQW5HVHDUFK6WXGLHV7KLVSDPSKOHWPD\EHRUGHUHGRQWKH1&,:HEVLWH
DWKWWSVFLVVHFXUHQFLQLKJRYQFLSXEVRUFDOO&$1&(5
WRUHTXHVWDIUHHFRS\
x
2SWLRQDOIHDWXUHIRU/RFDO,QYHVWLJDWRUV5HIHUHQFHDQGDWWDFKGUXJVKHHWV
SKDUPDFHXWLFDOLQIRUPDWLRQIRUWKHSXEOLFRURWKHUPDWHULDORQULVNV&KHFNZLWK
\RXUORFDO,5%UHJDUGLQJUHYLHZRIDGGLWLRQDOPDWHULDOV

7KHVHQRWHVIRUDXWKRUVDQGLQYHVWLJDWRUVDUHLQVWUXFWLRQDODQGVKRXOGQRWEHLQFOXGHGLQWKH
LQIRUPHGFRQVHQWIRUPJLYHQWRWKHSURVSHFWLYHUHVHDUFKSDUWLFLSDQW
CLOSED EFFECTIVE 04/01/2015
%WR
VWDPSHG
WDPSH
\LQJWKH
\LQJWK
DWHDUHDOORZH
WHDUHDOORZH
WVLJQHGWKHP
WVLJQHGWKHP
SHRSOHZLWK
HRSOHZLWK
RUPHGFRQVHQ
RUPHGFRQVHQ
VULJKWVDVDU
JKWVDV
[FKDQJHRILQ
[FKDQJHRILQ
DQW7KLVPRG
DQW7KLVP
VVRILQIRUPH
ILQIRUPH
UHYLHZWKH5
HYLHZWKH5
W'RFXPHQWV
W'RFXPHQWV
J*URXSRQ,Q
*URXSRQ,Q
U,QVWLWXWH7
U,QVWLWXWH7
ULDOVXQGHUVWD
ULDOVXQGHUV
BBBBBBLQGLF
BBBBBBLQGLF
PDWLRQEHIRUH
PDWLRQEHIRU
FLSDQW
SDQW
IRU/RFDO,QY
IRU/RFDO
HIRU
IRU\RXUSDW
\RXUSDW
PHQW5HVHDUF
PHQW5HVHDUF
KWWSVFLVVHF
WWSVFLV
WRUHTX
WRUHT
2SWLRQDO
2SWLRQDO
SKDUPD
SKDUP
\RX
\R
7KHVHQR
KHVHQR
LQIRUPH
LQIRUP


5HYLVHG
6

3DJH

9HUVLRQ'DWH

6$5DQGRPL]HG3KDVH,,3LORW6WXG\3URVSHFWLYHO\(YDOXDWLQJ
7UHDWPHQWIRU3DWLHQWV%DVHGRQ(5&&([FLVLRQ5HSDLU&URVV
&RPSOHPHQWLQJIRU$GYDQFHG0HWDVWDWLF(VRSKDJHDO*DVWULFRU
*DVWURHVRSKDJHDO-XQFWLRQ*(-&DQFHU
127(WRVLWHV$VGHVFULEHGLQ6HFWLRQVFDDQGVLWHVPXVWVXEPLWWLVVXHVSHFLPHQV
IRU(5&&DQG+(5DQDO\VLVSULRUWRUDQGRPL]DWLRQ
7KLVLVDFOLQLFDOWULDODW\SHRIUHVHDUFKVWXG\<RXUVWXG\GRFWRUZLOOH[SODLQWKHFOLQLFDOWULDO
WR\RX&OLQLFDOWULDOVLQFOXGHRQO\SHRSOHZKRFKRRVHWRWDNHSDUW3OHDVHWDNH\RXUWLPHWR
PDNH\RXUGHFLVLRQDERXWWDNLQJSDUW<RXPD\GLVFXVV\RXUGHFLVLRQZLWK\RXUIULHQGVDQG
IDPLO\<RXFDQDOVRGLVFXVVLWZLWK\RXUKHDOWKFDUHWHDP,I\RXKDYHDQ\TXHVWLRQV\RXFDQ
DVN\RXUVWXG\GRFWRUIRUPRUHH[SODQDWLRQ
<RXDUHEHLQJDVNHGWRWDNHSDUWLQWKLVVWXG\EHFDXVH\RXKDYHDGYDQFHGHVRSKDJHDOJDVWULFRU
JDVWURHVRSKDJHDOMXQFWLRQFDQFHU
:K\LVWKLVVWXG\EHLQJGRQH"
7KHSXUSRVHRIWKLVVWXG\LVWRILQGRXWZKDWHIIHFWVJRRGDQGEDGDWDUJHWHGWKHUDS\
VSHFLILFWUHDWPHQWWKDWLVEDVHGRQFHUWDLQJHQHVIRXQGLQWXPRUFHOOVDSSURDFKKDVRQ\RX
DQG\RXUHVRSKDJHDOJDVWULFRUJDVWURHVRSKDJHDOMXQFWLRQFDQFHU

7KLVUHVHDUFKLVEHLQJGRQHEHFDXVHZHFXUUHQWO\GRQRWKDYHDGYDQFHGNQRZOHGJHRI
ZKLFKSDWLHQWVZLOOEHQHILWIURPZKLFKW\SHRIFKHPRWKHUDS\
+RZPDQ\SHRSOHZLOOWDNHSDUWLQWKHVWXG\"
$ERXWSHRSOHZLOOWDNHSDUWLQWKLVVWXG\
:KDWZLOOKDSSHQLI,WDNHSDUWLQWKLVUHVHDUFKVWXG\"
%HIRUH\RXEHJLQWKHVWXG\«

$VDPSOHRI\RXUWLVVXHZLOOEHVHQWWRDQRXWVLGHODE7KHODEZLOOORRNDWJHQHVLQ\RXUWLVVXH
FDOOHG(5&&DQG+(5LIQRWDOUHDG\GRQH7KHUHVXOWVIURPWKH(5&&WHVWZLOOSXW\RX
LQWRRQHRIWZRJURXSVWKDWUDQGRPO\DVVLJQRQHRIWZRWUHDWPHQWVH[SODLQHGEHORZ<RXDQG
\RXUSK\VLFLDQZLOOQRWILQGRXWWKHUHVXOWVRIWKH(5&&WHVWLQJ<RXUWLVVXHPXVWEH+(5
CLOSED EFFECTIVE 04/01/2015
VSHFLPHQV
VSHFLPHQV
LQWKHFOLQLFDO
KHFOLQLFDO
WDNH\RXUWLP
DNH\RXUWLP
ZLWK\RXUIULH
WK\RXUI
DYHDQ\TXHVW
YHDQ\TXHVW
XKDYHDGYDQ
XKDYHDGY
XWZKDWHIIHF
XWZKDWHII
QFHUWDLQJHQ
FHUWDLQJHQ
JDVWURHVRSK
JDVWURHVRSK
HEHFDXVHZH
HEHFDXVHZ
HILWIURPZKL
HILWIURP
HRSOHZLOO
HRSOHZLOO
SHRSOHZLOOW
SHRSOHZLOOW
:KDWZLOOKD
KDWZLOOK
%HIRUH\
%HIRUH\
$V
$


6

3DJH

9HUVLRQ'DWH

5HYLVHG

QHJDWLYHLQRUGHUIRU\RXWREHDEOHWRSDUWLFLSDWHLQWKLVVWXG\,I\RXUWLVVXHLV+(5SRVLWLYH
\RXUVWXG\GRFWRUZLOOWHOO\RX,QWKDWFDVH\RXFDQQRWUHFHLYHWUHDWPHQWRQWKLVVWXG\EXW\RXU
GRFWRUZLOOSURYLGHDOWHUQDWLYHWUHDWPHQWRSWLRQV

(5&&DQG+(5DUHJHQHVWKDWPD\EHIRXQGLQ\RXUWXPRUDQGFRXOGDIIHFWKRZ\RXUWXPRU
ZLOOUHVSRQGWRWUHDWPHQWRUJXLGH\RXUGRFWRUWRFKRRVHZKDWPD\EHWKHEHVWWUHDWPHQWIRU\RXU
FDQFHU&XUUHQWO\VWDQGDUGWKHUDS\XVHVWKH+(5JHQHWRGHWHUPLQHZKHWKHURUQRWWRDGGD
GUXJWKDWWDUJHWVWKLVJHQHWR\RXUFKHPRWKHUDS\7KLVVWXG\ZLOOVHHKRZSDWLHQWVZLWKGLIIHUHQW
DPRXQWVRI(5&&EXWZLWKRXW+(5GRZLWKWZRGLIIHUHQWFKHPRWKHUDS\WUHDWPHQWV
)2/)2;RULULQRWHFDQSOXVGRFHWD[HO%HFDXVHGRFWRUVGRQRWNQRZLIWKH+(5DQG(5&&
JHQHVLQWHUDFWZLWKHDFKRWKHUSDWLHQWVZKRKDYHWKH+(5JHQHLQWKHLUWXPRUZLOOQRWEHDEOH
WRSDUWLFLSDWHLQWKLVVWXG\
<RXUWLVVXHZLOOEHVHQWWRWKHIROORZLQJODERUDWRU\5HVSRQVH*HQHWLFV,QFLQ/RV$QJHOHV
&DOLIRUQLD
<RXZLOODOVRQHHGWRKDYHWKHIROORZLQJH[DPVWHVWVRUSURFHGXUHVWRILQGRXWLI\RXFDQEHLQ
WKHVWXG\7KHVHH[DPVWHVWVRUSURFHGXUHVDUHSDUWRIUHJXODUFDQFHUFDUHDQGPD\EHGRQHHYHQ
LI\RXGRQRWMRLQWKHVWXG\,I\RXKDYHKDGVRPHRIWKHPUHFHQWO\WKH\PD\QRWQHHGWREH
UHSHDWHG7KLVZLOOEHXSWR\RXUVWXG\GRFWRU

x
+LVWRU\DQGSK\VLFDOH[DP
x
&7RU05,VFDQ
x
%ORRGWHVWVIRUEORRGFRXQWVNLGQH\IXQFWLRQDQGOLYHUIXQFWLRQ

'XULQJWKHVWXG\«
,IWKHH[DPVWHVWVDQGSURFHGXUHVVKRZWKDW\RXFDQEHLQWKHVWXG\DQG\RXFKRRVHWRWDNHSDUW
WKHQ\RXZLOOKDYHRQHRIWKHIROORZLQJWUHDWPHQWV
<RXZLOOEHUDQGRPL]HGLQWRRQHRIWKHVWXG\DUPVGHVFULEHGEHORZ5DQGRPL]DWLRQPHDQV
WKDW\RXDUHSXWLQWRDQDUPE\FKDQFH$FRPSXWHUSURJUDPZLOOSODFH\RXLQRQHRIWKHVWXG\
DUPV1HLWKHU\RXQRU\RXUGRFWRUFDQFKRRVHWKHDUP\RXZLOOEHLQ<RXZLOOKDYHDQHTXDO
FKDQFHRIEHLQJSODFHGLQHLWKHUDUP

$UP
,I\RXDUHDVVLJQHGWR$UP\RXZLOOUHFHLYHWKHGUXJVR[DOLSODWLQOHXFRYRULQDQG)8
)2/)2;$OOGUXJVZLOOEHJLYHQLQWRDYHLQ)LUVW\RXZLOOUHFHLYHR[DOLSODWLQRYHUDKRXU
SHULRG$IWHUWKDW\RXZLOOUHFHLYHOHXFRYRULQRYHUDKRXUSHULRG2U\RXUGRFWRUPD\FKRRVH
WRJLYH\RXR[DOLSODWLQDQGOHXFRYRULQDWWKHVDPHWLPH7KLVZLOOEHIROORZHGE\DQLQMHFWLRQRI
)87KHQ\RXZLOOUHFHLYHDQRWKHUGRVHRI)8VSUHDGRXWRYHUDKRXUSHULRG
7KHGUXJVZLOOEHJLYHQWR\RXRQFHHYHU\ZHHNV(DFKWZRZHHNSHULRGLVFDOOHGD³F\FOH´

7KHKRXU)8LQIXVLRQZLOOUHTXLUHSODFHPHQWRIDVSHFLDOFHQWUDOYHQRXVFDWKHWHU7KLVZLOO
EHDWXEHSODFHGLQWRDODUJHYHLQLQ\RXUFKHVW7KLVWXEHFDQEHRIWZREDVLFW\SHV,WFDQ
CLOSED EFFECTIVE 04/01/2015
PRU
RU
IRU\RXU
IRU\RXU
RDGGD
GGD
ZLWKGLIIHUHQW
ZLWKGLIIHUHQW
WPHQWV
HQW
+(5DQG(5
5DQG(5
XPRUZLOOQRW
PRUZLOOQRW
QHWLFV,QF
QHWLFV,QFLQ

URFHGXUHVWR
URFHGX
UHJXODUFDQFH
HJXODUFDQF
RIWKHPUHFHQW
IWKHPUHFHQ
FRXQWVNLGQH
FRXQWVNLGQH
HGXUHVVKRZW
GXUHVVKRZ
WKHIROORZLQ
WKHIROOR
PL]HGLQWRR
PL]HGLQWRR
LQWR
QWRDQ DUP
D
E
U\RXQRU\RX
U\RXQRU\R
EHLQJSODFHGL
HLQJSODFHG

O
\RXDUHDVVLJ
\RXDUHDVVLJ
)2/)2;
2/)2;
SHULRG$
SHULRG$
WRJLYH
WRJLYH

 )
7


6

3DJH

9HUVLRQ'DWH

FRPHRXWWKURXJK\RXUVNLQRUEHDWWDFKHGWRDVPDOOFKDPEHUZLWKDOORIWKHGHYLFHXQGHU
\RXUVNLQ,QPRVWSDWLHQWVWKHVHFDQEHSODFHGXQGHUORFDODQHVWKHVLDLQDQRSHUDWLQJURRP,Q
PRVWSDWLHQWVWKHVHFDQUHPDLQLQGHILQLWHO\+RZHYHU\RXPD\QHHGWREHLQWKHKRVSLWDOIRURQH
GD\WRKDYHWKHFDWKHWHUSXWLQ)8ZLOOEHJLYHQWKURXJKWKLVFDWKHWHUDQGEORRGVDPSOHVFDQ
EHWDNHQIURPWKHFDWKHWHUVR\RXPD\QRWKDYHWREHVWXFNZLWKDQHHGOH7KHSODFHPHQWRIWKLV
FDWKHWHUFDUULHVDVPDOOULVNRILQIHFWLRQEOHHGLQJDQGSHQHWUDWLRQRI\RXUOXQJ7KHULVNRI
LQIHFWLRQDQGEOHHGLQJPD\EHUHGXFHGE\WKHVWULFWDWWHQWLRQWRWKHFDUHRIWKHFDWKHWHU<RXU
GRFWRUZLOOWHDFK\RXKRZWRFDUHIRUWKHFDWKHWHU7KHFDWKHWHUPD\EHUHPRYHGHDVLO\DWDQ\
WLPHWKDWLWLVQRORQJHUQHFHVVDU\
$UP
,I\RXDUHDVVLJQHGWR$UP\RXZLOOUHFHLYHWKHGUXJVLULQRWHFDQDQGGRFHWD[HO%RWKRIWKHVH
GUXJVZLOOEHJLYHQLQWRDYHLQ)LUVW\RXZLOOUHFHLYHLULQRWHFDQRYHUDPLQXWHSHULRG7KHUH
\RXZLOOUHFHLYHGRFHWD[HORYHUDPLQXWHSHULRG7KHGUXJVZLOOEHJLYHQWR\RXRQFHHDFK
ZHHNIRUWZRZHHNVDQGWKHQ\RXZLOOKDYHDZHHNZLWKRXWWUHDWPHQW(DFKWKUHHZHHNSHULRG
LVFDOOHGD³F\FOH´7KHLQLWLDOGRFHWD[HOGRVHLVJLYHQRYHUPLQXWHV
%RWK*URXSV
<RXZLOOQHHGWKHVHWHVWVDQGSURFHGXUHVWKDWDUHSDUWRIUHJXODUFDQFHUFDUH7KH\DUHEHLQJ
GRQHPRUHRIWHQEHFDXVH\RXDUHLQWKLVVWXG\
x 3K\VLFDOH[DP±RQFHHYHU\F\FOH
x %ORRGWHVWVIRUEORRGFRXQWV±)RUSDWLHQWVLQ$UPRQFHHYHU\F\FOH)RU
SDWLHQWVLQ$UPWKLVZLOOEHGRQHGXULQJ:HHNDQGRIHDFKF\FOH
x %ORRGWHVWVIRUNLGQH\DQGOLYHUIXQFWLRQ±)RUSDWLHQWVLQ$UPRQFHHYHU\
F\FOH)RUSDWLHQWVLQ$UPWKLVZLOOEHGRQHGXULQJ:HHNDQGRIHDFKF\FOH
x ;UD\VDQGVFDQV±HYHU\ZHHNV
:KHQ,DPILQLVKHGWDNLQJWKHVWXG\GUXJV«
<RXUVWXG\GRFWRUZLOOFRQWLQXHWRIROORZ\RXUKHDOWKVWDWXVHYHU\WKUHHPRQWKVIRUDPD[LPXP
RIWKUHH\HDUV7KHIROORZXSHYDOXDWLRQWHVWVWKDWDUHVWDQGDUGRIFDUHLQFOXGHDPHGLFDOKLVWRU\
SK\VLFDOH[DPLQDWLRQSHUIRUPDQFHVWDWXVEORRGWHVWVDQG[UD\VRUVFDQVWRVHHZKHWKHU\RXU
FDQFHUKDVSURJUHVVHG<RXUVWXG\GRFWRUPD\ZLVKWRVHH\RXPRUHRIWHQWKDQWKLV
+RZORQJZLOO,EHLQWKHVWXG\"
<RXZLOOEHDVNHGWRFRQWLQXHWDNLQJWKHVWXG\GUXJVDVORQJDV\RXUGLVHDVHGRHVQRWJHWZRUVH
DQGWKHVLGHHIIHFWVDUHQRWWRRVHYHUH<RXZLOOKDYHIROORZXSH[DPVHYHU\PRQWKVIRUXSWR
\HDUV,WLVXSWR\RXUGRFWRUZKDWWHVWVDUHGRQHGXULQJWKHIROORZXSH[DPV

&DQ,VWRSEHLQJLQWKHVWXG\"
<HV<RXFDQGHFLGHWRVWRSDWDQ\WLPH7HOOWKHVWXG\GRFWRULI\RXDUHWKLQNLQJDERXW
VWRSSLQJRUGHFLGHWRVWRS+HRUVKHZLOOWHOO\RXKRZWRVWRSVDIHO\
CLOSED EFFECTIVE 04/01/2015
LV
<RXU
<RXU
\DWDQ\
\DWDQ\
FHWD[HO%RWK
HWD[HO%RWK
PLQXWHSH
PLQXWH
HJLYHQWR\R
JLYHQWR\R
PHQW(DFKWK
PHQW(DFKWK
PLQXWHV
LQXWHV
RIUHJXODUFDQ
UHJXODUFDQ
)RUSDWLHQWV
)RUSDWLHQWV
EHGRQHGXULQ
EHGRQHGXU
QGOLYHUIXQFW
QGOLYHUIXQ
$UPWKLVZ
$UPWKLVZ
HYHU\ZHH
HYHU\ZHH
NLQJ
LQJ WKHVWXG
WKHVWX
OOFRQWLQXHWR
FRQWLQXHWR
IROORZ
IROOR XSHY
XSHY
QDWLRQSHUIRU
DWLRQSHU
URJUHVVHG<R
RJUHVVHG<
ZORQJZLOO
RQJZLOO
<RXZLOOEH
XZLOOE
DQGWKHVL
DQGWKHVL
\HDUV
\HDU


6

3DJH

9HUVLRQ'DWH

,WLVLPSRUWDQWWRWHOOWKHVWXG\GRFWRULI\RXDUHWKLQNLQJDERXWVWRSSLQJVRDQ\ULVNVIURPWKH
VWXG\WUHDWPHQWFDQEHHYDOXDWHGE\\RXUGRFWRU$QRWKHUUHDVRQWRWHOO\RXUGRFWRUWKDW\RXDUH
WKLQNLQJDERXWVWRSSLQJLVWRGLVFXVVZKDWIROORZXSFDUHDQGWHVWLQJFRXOGEHPRVWKHOSIXOIRU
\RX

7KHVWXG\GRFWRUPD\VWRS\RXIURPWDNLQJSDUWLQWKLVVWXG\DWDQ\WLPHLIKHVKHEHOLHYHVLWLVLQ
\RXUEHVWLQWHUHVWLI\RXGRQRWIROORZWKHVWXG\UXOHVRULIWKHVWXG\LVVWRSSHG
:KDWVLGHHIIHFWVRUULVNVFDQ,H[SHFWIURPEHLQJLQWKHVWXG\"
<RXPD\KDYHVLGHHIIHFWVZKLOHRQWKHVWXG\(YHU\RQHWDNLQJSDUWLQWKHVWXG\ZLOOEH
ZDWFKHGFDUHIXOO\IRUDQ\VLGHHIIHFWV+RZHYHUGRFWRUVGRQ¶WNQRZDOOWKHVLGHHIIHFWVWKDW
PD\KDSSHQ6LGHHIIHFWVPD\EHPLOGRUYHU\VHULRXV<RXUKHDOWKFDUHWHDPPD\JLYH\RX
PHGLFLQHVWRKHOSOHVVHQVLGHHIIHFWV0DQ\VLGHHIIHFWVJRDZD\VRRQDIWHU\RXVWRSWDNLQJ
WKHVWXG\WUHDWPHQW,QVRPHFDVHVVLGHHIIHFWVFDQEHVHULRXVORQJODVWLQJRUPD\QHYHUJR
DZD\7KHUHDOVRLVDULVNRIGHDWK
<RXVKRXOGWDONWR\RXUVWXG\GRFWRUDERXWDQ\VLGHHIIHFWVWKDW\RXKDYHZKLOHWDNLQJSDUW
LQWKHVWXG\

$UP
5LVNVDQGVLGHHIIHFWVUHODWHGWRWKHFRPELQDWLRQRIR[DOLSODWLQOHXFRYRULQDQG)8
LQFOXGHWKRVHZKLFKDUH

/LNHO\

x 'HFUHDVHGQXPEHURIDW\SHRIZKLWHEORRGFHOOO\PSKRF\WH
x /DFNRIHQRXJKUHGEORRGFHOOVDQHPLD
x 'LDUUKHD
x 1DXVHDRUWKHXUJHWRYRPLW
x 9RPLWLQJ
x &RQVWLSDWLRQ
x )DWLJXHRUWLUHGQHVV
x /RVVRIDSSHWLWH
x 6RUHXOFHUVRPHZKHUHLQWKHGLJHVWLYHWUDFW
x +DLUORVV
x 6NLQVHQVLWLYLW\ZKHQH[SRVHGWROLJKW
x ,QIODPPDWLRQVZHOOLQJDQGUHGQHVVRUGDPDJHWRWKHWLVVXHVXUURXQGLQJZKHUHD
GUXJZDVLQMHFWHG
x 'U\VNLQ
x 6NLQUDVKZLWKWKHSUHVHQFHRIPDFXOHVIODWGLVFRORUHGDUHDDQGSDSXOHVUDLVHG
EXPS
CLOSED EFFECTIVE 04/01/2015
WLVLQ
VLQ
G\"
G\"
LQWKHVWXG\Z
QWKHVWXG\
RZDOOWKHVLG
RZDOOWKHVL
DOWKFDUHWHD
KFDUHW
D\VRRQDIWHU
\VRRQDIWHU
RXVORQJODV
ORQJO
LGHHIIHFWVWK
GHHIIHFWVWK
FRPELQDWLRQ
FRPELQDWLRQ
EHURIDW\SH
EHURIDW\
XJKUHGEORRG
UHGEORR
RUWKH
RUW
XUJH
XU
PLWLQJ
PLWLQJ
&RQVWLSDWLRQ
&RQVWLSDWLRQ
)DWLJXHRU
)DWLJXHRU
x
/RVVRI
/RVVRI
x
6RUH
RU
x
+
x


6

3DJH

9HUVLRQ'DWH

x ,QFUHDVHGEORRGOHYHORIDOLYHUHQ]\PH$/76*37
x ,QFUHDVHGEORRGOHYHORIDOLYHUHQ]\PH$676*27
x 'HFUHDVHGQXPEHURIDW\SHRIEORRGFHOOWKDWKHOSVWRFORWEORRGSODWHOHW
x ,QIODPPDWLRQVZHOOLQJDQGUHGQHVVRUGHJHQHUDWLRQRIWKHSHULSKHUDOQHUYHVWKRVH
QHUYHVRXWVLGHRIEUDLQDQGVSLQDOFRUGFDXVLQJQXPEQHVVWLQJOLQJEXUQLQJ
x 7LQJOLQJRIKDQGVDQGIHHWIROORZHGE\SDLQUHGQHVVDQGVZHOOLQJ
x 1XPEQHVVLQPRXWKDQGWKURDWPDGHZRUVHE\FROGZHDWKHURUGULQNV
x %HOO\SDLQ

/HVVOLNHO\

x )LQJHUQDLOFKDQJHV
x &KDQJHVLQPRRG
x 'LIILFXOW\VOHHSLQJRUIDOOLQJDVOHHS
x $EQRUPDOEORRGFORWWLQJDQGRUEOHHGLQJ
x )HYHUDVVRFLDWHGZLWKGDQJHURXVO\ORZOHYHOVRIDW\SHRIZKLWHEORRGFHOO
QHXWURSKLOV
x 'HVWUXFWLRQRIUHGEORRGFHOOV
x $EQRUPDOO\IDVWLUUHJXODUKHDUWEHDWLQYROYLQJWKHXSSHUFKDPEHUVRIWKHKHDUW
DWULD
x $EQRUPDOO\IDVWUHJXODUKHDUWEHDWLQYROYLQJWKHXSSHUFKDPEHUVRIWKHKHDUWDWULD
x 3HULRGRIYHU\UDSLGDQGUHJXODUKHDUWEHDWVWKDWEHJLQVDQGHQGVVXGGHQO\
x 6ORZKHDUWEHDWUHJXODUUK\WKP
x )DVWKHDUWEHDWUHJXODUUK\WKP
x )DVWKHDUWEHDWXVXDOO\RULJLQDWLQJLQDQDUHDORFDWHGDERYHWKHYHQWULFOHV
x ,UUHJXODUKHDUWEHDWUHVXOWLQJIURPDQDEQRUPDOLW\LQWKHRQHRIWKHORZHUFKDPEHUV
RIWKHKHDUWYHQWULFOH
x 9HQWULFXODUILEULOODWLRQLUUHJXODUKHDUWEHDWWKDWLQYROYHVWKHORZHUFKDPEHUVRIWKH
KHDUWYHQWULFOHVWKDWUHVXOWVLQXQFRRUGLQDWHGFRQWUDFWLRQRIWKHKHDUWOLIH
WKUHDWHQLQJDQGSRWHQWLDOO\IDWDOQHHGLQJLPPHGLDWHDWWHQWLRQ
x 5DSLGKHDUWEHDWRIRQHRIWKHORZHUFKDPEHUVYHQWULFOHRIWKHKHDUWUHJXODU
UK\WKPEXWSRWHQWLDOO\OLIHWKUHDWHQLQJQHHGVLPPHGLDWHDWWHQWLRQ
x $OOHUJLFUHDFWLRQE\\RXUERG\WRWKHGUXJSURGXFWWKDWFDQRFFXULPPHGLDWHO\RU
PD\EHGHOD\HG7KHUHDFWLRQPD\LQFOXGHKLYHVORZEORRGSUHVVXUHZKHH]LQJ
VZHOOLQJRIWKHWKURDWDQGGLIILFXOW\EUHDWKLQJ
x 8QFRQWUROOHGH\HPRYHPHQWVFKDQJHVLQYLVLRQZDWHULQJH\HV
x +HDULQJORVV
x ,QIODPPDWLRQVZHOOLQJDQGUHGQHVVWRWKHPLGGOHHDU
x ,QIODPPDWLRQVZHOOLQJDQGUHGQHVVRIWKHFRQMXQFWLYDWKHRXWHUPRVWOD\HURIWKH
H\HDQGWKHLQQHUVXUIDFHRIWKHH\HOLGV&RPPRQO\FDOOHGSLQNH\H
x 'U\H\H
x $VLWXDWLRQLQZKLFKRQHKDVWHPSRUDU\EOLQGQHVVRIRQHH\HGXHWRDEORFNDJHRU
GHFUHDVHGEORRGIORZLQWKHEORRGYHVVHOVOHDGLQJWRWKDWH\H
x 7HPSRUDU\YLVLRQSUREOHPVFDXVHGE\WKHFROG
CLOSED EFFECTIVE 04/01/2015
W\SHRIZKLWH
\SHRIZKLW
OYLQJWKHXSS
YLQJWKHXSS
QYROYLQJWKH
QYROYLQJWK
KHDUWEHDWVW
KHDUWEHDWV
P
WKP
WKP
ULJLQDWLQJLQ
ULJLQDWLQJLQ
HVXOWLQJIURP
HVXOWLQJIURP
FOH
OH
LOODWLRQLUUH
LOODWLRQ
FOHVWKDWUHV
VWKDWUHV
JDQGSRWHQW
JDQGSRWHQW
KHDUWEHDWRIR
HDUWEHDW
KPEXWSRWHQ
KPEXWSRWH
OOHUJLFUHDFWL
OHUJLFUHDFWL
PD\E
PD\EHGHOD
HGHOD
VZHOOLQJR
VZHOOLQJ
x
8QFRQ
8QFRQ
x
+HD
+H
x
,
x


6

3DJH

9HUVLRQ'DWH

5HYLVHG

x 3UREOHPZLWKH\HOLG
x 6ZHOOLQJDURXQGWKHQHUYHUHVSRQVLEOHIRUVLJKW
x )OXLGFROOHFWLRQLQWKHDEGRPHQ
x ,QIODPPDWLRQVZHOOLQJDQGUHGQHVVRIWKHODUJHERZHOFRORQ
x 'U\PRXWK
x +HDUWEXUQ
x 'LIILFXOW\VZDOORZLQJ
x ,QIODPPDWLRQVZHOOLQJDQGUHGQHVVRIWKHVPDOODQGODUJHERZHO
x ,QIODPPDWLRQVZHOOLQJDQGUHGQHVVRIWKHHVRSKDJXVJXOOHWRUWKHWXEHWKDWJRHV
IURPPRXWKWRVWRPDFKWKURXJKZKLFKIRRGSDVVHV
x ([FHVVSDVVLQJRIJDV
x ,QIODPPDWLRQVZHOOLQJDQGUHGQHVVRIWKHVWRPDFKOLQLQJ
x %OHHGLQJLQVRPHRUJDQVRIWKHGLJHVWLYHWUDFW
x 'HDWKRIWLVVXHVRPHZKHUHLQWKHGLJHVWLYHWUDFW
x 3DUWLDORUFRPSOHWHEORFNDJHRIWKHVPDOODQGRUODUJHERZHO,OHXVLVDIXQFWLRQDO
UDWKHUWKDQDFWXDOEORFNDJHRIWKHERZHO
x ,UULWDWLRQRUVRUHVLQWKHOLQLQJRIWKHPRXWK
x ,QIODPPDWLRQVZHOOLQJDQGUHGQHVVRIWKHSDQFUHDV
x %ORFNDJHRIWKHVPDOOERZHO
x 6WLIIHQLQJRIPXVFOHV
x &RXJK
x &KLOOV
x ,QIHFWLRQ
x 6ZHOOLQJRIWKHIDFH
x 6ZHOOLQJRIWKHDUPVDQGRUOHJV
x 1XPEQHVVWLQJOLQJ
x )HYHU
x /LPSRUGLIILFXOW\ZDONLQJ
x $FRQGLWLRQLQZKLFKERWKWKHOLYHUDQGNLGQH\VIDLO
x &KHVWSDLQQRWKHDUWUHODWHG
x /LYHUIDLOXUH
x ,QFUHDVHLQVL]HRIWKHOLYHU
x $FRQGLWLRQLQZKLFKWKHUHLVEORFNDJHRIWKHYHLQVRIWKHOLYHUOHDGVWROLYHUGDPDJH
x 7HVWWKDWVKRZVDSUREOHPLQEORRGFORWWLQJ
x ,QFUHDVHGEORRGOHYHORIDOLYHURUERQHHQ]\PHDONDOLQHSKRVSKDWDVH
x ,QFUHDVHGEORRGOHYHORIDOLYHUSLJPHQWELOLUXELQRIWHQDVLJQRIOLYHUSUREOHPV
x ,QFUHDVHGEORRGOHYHORIFUHDWLQLQHDVXEVWDQFHQRUPDOO\HOLPLQDWHGE\WKHNLGQH\V
LQWRWKHXULQH
x ,QFUHDVHGEORRGOHYHORIDOLYHUHQ]\PH**7
x ,QFUHDVHG,15PHDVXUHRIWKHDELOLW\RIWKHEORRGWRFORWSURSHUO\ZKLFKLQFUHDVHV
WKHULVNRIEOHHGLQJ
x GHOHWHG
x 'HFUHDVHGQXPEHURIDW\SHRIZKLWHEORRGFHOOQHXWURSKLOJUDQXORF\WH
CLOSED EFFECTIVE 04/01/2015
XEHWKDWJRH
HWKDWJRH
JHERZHO,O
ERZHO
SDQFUHDV
QFUHDV
QGRU
GRUOHJV
OHJV
XOW\ZDONLQJ
OW\ZDONLQ
LQZKLFKER
KLFKER
LQQRWKHDUW
LQQRWKHDUW
IDLOXUH
IDLOXUH
UHDVHLQVL]H
HDVHLQVL]H
$FRQGLWLRQ
$FRQGLWLRQ
7HVWWKDW
7HVWWKD
x
,QFUHD
,QFUHD
x
,QFU
,QF
x
,


6

3DJH

9HUVLRQ'DWH

x :HLJKWJDLQ
x :HLJKWORVV
x 'HFUHDVHLQWKHWRWDOQXPEHURIZKLWHEORRGFHOOVOHXNRF\WHV
x 0RUHDFLGWKDQQRUPDOLQWKHEORRG
x 'HK\GUDWLRQZKHQ\RXUERG\GRHVQRWKDYHDVPXFKZDWHUDQGIOXLGDVLWVKRXOG
x ,QFUHDVHGEORRGVXJDUOHYHO
x ,QFUHDVHGEORRGOHYHORIXULFDFLGDZDVWHPDWHULDOIURPIRRGGLJHVWLRQ
x 'HFUHDVHGOHYHOVRIDEORRGSURWHLQFDOOHGDOEXPLQ
x 'HFUHDVHGEORRGOHYHORIFDOFLXP
x 'HFUHDVHGEORRGVXJDUOHYHO
x 'HFUHDVHGEORRGOHYHORISRWDVVLXP
x 'HFUHDVHGEORRGOHYHORIPDJQHVLXP
x 'HFUHDVHGEORRGOHYHORIVRGLXP
x 'HFUHDVHGEORRGOHYHORISKRVSKDWH
x -RLQWSDLQ
x %DFNSDLQ
x %RQHSDLQ
x 0XVFOHSDLQ
x 'LIILFXOW\RUOLPLWDWLRQLQDELOLW\WRRSHQPRXWK
x /RVVRIPXVFOHFRRUGLQDWLRQDZNZDUGXQFRRUGLQDWHGZDONLQJXQVWHDGLQHVVZKHQ
ZDONLQJ
x 6OHHSLQHVV
x 'L]]LQHVVRUVHQVDWLRQRIOLJKWKHDGHGQHVVXQVWHDGLQHVVRUJLGGLQHVV
x 7DVWHFKDQJHV
x 6SHHFKSUREOHPV
x 5HVWOHVVUHSHWLWLYHRULQYROXQWDU\PRYHPHQWVDQGUDSLGVSHHFK
x +HDGDFKHRUKHDGSDLQ
x %OHHGLQJLQWKHEUDLQ
x 6WURNHFDXVHGE\GHFUHDVHGEORRGIORZWRWKHEUDLQ
x $PDOIXQFWLRQRIWKHQHUYHVZLWKLQWKHKHDGDQGQHFN
x 3DUDO\VLVRIIDFLDOPXVFOHVGXHWRSUREOHPVZLWKWKHQHUYHVWKDWVXSSO\WKHP
x :HDNQHVVRUSDUDO\VLVORVVRIPXVFOHIXQFWLRQFDXVHGE\GDPDJHWRSHULSKHUDO
QHUYHVWKRVHQHUYHVRXWVLGHRIEUDLQDQGVSLQDOFRUG
x &RQYXOVLRQRUVHL]XUH
x $Q[LHW\IHHOLQJVRIGUHDGRUGDQJHU
x &RQIXVLRQRURWKHUPHQWDOFKDQJHV
x )HHOLQJVRIVDGQHVVZRUWKOHVVQHVVWKRXJKWVRIVXLFLGHRUGHDWKGHSUHVVLRQ
x %ORRGLQWKHXULQH
x %OHHGLQJLQWKHNLGQH\
x 1HHGWRXULQDWHRIWHQ
x 'LIILFXOW\HPSW\LQJWKHEODGGHU
x 3UHVHQFHRIEORRGLQDIDOORSLDQWXEHWXEHEHWZHHQRYDU\WRXWHUXV>ZRPE@
x %OHHGLQJLQWKHRYDU\
CLOSED EFFECTIVE 04/01/2015
G
PRXWK
PRXWK
GXQFRRUGLQ
GXQFRRUGLQ
KWKHDGHGQHVV
WKHDGHGQHV
ULQYROXQWDU
ULQYROX
GSDLQ
SDLQ
EUDLQ
EUDLQ
HGE\GHFUHD
\GHFUHD
FWLRQRIWKHQ
FWLRQRIWKH
\VLVRIIDFLDOP
VLVRIIDFLD
DNQHVVRUSD
DNQHVVRUSD
QHUYHVWKRVH
QHUYHVWKRVH
&RQYXOVLR
&RQYXOVLR
x
$Q[LHW\
$Q[LHW\
x
&RQI
&R
x
)
x


6

3DJH

9HUVLRQ'DWH

x %OHHGLQJLQWKHSURVWDWH
x %OHHGLQJLQWKHVSHUPDWLFFRUGDVWUXFWXUHUHVHPEOLQJDFRUGWKDWVXVSHQGVWKH
WHVWLVZLWKLQWKHVFURWXPDQGFRQWDLQVWKHYDVGHIHUHQV>WKHWXEHWKDWFDUULHVVSHUP@
DQGRWKHUYHVVHOVDQGQHUYHV
x %OHHGLQJLQWKHWHVWLV
x %OHHGLQJLQWKHXWHUXVZRPE
x %OHHGLQJLQWKHYDJLQD
x 6WXII\RUUXQQ\QRVHVQHH]LQJ
x %OHHGLQJIURPWKHOXQJV
x 6XGGHQFRQVWULFWLRQRIWKHVPDOODLUZD\VRIWKHOXQJWKDWFDQFDXVHZKHH]LQJDQG
VKRUWQHVVRIEUHDWK
x 6KRUWQHVVRIEUHDWK
x +LFFXSV
x ,QIODPPDWLRQRIWKHOXQJVWKDWPD\FDXVHGLIILFXOW\EUHDWKLQJDQGFDQEHOLIH
WKUHDWHQLQJ
x 6FDUULQJRIWKHOXQJVWKDWFDQFDXVHFRXJKLQJVKRUWQHVVRIEUHDWKLQWHUIHUHZLWK
EUHDWKLQJ
x 3UREOHPRIWKHVLQXVHV
x 9RLFHFKDQJH
x ([FHVVVZHDWLQJ
x ,WFKLQJ
x +LYHV
x 6XGGHQUHGGHQLQJRIWKHIDFHDQGRUQHFN
x +RWIODVKHV
x +LJKEORRGSUHVVXUH
x /RZEORRGSUHVVXUH
x ,QIODPPDWLRQVZHOOLQJDQGUHGQHVVRIDYHLQEORRGFORW
x )RUPDWLRQRIDEORRGFORWWKDWSOXJVWKHEORRGYHVVHOEORRGFORWVPD\EUHDNORRVH
DQGWUDYHOWRDQRWKHUSODFHVXFKDVWKHOXQJ
x %OHHGLQJZLWKDGHFUHDVHGQXPEHURIEORRGFHOOVWKDWKHOSWRFORWEORRGSODWHOHWV
5DUHEXWVHULRXV

x %OHHGLQJLQ\RXUVWRPDFKRULQWHVWLQHV
x 6HYHUHDOOHUJLFUHDFWLRQZKLFKPD\FDXVHGLIILFXOWEUHDWKLQJKLYHVLWFKLQJORZ
EORRGSUHVVXUHDQGSRVVLEO\GHDWK
x &RQGLWLRQLQZKLFKWKHOHQVRIWKHH\HEHFRPHVFORXG\
x )RUPDWLRQRIEORRGFORWVLQVPDOOEORRGYHVVHOVDURXQGWKHERG\WKDWOHDGVWRDORZ
SODWHOHWDW\SHRIEORRGFHOOWKDWKHOSVWRFORWEORRGFRXQW
x *DVLQWKHLQWHVWLQDOERZHOZDOO
x ,QIODPPDWLRQVZHOOLQJDQGUHGQHVVRIWKHJDOOEODGGHUSRVVLEO\DVVRFLDWHGZLWK
JDOOVWRQHV
x 6XGGHQGHFUHDVHRINLGQH\IXQFWLRQ

CLOSED EFFECTIVE 04/01/2015
ZKHH]LQJDQ
ZKHH]LQJDQ
DWKLQJDQGF
QJDQG
UWQHVVRIEUH
WQHVVRIEU
DQGRUQHFN
DQGRUQHF
HOOLQJDQGUHG
OOLQJDQGUH
EORRGFORWWK
EORRGFORW
DQRWKHUSODF
QRWKHUSOD
ZLWKDGHFUHD
ZLWKDGHFUHD
LRXV
LRXV
%OHHGLQJLQ
%OHHGLQJLQ
x
6HYHUHD
6HYHUHD
EORRG
EORRG
x
&R
&R
x


6

3DJH

9HUVLRQ'DWH

x 6HYHUHSRWHQWLDOO\OLIHWKUHDWHQLQJGDPDJHWRWKHOXQJVZKLFKFDQOHDGWRIOXLGLQWKH
OXQJV
x 6ZHOOLQJDQGUHGQHVVRIWKHVNLQRQWKHSDOPVRIWKHKDQGVDQGVROHVRIWKHIHHW
$UP
5LVNVDQGVLGHHIIHFWVUHODWHGWRWKHFRPELQDWLRQRILULQRWHFDQDQGGRFHWD[HOLQFOXGHWKRVH
WKDWDUH
/LNHO\
x GHFUHDVHLQWKHQXPEHURIZKLWHEORRGFHOOVUHGEORRGFHOOVDQGSODWHOHWVWKDWPD\OHDG
WRDQLQFUHDVHGULVNRILQIHFWLRQIDWLJXHEUXLVLQJDQGEOHHGLQJ
x QDXVHDYRPLWLQJ
x GLDUUKHD
x ORVVRIDSSHWLWH
x ORVVRIKDLU
x VNLQVHQVLWLYLW\ZKHQH[SRVHGWRVXQOLJKW
x GU\VNLQUHGQHVVUDVK
x EULWWOHQDLOV
x DEGRPLQDOFUDPSLQJ
x JHQHUDOL]HGIDWLJXH
x NLGQH\GDPDJH
x DEQRUPDOOLYHUIXQFWLRQWHVWV
x IOXVKLQJRUORFDOL]HGVNLQUHDFWLRQV
x VZHOOLQJRIWKHDUPVDQGOHJV

/HVVOLNHO\

x VRUHQHVVRUSDLQIXOVRUHVLQ\RXUPRXWKWKURDWRUWKHWXEHIURP\RXUPRXWKWR\RXU
VWRPDFK
x WLQJOLQJRIKDQGVDQGIHHWIROORZHGE\SDLQUHGQHVVDQGVZHOOLQJ
x FRQVWLSDWLRQ
x
ORZEORRGSUHVVXUHGXULQJLQIXVLRQ
x KLJKEORRGSUHVVXUHWKDWFRXOGEHOLIHWKUHDWHQLQJ
x VOXUUHGVSHHFK
x
LQIODPPDWLRQRULQIHFWLRQRIWKHERZHO
x IHYHU
x FRXJK
x FKLOOV
x SDLQLQ\RXUPXVFOHVRUMRLQWV
x LQIHFWLRQ
x OLYHUIDLOXUH
x QXPEQHVVEXUQLQJWLQJOLQJRUSULFNOLQJRIVNLQ
GH WKRVH
WKRVH
ODWHOHWVWKDW
ODWHOHWVWKDW
J
FWLRQV
FWLRQV
JV
JV
QIXOVRUHVL
VRUHVLQ\
Q
I KDQGVDQGI
KDQGVDQ
DWLRQ
DWLRQ
EORRGSUHVVX
EORRGSUHVVX
JKEORRGSUH
KEORRGSUH
VOXUUHGVSHH
VOXUUHGVSH
x
LQIODPPD
LQIODP
x
IHYHU
IHYHU
x
FRX
FRX
x
x


6

3DJH

9HUVLRQ'DWH

x VHL]XUH
x KHDGDFKH
x GURZVLQHVV
x DQ[LHW\GHSUHVVLRQ
x FKDQJHVLQWDVWH
x LQIODPPDWLRQRIWKHH\H

5DUHEXWVHULRXV

x GHK\GUDWLRQ
x VHULRXVLQIHFWLRQVWDUWLQJIURPWKHERZHO7KLVFDQFDXVHGHDWK
x VFDUWLVVXHRQWKHOXQJVWKDWFDQFDXVHFRXJKLQJVKRUWQHVVRIEUHDWKWURXEOHEUHDWKLQJ
RUHYHQGHDWK
x VHYHUHDOOHUJLFUHDFWLRQZKLFKPD\FDXVHGLIILFXOW\EUHDWKLQJKLYHVZLWKLWFKLQJORZ
EORRGSUHVVXUHDQGSRVVLEO\GHDWK
x FRQGLWLRQLQZKLFKWKHOHQVRIWKHH\HEHFRPHVFORXG\
x VKRUWQHVVRIEUHDWKDQGGU\FRXJK
x IOXLGLQWKHOXQJ
x DEQRUPDOKHDUWUK\WKPIOXLGDURXQGWKHKHDUWFRQJHVWLYHKHDUWIDLOXUH
x IOXLGUHWHQWLRQ
x PXVFOHZHDNQHVV
x GUXJUHODWHGGHDWK
x DEQRUPDOEOHHGLQJDQGRUEORRGFORWV
x 9HU\UDUHFDVHVRIP\HORLGOHXNHPLDRUP\HORG\VSODVLD

5HSURGXFWLYHULVNVIRUDOOSDWLHQWV<RXVKRXOGQRWEHFRPHSUHJQDQWRUIDWKHUDEDE\
ZKLOHRQWKLVVWXG\EHFDXVHWKHGUXJVLQWKLVVWXG\FDQDIIHFWDQXQERUQEDE\:RPHQ
VKRXOGQRWEUHDVWIHHGDEDE\ZKLOHRQWKLVVWXG\,WLVLPSRUWDQW\RXXQGHUVWDQGWKDW\RX
QHHGWRXVHELUWKFRQWUROZKLOHRQWKLVVWXG\&KHFNZLWK\RXUVWXG\GRFWRUDERXWZKDW
NLQGRIELUWKFRQWUROPHWKRGVWRXVHDQGKRZORQJWRXVHWKHP6RPHPHWKRGVPLJKWQRW
EHDSSURYHGIRUXVHLQWKLVVWXG\
)RUPRUHLQIRUPDWLRQDERXWULVNVDQGVLGHHIIHFWVDVN\RXUVWXG\GRFWRU
$UHWKHUHEHQHILWVWRWDNLQJSDUWLQWKHVWXG\"
7DNLQJSDUWLQWKLVVWXG\PD\RUPD\QRWPDNH\RXUKHDOWKEHWWHU:KLOHGRFWRUVKRSH
WKLVWUHDWPHQW ZLOOEHPRUHXVHIXODJDLQVWWKLVNLQGRIFDQFHUFRPSDUHGWRWKHXVXDO
WUHDWPHQWWKHUHLVQRSURRIRIWKLV\HW:HGRNQRZWKDWWKHLQIRUPDWLRQIURPWKLVVWXG\
ZLOOKHOSGRFWRUVOHDUQPRUHDERXWWKLVFRPELQDWLRQRIGUXJVDVDWUHDWPHQWIRUFDQFHU
7KLVLQIRUPDWLRQFRXOGKHOSIXWXUHFDQFHUSDWLHQWV
CLOSED EFFECTIVE 04/01/2015
KWURXEOHEUH
WURXEOHEU
KLYHV
KLYHV ZLWKLW
ZLWKL
RQJHVWLYHKHD
RQJHVWLYH
RUP\HORG\VS
RUP\HORG\
<RXVKRXOG
<RXVKRXOG
UXJVLQWKLV
UXJVLQWKLV
ZKLOHRQWKLV
ZKLOHRQWKLV
KLOHRQWKLVV
KLOHRQWK
WKRGVWRXVH
WKRGVWRXVH
QWKLVVWXG\
WKLVVWXG\
UPDWLRQDERX
UPDWLRQD
KHUHEHQHIL
KHUHEHQHIL
7DNLQJSDUW
NLQJSD
WKLVWUHDWP
WUHDWP
WUHDWP
WUHDWP
ZLOO
ZLOO
7


6

3DJH

9HUVLRQ'DWH

:KDWRWKHUFKRLFHVGR,KDYHLI,GRQRWWDNHSDUWLQWKLVVWXG\"
<RXURWKHUFKRLFHVPD\LQFOXGH
x *HWWLQJWUHDWPHQWRUFDUHIRU\RXUFDQFHUZLWKRXWEHLQJLQDVWXG\
x 7DNLQJSDUWLQDQRWKHUVWXG\
x *HWWLQJQRWUHDWPHQW
x *HWWLQJFRPIRUWFDUHDOVRFDOOHGSDOOLDWLYHFDUH7KLVW\SHRIFDUHKHOSVUHGXFHSDLQ
WLUHGQHVVDSSHWLWHSUREOHPVDQGRWKHUSUREOHPVFDXVHGE\WKHFDQFHU,WGRHVQRW
WUHDWWKHFDQFHUGLUHFWO\EXWLQVWHDGWULHVWRLPSURYHKRZ\RXIHHO&RPIRUWFDUH
WULHVWRNHHS\RXDVDFWLYHDQGFRPIRUWDEOHDVSRVVLEOH

7DONWR\RXUGRFWRUDERXW\RXUFKRLFHVEHIRUH\RXGHFLGHLI\RXZLOOWDNHSDUWLQWKLVVWXG\

:LOOP\PHGLFDOLQIRUPDWLRQEHNHSWSULYDWH"
:HZLOOGRRXUEHVWWRPDNHVXUHWKDWWKHSHUVRQDOLQIRUPDWLRQLQ\RXUPHGLFDOUHFRUGZLOOEH
NHSWSULYDWH+RZHYHUZHFDQQRWJXDUDQWHHWRWDOSULYDF\<RXUSHUVRQDOLQIRUPDWLRQPD\EH
JLYHQRXWLIUHTXLUHGE\ODZ,ILQIRUPDWLRQIURPWKLVVWXG\LVSXEOLVKHGRUSUHVHQWHGDWVFLHQWLILF
PHHWLQJV\RXUQDPHDQGRWKHUSHUVRQDOLQIRUPDWLRQZLOOQRWEHXVHG
2UJDQL]DWLRQVWKDWPD\ORRNDWDQGRUFRS\\RXUPHGLFDOUHFRUGVIRUUHVHDUFKTXDOLW\DVVXUDQFH
DQGGDWDDQDO\VLVLQFOXGH
x >/LVWUHOHYDQWRUJDQL]DWLRQVOLNHORFDO,5%HWF@
x 7KH1DWLRQDO&DQFHU,QVWLWXWH1&,DQGRWKHUJRYHUQPHQWDJHQFLHVOLNHWKH)RRGDQG
'UXJ$GPLQLVWUDWLRQ)'$LQYROYHGLQNHHSLQJUHVHDUFKVDIHIRUSHRSOH
x 7KH&DQFHU7ULDOV6XSSRUW8QLW&768DUHVHDUFKJURXSVSRQVRUHGE\WKH1DWLRQDO
&DQFHU,QVWLWXWH1&,WRSURYLGHJUHDWHUDFFHVVWRFDQFHUWULDOV
x 6:2*
x 5HVSRQVH*HQHWLFV,QF

$GHVFULSWLRQRIWKLVVWXG\ZLOOEHDYDLODEOHRQKWWSZZZFOLQLFDOWULDOVJRYDVUHTXLUHGE\86
/DZ7KLVZHEVLWHZLOOQRWLQFOXGHLQIRUPDWLRQWKDWFDQLGHQWLI\\RX$WPRVWWKHZHEVLWHZLOO
LQFOXGHDVXPPDU\RIWKHUHVXOWVRIWKHVWXG\<RXFDQVHDUFKWKLVZHEVLWHDQ\WLPH

>1RWHWR/RFDO,QYHVWLJDWRUV7KH1&,KDVUHFRPPHQGHGWKDW+,3$$UHJXODWLRQVEHDGGUHVVHG
E\WKHORFDOLQVWLWXWLRQ7KHUHJXODWLRQVPD\RUPD\QRWEHLQFOXGHGLQWKHLQIRUPHGFRQVHQW
IRUPGHSHQGLQJRQORFDOLQVWLWXWLRQDOSROLF\@

CLOSED EFFECTIVE 04/01/2015
SVUHGXFHSD
UHGXFHS
QFHU,WGRHVQ
HU,WGRHVQ
HHO&RPIRUW
HHO&RPIRUW
XZLOOWDNHSD
OOWDNH
H"
H"
QIRUPDWLRQLQ
IRUPDWLRQLQ
OSULYDF\<R
OSULYDF\<
RPWKLVVWXG\
RPWKLVVWXG
IRUPDWLRQZLOO
RUPDWLRQZ
UFRS\\RXUP
FRS\\RXUP
]DWLRQVOLNHOR
]DWLRQVOLN
FHU,QVWLWXWH1
FHU,QVWLWXWH
UDWLRQ)'$
DWLRQ)'$
7ULDOV6XSSRU
6XSSR
QVWLWXWH1&,
VWLWXWH1&,
*
VSRQVH*HQHWL
SRQVH*HQHW
VFULSWLRQRIWK
LSWLRQRIWK
Z
Z 7KLVZHE
7KLVZHE
LQFOXGHDVXP
OXGHDV
>1RWHW
>1RWH
E\W
E\W
IRI


5HYLVHG
6

3DJH

9HUVLRQ'DWH

:KDWDUHWKHFRVWVRIWDNLQJSDUWLQWKLVVWXG\"
<RXDQGRU\RXUKHDOWKSODQLQVXUDQFHFRPSDQ\ZLOOQHHGWRSD\IRUVRPHRUDOORIWKHFRVWVRI
WUHDWLQJ\RXUFDQFHULQWKLVVWXG\6RPHKHDOWKSODQVZLOOQRWSD\WKHVHFRVWVIRUSHRSOHWDNLQJ
SDUWLQVWXGLHV&KHFNZLWK\RXUKHDOWKSODQRULQVXUDQFHFRPSDQ\WRILQGRXWZKDWWKH\ZLOOSD\
IRU7DNLQJSDUWLQWKLVVWXG\PD\RUPD\QRWFRVW\RXULQVXUDQFHFRPSDQ\PRUHWKDQWKHFRVWRI
JHWWLQJUHJXODUFDQFHUWUHDWPHQW
2[DOLSODWLQOHXFRYRULQ)8GRFHWD[HODQGLULQRWHFDQDUHFRPPHUFLDOO\DYDLODEOHDQGZLOOEH
FKDUJHGWR\RXRU\RXULQVXUDQFH

<RXZLOOQRWEHSDLGIRUWDNLQJSDUWLQWKLVVWXG\

)RUPRUHLQIRUPDWLRQRQFOLQLFDOWULDOVDQGLQVXUDQFHFRYHUDJH\RXFDQYLVLWWKH1DWLRQDO&DQFHU
,QVWLWXWH¶V:HEVLWHDWKWWSFDQFHUJRYFOLQLFDOWULDOVOHDUQLQJDERXWSD\LQJIRUKRZLQVXUDQFH
FRPSDQLHVGHFLGH<RXFDQSULQWDFRS\RIWKH&OLQLFDO7ULDOVDQG,QVXUDQFH
&RYHUDJHLQIRUPDWLRQIURPWKLV:HEVLWH

$QRWKHUZD\WRJHWWKHLQIRUPDWLRQLVWRFDOO&$1&(5DQGDVNWKHP
WRVHQG\RXDIUHHFRS\


:KDWKDSSHQVLI,DPLQMXUHGEHFDXVH,WRRNSDUWLQWKLVVWXG\"
,WLVLPSRUWDQWWKDW\RXWHOO\RXUVWXG\GRFWRUBBBBBBBBBBBBBBBBBB>LQYHVWLJDWRU¶VQDPHV@LI
\RXIHHOWKDW\RXKDYHEHHQLQMXUHGEHFDXVHRIWDNLQJSDUWLQWKLVVWXG\<RXFDQWHOOWKHGRFWRU
LQSHUVRQRUFDOOKLPKHUDWBBBBBBBBBBBBBBBBBB>WHOHSKRQHQXPEHU@

<RXZLOOJHWPHGLFDOWUHDWPHQWLI\RXDUHLQMXUHGDVDUHVXOWRIWDNLQJSDUWLQWKLVVWXG\<RX
DQGRU\RXUKHDOWKSODQZLOOEHFKDUJHGIRUWKLVWUHDWPHQW7KHVWXG\ZLOOQRWSD\IRUPHGLFDO
WUHDWPHQW

:KDWDUHP\ULJKWVLI,WDNHSDUWLQWKLVVWXG\"
7DNLQJSDUWLQWKLVVWXG\LV\RXUFKRLFH<RXPD\FKRRVHHLWKHUWRWDNHSDUWRUQRWWRWDNHSDUWLQ
WKHVWXG\,I\RXGHFLGHWRWDNHSDUWLQWKLVVWXG\\RXPD\OHDYHWKHVWXG\DWDQ\WLPH1R
PDWWHUZKDWGHFLVLRQ\RXPDNHWKHUHZLOOEHQRSHQDOW\WR\RXDQG\RXZLOOQRWORVHDQ\RI\RXU
UHJXODUEHQHILWV/HDYLQJWKHVWXG\ZLOOQRWDIIHFW\RXUPHGLFDOFDUH<RXFDQVWLOOJHW\RXU
PHGLFDOFDUHIURPRXULQVWLWXWLRQ
CLOSED EFFECTIVE 04/01/2015
RI
LQJ
ZLOOSD\
ZLOOSD\
QWKHFRVWRI
QWKHFRVWR
DLODEOHDQGZL
EOHDQGZL
\RXFDQYLVL
RXFDQY
JDERXWSD\LQ
JDERXWSD\LQ
&OLQLFDO7UL
&OLQLF

&$1&(
&$1&
HGEHFDXVH
HGEHFDXVH
XUVWXG\GRFWR
XUVWXG\GRFW
QLQMXUHGEHFD
LQMXUHGEHF
U DWBBBBBBBB
DWBBBBBB
FDOWUHDWPHQW
FDOWUHDWPHQW
OWKSODQZLOOE
WKSODQZ
DWDUHP\U
DUHP\U
7DNLQJSDUW
NLQJSDU
WKHVWXG\
WKHVWX
PDWWH
PDWWH
UHJ
UH


6

3DJH

9HUVLRQ'DWH

$'DWD6DIHW\DQG0RQLWRULQJ%RDUGDQLQGHSHQGHQWJURXSRIH[SHUWVZLOOEHUHYLHZLQJWKH
GDWDIURPWKLVUHVHDUFKWKURXJKRXWWKHVWXG\:HZLOOWHOO\RXDERXWLPSRUWDQWQHZLQIRUPDWLRQ
IURPWKLVRURWKHUVWXGLHVWKDWPD\DIIHFW\RXUKHDOWKZHOIDUHRUZLOOLQJQHVVWRVWD\LQWKLVVWXG\
,QWKHFDVHRILQMXU\UHVXOWLQJIURPWKLVVWXG\\RXGRQRWORVHDQ\RI\RXUOHJDOULJKWVWRVHHN
SD\PHQWE\VLJQLQJWKLVIRUP
:KRFDQDQVZHUP\TXHVWLRQVDERXWWKHVWXG\"
<RXFDQWDONWR\RXUVWXG\GRFWRUDERXWDQ\TXHVWLRQVRUFRQFHUQV\RXKDYHDERXWWKLVVWXG\
&RQWDFW\RXUVWXG\GRFWRUBBBBBBBBBBBBBBBBBB>QDPHV@DWBBBBBBBBBBBBBBBBBB>WHOHSKRQH
QXPEHU@

)RUTXHVWLRQVDERXW\RXUULJKWVZKLOHWDNLQJSDUWLQWKLVVWXG\FDOOWKH
BBBBBBBBBBBBBBBBBBBBBBBB>QDPHRIFHQWHU@,QVWLWXWLRQDO5HYLHZ%RDUGDJURXSRI
SHRSOHZKRUHYLHZWKHUHVHDUFKWRSURWHFW\RXUULJKWVDWBBBBBBBBBBBBBBBBBBWHOHSKRQH
QXPEHU

>1RWHWR/RFDO,QYHVWLJDWRU&RQWDFWLQIRUPDWLRQIRUSDWLHQWUHSUHVHQWDWLYHVRURWKHU
LQGLYLGXDOVLQDORFDOLQVWLWXWLRQZKRDUHQRWRQWKH,5%RUUHVHDUFKWHDPEXWWDNHFDOOV
UHJDUGLQJFOLQLFDOWULDOTXHVWLRQVFDQEHOLVWHGKHUH@

3OHDVHQRWH7KLVVHFWLRQRIWKHLQIRUPHGFRQVHQWIRUPLVDERXWDGGLWLRQDOUHVHDUFK
VWXGLHVWKDWDUHEHLQJGRQHZLWKSHRSOHZKRDUHWDNLQJSDUWLQWKHPDLQVWXG\<RX
PD\WDNHSDUWLQWKHVHDGGLWLRQDOVWXGLHVLI\RXZDQWWR<RXFDQVWLOOEHDSDUWRI
WKHPDLQVWXG\HYHQLI\RXVD\
QR
WRWDNLQJSDUWLQDQ\RIWKHVHDGGLWLRQDOVWXGLHV

<RXFDQVD\\HVRUQRWRHDFKRIWKHIROORZLQJVWXGLHV3OHDVHPDUN\RXU
FKRLFHIRUHDFKVWXG\
)XWXUH&RQWDFW
,DJUHHWRDOORZP\VWXG\GRFWRURUVRPHRQHDSSURYHGE\P\VWXG\GRFWRUWR
FRQWDFWPHUHJDUGLQJIXWXUHUHVHDUFKLQYROYLQJP\SDUWLFLSDWLRQLQWKLVVWXG\
<HV
1R
CLOSED EFFECTIVE 04/01/2015
DERXWWKLVVWX
RXWWKLVVWX
BBBBBBBBB
BBBBBBBB>W
OOWKH
OWKH
HYLHZ%RDUG
HZ%RDU
BBBBBBBBBBB
BBBBBBBBBB
RUSDWLHQWUHS
USDWLHQWUHS
WKH,5%RUUH
KH,5%RUUH
GKHUH@
KHUH@
QIRUPHGFRQ
QIRUPHGF
KSHRSOHZK
KSHRSOHZK
LRQDOVWXGLH
RQDOVWXGLH
RXVD\
RXVD\ 
QR
Q 
 WR
RU
UQR
QR WRH
WRH
VWXG\
VWXG\
UH &RQWDFW
&RQWDFW
DJUHHWRDOOR
DJUHHWRDOOR
FRQWDFWPH
FRQWDFWPH


6

3DJH

9HUVLRQ'DWH

&RQVHQW)RUPIRU8VHRI6SHFLPHQVIRU5HVHDUFK

$ERXW8VLQJ6SHFLPHQVIRU5HVHDUFK
<RXDUHJRLQJWRRUKDYHKDGDELRSV\RUVXUJHU\WRVHHLI\RXKDYHFDQFHU<RXUGRFWRUZLOO
UHPRYHVRPHERG\WLVVXHWRGRVRPHWHVWV7KHUHVXOWVRIWKHVHWHVWVZLOOEHJLYHQWR\RXE\\RXU
GRFWRUDQGZLOOEHXVHGWRSODQ\RXUFDUH
:HZRXOGOLNHWRNHHSVRPHRIWKHWLVVXHVSHFLPHQVWKDWDUHOHIWRYHUIURPWKHELRSV\RUVXUJHU\
OHIWRYHUWLVVXHIURPWKH(5&&DQGLIDSSOLFDEOH+(5WHVWLQJDQGGUDZVRPHEORRG
DSSUR[LPDWHO\WZRWHDVSRRQVEHIRUH\RXEHJLQWUHDWPHQWIRUIXWXUHUHVHDUFK,I\RXDJUHHWKHVH
VSHFLPHQVZLOOEHNHSWDQGPD\EHXVHGLQUHVHDUFKWROHDUQPRUHDERXWFDQFHUDQGRWKHU
GLVHDVHV3OHDVHUHDGWKHLQIRUPDWLRQVKHHWFDOOHG+RZDUH6SHFLPHQV8VHGIRU5HVHDUFKWR
OHDUQPRUHDERXWVSHFLPHQUHVHDUFK
7KHUHVHDUFKWKDWPD\EHGRQHZLWK\RXUVSHFLPHQVLVQRWGHVLJQHGVSHFLILFDOO\WRKHOS\RX,W
PLJKWKHOSSHRSOHZKRKDYHFDQFHUDQGRWKHUGLVHDVHVLQWKHIXWXUH
5HSRUWVDERXWUHVHDUFKGRQHZLWK\RXUVSHFLPHQVZLOOQRWEHJLYHQWR\RXRU\RXUGRFWRU7KHVH
UHSRUWVZLOOQRWEHSXWLQ\RXUKHDOWKUHFRUG7KHUHVHDUFKZLOOQRWKDYHDQHIIHFWRQ\RXUFDUH
7KLQJVWR7KLQN$ERXW
7KHFKRLFHWROHWXVNHHSWKHOHIWRYHUVSHFLPHQVIRUIXWXUHUHVHDUFKLVXSWR\RX1RPDWWHUZKDW
\RXGHFLGHWRGRLWZLOOQRWDIIHFW\RXUFDUH
,I\RXGHFLGHQRZWKDW\RXUVSHFLPHQVFDQEHNHSWIRUUHVHDUFK\RXFDQFKDQJH\RXUPLQGDW
DQ\WLPH-XVWFRQWDFWXVDQGOHWXVNQRZWKDW\RXGRQRWZDQWXVWRXVH\RXUVSHFLPHQV7KHQ
DQ\VSHFLPHQVWKDWUHPDLQZLOOQRORQJHUEHXVHGIRUUHVHDUFK
,QWKHIXWXUHSHRSOHZKRGRUHVHDUFKPD\QHHGWRNQRZPRUHDERXW\RXUKHDOWK:KLOH6:2*
PD\JLYHWKHPUHSRUWVDERXW\RXUKHDOWKLWZLOOQRWJLYHWKHP\RXUQDPHDGGUHVVSKRQH
QXPEHURUDQ\RWKHULQIRUPDWLRQWKDWZLOOOHWWKHUHVHDUFKHUVNQRZZKR\RXDUH
6RPHWLPHVVSHFLPHQVDUHXVHGIRUJHQHWLFUHVHDUFKDERXWGLVHDVHVWKDWDUHSDVVHGRQLQ
IDPLOLHV(YHQLI\RXUVSHFLPHQVDUHXVHGIRUWKLVNLQGRIUHVHDUFKWKHUHVXOWVZLOOQRWEHSXWLQ
\RXUKHDOWKUHFRUGV
<RXUVSHFLPHQVZLOOEHXVHGRQO\IRUUHVHDUFKDQGZLOOQRWEHVROG7KHUHVHDUFKGRQHZLWK\RXU
VSHFLPHQVPD\KHOSWRGHYHORSQHZSURGXFWVLQWKHIXWXUH
%HQHILWV

7KHEHQHILWVRIUHVHDUFKXVLQJVSHFLPHQVLQFOXGHOHDUQLQJPRUHDERXWZKDWFDXVHVFDQFHUDQG
RWKHUGLVHDVHVKRZWRSUHYHQWWKHPDQGKRZWRWUHDWWKHP
5LVNV
7KHJUHDWHVWULVNWR\RXLVWKHUHOHDVHRILQIRUPDWLRQIURP\RXUKHDOWKUHFRUGV:HZLOOGRRXU
EHVWWRPDNHVXUHWKDW\RXUSHUVRQDOLQIRUPDWLRQZLOOEHNHSWSULYDWH7KHFKDQFHWKDWWKLV
LQIRUPDWLRQZLOOEHJLYHQWRVRPHRQHHOVHLVYHU\VPDOO
CLOSED EFFECTIVE 04/01/2015
OO
\\RXU
\\RXU
V\RUVXUJHU\
V\RUVXUJHU\
PHEORRG
EORRG
,I\R
I\RXDJUHH
DJUHH
QFHUDQGRWKH
QFHUDQGRWKH
8VHGIRU5HVH
VHGIRU5
HGVSHFLILFDOO
HGVSHFLILFDOO
XWXUH
UH
EHJLYHQWR\
EHJLYHQWR\
FKZLOOQRWKD
KZLOOQRWK
QV
QVIRUIXWXUHU
IRUIXWXU

DQEHNHSWIR
DQEHNHSW
QRZWKDW\RX
QRZWKDW\RX
ORQJHUEHXVH
ORQJHUEHXV
HVHDUFKPD\Q
VHDUFKPD\Q
XW\RXUKHDOWK
\RXUKHDOW
RUPDWLRQWKDW
RUPDWLRQ
QVDUHUHXVHGIRU
XVHGIR
\RXU
\RXUVSHFLPH
VSHFLPH
RUGV
RUGV
PHQV
PHQVZLOOEH
ZLOOEH
QV
QV PD\KHOSW
PD\KHOSW
HILWV
HILWV
7KHEHQHILWV
HEHQHIL
RWKHUGLVHD
HUGLVHD
5LVNV
5LVNV
7K
7


6

3DJH

9HUVLRQ'DWH

0DNLQJ<RXU&KRLFH
3OHDVHUHDGHDFKVHQWHQFHEHORZDQGWKLQNDERXW\RXUFKRLFH$IWHUUHDGLQJHDFKVHQWHQFHFLUFOH
<HVRU1R,I\RXKDYHDQ\TXHVWLRQVSOHDVHWDONWR\RXUGRFWRURUQXUVHRUFDOORXU
UHVHDUFKUHYLHZERDUGDW,5%
VSKRQHQXPEHU

1RPDWWHUZKDW\RXGHFLGHWRGRLWZLOOQRWDIIHFW\RXUFDUH


0\VSHFLPHQVPD\EHNHSWIRUXVHLQUHVHDUFKWROHDUQDERXWSUHYHQWWUHDWRUFXUH
FDQFHU
<HV
1R

0\VSHFLPHQVPD\EHNHSWIRUXVHLQUHVHDUFKDERXWRWKHUKHDOWKSUREOHPVIRU
H[DPSOHGLDEHWHV$O]KHLPHU
VGLVHDVHRUKHDUWGLVHDVH
<HV
1R

6RPHRQHPD\FRQWDFWPHLQWKHIXWXUHWRDVNPHWRDOORZRWKHUXVHVRIP\
VSHFLPHQV
<HV
1R
,I\RXGHFLGHWRZLWKGUDZ\RXUVSHFLPHQVIURPD6:2*6SHFLPHQ5HSRVLWRU\LQWKH
IXWXUHDZULWWHQZLWKGUDZDORIFRQVHQWVKRXOGEHVXEPLWWHGWKURXJK\RXUVWXG\GRFWRUWR
WKH6:2*2SHUDWLRQV2IILFH3OHDVHGHVLJQDWHLQWKHZULWWHQZLWKGUDZDOZKHWKHU\RX
ZRXOGSUHIHUWRKDYHWKHVSHFLPHQVGHVWUR\HGRUUHWXUQHGWRWKHVWXG\GRFWRU
:KHUHFDQ,JHWPRUHLQIRUPDWLRQ"
<RXPD\FDOOWKH1DWLRQDO&DQFHU,QVWLWXWH
V&DQFHU,QIRUPDWLRQ6HUYLFHDW

&$1&(5RU77<
<RXPD\DOVRYLVLWWKH1&,:HEVLWHDWKWWSFDQFHUJRY

x )RU1&,¶VFOLQLFDOWULDOVLQIRUPDWLRQJRWRKWWSFDQFHUJRYFOLQLFDOWULDOV

x )RU1&,¶VJHQHUDOLQIRUPDWLRQDERXWFDQFHUJRWRKWWSFDQFHUJRYFDQFHULQIR


<RXZLOOJHWDFRS\RIWKLVIRUP,I\RXZDQWPRUHLQIRUPDWLRQDERXWWKLVVWXG\DVN\RXUVWXG\
GRFWRU
CLOSED EFFECTIVE 04/01/2015
QWWUHDWRUFX
QWWUHDWRUF
UKHDOWKSURE
KHDOWKSURE

HWRDOORZRWK
HWRDOORZRWK
R
VIURPD
VIURPD 6:2
6:
WVKRXOGEHV
KRXOGEHV
VHGHVLJQDWH
VHGHVLJQDWH
QVGHVWUR\HG
QVGHVWUR\H
RUHLQIRUPD
RUHLQIRUP
1DWLRQDO&DQF
1DWLRQDO&DQF

&$
&
PD\DOVRYLVLW
\DOVRYLVLW
x
)RU1
RU
x


6

3DJH

9HUVLRQ'DWH

5HYLVHG

6LJQDWXUH
,KDYHEHHQJLYHQDFRS\RIDOOBBBBB>LQVHUWWRWDORIQXPEHURISDJHV@SDJHVRIWKLVIRUP,
KDYHUHDGLWRULWKDVEHHQUHDGWRPH,XQGHUVWDQGWKHLQIRUPDWLRQDQGKDYHKDGP\TXHVWLRQV
DQVZHUHG,DJUHHWRWDNHSDUWLQWKLVVWXG\


3DUWLFLSDQWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
RUOHJDOO\DXWKRUL]HGUHSUHVHQWDWLYHDGGHG
'DWHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
CLOSED EFFECTIVE 04/01/2015
VWLRQV
VWLRQV


6

3DJH

9HUVLRQ'DWH

6SHFLPHQ&RQVHQW6XSSOHPHQWDO6KHHWV
+RZDUH6SHFLPHQV8VHGIRU5HVHDUFK"

:KHUHGRVSHFLPHQVFRPHIURP"

$VSHFLPHQPD\EHIURPDEORRGVDPSOHRUIURPERQHPDUURZVNLQWRHQDLOVRURWKHUERG\PDWHULDOV
3HRSOH ZKR DUH WUDLQHG WR KDQGOH VSHFLPHQV DQG SURWHFW GRQRUV
 ULJKWV PDNH VXUH WKDW WKH KLJKHVW
VWDQGDUGV RI TXDOLW\ FRQWURO DUH IROORZHG E\ 6:2*  <RXU GRFWRU GRHV QRW ZRUN IRU 6:2* EXW KDV
DJUHHGWRKHOSFROOHFWVSHFLPHQVIURPPDQ\SDWLHQWV0DQ\GRFWRUVDFURVVWKHFRXQWU\DUHKHOSLQJLQWKH
VDPHZD\

:K\GRSHRSOHGRUHVHDUFKZLWKVSHFLPHQV"

5HVHDUFKZLWKVSHFLPHQVFDQKHOSWRILQGRXWPRUHDERXWZKDWFDXVHVFDQFHUKRZWRSUHYHQWLWKRZWR
WUHDWLWDQGKRZWRFXUHLW5HVHDUFKXVLQJVSHFLPHQVFDQDOVRDQVZHURWKHUKHDOWKTXHVWLRQV6RPHRI
WKHVHLQFOXGHILQGLQJWKHFDXVHVRIGLDEHWHVDQGKHDUWGLVHDVHRUILQGLQJJHQHWLFOLQNVWR$O]KHLPHU
V

:KDWW\SHRIUHVHDUFKZLOOEHGRQHZLWKP\VSHFLPHQ"

0DQ\ GLIIHUHQW NLQGV RI VWXGLHV XVH VSHFLPHQV  6RPH UHVHDUFKHUV PD\ GHYHORS QHZ WHVWV WR ILQG
GLVHDVHV  2WKHUV PD\ GHYHORS QHZ ZD\V WR WUHDW RU HYHQ FXUH GLVHDVHV  ,Q WKH IXWXUH VRPH RI WKH
UHVHDUFKPD\KHOSWRGHYHORSQHZSURGXFWVVXFKDVWHVWVDQGGUXJV6RPHUHVHDUFKORRNVDWGLVHDVHV
WKDWDUHSDVVHGRQLQIDPLOLHVFDOOHGJHQHWLFUHVHDUFK5HVHDUFKGRQHZLWK\RXUVSHFLPHQPD\ORRNIRU
JHQHWLFFDXVHVDQGVLJQVRIGLVHDVH

+RZGRUHVHDUFKHUVJHWWKHVSHFLPHQ"

5HVHDUFKHUV IURP XQLYHUVLWLHV KRVSLWDOV DQG RWKHU KHDOWK RUJDQL]DWLRQV FRQGXFW UHVHDUFK XVLQJ
VSHFLPHQV7KH\FRQWDFW6:2*DQGUHTXHVWVDPSOHVIRUWKHLUVWXGLHV6:2*UHYLHZVWKHZD\WKDW
WKHVHVWXGLHVZLOOEHGRQHDQGGHFLGHVLIDQ\RIWKHVDPSOHVFDQEHXVHG6:2*JHWVWKHVSHFLPHQDQG
LQIRUPDWLRQDERXW\RXIURP\RXUKRVSLWDODQGVHQGVWKHVSHFLPHQVDPSOHVDQGVRPHLQIRUPDWLRQDERXW
\RXWRWKHUHVHDUFKHU6:2*ZLOOQRWVHQG\RXUQDPHDGGUHVVSKRQHQXPEHUVRFLDOVHFXULW\QXPEHU
RUDQ\RWKHULGHQWLI\LQJLQIRUPDWLRQWRWKHUHVHDUFKHU

:LOO,ILQGRXWWKHUHVXOWVRIWKHUHVHDUFKXVLQJP\VSHFLPHQ"

<RXZLOOQRWUHFHLYHWKHUHVXOWVRIUHVHDUFKGRQHZLWK\RXUVSHFLPHQ7KLVLVEHFDXVHUHVHDUFKFDQWDNH
DORQJWLPHDQGPXVWXVHVSHFLPHQVDPSOHVIURPPDQ\SHRSOHEHIRUHUHVXOWVDUHNQRZQ5HVXOWVIURP
UHVHDUFKXVLQJ\RXUVSHFLPHQPD\QRWEHUHDG\IRUPDQ\\HDUVDQGZLOOQRWDIIHFW\RXUFDUHULJKWQRZ
EXWWKH\PD\EHKHOSIXOWRSHRSOHOLNH\RXLQWKHIXWXUH

:K\GR\RXQHHGLQIRUPDWLRQIURPP\KHDOWKUHFRUGV"

,QRUGHUWRGRUHVHDUFKZLWK\RXUVSHFLPHQUHVHDUFKHUVPD\QHHGWRNQRZVRPHWKLQJVDERXW\RX)RU
H[DPSOH$UH\RXPDOHRUIHPDOH":KDWLV\RXUUDFHRUHWKQLFJURXS"+RZROGDUH\RX"+DYH\RXHYHU
VPRNHG"7KLVKHOSVUHVHDUFKHUVDQVZHUTXHVWLRQVDERXWGLVHDVHV7KHLQIRUPDWLRQWKDWZLOOEHJLYHQWR
WKH UHVHDUFKHU PD\ LQFOXGH \RXU DJH VH[ UDFH GLDJQRVLV WUHDWPHQWV DQG IDPLO\ KLVWRU\  7KLV
LQIRUPDWLRQLVFROOHFWHGE\\RXUKRVSLWDOIURP\RXUKHDOWKUHFRUGDQGVHQWWR6:2*,IPRUHLQIRUPDWLRQ
LVQHHGHG6:2*ZLOOVHQGLWWRWKHUHVHDUFKHU

:LOOP\QDPHEHDWWDFKHGWRWKHUHFRUGVWKDWDUHJLYHQWRWKHUHVHDUFKHU"

1R<RXUQDPHDGGUHVVSKRQHQXPEHUDQGDQ\WKLQJHOVHWKDWFRXOGLGHQWLI\\RXZLOOEHUHPRYHGEHIRUH
WKH\JRWRWKHUHVHDUFKHU7KHUHVHDUFKHUZLOOQRWNQRZZKR\RXDUH


CLOSED EFFECTIVE 04/01/2015
HULDOV
LDOV
KLJKHVW
KLJKHVW
* EXW KDV
EXW K
KHOSLQJLQWKH
KHOSLQJLQWK
RZWRSUH
ZWRS
YHQW
HQ
KHDOWKTXHVWLR
HDOWKTXHV
HQHWLFOLQNVWR
QHWLFOLQNVWR
UFKHUV PD\ G
UFKHUV PD\
XUH GLVHDVHV
XUH GLV
DQGGUXJV6R
QGGUXJV6
5HVHDUFKGRQH
DUFKGRQH
DQG RWKHU KH
QG RWKHU K
TXHVWVDPSOHV
XHVWVDPSO
IDQ\RIWKHVD
IDQ\RIWKHVD
LWDODQGVHQG
LWDODQGVHQ
QRWVHQG\RXU
QRWVHQG\RX
RQWRWKHUHVHD
QWRWKHUHVHD
IWKHUHVHDUF
IWKHUHVHDUF
HUHVXOWVRIUHV
VXOWVRIUH
VWXVHVSHFLPH
WXVHVSHFLPH
XUVSHFLPHQP
XUVSHFLPHQ
HKHOSIXOWRSHR
KHOSIXOWRS
RXQHHGLQIRU
RXQHHGLQIRU
HUWRGRUHVHD
WRGRUHVHD
DPSOH$UH\R
PSOH$UH\R
VPRNHG"7KL
RNHG"7
WKH UHVHDUF
UHVHDUF
LQIRUPDWLR
LQIRUPDWLR
LVQ
LVQHHG
HHG
:


6

3DJH

9HUVLRQ'DWH

+RZFRXOGWKHUHFRUGVEHXVHGLQZD\VWKDWPLJKWEHKDUPIXOWRPH"

6RPHWLPHVKHDOWKUHFRUGVKDYHEHHQXVHGDJDLQVWSDWLHQWVDQGWKHLUIDPLOLHV)RUH[DPSOHLQVXUDQFH
FRPSDQLHVPD\GHQ\DSDWLHQWLQVXUDQFHRUHPSOR\HUVPD\QRWKLUHVRPHRQHZLWKDFHUWDLQLOOQHVVVXFK
DV $,'6 RU FDQFHU  7KH UHVXOWV RI JHQHWLF UHVHDUFK PD\ QRW DSSO\ RQO\ WR \RX EXW WR \RXU IDPLO\
PHPEHUVWRR)RUGLVHDVHFDXVHGE\JHQHFKDQJHVWKHLQIRUPDWLRQLQRQHSHUVRQ
VKHDOWKUHFRUGFRXOG
EHXVHGDJDLQVWIDPLO\PHPEHUV

+RZDP,SURWHFWHG"

6:2*LVLQFKDUJHRIPDNLQJVXUHWKDWLQIRUPDWLRQDERXW\RXLVNHSWSULYDWH6:2*ZLOOWDNHFDUHIXO
VWHSV WR SUHYHQW PLVXVH RI UHFRUGV  <RXU QDPH DGGUHVV SKRQH QXPEHU DQG DQ\ RWKHU LGHQWLI\LQJ
LQIRUPDWLRQZLOOEHWDNHQRIIDQ\WKLQJDVVRFLDWHGZLWK\RXUVSHFLPHQEHIRUHLWLVJLYHQWRWKHUHVHDUFKHU
7KLVZRXOGPDNHLWYHU\GLIILFXOWIRUDQ\UHVHDUFKUHVXOWVWREHOLQNHGWR\RXRU\RXUIDPLO\$OVRSHRSOH
RXWVLGH WKH UHVHDUFK SURFHVV ZLOO QRW KDYH DFFHVV WR UHVXOWV DERXW DQ\ RQH SHUVRQ ZKLFK ZLOO KHOS WR
SURWHFW\RXUSULYDF\

:KDWLI,KDYHPRUHTXHVWLRQV"

,I\RXKDYHDQ\TXHVWLRQVSOHDVHWDONWR\RXUGRFWRURUQXUVHRUFDOORXUUHVHDUFKUHYLHZERDUGDW,QVHUW
,5%
V3KRQH1XPEHU

CLOSED EFFECTIVE 04/01/2015
XOG
ZLOOWDNHFDUHIX
OWDNHFDUHI
RWKHU LGHQWLI\
WKHU LGHQW
QWRWKHUHVHD
WRWKHUHVHD
UIDPLO\$OVR
DPLO\$OVR
HUVRQ ZKLFK Z
HUVRQ ZKLFK
ORXUUHVHDUFK
XUUHVHD