IILFLHQW ELOD\HU KHWHURMXQFWLRQ GHYLFHV DUH GHPRQVWUDWHG ZLWK QRQIXOOHUHQH DFFHSWRUV ([FLWRQ G\QDPLFV DQG WKHLU HIILFLHQW GLIIXVLRQ LQ ELODHQWLQ ELODHQWL \ WLPHUHVROYHG SKRWROXPLQHVFHQFH 2SHQFLUFXLW YROWDJH ORVVHV DQG F DUULHU G\QDPLFV DUH IXUWKHU LQYHVWLJDWHG GHSHQGLQJ RQ WKH GLPHQVLRQDOLW\ ' vs. RI D YHUWLFDOO\ VHSDUDWHG GRQRUWRDDFHSWRU PLFURVWUXFWXUH ELOD\HU GHYLFHV GHPRQVWUDWH UHGXFHG QRQUDGLDWLYH RSHQFLUFXLW YROWDJH ORVXUDSHWHQ QFRPSDUHGWRFRUUHVSRQGLQJEXONGHYLFHV.
LVWRI)LJXUHV
LJXUH3KRWRYROWDLFFKDUDFWHULVWLFVRIWHUQDU\26&VDJVFKDUDFWHULVWLFVE(4(VSHFWUDF JSKversusVHIIDQGGOLJKWLQWHQVLW\GHSHQGHQFHRIJ6&IRUWHUQDU\EOHQG26&V .. LJXUH3KRWRYROW DLFSDUDPHWHUVRIWHUQDU\EOHQG26&VDVDIXQFWLRQRI33'7)%7DQG. OLQHDQGEODFNERG\HPLVVLRQIRUDGELOD\HUDQGHKEXONKHWHURMXQFWLRQ26&VZLWK DH,7,&EI,7)FJ,',&DQGGK3&%0 )LJXU H&RPSDULVRQRIQRUPDOL]HG(/VSHFWUDEHWZHHQELOD \HUDQGEXONKHWHURMXQFWLRQ26&V .. ZLWKD,7,&E,7)F,',&DQGG3&%0 )LJXUH7UDQVLHQWSKRWRYROWDJH739DQGFRUUHVSRQGLQJOLIHWLPHGHSHQGLQJRQWKHELDV.
LVWRI7DEOHV
SODQDWLRQRI7HUPVDQG$EEUHYLDWLRQV
DYHOHQJWKQP
UUDGLDQFH:PQP
QWKLVZRUNZHGHPRQVWUDWHKLJKSHUIRUPDQFHWHUQDU\EOHQG26&VE\DGGLQJ33'7&1%7LQWR 33'7)%73&%0 RULJLQDO ELQDU\ EOHQG 33'7)%73&2%0 %HLVQL+ DHILV F\ELQDU\%+-V\VWHPZLWKDUHSRUWHG3&( RI . WKDQ 33'7) %7 WR RYHUFRPH VHYHUDO SUREOHPV WKDW QLWULOH JURXSV OHDG WR ULJLG SRO\PHULFEDFNERQHVDQGSRRUVROXELOLW\LQFRPPRQSURFHVVLQJVROYHQWHWHQDUQLQJWHQWHQWHQHQJHQWHQWHQWHQWHQHQHQHQHQHQHQHQHQHQHQHQHQWHQHQHQHQJQHQJHQJHQJHQJHQJHQJHQJHQJHQJHQJHQJHQJHQJHQQHQJHQJHQJHQJHQJHQJHQJHQJHQJHQJHQJQJQJQJQJQJQJQJQJQJQJQJQJQJQJQJQJQJQJQJQJQJH USRO\PHUH[WHQGVWKHDEVRUSWLRQUDQJHRIWKHEOHQGIURPQPWRQPZKLOH LWVGHHSHU+202ED QGHQDEOHVLPSURYHPHQWLQV2&7KHVWUXFWXUDOVLPLODULW\RIWZRGRQRUPDZQRQRUPDZQHURPDQWHQ VLPLODUPRUSKRORJ\WRWKDWREVHUYHGLQWKHRSWLPL]HGELQDU\. H IDEULFDWHG WHUQDU\ EOHQG 26&V XVLQJ D FRQYHQWLRQDO VWUXFWXUH DQ HQHUJ\ OHYHO GLDJUDP FRUUHVSRQGLQJWRWKLVDUFKLWHFWXUHLVVKRZQLQLQ)LJRIKWlt:%HLJRQ; FOXGLQJDQGZHUHH[SORUHGZLWKDIL[HG SURSRUWLRQRISRO\PHUVWR3&% 0DQGDIL[HGVROXWLRQFRQFHQWUDWLRQ7KHFDVFDGLQJHQHUJ\OHYHOV PLJKW EH H[SHFWHWDG H[SHFWHWDG FKDUJH VHSDUDWLRQ DQG WUDQVSRUW +RZHYHU OLWWOH FKDUJH WUDQVIHU EHWZHHQ33'7)%7DQG33'7&1%7ZDVREVHUYHGZKHQDOOSRO\PHUVRODUFHOOVXVLQJ7)%73. LJXUH3KRWRYROWDLFFKDUDFWHULVWLFVRIWHUQDU\26&VDJVFKDUDFWHULVWLFVE(4(VSHFWUDFJSKversus VHII DQG G OLJKW LQWHQVLW\ GHSHQGHQFH RIJ6& IRU WHUQDU;&7% WHUQDU\ EOHQG 2%&7.7% XPPDU\RISKRWRYROWDLFSDUDPHHUVIRUWHUQDU\E OHQG26&V.
7R IXUWKHU LPSURYH WKH SHUIRUPDQFH RI RSWLPL]HG WHUQDU\ EOHQG 26&V ;< PHWKDQRO 0H2+WUHDWPHQWZDVLQWURGXFHGRQWRSRIWKHDFWLYKDU\ EOHQG 26&V G\ZHGHVLJQHGDQGV\QWKHVL]HGDQHZDOOLQRQHSKRWRYROWDLFPDWHULDODQGREWDLQHGWKH 6&26&ZLWKD3&(RIDQGDPD[LPXP(4(RIZKLJHFLHFHVKDLQHGWKH WHG VR IDU 5HFHQWO\ HLQYHVWLJDWHG'$LQWHUPROHFXODU&7VWDWHHQHUJLHVRIWKHELQDU\EOHQGDQG6&26&GHYLFHV,W VKRXOG EH QRWHG WKDW WKH 6&26&. QRWKHUILWWLQJSDUDPHWHULVUHODWHGWRWKHLQWHUPROHFXODUFKDUFKDUJHWUDQVIHUVWDWHDUUDQJHPHQWDQG HQHUJHWLF GLVRUGHU 7KH YDOXH LV UHGXFHG E\ IRUPLQJH DVSOPHULFHWHQ QHUJHWLFGLVRUGHUDQGIDFLOLWDWHVFKDUJHVHSDUDWLRQ7KH6&26&KDVORZHUYDOXHH9 FRPSDUHGWRWKHELPROHFXODUEOHQGGHYLFHH97KLVLQGLFDWHVWKDW6&26&VKSHHVFLY. QFRQFOXVLRQZHVXFFHVVIXOO\GHPRQVWUDWHGDVLQJOHPROHFXODU'$FRQMXJDWHEDVHG6&26&ZLWK 3&( RI 7KH SKRWRYROWDLF FKDUDFWHULVWLFV RI WKH WPSKDUHDUH WRVQH 6&26& WRG HP ZHUH LQYHVWLJDWHG (QHUJ\ ORVVHV LQ &7 SURFHVVHV LQ WKH 6&26& DUH VXEVWDQWLDOO\ UHGXFHG SURYLGLQJ LPSURYHGV2& %\ IRUPLQJ D WHHFLILF DVSHDUPHKWHQ '$ Lqwhuidfhv wkh lqwhuprohfxodu & 7vwdwhvduudqjhphqwdqghqhujhwlfglvrughufdqehfuhdvhglq6 & 2 Qgvwurqjwulsohwh [flwrqirupdwlrqlqwkh 6 & 26 & v \ vwhp) ljxuh 2xu uhvxowv vxjjhvw wkdw wkh orz fkdujh prelolw \ dqg Uhfrpelqdwlrq olplw wkh sKrwryRy Wkh hiilflhqw fkdujh jhqhudwlrq rq xowudidvw wlph vfdoh aivlq6 & 26 & ghylfhv7rixuwkhulpsuryhwkh6 & 26 & ghylfhshuirupdqfhwkhdwwhqwlrqvkrxog eHgluHfwhgwwrzdwkhrwrlplus] Riiloppruskrorj \ e \ fduhixoghvljqrivlqjohprohfxodu '$ . HWHURMXQFWLRQVZLWK1RQ)XOOHUHQH6PDOO0ROHFXODU 6 VWXGLHV $)0 LPDJHV RI 1)$V RQ WRS RI WKH ELOD\HUV H[KLELWHG ILEULOODU VWUXFWXUHV DQG D VPRRWKHUVXUIDFHUHODWLYHWRWKHSULVWLQH3%',%7)OD;\HULPHHVG* ODUʌʌGLVWDQFHVLQWKHRXWRISODQHGLUHFWLRQRI1)$VRQWRSRIWKH3%'%7)ZKLFKLVDOVR LPSRUWDQWWRLPSURYHL'DVGHVFULEHGLQ(TXDWLRQ,QFRQWUDVWWKH3&%0OD\HURQWRSRI3%'%. 6RIDU$)0DQG*,:$;6VWXGLHVVXJJHVWHGWKDWSURFHVVLQRS'1)$VIRQWP \HUDUFKLWHFWXUHWKDQDQLQWHUPL[HGPLFURVWUXFWXUH+RZHYHUERWKPHWKRGVDUH QRW VHQVLWLYH HQRXJK WR REVHUYH GLIIXVLRQ RI VLQJOH PROHFXOHV :H WKHUHIRUH LQYHVWLJDWHG ZKHWKHU VLQJOH DFFHSWRU PROHFXOHV GLG GLIIXVH LQWR WKH SRO\PHULF GRQRU E\ D FRPELQHG ZDVKLQJ ± RSWLFDO VSHFWURPSHULD\%WHFWURPSHULD\% QG3/VSHFWUDRISULVWLQHSRO\PHUILOPVZLWK '&0ZDVKHG3%'%7),',&ELOD\HUVZHFRQILUPHGWKDW,' ,&PROHFXOHVFDQEHZDVKHGRXWPRUH RUOHVVFRPSOHWHO\IURP3%'%7))LJXUH:HIXUWKHULPSO\WKDWVXFKFRPSOHWHUHPRYDORI WKH DFFHSWRU ZRXOG QRW EHK OLNHO)\ KHK OLNHO) SO\ LQWR WKH GRQRU PDWUL[ ,Q DGGLWLRQIURPWKLVPHDVXUHPHQWZHQRWLFHVLJQLILFDQWHQHUJ\WUDQVIHUVLQ3%'%7),' ,&ELOD\HU KHWHURMXQFWLRQDVWKHHPLVVLRQIURP,',&5HPRYLQJWKH,',&OD\HUE\DZDVKLQJVWHSUHFRYHUVWKH 3%'%7)3/DOPRVWFRPSOHWHO\'WWLHQUHWLQVWHWHWHWHQVWHQVWHQVWHQVWHWHQVWHWHWHWHQVWHQVWHWHWHWHQVWHQVWHWHWHQVWHQVHWHQVQVQVQVHWHQVQVQVHQVQVQVHWHQVQVQVQVHWVQVHQ OD\HUVWKLVLV DFWXDOO\DVWURQJSURRIIRUDORQJUDQJH)5(7EHWZHHQWKHWZRFRPSRQHQWV)XUWKHUFURVVVHFWLRQ LPDJHV RI 3% '%7),7) DQG 3%'%7)3&%0 ELOD\HU 26&V ZHUH WDNHQ E\ +57(0 (DFK OD\HULQWKH3%'%7),7)ELOD\HU26&FRXOGEHGLVWLQJXLVKHGDGOVDVHSDUDWHXQGD\HSDPDUEJHXQGD\. 7KHJV FKDUDFWHULVWLFV DQG (4( VSHFWUD RI ELOD\HU 26&V DUH GHPRQVWUDWHG LQ)LJXUH 7KH FRUUHVSRQGLQJ SKRWRYROWDLF SDUDPHWHUV RI HDFK GHYXLFPH DUH 7%H GHYXLFPH DUH 7% $ELOD\HU26&VGHPRQVWUDWH3&(VRIDURXQGRUHYHQRYHU3%'%7) ,7,&ELOD\HU26&V H[KLELWHGWKHKLJKHVWV2&9EHFDXVHWKH/802RI,7,&KDVWKHODUJHVWHQHUJHWLFGLIIHUHQFHWR WKH+202RI ELOD\HU26&VGHHPRQVWHWP. VSHFWUXP :H UHFRUGHG QRQFHUWLILHG KHUR HIILFLHQFLHV RI IRU 3%'%7),7) IRU 3%'%7),',&ELOD\HUGHYLFHV$UHPDUNDEO\KLJK))RIIRU3%'%7),',&KLJKOLJKWVWKDW FKDUJHUHFRPELQDWLRQDFURVVWK HSODQDULQWHUIDFHLVQRWDOLPLWLQJIDFWRU3%' %7)3&%0GHYLFHV DFKLHYHG D PD[LPXP 3&( RI 7KH UDWKHU ORZJ6& P$ FP UHIOHFWV UHGXFHG ,5 DEVRUSWLYLW\LQSDUDOOHOWRDORZHUH[FLWRQGLIIXVLRQOHQJWKZKLOHWKH))LVSUREDEO\DIIHFWHGE \. 7R HVWLPDWH WKHL' LQ WKH 3%'%7),',& ELOD\HU 3/ PHDVXUHPHQWV ZHUH FDUULHG RXW DV D IXQFWLRQRIWKHWKLFNQHVVRIWKH3%'%7)OD\HU)LJXUHDGHPRQVWUDWHVQRUPDOL]HG3/VSHFWUD IRU3%'%7 ),' ,&ELOD\HUVZLWKD3%'%7)OD\HUWKLFNQHVVYDU\LQJIURPQPWRQP:H IXUWKHU]RRPHGLQWRWKHZDYHOHQJWKUHJLPHEHWZHHQQPZDYHOHQJWKUHJLRQZKHUHWKH3%'%. LJXUH&RPSDULVRQRIQRUPDOL]HG(/EHWZHHQWKH3%'%7)DFFHSWRUELOD\HUDQGWKHSULVWLQHDFFHSWRU OD\HUIRUD,7,&E,7)F,',&DQGG3&%0. amp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a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|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versus EXON KHWHURMXQFWLRQRUJDQLFVRODUFHOOVZHLQYHVWLJDWHGǻV2&QOLUWKHVFQVLR JH WUDQVIHU FRPSOH[HV DV D IXQFWLRQ RI RUJDQLF PLFURVWUXFWXU HV 2YHUDOO ZH GHPRQVWUDWH WKDW ELOD\HUKHWHURMXQFWLRQ26&VZLWK1)$FRHPSHDQUHQVHQVHQVHQVQJ QJEXON KHWHURMXQFWLRQ26&VGXHWRUHGXFHGǻV2&QUDQXSGVSUHVVHGWUDSDVVWHGUHFRPELQDWLRQDVDUHVXOW RIDYHUWLFDOO\VHSDUDWHGGRQ RUWRDFFSXWRUPKRULFURXHU QLVUHGXFHG LQ D ELOD\ HU KHWHURMXQFWLRQ EHFDXVH RI UHGXFHG GRQRUDFFHSWRU LQWHUIDFHV DQG D OLPLWHG H[FLWRQ GLIIXVLRQ OHQJWK PRUH IDYRUDEOH WUDQVSRUW SDWKQJLSD\VFRQVSRUW SDWKQJLSD\VFRQWH . HHJHU$-:RR+<.LP-<,QYHVWLJDWLRQRI&KDUJH&DUULHU%HKDYLRULQ+LJK3HUIRUPDQFH 7HUQDU\%OHQG3RO\PHU6RODU&HOOVAAdv. LP- 7DQ=+RX-++H<-=KRX(- XON +HWHURMXQFWLRQ 3RO\PHU 6RODU &HOOV ZLWK 3RZHU &RQYHUVLRQ (IILFLHQF\ RI Adv.. amp;LUFXLW&XUUHQWVRI)OXRULQDWHG4XLQR[DOLQH%DVHG&RSRO\PHU6RODU&HOOVZLWKD3RZHU&R QYHUV LRQ (IILFLHQF\RIChem. FNQRZOHGJHPHQWVFFHSWRUV
5HIHUHQFHV
