722.2 The text that appears in the inset frame on the right defines alternative characteristics that the object may have while it’s a spell. The card’s normal characteristics appear as usual, although with a smaller text box on the left.
722.2a The inset frame of a preparation card is called a “prepare spell.” If a rule or effect refers to a card, spell, or permanent that has a prepare spell, it refers to an object for which these alternative characteristics exist, even if the object currently doesn’t use them.
722.2c Although preparation cards are printed with multiple sets of characteristics, each preparation card is only one card. For example, a player who has drawn or discarded a preparation card has drawn or discarded one card, not two.
722.3 Preparation cards can’t be cast using the alternative characteristics found within their inset frames. Rather, these characteristics are used to define characteristics of copies which may be cast.
722.3a Some spells and abilities cause a permanent with a prepare spell to become prepared or state that a permanent enters prepared. If that permanent has the alternative characteristics of a prepare spell, this gives the permanent the “prepared” designation. Prepared is a designation that acts as a marker which rules and effects can identify. A permanent can’t gain this designation unless it has a prepare spell. Additionally, a permanent can’t gain this designation if the permanent already has it.
722.3c As a permanent with a prepare spell gains the prepared designation or phases in prepared, its controller creates a copy of that object in exile, except that copy has only the characteristics of that permanent’s prepare spell, ignoring other exceptions to the copying process that apply to that permanent. Those characteristics become the copy’s normal characteristics. This copy remains in exile for as long as the prepared permanent remains on the battlefield and has the prepared designation. This is an exception to rule 704.5e. For as long as the copy remains in exile, the prepared permanent’s controller may cast the copy. That permanent loses the prepared designation at the time the spell becomes cast (see rule 601.2i).
722.3d If a prepare spell is copied, the copy is also a prepare spell. Any rule or effect that refers to a spell cast as a prepare spell refers to the copy as well.
722.5 If an effect instructs a player to choose a card name and the player wants to choose a preparation card’s alternative name, the player may do so.