ŝŶŽsƵŽůĂŶĞŶ ^ƚƌĞŶŐƚŚĞŶŝŶŐďƌĂŶĚůŽLJĂůƚLJƚŚƌŽƵŐŚĞŵĂŝů ŵĂƌŬĞƚŝŶŐ ZĂŝƐŝŶŐĐŚŝůĚƌĞŶĂŶĚĂĐŽŵƉĂŶLJŝŶƚŚĞ&ŝŶŶŝƐŚďĂďLJĨŽŽĚďƵƐŝŶĞƐƐ sĂĂƐĂϮϬϮϰ ^ĐŚŽŽůŽĨDĂƌŬĞƚŝŶŐĂŶĚŽŵŵƵŶŝĐĂƚŝŽŶ DĂƐƚĞƌ Ɛ͛dŚĞƐŝƐ DĂƐƚĞƌ Ɛ͛WƌŽŐƌĂŵŵĞŝŶDĂƌŬĞƚŝŶŐDĂŶĂŐĞŵĞŶƚ Ϯ UNIVERSITY OF VAASA School of Marketing and Communication Author: Aino Vuolanen Title of the Thesis: Strengthening brand loyalty through email marketing : Raising children and a company in the Finnish baby food business Degree: Master of Science in Economics and Business Administration Programme: DĂƐƚĞƌ͛ƐWƌŽŐƌĂŵme in Marketing Management Supervisor: Catharina von Koskull Year: 2024 Pages: 80 ABSTRACT: What children eat and how to improve their nutritional health is a topic of growing interest. The diet of young children in Finland today is based largely on industrially produced baby food. Parents are exposed to a vast amount of nutritional information, advertising, retailers, brands and the range of products on the market. With all this information and options available, it is interesting to examine whether it is possible for them to become loyal to a specific baby food brand. The purpose of this study is to examine brand loyalty in the context of a Finnish baby food company and how email marketing can be used in strengthening it. The first research objective is to propose a theoretical framework to connect brand loyalty and email marketing to deepen the understanding of the interaction between the two theoretical concepts. The second ƌĞƐĞĂƌĐŚŽďũĞĐƚŝǀĞŝƐƚŽĞdžĂŵŝŶĞƚŚĞďƌĂŶĚůŽLJĂůƚLJŽĨƚŚĞĐĂƐĞĐŽŵƉĂŶLJ͛ƐĐƵƐƚŽŵĞƌƐƚŽǁĂƌĚƐƚŚĞ company and their attitudes towards the current implementation of email marketing. This objective is addressed by conducting the empirical part of the study, based on semi-structured interviews with nine customers of the case company. The third research objective is to provide actionable managerial implications for the studied case company on how email marketing can be used in strengthening brand loyalty. In the literature review of the study the main theoretical concepts, brand loyalty and email marketing, are defined and explored in depth. A research framework is proposed as an attempt to connect the elements relevant to this research. In the theoretical framework, relevant content is the concept that ultimately ties email marketing and brand loyalty together, suggesting how relevance must run through every aspect of email marketing to achieve the intended elements of brand loyalty. tŚĞŶ ĐŽŶƐŝĚĞƌŝŶŐ ƚŚĞ ĐĂƐĞ ĐŽŵƉĂŶLJ͛Ɛ ĞŵĂŝůŵĂƌŬĞƚŝŶŐ ĂŶĚ ƚŚĞ ďĞŚĂǀŝŽƵƌ ĚĞƐĐƌŝďĞĚ ďLJ ƚŚĞ respondents, there can be seen strong indications that email marketing contributes to behavioural brand loyalty. Most respondents reported having ordered products because of email marketing. When examining email marketing and attitudinal loyalty, the key finding focused on the relevance of marketing messages. Relevant email marketing content is associated with building trust and commitment, which can be further linked to brand loyalty. The most notable attributes indicating attitudinal loyalty were identified from the responses, e.g. the Finnishness of the case company and its mission to raise a healthy and planet-friendly generation. These attributes ƚŚĞ ůŽLJĂů ĐƵƐƚŽŵĞƌƐ ǀĂůƵĞĚ ĐĂŶ ŐƵŝĚĞ ƚŚĞ ĐĂƐĞ ĐŽŵƉĂŶLJ͛Ɛ communication, when aiming to gain new loyal customers. Email marketing has proven to be a cost-effective way for the case company to drive sales, announce new products, and ultimately support brand loyalty. Email marketing should therefore be seen as a way of strengthening and maintaining the relationship and loyalty between the brand and the consumer. Additionally, given the short duration of the customer relationship in the baby food industry, it would be worth considering how to convert individual buyers into loyal customers as early as possible. KEYWORDS: brand loyalty, email marketing, baby food ϯ VAASAN YLIOPISTO Markkinoinnin ja viestinnän yksikkö Tekijä: Aino Vuolanen Tutkielman nimi: Strengthening brand loyalty through email marketing: Raising children and a company in the Finnish baby food business Tutkinto: Kauppatieteiden maisteri Oppiaine: Markkinoinnin johtamisen maisteriohjelma Työn ohjaaja: Catharina von Koskull Valmistumisvuosi: 2024 Sivumäärä: 80 TIIVISTELMÄ: Lasten ravitsemus ja sen terveellisyyden edistäminen on yhä enenevissä määrin yleistyvä keskustelunaihe. Suomessa pikkulasten ruokavalio koostuu pitkälti teollisesti valmistetuista lastenruoista. Vanhemmat kohtaavat valtavan määrän ravitsemustietoa, mainontaa, jälleenmyyjiä, brändejä ja tuotteita. Tältä pohjalta on mielenkiintoista tutkia, voiko vanhemmasta tulla uskollinen jotain tiettyä lastenruokabrändiä kohtaan. Tämän tutkimuksen tarkoitus on tutkia brändiuskollisuutta suomalaisen lastenruokayrityksen kontekstissa ja sitä, miten sähköpostimarkkinointia voidaan käyttää sen vahvistamiseen. Tutkimuksen ensimmäinen tavoite on luoda teoreettinen viitekehys brändiuskollisuuden ja sähköpostimarkkinoinnin yhdistämiseksi, jotta voidaan syventää ymmärrystä näiden kahden käsitteen välisestä vuorovaikutuksesta. Tutkimuksen toinen tavoite on tarkastella case-yrityksen asiakkaiden brändiuskollisuutta yritystä kohtaan ja heidän asenteitaan sähköpostimarkkinoinnin nykyistä toteutusta kohtaan. Tähän tavoitteeseen päästään toteuttamalla tutkimuksen empiirinen osuus, joka perustuu puolistrukturoituihin haastatteluihin, joihin osallistui yhdeksän case-yrityksen asiakasta. Tutkimuksen kolmas tavoite on tarjota yritykselle liikkeenjohdollisia kehitysehdotuksia siitä, miten sähköpostimarkkinointia voidaan hyödyntää brändiuskollisuuden vahvistamiseen. Tutkimuksen kirjallisuuskatsauksessa määritellään ja tarkastellaan perus- teellisesti tutkimuksen teoreettisia pääkäsitteitä, brändiuskollisuutta ja sähköposti- markkinointia. Teoreettinen viitekehys luodaan tämän tutkimuksen kannalta merkityksellisten tekijöiden korostamiseksi. Viitekehyksessä sähköpostimarkkinoinnin ja brändiuskollisuuden toisiinsa sitova tekijä on relevantti sisältö, jonka tulee kulkea kaikkien sähköpostimarkkinoinnin osa-alueiden läpi, jotta saavutetaan tavoitellut brändiuskollisuuden elementit. Kun tutkitaan case-yrityksen sähköpostimarkkinointia ja vastaajien kuvaamaa käyttäytymistä, havaitaan selkeitä viitteitä siitä, että sähköpostimarkkinoinnin voi nähdä edistävän käyttäytymiseen perustuvaa brändiuskollisuutta. Useimmat vastaajat kertoivat tilanneensa yrityksen tuotteita sähköpostimarkkinoinnin ansiosta. Sähköpostimarkkinointia ja asenteellista brändiuskollisuutta tutkiessa tärkein havainto koski relevantteja markkinointiviestejä. Relevantti sähköpostimarkkinoinnin sisältö liittyy luottamuksen ja sitoutumisen rakentumiseen, mikä voi edelleen johtaa brändiuskollisuuden vahvistumiseen. Vastauksista tunnistettiin merkittävimmät asenteelliseen uskollisuuteen viittaavat ominaisuudet, kuten case-yrityksen suomalaisuus ja sen missio kasvattaa tervettä ja planeettaystävällistä sukupolvea. Nämä uskollisten asiakkaiden arvostamat ominaisuudet voivat jatkossa ohjata case-yrityksen viestintää, kun halutaan tavoitella uusia uskollisia asiakkaita. Sähköpostimarkkinointi on osoittautunut case-yritykselle kustannustehokkaaksi tavaksi lisätä myyntiä, kertoa uutuuksista sekä tukea brändiuskollisuutta. Sähköpostimarkkinointi tulisikin nähdä keinona vahvistaa ja ylläpitää brändin ja kuluttajan välistä suhdetta ja uskollisuutta. Kun huomioidaan lisäksi asiakassuhteen lyhyt kesto lastenruoka-alalla, on syytä pohtia, miten asiakkaat voidaan muuttaa uskollisiksi mahdollisimman varhaisessa vaiheessa. AVAINSANAT: brändiuskollisuus, sähköpostimarkkinointi, lastenruoka ϰ ŽŶƚĞŶƚƐ ϭ /ŶƚƌŽĚƵĐƚŝŽŶ ϳ ϭ͘ϭ ZĞƐĞĂƌĐŚƉƌŽďůĞŵĂŶĚŽďũĞĐƚŝǀĞƐ ϵ ϭ͘Ϯ ZĞƐĞĂƌĐŚĂƉƉƌŽĂĐŚ ϭϬ ϭ͘ϯ ZĞƐĞĂƌĐŚƐƚƌƵĐƚƵƌĞ ϭϬ Ϯ >ŝƚĞƌĂƚƵƌĞƌĞǀŝĞǁ ϭϮ Ϯ͘ϭ ƌĂŶĚůŽLJĂůƚLJ ϭϮ Ϯ͘ϭ͘ϭ ĞŚĂǀŝŽƵƌĂůůŽLJĂůƚLJ ϭϯ Ϯ͘ϭ͘Ϯ ƚƚŝƚƵĚŝŶĂůůŽLJĂůƚLJ ϭϱ Ϯ͘ϭ͘ϯ ŽŶŶĞĐƚŝŶŐďĞŚĂǀŝŽƵƌĂůĂŶĚĂƚƚŝƚƵĚŝŶĂůůŽLJĂůƚLJ ϭϲ Ϯ͘Ϯ ŵĂŝůŵĂƌŬĞƚŝŶŐ ϭϳ Ϯ͘Ϯ͘ϭ ^ĞŐŵĞŶƚĂƚŝŽŶĂŶĚƉĞƌƐŽŶĂůŝƐĂƚŝŽŶ ϮϬ Ϯ͘Ϯ͘Ϯ ŵĂŝůŵĂƌŬĞƚŝŶŐŵĞƚƌŝĐƐ Ϯϭ Ϯ͘ϯ dŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽĨďƌĂŶĚůŽLJĂůƚLJĂŶĚĞŵĂŝůŵĂƌŬĞƚŝŶŐ ϮϮ ϯ DĞƚŚŽĚŽůŽŐLJ Ϯϲ ϯ͘ϭ ZĞƐĞĂƌĐŚĂƉƉƌŽĂĐŚ Ϯϲ ϯ͘Ϯ ĂƐĞ͗'ƌĞĞŶWůĂŶĞƚƐƚƌŽŶĂƵƚƐ Ϯϳ ϯ͘Ϯ͘ϭ ĂďLJĨŽŽĚĚĞĨŝŶŝƚŝŽŶĂŶĚƌĞŐƵůĂƚŝŽŶƐ Ϯϳ ϯ͘Ϯ͘Ϯ ĂďLJĨŽŽĚĂŶĚďƵLJŝŶŐďĞŚĂǀŝŽƵƌ Ϯϴ ϯ͘Ϯ͘ϯ ĂƐĞĐŽŵƉĂŶLJ'ƌĞĞŶWůĂŶĞƚƐƚƌŽŶĂƵƚƐ Ϯϵ ϯ͘ϯ ZĞƐĞĂƌĐŚŵĞƚŚŽĚ ϯϭ ϯ͘ϰ ĂƚĂĐŽůůĞĐƚŝŽŶ ϯϮ ϯ͘ϰ͘ϭ ƌĞĂƚŝŽŶŽĨƚŚĞŝŶƚĞƌǀŝĞǁĨƌĂŵĞǁŽƌŬ ϯϮ ϯ͘ϰ͘Ϯ /ŶƚĞƌǀŝĞǁĂƌƌĂŶŐĞŵĞŶƚƐ ϯϯ ϯ͘ϱ ĂƚĂĂŶĂůLJƐŝƐ ϯϲ ϯ͘ϲ dƌƵƐƚǁŽƌƚŚŝŶĞƐƐĂŶĚĞƚŚŝĐĂůĐŽŶƐŝĚĞƌĂƚŝŽŶ ϯϴ ϯ͘ϳ hƐĞŽĨĂƌƚŝĨŝĐŝĂůŝŶƚĞůůŝŐĞŶĐĞ ϰϬ ϰ &ŝŶĚŝŶŐƐ ϰϭ ϰ͘ϭ ĞŚĂǀŝŽƵƌĂůďƌĂŶĚůŽLJĂůƚLJŽĨďĂďLJĨŽŽĚďƵLJĞƌƐ ϰϭ ϱ ϰ͘Ϯ dŚĞŵĂŶLJĨĂĐĞƐŽĨĂƚƚŝƚƵĚŝŶĂůďƌĂŶĚůŽLJĂůƚLJ ϰϲ ϰ͘ϯ ŵĂŝůŵĂƌŬĞƚŝŶŐĚƌŝǀŝŶŐďĞŚĂǀŝŽƵƌĂůĂŶĚĂƚƚŝƚƵĚŝŶĂůďƌĂŶĚůŽLJĂůƚLJ ϰϵ ϰ͘ϯ͘ϭ ŵĂŝůŵĂƌŬĞƚŝŶŐĂŶĚďĞŚĂǀŝŽƵƌĂůůŽLJĂůƚLJ ϰϵ ϰ͘ϯ͘Ϯ ŵĂŝůŵĂƌŬĞƚŝŶŐĂŶĚĂƚƚŝƚƵĚŝŶĂůůŽLJĂůƚLJ ϱϭ ϱ ŝƐĐƵƐƐŝŽŶ ϱϱ ϱ͘ϭ dŚĞŽƌĞƚŝĐĂůŝŵƉůŝĐĂƚŝŽŶƐ ϱϱ ϱ͘Ϯ DĂŶĂŐĞƌŝĂůŝŵƉůŝĐĂƚŝŽŶƐ ϱϵ ϱ͘ϯ >ŝŵŝƚĂƚŝŽŶƐĂŶĚƐƵŐŐĞƐƚŝŽŶƐĨŽƌĨƵƚƵƌĞƌĞƐĞĂƌĐŚ ϲϯ ZĞĨĞƌĞŶĐĞƐ ϲϱ ƉƉĞŶĚŝĐĞƐ ϳϲ ƉƉĞŶĚŝdžϭ͘dŚĞŽƌĞƚŝĐĂůďĂĐŬŐƌŽƵŶĚŽĨƚŚĞŝŶƚĞƌǀŝĞǁƋƵĞƐƚŝŽŶƐ ϳϲ ƉƉĞŶĚŝdžϮ͘^ĞŵŝͲƐƚƌƵĐƚƵƌĞĚŝŶƚĞƌǀŝĞǁƋƵĞƐƚŝŽŶƐ ϳϳ ϲ &ŝŐƵƌĞƐ &ŝŐƵƌĞϭ͘ĞŚĂǀŝŽƵƌͬƚƚŝƚƵĚĞDĂƚƌŝdž;ĚĂƉƚĞĚĨƌŽŵĂůĚŝŶŐĞƌĂŶĚZƵďŝŶƐŽŶ;ϭϵϵϲͿͿ͘ ϭϳ &ŝŐƵƌĞ Ϯ͘ dŚƌĞĞ ƉƌŝŵĂƌLJ ƚLJƉĞƐ ŽĨ ĞŵĂŝůŵĂƌŬĞƚŝŶŐŵĞƐƐĂŐĞƐ ;ĚĂƉƚĞĚ ĨƌŽŵ'ƵŶĞůŝƵƐ ;ϮϬϭϴͿ͖,ĂŶŶĂĞƚĂů͘;ϮϬϭϱͿ͖<ƵŵĂƌ;ϮϬϮϭͿͿ͘ ϭϵ &ŝŐƵƌĞϯ͘ŵĂŝůŵĂƌŬĞƚŝŶŐĨŽƐƚĞƌŝŶŐďƌĂŶĚůŽLJĂůƚLJ;ĚĂƉƚĞĚĨƌŽŵĂĐŬΘWĂƌŬƐ;ϮϬϬϯͿ͖ 'ƵŶĞůŝƵƐ;ϮϬϭϴͿ͖,ĂƌƚĞŵŽ;ϮϬϮϯͿ͖:ĞƐŚƵƌƵŶ;ϮϬϭϴͿ͖DĞƌŝƐĂǀŽΘZĂƵůĂƐ;ϮϬϬϰͿ͖KĚŝŶĞƚ Ăů͘;ϮϬϬϭͿ͖KůŝǀĞƌ;ϭϵϵϵͿ͖zĂƐŵŝŶĞƚĂů͘;ϮϬϭϱͿͿ͘ Ϯϱ &ŝŐƵƌĞϰ͘DŽƐƚŝŵƉŽƌƚĂŶƚďĞŚĂǀŝŽƵƌĂůƉƵƌĐŚĂƐĞĚƌŝǀĞƌƐ͘ ϰϱ &ŝŐƵƌĞϱ͘ƚƚƌŝďƵƚĞƐƌĞůĂƚĞĚƚŽĂƚƚŝƚƵĚŝŶĂůůŽLJĂůƚLJ͘ ϰϴ dĂďůĞƐ dĂďůĞϭ͘ ƌĞĂŬĚŽǁŶŽĨƌĞƐƉŽŶĚĞŶƚĚĞŵŽŐƌĂƉŚŝĐƐ͘ ϯϱ dĂďůĞϮ͘ ƌĞĂŬĚŽǁŶŽĨŝŶƚĞƌǀŝĞǁƐĐŚĞĚƵůĞ͘ ϯϲ ϳ 1 /ŶƚƌŽĚƵĐƚŝŽŶ tŚĂƚ ĐŚŝůĚƌĞŶ ĞĂƚ ĂŶĚ ŚŽǁ ƚŽ ŝŵƉƌŽǀĞ ƚŚĞŝƌ ŶƵƚƌŝƚŝŽŶĂů ŚĞĂůƚŚ ŝƐ Ă ƚŽƉŝĐ ŽĨ ŐƌŽǁŝŶŐ ŝŶƚĞƌĞƐƚŝŶďŽƚŚƉƵďůŝĐĂŶĚƉŽůŝƚŝĐĂůĚŝƐĐŽƵƌƐĞ;ĞƐƚ͕ϮϬϭϳͿ͘/ƚŝƐǁŝĚĞůLJƌĞĐŽŐŶŝƐĞĚƚŚĂƚ ĞĂƚŝŶŐ ŚĂďŝƚƐ ĚĞǀĞůŽƉĞĚ ŝŶ ĐŚŝůĚŚŽŽĚ ŝŶĨůƵĞŶĐĞ ĚŝĞƚĂƌLJ ŚĞĂůƚŚ ůĂƚĞƌ ŝŶ ůŝĨĞ ;Ğ͘Ő͘ ĂůĚĂƐƐĂƌƌĞĞƚĂů͕͘ϮϬϭϲ͖ĞƐƚ͕ϮϬϭϳ͖ŝƌĐŚΘŽƵď͕ϮϬϭϰ͖^ŬŝŶŶĞƌĞƚĂů͕͘ϮϬϬϮͿ͕ŵĂŬŝŶŐŝƚ ĐƌŝƚŝĐĂů ƚŽǁŽƌŬ ƚŽǁĂƌĚƐ ŝŵƉƌŽǀŝŶŐǁŚĂƚĐŚŝůĚƌĞŶĞĂƚ ;ĞƐƚ͕ϮϬϭϳͿ͘,ĞŶĐĞ͕ŽŶĞŽĨ ƚŚĞ ĐŽŶĐĞƌŶƐŽĨŶĞǁƉĂƌĞŶƚƐ ŝƐŚŽǁƚŽƉƌŽǀŝĚĞ ƚŚĞŝƌďĂďŝĞƐǁŝƚŚďĂůĂŶĐĞĚĂŶĚŶƵƚƌŝƚŝŽƵƐ ĨŽŽĚƐ;dŚŽŵƉƐŽŶΘ'ůĂƐĞƌ͕ ϮϬϬϭͿ͘ƵƌŝŶŐƚŚŝƐĞĂƌůLJƉĞƌŝŽĚ͕ƉĂƌĞŶƚƐĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌ ƚŚĞĚĞĐŝƐŝŽŶƐŽŶĨĞĞĚŝŶŐƉƌĂĐƚŝĐĞƐ͕ƐƵĐŚĂƐǁŚĂƚ͕ŚŽǁĂŶĚǁŚĞŶƚŽĨĞĞĚƚŚĞŝƌĐŚŝůĚƌĞŶ ;ŝƌĐŚΘŽƵď͕ϮϬϭϰͿ͘dŚŝƐŝƐŶŽƚĂƐŝŵƉůĞƚĂƐŬ͗ƉĂƌĞŶƚƐĂƌĞĞdžƉŽƐĞĚƚŽĂǀĂƐƚĂŵŽƵŶƚŽĨ ŶƵƚƌŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶ͕ĂĚǀĞƌƚŝƐŝŶŐ͕ƌĞƚĂŝůĞƌƐ͕ďƌĂŶĚƐĂŶĚƚŚĞƌĂŶŐĞŽĨƉƌŽĚƵĐƚƐĂǀĂŝůĂďůĞ ;ĂǁƐŽŶ͕ϮϬϭϯ͖DĞƐĐŚĞƚĂů͕͘ϮϬϭϰ͕ĂƐĐŝƚĞĚŝŶZŽŵĄŶΘ^ĄŶĐŚĞnjͲ^ŝůĞƐ͕ϮϬϭϴͿ͘tŝƚŚĂůů ƚŚŝƐŝŶĨŽƌŵĂƚŝŽŶĂŶĚŽƉƚŝŽŶƐĂǀĂŝůĂďůĞ͕ŝƐŝƚƉŽƐƐŝďůĞĨŽƌƚŚĞŵƚŽďĞĐŽŵĞůŽLJĂůƚŽĂƐƉĞĐŝĨŝĐ ďĂďLJĨŽŽĚďƌĂŶĚ͍ dŚĞĚŝĞƚŽĨLJŽƵŶŐĐŚŝůĚƌĞŶŝŶ&ŝŶůĂŶĚƚŽĚĂLJŝƐďĂƐĞĚƚŽĂĨĂŝƌůLJůĂƌŐĞĞdžƚĞŶƚŽŶŝŶĚƵƐƚƌŝĂůůLJ ƉƌŽĚƵĐĞĚďĂďLJĨŽŽĚʹĂƐŚĂƌĞƚŚĂƚŝƐƐŝŐŶŝĨŝĐĂŶƚůLJŚŝŐŚĞƌĐŽŵƉĂƌĞĚƚŽƚŚĂƚŝŶŵĂŶLJŽƚŚĞƌ ĐŽƵŶƚƌŝĞƐ ;:ĂŶƐŝŬ Ğƚ Ăů͕͘ ϮϬϮϰ͖ <ŝůƉŝŵćŬŝ͕ ϮϬϬϴͿ͘ dŚĞ ůĞĂĚŝŶŐ ƉůĂLJĞƌƐ ŝŶ ƚŚĞ ďĂďLJ ĨŽŽĚ ŵĂƌŬĞƚ ŝŶ &ŝŶůĂŶĚ ĂƌĞ ƚŚĞďŝŐ ďƌĂŶĚƐŽĨEĞƐƚůĠ͕,ĞƌŽ͕ĂŶŽŶĞ ĂŶĚ,ŝWW ;'ůŽďĂůĂƚĂ͕ ϮϬϮϯͿ͕ ĐŚĂůůĞŶŐĞĚďLJƐƚĂƌƚͲƵƉƐ͕ ƐƵĐŚĂƐ'ƌĞĞŶWůĂŶĞƚƐƚƌŽŶĂƵƚƐĂŶĚDƵƌƵĂďLJ ;WƌŽ >ƵŽŵƵƌLJ͕ ϮϬϮϯͿ͘/ŶƐƵĐŚŚŝŐŚůLJĐŽŵƉĞƚŝƚŝǀĞĐŽŶĚŝƚŝŽŶƐ͕ďĞŝŶŐĂďůĞƚŽĐƌĞĂƚĞďƌĂŶĚůŽLJĂůƚLJ ŝƐ ŝŶǀĂůƵĂďůĞ͖ ŝƚ ŝƐ ĐŽŶƐŝĚĞƌĞĚ ŽŶĞ ŽĨ ƚŚĞ ŬĞLJ ĂƉƉƌŽĂĐŚĞƐ ƚŽ ĂĐŚŝĞǀŝŶŐ ĐŽŵƉĞƚŝƚŝǀĞ ĂĚǀĂŶƚĂŐĞ ;'ŽŵŵĂŶƐ Ğƚ Ăů͕͘ ϮϬϬϭͿ͘ >ŽLJĂůƚLJ ŝƐ ƉŽƐŝƚŝǀĞůLJ ĐŽŶŶĞĐƚĞĚ ƚŽ ƚŚĞ ĨŝŶĂŶĐŝĂů ƉĞƌĨŽƌŵĂŶĐĞŽĨĂĐŽŵƉĂŶLJ;DŽƌŐĂŶΘZĞŐŽ͕ϮϬϬϵͿ͕ĞƐƉĞĐŝĂůůLJŝŶŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐŽĨ ŝŶƚĞŶƐĞĐŽŵƉĞƚŝƚŝŽŶ;,ŽŵďƵƌŐĞƚĂů͕͘ϮϬϬϵͿ͘dŚĞ ŝŶĐƌĞĂƐĞĚĐŽŵƉĞƚŝƚŝŽŶǁŝƚŚŝŶĐĞƌƚĂŝŶ ŝŶĚƵƐƚƌŝĞƐŚĂƐĞŵƉŚĂƐŝƐĞĚƚŚĞƌŽůĞŽĨůŽLJĂůƚLJĞǀĞŶĨƵƌƚŚĞƌ;<ŚĂŶ͕ϮϬϭϰͿ͘dŚĞƐŝŐŶŝĨŝĐĂŶĐĞ ŽĨŝƚŝƐĐŽŶƐŝĚĞƌĞĚƐŽŝŵƉŽƌƚĂŶƚƚŚĂƚ<ŚĂŵŝƚŽǀĞƚĂů͘;ϮϬϭϵͿŶĂŵĞůŽLJĂůƚLJĂƐŽŶĞŽĨƚŚĞ ŬĞLJĐŽŶĐĞƉƚƐŝŶŵĂƌŬĞƚŝŶŐƌĞƐĞĂƌĐŚĂŶĚƉƌĂĐƚŝĐĞ͘ ϴ ƌĂŶĚůŽLJĂůƚLJŵĂLJďĞĂĐŚŝĞǀĞĚŝŶĂǀĂƌŝĞƚLJŽĨǁĂLJƐ;^ĞĞĞ͘Ő͘<ŶŽdž͕ϭϵϵϲͿ͕ŚŽǁĞǀĞƌ͕ ƚŚĞ ƉƌĞƐĞŶƚƐƚƵĚLJŽŶůLJĞdžĂŵŝŶĞƐŽŶĞŽĨƚŚĞŵ͘/ŶƚŚĞŝƌĂƌƚŝĐůĞ͕DĞƌŝƐĂǀŽĂŶĚZĂƵůĂƐ;ϮϬϬϰͿ ĨŽƵŶĚƚŚĂƚĞŵĂŝůŵĂƌŬĞƚŝŶŐŚĂĚĂďĞŶĞĨŝĐŝĂůĞĨĨĞĐƚŽŶďƌĂŶĚůŽLJĂůƚLJĂŶĚƚŚĞƌĞĨŽƌĞƐƵŐŐĞƐƚ ŝƚƐ ƵƐĞ ƚŽ ďƵƐŝŶĞƐƐĞƐ͘ ŵĂŝů ŵĂƌŬĞƚŝŶŐ ŚĂƐ ůŽŶŐ ďĞĞŶ Ă ůĞĂĚŝŶŐ ĚƌŝǀĞƌ ŽŶ ĐŽŶƐƵŵĞƌ ƉƵƌĐŚĂƐĞƐ ;,ĂƌƚĞŵŽ͕ ϮϬϮϯ͖DĂƌŬĞƚŝŶŐ ŚĂƌƚƐ͕ ϮϬϮϰͿ͘ Ɛ ĐŝƚĞĚ ŝŶ ĂDĂƌŬĞƚŝŶŐ ŚĂƌƚƐ ;ϮϬϮϰͿĂƌƚŝĐůĞ͕ĂĐĐŽƌĚŝŶŐƚŽĂƌĞĐĞŶƚDĂƌŝŐŽůĚ;ϮϬϮϰͿƌĞƉŽƌƚ͕ŵŽƌĞĐƵƐƚŽŵĞƌƐǁŽƌůĚǁŝĚĞ ŚĂǀĞďŽƵŐŚƚƚŚƌŽƵŐŚĞŵĂŝůƚŚĂŶƚŚƌŽƵŐŚĂůůŽĨƚŚĞŽƚŚĞƌŵĂƌŬĞƚŝŶŐĐŚĂŶŶĞůƐĞdžĂŵŝŶĞĚ͘ dŚĞ ƵƐĞ ŽĨ ĞŵĂŝůŵĂƌŬĞƚŝŶŐ ŝƐǁŝĚĞƐƉƌĞĂĚ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ͕ ĂƐ ŝƐ ƚŚĞ ƌĞĐŽŐŶŝƚŝŽŶ ŽĨ ŝƚƐ ƉƌŽĨŝƚĂďŝůŝƚLJĂƐĂŵĂƌŬĞƚŝŶŐƚŽŽů;ŽŶĨƌĞƌΘƌğnjĞ͕ϮϬϬϵ͖,ĂƌƚĞŵŽ͕ϮϬϭϲ͕ϮϬϮϮ͖DĂŚŵŽƵĚ ĞƚĂů͕͘ϮϬϭϵ͖WŽƉΘĂƌŵĞŶ͕ϮϬϭϬ͖^ŚĂŶŬĂƌĞƚĂů͕͘ϮϬϮϮ͖ŚĂŶŐĞƚĂů͕͘ϮϬϭϳͿ͘/ƚŝƐĂĐŽƐƚͲ ĞĨĨĞĐƚŝǀĞŵĂƌŬĞƚŝŶŐĐŚĂŶŶĞů;:ĞƐŚƵƌƵŶ͕ϮϬϭϴ͖dƌĂŶΘ^ƚƌƵƚƚŽŶ͕ϮϬϮϬ͖zĂƐŵŝŶĞƚĂů͕͘ϮϬϭϱ͖ ŚĂŶŐĞƚĂů͕͘ϮϬϭϳͿ͕ĂůůŽǁŝŶŐŝŶĞdžƉĞŶƐŝǀĞĐŽŶƚĂĐƚǁŝƚŚĐƵƐƚŽŵĞƌƐ͘dŚŝƐĐŽƐƚͲĞĨĨĞĐƚŝǀĞŶĞƐƐ ĐĂŶďĞƐĞĞŶƚŽŝŶĐƌĞĂƐĞƚŚĞƌĞƚƵƌŶŽŶŝŶǀĞƐƚŵĞŶƚ͕ZK/;ZŽƐĄƌŝŽ͕ϮϬϮϭͿ͘ZŽƐĄƌŝŽ;ϮϬϮϭͿ ůŝŶŬƐƚŚŝƐƚŽƚŚĞŝŶĐƌĞĂƐĞŝŶŝŶƚĞƌĂĐƚŝŽŶǁŝƚŚĐŽŶƐƵŵĞƌƐĂŶĚƚŚĞƉŽƐƐŝďŝůŝƚLJŽĨƌĞƐƉŽŶĚŝŶŐ ĨĂƐƚĞƌ͘ ^ŝŵƉůLJƉƵƚ͕ĞŵĂŝůŵĂƌŬĞƚŝŶŐ ŝƐĂǁĂLJĨŽƌďƵƐŝŶĞƐƐĞƐƚŽƉƌŽǀŝĚĞ ŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞ ĐŽŵƉĂŶLJĂŶĚŝƚƐƐĞƌǀŝĐĞƐ;ZŽƐĄƌŝŽ͕ϮϬϮϭͿ͘dŚĞǁĂLJ,ƵĚĄŬĞƚĂů͘;ϮϬϭϳͿĚĞƐĐƌŝďĞƚŚĞƌŽůĞ ŽĨ ĞŵĂŝů ŵĂƌŬĞƚŝŶŐ ŝƐ ŵƵůƚŝͲĨĂĐĞƚĞĚ͗ ĞŵĂŝů ŵĂƌŬĞƚŝŶŐ ŝƐ ďŽƚŚ Ă ďƌĂŶĚ ďƵŝůĚŝŶŐ ĂŶĚ ƌĞůĂƚŝŽŶƐŚŝƉ ďƵŝůĚŝŶŐ ƚŽŽů ĂƐ ǁĞůů ĂƐ Ă ĐŚĂŶŶĞů ĨŽƌ ƐĂůĞƐ ƉƌŽŵŽƚŝŽŶ ĂŶĚ ĐƵƐƚŽŵĞƌ ĂĐƋƵŝƐŝƚŝŽŶ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ƚŚĞƐĞ ŽƉƉŽƌƚƵŶŝƚŝĞƐ͕ zĂƐŵŝŶ Ğƚ Ăů͘ ;ϮϬϭϱͿ ŵĞŶƚŝŽŶ ƚŚĞ ƉŽƐƐŝďŝůŝƚLJŽĨďƵŝůĚŝŶŐďƌĂŶĚĂǁĂƌĞŶĞƐƐ͕ĐƵƐƚŽŵĞƌ ůŽLJĂůƚLJĂŶĚƚƌƵƐƚ͘dƌĂŶĂŶĚ^ƚƌƵƚƚŽŶ ;ϮϬϮϬͿĂůƐŽƌĞĐŽŐŶŝƐĞƚŚĞƉŽƚĞŶƚŝĂůŽĨĞŵĂŝůƐďŽƚŚŝŶĂƚƚƌĂĐƚŝŶŐŶĞǁĐƵƐƚŽŵĞƌƐĂŶĚŝŶ ŝŶĨŽƌŵŝŶŐĞdžŝƐƚŝŶŐĐƵƐƚŽŵĞƌƐĂďŽƵƚĐƵƌƌĞŶƚŽƌƌĞŶĞǁĞĚŽĨĨĞƌƐ͘dŚĞLJĞŶĐŽƵƌĂŐĞŝŶĐůƵĚŝŶŐ ĞŵĂŝůƐĂƐƉĂƌƚŽĨĂĐŽŵƉĂŶLJΖƐĚŝƌĞĐƚŵĂƌŬĞƚŝŶŐƚŽŽůŬŝƚ͘dŚĞLJĂůƐŽŚŝŐŚůŝŐŚƚƚŚĞƐƚƌĞŶŐƚŚƐ ŽĨĞŵĂŝůŵĂƌŬĞƚŝŶŐŝŶƚĞƌŵƐŽĨƉĞƌƐŽŶĂůŝƐŝŶŐŵĞƐƐĂŐĞƐ͕ƚĂƌŐĞƚŝŶŐƚŚĞĚĞƐŝƌĞĚĂƵĚŝĞŶĐĞ ĂŶĚ ƚƌĂĐŬŝŶŐ ƌĞƐƵůƚƐ ƌĞůĂƚŝǀĞůLJ ĞĂƐŝůLJ͘ LJ ĂŶŶŽƵŶĐŝŶŐ ǀĂƌŝŽƵƐ ĐŽŶƚĞŶƚ͕ ƉƌŽŵŽƚŝŽŶƐ͕ ĚŝƐĐŽƵŶƚƐĂŶĚƵƉĐŽŵŝŶŐĞǀĞŶƚƐ͕ĐŽŵƉĂŶŝĞƐĂŝŵƚŽĚƌŝǀĞƉĞŽƉůĞƚŽƚŚĞŝƌǁĞďƐŝƚĞƐ;WĂƵůŽ ĞƚĂů͕͘ϮϬϮϮͿ͘dŚĞŵĂŶLJďĞŶĞĨŝƚƐŽĨĞŵĂŝůŵĂƌŬĞƚŝŶŐĂƌĞĂůƐŽƌĞĐŽŐŶŝƐĞĚďLJĐŽŶƐƵŵĞƌƐ͘ :ĞƐŚƵƌƵŶ ;ϮϬϭϴͿ ŚŝŐŚůŝŐŚƚƐ ƚŚĞ ƚŝŵĞůŝŶĞƐƐ͕ ƌŝĐŚ ĂŶĚ ĂƉƉĞĂůŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ϵ ĂĚǀĞƌƚŝƐŝŶŐĂƐĞůĞŵĞŶƚƐƚŚĂƚƵƐĞƌƐǀĂůƵĞŝŶĞŵĂŝů͘/ŶůŝŐŚƚŽĨƚŚĞĂĚǀĂŶƚĂŐĞƐŽĨďŽƚŚĞŵĂŝů ŵĂƌŬĞƚŝŶŐĂŶĚďƌĂŶĚůŽLJĂůƚLJ͕  ŝƚ ŝƐƚŚĞƌĞĨŽƌĞďĞŶĞĨŝĐŝĂůƚŽĞdžƉůŽƌĞŚŽǁĞŵĂŝůŵĂƌŬĞƚŝŶŐ ĐĂŶďĞƵƐĞĚƚŽƐƚƌĞŶŐƚŚĞŶďƌĂŶĚůŽLJĂůƚLJŝŶƚŚŝƐŚŝŐŚůLJĐŽŵƉĞƚŝƚŝǀĞŝŶĚƵƐƚƌLJ͘ 1.1 ZĞƐĞĂƌĐŚƉƌŽďůĞŵĂŶĚŽďũĞĐƚŝǀĞƐ WƌĞǀŝŽƵƐƌĞƐĞĂƌĐŚƐŚŽǁƐƚŚĂƚĞŵĂŝůŵĂƌŬĞƚŝŶŐŚĂƐŚĂĚĂƉŽƐŝƚŝǀĞĞĨĨĞĐƚŽŶĐƵƐƚŽŵĞƌƐ͛ ďƌĂŶĚůŽLJĂůƚLJ;DĞƌŝƐĂǀŽĂŶĚZĂƵůĂƐ͕ϮϬϬϰͿ͘dŚĞƉƵƌƉŽƐĞŽĨƚŚŝƐƐƚƵĚLJŝƐƚŽĞdžĂŵŝŶĞďƌĂŶĚ ůŽLJĂůƚLJŝŶƚŚĞĐŽŶƚĞdžƚŽĨĂ&ŝŶŶŝƐŚďĂďLJĨŽŽĚĐŽŵƉĂŶLJĂŶĚŚŽǁĞŵĂŝůŵĂƌŬĞƚŝŶŐĐĂŶďĞ ƵƐĞĚŝŶƐƚƌĞŶŐƚŚĞŶŝŶŐŝƚ͘ůƚŚŽƵŐŚƉƌĞǀŝŽƵƐƌĞƐĞĂƌĐŚŚĂƐƐŚŽǁŶĂƉŽƐŝƚŝǀĞƌĞůĂƚŝŽŶƐŚŝƉ ďĞƚǁĞĞŶĞŵĂŝůŵĂƌŬĞƚŝŶŐĂŶĚďƌĂŶĚůŽLJĂůƚLJ ŝŶƚŚĞĐŽŶƚĞdžƚŽĨĂŵƵůƚŝŶĂƚŝŽŶĂůďƌĂŶĚ͕Ă ŐĂƉĞdžŝƐƚƐŝŶƚĞƌŵƐŽĨŚŽǁƚŚĞƐĞĐŽŶĐĞƉƚƐĂƉƉůLJƚŽĂŶŝĐŚĞŵĂƌŬĞƚ͘dŚĞƐƚƵĚŝĞĚ&ŝŶŶŝƐŚ ďĂďLJĨŽŽĚĐŽŵƉĂŶLJŝƐĂƐƚĂƌƚƵƉ͕ǁŚŝĐŚƚLJƉŝĐĂůůLJĂƐƉŝƌĞƐƚŽĂƉƉůLJĐŽƐƚͲĞĨĨĞĐƚŝǀĞŵĂƌŬĞƚŝŶŐ ŵĞƚŚŽĚƐŝŶĂŶŝŶŶŽǀĂƚŝǀĞǁĂLJ;ZƵƐĞƚĂů͕͘ϮϬϭϴͿ͘ŵĂŝůŵĂƌŬĞƚŝŶŐ͕ŽŶŽŶĞŚĂŶĚ͕ŚĂƐďĞĞŶ ŝĚĞŶƚŝĨŝĞĚĂƐĂĐŽƐƚͲĞĨĨĞĐƚŝǀĞŵĂƌŬĞƚŝŶŐĐŚĂŶŶĞů;^ĞĞĞ͘Ő͘:ĞƐŚƵƌƵŶ͕ϮϬϭϴͿ͘KŶƚŚĞŽƚŚĞƌ ŚĂŶĚ͕ŽŶĞŽĨƚŚĞƉƌŝŵĂƌLJŐŽĂůƐŽĨĂƐƚĂƌƚƵƉŝƐƚŽĂƚƚƌĂĐƚŶĞǁĐƵƐƚŽŵĞƌƐǁŚŝůĞƌĞƚĂŝŶŝŶŐ ĞdžŝƐƚŝŶŐ ŽŶĞƐ ƚŽ ĂůůŽǁ ŐƌŽǁƚŚ ĂŶĚ ĐŽŵƉĞƚŝƚŝǀĞ ĂĚǀĂŶƚĂŐĞ ŝŶ ƚŚĞŵĂƌŬĞƚ͕ ŚĞŶĐĞ ŝƚ ŝƐ ƌĞĐŽŵŵĞŶĚĞĚĨŽƌƐƚĂƌƚƵƉŵĂŶĂŐĞƌƐƚŽƉƌŝŽƌŝƚŝƐĞůŽLJĂůƚLJ;ŶƐĂƌŝΘZŝĂƐŝ͕ϮϬϭϲͿ͘ĂƐĞĚŽŶ ƚŚĞĨŝŶĚŝŶŐƐŽĨƚŚĞƐƚƵĚLJ͕ ƚŚĞĂŝŵŝƐƚŽƉƌŽǀŝĚĞŵĂŶĂŐĞƌŝĂůŝŵƉůŝĐĂƚŝŽŶƐŽŶŚŽǁƚŽŵŽƐƚ ĞĨĨĞĐƚŝǀĞůLJ ƵƐĞ ĞŵĂŝůŵĂƌŬĞƚŝŶŐ ĂƐ Ă ƚŽŽů ƚŽ ƐƚƌĞŶŐƚŚĞŶďƌĂŶĚ ůŽLJĂůƚLJ͘ dŚƌĞĞ ƌĞƐĞĂƌĐŚ ŽďũĞĐƚŝǀĞƐŚĂǀĞďĞĞŶĚĞƌŝǀĞĚĨƌŽŵƚŚĞƉƵƌƉŽƐĞŽĨƚŚĞƐƚƵĚLJ͗ dŚĞ ĨŝƌƐƚ ƌĞƐĞĂƌĐŚ ŽďũĞĐƚŝǀĞ ŝƐ ƚŽ ƉƌŽƉŽƐĞ Ă ƚŚĞŽƌĞƚŝĐĂů ĨƌĂŵĞǁŽƌŬ ƚŽ ĐŽŶŶĞĐƚ ďƌĂŶĚ ůŽLJĂůƚLJ ĂŶĚ ĞŵĂŝů ŵĂƌŬĞƚŝŶŐ͘ dŚŝƐ ŝƐ ĂĐŚŝĞǀĞĚ ďLJ ĨŝƌƐƚ ĚĞĨŝŶŝŶŐ ƚŚĞ ĐŽŶĐĞƉƚ ŽĨ ďƌĂŶĚ ůŽLJĂůƚLJĂŶĚĞdžĂŵŝŶŝŶŐŝƚƐĚŝĨĨĞƌĞŶƚĚŝŵĞŶƐŝŽŶƐ͗ďĞŚĂǀŝŽƵƌĂůĂŶĚĂƚƚŝƚƵĚŝŶĂůůŽLJĂůƚLJ͘dŚŝƐ ŝƐĨŽůůŽǁĞĚďLJĂĐŽŵƉƌĞŚĞŶƐŝǀĞŽǀĞƌǀŝĞǁŽĨǁŚĂƚĞŵĂŝůŵĂƌŬĞƚŝŶŐŝƐƚŽĚĂLJ͘dŚĞĂŝŵŽĨ ƚŚĞ ĨƌĂŵĞǁŽƌŬ ĐŽŶŶĞĐƚŝŶŐ ďƌĂŶĚ ůŽLJĂůƚLJ ĂŶĚ ĞŵĂŝů ŵĂƌŬĞƚŝŶŐ ŝƐ ƚŽ ĚĞĞƉĞŶ ƚŚĞ ƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞŝŶƚĞƌĂĐƚŝŽŶďĞƚǁĞĞŶƚŚĞƚǁŽƚŚĞŽƌĞƚŝĐĂůĐŽŶĐĞƉƚƐ͘ ϭϬ dŚĞƐĞĐŽŶĚƌĞƐĞĂƌĐŚŽďũĞĐƚŝǀĞ ŝƐ ƚŽĞdžĂŵŝŶĞ ƚŚĞďƌĂŶĚ ůŽLJĂůƚLJŽĨ ƚŚĞĐĂƐĞĐŽŵƉĂŶLJ Ɛ͛ ĐƵƐƚŽŵĞƌƐƚŽǁĂƌĚƐƚŚĞĐŽŵƉĂŶLJĂŶĚƚŚĞŝƌĂƚƚŝƚƵĚĞƐƚŽǁĂƌĚƐƚŚĞĐƵƌƌĞŶƚŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨĞŵĂŝůŵĂƌŬĞƚŝŶŐ͘dŚŝƐŽďũĞĐƚŝǀĞŝƐĂĚĚƌĞƐƐĞĚďLJĐŽŶĚƵĐƚŝŶŐƚŚĞĞŵƉŝƌŝĐĂůƉĂƌƚŽĨƚŚĞ ƐƚƵĚLJ͕  ďĂƐĞĚ ŽŶ ƐĞŵŝͲƐƚƌƵĐƚƵƌĞĚ ŝŶƚĞƌǀŝĞǁƐ ǁŝƚŚ Ă ƐĂŵƉůĞ ŽĨ ƚŚĞ ĐĂƐĞ ĐŽŵƉĂŶLJ Ɛ͛ ĐƵƐƚŽŵĞƌƐ͘ dŚĞ ƚŚŝƌĚ ƌĞƐĞĂƌĐŚ ŽďũĞĐƚŝǀĞ ŝƐ ƚŽ ƉƌŽǀŝĚĞ ĂĐƚŝŽŶĂďůĞŵĂŶĂŐĞƌŝĂů ŝŵƉůŝĐĂƚŝŽŶƐ ĨŽƌ ƚŚĞ ƐƚƵĚŝĞĚ ĐĂƐĞ ĐŽŵƉĂŶLJ ŽŶ ŚŽǁ ĞŵĂŝů ŵĂƌŬĞƚŝŶŐ ĐĂŶ ďĞ ƵƐĞĚ ŝŶ ƐƚƌĞŶŐƚŚĞŶŝŶŐ ďƌĂŶĚ ůŽLJĂůƚLJ͘dŚŝƐŽďũĞĐƚŝǀĞŝƐĂĐŚŝĞǀĞĚďLJƌĞĨůĞĐƚŝŶŐƚŚĞĨŝŶĚŝŶŐƐŽĨƚŚĞĞŵƉŝƌŝĐĂůƉĂƌƚŽŶƚŚĞ ƚŚĞŽƌĞƚŝĐĂůĨƌĂŵĞǁŽƌŬŽĨƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJĂŶĚĚƌĂǁŝŶŐĐŽŶĐůƵƐŝŽŶƐŽŶƚŚŝƐďĂƐŝƐ͘ 1.2 ZĞƐĞĂƌĐŚĂƉƉƌŽĂĐŚ dŚŝƐƐƚƵĚLJǁĂƐĐŽŶĚƵĐƚĞĚƚŚƌŽƵŐŚĂƋƵĂůŝƚĂƚŝǀĞƌĞƐĞĂƌĐŚĂƉƉƌŽĂĐŚ͘dŚĞĂƉƉƌŽĂĐŚǁĂƐ ĐŚŽƐĞŶ ƐŝŶĐĞ͕ ĂĐĐŽƌĚŝŶŐ ƚŽ ,ŝƌƐũćƌǀŝ Ğƚ Ăů͘ ;ϭϵϵϳͿ͕ ƚŚĞ Ăŝŵ ŝƐ ƚŽ ĚĞƐĐƌŝďĞ ƌĞĂů ůŝĨĞ ƉŚĞŶŽŵĞŶĂĂƐƉƌŽĨŽƵŶĚůLJĂƐƉŽƐƐŝďůĞ͘DŽƌĞƐƉĞĐŝĨŝĐĂůůLJ͕ ǁŝƚŚŝŶƚŚĞĨŝĞůĚŽĨƋƵĂůŝƚĂƚŝǀĞ ƌĞƐĞĂƌĐŚ͕ƚŚĞĂƉƉƌŽĂĐŚĐŚŽƐĞŶĨŽƌƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJŝƐĂĐĂƐĞƐƚƵĚLJ͘/ŶĂďƵƐŝŶĞƐƐĐŽŶƚĞdžƚ͕ ĐĂƐĞƐƚƵĚŝĞƐĐĂŶďĞƵƐĞĚƚŽŝůůƵƐƚƌĂƚĞĞǀĞŶƚŚĞŚŝŐŚůLJĐŽŵƉůĞdžĂŶĚŵƵůƚŝĨĂĐĞƚĞĚƚŽƉŝĐƐŝŶ ĂŵŽƌĞƐƚƌƵĐƚƵƌĞĚĨŽƌŵĂƚ;ƌŝŬƐƐŽŶΘ<ŽǀĂůĂŝŶĞŶ͕ϮϬϬϴͿ͘dŚĞƐĞĐŚŽŝĐĞƐǁĞƌĞŵĂĚĞďĂƐĞĚ ŽŶ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ƚŚĞ ƐƚƵĚLJ͕  ƐŝŶĐĞ ĂĐĐŽƌĚŝŶŐ ƚŽ ,ŝƌƐũćƌǀŝ Ğƚ Ăů͘ ;ϭϵϵϳͿ͕ ƚŚĞ ƌĞƐĞĂƌĐŚ ƉƌŽďůĞŵĂŶĚĂƉƉƌŽĂĐŚĂƌĞĐůŽƐĞůLJůŝŶŬĞĚ͘dŚĞƌĞƐĞĂƌĐŚŵĞƚŚŽĚĐŚŽƐĞŶĨŽƌƚŚŝƐƐƚƵĚLJŝƐ ĐŽŶĚƵĐƚŝŶŐ ƐĞŵŝͲƐƚƌƵĐƚƵƌĞĚ ƉĞƌƐŽŶĂů ŝŶƚĞƌǀŝĞǁƐ͘ Ŷ ŝŶͲĚĞƉƚŚ ĚŝƐĐƵƐƐŝŽŶ ŽŶ ƚŚĞ ŵĞƚŚŽĚŽůŽŐŝĐĂůĐŚŽŝĐĞƐŝƐƉƌŽǀŝĚĞĚŝŶĐŚĂƉƚĞƌϯ͘ 1.3 ZĞƐĞĂƌĐŚƐƚƌƵĐƚƵƌĞ dŚŝƐƐƚƵĚLJŝƐƐƚƌƵĐƚƵƌĞĚŝŶĨŝǀĞƐĞƉĂƌĂƚĞĐŚĂƉƚĞƌƐ͘&ŝƌƐƚ͕ƚŚĞƚŽƉŝĐĂŶĚĐŽŶƚĞdžƚŽĨƚŚĞƐƚƵĚLJ ĂƌĞ ƉƌĞƐĞŶƚĞĚ ŝŶ ƚŚĞ ŝŶƚƌŽĚƵĐƚŝŽŶ͘ dŚŝƐ ŝƐ ĨŽůůŽǁĞĚ ďLJ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ŽĨ ƚŚĞ ƌĞƐĞĂƌĐŚ ƉƌŽďůĞŵ͕ŽďũĞĐƚŝǀĞƐĂŶĚĂƉƉƌŽĂĐŚ͘dŚĞƐĞĐŽŶĚĐŚĂƉƚĞƌŽĨƚŚĞƐƚƵĚLJƉƌŽǀŝĚĞƐĂůŝƚĞƌĂƚƵƌĞ ϭϭ ƌĞǀŝĞǁ͘/ŶƚŚŝƐĐŚĂƉƚĞƌ͕ ƚŚĞŵĂŝŶƚŚĞŽƌĞƚŝĐĂůĐŽŶĐĞƉƚƐŽĨƚŚĞƐƚƵĚLJ͕ ŶĂŵĞůLJďƌĂŶĚůŽLJĂůƚLJ ĂŶĚĞŵĂŝůŵĂƌŬĞƚŝŶŐ͕ĂƌĞĚĞĨŝŶĞĚĂŶĚĞdžƉůŽƌĞĚŝŶĚĞƉƚŚ͘dŚĞĐŚĂƉƚĞƌĐŽŶĐůƵĚĞƐǁŝƚŚĂ ƉƌŽƉŽƐĂůĨŽƌĂƚŚĞŽƌĞƚŝĐĂůĨƌĂŵĞǁŽƌŬƚŽĐŽŵďŝŶĞƚŚĞƚǁŽĐŽŶĐĞƉƚƐĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨ ƚŚŝƐƐƚƵĚLJ͘ dŚĞ ƚŚŝƌĚ ĐŚĂƉƚĞƌĐŽǀĞƌƐ ƚŚĞŵĞƚŚŽĚŽůŽŐŝĐĂů ĐŚŽŝĐĞƐŵĂĚĞ ŝŶ ƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJ͘dŚŝƐ ƐĞĐƚŝŽŶ ĞdžƉůĂŝŶƐ ŝŶ ŵŽƌĞ ĚĞƚĂŝů ƚŚĞ ĐŚŽƐĞŶ ƌĞƐĞĂƌĐŚ ĂƉƉƌŽĂĐŚ ĂŶĚ ŵĞƚŚŽĚ͕ ĂŶ ŝŶƚƌŽĚƵĐƚŝŽŶŽĨƚŚĞƐƚƵĚŝĞĚĐĂƐĞĐŽŵƉĂŶLJ͕ ƚŚĞĚĂƚĂĐŽůůĞĐƚŝŽŶĂŶĚĂŶĂůLJƐŝƐŵĞƚŚŽĚƐ͕ĂƐ ǁĞůůĂƐƚŚĞƚƌƵƐƚǁŽƌƚŚŝŶĞƐƐ͕ĞƚŚŝĐĂůĐŽŶƐŝĚĞƌĂƚŝŽŶƐĂŶĚƵƐĞŽĨĂƌƚŝĨŝĐŝĂůŝŶƚĞůůŝŐĞŶĐĞŝŶƚŚĞ ƐƚƵĚLJ͘/ŶƚŚĞĨŽƵƌƚŚĐŚĂƉƚĞƌ͕ ƚŚĞĨŝŶĚŝŶŐƐŽĨƚŚĞƐƚƵĚLJĂƌĞƉƌĞƐĞŶƚĞĚ͘dŚĞĨŝŶĂůĐŚĂƉƚĞƌŽĨ ƚŚŝƐƐƚƵĚLJĐŽŶƚĂŝŶƐƚŚĞĚŝƐĐƵƐƐŝŽŶ͘dŚĞĐŚĂƉƚĞƌƌĞǀŝĞǁƐƚŚĞŽďũĞĐƚŝǀĞƐŽĨƚŚĞƐƚƵĚLJ͕ ŽĨĨĞƌƐ ŵĂŶĂŐĞƌŝĂů ŝŵƉůŝĐĂƚŝŽŶƐ͕ ĂŶĚ ƉƌĞƐĞŶƚƐ ůŝŵŝƚĂƚŝŽŶƐ ŽĨ ƚŚĞ ƉƌĞƐĞŶƚ ƐƚƵĚLJ ĂƐ ǁĞůů ĂƐ ƐƵŐŐĞƐƚŝŽŶƐĨŽƌĨƵƚƵƌĞƌĞƐĞĂƌĐŚ͘ ϭϮ 2 >ŝƚĞƌĂƚƵƌĞƌĞǀŝĞǁ dŚŝƐƚŚĞŽƌĞƚŝĐĂůĐŚĂƉƚĞƌĐŽǀĞƌƐƚŚĞĐŽŶĐĞƉƚƐŽĨďƌĂŶĚůŽLJĂůƚLJĂŶĚĞŵĂŝůŵĂƌŬĞƚŝŶŐ͘&ŝƌƐƚ͕ ƚŚĞĐŽŶĐĞƉƚƐĂƌĞĚĞĨŝŶĞĚ͕ĨŽůůŽǁĞĚďLJĂƌĞǀŝĞǁŽĨ ƚŚĞĐŽŵƉŽŶĞŶƚƐŽĨďŽƚŚŝŶĚŝǀŝĚƵĂů ĐŽŶĐĞƉƚƐ͘ƚƚŚĞĞŶĚŽĨƚŚĞĐŚĂƉƚĞƌ͕ ĂƌĞƐĞĂƌĐŚĨƌĂŵĞǁŽƌŬŝƐƉƌŽƉŽƐĞĚĂƐĂŶĂƚƚĞŵƉƚƚŽ ĐŽŶŶĞĐƚƚŚĞĞůĞŵĞŶƚƐŽĨďƌĂŶĚůŽLJĂůƚLJĂŶĚĞŵĂŝůŵĂƌŬĞƚŝŶŐƌĞůĞǀĂŶƚƚŽƚŚŝƐƌĞƐĞĂƌĐŚ͘ 2.1 ƌĂŶĚůŽLJĂůƚLJ ĐĐŽƌĚŝŶŐƚŽ'ŽƵŶĂƌŝƐĂŶĚ^ƚĂƚŚĂŬŽƉŽƵůŽƐ;ϮϬϬϰͿ͕ƚŚĞƌĞŝƐŶŽƵŶŝƋƵĞĚĞĨŝŶŝƚŝŽŶŽĨďƌĂŶĚ ůŽLJĂůƚLJǁŝƚŚŝŶŵĂƌŬĞƚŝŶŐƌĞƐĞĂƌĐŚ͘<ĂďŝƌĂũĂŶĚ^ŚĂŶŵƵŐĂŶ;ϮϬϭϭͿƵŶĚĞƌůŝŶĞƚŚĂƚďƌĂŶĚ ůŽLJĂůƚLJ ŝƐ Ă ŵƵůƚŝĚŝŵĞŶƐŝŽŶĂů ĂŶĚ ŚŝŐŚůLJ ĐŽŵƉůĞdž ĐŽŶĐĞƉƚ͘ hŶĚĞƌ ƚŚŝƐ ĐŽŶĐĞƉƚƵĂů ĨƌĂŵĞǁŽƌŬ͕ ƌĞƐĞĂƌĐŚĞƌƐ ƚLJƉŝĐĂůůLJ ĨŽĐƵƐŽŶĐĞƌƚĂŝŶĂƐƉĞĐƚƐŽĨ ůŽLJĂůƚLJ͕  ƐƵĐŚĂƐĂƚƚŝƚƵĚĞ͕ ƉƵƌĐŚĂƐŝŶŐďĞŚĂǀŝŽƵƌ͕ ŽƌŝƚƐŵƵůƚŝĨĂĐĞƚĞĚŶĂƚƵƌĞĂůŽŶĞ;tĂƚƐŽŶĞƚĂů͕͘ϮϬϭϱͿ͘,ŽǁĞǀĞƌ͕  ŽŶůLJ ĞdžĂŵŝŶŝŶŐ Ă ƐŝŶŐůĞ ĂƐƉĞĐƚ ŽĨ ďƌĂŶĚ ůŽLJĂůƚLJ͕  ƐƵĐŚ ĂƐ ƌĞƉƵƌĐŚĂƐĞ͕ ŵŝŐŚƚ ŽĨĨĞƌ ĂŶ ŝŶĐŽŵƉůĞƚĞƉŝĐƚƵƌĞŽĨƚŚĞǁŚŽůĞ;Ğ͘Ő͘sĞƌĂΘdƌƵũŝůůŽ͕ϮϬϭϳͿ͘ WƌŽƉŽƐĂůƐĨŽƌĂĚĞĨŝŶŝƚŝŽŶŽĨďƌĂŶĚůŽLJĂůƚLJŚĂǀĞďĞĞŶƐƵŐŐĞƐƚĞĚŽǀĞƌƚŚĞĚĞĐĂĚĞƐ;Ğ͘Ő͘ <ŚĂ͕ϮϬϬϴ͖<ŶŽdžΘtĂůŬĞƌ͕ ϮϬϬϭ͖KĚŝŶĞƚĂů͕͘ϮϬϬϭͿ͕ŽŶĞŽĨƚŚĞŵŽƐƚĐŝƚĞĚďĞŝŶŐKůŝǀĞƌ Ɛ͛ ;ϭϵϵϵͿůŽLJĂůƚLJĚĞĨŝŶŝƚŝŽŶ͘KůŝǀĞƌ;ϭϵϵϵͿĚĞĨŝŶĞƐůŽLJĂůƚLJĂƐ͗ Ă ĚĞĞƉůLJ ŚĞůĚ ĐŽŵŵŝƚŵĞŶƚ ƚŽ ƌĞďƵLJ Žƌ ƌĞƉĂƚƌŽŶŝnjĞ Ă ƉƌĞĨĞƌƌĞĚ ƉƌŽĚƵĐƚͬƐĞƌǀŝĐĞ ĐŽŶƐŝƐƚĞŶƚůLJŝŶƚŚĞĨƵƚƵƌĞ͕ƚŚĞƌĞďLJĐĂƵƐŝŶŐƌĞƉĞƚŝƚŝǀĞƐĂŵĞͲďƌĂŶĚŽƌƐĂŵĞďƌĂŶĚͲ ƐĞƚ ƉƵƌĐŚĂƐŝŶŐ͕ ĚĞƐƉŝƚĞ ƐŝƚƵĂƚŝŽŶĂů ŝŶĨůƵĞŶĐĞƐ ĂŶĚŵĂƌŬĞƚŝŶŐ ĞĨĨŽƌƚƐ ŚĂǀŝŶŐ ƚŚĞ ƉŽƚĞŶƚŝĂůƚŽĐĂƵƐĞƐǁŝƚĐŚŝŶŐďĞŚĂǀŝŽƌ͘ ;Ɖ͘ϯϰͿ ƐƚŚĞKůŝǀĞƌ;ϭϵϵϵͿĚĞĨŝŶŝƚŝŽŶŝŶĚŝĐĂƚĞƐ͕ƚŚĞĐŽŶĐĞƉƚŽĨďƌĂŶĚůŽLJĂůƚLJƌĞƋƵŝƌĞƐĂƌĞƉĞĂƚ ƉƵƌĐŚĂƐĞƉĂƚƚĞƌŶĂŶĚĂĨĂǀŽƵƌĂďůĞĂƚƚŝƚƵĚĞƚŽƚŚĞďƌĂŶĚ;ŝĐŬΘĂƐƵ͕ϭϵϵϰ͖DĞƌŝƐĂǀŽΘ ZĂƵůĂƐ͕ ϮϬϬϰͿ͘ ƌĂŶĚ ůŽLJĂůƚLJ ĐĂŶ ƚŚĞƌĞĨŽƌĞ ďĞ ĐŽŶĐĞƉƚƵĂůŝƐĞĚ ĂƐ ƚŚĞ ƌĞůĂƚŝŽŶƐŚŝƉ ďĞƚǁĞĞŶĂƚƚŝƚƵĚŝŶĂůĂŶĚďĞŚĂǀŝŽƵƌĂůĞůĞŵĞŶƚƐ;Ğ͘Ő͘ŝĐŬΘĂƐƵ͕ϭϵϵϰ͖KĚŝŶĞƚĂů͕͘ϮϬϬϭ͖ ^njĐnjĞƉĂŷƐŬĂΘ'ĂǁƌŽŶ͕ϮϬϭϭͿ͘dǁŽĚŝƐƚŝŶĐƚůŝŶĞƐŽĨƌĞƐĞĂƌĐŚĚĞĨŝŶĞƚŚĞůŝƚĞƌĂƚƵƌĞŽŶƚŚĞ ϭϯ ĐŽŶĐĞƉƚ ŽĨ ůŽLJĂůƚLJ ʹ ƚŚĞ ƐƚŽĐŚĂƐƚŝĐ ;ďĞŚĂǀŝŽƵƌĂůͿ ĂŶĚ ƚŚĞ ĚĞƚĞƌŵŝŶŝƐƚŝĐ ;ĂƚƚŝƚƵĚŝŶĂůͿ ĂƉƉƌŽĂĐŚ;KĚŝŶĞƚĂů͕͘ϮϬϬϭͿ͘dŚĞƚǁŽĂƉƉƌŽĂĐŚĞƐĂƌĞĚŝƐĐƵƐƐĞĚŝŶĚĞƚĂŝůĨƵƌƚŚĞƌŝŶƚŚŝƐ ůŝƚĞƌĂƚƵƌĞƌĞǀŝĞǁ͘ ƌĂŶĚůŽLJĂůƚLJĐĂŶďĞǀŝĞǁĞĚĂƐĂĐƌŝƚŝĐĂůƉĞƌĨŽƌŵĂŶĐĞĨĂĐƚŽƌŝŶŵŽĚĞƌŶďƵƐŝŶĞƐƐƉƌĂĐƚŝĐĞƐ ƐŝŶĐĞ͕ĂƐZĞŝĐŚŚĞůĚĞƚĂů͘;ϮϬϬϬͿƐƚĂƚĞ͕ƚŚĞƌĞŝƐĂŶĂƉƉĂƌĞŶƚůŝŶŬĂŐĞďĞƚǁĞĞŶůŽLJĂůƚLJĂŶĚ ĐŽŵƉĂŶLJƉƌŽĨŝƚƐ͘ůƌƵďĂŝĞĞĂŶĚůͲEĂnjĞƌ;ϮϬϭϬͿĐůĂŝŵƚŚĂƚŝƚŝƐĨƌĞƋƵĞŶƚůLJĂƌŐƵĞĚƚŚĂƚŝŶ ƚŚĞ ůŽŶŐ ƚĞƌŵ͕ ŽŶĞ ŽĨ ƚŚĞ ƉƌŝŵĂƌLJ ĨĂĐƚŽƌƐ ŝŶĨůƵĞŶĐŝŶŐ ĂŶ ŽƌŐĂŶŝƐĂƚŝŽŶ Ɛ͛ ĨŝŶĂŶĐŝĂů ƉĞƌĨŽƌŵĂŶĐĞ ŝƐ ŝŵƉƌŽǀĞĚĐƵƐƚŽŵĞƌ ůŽLJĂůƚLJ͘ƌĂŶĚ ůŽLJĂůƚLJŚĂƐďĞĞŶ ĨŽƵŶĚ ƚŽ ŝŵƉĂĐƚĂ ĐŽŵƉĂŶLJ Ɛ͛ ĨŝŶĂŶĐŝĂů ƉĞƌĨŽƌŵĂŶĐĞ ŝŶ ƚĞƌŵƐŽĨ ƐĂůĞƐ ;tĂƚƐŽŶĞƚ Ăů͕͘ ϮϬϭϱͿ͕ ƉƌŽĨŝƚĂďŝůŝƚLJ ;,ĂLJĞƐ͕ ϮϬϬϴͿ͕ ƉƌŝĐĞ ůĞĂĚĞƌƐŚŝƉ͕ ŵĂƌŬĞƚ ƐŚĂƌĞ ;ŚĂƵĚŚƵƌŝ Θ ,ŽůďƌŽŽŬ͕ ϮϬϬϭͿ͕ ĂŶĚ ĐŽŵƉĞƚŝƚŝǀĞĂĚǀĂŶƚĂŐĞ;ŝĐŬΘĂƐƵ͕ϭϵϵϰ͖'ŽƵŶĂƌŝƐΘ^ƚĂƚŚĂŬŽƉŽƵůŽƐ͕ϮϬϬϰ͖<ĂďŝƌĂũΘ ^ŚĂŶŵƵŐĂŶ͕ϮϬϭϭͿĂƐǁĞůůĂƐŵĂƌŬĞƚŝŶŐĐŽƐƚƌĞĚƵĐƚŝŽŶ;ZƵŶĚůĞͲdŚŝĞůĞΘĞŶŶĞƚƚ͕ϮϬϬϭͿ͘ ,ĂLJĞƐ;ϮϬϬϴͿƐƚĂƚĞƐƚŚĂƚƚŚĞĨŝŶĂŶĐŝĂůŐƌŽǁƚŚŽĨĂďƵƐŝŶĞƐƐĚĞƉĞŶĚƐŽŶƚŚĞďƵƐŝŶĞƐƐŶŽƚ ůŽƐŝŶŐ ĞdžŝƐƚŝŶŐ ĐƵƐƚŽŵĞƌƐ ĨĂƐƚĞƌ ƚŚĂŶ ŝƚ ĂƚƚƌĂĐƚƐ ŶĞǁ ŽŶĞƐ͘ >ĞǀĞƌĂŐŝŶŐ ďƌĂŶĚ ůŽLJĂůƚLJ ĨƵƌƚŚĞƌƌĞƋƵŝƌĞƐĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞƚǁŽĚŝĨĨĞƌĞŶƚĂƉƉƌŽĂĐŚĞƐ͕ŶĂŵĞůLJďĞŚĂǀŝŽƵƌĂů ĂŶĚĂƚƚŝƚƵĚŝŶĂů͕ĂŶĚŚŽǁƚŽĐŽŵďŝŶĞƚŚĞƚǁŽ͘ 2.1.1 ĞŚĂǀŝŽƵƌĂůůŽLJĂůƚLJ According to Nam et al. (2011), the behavioural perspective of brand loyalty is demonstrated by how frequently repeat purchases occur. In this context, a person is considered loyal to a brand if they consistently purchase from it (Odin et al., 2001). Paavola (2006) explains that this approach excludes the mental processes of buying and rather emphasises the outcome of the process, namely the repeat purchase pattern. Paavola goes on to illustrate that, from this simplified behavioural perspective, a loyal customer could be someone who always buys the same brand, always goes to the same grocery store or always eats at the same restaurant. ϭϰ From a behavioural perspective, the concept of brand loyalty involves several dimensions of customer behaviour (Paavola, 2006). The author identifies two such dimensions: length of relationship and level of purchase concentration. Length of relationship refers to the time the consumer has been a customer of the business ;WĂĂǀŽůĂ͕ϮϬϬϲͿ͘>ĞǀĞůŽĨƉƵƌĐŚĂƐĞĐŽŶĐĞŶƚƌĂƚŝŽŶ ƌĞĨĞƌƐƚŽŚŽǁŵƵĐŚŽĨĂĐƵƐƚŽŵĞƌ Ɛ͛ purchases are concentrated on a particular brand or bought from a particular store, chain or group of stores (Paavola, 2006). Back and Parks (2003) mention the following measures for identifying repeat purchase patterns: the frequency of purchases, the ratio of purchases of a specific brand relative to the other brands purchased, and/or the actual amount of purchases. Paavola (2006) explains that, from a scientific point of view, the more loyal a customer is, the greater the proportion of their purchases that they allocate to the object of their loyalty. The behavioural approach has been seen as somewhat controversial (e.g. Odin et al., 2001; Temessek & Touzani, 2009). Although the behavioural approach is a relatively objective way of measuring customer loyalty, a weakness of the approach is that it does not offer a valid explanation for the loyalty (Kha, 2008). As the attitudinal component of loyalty is not considered, misinterpretations of loyalty may follow (Back & Parks, 2003; Ebrahim, 2020; Paavola, 2006). For instance, routine consumption may be misclassified as loyalty, whereas occasional impulse purchases, variety seeking or supply shortages may distort the loyalty profile of a truly loyal customer (Dick & Basu, 1994; Paavola, 2006). In this context, situational drivers of purchase or more complex psychological motives are not considered (Odin et al., 2001) and thus why and how brand loyalty develops is not examined (Dick & Basu, 1994). Behavioural loyalty research focuses, essentially, on the past, which is another subject of criticism (Paavola, 2006). Paavola explains that the historical perspective and the measurement of purchases already realised do not ƉƌŽǀŝĚĞ Ă ĚŝƌĞĐƚ ŝŶĚŝĐĂƚŝŽŶ ŽĨ ƚŚĞ ĐŽŶƐƵŵĞƌ Ɛ͛ ĨƵƚƵƌĞ ĐŚŽŝĐĞƐ͘tŚĞŶ ƚŚĞ ƌĞĂƐŽŶƐ ĨŽƌ ƌĞƉĞĂƚƉƵƌĐŚĂƐĞƐĂƌĞŶŽƚŝĚĞŶƚŝĨŝĞĚ͕ƚŚĞĐŽŶƐƵŵĞƌ Ɛ͛ĨƵƚƵƌĞĐŚŽŝces cannot be predicted either (Paavola, 2006). ϭϱ 2.1.2 ƚƚŝƚƵĚŝŶĂůůŽLJĂůƚLJ dĞŵĞƐƐĞŬĂŶĚdŽƵnjĂŶŝ;ϮϬϬϵͿĚĞĨŝŶĞƚŚĞĂƚƚŝƚƵĚŝŶĂůĂƉƉƌŽĂĐŚĂƐŚĂǀŝŶŐĂƐƚƌŽŶŐƉŽƐŝƚŝǀĞ ĂƚƚŝƚƵĚĞƚŽǁĂƌĚƐĂďƌĂŶĚŝŶĐŽŵƉĂƌŝƐŽŶƚŽĐŽŵƉĞƚŝƚŽƌďƌĂŶĚƐ͘ŽŶƚƌĂƌLJƚŽďĞŚĂǀŝŽƵƌĂů ůŽLJĂůƚLJ͕  ĂƚƚŝƚƵĚŝŶĂů ůŽLJĂůƚLJ ĨŽĐƵƐĞƐ ŶŽƚ ŽŶůLJ ŽŶ ƚƌĂŶƐĂĐƚŝŽŶĂů͕ ďƵƚ ĂůƐŽ ŽŶ ĂƚƚŝƚƵĚŝŶĂů ĞůĞŵĞŶƚƐ ƐƵĐŚ ĂƐ ƉƐLJĐŚŽůŽŐŝĐĂů ĐŽŵŵŝƚŵĞŶƚ ;KĚŝŶ Ğƚ Ăů͕͘ ϮϬϬϭͿ͕ ƚƌƵƐƚ ;ĂĐŬΘWĂƌŬƐ͕ ϮϬϬϯͿĂŶĚƐƚƌŽŶŐƉƐLJĐŚŽůŽŐŝĐĂůĂƚƚĂĐŚŵĞŶƚ;WĂƌŬΘ<ŝŵ͕ϮϬϬϬͿ͘/ŶƚŚĞŝƌĂƌƚŝĐůĞ͕'ƌŝƐĂĨĨĞ ĂŶĚEŐƵLJĞŶ;ϮϬϭϭͿĚŝƐĐƵƐƐƚŚĞĐŽŶŶĞĐƚŝŽŶďĞƚǁĞĞŶĞŵŽƚŝŽŶĂůĂƚƚĂĐŚŵĞŶƚĂŶĚůŽLJĂůƚLJ͘ tŚĞŶ ƌĞƉƵƌĐŚĂƐĞƐ ĂƌĞ ĞŵŽƚŝŽŶĂůůLJ ďŽŶĚĞĚ͕ Ă ĐŽŵƉĂŶLJΖƐ ƌĞǀĞŶƵĞ ƐƚƌĞĂŵƐ ĐĂŶ ďĞ ĐŽŶƐŝĚĞƌĞĚůĞƐƐƐĞŶƐŝƚŝǀĞƚŽĚŝƐƌƵƉƚŝŽŶ͘'ƌŝƐĂĨĨĞĂŶĚEŐƵLJĞŶ;ϮϬϭϭͿŐŽŽŶƚŽƐƚĂƚĞƚŚĂƚŝƚ ŝƐĞƐƐĞŶƚŝĂůĨŽƌĐŽŵƉĂŶŝĞƐƚŽĞŶĂďůĞĐƵƐƚŽŵĞƌƐƚŽĐƌĞĂƚĞĂƐƚƌŽŶŐĞŵŽƚŝŽŶĂůďŽŶĚǁŝƚŚ ƚŚĞďƌĂŶĚƚŽĚƌŝǀĞůŽLJĂů͕ƉƌŽĨŝƚĂďůĞĐƵƐƚŽŵĞƌƌĞƉƵƌĐŚĂƐĞƐ͘>ŽLJĂůĐŽŶƐƵŵĞƌƐŵĂLJƉĞƌĐĞŝǀĞ Ă ďƌĂŶĚ ĂƐ ƐƵƉĞƌŝŽƌ ƚŽ ŝƚƐ ĐŽŵƉĞƚŝƚŽƌƐ͕ ĨŽƌ ŝŶƐƚĂŶĐĞ ŝŶ ƚĞƌŵƐ ŽĨ ƌĞůŝĂďŝůŝƚLJ Žƌ ĂŵŽƌĞ ƉŽƐŝƚŝǀĞĞdžƉĞƌŝĞŶĐĞ;ŚĂƵĚŚƵƌŝΘ,ŽůďƌŽŽŬ͕ϮϬϬϭͿ͘ KƚŚĞƌĞdžĂŵƉůĞƐŽĨƉƐLJĐŚŽůŽŐŝĐĂůƉƌĞĚŝƐƉŽƐŝƚŝŽŶƐĐŽŶŶĞĐƚĞĚƚŽĂƚƚŝƚƵĚŝŶĂůůŽLJĂůƚLJŝŶĐůƵĚĞ ĂƚƚŝƚƵĚĞƐ ĂŶĚ ƉƌĞĨĞƌĞŶĐĞƐ ƚŽǁĂƌĚƐ ƚŚĞ ďƌĂŶĚ ;ďƌĂŚŝŵ͕ ϮϬϮϬͿ͕ ŵŽƚŝǀĂƚŝŽŶ͕ ĂŶĚ ŝŶǀŽůǀĞŵĞŶƚ;ĂĐŬΘWĂƌŬƐ͕ϮϬϬϯͿ͘ĐĐŽƌĚŝŶŐƚŽWĂĂǀŽůĂ;ϮϬϬϲͿ͕ůŽLJĂůƚLJĐĂŶďĞƐĞĞŶĂƐĂ ůĂƚĞŶƚĂƚƚŝƚƵĚŝŶĂůƐƚĂƚĞƚŚĂƚĐĂŶŐĞŶĞƌĂƚĞƌĞƉĞĂƚƉƵƌĐŚĂƐĞďĞŚĂǀŝŽƵƌ͕ ŝŶĐƌĞĂƐĞĚƉƵƌĐŚĂƐĞ ǀŽůƵŵĞƐŽƌƌĞĨĞƌƌĂůƐ͘dŚĞƉƌŝŵĂƌLJĐŽŶƚƌŝďƵƚŝŽŶŽĨƚŚĞĂƚƚŝƚƵĚŝŶĂůĂƉƉƌŽĂĐŚŝƐĂĚĞĞƉĞƌ ĐŽŵƉƌĞŚĞŶƐŝŽŶŽĨƚŚĞĐŽŶƐƵŵĞƌͲďƌĂŶĚƌĞůĂƚŝŽŶƐŚŝƉĂŶĚƚŚĞĚƌŝǀĞƌƐďĞŚŝŶĚďƌĂŶĚůŽLJĂůƚLJ ;dĞŵĞƐƐĞŬΘdŽƵnjĂŶŝ͕ ϮϬϬϵͿ͘ƐDĂƐĐĂƌĞŶŚĂƐ Ğƚ Ăů͘ ;ϮϬϬϲͿ ĞdžƉůĂŝŶ͕ ĂƚƚŝƚƵĚŝŶĂů ůŽLJĂůƚLJ ŽĨƚĞŶŵĂŶŝĨĞƐƚƐĂƐĂŶŽŶŐŽŝŶŐƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚĂďƌĂŶĚ͘/ŶĂĚĚŝƚŝŽŶ͕ŝŶƚŚĞŝƌĂƌƚŝĐůĞ͕,Ƶƌ ĞƚĂů͘;ϮϬϭϭͿĞdžĂŵŝŶĞƚŚĞůŝŶŬďĞƚǁĞĞŶďƌĂŶĚůŽLJĂůƚLJĂŶĚďƌĂŶĚĐŽŵŵƵŶŝƚŝĞƐ͘dŚĞLJĂƌŐƵĞ ƚŚĂƚďƌĂŶĚĐŽŵŵƵŶŝƚŝĞƐĞŶĂďůĞĐƵƐƚŽŵĞƌƐƚŽďĞŝŶǀŽůǀĞĚĂŶĚŝŶƚĞƌĂĐƚǁŝƚŚĞĂĐŚŽƚŚĞƌ͕  ƚŚƵƐ ƌĞŝŶĨŽƌĐŝŶŐ ďƌĂŶĚ ůŽLJĂůƚLJ͘ ĐĐŽƌĚŝŶŐ ƚŽ <ŚĂ ;ϮϬϬϴͿ͕ǁĂLJƐ ƚŽŵĞĂƐƵƌĞ ĂƚƚŝƚƵĚŝŶĂů ůŽLJĂůƚLJ ŝƐ ďLJ ƉƵƌĐŚĂƐĞ ŝŶƚĞŶƚŝŽŶ͕ ƉƌĞĨĞƌĞŶĐĞ͕ ǁŝůůŝŶŐŶĞƐƐ ƚŽ ƌĞĐŽŵŵĞŶĚ ĂŶĚ ƐƵƉƉůŝĞƌ ƉƌŝŽƌŝƚŝƐĂƚŝŽŶ͘ ϭϲ dŚĞ ĂƚƚŝƚƵĚŝŶĂů ĂƉƉƌŽĂĐŚ ĐĂŶ ĂůƐŽ ďĞ ǀŝĞǁĞĚ ƚŚƌŽƵŐŚ Ă ĐƌŝƚŝĐĂů ůĞŶƐ͘ &ŝƌƐƚůLJ͕  Ă ůĂƚĞŶƚ ƉŽƐŝƚŝǀĞĂƚƚŝƚƵĚĞĚŽĞƐŶŽƚĂůǁĂLJƐ ƚƌĂŶƐůĂƚĞ ŝŶƚŽĂƉƵƌĐŚĂƐĞ ŝŶƚĞŶƚŝŽŶŽƌ ƚƌĂŶƐůĂƚĞ ŝŶƚŽ ƌĞƉĞĂƚƉƵƌĐŚĂƐĞƐŽƌƌĞĨĞƌƌĂůƐ;WĂĂǀŽůĂ͕ϮϬϬϲͿ͘WĂĂǀŽůĂŐŽĞƐŽŶƚŽƐƚĂƚĞƚŚĂƚƚŚĞƌĞŵĂLJ ďĞ ďĂƌƌŝĞƌƐ ƚŽ ƉƵƌĐŚĂƐĞ͕ ƐƵĐŚ ĂƐ ƚŚĞ ĐŽŶƐƵŵĞƌ Ɛ͛ ĨŝŶĂŶĐŝĂů ƐŝƚƵĂƚŝŽŶ͕ Žƌ ƚŚĞ ƉŽŽƌ ĂǀĂŝůĂďŝůŝƚLJ ŽĨ ƚŚĞƉƌĞĨĞƌƌĞĚďƌĂŶĚ͘ dŚĞ ĂƵƚŚŽƌƋƵĞƐƚŝŽŶƐǁŚĞƚŚĞƌ Ă ƉŽƐŝƚŝǀĞ ĂƚƚŝƚƵĚĞ ĂůŽŶĞŝƐƐƵĨĨŝĐŝĞŶƚƚŽĞdžƉƌĞƐƐůŽLJĂůƚLJ͘ĐĐŽƌĚŝŶŐƚŽĂĐŬĂŶĚWĂƌŬƐ;ϮϬϬϯͿ͕ďƌĂŶĚůŽLJĂůƚLJ ĐĂŶŶŽƚďĞĞdžĂŵŝŶĞĚƐŽůĞůLJďLJďĞŚĂǀŝŽƵƌĂůŽƌĂƚƚŝƚƵĚŝŶĂůŵĞƚƌŝĐƐ͘dŚĞLJŚŝŐŚůŝŐŚƚƚŚĞŶĞĞĚ͕ ĞdžƉƌĞƐƐĞĚŝŶƉƌĞǀŝŽƵƐƌĞƐĞĂƌĐŚ͕ƚŽŝŶƚĞŐƌĂƚĞƚŚĞƐĞĂƉƉƌŽĂĐŚĞƐŝŶƚŽŽŶĞĐŽŶƐƚƌƵĐƚ͘ 2.1.3 ŽŶŶĞĐƚŝŶŐďĞŚĂǀŝŽƵƌĂůĂŶĚĂƚƚŝƚƵĚŝŶĂůůŽLJĂůƚLJ /Ŷ ƚŚĞŝƌ ĂƌƚŝĐůĞĂůĚŝŶŐĞƌ ĂŶĚZƵďŝŶƐŽŶ ;ϭϵϵϲͿ ƉƌĞƐĞŶƚ ĂŵŽĚĞů ĨŽƌ ƚŚĞ ƐŝŵƵůƚĂŶĞŽƵƐ ŵĞĂƐƵƌĞŵĞŶƚŽĨďĞŚĂǀŝŽƵƌĂŶĚĂƚƚŝƚƵĚĞƐƚŽĂƐƐĞƐƐůŽLJĂůƚLJ͘dŚĞŵŽĚĞůŽƌŝŐŝŶĂƚĞĚĨƌŽŵ ƚŚĞ ǀŝĞǁƉŽŝŶƚ ƚŚĂƚ ƌĞƐĞĂƌĐŚĞƌƐ ƚƌĞĂƚĞĚ ďĞŚĂǀŝŽƵƌĂů ĂŶĚ ĂƚƚŝƚƵĚŝŶĂů ĚĂƚĂ ĂƐ ƐĞƉĂƌĂƚĞ͕ ǁŝƚŚŽƵƚĐŽŶƐŝĚĞƌŝŶŐƚŚĞĐŽŶŶĞĐƚŝŽŶďĞƚǁĞĞŶƚŚĞƚǁŽ͘dŚĞŵŽĚĞů Ɛ͛ďĂƐŝĐĂƐƐƵŵƉƚŝŽŶŝƐ ƚŚĂƚďĞŚĂǀŝŽƵƌĂůůLJ ůŽLJĂůĐƵƐƚŽŵĞƌƐĂƌĞƉƌĞĚŝĐƚĞĚƚŽĂƐƐĞƐƐƚŚĞďƌĂŶĚƚŚĞLJĂƌĞ ůŽLJĂůƚŽ ƐŝŐŶŝĨŝĐĂŶƚůLJ ŵŽƌĞ ĨĂǀŽƵƌĂďůLJ ƚŚĂŶ ďƌĂŶĚƐ ƚŚĞLJ ŶĞǀĞƌ Žƌ ƐĞůĚŽŵ ďƵLJ ;ĂůĚŝŶŐĞƌ Θ ZƵďŝŶƐŽŶ͕ϭϵϵϲͿ͘^ƵĐŚĐƵƐƚŽŵĞƌƐŚĂǀĞďĞĞŶůĂďĞůůĞĚ͞ƌĞĂůůŽLJĂůƐ͘͟  /ŶĐŽŶƚƌĂƐƚ͕ůŽLJĂůĐƵƐƚŽŵĞƌƐǁŚŽĂƌĞŶŽƚůŽLJĂůŝŶĂƚƚŝƚƵĚĞĂƌĞŝĚĞŶƚŝĨŝĞĚĂƐ͞ǀƵůŶĞƌĂďůĞ͟ ŝŶƚŚĞĂůĚŝŶŐĞƌĂŶĚZƵďŝŶƐŽŶ;ϭϵϵϲͿŵŽĚĞů͘dŚĞŶĂŐĂŝŶ͕Ă͞ǀƵůŶĞƌĂďůĞ͟ĐƵƐƚŽŵĞƌǁŚŽ ĂůƐŽƐŚŽǁƐĂƉŽƐŝƚŝǀĞĂƚƚŝƚƵĚĞƚŽǁĂƌĚƐĂĐŽŵƉĞƚŝƚŽƌďƌĂŶĚŝƐĐĂůůĞĚ͞ƉƌŝŵĞƉƌŽƐƉĞĐƚ͟ĨŽƌ ƚŚĂƚĐŽŵƉĞƚŝƚŽƌďƌĂŶĚŝŶƚŚĞŵŽĚĞů͘ZĞĂůůŽLJĂůƐĂƌĞƚŚŽƵŐŚƚƚŽƌĞŵĂŝŶůŽLJĂůĨŽƌĂůŽŶŐĞƌ ƉĞƌŝŽĚŽĨƚŝŵĞƚŚĂŶǀƵůŶĞƌĂďůĞƐ͘ĚĚŝƚŝŽŶĂůůLJ͕ ƉƌŝŵĞƉƌŽƐƉĞĐƚƐĂƌĞďĞůŝĞǀĞĚƚŽĐŽŶǀĞƌƚĂƚ ŐƌĞĂƚĞƌƌĂƚĞƐĂŶĚĞǀĞŶƚƵĂůůLJĚĞǀĞůŽƉŚŝŐŚďƌĂŶĚůŽLJĂůƚLJ͕ ƉŽƐƐŝďůLJƚŽĂĐŽŵƉĞƚŝƚŽƌďƌĂŶĚ͘ ĐĐŽƌĚŝŶŐƚŽƚŚĞĂůĚŝŶŐĞƌĂŶĚZƵďŝŶƐŽŶ;ϭϵϵϲͿŵŽĚĞů͕ƚŚĞ͞ƌĞĂůůŽLJĂůƐ͟ĂƌĞĐƵƐƚŽŵĞƌƐ ǁŚŽĞdžŚŝďŝƚďŽƚŚďĞŚĂǀŝŽƵƌĂůĂŶĚĂƚƚŝƚƵĚŝŶĂůŚŝŐŚůĞǀĞůƐŽĨůŽLJĂůƚLJ͕ ĐƌĞĂƚŝŶŐƚŚĞďƌĂŶĚ Ɛ͛ ĐŽƌĞŽĨůŽLJĂůĐƵƐƚŽŵĞƌƐ͘ ϭϳ ƚƚŝƚƵĚŝŶĂů >ŽLJĂůƚLJ >Žǁ DŽĚĞƌĂƚĞ ,ŝŐŚ >Žǁ WƌŽƐƉĞĐƚƐ ĐƚƵĂůͬ ĞŚĂǀŝŽƵƌĂů >ŽLJĂůƚLJ DŽĚĞƌĂƚĞ ,ŝŐŚ sƵůŶĞƌĂďůĞ ZĞĂů>ŽLJĂůƐ ;^ƚĂďŝůŝƚLJͿ &ŝŐƵƌĞϭ͘ĞŚĂǀŝŽƵƌͬƚƚŝƚƵĚĞDĂƚƌŝdž;ĚĂƉƚĞĚĨƌŽŵĂůĚŝŶŐĞƌĂŶĚZƵďŝŶƐŽŶ;ϭϵϵϲͿͿ͘ tŚĞŶĐŽŶƐŝĚĞƌŝŶŐǁĂLJƐ ƚŽƐƚƌĞŶŐƚŚĞŶďƌĂŶĚ ůŽLJĂůƚLJ͕ ĂĐŽŵƉĂŶLJĐĂŶĐŽŶƐŝĚĞƌ ŝƚƐŽǁŶ ƚĂƌŐĞƚŐƌŽƵƉƐĂŶĚĐƵƐƚŽŵĞƌƐƚŚƌŽƵŐŚƚŚŝƐŵŽĚĞů͘ĐĐŽƌĚŝŶŐƚŽĂůĚŝŶŐĞƌĂŶĚZƵďŝŶƐŽŶ ;ϭϵϵϲͿ͕ƚŚŝƐŝŵƉůŝĞƐƚŚĂƚƚŚĞƌĞŵƵƐƚďĞŵŽƌĞƉƌŽƐƉĞĐƚƐƚŚĂŶƚŚĞƌĞĂƌĞǀƵůŶĞƌĂďůĞƐ͘dŚĞ ŵĞĂƐƵƌĞƐ ƚŽ ĂĐŚŝĞǀĞ ƚŚŝƐ͕ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞŵ͕ ǀĂƌLJ ĞŶŽƌŵŽƵƐůLJ ĨƌŽŵ ĐŽŵƉĂŶLJ ƚŽ ĐŽŵƉĂŶLJ͖ ŝƚ ĐŽƵůĚďĞďƵŝůĚŝŶŐ ƌĞĂů ůŽLJĂůƚLJ͕ Žƌ ŝƚ ĐŽƵůĚďĞĚƌŝǀŝŶŐ ƚƌŝĂůĂŶĚĐŽŶǀĞƌƐŝŽŶ͘ ŝĨĨĞƌĞŶƚƚLJƉĞƐŽĨĐƵƐƚŽŵĞƌƐĞŐŵĞŶƚƐĐĂŶďĞĂƉƉƌŽĂĐŚĞĚƚŚƌŽƵŐŚĚŝĨĨĞƌĞŶƚŵĂƌŬĞƚŝŶŐ ĐŚĂŶŶĞůƐ͕ĂŶĚƚŚĞĨŽůůŽǁŝŶŐĐŚĂƉƚĞƌƐĚŝƐĐƵƐƐĂŶĞdžĂŵƉůĞŽĨƚŚŝƐ͕ĞŵĂŝůŵĂƌŬĞƚŝŶŐ͘ 2.2 ŵĂŝůŵĂƌŬĞƚŝŶŐ EŽƚŽŶůLJĂƌĞĞŵĂŝůƐƵƐĞĚĨŽƌƉƌŝǀĂƚĞĐŽƌƌĞƐƉŽŶĚĞŶĐĞ͕ďƵƚƚŚĞLJĂƌĞĂůƐŽƐĞŶƚŽƵƚŝŶůĂƌŐĞ ǀŽůƵŵĞƐ ĂƐ ŶĞǁƐůĞƚƚĞƌƐ ďLJ ŽƌŐĂŶŝƐĂƚŝŽŶƐ ĂŶĚďƵƐŝŶĞƐƐĞƐ ;>ƺĚĞƌƐ͕ ϮϬϬϴͿ͘,ƵĚĄŬĞƚ Ăů͘ ;ϮϬϭϳͿ ĚĞĨŝŶĞ ĞŵĂŝů ŵĂƌŬĞƚŝŶŐ ĂƐ ͞Ă ƚĂƌŐĞƚĞĚ ƐĞŶĚŝŶŐ ŽĨ ĐŽŵŵĞƌĐŝĂů ĂŶĚ ŶŽŶͲ ĐŽŵŵĞƌĐŝĂůŵĞƐƐĂŐĞƐ ƚŽĂĚĞƚĂŝůĞĚ ůŝƐƚŽĨ ƌĞĐĞŝǀĞƌƐ ƌĞƐƉĞĐƚŝǀĞůLJĞͲŵĂŝůĂĚĚƌĞƐƐĞƐ͟ ;Ɖ͘ ϯϰϮͿ͘/ŶzĂƐŵŝŶĞƚĂů͘;ϮϬϭϱͿĞŵĂŝůŵĂƌŬĞƚŝŶŐĚĞĨŝŶŝƚŝŽŶŝƚŝƐĂĚĚĞĚƚŚĂƚƚŚĞŵĞƐƐĂŐĞĐĂŶ ďĞƐĞŶƚƚŽĞŝƚŚĞƌ͞ĞdžŝƐƚŝŶŐŽƌƉŽƚĞŶƚŝĂůĐŽŶƐƵŵĞƌ͘͟ /ŶŽƚŚĞƌǁŽƌĚƐ͕ĞŵĂŝůŵĂƌŬĞƚŝŶŐŝƐĂ ϭϴ ŵĂƌŬĞƚŝŶŐƚŽŽůĂŶĚĐŚĂŶŶĞůĨŽƌ ŝŶĨŽƌŵŝŶŐƉŽƚĞŶƚŝĂůĐƵƐƚŽŵĞƌƐĂďŽƵƚƚŚĞƐĞƌǀŝĐĞƐĂŶĚ ƉƌŽĚƵĐƚƐĂǀĂŝůĂďůĞŽƌƚŽŐĞŶĞƌĂƚĞĂĚĚŝƚŝŽŶĂůƐĂůĞƐĨƌŽŵĞdžŝƐƚŝŶŐĐƵƐƚŽŵĞƌƐ;<ŽŵƵůĂŝŶĞŶ͕ ϮϬϮϯͿ͘ ĐĐŽƌĚŝŶŐ ƚŽ :ĞƐŚƵƌƵŶ ;ϮϬϭϴͿ͕ ŵĂƌŬĞƚŝŶŐ ĞŵĂŝůƐ ŵĂLJ ǀĂƌLJ ŝŶ ĨŽƌŵĂƚ͕ ĐŽŶƚĞŶƚ ĂŶĚ ĨƌĞƋƵĞŶĐLJ͕  ŚĞŶĐĞ ĞŵĂŝů ĐĂŶ ďĞ ƐĞĞŶ ĂƐ Ă ƚƌƵůLJ ǀĞƌƐĂƚŝůĞ ŵĞĚŝƵŵ͘ dŚĞ ĐŽŶƚĞŶƚ ŽĨ ŵĂƌŬĞƚŝŶŐĞŵĂŝůƐŝŶǀŽůǀĞƐĂŶƵŵďĞƌŽĨĨĂĐƚŽƌƐ;,ĂƌƚĞŵŽ͕ϮϬϮϯͿƚŚĂƚŵĂƌŬĞƚĞƌƐŚĂǀĞĂŶ ŝŶƚĞƌĞƐƚ ŝŶ ŽƉƚŝŵŝƐŝŶŐ ĂŶĚ ƚĂŝůŽƌŝŶŐ ;,ĂŶŶĂ Ğƚ Ăů͕͘ ϮϬϭϱͿ͘ ,ĂƌƚĞŵŽ ;ϮϬϮϯ͖ ƐĞĞ ĂůƐŽ ,ĂƌƚĞŵŽĞƚĂů͕͘ϮϬϭϲͿŐŽĞƐŽŶƚŽƐƚĂƚĞƚŚĂƚƚŚĞƐĞ ŝŶĐůƵĚĞƚŚĞƐƵďũĞĐƚ ůŝŶĞĂŶĚƚĞdžƚƵĂů ĐŽŶƚĞŶƚ ŽĨ ƚŚĞ ĞŵĂŝů͕ ǁŚŝĐŚ ƚLJƉŝĐĂůůLJ ĐŚĂŶŐĞ ďĞƚǁĞĞŶ ĞŵĂŝůƐ͕ ĂƐǁĞůů ĂƐ ƚŚĞ ƐĞŶĚĞƌ͕  ĨŽƌŵĂƚĂŶĚůĂLJŽƵƚ͕ǁŚŝĐŚĂƌĞŽĨƚĞŶŵŽƌĞĨŝdžĞĚ͘/ŶĂĚĚŝƚŝŽŶƚŽƚŚĞƐĞ͕,ĂŶŶĂĞƚĂů͘;ϮϬϭϱͿ ŵĞŶƚŝŽŶƚŚĞƐĞŶĚŝŶŐƚŝŵĞŽĨƚŚĞĞŵĂŝů͕ƚŚĞďŽĚLJŽĨƚŚĞĞŵĂŝů͕ĂĐĂůůƚŽĂĐƚŝŽŶ͕ƐƵĐŚĂƐĂ ͞ĐůŝĐŬŚĞƌĞƚŽďƵLJ͕͟ ĂŶĚƚŚĞĨŽŽƚĞƌ͕ ǁŚŝĐŚŽĨƚĞŶĐŽŶƚĂŝŶƐƚŚĞƐŽͲĐĂůůĞĚĨŝŶĞƉƌŝŶƚ͕ƐƵĐŚĂƐ ŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞĐŽŵƉĂŶLJĂŶĚƚŚĞŽƉƚŝŽŶƚŽƵŶƐƵďƐĐƌŝďĞĨƌŽŵƚŚĞŶĞǁƐůĞƚƚĞƌ͘ ĐĐŽƌĚŝŶŐƚŽĂ^ƉŝůŬĞƌͲƚƚŝŐĂŶĚƌĞƚƚĞů;ϮϬϭϬͿĂƌƚŝĐůĞ͕ĞŵĂŝůŵĂƌŬĞƚŝŶŐŚĂƐĨĞĂƚƵƌĞƐŽĨ ďŽƚŚƉƵƐŚ ĂŶĚƉƵůůŵĂƌŬĞƚŝŶŐ͘ dŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶ ƚŚĞƐĞŽƵƚďŽƵŶĚĂŶĚ ŝŶďŽƵŶĚ ŵĂƌŬĞƚŝŶŐĂƐƉĞĐƚƐ͕ĂĐĐŽƌĚŝŶŐƚŽƚŚĞŵ͕ ŝƐǁŚĞƚŚĞƌƚŚĞĐƵƐƚŽŵĞƌŚĂƐƐƵďƐĐƌŝďĞĚƚŽƚŚĞ ĐŽŵƉĂŶLJ Ɛ͛ŶĞǁƐůĞƚƚĞƌ͘ dŚŝƐƉŚĞŶŽŵĞŶŽŶĐĂŶĂůƐŽďĞ ƌĞĨĞƌƌĞĚ ƚŽĂƐƉĞƌŵŝƐƐŝŽŶͲďĂƐĞĚ ĞŵĂŝůŵĂƌŬĞƚŝŶŐ;Ğ͘Ő͘DĂƌƚŝŶĞƚĂů͕͘ϮϬϬϯͿ͘dŚĞĂƵƚŚŽƌƐŐŽŽŶƚŽƐƚĂƚĞƚŚĂƚ͞ƉĞƌŵŝƐƐŝŽŶͲ ďĂƐĞĚ ĞŵĂŝůƐ ĂƌĞ ƉŽǁĞƌĨƵů ďĞĐĂƵƐĞ ďLJ ƐŝŐŶŝŶŐ ƵƉ ƚŽ ĂŶ ĞŵĂŝů ůŝƐƚ͕ ƚŚĞ ĐŽŶƐƵŵĞƌ ŝƐ ƌĞƋƵĞƐƚŝŶŐƚŚĞŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵƚŚĞĂĚǀĞƌƚŝƐĞƌƌĂƚŚĞƌƚŚĂŶƐŝŵƉůLJďĞŝŶŐĞdžƉŽƐĞĚƚŽŝƚ͟ ;Ɖ͘ ϮϵϰͿ͘ ,ƐŝŶ ŚĂŶŐ Ğƚ Ăů͘ ;ϮϬϭϯͿ ĚŝƐĐƵƐƐ ŝŶ ƚŚĞŝƌ ĂƌƚŝĐůĞ ƚŚĞ ĚŝĨĨĞƌĞŶĐĞƐ ďĞƚǁĞĞŶ ƉĞƌŵŝƐƐŝŽŶͲďĂƐĞĚĂŶĚƐŽͲĐĂůůĞĚ͞ƐƉĂŵ͟ĞŵĂŝůƐ͘^ƉĂŵŝƐĂůƐŽŬŶŽǁŶĂƐƵŶƐŽůŝĐŝƚĞĚĞŵĂŝů ŵĂƌŬĞƚŝŶŐ;DĂƌƚŝŶĞƚĂů͕͘ϮϬϬϯͿ͘tŚĞƌĞĂƐƐƉĂŵĐƌĞĂƚĞƐŝŶƚĞƌƌƵƉƚŝŽŶƐĂŶĚƚŽƐŽŵĞĞdžƚĞŶƚ ŶĞŐĂƚŝǀĞ ĂƐƐŽĐŝĂƚŝŽŶƐ͕ ƉĞƌŵŝƐƐŝŽŶͲďĂƐĞĚ ŵĂƌŬĞƚŝŶŐ ŝƐ ƉĞƌĐĞŝǀĞĚ ĂƐ Ă ƉĞƌŵŝƚƚĞĚ ĂŶĚ ĂĐĐĞƉƚĂďůĞŝŶĨůƵĞŶĐĞƌŽŶƚŚĞƌĞĂĚĞƌ Ɛ͛ĂƚƚŝƚƵĚĞƐ;,ƐŝŶŚĂŶŐĞƚĂů͕͘ϮϬϭϯͿ͘ ϭϵ dLJƉĞ KŶĞͲƚŝŵĞ ĐĂŵƉĂŝŐŶƐ ƵƚŽŵĂƚĞĚ ƐĞƋƵĞŶĐĞƐ EĞǁƐůĞƚƚĞƌƐ &Žƌŵ WƵƐŚĞŵĂŝůƐ DĂƌŬĞƚŝŶŐĨƵŶŶĞů ZĞŐƵůĂƌ͕  ŝŶĨŽƌŵĂƚŝŽŶĂů ƵĚŝĞŶĐĞ DĂƐƐ ĚŝƐƚƌŝďƵƚŝŽŶ /ŶƌĞƐƉŽŶƐĞƚŽĂŶ ĞǀĞŶƚŽƌĂĐƚŝŽŶ EĞǁƐůĞƚƚĞƌ ƐƵďƐĐƌŝďĞƌƐ ŽŶƚĞŶƚ ĞdžĂŵƉůĞƐ ŝƐĐŽƵŶƚƐ͕ ŽĨĨĞƌƐ͕ƉƌŽĚƵĐƚ ůĂƵŶĐŚĞƐ ďĂŶĚŽŶĞĚĐĂƌƚ ĨƵŶŶĞů͕ǁĞůĐŽŵĞ ĨƵŶŶĞů ŶƚĞƌƚĂŝŶŵĞŶƚ͕ ŝŶƚĞƌĂĐƚŝŽŶ͕ ŝŶĨŽƌŵĂƚŝŽŶ &ŝŐƵƌĞ Ϯ͘ dŚƌĞĞ ƉƌŝŵĂƌLJ ƚLJƉĞƐ ŽĨ ĞŵĂŝůŵĂƌŬĞƚŝŶŐŵĞƐƐĂŐĞƐ ;ĚĂƉƚĞĚ ĨƌŽŵ'ƵŶĞůŝƵƐ ;ϮϬϭϴͿ͖,ĂŶŶĂĞƚĂů͘;ϮϬϭϱͿ͖<ƵŵĂƌ;ϮϬϮϭͿͿ͘ DĂƌŬĞƚĞƌƐ͛ĂƉƉƌŽĂĐŚĞƐƚŽƐĞŶĚŝŶŐŵĂƌŬĞƚŝŶŐĞŵĂŝůƐĐĂŶďĞƌŽƵŐŚůLJĚŝǀŝĚĞĚŝŶƚŽƚŚƌĞĞ͗ ͞ŽŶĞͲƚŝŵĞĐĂŵƉĂŝŐŶƐ͕ĂƵƚŽŵĂƚĞĚƐĞƋƵĞŶĐĞƐ͕ŽƌŶĞǁƐůĞƚƚĞƌƐ͟;'ƵŶĞůŝƵƐ͕ϮϬϭϴ͕Ɖ͘ϭϲϰͿ͘ KŶĞͲƚŝŵĞ ĐĂŵƉĂŝŐŶƐ͕ Žƌ ƉƵƐŚ ĞŵĂŝůƐ͕ ĂƌĞ ƐĞŶƚ ĚŝƌĞĐƚůLJ ƚŽ ĐƵƐƚŽŵĞƌƐ ŝŶ ĂŵŽƌĞŵĂƐƐ ĚŝƐƚƌŝďƵƚŝŽŶŵĂŶŶĞƌ;,ĂŶŶĂĞƚĂů͕͘ϮϬϭϱͿ͘dŚĞĂƵƚŚŽƌƐŐŽŽŶƚŽƐƚĂƚĞƚŚĂƚĐŽŵŵŽŶƵƐĞƐ ĨŽƌĞŵĂŝůƐŝŶƚŚŝƐĐĂƚĞŐŽƌLJŝŶĐůƵĚĞĚŝƐĐŽƵŶƚƐĂŶĚŽĨĨĞƌƐ͕ŶĞǁƉƌŽĚƵĐƚůĂƵŶĐŚĞƐ͕ƉƌŽĚƵĐƚ ƵƉĚĂƚĞƐĂŶĚĂǁĂƌĞŶĞƐƐďƵŝůĚŝŶŐ͘ĐĐŽƌĚŝŶŐƚŽ'ƵŶĞůŝƵƐ;ϮϬϭϴͿ͕ĂŽŶĞͲƚŝŵĞĐĂŵƉĂŝŐŶĐĂŶ ĂůƐŽ ďĞ ŝŶĨŽƌŵĂƚŝŽŶĂů ŝŶƐƚĞĂĚ ŽĨ Ă ƉƌŽŵŽƚŝŽŶĂů ŽŶĞ͕ ŝŶ ǁŚŝĐŚ ĐĂƐĞ ƚŚĞ ĞŵĂŝů ǁŽƵůĚ ĐŽŶƚĂŝŶ ǀĂůƵĂďůĞ ĂŶĚ ƌĞůĞǀĂŶƚ ĐŽŶƚĞŶƚ ŝŶ ŽƌĚĞƌ ƚŽďƵŝůĚ Ă ĐŽŶŶĞĐƚŝŽŶǁŝƚŚ ƌĞĐĞŝǀĞƌƐ͕ ůĞĂĚŝŶŐƚŽďƌĂŶĚƚƌƵƐƚ͕ƉƵƌĐŚĂƐŝŶŐ͕ĂŶĚĞǀĞŶƚƵĂůůLJďƌĂŶĚůŽLJĂůƚLJ͘,ĂŶŶĂĞƚĂů͘;ϮϬϭϱͿƐƚĂƚĞ ƚŚĂƚƚŚĞĐŽŶƚĞŶƚŽĨƚŚĞĞŵĂŝůƐǀĂƌŝĞƐĚĞƉĞŶĚŝŶŐŽŶǁŚĞƚŚĞƌƚŚĞĂŝŵŝƐƚŽĐŽŶǀĞƌƚŶĞǁ ĐƵƐƚŽŵĞƌƐŽƌƌĞƚĂŝŶĞdžŝƐƚŝŶŐŽŶĞƐ͘ dŚƌŽƵŐŚĂŶŽƚŚĞƌĂƉƉƌŽĂĐŚ͕ĂƵƚŽŵĂƚĞĚƐĞƋƵĞŶĐĞƐ͕ŵĞƐƐĂŐĞƐĂƌĞƐĞŶƚĂƵƚŽŵĂƚŝĐĂůůLJŝŶ ƌĞƐƉŽŶƐĞƚŽĂŶĞǀĞŶƚŽƌĂĐƚŝŽŶ;,ĂŶŶĂĞƚĂů͕͘ϮϬϭϱͿ͘dŚĞĂƵƚŽŵĂƚĞĚƐĞƋƵĞŶĐĞƐĂƉƉƌŽĂĐŚ ŝƐĂůƐŽŬŶŽǁŶĂƐƚŚĞĞŵĂŝůŵĂƌŬĞƚŝŶŐĨƵŶŶĞů;'ƵŶĞůŝƵƐ͕ϮϬϭϴͿ͘dŚĞĂƵƚŚŽƌƐƵŵŵĂƌŝƐĞƐ ƚŚĞĨƵŶŶĞůƐ͛ƌŽůĞŝŶƚŚƌĞĞƚLJƉĞƐ͗ĐŽŶǀĞƌƐŝŽŶ͕ŶƵƌƚƵƌŝŶŐĂŶĚĂĐƋƵŝƐŝƚŝŽŶ͘,ĂŶŶĂĞƚĂů͘;ϮϬϭϱͿ ϮϬ ŐŽŽŶƚŽƐƚĂƚĞƚŚĂƚǁŚĞŶĂƉƌĞĚĞĨŝŶĞĚƌĞƋƵŝƌĞŵĞŶƚďLJƚŚĞŵĂƌŬĞƚĞƌ͕ ƐƵĐŚĂƐĂƐƉĞĐŝĨŝĐ ĂĐƚŝŽŶ͕ŝƐŵĞƚ͕ƚŚĞƚƌŝŐŐĞƌŝƐĂĐƚŝǀĂƚĞĚĂŶĚĂŶĂƵƚŽŵĂƚŝĐŵĞƐƐĂŐĞŝƐƐĞŶƚƚŽƚŚĞƌĞĐŝƉŝĞŶƚ͘ ŶĞdžĂŵƉůĞŽĨĂŶĂĐƚŝǀŝƚLJƚŚĂƚĐĂŶďĞƵƐĞĚĂƐĂďĂƐŝƐĨŽƌĂƵƚŽŵĂƚĞĚĞŵĂŝůŵĂƌŬĞƚŝŶŐŝƐ ƚŚĞƐŽͲĐĂůůĞĚ͞ĂďĂŶĚŽŶĞĚĐĂƌƚ͕͟ ŝ͘Ğ͘ĂƐŝƚƵĂƚŝŽŶǁŚĞƌĞĂƵƐĞƌƐƚĂƌƚƐƚŚĞŽƌĚĞƌƉƌŽĐĞƐƐďƵƚ ĚŽĞƐŶŽƚĐŽŵƉůĞƚĞŝƚ;'ƵŶĞůŝƵƐ͕ϮϬϭϴͿ͘ŶŽƚŚĞƌĐŽŵŵŽŶĞdžĂŵƉůĞŵĞŶƚŝŽŶĞĚŝƐƚŚĞƐŽͲ ĐĂůůĞĚǁĞůĐŽŵĞĨƵŶŶĞů͕ǁŚŝĐŚŝƐƚƌŝŐŐĞƌĞĚǁŚĞŶĂƵƐĞƌƐƵďƐĐƌŝďĞƐƚŽĂŶĞǁƐůĞƚƚĞƌůŝƐƚ͘ dŚĞ ƚŚŝƌĚ ĂƉƉƌŽĂĐŚ͕ ŶĞǁƐůĞƚƚĞƌƐ͕ ŝƐ ŵĂŝŶůLJ͕  ĂůƚŚŽƵŐŚ ŶŽƚ ĞŶƚŝƌĞůLJ͕  ĚĞĚŝĐĂƚĞĚ ƚŽ ŶŽŶͲ ƉƌŽŵŽƚŝŽŶĂůƉƵƌƉŽƐĞƐ;'ƵŶĞůŝƵƐ͕ϮϬϭϴͿ͘ĐĐŽƌĚŝŶŐƚŽ<ƵŵĂƌ;ϮϬϮϭͿ͕ĞŵĂŝůŶĞǁƐůĞƚƚĞƌƐ ĂƌĞƚLJƉŝĐĂůůLJƐĞŶƚŽƵƚƌĞŐƵůĂƌůLJ͕ ĨŽƌĞdžĂŵƉůĞĚĂŝůLJ͕ ǁĞĞŬůLJŽƌŵŽŶƚŚůLJ͕ ĚĞƉĞŶĚŝŶŐŽŶƚŚĞ ĐŽŵƉĂŶLJ͘ŵĂŝůŶĞǁƐůĞƚƚĞƌƐĂƌĞƵƐĞĚďLJĐŽŶƐƵŵĞƌƐĨŽƌĂǀĂƌŝĞƚLJŽĨƌĞĂƐŽŶƐ͕ ŝŶĐůƵĚŝŶŐ ĞŶƚĞƌƚĂŝŶŵĞŶƚ͕ ŝŶƚĞƌĂĐƚŝŽŶ͕ ŝŶĨŽƌŵĂƚŝŽŶ ƐĞĂƌĐŚŝŶŐ ĂŶĚ ƐŚŽƉƉŝŶŐ ;<ƵŵĂƌ͕  ϮϬϮϭͿ͘ /ƚ ŝƐ ǁŽƌƚŚ ŶŽƚŝŶŐ ƚŚĂƚ ŶĞǁƐůĞƚƚĞƌƐ ĐĂŶ ĐŽŶƚĂŝŶ ĐŽŶƚĞŶƚ ƚŚĂƚ ŝƐ ŶŽƚ ĞdžĐůƵƐŝǀĞůLJ ĂďŽƵƚ ƚŚĞ ĐŽŵƉĂŶLJŝƚƐĞůĨ͖ŝƚŝƐŵŽƌĞŝŵƉŽƌƚĂŶƚƚŽƉƌŝŽƌŝƚŝƐĞƚŚĞŶĞĞĚƐĂŶĚĚĞƐŝƌĞƐŽĨƚŚĞƌĞĐŝƉŝĞŶƚƐ͕ ĂŶĚƚŽƉƌŽǀŝĚĞƌĞůĞǀĂŶƚĂŶĚƵƐĞĨƵůĐŽŶƚĞŶƚ͕ƌĂƚŚĞƌƚŚĂŶƐŝŵƉůLJƐŚĂƌŝŶŐŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚ ƚŚĞĐŽŵƉĂŶLJ;'ƵŶĞůŝƵƐ͕ϮϬϭϴͿ͘ 2.2.1 ^ĞŐŵĞŶƚĂƚŝŽŶĂŶĚƉĞƌƐŽŶĂůŝƐĂƚŝŽŶ DŽƐƚŵĂƌŬĞƚŝŶŐĞĨĨŽƌƚƐŝŶǀŽůǀĞƐŽŵĞĨŽƌŵŽĨƐĞŐŵĞŶƚĂƚŝŽŶƉƌŽĐĞƐƐ͕ǁŚŝĐŚŝƐƉƌŝŵĂƌŝůLJ ƵƐĞĚƚŽůŽǁĞƌƚŚĞĐŽƐƚŽĨĂĐƚŝǀŝƚŝĞƐƚĂŬĞŶƚŽǁĂƌĚƐĐůŝĞŶƚƐƚŚĂƚĂƌĞŶŽƚŝŶƚĞƌĞƐƚĞĚŝŶĐĞƌƚĂŝŶ ŽĨĨĞƌƐ͕ǁŚŝůĞĂůƐŽŝŶĐƌĞĂƐŝŶŐƚŚĞĞĨĨŝĐĂĐLJŽĨƚŚĞĐĂŵƉĂŝŐŶ;aŝŶŬŽDŽƌĂŶĚŝŶŝΘŽďƌŝŶŝđ͕ ϮϬϭϴͿ͘dŚĞĂƵƚŚŽƌƐŐŽŽŶƚŽƐƚĂƚĞƚŚĂƚĞŵĂŝůŵĂƌŬĞƚŝŶŐĐĂŶďĞŶĞĨŝƚĨƌŽŵƐĞŐŵĞŶƚĂƚŝŽŶ ĂƐǁĞůů͖ďLJŝĚĞŶƚŝĨLJŝŶŐĂŶĚďƌĞĂŬŝŶŐĚŽǁŶĞŵĂŝůůŝƐƚƐŝŶƚŽƐŵĂůůĞƌŐƌŽƵƉƐ͕ŵŽƌĞƚĂƌŐĞƚĞĚ ĂŶĚ ƌĞůĞǀĂŶƚ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ĐĂŶ ďĞ ƐĞŶƚ ƚŽ ƚŚĞŵ͘ ĐĐŽƌĚŝŶŐ ƚŽ 'ƵŶĞůŝƵƐ ;ϮϬϭϴͿ͕ ƐĞŐŵĞŶƚĂƚŝŽŶŵĂLJďĞĐĂƌƌŝĞĚŽƵƚƵƐŝŶŐĂƌĂŶŐĞŽĨǀĂƌŝĂďůĞƐ͕ďĂƐĞĚŽŶƚŚĞĚĂƚĂƚŚĞĞŵĂŝů ƐƵďƐĐƌŝďĞƌƐŚĂǀĞƐŚĂƌĞĚ͕ ŝŶĐůƵĚŝŶŐĂŐĞ͕ŐĞŽŐƌĂƉŚLJ͕  ĚĂƚĞŽĨďŝƌƚŚ͕ĚĂƚĞŽĨŵŽƐƚ ƌĞĐĞŶƚ ƉƵƌĐŚĂƐĞ͕ĂŶĚƐŽŽŶ͘'ƵŶĞůŝƵƐ;ϮϬϭϴͿƐƚĂƚĞƐƚŚĂƚƉƌŽƉĞƌƐĞŐŵĞŶƚĂƚŝŽŶĐĂŶŚĞůƉŝŵƉƌŽǀĞ ĞŵĂŝůƉĞƌĨŽƌŵĂŶĐĞ ŝŶƚĞƌŵƐŽĨĐŽŶǀĞƌƐŝŽŶƐ͕ĐůŝĐŬƐĂŶĚŽƉĞŶƌĂƚĞƐ͕ĨŽƌĞdžĂŵƉůĞ͘dŚĞƐĞ ŵĞƚƌŝĐƐŽĨĞŵĂŝůŵĂƌŬĞƚŝŶŐƉĞƌĨŽƌŵĂŶĐĞĂƌĞĚŝƐĐƵƐƐĞĚŝŶƚŚĞůĂƚĞƌƐĞĐƚŝŽŶƐ͘ Ϯϭ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ƐĞŐŵĞŶƚĂƚŝŽŶ͕ ĂŶŽƚŚĞƌ ǁĂLJ ƚŽ ƐƚƌĞŶŐƚŚĞŶ ĞŵĂŝů ŵĂƌŬĞƚŝŶŐ ŝƐ ƚŚƌŽƵŐŚ ƉĞƌƐŽŶĂůŝƐĂƚŝŽŶ ;'ƵŶĞůŝƵƐ͕ ϮϬϭϴͿ͘ /Ŷ ĂŶ ŽŶůŝŶĞ ĂĚǀĞƌƚŝƐŝŶŐ ƌĞƐĞĂƌĐŚ ƐLJŶƚŚĞƐŝƐ͕ >ŝƵͲ dŚŽŵƉŬŝŶƐ ;ϮϬϭϵͿ ŚŝŐŚůŝŐŚƚƐ ŽŶůŝŶĞƉĞƌƐŽŶĂůŝƐĂƚŝŽŶ ĂƐ Ă ĐŽŶƐĞƋƵĞŶĐĞŽĨ ƚŚĞ ŐƌŽǁŝŶŐ ĚĞƐŝƌĞ ŽĨ ĐŽŵƉĂŶŝĞƐ ƚŽ ůĞǀĞƌĂŐĞ ƚŚĞ ĐŽŶĐĞƉƚ ŽĨ ΖŵŝĐƌŽͲƚĂƌŐĞƚŝŶŐΖ͘ Ɛ ŝŶĨŽƌŵĂƚŝŽŶ ƚĞĐŚŶŽůŽŐLJŚĂƐĚĞǀĞůŽƉĞĚ͕ďƵƐŝŶĞƐƐĞƐŚĂǀĞďĞĞŶĂďůĞƚŽůĞǀĞƌĂŐĞĐŽŶƐƵŵĞƌĚĂƚĂŝŶŶĞǁ ǁĂLJƐ ;Ğ͘Ő͘DŽŶƚŐŽŵĞƌLJΘ ^ŵŝƚŚ͕ ϮϬϬϵ͖ sĞƐĂŶĞŶ͕ ϮϬϬϳ͖tĂƚƚĂů Ğƚ Ăů͕͘ ϮϬϭϮͿ͕ ƐƵĐŚ ĂƐ ƚŚƌŽƵŐŚ ƉĞƌƐŽŶĂůŝƐŝŶŐ ŵĂƌŬĞƚŝŶŐ ŵĞƐƐĂŐĞƐ ;&ŽŶŐ͕ ϮϬϭϳͿ͘ džĂŵƉůĞƐ ŽĨ ƉĞƌƐŽŶĂůŝƐĞĚ ĐŽŶƚĞŶƚ ŝŶ ĞŵĂŝůŵĂƌŬĞƚŝŶŐ ĂƌĞ ĂĚĚŝŶŐ ƚŚĞ ƌĞĐŝƉŝĞŶƚ Ɛ͛ ŶĂŵĞ Žƌ ƉůĂĐĞ ŽĨǁŽƌŬ ŝŶ ƚŚĞ ŵĞƐƐĂŐĞ;^ĂŚŶŝĞƚĂů͕͘ϮϬϭϴͿǁŝƚŚƚŚĞŚĞůƉŽĨĂƵƚŽŵĂƚŝŽŶ;'ƵŶĞůŝƵƐ͕ϮϬϭϴͿ͘ŶŽƚŚĞƌǁĂLJ ƚŽƉĞƌƐŽŶĂůŝƐĞĞŵĂŝůŵĞƐƐĂŐĞƐŝƐƚŚƌŽƵŐŚǁŚĂƚŝƐŬŶŽǁŶĂƐĚLJŶĂŵŝĐĐŽŶƚĞŶƚ͕ǁŚĞƌĞƚŚĞ ĐŽŶƚĞŶƚŽĨĂŵĞƐƐĂŐĞĐĂŶďĞĐƵƐƚŽŵŝƐĞĚĨƌŽŵŽŶĞƌĞĐŝƉŝĞŶƚƚŽĂŶŽƚŚĞƌĚĞƉĞŶĚŝŶŐŽŶ ĐŚŽƐĞŶĨĂĐƚŽƌƐƐƵĐŚĂƐƚŚĞŝƌůŽĐĂƚŝŽŶ͕ŐĞŶĚĞƌ͕ ĚĂƚĞŽĨďŝƌƚŚŽƌĂŐĞ;'ƵŶĞůŝƵƐ͕ϮϬϭϴͿ͘ƚ ƚŚĞŝƌďĞƐƚ͕ƉĞƌƐŽŶĂůŝƐĂƚŝŽŶĂŶĚƚĂƌŐĞƚĞĚƉƌŽŵŽƚŝŽŶƐŚĞůƉĐŽŶƐƵŵĞƌƐĨŝŶĚƉƌŽĚƵĐƚƐƚŚĂƚ ĂƌĞƌĞůĞǀĂŶƚƚŽƚŚĞŵ;&ŽŶŐ͕ϮϬϭϳͿ͘ 2.2.2 ŵĂŝůŵĂƌŬĞƚŝŶŐŵĞƚƌŝĐƐ &ŽƌĂůŽŶŐƚŝŵĞ͕ĞŵĂŝůŵĂƌŬĞƚŝŶŐŚĂƐďĞĞŶƚŚĞƉƌŝŵĂƌLJƐŽƵƌĐĞŽĨƌĞǀĞŶƵĞĨŽƌŵĂƌŬĞƚĞƌƐ ƵƐŝŶŐŝŶƚĞƌĂĐƚŝǀĞŵĞĚŝĂĐŚĂŶŶĞůƐ;,ĂƌƚĞŵŽ͕ϮϬϮϯͿ͘ŵŽŶŐƚŚĞŵĂŝŶĂĚǀĂŶƚĂŐĞƐŽĨĞŵĂŝů ŵĂƌŬĞƚŝŶŐĂƌĞŝƚƐĐŽƐƚͲĞĨĨŝĐŝĞŶĐLJďƵƚĂůƐŽŝƚƐŵĞĂƐƵƌĂďŝůŝƚLJ͕ ǁŚŝĐŚĂůůŽǁƐĂĨĂŝƌůLJƉƌĞĐŝƐĞ ĂŶĚĂĐĐƵƌĂƚĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞƌĞƚƵƌŶŽŶŝŶǀĞƐƚŵĞŶƚ;,ĂŶŶĂĞƚĂů͕͘ϮϬϭϱͿ͘ĐĐŽƌĚŝŶŐ ƚŽŽŶĨƌĞƌĂŶĚƌğnjĞ;ϮϬϬϵͿ͕ĞŵĂŝůŵĂƌŬĞƚŝŶŐƉĞƌĨŽƌŵĂŶĐĞĐĂŶďĞŵĞĂƐƵƌĞĚďLJŽƉĞŶ ĂŶĚĐůŝĐŬͲƚŚƌŽƵŐŚƌĂƚĞƐ;dZ͕ĐůŝĐŬƐƉĞƌŽƉĞŶƐͿ͘dŚĞŽƉĞŶƌĂƚĞŝƐĐĂůĐƵůĂƚĞĚďLJĚŝǀŝĚŝŶŐ ƚŚĞŶƵŵďĞƌŽĨŽƉĞŶĞĚĞŵĂŝůƐďLJƚŚĞŶƵŵďĞƌŽĨĂůůĚĞůŝǀĞƌĞĚĞŵĂŝůƐ;,ĂŶŶĂĞƚĂů͕͘ϮϬϭϱͿ͘ /ŶƚŚĞϮϬϮϰďĞŶĐŚŵĂƌŬŝŶŐƌĞƉŽƌƚƐĨŽƌĞŵĂŝůŵĂƌŬĞƚŝŶŐƉůĂƚĨŽƌŵƐ͕ƚŚĞĂǀĞƌĂŐĞŽƉĞŶƌĂƚĞ ĨŽƌĂůůŝŶĚƵƐƚƌŝĞƐǁĂƐϯϵ͕ϳϰйĂĐĐŽƌĚŝŶŐƚŽ<ůĂǀŝLJŽ;ĂǀĞLJ͕ ϮϬϮϰͿĂŶĚϯϱ͕ϲϯйĂĐĐŽƌĚŝŶŐƚŽ DĂŝůĐŚŝŵƉ ;ϮϬϮϰͿ͘ůƚŚŽƵŐŚŽƉĞŶƌĂƚĞ ŝƐŽŶĞŽĨ ƚŚĞŵŽƐƚǁŝĚĞůLJƵƐĞĚŵĞĂƐƵƌĞƐ͕ ŝƚ ŝƐ ŶŽƚĞǁŽƌƚŚLJƚŚĂƚŝƚŝƐŶŽƚĂůǁĂLJƐĂďƐŽůƵƚĞůLJĂĐĐƵƌĂƚĞĚƵĞƚŽĂǀĂƌŝĞƚLJŽĨƚĞĐŚŶŝĐĂůƌĞĂƐŽŶƐ ;'ƵŶĞůŝƵƐ͕ϮϬϭϴ͖,ĂŶŶĂĞƚĂů͕͘ϮϬϭϱ͖,ĂƌƚĞŵŽ͕ϮϬϮϯͿ͘DĂƌŬĞƚĞƌƐĐĂŶŝŵƉƌŽǀĞƚŚĞŽƉĞŶ ϮϮ ƌĂƚĞƐŽĨŵĂƌŬĞƚŝŶŐĞŵĂŝůƐ͕ĨŽƌĞdžĂŵƉůĞďLJŵŽĚŝĨLJŝŶŐƚŚĞƐƵďũĞĐƚůŝŶĞŽƌƚĞƐƚŝŶŐĂĚŝĨĨĞƌĞŶƚ ƐĞŶĚŝŶŐƚŝŵĞ;'ƵŶĞůŝƵƐ͕ϮϬϭϴͿ͕ŽƌďLJƌĞǀŝĞǁŝŶŐƚŚĞƐĞŐŵĞŶƚĂƚŝŽŶŽĨƚŚĞŝƌŵĂŝůŝŶŐůŝƐƚ͗ĂƌĞ ƚŚĞĞŵĂŝůƐƐĞŶƚƌĞůĞǀĂŶƚƚŽƚŚĞƚĂƌŐĞƚĞĚĂƵĚŝĞŶĐĞ;,ĂŶŶĂĞƚĂů͕͘ϮϬϭϱͿ͍ ŶŽƚŚĞƌƌĞůĞǀĂŶƚŵĞƚƌŝĐ͕ƚŚĞĐůŝĐŬͲƚŚƌŽƵŐŚƌĂƚĞ͕ŝƐĐĂůĐƵůĂƚĞĚďLJĚŝǀŝĚŝŶŐƚŚĞĂŵŽƵŶƚŽĨ ĐůŝĐŬͲƚŚƌŽƵŐŚƐďLJĂůůĚĞůŝǀĞƌĞĚĞŵĂŝůƐ;,ĂŶŶĂĞƚĂů͕͘ϮϬϭϱͿ͘dŚĞĂƵƚŚŽƌƐŐŽŽŶƚŽƐƚĂƚĞ ƚŚĂƚĂĐůŝĐŬͲƚŚƌŽƵŐŚĐŽƵŶƚƐǁŚĞŶƚŚĞƌĞĐŝƉŝĞŶƚĐůŝĐŬƐŽŶĂďƵƚƚŽŶŽƌůŝŶŬŝŶƚŚĞĞŵĂŝůƚŚĞLJ ŚĂǀĞ ƌĞĐĞŝǀĞĚ͘ dŚĞ ĂďŽǀĞͲŵĞŶƚŝŽŶĞĚ ĞŵĂŝů ŵĂƌŬĞƚŝŶŐ ƉůĂƚĨŽƌŵƐ ϮϬϮϰ ƌĞƉŽƌƚƐ ĐŝƚĞĚ ĂǀĞƌĂŐĞ ĐůŝĐŬͲƚŚƌŽƵŐŚ ƌĂƚĞƐ ŽĨ ϭ͕ϰϳй ĂĐĐŽƌĚŝŶŐ ƚŽ <ůĂǀŝLJŽ ;ĂǀĞLJ͕  ϮϬϮϰͿ͕ ĂŶĚ Ϯ͕ϲϮй ĂĐĐŽƌĚŝŶŐƚŽDĂŝůĐŚŝŵƉ;ϮϬϮϰͿ͘tŚŝůĞĂƐƚƌŽŶŐŽƉĞŶƌĂƚĞĚĞƉĞŶĚƐůĂƌŐĞůLJŽŶƚŚĞŚĞĂĚůŝŶĞ͕ ƚŚĞ ĐůŝĐŬͲƚŚƌŽƵŐŚ ƌĂƚĞ ŝƐ ĂŶ ŝŶĚŝĐĂƚŽƌ ŽĨ ƚŚĞ ƌĞůĞǀĂŶĐĞ͕ ƵƐĞĨƵůŶĞƐƐ ĂŶĚ ĂƉƉĞĂů ŽĨ ƚŚĞ ĐŽŶƚĞŶƚƚŽ ƚŚĞ ƌĞĐŝƉŝĞŶƚ;'ƵŶĞůŝƵƐ͕ϮϬϭϴͿ͘ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞĂƵƚŚŽƌƐ͕ǁĂLJƐƚŽĞŶŚĂŶĐĞ ĐůŝĐŬͲƚŚƌŽƵŐŚ ƌĂƚĞƐ ŝŶĐůƵĚĞ ĨŽĐƵƐŝŶŐ ŽŶ ŝŵƉƌŽǀŝŶŐ ƚŚĞ ŽǀĞƌĂůů ĐŽŶƚĞŶƚ ĂŶĚ ĐůĂƌŝƚLJ ŽĨ ŵĞƐƐĂŐĞƐ͕ŽĨĨĞƌŝŶŐŵŽƌĞƌĞůĞǀĂŶƚƉƌŽŵŽƚŝŽŶƐ͕ŝŶĐƌĞĂƐŝŶŐƵƌŐĞŶĐLJ;ƐĞĞĂůƐŽ,ĂŶŶĂĞƚĂů͕͘ ϮϬϭϱͿĂŶĚƚĞƐƚŝŶŐƚŚĞƵƐĞŽĨ ŝŵĂŐĞƐĂŶĚǀŝĚĞŽ͕ĨŽƌĞdžĂŵƉůĞ͘ /ŶĂĚĚŝƚŝŽŶƚŽŽƉĞŶͲĂŶĚ ĐůŝĐŬͲƚŚƌŽƵŐŚƌĂƚĞƐ͕ŽƚŚĞƌŬĞLJĞŵĂŝůŵĂƌŬĞƚŝŶŐŵĞƚƌŝĐƐŝŶĐůƵĚĞĚĞůŝǀĞƌLJƌĂƚĞ͕ĐŽŶǀĞƌƐŝŽŶƐ͕ ĂǀĞƌĂŐĞŽƌĚĞƌǀĂůƵĞ͕ĂŶĚƵŶƐƵďƐĐƌŝďĞĂŶĚĐŽŵƉůĂŝŶƚƌĂƚĞƐ;,ĂŶŶĂĞƚĂů͕͘ϮϬϭϱͿ͘ 2.3 dŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽĨďƌĂŶĚůŽLJĂůƚLJĂŶĚĞŵĂŝůŵĂƌŬĞƚŝŶŐ /ŶƚŚŝƐĐŚĂƉƚĞƌ͕ ƚŚĞĂŝŵŝƐƚŽƐLJŶƚŚĞƐŝƐĞƚŚĞĞƐƐĞŶƚŝĂůƚŚĞŽƌĞƚŝĐĂůĐŽŶƐŝĚĞƌĂƚŝŽŶƐĨŽƌƚŚĞ ƉƌĞƐĞŶƚƐƚƵĚLJŝŶƚŽŽŶĞƚŚĞŽƌĞƚŝĐĂůĨƌĂŵĞǁŽƌŬ͘dŚĞĨƌĂŵĞǁŽƌŬŝƐǀŝƐƵĂůŝƐĞĚĂƚƚŚĞĞŶĚŽĨ ƚŚŝƐĐŚĂƉƚĞƌ͘ dŚĞƌŽůĞŽĨĂĐƚŝǀĞďƌĂŶĚĐŽŵŵƵŶŝĐĂƚŝŽŶŝŶĐƌĞĂƚŝŶŐĂŶĚƐƚƌĞŶŐƚŚĞŶŝŶŐďƌĂŶĚůŽLJĂůƚLJŝƐ ǁŝĚĞůLJƌĞĐŽŐŶŝƐĞĚŝŶďƌĂŶĚůŝƚĞƌĂƚƵƌĞ;DĞƌŝƐĂǀŽΘZĂƵůĂƐ͕ϮϬϬϰͿ͘/ŶƚŚĞŝƌĂƌƚŝĐůĞŽŶƵƐŝŶŐ ĞŵĂŝůƚŽĞŶŚĂŶĐĞďƌĂŶĚůŽLJĂůƚLJ͕ DĞƌŝƐĂǀŽĂŶĚZĂƵůĂƐ;ϮϬϬϰͿŵĞŶƚŝŽŶƚŚĂƚĂĐĐŽƌĚŝŶŐƚŽ ĐŽŶƐƵŵĞƌ ďĞŚĂǀŝŽƵƌ ĂŶĚ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ƚŚĞŽƌŝĞƐ͕ ĐŽŶƐƵŵĞƌƐ ǁŚŽ ƉƌĞĨĞƌ Ă ĐĞƌƚĂŝŶ ďƌĂŶĚĂƌĞŵŽƌĞǁŝůůŝŶŐƚŽďŽƚŚƐĞĂƌĐŚĨŽƌĂŶĚƌĞĐĞŝǀĞŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚŝƚ͘dŚĞĂƵƚŚŽƌƐ ŐŽŽŶƚŽĐŝƚĞďƌĂŶĚƚŚĞŽƌŝĞƐ͗ƌĞŐƵůĂƌĐŽŵŵƵŶŝĐĂƚŝŽŶǁŝƚŚƚŚĞĐŽŶƐƵŵĞƌŝƐĞŶĐŽƵƌĂŐĞĚ͕ Ϯϯ ĂƐŝƚĐƌĞĂƚĞƐǀĂůƵĞĨŽƌƚŚĞĐŽŶƐƵŵĞƌďLJƉƌŽǀŝĚŝŶŐƌĞůĞǀĂŶƚŝŶĨŽƌŵĂƚŝŽŶĂŶĚƐŝŵƉůŝĨLJŝŶŐ ƚŚĞŝƌŝŶĨŽƌŵĂƚŝŽŶƐĞĂƌĐŚĞƐ͘/ƚŝƐĂŶŽƉƉŽƌƚƵŶŝƚLJƚŽƐƚƌĞŶŐƚŚĞŶďƌĂŶĚůŽLJĂůƚLJ͕ ĂƐĐŽŶƐƵŵĞƌƐ ǀĂůƵĞ ŽŶŐŽŝŶŐ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ĨƌŽŵ ďƌĂŶĚƐ͘ DĞƌŝƐĂǀŽ ĂŶĚ ZĂƵůĂƐ ĐŽŶĐůƵĚĞ ƚŚĂƚ ŵĂƌŬĞƚĞƌƐŵĂLJďĞĂďůĞƚŽŵĂŝŶƚĂŝŶƚŚĞŝƌĐƵƐƚŽŵĞƌƐ͛ŝŶƚĞƌĞƐƚŝŶƚŚĞďƌĂŶĚǀŝĂĐŽŶƐŝƐƚĞŶƚ ĞŵĂŝůĐŽŵŵƵŶŝĐĂƚŝŽŶǁŝƚŚƌĞůĞǀĂŶƚŝŶĨŽƌŵĂƚŝŽŶ͘ ĂƐĞƐĞƚĂů͘;ϮϬϭϬͿƌĞĐŽŐŶŝƐĞĞŵĂŝůĂƐĂƉŽƚĞŶƚŝĂůƚŽŽůĨŽƌŐĞŶĞƌĂƚŝŶŐůŽLJĂůƚLJĂƐǁĞůů͘dŚĞLJ ĂƌŐƵĞ ƚŚĂƚ ŝƚ ŝƐ ŝŶĐƌĞĂƐŝŶŐůLJ ŝŵƉŽƌƚĂŶƚ ƚŽ ƵŶĚĞƌƐƚĂŶĚ ŚŽǁ ĞŵĂŝů ĐĂŵƉĂŝŐŶƐ ĂĨĨĞĐƚ ĐƵƐƚŽŵĞƌĂƚƚŝƚƵĚĞƐĂŶĚďĞŚĂǀŝŽƵƌ͕ ĂƐŵŽƌĞĂŶĚŵŽƌĞĐŽŵƉĂŶŝĞƐĂƌĞŶŽǁƵƐŝŶŐĞŵĂŝůƚŽ ĐŽŵŵƵŶŝĐĂƚĞǁŝƚŚ ĞdžŝƐƚŝŶŐ ĐƵƐƚŽŵĞƌƐ͘ dŚŝƐ ŝŶĨŽƌŵĂƚŝŽŶŵĂLJ ƚŚĞŶ ďĞ ĐŽŶǀĞƌƚĞĚ ƚŽ Ă ĐŽŵƉĞƚŝƚŝǀĞ ĂĚǀĂŶƚĂŐĞ ƚŚƌŽƵŐŚ ŽƉƚŝŵŝƐŝŶŐ ĞŵĂŝů ĐĂŵƉĂŝŐŶ ĚĞƐŝŐŶ͘ ĐĐŽƌĚŝŶŐ ƚŽ ,ĂƌƚĞŵŽĞƚ Ăů͘ ;ϮϬϭϲͿ͕ ƚŚĞƌĞ ĂƌĞŵĞƚŚŽĚƐ ƚŽŽƉƚŝŵŝƐĞ ĞŵĂŝůŵĂƌŬĞƚŝŶŐƉĞƌĨŽƌŵĂŶĐĞ͗ ƚŚĞLJŚŝŐŚůŝŐŚƚƚĞƐƚŝŶŐĂƐĂŵĞƚŚŽĚƚŽŝĚĞŶƚŝĨLJƚŚĞƚLJƉĞŽĨĐŽŶƚĞŶƚƚŚĂƚƌĞĐŝƉŝĞŶƚƐǀĂůƵĞ ĂŶĚ ĨŝŶĚ ƌĞůĞǀĂŶƚ͘  ƐŝŵŝůĂƌ ŝĚĞĂ ŝƐ ĂĚŽƉƚĞĚ ŝŶ ƚŚĞ ƉƌĞƐĞŶƚ ƐƚƵĚLJ͕  ǁŝƚŚŽƵƚ ŚŽǁĞǀĞƌ͕  ĂƉƉůLJŝŶŐ Ă ƚĞƐƚŝŶŐ ŵŽĚĞů͕ ďƵƚ ŝŶƐƚĞĂĚ ƚŚƌŽƵŐŚ ŽƉĞŶͲĞŶĚĞĚ ƐƉŽŬĞŶ ƌĞƐƉŽŶƐĞƐ ĂŶĚ ĚĞƐĐƌŝƉƚŝŽŶƐďLJŝŶƚĞƌǀŝĞǁĞĞƐ͘dŚŝƐŝƐĚĞƐĐƌŝďĞĚŝŶͲĚĞƉƚŚŝŶƚŚĞŵĞƚŚŽĚŽůŽŐLJƐĞĐƚŝŽŶŽĨ ƚŚĞƐƚƵĚLJ͕ ŝŶĐŚĂƉƚĞƌϯ͘ tŚĞŶ ŝƚ ĐŽŵĞƐ ƚŽ ŝŶĐƌĞĂƐŝŶŐ ďƌĂŶĚ ůŽLJĂůƚLJ͕  ƉƌŽǀŝĚŝŶŐ ĐƵƐƚŽŵĞƌƐ ǁŝƚŚ Ă ƉŽƐŝƚŝǀĞ ĞdžƉĞƌŝĞŶĐĞǁŝƚŚ ƚŚĞďƌĂŶĚďĞĐŽŵĞƐĞƐƐĞŶƚŝĂů͕ĂŶĚ ĨƵƌƚŚĞƌŵŽƌĞ͕ďƌĂŶĚ ůŽLJĂůƚLJĐĂŶďĞ ŝŶĐƌĞĂƐĞĚ ŝĨ ĐƵƐƚŽŵĞƌƐ ƚƌƵƐƚ ƚŚĞ ďƌĂŶĚŵŽƌĞ ;ĂĞ Θ <ŝŵ͕ ϮϬϮϯͿ͘ dŚĞŶ ĂŐĂŝŶ͕ ŝŶ ƚŚĞ ĐŽŶƚĞdžƚŽĨĞŵĂŝůŵĂƌŬĞƚŝŶŐ͕,ĂƌƚĞŵŽ;ϮϬϮϯͿƉƌĞƐĞŶƚƐŝŶƚŚĞŝƌĚŝƐƐĞƌƚĂƚŝŽŶƚŚĞ͞LJĐůĞŽĨ ƚƌƵƐƚͲĐŽŵŵŝƚŵĞŶƚͲƉĂƌƚŝĐŝƉĂƚŝŽŶͲƌĞůĞǀĂŶƚ ĐŽŶƚĞŶƚ͘͟  ĐĐŽƌĚŝŶŐ ƚŽ ƚŚŝƐ ŵŽĚĞů͕ ƌĞůĞǀĂŶƚ ĞŵĂŝůŵĂƌŬĞƚŝŶŐĐŽŶƚĞŶƚĐĂŶďĞƐĞĞŶƚŽƐƚƌĞŶŐƚŚĞŶƚƌƵƐƚ͘dŚŝƐƐĞƚƐŽĨĨĂǀŝƌƚƵŽƵƐĐŝƌĐůĞ ǁŚĞƌĞƚƌƵƐƚůĞĂĚƐƚŽĐŽŵŵŝƚŵĞŶƚ͕ǁŚŝĐŚĂŐĂŝŶĚƌŝǀĞƐƉĂƌƚŝĐŝƉĂƚŝŽŶ͘ KŶĞŵĂLJĂƌŐƵĞƚŚĂƚƚŚĞƚŚĞŽƌĞƚŝĐĂůĐŽŶĐĞƉƚƐŽĨƚŚŝƐŵŽĚĞůƌĞůĂƚĞĚƚŽĞŵĂŝůŵĂƌŬĞƚŝŶŐ ĂƌĞŚŝŐŚůLJĐŽŵƉĂƌĂďůĞƚŽƚŚĞĞůĞŵĞŶƚƐŽĨďƌĂŶĚůŽLJĂůƚLJ͘ŽŶŶĞĐƚŝŽŶƐĐĂŶďĞĨŽƵŶĚĨƌŽŵ ,ĂƌƚĞŵŽ Ɛ͛ ;ϮϬϮϯͿĂŶĚ'ƵŶĞůŝƵƐ͛ ;ϮϬϭϴͿ ƚƌƵƐƚ ŝŶĞŵĂŝůŵĂƌŬĞƚŝŶŐ ƚŽ ƚŚĞ ƚƌƵƐƚ ŝŶ ďƌĂŶĚ ůŽLJĂůƚLJ ůŝƚĞƌĂƚƵƌĞ͕ ŝŶĐůƵĚŝŶŐ ĂĐŬ ĂŶĚ WĂƌŬƐ ;ϮϬϬϯͿ ĂŶĚ zĂƐŵŝŶ Ğƚ Ăů͘ ;ϮϬϭϱͿ͘ Ɛ ĨŽƌ Ϯϰ ,ĂƌƚĞŵŽ Ɛ͛ ;ϮϬϮϯͿ ĐŽŶĐĞƉƚ ŽĨ ĐŽŵŵŝƚŵĞŶƚ͕ Ă ƐŝŵŝůĂƌŝƚLJ ĐĂŶ ĂůƌĞĂĚLJ ďĞ ĨŽƵŶĚ ŝŶ ƚŚĞ ĐŽŶĐĞƉƚƵĂůŝƐĂƚŝŽŶŽĨďƌĂŶĚůŽLJĂůƚLJ ŝŶKůŝǀĞƌ;ϭϵϵϵͿĂŶĚƚŚĞĐŽŶƚƌŝďƵƚŝŽŶŽĨKĚŝŶĞƚĂů͘ ;ϮϬϬϭͿ͘dŚĞƌĞůĂƚĞĚĐŽŶĐĞƉƚƐŽĨƉĂƌƚŝĐŝƉĂƚŝŽŶ;,ĂƌƚĞŵŽ͕ϮϬϮϯͿĂŶĚŝŶǀŽůǀĞŵĞŶƚ;ĂĐŬΘ WĂƌŬƐ͕ϮϬϬϯͿĂƌĞŵĞƌŐĞĚĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨƚŚŝƐƐƚƵĚLJƵŶĚĞƌƚŚĞĐŽŶĐĞƉƚŽĨƉĂƌƚŝĐŝƉĂƚŝŽŶ͘ /ŶƚŚĞƚŚĞŽƌĞƚŝĐĂůĨƌĂŵĞǁŽƌŬŽĨƚŚŝƐƐƚƵĚLJ͕ ƌĞůĞǀĂŶƚĐŽŶƚĞŶƚŝƐƚŚĞĐŽŶĐĞƉƚƚŚĂƚƵůƚŝŵĂƚĞůLJ ƚŝĞƐ ĞŵĂŝůŵĂƌŬĞƚŝŶŐ ĂŶĚ ďƌĂŶĚ ůŽLJĂůƚLJ ƚŽŐĞƚŚĞƌ͕  ƐƵŐŐĞƐƚŝŶŐŚŽǁ ƌĞůĞǀĂŶĐĞŵƵƐƚ ƌƵŶ ƚŚƌŽƵŐŚĞǀĞƌLJĂƐƉĞĐƚŽĨĞŵĂŝůŵĂƌŬĞƚŝŶŐŝŶŽƌĚĞƌƚŽĂĐŚŝĞǀĞƚŚĞŝŶƚĞŶĚĞĚĞůĞŵĞŶƚƐŽĨ ďƌĂŶĚůŽLJĂůƚLJ͘ dŚĞƐĞƚŚĞŽƌĞƚŝĐĂůĨŝŶĚŝŶŐƐǁŝůůƉƌŽǀŝĚĞƚŚĞĨŽƵŶĚĂƚŝŽŶĨŽƌƚŚĞƐĞĐŽŶĚŽďũĞĐƚŝǀĞŽĨƚŚĞ ƉƌĞƐĞŶƚƐƚƵĚLJ͕ ƚŽĞdžĂŵŝŶĞƚŚĞďƌĂŶĚůŽLJĂůƚLJŽĨƚŚĞĐĂƐĞĐŽŵƉĂŶLJ Ɛ͛ĐƵƐƚŽŵĞƌƐƚŽǁĂƌĚƐ ƚŚĞĐŽŵƉĂŶLJĂŶĚƚŚĞŝƌĂƚƚŝƚƵĚĞƐƚŽǁĂƌĚƐƚŚĞĐƵƌƌĞŶƚŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨĞŵĂŝůŵĂƌŬĞƚŝŶŐ͘ ůŝŐŶĞĚ ǁŝƚŚ ƚŚĞ ƐƵŐŐĞƐƚŝŽŶƐ ŽĨ DĞƌŝƐĂǀŽ ĂŶĚ ZĂƵůĂƐ ;ϮϬϬϰͿ͕ ƚŚĞ ƐƵďũĞĐƚ ǁŝůů ďĞ ĂƉƉƌŽĂĐŚĞĚƚŚƌŽƵŐŚďŽƚŚďĞŚĂǀŝŽƵƌĂůĂŶĚĂƚƚŝƚƵĚŝŶĂůůŽLJĂůƚLJ͘ Ϯϱ D/>DZ<d/E' ƵĚŝĞŶĐĞ ŽŶƚĞŶƚ &ŽƌŵĂƚ љZ>sEљ ^ĞŐŵĞŶƚĂƚŝŽŶ ŝƐĐŽƵŶƚƐΘŽĨĨĞƌƐ KŶĞͲƚŝŵĞĐĂŵƉĂŝŐŶƐ WĞƌƐŽŶĂůŝƐĂƚŝŽŶ WƌŽĚƵĐƚůĂƵŶĐŚĞƐ ƵƚŽŵĂƚĞĚƐĞƋƵĞŶĐĞƐ WĞƌŵŝƐƐŝŽŶͲďĂƐĞĚ /ŶĨŽƌŵĂƚŝŽŶĂů EĞǁƐůĞƚƚĞƌƐ ZE>Kz>dz ,s/KhZ> dd/dh/E> d/KE DKd/KE ZĞƉĞĂƚWƵƌĐŚĂƐĞƐ dƌƵƐƚ /ŶǀŽůǀĞŵĞŶƚ ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ĐƚŝǀĂƚŝŽŶ ^ƚƌĞŶŐƚŚĞŶĞĚƉŽƐŝƚŝǀĞĂƚƚŝƚƵĚĞƐ &ŝŐƵƌĞϯ͘ŵĂŝůŵĂƌŬĞƚŝŶŐĨŽƐƚĞƌŝŶŐďƌĂŶĚůŽLJĂůƚLJ;ĚĂƉƚĞĚĨƌŽŵĂĐŬΘWĂƌŬƐ;ϮϬϬϯͿ͖ 'ƵŶĞůŝƵƐ;ϮϬϭϴͿ͖,ĂƌƚĞŵŽ;ϮϬϮϯͿ͖:ĞƐŚƵƌƵŶ;ϮϬϭϴͿ͖DĞƌŝƐĂǀŽΘZĂƵůĂƐ;ϮϬϬϰͿ͖ KĚŝŶĞƚĂů͘;ϮϬϬϭͿ͖KůŝǀĞƌ;ϭϵϵϵͿ͖zĂƐŵŝŶĞƚĂů͘;ϮϬϭϱͿͿ͘ Ϯϲ 3 DĞƚŚŽĚŽůŽŐLJ dŚŝƐĐŚĂƉƚĞƌĐŽǀĞƌƐƚŚĞŵĞƚŚŽĚŽůŽŐŝĐĂůĐŚŽŝĐĞƐŽĨƚŚĞƐƚƵĚLJ͘&ŝƌƐƚ͕ƚŚĞĐŚŽƐĞŶƌĞƐĞĂƌĐŚ ĂƉƉƌŽĂĐŚĂŶĚŵĞƚŚŽĚĂƌĞĚŝƐĐƵƐƐĞĚŝŶŵŽƌĞĚĞƚĂŝů͘dŚŝƐŝƐĨŽůůŽǁĞĚďLJĂŶŽǀĞƌǀŝĞǁŽĨ ƚŚĞƐĞůĞĐƚĞĚĚĂƚĂĐŽůůĞĐƚŝŽŶĂŶĚĂŶĂůLJƐŝƐŵĞƚŚŽĚƐ͘&ŝŶĂůůLJ͕ ƚŚĞƚƌƵƐƚǁŽƌƚŚŝŶĞƐƐ͕ĞƚŚŝĐĂů ĐŽŶƐŝĚĞƌĂƚŝŽŶĂŶĚƵƐĞŽĨĂƌƚŝĨŝĐŝĂůŝŶƚĞůůŝŐĞŶĐĞŝŶƚŚĞƐƚƵĚLJĂƌĞĂĚĚƌĞƐƐĞĚ͘ 3.1 ZĞƐĞĂƌĐŚĂƉƉƌŽĂĐŚ dŚŝƐƐƚƵĚLJŝƐĐŽŶĚƵĐƚĞĚĂƐƋƵĂůŝƚĂƚŝǀĞƌĞƐĞĂƌĐŚ͘ĐĐŽƌĚŝŶŐƚŽ,ŝƌƐũćƌǀŝĞƚĂů͘;ϭϵϵϳͿ͕ƚŚĞ ƐƚĂƌƚŝŶŐƉŽŝŶƚĨŽƌƋƵĂůŝƚĂƚŝǀĞƌĞƐĞĂƌĐŚŝƐƚŽĚĞƐĐƌŝďĞƌĞĂůůŝĨĞ͘dŚĞĂƵƚŚŽƌƐŐŽŽŶƚŽƐƚĂƚĞ ƚŚĂƚ ƋƵĂůŝƚĂƚŝǀĞ ƌĞƐĞĂƌĐŚ ĂŝŵƐ ƚŽ ƐƚƵĚLJ ƚŚĞ ƐƵďũĞĐƚ ĂƐ ĐŽŵƉƌĞŚĞŶƐŝǀĞůLJ ĂƐ ƉŽƐƐŝďůĞ͘ ƌŝŬƐƐŽŶĂŶĚ<ŽǀĂůĂŝŶĞŶ;ϮϬϬϴͿĞdžƉůĂŝŶƚŚĂƚŝŶƋƵĂůŝƚĂƚŝǀĞďƵƐŝŶĞƐƐƌĞƐĞĂƌĐŚ͕ƚŚĞĨŽĐƵƐŝƐ ŽŶƚŚĞĐŽŵƉůĞdžŝƚŝĞƐŽĨďƵƐŝŶĞƐƐƉŚĞŶŽŵĞŶĂŝŶƚŚĞŝƌƌĞĂůͲůŝĨĞĐŽŶƚĞdžƚƐ͘dŚŝƐĂƉƉƌŽĂĐŚǁĂƐ ĨŽƵŶĚƚŽďĞĂƉƉƌŽƉƌŝĂƚĞĨŽƌƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJĞdžĂŵŝŶŝŶŐďƌĂŶĚůŽLJĂůƚLJĂŶĚƚŚĞƉŽƚĞŶƚŝĂů ŽĨĞŵĂŝůŵĂƌŬĞƚŝŶŐƚŽƐƚƌĞŶŐƚŚĞŶŝƚ͕ŝŶǀŽůǀŝŶŐƚŚĞĂĐƚƵĂůĐƵƐƚŽŵĞƌƐŽĨĂ&ŝŶŶŝƐŚďĂďLJĨŽŽĚ ďƌĂŶĚ͘ dŚĞƌĞ ŝƐĂǁŝĚĞ ƌĂŶŐĞŽĨĚŝĨĨĞƌĞŶƚ ƌĞƐĞĂƌĐŚĂƉƉƌŽĂĐŚĞƐǁŝƚŚŝŶ ƚŚĞ ĨŝĞůĚŽĨƋƵĂůŝƚĂƚŝǀĞ ƌĞƐĞĂƌĐŚ;ƌŝŬƐƐŽŶΘ<ŽǀĂůĂŝŶĞŶ͕ϮϬϬϴͿ͕ĂŶĚƋƵĂůŝƚĂƚŝǀĞƌĞƐĞĂƌĐŚŝƚƐĞůĨĐĂŶďĞƐĞĞŶĂƐĂ ƐŽͲĐĂůůĞĚ ƵŵďƌĞůůĂ ƚĞƌŵ ;dƵŽŵŝ Θ ^ĂƌĂũćƌǀŝ͕ ϮϬϭϴͿ͘ &Žƌ ƚŚŝƐ ƐƚƵĚLJ͕  ƚŚĞ ƐƉĞĐŝĨŝĞĚ ƋƵĂůŝƚĂƚŝǀĞ ƌĞƐĞĂƌĐŚ ĂƉƉƌŽĂĐŚ ĐŚŽƐĞŶ ŝƐ Ă ĐĂƐĞ ƐƚƵĚLJ͘ ĂƐĞ ƐƚƵĚŝĞƐ ŽĨĨĞƌ Ă ǁĂLJ ŽĨ ŝůůƵƐƚƌĂƚŝŶŐĐŽŵƉůĞdžĂŶĚĐŽŵƉůŝĐĂƚĞĚďƵƐŝŶĞƐƐƚŽƉŝĐƐŝŶĂŶƵŶĚĞƌƐƚĂŶĚĂďůĞĂŶĚƉƌĂĐƚŝĐĂů ǁĂLJ;ƌŝŬƐƐŽŶΘ<ŽǀĂůĂŝŶĞŶ͕ϮϬϬϴͿ͘ DŽƌĞ ƉƌĞĐŝƐĞůLJ ĚĞĨŝŶĞĚ͕ ƚŚĞ ƌĞƐĞĂƌĐŚ ĚĞƐŝŐŶ ŽĨ ƚŚŝƐ ƐƚƵĚLJ ĐĂŶ ďĞ ĐŽŶƐŝĚĞƌĞĚ ĂƐ ĂŶ ŝŶƚĞŶƐŝǀĞ ĐĂƐĞ ƐƚƵĚLJ͘ dŚĞ ƉƵƌƉŽƐĞ ŽĨ ĂŶ ŝŶƚĞŶƐŝǀĞ ĐĂƐĞ ƐƚƵĚLJ ŝƐ ƚŽ ŐĂŝŶ ĂŶ ŝŶͲĚĞƉƚŚ ƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨĂƵŶŝƋƵĞĐĂƐĞĂŶĚƚŽĚĞǀĞůŽƉĂŚŽůŝƐƚŝĐĚĞƐĐƌŝƉƚŝŽŶŝŶƚŚĞĐŽŶƚĞdžƚŽĨ ƚŚĞ ĐĂƐĞ ;ƌŝŬƐƐŽŶΘ<ŽǀĂůĂŝŶĞŶ͕ ϮϬϬϴͿ͘ dŚĞ ĂƵƚŚŽƌƐ ŐŽŽŶ ƚŽ ĞdžƉůĂŝŶ ƚŚĂƚ͕ ƵŶůŝŬĞ ĂŶ ĞdžƚĞŶƐŝǀĞĐĂƐĞƐƚƵĚLJ͕ ƚŚĞĂŝŵŝƐŶŽƚƚŽƐĞĞŬĂŶĚƚĞƐƚŐĞŶĞƌĂůŝƐĂďůĞƚŚĞŽƌĞƚŝĐĂůŽƵƚĐŽŵĞƐ͘ Ϯϳ /Ŷ ƚŚĞ ůŝŐŚƚ ŽĨ ƚŚĞ ƉƌĞƐĞŶƚ ƐƚƵĚLJ͕  ƚŚĞ ĂŝŵǁŝƚŚ ƚŚĞ ĐŚŽƐĞŶŵĞƚŚŽĚ ŝƐ ƚŽ ĂĐŚŝĞǀĞ ƚŚĞ ŵĞŶƚŝŽŶĞĚĂďŽǀĞ͕ĂĚĞĞƉĂŶĚĐŽŵƉƌĞŚĞŶƐŝǀĞƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨďƌĂŶĚůŽLJĂůƚLJĂŶĚƚŚĞ ƌŽůĞŽĨĞŵĂŝůŵĂƌŬĞƚŝŶŐŝŶƚŚĞĐŽŶƚĞdžƚŽĨƚŚĞƐƚƵĚŝĞĚ&ŝŶŶŝƐŚďĂďLJĨŽŽĚďƌĂŶĚ͘ 3.2 ĂƐĞ͗'ƌĞĞŶWůĂŶĞƚƐƚƌŽŶĂƵƚƐ 3.2.1 ĂďLJĨŽŽĚĚĞĨŝŶŝƚŝŽŶĂŶĚƌĞŐƵůĂƚŝŽŶƐ /ŶĨŽŽĚůĞŐŝƐůĂƚŝŽŶ͕ďĂďLJĨŽŽĚŝƐĚĞĨŝŶĞĚĂƐŝŶĚƵƐƚƌŝĂůůLJŵĂŶƵĨĂĐƚƵƌĞĚďĂďLJĨŽŽĚƚŚĂƚŝƐ ĚĞƐŝŐŶĞĚƚŽďĞĐŽŵƉůĞŵĞŶƚĂƌLJƚŽƚŚĞŶƵƚƌŝƚŝŽŶĂůŶĞĞĚƐĂŶĚĚŝĞƚŽĨĐŚŝůĚƌĞŶƵŶĚĞƌƚŚĞ ĂŐĞŽĨƚŚƌĞĞ;&ŝŶŶŝƐŚ&ŽŽĚƵƚŚŽƌŝƚLJ͕ ϮϬϮϰĂͿ͘dŚĞƐĞŝŶĐůƵĚĞƉƌŽĚƵĐƚƐƐƵĐŚĂƐĐŚŝůĚƌĞŶ Ɛ͛ ŐƌƵĞůƐĂŶĚƉŽƌƌŝĚŐĞƐ͕ĂŶĚƉƵƌĞĞƐŵĂĚĞĨƌŽŵďĞƌƌŝĞƐ͕ĨƌƵŝƚ͕ǀĞŐĞƚĂďůĞƐ͕ŵĞĂƚĂŶĚĨŝƐŚ͘ dŚĞƌĞĂƌĞǀĂƌŝŽƵƐďƌĂŶĚƐ͕ƉƌŽĚƵĐƚƐĂŶĚ ĨůĂǀŽƵƌƐŽĨďĂďLJ ĨŽŽĚĂǀĂŝůĂďůĞ͕ĂŶĚ ŝƚ ŝƐ ƐŽůĚ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ĐŚŝůĚ Ɛ͛ ƐƚĂŐĞ ŽĨ ĚĞǀĞůŽƉŵĞŶƚ ;DĂŐƵŝƌĞ Ğƚ Ăů͕͘ ϮϬϬϰͿ͘ ŽŵŵĞƌĐŝĂůůLJ ƉƌĞƉĂƌĞĚ Žƌ ƌĞĂĚLJͲŵĂĚĞ ďĂďLJ ĨŽŽĚƐ ĂƌĞ ƵƐƵĂůůLJ ŵĂƐƐͲƉƌŽĚƵĐĞĚ ĂŶĚ ďŽƵŐŚƚ ƉƌĞͲ ƉƌĞƉĂƌĞĚ͕ ƌĞƋƵŝƌŝŶŐ ůŝƚƚůĞ͕ ŝĨ ĂŶLJ͕  ĂĚĚŝƚŝŽŶĂů ĐŽŽŬŝŶŐ Žƌ ŚĞĂƚŝŶŐ ƉƌŝŽƌ ƚŽ ĐŽŶƐƵŵƉƚŝŽŶ ;DĂƐůŝŶΘsĞŶƚĞƌ͕ ϮϬϭϳ͖DĂŐƵŝƌĞĞƚĂů͕͘ϮϬϬϰͿ͘ZĞĂĚLJͲŵĂĚĞďĂďLJĨŽŽĚŝƐĂĐŽŶǀĞŶŝĞŶƚ ĂŶĚ ƐĂĨĞ ĂůƚĞƌŶĂƚŝǀĞ ƚŽ ŚŽŵĞŵĂĚĞ ŵĞĂůƐ͕ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ &ŝŶŶŝƐŚ &ŽŽĚ ƵƚŚŽƌŝƚLJ ;ϮϬϮϰĂͿ͘ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŽƌŐĂŶŝƐĂƚŝŽŶ͕ ďĂďLJ ĨŽŽĚ ƉƌŽĚƵĐƚƐ ŚĂǀĞ ƚŚĞŝƌ ŽǁŶ ƉƌŽĚƵĐƚͲ ƐƉĞĐŝĨŝĐ ƌĞŐƵůĂƚŝŽŶƐ͕ ĨŽƌ ĞdžĂŵƉůĞŽŶ ƚŚĞŝƌ ŶƵƚƌŝƚŝŽŶĂů ĐŽŶƚĞŶƚ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ŝŶŐƌĞĚŝĞŶƚƐ ƵƐĞĚŝŶƚŚĞƉƌŽĚƵĐƚŝŽŶŽĨŝŶĚƵƐƚƌŝĂůďĂďLJĨŽŽĚĂƌĞƐƵďũĞĐƚƚŽƐƚƌŝĐƚĞƌƉƵƌŝƚLJƌĞƋƵŝƌĞŵĞŶƚƐ ƚŚĂŶƚŚŽƐĞĨŽƌŽƌĚŝŶĂƌLJĨŽŽĚƉƌŽĚƵĐƚƐ͘dŚĞƌĞŐƵůĂƚŝŽŶƐĂůƐŽĐŽŶĐĞƌŶůĂďĞůůŝŶŐ͕ŶƵƚƌŝĞŶƚƐ ŝŶ ƚŚĞĐŽŵƉŽƐŝƚŝŽŶĂŶĚ ƚŚĞŝƌŵŝŶŝŵƵŵĂŶĚŵĂdžŝŵƵŵ ůĞǀĞůƐ͕ŚLJŐŝĞŶĞ͕ĂŶĚ ƚŚĞƵƐĞŽĨ ƉĞƐƚŝĐŝĚĞƐĂŶĚĂĚĚŝƚŝǀĞƐ͕ĂŵŽŶŐŽƚŚĞƌƚŚŝŶŐƐ;ƵƌŽƉĞĂŶŽŵŵŝƐƐŝŽŶ͕ϮϬϮϰͿ͘ dŚĞ&ŝŶŶŝƐŚ&ŽŽĚƵƚŚŽƌŝƚLJ;ϮϬϮϰĂͿƐƚĂƚĞƐƚŚĂƚŝƚŝƐŝŵƉŽƌƚĂŶƚƚŽŶŽƚĞƚŚĂƚ͕ĂůƚŚŽƵŐŚŝŶ ĚĂLJͲƚŽͲĚĂLJůĂŶŐƵĂŐĞĂůůĨŽŽĚƉƌŽĚƵĐƚƐĚĞƐŝŐŶĞĚŽƌŵĂƌŬĞƚĞĚĨŽƌĐŚŝůĚƌĞŶĂƌĞĐŽŵŵŽŶůLJ ƉĞƌĐĞŝǀĞĚĂƐďĂďLJĨŽŽĚ͕ŵĂŶLJĂƌĞŶŽƚůĞŐĂůůLJĐŽŶƐŝĚĞƌĞĚƚŽďĞďĂďLJĨŽŽĚ͘ƉƌŽĚƵĐƚƚŚĂƚ ŝƐůĞŐĂůůLJĐŽŶƐŝĚĞƌĞĚƚŽďĞďĂďLJĨŽŽĚĐĂŶďĞŝĚĞŶƚŝĨŝĞĚďLJĂŶĂŐĞůĂďĞů͕ǁŚŝĐŚŝŶĚŝĐĂƚĞƐ Ϯϴ ƚŚĞĂƉƉƌŽƉƌŝĂƚĞĂŐĞĨƌŽŵǁŚŝĐŚƚŚĞƉƌŽĚƵĐƚĐĂŶďĞƵƐĞĚ;&ŝŶŶŝƐŚ&ŽŽĚƵƚŚŽƌŝƚLJ͕ ϮϬϮϰďͿ͘ /ŶƚŚŝƐĐĂƐĞ͕ƚŚĞƉƌŽĚƵĐƚŵƵƐƚŵĞĞƚƚŚĞĐŽŶƐŝƐƚĞŶĐLJ͕ ƋƵĂůŝƚLJĂŶĚƉƵƌŝƚLJƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌ ďĂďLJĨŽŽĚůĂŝĚĚŽǁŶŝŶƚŚĞůĞŐŝƐůĂƚŝŽŶ͘ 3.2.2 ĂďLJĨŽŽĚĂŶĚďƵLJŝŶŐďĞŚĂǀŝŽƵƌ dŚĞĨŝƌƐƚďĂďLJĨŽŽĚƉƌŽĚƵĐƚƐĂƌĞŽĨƚĞŶďŽƵŐŚƚƚŽƐƵƉƉŽƌƚŝŶƚƌŽĚƵĐŝŶŐƚŚĞďĂďLJƚŽƐŽůŝĚ ĨŽŽĚƐ;DĂŐƵŝƌĞĞƚĂů͕͘ϮϬϬϰͿ͘tŚĞŶŝƚĐŽŵĞƐƚŽĚĞĐŝĚŝŶŐǁŚĂƚĐŚŝůĚƌĞŶĞĂƚ͕ƉĂƌĞŶƚƐĂƌĞ ƵůƚŝŵĂƚĞůLJƚŚĞŽŶĞƐŵĂŬŝŶŐƚŚĞĚĞĐŝƐŝŽŶƐ͕ĂŶĚƚŚĞŽŶĞƐǁŚŽŝŶĞǀŝƚĂďůLJŝŶĨůƵĞŶĐĞƚŚĞŝƌ ĐŚŝůĚƌĞŶ Ɛ͛ĞĂƚŝŶŐŚĂďŝƚƐ;ĂůĚĂƐƐĂƌƌĞĞƚĂů͕͘ϮϬϭϲͿ͘ŶŝŶƚƌŝŐƵŝŶŐĂƐƉĞĐƚŽĨƐƚƵĚLJŝŶŐƚŚĞ ĐŽŶƚĞdžƚ ŝŶ ǁŚŝĐŚ ďĂďLJ ĨŽŽĚ ŝƐ ƉƵƌĐŚĂƐĞĚ ŝƐ ƚŚĞ ƐƉĞĐŝĨŝĐ ƚLJƉĞ ŽĨ ƐŚŽƉƉŝŶŐ ďĞŚĂǀŝŽƵƌ ŝŶǀŽůǀĞĚ͘tŚĂƚŝƚƌĞƋƵŝƌĞƐŽĨƚŚĞĐŽŶƐƵŵĞƌŝƐďƵLJŝŶŐĨŽƌƐŽŵĞŽŶĞŽƚŚĞƌƚŚĂŶŽŶĞƐĞůĨ͖ ŵŽƌĞƉƌĞĐŝƐĞůLJ͕  ŝŶ ƚŚĞĐŽŶƚĞdžƚŽĨďƵLJŝŶŐĨŽƌĐŚŝůĚƌĞŶ͕ ŝƚ ŝƐŽĨ͞ƚŚĞŽďůŝŐĂƚŽƌLJŶĂƚƵƌĞŽĨ ƐŚŽƉƉŝŶŐĨŽƌƐŽŵĞŽŶĞĞůƐĞ͟;'ŝůůŝƐŽŶΘZĞLJŶŽůĚƐ͕ϮϬϭϲͿ͘'ŝůůŝƐŽŶĂŶĚZĞLJŶŽůĚƐ;ϮϬϭϲͿ ƉŽŝŶƚŽƵƚŝŶƚŚĞŝƌĂƌƚŝĐůĞƚŚĂƚ͕ĐŽŶƚƌĂƌLJƚŽĂĐƚƵĂůƌĞĂůŝƚLJ͕ ĐƵƌƌĞŶƚƐŚŽƉƉŝŶŐƌĞƐĞĂƌĐŚƵƐƵĂůůLJ ĂƐƐƵŵĞƐƚŚĂƚƚŚĞďƵLJĞƌĂŶĚƚŚĞĞŶĚͲƵƐĞƌĂƌĞƚŚĞƐĂŵĞŝŶĚŝǀŝĚƵĂů͕ƚŚƵƐŝŐŶŽƌŝŶŐƚŚĞĨĂĐƚ ƚŚĂƚ ĐŽŶƐƵŵĞƌƐ ƚĞŶĚ ƚŽ ĂĐƚ ĚŝĨĨĞƌĞŶƚůLJ ĚĞƉĞŶĚŝŶŐ ŽŶ ǁŚŽ ƚŚĞLJ ĂƌĞ ďƵLJŝŶŐ ĨŽƌ͘  &Žƌ ĞdžĂŵƉůĞ͕ĂĐĐŽƌĚŝŶŐƚŽ>ŝƵĂŶĚ^Ăŵ;ϮϬϮϮͿ͕ĂƐLJŽƵŶŐĐŚŝůĚƌĞŶĂƌĞĂƚĂĚĞǀĞůŽƉŵĞŶƚĂůůLJ ĐƌƵĐŝĂů ƐƚĂŐĞ͕ ƉĂƌĞŶƚƐ ŵĂLJ ƉĞƌĐĞŝǀĞ ĂŶĚ ĚĞƚĞƌŵŝŶĞ ƚŚĞŝƌ ƉƵƌĐŚĂƐŝŶŐ ĚĞĐŝƐŝŽŶƐ ĨŽƌ ĐŚŝůĚƌĞŶ Ɛ͛ŽƌŐĂŶŝĐĨŽŽĚĚŝĨĨĞƌĞŶƚůLJĨƌŽŵĂĚƵůƚƐ͘KŶƚŚĞŽƚŚĞƌŚĂŶĚ͕ĐŚŝůĚƌĞŶƚŚĞŵƐĞůǀĞƐ ŚĂǀĞĂŶŝŶĨůƵĞŶĐĞŽŶƉĂƌĞŶƚƐ͛ƉƵƌĐŚĂƐŝŶŐĚĞĐŝƐŝŽŶƐ͕ĨŽƌĞdžĂŵƉůĞƚŚƌŽƵŐŚƉĞƐƚĞƌƉŽǁĞƌ ;tŝůƐŽŶΘtŽŽĚ͕ ϮϬϬϰͿ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ŝƚ ŝƐ ŶŽƚĞǁŽƌƚŚLJ ƚŚĂƚ ͞ĂĚǀĞƌƚŝƐŝŶŐ ƚŽ ĐŚŝůĚƌĞŶ ŝƐ ŚŝŐŚůLJƐĞŶƐŝƚŝǀĞ͟;tŝůƐŽŶΘtŽŽĚ͕ϮϬϬϰͿ͕ĂŶĚƚŚĂƚ͞ŵĂƌŬĞƚŝŶŐƚŚĂƚƚĂƌŐĞƚƐĐŚŝůĚƌĞŶŵƵƐƚ ŶŽƚ ĞŶĐŽƵƌĂŐĞ ƚŚĞ ĐŚŝůĚ ƚŽ ŝŶĨůƵĞŶĐĞ ƚŚĞ ĨĂŵŝůLJΖƐ ƉƵƌĐŚĂƐŝŶŐ ĚĞĐŝƐŝŽŶƐ͟ ;&ŝŶŶŝƐŚ ŽŵƉĞƚŝƚŝŽŶ ĂŶĚ ŽŶƐƵŵĞƌ ƵƚŚŽƌŝƚLJ͕  ϮϬϮϰͿ͘ ĞƌŝǀĞĚ ĨƌŽŵ Ăůů ƚŚŝƐ͕ ĂŶ ŝŶƐŝŐŚƚĨƵů ƉĞƌƐƉĞĐƚŝǀĞŽĨƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJŝƐƚŚĂƚƚŚĞƚŚĞŽƌĞƚŝĐĂůĐŽŶĐĞƉƚŽĨďƌĂŶĚůŽLJĂůƚLJĐĂŶďĞ ĐŽŶƐŝĚĞƌĞĚŝŶƚŚŝƐĐŽŶƚĞdžƚŽĨďƵLJŝŶŐĨŽƌƐŽŵĞŽŶĞĞůƐĞ͘ Ϯϵ 3.2.3 ĂƐĞĐŽŵƉĂŶLJ'ƌĞĞŶWůĂŶĞƚƐƚƌŽŶĂƵƚƐ dŚĞ ĨŽůůŽǁŝŶŐ ƐĞĐƚŝŽŶƐ ƋƵŽƚĞ ƉĞƌƐŽŶĂů ĐŽŵŵƵŶŝĐĂƚŝŽŶ ;ϮϰͲϮϱ ^ĞƉƚĞŵďĞƌ ϮϬϮϰͿ ĞdžĐŚĂŶŐĞĚǁŝƚŚDŝůůĂtĞƐƚĞƌůŝŶŐ͕ĨŽƵŶĚĞƌĂŶĚKŽĨ'ƌĞĞŶWůĂŶĞƚƐƚƌŽŶĂƵƚƐ͗ ͞'ƌĞĞŶWůĂŶĞƚƐƚƌŽŶĂƵƚƐǁĂƐďŽƌŶŝŶϮϬϭϴŽƵƚŽĨƚŚĞĨŽƵŶĚĞƌ Ɛ͛ƉĞƌƐŽŶĂůĚĞƐŝƌĞƚŽďĞ ƉĂƌƚŽĨƚŚĞƐŽůƵƚŝŽŶƚŽƚŚĞĐůŝŵĂƚĞĐƌŝƐŝƐ͘dŚĞ/WĐůŝŵĂƚĞƌĞƉŽƌƚǁĂƐǁŝĚĞůLJŝŶƚŚĞŶĞǁƐ ďĂĐŬƚŚĞŶ͕ƌĞƉŽƌƚŝŶŐƚŚĂƚƚŚĞďŝŐŐĞƐƚŝŵƉĂĐƚŽŶĂŶŝŶĚŝǀŝĚƵĂůůĞǀĞůƚŽŵŝŶŝŵŝƐĞĐĂƌďŽŶ ĨŽŽƚƉƌŝŶƚ ŝƐƚŽĞĂƚƉůĂŶƚͲďĂƐĞĚ͘ƚƚŚĞƐĂŵĞƚŝŵĞ͕ŚŽǁĞǀĞƌ͕ ŵĂŶLJƐƚƵĚŝĞƐŚĂǀĞƐŚŽǁŶ ƚŚĂƚŚŽǁǁĞĞĂƚĂƐĂĚƵůƚƐŝƐůĂƌŐĞůLJĚĞƚĞƌŵŝŶĞĚďLJƚŚĞĂŐĞŽĨϬͲϯLJĞĂƌƐ͘ ,ƵŵĂŶŐƵƚĂŶĚƚĂƐƚĞďƵĚƐĚĞǀĞůŽƉƚŚĞŵŽƐƚǁŚĞŶǁĞĂƌĞĐŚŝůĚƌĞŶ͘dŚĞLJƐƚĂƌƚĚĞǀĞůŽƉŝŶŐ ĂůƌĞĂĚLJŝŶƚŚĞǁŽŵďĂƚǁĞĞŬϭϲĂŶĚĐŽŶƚŝŶƵĞƚŽĚŽƐŽƵŶƚŝůƚŚĞĂŐĞŽĨϯ͘ĐĐŽƌĚŝŶŐƚŽ ƌĞƐĞĂƌĐŚ͕ĐŚŝůĚƌĞŶƐŚŽƵůĚďĞŝŶƚƌŽĚƵĐĞĚƚŽĂƐǁŝĚĞĂƌĂŶŐĞŽĨĨŽŽĚƐĂƐƉŽƐƐŝďůĞƚŽĂǀŽŝĚ ĂůůĞƌŐŝĞƐĂŶĚŝŶƚŽůĞƌĂŶĐĞƐ͕ĂƐǁĞůůĂƐŐĞƚĂĐĐƵƐƚŽŵĞĚƚŽĂƐƉĞĐƚƌƵŵŽĨŚĞĂůƚŚLJ͕ ƉůĂŶƚͲ ďĂƐĞĚƚĂƐƚĞĂŶĚƚĞdžƚƵƌĞ͘ dŚĞŽĂƚŵŝůŬďƌĂŶĚKĂƚůLJŚĂĚũƵƐƚĚŽŶĞĂŵĂƐƐŝǀĞƌĞďƌĂŶĚŝŶŐĂƚƚŚĂƚƚŝŵĞĂŶĚŵĂĚĞĂ ďƌĞĂŬƚŚƌŽƵŐŚĂŐĂŝŶƐƚƚŚĞĚĂŝƌLJŝŶĚƵƐƚƌLJďLJŚĂǀŝŶŐĐŽŶƐƵŵĞƌƐĚŝƚĐŚĐŽǁŵŝůŬŽǀĞƌƉůĂŶƚͲ ďĂƐĞĚŽŶĞ͘dŚĞŵŝůůĞŶŶŝĂůŐĞŶĞƌĂƚŝŽŶǁĂƐƚŚĞŝƌďŝŐŐĞƐƚƚĂƌŐĞƚŐƌŽƵƉ͘DŝůůĞŶŶŝĂůƐǁĞƌĞ ĂůƐŽƚŚĞŽŶĞƐŚĂǀŝŶŐďĂďŝĞƐĂŵŝĚĂƌŝƐŝŶŐĂǁĂƌĞŶĞƐƐŽĨƚŚĞŝŵƉĂĐƚĨŽŽĚŚĂƐŽŶŽƵƌŚĞĂůƚŚ ĂŶĚƉůĂŶĞƚ͘ ,ĞĂůƚŚĐĂƌĞŝŶƐƚƌƵĐƚŝŽŶƐŽŶŚŽǁƚŽĨĞĞĚďĂďŝĞƐŝŶĂŶŝĚĞĂůŵĂŶŶĞƌǁĞƌĞŶŽƚĐŚĂŶŐŝŶŐĂƐ ƌĂƉŝĚůLJĂƐĐŽŶƐƵŵĞƌďĞŚĂǀŝŽƵƌ͖ŵŝůůĞŶŶŝĂůƉĂƌĞŶƚƐǁĞƌĞĐŽŶĨƵƐĞĚďLJ ƚŚĞ ŝŶĐŽŚĞƌĞŶĐĞ ďĞƚǁĞĞŶ ƉůĂŶƚͲďĂƐĞĚ ƌĞǀŽůƵƚŝŽŶ ƚĂŬŝŶŐ ƉůĂĐĞ ŝŶ ƌĞƚĂŝů ƐŚĞůǀĞƐ ĂŶĚ ƚŚĞ ŽůĚͲĨĂƐŚŝŽŶĞĚ ĚŝĞƚĂƌLJ ĂĚǀŝĐĞ ƚŚĞLJ ǁĞƌĞ ŐĞƚƚŝŶŐ ĨƌŽŵ ƚŚĞ ŽĨĨŝĐŝĂůƐ͘ ,ŽǁĞǀĞƌ͕  ŶĂƚŝŽŶĂů ŶƵƚƌŝƚŝŽŶ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ŚĂǀĞ ƐŝŶĐĞ ďĞĐŽŵĞŵŽƌĞ ƉůĂŶĞƚͲĨƌŝĞŶĚůLJ͘ 'ƌĞĞŶ WůĂŶĞƚ ƐƚƌŽŶĂƵƚƐ ǁĂƐĐƌĞĂƚĞĚƚŽĨŝůůƚŚŝƐƐƉĞĐŝĨŝĐŐĂƉ͗ĂŶĞĂƐLJĂŶĚĐŽŶǀĞŶŝĞŶƚǁĂLJƚŽŝŶƚƌŽĚƵĐĞƉůĂŶƚͲďĂƐĞĚ ƚĂƐƚĞĂŶĚƚĞdžƚƵƌĞƚŽďĂďŝĞƐǁŚĞŶƚŚĞLJƐƚĂƌƚĞĂƚŝŶŐƐŽůŝĚƐ͘ ϯϬ &ŝƌƐƚƉƌŽĚƵĐƚŽŶƚŚĞŵĂƌŬĞƚǁĂƐĂĐĐŝĚĞŶƚĂůůLJĚĞǀĞůŽƉĞĚŝŶƚŚĞĨŽƵŶĚĞƌ Ɛ͛ŚŽŵĞŬŝƚĐŚĞŶ͘ /ƚďĞĐĂŵĞƚŚĞǁŽƌůĚ Ɛ͛ĨŝƌƐƚďĂďLJĨŽŽĚĐĞƌƚŝĨŝĞĚŽĂƚŵŝůŬƉƌŽĚƵĐƚƚŚĂƚǁĂƐŝŶƐƚĂŶƚůLJůŝƐƚĞĚ ďLJ&ŝŶůĂŶĚ Ɛ͛ďŝŐŐĞƐƚ ƌĞƚĂŝůĞƌƐĂƚϰϱϬƐƚŽƌĞƐĂĐƌŽƐƐ ƚŚĞĐŽƵŶƚƌLJƵƉŽŶ ůĂƵŶĐŚ ůĂƚĞϮϬϭϵ͘ ĨƚĞƌůĂƵŶĐŚŝŶŐĨŝǀĞŵŽƌĞƉƌŽĚƵĐƚƐ͕ƚŚĞĐŽŵƉĂŶLJŵŝƐƐŝŽŶǁĂƐĨŝƌƐƚƚŝŵĞƉƵƚŝŶƚŽǁŽƌĚƐ ĂŶĚƉƌŝŶƚĞĚŽŶŵŝůůŝŽŶƐŽĨƉĂĐŬĂŐŝŶŐƚŚĞĐŽŵƉĂŶLJŚĂƐƐŽůĚƐŝŶĐĞƚŚĞŶ͗ZĂŝƐŝŶŐĂŚĞĂůƚŚLJ͕ ƉůĂŶĞƚͲĨƌŝĞŶĚůLJŐĞŶĞƌĂƚŝŽŶ͘ /ŶůĞƐƐƚŚĂŶϱLJĞĂƌƐĨƌŽŵůĂƵŶĐŚ͕ƚŚĞĐŽŵƉĂŶLJŚĂƐĞdžƉĂŶĚĞĚŝƚƐƉŽƌƚĨŽůŝŽƚŽϮϯƉƌŽĚƵĐƚƐ ƐŽůĚŝŶƚŚƌĞĞĐŽƵŶƚƌŝĞƐǁŝƚŚŽǀĞƌϮͲŵŝůůŝŽŶͲĞƵƌŽƌĞǀĞŶƵĞ͘dŚĞƉůĂŶƚͲďĂƐĞĚƉƌĞŵŝƵŵďĂďLJ ĨŽŽĚ ƉƌŽĚƵĐƚƐ ĂƌĞ ƚŽƉƉŝŶŐ ƐĂůĞƐ ĐŚĂƌƚƐ ĚƵĞ ƚŽ ďĞƐƚ ƚĂƐƚĞ͕ ƋƵĂůŝƚLJ ĂŶĚ ĐŽŶǀĞŶŝĞŶĐĞ͕ ĂĐĐŽƌĚŝŶŐƚŽƚŚĞĐŽŶƐƵŵĞƌ͘  /ŶĂĐƵƐƚŽŵĞƌƐƵƌǀĞLJĐĂƌƌŝĞĚŽƵƚďLJƚŚĞĐŽŵƉĂŶLJ͕ ϵϯйŽĨ ƉĂƌĞŶƚƐƌĞĐŽŵŵĞŶĚƚŚĞƉƌŽĚƵĐƚƐĂůƐŽǁŝĚĞůLJĚƵĞƚŽƚŚĞƐƚƌŽŶŐŵŝƐƐŝŽŶ͕ǁŚŝĐŚƌĞƐŽŶĂƚĞƐ ǁŝƚŚƚŚĞĐŽŶƐƵŵĞƌ͘  dŚĞ ĐŽŵƉĂŶLJ ŚĂƐ ďĞĞŶ ĂďůĞ ƚŽ ĐƌĞĂƚĞ Ă ŚŝŐŚůLJ ĞŶŐĂŐĞĚ ĐŽŶƐƵŵĞƌ ĐŽŵŵƵŶŝƚLJ ďLJ ŝŶǀŽůǀŝŶŐ ƚŚĞ ƉĂƌĞŶƚƐ ŝŶ ƉƌŽĚƵĐƚ ĚĞǀĞůŽƉŵĞŶƚ͕ ĂƐ ǁĞůů ĂƐ ƚĞƐƚŝŶŐ ŵĂƌŬĞƚŝŶŐ ĐŽŵŵƵŶŝĐĂƚŝŽŶĂŶĚǀŝƐƵĂůƐƐŝŶĐĞƚŚĞďĞŐŝŶŶŝŶŐ͘dŚĞĨŝƌƐƚƉƌŽĚƵĐƚƐĐƌĞĂƚĞĚŝŶƚŚĞŚŽŵĞ ŬŝƚĐŚĞŶǁĞƌĞŝŶƚƌŽĚƵĐĞĚƚŽƌĞƚĂŝůĐůŝĞŶƚƐŝŵŵĞĚŝĂƚĞůLJĂĨƚĞƌƚŚĞĐŽŶĐĞƉƚǁĂƐƐƚƌƵĐƚƵƌĞĚ ǁŚŝĐŚĂůůŽǁĞĚƚŚĞĐŽŵƉĂŶLJƚŽĂďƐŽƌďĂƐŵƵĐŚĐĂƚĞŐŽƌLJŝŶĨŽƌŵĂƚŝŽŶĂƐƉŽƐƐŝďůĞŝŶƚŚĞ ďĞŐŝŶŶŝŶŐ͘/ƚŚĞůƉĞĚƚŽĂĚũƵƐƚƚŚĞďƌĂŶĚƚŽĨŝƚƚŚĞŵĂƌŬĞƚŝĚĞĂůůLJĂŶĚĞƐƐĞŶƚŝĂůůLJƚŽĨŝŶĚ ƚŚĞĨŝƌƐƚĞĂƌůLJĂĚŽƉƚĞƌĐŽŶƐƵŵĞƌƚĂƌŐĞƚŐƌŽƵƉ͘ DĂƌŬĞƚŝŶŐ ŚĂƐ ƌĞůŝĞĚ ŚĞĂǀŝůLJ ŽŶ ůŽǁͲĐŽƐƚ ƚĞƐƚŝŶŐ͘ dŚĞ ƐƵĐĐĞƐƐĨƵů ĚŝƌĞĐƚͲƚŽͲĐŽŶƐƵŵĞƌ ƐƵďƐĐƌŝƉƚŝŽŶƐĞƌǀŝĐĞŵŽĚĞůǁĂƐĨŝƌƐƚƚĞƐƚĞĚŝŶƚŚĞĨŽƵŶĚĞƌ Ɛ͛ŚŽŵĞďĂƐĞŵĞŶƚĂŶĚŶĞǁ ŵĂƌŬĞƚƐ ŚĂǀĞ ďĞĞŶ ƌĞƐĞĂƌĐŚĞĚ ďLJ ƚĂůŬŝŶŐ ƚŽ ƉĂƌĞŶƚƐ ŽŶ ƚŚĞ ƐƚƌĞĞƚƐ͘ ŽŶƐƵŵĞƌƐ ĂƉƉƌĞĐŝĂƚĞ ƚŚĞ ĞdžƚƌĞŵĞ ƚƌĂŶƐƉĂƌĞŶĐLJ ĂŶĚ ƉĞŽƉůĞ ďĞŚŝŶĚ ƚŚĞ ďƌĂŶĚ ǁŚŝĐŚ ƐĞƚƐ ƚŚĞ ĐŽŵƉĂŶLJ ĂƉĂƌƚ ĨƌŽŵ ŝƚƐ ŵƵůƚŝŶĂƚŝŽŶĂů ĐŽƌƉŽƌĂƚĞ ĐŽŵƉĞƚŝƚŽƌƐ͘ /Ŷ ƚĞƌŵƐ ŽĨ ŵĂƌŬĞƚŝŶŐ ĐŚĂŶŶĞůƐ͕ ƚŚĞ ĨŽĐƵƐ ŝƐ ŽŶ ĐŽƐƚͲĞĨĨĞĐƚŝǀĞŶĞƐƐ ƚŚƌŽƵŐŚ ƐŽĐŝĂů ŵĞĚŝĂ ĂŶĚ ŝŶĨůƵĞŶĐĞƌ ŵĂƌŬĞƚŝŶŐ͕ĞŵĂŝůŵĂƌŬĞƚŝŶŐĂŶĚƐĂŵƉůŝŶŐĂƚĞǀĞŶƚƐ͘dŚĞĐŽŵƉĂŶLJŝƐĐŽŶƐƚĂŶƚůLJǁŝůůŝŶŐ ƚŽĞdžƉĞƌŝŵĞŶƚďŽůĚůLJǁŝƚŚŶĞǁĂƉƉƌŽĂĐŚĞƐ͘ ϯϭ &ƵƚƵƌĞŐƌŽǁƚŚƌĞůŝĞƐŵƵĐŚŽŶĐŽŶƚŝŶƵŽƵƐƉƌŽĚƵĐƚŝŶŶŽǀĂƚŝŽŶĐƌĞĂƚŝŶŐŚLJƉĞĂƌŽƵŶĚƚŚĞ ďƌĂŶĚĂŶĚďƵŝůĚŝŶŐŽŶ ƚŚĞĞdžĐĞƉƚŝŽŶĂůůLJ ƐƚƌŽŶŐĐŽŶƐƵŵĞƌĐŽŵŵƵŶŝƚLJ͘dŚĞĐŽŵƉĂŶLJ Ɛ͛ ǁŝŶŶŝŶŐƐƚƌĂƚĞŐLJ ŝƐŚLJƉĞƌĨŽĐƵƐĞĚŽŶĐƌĞĂƚŝŶŐǀĂůƵĞƚŽĐŽŶƐƵŵĞƌƐĂŶĚ ĐƵƐƚŽŵĞƌƐĂŶĚ ƚƌĂŶƐĨŽƌŵŝŶŐ ŚŽǁ ĐŚŝůĚƌĞŶ ĂƌĞ ĨĞĚ͘ dƌĂŶƐĨŽƌŵĂƚŝŽŶ ĐĂŶ ĂůƌĞĂĚLJ ďĞ ƐĞĞŶ ŚŽǁ ŬĞĞŶ ƉĂƌĞŶƚƐĂƌĞƚŽĂĚĚŵŽƌĞƉůĂŶƚͲďĂƐĞĚƚŽƚŚĞŝƌĐŚŝůĚƌĞŶ Ɛ͛ĚŝĞƚƐĂŶĚŚŽǁďƵLJŝŶŐďĞŚĂǀŝŽƵƌ ŚĂƐďĞĐŽŵĞŚLJďƌŝĚŝŶĐůƵĚŝŶŐďŽƚŚƌĞƚĂŝůĂŶĚĞͲĐŽŵŵĞƌĐĞ͘͟ 3.3 ZĞƐĞĂƌĐŚŵĞƚŚŽĚ dŚĞ ĐŚŽŝĐĞ ŽĨ ƌĞƐĞĂƌĐŚŵĞƚŚŽĚ ŝƐ ƚLJƉŝĐĂůůLJ ŐƵŝĚĞĚ ďLJ ƚŚĞ ƚLJƉĞ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ ďĞŝŶŐ ƐŽƵŐŚƚĂŶĚĨƌŽŵǁŚŽŵŽƌǁŚĞƌĞŝƚŝƐďĞŝŶŐƐŽƵŐŚƚ;,ŝƌƐũćƌǀŝĞƚĂů͕͘ϭϵϵϳͿ͘ĐĐŽƌĚŝŶŐƚŽ ,ŝƌƐũćƌǀŝĞƚĂů͘;ϭϵϵϳͿ͕ƋƵĂůŝƚĂƚŝǀĞƌĞƐĞĂƌĐŚƚLJƉŝĐĂůůLJĨĂǀŽƵƌƐŵĞƚŚŽĚƐŽĨĚĂƚĂĐŽůůĞĐƚŝŽŶ ƚŚĂƚ ĐĂƉƚƵƌĞ ƚŚĞ ƉĞƌƐƉĞĐƚŝǀĞƐ ĂŶĚ ŽƉŝŶŝŽŶƐ ŽĨ ƚŚĞ ƌĞƐĞĂƌĐŚ ƐƵďũĞĐƚƐ͘ dŚĞLJ ƉƌŽǀŝĚĞ ĞdžĂŵƉůĞƐ ŽĨ ƐƵĐŚ ŵĞƚŚŽĚƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞŵĂƚŝĐ ŝŶƚĞƌǀŝĞǁƐ͕ ƉĂƌƚŝĐŝƉĂŶƚ ŽďƐĞƌǀĂƚŝŽŶ͕ ŐƌŽƵƉ ŝŶƚĞƌǀŝĞǁƐ ĂŶĚ ĚŝƐĐƵƌƐŝǀĞ ĂŶĂůLJƐĞƐ ŽĨ ĚŽĐƵŵĞŶƚƐ ĂŶĚ ƚĞdžƚƐ͘ /Ŷ ƚŚĞ ĐŽŶƚĞdžƚ ŽĨ ďƵƐŝŶĞƐƐ ƌĞƐĞĂƌĐŚ͕ ƚŚĞƉƌŝŵĂƌLJŵĞƚŚŽĚŽĨƉƌŽĚƵĐŝŶŐĞŵƉŝƌŝĐĂůĚĂƚĂ ŝƐ ŽĨƚĞŶ ŝŶͲĚĞƉƚŚ ŝŶƚĞƌǀŝĞǁƐ;ƌŝŬƐƐŽŶΘ<ŽǀĂůĂŝŶĞŶ͕ϮϬϬϴͿ͘ dŚĞƌĞƐĞĂƌĐŚŵĞƚŚŽĚĐŚŽƐĞŶĨŽƌƚŚŝƐƐƚƵĚLJŝƐƉĞƌƐŽŶĂůŝŶƚĞƌǀŝĞǁƐ͘dŚĞƌĞĂƐŽŶƐĨŽƌƚŚŝƐ ĐŚŽŝĐĞĂƌĞĂƐĨŽůůŽǁƐ͘/ŶƚĞƌǀŝĞǁƐŚĂǀĞďĞĞŶƚŚĞŵĂŝŶŵĞƚŚŽĚƵƐĞĚŝŶƋƵĂůŝƚĂƚŝǀĞƌĞƐĞĂƌĐŚ ;Ğ͘Ő͘,ŝƌƐũćƌǀŝĞƚĂů͕͘ϭϵϵϳͿ͘dƵŽŵŝĂŶĚ^ĂƌĂũćƌǀŝ;ϮϬϭϴͿƉƵƚŝƚƐŝŵƉůLJ͗ǁŚĞŶǁĞǁĂŶƚƚŽ ŬŶŽǁǁŚĂƚĂƉĞƌƐŽŶƚŚŝŶŬƐŽƌǁŚLJƚŚĞLJĂĐƚƚŚĞǁĂLJƚŚĞLJĚŽ͕ŝƚŵĂŬĞƐƐĞŶƐĞƚŽĂƐŬƚŚĞŵ͘ ŵĂũŽƌĂĚǀĂŶƚĂŐĞŽĨŝŶƚĞƌǀŝĞǁŝŶŐŽǀĞƌŽƚŚĞƌĨŽƌŵƐŽĨĚĂƚĂĐŽůůĞĐƚŝŽŶŝƐƚŚĂƚŝƚĂůůŽǁƐ ĨŽƌĨůĞdžŝďŝůŝƚLJŝŶŚŽǁƚŚĞĚĂƚĂĐĂŶďĞĐŽůůĞĐƚĞĚ͕ĂĚĂƉƚŝŶŐƚŽƚŚĞƐŝƚƵĂƚŝŽŶĂŶĚƌĞƐƉŽŶĚĞŶƚƐ ;,ŝƌƐũćƌǀŝĞƚĂů͕͘ϭϵϵϳ͖dƵŽŵŝΘ^ĂƌĂũćƌǀŝ͕ϮϬϭϴͿ͘,ŝƌƐũćƌǀŝĞƚĂů͘;ϭϵϵϳͿŐŽŽŶƚŽƐƚĂƚĞƚŚĂƚ ƚŚĞŽƌĚĞƌŽĨƚŚĞŝŶƚĞƌǀŝĞǁƚŽƉŝĐƐĐĂŶďĞĂĚũƵƐƚĞĚ͕ĂŶĚƚŚĂƚƚŚĞƌĞĂƌĞŵŽƌĞƉŽƐƐŝďŝůŝƚŝĞƐ ƚŽ ŝŶƚĞƌƉƌĞƚ ƚŚĞ ĂŶƐǁĞƌƐ ƚŚĂŶ͕ ĨŽƌ ĞdžĂŵƉůĞ͕ ŝŶ Ă ƋƵĞƐƚŝŽŶŶĂŝƌĞ͘,ŝƌƐũćƌǀŝ Ğƚ Ăů͘ ;ϭϵϵϳͿ ŚŝŐŚůŝŐŚƚ ƚŚĞ ŽƉƉŽƌƚƵŶŝƚLJ ƚŽ ĂƐŬ ĨŽƌ ũƵƐƚŝĨŝĐĂƚŝŽŶ ĨŽƌ ƚŚĞ ŽƉŝŶŝŽŶƐ ĞdžƉƌĞƐƐĞĚ ďLJ ƚŚĞ ƌĞƐƉŽŶĚĞŶƚ͕ĂŶĚƚŽĂƐŬĨŽůůŽǁͲƵƉƋƵĞƐƚŝŽŶƐ͕ŝĨŶĞĐĞƐƐĂƌLJ͕ ĂƐĂĚǀĂŶƚĂŐĞƐŽĨĂŶŝŶƚĞƌǀŝĞǁ͘ ϯϮ ƌŝŬƐƐŽŶĂŶĚ<ŽǀĂůĂŝŶĞŶ ;ϮϬϬϴͿĐůĂƐƐŝĨLJ ƚŚĞĚŝĨĨĞƌĞŶƚ ƚLJƉĞƐŽĨ ŝŶƚĞƌǀŝĞǁƐĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞŝƌůĞǀĞůŽĨƐƚƌƵĐƚƵƌŝŶŐ͗ƐƚƌƵĐƚƵƌĞĚ͕ƐĞŵŝͲƐƚƌƵĐƚƵƌĞĚĂŶĚƵŶƐƚƌƵĐƚƵƌĞĚŝŶƚĞƌǀŝĞǁƐ͘&Žƌ ƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJ͕ ĂƐĞŵŝͲƐƚƌƵĐƚƵƌĞĚŝŶƚĞƌǀŝĞǁŝƐƐĞůĞĐƚĞĚ͘dŚŝƐĂůůŽǁƐďŽƚŚƚŚĞŚŽǁĂŶĚ ǁŚĂƚƋƵĞƐƚŝŽŶƐƚŽďĞĞdžƉůŽƌĞĚ;ƌŝŬƐƐŽŶΘ<ŽǀĂůĂŝŶĞŶ͕ϮϬϬϴͿ͘dŚĞĂƵƚŚŽƌƐĐŽŶƚŝŶƵĞƚŚĂƚ ƚŚĞƐƚƌĞŶŐƚŚŽĨƚŚŝƐƚLJƉĞŽĨŝŶƚĞƌǀŝĞǁŝƐŝƚƐĐŽŶǀĞƌƐĂƚŝŽŶĂůŶĂƚƵƌĞ͕ĂƐƚŚĞƐĞŵŝͲƐƚƌƵĐƚƵƌĞĚ ĨŽƌŵĂƚĂůůŽǁƐĨŽƌǀĂƌŝĂƚŝŽŶƐŝŶƋƵĞƐƚŝŽŶŽƌĚĞƌĂŶĚǁŽƌĚŝŶŐ͘ƵĞƚŽƚŚĞĐŽŵƉůĞdžŶĂƚƵƌĞ ŽĨ ƚŚĞ ƌĞƐĞĂƌĐŚ ƚŽƉŝĐƐ͕ĂŶĚ͕ ĨŽƌĞdžĂŵƉůĞ͕ŐŝǀĞŶ ƚŚĂƚďƌĂŶĚ ůŽLJĂůƚLJ ŝƐŶŽƚĂĐŽŵƉůĞƚĞůLJ ƵŶĂŵďŝŐƵŽƵƐĐŽŶĐĞƉƚ;^ĞĞĞ͘Ő͘'ŽƵŶĂƌŝƐΘ^ƚĂƚŚĂŬŽƉŽƵůŽƐ͕ϮϬϬϰͿ͕ŝƚǁĂƐƚŚĞĨůĞdžŝďŝůŝƚLJ ĂŶĚ ĐŽŶǀĞƌƐĂƚŝŽŶĂů ŶĂƚƵƌĞ ŽĨ ƐĞŵŝͲƐƚƌƵĐƚƵƌĞĚ ŝŶƚĞƌǀŝĞǁƐ ƚŚĂƚǁĂƐƉĞƌĐĞŝǀĞĚ ƚŽďĞŽĨ ĂĚǀĂŶƚĂŐĞŝŶƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJ͘ 3.4 ĂƚĂĐŽůůĞĐƚŝŽŶ ƌŝŬƐƐŽŶĂŶĚ<ŽǀĂůĂŝŶĞŶ;ϮϬϬϴͿƐƚƌĞƐƐƚŚĂƚƚŚĞŝŶƚĞƌǀŝĞǁƋƵĞƐƚŝŽŶƐƐŚŽƵůĚďĞƌĞůĂƚĞĚƚŽ ƚŚĞƌĞƐĞĂƌĐŚƋƵĞƐƚŝŽŶƐŽĨƚŚĞƐƚƵĚLJ͕ ďƵƚƚŚĂƚƚŚĞLJĂƌĞŶŽƚŝĚĞŶƚŝĐĂů͘ĐĐŽƌĚŝŶŐƚŽƚŚĞŵ͕ ƚŚĞĂŝŵŽĨƚŚĞŝŶƚĞƌǀŝĞǁƋƵĞƐƚŝŽŶƐŝƐƚŽƉƌŽĚƵĐĞŵĂƚĞƌŝĂůǁŚŝĐŚ͕ŽŶĐĞĂŶĂůLJƐĞĚ͕ǁŝůůŚĞůƉ ƚŽĂŶƐǁĞƌƚŚĞŽƌŝŐŝŶĂůƌĞƐĞĂƌĐŚƋƵĞƐƚŝŽŶƐ͘dŚĞƉƌŝŵĂƌLJƉƵƌƉŽƐĞŽĨƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJŝƐ ƚŽĞdžĂŵŝŶĞƚŚĞƉŽƚĞŶƚŝĂůŽĨĞŵĂŝůŵĂƌŬĞƚŝŶŐĂƐĂƚŽŽůƚŽƐƚƌĞŶŐƚŚĞŶďƌĂŶĚůŽLJĂůƚLJŝŶƚŚĞ ĐŽŶƚĞdžƚŽĨĂ&ŝŶŶŝƐŚďĂďLJĨŽŽĚĐŽŵƉĂŶLJ͘dŚĞƐĞŵŝͲƐƚƌƵĐƚƵƌĞĚŝŶƚĞƌǀŝĞǁĚĞƐŝŐŶƵƐĞĚŝŶ ƚŚĞĞŵƉŝƌŝĐĂůƉĂƌƚŽĨƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJŚĂƐďĞĞŶĐƌĞĂƚĞĚƚŽƐƵƉƉŽƌƚƚŚŝƐƉƵƌƉŽƐĞ͘ 3.4.1 ƌĞĂƚŝŽŶŽĨƚŚĞŝŶƚĞƌǀŝĞǁĨƌĂŵĞǁŽƌŬ In case study research, proper research questions are usually defined in conjunction with empirical data (Eriksson & Kovalainen, 2008). The authors explain how the researcher may have some initial research questions in the beginning, but will need to refine them as the research progresses and the researcher familiarises themselves with the topic in more depth. A similar idea has been adopted in the present study to formulate the ϯϯ interview questions. To facilitate the formation of the interview questions, rehearsing or piloting the interview can be useful (e.g. Gillham, 2000). Such pilots have been widely applied in qualitative research to refine research tools (Sampson, 2004). For the present study, the preliminary interview questions were piloted with a test respondent. With the pilot interviewee, the aspects of the interview relating to the purchase of baby food and brand loyalty were generically tested in order to understand, for the purposes of the present study, what kind of factors emerge in the discussion. It is noteworthy that the focus with the pilot interview was not on discussing brand messaging and email marketing, but rather on consumer behaviour and factors influencing brand loyalty. The responses to the pilot interview were found to be promising and fruitful. It provided confirmation that the questions designed seemed to examine the desired topics, and on this basis the questions were further deepened and added to. The full theoretical background to the interview questions, along with the references cited, is presented in the appendices to this study, in Appendix 1. Gillham (2000) explains that as part of creating an interview framework, the researcher should include prompts ʹ ͞ƚŚŝŶŐƐ LJŽƵŵĂLJ ŶĞĞĚ ƚŽ ƌĞŵŝŶĚ ƚŚĞ ŝŶƚĞƌǀŝĞǁĞĞ ĂďŽƵƚ͘͟  According to the author, the purpose of the prompts is to ensure that the right issues aƌĞ ƌĂŝƐĞĚ ŝŶ ƚŚĞ ŝŶƚĞƌǀŝĞǁ͘ LJ ƚŚŝƐ ƚŚĞLJŵĞĂŶ ƚŚĂƚ ƚŚĞ ƌĞƐĞĂƌĐŚĞƌ ĐĂŶ ͚ƉƌŽŵƉƚ͛ ƚŚĞ ƌĞƐƉŽŶĚĞŶƚ ďLJ ĂƐŬŝŶŐ ͞ǁŚĂƚ ĂďŽƵƚ͙͍͟ ďƵƚ ǁŝƚŚŽƵƚ ůĞĂĚŝŶŐ ƚŚĞŵ ƚŽ ĂŶƐǁĞƌ ŝŶ ĂŶLJ particular way. The interview framework for the present study has been constructed using the Gillham (2000) template, which pairs interview questions with prompts that will be used if necessary. The prompts are presented alongside the interview questions, in Appendix 2. 3.4.2 /ŶƚĞƌǀŝĞǁĂƌƌĂŶŐĞŵĞŶƚƐ dŚĞƐĞůĞĐƚŝŽŶŽĨ ŝŶƚĞƌǀŝĞǁĞĞƐĨŽƌƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJĨŽůůŽǁƐƚŚĞǀŝĞǁŽĨ,ŝƌƐũćƌǀŝĞƚĂů͘ ;ϭϵϵϳͿŽŶƚŚĞƚLJƉŝĐĂůƐĞůĞĐƚŝŽŶŽĨƚŚĞƌĞƐĞĂƌĐŚƐƵďũĞĐƚƐŝŶƋƵĂůŝƚĂƚŝǀĞƌĞƐĞĂƌĐŚ͗ƚŚĞŐƌŽƵƉ ϯϰ ŝƐƐĞůĞĐƚĞĚƉƵƌƉŽƐŝǀĞůLJ͕ ŝŶƐƚĞĂĚŽĨƵƐŝŶŐĂƌĂŶĚŽŵƐĂŵƉůŝŶŐŵĞƚŚŽĚ͘dŚĞŝŶƚĞƌǀŝĞǁĞĞƐ ǁĞƌĞŐĂƚŚĞƌĞĚďLJĂĐĐĞƐƐŝŶŐƚŚĞĞdžŝƐƚŝŶŐĚĂƚĂďĂƐĞŽĨĞŵĂŝůŵĂƌŬĞƚŝŶŐƐƵďƐĐƌŝďĞƌƐŽĨƚŚĞ ĐŽŵƉĂŶLJŝŶƋƵĞƐƚŝŽŶ͘ƐĞŐŵĞŶƚǁĂƐĐƌĞĂƚĞĚĨƌŽŵƚŚĞĐƵƐƚŽŵĞƌƉƌŽĨŝůĞƐŝŶƚŚĞůĂƌŐĞƌ ĚĂƚĂďĂƐĞƵƐŝŶŐƚŚĞĨŽůůŽǁŝŶŐĐƌŝƚĞƌŝĂ͘ĐƵƐƚŽŵĞƌƉƌŽĨŝůĞǁĂƐŝŶĐůƵĚĞĚŝŶƚŚĞƐĞŐŵĞŶƚŝĨ ƚŚĞĐƵƐƚŽŵĞƌŚĂƐŽƌĚĞƌĞĚĂƉƌŽĚƵĐƚĂƚ ůĞĂƐƚ ĨŽƵƌ ƚŝŵĞƐŽǀĞƌĂůů ƚŝŵĞ͕ŚĂƐŽƉĞŶĞĚĂŶ ĞŵĂŝůƐĞŶƚďLJƚŚĞĐŽŵƉĂŶLJĂƚůĞĂƐƚŽŶĐĞŝŶƚŚĞϯϬĚĂLJƐ͕ĂŶĚĐĂŶƌĞĐĞŝǀĞŵĂƌŬĞƚŝŶŐĞŵĂŝůƐ͘ dŚĞƐĞ ĐƌŝƚĞƌŝĂǁĞƌĞ ĐŚŽƐĞŶǁŝƚŚ ƚŚĞ ĂƐƐƵŵƉƚŝŽŶ ƚŚĂƚ ƚŚĞ ĐƵƐƚŽŵĞƌƐ ŝŶ ƚŚĞ ƐĞŐŵĞŶƚ ǁŽƵůĚ ĞdžƉƌĞƐƐ ƐŽŵĞĚĞŐƌĞĞŽĨ ďƌĂŶĚ ůŽLJĂůƚLJ͕  Ăƚ ůĞĂƐƚ ŝŶ ƚŚĞ ĨŽƌŵŽĨ ƌĞƉƵƌĐŚĂƐĞ͕ ĂŶĚ ǁŽƵůĚďĞĂďůĞƚŽĐŽŵŵĞŶƚŽŶĞŵĂŝůŵĂƌŬĞƚŝŶŐ͘ dŚĞƐĞŐŵĞŶƚƌĞƐƵůƚĞĚŝŶĂƚŽƚĂůŽĨϯϰϭƉƌŽĨŝůĞƐ͘ŶŝŶǀŝƚĂƚŝŽŶƚŽĂŶŝŶƚĞƌǀŝĞǁǁĂƐƐĞŶƚƚŽ ƚŚĞƐĞŝŶĚŝǀŝĚƵĂůƐ͕ĨŽƌǁŚŝĐŚϭϬƉĂƌƚŝĐŝƉĂŶƚƐǁĞƌĞƐŽƵŐŚƚ͘dŚĞŝŶǀŝƚĞƐĞŶƚƚŽƚŚĞĐŽŶƚĂĐƚĞĚ ƉƌŽĨŝůĞƐǁĂƐŝŶ&ŝŶŶŝƐŚ͕ďƌŝĞĨůLJĚĞƐĐƌŝďŝŶŐƚŚĞƚŽƉŝĐŽĨƚŚĞŝŶƚĞƌǀŝĞǁĂŶĚŝŶƐƚƌƵĐƚŝŶŐƚŚŽƐĞ ŝŶƚĞƌĞƐƚĞĚƚŽŬĂƐƵŝƚĂďůĞŝŶƚĞƌǀŝĞǁƚŝŵĞ͘ŵŽĚĞƌĂƚĞŝŶĐĞŶƚŝǀĞǁĂƐĂůƐŽƵƐĞĚŝŶƚŚĞ ŝŶƚĞƌǀŝĞǁ ŝŶǀŝƚĂƚŝŽŶ͘ĂĐŚƉĂƌƚŝĐŝƉĂŶƚǁŽƵůĚďĞ ƌĞǁĂƌĚĞĚǁŝƚŚĂ ƐŵĂůůƉĂĐŬĂŐĞŽĨ ƚŚĞ ďƌĂŶĚ Ɛ͛ ƉƌŽĚƵĐƚƐ͘ dŚĞ ĂƉƉŽŝŶƚŵĞŶƚ ƐĐŚĞĚƵůŝŶŐ ƚŽŽů ŽĨ 'ŽŽŐůĞ ĂůĞŶĚĂƌǁĂƐ ƵƐĞĚ ƚŽ ƐĐŚĞĚƵůĞ ƚŚĞ ŝŶƚĞƌǀŝĞǁƐ͘KŶĞͲŚŽƵƌƐůŽƚƐǁĞƌĞ ƌĞƐĞƌǀĞĚ ĨŽƌĞĂĐŚ ŝŶƚĞƌǀŝĞǁ͕ǁŚŝĐŚǁĂƐ ĞƐƚŝŵĂƚĞĚŽŶ ƚŚĞďĂƐŝƐ ŽĨ ƚŚĞ ƉŝůŽƚ ŝŶƚĞƌǀŝĞǁ͘ dŚĞ ŝŶǀŝƚĞǁĂƐ ƐĞŶƚ ŽƵƚŽŶ Ă ^ĂƚƵƌĚĂLJ ĂĨƚĞƌŶŽŽŶ ŝŶ Ɖƌŝů ϮϬϮϰ͕ ĂŶĚ Ăůů ƚĞŶ ŝŶƚĞƌǀŝĞǁĞĞƐ ǁĞƌĞ ĨŽƵŶĚ ƚŚĞ ƐĂŵĞ ĚĂLJ͘ dŚĞ ŝŶƚĞƌǀŝĞǁƐǁĞƌĞĐŽŶĚƵĐƚĞĚŽǀĞƌƚŚĞŶĞdžƚĞŝŐŚƚĚĂLJƐ͘ ϯϱ dĂďůĞϭ͘ ƌĞĂŬĚŽǁŶŽĨƌĞƐƉŽŶĚĞŶƚĚĞŵŽŐƌĂƉŚŝĐƐ͘ ZĞƐƉŽŶĚĞŶƚ ŐĞ ŝƚLJ EƵŵďĞƌŽĨĐŚŝůĚƌĞŶ ŚŝůĚͬĐŚŝůĚƌĞŶ Ɛ͛ĂŐĞ  Ͳ Ͳ ϭ ϭ͕ϱLJƌ  Ͳ Ͳ Ϯ ϯLJƌĂŶĚϭLJƌ  Ͳ Ͳ ϱ͕ƚǁŽŽĨǁŚŝĐŚĂĚƵůƚƐ ϮϯLJƌ͕ ϮϬLJƌ͕ ϭϰ͕ϭϮLJƌĂŶĚůŝƚƚůĞ ůĞƐƐƚŚĂŶϯLJƌ  Ͳ ,ĞůƐŝŶŬŝ ϭ ϯLJƌ  ϯϬ ,ĞůƐŝŶŬŝ ϭ ϭ͕ϱLJƌ & ϯϰ ,ĞůƐŝŶŬŝ ϭ ϴŵŽŶƚŚƐ ' ϯϭ dƵƵƐƵůĂ ϭ ϴŵŽŶƚŚƐ , ϯϴ ,ĞůƐŝŶŬŝ ϭŽǁŶ͕ϭƐƚĞƉ ϮLJƌĂŶĚϳLJƌ / ϯϯ WŽƌŝ Ϯ ϯLJƌĂŶĚϭLJƌ : Ͳ Ͳ Ͳ Ͳ ^ŝŶĐĞ ŽŶĞ ŝŶƚĞƌǀŝĞǁĞĞ ĚŝĚ ŶŽƚ ĞǀĞŶƚƵĂůůLJ ƉĂƌƚŝĐŝƉĂƚĞ͕ Ă ƚŽƚĂů ŽĨ ϵ ŝŶƚĞƌǀŝĞǁƐ ǁĞƌĞ ĐŽŶĚƵĐƚĞĚ ŝŶĚŝǀŝĚƵĂůůLJ͘ /ŶŝƚŝĂůůLJ͕  ŐƌŽƵƉ ŝŶƚĞƌǀŝĞǁƐǁĞƌĞ ĂůƐŽ ĐŽŶƐŝĚĞƌĞĚ ĂƐ ĂŶ ŽƉƚŝŽŶ͘ ,ŽǁĞǀĞƌ͕  ŝŶ ƚŚŝƐ ƐƚƵĚLJ͕  ŝŶĚŝǀŝĚƵĂů ŝŶƚĞƌǀŝĞǁƐ ǁĞƌĞ ĐŚŽƐĞŶ ƚŽ ŐĂŝŶ ĂƐ ŝŶͲĚĞƉƚŚ ĂŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞŝŶĚŝǀŝĚƵĂů Ɛ͛ĞdžƉĞƌŝĞŶĐĞĂƐƉŽƐƐŝďůĞ͘/ŶĂĚĚŝƚŝŽŶ͕ŝƚǁĂƐŝŶƚĞŶĚĞĚƚŽ ĂǀŽŝĚĂƐŵƵĐŚĂƐƉŽƐƐŝďůĞƚŚĞƐŽĐŝĂůĚĞƐŝƌĂďŝůŝƚLJďŝĂƐƚŚĂƚŵŝŐŚƚŽĐĐƵƌŝŶĂŐƌŽƵƉƐĞƚƚŝŶŐ͕ ĞƐƉĞĐŝĂůůLJ ǁŚĞŶ ĚĞĂůŝŶŐ ǁŝƚŚ ƐŽŵĞǁŚĂƚ ƐĞŶƐŝƚŝǀĞ ƚŽƉŝĐƐ ƌĞůĂƚĞĚ ƚŽ ĐŚŝůĚƌĞŶ ĂŶĚ ƉĂƌĞŶƚŝŶŐ;^ĞĞĞ͘Ő͘ŽƌŶƐƚĞŝŶĞƚĂů͕͘ϮϬϭϱͿ͘dŚĞƚŽƉŝĐŝƐĚŝƐĐƵƐƐĞĚŝŶŵŽƌĞĚĞƚĂŝůŝŶĐŚĂƉƚĞƌ ϯ͘ϲ͘ dŚĞ ŝŶƚĞƌǀŝĞǁƐ ǁĞƌĞ ĐŽŶĚƵĐƚĞĚ ƵƐŝŶŐ 'ŽŽŐůĞ DĞĞƚ ǀŝĚĞŽ ĐŽŶĨĞƌĞŶĐŝŶŐ͘ ůů ŝŶƚĞƌǀŝĞǁƐǁĞƌĞĂƵĚŝŽͲƌĞĐŽƌĚĞĚ͕ĂƐŝŶĚŝĐĂƚĞĚŝŶƚŚĞŝŶƚĞƌǀŝĞǁŝŶǀŝƚĂƚŝŽŶĂŶĚŬŝŶŐƚŽŽů͕ ĂŶĚĐŽŶĨŝƌŵĞĚĂƚƚŚĞƐƚĂƌƚŽĨĞĂĐŚŝŶƚĞƌǀŝĞǁ͘dŚĞƌĞĐŽƌĚŝŶŐƐǁĞƌĞŵĂĚĞƵƐŝŶŐƚŚĞǀŽŝĐĞ ŵĞŵŽĨƵŶĐƚŝŽŶŽŶĂŵŽďŝůĞƉŚŽŶĞ͘ĂƐĞĚŽŶƚŚĞĂƵĚŝŽƌĞĐŽƌĚŝŶŐƐ͕ƚŚĞĨŝŶĂůĚƵƌĂƚŝŽŶŽĨ ƚŚĞ ŝŶƚĞƌǀŝĞǁƐƌĂŶŐĞĚĨƌŽŵϯϬŵŝŶƵƚĞƐƚŽϭŚŽƵƌĂŶĚϮϬŵŝŶƵƚĞƐ͕ǁŝƚŚĂŶĂǀĞƌĂŐĞŽĨ ĂƌŽƵŶĚϱϬŵŝŶƵƚĞƐ͘ ϯϲ dĂďůĞϮ͘ ƌĞĂŬĚŽǁŶŽĨŝŶƚĞƌǀŝĞǁƐĐŚĞĚƵůĞ͘ ZĞƐƉŽŶĚĞŶƚ ĂƚĞĂŶĚƚŝŵĞ ƵƌĂƚŝŽŶ  28 April 2024, 11:00am ϯϵŵŝŶ  ϮϴƉƌŝůϮϬϮϰ͕ϯ͗ϯϬƉŵ ϰϴŵŝŶ  ϮϴƉƌŝůϮϬϮϰ͕ϱ͗ϬϬƉŵ ϰϯŵŝŶ  ϮϵƉƌŝůϮϬϮϰ͕ϲ͗ϭϱƉŵ ϭŚϮϬŵŝŶ  ϯϬƉƌŝůϮϬϮϰ͕ϴ͗ϬϬĂŵ ϭŚϰŵŝŶ & ϮDĂLJϮϬϮϰ͕ϱ͗ϬϬƉŵ ϯϬŵŝŶ ' ϮDĂLJϮϬϮϰ͕ϳ͗ϯϬƉŵ ϯϳŵŝŶ , ϯDĂLJϮϬϮϰ͕ϱ͗ϬϬƉŵ ϱϰŵŝŶ / ϯDĂLJϮϬϮϰ͕ϲ͗ϭϱƉŵ ϱϵŵŝŶ /ŶƚĞƌǀŝĞǁƋƵĞƐƚŝŽŶƐǁĞƌĞŶŽƚƐĞŶƚƚŽŝŶƚĞƌǀŝĞǁĞĞƐŝŶĂĚǀĂŶĐĞ͘dŚŝƐĐŚŽŝĐĞǁĂƐŵĂĚĞƚŽ ĨĂĐŝůŝƚĂƚĞƚŚĞŝŶƚĞƌǀŝĞǁŝƚƐĞůĨƚŽďĞĂƐĐŽŶǀĞƌƐĂƚŝŽŶĂůĂŶĚƐƉŽŶƚĂŶĞŽƵƐĂƐƉŽƐƐŝďůĞ͕ĂŶĚ ƚŽĂǀŽŝĚĐƌĞĂƚŝŶŐĂŚŝŐŚůLJĨŽƌŵĂůƋƵĞƐƚŝŽŶͲĂŶĚͲĂŶƐǁĞƌĨŽƌŵĂƚ͘ 3.5 ĂƚĂĂŶĂůLJƐŝƐ For the present study, content analysis was chosen as the method of analysis. Drisko and DĂƐĐŚŝ ;ϮϬϭϲͿĚĞĨŝŶĞĐŽŶƚĞŶƚĂŶĂůLJƐŝƐĂƐ͞ĂĨĂŵŝůLJŽĨ ƌĞƐĞĂƌĐŚ ƚĞĐŚŶŝƋƵĞƐ ĨŽƌŵĂŬŝŶŐ systematic, credible, or valid and replicable inferences from texts and other forms of ĐŽŵŵƵŶŝĐĂƚŝŽŶ͘͟ ŽŶƚĞŶƚĂŶĂůLJƐŝƐĨĂůůƐŝŶƚŽƚŚĞĐĂƚĞŐŽƌLJŽĨƋƵĂůŝƚĂƚŝǀĞƌĞƐĞĂƌĐŚĂŶĂůLJƐŝƐ͕ which is not inherently guided by theory or epistemology, but to which a wide range of theoretical and epistemological approaches can be applied relatively freely (Tuomi & Sarajärvi, 2018). The present study applies the theory-driven analysis described by Tuomi and Sarajärvi (2018). Unlike theory-based analysis, in theory-driven analysis, theory can be used as a tool, but the analysis is not directly based on it. ϯϳ In their book, Tuomi and Sarajärvi (2018) present a framework originally proposed by researcher Timo Laine to describe the process of analysis in qualitative research, which is structured as follows. The first step is to decide what is of interest in the data and make a clear exclusion. The second step is to go through the data, distinguishing and marking what is not included in the chosen selection. This involves dismissing everything else from the study, and gathering the flagged items together and apart from the rest of the material. Third, the data are classified, thematised or typified. The fourth and final step is to draw conclusions. As regards the third step of the framework (Tuomi & Sarajärvi, 2018), the technique chosen for the present study is thematisation. According to the authors, thematisation is about dividing and grouping qualitative data according to different themes. This allows comparing the occurrence of certain themes in the data. The idea is to look for insights from the material that reflect a particular theme, i.e. to focus on what is said about each theme. In a qualitative study, no conclusions are drawn from the data in terms of generalisability (Hirsjärvi et al., 1997). Hirsjärvi et al. (1997) go on to state that the idea is the following: by examining an individual case in sufficient detail, what is significant about the phenomenon and what is often repeated when the phenomenon is examined at a more general level can be revealed. The authors (1997) argue that generalisations should not be exaggerated when interpreting the results, as the data is context- and situation- specific: respondents might speak differently in an interview situation than in another situation. This study focuses on the primary data collected in this particular study (See e.g. Eriksson & Kovalainen, 2008). The data analysis does not include secondary datasets, such as the numerical purchase histories collected from the customers interviewed. While it could be fruitful to explore these types of datasets to investigate behavioural loyalty and, for ϯϴ example, possible gaps between attitudes and behaviour, these opportunities are excluded from this study and are instead presented as one suggestion for future research. 3.6 dƌƵƐƚǁŽƌƚŚŝŶĞƐƐĂŶĚĞƚŚŝĐĂůĐŽŶƐŝĚĞƌĂƚŝŽŶ tŚĞƌĞĂƐǀĂůŝĚŝƚLJ͕ ƌĞůŝĂďŝůŝƚLJĂŶĚŐĞŶĞƌĂůŝƐĂďŝůŝƚLJĂƌĞĐŽŶƐŝĚĞƌĞĚƚŚĞƚƌĂĚŝƚŝŽŶĂůĞǀĂůƵĂƚŝŽŶ ĨƌĂŵĞǁŽƌŬ ĨŽƌ ďƵƐŝŶĞƐƐ ƌĞƐĞĂƌĐŚ ;Ğ͘Ő͘ ƌŝŬƐƐŽŶ Θ <ŽǀĂůĂŝŶĞŶ͕ ϮϬϬϴͿ͕ 'ƵďĂ ;ϭϵϴϭͿ ƉƌĞƐĞŶƚƐ ĂŶ ĂůƚĞƌŶĂƚŝǀĞ ĐŽŶĐĞƉƚ ŽĨ ƚƌƵƐƚǁŽƌƚŚŝŶĞƐƐ ĨŽƌ ƚŚĞ ĞǀĂůƵĂƚŝŽŶ ŽĨ ƋƵĂůŝƚĂƚŝǀĞ ƌĞƐĞĂƌĐŚ͘ dŚŝƐ ŵŽĚĞů ĐŽŶƐŝƐƚƐ ŽĨ ĨŽƵƌ ĐŽŵƉŽŶĞŶƚƐ͗ ͞ĐƌĞĚŝďŝůŝƚLJ͕  ƚƌĂŶƐĨĞƌĂďŝůŝƚLJ͕  ĚĞƉĞŶĚĂďŝůŝƚLJĂŶĚĐŽŶĨŝƌŵĂďŝůŝƚLJ͟;Ğ͘Ő͘ƌŝŬƐƐŽŶΘ<ŽǀĂůĂŝŶĞŶ͕ϮϬϬϴ͖^ ŚĞŶƚŽŶ͕ϮϬϬϰͿ͘dŚĞ ƉƌĞƐĞŶƚƐƚƵĚLJŝƐĂƐƐĞƐƐĞĚŝŶƚŚĞůŝŐŚƚŽĨƚŚĞƐĞĞůĞŵĞŶƚƐ͘ ƌĞĚŝďŝůŝƚLJƌĞĨĞƌƐƚŽƚŚĞŝŶƚĞƌŶĂůǀĂůŝĚŝƚLJŽĨĂƐƚƵĚLJ;^ŚĞŶƚŽŶ͕ϮϬϬϰͿ͘/ŶŽƚŚĞƌǁŽƌĚƐ͕ƚŚĞ ĂŝŵŝƐƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞƌĞƐĞĂƌĐŚŝƐŵĞĂƐƵƌŝŶŐǁŚĂƚŝƐƵůƚŝŵĂƚĞůLJŝŶƚĞŶĚĞĚ͕ĂŶĚƚŚĂƚƚŚĞ ƌĞƐĞĂƌĐŚĞƌŚĂƐĂĐĐƵƌĂƚĞůLJĐĂƉƚƵƌĞĚƚŚĞƉŚĞŶŽŵĞŶĂďĞŝŶŐƐƚƵĚŝĞĚ͘dŚĞƌĞƐĞĂƌĐŚĞƌŵĂLJ ƌĞĨůĞĐƚ ŽŶ͕ ĨŽƌ ĞdžĂŵƉůĞ͕ǁŚĞƚŚĞƌ ƚŚĞƌĞ ŝƐ ƐƵĨĨŝĐŝĞŶƚ ĚĂƚĂ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ĐŽŶĐůƵƐŝŽŶƐ͕ ǁŚĞƚŚĞƌ ƚŚĞ ĐŽŶĐůƵƐŝŽŶƐ ĚƌĂǁŶ ĨƌŽŵ ƚŚĞ ĨŝŶĚŝŶŐƐ ĂƌĞ ƐŽůŝĚ͕ Žƌ ǁŚĞƚŚĞƌ ĂŶŽƚŚĞƌ ƌĞƐĞĂƌĐŚĞƌ ǁŽƵůĚ ƌĞĂĐŚ ƚŚĞ ƐĂŵĞ ĐŽŶĐůƵƐŝŽŶƐ ďLJ ŝŶƚĞƌƉƌĞƚŝŶŐ ƚŚĞ ĚĂƚĂ ;ƌŝŬƐƐŽŶ Θ <ŽǀĂůĂŝŶĞŶ͕ϮϬϬϴͿ͘dŚĞĐƌĞĚŝďŝůŝƚLJŽĨƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJŝƐĂĨĨĞĐƚĞĚďLJƚŚĞƌĞůĂƚŝǀĞůLJůŝŵŝƚĞĚ ŶƵŵďĞƌŽĨƌĞƐƉŽŶĚĞŶƚƐŝŶƚĞƌǀŝĞǁĞĚ͘,ŽǁĞǀĞƌ͕ ŝƚŝƐŶŽƚĞǁŽƌƚŚLJƚŚĂƚŝŶĂŶŝŶƚĞŶƐŝǀĞĐĂƐĞ ƐƚƵĚLJ͕ ƚŚĞĂŝŵŝƐƚŽĚĞǀĞůŽƉĂŚŽůŝƐƚŝĐĚĞƐĐƌŝƉƚŝŽŶŝŶƚŚĞĐŽŶƚĞdžƚŽĨĂƵŶŝƋƵĞĐĂƐĞ͕ŶŽƚƚŽ ƐĞĂƌĐŚĨŽƌĂŶĚƚĞƐƚŐĞŶĞƌĂůŝƐĂďůĞƚŚĞŽƌĞƚŝĐĂůƌĞƐƵůƚƐ;ƌŝŬƐƐŽŶΘ<ŽǀĂůĂŝŶĞŶ͕ϮϬϬϴͿ͘&ƌŽŵ ƚŚŝƐƉŽŝŶƚŽĨǀŝĞǁ͕ĂƌĞůĂƚŝǀĞůLJƐŵĂůůƐĂŵƉůĞŝƐŶŽƚŝŶŝƚƐĞůĨĂůŝŵŝƚĂƚŝŽŶ͘/ƚƐŚŽƵůĚĂůƐŽďĞ ŶŽƚĞĚ ƚŚĂƚ ƚŚĞ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ŽĨ ƌĞƐƵůƚƐ ŝƐ ŝŶĚĞĞĚ ĂůǁĂLJƐ ĂŶ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ͕ ĂŶĚ ĚĞƉĞŶĚĞŶƚŽŶƚŚĞƌĞƐĞĂƌĐŚĞƌĂůŽŶĞ͕ƉƌĞƐƵŵĂďůLJůĞĂĚŝŶŐƚŽƐŽŵĞĚĞŐƌĞĞŽĨďŝĂƐ͘ dƌĂŶƐĨĞƌĂďŝůŝƚLJƌĞĨĞƌƐƚŽƚŚĞĞdžƚĞƌŶĂůǀĂůŝĚŝƚLJŽĨĂƐƚƵĚLJ;^ŚĞŶƚŽŶ͕ϮϬϬϰͿ͘/ŶŽƚŚĞƌǁŽƌĚƐ͕ ŝƚ ŝƐ ŝŶƚĞŶĚĞĚ ƚŽ ĚĞŵŽŶƐƚƌĂƚĞ ŚŽǁ ƚŚĞ ƉƌĞƐĞŶƚ ƐƚƵĚLJ ĐŽŶŶĞĐƚƐ ƚŽ ƉƌĞǀŝŽƵƐ ƌĞƐĞĂƌĐŚ ;ƌŝŬƐƐŽŶΘ<ŽǀĂůĂŝŶĞŶ͕ϮϬϬϴͿ͘/ŶƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJ͕ ƚŚĞĂŝŵŚĂƐďĞĞŶƚŽƉƌŽǀŝĚĞĂƐƚƌŽŶŐ ĂŶĚĞdžƚĞŶƐŝǀĞƚŚĞŽƌĞƚŝĐĂůďĂƐŝƐƚŽ ŝůůƵƐƚƌĂƚĞĐůĞĂƌůLJŚŽǁƚŚĞƉŚĞŶŽŵĞŶŽŶƵŶĚĞƌƐƚƵĚLJ ϯϵ ĂŶĚŝƚƐƚŚĞŽƌĞƚŝĐĂůďĂĐŬŐƌŽƵŶĚĂƌĞŝŶƚĞƌůŝŶŬĞĚ͘DŽƌĞŽǀĞƌ͕ ƚŚĞƚŚĞŽƌĞƚŝĐĂůĐŽŶĐĞƉƚƐĂŶĚ ŵĂƌŬĞƚŝŶŐ ƚŽŽůƐ ŽĨ ƚŚŝƐ ƐƚƵĚLJ ĐĂŶ ďĞ ƐĞĞŶ ĂƐ ƐŽŵĞǁŚĂƚ ƵŶŝǀĞƌƐĂů ĂŶĚ ŶŽƚ ŝŶĚƵƐƚƌLJͲ ƐƉĞĐŝĨŝĐ͕ĂůůŽǁŝŶŐƉŽƚĞŶƚŝĂůƐŝŵŝůĂƌƌĞƐĞĂƌĐŚƚŽďĞĐĂƌƌŝĞĚŽƵƚŝŶĂǁŝĚĞƌĂŶŐĞŽĨĐŽŶƚĞdžƚƐ͘ ĞƉĞŶĚĂďŝůŝƚLJƌĞĨĞƌƐƚŽƚŚĞŝŵƉŽƌƚĂŶĐĞŽĨƉƌŽǀŝĚŝŶŐĂĚĞƋƵĂƚĞŝŶĨŽƌŵĂƚŝŽŶĂŶĚĞŶƐƵƌŝŶŐ ƚŚĞƌĞƐĞĂƌĐŚƉƌŽĐĞƐƐŝƐĂƉƉƌŽƉƌŝĂƚĞůLJĚŽĐƵŵĞŶƚĞĚ͕ƚƌĂĐĞĂďůĞ͕ĂŶĚĐŽŚĞƌĞŶƚ;ƌŝŬƐƐŽŶΘ <ŽǀĂůĂŝŶĞŶ͕ ϮϬϬϴͿ͘ >ŽŐŝĐ ŚĂƐ ďĞĞŶ ƉƵƌƐƵĞĚ ŝŶ ƚŚŝƐ ƐƚƵĚLJ ďLJ ĐŽŶƚŝŶƵĂůůLJ ƌĞǀŝƐŝƚŝŶŐ ƚŚĞ ƐƚĂƌƚŝŶŐ ƉŽŝŶƚƐ ŽĨ ƚŚĞ ƌĞƐĞĂƌĐŚ͕ ŝ͘Ğ͘ ŝƚƐ ƉƵƌƉŽƐĞ ĂŶĚ ŽďũĞĐƚŝǀĞƐ͘ dŚĞLJ ĂƌĞ ĐĂƌƌŝĞĚ ĐŽŶƐŝƐƚĞŶƚůLJƚŚƌŽƵŐŚŽƵƚƚŚĞƐƚƵĚLJ͘ /ŶƚƵƌŶ͕ƚŚĞƚŚĞŽƌĞƚŝĐĂůĨƌĂŵĞǁŽƌŬƉƌŽǀŝĚĞĚŝŶƚŚŝƐ ƐƚƵĚLJ ƐƵƉƉŽƌƚƐ ƚŚĞ ƌĞŵĂŝŶŝŶŐ ƌĞƐĞĂƌĐŚ͕ ƚŚƵƐ ůĂLJŝŶŐ Ă ĐŽŚĞƌĞŶƚ ĨŽƵŶĚĂƚŝŽŶ ĨŽƌ ƚŚĞ ĂŶĂůLJƐŝƐ͕ ĐƌĞĂƚŝŶŐ ƐƚƌƵĐƚƵƌĞ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ƐƚƵĚLJ͘ Ɛ ĨŽƌ ƚŚĞ ĚŽĐƵŵĞŶƚĂƚŝŽŶ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ͕ŝƚŚĂƐďĞĞŶĐĂƌĞĨƵůůLJĐŽŶƐŝĚĞƌĞĚƚŽƉƌĞƐĞŶƚƚŚĞŵĂƚƚĞƌƐĂƐĐůĞĂƌůLJĂƐƉŽƐƐŝďůĞ͘ sĂƌŝŽƵƐĨŝŐƵƌĞƐĂŶĚƚĂďůĞƐŚĂǀĞďĞĞŶĐƌĞĂƚĞĚƚŽƐƵƉƉŽƌƚƚŚĞƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨďƌŽĂĚŽƌ ĐŽŵƉůĞdžŝƐƐƵĞƐ͘ dŚĞƉƵƌƉŽƐĞŽĨĐŽŶĨŝƌŵĂďŝůŝƚLJŝƐƚŽƚƌLJƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞŽƵƚĐŽŵĞƐŽĨƚŚĞƐƚƵĚLJĂƌĞďĂƐĞĚ ŽŶƚŚĞŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚďLJƚŚĞƌĞƐƉŽŶĚĞŶƚƐĂŶĚŶŽƚŽŶĂŶLJďŝĂƐĞƐƚŚĞƌĞƐĞĂƌĐŚĞƌ ŵĂLJ ŚĂǀĞ ;^ŚĞŶƚŽŶ͕ ϮϬϬϰͿ͘ /Ŷ ƚŚĞ ƉƌĞƐĞŶƚ ƐƚƵĚLJ͕  ƚŚĞ Ăŝŵ ŚĂƐ ďĞĞŶ ƚŽ ƐƵƉƉŽƌƚ ĐŽŶĨŝƌŵĂďŝůŝƚLJďLJĞŶƐƵƌŝŶŐĂŶĞƵƚƌĂůĂƉƉƌŽĂĐŚĂŶĚĂŶĂůLJƐŝƐŽĨƚŚĞĞŵƉŝƌŝĐĂůƉĂƌƚƐĂŶĚƚŚĞ ĨŝŶĚŝŶŐƐ ŝŶƚŚĞŵ͘,ŽǁĞǀĞƌ͕  ŝƚ ŝƐ ŝŵƉŽƌƚĂŶƚƚŽŶŽƚĞ ƚŚĂƚƚŚĞƌĞƐĞĂƌĐŚĞƌŽĨƚŚŝƐ ƐƚƵĚLJŝƐ ĞŵƉůŽLJĞĚďLJƚŚĞĐĂƐĞĐŽŵƉĂŶLJ͕ ĂŶĚƚŚĞƌĞĨŽƌĞƐŽŵĞďŝĂƐŵĂLJďĞĂƐƐƵŵĞĚŝŶƚŚĞŝƌǀŝĞǁƐ͘ /ŶƚŚŝƐƐƚƵĚLJ͕ ƚŚŝƐďŝĂƐĐĂŶŽĐĐƵƌ͕ ĨŽƌĞdžĂŵƉůĞ͕ďLJƚŚĞƌĞƐĞĂƌĐŚĞƌŝŶƚĞƌƉƌĞƚŝŶŐƚŚĞĂŶƐǁĞƌƐ ĂƐƚŚĞLJǁŽƵůĚƉƌĞĨĞƌƚŚĞŵƚŽďĞ͕ďLJƵŶĐŽŶƐĐŝŽƵƐůLJŝŶĨůƵĞŶĐŝŶŐƚŚĞƌĞƐƉŽŶĚĞŶƚƐ͛ĂŶƐǁĞƌƐ͕ Žƌ ďLJ ŝŶĂĚǀĞƌƚĞŶƚůLJ ŽŵŝƚƚŝŶŐ ƐŽŵĞƚŚŝŶŐ ĞƐƐĞŶƚŝĂů ƚŽ ƚŚĞ ƐƚƵĚLJ͕  ĂƐƐƵŵŝŶŐ ƚŚĂƚ ƚŚĞ ƌĞƐƉŽŶĚĞŶƚ ǁŽƵůĚ ĂůƌĞĂĚLJ ŬŶŽǁ ŝƚ͘ ŐĂŝŶ͕ ƚŚŝƐ ƉŽƚĞŶƚŝĂů ďŝĂƐ ǁĂƐ ƌĞĐŽŐŶŝƐĞĚ͕ ĂŶĚ Ă ĐŽŶƐĐŝŽƵƐĞĨĨŽƌƚǁĂƐŵĂĚĞƚŽĂǀŽŝĚŝƚƐĞĨĨĞĐƚƐ͘ ƚŚŝĐĂů ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŝƐ Ă ďƌŽĂĚĞƌ ĐŽŶĐĞƉƚ͕ ǁŚĞƌĞ ƚŚĞ ĞƐƐĞŶƚŝĂů ĞůĞŵĞŶƚ ŝƐ ďŽƚŚ ƚŚĞ ŵƵƚƵĂů ƚƌƵƐƚ ǁŝƚŚŝŶ ƚŚĞ ƌĞƐĞĂƌĐŚ ĐŽŵŵƵŶŝƚLJ ĂŶĚ ƚŚĞ ƌĞůĂƚŝŽŶƐŚŝƉ ďĞƚǁĞĞŶ ƚŚĞ ƌĞƐĞĂƌĐŚĞƌĂŶĚƚŚĞƐƵďũĞĐƚƐ;ƌŝŬƐƐŽŶΘ<ŽǀĂůĂŝŶĞŶ͕ϮϬϬϴͿ͘dŚŝƐǁĂƐĐŽŶƐŝĚĞƌĞĚŝŶƚŚĞ ϰϬ ŝŶƚĞƌǀŝĞǁƐďLJĞŵƉŚĂƐŝƐŝŶŐƚŚĞĂŶŽŶLJŵŝƚLJĂŶĚĐŽŶĨŝĚĞŶƚŝĂůŝƚLJŽĨƚŚĞƌĞƐƉŽŶƐĞƐ͕ƐŽƚŚĂƚ ƚŚĞƌĞƐƉŽŶĚĞŶƚƐĐŽƵůĚŶŽƚďĞŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞĨŝŶĚŝŶŐƐŽĨƚŚĞƐƚƵĚLJ͘/ŶĂĚĚŝƚŝŽŶ͕ŝƚǁĂƐ ŵĂĚĞĐůĞĂƌƚŚĂƚƚŚĞƌĞǁĞƌĞŶŽƐŽͲĐĂůůĞĚƌŝŐŚƚŽƌǁƌŽŶŐĂŶƐǁĞƌƐ͕ĂůƐŽƌĞĨĞƌƌŝŶŐƚŽƚŚĞĨĂĐƚ ƚŚĂƚŝƚǁĂƐŚŽƉĞĚƚŚĂƚƌĞƐƉŽŶĚĞŶƚƐǁŽƵůĚŐŝǀĞĂƐŚŽŶĞƐƚĂŶƐǁĞƌƐĂƐƉŽƐƐŝďůĞ͘ dŚĞŽǀĞƌĂůů ƚƌƵƐƚǁŽƌƚŚŝŶĞƐƐ ŽĨ ƚŚĞ ŝŶƚĞƌǀŝĞǁŵĞƚŚŽĚŵĂLJŚĂǀĞďĞĞŶ ĂĨĨĞĐƚĞĚďLJ ƚŚĞ ƚĞŶĚĞŶĐLJŽĨŝŶƚĞƌǀŝĞǁĞĞƐƚŽŐŝǀĞƐŽĐŝĂůůLJĚĞƐŝƌĂďůĞĂŶƐǁĞƌƐ;,ŝƌƐũćƌǀŝĞƚĂů͕͘ϭϵϵϳͿ͘dŚŝƐ ƐŽͲĐĂůůĞĚƐŽĐŝĂůĚĞƐŝƌĂďŝůŝƚLJďŝĂƐ ƌĞĨĞƌƐ ƚŽ ƚŚĞ ŝŶĚŝǀŝĚƵĂů Ɛ͛ ƚĞŶĚĞŶĐLJ ƚŽďĞƉĞƌĐĞŝǀĞĚĂƐ ŵŽƌĞĂůƚƌƵŝƐƚŝĐďLJĚĞŶLJŝŶŐƐŽĐŝĂůůLJƵŶĚĞƐŝƌĂďůĞďĞŚĂǀŝŽƵƌĂŶĚĂĚŵŝƚƚŝŶŐĚĞƐŝƌĂďůĞŽŶĞ ;ĞƌďĞΘWĂƵůŚƵƐ͕ϭϵϴϳ͕ĂƐĐŝƚĞĚŝŶŚƵŶŐΘDŽŶƌŽĞ͕ϮϬϬϯͿ͘tŚĂƚŝƐĐŽŶƐŝĚĞƌĞĚƐŽĐŝĂůůLJ ĚĞƐŝƌĂďůĞŝƐƐƵďũĞĐƚƚŽĐƵůƚƵƌĂůĚŝĨĨĞƌĞŶĐĞƐ͕ĂŶĚŝƚŝƐĐƌƵĐŝĂůƚŚĂƚƚŚĞƌĞƐĞĂƌĐŚĞƌŝƐĂďůĞƚŽ ŝŶƚĞƌƉƌĞƚƚŚĞƌĞƐƉŽŶĚĞŶƚ Ɛ͛ĂŶƐǁĞƌƐŝŶƚŚĞůŝŐŚƚŽĨƐƵĐŚĐƵůƚƵƌĂůŵĞĂŶŝŶŐƐ;,ŝƌƐũćƌǀŝĞƚĂů͕͘ ϭϵϵϳͿ͘ ŽƌŶƐƚĞŝŶ Ğƚ Ăů͘ ;ϮϬϭϱͿ ƉŽŝŶƚ ŽƵƚ ƚŚĂƚ ƐŽĐŝĂůůLJ ĚĞƐŝƌĂďůĞ ƌĞƐƉŽŶƐĞƐ ĐĂŶ ŽĐĐƵƌ ƉĂƌƚŝĐƵůĂƌůLJ ŝŶ ƚŚĞ ĐŽŶƚĞdžƚ ŽĨ ƉĂƌĞŶƚƐ ĂŶƐǁĞƌŝŶŐ ƋƵĞƐƚŝŽŶƐ ĂďŽƵƚ ƚŚĞŵƐĞůǀĞƐ͕ ƚŚĞŝƌ ĐŚŝůĚƌĞŶ ĂŶĚ ƚŚĞŝƌ ƉĂƌĞŶƚŝŶŐ͕ Ăůů ŽĨǁŚŝĐŚ ĂƌĞ ĐĞŶƚƌĂů ƚŽ ƚŚĞ ƉƌĞƐĞŶƚ ƐƚƵĚLJ͘ dŚŝƐǁĂƐ ƌĞƐƉĞĐƚĞĚŝŶƚŚĞŝŶƚĞƌǀŝĞǁƐŝƚƵĂƚŝŽŶƐďLJĂƚƚĞŵƉƚŝŶŐƚŽĐƌĞĂƚĞĂŶĞƵƚƌĂů͕ĂĐĐĞƉƚŝŶŐĂŶĚ ƐĂĨĞĞŶǀŝƌŽŶŵĞŶƚĨŽƌĚŝǀĞƌƐĞŽƉŝŶŝŽŶƐŽŶƐĞŶƐŝƚŝǀĞƚŽƉŝĐƐ͘ 3.7 hƐĞŽĨĂƌƚŝĨŝĐŝĂůŝŶƚĞůůŝŐĞŶĐĞ /Ŷ ƚŚŝƐ ƐƚƵĚLJ͕  ƚŚĞ ĂƌƚŝĨŝĐŝĂů ŝŶƚĞůůŝŐĞŶĐĞƉůĂƚĨŽƌŵĞĞƉ>ŚĂƐďĞĞŶƵƐĞĚ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ůĂŶŐƵĂŐĞ ƚƌĂŶƐůĂƚŝŽŶƐŽĨ ƚŚĞƐƚƵĚLJ͘ /ŶƉĂƌƚŝĐƵůĂƌ͕  ƚŚĞ ƚŽŽůǁĂƐĂŶĞƐƐĞŶƚŝĂůƉĂƌƚŽĨ ƚŚĞ ƚƌĂŶƐĐƌŝƉƚŝŽŶŽĨƚŚĞ&ŝŶŶŝƐŚ ŝŶƚĞƌǀŝĞǁƐ͕ǁŚŝĐŚĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚŝƐƐƚƵĚLJŚĂĚƚŽďĞ ƚƌĂŶƐůĂƚĞĚŝŶƚŽŶŐůŝƐŚ͘/ŶĂĚĚŝƚŝŽŶ͕ŚĂƚ'WdŚĂƐďĞĞŶƵƐĞĚĂƐĂƚŽŽůŝŶƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJ ƚŽ ƐƵƉƉŽƌƚ ŝŶŝƚŝĂů ƚŚŽƵŐŚƚ ƉƌŽĐĞƐƐĞƐ͕ ĨŽƌ ŝŶƐƚĂŶĐĞ͕ ƚŽ ĞdžƉůŽƌĞ ŽƉƚŝŽŶƐ ĨŽƌ ƚŚĞŽƌĞƚŝĐĂů ĐŚŽŝĐĞƐ ĨŽƌ ƚŚĞ ŽƌŝŐŝŶĂů ƌĞƐĞĂƌĐŚ ƚŽƉŝĐ͘ dŚĞ ĨŝŶĂů ĚĞĐŝƐŝŽŶƐ ĂŶĚ ďŽƚŚ ůŝŶŐƵŝƐƚŝĐ ĂŶĚ ƚŚĞŽƌĞƚŝĐĂůĐŚŽŝĐĞƐĂƌĞŵĂĚĞďLJƚŚĞƌĞƐĞĂƌĐŚĞƌ͕ ĨŽƌǁŚŝĐŚ/ĂŵĨƵůůLJƌĞƐƉŽŶƐŝďůĞ͘ ϰϭ 4 &ŝŶĚŝŶŐƐ In this chapter, the data from the interviews conducted is presented and analysed. In order to clarify the analysis, the information has been grouped under themes that emerged from the data. The three themes were labelled as: Baby food buyers ʹ reasons and motivations to buy, The many faces of brand loyalty and Email marketing that engages. However, the following chapters are named according to the theoretical parts of the study. Based on the analysis in this chapter, the aim is to identify and organise relevant insights for the third objective of the study, the managerial recommendations on how to strengthen brand loyalty through email marketing. 4.1 ĞŚĂǀŝŽƵƌĂůďƌĂŶĚůŽLJĂůƚLJŽĨďĂďLJĨŽŽĚďƵLJĞƌƐ The first focus was specifically on brand loyalty in terms of behaviour. This was explored ďLJ ĂƐŬŝŶŐ ƌĞƐƉŽŶĚĞŶƚƐ ƚŽ ĚĞƐĐƌŝďĞ ŚŽǁ ŵƵĐŚ ƚŚĞLJ ŚĂǀĞ ƵƐĞĚ ƚŚĞ ĐĂƐĞ ĐŽŵƉĂŶLJ Ɛ͛ products and how well they feel they know them. The most common answer was that the products have been used a lot. Some respondents reported that they have a monthly subscription to the products via the online store, while others had bought individual packages several times. This was to some extent to be expected, as the original selection crŝƚĞƌŝĂ ŽĨ ƌĞƐƉŽŶĚĞŶƚƐ ǁĂƐ ĂŝŵĞĚ Ăƚ ĨŝŶĚŝŶŐ ƚŚĞƐĞ ƚLJƉĞƐ ŽĨ ͞ŚĞĂǀLJ ƵƐĞƌƐ͘͟  dŚĞ ǀĂƐƚ ŵĂũŽƌŝƚLJŽĨƌĞƐƉŽŶĚĞŶƚƐĨĞůƚƚŚĞLJŬŶĞǁƚŚĞďƌĂŶĚ Ɛ͛ƉƌŽĚƵĐƚƉŽƌƚĨŽůŝŽǁĞůů͕ƚŽƚŚĞĞdžƚĞŶƚ that one respondent commented that she knew the products as well as one could without working for the company. The different products in the portfolio had also been extensively tested, some with several, some with all available products. dŽŐĂŝŶĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞƌĞĂƐŽŶƐĂŶĚŵŽƚŝǀĂƚŝŽŶƐďĞŚŝŶĚƚŚĞƌĞƐƉŽŶĚĞŶƚƐ͛ďĂďLJ food purchasing in general, the interviews started by exploring baby food purchases and the different drivers behind them. All respondents are mothers, some also stepmothers, to one or more children. The ages of the children ranged from 8 months to up to 23 years. Of these, the children who were said to eat Green Planet Astronauts products were on ϰϮ average just under 2 years old. The mothers interviewed displayed different habits and patterns of buying baby food. For some, it was typical to buy baby food several times a week, while at the other end of the spectrum, less frequent, large one-off purchases were preferred. A common message was that the volumes of baby food required are high, according to the respondents. /͛ŵ ŚĂǀŝŶŐ ƚŚĞ 'ƌĞĞŶ WůĂŶĞƚ ƐƚƌŽŶĂƵƚƐŵŽŶƚŚůLJ ďŽdž͘ /ƚ ƵƐƵĂůůLJ ƌƵŶƐ ŽƵƚ͕ ĂĨƚĞƌ ǁŚŝĐŚ/ƵƐƵĂůůLJďƵLJĂƌĞĨŝůůĨƌŽŵƚŚĞƐƚŽƌĞ͕ǁŚĂƚĞǀĞƌƚŚĞLJŚĂƉƉĞŶƚŽŚĂǀĞ͘ʹ ŝƚŚĞƌĨƌŽŵLJŽƵŽƌĨƌŽŵƚŚĞƐƚŽƌĞ͕^ͲŵĂƌŬĞƚŽƌƐƵƉĞƌŵĂƌŬĞƚ͘DŽƌĞŽĨƚĞŶĨƌŽŵƚŚĞ ƐƚŽƌĞƐ͕ďƵƚĨƌŽŵLJŽƵŝŶůĂƌŐĞƌƋƵĂŶƚŝƚŝĞƐĂƚĂƚŝŵĞ͘ʹ& dŚĞƌĞƐƉŽŶĚĞŶƚƐ͛ƉƵƌĐŚĂƐĞŽĨďĂďLJĨŽŽĚĐĂŶďĞĚĞƐĐƌŝďĞĚĂƐmulti-channel. All of them reported having ordered from the Green Planet Astronauts online store, a selection ĐƌŝƚĞƌŝĂĂůƌĞĂĚLJĂƉƉůŝĞĚĚƵƌŝŶŐƚŚĞŝŶƚĞƌǀŝĞǁĞĞƐ͛ƐĞĂƌĐŚƉŚĂƐĞ͘/ŶĂĚĚŝƚŝŽŶƚŽƚŚĞŽŶůŝŶĞ store, most of the respondents also buy baby food together with their grocery shopping, in actual retail stores. Respondents mentioned S-Group stores Prisma, S-market and Alepa, K-Group stores, Lidl and ordering groceries online as their preferred choice of grocery stores. In these cases, baby food is also purchased from other brands. When respondents were asked which other brands of baby food they buy, in addition to Green WůĂŶĞƚƐƚƌŽŶĂƵƚƐ͕EĞƐƚůĠ Ɛ͛Wŝůƚƚŝ͕^ĞŵƉĞƌ͕ sĂůŝŽ Ɛ͛KŶŶŝ͕ůĞdžΘWŚŝů͕DƵƌƵĂďLJ͕ and the ƐƚŽƌĞƐ͛ŽǁŶƉƌŝǀĂƚĞůĂďĞůƐWŝƌŬŬĂĂŶĚZĂŝŶďŽǁǁĞƌĞŵĞŶƚŝŽŶĞĚ͘ The choice of the brands mentioned was based on various factors, such as domesticity, variety, such as meat- or yoghourt-based dishes available from a particular brand, affordability and quantity discounts. When looking at choices at product level, factors such as the ingredient lists, additives and no added sugar, familiar and trusted products and what the child will agree to eat also influenced the choice. In addition, the eating habits, special diets and ideological choices of family members played a role in the decision-making process. ϰϯ When asked about their reasons and motivations for buying ready-made baby food in general, many similarities, but also differences in tone, emerged. All but one respondent mentioned some form of convenience in their response regarding baby food. The only respondent who did not specifically mention convenience was a mother of a child with special needs who struggles with eating in general. Convenience, however, was experienced in a variety of forms and situations. Several responses indicated that ready- made baby food was a source of help in the life of a family with small children. zĞƐ͕ŵĂLJďĞŝƚΖƐƚŚĞŚĞĐƚŝĐƉĂĐĞŽĨĞǀĞƌLJĚĂLJůŝĨĞ͕ƚŚĞƌĞĂƌĞƐŽŵĂŶLJďĂůůƐŝŶƚŚĞĂŝƌ͘  ΀ʹʹ΁DĂLJďĞŝŶĚĂŝůLJůŝĨĞǁŝƚŚĐŚŝůĚƌĞŶ͕ŝƚŝƐƚŽŐŽĨƌŽŵǁŚĞƌĞƚŚĞĨĞŶĐĞŝƐůŽǁĞƐƚ͕ƐŽ ƚŚĂƚĞŶĞƌŐLJƌĞŵĂŝŶƐĂŶĚŝƚŝƐƚŚĞŶĞĂƐŝĞƌƚŽĨŽĐƵƐŽŶŽƚŚĞƌƚŚŝŶŐƐǁŚĞŶĞĂƚŝŶŐŝƐĂƐ ĞĂƐLJĂƐƉŽƐƐŝďůĞ͘ʹ /ĨĞĞůƚŚĂƚƚŚŝƐĨĂŵŝůLJůŝĨĞǁŝƚŚĐŚŝůĚƌĞŶŝƐƐŽŚĞĐƚŝĐĂŶĚďƵƐLJ͕΀ʹʹ ΁͘dŽŵĂŬĞĞǀĞƌLJĚĂLJ ůŝĨĞĞĂƐŝĞƌ͕ ƚŚĂƚΖƐƚŚĞďŝŐŐĞƐƚƌĞĂƐŽŶ͘ʹ' ĨƌĞƋƵĞŶƚůLJŵĞŶƚŝŽŶĞĚǁŽƌĚĐŽŵďŝŶĂƚŝŽŶǁĂƐ͞ĞĂƐLJĂŶĚƋƵŝĐŬ͘͟ /ŶƚŚŝƐĐŽŶƚĞdžƚ͕ŝƚǁĂƐ mentioned how baby food makes it easier for parents themselves and helps save time. According to one respondent, by using ready-made baby food instead of cooking, she gains time which she prefers to spend on other things instead. Another respondent told that it is not so much that it takes a long time to cook homemade porridge, for example, but with the ready-made she can just hand it to the child and it is eaten just as quickly. She described it as not necessarily being about ease in the sense that it's harder to cook yourself, but the fact that the ready-made product is quickly in front of the child's nose. Another driver of purchase, which was also seen as contributing to convenience, was various reasons related to transport, life on the go. Ready-made baby food was provided on car journeys, right before going somewhere, and on the way to and back from daycare. The reasons behind this were practical: for example, the products are given to a child in the car to avoid sudden stops at gas stations, when something is needed quickly before leaving, as an easy snack for a hungry child after daycare, and as a snack alternative with the right consistency that is not as messy as some other options. In this context, the ϰϰ packaging of the product was seen as highly important. Several respondents found the plastic pouches, also used by the case company, to be more convenient than the glass jars offered by some other manufacturers. According to one respondent, the pouch is easier to take with you, whereas with the glass jar she has to worry about it breaking. In addition, the glass jar requires bringing a spoon, unlike the pouch, which the child can suck on themselves. Some of the responses revealed a common purchase driver, the ĐŚŝůĚ Ɛ͛ƉƌĞĨĞƌĞŶĐĞ. For ĞdžĂŵƉůĞ͕ ƚŚĞ ĐŚŝůĚ Ɛ͛ ƉƌĞĨĞƌĞŶĐĞ ĚƌŝǀĞƌŵĂŶŝĨĞƐƚƐ ŝŶ ďƵLJŝŶŐ ďĂďLJ ĨŽŽĚ ŝŶ ŐĞŶĞƌĂů ĂŶĚ influences purchasing decisions when something is needed quickly that the parent knows the child will like. According to one respondent, it is natural to stick to certain ƉƌŽĚƵĐƚƐ ŽŶĐĞ LJŽƵ ĨŝŶĚŽŶĞƐ LJŽƵƌ ĐŚŝůĚ ůŝŬĞƐ͘ dŚĞ ĐŚŝůĚ Ɛ͛ ƉƌĞĨĞƌĞŶĐĞǁĂƐ ƚŚƵƐ ƐĂŝĚ ƚŽ contribute to the choice of certain brands or products. Some respondents described the ĐŚŝůĚ Ɛ͛ƉƌĞĨĞƌĞŶĐĞĂƐĂŵĂũŽƌŽƌŽŶĞŽĨƚŚĞŵĂŝŶĐŽŶƚƌŝďƵƚŝŶŐĨĂĐƚŽƌƐƚŽƚŚĞŝƌƉƵƌĐŚĂƐŝŶŐ͘ Interestingly, a large proportion of respondents said they had also tasted the products and liked the taste themselves. Continuing with the overall motivations to buy baby food, several responses expressed a common search for variety. This was expressed in the desire to build a complete diet for the child, and to add fruit and vegetables to it. Buying baby food was considered a way of being able to provide something that was perceived as potentially challenging to ƉƌĞƉĂƌĞŽŶŽŶĞ Ɛ͛ŽǁŶ, such as fruit purees. The ready-made products were also found to make feeding picky eaters easier. ΀ʹʹ΁ŝƚΖƐĞĂƐŝĞƌƚŽŐŝǀĞLJŽƵƌĐŚŝůĚĂǁŝĚĞƌǀĂƌŝĞƚLJŽĨĨŽŽĚƐĐŽŵƉĂƌĞĚƚŽǁŚĂƚLJŽƵ ǁŽƵůĚŵĂŬĞLJŽƵƌƐĞůĨ͘ &ŽƌĞdžĂŵƉůĞ͕ŝŶŐƌĞĚŝĞŶƚƐƚŚĂƚLJŽƵƉƌŽďĂďůLJǁŽƵůĚŶΖƚŚĂŶĚůĞ LJŽƵƌƐĞůĨ Ăƚ Ăůů͘ &Žƌ ĞdžĂŵƉůĞ͕ ǀĞŐĞƚĂďůĞƐ ŝŶ Ă ǀĞƌLJǁŝĚĞ ǀĂƌŝĞƚLJ ĂŶĚ ƚŚĞŶ Ăůů ƚŚĞ ĐŽƵƐĐŽƵƐĂŶĚŽƚŚĞƌƚŚŝŶŐƐ΀ʹʹ΁͘ʹ& KƵƌϮLJĞĂƌŽůĚĚŽĞƐŶ͛ƚĞĂƚĨƌƵŝƚŽƌǀĞŐĞƚĂďůĞƐĞdžĐĞƉƚ͞ƐŶĞĂŬŝůLJ͟ůŝŬĞƚŚŝƐ͘dŚĞLJĂůƐŽ ĞĂƚǀĞŐŐŝĞŵĞĂůƐĨƌŽŵLJŽƵƌďƌĂŶĚ͘dŚĞLJĂƌĞƉƌĞƚƚLJŵƵĐŚƚŚĞŽŶůLJǁĂLJƚŚĞLJĐĂŶŐĞƚ ĨƌƵŝƚĂŶĚǀĞŐŐŝĞƐ΀ƚŚƌŽƵŐŚƐƵĐŚĂƉƌŽĚƵĐƚ΁͘/ĨƚŚĞLJƐĞĞƚŚĞŵŽŶĂƉůĂƚĞƚŚĞLJǁŝůůŶŽƚ ƉƵƚƚŚĞŵŝŶƚŚĞŝƌŵŽƵƚŚ͘ʹ, ϰϱ ŽŶǀĞŶŝĞŶĐĞ ͲĞĂƐLJĂŶĚƋƵŝĐŬ ͲƌĂƚŚĞƌŶŽƚƵƐĞƚŝŵĞĨŽƌ ĐŽŽŬŝŶŐ KĨĨĞƌŝŶŐǀĂƌŝĞƚLJŝŶ ƚĞƌŵƐŽĨƉƌŽĚƵĐƚƐ ĂŶĚĨůĂǀŽƵƌƐ DŽƐƚŝŵƉŽƌƚĂŶƚďĞŚĂǀŝŽƵƌĂů ƉƵƌĐŚĂƐĞĚƌŝǀĞƌƐ ŚŝůĚ Ɛ͛ƉƌĞĨĞƌĞŶĐĞ >ŝĨĞŽŶƚŚĞŐŽ ͲĚĂLJĐĂƌĞƚƌŝƉƐ ͲĚƌŝǀŝŶŐ͕ďĞĨŽƌĞŽƌĚƵƌŝŶŐ &ŝŐƵƌĞϰ͘DŽƐƚŝŵƉŽƌƚĂŶƚďĞŚĂǀŝŽƵƌĂůƉƵƌĐŚĂƐĞĚƌŝǀĞƌƐ͘ dŽ ŐĂŝŶ ĂŶ ĞǀĞŶ ĚĞĞƉĞƌ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ƌĞƐƉŽŶĚĞŶƚƐ͛ ďĂďLJ ĨŽŽĚ ƉƵƌĐŚĂƐŝŶŐ͕ ƌĞƐƉŽŶĚĞŶƚƐ ǁĞƌĞ ĂƐŬĞĚ ĂďŽƵƚ ƚŚĞŝƌ ĨĂŵŝůŝĞƐ͛ ĞĂƚŝŶŐ ŚĂďŝƚƐ͘ tŚĞŶ ĂƐŬĞĚ͕ ƐĞǀĞƌĂů ƌĞƐƉŽŶƐĞƐŝŶĚŝĐĂƚĞĚĂǁŝůůŝŶŐŶĞƐƐƚŽŝŶƚƌŽĚƵĐĞƚŚĞĐŚŝůĚƚŽŶĞǁĂŶĚĚŝĨĨĞƌĞŶƚƚĂƐƚĞƐĂŶĚ ƚĞdžƚƵƌĞƐ͘sĂƌŝŽƵƐŵŽƚŚĞƌƐ ĨĞůƚ ŝƚǁĂƐ ŝŵƉŽƌƚĂŶƚ ĨŽƌ ƚŚĞ ĐŚŝůĚ ƚŽ ƚƌLJ ĂǁŝĚĞ ǀĂƌŝĞƚLJ ŽĨ ĨůĂǀŽƵƌƐĂŶĚŶŽƚŐƌŽǁƵƉƚŽďĞĂƉŝĐŬLJĞĂƚĞƌ͘ KŶĞƌĞƐƉŽŶĚĞŶƚƉŽŝŶƚĞĚŽƵƚƚŚĂƚƐŚĞŚĞƌƐĞůĨ ŝƐǀĞƌLJƉŝĐŬLJĂŶĚĚŽĞƐŶŽƚǁĂŶƚƚŚĞƐĂŵĞĨŽƌŚĞƌĐŚŝůĚƌĞŶ͘^ŚĞŵĞŶƚŝŽŶƐ͕ŚŽǁĞǀĞƌ͕ ƚŚĂƚ ŝŶďĂƐŝĐĞǀĞƌLJĚĂLJůŝĨĞŝƚŝƐŶŽƚƵůƚŝŵĂƚĞůLJƐƵĐŚĂƐĞƌŝŽƵƐĐŽŶĐĞƌŶ͘ &ŽůůŽǁŝŶŐƚŚĞƚŽƉŝĐŽĨĨŽŽĚŝŶƚƌŽĚƵĐƚŝŽŶ͕ƚŚĞƐƵďũĞĐƚŽĨŚĞĂůƚŚŝŶĞƐƐŽĨ ĐŚŝůĚƌĞŶ Ɛ͛ĚŝĞƚƐ ǁĂƐĂĚĚƌĞƐƐĞĚ͘/ŶŐĞŶĞƌĂů͕ƚŚĞŚĞĂůƚŚŝŶĞƐƐŽĨĐŚŝůĚƌĞŶ Ɛ͛ĨŽŽĚǁĂƐŽĨŚŝŐŚŝŵƉŽƌƚĂŶĐĞƚŽ ƚŚĞ ƌĞƐƉŽŶĚĞŶƚƐ͘ dŚŝƐ ǁĂƐ ĞǀĞŶ ƚŚŽƵŐŚ ƚŚĞ ĐŽŶĐĞƉƚ ŽĨ ŚĞĂůƚŚŝŶĞƐƐ ĐĂŶ ďĞ ǀĞƌLJ ĂŵďŝŐƵŽƵƐ Ăƚ ƚŚĞ ŝŶĚŝǀŝĚƵĂů ůĞǀĞů͘ dŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ŝŶĐůƵĚŝŶŐ ǀĞŐĞƚĂďůĞƐ ǁĂƐ ϰϲ ŚŝŐŚůŝŐŚƚĞĚŝŶŵŽƐƚŽĨƚŚĞƌĞƐƉŽŶƐĞƐ͘tŚĞŶƚĂůŬŝŶŐĂďŽƵƚŚĞĂůƚŚŝŶĞƐƐ͕ƚŚĞƌĞƐƉŽŶĚĞŶƚƐ ŵĞŶƚŝŽŶĞĚ Ă ǀĂƌŝĞĚ ĚŝĞƚ͕ ďĂůĂŶĐŝŶŐ ŚĞĂůƚŚLJ ĂŶĚ ͞ƵŶŚĞĂůƚŚLJ͟ ĨŽŽĚƐ͕ ĂǀŽŝĚŝŶŐ ŚŝĚĚĞŶ ƐƵŐĂƌƐĂŶĚƉƌŽĐĞƐƐĞĚĨŽŽĚƐ͕ĂŶĚƚŚŝŶŬŝŶŐĂďŽƵƚŐƵƚŚĞĂůƚŚĂŶĚĨŝďƌĞ͘,ŽǁĞǀĞƌ͕ ƐĞǀĞƌĂů ƌĞƐƉŽŶĚĞŶƚƐƉŽŝŶƚŽƵƚƚŚĂƚŵĂŝŶƚĂŝŶŝŶŐĂŚĞĂůƚŚLJĚŝĞƚĨŽƌĐŚŝůĚƌĞŶŝƐŶŽƚĂůǁĂLJƐƉŽƐƐŝďůĞ͕ ĞƐƉĞĐŝĂůůLJŝŶĂŚƵƌƌLJ͘ůƐŽ͕ƐĞǀĞƌĂůƌĞƐƉŽŶĚĞŶƚƐŵĞŶƚŝŽŶĞĚŶŽƚǁĂŶƚŝŶŐƚŽďĞƚŽŽĞdžƚƌĞŵĞ Žƌ ƐůĂǀŝƐŚůLJ ĚĞǀŽƚĞĚ ƚŽ ŚĞĂůƚŚLJ ĚŝĞƚƐ͘ KǀĞƌĂůů͕ ƉĂƌƚ ŽĨ ƚŚĞ ƌĞƐƉŽŶƐĞƐ ŝŶĚŝĐĂƚĞĚ ŚŽǁ ĐŽŶƐƵŵƉƚŝŽŶĚĞĐŝƐŝŽŶƐŵĂĚĞĨŽƌŽƚŚĞƌƐ͕ŝŶƚŚŝƐĐĂƐĞƚŽĚĚůĞƌƐĂŶĚďĂďŝĞƐ͕ĨŽůůŽǁĚŝĨĨĞƌĞŶƚ ƚŚŽƵŐŚƚƉƌŽĐĞƐƐĞƐƚŚĂŶǁŚĞŶďƵLJŝŶŐĨŽƌŽŶĞƐĞůĨ;^ĞĞĞ͘Ő͘'ŝůůŝƐŽŶΘZĞLJŶŽůĚƐ͕ϮϬϭϲ͖>ŝƵ Θ^Ăŵ͕ϮϬϮϮͿ͘ /ďĞƚƚŚĞďĂďLJĞĂƚƐŚĞĂůƚŚŝĞƌƚŚĂŶ/ĚŽĂůŽƚŽĨƚŚĞƚŝŵĞ͘ʹ& ZĞŐĂƌĚŝŶŐ ĞĂƚŝŶŐ ŚĂďŝƚƐ͕ ƌĞƐƉŽŶĚĞŶƚƐ ǁĞƌĞ ĂƐŬĞĚ ĂďŽƵƚ ƚŚĞ ƌŽůĞ ŽĨ ƉůĂŶƚͲďĂƐĞĚ͕ ǀĞŐĞƚĂƌŝĂŶĂŶĚǀĞŐĂŶĨŽŽĚŝŶƚŚĞŝƌĐŚŝůĚ Ɛ͛ĚŝĞƚ͘/ŶŐĞŶĞƌĂů͕ƌĞƐƉŽŶĚĞŶƚƐĞdžƉƌĞƐƐĞĚƚŚĞŝƌ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŽĨ ƐƵĐŚ ĂƐƉĞĐƚƐ͘ ^ŽŵĞ ŽĨ ƚŚĞ ƌĞƐƉŽŶĚĞŶƚƐ ŝĚĞŶƚŝĨŝĞĚ ƚŚĞŵƐĞůǀĞƐ ĂƐ ǀĞŐĞƚĂƌŝĂŶƐĂŶĚƚŚĞŝƌĨĂŵŝůŝĞƐĂƐŽŵŶŝǀŽƌĞƐ͘KŶĞŽĨƚŚĞŵƐĂŝĚƚŚĂƚƐŚĞĐŽŶƐŝĚĞƌĞĚƚŚĞ ƉƌŽƉŽƌƚŝŽŶŽĨƉůĂŶƚͲďĂƐĞĚĨŽŽĚƐƚŽďĞďŽƚŚŝŵƉŽƌƚĂŶƚĂŶĚĂŶĂƚƵƌĂůƉĂƌƚŽĨŚĞƌĐŚŝůĚƌĞŶ Ɛ͛ ĚŝĞƚ͘KŶĞŽĨƚŚĞƌĞƐƉŽŶĚĞŶƚƐƐĂŝĚƚŚĂƚƚŚĞLJĂƌĞĂĨĂŵŝůLJŽĨŽŵŶŝǀŽƌĞƐ͕ĂŶĚƚŚĂƚƐŚĞƚŚŝŶŬƐ ŝƚŝƐŝŵƉŽƌƚĂŶƚƚŽŐĞƚŚĞƌĐŚŝůĚƵƐĞĚƚŽǀĞŐĞƚĂƌŝĂŶĨŽŽĚ͕ĂƐƚŚĞǁŽƌůĚĐĂŶŶŽƚƐƵƐƚĂŝŶƚŚĞ ŵĞĂƚĐŽŶƐƵŵƉƚŝŽŶŽĨƚŽĚĂLJ͘ /ƚĂƉƉĞĂƌĞĚĨƌŽŵƚŚĞƌĞƐƉŽŶƐĞƐƚŚĂƚĨŽƌƐŽŵĞƚŚŝƐǁĂƐĂ ŵĞĂŶŝŶŐĨƵů ĂŶĚ ƚŚŽƵŐŚƚͲƉƌŽǀŽŬŝŶŐ ƋƵĞƐƚŝŽŶ ŽĨ ǀĂůƵĞƐ͘ sĂůƵĞƐ ǁĞƌĞ ĨƵƌƚŚĞƌ ĞdžƉůŽƌĞĚ ůĂƚĞƌŝŶƚŚĞĐŽŶƚĞdžƚŽĨĂƚƚŝƚƵĚŝŶĂůďƌĂŶĚůŽLJĂůƚLJ͘ 4.2 dŚĞŵĂŶLJĨĂĐĞƐŽĨĂƚƚŝƚƵĚŝŶĂůďƌĂŶĚůŽLJĂůƚLJ ^ĞĐŽŶĚůLJ͕ ƚŚĞĨŽĐƵƐŽĨƚŚĞŝŶƚĞƌǀŝĞǁƐĞdžƚĞŶĚĞĚƚŽĂƚƚŝƚƵĚŝŶĂůůŽLJĂůƚLJ͘ZĞƐƉŽŶĚĞŶƚƐǁĞƌĞ ĂƐŬĞĚ ƚŽ ĚĞƐĐƌŝďĞ ƚŚĞŝƌ ƉĞƌĐĞƉƚŝŽŶ ĂŶĚ ĂƚƚŝƚƵĚĞƐ ƚŽǁĂƌĚƐ 'ƌĞĞŶ WůĂŶĞƚ ƐƚƌŽŶĂƵƚƐ͕ ƉĂƌƚŝĐƵůĂƌůLJŝŶƌĞůĂƚŝŽŶƚŽĐŽŵƉĞƚŝŶŐďƌĂŶĚƐ͘/ŶŐĞŶĞƌĂů͕ƉĞƌĐĞƉƚŝŽŶƐǁĞƌĞĚĞƐĐƌŝďĞĚĂƐ ƉŽƐŝƚŝǀĞ͘ dŚĞ ƌĞƐƉŽŶƐĞƐ ĂůƐŽ ƌĞǀĞĂůĞĚ ŽƚŚĞƌ ĐŽŵŵŽŶ ĨĂĐƚŽƌƐ ĚĞƐĐƌŝďŝŶŐ ĂƚƚŝƚƵĚĞƐ ƚŽǁĂƌĚƐƚŚĞďƌĂŶĚ͘^ĞǀĞƌĂůƌĞƐƉŽŶƐĞƐŵĞŶƚŝŽŶĞĚƐŽŵĞĞůĞŵĞŶƚŽĨĚŽŵĞƐƚŝĐŝƚLJŽƌďĞŝŶŐ ϰϳ &ŝŶŶŝƐŚ͘ĞŝŶŐĂ&ŝŶŶŝƐŚďƌĂŶĚǁĂƐƉĞƌĐĞŝǀĞĚĂƐĂƉůƵƐĐŽŵƉĂƌĞĚƚŽĐŽŵƉĞƚŝƚŽƌƐ͕ĂƐĂ ĨĂĐƚŽƌ ƚŚĂƚ ŝƐ ĐŽŶƐĐŝŽƵƐůLJ ĨĂǀŽƵƌĞĚ͕ ĂŶĚ ĂƐ ƐŽŵĞƚŚŝŶŐ ƚŽ ďĞ ĂƉƉƌĞĐŝĂƚĞĚ ĨŽƌ͘  ĞŝŶŐ Ă ƐŵĂůůĞƌďƌĂŶĚǁĂƐĂůƐŽƐĞĞŶĂƐƐŽŵĞƚŚŝŶŐƚŽĂƉƉƌĞĐŝĂƚĞ͘ tŚĞŶĂƐŬĞĚĂďŽƵƚƚŚĞŝƌƉĞƌĐĞƉƚŝŽŶŽĨƚŚĞďƌĂŶĚ͕ƚŚĞŝĚĞŽůŽŐLJŽĨƚŚĞďƌĂŶĚĞŵĞƌŐĞĚŝŶ ƐŽŵĞǁĂLJŝŶŵŽƐƚƌĞƐƉŽŶƐĞƐ͘dŚĞŵŝƐƐŝŽŶŽĨƚŚĞĐĂƐĞĐŽŵƉĂŶLJƐƚĂƚĞƐ͗ƌĂŝƐŝŶŐĂŚĞĂůƚŚLJ ĂŶĚƉůĂŶĞƚͲĨƌŝĞŶĚůLJŐĞŶĞƌĂƚŝŽŶ͘dŚĞŝĚĞĂďĞŚŝŶĚŝƚŝƐƚŚĂƚƌĞƐĞĂƌĐŚƐŚŽǁƐƚŚĂƚĂƉůĂŶƚͲ ďĂƐĞĚĚŝĞƚŝƐďĞƐƚŶŽƚŽŶůLJĨŽƌƚŚĞƉůĂŶĞƚ͕ďƵƚĂůƐŽĨŽƌĐŚŝůĚƌĞŶĂŶĚƉĞŽƉůĞŝŶŐĞŶĞƌĂů͘dŽ ƚŚĞĐƵƐƚŽŵĞƌ͕ 'ƌĞĞŶWůĂŶĞƚƐƚƌŽŶĂƵƚƐƉƌŽŵŝƐĞƐƚŚĂƚǁŝƚŚƚŚĞŝƌƉƌŽĚƵĐƚƐ͕LJŽƵĐĂŶŵĂŬĞ ŝƚŚĂƉƉĞŶ͘dŚĞƌĞĨŽƌĞ'ƌĞĞŶWůĂŶĞƚƐƚƌŽŶĂƵƚƐŝƐƚŚĞĞĂƐŝĞƐƚĂŶĚŵŽƐƚĨƵŶǁĂLJƚŽŐĞƚLJŽƵƌ ĐŚŝůĚƚŽĞĂƚƉůĂŶƚͲďĂƐĞĚ͘KŶĞƌĞƐƉŽŶĚĞŶƚƐĂŝĚƚŚĂƚƚŚŝƐǁĂƐŝŶůŝŶĞǁŝƚŚŚĞƌŽǁŶǀĂůƵĞƐ ĂŶĚƐŚĞŶĞǀĞƌŚĂƐŶĞĞĚĞĚƚŽƚŚŝŶŬƚǁŝĐĞĂďŽƵƚďƵLJŝŶŐĨƌŽŵƚŚĞďƌĂŶĚĂŐĂŝŶ͘ŶŽƚŚĞƌ ƌĞƐƉŽŶĚĞŶƚ ƐĂŝĚ ƚŚĂƚ ƚŚĞďƌĂŶĚŚĂƐ ŝŶĐůƵĚĞĚ ƚŚĞ ŝĚĞĂŽĨǁŚĞƌĞǁĞ ƐŚŽƵůĚ ďĞ ŐŽŝŶŐ͕ ƚŽǁĂƌĚƐƉůĂŶƚͲďĂƐĞĚ͘/ƚǁĂƐĂůƐŽĐůĞĂƌƚŽŽŶĞƌĞƐƉŽŶĚĞŶƚƚŚĂƚƚŚĞďƌĂŶĚΖƐĂĚǀĞƌƚŝƐŝŶŐŚĂƐ ƌĞǀĞĂůĞĚƚŚĞƐĞǀĂůƵĞƐŽƌƉƌŝŶĐŝƉůĞƐďLJǁŚŝĐŚƚŚĞĨŽŽĚŝƐŵĂĚĞ͘ dŚĞďƌĂŶĚŝƐŝŶĐƌĞĚŝďůLJĂƚƚƌĂĐƚŝǀĞƚŽŵĞ͘/ďƵLJŝŶƚŽƚŚĞŝĚĞĂďĞŚŝŶĚŝƚ͘/ůŝŬĞƚŚĞĨĂĐƚ ƚŚĂƚƚŚĞďƌĂŶĚǁĂŶƚƐƚŽĚŽŐŽŽĚĂƐǁĞůů΀ʹʹ΁͘ʹ' dŚĞŽǀĞƌĂůůĐŽŶĐĞƉƚĂŶĚďƌĂŶĚŝŶŐǁĞƌĞĂůƐŽŵĞŶƚŝŽŶĞĚŝŶƚŚĞƌĞƐƉŽŶƐĞƐ͘dŚĞƉƌŽĚƵĐƚƐ ĂŶĚ ďƌĂŶĚŝŶŐ ǁĞƌĞ ĐŽŶƐŝĚĞƌĞĚ ƐƵĐĐĞƐƐĨƵů͕ ǁŝƚŚ ĞdžĂŵƉůĞƐ ƐƵĐŚ ĂƐ ŶŝĐĞ ĐŽůŽƵƌƐ ĂŶĚ ƉĂĐŬĂŐŝŶŐƚŚĂƚŝƐŵŽƌĞƚŚĂŶũƵƐƚƉĂĐŬĂŐŝŶŐ͕ĂŶĚƚŚĞƌĞĨŽƌĞƉĂƌƚŽĨƚŚĞĐŝƌĐƵůĂƌĞĐŽŶŽŵLJ͘ DŽƐƚƌĞƐƉŽŶĚĞŶƚƐĂůƐŽŵĞŶƚŝŽŶĞĚŚŽǁĐŚŝůĚƌĞŶĂƌĞĐŽŶƐŝĚĞƌĞĚŝŶƚŚĞĚĞƐŝŐŶ͘^ĞǀĞƌĂů ƌĞƐƉŽŶĚĞŶƚƐ ŵĞŶƚŝŽŶĞĚ ƚŚĞ ƐƚŝĐŬĞƌƐ ƚŚĂƚ ĐŽŵĞ ǁŝƚŚ ƚŚĞ ƉĂĐŬĂŐĞ͘ dŚĞ ĨĂĐƚ ƚŚĂƚ ƚŚĞ ƉĂĐŬĂŐĞĐŽŵĞƐǁŝƚŚƚŚĞĐŚŝůĚ Ɛ͛ĂƐƚƌŽŶĂƵƚŶĂŵĞǁĂƐĂůƐŽŵĞŶƚŝŽŶĞĚ͘ /ŶĂǁĂLJ͕ƚŚĂƚƚŚĞĐŚŝůĚŚĂƐďĞĞŶƚĂŬĞŶĂůŽŶŐǁŝƚŚŝƚ͕ƚŚĂƚŝŶĂǁĂLJƚŚĞĐŚŝůĚŐĞƚƐ ƐŽŵĞƚŚŝŶŐĨƌŽŵƚŚĞƌĞǁŚĞŶƚŚĞƉĂĐŬĂŐĞĐŽŵĞƐ͕ŶŽǁĨƌŽŵĂŵŽŶƚŚůLJƐƵďƐĐƌŝďĞƌ Ɛ͛ ƉŽŝŶƚŽĨǀŝĞǁ͘dŚĂƚŶŽŽƚŚĞƌďƌĂŶĚƐĞŶĚƐĐŚŝůĚƌĞŶĂĐŽůŽƵƌĂďůĞƉĂĐŬĂŐĞŽƌƐƚŝĐŬĞƌƐ͘ /ƚŚŝŶŬƚŚĞLJĂƌĞƋƵŝƚĞŶŝĐĞ͕ĞƐƉĞĐŝĂůůLJǁŚĞŶĂĐŚŝůĚŚĂƐƚŚĞĞĂƚŝŶŐĐŚĂůůĞŶŐĞ͕ƐŽƚŚĞŶ ƚŚĞĨĂĐƚƚŚĂƚƚŚĞƌĞĂƌĞƐƚŝĐŬĞƌƐƐŚĂƉĞĚůŝŬĞĐĞƌƚĂŝŶǀĞŐĞƚĂďůĞƐ͕ƐŽŝƚΖƐĂƉƌĞƚƚLJďŝŐ ĚĞĂůƚŚĂƚƚŚĞŶǁĞĐĂŶŐŽƚŚƌŽƵŐŚƚŚĞ΀ǀĞŐĞƚĂďůĞƐ΁΀ʹʹ΁͘ʹ ϰϴ dŚĞ ĨŝŶĂů ĂƐƉĞĐƚ ƚŚĂƚ ĞŵĞƌŐĞĚ ǁŚĞŶ ƚĂůŬŝŶŐ ĂďŽƵƚ ƉĞƌĐĞƉƚŝŽŶƐ ŽĨ 'ƌĞĞŶ WůĂŶĞƚ ƐƚƌŽŶĂƵƚƐ ǁĂƐ ƚŚĞ ĚŝĨĨĞƌĞŶƚ ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͘ dŚĞƐĞ ŝŶĐůƵĚĞĚ ŽǀĞƌĂůů ƉŽƐŝƚŝǀŝƚLJ ĂŶĚ Ă ŚĂŶĚƐͲŽŶĂƚƚŝƚƵĚĞ͕ĂƐǁĞůůĂƐďĞŝŶŐĂƉƉƌŽĂĐŚĂďůĞ͘KŶĞƌĞƐƉŽŶĚĞŶƚĂůƐŽƐƉŽŬĞŚŝŐŚůLJŽĨ ĐƵƐƚŽŵĞƌƐĞƌǀŝĐĞĂŶĚǁĂƌĞŚŽƵƐĞƐƚĂĨĨ͘ / ŚĂǀĞ ƚŚĞ ŝŵƉƌĞƐƐŝŽŶ ƚŚĂƚ LJŽƵ ĂƌĞ Ă ďŝƚ ŽĨ Ă ƚƌĞŶĚƐĞƚƚĞƌ͕  Ă ĨŽƌĞƌƵŶŶĞƌ ŝŶ ƚŚŝƐ ĐŚŝůĚƌĞŶΖƐĨŽŽĚ͘zŽƵΖƌĞƚŚŝŶŬŝŶŐŽƵƚƐŝĚĞƚŚĞďŽdžĂůŝƚƚůĞďŝƚ͘ʹ/ dŽŵĞ͕/ƚŚŝŶŬŝƚΖƐŬŝŶĚŽĨĂŐŽŽĚǁĂLJƚŽŬŝŶĚŽĨŚĂǀĞĂůŝƚƚůĞďŝƚŽĨĂƌĂŶĚŽŵĞůĞŵĞŶƚ͘ dŚĞƌĞΖƐƚŚĞĐŚŝůĚΖƐĂƐƚƌŽŶĂƵƚŶĂŵĞ͕ĂŶĚƚŚĞŶƚŚŽƐĞ΀ĨůĂǀŽƵƌ΁ĐŽŵďŝŶĂƚŝŽŶƐ͘/ƚΖƐŬŝŶĚ ŽĨƐŽŶŽŶͲƚƌĂĚŝƚŝŽŶĂů͕ŝƚΖƐŬŝŶĚŽĨĨƵŶ͘ʹ ͲͲǁŚĞŶLJŽƵŚĂǀĞĂƐŵĂůůĞƌŽƌŐĂŶŝƐĂƚŝŽŶĂŶĚĐŽŵƉĂŶLJ ͲͲŝƚ Ɛ͛ůŝŬĞƚŚĂƚǁŚĞŶƚŚĞ ĐŽŵƉĂŶLJ Ɛ͛ƉĞŽƉůĞĂƌĞĂĐƚŝŶŐŽƌĂƌĞŝŶǀŽůǀĞĚ͘/ƚŝƐŝŶƚŚĂƚǁĂLJ͕ŵŽƌĞĨƵŶƉĞƌŚĂƉƐ͕ ƚŚĂŶŽŶĞƚŚĂƚƐŽŵĞŽŶĞͲͲWŝůƚƚŝŝƐƉƌŽďĂďůLJŽǁŶĞĚďLJƐŽŵĞŽŶĞͲͲƚŚĞLJŐŽĂůůƚŚĞ ǁĂLJƵƉƚŚĞĐŚĂŝŶƐŽĨŽǁŶĞƌƐŚŝƉͲͲƚŚĞLJĂƌĞƐŽůŝŬĞƐŽŐůŽďĂů͘^ŽŵĂLJďĞŝƚĂůƐŽŐŝǀĞƐ ĂŶŝĐĞŬŝŶĚŽĨďƵnjnj΀ŽĨLJŽƵ΁͘ʹ ĞŝŶŐ&ŝŶŶŝƐŚ /ĚĞŽůŽŐLJ ƚƚƌŝďƵƚĞƐƌĞůĂƚĞĚƚŽ ĂƚƚŝƚƵĚŝŶĂůůŽLJĂůƚLJ ĞƐŝŐŶĞĚĨŽƌĐŚŝůĚƌĞŶ͕ ƐƚŝĐŬĞƌƐ ŽŶĐĞƉƚĂŶĚďƌĂŶĚŝŶŐ ŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͗ WŽƐŝƚŝǀĞ͕ƚƌĞŶĚƐĞƚƚĞƌ͕ ĨƵŶ &ŝŐƵƌĞϱ͘ƚƚƌŝďƵƚĞƐƌĞůĂƚĞĚƚŽĂƚƚŝƚƵĚŝŶĂůůŽLJĂůƚLJ͘ KŶĞĞƐƐĞŶƚŝĂůĞůĞŵĞŶƚŽĨĂƚƚŝƚƵĚŝŶĂůďƌĂŶĚůŽLJĂůƚLJŝƐǁŝůůŝŶŐŶĞƐƐƚŽƌĞĐŽŵŵĞŶĚƚŚĞďƌĂŶĚ ƚŽ ŽƚŚĞƌƐ ;Ğ͘Ő͘ <ŚĂ͕ ϮϬϬϴͿ͘ tŚĞŶ ĂƐŬĞĚ ŝĨ LJŽƵ ǁŽƵůĚ ƌĞĐŽŵŵĞŶĚ 'ƌĞĞŶ WůĂŶĞƚ ϰϵ ƐƚƌŽŶĂƵƚƐ ƉƌŽĚƵĐƚƐ ƚŽ LJŽƵƌ ĐůŽƐĞ ĨƌŝĞŶĚƐ ĂŶĚ ĨĂŵŝůLJ͕  ĨŽƌ ĞdžĂŵƉůĞ͕ Ăůů ƌĞƐƉŽŶĚĞŶƚƐ ĂŶƐǁĞƌĞĚLJĞƐ͘^ĞǀĞƌĂůŽĨƚŚĞŵƐĂŝĚƚŚĂƚƚŚĞLJŚĂĚƌĞĐŽŵŵĞŶĚĞĚĂŶĚƚĂůŬĞĚĂďŽƵƚƚŚĞ ƉƌŽĚƵĐƚƐŝŶĚŝĨĨĞƌĞŶƚƐŝƚƵĂƚŝŽŶƐĂŶĚƐĞƚƚŝŶŐƐ͕ƐƵĐŚĂƐǁŝƚŚĨƌŝĞŶĚƐ͕ŝŶĂĨĂŵŝůLJŐƌŽƵƉ͕ĂŶĚ ŽƚŚĞƌĐŚŝůĚƌĞŶͲƌĞůĂƚĞĚĐŝƌĐůĞƐ͘ 4.3 ŵĂŝůŵĂƌŬĞƚŝŶŐĚƌŝǀŝŶŐďĞŚĂǀŝŽƵƌĂůĂŶĚĂƚƚŝƚƵĚŝŶĂůďƌĂŶĚůŽLJĂůƚLJ dŚĞĨŝŶĂůƐĞĐƚŝŽŶŽĨƚŚĞŝŶƚĞƌǀŝĞǁƐĨŽĐƵƐĞĚŽŶƚŚĞŵĂƌŬĞƚŝŶŐĐŽŵŵƵŶŝĐĂƚŝŽŶ͕ƐƉĞĐŝĨŝĐĂůůLJ ĞŵĂŝůŵĂƌŬĞƚŝŶŐ͕ŽĨƚŚĞĐĂƐĞĐŽŵƉĂŶLJ͕ ƚŽŐĂŝŶĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞĞĨĨĞĐƚƐŽĨĂŶĚƚŚĞ ĂƚƚŝƚƵĚĞƐƚŽǁĂƌĚƐŝƚ͘dŚĞĂŝŵŽĨƚŚŝƐƐĞĐƚŝŽŶǁĂƐƚŽĞdžƉůŽƌĞƚŚĞƌŽůĞŽĨƚŚĞĐĂƐĞĐŽŵƉĂŶLJ Ɛ͛ ĞŵĂŝů ŵĂƌŬĞƚŝŶŐ ŽŶ ƚŚĞ ƐƵƉƉŽƐĞĚ ďƌĂŶĚ ůŽLJĂůƚLJ ŽĨ ƚŚĞ ŝŶƚĞƌǀŝĞǁĞĞƐ͘ dŚĞ ƚŽƉŝĐ ǁĂƐ ĂƉƉƌŽĂĐŚĞĚƚŚƌŽƵŐŚďŽƚŚďĞŚĂǀŝŽƵƌĂůĂŶĚĂƚƚŝƚƵĚŝŶĂůůŽLJĂůƚLJ͘ 4.3.1 ŵĂŝůŵĂƌŬĞƚŝŶŐĂŶĚďĞŚĂǀŝŽƵƌĂůůŽLJĂůƚLJ dŽĞdžƉůŽƌĞƚŚĞƌŽůĞŽĨĞŵĂŝůŵĂƌŬĞƚŝŶŐŽŶƚŚĞďĞŚĂǀŝŽƵƌĂůĞůĞŵĞŶƚƐŽĨďƌĂŶĚůŽLJĂůƚLJ͕ ƚŚĞ ŝŶƚĞƌǀŝĞǁƐ ƐƚĂƌƚĞĚ ďLJ ĞdžƉůŽƌŝŶŐ ŚŽǁ ƌĞƐƉŽŶĚĞŶƚƐ ĚĞƐĐƌŝďĞĚ ƚŚĞŝƌ ŽǁŶ ƌĞĂĐƚŝŽŶƐ ƚŽ ŚĂǀŝŶŐƌĞĐĞŝǀĞĚĞŵĂŝůŵĂƌŬĞƚŝŶŐĨƌŽŵƚŚĞĐĂƐĞĐŽŵƉĂŶLJ͘ƚƚĞŶƚŝŽŶǁĂƐƉĂŝĚƚŽǁŚĞƚŚĞƌ ƚŚĞ ƌĞƐƉŽŶĚĞŶƚ ŚĂĚ ŽƉĞŶĞĚ ƚŚĞ ĞŵĂŝůƐ ĂŶĚ ƌĞĂĚ ƚŚĞŝƌ ĐŽŶƚĞŶƚ͘  ƉĂƌƚŝĐƵůĂƌ ĂƌĞĂ ŽĨ ŝŶƚĞƌĞƐƚǁĂƐǁŚĞƚŚĞƌƌĞĐĞŝǀŝŶŐƚŚĞĞŵĂŝůƌĞƐƵůƚĞĚŝŶƉƵƌĐŚĂƐŝŶŐ͘ dŚĞǀĂƐƚŵĂũŽƌŝƚLJŽĨƚŚĞƌĞƐƉŽŶĚĞŶƚƐƚŽůĚƚŚĞLJŚĂĚƌĞĐĞŝǀĞĚĞŵĂŝůŵĂƌŬĞƚŝŶŐŵĞƐƐĂŐĞƐ ĨƌŽŵƚŚĞĐĂƐĞĐŽŵƉĂŶLJ͘tŚĞŶĂƐŬĞĚŝĨƚŚĞLJŚĂĚŽƉĞŶĞĚƚŚĞŵĞƐƐĂŐĞƐ͕ŵŽƐƚŽĨƚŚĞŵ ƐƚĂƚĞĚ ƚŚĂƚ ƚŚĞLJ ƵƐƵĂůůLJ ĚŽ͘ dŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ƚŚĞ ŚĞĂĚůŝŶĞ ŽĨ ƚŚĞ ŵĞƐƐĂŐĞ ǁĂƐ ŚŝŐŚůŝŐŚƚĞĚŝŶƐĞǀĞƌĂůƌĞƐƉŽŶƐĞƐ͘dŚŝƐǁĂƐƌĞƉŽƌƚĞĚĂƐĂďĂƐŝƐĨŽƌĂƐƐĞƐƐŝŶŐǁŚĞƚŚĞƌƚŚĞ ŵĞƐƐĂŐĞǁĂƐƌĞůĞǀĂŶƚƚŽƚŚĞŵ͘ DŽƐƚŽĨƚŚĞĞŵĂŝůƐĂŶĚŶĞǁƐůĞƚƚĞƌƐ/ůŽŽŬƚŚƌŽƵŐŚ͘/ƚĚĞƉĞŶĚƐĂďŝƚŽŶǁŚĞƚŚĞƌ/ ĨĞĞůƚŚĞŚĞĂĚůŝŶĞŝƐƚŽƉŝĐĂůĨŽƌŵĞ͘ʹ ϱϬ ͲͲŝĨƚŚĞŚĞĂĚůŝŶĞ΀ĂƌŽƵƐĞƐŝŶƚĞƌĞƐƚ΁͕ƚŚĂƚLJŽƵŚĂǀĞĂĐĂŵƉĂŝŐŶĐŽŵŝŶŐƵƉŽƌƐŽŵĞ LJŽƵŬŶŽǁƐƉĞĐŝĂůƚŚŝŶŐ͕ƚŚĞŶLJĞƐ͕/ΖŵŝŵŵĞĚŝĂƚĞůLJĂǁĂŬĞ͘ʹ dŚĞ ĞŵĂŝů ŵĂƌŬĞƚŝŶŐ ŽĨ ƚŚĞ ĐĂƐĞ ĐŽŵƉĂŶLJ ŝŶĐůƵĚĞƐ ĂŶŶŽƵŶĐŝŶŐ ŶĞǁ ƉƌŽĚƵĐƚƐ ĂŶĚ ƉƌŽŵŽƚŝŽŶƐ͕ƚŝƉƐŽŶŚŽǁƚŽƵƐĞƚŚĞƉƌŽĚƵĐƚƐĂƐǁĞůůĂƐŽŶĞǀĞƌLJĚĂLJůŝĨĞĂŶĚĂĐƚŝǀŝƚŝĞƐ ǁŝƚŚĐŚŝůĚƌĞŶ͘ĂƐĞĚŽŶƚŚĞƌĞƐƉŽŶƐĞƐ͕ƚŚĞĐŽŶƚĞŶƚŽĨĞŵĂŝůŵĂƌŬĞƚŝŶŐŵĞƐƐĂŐĞƐŝƐĂŬĞLJ ĨĂĐƚŽƌ ŝŶĨůƵĞŶĐŝŶŐŚŽǁ ƌĞƐƉŽŶĚĞŶƚƐ ďĞŚĂǀĞ ĂĨƚĞƌ ŽƉĞŶŝŶŐ ƚŚĞŵĞƐƐĂŐĞ͘DĂŶLJŽĨ ƚŚĞ ƌĞƐƉŽŶĚĞŶƚƐƐĂŝĚƚŚĞLJǁĞƌĞƉĂƌƚŝĐƵůĂƌůLJŝŶƚĞƌĞƐƚĞĚŝŶƉƌŽŵŽƚŝŽŶƐĂŶĚŽĨĨĞƌƐ͘/ĨƚŚĞĞŵĂŝů ĐŽŶƚĂŝŶƐ Ă ƉƌŽŵŽƚŝŽŶ Žƌ Ă ĚŝƐĐŽƵŶƚ ĐŽĚĞ͕ ƌĞƐƉŽŶĚĞŶƚƐ ƐƚĂƚĞĚ ƚŚĂƚ ŝƚ ŽĨƚĞŶ ůĞĚ ƚŽ Ă ƉƵƌĐŚĂƐĞ͘ DĂLJďĞ/͛ŵďŝƚŽĨĂƉĞƌƐŽŶǁŚŽĐŚĂƐĞƐĂĨƚĞƌĂŶŽĨĨĞƌ͕ ďƵƚ/͛ŵƚŚĞŬŝŶĚŽĨƉĞƌƐŽŶǁŚŽ ƌĂƌĞůLJŽƌĚĞƌƐǁŝƚŚŽƵƚĂĐĂŵƉĂŝŐŶŽƌĚŝƐĐŽƵŶƚ͘/ƚŚĞŶŽƌĚĞƌŵŽƌĞĂƚĂƚŝŵĞ͕ƐŽŝŶ ƚŚĂƚƐĞŶƐĞ΀ƚŚĞĐĂŵƉĂŝŐŶƐ΁ŚĂǀĞďĞĞŶƐƵĐĐĞƐƐĨƵů͕ƚŚĞLJŚĂǀĞĂƚůĞĂƐƚŵĂĚĞŵĞďƵLJ͘ ʹ /ƌĞĐĞŝǀĞƚŚĞŶĞǁƐůĞƚƚĞƌďLJĞŵĂŝů͘/ƚ Ɛ͛ďĞĞŶŐŽŽĚ͘dŚĂƚ Ɛ͛ǁŚĂƚŐŽƚŵĞĞdžĐŝƚĞĚĂďŽƵƚ ďĞĐŽŵŝŶŐĂŵŽŶƚŚůLJƐƵďƐĐƌŝďĞƌ͘ dŚĞƌĞǁĂƐƐŽŵĞŬŝŶĚŽĨŶŝĐĞŽĨĨĞƌĨŽƌƚŚĞĨŝƌƐƚƚƌŝĂů͘ dŚĞŶ/ƐƚĂLJĞĚ͕ƚŚŝŶŬŝŶŐƚŚĂƚƚŚŝƐŝƐƌĞĂůůLJĞĂƐLJ͕ ƚŚĂƚǁŚLJďŽƚŚĞƌŐŽƚŽƚŚĞƐƚŽƌĞƚŽ ŐĞƚĞǀĞƌLJƚŚŝŶŐǁŚĞŶLJŽƵĐĂŶŐĞƚŝƚĂůůŝŶŽŶĞ͘ʹ ͲͲ/ƌĞĂůůLJǁĂŶƚƚŚĞŶĞǁƐůĞƚƚĞƌ͕ ďĞĐĂƵƐĞ/ǁĂŶƚƚŽŬŶŽǁĂďŽƵƚƐŽŵĞŽĨĨĞƌƐĂŶĚƐƵĐŚ͕ ďĞĐĂƵƐĞƐŽŵĞƚŚŝŶŐƐĐĂŶŐŽƵŶŶŽƚŝĐĞĚ͘ͲͲsĞƌLJĨĞǁƚŚŝŶŐƐŵĂŬĞŵĞĨĞĞůƚŚĂƚ/ƌĞĂůůLJ ǁĂŶƚ ƚŚĂƚ͘ ^Ž ƚŚĞŶ LJŽƵ ŬŶŽǁ͕ ΀/͛ŵ ƚŚŝŶŬŝŶŐ΁͕ ͞ƉůĞĂƐĞ ŐŝǀĞ ŵĞ Ă ĚŝƐĐŽƵŶƚ ĐŽĚĞ ƐŽŵĞƚŝŵĞ͘͟ dŚĞŶ/͛ůůŽƌĚĞƌĂŐĂŝŶĂŶĚƐŽŽŶ͘ʹ tŚĞŶ ĚŝƐĐŽƵŶƚ ĐŽĚĞƐ ĂŶĚ ŽĨĨĞƌƐǁĞƌĞ ĚŝƐĐƵƐƐĞĚ͕ ƐŽŵĞ ƌĞƐƉŽŶĚĞŶƚƐ ĂƉƉĞĂƌĞĚ ƚŽ ďĞ ĂĐƚŝǀĞůLJƉƌŝĐĞͲĂǁĂƌĞ͘dŚĞLJƌĞƉŽƌƚĞĚƚŚĂƚƚŚĞLJŵŽŶŝƚŽƌƉƌŝĐĞƐĂŶĚŵĂŬĞĐĂůĐƵůĂƚŝŽŶƐŽŶ ƚŚĞǀĂůƵĞŽĨƉƌŽŵŽƚŝŽŶƐĂŶĚƚŚĞƵŶŝƚƉƌŝĐĞƐŽĨƉƌŽĚƵĐƚƐ͘/ŶĂĚĚŝƚŝŽŶƚŽƚŚĞĐĂŵƉĂŝŐŶƐ͕ ƌĞƐƉŽŶĚĞŶƚƐĞdžƉƌĞƐƐĞĚŝŶƚĞƌĞƐƚŝŶŶĞǁƉƌŽĚƵĐƚƐ͘ EĞǁƉƌŽĚƵĐƚƐĂŶĚĂůůŬŝŶĚƐŽĨĚŝƐĐŽƵŶƚĐŽĚĞƐĂƌĞĂůǁĂLJƐŽĨŝŶƚĞƌĞƐƚ͕ŽĨĐŽƵƌƐĞ͘ʹ& ͲͲ/͛ǀĞďĞĞŶƚƌLJŝŶŐƚŽĚŽƚŚĞŵĂƚŚĂŶĚƐĞĞŝĨŝƚ Ɛ͛ĂĐƚƵĂůůLJĐŚĞĂƉĞƌƚŽŽƌĚĞƌƚŚĞ^ƉĂĐĞ ďŽdžƚŚĂŶƚŽďƵLJ΀ƉƌŽĚƵĐƚƐ΁ŝŶĚŝǀŝĚƵĂůůLJĨƌŽŵƚŚĞƐƚŽƌĞ͘ʹ' ϱϭ Ͳ Ͳ / ŚĂǀĞ ƐĂŝĚ ƚŽ ŵLJ ŚƵƐďĂŶĚ ƚŚĂƚ Ͳ Ͳ ĞǀĞŶ ƚŚŽƵŐŚ ƚŚĞƐĞ ĂƌĞ ŽƚŚĞƌǁŝƐĞ ŵŽƌĞ ĞdžƉĞŶƐŝǀĞ͕ ŝŶƉƌŝŶĐŝƉůĞ͕ďƵƚƚŚĞŶǁŚĞŶLJŽƵŚĂǀĞĂĚŝƐĐŽƵŶƚĐŽĚĞ͕ĂŶĚƚŚĞŶŽƌĚĞƌ ŵŽƌĞ͕ƚŚĞŶƚŚĞƉƌŝĐĞƉĞƌƉŝĞĐĞŝƐĂůƌĞĂĚLJůĞƐƐƚŚĂŶƐĂLJWŝůƚƚŝ Ɛ͛ͲͲŝƚďĞĐŽŵĞƐƚŚĞŬŝŶĚ ŽĨ͞ǀĂůƵĞĨŽƌŵŽŶĞLJ͟ĞǀĞŶŵŽƌĞ͘ʹ ZĞƐƉŽŶĚĞŶƚƐǁĞƌĞĂůƐŽĂƐŬĞĚĂďŽƵƚƚŚĞƚLJƉĞĂŶĚĨƌĞƋƵĞŶĐLJŽĨĞŵĂŝůƐƚŚĞLJǁŽƵůĚůŝŬĞƚŽ ƌĞĐĞŝǀĞ͘ĐĐŽƌĚŝŶŐƚŽƐĞǀĞƌĂůƌĞƐƉŽŶĚĞŶƚƐ͕ƚŚĞŵĞƐƐĂŐĞƐƐŚŽƵůĚďĞƌĞĂƐŽŶĂďůLJƐŚŽƌƚĂŶĚ ǁĞůůͲƉĂĐŬĂŐĞĚ͕ŵĂŬŝŶŐ ŝƚĞĂƐLJĂŶĚƋƵŝĐŬƚŽŐĞƚƚŚĞƉŽŝŶƚĂĐƌŽƐƐ͘&ŽƌĞŵĂŝůƐƚŽƌĞŵĂŝŶ ƌĞůĞǀĂŶƚ͕ƚŚĞLJƐŚŽƵůĚŶŽƚďĞƐĞŶƚƚŽŽŽĨƚĞŶ͘KŶĞƌĞƐƉŽŶĚĞŶƚƵƐĞĚƚŚĞĞdžĂŵƉůĞŽĨĚĂŝůLJ ĞŵĂŝůŵĂƌŬĞƚŝŶŐĨƌŽŵĂŶŽŶůŝŶĞĐůŽƚŚŝŶŐƐƚŽƌĞ͕ǁŚŝĐŚƐŚĞĨŽƵŶĚƚŽďĞĂŶŶŽLJŝŶŐ͘ Ͳ Ͳ /ƚ ƐŚŽƵůĚ ďĞ ŽŶĞ ƚŚĂƚ LJŽƵ ƌĞĂĚ ŝŶ ďĞƚǁĞĞŶ ǁŚĞŶ LJŽƵƌ ĐŚŝůĚ ŝƐ ƉůĂLJŝŶŐ ďLJ ƚŚĞŵƐĞůǀĞƐ ĨŽƌ ƚǁŽ ŵŝŶƵƚĞƐ͘ ZĞĂĚŝŶŐ ƐŚŽƵůĚ ŶŽƚ ƌĞƋƵŝƌĞ ƚŽŽ ŵƵĐŚ ŽĨ Ă ƚŝŵĞ ĐŽŵŵŝƚŵĞŶƚ͘ʹ ͲͲƌĞĂĚŝŶŐĨƌŽŵĂŵŽďŝůĞƉŚŽŶĞ͕ƐŽŶŽƚƚŽŽĚĞƚĂŝůĞĚ͘/ĨLJŽƵƌĞĂĚŝƚŝŶƚŚĞŵŽƌŶŝŶŐ ŽƌĚƵƌŝŶŐLJŽƵƌǁŽƌŬĚĂLJ͕LJŽƵǁĂŶƚƚŽƐĐĂŶŝƚƉƌĞƚƚLJƋƵŝĐŬůLJƚŽƐĞĞǁŚĂƚŝƚ Ɛ͛ĂďŽƵƚ͘ ŽŶŽƚ ŚĂǀĞ ƚŝŵĞ ƚŽ ĐŽŶĐĞŶƚƌĂƚĞ ƚŽŽŵƵĐŚ͘ ^ŽŵĞƚŚŝŶŐ ƉƌĞƚƚLJ ůŝŐŚƚ͕ ďƵƚŵĂLJďĞ ƐŽŵĞƚŚŝŶŐĨƵŶ͘ʹ 4.3.2 ŵĂŝůŵĂƌŬĞƚŝŶŐĂŶĚĂƚƚŝƚƵĚŝŶĂůůŽLJĂůƚLJ tŚĞŶĞdžƉůŽƌŝŶŐƚŚĞƌŽůĞŽĨĞŵĂŝůŵĂƌŬĞƚŝŶŐŽŶƚŚĞĂƚƚŝƚƵĚŝŶĂůĞůĞŵĞŶƚƐŽĨďƌĂŶĚůŽLJĂůƚLJ͕  ƚŚĞ ƌĞƐƉŽŶĚĞŶƚƐ͛ ŽǀĞƌĂůů ĂƚƚŝƚƵĚĞ ƚŽǁĂƌĚƐ ĞŵĂŝů ĂƐ Ă ŵĂƌŬĞƚŝŶŐ ĐŚĂŶŶĞů ĐŽƵůĚ ďĞ ĚĞƐĐƌŝďĞĚ ĂƐ ŐĞŶĞƌĂůůLJ ƉŽƐŝƚŝǀĞ͘ ŵĂŝů ǁĂƐ ĚĞƐĐƌŝďĞĚ ĂƐ Ă ĐŚĂŶŶĞů ƚŚĂƚ ƌĞĂĐŚĞƐ ƌĞƐƉŽŶĚĞŶƚƐǁĞůůĂŶĚƉƌŽǀŝĚĞƐƚŚĞŵǁŝƚŚƚŚĞŝŶĨŽƌŵĂƚŝŽŶƚŚĞLJĂƌĞŝŶƚĞƌĞƐƚĞĚŝŶ͘^ŽŵĞ ƌĞƐƉŽŶƐĞƐ ŝŶĚŝĐĂƚĞĚ ƚŚĂƚ ƌĞƐƉŽŶĚĞŶƚƐĂƌĞƐŽŵĞǁŚĂƚƐĞůĞĐƚŝǀĞĂďŽƵƚǁŚŝĐŚďƌĂŶĚƐŽƌ ŽƌŐĂŶŝƐĂƚŝŽŶƐƚŚĞLJĂƌĞǁŝůůŝŶŐƚŽƌĞĐĞŝǀĞĞŵĂŝůŵĂƌŬĞƚŝŶŐĨƌŽŵ͘dŚŝƐĐĂŶďĞĂƚƚƌŝďƵƚĞĚŝŶ ƉĂƌƚŝĐƵůĂƌ ƚŽ ŚŽǁ ƌĞůĞǀĂŶƚ ĂŶĚ ŝŶƚĞƌĞƐƚŝŶŐ ƚŚĞ ƌĞƐƉŽŶĚĞŶƚƐ ĐŽŶƐŝĚĞƌ ƚŚĞ ƐĞŶĚĞƌ Ɛ͛ ƉƌŽĚƵĐƚƐŽƌƐĞƌǀŝĐĞƐƚŽďĞŝŶƚŚĞŝƌŽǁŶůŝĨĞƐŝƚƵĂƚŝŽŶ͘ /ƌĂƌĞůLJƐƵďƐĐƌŝďĞƚŽŶĞǁƐůĞƚƚĞƌƐ͕ďĞĐĂƵƐĞ/ǁĂŶƚŝƚƚŽďĞƌĞůĞǀĂŶƚĐŽŶƚĞŶƚŝĨ/ƌĞĐĞŝǀĞ ƐŽŵĞƚŚŝŶŐ͘ͲͲŶĚŝŶĂǁĂLJ͕ƉĞƌŚĂƉƐ/ǁĂŶƚƚŽĞdžƉŽƐĞŵLJƐĞůĨƚŽƚŚĞŵǁŚĞŶ/ŬŶŽǁ ƚŚĂƚ/ĂŵŐŽŝŶŐƚŽŽƌĚĞƌĂŶLJŚŽǁͲͲ͘ʹ ϱϮ dŚĞƌĞΖƐ ƐƵĐŚ Ă ĨůŽŽĚ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ /ŶƐƚĂŐƌĂŵ ƚŚĂƚ ΀LJŽƵƌ ĐŽŶƚĞŶƚ΁ ĐĂŶ ƐŽŵĞƚŝŵĞƐŐĞƚůŽƐƚŝŶƚŚĞŵŝĚĚůĞ͘ƵƚƚŚĞŶƚŚĞĞŵĂŝůƐĂƌĞƐƵĐŚƚŚĂƚ/ƚĞŶĚƚŽƌĞĂĚ ƚŚƌŽƵŐŚƚŚĞŵ͘/ƚΖƐĂůǁĂLJƐŶŝĐĞƚŽƐĞĞŝĨƚŚĞƌĞΖƐƐŽŵĞŶŽǀĞůƚLJŽƌƐŽŵĞƚŚŝŶŐ͘/ǁĂŶƚ ƚŽŬĞĞƉƵƉǁŝƚŚƚŚĞŵ͘ʹ& ZĞĨĞƌƌŝŶŐƚŽ,ĂƌƚĞŵŽ;ϮϬϮϯͿĂŶĚůŝŶŬŝŶŐƚŽƐĞĐƚŝŽŶϮ͘ϯŽĨƚŚĞƉƌĞƐĞŶƚƐƚƵĚLJ͕ ƚŚĞƌĞůĞǀĂŶĐĞ ŽĨƚŚĞĐŽŶƚĞŶƚŽĨĞŵĂŝůŵĂƌŬĞƚŝŶŐŵĞƐƐĂŐĞƐƉůĂLJƐĂŶ ŝŵƉŽƌƚĂŶƚƌŽůĞ ŝŶďƵŝůĚŝŶŐƚƌƵƐƚ͘ &ƵƌƚŚĞƌ͕ ƚƌƵƐƚŝƐƐĞĞŶĂƐĂŶĞůĞŵĞŶƚŽĨĂƚƚŝƚƵĚŝŶĂůďƌĂŶĚůŽLJĂůƚLJ;Ğ͘Ő͘>ƵĂƌŶΘ>ŝŶ͕ϮϬϬϯͿ͘ ZĞůĞǀĂŶĐĞ ŽĨ ƚŚĞ ĐŽŶƚĞŶƚ ǁĂƐ Ă ĨĂĐƚŽƌ ƚŚĂƚ ĞŵĞƌŐĞĚ ĂůƐŽ ĨƌŽŵ ƚŚĞ ƌĞƐƉŽŶƐĞƐ ƚŚĂƚ ŝŶĨůƵĞŶĐĞĚ ƌĞƐƉŽŶĚĞŶƚ ĂƚƚŝƚƵĚĞƐ ƚŽ ĂŶ ĞŵĂŝů ŵĂƌŬĞƚŝŶŐ ŵĞƐƐĂŐĞ͘ Ŷ ĞdžĂŵƉůĞ ŽĨ Ă ŵĞĂƐƵƌĞŽĨƌĞůĞǀĂŶĐĞǁĂƐƚŚĞƐƵŝƚĂďŝůŝƚLJŽĨƚŚĞƉƌŽĚƵĐƚŽĨĨĞƌĞĚĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚĂů ƐƚĂŐĞ;ĂŐĞͿŽĨŽŶĞ Ɛ͛ŽǁŶĐŚŝůĚ͘&ƵƌƚŚĞƌŵŽƌĞ͕ƚŚĞƌĞůĞǀĂŶĐĞŽĨƚŚĞŵĞƐƐĂŐĞƐǁĂƐůŝŶŬĞĚ ƚŽƚŚĞŝƌĨŽƌŵĂƚ͕ƌĞƐƉŽŶĚĞŶƚƐŵĞŶƚŝŽŶĞĚ͕ĂŵŽŶŐŽƚŚĞƌƚŚŝŶŐƐ͕ƚŚĞŝŵƉŽƌƚĂŶĐĞŽĨƐƵďũĞĐƚ ůŝŶĞƐ͕ďƌŝĞĨĂŶĚĐŽŵƉĂĐƚĐŽŶƚĞŶƚ͕ƌĞĂĚĂďŝůŝƚLJŽŶŵŽďŝůĞĂŶĚĂƐŚŽƌƚĞŶŽƵŐŚŵĞƐƐĂŐĞƚŽ Ĩŝƚ ŝŶ ǁŝƚŚ Ă ďƵƐLJ ĨĂŵŝůLJ ůŝĨĞ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ƌĞůĞǀĂŶĐĞ͕ ƌĞƐƉŽŶĚĞŶƚƐ ŵĞŶƚŝŽŶĞĚ ƚŚĞ ŝŵƉŽƌƚĂŶĐĞŽĨƚŚĞƌĞůĂƚĂďŝůŝƚLJŽĨĂůůŵĂƌŬĞƚŝŶŐĐŽŶƚĞŶƚ͘ ZĞůĂƚĂďŝůŝƚLJŝŶĐŽŶƚĞŶƚŝƐĞǀĞƌLJƚŚŝŶŐ͘ͲͲ/ĨƚŚĞĐŽŶƚĞŶƚŝƐĂďŽƵƚůŝĨĞǁŝƚŚĂƚŽĚĚůĞƌŽƌ ǁŝƚŚĐŚŝůĚƌĞŶ͕ƚŚĞŶŵLJĂƚƚĞŶƚŝŽŶŝƐĚƌĂǁŶƚŽŝƚ͘ʹ /ĚŽůŝŬĞLJŽƵƌƚŽŶĞŽĨǀŽŝĐĞ͕ŝƚ Ɛ͛ŶŝĐĞĂŶĚĐůĞĂƌ͘ ʹ' <ŝŶĚŽĨƉůĂLJĨƵůĂŶĚŬŝŶĚŽĨĨƵŶŝŶƚŚĂƚƐĞŶƐĞ͘dŚĂƚ Ɛ͛ŚŽǁLJŽƵƐƚĂŶĚŽƵƚ͘ʹ ƚ ďĞƐƚ͕ ƌĞůĂƚĂďůĞ ĐŽŶƚĞŶƚ ǁĂƐ ĚĞƐĐƌŝďĞĚ ŝŶ Ă ǁĂLJ ƚŚĂƚ ǁĂƐ ĐůŽƐĞůLJ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ƌĞƐƉŽŶĚĞŶƚ Ɛ͛ǀĂůƵĞƐĂŶĚƋƵĞƐƚŝŽŶƐĂďŽƵƚŝĚĞŶƚŝƚLJ͘ /ƚ ǁĂƐ ƌĞĂůůLJ ƌĞůĂƚĂďůĞ ĐŽŶƚĞŶƚ͕ ďĞĐĂƵƐĞ /͛ǀĞ ďĞĞŶ ƚŚĞ ͞ŐŽŽĚŵŽŵ͟ǁŚŽ ƚŚŝŶŬƐ ďƌĞĂŬĨĂƐƚ ƉŽƌƌŝĚŐĞ ƐŚŽƵůĚ ďĞ ĐŽŽŬĞĚ͘ ƚ ƐŽŵĞ ƉŽŝŶƚ͕ ŵLJ ŚƵƐďĂŶĚ ŐĂǀĞ ΀LJŽƵƌ ƉƌŽĚƵĐƚƐ΁ƚŽŵĞĨŽƌďƌĞĂŬĨĂƐƚƉŽƌƌŝĚŐĞ͘dŚĞŶ/ƌĞĂůŝƐĞĚ͕ǁŚLJĚŽLJŽƵŚĂǀĞƚŽĐŽŽŬ ďƌĞĂŬĨĂƐƚƉŽƌƌŝĚŐĞŝĨƚŚĞĐŚŝůĚŵŝŐŚƚŶŽƚĞǀĞŶĞĂƚŝƚ͕ŝƐŶ͛ƚŝƚŵŽƌĞŝŵƉŽƌƚĂŶƚƚŚĂƚ ƚŚĞĐŚŝůĚĞĂƚƐ͘/ŶĂǁĂLJ͕ƚŚĞĐŽŶƚĞŶƚǁĂƐƐŽƌĞůĂƚĂďůĞĂŶĚŵĞŵŽƌĂďůĞ͘ʹ ƐŝůůƵƐƚƌĂƚĞĚŝŶƐĞĐƚŝŽŶϰ͘Ϯ͕ƚŚĞƌĞƐƉŽŶĚĞŶƚƐ͛ŽǀĞƌĂůůĂƚƚŝƚƵĚĞƚŽǁĂƌĚƐƚŚĞĐĂƐĞĐŽŵƉĂŶLJ 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ĂŶĚƌĞĂůůLJǁĂŶƚƐƵĐĐĞƐƐĨŽƌĂĐŽŵƉĂŶLJƚŚĂƚ/ůŝŬĞŵŽƌĞƚŚĂŶŽƚŚĞƌƐ͘ʹ Ɛ,ĂƌƚĞŵŽ;ϮϬϮϯͿƐƚĂƚĞƐ͕ƌĞůĞǀĂŶƚĞŵĂŝůŵĂƌŬĞƚŝŶŐĐŽŶƚĞŶƚƉůĂLJƐĂŶŝŵƉŽƌƚĂŶƚƌŽůĞŝŶ ďƵŝůĚŝŶŐƚƌƵƐƚ͘,ŽǁĞǀĞƌ͕ ŽƚŚĞƌŝƐƐƵĞƐĂĨĨĞĐƚŝŶŐƚƌƵƐƚĂůƐŽĞŵĞƌŐĞĚĨƌŽŵƚŚĞƌĞƐƉŽŶƐĞƐ͕ ǁŚŝĐŚĂƌĞƉĂƌƚŝĐƵůĂƌůLJƌĞůĞǀĂŶƚŝŶƚŚĞĐŽŶƚĞdžƚŽĨďĂďLJĨŽŽĚ͘ dŚĞŝŶĚŝǀŝĚƵĂůĨĂĐƚŽƌƐ΀ĂĨĨĞĐƚŝŶŐĐŚŽŝĐĞŽĨƉƌŽĚƵĐƚ΁ĂƌĞƚŚĞǀĂƌŝĞƚLJŽĨĨŽŽĚ͕ĂŶĚƚŚĞ ĨĂĐƚƚŚĂƚ/ĐĂŶƚƌƵƐƚƚŚĞďƌĂŶĚ͘/ĨLJŽƵŚĂǀĞĂŶĞǁƉƌŽĚƵĐƚĐŽŵŝŶŐŝŶ͕/ĚŽŶ͛ƚŚĂǀĞƚŽ ƐĐƌŽůůƚŚƌŽƵŐŚƚŚĞŝŶŐƌĞĚŝĞŶƚƐĂŶĚƐĞĞǁŚĂƚ Ɛ͛ŽŶƚŚĞůĂďĞůŵLJƐĞůĨ͕ /ĚĂƌĞƚŽĨĞĞĚŝƚ ƚŽƚŚĞĐŚŝůĚĚŝƌĞĐƚůLJ͘ʹ /ƚŚŽƵŐŚƚƚŚĞǁĞďƐŝƚĞǁĂƐǁĞůůĚŽŶĞĂŶĚŐĂǀĞĂƚƌƵƐƚǁŽƌƚŚLJŝŵƉƌĞƐƐŝŽŶ͘dŚĂƚŵĂLJ ŚĂǀĞĐŽŶƚƌŝďƵƚĞĚƚŽƚŚĞĨĂĐƚƚŚĂƚ/ĞŶĚĞĚƵƉŽƌĚĞƌŝŶŐŝƚŽŶĐĞ͕ƚŚĞŶĨŽƵŶĚŝƚŐŽŽĚ ĂŶĚŽƌĚĞƌĞĚĂŐĂŝŶ͘ʹ WŝůƚƚŝŚĂƐďĞĞŶ΀ĂƌŽƵŶĚ΁ĨŽƌƐŽ ůŽŶŐ͕ƐŽ/ŚĂǀĞĂďƵŝůƚͲŝŶƚƌƵƐƚ ŝŶƚŚĂƚƉƌŽĚƵĐƚ͘ /ƚ Ɛ͛ ďĞĞŶƚŚĞŽŶůLJŽŶĞŝŶ&ŝŶůĂŶĚĨŽƌĂůŽŶŐƚŝŵĞ͘tŚĞŶLJŽƵůŽŽŬŽŶƚŚĞƐŚĞůĨ͕ ƚŚĞƌĞĂƌĞ ĂůůŬŝŶĚƐŽĨƉƌŽĚƵĐƚƐŶŽǁĂĚĂLJƐ͘ƵƚƚŚĞLJĂƌĞŶŽƚĂĚǀĞƌƚŝƐĞĚ͕ĂŶĚ/ŬŶŽǁŶŽƚŚŝŶŐ ĂďŽƵƚƚŚĞŵ͘zŽƵƌĂĚǀĞƌƚŝƐŝŶŐŚĂƐƌĞǀĞĂůĞĚƚŚĞǀĂůƵĞƐŽƌƚŚĞƉƌŝŶĐŝƉůĞƐŽŶǁŚŝĐŚƚŚĞ ĨŽŽĚŝƐŵĂĚĞ͘ʹ, ϱϰ Ɛ ƌĞŐĂƌĚƐ ƚŚĞ ƐƉĞĐŝĂů ĨĞĂƚƵƌĞƐ ŽĨ ƚŚĞ ĐŽŶƚĞdžƚ ŽĨ ĐŚŝůĚƌĞŶ Ɛ͛ ĨŽŽĚ͕ ƚŚĞ ƌĞƐƉŽŶĚĞŶƚƐ͛ ĞdžƉĞƌŝĞŶĐĞ ƐŚŽǁƐ ƚŚĂƚ ǁŽƌĚͲŽĨͲŵŽƵƚŚ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ƉůĂLJ Ă ƐŝŐŶŝĨŝĐĂŶƚ ƌŽůĞ͘ &Žƌ ŝŶƐƚĂŶĐĞ͕ ĨĂŵŝůŝĞƐ ǁŝƚŚ ĐŚŝůĚƌĞŶ ĐĂŶ ƐŚĂƌĞ ƉƌŽĚƵĐƚ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ƚŚĂƚ ƚŚĞLJ ŚĂǀĞ ĨŽƵŶĚŚĞůƉĨƵů͘dŚĞĐĂƐĞĐŽŵƉĂŶLJŚĂƐƐŽƵŐŚƚƚŽĨĂĐŝůŝƚĂƚĞƚŚŝƐƚŚƌŽƵŐŚŝƚƐĞŵĂŝůŵĂƌŬĞƚŝŶŐ ďLJŽĨĨĞƌŝŶŐĂƌĞĨĞƌƌĂůƉƌŽŐƌĂŵƚŚĂƚďĞŶĞĨŝƚƐďŽƚŚƚŚĞƌĞĨĞƌƌĞƌĂŶĚƚŚĞĨƌŝĞŶĚǁŚŽŽƌĚĞƌ ďĂƐĞĚŽŶƚŚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶ͘ƐĨŽƌŝŶƚĞŶƚŝŽŶƚŽĞŶŐĂŐĞŝŶƉŽƐŝƚŝǀĞǁŽƌĚŽĨŵŽƵƚŚ͕ŝƚ ŝƐĐŽŶƐŝĚĞƌĞĚĂƐĂŶĞůĞŵĞŶƚŽĨĂƚƚŝƚƵĚŝŶĂůůŽLJĂůƚLJ;Ğ͘Ő͘<ŚĂ͕ϮϬϬϴͿ͘ zĞƐ Ͳ ͲŶĚĞƐƉĞĐŝĂůůLJǁŚĞŶǁĞŐŽ ƚŽ ƚŚŝƐ ĨĂŵŝůLJŐƌŽƵƉ͕ǁĞĂůŵŽƐƚĂůǁĂLJƐŚĂǀĞ ƉŽƌƌŝĚŐĞĂƐĂƐŶĂĐŬĨŽƌƚŚĞLJŽƵŶŐĞƌĐŚŝůĚ͘/ĨĂĨƌŝĞŶĚŚĂƐďĞĞŶŽǀĞƌ͕ /͛ǀĞƐĞƌǀĞĚƚŚĞŵ ƐŽŵĞ͘ /ĚŽŶ͛ƚŬŶŽǁ ŝĨ ƚŚĞ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐŚĂǀĞďĞĞŶ ƚĂŬĞŶŽŶďŽĂƌĚ͕ďƵƚ /͛ǀĞ ďĞĞŶƐĂƚŝƐĨŝĞĚŵLJƐĞůĨĂŶĚŚĂǀĞƐŚĂƌĞĚŵLJĞdžƉĞƌŝĞŶĐĞƐ͘ʹ /ƵƐĞĚŽŶĞŽĨƚŚĞƐĞƚŚĂƚǁŚĞŶLJŽƵƌĞĐŽŵŵĞŶĚĞĚƚŽĂĨƌŝĞŶĚ͕LJŽƵŐŽƚĂĚŝƐĐŽƵŶƚ ĐŽĚĞ͘ʹ ϱϱ 5 ŝƐĐƵƐƐŝŽŶ 5.1 dŚĞŽƌĞƚŝĐĂůŝŵƉůŝĐĂƚŝŽŶƐ The purpose of this study was to examine brand loyalty in the context of a Finnish baby food company and how email marketing can be used in strengthening it. Three research objectives were derived from the purpose of the study, the first of which was to propose a theoretical framework to connect brand loyalty and email marketing. This was achieved by first defining the concept of brand loyalty and examining its different dimensions: behavioural and attitudinal loyalty. This was followed by a comprehensive overview of what email marketing is today. The aim of the framework connecting brand loyalty and email marketing was to deepen the understanding of the interaction between the two theoretical concepts. The theoretical framework of the present study was outlined in Figure 3. Email marketing fostering brand loyalty. The theoretical foundation of the study was influenced by, among many others, the Odin et al. (2001) article on conceptual and operational aspects of brand loyalty, and the Dick and Basu (1994) contribution, an integrated conceptual framework for customer loyalty. One of the key aspects of brand loyalty that can be raised is its dual nature; the division between behavioural and attitudinal brand loyalty. Behavioural brand loyalty can be expressed as the repurchase of a particular brand. However, the behavioural approach does not take into account the psychological reasons for repurchase and should therefore be explored alongside attitudinal brand loyalty. In addition to favourable attitudes, attitudinal brand loyalty addresses the relationship between the brand and the consumer and, among other aspects, the desire to recommend the brand to others. When these approaches are integrated into a single model, in line with Baldinger and Rubinson (1996), so-ĐĂůůĞĚ ͞ƌĞĂů ůŽLJĂůƐ͟ ĐĂŶ ďĞ identified. ϱϲ As for email marketing, the theoretical foundation of the study was particularly influenced by a Merisavo and Raulas (2004) study on the impact of email marketing on brand ůŽLJĂůƚLJ͕ĂƐǁĞůůĂƐ,ĂƌƚĞŵŽ Ɛ͛ǁŽƌŬŽŶĞŵĂŝůŵĂƌŬĞƚŝŶŐ͕ƐƉĞĐŝĨŝĐĂůůLJƚŚĞĚŽĐƚŽƌĂů dissertation on empowering email marketing (2023). The main contribution of the Merisavo and Raulas (2004) article is that email marketing has been found to have a beneficial effect on brand loyalty. Email marketing has long been one of the most profitable online marketing channels, and is both versatile and cost-effective. As for ,ĂƌƚĞŵŽ ;ϮϬϮϯͿ͕ ƚŚĞ ĚŝƐƐĞƌƚĂƚŝŽŶ ĚĞŵŽŶƐƚƌĂƚĞƐ ŚŽǁ ͞ƌĞůĞǀĂŶƚ ĐŽŶƚĞŶƚ͕ ƚƌƵƐƚ͕ commitment and particiƉĂƚŝŽŶ͟ ĂƌĞ ĐŽƌƌĞůĂƚĞĚ ŝŶ ƚŚĞ ĐŽŶƚĞdžƚ ŽĨ ĞŵƉŽǁĞƌŝŶŐ ĞŵĂŝů marketing. Furthermore, these elements are also considered to be factors influencing brand loyalty (See e.g. Back & Parks, 2003; Odin et al., 2001). This theoretical framework provided the foundation for the empirical part and findings of the study. The second research objective was ƚŽĞdžĂŵŝŶĞƚŚĞďƌĂŶĚůŽLJĂůƚLJŽĨƚŚĞĐĂƐĞĐŽŵƉĂŶLJ Ɛ͛ customers towards the company and their attitudes towards the current implementation of email marketing. This objective was addressed by conducting the empirical part of the study, based on semi-ƐƚƌƵĐƚƵƌĞĚ ŝŶƚĞƌǀŝĞǁƐ ǁŝƚŚ Ă ƐĂŵƉůĞ ŽĨ ƚŚĞ ĐĂƐĞ ĐŽŵƉĂŶLJ Ɛ͛ customers. As in the theoretical framework, it was essential to address the empirical part of the study through both a behavioural and an attitudinal approach to brand loyalty (e.g. Back & Parks, 2003), which was taken into account in the framing of the semi-structured interview questions. Regarding the behavioural brand loyalty of the respondents, each of them displayed loyalty towards the case company through behaviour and re- purchases. However, this was anticipated in part due to the sample of the study, as the ƐĞůĞĐƚŝŽŶĐƌŝƚĞƌŝĂĨŽƌƌĞƐƉŽŶĚĞŶƚƐƌĞƋƵŝƌĞĚŚĂǀŝŶŐƉƵƌĐŚĂƐĞĚĨƌŽŵƚŚĞĐŽŵƉĂŶLJ Ɛ͛ŽŶůŝŶĞ store at least four times over time. To provide some context, and as a sort of crossover between behaviour and attitudes, respondents were asked to describe their reasons for buying industrially produced baby food in general. The most prominent themes that emerged from the responses were convenience; ready-made food is easy and quick, no time spent cooking; the ability to offer variety to the child in terms of products and ϱϳ flavours; ƚŚĞĐŚŝůĚ Ɛ͛ƉƌĞĨĞƌĞŶĐĞƐ; and the general life situation with a small child on the go. When examining attitudinal brand loyalty, the aim was to establish whether respondents also display attitudinal brand loyalty, and to identify the attributes they associate the brand with. The most notable attributes indicating attitudinal loyalty that were identified from the responses were the Finnishness of the case company; its ideology and mission to raise a healthy and planet-friendly generation, how the concept and products are designed with children in mind, including sending stickers; the overall concept and branding of the products; and the attributes associated with the brand: positive, fun, trendsetting. As the studied case company is strongly mission-driven, it is a significant finding that it seems to appeal to the sample of this study. While competing brands might be able to compete on similar product attributes, for the case company, the mission is a unique differentiator that its loyal customers seem to value. Further, this can be linked to brand loyalty as an enabler of competitive advantage (See e.g. Dick & Basu, 1994; Gommans et al., 2001; Gounaris & Stathakopoulos, 2004; Kabiraj & Shanmugan, 2011). Based on the findings, it can be concluded that the respondents in this study can be ĐŽŶƐŝĚĞƌĞĚƚŽƌĞƉƌĞƐĞŶƚƚŚĞ͞ƌĞĂůůŽLJĂůƐ͟ŝŶƚŚĞĂůĚŝŶŐĞƌĂŶĚZƵďŝŶƐŽŶ;ϭϵϵϲͿŵŽĚĞů͕ as both their behaviour through repurchases and their attitudes are highly positive towards the brand. However, it is important to point out that while such deep loyalty was observed, it is not in the nature of absolute loyalty or brand devotion (See e.g. Pimentel & Reynolds, 2004). This was reflected in the fact that almost all respondents reported buying baby food from other brands in addition to the case study brand. Whether this is seen as an issue or a challenge in itself, or whether buying purely from one brand is even realistic, is up to interpretation by the studied case company. Finally, brand loyalty was connected to email marketing in order to understand its impact and attitudes towards it. The aim was to investigate the role of email marketing towards ƚŚĞĐĂƐĞĐŽŵƉĂŶLJ Ɛ͛ƐƵƉƉŽƐĞĚďƌĂŶĚůŽLJĂůƚLJ͘&ŽůůŽǁŝŶŐƚŚĞůŽŐŝĐŽĨƚŚĞƉƌĞǀŝŽƵs sections, ϱϴ a distinction was made between behavioural and attitudinal brand loyalty in the context ŽĨĞŵĂŝůŵĂƌŬĞƚŝŶŐ͘KǀĞƌĂůů͕ǁŚĞŶĐŽŶƐŝĚĞƌŝŶŐƚŚĞĐĂƐĞĐŽŵƉĂŶLJ Ɛ͛ĞŵĂŝůŵĂƌŬĞƚŝŶŐĂŶĚ the behaviour described by the respondents, there can be seen strong indications that email marketing contributes to behavioural brand loyalty of the respondents. The majority of respondents reported having ordered products as a result of email marketing. In particular, promotions and discounts were highlighted in the responses. As a result, price sensitivity and awareness was found to be a common factor in the responses. This finding is further discussed from a managerial perspective in chapter 5.2. When examining email marketing and attitudinal loyalty, the first key finding focused on the relevance of marketing messages. First of all, respondents were naturally selective in terms of which brands they perceived as interesting and relevant to them and which they wanted to receive email marketing from. In this context, the email marketing messages of the case company were considered desirable and were said to be read regularly. Second of all, relevance was sought in the messages themselves. This would include the said importance of subject lines, brief and compact content, readability on mobile and a short enough message to be read in hectic family life. In addition, the relevance or lack of it was expressed by the suitability of the products offered to the age of their child. This can all again be linked to the theoretical framework of the study on the importance of relevant content for strengthening brand loyalty in email marketing, and is therefore one of the main findings of this study. As regards the brand loyalty of behaviour and attitudes in the context of email marketing, it is necessary to note once again the separation of the concepts, yet also their interaction with each other. As an illustration, the willingness to engage in word-of- ŵŽƵƚŚŵĂƌŬĞƚŝŶŐ͕ŝ͘Ğ͘ƌĞĐŽŵŵĞŶĚŝŶŐƚŚĞďƌĂŶĚ Ɛ͛ƉƌŽĚƵĐƚƐƚŽŽƚŚĞƌƐ͕ĞdžƉƌĞƐƐĞĚďLJƚŚĞ majority of respondents in the present study, is theoretically seen as a feature of both ďĞŚĂǀŝŽƵƌĂů;Ğ͘Ő͘^njĐnjĞƉĂŷƐŬĂΘ'ĂǁƌŽŶ͕ϮϬϭϭͿĂŶĚĂƚƚŝƚƵĚŝŶĂůďƌĂŶĚůŽLJĂůƚLJ;Ğ͘Ő. Kha, 2008). The studied case company currently has a referral program, which allows a user to refer a friend, and benefit financially from this. The programme is currently marketed ϱϵ mainly via email. It can be seen as an example of how email can be used to strengthen brand loyalty. Overall, where a financial benefit such as a discount campaign promoted via email can be seen to support repeat purchases and thus behavioural brand loyalty, attitudinal loyalty should be supported by relevant content that resonates with the attitudes and values of the recipient. 5.2 DĂŶĂŐĞƌŝĂůŝŵƉůŝĐĂƚŝŽŶƐ The third research objective of the present study was to provide actionable managerial implications for the studied case company on how email marketing can be used in strengthening brand loyalty. This objective is addressed by reflecting the findings of the empirical part on the theoretical framework of the present study, and drawing conclusions on this basis. These managerial implications have been drawn from the presented analysis and serve as potential suggestions for the case company. As a starting point, it is essential to mention that in the light of this empirical sample, the case company seems to have been successful in creating brand loyalty among its customers in a highly competitive industry. Among respondents, the brand is associated with many positive attributes, its products and services are perceived as superior on many levels͕ĂŶĚƚŚĞďƌĂŶĚ Ɛ͛ŵŝƐƐŝŽŶĂŶĚǀĂůƵĞƐĂƌĞĐŽŶƐŝĚĞƌĞĚŝŵƉŽƌƚĂŶƚ͘/ŶƚĞƌŵƐŽĨ email marketing, respondents reported being very selective about which brands they want to receive messages from; however, email marketing messages from this case company were received and read with delight. It is therefore highly recommended to continue focusing on email marketing as part of the marketing mix and to continue to develop it further. Email marketing has proven to be a cost-effective way for the company to drive sales, announce new products and offers, and ultimately support brand loyalty. Email marketing should therefore be seen in the studied company as a way of strengthening and maintaining the relationship and loyalty between the brand and the consumer. ϲϬ It is important to note, however, that email marketing is only one of the contributing factors and tools to brand loyalty. It should also be remembered that email marketing is not isolated from other marketing channels and activities. As a managerial proposition, it might be necessary to examine how email marketing relates to other marketing channels used; what is its role; what is the strategy behind its use; are they all aligned? Could every channel support each other more efficiently? As for the actual format of emails, several interviewees highlighted the importance of subject lines, brief and compact content, readability on mobile and a short enough message to fit in with a busy family life. Another managerial implication relates to the audience for email marketing. Now that brand loyalty has been identified in existing customers, including Baldinger and ZƵďŝŶƐŽŶΖƐ;ϭϵϵϲͿĚĞƐĐƌŝƉƚŝŽŶŽĨ͞ƌĞĂůůŽLJĂůƐ͕͟ ŝƚŝƐĨĂƐĐŝŶĂƚŝŶŐƚŽĐŽŶƐŝĚĞƌŚŽǁƚŚĞƐĂŵĞ brand loyalty could be created and fostered in first-time buyers and potential clients. In the light of the present study, it can be suggested that the potential of email marketing can be applied in this context. Being a baby food brand, the duration of a customer relationship can be expected to be relatively short, as it is highly dependent on the age, development and preferences of the child. In order to maximise the duration of the customer relationship and the benefits of brand loyalty, it can be argued that a first-time ďƵLJĞƌƐŚŽƵůĚďĞ͞ƚƵƌŶĞĚŝŶƚŽ͟ĂůŽLJĂůĐƵƐƚŽŵĞƌĂƐĞĂƌůLJŽŶĂƐƉŽƐƐŝďůĞ͘ In the context of a baby food brand, this would mean the stage when the baby is as young as possible, possibly tasting their first solid foods, and is introduced to industrially produced baby food. At this point, the case company would benefit in its email marketing from the findings of this study on the attributes the interviewed loyal customers valued; Finnishness, ideology, design with children in mind, concept and branding, as well as being positive, fun, and trendsetting. There is much to learn from the already loyal customers, and having clarified these attributes can guide the case company sharpen its communication angles, when aiming to gain new loyal customers. The challenge and ϲϭ opportunity for the studied case company is to find these potential customers at an early stage; or even further, is there a possibility to reach them in advance, already before the ďĂďLJŝƐƌĞĂĚLJĨŽƌƚŚĞďƌĂŶĚ Ɛ͛ƉƌŽĚƵĐƚƐ͍ Regarding the age and developmental stages of the child, email marketing should remain relevant to the recipient in order to create and maintain brand loyalty. After all, relevance ǁĂƐĂƌĞĐƵƌƌŝŶŐƚŚĞŵĞƚŚĂƚĞŵĞƌŐĞĚĐŽŶƐŝƐƚĞŶƚůLJŝŶƌĞƐƉŽŶĚĞŶƚƐ͛ĐŽŵŵĞŶƚƐŝŶ one way or another. Moreover, relevant email marketing content is associated with building trust and commitment, which in turn are elements of attitudinal brand loyalty (See e.g. Back & Parks, 2003; Hartemo, 2023; Odin et al., 2001). A managerial proposal to the company can be made, as far as possible, to further segment the email recipients according to the age of the child. This would allow the recipient to receive, for example, the relevant product recommendations, tips and ideas for their child in the form of an email funnel, ǁŝƚŚƚŚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĂůƐŽĞǀŽůǀŝŶŐĂĐĐŽƌĚŝŶŐƚŽƚŚĞĐŚŝůĚ Ɛ͛ĚĞǀĞůŽƉŵĞŶƚ͘ /ŶƚŚĞ long run, the same personalisation idea could potentially be extended to any data shared by the customer, such as location, gender, favourite product or even allergies. However, this assumes that respondents are willing to share such information. Another application of this theme would be to allow newsletter subscribers to pick and choose themselves which topics they are interested in and want to receive emails on. The following managerial suggestion is closely linked to behavioural brand loyalty and transactionality. The majority of responses indicated some form of price awareness, whether in terms of unit prices, comparisons between online and retail prices, interest in different promotions and discount codes, or price comparisons with competitor brands. Price awareness can be seen as a logical consequence of the financial situation of families living with one or more children and taking into account the current economic situation. The sample of this study suggests that while respondents value premium baby food, price is still a critical factor in the purchasing decision process. Therefore, the case company is encouraged to continue offering interesting promotions and special offers, thus reinforcing repurchase and behavioural brand loyalty. ϲϮ As an alternative to individual campaigns, there is also a broader approach: a loyalty reward programme. This type of programme can be built to take advantage of the benefits of email marketing, such as trigger-based email funnels. Whilst rewarding customers for purchases with points or levels can be seen to encourage repeat purchases and reinforce behavioural brand loyalty, at its best a loyalty programme also enables elements of attitudinal brand loyalty. One of the essentials, recommending the brand to others, could potentially be integrated into this type of programme. As baby food is often perceived as a sensitive topic (See e.g. Bornstein et al., 2015), a product or brand recommendation is of huge importance, and the case company is recommended to try and facilitate this whenever possible. Ultimately, recommendations can be seen to increase the sense of community and pride in using the products mentioned by respondents, which in turn reinforces brand loyalty (See e.g. Hur et al., 2011). Taking it a step further, the case company could take advantage of the multichannel nature of its current customers by bringing its online business and retail sales closer together through a loyalty programme. The responses suggest that as the child grows, loyalty changes shape. In this sense, the loyalty and relationship with the brand is fluid. On this basis, it can be assumed that the ĐƵƐƚŽŵĞƌƌĞůĂƚŝŽŶƐŚŝƉĂŶĚůŽLJĂůƚLJǁŝůůĂůƐŽĞǀĞŶƚƵĂůůLJĞŶĚǁŚĞŶƚŚĞĐŚŝůĚ͞ŽƵƚŐƌŽǁƐ͟ƚŚĞ baby food products. This can be approached from a few angles. On one hand, marketing and product development can be used to try and extend the loyal customer relationship; perhaps even to hope that the same customer will have another child in the future. On the other hand, it can be approached by striving to make a loyal customer relationship as meaningful and beneficial as possible for as long as it lasts for both the customer and the case company. In conclusion, the case company is advised to continue to actively engage in email marketing, noting now that it has great potential both to strengthen the relationship of existing brand loyal customers, and to nurture loyal customers from first- time buyers. Email marketing must be relevant to its target audience and support both behavioural brand loyalty and repurchase, and attitudinal loyalty through positive ϲϯ associations and trust. Ultimately, when brand loyal customers have the opportunity to share their experiences forward, new loyal customer relationships are ideally created. 5.3 >ŝŵŝƚĂƚŝŽŶƐĂŶĚƐƵŐŐĞƐƚŝŽŶƐĨŽƌĨƵƚƵƌĞƌĞƐĞĂƌĐŚ In conducting the present study, a number of limitations applied, which are addressed in this chapter alongside suggestions for future research. See also chapter 3.6 for a discussion of the potential bias that may have influenced the conduct of this study. The first limitation of the study relates to the marketing channel studied. It is noteworthy that the marketing channels used, only one in this context, namely email marketing, is just one of the various tools that can be used to strengthen brand loyalty. Based on this study alone, there is not enough evidence to suggest that this marketing channel can be leveraged, in a fully replicable way, across industries with the same implications. In turn, the research design of this study was a so-called intensive case study, which aims to gain an in-depth understanding of a unique case and develop a holistic description in the context of the case, not to search for and test generalisable theoretical results (Eriksson & Kovalainen, 2008). Given this limitation of this study, a suggestion for further research can be made to expand or shift the research scope to another marketing tool, such as social media marketing, influencer marketing or marketing through events, and their potential to strengthen brand loyalty. It is also relevant to stress that email marketing is not an isolated entity in relation to brand loyalty, but can be seen as one of a number of factors that may influence brand loyalty. This study did not address the assumption that for brand loyalty to occur in the first place, the so-called basics must also be in place. Email marketing alone cannot compensate for an inadequate or otherwise flawed brand. Another suggestion relates to the possibilities of the different categories of email marketing; future research could be even more narrowly focused on either one-time campaigns, newsletters or automated sequences, as in the present study they were not specified for respondents. ϲϰ The second limitation of the study is connected to ƚŚĞ ƌĞůĂƚŝǀĞůLJ ůŝŵŝƚĞĚ ŶƵŵďĞƌ ŽĨ ƌĞƐƉŽŶĚĞŶƚƐ ŝŶƚĞƌǀŝĞǁĞĚ͘ /ƚĐĂŶďĞƐƚĂƚĞĚƚŚĂƚŶŽĐŽŶĐůƵƐŝŽŶƐĐĂŶďĞĚƌĂǁŶĨƌŽŵƚŚĞ ĚĞŵŽŐƌĂƉŚŝĐƐŽĨ ƚŚĞ ƌĞƐƉŽŶĚĞŶƚƐ͕ ĨŽƌĞdžĂŵƉůĞ͕ŐĞŽŐƌĂƉŚŝĐĂůůLJ ĨŽƌ ƚŚĞǁŚŽůĞ&ŝŶůĂŶĚ͕ ŶŽƌďLJĂŐĞŐƌŽƵƉ͕ĂƐƚŚĞƌĞǁĂƐůŝƚƚůĞƚŽŶŽƐŝŐŶŝĨŝĐĂŶƚĚŝǀĞƌƐŝƚLJ͘dŚĞƐĂŵĞĂƉƉůŝĞƐƚŽƚŚĞ ƐƵƉƉŽƐĞĚŐĞŶĚĞƌŝĚĞŶƚŝƚLJŽĨƚŚĞƌĞƐƉŽŶĚĞŶƚƐ͘/ŶƚŚĞĐŽŶƚĞdžƚŽĨƚŚŝƐůŝŵŝƚĂƚŝŽŶ͕ĂƉƌŽƉŽƐĂů ĨŽƌĨƵƚƵƌĞƌĞƐĞĂƌĐŚĐĂŶďĞƐƵŐŐĞƐƚĞĚ͕ǁŚĞƌĞĂƋƵĂŶƚŝƚĂƚŝǀĞƐƚƵĚLJƌĞƉůŝĐĂƚŝŶŐƚŚĞĐƵƌƌĞŶƚ ŽŶĞǁŽƵůĚďĞĐŽŶĚƵĐƚĞĚ͘ůƚŚŽƵŐŚƚŚŝƐĂƉƉƌŽĂĐŚĚŽĞƐŶŽƚĚŝƌĞĐƚůLJƉƌŽǀŝĚĞƚŚĞƐĂŵĞ ĚĞƉƚŚ ŽĨ ƵŶĚĞƌƐƚĂŶĚŝŶŐ͕ ŝƚ ĐŽƵůĚ ďĞ ƐĐĂůĞĚ ƵƉ ǁŝƚŚ Ă ůŽǁͲƚŚƌĞƐŚŽůĚ ĂƉƉƌŽĂĐŚ͕ ĨŽƌ ĞdžĂŵƉůĞďLJƐĞŶĚŝŶŐĂƋƵĞƐƚŝŽŶŶĂŝƌĞƚŽďĞĨŝůůĞĚŝŶďLJƚŚĞƌĞƐƉŽŶĚĞŶƚ͕ƐĞŶƚŽƵƚǀŝĂĞŵĂŝů͘ dŚŝƐ ĐŽƵůĚ ƉŽƚĞŶƚŝĂůůLJ ƌĞĂĐŚ ůĂƌŐĞ ƐƵƌǀĞLJ ƐĂŵƉůĞƐ ĂŶĚ ƉƌŽǀŝĚĞ Ă ŵŽƌĞ ĚŝǀĞƌƐĞ ĂŶĚ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ƉŝĐƚƵƌĞ ŽĨ ŚŽǁ ƚŚĞ ůĂƌŐĞƌ ŵĂƐƐĞƐ ƉĞƌĐĞŝǀĞ ďƌĂŶĚ ůŽLJĂůƚLJ ĂŶĚ ĞŵĂŝů ŵĂƌŬĞƚŝŶŐ͘DŽƌĞŽǀĞƌ͕ ƚŚĞĨŽĐƵƐŽĨƚŚŝƐƐƚƵĚLJǁĂƐŵŽƐƚůLJŽŶƚŚĞŽŶůŝŶĞĞŶǀŝƌŽŶŵĞŶƚ͖ŝƚ ǁŽƵůĚďĞƵƐĞĨƵůƚŽĐŽŶĚƵĐƚĂƐƚƵĚLJŽŶƐŝŵŝůĂƌƚŽƉŝĐƐ͕ďƵƚǁŝƚŚŵŽƌĞĞŵƉŚĂƐŝƐŽŶƚŚĞ ƌĞƚĂŝů ĂƐƉĞĐƚ͘ĨƚĞƌ Ăůů͕ ;ƌĞƚĂŝůͿ ĂǀĂŝůĂďŝůŝƚLJ ŚĂƐ ĂŶ ŝŵƉĂĐƚ ŽŶďƌĂŶĚ ůŽLJĂůƚLJ͖ ŝĨ ƉƌŽĚƵĐƚƐ ĐĂŶŶŽƚďĞĨŽƵŶĚŝŶƚŚĞŶĞĂƌĞƐƚŐƌŽĐĞƌLJƐƚŽƌĞ͕ŝƚĐĂŶďĞĂĚŝƌĞĐƚďĂƌƌŝĞƌƚŽƉŽƚĞŶƚŝĂůďƌĂŶĚ ůŽLJĂůƚLJ͘/ŶĂĚĚŝƚŝŽŶ͕ǁŚĞƚŚĞƌŝŶĂŶŽŶůŝŶĞŽƌŽĨĨůŝŶĞĞŶǀŝƌŽŶŵĞŶƚ͕ŝƚǁŽƵůĚďĞǀĂůƵĂďůĞƚŽ ĐĂƌƌLJŽƵƚĂƐƚƵĚLJƐŝŵŝůĂƌƚŽƚŚĞƉƌĞƐĞŶƚŽŶĞ͕ďƵƚĐŽŵďŝŶŝŶŐŝƚǁŝƚŚĚĂƚĂŽŶƚŚĞƉƵƌĐŚĂƐĞ ŚŝƐƚŽƌLJŽĨƌĞƐƉŽŶĚĞŶƚƐ͘ dŚĞƚŚĞŽƌLJͲďĂƐĞĚƉƌŽƉŽƐĂůĨŽƌĨƵƚƵƌĞƌĞƐĞĂƌĐŚŝƐůŝŶŬĞĚƚŽƚŚĞŬŶŽǁůĞĚŐĞƚŚĂƚƉĂƌĞŶƚƐ ŚĂǀĞĂƉƌŽĨŽƵŶĚŝŶĨůƵĞŶĐĞŽŶƚŚĞŝƌĐŚŝůĚƌĞŶ Ɛ͛ĚŝĞƚ;^ĞĞĞ͘Ő͘ĂůĚĂƐƐĂƌƌĞĞƚĂů͕͘ϮϬϭϲͿ͘/Ŷ ƚŚĞ ůŝŐŚƚ ŽĨ ƉƌĞǀŝŽƵƐ ƌĞƐĞĂƌĐŚ ĂŶĚ ƚŚĞ ƉƌĞƐĞŶƚ ƐƚƵĚLJ͕  ŝƚ ǁŽƵůĚ ďĞ ǁŽƌƚŚǁŚŝůĞ ƚŽ ŝŶǀĞƐƚŝŐĂƚĞǁŚĞƚŚĞƌĂ ƐŝŵŝůĂƌƉŚĞŶŽŵĞŶŽŶĐĂŶďĞ ĨŽƵŶĚ ŝŶ ƚŚĞĐŽŶƚĞdžƚŽĨďƌĂŶĚƐ͘ In ŽƚŚĞƌǁŽƌĚƐ͕ĐĂŶƉĂƌĞŶƚĂůďƌĂŶĚůŽLJĂůƚLJƐƉŝůůŽǀĞƌŝŶƚŽĐŚŝůĚƌĞŶ Ɛ͛ĐŽŶƐƵŵƉƚŝŽŶĐŚŽŝĐĞƐ͕ and if so, to what extent and age? 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Journal of Marketing Research, 54(6), 851ʹ866. https://doi.org/10.1509/jmr.16.0210 ϳϲ ƉƉĞŶĚŝĐĞƐ ƉƉĞŶĚŝdžϭ͘dŚĞŽƌĞƚŝĐĂůďĂĐŬŐƌŽƵŶĚŽĨƚŚĞŝŶƚĞƌǀŝĞǁƋƵĞƐƚŝŽŶƐ d'KZz ^KhZ Yh^d/KE WƵƌĐŚĂƐĞĚƌŝǀĞƌƐ x Purchase drivers: brand, price, packaging, ƉƌŽŵŽƚŝŽŶƐ͕ĂĚǀĞƌƚŝƐŝŶŐ͕ĐŚŝůĚƌĞŶ Ɛ͛ requests, characteristics described on labels (derived from Baldassarre et al., 2016) x Importance of brands (derived from Baldassarre et al., 2016) YϱͲYϲ ĂƚŝŶŐŚĂďŝƚƐ x Eating habits developed in childhood influence dietary health later in adulthood (derived from Baldassarre et al., 2016; Best, 2017) x The importance of exposure to different foods (Skinner et al., 2002) YϳͲYϴ ĞŚĂǀŝŽƵƌĂůůŽLJĂůƚLJ x tŽƌĚͲŽĨͲŵŽƵƚŚŵĂƌŬĞƚŝŶŐ;^njĐnjĞƉĂŷƐŬĂΘ 'ĂǁƌŽŶ͕ϮϬϭϭͿ x dǁŽĚŝŵĞŶƐŝŽŶƐ͗ůĞŶŐƚŚŽĨƌĞůĂƚŝŽŶƐŚŝƉĂŶĚ ůĞǀĞůŽĨƉƵƌĐŚĂƐĞĐŽŶĐĞŶƚƌĂƚŝŽŶ;WĂĂǀŽůĂ͕ ϮϬϬϲͿ YϵͲYϭϰ ƚƚŝƚƵĚŝŶĂůůŽLJĂůƚLJ x ŽŵƉƌĞŚĞŶƐŝŽŶŽĨƚŚĞĐŽŶƐƵŵĞƌͲďƌĂŶĚ ƌĞůĂƚŝŽŶƐŚŝƉĂŶĚƚŚĞĚƌŝǀĞƌƐďĞŚŝŶĚďƌĂŶĚ ůŽLJĂůƚLJ;dĞŵĞƐƐĞŬΘdŽƵnjĂŶŝ͕ϮϬϬϵͿ x dŚĞĐŽŶŶĞĐƚŝŽŶďĞƚǁĞĞŶĞŵŽƚŝŽŶĂů ĂƚƚĂĐŚŵĞŶƚĂŶĚůŽLJĂůƚLJ;'ƌŝƐĂĨĨĞΘEŐƵLJĞŶ͕ ϮϬϭϭͿ YϭϱͲYϭϴ ƌĂŶĚůŽLJĂůƚLJĂŶĚ ĐŽŵŵƵŶŝĐĂƚŝŽŶ x ,ŽǁĞŵĂŝůƐĐŽŶƚƌŝďƵƚĞƚŽďƌĂŶĚůŽLJĂůƚLJ͕  ŚŽǁĐŽŶƐƵŵĞƌƐǀĂůƵĞĞŵĂŝůŵĂƌŬĞƚŝŶŐ͕ ǁŚĂƚƚLJƉĞŽĨĞŵĂŝůĐŽŶƚĞŶƚƚŚĞLJǀĂůƵĞ ;ĚĞƌŝǀĞĚĨƌŽŵDĞƌŝƐĂǀŽĂŶĚZĂƵůĂƐ͕ϮϬϬϰͿ x ZĞůĞǀĂŶƚĐŽŶƚĞŶƚ;,ĂƌƚĞŵŽ͕ϮϬϮϯͿ YϭϵͲYϮϲ ϳϳ ƉƉĞŶĚŝdžϮ͘^ĞŵŝͲƐƚƌƵĐƚƵƌĞĚŝŶƚĞƌǀŝĞǁƋƵĞƐƚŝŽŶƐ <zYh^d/KE^ PROMPTS (IF NECESSARY) ĂĐŬŐƌŽƵŶĚ Yϭ ,ŽǁŵĂŶLJĐŚŝůĚƌĞŶĚŽLJŽƵŚĂǀĞ͍,ŽǁŽůĚ ĂƌĞƚŚĞLJ͍ 'ĞŶĞƌĂůďĂďLJĨŽŽĚƉƵƌĐŚĂƐŝŶŐ YϮ /ŶŐĞŶĞƌĂů͕ĨƌŽŵĂŶLJŵĂŶƵĨĂĐƚƵƌĞƌ͕ ŚŽǁ ŽĨƚĞŶĚŽLJŽƵďƵLJƌĞĂĚLJͲŵĂĚĞďĂďLJĨŽŽĚƐ ĂŶĚƐŶĂĐŬƐ͍ Yϯ tŚĞƌĞĚŽLJŽƵŵŽƐƚŽĨƚĞŶďƵLJďĂďLJĨŽŽĚ ĂŶĚƐŶĂĐŬƐ͍ ƐŬŝĨĂůƐŽĨƌŽŵŐƌŽĐĞƌLJƐƚŽƌĞƐŝŶ ĂĚĚŝƚŝŽŶƚŽƚŚĞŽŶůŝŶĞƉůĂƚĨŽƌŵ͘ Yϰ tŚŝĐŚďĂďLJĨŽŽĚďƌĂŶĚƐĚŽLJŽƵƵƐƵĂůůLJ ďƵLJ͍ ƐŬǁŚLJƚŚĞƐĞďƌĂŶĚƐ͖ĂƐŬŚŽǁ ĂďŽƵƚƉƌŝǀĂƚĞůĂďĞůƐ͘ WƵƌĐŚĂƐĞĚƌŝǀĞƌƐ Yϱ /ĨLJŽƵƌĞĨůĞĐƚŽŶƚŚĞƌĞĂƐŽŶƐĂŶĚ ŵŽƚŝǀĂƚŝŽŶƐďĞŚŝŶĚLJŽƵƌƌĞĂĚLJͲŵĂĚĞďĂďLJ ĨŽŽĚƉƵƌĐŚĂƐĞƐ͕ǁŚĂƚĐŽƵůĚďĞƚŚĞŵŽƐƚ ŝŵƉŽƌƚĂŶƚƌĞĂƐŽŶƐĨŽƌLJŽƵƚŽďƵLJ͍ dŚĞƌĞƐƉŽŶĚĞŶƚĐĂŶďĞŐŝǀĞŶ ĞdžĂŵƉůĞƐƐƵĐŚĂƐĐŽŶǀĞŶŝĞŶĐĞ͕ ƐĂǀŝŶŐƚŝŵĞĂŶĚĐŚŝůĚ Ɛ͛ ƉƌĞĨĞƌĞŶĐĞƐ͖ǁŚĂƚĚŽĞƐ ĐŽŶǀĞŶŝĞŶĐĞŵĞĂŶƚŽƚŚĞ ƌĞƐƉŽŶĚĞŶƚ͕ŝƐŝƚŶŽƚŚĂǀŝŶŐƚŽ ĐŽŽŬLJŽƵƌƐĞůĨ͕ ŝƐŝƚƚŚĂƚŽƌĚĞƌŝŶŐ ŽŶůŝŶĞŝƐĐŽŶǀĞŶŝĞŶƚ͘ Yϲ /ĨLJŽƵƚĂŬĞĂŵŽŵĞŶƚƚŽƚŚŝŶŬĂďŽƵƚ LJŽƵƌƐĞůĨĂƐĂďĂďLJĨŽŽĚďƵLJĞƌ͕ ǁŚĞƚŚĞƌ ŽŶůŝŶĞŽƌŽŶƚŚĞƐŚĞůĨ͕ ĐĂŶLJŽƵŶĂŵĞĂŶLJ ĨĂĐƚŽƌƐƚŚĂƚƐƚĂŶĚŽƵƚƚŚĂƚǁŽƵůĚŵŽƐƚ ŝŶĨůƵĞŶĐĞLJŽƵƌĐŚŽŝĐĞŽĨƉƌŽĚƵĐƚ͍ dŚĞƌĞƐƉŽŶĚĞŶƚĐĂŶďĞŐŝǀĞŶ ĞdžĂŵƉůĞƐƐƵĐŚĂƐƉƌŝĐĞ͕ƋƵĂůŝƚLJ͕  ŝŶŐƌĞĚŝĞŶƚƐĂŶĚďƌĂŶĚ͖ŝĨ ŝŶŐƌĞĚŝĞŶƚƐ͕ǁŚĂƚƐƉĞĐŝĨŝĐĂůůLJ ĂďŽƵƚƚŚĞŝŶŐƌĞĚŝĞŶƚƐŝƐŵĞĂŶƚ͘ ĂƚŝŶŐŚĂďŝƚƐ Yϳ /ĨLJŽƵƚŚŝŶŬĂďŽƵƚLJŽƵƌƐĞůĨŝŶLJŽƵƌ ĞǀĞƌLJĚĂLJĨĂŵŝůLJůŝĨĞ͕ŚŽǁŵƵĐŚƚŚŽƵŐŚƚ ĂŶĚƚŝŵĞĚŽLJŽƵƉƵƚŝŶƚŽŝŶƚƌŽĚƵĐŝŶŐLJŽƵƌ ĐŚŝůĚƚŽŶĞǁƚĂƐƚĞƐĂŶĚƚĞdžƚƵƌĞƐ͍/ƐƚŚŝƐ ŝŵƉŽƌƚĂŶƚƚŽLJŽƵ͍ Yϴ /ŶŐĞŶĞƌĂů͕ŚŽǁŝŵƉŽƌƚĂŶƚĚŽLJŽƵƚŚŝŶŬŝƚŝƐ ƚŽŚĂǀĞƉůĂŶƚͲďĂƐĞĚͬǀĞŐĂŶͬǀĞŐĞƚĂƌŝĂŶ ĨŽŽĚƐĨŽƌĐŚŝůĚƌĞŶ͍ŽĞƐƚŚŝƐŝŶĨůƵĞŶĐĞ LJŽƵƌĐŚŽŝĐĞŽĨƉƌŽĚƵĐƚƐ͍/ƐŝƚŝŵƉŽƌƚĂŶƚƚŽ LJŽƵƚŽŽĨĨĞƌƉůĂŶƚͲďĂƐĞĚĨŽŽĚƐƚŽƚŚĞĐŚŝůĚ͍ /ĨĨŽƵŶĚĨƌƵŝƚĨƵů͕ƚŚĞƌĞƐƉŽŶĚĞŶƚ ĐĂŶďĞĂƐŬĞĚĂďŽƵƚƚŚĞŝƌƉĞƌƐŽŶĂů ĞĂƚŝŶŐŚĂďŝƚƐĂŶĚďĞůŝĞĨƐ͘ ϳϴ <zYh^d/KE^ PROMPTS (IF NECESSARY) ĞŚĂǀŝŽƵƌĂůďƌĂŶĚůŽLJĂůƚLJ Yϵ WůĞĂƐĞĚĞƐĐƌŝďĞŝŶLJŽƵƌŽǁŶǁŽƌĚƐ ŚŽǁŵƵĐŚLJŽƵŚĂǀĞƵƐĞĚŽƵƌ ƉƌŽĚƵĐƚƐĂŶĚŚŽǁĨĂŵŝůŝĂƌLJŽƵĂƌĞ ǁŝƚŚƚŚĞŵ͘ dŚĞƌĞƐƉŽŶĚĞŶƚĐĂŶďĞƌĞŵŝŶĚĞĚŽĨ 'ƌĞĞŶWůĂŶĞƚƐƚƌŽŶĂƵƚƐƉƌŽĚƵĐƚƐ͗ďĂďLJ ƉƵƌĞĞƐ͕ƐŵŽŽƚŚŝĞƐ͕ŵĞĂůƐ͕ŶƵƚƚLJ ƉŽƌƌŝĚŐĞƐ͕ƉƵĨĨƐ͕ďĂƌƐĂŶĚŽĂƚďŝƚĞƐ͘dŚĞ ĐƵƐƚŽŵďŽdžŝƐĐĂůůĞĚ^ƉĂĐĞDĂŝů ;ǀĂƌƵƵƐƉŽƐƚŝͿ͘ YϭϬ tŚLJĚŽLJŽƵďƵLJ'ƌĞĞŶWůĂŶĞƚ ƐƚƌŽŶĂƵƚƐƉƌŽĚƵĐƚƐ͍ dŚĞƌĞƐƉŽŶĚĞŶƚĐĂŶďĞŐŝǀĞĞdžĂŵƉůĞƐ ƐƵĐŚĂƐƉƌŝĐĞ͕ƋƵĂůŝƚLJĂŶĚŝŶŐƌĞĚŝĞŶƚƐ͖ŝĨ͕  ǁŚĂƚĚŽĞƐƋƵĂůŝƚLJŵĞĂŶƚŽƚŚĞ ƌĞƐƉŽŶĚĞŶƚ͖ŝŶŐƌĞĚŝĞŶƚƐʹǁŚLJƚŚĞƐĞ ƉĂƌƚŝĐƵůĂƌŽŶĞƐ͘ dŚŝƐƋƵĞƐƚŝŽŶǁĂƐŶŽƚĂƐŬĞĚŽĨĞǀĞƌLJ ƌĞƐƉŽŶĚĞŶƚŝĨƚŚĞĂŶƐǁĞƌƚŽƚŚĞƋƵĞƐƚŝŽŶ ŚĂĚĂůƌĞĂĚLJďĞĞŶƉƌŽǀŝĚĞĚĞůƐĞǁŚĞƌĞ͘ Yϭϭ ,ŽǁŽĨƚĞŶĚŽLJŽƵďƵLJ'ƌĞĞŶ WůĂŶĞƚƐƚƌŽŶĂƵƚƐƉƌŽĚƵĐƚƐ ĐŽŵƉĂƌĞĚƚŽĐŽŵƉĞƚŝƚŽƌƐ͍ ŽŵƉĞƚŝƚŽƌƐƐƵĐŚĂƐEĞƐƚůĠ Ɛ͛Wŝůƚƚŝ͕ ^ĞŵƉĞƌ͕ ,ŝƉƉ͕sĂůŝŽ Ɛ͛KŶŶŝ͕ůĞdžΘWŚŝůĂŶĚ DƵƌƵĂďLJĐĂŶďĞŵĞŶƚŝŽŶĞĚ͘ YϭϮ ,ŽǁůŽŶŐŚĂǀĞLJŽƵďĞĞŶĂ ĐƵƐƚŽŵĞƌ͍,ŽǁĚŝĚLJŽƵĨŝŶĚŽƵƚ ĂďŽƵƚƚŚĞďƌĂŶĚ͍ŽLJŽƵ ƌĞŵĞŵďĞƌƚŚĞĨŝƌƐƚƚŝŵĞLJŽƵ ďŽƵŐŚƚŽƵƌƉƌŽĚƵĐƚƐ͍tŚLJĚŝĚLJŽƵ ĚĞĐŝĚĞƚŽďƵLJ͍ Yϭϯ ,ĂǀĞLJŽƵƉƌĞǀŝŽƵƐůLJƵƐĞĚĂŶŽƚŚĞƌ ďƌĂŶĚĂŶĚƚŚĞŶƐǁŝƚĐŚĞĚƚŽ'ƌĞĞŶ WůĂŶĞƚƐƚƌŽŶĂƵƚƐ͍ /ĨƐŽ͕ǁŚŝĐŚďƌĂŶĚĚŝĚLJŽƵƵƐĞďĞĨŽƌĞĂŶĚ ǁŚLJĚŝĚLJŽƵƐǁŝƚĐŚ͍KƌŚĂǀĞLJŽƵ ƉĞƌŚĂƉƐũƵƐƚŝŶĐŽƌƉŽƌĂƚĞĚŽƵƌďƌĂŶĚŝŶƚŽ ƚŚĞŽǀĞƌĂůůƐĞůĞĐƚŝŽŶŽĨǁŚĂƚƚŽďƵLJĨŽƌ LJŽƵƌĐŚŝůĚ͍ Yϭϰ ŽLJŽƵƚŚŝŶŬLJŽƵǁŽƵůĚ ƌĞĐŽŵŵĞŶĚ'ƌĞĞŶWůĂŶĞƚ ƐƚƌŽŶĂƵƚƐƉƌŽĚƵĐƚƐ͕ĨŽƌĞdžĂŵƉůĞ͕ ƚŽLJŽƵƌĐůŽƐĞĐŝƌĐůĞ͍ dŚĞƌĞƐƉŽŶĚĞŶƚŵĂLJďĞĂƐŬĞĚŝĨƚŚĞLJ ƌĞŵĞŵďĞƌƌĞĐŽŵŵĞŶĚŝŶŐƚŚĞƉƌŽĚƵĐƚƐ ƚŽƐŽŵĞŽŶĞ͘ ϳϵ <zYh^d/KE^ PROMPTS (IF NECESSARY) ƚƚŝƚƵĚŝŶĂůďƌĂŶĚůŽLJĂůƚLJ Yϭϱ /ĨLJŽƵƌĞĨůĞĐƚŽŶLJŽƵƌƐĞůĨĂƐŽƵƌĐƵƐƚŽŵĞƌ͕  ǁŚĂƚĂƌĞƚŚĞŵŽƐƚŝŵƉŽƌƚĂŶƚƌĞĂƐŽŶƐĨŽƌLJŽƵ ƚŽďƵLJ'ƌĞĞŶWůĂŶĞƚƐƚƌŽŶĂƵƚƐƉƌŽĚƵĐƚƐ͍ dŚŝƐǁĂƐŽŶůLJĂƐŬĞĚŝĨƐŝŵŝůĂƌ ƉŽŝŶƚƐŚĂĚŶŽƚďĞĞŶŵĂĚĞŝŶ ƉƌĞǀŝŽƵƐĂŶƐǁĞƌƐ͘ Yϭϲ ,ŽǁǁŽƵůĚLJŽƵĚĞƐĐƌŝďĞLJŽƵƌĂƚƚŝƚƵĚĞ ƚŽǁĂƌĚƐ'ƌĞĞŶWůĂŶĞƚƐƚƌŽŶĂƵƚƐĐŽŵƉĂƌĞĚ ƚŽĐŽŵƉĞƚŝŶŐďƌĂŶĚƐ͍ Yϭϳ 'ƌĞĞŶWůĂŶĞƚƐƚƌŽŶĂƵƚƐŚĂƐĂŵŝƐƐŝŽŶ͗ƚŽ ƌĂŝƐĞĂŚĞĂůƚŚLJĂŶĚƉůĂŶĞƚͲĨƌŝĞŶĚůLJ ŐĞŶĞƌĂƚŝŽŶ͘dŚĞŝĚĞĂďĞŚŝŶĚƚŚŝƐŝƐƚŚĂƚ ƌĞƐĞĂƌĐŚƐŚŽǁƐƚŚĂƚĂƉůĂŶƚͲďĂƐĞĚĚŝĞƚŝƐ ďĞƐƚŶŽƚŽŶůLJĨŽƌƚŚĞƉůĂŶĞƚ͕ďƵƚĂůƐŽĨŽƌ ĐŚŝůĚƌĞŶĂŶĚƉĞŽƉůĞŝŶŐĞŶĞƌĂů͘dŽƚŚĞ ĐŽŶƐƵŵĞƌ͕ ǁĞƉƌŽŵŝƐĞƚŚĂƚLJŽƵǁŝůůƐƵĐĐĞĞĚ ǁŝƚŚŽƵƌƉƌŽĚƵĐƚƐ͕ŵĂŬŝŶŐ'WƚŚĞĞĂƐŝĞƐƚ ĂŶĚŵŽƐƚĨƵŶǁĂLJƚŽĂĚĚŵŽƌĞƉůĂŶƚͲďĂƐĞĚ ƚŽLJŽƵƌĐŚŝůĚ Ɛ͛ĚŝĞƚ͘ŝĚLJŽƵŬŶŽǁĂďŽƵƚŽƵƌ ŵŝƐƐŝŽŶ͍tŚĂƚŬŝŶĚŽĨƚŚŽƵŐŚƚƐĚŝĞƐƚŚŝƐ ƚŽƉŝĐĞǀŽŬĞŝŶLJŽƵ͍ŽLJŽƵĨŝŶĚŝƚƌĞƐŽŶĂƚŝŶŐ ŽƌŝŵƉŽƌƚĂŶƚ͍ dŚĞƌĞƐƉŽŶĚĞŶƚĐĂŶďĞĂƐŬĞĚ ǁŚĞƚŚĞƌƚŚĞLJƚŚŝŶŬƚŚŝƐŝƐ ŝŵƉŽƌƚĂŶƚĂŶĚǁŚĞƚŚĞƌƚŚĞLJ ƚŚŝŶŬƚŚŝƐŝƐƐŽŵĞƚŚŝŶŐƚŚĞLJ ǁŽƵůĚƚŚŝŶŬĂďŽƵƚǁŝƚŚƚŚĞŝƌ ĐŚŝůĚ͖ŝĨĨŽƵŶĚŝŵƉŽƌƚĂŶƚ͕ĂƐŬ ǁŚLJ͘ Yϭϴ ƌĞƚŚĞƌĞĂŶLJŽƚŚĞƌǀĂůƵĞƐLJŽƵĐŽŶƐŝĚĞƌ ŝŵƉŽƌƚĂŶƚŝŶƌĞůĂƚŝŽŶƚŽLJŽƵƌĐŚŝůĚ Ɛ͛ĚŝĞƚ͍ ƌĂŶĚůŽLJĂůƚLJĂŶĚĐŽŵŵƵŶŝĐĂƚŝŽŶ Yϭϵ 'ƌĞĞŶWůĂŶĞƚƐƚƌŽŶĂƵƚƐƐŚĂƌĞƐĂǀĂƌŝĞƚLJŽĨ ĐŽŶƚĞŶƚŽŶƚŚĞǁĞďƐŝƚĞ͕ƐŽĐŝĂůŵĞĚŝĂ ĐŚĂŶŶĞůƐĂŶĚĞŵĂŝůŵĂƌŬĞƚŝŶŐ͕ĂŵŽŶŐ ŽƚŚĞƌƐ͘ŽLJŽƵĨŽůůŽǁŽƵƌĐŽŶƚĞŶƚ͕ĂŶĚŝĨ͕  ǁŚĞƌĞ͍ YϮϬ ĂŶLJŽƵƌĞĐĂůůƐŽŵĞŽĨŽƵƌƌĞĐĞŶƚĐŽŶƚĞŶƚŽƌ ŵĞƐƐĂŐĞƐ͍,ŽǁĚŽLJŽƵĨŝŶĚŽƵƌĐŽŶƚĞŶƚŝŶ ŐĞŶĞƌĂů͍ dŚĞƌĞƐƉŽŶĚĞŶƚĐĂŶďĞŐŝǀĞŶ ĞdžĂŵƉůĞƐŽĨĐŽŶƚĞŶƚ͗ƚŝƉƐ͕ ƌĞĐŝƉĞƐ͕ƉĂƌĞŶƚŝŶŐƚŚĞŵĞƐĂŶĚ ŚƵŵŽƵƌ͕ ĐŽŵƉĞƚŝƚŝŽŶƐͲĂŶĚ ĂĚũĞĐƚŝǀĞƐ͗ŝŶƐƉŝƌŝŶŐ͕ĨƵŶŶLJ͕  ŝŶĨŽƌŵĂƚŝǀĞ͘ YϮϭ >Ğƚ Ɛ͛ŶŽǁĨŽĐƵƐŽŶĞŵĂŝůŵĂƌŬĞƚŝŶŐ͘/ĨLJŽƵ ƌĞĐĞŝǀĞŵĂƌŬĞƚŝŶŐĞŵĂŝůƐĨƌŽŵƵƐ͕ŚŽǁŽĨƚĞŶ ǁŽƵůĚLJŽƵĞƐƚŝŵĂƚĞLJŽƵƌĞĂĚƚŚĞŵ͍ YϮϮ /ĨLJŽƵƚŚŝŶŬĂďŽƵƚƚŚĞ'ƌĞĞŶWůĂŶĞƚ ƐƚƌŽŶĂƵƚƐĞŵĂŝůƐ͕ĚŽLJŽƵƚŚŝŶŬƚŚĞLJ ŚŝŐŚůŝŐŚƚĐŽŶƚĞŶƚƚŚĂƚŝŶƚĞƌĞƐƚƐLJŽƵ͍ /ĨLJĞƐ͕ǁŚĂƚͬŝĨŶŽ͕ǁŚĂƚ ϴϬ <zYh^d/KE^ PROMPTS (IF NECESSARY) YϮϯ ,ŽǁƵƐĞĨƵůĚŽLJŽƵƚŚŝŶŬŝƚŝƐƚŚĂƚƚŚĞĞŵĂŝůƐ ƉƌŽǀŝĚĞƚŝƉƐŽŶƉĂƌĞŶƚŝŶŐĂŶĚĂĐƚŝǀŝƚŝĞƐǁŝƚŚ ĐŚŝůĚƌĞŶ͕ƌĞĐŝƉĞƐĂŶĚƉůĂŶĞƚͲĨƌŝĞŶĚůLJŝĚĞĂƐ͍ dŚĞƌĞƐƉŽŶĚĞŶƚĐĂŶďĞ ĂƐŬĞĚŝĨƚŚĞLJƐĞĞƚŚŝƐĂƐĂŶ ŝŵƉŽƌƚĂŶƚƉĂƌƚŽĨƚŚŝƐ ďƌĂŶĚͲĐƵƐƚŽŵĞƌ ƌĞůĂƚŝŽŶƐŚŝƉ͘ YϮϰ ĂŶLJŽƵŝĚĞŶƚŝĨLJƚŝŵĞƐǁŚĞŶLJŽƵŚĂǀĞ ƉƵƌĐŚĂƐĞĚďĞĐĂƵƐĞŽĨŽƵƌŵĂƌŬĞƚŝŶŐĞŵĂŝů͍ YϮϱ /ĨLJŽƵƚŚŝŶŬĂďŽƵƚƚŚĞ'ƌĞĞŶWůĂŶĞƚƐƚƌŽŶĂƵƚƐ ďƌĂŶĚ͕ŽƵƌĞŵĂŝůŵĂƌŬĞƚŝŶŐ͕ĂŶĚƚŚĞďŝŐƉŝĐƚƵƌĞ͕ ĚŽLJŽƵĨĞĞůƉĂƌƚŽĨĂĐŽŵŵƵŶŝƚLJ͍ /ĨLJĞƐ͕ǁŚLJͬŝĨŶŽƚ͕ǁŚĂƚĚŽ LJŽƵƚŚŝŶŬǁŽƵůĚĂĚĚƚŽƚŚŝƐ ƐĞŶƐĞŽĨĐŽŵŵƵŶŝƚLJ͍ YϮϲ ŽLJŽƵƚŚŝŶŬƚŚĞƌĞŝƐƐŽŵĞƚŚŝŶŐǁĞĐŽƵůĚ ŝŵƉƌŽǀĞŝŶŽƵƌĞŵĂŝůŵĂƌŬĞƚŝŶŐƚŚĂƚǁŽƵůĚ ŵĂŬĞLJŽƵĨĞĞůŵŽƌĞĞŶŐĂŐĞĚǁŝƚŚŽƵƌďƌĂŶĚ ĂŶĚƉĞƌŚĂƉƐǁŝƚŚŽƚŚĞƌĐƵƐƚŽŵĞƌƐ͍ŽLJŽƵ ƚŚŝŶŬĞŵĂŝůŵĂƌŬĞƚŝŶŐŝƐƚŚĞďĞƐƚĐŚĂŶŶĞůĨŽƌ ƚŚŝƐ͍