Quality of life, well-being and wellness: Measuring subjective health for foods and other products

Quality of life, well-being and wellness: Measuring subjective health for foods and other products

Accepted Manuscript Quality of Life, Well-Being and Wellness: Measuring Subjective Health for Foods and Other Products Herbert L. Meiselman PII: DOI: ...

643KB Sizes 234 Downloads 197 Views

Accepted Manuscript Quality of Life, Well-Being and Wellness: Measuring Subjective Health for Foods and Other Products Herbert L. Meiselman PII: DOI: Reference:

S0950-3293(16)30106-9 http://dx.doi.org/10.1016/j.foodqual.2016.05.009 FQAP 3146

To appear in:

Food Quality and Preference

Received Date: Revised Date: Accepted Date:

15 July 2015 18 May 2016 21 May 2016

Please cite this article as: Meiselman, H.L., Quality of Life, Well-Being and Wellness: Measuring Subjective Health for Foods and Other Products, Food Quality and Preference (2016), doi: http://dx.doi.org/10.1016/j.foodqual. 2016.05.009

This is a PDF file of an unedited manuscript that has been accepted for publication. As a service to our customers we are providing this early version of the manuscript. The manuscript will undergo copyediting, typesetting, and review of the resulting proof before it is published in its final form. Please note that during the production process errors may be discovered which could affect the content, and all legal disclaimers that apply to the journal pertain.

YƵĂůŝƚLJŽĨ>ŝĨĞ͕tĞůůͲĞŝŶŐĂŶĚtĞůůŶĞƐƐ͗DĞĂƐƵƌŝŶŐ^ƵďũĞĐƚŝǀĞ,ĞĂůƚŚĨŽƌ&ŽŽĚƐĂŶĚ KƚŚĞƌWƌŽĚƵĐƚƐ͘  ,ĞƌďĞƌƚ>͘DĞŝƐĞůŵĂŶ͕WŚ͘͘ ,ĞƌďDĞŝƐĞůŵĂŶdƌĂŝŶŝŶŐĂŶĚŽŶƐƵůƚŝŶŐ^ĞƌǀŝĐĞƐ ZŽĐŬƉŽƌƚDϬϭϵϲϲ͕h^ 

<ĞLJǁŽƌĚƐ͗tĞůůŶĞƐƐ͕ǁĞůůͲďĞŝŶŐ͕ƋƵĂůŝƚLJŽĨůŝĨĞ͕ĨůŽƵƌŝƐŚŝŶŐ͕ŚĂƉƉŝŶĞƐƐ   ďƐƚƌĂĐƚ dŚŝƐƉĂƉĞƌŝŶƚƌŽĚƵĐĞƐƚŚĞĐŽŶĐĞƉƚƵĂůŝnjĂƚŝŽŶĂŶĚŵĞĂƐƵƌĞŵĞŶƚŽĨƋƵĂůŝƚLJŽĨůŝĨĞ͕ǁĞůůͲ ďĞŝŶŐ͕ĂŶĚǁĞůůŶĞƐƐ͘tĞůůŶĞƐƐ͕ƋƵĂůŝƚLJŽĨůŝĨĞĂŶĚǁĞůůͲďĞŝŶŐƌĞĨĞƌƚŽƚŚĞƉŽƐŝƚŝǀĞ͕ ƐƵďũĞĐƚŝǀĞƐƚĂƚĞƚŚĂƚŝƐŽƉƉŽƐŝƚĞƚŽŝůůŶĞƐƐ͘dŚƵƐ͕ǁĞůůŶĞƐƐŝƐŶŽƚƚŚĞũƵƐƚĂďƐĞŶĐĞŽĨ ĚŝƐĞĂƐĞĂŶĚƚŚĞĂďƐĞŶĐĞŽĨŝůůŶĞƐƐ͖ŝƚŝƐĂƐĞƉĂƌĂƚĞƉŽƐŝƚŝǀĞƐƚĂƚĞ͘YƵĂůŝƚLJŽĨůŝĨĞ͕ǁĞůůͲ ďĞŝŶŐ͕ĂŶĚǁĞůůŶĞƐƐĂƌĞŽĨƚĞŶĚŝƐĐƵƐƐĞĚĂŶĚĚĞƐĐƌŝďĞĚŝŶƚĞƌŵƐŽĨĂŵƵůƚŝĚŝŵĞŶƐŝŽŶĂů ŵŽĚĞů͘dŚĞƐƚƌŽŶŐĞƐƚĚŝŵĞŶƐŝŽŶƐĂƌĞƉŚLJƐŝĐĂů͕ƐŽĐŝĂů͕ĞŵŽƚŝŽŶĂůͬƉƐLJĐŚŽůŽŐŝĐĂů͕ ŝŶƚĞůůĞĐƚƵĂů͕ĂŶĚƐƉŝƌŝƚƵĂů͘dŚĞŵĞĂƐƵƌĞŵĞŶƚŽĨƚŚĞƐĞƉŽƐŝƚŝǀĞĚŝŵĞŶƐŝŽŶƐŽĨŚĞĂůƚŚŚĂǀĞ ƉƌŽĚƵĐĞĚůŝƚĞƌĂůůLJƚŚŽƵƐĂŶĚƐŽĨĚŝĨĨĞƌĞŶƚŵĞĂƐƵƌĞƐ͕ďƵƚŵŽƐƚŽĨƚŚĞŵŚĂǀĞďĞĞŶ ĚĞǀĞůŽƉĞĚŝŶĂĐůŝŶŝĐĂůƐĞƚƚŝŶŐĂŶĚŚĂǀĞďĞĞŶĂƉƉůŝĞĚƚŽƐƉĞĐŝĨŝĐĚŝƐĞĂƐĞĐŽŶĚŝƚŝŽŶƐ͘ DĂŶLJŽĨƚŚĞĞdžŝƐƚŝŶŐĐůŝŶŝĐĂůŵĞĂƐƵƌĞƐŽĨǁĞůůŶĞƐƐ͕ǁĞůůͲďĞŝŶŐ͕ĂŶĚƋƵĂůŝƚLJŽĨůŝĨĞĂƌĞǀĞƌLJ ůŽŶŐ͕ŽĨƚĞŶŽǀĞƌϭϬϬŝƚĞŵƐ͕ĂŶĚŶŽƚƐƵŝƚĞĚƚŽĐŽŶƐƵŵĞƌƌĞƐĞĂƌĐŚ͘DĞĂƐƵƌĞƐŽĨƋƵĂůŝƚLJŽĨ ůŝĨĞĂŶĚŽĨǁĞůůͲďĞŝŶŐŚĂǀĞĨŽĐƵƐĞĚŽŶŽǀĞƌĂůůĨƵŶĐƚŝŽŶŝŶŐ͘YƵĂůŝƚLJŽĨůŝĨĞŽĨŵĞĂƐƵƌĞƐ ŚĂǀĞďĞĞŶĚĞǀĞůŽƉĞĚďLJƚŚĞtŽƌůĚ,ĞĂůƚŚKƌŐĂŶŝnjĂƚŝŽŶ;t,KͿĂŶĚƚƌĂŶƐůĂƚĞĚŝŶŵĂŶLJ ůĂŶŐƵĂŐĞƐ͘^ƵďũĞĐƚŝǀĞǁĞůůďĞŝŶŐŚĂƐďĞĞŶĚĞĨŝŶĞĚĂƐƚŚĞĐŽŵďŝŶĂƚŝŽŶŽĨƉŽƐŝƚŝǀĞͲ ŶĞŐĂƚŝǀĞĂĨĨĞĐƚďĂůĂŶĐĞĂŶĚƐĂƚŝƐĨĂĐƚŝŽŶǁŝƚŚůŝĨĞ͕ĂŶĚŝƐŵĞĂƐƵƌĞĚǁŝƚŚƚǁŽƐƚĂŶĚĂƌĚ ŵĞĂƐƵƌĞƐŽĨƚŚĞƐĞĂƚƚƌŝďƵƚĞƐ͘tĞůůŶĞƐƐŚĂƐůĂƌŐĞůLJďĞĞŶŵĞĂƐƵƌĞĚŝŶƚŚĞĨŝĞůĚƐŽĨĐůŝŶŝĐĂů ĂŶĚĐŽƵŶƐĞůŝŶŐƉƐLJĐŚŽůŽŐLJ͖ŽŶĞŶĞǁƉƌŽĚƵĐƚŽƌŝĞŶƚĞĚŵĞĂƐƵƌĞŝƐƚŚĞtĞůů^ĞŶƐĞdD WƌŽĨŝůĞ;<ŝŶŐĞƚĂů͕ϮϬϭϱͿ͘tĞůůŶĞƐƐ͕ǁĞůůͲďĞŝŶŐ͕ĂŶĚƋƵĂůŝƚLJŽĨůŝĨĞĐĂŶďĞŝŵƉŽƌƚĂŶƚ ĂĚĚŝƚŝŽŶƐƚŽƚŚĞŵĞĂƐƵƌĞƐƐƚƵĚŝĞĚŝŶĐŽŶƐƵŵĞƌƉĞƌĐĞƉƚŝŽŶŽĨĨŽŽĚĂŶĚŽƚŚĞƌĐŽŶƐƵŵĞƌ ƉƌŽĚƵĐƚƐ͘      /ŶƚƌŽĚƵĐƚŝŽŶ  dŚĞƉƵƌƉŽƐĞŽĨƚŚŝƐƉĂƉĞƌŝƐƚŽŝŶĨŽƌŵƚŚĞƐĞŶƐŽƌLJĂŶĚĐŽŶƐƵŵĞƌƌĞƐĞĂƌĐŚĨŝĞůĚŽŶƚŚĞ ĚĞĨŝŶŝƚŝŽŶ͕ĚĞůŝŶĞĂƚŝŽŶ͕ĂŶĚŵĞĂƐƵƌĞŵĞŶƚŽĨǁĞůůŶĞƐƐ͕ǁĞůůďĞŝŶŐĂŶĚƋƵĂůŝƚLJŽĨůŝĨĞ͘/Ŷ ƌĞĐĞŶƚLJĞĂƌƐ͕ŚĞĂůƚŚŚĂƐďĞĐŽŵĞĂŵĂũŽƌĨŽĐƵƐŽĨ͕ŶŽƚŽŶůLJƚŚĞƚƌĂĚŝƚŝŽŶĂůŚĞĂůƚŚĨŝĞůĚƐ ƐƵĐŚĂƐŶƵƚƌŝƚŝŽŶ͕ďƵƚĂůƐŽƚŚĞŵŽƌĞĐŽŶƐƵŵĞƌͲŽƌŝĞŶƚĞĚƉĂƌƚƐŽĨďƵƐŝŶĞƐƐĞƐ͕ƐƵĐŚĂƐ



ͳ

ŵĂƌŬĞƚŝŶŐĂŶĚƐĞŶƐŽƌLJͬĐŽŶƐƵŵĞƌƌĞƐĞĂƌĐŚŝŶƐƵƉƉŽƌƚŽĨƉƌŽĚƵĐƚĚĞǀĞůŽƉŵĞŶƚ͘,ĞĂůƚŚŝƐ ƐĞĞŶĂƐĂŶŽƚŚĞƌŵĞĂŶƐŽĨƐĞƉĂƌĂƚŝŶŐƉƌŽĚƵĐƚƐĨƌŽŵƚŚĞĐŽŵƉĞƚŝƚŝŽŶ͕ĂŶĚĂŶŽƚŚĞƌ ŵĞĂŶƐŽĨŵĂŬŝŶŐĨŽŽĚƐŵŽƌĞĂƚƚƌĂĐƚŝǀĞƚŽĐŽŶƐƵŵĞƌƐ͘DĂŶƵĨĂĐƚƵƌĞƌƐǁĂŶƚƚŽƉƌŽŵŝƐĞ͕ ŶŽƚŽŶůLJĂŐŽŽĚƉƌŽĚƵĐƚ͕ďƵƚĂůƐŽŽŶĞƚŚĂƚŵĂŬĞƐLJŽƵĨĞĞůďĞƚƚĞƌ͘/ŶƚŚŝƐƐǁŝƚĐŚĨƌŽŵ ͞ďĞŝŶŐŚĞĂůƚŚLJ͟ƚŽ͞ĨĞĞůŝŶŐďĞƚƚĞƌ͕͟ǁĞŚĂǀĞĞŶƚĞƌĞĚƚŚĞǁŽƌůĚŽĨǁĞůůŶĞƐƐ͕ƚŚĂƚŝƐ͕ƚŚĞ ŵĞĂƐƵƌĞŵĞŶƚŽĨƐƵďũĞĐƚŝǀĞŚĞĂůƚŚ͕ĂƐŽƉƉŽƐĞĚƚŽƚŚĞŵŽƌĞďŝŽůŽŐŝĐĂůŵĞĂƐƵƌĞŵĞŶƚŽĨ ŚĞĂůƚŚ͘dŚĞďŝŽůŽŐŝĐĂůŵĞĂƐƵƌĞŵĞŶƚŽĨŚĞĂůƚŚŝƐƵƐƵĂůůLJĞdžƉƌĞƐƐĞĚďLJƌĞƐƵůƚƐŽĨ ůĂďŽƌĂƚŽƌLJƚĞƐƚƐŽŶĐŚŽůĞƐƚĞƌŽů͕ďůŽŽĚƉƌĞƐƐƵƌĞ͕ĂŶĚŽƚŚĞƌƉŚLJƐŝĐĂůŵĞĂƐƵƌĞƐ͘ƵƚŶŽŶĞ ŽĨƚŚĞƐĞŵĞĂƐƵƌĞƐƚĞůůƵƐŚŽǁƉĞŽƉůĞĨĞĞů͖ƚŚĂƚŝƐƚŚĞƉƵƌƉŽƐĞŽĨŵĞĂƐƵƌŝŶŐǁĞůůŶĞƐƐ͕ ǁĞůůďĞŝŶŐĂŶĚƋƵĂůŝƚLJŽĨůŝĨĞ͕ĂƐƐŝŐŶŝŶŐĂŵĞƚƌŝĐƚŽŚŽǁŽŶĞĨĞĞůƐ͕ĞƐƉĞĐŝĂůůLJƚŚĞƉŽƐŝƚŝǀĞ ĚŝŵĞŶƐŝŽŶŽĨŚŽǁŽŶĞĨĞĞůƐ͘dŚƵƐ͕ƚŚĞĐŽŶĐĞƉƚŽĨǁĞůůŶĞƐƐĂƉƉůŝĞƐƚŽŚĞĂůƚŚĐĂƌĞŝƚƐĞůĨ͕ ƚŽŚĞĂůƚŚƉƌŽĚƵĐƚƐƐƵĐŚĂƐŶƵƚƌŝƚŝŽŶĂůƐƵƉƉůĞŵĞŶƚƐĂŶĚŵĞĚŝĐĂƚŝŽŶƐ͕ĂŶĚƚŽƌĞŐƵůĂƌ ;ŶŽŶͲŚĞĂůƚŚͿĐŽŶƐƵŵĞƌƉƌŽĚƵĐƚƐƐƵĐŚĂƐĨŽŽĚĂŶĚƉĞƌƐŽŶĂůĐĂƌĞƉƌŽĚƵĐƚƐ͘&Žƌ ŚĞĂůƚŚĐĂƌĞĂŶĚĨŽƌƉƌŽĚƵĐƚŝŶĚƵƐƚƌŝĞƐ͕ƚŚĞƌĞŝƐĂŶĞĞĚƚŽĂƐŬŚŽǁƚŚĂƚƉƌŽĚƵĐƚŽƌƐĞƌǀŝĐĞ ŵĂŬĞƐŽŶĞĨĞĞů͘/ŶĐƌĞĂƐŝŶŐůLJ͕ƉĞŽƉůĞŝŶƐĞŶƐŽƌLJĂŶĚĐŽŶƐƵŵĞƌƌĞƐĞĂƌĐŚǁŝůůďĞĂƐŬĞĚƚŽ ĐŽŶƚƌŝďƵƚĞƚŽŵĞĂƐƵƌŝŶŐǁĞůůŶĞƐƐĂŶĚƐƉĞĐŝĨLJŝŶŐƚŚĞĐŽŶƚƌŝďƵƚŝŽŶƐŽĨƐĞƌǀŝĐĞƐŽƌ ƉƌŽĚƵĐƚƐƚŽǁĞůůŶĞƐƐ;DĞŝƐĞůŵĂŶ͕ϮϬϭϯͿ͘WƌŽĨĞƐƐŝŽŶĂůƐŝŶƐĞŶƐŽƌLJĂŶĚĐŽŶƐƵŵĞƌ ƌĞƐĞĂƌĐŚŚĂǀĞƚŚĞƌŝŐŚƚďĂĐŬŐƌŽƵŶĚƚŽǁŽƌŬǁŝƚŚǁĞůůŶĞƐƐ͕ďĞĐĂƵƐĞƚŚĞĨŝĞůĚ ƚƌĂĚŝƚŝŽŶĂůůLJĚĞĂůƐǁŝƚŚƚŚĞŵĞĂƐƵƌĞŵĞŶƚŽĨƐƵďũĞĐƚŝǀĞƐƚĂƚĞƐ͘  /ƚŝƐǁŽƌƚŚǁŚŝůĞƚŽĨƵƌƚŚĞƌĞdžƉůŽƌĞƚŚĞĨŽůůŽǁŝŶŐƚĞƌŵƐ͗ĚŝƐĞĂƐĞ͕ŝůůŶĞƐƐĂŶĚŚĞĂůƚŚ͕ ǁĞůůŶĞƐƐĂŶĚǁĞůůďĞŝŶŐ͘WŚLJƐŝĐŝĂŶƐŚĂǀĞĚŝƐƚŝŶŐƵŝƐŚĞĚƚŚĞƐĞĂŶĚƌĞůĂƚĞĚĐŽŶĐĞƉƚƐĨŽƌ ƐŽŵĞƚŝŵĞ͘&ŽƌĞdžĂŵƉůĞŝƐĞŶďĞƌŐ;ϭϵϳϭͿĂŶĚŶŐĞů;ϭϵϳϳͿĞdžĂŵŝŶĞĚƚŚĞŐƌŽǁŝŶŐ ŝŶƚĞƌĞƐƚ͕ĂŶĚĚŝƐƚŝŶĐƚŝŽŶ͕ďĞƚǁĞĞŶŚĞĂůƚŚĂŶĚǁĞůůŶĞƐƐ͘dŚĞLJŶŽƚĞĚƚŚĂƚƉĂƚŝĞŶƚƐƐƵĨĨĞƌ ŝůůŶĞƐƐĞƐĐĂƵƐĞĚďLJĚŝƐĞĂƐĞ͖ƉŚLJƐŝĐŝĂŶƐĚŝĂŐŶŽƐĞĂŶĚƚƌĞĂƚĚŝƐĞĂƐĞƐ͘ŝƐĞĂƐĞŝƐǁŚĂƚLJŽƵ ƐĞĞŝŶĂƐŝĐŬƉĞƌƐŽŶǁŚĞŶǀŝĞǁĞĚĨƌŽŵƚŚĞŽƵƚƐŝĚĞ͘/ůůŶĞƐƐŝƐǁŚĂƚŽŶĞƐĞĞƐĨƌŽŵƚŚĞ ŝŶƐŝĚĞ͕ĨƌŽŵƚŚĞĞdžƉĞƌŝĞŶĐĞŽĨĚŝƐĞĂƐĞ͘/ůůŶĞƐƐŝƐƚŚĞƐƵďũĞĐƚŝǀĞĞdžƉĞƌŝĞŶĐĞŽĨĂƉŽŽƌĞƌ ƐĞŶƐĞŽĨďĞŝŶŐ͘tĞůůŶĞƐƐ͕ŝŶƚŚĞƐĞƚĞƌŵƐ͕ŝƐƚŚĞŽƉƉŽƐŝƚĞŽĨŝůůŶĞƐƐ͖ŝƚŝƐƚŚĞƉŽƐŝƚŝǀĞ ƐƵďũĞĐƚŝǀĞĞdžƉĞƌŝĞŶĐĞŽĨǁĞůůďĞŝŶŐ͘/ƚƐŚŽƵůĚĂůƐŽďĞĐůĞĂƌƚŚĂƚƚŚĞƌĞŝƐŶŽƚĂŽŶĞͲƚŽͲŽŶĞ ĐŽƌƌĞƐƉŽŶĚĞŶĐĞďĞƚǁĞĞŶŚĞĂůƚŚĂŶĚǁĞůůŶĞƐƐ͖ŽŶĞĐĂŶďĞŚĞĂůƚŚLJďƵƚĨĞĞůŶŽƚǁĞůů͕ĂŶĚ ŽŶĞĐĂŶĨĞĞůǁĞůů͕ďƵƚďĞƵŶŚĞĂůƚŚLJ͘ĞƐƉŝƚĞƚŚŝƐ͕ŵĂŶLJĂƉƉƌŽĂĐŚĞƐƚŽŵĞĂƐƵƌŝŶŐ ǁĞůůŶĞƐƐĨŽĐƵƐŽŶƚŚĞƉŚLJƐŝĐĂůĚŝŵĞŶƐŝŽŶŽĨŚĞĂůƚŚ͕ĂƐǁĞǁŝůůƐĞĞŝŶƚŚŝƐƌĞǀŝĞǁ͘  tĞůůďĞĨŽƌĞƚŚĞϭϵϳϬƐ͕ŽƌŐĂŶŝnjĂƚŝŽŶƐĂŶĚƉƌŽĨĞƐƐŝŽŶĂůƐǁĞƌĞĂĚĚƌĞƐƐŝŶŐƚŚĞŝƐƐƵĞŽĨ ǁĞůůŶĞƐƐ͘DŽƐƚƌĞǀŝĞǁƐŽĨǁĞůůŶĞƐƐŝĚĞŶƚŝĨLJĂŬĞLJďĞŐŝŶŶŝŶŐŽĨǁĞůůŶĞƐƐǁŝƚŚƚŚĞ ƐƚĂƚĞŵĞŶƚŽĨƚŚĞtŽƌůĚ,ĞĂůƚŚKƌŐĂŶŝnjĂƚŝŽŶ;t,K͕ϭϵϰϴͿ͗͞,ĞĂůƚŚŝƐĂƐƚĂƚĞŽĨ ĐŽŵƉůĞƚĞƉŚLJƐŝĐĂů͕ŵĞŶƚĂůĂŶĚƐŽĐŝĂůǁĞůůͲďĞŝŶŐĂŶĚŶŽƚŵĞƌĞůLJƚŚĞĂďƐĞŶĐĞŽĨĚŝƐĞĂƐĞ ŽƌŝŶĨŝƌŵŝƚLJ͟ƚŚƵƐůŝŶŬŝŶŐŚĞĂůƚŚǁŝƚŚŵŽƌĞƚŚĂŶũƵƐƚƚŚĞƉŚLJƐŝĐĂůƐƚĂƚĞŽĨƚŚĞďŽĚLJ͘ &ƵƌƚŚĞƌƚŚĞt,KŝŶĐůƵĚĞĚƚŚĞŝŶĚŝǀŝĚƵĂů͛ƐƉĞƌƐƉĞĐƚŝǀĞŽĨƚŚĞŝƌŽǁŶĐŽŶĚŝƚŝŽŶ;Žƌ ǁĞůůŶĞƐƐͿ͕ĞŵƉŚĂƐŝnjŝŶŐƚŚĞŝŵƉŽƌƚĂŶĐĞŽĨƐƵďũĞĐƚŝǀĞŵĞĂƐƵƌĞŵĞŶƚŝŶƚŚĞƐƚƵĚLJŽĨ ǁĞůůŶĞƐƐ͘^ŽŵĞǁŚĂƚůĂƚĞƌ͕ƌ͘,ĂůďĞƌƚƵŶŶ͕ĂƉŚLJƐŝĐŝĂŶǁŽƌŬŝŶŐŝŶƚŚĞh͘^͘ ŐŽǀĞƌŶŵĞŶƚ͕ƉƵďůŝƐŚĞĚĂŬĞŶƚŝƚůĞĚ,ŝŐŚ>ĞǀĞůtĞůůŶĞƐƐ;ƵŶŶ͕ϭϵϲϭͿŝŶǁŚŝĐŚŚĞ ĚĞĨŝŶĞĚǁĞůůŶĞƐƐĂƐ͟ĂŶŝŶƚĞŐƌĂƚĞĚŵĞƚŚŽĚŽĨĨƵŶĐƚŝŽŶŝŶŐǁŚŝĐŚŝƐŽƌŝĞŶƚĞĚƚŽǁĂƌĚ ŵĂdžŝŵŝnjŝŶŐƚŚĞƉŽƚĞŶƚŝĂůŽĨǁŚŝĐŚĂŶŝŶĚŝǀŝĚƵĂůŝƐĐĂƉĂďůĞ͘͟ 

ʹ

 tŚĂƚĨŽůůŽǁĞĚƚŚĞĂďŽǀĞĞĂƌůLJǁŽƌŬǁĂƐĂŐƌĞĂƚĚĞĂůŽĨĂĚĚŝƚŝŽŶĂůǁŽƌŬǁŝƚŚǁĞůůŶĞƐƐ͘ dŚŝƐǁĂƐĞƐƉĞĐŝĂůůLJƚƌƵĞŝŶƚŚĞĐůŝŶŝĐĂůĨŝĞůĚƐ͕ůŝŬĞŽƵŶƐĞůŝŶŐWƐLJĐŚŽůŽŐLJ͘ZŽƐĐŽĞ;ϮϬϬϵͿ ƉƵďůŝƐŚĞĚĂƌĞǀŝĞǁŽĨǁĞůůŶĞƐƐǁŽƌŬǁŝƚŚŝŶŽƵŶƐĞůŝŶŐ͕ĐŝƚŝŶŐƚŚĞŵŽƐƚĐŽŵŵŽŶ ĐŽŶĐůƵƐŝŽŶƐ͗ ϭ͘ ͞&ŝƌƐƚ͕ŵŽƐƚĂƵƚŚŽƌƐŝŶĐŽƌƉŽƌĂƚĞĚƚŚĞŝĚĞĂƚŚĂƚǁĞůůŶĞƐƐŝƐŶŽƚũƵƐƚĂďƐĞŶĐĞŽĨ ŝůůŶĞƐƐĂƐĨŝƌƐƚŽƵƚůŝŶĞĚďLJƚŚĞtŽƌůĚ,ĞĂůƚŚKƌŐĂŶŝnjĂƚŝŽŶ͛ƐĚĞĨŝŶŝƚŝŽŶŽĨǁĞůůŶĞƐƐ͟ ;ZŽƐĐŽĞ͕ϮϬϬϵ͕Ɖ͘ϮϭϴͿ͘dŚŝƐŝƐŝŵƉŽƌƚĂŶƚďĞĐĂƵƐĞƐŽŵĞƉĞŽƉůĞĐŽŶƚŝŶƵĞƚŽ ĞƋƵĂƚĞƉŚLJƐŝĐĂůŚĞĂůƚŚǁŝƚŚŚĞĂůƚŚ͖ƚŚĞLJĞƐƚŝŵĂƚĞǁĞůůŶĞƐƐďLJĂƐŬŝŶŐĂďŽƵƚ ƉŚLJƐŝĐĂůŚĞĂůƚŚ͘ Ϯ͘ ͞^ĞĐŽŶĚ͕ǁĞůůŶĞƐƐŝƐĚĞƐĐƌŝďĞĚŝŶƚĞƌŵƐŽĨǀĂƌŝŽƵƐĨĂĐƚŽƌƐƚŚĂƚŝŶƚĞƌĂĐƚŝŶĂ ĐŽŵƉůĞdž͕ŝŶƚĞŐƌĂƚĞĚ͕ĂŶĚƐLJŶĞƌŐŝƐƚŝĐĨĂƐŚŝŽŶ͙/ŶŽƚŚĞƌǁŽƌĚƐ͕ƚŚĞĚLJŶĂŵŝĐ ŝŶƚĞƌĂĐƚŝŽŶŽĨƚŚĞĚŝŵĞŶƐŝŽŶƐĐĂƵƐĞƐƚŚĞƐƵŵŽĨƚŚĞĚŝŵĞŶƐŝŽŶƐƚŽďĞŐƌĞĂƚĞƌ ƚŚĂŶƚŚĞǁŚŽůĞ͟;ZŽƐĐŽĞ͕ϮϬϬϵ͕Ɖ͘ϮϭϴͿ͘ ϯ͘ ͞dŚŝƌĚ͕ŵŽƐƚĂƵƚŚŽƌƐŽƵƚůŝŶĞĚƚŚĞŶĞĐĞƐƐŝƚLJŽĨďĂůĂŶĐĞŽƌĚLJŶĂŵŝĐĞƋƵŝůŝďƌŝƵŵ ĂŵŽŶŐĚŝŵĞŶƐŝŽŶƐ͟;ZŽƐĐŽĞ͕ϮϬϬϵ͕Ɖ͘ϮϭϴͿ͘ ϰ͘ ͞&ŽƵƌƚŚ͕ƐĞǀĞƌĂůŵŽĚĞůƐĚĞĨŝŶĞǁĞůůŶĞƐƐĂƐƚŚĞŵŽǀĞŵĞŶƚƚŽǁĂƌĚŚŝŐŚĞƌůĞǀĞůƐ ŽĨǁĞůůŶĞƐƐŽƌŽƉƚŝŵĂůĨƵŶĐƚŝŽŶŝŶŐ͟;ZŽƐĐŽĞ͕ϮϬϬϵ͕Ɖ͘ϮϭϴͿ ϱ͘ &ŝĨƚŚ͕͞ǁĞůůŶĞƐƐŝƐǀŝĞǁĞĚĂƐďĞŝŶŐĂĐŽŶƚŝŶƵƵŵ͕ŶŽƚĂƐĂŶĞŶĚƐƚĂƚĞ͟;ZŽƐĐŽĞ͕ ϮϬϬϵ͕Ɖ͘ϮϭϴͿ  ZŽƐĐŽĞ;ϮϬϬϵͿƌĞǀŝĞǁƐƚŚĞŝŵƉŽƌƚĂŶƚĚĞǀĞůŽƉŵĞŶƚƐŽĨǁĞůůŶĞƐƐǁŝƚŚŝŶĐŽƵŶƐĞůŝŶŐ͕ƐŽŵĞ ŽĨǁŚŝĐŚǁĞǁŝůůƌĞǀŝĞǁďĞůŽǁ͕ĂŶĚŚĞĐŽŶĐůƵĚĞƐƚŚĂƚƚŚĞƌĞŚĂƐďĞĞŶĂůĂĐŬŽĨ ĐŽŶƐĞŶƐƵƐŽŶƚŚĞĚĞĨŝŶŝƚŝŽŶŽĨǁĞůůŶĞƐƐ͘dŚĞůĂĐŬŽĨĐůĞĂƌĚĞĨŝŶŝƚŝŽŶƐŽĨǁĞůůŶĞƐƐĂŶĚ ƌĞůĂƚĞĚĐŽŶĐĞƉƚƐǁŝůůĨŽůůŽǁƵƐƚŚƌŽƵŐŚƚŚŝƐƌĞǀŝĞǁ͘ ŶŽƚŚĞƌŐĞŶĞƌĂůƌĞǀŝĞǁǁĂƐƉƌŽǀŝĚĞĚďLJƚŚĞŐŽǀĞƌŶŵĞŶƚŽĨƌŝƚŝƐŚŽůƵŵďŝĂ͕ĂŶĂĚĂ͕ ǁŚŝĐŚƵŶĚĞƌƚŽŽŬĂďƌŽĂĚƌĞǀŝĞǁĂŶĚƐƚƵĚLJŽĨǁĞůůŶĞƐƐ͕ŝŶĐůƵĚŝŶŐƚŚĞĚĞĨŝŶŝƚŝŽŶŽĨ ǁĞůůŶĞƐƐ͘dŚŝƐƌĞƉŽƌƚǁĂƐĚƌĂĨƚĞĚŝŶŝƚŝĂůůLJŝŶϮϬϬϳĂƐĂŶŝŶƚĞƌŶĂůďĂĐŬŐƌŽƵŶĚƉĂƉĞƌƚŽ ƐƵƉƉŽƌƚdŚĞƚůĂƐŽĨtĞůůŶĞƐƐ;DŝůůĞƌĂŶĚ&ŽƐƚĞƌ͕ϮϬϭϬͿďLJƌĞǀŝĞǁŝŶŐƚŚĞůŝƚĞƌĂƚƵƌĞ ƌĞůĂƚĞĚƚŽĚĞĨŝŶŝŶŐǁĞůůŶĞƐƐ͘ƐĞĐŽŶĚĞĚŝƚŝŽŶŽĨƚŚĞƌĞƉŽƌƚǁĂƐŝƐƐƵĞĚŝŶϮϬϭϭ;&ŽƐƚĞƌ͕ ĞƚĂů͕ϮϬϭϭͿ͘dŚĞƐĞƌĞƉŽƌƚƐĐĂŶďĞĚŽǁŶůŽĂĚĞĚĨƌŽŵƚŚĞhŶŝǀĞƌƐŝƚLJŽĨsŝĐƚŽƌŝĂǁĞďƐŝƚĞ ;ǁǁǁ͘ŐĞŽŐ͘ƵǀŝĐ͘ĐĂͬǁĞůůŶĞƐƐͿ͘DŝůůĞƌĂŶĚ&ŽƐƚĞƌ;ϮϬϭϬͿŶŽƚĞĚƚŚĂƚ͙͞ƚŚĞůŝƚĞƌĂƚƵƌĞĚŽĞƐ ŶŽƚĚĞĨŝŶŝƚŝǀĞůLJƐĞƉĂƌĂƚĞ͚ŚĞĂůƚŚ͕͚͛ǁĞůůͲďĞŝŶŐ͛ĂŶĚ͚ǁĞůůŶĞƐƐ͛ďƵƚƌĂƚŚĞƌĂƉƉůŝĞƐƚŚĞŵ ĐŽůůĞĐƚŝǀĞůLJƚŽǀĂƌŝŽƵƐĂƐƉĞĐƚƐŽĨŚƵŵĂŶĚĞǀĞůŽƉŵĞŶƚ͕ƉƌĂĐƚŝĐĞĂŶĚĞdžƉĞƌŝĞŶĐĞďŽƚŚ ĨƌŽŵĂŶŝŶƚĞƌŶĂůĂŶĚĂŶĞdžƚĞƌŶĂůƉĞƌƐƉĞĐƚŝǀĞ͘͟&ŽƐƚĞƌĞƚĂů;ϮϬϭϭͿŐŽŽŶƚŽƉŽŝŶƚŽƵƚ ƚŚĞƐŚŝĨƚƚŽǁĂƌĚƐĂŵŽƌĞƉŽƐŝƚŝǀĞǀŝĞǁŽĨŚĞĂůƚŚ͕ĂƐĐŽŶƚƌĂƐƚĞĚǁŝƚŚƚŚĞƐƚƌŝĐƚůLJĚŝƐĞĂƐĞ ŽƌŝĞŶƚĞĚǀŝĞǁ͙͗͞ƚŚĞůĂƐƚŚĂůĨĐĞŶƚƵƌLJŚĂƐƐĞĞŶĂƐŚŝĨƚƚŽǀŝĞǁŚĞĂůƚŚĨƌŽŵĂŵŽƌĞ ƉŽƐŝƚŝǀĞƉĞƌƐƉĞĐƚŝǀĞ͘/ƚŚĂƐĂůƐŽƐĞĞŶŚĞĂůƚŚƵƐĞĚŝŶƚĞƌĐŚĂŶŐĞĂďůLJǁŝƚŚǁĞůůͲďĞŝŶŐĂŶĚ ǁĞůůŶĞƐƐ;DŝůůĞƌΘ&ŽƐƚĞƌ͕ϮϬϭϬ͖ĐŝƚĞĚŝŶĚŵƵŶĚƐ͕ϮϬϭϬͿ͕ǁŚŝĐŚĂƌĞŚŽůŝƐƚŝĐŝŶŶĂƚƵƌĞ͕͙͟ ƵƚƚŚĞLJĂůƐŽƉŽŝŶƚŽƵƚƚŚĞůĂĐŬŽĨĚŝƐƚŝŶĐƚŝŽŶĂŵŽŶŐǁĞůůŶĞƐƐƚĞƌŵƐ͕ŶŽƚŝŶŐƚŚĞ ĞdžŝƐƚĞŶĐĞŽĨŵĂŶLJĂĚĚŝƚŝŽŶĂůƚĞƌŵƐďĞLJŽŶĚǁĞůůŶĞƐƐ͕ŝŶĐůƵĚŝŶŐǁĞůůďĞŝŶŐ͕ůŝĨĞ ƐĂƚŝƐĨĂĐƚŝŽŶ͕ƋƵĂůŝƚLJŽĨůŝĨĞ͕ŚƵŵĂŶĚĞǀĞůŽƉŵĞŶƚ͕ĨůŽƵƌŝƐŚŝŶŐ͕ĂŶĚŚĂƉƉŝŶĞƐƐ͘tĞǁŝůůĚĞĂů ǁŝƚŚŵĂŶLJŽĨƚŚĞƐĞƚĞƌŵƐĂŶĚƚŚĞŝƌŵĞĂƐƵƌĞŵĞŶƚŝŶƚŚŝƐƌĞǀŝĞǁ͘



͵

KǀĞƌĂůů͕ƚŚĞĨŝĞůĚŽĨǁĞůůŶĞƐƐ͕ǁĞůůďĞŝŶŐĂŶĚƋƵĂůŝƚLJŽĨůŝĨĞŝƐŚƵŐĞ͕ǁŝƚŚŵĂŶLJĚŝĨĨĞƌĞŶƚ ĂƌĞĂƐŽĨĞdžƉĞƌƚŝƐĞĂŶĚĨŽĐƵƐ͘dŚĞƐĐĂůĞŽĨƚŚŝƐƌĞƐĞĂƌĐŚŝƐĚĞŵŽŶƐƚƌĂƚĞĚďLJĂƌĞĐĞŶƚ ƌĞǀŝĞǁŽĨƚŚĞǁĞůůŶĞƐƐůŝƚĞƌĂƚƵƌĞĨƌŽŵƚŚĞƉĞƌƐƉĞĐƚŝǀĞŽĨ/ŶƚĞŐƌĂƚŝǀĞDĞĚŝĐŝŶĞ;,ƵŶƚĞƌ ĂŶĚ>ĞĞĚĞƌ͕ϮϬϭϯͿ͘dŚŝƐƌĞǀŝĞǁĂůƐŽƌĞĨůĞĐƚƐƚŚĞĐůŝŶŝĐĂůĨŽĐƵƐŽĨŵŽƐƚǁĞůůŶĞƐƐƌĞƐĞĂƌĐŚ͘ dŚĞƌĞǀŝĞǁƐŽƵŐŚƚƚŽŝĚĞŶƚŝĨLJƚŚĞďĞƐƚƉĂƚŝĞŶƚͲƌĞƉŽƌƚĞĚƋƵĞƐƚŝŽŶŶĂŝƌĞƐƚŽŵĞĂƐƵƌĞ ŽƵƚĐŽŵĞƐŝŶŝŶƚĞŐƌĂƚŝǀĞŵĞĚŝĐŝŶĞĐůŝŶŝĐƐ͕ƌĞƐƵůƚŝŶŐŝŶŝĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨƚĞŶĚĂƚĂďĂƐĞƐĂŶĚ ŽǀĞƌϰϬϬϬƋƵĞƐƚŝŽŶŶĂŝƌĞƐ͘dŚĞƌĞǀŝĞǁƉƌŽĐĞƐƐLJŝĞůĚĞĚϳϭƋƵĞƐƚŝŽŶŶĂŝƌĞƐƚŚĂƚŵĞƚƚŚĞ ŝŶĐůƵƐŝŽŶĐƌŝƚĞƌŝĂ͕ďƵƚŽŶůLJϭϴŵĞĂƐƵƌĞĚǁĞůůŶĞƐƐĂŶĚŚĞĂůƚŚďĞLJŽŶĚƚŚĞĂďƐĞŶĐĞŽĨ ĚŝƐĞĂƐĞ͘ ,ƵŶƚĞƌĂŶĚ>ĞĞĚĞƌ;ϮϬϭϯͿĚĞĐŝĚĞĚƚŽƌĞƚĂŝŶŵĂŶLJƋƵĞƐƚŝŽŶŶĂŝƌĞƐǁŚŝĐŚĚŝĚŶŽƚƐƚƌŝĐƚůLJ ŵĞĞƚƚŚĞĐƌŝƚĞƌŝĂŽĨĐŽƐƚ͕ŝŶĂĚĞƋƵĂƚĞŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƉƐLJĐŚŽŵĞƚƌŝĐĚĂƚĂ͕ĂŶĚůĂĐŬŽĨ ĐůĞĂƌĞǀŝĚĞŶĐĞŽĨĂŵƵůƚŝĚŝŵĞŶƐŝŽŶĂůŵŽĚĞůŽĨǁĞůůŶĞƐƐŝŶĐůƵĚŝŶŐƉŚLJƐŝĐĂů͕ĞŵŽƚŝŽŶĂů͕ ŝŶƚĞůůĞĐƚƵĂů͕ƐƉŝƌŝƚƵĂů͕ƐŽĐŝĂů͕ŽĐĐƵƉĂƚŝŽŶĂůͿĚŝŵĞŶƐŝŽŶƐ͘KƚŚĞƌůŝŵŝƚĂƚŝŽŶƐǁŝƚŚĞdžŝƐƚŝŶŐ ǁĞůůŶĞƐƐƋƵĞƐƚŝŽŶŶĂŝƌĞƐǁĞƌĞŵĞĂƐƵƌĞŵĞŶƚďŝĂƐĚƵĞƚŽƚŚĞƐƵďũĞĐƚŝǀĞĂƐƉĞĐƚƐŽĨ ƉŚLJƐŝĐĂůŚĞĂůƚŚ͕ĂŶĚƚŚĞƵƐĞŽĨŚĞĂůƚŚďĞŚĂǀŝŽƌĂŶĚůŝĨĞƐƚLJůĞŽƵƚĐŽŵĞƐƚŽĂƐƐĞƐƐ ǁĞůůŶĞƐƐ͘dŚƵƐ͕,ƵŶƚĞƌĂŶĚ>ĞĞĚĞƌ;ϮϬϭϯͿƉƌĞƐĞŶƚĐŽŵƉĞůůŝŶŐĞǀŝĚĞŶĐĞƚŚĂƚƚŚĞƌĞĂƌĞ ŵĂŶLJǁĞůůŶĞƐƐŵĞƚŚŽĚƐ͕ĞƐƉĞĐŝĂůůLJƋƵĞƐƚŝŽŶŶĂŝƌĞƐ͕ďƵƚŵŽƐƚĂƌĞĚĞƐŝŐŶĞĚĨŽƌƐƉĞĐŝĨŝĐ ĐůŝŶŝĐĂůƵƐĞƐ͘^ŽŵĞŽĨƚŚĞǁĞůůŶĞƐƐƋƵĞƐƚŝŽŶŶĂŝƌĞƐƌĞǀŝĞǁĞĚǁŝůůďĞŝŶĐůƵĚĞĚƵŶĚĞƌ tĞůůŶĞƐƐďĞůŽǁ͘ ŝŵĞŶƐŝŽŶƐŽĨtĞůůŶĞƐƐ ƐZŽƐĐŽĞ;ϮϬϬϵͿŶŽƚĞĚŝŶƌĞǀŝĞǁŝŶŐǁĞůůŶĞƐƐ͕ƚŚĞĐŽŶĐĞƉƚŽĨǁĞůůŶĞƐƐŝƐƵƐƵĂůůLJ ĚŝƐĐƵƐƐĞĚŝŶƚĞƌŵƐŽĨĚŝĨĨĞƌĞŶƚĚŝŵĞŶƐŝŽŶƐ͘dŚĂƚŝƐ͕ǁĞůůŶĞƐƐŝƐƌĂƌĞůLJƐĞĞŶĂƐĂŶĞŶƚŝƚLJ ďLJŝƚƐĞůĨ͖ŝƚŝƐƵƐƵĂůůLJƐĞĞŶĂƐĐŽŵƉŽƐĞĚŽĨĚŝĨĨĞƌĞŶƚĚŝŵĞŶƐŝŽŶƐ͘ŶĚƐŝŵŝůĂƌĚŝǀŝƐŝŽŶŝŶƚŽ ĚŝŵĞŶƐŝŽŶƐŝƐŽĨƚĞŶĂƉƉůŝĞĚƚŽǁĞůůďĞŝŶŐ;ĞůůĞƚĂů͕ϮϬϬϰͿ͘ZŽƐĐŽĞ;ϮϬϬϵͿĂŶĚDŝůůĞƌĂŶĚ &ŽƐƚĞƌ;ϮϬϭϬͿŝĚĞŶƚŝĨŝĞĚϭϬĚŝŵĞŶƐŝŽŶƐŽĨǁĞůůŶĞƐƐǁŝƚŚŝŶϮϬƉƵďůŝƐŚĞĚǁĞůůŶĞƐƐŵŽĚĞůƐ͘ /ŶĚĞǀĞůŽƉŝŶŐƚŚĞŝƌǁĞůůŶĞƐƐƋƵĞƐƚŝŽŶŶĂŝƌĞ͕<ŝŶŐĞƚĂů;ϮϬϭϱͿĐŽƵŶƚĞĚƚŚĞĨƌĞƋƵĞŶĐLJŽĨ ŽĐĐƵƌƌĞŶĐĞŽĨĞĂĐŚĚŝŵĞŶƐŝŽŶ͗ƉŚLJƐŝĐĂů;ŶсϭϵͿ͕ĞŵŽƚŝŽŶĂůͬƉƐLJĐŚŽůŽŐŝĐĂů;ϭϵͿ͕ƐŽĐŝĂů;ϭϵͿ͕ ƐƉŝƌŝƚƵĂů;ϭϴͿ͕ŝŶƚĞůůĞĐƚƵĂů;ϭϲͿ͕ŽĐĐƵƉĂƚŝŽŶĂů;ϭϮͿ͕ĞŶǀŝƌŽŶŵĞŶƚĂů;ϭϮͿ͕ĐƵůƚƵƌĂů;ϳͿ͕ ĞĐŽŶŽŵŝĐ;ϰͿĂŶĚĐůŝŵĂƚĞ;ϭͿ͘ dŚĞĚĞĨŝŶŝƚŝŽŶŽĨĞĂĐŚŽĨƚŚĞǁĞůůŶĞƐƐĚŝŵĞŶƐŝŽŶƐŚĂƐďĞĞŶĚŝƐĐƵƐƐĞĚďLJZŽƐĐŽĞ;ϮϬϬϵͿ ĂŶĚďLJ&ŽƐƚĞƌĞƚĂů;ϮϬϭϭͿ͗ ƒ



ƉŚLJƐŝĐĂůǁĞůůŶĞƐƐŝƐƉƌŽďĂďůLJƚŚĞŵŽƐƚĐŽŵŵŽŶĂŶĚƚŚĞƐƚƌŽŶŐĞƐƚĚŝŵĞŶƐŝŽŶŝŶ ŵŽƐƚƐƚƵĚŝĞƐŽĨǁĞůůŶĞƐƐ;&ŽƐƚĞƌĞƚĂů͕ϮϬϭϭͿ͖ƉŚLJƐŝĐĂůǁĞůůŶĞƐƐŝŶǀŽůǀĞƐƉŚLJƐŝĐĂů ĂĐƚŝǀŝƚLJ͕ŶƵƚƌŝƚŝŽŶ͕ůŝĨĞƐƚLJůĞ;ZŽƐĐŽĞ͕ϮϬϬϵͿĂƐǁĞůůĂƐƐĞůĨͲĐĂƌĞ͕ĂŶĚǀŝƚĂůŝƚLJŽƌ ůŽŶŐĞǀŝƚLJ͘WŚLJƐŝĐĂůǁĞůůŶĞƐƐŝŶĐŽƌƉŽƌĂƚĞƐƐƵĐŚƚŚŝŶŐƐĂƐĚŝĞƚ͕ǁŚĞƚŚĞƌĂŶ ŝŶĚŝǀŝĚƵĂůŚĂƐĂĐĐĞƐƐƚŽŚĞĂůƚŚLJĨŽŽĚ͕ǁŚĞƚŚĞƌƚŚĞLJĂƌĞĂŚĞĂůƚŚLJǁĞŝŐŚƚ͕Žƌ ǁŚĞƚŚĞƌƚŚĞŝƌĐŽŶƐƵŵƉƚŝŽŶŽĨĨĂƚ͕ƐĂůƚ͕ĂŶĚƐƵŐĂƌĂƌĞĂƚŚĞĂůƚŚLJůĞǀĞůƐ͘ZĞĂĚĞƌƐ ǁŝůůŶŽƚŝĐĞƚŚĞƐƚƌŽŶŐďŝĂƐƚŽǁĂƌĚƉŚLJƐŝĐĂůŚĞĂůƚŚŝŶƚŚĞƐĞŝƐƐƵĞƐƌĞůĂƚĞĚƚŽ ƉŚLJƐŝĐĂůǁĞůůŶĞƐƐ͘

Ͷ

ƒ

ƐŽĐŝĂůǁĞůůŶĞƐƐŝŶǀŽůǀĞƐŝŶƚĞƌĂĐƚŝŽŶǁŝƚŚŽƚŚĞƌƐĂŶĚƚŚĞŝŶƚĞƌĚĞƉĞŶĚĞŶĐĞŽĨĂůů ƉĞŽƉůĞ;ZŽƐĐŽĞ͕ϮϬϬϵ͖&ŽƐƚĞƌĞƚĂů͕ϮϬϭϭͿ͖ƐŽŵĞĂƵƚŚŽƌƐĂůƐŽĐŽŶƐŝĚĞƌ ƌĞůĂƚŝŽŶƐŚŝƉƐǁŝƚŚƚŚĞĐŽŵŵƵŶŝƚLJĂŶĚǁŝƚŚŶĂƚƵƌĞ͘/ƐƐƵĞƐŝŶƐŽĐŝĂůǁĞůůŶĞƐƐ ŝŶĐůƵĚĞƐŽĐŝĂůƐƵƉƉŽƌƚŶĞƚǁŽƌŬƐ;ƐŽĐŝĂů͕ĞŵŽƚŝŽŶĂů͕ĂŶĚŝŶĨŽƌŵĂƚŝŽŶĂůͿ͕ĂŶĚŚŽǁ ĐŽŶŶĞĐƚĞĚƚŚĞLJĨĞĞůƚŽƚŚĞŝƌĨĂŵŝůLJ͕ĨƌŝĞŶĚƐ͕ĂŶĚĐŽŵŵƵŶŝƚLJ͘

ƒ

ŵŽƚŝŽŶĂůͬƉƐLJĐŚŽůŽŐŝĐĂůǁĞůůŶĞƐƐŝŶǀŽůǀĞƐƚŚĞĂǁĂƌĞŶĞƐƐĂŶĚ ĐŽŶƚƌŽůͬĂĐĐĞƉƚĂŶĐĞŽĨĨĞĞůŝŶŐƐ;ZŽƐĐŽĞ͕ϮϬϬϵͿ͕ĂƐǁĞůůĂƐďĞŚĂǀŝŽƌ͕ƌĞůĂƚŝŽŶƐŚŝƉƐ͕ ŐŽĂůƐ͕ƉĞƌƐŽŶĂůƐƚƌĞŶŐƚŚƐ͕ĂŶĚĐŽŶƚƌŽůŽǀĞƌŽŶĞ͛ƐůŝĨĞ͕ĂŶĚƚŚĞĂďŝůŝƚLJƚŽĚĞĂůǁŝƚŚ ƚŚĞĚĞŵĂŶĚƐĂŶĚƐƚƌĞƐƐĞƐŽĨĞǀĞƌLJĚĂLJůŝĨĞ͕ƐŽŵĞƚŝŵĞƐĐĂůůĞĚƌĞƐŝůŝĞŶĐLJ;&ŽƐƚĞƌĞƚ Ăů͕ϮϬϭϭͿ͘/ƚŝŶĐůƵĚĞƐŝŵƉŽƌƚĂŶƚ͕ĂŶĚŵĞĂƐƵƌĂďůĞĨĂĐƚŽƌƐƐƵĐŚĂƐŚĂƉƉŝŶĞƐƐ͕ůŝĨĞ ƐĂƚŝƐĨĂĐƚŝŽŶ͕ĂŶĚƉŽƐŝƚŝǀĞŵĞŶƚĂůŚĞĂůƚŚ͘&ŽƌƐŽŵĞĂƵƚŚŽƌƐ͕ŚĂƉƉŝŶĞƐƐ;^ƚĞǁĂƌƚĞƚ Ăů͕ϮϬϭϬͿ͕ůŝĨĞƐĂƚŝƐĨĂĐƚŝŽŶ;ŝĞŶĞƌĞƚĂů͕ϭϵϴϱͿ͕ĂŶĚƌĞƐŝůŝĞŶĐLJ;ŽŶŶŽƌĂŶĚ ĂǀŝĚƐŽŶ͕ϮϬϬϯͿŚĂǀĞďĞĐŽŵĞŝŵƉŽƌƚĂŶƚƉĂƌƚƐŽĨƚŚĞŵĞĂƐƵƌĞŵĞŶƚŽĨǁĞůůŶĞƐƐ͕ ĂŶĚƌĞůĂƚĞĚĐŽŶĐĞƉƚƐ͘

ƒ

ŝŶƚĞůůĞĐƚƵĂůǁĞůůŶĞƐƐŝŶǀŽůǀĞƐƐƚŝŵƵůĂƚŝŶŐŝŶƚĞůůĞĐƚƵĂůĂĐƚŝǀŝƚLJ͕ŬŶŽǁůĞĚŐĞ͕ĂŶĚ ƉĞƌƐŽŶĂůŐƌŽǁƚŚ;ZŽƐĐŽĞ͕ϮϬϬϵͿ͕ĂŶĚďŽƚŚĂƉĞƌƐŽŶĂůĐŽŵŵŝƚŵĞŶƚƚŽůŝĨĞůŽŶŐ ůĞĂƌŶŝŶŐĂŶĚĂŶŝŶƚĞƌĞƐƚŝŶƐŚĂƌŝŶŐŽŶĞΖƐŬŶŽǁůĞĚŐĞǁŝƚŚŽƚŚĞƌƐ;&ŽƐƚĞƌĞƚĂů͕ ϮϬϭϭͿ͘ĚƵĐĂƚŝŽŶĂŶĚůŝƚĞƌĂĐLJĂƌĞŝŵƉŽƌƚĂŶƚĞůĞŵĞŶƚƐƚŽĂĐŚŝĞǀĞŝŶƚĞůůĞĐƚƵĂů ǁĞůůŶĞƐƐ͕ĂŶĚĂůƐŽŚĞůƉǁŝƚŚƚŚĞĂďŝůŝƚLJƚŽĨƵŶĐƚŝŽŶŝŶǀĂƌŝŽƵƐƐŽĐŝĂůĐŽŶƚĞdžƚƐĂŶĚ ƉůĂŶĨŽƌĂŶĚĂĚĂƉƚƚŽĨƵƚƵƌĞƐŝƚƵĂƚŝŽŶƐ͘

ƒ

ƐƉŝƌŝƚƵĂůǁĞůůŶĞƐƐŝŶǀŽůǀĞƐĨŝŶĚŝŶŐŵĞĂŶŝŶŐĂŶĚƉƵƌƉŽƐĞŝŶůŝĨĞĂŶĚŝŶƌĞůĂƚŝŽŶƚŽ ŽƚŚĞƌƐ͖ĨŽƌƐŽŵĞĂƵƚŚŽƌƐŝƚŝƐƚŚĞŵŽƐƚǁĞůůĚĞĨŝŶĞĚĂŶĚĞdžƉůŽƌĞĚŝŶƐŽŵĞ ĐŽŶƚĞdžƚƐ͕ƉĞƌŚĂƉƐŝŶĐůƵĚŝŶŐƚŚĞŽƵŶƐĞůŝŶŐĐŽŶƚĞdžƚŽĨŝŶƚĞƌĞƐƚƚŽZŽƐĐŽĞĞƚĂů ;ϮϬϬϵͿ͘^ƉŝƌŝƚƵĂůǁĞůůŶĞƐƐŝŶĐůƵĚĞƐĂŶŝŶĐƌĞĂƐĞĚĐŽŶƚĞŶƚŵĞŶƚĂŶĚĂƐĞŶƐĞŽĨ ĐŽŶŶĞĐƚŝŽŶǁŝƚŚƐŽŵĞƚŚŝŶŐŐƌĞĂƚĞƌƚŚĂŶŽŶĞƐĞůĨ͕ĂŶĚŝƚĐĂŶƉƌŽǀŝĚĞŵĞĂŶŝŶŐŝŶ ůŝĨĞ͘tŚŝůĞƐƉŝƌŝƚƵĂůǁĞůůŶĞƐƐŝƐŶŽƚǀŝĞǁĞĚĂƐƐLJŶŽŶLJŵŽƵƐǁŝƚŚƌĞůŝŐŝŽŶ͕ƌĞůŝŐŝŽƵƐ ďĞůŝĞĨƐĐĂŶďĞŝŶĐůƵĚĞĚǁŝƚŚŝŶƚŚĞĐŽŶĐĞƉƚŽĨƐƉŝƌŝƚƵĂůǁĞůůŶĞƐƐ;&ŽƐƚĞƌĞƚĂů͕ ϮϬϭϭͿ͘

ƒ

ůĞƐƐĨƌĞƋƵĞŶƚůLJĐŝƚĞĚ͗ƉƐLJĐŚŽůŽŐŝĐĂů;ŽƉƚŝŵŝƐŵͿ͕ŽĐĐƵƉĂƚŝŽŶĂů;ĂƚƚŝƚƵĚĞƐƚŽǁĂƌĚƐ ǁŽƌŬͿ͕ĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂů;ďĂůĂŶĐĞďĞƚǁĞĞŶŚŽŵĞĂŶĚǁŽƌŬ͕ĂŶĚŝŵƉĂĐƚŽŶ ĞŶǀŝƌŽŶŵĞŶƚͿ

/ŶƚĞƌĞƐƚŝŶŐůLJ͕ǁŚŝůĞƚŚĞƌĞŝƐĂŐƌĞĂƚĚĞĂůǁƌŝƚƚĞŶĂďŽƵƚƚŚĞƐĞĂŶĚŽƚŚĞƌĚŝŵĞŶƐŝŽŶƐŽĨ ǁĞůůŶĞƐƐ͕ƚŚĞƌĞŝƐǀĞƌLJůŝƚƚůĞĐƌŝƚŝĐĂůƚŚŝŶŬŝŶŐĂďŽƵƚǁĞůůŶĞƐƐĚŝŵĞŶƐŝŽŶƐ;,ĂƌĂƌŝ͕ĞƚĂů͕ ϮϬϬϱͿ͘/ŶĨĂĐƚ͕ƐŽŵĞĂƵƚŚŽƌƐĐŽŵƉůĂŝŶƚŚĂƚĚŝƐĐƵƐƐŝŽŶƐŽĨǁĞůůŶĞƐƐŽĨƚĞŶĐŽůůĂƉƐĞŝŶƚŽ ĚŝƐĐƵƐƐŝŽŶƐŽĨĚŝŵĞŶƐŝŽŶƐǁŝƚŚŽƵƚĨŽĐƵƐŽŶƚŚĞƵŶĚĞƌůLJŝŶŐĐŽŶĐĞƉƚŽĨǁĞůůŶĞƐƐ͘KŶĞ ƉŽƐƐŝďůĞŝƐƐƵĞǁŝƚŚƚŚĞƐĞĚŝŵĞŶƐŝŽŶƐĂŶĚĚĞĨŝŶŝƚŝŽŶƐŽĨǁĞůůŶĞƐƐŝƐƚŚĞŝƌtĞƐƚĞƌŶ͕ĂůŵŽƐƚ ŵŝĚĚůĞͲĐůĂƐƐĐŽŶƚĞdžƚ͘,ŽǁĚŽƚŚĞƐĞĚŝŵĞŶƐŝŽŶƐ͕ĂŶĚƚŚĞĚĞĨŝŶŝƚŝŽŶƐŽĨƚŚĞĚŝŵĞŶƐŝŽŶƐ ƌĞůĂƚĞƚŽƚŚĞƉĞŽƉůĞŝŶƚŚĞǁŽƌůĚǁŚŽŚĂǀĞůŝƚƚůĞŽƌŶŽĞĚƵĐĂƚŝŽŶ͕ĂŶĚǁŚŽůŝǀĞĂ ƐƵďƐŝƐƚĞŶĐĞůŝĨĞƐƚLJůĞ͍ƌĞƚŚĞLJŶŽƚǁĞůů͍tŽƵůĚƚŚĞŝƌůŝĨĞďĞŝŵƉƌŽǀĞĚ;ƚŚĞŝƌǁĞůůŶĞƐƐďĞ ŝŵƉƌŽǀĞĚͿǁŝƚŚŵŽƌĞĞĚƵĐĂƚŝŽŶ͍/ƐǁĞůůŶĞƐƐďĞŝŶŐǀŝĞǁĞĚĨƌŽŵĂŐůŽďĂůƉĞƌƐƉĞĐƚŝǀĞ͕ 

ͷ

ĞŶĐŽŵƉĂƐƐŝŶŐĞǀĞƌLJŽŶĞ͕ŽƌŝƐŝƚŵŽƌĞƚŚĞƉƌŽǀŝŶĐĞŽĨƚŚĞĞĚƵĐĂƚĞĚĂŶĚĐŽŵĨŽƌƚĂďůĞ;ŝŶ ƚŚĞtĞƐƚͿ͍ƌĞƚŚĞŝƌĚŝĨĨĞƌĞŶĐĞƐŝŶƚŚĞƌĞůĂƚŝǀĞŝŵƉŽƌƚĂŶĐĞŽĨĚŝĨĨĞƌĞŶƚĚŝŵĞŶƐŝŽŶƐŝŶ ĚŝĨĨĞƌĞŶƚƉĂƌƚƐŽĨƚŚĞǁŽƌůĚ͕ĨŽƌĞdžĂŵƉůĞ͕ƐŝĂĂŶĚĨƌŝĐĂ͍tŚĂƚŝƐŝŶƚĞƌĞƐƚŝŶŐŝƐŶŽƚƚŚĂƚ ǁĞĚŽŶŽƚŚĂǀĞĂŶĂŶƐǁĞƌƚŽƚŚŝƐƋƵĞƐƚŝŽŶ͕ďƵƚƚŚĂƚŝƚŝƐŶĞǀĞƌĚŝƐĐƵƐƐĞĚ͘ YƵĂůŝƚLJŽĨ>ŝĨĞ YƵĂůŝƚLJŽĨůŝĨĞŚĂƐŶŽƚďĞĞŶĞĂƐLJƚŽĚĞĨŝŶĞĂŶĚŵĞĂƐƵƌĞ͕ĚĞƐƉŝƚĞƚŚĞĞdžƚĞŶƐŝǀĞǁŽƌŬŽŶ ƋƵĂůŝƚLJŽĨůŝĨĞďLJƚŚĞtŽƌůĚ,ĞĂůƚŚKƌŐĂŶŝnjĂƚŝŽŶ;ƐĞĞt,K͕ϭϵϵϳͿ͘DŽŽŶƐĞƚĂů;ϮϬϬϲͿ ĂŶĚ'ƌƵŶĞƌƚĞƚĂů;ϮϬϬϳͿŚĂǀĞŶŽƚĞĚƉƌŽďůĞŵƐŝŶƚŚĞĐŽŶĐĞƉƚĂŶĚŵĞĂƐƵƌĞŵĞŶƚŽĨ ƋƵĂůŝƚLJŽĨůŝĨĞ͘DŽŽŶƐĞƚĂů;ϮϬϬϲͿƌĞǀŝĞǁƉĂƐƚĂƚƚĞŵƉƚƐƚŽĚĞĨŝŶĞĂŶĚƚŽŵĞĂƐƵƌĞƋƵĂůŝƚLJ ŽĨůŝĨĞ͕ŝŶĐůƵĚŝŶŐďŽƚŚŽďũĞĐƚŝǀĞŝŶĚŝĐĂƚŽƌƐĂŶĚƐƵďũĞĐƚŝǀĞƉĞƌĐĞƉƚŝŽŶƐŽĨƋƵĂůŝƚLJŽĨůŝĨĞ͘ dŚĞLJŶŽƚĞƚŚĂƚƚŚĞƌĞŚĂƐďĞĞŶƐŽŵĞĂŐƌĞĞŵĞŶƚŽŶďŽƚŚƉŚLJƐŝĐĂůĂŶĚƐƵďũĞĐƚŝǀĞ ĐŽŵƉŽŶĞŶƚƐŽĨƋƵĂůŝƚLJŽĨůŝĨĞ͕ďƵƚĂŐƌŽǁŝŶŐƉĞƌĐĞƉƚŝŽŶƚŚĂƚƚŚĞƐƵďũĞĐƚŝǀĞĐŽŵƉŽŶĞŶƚ ŽĨƋƵĂůŝƚLJŽĨůŝĨĞŵŝŐŚƚďĞƚƚĞƌĚĞĨŝŶĞƚŚĞĐŽŶĐĞƉƚ͘ŶĞdžĂŵƉůĞŽĨƚŚŝƐƐƵďũĞĐƚŝǀĞ ŽƌŝĞŶƚĂƚŝŽŶŝƐƚŚĞĐŽŶĐĞƉƚƵĂůŝnjĂƚŝŽŶŽĨƋƵĂůŝƚLJŽĨůŝĨĞĂƐŚĂƉƉŝŶĞƐƐŽƌĂĨĨĞĐƚ͕ŽƌƚŚĞ ĐŽŶĐĞƉƚƵĂůŝnjĂƚŝŽŶĂƐƐĂƚŝƐĨĂĐƚŝŽŶǁŝƚŚůŝĨĞ͖ďŽƚŚŽĨƚŚĞƐĞĐŽŶĐĞƉƚƵĂůŝnjĂƚŝŽŶƐĂƌĞ ƐƵďũĞĐƚŝǀĞ͘ DŽŽŶƐĞƚĂůŶŽƚĞƚŚĞůĂĐŬŽĨĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƋƵĂůŝƚLJŽĨůŝĨĞĂŶĚŚĞĂůƚŚƐƚĂƚƵƐ͕ ƌĞŝŶĨŽƌĐŝŶŐƚŚĞǀŝĞǁƚŽĚŝƐƚŝŶŐƵŝƐŚƉŚLJƐŝĐĂůŚĞĂůƚŚĂŶĚƚŚĞŵŽƌĞŚŽůŝƐƚŝĐƋƵĂůŝƚLJŽĨůŝĨĞ͘ &ƵƌƚŚĞƌ͕ƚŚĞLJŝŶĐůƵĚĞŐĞŶĞƌĂůƐĂƚŝƐĨĂĐƚŝŽŶǁŝƚŚůŝĨĞĂŶĚƐĂƚŝƐĨĂĐƚŝŽŶǁŝƚŚƐƉĞĐŝĨŝĐĚŽŵĂŝŶƐ ŽĨůŝĨĞĂƐƉŽƐƐŝďůĞĐŽŶĐĞƉƚƐĞƋƵĂƚŝŶŐǁŝƚŚƋƵĂůŝƚLJŽĨůŝĨĞ͘ĨƚĞƌĐĂƌĞĨƵůůLJĂŶĂůLJnjŝŶŐĂ ŶƵŵďĞƌŽĨĚŝĨĨĞƌĞŶƚĐŽŶĐĞƉƚƵĂůŝnjĂƚŝŽŶƐŽĨƋƵĂůŝƚLJŽĨůŝĨĞ͕DŽŽŶƐĞƚĂů;ϮϬϬϲͿĐŽŶĐůƵĚĞĚ ƚŚĂƚƐĂƚŝƐĨĂĐƚŝŽŶǁŝƚŚůŝĨĞƉƌĞƐĞŶƚĞĚƚŚĞĐůŽƐĞƐƚĚĞĨŝŶŝƚŝŽŶ͘  dŚĞĨŝĞůĚŽĨƋƵĂůŝƚLJŽĨůŝĨĞŵĞĂƐƵƌĞŵĞŶƚŚĂƐďĞĞŶĚŽŵŝŶĂƚĞĚďLJƚŚĞĂĐƚŝǀŝƚLJŽĨƚŚĞtŽƌůĚ ,ĞĂůƚŚKƌŐĂŶŝnjĂƚŝŽŶ;t,KͿĂŶĚƚŚĞŝƌƌĞƉŽƌƚƐŽǀĞƌĂůŽŶŐƉĞƌŝŽĚŽĨƚŝŵĞ͘dŚĞt,K ;ϭϵϵϳͿĚĞĨŝŶĞƐƋƵĂůŝƚLJŽĨůŝĨĞ;YK>ͿĂƐĨŽůůŽǁƐ͗͞t,KĚĞĨŝŶĞƐYƵĂůŝƚLJŽĨ>ŝĨĞĂƐ ŝŶĚŝǀŝĚƵĂůƐ͛ƉĞƌĐĞƉƚŝŽŶŽĨƚŚĞŝƌƉŽƐŝƚŝŽŶŝŶůŝĨĞŝŶƚŚĞĐŽŶƚĞdžƚŽĨƚŚĞĐƵůƚƵƌĞĂŶĚǀĂůƵĞ ƐLJƐƚĞŵƐŝŶǁŚŝĐŚƚŚĞLJůŝǀĞĂŶĚŝŶƌĞůĂƚŝŽŶƚŽƚŚĞŝƌŐŽĂůƐ͕ĞdžƉĞĐƚĂƚŝŽŶƐ͕ƐƚĂŶĚĂƌĚƐĂŶĚ ĐŽŶĐĞƌŶƐ͘/ƚŝƐĂďƌŽĂĚƌĂŶŐŝŶŐĐŽŶĐĞƉƚĂĨĨĞĐƚĞĚŝŶĂĐŽŵƉůĞdžǁĂLJďLJƚŚĞƉĞƌƐŽŶΖƐ ƉŚLJƐŝĐĂůŚĞĂůƚŚ͕ƉƐLJĐŚŽůŽŐŝĐĂůƐƚĂƚĞ͕ůĞǀĞůŽĨŝŶĚĞƉĞŶĚĞŶĐĞ͕ƐŽĐŝĂůƌĞůĂƚŝŽŶƐŚŝƉƐ͕ƉĞƌƐŽŶĂů ďĞůŝĞĨƐĂŶĚƚŚĞŝƌƌĞůĂƚŝŽŶƐŚŝƉƚŽƐĂůŝĞŶƚĨĞĂƚƵƌĞƐŽĨƚŚĞŝƌĞŶǀŝƌŽŶŵĞŶƚ͘͟;t,K͕ϭϵϵϳ͕Ɖ͘ ϭͿ͘ dŚĞt,KĚĞǀĞůŽƉĞĚĂŶƵŵďĞƌŽĨǁŝĚĞůLJƵƐĞĚƌĞƐĞĂƌĐŚŵĞƚŚŽĚƐ;ƋƵĞƐƚŝŽŶŶĂŝƌĞƐͿ͕ǁŚŝĐŚ ǁĞƌĞĚĞǀĞůŽƉĞĚĐƌŽƐƐĐƵůƚƵƌĂůůLJ͕ĂŶĚĂƌĞĂǀĂŝůĂďůĞŝŶŵƵůƚŝƉůĞůĂŶŐƵĂŐĞƐ͘dŚŝƐĂǀĂŝůĂďŝůŝƚLJ ŵĂŬĞƐƚŚĞt,KƋƵĞƐƚŝŽŶŶĂŝƌĞƐƵŶŝƋƵĞŝŶƚŚĞǁŚŽůĞĨŝĞůĚŽĨƋƵĂůŝƚLJŽĨůŝĨĞ͕ǁĞůůďĞŝŶŐ͕ ĂŶĚǁĞůůŶĞƐƐŵĞĂƐƵƌĞŵĞŶƚ͘dŚĞt,KƋƵĞƐƚŝŽŶŶĂŝƌĞƐŝŶĐůƵĚĞƚŚĞt,KYK>͕ƚŚĞƐŚŽƌƚĞƌ t,KYK>ͲZ&͕ĂŶĚƚŚĞĞǀĞŶƐŚŽƌƚĞƌhZK,/^ͲYK>;t,K͕ϭϵϵϳͿ͘ůůŽĨƚŚĞŵĞƚŚŽĚƐ ƉƌĞƐĞŶƚĞĚŝŶƚŚŝƐƉĂƉĞƌĂƌĞƐƵŵŵĂƌŝnjĞĚŝŶdĂďůĞϭϮ͘



͸

dŚĞƉƌŽĐĞƐƐĨŽƌĚĞǀĞůŽƉŝŶŐƚŚĞt,KͲYK>ϭϬϬĂŶĚƚŚĞƐŚŽƌƚĞƌt,KͲYK>Z&ĂƌĞ ŽƵƚůŝŶĞĚďĞůŽǁ;dĂďůĞϭͿ͗ d>ϭ,Z dŚĞt,KYK>ͲϭϬϬǁĂƐĚĞǀĞůŽƉĞĚďLJĞdžƉĞƌƚƐĂŶĚůĂLJƉĞŽƉůĞŝŶϭϱĐŽƵŶƚƌŝĞƐ͘dŚĞ t,KYK>ͲϭϬϬϬŝŶĐůƵĚĞƐƐŝdžĚŽŵĂŝŶƐŽĨƋƵĂůŝƚLJŽĨůŝĨĞ͕ĂŶĚƚŚĞƚǁĞŶƚLJͲĨŽƵƌĨĂĐĞƚƐ ĐŽǀĞƌĞĚǁŝƚŚŝŶƚŚĞĚŽŵĂŝŶƐĂƌĞƐŚŽǁŶďĞůŽǁ;dĂďůĞϮͿ͘&ŽƵƌŝƚĞŵƐŝŶƚŚĞŽǀĞƌĂůů t,KYK>ͲϭϬϬĂƌĞŝŶĐůƵĚĞĚĨŽƌĞĂĐŚĨĂĐĞƚ͕ĂƐǁĞůůĂƐĨŽƵƌŐĞŶĞƌĂůŝƚĞŵƐĐŽǀĞƌŝŶŐ ƐƵďũĞĐƚŝǀĞŽǀĞƌĂůůYK>ĂŶĚŚĞĂůƚŚ͘YƵĞƐƚŝŽŶŶĂŝƌĞŝƚĞŵƐĂƌĞƌĂƚĞĚŽŶĂĨŝǀĞƉŽŝŶƚƐĐĂůĞ͘ ;t,K͕ϭϵϵϳͿ͘dŚĞt,KYK>ͲZ&ĐŽŶƚĂŝŶƐƚǁŽŝƚĞŵƐĨƌŽŵƚŚĞKǀĞƌĂůůYƵĂůŝƚLJŽĨ>ŝĨĞ ĂŶĚ'ĞŶĞƌĂů,ĞĂůƚŚ͕ĂŶĚŽŶĞŝƚĞŵĨƌŽŵĞĂĐŚŽĨƚŚĞϮϰĨĂĐĞƚƐŝŶƚŚĞt,KYK>ͲϭϬϬ;dĂďůĞ ϮͿ͘ d>Ϯ,Z ŬĞLJĨĂĐƚŽƌǁŝƚŚƚŚĞt,KYK>ŵĞƚŚŽĚƐĂƌĞƚŚĞŝƌĐƌŽƐƐĐƵůƚƵƌĂůĐůĂŝŵƐ͘DŽƐƚ ƋƵĞƐƚŝŽŶŶĂŝƌĞƐĂƌĞĚĞǀĞůŽƉĞĚŝŶŽŶĞůĂŶŐƵĂŐĞ;ŽĨƚĞŶŶŐůŝƐŚĂĐĐŽƌĚŝŶŐƚŽtŝĞƌnjďŝĐŬĂ͕ ϭϵϴϲͿ͕ĂŶĚƚŚĞŶƚƌĂŶƐůĂƚĞĚŝŶƚŽŽƚŚĞƌůĂŶŐƵĂŐĞƐ͘dŚŝƐƌĂŝƐĞƐƋƵĞƐƚŝŽŶƐǁŚĞƚŚĞƌƚŚĞ ŽƌŝŐŝŶĂůŶŐůŝƐŚƚĞƌŵƐĂŶĚůĂŶŐƵĂŐĞǁŽƵůĚŚĂǀĞďĞĞŶƐĞůĞĐƚĞĚŝŶŽƚŚĞƌĐŽƵŶƚƌŝĞƐ͘dŚĞ t,KYK>ŵĞƚŚŽĚƐǁĞƌĞĚĞǀĞůŽƉĞĚďLJĂĐƌŽƐƐĐƵůƚƵƌĂůƚĞĂŵĨƌŽŵƵƌŽƉĞ͕ŵĞƌŝĐĂĂŶĚ ƐŝĂ͕ƐŽƚŚĞƌĞŝƐĂŐƌĞĂƚĞƌůŝŬĞůŝŚŽŽĚƚŚĂƚĂďƵƐĞƐŽĨĐƵůƚƵƌĂůŶŽƌŵƐǁĞƌĞĂǀŽŝĚĞĚ͘KŶĂ ƉƌĂĐƚŝĐĂůůĞǀĞů͕ŝƚŵĞĂŶƐƚŚĂƚƚƌĂŶƐůĂƚŝŽŶƐŽĨƚŚĞŵĞƚŚŽĚƐĂƌĞƌĞĂĚŝůLJĂǀĂŝůĂďůĞŽŶƚŚĞ t,KǁĞďƐŝƚĞ͘ /ŶĂĚĚŝƚŝŽŶƚŽƚŚĞƚǁŽŵĞƚŚŽĚƐ͕t,KYK>ϭϬϬĂŶĚt,KYK>ͲZ&͕ĂŶƵŵďĞƌŽĨƐŚŽƌƚĞƌ ŵĞƚŚŽĚƐŚĂǀĞďĞĞŶĚĞǀĞůŽƉĞĚ͕ĂŶĚƚŚĞƐĞŵŝŐŚƚďĞŵŽƌĞƐƵŝƚĂďůĞĨŽƌŝŶĐůƵƐŝŽŶŝŶ ĐŽŶƐƵŵĞƌƚĞƐƚŝŶŐ͘dŚĞƐĞĂƌĞƚŚĞhZK,/^ͲYK>ǁŝƚŚϴƚĞƐƚŝƚĞŵƐ͕ĂŶĚƚŚĞ'ϭǁŝƚŚũƵƐƚ ŽŶĞŝƚĞŵ͕͞,ŽǁǁŽƵůĚLJŽƵƌĂƚĞLJŽƵƌƋƵĂůŝƚLJŽĨůŝĨĞ͍͘͟dŚĞhZK,/^ͲYK>ϴͲŝƚĞŵŝŶĚĞdž ;dĂďůĞϯͿǁĂƐĚĞǀĞůŽƉĞĚĂƐĂŶĞĐŽŶŽŵŝĐƐĐƌĞĞŶŝŶŐŵĞĂƐƵƌĞ͕ĂŶĚǀĂůŝĚĂƚĞĚŝŶƵƌŽƉĞ ĂŶĚ/ƐƌĂĞů;ĚĂZŽĐŚĂ͕ĞƚĂů͕ϮϬϭϮͿ͘dŚĞhZK,/^ͲYK>ĐŽŶƐŝƐƚƐŽĨƚǁŽŝƚĞŵƐĨƌŽŵĞĂĐŚŽĨ ƚŚĞĨŽƵƌĚŽŵĂŝŶƐ;ƉŚLJƐŝĐĂů͕ƉƐLJĐŚŽůŽŐŝĐĂů͕ĞŶǀŝƌŽŶŵĞŶƚĂů͕ĂŶĚƐŽĐŝĂůͿŽĨƚŚĞŽƌŝŐŝŶĂů t,KYK>ͲZ&͘dŚĞƌĞƐƉŽŶƐĞƐĐĂůĞƐĨŽƌƚŚĞhZK,/^ĂƌĞƚŚĞƐĂŵĞĂƐƚŚĞt,KYK>Ͳ Z&͕ǁŝƚŚĞĂĐŚŝƚĞŵŚĂǀŝŶŐĂŶŝŶĚŝǀŝĚƵĂůŝnjĞĚĨŝǀĞͲƉŽŝŶƚƐĐĂůĞ͘dŚĞhZK,/^ͲYK>ϴͲŝƚĞŵ ŝŶĚĞdžƐŚŽǁĞĚŐŽŽĚŝŶƚĞƌŶĂůĐŽŶƐŝƐƚĞŶĐLJĂĐƌŽƐƐƚŚĞŵĂŝŶůLJƵƌŽƉĞĂŶĐŽƵŶƚƌŝĞƐ͕ĂŶĚ ĚŝƐĐƌŝŵŝŶĂƚĞĚǁĞůůďĞƚǁĞĞŶŚĞĂůƚŚLJŝŶĚŝǀŝĚƵĂůƐĂŶĚƚŚŽƐĞŚĂǀŝŶŐĐŚƌŽŶŝĐŚĞĂůƚŚ ĐŽŶĚŝƚŝŽŶƐ;ĚĂZŽĐŚĂĞƚĂů͕ϮϬϭϮͿ d>ϯ,Z;hZK,/^ͲϴͿ dŚĞƌĞĂƌĞĂůƐŽƐĞǀĞƌĂůƋƵĞƐƚŝŽŶŶĂŝƌĞƐƚŚĂƚĚĞĂůǁŝƚŚƚŚĞĐŽŶĐĞƉƚŽĨƐĂƚŝƐĨĂĐƚŝŽŶ͕ǁŚŝĐŚ ƌĞĨĞƌƐƚŽŚŽǁǁĞůůƐŽŵĞƚŚŝŶŐŵĞĞƚƐŽŶĞ͛ƐĞdžƉĞĐƚĂƚŝŽŶƐ͘dŚĞ^ĂƚŝƐĨĂĐƚŝŽŶǁŝƚŚ>ŝĨĞ^ĐĂůĞ ;^t>^͖ŝĞŶĞƌ͕͘ĞƚĂů͕ϭϵϴϱ͖WĂǀŽƚĂŶĚŝĞŶĞƌ͕ϮϬϬϵͿŝƐĂŵŽƌĞŐůŽďĂůŵĞĂƐƵƌĞŽĨ ƐĂƚŝƐĨĂĐƚŝŽŶ;dĂďůĞϰͿ͘:ƵĚŐŵĞŶƚƐŽĨƐĂƚŝƐĨĂĐƚŝŽŶĂƌĞĚĞƉĞŶĚĞŶƚƵƉŽŶĂĐŽŵƉĂƌŝƐŽŶŽĨ ŽŶĞΖƐĐŝƌĐƵŵƐƚĂŶĐĞƐǁŝƚŚǁŚĂƚŝƐƚŚŽƵŐŚƚƚŽďĞĂŶĂƉƉƌŽƉƌŝĂƚĞƐƚĂŶĚĂƌĚ͘ŶŽƚŚĞƌ



͹

ĂƉƉƌŽĂĐŚƚŽƐĂƚŝƐĨĂĐƚŝŽŶŝƐƚŚĞWĞƌƐŽŶĂůtĞůůďĞŝŶŐ/ŶĚĞdž;Wt/ͿĨƌŽŵĞĂŬŝŶhŶŝǀĞƌƐŝƚLJŝŶ ƵƐƚƌĂůŝĂ;/ŶƚĞƌŶĂƚŝŽŶĂůtĞůůďĞŝŶŐ'ƌŽƵƉ͕ϮϬϭϯͿƚŚĂƚŵĞĂƐƵƌĞƐƐĂƚŝƐĨĂĐƚŝŽŶŝŶĂŶƵŵďĞƌ ŽĨůŝĨĞ͛ƐƐƉŚĞƌĞƐ͘/ƚŝƐŝŶƚĞƌĞƐƚŝŶŐƚŽĨŽůůŽǁƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚŝƐƐĐĂůĞĨƌŽŵŝƚƐ ŝŶĐĞƉƚŝŽŶŵŽƌĞƚŚĂŶϮϬLJĞĂƌƐĂŐŽƚŚƌŽƵŐŚǀĂƌŝŽƵƐƌĞǀŝƐŝŽŶƐ͘ 'ƌƵŶĞƌƚĞƚĂů;ϮϬϬϳͿĚĞǀĞůŽƉĞĚĂŵĞĂƐƵƌĞŽĨƐĂƚŝƐĨĂĐƚŝŽŶƐƉĞĐŝĨŝĐĂůůLJĂĚĚƌĞƐƐŝŶŐƚŚĞĨŽŽĚ ĚŽŵĂŝŶ͕ƚŚĞ^ĂƚŝƐĨĂĐƚŝŽŶǁŝƚŚ&ŽŽĚZĞůĂƚĞĚ>ŝĨĞ^ĐĂůĞ;^t&>͗'ƌƵŶĞƌƚĞƚĂů͕ϮϬϬϳͿ;dĂďůĞ ϱͿǁŚŝĐŚŵŝŐŚƚďĞŽĨŝŶƚĞƌĞƐƚƚŽƌĞƐĞĂƌĐŚĞƌƐŝŶƐĞŶƐŽƌLJĂŶĚĐŽŶƐƵŵĞƌƌĞƐĞĂƌĐŚĂŶĚŝŶ ŶƵƚƌŝƚŝŽŶ͘/ƚŝƐŶŽƚĐůĞĂƌƚŚĂƚƚŚĞĨŽŽĚĚŽŵĂŝŶĚĞƐĞƌǀĞƐŝƚƐŽǁŶŵĞĂƐƵƌĞŽĨƐĂƚŝƐĨĂĐƚŝŽŶ͕ ĂůƚŚŽƵŐŚĂŶƵŵďĞƌŽĨĂƵƚŚŽƌƐĂƌŐƵĞƚŚĂƚĨŽŽĚŝƐƐƵĨĨŝĐŝĞŶƚůLJŝŵƉŽƌƚĂŶƚƚŽĞǀĞƌLJŽŶĞƚŽ ǁĂƌƌĂŶƚŝƚ;^ĐŚƵŶĞŵĂŶŶĞƚĂů͕ϮϬϭϬ͖'ƵŝůůĞŵŝŶ͕ĞƚĂů͕ϮϬϭϱ͖ƌĞƐĞƚĂů͕ϮϬϭϰͿ͘ /E^Zdd>ϰ,Z /E^Zdd>ϱ,Z /ŶĂĚĚŝƚŝŽŶƚŽƚŚĞ^ĂƚŝƐĨĂĐƚŝŽŶǁŝƚŚ&ŽŽĚZĞůĂƚĞĚ>ŝĨĞ^ƚLJůĞ͕ƚŚĞƌĞĂƌĞŽƚŚĞƌYK> ŵĞĂƐƵƌĞƐƌĞůĞǀĂŶƚĨŽƌŶƵƚƌŝƚŝŽŶƌĞƐĞĂƌĐŚŝŶĐůƵĚŝŶŐƚŚĞEƵƚƌŝƚŝŽŶYƵĂůŝƚLJŽĨ>ŝĨĞ^ƵƌǀĞLJ ;ĂƌƌΘ^ĐŚƵŵĂĐŚĞƌ͕ϮϬϬϯ͖Ăƌƌ͕^ĐŚƵŵĂĐŚĞƌ͕ΘDLJĞƌƐ͕ϮϬϬϭͿ͕ƚŚĞYƵĂůŝƚLJŽĨ>ŝĨĞ &ĂĐƚŽƌƐ;Y&ͿƋƵĞƐƚŝŽŶŶĂŝƌĞ;ŽƌůĞĞƚĂů͕͘ϮϬϬϭͿ͕ĂŶĚĂŶĞǁĞƌŵĞƚŚŽĚĚĞǀĞůŽƉĞĚŝŶŝƚĂůLJ ĐĂůůĞĚYƵĂůĐŝďŽ;^ĐŚƵŶĞŵĂŶŶĞƚĂů;ϮϬϭϬͿͿ͘dŚĞƐĞŵĞĂƐƵƌĞƐĐŽŵďŝŶĞŐĞŶĞƌĂůĂŶĚ ĚŽŵĂŝŶͲƐƉĞĐŝĨŝĐĐŽŵƉŽŶĞŶƚƐ͕ĂŶĚďŽƚŚƐĞůĨͲƌĞƉŽƌƚĞĚŽďũĞĐƚŝǀĞŝŶĚŝĐĂƚŽƌƐĂŶĚ ƐƵďũĞĐƚŝǀĞĞǀĂůƵĂƚŝŽŶƐŽĨǁĞůůͲďĞŝŶŐ͘ /ŶƚŚĞŝƌĐŽŵŵĞŶƚĂƌLJŽŶƚŚĞƐƚĂƚĞŽĨƋƵĂůŝƚLJŽĨůŝĨĞƌĞƐĞĂƌĐŚ͕ŽŶŽŵŝĞƚĂů;ϮϬϬϬͿŶŽƚĞƐ ƚŚĂƚƚŚĞƌĞĂƌĞƚǁŽďƌŽĂĚĂƉƉƌŽĂĐŚĞƐƚŽŵĞĂƐƵƌŝŶŐƋƵĂůŝƚLJŽĨůŝĨĞ͕͙͞ƐƉĞĐŝĨŝĐŝŶƐƚƌƵŵĞŶƚƐ ƚŚĂƚĨŽĐƵƐŽŶƉƌŽďůĞŵƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐŝŶŐůĞĚŝƐĞĂƐĞƐƚĂƚĞƐ͕ƉĂƚŝĞŶƚŐƌŽƵƉƐ͕ĂƌĞĂƐŽĨ ĨƵŶĐƚŝŽŶ͕ŽƌŝŶĚŝǀŝĚƵĂůƐ͖ĂŶĚŐĞŶĞƌŝĐŝŶƐƚƌƵŵĞŶƚƐƚŚĂƚƉƌŽǀŝĚĞĂƐƵŵŵĂƌLJŽĨƋƵĂůŝƚLJŽĨ ůŝĨĞ͕ƵƐƵĂůůLJŚĞĂůƚŚͲƌĞůĂƚĞĚƋƵĂůŝƚLJŽĨůŝĨĞ͘͟ƐǁĞŚĂǀĞŶŽƚĞĚĞůƐĞǁŚĞƌĞŝŶƚŚŝƐƌĞǀŝĞǁ͕ ŵŽƐƚŵĞĂƐƵƌĞŵĞŶƚƐŽĨƋƵĂůŝƚLJŽĨůŝĨĞ͕ǁĞůůďĞŝŶŐĂŶĚǁĞůůŶĞƐƐĂƌĞŽĨƚŚĞĨŽƌŵĞƌƚLJƉĞ͕ ĨŽĐƵƐŝŶŐŽŶĚŝƐĞĂƐĞ͕ĂŶĚŶŽƚũƵƐƚĚŝƐĞĂƐĞŝŶŐĞŶĞƌĂů͕ďƵƚƐƉĞĐŝĨŝĐĚŝƐĞĂƐĞƐƚĂƚĞƐ͘dŚŝƐ ŵĞĂŶƐƚŚĂƚƚŚĞƌĞĂƌĞƌĞůĂƚŝǀĞůLJĨĞǁŵĞƚŚŽĚƐĚĞĂůŝŶŐǁŝƚŚƚŚĞƉŽƐŝƚŝǀĞƋƵĂůŝƚLJŽĨůŝĨĞŽĨ ŚĞĂůƚŚLJƉĞŽƉůĞ͘dŚƵƐŽŶŽŵŝĞƚĂů;ϮϬϬϬͿƌĞĂĐŚĞĚƚŚĞƐĂŵĞĐŽŶĐůƵƐŝŽŶĂƐ,ƵŶƚĞƌĂŶĚ >ĞĞĚĞƌ;ϮϬϭϯͿ͕ƚŚĂƚŵŽƐƚƋƵĂůŝƚLJŽĨůŝĨĞ͕ǁĞůůŶĞƐƐ͕ĂŶĚǁĞůůͲďĞŝŶŐŵĞƚŚŽĚƐĂĚĚƌĞƐƐ ƐƉĞĐŝĨŝĐĚŝƐĞĂƐĞƐƚĂƚĞƐ͕ĂŶĚŶŽƚƚŚĞŐĞŶĞƌĂůƋƵĂůŝƚLJŽĨůŝĨĞŽĨǁĞůůƉĞŽƉůĞ͘dǁŽ ƋƵĞƐƚŝŽŶŶĂŝƌĞƐƚŚĂƚĨŽĐƵƐŵŽƌĞŽŶŚĞĂůƚŚƚŚĂŶŽŶƋƵĂůŝƚLJŽĨůŝĨĞĂƌĞƚŚĞǀĞƌLJǁŝĚĞůLJƵƐĞĚ ^&ͲϯϲǀϮ;tĂƌĞĞƚĂů͕ϮϬϬϬͿĂŶĚƚŚĞ^ŚŽƌƚĞƌ^&ͲϭϮ;tĂƌĞĞƚĂů͕ϮϬϬϮͿ͕ǁŝƚŚϯϲŝƚĞŵƐĂŶĚ ϭϮŝƚĞŵƐƌĞƐƉĞĐƚŝǀĞůLJ͘dŚĞƐĞƚǁŽĨŽĐƵƐŽŶĂƉĞƌƐŽŶ͛ƐƌĞƉŽƌƚŽĨŚŽǁůŝŵŝƚŝŶŐƚŚĞŝƌ ƉŚLJƐŝĐĂů͕ŵĞŶƚĂů͕ĞŵŽƚŝŽŶĂů͕ĂŶĚƐŽĐŝĂůŚĞĂůƚŚĂƌĞ͕ǁŝƚŚƚŚĞĞŵƉŚĂƐŝƐŽŶƉŚLJƐŝĐĂů ĐŽŶĚŝƚŝŽŶ͘ YƵĂůŝƚLJŽĨůŝĨĞŽĨĨĞƌƐĂŶƵŵďĞƌŽĨĐŚŽŝĐĞƐŝŶƋƵĞƐƚŝŽŶŶĂŝƌĞƐ͕ƉĂƌƚůLJďĂƐĞĚŽŶƚŚĞǁŽƌŬŽĨ ƚŚĞtŽƌůĚ,ĞĂůƚŚKƌŐĂŶŝnjĂƚŝŽŶ͕ĂŶĚƚŚĞŝƌƋƵĞƐƚŝŽŶŶĂŝƌĞƐŝŶŵƵůƚŝƉůĞůĂŶŐƵĂŐĞƐ͘ ,ŽǁĞǀĞƌ͕ĂŶƵŵďĞƌŽĨůŝŵŝƚĂƚŝŽŶƐĨŽƌŵĞĂƐƵƌŝŶŐƋƵĂůŝƚLJŽĨůŝĨĞĐŽŶƚŝŶƵĞ͗



ͺ

ϭ͘ /ůůŶĞƐƐ͗DŽƐƚƋƵĂůŝƚLJŽĨůŝĨĞƋƵĞƐƚŝŽŶŶĂŝƌĞƐǁĞƌĞĚĞǀĞůŽƉĞĚĨŽƌƵƐĞǁŝƚŚƐŝĐŬ ƉĞŽƉůĞ͘dŚŝƐƌĞƐƵůƚƐŝŶůŽǁƌĞůĞǀĂŶĐĞĨŽƌŵĂŶLJƚŽƉŝĐƐŽĨƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞƐĨŽƌ ŚĞĂůƚŚLJƉĞŽƉůĞ͕ĂŶĚƉĞƌŚĂƉƐ͕ƐŽŵĞƚŽƉŝĐƐĂƌĞŵŝƐƐŝŶŐĨƌŽŵƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞƐ ďĞĐĂƵƐĞŽĨƚŚĞŝƌďĂƐŝƐŝŶŝůůŶĞƐƐ͘ƐŶŽƚĞĚƚŚƌŽƵŐŚŽƵƚƚŚŝƐƌĞǀŝĞǁ͕ĂůƚŚŽƵŐŚ ǁĞůůŶĞƐƐ͕ǁĞůůďĞŝŶŐĂŶĚƋƵĂůŝƚLJŽĨůŝĨĞƐŚŽƵůĚĨŽĐƵƐŽŶŚĞĂůƚŚLJďĞŚĂǀŝŽƌĂŶĚ ŚĞĂůƚŚLJƉĞŽƉůĞ͕ŵŽƐƚŽĨƚŚĞƌĞƐĞĂƌĐŚŝƐďĂƐĞĚŽŶƉĞŽƉůĞǁŝƚŚƐƉĞĐŝĨŝĐŝůůŶĞƐƐĞƐ͘ ŶĚŵĂŶLJŽĨƚŚĞŝƚĞŵƐͬƋƵĞƐƚŝŽŶƐŝŶƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞƐĨŽĐƵƐŽŶƚŚĞŶĞŐĂƚŝǀĞ ƐŝĚĞŽĨďĞŚĂǀŝŽƌ͘dŚŝƐŵĂŬĞƐŝƚŵŽƌĞĚŝĨĨŝĐƵůƚĨŽƌŚĞĂůƚŚLJƉĞŽƉůĞƚŽƌĞƐƉŽŶĚ͘ ƒ

ĂƐŝĐĚĞĨŝŶŝƚŝŽŶ͗tŚŝůĞƚŚĞĨŽĐƵƐŽŶŝůůŶĞƐƐŵĂŬĞƐƋƵĂůŝƚLJŽĨůŝĨĞĚŝĨĨŝĐƵůƚƚŽ ĐŽŶĐĞƉƚƵĂůŝnjĞĂŶĚŵĞĂƐƵƌĞ͕ƚŚĞƌĞŝƐĂŵŽƌĞďĂƐŝĐŝƐƐƵĞ͕ƚŚĞůĂĐŬŽĨĂŶ ŝŶƚĞƌŶĂƚŝŽŶĂůĐŽŶƐĞŶƐƵƐĂďŽƵƚǁŚĂƚƋƵĂůŝƚLJŽĨůŝĨĞŝƐĂŶĚǁŚĂƚĞdžĂĐƚůLJƋƵĂůŝƚLJŽĨ ůŝĨĞƋƵĞƐƚŝŽŶŶĂŝƌĞƐƐŚŽƵůĚŵĞĂƐƵƌĞ͘ǀĞƌLJƋƵĞƐƚŝŽŶŶĂŝƌĞƌĞĨůĞĐƚƐĂĚŝĨĨĞƌĞŶƚ ĚĞĨŝŶŝƚŝŽŶŽĨƋƵĂůŝƚLJŽĨůŝĨĞ͕ĂŶĚĂĚŝĨĨĞƌĞŶƚŐƌŽƵƉŽĨĚŝŵĞŶƐŝŽŶƐŽĨƋƵĂůŝƚLJŽĨůŝĨĞ ŽŶǁŚŝĐŚƚŚĞĚĞĨŝŶŝƚŝŽŶĚĞƉĞŶĚƐ͘

tĞůůͲĞŝŶŐ ƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚŝƐƐĞĐƚŝŽŶŽĨƚŚĞƉĂƉĞƌŽŶǁĞůůďĞŝŶŐ͕ǁĞŶĞĞĚƚŽŝŶĨŽƌŵƌĞĂĚĞƌƐ ƚŚĂƚǁĞůůďĞŝŶŐŝƐŵŽƌĞƚŚĂŶŽŶĞĐŽŶĐĞƉƚ͕ĂŶĚŵŽƌĞƚŚĂŶŽŶĞǁŽƌĚ͘ŽŶĐĞƌŶŝŶŐƚŚĞ ůĂƚƚĞƌ͕ǁĞůůďĞŝŶŐŝƐƐƉĞůůĞĚŝŶƚŚƌĞĞĚŝĨĨĞƌĞŶƚǁĂLJƐ;ǁĞůůͲďĞŝŶŐ͕ǁĞůůďĞŝŶŐǁĞůůďĞŝŶŐͿ ĚĞƉĞŶĚŝŶŐŽŶŐĞŽŐƌĂƉŚLJ͘/ŶŵŽƐƚŶŐůŝƐŚƐƉĞĂŬŝŶŐĐŽƵŶƚƌŝĞƐ͕ǁĞůůďĞŝŶŐŝƐŽŶĞǁŽƌĚ͖ŝŶ EŽƌƚŚŵĞƌŝĐĂ;h^ĂŶĚĂŶĂĚĂͿǁĞůůͲďĞŝŶŐŝƐƐƉĞůůĞĚǁŝƚŚĂŚLJƉŚĞŶƐĞƉĂƌĂƚŝŶŐƚŚĞƚǁŽ ǁŽƌĚƐ͘/ŶƚŚĞƐĞĐŽƵŶƚƌŝĞƐ͕ƐƉĞůůĐŚĞĐŬǁŝůůŶŽƚƌĞĐŽŐŶŝnjĞƚŚĞƐŝŶŐůĞǁŽƌĚĨŽƌŵ ;ǁĞůůďĞŝŶŐͿ͘KĐĐĂƐŝŽŶĂůůLJ͕ŽŶĞƐĞĞƐǁĞůůďĞŝŶŐĂƐƚǁŽƐĞƉĂƌĂƚĞǁŽƌĚƐ͕ǁĞůůďĞŝŶŐ͘tŚĞŶ LJŽƵĂƌĞƐĞĂƌĐŚŝŶŐĨŽƌǁĞůůďĞŝŶŐůŝƚĞƌĂƚƵƌĞ͕ŽƌǁƌŝƚŝŶŐǁŝƚŚƚŚĞƚĞƌŵǁĞůůďĞŝŶŐ͕ďĞĐĂƌĞĨƵů ŽĨƚŚĞƐĞƐƉĞůůŝŶŐĐŚŽŝĐĞƐ͘/ŶƚŚŝƐƌĞǀŝĞǁ͕/ǁŝůůƵƐĞƚŚĞŽŶĞǁŽƌĚƚĞƌŵ͕ǁĞůůďĞŝŶŐ͘ ŽĚŐĞĞƚĂů;ϮϬϭϮͿ͕ŝŶƚŚĞŝƌƌĞǀŝĞǁŽĨǁĞůůďĞŝŶŐ͕ŶŽƚĞ͗͞The question of how wellbeing should be defined (or spelt) still remains largely unresolved, which has given rise to blurred and overly broad definitions of wellbeing.” /ŶĂĚĚŝƚŝŽŶƚŽĚŝĨĨĞƌĞŶĐĞƐŝŶƐƉĞůůŝŶŐ͕ ƚŚĞƌĞĂƌĞĚŝĨĨĞƌĞŶƚĐŽŶĐĞƉƚƐŝŶǀŽůǀĞĚŝŶǁĞůůďĞŝŶŐ͘ŽĚŐĞĞƚĂů;ϮϬϭϮͿƐƚƌĞƐƐƚŚĂƚƚŚĞƌĞ ŚĂǀĞďĞĞŶƚǁŽĂƉƉƌŽĂĐŚĞƐĨŽƌĂĚĚƌĞƐƐŝŶŐǁĞůůďĞŝŶŐ͗͞the hedonic tradition, which accentuated constructs such as happiness, positive affect, low negative affect, and satisfaction with life”… ͞and the eudaimonic tradition, which highlighted positive psychological functioning and human development”. Dodge et al (2012) go on to stress that wellbeing is probably multidimensional, meaning that more than two concepts are probably involved. In fact the hedonic tradition includes both a cognitive evaluation of life as a whole (life evaluation) as well as measures of affect, involving the feelings at a particular time. The eudaimonic tradition of wellbeing deals with people’s purpose in life (OECD Report, 2013). And authors have stressed that wellbeing is composed of dimensions as pointed out above for the broad category of wellness (Bell et al (2004). ŶŽƚŚĞƌƉĞƌƐƉĞĐƚŝǀĞŽŶǁĞůůďĞŝŶŐĐŽŵĞƐĨƌŽŵƚŚĞƚƌĂĚŝƚŝŽŶŽĨƐĞƉĂƌĂƚŝŶŐƉƐLJĐŚŽůŽŐŝĐĂů ǁĞůůďĞŝŶŐĨƌŽŵƐƵďũĞĐƚŝǀĞǁĞůůďĞŝŶŐ;>ŝŶůĞLJĞƚĂů͕ϮϬϬϵͿ͘^ƵďũĞĐƚŝǀĞǁĞůůďĞŝŶŐŝƐƵƐƵĂůůLJ



ͻ

ƚƌĞĂƚĞĚƵŶĚĞƌYK>͕ĂŶĚƚŚĞƌĞĂĚĞƌŝƐƌĞĨĞƌƌĞĚƚŽƚŚĂƚƐĞĐƚŝŽŶĂďŽǀĞ͘,ŽǁĞǀĞƌ͕ƚŚĞĨĂĐƚ ƚŚĞƐƵďũĞĐƚŝǀĞǁĞůůďĞŝŶŐŝŶĐůƵĚĞƐƚŚĞƚĞƌŵǁĞůůďĞŝŶŐĐŽŶƚƌŝďƵƚĞƐƚŽƚŚĞĐŽŶĨƵƐŝŽŶŽŶ ĚĞĨŝŶŝŶŐĂŶĚƐĞƉĂƌĂƚŝŶŐĂůůŽĨƚŚĞƐĞƚĞƌŵƐ͘/ŶĐŽŶƚƌĂƐƚƚŽƐƵďũĞĐƚŝǀĞǁĞůůďĞŝŶŐ͕ ƉƐLJĐŚŽůŽŐŝĐĂůǁĞůůďĞŝŶŐŝƐĚĞĨŝŶĞĚĂƐ͚͚ĞŶŐĂŐĞŵĞŶƚǁŝƚŚĞdžŝƐƚĞŶƚŝĂůĐŚĂůůĞŶŐĞƐŽĨůŝĨĞ͟ ;>ŝŶůĞLJĞƚĂů͕ϮϬϬϵͿ͘DĞĂƐƵƌĞŵĞŶƚƐŽĨƉƐLJĐŚŽůŽŐŝĐĂůǁĞůůďĞŝŶŐĂƌĞůĞƐƐĨƌĞƋƵĞŶƚůLJƐĞĞŶ͕ ĂůƚŚŽƵŐŚƐŽŵĞĂƉƉƌŽĂĐŚĞƐŚĂǀĞďĞĞŶƐƵŐŐĞƐƚĞĚ;>ŝŶůĞLJĞƚĂů͕ϮϬϬϵͿ͘ WĞƌŚĂƉƐƚŚĞƐŝŵƉůĞƐƚĂƉƉƌŽĂĐŚƚŽŵĞĂƐƵƌŝŶŐǁĞůůďĞŝŶŐŝƐƚŚĞ”‹œ‘ƒ –‡‰”ƒ–‹˜‡ —–…‘‡•…ƒŽ‡ȋ Ǣ‡ŽŽ‡–ƒŽʹͲͲͶȌǤŠ‹•‘‡‹–‡˜‹•—ƒŽƒƒŽ‘‰—‡•…ƒŽ‡ŝŶƐƚƌƵĐƚƐ͗ ΗWůĞĂƐĞƌĞĨůĞĐƚŽŶLJŽƵƌƐĞŶƐĞŽĨǁĞůůͲďĞŝŶŐ͕ƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚLJŽƵƌƉŚLJƐŝĐĂů͕ŵĞŶƚĂů͕ ĞŵŽƚŝŽŶĂů͕ƐŽĐŝĂů͕ĂŶĚƐƉŝƌŝƚƵĂůĐŽŶĚŝƚŝŽŶŽǀĞƌƚŚĞƉĂƐƚϮϰŚŽƵƌƐ΀ŽƌŽǀĞƌƚŚĞƉĂƐƚ ŵŽŶƚŚ΁͘ZĞƐƉŽŶƐĞƐĂƌĞŵĂĚĞŽŶĂŚŽƌŝnjŽŶƚĂůϭϬϬŵŵƐĐĂůĞ͕ĨƌŽŵΗtŽƌƐƚLJŽƵŚĂǀĞĞǀĞƌ ďĞĞŶΗƚŽΗĞƐƚLJŽƵŚĂǀĞĞǀĞƌďĞĞŶ͘͞ŽŵƉĂƌŝƐŽŶƐǁŝƚŚƚŚĞWE^ƐŚŽǁƚŚĂƚƚŚĞ/K^ŝƐ ƉŽƐŝƚŝǀĞůLJƌĞůĂƚĞĚƚŽƚŚĞƉŽƐŝƚŝǀĞƐƵďƐĐĂůĞŽĨƚŚĞWE^;ĞůůĞƚĂů͕ϮϬϬϰͿŝŶďŽƚŚĐůŝŶŝĐĂů ĂŶĚŶŽŶͲĐůŝŶŝĐĂůƉŽƉƵůĂƚŝŽŶƐ͘dŚĞƌĞĂĚĞƌƐŚŽƵůĚŶŽƚĞƚŚĂƚƚŚĞ/K^ŝƐůŝƐƚĞĚĂƐĂǁĞůůŶĞƐƐ ƐĐĂůĞŝŶƚŚĞĞdžŚĂƵƐƚŝǀĞƌĞǀŝĞǁŽĨŝŶƚĞŐƌĂƚŝǀĞŵĞĚŝĐŝŶĞŵĞĂƐƵƌĞƐďLJ,ƵŶƚĞƌĂŶĚ>ĞĞĚĞƌ ;ϮϬϭϯͿ͖ƚŚŝƐŚŝŐŚůŝŐŚƚƐƚŚĞĚŝĨĨŝĐƵůƚLJŽĨŚŽǁƚŚĞƐĞĚŝĨĨĞƌĞŶƚŵĞĂƐƵƌĞƐĂƌĞĐĂƚĞŐŽƌŝnjĞĚ ĂŵŽŶŐƋƵĂůŝƚLJŽĨůŝĨĞ͕ǁĞůůďĞŝŶŐ͕ĂŶĚǁĞůůŶĞƐƐ͘ dŚĞtŽƌůĚ,ĞĂůƚŚKƌŐĂŶŝnjĂƚŝŽŶ;t,KͿŚĂƐďĞĞŶĂĐƚŝǀĞůLJŝŶǀŽůǀĞĚŝŶǁĞůůďĞŝŶŐ͘<ƌŝĞŐĞƌ ĞƚĂů;ϮϬϭϰͿƌĞƉŽƌƚŽŶƌĞĐĞŶƚƚĞƐƚŝŶŐǁŝƚŚƚŚĞt,KͲϱ;dŚĞt,KtĞůůͲĞŝŶŐ/ŶĚĞdžͿ;dĂďůĞ ϲͿ͕ĐůĂŝŵŝŶŐŚŝŐŚŝŶƚĞƌŶĂůĐŽŶƐŝƐƚĞŶĐLJ͕ĞǀŝĚĞŶĐĞŽĨĂŽŶĞͲĚŝŵĞŶƐŝŽŶĂůĨĂĐƚŽƌƐƚƌƵĐƚƵƌĞ͕ ĂŶĚŚŝŐŚĐŽŶǀĞƌŐĞŶƚĂƐƐŽĐŝĂƚŝŽŶƐǁŝƚŚŽƚŚĞƌŵĞĂƐƵƌĞƐŽĨǁĞůůďĞŝŶŐ͘ĞĐŚĞƚĂů;ϮϬϭϮͿ ƚƌĂĐĞƚŚĞŚŝƐƚŽƌLJŽĨƚŚĞt,KͲϱ͕ďĞŐŝŶŶŝŶŐŝŶϭϵϴϮǁŚĞŶƚŚĞt,KƵƌŽƉĞĂŶZĞŐŝŽŶĂů KĨĨŝĐĞŝŶŝƚŝĂƚĞĚĂƵƌŽƉĞĂŶĐŽŵƉĂƌŝƐŽŶŽĨƚǁŽĚŝĨĨĞƌĞŶƚŝŶƐƵůŝŶĚĞůŝǀĞƌĂŶĐĞŵĞƚŚŽĚƐ͘/Ŷ ŽƌĚĞƌƚŽĐŽŵƉĂƌĞǁĞůůďĞŝŶŐĂŶĚƋƵĂůŝƚLJŽĨůŝĨĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚĞĂĐŚƚƌĞĂƚŵĞŶƚ͕ĂϮϴͲ ŝƚĞŵt,KtĞůůͲĞŝŶŐYƵĞƐƚŝŽŶŶĂŝƌĞǁĂƐĚĞǀĞůŽƉĞĚƚŽĂƐƐĞƐƐďŽƚŚƉŽƐŝƚŝǀĞĂŶĚ ŶĞŐĂƚŝǀĞǁĞůůďĞŝŶŐ͘&ƵƌƚŚĞƌĂŶĂůLJƐŝƐŝĚĞŶƚŝĨŝĞĚƚĞŶŝƚĞŵƐŝŶƚŚĞϮϴͲŝƚĞŵt,K ƋƵĞƐƚŝŽŶŶĂŝƌĞƚŚĂƚďĞůŽŶŐĞĚƚŽĂŶŽǀĞƌĂůůŝŶĚĞdžŽĨƉŽƐŝƚŝǀĞĂŶĚŶĞŐĂƚŝǀĞǁĞůůďĞŝŶŐŝŶĂ ƵŶŝͲĚŝŵĞŶƐŝŽŶĂůƐĐĂůĞ͘dŚŝƐƌĞƐƵůƚĞĚŝŶƚŚĞt,K;dĞŶͿtĞůůͲĞŝŶŐ͘^ƵďƐĞƋƵĞŶƚůLJƚŚĞƚĞŶͲ ŝƚĞŵƐĐĂůĞǁĂƐƌĞĚƵĐĞĚƚŽĨŝǀĞŝƚĞŵƐŝŶŽƌĚĞƌƚŽĞŵƉŚĂƐŝnjĞƉŽƐŝƚŝǀĞĨĞĞůŝŶŐƐ͘dŚĞƚŝŵĞ ĨƌĂŵĞĨŽƌƚŚĞt,KͲϱŝƐƚǁŽǁĞĞŬƐ;^ĞĞt,KͲϱ͘ŽƌŐͿ͘ /E^Zdd>ϲ,Z dŚĞŚĞĚŽŶŝĐƚƌĂĚŝƚŝŽŶŝŶǁĞůůďĞŝŶŐŚĂƐůĞĚƚŽĨƵƌƚŚĞƌƌĞĐĞŶƚĚĞǀĞůŽƉŵĞŶƚƐŝŶŚĂƉƉŝŶĞƐƐ ĂŶĚĨůŽƵƌŝƐŚŝŶŐ͘^ƚĞǁĂƌƚĞƚĂů;ϮϬϭϬͿŶŽƚĞƚŚĂƚŚĂƉƉŝŶĞƐƐŝƐĐŽŵƉŽƐĞĚŽĨƚŚƌĞĞĨĂĐƚŽƌƐ͕ ŝŶĐůƵĚŝŶŐŚĞĨƌĞƋƵĞŶĐLJĂŶĚŝŶƚĞŶƐŝƚLJŽĨŚĂƉƉŝŶĞƐƐ͕ƚŚĞĂďƐĞŶĐĞŽĨŶĞŐĂƚŝǀĞĨĞĞůŝŶŐƐ͕ĂŶĚ ĂǀĞƌĂŐĞƐĂƚŝƐĨĂĐƚŝŽŶŽǀĞƌƉĞƌŝŽĚƐŽĨƚŝŵĞ͘ĐĐŽƌĚŝŶŐƚŽtŝŬŝƉĞĚŝĂ͕ĨůŽƵƌŝƐŚŝŶŐŝƐ͞Ă ƉŽƐŝƚŝǀĞƉƐLJĐŚŽůŽŐLJĐŽŶĐĞƉƚǁŚŝĐŚŝƐĂŵĞĂƐƵƌĞŽĨŽǀĞƌĂůůůŝĨĞǁĞůůͲďĞŝŶŐĂŶĚŝƐǀŝĞǁĞĚ ĂƐŝŵƉŽƌƚĂŶƚƚŽƚŚĞŝĚĞĂŽĨŚĂƉƉŝŶĞƐƐ͘͟ŝĞŶĞƌĞƚĂů;ϮϬϭϬͿĐůĂŝŵĞĚƚŚĞLJŚĂĚĂǁĞůůďĞŝŶŐ ƐĐŽƌĞǁŝƚŚƚŚĞϴͲŝƚĞŵ&ůŽƵƌŝƐŚŝŶŐ^ĐĂůĞ;&^Ϳ͕ĂŵĞĂƐƵƌĞŽĨ͞ƐĞůĨͲƉĞƌĐĞŝǀĞĚƐƵĐĐĞƐƐŝŶ ŝŵƉŽƌƚĂŶƚĂƌĞĂƐƐƵĐŚĂƐƌĞůĂƚŝŽŶƐŚŝƉƐ͕ƐĞůĨͲĞƐƚĞĞŵ͕ƉƵƌƉŽƐĞ͕ĂŶĚŽƉƚŝŵŝƐŵ͘͟dŚĞƐĐĂůĞŝƐ ĐŽƉLJƌŝŐŚƚĞĚďƵƚĂǀĂŝůĂďůĞǁŝƚŚŽƵƚĐŚĂƌŐĞĨŽƌĂůůĐůŝŶŝĐŝĂŶƐĂŶĚƌĞƐĞĂƌĐŚĞƌƐ͕ďƵƚƚŚĞ



ͳͲ

ĂƵƚŚŽƌƐƌĞƋƵĞƐƚƚŚĂƚLJŽƵĐŝƚĞƚŚĞŽƌŝŐŝŶĂůƌĞĨĞƌĞŶĐĞ;dĂďůĞϳͿ͘dŚĞ&ůŽƵƌŝƐŚŝŶŐ^ĐĂůĞ;&^Ϳ ŵĞĂƐƵƌĞƐ͞ƐŽĐŝĂůͲƉƐLJĐŚŽůŽŐŝĐĂůƉƌŽƐƉĞƌŝƚLJ͕͟ŝŶĐůƵĚŝŶŐƚŚĞƉƐLJĐŚŽůŽŐŝĐĂůŶĞĞĚƐĨŽƌ ĐŽŵƉĞƚĞŶĐĞ͕ƌĞůĂƚĞĚŶĞƐƐ͕ĂŶĚƐĞůĨͲĂĐĐĞƉƚĂŶĐĞ͕ƚŚĞŝŵƉŽƌƚĂŶĐĞŽĨƐŽĐŝĂůĐĂƉŝƚĂůĂŶĚ ƉƐLJĐŚŽůŽŐŝĐĂůĐĂƉŝƚĂů͕ĂƐǁĞůůĂƐƉƵƌƉŽƐĞ͕ŵĞĂŶŝŶŐ͕ĂŶĚŽƉƚŝŵŝƐŵŝŶůŝĨĞ͘dŚĞ&^ĂůƐŽ ƐƚƌĞƐƐĞƐďŽƚŚƌĞĐĞŝǀŝŶŐŚĞůƉĨƌŽŵŽƚŚĞƌƐĂŶĚƉƌŽǀŝĚŝŶŐŚĞůƉƚŽŽƚŚĞƌƐ͘ /E^Zdd>ϳ,Z dŚĞĐŽŶĐĞƉƚŽĨĨůŽƵƌŝƐŚŝŶŐŚĂƐĂůƐŽďĞĞŶƉƌŽŵŽƚĞĚďLJD͘͘W͘^ĞůŝŐŵĂŶ;ϮϬϭϭͿ͕ŽŶĞŽĨ ƚŚĞĨĂƚŚĞƌƐŽĨƚŚĞWŽƐŝƚŝǀĞWƐLJĐŚŽůŽŐLJŵŽǀĞŵĞŶƚ͘/Ŷ^ĞůŝŐŵĂŶ͛ƐŬ͕͞&ůŽƵƌŝƐŚ͗ sŝƐŝŽŶĂƌLJEĞǁhŶĚĞƌƐƚĂŶĚŝŶŐŽĨ,ĂƉƉŝŶĞƐƐĂŶĚtĞůůͲďĞŝŶŐ͟^ĞůŝŐŵĂŶƐƚĞĞƌƐĂǁĂLJĨƌŽŵ ŚĂƉƉŝŶĞƐƐĂƐƚŚĞĐĞŶƚƌĂůƚŚĞŵĞŽĨǁĞůůďĞŝŶŐ͕ĂŶĚĐŽŶĐĞŶƚƌĂƚĞƐŽŶĨůŽƵƌŝƐŚŝŶŐ͘^ĞůŝŐŵĂŶ ƉƌĞƐĞŶƚƐĨŝǀĞĐƌŝƚŝĐĂůĞůĞŵĞŶƚƐƚŽĨůŽƵƌŝƐŚŝŶŐŽƌǁĞůůďĞŝŶŐ͗,ĂƉƉŝŶĞƐƐŽƌWŽƐŝƚŝǀĞ ŵŽƚŝŽŶ͕ŶŐĂŐĞŵĞŶƚ͕ZĞůĂƚŝŽŶƐŚŝƉƐ͕DĞĂŶŝŶŐ͕ĂŶĚĐĐŽŵƉůŝƐŚŵĞŶƚ͘dŚĞƐĞĨŝǀĞĂƌĞ ƌĞĨĞƌƌĞĚƚŽĂƐWZD͘ ŵŽŶŐƚŚĞŵĂŶLJŵĞĂƐƵƌĞƐŽĨŚĂƉƉŝŶĞƐƐŝƐƚŚĞKdžĨŽƌĚ,ĂƉƉŝŶĞƐƐYƵĞƐƚŝŽŶŶĂŝƌĞ;K,Y͗ ,ŝůůƐĂŶĚƌŐLJůĞ͕ϮϬϬϮͿ;dĂďůĞϴͿ͘dŚĞK,YĐŽŶƐŝƐƚƐŽĨϮϵŝƚĞŵƐƐĐŽƌĞĚŽŶĂϲƉŽŝŶƚƐĐĂůĞ͘ ŝŐŚƚŝƚĞŵƐŽĨƚŚĞK,YĐŽŵƉƌŝƐĞĂƐŚŽƌƚĞƌƐĐĂůĞƚŚĂƚĐŽƌƌĞĐƚůLJĐůĂƐƐŝĨŝĞĚƌĞƐƉŽŶĚĞŶƚƐ͛ ƐĐŽƌĞƐǁŝƚŚĂŶĂĐĐƵƌĂĐLJŽĨϵϬйĂŶĚĐŽƌƌĞůĂƚĞĚǁŝƚŚƚŚĞĨƵůůƐĐĂůĞĂƚϬ͘ϵϬ;dĂďůĞϴͿ͘ ŶĚ ĂŶŽƚŚĞƌƌĞǀŝƐŝŽŶŽĨƚŚĞK,YƉƌŽĚƵĐĞĚĂϭϮŝƚĞŵƐŚŽƌƚĞŶĞĚǀĞƌƐŝŽŶŽĨƚŚĞK,Y;^ƚĞǁĂƌƚ ĞƚĂů͕ϮϬϭϬͿ͘dŚĞK,YĐŽƌƌĞůĂƚĞƐϬ͘ϳϳǁŝƚŚƐĂƚŝƐĨĂĐƚŝŽŶǁŝƚŚůŝĨĞ͘ŶĚĂŵĂũŽƌƌŽůĞĨŽƌ ƉŽƐŝƚŝǀĞĞŵŽƚŝŽŶƐŝŶĐůƵĚŝŶŐŚĂƉƉŝŶĞƐƐ͕ĂŶĚĨŽŽĚŝŶƚĂŬĞŝƐŐƌĞĂƚĞƌƚŚĂŶƉƌĞǀŝŽƵƐůLJ ĐŽŶƐŝĚĞƌĞĚ;ĨŽƌĞdžĂŵƉůĞ͕ƐĞĞŽŶŐĞƌƐĞƚĂů͕ϮϬϭϯͿ ZĞĐĞŶƚůLJ͕ǁĞĂƌĞďĞŐŝŶŶŝŶŐƚŽƐĞĞƉƵďůŝƐŚĞĚƉĂƉĞƌƐŽŶĐŽŶƐƵŵĞƌƉĞƌĐĞƉƚŝŽŶƐŽĨ ǁĞůůďĞŝŶŐǁŝƚŚƌĞƐƉĞĐƚƚŽĨŽŽĚ͘&ŽƌĞdžĂŵƉůĞ͕ƌĞƐĞƚĂů;ϮϬϭϰͿƐƚƵĚŝĞĚĐŽŶƐƵŵĞƌƐǁŝƚŚĂ ƋƵĞƐƚŝŽŶŶĂŝƌĞŝŶĨŝǀĞĚŝĨĨĞƌĞŶƚĐŽƵŶƚƌŝĞƐŝŶƵƌŽƉĞĂŶĚ^ŽƵƚŚŵĞƌŝĐĂ͘ZĞƐƵůƚƐ;dĂďůĞϵͿ ŝŶĚŝĐĂƚĞĚŝĨĨĞƌĞŶĐĞƐŝŶŚŽǁĚŝĨĨĞƌĞŶƚĐŽƵŶƚƌŝĞƐǀŝĞǁĨŽŽĚƐĂŶĚǁĞůůďĞŝŶŐ͕ĂŶĚƚŚĞ ĐŽŶƚƌŝďƵƚŝŽŶŽĨƐƉĞĐŝĨŝĐĨŽŽĚƐƚŽǁĞůůďĞŝŶŐ͘&ƌĂŶĐĞĂŶĚ^ƉĂŝŶǁĞŝŐŚƚŵŽƌĞŚĞĂǀŝůLJƚŚĞ ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨĨŽŽĚƐŝŶĐůƵĚŝŶŐĨůĂǀŽƌ͕ǁŚŝůĞƌĂnjŝůĂŶĚWŽƌƚƵŐĂůǁĞŝŐŚƐƉĞĐŝĨŝĐĨŽŽĚƐ ŵŽƌĞŚĞĂǀŝůLJ͕ƐƵĐŚĂƐĨƌƵŝƚƐĂŶĚǀĞŐĞƚĂďůĞƐ͘ŽŶǀĞƌƐĞůLJ͕ƵƌŽƉĞĂŶĐŽƵŶƚƌŝĞƐƐƵĐŚĂƐ &ƌĂŶĐĞ͕^ƉĂŝŶĂŶĚWŽƌƚƵŐĂůůĞƐƐĨƌĞƋƵĞŶƚůLJŵĞĂƐƵƌĞƐƉĞĐŝĨŝĐĨŽŽĚƐĂƐŐŽŽĚĨŽƌǁĞůůďĞŝŶŐ͕ ĐŽŵƉĂƌĞĚƚŽƌĂnjŝůĂŶĚhƌƵŐƵĂLJ͘ /E^Zdd>ϵ ŶĚŵŽƐƚƌĞĐĞŶƚůLJ͕ǁĞŚĂǀĞƐĞĞŶĂŶĞǁĨŽŽĚǁĞůůďĞŝŶŐƋƵĞƐƚŝŽŶŶĂŝƌĞƉƌŽĚƵĐĞĚĨƌŽŵĂ ĐŽŶƐŽƌƚŝƵŵŽĨ&ƌĞŶĐŚƌĞƐĞĂƌĐŚĞƌƐ͕ƚŚĞtĞůůͲ&YΞ;'ƵŝůůĞŵŝŶ͕ĞƚĂů͕ϮϬϭϲͿ͘dŚĞ ƋƵĞƐƚŝŽŶŶĂŝƌĞŝƐďĂƐĞĚŽŶƚǁŽďƌŽĂĚĂƌĞĂƐ͕ĨŽŽĚĂŶĚƉůĞĂƐƵƌĞͲƌĞůĂƚĞĚǁĞůůͲďĞŝŶŐĂŶĚ ĨŽŽĚĂŶĚŚĞĂůƚŚƌĞůĂƚĞĚǁĞůůͲďĞŝŶŐ;ŚLJƉŚĞŶƐŝŶǁĞůůͲďĞŝŶŐƌĞƚĂŝŶĞĚĨƌŽŵƚŚĞŽƌŝŐŝŶĂů ƉĂƉĞƌͿ͘dŚƵƐ͕ǁĞƐĞĞĂŵĞƚŚŽĚƚŚĂƚƚƌŝĞƐƚŽďƌŝĚŐĞƚŚĞŐĂƉǁĞŚĂǀĞƐĞĞŶƚŚƌŽƵŐŚŽƵƚƚŚŝƐ ƉĂƉĞƌ͕ŶĂŵĞůLJǁŚĞƚŚĞƌƚŽĨŽĐƵƐŽŶ;ƉŚLJƐŝĐĂůͿŚĞĂůƚŚ͕ŽƌǁŚĞƚŚĞƌƚŽĨŽĐƵƐŽŶƐƵďũĞĐƚŝǀĞ ƉůĞĂƐƵƌĞ;ĂŶĚŚĂƉƉŝŶĞƐƐĞƚĐͿ͘dŚĞ&ƌĞŶĐŚŐƌŽƵƉƌĞƉŽƌƚƐĂƐĞƌŝĞƐŽĨƐƚĞƉƐƚĂŬĞŶŝŶƚŚĞ ĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞŝƌƋƵĞƐƚŝŽŶŶĂŝƌĞ͕ďĂƐĞĚŽŶĨĞĞĚďĂĐŬĨƌŽŵĐŽŶƐƵŵĞƌƐ͕ƌĂƚŚĞƌƚŚĂŶŽŶ



ͳͳ

ĞdžƉĞƌƚŽƉŝŶŝŽŶŽƌĞdžŝƐƚŝŶŐƋƵĞƐƚŝŽŶŶĂŝƌĞƐ͘dŚĞŝƌŵƵůƚŝͲƐƚĞƉƉƌŽĐĞƐƐLJŝĞůĚĞĚĂ ƋƵĞƐƚŝŽŶŶĂŝƌĞǁŝƚŚƐŝdžŵŽĚƵůĞƐ͗͞'ƌŽĐĞƌLJƐŚŽƉƉŝŶŐ͟;ϭϭŝƚĞŵƐͿ͕ĂŶĚ͞ŝŶŝŶŐƉůĂĐĞƐ͟;ϭϭ ŝƚĞŵƐͿ͕ĞŵƉŚĂƐŝnjŝŶŐĞŶǀŝƌŽŶŵĞŶƚƐ͕͞ŽŽŬŝŶŐ͟;ϭϱŝƚĞŵƐͿĂŶĚ͞ĂƚŝŶŐĂŶĚĚƌŝŶŬŝŶŐ͟;ϲϲ ŝƚĞŵƐͿ͕ĞŵƉŚĂƐŝnjŝŶŐĐŽŽŬŝŶŐĂŶĚĞĂƚŝŶŐ͖͞ŽŵŵĞŶƐĂůŝƚLJ͟;ϴŝƚĞŵƐͿ͕ĞŵƉŚĂƐŝnjŝŶŐƚŚĞ ƐŽĐŝĂůĂŶĚ͞ĂƚŝŶŐŚĂďŝƚƐĂŶĚŚĞĂůƚŚ͟;ϮϯŝƚĞŵƐͿ͕ĐŽǀĞƌŝŶŐƚŚĞĚĞĨĞƌƌĞĚŚĞĂůƚŚďĞŶĞĨŝƚƐ ĂƐƐŽĐŝĂƚĞĚǁŝƚŚĨŽŽĚŚĂďŝƚƐ͘hŶĚŽƵďƚĞĚůLJ͕ǁĞǁŝůůƐĞĞĨƵƚƵƌĞ&ƌĞŶĐŚƌĞƐĞĂƌĐŚďĂƐĞĚŽŶ ƚŚŝƐŵŽĚĞůĂŶĚƚŚŝƐƋƵĞƐƚŝŽŶŶĂŝƌĞ͘dŚĞĂƵƚŚŽƌƐƐƚƌĞƐƐƚŚĂƚƚŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞĐĂŶďĞ ŵŽĚŝĨŝĞĚƚŽƐƵŝƚƉĂƌƚŝĐƵůĂƌƚĞƐƚŝŶŐƐŝƚƵĂƚŝŽŶƐ͕ďLJƚĂŬŝŶŐŝƚĞŵƐĨƌŽŵƚŚĞĚŝĨĨĞƌĞŶƚŵŽĚƵůĞƐ͘ dŚƵƐ͕ǁĞƐĞĞƚŚĂƚƚŚĞĂƌĞĂŽĨǁĞůůďĞŝŶŐŝƐŐĞŶĞƌĂƚŝŶŐƋƵĞƐƚŝŽŶŶĂŝƌĞƐĂŶĚƌĞƐĞĂƌĐŚ ƌĞůĂƚĞĚƚŽĨŽŽĚ͘tĞǁŝůůǁĂƚĐŚƚŚĞĐŽŶƚŝŶƵŝŶŐĚĞǀĞůŽƉŵĞŶƚƐŝŶĂůůŽĨƚŚĞƐĞĂƌĞĂƐ;ƋƵĂůŝƚLJ ŽĨůŝĨĞ͕ǁĞůůďĞŝŶŐ͕ǁĞůůŶĞƐƐͿƚŽƐĞĞŝĨƚŚŝƐƚƌĞŶĚĐŽŶƚŝŶƵĞƐ͘ŶĂůƚĞƌŶĂƚŝǀĞŝƐƚŚĂƚŵĞƚŚŽĚƐ ĚĞǀĞůŽƉĞĚŝŶŽŶĞĂƌĞĂǁŝůůďĞďŽƌƌŽǁĞĚďLJŽƚŚĞƌĂƌĞĂƐǁŝƚŚŽƵƚĐůĞĂƌĚŝƐƚŝŶĐƚŝŽŶŽĨǁŚĂƚ ĂƌĞĂƚŚĞLJďĞůŽŶŐŝŶ͘ tĞůůŶĞƐƐ /ŚĂǀĞĚĞĐŝĚĞĚƚŽƉƌĞƐĞŶƚǁĞůůŶĞƐƐůĂƐƚŝŶƚŚŝƐƉĂƉĞƌ͕ĨŽůůŽǁŝŶŐƚŚĞƚƌĞĂƚŵĞŶƚƐŽĨƋƵĂůŝƚLJ ŽĨůŝĨĞĂŶĚǁĞůůďĞŝŶŐ͘/ŚŽƉĞƚŚĂƚƚŚĞƌĞĂĚĞƌĐĂŶƉƵƚǁĞůůŶĞƐƐŝŶƚŽƚŚĞĐŽŶƚĞdžƚŽĨƚŚĞƐĞ ŽƚŚĞƌĐŽŶĐĞƉƚƐĂŶĚƚŚĞŝƌĂƐƐŽĐŝĂƚĞĚŵĞĂƐƵƌĞƐ͘dŚĞǁĞůůŶĞƐƐůŝƚĞƌĂƚƵƌĞŝƐĞƋƵĂůůLJůŽĂĚĞĚ ǁŝƚŚĚŝĨĨĞƌĞŶƚŽƉƚŝŽŶƐĨŽƌŵĞĂƐƵƌŝŶŐƚŚĞƐƵďũĞĐƚŝǀĞƐŝĚĞŽĨŚĞĂůƚŚ͘,ŽǁĞǀĞƌ͕ƚŚĞŐƌĞĂƚ ŵĂũŽƌŝƚLJŽĨŵĞĂƐƵƌĞƐŽĨǁĞůůŶĞƐƐŚĂǀĞďĞĞŶĚĞǀĞůŽƉĞĚǁŝƚŚŝŶƚŚĞĐůŝŶŝĐĂůĂŶĚ ĐŽƵŶƐĞůŝŶŐƐƉĞĐŝĂůƚŝĞƐ͘dŚĞƐĞŵĞĂƐƵƌĞƐĂƌĞƵƐƵĂůůLJ;ǀĞƌLJͿůŽŶŐƋƵĞƐƚŝŽŶŶĂŝƌĞƐ͕ŽĨƚĞŶǁŝƚŚ ŽǀĞƌϭϬϬŝƚĞŵƐ͕ŵĂŬŝŶŐƚŚĞŵůĞƐƐƉƌĂĐƚŝĐĂůĨŽƌĐŽŶƐƵŵĞƌƌĞƐĞĂƌĐŚ͘dŚŽƐĞǁŚŽǁŝƐŚƚŽ ƐĞĞŚŽǁǁĞůůŶĞƐƐŝƐƵƐƵĂůůLJŵĞĂƐƵƌĞĚ͕ĞƐƉĞĐŝĂůůLJŝŶƚŚĞĐůŝŶŝĐĂůĂŶĚĐŽƵŶƐĞůŝŶŐĐŽŶƚĞdžƚ͕ ŵŝŐŚƚǁĂŶƚƚŽůŽŽŬĂƚƚŚĞƐĞƋƵĞƐƚŝŽŶŶĂŝƌĞƐ͘ŶĚƐŽŵĞĚŝŵĞŶƐŝŽŶƐͬƐĐĂůĞƐǁŝƚŚŝŶƚŚĞƐĞ ƋƵĞƐƚŝŽŶŶĂŝƌĞƐŵŝŐŚƚďĞŚĞůƉĨƵůŝŶƚŚŽƐĞĚĞƐŝŐŶŝŶŐŶĞǁŵĞĂƐƵƌĞƐŽĨǁĞůůŶĞƐƐ͘ ^ŽŵĞŽĨƚŚĞďĞƚƚĞƌŬŶŽǁŶŵĞĂƐƵƌĞƐŽĨǁĞůůŶĞƐƐĨƌŽŵƚŚĞĐŽƵŶƐĞůŝŶŐĨŝĞůĚŝŶĐůƵĚĞƚŚĞ tĞůůŶĞƐƐǀĂůƵĂƚŝŽŶŽĨ>ŝĨĞƐƚLJůĞ;t>ͿǁŝƚŚϭϯϭŝƚĞŵƐ;DLJĞƌƐĞƚĂů͕ϮϬϬϰĂͿ͕ƚŚĞtĞůůŶĞƐƐ /ŶǀĞŶƚŽƌLJͬtĞůůŶĞƐƐ/ŶĚĞdžǁŝƚŚϭϮϬŝƚĞŵƐ;ǁǁǁ͘ŚĞĂůƚŚLJ͘ŶĞƚͿ͕ĂŶĚdĞƐƚǁĞůůǁŝƚŚϱϬŽƌ ϭϬϬŝƚĞŵƐ;KǁĞŶ͕ϭϵϵϵͿ͘&ƵƌƚŚĞƌ͕ƚŚĞ&ŝǀĞ&ĂĐƚŽƌtĞůůŶĞƐƐ/ŶǀĞŶƚŽƌLJ;&&t>ͿǁĂƐ ĚĞǀĞůŽƉĞĚƚŚƌŽƵŐŚƐƚƌƵĐƚƵƌĂůĞƋƵĂƚŝŽŶŵŽĚĞůŝŶŐĂŶĂůLJƐŝƐŽĨĂůĂƌŐĞĚĂƚĂďĂƐĞĨƌŽŵƚŚĞ tĞůůŶĞƐƐǀĂůƵĂƚŝŽŶŽĨ>ŝĨĞƐƚLJůĞ;t>Ϳ;DLJĞƌƐ͕^ǁĞĞŶĞLJĂŶĚtŝƚŵĞƌϮϬϬϰďͿ͘dŚĞ tĞůůŶĞƐƐǀĂůƵĂƚŝŽŶŽĨ>ŝĨĞƐƚLJůĞǁĂƐďĂƐĞĚŽŶƚŚĞtŚĞĞůŽĨtĞůůŶĞƐƐ͕ǁŚŝĐŚŝƐĚĞƐĐƌŝďĞĚ ŝŶDLJĞƌƐĞƚĂů;ϮϬϬϬͿ͘dŚĞ&&t>ŵĞĂƐƵƌĞƐƚŚĞŚŝŐŚĞƌŽƌĚĞƌtĞůůŶĞƐƐĨĂĐƚŽƌĂŶĚϱ ƐĞĐŽŶĚŽƌĚĞƌĨĂĐƚŽƌƐ͘/ŶĂĚĚŝƚŝŽŶƚŚĞƌĞĂƌĞƐĞǀĞŶƚĞĞŶĚŝƐĐƌĞƚĞƐĐĂůĞƐŵĞĂƐƵƌĞĚƵƐŝŶŐ ƐĞǀĞŶƚLJͲĨŽƵƌƐĐŽƌĞĚŝƚĞŵƐ͘dŚĞtĞůůŶĞƐƐ/ŶǀĞŶƚŽƌLJͬ/ŶĚĞdžŝƐďĂƐĞĚŽŶƚŚĞǁŽƌŬŽĨ:ŽŚŶ t͘dƌĂǀŝƐ;ƐĞĞ,ĞĂůƚŚtŽƌůĚKŶůŝŶĞĂƚǁǁǁ͘ŚĞĂůƚŚLJ͘ŶĞƚͿ͘/ƚĐŽŶƐŝƐƚƐŽĨϭϮϬƐƚĂƚĞŵĞŶƚƐ͖ ϭϮƐĞĐƚŝŽŶƐŽĨϭϬƐƚĂƚĞŵĞŶƚƐǁŝƚŚĞĂĐŚƐĞĐƚŝŽŶĐŽƌƌĞƐƉŽŶĚŝŶŐƚŽŽŶĞŽĨƚŚĞϭϮ ĚŝŵĞŶƐŝŽŶƐŽĨǁĞůůŶĞƐƐ͘    dŚƵƐ͕ƚŚĞƌĞǁĂƐŶŽƚŵƵĐŚĂǀĂŝůĂďůĞĨŽƌƚŚŽƐĞŝŶƚĞƌĞƐƚĞĚŝŶĐŽŶĚƵĐƚŝŶŐĐŽŶƐƵŵĞƌ ƌĞƐĞĂƌĐŚŽŶǁĞůůŶĞƐƐŽƵƚƐŝĚĞŽĨƚŚĞĐůŝŶŝĐĂůĂŶĚĐŽƵŶƐĞůŝŶŐĨŽĐƵƐŽĨƚŚĞĂďŽǀĞŵĞƚŚŽĚƐ͘ ;<ŝŶŐĞƚĂů͕ϮϬϭϱͿ͕ƵƐŝŶŐĂƐŝŵŝůĂƌĂƉƉƌŽĂĐŚƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨĂĐŽŶƐƵŵĞƌŵĞƚŚŽĚ 

ͳʹ

ƚŽƐƚƵĚLJĞŵŽƚŝŽŶƐ͕ƚŚĞƐ^ĞŶƐĞWƌŽĨŝůĞZ͘<ŝŶŐĞƚĂů;ϮϬϭϱͿƉƌĞƐĞŶƚŝŶĚĞƚĂŝůƚŚĞŵƵůƚŝƐƚĞƉ ƉƌŽĐĞƐƐŝŶǀŽůǀĞĚŝŶĚĞƐŝŐŶŝŶŐƚŚĞtĞůůƐĞŶƐĞWƌŽĨŝůĞdD͘ZĞĂĚĞƌƐƐŚŽƵůĚŶŽƚĞƚŚĂƚƚŚĞ ƉƌŽĐĞƐƐŽĨĚĞƐŝŐŶŝŶŐĂŶĞǁƐĐĂůĞƐŚŽƵůĚŶŽƚďĞƚĂŬĞŶŽŶůŝŐŚƚůLJ͖ŝƚŝƐůĞŶŐƚŚLJĂŶĚƚŝŵĞͲ ĐŽŶƐƵŵŝŶŐ͘ƵƚŝƚŝƐƉƌŽďĂďůLJƚŚĞƉƌĞĨĞƌƌĞĚĂƉƉƌŽĂĐŚĨŽƌŐƌŽƵƉƐƚŚĂƚǁĂŶƚĂƐƉĞĐŝĨŝĐ ŵĞƚŚŽĚĂƉƉƌŽƉƌŝĂƚĞĨŽƌƚŚĞŝƌƐŝƚƵĂƚŝŽŶĂŶĚƚŚĞŝƌƉƌŽĚƵĐƚĐĂƚĞŐŽƌLJ͘DĐŽƌŵŝĐŬĂŶĚŽ͕͘ /ŶĐ͘ďĞŐĂŶďLJĚĞƚĞƌŵŝŶŝŶŐǁŚĞƚŚĞƌǁĞůůŶĞƐƐŝƐĂŶĂƉƉƌŽƉƌŝĂƚĞĐŽŶĐĞƉƚĨŽƌĨŽŽĚ͘hƐŝŶŐ ƚĞƐƚŝŶŐǁŝƚŚƚŚĞt,KͲYK>Z&ƋƵĞƐƚŝŽŶŶĂŝƌĞ͕ƚŚĞLJŽďƐĞƌǀĞĚŚŝŐŚĞƌt,KYK>ͲZ& ƐĐŽƌĞƐĨŽƌŚŝŐŚŚĞƌďĂŶĚƐƉŝĐĞƵƐĞƌƐ;ϴϱ͘ϲͿĐŽŵƉĂƌĞĚǁŝƚŚůŽǁĞƌŚĞƌďĂŶĚƐƉŝĐĞƵƐĞƌƐ ;ϴϭ͘ϬͿ͘dŚŝƐƉĂƚƚĞƌŶǁĂƐƌĞĨůĞĐƚĞĚŝŶĂůůĨŽƵƌĚŝŵĞŶƐŝŽŶƐŽĨǁĞůůŶĞƐƐ;ƉŚLJƐŝĐĂů͕ŵĞŶƚĂů͕ ƐŽĐŝĂůĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůͿ͘EĞdžƚ<ŝŶŐĞƚĂů;ϮϬϭϱͿŝĚĞŶƚŝĨŝĞĚϭϬĚŝŵĞŶƐŝŽŶƐŽĨǁĞůůŶĞƐƐ ǁŝƚŚŝŶϮϬƉƵďůŝƐŚĞĚǁĞůůŶĞƐƐŵŽĚĞůƐďĂƐĞĚŽŶƚŚĞƌĞǀŝĞǁƐŽĨDŝůůĞƌĂŶĚ&ŽƐƚĞƌ;ϮϬϭϬͿ ĂŶĚZŽƐĐŽĞ;ϮϬϬϵͿ͕ĂŶĚƚŚĞŶĚŽǁŶͲƐĞůĞĐƚĞĚƚŚĞƚŽƉĨŝǀĞĚŝŵĞŶƐŝŽŶƐ;ŝ͘Ğ͘ƉŚLJƐŝĐĂů͕ ĞŵŽƚŝŽŶĂů͕ƐŽĐŝĂů͕ŝŶƚĞůůĞĐƚƵĂů͕ĂŶĚƐƉŝƌŝƚƵĂůͿ͘ tĞůů^ĞŶƐĞǁĂƐĚĞƐŝŐŶĞĚƵƐŝŶŐǁŽƌĚƐ͕ƌĂƚŚĞƌƚŚĂŶƉŚƌĂƐĞƐŽƌƐĞŶƚĞŶĐĞƐ͘dŚĞǁŽƌĚƐǁĞƌĞ ĞdžƚƌĂĐƚĞĚƉƌŝŵĂƌŝůLJĨƌŽŵǁĞůůŶĞƐƐƋƵĞƐƚŝŽŶŶĂŝƌĞƐĂŶĚĞŵŽƚŝŽŶƋƵĞƐƚŝŽŶŶĂŝƌĞƐ͘dŚĞ ƚĞƌŵƐǁĞƌĞĨƵƌƚŚĞƌƌĞĨŝŶĞĚƵƐŝŶŐƚŚƌĞĞŝŶƚĞƌŶĞƚƐƵƌǀĞLJƐŝŶƚŚĞh͘^͘dĂďůĞϭϬƉƌĞƐĞŶƚƐƚŚĞ ǁŽƌĚƐĐŚŽƐĞŶĨŽƌĞĂĐŚŽĨƚŚĞǁĞůůŶĞƐƐĚŝŵĞŶƐŝŽŶƐ͘/ŶƚŚĞĨŝŶĂůƋƵĞƐƚŝŽŶŶĂŝƌĞƚŚĞƚĞƌŵƐ ǁĞƌĞƌĂŶĚŽŵŝnjĞĚƌĂƚŚĞƌƚŚĂŶďĞŝŶŐƐĞƉĂƌĂƚĞĚďLJĚŝŵĞŶƐŝŽŶ͘ dŚĞtĞůůƐĞŶƐĞWƌŽĨŝůĞΡǁĂƐǀĂůŝĚĂƚĞĚǁŝƚŚĂǀĂƌŝĞƚLJŽĨƚĞƐƚƐ͕ŝŶĐůƵĚŝŶŐƚĞƐƚŝŶŐǁŝƚŚ ĐŽŶƚƌĂƐƚŝŶŐƉƌŽĚƵĐƚŶĂŵĞƐ;ůĂǀĞŶĚĞƌŽƌƉĞƉƉĞƌŵŝŶƚͿLJŝĞůĚŝŶŐĚŝĨĨĞƌĞŶƚŝĂůƌĞƐƉŽŶƐĞƐ ĐŽŵƉĂƌĞĚƚŽďĂƐĞůŝŶĞĨŽƌϭϴƚĞƌŵƐ;ůĂǀĞŶĚĞƌͿŽƌϮϴƚĞƌŵƐ;ƉĞƉƉĞƌŵŝŶƚͿ͘<ĞLJĚŝĨĨĞƌĞŶĐĞƐ ƐŚŽǁĞĚŝŶĐƌĞĂƐĞƐŝŶĐĂůŵ͕ƌĞĨƌĞƐŚĞĚ͕ĂŶĚƌĞƐƚĞĚĨŽƌůĂǀĞŶĚĞƌĂƐŽƉƉŽƐĞĚƚŽŝŶĐƌĞĂƐĞŝŶ ĞŶĞƌŐĞƚŝĐĂŶĚƐƚŝŵƵůĂƚĞĚĨŽƌƉĞƉƉĞƌŵŝŶƚ͘&ŝŶĂůůLJ͕ƚŚĞtĞůů^ĞŶƐĞWƌŽĨŝůĞdDǁĂƐƚĞƐƚĞĚ ǁŝƚŚŵĞĂƚůŽĂĨĂŶĚǀĞŐĞƚĂďůĞƌĞĐŝƉĞƐǁŝƚŚĚŝĨĨĞƌĞŶƚůĞǀĞůƐŽĨĨĂƚ;^ĞĞdĂďůĞϭϭ͕<ŝŶŐĞƚĂů͕ ϮϬϭϰͿ͘ŽƚŚƚŚĞŚĞĚŽŶŝĐƐĐĂůĞĂŶĚƚŚĞǁĞůůŶĞƐƐƐĐŽƌĞĚƌŽƉĨƌŽŵƚŚĞĨƵůůĨĂƚĞƌĞĐŝƉĞƚŽ ƚŚĞƌĞĚƵĐĞĚĨĂƚƌĞĐŝƉĞƐ͕ďƵƚƚŚĞŶŝŶĐƌĞĂƐĞǁŝƚŚƚŚĞĂĚĚŝƚŝŽŶŽĨƐƉŝĐĞƐ͘

/E^Zdd>ϭϬʹtĞůů^ĞŶƐĞWƌŽĨŝůĞdDdĞƌŵƐ /E^Zdd>ϭϭʹĚĂƚĂ ^ƵŵŵĂƌLJĂŶĚŽŶĐůƵƐŝŽŶ dŚŝƐƉĂƉĞƌŚĂƐŝŶƚƌŽĚƵĐĞĚƚŚĞĐŽŶĐĞƉƚƵĂůŝnjĂƚŝŽŶĂŶĚŵĞĂƐƵƌĞŵĞŶƚŽĨƋƵĂůŝƚLJŽĨůŝĨĞ͕ ǁĞůůďĞŝŶŐ͕ĂŶĚǁĞůůŶĞƐƐ͘dŚĞƐĞƚŚƌĞĞƚĞƌŵƐĂůůƌĞůĂƚĞƚŽƚŚĞƉŽƐŝƚŝǀĞ͕ƐƵďũĞĐƚŝǀĞƐŝĚĞŽĨ ŚĞĂůƚŚ͘tĞůůŶĞƐƐŝƐƚŚĞƉŽƐŝƚŝǀĞĚŝŵĞŶƐŝŽŶŽƉƉŽƐŝƚĞŝůůŶĞƐƐ͘tĞůůŶĞƐƐŝƐŶŽƚƚŚĞĂďƐĞŶĐĞ ŽĨĚŝƐĞĂƐĞĂŶĚƚŚĞĂďƐĞŶĐĞŽĨŝůůŶĞƐƐ͖ŝƚŝƐĂƐĞƉĂƌĂƚĞƉŽƐŝƚŝǀĞƐƚĂƚĞ͘tĞůůŶĞƐƐĐĂŶďĞ ĂƐƐĞƐƐĞĚĐŽŶĐĞƌŶŝŶŐŚĞĂůƚŚĂŶĚŚĞĂůƚŚĐĂƌĞ͕ŚĞĂůƚŚƉƌŽĚƵĐƚƐƐƵĐŚĂƐǀŝƚĂŵŝŶƐ͕ĂŶĚ ĐŽŶƐƵŵĞƌƉƌŽĚƵĐƚƐƐƵĐŚĂƐĨŽŽĚĂŶĚƉĞƌƐŽŶĂůĐĂƌĞƉƌŽĚƵĐƚƐ͘YƵĂůŝƚLJŽĨůŝĨĞ͕ǁĞůůͲďĞŝŶŐ͕ ĂŶĚǁĞůůŶĞƐƐĂƌĞŽĨƚĞŶĚŝƐĐƵƐƐĞĚĂŶĚĚĞƐĐƌŝďĞĚŝŶƚĞƌŵƐŽĨĂŵƵůƚŝĚŝŵĞŶƐŝŽŶĂůŵŽĚĞů͘ dŚĞƐƚƌŽŶŐĞƐƚĚŝŵĞŶƐŝŽŶƐĂƌĞƉŚLJƐŝĐĂů͕ƐŽĐŝĂů͕ĞŵŽƚŝŽŶĂůͬƉƐLJĐŚŽůŽŐŝĐĂů͕ŝŶƚĞůůĞĐƚƵĂů͕ĂŶĚ ƐƉŝƌŝƚƵĂů͕ĂůƚŚŽƵŐŚǁĞŵŝŐŚƚĐŚĂŶŐĞƐŝŶƚŚĞƐĞĚŝŵĞŶƐŝŽŶƐŝŶƚŚĞĐŽŶƚĞdžƚŽĨĚŝĨĨĞƌĞŶƚ



ͳ͵

ƉƌŽĚƵĐƚƐĂŶĚĚŝĨĨĞƌĞŶƚĐƵůƚƵƌĞƐ͕dŚĞŵĞĂƐƵƌĞŵĞŶƚŽĨƚŚĞƐĞƉŽƐŝƚŝǀĞĚŝŵĞŶƐŝŽŶƐŽĨ ŚĞĂůƚŚŚĂǀĞƉƌŽĚƵĐĞĚůŝƚĞƌĂůůLJƚŚŽƵƐĂŶĚƐŽĨĚŝĨĨĞƌĞŶƚŵĞĂƐƵƌĞƐ͕ďƵƚŵŽƐƚŽĨƚŚĞŵŚĂǀĞ ďĞĞŶĂƉƉůŝĞĚƚŽƐƉĞĐŝĨŝĐĚŝƐĞĂƐĞĐŽŶĚŝƚŝŽŶƐ͕ƚƌLJŝŶŐƚŽĚĞŵŽŶƐƚƌĂƚĞƚŚĞĚŝĨĨĞƌĞŶĐĞƐ ďĞƚǁĞĞŶƐŝĐŬŝŶĚŝǀŝĚƵĂůƐĂŶĚŚĞĂůƚŚLJŝŶĚŝǀŝĚƵĂůƐʹǀĞƌLJĨĞǁŵĞĂƐƵƌĞƐŽĨƐƵďũĞĐƚŝǀĞ ǁĞůůŶĞƐƐŚĂǀĞĨŽĐƵƐĞĚŽŶǁĞůůƉĞŽƉůĞ͘DĞĂƐƵƌĞƐŽĨƋƵĂůŝƚLJŽĨůŝĨĞĂŶĚŽĨǁĞůůͲďĞŝŶŐŚĂǀĞ ĨŽĐƵƐĞĚŽŶŽǀĞƌĂůůĨƵŶĐƚŝŽŶŝŶŐ͘YƵĂůŝƚLJŽĨůŝĨĞŽĨŵĞĂƐƵƌĞƐŚĂǀĞďĞĞŶĚĞǀĞůŽƉĞĚďLJƚŚĞ tŽƌůĚ,ĞĂůƚŚKƌŐĂŶŝnjĂƚŝŽŶ;t,KͿ͘^ƵďũĞĐƚŝǀĞǁĞůůďĞŝŶŐŚĂƐďĞĞŶĚĞĨŝŶĞĚĂƐƚŚĞ ĐŽŵďŝŶĂƚŝŽŶŽĨƉŽƐŝƚŝǀĞͲŶĞŐĂƚŝǀĞĂĨĨĞĐƚďĂůĂŶĐĞĂŶĚƐĂƚŝƐĨĂĐƚŝŽŶǁŝƚŚůŝĨĞ͕ĂŶĚŝƐ ŵĞĂƐƵƌĞĚǁŝƚŚƚǁŽƐƚĂŶĚĂƌĚŵĞĂƐƵƌĞƐŽĨƚŚĞƐĞĂƚƚƌŝďƵƚĞƐ͘tĞůůďĞŝŶŐŚĂƐŐĞŶĞƌĂƚĞĚ ŵĞƚŚŽĚƐĂŝŵĞĚĂƚƚŚĞĨŽŽĚƉƌŽĚƵĐƚƐĂŶĚĞĂƚŝŶŐ͕ĂŶĚŝƐĚĞǀĞůŽƉŝŶŐĐƌŽƐƐĐƵůƚƵƌĂů ƌĞƐĞĂƌĐŚŽŶƉĞŽƉůĞ͛ƐƌĞƐƉŽŶƐĞƐƚŽĨŽŽĚƐĂŶĚĞĂƚŝŶŐ͘tĞůůŶĞƐƐŚĂƐůĂƌŐĞůLJďĞĞŶ ŵĞĂƐƵƌĞĚŝŶƚŚĞĨŝĞůĚƐŽĨĐůŝŶŝĐĂůĂŶĚĐŽƵŶƐĞůŝŶŐƉƐLJĐŚŽůŽŐLJ͘^ŽŵĞĐƵƌƌĞŶƚŵĞƚŚŽĚƐŝŶ ďŽƚŚĐůŝŶŝĐĂůĂŶĚĂƉƉůŝĞĚƌĞƐĞĂƌĐŚĂƌĞƐƵŵŵĂƌŝnjĞĚŝŶdĂďůĞϭϮ͘tĞůůŶĞƐƐ͕ǁĞůůͲďĞŝŶŐ͕ĂŶĚ ƋƵĂůŝƚLJŽĨůŝĨĞƉƌŽŵŝƐĞƚŽďĞŝŵƉŽƌƚĂŶƚĚŝŵĞŶƐŝŽŶƐŝŶĐŽŶƐƵŵĞƌƉĞƌĐĞƉƚŝŽŶŽĨĨŽŽĚĂŶĚ ŽƚŚĞƌĐŽŶƐƵŵĞƌƉƌŽĚƵĐƚƐ͘ŶĚďĞĐĂƵƐĞǁĞůůŶĞƐƐŝƐĂƐƵďũĞĐƚŝǀĞĂƚƚƌŝďƵƚĞ͕ƉĞŽƉůĞŝŶ ƐĞŶƐŽƌLJĂŶĚĐŽŶƐƵŵĞƌƌĞƐĞĂƌĐŚĂƌĞƚƌĂŝŶĞĚƚŽǁŽƌŬǁŝƚŚƚŚĞƐĞĚŝŵĞŶƐŝŽŶƐ͕ĂŶĚƐŚŽƵůĚ ĐŽŶƐŝĚĞƌĂĚĚŝŶŐƚŚĞŵƚŽƚŚĞŝƌƚĞƐƚŝŶŐƌĞƉĞƌƚŽŝƌĞ͘ /E^Zdd>ϭϮ  ZĞĨĞƌĞŶĐĞƐ͗  Ares, G., de Saldamando, L., Giménez, A., Claret, A., Cunha, L.M., Guerrero, L., de Moura, A. P.., Oliveira, D.C.R. Symoneaux, R., Deliza, R. (2014) Consumers’ associations with wellbeing in a food-related context: A cross-cultural study. Food Quality and Preference, 40, 304-315. Barr, J. T., & Schumacher, G. E. (2003). The need for a nutrition-related quality-of-life measure. Journal of the American Dietetic Association, 103, 177–180. Barr, J. T., Schumacher, G., & Myers, E. F. (2001). Case problem: Quality of life outcomes assessment. How can you use it in medical nutrition therapy? Journal of the American Dietetic Association, 101, 1064–1066. Bech P. (2012) Clinical Psychometrics, Oxford: Wiley-Blackwell Ğůů/Z͕ƵŶŶŝŶŐŚĂŵs͕ĂƐƉŝK͕DĞĞŬW͕&ĞƌƌŽ>͘;ϮϬϬϰͿĞǀĞůŽƉŵĞŶƚĂŶĚǀĂůŝĚĂƚŝŽŶŽĨĂ ŶĞǁŐůŽďĂůǁĞůůͲďĞŝŶŐŽƵƚĐŽŵĞƐƌĂƚŝŶŐƐĐĂůĞĨŽƌŝŶƚĞŐƌĂƚŝǀĞŵĞĚŝĐŝŶĞƌĞƐĞĂƌĐŚ͘D ŽŵƉůĞŵĞŶƚůƚĞƌŶ͕ϰ͗ϭ͘ ŽŶŐĞƌƐ͕W͕͘:ĂŶƐĞŶ͕͕͘,ĂǀĞƌŵĂŶƐ͕Z͕͘ZŽĞĨƐ͕͕͘EĞĚĞƌŬŽŽƌŶ͕͘;ϮϬϭϯͿ,ĂƉƉLJĞĂƚŝŶŐ͘ dŚĞƵŶĚĞƌĞƐƚŝŵĂƚĞĚƌŽůĞŽĨŽǀĞƌĞĂƚŝŶŐŝŶĂƉŽƐŝƚŝǀĞŵŽŽĚ͘ƉƉĞƚŝƚĞ͕ϲϳ͕ϳϰʹϴϬ ŽŶŽŵŝ͕͕͘WĂƚƌŝĐŬ͕͘>͕͘ƵƐŚŶĞůů͕͘D͕͘DĂƌƚŝŶ͕D͘;ϮϬϬϬͿZĞƐƉŽŶƐĞ͘YƵĂůŝƚLJŽĨůŝĨĞ ŵĞĂƐƵƌĞŵĞŶƚ͘tŝůůǁĞĞǀĞƌďĞƐĂƚŝƐĨŝĞĚ͍:ŽƵƌŶĂůŽĨůŝŶŝĐĂůƉŝĚĞŵŝŽůŽŐLJ͕ϱϯ͕ϭϵʹϮϯ͘



ͳͶ

Corle, D. K., Sharbaugh, C., Mateski, D. J., Coyne, T., Paskett, E. D., Cahill, J., et al. (2001). Self-rated quality of life measures: Effect of change to a low-fat, high-fiber, fruit and vegetable enriched diet. Annals of Behavioural Medicine, 23, 198–207. ĚĂZŽĐŚĂ͕E͘^͕͘WŽǁĞƌ͕D͘:͕͘ƵƐŚŶĞůů͕͘D͕͘ĂŶĚ&ůĞĐŬ͕D͘W͕͘;ϮϬϭϮͿdŚĞhZK,/^ͲYK> ϴͲ/ƚĞŵ/ŶĚĞdž͗ŽŵƉĂƌĂƚŝǀĞWƐLJĐŚŽŵĞƚƌŝĐWƌŽƉĞƌƚŝĞƐƚŽ/ƚƐWĂƌĞŶƚt,KYK>ͲZ&͘sĂůƵĞ ŝŶ,ĞĂůƚŚ͕ϭϱ͕ϰϰϵʹϰϱϳ͘ ŝĞŶĞƌ͕͕͘ŵŵŽŶƐ͕Z͕͘͘>ĂƌƐĞŶ͕Z͘:͕͘ĂŶĚ'ƌŝĨĨŝŶ͕^͘;ϭϵϴϱͿdŚĞ^ĂƚŝƐĨĂĐƚŝŽŶǁŝƚŚ>ŝĨĞ ^ĐĂůĞ͕:ŽƵƌŶĂůŽĨWĞƌƐŽŶĂůŝƚLJƐƐĞƐƐŵĞŶƚ͕ϰϵ͕ϳϭͲϳϱ͘ ŝĞŶĞƌ͕͕͘tŝƌƚnj͕͕͘dŽǀ͕t͕͘<ŝŵͲWƌŝĞƚŽ͕͕͘ŚŽŝ͕͕͘KŝƐŚŝ͕^͕͘ΘŝƐǁĂƐͲŝĞŶĞƌ͕Z͘ ;ϮϬϭϬͿ͘EĞǁŵĞĂƐƵƌĞƐŽĨǁĞůůͲďĞŝŶŐ͗&ůŽƵƌŝƐŚŝŶŐĂŶĚƉŽƐŝƚŝǀĞĂŶĚŶĞŐĂƚŝǀĞĨĞĞůŝŶŐƐ͘ ^ŽĐŝĂů/ŶĚŝĐĂƚŽƌƐZĞƐĞĂƌĐŚ͕ϯϵ͕ϮϰϳͲϮϲϲ͘ Dodge, R., Daly, A., Huyton, J., & Sanders, L. (2012). The challenge of defining wellbeing. International Journal of Wellbeing, 2(3), 222-235. ƵŶŶ͕,͘;ϭϵϲϭͿ,ŝŐŚ>ĞǀĞůtĞůůŶĞƐƐ͕ƌůŝŶŐƚŽŶ͕s͗ĞĂƚƚLJWƌĞƐƐ  ŝƐĞŶďĞƌŐ͕>͘;ϭϵϳϭͿ͕ŝƐĞĂƐĞĂŶĚ/ůůŶĞƐƐ͘ŝƐƚŝŶĐƚŝŽŶƐďĞƚǁĞĞŶƉƌŽĨĞƐƐŝŽŶĂůĂŶĚƉŽƉƵůĂƌ ŝĚĞĂƐŽĨƐŝĐŬŶĞƐƐ͘ƵůƚƵƌĞ͕DĞĚŝĐŝŶĞ͕ĂŶĚWƐLJĐŚŝĂƚƌLJ͕ϭ;ϭͿ͕ϵͲϮϯ͘  '͘>͘ŶŐĞů;ϭϵϳϳͿdŚĞŶĞĞĚĨŽƌĂŶĞǁŵĞĚŝĐĂůŵŽĚĞů͗ĂĐŚĂůůĞŶŐĞĨŽƌďŝŽŵĞĚŝĐŝŶĞ͘ ^ĐŝĞŶĐĞ͕ϭϵϲ͕ϭϮϵͲϭϯϲ͘ &ŽƐƚĞƌ͕>͘d͘ĂŶĚ<ĞůůĞƌ͕͘W͘;ϮϬϬϳͿƚůĂƐŽĨtĞůůŶĞƐƐ͕ϭƐƚĚŝƚŝŽŶ͕ĂŶĂĚŝĂŶtĞƐƚĞƌŶ 'ĞŽŐƌĂƉŚŝĐĂů^ĞƌŝĞƐͻsŽůƵŵĞϰϮΞtĞƐƚĞƌŶ'ĞŽŐƌĂƉŚŝĐĂůWƌĞƐƐ͕Department of Geography, University of Victoria P.O. Box 3050, Victoria, BC, Canada V8W 3P5  &ŽƐƚĞƌ͕>͘d͕͘<ĞůůĞƌ͕͘W͕͘DĐ<ĞĞ͕͘ĂŶĚKƐƚƌLJ͕͘;ϮϬϭϭͿ͕dŚĞƌŝƚŝƐŚŽůƵŵďŝĂϮŶĚ ĚŝƚŝŽŶƚůĂƐŽĨtĞůůŶĞƐƐϮŶĚĚŝƚŝŽŶ͕tĞƐƚĞƌŶ'ĞŽŐƌĂƉŚŝĐĂůWƌĞƐƐ͕ĞƉĂƌƚŵĞŶƚŽĨ 'ĞŽŐƌĂƉŚLJ͕hŶŝǀĞƌƐŝƚLJŽĨsŝĐƚŽƌŝĂW͘K͘ŽdžϯϬϱϬ͕sŝĐƚŽƌŝĂ͕͕ĂŶĂĚĂsϴtϯWϱ 'ƌƵŶĞƌƚ͕<͘'͘ĞĂŶ͕D͕͘ZĂĂƚƐ͕D͘D͕͘EŝĞůƐĞŶ͕E͕͘͘>ƵŵďĞƌƐ͕D͘ĂŶĚ&ŽŽĚŝŶ>ĂƚĞƌ>ŝĨĞ dĞĂŵ;ϮϬϬϳͿŵĞĂƐƵƌĞŽĨƐĂƚŝƐĨĂĐƚŝŽŶǁŝƚŚĨŽŽĚͲƌĞůĂƚĞĚůŝĨĞ͘ƉƉĞƚŝƚĞ͕ϰϵ͕ϰϴϲʹϰϵϯ͘ Ă ď 'ƵŝůůĞŵŝŶ͕/͘DĂƌƌĞů͕͕ƌŶŽƵůĚ͕͕͘ ͕>͘ĂƉƵƌŽŶ͕>͕͘ ͕͘ƵƉƵLJ͕͕͘'ŝŶŽŶ͕͕͘>ĂLJĞ͕ ^͕͘>ĞĐĞƌĨ͕:ͲD͕WƌŽƐƚ͕D͕͘ZŽŐĞĂƵdž͕D͕͘hƌĚĂƉŝůůĞƚĂ͕/͕͘ůůĂĞƌƚ͘&͘Ͳ͘;ϮϬϭϲͿ,Žǁ&ƌĞŶĐŚ ƐƵďũĞĐƚƐĚĞƐĐƌŝďĞǁĞůůͲďĞŝŶŐĨƌŽŵĨŽŽĚĂŶĚĞĂƚŝŶŐŚĂďŝƚƐ͍ĞǀĞůŽƉŵĞŶƚ͕ŝƚĞŵƌĞĚƵĐƚŝŽŶ ĂŶĚƐĐŽƌŝŶŐĚĞĨŝŶŝƚŝŽŶŽĨƚŚĞtĞůůͲĞŝŶŐƌĞůĂƚĞĚƚŽ&ŽŽĚYƵĞƐƚŝŽŶŶĂŝƌĞ;tĞůůͲ&YΞͿ͘ ƉƉĞƚŝƚĞ͕ϵϲ͕ϯϯϯͲϯϰϲ͘ ,ĂƌĂƌŝ͕D͘:͕͘tĂĞŚůĞƌ͕͕͘͘ΘZŽŐĞƌƐ͕:͘Z͘;ϮϬϬϱͿ͘ŶĞŵƉŝƌŝĐĂůŝŶǀĞƐƚŝŐĂƚŝŽŶŽĨĂ ƚŚĞŽƌĞƚŝĐĂůůLJďĂƐĞĚŵĞĂƐƵƌĞŽĨƉĞƌĐĞŝǀĞĚǁĞůůŶĞƐƐ͘:ŽƵƌŶĂůŽĨŽƵŶƐĞůŝŶŐWƐLJĐŚŽůŽŐLJ͕



ͳͷ

ϱϮ͕ϵϯʹϭϬϯ͘ ,ŝůůƐ͕W͘ĂŶĚƌŐLJůĞ͕D͘;ϮϬϬϮͿdŚĞKdžĨŽƌĚ,ĂƉƉŝŶĞƐƐYƵĞƐƚŝŽŶŶĂŝƌĞ͗ĂĐŽŵƉĂĐƚƐĐĂůĞĨŽƌ ƚŚĞŵĞĂƐƵƌĞŵĞŶƚŽĨƉƐLJĐŚŽůŽŐŝĐĂůǁĞůůͲďĞŝŶŐ͘WĞƌƐŽŶĂůŝƚLJĂŶĚ/ŶĚŝǀŝĚƵĂůŝĨĨĞƌĞŶĐĞƐϯϯ͕ ϭϬϳϯʹϭϬϴϮ͘ ,ƵŶƚĞƌ͕:͘ĂŶĚ>ĞĞĚĞƌ͕^͘;ϮϬϭϯͿWĂƚŝĞŶƚƋƵĞƐƚŝŽŶŶĂŝƌĞƐĨŽƌƵƐĞŝŶƚŚĞŝŶƚĞŐƌĂƚŝǀĞ ŵĞĚŝĐŝŶĞƉƌŝŵĂƌLJĐĂƌĞƐĞƚƚŝŶŐͶƐLJƐƚĞŵĂƚŝĐůŝƚĞƌĂƚƵƌĞƌĞǀŝĞǁ͘ƵƌŽƉĞĂŶ:ŽƵƌŶĂůŽĨ /ŶƚĞŐƌĂƚŝǀĞDĞĚŝĐŝŶĞ͕ϱ͕ϭϵϰʹϮϭϲ /ŶƚĞƌŶĂƚŝŽŶĂůtĞůůďĞŝŶŐ'ƌŽƵƉ;ϮϬϭϯͿ͘WĞƌƐŽŶĂůtĞůůďĞŝŶŐ/ŶĚĞdž͗ϱƚŚĚŝƚŝŽŶ͘ DĞůďŽƵƌŶĞ͗ƵƐƚƌĂůŝĂŶĞŶƚƌĞŽŶYƵĂůŝƚLJŽĨ>ŝĨĞ͕ĞĂŬŝŶhŶŝǀĞƌƐŝƚLJ ;ŚƚƚƉ͗ͬͬǁǁǁ͘ĚĞĂŬŝŶ͘ĞĚƵ͘ĂƵͬƌĞƐĞĂƌĐŚͬĂĐƋŽůͬŝŶƐƚƌƵŵĞŶƚƐͬǁĞůůďĞŝŶŐͲŝŶĚĞdžͬŝŶĚĞdž͘ƉŚƉͿ <ŝŶŐ͕^͕͘͘^ŶŽǁ͕:͕͘DĞŝƐĞůŵĂŶ͕,͘>͕͘^ĂŝŶƐďƵƌLJ͕:͕͘Ăƌƌ͕͘d͕͘DĐĂĨĨĞƌƚLJ͕͘^ĞƌƌĂŶŽ͕ ͕͘'ŝůůĞƚƚĞ͕D͕͘DŝůůĂƌĚ͕>͕͘>ŝ͕Y͘;ϮϬϭϱͿĞǀĞůŽƉŵĞŶƚŽĨĂƋƵĞƐƚŝŽŶŶĂŝƌĞƚŽŵĞĂƐƵƌĞ ĐŽŶƐƵŵĞƌǁĞůůŶĞƐƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚĨŽŽĚƐ͗dŚĞtĞůů^ĞŶƐĞWƌŽĨŝůĞΡ͘&ŽŽĚYƵĂůŝƚLJĂŶĚ WƌĞĨĞƌĞŶĐĞ͕ϯϵ͕ϴϮͲϵϰ <ŝŶŐ͕^͕͘͘'ŝůůĞƚƚĞ͕D͕͘sĞƚƚĞƌ͕<͕͘ĂŶĚWĂƚƚĞƌƐŽŶ͕'͘;ϮϬϭϰͿƉƉůŝĐĂƚŝŽŶŽĨƚŚĞtĞůů^ĞŶƐĞ dDƋƵĞƐƚŝŽŶŶĂŝƌĞƚŽŵĞĂƐƵƌĞĐŽŶƐƵŵĞƌǁĞůůŶĞƐƐƌĞƐƉŽŶƐĞƚŽĚŝĨĨĞƌĞŶƚĨŽŽĚƌĞĐŝƉĞƐ͘ WŽƐƚĞƌϭϵϴ͕WĂŶŐďŽƌŶ^ĞŶƐŽƌLJ^ĐŝĞŶĐĞ^LJŵƉŽƐŝƵŵ͕'ŽƚŚĞŶďĞƌŐ͕^ǁĞĚĞŶ  Krieger, T., Zimmermann, J., Huffziger, S., Ubl, B., Diener, C. Kuehner, C., Holtforth, M. G. (2014) Measuring depression with a well-being index: Further evidence for the validity of the WHO Well-Being Index (WHO-5) as a measure of the severity of depression. Journal of Affective Disorders, 156, 240–244. Linley, P. A., Maltby, J., Wood, A. M., Osborne, G., Hurling, R. (2009) Measuring happiness: The higher order factor structure of subjective and psychological well-being measures. Personality and Individual Differences, 47, 878–884. Meiselman, H. L. (2013) The future in sensory/consumer research…….evolving to a better Science. Food Quality and Preference, 27, 208-214. DŝůůĞƌ͕'͕͘ĂŶĚ&ŽƐƚĞƌ͕>͘d͘;ϮϬϭϬͿdŚĞƚůĂƐŽĨtĞůůŶĞƐƐ͘ ŚƚƚƉ͗ͬͬǁǁǁ͘ŐĞŽŐ͘ƵǀŝĐ͘ĐĂͬǁĞůůŶĞƐƐ͕hŶŝǀĞƌƐŝƚLJŽĨsŝĐƚŽƌŝĂ͕&ĞďƌƵĂƌLJϮϬϭϬ  Moons, P., Budts, W., & De Geest, S. (2006). Critique on the conceptualization of quality of life: A review and evaluation of different conceptual approaches. International Journal of Nursing Studies, 43, 891–901. Myers, J.E., Luecht, R. M., Sweeney, T. J. (2004a) The factor structure of wellness: reexamining theoretical and empirical models underlying the wellness evaluation of lifestyle (WEL) and five factor WEL. Measurement and Evaluation in Counseling and



ͳ͸

Development, 36, 194-208. Myers J. E., Sweeney T. J., and Witmer J. M. (2004b) Wellness Evaluation of Lifestyle Manual. Greensboro, NC: Mind Garden, Inc. DLJĞƌƐ͕:͕͘͘^ǁĞĞŶĞLJ͕d͘:͘ĂŶĚtŝƚŵĞƌ͘:͘D͘;ϮϬϬϬͿdŚĞtŚĞĞůŽĨtĞůůŶĞƐƐĐŽƵŶƐĞůŝŶŐ ĨŽƌtĞůůŶĞƐƐ͗ŚŽůŝƐƚŝĐŵŽĚĞůĨŽƌƚƌĞĂƚŵĞŶƚƉůĂŶŶŝŶŐ͘:ŽƵƌŶĂůŽĨŽƵŶƐĞůŝŶŐĂŶĚ ĞǀĞůŽƉŵĞŶƚ͕Ϯϴ͕ϮϱϭͲϮϲϲ͘  OECD Report, 2013 KǁĞŶ͕d͘Z͘;ϭϵϵϵͿdŚĞƌĞůŝĂďŝůŝƚLJĂŶĚǀĂůŝĚŝƚLJŽĨĂǁĞůůŶĞƐƐŝŶǀĞŶƚŽƌLJ͘ŵĞƌŝĐĂŶ:ŽƵƌŶĂů ŽĨ,ĞĂůƚŚWƌŽŵŽƚŝŽŶ͕sŽůϭϯ;ϯͿ͕:ĂŶͲ&Ğďϭϵϵϵ͕ϭϴϬͲϭϴϮ͘  WĂǀŽƚ͕t͘ĂŶĚŝĞŶĞƌ͕͘;ϮϬϬϵͿZĞǀŝĞǁŽĨƚŚĞƐĂƚŝƐĨĂĐƚŝŽŶǁŝƚŚůŝĨĞƐĐĂůĞ͘/ŶŝĞŶĞƌ͕͘ ;Ě͘ͿƐƐĞƐƐŝŶŐtĞůůͲĞŝŶŐ͗dŚĞŽůůĞĐƚĞĚtŽƌŬƐŽĨĚŝĞŶĞƌ͘EĞǁzŽƌŬ͗^ƉƌŝŶŐĞƌ͕ƉƉ͘ ϭϬϭͲϭϭϴ͘ ZŽƐĐŽĞ͕>͘:͘;ϮϬϬϵͿtĞůůŶĞƐƐ͗ƌĞǀŝĞǁŽĨƚŚĞŽƌLJĂŶĚŵĞĂƐƵƌĞŵĞŶƚĨŽƌĐŽƵŶƐĞůŽƌƐ͘ :ŽƵƌŶĂůŽĨŽƵŶƐĞůŝŶŐĂŶĚĞǀĞůŽƉŵĞŶƚ͕ϴϳ͕ϮϭϲͲϮϮϲ͘  ^ĐŚƵŶĞŵĂŶŶ͕,͘:͕͘^ƉĞƌĂƚŝ͕&͕͘ĂƌďĂ͕D͕͘^ĂŶƚĞƐƐŽ͕E͕͘DĞůĞŐĂƌŝ͕͕͘Ŭů͕͕͘͘ĞƚĂů͘ ;ϮϬϭϬͿ͘ŶŝŶƐƚƌƵŵĞŶƚƚŽĂƐƐĞƐƐƋƵĂůŝƚLJŽĨůŝĨĞŝŶƌĞůĂƚŝŽŶƚŽŶƵƚƌŝƚŝŽŶ͗ŝƚĞŵŐĞŶĞƌĂƚŝŽŶ͕ ŝƚĞŵƌĞĚƵĐƚŝŽŶĂŶĚŝŶŝƚŝĂůǀĂůŝĚĂƚŝŽŶ͘,ĞĂůƚŚĂŶĚYƵĂůŝƚLJŽĨ>ŝĨĞKƵƚĐŽŵĞƐ͕ϴ͕Ϯϲ͘ ŚƚƚƉ͗ͬͬĚdž͘ĚŽŝ͘ŽƌŐͬϭϬ͘ϭϭϴϲͬϭϰϳϳͲϳϱϮϱͲϴͲϮϲ͘  ^ĞůŝŐŵĂŶ͕D͘͘W͕͘͞&ůŽƵƌŝƐŚ͗sŝƐŝŽŶĂƌLJEĞǁhŶĚĞƌƐƚĂŶĚŝŶŐŽĨ,ĂƉƉŝŶĞƐƐĂŶĚtĞůůͲ ďĞŝŶŐ;ϮϬϭϭͿE͘z͗͘^ŝŵŽŶΘ^ĐŚƵƐƚĞƌ  Skevington SM, Lotfy M, O’Connell KA. The World Health Organization’s WHOQOLBREF quality of life assessment: psychometric properties and results of the international field trial. A report from the WHOQOL Group. Qual Life Res 2004;13:299 –310 Stewart, M.E., Watson, R., Clark, A., Ebmeier, K.P, and Deary, I.J. (2010) A hierarchy of happiness? Mokken scaling analysis of the Oxford Happiness Inventory. Personality and Individual Differences, 48, 845–848 Ware J.E., Kosinski M., Dewey J.E. How to Score Version Two of the SF-36 Health Survey. Lincoln, RI: QualityMetric, Incorporated, 2000. Ware J.E., Kosinski M., Turner-Bowker D.M., Gandek B. How to Score Version 2 of he SF-12® Health Survey (With a Supplement Documenting Version 1). Lincoln, RI: QualityMetric Incorporated, 2002.



ͳ͹

Watson, D., Clark, L. A., & Tellegen, A. (1988). Development and validation of brief measures of positive and negative affect: The PANAS scales. Journal of Personality and Social Psychology, 54(6), 1063–1070. Wierzbicka, A. (1986) Human Emotions: Universal or Culture-Specific? American Anthropologist, New Series, Vol. 88, No. 3. 584-594. World Health Organization. (1948). Preamble to the Constitution of the World Health Organization as adopted by the International Health Conference, New York, 19-22 June, 1946. World Health Organization 1997, WHOQOL. Measuring Quality of Life. The world Health organization Quality of Life Instruments (The WHOQOL-100 and the WHOQOLBREF). WHO/MSA/MNH/PSF/97. World Health Organization. (1998). Quality of Life (WHOQOL) Group. The World Health Organization Quality of Life Assessment (WHOQOL): Development and general psychometric properties. Soc Sci Med 46, 1569-1589 World Health Organization (1994) Qualify of Life Assessment: An Annotated Bibliography. Geneva: WHO (WHOM/MNH/PSF/94.1)



ͳͺ

dĂďůĞϭ

^ƚĂŐĞ ŽŶĐĞƉƚĐůĂƌŝĨŝĐĂƚŝŽŶ

YƵĂůŝƚĂƚŝǀĞƉŝůŽƚ



ĞǀĞůŽƉŵĞŶƚƉŝůŽƚ



&ŝĞůĚƚĞƐƚŽĨƚŚĞ t,KYK>ͲϭϬϬ



ĞǀĞůŽƉŵĞŶƚŽĨƚŚĞ t,KYK>ͲZ&

DĞƚŚŽĚ /ŶƚĞƌŶĂƚŝŽŶĂůĞdžƉĞƌƚ ƌĞǀŝĞǁ͘

WƌŽĚƵĐƚƐ YƵĂůŝƚLJŽĨůŝĨĞ ĚĞĨŝŶŝƚŝŽŶ͘^ƚƵĚLJ ƉƌŽƚŽĐŽů͘

KďũĞĐƚŝǀĞƐ ƐƚĂďůŝƐŚŝŶŐ ĂŶĂŐƌĞĞĚ ƵƉŽŶ ĚĞĨŝŶŝƚŝŽŶŽĨ ƋƵĂůŝƚLJŽĨůŝĨĞ ĂŶĚĂŶ ĂƉƉƌŽĂĐŚƚŽ ŝŶƚĞƌŶĂƚŝŽŶĂů ƋƵĂůŝƚLJŽĨůŝĨĞ ĂƐƐĞƐƐŵĞŶƚ͘ džƉĞƌƚƌĞǀŝĞǁ͘ ĞĨŝŶŝƚŝŽŶƐŽĨ džƉůŽƌĂƚŝŽŶŽĨ ĚŽŵĂŝŶƐĂŶĚĨĂĐĞƚƐ͘ ƚŚĞƋƵĂůŝƚLJŽĨ ůŝĨĞĐŽŶĐĞƉƚ ĂĐƌŽƐƐ ĐƵůƚƵƌĞƐ͘ &ŽĐƵƐŐƌŽƵƉƐ͘ 'ůŽďĂůŝƚĞŵƉŽŽů͘ ZĞĚƵĐĞƚŚĞ ŐůŽďĂů ƋƵĞƐƚŝŽŶƉŽŽů͘ ĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨ ϯϬϬŝƚĞŵ ZĞĨŝŶĞƚŚĞ t,KYK>WŝůŽƚ&ŽƌŵŝŶϭϱ ƐƚĂŶĚĂƌĚŝnjĞĚ t,KYK> ĨŝĞůĚĐĞŶƚƌĞƐƚŽϮϱϬ ƋƵĞƐƚŝŽŶŶĂŝƌĞ ƐƚƌƵĐƚƵƌĞ ƉĂƚŝĞŶƚƐĂŶĚϱϬ͞ŚĞĂůƚŚLJ͟ ƌĞƐƉŽŶĚĞŶƚƐ͘   ZĞĚƵĐĞƚŚĞ ŐůŽďĂů ƋƵĞƐƚŝŽŶƉŽŽů͘ ^͘ĞƌŝĞƐŽĨƐŵĂůůĞƌƐĐĂůĞ ŽŵŵŽŶϭϬϬŝƚĞŵ dŽĨƵƌƚŚĞƌ ƐƚƵĚŝĞƐŝŶǀŽůǀŝŶŐĐůĞĂƌĂŶĚ ƉŽŽů͘ ĞƐƚĂďůŝƐŚƚŚĞ ŚŽŵŽŐĞŶĞŽƵƐ ƉƐLJĐŚŽŵĞƚƌŝĐ ƉŽƉƵůĂƚŝŽŶƐ͕ůŽŶŐŝƚƵĚŝŶĂů ƉƌŽƉĞƌƚŝĞƐŽĨ ĚĞƐŝŐŶĂŶĚƉĂƌĂůůĞůƵƐĞŽĨ ƚŚĞt,KYK>͘ ŽƚŚĞƌ ŶĂƚŝŽŶĂůͬŝŶƚĞƌŶĂƚŝŽŶĂů YK>ŵĞĂƐƵƌĞƐ͘  ^ƚĂŶĚĂƌĚŝƐĞĚĂŶĚ  ĐƌŽƐƐͲŶĂƚŝŽŶĂůůLJ ĞƋƵŝǀĂůĞŶƚƌĞƐƉŽŶƐĞ ƐĐĂůĞƐ͘ ŶĂůLJƐŝƐŽĨĚĂƚĂĨƌŽŵƚŚĞ ďďƌĞǀŝĂƚĞĚϮϲŝƚĞŵ ĞǀĞůŽƉĂ t,KYK>͗ͲϭϬϬ ĂƐƐĞƐƐŵĞŶƚ ďƌŝĞĨǀĞƌƐŝŽŶ ŽĨƚŚĞ t,KYK>ͲϭϬϬ ĨŽƌƵƐĞŝŶ ůĂƌŐĞƐƚƵĚŝĞƐ͕

ĂƵĚŝƚĂŶĚ ĐůŝŶŝĐĂůǁŽƌŬ͕ ǁŚĞƌĞƵƐĞŽĨĂ ůŽŶŐĞƌ ƋƵĞƐƚŝŽŶŶĂŝƌĞ ŝƐŶŽƚ ƉƌĂĐƚŝĐĂďůĞ͘  dĂďůĞϮ͘

ŽŵĂŝŶ ϭ͘WŚLJƐŝĐĂůŚĞĂůƚŚ   Ϯ͘WƐLJĐŚŽůŽŐŝĐĂů     ϯ͘>ĞǀĞůŽĨ/ŶĚĞƉĞŶĚĞŶĐĞ  

&ĂĐĞƚƐŝŶĐŽƌƉŽƌĂƚĞĚǁŝƚŚŝŶĚŽŵĂŝŶƐ ŶĞƌŐLJĂŶĚĨĂƚŝŐƵĞ WĂŝŶĂŶĚĚŝƐĐŽŵĨŽƌƚ ^ůĞĞƉĂŶĚƌĞƐƚ ŽĚŝůLJŝŵĂŐĞĂŶĚĂƉƉĞĂƌĂŶĐĞ EĞŐĂƚŝǀĞĨĞĞůŝŶŐƐ WŽƐŝƚŝǀĞĨĞĞůŝŶŐƐ ^ĞůĨͲĞƐƚĞĞŵ dŚŝŶŬŝŶŐ͕ůĞĂƌŶŝŶŐ͕ŵĞŵŽƌLJĂŶĚĐŽŶĐĞŶƚƌĂƚŝŽŶ DŽďŝůŝƚLJ ĐƚŝǀŝƚŝĞƐŽĨĚĂŝůLJůŝǀŝŶŐ ĞƉĞŶĚĞŶĐĞŽŶŵĞĚŝĐŝŶĂůƐƵďƐƚĂŶĐĞƐĂŶĚ ŵĞĚŝĐĂůĂŝĚƐ tŽƌŬĐĂƉĂĐŝƚLJ WĞƌƐŽŶĂůƌĞůĂƚŝŽŶƐŚŝƉƐ ^ŽĐŝĂůƐƵƉƉŽƌƚ ^ĞdžƵĂůĂĐƚŝǀŝƚLJ &ŝŶĂŶĐŝĂůƌĞƐŽƵƌĐĞƐ &ƌĞĞĚŽŵ͕ƉŚLJƐŝĐĂůƐĂĨĞƚLJĂŶĚƐĞĐƵƌŝƚLJ ,ĞĂůƚŚĂŶĚƐŽĐŝĂůĐĂƌĞ͗ĂĐĐĞƐƐŝďŝůŝƚLJĂŶĚƋƵĂůŝƚLJ ,ŽŵĞĞŶǀŝƌŽŶŵĞŶƚ KƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌĂĐƋƵŝƌŝŶŐŶĞǁŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚƐŬŝůůƐ WĂƌƚŝĐŝƉĂƚŝŽŶŝŶĂŶĚŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌ ƌĞĐƌĞĂƚŝŽŶͬůĞŝƐƵƌĞ WŚLJƐŝĐĂůĞŶǀŝƌŽŶŵĞŶƚ ;ƉŽůůƵƚŝŽŶͬŶŽŝƐĞͬƚƌĂĨĨŝĐͬĐůŝŵĂƚĞͿ dƌĂŶƐƉŽƌƚ ZĞůŝŐŝŽŶͬ^ƉŝƌŝƚƵĂůŝƚLJͬWĞƌƐŽŶĂůďĞůŝĞĨƐ

 ϰ͘^ŽĐŝĂůƌĞůĂƚŝŽŶƐŚŝƉƐ   ϱ͘ŶǀŝƌŽŶŵĞŶƚ        ϲ͘^ƉŝƌŝƚƵĂůŝƚLJ  dĂďůĞϯ

hZK,/^ͲYK>ϴͲŝƚĞŵŝŶĚĞdž ϭ͘

 ,ŽǁǁŽƵůĚLJŽƵƌĂƚĞLJŽƵƌƋƵĂůŝƚLJŽĨ ůŝĨĞ

Ϯ͘ ϯ͘ ϰ͘

ϱ͘ ϲ͘ ϳ͘ ϴ͘ ϵ͘ ϭϬ͘ ϭϭ͘ ϭϮ͘

ϭϯ͘ ϭϰ͘ ϭϱ͘ ϭϲ͘

,ŽǁƐĂƚŝƐĨŝĞĚĂƌĞLJŽƵǁŝƚŚLJŽƵƌ ŚĞĂůƚŚ ŽLJŽƵŚĂǀĞĞŶŽƵŐŚĞŶĞƌŐLJĨŽƌ ĞǀĞƌLJĚĂLJůŝĨĞ ,ŽǁƐĂƚŝƐĨŝĞĚĂƌĞLJŽƵǁŝƚŚLJŽƵƌ ĂďŝůŝƚLJƚŽƉĞƌĨŽƌŵLJŽƵƌĚĂŝůLJ ĂĐƚŝǀŝƚŝĞƐ ,ŽǁƐĂƚŝƐĨŝĞĚĂƌĞLJŽƵǁŝƚŚLJŽƵƌƐĞůĨ ,ŽǁƐĂƚŝƐĨŝĞĚĂƌĞLJŽƵǁŝƚŚLJŽƵƌ ƉĞƌƐŽŶĂůƌĞůĂƚŝŽŶƐŚŝƉƐ ,ĂǀĞLJŽƵĞŶŽƵŐŚŵŽŶĞLJƚŽŵĞĞƚ LJŽƵƌŶĞĞĚƐ ,ŽǁƐĂƚŝƐĨŝĞĚĂƌĞLJŽƵǁŝƚŚƚŚĞ ĐŽŶĚŝƚŝŽŶƐŽĨLJŽƵƌůŝǀŝŶŐƉůĂĐĞ ,ŽǁǁŽƵůĚLJŽƵƌĂƚĞLJŽƵƌƋƵĂůŝƚLJŽĨ ůŝĨĞ ,ŽǁƐĂƚŝƐĨŝĞĚĂƌĞLJŽƵǁŝƚŚLJŽƵƌ ŚĞĂůƚŚ ŽLJŽƵŚĂǀĞĞŶŽƵŐŚĞŶĞƌŐLJĨŽƌ ĞǀĞƌLJĚĂLJůŝĨĞ ,ŽǁƐĂƚŝƐĨŝĞĚĂƌĞLJŽƵǁŝƚŚLJŽƵƌ ĂďŝůŝƚLJƚŽƉĞƌĨŽƌŵLJŽƵƌĚĂŝůLJ ĂĐƚŝǀŝƚŝĞƐ ,ŽǁƐĂƚŝƐĨŝĞĚĂƌĞLJŽƵǁŝƚŚLJŽƵƌƐĞůĨ ,ŽǁƐĂƚŝƐĨŝĞĚĂƌĞLJŽƵǁŝƚŚLJŽƵƌ ƉĞƌƐŽŶĂůƌĞůĂƚŝŽŶƐŚŝƉƐ ,ĂǀĞLJŽƵĞŶŽƵŐŚŵŽŶĞLJƚŽŵĞĞƚ LJŽƵƌŶĞĞĚƐ ,ŽǁƐĂƚŝƐĨŝĞĚĂƌĞLJŽƵǁŝƚŚƚŚĞ ĐŽŶĚŝƚŝŽŶƐŽĨLJŽƵƌůŝǀŝŶŐƉůĂĐĞ

 dĂďůĞϰ͘

6DWLVIDFWLRQZLWK/LIH6FDOH



,QVWUXFWLRQVSOHDVHXVHRQHRIWKH  IROORZLQJQXPEHUVIURPWRWR LQGLFDWHKRZPXFK\RXDJUHHZLWKWKH  IROORZLQJVWDWHPHQWV





6WURQJO\DJUHHDJUHHVOLJKWO\DJUHH



1HLWKHUDJUHHQRUGLVDJUHH VOLJKWO\GLVDJUHHGLVDJUHHVWURQJO\ GLVDJUHH

 





ϭ͘

,QPRVWZD\VP\OLIHLVFORVHWR LGHDO 7KHFRQGLWLRQVRIP\OLIHDUH H[FHOOHQW ,DPVDWLVILHGZLWKP\OLIH 6RIDU,KDYHJRWWHQWKH LPSRUWDQWWKLQJV,ZDQWLQP\ OLIH ,I,FRXOGOLYHP\OLIHRYHU, ZRXOGFKDQJHDOPRVWQRWKLQJ

      7DEOH

^t&>^ĐĂůĞ/ƚĞŵƐ DLJůŝĨĞŝŶƌĞůĂƚŝŽŶƚŽĨŽŽĚĂŶĚŵĞĂůƐŝƐĐůŽƐĞƚŽŝĚĞĂů͘ tŝƚŚƌĞŐĂƌĚƚŽĨŽŽĚ͕ƚŚĞĐŽŶĚŝƚŝŽŶƐŽĨŵLJůŝĨĞĂƌĞĞdžĐĞůůĞŶƚ͘ /ĂŵŐĞŶĞƌĂůůLJƉůĞĂƐĞĚǁŝƚŚŵLJĨŽŽĚ͘ &ŽŽĚĂŶĚŵĞĂůƐŐŝǀĞŵĞƐĂƚŝƐĨĂĐƚŝŽŶŝŶĚĂŝůLJůŝĨĞ͘ &ŽŽĚĂŶĚŵĞĂůƐĂƌĞƉŽƐŝƚŝǀĞĞůĞŵĞŶƚƐ͘ ĂĐŚŝƚĞŵŝƐƌĂƚĞĚŽŶĂϭͲϳƐĐĂůĞŽĨĂŐƌĞĞŵĞŶƚ͘

 7DEOH WHO-5 Wellbeing Index Response Scale: Over the last two weeks All of the time Most of the time More than half of the time Less than half of the time Some of the time At no time WHO-5 Wellbeing Index. Items 1. I have felt cheerful and in good spirits

2. I have felt calm and relaxed 3. I have felt active and vigorous 4. I woke up feeling fresh and rested 5. My daily life has been filled with things that interest me

 7DEOH Flourishing Scale Copyright by Ed Diener and Robert Biswas-Diener, January 2009 Below are eight statements with which you may agree or disagree. Using the 1–7 scale below, indicate your agreement with each item by indicating that response for each statement. 7. Strongly agree• 6. Agree• 5. Slightly agree• 4. Mixed or neither agree nor disagree 3. Slightly disagree 2. Disagree•1. 1. Strongly disagree I lead a purposeful and meaningful life• My social relationships are supportive and rewarding• I am engaged and interested in my daily activities•II actively contribute to the happiness and well-being of others I am competent and capable in the activities that are important to me I am a good person and live a good life I am optimistic about my future•People People respect me Scoring: Add the responses, varying from 1 to 7, for all eight items. The possible range of scores is from 8 (lowest possible) to 56 (highest PWB possible). Although copyrighted, the SPANE and Flourishing Scale may be used as long as proper credit is given.



 7DEOH The Oxford Happiness Questionnaire INSTRUCTIONS. Below are a number of statements about happiness. Would you please indicate how much you agree or disagree with each by entering a number alongside it according to the following code: 1=strongly disagree; 2=moderately disagree; 3=slightly disagree; 4=slightly agree; 5=moderately agree; 6=strongly agree.

You will need to read the statements carefully because some are phrased positively and others negatively. Don’t take too long over individual questions; there are no ‘right’ or ‘wrong’ answers and no trick questions. The first answer that comes into your head is probably the right one for you. If you find some of the questions difficult, please give the answer that is true for you in general or for most of the time. 1y. I don’t feel particularly pleased with the way I am (••) 2. I am intensely interested in other people•3y. 3y. •3y. I feel that life is very rewarding 4. I have very warm feelings towards almost everyone 5. I rarely wake up feeling rested (••) 6.

I am not particularly optimistic about the future (••)

7.

I find most things amusing

8.

I am always committed and involved

9. Life is good 10.

I do not think that the world is a good place (••)

11.

I laugh a lot

12.

I am well satisfied about everything in my life

13y. I don’t think I look attractive (••) 14.

There is a gap between what I would like to do and what I have done (••)

15.

I am very happy

16y. I find beauty in some things• 17.

I always have a cheerful effect on others

18y. I can fit in everything I want to 19.

I feel that I am not especially in control of my life (••)

20.

I feel able to take anything on

21y. I feel fully mentally alert 22.

I often experience joy and elation

23.

I do not find it easy to make decisions (••)

24.

I do not have a particular sense of meaning and purpose in my life (••)

25.

I feel I have a great deal of energy

26.

I usually have a good influence on events

27.

I do not have fun with other people (••)

28.

I don’t feel particularly healthy (••)

29y. I do not have particularly happy memories of the past (••)

Notes. Items marked (••) should be scored in reverse. Y Indicates components of the OHQ short scale. The sum of the item scores is an overall measure of happiness, with high scores indicating greater happiness.

 



 dĂďůĞϵ  

ϭ͘ Ϯ͘ ϯ͘ ϰ͘ ϱ͘ ϲ͘ ϳ͘ ϴ͘ ϵ͘

hZK,/^ͲYK>ϴͲŝƚĞŵŝŶĚĞdž ,ŽǁǁŽƵůĚLJŽƵƌĂƚĞLJŽƵƌƋƵĂůŝƚLJŽĨůŝĨĞ ,ŽǁƐĂƚŝƐĨŝĞĚĂƌĞLJŽƵǁŝƚŚLJŽƵƌŚĞĂůƚŚ ŽLJŽƵŚĂǀĞĞŶŽƵŐŚĞŶĞƌŐLJĨŽƌĞǀĞƌLJĚĂLJůŝĨĞ ,ŽǁƐĂƚŝƐĨŝĞĚĂƌĞLJŽƵǁŝƚŚLJŽƵƌĂďŝůŝƚLJƚŽƉĞƌĨŽƌŵLJŽƵƌĚĂŝůLJĂĐƚŝǀŝƚŝĞƐ ,ŽǁƐĂƚŝƐĨŝĞĚĂƌĞLJŽƵǁŝƚŚLJŽƵƌƐĞůĨ ,ŽǁƐĂƚŝƐĨŝĞĚĂƌĞLJŽƵǁŝƚŚLJŽƵƌƉĞƌƐŽŶĂůƌĞůĂƚŝŽŶƐŚŝƉƐ ,ĂǀĞLJŽƵĞŶŽƵŐŚŵŽŶĞLJƚŽŵĞĞƚLJŽƵƌŶĞĞĚƐ ,ŽǁƐĂƚŝƐĨŝĞĚĂƌĞLJŽƵǁŝƚŚƚŚĞĐŽŶĚŝƚŝŽŶƐŽĨLJŽƵƌůŝǀŝŶŐƉůĂĐĞ   

 



 7DEOH ŵŽƚŝŽŶĂů ĨĨĞĐƚŝŽŶĂƚĞ Ăůŵ ,ĂƉƉLJ

/ŶƚĞůůĞĐƚƵĂů ĐĐŽŵƉůŝƐŚĞĚ ůĞƌƚ ƚƚĞŶƚŝǀĞ

>ŽǀĞĚ ZĞůĂdžĞĚ ^ĂĚ ^ĂƚŝƐĨŝĞĚ ^ĞĐƵƌĞ dĞŶƐĞ

ƌĞĂƚŝǀĞ ƵƌŝŽƵƐ &ŽĐƵƐĞĚ ^ƚŝŵƵůĂƚĞĚ ^ƚƌĞƐƐĞĚ hŶŝŶƚĞƌĞƐƚĞĚ

^ŽĐŝĂů ĐĐĞƉƚĞĚ ƉƉƌŽĂĐŚĂďůĞ ŽŶĐĞƌŶĞĚĨŽƌ ŽƚŚĞƌƐ ŽŶŶĞĐƚĞĚ ŝƐĐŽŶŶĞĐƚĞĚ &ƌŝĞŶĚůLJ >ŽŶĞůLJ ^ŽĐŝĂďůĞ ^ƵƉƉŽƌƚĞĚ

WŚLJƐŝĐĂů ĐƚŝǀĞ ŶĞƌŐĞƚŝĐ &ĂƚŝŐƵĞĚ

^ƉŝƌŝƚƵĂů ŽŵĨŽƌƚĞĚ ŽŵƉĂƐƐŝŽŶĂƚĞ &ƵůĨŝůůĞĚ

,ĞĂůƚŚLJ /ŶǀŝŐŽƌĂƚĞĚ ZĞĨƌĞƐŚĞĚ ZĞƐŝůŝĞŶƚ ZĞƐƚĞĚ dŝƌĞĚ

'ƌĂƚĞĨƵů :ŽLJĨƵů WĞĂĐĞĨƵů hŶĨƵůĨŝůůĞĚ hŶŝŶƐƉŝƌĞĚ tŚŽůĞ



 7DEOH >dZĞƐƵůƚƐ  ;,ĞĚŽŶŝĐͬtĞůů^ĞŶƐĞ WƌŽĨŝůĞͿ &ŽŽĚ &Ƶůů&Ăƚ





ZĞĚƵĐĞĚ&Ăƚ

ηϭ;ŶсϵϴͿDĞĂƚůŽĂĨ ηϮ;ŶсϵϲͿDĞĂƚůŽĂĨ ηϯ;ŶсϭϬϱͿDŝdžsĞŐ ηϰ;ŶсϵϰͿŚŝĐŬĞŶ

ϱ͘ϵďͬϭϭϵď ϲ͘ϬĐͬϭϮϲď ϲ͘ϳͬϭϯϮď ϱ͘ϵďͬϭϮϲď

ZĞĚƵĐĞĚ&Ăƚн ^ƉŝĐĞƐ ϳ͘ϭĂͬϭϯϳĂ ϳ͘ϭĂͬϭϯϵĂ ϳ͘ϬͬϭϰϭĂ ϲ͘ϴĂͬϭϯϵĂ

ϲ͘ϵĂͬϭϯϳĂ ϲ͘ϲďͬϭϯϮď ϲ͘ϵͬϭϯϲĂď ϲ͘ϴĂͬϭϯϲĂ

  dĂďůĞϭϮ͘

Yh^d/KEE/Z YƵĂůŝƚLJŽĨ>ŝĨĞ t,KYK>ϭϬϬ t,KYK>Z& hZK,/^YK> ^t>^ WĞƌƐŽŶĂůtĞůůďĞŝŶŐ/ŶĚĞdž ^t&> EƵƚƌŝƚŝŽŶYK>^ƵƌǀĞLJ

Z&ZE^  t,Kϭϵϵϰ͕ϭϵϵϳ͕ϭϵϵϴ t,Kϭϵϵϰ͕ϭϵϵϳ͕ϭϵϵϴ t,Kϭϵϵϳ͖ĚĂZŽĐŚĂĞƚĂůϮϬϭϮ ŝĞŶĞƌĞƚĂůϭϵϴϱ /ŶƚĞƌŶĂƚŝŽŶĂůtĞůůďĞŝŶŐ'ƌŽƵƉϮϬϭϯ 'ƌƵŶĞƌƚĞƚĂůϮϬϬϳ ĂƌƌĞƚĂůϮϬϬϯ

YƵĂůĐŝďŽ tĞůůďĞŝŶŐ t,KǁĞůůͲďĞŝŶŐŝŶĚĞdž;t,KͲϱͿ /K^ ^ƵďũĞĐƚŝǀĞtĞůůĞŝŶŐ WE^ ^t>^ &ůŽƵƌŝƐŚŝŶŐ^ĐĂůĞ KdžĨŽƌĚ,ĂƉƉŝŶĞƐƐYƵĞƐƚŝŽŶŶĂŝƌĞ tĞůůͲ&Y tĞůůŶĞƐƐ t>ʹtĞůůŶĞƐƐǀĂůƵĂƚŝŽŶŽĨ>ŝĨĞƐƚLJůĞ͘ &ŝǀĞ&ĂĐƚŽƌtĞůůŶĞƐƐ/ŶǀĞŶƚŽƌLJ;&&t>Ϳ tĞůůŶĞƐƐͬ/ŶǀĞŶƚŽƌLJ/ŶĚĞdž dĞƐƚǁĞůů tĞůů^ĞŶƐĞWƌŽĨŝůĞdD   

^ĐŚƵŶĞŵĂŶĞƚĂůϮϬϭϬ  ĞĐŚĞƚĂůϮϬϭϮ͖<ƌŝĞŐĞƌĞƚĂůϮϬϭϰ͖t,KͲ ϱ͘ŽƌŐ ĞůůĞƚĂůϮϬϬϰ >ŝŶůĞLJĞƚĂůϮϬϬϵ   ŝĞŶĞƌĞƚĂůϮϬϭϬ ,ŝůůƐĂŶĚƌŐLJůĞϮϬϬϮ 'ƵŝůůĞŵŝŶϮϬϭϲ  DLJĞƌƐĞƚĂůϮϬϬϰĂ DLJĞƌƐĞƚĂůϮϬϬϰď ǁǁǁ͘ŚĞĂůƚŚLJ͘ŶĞƚ KǁĞŶϭϵϵϵ <ŝŶŐĞƚĂůϮϬϭϱ

   ,ŝŐŚůŝŐŚƚƐ tĞůůŶĞƐƐ͕ƋƵĂůŝƚLJŽĨůŝĨĞĂŶĚǁĞůůͲďĞŝŶŐƌĞĨĞƌƚŽƚŚĞƉŽƐŝƚŝǀĞ͕ƐƵďũĞĐƚŝǀĞƐƚĂƚĞƚŚĂƚŝƐ ŽƉƉŽƐŝƚĞƚŽŝůůŶĞƐƐ͘dŚƵƐ͕ǁĞůůŶĞƐƐŝƐŶŽƚƚŚĞũƵƐƚĂďƐĞŶĐĞŽĨĚŝƐĞĂƐĞĂŶĚƚŚĞĂďƐĞŶĐĞŽĨ ŝůůŶĞƐƐ͖ŝƚŝƐĂƐĞƉĂƌĂƚĞƉŽƐŝƚŝǀĞƐƚĂƚĞ͘ YƵĂůŝƚLJŽĨůŝĨĞ͕ǁĞůůͲďĞŝŶŐ͕ĂŶĚǁĞůůŶĞƐƐĂƌĞŽĨƚĞŶĚŝƐĐƵƐƐĞĚĂŶĚĚĞƐĐƌŝďĞĚŝŶƚĞƌŵƐŽĨĂ ŵƵůƚŝĚŝŵĞŶƐŝŽŶĂůŵŽĚĞů͘dŚĞƐƚƌŽŶŐĞƐƚĚŝŵĞŶƐŝŽŶƐĂƌĞƉŚLJƐŝĐĂů͕ƐŽĐŝĂů͕ ĞŵŽƚŝŽŶĂůͬƉƐLJĐŚŽůŽŐŝĐĂů͕ŝŶƚĞůůĞĐƚƵĂů͕ĂŶĚƐƉŝƌŝƚƵĂů͘ DĂŶLJŽĨƚŚĞĞdžŝƐƚŝŶŐĐůŝŶŝĐĂůŵĞĂƐƵƌĞƐŽĨǁĞůůŶĞƐƐ͕ǁĞůůͲďĞŝŶŐ͕ĂŶĚƋƵĂůŝƚLJŽĨůŝĨĞĂƌĞǀĞƌLJ ůŽŶŐ͕ŽĨƚĞŶŽǀĞƌϭϬϬŝƚĞŵƐ͕ĂŶĚŶŽƚƐƵŝƚĞĚƚŽĐŽŶƐƵŵĞƌƌĞƐĞĂƌĐŚ͘ DĞĂƐƵƌĞƐŽĨƋƵĂůŝƚLJŽĨůŝĨĞĂŶĚǁĞůůͲďĞŝŶŐŚĂǀĞĨŽĐƵƐĞĚŽŶŽǀĞƌĂůůĨƵŶĐƚŝŽŶŝŶŐ͕ĂŶĚŽŶ ƐƉĞĐŝĨŝĐĚŽŵĂŝŶƐŝŶĐůƵĚŝŶŐĨŽŽĚ͘YƵĂůŝƚLJŽĨůŝĨĞŽĨŵĞĂƐƵƌĞƐŚĂǀĞďĞĞŶĚĞǀĞůŽƉĞĚďLJƚŚĞ tŽƌůĚ,ĞĂůƚŚKƌŐĂŶŝnjĂƚŝŽŶ;t,KͿĂŶĚƚƌĂŶƐůĂƚĞĚŝŶŵĂŶLJůĂŶŐƵĂŐĞƐ͘ tĞůůŶĞƐƐŚĂƐůĂƌŐĞůLJďĞĞŶŵĞĂƐƵƌĞĚŝŶƚŚĞĨŝĞůĚƐŽĨĐůŝŶŝĐĂůĂŶĚĐŽƵŶƐĞůŝŶŐƉƐLJĐŚŽůŽŐLJ͘ tĞůůŶĞƐƐ͕ǁĞůůͲďĞŝŶŐ͕ĂŶĚƋƵĂůŝƚLJŽĨůŝĨĞĐĂŶďĞŝŵƉŽƌƚĂŶƚĂĚĚŝƚŝŽŶƐƚŽƚŚĞŵĞĂƐƵƌĞƐ ƐƚƵĚŝĞĚŝŶĐŽŶƐƵŵĞƌƉĞƌĐĞƉƚŝŽŶŽĨĨŽŽĚĂŶĚŽƚŚĞƌĐŽŶƐƵŵĞƌƉƌŽĚƵĐƚƐ͘  



ͳͻ