exhibit 4 - townnews...civil action no.: 19-cv-601 in the united states district court for the...

Exhibit 4

Case 1:19-cv-00601-TDS-JLW Document 30-4 Filed 02/07/20 of 114

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Summary Report in the Matter of

TRULIANT FEDERAL CREDIT UNION, Plaintiff, v. SUNTRUST BANKS, INC. and BB&T CORPORATION, Defendants.

Civil Action No.: 19-CV-601 IN THE UNITED STATES DISTRICT COURT FOR THE MIDDLE DISTRICT OF NORTH CAROLINA

January 31, 2020

Prepared For

Rick Coughlin Fox Rothschild LLP

300 N Greene Street, Suite 1400 Greensboro, NC 27401

By

Professor Nicholas M. Didow 404 Kenan Center Building

Kenan-Flagler Business School University of North Carolina Chapel Hill, NC 27599-3490

SIGNED:

Nicholas M. Didow, PhD January 31, 2020


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TABLE OF CONTENTS

I. OVERVIEW 3

II. STATEMENT OF QUALIFICATIONS 9

III. OTHER CASES IN PREVIOUS FOUR YEARS WHERE TESTIFIED AS AN EXPERT AT TRIAL OR BY DEPOSITION 11

IV. METHODOLOGY 12

V. PRINTED TEXT ONLINE SURVEY OVERVIEW 13

VI. ONE-ON-ONE INDIVIDUAL ORAL PRESENTATION SURVEY OVERVIEW 15

VII. SURVEY RESULTS FROM 291 RESPONDENTS WHO RESIDE WITHIN TRULIANT’S

CURRENT FIELD OF MEMBERSHIP 16

VIII. SURVEY RESULTS FROM 416 RESPONDENTS WHO RESIDE IN VA, NC, AND SC COUNTIES NOT WITHIN TRULIANT’S CURRENT FIELD OF MEMBERSHIP 28

IX. RESULTS FROM 47 INDIVIDUALS IN THE CHARLOTTE METRO AREA WITHIN

TRULIANT’S FIELD OF MEMBERSHIP WHO PARTICIPATED IN ONE-ON-ONE INTERVIEWS WITH ORAL PRESENTATION OF THE KEY LIKELIHOOD OF CONFUSION QUESTIONS 47

X. SUMMARY OF FINDINGS 57

EXHIBIT A. DIDOW RESUME 59 EXHIBIT B. ONLINE SURVEY 77 EXHIBIT C. DEMOGRAPHIC AND VALIDATION DATA FOR THE 707 ONLINE SURVEY RESPONDENTS 86 EXHIBIT D. IN PERSON ONE-ON-ONE INDIVIDUAL INTERVIEW SCRIPT 94 EXHIBIT E. SURVEY QUESTIONNAIRE FROM ORAL PRESENTATION OF KEY LIKELIHOOD OF CONFUSION QUESTIONS 96 EXHIBIT F. PICTURES OF ONE-ON-ONE INTERVIEW ROOM FOR ORAL PRESENTATION OF LIKELIHOOD OF CONFUSION QUESTIONS 104 EXHIBIT G. DEMOGRAPHIC DATA FOR THE 47 IN PERSON ONE-ON-ONE INTERVIEW SURVEY RESPONDENTS 107


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I. OVERVIEW Truliant Federal Credit Union (“Truliant”) has operated under the duly registered TRULIANT mark since June 1999 and offers a variety of financial services for individual consumers and small to medium businesses (“members”) within their current field of membership under the portfolio of TRU service marks, including TRULIANCES, TRU-FINANCIAL CHECKUP, TRU2GO, TRUISM, TRUCERATOPS, TRUGUIDANCE, TRULY DIFFERENT, TRULY CARING, TRULY REFRESHING, TRULY HELPFUL, TRULY PERSONAL, TRULY AFFORDABLE, and TRUCOMMUNITY – all “TRU marks”. Truliant’s mobile app TRU2GO is a trademark service mark duly registered with the United States Patent and Trademark Office. In February 2019, BB&T and SunTrust banks announced their intent to merge later in 2019, resulting in the sixth largest bank in the United States. BB&T and SunTrust each separately already compete directly with Truliant offering similar financial services to the same market segments in many of the same geographic areas. On June 12, 2019, BB&T and SunTrust together announced the merged bank would be named “TRUIST FINANCIAL CORPORATION” and branded in the marketplace using the TRUIST brand and TRUIST service marks. Truliant believes that this action by BB&T and SunTrust will likely cause confusion among the consuming public as to the source, sponsorship, or affiliation of personal and commercial financial services offered by the senior TRULIANT brand and TRU service marks versus the proposed new TRUIST brand and TRUIST service marks.

On August 7, 2019, I was engaged to design, conduct, and analyze consumer research to determine

the likelihood of confusion in the marketplace between the senior Truliant mark and the proposed Truist mark. This report summarizes my work, findings, and expert opinions to date.

I have reviewed the Complaint in this matter (TRULIANT FEDERAL CREDIT UNION, Plaintiff, v.

SUNTRUST BANKS, INC. and BB&T CORPORATION, Defendants, Civil Action No.: 19-CV-601 IN THE UNITED STATES DISTRICT COURT FOR THE MIDDLE DISTRICT OF NORTH CAROLINA); BB&T Corporation’s trademark service mark filing dated June 11, 2019, before the United States Patent and Trademark Office for the “Truist” mark; the Affidavit of Pastor Christopher Sostaita dated October 21, 2019; the DEFENDANT’S FIRST AMENDED ANSWER AND COUNTERCLAIMS dated December 18, 2019; REPLY TO DEFENDANT’S COUNTERCLAIMS dated January 15, 2020; and, various public press news articles and company websites relevant to this matter.


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Since that engagement date I have designed, conducted, and analyzed “Squirt” format multi-method consumer studies with open ended “why” questions and strong control measures that meet generally accepted Federal litigation standards for likelihood of confusion survey research as prescribed by Diamond and others (Diamond, S. S. “Reference Guide on Survey Research” Reference Manual on Scientific Evidence (3rd ed.) Federal Judicial Center: The National Academies Press (2011), 359-423; Diamond, S. S. and J. B. Swann, Trademark and Deceptive Advertising Surveys, Section of Intellectual Property Law, American Bar Association, 2012; Jacoby, J. Trademark Surveys, Section of Intellectual Property Law, American Bar Association, 2013; McCarthy, J. T., McCarthy on Trademarks and Unfair Competition, 4th Ed., Clark Boardman Callaghan, 1996; Federal Manual for Complex Litigation, 4th Ed., 2004; and, Swann, J. B. “Eveready and Squirt – Cognitively Updated,” The Trademark Reporter, INTA, Vol. 106 No. 4, July-August 2016) as well as professional marketing research standards. The Squirt model for estimating likelihood of confusion between Truliant and Truist marks assumes the accessibility of the senior mark to consumer’s memory is uncertain or relatively low, the two marks at issue have or will offer directly competing or substantially overlapping goods, and they appear or will appear proximately in the same geographic marketplaces. Consumer research findings of low unaided brand awareness ranging from 15% to 20% or less in product categories like financial services have been reported by G. Laurent, J.-N. Kapferer, and F. Roussel “The Underlying Structure of Brand Awareness Scores,” Marketing Science 14 (3) 170-179 and others. Periodic studies by Statistica (Brand Awareness: Financial Service Providers in the U. S., 2015 and 2018) and others similarly find low financial service provider unaided and aided brand awareness scores for smaller financial service providers like Truliant in national surveys of adults. Although for-profit investor-owned commercial banks and not-for-profit member-owned credit unions are different with respect to some organizational and regulatory factors, today they are often similar if not identical in the marketplace with respect to the array of financial services they both offer personal and business customers such as Checking Accounts, Savings Accounts, CDs, ATM Debit Cards, VISA Debit Cards, Money Market Accounts, IRAs, Online Banking, Mobile Banking, Mobile Check Deposit, Auto Loans, Debt Consolidation Loans, Home Equity Loans, Mortgage & Construction Loans, Land Loans, Personal Loans and Lines of Credit, Credit Cards, Auto Insurance, Home Insurance, Life Insurance, Financial Advice, and Retirement Planning. As J. Reosti recently summarized in “Credit unions vs. banks: How we got here” American Banker, April 24, 2018 --

At the time (1967), credit unions, which are tax exempt, only offered savings accounts and small consumer loans to low- and middle-income members who were linked by a common bond — typically an employer or association — and most banks didn’t view them as competitive threats. But beginning in the mid-1970s, credit unions steadily expanded the menu of products and services they provided, as well as their fields of membership, all with the blessing of their federal regulator, the NCUA. Today, credit unions count more than 110 million people as members and hold deposits totaling $1.1 trillion. They are major players in auto and mortgage lending and are making deepening inroads into commercial and small-business lending.

In summary, as noted by R. G. Anderson and Y. Liu in “Banks and Credit Unions: Competition Not Going Away” The Regional Economist, Federal Reserve Bank of St. Louis, April 1, 2013 --


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Credit unions and commercial banks are important parts of this (U. S. financial) system—and aggressive competitors. Both types of institutions are chartered by the federal and state governments, often with the intent of fostering competition between the institutions.

The marketplace, consumer behavior, and competition between financial service companies, like many service organizations, is increasingly becoming one that is more virtual in oral word-of-mouth communication and online through printed text communication in social media, websites, postings, and Internet searches, rather than only a marketplace defined by traditional brick and mortar dominated competition and branch office market dynamics (e.g., “Virtual vs Brick-and-Mortar Banks: Who is Winning the Social Media Battle” talkwalker August 7, 2015; “The pros and cons of brick-and-mortar banks vs. online banks” Bankrate April 2, 2019). The following excerpts from the article “Consumer Banking: Statistics and Trends in 2020” in which ValuePenguin by lendingtree summarize recent Federal Reserve, FDIC, and S&P Market Intelligence study findings about changing consumer bank customer preferences and behavior –

Banks have long played a major part in our financial lives. They help consumers build wealth for the long term and provide credit for major purchases and projects. However, new technology is driving substantial change in the way people interact with the banking industry. The ways consumers bank and pay for purchases have changed immensely since the Federal Reserve started to conduct a triennial survey almost 20 years ago. Mobile banking provides convenient features that are increasingly sophisticated and capable of replacing brick-and-mortar service. As consumers become more familiar and confident in mobile technology, the use of apps and web tools for banking will increase. In addition, surveys suggest that the growing number of smartphone users increasingly rely on their smartphones to help make financial decisions. Among survey respondents that primarily used mobile banking over the past 12 months, major uses included checking an account balance or recent transactions (94% of respondents), transferring money between bank accounts (58% of respondents), receiving an alert (56% of respondents), depositing a check using mobile camera (48%), paying a bill (47% of respondents) and locating the closest in-network ATM or branch for their bank (36% of respondents). Debit card use has risen sharply, while check usage has declined sharply, and credit cards and ACH transfers have seen moderate increases. Mobile wallets, online payments and P2P money transfers have all grown immensely since 2012, but only constitute a small portion of total payments. While this number is small for now, it can change remarkably quickly as seen in China, where mobile payments grew from $11 billion to $17 trillion in just five years.

Recent studies by Accenture (“2017 Global Distribution & Marketing Consumer Study – Beyond Digital: How Can Banks Meet Customer Demands?”), Forrester Research reported by Cornerstone Advisors (“How Consumer Choose a Bank: A Tale of Two Surveys”) and others show the declining importance of access to a physical brick-and-mortar branch and the significant importance of recommendations from friends and/or family or a financial advisor and other factors in selecting a new banking provider.


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Therefore, the multi-method studies designed, conducted, and analyzed herein involve presenting the marks at issue – Truliant and Truist – 1) in printed text format which online survey respondents are able to see and read for themselves and 2) presenting the marks at issue in person orally wherein the study participants can only hear the marks spoken as they respond to the likelihood of confusion survey questions. Squirt studies also need an appropriate control cell or control measure. The use of a control enables the adjustment of the total gross likelihood of confusion (LOC) score to filter out any general awareness, beliefs, and overall market share effects and thus enables one to calculate a conservative and reliable net estimate of the likelihood of confusion (e.g., Shari Seidman Diamond and Jerre B. Swann, Trademark and Deceptive Advertising Surveys, pgs. 61-64 and 210-216, Section of Intellectual Property Law, American Bar Association, 2012). A control measure tests for potential confusion between two marks within the category that should be generally and widely known as unrelated by almost everyone, such as Coke and Pepsi, Walmart and Target, or McDonalds and Burger King. In these studies, the initial gross observed likelihood of confusion score for the Truliant and Truist marks is adjusted accordingly by subtracting the observed control likehood of confusion score using two other generally recognized unrelated financial service companies -- Wells Fargo and Bank of America. In summary:

Net LOC = Gross LOC Truliant and Truist - Control LOC Bank of America and Wells Fargo I also designed a question in both the online print survey and the in person oral survey to estimate any likely confusion as to the source of the financial services company that offers the TRU2GO mobile app. Survey respondents were asked to identify the financial services company that offers TRU2GO from a list of 20 possibilities including “Truist Bank” and “None of the Above”. Misattribution of the source for TRU2GO to Truist Bank was measured by the gross percentage of respondents who incorrectly indicated TRU2GO was offered by “Truist Bank” minus a 5% control percentage that could have happened by chance guessing (1/20 = 5%). In summary:

Net TRU2GO source misattribution to Truist Bank = Gross misattribution to Truist Bank – 5% Control My overall findings are as follows:

PRINTED TEXT PRESENTATION OF KEY LOC QUESTONS IN ONLINE SURVEY RESULTS FROM 291 ONLINE SURVEY RESPONDENTS WHO RESIDE IN VA, NC, AND SC COUNTIES INCLUDED WITHIN TRULIANT’S CURRENT FIELD OF MEMBERSHIP Testing LOC for financial services from Truliant and Truist, control services from Bank of America and Wells Fargo.

• Gross LOC Truliant and Truist = 78.7% LOC • Minus Control LOC Bank of America and Wells Fargo financial services = 40.9% Control LOC • Net LOC = 78.7% - 40.9% = 37.8% Net LOC • The 95% confidence interval for the population proportion is 0.319 < p < 0.431

Confusion as to source of TRU2GO mobile app – misattribution of source to Truist Bank • 49.8% - 5% = 44.8% net source misattribution to Truist Bank • The 95% confidence interval for the population proportion is 39.1% < p < 50.5%


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RESULTS FROM 416 ONLINE SURVEY RESPONDENTS WHO RESIDE IN VA, NC, AND SC COUNTIES NOT INCLUDED WITHIN TRULIANT’S CURRENT FIELD OF MEMBERSHIP Testing LOC for financial services from Truliant and Truist, control services from Bank of America and Wells Fargo.


Confusion as to source of TRU2GO mobile app – misattribution of source to Truist Bank • 59.4% - 5% = 54.4% net source misattribution to Truist Bank • The 95% confidence interval for the population proportion is 49.6% < p < 59.2%

ORAL PRESENTATION OF KEY LOC QUESTONS AS IN PERSON ONE-ON-ONE INTERVIEWS RESULTS FROM 47 QUALIFIED RESPONDENTS Oral key question presentation testing LOC for financial services from Truliant and Truist, control services from Bank of America and Wells Fargo.


Confusion as to source of TRU2GO mobile app – misattribution of source to Truist Bank • 85.1% - 5% control = 80.1% net source misattribution to Truist Bank • The 95% confidence interval for the population proportion is 68.7% < p < 91.5%

The results from these multi-method surveys strongly support Truliant’s concerns as to the

likelihood of confusion among consumers. Gross likelihood of confusion was 78.7%, 86.3%, and 89.4%. That is, on average across the different survey methods and three survey populations, an average of 84.9% of the respondents mistakenly believed that Truliant and Truist were the same financial service company; were affiliated, connected or associated with one another; or they did not know.

Even after subtracting the control cell percentage from each Gross LOC percentage, the resulting net

likelihood of confusion was 37.8%, 51.2%, and 61.7% for an average net likelihood of confusion score of 50.2%.

Scores like these are considered significant evidence of likelihood of confusion (e.g., Shari Seidman

Diamond and Jerre B. Swann, Trademark and Deceptive Advertising Surveys, pgs. 313-315, Section of Intellectual Property Law, American Bar Association, 2012).


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Furthermore, the study results also show evidence of significant likely misattribution of the trademark service mark registered Truliant mobile app TRU2GO to Truist Bank, if Truist Bank enters the market using the Truist service mark. The Gross source misattribution of TRU2GO to Truist Bank was 49.8%, 59.4%, and 85% for an average of 64.7%. Net source misattribution of TRU2GO to Truist Bank was 44.8%, 54.4%, and 80% resulting in an average net source misattribution of 59.7%.

In my expert professional opinion based on these findings, there is a strong reason for concern by

Truliant if the merged BB&T and SunTrust financial service company enters and operates in the market as Truist Bank under the Truist service mark. There is a strong and substantial likelihood of confusion among consumers between the existing Truliant and proposed Truist marks, and evidence of major confusion in the misattribution of Truliant’s registered TRU2GO mobile app to Truist Bank.


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II. STATEMENT OF QUALIFICATIONS

My name is Nicholas M. Didow, PhD, and I am responsible for the analysis and opinions summarized and reported in this document.

I was a tenured professor at the University of North Carolina at Chapel Hill’s Kenan-Flagler Business School from 1979-2019. My current appointment and academic rank is Adjunct Professor at Kenan-Flagler Business School.

My formal education includes a BSBA (1970) and MBA (1973) from UNC-Chapel Hill and a Ph.D. in

Marketing with a Minor in Evaluation Research from Northwestern University in 1980. Over the years I have published many peer referred academic journal articles in marketing, market research, and consumer behavior as well as many other book chapters, white papers, and conference papers. I am often contacted by the popular press to offer perspectives, opinions and insights on emerging consumer trends, public policy issues, and marketing practices. My teaching responsibilities include courses in marketing strategy and planning, consumer behavior and consumer research, issues in the global economy, and global marketing. I have served as a consultant to businesses, non-profits, and government agencies on many occasions. This includes several major projects in economic development and brand strategy for the North Carolina Department of Commerce, Office of the Governor, and the North Carolina Department of Natural and Cultural Resources. Many of these consulting engagements have involved analysis of secondary data; the design, conduct and analysis of original marketing and consumer behavior research, including interviews and surveys; quantitative analysis; new product development; branding and brand strategy; and marketing strategy planning and forecasting.

I have previously been offered and qualified as an expert witness in marketing, marketing research, and the impact of marketing practices on consumer behavior in several cases. I have designed and conducted consumer studies to examine possible likelihood of confusion resulting from trade dress infringement and brand trademark infringement, and I have performed analysis to provide damages estimates in a case alleging false and misleading comparative advertising.

On May 8, 2012, I was affirmed by the United State Court of Appeals for the Fourth Circuit as an

expert in marketing, consumer surveys, and consumer behavior in their review of a trade dress infringement and likelihood of confusion case wherein I was an expert witness (Belk, Incorporated; Belk International, Incorporated, Plaintiffs-Appellants, v. Meyer Corporation, U. S.; Meyer Intellectual Properties Limited, Defendants - Appellees, No. 10-1664, United States Court of Appeals for the Fourth Circuit, May 8, 2012).

I have also testified in Washington, DC, before the House Committee on Banking, Finance, and

Urban Affairs on the effects of emerging bank financial services practices on vulnerable consumer market segments. For several years I taught in the North Carolina School of Banking and then subsequently in the National Credit Union Marketing School when both were held in Chapel Hill.

On August 7, 2019, I was engaged by Fox Rothschild LLP to provide expert consulting services and/or

testimony in this matter. I also may be asked to conduct analysis and to offer opinions about additional studies, testimony, and other expert opinions that may become part of the record in this case.


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A copy of my resume appears in EXHIBIT A and a list of my recent affidavits, depositions and testimony in recent years immediately follows in section III of this document.

Nicholas M. Didow, PhD


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III. OTHER CASES IN PREVIOUS FOUR YEARS WHERE TESTIFIED AS AN EXPERT AT TRIAL OR BY

DEPOSITION United States District Court for the Middle District of North Carolina: KAYSER-ROTH CORPORATION, Plaintiff, vs. GOODHEW, LLC, Defendant, Civil Action No.: 1:15-cv-00276-LCB-LPA. Fulton Co. Super. Ct., Atlanta, GA: DRUMMOND FINANCIAL SERVICES, LLC, et al., v. TMX FINANCE HOLDINGS, INC, et al., No. 2014-cv-253677. United States District Court for the Eastern District of North Carolina Western Division: THOMPSON AUTOMOTIVE LABS, LLC, Plaintiff, vs. ILLINOIS TOOL WORKS INC., No. 5:15-CV-00282-FL.


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IV. METHODOLOGY

These printed text online and oral presentation in person likelihood of confusion studies were designed, conducted, and analyzed following generally accepted best practices for consumer research and guidelines described in Shari Seidman Diamond’s “Reference Guide on Survey Research” Reference Manual on Scientific Evidence (3rd ed.) Federal Judicial Center: The National Academies Press (2011), 359-423; Jacob Jacoby, Trademark Surveys, Section of Intellectual Property Law, American Bar Association, 2013; J. Thomas McCarthy, McCarthy on Trademarks and Unfair Competition, 4th Ed., Clark Boardman Callaghan, 1996; and, the Federal Manual for Complex Litigation, 4th Ed. (2004). This specifically includes the following best practices and guidelines:

• The surveys were designed to address relevant questions at issue in this matter • Participation in the surveys was controlled to ensure objectivity • The questionnaires and study methods were designed, conducted, and analyzed by a

qualified expert • The participants were sampled and recruited from an appropriate population and

approximate the relevant characteristics of the population • Bias, social desirability, and nonresponse were not issues • Only qualified participants were included in the surveys • Questions were clear, precise, unbiased and consistent with previous likelihood of confusion

surveys • Participants could indicate “Don’t Know” if they were unsure or had no opinion • The surveys appropriately used both closed-ended questions and open-ended questions • No responses were ambiguous or incomplete • Possible order and context effects were addressed by quasi-random variation of the order of

presentation of the marks at issue and the control measure marks • The surveys included questions for respondent validation and to ensure attention • These were double blind studies – neither the online survey sample firm, nor the in person

interview recruiting and hosting firm, nor the participants knew the sponsor of the study • The studies were designed as multi-method surveys to minimize method error and bias • Data were recorded accurately for analysis • Complete and detailed disclosure can be provided, including full information about the

survey methodology and the results • Analysis and reporting of frequency distributions and overall percentages protects the

identities of individual participants


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V. PRINTED TEXT ONLINE SURVEY OVERVIEW The printed text online likelihood of confusion survey used in this study was designed and pre-tested from August 7-9, 2019, and the final version of the survey yielding the results reported herein was in the field from August 21-28, 2019. A copy of the online survey is included in this report as EXHIBIT B. 707 adult survey respondents sampled from SurveyMonkey’s 220,000 online survey panel members who reside in Virginia, North Carolina, or South Carolina completed the survey. The survey was designed to restrict only one response to each unique IP address and also included other appropriate measures to assure valid responses. Invitations for respondents to complete one of the surveys were distributed by SurveyMonkey in multiple waves from August 21-28 to vary the order of presentation of the Truliant and Truist marks in the test questions and to vary the order of presentation of the Bank of America and Wells Fargo marks in the control measure. Respondents also indicated the VA, NC, or SC county in which they live. This enabled me to partition the 707 respondents into two market segments for further analysis: 1) the 291 respondents who reside in the 30 VA, NC, and SC counties included within Truliant’s current field of membership; and, 2) the 416 respondents who reside in VA, NC, and SC counties not included within Truliant’s current field of membership. The first segment is Truliant’s current geographic market, while the second segment is the market into which Truliant may seek to enter at some time in the future as they continue to grow and increase their geographic field of membership. Eligibility Criteria Respondents to this online survey were qualified to be an adult age 18 or older who lives in Virginia, North Carolina, or South Carolina. Potential respondents were disqualified if they are employed in the financial services industry.

Demographic and Validation Data for the 707 Respondents

EXHIBIT C presents demographic and validation data for the 707 respondents, including their sex, age, highest level of formal education, household total annual gross income, current employment status, industry in which they work, and where they currently have financial services.

The demographic data for the 707 respondents matches reasonably well with the known demographic characteristics of the Virginia, North Carolina, and South Carolina resident population. 10 of the survey respondents preferred not to indicate their sex, while about 56% of the 707 respondents indicated they are female and 43% indicate they are male. This percentage of female respondents is slightly higher than the known 51% female to 49% male population percentages in Virginia, North Carolina, and South Carolina. The median age of the 707 respondents, all qualified to be 18 or older, is in the 45-54 age category, which roughly matches the median adult age in all three states. The age distribution of the 707 respondents also shows reasonable participation in the survey by all age categories.


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The median highest level of formal education reported by the 707 respondents is a college or associates degree. This median and the representation of other formal levels roughly reflects the three respective states, and indicates representation in the survey by various levels of formal education. About 15% of the respondents preferred not to disclose their annual gross household income. From those who did answer, the median annual household gross income from all sources was reported as in the $50,000 to $74,999 category. This matches the 2019 blended median annual household incomes of $68,766 in Virginia, $50,320 in North Carolina, and $48,781 in South Carolina. The employment status and industry data for the 707 respondents similarly matches the population data for Virginia, North Carolina, and South Carolina. Finally, the frequency count for the financial service companies where the 707 survey respondents have various accounts roughly matches the known market share of these companies. The issue of respondent validation can also be addressed for these 707 online survey respondents with two available measures. When these individuals signed up to be part of SurveyMonkey’s 3,000,000-member online survey panel, they also indicated their sex and age at that time. EXHIBIT C includes two cross tabulation tables, which compare their information at the time of signing up with SurveyMonkey with their recent answer in this survey. Each cross tabulation table shows over a 99% match, which is positive evidence of valid respondents.


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VI. ONE-ON-ONE INDIVIDUAL INTERVIEW ORAL PRESENTATION SURVEY OVERVIEW The one-on-one interview oral presentation version of the likelihood of confusion survey in this study was designed and pre-tested in Charlotte on September 6, 2019, and the final version of the in person interview survey yielding the results reported herein was in the field in Charlotte from October 3-5, 2019. On October 3, 4, and 5 I conducted one-on-one interviews in Charlotte in which the two marks at issue and the control marks were presented orally to 47 individuals. Each participant recorded their response to the key likelihood of confusion questions using a survey questionnaire presented on a laptop in the interview room. The in person one-on-one individual interview script is presented in EXHIBIT D, the response survey questionnaire is presented in EXHIBIT E, and EXHIBIT F includes pictures of the interview room in which the one-on-one interviews were conducted by me. I conducted each oral interview survey myself. Interview participants were recruited by staff at L&E Research in Charlotte and the interviews were conducted at their consumer research facility. Recruiting and hosting these interviews were blind – no one at L&E Research recruiting participants or hosting the study knew the sponsor of the study or the purpose of the study. L&E Research is a well-established professional consumer research organization with facilities in several locations. They keep a database of thousands of previous research participants and others who have indicated their willingness to be part of future studies. L&E staff recruited participants for this study who were pre-screened to be adults (18+) who live in counties in and near Charlotte that are in Truliant’s current field of membership. Participants were recruited to come to the L&E facility in Charlotte at a time of their convenience over a three-day window. Each participant was offered and paid a $35 honorarium for participating in this study. Demographic data describing the 47 participants is presented in EXHIBIT G. The participants were diverse with respect to all demographic and economic characteristics and roughly approximate the population of the Charlotte metropolitan area. 45% of the participants were male, 55% were female; median age was in the 45-54 category; median formal education was a college degree or associates degree; median household annual pretax income was $50,000 - $74,999; most were employed full time or part time, and several were self-employed while several were retired. About 35% of the participants were African American, Asian, or Hispanic. By observation, 100% of the participants matched the gender, approximate age, and ethnicity data they provided when they were originally recruited by L&E staff.


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VII. SURVEY RESULTS FROM 291 RESPONDENTS WHO RESIDE WITHIN TRULIANT’S CURRENT FIELD OF MEMBERSHIP A total of 291 online survey respondents qualified as residing in Truliant’s current field of membership in designated counties in Virginia, North Carolina, and South Carolina. The county with the largest number of respondents was Mecklenburg County, NC, with 57 respondents and neither Montgomery County nor Wilkes County, NC, had any survey respondents included in this study. After clicking on the link they received from SurveyMonkey, respondents opened the survey questionnaire presented in EXHIBIT B. On the first page, the respondent was asked to complete the short opinion survey, encouraged to be honest, and promised their individual responses would be kept confidential. Truliant and Truist, Truist and Truliant They then clicked to the next page and were asked the first of two questions designed to measure the likelihood of confusion, or not, between Truliant and Truist with the marks presented in printed text form. The first question asked, “Financial services – checking accounts, savings accounts, mobile apps, and ATMs – might soon be available in the Carolinas and Virginia from Truist and Truliant. Would most consumers think financial services from Truist and Truliant are put out by the same company; are put out by different companies; or you don’t know? Why do you say that” A response to the first question of “put out by the same company” is an indication of the likelihood of confusion and the second question was skipped. Either other response to the first question was followed up by the second question. The second question asked, “Would most consumers think financial services from Truist and Truliant are put out by companies that are affiliated, connected or associated with one another; or they are put out by companies that are not affiliated, connected or associated with one another; or you don’t know? Why do you say that?” A respondent’s answer indicating no likelihood of confusion would be “put out by companies that are not affiliated, connected or associated with one another.” Any other response – “put out by companies that are affiliated, connected or associated with one another” or “don’t know” – indicates a likelihood of confusion. (The order of mark presentation – Truist and Truliant – or – Truliant and Truist – varied between survey distribution waves.) Here is a summary of the survey results from these 291 online survey respondents who live within Truliant’s current field of membership: Financial services – checking accounts, savings accounts, mobile apps, and ATMs – might soon be available in the Carolinas and Virginia from Truist and Truliant. Would most consumers think financial services from Truist and Truliant are put out by the same company; are put out by different companies; or you don’t know? Why do you say that?


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33.3% (97) ___ put out by the same company 29.2% (85) ___ put out by different companies 37.5% (109) ___ don’t know Would most consumers think financial services from Truist and Truliant are put out by companies that are affiliated, connected or associated with one another; or they are put out by companies that are not affiliated, connected or associated with one another; or you don’t know? Why do you say that? 26.8% (52) ___ put out by companies that are affiliated, connected or associated with one another 32.0% (62) ___ put out by companies that are not affiliated, connected or associated with one another 41.2% (80) ___ don’t know These responses result in a Gross Likelihood of Confusion score of 78.7% calculated as follows: (97+52+80)/291 = 78.7%. The 97 respondents who answered the first question showing likelihood of confusion by saying, “put out by the same company” offered the following verbatim comments as to why they said that: Because the name looks similar to each other Sounds like it is different per state it is in Because the names are very similar They sound very similar Visually the first three letters are alike; phonetically word formation is very similar thus leading one to thing one is simply a variation of the other or a spin off. the names sound the Same Names are too similar Very similar names Names are too close in sound and look. The similarities in the names. Both begin with Tru. similar starting letters in name Seem like they have the same prefix Different divisions or brands under same umbrella or parent company They look the same Names are too similar. the obvious common naming style Same name Sounds the same Names are too similar Similar names. name is too similar well, they both start with the word 'Tru' Names too much alike. The name The names are similar There name sounds similar. Names are too similar Starts the same


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they are similar in spelling First three letters are the same in both names Similar names Because of the similar names They have similar names in the same field the names are very similar and easily confused cause they sound similar not sure, very similar similarity on name Spelling similar the names are very similar name similarities People often remember portions of company names. The first and last syllabus are very similar. No clue the name is similar The names are too similar. The names are very similar Their names are so similar Similar names They sound similar because of the beginning Tru. They do feel like they could be involved with each other. Maybe one is the umbrella company of the other. Or different jobs of the same company. Names are similar No reason at all very similar names Names are too similar. I bank with one that is renaming to Truist and pretty sure I'll be looking for a new bank. They both offer very similar services The 52 respondents who said in the second question Truist and Truliant were affiliated, connected, or associated said so because: names very similiar Because their names are so similar names are similar Name simularity sound the same, easily confused. based on the name; but if the companies are in fact affiliated why cause confusion by having 2 names? tru in the name The names are close in sound that I would say one name is the name of the business and the other a part of the same company or they maybe merged. Same root. They sound similar. The names are so similar Names are very at. Likely those that have accounts with each would see the other name associated with theirs that's the way I feel If they come out in the same time and place with similar names then people would associate them together Saw something on that


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If not paying attention names are confusingly similar They sound like they could be 2 different options or levels of service from the same parent company. The tru alliteration supports the thought. Similar names, but different the similar root in both words "true" similar names Bc it is true Because the names are similar Names are similar Close names Similar names So the 97 + 52 or 149 of the 291 total respondents who indicated Truist and Truliant were the same company, or were affiliated, connected, or associated, said they indicated so because of their “very similar names” or names that are “too similar”. The 80 respondents who said they “don’t know” in the second question said so because: They possibly could be affliliated Again, I am not familiar with these brands. not familar Don’t know not familiar never heard of either name Just too unfamiliar Don’t know about these companies I don't know anything about either company Never heard of them Name same familiar but that’s it Not familiar with it Not sure I have never heard of these companies before Because I don’t know I can honestly say I do not know. Don’t know anything about either company i am confusion Again the names are close and unfamiliar. I don't bank with them I think there would again be a mix of both assumptions because of the name similarity. I have no idea what truist is Not enough information I don’t know I have no idea what trillan or truist is I cant tell that only by their name I don’t have information. Affiliation is a different matter than the prior question. It would be hard to tell -- Burger King and Pepsi are affiliated, or used to be, but most people are not likely aware of that.


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Of the 62 out of 291 respondents, or 21.3% who said Truiest and Truliant were not affiliated, connected, or associated – showing no indication of likelihood of confusion – those who did indicate why they said so offered the following reasons: It looks as though one is trying to make us believe they could be the other. Names are not the same It’s different names I've heard of one, but not the other, and would not think of them as related just because they are spelled similarly. The names sound different and nothing alike. Different names NCUA would not allow them to be affiliated. why have different names? Besides the tr there’s nothing that makes me think these two are connected in any way different name Two different sounding names Different names Affiliates Names are not that similar They have different names nobody even knows how to pronounce the new name, why would they connect it to another better known name? same Because they are different names of companies. Same Truliant is a credit union and Truist is not. Don't believe they are affiliated. best option Why would they be? Names are different enough Because their names are different No reason to think otherwise Bank of America and Wells Fargo Control, Wells Fargo and Bank of America Control Each online survey respondent then clicked to the next page and was asked the first of two questions designed as the Control likelihood of confusion measure using Bank of America and Wells Fargo (or Wells Fargo and Bank of America) with the marks presented in printed text form. The first question asked, “Financial services – checking accounts, savings accounts, mobile apps, and ATMs – are available today in the Carolinas and Virginia from Bank of America and Wells Fargo. Would most consumers think Bank of America and Wells Fargo financial services are put out by the same company; are put out by different companies; or you don’t know? Why do you say that?” A response to the first question of “put out by the same company” is an indication of the likelihood of confusion and the next question was skipped.


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Either other response to the first question was followed up by the second question. The second question asked, “Would most consumers think Bank of America and Wells Fargo financial services are put out by companies that are affiliated, connected or associated with one another; or they are put out by companies that are not affiliated, connected or associated with one another; or you don’t know? Why do you say that?” A respondent’s answer indicating no likelihood of confusion would be “put out by companies that are not affiliated, connected or associated with one another.” Any other response – “put out by companies that are affiliated, connected or associated with one another” or “don’t know” – indicates a likelihood of confusion. Here is a summary of the survey answers to this Control likehood of confusion measure from the 291 online survey respondents who live within Truliant’s current field of membership: Financial services – checking accounts, savings accounts, mobile apps, and ATMs – are available today in the Carolinas and Virginia from Bank of America and Wells Fargo. Would most consumers think Bank of America and Wells Fargo financial services are put out by the same company; are put out by different companies; or you don’t know? Why do you say that? 11.3% (33) ___ put out by the same company 77.7% (226) ___ put out by different companies 11% (32) ___ don’t know Would most consumers think Bank of America and Wells Fargo financial services are put out by companies that are affiliated, connected or associated with one another; or they are put out by companies that are not affiliated, connected or associated with one another; or you don’t know? Why do you say that? 17.8% (46) ___ put out by companies that are affiliated, connected or associated with one another 66.7% (172) ___ put out by companies that are not affiliated, connected or associated with one another 15.5% (40) ___ don’t know These responses result in a Control Likelihood of Confusion score of 40.9% calculated as follows: (33+46+40)/291 = 40.9%. Only a few of the 33 respondents who answered the first question indicating likelihood of confusion by saying, Bank of America and Wells Fargo financial services are “put out by the same company” offered the following verbatim comments as to why they responded in that way: Companies tend to merged with one another I know they’re different Both use the banks name Rich stay rich respected name No reason at all Some of the 46 respondents who then indicated Bank of America and Wells Fargo are affiliated, connected or associated offered the following comments as to why they said so:


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I knew that Likely most people using their services would know of each other associations Because they both are a financial institute Their profession is the same or similar Both are formal banks Affiliates No name connection as well as Wells Fargo has been in trouble in the Carolinas regarding financial stability. Bank of America appears to continue to grow and multiply Services are all under one umbrella I do believe there are more similarities in products, creating an affiliation/ connection while operating separately There is a lot of commonality they operate under the same banking system Somewhere at the top they are probably owned by the same company Wouldn't surprise me if they were affiliated, its all about making money. because they are banks similar target groups, missions I believe that there could be some sort of connection just not directly The 40 who said they did not know if Bank of America and Wells Fargo were affiliated, connected, or associated with one another gave the following reasons why they responded, “don’t know”: Again don't really know, but don't think they are connected. Don’t know just don't know I think that we are heading towards a two bank system....all of the smaller banks get purchased by larger ones until there is really no option other BOA and..... Again, don’t know about “most consumers”. Not sure I have no idea. While some may use the same services (e.g. hedge fund operators), I assume they use different ones for most business. A lot of corporations are connected that we don't know about Finally, the 172 respondents who said Bank of America and Wells Fargo were not affiliated, connected, or associated provided the following verbatim explanations: Because I bank with Wells Fargo. different They’re different companies just seems like they wouldn't be Name would have changed with a merger Banks are just different different companies these two companies are competitors. not associated at all with each other


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Different names separate companies I have always believed that they were two separate and different banks Because they are not the same name people know more about these companies and know that they are separate companies They seem to represent one company. They have been around for years. Two company names sounds like two companies. They know the names over a long time. They both have been in the news a lot for different reasons. One would not have reason to believe there is an affiliation with the names of the companies being different or if it isn’t specified anywhere with the two companies. They are two separate banks Names are different Different co Both companies have different policies and rules. They are two large separate brands Saw something on that Clearly different companies Different names Fact Independent ad campaigns Same as my previous answer. not same company same Very well known Please see previous comment. See above There’s nothing to indicate they’re connected no similarity in naming totally different names The names are clearly different from one another, so different companies. same competitors They share nothing so they aren't affiliated. Bc it is true I have done business with Wells Fargo and not Bank of America Different financial institutions two major banks There is no name connection It would take someone unfamiliar with US companies as a whole. Just what I know from media Just don’t think so They are different banking institutions they sound like separate banks Always known as being separate Again...different names Same as before - both companies have been around for awhile as separate entities. two companies


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2 different banks Different companies. Their names give no appearance of connection. Different names Names are not connected separate companies I bank with Wells Fargo. Know it is not same. I just want you know that I’m not getting a good friend to you see They just don't seem like they run the same way, so it makes it seem they are not affiliated. The names are totally different Once again different names Two large companies don’t seem to have each other’s interests in mind The have different names and are both bigger financial companies that are well known both are well established cause I don't think they're associated well-known companies opinion is that they are completely unrelated Two different company(bank ) spelling is different there is no reason to assume they are affiliated I know They are not marketed as affiliated companies. Different logos Same as previous answer. Both have been around for a while in this area. Just by the different names Net Likelihood of Confusion Results From 291 Respondents Who Reside in Counties Included Within Truliant’s Current Field of Membership As indicated earlier in this report, the net likelihood of confusion score is determined by subtracting the control likelihood of confusion score from the gross likelihood of confusion score as follows: Net LOC = Gross LOC Truliant and Truist - Control LOC Bank of America and Wells Fargo In this case, that would be calculated as: Net LOC = 78.7% - 40.9% = 37.8% Net Likelihood of Confusion among Respondents Who Live Within Truliant’s Current Field of Membership


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Misattribution as to Source for TRU2GO Mobile App Survey respondents were also asked to identify which financial service company offers a smartphone mobile app called TRU2GO from an alphabetically ordered list of 20 possible financial service companies. 145 of the 291 respondents, or 49.8%, selected Truist Bank as the source for the TRU2GO mobile app. The net source misattribution for TRU2GO to Truist Bank is thus:

49.8% - 5% random guessing control = 44.8% net source misattribution to Truist Bank

The verbatim reasons why respondents (mis)attributed TRU2GO to Truist Bank are as follows: Because it has the word tru in it spells similar Only one beginning with T Because it would be a play on their name. It has Tru in the name (Tru)Togo/Truist Something new from a new bank sound similar It has tru in the name Closest to the name of the bank They both begin with Tru name fits name of bank Seems to match the name App sounds. Like part of banks names Goes with the name sounds like their name Really? “Tru” Part of its name is in the app's name Guess Truist sounds like it would have a "Tru2Go" app. Name is similar Has true in the name Alliteration - similar sound. Closest to the name Tru is in both names. Sounds close to bank name. it just sounds like a name that this company would use because of its name. They both have the Tru similarities. name recognition Names sound closely similar A guess, but a natural root similarity (Tru)ist Bank and (Tru)to Go similar name Tru in both names Similar name


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has the first 3 letters on its name Because it uses “tru” guess Starts with Tru the name Most closely related name Bc they both have “tru” in the name The name sounds similar. Tru sounds like truist Truist bank has Tru in the name tru The beginning of both of them is “Tru” The name has Tru in it bc the word Tru is part of the company name Name similarities It’s in the name Shorthand for the company’s name Naming convention Because of the name. duh, the "tru" part of the name, which is also a very bad name for a phone Because TRU-ist Bank and TRU2Go are similar enough that they would most likely be the same company. It would make the most sense to have a similar title and would be easy to market looks alike Bc it is true similar names Spelling same spelling because the name is similar Seems to fit cause it says Tru in it Similar naming Name The name sounds close to the name of this bank similar name "Tru" name similarity Truliant had that. But Truist looks like it would match. spelling is same they both have tru in the name The root words are Tru. Simple association. letters are the same The name of the bank is in the app name Tru because the names are similar Similar to the bank name Tru is in the name Because the banks name starts with “tru”. Same prefix in the names


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Bu the name association While I supposed any of them could. It seems like the TRU prefix goes best with this bank. The title begins with "Tru." Tru2go would fit best with Truist because of the name similarity. It starts with TRU in the name Both have Tru in name Similar name Just a guess Sounds similar similar name stem Has the same letters Goes with the name Tru in the name Tru


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VIII. SURVEY RESULTS FROM 416 RESPONDENTS WHO RESIDE IN VA, NC, AND SC COUNTIES NOT WITHIN TRULIANT’S CURRENT FIELD OF MEMBERSHIP A total of 416 online survey respondents live in Virginia, North Carolina, and South Carolina counties not currently in Truliant’s field of membership. However, these counties represent potential market expansion counties for Truliant as they continue to expand and grow and broaden their field of membership to serve more people living in additional Virginia, North Carolina, and South Carolina locations. Like all respondents, after clicking on the link they received from SurveyMonkey, these respondents opened the survey questionnaire presented in EXHIBIT B. On the first page, the respondent was asked to complete the short opinion survey, encouraged to be honest, and promised their individual responses would be kept confidential. Truliant and Truist, Truist and Truliant Respondents then went to the next page and were asked the first of two questions intended to measure the likelihood of confusion, or not, between Truliant and Truist with the marks presented in printed text form. The first question was, “Financial services – checking accounts, savings accounts, mobile apps, and ATMs – might soon be available in the Carolinas and Virginia from Truist and Truliant. Would most consumers think financial services from Truist and Truliant are put out by the same company; are put out by different companies; or you don’t know? Why do you say that” A response to the first question of “put out by the same company” is an indication of likelihood of confusion and the follow up question was skipped. Any other response to the first question was followed up by the next question. The next question asked, “Would most consumers think financial services from Truist and Truliant are put out by companies that are affiliated, connected or associated with one another; or they are put out by companies that are not affiliated, connected or associated with one another; or you don’t know? Why do you say that?” A respondent’s answer indicating no likelihood of confusion would be “put out by companies that are not affiliated, connected or associated with one another.” Any other response – “put out by companies that are affiliated, connected or associated with one another” or “don’t know” – indicates a likelihood of confusion. (The order of mark presentation – Truist and Truliant – or – Truliant and Truist – was varied between survey waves and no order effects were observed.) Here is a summary of the survey results from these 416 online survey respondents from Virginia, North Carolina, and South Carolina who do not live within Truliant’s current field of membership:


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Financial services – checking accounts, savings accounts, mobile apps, and ATMs – might soon be available in the Carolinas and Virginia from Truist and Truliant. Would most consumers think financial services from Truist and Truliant are put out by the same company; are put out by different companies; or you don’t know? Why do you say that? 29.3% (122) ___ put out by the same company 20.1% (87) ___ put out by different companies 49.8% (207) ___ don’t know Would most consumers think financial services from Truist and Truliant are put out by companies that are affiliated, connected or associated with one another; or they are put out by companies that are not affiliated, connected or associated with one another; or you don’t know? Why do you say that? 25.2% (74) ___ put out by companies that are affiliated, connected or associated with one another 19.4% (57) ___ put out by companies that are not affiliated, connected or associated with one another 55.4% (163) ___ don’t know These responses result in a Gross Likelihood of Confusion score of 86.3% calculated as follows: (122+74+163)/416 = 86.3%. The 122 respondents who answered the first question showing likelihood of confusion by saying, “put out by the same company” offered the following verbatim comments as to why they said that: The company names are too similar. They are easily confused when reading quickly the prefix is very similar Similar names *Tru but most likely it would be from different companies, I'll look it up if I need to. enough alike to cause confusion the names are very similiar Similar name Because the similarity of the two names. Name is close they should use T&T! I believe that people would think they were the same because of the likeness in their name I would have to read deeper into detail about each company to see if they are actually the same both have the word Tru Because they both start with Tru nes are to similiar similarity in the names. Similarities and spelling quirks. similarity in target market and Target location Because of the similarities in their names similar names, font, and color of letters The names to the eye (therefore to the brain) begin with TRU and end with T. This is too close and neurologically would be "read" as the same name. tru prefix The names are similar. sounds like it s right Too similar!


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the names look very similar Names are too similar The name is very similar they sound like they go together Similarly spelled Names are too similar. because the names are similar the names are too similar. the names sounds similar. the name prefix is the same When you refer to "most people" I don't think most people pay attention enough to understand that these are two different companies. Name sounds very similar because the names are similar Familiar name Probably similar names, sounds like one is a product of the other names are very similar The names sound similar the names are too similar The names are similar especially when you say them out loud. Also, they will be entering the market at the same time. Or related companies as the names are similar. Because mostly they wouldn’t want to feel like their money is handled by two different companies because of the and The names are so similar Names too similar names are very Similar Sound similar names sound to similar The name is too similar The variation of the names are extremely similar. all banks work together Because of the similarity in names names too similar They are close in name. I don't know Similar names, assume from same company. Each state would have locations with a certain name based on location. Their names are similar depending on their sites and similarity of the name they might assume its through the same company They both start the same Names are very similar I’m not that familiar with the companies The name is too similar Similar names, similar platform. Not uncommon for these to be from the same company. the names sound similar


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Names extremely similar. Sound the same A lot of the letters are the same / the first three letters are the same. Name similarity. similar names names are similar Not sure Word similarity The names are very similar Names different They sound too close in name Names too close sounds do similar Tru...t The words look similar are built the same Similar names because they sound similar The names are the same in the beginning. the names look very close The names sound very similar. The initial sight picture is too close. the names are very similar names are similar Titles are close and it sounds like they might be starting out at about the same time. Names are too similar The 74 respondents who said in the second question Truist and Truliant are affiliated, connected, or associated said so because: Very similar name Very similar names and similar service The names sound slightly similar similar names too similar no meaning names Similarly named Names sound similar similar name They sound very similar Because the names are so very similar in the same industry category. Possibly there could be a connection because the names are similar they sound very similar for products in the same market to then not be affiliated Similiar names Because the names are so similar. because the names are similar 'Tru' at beginning of names They sound alike I suppose they might key on 'Tru' part of the names


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they gave tru in their name. most companies are affiliated Because the names are so similar NAMES ARE SIMILAR Because the beginning of both company names are the same (true) and they’re both financial companies TRU...start with that Names are so familiar The names are similar. the namea sound alike names are similar similarity of names Names too close both have "Tru" in the name Similar name Tru- similarity in name and spelling is also close. many people would confuse the two The similarities between the names implies they are related. names are similar same as before the two names are too similar to be completely different (my opinion) I would think they may be affiliated as they both have Tru as prefix similar names I think people would think the companies are associated because of Name similarities Names sound alike and they offer a similar service Because the names are so similar Because the names are so similar The names do sound somewhat similar Maybe they could be connected due to similar name. Due to the same prefix, they do seem connected. So the 122 + 74 or 196 of the 416 total respondents who indicated Truist and Truliant were the same company, or were affiliated, connected, or associated, said they indicated so because of their “very similar names” or names that are “too similar”. The 163 respondents who said they “don’t know” in the second question said so because: Have no clue about either company. Possibly are unrelated. cause I didn't know Not familiar with these companies don't know either term cause I don't know Because I never heard of them Same as the previous explanation. Again, I never heard of either one same answer as before. haven't heard of either I don't know Do not know either company.


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I think it would depend on how similarly they are marketed. I have never heard of either. not familiar never heard of either company I do not know anything about these companjes never heard of either one don't know not familiar with either one Never heard of either it sure who truist is They are spelled almost the same. have no opinion not sure what this is about I don’t know, I haven’t seen these companies. I haven't heard of either. never heard of them I've never heard of either of them Because I am not sure I have never heard of them A lot of people wouldn’t pay attention to that, cause they wouldn’t care. need to do research The names are very similar. They could possibly be related. I wouldnt assume they were the same but sound close I don't know anything about either of them. Have never heard of either I haven't heard of either one no idea Because I don't care Don't know either company no idea what those companies are ...never heard of either. Never heard of them No idea I don’t know they could be two different companies. Never heard of either. Don't know about either. Never heard of them. I can’t give a answer unless I research said company(s) I would assume they would be connected based on the name but I don’t know for sure I don't know anything about this again, I've never heard of either company so have no idea if they're related or not Same as before never heard of these two companies Still don’t care because Depends on the person I don't recognize either unsure Same answer as the first question. It’s too hard to keep up with which institutions are affiliated as new ones pop up every day and existing ones merge. Never, ever heard of ‘em


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none Not familiar with them. I don’t know enough about these companies to make an educated assumption, but I think it could go either way since both companies begin with “tru”. do not know the companies I don’t know anything about either I never heard of either one. I think it would depend on the marketing they didn't tell me I don’t know because how would you know that? Unless someone says with whom they are affiliated, I wouldn't have any way to know. Would seem odd that they would be the same though. I would need more information as many companies can be affiliated or even associated with one another. I don’t know Names are simikar Of the 57 out of 416 respondents or 13.7% who said Truiest and Truliant were not affiliated, connected, or associated – showing no indication of likelihood of confusion – those who did indicate why they said so offered the following reasons: Most consumers will think they are different companies. Names are different dont know to much about it I'm not sure The “Tru” is just a psychological carrot and may have nothing to do with the actual companies. It’s kind of like a loss leader, or a cover band. Same answer as last question different enough names; would depend on the graphics and branding, though Different spelling even though the names are close they would still see them as separate Different names, never heard of either common sense Competition in same market Names seem different They have different names Like I said prior they have names that are pretty different from each other. As long as you take more than a short glance at it you should know that they are different companies. That’s how a lot of companies and even brokerages are these days. with just seeing the name I don't see any similarities different names Because they are different. Again, not familiar with name; so no one would be able to make the connection. two different names Spelled different Same, Truist just sounds unreal.


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Coincidence No reason the words sound similar but the spelling is different Why would they be? same as before if the information is correct. The names are different The names are completely different. There's no reason to think they are affilliated unless the logo they use is the same. Two different words They have different names Again, they are literally different names. I know Truliant is a Credit union. I’m not sure about the other company. Different names. they don't sound the same As I said before....it would be inefficient to put two companies with similar names The same company doesn’t need 2 of the same. Bank of America and Wells Fargo Control, Wells Fargo and Bank of America Control Each respondent then went to the next page and was asked the first of two questions designed as the Control likelihood of confusion measure using Bank of America and Wells Fargo (or Wells Fargo and Bank of America) with the marks presented in printed text form. The first question was, “Financial services – checking accounts, savings accounts, mobile apps, and ATMs – are available today in the Carolinas and Virginia from Bank of America and Wells Fargo. Would most consumers think Bank of America and Wells Fargo financial services are put out by the same company; are put out by different companies; or you don’t know? Why do you say that?” A response to the first question of “put out by the same company” is an indication of the likelihood of confusion and the next follow up question was skipped. Either other response to the first question was followed up by the second question. The second question asked, “Would most consumers think Bank of America and Wells Fargo financial services are put out by companies that are affiliated, connected or associated with one another; or they are put out by companies that are not affiliated, connected or associated with one another; or you don’t know? Why do you say that?” A respondent’s answer indicating no likelihood of confusion would be “put out by companies that are not affiliated, connected or associated with one another.” Any other response – “put out by companies that are affiliated, connected or associated with one another” or “don’t know” – indicates a likelihood of confusion. Here is a summary of the survey answers to this Control likehood of confusion measure from the 291 online survey respondents who live within Truliant’s current field of membership: Financial services – checking accounts, savings accounts, mobile apps, and ATMs – are available today in the Carolinas and Virginia from Bank of America and Wells Fargo. Would most consumers think Bank


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of America and Wells Fargo financial services are put out by the same company; are put out by different companies; or you don’t know? Why do you say that? 6.7% (28) ___ put out by the same company 79.1% (329) ___ put out by different companies 14.2% (59) ___ don’t know Would most consumers think Bank of America and Wells Fargo financial services are put out by companies that are affiliated, connected or associated with one another; or they are put out by companies that are not affiliated, connected or associated with one another; or you don’t know? Why do you say that? 8.5% (33) ___ put out by companies that are affiliated, connected or associated with one another 69.6% (270) ___ put out by companies that are not affiliated, connected or associated with one another 21.9% (85) ___ don’t know These responses result in a Control Likelihood of Confusion score of 35.1% calculated as follows: (28+33+85)/416 = 35.1%. Only a few of the 28 respondents who answered the first question indicating likelihood of confusion by saying, Bank of America and Wells Fargo financial services are “put out by the same company” offered the following verbatim comments as to why they responded as they did: just assume so since it's their nnames I'm guessing I like it they merged during last recession They are owned by same company Because they are always grouped together when they are mentioned. they are a part of the central banking system. which is one system Because of the similarity in names Know that they are the same are the same thing idk Some of the 33 respondents who then indicated Bank of America and Wells Fargo are affiliated, connected or associated offered the following comments as to why they said so: because they offer a lot of the same services ones associated to same things would be compeying for same thing against each other It seems many financial institutions use the same financial services or similar financial services and products all banks are connected All these companies are connected somehow not too sure Possibly just because some institutions operate under different names


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They are known as competitors. Because why would they not? They want to make money for them selves they are usually mentioned together Banking companies are usually affiliated with each other in some way. Same industries Usually involvement with one bank elicits offers and advertising from other banks. associated by being in same banking world/service. I just think they would have some common parties. Not sure not the same company but may have ties with one another They're both banks, they probably have some sort of connection. They are both banks They are familiar The 85 who said they did not know if Bank of America and Wells Fargo were affiliated, connected, or associated with one another gave the following reasons why they responded, “don’t know”: I don't know no idea I’m not familiar with them I only have one bank I don't know because Because I don’t know have no idea Because I don’t know It may be yes because people often see any financial services as ultimately connected. On the other hand, people could see them as competitors. because they are different companies I think they are different Need more information don't know I don’t know if they are connected or not idk I don’t think a lot of people would put a lot of thought into this subject in the first place. Thought they were separate entities don't know I don’t know much about banking i don't know what other people think i dont see a reason to think either one Don’t know Again, I would need more information as they could definitely be affiliated or associated with one another. I wouldn’t know unless I looked further into it You’ve got me curious now, hoping this survey will provide me more knowledge


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Some people would probably think they are associated with one another I would think. Not aware of any connection. Finally, the 270 respondents who said Bank of America and Wells Fargo were not affiliated, connected, or associated provided the following verbatim explanations: Same reason the names are too different Different name As in last response, both companies maintain advertising to show they are separate companies. I know they are separate companies. common knowledge states different bank Different origijs I would think so because they're competitors. same as before they dont have around connexted Have never heard of them being affiliated I'm not aware that the two companies are related and I think most consumers are the same. Same answer as last question Names are known.... Completely different names and branding advertising I just feel like they’re two different companies giving two different types of business for people These banks are in my town so I know they are two different companies entirely. Not heard of any associations in the past do not have the same name Not affiliated with each other because I have never heard them mentioned together Because they aren’t Different enities again the similarity and established as independent companies for a long time different names Other than that they are both in the same industry, I’m not aware of any association between them. They are different they are different financial services megolopolies Different Banks Same answer as last question Different banks. i think they are separated the names are different same as last answer. well established separate brands I know different I think they are too well established to be confused familiarity with the companies Each with different beginnings know they are different


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See previous response. there's no reason to think they are connected we haven't heard any different Different names Names not similar. Each is known by Its name by the majority of Americans very different just my impression they are both banks but two total different ones separate locations in many areas they are separate companies totally different entities they don't sound alike. names differ Because the names are distinctly different and most consumers are very familiar with the brands. They are both individually well known names are not at all similar They have different names & logos I've done business with both Very different names, nothing identifying them as connected. No known affiliation Name as before They are totally different companies. use to considering them as competitors They are each run by a different set of banksters. separate i assume they're different companies and unaffiliated although they are banking institutions they have no affiliation Different names Because I know They are different banks. Different names with no indication of affiliation. Same. I trust one and not the other They are competing against each other. I would have to assume the banks don't share any kind of connection with each other i believe they are competiters They are competitive known companies Same names are different different names see as two different banks altogether Because they are not associated 2 separate companies two different names They have different bank locations Advertising and spelled different


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There is nothing pointing to any connections. See know reason why they would be connected BoA and Wells Fargo are 2 different companies They are separate banks. Separate companies same reason as before My assumption is they are not affiliated. I bank with one of these Most people know these two companies are competitors. completely different names Both established nationally recognized brands Names They don't seem to be connected. don't know seem different because they have different names. No reason People know the two different companies. see previous answer See previous they are very different Look at the names. Not the same Two different banks. different names I know to be different companies. See last response. They have merged from other banks over the years they don't sound similar and it seems like it would be bad for competition They might be financial institutions but they are not affiliated with each other I know the company Because the names are not similar operate seperately Same as previous Apples and oranges While they might be in the same locations they are not connected. DIFFERENT COMPANIES They are two different names. If they are affiliated, I will feel very cheated! names are different, both are big Banks Completely different names BOA and WF...nothing is similar about them whatsoever other than in my city they are next to one another I know that these are different businesses Again they are believed to be different companies I never had a reason to associate the two and to my knowledge they are not affiliated. Different companies No similarities in logo or anything like that. Big names banks that are not related Still both suck Same reason


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They are different banks Most people don’t think the same company does the same thing under different name name doesn't suggest bank companies dont collab Different names..... like where we are They are different businesses different banks Two too national bank companies Same answer as prior. The names are really different I have never heard of any affiliation between these two companies and I have banked with both of them. Why would they be? I d k Same as last answer. because they aren't Different companies not sure most people know they arent cconnected two different names and why would connected companies put businesses in the same town I just don’t think they are affiliated in any way. They appear to be entirely separate banks, have different buildings, different advertising, different credit cards, different everything. It appears obvious. everyone knows these two companies are different the names are very dissimilar i believe most people know they are different companies, especially after the financial crisis Competition Names are different Very different brands 2 different banks Net Likelihood of Confusion Results From 416 Respondents Who Reside in VA, NC, and SC Counties Not Included Within Truliant’s Current Field of Membership As indicated earlier in this report, the net likelihood of confusion score is determined by subtracting the control likelihood of confusion score from the gross likelihood of confusion score as follows:


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Net LOC = Gross LOC Truliant and Truist - Control LOC Bank of America and Wells Fargo In this case, that would be calculated as: Net LOC = 86.3% - 35.1% = 51.2% Net Likelihood of Confusion among Respondents Who Live in VA, NC, and SC Counties Not Within Truliant’s Current Field of Membership Misattribution as to Source for TRU2GO Mobile App These 416 survey respondents were also asked to identify which financial service company offers a smartphone mobile app called TRU2GO from an alphabetically ordered list of 20 possible financial service companies. 247 of the 416 respondents, or 59.4%, selected Truist Bank as the source for the TRU2GO mobile app. The net source misattribution for TRU2GO to Truist Bank is thus:


The verbatim reasons why respondents (mis)attributed TRU2GO to Truist Bank are as follows: It is a takeoff on the parent company name. similar letters in names Share TRU in their name the prefix Common sense naming Tru is in the name. It just makes sense tru seems like a catchphrase Similar name Because of the name beginning w/ tru Similar name similar names A portion of the name begins with TRU. The Tru in both names Similarities of name. Name play.... Similarity in the name of the bank and the app name recognition Because of the 'tru' in the company name and the app name.


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names sound same In keeping with the “Tru ......” theme has the word tru because of the bank name Tru in the name, Truist Bank the app is a play on the name of the bank. Nothing else seems to fit quite as well Tru in the name Because of the name That organization has the most similar sounding name. Name association Name prefix Cuz it's the only one that starts with Tru It has 'tru' in the name. total guess using the "tru" part the beginning of the name matches Only one with name similarity Use of “Tru” in both names Similar names because of the Tru part of the name similar names name similarity only one that is logical Similar names. the names are similar looks simulate Name hints of common origin. It’s in the name first letters are the same play on the name because it starts with the first three letters of their name Tru in the name similar names because the first three letters are tru name similarity the name is similar same name Sounds similar Because of the similarity of the names between the two. similar names They both start with Tru It’s a guess but the smartphone is only similar to that bank Because they sound related Name of bank resembles the name of the app Name name starts with the same first three letters Similar name


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Since they both have Tru in the name. Just a hunch... similar names same letters True is the same. it sounds similar Tru I'm the name Tru vs truist seems like they go together Tru2Go and TRUist... Both begin with Tru- similar names the names are similar Because it's the only bank starting with "Tru." The name is derivative Tru in both names They both start with "Tru". because of the first 3 letters. really? the names are very similar it's in the name Tru prefix similar names Similarity in names names are similar the letters TRU is in both names It’s in its name tru2go fits with the bank name well Tru The variation of the name. Similar Sounding Name Because the name matches Sounds related, but I wouldn't assume it was the name of the bank The first 3 letters are the same Tru in first part of word Tru2go sounds like Tru something is now mobile Because tru is in the name Because of the similarity in names The names are similar sounding. sounds like the name of the bank Name is similar Because the first 3 letters are the same. guessing sound the same First three letters in the name are in the app name also because it matches the name Name matches the app. It sounds like the name.


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part. of the name has "tru" in both words You know why it has tru Because they both start with Tru Similar names because Tru2Go is similar to Truist Look at the name. It’s taken out of the Truist name Ryhme Sounds the most like it. Recognizable. Because the bank name has Tru as the 1st 3 letters they both have tru Tru in name Because of the tru in both names Same letters 1st 3 letters are the same. because their schtick it appears is "trui" Googled it First three letters the same most similar name Similarity in co. name. name is similar to bank name Truist and Tru2Go both start with “Tru”. Truist and Tru2go...the letters TRU are both in the name, duh Almost spelled the same both use the letters Tru, which is a fairly unique way to name a product or entity It's the only company listed with TRU in it's name. Has tru in name It's the only bank that has 'TRU' in it's name Similar name Still don’t care Has Tru in the name Maybe because the name is close. Names are similar Closest I n name name starts with Tru sounds the same Simply because of the “Tru” in the root of the bank name and app. Has tru in the name The names sound similar similarly names It begins with “tru” app and bank are similar in name The play on words with the slogan and the company name. The name is similar. The names match.


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similar name Similar naming because they is in the name I guess trust is close to truist Tru the Tru in the app name reminds me of Truist first three letters are tru tru2go just sounds like something that truist bank would offer Because the app starts with Tru and so does the bank name. Because of the Tru prefix. seems most aligned the similarity in the names It makes sense Because the name is similar Name similarity Same first letters


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IX. RESULTS FROM 47 INDIVIDUALS IN THE CHARLOTTE METRO AREA WITHIN TRULIANT’S FIELD OF MEMBERSHIP WHO PARTICIPATED IN ONE-ON-ONE INTERVIEWS WITH ORAL PRESENTATION OF THE KEY LIKELIHOOD OF CONFUSION QUESTIONS When each participant arrived at the L&E facility they were checked in by L&E staff and seated in a waiting area separate from the exit path taken by someone who had just completed the study. I greeted each participant in the waiting area, led them back to the interview room, and had them sit in front of the laptop computer on the table in the study room (see pictures in EXHIBIT F). I then read the interview script as presented in EXHIBIT D while the participant followed on the screen of the laptop as shown in EXHIBIT E. I first read the following while the participant followed it on the laptop screen: This is a brief four-minute oral opinion survey. We are just interested in your honest opinions – and your individual responses will be kept confidential. After you click on “Next” below, you will be instructed to ask the interviewer to read you several questions. You will only get to hear the interviewer read the questions; you will not get to see the questions written down in print, so please listen as you would in conversation with a friend. Please answer every question. Click on “Next” when you are ready to begin. Each participant saw the following on the laptop screen:

After clicking “Next” the following appeared on the laptop screen:


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Upon request I read the first question as follows: (FIRST QUESTION) Financial services – checking accounts, savings accounts, mobile apps, and ATMs – might soon be available in the Carolinas and Virginia from Truliant and Truist. Would most consumers think financial services from Truliant and Truist are put out by the same company; are put out by different companies; or you don’t know? Why do you say that? (The order of oral presentation saying “Truliant and Truist,” or “Truist and Truliant,” was varied.) If the participant indicated either response other than “put out by the same company” they saw the following screen:

When asked I read the first question follow up as follows: (FIRST QUESTION FOLLOW UP)


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Would most consumers think financial services from Truist and Truliant are put out by companies that are affiliated, connected or associated with one another; or they are put out by companies that are not affiliated, connected or associated with one another; or you don’t know? Why do you say that? The responses to the first question sections, measuring likelihood of confusion between Truliant and Truist, are reported below: 34.0% (16) ___ put out by the same company 44.7% (21) ___ put out by different companies 21.3% (10) ___ don’t know 45.2% (14) ___ put out by companies that are affiliated, connected or associated with one another 16.1% (5) ___ put out by companies that are not affiliated, connected or associated with one another 38.7% (12) ___ don’t know These responses result in a Gross Likelihood of Confusion score of 89.4% calculated as follows: (16+14+12)/47 = 89.4%. The 16 interview participants who answered the first question showing likelihood of confusion by saying, “put out by the same company” offered the following verbatim comments as to why they said that: The names are similar. The name is too similar. I get a sense of a connection. because of the word "true". The names sound similar and they're releasing new technology at the same time. by the company name Truist sounds like a product of Truliant. Because it is the of confidentiality. I think that most consumers would think that it is the same company because their name is very similar. Have seen a couple of ads where both companies are mentioned in the same spot they seem like same company just different institutions since they're being brought out together I would assume theyre together Because they sound so similar and they are opening around the same time I would think that initially. Similarity in names The 14 participants who said Truliant and Truist were affiliated, connected, or associates offered the following verbatim comments as to why they said that: I feel this way because just like in stores there is a popular brand name and the dame company may make a generic option for the same product and receive all profits. The similar names suggest they are affiliated names are similar Just different divisions.


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Possibly due to the similarity in sound of "True" in each brand, some might think they may be affiliated in some respect. I feel like I've heard of these companies before, and they usually are named together. They have some vague familiar sound to them that makes me draw a connection between them. a lot of information is shared and made available to companies Most companies that use online apps are often affiliated with other companies that are in the same type of business. The 12 participants who said they don’t know said so for these reasons: Since the names are very similar, I could see some consumers thinking these companies might be affiliated The company names share a root, but that doesn't mean much in this world. depending on how similar the advertisments are If people are just looking at the names and not researching, they may not know to look into who actually owns the companies. Finally, the 5 out of 47 participants, or 10.6% who said Truliant and Truist were not affiliated, connected, or associated and therefore showed no indication of likelihood of confusion, said they indicated so because: Due to the names being different there would be no way to know they were affiliated Creating similar names within the same company may be confusing for consumers. again, I do not assume the companies are under the same umbrella of companies - i.e. not of the same brand It's possible some people may make a connection because the names sound similar, but I don't think most people would


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Each individual participant then saw the following screen on the laptop:

When asked, I then read the second question: (SECOND QUESTION) Financial services – checking accounts, savings accounts, mobile apps, and ATMs – are available today in the Carolinas and Virginia from Wells Fargo and Bank of America. Would most consumers think financial services from Wells Fargo and Bank of America are put out by the same company; are put out by different companies; or you don’t know? Why do you say that? (The order of oral presentation of Wells Fargo and Bank of America was varied.) If the response was anything other than “put out by the same company” the next screen was displayed:


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Upon being asked, I read the following question: (SECOND QUESTION FOLLOW UP) Would most consumers think Wells Fargo and Bank of America financial services are put out by companies that are affiliated, connected or associated with one another; or they are put out by companies that are not affiliated, connected or associated with one another; or you don’t know? Why do you say that? The responses from the 47 interview participants to the Bank of America and Wells Fargo control likelihood of confusion questions are summarized below: 6.4% (3) ___ put out by the same company 93.6% (44) ___ put out by different companies 0.0% (0) ___ don’t know 11.4% (5) ___ put out by companies that are affiliated, connected or associated with one another 77.3% (34) ___ put out by companies that are not affiliated, connected or associated with one another 11.4% (5) ___ don’t know These responses result in a Control Likelihood of Confusion score of 27.7% calculated as follows: (3+5+5)/47 = 27.7%. 2 of the 3 participants who answered the first question showing likelihood of confusion by saying, “put out by the same company” offered the following verbatim comments as to why they said that: I believe one of the companies bought out the other one. Because of confidentiality. 4 of the 5 who said Bank of America and Wells Fargo are affiliated, connected, or associated with one another offered the following verbatim reasons for saying that: I would think that these companies are affiliated, connected or associated with one another because as a consumer I know that there are different brandings under the same umbrella and this increases their marketability and profitability Affiliated, same purpose subcontract many investment groups under their umbrella they are associated simple by being financial institutions. 3 of the 5 who said they don’t know offered these verbatim explanations: I really am not in the know I don't know because I have always banked at a credit union instead of a "traditional" bank. afflication doesn't seem the same


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Finally, the 34 out of 47 participants who said Wells Fargo and Bank of America are not affiliated, connected, or associated with one another, indicating no likelihood of confusion, said so because: Because I know both companies and they are competitors. Because over the years banks have merged and changed names, I don't feel as if Wells Fargo and Bank of America have any connections. In my personal experience with both, they each offer very different products and do not appear to be affiliated. These companies are competitors I think because of advertising for each separate company. Based on my business experience with them both. they seem to be competition for one another Known brands as being different organizations separate from one another. No information known how or why they would be affiliated with one another. Their branding has different color schemes when seen and very different names. they are both financial institutions with similar services. As both companies have been around in some form or another for ages, I feel as though that most people just assume they are not affiliated and are rivals in the banking industry. I know people in both companies and believe them to be completely separate. however their back offices 'may' be run by another company doing the same work for both of them. I don't think most people know if they are related companies or not Because they are two different companies Although there have been so many mergers, I would guess that people would consider the offerings to be brought by separate companies. no because some do more things then others I would think most customers view these banks as separate entities. Competition evidence in advertising They are different banks that are owned by different companies. compeyitors Net Likelihood of Confusion Results From 47 One-on-one Interview Participants in the Charlotte Metropolitian Area Within Truliant’s Current Field of Membership The net likelihood of confusion score is determined by subtracting the control likelihood of confusion score from the gross likelihood of confusion score as follows: Net LOC = Gross LOC Truliant and Truist - Control LOC Bank of America and Wells Fargo In this case, that would be calculated as: Net LOC = 89.4% - 27.7% = 61.7% Net Likelihood of Confusion among one-on-one interview participants in the Charlotte area who live within Truliant’s current field of membership


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Misattribution as to Source for TRU2GO Mobile App Each interview participant then clicked on “Next” and the following screen appeared on the laptop:


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When asked, I read the following question: (THIRD QUESTION) Which one of the following alphabetically ordered financial service companies would most consumers think offers a smartphone mobile app called TRU2GO ? Why do you say that? Participants were asked to identify which financial service company offers a smartphone mobile app called TRU2GO from an alphabetically ordered list of 20 possible financial service companies. 40 of the 47 interview participants, or 85.1%, identified Truist Bank as the source for the TRU2GO mobile app. The net source misattribution for TRU2GO to Truist Bank is thus:


The verbatim reasons why interview participants (mis)attributed TRU2GO to Truist Bank are as follows: because the names Truist and True to go sound similar Because it sounds close to the same name. Because of the name of the bank I currently or have previously used a couple of the banks previously referenced and am familiar with their apps. Perhaps Truist Bank might offer an app named Tru To Go as that would be a great marketing opportunity. True to go has the same first 3 letters as Truist Bank, so they sound like they go together. similar name The name is similar. because the "tru" in the name . There were no other companies with Tru in the name Per the previous questions stated to me. Tru-To-Go sounds as if it would belong to Truist Bank. based on the name of the app similarity in names The name truist is similar to true to go Identifies with organization name. Seems like a logical choice for mobile app branding. True To Go sounds most like it is built off the brand name. Most companies that have apps have a name that is affiliated or sounds like the company name. Because the name is similar to the app's name. this is the only option with 'tru' in the name The name of the app matches the name of the financial services company or sounds affiliated to it the names are so simular Because is related to the name of the bank because that was the company that seemed like it would be associated with this type of service Because "Tru" is in the name I would think that Truist Bank offers Tru-to-go because it has their name at the beginning of the catch phrase


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Tru to go...truist bank...makes sense Because you want your programs to be associated with the bank My guess s based on the root name. Process of elimination because tru is in the name because the first three letters are tru Because true is the root word I would say Truist bank since the type of mobile app sounds similar to the name of this Bank. Similar name All of the other banks have online apps, but none of them use that name.


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X. SUMMARY OF FINDINGS

Establishing a strong mark, or brand, and building brand equity are key fundamentals in effective marketing strategy planning. The brand is your identity in the marketplace. At the core, the brand is the most valuable asset of many businesses.

Brands connect a business with its consumers and save consumers time online and in retail stores.

Consumers use brands to make shopping easier and more convenient. Brands with negative equity also make it easier for consumer to identify and avoid them, which is one reason why brand confusion in the marketplace matters. This is increasingly important today as online search and e-commerce are increasing significantly year to year, especially among millennials.

Misspellings also matter especially in the Internet world where consumers search for goods and

services using Google, BING, Yahoo, Amazon, and other platforms to search for information, compare products, and make product purchase decisions. Google is the leading online search engine, and entering misspelled and mistaken search terms, or mistaken spoken search terms will connect potential consumers with sites that are different from those that would result from correct spelling and accurate search terms in print and in spoken formats.

Misspelling particularly matter with respect to online reviews and blogs. Word of mouth is the

most powerful method of consumer advertising and promotion. The consequences of brand misidentification in an online review or blog post can be tragic as someone could read this highly credible information source and be misled as to which brand is being discussed and reviewed.

Strong effective brands provide benefits to marketers in developing new products, expanding into additional product categories and services, and expanding into new, additional markets. A strong effective brand provides the platform upon which future growth can be most effectively and efficiently accomplished.

Brands also enable the use of Integrated Marketing Communications and thereby result in more

effective and more efficient advertising and promotion. The brand provides product differentiation in the marketplace and distinguishes one brand of

service from other brands of service. In summary, you must protect your brand at all times! Branding is fundamental for effective

marketing strategy planning and is the most valuable asset for many businesses. Your brand connects you with your consumers, differentiates you from competitors, and ensures there is no confusion or misinformation in the marketplace. Your brand is the platform for new product development, expansion into other new markets, and enables good communication with your target market segments.

This is why the high likelihood of confusion findings from this consumer study should be alarming,

concerning, and threatening to Truliant, as should the misattribution as to the source of the TRU2GO mobile app.


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The results from these multi-method surveys strongly support Truliant’s concerns as to the likelihood of confusion among consumers. Gross likelihood of confusion was 78.7%, 86.3%, and 89.4%. That is, on average across the different survey methods and three survey populations, an average of 84.9% of the respondents mistakenly believed that Truliant and Truist were the same financial service company; were affiliated, connected or associated with one another; or they did not know.

Even after subtracting the control cell percentage from each Gross LOC percentage, the resulting net

likelihood of confusion was 37.8%, 51.2%, and 61.7% for an average net likelihood of confusion score of 50.2%.

Scores like these are considered significant evidence of likelihood of confusion (e.g., Shari Seidman

Diamond and Jerre B. Swann, Trademark and Deceptive Advertising Surveys, pgs. 313-315, Section of Intellectual Property Law, American Bar Association, 2012).

Furthermore, the study results also show evidence of significant likely misattribution of the

trademark service mark registered Truliant mobile app TRU2GO to Truist Bank, if Truist Bank enters the market using the Truist service mark. The Gross source misattribution of TRU2GO to Truist Bank was 49.8%, 59.4%, and 85% for an average of 64.7%. Net source misattribution of TRU2GO to Truist Bank was 44.8%, 54.4%, and 80% resulting in an average net source misattribution of 59.7%.

In my expert professional opinion based on these findings, there is a strong reason for concern by

Truliant if the merged BB&T and SunTrust financial service company enters and operates in the market as Truist Bank under the Truist service mark. There is a strong and substantial likelihood of confusion among consumers between the existing Truliant and proposed Truist marks, and evidence of major confusion in the misattribution of Truliant’s registered TRU2GO mobile app to Truist Bank.


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EXHIBIT A

DIDOW RESUME


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NICHOLAS M. DIDOW ADDRESS (Residence) (Office) 117 Springhill Forest Road Kenan-Flagler Business School Chapel Hill, NC 27516 404 Kenan Center Building (919) 929-6388 University of North Carolina Chapel Hill, NC 27599-3490 (919) 962-3189 [email protected] EDUCATION NORTHWESTERN UNIVERSITY, Evanston, Illinois, 1976-1979. Doctor of Philosophy, Field of Marketing, 1980. Minor field: Evaluation Research. UNIVERSITY OF NORTH CAROLINA, Chapel Hill, North Carolina, 1971-1973. Master of Business Administration, 1973. Electives in marketing, finance, and organizational behavior. UNIVERSITY OF NORTH CAROLINA, Chapel Hill, North Carolina, 1966-1970. B.S. in Business Administration, 1970. Elective courses stressed business law and marketing. ACADEMIC APPOINTMENTS KENAN-FLAGLER BUSINESS SCHOOL, UNIVERSITY OF NORTH CAROLINA, Chapel Hill, North Carolina. July 1, 1979 to June 30, 1985: Assistant Professor. July 1, 1985 to July 1, 2019: Tenured Associate Professor. Kenan Institute Faculty Fellow, 2008 to 2015. Director STAR Program 2017 to present. July 1, 2019: Adjunct Associate Professor. July 1, 1986 to December 31, 1987: Faculty Chairman, MBA Program, Graduate School of Business Administration, University of North Carolina. Responsible for planning and implementation of the MBA Program. Nationally ranked #8 by Business Week during this time. CAROLINA CENTER FOR PUBLIC SERVICE, University of North Carolina, Chapel Hill, North Carolina: Director. September 1, 1999 to July 1, 2001. Established campus-wide Center to support and develop service and outreach mission of the University and to promote partnerships and engagement of UNC students, faculty and staff with the people of North Carolina and beyond. Raised over $10 million in endowment and annual operating funds for ongoing support of the Center. Supported hundreds of new and existing public service activities and projects across campus serving the local community and state. Also provided campus leadership, planning and coordination for University response to Hurricane Floyd devastation in eastern North Carolina. CHAPEL HILL DOWNTOWN ECONOMIC DEVELOPMENT CORPORATION, Chapel Hill, North Carolina: Interim part time Executive Director August 2004 to May 2005. A collaboration among the University, Town government and downtown merchants, property owners and other downtown stakeholders intended to maintain, enhance and promote downtown as the social, cultural and spiritual center of Chapel Hill through economic development.


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FoR ENC-KENAN INSTITUTE-KENAN FLAGLER BUSINESS SCHOOL PARTNERSHIP, Chapel Hill and Greenville, North Carolina: Lead Faculty May 2007 to present. Partnership for economic development, social entrepreneurship, and community development throughout eastern North Carolina. STUDENT TEAMS ACHIEVING RESULTS (STAR) PROGRAM, Kenan-Flagler Business School, University of North Carolina, Chapel Hill, North Carolina: Director, 2017 to present. Responsible for increasing the quality of the student experience and value to the client through the school’s premier action-based learning program. Responsibilities include recruiting and qualifying corporate partners with challenging business questions; recruiting and organizing MBA and BSBA students into effective teams; matching skilled faculty advisors and subject matter experts with team assignments, supporting the teams throughout a semester long engagement with their corporate partners, ensuring a quality educational experience for the students and a valuable deliverable for the corporate partner, and establishing and maintaining high overall professional expectations and standards for the STAR Program. NORTHWESTERN UNIVERSITY EVENING DIVISIONS, Evanston, Illinois, 1977-1979. Instructor in Marketing Management and Consumer Behavior. SCHOOL OF BUSINESS ADMINISTRATION, UNIVERSITY OF NORTH CAROLINA, Chapel Hill, North Carolina, 1973-1976. Lecturer and Associate Director of the MBA Program. Responsibilities included daily administration; resource planning; program development; faculty advisor for MBA students; coordinator for combined MBA/JD Program; financial planner for program; Director of Student Financial Aid; UNC recruiter for students in Consortium for Graduate Study in Management. PUBLICATIONS “Energy Trends: Are American Companies Ready for Deregulation?” White Paper Series, Statoil Energy, Inc., Alexandria, VA, 1997-98 (with FGI). “Understanding Hybrid Channel Conflict: A Conceptual Model and Propositions for Research,” Journal of Business-to-Business Marketing, Vol. 4, No. 1, 39-78, 1997 (with K. Webb). "Effects of Relative Power Imbalances and Locus of Control on Channel Cooperation in a Transaction-Specific Context," Journal of Marketing Channels, Vol. 5, No. ¾, 71-94, 1996 (with K. Webb). "Determining Cross-Cultural Metric Equivalence in Survey Research: A Statistical Test,” Advances in International Marketing, Vol. 8, 145-158, 1996 (with M. Mullen and G. Milne). "Issues and Insights with Realtime Data," in Stewart and Vilcassim (Eds) Marketing Theory and Applications, Vol. 6, 430, AMA 1995 Winter Educators' Conference, 1995 (with G. David Hughes). "Never Look Back, Because Sometimes Things are Gaining on You: A Meta-Analysis of Fifty Years of Research on the Meaning of Probability Terms,” 1994 Association for Consumer Research Annual Conference Proceedings, (with R. Starr). "Caution: Comparing Means May Be Hazardous to Your Business Success," in Park and Smith (Eds) Marketing Theory and Applications, Vol. 5, 53-54, AMA 1994 Winter Educators' Conference Proceedings, 1994 (with M. Mullen and G. Milne).


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"Structural Power in Channel Relationships," in Gary Frazier (Ed), Advances in Distribution Channel Research, Vol. 1 No 1, 81-114, JAI Press, Inc., 1992 (with N. Eyuboglu and A. Buja). "Sample Size Effects on the Stability of Optimal Scaling Estimates - A Preliminary Investigation," in Leone and Kumar (Eds) Enhancing Knowledge Development in Marketing, Vol. 3, 290-295, AMA Educators' 1992 Summer Conference Proceedings, 1992 (with M. Mullen). "Are Cross-Cultural Survey Data Comparable? Optimal Scaling Provides Useful Evidence," in Gilley et al (Eds), Enhancing Knowledge Development in Marketing, Vol. 2, 608-609, AMA Educators' 1991 Summer Conference Proceedings, 1991 (with M. Mullen). "Inoculation Theory and Resistance to Persuasion in Marketing," Psychology and Marketing, Vol. 4 No 2, Summer 1987, 157-165 (with G. Lessne). "Self-Coding Versus Independent Judge Coding of Ambiguous Response Measures," in Susan P. Douglas et al (Eds), AMA Educators' 1987 Summer Conference Proceedings, Series No. 53, 237, American Marketing Association, 1987 (with G. Franke). "A Preliminary Test of the Applicability of Interdependence Theory in Explaining Power and Conflict in Distribution Channels," in Susan P. Douglas et al (Eds), AMA Educators' 1987 Summer Conference Proceedings, Series No. 53, 29, American Marketing Association, 1987 (with N. Eyuboglu). "Improving Measure Quality by Alternating Least Squares Optimal Scaling," Journal of Marketing Research, XXII, 30-40 (February 1985) (with K. Keller, H. Barksdale, Jr., and G. Franke). Electric Utility Load Management: Marketing Strategies and Tactics, Totowa, New Jersey: Littlefield, Adams & Company, (1985), (with R.Burby, M. Marsden, C. Hanna, M. Bunn, and S. Johnston). "Measurement Issues in Time-Series Research: Reliability and Validity Assessment in Modeling the Macroeconomic Effects of Advertising," Journal of Marketing Research, XXI, 12-19 (February 1984) (with G. Franke). "A Cross-Sectional Optimal Scaling Analysis of the Index of Consumer Sentiment," The Journal of Consumer Research, 10, 339-347 (December 1983) (with W. Perreault, Jr., and N. Williamson). Managing the Demand for Electricity--Utility Marketing and Consumer Adoption of Residential Load Management, North Carolina Alternative Energy Corporation, 1983, 450 pp. (with R. Burby, M. Marsden, C. Hanna, M. Bunn, and S. Johnston). Compendium of Electric Load Management Marketing Material, North Carolina Alternative Energy Corporation, 1983, 750 pp. (with C. Hanna and A. Cooper). "Conjoint Measurement Experiment in Consumer Complaining Behavior," Journal of Business Research, 10, 419-429 (1982) (with H. Barksdale, Jr.). "New Directions and Maturity in Industrial Buyer Behavior Research," in Proceedings, Southern Marketing Association 1982 Conference.


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Marketing Load Management Programs: An Assessment of Current Research Needs, Chapel Hill: Center for Urban and Regional Studies, University of North Carolina at Chapel Hill, 1981, 95 pp. (with R. Burby and M. Marsden). "The Market Effect of Sweepstakes: A Time-Series Analysis and Methodological Comment," in Kenneth Bernhardt et. al., eds., The Changing Marketing Environment: New Theories and Applications, Series No. 47, 1981, American Marketing Association, 350-353 (with G. Franke). "Approaches for the Analysis of Categorical Data in Marketing Research," in Gary R. Reeves and James R. Sweigart, eds., American Institute for Decision Sciences Proceedings, Vol. 1, 1981, 251-252, (with W. Dillon, J. Magidson, B. Muthen, and W. Perreault, Jr.). "Seminar in Marketing Research," in James W. Dean and Richard Schwindt, eds., Marketing I - Marketing Theory, Research, Management and Strategy, Vol. 8, Durham, North Carolina: Eno River Press, 1981, 72-82. "Bibliography of Theory and Theory Groups in Behavioral Marketing Research 1974-1980," in James W. Dean and Richard Schwindt, eds., Marketing II - Product, Price, Place and Promotion, Vol. 9, Durham, North Carolina: Eno River Press, 1981, 40-72. "Economic Constraints on Consumer Complaining Behavior," in Jerry C. Olson, ed., Advances in Consumer Research, Vol. VII, 1980, (with C. Fornell). "A Box-Jenkins Strategy for the Factor Analysis of Multiple Time-Series," Proceedings 1979, Albert Haring Symposium, Indiana University, 1979, 90-108. "The Aberrant Data Problem in Interrupted Time Series Designs," in Robert S. Franz, Robert M. Hopkins, and Al Toma, eds., Proceedings, Southern Marketing Association 1978 Conference, 37-40. "A Review of Formal Theories of Consumer Socialization" in H. Keith Hunt, ed., Advances in Consumer Research, Vol. V, 1978, 528-534, (with D. Roedder and B. Calder). "Quantitative Social Index Theory: The Identification of Moderator and Outcome Variables," in Donald T. Campbell, Andrew C. Gordon, and Nancy Cochran, eds., Bureaucracies, Social Experimentation, and Evaluation, Vol. II, Evanston: Psychology Department, Northwestern University, 1978, 54-75. SELECTED POPULAR PRESS INTERVIEWS AND ARTICLES “UNC prof to pitch sound ferry project,” Daily Advance, March 12, 2018. “Ferries carry hordes to Outer Banks. A UNC prof thinks it’s the Inner Banks’ turn.” Charlotte Observer, March 14, 2018.


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“Harbor Town Project: Prof seeks partnership on ferries,” Daily Advance, March 14, 2018. “UNC professor pitches new ferry service for Albemarle Sound’s Inner Banks,” The News & Observer, March 16, 2018. “Olympic Torch May Burn Sponsors,” Los Angeles Times, April 10, 2008. “ACC Tourney Brings Big Bucks,” Metrolina Business, March 10, 2008. “K MART – A basketball coach manages to sell himself, his school and the lessons of leadership,” Business North Carolina, March 2007. “UNC grad not hired for Trump gig,” News and Observer, April 16, 2004. “The urge to splurge,” Charlotte Observer, October 12, 2003. “Tar Heel finds he can come home again,” Triangle Business Journal, October 3, 2003. “Ringing in the sales – Race intensifies for corporate cell phone business,” The Triad Business Journal, May 16, 2003. “Enron’s collapse raises questions,” The Fayetteville Observer, March 3, 2002. “College sports need reform, experts say,” News and Observer, March 3, 2002. “Jordan ponders return to basketball,” News and Observer, April 29, 2001. “Specialists beat banks,” American Banker, May 2001. “Old and young find there’s a lot to teach,” The Chapel Hill News, October 3, 2001. “Nortel network takes next step,” The Herald-Sun, February 17, 1999. “Made in Vietnam: The American Sneaker Controversy,” ESPN, March 30-April 8, 1998. “UNC runs its course with Nike,” News and Observer, February 9, 1998. “Students Challenge Corporate Involvement,” USA Today, January 23, 1998 “NBA Greats Help Kick-off New Sports Marketing Course,” KFBS Update, Winter 1997. "One shop, one stop," Greensboro News and Record, February 19, 1995. "Superstores," News and Observer, January 23, 1995. "Bank Heist," Institute for Southern Studies Research Report, December 1994.


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"Marketing Faculty Visit Package Goods Companies," Carolina Marketing, Fall 1988. "Interstate Banking Studied," News and Observer, March 17, 1988. "Research Puts Station on Wave Length With Listeners," News and Observer, September 5, 1984. "Bucking the Megabank Trend," The North Carolina Independent, June 22-July 5, 1984, 9. "Bank Fees to Rise Past Reach of Poor, Study Says," News and Observer, June 10, 1984, 8D. "Lower Income People Subsidize Banking For Wealthier Customers," The Carolina Times, June 9, 1984, 13, 16. "Soaring Banking Fees -- Are They Fair?" Greensboro News and Record, June 3, 1984, E1-E2. "Should All Bank Customers Pay Service Fees?" Durham Morning Herald, May 20, 1984, 13B. "Professor: Banks Unfair to Lower-Income People," The Charlotte Observer, May 17, 1984, 10C. "Problems Shown With Bank Services," The Chapel Hill Newspaper, May 16, 1984, A4. "Economists Oppose Bank Deregulation," New York Journal of Commerce, April 13, 1984, 25. "N.C. Banks Raise Service Fees Average of 30% a Year, Professor Says," Winston-Salem Journal, April 13, 1984, 24. "National Mood Survey: The Verdict on Reagan," U.S. News & World Report, November 9, 1981, 26-30. WORKING PAPERS AND CURRENT PROJECTS “No Where to Hide? Marketing Issues in the Global Economy” “Time-Series Analysis of Product Scares and Management Response” "The Construct Validity of the Tripartite Classification of Attitudes -- Findings From Realtime Analysis." "A Field Experiment in Foot-In-The-Door and Door-In-The-Face Tactics in Social Marketing." DISSERTATION RESEARCH "A Time-Series Analysis of the Theory of Psychological Economics," Marketing Department, Northwestern University, Evanston, Illinois, 1980. Professor Bobby J. Calder, Chairman. U.S. CONGRESSIONAL TESTIMONY


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"The Evolving Marketing Practices of Depository Institutions," before the Committee on Banking, Finance and Urban Affairs, United States House of Representatives, April 12, 1984. NORTH CAROLINA LEGISLATIVE TESTIMONY "Issues in Bank Marketing Practices in the Age of Interstate Banking," before the Committee on Interstate Banking, Legislative Research Commission, North Carolina General Assembly, March, 16, 1988. GRANTS NC Department of Natural and Cultural Resources (2016), $50,000 for regional economic development strategies to leverage the assets of the NC Zoo. City of Elizabeth City (2015), $20,000 to leverage their wireless smart grid system to enable fixed wireless and FTTX Internet service throughout the City. NC Department of Commerce (2015), $50,000 to partner with the Town of Roper for research and development of a tourism-based economic development strategy for the Albemarle Sound region of North Carolina. NC Department of Commerce (2013), $241,000 for primary research and marketing strategy to partner with NC Commerce and the Office of the Governor to develop a new state brand for North Carolina. Golden LEAF FOUNDATION (2007), $68,000 for regional value-added crop processing community kitchen feasibility study in eastern North Carolina through Food Bank of Central and Eastern North Carolina. Z. SMITH REYNOLDS FOUNDATION (2003, 2004), $100,000 for the Rural Enrichment Partnership with Food Bank of Central and Eastern North Carolina for leadership, management and organization development and technology infusion to community agencies across central and eastern North Carolina. Portion of grant to continue pilot agency councils, to organize four additional councils and to train and support Food Bank staff in role as community outreach coordinators. Z. SMITH REYNOLDS FOUNDATION (2001), $100,000 for the Rural Enrichment Partnership with Food Bank of Central and Eastern North Carolina for leadership, management and organization development and technology infusion to community agencies across central and eastern North Carolina. Portion of grant to support two pilot regional councils of agency directors. EPRI - Electric Power Research Institute (1984-1985), $10,000 for preparation of a Research Design monograph for electric utility industry management. NCAEC - North Carolina Alternative Energy Corporation (1982-1984), $85,000 for original research in residential customer adoption of electric utility load management programs (with Raymond Burby, Mary Ellen Marsden, and Stephen Johnston).


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NCAEC - North Carolina Alternative Energy Corporation (1981), $2,500 for preparation of a monograph reviewing consumer behavior research related to electric utility load management strategies (with Raymond Burby and Mary Ellen Marsden). TEACHING EXPERIENCE NORTHWESTERN UNIVERSITY EVENING DIVISIONS, Evanston, Illinois. Undergraduate Principles of Marketing Consumer Behavior KENAN-FLAGLER BUSINESS SCHOOL, UNIVERSITY OF NORTH CAROLINA, Chapel Hill, North Carolina. Undergraduate Principles of Marketing Advertising Consumer Behavior Retailing and Distribution Administrative Policy and Strategic Planning Sports Marketing Seminar in Economics, Ethics and Marketing Issues in the Global Economy: The Nike Example Global Marketing: Doing Business in the Americas and the Pacific Rim Field Projects in Marketing and Consumer Research Global Marketing – Issues in the Global Economy STAR and STAR Global Major Consulting Projects MBA Product Management Marketing Management Sports Marketing Seminar in Economics, Ethics and Marketing Issues in the Global Economy: The Nike Example Field Projects in Marketing and Consumer Research STAR and STAR Global Major Consulting Projects Sustainability Consulting Projects PhD Seminar in Marketing Theory and Research Seminar in Philosophy of Science, Psychometric Theory, and Issues in the Design and Analysis of Research Management Programs and Executive Development “Marketing Program Suite: Value Creation, Value Delivery and Value Management” "A Marketing Perspective on Health Care Services," Executive Workshop for Health Administrators, Duke University Department of Health Administration and UNC School of Public Health, cosponsors. "Trends in Consumer Behavior," Women + Business 1980 Conference, General Services Administration and the North Carolina Department of Commerce,


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cosponsors. NCDOT Program for Minority Contractors The Southeastern Savings and Loan School of Marketing. The North Carolina School of Banking. Managing the Arts. Program for Technical Managers. The American Financial Services Association Management Development Program. National Credit Union Sales and Marketing School (Director). CHAIRED DISSERTATION COMMITTEES "Inoculation Theory in Marketing Communications," Greg Lessne. "Issues in the Use of Fear Appeals in Marketing," George R. Franke. "Attitudes in an Industrial Buying Context: A Balance Theory/ Cognitive Response Theory Approach," Hiram C. Barksdale, Jr. "Measurement of Interfirm Power and Analysis of the Relationship Between Power and Conflict in Marketing Channels: An Interdependence Theory Approach," Nermin Eyuboglu. "Environmental Uncertainty, Internal Flexibility, and Performance: An Integrative, Process Model," Llewellyn G. Brown. “Toward a Conceptualization and Theory of Hybrid Channel Conflict,” Kevin Webb. PROFESSIONAL MEMBERSHIPS AND ACTIVITIES American Marketing Association Association for Consumer Research Southern Marketing Association SELECTED PROFESSIONAL SEMINARS, SPEECHES AND WORKSHOPS “Does Broadband Availability Contribute to Economic Development? Evidence from North Carolina,” North Carolina League of Municipalities, October 2015. “New Co-op Models for Last Mile Broadband Deployment in Rural Areas,” SEATOA Annual Conference, March 2014. “CSR: The Nike Example,” Business and Society Symposium, Creighton University, April 2005.


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“Marketing , Advertising and PR,” PTA Thriftshop, Annual School Representative Retreat, March 10, 2004. “Leadership Challenges in a Dynamic Political Environment,” Chapel Hill- Carrboro Kiwanis Club, November 4, 2003. “Education Reform,” East Chapel Hill Rotary Club, July 22, 2003. “Major Challenges Facing Schools, Colleges and Universities,” World View Residential Leadership Program in Global Education, June 26, 2003. “Local Challenges, Local Solutions,” Peer Learning, Carolina Speakers, UNC- Chapel Hill, March 19, 2002. “Higher Education and Intercollegiate Athletics,” First Annual Undergraduate Conference, The Johnston Center for Undergraduate Excellence, March 2, 2002. “Board and Director Roles and Responsibilities for Effective Community Organizations,” Coastal Community Hunger Council, Food Bank of North Carolina, February 13, 2002. “Effective Boards and Advisory Boards in Community Organizations,” Eastern Community Hunger Council, Food Bank of North Carolina, January 9, 2002. “Building Community Capital in Coastal North Carolina,” Coastal Community Hunger Council, Food Bank of North Carolina, November 14, 2001. “Some Comments on the State of Public Service by the University of North Carolina at Chapel Hill,” Emerging Leaders Series, UNC, October 16, 2001. “Economic Development Issues in Eastern North Carolina,” Eastern Community Hunger Council, Food Bank of North Carolina, October 10, 2001. “The Role of Public Service in Major Research Universities,” Emerging Leaders Series, UNC, April 25, 2001. “Campus and Community Issues and the UNC Greek Community,” Greek Leadership Retreat, UNC-CH Office of Greek Affairs, February 10, 2001. “Customer Service in the New Century,” Haywood EMC Annual Meeting, May 2000. “Ethics in Multinational Corporations,” Mobile International Speaker Series, Kenan Center, UNC, March 1999. "Major U. S. Demographic Trends," Coastal Federal Credit Union Board of Directors, Coastal Federal Credit Union, Raleigh, NC, January 18, 1995. "From the Madonna Generation to Mature Markets," South Carolina Credit Union League Management Association, Columbia, SC, February 11, 1994.


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"Sample Size Effects on the Stability of Optimal Scaling Estimates - A Preliminary Investigation," AMA Educators' 1992 Summer Conference, August 1992. "Are Cross-Cultural Survey Data Comparable?" AMA Educators' 1991 Summer Conference, August 1991. "Close Encounters of the Service Kind," EMC Credit Union Annual Conference, Raleigh, NC, April 10, 1991. "New Products for the '90s," League of IBM Credit Unions, Annual Spring Conference 1991, Lexington, KY, May 18, 1991. "Effective Demand-Side Management Strategies and Tactics," ElectriCities of NC, Inc., Raleigh, NC, June 5, 1991. "Major Population Cohorts of the '90s -- Credit Union Workforce and Member Implications," Association of Credit Union League Executives' Annual Meeting, Quebec, Canada, July 22-25, 1991. "Conjoint Measurement Workshop," FG*I/Imageworks, Chapel Hill, NC, March 14, 1990. "Marketing Financial Services," Southwest Credit Union National Association, Houston, Texas, July 24-25, 1990. "Credit Unions and the New Customer Service Challenge," South Carolina Credit Union League Annual Meeting, Columbia, SC, August 30, 1990. "Credit Union Marketing Strategies for the '90s," Texas Credit Union League Member Services Conference, San Antonio, TX, September 25, 1990. "Pricing Credit Union Products and Services," Bridging Marketing Horizons, CUNA's 1989 Marketing Communications Conference Proceedings, No. 9, 1989, Credit Union National Association. "Bank Marketing Issues in the Year 2000," Triangle Bankers' Forum, Anchor Financial Services, Research Triangle Park, NC, March 27, 1990. "Expectations and Customer Satisfaction Issues in Public Health Clinic Management", Wake County AHEC, Raleigh, NC, July 1988. "Adding Value in Financial Service Relationships," Southeastern Jurisdiction of Credit Union Board Chairmen, North Carolina Credit Union League, Asheville, NC, July 1988. "Methodological Issues in Psychological Reactance Theory Research," Association for Consumer Research, 1988. "Self-Coding Versus Independent Judge Coding of Ambiguous Response Measures," AMA Summer Educators' Conference, 1987. "Building Brand Equity," Credit Union Executive Society, North Carolina Credit Union League, October 1, 1987.


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"Effective Marketing Plans," Member Agency Marketing Workshop, United Way of North Carolina, September 9, 1987. "The Hare and the Tortoise -- A Contemporary Marketing Fable (With Appropriate Apologies to Aesop)," Tarheel Chapter of the North Carolina League of Credit Unions, Raleigh, NC, March 24, 1987. "The Challenges of Change," EMC Employees Credit Union 18th Annual Meeting, Raleigh, NC, March 18, 1987. "A Preliminary Test of the Applicability of Interdependence Theory in Explaining Power and Conflict in Distribution Channels," American Marketing Association, 1987. "Marketing In Rural Electric Cooperatives," National Rural Electric Cooperative Association, 1986 National Member Services and Communications Conference, Fort Worth, Texas, August 24, 1986. "What Have You Done For Me Lately?" 1986 Georgia EMC Member Services Conference, St. Simons Island, Georgia, June 26, 1986. "Ticks, Kudzu, and Other Unpleasant Experiences," Tarheel Chapter of the North Carolina League of Credit Unions, Raleigh, NC, April 22, 1986. "Demarketing Electricity: Consumer Participation in Utility-Sponsored Residential Load Control Programs," Southern Sociological Association, 1984. "Composite Measures in Macromarketing Time-Series Research Designs," Eighth Annual Macromarketing Seminar, University of Rhode Island, 1983. "Normal Science versus Creative Approaches to Industrial Buyer Behavior Research," Southern Marketing Association, 1983. "On the Difference Between a Manager and a Leader," Leaders of the Future Day, Monroe High School, Monroe, North Carolina, April 27, 1982. "Three Major Threats to Bank Marketing Success in the 1980's," Central North Carolina Chapter, National Association of Women Bankers, March 9, 1982. "Alternating Least Squares Approaches for the Principal Components Analysis of Mixed Metric Data," American Institute for Decision Sciences, 1981. "The Market Effect of Sweepstakes: A Time-Series Analysis and Methodological Comment," American Marketing Association, 1981. "Economic Constraints on Consumer complaining Behavior," Association for Consumer Research, 1979. "A Box-Jenkins Strategy for the Factor Analysis of Multiple Time-Series," Albert Haring Symposium, Indiana University, 1979.


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"The Aberrant Data Problem in Interrupted Time-Series Designs," Southern Marketing Association, 1978. "A Review of Formal Theories of Consumer Socialization," Association for Consumer Research, 1977. REVIEWER EXPERIENCE American Marketing Association, Educator's Conference American Marketing Association Dissertation Competition Southern Marketing Association Journal of Marketing Research (ad hoc) Journal of Macromarketing (ad hoc) Journal of the American Planning Association (ad hoc) Journal of Consumer Research (ad hoc) CAMPUS SERVICE ACTIVITIES University of North Carolina Faculty Council, 1984 - 1987. MBA Program Committee, 1984 - 1987. MBA Admissions Committee, 1980-1981, 1983-1984. PhD Program Committee, 1981-1984, 1988-1990. University Food Service Advisory Committee, 1981-1984. Carolina Students Credit Union, Board of Advisors, 1987-1993 Alliance of Minority Business Students, Faculty Advisor, 1988 to 1989. Wesley Foundation, Faculty Advisor, 1987 to 1995. Carolina Campus Cares, founding member 1991. Phi Beta Lambda Professional Fraternity, Advisor 1994 to 1998. Community Citizenship Day Planning Committee, Kenan-Flagler Business School, 2001 to 2003. Faculty Committee on Athletics, 1999 to 2004. Chancellor’s Task Force on Code for Labor Practices Related to Licensing, 1998-1999. Edward Kidder Graham Awards Selection Committee, April 2003.


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Kenan-Flagler Business School GLBTA Association faculty advisor, 2003 to 2007. Carolina Speakers, 1999 to present. Licensing Labor Code Advisory Committee for the Chancellor, 1999 to 2009. UNC Dance Marathon Advisory Board, 2000 to 2004. Ackland Art Museum Administrative Advisory Committee, 2001 to 2007. World View Advisory Board, 2000 to 2006. Environmental Resource Program Advisory Board, School of Public Health, 2001 to 2004. Morehead Final Selection Weekend, The John Motley Morehead Foundation, 2000 to 2009. Chair, Truman Scholarship Nomination Committee, Office of Distinguished Scholarships and Intellectual Life, 2001 to 2008. Faculty Council Nominating Committee, 2004. Alpha Phi Omega national service fraternity, faculty advisor, 2003 to 2006. COMMUNITY SERVICE ACTIVITIES, COMMUNITY FOUNDATIONS, AND COMMUNITY BOARD MEMBERSHIPS Chapel Hill Drug Action Committee, Chapel Hill, NC. Board of Directors, 1973-1976; Chairman, 1975-1976. University United Methodist Church, Chapel Hill, NC. Administrative Board, 1986 to 1993; Trustees, 1994 to 1995. Annual Conference Delegate 2004 to present, North Carolina Conference. University United Methodist Preschool, Chapel Hill, NC. Founding Member, Board of Directors, 1986 to 1991. Wesley Foundation, Chapel Hill, NC. Board of Directors, 1985 to 1989, 2006 to 2015. Chapel Hill Literary Society, 1987 to present. Chapel Hill-Carrboro Public School Foundation Board of Directors, 1991 to 1995. Methodist Foundation Board of Directors, North Carolina Conference United Methodist Church, 1992 to 1998. Pension Board of Directors, North Carolina Conference United Methodist Church, 1991 to 1998.


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Frank Porter Graham Elementary School Governance Committee, 1991 to 1994. Eno Triangle Pony Club, Parent Sponsor, 1994 to 2003. Council on a Sustainable Community task force, Chapel Hill- Carrboro Chamber of Commerce, 2003-2004. STATEWIDE SERVICE The Rural Enrichment Partnership, eight regional councils of community agencies across Eastern and Central North Carolina, partnership between Food Bank of North Carolina and UNC-Chapel Hill, 2000 to 2010. ELECTED PUBLIC OFFICE Board of Education, Chapel Hill-Carrboro City Schools, three elected terms, 1995 to 2005, two annual rotations as Vice-Chair and two annual rotations as Chair (1998, 2001). HONORS “Top 50 Undergraduate Business Professors,” Poets and Quants, 2018. Weatherspoon Award for Excellence in Undergraduate Teaching, 2015. Delta Sigma Pi, Honorary Faculty Member. Beta Gamma Sigma, Northwestern University Rendleman Award for Contributions to the PhD Program Who’s Who in Business Higher Education North American Academy of Arts and Sciences, Fellow of the Academy

SELECTED CONSULTING CLIENTS AGCO Corporation American Marketing Association Beatrice/Hunt-Wesson Inc. Broyhill Furniture Industries California Grocers' Association CargoLifter Carmichael and Company Advertising and Public Relations Carolina Power and Light Company Cellular One, Carolina Metronet, Inc. Channel Master, Inc. Communication Properties, Inc. CONXUS Communications, Inc. City of Evanston, Evanston, Illinois


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Dial Call, Inc. Dial Page, Inc. Duke CE Duke Power Company, Inc. Eastern Group/ Statoil Electric Power Research Institute Food Bank of Central and Eastern North Carolina General Electric Corporation Google Hawkeye Indian Cultural Center HGST iBAHN IBM JC Penny, Inc. Leadership Forum Incorporated Lowes Home Improvement McNeil Consumer Products/ Tylenol Metronet, Inc. Meyer Corporation Montessori School of Raleigh Mtel, Inc. Navigate Cancer Foundation Navistar Nextel North Carolina Alternative Energy Corporation North Carolina Electric Membership Corporation North Carolina Electricities Parker Poe PCS Development Corporation Peracom Networks Inc. Philip Morris Pines of the Carolinas Girl Scout Council Planter's Bank Quintiles Sandhills Golf Association Sanford, Adams, McCullough and Beard, Attorneys at Law Sara Lee Corporation Seminole Electric Corporation SMD/ Sitelink Sophia Communications Spirit Aerosystems SkyTel, Inc. Smith, Helms, Mullis and Moore, Attorneys at Law Smith Moore LLP STSN Tanner, Inc. Tobacco Road Golf and Travel Vermont Foodbank


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Village of Pinehurst Area Golf Association Youth Empowerment Solutions Whittle Communications, Inc. SELECTED MAJOR COMMUNITY AND REGIONAL ECONOMIC DEVELOPMENT PROJECTS Hertfort Waterfront Project Beaufort County, NC Bertie County, NC Bridge II Sports Project Chapel Hill Downtown Economic Development Corporation City of Elizabeth City Smart Grid and Wireless ISP Project City of Kinston Gateway Project City of Kinston Green Acres Project City of Rocky Mount Imperial Center Project Edenton Municipal Wireless Broadband Project FoRENC Golden LEAF Rural Broadband Initiative Hawkeye Indian Cultural Center, Hoke County, NC Home of the Perfect Christmas Tree, Mitchell County IBX Authority NC Zoo Rocky Mount Downtown Redevelopment Project Spruce Pine Main Street Downtown Renewal Project Vermont Telecommunications Authority YES! Harbor Town Project, Albemarle Sound’s Inner Banks

2019


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EXHIBIT B

ONLINE SURVEY


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DEMOGRAPHIC AND VALIDATION DATA FOR THE 707 ONLINE SURVEY RESPONDENTS


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IN PERSON ONE-ON-ONE INDIVIDUAL INTERVIEW SCRIPT


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INTERVIEWER INSTRUCTIONS Pronunciation Guide: Truliant = true LIE ant Truist = true ist

(READ ON SCREEN WITH RESPONDENT) This is a brief four-minute oral opinion survey. We are just interested in your honest opinions – and your individual responses will be kept confidential. After you click on “Next” below, you will be instructed to ask the interviewer to read you several questions. You will only get to hear the interviewer read the questions; you will not get to see the questions written down in print, so please listen as you would in conversation with a friend. Please answer every question. Click on “Next” when you are ready to begin. (FIRST QUESTION) Financial services – checking accounts, savings accounts, mobile apps, and ATMs – might soon be available in the Carolinas and Virginia from Truliant and Truist. Would most consumers think financial services from Truliant and Truist are put out by the same company; are put out by different companies; or you don’t know? Why do you say that? (FIRST QUESTION FOLLOW UP) Would most consumers think financial services from Truist and Truliant are put out by companies that are affiliated, connected or associated with one another; or they are put out by companies that are not affiliated, connected or associated with one another; or you don’t know? Why do you say that? (SECOND QUESTION) Financial services – checking accounts, savings accounts, mobile apps, and ATMs – are available today in the Carolinas and Virginia from Wells Fargo and Bank of America. Would most consumers think financial services from Wells Fargo and Bank of America are put out by the same company; are put out by different companies; or you don’t know? Why do you say that? (SECOND QUESTION FOLLOW UP) Would most consumers think Wells Fargo and Bank of America financial services are put out by companies that are affiliated, connected or associated with one another; or they are put out by companies that are not affiliated, connected or associated with one another; or you don’t know? Why do you say that? (THIRD QUESTION) Which one of the following alphabetically ordered financial service companies would most consumers think offers a smartphone mobile app called TRU2GO ? Why do you say that?


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SURVEY QUESTIONNAIRE FROM ORAL PRESENTATION OF KEY LIKELIHOOD OF CONFUSION QUESTIONS


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PICTURES OF ONE-ON-ONE INTERVIEW ROOM FOR ORAL PRESENTATION OF LIKELIHOOD OF CONFUSION QUESTIONS


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DEMOGRAPHIC DATA FOR THE 47 IN PERSON ONE-ON-ONE INTERVIEW SURVEY RESPONDENTS


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exhibit 4 - townnews...civil action no.: 19-cv-601 in the united states district court for the...

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