Latest White Paper from Human Digital and the London School of Economics, exploring the application of social science methodologies to social media monitoring

1. !
!
"#$%&!!!!!!!'()(*%+!
!
!
!"#"$%&'()$*"%(
!
,-&*($-&*!.!
/&0(1%*(2&!345!/&4()6*!
!
!
+,(&--*"%$./-,(0/.'(1/$2(345"/667(8$#."%4#(
9%$:;$."($.(1-,:-,(<&'--6(-=(>&-,-2/&#($,:(
)-6/./&$6(<&/",&"(

2. Research Paper - Sentiment – Indication vs. Insight
78-1#*(3-!,#$$%9:!
G'/#(*$*"%($**6/"#(#-&/$6(#&/",&"(2".'-:-6-AH(.-(I%$,:(#",./2",.($,$6H#/#(/,(-%:"%(
.-(:/#&-J"%(0'".'"%($::/./-,$6(J$6;"(&$,(I"($::":(.-(.'"(/,:;#.%H(#.$,:$%:(2".%/&#(
-=(K)-#/./J"7(5"A$./J"7(-%(5";.%$64(/,($,$6H#/,A(#",./2",.(.-0$%:#(I%$,:#L(G'"($/2(-=(
.'/#(*$*"%(/#(.-(:"6/J"%(:""*"%(/,#/A'.(=%-2($(:$.$#".(-=(-,6/,"(I%$,:(#",./2",.7($#(
-**-#":(.-(.'"(/,:/&$./J"(-=="%/,A#(-=(I$#/&(K)-#/./J"7(5"A$./J"7(-%(5";.%$64(2".%/&#L(!
M#/,A(N;$,./.$./J"(O-,.",.(P,$6H#/#($,:($,(/,:;&./J"($,$6H#/#(=%$2"0-%Q7(,"0(
J$%/$I6"#(0"%"(;#":(.-($,$6H#"(&-,#;2"%(I"'$J/-;%($,:(.'"(:%/J"%#(-=(I%$,:(
#",./2",.("R*%"##":(/,($(:/A/.$6(",J/%-,2",.L(G'"(S6$&QS"%%H()6$HS--Q(.$I6".(0$#(
;#":($#(.'"(#;IT"&.(-=(.'"(#.;:H(:;"(.-(/.#(*-#/./-,($#(-,"(-=(#"J"%$6("2"%A/,A(
*%-:;&.#(/,(.'"(.$I6".(2$%Q".L(G'/#(#.$.;#(2"$,.(.'$.($,($**%-*%/$."(J-6;2"(-=(
-,6/,"(&-22",.$%H(.'$.(&-;6:(I"(&-66"&.":(=-%($,$6H#/#L((
G'"(I$#/&7(.-*U6"J"6(2".%/&#(-=(K)-#/./J"7(5"A$./J"7(-%(5";.%$64(0"%"V(WXY()-#/./J"7(
ZXY(5"A$./J"7($,:(EWY(5";.%$6L(G'/#(-;.*;.(/#(.H*/&$6(-=($,$6H#/#(=%-2(#-&/$6(2":/$(
%"#"$%&'($A",&/"#($,:(.--6#L(['/6"(.'"(2".%/&(*%-J/:"#($,(/,:/&$./-,(/,(%"A$%:#(.-($(
K."2*"%$.;%"(&'"&Q4(-,(0'$.(.'"($;:/",&"(/#(#$H/,A(-,6/,"7(/.#(#.%$."A/&(J$6;"(/#(
6/2/.":($,:(/.(*%-J/:"#(6/..6"(:/%"&./-,(-,(I"'$J/-;%L(+.(/#($,(/,:/&$./-,(%$.'"%(.'$,($,(
/,#/A'.L(
G'/#(*$*"%(:"2-,#.%$."#('-0(J$6;$I6"(/,#/A'.(&$,(I"(:"%/J":(.'%-;A'($**6H/,A($(
#-&/$6(#&/",&"(2".'-:-6-AH(.-($(:$.$#".(-=(;#"%UA","%$.":(&-22",.#(%"6$./,A(.-(
#",./2",.L(((
+2*6"2",./,A(.'"($,$6H#/#(:"J"6-*":(=-%(.'/#(%"#"$%&'7(.'/#(2".'-:($66-0#(=-%V(
• +:",./=H/,A(&"%.$/,(:%/J"%#(-=(#",./2",.L(+,(.'/#(&$#"7(,"A$./J"(#",./2",.(0$#(
I$#":(-,(*%"&-,&"/J":(J/"0#(-=(.'"(*%-:;&.(%$.'"%(.'$,(=%-2(:/%"&.7('$,:#(-,(
"R*"%/",&"(0/.'(.'"(*%-:;&.L(+,(&-,.%$#.7()-#/./J"(#",./2",.(.-0$%:#(.'"(
*%-:;&.(0$#(2-%"(6/Q"6H(.-(I"(/,=-%2":(IH(@/%"&.(>R*"%/",&"(0/.'(.'"(*%-:;&.(
.'%-;A'(*;%&'$#"(-%($('$,:#U-,(.%/$6L(
(
?;2$,(@/A/.$6(B(CDEE(F(C(

3. Research Paper - Sentiment – Indication vs. Insight
• +,#/A'.(/,.-(.'"(#*$&"#(0'"%"(.'"%"($%"(:/#/,A",;-;#($,:(;,U/,=-%2":(
&-,J"%#$./-,#L(-%(/,#.$,&"(Z]Y(-=($66(,"A$./J"(&-22",.#(/,(.'"(6$,:#&$*"($%"(
$..%/I;.":(.-(K5-,U<*"&/=/&4(&-22",.#L(;%.'"%2-%"7(W(-;.(-=("J"%H(](-=(.'"#"(
$%"(I$#":(-,(,-("R*"%/",&"(0/.'(.'"(*%-:;&.L(
(
• +,#/A'.(/,.-(.'"(#*$&"#(0'"%"(%$./-,$6($,:(/,=-%2":(&-,J"%#$./-,#($%"(.$Q/,A(
*6$&"L(-%(/,#.$,&"7($6.'-;A'(-,6H(ECY(-=(.'"(<'$%"(-=(^-/&"(/#(:%/J",(IH(.'"(
KM#"%(>R*"%/",&"4(-=(.'"(*%-:;&.7(C(/,("J"%H(Z(&-22",.#($I-;.(/.(/#(*-#/./J"7($,:(
_(-;.(-=(ED($%"(I$#":(-,(@/%"&.(>R*"%/",&"(-=(.'"(*%-:;&.L((
(
• +,#/A'.($#(.-(0'$.(*"-*6"($%"(.$6Q/,A($I-;.7('-0(.'"H($%"("R*%"##/,A(#",./2",.7(
$,:('-0(#",./2",.(:/=="%#(0/.'/,(.-*/&(A%-;*#L(['",(&-2*$%":(#/:"UIHU#/:"7(
.'"(*$##/-,$."(&-22",.$%H(#'-0#(.'$.(.'"($;:/",&"(/#(*%":-2/,$,.6H(,"A$./J"(
=-%($66(.-*/&#("R&"*.(M`7(0'"%"(/.(/#(-J"%0'"62/,A6H(*-#/./J"L((
9/J",(.'"(2$##(*$%./&/*$./-,($&%-##(.'"(#-&/$6(0"I(0"(I"6/"J"(.'$.(/=(.'"(&-%%"&.(
2".'-:-6-AH(/#($**6/":(J/$($(I6",:(-=(N;$6/.$./J"($,:(N;$,./.$./J"(2".%/&#7(
/,."%"#.":(*$%./"#($%"(,-0($I6"(.-(;,:"%#.$,:(.$%A".($;:/",&"#(I".."%(.'$,("J"%(
I"=-%"L(G'"($I-J"(=/,:/,A#($%"(#-2"("R$2*6"#(-=(.'$.(/,#/A'.L(
(
(
?;2$,(@/A/.$6(B(CDEE(F(Z(

4. Research Paper - Sentiment – Indication vs. Insight
/&*920#1*(2&!
!"#$%&'($&)*+)'$('),+-'),$.).*#(+($-.,,'/0$
P,(/2*-%.$,.(*$%.(-=(2$%Q".(%"#"$%&'($,$6H#/#($,:(#.%$."AH('$#($60$H#(I"",(.-(
:/#&-J"%(0'$.($(.$%A".($;:/",&"(/#(.'/,Q/,AL(<",./2",.($,$6H#/#(/,J-6J"#(
a&-2*;.$./-,$6(.%"$.2",.(-=(-*/,/-,7(#",./2",.7($,:(#;IT"&./J/.H(/,(."R.7b(c)$,A(d(
1""7(CDDXe7($,:('$#(#"",($(%"&",.(#;%A"(/,(/,."%"#.(:;"(.-(/,&%"$#":($&&"##(.-(
&-,#;2"%(-*/,/-,(#/,&"(.'"($:J",.($,:(%/#"(-=(#-&/$6(2":/$L(P#(f$I/,(d(g"=="%/"#(
*-/,.(-;.V(a&-,#;2"%#('$J"($.(.'"/%(:/#*-#$6($(#-$*I-R(-=(;,*%"&":",.":(%"$&'($,:(
*-0"%(IH(0'/&'(.-(#'$%"(.'"/%(I%$,:("R*"%/",&"#($,:(-*/,/-,#7(*-#/./J"(-%(,"A$./J"7(
%"A$%:/,A($,H(*%-:;&.(-%(#"%J/&"7b(cCDDXeL(5$.;%$66H7(&-2*$,/"#($%"(#""Q/,A(.-(
'$%,"##(.'"#"(;#"%UA","%$.":(-*/,/-,#($#(.'"H(&$,('$J"($,(/,=6;",&"(-,(#'$*/,A(.'"(
-*/,/-,#(-=(-.'"%(&-,#;2"%#7($,:(a;6./2$."6H(.'"/%(I%$,:(6-H$6./"#7(.'"/%(*;%&'$#"(
:"&/#/-,#7($,:(.'"/%(-0,(I%$,:($:J-&$&H7b(c+I/:eL(
8;&'($,$6H#/#('$#(I"",($**6/":(.-(.'"(%$,A"(-=(-*/,/-,#("R*%"##":(.'%-;A'(0"IU
I$#":(;#"%UA","%$.":(&-,.",.(/,($.."2*.#(.-(h;$6/.$./J"6H($,:(h;$,./.$./J"6H($##"##(
$;:/",&"(.'-;A'.#($,:(I"'$J/-;%#L(?-0"J"%7(.'"(&$*$&/.H(.-($,$6H#"(-,6/,"(
#",./2",.(.-0$%:#(I%$,:('$#(/,(2$,H(&$#"#(=$/6":(.-(%"$&'(/.#(*-.",./$67(:;"(.-(.'"(
;#"(-=(I$#/&(2".%/&#($,:($,(-J"%U%"6/$,&"(-,($;.-2$.":(:$.$(&-66"&./-,(.--6#(0/.'(
6/2/.":(&$*$&/.H(=-%(/,#/A'.($,:(/,&-,#/#.",.(-;.*;.#L(
P(%"#"$%&'(*$*"%(=%-2(?;2$,(@/A/.$6(/,(g;6H(CDED(=-;,:(.'$.7(0'",(."#.":(#/:"UIHU
#/:"7($;.-2$.":(#-&/$6(2":/$(2-,/.-%/,A(.--6#(-=="%(J$#.6H(:/=="%",.(%"#;6.#(=-%(
J-6;2"#(-=(:$.$7(*6$.=-%2(&$."A-%/i$./-,7($,:(&%;&/$66H7(I%$,:(#",./2",.($,$6H#/#L(
G'/#('/A'6/A'.#(.'"(:/==/&;6.H(-=($&&;%$."6H(",A$A/,A(/,(#",./2",.(0/.'($,($6A-%/.'2L((
1'*+.)2'$&)$3.(+2$4',/+2($
M,:"%#.$,:/,A(-=(#-&/$6(2":/$(I"'$J/-;%($,:('-0(.-(/,."%*%".(.'"(J-6;2"#(-=(:$.$(
.'%-;A'(2"$,/,A=;6(2".%/&#(/#($,(;,:"%:"J"6-*":(/,:;#.%H(c<&'0"/:"67(".($67(CDDEeL(
P#($(%"#;6.(-=(.'/#7(2$,H(6"$:/,A(=/%2#(a%"6H(-,(#/2*6/=/":(2"$#;%"#(#;&'($#(.'"(.-.$6(
J-6;2"(-=(*-#.":(&-22",.#(-%(.'"($J"%$A"(#",./2",.("R*%"##":($&%-##($66(*-#.":(
&-22",.#7b(c/I/:7(*LCeL((
?;2$,(@/A/.$6(B(CDEE(F(W(

5. Research Paper - Sentiment – Indication vs. Insight
P(&-22-,(-;.*;.(-=(#",./2",.(/#(.'"(*"%&",.$A"($..%/I;./-,(-=(.'"(6$I"6#(K)-#/./J"7(
5"A$./J"7(-%(5";.%$64(.-($(:$.$#".L(@/66-,7(".($6(cCDDEe(=-;,:(.'$.(.'"#"(2"$#;%"#(-=(
KI%$,:(%$./,A#4($%"(*%-I6"2$./&(I"&$;#"(.'"H(:-(,-.(&-,#/:"%(.'$.(I%$,:(#",./2",.(
&$,(I"(/,=-%2":(IH(:/=="%",.(=$&.-%#L(-%(/,#.$,&"V(aS%$,:U#*"&/=/&($##-&/$./-,#(%"="%(
.-(="$.;%"#7($..%/I;."#7(-%(I","=/.#(.'$.(&-,#;2"%#(6/,Q(.-($(I%$,:($,:(.'$.(
:/=="%",./$."(/.(=%-2(.'"(&-2*"././-,7b(0'/6"(aA","%$6(I%$,:(/2*%"##/-,#(%"="%(.-(
A","%$6(/2*%"##/-,#($I-;.(.'"(I%$,:(.'$.($%"(I$#":(-,($(2-%"('-6/#./&(J/"0(-=(.'"(
I%$,:7b(c*LEeL(</2*6H(."#./,A(=-%(K)-#/./J"7(5"A$./J"7(-%(5";.%$64(#",./2",.(:-"#(,-.(
$&&-;,.(=-%($,H(:%/J"%#(-=(#",./2",.7(,-%(:-"#(/.(&-,#/:"%($,H(&-,."R.(#;%%-;,:/,A(
$,:(/,=6;",&/,A(#",./2",.L(+.(.'"%"=-%"(-=="%#(-,6H($(#'$66-0(/,#/A'.(/,.-(.'"($&.;$6(
#.$."(-=(I%$,:(#",./2",.L((
5/&6*'-($7+,"$(&2+.*$-'%+.$-&)+,&/+)8$,&&*($
G'"%"('$#(I"",($(%/#"(/,(#"$%&'UI$#":(#"%J/&"#(.'$.(2-,/.-%(-,6/,"(&-,J"%#$./-,#($,:(
$;.-2$./&$66H($,$6H#"(-,6/,"(#",./2",.(J/$(Q"H0-%:#(c)$,A(d(1""7(CDDXeL(?-0"J"%7(
$;.-2$.":(.--6#(=$/6(.-(:"6/J"%(-,(.'"/%(*%-2/#"(.-(=/6."%($,:($,$6H#"(#-&/$6(2":/$(
:$.$(c?;2$,(@/A/.$67(CDEDeL(['",(."#.":(#/:"UIHU#/:"7(.'"#"($;.-2$.":(#"%J/&"#(
-=="%(J$#.6H(:/=="%/,A(%"#;6.#(=-%(I%$,:(#",./2",.7(=;%.'"%('/A'6/A'./,A(.'"(:/==/&;6.H(-=(
$&&;%$."6H(",A$A/,A(/,(#",./2",.(0/.'($,($6A-%/.'2L#(
G'"(*%-&"##(-=($;.-2$./,A(I%$,:(#",./2",.(0/.'(#"$%&'($6A-%/.'2#('$#(#"J"%$6(
6/2/.$./-,#(c)$,A(d(1""7(CDDXeL((G'"#"(/,&6;:"(.'"(=$&.(.'$.(#$%&$#2($,:(/%-,H($%"(
J"%H(:/==/&;6.(.-(:"."&.7(:/==/&;6./"#(/,(&-%%"&.6H(/:",./=H/,A(,"A$./J"(#",./2",.(:;"(.-(
.'"(&-2*6"R/./"#(-=(,"A$./-,(."%2#(/,(#",.",&"(#.%;&.;%"(c#""()$,A(d(1""7(CDDX7(*LZj(
=-%($(:".$/6":($,$6H#/#(-=(.'/#(=$;6.e7($,:($&&;%$."6H(/:",./=H/,A(.'"(%"6$./-,#'/*(
I".0"",(.-*/&($,:(#",./2",.(c/I/:eL(P6#-(-=(,-."(/#(.'$.(/=(.0-(:/=="%",.(-,6/,"(
%"J/"0"%#('$J"(.'"(#$2"(#",./2",.7(.'"H(2$H('$J"(:/=="%",.(%"$#-,#(=-%(:-/,A(#-(c$#(
$6#-(/:",./=/":(IH(@/66-,7(CDDEeL(
G$Q/,A(/,.-($&&-;,.(.'"#"(6/2/.$./-,#(-=($;.-2$.":(#"%J/&"#7(.'"%"(%"2$/,#($(,"":(.-(
&-66"&.(:$.$(/,($(2-%"(%-I;#.(=$#'/-,($,:(/2*%-J"(-,(.'"(2".%/&#($,:($,$6H#/#(
2".'-:#(.'$.(&;%%",.6H("R/#.(/,(.'"(/,:;#.%HL(
?;2$,(@/A/.$6(B(CDEE(F(](

6. Research Paper - Sentiment – Indication vs. Insight
9+-($&:$,"+($;.;'/$
G'/#(*$*"%(0/66($**6H($(#-&/$6(#&/",&"(2".'-:-6-AH(.-(I%$,:(#",./2",.(/,($,($.."2*.(
.-(-=="%(J$6;$I6"(/,#/A'.(/,.-(-,6/,"(I%$,:(#",./2",.L(SH(-=="%/,A(/,#/A'.(-J"%(
/,:/&$./-,7(.'/#(*$*"%(#""Q#(.-(*%-J/:"(.'"(Q/,:(-=(%"#;6.#(.'$.(&$,(*-.",./$66H(/2*$&.(
.'"(.-*U6"J"6(#.%$."AH(-=($,(-%A$,/#$./-,L(
G'"(.'"-%"./&$6(%"#"$%&'(h;"#./-,(.'$.(.'/#(*$*"%(#""Q#(.-($::%"##(/#(!"#$%&'()%'*#+%'
,-',&.#&%'/0*(#1#/0(#,&2'3)0('10&'()%'0//.#10(#,&',-'0'+,1#0.'+1#%&1%'4%(),5,.,67'(,'
()%'#++8%',-'+%&(#4%&('/*,$#5%9:L((
G'/#(#.;:H(#""Q#(.-($::%"##(.'/#(h;"#./-,(IH($**6H/,A($(N;$,./.$./J"(O-,.",.(P,$6H#/#(
2".'-:-6-AH(.-($(:$.$#".(-=(M#"%(9","%$.":(&-22",.#(-,($(*$%./&;6$%(*%-:;&.(c.'"(
S6$&QS"%%H()6$HS--QeL(G'"(#;IUh;"#./-,#(.'$.(.'/#(%"#"$%&'($#Q#($%"V(!;)0('0*%'()%'
-01(,*+'()0('#&-.8%&1%'<*0&5'+%&(#4%&(9:($,:(!=,3'10&'&%3'$0*#0<.%+'0&5'0&0.7+#+'
055'$0.8%'(,'+%&(#4%&('0&0.7+#+'#&'0'307'()0('10&'#&-,*4'1,448&#10(#,&+'+(*0(%679:(
!
;-*6202+2):!!
<"'$=>6?'2,$@$3*.2A3'//#$5*.#3&&A$
G'"(!"#"$%&'U+,U8-./-,(c!+8e(S6$&QI"%%H()6$HS--Q(/#($(kb(.$I6".(6$;,&'":(/,(g;,"(
CDEEL(+.(/#(.'"(=/%#.($.."2*.(-=(!+8(.-(I%"$Q(/,.-(.'"(A%-0/,A(.$I6".(2$%Q".(.'$.(/#(
:-2/,$.":(IH(P**6"4#(/)$:L(G'/#(*%-:;&.(0$#(:""2":($**%-*%/$."(=-%(.'/#(#.;:H($#(/.(
/#($($#.(8-J/,A(O-,#;2"%(9--:(.'$.(0$#(6/Q"6H(.-(A","%$."(#;I#.$,./$6(-,6/,"(
:/#&;##/-,(=%-2(0'/&'($(:$.$#".(&-;6:(I"(:%$0,(=%-2L((
B>.),+,.,+C'$D&),'),$9).*#(+($
P(N;$,./.$./J"(O-,.",.(P,$6H#/#(cNOPe(2".'-:-6-AH(0$#($:-*.":(=-%(.'/#(%"#"$%&'L(
NOP(",$I6"#(%"#"$%&'(-,($(6$%A"(#$2*6"(-=(."R.#7(2$Q/,A(.'"#"(."R.#(#*"$Q($#($(
A%-;*(.-($,#0"%(%"#"$%&'(h;"#./-,#L(+.($66-0#(=-%(a.'"(-IT"&./J"7(#H#."2$./&7($,:(
h;$,./.$./J"(:"#&%/*./-,(-=(.'"(2$,/="#.(&-,.",.(-=(&-22;,/&$./-,b(cS"%"6#-,(
E_]CVEXeL(G'/#(2$Q"#(/.($,($**%-*%/$."(2".'-:(=-%(%"#"$%&'/,A(-,6/,"(I%$,:($,:(
?;2$,(@/A/.$6(B(CDEE(F(j(

7. Research Paper - Sentiment – Indication vs. Insight
*%-:;&.(#",./2",.(I"&$;#"(/.(&$,(*%-J/:"($(#,$*#'-.(-=(-*/,/-,(0/.'/,($(I-:H(-=(
-,6/,"(."R.;$6(:/#&;##/-,#L(+.($66-0#(%"#"$%&'"%#(.-(2$Q"(/,="%",&"#(=%-2(."R.#(IH(
a-IT"&./J"6H($,:(#H#."2$./&$66H(/:",./=H/,A(#*"&/=/":(&'$%$&."%/#./&#(-=(2"##$A"#L(
c?-6#./(E_j_VEWeL(
5/&2'%>/'$
NOP(*%-J/:"#(a%"*6/&$I6"($,:(J$6/:(/,="%",&"#(IH(#H#."2$./&$66H(/:",./=H/,A(#*"&/=/":(
&'$%$&."%/#./&#(-=(.'"(2"##$A"4(cl%/**",:-%=(E_XDVCEeL(+.(%"h;/%"#(.'"(&-66"&./-,(-=($(
#$2*6"(-=(."R.#7(0'/&'(&$,(.'",(I"(&-:":($A$/,#.(&'$%$&."%/#./&#7($,:(.'",(
h;$,./.$./J"6H($,$6H#":L(G-(.'$.(",:7($(#$2*6"(-=(]DD(;#"%(&-,J"%#$./-,#(-,(.'"(
S6$&QS"%%H()6$HS--Q(0"%"(:%$0,(=%-2(.'"(=-66-0/,A(-,6/,"(&'$,,"6#V(G0/.."%7(
>,A$:A".7(S@97(>)%'"80*5#0&(-,6/,"7(>)%'>%.%6*0/)(-,6/,"7(f@5".7()O(8$A7()O()%-7(
)O([-%6:7($,:(9/i2-:-L(P(#$2*6"(0$#(:%$0,(=%-2(J$%/-;#(*6$.=-%2#(:;"(.-(
<&'0"/:"6(".($64#(cCDEEe(-I#"%J$./-,(.'$.(:/=="%",.(-*/,/-,#("R/#.($&%-##(:/=="%",.(
*6$.=-%2#L((
D&%+)8$C./+.6*'($@$<&).*$='),+-'),'
G'"(/,:;#.%HU#.$,:$%:()-#/./J"7(5";.%$6($,:(5"A$./J"(#",./2",.#(0"%"(&-:":(.-(
*%-J/:"($,(/,.%-:;&.-%H(/,#/A'.(/,.-($;:/",&"(*"%&"*./-,#L(
D&%+)8$C./+.6*'($@$<&;+2($$
+,(-%:"%(.-(A$/,(/,#/A'.(/,.-(.'"(&-,."R.#(.'$.(#;%%-;,:(#",./2",.7(.'"(:$.$(0$#(
&-:":(IH(G-*/&V(.'"($#*"&.(-=(.'"(*%-:;&.(.'$.(.'"(#",./2",.(%"="%%/,A(.-L(G-*/&(
A%-;*#(0"%"(/,:;&./J"6H(:"%/J":(.'%-;A'($,(/,/./$6(%"$:(.'%-;A'(-=(.'"(:$.$#".(
I"=-%"($,H(&-:/,A(0$#(;,:"%.$Q",V(
• <2&.,=-1(>(1!?2$$-&*%9:@(G'"#"($%"(A","%$6(-*/,/-,#(.'$.(A/J"(,-(%"="%",&"(
.-($,H(*$%./&;6$%($#*"&.(-%(="$.;%"(-=(.'"(*%-:;&.L(
• ?6%9%1*-9(4*(14@(['$.(.'"(*%-:;&.(-=="%#(c-%(:-"#(,-.(-=="%e(/,(."%2#(-=(
="$.;%"#($,:(=;,&./-,$6/.H(-=(.'"(*%-:;&.V($**6/&$./-,#7("2$/67(/,."%,".(
.".'"%/,A7(&$6",:$%#7(".&L(
?;2$,(@/A/.$6(B(CDEE(F(k(

8. Research Paper - Sentiment – Indication vs. Insight
• "%90A%9-@(G'"(*'H#/&$6(/,=%$#.%;&.;%"V(.'"(#&%"",(#/i"($,:(%"#-6;./-,7(I;/6:(
2$."%/$6#7(I;..-,(*6$&"2",.7(".&L(
• B4-9!78=-9(-&1-@(O-22",.#(%"6$./,A(.-(.'"(*%-:;&.4#(;./6/.H7("$#"(-=(;#"7(
#*"":(/,(;#"7(-%("==/&/",&H7(".&L((
• C9(1-@!!".$/6(*%/&"(-=(.'"(*%-:;&.L(
G'"(%"$#-,(=-%(#"6"&./,A($,(/,:;&./J"(2".'-:(0$#(#-(.'$.(.'"(:$.$#".(&-;6:(K#*"$Q(
=-%(/.#"6=4L(M,:"%#.$,:/,A(.'$.("$&'(I%$,:(/#(:/=="%",.7(.'"(/:"$(0$#(.-(&%"$."(
J$%/$I6"#(.'$.(0"%"(#*"&/=/&(.-(.'/#(&$#"7(%$.'"%(.'$,(.-(I"(6-&Q":(/,(.-("R/#./,A(-%(
#.$,:$%:(2".%/&#L(
D&%+)8$C./+.6*'($@$3'".C+&>/.*$='),+-'),'
5"0(&-:/,A(J$%/$I6"#(0"%"(/,:;&./J"6H(:"%/J":(=%-2(/,/./$6($,$6H#/#(-=(.'"(:$.$#".(/,($(
#/2/6$%(=$#'/-,(.-(.'"("$%6H(#.$A"#(-=(.'"2$./&($,$6H#/#(2".'-:#(c$#(-;.6/,":(/,(
S%H2$,7(CDDEeL(G'"(:$.$#".(0$#($,$6H#":(0/.'(*$%./&;6$%("2*'$#/#(-,(*$.."%,#7(
%"*"././-,#($,:(A%-;*/,A#(0/.'/,(.'"(."R.#(.'$.(&-;6:(6"$:(.-(.'"("2"%A",&"#(-=(
.'"-%/"#(#;%%-;,:/,A(.'"(I"'$J/-;%#(-=(.'"($;:/",&"($,:(#",./2",.L(G'/#(*%-&"##(
/:",./=/"#(.%",:#(0/.'/,(.'"(:$.$7(0'/&'(&$,(.'",(I"($,$6H#":(h;$,./.$./J"6HL(G'"($/2(
0$#(.-(/:",./=H(&'$%$&."%/#./&#(-=(&-22",.#(.'$.('"6*(.-(."66(;#(2-%"($I-;.(.'"(
$../.;:"($,:(I"'$J/-;%(-=(.'"(*"%#-,(2$Q/,A(.'"(&-22",.L(+,(.'/#(0$H7(/.(0$#('-*":(
.'$.(=/,:/,A#(0-;6:(-=="%(/,#/A'.(/,.-(0'$.(/#(/,=-%2/,A7(/,=6;",&/,A($,:(:%/J/,A(
#",./2",.L((
G'/#(*%-&"##(%"#;6.":(/,(.'"(=-66-0/,A($::/./-,$6(&-:/,A(J$%/$I6"#(.'$.($.."2*.(.-(
$,$6H#"(0'$.(:%/J"#(#",./2",.V(
D5!78=-9(-&1-!EF+/'2,$GH;'/+')2'$C(I$J)%+/'2,$GH;'/+')2'K@$P('H*-.'"#/#(0$#(:%$0,(
.'$.(.'-#"(0/.'(K:/%"&.("R*"%/",&"4(c'$J/,A("/.'"%(*'H#/&$66H(.%/$66":(-%(*;%&'$#":(.'"(
*%-:;&.e(0-;6:('$J"(:/=="%",.(-*/,/-,#(.'$,(.'-#"(0'-('$:($(K/,:/%"&.("R*"%/",&"4(m(
#;&'($#('$J/,A(#"",($,($:J"%./#"2",.7(%"$:($(%"J/"07(-%(#"",($(J/:"-(%"J/"0L(['/6"(
.'"#"(J$%/$I6"#(0"%"(:"%/J":(/,:;&./J"6H(=%-2(.'"(:$.$7(.'/#($**%-$&'(/#($6#-(#/2/6$%(
.-(<&'0"/:"6(".($64#(cCDEEe(J$%/$I6"#(-=(K&;#.-2"%4($,:(K,-,U&;#.-2"%47(I;.(.'/#(#.;:H(
$6#-(/,&6;:"#(.'-#"(0'-('$J"(.%/$66":(.'"(*%-:;&.(I;.(,-.(H".(*;%&'$#":(/.L(
?;2$,(@/A/.$6(B(CDEE(F(X(

9. Research Paper - Sentiment – Indication vs. Insight
E5!/&0#4*9:!?2&*-8*!E=,.)%$9*&)'$C(I$D&-;./.,+C'K@(P,-.'"%(/,#/A'.(=%-2(.'"(
/,:;&./J"("R"%&/#"(0$#(.'"(/,&6;#/-,(-=(.'"(*%-:;&.4#(&-2*"./.-%#L(<-2"(0"%"(
:/#&;##/,A(.'"()6$HS--Q(-,6H7(A/J/,A(-*/,/-,(-,(.'"(*%-:;&.($#($(#.$,:U$6-,"(#;IT"&.L(
3.'"%(&-22",."%#(0"%"(&-2*$%/,A(.'"()6$HS--Q(.-(/.#(&-2*"./.-%#(c#;&'($#(.'"(
P**6"(/)$:(-%(8-.-%-6$(`--2eL(G'"(&-22",.#(0"%"(&-:":($#("/.'"%(K<.$,:(P6-,"4(-%(
KO-2*$%$./J"4(/,(-%:"%(.-(."#.(0'$.(.'"#"(&'$%$&."%/#./&#(&$,(#'-0($I-;.(#",./2",.L(
G'/#($6#-($6/A,#(0/.'(.'"(-I#"%J$./-,#(-=(@/66-,(".($6(cCDDEe(0'-(#$H#(.'$.(I%$,:(
#",./2",.(&$,(I"(/,=6;",&":(IH(&-2*$%/#-,#(-=(*%-:;&.#($,:($..%/I;."#(0/.'(
&-2*"./.-%#L(
F5!G-%42&(&)!E1.,+&).*$C(I$G-&,+&).*K@(['",(/,:;&./J"6H(#;%J"H/,A(.'"(:$.$#".7(/.(
"2"%A":(.'$.(#-2"(#",./2",.('$:($,("6"2",.(-=(%$./-,$6(:"*.'(I"'/,:(/.7(#;&'($#(
0"/A'/,A(;*(.'"(*%-#($,:(&-,#(-=(.'"(*%-:;&.(-%(&-,#/:"%/,A('-0(.'"(*%-:;&.(0-;6:(
=/.(/,(0/.'(.'"(;#"%4#(6/="#.H6"L(3.'"%(&-22",.#(0"%"(2-%"("2-./-,$67(Q,""UT"%Q(
%"$&./-,#(.'$.(-=="%":(-*/,/-,(0/.'(6/..6"(-%(,-(%"$#-,/,A(-%(%$./-,$6/.HL(
H5!?2$=24#9-!E5.((+C'$C(I$988/'((+C'K@!+.(#'-;6:(I"(-=(6/..6"(#;%*%/#"(.'$.(+,."%,".(
:/#&;##/-,#(A".(#-2"0'$.('"$.":7($,:(.'/#(0$#(,-(:/=="%",.(=-%(.'"(#$2*6"(/,(.'/#(
&$#"L(+=(0$#(="6.(.'$.(.'"(.-,"(-=(.'"(&-22",.#('$:(*-.",./$6(.-($::(J$6;"(.-(.'"(
/,:;#.%H(#.$,:$%:(2".'-:7($,:(.'"%"=-%"(.'"(#$2*6"(0$#(&-:":(IH(.'"#"(J$%/$I6"#(/,(
-%:"%":(.-(A/J"(/,#/A'.(/,.-(.'"($%"$#(-=(:/#&;##/-,(.'$.(A","%$."(.'"(2-#.(
K*$##/-,$."4(#",./2",.L(
?;2$,(@/A/.$6(B(CDEE(F(_(

10. Research Paper - Sentiment – Indication vs. Insight
I(&0(&)4!%&0!J&%+:4(4!
!".,$L5&(+,+C'M$N'8.,+C'M$N'>,/.*O$.)%$<&;+2$.).*#(+($-&%'*($,'**($>($
G'"(#H#."2(-=(&-:/,A(#",./2",.($#(K)-#/./J"7(5"A$./J"(-%(5";.%$64(*%-J/:"#(.'"(
'"$:6/,"(=/A;%"#($#(#'-0,(I"6-0V(
Positive - 48%
Sentiment
Neutral - 14%
Negative - 38%
0% 20% 40% 60% 80% 100%
(
G'/#(-=="%#($(A","%$6(#,$*#'-.(-=(.'"(-,6/,"(#",./2",.(.-0$%:#(.'"(S6$&QS"%%H(
)6$HS--Q(m(.'"%"(/#($(6-.(-=(K-*/,/-,$.":4(:/#&;##/-,7(0/.'(2-#.(-=(.'"($;:/",&"(
'$J/,A(:"&/:":(0'".'"%(.'"H($%"($(=$,(-=(.'"(*%-:;&.(-%(,-.(U(I;.(*%-J/:"#(6/..6"(
/,#/A'.(/,.-(I"'$J/-;%7($,:(.'"%"=-%"('$#(6/..6"(J$6;"(/,(."%2#(-=(#.%$."AH(=-%2$./-,L(
J)(+8",$,"/&>8"$%'';$('),+-'),$.).*#(+(P$9%%+)8$Q.*>'$$
<&;+2$6/'.A%&7)P$="./'$&:$Q&+2'$
(
?;2$,(@/A/.$6(B(CDEE(F(ED(

11. Research Paper - Sentiment – Indication vs. Insight
G'/#(-;.*;.(/,:/&$."#(.'$.(.'"(:-2/,$,.(.-*/&(0/.'/,(&-,J"%#$./-,#(/#(K5-,U<*"&/=/&(
O-22",.$%H4(m("LAL(.'"($;:/",&"("R*%"##/,A(;,=-&;#":(#",./2",.(#;&'($#(K+(6-J"(
.'/#n4(-%(K.'/#(6--Q#(%;II/#'4L(G'"%"=-%"7(/.(&$,(I"(,-.":(.'$.(WZY(-=(.'"(&-,J"%#$./-,#(
$I-;.(.'"(S6$&QI"%%H()6$HS--Q('$J"(6/..6"(J$6;"(/,(."%2#(-=(/,#/A'.L(KO'$%$&."%/#./&#4(/#(
.'"(,"R.(6"$:/,A(.-*/&(cCkYe(#;AA"#./,A(.'$.(0'",(*"-*6"(:-(.$6Q($I-;.(.'"(*%-:;&.(
/,(:".$/6#7(/.(/#(.'"("2$/67([//7($**#7(".&7(.'$.(/#(*%-J-Q/,A(.'"(/,."%"#.L((G'"(;#"%(
"R*"%/",&"(cM`e(-=(.'"(*%-:;&.(&-22$,:#(T;#.(ECY(-=(.'"(&-,J"%#$./-,7(0'/&'(
/,/./$66H(#;AA"#.#(.'$.(/.(/#(,-.(.'"(2-#.(/2*-%.$,.(.-*/&(.-(I"(&-22;,/&$./,AL(G'/#7(
'-0"J"%7(/#(2/#6"$:/,A($,:(2/##"#($(#/A,/=/&$,.(-**-%.;,/.H7(0'/&'(0/66(I"("R*6-%":(
6$."%(/,(.'/#(*$*"%L(
+,#/A'.#7(#.%$."A/&(%"&-22",:$./-,#($,:(:/%"&./-,($%"(#./66(:/==/&;6.(.-("R.%$&.(=%-2(
.'/#(c$:2/..":6H(A%$,;6$%e(#"6"&./-,(-=(2".%/&#L(P66(0"('$J"(:"."%2/,":(/#(.'$.(2-#.(
*"-*6"(&-22",./,A($%"("/.'"%(*-#/./J"(-%(,"A$./J"7($,:(0'",(.'"H($%"(,-.(&%"$./,A(
,-/#"(c5-,U<*"&/=/&(O-22",.$%He(.'"H($%"(.$6Q/,A($I-;.($(%$,A"(-=(&'$%$&."%/#./&#L(
3,"(-=(.'"(.'%""("2*/%/&$6(%"#"$%&'(h;"#./-,#(.'/#(*$*"%($#Q#(/#7(!),3'10&'&%3'
$0*#0<.%+'0&5'0&0.7+#+'055'$0.8%'(,'+%&(#4%&('0&0.7+#+'0&5'#&-,*4'1,448&#10(#,&+'
+(*0(%679:'+,(-.'"%(0-%:#7(!<7'055#&6'055#(#,&0.'<%)0$#,8*'4%(*#1+'(,'()%'0&0.7+#+',-'
(,/#1'0&5'+%&(#4%&(2'10&'3%'/*,581%'50(0'(,'<%((%*'#&-,*4'+(*0(%679:'G'"(=-66-0/,A(
#"&./-,#("R*6-%"(.'/#(/,(=;%.'"%(:".$/6L(
5&(+,+C'M$N'8.,+C'M$N'>,/.*$('),+-'),$.8.+)(,$,&;+2($
?;2$,(@/A/.$6(B(CDEE(F(EE(

12. Research Paper - Sentiment – Indication vs. Insight
(
P,(/2*%-J"2",.(-,(.'"(*%"J/-;#(2".%/&#7(.'"(:$.$('"%"(/,:/&$."#(.'$.(I%$,:(
#",./2",.(*"%=-%2#(#6/A'.6H(I".."%(0/.'/,(#-2"($%"$#(-=(&-,J"%#$./-,7(I;.(0/.'(,-(
%"$6(/,:/&$./-,($#(.-(0'H(.'/#(/#(.'"(&$#"L(['/6"(.'"#"(:/=="%",&"#(/,(#",./2",.($,:(
I%$,:('"$6.'(0/.'/,(.-*/&#(&$,(I"(-I#"%J":7(.'/#(-;.*;.(#./66('$#(6/2/.":(&$*$&/.H(.-(
/,=-%2(#.%$."AH($#(/.(*%"#",.#(-,6H($(I$#/&(."2*"%$.;%"(A$;A"(-=(-,6/,"(#",./2",.(
0/.'/,(.'"#"(.-*/&(A%-;*#L((
!
(
P#(.'"($I-J"(=/A;%"(#'-0#7(J/"0/,A(.'"($I-J"(.'%""(.-*/&($%"$#(/,:"*",:",.6H(-=(
.'"/%(<'$%"(-=(^-/&"(#'-0#('-0(#",./2",.(:/=="%#(:"*",:/,A(-,(0'$.($#*"&.(-=(.'"(
*%-:;&.(/#(I"/,A(:/#&;##":L((
%-2('"%"7(.'"(,"0(I"'$J/-;%$6(#",./2",.(J$%/$I6"#(&$,(I"($,$6H#":($A$/,#.(#*"&/=/&(
#"A2",.#(-=(.'"(:$.$(.'$.(&-2I/,"(.-*/&($,:(#",./2",.L(G-(:"2-,#.%$."(.'/#7(.'"(
I"'$J/-;%$6(#",./2",.(J$%/$I6"#(0/66(I"($**6/":(.-(.'%""(#"A2",.#(-=(:$.$V(5-,(
<*"&/=/&o5"A$./J"7(M#"%(>R*"%/",&"o)-#/./J"7($,:(O'$%$&."%/#./&#o5"A$./J"L(
?;2$,(@/A/.$6(B(CDEE(F(EC(

13. Research Paper - Sentiment – Indication vs. Insight
( (
!
3'".C+&>/.*$='),+-'),$Q./+.6*'($
RI$GH;'/+')2'P$F+/'2,$GH;'/+')2'$C(I$J)%+/'2,$GH;'/+')2'$
!
!
G'"(:$.$(#'-0#(.'$.(.'"%"($%"(6$%A"(:/=="%",&"#(I".0"",(.'"(;,:"%6H/,A(I"'$J/-;%#(
.'$.(:%/J"()-#/./J"($,:(5"A$./J"(#",./2",.(0/.'/,(:/=="%",.(.-*/&#(-=(:/#&;##/-,L(G'"(
5"A$./J"(#",./2",.($##-&/$.":(0/.'(5-,(<*"&/=/&(&-22",.$%H(*%":-2/,$,.6H(&-2"#(
?;2$,(@/A/.$6(B(CDEE(F(EZ(

14. Research Paper - Sentiment – Indication vs. Insight
=%-2(*"-*6"(0'-('$J"(,"J"%(;#":(.'"(*%-:;&.L(+,(&-,.%$#.7(.'"(J$#.(2$T-%/.H(-=(
.'-#"(&-22",./,A(-,(.'"(M#"%(>R*"%/",&"(-=(.'"()6$HS--Q($%"(/,=6;",&":(IH('$J/,A(
.%/$66":(-%(*;%&'$#":(.'"(*%-:;&.L(G'/#(,"0(I"'$J/-;%$6(#",./2",.(J$%/$I6"(#'-0#(
.'$.(.'"%"($%"(J$#.6H(:/=="%",.(&-,:/./-,#(0/.'/,(*-#/./J"($,:(,"A$./J"(#",./2",.L(
G'/#(&6"$%6H(-=="%#(2-%"(/,#/A'.(/,.-(#",./2",.(.'$,(.'"(#.$,:$%:(2".%/&#(-=(a)-#/./J"7(
5"A$./J"7(5";.%$6bL(
!
78%$=+-4@(
?@(A+'0'+)04%'()#+'5%$#1%'#+'+,',<$#,8+.7'3%0BCD'
?E&,()%*'FE@GC''H81)'.#B%'0..',-'()%',()%*'I.01B<%**7'J8&BCD'
N&)$=;'2+:+2M$N'8.,+C'M$J)%+/'2,$GH;'/+')2'(
(
?>)%'6%+(8*%'#+'()%'<%+('()#&6'0<,8('()%'/.07<,,BC'K%*7'%0+7'(,'8+%CD'
?@')0$%',&%C'@(A+'"LME>'N'G,$%'(,'+3#/%C'=0(%'/8+)#&6'<8((,&+CD(
S('/$GH;'/+')2'M$5&(+,+C'M$F+/'2,$GH;'/+')2'I$
(
!
9).*#(+($
G'/#(J$6;"U$::":(2".'-:-6-AH($66-0#(=-%($,$6H#/#(-=(0'"%"(.'"(=/&Q6"($,:(
:/#/,A",;-;#(&-,J"%#$./-,#(#;%%-;,:/,A($(*%-:;&.(-%(I%$,:($%"(.$Q/,A(*6$&"L(G'/#(
&-;6:(I"(0/.'/,(*-#/./J"(-%(,"A$./J"(#",./2",.7(0/.'/,(.-*/&#7(-%(0/.'/,(&'$,,"6#L(
^/"0/,A(.-*/&($,$6H#/#(/,($(#/6-(0-;6:(*-/,.(.-(K5-,U<*"&/=/&(O-22",.$%H4($#($(Q"H(
.-*/&($%"$(c:;"(.-(/.4#(:-2/,$,&"(/,(<'$%"(-=(^-/&"e7(I;.(0/.'(=;%.'"%(/,#/A'.(*%-J/:":(
IH(,"0(J$%/$I6"#7(.'/#(.-*/&(A%-;*(/#(#'-0,(.-('-;#"(Q,""UT"%Q7("2-./-,$6(%"$&./-,#(
.-(.'"(*%-:;&.(I$#":(-,($../.;:"#(.-0$%:#(.'"(I%$,:L((
+,($::/./-,7(.'/#(2".'-:-6-AH($66-0#(=-%(/:",./=/&$./-,(-=(.'"(%$./-,$6($,:(/,=-%2":(
&-,J"%#$./-,#(.'$.($%"(/,=6;",&":(IH(@/%"&.(>R*"%/",&"(0/.'(.'"(*%-:;&.L(G-*/&($,:(
Q"H0-%:($,$6H#/#(:-,"(IH($;.-2$.":(#"%J/&"#($,:(I$#":(#-6"6H(-,(K)-#/./J"7(
?;2$,(@/A/.$6(B(CDEE(F(EW(

15. Research Paper - Sentiment – Indication vs. Insight
5"A$./J"7(5";.%$64(&$,(I"(2/#6"$:/,A(:;"(.-(.'"(6$&Q(-=(';2$,($,$6H#/#($,:(/,#/A'.L(
+:",./=H/,A(%$./-,$6(&-22",.$.-%#($,:(&-,J"%#$./-,($%"$#(&$,('"6*($&'/"J"($(2-%"(
.$%A".":(#.%$."AHL(+,(.'/#(&$#"7(.'"('/A'(6"J"6(-=(+,:/%"&.(>R*"%/",&"(0/.'/,(.'"(
5"A$./J"(#",./2",.(/,:/&$."#($('/A'(6"J"6(-=(:/#/,A",;-;#(K,-/#"4(.'$.(/#(&6-;:/,A(-;.(
.'"(%$./-,$6($,:(A",;/,"(:/#&;##/-,L(
G'/#(/2*%-J":(/,#/A'.(&$,(=/6."%(-;.(.'"(,-/#"($,:(/,=-%2(0'-(H-;(#'-;6:(",A$A"(
0/.'($,:(0'H7(.';#(/,=6;",&/,A($,:($6/A,/,A(0/.'(.'"(-%A$,/#$./-,4#(&-22;,/&$./-,#(
#.%$."AHL(;%.'"%2-%"(0'",(.%",:":(-J"%(./2"($#($,(-J"%6$H(.-(<&'0/":"6(".($64#(
#.;:H(cCDEEe7(.'/#(2".'-:-6-AH(&$,(I"A/,(.-(2$*(0'".'"%(&"%.$/,(.H*"#(-=(
#",./2",.7(:%/J",(IH(#*"&/=/&(J$%/$I6"#(c=-%("R$2*6"(:/%"&.(-%(/,:/%"&.("R*"%/",&"(
0/.'($(*%-:;&.e($%"(.H*/&$66H("R*%"##":(-J"%(&"%.$/,(&'$,,"6#L(+2$A/,"(.'"(2$%Q"./,A(
:"*$%.2",.($.(!+8(Q,-0/,A(.'$.("2-./-,$66H(:/#*6$H":(,"A$./J"(#",./2",.(:%/J",(IH(
$(,-,(:/%"&.(I%$,:("R*"%/",&"(0$#(#.$./#./&$66H(2-%"(6/Q"6H(.-(-&&;%(-,(G0/.."%7(
0'"%"$#7(%$./-,$67(/,=-%2":(,"A$./J"(#",./2",.(:%/J",(IH($(:/%"&.("R*"%/",&"(0/.'(
.'"(*%-:;&.(0$#(#.$./#./&$66H(2-%"(6/Q"6H(.-(-&&;%(0/.'/,(=-%;2#L((
M,:"%#.$,:/,A(0'".'"%("R*"%/",&"(-=(.'"(*%-:;&.(/#($=="&./,A(0'$.(.'"($;:/",&"(/#(
&%"$./,A($,:(&-,#;2/,A(&$,('$J"(#;I#.$,./$6(%$2/=/&$./-,#(=-%(I%$,:#(.'$.(.%$,#&",:(
2$%&-22#($,:(#.$%.(.-(/2*$&.(-,(*%-:;&.(%"6"$#"(&H&6"#($,:(*%-:;&.(:"J"6-*2",.L((
+=($(*%-:;&.(/#(I"/,A(%"6"$#":(/,.-(.'"(2$%Q".*6$&"(0/.'-;.($,("=="&./J"(A%-;,:#0"66(
-=(/,=-%2":(-*/,/-,7(/.(/#(2-%"(6/Q"6H(.'$.(.'"($;:/",&"($%"(A-/,A(.-(:%$0(.'"/%(-0,(
&-,&6;#/-,#(-=(.'"(*%-:;&.(I$#":(-,(*%"U"R/#/.,A(*%"T;:/&"#L(?$J/,A($,($**%-*%/$."(
$**%"&/$./-,(-=(.'"(I%$,:('"$6.'(-=(H-;%(-0,(-%A$,/#$./-,($,:(.'"(&-2*"./.-%#(0/66(
'"6*(.-(:"."%2/,"(0'".'"%($,($;:/",&"7(6"=.(.-(.'"/%(-0,(-*/,/-,#7(0/66(I"(*-#/./J"(
-%(,"A$./J"7(0'/&'(:/%"&.6H($=="&.#(0'$.(.'"(%"6"$#"(#.%$."AH(=-%(.'"(*%-:;&.L(
(
(
(
(
?;2$,(@/A/.$6(B(CDEE(F(E](

16. Research Paper - Sentiment – Indication vs. Insight
TI'J)%>(,/#$D&),'H,P$=,.)%$9*&)'$C(I$D&-;./.,+C'$
(
[/.'/,(.'"#"(<",./2",.o.-*/&(A%-;*#7(0"(&$,(#""(.'$.(.'"%"($%"(:/=="%/,A(%"#;6.#L(G'"(
5-,(<*"&/=/&o5"A$./J"(&-22",.#($%"(2-%"(6/Q"6H(.-(&-,.$/,($(%"="%",&"(.-($(
&-2*"./.-%(*%-:;&.7(2"$,/,A(.'$.(&$#;$6(-=='$,:(&-22",.$%H(0/66(&-2*$%"(.'"(
)6$HI--Q(.-(/.#(&-2*"./.-%#(/,($(,"A$./J"(6/A'.L(G'/#(/#(6"##(#-(0/.'/,(I-.'(.'"(M#"%(
>R*"%/",&"o)-#/./J"(A%-;*($,:(.'"(O'$%$&."%/#./&#o)-#/./J"(A%-;*L(
78%$=+-4!
?O,'()0&B+2'@A..'+(#1B'3#()'47'#P05CD'
?>)#+'10&A('<%'-,*'*%0.C'>)%'P.07<,,B'#+'+81)'0'1,.,++0.'-0#.C'>)%*%'0*%'
,()%*'(0<.%(+'<%+#5%+'()%'P.07<,,B'0&5'()%'#P05'QCD'
N&)$=;'2+:+2M$N'8.,+C'M$D&-;./.,+C''
'
?E40R#&6'5%$#1%2'#&'-01('@'04'8+#&6'#('*#6)('&,3'(,'1,44%&('ST'L@H'
)0+'5%-#&#(%.7',8(5,&%'()%4+%.$%+'3#()'()#+'(0<.%(C'M$%*7()#&6',&'#('#+'
%0+7'0&5'-8&'(,'8+%CD'
?>)#&B'7,8:*%'6,,5'0('48.(#U(0+B#&69';0#('(#..'7,8'%V/%*#%&1%'#(',&'()%'
I.01BI%**7'P.07<,,BND'
S('/$GH;'/+')2'M$5&(+,+C'M$=,.)%$9*&)'(
?;2$,(@/A/.$6(B(CDEE(F(Ej(

17. Research Paper - Sentiment – Indication vs. Insight
+,."%"#./,A6H7(0'",(.-*/&(A%-;*#($%"(.$Q",(-;.(-=(&-,#/:"%$./-,7(.'"%"(/#($&.;$66H(
6/..6"(J$%/$./-,(/,(#",./2",.V(
3J"%$66(#",./2",.(0'",(:/#&;##/,A()6$HS--Q(-,(/.#(-0,V(
Positive - 49%
Neutral - 15%
Negative - 36%
0% 20% 40% 60% 80% 100%
(
3J"%$66(#",./2",.(0'",(:/#&;##/,A()6$HS--Q(/,(&-,."R.(-=(&-2*"./.-%#V(
Positive - 47%
Neutral - 11%
Negative - 42%
0% 20% 40% 60% 80% 100%
(
(
G'/#(#'-0#(.'"(J$6;"(-=($,$6H#/,A(.'"(I"'$J/-;%$6(#",./2",.(J$%/$I6"#(0/.'/,(.'"(
&-,."R.(-=(.'"(:/=="%",.(.-*/&(A%-;*#L(+,(2$,H(&$#"#7(.'"(:$.$(I"&-2"#(2-%"(;#"=;6(
$,:(/,#/A'.=;6(0'",(&%-##U%"="%",&":($&%-##(#"J"%$6(J$%/$I6"#L(
9).*#(+($
G%$:/./-,$66H7(2"$#;%"2",.(-=(2$%Q".(*-#/./-,(-,6/,"('$#(I"",(&-2*$%$./J"(m(#'$%"(
-=(J-/&"($A$/,#.(&-2*"./.-%#7(#",./2",.(.-0$%:#(&-2*"./.-%(I%$,:#(m(0/.'-;.($,(
$**%-*%/$."(;,:"%#.$,:/,A(-=(0'".'"%(.'/#(/#($&.;$66H('$%2/,A(H-;%(I%$,:(-%(,-.L(
G'/#($#*"&.(-=(.'"(2".'-:-6-AH($66-0#(.'"(I%$,:(.-(#""(0'".'"%(.'"(*%"#",&"(-=(
&-2*"./.-%#(/,(.'"(&-,J"%#$./-,(/#('$J/,A($(*-#/./J"(-%(,"A$./J"("=="&.(-,(I%$,:(
'"$6.'L(G'/#(%"J"$6#(2-%"(K'/::",4(:$.$(0/.'/,(.'"(6$,:#&$*"7($,:($66-0#(.'"(
?;2$,(@/A/.$6(B(CDEE(F(Ek(

18. Research Paper - Sentiment – Indication vs. Insight
2$%&-22#(*%-="##/-,$6#($(,"0(6",#(-,(&-2*"././J"($:J$,.$A"(m(=-%(/,#.$,&"7(/=(
*-#/./J"(#",./2",.(/,&%"$#"#(:"#*/."(.'"(*%"#",&"(-=($('/A'"%(*%-=/6"(&-2*"./.-%7(/.(
0-;6:(I"(%"&-22",:":(.'$.(2$%&-22#(/,.%-:;&"(&-2*"././J"(&-2*$%/#-,(/,.-(
$&./J/.H(.-(/,&%"$#"(I%$,:('"$6.'(*"%&"*./-,L(
$
UI$1'.(&)+)8P$1.,+&).*$C(I$G-&,+&).*'
(
PA$/,7(.'"($I-J"(A%$*'(#'-0#(.'$.(.'"%"($%"(#/A,/=/&$,.6H(:/=="%",.(&-,:/./-,#(0/.'/,(
J$%/-;#(#",./2",.(A%-;*#L(G'"(5"A$./J"(&-22",.$%H(.'$.(/#(5-,(<*"&/=/&(/,(,$.;%"(/#(
$6#-("2-./-,$66H("R*%"##":($,:(/,=6;",&":7(%$.'"%(.'$,(%$./-,$67(/,=-%2":(-%(
&-,#/:"%":L(G'/#(,"A$./J/.H(0$#(-=.",(/,=6;",&":(IH(*%"&-,&"/J":($../.;:"#(.-0$%:#(
.'"(I%$,:(-%(*%-:;&.7(0'/&'(0"%"("R*%"##":(/,($I#",&"(-=(&-,#/:"%$./-,(-=($,H(
*-.",./$6(%":""2/,A(=$&.-%#(.'$.(.'/#(*%-:;&.(&$,(-=="%L(+,(&-,.%$#.7(0"(&$,(-I#"%J"(
.'$.(.'"(*-#/./J"(#",./2",.(0/.'/,(I-.'(M#"%(>R*"%/",&"($,:(O'$%$&."%/#./&(.-*/&(
A%-;*#(/#("R*%"##":(%$./-,$66HL(?"%"7(.'"(&-22",.$.-%#4("R*%"##/-,#(0"%"(2-%"(
I$#":(-,('-0(.'"(*%-:;&.(&-;6:(*-#/./J"6H(",'$,&"(.'"/%("R*"%/",&"#(%$.'"%(.'$,(
'-0(.'"(*%-:;&.(2$:"(.'"2(=""6L(
(
(
?;2$,(@/A/.$6(B(CDEE(F(EX(

19. Research Paper - Sentiment – Indication vs. Insight
(
78%$=+-4!
?"87'&%V('(,'4%',&'+8<307')0+'0'P.07I,,BC'W,&+#5%*%5'(,++#&6')#4'
+,4%'+/0*%'1)0&6%'+,')%'1,8.5'<87'0'*%0.'(0<.%(2'30*4'4%0.CD'
N&)$=;'2+:+2M$N'8.,+C'M$G-&,+&).*I$
'
?X80.#(7'+1*%%&'3#(),8('<01B.#6)('<.%%52'5%1%&('+(%*%,'+/%0B%*+2'
5%1%&('04,8&(',-'LEH2'YZI'0&5'=[H@'0+'3%..'0+'0&'Z'()0('()0('#+'
4,*%'()0&'0&'0//'5*03%*'3#()'3#()'<0+#1'(0+B'+3#(1)#&6'3)#1)'#+'
/*#40*#.7'5%+#6&%5'(,'<%'0'+(,*%-*,&(CD'
V'.,>/'(M$5&(+,+C'M$1.,+&).*I'
'
?;,32'@')0$%'(,'+07'#('<8('()%'/.07<,,B')0&5.%+',*#%&(0(#,&'1)0&6%+'
,&'*%+/,&+#$%'+#(%+'<%((%*'()0&'()%'#P05C'O,'J%*B#&%++'0('0..CD'
S('/$GH;'/+')2'M$5&(+,+C'M$1.,+&).*I$
'
(
9).*#(+($$
P#(2",./-,":("$%6/"%7(.'"(5-,(<*"&/=/&(.-*/&(A%-;*('$#(.'"('/A'"#.(<'$%"(-=(^-/&"(
0/.'/,(.'"(:$.$#".L(G'"(=/,:/,A#(0/.'/,(.'/#(.-*/&(A%-;*(:"2-,#.%$."(.'$.(.'"(
&-22",.$.-%#(0'-($%"(*%-:;&/,A(0'$.(2/A'.(I"(#"",($#(K/%%"6"J$,.47(K.'%-0U$0$H4(
&%/./&/#2#(-=(S6$&QI"%%H(I$#":(-,($(,"A$./J"(I/$#(.-0$%:#(.'"(I%$,:($%"('$J/,A($(
:/#*%-*-%./-,$."("=="&.(-,(.'"(I%$,:('"$6.'(2".%/&#L(G'/#(/#($,("R$2*6"(-=(.'"(Q/,:(-=(
/,#/A'.(.'$.(.'/#(2".'-:-6-AH(&$,(:"6/J"%7($#(-**-#":(.-(.'"(2".%/&#(-=(a)-#/./J"7(
5"A$./J"7(5";.%$6bL(
)"-*6"(&-22",./,A(,"A$./J"6H($%"(6/Q"6H(.-("R*%"##(-*/,/-,#(I$#":(-,($(
*%"&-,&"/J":($:2/%$./-,7($J"%#/-,(-%("R*"&.$./-,(.-0$%:#(.'"(*%-:;&.L(+,(-.'"%(
0-%:#7(*"-*6"($%"(%"$&./,A(.-(.'"(*%-:;&.(-,(.'"(I$#/#(.'$.(.'"(*%-:;&.(/#(2$:"(IH(
?;2$,(@/A/.$6(B(CDEE(F(E_(

20. Research Paper - Sentiment – Indication vs. Insight
S6$&QI"%%H7(%$.'"%(.'$,(%"$&./,A(;*-,($(&-,#/:"%$./-,(-=(.'"($..%/I;."#(-=(.'"(
*%-:;&.(/.#"6=7(*$%./&;6$%6H(#-(=-%(5"A$./J"(&-22",.#L((
S%$,:#(#;&'($#(P**6"($,:(5/Q"('$J"(=-;,:(#;&&"##(/,(",&-;%$A/,A($,("2-./-,$6(
&-,,"&./-,(.-(.'"(I%$,:L(?-0"J"%7(IH(&-,.%$#.7(&-2*$,/"#(#;&'($#(@"66(c$.(.'"(
'"/A'.(-=(.'"(K@"66(?"664(&%/#/#(.'$.(",A;6=":(.'"(&-2*$,H(/,(CDD]($,:($=="&.":(#'$%"(
*%/&"e($,:(8-.%/,(c0'-(0"%"(-,(.'"(%"&"/J/,A(",:(-=($(&-,#;2"%(I$&Q6$#'(.-($(
$:J"%./#/,A(&$2*$/A,(/,(CDDke('$J"(I"",($:J"%#"6H($=="&.":(IH($,("2-./-,$6(
%"#*-,#"(.-(.'"/%(I%$,:#L(
M,:"%#.$,:/,A(0'".'"%("2-./-,(-%(%"$#-,(/#(:%/J/,A(I%$,:('"$6.'(*-#/./J"6H(&$,(
'$J"($(#;I#.$,./$6(/2*$&.(-,(2$%&-22#($&./J/./"#(m(.'/#(/#(I"#.($&'/"J":(.'%-;A'(
';2$,($,$6H#/#(-=(&-,.",.(=-%(.'"(#$2"(%"$#-,#($#(#",./2",.($,$6H#/#(:".$/6":(-,(
*$A"(.'%""V(.'"(;,%"6/$I/6/.H(-=(Q"H0-%:(/:",./=/&$./-,(/,(:"."%2/,/,A(';2$,(
I"'$J/-;%L(
$
WI$D&-;&(>/'P$5.((+C'$C(I$988/'((+C'$
!
['/6"(,-,"(-=(.'"($I-J"(&$."A-%/"#($%"(*%":-2/,$,.6H($AA%"##/J"7(0"(&$,(#""(.'$.(
.'"%"($%"(:/=="%/,A(6"J"6#(-=($AA%"##/-,(0/.'/,(.'"(.-*/&(A%-;*#L(G'"(5-,(
<*"&/=/&o5"A$./J"(&-22",.#(0"%"($%-;,:(=/J"(./2"#(2-%"(6/Q"6H(.-(I"($AA%"##/J"(
?;2$,(@/A/.$6(B(CDEE(F(CD(

21. Research Paper - Sentiment – Indication vs. Insight
.'$,()-#/./J"(&-22",.#(-,(.'"(*%-:;&.#(O'$%$&."%/#./&#L(3,($(0'-6"7(,"A$./J"(
&-22",.$%H(0$#(.0/&"($#(6/Q"6H(.-(I"($AA%"##/J"(.'$,(*-#/./J"(&-22",.$%H7(
%"A$%:6"##(-=(.'"(.-*/&L((
78%$=+-4!
?],8'),&%+(.7'()#&B'()#+'#+'<%((%*'()0&'()%'^,,49'@'5,8<('#(C'>)%'^,,4'
#+'3,&5%*-8.C'L@H'#+'+)#(CD'
?@'J8+('10&A('<%.#%$%'L@H'3%&('#&(,'()%'(0<.%('40*B%('3#()'()#+'
.01B.8+(%*'(0<.%(ND'
N&)X=;'2+:+2M$N'8.,+C'M$988/'((+C'$
'
?@')0$%')05'47'P.07<,,B'-,*',$%*'()*%%'3%%B+'&,3'0&5'0.*%057'@'5,'
&,('30&('(,'.#$%'3#(),8('#(CD'
S('/$GH;'/+')2'M$5&(+,+C'M$5.((+C''
'
9).*#(+($
+.(/#(/2*-%.$,.(.-(;,:"%#.$,:(0'/&'($%"$#(-=(.'"(I;#/,"##($,:(*%-:;&.($%"(#"",($#(
*$##/J"($,:(*$##/-,$."7(.-(",#;%"(.'$.(.'"(.-,"(-=(2$%&-22#($&./J/.H(/#(#*"$Q/,A(.-(
.'"($;:/",&"(,"":#($,:(/,."%"#.#7($,:(.'$.(.'"(I%$,:($%"(,-.(#"",($#(-;.(-=(.-;&'L(
+#-6$./,A(*$##/-,$."(:/#&;##/-,#(#'-0#(:/=="%/,A(%"#;6.#(0/.'/,(.-*/&(A%-;*#7($,:(
$,$6H#/#(-=(.'"#"(%"#;6.#("2*'$#/#"#(.'"(#/A,/=/&$,&"(-=(M#"%(>R*"%/",&"(0/.'/,(.'"(
:$.$L(['",(&-2*$%":(#/:"UIHU#/:"7(.'"(*$##/-,$."(&-22",.$%H(#'-0#(.'$.(.'"(
$;:/",&"(/#(*%":-2/,$,.6H(,"A$./J"(=-%($66(.-*/&#("R&"*.(M`7(0'"%"(/.(/#(
-J"%0'"62/,A6H(*-#/./J"L((
G'/#(/#(A-/,A(.-(I"(:/=="%",.(=-%("J"%H(&6/",.7(:"*",:/,A(-,(&-2*"././J"(6$,:#&$*"7(
*%-:;&.(%"6"$#"(&H&6"7("R*"&.$./-,#7(%"*;.$./-,7(".&L(+.(/#(,-.($#(#/2*6"($#(#$H/,A(.'$.(
*$##/-,(I%"":#(&-,#;2"%(6-H$6.H7(I"&$;#"(*$##/-,(&$,("h;$66H(I"(,"A$./J"($#(
*-#/./J"7($,:(/=(.'"($;:/",&"(&'--#"#(.-(.$%A".(.'/#(/,(.'"(0%-,A(0$H7(/.(&$,('$J"($(
,"A$./J"("=="&.(-,(.'"(I%$,:('"$6.'L((
?;2$,(@/A/.$6(B(CDEE(F(CE(

22. Research Paper - Sentiment – Indication vs. Insight
+,(.'/#(&$#"7(/.(/#(/2*-%.$,.(.-(&-;,."%(.'"($;:/",&"(*$##/-,(.-0$%:#(.'"(*%-:;&.(m($66(
.'"(:$.$(#;AA"#.#(.'$.(&$627(%$./-,$6(&-,J"%#$./-,($I-;.(.'"(*%-:;&.#(#.%",A.'#($%"(
I"/,A(:%-0,":(-;.(;,:"%(.'"(0"/A'.(-=(.'"(/%%$./-,$67(*$##/-,$."(#",./2",.($I-;.(
*"%&"/J":(0"$Q,"##"#L(?-0"J"%7(/.(/#(/2*-%.$,.(.-(*%-2-."(*$##/-,$."(#",./2",.(
.-0$%:#(.'"(M`($#(.'/#('$#($(*-#/./J"("=="&.(-,(I%$,:('"$6.'L(
!
?2&1+#4(2&!
M#"%(9","%$.":(#",./2",.($%-;,:($(I%$,:(-%(*%-:;&.(/#(/,&%"$#/,A6H(I"&-2/,A($(
2".%/&(-%A$,/#$./-,#($%"(Q"",(.-(.%$&Q($,:(;,:"%#.$,:L(5"A$./J"($,:(*-#/./J"(
#",./2",.(/#($(Q"H(I%$,:('"$6.'(/,:/&$.-%7(#-(I"/,A($I6"(.-(.%$&Q(.%",:#(/,(.'/#($%"$(/#(
$,(-IT"&./J"(-=(2$,H(-%A$,/#$./-,#L((
G'/#(,"0(2".'-:-6-AH(-=(2"$#;%/,A(-,6/,"(#",./2",.(-=="%#(/,#/A'.(IH(/:",./=H/,A7(
/#-6$./,A($,:($,$6H#/,A(.'"(I"'$J/-;%(I"'/,:(#",./2",.("R*%"##/-,L(G'/#(%"#;6.#(/,($(
0/:"%($,:(2-%"(:".$/6":(/,#/A'.(/,.-(#",./2",.L(G'/#(:""*(/,#/A'.(&$,(.'"%"=-%"($&.(
$#($(A;/:"($,:(/,:/&$.-%($#(.-('-0(-%A$,/#$./-,#(2/A'.(0/#'(.-($::%"##(&"%.$/,(/##;"#(
$&%-##(.'/#(#*"&.%;2L(G'/#(J$6;"U$::":(#H#."2(-=(#",./2",.($,$6H#/#(&$,(*%-J/:"($,(
/,#/A'.(/,.-(#.%$."AH(=-%2$./-,7(0'"%"$#($;.-2$.":(#",./2",.(2"$#;%/,A($&.#(-,6H(
$#($(."2*"%$.;%"(&'"&Q7($,:(:-"#(,-.('$J"(.'"(#;==/&/",.(:"*.'(%"h;/%":(.-(/,=-%2(
.$&./&#(-%(#.%$."AHL(
G'"($I/6/.H(.-(;,:"%#.$,:(0'".'"%(.'"($;:/",&"($%"(&%"$./,A(-%(&-,#;2/,A(&-,.",.(
.'$.(/#(*%-2-.":(IH($,(/,=-%2":(%"#*-,#"(.-(.'"(*%-:;&.(/#(/2*-%.$,.(.-(,-."7(
"#*"&/$66H(/=(/.(/#('$J/,A($(*-#/./J"(-%(,"A$./J"("=="&.(-,(I%$,:('"$6.'L(SH($,$6H#/,A(
@/%"&.(>R*"%/",&"($,:(+,:/%"&.("R*"%/",&"7(.'/#(2".'-:($66-0#(=-%(.'"(/:",./=/&$./-,(
-=(0'"%"(.'"(/,=-%2":(&-,J"%#$./-,#($%"(.$Q/,A(*6$&"7($,:('-0(.'"(I%$,:o*%-:;&.(
#",./2",.(/#(*"%=-%2/,A(/,(.'"#"($%"$#L((
<-2"(&-,J"%#$./-,#(#;%%-;,:/,A(.'"(*%-:;&.(&-2*$%"(/.(.-(/.#(&-2*"./.-%#7($,:(
#-2"(:-(,-.L(+:",./=H/,A($,:(/#-6$./,A(.'"#"(&-,J"%#$./-,#(&$,(-=="%(/,#/A'.($#(.-(
?;2$,(@/A/.$6(B(CDEE(F(CC(

23. Research Paper - Sentiment – Indication vs. Insight
'-0(.'/#(%"6$."#(.-(#",./2",.L(<.%$."A/&$66H7(.'/#(/,=-%2$./-,(&$,(-=="%(/,#/A'.($#(.-(
'-0(2$%&-22#(&$2*$/A,#(0/66(&-,#/:"%(&-2*"./.-%(*%-:;&.#L(
!"$#-,/,A($,:(&-2*-#;%"(J$%/$I6"#(&$,(-=="%(/,#/A'.($#(.-(.'"(%$,A"(-=(#",./2",.(
.-,"7($,:('-0(.'/#(:/=="%#($2-,A(&-,J"%#$./-,(.-*/&#L(G'/#(/,=-%2$./-,(&$,(-=="%(
J$6;$I6"(#.%$."A/&(/,#/A'.(/,(."%2#(-=(%"#*-,:/,A(.-7(-%(=/../,A(/,(0/.'7(.'"#"(.-,"#L((
+,(#;22$%H7(.'/#(*$*"%('$#($::":(#.%$."A/&(J$6;"(.-(.'"(6/2/.":7(H".(-=.",("2*6-H":7(
I%$,:(#",./2",.(2".%/&#(-=(K)-#/./J"7(5"A$./J"7(-%(5";.%$64L(SH(&-:/,A(:$.$(/,($(
N;$,./.$./J"(O-,.",.(P,$6H#/#(2".'-:-6-AH($,:(;#/,A(';2$,($,$6H./&$6(2".'-:#7(
:$.$#".#(*"%.$/,/,A(.-(*%-:;&.#($,:(I%$,:#(&$,(*%-J/:"(J$6;$I6"(/,#/A'.(/,.-(-,6/,"(
I%$,:('"$6.'($,:(/,=-%2(&-22;,/&$./-,#(#.%$."AHL(
(
?;2$,(@/A/.$6(B(CDEE(F(CZ(

24. Research Paper - Sentiment – Indication vs. Insight
K(L+(2)9%=6:!
S%H2$,7(P(cCDDEe7(Z,1#0.'L%+%0*1)'H%(),5+(
@/66-,7([/66/$2(!L7(G'-2$#(gL(8$::",7(P2,$(l/%2$,/($,:(<-;2",.(8;Q'"%T""(
cCDDEe7(aM,:"%#.$,:/,A(['$.4#(/,($(S%$,:(!$./,AV(P(8-:"6(=-%(P##"##/,A(S%$,:($,:(
P..%/I;."(>=="&.#7b(g-;%,$6(-=(8$%Q"./,A(!"#"$%&'7(ZX(cWe7(WE]UWC_(
)$,A(d(1""(cCDDXe(3*/,/-,(8/,/,A($,:(<",./2",.(P,$6H#/#7(-;,:$./-,#($,:(G%",:#(
/,(+,=-%2$./-,(!".%/"J$6($%&'/J"(^-6;2"(C(+##;"(EUC7(g$,;$%H(CDDX((
<&'0"/:"67(@$J/:(PL7(8-"7([",:H([L($,:(S-;:%"$;R7(O'%/#7(1/#.",/,A(/,(-,(3,6/,"(
O-,J"%#$./-,#V(8"$#;%/,A(S%$,:(<",./2",.(0/.'(<-&/$6(8":/$(c<"*."2I"%(CDEEeL(
PJ$/6$I6"($.(<<!5V('..*Voo##%,L&-2o$I#.%$&.pEXkWX_C(
gL(f$I/,($,:(PL(g"=="%/"#7(a<-&/$6(2":/$(2-,/.-%/,A($,:($,$6H#/#V(9","%$./,A(
&-,#;2"%(/,#/A'.#(=%-2(-,6/,"(&-,J"%#$./-,7b(PI"%:"",(9%-;*(S",&'2$%Q(!"*-%.7(
g$,;$%H(CDDXL(
(
(
?;2$,(@/A/.$6(B(CDEE(F(CW(