Research Report on Allbirds (Sustainable Clothing Retail- Sustainable shoes and

clothing)
(Ticker: BIRD- NASDAQ)

GENERAL OVERVIEW
Allbirds is a clothing and lifestyle firm that focuses in producing environmentally friendly wool
shoes. It is committed to creating the best sustainable footwear possible, made from quality
natural materials and tailored for the ups and downs of daily living. Comfort, beautiful design,
and sustainability don't have to be mutually exclusive, according to the company's objective.
Its idea that the shoe industry has to focus less on flash and more on thinking drives its mission
to create better shoes in a better way. Allbirds is a San Francisco-based startup that was formed
in 2015.
They operate in a unique way as a recognised B Corp. The environment is a stakeholder,
and how they treat it is just as important as the bottom line.
Allbirds Announces Launch of Initial Public Offering on 25 th October, 2021. Allbirds and
the selling stockholders expect to grant the underwriters a 30-day option to purchase
an additional 2,884,615 shares of Class A common stock at the initial public offering
price, less underwriting discounts and commissions. The initial public offering price is
expected to be between $12.00 and $14.00 per share. Allbirds has applied to list its
Class A common stock on the Nasdaq Global Select Market under the ticker symbol
“BIRD.”
Allbirds is a worldwide lifestyle brand that uses organically derived materials to create
better footwear and apparel items with less impact on the environment. The narrative
began with superfine New Zealand merino wool and has now expanded to include a knit
fabric made from eucalyptus tree fibres and an EVA foam made from sugarcane
(SweetFoam®). Customers don't have to choose between looking nice, feeling good, and
doing good since we employ materials to produce differentiated products .

GEOGRAPHICAL FOOTPRINT
• San Francisco
• New York City
• New Jersey’
 • Los Angeles
• Pasadena
• Century City
• San Diego
• Chicago
• Austin
• Seattle
• Boston
• Cambridge
• Washington DC
• Philadelphia
• Minneapolis
• Denver
• Boulder
• Atlanta
• Auckland
• London
• Amsterdam
• Berlin
• Shanghai
• Beijing
• Guangzhou
• Chengdu
• Tokyo
• South Korea, Seoul

RAW MATERIALS USED

• Wool- With fibers that are 20% the diameter of human hair, superfine merino wool is
breathable, temperature-regulating, and moisture-wicking, all without irritating
scratchiness.
• Tree- Tree fiber—TENCEL™ Lyocell—is mainly s ced from wood grown in South Africa.
The cultivation relies on natural rainfall, which means there's no need for artificial
irrigation and fertilizers. Compared to traditional materials like cotton, it uses 95%
less water and cuts carbon footprint in half.
• Sugar- The sugarcane used to make SweetFoam® is s ced from southern Brazil, where
it relies on rainwater, not irrigation. It’s a fully renewable res ce that grows quickly,
removing carbon from the atmosphere in the process.
• Trino- Trino® from a hefty serving of responsibly harvested eucalyptus tree fibers and
a handful of ZQ Merino wool. Working hand-in-hand with fiber producers, yarn
spinners, and textile makers, high quality knit was sustainably s ced from top to toe.
• Recycled bottles
• Castor bean oil- helps increase the natural content in insoles. Lean, bean, comfort
machines.
 • Recycled Cardboard- packaging is made from 90% recycled cardboard.

STOCK PERFORMANCE

SUPPLY CHAIN

Work hard to keep supplier relationships robust, respectful, and resilient so that
partners can make a real difference in the drive toward innovation and lighter
impact on the environment.

• Small, close-knit supply chain- retain a small number of strategic suppliers, many of
whom have worked with Allbirds for many years, allowing for the development of
deep ties and links between our ideals and theirs.
• Suppliers are subject to supply chain audits and risk assessments to ensure that
partners are achieving the high standards required.
• Third-party certifications- rely on a carefully selected set of leading standards and
certifications to assure responsible s cing of materials, such as NZM's ZQ certified
wool and FSC-certified fibre, rubber, and paper

LOCAL COMMUNITY SUPPORT

A core tenet of B Corporation, or B Corp, status is supporting the communities in

which they operate.
Always looking for opportunities to engage and uplift local communities. To name
a few examples:

• Allgood Collective Ambassadors. partnered with grassroots community activists who

have joined forces in the Allbirds Allgood Collective and serve as brand ambassadors
for them.
• Soles4Souls. When shoes are returned to Allbirds, they donate those that can’t go
back onto the shelf to Soles4Souls. Soles4Souls works with partner organizations in
developing countries. Since 2016,they have donated more than 225,000 pairs of
shoes to Soles4Souls.
• Pensole. teamed up with Pensole Academy, a footwear design academy, to launch the
Better Responsible Design Program, an eight week online c se that challenges aspiring
product designers to redefine the category of sustainable footwear.

MANAGEMENT OF THE COMPANY

BOARD OF DIRECTORS

Neil Blumenthal
Director

Since August 2018, Mr. Blumenthal has been a member of the board of directors. Mr.
Blumenthal has been the co-Founder and Chief Executive Officer of Warby Parker Inc., an
online eyewear store, since 2010. Mr. Blumenthal has also been a member of the Warby Parker
board of directors since May 2009, including acting as co-chair since June 2021. Mr. Blumenthal
graduated from Tufts University with a B.A. in History and International Relations and an M.B.A.
from the University of Pennsylvania's Wharton School.

Dick Boyce
Director

Since December 2016, Mr. Boyce has been a member of the board of directors. Mr. Boyce is a
former partner at TPG Capital, one of the world's largest investment partnerships, where he
formed and oversaw TPG's Operating Group from 1997 until his retirement in 2013, during
which time he served on many public company boards of directors. Since August 2020, Mr.
Boyce has been a member of the Executive Network Partnering Corp. board of directors, a
publicly traded special purpose acquisition corporation. Mr. Boyce graduated from Princeton
University with a B.S.E. and Stanford Graduate School of Business with an M.B.A.
Timothy Brown
Co-Chief Executive Officer

Mr. Brown has been Co-Chief Executive Officer since October 2015, and he has been a member
of the board of directors since May 2015, when he co-founded the company. Mr. Brown served
as Chief Executive Officer from May to October 2015. Mr. Brown received a B.S. in Design from
the University of Cincinnati's College of Design, Architecture, Art, and Planning and an M.Sc. in
International Management from the London School of Economics and Political Science.

Mandy Fields
Director

Since October 2020, Ms. Fields has been a member of the board of directors. Ms. Fields has
been the Chief Financial Officer of e.l.f. Beauty, Inc., a publicly traded cosmetics firm, since
April 2019. From June 2016 through April 2019, Ms. Fields was the Chief Financial Officer of
Beverages & More, Inc. (doing business as BevMo! ), a beverage retailer. Ms. Fields was Vice
President, Finance of Albertsons Companies, Inc., a grocery retailer, from July 2015 to June
2016. Prior to that, she worked at Safeway, an Albertsons banner, in several roles of increasing
responsibility from June 2010 to July 2015. Ms. Fields graduated from Indiana University's
Keiser School of Business with a bachelor's degree in finance.
 FINANCIAL PERFORMANCE
Particulars 2020
Revenue growth 13.23%

COGS growth 15.71%

Gross profit growth 10.68%

SGA Growth 29.11%
Interest expense growth 209.38%
 Research Report on Global Foundries (leading semiconductor foundries)
(Ticker: GFS- NASDAQ)

One of the world’s leading semiconductor foundries. They manufacture complex feature-rich
ICs that enable billions of electronic devices that are pervasive throughout nearly every sector
of the global economy. With specialized foundry manufacturing processes, a library consisting
of thousands of IP titles, and differentiated transistor and device technology, they serve a
broad range of customers, including the global leaders in IC design, and provide optimized
solutions for the function, performance and power requirements of critical applications driving
key secular growth end markets. As the only scaled pure-play foundry with a global footprint
that is not based in China or Taiwan, we help customers mitigate geopolitical risk and provide
greater supply chain certainty.

They deliver feature-rich solutions that enable billions of electronic devices that are pervasive
throughout the global economy.

Its IPO was floated on Oct. 27, 2021, at $47 – the top of its $42-to-$47 price range – on 55
million shares, the same number in the prospectus, to raise $2,585.0 million – or $2.59 billion.
Of the 55 million shares sold in the IPO. a total of 30.25 million were offered by GlobalFoundries
and the remaining 24.75 million were offered by GlobalFoundries’ existing shareholder,
Mubadala Investment Company PJSC.

MANAGEMENT OF THE COMPANY

GLOBAL FOUNDRIES
Dr. Thomas Caulfield
In March 2018, GF's Chief Executive Officer (CEO) was elected to the board of directors. Dr.
Caulfield joined the firm as Senior Vice President and General Manager of the company's Fab
8 semiconductor wafer manufacturing facility in Malta, NY, in May 2014, where he oversaw
operations, expansion, and semiconductor manufacturing ramp-up.
Kay Chai (KC) Ang

Since October 2020, GF has served as Senior Vice President of Global Fab Operations. Mr. Ang
joined GF in July 2009 and has held a number of top leadership positions with the firm,
including serving as the head of all of our Singapore operations from 2012 to 2020, as well as
the Fab 1 manufacturing facility, customer engineering, and corporate quality groups.

Saam Azar
Chief Legal Officer for GF since January 2017. He oversees all legal, compliance, government
relations, strategic transactions and M&A matters worldwide. Mr. Azar also serves as Secretary
to the GF board of directors and has been involved with the company since its founding in
2009. Mr. Azar holds a J.D. from New York University School of Law and a Bachelor of Science
degree in Civil and Environmental Engineering from Duke University.
BOARD OF DIRECTORS

Chairman of the Board

In December 2013, Ahmed Yahia Al Idrissi was elected Chairman of the Board of Directors.
Mr. Al Idrissi is the Chief Executive Officer of Mubadala Investment Company (Mubadala),
where he is responsible for the portfolios of energy, chemicals, technology, life sciences,
consumer, industrial, and financial services. Prior to joining Mubadala, Ahmed was a partner
at McKinsey & Co., where he was the Managing Partner of the Abu Dhabi branch and co-led
the Principal Investor practise. He formerly worked for Procter & Gamble as a Marketing
Manager, where he oversaw several flagship products. Ahmed graduated from the École
Centrale Paris with a Bachelor of Science in Industrial Engineering.

People & Compensation Committee member

In January 2018, Tim Breen was elected to the board of directors. He was Senior Counselor to
the Chief Executive Officer and Executive Vice President of Strategy and Business Performance
in 2020. From August 2018 to August 2020, he was the Executive Vice President of Strategy
and Business Transformation. Mr. Breen is presently a member of Mubadala Investment
Company's (Mubadala) senior leadership team, where he is in charge of the firm's direct
investments in the technology and consumer sectors, as well as serving on the boards of
directors of many Mubadala North American projects. Mr. Breen graduated from London
Business School with a Master of Business Administration.

Audit, Risk & Compliance Committee member

In March 2018, Ahmed Saeed Al Calily was elected to the board of directors. Mr. Al Calily is
Mubadala Investment Company's (Mubadala) Chief Strategy & Risk Officer, with responsibility
for portfolio strategy, enterprise risk management, and responsible investment. Mr. Al Calily
formerly served as Mubadala's Chief Executive Officer of Energy, overseeing the company's
energy holdings. Mr. Al Calily was the Director General of the Abu Dhabi Technology
Development Committee and the Chief Executive Officer and Managing Director of the Abu
Dhabi Ports Company before returning to Mubadala. He is presently a member of the Abu
Dhabi Future Energy Company's (Masdar) board of directors.

GLOBALFOUNDRIES AT A GLANCE
ESG – COMMITMENT
ENVIRONMENTAL: Journey to Zero Carbon: 25% Greenhouse Gas (GHG) emissions reduction
by 2030 >36K annualized metric tons of Carbon equivalent savings achieved in 2019 / 2020
>415K annualized cubic meters wafer savings achieved in 2019 / 2020
SOCIAL: 13 total GF Awards in 2019, 2020 and 2021 for exceptional performance in CSR and
EHS 200 / 200: Perfect scores in 2020-2021 Responsible Business Alliance audits World Class:
GF TRIR 2020 safety rate (0.13) lowest in our history GF named one of “America’s Safest
Companies” in 2020
GOVERNANCE: 4 independent Board directors Independent audit, risk, and compliance
committee Experienced global compliance function Enterprise risk management framework
Conflict-free supply chain for 3TG: gold, tantalum, tungsten and tin.

FOCUSED ON FUTURE GROWTH BUSINESS

GEOGRAPHICAL FOOTPRINT
FINANCIAL PERFORMANCE
Capital Structure Ratios:

Liquidity Ratios:

Profitability Ratios:
STOCK PERFORMANCE
Research Report on Nabors Energy Transition Solutions (decarbonizing the oilfield)
(Ticker: NETC.UT: NASDAQ)

Nabors aims to help shape the future of energy and accelerate the transition to a lower carbon
world. Our Energy Transition Solutions portfolio of advanced and automated technologies is
purpose-built to reduce carbon emissions and improve fuel efficiencies of drilling operations.

Our solutions focus on decarbonizing the oilfield in four key areas:

• Advisory and Managements Systems: engine advisory and management solutions allow
rigs to run engines at their most efficient levels and reduce the overall amount of
emissions generated.
• Technology: Technology solutions that reduce fuel consumption and emissions
through energy storage and green fuels in an effort to diversify from pure diesel into
cleaner fuels.
• Automation and Centralization: Utilization and further development of automation and
centralization translates into additional remote support and operations, reducing on-
site support and increasing safety.
• Training, Education and Awareness: Instituting required trainings for all employees to
understand the impact of our operations on the environment and our carbon footprint
reduction objectives