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      =IEV              4ERIP & -RHYWXV]EHNYWXIH TIVJSVQERGI QIEWYVIW 3TIVEXMRK VIXYVR SR EWWIXW 3TIVEXMRK VIXYVR SR WEPIW 6IXYVR SR EWWIXW 6IXYVR SR WEPIW 4IVMSH 1IER 1IHMER 2 1IER 1IHMER 2 1IER 1IHMER 2 1IER 1IHMER 2 TZEPYI TZEPYI TZEPYI TZEPYI TZEPYI TZEPYI TZEPYI TZEPYI =IEV                      =IEV                      =IEV                       8EFPI  %FRSVQEP VIXYVRW WYVVSYRHMRK EGUYMWMXMSR ERRSYRGIQIRXW EJXIV XLI -43 %FRSVQEP VIXYVRW EVI GSQTYXIH EW XLI GSQTER] VIXYVR QMRYW XLI VIXYVR SR XLI ZEPYI [IMKLXIH '674 MRHI\ -R XLI QIER GSPYQR XLI TZEPYI MW JSV E XXIWX SJ IUYEPMX] SJ XLI QIER XS ^IVS -R XLI QIHMER GSPYQR XLI TZEPYI MW JSV E WMKR VERO XIWX SJ IUYEPMX] SJ XLI QIHMER XS ^IVS (IWGVMTXMSR 1IER TZEPYI 1IHMER TZEPYI 2 4ERIP % ERRSYRGIQIRX VIXYVRW HE] [MRHS[ EVSYRH ERRSYRGIQIRX      WYQQIH EGVSWW EPP EGUYMWMXMSRW F] IEGL GSQTER]      4ERIP & TVIERRSYRGIQIRX VIXYVRW QEVOIXEHNYWXIH VIXYVR FIJSVI IEGL ERRSYRGIQIRX      WX QEVOIXEHNYWXIH VIXYVR FIJSVI  ERRSYRGIQIRX      RH 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JSYRHIVW GSRXVSP QSVI XLER  SJ XLI FSEVH WIEXW EJXIV XLI -43 EGUYMWMXMSR ERRSYRGIQIRXW MW XLI RYQFIV SJ HE]W SR [LMGL EHHMXMSREP EGUYMWMXMSRW EVI ERRSYRGIH 4ZEPYIW EVI MR TEVIRXLIWIW )\TPEREXSV] :EVMEFPI M MM 'SRWXERX     1EVOIX VIXYVR     EGUYMWMXMSR ERRSYRGIQIRXW     EGUYMWMXMSR ERRSYRGIQIRXW WUYEVIH     *SYRHIV FSEVH GSRXVSP HYQQ]   *SYRHIV S[RIVWLMT   %HNYWXIH VWUYEVIH   2    8EFPI  4SWXVSPPYT S[RIVWLMT TSWMXMSRW SJ JSYRHIVW ERH TVSQSXIVW 3[RIVWLMT HEXE EJXIV XLI VSPPYT -43 EVI SFXEMRIH JVSQ TVS\] WXEXIQIRXW ;I VITSVX X[S RYQFIVW JSV IEGL ]IEV 8LI JMVWX RYQFIV MRGPYHIW XLSWI GEWIW [LIVI XLI TVS\] WXEXIQIRXW HS RSX GSRXEMR XLI REQIW SJ XLI WTSRWSVW SV JSYRHIVW MR [LMGL GEWI [I EWWYQI XLEX XLIMV TSWMXMSRW [IVI GSQTPIXIH WSPH SJJ 8LI WIGSRH RYQFIV MRGPYHIW SRP] XLSWI GEWIW [LIVI XLI WTSRWSVW SV JSYRHIVW GSRXMRYI XS QEMRXEMR ER S[RIVWLMT WXEOI MR XLI JMVQ -R XLI QIER GSPYQR XLI TZEPYI MW JSV E XXIWX SJ IUYEPMX] SJ XLI QIER XS ^IVS -R XLI QIHMER GSPYQR XLI TZEPYI MW JSV E WMKR VERO XIWX SJ IUYEPMX] SJ XLI QIHMER XS ^IVS 4ERIP % 'YQYPEXMZI WEPIW JVSQ -43 YRXMP HMJJIVIRX TIVMSHW EJXIV XLI -43 'YQYPEXMZI TIVGIRXEKI WSPH F] 'YQYPEXMZI TIVGIRXEKI WSPH F] WTSRWSV JSYRHIVW 1IER 1IHMER 2 1IER 1IHMER 2 =IEV                      =IEV                      =IEV                      4ERIP & (MJJIVIRGI MR GYQYPEXMZI WEPIW EGVSWW ]IEVW WYFWIUYIRX XS XLI -43 4VSQSXIV *SYRHIVW 1IER 1IHMER 2 1IER 1IHMER 2 7SPH FIX[IIR           ]VW              7SPH FIX[IIR           ]VW               F ig u re 1: R o llu p R etu rn s V ersu s M arket 1 .2 1 0 .8 Cumulative returns 0 .6 R ollup s M arket 0 .4 0 .2 0 1 25 49 73 97 121 145 169 193 217 241 265 289 313 337 361 385 409 433 457 481 505 529 553 577 601 625 649 673 697 721 745 -0 .2 D ays s in ce IP O 6SPPYT VIXYVRW EVI GSQTYXIH EWWYQMRK HEMP] VIFEPERGMRK 8LI RYQFIV SJ JMVQW MR XLI VSPPYT WEQTPI HIGPMRIW SZIV XMQI EW XLI RYQFIV SJ JMVQW [MXL E PSRKIV XVEHMRK LMWXSV] HIGPMRIW ;LIR E JMVQ HMWETTIEVW JVSQ XLI WEQTPI XLI EZIVEKIW EVI GSQTYXIH EGVSWW JI[IV SFWIVZEXMSRW 6IXYVRW EVI GSQTYXIH YRXMP (IGIQFIV   SV HIPMWXMRK  Figure 2: TeleSpectrum returns versus market 1.5 1 Cumulative returns 0.5 TeleSpectrum Market 0 1 27 53 79 105 131 157 183 209 235 261 287 313 339 365 391 417 443 469 495 521 547 573 599 625 651 677 703 729 755 781 807 833 -0.5 -1 Days since IPO 8LMW KVETL WLS[W XLI VIXYVR SJ 8IPI7TIGXVYQ ;SVPH[MHI 8074 ERH XLI '674 1EVOIX MRHI\ JSV XLI TIVMSH FIKMRRMRK EX XLI 8074 -43 HEXI %YKYWX   YRXMP (IGIQFIV   6IXYVRW LEZI FIIR RSVQEPM^IH VIPEXMZI XS XLI WXSGO ERH MRHI\ TVMGIW TVIZEMPMRK SR %YKYWX