Exhibit 3 provides data on Tottenham 's stock price reaction to outcomes of their matches in the Premiership. How does this data inform your assessment of how the stock market might value the addition of a new striker and his expected contribution to the team?
209-059 Tottenham Hotspur plc Exhibit 3 Tottenham Games and Stock Market Reaction Win Loss Draw Points 0 0 0 0 0 1 0 1 1 0 0 1 0 0 0 0 1 1 1 1 0 1 0 0 0 0 1 0 0 3 3 1 0 3 0 0 0 0 1 0 1 0 3 3 1 3 1 3 1 1 0 0 1 1 0 0 0 Game Date 1/31/2004 217/2004 2/11/2004 2/22/2004 3/9/2004 3/14/2004 3/20/2004 3/27/2004 4/3/2004 4/9/2004 4/12/2004 4/17/2004 4/25/2004 5/2/2004 5/8/2004 5/15/2004 8/14/2004 8/21/2004 8/25/2004 8/28/2004 9/12/2004 9/19/2004 9/25/2004 10/2/2004 10/18/2004 10/23/2004 10/30/2004 11/6/2004 11/13/2004 11/22/2004 11/28/2004 12/4/2004 12/11/2004 12/18/2004 12/26/2004 12/28/2004 1/1/2005 1/4/2005 1/15/2005 1/22/2005 2/1/2005 2/5/2005 2/26/2005 3/5/2005 3/16/2005 3/19/2005 4/2/2005 4/10/2005 4/16/2005 4/20/2005 4/25/2005 5/1/2005 5/7/2005 5/15/2005 8/13/2005 0 0 1 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 3 0 0 0 0 Tottenham -0.27% 0.00% 11.89% 0.00% 0.00% 9.52% 0.00% -2.95% 0.00% 0.00% 8.57% 8.57% -2.95% 0.00% 8.07% 0.00% -3.57% 0.11% 2.41% 0.00% 0.00% -0.45% 0.00% -4.13% 3.13% 0.00% 1.89% 0.00% 0.00% -2.91% 0.14% -3.95% 3.57% 5.26% 0.00% 4.00% 0.00% 7.35% 5.15% -2.58% -0.50% 12.50% 5.43% 0.16% 0.97% 0.00% -5.48% -5.04% 6.16% -3.81% -7.67% 0.00% 0.96% 1.03% 0.00% FTSE -0.21% 0.72% -0.42% 0.21% 0.07% -1.22% -1.90% 1.13% 0.34% 0.47% 0.58% 0.20% 0.04% -0.66% -2.29% 4.60 -0.87% 1.13% 0.83% 0.96% 0.81% 0.30% -0.25% -0.81% 0.48% 0.62% -1.10% 1.07% -0.49% 0.19% 0.20% 0.18% -0.53% 0.91% 0.73% 0.22% 0.45% -0.12% -0.85% 0.54% 0.19% 0.20% 0.78% -0.76% -0.18% -0.31% 0.21% -0.35% -0.21% -1.32% -0.05% -0.40% 0.24% -0.17% -0.05% -0.03% 1 1 1 1 1 1 0 0 3 3 3 3 3 1 3 1 0 n 0 0 0 0 0 0 0 1 1 0 0 1 0 1 0 1 0 0 1 1 0 0 0 1 0 1 0 3 3 0 0 3 1 3 1 1 0 3 0 1 0 1 0 0 1 3 8 Tottenham Hotspur plc 209-059 Win Loss Draw Points 1 0 0 0 0 1 1 1 0 0 1 1 0 0 0 0 0 0 1 0 1 1 0 3 1 0 1 1 0 0 0 0 1 1 1 0 1 0 0 0 1 1 0 1 3 3 3 1 3 1 0 1 Game Date 8/20/2005 8/24/2005 8/27/2005 9/10/2005 9/17/2005 9/26/2005 10/1/2005 10/15/2005 10/22/2005 10/29/2005 11/7/2005 11/20/2005 11/26/2005 12/3/2005 12/12/2005 12/18/2005 12/26/2005 12/28/2005 12/31/2005 1/4/2006 1/14/2006 1/21/2006 1/31/2006 2/5/2006 2/12/2006 2/19/2006 3/5/2006 3/11/2006 3/18/2006 3/27/2006 4/1/2006 4/8/2006 4/15/2006 4/17/2006 4/22/2006 4/30/2006 5/7/2006 9/9/2006 9/17/2006 9/19/2006 9/23/2006 9/26/2006 10/1/2006 10/14/2006 10/22/2006 10/28/2006 11/5/2006 11/12/2006 11/19/2006 11/26/2006 12/2/2006 12/5/2006 12/9/2006 12/17/2006 12/26/2006 1/1/2007 1/14/2007 0 0 1 0 1 1 0 1 1 3 0 1 0 3 1 1 3 0 3 1 1 0 0 0 0 Tottenham 4.88% 0.00% 0.00% -1.02% -0.24% -0.59% -0.39% -0.04% 0.00% -0.22% 7.69% -2.18% 0.00% 0.47% -3.94% -4.63% 0.00% -0.83% 0.00% 2.83% -2.85% -2.16% 0.58% 1.18% 0.60% 4.89% 0.00% 2.91% -2.41% 2.83% -5.04% 0.00% 0.00% -0.51% 1.80% 0.00% -4.32% 0.00% -0.20% -1.35% 8.39% -3.39% 0.00% 0.00% 0.36% 2.49% 4.26% 0.00% -0.60% 1.59% -1.43% 4.01% -0.71% 6.96% -0.14% -1.27% 0.00% FTSE 0.11% -0.37% -0.53% 0.29% 0.40% -0.11% 0.43% 0.22% 1.27% 1.99% 0.00% -0.02% -0.84% -0.32% 0.10% 0.15% -0.03% 0.28% -0.35% -0.41% 0.51% -0.20% 0.72% 0.23% 0.51% 0.29% 0.67% 0.76% -0.13% -0.61% 1.00% 0.68% 0.48% 0.24% -0.55% -0.61% -0.40% -0.48% 0.22% 0.59% -0.41% 0.96% -0.05% 0.25% 0.18% -0.55% 1.24% -0.23% 0.20% -1.18% 0.48% 0.06% 0.12% -0.20% 0.89% 1.45% 0.39% 0 1 0 0 0 0 0 0 0 0 0 0 1 0 1 1 1 0 1 1 1 0 0 0 0 1 0 1 0 0 1 0 0 0 3 1 3 1 3 0 1 0 0 1 1 0 1 1 1 1 0 0 3 3 3 3 1 0 0 1 0 1 0 9 209-059 Tottenham Hotspur plc Win Loss Draw Points 1 OOO 1 0 0 Game Date 1/20/2007 2/4/2007 2/10/2007 2/21/2007 2/25/2007 3/4/2007 3/17/2007 4/1/2007 4/7/2007 4/15/2007 4/21/2007 4/28/2007 5/7/2007 5/10/2007 5/13/2007 1 1 1 1 1 0 0 1 1 0 0 0 0 0 1 0 OOOOOOOOOOO Tottenham -2.34% -1.88% -0.61% 0.00% - 1.16% 0.00% - 1.19% 0.00% - 1.16% 0.06% 8.77% 8.42% -3.91% 5.50% 2.61% FTSE -0.30% 0.11% -0.46% 0.37% 0.52% -0.94% 0.96% 0.12% 0.32% 0.83% -0.11% 0.48% -0.81% 0.64% -0.16% 1 1 0 1 1 1 3 3 1 3 0 a The FTSE is the UK equivalent of the S&P 500. Source: Datastream, accessed September 2008. 209-059 Tottenham Hotspur plc Exhibit 3 Tottenham Games and Stock Market Reaction Win Loss Draw Points 0 0 0 0 0 1 0 1 1 0 0 1 0 0 0 0 1 1 1 1 0 1 0 0 0 0 1 0 0 3 3 1 0 3 0 0 0 0 1 0 1 0 3 3 1 3 1 3 1 1 0 0 1 1 0 0 0 Game Date 1/31/2004 217/2004 2/11/2004 2/22/2004 3/9/2004 3/14/2004 3/20/2004 3/27/2004 4/3/2004 4/9/2004 4/12/2004 4/17/2004 4/25/2004 5/2/2004 5/8/2004 5/15/2004 8/14/2004 8/21/2004 8/25/2004 8/28/2004 9/12/2004 9/19/2004 9/25/2004 10/2/2004 10/18/2004 10/23/2004 10/30/2004 11/6/2004 11/13/2004 11/22/2004 11/28/2004 12/4/2004 12/11/2004 12/18/2004 12/26/2004 12/28/2004 1/1/2005 1/4/2005 1/15/2005 1/22/2005 2/1/2005 2/5/2005 2/26/2005 3/5/2005 3/16/2005 3/19/2005 4/2/2005 4/10/2005 4/16/2005 4/20/2005 4/25/2005 5/1/2005 5/7/2005 5/15/2005 8/13/2005 0 0 1 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 3 0 0 0 0 Tottenham -0.27% 0.00% 11.89% 0.00% 0.00% 9.52% 0.00% -2.95% 0.00% 0.00% 8.57% 8.57% -2.95% 0.00% 8.07% 0.00% -3.57% 0.11% 2.41% 0.00% 0.00% -0.45% 0.00% -4.13% 3.13% 0.00% 1.89% 0.00% 0.00% -2.91% 0.14% -3.95% 3.57% 5.26% 0.00% 4.00% 0.00% 7.35% 5.15% -2.58% -0.50% 12.50% 5.43% 0.16% 0.97% 0.00% -5.48% -5.04% 6.16% -3.81% -7.67% 0.00% 0.96% 1.03% 0.00% FTSE -0.21% 0.72% -0.42% 0.21% 0.07% -1.22% -1.90% 1.13% 0.34% 0.47% 0.58% 0.20% 0.04% -0.66% -2.29% 4.60 -0.87% 1.13% 0.83% 0.96% 0.81% 0.30% -0.25% -0.81% 0.48% 0.62% -1.10% 1.07% -0.49% 0.19% 0.20% 0.18% -0.53% 0.91% 0.73% 0.22% 0.45% -0.12% -0.85% 0.54% 0.19% 0.20% 0.78% -0.76% -0.18% -0.31% 0.21% -0.35% -0.21% -1.32% -0.05% -0.40% 0.24% -0.17% -0.05% -0.03% 1 1 1 1 1 1 0 0 3 3 3 3 3 1 3 1 0 n 0 0 0 0 0 0 0 1 1 0 0 1 0 1 0 1 0 0 1 1 0 0 0 1 0 1 0 3 3 0 0 3 1 3 1 1 0 3 0 1 0 1 0 0 1 3 8 Tottenham Hotspur plc 209-059 Win Loss Draw Points 1 0 0 0 0 1 1 1 0 0 1 1 0 0 0 0 0 0 1 0 1 1 0 3 1 0 1 1 0 0 0 0 1 1 1 0 1 0 0 0 1 1 0 1 3 3 3 1 3 1 0 1 Game Date 8/20/2005 8/24/2005 8/27/2005 9/10/2005 9/17/2005 9/26/2005 10/1/2005 10/15/2005 10/22/2005 10/29/2005 11/7/2005 11/20/2005 11/26/2005 12/3/2005 12/12/2005 12/18/2005 12/26/2005 12/28/2005 12/31/2005 1/4/2006 1/14/2006 1/21/2006 1/31/2006 2/5/2006 2/12/2006 2/19/2006 3/5/2006 3/11/2006 3/18/2006 3/27/2006 4/1/2006 4/8/2006 4/15/2006 4/17/2006 4/22/2006 4/30/2006 5/7/2006 9/9/2006 9/17/2006 9/19/2006 9/23/2006 9/26/2006 10/1/2006 10/14/2006 10/22/2006 10/28/2006 11/5/2006 11/12/2006 11/19/2006 11/26/2006 12/2/2006 12/5/2006 12/9/2006 12/17/2006 12/26/2006 1/1/2007 1/14/2007 0 0 1 0 1 1 0 1 1 3 0 1 0 3 1 1 3 0 3 1 1 0 0 0 0 Tottenham 4.88% 0.00% 0.00% -1.02% -0.24% -0.59% -0.39% -0.04% 0.00% -0.22% 7.69% -2.18% 0.00% 0.47% -3.94% -4.63% 0.00% -0.83% 0.00% 2.83% -2.85% -2.16% 0.58% 1.18% 0.60% 4.89% 0.00% 2.91% -2.41% 2.83% -5.04% 0.00% 0.00% -0.51% 1.80% 0.00% -4.32% 0.00% -0.20% -1.35% 8.39% -3.39% 0.00% 0.00% 0.36% 2.49% 4.26% 0.00% -0.60% 1.59% -1.43% 4.01% -0.71% 6.96% -0.14% -1.27% 0.00% FTSE 0.11% -0.37% -0.53% 0.29% 0.40% -0.11% 0.43% 0.22% 1.27% 1.99% 0.00% -0.02% -0.84% -0.32% 0.10% 0.15% -0.03% 0.28% -0.35% -0.41% 0.51% -0.20% 0.72% 0.23% 0.51% 0.29% 0.67% 0.76% -0.13% -0.61% 1.00% 0.68% 0.48% 0.24% -0.55% -0.61% -0.40% -0.48% 0.22% 0.59% -0.41% 0.96% -0.05% 0.25% 0.18% -0.55% 1.24% -0.23% 0.20% -1.18% 0.48% 0.06% 0.12% -0.20% 0.89% 1.45% 0.39% 0 1 0 0 0 0 0 0 0 0 0 0 1 0 1 1 1 0 1 1 1 0 0 0 0 1 0 1 0 0 1 0 0 0 3 1 3 1 3 0 1 0 0 1 1 0 1 1 1 1 0 0 3 3 3 3 1 0 0 1 0 1 0 9 209-059 Tottenham Hotspur plc Win Loss Draw Points 1 OOO 1 0 0 Game Date 1/20/2007 2/4/2007 2/10/2007 2/21/2007 2/25/2007 3/4/2007 3/17/2007 4/1/2007 4/7/2007 4/15/2007 4/21/2007 4/28/2007 5/7/2007 5/10/2007 5/13/2007 1 1 1 1 1 0 0 1 1 0 0 0 0 0 1 0 OOOOOOOOOOO Tottenham -2.34% -1.88% -0.61% 0.00% - 1.16% 0.00% - 1.19% 0.00% - 1.16% 0.06% 8.77% 8.42% -3.91% 5.50% 2.61% FTSE -0.30% 0.11% -0.46% 0.37% 0.52% -0.94% 0.96% 0.12% 0.32% 0.83% -0.11% 0.48% -0.81% 0.64% -0.16% 1 1 0 1 1 1 3 3 1 3 0 a The FTSE is the UK equivalent of the S&P 500. Source: Datastream, accessed September 2008
