Form SC 13E3 - Going private transaction by certain issuers

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 13E-3

RULE 13e-3 TRANSACTION STATEMENT

UNDER SECTION 13(e) OF

THE SECURITIES EXCHANGE ACT OF 1934

STARTEK, INC.

(Name of the Issuer)

StarTek, Inc.

CSP Management II Limited

Stockholm Parent, LLC

Stockholm Merger Sub, Inc.

(Names of Persons Filing Statement)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

85569C107

(CUSIP Number of Class of Securities)

StarTek, Inc.

Attn: Bharat Rao

4610 South Ulster Street, Suite 150

Denver, Colorado 80237

(303) 262-4500

CSP Management Limited

Stockholm Parent, LLC

Stockholm Merger Sub, Inc.

Attn: Mukesh Sharda

160 Robinson Road, SBF Center, Suite #10-01

Singapore 068914

(65) 6202-4734

(Name, Address and Telephone Numbers of Person Authorized to Receive Notices

and Communications on Behalf of the Persons Filing Statement)

With copies to

Saee Muzumdar

Andrew Kaplan

Gibson, Dunn & Crutcher LLP

200 Park Avenue

New York, NY 10166

(212) 351-4000

Robert M. Katz

Sidharth Bhasin

Latham & Watkins LLP

1271 Avenue of the Americas

New York, NY 10020

(212) 906-1200

NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THIS TRANSACTION, PASSED ON THE MERITS OR THE FAIRNESS OF THE TRANSACTION OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE INFORMATION CONTAINED IN THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

This statement is filed in connection with (check the appropriate box):

a.	☒	The filing of solicitation materials or an information statement subject to Regulation 14A (§§ 240.14a-1 through 240.14b-2), Regulation 14C (§§ 240.14c-1 through 240.14c-101) or Rule 13e-3(c) (§ 240.13e-3(c)) under the Securities Exchange Act of 1934 (the “Exchange Act”).
b.	☐	The filing of a registration statement under the Securities Act of 1933.
c.	☐	A tender offer.
d.	☐	None of the above.

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: ☒

Check the following box if the filing is a final amendment reporting the results of the transaction: ☐

INTRODUCTION

This Rule 13e-3 Transaction Statement on Schedule 13E-3, together with the exhibits hereto (this “Transaction Statement”), is being filed with the Securities and Exchange Commission (the “SEC”) pursuant to Section 13(e) of the Exchange Act, by (a) StarTek, Inc., a Delaware corporation (“StarTek”), the issuer of the shares of common stock, par value $0.01 per share (the “Common Stock”), of StarTek that are the subject of the Rule 13e-3 transaction; (b) CSP Management II Limited, an exempted limited company formed under the laws of the Cayman Islands (the “Sponsor”); (c) Stockholm Parent, LLC, a Delaware limited liability company and wholly owned subsidiary of the Sponsor (“Parent”); and (d) Stockholm Merger Sub, Inc., a Delaware corporation and a wholly owned direct subsidiary of Parent (“Merger Sub”). Collectively, the persons filing this Transaction Statement are referred to as the “filing persons.”

This Transaction Statement relates to the Agreement and Plan of Merger, dated October 10, 2023 (the “Merger Agreement”), by and among StarTek, Parent and Merger Sub. The Merger Agreement provides that Merger Sub will merge with and into StarTek, with StarTek continuing as the surviving corporation (the “Surviving Corporation”) and becoming a subsidiary of Parent (the “Merger”). In connection with the Merger Agreement, CSP Fund II LP, a limited partnership formed under the laws of the Cayman Islands (the “Fund”) and an affiliate of the Sponsor, has entered into an equity commitment letter (the “Equity Commitment Letter”) pursuant to which the Fund has committed to provide Parent with equity financing in the amount set forth therein to fund the aggregate consideration payable by Parent in connection with the Merger. The Fund has also agreed to guarantee the payment of certain liabilities and obligations of Parent under the Merger Agreement with respect to the payment of monetary damages that may be payable to the Company under certain circumstances, in each case, subject to the terms of the Merger Agreement and the Equity Commitment Letter, if and when payable pursuant to the Merger Agreement.

If the Merger is completed, subject to the terms of the Merger Agreement, each share of Common Stock issued and outstanding immediately prior to the Effective Time will be canceled and converted into the right to receive $4.30 per share in cash, without interest and less any applicable withholding taxes (the “Merger Consideration”). However, the Merger Consideration will not be paid in respect of (a) any shares that are owned by StarTek and not held on behalf of third parties and any shares that are owned by the stockholders of StarTek who did not consent to the Merger Agreement or the Merger and who have demanded and not withdrawn a demand for appraisal rights pursuant to Section 262 of the Delaware General Corporation Law (the “DGCL”), in each case, that are issued and outstanding immediately prior to the Effective Time and (b) each share issued and outstanding immediately prior to the Effective Time that is owned by the Sponsor, Parent, Merger Sub or any of their affiliates (collectively, the “CSP Stockholders”). Treatment of outstanding equity plan awards under StarTek’s equity incentive plans and award agreements is described in greater detail in the Information Statement (defined below) under “The Merger Agreement–Consideration to be Received in the Merger.” Further, following completion of the Merger, the shares of Common Stock will cease to be listed on the New York Stock Exchange and registration of the Common Stock under the Exchange Act will be terminated.

The board of directors of StarTek (the “Board”) (acting on the recommendation of a special committee, comprised solely of independent directors (the “Special Committee”)) unanimously (i) determined that the Merger Agreement and the transactions contemplated thereby, including the Merger, are advisable, fair to, and in the best interests of StarTek and its stockholders (other than Parent, Merger Sub, Sponsor and their respective affiliates (such stockholders, the “Unaffiliated Stockholders”)), (ii) approved, authorized, adopted and declared advisable the execution, delivery and performance of the Merger Agreement by the Company and the consummation of the transactions contemplated thereby, including the Merger, by StarTek, (iii) directed that the Merger Agreement and the transactions contemplated thereby, including the Merger, be submitted to the stockholders of StarTek for adoption and approval, and (iv) resolved to recommend that the stockholders of StarTek approve and adopt the Merger Agreement and the transactions contemplated thereby, including the Merger.

Concurrently with the filing of this Transaction Statement, StarTek is filing a notice of written consent and appraisal rights and information statement (the “Information Statement”) under Section 14(c) of the Exchange Act. A copy of the Information Statement is attached hereto as Exhibit (a)(1) and a copy of the Merger Agreement is attached as Annex A to the Information Statement. The adoption of the Merger Agreement and the approval of the Merger and the other transactions contemplated thereby required the affirmative vote or written consent of the holders of Common Stock representing a majority of the aggregate voting power of the outstanding shares of Common Stock entitled to vote thereupon pursuant to Section 228 and Section 251 of the DGCL. On October 10, 2023, the Sponsor, which on such date beneficially owned more than a majority of the issued and outstanding shares of Common Stock and more than a majority of voting power of capital stock of StarTek, delivered a written consent approving and adopting in all respects the Merger Agreement and the transactions contemplated thereby, including the Merger (the “Written Consent”), which Written Consent will become effective at 6:00 p.m. New York City time on November 9, 2023 (the “Written Consent Effective Time”).

Pursuant to General Instruction F to Schedule 13E-3, the information contained in the Information Statement, including all annexes thereto, is expressly incorporated herein by reference in its entirety, and responses to each item herein are qualified in their entirety by the information contained in the Information Statement and the annexes thereto. The cross-references below are being supplied pursuant to General Instruction G to Schedule 13E-3 and show the location in the Information Statement of the information required to be included in response to the items of Schedule 13E-3. As of the date hereof, the Information Statement is in preliminary form and is subject to completion.

All information contained in this Transaction Statement concerning any of the filing persons has been provided by such filing person and no filing person has produced any disclosure with respect to any other filing persons.

ITEM 1. SUMMARY TERM SHEET

The information set forth in the Information Statement under the following captions is incorporated herein by reference:

•

“Summary”

•

“Questions and Answers about the Merger”

ITEM 2. SUBJECT COMPANY INFORMATION

(a) Name and Address. The information set forth in the Information Statement under the following caption is incorporated herein by reference:

•

“The Parties to the Merger”

(b) Securities. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

•

“Summary”

•

“Questions and Answers about the Merger”

•

“Market and Dividend Information”

•

“Security Ownership of Certain Beneficial Owners and Management”

(c) Trading Market and Price. The information set forth in the Information Statement under the following caption is incorporated herein by reference:

•

“Market and Dividend Information”

(d) Dividends. The information set forth in the Information Statement under the following caption is incorporated herein by reference:

•

“Market and Dividend Information”

(e) Prior Public Offerings. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

•

“Market and Dividend Information”

(f) Prior Stock Purchases. The information set forth in the Information Statement under the following caption is incorporated herein by reference:

•

“Market and Dividend Information”

ITEM 3. IDENTITY AND BACKGROUND OF FILING PERSONS

(a)-(c) Name and Address; Business and Background of Entities; Business and Background of Natural Persons. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

•

“Summary”

•

“The Parties to the Merger”

•

“Directors, Executive Officers and Controlling Persons of the Company”

•

“Where You Can Find More Information”

ITEM 4. TERMS OF THE TRANSACTION

(a)(1) Material Terms - Tender Offers. Not applicable.

(a)(2) Material Terms - Merger or Similar Transactions. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

•

“Summary”

•

“Questions and Answers about the Merger”

•

“Special Factors–Background of the Merger”

•

“Special Factors–Recommendation of the Special Committee; Recommendation of the Board; Reasons for the Merger”

•

“Special Factors–Required Stockholder Approval for the Merger”

•

“Special Factors–Opinion of Houlihan”

•

“Special Factors–Position of the Company on the Fairness of the Merger”

•

“Special Factors–Position of the CSP Affiliates in Connection with the Merger”

•

“Special Factors–Purposes and Reasons of the Company in Connection with the Merger”

•

“Special Factors–Purposes and Reasons of the CSP Affiliates in Connection with the Merger”

•

“Special Factors–Accounting Treatment”

•

“Special Factors–Interests of the Company’s Directors and Executive Officers in the Merger”

•

“Special Factors–Delisting and Deregistration of Company Common Stock”

•

“Special Factors–United States Federal Income Tax Considerations”

•

“The Merger Agreement”

•

“Annex A: Agreement and Plan of Merger”

•

“Annex B: Opinion of Houlihan”

(c) Different Terms. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

•

“Summary”

•

“Questions and Answers about the Merger”

•

“Special Factors–Interests of the Company’s Directors and Executive Officers in the Merger”

•

“The Merger Agreement–Consideration to be Received in the Merger”

(d) Appraisal Rights. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

•

“Summary–Appraisal Rights”

•

“Questions and Answers about the Merger”

•

“The Merger Agreement–Appraisal Rights”

•

“Appraisal Rights”

•

“Annex C: Section 262 of the Delaware General Corporation Law”

(e) Provisions for Unaffiliated Security Holders. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

•

“Summary”

•

“Questions and Answers about the Merger”

•

“Appraisal Rights”

•

“Special Factors–Recommendation of the Special Committee; Recommendation of the Board; Reasons for the Merger”

•

“Provisions for Stockholders”

(f) Eligibility for Listing or Trading. Not applicable.

ITEM 5. PAST CONTACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS

(a) Transactions. The information set forth in the Information Statement under the following caption is incorporated herein by reference:

•

“Market and Dividend Information”

•

“Special Factors–Interests of the Company’s Directors and Executive Officers in the Merger”

(b)-(c) Significant Corporate Events; Negotiations or Contacts. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

•

“Summary”

•

“Questions and Answers about the Merger”

•

“Special Factors–Background of the Merger”

•

“Special Factors–Recommendation of the Special Committee; Recommendation of the Board; Reasons for the Merger”

•

“Special Factors–Required Stockholder Approval for the Merger”

•

“Special Factors–Financing”

•

“Special Factors–Position of the Company on the Fairness of the Merger”

•

“Special Factors–Position of the CSP Affiliates in Connection with the Merger”

•

“Special Factors–Purposes and Reasons of the Company in Connection with the Merger”

•

“Special Factors–Purposes and Reasons of the CSP Affiliates in Connection with the Merger”

•

“Special Factors–Fees and Expenses”

•

“Special Factors–Delisting and Deregistration of Company Common Stock”

•

“The Merger Agreement–Form of Merger”

•

“The Merger Agreement–Consummation and Effectiveness of the Merger”

•

“The Merger Agreement–Consideration to be Received in the Merger”

•

“The Merger Agreement–Written Consent”

•

“Market and Dividend Information”

•

“Annex A: Agreement and Plan of Merger”

(e) Agreements Involving the Subject Company’s Securities. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

•

“Summary”

•

“Questions and Answers about the Merger”

•

“Special Factors–Background of the Merger”

•

“Special Factors–Recommendation of the Special Committee; Recommendation of the Board; Reasons for the Merger”

•

“Special Factors–Required Stockholder Approval for the Merger”

•

“Special Factors–Financing”

•

“Special Factors–Position of the Company on the Fairness of the Merger”

•

“Special Factors–Position of the CSP Affiliates in Connection with the Merger”

•

“Special Factors–Purposes and Reasons of the Company in Connection with the Merger”

•

“Special Factors–Purposes and Reasons of the CSP Affiliates in Connection with the Merger”

•

“Special Factors–Interests of the Company’s Directors and Executive Officers in the Merger”

•

“Special Factors–Fees and Expenses”

•

“Special Factors–Delisting and Deregistration of Company Common Stock”

•

“The Merger Agreement - Form of Merger”

•

“The Merger Agreement–Consummation and Effectiveness of the Merger”

•

“The Merger Agreement–Consideration to be Received in the Merger”

•

“The Merger Agreement–Written Consent”

•

“Market and Dividend Information”

•

“Annex A: Agreement and Plan of Merger”

ITEM 6. PURPOSES OF THE TRANSACTION AND PLANS OR PROPOSALS

(b) Use of Securities Acquired. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

•

“Summary”

•

“Questions and Answers about the Merger”

•

“Special Factors–Delisting and Deregistration of Company Common Stock”

•

“Special Factors–Plans for the Company After the Merger”

•

“The Merger Agreement–Form of Merger”

•

“The Merger Agreement–Consideration to be Received in the Merger”

(c)(1)-(8) Plans. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

•

“Summary”

•

“Questions and Answers about the Merger”

•

“Special Factors–Background of the Merger”

•

“Special Factors–Recommendation of the Special Committee; Recommendation of the Board; Reasons for the Merger”

•

“Special Factors–Position of the Company on the Fairness of the Merger”

•

“Special Factors–Position of the CSP Affiliates in Connection with the Merger”

•

“Special Factors–Purposes and Reasons of the Company in Connection with the Merger”

•

“Special Factors–Purposes and Reasons of the CSP Affiliates in Connection with the Merger”

•

“Special Factors–Delisting and Deregistration of Company Common Stock”

•

“Special Factors–Plans for the Company After the Merger”

•

“Special Factors–Fees and Expenses”

•

“Special Factors–Interests of the Company’s Directors and Executive Officers in the Merger”

•

“The Merger Agreement”

•

“Annex A: Agreement and Plan of Merger”

ITEM 7. PURPOSES, ALTERNATIVES, REASONS AND EFFECTS

(a) Purposes. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

•

“Summary”

•

“Special Factors–Background of the Merger”

•

“Special Factors–Recommendation of the Special Committee; Recommendation of the Board; Reasons for the Merger”

•

“Special Factors–Position of the Company on the Fairness of the Merger”

•

“Special Factors–Position of the CSP Affiliates in Connection with the Merger”

•

“Special Factors–Purposes and Reasons of the Company in Connection with the Merger”

•

“Special Factors–Purposes and Reasons of the CSP Affiliates in Connection with the Merger”

(b) Alternatives. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

•

“Special Factors–Background of the Merger”

•

“Special Factors–Recommendation of the Special Committee; Recommendation of the Board; Reasons for the Merger”

•

“Special Factors–Purposes and Reasons of the Company in Connection with the Merger”

•

“Special Factors–Alternatives to the Merger”

(c) Reasons. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

•

“Summary”

•

“Special Factors–Background of the Merger”

•

“Special Factors–Recommendation of the Special Committee; Recommendation of the Board; Reasons for the Merger”

•

“Special Factors–Position of the Company on the Fairness of the Merger”

•

“Special Factors–Position of the CSP Affiliates in Connection with the Merger”

•

“Special Factors–Purposes and Reasons of the Company in Connection with the Merger”

•

“Special Factors–Purposes and Reasons of the CSP Affiliates in Connection with the Merger”

(d) Effects. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

•

“Summary”

•

“Questions and Answers about the Merger”

•

“Special Factors–Background of the Merger”

•

“Special Factors–Recommendation of the Special Committee; Recommendation of the Board; Reasons for the Merger”

•

“Special Factors–Financing”

•

“Special Factors–Position of the Company on the Fairness of the Merger”

•

“Special Factors–Position of the CSP Affiliates in Connection with the Merger”

•

“Special Factors–Purposes and Reasons of the Company in Connection with the Merger”

•

“Special Factors–Purposes and Reasons of the CSP Affiliates in Connection with the Merger”

•

“Special Factors–Accounting Treatment”

•

“Special Factors–Interests of the Company’s Directors and Executive Officers in the Merger”

•

“Special Factors–Delisting and Deregistration of Company Common Stock”

•

“Special Factors–Plans for the Company After the Merger”

•

“Special Factors–United States Federal Income Tax Considerations”

•

“Special Factors–Fees and Expenses”

•

“The Merger Agreement–Form of Merger”

•

“The Merger Agreement–Consummation and Effectiveness of the Merger”

•

“The Merger Agreement–Consideration to be Received in the Merger”

•

“The Merger Agreement–Appraisal Rights”

•

“The Merger Agreement–Charter; Bylaws”

•

“The Merger Agreement–Indemnification and Insurance”

•

“Appraisal Rights”

•

“Annex A: Agreement and Plan of Merger”

•

“Annex C: Section 262 of the Delaware General Corporation Law”

ITEM 8. FAIRNESS OF THE TRANSACTION

(a)-(b) Fairness; Factors Considered in Determining Fairness. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

•

“Summary”

•

“Questions and Answers about the Merger”

•

“Special Factors–Background of the Merger”

•

“Special Factors–Recommendation of the Special Committee; Recommendation of the Board; Reasons for the Merger”

•

“Special Factors–Opinion of Houlihan”

•

“Special Factors–Position of the Company on the Fairness of the Merger”

•

“Special Factors–Position of the CSP Affiliates in Connection with the Merger”

•

“Special Factors–Purposes and Reasons of the Company in Connection with the Merger”

•

“Special Factors–Purposes and Reasons of the CSP Affiliates in Connection with the Merger”

•

“Special Factors–Interests of the Company’s Directors and Executive Officers in the Merger”

•

“Annex B: Opinion of Houlihan”

•

The confidential discussion materials prepared by Houlihan Lokey Capital, Inc. and provided to the Special Committee, dated September 20, 2023 and October 10, 2023, are attached hereto as Exhibits (c)(2) and (c)(3), and are incorporated by reference herein.

(c) Approval of Security Holders. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

•

“Summary”

•

“Questions and Answers about the Merger”

•

“Special Factors–Background of the Merger”

•

“Special Factors–Recommendation of the Special Committee; Recommendation of the Board; Reasons for the Merger”

•

“Special Factors–Required Stockholder Approval for the Merger”

•

“The Merger Agreement–Written Consent”

(d) Unaffiliated Representative.

•

“Questions and Answers about the Merger”

•

“Special Factors–Background of the Merger”

•

“Special Factors–Recommendation of the Special Committee; Recommendation of the Board; Reasons for the Merger”

•

“Special Factors–Opinion of Houlihan”

(e) Approval of Directors. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

•

“Summary”

•

“Questions and Answers about the Merger”

•

“Special Factors–Background of the Merger”

•

“Special Factors–Recommendation of the Special Committee; Recommendation of the Board; Reasons for the Merger”

•

“Special Factors–Position of the Company on the Fairness of the Merger”

•

“Special Factors–Position of the CSP Affiliates in Connection with the Merger”

(f) Other Offers. The information set forth in the Information Statement under the following captions is incorporated by reference:

•

“Special Factors–Background of the Merger”

•

“Special Factors–Recommendation of the Special Committee; Recommendation of the Board; Reasons for the Merger”

•

“Special Factors–Position of the Company on the Fairness of the Merger”

•

“Special Factors–Position of the CSP Affiliates in Connection with the Merger”

•

“The Merger Agreement–No Shop; Competing Proposal; No Solicitation”

•

“The Merger Agreement–Company Recommendation”

ITEM 9. REPORTS, OPINIONS, APPRAISALS AND NEGOTIATIONS

(a)-(c) Report, Opinion or Appraisal; Preparer and Summary of the Report, Opinion or Appraisal; Availability of Documents. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

•

“Summary”

•

“Special Factors–Background of the Merger”

•

“Special Factors–Recommendation of the Special Committee; Recommendation of the Board; Reasons for the Merger”

•

“Special Factors–Opinion of Houlihan”

•

“Special Factors–Certain Company Financial Forecasts”

•

“Special Factors–Position of the Company on the Fairness of the Merger”

•

“Special Factors–Position of the CSP Affiliates in Connection with the Merger”

•

“Annex B: Opinion of Houlihan”

•

The reports, opinions or appraisals referenced in this Item 9 are filed herewith and will be made available for inspection and copying at the principal executive offices of StarTek during its regular business hours by any interested holder of Common Stock or representative who has been designated in writing, and copies may be obtained by requesting them in writing from StarTek at the email address provided under the caption “Where You Can Find More Information” in the Information Statement, which is incorporated herein by reference.

ITEM 10. SOURCE AND AMOUNTS OF FUNDS OR OTHER CONSIDERATION

(a)-(b) Source of Funds; Conditions. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

•

“Summary”

•

“Questions and Answers about the Merger”

•

“Special Factors–Financing”

•

“Special Factors–Position of the CSP Affiliates in Connection with the Merger”

•

“The Merger Agreement–Consummation and Effectiveness of the Merger”

(c) Expenses. The information set forth in the Information Statement under the following caption is incorporated herein by reference:

•

“Special Factors–Fees and Expenses”

(d) Borrowed Funds. Not applicable.

ITEM 11. INTEREST IN SECURITIES OF THE SUBJECT COMPANY

(a) Securities Ownership. The information set forth in the Information Statement under the following caption is incorporated herein by reference:

•

“Security Ownership of Certain Beneficial Owners and Management”

(b) Securities Transactions. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

•

“Special Factors–Background of the Merger”

•

“Special Factors–Interests of the Company’s Directors and Executive Officers in the Merger”

•

“The Merger Agreement”

•

“Market and Dividend Information”

•

“Annex A: Agreement and Plan of Merger”

ITEM 12. THE SOLICITATION OR RECOMMENDATION

(d) Intent to Tender or Vote in a Going-Private Transaction. Not applicable.

(e) Recommendations of Others. Not applicable.

ITEM 13. FINANCIAL STATEMENTS

(a) Financial Statements. The audited financial statements set forth in StarTek’s Annual Report on Form 10-K for the year ended December 31, 2022 and the unaudited consolidated balance sheet, unaudited consolidated statement of income (loss) and other comprehensive income (loss), unaudited consolidated statement of stockholders’ equity and unaudited consolidated statement of cash flows set forth in StarTek’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 are incorporated by reference herein. The information is set forth in the Information Statement under the following caption is incorporated herein by reference:

•

“Market and Dividend Information”

•

“Where You Can Find More Information”

(b) Pro Forma Information. Not applicable.

ITEM 14. PERSONS/ASSETS, RETAINED, EMPLOYED, COMPENSATED OR USED

(a) Solicitations or Recommendations. Not applicable.

(b) Employees and Corporate Assets. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

•

“Special Factors–Background of the Merger”

•

“Special Factors–Recommendation of the Special Committee; Recommendation of the Board; Reasons for the Merger”

•

“Special Factors–Interests of the Company’s Directors and Executive Officers in the Merger”

•

“Special Factors–Fees and Expenses”

ITEM 15. ADDITIONAL INFORMATION

(b) Golden Parachute Compensation.

•

“Special Factors–Interests of the Company’s Directors and Executive Officers in the Merger”

(c) Other Material Information. The information set forth in the Information Statement, including all annexes thereto, is incorporated herein by reference.

ITEM 16. EXHIBITS

Exhibit No.	Description

(a)(1)	Preliminary Information Statement of StarTek, Inc. (incorporated herein by reference to StarTek, Inc.’s Preliminary Information Statement on Form PREM14C filed with the SEC on November 3, 2023 (File No. 001-12793))

(c)(1)	Opinion of Houlihan Lokey Capital, Inc. to the Special Committee of the Board of Directors of StarTek, Inc. dated October 10, 2023 (incorporated herein by reference to Annex B of StarTek, Inc.’s Preliminary Information Statement on Form PREM14C filed with the SEC on November 3, 2023 (File No. 001-12793))

(c)(2)*	Confidential discussion materials prepared by Houlihan Lokey Capital, Inc., dated September 20, 2023, for the Special Committee of StarTek, Inc.’s Board of Directors

(c)(3)*	Confidential discussion materials prepared by Houlihan Lokey Capital, Inc., dated October 10, 2023, for the Special Committee of StarTek, Inc.’s Board of Directors

(d)(1)	Agreement and Plan of Merger, dated as of October 10, 2023, by and among StarTek, Inc., Stockholm Parent, LLC and Stockholm Merger Sub, Inc. (incorporated herein by reference to Annex A of StarTek, Inc.’s Preliminary Information Statement on Form PREM14C filed with the SEC on November 3, 2023 (File No. 001-12793))

(f)(1)	Section 262 of the Delaware General Corporation Law (incorporated herein by reference to Annex C of StarTek, Inc.’s Preliminary Information Statement on Form PREM14C filed with the SEC on November 3, 2023 (File No. 001-12793))

107*	Filing Fee Table

* To be filed herewith

SIGNATURES

After due inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated as of November 3, 2023

STARTEK, INC.

By:	/s/ Bharat Rao
Name: Bharat Rao
Title: Global Chief Executive Officer

STOCKHOLM PARENT, LLC

By:	/s/ Sanjay Chakrabarty
Name: Sanjay Chakrabarty
Title: President and Secretary

STOCKHOLM MERGER SUB, INC.

By:	/s/ Sanjay Chakrabarty
Name: Sanjay Chakrabarty
Title: President and Secretary

CSP MANAGEMENT II LIMITED

By:	/s/ Mukesh Sharda
Name: Mukesh Sharda
Title: Director

Exhibit (c)(2)

Strictly Confidential. Not for Distribution. Project Stockholm Preliminary Discussion Materials for the Special Committee of the Board of Directors of Stockholm September 20, 2023

01 02 03 04 05 EXECUTIVE SUMMARY 3 SELECTED COMPANY OBSERVATIONS 5 PRELIMINARY FINANCIAL CONSIDERATIONS 20 SELECTED OTHER PROPOSAL CONSIDERATIONS 32 APPENDIX Financial Projections Comparison 45 46 Supplemental Historical Financial Information Premiums Paid Observations 50 53 Supplemental Preliminary Selected Benchmarking Data 56 06 DISCLAIMER 58

01 01 EXECUTIVE SUMMARY

Executive Summary 4 Proposal Overview The Copenhagen Parties, which beneficially own ~56% of the common stock of Stockholm (the “Company”), made a non-binding proposal (the “Initial Copenhagen Proposal”) on 7/18/23 to acquire all of the outstanding shares of Company common stock not owned by them (the “Unaffiliated Shares”) for consideration of $3.80 per share in cash Subsequent indicative revised proposal from the Copenhagen Parties (the “Indicative Revised Proposal”; together with the Initial Copenhagen Proposal, the “Copenhagen Proposals”) based on $4.15 per share in cash reflects the following: Premium of ~45% relative to the closing stock price and 30-day VWAP as of the unaffected date1 Implied EV / EBITDA multiple of ~5.6x and ~5.7x based on LTM 6/30/23 adjusted EBITDA and CY 2023E adjusted EBITDA, respectively2 The Copenhagen Parties have indicated “not contemplating” selling their interests in Stockholm or voting in favor of any alternative sale, combination or similar transaction involving the Company or substantially all of its assets The Copenhagen Parties have indicated transaction not subject to a financing condition and intent to finance with fully-committed equity capital from Copenhagen affiliates3 Required due diligence by the Copenhagen Parties includes business, accounting, tax, legal and insurance topics, among others3 Situation Overview & Preliminary Observations Platform has faced sustained post-deal complications from Stockholm/Athens merger including (i) significant client churn and volume attrition, (ii) substantial turnover in management and sales team and (iii) 2021 cyberattack stemming from underinvestment in infrastructure Operating turnaround plan launched over last ~1-2 years is leading to improved stabilization in top-line and margin performance, but ability to generate growth and margin expansion longer term likely impacted by the following factors: Business mix substantially leveraged to more mature segments of customer experience (“CX”) market (i.e., telecom, cable & media end- markets and voice services) Delivery model weighted to onshore delivery, with limited opportunities for further “right-shoring” across existing clients Ability to generate new clients with enhanced margin profiles based on recent sales strategy pivot Sector participants reporting elongated sales cycles due to macroeconomic headwinds and disruptive technologies Uncertainty has pressured implied valuations in the sector – stock prices of industry participants are down ~45% over last 12 months and ~20% since Initial Copenhagen Proposal Subscale platform with limitations on leverage capacity and access to external capital Limited float / trading activity – high stock price of $3.47 and VWAP of $3.20 based on ~$130k ADTV since Initial Copenhagen Proposal Three stockholders collectively hold ~50% of Unaffiliated Shares – MCI Capital, LC (“MCI”) invested at $4.20 via a tender offer completed 1/4/23 Prior Copenhagen take-private proposal rejected by Special Committee in September 2022 Potential Next Steps & Other Considerations Special Committee to determine whether to continue discussions with Copenhagen on price and other transaction terms If appropriate, the Special Committee and/or its advisors will need to discuss the following with Copenhagen: (i) diligence requirements, (ii) required financing and (iii) other potential participants in a transaction Note: Materials herein based on Company financial information available as of 9/15/23. Premium of 45% relative to 1-day closing price and 44% relative to 30-day VWAP in each case as of 7/18/23, the last trading day prior to announcement of the Initial Copenhagen Proposal. Based on LTM 6/30/23 adjusted EBITDA of $37.6 million and CY 2023E adjusted EBITDA of $36.7 million, per public filings and Company management, respectively. Communicated in connection with the Initial Copenhagen Proposal. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; ADTV refers to Average Daily Trading Value; CY refers to Calendar Year; E refers to Estimated. EV refers to Total Enterprise Value; LTM refers to the most recently completed 12-month period for which financial information has been made public; VWAP refers to Volume Weighted Average Price. Sources: Company management, public filings, Bloomberg, Capital IQ and the Copenhagen Proposals.

02 02 SELECTED COMPANY OBSERVATIONS

Selected Industry & Company Observations Sources: Company management, public filings and industry research reports. 6 Business mix substantially leveraged to mature segments of CX market End-market exposure to telecom, cable & media Service mix ~70% leveraged to voice, with limited digital deployments relative to certain industry participants Delivery model weighted to onshore delivery (~50%+), with limited ability to drive further near- / off-shoring across existing client base Over last five years, erosion from existing client base has significantly outpaced new business (limited track record of driving sustained variable profit contribution from new logos) Limited scale relative to certain other industry participants New management team has limited track record 2018 Stockholm / Athens merger has ultimately translated into limited revenue synergies but resulted in numerous integration challenges and other post-deal complications with lasting implications, including: Significant client churn and volume declines (including among a number of key clients) Underinvestment in infrastructure leading to a cyberattack in 2021 Substantial turnover in management and sales team personnel COVID generated business tailwinds (e.g., unique contracts and relaxation of performance requirements by clients) that bolstered financial performance in 2020-21, but ultimately postponed the Company’s ability to tackle integration challenges Operating turnaround plan launched by current management team has led to some stabilization in top-line performance and margins amid challenging inflationary backdrop Company in early stages of new sales strategy roll-out focused on targeting U.S. mid-cap companies across various end-markets Top 10 clients based on estimated CY 2023E revenues. Recent asset sales have substantially reduced Company debt levels. Refers to small and medium-sized businesses. CY refers to Calendar Year; E refers to Estimated; Variable Profit refers to revenue, minus direct costs. Outsourced CX market, which has grown at 5.5% CAGR over 2018-2021, is projected by industry analysts to grow at 3.4% CAGR over 2023-2028 Growth expectations in the sector supported by the following factors: Increasing focus on customer centricity Cost-optimization, including on the part of SMBs3 Increased penetration of new-economy enterprises and more widespread adoption of non-voice channels While voice continues to be the preferred CX delivery channel, chat and social media are growing at greater velocity Emergence of disruptive technologies (e.g., ChatGPT and generative AI) and uncertainty around impact on CX landscape has pressured stock prices and performance of participants (stock prices for industry participants are down ~45% in last ~12 months and ~20% down in last ~2 months) Technological disruption may create upside potential for industry participants longer-term, with opportunity likely to favor platforms with scale and access to capital Selected Company Attributes Selected Company Considerations Selected Company Performance & Strategy Observations Selected Industry Observations Reputable franchise with global footprint in a large, expanding market Blue chip client base anchored by long-standing accounts (~12-13 year average tenure among top 10 clients1) Significant expertise in delivery of inbound customer support solutions New management team has brought disciplined focus to: (i) Stabilizing the core business, (ii) Driving enhanced sales and digital capabilities, and (iii) Optimizing operating and delivery footprint Balance sheet position allows for operating flexibility2

Business & Client Mix Snapshot CY 2023E Revenue by Service Channel [2] Per Company management. Based on estimates provided by Company management. Per Company management projections prepared as of August 2023. CY refers to Calendar Year; E refers to Estimated. Sources: Company management and public filings. CY 2023E Revenue by Delivery Location [3] CY 2023E Revenue Contributions from Top Clients [3] 9.9% 27.1% 38.6% 76.3% 57.7% Top Top 3 Top 5 Top 10 Top 20 Onshore Offshore Nearshore 25.1% 16.2% 18.6% 13.6% 12.5% 6.4% 3.1% 4.6% CY 2023E Revenue by Industry Vertical [1] Telecom Media & Cable E-commerce & Consumer Travel & Hospitality Financial & Business Services Healthcare & Education Technology, IT, & Related Services Other Verticals ~70% ~10% ~20% Voice Chat Omni 51.4% 7 35.2% 13.4%

Stockholm Revenue and Variable Profit vs. Selected Industry Observations $62.8 $68.3 $69.6 $71.0 $72.5 $74.0 $75.4 $76.8 $78.3 $9.6 $16.7 $18.2 $20.3 $22.2 $24.1 $26.0 $27.9 $29.9 $72.4 $75.3 $77.1 $10.6 $12.3 $64.6 $64.8 $85.1 $87.8 $91.3 $94.7 $98.1 $101.4 $104.8 $108.2 CY 2018 CY 2019 CY 2020 CY 2021 CY 2022E CY 2023E CY 2024E 1. Reflects total addressable market (TAM) per industry analyst estimates. Reflects base year of CY 2021. CAGR refers to Compound Annual Growth Rate; CY refers to Calendar Year; E refers to Estimated. Variable Profit refers to revenue, minus direct costs. CY 2025E CY 2026E CY 2027E CY 2028E $495.3 $486.3 $448.6 $470.2 $385.1 $379.8 $385.4 $395.4 $410.5 $426.3 $442.8 CY 2018 CY 2019 CY 2020 CY 2021 CY 2022 Global Outsourced CX Services Industry [1] (dollars in billions) CY 2023E CY 2024E CY 2025E CY 2026E CY 2027E CY 2028E Stockholm Revenue (dollars in millions) Traditional Companies Born-Digital / / CAGRs 4-Year: 2018 – 2022E 5-Year: 2023E – 2028E Stockholm Revenue (6.1%) 3.1% Stockholm Variable Profit (4.8%) 4.1% CX Services Traditional Companies 2.6% 2.0% CX Services Born-Digital 17.2% 8.0% CX Services Blended 4.9% 3.4% Sources: Company management, industry research reports and public filings. 8

5-Year Averages 2019 2020 2021 2022 2023E 2024E 2025E 2026E 2027E 2028E 2019 to 2023E 2024E to 2028E Revenue Detail Prior CY Revenue $495.3 $486.3 $448.6 $470.2 $385.1 $379.8 $385.4 $395.4 $410.5 $426.3 $18.7 $17.8 ($45.7) ($13.8) $14.9 $13.0 ($0.2) ($15.1) Revenue Change Summary Historical and Projected New & Existing Client Revenue Observations Reflects revenue from new logos in the year in which revenue from related client is first accrued (subsequently revenue for underlying client is reflected in existing client categories). NCNB in CY 2019 includes contributions from Subsidiary R, which is a subsidiary of Client A. Reflects New Client A as NCNB in CY 2023E; New Client A was won in late-CY 2022, but ~95% of the revenue ramped in CY 2023E, per Company management. Represents revenue from new lines of business at existing clients, which is reflected as ECNB in the year in which related revenue is first accrued (subsequently revenue for underlying line of business is reflected in other existing client categories). Reflects lost revenue from client exits, with sunset periods typically spanning more than one year. Reflects revenue increases (or declines) from existing clients, net of ECNB and churn. Also incorporates FX impact. Reflects year-to-year changes from existing clients including (i) new lines of business, (ii) churn and (iii) increases/decreases to volume and/or price. Also incorporates FX impact. CAGR refers to Compound Annual Growth Rate; CY refers to Calendar Year; E refers to Estimated; ECEB refers to Existing Clients Existing Business; FX refers to Foreign Exchange; NCNB refers to New Client New Business. (dollars in millions) Figures include one-time $25 million COVID support program with Client M; excluding this program, NCNB and Existing Clients Churn 5-year averages would be $13.7 million and ($40.7) million, respectively New Clients - New Business (NCNB) [1] 10.4 10.3 30.3 7.1 35.2 13.5 15.0 15.0 15.0 16.0 Existing Clients - New Business (ECNB) [2] A 32.3 19.5 23.3 10.8 3.0 9.0 10.0 15.0 15.0 16.0 Existing Clients - Churn [3] B (18.9) (28.5) (48.6) (106.0) (26.6) (1.0) 0.0 0.0 0.0 0.0 Existing Clients - Other Changes [4] C (32.8) (39.0) 16.6 3.0 (16.9) (15.9) (15.0) (14.9) (14.2) (15.5) Current CY Revenue $486.3 $448.6 $470.2 $385.1 $379.8 $385.4 $395.4 $410.5 $426.3 $442.8 Figures include one-time $25 million COVID support program with Client M; excluding this program, NCNB and Existing Clients Net Overall Change 5-year averages would be $13.7 million and ($36.8) million, respectively Revenue Contribution Obvervations NCNB as % of Prior CY Revenue 2.1% 2.1% 6.8% 1.5% 9.1% 3.6% 3.9% 3.8% 3.7% 3.8% 4.3% 3.7% Existing Clients - Net Overall Change as % of Prior CY Revenue -3.9% -9.9% -1.9% -19.6% -10.5% -2.1% -1.3% 0.0% 0.2% 0.1% -9.2% -0.6% Total New Business (NCNB + ECNB) as % of Prior CY Revenue 8.6% 6.1% 11.9% 3.8% 9.9% 5.9% 6.5% 7.6% 7.3% 7.5% 8.1% 7.0% Churn as % of Prior CY Revenue -3.8% -5.9% -10.8% -22.5% -6.9% -0.3% 0.0% 0.0% 0.0% 0.0% -10.0% -0.1% New Clients - New Business (NCNB) [1] 10.4 10.3 30.3 7.1 35.2 13.5 15.0 15.0 15.0 16.0 $18.7 $14.9 Existing Clients - Net Overall Change [5] DD = AA + BB + CC ($19.4) ($48.0) ($8.7) ($92.2) ($40.5) ($7.9) ($5.0) $0.1 $0.8 $0.5 ($41.8) ($2.3) Sources: Company management and public filings. 9

$495.3 ($44.8) $65.0 $21.8 ($157.6) $379.8 2018 Revenue Key Client Churn [2] New Logos 2019-2023 [3] Net Changes at Top 20 Clients [4] Other Churn and Net Shrinkage 2023E Revenue Historical New & Existing Client Revenue Observations Contributions cited based on revenue accrued in 2018. Client C communicated its intention to exit part of the business in Q3 2021 and the remainder of the business in Q1 2022; Client A communicated its intention to exit in mid-2021, per Company management. Reflects clients contributing at least $15 million of revenue in 2018 that have subsequently exited. Reflects 2023E revenue contributions from new logos with initial revenue contributions in 2019, 2020, 2021, 2022 or 2023. Net changes at Top 20 clients reflects net revenue changes between 2018 and 2023E for the Company's current Top 20 Clients (as identified by Company management in the financial projections prepared in August 2023), excluding New Client A, New Client N, and New Client Z (which are already captured in New Logos). CY 2018 – CY 2023E Revenue Bridge (dollars in millions) Reflects ~$29mm revenue contribution from Client C (which exited over 2021-20231) and ~$16mm revenue contribution from Client A (which exited over 2021-20221) 2023E revenue contributions from Top 20 Clients New Client A (~$21mm), New Client N (~$8mm) & New Client Z (~$8mm) are incorporated in New Logos total ~$136mm net shrinkage from other existing clients CY refers to Calendar Year; E refers to Estimated; Q refers to Quarter. Source: Company management. 10

$385.1 ($10.7) $32.7 ($4.7) ($22.5) $379.8 2022 Revenue Key Client Churn [1] 2023 New Logos [2] Net Changes at Top 20 Clients [3] Other Churn and Net Shrinkage 2023E Revenue Historical New & Existing Client Revenue Observations (cont.) Reflects clients that have contributed at least $15 million of annual revenue in recent years that have subsequently exited. Reflects 2023E revenue contributions from new logos with initial revenue contributions in 2023; illustratively shows New Client A as a new logo in 2023E (New Client A was won in late-2022, but ~95% of the revenue ramped in 2023E per Company management). Net changes at Top 20 clients reflects net revenue changes between 2022 and 2023E for the Company's current Top 20 Clients, excluding New Client A and New Client N (which are already captured in New Logos). CY 2022 – CY 2023E Revenue Bridge (dollars in millions) Reflects ~$10mm revenue contribution from Client C and ~$1mm revenue contribution from Client M 2023E revenue contributions from Top 20 Clients New Client A (~$21mm) and New Client N (~$8mm) are incorporated in New Logos total ~$27mm net shrinkage from other existing clients CY refers to Calendar Year; E refers to Estimated. Source: Company management. 11

$181.3 $189.1 $184.2 $166.7 $148.9 $145.4 2018 2019 2020 New Logos 2019-2023 (ex. New Client A) (Cumulative Impact) [2] 2021 2022 2023E Historical New & Existing Client Variable Profit Observations Reflects variable profit contributions from the Company’s current Top 20 Clients (as identified by Company management in the financial projections prepared in August 2023), excluding New Client A, which is separately reflected above, as well as New Client N and New Client Z, which are separately captured in contributions from New Logos. Reflects cumulative contributions from new logos with initial revenue contributions starting in 2019, excluding New Client A, which is separately shown above. Includes variable profit related to Subsidiary R and Subsidiary Z, which are subsidiaries of Client A. CY 2018 – CY 2023E Variable Profit Composition by Client Type (dollars in millions) Current Top 20 Clients [1] Other Base Business Client C & Client A [3] New Client A Cumulative aggregate variable profit contributions of new logos originated from 2019-2023E impacted by ticket size and churn CY refers to Calendar Year; E refers to Estimated; Variable Profit refers to revenue, minus direct costs. Source: Company management. 12

Selected Historical Observations Related to New Logos Represents year in which new logo begins to accrue revenue. Based on year in which new logo begins to accrue revenue, except where otherwise noted. Reflects CY 2023E revenue generated from new logos in the aggregate by year won. Reflects highest CY 2023E revenue contribution by an individual logo originated in each of CY 2019, CY 2020, CY 2021, CY 2022 and CY 2023E. Aside from New Client A and New Client N, the next largest new logo revenue contribution is from New Client Z, which was won in CY 2019 and contributes ~$8.2 million in revenue (including ~$0.9 million of revenue from Subsidiary B, which was a new logo won in CY 2022 and is now a subsidiary of New Client Z). Includes Subsidiary R, which is a subsidiary of Client A, but was classified as a new logo in CY 2019, per Company management. Includes impact of one-time $25mm revenue COVID-support program won with Client M in CY 2021 per Company management. Illustratively shows New Client A as a new logo only in CY 2023E; New Client A was won in late-CY 2022, but ~95% of the revenue ramped in CY 2023E per Company management. Based on aggregate variable profit contributions of $20.4 million in CY 2023E from new logos won since CY 2019. (dollars in millions) Contributions of New Logos Won Over Last 5 Years (2019-2023E) [1] New logos won since CY 20192 collectively account for ~17% and ~14% of CY 2023 revenue and variable profit9, respectively New logos won since CY 20192 have averaged contributions to revenue of ~$1.3mm in their initial year and ~$1.7mm for CY 2023 Largest CY 2023E contributions include New Client Z5 (won in 2019), New Client A8 (shown as won in 2023) and New Client N (won in 2023)1 Year Won [1] # of New Logos [2] # of New Logos Still Contributing Revenue in CY 2023 Aggregate New Logo Revenue Contribution in CY 2023 [3] Individual New Logo Contribution During CY 2023E High [4] [5] CY 2019 [6] 21 8 $17.6 $8.2 CY 2020 10 6 $3.1 $0.9 CY 2021 [7] 12 3 $4.9 $3.1 CY 2022 [8] 15 12 $6.6 $2.4 CY 2023E [8] 9 9 $32.7 $21.1 Total 67 38 $65.0 Year Won [1] Median Mean Median Mean CY 2019 [6] $0.1 $0.5 $1.4 $2.2 CY 2020 $0.2 $1.0 $0.4 $0.5 CY 2021 [7] $0.3 $2.5 $1.4 $1.6 CY 2022 [8] $0.1 $0.4 $0.3 $0.6 CY 2023E [8] $0.4 $3.6 $0.4 $3.6 Total $0.1 $1.3 $0.6 $1.7 Individual New Logo Revenue Contribution (During Initial Year) [2] Individual New Logo Revenue Contribution During CY 2023E [3] Churn across new logos Size of New Logos Won over Last 5 Years (2019-2023E) [1] (dollars in millions) CY refers to Calendar Year; E refers to Estimate; Variable Profit refers to revenue, minus direct costs. Source: Company management. 13

Historical and Projected Cost & Margins Overview Note: CY 2021 revenue is favorably impacted by one-time contract of $25 million. CY 2018 excluded from trendline CAGR calculations because merger between Stockholm and Athens was completed in July 2018. Note: Financials shown above are based on figures used for internal reporting and exclude impact of certain non-recurring / non-operating items, per Company management. As such, figures may not tie directly to audited financials due to (i) classification of certain costs as to between indirect costs and SG&A expense and (ii) presentation of costs on an adjusted basis. Accordingly, figures for CY 2021 and CY 2022 may not tie to corresponding figures on page 23, which are based on audited financials. 1. EBITDA adjustments in 2021 consist primarily of $1.4 million of stock-based compensation expense; EBITDA adjustments in 2022 include (i) $2.9 million of transaction costs related to prior Copenhagen take-private process, (ii) $2.3 million of other non-recurring costs, and (iii) $1.6 million of stock-based compensation expense. Projections figures as presented assume Adjusted EBITDA not burdened by stock-based compensation expense. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; CAGR refers to Compound Annual Growth Rate. (dollars in millions) C B A A C Variable Profit: Variable margins have increased since 2018 due to client mix and delivery mix (i.e., off-shoring/near-shoring), offset in part by wage inflation. Variable margins are projected to increase ~100-200bps relative to current levels over the projection period as new wins are more weighted to off-shore/near-shore delivery. B Indirect Costs: Headcount reductions in 2018-2019 and streamlining of the operating facilities footprint in 2021 amid COVID and client churn have driven significant reductions in indirect costs since 2018 despite inflationary pressures. Projections assume no significant changes to the existing indirect cost structure. EBITDA: EBITDA margins have increased since 2018 due to (i) variable margin expansion, (ii) indirect cost reductions and (iii) SG&A headcount reductions in 2018-2019. SG&A expenses have remained relatively consistent since 2019, with recent investments in sales/digital offset by reductions elsewhere. EBITDA margins are projected to improve ~100bps relative to current levels, as an increase in variable margins is in part offset primarily by (i) contractual rent escalators and (ii) investments in personnel/digital needed to drive wins and service clients. Calendar Year Ended December 31, Calendar Year Ending December 31, CAGR D&A refers to Depreciation and Amortization; E refers to Estimated; SG&A refers to Selling, General and Administrative; Variable Profit refers to revenue, minus direct costs. Sources: Company management and public filings. 14 Revenue $495.3 $486.3 $448.6 $470.2 $385.1 $379.8 $385.4 $395.4 $410.5 $426.3 $442.8 -6.0% 3.1% -6.4% 4.1% -1.9% 4.3% Adjusted EBITDA [1] $28.6 $41.4 $42.8 $47.3 $38.5 $36.7 $38.7 $40.5 $43.0 $45.7 $48.0 -3.0% 5.5% 2018 2019 2020 2021 2022 2023E 2024E 2025E 2026E 2027E 2028E 2019 to 2023E 2023E to 2028E Growth % -1.8% -7.7% 4.8% -18.1% -1.4% 1.5% 2.6% 3.8% 3.9% 3.9% Direct Costs (314.1) (297.2) (264.4) (303.6) (236.1) (234.4) (235.0) (239.6) (247.6) (256.0) (265.3) Variable Profit $181.3 $189.1 $184.2 $166.7 $148.9 $145.4 $150.4 $155.8 $162.9 $170.3 $177.5 Margin % 36.6% 38.9% 41.1% 35.4% 38.7% 38.3% 39.0% 39.4% 39.7% 40.0% 40.1% Center Support Expenses (21.4) (20.2) (14.5) (12.8) (13.3) (12.8) (13.0) (13.4) (13.9) (14.4) (14.9) Rent Expense (26.5) (29.2) (27.0) (24.3) (18.1) (18.8) (19.5) (20.3) (21.1) (21.9) (22.8) Technology & Telecom Expenses (24.4) (22.2) (28.2) (24.7) (20.3) (20.9) (21.7) (22.6) (23.6) (24.6) (25.6) Other Facility Expenses (34.7) (34.6) (31.5) (17.8) (17.6) (16.2) (16.6) (17.0) (17.8) (18.5) (19.3) Indirect Costs (107.0) (106.2) (101.2) (79.6) (69.3) (68.7) (70.9) (73.4) (76.4) (79.5) (82.7) Indirect Costs as % of Revenue 21.6% 21.8% 22.6% 16.9% 18.0% 18.1% 18.4% 18.6% 18.6% 18.6% 18.7% Adjusted Gross Profit (excl. D&A) $74.3 $82.9 $83.0 $87.0 $79.6 $76.7 $79.5 $82.4 $86.5 $90.8 $94.9 Margin % 15.0% 17.1% 18.5% 18.5% 20.7% 20.2% 20.6% 20.8% 21.1% 21.3% 21.4% SG&A Expenses (45.7) (41.5) (40.1) (39.7) (41.2) (40.0) (40.9) (41.9) (43.5) (45.2) (46.9) Margin % 5.8% 8.5% 9.5% 10.1% 10.0% 9.7% 10.0% 10.2% 10.5% 10.7% 10.8% Growth % 44.9% 3.4% 10.5% -18.6% -4.7% 5.4% 4.8% 6.1% 6.3% 5.0%

Center Support Expenses ($21.4) ($20.2) ($14.5) ($12.8) ($13.3) ($12.8) ($13.0) ($13.4) ($13.9) ($14.4) ($14.9) – Primarily shared personnel expenses % of Revenue 4.3% 4.2% 3.2% 2.7% 3.5% 3.4% 3.4% 3.4% 3.4% 3.4% 3.4% across clients (e.g., training, admin, etc.) Rent Expense ($26.5) ($29.2) ($27.0) ($24.3) ($18.1) ($18.8) ($19.5) ($20.3) ($21.1) ($21.9) ($22.8) Growth % 10.4% -7.5% -9.9% -25.6% 3.7% 4.0% 3.9% 4.0% 4.0% 4.0% Technology & Telecom Expenses ($24.4) ($22.2) ($28.2) ($24.7) ($20.3) ($20.9) ($21.7) ($22.6) ($23.6) ($24.6) ($25.6) % of Revenue 4.9% 4.6% 6.3% 5.3% 5.3% 5.5% 5.6% 5.7% 5.8% 5.8% 5.8% Calendar Year Ended December 31, Calendar Year Ending December 31, 2018 2019 2020 2021 2022 2023E 2024E 2025E 2026E 2027E 2028E Other Facility Expenses % of Revenue ($34.7) 7.0% ($34.6) 7.1% ($31.5) 7.0% ($17.8) 3.8% ($17.6) 4.6% ($16.2) 4.3% ($16.6) 4.3% ($17.0) 4.3% ($17.8) 4.3% ($18.5) 4.3% ($19.3) 4.4% Capital Expenditures [1] % of Revenue $7.7 1.6% $15.6 3.2% $17.4 3.9% $9.9 2.1% $12.0 3.1% $15.0 3.9% $15.4 4.0% $15.8 4.0% $16.4 4.0% $17.1 4.0% $17.7 4.0% Indirect Cost Detail Capital Expenditure Detail SG&A Expense Detail Historical and Projected Cost & Margins Overview (cont.) Selected Cost and Margin Trendline Observations (dollars in millions) Note: Financials shown above are based on figures used for internal reporting and exclude impact of certain non-recurring / non-operating items, per Company management. As such, figures may not tie directly to audited financials due to (i) classification of certain costs as to between indirect costs and SG&A expense and (ii) presentation of costs on an adjusted basis. Accordingly, figures for CY 2021 and CY 2022 may not tie to corresponding figures on page 23, which are based on audited financials. 1. Capital expenditures prior to CY 2021 not pro forma for divestiture of Saudi Arabia and capital expenditures generally not pro forma for divestiture of Argentina. projected as % of revenue based on 2023E levels, except for rent expense, which is based on contractual escalators C B A A Indirect costs generally in-line with revenue growth over projection period, driven SG&A Expenses ($45.7) ($41.5) ($40.1) ($39.7) ($41.2) ($40.0) ($40.9) ($41.9) ($43.5) ($45.2) ($46.9) by continued investment in % of Revenue 9.2% 8.5% 8.9% 8.4% 10.7% 10.5% 10.6% 10.6% 10.6% 10.6% 10.6% sales and digital capabilities Growth % -9.2% -3.3% -1.1% 3.8% -2.9% 2.1% 2.4% 3.8% 3.8% 3.9% required to drive growth rates in outer years B SG&A expected to increase revenues over projection period, as the Company has historically underinvested due to prior leverage and cash flow considerations C CapEx projected to be ~4% of Lease expenses related to global facilities footprint Primarily bandwidth, data center costs, and annual maintenance costs (licenses) E refers to Estimated; SG&A refers to Selling, General and Administrative. Sources: Company management and public filings. 15 – Facility-related expenses, including utilities, security, housekeeping, etc.

Adjusted EBITDA Estimate Progression (dollars in millions) $44.7 $40.0 $36.7 August 2022 Projections 2023 Budget August 2023 Projections Revenue Estimate Progression (dollars in millions) $427.9 Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; CY refers to Calendar Year. Source: Company management. 16 $414.4 $379.8 August 2022 Projections 2023 Budget August 2023 Projections Stockholm CY 2023 Projected Performance Progression Note: The August 2022 Projections were prepared by Company management in connection with the previous Copenhagen take-private process in August 2022. 2023 Budget prepared by Company management in connection with the annual budgeting process in December 2022. Note: For illustrative purposes, the August 2022 figures shown above reflect consolidated financials, less results in Saudi Arabia and Argentina reflecting discontinued operations/assets held for sale.

$26.2 $20.8 $13.8 $15.9 Budget Actual Budget Note: Figures above do not reflect impact of Saudi Arabia operations (which have been discontinued) or Argentina operations (which are held for sale). ~$20 million of projected revenues for New Client A plus NCNB figures shown above (for 1H actuals and 2H latest estimate) equal the ~$35 million NCNB forecast for CY 2023E. NCNB/ECNB excludes amounts related to New Client A. Stockholm CY 2023 Budget vs. Actual/Latest Estimate Comparison Revenue (dollars in millions) ▲ 15.2% ▼ (20.7%) Revenue shortfalls generally due to new business misses, with in-line performance across base customers (which base performance is estimated to decline in CY 2023 vs. the prior year) 1H CY 2023 2H CY 2023E 1H CY 2023 2H CY 2023E 7.3% 8.7% 11.6% 10.6% ▼ (2.6%) ▼ (13.1%) 1H variance driven by headcount deferrals that more than offset revenue shortfalls. 2H variance driven primarily by more substantial revenue miss (coupled with relatively lower cost- side offsets) $168.0 $170.7 $8.4 $9.1 $5.0 $0.8 $6.9 $2.7 Budget Adjusted EBITDA (dollars in millions) $188.2 $183.3 Actual $172.2 $169.8 $9.1 $12.0 $8.7 $2.2 $36.2 $12.5 $226.2 $196.5 Latest Estimate Latest Estimate Adj. EBITDA Margin Budget NCNB1,2 Base ECNB2 New Client A1 Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items. CY refers to Calendar Year; E refers to Estimated; H refers to Half; ECNB refers to Existing Client New Business; NCNB refers to New Client New Business. Source: Company management. 17

Stockholm Historical Financial Performance vs. Budget CY 2022 Budget vs. Actual Note: Figures above do not reflect impact of Saudi Arabia operations (which have been discontinued) or Argentina operations (which are held for sale). (dollars in millions) $379.1 $367.2 $21.8 $10.8 $18.7 $7.1 $419.6 $385.1 Budget Actuals $39.1 $38.5 Budget Actuals $163.2 $148.9 Budget Actuals Variable Profit Revenue Adjusted EBITDA NCNB ECNB Base 38.9% 9.3% 10.0% Adj. EBITDA Margin ▼ (1.8%) ▼ (8.7%) ▼ (8.2%) 38.7% Variable Margin Revenue shortfalls in CY 2022 vs. budget driven primarily by ~56% miss in new business performance, with resulting Adjusted EBITDA performance largely offset by substantial indirect cost savings from consolidation of U.S. facilities footprint and SG&A cost savings Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items. CY refers to Calendar Year; ECNB refers to Existing Client New Business; NCNB refers to New Client New Business; Variable Profit refers to revenue, minus direct costs. Source: Company management. 18

Selected Comparison of August 2023 Management Projections vs. Consensus Wall Street Estimates for Stockholm $36.7 $38.7 $37.2 $41.8 CY 2023E Management Adjusted EBITDA Margin CY 2024E Consensus Wall Street Adjusted EBITDA Margin $379.8 $385.4 $377.6 $398.2 CY 2023E Management Revenue Growth CY 2024E Consensus Wall Street Revenue Growth Adjusted EBITDA Comparison (dollars in millions) Revenue Comparison (dollars in millions) ▲ 0.6% ▼ (3.2%) ▼ (1.3%) ▼ (7.6%) (1.4%) (2.0%) Consensus Wall Street Estimates1 Management Projections % Difference 1.5% 5.6% 9.7% 9.8% 10.0% 10.5% Consensus Wall Street Estimates2 Management Projections % Difference Sources: Bloomberg and Company management. 19 Note: The Company does not communicate quarterly or annual financial forecasts as public management guidance. Barrington Research has revenue estimates of $378.1 million and $398.9 million for CY 2023E and CY 2024E, respectively; B. Riley Securities has revenue estimates of $377.0 million and $397.5 million for CY 2023E and CY 2024E, respectively. Barrington Research has Adjusted EBITDA estimates of $37.1 million and $41.9 million for CY 2023E and CY 2024E, respectively; B. Riley Securities has Adjusted EBITDA estimates of $37.2 million and $41.8 million for CY 2023E and CY 2024E, respectively. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; CY refers to Calendar Year; E refers to Estimated.

03 03 PRELIMINARY FINANCIAL CONSIDERATIONS

Preliminary Financial Analyses Summary Note: No particular weight was attributed to any analysis. Note: Based on (i) ~40.3 million basic shares outstanding as of 8/2/23 and (ii) ~2.2 million options to purchase common stock as of 7/25/23 (to the extent in the money, based on treasury method), per Company management. Does not include 9.0 million warrants to purchase common stock with a per share exercise price of $9.94 subject to vesting requirements linked to payments made to Amazon or its affiliates pursuant to a service contract. Reflects closing price per share of common stock as of 7/18/23, the last trading day prior to announcement of the Initial Copenhagen Proposal. Reflects 10-day VWAP as of 9/14/23. Per the Indicative Revised Proposal. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items. CY refers to Calendar Year; E refers to Estimated; VWAP refers to Volume Weighted Average Price. $3.22 $3.60 $2.77 $2.58 $2.67 $4.87 $6.36 $4.68 $4.39 $4.53 Indicative Revised Proposal Price:³ $4.15 10-Day VWAP²: $3.19 LTM refers to the most recently completed 12-month period for which financial information has been made public. Sources: Company management, Capital IQ, the Copenhagen Proposals and public filings. 21 Unaffected Stock Price:¹ $2.86 Implied Per Share Value Reference Ranges (dollars per share in actuals) Discounted Cash Flow Analysis Perpetual Growth Rate 1.0% - 3.0% Discount Rate 11.0% - 13.0% Selected Transactions Analysis LTM Ended 6/30/23 Adjusted EBITDA 5.0x - 8.0x Selected Companies Analysis CY 2024E Adjusted EBITDA 4.0x - 6.0x Selected Companies Analysis CY 2023E Adjusted EBITDA 4.0x - 6.0x Selected Companies Analysis LTM Ended 6/30/23 Adjusted EBITDA 4.0x - 6.0x

Preliminary Financial Analyses Summary (cont.) (dollars and shares in millions, except per share values) Note: No discrete value ascribed to ~$39 million of U.S. federal net operating loss carryforwards, ~$120 million of state net operating loss carryforwards and ~$25 million of foreign net operating loss carryforwards given that (i) per Company management, Stockholm is not expected to generate material pre-tax income in jurisdictions in which it possesses material tax assets (the U.S., the United Kingdom and Australia) during the projection period and (ii) certain selected companies have NOL carryforwards, the impact of which is assumed to be reflected in their TEV/EBITDA multiples. For the avoidance of doubt, the Company’s U.S. federal NOLs are subject to §382 limitations following the reverse merger of Stockholm into Athens in 2018 (regardless of whether or not the Company enters into a transaction constituting a material ownership change). Subject to further review, refinement and information from Company management. Per public filings. Excludes restricted cash of ~$4.2 million, as of 6/30/23. Includes international cash balances of ~$31.0 million as of 6/30/23, which may potentially be subject to repatriation tax and/or other repatriation limitations, per Company management. Per Company management, the Company intends to exit its Argentina operations and has retained a financial advisor to assist with a sales process. Based on the net book value of Argentina operations of ~$1.1 million. Subject to further review, refinement and information from Company management. Reflects total principal amount, gross of debt discount and deferred financing costs; includes amounts outstanding under equipment loan. In connection with its financing of working capital, as of 6/30/23 the Company has certain outstanding agreements with Regions Bank pursuant to which the Company has sold certain receivables in exchange for cash. The factoring agreement is backed by 100% of collections on underlying receivables but is otherwise non-recourse. Including such amount would reduce the implied per share value reference ranges by ~$0.40 per share across all indications. Based on (i) ~40.3 million basic shares outstanding as of 8/2/23 and (ii) ~2.2 million options to purchase common stock as of 7/25/23 (to the extent in the money, based on treasury method), per Company management. Does not include 9.0 million warrants to purchase common stock with a per share exercise price of $9.94 subject to vesting requirements linked to payments made to Amazon or its affiliates pursuant to a service contract. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; CY refers to Calendar Year; E refers to Estimated. Selected Companies Analysis Selected Companies Analysis Selected Companies Analysis Selected Transactions Analysis Discounted Cash Flow Analysis LTM Ended 6/30/23 Adjusted EBITDA CY 2023E Adjusted EBITDA CY 2024E Adjusted EBITDA LTM Ended 6/30/23 Adjusted EBITDA Perpetual Growth Rate 1.0% -- 3.0% Corresponding Base Amount $37.6 $36.7 $38.7 $37.6 Discount Rate 11.0% -- 13.0% Selected Multiples Range 4.0x -- 6.0x 4.0x -- 6.0x 4.0x -- 6.0x 5.0x -- 8.0x Implied Enterprise Value Reference Range $150.4 -- $225.6 $146.7 -- $220.1 $154.6 -- $231.9 $188.0 -- $300.7 $172.8 -- $239.6 Cash and Cash Equivalents as of 6/30/2023 [1] [2] 34.9 -- 34.9 34.9 -- 34.9 34.9 -- 34.9 34.9 -- 34.9 34.9 -- 34.9 Estimated Net Value of Argentina Operations as of 6/30/2023 [1] [3] 1.1 -- 1.1 1.1 -- 1.1 1.1 -- 1.1 1.1 -- 1.1 1.1 -- 1.1 Total Debt as of 6/30/2023 [1] [4] [5] (78.9) -- (78.9) (78.9) -- (78.9) (78.9) -- (78.9) (78.9) -- (78.9) (78.9) -- (78.9) Implied Total Equity Value Reference Range Shares Outstanding [6] Implied Per Share Value Reference Range $107.4 -- $182.6 $103.8 -- $177.1 $111.7 -- $189.0 $145.0 -- $257.8 $129.8 -- $196.6 40.3 -- 40.4 40.3 -- 40.3 40.3 -- 40.4 40.3 -- 40.5 40.3 -- 40.4 $2.67 -- $4.53 $2.58 -- $4.39 $2.77 -- $4.68 $3.60 -- $6.36 $3.22 -- $4.87 LTM refers to the most recently completed 12-month period for which financial information has been made public. Sources: Company management and public filings. 22

Note: Adjusted EBITDA and Adjusted EBIT not burdened by stock-based compensation expense, which has historically approximated $1.5 million per year and is projected to remain at the same level through CY 2028E, per Company management. Note: CY 2021 incorporates impact of one-time contract, which contributed approximately $25 million to revenue. 1. Total Adjustments Figures for CY 2021 and CY 2022 are based on audited financials. Figures for CY 2019-CY 2020 (due to need to pro forma for divestiture of Saudi Arabia and Argentina) and CY 2023E-CY 2028E are based on financials used for internal reporting purposes, which differ slightly from audited financials in classification of certain costs as to between indirect costs and SG&A expense. In addition, CY 2019 and CY 2020 figures are already presented on an adjusted basis. Capital expenditures prior to CY 2021 not pro forma for divestiture of Saudi Arabia and capital expenditures generally not pro forma for divestiture of Argentina. Adjusted EBIT refers to Earnings Before Interest and Taxes and Stock Option Expense, adjusted for certain non-recurring items. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items. CAGR refers to Compound Annual Growth Rate; CY refers to Calendar Year; D&A refers to Depreciation and Amortization; E refers to Estimated; LTM refers to the most recently completed 12-month period for which financial Private Offer Transaction Cost $0.0 $2.9 $1.7 Other Non Recurring Costs 0.0 0.5 1.6 CSS Option Amortization 0.0 1.8 1.1 Share-Based Compensation Expense 1.4 1.6 1.5 Warrant Contra Revenue (0.1) 0.0 0.0 Total Adjustments NA NA $1.3 $6.7 $5.9 Preliminary Selected Historical & Projected Financial Information (dollars in millions) Calendar Year Ended December 31, LTM Ended Calendar Year Ending December 31, No applicable adjustments over the projection period information has been made public; NA refers to not available; NMF refers to not meaningful figure; SG&A refers to Selling, General and Administrative; Variable Profit refers to revenue, minus direct costs. Sources: Company management and public filings. 23 2019 2020 2021 2022 6/30/2023 2023E 2024E 2025E 2026E 2027E 2028E 2019 to 2023 2023E to 2028E Revenue $486.3 $448.6 $470.2 $385.1 $371.1 $379.8 $385.4 $395.4 $410.5 $426.3 $442.8 -6.0% 3.1% Growth % -1.8% -7.7% 4.8% -18.1% -1.4% 1.5% 2.6% 3.8% 3.9% 3.9% Direct Costs (297.2) (264.4) (303.6) (236.1) (227.1) (234.4) (235.0) (239.6) (247.6) (256.0) (265.3) Variable Profit $189.1 $184.2 $166.7 $148.9 $144.0 $145.4 $150.4 $155.8 $162.9 $170.3 $177.5 -6.4% 4.1% Margin % 38.9% 41.1% 35.4% 38.7% 38.8% 38.3% 39.0% 39.4% 39.7% 40.0% 40.1% Indirect Costs (106.2) (101.2) (78.3) (68.5) (64.3) (68.7) (70.9) (73.4) (76.4) (79.5) (82.7) Depreciation & Amortization (26.8) (24.9) (23.6) (22.6) (22.1) (24.1) (25.5) (27.1) (28.5) (30.2) (31.9) Gross Profit $56.1 $58.0 $64.8 $57.8 $57.6 $52.7 $54.0 $55.3 $58.0 $60.7 $62.9 Margin % 11.5% 12.9% 13.8% 15.0% 15.5% 13.9% 14.0% 14.0% 14.1% 14.2% 14.2% Selling, General and Administrative Expenses (41.5) (40.1) (42.5) (48.7) (48.0) (40.0) (40.9) (41.9) (43.5) (45.2) (46.9) Depreciation & Amortization 26.8 24.9 23.6 22.6 22.1 24.1 25.5 27.1 28.5 30.2 31.9 Total Adjustments [1] [2] NA NA 1.3 6.7 5.9 NA NA NA NA NA NA Adjusted EBITDA $41.4 $42.8 $47.3 $38.5 $37.6 $36.7 $38.7 $40.5 $43.0 $45.7 $48.0 -3.0% 5.5% Margin % 8.5% 9.5% 10.1% 10.0% 10.1% 9.7% 10.0% 10.2% 10.5% 10.7% 10.8% Growth % 44.9% 3.4% 10.4% -18.7% -4.6% 5.4% 4.8% 6.1% 6.3% 5.0% Depreciation & Amortization (26.8) (24.9) (23.6) (22.6) (22.1) (24.1) (25.5) (27.1) (28.5) (30.2) (31.9) Adjusted EBIT $14.7 $17.9 $23.7 $15.9 $15.5 $12.6 $13.1 $13.4 $14.5 $15.5 $16.0 -3.6% 4.9% Margin % 3.0% 4.0% 5.0% 4.1% 4.2% 3.3% 3.4% 3.4% 3.5% 3.6% 3.6% Growth % NMF 22.2% 32.2% -33.0% -20.4% 3.9% 2.1% 8.5% 6.8% 3.3% Additional Financial Information Capital Expenditures [3] $15.6 $17.4 $9.9 $12.0 $14.4 $15.0 $15.4 $15.8 $16.4 $17.1 $17.7 Adjusted Gross Profit (excl. D&A) $82.9 $83.0 $88.4 $80.4 $79.7 $76.7 $79.5 $82.4 $86.5 $90.8 $94.9 Margin % 17.1% 18.5% 18.8% 20.9% 21.5% 20.2% 20.6% 20.8% 21.1% 21.3% 21.4% CAGR

Preliminary Selected Companies Observations Note: No company used in this analysis for comparative purposes is identical to the Company. Note: Debt outstanding for IFRS filers includes total lease liabilities. Enterprise Value equals equity market value + debt outstanding + preferred stock + minority interests – cash and cash equivalents. Based on closing prices as of 9/14/23. Based on market prices as of 9/14/23. Inclusive of intraday prices. Based on diluted shares. Multiples based on forward looking financial information have been calendarized to the Company’s fiscal year end of December 31st, except Concentrix Corporation, which has a fiscal year end of November 31st. Consensus estimates from the majority of Wall Street analysts covering the company do not reflect pro forma results for the pending acquisition of Webhelp SAS announced on 3/29/23. As such, figures reflect financials for Concentrix on a stand-alone basis. Consensus estimates from the majority of Wall Street analysts covering the company do not reflect pro forma results for the pending acquisition of Majorel Group Luxembourg S.A. announced on 4/26/23. As such, figures reflect financials for Teleperformance on a stand-alone basis. Based on public filings, analyst estimates, market data and other public information as of applicable date. Per the Indicative Revised Proposal. Reflects the last trading day prior to announcement of the Initial Copenhagen Proposal. *Denotes controlled company. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; CY refers to Calendar Year; E refers to Estimated. LTM refers to the most recently completed 12-month period for which financial information has been made public; NA refers to not available. (dollars in millions, except per share values) Share % of 52-Week % Above 52-Week Equity Market Enterprise Enterprise Value [1] to Adjusted EBITDA Selected Company Price [2] High [3] Low [3] Value [2] [4] Value [2] [4] LTM CY 2023E [5] CY 2024E [5] Concentrix Corporation [6] $74.34 49.0% 5.3% $3,982.0 $5,960.0 5.9x 5.5x 5.2x IBEX Limited* $13.55 43.2% 18.4% $259.6 $203.2 3.1x 3.0x 2.8x TaskUs, Inc.* $9.49 39.4% 7.8% $927.0 $1,039.8 4.8x 5.0x 4.8x TDCX Inc.* $5.77 37.5% 21.5% $843.5 $568.9 4.2x 4.6x 4.0x Teleperformance SE [7] $134.45 43.4% 10.8% $7,939.6 $10,733.2 6.4x 5.6x 5.2x TELUS International (Cda) Inc.* $8.58 28.4% 6.1% $2,370.6 $4,141.6 8.0x 7.1x 6.0x TTEC Holdings, Inc.* $27.84 51.4% 4.3% $1,373.2 $2,194.3 7.2x 7.3x 6.9x Low 28.4% 4.3% 3.1x 3.0x 2.8x High 51.4% 21.5% 8.0x 7.3x 6.9x Median 43.2% 7.8% 5.9x 5.5x 5.2x Mean 41.7% 10.6% 5.6x 5.4x 5.0x Stockholm* - Current Price (as of 9/14/23) [8] $3.15 69.5% 19.3% $127.0 $169.9 4.5x 4.6x 4.1x Stockholm* - Indicative Revised Proposal Price [8] [9] $4.15 91.6% 57.2% $167.3 $210.2 5.6x 5.7x 5.0x Stockholm* - Unaffected Price (as of 7/18/23) [8] [10] $2.86 63.1% 8.3% $115.3 $166.0 4.4x 4.1x 3.7x Selected Market Trading Information Selected Multiple Information Sources: Bloomberg, Capital IQ, the Copenhagen Proposals and public filings. 24

Preliminary Selected Benchmarking Data Note: No company shown for comparative purposes is identical to the Company. Based on public trading prices of common stock. Consensus estimates from the majority of Wall Street analysts covering the company do not reflect pro forma results for the pending acquisition of Majorel Group Luxembourg S.A. announced on 4/26/23. As such, figures reflect financials for Teleperformance on a stand-alone basis. Consensus estimates from the majority of Wall Street analysts covering the company do not reflect pro forma results for the pending acquisition of Webhelp SAS announced on 3/29/23. As such, figures reflect financials for Concentrix on a stand-alone basis. Based on public filings, market data and other public information as of 9/14/23. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items. Capex refers to Capital Expenditures; CY refers to Calendar Year; E refers to Estimated. Size, Leverage & Liquidity Profitability Profitability (LTM Adjusted EBITDA to LTM Revenue) TDCX Inc. 27.1% TaskUs, Inc. 22.9% TELUS International (Cda) Inc. 19.9% Teleperformance SE [2] 19.2% Concentrix Corporation [3] 15.7% IBEX Limited 12.7% TTEC Holdings, Inc. 12.3% Stockholm 10.1% Profitability (LTM Adjusted EBITDA less Capex to LTM Revenue) TDCX Inc. 23.4% TaskUs, Inc. 19.7% TELUS International (Cda) Inc. 16.3% Teleperformance SE [2] 16.0% Concentrix Corporation [3] 13.5% IBEX Limited 9.1% TTEC Holdings, Inc. 9.0% Stockholm 6.3% Profitability (CY 2023E Adjusted EBITDA to CY 2023E Revenue) TDCX Inc. 24.8% TaskUs, Inc. 23.0% TELUS International (Cda) Inc. 21.5% Teleperformance SE [2] 21.4% Concentrix Corporation [3] 16.4% IBEX Limited 13.0% TTEC Holdings, Inc. 12.0% Stockholm 9.7% Profitability (CY 2024E Adjusted EBITDA to CY 2024E Revenue) TDCX Inc. 25.8% TELUS International (Cda) Inc. 23.3% TaskUs, Inc. 23.3% Teleperformance SE [2] 21.6% Concentrix Corporation [3] 16.6% IBEX Limited 13.6% TTEC Holdings, Inc. 12.2% Stockholm 10.0% Leverage (Net Debt to LTM Adjusted EBITDA) TDCX Inc. -2.0x IBEX Limited -0.8x TaskUs, Inc. 0.5x Stockholm 1.2x Teleperformance SE [2] 1.7x Concentrix Corporation [3] 2.0x TTEC Holdings, Inc. 2.6x TELUS International (Cda) Inc. 3.4x Liquidity (Current Ratio as of 9/14/23) TDCX Inc. 7.4 TaskUs, Inc. 2.8 IBEX Limited 2.2 Concentrix Corporation [3] 1.7 TTEC Holdings, Inc. 1.6 Teleperformance SE [2] 1.3 Stockholm 1.3 TELUS International (Cda) Inc. 1.3 Size (LTM Revenue, millions) Teleperformance SE [2] $8,712.5 Concentrix Corporation [3] $6,471.4 TELUS International (Cda) Inc. $2,598.0 TTEC Holdings, Inc. $2,484.4 TaskUs, Inc. $938.8 IBEX Limited $523.1 TDCX Inc. $503.6 Stockholm $371.1 Size [1] (Enterprise Value as of 9/14/23, millions) Teleperformance SE [2] $10,733.2 Concentrix Corporation [3] $5,960.0 TELUS International (Cda) Inc. $4,141.6 TTEC Holdings, Inc. $2,194.3 TaskUs, Inc. $1,039.8 TDCX Inc. $568.9 IBEX Limited $203.2 Stockholm [4] $169.9 LTM refers to the most recently completed 12-month period for which financial information has been made public. Sources: Bloomberg, Capital IQ, Company management and public filings. 25

Preliminary Selected Benchmarking Data (cont.) Note: No company shown for comparative purposes is identical to the Company. Consensus estimates from the majority of Wall Street analysts covering the company do not reflect pro forma results for the pending acquisition of Majorel Group Luxembourg S.A. announced on 4/26/23. As such, figures reflect financials for Teleperformance on a stand-alone basis. Consensus estimates from the majority of Wall Street analysts covering the company do not reflect pro forma results for the pending acquisition of Webhelp SAS announced on 3/29/23. As such, figures reflect financials for Concentrix on a stand-alone basis. IBEX Limited became a domestic filer (reporting financial results in accordance with U.S. GAAP, rather than IFRS) as of July 1, 2023; as such, CY 2020 to CY 2022 growth rates on a comparable basis are not available. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items. Historical & Projected Revenue Growth Historical & Projected EBITDA Growth Historical Growth (CY 2020 to CY 2022 Revenue) TaskUs, Inc. 41.7% TELUS International (Cda) Inc. 24.9% TDCX Inc. 23.6% Teleperformance SE [1] 19.3% Concentrix Corporation [2] 15.8% TTEC Holdings, Inc. 12.0% Stockholm -7.4% IBEX Limited [3] NA Projected Growth (CY 2022 to CY 2023E Revenue) TELUS International (Cda) Inc. 9.9% Concentrix Corporation [2] 4.3% IBEX Limited 3.5% TTEC Holdings, Inc. 2.4% Teleperformance SE [1] 2.4% TDCX Inc. 1.0% Stockholm -1.4% TaskUs, Inc. -5.7% Historical Growth (CY 2021 to CY 2022 Revenue) TaskUs, Inc. 26.3% TDCX Inc. 20.2% Teleperformance SE [1] 14.6% TELUS International (Cda) Inc. 12.5% IBEX Limited 8.5% TTEC Holdings, Inc. 7.5% Concentrix Corporation [2] 6.0% Stockholm -18.1% Projected Growth (CY 2023E to CY 2024E Revenue) TDCX Inc. 10.4% TELUS International (Cda) Inc. 8.3% Teleperformance SE [1] 7.7% Concentrix Corporation [2] 5.3% TTEC Holdings, Inc. 4.5% IBEX Limited 3.7% TaskUs, Inc. 2.6% Stockholm 1.5% Projected Growth (CY 2022 to CY 2023E Adjusted EBITDA) IBEX Limited 22.6% Teleperformance SE [1] 14.9% TELUS International (Cda) Inc. 9.6% Concentrix Corporation [2] 8.5% Stockholm -4.6% TTEC Holdings, Inc. -5.6% TaskUs, Inc. -6.2% TDCX Inc. -15.4% Historical Growth (CY 2020 to CY 2022 Adjusted EBITDA) TaskUs, Inc. 44.2% Concentrix Corporation [2] 28.8% Teleperformance SE [1] 28.8% TELUS International (Cda) Inc. 27.0% TDCX Inc. 20.6% TTEC Holdings, Inc. 1.5% Stockholm -5.2% IBEX Limited [3] NA Projected Growth (CY 2023E to CY 2024E Adjusted EBITDA) TELUS International (Cda) Inc. 17.7% TDCX Inc. 14.7% Teleperformance SE [1] 8.9% IBEX Limited 8.2% TTEC Holdings, Inc. 6.7% Concentrix Corporation [2] 6.3% Stockholm 5.4% TaskUs, Inc. 3.7% Historical Growth (CY 2021 to CY 2022 Adjusted EBITDA) IBEX Limited 21.3% Teleperformance SE [1] 21.1% TELUS International (Cda) Inc. 20.4% TaskUs, Inc. 18.8% Concentrix Corporation [2] 10.9% TDCX Inc. 9.8% TTEC Holdings, Inc. -8.1% Stockholm -18.7% CY refers to Calendar Year; E refers to Estimated; NA refers to not available. Sources: Bloomberg, Capital IQ, Company management and public filings. 26

0.0x 5.0x 10.0x 20.0x 17.8x 15.0x 25.0x Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Selected Companies Median [2] Mar-23 Jun-23 Sep-23 Selected Companies Historical Trading Multiples Enterprise Value to LTM Adjusted EBITDA (Last Two Years)1 Note: Multiples shown above are sourced directly from Capital IQ; as such, certain multiples may differ from figures shown on other pages. Excludes figures that are not available or not meaningful. Includes Concentrix Corporation; IBEX Limited; TaskUs, Inc.; TDCX Inc.; Teleperformance SE; TELUS International (Cda) Inc.; and TTEC Holdings, Inc. Based on median LTM adjusted EBITDA multiple. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, and Stock Option Expense, adjusted for certain non-recurring items. LTM refers to Latest 12 Months. Source: Capital IQ as of 9/14/23. Selected Companies 9/30/21 12/31/21 3/31/22 6/30/22 9/30/22 12/31/22 3/31/23 6/30/23 Low 7.1x 4.7x 5.7x 5.7x 6.4x 7.4x 6.8x 5.5x High 46.0x 40.8x 27.9x 16.3x 16.4x 12.2x 11.0x 10.7x Median 16.3x 18.5x 12.4x 9.8x 8.4x 10.0x 8.4x 6.9x Mean 21.5x 19.6x 14.9x 11.4x 10.4x 10.0x 8.7x 7.2x 6.0x Three-Month Average Six-Month Average One-Year Average Two-Year Average Selected Companies Median [2] 6.4x 7.0x 8.4x 10.9x 27

0.0x 5.0x 10.0x 20.0x 16.0x 15.0x 25.0x Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Selected Companies Median [2] Mar-23 Jun-23 Sep-23 Selected Companies Historical Trading Multiples (cont.) Enterprise Value to NTM Adjusted EBITDA (Last Two Years)1 Note: Multiples shown above are sourced directly from Capital IQ; as such, certain multiples may differ from figures shown on other pages. Excludes figures that are not available or not meaningful. Includes Concentrix Corporation; IBEX Limited; TaskUs, Inc.; TDCX Inc.; Teleperformance SE; TELUS International (Cda) Inc.; and TTEC Holdings, Inc. Based on median NTM adjusted EBITDA multiple. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, adjusted for certain non-recurring items. NTM refers to Next 12 Months. Source: Capital IQ as of 9/14/23. 5.4x Selected Companies 9/30/21 12/31/21 3/31/22 6/30/22 9/30/22 12/31/22 3/31/23 6/30/23 Low 5.2x 4.0x 4.7x 4.7x 5.1x 6.2x 5.9x 4.6x High 36.2x 26.2x 17.1x 11.9x 11.7x 9.2x 9.2x 8.4x Median 15.1x 16.2x 12.2x 8.2x 8.5x 8.6x 7.3x 6.0x Mean 16.7x 15.3x 11.5x 8.8x 8.5x 8.4x 7.7x 6.4x Three-Month Average Six-Month Average One-Year Average Two-Year Average Selected Companies Median [2] 5.8x 6.3x 7.7x 10.0x 28

Preliminary Selected Transactions Observations (dollars in millions) Transaction Value / LTM Adjusted NFY Adjusted Transaction LTM Adjusted NFY Adjusted EBITDA EBITDA Note: See following page for footnotes. Illustrative Synergy- Adjusted Metrics Transaction Value / LTM Adjusted NFY Adjusted 28 Announced Effective Target Acquiror Value [1] EBITDA [2] EBITDA [3] Margin % [2] Margin % [3] EBITDA [2] EBITDA [3] 4/26/2023 Pending Majorel Group Luxembourg S.A. Teleperformance SE $3,208.9 7.9x 7.9x 17.6% 16.6% 5.9x 5.9x [10] 3/29/2023 Pending Webhelp SAS Concentrix Corporation $4,793.5 12.1x 9.6x NA 16.7% [4] 9.3x 7.7x [11] 4/6/2022 10/31/2022 GRUPO KONECTANET, S.L.U. Comdata S.p.A. $2,201.5 6.7x NA 15.0% NA NA NA 12/28/2021 12/28/2021 Senture, LLC Teleperformance SE $400.0 10.5x NA 19.8% NA [5] NA NA 9/1/2021 9/1/2021 Unisono Solutions Group SL Intelcia Group S.A $236.0 8.0x NA 17.1% NA NA NA 6/18/2021 8/27/2021 Sykes Enterprises, Incorporated Sitel Worldwide Corporation $2,172.2 10.2x 10.2x 12.1% 11.5% NA NA 12/8/2020 1/8/2021 Everise Holdings Brookfield Business Partners L.P. $360.0 9.0x NA 13.3% NA [6] NA NA 9/22/2020 12/30/2020 Odigo SAS Apax Partners SAS (nka:Seven2 SAS) $351.3 11.5x NA NA NA NA NA 12/4/2019 1/31/2020 CCC Holding GmbH TELUS International (Cda) Inc. $1,010.2 9.8x NA 29.5% NA [7] NA NA 7/9/2019 11/19/2019 Webhelp SAS Groupe Bruxelles Lambert SA $2,693.9 NA 10.7x NA 15.0% [8] NA NA 8/9/2018 1/24/2019 TU TopCo, Inc. (nka:TaskUs, Inc.) The Blackstone Group L.P. $500.0 17.0x NA NA NA [9] NA NA 6/28/2018 10/5/2018 Convergys Corporation SYNNEX Corporation $2,663.7 7.5x 8.0x 12.9% 12.4% 5.3x 5.5x [12] 6/14/2018 10/4/2018 Intelenet Global Services Private Ltd. Teleperformance SE $1,000.0 12.0x NA 18.5% NA NA NA 3/15/2018 7/20/2018 CSP Alpha Midco Pte Ltd (dba: Aegis) StarTek, Inc. $366.9 9.7x NA 9.8% NA 5.4x NA [13] Low $236.0 6.7x 7.9x 9.8% 11.5% High $4,793.5 17.0x 10.7x 29.5% 16.7% Median $1,005.1 9.8x 9.6x 16.1% 15.0% Mean $1,568.4 10.2x 9.3x 16.6% 14.4%

Preliminary Selected Transactions Observations (cont.) 28 Note: No company used in this analysis for comparative purposes is identical to the Company, and no transaction used in this analysis for comparative purposes is identical to the Copenhagen Proposals. Note: Where available, stock-based compensation expense has been added back to adjusted EBITDA. Transaction Value refers to the implied enterprise value of target company, based on the announced transaction equity price and other public information available at the time of the announcement. Based on reported metric for the most recent LTM period prior to the announcement of the transaction, except where otherwise noted. Based on reported metric for the most recent NFY period prior to the announcement of the transaction. LTM period reflects $396 million of adjusted EBITDA from Wall Street equity research and NFY period reflects $500 million from press release at the time of announcement. EV/LTM adjusted EBITDA multiple is based on estimated 2021 adjusted EBITDA of $38 million noted by Teleperformance SE at the time the transaction was announced. Transaction Value based on figure reported in press release from Brookfield Business Partners L.P. LTM period reflects figures reported as of 12/31/19. News articles and Wall Street equity research at the time of announcement referenced NFY adjusted EBITDA of ~€210 million and ~€238 million, respectively. NFY adjusted EBITDA used for purposes of computing Transaction Value / NFY Adjusted EBITDA multiple reflects the average of the two reported figures. LTM EBITDA per news articles at the time of announcement, which reference adjusted EBITDA of ~$29 million as of 12/31/17. Reflects impact of estimated run-rate annual cost synergies ranging from ~$110 million to ~$165 million in connection with the transaction. Illustrative synergy-adjusted metrics reflect midpoint of range of cost synergy estimates. Reflects impact of $120 million in estimated run-rate annual cost synergies by the third full year after closing, in connection with the transaction. Reflects impact of $150 million in estimated run-rate annual cost synergies by the third full year after closing, in connection with the transaction. Reflects impact of $30 million in estimated adjusted EBITDA synergies in connection with the transaction. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items. EV refers to Enterprise Value. LTM refers to the most recently completed 12-month period for which financial information has been made public. NA refers to not available. NFY refers to Next Fiscal Year. Sources: Capital IQ, PitchBook, Refinitiv, public filings, press releases and Wall Street research.

Preliminary Discounted Cash Flow Analysis – Perpetual Growth Rate Note: Present values as of 9/20/23; mid-year convention applied. Represents six months of implied projected CY 2023E financial information, per Company management, unless otherwise noted. Stock-based compensation expense treated as cash outflow to approximate dilutive impact. Per Company management, annual run-rate stock-based compensation expense should approximate $1.5 million annually over the projection period. Reflects estimated actual cash taxes payable in applicable period, per Company management, except for 2023E, which reflects 6 months of implied projected information. In the terminal period, reflects illustrative estimated long term normalized tax rate of 26.5% based on midpoint of 25.0% to 28.0% range provided by Company management. Subject to further review, refinement, and information from Company management. Depreciation and Amortization expense is assumed to equal capital expenditures in the terminal period. Implied from corresponding discount rate and perpetual growth rate applied to terminal period unlevered free cash flow. Reflects sum of (i) ~$34.9 million of cash and cash equivalents as of 6/30/23 and ~$1.1 million of net book value of Argentina operations as of 6/30/23, less (ii) ~$78.9 million of total financial debt as of 6/30/23, per Company management and public filings. Computed as Implied Total Equity Value divided by the sum of (i) ~40.3 million shares of common stock as of 8/2/23 and (ii) ~2.2 million options to purchase common stock as of 7/25/23 (to the extent in the money, based on treasury method), per Company management. Does not include 9.0 million warrants to purchase common stock with a per share exercise price of $9.94 subject to vesting requirements linked to payments made to Amazon or its affiliates pursuant to a service contract. Adjusted EBIT refers to Earnings Before Interest and Taxes and Stock Option Expense, adjusted for certain non-recurring items. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; E refers to Estimated. LTM refers to the most recently completed 12-month period for which financial information has been made public; PV refers to Present Value; SBC refers to Stock-Based Compensation. Source: Company management. Implied E quity Value Per Share [7] Discount Rate 1.00% 2.00% 3.00% 11.00% $4.03 $4.41 $4.87 11.50% $3.80 $4.13 $4.54 12.00% $3.59 $3.89 $4.25 12.50% $3.40 $3.67 $3.99 13.00% $3.22 $3.46 $3.75 Projected Calendar Year Ending December 31, Terminal Value 2023E [1] 2024E 2025E 2026E 2027E 2028E Assumptions [4] $196.5 (dollars in millions, except per share values) Revenue Growth % $385.4 1.5% $395.4 2.6% $410.5 3.8% $426.3 3.9% $442.8 3.9% Present Value of Cash Flows (2023E - 2028E) $442.8 Implied 2028E Adjusted EBITDA Terminal Multiple [5] Direct Costs (119.4) (235.0) (239.6) (247.6) (256.0) (265.3) (265.3) Discount Rate 11.00% 1.00% 4.5x 2.00% 5.0x 3.00% 5.7x Indirect Costs (35.9) (70.9) (73.4) (76.4) (79.5) (82.7) (82.7) 11.50% 4.3x 4.8x 5.4x Selling, General and Administrative Expenses (20.4) (40.9) (41.9) (43.5) (45.2) (46.9) (46.9) 12.00% 4.1x 4.6x 5.1x Adjusted EBITDA $20.8 $38.7 $40.5 $43.0 $45.7 $48.0 $48.0 12.50% 3.9x 4.4x 4.9x Margin % 10.6% 10.0% 10.2% 10.5% 10.7% 10.8% 10.8% 13.00% 3.8x 4.2x 4.6x Depreciation & Amortization (13.5) (25.5) (27.1) (28.5) (30.2) (31.9) (17.7) Adjusted EBIT $7.3 $13.1 $13.4 $14.5 $15.5 $16.0 $30.3 Stock-Based Compensation [2] (0.7) (1.5) (1.5) (1.5) (1.5) (1.5) (1.5) Adjusted EBIT (less SBC) $6.5 $11.6 $11.9 $13.0 $14.0 $14.5 $28.8 PV of Terminal Value as a % of Enterprise Value Taxes [3] (0.2) (4.1) (4.3) (4.6) (4.9) (5.1) (7.6) Discount Rate 1.00% 2.00% 3.00% Unlevered Earnings $6.3 $7.5 $7.6 $8.5 $9.2 $9.4 $21.1 11.00% 60.5% 63.2% 66.1% Depreciation & Amortization 13.5 25.5 27.1 28.5 30.2 31.9 17.7 11.50% 59.0% 61.7% 64.5% Capital Expenditures (7.4) (15.4) (15.8) (16.4) (17.1) (17.7) (17.7) 12.00% 57.6% 60.2% 62.9% Change in Net Working Capital (4.2) (1.0) (0.8) (0.9) (1.0) (0.9) (0.9) 12.50% 56.3% 58.8% 61.4% Unlevered Free Cash Flows $8.2 $16.6 $18.1 $19.6 $21.3 $22.8 $20.3 13.00% 55.0% 57.4% 59.9% PV of Terminal Valu on Perpetual Growth 2028E Unlevered Free e Based Rate for Cash Flow Implied Enterprise Value Net Debt and Other Items [6] Implied Total Equit y Value Discount Rate 1.00% 2.00% 3.00% 1.00% 2.00% 3.00% 1.00% 2.00% 3.00% 11.00% $81.2 $124.2 $139.4 $158.4 $205.4 $220.6 $239.6 ($42.9) $162.5 $177.7 $196.6 11.50% $80.3 $115.8 $129.3 $145.9 $196.1 $209.6 $226.2 ($42.9) $153.2 $166.6 $183.2 12.00% $79.4 $108.2 $120.2 $134.9 $187.6 $199.6 $214.3 ($42.9) $144.7 $156.7 $171.4 12.50% $78.6 $101.3 $112.1 $125.1 $179.9 $190.6 $203.6 ($42.9) $136.9 $147.7 $160.7 13.00% $77.7 $95.1 $104.7 $116.3 $172.8 $182.5 $194.1 ($42.9) $129.8 $139.5 $151.1 28

04 04 SELECTED OTHER PROPOSAL CONSIDERATIONS

Overview of Initial Copenhagen Proposal & Indicative Revised Proposal Sources: Company management, public filings and the Copenhagen Proposals. 33 Unaffected stock prices refer to 1-day closing price and 30-day VWAPs of $2.86 and $2.88, respectively, as of 7/18/23, the last trading day prior to announcement of the Initial Copenhagen Proposal. Refer to the following page for certain details related to Enterprise Value and LTM 6/30/23, CY 2023E and CY 2024E adjusted EBITDA used to calculate implied Enterprise Value / adjusted EBITDA multiples shown above. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; CY refers to Calendar Year; E refers to Estimated. LTM refers to the most recently completed 12-month period for which financial information has been made public; VWAP refers to Volume-Weighted Average Price. On 7/18/23 the Stockholm Board of Directors received a non-binding proposal from Copenhagen to acquire all of the outstanding shares of Stockholm common stock not already owned by the Copenhagen Parties for cash consideration of $3.80 per share (the Initial Copenhagen Proposal, as defined herein). On 9/14/23, following discussions with the Committee, Copenhagen indicated a potential revision to its non-binding proposal (the Indicative Revised Proposal, as defined herein) reflecting increased cash consideration of $4.15 per share (reflecting a ~9% increase relative to the Initial Copenhagen Proposal). The Copenhagen Parties have indicated they are “not contemplating” selling their shares of Stockholm common stock or voting in favor of any alternative sale, combination or similar transaction involving Stockholm or substantially all of its assets. The Copenhagen Parties have indicated the transaction would not be subject to a financing condition and have noted the intent to finance a transaction with fully-committed equity capital from Copenhagen affiliates. Required diligence by the Copenhagen Parties includes business, accounting, tax, legal and insurance topics, among others. Implied Premiums to Unaffected Stock Price1 Implied Enterprise Value / Adjusted EBITDA Multiples2 1-Day Closing Price 30-Day VWAP LTM 6/30/23 CY 2023E CY 2024E Initial Proposal ($3.80) 32.9% 31.8% 5.2x 5.3x 5.1x Indicative Revised Proposal ($4.15) 45.1% 44.0% 5.6x 5.7x 5.4x

Indicative Revised Copenhagen Proposal Snapshot Selected Implied Multiples & Premium Information Indicative Revised Proposal – Preliminary Implied Financial Metrics (dollars and shares in millions, except per share values) Per the Indicative Revised Proposal. Per Company management. Reflects ~40.3 million basic shares outstanding as of 8/2/23. Reflects ~2.2 million options to purchase common stock as of 7/25/23 (to the extent in the money, based on treasury method). Does not include 9.0 million warrants to purchase common stock with a per share exercise price of $9.94 subject to vesting requirements linked to payments made to Amazon or its affiliates pursuant to a service contract. Per public filings. Reflects total principal amount, gross of debt discount and deferred financing costs; includes amounts outstanding under equipment loan. In connection with its financing of working capital, as of 6/30/23 the Company has certain outstanding agreements with Regions Bank pursuant to which the Company has sold certain receivables in exchange for cash. The factoring agreement is backed by 100% of collections on underlying receivables but is otherwise non-recourse. Total debt excludes receivable factoring balance of ~$16.3 million as of 6/30/23. Excludes restricted cash of ~$4.2 million, as of 6/30/23. Includes international cash balances of ~$31.0 million as of 6/30/23, which may potentially be subject to repatriation tax and/or other repatriation limitations, per Company management. Per Company management, the Company intends to exit its Argentina operations and has retained a financial advisor to assist with a sales process. Figures shown based on the net book value of Argentina operations of ~$1.1 million. Subject to further review, refinement and information from Company management. Intraday prices per Capital IQ. VWAP based on cumulative trading activity over designated number of trading days (based on intraday trading) per Bloomberg as of applicable date. Reflects trading information prior to announcement of the Initial Copenhagen Proposal. Reflects trading information since 7/19/23, following announcement of the Initial Copenhagen Proposal. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; CY refers to Calendar Year; E refers to Estimated. EV refers to Enterprise Value; LTM refers to the most recently completed 12-month period for which financial information has been made public; NA refers to not available; VWAP refers to Volume-Weighted Average Price. Indicative Revised Proposal – Implied Premiums / Discounts (dollars per share in actuals) Selected Metric [10] Trading Period 7/18/23 [11] 9/14/23 Since Initial Copenhagen Proposal (7/19/23) [12] NA $3.20 NA 29.8% 30-Day VWAP $2.88 $3.15 44.0% 31.8% 3-Month VWAP $3.04 $3.15 36.6% 31.7% 6-Month VWAP $3.43 $3.21 21.0% 29.2% 1-Year VWAP $3.56 $3.41 16.5% 21.7% 52-Week High Intraday Price (1/11/23) $4.53 $4.53 (8.4%) (8.4%) 52-Week Low Intraday Price (6/6/23) $2.64 $2.64 57.2% 57.2% Implied Premium of Indicative Revised Proposal 7/18/23 [11] 9/14/23 Selected Transaction Inform ation Per Share Cash Consideration [1] $4.15 1-Day Closing Price $2.86 -- 45.1% -- Common Shares Outstanding [2] [3] Dilutive Shares [2] [4] 40.3 0.0 5-Day VWAP $2.90 $3.21 43.2% 29.3% Fully-Diluted Shares 40.3 Implied Transaction Equity Value $167.4 10-Day VWAP $2.89 $3.19 43.8% 30.3% 20-Day VWAP $2.92 $3.09 42.0% 34.2% Total Debt as of 6/30/23 [5] [6] [7] Cash and Cash Equivalents as of 6/30/23 [5] [8] Net Value of Argentina Operations as of 6/30/23 [5] [9] 78.9 (34.9) (1.1) Implied Transaction Enterprise Value $210.3 Selected Implied Transaction Multiples Implied EV / Adjusted EBITDA Corresponding Implied Transaction Multiples Base Amount [2] Multiple LTM Ended 6/30/23 $37.6 5.6x CY 2023E $36.7 5.7x CY 2024E $38.7 5.4x Sources: Bloomberg, Capital IQ, Company management, the Copenhagen Proposals and public filings. 34

$0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $7.00 $6.79 $6.00 $10.00 $9.00 $8.00 Jul-18 Jan-20 Jul-20 Jan-21 Jul-21 Indicative Revised Proposal Price Jan-23 Jul-23 Jan-19 Jul-19 Stockholm Stock Price Jan-22 Jul-22 52 Week High 52 Week Low Reflects closing Stockholm stock price as of 9/14/23, per Capital IQ. Based on intraday prices. Indicative Revised Proposal Price: $4.15 12/20/21: Copenhagen submits take-private proposal based on a price of $5.40 8/9/22: Copenhagen submits revised proposal based on a price of $4.65 11/22/22: MCI launches tender offer to buy up to 4 million shares of common stock based on a price of $4.20 (which was completed 1/4/23) 7/18/23: Copenhagen submits new take-private proposal based on a price of $3.80 52-Week Intraday High2: $4.53 Sources: Capital IQ, public filings and the Indicative Revised Proposal. 35 52-Week Intraday Low2: $2.64 $3.151 (dollars per share in actuals) Selected Historical Trading Observations Since Reverse Merger Transaction (July 2018) 9/19/22: Copenhagen withdraws revised proposal Shaded areas denote periods during which Stockholm common stock was trading on an affected basis

-50% -60% -70% -80% -40% -30% 20% 10% 0% -10% -20% 30% 40% Jul-21 Sep-21 Mar-22 Nov-22 Jul-23 Nov-21 Jan-22 Stockholm 9/19/22: Withdrawal of Prior Revised Copenhagen Proposal May-22 Jul-22 Sep-22 Selected Companies [6] Jan-23 Mar-23 May-23 S&P 500 Index (Total Return) As of 7/18/23, the last trading day prior to announcement of the Initial Copenhagen Proposal. As of 9/14/23. Reflects total stockholder return (“TSR”) from 9/20/22 through 9/14/23. Reflects TSR from 1/5/23 through 9/14/23. Reflects TSR from 7/19/23 through 9/14/23. Includes Concentrix Corporation; IBEX Limited; TaskUs, Inc.; TDCX Inc.; Teleperformance SE; TELUS International (Cda) Inc.; and TTEC Holdings, Inc. 1/4/23: Expiration of MCI Tender Offer Total Stockholder Returns Selected Relative Total Stockholder Return Performance Observations 7/18/23: Initial Copenhagen Proposal made Total Stockholder Return Sources: Capital IQ as of 9/14/23 and public filings. 36 Stockholm Selected Companies [6] S&P 500 Index (Total Return) Unaffected for Copenhagen Proposal [1] Current [2] 2-Year 1-Year 2-Year Since Withdrawal of Prior Copenhagen Proposal [3] Since Expiration of MCI Tender Offer [4] Since Initial Copenhagen Proposal [5] -57.8% -12.5% -37.1% -10.5% -16.0% -3.7% -50.9% -32.2% -64.2% -42.0% -46.8% -20.7% 10.4% 21.0% 4.7% 18.8% 19.7% -1.0% Multiple sector participant IPOs in 2021 including Telus (2/21), TaskUs (6/21) and TDCX (10/21) On an unaffected basis1, Stockholm’s total shareholder return is -18.8% since the withdrawal of the prior revised Copenhagen proposal on 9/19/22 and -23.7% since the expiration of the MCI tender offer on 1/4/23

0.7% 5.0% 5.9% 38.0% 36.8% 6.6% 7.1% $2.80- $2.90 $2.90- $3.00 $3.00- $3.10 $3.10- $3.20 $3.20- $3.30 $3.30- $3.40 $3.40- $3.50 0.6% 12.4% 32.1% 18.4% 16.2% 12.0% 7.9% 0.4% $2.50- $2.75 $2.75- $3.00 $3.00- $3.25 $3.25- $3.50 $3.50- $3.75 $3.75- $4.00 $4.00- $4.25 $4.25- $4.50 0.9% 19.9% 36.8% 11.8% 5.6% 11.6% 0.7% $2.50- $2.75 $2.75- $3.00 $3.00- $3.25 $3.25- $3.50 $3.50- $3.75 $3.75- $4.00 $4.00- $4.25 $4.25- $4.50 1.2% Source: Bloomberg as of 9/14/23. 37 24.5% 45.4% 14.6% 5.5% 7.0% 1.6% 0.0% $2.50- $2.75 $2.75- $3.00 $3.00- $3.25 $3.25- $3.50 $3.50- $3.75 $3.75- $4.00 $4.00- $4.25 $4.25- $4.50 Selected Historical Stock Trading Activity Selected VWAP Information 1-Day VWAP 10-Day VWAP 20-Day VWAP 30-Day VWAP 60-Day VWAP 3-Month VWAP 6-Month VWAP 9-Month VWAP 12-Month VWAP $3.13 $3.19 $3.09 $3.15 $3.17 $3.15 $3.21 $3.39 $3.41 Last Six Months Since Withdrawal of Prior Copenhagen Proposal (9/19/22) Since Initial Copenhagen Proposal at $3.80/Share (7/18/23)5 Since Expiration of MCI Tender Offer (1/4/23) Based on VWAP over specified period (last six months, since expiration of MCI tender offer, since Initial Copenhagen Proposal, or since withdrawal of prior Copenhagen proposal). Reference to “month” is based on calendar months. VWAP in dollars per share. Public float calculated as total shares, less shares held by (i) Copenhagen; (ii) the Lebowitz Family (reflecting shares held by Steven and Deborah Lebowitz, as well as other family affiliates); (iii) MCI; (iv) A. Emmet Stephenson, Jr.; and (v) current and former directors and their affiliates (including Mukesh Sharda affiliates Advance Crest Investments Limited and Tribus Capital Limited). Based on Indicative Revised Proposal of $4.15 per share of common stock and selected VWAP volume information over specified period. Based on intraday VWAP information over specified period. Based on the closing price in one-hour intraday intervals as provided by Bloomberg and the amount of volume transacted during that intraday window. VWAP refers to Volume Weighted Average Price. Volume: 3.7 million (45.9% of public float)2 VWAP1: $3.21 Volume: 7.3 million (91.2% of public float)2 VWAP1: $3.41 Volume: 4.5 million (56.7% of public float)2 VWAP1: $3.37 Volume: 1.3 million (16.2% of public float)2 VWAP1: $3.20 High4: $4.05 Low4: $2.75 % of Volume Traded Above Indicative Revised Proposal3: 5.3% High4: $4.28 Low4: $2.75 12.7% % of Volume Traded Above Indicative Revised Proposal3: 0.0% % of Volume Traded Above Indicative Revised Proposal3: 3.3% High4: $4.28 Low4: $2.75 % of Volume Traded Above Indicative Revised Proposal3: 0.0% High: $3.47 Low: $2.87

$2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 $5.50 Stockholm Stock Price Copenhagen Proposal Price Tender Offer Price Reflects Copenhagen’s initial submission of a non-binding proposal to acquire the shares of Stockholm common stock it did not already own for $5.40 per share, announced on 12/20/21. Reflects Copenhagen’s revised non-binding proposal to acquire the shares of Stockholm common stock it did not already own for $4.65 per share, announced on 8/9/22. Reflects MCI’s tender offer to purchase up to 4 million shares of Company common stock based on a price of $4.20 per share, launched on 11/22/22. Reflects the Initial Copenhagen Proposal to acquire the shares of Company common stock it does not already own for $3.80 per share, announced on 7/18/23 after market close. Reflects the Indicative Revised Proposal to acquire the shares of Company common stock it does not already own for $4.15 per share being contemplated by Copenhagen. FY refers to Fiscal Year; Q refers to Quarter. Sources: Capital IQ, public filings and the Copenhagen Proposals. 38 Stockholm updates shareholders on Copenhagen proposal Copenhagen submits revised take-private proposal based on a price of $4.65 Stockholm reports Q4 and FY 2021 earnings Stockholm reports Q1 2022 earnings Prior Initial Copenhagen Proposal Price: $5.40¹ Prior Revised Copenhagen Proposal Price: $4.65² The Special Committee rejects Copenhagen’s revised proposal and Copenhagen subsequently withdraws Copenhagen submits take- private proposal based on a price of $5.40 MCI launches tender offer to buy up to 4 million shares of common stock based on a price of $4.20 MCI completes its tender offer, acquiring ~2.9 million shares for total cash of ~$12.4 million MCI Tender Offer Price: $4.203 Stockholm reports Q2 2022 earnings Stockholm reports Q3 2022 earnings Initial Copenhagen Proposal Price: $3.804 Copenhagen submits new take-private proposal based on a price of $3.80 Stockholm reports Q4 and FY 2022 earnings Stockholm reports Q1 2023 earnings Stockholm reports Q2 2023 earnings Stockholm Stock Price vs. Prior Copenhagen Take-Private Proposal Prices, MCI Tender Offer Price & Current Copenhagen Proposal Prices (dollars per share in actuals) $6.00 Selected Historical Stock Trading Activity (cont.) Timeline and Stock Trading History Detail (Since December 2021) Indicative Revised Proposal Price: $4.155

Selected Wall Street Analyst Perspectives Based on closing Stockholm per share common stock price of $3.15 as of 9/14/23. Per Barrington Research note, price target assumes “an industry average multiple on forward adjusted EBITDA a year from now” based on CY 2023E and CY 2024E EV / adjusted EBITDA multiples of 6.4x and 5.9x, respectively. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation, Amortization and Stock Option Expense, adjusted for certain non-recurring items. CY refers to Calendar Year; E refers to Estimated; EV refers to Enterprise Value. (dollars in millions, except per share values) Summary Analyst Outlook Median / Mean $4.75 50.8% $377.6 $398.2 $37.2 $41.8 Broker Date Recommendation Price Target Premium / (Discount)1 CY 2023E CY 2024E CY 2023E CY 2024E Valuation Methodology 8/11/23 Outperform $5.50 74.6% $378.1 $398.9 $37.1 $41.9 5.9x CY 2024E Adjusted EBITDA2 8/11/23 Buy $4.00 27.0% $377.0 $397.5 $37.2 $41.8 5.5x CY 2023E Adjusted EBITDA Revenue Adjusted EBITDA Each covering Wall Street equity research analyst most recently published a note following earnings in August 2023 Sources: Capital IQ and Wall Street equity research. 39

$14.00 $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 Sep-18 Mar-19 Sep-19 Mar-21 Sep-22 Mar-23 Sep-23 Mar-20 Sep-20 Consensus Price Target [1] Sep-21 Mar-22 Stockholm Trading Price Selected Wall Street Analyst Perspectives (cont.) Reflects the average price target from Wall Street analysts covering the Company. Reflects current closing Stockholm stock price as of 9/14/23, per Capital IQ. CY refers to Calendar Year; H refers to Half; Q refers to Quarter. Stockholm Consensus Price Target History1 (Last Five Years) (dollars per share in actuals) Highest Average Stock Price Target (Sept 2021 – Oct 2021): $11.50 Lowest Average Stock Price Target (August 2023 – Current): $4.75 Selected Commentary ̋ Sales execution was solid in Q2 CY 2023 as Stockholm secured four new logos that will be delivered in offshore geographies (higher margin), but management noted that a volatile macro environment has elongated sales cycles and delayed decision-making among existing and potential new clients. The challenging macro backdrop is expected to weigh on H2 CY 2023 revenue performance as management expects the ramp in Q3 and Q4 to be more muted than in prior years. […] Considering the subdued macro environment and the potential challenges that the advancements in generative AI present to Stockholm and the broader business process management industry, we believe that going private is likely the best route for Stockholm.” – B. Riley Securities, 8/11/23 While there have been quite a few moving pieces over the past year or so, we believe the company is on the right path towards profitable growth and delivering sustainable value to shareholders. We continue to be intrigued by the available runway in the global CX outsourcing market ($100 billion in 2021), the company’s high-growth verticals, a higher mix of nearshore and offshore delivery (driving gross margin expansion) and its recently strengthened balance sheet. […] While the company does not provide guidance, management cautioned that it is seeing near-term headwinds related to persistent global macroeconomic uncertainty, which is leading to longer sales cycles and delayed decision making with current and potential clients. However, with cost reduction being at the forefront of many discussions with customers, management believes the investments it has made to expand its nearshore and offshore services, which can reduce a company’s expenses while enhancing the overall customer experience, positions the company well to capitalize on the opportunity in the long term. – Barrington Research, 8/11/23 ̋ Sources: Bloomberg, Capital IQ and Wall Street equity research. 40 $4.75 $3.152

Public Ownership Summary & Trading Observations (shares outstanding in millions) Note: Does not reflect share acquisitions or disposals not publicly disclosed as of 9/14/23. Note: Ownership summary reflects Copenhagen’s holdings in the Company as well as all holders who own more than 1% of the Non-Copenhagen shares outstanding. Includes shares held by Steven and Deborah Lebowitz, as well as other family affiliates. Affiliate of Stockholm director and Copenhagen affiliate Mukesh Sharda, who possesses a 50% ownership interest per public filings. Affiliate of Stockholm director and Copenhagen affiliate Mukesh Sharda, who possesses a two-thirds ownership interest per public filings. Reflects total shares of Company common stock outstanding as of 8/2/23 per the Company's Form 10-Q for the period ended 6/30/23. NA refers to Not Applicable. Selected Stockholm Trading Statistics 90 Days Preceding Announcement of Initial Copenhagen Proposal (7/18/23) Average Daily Trading Volume (shares in thousands) 29.2 Average Daily Trading Value (dollars in thousands) $87.3 Since Announcement of Initial Copenhagen Proposal Average Daily Trading Volume (shares in thousands) 40.1 Average Daily Trading Value (dollars in thousands) $128.4 Voting Interest % of Non-Copenhagen Holder Shares % Outstanding Holdings Copenhagen 22.6 56.0% NA Lebowitz Family [1] 3.1 7.8% 17.7% MCI 3.0 7.4% 16.7% A. Emmet Stephenson Jr. 2.9 7.2% 16.4% Renaissance Technologies LLC 0.5 1.3% 3.1% Bridgeway Capital Management, LLC 0.5 1.2% 2.7% The Vanguard Group, Inc. 0.5 1.1% 2.6% BlackRock, Inc. 0.3 0.8% 1.7% Advance Crest Investments Limited [2] 0.3 0.7% 1.5% Tribus Capital Limited [3] 0.2 0.5% 1.2% Other Current / Former Directors and Executive Officers 0.3 0.7% 1.6% Other Shareholders 6.2 15.3% 34.7% Total [4] 40.3 100.0% 100.0% Sources: Capital IQ and public filings as of 9/14/23. 41

Recent Stockholm Trading Activity by Shareholder Largest Shareholders (Excluding Copenhagen) (dollars and shares in actuals) Note: Net Shares Added / (Deducted) is shown through Q2 CY 2023. Note: Reflects all holders who own more than 1% of the Non-Copenhagen shares outstanding. Includes shares held by Steven and Deborah Lebowitz, as well as other family affiliates. Reflects net shares added by Lebowitz Family during CY 2021 (information not reported on a quarterly basis). Reflects net shares added by Lebowitz Family during CY 2022 (information not reported on a quarterly basis). Affiliate of Stockholm director and Copenhagen affiliate Mukesh Sharda, who possesses a 50% ownership interest per public filings. Affiliate of Stockholm director and Copenhagen affiliate Mukesh Sharda, who possesses a two-thirds ownership interest per public filings. CY refers to Calendar Year; Q refers to Quarter; VWAP refers to Volume-Weighted Average Price. [2] Stockholder Sources: Bloomberg, Capital IQ and public filings as of 9/14/23. 42 Latest % of Shareholdings Non-Copenhagen Q4 CY 2021 Q1 CY 2022 Q2 CY 2022 Q3 CY 2022 Q4 CY 2022 Q1 CY 2023 Q2 CY 2023 Lebowitz Family [1] 3,132,615 17.7% 378,089 [2] - - - 168,873 [3] - - % of Holdings Traded 14.6% 0.0% 0.0% 0.0% 5.7% 0.0% 0.0% MCI 2,970,246 16.7% - - - - - 2,970,246 - % of Holdings Traded 0.0% 0.0% 0.0% 0.0% 0.0% New Position 0.0% A. Emmet Stephenson Jr. 2,914,382 16.4% - - - - - - - % of Holdings Traded 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Renaissance Technologies LLC 543,500 3.1% (109,900) (26,900) 1,800 (57,300) (37,500) (8,100) (3,000) % of Holdings Traded (14.0%) (4.0%) 0.3% (8.8%) (6.3%) (1.5%) (0.5%) Bridgeway Capital Management, LLC 487,628 2.7% 13,000 - 63,762 - 21,000 (159,655) 190,821 % of Holdings Traded 3.6% 0.0% 17.2% 0.0% 4.8% (35.0%) 64.3% The Vanguard Group, Inc. 463,011 2.6% (273,793) 123 (70,821) 7,500 96,814 71,540 (241,220) % of Holdings Traded (31.4%) 0.0% (11.8%) 1.4% 18.1% 11.3% (34.3%) BlackRock, Inc. 307,458 1.7% (23,224) (31,108) (820,654) (10,165) 524 441 1,698 % of Holdings Traded (2.0%) (2.7%) (72.3%) (3.2%) 0.2% 0.1% 0.6% Advance Crest Investments Limited [4] 274,064 1.5% - - - - - - - % of Holdings Traded 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Tribus Capital Limited [5] 206,814 1.2% - - - - - - - % of Holdings Traded 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% VWAP During Quarter $5.22 $4.70 $3.51 $3.60 $3.53 $3.99 $3.14 High Closing Stock Price During Quarter $6.25 $5.26 $4.52 $4.24 $3.97 $4.40 $3.76 Low Closing Stock Price During Quarter $3.83 $3.82 $2.84 $2.62 $3.06 $3.52 $2.67 Shares acquired through tender offer at $4.20 per share (with ~75% subscription rate)

Illustrative Implied Premiums & Multiples Information Sources: Bloomberg, Capital IQ, public filings and Company management as of 9/14/23. 43 Reflects the last trading day prior to announcement of the Initial Copenhagen Proposal. Based on intraday prices. Enterprise value information per Company management and public filings. LTM adjusted EBITDA information per public filings. Enterprise value information per Company management and public filings. CY 2023E and CY 2024E adjusted EBITDA information per Company management. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation, Amortization and Stock Option Expense, adjusted for certain non-recurring items. CY refers to Calendar Year. E refers to Estimated. EV refers to Enterprise Value. LTM refers to the most recently completed 12-month period for which financial information has been made public. VWAP refers to Volume Weighted Average Price. (dollars in millions, except per share values) Note: The calculations and sensitivities shown are provided for illustrative purposes only and are not intended to be indicative of or provide any conclusions regarding valuation. Per Share Common Stock Price $4.15 $4.20 $4.25 $4.30 $4.35 $4.40 $4.45 $4.50 Implied Premiums / (Discounts): Metric: 7/18/23 Unaffected Stock Price [1] $2.86 45.1% 46.9% 48.6% 50.3% 52.1% 53.8% 55.6% 57.3% 10-Day VWAP $3.19 30.3% 31.8% 33.4% 35.0% 36.5% 38.1% 39.7% 41.3% 20-Day VWAP $3.09 34.2% 35.8% 37.5% 39.1% 40.7% 42.3% 43.9% 45.5% 30-Day VWAP $3.15 31.8% 33.4% 35.0% 36.5% 38.1% 39.7% 41.3% 42.9% 3-Month VWAP $3.15 31.7% 33.3% 34.9% 36.5% 38.1% 39.7% 41.3% 42.9% VWAP Since Expiration of MCI Tender Offer (1/4/23) $3.37 23.1% 24.6% 26.1% 27.6% 29.1% 30.6% 32.0% 33.5% VWAP Since Withdrawal of Prior Copenhagen Proposal (9/19/22) $3.41 21.7% 23.2% 24.7% 26.1% 27.6% 29.1% 30.5% 32.0% VWAP Since Initial Copenhagen Proposal (7/18/23) [1] $3.20 29.8% 31.3% 32.9% 34.4% 36.0% 37.6% 39.1% 40.7% 52-Week High (1/11/23) [2] $4.53 (8.4%) (7.3%) (6.2%) (5.1%) (4.0%) (2.9%) (1.8%) (0.7%) 52-Week Low (6/6/23) [2] $2.64 57.2% 59.1% 61.0% 62.9% 64.8% 66.6% 68.5% 70.4% Initial Copenhagen Proposal $3.80 9.2% 10.5% 11.8% 13.2% 14.5% 15.8% 17.1% 18.4% Implied Multiples: Implied EV / LTM Adjusted EBITDA (6/30/23) [3] $37.6 5.6x 5.6x 5.7x 5.8x 5.8x 5.9x 5.9x 6.0x Implied EV / CY 2023E Adjusted EBITDA [4] $36.7 5.7x 5.8x 5.8x 5.9x 6.0x 6.0x 6.1x 6.1x Implied EV / CY 2024E Adjusted EBITDA [4] $38.7 5.4x 5.5x 5.5x 5.6x 5.7x 5.7x 5.8x 5.8x Illustrative Per Share Price

Illustrative Cost to Copenhagen Information Does not include transaction costs and expenses and assumes purchase of only the 17.7 million shares outstanding not owned by Copenhagen. Per the Initial Copenhagen Proposal. Implied Incremental Costs to Copenhagen at Illustrative Per Share Prices (dollars in millions, except per share values) Illustrative Per Share Price Every $0.05 increase results in ~$0.9 million of incremental outlay from Copenhagen Every $0.10 increase results in ~$1.75 million of incremental outlay from Copenhagen Sources: Company management, public filings and the Initial Copenhagen Proposal. 44 Note: The calculations and sensitivities shown are provided for illustrative purposes only and are not intended to be indicative of or provide any conclusions regarding valuation. $3.80 $4.15 $4.20 $4.25 $4.30 $4.35 $4.40 $4.45 $4.50 Aggregate Cost to Copenhagen1 $67.4 $73.6 $74.5 $75.4 $76.3 $77.1 $78.0 $78.9 $79.8 Incremental Cost to Copenhagen1 - $6.2 $7.1 $8.0 $8.9 $9.8 $10.6 $11.5 $12.4 Premium to Intial Copenhagen Proposal2 - 9.2% 10.5% 11.8% 13.2% 14.5% 15.8% 17.1% 18.4%

05 05 APPENDIX

05 05 APPENDIX Financial Projections Comparison

$35.3 $44.7 $53.0 $62.3 $68.8 NA NA $38.5 $36.7 $38.7 $40.5 $43.0 $45.7 $48.0 CY 2024E CY 2025E August 2022 Adj. EBITDA Margin CY 2026E August 2023 Projections $390.8 $427.9 $462.2 $496.4 $532.9 NA NA $385.1 $379.8 $385.4 $395.4 $410.5 $426.3 $442.8 CY 2024E CY 2025E August 2022 YoY Revenue Growth CY 2026E Selected Comparison of Current vs. Prior Management Projections August 2022 Projections vs. August 2023 Projections Note: The August 2022 Projections were prepared by Company management in connection with the previous Copenhagen take-private process in August 2022. Note: For illustrative purposes, the August 2022 figures shown above reflect consolidated financials, less results in Saudi Arabia and Argentina reflecting discontinued operations or assets held for sale. 1. August 2023 projections represent actual results in CY 2022. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; CAGR refers to Compound Annual Growth Rate. CY refers to Calendar Year; E refers to Estimated; NA refers to not available; YoY refers to Year-over-Year. Revenue Projections Comparison (dollars in millions) Adjusted EBITDA Projections Comparison (dollars in millions) (16.9%) (18.1%) 9.5% (1.4%) 8.0% 1.5% 7.4% 2.6% 7.4% 3.8% August 2023 Projections CY 2022E¹ CY 2023E August 2022 Projections CY 2027E CY 2028E August 2023 YoY Revenue Growth 9.0% 10.0% 10.4% 9.7% 11.5% 10.0% 12.5% 10.2% 12.9% 10.5% CAGRs Aug. ’22 CAGRs Aug. ‘23 2022E – 2026E 8.1% 2022 – 2028E 2.4% 2023E – 2026E 7.6% 2023E – 2028E 3.1% CAGRs Aug. ’22 CAGRs Aug. ‘23 2022E – 2026E 18.2% 2022 – 2028E 3.8% 2023E – 2026E 15.5% 2023E – 2028E 5.5% 3.9% 3.9% 10.7% 10.8% CY 2022E¹ CY 2023E August 2022 Projections CY 2027E CY 2028E August 2023 Adj. EBITDA Margin Source: Company management. 47

Revenue Growth August 2022 Projections: CY 2022E-CY 2026E Revenue CAGR of 8.1% August 2023 Projections: CY 2023E-CY 2028E Revenue CAGR of 3.1% Difference driven primarily by less new business revenue in August 2023 projections Variable Margin Expansion August 2022 Projections: Variable margins expand from 38.6% in CY 2022E to 40.5% in CY 2026E August 2023 Projections: Variable margins expand from 38.3% in CY 2023E to 40.1% in CY 2028E Difference driven primarily by specific client contract assumptions and variances in delivery mix Indirect Costs1 August 2022 Projections: Indirect costs (ex. rent) as % of revenue decrease from 14.3% in CY 2022E to 13.6% in CY 2023E and 13.6% in CY 2026E August 2023 Projections: Indirect costs (ex. rent) as % of revenue increase from 13.1% in CY 2023E to 13.5% in CY 2028E Methodology substantially similar – indirect costs generally projected as % of revenue directionally consistent with CY 2023E levels, except for rent expense, which is based on contractual escalators Selling, General & Administrative Expense (“SG&A”) August 2022 Projections: SG&A as % of revenue averages ~10.1% throughout projection period August 2023 Projections: SG&A as % of revenue averages ~10.6% throughout projection period Methodology substantially similar – SG&A expense as % of revenue over projection period directionally consistent with CY 2023E levels Capital Expenditures (“CapEx”) August 2022 Projections: CapEx assumed to be $23 million in CY 2022E (5.9% of revenue), $25 million in CY 2023E (5.8% of revenue), then $20 million annually thereafter (~3.75%-4.25% of revenue) August 2023 Projections: CapEx assumed to be ~4% of revenue throughout projection period, with high annual spend ($17.7 million in CY 2028E) below $20 million Higher CapEx spend level assumed on an absolute basis in August 2022 projections relative to August 2023 projections and directionally similar on an overall % of revenue basis Source: Company management. 47 Overview of Selected Changes Relative to Prior Management Projections 1. Indirect costs include center support expenses, rent expense, technology and telecom expenses, and other facility expenses. CAGR refers to Compound Annual Growth Rate; CY refers to Calendar Year; E refers to Estimated.

FY 2022E FY 2023E FY 2024E Median (3.2%) (7.8%) (12.6%) Mean (5.0%) (9.8%) (15.5%) 3.3% NA (1.0%) (4.3%) Concentrix [1] (0.0%) (3.5%) (5.8%) IBEX [2] (3.2%) (25.5%) (37.4%) TaskUs (14.4%) (21.6%) (24.7%) TDCX (1.9%) (2.8%) Teleperformance [3] (4.0%) (7.8%) (12.7%) TELUS International (5.6%) (11.1%)(12.5%) TTEC Holdings (1.5%) (11.3%) (16.6%) Stockholm [4] Selected Changes to Consensus Wall Street Estimates August 2022 vs. Current Note: For FY 2023E and FY 2024E, reflects YoY change in consensus estimates as of 9/14/23 compared to consensus estimates as of 8/1/22. For FY 2022E, reflects change in actual FY 2022 results compared to consensus estimates as of 8/1/22. Consensus estimates from the majority of Wall Street analysts covering the company do not reflect pro forma results for the pending acquisition of Webhelp SAS announced on 3/29/23. As such, figures reflect estimates for Concentrix on a stand-alone basis. As of 7/1/23, IBEX became a domestic filer and reports financial results in accordance with U.S. GAAP. The company previously reported financial results in accordance with IFRS; as such, the changes in consensus estimates for IBEX may be less applicable. Consensus estimates from the majority of Wall Street analysts covering the company do not reflect pro forma results for the pending acquisition of Majorel Group Luxembourg S.A. announced on 4/26/23. As such, figures reflect estimates for Teleperformance on a stand-alone basis. Reflects comparison of August 2022 management projections vs. August 2023 management projections for Stockholm. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items. E refers to Estimated; FY refers to Fiscal Year; NA refers to not available; YoY refers to Year-over-Year. Selected Companies Revenue Estimates Selected Companies Adjusted EBITDA Estimates FY 2022E YoY Change (3.2%) (1.8%) (19.2%) 7.7% (1.8%) (14.2%) 9.1% (0.9%) (4.7%) (26.4%) (23.1%) 1.5% (19.5%) NA (12.3%)(11.4%) (38.6%) (28.1%) 1.9% (14.4%) (24.7%) Concentrix [1] IBEX [2] TaskUs TDCX Teleperformance [3] FY 2023E YoY Change (29.1%) TELUS International TTEC Holdings FY 2024E YoY Change (17.9%) (27.0%) Stockholm [4] FY 2022E FY 2023E FY 2024E Median (1.8%) (19.5%) (19.6%) Mean (4.8%) (16.2%) (19.2%) Sources: Bloomberg, Company management and public filings. 49

06 05 APPENDIX Supplemental Historical Financial Information

$470.2 ($99.1) $39.3 $24.0 ($54.7) $379.8 2021 Revenue Key Client Churn [1] New Logos 2022-2023 [2] Net Changes at Top 20 Clients [3] Other Churn and Net Shrinkage 2023E Revenue Selected Stockholm Revenue Observations Reflects clients that have contributed at least $15 million of annual revenue in recent years that have subsequently exited. Reflects 2023E revenue contributions from new logos with initial revenue contributions in 2022 or 2023E. Net changes at top 20 clients reflects net revenue changes between 2021 and 2023E for the Company's current Top 20 Clients (as identified by Company management in the financial projections prepared in August 2023), excluding New Client A and New Client N (which are already captured in New Logos). CY 2021 – CY 2023E Revenue Bridge (dollars in millions) Reflects ~$43mm revenue contribution from Client C, ~$36mm revenue contribution from Client M, and ~$20mm revenue contribution from Client A 2023E revenue contributions from Top 20 Clients New Client A (~$21mm) and New Client N (~$8mm) are incorporated in New Logos total CY refers to Calendar Year; E refers to Estimated. Source: Company management. 51

$47.3 ($17.4) $11.2 ($15.0) $11.0 ($0.3) $36.7 CY 2021 Key Client Variable Profit Net Other Changes Indirect Cost Net Change in CY 2023E Adjusted EBITDA Churn [1] from New Logos in Variable Profit Savings SG&A Adjusted EBITDA Selected Stockholm Adjusted EBITDA Observations Note: Financials shown above are based on figures used for internal reporting and exclude impact of certain non-recurring / non-operating items, per Company management. As such, figures may not tie exactly to figures in the Company’s public filings. Reflects clients that have contributed at least $15 million of annual revenue in recent years that have subsequently exited. Includes variable profit declines at Subsidiary R and Subsidiary Z, which are both subsidiaries of Client A. Does not reflect impact of non-recurring SG&A costs. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items. CY 2021 – CY 2023E EBITDA Bridge (dollars in millions) Includes variable profit contributions of ~$7mm from New Client A and ~$1mm from New Client N Reflects ~$6.1 million related to Client C, ~$3.4 million related to Client M, and ~$7.9 million related to Client A2 ($21.3) Aggregate Change to Variable Profit Reflects savings primarily related to streamlining of facilities footprint & IT expenses in the U.S. and the Philippines SG&A costs generally flat as investments in sales, marketing & digital are offset by reductions in HR/finance/headquarters3 CY refers to Calendar Year; E refers to Estimated; SG&A refers to Selling, General & Administrative; Variable Profit refers to revenue, minus direct costs. Source: Company management. 52

06 05 APPENDIX Premiums Paid Observations

Preliminary Illustrative Selected Premiums Paid Observations Preliminary Selected Transactions Note: No company shown above for comparative purposes is identical to the Company, and no transaction shown above for comparative purposes is identical to the Copenhagen Proposals. Based on closing stock price data, per Capital IQ. Represents number of trading day(s) prior to announcement. Represents the premia of the Indicative Revised Proposal price above the unaffected price prior to the announcement of the Initial Copenhagen Proposal. NA refers to not available. Sources: Public filings, Capital IQ and the Copenhagen Proposals. Implied Premiums Paid [1] Announced Target Acquiror 1-Day [2] 5-Day [2] 1-Month 4/26/2023 Majorel Group Luxembourg S.A. Teleperformance SE 43.2% 53.1% 54.5% 3/29/2023 Webhelp SAS Concentrix Corporation NA NA NA 4/6/2022 GRUPO KONECTANET, S.L.U. Comdata S.p.A. NA NA NA 12/28/2021 Senture, LLC Teleperformance SE NA NA NA 9/1/2021 Unisono Solutions Group SL Intelcia Group S.A NA NA NA 6/18/2021 Sykes Enterprises, Incorporated Sitel Worldwide Corporation 31.2% 29.2% 31.2% 12/8/2020 Everise Holdings Brookfield Business Partners L.P. NA NA NA 12/4/2019 CCC Holding GmbH TELUS International (Cda) Inc. NA NA NA 9/22/2020 Odigo SAS Apax Partners SAS (nka:Seven2 SAS) NA NA NA 7/9/2019 Webhelp SAS Groupe Bruxelles Lambert SA NA NA NA 8/9/2018 TU TopCo, Inc. (nka:TaskUs, Inc.) The Blackstone Group L.P. NA NA NA 6/28/2018 Convergys Corporation SYNNEX Corporation 10.4% 8.9% 12.3% 6/14/2018 Intelenet Global Services Private Ltd. Teleperformance SE NA NA NA 3/15/2018 CSP Alpha Midco Pte Ltd (dba: Aegis) StarTek, Inc. NA NA NA Low High Median Mean 10.4% 43.2% 31.2% 28.3% 8.9% 53.1% 29.2% 30.4% 12.3% 54.5% 31.2% 32.7% 7/18/2023 Stockholm [3] Copenhagen 44.6% 45.6% 40.7% 54

Preliminary Illustrative Selected Premiums Paid Observations (cont.) All U.S. Transactions Over $100 Million Average One-Day Prior Acquisition Premiums 35% 28% 28% 32% 34% 33% 42% 42% 2016 2017 2018 2019 2020 2021 2022 1H '23 30% 25% 27% 26% 27% 34% 34% 32% 2016 2017 2018 2019 2020 2021 2022 1H '23 29% 33% 25% 38% 31% 26% 33% 47% 2016 2017 2018 2019 2020 2021 2022 1H '23 2016 2017 2018 2019 2020 2021 2022 1H '23 2016 2017 2018 2019 2020 2021 2022 1H '23 2016 2017 2018 2019 2020 2021 2022 1H '23 Note: Premiums are relative to target share prices one day and four weeks prior to announcement for deals with U.S. targets valued at more than $100 million. Excludes terminated transactions, ESOPs, self-tenders, spinoffs, share repurchases, minority-interest transactions, exchange offers, recapitalizations, and restructurings. Excludes negative premiums and premiums more than 100%. CY refers to Calendar Year; H refers to Half. Source: Refinitiv as of 6/30/23. Average Four-Week Prior Acquisition Premiums 39% 30% 30% 36% 40% 35% 47% 49% T R A N S A C T IO N S B E LO W $ 1 B ILLIO N T R A NS A C T I O NS BE T W E E N $ 1 BI L L I O N A ND T R A N S A C T IO N S A B O V E $ 1 0 B ILLIO N $ 1 0 B ILLIO N T R A N S A C T IO N S B E LO W $ 1 B ILLIO N T R A NS A C T I O NS BE T W E E N $ 1 BI L L I O N A ND $ 1 0 B ILLIO N T R A N S A C T IO N S A B O V E $ 1 0 B ILLIO N 37% 30% 29% 29% 35% 38% 43% 36% 29% 54 33% 28% 34% 46% 34% 35% 58%

05 05 APPENDIX Supplemental Preliminary Selected Benchmarking Data

Supplemental Preliminary Selected Benchmarking Data Note: No company shown for comparative purposes is identical to the Company. Consensus estimates from the majority of Wall Street analysts covering the company do not reflect pro forma results for the pending acquisition of Webhelp SAS announced on 3/29/23. As such, figures reflect financials for Concentrix on a stand-alone basis. Consensus estimates from the majority of Wall Street analysts covering the company do not reflect pro forma results for the pending acquisition of Majorel Group Luxembourg S.A. announced on 4/26/23. As such, figures reflect financials for Teleperformance on a stand-alone basis. CY refers to Calendar Year; E refers to Estimated. Sources: Bloomberg, Capital IQ, Company management and public filings. Internal Investment Internal Investment (CY 2024E Capital Expenditures to CY 2024E Revenue) TTEC Holdings, Inc. 3.5% IBEX Limited 3.8% Teleperformance SE [2] 3.9% TELUS International (Cda) Inc. 4.0% Stockholm 4.0% TDCX Inc. 4.0% Concentrix Corporation [1] 4.2% TaskUs, Inc. 5.2% Internal Investment (CY 2023E Capital Expenditures to CY 2023E Revenue) Concentrix Corporation [1] 2.2% TTEC Holdings, Inc. 3.2% TELUS International (Cda) Inc. 3.6% IBEX Limited 3.7% Teleperformance SE [2] 3.7% Stockholm 3.9% TDCX Inc. 4.2% TaskUs, Inc. 4.3% Internal Investment (LTM Capital Expenditures to LTM Revenue) Concentrix Corporation [1] 2.2% TaskUs, Inc. 3.1% Teleperformance SE [2] 3.2% TTEC Holdings, Inc. 3.3% TELUS International (Cda) Inc. 3.6% IBEX Limited 3.6% TDCX Inc. 3.7% Stockholm 3.9% 57

06 06 DISCLAIMER

Disclaimer 59 This presentation, and any supplemental information (written or oral) or other documents provided in connection therewith (collectively, the “materials”), are provided solely for the information of the Special Committee (the “Committee”) of the Board of Directors (the “Board”) of Stockholm (the “Company”) by Houlihan Lokey in connection with the Committee’s consideration of a potential transaction (the “Transaction”) involving the Company. This presentation is incomplete without reference to, and should be considered in conjunction with, any supplemental information provided by and discussions with Houlihan Lokey in connection therewith. Any defined terms used herein shall have the meanings set forth herein, even if such defined terms have been given different meanings elsewhere in the materials. The materials are for discussion purposes only. Houlihan Lokey expressly disclaims any and all liability, whether direct or indirect, in contract or tort or otherwise, to any person in connection with the materials. The materials were prepared for specific persons familiar with the business and affairs of the Company for use in a specific context and were not prepared with a view to public disclosure or to conform with any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and none of the Committee, the Company or Houlihan Lokey takes any responsibility for the use of the materials by persons other than the Committee. The materials are provided on a confidential basis solely for the information of the Committee and may not be disclosed, summarized, reproduced, disseminated or quoted or otherwise referred to, in whole or in part, without Houlihan Lokey’s express prior written consent. Notwithstanding any other provision herein, the Company (and each employee, representative or other agent of the Company) may disclose to any and all persons without limitation of any kind, the tax treatment and tax structure of any transaction and all materials of any kind (including opinions or other tax analyses, if any) that are provided to the Company relating to such tax treatment and structure. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, the tax treatment of a transaction is the purported or claimed U.S. income or franchise tax treatment of the transaction and the tax structure of a transaction is any fact that may be relevant to understanding the purported or claimed U.S. income or franchise tax treatment of the transaction. If the Company plans to disclose information pursuant to the first sentence of this paragraph, the Company shall inform those to whom it discloses any such information that they may not rely upon such information for any purpose without Houlihan Lokey’s prior written consent. Houlihan Lokey is not an expert on, and nothing contained in the materials should be construed as advice with regard to, legal, accounting, regulatory, insurance, tax or other specialist matters. Houlihan Lokey’s role in reviewing any information was limited solely to performing such a review as it deemed necessary to support its own advice and analysis and was not on behalf of the Committee. The materials necessarily are based on financial, economic, market and other conditions as in effect on, and the information available to Houlihan Lokey as of, the date of the materials. Although subsequent developments may affect the contents of the materials, Houlihan Lokey has not undertaken, and is under no obligation, to update, revise or reaffirm the materials, except as may be expressly contemplated by Houlihan Lokey’s engagement letter. The materials are not intended to provide the sole basis for evaluation of the Transaction and do not purport to contain all information that may be required. The materials do not address the underlying business decision of the Company or any other party to proceed with or effect the Transaction, or the relative merits of the Transaction as compared to any alternative business strategies or transactions that might be available for the Company or any other party. The materials do not constitute any opinion, nor do the materials constitute a recommendation to the Board, the Committee, the Company, any security holder of the Company or any other party as to how to vote or act with respect to any matter relating to the Transaction or otherwise or whether to buy or sell any assets or securities of any company. Houlihan Lokey’s only opinion is the opinion, if any, that is actually delivered to the Committee. In preparing the materials Houlihan Lokey has acted as an independent contractor and nothing in the materials is intended to create or shall be construed as creating a fiduciary or other relationship between Houlihan Lokey and any party. The materials may not reflect information known to other professionals in other business areas of Houlihan Lokey and its affiliates. The preparation of the materials was a complex process involving quantitative and qualitative judgments and determinations with respect to the financial, comparative and other analytic methods employed and the adaption and application of these methods to the unique facts and circumstances presented and, therefore, is not readily susceptible to partial analysis or summary description. Furthermore, Houlihan Lokey did not attribute any particular weight to any analysis or factor considered by it, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Each analytical technique has inherent strengths and weaknesses, and the nature of the available information may further affect the value of particular techniques. Accordingly, the analyses contained in the materials must be considered as a whole. Selecting portions of the analyses, analytic methods and factors without considering all analyses and factors could create a misleading or incomplete view. The materials reflect judgments and assumptions with regard to industry performance, general business, economic, regulatory, market and financial conditions and other matters, many of which are beyond the control of the participants in the Transaction. Any estimates of value contained in the materials are not necessarily indicative of actual value or predictive of future results or values, which may be significantly more or less favorable. Any analyses relating to the value of assets, businesses or securities do not purport to be appraisals or to reflect the prices at which any assets, businesses or securities may actually be sold. The materials do not constitute a valuation opinion or credit rating. The materials do not address the consideration to be paid or received in, the terms of any arrangements, understandings, agreements or documents related to, or the form, structure or any other portion or aspect of, the Transaction or otherwise. Furthermore, the materials do not address the fairness of any portion or aspect of the Transaction to any party. In preparing the materials, Houlihan Lokey has not conducted any physical inspection or independent appraisal or evaluation of any of the assets, properties or liabilities (contingent or otherwise) of the Company or any other party and has no obligation to evaluate the solvency of the Company or any other party under any law.

Disclaimer (cont.) 59 All budgets, projections, estimates, financial analyses, reports and other information with respect to operations (including, without limitation, estimates of potential cost savings and synergies) reflected in the materials have been prepared by management of the relevant party or are derived from such budgets, projections, estimates, financial analyses, reports and other information or from other sources, which involve numerous and significant subjective determinations made by management of the relevant party and/or which such management has reviewed and found reasonable. The budgets, projections and estimates (including, without limitation, estimates of potential cost savings and synergies) contained in the materials may or may not be achieved and differences between projected results and those actually achieved may be material. 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CORPORATE FINANCE FINANCIAL RESTRUCTURING FINANCIAL AND VALUATION ADVISORY HL.com

Exhibit (c)(3)

Strictly Confidential. Not for Distribution. Project Stockholm Discussion Materials for the Special Committee of the Board of Directors of Stockholm October 10, 2023

01 02 03 04 05 EXECUTIVE SUMMARY 3 SELECTED CHANGES SINCE PRIOR DISCUSSION MATERIALS 7 FINANCIAL ANALYSES 10 SELECTED PUBLIC MARKET OBSERVATIONS 17 APPENDICES Weighted Average Cost of Capital 24 25 Selected Benchmarking Data Historical Trading Multiple Observations 28 31 Illustrative Selected Premiums Paid Observations 34 06 DISCLAIMER 36

01 01 EXECUTIVE SUMMARY

Summary of Selected Transaction Terms 4 Note: This summary is intended only as an overview of selected terms and is not intended to cover all terms or details of the Transaction. As defined in the Agreement. Effective time to occur 30 days after execution of the Agreement. Source: Draft Agreement and Plan of Merger dated 10/9/23 (the “Agreement”). Parties to the Transaction: Stockholm (the “Company”) Stockholm Parent, LLC (the "Parent"), an affiliate of the Copenhagen Parties Stockholm Merger Sub, Inc., a wholly owned subsidiary of Parent (“Merger Sub") Form of Transaction: Merger of Merger Sub with and into the Company, with the Company surviving the Merger as a direct, wholly owned subsidiary of Parent (the “Transaction”) Transaction Consideration: Each share of Company common stock outstanding, other than the Excluded Shares1, shall be converted into the right to receive $4.30 in cash (the “Per Share Transaction Consideration”) Financing: No financing condition Copenhagen affiliates to provide Parent with aggregate equity financing sufficient to consummate the Transaction Certain Conditions: Obtainment of written consent by holders of a majority of the outstanding shares of Company common stock to approve the Transaction pursuant to the Agreement No-Solicitation: No-solicitation provision with fiduciary out in the event of a superior proposal prior to the effective time of the written consent2 Company Termination Fee: 2.5% of the value of the aggregate Per Share Transaction Consideration

Transaction Value Overview Summary of Transaction Value (dollars and shares in millions, except per share values) (dollars per share in actuals) Implied Premiums / Discounts to Selected Historical Stock Prices Per the Agreement. Per Company management. Reflects ~40.3 million basic shares of common stock outstanding as of 10/6/23. Reflects ~2.2 million options to purchase common stock as of 10/6/23 (to the extent in the money, based on treasury method). Does not include ~1.1 million warrants to purchase common stock with a per share exercise price of $9.94 subject to vesting requirements linked to payments made to Amazon or its affiliates pursuant to a service contract. Per public filings and Company management. Reflects total principal amount, gross of debt discount and deferred financing costs; includes amounts outstanding under equipment loan. In connection with its financing of working capital, as of 6/30/23 the Company has certain outstanding agreements with Regions Bank pursuant to which the Company has sold certain receivables in exchange for cash. The factoring agreement is backed by 100% of collections on underlying receivables but is otherwise non-recourse. Total debt excludes receivable factoring balance of ~$16.3 million as of 6/30/23. Excludes restricted cash of ~$4.2 million, as of 6/30/23. Includes international cash balances of ~$31.0 million as of 6/30/23, which may potentially be subject to repatriation tax and/or other repatriation limitations, per Company management. Per Company management, the Company intends to exit its Argentina operations and has retained a financial advisor to assist with a sales process. Figures shown based on the net book value of Argentina operations of ~$1.1 million. Intraday prices per Capital IQ. VWAP based on cumulative trading activity over designated number of trading days (based on intraday trading) per Bloomberg as of applicable date. Reflects trading information prior to announcement of the non-binding proposal from Copenhagen dated 7/18/23 (the “Initial Copenhagen Proposal”). Reflects trading information since 7/19/23, following announcement of the Initial Copenhagen Proposal. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; CY refers to Calendar Year; E refers to Estimated. EV refers to Enterprise Value; LTM refers to the most recently completed 12-month period for which financial information has been made public; NA refers to not available; VWAP refers to Volume-Weighted Average Price. Sources: The Agreement, Bloomberg, Capital IQ, Company management and public filings. Selected Transaction Information Per Share Transaction Consideration [1] $4.30 Common Shares Outstanding [2] [3] 40.3 Dilutive Shares [2] [4] Fully-Diluted Shares 0.0 40.4 Implied Transaction Equity Value $173.7 Total Debt as of 6/30/23 [5] [6] [7] 78.9 Cash and Cash Equivalents as of 6/30/23 [5] [8] (34.9) Net Value of Argentina Operations as of 6/30/23 [5] [9] (1.1) Implied Transaction Enterprise Value $216.6 Selected Implied Transaction Multiples Implied EV / Adjusted EBITDA Corresponding Implied Transaction Multiples Base Amount [2] Multiple LTM Ended 6/30/23 $37.6 5.8x CY 2023E $36.7 5.9x CY 2024E $38.7 5.6x 1-Day Closing Price $2.86 $3.25 50.3% 32.3% 5-Day VWAP $2.90 $3.21 48.4% 33.9% 10-Day VWAP $2.89 $3.20 49.0% 34.5% 20-Day VWAP $2.92 $3.21 47.2% 34.1% 30-Day VWAP $2.88 $3.16 49.2% 36.3% Since Initial Copenhagen Proposal (7/19/23) [12] NA $3.20 NA 34.4% 3-Month VWAP $3.04 $3.19 41.6% 34.8% 5 6-Month VWAP $3.43 $3.14 25.4% 36.8% 1-Year VWAP $3.56 $3.42 20.7% 25.6% 52-Week High Intraday Price (1/11/23) $4.53 $4.53 (5.1%) (5.1%) 52-Week Low Intraday Price (6/6/23) $2.64 $2.64 62.9% 62.9% Implied Premium of Per Share Transaction Consideration 7/18/23 [11] 10/6/23 Selected Metric [10] 7/18/23 [11] 10/6/23 Trading Period

$3.19 $3.59 $2.77 $2.57 $2.66 $4.85 $6.35 $4.68 $4.38 $4.52 Per Share Transaction Consideration:³ $4.30 10-Day VWAP²: $3.20 Unaffected Stock Price:¹ $2.86 Sources: The Agreement, Company management, Capital IQ and public filings. 6 Discounted Cash Flow Analysis Perpetual Growth Rate 1.0% - 3.0% Discount Rate 11.0% - 13.0% Selected Transactions Analysis LTM Ended 6/30/23 Adjusted EBITDA 5.0x - 8.0x Selected Companies Analysis CY 2024E Adjusted EBITDA 4.0x - 6.0x Selected Companies Analysis CY 2023E Adjusted EBITDA 4.0x - 6.0x Selected Companies Analysis LTM Ended 6/30/23 Adjusted EBITDA 4.0x - 6.0x Financial Analyses Summary Implied Per Share Value Reference Ranges (dollars per share in actuals) Note: No particular weight was attributed to any analysis. Note: Based on (i) ~40.3 million basic shares of common stock outstanding as of 10/6/23 and (ii) ~2.2 million options to purchase common stock as of 10/6/23 (to the extent in the money, based on treasury method), per Company management. Does not include ~1.1 million warrants to purchase common stock with a per share exercise price of $9.94 subject to vesting requirements linked to payments made to Amazon or its affiliates pursuant to a service contract. Reflects closing price per share of common stock as of 7/18/23, the last trading day prior to announcement of the Initial Copenhagen Proposal. Reflects 10-day VWAP as of 10/6/23. Per the Agreement. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items. CY refers to Calendar Year; E refers to Estimated; VWAP refers to Volume Weighted Average Price; LTM refers to the most recently completed 12-month period for which financial information has been made public.

02 02 SELECTED CHANGES SINCE PRIOR DISCUSSION MATERIALS

Summary of Selected Changes Relative to Prior Preliminary Financial Analyses Dated September 20, 2023 8 The following changes have been made relative to the prior preliminary discussion materials dated 9/20/23: Financial Information and Analyses:1 Balance sheet and historical financial information continues to reflect actuals through 6/30/23, per Company management. Financial projections prepared by Company management are unchanged since the prior preliminary discussion materials dated 9/20/23. Per Company management, aggregate revenue and adjusted EBITDA for July and August 2023 were $62.0 million and $4.9 million, compared to projections for the two-month period of $61.4 million and $5.1 million, respectively. Company management has indicated no material changes in outlook for the business (since prior preliminary discussion materials dated 9/20/23). Company management provided updated capitalization information as of 10/6/23 (compared to information as of 8/2/23 incorporated in the prior preliminary discussion materials dated 9/20/23). Selected Companies Analysis: The selected companies analysis was updated to reflect stock prices and other publicly available financial information as of 10/6/23 (previously, as of 9/14/23 market close). See following page for further detail on observed multiples. No changes have been made to the selected multiples ranges relative to the prior preliminary discussion materials dated 9/20/23. Selected Transactions Analysis: No new selected transactions with publicly available information have been identified since the prior preliminary discussion materials dated 9/20/23. No changes have been made to the selected multiples ranges relative to the prior preliminary discussion materials dated 9/20/23. Discounted Cash Flow (“DCF”) Analysis: Stock prices, betas, risk-free rates and other public information utilized in discount rate calculations have been updated to market close on 10/6/23 (previously, as of 9/14/23 market close). Discounted cash flow analysis updated to reflect the following changes, based on additional information received from Company management: (i) taxes over the projection period updated based on effective tax rate of 31.5% (no change to tax assumptions in terminal period) and (ii) change in net working capital in H2 CY 2023E updated to reflect the removal of financing cash flows of approximately $2 million. No changes have been made to the selected discount rate range and the selected perpetual growth rates utilized in the DCF analysis relative to the prior preliminary discussion materials dated 9/20/23. 1. Company management also revised state NOL balance to ~$60 million compared to ~$120 million previously noted and referenced in the prior preliminary discussion materials dated 9/20/23. However, Company management has consistently indicated a full valuation allowance against its deferred tax assets. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items. CY refers to Calendar Year; E refers to Estimated; H refers to Half.

Selected Market Changes Stockholm Selected Companies Note: No company used in this analysis for comparative purposes is identical to Stockholm. Note: Debt outstanding for IFRS filers includes total lease liabilities. Enterprise Value equals equity market value + debt outstanding + preferred stock + minority interests – cash and cash equivalents. Multiples based on forward looking financial information have been calendarized to the Company’s fiscal year end of December 31st, except Concentrix Corporation, which has a fiscal year end of November 30th. Concentrix closed the previously announced acquisition of Webhelp SAS on 9/25/23. As such, the current materials reflect pro forma financial metrics for Concentrix (where available), while the prior special committee discussion materials dated 9/20/23 reflected financial metrics for Concentrix on a standalone basis. Consensus estimates from the majority of Wall Street analysts covering the company do not reflect pro forma results for the pending acquisition of Majorel Group Luxembourg S.A. announced on 4/26/23. As such, figures reflect financials for Teleperformance on a stand-alone basis. Based on public filings, analyst estimates, market data and other public information as of applicable date. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; CY refers to Calendar Year; E refers to Estimated. LTM refers to the most recently completed 12-month period for which financial information has been made public; NA refers to not available. Sources: Bloomberg, Capital IQ and public filings. Pricing as of 9/14/23 Pricing as of 10/6/23 Change vs. Prior Materials Enterprise Value [1] to Adjusted EBITDA Enterprise Value [1] to Adjusted EBITDA Enterprise Value [1] to Adjusted EBITDA Selected Company LTM CY 2023E [2] CY 2024E [2] LTM CY 2023E [2] CY 2024E [2] LTM CY 2023E [2] CY 2024E [2] Concentrix Corporation [3] 5.9x 5.5x 5.2x NA NA 6.3x NA NA 1.1x IBEX Limited 3.1x 3.0x 2.8x 3.7x 3.6x 3.4x 0.7x 0.7x 0.6x TaskUs, Inc. 4.8x 5.0x 4.8x 4.7x 4.8x 4.6x -0.2x -0.2x -0.2x TDCX Inc. 4.2x 4.6x 4.0x 4.2x 4.8x 4.3x 0.0x 0.2x 0.3x Teleperformance SE [4] 6.4x 5.6x 5.2x 6.1x 5.3x 4.9x -0.3x -0.3x -0.2x TELUS International (Cda) Inc. 8.0x 7.1x 6.0x 7.4x 6.6x 5.6x -0.6x -0.5x -0.4x TTEC Holdings, Inc. 7.2x 7.3x 6.9x 6.8x 7.0x 6.5x -0.3x -0.3x -0.3x Low 3.1x 3.0x 2.8x 3.7x 3.6x 3.4x 0.7x 0.7x 0.6x High 8.0x 7.3x 6.9x 7.4x 7.0x 6.5x -0.6x -0.3x -0.3x Median 5.9x 5.5x 5.2x 5.4x 5.1x 4.9x -0.5x -0.4x -0.2x Mean 5.6x 5.4x 5.0x 5.5x 5.4x 5.1x -0.2x -0.1x 0.1x Stockholm [5] 4.5x 4.6x 4.1x 4.6x 4.7x 4.2x 0.1x 0.1x 0.1x 8

03 03 FINANCIAL ANALYSES

Financial Analyses Summary LTM refers to the most recently completed 12-month period for which financial information has been made public. Sources: Company management and public filings. 11 (dollars and shares in millions, except per share values) Note: No discrete value ascribed to ~$39 million of U.S. federal net operating loss carryforwards, ~$60 million of state net operating loss carryforwards and ~$25 million of foreign net operating loss carryforwards given that (i) per Company management, Stockholm is not expected to generate material pre-tax income in jurisdictions in which it possesses material tax assets (the U.S., the United Kingdom and Australia) during the projection period; (ii) Stockholm has taken a full valuation allowance against its deferred tax assets in all instances, per Company management; and (iii) certain selected companies have NOL carryforwards, the impact of which is assumed to be reflected in their implied Enterprise Value to Adjusted EBITDA multiples. For the avoidance of doubt, the Company’s U.S. federal NOLs are subject to §382 limitations following the reverse merger of Stockholm into Athens in 2018 (regardless of whether the Company enters into a transaction constituting a material ownership change). Per public filings and Company management. Excludes restricted cash of ~$4.2 million, as of 6/30/23. Includes international cash balances of ~$31.0 million as of 6/30/23, which may potentially be subject to repatriation tax and/or other repatriation limitations, per Company management. Per Company management, the Company intends to exit its Argentina operations and has retained a financial advisor to assist with a sales process. Based on the net book value of Argentina operations of ~$1.1 million. Reflects total principal amount, gross of debt discount and deferred financing costs; includes amounts outstanding under equipment loan. In connection with its financing of working capital, as of 6/30/23 the Company has certain outstanding agreements with Regions Bank pursuant to which the Company has sold certain receivables in exchange for cash. The factoring agreement is backed by 100% of collections on underlying receivables but is otherwise non-recourse. Based on (i) ~40.3 million basic shares of common stock outstanding as of 10/6/23 and (ii) ~2.2 million options to purchase common stock as of 10/6/23 (to the extent in the money, based on treasury method), per Company management. Does not include ~1.1 million warrants to purchase common stock with a per share exercise price of $9.94 subject to vesting requirements linked to payments made to Amazon or its affiliates pursuant to a service contract. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; CY refers to Calendar Year; E refers to Estimated. Selected Companies Analysis Selected Companies Analysis Selected Companies Analysis Selected Transactions Analysis Discounted Cash Flow Analysis LTM Ended 6/30/23 Adjusted EBITDA CY 2023E Adjusted EBITDA CY 2024E Adjusted EBITDA LTM Ended 6/30/23 Adjusted EBITDA Perpetual Growth Rate 1.0% -- 3.0% Discount Rate Corresponding Base Amount $37. 6 $36. 7 $38. 7 $37. 6 11.0% -- 13.0% Selected Multiples Range 4.0x -- 6.0x 4.0x -- 6.0x 4.0x -- 6.0x 5.0x -- 8.0x Implied Enterprise Value Reference Range $150.4 -- $225.6 $146.7 -- $220.1 $154.6 -- $231.9 $188.0 -- $300.7 $171.7 -- $238.7 Cash and Cash Equivalents as of 6/30/2023 [1] [2] 34.9 -- 34.9 34.9 -- 34.9 34.9 -- 34.9 34.9 -- 34.9 34.9 -- 34.9 Estimated Net Value of Argentina Operations as of 6/30/2023 [1] [3] 1.1 -- 1.1 1.1 -- 1.1 1.1 -- 1.1 1.1 -- 1.1 1.1 -- 1.1 Total Debt as of 6/30/2023 [1] [4] [5] (78.9) -- (78.9) (78.9) -- (78.9) (78.9) -- (78.9) (78.9) -- (78.9) (78.9) -- (78.9) Implied Total Equity Value Reference Range $107.4 -- $182.6 $103.8 -- $177.1 $111.7 -- $189.0 $145.0 -- $257.8 $128.7 -- $195.8 Shares Outstanding [6] 40.3 -- 40.4 40.3 -- 40.4 40.3 -- 40.4 40.4 -- 40.6 40.4 -- 40.4 Implied Per Share Value Reference Range $2.66 -- $4.52 $2.57 -- $4.38 $2.77 -- $4.68 $3.59 -- $6.35 $3.19 -- $4.85

Note: Adjusted EBITDA and Adjusted EBIT not burdened by stock-based compensation expense, which has historically approximated $1.5 million per year and is projected to remain at the same level through CY 2028E, per Company management. Note: CY 2021 incorporates impact of one-time contract, which contributed approximately $25 million to revenue. 1. Total Adjustments Figures for CY 2021 and CY 2022 are based on audited financials. Figures for CY 2019-CY 2020 (due to need to pro forma for divestiture of Saudi Arabia and Argentina) and CY 2023E-CY 2028E are based on financials used for internal reporting purposes, which differ slightly from audited financials in classification of certain costs as to between indirect costs and SG&A expense. In addition, CY 2019 and CY 2020 figures are already presented on an adjusted basis. Capital expenditures prior to CY 2021 not pro forma for divestiture of Saudi Arabia and capital expenditures generally not pro forma for divestiture of Argentina. Adjusted EBIT refers to Earnings Before Interest and Taxes and Stock Option Expense, adjusted for certain non-recurring items. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items. CAGR refers to Compound Annual Growth Rate; CY refers to Calendar Year; D&A refers to Depreciation and Amortization; E refers to Estimated; LTM refers to the most recently completed 12-month period for which financial Private Offer Transaction Cost $0.0 $2.9 $1.7 Other Non Recurring Costs 0.0 0.5 1.6 CSS Option Amortization 0.0 1.8 1.1 Share-Based Compensation Expense 1.4 1.6 1.5 Warrant Contra Revenue (0.1) 0.0 0.0 Total Adjustments NA NA $1.3 $6.7 $5.9 Selected Historical & Projected Financial Information (dollars in millions) Calendar Year Ended December 31, LTM Ended Calendar Year Ending December 31, No applicable adjustments over the projection period information has been made public; NA refers to not available; NMF refers to not meaningful figure; SG&A refers to Selling, General and Administrative; Variable Profit refers to revenue, minus direct costs. Sources: Company management and public filings. 12 2019 2020 2021 2022 6/30/2023 2023E 2024E 2025E 2026E 2027E 2028E 2019 to 2023 2023E to 2028E Revenue $486.3 $448.6 $470.2 $385.1 $371.1 $379.8 $385.4 $395.4 $410.5 $426.3 $442.8 -6.0% 3.1% Growth % -1.8% -7.7% 4.8% -18.1% -1.4% 1.5% 2.6% 3.8% 3.9% 3.9% Direct Costs (297.2) (264.4) (303.6) (236.1) (227.1) (234.4) (235.0) (239.6) (247.6) (256.0) (265.3) Variable Profit $189.1 $184.2 $166.7 $148.9 $144.0 $145.4 $150.4 $155.8 $162.9 $170.3 $177.5 -6.4% 4.1% Margin % 38.9% 41.1% 35.4% 38.7% 38.8% 38.3% 39.0% 39.4% 39.7% 40.0% 40.1% Indirect Costs (106.2) (101.2) (78.3) (68.5) (64.3) (68.7) (70.9) (73.4) (76.4) (79.5) (82.7) Depreciation & Amortization (26.8) (24.9) (23.6) (22.6) (22.1) (24.1) (25.5) (27.1) (28.5) (30.2) (31.9) Gross Profit $56.1 $58.0 $64.8 $57.8 $57.6 $52.7 $54.0 $55.3 $58.0 $60.7 $62.9 Margin % 11.5% 12.9% 13.8% 15.0% 15.5% 13.9% 14.0% 14.0% 14.1% 14.2% 14.2% Selling, General and Administrative Expenses (41.5) (40.1) (42.5) (48.7) (48.0) (40.0) (40.9) (41.9) (43.5) (45.2) (46.9) Depreciation & Amortization 26.8 24.9 23.6 22.6 22.1 24.1 25.5 27.1 28.5 30.2 31.9 Total Adjustments [1] [2] NA NA 1.3 6.7 5.9 NA NA NA NA NA NA Adjusted EBITDA $41.4 $42.8 $47.3 $38.5 $37.6 $36.7 $38.7 $40.5 $43.0 $45.7 $48.0 -3.0% 5.5% Margin % 8.5% 9.5% 10.1% 10.0% 10.1% 9.7% 10.0% 10.2% 10.5% 10.7% 10.8% Growth % 44.9% 3.4% 10.4% -18.7% -4.6% 5.4% 4.8% 6.1% 6.3% 5.0% Depreciation & Amortization (26.8) (24.9) (23.6) (22.6) (22.1) (24.1) (25.5) (27.1) (28.5) (30.2) (31.9) Adjusted EBIT $14.7 $17.9 $23.7 $15.9 $15.5 $12.6 $13.1 $13.4 $14.5 $15.5 $16.0 -3.6% 4.9% Margin % 3.0% 4.0% 5.0% 4.1% 4.2% 3.3% 3.4% 3.4% 3.5% 3.6% 3.6% Growth % NMF 22.2% 32.2% -33.0% -20.4% 3.9% 2.1% 8.5% 6.8% 3.3% Additional Financial Information Capital Expenditures [3] $15.6 $17.4 $9.9 $12.0 $14.4 $15.0 $15.4 $15.8 $16.4 $17.1 $17.7 Adjusted Gross Profit (excl. D&A) $82.9 $83.0 $88.4 $80.4 $79.7 $76.7 $79.5 $82.4 $86.5 $90.8 $94.9 Margin % 17.1% 18.5% 18.8% 20.9% 21.5% 20.2% 20.6% 20.8% 21.1% 21.3% 21.4% CAGR

Selected Companies Observations Note: No company used in this analysis for comparative purposes is identical to the Company. Note: Debt outstanding for IFRS filers includes total lease liabilities. Enterprise Value equals equity market value + debt outstanding + preferred stock + minority interests – cash and cash equivalents. Based on closing prices as of 10/6/23. Based on market prices as of 10/6/23. Inclusive of intraday prices. Based on diluted shares. Multiples based on forward looking financial information have been calendarized to the Company’s fiscal year end of December 31st, except Concentrix Corporation, which has a fiscal year end of November 30th. Concentrix completed the acquisition of Webhelp SAS on 9/25/23. LTM and FY 2023E adjusted EBITDA figures pro forma for the acquisition are not available. Implied Enterprise Value to Adjusted EBITDA multiples reflecting pro forma FY 2022 Adjusted EBITDA of $1.4 billion, per public filings, and pro forma FY 2023E Adjusted EBITDA of $1.6 billion, per investor presentation dated 3/29/23, are approximately 7.2x and 6.4x, respectively. Enterprise Value does not reflect the impact of contingent earnout shares related to the Webhelp SAS acquisition completed on 9/25/23. Consensus estimates from the majority of Wall Street analysts covering the company do not reflect pro forma results for the pending acquisition of Majorel Group Luxembourg S.A. announced on 4/26/23. As such, figures reflect financials for Teleperformance on a stand-alone basis. Based on public filings, analyst estimates, market data and other public information as of applicable date. Reflects the last trading day prior to announcement of the Initial Copenhagen Proposal. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; CY refers to Calendar Year; E refers to Estimated. FY refers to Fiscal Year; LTM refers to the most recently completed 12-month period for which financial information has been made public; NA refers to not available. Sources: Bloomberg, Capital IQ and public filings. (dollars in millions, except per share values) Selected Company Price [2] High [3] Low [3] Value [2] [4] Value [2] [4] LTM CY 2023E [5] CY 2024E [5] Concentrix Corporation [6] [7] $80.51 53.0% 14.1% $5,485.3 $10,305.0 NA NA 6.3x IBEX Limited $15.83 50.4% 38.3% $304.9 $248.5 3.7x 3.6x 3.4x TaskUs, Inc. $9.09 37.7% 3.3% $888.0 $1,000.7 4.7x 4.8x 4.6x TDCX Inc. $5.78 37.6% 21.7% $844.9 $570.4 4.2x 4.8x 4.3x Teleperformance SE [8] $124.38 42.5% 5.1% $7,344.7 $10,114.6 6.1x 5.3x 4.9x TELUS International (Cda) Inc. $7.52 27.9% 6.7% $2,077.7 $3,848.7 7.4x 6.6x 5.6x TTEC Holdings, Inc. $25.78 47.6% 2.6% $1,271.6 $2,092.7 6.8x 7.0x 6.5x Low 27.9% 2.6% 3.7x 3.6x 3.4x High 53.0% 38.3% 7.4x 7.0x 6.5x Median 42.5% 6.7% 5.4x 5.1x 4.9x Mean 42.4% 13.1% 5.5x 5.4x 5.1x Stockholm - Current Price (as of 10/6/23) [9] $3.25 71.7% 23.1% $131.0 $173.9 4.6x 4.7x 4.2x Stockholm - Unaffected Price (as of 7/18/23) [9] [10] $2.86 63.1% 8.3% $115.3 $166.0 4.4x 4.1x 3.7x Selected Market Trading Information Selected Multiple Information % of 52-Week % Above 52-Week Share Equity Market Enterprise Enterprise Value [1] to Adjusted EBITDA 13

Illustrative Synergy- Adjusted Metrics Selected Transactions Observations 14 (dollars in millions) Note: See following page for footnotes. Transaction Transaction Value / LTM Adjusted NFY Adjusted LTM Adjusted NFY Adjusted EBITDA EBITDA Transaction Value / LTM Adjusted NFY Adjusted Announced Effective Target Acquiror Value [1] EBITDA [2] EBITDA [3] Margin % [2] Margin % [3] EBITDA [2] EBITDA [3] 4/26/2023 Pending Majorel Group Luxembourg S.A. Teleperformance SE $3,208.9 7.9x 7.9x 17.6% 16.6% 5.9x 5.9x [10] 3/29/2023 9/25/2023 Webhelp SAS Concentrix Corporation $4,793.5 12.1x 9.6x NA 16.7% [4] 9.3x 7.7x [11] 4/6/2022 10/31/2022 GRUPO KONECTANET, S.L.U. Comdata S.p.A. $2,201.5 6.7x NA 15.0% NA NA NA 12/28/2021 12/28/2021 Senture, LLC Teleperformance SE $400.0 10.5x NA 19.8% NA [5] NA NA 9/1/2021 9/1/2021 Unisono Solutions Group SL Intelcia Group S.A $236.0 8.0x NA 17.1% NA NA NA 6/18/2021 8/27/2021 Sykes Enterprises, Incorporated Sitel Worldwide Corporation $2,172.2 10.2x 10.2x 12.1% 11.5% NA NA 12/8/2020 1/8/2021 Everise Holdings Brookfield Business Partners L.P. $360.0 9.0x NA 13.3% NA [6] NA NA 9/22/2020 12/30/2020 Odigo SAS Apax Partners SAS (nka:Seven2 SAS) $351.3 11.5x NA NA NA NA NA 12/4/2019 1/31/2020 CCC Holding GmbH TELUS International (Cda) Inc. $1,010.2 9.8x NA 29.5% NA [7] NA NA 7/9/2019 11/19/2019 Webhelp SAS Groupe Bruxelles Lambert SA $2,693.9 NA 10.7x NA 15.0% [8] NA NA 8/9/2018 1/24/2019 TU TopCo, Inc. (nka:TaskUs, Inc.) The Blackstone Group L.P. $500.0 17.0x NA NA NA [9] NA NA 6/28/2018 10/5/2018 Convergys Corporation SYNNEX Corporation $2,663.7 7.5x 8.0x 12.9% 12.4% 5.3x 5.5x [12] 6/14/2018 10/4/2018 Intelenet Global Services Private Ltd. Teleperformance SE $1,000.0 12.0x NA 18.5% NA NA NA 3/15/2018 7/20/2018 CSP Alpha Midco Pte Ltd (dba: Aegis) StarTek, Inc. $366.9 9.7x NA 9.8% NA 5.4x NA [13] Low $236.0 6.7x 7.9x 9.8% 11.5% High $4,793.5 17.0x 10.7x 29.5% 16.7% Median $1,005.1 9.8x 9.6x 16.1% 15.0% Mean $1,568.4 10.2x 9.3x 16.6% 14.4%

Selected Transactions Observations (cont.) 14 Note: No company used in this analysis for comparative purposes is identical to the Company, and no transaction used in this analysis for comparative purposes is identical to the Transaction. Note: Where available, stock-based compensation expense has been added back to adjusted EBITDA. Transaction Value refers to the implied enterprise value of target company, based on the announced transaction equity price and other public information available at the time of the announcement. Based on reported metric for the most recent LTM period prior to the announcement of the transaction, except where otherwise noted. Based on reported metric for the most recent NFY period prior to the announcement of the transaction. LTM period reflects $396 million of adjusted EBITDA from Wall Street equity research and NFY period reflects $500 million from press release at the time of announcement. EV/LTM adjusted EBITDA multiple is based on estimated 2021 adjusted EBITDA of $38 million noted by Teleperformance SE at the time the transaction was announced. Transaction Value based on figure reported in press release from Brookfield Business Partners L.P. LTM period reflects figures reported as of 12/31/19. News articles and Wall Street equity research at the time of announcement referenced NFY adjusted EBITDA of ~€210 million and ~€238 million, respectively. NFY adjusted EBITDA used for purposes of computing Transaction Value / NFY Adjusted EBITDA multiple reflects the average of the two reported figures. LTM EBITDA per news articles at the time of announcement, which reference adjusted EBITDA of ~$29 million as of 12/31/17. Reflects impact of estimated run-rate annual cost synergies ranging from ~$110 million to ~$165 million in connection with the transaction. Illustrative synergy-adjusted metrics reflect midpoint of range of cost synergy estimates. Reflects impact of $120 million in estimated run-rate annual cost synergies by the third full year after closing, in connection with the transaction. Reflects impact of $150 million in estimated run-rate annual cost synergies by the third full year after closing, in connection with the transaction. Reflects impact of $30 million in estimated adjusted EBITDA synergies in connection with the transaction. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items. EV refers to Enterprise Value. LTM refers to the most recently completed 12-month period for which financial information has been made public. NA refers to not available. NFY refers to Next Fiscal Year. Sources: Capital IQ, PitchBook, Refinitiv, public filings, press releases and Wall Street research.

(dollars in millions, except per share values) Discounted Cash Flow Analysis – Perpetual Growth Rate compensation expense should approximate $1.5 million annually over the projection period. Based on effective tax rate of 31.5% over the projection period, per Company management. In the terminal period, reflects estimated long-term normalized tax rate of 26.5% provided by Company management. Depreciation and Amortization expense is assumed to equal capital expenditures in the terminal period. Implied from corresponding discount rate and perpetual growth rate applied to terminal period unlevered free cash flow. Reflects sum of (i) ~$34.9 million of cash and cash equivalents as of 6/30/23 and ~$1.1 million of net book value of Argentina operations as of 6/30/23, less (ii) ~$78.9 million of total financial debt as of 6/30/23, per Company management and public filings. 7. Computed as Implied Total Equity Value divided by the sum of (i) ~40.3 million basic shares of common stock as of 10/6/23 and (ii) ~2.2 million options to purchase common stock as of 10/6/23 (to the extent in the money, based on treasury method), per Company management. Does not include ~1.1 million warrants to purchase common stock with a per share exercise price of $9.94 subject to vesting requirements linked to payments made to Amazon or its affiliates pursuant to a service contract. Adjusted EBIT refers to Earnings Before Interest and Taxes and Stock Option Expense, adjusted for certain non-recurring items. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; E refers to Estimated; H refers to Half. LTM refers to the most recently completed 12-month period for which financial information has been made public; PV refers to Present Value; SBC refers to Stock-Based Compensation. Source: Company management. Present Value of Cash Flows (2023E - 2028E) Projected Calendar Year Ending December 31, Terminal Value 2023E [1] 2024E 2025E 2026E 2027E 2028E Assumptions [4] $196.5 Revenue Growth % $385.4 1.5% $395.4 2.6% $410.5 3.8% $426.3 3.9% $442.8 3.9% Discount Rate 1.00% 2.00% 3.00% Direct Costs (119.4) (235.0) (239.6) (247.6) (256.0) (265.3) (265.3) 11.00% 4.5x 5.0x 5.7x Indirect Costs (35.9) (70.9) (73.4) (76.4) (79.5) (82.7) (82.7) 11.50% 4.3x 4.8x 5.4x Selling, General and Administrative Expenses (20.4) (40.9) (41.9) (43.5) (45.2) (46.9) (46.9) 12.00% 4.1x 4.6x 5.1x Adjusted EBITDA $20.8 $38.7 $40.5 $43.0 $45.7 $48.0 $48.0 12.50% 3.9x 4.4x 4.9x Margin % 10.6% 10.0% 10.2% 10.5% 10.7% 10.8% 10.8% 13.00% 3.8x 4.2x 4.6x Depreciation & Amortization (13.5) (25.5) (27.1) (28.5) (30.2) (31.9) (17.7) Adjusted EBIT $7.3 $13.1 $13.4 $14.5 $15.5 $16.0 $30.3 Stock-Based Compensation [2] (0.7) (1.5) (1.5) (1.5) (1.5) (1.5) (1.5) Adjusted EBIT (less SBC) $6.5 $11.6 $11.9 $13.0 $14.0 $14.5 $28.8 PV of Terminal Value as a % of Enterprise Value Taxes [3] (2.1) (3.7) (3.8) (4.1) (4.4) (4.6) (7.6) Discount Rate 1.00% 2.00% 3.00% Unlevered Earnings $4.5 $8.0 $8.2 $8.9 $9.6 $10.0 $21.1 11.00% 61.1% 63.8% 66.7% Depreciation & Amortization 13.5 25.5 27.1 28.5 30.2 31.9 17.7 11.50% 59.7% 62.3% 65.1% Capital Expenditures (7.4) (15.4) (15.8) (16.4) (17.1) (17.7) (17.7) 12.00% 58.3% 60.9% 63.6% Change in Net Working Capital (6.5) (1.0) (0.8) (0.9) (1.0) (0.9) (0.9) 12.50% 57.0% 59.5% 62.1% Unlevered Free Cash Flows $4.1 $17.1 $18.7 $20.0 $21.7 $23.3 $20.3 13.00% 55.7% 58.1% 60.6% $442.8 Net Debt and Other Items [6] Implied Enterprise Value PV of Terminal Value Based on Perpetual Growth Rate for 2028E Unlevered Free Cash Flow Discount Rate 1.00% 2.00% 3.00% 1.00% 2.00% 3.00% 1.00% 2.00% 3.00% 12.00% $3.56 $3.86 $4.22 12.50% $3.37 $3.63 $3.96 13.00% $3.19 $3.43 $3.72 Implied 2028E Adjusted EBITDA Terminal Multiple [5] Implied Total Equity Value 11.00% $79.5 $124.9 $140.2 $159.3 $204.4 $219.7 $238.7 ($42.9) $161.5 $176.7 $195.8 11.50% $78.6 $116.5 $130.0 $146.8 $195.1 $208.6 $225.3 ($42.9) $152.1 $165.7 $182.4 12.00% $77.7 $108.9 $121.0 $135.7 $186.6 $198.6 $213.4 ($42.9) $143.6 $155.7 $170.4 12.50% $76.8 $102.0 $112.8 $125.9 $178.8 $189.6 $202.7 ($42.9) $135.8 $146.7 $159.8 13.00% $76.0 $95.7 $105.4 $117.1 $171.7 $181.4 $193.1 ($42.9) $128.7 $138.5 $150.1 Implied E quity Value Per Share [7] Note: Present values as of 10/10/23; mid-year convention applied. Discount Rate 1.00% 2.00% 3.00% 1. Represents implied projected H2 CY 2023E financial information, per Company management, unless otherwise noted. 11.00% $4.00 $4.38 $4.85 2. Stock-based compensation expense treated as cash outflow to approximate dilutive impact. Per Company management, annual run-rate stock-based 11.50% $3.77 $4.10 $4.52 14

04 04 SELECTED PUBLIC MARKET OBSERVATIONS

$0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $7.00 $6.79 $6.00 $10.00 $9.00 $8.00 Jul-18 Jan-20 Jul-20 Jan-21 Jul-21 Per Share Transaction Consideration Jan-19 Jul-19 Stockholm Stock Price Jan-22 Jul-22 52 Week High Jan-23 Jul-23 52 Week Low Reflects closing Stockholm stock price as of 10/6/23, per Capital IQ. Based on intraday prices. Per Share Transaction Consideration: $4.30 12/20/21: Copenhagen submits take-private proposal based on a price of $5.40 8/9/22: Copenhagen submits revised proposal based on a price of $4.65 11/22/22: MCI launches tender offer to buy up to 4 million shares of common stock based on a price of $4.20 (which was completed 1/4/23) 7/18/23: Copenhagen submits new take-private proposal based on a price of $3.80 52-Week Intraday High2: $4.53 52-Week Intraday Low2: $2.64 $3.251 (dollars per share in actuals) Selected Historical Trading Observations Since Reverse Merger Transaction (July 2018) 9/19/22: Copenhagen withdraws revised proposal Shaded areas denote periods during which Stockholm common stock was trading on an affected basis Sources: Capital IQ, public filings and the Agreement. 18

-50% -60% -70% -80% -40% -30% 20% 10% 0% -10% -20% 30% 40% Jul-21 Sep-21 Nov-22 Jan-23 Mar-23 May-23 S&P 500 Index (Total Return) Jul-23 Sep-23 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Stockholm Selected Companies [6] As of 7/18/23, the last trading day prior to announcement of the Initial Copenhagen Proposal. As of 10/6/23. Reflects total stockholder return (“TSR”) from 9/20/22 through 10/6/23. Reflects TSR from 1/5/23 through 10/6/23. Reflects TSR from 7/19/23 through 10/6/23. Includes Concentrix Corporation; IBEX Limited; TaskUs, Inc.; TDCX Inc.; Teleperformance SE; TELUS International (Cda) Inc.; and TTEC Holdings, Inc. 9/19/22: Withdrawal of Prior Revised Copenhagen Proposal 1/4/23: Expiration of MCI Tender Offer Total Stockholder Returns Selected Relative Total Stockholder Return Performance Observations 7/18/23: Initial Copenhagen Proposal made Multiple sector participant IPOs in 2021 including Telus (2/21), TaskUs (6/21) and TDCX (10/21) On an unaffected basis1, Stockholm’s total shareholder return is -18.8% since the withdrawal of the prior revised Copenhagen proposal on 9/19/22 and -23.7% since the expiration of the MCI tender offer on 1/4/23 Total Stockholder Return Stockholm Selected Companies [6] S&P 500 Index (Total Return) Unaffected for Copenhagen Proposal [1] Current [2] 2-Year 1-Year 2-Year Since Withdrawal of Prior Copenhagen Proposal [3] Since Expiration of MCI Tender Offer [4] Since Initial Copenhagen Proposal [5] -57.8% -12.5% -42.2% -7.7% -13.3% -0.6% -50.9% -32.2% -63.3% -41.3% -47.2% -19.9% 10.4% 21.0% 2.0% 13.7% 14.6% -5.3% Sources: Capital IQ as of 10/6/23 and public filings. 19

0.7% 4.7% 5.5% 37.5% 38.7% 6.2% 6.7% $2.80- $2.90 $2.90- $3.00 $3.00- $3.10 $3.10- $3.20 $3.20- $3.30 $3.30- $3.40 $3.40- $3.50 12.2% 32.9% 18.3% 16.0% 11.8% 7.8% 5.5% 0.6% 0.4% 0.9% 0.6% $2.50- $2.75- $3.00- $3.25- $3.50- $3.75- $4.00- $4.25- $2.50- $2.75- $3.00- $3.25- $3.50- $3.75- $4.00- $4.25- $2.75 $3.00 $3.25 $3.50 $3.75 $4.00 $4.25 $4.50 $2.75 $3.00 $3.25 $3.50 $3.75 $4.00 $4.25 $4.50 19.5% 37.8% 11.7% 11.3% 12.5% 1.3% 26.8% 51.9% 16.1% 3.9% 0.0% 0.0% 0.0% $2.50- $2.75 $2.75- $3.00 $3.00- $3.25 $3.25- $3.50 $3.50- $3.75 $3.75- $4.00 $4.00- $4.25 $4.25- $4.50 Selected Historical Stock Trading Activity Selected VWAP Information 1-Day VWAP 10-Day VWAP 20-Day VWAP 30-Day VWAP 60-Day VWAP 3-Month VWAP 6-Month VWAP 9-Month VWAP 12-Month VWAP $3.22 $3.20 $3.21 $3.16 $3.20 $3.19 $3.14 $3.37 $3.42 Last Six Months Since Withdrawal of Prior Copenhagen Proposal (9/19/22) Since Initial Copenhagen Proposal at $3.80/Share (7/18/23)5 Since Expiration of MCI Tender Offer (1/4/23) Based on VWAP over specified period (last six months, since expiration of MCI tender offer, since Initial Copenhagen Proposal, or since withdrawal of prior Copenhagen proposal), per Bloomberg. Reference to “month” is based on calendar months. VWAP in dollars per share. Public float calculated as total shares of common stock, less shares held by (i) Copenhagen; (ii) the Lebowitz Family (reflecting shares held by Steven and Deborah Lebowitz, as well as other family affiliates); (iii) MCI; (iv) A. Emmet Stephenson, Jr.; and (v) current and former directors and their affiliates (including Mukesh Sharda affiliates Advance Crest Investments Limited and Tribus Capital Limited). Based on the Agreement and selected VWAP volume information (per Bloomberg) over specified period. Based on intraday VWAP information over specified period, per Bloomberg. Based on the closing price in one-hour intraday intervals as provided by Bloomberg and the amount of volume transacted during that intraday window. VWAP refers to Volume Weighted Average Price. Volume: 3.4 million (42.1% of public float)2 VWAP1: $3.14 Volume: 7.3 million (92.2% of public float)2 VWAP1: $3.41 Volume: 4.6 million (57.8% of public float)2 VWAP1: $3.37 Volume: 1.4 million (17.1% of public float)2 VWAP1: $3.20 % of Volume Traded Above Per Share Transaction Consideration3: 0.0% High4: $3.72 Low4: $2.75 % of Volume Traded Above Per Share Transaction Consideration3: 0.0% Sources: The Agreement, Capital IQ, public filings and Bloomberg as of 10/6/23. 20 High4: $3.47 Low4: $2.89

Selected Wall Street Analyst Perspectives Based on closing Stockholm per share common stock price of $3.25 as of 10/6/23. Reflects latest available B. Riley Securities research note referencing the Company, which reflects an unchanged price target and no revisions to projected financial information relative to the prior company-specific research note dated 8/11/23. Per Barrington Research note, price target assumes “an industry average multiple on forward adjusted EBITDA a year from now” based on CY 2023E and CY 2024E EV / adjusted EBITDA multiples of 6.4x and 5.9x, respectively. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation, Amortization and Stock Option Expense, adjusted for certain non-recurring items. CY refers to Calendar Year; E refers to Estimated; EV refers to Enterprise Value. (dollars in millions, except per share values) Summary Analyst Outlook Median / Mean $4.75 46.2% $377.6 $398.2 $37.2 $41.9 Broker Date Recommendation Price Target Premium / (Discount)1 CY 2023E CY 2024E CY 2023E CY 2024E Valuation Methodology 9/28/232 Buy $4.00 23.1% $377.0 $397.5 $37.2 $41.8 5.5x CY 2023E Adjusted EBITDA 8/11/23 Outperform $5.50 69.2% $378.1 $398.9 $37.1 $42.0 5.9x CY 2024E Adjusted EBITDA3 Revenue Adjusted EBITDA Each covering Wall Street equity research analyst published an Sources: Capital IQ and Wall Street equity research. 21 updated company-specific note following earnings in August 2023

$14.00 $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 Sep-18 Mar-19 Sep-19 Mar-21 Sep-22 Mar-23 Sep-23 Mar-20 Sep-20 Consensus Price Target [1] Sep-21 Mar-22 Stockholm Trading Price Selected Wall Street Analyst Perspectives (cont.) Reflects the average price target from Wall Street analysts covering the Company. Reflects current closing Stockholm stock price as of 10/6/23, per Capital IQ. CY refers to Calendar Year; H refers to Half; Q refers to Quarter. Stockholm Consensus Price Target History1 (Last Five Years) (dollars per share in actuals) Highest Average Stock Price Target (Sept 2021 – Oct 2021): $11.50 Lowest Average Stock Price Target (August 2023 – Current): $4.75 Selected Commentary ̋ Sales execution was solid in Q2 CY 2023 as Stockholm secured four new logos that will be delivered in offshore geographies (higher margin), but management noted that a volatile macro environment has elongated sales cycles and delayed decision-making among existing and potential new clients. The challenging macro backdrop is expected to weigh on H2 CY 2023 revenue performance as management expects the ramp in Q3 and Q4 to be more muted than in prior years. […] Considering the subdued macro environment and the potential challenges that the advancements in generative AI present to Stockholm and the broader business process management industry, we believe that going private is likely the best route for Stockholm.” – B. Riley Securities, 8/11/23 While there have been quite a few moving pieces over the past year or so, we believe the company is on the right path towards profitable growth and delivering sustainable value to shareholders. We continue to be intrigued by the available runway in the global CX outsourcing market ($100 billion in 2021), the company’s high-growth verticals, a higher mix of nearshore and offshore delivery (driving gross margin expansion) and its recently strengthened balance sheet. […] While the company does not provide guidance, management cautioned that it is seeing near-term headwinds related to persistent global macroeconomic uncertainty, which is leading to longer sales cycles and delayed decision making with current and potential clients. However, with cost reduction being at the forefront of many discussions with customers, management believes the investments it has made to expand its nearshore and offshore services, which can reduce a company’s expenses while enhancing the overall customer experience, positions the company well to capitalize on the opportunity in the long term. – Barrington Research, 8/11/23 ̋ Sources: Bloomberg, Capital IQ and Wall Street equity research. 22 $4.75 $3.252

Public Ownership Summary & Trading Observations (shares outstanding in millions) Note: Does not reflect share acquisitions or disposals not publicly disclosed as of 10/6/23. Note: Ownership summary reflects Copenhagen’s holdings in the Company as well as all holders who own more than 1.0% of non-Copenhagen shares outstanding. Includes shares held by Steven and Deborah Lebowitz, as well as other family affiliates. Affiliate of Stockholm director and Copenhagen affiliate Mukesh Sharda, who possesses a 50% ownership interest per public filings. Affiliate of Stockholm director and Copenhagen affiliate Mukesh Sharda, who possesses a two-thirds ownership interest per public filings. Reflects total shares of Company common stock outstanding as of 8/2/23 per the Company's Form 10-Q for the period ended 6/30/23, pro forma for issuance of ~0.1 million shares of common stock to current Stockholm directors on 10/2/23 per public filings. NA refers to not applicable. Voting Interest % of Non-Copenhagen Holder Shares % Outstanding Holdings Copenhagen 22.6 55.9% NA Lebowitz Family [1] 3.1 7.8% 17.6% MCI 3.0 7.4% 16.7% A. Emmet Stephenson Jr. 2.9 7.2% 16.4% Renaissance Technologies LLC 0.5 1.3% 3.1% Bridgeway Capital Management, LLC 0.5 1.2% 2.7% The Vanguard Group, Inc. 0.5 1.1% 2.6% BlackRock, Inc. 0.3 0.8% 1.7% Advance Crest Investments Limited [2] 0.3 0.7% 1.5% Tribus Capital Limited [3] 0.2 0.5% 1.2% Other Current / Former Directors and Executive Officers 0.3 0.8% 1.9% Other Shareholders 6.2 15.3% 34.6% Total [4] 40.4 100.0% 100.0% Selected Stockholm Trading Statistics 90 Days Preceding Announcement of Initial Copenhagen Proposal (7/18/23) Average Daily Trading Volume (shares in thousands) 29.2 Average Daily Trading Value (dollars in thousands) $87.3 Since Announcement of Initial Copenhagen Proposal Average Daily Trading Volume (shares in thousands) 30.7 Average Daily Trading Value (dollars in thousands) $98.3 Sources: Capital IQ and public filings as of 10/6/23. 23

05 05 APPENDICES

06 05 APPENDICES Weighted Average Cost of Capital

Weighted Average Cost of Capital Calculation Sources: Bloomberg and Capital IQ. 26 Note: No company used in this calculation for comparative purposes is identical to the Company. Total Cap refers to total capitalization, which equals Equity Market Value + Total Debt + Pfd. Stock. Total Debt refers to total debt amount based on most recent public filings as of 10/6/23. Dd refers to Implied Tax-Deductible Debt, which equals the lesser of (a) 30% of Adjusted Taxable Income/Cost of Debt, or (b) Total Debt. LTM Adjusted EBIT, based on most recent public filings as of 10/6/23, is assumed to be a valid proxy for Adjusted Taxable Income for the selected companies. Dnd refers to Implied Non-Tax-Deductible Debt, which equals Total Debt minus Dd. Equity Market Value based on closing price on 10/6/23 and on diluted shares as of 10/6/23. Pfd. Stock refers to preferred stock, which is the amount as stated in most recent public filings as of 10/6/23. Teleperformance information not pro forma for acquisition of Majorel Group Luxembourg S.A. announced on 4/26/23 due to insufficient information. Based on public filings, market data and other public information as of 10/6/23. Based on actual levered beta per Bloomberg 5-year weekly as of 10/6/23. Unlevered Beta = Levered Beta/(1 + ((1 – tax rate) * Dd to Equity Market Value) + (Dnd to Equity Market Value) + (Pfd. Stock to Equity Market Value)). Based on review of studies measuring the historical returns between stocks and bonds, theoretical models such as supply-side and demand-side models and other materials. Kroll Cost of Capital Navigator ("Navigator"). Cost of Equity = Risk-Free Rate of Return + (Levered Beta * Equity Risk Premium) + Size Premium. Risk-Free Rate of Return as of 10/6/23, based on 20-year U.S. Treasury Bond Yield. Based on selected company weighted average interest rate per most recent public filings, unless the selected company has publicly traded debt, in which case the cost of debt is based on the market-based yield to worst for such securities as of 10/6/23. Based on selected company weighted average preferred dividend per most recent public filings 10/6/23. NA refers to not available; WACC refers to Weighted Average Cost of Capital. Total Debt to Total Cap Dd to Total Cap Dnd to Total Cap Total Debt to Equity Market Dd to Equity Market Value Dnd to Equity Market Value Pfd. Stock to Total Cap Equity Market Value to Total Pfd. Stock to Equity Market Selected Company [1] [2] [1] [3] [1] [4] Value [2] [5] [3] [5] [4] [5] [1] [6] Cap [1] [5] Value [5] [6] Concentrix Corporation 49.0% 49.0% 0.0% 95.9% 95.9% 0.0% 0.0% 51.0% 0.0% IBEX Limited 0.3% 0.3% 0.0% 0.3% 0.3% 0.0% 0.0% 99.7% 0.0% TaskUs, Inc. 23.1% 23.1% 0.0% 30.0% 30.0% 0.0% 0.0% 76.9% 0.0% TDCX Inc. 3.0% 3.0% 0.0% 3.1% 3.1% 0.0% 0.0% 97.0% 0.0% Teleperformance SE [7] 32.5% 32.5% 0.0% 48.2% 48.2% 0.0% 0.0% 67.5% 0.0% TELUS International (Cda) Inc. 47.9% 24.6% 23.4% 92.1% 47.2% 44.9% 0.0% 52.1% 0.0% TTEC Holdings, Inc. 41.8% 40.7% 1.1% 72.0% 70.0% 1.9% 0.0% 58.2% 0.0% Median 32.5% 24.6% 0.0% 48.2% 47.2% 0.0% 0.0% 67.5% 0.0% Mean 28.2% 24.7% 3.5% 48.8% 42.1% 6.7% 0.0% 71.8% 0.0% Stockholm (Illustrative) [8] 37.6% 23.2% 14.4% 60.3% 37.1% 23.1% 0.0% 62.4% 0.0% Levered Unlevered Equity Risk Size Cost of Cost of Cost of Pfd. Selected Company Beta [9] Beta [10] Premium [11] Premium [12] Equity [13] Debt [14] Stock [15] WACC Concentrix Corporation 0.86 0.51 5.75% 0.58% 10.7% 6.4% NA 7.7% IBEX Limited 0.70 0.69 5.75% 2.15% 11.3% 7.1% NA 11.3% TaskUs, Inc. 2.30 1.89 5.75% 1.37% 19.7% 7.5% NA 16.5% TDCX Inc. 1.10 1.07 5.75% 1.37% 12.8% NA NA 12.4% Teleperformance SE [7] 0.81 0.60 5.75% 0.57% 10.3% 4.6% NA 8.1% TELUS International (Cda) Inc. 0.90 0.50 5.75% 1.16% 11.5% 8.8% NA 9.6% TTEC Holdings, Inc. 1.25 0.82 5.75% 1.37% 13.7% 6.6% NA 10.0% Median 0.90 0.69 11.5% 6.8% NA 10.0% Mean 1.13 0.87 12.9% 6.8% NA 10.8% Stockholm (Illustrative) [8] 0.85 0.56 5.75% 4.83% 14.8% 9.6% NA 12.3%

Weighted Average Cost of Capital Calculation (cont.) Risk-Free Rate of Return as of 10/6/23, based on 20-year U.S. Treasury Bond Yield. Based on a review of studies measuring the historical returns between stocks and bonds, theoretical models such as supply side and demand side models and other materials. Navigator. Reflects long term normalized tax rate, per Company management. Stockholm terminal year Adjusted EBIT is assumed to be a valid proxy for Stockholm Adjusted Taxable Income. Stockholm Total Debt refers to total debt amount of Stockholm as of 10/6/23. Stockholm Dd refers to Implied Tax-Deductible Debt of Stockholm, which equals the lesser of (a) 30% of Stockholm Adjusted Taxable Income/Cost of Debt, or (b) Stockholm Total Debt. Based on Capital Structure Assumptions. Stockholm Dnd refers to Implied Non-Tax-Deductible Debt of Stockholm, which equals Stockholm Total Debt minus Stockholm Dd. Based on review of corresponding metrics of selected companies listed on WACC calculation page. Based on the Company's Dd and Dnd and the Capital Structure Assumptions regarding Total Debt to Total Capitalization and Equity Market Value to Total Capitalization. Based on review of selected companies’ unlevered betas listed on Weighted Average Cost of Capital Calculation page. Computed Levered Beta = Selected Unlevered Beta * (1 + ((1 – Tax Rate) * Dd to Equity Market Value) + (Dnd to Equity Market Value) + (Preferred Stock to Equity Market Value)). Based on Market and Capital Structure Assumptions. Cost of Equity = Risk-Free Rate of Return + (Computed Levered Beta * Equity Risk Premium) + Size Premium. Based on Market Assumptions. See prior page for illustrative calculation. Based on public filings, market data and other public information as of 10/6/23. NA refers to not available. WACC refers to Weighted Average Cost of Capital. (dollars in millions) Market Assumptions Risk-Free Rate of Return [1] 5.13% Equity Risk Premium [2] 5.75% Size Premium [3] 4.83% Tax Rate [4] 26.50% Capital Structure Assumptions Stockholm Adjusted Taxable Income [5] $30.3 Stockholm Total Debt [6] $78.9 Stockholm Dd [7] $78.9 Stockholm Dnd [8] $0.0 Total Debt to Total Capitalization [9] 32.5% Dd to Total Capitalization [10] 32.5% Dnd to Total Capitalization [10] 0.0% Total Debt to Equity Market Value 48.2% Dd to Equity Market Value [10] 48.2% Dnd to Equity Market Value [10] 0.0% Preferred Stock to Total Capitalization [9] 0.0% Equity Market Value to Total Capitalization [9] 67.5% Preferred Stock to Equity Market Value 0.0% Cost of Debt [9] 6.8% Cost of Preferred Stock [9] NA Computed WACC | Selected Companies 12.0% Computed WACC | Stockholm Observed Levered Beta & Capital Structure [14] (Illustrative) 12.3% Selected Weighted Average Cost of Capital Range 11.0% -- 13.0% Cost of Equity for Computed WACC Selected Companies Beta Selected Unlevered Beta [11] Computed Levered Beta [12] Cost of Equity [13] 0.69 0.94 15.4% Sources: Bloomberg and Capital IQ. 26

05 05 APPENDICES Selected Benchmarking Data

Selected Benchmarking Data Note: No company shown for comparative purposes is identical to the Company. Based on public trading prices of common stock. Reflects FY 2022 revenue pro forma for the acquisition of Webhelp SAS completed on 9/25/23. LTM pro forma financial information not available. Consensus estimates from the majority of Wall Street analysts covering the company do not reflect pro forma results for the pending acquisition of Majorel Group Luxembourg S.A. announced on 4/26/23. As such, and due to insufficient pro forma capital structure information, figures reflect financials for Teleperformance on a stand-alone basis. Does not reflect the impact of contingent earnout shares related to the Webhelp SAS acquisition completed on 9/25/23. Based on public filings, market data and other public information as of 10/6/23. Reflects the impact of the Webhelp SAS acquisition completed on 9/25/23, per earnings transcript dated 9/27/23. Does not reflect the impact of the Webhelp SAS acquisition completed on 9/25/23 due to unavailability of corresponding pro forma information. Estimated FY 2023E figures pro forma for the Webhelp SAS acquisition completed on 9/25/23 are not available. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items. Capex refers to Capital Expenditures; CY refers to Calendar Year; E refers to Estimated; FY refers to Fiscal Year. Size, Leverage & Liquidity Profitability Leverage (Net Debt to LTM Adjusted EBITDA) TDCX Inc. -2.0x IBEX Limited -0.8x TaskUs, Inc. 0.5x Stockholm 1.2x Teleperformance SE [3] 1.7x TTEC Holdings, Inc. 2.6x Concentrix Corporation [6] 3.2x TELUS International (Cda) Inc. 3.4x Liquidity (Current Ratio as of 10/6/23) TDCX Inc. 7.4 Concentrix Corporation [7] 3.5 TaskUs, Inc. 2.8 IBEX Limited 2.2 TTEC Holdings, Inc. 1.6 Teleperformance SE [3] 1.3 Stockholm 1.3 TELUS International (Cda) Inc. 1.3 Size (LTM Revenue, millions) Concentrix Corporation [2] $8,943.1 Teleperformance SE [3] $8,638.8 TELUS International (Cda) Inc. $2,598.0 TTEC Holdings, Inc. $2,484.4 TaskUs, Inc. $938.8 IBEX Limited $523.1 TDCX Inc. $503.6 Stockholm $371.1 Size [1] (Enterprise Value as of 10/6/23, millions) Concentrix Corporation [4] $10,305.0 Teleperformance SE [3] $10,114.6 TELUS International (Cda) Inc. $3,848.7 TTEC Holdings, Inc. $2,092.7 TaskUs, Inc. $1,000.7 TDCX Inc. $570.4 IBEX Limited $248.5 Stockholm [5] $173.9 Profitability (CY 2023E Adjusted EBITDA to CY 2023E Revenue) TDCX Inc. 24.5% TaskUs, Inc. 23.0% Teleperformance SE [3] 21.5% TELUS International (Cda) Inc. 21.5% IBEX Limited 13.0% TTEC Holdings, Inc. 12.0% Stockholm 9.7% Concentrix Corporation [8] NA Profitability (LTM Adjusted EBITDA to LTM Revenue) TDCX Inc. 27.1% TaskUs, Inc. 22.9% TELUS International (Cda) Inc. 19.9% Teleperformance SE [3] 19.2% Concentrix Corporation [7] 15.6% IBEX Limited 12.7% TTEC Holdings, Inc. 12.3% Stockholm 10.1% Profitability (LTM Adjusted EBITDA less Capex to LTM Revenue) TDCX Inc. 23.4% TaskUs, Inc. 19.7% TELUS International (Cda) Inc. 16.3% Teleperformance SE [3] 16.0% Concentrix Corporation [7] 13.2% IBEX Limited 9.1% TTEC Holdings, Inc. 9.0% Stockholm 6.3% Profitability (CY 2024E Adjusted EBITDA to CY 2024E Revenue) TDCX Inc. 24.7% TELUS International (Cda) Inc. 23.3% TaskUs, Inc. 23.3% Teleperformance SE [3] 21.7% Concentrix Corporation 16.7% IBEX Limited 13.6% TTEC Holdings, Inc. 12.2% Stockholm 10.0% LTM refers to the most recently completed 12-month period for which financial information has been made public; NA refers to not available. Sources: Bloomberg, Capital IQ, Company management and public filings. 29

Selected Benchmarking Data (cont.) Note: No company shown for comparative purposes is identical to the Company. Consensus estimates from the majority of Wall Street analysts covering the company do not reflect pro forma results for the pending acquisition of Majorel Group Luxembourg S.A. announced on 4/26/23. As such, figures reflect financials for Teleperformance on a stand-alone basis. Does not reflect the impact of the Webhelp SAS acquisition completed on 9/25/23 due to unavailability of corresponding pro forma information. IBEX Limited became a domestic filer (reporting financial results in accordance with U.S. GAAP, rather than IFRS) as of 7/1/23; as such, CY 2020 to CY 2022 growth rates on a comparable basis are not available. Fully pro forma 2023 financial information reflecting the impact of the Webhelp SAS acquisition completed on 9/25/23 not available. Pro forma CY 2022 to CY 2024E revenue and Adjusted EBITDA CAGRs reflecting the impact of the Webhelp SAS acquisition are approximately 4.8% and 7.3%, respectively. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items. Historical & Projected Revenue Growth Historical & Projected EBITDA Growth Projected Growth (CY 2022 to CY 2023E Revenue) TELUS International (Cda) Inc. 9.9% IBEX Limited 3.5% TTEC Holdings, Inc. 2.4% Teleperformance SE [1] 2.0% TDCX Inc. -1.3% Stockholm -1.4% TaskUs, Inc. -5.7% Concentrix Corporation [4] NA Historical Growth (CY 2020 to CY 2022 Revenue) TaskUs, Inc. 41.7% TELUS International (Cda) Inc. 24.9% TDCX Inc. 23.6% Teleperformance SE [1] 19.3% Concentrix Corporation [2] 15.8% TTEC Holdings, Inc. 12.0% Stockholm -7.4% IBEX Limited [3] NA Projected Growth (CY 2023E to CY 2024E Revenue) TDCX Inc. 9.6% TELUS International (Cda) Inc. 8.3% Teleperformance SE [1] 7.0% TTEC Holdings, Inc. 4.5% IBEX Limited 3.7% TaskUs, Inc. 2.6% Stockholm 1.5% Concentrix Corporation [4] NA Historical Growth (CY 2021 to CY 2022 Revenue) TaskUs, Inc. 26.3% TDCX Inc. 20.2% Teleperformance SE [1] 14.6% TELUS International (Cda) Inc. 12.5% IBEX Limited 8.5% TTEC Holdings, Inc. 7.5% Concentrix Corporation [2] 6.0% Stockholm -18.1% Projected Growth (CY 2022 to CY 2023E Adjusted EBITDA) IBEX Limited 22.6% Teleperformance SE [1] 15.0% TELUS International (Cda) Inc. 9.6% Stockholm -4.6% TTEC Holdings, Inc. -5.6% TaskUs, Inc. -6.1% TDCX Inc. -18.3% Concentrix Corporation [4] NA Projected Growth (CY 2023E to CY 2024E Adjusted EBITDA) TELUS International (Cda) Inc. 17.8% TDCX Inc. 10.4% IBEX Limited 8.2% Teleperformance SE [1] 8.1% TTEC Holdings, Inc. 6.7% Stockholm 5.4% TaskUs, Inc. 3.5% Concentrix Corporation [4] NA Historical Growth (CY 2020 to CY 2022 Adjusted EBITDA) TaskUs, Inc. 44.2% Concentrix Corporation [2] 28.8% Teleperformance SE [1] 28.8% TELUS International (Cda) Inc. 27.0% TDCX Inc. 20.6% TTEC Holdings, Inc. 1.5% Stockholm -5.2% IBEX Limited [3] NA Historical Growth (CY 2021 to CY 2022 Adjusted EBITDA) IBEX Limited 21.3% Teleperformance SE [1] 21.1% TELUS International (Cda) Inc. 20.4% TaskUs, Inc. 18.8% Concentrix Corporation [2] 10.9% TDCX Inc. 9.8% TTEC Holdings, Inc. -8.1% Stockholm -18.7% CAGR refers to Compound Annual Growth Rate; CY refers to Calendar Year; E refers to Estimated; NA refers to not available. Sources: Bloomberg, Capital IQ, Company management and public filings. 30

06 05 APPENDICES Historical Trading Multiple Observations

0.0x 5.0x 10.0x 20.0x 16.2x 15.0x 25.0x Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Selected Companies Median [2] Apr-23 Jul-23 Oct-23 Selected Companies Historical Trading Multiples Enterprise Value to LTM Adjusted EBITDA (Last Two Years)1 Note: Multiples shown above are sourced directly from Capital IQ; as such, certain multiples may differ from figures shown on other pages. Excludes figures that are not available or not meaningful. Includes Concentrix Corporation; IBEX Limited; TaskUs, Inc.; TDCX Inc.; Teleperformance SE; TELUS International (Cda) Inc.; and TTEC Holdings, Inc. Based on median LTM adjusted EBITDA multiple. 5.9x Three-Month Average Six-Month Average One-Year Average Two-Year Average Selected Companies Median [2] 6.2x 6.7x 8.2x 10.5x Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, and Stock Option Expense, adjusted for certain non-recurring items. LTM refers to Latest 12 Months. Source: Capital IQ as of 10/6/23. 32

0.0x 5.0x 10.0x 15.0x 15.0x 20.0x 25.0x Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Selected Companies Median [2] Apr-23 Jul-23 Oct-23 Selected Companies Historical Trading Multiples (cont.) Enterprise Value to NTM Adjusted EBITDA (Last Two Years)1 Note: Multiples shown above are sourced directly from Capital IQ; as such, certain multiples may differ from figures shown on other pages. Excludes figures that are not available or not meaningful. Includes Concentrix Corporation; IBEX Limited; TaskUs, Inc.; TDCX Inc.; Teleperformance SE; TELUS International (Cda) Inc.; and TTEC Holdings, Inc. Based on median NTM adjusted EBITDA multiple. 5.0x Three-Month Average Six-Month Average One-Year Average Two-Year Average Selected Companies Median [2] 5.6x 6.0x 7.4x 9.6x Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, and Stock Option Expense, adjusted for certain non-recurring items. NTM refers to Next 12 Months. Source: Capital IQ as of 10/6/23. 33

06 05 APPENDICES Illustrative Selected Premiums Paid Observations

Illustrative Selected Premiums Paid Observations Selected Transactions Note: No company shown above for comparative purposes is identical to the Company, and no transaction shown above for comparative purposes is identical to the Transaction. Based on closing stock price data, per Capital IQ. Represents most recently completed trading day prior to announcement. Represents the premia of the Per Share Transaction Consideration price above the unaffected price prior to the announcement of the Initial Copenhagen Proposal. NA refers to not available. Sources: The Agreement, Capital IQ, the Initial Copenhagen Proposal and public filings,. Implied Premiums Paid [1] Announced Target Acquiror 1-Day [2] 1-Month 4/26/2023 Majorel Group Luxembourg S.A. Teleperformance SE 43.2% 54.5% 3/29/2023 Webhelp SAS Concentrix Corporation NA NA 4/6/2022 GRUPO KONECTANET, S.L.U. Comdata S.p.A. NA NA 12/28/2021 Senture, LLC Teleperformance SE NA NA 9/1/2021 Unisono Solutions Group SL Intelcia Group S.A NA NA 6/18/2021 Sykes Enterprises, Incorporated Sitel Worldwide Corporation 31.2% 31.2% 12/8/2020 Everise Holdings Brookfield Business Partners L.P. NA NA 9/22/2020 Odigo SAS Apax Partners SAS (nka:Seven2 SAS) NA NA 12/4/2019 CCC Holding GmbH TELUS International (Cda) Inc. NA NA 7/9/2019 Webhelp SAS Groupe Bruxelles Lambert SA NA NA 8/9/2018 TU TopCo, Inc. (nka:TaskUs, Inc.) The Blackstone Group L.P. NA NA 6/28/2018 Convergys Corporation SYNNEX Corporation 10.4% 12.3% 6/14/2018 Intelenet Global Services Private Ltd. Teleperformance SE NA NA 3/15/2018 CSP Alpha Midco Pte Ltd (dba: Aegis) StarTek, Inc. NA NA Low 10.4% 12.3% High 43.2% 54.5% Median 31.2% 31.2% Mean 28.3% 32.7% 7/18/2023 Stockholm [3] Copenhagen 50.3% 45.8% 35

06 06 DISCLAIMER

Disclaimer 37 This presentation, and any supplemental information (written or oral) or other documents provided in connection therewith (collectively, the “materials”), are provided solely for the information of the Special Committee (the “Committee”) of the Board of Directors (the “Board”) of Stockholm (the “Company”) by Houlihan Lokey in connection with the Committee’s consideration of a potential transaction (the “Transaction”) involving the Company. This presentation is incomplete without reference to, and should be considered in conjunction with, any supplemental information provided by and discussions with Houlihan Lokey in connection therewith. Any defined terms used herein shall have the meanings set forth herein, even if such defined terms have been given different meanings elsewhere in the materials. The materials are for discussion purposes only. Houlihan Lokey expressly disclaims any and all liability, whether direct or indirect, in contract or tort or otherwise, to any person in connection with the materials. The materials were prepared for specific persons familiar with the business and affairs of the Company for use in a specific context and were not prepared with a view to public disclosure or to conform with any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and none of the Committee, the Company or Houlihan Lokey takes any responsibility for the use of the materials by persons other than the Committee. The materials are provided on a confidential basis solely for the information of the Committee and may not be disclosed, summarized, reproduced, disseminated or quoted or otherwise referred to, in whole or in part, without Houlihan Lokey’s express prior written consent. Notwithstanding any other provision herein, the Company (and each employee, representative or other agent of the Company) may disclose to any and all persons without limitation of any kind, the tax treatment and tax structure of any transaction and all materials of any kind (including opinions or other tax analyses, if any) that are provided to the Company relating to such tax treatment and structure. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, the tax treatment of a transaction is the purported or claimed U.S. income or franchise tax treatment of the transaction and the tax structure of a transaction is any fact that may be relevant to understanding the purported or claimed U.S. income or franchise tax treatment of the transaction. If the Company plans to disclose information pursuant to the first sentence of this paragraph, the Company shall inform those to whom it discloses any such information that they may not rely upon such information for any purpose without Houlihan Lokey’s prior written consent. Houlihan Lokey is not an expert on, and nothing contained in the materials should be construed as advice with regard to, legal, accounting, regulatory, insurance, tax or other specialist matters. Houlihan Lokey’s role in reviewing any information was limited solely to performing such a review as it deemed necessary to support its own advice and analysis and was not on behalf of the Committee. The materials necessarily are based on financial, economic, market and other conditions as in effect on, and the information available to Houlihan Lokey as of, the date of the materials. Although subsequent developments may affect the contents of the materials, Houlihan Lokey has not undertaken, and is under no obligation, to update, revise or reaffirm the materials, except as may be expressly contemplated by Houlihan Lokey’s engagement letter. The materials are not intended to provide the sole basis for evaluation of the Transaction and do not purport to contain all information that may be required. The materials do not address the underlying business decision of the Company or any other party to proceed with or effect the Transaction, or the relative merits of the Transaction as compared to any alternative business strategies or transactions that might be available for the Company or any other party. The materials do not constitute any opinion, nor do the materials constitute a recommendation to the Board, the Committee, the Company, any security holder of the Company or any other party as to how to vote or act with respect to any matter relating to the Transaction or otherwise or whether to buy or sell any assets or securities of any company. Houlihan Lokey’s only opinion is the opinion, if any, that is actually delivered to the Committee. In preparing the materials Houlihan Lokey has acted as an independent contractor and nothing in the materials is intended to create or shall be construed as creating a fiduciary or other relationship between Houlihan Lokey and any party. The materials may not reflect information known to other professionals in other business areas of Houlihan Lokey and its affiliates. The preparation of the materials was a complex process involving quantitative and qualitative judgments and determinations with respect to the financial, comparative and other analytic methods employed and the adaption and application of these methods to the unique facts and circumstances presented and, therefore, is not readily susceptible to partial analysis or summary description. Furthermore, Houlihan Lokey did not attribute any particular weight to any analysis or factor considered by it, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Each analytical technique has inherent strengths and weaknesses, and the nature of the available information may further affect the value of particular techniques. Accordingly, the analyses contained in the materials must be considered as a whole. Selecting portions of the analyses, analytic methods and factors without considering all analyses and factors could create a misleading or incomplete view. The materials reflect judgments and assumptions with regard to industry performance, general business, economic, regulatory, market and financial conditions and other matters, many of which are beyond the control of the participants in the Transaction. Any estimates of value contained in the materials are not necessarily indicative of actual value or predictive of future results or values, which may be significantly more or less favorable. Any analyses relating to the value of assets, businesses or securities do not purport to be appraisals or to reflect the prices at which any assets, businesses or securities may actually be sold. The materials do not constitute a valuation opinion or credit rating. The materials do not address the consideration to be paid or received in, the terms of any arrangements, understandings, agreements or documents related to, or the form, structure or any other portion or aspect of, the Transaction or otherwise. Furthermore, the materials do not address the fairness of any portion or aspect of the Transaction to any party. In preparing the materials, Houlihan Lokey has not conducted any physical inspection or independent appraisal or evaluation of any of the assets, properties or liabilities (contingent or otherwise) of the Company or any other party and has no obligation to evaluate the solvency of the Company or any other party under any law.

Disclaimer (cont.) 37 All budgets, projections, estimates, financial analyses, reports and other information with respect to operations (including, without limitation, estimates of potential cost savings and synergies) reflected in the materials have been prepared by management of the relevant party or are derived from such budgets, projections, estimates, financial analyses, reports and other information or from other sources, which involve numerous and significant subjective determinations made by management of the relevant party and/or which such management has reviewed and found reasonable. The budgets, projections and estimates (including, without limitation, estimates of potential cost savings and synergies) contained in the materials may or may not be achieved and differences between projected results and those actually achieved may be material. Houlihan Lokey has relied upon representations made by management of the Company and other participants in the Transaction that such budgets, projections and estimates have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments of such management (or, with respect to information obtained from public sources, represent reasonable estimates), and Houlihan Lokey expresses no opinion with respect to such budgets, projections or estimates or the assumptions on which they are based. The scope of the financial analysis contained herein is based on discussions with the Company (including, without limitation, regarding the methodologies to be utilized), and Houlihan Lokey does not make any representation, express or implied, as to the sufficiency or adequacy of such financial analysis or the scope thereof for any particular purpose. Houlihan Lokey has assumed and relied upon the accuracy and completeness of the financial and other information provided to, discussed with or reviewed by it without (and without assuming responsibility for) independent verification of such information, makes no representation or warranty (express or implied) in respect of the accuracy or completeness of such information and has further relied upon the assurances of the Company and other participants in the Transaction that they are not aware of any facts or circumstances that would make such information inaccurate or misleading. In addition, Houlihan Lokey has relied upon and assumed, without independent verification, that there has been no change in the business, assets, liabilities, financial condition, results of operations, cash flows or prospects of the Company or any other participant in the Transaction since the respective dates of the most recent financial statements and other information, financial or otherwise, provided to, discussed with or reviewed by Houlihan Lokey that would be material to its analyses, and that the final forms of any draft documents reviewed by Houlihan Lokey will not differ in any material respect from such draft documents. The materials are not an offer to sell or a solicitation of an indication of interest to purchase any security, option, commodity, future, loan or currency. 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Houlihan Lokey’s personnel may make statements or provide advice that is contrary to information contained in the materials.

CORPORATE FINANCE FINANCIAL RESTRUCTURING FINANCIAL AND VALUATION ADVISORY HL.com

Exhibit 107

Calculation of Filing Fee Tables

SC 13E3
(Form Type)

StarTek, Inc.
(Exact Name of Registrant as Specified in its Charter)

StarTek, Inc.

CSP Management II Limited

Stockholm Parent, LLC

Stockholm Merger Sub, Inc.

(Names of Persons Filing Schedule)

Table 1 to Paragraph (a)(7)

	Value of Transaction			Fee rate		Amount of Filing Fee
Fees to Be Paid	$	74,587,062.20	⁽¹⁾		0.00014760	$	11,009.05	⁽²⁾
Fees Previously Paid	$	74,587,062.20				$	11,009.05	⁽³⁾
Total Transaction Valuation	$	74,587,062.20
Total Fees Due for Filing						$	0.00
Total Fees Previously Paid						$	11,009.05	⁽³⁾
Total Fee Offsets						$	11,009.05
Net Fee Due						$	0.00

Table 2 to Paragraph (a)(7)

	Registrant or Filer Name	Form or Filing Type	File Number	Initial Filing Date	Filing Date	Fee Offset Claimed	Fee Paid with Fee Offset Source
Fee Offset Claims		PREM 14C	001-12793	November 3, 2023		$11,009.05
Fees Offset Sources	StarTek, Inc.	PREM 14C	001-12793		November 3, 2023		$11,009.05⁽³⁾

(1)

Solely for the purpose of calculating the filing fee, the aggregate value of the transaction was calculated as the sum of (a) 17,296,694 shares of StarTek, Inc.’s common stock, par value $0.01 per share (“Common Stock”) (which is the estimated number of shares of Common Stock entitled to receive the per share merger consideration) multiplied by the per share merger consideration of $4.30, and (b) 229,650 shares of Common Stock underlying outstanding and unexercised options to acquire shares of Common Stock that have an exercise price that is less than $4.30 multiplied by the per share merger consideration of $4.30 minus any applicable exercise price of the options. No restricted stock units, performance stock units or deferred stock units are outstanding.

(2)	The amount of the filing fee, calculated in accordance with Rule 0-11 of the Exchange Act, was calculated by multiplying $74,587,062.20 by 0.00014760.

(3)	StarTek, Inc. previously paid $11,009.05 upon the filing of its Preliminary Information Statement on Schedule 14C on November 3, 2023, in connection with the transaction reported hereby.

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