The recent TPI Q3 results show a broader market, at an all-time 3q high. 31% up q/q and 41% y/y on a €5.8b acquisition-related mega deal

All three regions saw tcv up for the quarter and ITO up 50% q/q.

- 3Q11 TCV is notably up, primarily the result of a single acquisition-related mega deal

- Without the mega deal, 3Q11 sustained typical global performance

- EMEA 3Q ahead of the recent third quarter TCV performance

- ITO – without Mega Deal- drops Q/Q though ahead by 10%Y/Y in EMEA

- BPO 3Q steady; should end 2011 with a solid performance

- Expect EMEA to support and Asia Pacific to strengthen the outsourcing market going forward

- Outsourcing market should end the year, well within the historical norms