Stream in the News

Revenue for both the three and nine month periods ended September 30, 2008 was $81.5 million as compared to zero in the prior year on a GAAP basis. On a pro forma combined non-GAAP basis, revenue for the three-month periods ended September 30, 2008 and 2007 would have been $124.5 million and $113.8 million, respectively, an increase of 9.4%. On a pro forma combined non-GAAP basis, revenue for the nine-months ended September 30, 2008 and 2007 would have been $393.6 million and $345.6 million, respectively, an increase of 13.9%.

GAAP net loss for the three months ended September 30, 2008 and 2007 was $919,000 and $11,000, respectively. GAAP net income for the nine months ended September 30, 2008 was $942,000 compared to a net loss for the nine months ended September 30, 2007 of $18,000. On a pro forma non-GAAP basis, adjusted earnings before interest taxes depreciation and amortization (“Adjusted EBITDA”) for the three months ended September 30, 2008 and 2007 would have been $7.2 million and $2.8 million, respectively or a 157% increase. On a pro forma non-GAAP basis, Adjusted EBITDA for the nine-months ended September 30, 2008 and 2007 would have been $20.0 million and $12.6 million, respectively (see attached Reconciliation of GAAP to non-GAAP Information) or a 59% increase.

Scott Murray, Chairman and Chief Executive Officer of SGSI said; “We are pleased with the progress we have made since the acquisition of SHC on July 31, 2008. We have recently sold a number of new logo clients in the computing, telecommunications and software industry segments. We are also expanding our global solution center footprint. We have acquired an El Salvador based Spanish-speaking service center and are in process of opening a Philippines based operation. Combined, these two service centers will expand our service capacity by over 3,000 technicians. We have made a good start improving the operating performance of the business and have added a number of experienced industry executives in the areas of sales, client management, marketing, operations and finance since the acquisition.”

For more information contact:
Stephen Farrell, EVP and Chief Financial Officer
(508) 517-3248
stephen.farrell@stream.com

Safe Harbor
This news release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including forward-looking statements regarding our business objectives and our belief about a reversal in a deferred tax liability provision. These statements are neither promises nor guarantees, but involve risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements, including, without limitation, risks relating to: our ability to grow profitably and receive approval for lower tax rates under PRC law and other risks detailed in the Company’s filings with the SEC, including those discussed in the Company’s quarterly report filed with the SEC on Form 10-Q for the quarter ended September 30, 2008.

SGSI does not intend, and disclaims any obligation, to update any forward-looking information contained in this release or with respect to the announcements described herein.

The required reconciliations and other disclosures for all non-GAAP measures used by the Company are set forth in a schedule attached to in this press release, in the Current Report on Form 8-K furnished to the SEC on the date hereof.

References to the financial information included in this news release reflect rounded numbers and should be considered approximate values.

Non-GAAP Financial Measures
This release contains non-GAAP financial measures. These non-GAAP financial measures, which are used as measures of SGSI’s performance or liquidity, should be considered in addition to, not as a substitute for, measures of SGSI’s financial performance or liquidity prepared in accordance with GAAP. Non-GAAP financial measures may be defined differently from time to time and may be defined differently than similar terms used by other companies, and accordingly, care should be exercised in understanding how SGSI defines non-GAAP financial measures in this release.

Where specified in the accompanying schedules for various periods entitled "Reconciliation of GAAP to Non-GAAP Information," certain items noted on each such specific schedule are excluded from the non-GAAP financial measures.

SGSI's management uses the non-GAAP financial measures in the accompanying schedules to gain an understanding of SGSI's comparative operating performance (when comparing such results with previous periods or forecasts) and future prospects and excludes the above-listed items from its internal financial statements for purposes of its internal budgets and each reporting segment's financial goals. These non-GAAP financial measures are used by SGSI's management in their financial and operating decision-making because management believes they reflect SGSI's ongoing business in a manner that allows meaningful period-to-period comparisons. SGSI's management believes that these non-GAAP financial measures provide useful information to investors and others in (a) understanding and evaluating SGSI's current operating performance and future prospects in the same manner as management does, if they so choose, and (b) in comparing in a consistent manner the Company's current financial results with the Company's past financial results.

All of the foregoing non-GAAP financial measures have limitations. Specifically, the non-GAAP financial measures that exclude the items noted above do not include all items of income and expense that affect SGSI's operations. Further, these non-GAAP financial measures are not prepared in accordance with GAAP, may not be comparable to non-GAAP financial measures used by other companies and do not reflect any benefit that such items may confer on SGSI. Management compensates for these limitations by also considering SGSI’s financial results in accordance with GAAP.

About Stream Global Services, Inc. (SGSI)
Stream Global Services, Inc. (“SGSI”) is a leading provider of integrated business process outsourcing services such as web and data hosting, technical support, customer retention and recovery services, warranty support, customer care and other professional services for Fortune 1,000 clients in the technology, software, computing, consumer electronics, media and communications sectors. SGSI has more than 14,000 technical experts and other employees across 32 service solution centers in 18 countries.

“For a growing, innovative company like ours, the business knowledge and leadership qualities of its executives are critical to success,” said Chairman and CEO R. Scott Murray. “I believe we have in place one of the most dynamic executive teams in the industry. I am confident Stephen and Bruce will add to its strength, further driving organizational goals in finance, operations and client relationships.”

As chief financial officer, Farrell will be primarily responsible for the financial leadership of Stream, and will oversee the company’s finance, accounting, treasury, taxation and corporate services functions. Farrell, who will work out of the company’s Boston headquarters and report to Murray, will also play an important role in shaping corporate strategy, driving alignment across the organization and achieving success in the company’s strategic growth initiatives.

Prior to joining Stream, Farrell served as president of PolyMedica Corporation. During his eight-year tenure with PolyMedica, Farrell held various executive positions including chief operating officer, CFO and chief compliance officer. He has also worked in senior management for PricewaterhouseCoopers.

An active member of Questcor Pharmaceuticals’ board of directors, Farrell holds an undergraduate degree from Harvard University, MBA from the University of Virginia, and is a certified public accountant.

“Stephen’s financial acumen and diverse background make him the ideal candidate for this role. His expertise should serve to further enhance Stream’s ability to deliver financial results to our shareholders and within the organization while also reinforcing the results-driven relationship between finance and operations,” added Murray.

Dawson, as senior vice president of business development, will oversee strategic activities related to organic business growth, client diversification and client relationship management. Along with the global business development organization, which will report directly to him, Dawson will be actively involved in identifying new opportunities and additional service solution offerings for Stream’s existing client base.

“Bruce comes to Stream Global Services with a phenomenal background in client relationship management and business revenue growth,” said Executive Vice President, Global Sales and Marketing Robert Dechant. “With his experience and outstanding leadership skills, Bruce’s arrival strengthens an already talented business development team; and I expect he will greatly enhance the breadth and depth of our current client relationships.”

Dawson joins the company with more than 20 years senior business development and sales leadership experience. He spent much of this time in the global outsourcing space, with companies such as TeleTech Holdings, MATRIXX Marketing (now part of Convergys) and Stream International. He has also served in various senior sales roles with AT&T/Avaya. Based in Denver, Dawson will report to Dechant.

For more information contact:
Kieran Brennan
Vice President, Marketing
469-624-5030
kieran.brennan@stream.com

About Stream Global Services, Inc. (Stream)
Stream Global Services, Inc. (“Stream”) is a leading provider of integrated business process outsourcing services such as Web and data hosting, technical support, customer retention and recovery services, warranty support, customer care and other professional services for Fortune 1000 clients in the technology, software, computing, consumer electronics, media and communications sectors. Stream has more than 17,000 technical experts and other employees across 32 service solution centers in 18 countries.

BOSTON, October 20, 2008 — Stream Global Services, Inc. (AMEX:OOO) today announced its purchase of a Dell Inc. (NASDAQ:DELL) contact center in San Salvador, El Salvador.

“Growing our service offerings in emerging markets like Central and South America is a top priority for Stream,” said R. Scott Murray, Chairman and CEO of Stream Global Services, Inc. “The availability of a live center in this market presented a great opportunity to take an important step toward achieving our targets for global expansion and entrance into newly emerging economies.”

Encompassing more than 1,500 workstations across 129,000 square feet, the El Salvador center signals Stream’s continued global expansion, and the growth of its core customer support offerings. Stream Global Services plans to utilize the El Salvador center for integrated BPO solutions such as sales services, order entry, customer inquiries, billing, collections, technical support, and other services integral to the customer experience, for new and existing Stream clients.

The center currently provides consumer sales, care and technical support services for a variety of Dell products. Stream will also take over these services as part of a concurrent outsourcing agreement with Dell.

“This acquisition is a great win on many fronts. It allows Dell to increase competitiveness and deliver even greater value to customers. Stream can expand and grow in Latin America with a talented team from Dell. The employees get to grow careers in new ways with Stream’s multi-customer portfolio. And, jobs stay in El Salvador as it continues growing its contact center industry.” said, Ray Roman, VP Dell global consumer operations and services.

“Stream and Dell have a long-standing relationship based on top-quality support for Dell’s suite of products around the world,” added Murray. “We are very excited to extend this important relationship in our company and continue providing a high level of service to Dell’s customers.”

Using its world-class technology platform and processes, Stream intends to use this center to provide Spanish- and English-language services to the emerging South American market. As such, Stream’s San Salvador site should also become a key component of Stream’s Smart Shore strategy, which provides a combination of onshore and offshore options to clients based in Europe and North America.

For more information about Stream Global Services’ business or current employment opportunities, visit the company Web site at www.stream.com.

For more information contact:
Bob Dechant, Executive Vice President, Sales & Marketing
Stream Global Services
781-929-6084
robert.dechant@stream.com

About Stream Global Services, Inc. (Stream)
Stream Global Services, Inc. (“Stream”) is a leading provider of integrated business process outsourcing services such as Web and data hosting, technical support, customer retention and recovery services, warranty support, customer care and other professional services for Fortune 1000 clients in the technology, software, computing, consumer electronics, media and communications sectors. Stream has more than 17,000 technical experts and other employees across 32 service solution centers in 18 countries.

About Dell
Dell Inc. (NASDAQ: DELL) listens to customers and delivers innovative technology and services they trust and value. Uniquely enabled by its direct business model, Dell is a leading global systems and services company and No. 34 on the Fortune 500. For more information, visit www.dell.com, or to communicate directly with Dell via a variety of online channels, go to www.dell.com/dellshares. To get Dell news direct, visit www.dell.com/RSS.

SAN SALVADOR, EL SALVADOR, October 15, 2008—Dell Inc. announced that Stream Global Services has acquired 100 percent of its El Salvador contact center as part of company-wide efforts to increase the efficiency of its business and provide better value for customers. Stream is a global outsourcing company headquartered in Boston, Massachusetts, with more than 17,000 employees in 32 locations around the world. Dell will become a customer of Stream, continuing to utilize the El Salvador site for outsourced consumer sales and technical support services.

“We are pleased with our experience in El Salvador and its people and government. This allows us to leverage our long-standing relationship with Stream to continue providing the best possible U.S. Spanish-speaking and Latin American consumer sales and technical support from El Salvador. We appreciate the contributions of our El Salvador team in this effort.”” said Ray Roman, VP Dell global consumer operations & services. “We will do all we can to help our employees and our community partners through this transition.”

Dell continues to broaden the portfolio of technology products and services it offers in the country to both consumers and commercial customers. As of today, Dell is growing retail presence with local partners like Wal-Mart de Centro America. On the commercial business front, Dell continues to work with major local airlines, telecommunication carriers, banks, corporate groups and the government.

Stream is recognized as a leading provider of complex technical support and other business process outsourcing services to companies across a variety of industries. The company provides services to some of the world’s most respected Fortune 1000 clients in the technology, software, computing, consumer electronics, communications and media sectors.

Stream’s acquisition of the El Salvador site follows several international acquisitions by the company, including contact centers in Dominican Republic, Costa Rica and Ireland. The site will provide English and Spanish-language support for Stream's North American and Latin American clients. Terms of the transaction were not disclosed.

El Salvador’s English and Spanish-speaking workforce will allow Stream to provide flexible customer service and technical support solutions for both North America and Latin America.

"We are extremely excited to enhance our relationship with Dell. This site's management and support professionals are extremely talented and experienced and they will clearly enhance our strength in our core support models of customer service, technical support and revenue generation. We also see El Salvador as a great market for us to be in as we continue to expand our commitment to the CALA region." said Chairman & CEO Scott Murray.

About Stream Global Services, Inc. (Stream)
Stream Global Services, Inc. (“Stream”) is a leading provider of integrated business process outsourcing services such as Web and data hosting, technical support, customer retention and recovery services, warranty support, customer care and other professional services for Fortune 1000 clients in the technology, software, computing, consumer electronics, media and communications sectors. Stream has more than 17,000 technical experts and other employees across 32 service solution centers in 18 countries.

About Dell
Dell Inc. (NASDAQ: DELL) listens to customers and delivers innovative technology and services they trust and value. Uniquely enabled by its direct business model, Dell is a leading global systems and services company and No. 34 on the Fortune 500. For more information, visit www.dell.com, or to communicate directly with Dell via a variety of online channels, go to www.dell.com/conversations. To get Dell news direct, visit www.dell.com/RSS.

Media Contacts
Jess Blackburn, Dell
(512) 728-8295
jess_blackburn@dell.com

Mercedes Morris, Dell
(507) 6676 3152
mercedes_morris@dell.com

Robert Dechant, Stream Global Services
(781) 929-6084
robert.dechant@stream.com

Investor Relations Contacts
Lynn Tyson, Dell
(512) 723-1130
lynn_tyson@dell.com

Robert Williams, Dell
(512) 728-7570
robert_williams@dell.com

Sheila Flaherty, Stream Global Services
(617) 517-3252
sheila.flaherty@stream.com

Murray said, “The new brand reflects our global vision and our commitment to the active pursuit of a great future. With our global footprint and client portfolio as the foundation, we expect to explore opportunities for global expansion in places such as Eastern Europe, the Philippines, India, China, South America, and Latin America; extend our current service offerings; and continue investing in technology to further enhance our competitive position.”

Murray continued, “Over the next several years, our goal is to be the world leader in integrated BPO services. I believe we have a tremendous opportunity in front of us, and our push to seize that opportunity begins now."

Stream Global Services, Inc. (formerly Global BPO Services Corp.) closed its acquisition of Stream Holdings Corp. on July 31, 2008.

For more information contact:
Sheila M. Flaherty
Chief Legal and Administrative Officer
617-517-3252
Sheila.flaherty@stream.com

About Stream Global Services, Inc. (formerly known as Global BPO Services Corp.)
Global BPO Services Corp. (Global BPO) consummated its initial public offering on October 23, 2007 and acquired Stream Holdings Corporation as of July 31, 2008. Global BPO is now known as Stream Global Services, Inc. (Stream) and trades publicly on the American Stock Exchange. Stream is a leading provider of complex technical support and other business process outsourcing services such as Web and data hosting, customer retention and recovery services, warrant support and professional services for our Fortune 1000 clients in the technology, software, computing, consumer electronics, media and communications sectors. Stream has more than 16,000 technical experts and other employees located in 30 service provider centers across over 16 countries.

The number of shares to be purchased and the proration factor are preliminary. Final results will be determined subject to confirmation by the depository of the proper delivery of the shares validly tendered and not withdrawn. The actual number of shares to be purchased and the proration factor will be announced following the completion of the confirmation process. Payment for the shares accepted for purchase and return of all other shares tendered and not accepted for purchase will occur promptly thereafter. Payment for shares purchased will be made in cash, without interest.

Shareholders and investors who have questions or need information about the tender offer may contact the information agent, Innisfree M&A Incorporated, at (888) 750-5834. In connection with this offer, Continental Stock Transfer & Trust Company served as depositary.

For more information contact:
Sheila M. Flaherty
Chief Legal and Administrative Officer
617-517-3252
Sheila.flaherty@stream.com

Forward-looking Statements
This communication contains “forward-looking statements” which represent the current expectations and beliefs of management Global BPO concerning the proposed acquisition of Stream and other future events and their potential effects on Global BPO and Stream. The statements, analyses, and other information contained herein relating to the proposed acquisition, as well as other statements including words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “will,” “should,” “may,” and other similar expressions, are “forward-looking statements.” These forward-looking statements are not guarantees of future results and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Those factors include, without limitation, the ability to file the tender offer documents with the SEC and commence or complete the tender offer on the anticipated timeframe. Readers are referred to the reports and documents filed from time to time by us and to be filed in the future by us with the SEC for a discussion of these and other important risk factors that could cause actual results to differ from those discussed in forward-looking statements to reflect subsequent events or circumstances.

About Stream Global Services, Inc.
Global BPO was a special purpose acquisition corporation (a “SPAC”) formed in June of 2007 for the purpose of acquiring a business process outsourcing company. Global BPO consummated its initial public offering on October 23, 2007 and acquired Stream Holdings Corporation as of July 31, 2008. Global BPO is now known as Stream Global Services, Inc. and trades publicly on the American Stock Exchange. Stream is a leading provider of complex technical support and other business process outsourcing services such as web and data hosting, customer retention and recovery services, warrant support and professional services, etc. for Fortune 1000 clients in the technology, software, computing, consumer electronics, media and communications sectors. Stream has over 15,000 technical experts and other employees located in 30 service provider centers across over 16 countries.

Scott Murray will be Stream’s Chairman of the Board of Directors and Chief Executive Officer. Mr. Murray has extensive experience in the business process outsourcing (BPO) and technology industry. He was also the founder of Global BPO Services Corporation (the predecessor company to Stream). Mr. Murray has held a number of senior executive positions, including Chief Executive Officer of 3Com Corporation and Chairman of its joint venture with Huawei, H3C, in China; Chief Executive Officer of Modus Media International, Inc., a BPO company providing global supply chain services; President of Stream; and EVP/CFO of The Learning Company, the leading educational software developer. Mr. Murray will have responsibility for aspects of Stream and will be based in the metro Boston area.

Robert Dechant will be Stream’s Executive Vice President of Global Sales and Marketing. Mr. Dechant is a veteran of the contact center industry. He has spent the past 20 years leading global client relationships and building world-class sales organizations. Prior to Stream, Mr. Dechant was the Executive Vice President of Global Sales and Marketing and the General Manager of the Data and Voice Business Unit at 3Com Corporation, the Executive Vice President of Global Sales and Marketing at Modus Media International, Inc. and was Chief Operating Officer and Senior Vice President of Sales and Marketing at Stream from 1996 to 2003. Prior to that, he held senior sales positions at Convergys and IBM. He will be responsible for all sales, marketing and business management functions of Stream and will be based in the metro Boston area.

Harry Jackson will be the Senior Vice President of Operations for Europe. Mr. Jackson held this role at the time of the acquisition in July 2008. Prior to Stream, Mr. Jackson was the General Manager of Europe for Sykes Enterprises and Head of Support Services for Client Logic. Mr. Jackson has spent his career in the European BPO industry and is very experienced in both pan-European operations and creating a world-class team. He will continue to have responsibility for Stream’s European, Middle East and African operations. Mr. Jackson will be responsible for ensuring Stream delivers an outstanding level of service to our global clients in Europe and will be based in our Amsterdam, The Netherlands location.

Zia Shiekh will be the Managing Director of Stream’s Asia-Pacific region. Mr. Shiekh held this position at the time of the acquisition in July 2008. Prior to Stream Mr. Shiekh was the Chief Executive Officer of Infowavz in India prior to its acquisition by Stream in 2004. Mr. Shiekh has extensive experience in India and the Asia-Pacific region and in the BPO industry. He will be responsible for Stream’s business in the Asia-Pacific region and specifically its India operations. Stream’s India operations provide a high-quality offshore solution for global clients using Stream’s global processes and technology. Mr. Shiekh will be based in Stream’s Mumbai, India location.

Jeff Bishop will be Stream’s Senior Vice President of Operations in the Americas. Mr. Bishop has held many senior roles in the contact center and BPO industry, including companies such as Circuit City, Installs, Convergys and Gateway. In addition, Mr. Bishop also held the position of Senior Vice President of Operations, North America for Stream from 2000 to 2003. Mr. Bishop brings an extensive background in delivery of world-class operating experience to Stream. He will have responsibility for the company’s site operations, quality management, employee training and project management in the United States, Canada, Latin America and South America. Mr. Bishop will be based in the metro Boston area.

Robert Mercer will be Stream’s Chief Information Officer. Mr. Mercer has held several senior leadership roles in the BPO industry throughout his career. He brings a wealth of experience to the team. He was the CIO of Stream at the time of its acquisition in July 2008. Prior to that, he was at Software Spectrum. Mr. Mercer will have responsibility for Stream’s global technology platform in all regions of the company. He will be charged with ensuring we have the most sophisticated information and reporting system in the industry. Mr. Mercer will be based in Stream’s Richardson, Texas location.

Sheila Flaherty will be Stream’s Chief Legal and Administrative Officer. Ms. Flaherty has had extensive experience in both the BPO industry and in a public company environment. She was a co-founder of Global BPO Services Corp. (the predecessor company to Stream) as well as its Executive Vice President and General Counsel. Prior to that she was Vice President and General Counsel at Abiomed, Inc. (NASDAQ: ABMD) and Senior Vice President and General Counsel at Modus Media International, Inc. Ms. Flaherty will have responsibility for Stream’s legal affairs, its regulatory reporting, human resources, corporate governance and its corporate policies. Ms. Flaherty will be based in the Boston area.

Laurie Brashear will be Stream’s Senior Vice President of human resources. Ms. Brashear has extensive experience in the contact center industry and will be responsible for all aspects of human resources including organizational design, compensation and benefits and recruiting, both in the administrative and support professional areas. Ms. Brashear was the SVP of Human Resources of Stream at the time of the acquisition in July 2008 and prior to that was at Software Spectrum. Ms. Brashear will be based in Stream’s Richardson, Texas location.

Tom Andrus will be Stream’s acting Chief Financial Officer. Mr. Andrus was the CFO of Stream at the time of the acquisition in July 2008. He will be based in the Richardson, Texas location. We are currently conducting an executive search for a permanent CFO who will be based in the Boston area location.

Scott Murray, Chairman and Chief Executive Officer said, “I am very pleased to be able to announce this team so quickly after the close of the Stream acquisition. This team represents a combination of executives from the predecessor company just prior to the close of the acquisition and many who have held senior positions at Stream in the past. This team knows how to work cohesively together and will be a solid foundation for strong leadership. I believe this is the best executive team in our industry and will be able to scale our business model to become the leading provider of best-in-class integrated BPO services for our clients and create a dynamic work environment for our employees.”

For more information contact:
Sheila M. Flaherty
Chief Legal and Administrative Officer
617-517-3252
Sheila.flaherty@stream.com

About Stream Global Services, Inc. (formerly known as Global BPO Services Corp.)
Global BPO Services Corp. (Global BPO) consummated its initial public offering on October 23, 2007 and acquired Stream Holdings Corporation as of July 31, 2008. Global BPO is now known as Stream Global Services, Inc. (Stream) and trades publicly on the American Stock Exchange. Stream is a leading provider of complex technical support and other business process outsourcing services such as Web and data hosting, customer retention and recovery services, warrant support and professional services for our Fortune 1000 clients in the technology, software, computing, consumer electronics, media and communications sectors. Stream has more than 16,000 technical experts and other employees located in 30 service provider centers across over 16 countries.

In this role, Dechant will be responsible for all global sales, marketing, and business development activities in the company. He will provide leadership for the company’s go-to-market strategy and be responsible for the growth of revenues through both existing and new business. Bob will be based in our Boston, Massachusetts location.

Dechant has more than 25 years of experience in strategic sales, marketing, and client management with companies such as IBM, Convergys, and 3Com Corporation. Additionally, from 1997 to 2003, he held several key leadership positions at Stream including chief operating officer and senior vice president of sales and marketing.

“Bob is by far the top client management executive in the industry, and I am delighted he has agreed to re-join Stream to lead our sales and marketing efforts,” said Scott Murray, Chairman and Chief Executive Officer of Stream Global Services. “His leadership skills will strengthen an already great sales, marketing, and business management team.”

Stream also announces today that Robert Mercer will continue to lead Stream’s global technology interests as the company’s chief information officer. Stream’s technology programs have thrived under Mercer’s leadership and the company is poised to continue its investments in technology and further enhance its IT initiatives.

“Bob’s track record is exceptional,” added Murray. “We have an IT team at Stream with outstanding leadership that will enable Stream to continue its growth and expansion to meet not only the needs of existing clients and prospects but enable us to expand our global markets with leading technology initiatives. Bob will continue to be based in our Richardson, Texas location.”

Mercer has over 30 years in IT leadership roles and prior to joining Stream, he served as chief information officer at Software Spectrum for nine years.

For more information contact:
Katherin Dockerill
SVP Marketing and Business Strategy
469-624-5030
Katherin.Dockerill@Stream.com

About Stream Global Services, Inc. (formerly known as Global BPO Services Corp.)
Global BPO is now known as Stream Global Services, Inc. (SGS) and trades publicly on the American Stock Exchange. SGS is a leading provider of complex technical support and other business process outsourcing services such as Web and data hosting, customer retention and recovery services, warrant support and professional services for Fortune 1000 clients in the technology, software, computing, consumer electronics, media and communications sectors. SGS has over 16,000 technical experts and other employees located in 30 service provider centers across over 16 countries.

Forward-looking Statements
This communication contains "forward-looking statements" which represent the current expectations and beliefs of SGS management, future events and their potential effects on SGS. The statements, analyses, and other information contained herein, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "should," "may," and other similar expressions, are forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future results and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Those factors include, without limitation: (1) the ability to successfully combine the businesses of SGS and Stream; (2) operating costs and business disruption following the acquisition, including adverse effects on relationships with employees; (3) changes in the stock market and interest rate environment that affect revenues; (4) the ability of Stream to retain its existing customers and attract new customers following the closing; (5) retention of key employees following closing; (6) general economic conditions such as inflation or recession; (7) general political and social conditions such as war, political unrest and terrorism; (8) ability to maintain or increase billing and utilization rates; (9) success of expansion internationally; (10) competition; (11) ability to move the product mix into higher margin businesses; (12) operating Stream as a public company; (13) healthcare and benefit cost management; and (14) currency fluctuation and exchange rate adjustments. The foregoing is intended only to identify certain of the principal factors that could cause actual results to differ from those discussed in the forward-looking statements. Readers are referred to the reports and documents filed from time to time by us and to be filed in the future by us with the Securities and Exchange Commission for a discussion of these and other important risk factors that could cause actual results to differ from those discussed in forward-looking statements to reflect subsequent events or circumstances.

None of Stream, its board of directors, the depositary or the information agent makes any recommendations to stockholders as to whether to tender or refrain from tendering their shares pursuant to the Offer to Purchase. Stockholders must decide how many shares they will tender, if any.

The information agent for the tender offer is Innisfree M&A Incorporated. The Depositary for the tender offer is Continental Stock Transfer & Trust Company. The Offer to Purchase, Letter of Transmittal and related documents are being mailed to stockholders of record and will be made available for distribution to beneficial owners of Stream's common stock.

Additional Information
This press release is neither an offer to purchase nor a solicitation of an offer to sell securities.

The tender offer described above has not yet commenced and will be made only pursuant to, a tender offer statement on Schedule TO and related exhibits, including the Offer to Purchase, Letter of Transmittal and other related documents, to be filed with the Securities and Exchange Commission ("SEC"). Shareholders should read the Offer to Purchase, Letter of Transmittal and the tender offer statement on Schedule TO and related exhibits when such documents are filed and become available, as they will contain important information about the tender offer. Shareholders can obtain these documents when they are filed and become available free of charge from the SEC's website at www.sec.gov, or by directing a request to: Stream Global Services, Inc., 125 High Street, 30th Floor, High Street Tower, Boston, MA 02110, telephone (617) 517-3252, to Scott Winter at Innisfree M&A Incorporated, telephone (212) 750-5833 or to Continental Stock Transfer & Trust Company, 17 Battery Place, 8th Floor, New York, New York 10004, Attn: Reorganization Department, telephone (212) 509-4000 Ext. 536.

Forward-looking Statements
This communication contains "forward-looking statements" which represent the current expectations and beliefs of management Stream concerning the proposed acquisition of Stream and other future events and their potential effects on Stream. The statements, analyses, and other information contained herein relating to the proposed acquisition, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "should," "may," and other similar expressions, are "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future results and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Those factors include, without limitation, the ability to file the tender offer documents with the SEC and commence or complete the tender offer on the anticipated timeframe. Readers are referred to the reports and documents filed from time to time by us and to be filed in the future by us with the SEC for a discussion of these and other important risk factors that could cause actual results to differ from those discussed in forward-looking statements to reflect subsequent events or circumstances. About Stream Global Services, Inc. (formerly known as Global BPO Services Corp.)

Global BPO was a special purpose acquisition corporation (a "SPAC") formed in June of 2007 for the purpose of acquiring a business process outsourcing company. Global BPO consummated its initial public offering on October 23, 2007 and acquired Stream Holdings Corporation as of July 31, 2008. Global BPO is now known as Stream Global Services, Inc., or Stream, and trades publicly on the American Stock Exchange. Stream is a leading provider of complex technical support and other business process outsourcing services such as web and data hosting, customer retention and recovery services, warrant support and professional services, etc. for Fortune 1000 clients in the technology, software, computing, consumer electronics, media and communications sectors. Stream has over 15,000 technical experts and other employees located in 30 service provider centers across over 16 countries.

###

BOSTON, MA. - August 1, 2008 - Stream Global Services, Inc., formerly known as Global BPO Services Corp. (AMEX: OOO) ("SGS") today clarified the size of its planned self tender offer. SGS, as previously announced on July 18, 2008, increased the size of its planned tender offer from 20,625,001 shares to the sum of 20,625,001 shares plus the amount by which the number of shares as to which conversion has been elected is less than the maximum of 9,374,999 shares (29.9% of the outstanding shares) which could be converted while still approving the Stream acquisition and the issuance of the convertible preferred stock to Ares to provide financing for the tender offer. Accordingly, since conversion rights were elected as to 9,242,954 shares, the tender offer will be for 20,757,046 shares at $8.00 per share. The tender offer will remain open for a period of twenty business days following its commencement.

For more information contact:
Sheila M. Flaherty,
Chief Legal & Administrative Officer
617-517-3252
sheilaflaherty@globalbpo.biz

About Stream Global Services, Inc. (formerly known as Global BPO Services Corp.)

Additional Information
Stream Global Services has not commenced the tender offer for shares of its common stock. The solicitation and the offer to buy shares of Stream Global Services common stock will only be made pursuant to an offer to purchase, forms of letters of transmittal and other documents relating to the tender offer that Stream Global Services intends to file with the SEC. Once filed, Stream Global Services stockholders should read the tender offer statement and the other documents relating to the tender offer carefully and in their entirety prior to making any decisions with respect to the offer because they will contain important information about the tender offer, including the terms and conditions of the offer. Once filed, Stream Global Services stockholders will be able to obtain the tender offer statement and the other documents relating to the tender offer, without charge, at the SEC?s website at http://www.sec.gov, or from the information agent named in the tender offer materials.

Forward-looking Statements
This communication contains "forward-looking statements" which represent the current expectations and beliefs of management Global BPO concerning the proposed acquisition of Stream and other future events and their potential effects on Global BPO and Stream. The statements, analyses, and other information contained herein relating to the proposed acquisition, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "should," "may," and other similar expressions, are ?forward-looking statements? under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future results and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Those factors include, without limitation: (1) the ability to successfully combine the businesses of Global BPO and Stream; (2) operating costs and business disruption following the acquisition, including adverse effects on relationships with employees; (3) changes in the stock market and interest rate environment that affect revenues; (4) the ability of Stream to retain its existing customers and attract new customers following the closing; (5) retention of key employees following closing; (6) general economic conditions such as inflation or recession; (7) general political and social conditions such as war, political unrest and terrorism; (8) ability to maintain or increase billing and utilization rates; (9) success of expansion internationally; (10) competition; (11) ability to move the product mix into higher margin businesses; (12) operating Stream as a public company; (13) healthcare and benefit cost management; and (14) currency fluctuation and exchange rate adjustments. The foregoing is intended only to identify certain of the principal factors that could cause actual results to differ from those discussed in the forward-looking statements. Readers are referred to the reports and documents filed from time to time by us and to be filed in the future by us with the Securities and Exchange Commission for a discussion of these and other important risk factors that could cause actual results to differ from those discussed in forward-looking statements to reflect subsequent events or circumstances.

###

Global BPO has changed its name to Stream Global Services, Inc. Scott Murray is the Chairman and Chief Executive Officer of Stream Global Services, Inc. and Sheila Flaherty is Chief Legal and Administrative Officer. The company will continue to trade its common stock under the symbol "OOO", its units under the symbol "OOO.U" and its warrants under the symbol "OOO.WS".

As previously announced, following today's closing of the Stream merger and the issuance of $150 million of Convertible Preferred Stock, Stream Global Services, Inc. will commence a tender offering for 20,625,001 shares of its common stock at a price of $8.00 per share. The tender offer will remain open for a period of twenty business days following its commencement.

Scott Murray, Chairman and Chief Executive Officer of Stream Global Services, Inc. said, "We are very excited about reaching this milestone event. We believe that Stream is an excellent business process outsourcing ("BPO") company and together we can continue to build upon the earnings momentum and growth that the management team of Stream has created so far. We are also very excited to have the opportunity to create a global, integrated BPO services company that provides a variety of high value, complex BPO services using integrated technology and a combination of off-shore and on-shore solution center locations." Murray went on to say, "Stream is one of the leading outsourcers of complex technical support services to Fortune 1000 companies. Stream has over 15,000 employees, located in thirty (30) solution centers, in sixteen (16) different countries across the world in places such as North America (Canada and the USA); Latin America in such places as Costa Rica and the Dominican Republic; in Europe in such places as Ireland, Holland, Poland, Bulgaria, Italy, France and Germany and in Asia and Africa in countries such as India and Tunisia. Stream currently has over 75% of its service capacity outside of the United States. Over the next several weeks we expect to be meeting with many Stream employees, clients and other key partners to discuss this exciting milestone in the company's history and the opportunities that are in front of us."

For more information contact:

Sheila M. Flaherty,
Chief Legal & Administrative Officer
617-517-3252
sheilaflaherty@globalbpo.biz

About Stream Global Services, Inc. (formerly known as Global BPO Services Corp.)
Global BPO was a special purpose acquisition corporation (a "SPAC") formed in June of 2007 for the purpose of acquiring a business process outsourcing company. Global BPO consummated its initial public offering on October 23, 2007 and acquired Stream Holdings Corporation as of July 31, 2008. Global BPO is now known as Stream Global Services, Inc. (SGS) and trades publicly on the American Stock Exchange. SGS is a leading provider of complex technical support and other business process outsourcing services such as web and data hosting, customer retention and recovery services, warrant support and professional services, etc. for Fortune 1000 clients in the technology, software, computing, consumer electronics, media and communications sectors. SGS has over 15,000 technical experts and other employees located in 30 service provider centers across over 16 countries.

Additional Information
Stream Global Services has not commenced the tender offer for shares of its common stock. The solicitation and the offer to buy shares of Stream Global Services common stock will only be made pursuant to an offer to purchase, forms of letters of transmittal and other documents relating to the tender offer that Stream Global Services intends to file with the SEC. Once filed, Stream Global Services stockholders should read the tender offer statement and the other documents relating to the tender offer carefully and in their entirety prior to making any decisions with respect to the offer because they will contain important information about the tender offer, including the terms and conditions of the offer. Once filed, Stream Global Services stockholders will be able to obtain the tender offer statement and the other documents relating to the tender offer, without charge, at the SEC's website at http://www.sec.gov, or from the information agent named in the tender offer materials.

Forward-looking Statements
This communication contains "forward-looking statements" which represent the current expectations and beliefs of management Global BPO concerning the proposed acquisition of Stream and other future events and their potential effects on Global BPO and Stream. The statements, analyses, and other information contained herein relating to the proposed acquisition, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "should," "may," and other similar expressions, are ?forward-looking statements? under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future results and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Those factors include, without limitation: (1) the ability to successfully combine the businesses of Global BPO and Stream; (2) operating costs and business disruption following the acquisition, including adverse effects on relationships with employees; (3) changes in the stock market and interest rate environment that affect revenues; (4) the ability of Stream to retain its existing customers and attract new customers following the closing; (5) retention of key employees following closing; (6) general economic conditions such as inflation or recession; (7) general political and social conditions such as war, political unrest and terrorism; (8) ability to maintain or increase billing and utilization rates; (9) success of expansion internationally; (10) competition; (11) ability to move the product mix into higher margin businesses; (12) operating Stream as a public company; (13) healthcare and benefit cost management; and (14) currency fluctuation and exchange rate adjustments. The foregoing is intended only to identify certain of the principal factors that could cause actual results to differ from those discussed in the forward-looking statements. Readers are referred to the reports and documents filed from time to time by us and to be filed in the future by us with the Securities and Exchange Commission for a discussion of these and other important risk factors that could cause actual results to differ from those discussed in forward-looking statements to reflect subsequent events or circumstances.

###

All of the additional proposals presented at the annual meeting were also approved by GBPO stockholders.

For more information contact:
Sheila M. Flaherty
Executive Vice President & General Counsel
617-517-3252
sheilaflaherty@globalbpo.biz

About Global BPO Services Corp.
Global BPO is a special purpose acquisition corporation (a "SPAC") formed in June of 2007 for the purpose of acquiring a business process outsourcing company. Global BPO consummated its initial public offering on October 23, 2007. Subject to completion of its pending acquisition of Stream, Global BPO as a SPAC has not yet commenced any material business activities.

Additional Information
Global BPO has filed with the U.S. Securities and Exchange Commission ("SEC") a definitive proxy statement, and a supplement thereto, in connection with the proposed acquisition of Stream and has mailed a definitive proxy statement and other relevant documents to Global stockholders. Stockholders of Global BPO and other interested persons are advised to read, Global BPO's definitive proxy statement, as supplemented, in connection with Global BPO's solicitation of proxies for the special meeting to be held to approve the acquisition because the proxy statement, as supplemented, contains important information about Global BPO, Stream and the proposed acquisition. The definitive proxy statement has been mailed to stockholders as of a record date on July 3, 2008. Stockholders will also be able to obtain a copy of the definitive proxy statement, and supplement, without charge at the SEC's Internet site at http://www.sec.gov or by directing a request to: Global BPO Services Corp., 125 High Street, 30th Floor, High Street Tower, Boston, MA 02110, telephone (617) 517-3252.

Global BPO and its directors and its officers may be deemed participants in the solicitation of proxies from Global BPO's stockholders. A list of the names of those directors and the officers and descriptions of their interests in Global BPO is contained in the proxy statement.

Forward-looking Statements
This communication contains "forward-looking statements" which represent the current expectations and beliefs of management Global BPO concerning the proposed acquisition of Stream and other future events and their potential effects on Global BPO and Stream. The statements, analyses, and other information contained herein relating to the proposed acquisition, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "should," "may," and other similar expressions, are "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future results and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Those factors include, without limitation, the satisfaction of the conditions to closing specified in both the merger agreement and preferred stock purchase agreement. Readers are referred to the reports and documents filed from time to time by us and to be filed in the future by us with the Securities and Exchange Commission for a discussion of these and other important risk factors that could cause actual results to differ from those discussed in forward-looking statements to reflect subsequent events or circumstances.

###

The closing of the Stream merger is conditioned on holders, as of the July 3, 2008 record date, of a majority of the outstanding shares of Global BPO common stock issued in its IPO voting in favor of the merger, as well as holders of less than 30% of such outstanding shares dissenting and electing conversion of their shares into a pro rata share of the funds held in the Global BPO trust account. As of July 31, 2008, the per share amount held in the trust account is expected to be approximately $7.89 per share (reduced from the amount per share as of June 30, 2008 as result of income tax payments). In the event that greater than 30% of the outstanding common shares held by the public dissent and elect conversion of their shares into a pro rata share of the funds held in the Global BPO trust account, the holders will have to wait until after October 17, 2009 for distribution of their pro rata share of the funds held in the Global BPO trust account.

Assuming stockholder approval of both the Stream merger and the issuance of the Convertible Preferred Stock to Ares, Global BPO will begin the tender offer as soon as practicable and legally permissible after the closing of the Stream merger. Global BPO expects to commence the tender offer no more than one week after the closing of the Stream merger. The tender will be open for stockholders to tender their shares, if they so desire, for a period of 20 business days. Global BPO does not intend to extend the tender offer period beyond 20 business days. The Company will make payments at $8 per share for tendered shares immediately after the closing of the tender offer. Global BPO expects that the tender offer will close and cash payments of $8 per share will be made under the tender offer in early September 2008. Global BPO believes that the tender offer provides maximum flexibility for its stockholders to elect either to hold their shares following the close of the tender offer or participate in the tender offer and provides the most expeditious path to liquidity for those holders who desire to receive cash for their common stock.

The Annual Meeting of Stockholders will be held on Tuesday, July 29, 2008 at 10:00 a.m. at the offices of Wilmer Cutler Pickering Hale and Dorr LLP, 399 Park Avenue, 31st Floor, New York, NY. Among the agenda items that stockholders will vote on is the proposed acquisition of Stream for $200 million in cash, the proposed issuance of $150 million of Convertible Preferred Stock to Ares, the creation of the stock plan and other matters. We encourage all of our stockholders to attend the meeting in person.

For more information contact:
Sheila M. Flaherty
Executive Vice President
& General Counsel
617-517-3252
sheilaflaherty@globalbpo.biz

About Global BPO Services Corp.
Global BPO is a special purpose acquisition corporation (a "SPAC") formed in June of 2007 for the purpose of acquiring a business process outsourcing company. Global BPO consummated its initial public offering on October 23, 2007. Subject to completion of its pending acquisition of Stream, Global BPO as a SPAC has not yet commenced any material business activities.

About Ares Management LLC
Founded in 1997 by a group of experienced investment professionals, Ares manages investment capital in private equity, capital markets (principally leveraged loans, high-yield bonds, and distressed debt), and private debt (primarily through Ares Capital Corporation (Nasdaq: ARCC), a publicly-traded specialty finance company). Through these three complementary lines of business, Ares has the ability to provide capital to companies at any place in the capital structure and at any stage of development. Ares is an SEC registered investment advisor and has grown committed capital under management from approximately $3.8 billion of committed capital in 2003 to in excess of $25 billion as of mid-2008. As of June 2008, Ares (based in Los Angeles, California) has more than 240 employees with offices in Los Angeles, New York and London. For more information, visit the Ares website at www.aresmgmt.com.

Additional Information
Global BPO has filed with the U.S. Securities and Exchange Commission ("SEC") a definitive proxy statement, and a supplement thereto, in connection with the proposed acquisition of Stream and has mailed a definitive proxy statement and other relevant documents to Global stockholders. Stockholders of Global BPO and other interested persons are advised to read, Global BPO's definitive proxy statement, as supplemented, in connection with Global BPO's solicitation of proxies for the special meeting to be held to approve the acquisition because the proxy statement, as supplemented, contains important information about Global BPO, Stream and the proposed acquisition. The definitive proxy statement has been mailed to stockholders as of a record date on July 3, 2008. Stockholders will also be able to obtain a copy of the definitive proxy statement, and supplement, , without charge at the SEC's Internet site at http://www.sec.gov or by directing a request to: Global BPO Services Corp., 125 High Street, 30th Floor, High Street Tower, Boston, MA 02110, telephone (617) 517-3252.

Forward-looking Statements
This communication contains "forward-looking statements" which represent the current expectations and beliefs of management Global BPO concerning the proposed acquisition of Stream and other future events and their potential effects on Global BPO and Stream. The statements, analyses, and other information contained herein relating to the proposed acquisition, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "should," "may," and other similar expressions, are "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future results and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Those factors include, without limitation: (1) whether the shareholders of Global BPO approve the proposed acquisition and proposed sale of preferred stock; (2) the satisfaction of the other conditions to closing specified in both the merger agreement and preferred stock purchase agreement; (3) the ability of Global BPO to obtain all necessary stockholder approvals prior to the termination of the merger agreement and preferred stock purchase agreement (October 1, 2008); and (4) the closing of Global BPO's proposed bank credit facility. The ability of Global BPO and Stream to achieve forecasted results are subject to various risks and uncertainties, including: (1) the ability to successfully combine the businesses of Global BPO and Stream; (2) operating costs and business disruption following the acquisition, including adverse effects on relationships with employees; (3) changes in the stock market and interest rate environment that affect revenues; (4) the ability of Stream to retain its existing customers and attract new customers following the closing; (5) retention of key employees following closing; (6) general economic conditions such as inflation or recession; (7) general political and social conditions such as war, political unrest and terrorism; (8) ability to maintain or increase billing and utilization rates; (9) success of expansion internationally; (10) competition; (11) ability to move the product mix into higher margin businesses; (12) operating Stream as a public company; (13) healthcare and benefit cost management; and (14) currency fluctuation and exchange rate adjustments. The foregoing is intended only to identify certain of the principal factors that could cause actual results to differ from those discussed in the forward-looking statements. Readers are referred to the reports and documents filed from time to time by us and to be filed in the future by us with the Securities and Exchange Commission for a discussion of these and other important risk factors that could cause actual results to differ from those discussed in forward-looking statements to reflect subsequent events or circumstances.

###

To simplify the choice available to GBPO stockholders, GBPO is increasing the size of its planned tender offer from 20,625,001 shares to the sum of 20,625,001 shares plus the amount by which the number of shares as to which conversion has been elected is less than the maximum of 9,374,999 shares (29.9% of the outstanding shares) which could be converted while still approving the Stream acquisition and the issuance of the convertible preferred stock to Ares to provide financing for the tender offer. Accordingly, if conversion rights are elected as to 9,374,999 shares, the tender offer would be for the original 20,625,001 shares; and if conversion rights are elected as to no shares, the tender offer would be for 30,000,000 shares.

By increasing the potential size of the tender offer, GBPO is enhancing the liquidity opportunity for its stockholders and eliminating the need for stockholders desiring liquidity to make a choice between tendering shares and electing conversion rights that might lead to the total number of converted shares exceeding the 29.9% maximum that can be converted assuming approval of the Stream acquisition.

Under the terms of the original agreement between GBPO and Ares, GBPO had agreed to issue and sell to Ares, for $150,000,000, 150,000 shares of convertible preferred stock having an initial conversion price of $8.00 per share, subject to downward adjustment based on the number of shares as to which conversion rights are elected. The conversion price would have been adjusted to $6.00 if holders of 9,374,999 shares of GBPO common stock elected conversion rights in connection with approval of the Stream acquisition. In view of the increase in the size of the tender offer and the likelihood that shares as to which conversion rights might otherwise have been elected will instead be tendered in the tender offer, GBPO and Ares have agreed to set the conversion price of the shares of convertible preferred stock to be sold to Ares at $6.00, and such conversion price will not be subject to any further adjustment based on the number of shares as to which conversion is elected. In addition, Ares shall have the right to elect a number of directors proportionate to its ownership interest in GBPO.

The Annual Meeting of Stockholders will be held on Tuesday, July 29, 2008 at 10:00 a.m. at the offices of Wilmer Cutler Pickering Hale and Dorr LLP, 399 Park Avenue, 31st Floor, New York, NY. Among the agenda items that stockholders will vote on is the proposed acquisition of Stream for $200 million in cash, the proposed issuance of $150 million of Convertible Preferred Stock to Ares, the creation of the stock plan and other matters. We encourage all of our stockholders to attend the meeting in person.

For more information contact:
Sheila M. Flaherty
Executive Vice President & General Counsel
617-517-3252
sheilaflaherty@globalbpo.biz

About Global BPO Services Corp.
Global BPO is a special purpose acquisition corporation (a ?SPAC?) formed in June of 2007 for the purpose of acquiring a business process outsourcing company. Global BPO consummated its initial public offering on October 23, 2007. Subject to completion of its pending acquisition of Stream, Global BPO as a SPAC has not yet commenced any material business activities.

About Ares Management LLC
Founded in 1997 by a group of experienced investment professionals, Ares manages investment capital in private equity, capital markets (principally leveraged loans, high-yield bonds, and distressed debt), and private debt (primarily through Ares Capital Corporation (Nasdaq: ARCC), a publicly-traded specialty finance company). Through these three complementary lines of business, Ares has the ability to provide capital to companies at any place in the capital structure and at any stage of development. Ares is an SEC registered investment advisor and has grown committed capital under management from approximately $3.8 billion of committed capital in 2003 to in excess of $25 billion as of mid-2008. As of June 2008, Ares (based in Los Angeles, California) has more than 240 employees with offices in Los Angeles, New York and London. For more information, visit the Ares website at www.aresmgmt.com.

Additional Information
Global BPO has filed with the U.S. Securities and Exchange Commission (?SEC?) a definitive proxy statement in connection with the proposed acquisition of Stream and has mailed a definitive proxy statement and other relevant documents to Global stockholders. Stockholders of Global BPO and other interested persons are advised to read, Global BPO?s definitive proxy statement in connection with Global BPO’s solicitation of proxies for the special meeting to be held to approve the acquisition because the proxy statement contains important information about Global BPO, Stream and the proposed acquisition. The definitive proxy statement is being mailed to stockholders as of a record date on July 3, 2008. Stockholders will also be able to obtain a copy of the definitive proxy statement, without charge at the SEC’s Internet site at http://www.sec.gov or by directing a request to: Global BPO Services Corp., 125 High Street, 30th Floor, High Street Tower, Boston, MA 02110, telephone (617) 517-3252.

Forward-looking Statements
This communication contains ?forward-looking statements? which represent the current expectations and beliefs of management Global BPO concerning the proposed acquisition of Stream and other future events and their potential effects on Global BPO and Stream. The statements, analyses, and other information contained herein relating to the proposed acquisition, as well as other statements including words such as ?anticipate,? ?believe,? ?plan,? ?estimate,? ?expect,? ?intend,? ?will,? ?should,? ?may,? and other similar expressions, are ?forward-looking statements? under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future results and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Those factors include, without limitation: (1) whether the shareholders of Global BPO approve the proposed acquisition and proposed sale of preferred stock; (2) the satisfaction of the other conditions to closing specified in both the merger agreement and preferred stock purchase agreement; (3) the ability of Global BPO to obtain all necessary stockholder approvals prior to the termination of the merger agreement and preferred stock purchase agreement (October 1, 2008); and (4) the closing of Global BPO?s proposed bank credit facility. The ability of Global BPO and Stream to achieve forecasted results are subject to various risks and uncertainties, including: (1) the ability to successfully combine the businesses of Global BPO and Stream; (2) operating costs and business disruption following the acquisition, including adverse effects on relationships with employees; (3) changes in the stock market and interest rate environment that affect revenues; (4) the ability of Stream to retain its existing customers and attract new customers following the closing; (5) retention of key employees following closing; (6) general economic conditions such as inflation or recession; (7) general political and social conditions such as war, political unrest and terrorism; (8) ability to maintain or increase billing and utilization rates; (9) success of expansion internationally; (10) competition; (11) ability to move the product mix into higher margin businesses; (12) operating Stream as a public company; (13) healthcare and benefit cost management; and (14) currency fluctuation and exchange rate adjustments. The foregoing is intended only to identify certain of the principal factors that could cause actual results to differ from those discussed in the forward-looking statements. Readers are referred to the reports and documents filed from time to time by us and to be filed in the future by us with the Securities and Exchange Commission for a discussion of these and other important risk factors that could cause actual results to differ from those discussed in forward-looking statements to reflect subsequent events or circumstances.

###

The closing of the Stream merger is conditioned on holders of a majority of the outstanding shares of Global BPO common stock as of the record date, July 3, 2008, voting in favor of the merger as well as holders of less than 30% of such outstanding shares dissenting and electing conversion of their shares into a pro rata share of the funds held in the Global BPO trust account. As of June 30, 2008, the per share amount held in the trust account was $7.93 per share. The closing of the issuance of the $150 million of Convertible Preferred Stock to Ares is conditioned on the closing of the Stream merger.

As previously announced, following the closing of the Stream merger and the issue of the $150 million of Convertible Preferred Stock, Global BPO will commence a tender offering for 20,625,001 shares of its common stock at a price of $8.00 per share. The tender offer will remain open for a period of twenty business days following its commencement. Global BPO will commence the tender offer only if stockholders approve both the Stream merger and the issue of $150 million of Convertible Preferred Stock to Ares. In addition, after the close of the merger with Stream, Global BPO will change its name to Stream Global Services, Inc.

Scott Murray, Chairman and Chief Executive Officer of Global BPO said, "We are very excited about reaching this milestone event. We believe that Stream is an excellent business process outsourcing ("BPO") company and together we can continue to build upon the earnings momentum and growth that the management team of Stream has created so far. We are also very excited to have the opportunity to work with Ares to create a global, integrated BPO services company that provides a variety of high value, complex BPO services using integrated technology and a combination of off-shore and on-shore solution center locations." Murray went on to say, "Stream is one of the leading outsourcers of complex technical support services to Fortune 1000 companies. Stream has over 15,000 employees, located in thirty (30) solution centers, in sixteen (16) different countries across the world in places such as North America (Canada and the USA); Latin America in such places as Costa Rica and the Dominican Republic; in Europe in such places as Ireland, Holland, Poland, Bulgaria, Italy, France and Germany and in Asia and Africa in countries such as India and Tunisia. Stream currently has over 75% of its service capacity outside of the United States."

For more information contact:
Sheila M. Flaherty
Executive Vice President & General Counsel
617-517-3252
sheilaflaherty@globalbpo.biz

About Global BPO Services Corp.
Global BPO is a special purpose acquisition corporation (a "SPAC") formed in June of 2007 for the purpose of acquiring a business process outsourcing company. Global BPO consummated its initial public offering on October 23, 2007. Subject to completion of its pending acquisition of Stream, Global BPO as a SPAC has not yet commenced any material business activities.

About Ares Management LLC
Founded in 1997 by a group of experienced investment professionals, Ares manages investment capital in private equity, capital markets (principally leveraged loans, high-yield bonds, and distressed debt), and private debt (primarily through Ares Capital Corporation (Nasdaq: ARCC), a publicly-traded specialty finance company). Through these three complementary lines of business, Ares has the ability to provide capital to companies at any place in the capital structure and at any stage of development. Ares is an SEC registered investment advisor and has grown committed capital under management from approximately $3.8 billion of committed capital in 2003 to in excess of $25 billion as of mid-2008. As of June 2008, Ares (based in Los Angeles, California) has more than 240 employees with offices in Los Angeles, New York and London. For more information, visit the Ares website at www.aresmgmt.com.

Additional Information
Global BPO has filed with the U.S. Securities and Exchange Commission ("SEC") a definitive proxy statement in connection with the proposed acquisition of Stream and has mailed a definitive proxy statement and other relevant documents to Global stockholders. Stockholders of Global BPO and other interested persons are advised to read, Global BPO's definitive proxy statement in connection with Global BPO's solicitation of proxies for the special meeting to be held to approve the acquisition because the proxy statement contains important information about Global BPO, Stream and the proposed acquisition. The definitive proxy statement is being mailed to stockholders as of a record date on July 3, 2008. Stockholders will also be able to obtain a copy of the definitive proxy statement, without charge at the SEC's Internet site at http://www.sec.gov or by directing a request to: Global BPO Services Corp., 125 High Street, 30th Floor, High Street Tower, Boston, MA 02110, telephone (617) 517-3252.

Global BPO and its directors and its officers may be deemed participants in the solicitation of proxies from Global BPO's stockholders. A list of the names of those directors and the officers and descriptions of their interests in Global BPO is contained in the proxy statement. The tender offer described above has not yet commenced and will be made only pursuant to, a tender offer statement on Schedule TO and related exhibits, including the offer to purchase, letter of transmittal and other related documents, to be filed with the SEC following the closing of the acquisition of Stream and closing of the sale of convertible preferred stock to Ares. Shareholders should read the offer to purchase and the tender offer statement on Schedule TO and related exhibits when such documents are filed and become available, as they will contain important information about the tender offer. Shareholders can obtain these documents when they are filed and become available free of charge from the SEC's website at www.sec.gov, or from Global BPO at the address shown above.

Forward-looking Statements
This communication contains "forward-looking statements" which represent the current expectations and beliefs of management Global BPO concerning the proposed acquisition of Stream and other future events and their potential effects on Global BPO and Stream. The statements, analyses, and other information contained herein relating to the proposed acquisition, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "should," "may," and other similar expressions, are "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future results and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Those factors include, without limitation: (1) whether the shareholders of Global BPO approve the proposed acquisition and proposed sale of preferred stock; (2) the satisfaction of the other conditions to closing specified in both the merger agreement and preferred stock purchase agreement; (3) the ability of Global BPO to obtain all necessary stockholder approvals prior to the termination of the merger agreement and preferred stock purchase agreement (October 1, 2008); and (4) the closing of Global BPO's proposed bank credit facility. The ability of Global BPO and Stream to achieve forecasted results are subject to various risks and uncertainties, including: (1) the ability to successfully combine the businesses of Global BPO and Stream; (2) operating costs and business disruption following the acquisition, including adverse effects on relationships with employees; (3) changes in the stock market and interest rate environment that affect revenues; (4) the ability of Stream to retain its existing customers and attract new customers following the closing; (5) retention of key employees following closing; (6) general economic conditions such as inflation or recession; (7) general political and social conditions such as war, political unrest and terrorism; (8) ability to maintain or increase billing and utilization rates; (9) success of expansion internationally; (10) competition; (11) ability to move the product mix into higher margin businesses; (12) operating Stream as a public company; (13) healthcare and benefit cost management; and (14) currency fluctuation and exchange rate adjustments. The foregoing is intended only to identify certain of the principal factors that could cause actual results to differ from those discussed in the forward-looking statements. Readers are referred to the reports and documents filed from time to time by us and to be filed in the future by us with the Securities and Exchange Commission for a discussion of these and other important risk factors that could cause actual results to differ from those discussed in forward-looking statements to reflect subsequent events or circumstances.

###

For more information contact:
Sheila M. Flaherty
Executive Vice President & General Counsel
617-517-3252
sheilaflaherty@globalbpo.biz

About Global BPO Services Corp.
Global BPO has filed with the U.S. Securities and Exchange Commission (SEC) a preliminary proxy statement, as amended, in connection with the proposed acquisition of Stream and plans to mail a definitive proxy statement and other relevant documents to Global stockholders once the proxy statement is declared effective by the United States Securities & Exchange Commission. Stockholders of Global BPO and other interested persons are advised to read, when available, Global BPO's preliminary proxy statement, and amendments thereto, and definitive proxy statement in connection with Global BPO's solicitation of proxies for the special meeting to be held to approve the acquisition because these proxy statements will contain important information about Global BPO, Stream and the proposed acquisition. The definitive proxy statement will be mailed to stockholders as of a record date to be established for voting on the acquisition. Stockholders will also be able to obtain a copy of the preliminary and definitive proxy statements, without charge at the SEC's Internet site at http://www.sec.gov or by directing a request to: Global BPO Services Corp., 125 High Street, 30th Floor, High Street Tower, Boston, MA 02110, telephone (617) 517-3248. Global BPO is a special purpose acquisition corporation (a "SPAC") formed in June of 2007 for the purpose of acquiring a business process outsourcing company. Global BPO consummated its initial public offering on October 23, 2007. Subject to completion of its pending acquisition of Stream, Global BPO as a SPAC has not yet commenced any material business activities.

Additional Information
Global BPO and its directors and its officers may be deemed participants in the solicitation of proxies from Global BPO's stockholders. A list of the names of those directors and the officers and descriptions of their interests in Global BPO is contained in Global BPO's prospectus dated October 18, 2007, which is filed with the SEC, and will also be contained in Global BPO's proxy statement when it becomes available. Global BPO's stockholders may obtain additional information about the interests of its directors and officers in the acquisition by reading Global BPO's proxy statement.

Forward-looking Statements
This communication contains "forward-looking statements" which represent the current expectations and beliefs of management Global BPO concerning the proposed acquisition of Stream and other future events and their potential effects on Global BPO and Stream. The statements, analyses, and other information contained herein relating to the proposed acquisition, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "should," "may," and other similar expressions, are "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future results and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Those factors include, without limitation: (1) whether the shareholders of Global BPO approve the proposed acquisition and proposed sale of preferred stock; (2) the satisfaction of the other conditions to closing specified in both the merger agreement and preferred stock purchase agreement; (3) the ability of Global BPO to obtain all necessary stockholder approvals prior to the termination of the merger agreement and preferred stock purchase agreement (October 1, 2008); and (4) the closing of Global BPO's proposed bank credit facility. The ability of Global BPO and Stream to achieve forecasted results are subject to various risks and uncertainties, including: (1) the ability to successfully combine the businesses of Global BPO and Stream; (2) operating costs and business disruption following the acquisition, including adverse effects on relationships with employees; (3) changes in the stock market and interest rate environment that affect revenues; (4) the ability of Stream to retain its existing customers and attract new customers following the closing; (5) retention of key employees following closing; (6) general economic conditions such as inflation or recession; (7) general political and social conditions such as war, political unrest and terrorism; (8) ability to maintain or increase billing and utilization rates; (9) success of expansion internationally; (10) competition; (11) ability to move the product mix into higher margin businesses; (12) operating Stream as a public company; (13) healthcare and benefit cost management; and (14) currency fluctuation and exchange rate adjustments. The foregoing is intended only to identify certain of the principal factors that could cause actual results to differ from those discussed in the forward-looking statements. Readers are referred to the reports and documents filed from time to time by us and to be filed in the future by us with the Securities and Exchange Commission for a discussion of these and other important risk factors that could cause actual results to differ from those discussed in forward-looking statements to reflect subsequent events or circumstances.

###

Global BPO Services Corp. (the "Company" or "Global BPO") entered into an agreement to sell 150,000 shares of preferred stock for $150 million to an investment fund managed by an affiliate of and within the private equity group of Ares Management LLC (collectively, "Ares"). The shares of preferred stock will be convertible into common stock of Global BPO at $8.00 per share (subject to adjustment); bear an annual dividend rate of 3% calculated semi-annually (payable in additional stated value or cash at the company's option); be convertible at the Company's option after two years; if the common shares of the Company trade at a price which exceeds $12.00 per share for at least 20 trading days within a period of 30 consecutive trading days; be redeemable at the holder's option after seven years; and will have the same voting rights as the company's common shares. In addition, in a separate transaction, the founders of Global BPO have agreed to sell 7,500,000 warrants that were purchased by them in a private placement upon the company's initial public offering to Ares for $.001 per warrant, or $7,500 in total. Upon closing of the transaction, Ares will have the right to appoint up to three members to the Board of Directors of Global BPO. The closing of the convertible preferred share transaction is subject to applicable regulatory approvals, Global BPO stockholder approval and the closing of the proposed Stream acquisition, as well as other customary closing conditions. In the event that the total number of shares of Global BPO common stock elected by stockholders to be converted into a pro rata portion of the cash held in the trust account is greater than zero but less than or equal to 9,374,999 shares of common stock, Ares will receive a pro rata increase in the number of common shares into which the convertible preferred shares are convertible up to a maximum of 6,250,000 additional shares of common stock.

Global BPO will use the proceeds from the issuance of the convertible preferred shares and its other available cash resources (including availability under its proposed revolving credit facility and term debt of approximately $108,000,000) to tender for the purchase of up to 20,625,001 shares of its outstanding common stock at $8.00 per share. Global BPO will commence the tender offer shortly after the closing of the Stream and convertible preferred stock transactions, and the offer will remain open for 20 business days. The tender offer will be available to all holders of outstanding shares of common stock; the founding shareholders of Global BPO and Ares have agreed not to participate in the tender offer.

Stream remained a leader in providing global customer relationship management and other business process outsourcing services to Fortune 1000 companies as it continued its growth in the BPO market with its expansion into several new international sites in fiscal year 2007. In conjunction with the Ares convertible preferred share transaction, Global BPO and Stream have revised their merger agreement to reflect a reduction in the purchase price from $225,800,000 to $200,000,000, which will be paid by a combination of cash and the assumption or replacement of outstanding indebtedness of Stream. The purchase price is subject to increase based on the timing of the closing. No shares of Global BPO stock will be issued in the merger transaction with Stream.

Scott Murray, Chairman and Chief Executive of Global BPO, said; "We are excited to partner with Ares to complete our proposed acquisition of Stream. Ares is a terrific strategic investor for us in this transaction. They have a deep understanding of both the services industry and capital markets." Murray went on to say, "The combination of the tender offer and the reduction in the Stream purchase price provides both an attractive value proposition and liquidity option for our stockholders. We believe that for those wishing to tender, our proposal offers a cash value in excess of the liquidation value of the trust fund, and for those wishing to hold their shares, Global BPO represents an excellent opportunity for those stockholders to partner with a proven executive team, build on the strong momentum in the Stream business and to invest along side a world class professional investment firm."

David Kaplan, Senior Partner of Ares, said; "We are excited to have the opportunity to partner with Scott and his team to build on the growth and earnings potential that has already been created at Stream. We believe that Scott's vision to create an integrated BPO company will offer international corporations the opportunity to select a world-class provider of BPO Services across many unique corporate functions using common technology architecture. Ares knows Stream and Scott Murray well, as our firm was an investor in its mezzanine debt securities when the company was led by Scott."

Stream provides CRM and other BPO services to leading technology, communications and consumer electronics companies. Stream has approximately 15,000 employees with 30 service locations in 16 countries, including the United States, Canada, Europe, North Africa, India and Latin America. Stream reported revenues of $484 million in the year ended December 31, 2007, as compared to revenues of $405 million for the year ended December 31, 2006.

The closing of the Stream acquisition is subject to customary closing conditions, including the approval of the holders of a majority of outstanding shares of common stock of Global BPO issued in its initial public offering in October 2007 (the "IPO"). The closing is also subject to holders of less than 30% of Global BPO's shares of common stock issued in the IPO electing to exercise their conversion rights. Assuming these conditions are met, Global BPO anticipates completing the acquisition in the third quarter of 2008.

The company will host a conference call for investors and analysts today, June 2, 2008, at 5:00 pm EDT. The conference call details are as follows: United States: (800) 230-1092 International: (612) 234-9960

For more information contact:
Scott Murray, CEO
617-517-3250
scottmurray@globalbpo.biz

About Global BPO Services Corp
Global BPO has filed with the U.S. Securities and Exchange Commission (SEC) a preliminary proxy statement, as amended, in connection with the proposed acquisition of Stream and plans to mail a definitive proxy statement and other relevant documents to Global stockholders once the proxy statement is declared effective by the United States Securities & Exchange Commission. Stockholders of Global BPO and other interested persons are advised to read, when available, Global BPO's preliminary proxy statement, and amendments thereto, and definitive proxy statement in connection with Global BPO's solicitation of proxies for the special meeting to be held to approve the acquisition because these proxy statements will contain important information about Global BPO, Stream and the proposed acquisition. The definitive proxy statement will be mailed to stockholders as of a record date to be established for voting on the acquisition. Stockholders will also be able to obtain a copy of the preliminary and definitive proxy statements, without charge at the SEC's Internet site at http://www.sec.gov or by directing a request to: Global BPO Services Corp., 125 High Street, 30th Floor, High Street Tower, Boston, MA 02110, telephone (617) 517-3248.

Global BPO is a special purpose acquisition corporation (a "SPAC") formed in June of 2007 for the purpose of acquiring a business process outsourcing company. Global BPO consummated its initial public offering on October 23, 2007. Subject to completion of its pending acquisition of Stream, Global BPO as a SPAC has not yet commenced any material business activities.

About Ares Management LLC
Founded in 1997 by a group of highly experienced investment professionals, Ares manages investment capital in private equity, capital markets (principally leveraged loans, high-yield bonds, and distressed debt), and private debt (primarily through Ares Capital Corporation [NASDAQ: ARCC], a publicly-traded specialty finance company). Through these three complementary lines of business, Ares has the ability to provide capital to companies at any place in the capital structure and at any stage of development. Ares is an SEC registered investment advisor and has grown committed capital under management from approximately $3.8 billion of committed capital in 2003 to in excess of $25 billion as of mid-2008. As of June 2008, Ares (based on Los Angeles, California) has more than 240 employees with offices in Los Angeles, New York and London. For more information, visit the Ares website at www.aresmgmt.com.

Additional Information
Global BPO and its directors and its officers may be deemed participants in the solicitation of proxies from Global BPO's stockholders. A list of the names of those directors and the officers and descriptions of their interests in Global BPO is contained in Global BPO's prospectus dated October 18, 2007, which is filed with the SEC, and will also be contained in Global BPO's proxy statement when it becomes available. Global BPO's stockholders may obtain additional information about the interests of its directors and officers in the acquisition by reading Global BPO's proxy statement.

Upon commencement of the tender offer, Global BPO will file with the SEC a tender offer statement on Schedule TO and related exhibits, including the offer to purchase, letter of transmittal and other related documents. Shareholders should read the offer to purchase and the tender offer statement on Schedule TO and related exhibits when such documents are filed and become available, as they will contain important information about the tender offer.

Shareholders can obtain these documents when they are filed and become available free of charge from the SEC's website at www.sec.gov, or from Global BPO at the address shown above.

Forward-looking Statements
This communication contains "forward-looking statements" which represent the current expectations and beliefs of management Global BPO concerning the proposed acquisition of Stream and other future events and their potential effects on Global BPO and Stream. The statements, analyses, and other information contained herein relating to the proposed acquisition, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "should," "may," and other similar expressions, are "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future results and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Those factors include, without limitation: (1) whether the shareholders of Global BPO approve the proposed acquisition and proposed sale of preferred stock; (2) the satisfaction of the other conditions to closing specified in both the merger agreement and preferred stock purchase agreement; (3) the ability of Global BPO to obtain all necessary stockholder approvals prior to the termination of the merger agreement and preferred stock purchase agreement (October 1, 2008); and (4) the closing of Global BPO's proposed bank credit facility. The ability of Global BPO and Stream to achieve forecasted results are subject to various risks and uncertainties, including: (1) the ability to successfully combine the businesses of Global BPO and Stream; (2) operating costs and business disruption following the acquisition, including adverse effects on relationships with employees; (3) changes in the stock market and interest rate environment that affect revenues; (4) the ability of Stream to retain its existing customers and attract new customers following the closing; (5) retention of key employees following closing; (6) general economic conditions such as inflation or recession; (7) general political and social conditions such as war, political unrest and terrorism; (8) ability to maintain or increase billing and utilization rates; (9) success of expansion internationally; (10) competition; (11) ability to move the product mix into higher margin businesses; (12) operating Stream as a public company; (13) healthcare and benefit cost management; and (14) currency fluctuation and exchange rate adjustments. The foregoing is intended only to identify certain of the principal factors that could cause actual results to differ from thos