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Significant Shareholder Think Investments Issues Presentation Detailing Opposition to TaskUs Take-Private Transaction

1. Think Investments finds TASK undervalued at $16.50, fair value is $25.00. 2. Claims acquisition process was flawed and biased towards lower valuations. 3. Highlights TASK's AI growth potential as a key value driver. 4. Think intends to oppose the proposed acquisition by Blackstone. 5. Shares outstanding mean minority shareholders will be disadvantaged.

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FAQ

Why Bullish?

Think's valuation suggests potential upward price correction for TASK compared to proposed acquisition price.

How important is it?

High likelihood of investor response to opposition of undervaluation and growth potential insights.

Why Short Term?

The immediate vote against the acquisition could rally investor support and affect stock price quickly.

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Believes Proposed Acquisition Undervalues TaskUs and That Fair Value is $25.00 Per Share – Based on Relevant Precedent Transactions, Appropriate Public Peers, and Recent Operating Outperformance

Highlights Flawed Sale Process, With a Fairness Opinion That Appears Designed to Justify an Artificially Low Purchase Price

Underscores Significant Upside for TaskUs Shareholders, Including Potential Value Creation Opportunities from Embracing AI

Think Investments LP ("Think"), a long-term investor with ~23%1 ownership in the minority shares of TaskUs, Inc. (NASDAQ:TASK) ("TaskUs" or the "Company"), today issued a presentation outlining its opposition to the proposed take-private of the Company (the "Transaction") by Blackstone and TaskUs' founders (the "Buyer Group") for a price of $16.50 per share. Think intends to vote against the Transaction.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250826427300/en/

Think's full presentation is available at: http://bit.ly/3JwHTkO.

In the presentation, Think outlines the following:

  • The Transaction price substantially undervalues TaskUs. Think's analysis of relevant comparable transactions and the Company's recent operating outperformance indicates that a fair valuation for TaskUs is $25.00 per share, more than 50% above the proposed buyout price. In just the few months following the Transaction's announcement, TaskUs has significantly outperformed the financial expectations factoring into the $16.50 figure – according to Think, this alone warrants a re-rating.
  • The Transaction is the result of a skewed process that lacked rigor and relied on cherry-picked precedent transactions and public comparables. Think believes that the TaskUs Board of Directors' Special Committee failed to undertake a comprehensive process to determine a fair price for the Company. Additionally, the fairness opinion appears to deliberately and exclusively include precedent transactions and public comparables with low valuation multiples.
    • The most relevant precedent transaction, which was omitted from the Company's valuation materials, is the acquisition of WNS by Capgemini – this pending transaction implies fair value for TaskUs would be ~12x LTM EBITDA, in contrast to the fairness opinion's 6.8x median precedent transaction multiple.
  • TaskUs has significant value creation potential – and the Transaction would prevent minority shareholders from realizing this upside. In particular, TaskUs is well positioned to embrace AI. AI Services constitutes the fastest scaling portion of the business, with 65.5% YoY growth in H1'25. Coupled with strong momentum coming out of the first half of the year, Think believes the Transaction's contemplated price fails to compensate minority shareholders for the Company's intrinsic value.

About Think Investments

Think Investments ("Think") is a $3 billion investment firm with offices in San Francisco and Mumbai. Think invests globally in public and private companies with a multi-year time horizon and an emphasis on creative primary research. The firm specializes in backing technology-led early stage businesses and partners with high quality management teams who are looking to build differentiated businesses with high returns on invested capital.

The Think team is a dedicated and diverse group of professionals with deep operating experience in emerging markets and global technology.

1 As of July 11, Think reported ownership of 3.7 million Class A shares of TaskUs, which at the time represented 19.8% of the outstanding Class A shares. Think has not disposed of any of its shareholdings since its July 11 report on 13-D. Following a recent conversion of Class B shares to Class A by members of the Buyer Group, Think's stake represents 10.7% of the Company's Class A shares and 22.8% of the unaffiliated vote. The Transaction is conditioned on approval by a majority of the unaffiliated vote.

For Media:

info@thinkinvestments.com

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