TeleTech Files Amended Financial Statements

DENVER, CO – TeleTech Holdings, Inc. (Nasdaq: TTEC), a global provider of customer management and business process outsourcing (BPO) solutions, filed today, as previously announced, its 2003 Annual Report on Form 10-K/A to restate its financial statements for the years ended December 31, 2003, 2002, and 2001. TeleTech also filed a Quarterly Report on Form 10-Q/A for each of the 2004 quarters ended March 31, June 30, and September 30 for the comparative prior year periods presented and for the items discussed below.

TeleTech’s decision to restate its financial statements for the years ended December 31, 2003, 2002, and 2001 was previously disclosed in the Company’s Form 8-K filed on December 30, 2004. The restatement is primarily a result of accounting adjustments related to prior periods, the majority of which were initially disclosed in Item 9A (entitled Disclosure Controls and Procedures) in the original filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2003. In addition, certain adjustments were identified since the initial filing of the 2003 Report on Form 10-K, the largest of which were (i) to correct the amortization for certain contract acquisition costs from three years to eight years, and (ii) to account for escalation clauses in certain of the Company’s facility leases on a straight-line basis; each of which have carryover effects resulting in an increase to 2004 net income as discussed below. Furthermore, the carryover effects of these adjustments to years after 2004 will result in a net increase in pre-tax income of approximately $2 million. The amended financial statements also reflect adjustments not recorded when such financial statements were originally filed as their impact was believed not to be material at the time of such initial filings. Information regarding these adjustments can be found in the amended financial statements filed today with the Securities and Exchange Commission.

ABOUT TELETECH
TeleTech is a global business services company that provides a full range of front- to back-office solutions including customer management, BPO, database marketing, and outsourced services to measurably enhance clients’ core customer management processes. TeleTech’s ability to create innovative strategies, combined with its global technology platform and delivery infrastructure, helps clients increase revenue, lower costs, and retain their customers around the world. TeleTech’s products and services, standardized processes, and recognized capabilities to implement complex global projects make the Company a valued partner for clients that include Global 1000 businesses and governments. TeleTech partners with clients to offer 150 languages, through its more than 32,000 employees, in 17 countries. For additional information, visit www.TeleTech.com.