TeleTech Reduces Debt Earlier Than Planned by an Additional $57 Million in the Third Quarter

DENVER, CO – TeleTech Holdings, Inc. (Nasdaq: TTEC), a leading global provider of customer management and business process outsourcing solutions, today announced that it has reduced debt by an additional $57 million during the third quarter ended September 30, 2004. This was achieved via a combination of excess working capital and tax planning strategies, some of which are still ongoing, that provided access to existing cash resources previously held offshore.

Since the beginning of 2004, TeleTech has reduced debt by $109 million, or more than 90 percent, and TeleTech expects to repay the remaining $7 million outstanding under its revolving credit facility by the end of 2004.