Caldwell Partners International : F'21 Annual Report

ANNUAL REPORT 2021

Dear Shareholders, Clients, and Friends:

What a difference a year can make. In reflecting on the past fiscal year and everything that happened, the word that comes to mind most readily is 'extraordinary.' Merriam- Webster defines extraordinary as going beyond what is usual, regular, or customary, and there was certainly nothing about the past year that was regular or customary.

For the Caldwell team, Fiscal 2021 was a busy and unpredictable year set against an unprecedented backdrop. And yet, we had one of the most extraordinary years in our firm's history, growing the size of our team, expanding our products and services, and breaking all-time records for a number of key metrics, including generating $119.4M in revenue. A more than 65% increase over our previous record! In all respects, it was a year of enormous and transformational growth!

In December, we acquired IQTalent Partners, a talent acquisition and recruitment firm offering candidate sourcing, candidate research, and full-cycle recruiting to its clients, and then merged the two companies to create a technology-powered talent acquisition firm specializing in recruitment at all levels, to the benefit of our clients. The acquisition and subsequent merger accelerated our growth, advancing us into a new market, augmenting internal talent teams on an hourly business model.

Our vision for our two organizations, working seamlessly together but with unique brands, is for IQTP to be a constant presence at our clients, providing recurring talent acquisition support, while Caldwell is engaged for higher-level retained executive searches not in the purview of our client's in-house recruiting teams.

On a segment basis, our executive search team came roaring back from a very challenging second half in Fiscal 2020, setting new records for revenue, search volume, and searches per recruiter. We added nine partners and principals to our team, expanding our global footprint significantly, and adding depth and breadth to our capabilities across functions, practices and geographies. We have added more partners since the close of the fiscal year and will continue to do so where it will benefit our clients.

The IQTP team's year was also one best summed up by amplified growth, closing out the fiscal year close to triple their prior year performance. More than a phenomenal

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investment, IQTP is a fantastic cultural fit, and a real expansion of our collective value proposition. Going forward, we will continue to look for portfolio investments that add to the breadth and depth of the products and services that we can bring to our clients.

At Caldwell we believe in the transformational power of great people, and it's as true for us as for any of our clients. Our people have dedicated themselves to going further than just filling roles but adding to the culture and ambition of our clients' organizations, as well as our own. We are as grateful as ever to the entire Caldwell / IQTP team for their resilience, flexibility and commitment to our clients, our candidates and each other. Their extraordinary effort has put us in a superlative position going into Fiscal 2022 and beyond!

Yours sincerely,

Elias Vamvakas	John Wallace
Chair of the Board	Chief Executive Officer

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THE CALDWELL PARTNERS

INTERNATIONAL INC

For the years ended August 31, 2021 and August 31, 2020

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