EX-99.(C)(IV) 8 tm2524150d3_ex99-civ.htm EXHIBIT 99.(C)(IV)
Exhibit (c)(iv)

 

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July 13, 2025 Presentation to the Special Committee of the Board of Directors Project Arbutus PRELIMINARY DRAFT

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PRELIMINARY DRAFT These materials have been prepared by one or more affiliates of Bank of America Corporation (“BAC” and, together with its affiliates, the “BAC Group”) for the client or potential client to whom these materials are directly addressed and delivered (the “Company”) for discussion purposes only in connection with an actual or potential mandate or engagement and remain subject to verification and to our further review and assessment from, inter alia, a legal, tax, compliance, accounting policy and risk perspective, as appropriate. These materials were designed for discussion with and consideration by specific persons familiar with the business and affairs of the Company and are being furnished and should be considered only when taken together with any other information, oral or written, provided by us in connection herewith. These materials are not intended to provide the sole basis for evaluating, and should not be considered as, and are not intended to provide, any advice, recommendation or formal opinion with respect to, any transaction or any financial, strategic, business or other matter and do not constitute an offer or solicitation to sell or purchase any securities, nor do they constitute a commitment by BAC or any of its affiliates to provide, arrange, bookrun, underwrite or syndicate any financing for any transaction, to market, offer, place, sell, underwrite or purchase any security or to otherwise enter into any type of business relationship in connection herewith. None of BAC or its affiliates has provided or will provide legal, tax, compliance, accounting or risk advice to the Company or any recipient of these materials. 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The BAC Group comprises a full service securities firm and commercial bank engaged in securities, commodities and derivatives trading, foreign exchange and other brokerage activities, and principal investing as well as providing investment, corporate and private banking, asset and investment management, financing and strategic advisory services and other commercial services and products to a wide range of corporations, governments and individuals, in the United States and internationally, from which conflicting interests or duties, or a perception thereof, may arise. In the ordinary course of these activities, parts of the BAC Group at any time may invest on a principal basis or manage funds that invest, make or hold long or short positions, finance positions or trade or otherwise effect transactions, for their own accounts or the accounts of customers, in debt, equity or other securities or financial instruments (including derivatives, bank loans or other obligations) of the Company, potential counterparties or any other person that may be involved in a transaction. “Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of BAC. 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Investment products offered by Investment Banking Affiliates: This document is NOT a research report and is NOT a product of a research department and the material in this communication is not investment research or a research recommendation. This document is not prepared as or intended to be investment advice, and the content is not and should not be considered as investment advice under any circumstances. The BAC Group has adopted policies and guidelines designed to preserve the independence of our research analysts. These policies prohibit employees from, directly or indirectly, offering research coverage, a favorable research rating or a specific price target or offering to change a research rating or price target as consideration for or an inducement to obtain business or other compensation and prohibit research analysts from being directly compensated for involvement in investment banking transactions. 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Notwithstanding anything that may appear herein or in other materials to the contrary, the Company shall be permitted to disclose the tax treatment and tax structure of a transaction—including any materials, opinions or analyses relating to such tax treatment or tax structure, but without disclosure of identifying information or any non-public commercial or financial information (except to the extent any such information relates to the tax structure or tax treatment)—on and after the earliest to occur of the date of (i) public announcement of discussions relating to such transaction, (ii) public announcement of such transaction or (iii) execution of a definitive agreement (with or without conditions) to enter into such transaction; provided, however, that if such transaction is not consummated for any reason, the provisions of this sentence shall cease to apply. We are required to obtain, verify and record certain information that identifies the Company, which information includes the name and address of the Company and other information that will allow us to identify the Company in accordance, as applicable, with the USA Patriot Act (Title III of Pub. L. 107-56, as amended, which was signed into law October 26, 2001) and such other laws, rules and regulations as applicable within and outside the United States. For more information, including who your contractualservice provider is or will be, the terms and conditions that apply to the service(s), and information regarding external third-party data providers and the criteria and methodology used to prepare a league table, please contact your Bank of America or BofA Securities representative or relationship manager. 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In accordance with the provisions of French Code Monétaire et Financier (Monetary and Financial Code), BofASE SA is an établissement de crédit et d’investissement (credit and investment institution) that is authorised and supervised by the European Central Bank and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and regulated by the ACPR and the Autorité des Marchés Financiers. BofASE SA’s share capital can be found at www.bofaml.com/BofASEdisclaimer. Notice for Argentina: “Merrill Lynch” is the trademark that Bank of America Corporation uses in the Republic of Argentina for capital markets, financial advisory and investment businesses, which are conducted by and through Merrill Lynch Argentina S.A. This entity does not conduct any activities subject to banking license, such as capturing deposits from the public. Notice for Brazil: Bank of America and BofA Securities’ Ombudsman*| Toll Free: 0800 886 2000 “BofA Securities” is the marketing name of Merrill Lynch S.A. 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Neither Bank of America, N.A., nor its representative office in Peru, is authorized to carry out in Peru any activities that are reserved by Peruvian law to locally licensed banks. Notice for Qatar Financial Centre: Merrill Lynch International (QFC) Branch is licensed by the Qatar Financial Centre Regulatory Authority. Principal address is Tornado Tower, Level 22, West Bay, Doha, Qatar. QFC License no. 00258, P.O. Box 27774, Doha, Qatar. This communication is not for distribution to the public or a large number of persons, but is personal to named recipients; it is directed to eligible counterparty or business customers and not to retail customers. The financial products/financial services to which this marketing material relates is only made available to customers who in the view of Merrill Lynch International (QFC) Branch meet the regulatory criteria to be a Client under QFCRA Customer and Investor Protection Rules 2019. Please note that Merrill Lynch International (QFC) Branch does not deal with retail customers. Bank of America Europe DAC (“BofA Europe”) is a designated activity company limited by shares. It is registered in Ireland with registered number no. 220165 and registered address at Two Park Place, Hatch Street, Dublin 2. BofA Europe is a credit institution and is authorised and supervised by the European Central Bank and the Central Bank of Ireland. BofA Europe is regulated by the Central Bank of Ireland.[List of branches is at https://business.bofa.com/content/dam/boamlimages/documents/articles/ID17_1174/bofaml_entities_list.pdf. Bank of America, N.A. (“BANA”) is a national banking association organised and existing under the laws of the USA with charter number 13044 and with its registered address at 100 North Tryon Street, Charlotte, North Carolina 28202, USA. BANA (member of Federal Deposit Insurance Corporation (FDIC)) is authorised and regulated by the Office of the Comptroller of the Currency, and is subject to the supervision and regulation of the Board of Governors of the Federal Reserve System and the FDIC, each in the USA. BANA has a London branch (“BANA London Branch”) with its principal place of business in the United Kingdom at 2 King Edward Street, London EC1A 1HQ, which is authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of BANA London Branch’s regulation by the Prudential Regulation Authority are available from BANA London Branch on request. Notice for Indonesia: Bank of America, National Association, Jakarta Branch (“BANA Jakarta”), is a branch of a national banking association organized and existing with limited liability under the laws of the United States of America. In Indonesia, BANA Jakarta is licensed and under the supervision of the Indonesia Financial Services Authority (“Otoritas Jasa Keuangan” or“OJK”) and Bank Indonesia, and a participant of Deposit Insurance Corporation (“Lembaga Penjamin Simpanan” or "LPS”). PT Merrill Lynch Sekuritas Indonesia is licensed and supervised by OJK. Notice for Philippines: Bank of America, National Association, Manila Branch is regulated by Bangko Sentral ng Pilipinas. https://www.bsp.gov.ph. Deposits are insured by Philippine Deposit Insurance Corporation up to P500,000 per depositor. For queries or concerns, please contact Client Service Team at (+632) 88155100 or asia.sse-ph@bofa.com. ©2025 Bank of America Corporation. All rights reserved. 1/2025 Confidential Notice to Recipient Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value

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PRELIMINARY DRAFT 1 BofA Discussion Topics 1 2 Workstream Update Preliminary Perspectives on the Financial Model

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PRELIMINARY DRAFT • Virtual Data Room • Vendor selected (Intralinks); data room stood-up on 7/9 • To be used initially for BofA information review • Buyer(s) information requests to be fulfilled upon review and approval from SC only • Financial Model • Preliminary management projections received by BofA on 7/9 • Initial projections review session held between management and BofA on 7/11 • Subsequent projections session(s) targeted for week of 7/14 • Valuation Perspectives • BofA developing preliminary valuation perspectives • To be refined based on SC-approved management projections • Received Inbound Call from EQT 2 A ◼ Week of July 14th: Financial model session(s) with management Upcoming Touchpoints B C 1 D Workstream Update

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PRELIMINARY DRAFT Historicals Management Projections Fiscal Year Ending December 31, CAGR 2024A 2025E 2026E 2027E 2028E 2029E 2030E '25E-'30E Customer Experience $1,328 $1,329 $1,329 $1,301 $1,261 $1,215 $1,165 (2.6%) Trust & Safety 363 362 317 353 372 392 416 2.8% AI & Data Solutions 398 452 539 640 752 870 1,001 17.2% TDO 137 133 135 138 142 148 160 3.8% Total Customer Experience Revenue $2,226 $2,276 $2,321 $2,432 $2,527 $2,625 $2,742 3.8% % Growth n.m. 2.2% 2.0% 4.8% 3.9% 3.9% 4.4% Digital Solutions Revenue $432 $527 $596 $643 $703 $771 $852 10.1% % Growth n.m. 21.9% 13.2% 7.8% 9.4% 9.7% 10.5% Total Revenue $2,658 $2,802 $2,917 $3,074 $3,230 $3,396 $3,594 5.1% % Growth n.m. 5.4% 4.1% 5.4% 5.1% 5.2% 5.8% Gross Profit $948 $977 $999 $1,046 $1,096 $1,149 $1,215 4.5% % Margin 35.7% 34.9% 34.2% 34.0% 33.9% 33.8% 33.8% Adj. EBITDA (IFRS, Burdened by SBC) $481 $402 $405 $431 $454 $476 $506 4.7% % Margin 18.1% 14.3% 13.9% 14.0% 14.1% 14.0% 14.1% (-) Estimated GAAP Lease Expense (96) (96) (96) (96) (96) (96) (96) -- (+) SBC 3 1 3 5 3 5 3 5 3 5 3 5 3 5 -- Adj. EBITDA (GAAP, Unburdened by SBC) $417 $341 $344 $370 $393 $415 $445 5.5% % Margin 15.7% 12.2% 11.8% 12.0% 12.2% 12.2% 12.4% Free Cash Flow $119 $149 $157 $168 $172 $181 8.7% Free Cash Flow Conversion 27.3% 33.8% 33.8% 34.3% 33.7% 33.5% Selected Cash Flow Items Acquisition, Integration, and Other ($90) ($47) ($47) ($47) ($47) ($47) % Revenue (17.1%) (7.8%) (7.3%) (6.6%) (6.0%) (5.5%) Capex ($125) ($131) ($138) ($145) ($153) ($162) % Revenue (4.5%) (4.5%) (4.5%) (4.5%) (4.5%) (4.5%) Change in NWC $40 $27 $19 $15 $ 8 ($1) % Change in Revenue 27.9% 23.2% 12.2% 9.9% 4.6% (0.7%) 3 2 Preliminary Management Projections Overview ▪ Revenue CAGR: 5.1% growth driven by AI&DS and TDS revenue growth of 17% and 10% (35% to 52% of combined mix), partly offset by CXM ▪ CXM services growth slightly below market, driven by TELUS impact. External CXM growth above market and in-line with peers, driven by forecasted gains from vendor consolidation, increased offshore mix and service mix, partially offset by churn and pricing pressures ▪ TS&S growth lower than market and peers, based on higher content moderation service mix ▪ AI&DS growth lower than market, reflecting higher data labelling annotation mix and customer concentration mix. Growth expected to exceed peers based on capabilities ▪ TDS growth in-line with market as external business outpaces the market, while TELUS business lags. External business growth outpacing peers based on relative size of revenue base, CX digitization capabilities, and application services growth ▪ Gross Margin %: slight contraction from pricing pressure in certain lines of business ▪ Adj. EBITDA Margin %: reflects flow-through of Gross Margin % pressures, offset by cost efficiency programs ▪ Estimated U.S. GAAP Lease Expense: Assumed constant at 2024A level. To be confirmed with management Assumptions ____________________ Source: Preliminary Management Projections per TELUS Digital management as of 07/09/2025. Note: U.S. Dollars in millions. (1) Approximation of U.S. GAAP-equivalent lease expense, 2024A interest on leases ($31mm) & depreciation on ROU assets ($65mm) remain constant over forecast period for illustrative purposes. (2) Defined by company model as Adj. EBITDA (IFRS, Unburdened by SBC), less AIO (Acquisition, Integration, and Other), less capex, less lease payments, and less changes in NWC. (3) Calculated as Free Cash Flow / EBITDA (IFRS, Unburdened by SBC). (4) Includes $260mm payable to TELUS and $31mmm receivable from TELUS. A B A B C C D D (1) (2) (3) TELUS Exposure • Revenue (’25E): $735mm (26.2% Total) • Gross Profit (’25E): $268mm (27.4% Total) • Net Payable to TELUS (Q1’25): $229mm (4)

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PRELIMINARY DRAFT Preliminary Mgmt. Projections (07/09/2025) Wall Street Consensus Δ (Preliminary Mgmt. Projections vs. Consensus) 2025E 2026E 2027E 2025E 2026E 2027E 2025E 2026E 2027E Revenue $2,802 $2,917 $3,074 $2,718 $2,811 $2,997 $84 $106 $77 % Growth 5.4% 4.1% 5.4% 2.3% 3.4% 6.6% 316bps 67bps (122bps) Gross Profit $977 $999 $1,046 $962 $1,017 $1,069 $14 ($18) ($23) % Margin 34.9% 34.2% 34.0% 35.4% 36.2% 35.7% (55bps) (193bps) (166bps) Adj. EBITDA (IFRS, Burdened for SBC) $402 $405 $431 $397 $429 $506 $5 ($24) ($75) % Margin 14.3% 13.9% 14.0% 14.6% 15.2% 16.9% (25bps) (137bps) (286bps) (1) (2) 4 Comparison of Preliminary Management Projections to Wall Street Consensus 2 ____________________ Source: Preliminary Management Projections per TELUS Digital management as of 07/09/2025. Note: U.S. Dollars in millions. (1) Reflective of Preliminary Management Projections per TELUS Digital management received on 07/09/2025. (2) Reflective of Wall Street Consensus as of 07/10/2025.

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PRELIMINARY DRAFT 3.4% 4.1% 7.9% 15.6% 3.1% 2.5% (1.1%) NA 7.7% 5.0% 2.3% 5.4% 12.2% 15.9% 6.2% 2.1% 1.7% (7.7%) 5.1% 5.9% 5 Selected Public Companies Benchmarking 2025E Revenue Growth ____________________ Source: Company filings, Preliminary Management Projections per TELUS Digital management as of 07/09/2025 and FactSet as of 07/10/2025. Note: Unless otherwise noted, financials are based on consensus estimates and reflect U.S. GAAP standards of accounting. All figures presented on a calendarized basis. (1) TaskUs Management financials are based on Case A projections disclosed in the TaskUs PREM14A proxy which was released on 07/01/2025. (2) EUR / USD exchange rate of 1.168 as of 07/10/2025. (3) Diversified BPO peers includes the median of EXL, Conduent, Genpact, and WNS metrics. (4) Digital Engineering / IT Services peers include the median of Accenture, Cognizant, CGI, EPAM, Globant, Endava, Capgemini, and Grid Dynamics metrics. 2 2026E Revenue Growth (Consensus) (Management) (Consensus) (Proxy) (2) (1) Diversified BPO Peers(3) Digital Eng. / IT Services Peers(4) (Consensus) (Management) (Consensus) (Proxy) (2) (1) Diversified BPO Peers(3) Median: 1.9% Median: 2.5% For Reference Only Digital Eng. / IT Services Peers(4) U.S. GAAP Basis

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PRELIMINARY DRAFT 13.6% 11.8% 21.8% 21.0% 16.8% 15.9% 11.2% NA 20.3% 17.3% 12.4% 12.2% 21.0% 21.1% 16.7% 15.7% 12.9% 10.9% 20.0% 17.3% 6 Selected Public Companies Benchmarking (Cont’d) 2025E Adj. EBITDA(1) Margin ____________________ Source: Company filings, Preliminary Management Projections per TELUS Digital management as of 07/09/2025 and FactSet as of 07/10/2025. Note: Unless otherwise noted, financials are based on consensus estimates and reflect U.S. GAAP standards of accounting. All figures presented on a calendarized basis. (1) GAAP Adj. EBITDA is unburdened for SBC, acquisition costs, integration costs and other one-time items and burdened for interest on lease liabilities and depreciation on right-of-use lease assets. Management GAAP case based on TELUS Digital Company model received on 07/09/2025. IFRS to GAAP reconciliation to be reviewed with TELUS Digital management. (2) TaskUs Management financials are based on Case A projections disclosed in the TaskUs PREM14A proxy which was released on 07/01/2025. (3) EUR / USD exchange rate of 1.168 as of 07/10/2025. Teleperformance Adj. EBITDA adjusted to GAAP accounting standards from IFRS. (4) Diversified BPO peers includes the median of EXL, Conduent, Genpact, and WNS metrics. (5) Digital Engineering / IT Services peers include the median of Accenture, Cognizant, CGI, EPAM, Globant, Endava, Capgemini, and Grid Dynamics metrics. 2026E Adj. EBITDA(1) Margin (Management GAAP)(1) (Consensus GAAP) (3) (Consensus) (Proxy)(2) Diversified BPO Peers(4) Median: 14.3% Median: 15.9% (Management GAAP)(1) (Consensus GAAP) (3) (Consensus) (Proxy)(2) Diversified BPO Peers(4) U.S. GAAP Basis For Reference Only Digital Eng. / IT Services Peers(5) Digital Eng. / IT Services Peers(5) 2

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PRELIMINARY DRAFT 3.8% 4.5% 4.2% 3.8% 3.0% 2.6% 2.5% NA 2.4% 1.9% 4.2% 4.5% 5.7% 5.5% 3.6% 2.9% 2.5% 2.1% 2.4% 1.6% 7 2025E Capital Intensity(1) ____________________ Source: Company filings, Preliminary Management Projections per TELUS Digital management as of 07/09/2025 and FactSet as of 07/10/2025. Note: Unless otherwise noted, financials are based on consensus estimates and reflect U.S. GAAP standards of accounting. All figures presented on a calendarized basis. (1) Capital Intensity represents Capex divided by Revenue. (2) TaskUs Management financials are based on Case A projections disclosed in the TaskUs PREM14A proxy which was released on 07/01/2025. (3) EUR / USD exchange rate of 1.168 as of 07/10/2025. (4) Diversified BPO peers includes the median of EXL, Conduent, Genpact, and WNS metrics. (5) Digital Engineering / IT Services peers include the median of Accenture, Cognizant, CGI, EPAM, Globant, Endava, Capgemini, and Grid Dynamics metrics. 2026E Capital Intensity(1) (Consensus) (Management) (3) (Consensus) (Proxy)(2) Diversified BPO Peers(4) Median: 2.7% Median: 2.6% (Consensus) (Management) (3) (Consensus) (Proxy)(2) Diversified BPO Peers(4) For Reference Only Digital Eng. / IT Services Peers(5) Digital Eng. / IT Services Peers(5) 2 Selected Public Companies Benchmarking (Cont’d) U.S. GAAP Basis

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PRELIMINARY DRAFT 72.0% 61.8% 80.7% 81.9% 83.8% 81.9% 77.8% NA 87.6% 89.8% 65.9% 63.3% 73.0% 74.0% 84.3% 82.6% 80.4% 71.9% 86.0% 90.4% 8 2025E FCF Conversion(1) 2026E FCF Conversion(1) (Management GAAP)(2) (Consensus GAAP)(2) Median: 81.5% Median: 81.9% (Management GAAP)(2) (Consensus GAAP)(2) For Reference Only ____________________ Source: Company filings, Preliminary Management Projections per TELUS Digital management as of 07/09/2025 and FactSet as of 07/10/2025. Note: Unless otherwise noted, financials are based on consensus estimates and reflect U.S. GAAP standards of accounting. All figures presented on a calendarized basis. (1) FCF Conversion represents Adj. EBITDA minus Capex divided by Adj. EBITDA. (2) GAAP Adj. EBITDA is unburdened for SBC, acquisition costs, integration costs and other one-time items and burdened for interest on lease liabilities and depreciation on right-of-use lease assets. Management GAAP case based on TELUS Digital Company model received on 07/09/2025. IFRS to GAAP reconciliation to be reviewed with TELUS Digital management. (3) TaskUs Management financials are based on Case A projections disclosed in the TaskUs PREM14A proxy which was released on 07/01/2025. (4) EUR / USD exchange rate of 1.168 as of 07/10/2025. Teleperformance Adj. EBITDA adjusted to GAAP accounting standards from IFRS. (5) Diversified BPO peers includes the median of EXL, Conduent, Genpact, and WNS metrics. (6) Digital Engineering / IT Services peers include the median of Accenture, Cognizant, CGI, EPAM, Globant, Endava, Capgemini, and Grid Dynamics metrics. (Consensus) (Proxy)(3) (Consensus) (Proxy)(3) (4) (4) Diversified BPO Peers(4) Diversified BPO Peers(4) Digital Eng. / IT Services Peers(5) Digital Eng. / IT Services Peers(5) 2 Selected Public Companies Benchmarking (Cont’d) U.S. GAAP Basis