Hudson Global : Investor Presentation December 2023

Hudson Global

…a leading global total talent

solutions provider

Nasdaq: HSON

Investor Presentation

December 2023

Forward-Looking Statements

This presentation contains statements that the Company believes to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this

presentation, including statements regarding the Company's future financial condition, results of operations, business operations and business prospects, are forward-looking statements.

Words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "predict," "believe" and similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. All forward-looking statements are subject to important factors, risks, uncertainties and assumptions, including industry and economic conditions that could cause actual results to differ materially from those described in the forward-looking statements. Such factors, risks, uncertainties and assumptions include, but are not limited to, global economic fluctuations; rising inflationary pressures and interest rates; the adverse impacts of the coronavirus, or COVID-19 pandemic; the Company's ability to successfully achieve its strategic initiatives; risks related to the Company's large cash balance relative to its market capitalization as a small public company; risks related to potential acquisitions or dispositions of businesses by the Company; the Company's ability to operate successfully as a company focused on its RPO business; risks related to fluctuations in the Company's operating results from quarter to quarter; the ability of clients to terminate their relationship with the Company at any time; competition in the Company's markets; the negative cash flows and operating

losses that may recur in the future; risks relating to how future credit facilities may affect or restrict our operating flexibility; risks associated with the Company's investment strategy; risks

related to international operations, including foreign currency fluctuations, political events, natural disasters or health crises, including the ongoing COVID-19 pandemic, the Russia-Ukraine war; the Hamas-Israel war, and potential conflict in the Middle East; the Company's dependence on key management personnel; the Company's ability to attract and retain highly skilled professionals, management, and advisors; the Company's ability to collect accounts receivable; the Company's ability to maintain costs at an acceptable level; the Company's heavy reliance on information systems and the impact of potentially losing or failing to develop technology; risks related to providing uninterrupted service to clients; the Company's exposure to employment-related claims from clients, employers and regulatory authorities, current and former employees in connection with the Company's business reorganization initiatives, and limits on related insurance coverage; the Company's ability to utilize net operating loss carry-forwards; volatility of the Company's stock price; the impact of government regulations; restrictions imposed by blocking arrangements; a material weakness in our internal control over financial reporting that could have a significant adverse effect on our business and the price

of our common stock; and the potential for a shutdown of the U.S. government if the U.S. Congress is unable to agree on terms for a spending bill sufficient to fund U.S. government

operations. Additional information concerning these and other factors is contained in the Company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this document. The Company assumes no obligation, and expressly disclaims any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.

© 2023 Hudson RPO. All rights reserved.

2

Hudson Global at a Glance

• Hudson Global, Inc. (Nasdaq: HSON) ("Hudson Global" or "the Company") owns Hudson RPO, a pure-playTotal Talent
  Solutions provider
• Nasdaq-listed;spun-off from Monster.com in 2003
• Strong financial position: $22.0(3) million of cash and $303(4) million of usable NOL carryforwards
• Stock buybacks: completed a $10 million program & initiated a new $5 million program on 8/8/23; shares outstanding reduced by approximately 12% since 12/31/18
• Owner mindset: board and management own approximately 18%(6) of total shares outstanding and expect to own more over time
• Maximizing stockholder value: through internal investments in our growing, high-margin RPO business, bolt-on acquisitions, and stock buybacks

1. Adjusted EBITDA and Corporate Costs are non-GAAP measures. Reconciliations of non-GAAP measures can be found in the appendix to this presentation.
2. As of November 30, 2023. Market Capitalization defined as Shares Outstanding times Stock Price.
3. As of September 30, 2023. Cash includes $0.4m of restricted cash. Debt excludes operating lease obligations.
4. As of December 31, 2022 as disclosed in 2022 Form 10-K. NOL carryforward is for U.S. federal and state tax expense.
5. 2.8 million shares outstanding as of October 20, 2023. Does not include unissued or unvested RSUs.
6. Includes unvested share units and share units that will be issued up to 90 days after a director's/officer's separation from service.
7. As of September 30, 2023.

$mm, except per share amounts
Stock Price(2)					$15.71
Shares Outstanding(5)					2.8M
Market Capitalization(2)					$44.2M
Cash(3)					$22.0
Debt(3)					$0.0
Usable NOL Carryforward(4)					$303
# of Employees(7)					1,130
# of Countries					14
$mm		2019	2020	2021	2022		LTM
Revenue		$93.8	$101.4	$169.2	$200.9		$171.0
Adj Net Revenue		$43.6	$39.1	$68.2	$99.2		$85.9
Adj EBITDA-RPO(1)		$4.5	$2.9	$13.5	$20.1		$12.0
% of Adj Net		10.4%	7.5%	19.8%	20.3%		13.9%
Revenue
Corp Costs(1)		$4.1	$3.3	$3.4	$3.7		$3.7
Adj EBITDA(1)		$0.5	$(0.4)	$10.0	$16.4		$8.2

© 2023 Hudson RPO. All rights reserved.

3

Hudson Global: Our History

1999 - 2001: Hudson Global originated from 67 acquisitions made by TMP Worldwide, which later became Monster Worldwide, Inc. (i.e., Monster.com)

2003: Monster distributed shares of Hudson Global to its stockholders, creating a new, independent, publicly held company

2003-2013: Poor business structure and very poor leadership led to poor operating and financial performance

The new Hudson Global - focused on expanding its global RPO business

2013-2014

2013 - 2014 Current CEO, Jeff Eberwein, invested in HSON shares and gained shareholder representation on the Board to improve performance

2015 BoD implemented a series of measures designed to enhance stockholder rights including:

• Declassified the Board -

directors elected annually

2015-2018

2015 Announced a $10M share purchase plan (completed by 6/30/23)

2016 Paid two cash dividends totaling $3.4M

2015 - 2018 BoD initiated a strategic review to enhance stockholder value with a focus on selling non-core businesses;

2019

2019 Completed tender offer for 7.7% of total shares outstanding at a purchase price of $15 per share

Q3 & Q4, 2019 Growth in RPO profits and reductions in Corporate Costs enabled Hudson Global to cross over into profitability

2020	2021	2022	2023
	Expanding Through Acquisitions
2020 Acquired Coit	2021 Acquired Karani,	2022 Acquired Hunt &	2023 Acquired Hudson
Group, a San Francisco-	LLC, a Chicago-	Badge Expanded	Singapore, a
based RPO provider, to	headquartered recruiting	Hudson RPO's footprint	recruitment services
expand further into tech	services provider that	further into the India	provider based in
sector; established office	serves mainly U.S.-	recruitment market with	Singapore, significantly
in San Francisco	based customers from	an array of impressive	increasing Hudson
	its operations in India	deep client relationships	RPO's market presence
	and the Philippines	with notable	in Southeast Asia
		multinational companies

• Allowed stockholders to call

special meetings

• Eliminated all supermajority

voting requirements

• Allowed stockholders to act

by written consent

• Eliminated cash

compensation to the Board

• Implemented a plan to

protect valuable NOL asset

completed three divestitures to exit the agency recruitment business and focus on global RPO business

2020 Purchased 8.8% of total shares outstanding in two block trades at a purchase price of $8.63 per share

Q3 2023 Announced a $5M share purchase plan (following the completion of a $10 million plan authorized in 2015)

© 2023 Hudson RPO. All rights reserved.	4

What is Recruitment Process Outsourcing (RPO)?

RPO is in the Business Services sector and part of the Business Process Outsourcing ("BPO") and Human Capital Management ("HCM") subsectors

RPO involves an employer utilizing an external service provider to perform all or part of its recruitment processes,

often replacing work performed by external recruitment agencies and/or in-house teams

RPO vs. Traditional Recruiting

Personnel can be located on-site at the client's offices or offsite	Offers enterprise-wide and project-based solutions and optimizes
centralized facilities	client's talent procurement process

Offshore, shared-service facilities perform work for	Services are aligned with client's long-term objectives
multiple clients in multiple time zones	and strategic growth plans

RPO

Supplies its own staff, methodologies, technology, and analytics

Implements an end-to-end recruitment solution, offers efficiencies and value

Assumes ownership of talent solution design and management	Assumes client's staff and work within their technology platform
of recruitment process	and takes responsibility for the results

© 2023 Hudson RPO. All rights reserved.

5

RPO - a Fast Growing Market(1)

Estimated Growth for Global RPO Market

2021

2030 E

13.9% CAGR

Estimated growth for the global RPO market

(2021 - 2030)

RPO market by segment

• On-demandRPO segment contributed approx. 80% of the total market revenues in 2020. Estimated to retain its dominant position in the market throughout the forecast period.
• End-to-endRPO segment is projected to grow with the highest CAGR of about 14.3% during the forecast period.

RPO market by Industry

• Leading industries: IT and telecommunication (28% market share in 2021), ITeS & BPO and BFSI segments require large workforce and massive recruitment; expected to retain the leading position throughout the forecast period.
• Fastest growing: Healthcare and e-commerce segments are projected to register the highest growth in the market during the forecast period of 17% and 16.2% respectively.

RPO market by Geography

• Dominated by North America (40% of the total market revenue in 2021).
• North America is among the first adopters of RPO services with strong penetration in small and medium as well as large enterprises.
• North America expected to hold its dominant position throughout the forecast period.

1. https://www.researchandmarkets.com/reports/5641387/recruitment-process-outsourcing-rpo-market?utm_source=CI&utm_medium=PressRelease&utm_code=rrwmxk&utm_campaign=1744226+- +Global+Recruitment+Process+Outsourcing+(RPO)+Market+to+Grow+by+13.9%25+Annually+Through+2030&utm_exec=como322prd

© 2023 Hudson RPO. All rights reserved.

6

RPO Model vs. Recruitment Agency Model

• The RPO industry market worldwide accounted for revenue of $6.9B in 2019; projected to expand at a CAGR of 13.9% from 2021 to 2030 (1)
• We believe the RPO industry is taking share from traditional recruitment agencies for the reasons below:

Factor

Location of Service Provider

Ownership of Recruitment Process

Candidate Quality

Candidate Experience

Proactive Recruitment

Cost to Client

Level of Client Engagement

Duration of Relationship with Client

Depth of Relationship with Client

Delivery Model

Pricing Model

Length of Contract

Recurring Revenues

Initial Sales Process

RPO Model

On-Site and Centers of Excellence

High

Consistently Good

High/Brand Ambassadors

Strong/Maintain Talent Pools

Lower, especially as volume increases

Very High (Partnership)

Long/Recurring

Very Deep and Wide

Client-Focused/Subject Matter Expertise

Combination of fixed monthly management fees and variable fees

Solution-based and typically multi-year with high renewal rates

High

Long

Recruitment Agency Model

Never On-Site and No Centers of Excellence

Low

Uneven Consistency

Uneven

Low

High

Transactional

Transactional

Shallow/Transactional

Role-Focused or Candidate-Focused

Purely Variable/Transactional

Transactional

Low

Short

(1) https://www.researchandmarkets.com/reports/5641387/recruitment-process-outsourcing-rpo-market?utm_source=CI&utm_medium=PressRelease&utm_code=rrwmxk&utm_campaign=1744226+-+Global+Recruitment+Process+Outsourcing+(RPO)+Market+to+Grow+by+13.9%25+Annually+Through+2030&utm_exec=como322prd

© 2023 Hudson RPO. All rights reserved.

7

Hudson RPO: Regional Market Observations

AMERICAS

• Large market size
• Particularly strong in Technology, Life Sciences, Healthcare, and Financial Services
• Growing presence in Canada and Latin America, especially for large multinationals creating regional hubs
• Acquired Coit Group, a San Francisco-based RPO provider specializing in the technology sector (October 2020)
• Acquired Karani, LLC, a Chicago-HQ recruiting services provider with clients in the US, but operations in India and the Philippines (October 2021)
• Small RPO or MSP companies in this region could become acquisition targets
• Center of Excellence in Tampa, FL

1. https://www.hudsonrpo.com/newsroom/hro-today-bakers-dozen-apac/
2. https://www.hudsonrpo.com/newsroom/hro-today-bakers-dozen-emea/

ASIA-PACIFIC

• Consistently ranked as a top RPO provider in APAC(1)
• Strong market adoption for RPO in Australia, China, HK, and Singapore and Hudson RPO has a very strong presence in these markets
• • Hudson's first ever RPO project was in 1999 for J&J in Australia and was one of the first RPO projects in history
• Growing rapidly in SE Asia via hub in Singapore
• Expanded presence in SE Asia through local partnerships in Taiwan, Malaysia, Philippines, Thailand, Vietnam, and South Korea; partnerships allow Hudson RPO to embed teams in these countries as requested by clients
• Acquired Hudson Singapore, a recruitment services provider based in Singapore, to significantly increase market presence
• Centers of Excellence in India, Manila, Philippines, and Shanghai, China

EMEA

• Ranked among the top RPO providers in EMEA(2)
• UK market is large and well-developed
• Emerging market in continental Europe with growth from large multinationals benefiting from RPO solutions in the US and UK
• Particularly strong in Life Sciences, Financial and Business Services, and Consumer
• Smaller RPO or MSP companies in this region could become acquisition targets
• Center of Excellence in Edinburgh, Scotland

© 2023 Hudson RPO. All rights reserved.

8

Hudson RPO: Centers of Excellence (COEs)

	Edinburgh,
	Scotland
	Shanghai,
Tampa, Florida,	China
US	India
	Manila,
	Philippines

© 2023 Hudson RPO. All rights reserved.

9

Hudson RPO's Strengths

FOCUS

CLIENTS

TEAM

• Professional Services - comprehensive talent acquisition and total talent solutions for employers needing mission-critical, professional talent
• Senior Management to Entry Level - we partner with our clients at every level
• Mid-to-LargeSized Corporations - focus on custom-built solutions for all of our clients
• Emerging Growth Companies - we partner with clients at every stage of their growth/life cycle
• RPO to Total Talent Solutions - grow current RPO solutions, build first generation RPO programs, and offer value-added talent solutions

• We focus on clients where acquiring and retaining top talent, and specialized talent, is the key to business success
• Our clients partner with us based on value and outcomes given the critical importance of talent to their businesses and the customized nature of our solutions
• We immerse ourselves in our clients' culture, business, and needs so we can deliver the best solutions creating valuable, long-term partnerships
• Subject Matter Expertise in each sector is a key differentiator in our client solutions
• Disciplined execution delivers efficiencies and effective outcomes to our clients
• We have a prestigious client portfolio and a high retention rate because we work diligently to truly partner with our clients and we evolve our solutions to best support our clients' growth, needs, and objectives

• Hudson RPO's global and regional leadership teams have deep expertise across Human Capital solutions and have high tenure at Hudson RPO and on-site with our clients
• Hudson RPO's teams are committed to a culture of engaged leadership, disciplined execution, and profitable growth
• Hudson RPO rates very favorably on service, performance, and results relative to our competition as measured by independent client surveys done via SharedXpertise for the HRO
  Today's Baker's Dozen Program(1)
• Hudson RPO has been recognized on the
  Baker's Dozen List for fourteen consecutive years

© 2023 Hudson RPO. All rights reserved.	10