Summary of STREAM GLOBAL SERVICES, INC.

Item 7.01 Regulation FD Disclosure.

On September 21, 2009, Stream Global Services, Inc. (the "Company") announced that it intends to offer $200 million aggregate principal amount of senior secured notes due 2014 (the "Notes"). The offering is expected to be contingent on the closing of the Company's previously announced combination (the "Combination") with eTelecare Global Solutions, Inc. ("eTelecare"), the closing of a new, asset-based revolving credit facility and the repayment of certain indebtedness of Stream and eTelecare (the offering of the Notes, the closing of the asset-based credit facility and the repayment of certain outstanding indebtedness are referred to as the "Transactions").

The Notes will be offered to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the U.S. to non-U.S. persons in reliance on Regulation S under the Securities Act. Unless and until the Notes are registered under the Securities Act, the Notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This report shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

The Company is disclosing under Item 7.01 of this Current Report on Form 8-K the information included as Exhibit 99.1, which information will be disseminated in connection with the Transactions. Certain of this information has not previously been made publicly available by the registrant and may be deemed to be material. This Current Report on Form 8-K also updates certain information previously reported by the Company. The information included as Exhibit 99.1 hereto is being furnished, not filed, pursuant to Item 7.01 of Form 8-K. Such information shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information furnished pursuant to this Item also shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act.