Mr. G. Edmund King reports

THE CALDWELL PARTNERS INTERNATIONAL BOARD OF DIRECTORS RESPONDS TO LETTER FROM DHR INTERNATIONAL

The Caldwell Partners International Inc.'s special committee and board of directors, after consulting with financial and legal advisers, have responded to the July 24, 2015, letter from DHR International Inc.

The following is the text of the letter that was sent on July 28, 2015, to David Hoffmann, chairman of the board of DHR International:

July 28, 2015

David H. Hoffmann

Chairman, DHR International Inc.

71 South Wacker Dr., Suite 2700

Chicago, Ill., 60606

Dear Mr. Hoffmann,

I am writing to you again on behalf of the special committee and the board of directors of The Caldwell Partners International Inc. in response to your most recent letter of July 24, 2015.

In your letter, you make several accusations regarding the board's fiduciary duties and enumerate a number of requests regarding the board's review process. Rest assured that the Caldwell Partners board is well aware of its fiduciary duties and is confident that it is fully compliant. Accordingly, the board does not intend to respond to you on any of these matters.

DHR's interest in Caldwell Partners -- both as a destabilizer and as a potential acquirer -- is at odds with the interest of our corporation and its various constituencies, including our shareholders. Indeed it is difficult, if not impossible, to treat your recent subversive recruiting activities as anything but disruptive attempts that could adversely affect shareholder value.

What is further frustrating is that you are ignoring the impact that your continued advances could cause on the business you wish to acquire. Our board was copied on a letter sent directly to you on July 16, 2015, from and signed by each and every one of our 37 partners. The letter states unequivocally that none of the 37 partners wish to work for an entity controlled by DHR, and that any transaction that accomplishes this would be "an empty one void of significant producers and shareholder value will be destroyed." It is my understanding that the letter was written, and consensus on it obtained, exclusively from the partners themselves. I am attaching it again for your reference.

It is the job of our board of directors to do what is in the best interest of the corporation and to protect and enhance the investment of all our shareholders. As such, it is incumbent upon us to decline any further invitation to meet with you regarding an acquisition of Caldwell Partners by DHR.

Sincerely,

G. Edmund King

Chairman, the Caldwell Partners board of directors

The following is the text of the letter sent by Caldwell Partner's 37 partners to Mr. Hoffmann on July 16, 2015:

July 16, 2015

David H. Hoffmann

Chairman, DHR International Inc.

71 South Wacker Dr., Suite 2700

Chicago, Ill., 60606

Mr. Hoffmann:

As you know, our board has unanimously determined not to pursue discussions with your firm about a possible business transaction. As partners of the firm we'd like to go on record with a declaration of our full support for this response. We are not interested in being part of DHR or part of a company controlled by DHR.

For you to fully understand our position, however, we feel it's necessary for us to explain what Caldwell Partners means to us.

Doug Caldwell founded this firm in 1970, and founded it on a very lofty set of values. Since then the Caldwell Partners brand has stood for results, personal service and long-term relationships. For some of us, it has been the place where we grew up and learned the business and our values. For others, it has been an oasis -- a refuge from the market constraints, policies and politics of the big firms; a place with transparent and inclusive decision making, a fully transparent compensation plan, and a place with a brand that competes at the highest echelons of our industry. For all of us, Caldwell Partners is the place we want to be and have chosen to be. We all have an opportunity here to be shareholders and many are. Our personal brands fit hand in glove with what Caldwell Partners has become.

Our mission states that "by providing superior service, results and value to our clients and candidates, we will be the most effective, innovative and respected executive search firm and a world leader in our industry." This is a sentiment we take seriously, and all decisions are weighed against two key criteria: whether it is in the best interests of our clients, and whether it will bring increased value to our shareholders.

We don't believe further discussions of a potential transaction with DHR help us uphold either of those criteria. The professional services industry is one in which the most valuable assets walk in and out of the door every day. We understand full well that what is at stake here is not the value of Caldwell's shares -- and the greatest majority of us are shareholders, so that's not something we take lightly. Rather, it is the value of our firm, our culture and the unique environment that allows us to be the best we can be for our clients, our shareholders and each other. Our recent results and organic growth announcements confirm we are on a great path toward independently enhancing our value to our stakeholders.

The bottom line is, we love our firm, we love our leadership, and we love our incentives and do not want to see any changes in either ownership or structure that will take away what we see as a very bright future that does not include any involvement with DHR. Our two venerable firms are more valuable as separate entities. Our partners have no intention of marrying our personal brands to DHR. As such, any transaction will be an empty one void of significant producers and shareholder value will be destroyed. Please take consideration of the above as you pursue your interest in Caldwell Partners.

Sincerely,

The undersigned

Matthew Andrews

Michael Ballenger

Todd Bennett

Jim Bethmann

Scott Bilby

Kelly Blair

John Blank

Glenn Buggy

Gerry Cameron

Mercedes Chatfield-Taylor

Christopher CoeRodes Cole

Michael DeCosta

Darin DeWitt

Andrew Duncan

Jodie Emery

Jeff Freeborough

Les Gombik

Kristin Hebert

Paul Heller

Suzanne Heske

Constance Kassouf

Michael Kelly

Jeff Lemming

Neal Maslan

Paul Medaglia

Sean McLeanAvo Oudabachian

Harry ParslowElan Pratzer

Drew Railton

Peter Reed

Heather Ring

John Strackhouse

Denise Tobin

John Wasley

Dave Winston

cc: Board of directors, The Caldwell Partners International Inc.

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