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Atento Q2 FY15 Earnings Report

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Atento Fiscal 2015 Second Quarter Results August 12, 2015


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Disclaimer This presentation has been prepared by Atento. The information contained in this presentation is for informational purposes only. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. This presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. This presentation contains forward-looking statements within the meaning of the U.S. federal securities laws, that are subject to risks and uncertainties. All statements other than statements of historical fact included in this presentation are forward-looking statements. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. Forward-looking statements can be identified by the use of words such as "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "intends," "continue“, the negative thereof and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. These forward-looking statements are based on assumptions that we have made in light of our industry experience and on our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. As you consider this presentation, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond our control) and assumptions. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. Because of these factors, we caution that you should not place undue reliance on any of our forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us. We have no duty to, and do not intend to, update or revise the forward-looking statements in this presentation after the date of this presentation. The historical and projected financial information in this presentation includes financial information that is not presented in accordance with International Financial Reporting Standards (“IFRS”). We refer to these measures as “non-GAAP financial measurers.” The non-GAAP financial measures may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS. Additional information about Atento can be found at www.atento.com. 2


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Presenters: Alejandro Reynal, CEO Mauricio Montilha, CFO


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Strategic Overview and Second Quarter Highlights


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Highlights  Strong topline growth drives market share gains in LatAm CRM/BPO market  Particular strength in Brazil and the Americas with revenue growth of 14.3% and 16.8%, respectively  Continued to acquire new clients, grow share of wallet with existing clients, and increase penetration of higher-value solutions  Uniquely positioned to capture growth opportunities created by current macroeconomic environment  Margin expansion initiatives contribute to improved profitability  Adj. EBITDA margin up 40 basis points with a 15.8% increase in adj. EBITDA  Operational rigor and excellence with industry leading service levels  Opex efficiencies driven by scale and site locations  Strengthened balance sheet and enhanced financial flexibility  Leverage of 1.6x with liquidity of $173.1MM  Reaffirm full year fiscal 2015 guidance Notes: (1) Unless otherwise noted, all results are for Q2 2015; all growth rates are on a constant currency basis and year-over-year comparison 5


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Winning in the Current Environment  Industry leader in LatAm CRM/BPO market  Optimal geographic footprint  Favorable industry growth drivers  Expect macroeconomic headwinds to continue  Generalized cost inflation  Companies looking to reduce costs and improve efficiencies  Best positioned to capitalize on industry dynamics  Increased outsourcing as companies look to lower costs  U.S. nearshore opportunities becoming more attractive to companies  Effective strategy drives profitable growth, sustainable shareholder value creation 6


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Strategy to Deliver Sustainable Earnings Growth on Track Reiterate 2015 outlook  Gained market share – extended leadership position in CRM/BPO LatAm market  Optimal balance of growth and profitability  Invest to support long-term competitiveness and financial strength High revenue visibility  99%+ revenue retention rate  TEF MSA throughout 2021 Attractive market growth  Growing market due to favorable industry tailwinds & market dynamics Multi-pronged growth agenda  Share of wallet gains through an increase in higher value solutions  New growth avenues: nonTEF telco, financial, US near-shore, and Carve Outs Operations efficiency program Margin expansion initiatives: • Global procurement •  Enhanced financial flexibility Lower turnover • Earnings growth Operations productivity • Capital structure optimization Site relocation 7


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Second Quarter Financial Performance


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Consolidated Financial Highlights Key Highlights Q2 Q2 USDm 2014 2015 Revenue 592.3 515.7 CCY growth Adjusted EBITDA Margin 11.0% 68.8 62.1 11.6% 12.0% CCY growth 15.8%  Balanced financial results  11.0%(1) revenue growth ex-Czech Republic (15.3% in LatAm(3))  Operating leverage drives a 15.8% increase in adj. EBITDA (1)  12.0% adj. EBITDA margin, up 40 basis points  5.6% growth in adj. EPS, ex. one-time tax benefit in Q2 2014, up 110%  Significant regional progress  Brazil: non-TEF growth of 18.4% drives a 14.3% increase in revenue  Americas: revenue up 16.8%  EMEA: Spain macroeconomics remain challenging  Continued revenue diversification Adjusted EPS $0.27 CCY growth Leverage (x) $0.21 5.6% 1.7 1.6  Solutions penetration 23.8% of total revenue, up almost 200 basis points  Non-TEF revenue 54.1% of total revenue, up approx. 200 basis points  Increased financial flexibility  Leverage of 1.6x  Liquidity of $173.1MM in cash and cash equivalents in addition to €50MM in undrawn revolving credit facility Notes: (1) Excludes Czech Republic, which was divested in December 2014 (2) Unless otherwise noted, all results are for Q2 2015; all growth rates are on a constant currency basis and year-over-year comparison (3) LatAm includes Brazil and Americas regions 9


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Brazil Summary Key Highlights Revenue $MM CCY Growth +14.3%  The leading provider of CRM/BPO services in Brazil 309.6  14.3% growth despite challenging macro-environment 256.9  18.4% growth in non-TEF revenue driven by new clients and increased share of wallet with existing clients  8.6% growth in TEF  Significant commercial wins: Q2 2014  Approximately 1,000 workstations won with new and existing clients Q2 2015 Adjusted EBITDA $MM 41.3  15.7% growth in adj. EBITDA 34.6  Excluding corporate costs allocation, adj. EBITDA margin increased 50 basis points to 14.3%  Benefits of margin expansion initiatives more than offset ramp of new clients Q2 2014 Q2 2015 CCY Growth Adj. EBITDA margin: 13.3% 13.5% 15.7% Adj. EBITDA margin ex-corp. costs allocation: 13.8% 14.3% 18.2% Notes: (1) Unless otherwise noted, all results are for Q2 2015; all growth rates are on a constant currency basis and year-over-year comparison 10


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Americas Summary Key Highlights Revenue $MM CCY Growth 193.2  16.8% growth driven by strong performance across the region and across verticals +16.8% 198.2  15.3% non-TEF growth driven by solid growth in most markets supported by new and existing clients  18.5% growth in TEF  Significant commercial wins Q2 2014 Q2 2015 Adjusted EBITDA $MM 24.7 28.3  32.0% growth in adj. EBITDA  Excluding corporate costs allocation, adj. EBITDA margin increased 210 basis points to 15.3%  Benefits of margin expansion initiatives more than offset ramp of new clients Q2 2014 Q2 2015 CCY Growth Adj. EBITDA margin: 12.8% 14.3% 32.0% Adj. EBITDA margin ex-corp. costs allocation: 13.2% 15.3% 35.2% Notes: (1) Unless otherwise noted, all results are for Q2 2015; all growth rates are on a constant currency basis and year-over-year comparison 11


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EMEA Summary Key Highlights Revenue $MM CCY Growth (15.7)% 89.8  EMEA remains challenged due to weak Spanish macroenvironment 61.1  Revenue decreased by 15.7%, or by 13.3% ex Czech Republic  Non-TEF revenue decreased 10% ex Czech Republic Q2 2014  Commercial wins in Q2 will support future growth in non-TEF revenue Q2 2015 Adjusted EBITDA $MM 5.5  Decrease in adj. EBITDA driven by the decline in revenue 2.5 Q2 2014 Q2 2015 CCY Growth Adj. EBITDA margin: 6.1% 4.1% (45.5)% Notes: (1) Unless otherwise noted, all results are for Q2 2015; all growth rates are on a constant currency basis and year-over-year comparison 12


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Strengthened Balance Sheet and Deleveraging Enhance Financial Flexibility Highlights Balance Sheet $MM Q2 2014 Q2 2015 Cash and cash equivalents 178.2 173.1 Total Debt 745.3 637.2 Net Debt 507.6 464.1 Net Debt / Adj. EBITDA 1.7 x 1.6 x  Leverage of 1.6x  Liquidity of $173.1MM in cash and cash equivalents with an additional €50MM in undrawn revolving credit 13


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Reaffirm 2015 Outlook CCY Revenue growth (%) Adj. EBITDA margin (%) 13.0% - 13.5% CAPEX(1)/Revenue (%) 5.0% Effective Tax Rate (%) (1) Capital expenditures on cash basis 6% - 9% 32% 14


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Key Takeaways 1. On track with operational and financial initiatives including above market growth, improved profitability and increased financial flexibility. 2. Macro headwinds are a reality; focused strategy and resilient business model will allow us to drive the optimal balance of growth and profitability. 3. Making the right investments to strengthen our competitive advantage and drive sustainable shareholder value creation. 15


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Appendix


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Reconciliations Reconciliation of Adjusted EPS to Profit/(Loss) Reconciliation of EBITDA and Adjusted EBITDA $MM, except per share $MM Q2 2014 Q2 2015 43.0 57.9 3.0 - 16.6 2.7 Sponsor management fees 2.1 - Site relocation costs 1.0 0.1 Financing and IPO fees 5.7 - Asset impairments and Other (2.6) 1.4 Adjusted EBITDA (non-GAAP) 68.8 62.1 EBITDA (non-GAAP) Acquisition and integration related costs Restructuring costs Q2 2014 Q2 2015 (9.7) 6.5 Acquisition and integration costs 3.0 - Amort. of Acquisition of Intangibles 9.9 6.9 16.6 2.7 Sponsor management fees 2.1 - Site relocation costs 1.0 0.1 Financing and IPO fees 5.7 - PECs interest expense 10.2 - Asset impairments and Other (2.6) 1.4 Net foreign exchange gain of financial instruments - (1.0) Net foreign exchange impacts (restated) - 2.6 (16.4) (3.5) 19.8 15.7 $0.27 $0.21 Profit for the period Restructuring Costs Tax effect Adjusted Earnings Adjusted EPS 17


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Glossary of Terms  Adjusted EBITDA – EBITDA adjusted to exclude the acquisition and integration related costs, restructuring costs, sponsor management fees, asset impairments, site relocation costs, financing and IPO fees and other items which are not related to our core results of operations  Adjusted net income(loss) – net loss which excludes corporate transaction costs, asset dispositions, asset impairments, the revaluation of our derivatives and foreign exchange gain (loss), and net income or loss attributable to non-controlling interests and debt extinguishment  Adjusted EBITDA margin – Adjusted EBITDA excluding special items/operating revenue  Free cash flow –net cash flows from operating activities less cash payments for acquisition of property, plant and equipment, and intangible assets  Liquidity – cash and cash equivalents 18


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