Atento Third quarter results

New York, November 20th, 2014

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Disclaimer

This presentation is provided to you on the condition that you agree that you will hold it in strict confidence and not reproduce, disclose, forward or distribute it to any third party in whole or in part without the prior written consent of Atento S.A. (“Atento”).

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.

Our company at a glance

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Performance in the third quarter was evidenced by our strong momentum as an independent company

5.9% CCY growth in revenues in Q3 and8.4% over the first 9 months of the year

10.1% increase in adjusted EBITDA in Q3and 13.9% over the first 9 months of the year

Increase in y-o-y solutions penetration in Q3 from 22% to 27% of total revenue, reaching 37% in Brazil

Solid Q3 financial

results

Delivering the growth opportunity: Awarded 20 contracts and 4,100+ WS since June 2014.

Strong margin expansion: Best-in-Class Operations initiatives delivering 15% Adj. EBITDA margin in Q3 2014

Ongoing people focus: Only company in the industry among the 25 World´s Best Multinationals Workplaces

Company strategy delivering results across three pillars

LatAm market: Region with the highest growth potential within the CRM/BPO industry worldwide

Competitive landscape: #1 player in LatAm with continued above-market growth

ATTO: Successfully completed IPO opening new possibilities to invest in growth

Strengthened leadership in the most attractive region for

growth

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We are a young and vibrant company with a great track record and a bright future

$2.3B of revenue across 15 countries

#1 player in LatAm and #3 worldwide

20% market share in LatAm with a track record of growing market share over the past 4 years

Market leader in the CRM BPO LatAm sector

99% revenue retention rate(3), growing retention rate for each of the last 3 years

69% of non-TEF revenue from clients with 10+ year relationship

TEF revenues protected through 2021 MSA

Increasingly diversified client base with 54% non-TEF revenue (3pp y-o-y increase)

Robust & loyal client base of 400+ leading

brands 83k+ workstations

150,000+ highly engagedand motivated employees

Leading technology partners: Avaya, Cisco, Microsoft, HP

Standardized large scale processes

Strong leadership team with a proven track record

Superior pan-LatAm delivery platform

(1) Market share in terms of revenues(2) Brazil market share position as of Q1 2014 (management estimate); Spain market share as of 2011(3) Client retention rate based on 2012 revenues of clients retained in 2013 as a % of total 2012 revenues

35%

26% 23% 22% 19%

Brazil SpainArgentinaChilePeru

Some of our clients

2013 CRM BPO market share (%)(1)

(2)

(2)

Sources: Frost & Sullivan, company fillings

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We connect more than 400 clients with over 500 million consumers across Latin America…

High population growth & growing middle class fuels consumer intensive industries

Lower contact center penetration vs. more mature markets

LatAm productivity gap vs. more mature markets drives need for efficiencies and accelerates outsourcing demand

Consolidated market with top 3 competitor's share of 59% in Brazil vs. 16% in US, resulting in more rationale pricing behavior

… in a region with long term market growth potential and attractive

competitive dynamics

Only company operating with the scale of a pan-regional leader…

$10B CRM BPO

market

Atento operations in LatAm

20% Atento LatAm market share

Source: Frost & Sullivan

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…and share a passion to turn customer experience into business value for our clients every day

Superior customer experience & business efficiency

Unique blend of solutions, peopleand channels

Mortgage CreditInsurance ManagementComplaints ManagementCredit Card Management

Customer Experience Solutions

Multichannel Customer ExperienceAdvance Technical Support

Smart CollectionsB2B sales

+

+

Tele-phone

E-mail Social Networks

Chat SMSAppsOnsite VPAWeb & kiosks

Credit Card Management Solution

200,000 auto loans per year 93% reduction in process errors 35% reduction in lead time

Smart Credit Solution

Ranked #1 in collection by client $100MM recovered in 2013 15% improvement in credit recovery

Smart Collections Solution

900,000+ credit cards processed annually

17% increase in sales

B2B Efficient Sales 10% increase in new accounts

Leading Brazilian financial institution

Leading US financial institution in Mexico

Leading telco in Brazil

Leading online social networking service

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STR

ATEG

IC

PIL

LA

RS

GLO

BA

L

STR

ATEG

IC

INTIT

IATIV

ES

Deliver CRM BPO solutions

Aggressively grow client base

Penetrate U.S. Near-Shore

Enhance operations productivity

Increase HR effectiveness

Deploy one procurement

Drive consistent and efficient IT platform

Optimize site footprint

Distinct culture and values

Strengthen talent

High performance organization

The relentless execution of our strategy for sustained growth and strong shareholder value creation…

Above-Market Growth

Addressing untapped client growth

opportunities and increasing SoW to deliver

accelerated growth

Best-in-Class Operations

Leveraging economies of scale and driving

consistency in operations

Inspiring People

Delivering our medium-term vision through our

unique culture and people

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…is delivering results in Q3 across our three main axes and multiple lines of action…

Above-Market Growth

Best-in-Class Operations

Inspiring People

37% of revenue coming from higher value added services (solutions) in Brazil

Awarded contracts with leading LatAm regional telco in 5 countries in LatAm

Awarded contracts with every major telco operator in Brazil (700+ WS since June 2014)

Significant new customer wins in non-telco vertical since June 2014 (2,300+ WS)

Awarded 5 contracts with top US clients to provide near-shore solutions

Ramp up of capacity to serve US near-shore market in CAM

15% Adj. EBITDA margin in Q3 2014

State of the art Brazil Operations Command Center

Turnover reduced in Brazil by 2% byimproving sourcing, selection and training processes

Reduced up to 80% of unitary costs in certain categories by implementing global procurement

Lowered costs per seat by an average of 10% by moving centers fromTIER 1 to TIER 2 cities. 1,700 WS relocated in Brazil in 2014, totaling 54% of WS in TIER 2 cities

Strengthened Executive Committee - robust mix of long tenures and new world class hires

Strengthened TOP 80 executive team - 45% of the team are new hires or have new roles

Relocated HQ to drive a globally integrated enterprise

Recognized for second year in a row as one of the 25 Best Multinational Workplaces by GPTW

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Q3 2013

Q3 2014

9M 2013

9M 2014

Revenue 580.3 589.6 1,747.3 1,743.3

CCY growth 5.9% 8.4%

Adjusted EBITDA

85.8 88.2 209.6 219.8

Margin 14.8% 15.0% 12.0% 12.6%

CCY growth 10.1% 13.9%

Free Cash Flow 10.2 18.7 15.7 44.0

growth 83.3% 180.3%

Net Debt 503.8 430.6 503.8 430.6

Cash and Cash equivalents

218.6 243.3 218.6 243.3

…and has a visible impact on our solid Q3 company results

Key highlights

We remain the leader in the highly attractive LatAm CRM BPO market with continued above the market growth

Growing revenues with strong visibility: We continue benefiting from positive commercial momentum with existing and new clients as well as from higher margin LatAm revenue (9.1% growth in Q3) delivering solid top line growth in the quarter

Strong and continued margin expansion: Stable employee costs, operating discipline, business mix evolution and margin expansion initiatives delivering incremental earnings growth

Brazil’s solid performance highlights the resiliency of our business and our ability to deliver strong performance in different macro-economic environments

Improved cash flow generation coupled with a strong balance sheet (1.4x PF net leverage)

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We envision a great future for Atento and our ability to drive superior earnings growth and shareholder value

Becoming the

#1 customer experience solutions provider

Driving leadership to full potential as independent company

Maximizing the opportunities for growth offered by our loyal blue chip client base and long-term LatAm market growth

Addressing untapped client growth opportunities and gaining SoW through evolved offerings to deliver above-market growth

Becoming a scale player in the US near-shore market

Leveraging economies of scale and driving consistency in operations to deliver next wave of cost saving opportunities

Delivering high single-digit constant currency growth and industry leading Adj. EBITDA margins of 13-15%

Ongoing people focus

Medium-term vision

Q3 Financial performance

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Q3 2014 Financial Highlights

High and consistent margin expansion

Adj. EBITDA margin 15% ~20bps expansion

Limited & managed FX exposure

~98% matched at local level

Growing revenue with strong visibility

5.9% Group CCY growth9.1% CCY growth excl. EMEA

Sound capital structure with optimization

potentialPF Net Leverage of 1.4x

Increased revenue diversification reducing TEF

dependency 9.1% CCY Non-TEF growth

+3 pp non-TEF y-o-y revenue share

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Revenue growth

Increasing contribution from higher margin LatAm revenues and non-TEF clients

Q3 2013 Q3 2014 9M 2013 9M 2014

580 590

1,747 1,743

CCYGrowth

+5.9%

CCYGrowth

+8.4%

+1.6%

(0.2)%

Strong non-TEF growth

Q3 2013 Q3 2014 9M 2013 9M 2014

51% 54% 51% 53%

49% 46% 49% 47%

Non-TEF TEF

+9.1% +12.2%

TEF CCY

growth+2.7% +4.4%

Non-TEF CCY

growth

Q3 q-o-q 9M y-o-y

5.9%

8.4%9.1%

11.3%

Group CCY growth LatAm CCY growth

LatAm driving outperformance

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Q3 2013 Q3 2014 9M 2013 9M 2014

85.8 88.2

209.6219.8

Adjusted EBITDA

Adj. EBITDA margin

CCYGrowth

14.8%

$MM

+13.9%

15.0% 12.0% 12.6%

CCYGrowth

+10.1%

+2.8%

+4.9%

Continued margin expansion

y-o-y margin expansion (bps)

Improved mix

2011 2012 2013 9M 2013 9M 2014

10.2

11.612.6

12.012.6+140

+100 +61%

Q3 2013 Q3 2014

51% 54%

49% 46%

Non-TEF TEF

Q3 2013 Q3 2014

85% 87%

15% 13%

LatAm EMEA

Q3 2013 Q3 2014

22% 27%

78% 73%

Solutions Services

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Brazil summary financials

Revenue Comments

Strong CCY revenue growth despite weakening Brazilian macro-environment

Strong performance of non-TEF revenue growth (12.5% CCY y-o-y)

Successful growth diversification in telco sector

40 bps margin improvement q-o-q (130 bps y-o-y)

Higher growth in multi-sector clients and solutions

Increased operating leverage through higher revenues and cost efficiencies from our margin initiatives programs

20.6% y-o-y CCY Adj. EBITDA growth outpacing revenue growth

$MM

Q3 2013 Q3 2014 9M 2013 9M 2014

293.0 307.7

899.5 906.2

Q3 2013 Q3 2014 9M 2013 9M 2014

43.3 46.8

111.2123.7

CCYGrowth

CCYGrowth

+4.5%

+9.2%

+9.1%

+20.6%

Adj. EBITDA margin: 14.8% 15.2% 12.4% 13.7%

Adjusted EBITDA

$MM

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Q3 2013 Q3 2014 9M 2013 9M 2014

199.1 204.3

574.4 576.7

Americas summary financials

Double-digit CCY revenue growth driven by leveraging scale and leading market position

Increased volumes with existing clients and new customer wins

20 bps margin improvement YTD y-o-y

Strong CCY Adj. EBITDA growth of 18.1% in Q3 outpacing revenues

Operating leverage and cost efficiencies benefits

$MM

Revenue Comments

CCYGrowth

CCYGrowth

+15.9%

+18.1%

+14.6%

+12.1%

Q3 2013 Q3 2014 9M 2013 9M 2014

34.8 35.5

83.8 85.2

Adj. EBITDA margin: 17.5% 17.4% 14.6% 14.8%

Adjusted EBITDA$MM

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EMEA summary financials

Revenue Comments

Revenues impacted by TEF exposure to weak Spanish macro-environment

1.7% y-o-y CCY non-TEF growth in Q3 and 9.6% y-o-y CCY growth YTD despite a difficult macro-environment

TEF exposure to weak Spanish macro-environment impacting utilization and margins y-o-y

$MM CCYGrowth

CCYGrowth

(11.8)%

(24.4)%

(7.4)%

(23.2)%

Q3 2013 Q3 2014 9M 2013 9M 2014

88.5 77.7

274.1260.8

Q3 2013 Q3 2014 9M 2013 9M 2014

9.06.5

22.4

17.4

Adj. EBITDA margin: 10.2% 8.4% 8.2% 6.7%

Adjusted EBITDA

$MM

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Free Cash Flow

Free cash flow Comments$MM

Improved OpCF generation supported by EBITDA growth and lower working capital needs

Q3 2014 OpCF impacted in the quarter largely by restructuring outlay in Spain ($11.4MM) and other exceptional costs ($5.6MM)

Free cash flow growth excl. restructuring impact and exceptionals to reach $35.7MM

Working capital

$MM

Decreased working capital requirements supporting increased cashflow generation

Improvement driven by better management of accounts receivable in Brazil, Spain and Mexico

Q3 2013 Q3 2014 9M 2013 9M 2014

Net cash flow from operating activities

34.2 43.5 68.4 109.4

Capital expenditures (24.0) (24.8) (52.7) (65.4)

Free cash flow (non-GAAP) (unaudited)

10.2 18.7 15.7 44.0

Q3 2013 Q3 2014 9M 2013 9M 2014

(25.4) 0.2 (38.9)

9.6

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Strong balance sheet and minimal leverage with potential for further optimization

Pro forma capital structure Comments

PF net leverage of 1.4x

Local currency denominated debt or USD debt hedged back in local currencies

High liquidity profile through $243MM of available liquidity and €50MM undrawn RCF

Lower cost of debt due to repayment of Brazilian Debentures and increasing BNDES leveraging

Financial flexibility:

– Repayment of debentures

– Continued investments in the business

– Dividends in 2016 onwards & other return of capital

(1) Total capitalization as adjusted to give effect to the Reorganization Transaction, which occurred in connection with our IPO

Actual As Adjusted (1) Pro Forma

($MM) ($MM) ($MM)

Cash and cash equivalents 190.7 190.7 190.7

Short term financial investments 52.6 52.6 52.6

Total cash and cash equivalents 243.3 243.3 243.3

Debt:

7.375% Sr. Sec. Notes due 2020 294.4 294.4 294.4

Brazilian Debentures 267.7 267.7 267.7

Vendor Loan Note 29.3 29.3 -

Contingent Value Instrument 36.1 36.1 36.1

Revolving Credit Facility - - -

Preferred Equity Certificates 578.8 - -

Finance lease payables 8.7 8.7 8.7

Other borrowings 67.0 67.0 67.0

Total Debt 1,282.0 703.2 673.9

Net Debt 459.9 430.6

Adj. EBITDA 305.4 305.4

Net Debt / Adj. EBITDA 1.5 x 1.4 x

As of September 30, 2014

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Market growth

Strategic initiatives to drive above-market

revenue growth

Strategic initiatives to drive margin

expansion

Capital structure optimization

Earnings growth

Independent company focused on strong, continued shareholder value creation

High single digit+ constant currency growth

13-15%+Adj. EBITDA

margins

Significant capital structure

flexibility

Denotes long-term goal

Appendix

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Q3 2013 Q3 2014

Profit / (Loss) for the period from continuing operations

4.7 8.0

Net finance expense 25.2 31.1

Income tax expense 7.6 8.4

Depreciation and amortization 30.9 30.0

EBITDA (non-GAAP) (unaudited) 68.4 77.5

Acquisition and integration related costs 8.3 2.3

Restructuring costs 2.5 2.3

Sponsor management fees 2.4 2.5

Site relocation costs 1.5 0.4

Financing and IPO fees 1.9 3.5

Asset impairments and Other 0.8 (0.3)

Adjusted EBITDA

(non-GAAP) (unaudited)

Depreciation and amortization (1) (30.9) (30.0)

Adjusted EBIT

(non-GAAP) (unaudited)

85.8 88.2

54.9 58.2

Reconciliation of EBITDA to Adj. EBITDA

Breakdown of exceptional costs

$MM

17

11

Non-GAAP EBITDA Reconciliation$MM

(1) Excludes Intangibles Amortization

Acquisition and integration

Restructuring costs

Sponsor management fees

Site relocation costs

Financing and IPO

Other

Q3 2013 Q3 2014

(57%)

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Adj. earnings reconciliation

Comments

Adj. EPS in Q3 of 0.35, down 6.9% in reported currency but growing at 12.0% CCY, despite $22M negative impact from non-cash FX translation losses

Accumulated 9M Adj. EPS up 35.7% in CCY

Earnings largely impacted by a number of items

Non-cash amortization of intangibles of acquisition of customer portfolio relationships

PECs interest expense capitalized post-offering

Exceptional costs including IPO fees

(1) Pro-forma EPS computed using total number of shares of 73,619,511 at Atento S.A. as adjusted to give effect to the Reorganization Transaction

Q3 2013 Q3 2014 9M 2013 9M 2014

Profit for the period 4.7 8.0 (18.4) (16.3)

Acquisition and integration Costs 8.3 2.3 21.1 7.7

Amort. of Acquisition of Intangibles 9.6 8.9 29.9 28.5

Restructuring Costs 2.5 2.3 4.0 23.8

Sponsor management fees 2.4 2.5 5.9 7.3

Site relocation costs 1.5 0.4 1.8 1.4

Financing and IPO fees 1.9 3.5 5.1 11.1

PECs interest expense 6.5 7.2 18.9 25.8

Asset impairments and Other 0.8 (0.3) 1.6 (2.9)

Tax effect (10.7) (9.2) (28.2) (35.4)

Adjusted Earnings 27.5 25.6 41.7 51.0

Adjusted EPS 0.37 0.35 0.57 0.69