UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-KReportofForeignPrivateIssuer

PursuanttoRule13a-16or15d-16oftheSecuritiesExchangeActof1934

For the month of March, 2016

Commission File Number 001-36671

Atento S.A.(TranslationofRegistrant'snameintoEnglish)

4 rue Lou Hemmer, L-1748 Luxembourg Findel

Grand Duchy of Luxembourg (Addressofprincipalexecutiveoffice)

IndicatebycheckmarkwhethertheregistrantfilesorwillfileannualreportsundercoverofForm20-ForForm40-F.Form20-F:xForm40-F:oIndicatebycheckmarkiftheregistrantissubmittingtheForm6-KinpaperaspermittedbyRegulationS-TRule101(b)(1):Yes:oNo:xNote:RegulationS-TRule101(b)(1)onlypermitsthesubmissioninpaperofaForm6-Kifsubmittedsolelytoprovideanattachedannualreporttosecurityholders.IndicatebycheckmarkiftheregistrantissubmittingtheForm6-KinpaperaspermittedbyRegulationS-TRule101(b)(7):Yes:oNo:xNote :RegulationS-TRule101(b)(7)onlypermitsthesubmissioninpaperofaForm6-Kifsubmittedtofurnishareportorotherdocumentthattheregistrantforeignprivateissuermustfurnishandmakepublicunderthelawsofthejurisdictioninwhichtheregistrant is incorporated, domiciledorlegallyorganized(theregistrant’s“homecountry”),orundertherulesofthehomecountryexchangeonwhichtheregistrant’ssecuritiesaretraded,aslongasthereportorotherdocumentisnotapressrelease,isnotrequiredtobeandhasnotbeendistributedtotheregistrant’ssecurityholders,and,ifdiscussingamaterialevent,hasalreadybeenthesubjectofaForm6-KsubmissionorotherCommissionfilingonEDGAR.

ATENTO S.A.

INDEXFinancial Information

For the Three Months Ended March 31, 2016

PARTI-PRESENTATIONOFFINANCIALANDOTHERINFORMATION 3SELECTEDHISTORICALFINANCIALINFORMATION 4SUMMARYCONSOLIDATEDHISTORICALFINANCIALINFORMATION 5ConsolidatedStatementsofFinancialPositionasofDecember31,2015andMarch31,2016 7ConsolidatedIncomeStatementsfortheThreeMonthsEndedMarch31,2015and2016 8ConsolidatedStatementsofCashFlowfortheThreeMonthsEndedMarch31,2015and2016 9Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations 15QUANTITATIVEANDQUALITATIVEDISCLOSURESABOUTMARKETRISK 27PARTII-OTHERINFORMATION 67LEGALPROCEEDINGS 67RISKFACTORS 67

PARTI-PRESENTATIONOFFINANCIALANDOTHERINFORMATION

AtentoS.A.(“Atento”,the“Company”,“we”orthe“Organization”)wasformedasadirectsubsidiaryofAtalayaLuxcoTopcoS.C.A.(“Topco”).InApril2014,Topco also incorporated Atalaya Luxco PIKCo S.C.A. (“PikCo”) and on May 15, 2014 Topco contributed to PikCo: (i) all of its equity interests in its then directsubsidiary,AtalayaLuxcoMidcoS.à.r.l.(“Midco”),theconsiderationforwhichwasanallocationtoPikCo’saccount“capitalcontributionsnotremuneratedbyshares”(the“ReserveAccount”)equalto€2million,resultinginMidcobecomingadirectsubsidiaryofPikCo;and(ii)allofitsdebtinterestsinMidco(comprisingthreeseriesofpreferredequitycertificates(the“OriginalLuxcoPECs”)),theconsiderationforwhichwastheissuancebyPikCotoTopcoofpreferredequitycertificateshavinganequivalent value. On May 30, 2014,Midco authorized the issuance of, and PikCo subscribed for, a fourth series of preferred equity certificates (together with theOriginalLuxcoPECs,the“LuxcoPECs”).

InconnectionwiththecompletionofAtento’sinitialpublicoffering(the“IPO”)inOctober2014,TopcotransferreditsentireinterestinMidco(€31,000ofsharecapital)toPikCo,theconsiderationforwhichwasanallocationof€31,000toPikCo’sReserveAccount.PikCothencontributedalloftheLuxcoPECstoMidco(the“Contribution”),theconsiderationforwhichwasanallocationtoMidco’sReserveAccountequaltothevalueoftheLuxcoPECsimmediatelypriortotheContribution.Upon completion of the Contribution, the Luxco PECs were capitalized by Midco. PikCo then transferred the remainder of its interest in Midco (€12,500 of sharecapital)totheCompany,inconsiderationforwhichtheCompanyissuedtwonewsharesofitscapitalstocktoPikCo.ThedifferencebetweenthenominalvalueofthesesharesandthevalueofMidco’snetequitywillbeallocatedtotheCompany’ssharepremiumaccount.Asaresultofthistransfer,MidcobecameadirectsubsidiaryoftheCompany.TheCompanycompletedasharesplit(the“ShareSplit”)wherebyitissuedapproximately2,219.212ordinarysharesforeachordinaryshareoutstandingasofSeptember3,2014.Theforegoingiscollectivelyreferredasthe“ReorganizationTransaction”.

OnOctober 7, 2014, we closed our IPOand issued 4,819,511 ordinary shares at a price of $15.00 per share. As a result of the IPO, the Share Split and theReorganizationTransaction,wehave73,619,511ordinarysharesoutstandingandowns100%oftheissuedandoutstandingsharecapitalofMidco,asofNovember9,2015.

OnAugust4,2015,theBoardapprovedasharecapitalincreasethroughtheissuanceof131,620shares.Thereforethetotalsharesincreasedfrom73,619,511to73,751,131.

ForfurtherinformationabouttheCompany,seethe“InterimConsolidatedFinancialStatementsfortheThreeMonthsEndedMarch31,2016”accompanyingthisInterimReport.

InthisInterimReport,allreferencesto“U.S.dollar”and“$”aretothelawfulcurrencyoftheUnitedStatesandallreferencesto“euro”or“€”aretothesinglecurrencyoftheparticipatingmemberstatesoftheEuropeanandMonetaryUnionoftheTreatyEstablishingtheEuropeanCommunity,asamendedfromtimetotime.Inaddition,allreferencestoBrazilianReais(BRL),MexicanPeso(MXN),ChileanPeso(CLP),ArgentineanPeso(ARS),ColombianPeso(COP)andPeruvianNuevosSoles(PEN)aretothelawfulcurrenciesofBrazil,Mexico,Chile,Argentina,ColombiaandPeru,respectively.

Comparative informationof theunauditedconsolidatedinterimfinancial statements refer tothe threemonthsendedMarch31,2015and2016,except forthestatementoffinancialposition,whichcomparesinformationasofDecember31,2015andMarch31,2016.

2015 2015 2016 Average FY December 31 Average Q1 March 31 Average Q1 March 31

Euro(EUR) 0.93 0.92 0.92 0.93 0.91 0.88Brazil(BRL) 3.34 3.90 3.14 3.21 3.91 3.56Mexico(MXN) 15.88 17.25 15.24 15.26 18.05 17.24Colombia(COP) 2,745.55 3,153.54 2,585.85 2,574.72 3,259.17 3,023.21Chile(CLP) 654.76 710.16 628.86 626.58 702.02 669.80Peru(PEN) 3.19 3.41 3.09 3.10 3.45 3.32Argentina(ARS) 9.26 13.04 8.78 8.82 14.46 14.70

3

SELECTEDHISTORICALFINANCIALINFORMATION

WepresentourhistoricalfinancialinformationunderInternationalFinancialReportingStandards(“IFRS”)asissuedbytheInternationalAccountingStandardsBoard(the“IASB”).TheunauditedinterimfinancialstatementsforthethreemonthsendedMarch31,2016(the“interimfinancialstatements”)havebeenpreparedinaccordancewithInternationalAccountingStandard(IAS)34“InterimFinancialReporting”.

AsdescribedinNote4oftheinterimfinancialstatements,includedelsewhereinthisInterimReport,theaccountingpoliciesadoptedinpreparationoftheinterimfinancialstatementsforthethreemonthsendedMarch31,2016areconsistentwiththosefollowedinthepreparationoftheconsolidatedannualfinancialstatementsforDecember31,2015.

Rounding

Certain numerical figures set out in this Interim Report, including financial data presented in millions or thousands and percentages, have been subject torounding adjustments, and, as a result, the totals of the data in this InterimReport mayvary slightly fromthe actual arithmetic totals of such data. Percentages andamountsreflectingchangesovertimeperiodsrelatingtofinancialandotherdatasetforthin“SelectedHistoricalFinancialInformation”and“Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations”arecalculatedusingthenumericaldatainthefinancialstatementsorthetabularpresentationofotherdata(subjecttorounding)containedinthisInterimReport,asapplicable,andnotusingthenumericaldatainthenarrativedescriptionthereof.

4

SUMMARYCONSOLIDATEDHISTORICALFINANCIALINFORMATION

ThefollowingtablepresentsasummaryoftheunauditedinterimconsolidatedhistoricalfinancialinformationfortheperiodsasofthedatesindicatedandshouldbereadinconjunctionwiththesectionofthisInterimReportentitled“Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations”and“SelectedHistoricalFinancialInformation”aswellaswiththeinterimfinancialstatementsincludedelsewhereinthisInterimReport.

For the three months ended

March 31, Change Change excluding

FX($ in millions) 2015 2016 (%) (%) (unaudited) Revenue 515.9 419.4 (18.7) 2.5EBITDA(1) 55.7 37.3 (33.0) (14.6)AdjustedEBITDA(1) 58.3 48.8 (16.3) 5.6AdjustedEarnings(2) 15.3 9.8 (35.9) (16.2)AdjustedEarningspershare(inU.S.dollars)(3) 0.21 0.13 (38.1) (18.8)CapitalExpenditure(4) (48.7) (5.5) (88.7) (86.9)Paymentsforacquisitionofproperty,plant,equipmentandintangibleassets(5) (9.1) (19.1) 109.9 87.3TotalDebt 611.8 597.0 (2.4) 1.8Cashandcashequivalentsandshort-termfinancialinvestments 192.0 148.6 (22.6) (17.3)Netdebtwiththirdparties(6) 419.8 448.4 6.8 10.2

(1)Inconsideringthefinancialperformanceofthebusiness,ourmanagementanalyzesthefinancialperformancemeasuresofEBITDAandAdjustedEBITDAatacompanyandoperatingsegmentlevel,tofacilitatedecision-making.EBITDAisdefinedasprofit/(loss)fortheperiodfromcontinuingoperationsbeforenetfinancecosts,incometaxesanddepreciationandamortization.AdjustedEBITDAisdefinedasEBITDAadjustedtoexcludeacquisitionandintegrationrelatedcosts,restructuringcosts,sponsormanagementfees,assetsimpairments,siterelocationcosts,financingandIPOfees,andotheritemswhicharenotrelatedtoourcoreresultsofoperations.EBITDAandAdjustedEBITDAarenotmeasuresdefinedbyIFRS.ThemostdirectlycomparableIFRSmeasuretoEBITDAandAdjustedEBITDAisprofit/(loss)fortheperiodfromcontinuingoperations.

WebelieveEBITDAandAdjustedEBITDAareusefulmetricsforinvestorstounderstandourresultsofcontinuingoperationsandprofitabilitybecausetheypermitinvestorsto evaluate our recurring profitability from underlying operating activities. We also use these measures internally to establish forecasts, budgets and operational goals tomanageandmonitorourbusiness,aswellastoevaluateourunderlyinghistoricalperformance.WebelieveEBITDAfacilitatescomparisonsofoperatingperformancebetweenperiods and among other companies in industries similar to ours because it removes the effect of variances in capital structures, taxation, and non-cash depreciation andamortization charges, which may differ between companies for reasons unrelated to operating performance. We believe Adjusted EBITDA better reflects our underlyingoperatingperformancebecauseitexcludestheimpactofitemswhicharenotrelatedtoourcoreresultsofcontinuingoperations.

EBITDAandAdjustedEBITDAmeasuresarefrequentlyusedbysecuritiesanalysts,investorsandotherinterestedpartiesintheirevaluationofcompaniescomparabletous,manyofwhichpresentEBITDA-relatedperformancemeasureswhenreportingtheirresults.

EBITDAandAdjustedEBITDAhavelimitationsasanalyticaltools. ThesemeasuresarenotpresentationsmadeinaccordancewithIFRS,arenotmeasuresoffinancialconditionorliquidityandshouldnotbeconsideredinisolationorasalternativestoprofitorlossfortheperiodfromcontinuingoperationsorothermeasuresdeterminedinaccordancewithIFRS.EBITDAandAdjustedEBITDAarenotnecessarycomparabletosimilarlytitledmeasuresusedbyothercompanies.

Seebelowundertheheading“ReconciliationofEBITDAandAdjustedEBITDAtoprofit/(loss)”forareconciliationofprofit/(loss)fortheperiodfromcontinuingoperationstoEBITDAandAdjustedEBITDA.

(2)InconsideringtheCompany’sfinancialperformance,ourmanagementanalyzestheperformancemeasureofAdjustedEarnings.AdjustedEarningsisdefinedasprofit/(loss)fortheperiodfromcontinuingoperationsadjustedforacquisitionandintegrationrelatedcosts,amortizationofacquisitionrelatedintangibleassets,restructuringcosts,sponsormanagementfees,assetsimpairments,siterelocationcosts,financingandIPOfees,PECsinterestexpenses,othernon-ordinaryexpenses,netforeignexchangeimpactsandtheirtaxeffects.AdjustedEarningsisnotameasuredefinedbyIFRS.ThemostdirectlycomparableIFRSmeasuretoAdjustedEarningsisourprofit/(loss)fortheperiodfromcontinuingoperations.

WebelieveAdjustedEarnings,isanusefulmetrictoinvestorsandisusedbyourmanagementformeasuringprofitabilitybecauseitrepresentsagroupmeasureofperformancewhichexcludestheimpactofcertainnon-cashchargesandotherchargesnotassociatedwiththeunderlyingoperatingperformanceofthebusiness,whileincludingtheeffectofitemsthatwebelieveaffectshareholdervalueandin-yearreturn,suchasincome-taxexpenseandnetfinancecosts.

5

OurmanagementusesAdjustedEarningsto(i)provideseniormanagementwithmonthlyreportsofouroperatingresults;(ii)preparestrategicplansandannualbudgets;and

(iii)reviewseniormanagement’sannualcompensation,inpart,usingadjustedperformancemeasures.

Adjusted Earnings is defined to exclude items that are not related to our core results of operations. Adjusted Earningsmeasures are frequently usedbysecurities analysts,investors and other interested parties in their evaluation of companies comparable to us, many of which present an Adjusted Earnings related performance measure whenreportingtheirresults.

Adjusted Earnings has limitations as an analytical tool. Adjusted Earnings is neither a presentation madein accordancewith IFRSnor a measure of financial condition orliquidity,andshouldnotbeconsideredinisolationorasanalternativetoprofitorlossfortheperiodfromcontinuingoperationsorothermeasuresdeterminedinaccordancewithIFRS.AdjustedEarningsisnotnecessarilycomparabletosimilarlytitledmeasuresusedbyothercompanies.

See below under the heading “Reconciliation of Adjusted Earnings to profit/loss” for a reconciliation of our Adjusted Earnings to our profit/(loss) for the period fromcontinuingoperations.

(3)AdjustedEarningspershareiscalculatedbasedon73,751,131ordinarysharesoutstandingasofMarch31,2016.

(4)Wedefine“capitalexpenditure”asthesumoftheadditionstoproperty,plantandequipmentandtheadditionstointangibleassetsduringtheperiod.

CapitalexpenditureforthethreemonthsendedMarch31,2015reflectstheacquisitionbyAtentooftherightstousecertainsoftwarefor$39.6million.Thisintangibleassethasausefullifeoffiveyears.

(5)Paymentsforacquisitionofproperty,plant,equipmentandintangibleassetsrepresentthecashdisbursementfortheperiod.

(6)Inconsideringourfinancialcondition,ourmanagementanalyzesNetdebtwiththirdparties,whichisdefinedasTotalDebtlesscash,cashequivalents(netofanyoutstandingbankoverdrafts)andshort-termfinancialinvestments.

Netdebtwiththirdpartieshaslimitationsasananalyticaltool.NetdebtwiththirdpartiesisneitherameasuredefinedbyorpresentedinaccordancewithIFRSnorameasureoffinancialperformance,andshouldnotbeconsideredinisolationorasanalternativefinancialmeasuredeterminedinaccordancewithIFRS.Netdebtwiththirdpartiesisnotnecessarilycomparabletosimilarlytitledmeasuresusedbyothercompanies.

See“SelectedHistoricalFinancialInformation”forareconciliationofTotalDebttoNetdebtwiththirdpartiesutilizingIFRSreportedbalancesobtainedfromthefinancialinformationincludedelsewhereinthisInterimReport.ThemostdirectlycomparableIFRSmeasuretoNetdebtwiththirdpartiesisTotalDebt.

6

Consolidated Statements of Financial Position as of December 31, 2015 and March 31, 2016

(THOUSANDS OF U.S. DOLLARS, UNLESS OTHERWISE INDICATED)

December 31,

2015 March 31,

2016 (audited) (unaudited)ASSETS NON-CURRENT ASSETS 768,704 786,765Intangibleassets 226,260 245,961Goodwill 124,007 128,093Property,plantandequipment 191,678 178,938Non-currentfinancialassets 118,923 117,683Deferredtaxassets 107,836 116,090 CURRENT ASSETS 609,712 645,213Tradeandotherreceivables 424,923 495,696Othercurrentfinancialassets 769 890Cashandcashequivalents 184,020 148,627 TOTAL ASSETS 1,378,416 1,431,978 EQUITY AND LIABILITIES EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT 397,791 409,449 NON-CURRENT LIABILITIES 664,046 676,529Deferredtaxliabilities 56,062 55,610Debtwiththirdparties 535,277 548,757Derivativefinancialinstruments 684 275Non-currentprovisions 55,020 59,802Non-currentnontradepayables 16,002 11,009Othernon-currenttaxespayable 1,001 1,076 CURRENT LIABILITIES 316,579 346,000Debtwiththirdparties 40,289 48,263Tradeandotherpayables 264,848 286,851Currentprovisions 11,442 10,886TOTAL EQUITY AND LIABILITIES 1,378,416 1,431,978

7

Consolidated Income Statements for the Three Months Ended March 31, 2015 and 2016

(THOUSANDS OF U.S. DOLLARS, UNLESS OTHERWISE INDICATED)

For the three months ended March 31, Change excludingFX (%)2015 2016

(unaudited) Revenue 515,897 419,352 2.5Otheroperatingincome 452 775 100.0Ownworkcapitalized - 4 N.M.Operating expenses: Supplies (19,715) (15,206) (0.7)Employeebenefitexpenses (380,384) (315,524) 4.1Depreciation (13,979) (10,897) (1.8)Amortization (13,962) (10,754) (5.3)Changesintradeprovisions (164) (260) N.M.Otheroperatingexpenses (60,392) (51,865) 9.0Total operating expenses (488,596) (404,506) 4.1 Operating profit 27,753 15,625 (26.1) Financeincome 6,263 1,501 (67.4)Financecosts (20,536) (17,858) 10.5Changeinfairvalueoffinancialinstruments 13,023 482 (96.2)Netforeignexchangegain/(loss) (363) (3,548) N.M. Net finance expense (1,613) (19,423) N.M. Profit/(loss) before tax 26,140 (3,798) (116.9) Incometaxexpense (5,626) (962) (75.0) Profit/(loss) for the period 20,514 (4,760) (125.9) Basic result per share (in U.S. dollars) (*) 0.28 (0.06) (125.9) (*)Thebasicresultpershare,fortheperiodpresentedinthetableabove,werecalculatedbasedonthenumberofordinarysharesof73,751,131asofMarch31,2016.FortheperiodendedMarch31,2015thenumberofordinaryshareswas73,619,511.

8

Consolidated Statements of Cash Flow for the Three Months Ended March 31, 2015 and 2016

(THOUSANDS OF U.S. DOLLARS, UNLESS OTHERWISE INDICATED)

For the three months ended March 31, 2015 2016 (unaudited)Operating activities Profit/(loss) before tax 26,140 (3,798)Adjustmentstoprofit/(loss): Amortizationanddepreciation 27,941 21,651Impairmentallowances 164 260Changeinprovisions 814 1,831Grantsreleasedtoincome (117) (78)(Gains)/lossesondisposaloffixedassets 409 (123)Financeincome (6,263) (1,501)Financecosts 20,536 17,858Netforeignexchangedifferences (12,660) 3,548Changeinfairvalueoffinancialinstruments 1,462 (482)Ownworkcapitalized - (4)Othergains - (329) 32,286 42,631 Changes in working capital: Changesintradeandotherreceivables (51,694) (40,091)Changesintradeandotherpayables (10,029) 19,991Changesinotherassets/(payables) (9,522) (17,917) (71,245) (38,017) Other cash flow from operating activities Interestpaid (14,043) (14,674)Interestreceived 7,734 254Incometaxpaid (4,522) (6,521)Otherpayments (6,244) (2,741) (17,075) (23,682)Net cash flow from/(used in) operating activities (29,894) (22,866)Investment activities Paymentsforacquisitionofintangibleassets - (5,228)Paymentsforacquisitionofproperty,plantandequipment (9,081) (13,860)Disposalsofintangibleassets - 18Disposalsofproperty,plantandequipment 414 6Disposalsoffinancialinstruments 11,689 -Net cash flow provided by/(used in) investment activities 3,022 (19,064)Financing activities Proceedsfromborrowingfromthirdparties 8,933 -Repaymentofborrowingfromthirdparties - (1,863)Net cash flow provided by/(used in) financing activities 8,933 (1,863) Net increase/(decrease) in cash and cash equivalents (17,939) (43,793) Exchangedifferences (16,522) 8,400Cash and cash equivalents at beginning of period 211,440 184,020 Cash and cash equivalents at end of period 176,979 148,627Cash and cash equivalents and short-term financial investments at end of the period 192,008 148,627

9

Reconciliation of EBITDA and Adjusted EBITDA to profit/(loss): For the three months ended March 31,($ in millions) 2015 2016 (unaudited) Profit/(loss) for the period 20.5 (4.8)Netfinanceexpense 1.6 19.4Incometaxexpense 5.6 1.0Depreciationandamortization 28.0 21.7EBITDA (non-GAAP) 55.7 37.3Acquisitionandintegrationrelatedcosts(a) 0.1 -Restructuringcosts(b) 1.0 6.2Siterelocationcosts(c) 0.4 5.7FinancingandIPOfees(d) 0.3 -AssetimpairmentsandOther(e) 0.8 (0.4)Total non-recurring items 2.6 11.5Adjusted EBITDA (non-GAAP) 58.3 48.8

(a) AcquisitionandintegrationrelatedcostsincurredforthethreemonthsendedMarch31,2015arecostsassociatedprimarilywithfinancialandoperationalimprovementsrelatedtoSAPITtransformationprojectcost.

(b) Restructuring costs incurred during the three months ended March 31, 2015 and2016primarily included a number of restructuring activities and otherpersonnelcoststhatarenotrelatedtoourcoreresultofoperations.Ofthe$1.0millioncostsincurredforthethreemonthsendedMarch31,2015,$0.5millionarerelatedtorestructuringinSpaintoadapttheorganizationtolowerlevelsofactivityandminorrestructuringsinChileandMexico,totaling$0.5million.RestructuringcostsforthethreemonthsendedMarch31,2016,primarilyrelatestocoststoadapttheorganizationinEMEAtolowerlevelsofactivity,andseverancecostsinBrazil.

(c)SiterelocationcostsincurredforthethreemonthsendedMarch31,2015includecostsassociatedwithourcurrentstrategicinitiativeofrelocatingcallcentersfrom tier 1 cities to tier 2 cities in Brazil in order to achieve efficiencies through rental cost reduction and attrition and absenteeism improvement . SiterelocationcostsincurredforthethreemonthsendedMarch31,2016arerelatedtotheanticipationforsiteclosuresinBrazilinconnectionofthesiterelocationprogramtotier2andtier3cities.

(d)FinancingandIPOfeesforthethreemonthsendedMarch31,2015relatetoremainingcostsinconnectionwiththeIPOprocess.

(e) AssetimpairmentsandothercostsforthethreemonthsendedMarch31,2015refersmainlytotheconsultancycostsrelatedtothesaleofCzechRepublicoperationandsomeprocessesrelatedtoourheadquartersrelocation.AssetimpairmentsandothercostsincurredforthethreemonthsendedMarch31,2016primarilyrelatestothecollectioninEMEAofreceivablesthathaspreviouslybeenimpaired.

10

Reconciliation of Adjusted Earnings to profit/(loss): For the three months ended March 31,($ in millions, except percentage changes) 2015 2016 (unaudited)Profit/(loss) attributable to equity holders of the parent 20.5 (4.8)Acquisitionandintegrationrelatedcosts(a) 0.1 -Amortizationofacquisitionrelatedintangibleassets(b) 7.7 5.4Restructuringcosts(c) 1.0 6.2Siterelocationcosts(d) 0.4 5.7FinancingandIPOfees(e) 0.3 -AssetimpairmentsandOther(f) 0.8 (0.4)Netforeignexchangegainonfinancialinstruments(g) (13.0) (0.5)Netforeignexchangeimpacts(h) 0.4 3.5Taxeffect(i) (2.9) (5.3)Total of add-backs (5.2) 14.6Adjusted Earnings (non-GAAP) (unaudited) 15.3 9.8

Adjusted basic Earnings per share (in U.S. dollars) (unaudited) (*) 0.21 0.13

(a) Acquisition and integration related costs incurred for the three months ended March 31, 2015 are costs associated primarily with financial and operationalimprovementsrelatedtoSAPITtransformationprojectcost.

(b)Amortizationofacquisitionrelatedintangibleassetsrepresentstheamortizationexpenseofintangibleassetsresultingfromtheacquisitionandhasbeenadjustedtoeliminatetheimpactoftheamortizationarisingfromtheacquisitionwhichisnotintheordinarycourseofourdailyoperations,andalsodistortscomparisonwithpeersandourresultsforpriorperiods.Suchintangibleassetsprimarilyincludecontractualrelationshipswithcustomers,forwhichtheusefullifehasbeenestimatedatprimarilynineyears.

(c)RestructuringcostsincurredduringthethreemonthsendedMarch31,2015and2016primarilyincludedanumberofrestructuringactivitiesandotherpersonnelcoststhatarenotrelatedtoourcoreresultofoperations.Ofthe$1.0millioncostsincurredforthethreemonthsendedMarch31,2015,$0.5millionarerelatedtorestructuringinSpaintoadapttheorganizationtolowerlevelsofactivityandminorrestructuringsinChileandMexico,totaling$0.5million.RestructuringcostsforthethreemonthsendedMarch31,2016,primarilyrelatestocoststoadapttheorganizationinEMEAtolowerlevelsofactivity,andseverancecostsinBrazil.

(d)SiterelocationcostsincurredforthethreemonthsendedMarch31,2015includecostsassociatedwithourcurrentstrategicinitiativeofrelocatingcallcentersfromtier1citiestotier2citiesinBrazilinordertoachieveefficienciesthroughrentalcostreductionandattritionandabsenteeismimprovement.SiterelocationcostsincurredforthethreemonthsendedMarch31,2016arerelatedtotheanticipationforsiteclosuresinBrazilinconnectionofthesiterelocationprogramtotier2andtier3cities.

(e)FinancingandIPOfeesforthethreemonthsendedMarch31,2015relatetoremainingcostsinconnectionwiththeIPOprocess.

(f) Asset impairments andother costs for the three months ended March 31, 2015 refers mainly to the consultancy costs related to the sale of Czech Republicoperation and some processes related to our headquarters relocation. Asset impairments and other costs incurred for the three months ended March 31, 2016primarilyrelatestothecollectioninEMEAofreceivablesthathaspreviouslybeenimpaired.

(g) As of 2015, management analyzes the Company financial condition performance excluding net foreign exchange financial instruments which eliminates thevolatilityrelatedtothegainorlossoftheineffectiveportionofthehedgeinstruments.ForthethreemonthsendedMarch31,2015anamountof$13.0millionwasreversedfromequitytoprofit/(loss)intheconsequenceofthecompanydesignatedtheforeigncurrencyriskoncertainofitssubsidiariesasnetinvestmenthedgesusingfinancialinstrumentsashedgingitems.

(h)Asof2015,managementanalyzestheCompanyfinancialconditionperformanceexcludingnetforeignexchangeimpacts,whicheliminatesthevolatilitytoforeignexchangevariancesfromouroperationalresults.

(i)Thetaxeffectrepresentsthetaximpactofthetotaladjustmentsbasedontaxrateof31.4%fortheperiodfromJanuary1,2016toMarch31,2016and28.2%fortheperiodfromJanuary1,2015toMarch31,2015.

11

(*)TheAdjustedEarningspershare,fortheperiodpresentedinthetableabove,wascalculatedconsideringthenumberofordinarysharesof73,751,131(weighted

averagenumberofordinaryshares) asofMarch31,2016.FortheperiodendedMarch31,2015thenumberofordinaryshareswas73,619,511.

12

Adjusted Earnings in Consolidated Income Statements

ForthepurposeofbestpresentationofAdjustedEarnings,theadjustmentsdisclosedat“ReconciliationofAdjustedEarningstoprofit/(loss)”onpage11ofthisInterimReportwereallocatedtothecorrespondentlinesofConsolidatedIncomeStatementsforthethreemonthsendedMarch31,2016and2015:

($ in millions, except percentage changes)

For the three months ended March 31,

2015 Allocation (a) 2015

Adjusted 2016 Allocation (a) 2016

Adjusted Change

(%)

ChangeexcludingFX (%)

(unaudited) Revenue 515.9 - 515.9 419.4 - 419.4 (18.7) 2.5Otheroperatingincome 0.5 - 0.5 0.8 - 0.8 60.0 100.0Operating expenses: Supplies (19.7) - (19.7) (15.2) - (15.2) (22.8) (0.7)Employeebenefitexpenses(b) (380.4) 1.0 (379.4) (315.5) 6.2 (309.3) (18.5) 2.4Depreciation (14.0) - (14.0) (10.9) - (10.9) (22.1) (1.8)Amortization(c) (14.0) 7.7 (6.3) (10.8) 5.4 (5.4) (14.3) 1.9Changesintradeprovisions (0.2) - (0.2) (0.3) - (0.3) 50.0 N.M.Otheroperatingexpenses(d) (60.4) 1.6 (58.8) (51.9) 5.3 (46.6) (20.7) 1.3Total operating expenses (488.7) 10.3 (478.4) (404.6) 16.9 (387.7) (19.0) 2.1Operating profit 27.7 10.3 38.0 15.6 16.9 32.5 (14.5) 9.4Financeincome 6.3 - 6.3 1.5 - 1.5 (76.2) (67.4)Financecosts (20.5) - (20.5) (17.9) - (17.9) (12.7) 10.5

Changeinfairvalueoffinancialinstruments(e) 13.0 (13.0) - 0.5 (0.5) - N.M. N.M.Netforeignexchangegain/(loss)(f) (0.4) 0.4 - (3.5) 3.5 - N.M. N.M.Net finance expense (1.6) (12.6) (14.2) (19.4) 3.0 (16.4) 15.5 41.4Profit/(loss) before tax 26.1 (2.3) 23.8 (3.8) 19.9 16.1 (32.4) (11.0)Incometaxexpense(g) (5.6) (2.9) (8.5) (1.0) (5.3) (6.3) (25.9) (3.1)

Profit/(loss) for the period 20.5 (5.2) 15.3 (4.8) 14.6 9.8 (35.9) (1 6 .2) Basic result per share 0.28 0.21 (0.06) 0.13 ( 38 .1) (18.8) N.M.meansnotmeaningful

Adjusted Earnings footnotes reference:

(a)Allocationofadjustmentsfromthe“ReconciliationofAdjustedEarningstoprofit/(loss)”disclosedinpage11ofthisInterimReport.

(b)“Employeebenefitexpenses”adjustmentisdisclosedonfootnote(c)“Restructuringcosts”.

(c)“Amortization”adjustmentisrelatedtofootnote(b)“Amortizationofacquisitionrelatedintangibleassets”.

(d)“Otheroperatingexpenses”adjustmentincludesadjustmentsdetailedinfootnotes(a)“Acquisitionandintegrationrelatedcosts”,(d)“Siterelocationcosts”,(e)“IPOfees”and(f)“AssetimpairmentsandOther”.

(e)“Changeinfairvalueoffinancialinstruments”adjustmentrefertofootnote(g)“Netforeignexchangegainonfinancialinstruments”.

(f)“Netforeignexchangegain/(loss)”adjustmentrefertofootnote(h)“Netforeignexchangeimpacts”.

(g)“Incometaxexpense”adjustmentisrelatedtofootnote(i)“Taxeffect”.13

Financing Arrangements

CertaindebtagreementscontainfinancialratiosasaninstrumenttomonitortheCompany´sfinancialconditionandaspreconditionstosometransactions(e.g.newdebts,permittedpayments).Thefollowingisabriefdescriptionofthefinancialratios.

1. GrossLeverageRatio(appliestoAtentoS.A.)–measurethelevelofgrossdebttoEBITDA,asdefinedinthedebtagreements.Thecontractualratioindicatesthatthegrossdebtshouldnotsurpass2.75timestheEBITDAforthelasttwelvemonths.AsofMarch31,2016,thecurrentratiowas2.49.

2. FixedChargeCoverageRatio(appliestoRestrictedGroup)–measuretheCompany’sabilitytopayinterestexpensesanddividends(fixedcharge)inrelationtoEBITDA,asdescribedinthedebtagreements.ThecontractualratioindicatesthattheEBITDAforthelasttwelvemonthsshouldrepresentatleast2timesthefixedchargeofthesameperiod.AsofMarch31,2016,thecurrentratiowas3.8.

3. Net Debt Brazilian Leverage Ratio (applies only to Brazil) – measures the level of net debt (gross debt, less cash, cash equivalents and short-terminvestments)toEBITDA–allofthefinancialtermsasdefinedintheDebentureindenture.ThecontractualratioindicatesthatBrazilnetdebtshouldnotsurpass2.5timestheBrazilianEBITDA.AsofMarch31,2016,thecurrentratiowas1.8.Thisistheonlyratioconsideredasafinancialcovenant.

TheCompanymonitorsregularlyallfinancialratiosunderthedebtagreements.AsofMarch31,2016,wewereincompliancewiththetermsofourcovenants. As of March 31,($ in millions, except Net Debt/Adj. EBITDA LTM) 2015 2016 (unaudited)Cashandcashequivalents 177.0 148.6Shorttermfinancialinvestments 15.0 -Debt: 7.375%SeniorSecuredNotesdue2020 295.1 296.6BrazilianDebentures 211.5 192.3ContingentValueInstrument 36.1 23.9FinanceLeasePayables 8.7 4.2OtherBorrowings 60.4 80.0

Total Debt 611.8 597.0Net Debt with third parties (1) (unaudited) 419.8 448.4AdjustedEBITDALTM(2)(non-GAAP)(unaudited) 301.8 240.7

Net Debt/Adjusted EBITDA LTM (non-GAAP) (unaudited) 1.4x 1.9x

(1)Inconsideringourfinancialcondition,ourmanagementanalyzesnetdebtwiththirdparties,whichisdefinedastotaldebtlesscash,cashequivalents,andshort-termfinancialinvestments.NetdebtwiththirdpartiesisnotameasuredefinedbyIFRSandit haslimitationsasananalyticaltool. NetdebtisneitherameasuredefinedbyorpresentedinaccordancewithIFRSnorameasureoffinancial performance, andshouldnotbeconsideredinisolationorasanalternativefinancial measuredeterminedinaccordancewithIFRS.Netdebtisnotnecessarilycomparabletosimilarlytitledmeasuresusedbyothercompanies.

(2) AdjustedEBITDALTM(LastTwelveMonths)isdefinedasEBITDAadjustedtoexcludeacquisitionandintegrationrelatedcosts,restructuringcosts,sponsormanagement

fees,assetimpairments,site-relocationcosts,financingfees,IPOcostsandotheritems,whicharenotrelatedtoourcoreresultsofoperationsforthelasttwelvemonths.

14

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

ThisForm6-Kprovidingquarterlyinformationcontains“forward-lookingstatements”withinthemeaningofSection27AoftheSecuritiesActof1933,Section21EoftheSecuritiesExchangeActof1934,andthePrivateSecuritiesLitigationReformActof1995,relatingtoouroperations,expectedfinancialposition,resultsofoperation, and other business matters that are based on our current expectations, assumptions, and projections with respect to the future, and are not a guarantee ofperformance. In this Interim Report, when we use words such as “may,” “believe,” “plan,” “will,” “anticipate,” “estimate,” “expect,” “intend,” “project,” “would,”“could,”“target,”orsimilarexpressions,orwhenwediscussourstrategy,plans,goals,initiatives,orobjectives,wearemakingforward-lookingstatements.

We caution you not to rely unduly on any forward-looking statements. Actual results may differ materially from what is expressed in the forward-lookingstatements,andyoushouldreviewandconsidercarefullytherisks,uncertaintiesandotherfactorsthataffectourbusinessandmaycausesuchdifferences.

Theforward-lookingstatementsarebasedoninformationavailableasofthedatethatthisForm6-KfurnishedwiththeUnitedStatesSecuritiesandExchangeCommission (“SEC”) and we undertake no obligation to update them. They are based on numerous assumptions and developments that are not within our control.Althoughwebelievetheseforward-lookingstatementsarereasonable,wecannotassureyoutheywillturnouttobecorrect.

Foradditionaldetailseethesectionsentitled“RiskFactors”andCautionaryStatementswithrespectto“Forward-lookingStatements”inourAnnualForm20-F(the“20-F”).

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations is based upon and should be read in conjunction with the interimconsolidatedfinancial statements andtherelatednotesincludedherein. Theinterimconsolidatedfinancial statements havebeenpreparedinaccordancewithIAS34InterimFinancialReporting.

Factorswhichcouldcauseorcontributetosuchdifference,include,butarenotlimitedto,thosediscussedelsewhereinthisInterimReport,particularlyunder“CautionaryStatementwithrespecttoForwardLookingStatements”andthesectionentitled“RiskFactors”intheForm20-F.

Overview

Atentois the largest provider of customer-relationshipmanagement andbusiness-processoutsourcing(“CRMBPO”)services andsolutionsin Latin America(“LatAm”)andSpain, andamongthethird largest provider byrevenueglobally. Atento’s tailored CRMBPOsolutions are designedto enable our client’s ability todeliverahigh-qualityproductbycreatingabest-in-classexperiencefortheircustomers,enablingourclientstofocusonoperatingtheircorebusinesses.Atentoutilizesitsindustryexpertisecommitmenttocustomercare,andconsultativeapproach,tooffersuperiorandscalablesolutionsacrosstheentirevaluechainforcustomercare,eachsolutioncustomizedfortheindividualclient’sneeds.

Weofferacomprehensiveportfolioofcustomizable,andscalable,solutionsincludingfrontandback-endservicesrangingfromsales,applications-processing,customercareandcredit-management.Weleverageourdeepindustryknowledgeandcapabilitiestoprovideindustry-leadingsolutionstoourclients.Weprovideoursolutions to over 400 clients via over 157,000 highly engaged customer care specialists facilitated by our best-in-class technology infrastructure and multi-channeldeliveryplatform.Webelievewebringadifferentiatedcombinationofscale,capacityforprocessingclient’stransactions,andindustryexpertisetoourclient’scustomercareoperations,whichallowustoprovidehigher-qualityandlowercostcustomercareservicesthanourclientscoulddeliverontheirown.

Ournumberofworkstationsincreasedfrom89,099asofMarch31,2015to90,312asofMarch31,2016.Sinceweleaseallofourcallcenterfacilities(itmeans,buildingsandrelatedequipment),whichincreasesouroperatingexpensesanddoesnotresultinadepreciationexpense(exceptforITinfrathatissupportedbyAtentoand depreciated), our EBITDAperformance has historically differed fromcompetitors whoowntheir buildings and equipment, as related financings have generallyresultedinhigherdepreciationexpensesforthosecompetitorsandhaveincreasedsuchcompetitorsEBITDA.

AsapartofourstrategytoimprovecostandefficiencieswecontinuedtomigrateaportionofourcallcentersfromTier1toTier2cities.Thesecities,whichtendtobesmallerlowercostlocations,allowustooptimizeourleaseexpensesandreducelaborcosts.Bybeingapreferredemployerweareabletothendrawfromnewandlargerpoolsoftalentandreduceturnoverand

15

absenteeism.WehavecompletedmanysuccessfulsitetransfersinBrazil,ColombiaandArgentina.InBrazil,forexample,thepercentageoftotalworkstationslocatedintier2citiesincreased5.8percentagepoints,from56.0%forthethreemonthsendedMarch31,2015to61.8%forthethreemonthsendedMarch31,2016,duetothenewsitesopenedoutsideSaoPauloandRiodeJaneiro. Asdemandforourservicesandsolutionsgrows,andtheir complexitycontinuestoincrease, wehaveopportunitiestoevaluateandadjustoursitefootprintevenfurthertocreatethemostcompetitivecombinationofqualityandcosteffectivenessforourcustomers.

ThefollowingtableshowsthenumberofdeliverycentersandworkstationsineachofthejurisdictionsinwhichweoperatedasofMarch31,2015and2016:

Number of Workstations Number of Service Delivery Centers (1)

2015 2016 2015 2016 (unaudited)Brazil 48,047 47,053 33 33Americas 33,549 36,576 46 51Argentina(2) 3,705 3,666 11 11CentralAmerica(3) 2,560 2,592 5 5Chile 2,402 2,742 2 3Colombia 5,479 7,335 7 9Mexico 9,590 9,870 15 16Peru 8,593 9,061 3 4UnitedStates(4) 1,220 1,310 3 3EMEA 7,503 6,683 19 16Morocco 2,046 1,076 4 2Spain 5,457 5,607 15 14Total 89,099 90,312 98 100

(1)Includesservicedeliverycentersatfacilitiesoperatedbyusandthoseownedbyourclientswhereweprovideoperationspersonnelandworkstations.(2)IncludesUruguay.(3)IncludesGuatemalaandElSalvador.(4)IncludesPuertoRico.

ForthethreemonthsendedMarch31,2016,revenuegeneratedfromourfifteenlargestclientgroupsrepresented81.4%ofourrevenueascomparedto80.0%inthesameperiodinprioryear.ExcludingrevenuegeneratedfromtheTelefónicaGroup,ournext15largestclientgroupsrepresented,inaggregate,38.3%ofourrevenueforthethreemonthsendedMarch31,2016ascomparedto35.6%ofourrevenueinthesameperiodinprioryear.

Ourverticalindustryexpertiseintelecommunications,financialservicesandmulti-sectorcompaniesallowsustoadaptourservicesandsolutionsforourclients,furtherembeddingusintotheirvaluechainwhiledeliveringeffectivebusinessresultsandincreasingtheportionofourclient’sservicesrelatedtoCRMBPO.Forthethree monthsendedMarch31, 2016, CRMBPOsolutions andindividuals services comprisedapproximately 22.6%and77.4%of our revenue, respectively. For thesameperiodin2015,CRMBPOsolutionsandindividualsservicescomprisedapproximately23.8%and76.2%ofourrevenue,respectively.

DuringthethreemonthsendedMarch31,2016,telecommunicationsrepresented48.9%ofourrevenueandfinancialservicesrepresented34.7%ofourrevenue,comparedto44.5%and34.4%,respectively,forthesameperiodin2015.Additionally,duringthethreemonthsendedMarch31,2015and2016salesbyservicewere:

16

For the three months ended March 31,

2015 2016 CustomerService 48.7% 49.6%Sales 18.2% 16.4%Collection 10.0% 10.2%BackOffice 9.1% 10.5%TechnicalSupport 10.7% 9.6%Others 3.3% 3.7%Total 100.0% 100.0%

We operate in 14 countries worldwide and organize our business into the following three geographic markets: (i) Brazil, (ii) Americas, excluding Brazil(“Americas”)and(iii)EMEA.ForthethreemonthsendedMarch31,2016,Brazilaccountedfor43.5%ofourrevenue,Americasaccountedfor42.3%ofourrevenueandEMEAaccountedfor14.3%ofourrevenue(ineachcase,beforeholdingcompanylevelrevenueandconsolidationadjustments).

17

Consolidated Income Statements for the Three Months Ended March 31, 2015 and 2016

($ in millions, except percentage changes)For the three months ended March 31, Change Change excluding

2015 2016 (%) FX (%) (unaudited) Revenue 515.9 419.4 (18.7) 2.5Otheroperatingincome 0.5 0.8 60.0 100.0Operating expenses: Supplies (19.7) (15.2) (22.8) (0.7)Employeebenefitexpenses (380.4) (315.5) (17.1) 4.1Depreciation (14.0) (10.9) (22.1) (1.8)Amortization (14.0) (10.8) (22.9) (5.3)Changesintradeprovisions (0.2) (0.3) 50.0 N.M.Otheroperatingexpenses (60.4) (51.9) (14.1) 9.0Total operating expenses (488.7) (404.6) (17.2) 4.1Operating profit 27.7 15.6 (43.7) (26.1)Financeincome 6.3 1.5 (76.2) (67.4)Financecosts (20.5) (17.9) (12.7) 10.5Changeinfairvalueoffinancialinstruments 13.0 0.5 (96.2) (96.2)Netforeignexchangegain/(loss) (0.4) (3.5) N.M. N.M.Net finance expense (1.6) (19.4) N.M. N.M.Profit/(loss) before tax 26.1 (3.8) (114.6) (116.9)Incometaxexpense (5.6) (1.0) (82.1) (75.0)Profit/(loss) for the period 20.5 (4.8) (123.4) (125.9)Other financial data: EBITDA (1) (unaudited) 55.7 37.3 (33.0) (14.6)Total non-recurring items 2.6 11.5 N.M. N.M.Adjusted EBITDA (1) (unaudited) 58.3 48.8 (16.3) 5.6 (1)ForreconciliationwithIFRSasissuedbyIASB,seesection"ReconciliationofEBITDAandAdjustedEBITDAtoprofit/(loss)"asabove.N.M.meansnotmeaningful

18

Consolidated Income Statements by Segment for the Three Months Ended March 31, 2015 and 2016

($ in millions, except percentage changes)For the three months ended March 31, Change Change excluding

2015 2016 (%) FX (%) (unaudited) Revenue: Brazil 264.1 182.5 (30.9) (5.6)Americas 187.4 177.3 (5.4) 16.0EMEA 64.8 60.0 (7.4) (5.4)Otherandeliminations(1) (0.4) (0.4) - -Total revenue 515.9 419.4 (18.7) 2.5Operating expenses: Brazil (247.1) (175.4) (29.0) (2.8)Americas (175.1) (163.1) (6.9) 14.0EMEA (64.8) (64.1) (1.1) 1.3Otherandeliminations(1) (1.7) (2.0) 17.6 25.0Total operating expenses. (488.7) (404.6) (17.2) 4.1Operating profit/(loss) : Brazil 17.2 7.2 (58.1) (44.6)Americas 12.5 14.5 16.0 48.0EMEA 0.1 (3.6) N.M. N.M.Otherandeliminations(1) (2.1) (2.5) 19.0 31.6Total operating profit 27.7 15.6 (43.7) (26.1)Net finance expense : Brazil (5.1) (8.3) 62.7 130.6Americas (8.9) (3.0) (66.3) (61.5)EMEA (2.1) (3.0) 42.9 42.9Otherandeliminations(1) 14.5 (5.1) (135.2) (134.2)Total net finance expense (1.6) (19.4) N.M. N.M.Income tax benefit/(expense): Brazil (4.6) 1.2 (126.1) (134.3)Americas (5.2) (5.1) (1.9) 15.9EMEA 0.6 1.6 N.M. N.M.Otherandeliminations(1) 3.6 1.3 (63.9) (60.6)Total income tax expense (5.6) (1.0) (82.1) (75.0)Profit/(loss) for the period: Brazil. 7.5 - (100.0) (100.0)Americas (1.6) 6.4 N.M. N.M.EMEA (1.4) (5.0) N.M. N.M.Otherandeliminations(1) 16.0 (6.2) (138.8) (138.5)Profit/(loss) for the period 20.5 (4.8) (123.4) (125.9)Other financial data: EBITDA (2) : Brazil 31.2 18.1 (42.0) (22.6)Americas 22.7 22.6 (0.4) 22.8EMEA 3.5 (1.1) (131.4) (131.4)Otherandeliminations(1) (1.7) (2.3) 35.3 43.8Total EBITDA (unaudited) 55.7 37.3 (33.0) (14.6)Adjusted EBITDA (2) : Brazil 31.7 24.9 (21.5) 4.6Americas 23.4 23.4 - 23.2EMEA 4.0 2.7 (32.5) (32.5)Otherandeliminations(1) (0.8) (2.2) N.M. N.M.Total Adjusted EBITDA (unaudited) 58.3 48.8 (16.3) 5.6(1)Includedrevenueandexpensesattheholding-companylevel(suchascorporateexpensesandacquisitionrelatedexpenses),asapplicable,aswellasconsolidationadjustments.(2)ForreconciliationwithIFRSasissuedbyIASB,seesection"ReconciliationofEBITDAandAdjustedEBITDAtoprofit/(loss)"asabove.N.M.meansnotmeaningful

19

Three Months Ended March 31, 2015 Compared to Three Months Ended March 31, 2016

Revenue

Revenuedecreasedby$96.5million,or18.7%,from$515.9millionforthethreemonthsendedMarch31,2015to$419.4millionforthethreemonthsendedMarch 31, 2016. Excluding the impacts of foreign exchange, revenue increased by 2.5%driven by strong performance in Americas with both Telefónica and non-Telefónicaclients,offsettingdeclinesinBrazilandEMEA.RevenueinAmericas,increasedby$24.5million,or16.0%excludingtheimpactofforeignexchange.

RevenuefromTelefónica, excluding the impact of foreign exchange, decreased by1.8%, dueto lower volumesin Brazil andEMEAthat were only partiallyoffsetby14.0%increaseinAmericas.

Excludingtheimpact of foreignexchange, revenuefromnon-Telefónica clients increasedby6.1%mainlyduetostrongdouble-digit growthinAmericas andBrazil. Our diversification strategy continue ontrack, with significant growthdue to newclient wins in Financial sector andother industries like retail andutilities.Brazil,Mexico,Colombia,Peru,ChileandoffshorebusinessfromtheUnitedStateswerethemaincountriesdrivingthisrevenueincrease.AsofthethreemonthsendedMarch31,2016,revenuefromnon-Telefónicaclientsequaled56.3%oftotalrevenue,comparedto55.0%forthethreemonthsendedMarch31,2015,anincreaseof1.3percentagepoints.

ThefollowingchartsetsforthabreakdownofrevenuebasedongeographicalregionforthethreemonthsendedMarch31,2015and2016andasapercentageofrevenueandthepercentagechangebetweenthoseperiodswithandnetofforeignexchangeeffects.

For the three months ended March 31,

($ in millions, except percentage changes) 2015 (%) 2016 (%) Change (%) Change excluding FX

(%) (unaudited) (unaudited) Brazil 264.1 51.2 182.5 43.5 (30.9) (5.6)Americas 187.4 36.3 177.3 42.3 (5.4) 16.0EMEA 64.8 12.6 60.0 14.3 (7.4) (5.4)Otherandeliminations(1) (0.4) (0.1) (0.4) (0.1) - -Total 515.9 100.0 419.4 100.0 (18.7) 2.5

(1)Includesholdingcompanylevelrevenuesandconsolidationadjustments.

Brazil

RevenueinBrazil forthethreemonthsendedMarch31,2015and2016was$264.1millionand$182.5million,respectively. RevenuedecreasedinBrazil by$81.6 million, or 30.9%. Excluding the impact of foreign exchange, revenue decreased by 5.6%. Excluding the impact of foreign exchange, revenue fromTelefónica decreased 16.5%, principally due to lower volumes. Revenue from non-Telefónica clients, excluding the impact of foreign exchange, increased 1.3%,mainlyduetovolumefromnewclientsandanincreaseinpenetrationofhighervalueaddedsolutionswithexistingclients,mainlyinthefinancialservicessector.

Americas

RevenueinAmericasforthethreemonthsendedMarch31,2015and2016was$187.4millionand$177.3million,respectively,adecreaseof$10.1million,or5.4%.Excludingtheimpactofforeignexchange, revenueincreasedby16.0%.Excludingtheimpactofforeignexchange, revenuefromTelefónicaincreased14.0%,with double-digit growth in Peru and Argentina and single-digit growth in Mexico. Excluding the impact of foreign exchange, revenue fromnon-Telefónica clientsincreasedby17.9%drivenbyrevenuefromnewclientsandanincreaseinshareofwalletwithexistingclientsinallmarkets,particularlyMexico,Colombia,Peru,ChileandnearshorebusinessinUnitedStates.

20

EMEA

RevenueinEMEAforthethreemonthsendedMarch31,2015and2016was$64.8millionand$60.0million,respectively,adecreaseof$4.8million,or7.4%.Excludingtheimpactofforeignexchange,revenuedecreasedby5.4%.Excludingtheimpactofforeignexchange,revenuefromTelefónicadecreasedby3.1%primarilyduetodeclinesinvolume.Excludingtheimpact offoreignexchange, revenuefromnon-Telefónicaclientsdecreased8.9%,mainlyduetoourdecisiontoexit lowerprofitcontractsinPublicAdministration,aswellasvolumedeclinesinmultisector.

Other operating income

Other operating incomeincreased by $0.3 million from$0.5 million for the three months ended March 31, 2015to $0.8 million, for the three months endedMarch31,2016.

Total operating expenses

Totaloperatingexpensesdecreasedby$84.1million,or17.2%,from$488.7millionforthethreemonthsendedMarch31,2015to$404.6millionforthethreemonths ended March 31, 2016. This decrease was mainly due to the impact of foreign exchange. Excluding the impact of foreign exchange, operating expensesincreasedby4.1%.Asapercentageofrevenue,operatingexpensesrepresented94.7%and96.5%forthethreemonthsendedMarch31,2015and2016,respectively.ThisincreasewasmainlyduetoincreasesinSelling,General&AdministrativeExpenseandnon-recurringcosts.Thesechangesweremainlyduethefollowingitems:

Supplies:Suppliesdecreasedby$4.5million,or22.8%,from$19.7millionforthethreemonthsendedMarch31,2015to$15.2millionforthethreemonthsendedMarch31,2016.Excludingtheimpactofforeignexchange,suppliesexpensedecreasedby0.7%duetoreductionsinBrazil.Asapercentageofrevenue,suppliesrepresent3.8%and3.6%forthethreemonthsendedMarch31,2015and2016,respectively.

Employeebenefitexpenses:Employeebenefitexpensesdecreasedby$64.9million,or17.1%,from$380.4millionforthethreemonthsendedMarch31,2015to$315.5millionforthethreemonthsendedMarch31,2016.Excludingtheimpactofforeignexchange,employeebenefitexpensesincreasedby4.1%.Asapercentageofthe revenue, employee benefit expenses represented 73.7% and 75.2% for the three months ended March 31, 2015 and 2016, respectively. This increase in thepercentageoverrevenueisduetorestructuringcostsinSpainandBraziltoalignthelaborforcewithnewvolumeslevels,partiallyoffsetbythetimingofwageincreasesinBrazil.

Depreciationandamortization : Depreciationandamortization expensedecreasedby$6.3million, or 22.5%,from$28.0millionfor thethree monthsendedMarch 31, 2015 to $21.7 million for the three months ended March 31, 2016. Excluding the impact of foreign exchange, depreciation and amortization expensedecreasedby3.6%,mainlyduetoanadjustmenttoamortizationinEMEA.

Changesintradeprovisions:Changesintradeprovisionschangedby$0.1million,fromnegativefigureof$0.2millionforthethreemonthsendedMarch31,2015tonegativefigureof$0.3millionforthethreemonthsendedMarch31,2016.ThisvariationwasprincipallyduetothecollectionduringthethreemonthendedDecember 31, 2014 of some receivables that had previously been impaired, and receivables accounted as bad debt mainly in Brazil during the three months endedDecember31,2015.Asapercentageofrevenue,changesintradeprovisionsconstitutedlessthan0.1%forthethreemonthsendedMarch31,2015and0.1%forthethreemonthsendedMarch31,2016.

Otheroperatingexpenses : Otheroperatingexpensesdecreasedby$8.5million, or 14.1%,from$60.4millionfor thethreemonthsendedMarch31, 2015to$51.9 million for the three months ended March 31, 2016. Excluding the impact of foreign exchange, other operating expenses increased 9.0%. As a percentage ofrevenue,otheroperatingexpenseswere11.7%and12.4%forthethreemonthsendedMarch31,2015and2016,respectively.Theincreaseisduetonon-recurringsiterelocationexpensesinBrazil.

Brazil

TotaloperatingexpensesinBrazildecreasedby$71.7million,or29.0%,from$247.1millionforthethreemonthsendedMarch31,2015to$175.4millionforthe three months ended March 31, 2016. Excluding the impact of foreign exchange, operating expenses in Brazil decreased by 2.8%. As a percentage of revenueincreasedfrom93.3%to96.1%,forthethreemonthsendedMarch31,2015and2016,respectivelyexcludingtheimpactofforeignexchange.Thisincreasewasduetonon-recurringrestructuringcoststoalignthelaborforcewithcurrentvolumelevels,therelocationofsitestolowercostareas,andpartiallyoffsetbytimingofwageincreases.

21

Americas

TotaloperatingexpensesintheAmericasdecreasedby$12.0million,or6.9%,from$175.1millionforthethreemonthsendedMarch31,2015to$163.1millionfor thethreemonthsendedMarch31, 2016. Excludingtheimpact of foreignexchange, operatingexpensesintheAmericas increasedby14.0%.Asapercentageofrevenuedecreasedfrom93.7%to92.0%,forthethreemonthsendedMarch31,2015andthethreemonthsendedMarch31,2016,respectively,excludingtheimpactofforeignexchange.Thisdecreasewasduetoimprovementsincostmanagement.

EMEA

TotaloperatingexpensesinEMEAdecreasedby$0.7million,or1.1%,from$64.8millionforthethreemonthsendedMarch31,2015to$64.1millionforthethreemonthsendedMarch31,2016.Excludingtheimpactofforeignexchange,operatingexpensesinEMEAincreasedby1.3%.Asapercentageofrevenueincreasedfrom99.8%to106.8%,mainlydrivenbynon-recurringrestructuringcostsinSpain.

Operating profit

Operatingprofitdecreasedby$12.1million,from$27.7millionforthethreemonthsendedMarch31,2015to$15.6millionforthethreemonthsendedMarch31,2016.Excludingtheimpactofforeignexchange,operatingprofitdecreased$5.5million.Operatingprofitmargindecreasedfrom5.4%forthethreemonthsendedMarch31,2015to3.7%forthethreemonthsendedMarch31,2016.Thedecreaseismainlylowerthanexpectedrevenueandnon-recurringrestructuringexpensesandsiterelocationsinBrazilandEMEA,partiallyoffsetbythetimingofwageincreasesinBrazil.

Brazil

Operatingprofit in Brazil decreasedby$10.0million, or 58.1%,from$17.2millionfor thethree monthsendedMarch31, 2015to$7.2millionfor thethreemonthsendedMarch31,2016.Excludingtheimpactofforeignexchange,operatingprofitdecreasedby44.6%.OperatingprofitmargininBrazildecreasedfrom6.7%forthethreemonthsendedMarch31,2015to3.9%forthethreemonthsendedMarch31,2016,excludingtheimpactofforeignexchange.Thedecreaseinoperatingprofitwasduetothedeclinesinrevenueaswellastheincreasenon-recurringrestructuringcoststoalignwithlowervolumes,andsiterelocationcosts.Thisdeclinewasonlypartiallyoffsetbythetimingofwageincreases.

Americas

Operatingprofit intheAmericasincreasedby$2.0million,or16.0%,from$12.5millionforthethreemonthsendedMarch31,2015to$14.5millionforthethreemonthsendedMarch31,2016.Excludingtheimpactofforeignexchange,operatingprofitincreasedby48.0%.Operatingprofitmarginincreasedby 6.4%duringthethreemonthsendedMarch31,2015to8.2%forthethreemonthsendedMarch31,2016.Theincreaseinprofitabilitywasduetothestronggrowthinrevenueandimprovedoperatingexpenses.

EMEA

Operating profit in EMEAdecreased by $3.7 million, from$0.1 million for the three months ended March 31, 2015 to a negative $3.6 million for the threemonths ended March 31, 2016. Excluding the impact of foreign exchange operating profit margin decreased from a positive margin of 0.2% to a negative marginof 6.0%for the three months endedMarch 31, 2015and2016, respectively. Thedecrease in operating profit was mainly driven bythe decline in revenue andnon-recurringrestructuringcoststoadapttolowervolumes.

Finance income

Financeincomedecreasedby$4.8million,fromapositive$6.3millionforthethreemonthsendedMarch31,2015to$1.5millionforthethreemonthsendedMarch31,2016.Excludingtheimpactofforeignexchange,financeincomedecreasedby67.4%duringthethreemonthsendedMarch31,2016.ThedecreaseinfinanceincomewasmainlyrelatedtoaforeignexchangegainonaninvestmentdenominatedinUnitedStatesdollarfromtheBraziliansubsidiaryduringthethreemonthsendedMarch31,2015.

22

Finance costs

Financecostsdecreasedby$2.6million,or12.7%,from$20.5millionforthethreemonthsendedMarch31,2015to$17.9millionforthethreemonthsendedMarch 31, 2016. The decrease in finance costs was mainly due to the devaluation of the Brazilian Reais. Excluding the impact of foreign exchange, finance costsincreasedby10.5%duringthethreemonthsendedMarch31,2016.

Change in fair value of financial instruments

Changeinfairvalueoffinancialinstrumentsdecreasedby$12.5million,from$13.0millionforthethreemonthsendedMarch31,2015to$0.5millionforthethreemonthsendedMarch31,2016.Thisdecreasewasmainlyrelatedwiththeimplementationofhedgeaccounting,withtherecognitionofcumulativefairvaluegainsoffinancialinstrumentsinfirstquarterof2015.

Net foreign exchange gain/(loss)

Netforeignexchangegain/(loss)changedby$3.1million,fromalossof$0.4millionforthethreemonthsendedMarch31,2015toalossof$3.5millionforthethreemonthsendedMarch31,2016.Thislosswasmainlyduetointercompany-balancesandthereforehasnoeffectoncash.

Income tax expense

IncometaxexpenseforthethreemonthsendedMarch31,2015and2016was$5.6millionand$1.0million,respectively.Thisdecreasewasmainlyduetothepre-taxlossintheMarch31,2016.The$1.0millionofincometaxinthequarterwasduetopositivenetincomegeneratesubsidiaries.

Profit/(loss) for the period

Profit/(loss) for three months ended March 31, 2015 and 2016 was a gain of $20.5 million and a loss of $4.8 million, respectively, as a result of the itemsdisclosedabove.

EBITDA and Adjusted EBITDA

EBITDAdecreased by $18.4 million, or 33.0%, from$55.7 million for the three months ended March 31, 2015to $37.3 million for the three months endedMarch31,2016.AdjustedEBITDAdecreasedby$9.5million,or16.3%from$58.3millionforthethreemonthsendedMarch31,2015to$48.8millionforthethreemonthsendedMarch31, 2016. Thedifference betweenEBITDAandAdjustedEBITDAis dueto the exclusionof itemsthat werenot relatedto our core results ofoperations.OurAdjustedEBITDAisdefinedasEBITDAadjustedtoexcludetheacquisitionandintegrationrelatedcosts,restructuringcosts,sponsormanagementfees,assetimpairments,siterelocationcosts,financingandIPOfeesandotheritemswhicharenotrelatedtoourcoreresultsofoperations.See“SelectedHistoricalFinancialInformation”forareconciliationofEBITDAandAdjustedEBITDAtoprofit/(loss).

Excludingtheimpactofforeignexchange,EBITDAdecreasedby14.6%mostlyduetothenon-recurringrestructuringcoststoalignwithlowervolumelevelsandsiterelocationcostsAdjustedEBITDAincreased5.6%mainlyduetothetimingofwageincreasesinBrazil,costefficienciesandgrowthinrevenue.

Brazil

EBITDAinBrazildecreasedby$13.1million,or42.0%,from$31.2millionforthethreemonthsendedMarch31,2015to$18.1millionforthethreemonthsendedMarch31,2016.AdjustedEBITDAdecreasedby$6.8million,or21.5%,from$31.7millionforthethreemonthsendedMarch31,2015to$24.9millionforthethreemonthsendedMarch31,2016.

Excludingtheimpact of foreignexchange, EBITDAdecreased22.6%andAdjustedEBITDAincreased4.6%.ThedifferencebetweenEBITDAandAdjustedEBITDArelatestotheexclusionofnon-recurringcosts.DuringthethreemonthsendedMarch31,2016non-recurringcostswereimpactedbythecostsoflaborforceoptimizationtocurrentorexpectedadjustmentsinactivitylevels,andsiteclosuresinconnectionwithoursiterelocationprogram.

23

Americas

EBITDAin the Americas decreased by $0.1 million, or 0.4%, from$22.7 million for the three months ended March 31, 2015 to $22.6 million for the threemonthsendedMarch31,2016.AdjustedEBITDAwas$23.4million,withnochangesforthethreemonthsendedMarch31,2016.

Excludingtheimpactofforeignexchange,EBITDAandAdjustedEBITDAincreased22.8%and23.2%,respectively,duetostrongrevenuegrowthinparticularinPeru,ChileandMexico.AdjustedEBITDAmarginhasincreased0.7percentagepointsduetoseveralcostrationalizationinallmarkets.

EMEA

EBITDAinEMEAdecreasedby$4.6million, fromagainof $3.5millionfor thethree monthsendedMarch31, 2015toa loss of $1.1millionfor thethreemonthsendedMarch31,2016.AdjustedEBITDAinEMEAdecreasedby32.5%,from$4.0millionforthethreemonthsendedMarch31,2015to$2.7millionforthethreemonthsendedMarch31,2016.ThedifferencebetweenEBITDAandAdjustedEBITDArelatestotheexclusionofnon-recurringcosts.DuringthethreemonthsendedMarch31,2016non-recurringcostswereimpactedbylaborforceoptimizationtocurrentorexpectedadjustmentsinactivitylevels.AdjustedEBITDAmargindecreased1.7percentagepoints.

Liquidity and Capital Resources

AsofMarch31,2016,ouroutstandingdebtamountedto$597.0million,whichincludes$296.6millionofour7.375%SeniorSecuredNotesdue2020,$192.3millionequivalentamountofBrazilianDebentures,$79.9millionoffinancingprovidedbyBNDES,$23.9millionofCVIs(ContingentValueInstrument),$4.2millionoffinanceleasepayablesand$0.1millionofotherbankborrowings.

DuringthethreemonthsendedMarch31,2016,ourcashflowusedinoperatingactivitiestotaled$22.9million,whichincludesinterestpaidof$14.7million.Assuch,ourcashflowusedinoperatingactivities(beforethepaymentofinterest)was$8.2million.

Cash Flow

AsofMarch31,2016,wehadcashandcashequivalents(netofanyoutstandingbankoverdrafts)ofapproximately$148.6million.Webelievethatourcurrentcashflowusedinoperatingactivitiesandfinancingarrangementswillprovideuswithsufficientliquiditytomeetourworkingcapitalneeds. For the three months ended March 31,($ in millions) 2015 2016 (unaudited)Cashfrom/(usedin)operatingactivities (29.9) (22.9)Cashprovidedby/(usedin)investmentactivities 3.0 (19.1)Cashprovidedby/(usedin)financingactivities 8.9 (1.9)Netincrease/(decrease)incashandcashequivalents (17.9) (43.8)Effectofchangesinexchangesrates (16.5) 8.4

ThreeMonthsEndedMarch31,2015ComparedtoThreeMonthsEndedMarch31,2016

Cash From/(used in) Operating Activities

Cash used in operating activities was $22.9 million for the three months ended March 31, 2016 compared to cash provided by investment activities of $29.9millionforthethreemonthsendedMarch31,2015.Thedecreaseincashusedinoperatingactivitieswasmainlyduetoanimprovementinworkingcapital.

24

Cash Provided by/(used in) Investment Activities

Cash used in investment activities was $19.1 million for the three months ended March 31, 2016 compared to cash provided by investment activities of $3.0million for the three months ended March 31, 2015. Cash used in investment activities for the three months ended March 31, 2016 was mainly related to capitalexpenditure.

Cash Provided by/(used in) Financing Activities

Cashusedinfinancingactivitieswas$1.9millionforthethreemonthsendedMarch31,2016comparedtocashprovidedbyfinancingactivitiesof$8.9millionforthethreemonthsendedMarch31,2015.CashprovidedbyfinancingactivitiesforthethreemonthsendedMarch31,2015includestheamountdrawdownundertheBNDESfacilityandcashusedforthreemonthsendedMarch31,2016includescontractualamortizationsofBNDESfacility.

Free Cash Flow

Weuse free cash flowto assess our liquidity and the cash flowgeneration of our operating subsidiaries. We define free cash flowas EBITDAless WorkingCapital movement, Capital expenditure, Incometax paid and Net interest for the period. Webelieve that free cash flowis useful to investors because it adjusts ourEBITDAbyinvestmentsmadetogrowandimprovebusinessoperations.

Untilthethirdquarterof2015,theCompanydefinedthismeasureasnetcashflowfromoperatingactivitieslesscashpaymentsforacquisitionofproperty,plant,equipment andintangible assets for the period. In order to bealignedwith financial performance indexanalyzedbymanagement, the criteria of the calculation wasimprovedthisquarter.WepresentcomparativeamountsforthethreemonthsendedMarch31,2015and2016.

Freecashflowhaslimitations asananalytical tool. Freecashflowis not a measure definedbyIFRSandshouldnot beconsideredinisolationfrom,or as analternativeto,EBITDAorothermeasuresasdeterminedinaccordancewithIFRS.Additionally,freecashflowdoesnotrepresenttheresidualcashflowavailablefordiscretionary expenditure as it does not incorporate certain cash payments, including payments made on finance lease obligations or cash payments for businessacquisitions.Freecashflowisnotnecessarilycomparabletosimilarlytitledmeasuresusedbyothercompanies.

For the three months ended March 31,($ in millions) 2015 2016

(unaudited)EBITDA(non-GAAP)(unaudited) 55.7 37.3Changesinworkingcapital (71.2) (38.0)Paymentsforacquisitionofproperty,plant,equipmentandintangibleassets (9.1) (19.1)Disposalsofproperty,plant,equipmentandintangibleassets 0.4 -Incometaxpaid (4.5) (6.5)Free cash flow before interest (28.7) (26.3)Netinterest (6.3) (14.4)Free cash flow (non-GAAP) (unaudited) (35.0) (40.7)

ThreeMonthsEndedMarch31,2015ComparedtoThreeMonthsEndedMarch31,2016

Freecashflowdecreasedby$5.7millionfromnegative$35.0millionforthethreemonthsendedMarch31,2015tonegative$40.7millionforthethreemonthsended March 31, 2016. The change in free cash flowwas mostly driven by the decline in EBITDAand higher capital expenditure which were mostly offset by animprovementinworkingcapital.

25

Finance leases TheCompanyholdsthefollowingassetsunderfinanceleases: As of March 31, 2015 2016

($ in millions) Net carrying amount ofasset Net carrying amount of

assetFinance leases (unaudited)Plantandmachinery 1.9 2.1Furniture,toolsandothertangibleassets 6.3 3.0Total 8.2 5.1

Thepresentvalueoffuturefinanceleasepaymentsisasfollow: As of March 31,

2015 2016

($ in millions) Net carrying amount ofasset Net carrying amount of

asset (unaudited)Upto1year 4.2 2.2Between1and5years 4.5 2.0

Total 8.7 4.2

Capital Expenditure

Ourbusinesshassignificantcapitalexpenditurerequirements,includingfortheconstructionandinitialfit-outofourservicedeliverycenters;improvementsandrefurbishmentofleasedfacilitiesforourservicedeliverycenters;acquisitionofvariousitemsofproperty,plantandequipment,mainlycomprisedoffurniture,computerequipmentandtechnologyequipment;andacquisitionandupgradesofoursoftwareorspecificcustomer’ssoftware.

ThefundingofthemajorityofourcapitalexpenditureiscoveredbyexistingcashandEBITDAgeneration.ThetablebelowshowsourcapitalexpenditurebysegmentforthethreemonthsendedMarch31,2015and2016.

For the three months ended March 31, 2015 2016($ in millions) (unaudited) Brazil 30.7 4.4Americas 14.2 1.0EMEA 3.8 0.1Otherandeliminations - -Total capital expenditure 48.7 5.5

ThecapitalexpenditureforthethreemonthsendedMarch31,2015reflectstheacquisitionbyAtentooftherightstouseMicrosoftSoftwarefortheamountof$39.6million.Thisintangibleassethasanusefullifeof5years.RefertoNote7oftheinterimconsolidatedfinancialstatements.

26

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

TheBrazilianLowerHouseapprovedthebill4330/04onApril22,2015thatintendstoregulateoutsourcinginBrazilandfocusesonthetechnicalspecializationofhiredcompanies.Thebillprovidesprotectiontoourbusinesssectoroverall,butthereareclausesthatarecauseforconcernandwhichwewillcontinuetomonitorwith respect to howwe interact with our unions. In particular, if enacted, the bill could require that we be subject to the same rules and regulations as our unions,includingsalaryandotherbenefits, whichcouldbecostlyforustocomplywith.Thebill, nowwiththenumber30/15,iscurrentlyintheSenateawaitsthevoteandanalysisbyitscommitteesandconsequentlyitsapproval.Duetotheimpeachmentpresidentprocessandthecontroversialnatureofthebill,itisunclearhowlongitwilltakefortheSenatetocompleteitsanalysisandschedulethevote.Anotherbill,13.161/2015,wasapprovedonSeptember2015andcameintoforceonDecember01,2015,raisingthesocialsecuritytaxfrom2%to3%ongrossrevenueforthecallcenterindustry.

27

ATENTO S.A. AND SUBSIDIARIES

(FORMERLY ATENTO FLOATCO S.A., AND SUBSIDIARIES)

INTERIMCONSOLIDATEDFINANCIALSTATEMENTSFORTHETHREEMONTHSENDEDMARCH31,2016

28

ATENTO S.A. AND SUBSIDIARIES (FORMERLY ATENTO FLOATCO S.A., AND SUBSIDIARIES) INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As of December 31, 2015 and March 31, 2016 (In thousands of U.S. dollars, unless otherwise indicated)

ASSETS

Notes

December 31, March 31,

2015 2016 (audited) (unaudited) NON-CURRENT ASSETS 768,704 786,765 Intangible assets 7 226,260 245,961Goodwill 7 124,007 128,093Property, plant and equipment 7 191,678 178,938Non-current financial assets 118,923 117,683Tradeandotherreceivables 9 5,539 5,727Othertaxesreceivable 5,112 5,823Othernon-currentfinancialassets 9 42,871 47,897Derivativefinancialinstruments 9 65,401 58,236Deferred tax assets 107,836 116,090 CURRENT ASSETS 609,712 645,213 Trade and other receivables 424,923 495,696Tradeandotherreceivables 9 401,127 464,390Currentincometaxreceivable 13,966 19,374Othertaxesreceivable 9,830 11,932Other current financial assets 769 890Otherfinancialassets 9 769 890Cash and cash equivalents 9 184,020 148,627 TOTAL ASSETS 1,378,416 1,431,978TheaccompanyingNotes1to17areanintegralpartoftheinterimconsolidatedfinancialstatements.

29

ATENTO S.A. AND SUBSIDIARIES(FORMERLY ATENTO FLOATCO S.A., AND SUBSIDIARIES)INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITIONAs of December 31, 2015 and March 31, 2016(In thousands of U.S. dollars, unless otherwise indicated)

EQUITY AND LIABILITIES

Notes December 31, March 31,

2015 2016 (audited) (unaudited)

EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT 397,791 409,449 Sharecapital 8 48 48Netinvestment/Sharepremium 8 639,435 639,435Retainedearnings/(losses) 8 (53,663) (58,423)Translationdifferences (209,224) (187,023)Cashflowhedge 8 18,629 12,728Stock-basedcompensation 8 2,566 2,684NON-CURRENT LIABILITIES 664,046 676,529 Deferredtaxliabilities 56,062 55,610Debtwiththirdparties 10 535,277 548,757Derivativefinancialinstruments 10 684 275Non-currentprovisions 11 55,020 59,802Non-currentnontradepayables 16,002 11,009Othernon-currenttaxespayable 1,001 1,076CURRENT LIABILITIES 316,579 346,000 Debt with third parties 10 40,289 48,263Trade and other payables 264,848 286,851Tradepayables 78,681 98,856Currentincometaxpayable 6,614 9,505Othercurrenttaxespayable 67,994 65,990Othernontradepayables 111,559 112,500Current provisions 11 11,442 10,886 TOTAL EQUITY AND LIABILITIES 1,378,416 1,431,978TheaccompanyingNotes1to17areanintegralpartoftheinterimconsolidatedfinancialstatements.

30

ATENTO S.A. AND SUBSIDIARIES (FORMERLY ATENTO FLOATCO S.A., AND SUBSIDIARIES) INTERIM CONSOLIDATED INCOME STATEMENTS For the three months ended March 31, 2015 and 2016 (In thousands of U.S. dollars, unless otherwise indicated) For the three months ended March 31,

Notes 2015 2016

(unaudited) Revenue 6 515,897 419,352Otheroperatingincome 452 775Ownworkcapitalized - 4

Operating expenses: Supplies (19,715) (15,206)Employeebenefitexpenses (380,384) (315,524)Depreciation (13,979) (10,897)Amortization (13,962) (10,754)Changesintradeprovisions (164) (260)Otheroperatingexpenses (60,392) (51,865)OPERATING PROFIT 27,753 15,625 Financeincome 6,263 1,501Financecosts (20,536) (17,858)Changeinfairvalueoffinancialinstruments 13,023 482Netforeignexchangegain/(loss) (363) (3,548) NET FINANCE EXPENSE (1,613) (19,423) PROFIT/(LOSS) BEFORE TAX 26,140 (3,798)Incometaxexpense 13 (5,626) (962)PROFIT/(LOSS) FOR THE PERIOD ATTRIBUTABLE TO EQUITY HOLDERS OFTHE PARENT 20,514 (4,760)

Basic result per share (per U.S. dollars) 14 0.28 (0.06)Diluted result per share (per U.S. dollars) 14 0.28 (0.06) TheaccompanyingNotes1to17areanintegralpartoftheinterimconsolidatedfinancialstatements.

31

ATENTO S.A. AND SUBSIDIARIES(FORMERLY ATENTO FLOATCO S.A., AND SUBSIDIARIES)INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOMEFor the three months ended March 31, 2015 and 2016 (In thousands of U.S. dollars, unless otherwise indicated) For the three months ended March 31,

2015 2016 (unaudited)

Profit/(loss) for the period 20,514 (4,760)Other comprehensive income/(loss) Items that may subsequently be reclassified to profit and loss Cashflowhedge(Note10) 7,310 (7,247)Taxeffect 182 1,346Translationdifferences (60,917) 22,201 Other comprehensive income/(loss), net of taxes (53,425) 16,300 Total comprehensive income/(loss) (32,911) 11,540 TheaccompanyingNotes1to17areanintegralpartoftheinterimconsolidatedfinancialstatements.

32

ATENTO S.A. AND SUBSIDIARIES (FORMERLY ATENTO FLOATCO S.A., AND SUBSIDIARIES) INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the three months ended March 31, 2015 and 2016 (In thousands of U.S. dollars, unless otherwise indicated)

(unaudited) Share capital

NetInvestment/Share

Premium

Retainedearnings/(losses)

Translationdifferences

Cash flowhedge

Stock-basedcompensation Total equity

Balance as of January 1, 2015 48 639,435 (102,811) (71,750) (640) 584 464,866Comprehensive income/(loss) for theperiod - - 20,514 (60,917) 7,492 - (32,911)

Profitfortheperiod - - 20,514 - - - 20,514Othercomprehensiveincome/(loss) - - - (60,917) 7,492 - (53,425)Stock-based compensation - - - - - 614 614Balance as of March 31, 2015 (*) 48 639,435 (82,297) (132,667) 6,852 1,198 432,569

(unaudited) Share capital

NetInvestment/Share

Premium

Retainedearnings/(losses)

Translationdifferences

Cash flowhedge

Stock-basedcompensation Total equity

Balance as of January 1, 2016 48 639,435 (53,663) (209,224) 18,629 2,566 397,791 Comprehensive income/(loss) for theperiod - - (4,760) 22,201 (5,901) - 11,540

Profitfortheperiod - - (4,760) - - - (4,760)Othercomprehensiveincome/(loss) - - - 22,201 (5,901) - 16,300Stock-based compensation - - - - - 118 118Balance as of March 31, 2016 (*) 48 639,435 (58,423) (187,023) 12,728 2,684 409,449 TheaccompanyingNotes1to17areanintegralpartoftheinterimconsolidatedfinancialstatements.(*)unaudited

33

ATENTO S.A. AND SUBSIDIARIES(FORMERLY ATENTO FLOATCO S.A., AND SUBSIDIARIES)INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWFor the three months ended March 31, 2015 and 2016(In thousands of U.S. dollars, unless otherwise indicated) For the three months ended March 31, 2015 2016 (unaudited)Operating activities Profit/(loss) before tax 26,140 (3,798)Adjustmentstoprofit/(loss): Amortizationanddepreciation 27,941 21,651Impairmentallowances 164 260Changeinprovisions 814 1,831Grantsreleasedtoincome (117) (78)(Gains)/lossesondisposaloffixedassets 409 (123)Financeincome (6,263) (1,501)Financecosts 20,536 17,858Netforeignexchangedifferences (12,660) 3,548Changeinfairvalueoffinancialinstruments 1,462 (482)Ownworkcapitalized - (4)Othergains - (329) 32,286 42,631Changes in working capital: Changesintradeandotherreceivables (51,694) (40,091)Changesintradeandotherpayables (10,029) 19,991Changesinotherassets/(payables) (9,522) (17,917) (71,245) (38,017)Other cash flow from operating activities Interestpaid (14,043) (14,674)Interestreceived 7,734 254Incometaxpaid (4,522) (6,521)Otherpayments (6,244) (2,741) (17,075) (23,682)Net cash flow from/(used in) operating activities (29,894) (22,866)Investment activities Paymentsforacquisitionofintangibleassets - (5,228)Paymentsforacquisitionofproperty,plantandequipment (9,081) (13,860)Disposalsofintangibleassets - 18Disposalsofproperty,plantandequipment 414 6Disposalsoffinancialinstruments 11,689 -Net cash flow provided by/(used in) investment activities 3,022 (19,064)Financing activities Proceedsfromborrowingfromthirdparties 8,933 -Repaymentofborrowingfromthirdparties - (1,863)Net cash flow provided by/(used in) financing activities 8,933 (1,863) Net increase/(decrease) in cash and cash equivalents (17,939) (43,793) Exchangedifferences (16,522) 8,400Cash and cash equivalents at beginning of period 211,440 184,020 Cash and cash equivalents at end of period 176,979 148,627

TheaccompanyingNotes1to17areanintegralpartoftheinterimconsolidatedfinancialstatements.34

SELECTED EXPLANATORY NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDEDMARCH 31, 20161. COMPANY ACTIVITY AND CORPORATE INFORMATION

(a) Description of business

AtentoS.A., formerlyAtentoFloatcoS.A.(hereinafter the“Company”), andits subsidiaries (hereinafter “AtentoGroup”)areagroupofcompaniesthat offercontactmanagementservicestotheirclientsthroughouttheentirecontractlifecycle,throughcontactcentersormultichannelplatforms.

TheCompanywasincorporatedonMarch5,2014underthelawsoftheGrand-DuchyofLuxembourg,withitsregisteredofficeinLuxembourgat4,RueLouHemmer.

TheAtentoGroupwasacquiredin2012byBainCapital Partners, LLC(hereinafter “BainCapital”). BainCapital is a private investment fundthat invests incompanies with a high growth potential. Notable among its investments in the Customer Relationship Management (hereinafter “CRM”) sector is its holding inBellsystem24,aleaderincustomerserviceinJapan,andGenpact,thelargestbusinessmanagementservicescompanyintheworld.

InDecember2012,BainCapitalreachedadefinitiveagreementwithTelefónica,S.A.forthetransferofnearly100%oftheCRMbusinesscarriedoutbyAtentoGroupcompanies(hereinafterthe“Acquisition”),theparentcompanyofwhichwasAtentoInversionesyTeleservicios,S.A.(hereinafter“AIT”).TheVenezuelabasedsubsidiariesofthegroupheadedbyAIT,andAIT,exceptforsomespecificassetsandliabilities,werenotincludedintheAcquisition.ControlwastransferredforthepurposesofcreatingtheconsolidatedAtentoGrouponDecember1,2012.

Note3toftheannualfinancialstatementscontainsalistofthecompanieswhichmakeuptheAtentoGroup,aswellaspertinentinformationthereon.

The majority direct shareholder of the Company is a company incorporated under the laws of the Grand-Duchy of Luxembourg, ATALAYALuxco PIKCo,S.C.A.(Luxembourg).

The Company’s corporate purpose is to hold business stakes of any kind in companies in Luxembourg and abroad, purchase and sell, subscribe or any otherformat,andtransferthroughsale,swaporotherwiseofsecuritiesofanykind,andadministration,management,controlanddevelopmentoftheinvestmentportfolio.

TheCompanymayalsoactastheguarantorofloansandsecurities,aswellasassistingcompaniesinwhichitholdsdirectorindirectinterestsorthatformpartofits group. TheCompanymaysecure funds, with the exception of public offerings, throughanykindof lending, or throughthe issuance of bonds, securities or debtinstrumentsingeneral.

TheCompanymayalsocarryonanycommercial,industrial,financial,realestatebusinessorintellectualpropertyrelatedactivitythatitdeemsnecessarytomeettheaforementionedcorporatepurposes.

Thecorporatepurposeofitssubsidiaries,withtheexceptionoftheintermediateholdingcompanies,istoestablish,manageandoperateCustomerRelationshipManagement (“CRM”) centers throughmultichannel platforms; provide telemarketing, marketing and“call center” services throughservice agencies or in anyotherformatcurrentlyexistingorwhichmaybedevelopedinthefuturebytheAtentoGroup;providetelecommunications,logistics,telecommunicationssystemmanagement,datatransmission,processingandinternetservicesandtopromotenewtechnologiesintheseareas;offerconsultancyandadvisoryservicestocustomersinallareasinconnectionwithtelecommunications,processing,integrationsystemsandnewtechnologies,andotherservicesrelatedtotheabove.AtentoS.A.trades(under“ATTO”)onNYSEsinceOctober3,2014.

2. BASIS OF PRESENTATION OF THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

TheinterimconsolidatedfinancialstatementsasofandforthethreemonthsendedMarch31,2016(the“interimfinancialstatements”)havebeenpreparedinaccordancewithInternationalAccountingStandard(IAS)34“InterimFinancialReporting”.Therefore,theydonotcontainalltheinformationanddisclosuresrequiredin a complete annual consolidated financial statements and, for adequate interpretation, should be read in conjunction with the Atento Group’s consolidated annualfinancialstatementsfortheyearendedDecember31,2015.

35

Thefiguresintheseinterimconsolidatedfinancialstatementsareexpressedinthousandsofdollars,unlessindicatedotherwise.U.S.DollaristheAtentoGroup’spresentationcurrency.

Theseinterimfinancial consolidatedstatementshavebeenpreparedonahistorical cost basis, exceptforderivativefinancial instruments(seeNote10), whichhavebeenmeasuredatfairvalue.

3. COMPARATIVE INFORMATION

ComparativeinformationintheinterimconsolidatedfinancialstatementsrefertothethreemonthsendedMarch31,2016and2015,exceptforthestatementoffinancialposition,whichcomparesinformationasofMarch31,2016andDecember31,2015.

DuringthethreemonthsendedMarch31,2016therehavenotbeenanychangesintheconsolidationscope.

4. ACCOUNTING POLICIES

The accounting policies adopted in the preparation of the interim financial statements for the three months ended March 31, 2016 are consistent with thosefollowedinthepreparationoftheconsolidatedannualfinancialstatementsfortheyearendedDecember31,2015.

a) New and amended standards and interpretations

There are nonewstandards andinterpretations publishedbythe IASBother thanthose presented in the consolidated annual financial statements for the yearendedDecember31,2015.

b) Pronouncements issued, but not yet effective at March 31, 2016

ThestandardsandinterpretationsissuedbutnotyetadoptedasoftheissuedateoftheCompany’sfinancialstatementsarepresentedbelow.TheCompanyanditssubsidiariesintendtoadoptsuchstandards,ifapplicable,whentheseenterintoforce.

IFRS9–FinancialInstruments

InJuly2014,IASBissuedafinalversionofIFRS9–FinancialInstruments,whichreplacesIAS39–FinancialInstruments:RecognitionandMeasurementandallpriorversionsofIFRS9.IFRS9bringstogetherallthreeaccountingaspectsoftheproject’sfinancialinstruments:classificationandmeasurement,impairmentandhedge accounting. IFRS 9 is effective for annual periods beginning on or after January 1, 2018. The early application is allowed. Except for hedge accounting,retrospectiveapplicationisrequired,however;thepresentationofcomparativeinformationisnotmandatory.

Forhedgeaccountingpurposes,requirementsaregenerallyadoptedonaprospectivebasis,withfewexceptionsthereto.

TheCompanyanditssubsidiariesplantoadoptthenewstandardonthedateitbecomeseffectives.In2015,theCompanyanditssubsidiariesevaluatedthehigh-level impact ofall threeaspects ofIFRS9. Thispreliminaryevaluationwasbasedoninformationcurrentlyavailable andmaybesubject tochangesduetoindepthanalysisoradditional, adequateandobservableinformationmadeavailabletotheCompanyinthefuture. Ingeneral, theCompanyanditssubsidiariesdonotexpectsignificantimpactonthebalancesheetandequity.

(a)Classificationandmeasurement

The Company and its subsidiaries do not expect significant impact on the balance sheet or equity by adopting IFRS 9 classification and measurementrequirements.Theyexpecttocontinuetomeasurefairvalueofallfinancialassetscurrentlyheldatfairvalue.

36

Loansandaccountsreceivableareheldtocollectcontractualcashflowsandshouldresultincashflowsthatsolelyrepresentpaymentsofprincipalandinterest.Therefore,theCompanyanditssubsidiariesexpectthesetocontinuetobemeasuredatamortizedcostunderIFRS9.However,theCompanyanditssubsidiarieswillexaminethecharacteristics ofcontractual cashflowsoftheseinstruments inmoredetails beforeconcludingif all theseinstruments meetthemeasurementcriteria atamortizedcostunderIFRS9.

(b)Impairment

IFRS9requiresthattheCompanyanditssubsidiariesrecordexpectedcreditlossesonalltheirdebtsecurities,loansandreceivables,to12monthsoronannuitybasis. The Companyand its subsidiaries not expect to apply the simplified model and record expected losses on annuity basis on all trade accounts receivable. TheCompanyanditssubsidiariesexpectsignificantimpactonequityduetotheunsecurednatureofloansandreceivables,butwillneedtoconductanindepthanalysisthatconsidersallappropriateandobservableinformation,includingprospectiveelementstodeterminetheextensionoftheimpact.

(c)Hedgeaccounting

The Company believes that all existing hedging relationships that are currently designated in effective hedging relationships will still qualify for hedgeaccountingunderIFRS9.IFRS9doesnotchangethegeneralprinciplesofhowanentityaccountsforeffectivehedges.TheCompanydoesnotexpectsignificantimpactarising fromthe adoption of IFRS9. The Company will evaluate possible changes related to the accounting of time value of options, forward matters or spread ofexchangebaseinmoredetailsinthefuture.

IFRS15-RevenuefromContractswithCustomers

IFRS15,issuedinMay2014,establishesanewfive-stepmodelthatwillbeappliedtorevenuearisingfromcontractswithcustomers.AccordingtoIFRS15,revenuesarerecognizedinanamountthatreflectstheconsiderationtowhichanentityexpectstobeentitledinexchangefortransferringgoodsorservicestoacustomer.

Thenewstandardforrevenueswill replaceall current requirementsforrevenuerecognitionunderIFRS.Full retrospectiveadoptionormodifiedretrospectiveadoptionisrequiredforannualperiodsbeginningonorafterJanuary1,2018,withthepossibilityofearlyadoption.TheCompanyanditssubsidiariesplantoadoptthenewstandardonthedayitbecomeseffective,byadoptingthefullretrospectivemethod.In2015,theCompanyanditssubsidiariesheldpreliminaryassessmentofIFRS15,whichissubjecttochangeduetoongoinganalysisbutapparentlythereisnosignificantimpact.

The Company and its subsidiaries operate in the industry of tourism intermediation. Services are individually sold in separate agreements, identified withcustomers,orgroupedasapackageofservices.

Annualimprovements–Cycle2010-2012

TheseimprovementsareeffectiveasfromJuly1,2014andarenotexpectedtogeneratesignificantimpactsontheCompanyanditssubsidiaries,includingthefollowing:

IFRS2-Share-basedpayment

Thisimprovementisadoptedonaprospectivebasisandclarifiesseveralissuesrelatedtothedefinitionsofperformanceandserviceconditionsthataccountforvestingconditions,includingthefollowing:

-Aperformanceconditionshouldincludeaservicecondition.

-Aperformancegoalshouldbemetwhilethecounterpartyisprovidingtheservice.

-Aperformancegoalcanberelatedtooperationsoractivitiesofanentityortothoseofanotherentitywithinthesamegroup.

-Aperformanceconditioncanrefertoamarketconditionornotberelatedtothemarket.

-Ifthecounterparty,regardlessofreason,failstoprovidetheserviceduringtheacquisitionvesting,theserviceconditionwillnotbemet.37

Renderingofservices

TheCompanyanditssubsidiariespreliminarilyassessedthattheintermediationservicesareprovideduptotheboardingoftravelpackagesandwhenuponthesaleofairlinetickets,thereforebenefitsprovidedbytheCompanyanditssubsidiariesareconsumedintheseperiods.

Consequently,theCompanyanditssubsidiariesdonotexpectanysignificantimpactarisingfromtheseserviceagreements.

AmendmenttoIAS16andIAS38–ClarificationsofacceptablemethodsofDepreciationandAmortization

Theamendments explaintheprinciples inIAS16andIAS38,inwhichrevenuereflects aneconomicbenefits’ modelresultingfromabusinessoperation(ofwhichtheassetsispart),ratherthantheeconomicbenefitsconsumedthroughtheuseoftheasset.Asaresult,amethodbasedonrevenuecannotbeusedforpurposesofdepreciationoffixedassetsandcansolelybeinlimitedcircumstancestoamortizeintangibleassets.Theamendmentsareprospectivelyeffectivetoamortizeintangibleassets.TheamendmentsareeffectiveonaprospectivebasisforannualperiodsbeginningonJanuary1,2016orthereafter.TheseamendmentsarenotexpectedtohaveimpactsontheCompanyanditssubsidiaries,sincetheydidnotusetherevenue-basedmethodforthedepreciationofnoncurrentassets.

Annualimprovements–Cycle2012-2014

TheseamendmentsareeffectiveforannualperiodsbeginningonorafterJanuary1,2016,includingthefollowing:

IFRS5-Noncurrentassetsheldforsaleanddiscontinuedoperation

Assets (or disposal groups) are usually disposed of by sale or distribution to shareholders. The amendment clarifies that changing from one of the disposalmethods to another would not be considered a new disposal plan, but a continuation of the original plan. Therefore, there is no interruption in the adoption ofrequirementsofIFRS5.Thisamendmentshouldbeadoptedprospectively.

IFRS7–FinancialInstruments:Disclosures

(i)Serviceagreements

Theamendment clarifies that a serviceagreement that includesafeecanconstitute continuinginvolvement inafinancial asset. Anentityshouldevaluate thenatureofthisfeeandtheagreementincomparisonwiththeguidanceforcontinuedinvolvementinIFRS7,inordertoevaluatewhetherthedisclosuresarerequired.Theassessment of such service agreements constitute continued involvement and should be made retrospectively. However, the required disclosures do not need to beprovidedforanyperiodbeginningbeforetheannualperiodinwhichtheentityadoptstheamendmentsforthefirsttime.

(ii)ApplicabilityofamendmentstoIFRS7forcondensedinterimfinancialstatements

The amendment clarifies that the requirements for disclosure of settlement do not apply to condensed interim financial statements, unless these disclosuresprovideasignificantupdatetotheinformationreportedinthelatestannualreport.Thisamendmentshouldbeadoptedretrospectively.

IAS19-EmployeeBenefits

Theamendment clarifies that market depthof highquality private corporate bondsis assessedbasedonthe currencyin whichthe obligationis denominated,ratherthanthecountrywheretheobligationislocated.Whenthereisnodeepmarketforhighqualityprivatecorporatebondsinsuchcurrency,governmentsecuritiesratesshouldbeused.Thisamendmentshouldbeadoptedretrospectively.

IAS34–PreparationanddisclosureofInterimfinancialstatement

Theamendmentclarifiesthattherequiredinterimdisclosuresshouldbeintheinterimfinancial statementsorincorporatedbycross-referencebetweeninterimfinancial statements and wherever these are included in the interimfinancial report (e.g., in themanagement or risk comment) The other information in the interimfinancialinformationshouldbeavailabletousersunderthesametermsofthoseoftheinterimfinancial statementsandatthesametime.Thisamendmentshouldbeadoptedretrospectively.

38

TheseamendmentsarenotexpectedtohavesignificantimpactsontheCompany.

AmendmentstoIAS1-DisclosureInitiative

AmendmentstoIAS1PresentationofFinancialStatementsclarify,ratherthanchangesignificantlytheexistingrequirementsofIAS1,theamendmentsclarify:

ThematerialityrequirementsinIAS1.

-Itemsofspecificlinesintheincomestatementsandothercomprehensiveincomeandbalancesheetcanbesegregated.

-Entitieshaveflexibilityastotheorderinwhichtheypresentthenotestothefinancialstatements.

-Theportionofothercomprehensiveincomeofassociatesandjointventuresaccountedforbytheequitymethodshouldbepresentedonanaggregatedbasisasasinglelineitem,andclassifiedamongthoseitemsthatwillorwillnotbesubsequentlyreclassifiedintoP&L.

IFRS16–Leases

IFRS16requiresacompanytoreportonthebalancesheetleaseassetsandleaseliabilitiesforall leases(otherthanshort-termleasesandleasesoflow-valueassets).TheadoptionisrequiredforannualperiodsbeginningonorafterJanuary1,2019.TheCompanyanditssubsidiariesplantoadoptthenewstandardonthedayitbecomeseffective,consequently,theCompanyanditssubsidiariesexpectsignificantimpactarisingfromtheleasestransaction.TheCompanyanditssubsidiariesareplanningtopreparepreliminaryassessmentofIFRS16during2016.

Inaddition,theamendmentsclarifytherequirementsthatapplywhenadditionalsubtotalsarepresentedinthebalancesheetandtheincomestatementsandothercomprehensiveincome.ThesechangesareeffectiveforannualperiodsbeginningonorafterJanuary1,2016,withthepossibilityofearlyadoption.TheseamendmentsarenotexpectedtohavesignificantimpactsontheCompanyanditssubsidiaries.

5. MANAGEMENT OF FINANCIAL RISK

5.1 Financial risk factors

TheAtentoGroup’sactivitiesexposedtovarioustypesoffinancialrisks:marketrisk(includingcurrencyrisk,interestrateriskandcountryrisk),creditriskandliquidityrisk.TheAtentoGroup’sglobalriskmanagementpolicyaimstominimizethepotentialadverseeffectsoftheserisksontheAtentoGroup’sfinancialreturns.TheAtentoGroupalsousesderivativefinancialinstrumentstohedgecertainriskexposures.

TheseunauditedinterimfinancialstatementsdonotincludeallfinancialriskmanagementinformationanddisclosuresrequiredintheannualfinancialstatementsandthereforetheyshouldbereadinconjunctionwiththeAtentoGroup’sannualfinancialstatementsasofandfortheyearendedDecember31,2015.DuringthethreemonthsendedMarch31,2016therehavenotbeenchangesinanyriskmanagementpolicies.

Country Risk

Tomanageormitigatecountryrisk,werepatriatethefundsgeneratedintheAmericaandBrazilthatarenotrequiredforthepursuitofnewprofitablebusinessopportunities in the region and subject to the restrictions of our financing agreements. The capital structure of the Atento Group comprises distinct financial debtstructures:(i)theBrazilianDebentureand(ii)the300,000thousandU.S.dollars7.375%SeniorSecuredNotesdue2020,togetherwiththe€50,000thousand(56,928thousandU.S.dollarsasofMarch31,2016)RevolvingCreditFacility.

39

TheobjectofcombiningaBraziliantermloanwithaUSDbondistocreateanaturalhedgefortheinterestpaymentsontheBrazilianloan,whichareservicedwithcashflowfromAtentoBrazil,denominatedinBrazilianReais.

Argentineansubsidiariesarenotpartytothesetwodebtstructures,andasaresultwedonotrelyoncashflowsfromtheseoperationstoserveCompany’sdebtcommitments.

Interest Rate Risk

Interestrateriskarisesmainlyasaresultofchangesininterestrateswhichaffect:financecostsofdebtbearinginterestatvariablerates(orshort-termmaturitydebtexpectedtoberenewed),asaresultoffluctuationsininterestrates,andthevalueofnon-currentliabilitiesthatbearinterestatfixedrates.AtentoGroup´sfinancecostsareexposedtofluctuationsininterest rates. AsofMarch31,2016,AtentoGroup´sfinancecostsareexposedtofluctuationsininterest rates44.0%(excludingCVIsandtheeffectoffinancialderivativeinstruments)bearsinterestatvariablerateswhileatDecember31,2015,thisamountwas41.9%.

AsofMarch31,2016,theestimatedfairvalueoftheinterestratehedginginstrumentsrelatedtotheBrazilianDebenturestotaled7,142thousandU.S.dollars,whichwasrecordedasafinancialasset.Basedonourtotalindebtednessof597,020thousandU.S.dollarsasofMarch31,2016andnottakingintoaccounttheimpactofourinterestratehedginginstrumentsreferredtoabove,a1%changeininterestrateswouldimpactournetinterestexpenseby450thousandU.S.dollars.

AsofDecember31,2015,theestimatedfairvalueoftheinterestratehedginginstrumentsrelatedtotheBrazilianDebenturestotaled9,993thousandU.S.dollars,whichwasrecordedasa financial asset. Basedonourtotal indebtednessof 575,566thousandU.S.dollars asof December31, 2015andnot takingintoaccount theimpactofourinterestratehedginginstrumentsreferredtoabove,a1%changeininterestrateswouldimpactournetinterestexpenseby2,359thousandU.S.dollars.

Foreign Currency Risk

Ourexchangerateriskarisesfromourlocalcurrencyrevenues,receivablesandpayableswhiletheU.S.dollarisourreportingcurrency.Webenefittoacertaindegreefromthefact that therevenuewecollect ineachcountry, inwhichwehaveoperations, is generallydenominatedinthesamecurrencyasthemajorityoftheexpensesweincur.

Inaccordancewithourriskmanagementpolicy,wheneverwedeemitappropriate,wemanageforeigncurrencyriskbyusingderivativestohedgeanyexposureincurredincurrenciesotherthanthoseofthefunctionalcurrencyofthecountries.

AsofMarch31, 2016, theestimatedfair valueofthecross-currencyswapsdesignatedashedginginstruments inanet investment relationshiptotaled50,819thousandU.S.dollars(assetof54,724thousandU.S.dollars,asofDecember31,2015).

Credit Risk

The Atento Group seeks to conduct all of its business with reputable national and international companies and institutions of established solvency in theircountriesoforigin,soastominimizecreditrisk.Asaresultofthispolicy,theAtentoGrouphasnomaterialadjustmentstomaketoitstradeaccounts.

Accordingly, the Atento Group’s commercial credit risk management approach is based on continuous monitoring of the risks assumed and the financialresourcesnecessarytomanagetheGroup’svariousunits,inordertooptimizetherisk-rewardrelationshipinthedevelopmentandimplementationofbusinessplansinthecourseoftheirregularbusiness.

Creditriskarisingfromcashandcashequivalentsismanagedbyplacingcashsurplusesinhighqualityandhighlyliquidmoneymarketassets.Theseplacementsare regulated by a master agreement revised annually on the basis of the conditions prevailing in the markets and the countries where Atento operates. The masteragreementestablishes:(i)themaximumamountstobeinvestedpercounterparty,basedontheirratings(longandshorttermdebtratings);(ii)themaximumperiodoftheinvestment;and(iii)theinstrumentsinwhichthesurplusesmaybeinvested.

TheAtentoGroup´smaximumexposuretocreditriskisprimarilylimitedtothecarryingamountsofitfinancialassets.TheAtentoGroupholdsnoguaranteesascollectioninsurance. TheAtentoGroupcarries out significant transactions withtheTelefónica Groupamountedto222,980thousandU.S. dollars (207,173thousandU.S.dollarsasofDecember31,2015).

40

Liquidity Risk

The Atento Group seeks to match its debt maturity schedule to its capacity to generate cash flowto meet the payments falling due, factoring in a degree ofcushion.Inpractice, thishasmeantthattheAtentoGroup’saveragedebtmaturitymustbelongerthanthelengthoftimewerequiredpayingitsdebt(assumingthatinternalprojectionsaremet).

Capital Management

TheAtentoGroup’sFinanceDepartment,whichisinchargeofthecapitalmanagement,takesvariousfactorsintoconsiderationwhendeterminingtheGroup’scapitalstructure.

TheAtentoGroup’scapitalmanagementgoalistodeterminethefinancialresourcesnecessarybothtocontinueitsrecurringactivitiesandtomaintainacapitalstructurethatoptimizesownandborrowedfunds.

TheAtentoGroupsetsanoptimaldebtlevelinordertomaintainaflexibleandcomfortablemediumtermborrowingstructure,inordertobeabletocarryoutitsroutine activities under normal conditions and also address new opportunities for growth. Debt levels are kept in line with forecast future cash flows and withquantitativerestrictionsimposedunderfinancingcontracts.

Inadditiontothesegeneralguidelines,otherconsiderationsandspecificsaretakenintoaccountwhendeterminingtheAtentoGroup’sfinancialstructure,suchascountryriskinthebroadestsense,taxefficiencyandvolatilityincashflowgeneration.

Among the restrictions imposed under financing arrangements, the debentures contract lays out certain general obligations and disclosures in respect of thelendinginstitutions.Specifically,theborrower(BCBrazilcoParticipações,S.A.,whichhasnowmergedwithAtentoBrasil,S.A.)mustcomplywiththequarterlynetfinancialdebt/EBITDAratiosetoutinthecontractterms.

Thecontractalsosetsoutadditionalrestrictions,includinglimitationsondividends,paymentsanddistributionstoshareholdersandcapacitytoincuradditionaldebt.

TheSuperSeniorRevolvingCreditFacilitycarriesnofinancialcovenantobligationsregardingdebtlevels.However,thecreditfacilitydoesimposelimitationson the use of the funds, linked to compliance with a debt ratio. The contract also includes other restrictions, including: limitations on the distribution of dividends,paymentsordistributionstoshareholders,thecapacitytoincuradditionaldebt,andoninvestmentsanddisposalofassets.

The Senior Secured Notes issued in 2013 carry no limitation covenant obligations regarding debt levels. However, the Notes do impose limitations on thedistributionsondividends,paymentsordistributionstotheshareholders,theincurringofadditionaldebt,andoninvestmentsanddisposalsofassets.

Asofthedateoftheseconsolidatedfinancialstatements,theAtentoGroupwasincompliancewithallrestrictionsestablishedintheaforementionedfinancingcontracts, and does not foresee any future non-compliance. To that end, the Atento Group regularly monitors figures for net financial debt with third parties andEBITDA.

5.2 Fair value estimation

a) Level 1: Thefairvalueoffinancialinstrumentstradedonactivemarketsisbasedonthequotedmarketpriceatthereportingdate.

b) Level 2: Thefairvalueoffinancialinstrumentsnottradedinanactivemarket(i.e. OTCderivatives)isdeterminedusingvaluationtechniques.Valuationtechniquesmaximizetheuseofavailableobservablemarketdata,andplaceaslittlerelianceaspossibleonspecificcompanyestimates.Ifallofthesignificantinputsrequiredtocalculatethefairvalueofafinancialinstrumentareobservable,theinstrumentisclassifiedinLevel2.TheAtentoGroup’sLevel2financialinstrumentscompriseinterestrateswapsusedtohedgefloatingrateloansandcrosscurrencyswaps.

c) Level 3: Ifoneormoresignificantinputsarenotbasedonobservablemarketdata,theinstrumentisclassifiedinLevel3.

TheAtentoGroup’sassetsandliabilitiesmeasuredatfairvalueasofDecember31,2015andMarch31,2016areclassifiedinLevel2.Notransferswerecarriedoutbetweenthedifferentlevelsduringtheyear.

41

6. SEGMENT INFORMATION

ThefollowingtablespresentfinancialinformationfortheAtentoGroup’soperatingsegmentsforthethreemonthsendedMarch31,2015and2016(inthousandU.S.dollars):For the three months ended March 31, 2015

(unaudited) EMEA Americas Brazil Other and

eliminations Total GroupSalestoothercompanies 25,438 97,132 161,459 - 284,029SalestoTelefónicaGroup 39,328 89,871 102,668 - 231,867Salestoothergroupcompanies 43 435 - (477) 1Otheroperatingincomeandexpense (61,273) (164,739) (232,893) (1,298) (460,203)EBITDA 3,536 22,699 31,234 (1,775) 55,694Depreciationandamortization (3,446) (10,216) (14,041) (238) (27,941)Operating profit/ (loss) 90 12,483 17,193 (2,013) 27,753Financialresults (2,144) (8,893) (5,081) 14,505 (1,613)Incometax 641 (5,158) (4,551) 3,442 (5,626)Profit/(loss) for the period (1,413) (1,568) 7,561 15,934 20,514EBITDA 3,536 22,699 31,234 (1,775) 55,694Acquisitionandintegrationrelatedcosts - 108 - - 108Restructuringcosts 455 575 - - 1,030Siterelocationcosts - 15 404 - 419Financingfees - - - 313 313AssetimpairmentsandOther 22 14 104 645 785Adjusted EBITDA 4,013 23,411 31,742 (817) 58,349Capitalexpenditure 3,814 14,197 30,683 - 48,694Fixedassetsandintangibles(asofDecember31,2015) 62,014 211,105 266,454 2,372 541,945Allocatedassets(asofDecember31,2015) 417,828 590,884 618,925 (249,221) 1,378,416Allocatedliabilities(asofDecember31,2015) 278,871 327,042 456,823 (82,111) 980,625

For the three months ended March 31, 2016

(unaudited) EMEA Americas Brazil Other and

eliminations Total GroupSalestoothercompanies 20,593 93,809 119,753 1 234,156SalestoTelefónicaGroup 39,361 83,056 62,779 - 185,196Salestoothergroupcompanies 2 401 - (403) -Otheroperatingincomeandexpense (61,089) (154,632) (164,482) (1,872) (382,075)EBITDA (1,133) 22,634 18,050 (2,274) 37,277Depreciationandamortization (2,512) (8,132) (10,863) (144) (21,651)Operating profit/ (loss) (3,645) 14,502 7,187 (2,418) 15,626Financialresults (2,998) (3,043) (8,319) (5,063) (19,423)Incometax 1,601 (5,090) 1,155 1,372 (962)Profit/(loss) for the period (5,042) 6,369 23 (6,109) (4,759)EBITDA (1,133) 22,634 18,050 (2,274) 37,277Acquisitionandintegrationrelatedcosts - - - - -Restructuringcosts 4,196 784 1,201 - 6,181Sponsormanagementfees - - - - -Siterelocationcosts 18 66 5,608 - 5,692FinancingandIPOfees - - - - -AssetimpairmentsandOther (398) (1) (37) - (436)Adjusted EBITDA 2,683 23,483 24,822 (2,274) 48,714Capitalexpenditure 94 978 4,409 - 5,481Fixedassetsandintangibles(asofMarch31,2016) 62,226 204,442 283,993 2,331 552,992Allocatedassets(asofMarch31,2016) 426,303 589,439 677,958 (261,722) 1,431,978Allocatedliabilities(asofMarch31,2016) 296,352 318,376 503,416 (95,615) 1,022,529

42

“Otherandeliminations”includesactivitiesofthefollowingintermediateholdingsinSpain:AtentoSpainHoldco,S.L.U.andGlobalRossolimo,S.L.U.,aswellasinter-grouptransactionsbetweensegments.

During the three months ended March 31, 2016approximately 44.2%of sales arose fromservices provided to companies belonging to the Telefónica Group(44.9%forthethreemonthsendedMarch31,2015).

7. INTANGIBLE ASSETS, PROPERTY, PLANT AND EQUIPMENT AND GOODWILL

Therewerenochangesinthecontextofthenote, andCompany’sManagementconsideredthevariationsofamountsrelatedtotheperiodendedMarch31,2016inrelationtotheperiodendedDecember31,2015,notrelevant.

At January2, 2015, AtentoBrazil S.A. enteredinto a Master Agreements regardingtheacquisition of rights to use Microsoft Software fromSoftware OnecommerceandComputerServicesLtda.(“Contractor”), inwhichthecontractorprovidesMicrosoftSoftwarelicensestoAtentoanditsaffiliatesinBrazil, Colombia,Corporation,ElSalvador,Peru,Guatemala,MexicoandUnitedStatesofAmerica(“U.S.A.”).

Acquisitionpricesstatedintheagreements,whichwillbepaidin3(three)annualpaymentsdueon2015,2016and2017.ThetotalamountonMarch31,2015is39,550thousandU.S.dollars.Thesoftwarelicenseshavefiveyearsusefullife.

8. EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT

Share capital

AsofMarch31,2016sharecapitalstoodat48thousandU.S.dollars,dividedinto73,751,131shares.PikCoowns85.1%ofordinarysharesofAtentoS.A.

Share premium

Thesharepremiumreferstothedifferencebetweenthesubscriptionpricethattheshareholderspaidforthesharesandtheirnominalvalue.Sincethisisacapitalreserve,itcanonlybeusedtoincreasecapital,offsetlosses,redeem,reimburseorrepurchaseshares.

Legal reserve

According to commercial legislation in Luxembourg, Atento S.A. must transfer 5%of its year profits to legal reserve until the amount reaches 10%of sharecapital.Thelegalreservecannotbedistributed.

AsofDecember31,2015andMarch31,2016,nolegalreservehadbeenestablished,mainlyduetothelossesincurredbyAtentoS.A.

Retained earnings/(losses)

Movementsinretainedearnings/(losses)duringthethreemonthsendedMarch31,2016areasfollow:Thousands of U.S. dollars

As of December 31, 2015 (audited) (53,663)Lossfortheperiod(unaudited) (4,760)As of March 31, 2016 (unaudited) (58,423)

43

Translation differences

Translation differences reflect the differences arising on account of exchange rate fluctuations when converting the net assets of fully consolidated foreigncompaniesfromlocalcurrencyintoAtentoGroup’spresentationcurrency(U.S.dollars)bythefullconsolidationmethod.

Stock-based compensation

a)Descriptionofshare-basedpaymentarrangements

Intheyearof2014,Atentograntedtwoshare-basedpaymentstodirectors,officersandotheremployees,fortheCompanyanditssubsidiaries.Theshare-basedpaymentsareTimeRestrictedStockUnits(“RSU”)andPerformanceRSU.AreferenceismadetotheannualfinancialstatementsforMarch31,2016,foradescriptionofthearrangementandtheirvestingconditions.

b)Measurementoffairvalue

ThefairvalueoftheRSUsforbotharrangementshasbeenmeasuredusingtheBlack-Scholesmodel.Asbothprogramsareequitysettled,fairvalueoftheRSUsismeasuredatgrantdateandnotremeasuredsubsequently.FortheinputsusedintheBlack-Scholesmodel,areferenceismadetotheannualfinancialstatements.

c)OutstandingRSUs

AsofMarch31, 2016, thereare95,029TimeRSUsoutstandingand738,682PerformanceRSUsoutstanding. Holdersof RSUswill receivetheequivalent insharesofAtentoS.A.withoutcashsettlementofstockvalueswhentheRSUsvest.

AnoverviewofthecurrentRSUsthatareoutstandingisgiveninthetablebelow: Time RSU Performance RSUOutstanding December 31, 2015 119,634 871,649

Forfeited(*) (24,605) (132,967)Outstanding March 31, 2016 95,029 738,682

(*)RSUsareforfeitedduringtheperiodduetoemployeesfailingtosatisfytheserviceconditions.

d)ExpenserecognizedinProfitorLoss

Inthefirstquarterof2016,227thousandU.S.dollarsrelatedtostock-basedcompensationwererecordedasemployeebenefitexpenses.

Cash Flow Hedge

MovementsinvaluationadjustmentsinthethreemonthsendedMarch31,2016wereasfollow:

Thousands of U.S. dollars

As of December 31, 2015 (audited) 18,629Cashflowhedge (5,901)As of March 31, 2016 (unaudited) 12,728

RefertoNote10.Financialliabilities-Derivativesforfurtherdetails.

44

9. FINANCIAL ASSETS

ThebreakdownoftheCompany’sfinancialassetsbycategoryasofDecember31,2015andMarch31,2016isasfollow:

Thousands of U.S. dollarsDecember 31, 2015

Loans and receivables

Derivatives

Total(audited) Tradeandotherreceivables 5,539 - 5,539Otherfinancialassets 42,871 - 42,871Derivativefinancialinstruments(Note10) - 65,401 65,401Non-current financial assets 48,410 65,401 113,811 Tradeandotherreceivables 401,127 - 401,127Otherfinancialassets 769 - 769Cashandcashequivalents 184,020 - 184,020Current financial assets 585,916 - 585,916 TOTAL FINANCIAL ASSETS 634,326 65,401 699,727

Thousands of U.S. dollarsMarch 31, 2016

Loans and receivables

Derivatives

Total(unaudited) Tradeandotherreceivables 5,727 - 5,727Otherfinancialassets 47,897 - 47,897Derivativefinancialinstruments(Note10) - 58,236 58,236Non-current financial assets 53,624 58,236 111,860 Tradeandotherreceivables 464,390 - 464,390Otherfinancialassets 890 - 890Cashandcashequivalents 148,627 - 148,627Current financial assets 613,907 - 613,907 TOTAL FINANCIAL ASSETS 667,531 58,236 725,767

45

DetailsofotherfinancialassetsasofDecember31,2015andMarch31,2016areasfollow:

Thousands of U.S. dollars 12/31/2015 3/31/2016 (audited) (unaudited) Othernon-currentreceivables 9,867 11,034Non-currentguaranteesanddeposits 33,004 36,863Total non-current 42,871 47,897 Othercurrentreceivables 148 4Currentguaranteesanddeposits 621 886Total current 769 890 Total 43,640 48,787

“Guarantees anddeposits”asofDecember31, 2015andMarch31,2016primarily comprisedeposits postedwiththecourts inrelationtolegal disputeswithemployeesofthesubsidiaryAtentoBrasil,S.A.andforlitigationunderwaywiththeBraziliansocialsecurityauthority(InstitutoNacionaldoSeguroSocial).

ThebreakdownoftradeandotherreceivablesasofDecember31,2015andMarch31,2016isasfollow:

Thousands of U.S. dollars 12/31/2015 3/31/2016 (audited) (unaudited)Non-currenttradereceivables 5,539 5,727Total non-current 5,539 5,727Currenttradereceivables 373,905 429,589Otherreceivables 13,191 13,000Prepayments 4,505 8,193Personnel 9,526 13,608Total current 401,127 464,390Total 406,666 470,117

Forthepurposeoftheinterimfinancialstatementsofcashflow,cashandcashequivalentsarecomprisedofthefollowing:

Thousands of U.S. dollars

12/31/2015 3/31/2016(audited) (unaudited)

Cashandcashequivalentsatbanks 155,063 117,904Cashequivalents 28,957 30,723Total 184,020 148,627

"Cashequivalents"comprisesshort-termfixed-incomesecuritiesinBrazil,whichmatureinlessthan90daysandaccrueinterestindexedtotheCDI.

46

10. FINANCIAL LIABILITIES

ThebreakdownoftheCompany’sfinancialliabilitiesbycategoryasofDecember31,2015andMarch31,2016isasfollow:

Derivatives

Other financial liabilities

at amortized cost

TotalDecember 31, 2015 (audited) Debenturesandbonds - 447,641 447,641Interest-bearingdebt - 58,669 58,669Financeleasepayables - 2,727 2,727Derivativefinancialinstruments 684 - 684CVIs - 26,240 26,240Tradeandotherpayables(*) - 193 193 Non-current financial liabilities 684 535,470 536,154Debenturesandbonds - 22,163 22,163Interest-bearingdebt - 16,116 16,116Financeleasepayables - 2,010 2,010Tradeandotherpayables(*) - 188,918 188,918Current financial liabilities - 229,207 229,207TOTAL FINANCIAL LIABILITIES 684 764,677 765,361(*)Excludingdeferredincomeandnon-financialliabilities.

Derivatives

Other financial liabilities

at amortized cost

TotalMarch 31, 2016 (unaudited) Debenturesandbonds - 463,283 463,283Interest-bearingdebt - 59,366 59,366Financeleasepayables - 2,248 2,248Derivativefinancialinstruments 275 - 275CVIs - 23,860 23,860Tradeandotherpayables(*) - 110 110Non-current financial liabilities 275 548,867 549,142Debenturesandbonds - 25,645 25,645Interest-bearingdebt - 20,634 20,634Financeleasepayables - 1,984 1,984Tradeandotherpayables(*) - 210,283 210,283Current financial liabilities - 258,546 258,546TOTAL FINANCIAL LIABILITIES 275 807,413 807,688(*)Excludingdeferredincomeandnon-financialliabilities.

47

DebtwiththirdpartiesasofDecember31,2015andMarch31,2016isasfollow:

Thousands of U.S. dollars

12/31/2015 3/31/2016(audited) (unaudited)

SeniorSecuredNotes 292,433 292,830Brazilianbonds–Debentures 155,208 170,453Bankborrowing 58,669 59,366CVIs 26,240 23,860Financeleasepayables 2,727 2,248Total non-current 535,277 548,757SeniorSecuredNotes 9,280 3,749Brazilianbonds–Debentures 12,883 21,896Bankborrowing 16,116 20,634Financeleasepayables 2,010 1,984Total current 40,289 48,263TOTAL DEBT WITH THIRD PARTIES 575,566 597,020

Debentures

Therewerenochangesinthecontextofthenote,andCompany’sManagementconsidersthevariationsofamountsrelatedtotheperiodendedMarch31,2016inrelationtotheperiodendedDecember31,2015,notrelevant,exceptfor9.4millionoftheinterestaccruedintheperiodandtheexchangerateimpact.

Bank borrowings

OnFebruary3,2014,AtentoBrasilS.A.enteredintoacreditagreementwithBancoNacionaldeDesenvolvimentoEconômicoeSocial—BNDES(“BNDES”)inanaggregateprincipalamountofBRL300million(the“BNDESCreditFacility”),equivalentto84.3millionU.S.dollarsasofMarch31,2016.

ThetotalamountoftheBNDESCreditFacilityisdividedintofivetranchesinthefollowingamountsandsubjecttothefollowinginterestrates:

Tranche Interest Rate

TrancheA Long-TermInterestRate(TaxadeJurosdeLongoPrazo-TJLP)plus2.5%perannumTrancheB SELICRateplus2.5%perannumTrancheC 4.0%peryearTrancheD 6.0%peryearTrancheE Long-TermInterestRate(TaxadeJurosdeLongoPrazo-TJLP)

Eachtrancheintendtofinancedifferentpurposes,asdescribedbelow:

• TrancheAandB:investmentsinworkstations,infrastructure, technology,training, servicesandsoftwaredevelopment, marketingandcommercialization,withinthescopeofBNDESprogram,DesenvolvimentodaIndústriaNacionaldeSoftwareeServiçosdeTecnologiadeInformação–BNDESProsoft.

•TrancheC:ITequipmentacquisition,coveredbylaw8.248/91,withnationaltechnology,necessarytoexecutetheprojectdescribedontranches“A”and“B”

•TrancheD:acquisitionsofdomesticmachineryandequipment,withinthecriteriaofFINAME,necessarytoexecutetheprojectdescribedontranches“A”and“B”

•TrancheE:investmentsinsocialprojectstobeexecutedbyAtentoBrasilS.A.48

BNDESreleasesthecreditfacilityoncethedebtormetcertainrequirementsinthesignedcontractasdelivertheguarantee(stand-byletter)anddemonstratetheexpenditurerelatedtotheproject.Sincethebeginningofthecreditfacilitythefollowingamountswerereleased:

(Thousands of U.S. dollars) Date Tranche A Tranche B Tranche C Tranche D Tranche E TotalMarch27,2014 7,121 3,515 4,922 352 - 15,910April16,2014 2,960 1,480 2,072 147 - 6,659July16,2014 - - - - 169 169August13,2014 17,588 1,921 2,824 304 - 22,637Subtotal 2014 27,669 6,916 9,818 803 169 45,375March26,2015 5,159 1,290 1,831 150 - 8,430April17,2015 10,318 2,580 3,661 300 - 16,859December21,2015 8,113 2,022 - - 197 10,332Subtotal 2015 23,590 5,892 5,492 450 197 35,621Total 51,259 12,808 15,310 1,253 366 80,996

Thefacilityshouldberepaidin48monthlyinstallments.ThefirstpaymentwasmadeonMarch15,2016andthelastpaymentwillbedueonFebruary15,2020.

TheBNDESCreditFacilitycontainscovenantsthatrestrictAtentoBrasilS.A.’sabilitytotransfer,assign,chargeorselltheintellectualpropertyrightsrelatedtotechnologyandproductsdevelopedbyAtentoBrasilS.A.withtheproceedsfromtheBNDESCreditFacility.AsofMarch31,2016,wewereincompliancewiththesecovenants.TheBNDESCreditFacilitydoesnotcontainanyotherfinancialmaintenancecovenants.

TheBNDESCredit Facility containscustomaryevents of default includingthefollowing: (i) reductionofthenumberof theemployeesof AtentoBrasil S.A.withoutprovidingprogramsupportforoutplacement, astraining,jobseekingassistanceandobtainingpre-approvalofBNDES,(ii) existenceofanunfavorablecourtdecisionagainsttheCompanyfortheuseofchildrenasworkforce,slaveryoranyenvironmentalcrimesand(iii)inclusionintheby-lawsofAtentoBrasilS.A.ofanyprovisionthatrestrictsAtentoBrasilS.A.’sabilitytopayingitsobligationsundertheBNDESCreditFacility.

OnJanuary28,2013AtentoLuxco1,enteredintoaSuperSeniorRevolvingCreditFacility(the“RevolvingCreditFacility),whichprovidesforborrowingsofupto€50million(equivalentto56.9millionU.S.dollarsasofMarch31,2016).

TheRevolvingCredit Facility allowsborrowingsin Euros, MexicanpesosandUSdollars andincludes borrowingscapacity for letters of credit andancillaryfacilities(includinganoverdraft, guarantee,bonding,documentaryandstand-byletterofcredit facility, ashorttermloanfacility, aderivativesfacility, andaforeignexchangefacility.

ThisfacilitymaturesonJuly2019.AsofMarch31,2016theRevolvingCreditFacilityremainsundrawn.

AsatJune28,2011,AtentoMaroc,S.A.arrangedaloanwithBancoSabadellforanamountof21.2millionMoroccanDirhamsmaturingonJune28,2016withanannualrateofinterest of6%.AsofMarch31,2016,theprincipalloanbalancewas0.5millionDirhams(0.01millionU.S.dollars)(3.4millionDirhamsand0.4millionU.S.dollarsasofDecember31,2015).

Contingent Value Instruments (CVIs)

Asdescribedinthenote1,theacquisitionofAtentoGroup’sArgentiniansubsidiarieswasmadebyCompany’ssubholdings,AtalayaLuxco2,S.à.r.l.(formerlyBCLuxco2,S.à.r.l.)andAtalayaLuxco3,S.à.r.l.(formerlyBCLuxco3,S.à.r.l.).TheacquisitionwillbepaidthroughCVI–ContingentValueInstruments.TheCVIhasanaggregatednominalvalueof$666.8millionArgentinianPesos.

TheCVIistheseniorobligationsofAtalayaLuxco2,S.à.r.l.andAtalayaLuxco3,S.à.r.l.andaresubjecttomandatorypaymentinthefollowingscenarios:A)ifanyyearbetween2012to2022theArgentiniansubsidiaryhasexcesscashequal 90%ofitscashavailable, eliminatinganylocaldistributionandconsideringothersconditionsasdefinedintheCVIindenture,theexcesswillbeusedtopaytheCVI.B)theremainderamountnotpaidduring2012to2022(ifany)willbepaidintegrallyin2022.

49

The obligations of Atalaya Luxco 2, S.à.r.l. and Atalaya Luxco 3, S.à.r.l. under each CVI will be extinguished on the earlier of: (i) the date on which theoutstandingbalanceundersuchCVIisreducedtozero(inrespectofrepaymentofoutstandingdebtorreductionoftheoutstandingbalancepursuanttothetermsandconditions of the CVI); and (ii) December 12, 2022. During the term of the CVI, the CVI holders have preferential purchase rights in the event the Argentiniansubsidiariesaresold.

ThereisnoadditionalcovenantsorconditionsassociatedintheCVI,asofMarch31,2016,wewereincompliancewiththetermsandconditionsoftheCVI.

TheCVIdoesnotincurinterestandarevaluedbydiscountingthetotalmaturityvaluebacktotheissuedateusingthemarketinterestrate.AsofMarch31,2016,thebalancewas$23.9million.UnderthetermsofCVI,AtalayaLuxco2,S.à.r.l.andAtalayaLuxco3,S.à.r.l.havetherighttooff-setcertainamountsspecifiedintheSPA(inthecircumstancesspecifiedintheSPA)againsttheoutstandingbalanceundersuchCVI.

TheobligationsundertheCVIarenotguaranteedbyanysubsidiaryotherthanAtalayaLuxco2,AtalayaLuxco3anditsArgentiniansubsidiaries.

Derivatives

DetailsofderivativefinancialinstrumentsasofDecember31,2015andMarch31,2016areasfollow: Thousands of U.S. dollars

12/31/2015 3/31/2016 Assets Liabilities Assets Liabilities (audited) (unaudited)Interestrateswaps-cashflowhedges 9,993 - 7,142 -Cross-currencyswaps-netinvestmenthedges 55,408 (684) 51,094 (275)Total 65,401 (684) 58,236 (275)Non-current portion 65,401 (684) 58,236 (275)

Derivativesheldfortradingareclassifiedascurrentassetsorcurrentliabilities.Thefairvalueofahedgingderivativeisclassifiedasanon-currentassetoranon-currentliability,asapplicable,iftheremainingmaturityofthehedgeditemexceedstwelvemonths.Otherwise,itisclassifiedasacurrentassetorliability.

TheAtentoGrouphascontractedinterestrateswapstohedgefluctuationsininterestratesinrespectofdebenturesissuedinBrazil.

AsofMarch31,2016,thenotionalprincipaloftheinterestrateswapsamountsto413millionBrazilianReais(equivalentto116millionU.S.dollars).

On April 1, 2015, the Company started a hedge accounting program for net investment hedge related to exchange risk between the U.S. dollar and foreignoperationsinEuro,MexicanPeso(MXN),ColombianPeso(COP)andPeruvianNuevoSol(PEN).

50

AsofMarch31,2016thedetailsofcross-currencyswapsthataredesignatedandqualifiedasnetinvestmenthedgesandcashflowhedgewereasfollows:Cash Flow Hedge

Bank Maturity Notionalcurrency Index

Notional(thousands)

Fair valueassets

Fair valueliability

Othercomprehensive

income Change in

OCI Income

statement D/(C) D/(C) D/(C) D/(C) D/(C)

Itau 18-Dez BRL BRLCDI 116,047 7,142 - (5,819) 3,956 (1,323) 7,142 - (5,819) 3,956 (1,323)

Net Investment Hedges

Bank Maturity Purchasecurrency

Sellingcurrency

Notional(thousands)

Fair valueassets

Fair valueliability

Othercomprehensive

income Change in

OCI Income

statement D/(C) D/(C) D/(C) D/(C) D/(C)

Santander 20-Jan USD EUR 20,000 3,081 - 960 874 (12)Santander 20-Jan USD MXN 11,111 4,882 (41) (1,806) (171) (82)GoldmanSachs 20-Jan USD EUR 48,000 7,391 - 2,305 2,098 (30)GoldmanSachs 20-Jan USD MXN 40,000 17,623 (147) (6,496) (616) (294)NomuraInternational 20-Jan USD MXN 23,889 10,534 (87) (3,878) (368) (176)NomuraInternational 20-Jan USD EUR 22,000 3,339 - 1,059 964 (14)GoldmanSachs 18-Jan USD PEN 13,800 452 - (75) 68 (4)BBVA 18-Jan USD PEN 55,200 1,818 - (298) 273 (17)GoldmanSachs 18-Jan USD COP 7,200 394 - (132) 34 (6)BBVA 18-Jan USD COP 28,800 1,579 - (526) 135 (25) 51,093 (275) (8,887) 3,291 (660)Total 58,235 (275) (14,706) 7,247 (1,983)

Gainsandlossesonnetinvestmenthedgesaccumulatedinequitywillbetakentotheincomestatementswhentheforeignoperationispartiallydisposedoforsold.

TherewerenoineffectivehedgederivativesinMarch31,2016.

51

11. PROVISIONS AND CONTINGENCIES

TheAtentohascontingentliabilitiesarisingfromlawsuitsinthenormalcourseofitsbusiness.Contingentliabilitieswithaprobablelikelihoodoflossarefullyrecordedasliabilities.

Allchangesinprovisionswhichoccurredduringthefirstquarterof2016aredemonstratedinthetablebelow: Thousands of U.S. dollars

Allocation

Application

Reversals

Translationdifferences

3/31/2016

12/31/2015 Non-current (audited) (unaudited)Provisionsforliabilities 29,532 859 - (2,518) 2,602 30,475Provisionsfortaxes 13,283 910 - (189) 1,364 15,368Provisionsfordismantling 12,065 627 - (26) 1,156 13,822Otherprovisions 140 1 (1) (9) 6 137Total non-current 55,020 2,397 (1) (2,742) 5,128 59,802Current Provisionsforliabilities 6,205 298 (85) (545) (282) 5,591Provisionsfortaxes 876 6 - - 25 907Provisionsfordismantling 1,271 21 - (35) 123 1,380Otherprovisions 3,090 14 (238) - 142 3,008Total current 11,442 339 (323) (580) 8 10,886

“Provisionsforliabilities”primarilyrelatetoprovisionsforlegalclaimsunderwayinBrazil.AtentoBrasil,S.A.hasmadepaymentsinescrowrelatedtolegalclaimsfromex-employees andthe Brazilian social security authority ( InstitutoNacional doSeguroSocial) amounting to 30,859thousandU.S. dollars and34,749thousandU.S.dollarsasofDecember31,2015andMarch31,2016respectively.

“Provisionsfortaxes”mainlyrelatetoprobablecontingenciesinBrazilinrespectofsocialsecuritypayments,whichcouldbesubjecttovaryinginterpretationsbythesocialsecurityauthoritiesconcerned.

Theamountrecognizedunder“Provisionfordismantling”correspondstothenecessarycostofcoveringthedismantlingprocessoftheinstallationsheldunderoperatingleasesforthoseentitiescontractuallyrequiredtodoso.

Giventhenatureoftheriskscoveredbytheseprovisions,itisnotpossibletodetermineareliablescheduleofpotentialpayments,ifany.

AsofMarch31,2016,lawsuitsstillbeforethecourtswereasfollow:

Asof March 31, 2016, Atento Brasil was involved in approximately 11,290labor-related disputes (10,936labor disputes as of December 31, 2015), filed byAtento’semployeesorex-employeesforvariousreasons,suchasdismissalsordifferencesoveremploymentconditionsingeneral.Thetotalamountoftheseclaimswas68,472thousandU.S.dollars(60,803thousandU.S.dollarsinDecember31,2015),ofwhich27,608thousandU.S.dollarsareclassifiedbytheCompany’sinternalandexternallawyersasprobable(26,820thousandU.S.dollarsinDecember31,2015),36,582thousandU.S.dollarsareclassifiedaspossible(30,166thousandU.S.dollarsinDecember31,2015),and4,283thousandU.S.dollarsareclassifiedasremote(3,817thousandU.S.dollarsinDecember31,2015).

Inaddition,asofMarch31,,2016therearelabor-relateddisputesbelongingtothecompanyCBCCtotaling1,529thousanddollars.AccordingtotheCompany’sexternalattorneys,materializationoftheriskeventisprobable.

52

Moreover, asof March31, 2016AtentoBrazil waspartyto14civil public actionsfiledbytheLaborProsecutor’s Officeduetoallegedirregularities mainlyconcerningdailyandgeneralworkingroutine,lackofovertimecontrolandimproperhealthandsafetyconditionsintheworkplace.ThetotalamountinvolvedintheseclaimswasapproximatelyBRL84.0million,ofwhichBRL24.6millionrelatetoclaimsthathavebeenclassifiedasprobablebyourinternalandexternallawyers,forwhich amount Atento Brazil has established a reserve, as indicated in the paragraph above. We expect that our ultimate liability for these claims, if any, will besubstantiallylessthanthefull amountclaimed.TheseclaimsaregenerallybroughtwithrespecttospecificjurisdictionsinBrazil, andit ispossiblethatinthefuturesimilarclaimscouldbebroughtagainstusinadditionaljurisdictions.Wecannotassureyouthatthesecurrentclaimsorfutureclaimsbroughtagainstuswillnotresultinliabilitytous,andthatsuchliabilitywouldnothaveamaterialadverseeffectonourbusiness,financialconditionandresultsofoperations.

Moreover,AtentoBrasil,S.A.has22civillawsuitsongoingforvariousreasons(23inDecember31,2015).Thetotalamountoftheseclaimsisapproximately2,854thousandU.S.dollars(2,514thousandU.S.dollarsinDecember31,2015).AccordingtotheCompany’sexternalattorneys,materializationoftheriskeventispossible.

Inaddition,asofMarch31,2016AtentoBrasil,S.A.has46disputesongoingwiththetaxauthoritiesandsocialsecurityauthorities,forvariousreasonsrelatingtoinfractionproceedingsfiled(42inDecember31,2015).Thetotalamountoftheseclaimsisapproximately31,592thousandU.S.dollars(24,577thousandU.S.dollarsinDecember31,2015).AccordingtotheCompany’sexternalattorneys,materializationoftheriskeventispossible.

Inaddition,asofMarch31,2016therearetaxauthoritiesdisputesbelongingtothecompanyCBCCtotaling3,999thousanddollars.AccordingtotheCompany’sexternalattorneys,materializationoftheriskeventisprobable.

Furthermore, it isimportant tostandoutthattheSuperiorLaborCourtofAppeals(TribunalSuperiordoTrabalho)duringthemonthofAugust/15decidedtochangethefactorofindexationrelatedtolaborcontingencies.ThedecisionchangestheReferenceRateindex(TaxaReferencial-TR)usuallyusedasactofrestatingtheamountofthecontingenciestotheSpecialBroadConsumerPriceindex(IndicedePreçosaoConsumidorAmploEspecial–IPCA-E).Thereareseveralquestionsaboutthismatter,especiallytheperiodtowhichchangeshouldbeappliedaswellasifthenewindexisappropriate.Inaddition,duringOctober,theSupremeCourt(STF)issued a “writ of Mandamus” to the Federation of Brazilian Banks (FEBRABAN) suspending the application of the newindex (IPCA-E). The Company´s externallawyers’opinionconsideredthelikelihoodoflossinaneventualdisputeaspossible.TheamountinvolvedintheperiodfromJune30,2009throughMarch31,2016isapproximately 4,955 thousand U.S. dollars and in the period fromAugust 31, 2015 through March 31, 2016is approximately 2,250 thousand U.S. dollars. Wewillmonitorthismatterduring2016.

Lastly,thereareothercontingencieswhichareclassifiedaspossiblebytheCompany,amountingto5,436thousandsU.S.dollars.

Asof March31, 2016Teleatento del Perú, S.A.C.has a lawsuit underwaywith thePeruviantaxauthorities amountingto 8,901thousandU.S. dollars (8,627thousandU.S.dollarsinDecember31,2015).AccordingtotheCompany’sexternalattorneys,materializationtheriskeventispossible.

AsofMarch31,2016AtentoTeleserviciosEspañaS.A.U.andtherestofSpanishcompanieswaspartytolabor-relateddisputesfiledbyAtentoemployeesorformeremployeesfordifferentreasons,suchasdismissalsanddisagreementsregardingemploymentconditions,totaling2,402thousandU.S.dollars(2,483thousandU.S.dollarsinDecember31,2015).AccordingtotheCompany’sexternallawyers,materializationoftheriskeventispossible.

AsofMarch31,2016AtentoMéxicoS.A.deCVwasapartytolabor-relateddisputesfiledbyAtentoemployeesorformeremployeesfordifferentreasons,suchasdismissalsanddisagreementsregardingemploymentconditions,totaling6,995thousandU.S.dollars(7,359thousandU.S.dollarsinDecember31,2015).AccordingtotheCompany’sexternallawyers,materializationoftheriskeventispossible.

53

12. AVERAGE NUMBER OF GROUP EMPLOYEES

TheaverageheadcountintheAtentoGroupinthethreemonthsendedMarch31,2015and2016andthebreakdownbycountriesisasfollow:

Average headcount March 31, 2015 2016 (unaudited)Brazil 91,970 81,746CentralAmerica 4,917 5,933Chile 4,730 4,821Colombia 6,864 7,904Spain 10,605 10,181Morocco 1,671 1,124Mexico 19,055 20,152Peru 13,846 16,357PuertoRico 752 879UnitedStates 543 776ArgentinaandUruguay 8,237 7,821Corporate 127 133Total 163,317 157,827

13. INCOME TAX

ThebreakdownoftheAtentoGroup’sincometaxexpenseisasfollow:

Thousands of U.S. dollars For the three months ended March 31,

Income taxes 2015 2016 (unaudited)

Currenttaxexpense (3,066) (7,133)Deferredtax (2,560) 6,133Others - 38Total income tax expense (5,626) (962)

ForthethreemonthsendedMarch31,2016,AtentoGroup’sconsolidatefinancialinformationpresentedlossbeforetaxintheamountofUS$3,798thousandU.S.DollarsandataxexpenseofUS$962thousandU.S.DollarscomparedtoaprofitbeforetaxofUS$26,140thousandU.S.DollarsandataxexpenseofUS$5,626thousandU.S.DollarsforthethreemonthsendedMarch31,2015.TheeffectivetaxrateforAtentoGroup’s,underanegativepre-taxbasis,forthethreemonthsendedMarch 31, 2016was 25,3%(versus 21,5%for the three months ended March 31, 2015, under a positive pre-tax basis). The tax expense for the three months endedMarch31,2016isderivedfromtheprofitablesubsidiarieswhichpaidincometaxesattheindividuallevelandalsofromtemporarydifferencesrecognizedmainlyinBrazil.

54

14. RESULTS PER SHARE

BasicresultspersharearecalculatedbydividingtheprofitsattributabletoequityholdersoftheCompanybytheweightedaveragenumberofordinarysharesoutstandingduringtheperiods.

For the three months ended March 31, 2015 2016 (unaudited)Result attributable to equity holders of the Company Atento’sProfit/(loss)attributabletoequityholdersoftheparent(inthousandsofU.S.dollars) 20,514 (4,760)Weigthedaveragenumberofordinaryshares 73,619,511 73,751,131Basic result per thousand shares (in. U.S. dollars) 0.28 (0.06)

Dilutedresultspersharearecalculatedbyadjustingtheweightedaveragenumberofordinarysharesoutstandingtoreflecttheconversionofalldilutiveordinaryshares.Theweightedaveragenumberofordinarysharesoutstandingusedtocalculatebothbasicanddilutednetlosspershareattributabletocommonstockholdersisthesame.Theshare-basedplanwasfirstgrantedinOctober2014.

For the three months ended March 31, 2015 2016 (unaudited)Result attributable to equity holders of the Company Atento’sProfit/(loss)attributabletoequityholdersoftheparent(inthousandsofU.S.dollars)(1) 20,514 (4,760)Potentialincreaseinnumberofordinarysharesoutstandinginrespectofshare-basedplan 1,164,908 817,797Adjustedweightedaveragenumberofordinaryshares 74,784,419 74,568,928Diluted result per thousand shares (in. U.S. dollars) 0.28 (0.06)

(1)Sinceavalueclosetonilwillbepaidfortheordinarysharesinconnectionwiththestockoptionplanthereisnoadjustmenttoprofit/(loss)fortheyear.55

15. RELATED PARTIES

Directors

TheMembersofAtentoBoardofDirectors,asofthedateonwhichthefinancialstatementswerepreparedareAlejandroReynal,FranciscoTostaValimFilho,MelissaBethell,VishalJugdeb,MarkFoster,StuartGent,DevinO´ReillyandThomasIannotti.

AsofMarch31,2016theMembersofBoardofDirectorshavetherightonthestock-basedcompensationasdescribedinNote8.

Key management personnel

Keymanagementpersonnelincludethosepersonsempoweredandresponsibleforplanning,directingandcontrollingtheAtentoGroup’sactivities,eitherdirectlyorindirectly.

KeymanagementpersonnelwithexecutivedutiesintheAtentoGroupinthethreemonthsendedMarch31,2016aredescribedbelow:

2016

Name

Post

AlejandroReynalAmple ChiefExecutiveOfficerandDirectorMauricioTelesMontilha ChiefFinancialOfficerDanielFigueirido ChiefCommercialOfficerJoséIgnacioCebolleroBueno ChiefPeopleOfficerMichaelFlodin ChiefOperationsOfficerMªReyesCerezoRodriguezSedano GeneralCounselMarioCamara BrazilRegionalDirectorMiguelMateyMarañón NorthAmericaRegionalDirectorJuanEnriqueGamé SouthAmericaRegionalDirectorJoseMaríaPérezMelber EMEARegionalDirector

ThefollowingtableshowsthetotalremunerationpaidtotheAtentoGroup’skeymanagementpersonnelinthethreemonthsendedMarch31,2015and2016:

Thousands of U.S. dollars

2015 2016 (unaudited)

Totalremunerationpaidtokeymanagementpersonnel 1,295 1,145

56

Thebreakdownofthetotalremunerationshownaboveisasfollows:

Thousands of U.S. dollars 2015 2016

(unaudited)Salaries and variable remuneration 949 906Salaries 949 906Payment in kind 346 239Medicalinsurance 29 28Lifeinsurancepremiums 3 6Other 314 205Total 1,295 1,145

16. CONSOLIDATED SCHEDULES

ThefollowingconsolidatingfinancialinformationpresentsConsolidatedIncomeStatementsforthethreemonthsendedMarch31,2015and2016,ConsolidatedStatementsofFinancialPositionasofDecember31,2015andMarch31,2016andConsolidatedStatementsofCashFlowforthethreemonthsendedMarch31,2015and 2016 for: (i) (Atento S.A.) (the “Parent”); (ii) (Luxco 1) (the “Subsidiary Issuers”); (iii) the guarantor subsidiaries; (iv) the non-guarantor subsidiaries; (v)eliminationentriesnecessarytoconsolidatetheParentwiththeSubsidiaryIssuers,theguarantorandnon-guarantorsubsidiaries;and(vi)theCompanyonaconsolidatedbasis.TheSubsidiaryIssuersandtheguarantorandnon-guarantorsubsidiariesare100%ownedbytheParent,eitherdirectlyorindirectly.Allguaranteesarefullandunconditionalandjointandseveral.ThisfinancialinformationisbeingpresentedinrelationtotheCompany’sguaranteeofthepaymentofprincipal,premium(ifany)andinterestonthenotesissuedbyBCLuxco1S.A.RefertoNote10“FinancialLiabilities”forfurtherinformationoftheseguaranteednotes.Theprincipaleliminationentriesrelatestoinvestmentsinsubsidiariesandintercompanybalancesandtransactions.

57

Consolidated Income Statements (thousands of U.S. dollars)

FortheThreeMonthsEndedMarch31,2015

GUARANTORS

Parent(Atento S.A.)

SubsidiaryIssuer

(Luxco1) Guarantor

(Midco)

Guarantor(Restricted

Group*) Total

Non-Guarantor(Other**) Eliminations

Consolidated(Atento S.A.)

Revenue - - - 214,455 214,455 301,451 (9) 515,897Otheroperatingincome - - - 278 278 206 (32) 452Supplies - - - (7,438) (7,438) (12,280) 3 (19,715)Employeebenefitexpenses - - (4) (162,326) (162,330) (218,113) 59 (380,384)Depreciation - - - (6,135) (6,135) (7,844) - (13,979)Amortization - - - (7,073) (7,073) (3,119) (3,770) (13,962)Changesintradeprovisions - - - (45) (45) (120) 1 (164)Otheroperatingexpenses (687) (618) (55) (22,760) (22,815) (36,839) 567 (60,392)OPERATING PROFIT/(LOSS) (687) (618) (59) 8,956 8,897 23,342 (3,181) 27,753

Financeincome - 12,157 6,783 417 7,200 6,563 (19,657) 6,263Financecosts - (13,235) (247) (13,771) (14,018) (14,018) 20,735 (20,536)Changeinfairvalueoffinancialinstruments - (19) - (17) (17) - (1,426) (1,462)Netforeignexchangegain/(loss) 1,013 6,744 - 13,976 13,976 1,715 (9,326) 14,122NET FINANCE EXPENSE 1,013 5,647 6,536 605 7,141 (5,740) (9,674) (1,613)PROFIT/(LOSS) BEFORE TAX 326 5,029 6,477 9,561 16,038 17,602 (12,855) 26,140Incometaxbenefit/(expense) (4) (4) (4) (445) (449) (6,437) 1,268 (5,626)PROFIT/(LOSS) FOR THEPERIOD ATTRIBUTABLE TOEQUITY HOLDERS OF THEPARENT 322 5,025 6,473 9,116 15,589 11,165 (11,587) 20,514 *RestrictedGrouphasbeenadjustedtoremovetheoperationsofAtento’sindirectsubsidiariesinBrazil,Argentina,anditsdirectsubsidiariesAtalayaLuxco2S.à.r.l.andAtalayaLuxco3S.à.r.l.ThecolumnincludesLuxco1asparentofthis“GuarantorRestrictedGroup”.**OtherisAtento’sindirectsubsidiariesinBrazil,Argentina,anditsdirectsubsidiariesAtalayaLuxco2S.à.r.l.andAtalayaLuxco3S.à.r.l.

58

FortheThreeMonthsEndedMarch31,2016 GUARANTORS

Parent(Atento S.A.)

SubsidiaryIssuer

(Luxco1) Guarantor(MIDCO)

Guarantor(Restricted

Group*) Total

Non-Guarantor(Other**) Eliminations

Consolidated(Atento S.A.)

Revenue - - - 210,595 210,595 208,756 1 419,352Otheroperatingincome - - - 745 745 42 (12) 775Ownworkcapitalized - - - 4 4 - - 4Supplies - - - (7,348) (7,348) (7,767) (91) (15,206)Employeebenefitexpenses - - (4) (164,180) (164,184) (151,321) (19) (315,524)Depreciation - - - (5,486) (5,486) (5,411) - (10,897)Amortization - - - (4,938) (4,938) (3,115) (2,701) (10,754)Changesintradeprovisions - - - (132) (132) (128) - (260)Otheroperatingexpenses (617) (321) (24) (21,766) (21,790) (29,579) 442 (51,865)OPERATING PROFIT/(LOSS) (617) (321) (28) 7,494 7,466 11,477 (2,380) 15,625 Financeincome - 11,798 7,236 926 8,162 1,923 (20,382) 1,501Financecosts - (14,415) (252) (15,300) (15,552) (10,889) 22,998 (17,858)Changeinfairvalueoffinancialinstruments 482 482 482Netforeignexchangegain/(loss) (222) (4,485) - (4,850) (4,850) 1,524 4,485 (3,548)NET FINANCE EXPENSE (222) (6,620) 6,984 (18,742) (12,240) (7,442) 7,101 (19,423)PROFIT/(LOSS) BEFORE TAX (839) (6,941) 6,956 (11,248) (4,774) 4,035 4,721 (3,798)Incometaxbenefit/(expense) - - - (2,429) (2,429) 547 920 (962)LOSS FOR THE PERIODATTRIBUTABLE TO EQUITYHOLDERS OF THE PARENT (839) (6,941) 6,956 (13,677) (7,203) 4,582 5,641 (4,760) *RestrictedGrouphasbeenadjustedtoremovetheoperationsofAtento’sindirectsubsidiariesinBrazil,Argentina,anditsdirectsubsidiariesAtalayaLuxco2S.à.r.l.andAtalayaLuxco3S.à.r.l.ThecolumnincludesLuxco1asparentofthis“GuarantorRestrictedGroup”.**OtherareAtento’sindirectsubsidiariesinBrazil,Argentina,anditsdirectsubsidiariesAtalayaLuxco2S.à.r.l.andAtalayaLuxco3S.à.r.l.

59

Consolidated Statements of Financial Position (thousands of U.S. dollars)

AsofDecember31,2015

GUARANTORS

Parent

(Atento S.A.)

Subsidiary Issuer

(Luxco1) Guarantor

(Midco)

Guarantor (Restricted

Group*) Total

Non- Guarantor (Other**) Eliminations

Consolidated(Atento S.A.)

ASSETS NON-CURRENTASSETS 541,981 931,806 606,142 623,422 1,229,564 427,248 (2,361,895) 768,704Intangible assets - - - 116,160 116,160 43,276 66,824 226,260Goodwill - - - 53,100 53,100 53,340 17,567 124,007Property, plant and equipment - - - 76,266 76,266 115,411 1 191,678Investments 540,760 233,720 26,177 206,769 232,946 79,846 (1,087,272) -Non-current financial assets 1,221 698,086 579,965 110,797 690,762 88,951 (1,360,097) 118,923Tradeandotherreceivables 1,221 42 - 213 213 5,992 (1,929) 5,539Othertaxesreceivable - - - - - 5,112 - 5,112Othernon-currentfinancialassets - 642,636 579,965 55,176 635,141 67,854 (1,302,760) 42,871Derivativefinancialinstruments - 55,408 - 55,408 55,408 9,993 (55,408) 65,401Deferred tax assets - - - 60,330 60,330 46,424 1,082 107,836CURRENTASSETS 5,960 33,951 1,620 364,443 366,063 264,613 (60,875) 609,712Trade and other receivables 236 7,325 1,610 242,203 243,813 207,873 (34,324) 424,923Tradeandotherreceivables 229 6,565 1,603 226,892 228,495 199,407 (33,569) 401,127Currentincometaxreceivable 7 9 7 8,771 8,778 5,176 (4) 13,966Othertaxesreceivable - 751 - 6,540 6,540 3,290 (751) 9,830Other current financial assets - 3,266 - 381 381 388 (3,266) 769Otherfinancialassets - 3,266 - 381 381 388 (3,266) 769Cash and cash equivalents 5,724 23,360 10 121,859 121,869 56,352 (23,285) 184,020TOTALASSETS 547,941 965,757 607,762 987,865 1,595,627 691,861 (2,422,770) 1,378,416 *RestrictedGrouphasbeenadjustedtoremovetheoperationsofAtento’sindirectsubsidiariesinBrazil,Argentina,anditsdirectsubsidiariesAtalayaLuxco2S.à.r.l.andAtalayaLuxco3S.à.r.l.ThecolumnincludesLuxco1asparentofthis“GuarantorRestrictedGroup”.**OtherareAtento’sindirectsubsidiariesinBrazil,Argentina,anditsdirectsubsidiariesAtalayaLuxco2S.à.r.l.andAtalayaLuxco3S.à.r.l.

60

GUARANTORS

Parent

(Atento S.A.)

Subsidiary Issuer

(Luxco1) Guarantor

(Midco)

Guarantor (Restricted

Group*) Total

Non- Guarantor (Other**) Eliminations

Consolidated(Atento S.A.)

EQUITY AND LIABILITIES EQUITYATTRIBUTABLETOEQUITYHOLDERSOFTHEPARENT 540,455 53,797 576,703 (96,525) 480,178 151,672 (828,311) 397,791Sharecapital 46 43 96 43 139 216,709 (216,889) 48Netinvestment/Sharepremium 639,435 24,459 625,624 24,459 650,083 (3) (674,539) 639,435Retainedearnings/(losses) (21,231) 17,117 29,759 (125,899) (96,140) (130,156) 176,747 (53,663)Translationdifferences (80,361) - (78,776) (7,306) (86,082) 58,670 (101,451) (209,224)Cashflowhedge - 12,178 - 12,178 12,178 6,452 (12,179) 18,629Stock-basedcompensation 2,566 - - - - - - 2,566NON-CURRENTLIABILITIES 383 890,746 29,306 935,660 964,966 355,642 (1,547,691) 664,046Deferredtaxliabilities - - - 26,705 26,705 23,105 6,252 56,062Debtwiththirdparties - 292,432 - 295,272 295,272 240,005 (292,432) 535,277Non-currentpayablestoGroupcompanies - 597,630 29,306 605,109 634,415 23,807 (1,255,852) -Derivativefinancialinstruments - 684 - 684 684 - (684) 684Non-currentprovisions - - - 2,146 2,146 52,874 - 55,020Non-currentnontradepayables 383 - - 5,744 5,744 14,850 (4,975) 16,002Othernon-currenttaxespayable - - - - - 1,001 - 1,001CURRENTLIABILITIES 7,103 21,214 1,753 148,730 150,483 184,547 (46,768) 316,579Debt with third parties - 10,671 - 13,242 13,242 29,037 (12,661) 40,289CurrentpayablestoGroupcompanies - 8,939 - - - - (8,939) -Trade and other payables 7,103 1,604 1,753 128,609 130,362 150,947 (25,168) 264,848Tradepayables 6,798 713 57 42,097 42,154 50,853 (21,837) 78,681Currentincometaxpayable 7 7 7 6,586 6,593 14 (7) 6,614Othercurrenttaxespayable 173 870 232 39,714 39,946 27,874 (869) 67,994Othernontradepayables 125 14 1,457 40,212 41,669 72,206 (2,455) 111,559Current provisions - - - 6,879 6,879 4,563 - 11,442TOTALEQUITYANDLIABILITIES 547,941 965,757 607,762 987,865 1,595,627 691,861 (2,422,770) 1,378,416 *RestrictedGrouphasbeenadjustedtoremovetheoperationsofAtento’sindirectsubsidiariesinBrazil,Argentina,anditsdirectsubsidiariesAtalayaLuxco2S.à.r.l.andAtalayaLuxco3S.à.r.l.ThecolumnincludesLuxco1asparentofthis“GuarantorRestrictedGroup”.**OtherareAtento’sindirectsubsidiariesinBrazil,Argentina,anditsdirectsubsidiariesAtalayaLuxco2S.à.r.l.andAtalayaLuxco3S.à.r.l.

61

AsofMarch31,2016 GUARANTORS

Parent

(Atento S.A.)

SubsidiaryIssuer

(Luxco1) Guarantor(MIDCO)

Guarantor(Restricted

Group*) Total

Non-Guarantor(Other**) Eliminations

Consolidated(Atento S.A.)

ASSETS NON-CURRENT ASSETS 566,888 950,973 640,149 621,450 1,261,599 453,451 (2,446,146) 786,765 Intangible assets - - - 114,642 114,642 61,730 69,589 245,961Goodwill - - - 55,156 55,156 58,524 14,413 128,093Property, plant and equipment - - - 72,908 72,908 106,030 - 178,938Investments 565,611 233,720 26,177 206,769 232,946 79,846 (1,112,123) -Non-current financial assets 1,277 717,253 613,972 109,185 723,157 95,116 (1,419,120) 117,683Tradeandotherreceivables 1,277 23 - 176 176 6,214 (1,963) 5,727Othertaxesreceivable - - - - - 5,823 - 5,823Othernon-currentfinancialassets - 666,136 613,972 57,916 671,888 75,937 (1,366,064) 47,897

Derivativefinancialinstruments - 51,094 - 51,093 51,093 7,142 (51,093) 58,236Deferred tax assets - - - 62,790 62,790 52,205 1,095 116,090

CURRENT ASSETS 5,632 34,732 1,710 376,997 378,707 295,339 (69,197) 645,213Trade and other receivables 245 7,721 1,687 277,066 278,753 245,022 (36,045) 495,696Tradeandotherreceivables 235 6,937 1,677 256,732 258,409 234,077 (35,268) 464,390Currentincometaxreceivable 7 9 7 12,002 12,009 7,353 (4) 19,374Othertaxesreceivable 3 775 3 8,332 8,335 3,592 (773) 11,932Other current financial assets - 3,414 - 6,839 6,839 271 (9,634) 890Otherfinancialassets - 3,414 - 6,839 6,839 271 (9,634) 890Cash and cash equivalents 5,387 23,597 23 93,092 93,115 50,046 (23,518) 148,627TOTAL ASSETS 572,520 985,705 641,859 998,447 1,640,306 748,790 (2,515,343) 1,431,978

*RestrictedGrouphasbeenadjustedtoremovetheoperationsofAtento’sindirectsubsidiariesinBrazil,Argentina,anditsdirectsubsidiariesAtalayaLuxco2S.à.r.l.andAtalayaLuxco3S.à.r.l.ThecolumnincludesLuxco1asparentofthis“GuarantorRestrictedGroup”.**OtherisAtento’sindirectsubsidiariesinBrazil,Argentina,anditsdirectsubsidiariesAtalayaLuxco2S.à.r.l.andAtalayaLuxco3S.à.r.l.

62

GUARANTORS

Parent

(Atento S.A.)

SubsidiaryIssuer

(Luxco1) Guarantor(MIDCO)

Guarantor(Restricted

Group*) Total

Non-Guarantor(Other**) Eliminations

Consolidated(Atento S.A.)

EQUITY AND LIABILITIES EQUITY ATTRIBUTABLE TOEQUITY HOLDERS OF THEPARENT 564,426 43,565 609,075 (124,976) 484,099 159,890 (842,531) 409,449 Sharecapital 46 43 96 (9) 87 216,709 (216,837) 48Netinvestment/Sharepremium 638,226 24,459 625,623 24,459 650,082 (3) (673,329) 639,435Retainedearnings/(losses) (839) (6,941) 6,956 (13,678) (6,722) 4,583 (48,504) (58,423)Translationdifferences (75,696) 17,117 (23,600) (144,635) (168,235) (65,240) 105,031 (187,023)Cashflowhedge - 8,887 - 8,887 8,887 3,841 (8,887) 12,728Stock-basedcompensation 2,689 - - - - - (5) 2,684 NON-CURRENT LIABILITIES 401 926,510 30,907 969,600 1,000,507 372,813 (1,623,702) 676,529Deferredtaxliabilities - - - 26,546 26,546 23,574 5,490 55,610Debtwiththirdparties - 292,830 - 295,136 295,136 253,621 (292,830) 548,757Non-currentpayablestoGroupcompanies - 633,405 30,907 641,677 672,584 24,897 (1,330,886) -Derivativefinancialinstruments - 275 - 275 275 - (275) 275Non-currentprovisions - - - 2,302 2,302 57,500 - 59,802Non-currentnontradepayables 401 - - 3,664 3,664 12,145 (5,201) 11,009Othernon-currenttaxespayable - - - - - 1,076 - 1,076 CURRENT LIABILITIES 7,693 15,630 1,877 153,823 155,700 216,087 (49,110) 346,000Debt with third parties - 5,268 - 8,179 8,179 42,925 (8,109) 48,263CurrentpayablestoGroupcompanies - 8,945 - - - 5,782 (14,727) -Trade and other payables 7,693 1,417 1,877 139,070 140,947 163,068 (26,274) 286,851Tradepayables 7,296 469 55 45,512 45,567 68,144 (22,620) 98,856Currentincometaxpayable 7 7 7 8,276 8,283 1,214 (6) 9,505Othercurrenttaxespayable 263 926 249 38,484 38,733 26,995 (927) 65,990Othernontradepayables 127 15 1,566 46,798 48,364 66,715 (2,721) 112,500Current provisions - - - 6,574 6,574 4,312 - 10,886TOTAL EQUITY ANDLIABILITIES 572,520 985,705 641,859 998,447 1,640,306 748,790 (2,515,343) 1,431,978

*RestrictedGrouphasbeenadjustedtoremovetheoperationsofAtento’sindirectsubsidiariesinBrazil,Argentina,anditsdirectsubsidiariesAtalayaLuxco2S.à.r.l.andAtalayaLuxco3S.à.r.l.ThecolumnincludesLuxco1asparentofthis“GuarantorRestrictedGroup”.**OtherisAtento’sindirectsubsidiariesinBrazil,Argentina,anditsdirectsubsidiariesAtalayaLuxco2S.à.r.l.andAtalayaLuxco3S.à.r.l.

63

Consolidated Statements of Cash Flow (thousands of U.S. dollars)FortheThreeMonthsEndedMarch31,2015 GUARANTORS

Parent(Atento S.A.)

SubsidiaryIssuer

(Luxco1) Guarantor

(Midco)

Guarantor(Restricted

Group*) Total

Non-Guarantor(Other**) Eliminations

Consolidated(Atento S.A.)

Operating activities Profit/(loss) before tax 325 5,029 6,477 9,561 16,038 14,031 (9,283) 26,140Adjustmentstoprofit/(loss): Amortizationanddepreciation - - - 13,208 13,208 14,535 198 27,941Impairmentallowances - - - 45 45 120 (1) 164Changeinprovisions - - - (202) (202) 1,016 - 814Grantsreleasedtoincome - - - (117) (117) - - (117)(Gains)/lossesondisposaloffixedassets - - - 2 2 408 (1) 409Financeincome - (12,157) (6,783) (397) (7,180) (6,540) 19,614 (6,263)Financecosts - 13,235 247 13,768 14,015 13,794 (20,508) 20,536Netforeignexchangedifferences (1,013) (6,725) - (13,975) (13,975) (1,745) 10,798 (12,660)Changeinfairvalueoffinancialinstruments - 19 - 17 17 - 1,426 1,462 (1,013) (5,628) (6,536) 12,349 5,813 21,588 11,526 32,286 Changes in working capital: Changesintradeandotherreceivables 45 892 174 (48,894) (48,720) (1,102) (2,809) (51,694)Changesintradeandotherpayables (1,602) (1,178) (144) (6,249) (6,393) (3,778) 2,922 (10,029)Changeinotherassets/(payables) 2,070 (555) 3 (6,096) (6,093) 12,945 (17,889) (9,522) 513 (841) 33 (61,239) (61,206) 8,065 (17,776) (71,245) Other cash flow from operating activities Interestpaid - (9,521) - (11,206) (11,206) (2,837) 9,521 (14,043)Interestreceived - (536) - (475) (475) 8,209 536 7,734Incometaxpaid (3) (13) (3) (2,742) (2,745) (1,695) (66) (4,522)Otherpayments - - - (3,302) (3,302) (12,607) 9,665 (6,244) (3) (10,070) (3) (17,725) (17,728) (8,930) 19,656 (17,075) Net cash flow from/(used in) operating activities (178) (11,510) (29) (57,054) (57,083) 34,754 4,123 (29,894) Investment activities Paymentsforacquisitionofintangibleassets - - - 1,967 1,967 (2,084) 117 -Paymentsforacquisitionofproperty,plantandequipment - - - 1,475 1,475 (19,408) 8,852 (9,081)Disposalsofproperty,plantandequipment - - - 6 6 408 - 414Disposalsoffinancialinstruments - - - 88 88 - 11,601 11,689Net cash flow provided by/(used in) investment activities - - - 3,536 3,536 (21,084) 20,570 3,022 Financing activities Proceedsfromborrowingfromthirdparties - - - 12 12 8,984 (63) 8,933Proceedsfromborrowingfromgroupcompanies - 9,982 - 11,601 11,601 - (21,583) -Repaymentofborrowingfromthirdparties - - - (155) (155) - 155 -Net cash flow provided by/(used in) financing activities - 9,982 - 11,458 11,458 8,984 (21,491) 8,933 Net increase/(decrease) in cash and cash equivalents (178) (1,528) (29) (42,060) (42,089) 10,890 3,202 (17,939)Exchangedifferences (1,062) (3,338) (7) (7,886) (7,893) (5,882) 1,653 (16,522) Cash and cash equivalents at beginning of period 9,333 29,327 65 145,144 145,209 56,809 (29,238) 211,440 Cash and cash equivalents at end of period 8,093 24,461 29 95,198 95,227 73,581 (24,383) 176,979 *RestrictedGrouphasbeenadjustedtoremovetheoperationsofAtento’sindirectsubsidiariesinBrazil,Argentina,anditsdirectsubsidiariesAtalayaLuxco2S.à.r.l.andAtalayaLuxco3S.à.r.l.ThecolumnincludesLuxco1asparentofthis“GuarantorRestrictedGroup”.

**OtherisAtento’sindirectsubsidiariesinBrazil,Argentina,anditsdirectsubsidiariesAtalayaLuxco2S.à.r.l.andAtalayaLuxco3S.à.r.l.

64

FortheThreeMonthsEndedMarch31,2016 GUARANTORS

Parent(Atento S.A.)

SubsidiaryIssuer

(Luxco1) Guarantor

(Midco)

Guarantor(Restricted

Group*) Total

Non-Guarantor(Other**) Eliminations

Consolidated(Atento S.A.)

Operating activities Profit/(loss) before tax (838) (6,941) 6,957 (11,249) (4,292) 4,036 4,237 (3,798)Adjustmentstoprofit/(loss): Amortizationanddepreciation - - - 10,425 10,425 8,526 2,700 21,651Impairmentallowances - - - 132 132 128 - 260Changeinprovisions - - - (182) (182) 2,013 - 1,831Grantsreleasedtoincome - - - (78) (78) - - (78)(Gains)/lossesondisposaloffixedassets - - - 25 25 (148) - (123)Financeincome - (11,798) (7,236) (926) (8,162) (1,923) 20,382 (1,501)Financecosts - 14,415 251 15,300 15,551 10,889 (22,997) 17,858Netforeignexchangedifferences 222 4,485 - 4,848 4,848 (1,524) (4,483) 3,548Changeinfairvalueoffinancialinstruments - (482) - (482) (482) - 482 (482)Ownworkcapitalized - - - (4) (4) - - (4)Othergains - - - - - (329) - (329) 222 6,620 (6,985) 29,058 22,073 17,632 (3,916) 42,631Changes in working capital: Changesintradeandotherreceivables 5 (353) - (20,818) (20,818) (20,609) 1,684 (40,091)Changesintradeandotherpayables 259 (187) 43 10,745 10,788 10,124 (993) 19,991Changesinotherassets/(payables) (247) 435 (21) (16,347) (16,368) (1,152) (585) (17,917) 17 (105) 22 (26,420) (26,398) (11,637) 106 (38,017)Other cash flow from operating activities Interestpaid - (11,064) - (11,445) (11,445) (3,229) 11,064 (14,674)Interestreceived - 1,112 - 1,189 1,189 (935) (1,112) 254Incometaxpaid - - - (5,539) (5,539) (981) (1) (6,521)Otherpayments - - - (288) (288) (2,453) - (2,741) - (9,952) - (16,083) (16,083) (7,598) 9,951 (23,682)Net cash flow from/(used in) operating activities (599) (10,378) (6) (24,694) (24,700) 2,433 10,378 (22,866) Investment activities Paymentsforacquisitionofintangibleassets - - - - - (5,228) - (5,228)Paymentsforacquisitionofproperty,plantandequipment - - - (6,846) (6,846) (7,014) - (13,860)Disposalsofintangibleassets - - - 18 18 - - 18Disposalsofproperty,plantandequipment - - - 6 6 - - 6Net cash flow used in investment activities - - - (6,822) (6,822) (12,242) - (19,064)Financing activities Proceedsfromborrowingfromgroupcompanies - (6,635) 19 (19) - - 6,635 -Repaymentofborrowingfromthirdparties - - - (56) (56) (1,807) - (1,863)Repaymentofborrowingfromgroupcompanies - 17,250 - - - - (17,250) -Net cash flow provided by/(used in) financing activities - 10,615 19 (75) (56) (1,807) (10,615) (1,863)Net increase/(decrease) in cash and cash equivalents (599) 237 13 (31,591) (31,578) (11,616) (237) (43,793)Exchangedifferences 262 - - 2,824 2,824 5,310 4 8,400Cash and cash equivalents at beginning of period 5,724 23,360 10 121,859 121,869 56,352 (23,285) 184,020Cash and cash equivalents at end of period 5,387 23,597 23 93,092 93,115 50,046 (23,518) 148,627 *RestrictedGrouphasbeenadjustedtoremovetheoperationsofAtento’sindirectsubsidiariesinBrazil,Argentina,anditsdirectsubsidiariesAtalayaLuxco2S.à.r.l.andAtalayaLuxco3S.à.r.l.ThecolumnincludesLuxco1asparentofthis“GuarantorRestrictedGroup”.**OtherisAtento’sindirectsubsidiariesinBrazil,Argentina,anditsdirectsubsidiariesAtalayaLuxco2S.à.r.l.andAtalayaLuxco3S.à.r.l.

65

17. OTHER INFORMATION

a. Guarantees and commitments

AsofMarch31,2016,theAtentoGrouphadissuedguaranteesandcommitmentstothirdpartiesamountingto284,100thousandU.S.dollars(242,022thousandU.S.dollarsasofDecember31,2015).

TheCompany’sdirectorsconsiderthatnocontingencieswillarisefromtheseguaranteesinadditiontothosealreadyrecognized.

ThetotalamountofoperatingleaseexpensesrecognizedintheinterimconsolidatedincomestatementsforthethreemonthsendedMarch31,2016was15,206thousandU.S.dollars(19,061thousandU.S.dollarsasofMarch31,2015).

TherearenocontingentpaymentsonoperatingleasesrecognizedintheinterimconsolidatedincomestatementsforthethreemonthsendedMarch31,2015and2016.

TheoperatingleaseswheretheCompanyactsaslesseearemainlyonpremisesintendedforuseascallcenters.Theseleaseshavevariousterminationdates,withthe latest terminating in 2026. As of March 31, 2016, the payment commitment for the early cancellation of these leases is 115,310thousandU.S. dollars (127,531thousandU.S.dollarsasofDecember31,2015).

66

PART II - OTHER INFORMATION1st Certification of Internal Controls (Sarbanes Oxley - SOx).

OnApril18,2016wefiledtheAnnualReportForm20-FwithSEC,whichincludestheindependentauditors'unqualifiedopinionoverourconsolidatedfinancialstatementsandontheeffectivenessofourinternalcontroloverfinancialreportingasofDecember31,2015.Thiscertificationfortheyear2015isthefirstcertificationof internal controls over financial reporting based on the criteria established in the Internal Control — Integrated Framework (2013) issued by the Committee ofSponsoringOrganizationsoftheTreadwayCommission(“COSO”)obtainedbytheCompany.

LEGAL PROCEEDINGS

SeeNote5totheInterimConsolidatedFinancialStatements.

RISK FACTORS

Therewerenomaterialchangestotheriskfactorsdescribedinsection“RiskFactors”inourAnnualForm20-F,fortheyearendedDecember31,2015.67

SIGNATURES

Pursuant totherequirements of theSecurities ExchangeActof 1934, theregistrant hasdulycausedthis report tobesignedonits behalf bytheundersigned,thereuntodulyauthorized.

ATENTOS.A.

Date:May10,2016

By:/s/AlejandroReynal

Name:AlejandroReynal

Title:ChiefExecutiveOfficer

By:/s/MauricioMontilha

Name:MauricioMontilha

Title:ChiefFinancialOfficer

68

Exhibit 99.1

Exhibit 99.1

PRESS RELEASE

Atento Reports Fiscal 2016 First-Quarter ResultsImproved Balance of Growth, Profitability and Liquidity

·Consolidated revenue grew 2.5%; Company strengthens leadership position in Latin America CRM BPO market ·Revenue in Americas up 16% supported by broad-based country and sector gains·Adjusted EBITDA rose 5.6% with margin of 11.6%·Focus on liquidity drives improvement in working capital·Reaffirmed key financial targets for Fiscal 2016NEW YORK, May 10, 2016 – Atento S.A. (NYSE: ATTO), the largest provider of customer-relationship management and business-process outsourcing services in LatinAmerica, and among the top three providers globally, today announced its first-quarter 2016 operating results. All comparisons in this announcement are year-over-year and in constant-currency (CCY), unless noted otherwise. Summary

($ in millions) Q1 2016 Q1 2015 CCY Growth

Revenue 419.4 515.9 2.5%Adjusted EBITDA 48.8 58.3 5.6%Margin 11.6% 11.3% Adjusted EPS ( 1 ) $0.13 $0.21 -18.8%

Leverage (x) (2) 1.9 1.4 .

(1) Adjusted earnings per share, for the period ended March 31, 2016, were calculated considering the number of ordinary shares of 73,751,131. For the period ended March 31, 2015 thenumber of ordinary shares was 73,619,511.

(2) Considered the pro-forma Net Debt adjusted to give effect to the Reorganization Transaction, regarding Preferred Equity Certificates.Alejandro Reynal, Atento´s Chief Executive Officer, commented, “We delivered top-line growth in the first quarter, as we made progress on our priorities for Fiscal2016, which include: driving the optimal balance of growth, profitability and liquidity; making targeted investments to deliver even greater value to our clients; andfurther strengthening our balance sheet. We extended our CRM BPO leadership position in Latin America supported by new client wins and an increase in revenue mixfrom higher-value services, especially in the financial services sector. We remain the reference partner for the CRM BPO needs of our clients, as they increasingly lookto partners with robust capabilities and financial strength.”Mauricio Montilha, Atento´s Chief Financial Officer, said, “We continue to navigate the challenging growth environment in Brazil, highlighted by strong inflationaryheadwinds and a significant contraction in GDP. Against this backdrop, we expect our top-line to remain under pressure as we selectively pursue profitable revenueopportunities. In addition, while our cost and efficiency initiatives are delivering expected operational leverage, inflationary headwinds will continue to impact ourprofitability. Our solid first quarter results and vigilance to drive profitable growth, control costs and improve liquidity, provide us with the confidence to reaffirm ourfull-year outlook for revenue growth between 1% and 5% and adjusted EBITDA margin between 11% and 12%.”

1

PRESS RELEASE

First Quarter Consolidated Operating ResultsAll comparisons in this announcement are year-over-year and in constant-currency (CCY), unless noted otherwise. Revenue increased 2.5%, driven by a 16.0% increase in the Americas, which more than offset a 5.6% decline in Brazil and a 5.4% decline in EMEA. Our strategy todiversify our revenue and generate more balanced growth remained on-track as revenue from clients other than Telefónica increased 6.1%, accounting for 56.2% ofrevenue in the quarter. This growth was supported by new client wins and gains in share of wallet in Brazil in several sectors, and in the Americas led by new clientwins in financial services. From a regional perspective, non-Brazil revenue grew 9.7% reaching 56.5% of total revenue, up 380 basis points. On a consolidated basis,revenue from Telefónica declined 1.8% due to macro-driven declines in volume in Brazil and EMEA. However in Americas, where macroeconomic conditions are morefavorable, revenue from Telefónica increased 14%. On a reported basis total Atento revenue declined 18.7%. Adjusted EBITDA increased 5.6%, while adjusted EBITDA margin increased 30 basis points to 11.6%. In Fiscal 2016, Brazil implemented a more phased approach to thetiming of wage increases versus Fiscal 2015. Without this timing difference, adjusted EBITDA margin was 10.6%. The benefit of this timing difference is expected to beoffset in the second and third quarters. As expected, first quarter reported financial results included $11.5 million in non-recurring items mostly related to proactive actions to align cost structure with marketcondition realities, including current and expected macro-driven volume declines in Brazil and Spain and the acceleration of site relocation program in Brazil. Adjusted EPS declined 18.8% to $0.13, driven by an increase in net interest expense, depreciation and a higher share count.Free cash flow in the quarter before interest was $(26.3), $2.4 million better year-over-year supported by an improvement in working capital. Excluding non-recurringitems, free cash flow was better by $9.9 million.Atento ended the first quarter with total liquidity of $206 million and net debt to adjusted EBITDA of 1.9x.Adjusted earnings and adjusted EBITDA are non-GAAP financial measures and are reconciled to their most directly comparable GAAP measures in the accompanyingfinancial tables.Segment Reporting

Q1 2016 Q1 2015 CCY growth

Brazil Region

Revenue 182.5 264.1 -5.6%Adjusted EBITDA 24.9 31.7 4.6%Margin 13.6% 12.0%

Americas Region Revenue 177.3 187.4 16.0%Adjusted EBITDA 23.4 23.4 23.2%Margin 13.2% 12.5%

EMEA Region Revenue 60.0 64.8 -5.4%Adjusted EBITDA 2.7 4.0 -32.5%Margin 4.5% 6.2%

2

PRESS RELEASE

Brazil RegionRevenue for Brazil declined 5.6%, driven by a 16.5% decrease in revenue from Telefónica, which was mostly due to the macro-driven decline in certain commercialactivity. Revenue from other clients increased 1.3%, supported by growth from new clients and an increase in the penetration of higher-value added solutions withexisting clients, mainly in the financial services sector. On a reported basis, revenue declined 30.9%.Adjusted EBITDA increased 4.6%, while margin increased 160 basis points to 13.6%. These actions included rationalization of headcount and an acceleration in therelocation of sites to lower-cost Tier 2 locations. At the end of the quarter, 62% of sites were located in Tier 2 locations, up from 58% at the end of Fiscal 2015.Excluding the timing impact of wage increases, adjusted EBITDA margin was 11.2%. Americas RegionRevenue for Americas increased 16.0%, driven by a 17.9% increase in revenue from clients other than Telefónica. Growth from non-Telefónica clients was supportedby new clients and an increase in share of wallet with existing clients in all markets, particularly in Mexico, Colombia, Peru, Chile and our nearshore business in theUnited States. Revenue from Telefónica increased 14.0%, driven by double-digit growth in Peru and Argentina and single-digit growth in Mexico. Revenue from theAmericas Region comprised 42% of total company revenue in the quarter, up 500 basis points. On a reported basis, revenue declined 5.4%.Adjusted EBITDA increased 23.2%, while margin increased by 70 basis points to 13.2%. The improvement in profitability was driven by the strong growth in revenueand improved operating leverage. EMEA RegionRevenue for EMEA declined 5.4%, driven by a 3.1% decrease in revenue from Telefónica in Spain. Revenue from other clients decreased 8.9% due to lower volumesfrom Public Administration contracts in Spain and our stated strategy to focus on profitable growth, which more than offset private sector growth from new andexisting clients. On a reported basis, revenue declined 7.4%. Adjusted EBITDA declined 32.5%, while adjusted EBITDA margin declined 170 basis points to 4.5%. The decline in profitability was driven by the decline in revenue andramp of new clients. Strong Balance Sheet and Ample Liquidity Enhance Financial FlexibilityAt March 31, 2016, the Company had cash, cash equivalents and short-term financial investments totaling $148.6 million and undrawn revolving credit facilities of €50million for total liquidity of $206 million. Total net debt with third parties equaled $448.4 million, an increase of $28.6 million. The Company’s last twelve month (LTM)adjusted EBITDA to net debt with third parties was 1.9x. During the first quarter of 2016, the Company invested $5.5 million, or 1.3% of revenue, in capital expenditures.

3

PRESS RELEASE

Fiscal 2016 GuidanceThe Company expects to operate in a challenging growth environment in many of its markets during the balance of 2016. In this environment, the Company remainsfocused on driving the optimal balance of profitable growth and liquidity, strengthening its balance sheet and maintaining financial flexibility. By continuing to executeon its priorities for Fiscal 2016, including tight cost controls and disciplined capital allocation, the Company is well-positioned to outperform the market, increase itsleadership position in Latin America, and remain the reference partner for the CRM BPO needs of its clients.For the full year Fiscal 2016, the Company expects:

·Consolidated revenue growth in the range of 1% to 5%, in constant currency.·Adjusted EBITDA margin in the range of 11% to 12%, in constant-currency.·Non-recurring items, which are included as add-backs in adjusted EBITDA, of approximately $15 million with roughly two-thirds expected in the first-half of

the year as the Company continues to align its cost structure with prevailing market conditions.·Net interest expense in the range of $60 million to $65 million.·Debt pay down of $27 million.·Cash capital expenditures of approximately 5% of revenue, reflecting investments in both growth and maintenance.·Effective tax rate of approximately 32%.·Fully diluted share count of approximately 73.8 million shares.

This guidance assumes no acquisitions or changes in the current operating environment, capital structure or exchange rates movements on the translation of ourfinancial statements in USD.Conference CallAtento will host a conference call and webcast for analysts on Tuesday, May 10, 2016 at 5:00 am ET to discuss the financial results. The conference call can beaccessed by dialing: +1 (877) 407-3982 toll free domestic, UK: (+44) 0 800 756 3429 toll free, Brazil: (+55) 0 800 891 6221 toll free, or Spain: (+34) 900 834 236 toll free.All other international callers can access the conference call by dialing: +1 (201) 493-6780 toll free. No passcode is required. Individuals who dial in will be asked toidentify themselves and their affiliations. The conference call will also be webcasted through a link on Atento's Investor Relations website at investors.atento.com. Aweb-based archive of the conference call will also be available at the above website.About Atento

Atento is the largest provider of customer relationship management and business process outsourcing (CRM BPO) services in Latin America, and among the top threeproviders globally, based on revenues. Atento is also a leading provider for U.S.-based companies nearshoring CRM/BPO services to Latin America. Since 1999, thecompany has developed its business model in 14 countries where it employs more than 160,000 people. Atento has over 400 clients to whom it offers a wide range ofCRM BPO services across multiple channels. Atento's clients are mostly leading multinational corporations in sectors such as telecommunications, banking andfinancial services, media and technology, health, retail and public administrations, among others. Atento´s shares trade under the symbol ATTO on the New York StockExchange (NYSE). In 2015, Atento was named one of the World´s 25 Best Multinational Workplaces by Great Place to Work® for third consecutive year. For moreinformation visit www.atento.com Investor Relations Lynn Antipas Tyson+ 1 914-485-1150 lynn.tyson@atento.comMedia Relations Maite Cordero+ 34 91 740 74 47 media@atento.com

PRESS RELEASE

Forward-Looking StatementsThis press release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "expects," "plans,""anticipates," "believes," "estimates," "predicts," "intends," "continue" or similar terminology. These statements reflect only Atento's current expectations and are notguarantees of future performance or results. These statements are subject to risks and uncertainties that could cause actual results to differ materially from thosecontained in the forward-looking statements. These risks and uncertainties include, but are not limited to, competition in Atento’s highly competitive industries;increases in the cost of voice and data services or significant interruptions in these services; Atento’s ability to keep pace with its clients’ needs for rapid technologicalchange and systems availability; the continued deployment and adoption of emerging technologies; the loss, financial difficulties or bankruptcy of any key clients; theeffects of global economic trends on the businesses of Atento’s clients; the non-exclusive nature of Atento’s client contracts and the absence of revenuecommitments; security and privacy breaches of the systems Atento uses to protect personal data; the cost of pending and future litigation; the cost of defendingAtento against intellectual property infringement claims; extensive regulation affecting many of Atento’s businesses; Atento’s ability to protect its proprietaryinformation or technology; service interruptions to Atento’s data and operation centers; Atento’s ability to retain key personnel and attract a sufficient number ofqualified employees; increases in labor costs and turnover rates; the political, economic and other conditions in the countries where Atento operates; changes inforeign exchange rates; Atento’s ability to complete future acquisitions and integrate or achieve the objectives of its recent and future acquisitions; futureimpairments of our substantial goodwill, intangible assets, or other long-lived assets; and Atento’s ability to recover consumer receivables on behalf of its clients. Inaddition, Atento is subject to risks related to its level of indebtedness. Such risks include Atento’s ability to generate sufficient cash to service its indebtedness andfund its other liquidity needs; Atento’s ability to comply with covenants contained in its debt instruments; the ability to obtain additional financing; the incurrence ofsignificant additional indebtedness by Atento and its subsidiaries; and the ability of Atento’s lenders to fulfill their lending commitments. Atento is also subject to otherrisk factors described in documents filed by the company with the United States Securities and Exchange Commission. These forward-looking statements speak only as of the date on which the statements were made. Atento undertakes no obligation to update or revise publicly anyforward-looking statements, whether as a result of new information, future events or otherwise.SELECTED FINANCIAL DATAThe following selected financial information should be read in conjunction with the interim consolidated financial statements and the section entitled “Management’sDiscussion and Analysis of Financial Condition and Results of Operations” presented elsewhere in the Form 6-K.

5

PRESS RELEASE

Consolidated Income Statements For three months ended March 31, Change excluding

($ in millions, except percentage changes) 2016 2015 FX (%)

(unaudited) Revenue 419.4 515.9 2.5

Other operating income 0.8 0.5 100.0

Supplies (15.2) (19.7) (0.7)

Employee benefit expenses (315.5) (380.4) 4.1

Depreciation (10.9) (14.0) (1.8)

Amortization (10.8) (14.0) (5.3)

Changes in trade provisions (0.3) (0.2) N.M.

Other operating expenses (51.9) (60.4) 9.0

Total Operating Expenses (404.6) (488.7) 4.1

OPERATING PROFIT/(LOSS) 15.6 27.7 (26.1)

Finance income 1.5 6.3 (67.4)

Finance costs (17.9) (20.5) 10.5

Change in fair value of financial instruments 0.5 13.0 (96.2)Net foreign exchange gains/(loss) (3.5) (0.4) N.M.

NET FINANCE EXPENSE (19.4) (1.6) N.M.

PROFIT/(LOSS) BEFORE TAX (3.8) 26.1 (116.9)

Income tax expenses (1.0) (5.6) (75.0)

PROFIT/(LOSS) FOR THE PERIOD (4.8) 20.5 (125.9)

Basic result per share (in U.S. dollars) (*) 0.06 0.28 (125.9)

(*) The adjusted basic and diluted result per share, for the period presented in the table above, were calculated based on the number of ordinary shares of 73,751,131 as of March 31, 2016. For theperiod ended March 31, 2015 the number of ordinary shares was 73,619,511.

6

PRESS RELEASE

For the three months ended March 31,($ in millions) 2016 2015 (unaudited)Profit/(loss) for the period (4.8) 20.5 Net finance expense 19.4 1.6Income tax expense 1.0 5.6Depreciation and amortization 21.7 28.0 EBITDA (non-GAAP) (unaudited) 37.3 55.7

Acquisition and integration related costs (a) - 0.1

Restructuring costs (b) 6.2 1.0

Site relocation costs (c) 5.7 0.4

Financing and IPO fees (d) - 0.3

Asset impairments and Others (e) (0.4) 0.8Total non-recurring items 11.5 2.6 Adjusted EBITDA (non-GAAP) (unaudited) 48.8 58.3(a) Acquisition and integration related costs incurred for the three months ended March 31, 2015 are costs associated primarily with financial and operational improvements related toSAP IT transformation project cost.(b) Restructuring costs incurred during the three months ended March 31, 2015 and 2016 primarily included a number of restructuring activities and other personnel costs that are notrelated to our core result of operations. Of the $1.0 million costs incurred for the three months ended March 31, 2015, $0.5 million are related to restructuring in Spain to adapt the organization tolower levels of activity and minor restructurings in Chile and Mexico, totaling $0.5 million. Restructuring costs for the three months ended March 31, 2016, primarily relates to costs to adapt theorganization in EMEA to lower levels of activity, and severance costs in Brazil.(c) Site relocation costs incurred for the three months ended March 31, 2015 include costs associated with our current strategic initiative of relocating call centers from tier 1 cities to tier2 cities in Brazil in order to achieve efficiencies through rental cost reduction and attrition and absenteeism improvement. Site relocation costs incurred for the three months ended March 31, 2016are related to the anticipation for site closures in Brazil in connection of the site relocation program to tier 2 and tier 3 cities.(d) Financing and IPO fees for the three months ended March 31, 2015 relate to remaining costs in connection with the IPO process.(e) Asset impairments and other costs for the three months ended March 31, 2015 refers mainly to the consultancy costs related to the sale of Czech Republic operation and someprocesses related to our headquarters relocation. Asset impairments and other costs incurred for the three months ended March 31, 2016 primarily relates to the collection in EMEA of receivablesthat has previously been impaired.

7

PRESS RELEASE

Reconciliation of Adjusted Earnings to profit/(loss): For the three months ended March 31,($ in millions, except percentage changes) 2016 2015 (unaudited)Profit/(Loss) attributable to equity holders of the parent (4.8) 20.5 Acquisition and integration related Costs (a) - 0.1Amortization of Acquisition related Intangible assets (b) 5.4 7.7Restructuring Costs (c) 6.2 1.0Site relocation costs (d) 5.7 0.4Financing and IPO fees (e) - 0.3Asset impairments and Others (f) (0.4) 0.8Net foreign exchange gain on financial instruments (g) (0.5) (13.0)Net foreign exchange impacts (h) 3.5 0.4Tax effect (i) (5.3) (2.9)Total of Add backs 14.6 (5.2)Adjusted Earnings (non-GAAP) (unaudited) 9.8 15.3

Adjusted Basic Earnings per share(in U.S. dollars) (*) (unaudited) 0.13 0.21(a) Acquisition and integration related costs incurred for the three months ended March 31, 2015 are costs associated primarily with financial and operational improvements related toSAP IT transformation project cost.(b) Amortization of acquisition related intangible assets represents the amortization expense of intangible assets resulting from the acquisition and has been adjusted to eliminate theimpact of the amortization arising from the acquisition which is not in the ordinary course of our daily operations, and also distorts comparison with peers and our results for prior periods. Suchintangible assets primarily include contractual relationships with customers, for which the useful life has been estimated at primarily nine years.(c) Restructuring costs incurred during the three months ended March 31, 2015 and 2016 primarily included a number of restructuring activities and other personnel costs that are notrelated to our core result of operations. Of the $1.0 million costs incurred for the three months ended March 31, 2015, $0.5 million are related to restructuring in Spain to adapt the organization tolower levels of activity and minor restructurings in Chile and Mexico, totaling $0.5 million. Restructuring costs for the three months ended March 31, 2016, primarily relates to costs to adapt theorganization in EMEA to lower levels of activity, and severance costs in Brazil.(d) Site relocation costs incurred for the three months ended March 31, 2015 include costs associated with our current strategic initiative of relocating call centers from tier 1 cities to tier 2cities in Brazil in order to achieve efficiencies through rental cost reduction and attrition and absenteeism improvement. Site relocation costs incurred for the three months ended March 31, 2016are related to the anticipation for site closures in Brazil in connection of the site relocation program to tier 2 and tier 3 cities.(e) Financing and IPO fees for the three months ended March 31, 2015 relate to remaining costs in connection with the IPO process.(f) Asset impairments and other costs for the three months ended March 31, 2015 refers mainly to the consultancy costs related to the sale of Czech Republic operation and someprocesses related to our headquarters relocation. Asset impairments and other costs incurred for the three months ended March 31, 2016 primarily relates to the collection in EMEA of receivablesthat has previously been impaired.(g) As of 2015, management analyzes the Company financial condition performance excluding net foreign exchange financial instruments which eliminates the volatility related to the gainor loss of the ineffective portion of the hedge instruments. For the three months ended March 31, 2015 an amount of $13.0 million was reversed from equity to profit/(loss) in the consequence ofthe company designated the foreign currency risk on certain of its subsidiaries as net investment hedges using financial instruments as hedging items.(h) As of 2015, management analyzes the Company financial condition performance excluding net foreign exchange impacts, which eliminates the volatility to foreign exchange variancesfrom our operational results.(i) The tax effect represents the tax impact of the total adjustments based on tax rate of 31.4% for the period from January 1, 2016 to March 31, 2016 and 28.2% for the period fromJanuary 1, 2015 to March 31, 2015.(*) The Adjusted Earnings per share, for the period presented in the table above, was calculated considering the number of ordinary shares of 73,751,131 (weighted average number of ordinaryshares) as of March 31, 2016. For the period ended March 31, 2015 the number of ordinary shares was 73,619,511.

8

PRESS RELEASE

Reconciliation of Total Debt to Net Debt with Third Parties As of March 31, (unaudited)($ in millions, except Net Debt/Adj. EBITDA LTM) 2016 2015 Cash and cash equivalents 148.6 177.0Short term financial investments - 15.0Debt: 7.375% Sr. Sec. Notes due 2020 296.6 295.1Brazilian Debentures 192.3 211.5Contingent Value Instrument 23.9 36.1Finance Lease Payables 4.2 8.7Other Borrowings 80.0 60.4Total Debt 597.0 611.8Net Debt with third parties (1) (unaudited) 448.4 419.8Adjusted EBITDA LTM (2) (non - GAAP) (unaudited) 240.6 301.8Net Debt/Adjusted EBITDA LTM (non-GAAP) (unaudited) 1.9x 1.4x(1) In considering our financial condition, our management analyzes net debt with third parties, which is defined as total debt less cash, cash equivalents, and short-term financialinvestments. Net debt with third parties is not a measure defined by IFRS and it has limitations as an analytical tool. Net debt is neither a measure defined by or presented in accordance with IFRSnor a measure of financial performance, and should not be considered in isolation or as an alternative financial measure determined in accordance with IFRS. Net debt is not necessarily comparableto similarly titled measures used by other companies.(2) Adjusted EBITDA LTM (Last Twelve Months) is defined as EBITDA adjusted to exclude acquisition and integration related costs, restructuring costs, sponsor management fees, assetimpairments, site-relocation costs, financing fees, IPO costs and other items, which are not related to our core results of operations for the last twelve months.Free Cash Flow($ in millions) For the three months ended March 31, 2016 2015 (unaudited)EBITDA (non-GAAP) (unaudited) 37.3 55.7Changes in Working Capital (38.0) (71.2)Payments for acquisition of property, plant, equipment and intangible assets (19.1) (9.1)Disposals of property plant, equipment, and intangible assets - 0.4Income tax paid (6.5) (4.5)Free cash flow before interest (26.3) (28.7)Net interest (14.4) (6.3)Free cash flow (non-GAAP) (unaudited) (40.7) (35.0)

9