Atento

Fiscal 2015
Fourth Quarter and FY
Results

Lynn Antipas Tyson

March 8, 2016 Vice President Investor Relations
+1-914-485-1150
lynn.tyson@atento.com
Disclaimer

This presentation has been prepared by Atento. The information contained in this presentation is for informational purposes only. The information
contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment
decision. This presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any
particular person.

This presentation contains forward-looking statements within the meaning of the U.S. federal securities laws, that are subject to risks and uncertainties.
All statements other than statements of historical fact included in this presentation are forward-looking statements. Forward-looking statements give
our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business.
Forward-looking statements can be identified by the use of words such as "may," "should," "expects," "plans," "anticipates," "believes," "estimates,"
"predicts," "intends," "continue“, the negative thereof and other words and terms of similar meaning in connection with any discussion of the timing or
nature of future operating or financial performance or other events. These forward-looking statements are based on assumptions that we have made
in light of our industry experience and on our perceptions of historical trends, current conditions, expected future developments and other factors we
believe are appropriate under the circumstances. As you consider this presentation, you should understand that these statements are not guarantees of
performance or results. They involve risks, uncertainties (some of which are beyond our control) and assumptions. Although we believe that these
forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual financial results and
cause them to differ materially from those anticipated in the forward-looking statements. Other factors that could cause our results to differ from the
information set forth herein are included in the reports that we file with the U.S. Securities and Exchange Commission. We refer you to those reports for
additional detail, including the section entitled “Risk Factors” in our Annual Report on Form 20-F.

Because of these factors, we caution that you should not place undue reliance on any of our forward-looking statements. Further, any forward-looking
statement speaks only as of the date on which it is made. New risks and uncertainties arise from time to time, and it is impossible for us to predict
those events or how they may affect us. We have no duty to, and do not intend to, update or revise the forward-looking statements in this presentation
after the date of this presentation.

The historical and projected financial information in this presentation includes financial information that is not presented in accordance with
International Financial Reporting Standards (“IFRS”). We refer to these measures as “non-GAAP financial measurers.” The non-GAAP financial
measures may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should not be
considered in isolation or as a substitute for analysis of our operating results as reported under IFRS.

Additional information about Atento can be found at www.atento.com.

2
Presenters:
Alejandro Reynal, CEO
Mauricio Montilha, CFO
Strategic Overview
and Fourth Quarter
Highlights
Quarter and Full year Highlights(1)

 Measurable and sustained progress against strategic initiatives

 Strong revenue growth of 8.4% in Q4, 9.6% FY.
 Won new clients, gained SOW, increased mix of higher-value solutions.
 Non-TEF revenue up 16.3% in Q4, 15.9% FY; 55% of revenue for FY.
 Non-TEF revenue in Americas up 26.2%

 Operational and financial levers provide competitive advantage

 Adj. EBITDA up 6.7% FY; adj. EPS up 15.7%.
 Generated $23.9MM in free cash flow in Q4, $4MM FY (before net interest expense).
 YE liquidity of $238MM(2) and net debt to adjusted EBITDA of 1.6x.
 Proactively aligning cost structure to match market realities.

 FY 2016 Guidance: Optimal balance of growth, profitability & liquidity

 Outperform the market in a challenging growth environment.
 Revenue up 1% to 5%, adj. EBITDA margin range of 11% to 12%.
 Significant increase in free cash flow generation.
 Strengthen balance sheet, pay down debt.

Notes:
(1) Unless otherwise noted, all results are for Q4 2015; all growth rates are on a constant-currency basis, year-over-year, and exclude Czech Republic that was divested in December 2014.
(2) Liquidity defined as cash and cash equivalents plus undrawn revolving credit facilities.

5
 Progress Against Long Term Strategy
Above-Market
Growth
 ~3.7K+ WS won, ~ 73% with
new clients, ~85% with non-
telco verticals in 4Q.
 Penetration of solutions up 70
basis points to ~24% of
revenue for the FY.
 Named for the third consecutive
year as a Leader in Gartner´s
Magic Quadrant assessing
companies that provide
Customer Management Contact
Center Business Process
Outsourcing Services.
Best-in-Class
Operations
 Variable billable versus payable
ratio increased 390 basis points
to 63.6% vs Q4 last year, at
record high level.
 Turnover, a driver of employee
costs, declined 20 basis points
vs Q4 last year, to a record low
of 6.9%.
Inspiring
People
 Recognized as One of the Best
Companies to Work for in
Colombia, Peru and Argentina.
 Recognized for the sixth
consecutive year as a Top
employer in Spain, the only
company in the customer
relations sector to receive this
certification.
6
 Long Term Strategy on Track

 2015 results demonstrate Atento is uniquely positioned to:

 Win new business
 Grow share of wallet with existing clients
 Increase penetration of higher-value added solutions

 2016 Clear Priorities: Optimal balance of growth, profitability & liquidity

 Targeted investments to deliver higher value to clients, with best-in-class customer experience
 Further strengthen balance sheet by reducing debt levels

 Long term sector attractive, despite near-term macro-economic pressures

 Largest CRM/BPO provider in $10.4Bn Latin America market
 Well positioned to extend leadership as market grows to $15bn by 2020
 Continue to be the reference partner for the CRM/BPO needs of our clients

7
Fourth Quarter and Full Year
Financial Performance
 Consolidated Financial Highlights
Key Highlights(1)

 Growth and Profitability

Q4 Q4 FY FY  Q4 revenue up 8.4%, 10.2% growth in LatAm(2). FY revenue up 9.6%.
USDm 2014 2015 2014 2015  Q4 adj. EBITDA margin down 160bp due to ramp-up of new clients,
inflationary pressures (mainly in Brazil and Mexico) and change in mix of
Revenue 555.1 457.8 2,298.3 1,965.6 countries.
 FY margin down 60bp to 12.7%, 30bps of which was due to change in
CCY growth (1) 8.4% 9.6% mix of countries.
 FY constant-currency adj. EBITDA margin down 30bp
Adjusted
86.5 64.0 306.4 250.3
EBITDA  Q4 adj. EPS up 15.2%, FY up 15.7% driven by lower tax and net
interest expense.
CCY growth -1.6% 6.7%
 Significant regional progress
Margin 15.6% 14.0% 13.3% 12.7%  Brazil: Non-TEF revenue up 13.4%.
 Americas: total revenue up 18.2%; Non-TEF up 26.2%.
Adjusted EPS $0.36 $0.31 $1.20 $1.03  EMEA: sequential improvement in profitability.

 Continued revenue diversification

CCY growth 15.2% 15.7%
 Higher-value solutions 24% of total revenue.
 Mix of Non-TEF revenue up 380bp in Q4 to 57.4%.
Leverage (x) 1.4 1.6 1.4 1.6
 Financial flexibility
 Q4 $23.9MM in FCF, $238 MM in liquidity, leverage of 1.6x.

Notes:
(1) Unless otherwise noted, all results are for Q4 2015; all growth rates are on a constant currency basis and year-over-year, exclude Czech Republic, which was
divested in December 2014. 9
(2) LatAm includes Brazil and Americas regions.
 Brazil Summary

Revenue Key Highlights(1)

 Q4 up 4.5% despite protracted challenging macros. FY up 10%.

Q4 Q4 FY FY
 Significant commercial wins:
USDm 2014 2015 2014 2015
 Approximately 2,700 workstations won in Q4 with new and
Revenue 278.6 192.6 1,184.8 930.2
existing clients.
 Q4 Non-TEF up 13.4%, 140bp increase in mix of higher value-
CCY growth 4.5% 10.0%
added solutions.
 Q4 TEF down 8.5% due to macro-driven declines in volume.

Adjusted EBITDA
Q4 Q4 FY FY  Q4 adj. EBITDA down 8.9% driven by the decline in revenue.
USDm 2014 2015 2014 2015
 Profitability negatively impacted by ramp of new clients and
Adjusted EBITDA 48.4 29.4 172.1 129.4 increasing adverse macro-economic conditions.
 Only partially offset by cost and efficiency initiatives.
CCY growth -8.9% 7.2%
 Excluding the allocation of corporate costs, adj. EBITDA
margins declined 90bp to 16.4%.
Margin 17.4% 15.3% 14.5% 13.9%

Margin ex-corp
17.3% 16.4% 15.1% 14.8%
costs allocation Notes:
(1) Unless otherwise noted, all results are for Q4 2015; all growth rates are on a constant currency 10
basis and year-over-year.
 Americas Summary

Revenue Key Highlights(1)

 Q4 up 18.2% driven by 26.2% increase in Non-TEF clients
and 9.6% increase in TEF.
Q4 Q4 FY FY  31.1% increase in higher value-added solutions.
USDm 2014 2015 2014 2015  Significant commercial wins in Q4:
Revenue 202.7 203.9 779.4 789.8  Approximately 600 workstations won with new and existing
clients.
CCY growth 18.2% 17.0%  Non-TEF growth driven by new and existing clients, especially
in Mexico, Colombia, Peru and U.S Nearshore.
 TEF growth driven by double-digit gains in Mexico, Peru and
Argentina.
Adjusted EBITDA
Q4 Q4 FY FY
 Q4 adj. EBITDA up 6.8% driven by strong increase in
USDm 2014 2015 2014 2015
revenue.
Adjusted EBITDA 32.5 29.1 117.7 109.1  Decline in margin driven by a shift in country mix as well as
ramp-up of new clients and inflationary pressures.
CCY growth 6.8% 9.1%
 Excluding the allocation of corporate costs, adj. EBITDA
margins declined 270bp to 15.6%.
Margin 16.0% 14.3% 15.1% 13.8%

Margin ex-corp
18.3% 15.6% 16.1% 15.2%
costs allocation
Notes:
(1) Unless otherwise noted, all results are for Q4 2015; all growth rates are on a constant 11
currency basis and year-over-year.
 EMEA Summary

Revenue Key Highlights(1)

 Q4 2.9% decline in revenue

Q4 Q4 FY FY
USDm 2014 2015 2014 2015  3.2% decline in Non-TEF clients – lower Public
Administration contracts, exiting of lower-value contracts.
Revenue 74.0 61.7 334.8 247.4
 2.8% decline in TEF revenue led by Spain.

CCY growth(2) -2.9% -9.0%  Sequential improvement in revenue trends.

Adjusted EBITDA
Q4 Q4 FY FY  Q4 adj. EBITDA down 7.8% largely driven by decline in
USDm 2014 2015 2014 2015 revenue.
 Margin decline driven by the ramp of new clients and shifts in
Adjusted EBITDA 9.0 7.3 26.4 19.1
country mix.

CCY growth -7.8% -14.8%

 Cost and efficiency initiatives only partially offset decline in
margin.
Margin 12.2% 11.8% 7.9% 7.7%  Excluding the allocation of corporate costs, adj. EBITDA
margins increased 10bp to 12.3%.
Margin ex-corp
12.2% 12.3% 7.9% 8.0% Notes:
costs allocation (1) Unless otherwise noted, all results are for Q4 2015; all growth rates are on a constant currency
basis and year-over-year.
(2) Revenue growth rates excludes the impact of Czech Republic, which was divested in December, 12
2014.
Financial Strength and Flexibility
 Full-year free cash flow before net interest of $4.0 million, $23.9 million in Q4
 Full-year free cash flow of $27.6 million before net interest and cash impact of non-
recuring items

 Debt ratings reaffirmed by rating agencies

 Amidst downgrades of Latin America Corporate and Sovereign issuers

 Limited transcational currency exposure

 98% of costs denominated in same local currency as revenue
 Most debt denominated in local currency or hedged against currency fluctuation
YE 2014 YE 2015

Cash, cash equivalents and short

term financial Investments 238.3 184.0
Total Debt 653.3 575.6
Net Debt with third parties 415.0 391.6
Net Debt / Adj. EBITDA 1.4 x 1.6 x

13
 2016 Guidance
 Focused on the optimal balance of growth, profitability and liquidity
 Targeted investments to deliver higher value to our clients
 Further strengthen balance sheet, reduce level of debt

Revenue Growth Range (CCY) 1% to 5% 2016 FX Assumptions (Per USD)

Adjusted EBITDA Margin Range (CCY) 11% to 12% Brazilian Real 4.10

Non-recurring items ~$15 MM Argentinean peso 14.96

Debt payments $27MM Mexican Peso 16.82

Net Interest Expense Range (1) $60MM to $65MM Chilean Peso 725.5

Cash Capex (% of Revenue) ~5% Peruvian Soles 3.51

Effective tax rate ~32%

Diluted share count ~73.8MM shares

(1) Adjusted net income and adjusted EPS exclude the non-cash effect of net foreign exchange gains on financial instruments and net
foreign exchange impacts which appear on the net financing line. We exclude these from our adjusted numbers to more clearly show
the underlying health and trajectory of our business. Adjusted net income and EPS therefore only include the net interest expense
portion of net financing (interest income and interest expense).

14
 Key Takeaways

1. Measurable and sustained progress against our strategic initiatives.

2. Inherent competitive advantages and operational levers allowed us to

outperform the market in 2015, despite macro-economic headwinds.

3. Priorities in 2016: optimal balance of growth, profitability and liquidity,

targeted investments to improve returns, strengthen balance sheet and pay
down debt.

15
Appendix
About Atento
Financial Reconciliations
Debt Information
Glossary of Terms
About Atento
Differentiated Competitive Advantages

1. Leader in attractive, high-growth LatAm market.

2. Long-lasting client relationships due to vertical expertise and growing

portfolio of services and solutions.

3. Superior pan-LatAm operational delivery platform.

4. Clear strategy for sustained growth and strong shareholder value creation.

5. Experienced, proven management team with strong track record.

18
Atento at a Glance

 #1 provider of CRM BPO services and solutions

in Latin America – $2.0Bn 2015 revenue
Revenue by region, offering and customer (2)
 Founded in 1999 as provider to Telefónica Group;
acquired by Bain Capital in 2012

 Superior operational delivery platform in Brazil Americas EMEA

LatAm region 47% 40% 13%

― 102 contact centers in 14 countries globally

― 163,000+ employees and 91,000+

workstations globally
Services Solutions
76% 24%
 Long-standing relationships with 400+ blue-chip
clients

 Strong relationship with Telefónica, supported by

Master Services Agreement (“MSA”) through
2021 Telefónica Non-Telefónica
45.0% 55.0%

 Unique people focus: only CRM BPO company

among the 25 best multinationals to work for
and only LatAm based company (1)

(1) Awarded by the Great Place to Work Institute (“GPTW”)

(2) Based on FY 2015 revenue of $1,965.6MM; Telefónica and Non-Telefónica revenue based on FY 2015

19
 Evolution of Leadership Position in LatAm CRM BPO Market

1999
2015
Telefónica call center in
The Leader inpan-LatAm CRM BPO
Spain and Brazil
(1)
Extended footprint (2)
across Latin America

2.0

Added $2 billion <0.5

in revenue
Revenue $Bn Revenue $Bn

55.0%

Highly diversified ~10%

client base
% non-TEF revenue % non-TEF revenue

Customer Credit Technical Back

Sales
Service Management Support Office
Expanded
higher value-added Sales
Customer
Service
Insurance
Management
Smart Credit
Solution
Complaints
Handling
B2B Efficient
Sales

solutions offerings Smart Credit Card

Multi-channel Advanced
Customer Technical
Collection Management
Experience Support

Built largest 91k+

<20k
execution platform
in Latin America
Workstations Workstations

20
(1) Flags represent Brazil and Spain.
(2) Flags represent Brazil, Spain, Peru, Panama, Guatemala, Morocco, El Salvador, Chile, Colombia, Argentina, Mexico, Puerto Rico, the U.S and Uruguay.
Largest CRM BPO Provider in Latin America

Market leader in the largest markets... One of the largest players in the world…
2014 CRM BPO market share (%) 2015 Revenue ($Bn)
3.8

Mexico $10.4Bn
17% LatAm CRM BPO market
3.0

Colombia Brazil (1)

8% 26% 2.0

1.5
Peru 1.3
1.2
34%

Chile
25%
Atento #1 market share position (2)

Atento #5 market share position (2) Argentina 20% (1) (2) (2)

(1) Pro forma for Stream acquisition

(2) Revenue for FY 2014
Source: Frost & Sullivan
(1) Atento market share position as of 2014 (Management estimate)
(2) Market share in terms of revenue
21
 Recognized as a Leader in Gartner's 2016 Magic Quadrant for
Customer Management Contact Center BPO
2016 Gartner’s Magic Quadrant

For the third consecutive year Atento S.A., has been named a
Leader in Gartner´s Magic Quadrant assessing companies that
provide Customer Management Contact Center Business
Process Outsourcing Services.

Atento positioned furthest for ability to execute in the Leaders

quadrant.

Gartner, Magic Quadrant for Customer Management Contact Center BPO, TJ Singh, Misako Sawai, Brian Manusama, 28 January 2016
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other
designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or
implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
The Gartner Report(s) described herein, (the "Gartner Report(s)") represent(s) research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. ("Gartner"), and are
not representations of fact. Each Gartner Report speaks as of its original publication date (and not as of the date of this Prospectus) and the opinions expressed in the Gartner Report(s) are subject to
change without notice.
22
Long-lasting relationships with market-leading clients

Telecommunications

Financial services 99% Multi-sector

2014 retention rate (1)

69% of revenue from clients

with 10+ year relationship (2)

(1) Client retention based on 2013 revenues of clients retained in 2014 as a % of total 2013 revenues
(2) Excludes Telefónica
23
Services portfolio and multi-channel offerings have evolved into
differentiated, value-added solutions

We offer a comprehensive portfolio of services via

robust multi-channel offerings Vertically-driven solutions portfolio

Insurance Smart Credit

Customer Credit Technical Back Management Solution
Sales
Service Management Support Office

Complaints
B2B Efficient Sales
Handling

Smart Credit Card

Collection Management
Telephone
Multi-channel Advanced
Onsite E-mail Customer Experience Technical Support


VPA Social
Kiosk Networks Deeply embedded processes
CUSTOMER
EXPERIENCE

VPA Chatrooms
 Stronger alignment with clients

Web
Apps SMS  Scalable industry expertise

 Higher value-add with increased profitability

24
Superior pan-LatAm operational delivery platform

Robust, Globally Standard

Blue-chip tech partners
Processes
State-of-the-
0.02%
• Avaya • Cisco
art
• HP • Microsoft
Unscheduled
technology downtime
• Nice • Verint
in 2015 YTD

Centralized, standard 1,400,000+

Standardized Three Globally connect automated recruiting applications (1)
large-scale Command Centers
processes Performance based 15.6MM+
Learning hours of training (1)

Globally recognized as one of

the 25 Best Multinationals
Highly Industry leading to work for Great Place
motivated culture and Globally Only CRM BPO company in to Work in 10
employees recognized “Great the top 25 countries (1)
Place to work”
Only LTAM based Company
in the top 25

(1) 2014 figures

25
Financial Service Case study: Deep expertise drives increased
mix of value-add solutions overtime

Strong relationship spanning

many services and countries…. …with increasing depth of offerings
Client services and solutions offerings

Customer
Service     Services

Solutions

Sales
     Credit
Card Management
Multi-channel
Customer Experience
Back
   
Services

Office Insurance Insurance

Management Management
Complaints Complaints
Credit Handling Handling
Management
   Advanced
Technical Support
Advanced
Technical Support

In-person Back Office Back Office

Services
   Sales Sales

Automated Credit Credit Credit

Services
   Management
Customer
Management
Customer
Management
Customer
Service Service Service

2004 2008 2012

2000 2002 2006 2006 2010

26
Case study: Financial Institution based in Mexico
 Strategy to achieve Sustained Growth and SHV Creation

Be the #1 customer experience solutions provider in

MID-TERM
VISION

the markets we serve. A truly multiclient business.

STRATEGIC

Best-in-Class
PILLARS

Above-Market
Growth
Addressing untapped client growth
opportunities and increasing SoW
to deliver accelerated growth
Operations
Leveraging economies of scale
and driving consistency in
operations
Inspiring
People
Delivering our medium-term
vision through our unique
culture and people

 Deliver CRM BPO  Enhance operations  Distinct culture and

solutions productivity values
INTITIATIVES
STRATEGIC
GLOBAL

 Aggressively grow  Increase HR effectiveness  Strengthen talent

client base
 Deploy one procurement  High performance
 Penetrate U.S. Near- organization
Shore  Drive consistent and
efficient IT platform
 Optimize site footprint

27
Clear path to deliver long term earnings growth

Earnings
Capital structure growth
Drive efficiency optimization
program to the
Double down on next level
the above-market
growth agenda
 Enhanced
Attractive financial
High visibility market growth  Next wave of flexibility and
from retained cost savings improved cash
client base delivered by generation
 Drive SoW margin
gains through expansion
 Fast growing increased initiatives:
 99%+ higher value
market due to improved
revenue solutions
favorable operations
retention
industry productivity,
rate
tailwinds &  Ongoing turnover
market materialization reduction, global
 Telefonica dynamics of new growth procurement,
MSA avenues (non- and site
throughout TEF telco, US relocation
2021 near-shore,
and Carve
Outs)

28
Highly experienced management team with strong track record

Alejandro Reynal
CEO
Corporate functions Regions

Reyes Cerezo Iñaki Cebollero Mauricio Montilha Mario Camara Miguel Matey Juan E. Gamé
Legal and Regulatory Human Resources Chief Financial Officer Brazil Director North America South America
Compliance Director Director Previously at SKY Brazil 15 years at Atento Director Director
12 years at Atento 6 years at Atento & Astra Zeneca Brazil 14 years at Atento 12 Years at Atento

Michael Flodin Daniel V. Figueirido José Ma Pérez Melber

Operations Director Chief Commercial Officer EMEA Director
Previously at Accenture Previously at Accenture Previously at Orange Spain

29
 Atento’s Solutions

• Solutions to optimize collection/past due payments with specialized process and agents in credit management
• 100% variable compensation model that rewards efficiency of the agents and process
Smart • Cost effective channel integration: phone, digital, in-person
Collection • Collection software and automated enables (i.e voice mail, invoice letter
• Use of analytics / big data optimizing time to call and Contact channel

• End-to-end solution covering the sales process, customer services, and associated back office including credit
management process
Insurance • Specialized process: integrated process mapping and improvement, and technical back office support
Management • Channel strategy throughout the customers’ lifecycle, managing “key events” (e.g claims and incidents)
• Social BPM and workload, mobility software and communications tools
• Use of Atento intelligent Database (BIA), knowledge management, mystery shopper, survey, speech analytics

• Manages the overall contract formalization and provides sales and customer service and credit management
• Specialized process: back office, sales, customer service and credit management
Smart Credit
• Channel integration and self-service ensuring “just in time” information
Solution • Social BPM and workload, multichannel platform interface with client’s software
• Use of big data, mystery shoppers, survey speech analytics

• Solution to prevent and manage the overall complaints process

• Specialized process: back office and customer service; process mapping and continuous improvement
Complaints
• Multichannel integration focusing on customer behavior
Handling • Social BPM and workload, multichannel platform interface with client’s software
• Use of knowledge management, speech analytics, mystery shoppers, survey
30
 Atento’s Solutions

• Manages small medium business’ lead generation and process execution

• Specialized process and agents in sales, process mapping and reengineering
B2B Efficient • Channel integration (adapted for efficiency: phone, digital, back office, in person
Sales • B2B sales software, multichannel platform, interface with client’s software
• Use of analytics ; big data, BIA, knowledge management

• Specialized processes for issuers and acquirers of payment cards (sales, cross and up-sales activities, credit
analysis, usage management, requests and complaints and collection process)
Credit Card • Cost efficiency channel integration: phone, digital, letters, in-person
Management • Social BPM and workload, multichannel platform, predictive dialers
• Use of analytics and big data, BIA, knowledge management

• Single point of Contact (SPOC) to handle, diagnose and solve technical issues
Advanced • Certifications, process mapping and improvement, specialized agents in technical support
Technical • Multichannel integration focusing on customer behavior
Support • Workload, mobility software and interface with client’s software
• Use of knowledge management, speech analytics, mystery shoppers, survey

• Digital channel integration and social media monitoring with automatic distribution
Multichannel • Manages service levels and agent productivity customer service, collection and technical support

Customer • Cost efficiency channel intergration and utilization strategy offering convenience and a better customer
experience
Experience • Multichannel platform: phone, vídeo, chat, email, SMS, Facebook, Twitter, Whatsapp, in-person
• Use of analytics / big data, BIA, speech analytics, mystery shopper, survey
31
Financial Reconciliations
 Mix of Revenue by Service Type

Q1 2015 Q2 2015 Q3 2015 Q4 2015 FY 2015

Customer Service 48.7% 48.0% 47.0% 47.9% 47.9%
Sales 18.2% 18.3% 18.2% 17.4% 18.0%
Collection 10.0% 10.3% 10.9% 11.2% 10.6%
Back Office 9.1% 9.4% 10.2% 10.2% 9.7%
Technical Support 10.7% 10.7% 10.5% 9.9% 10.5%
Service desk 0.1% 0.1% 0.1% - -
Others 3.2% 3.2% 3.1% 3.4% 3.3%
Total 100.0% 100.0% 100.0% 100.0% 100.0%

33
 Adjustments to EBITDA by Quarter Fiscal 2015

Reconciliation of EBITDA and Adjusted EBITDA to Profit/(Loss)

($ in millions) Q1 2015 Q2 2015 Q3 2015 Q4 2015 FY 2015

Profit/(loss) for the period 20.5 6.5 16.7 5.4 49.1

Net finance expense 1.6 19.6 9.5 15.9 46.7
Income tax expense 5.6 5.3 8.8 4.1 23.8
Depreciation and amortization 28.0 26.5 24.4 24.0 102.9
EBITDA (non-GAAP) (unaudited) 55.7 57.9 59.4 49.4 222.5

Acquisition and integration related costs 0.1 - - - 0.1

Restructuring costs 1.0 2.7 4.1 8.6 16.4
Sponsor management fees - - - - -
Site relocation costs 0.4 0.1 - 2.9 3.4
Financing and IPO fees 0.3 - - - 0.3
Asset impairments and Others 0.8 1.4 2.3 3.1 7.6
Adjusted EBITDA (non-GAAP)
58.3 62.1 65.8 64.0 250.3
(unaudited)

34
Notes:
(1) Additional detailed information can be found on the 4Q15 6K form of the Company on the topics related to Reconciliation of EBITDA and Adjusted EBITDA
 Add-Backs to Net Income by Quarter Fiscal 2015

($ in millions, except percentage changes) Q1 2015 Q2 2015 Q3 2015 Q4 2015 FY 2015

Profit/(Loss) attributable to equity holders of the parent 20.5 6.5 16.7 5.4 49.1

Acquisition and integration related Costs 0.1 - - - 0.1

Amortization of Acquisition related Intangible assets 7.7 6.9 7.0 6.3 27.5
Restructuring Costs 1.0 2.7 4.1 8.6 16.4
Sponsor management fees - - - - -
Site relocation costs 0.4 0.1 - 2.9 3.4
Financing and IPO fees 0.3 - - - 0.3
PECs interest expense - - - - -
Asset impairments and Others 0.8 1.4 2.3 3.8 8.3
DTA adjustment in Spain - - - 1.5 1.5
Net foreign exchange gain on financial instruments (13.0) (1.0) - (3.5) (17.5)
Net foreign exchange impacts - 2.6 (3.5) 4.5 4.0
Tax effect (2.9) (3.5) (4.1) (6.4) (17.1)
Adjusted Earnings (non-GAAP) (unaudited) 14.9 15.7 22.5 23.1 76.0
(*)
Adjusted Basic Earnings per share (in U.S. dollars) (unaudited). 0.20 0.21 0.31 0.31 1.03

35
Notes:
(1) Additional detailed information can be found on the 4Q15 6K form of the Company on the topics related to Reconciliation of Adjusted EPS to Profit/(Loss)
Placeholder – number of WS and delivery centers

Number of Service Delivery

Number os Workstations
Centers (1)
FY 2014 FY 2015 FY 2014 FY 2015

Brazil 44,061 47,694 29 33

Americas 34,498 36,229 45 51
Argentina (2) 3,820 3,705 11 11
(3) 2,983 2,629 3 5
Central America
Chile 2,398 2,495 2 3
Colombia 5,827 7,292 6 9
Mexico 9,812 9,905 17 16
Peru 8,493 8,893 3 4
(4) 1,165 1,310 3 3
United States
EMEA 7,512 7,644 19 18
(5) - - - -
Czech Republic
Morocco 2,046 2,039 4 4
Spain 5,466 5,605 15 14
Total 86,071 91,567 93 102

Notes:
(1) Includes service delivery centers at facilities operated by us and those owned by our clients where we provide operations personnel and workstations.
(2) Includes Uruguay.
(3) Includes Guatemala and El Salvador 36
(4) Includes Puerto Rico
(5) Operations in Czech Republic were divested in 2014 – see detailed figures of Czech Republic below in “Divestment transaction”.
 Reconciliations

Reconciliation of EBITDA and Adjusted EBITDA(1) Reconciliation of Adjusted EPS to Profit/(Loss) (1)
$MM $MM, except per share
Q4 2014 Q4 2015 FY14 FY15 Q4 2014 Q4 2015 FY14 FY15

EBITDA (non-GAAP) Profit for the period

35.6 49.4 207.0 222.5 (25.9) 5.4 (42.1) 49.1
Acquisition and integration related Acquisition and integration costs 2.2 - 9.9 0.1
costs 2.2 - 9.9 0.1
Amort. of Acquisition of Intangibles 8.1 6.3 36.6 27.5
Restructuring costs
3.0 8.6 26.7 16.4 Restructuring Costs 3.0 8.6 26.7 16.4
Sponsor management fees Sponsor management fees - - 7.3 -
- - 7.3 -
Site relocation costs
Site relocation costs 0.3 2.9 1.7 3.4
0.3 2.9 1.7 3.4
Financing and IPO fees
Financing and IPO fees 40.8 - 51.9 0.3
40.8 - 51.9 0.3
PECs interest expense
Asset impairments and Other (0.4) - 25.4 -
4.6 3.1 1.9 7.6
Asset impairments and Other 4.6 3.8 1.9 8.3
Total non-recurring items 50.9 14.6 99.4 27.8
DTA Adjustment in Spain 9.8 1.5 9.8 1.5
Adjusted EBITDA (non-GAAP)
86.5 64.0 306.4 250.3 Net foreign exchange gain of
financial instruments (20.0) (3.5) (27.3) (17.5)
Net foreign exchange impacts
(restated) 14.9 4.5 33.3 4.0
Tax effect
(11.0) (6.4) (46.4) (17.1)
Total of Add backs 52.3 17.7 130.8 26.9
Adjusted Earnings 26.4 23.1 88.7 76.0

Adjusted Basic EPS $0.36 $0.31 $1.20 1.03

Notes: 37
(1) Additional detailed information can be found on the 4Q15 6K form of the Company on the topics related to Reconciliation of EBITDA and Adjusted EBITDA and
Reconciliation of Adjusted EPS to Profit/(Loss)
Debt Information
 Consolidated Debt and Leverage
Outstanding
Balance Debt by Currency Highlights 4Q15
$MM Currency Maturity Interest Rate 4Q'15
 Leverage ratio of 1.6x
Senior Secured Notes USD 2020 7.375% 301.7
Brazilian Debentures BRL 2019 CDI + 3.7% 168.1
 Cash and Cash equivalents
TJLP + 2.5% 47.3 ARS
SELIC + 2.5% 11.9 5% of $184MM, and existing
BNDES BRL 2020 4.0% 14.0 revolving credit facility of
USD BRL
6.0% 1.2 42 €50MM, totaling Liquidity
53
TJLP 0.3 % % of $238MM
CVI ARS 2022 N/A 26.3
BRL/COP  Average debt maturity of
Finance lease payables USD 2019 6.32% - 9.59% 4.7 4.0 years
Other bank borrowings MAD 2016 6.0% 0.1
Gross Debt 575.6  Average cost of debt
Short Term Debt 7% (LTM): 9.5% per year
Long Term Debt 93%

Debt Amortization Schedule Net Debt / EBITDA

$MM $MM
296
2,500 x 2,2x
2,00 x 1,6x 800
184 1,4x
1,500 x 600

1,00 x 400
638
68 84 ,500 x 415 392 200
62
40 26 ,00 x 0
- Dec/13 Dec/14 Dec/15

Cash 2016 2017 2018 2019 2020 2021 2022 Net Debt Net Debt / EBITDA

3/8/2016 39
 Brazil Debt and Leverage

Outstanding Highlights 4Q15

Funding Mix
Balance  Leverage ratio of 1.7x
$MM Currency Maturity Interest Rate 4Q'15
Others
Brazilian Debentures BRL 2019 CDI + 3.7% 168.1 0%  Liquidity of $56M
TJLP + 2.5% 47.3
SELIC + 2.5% 11.9  New drawdown of $9.5
BNDES
BNDES BRL 2020 4.0% 14.0
31% MM on BNDES Credit
6.0% 1.2
Brazilian
Facility during December.
TJLP 0.3
BRL/COP Debentures
Finance lease payables USD 2019 9.59% 0.0 69%  Average debt maturity of
Gross Debt 242.8 2,9 years
Short Term Debt 12%
Long Term Debt 88%
 Average cost of debt
(LTM): 13.3% per year

Debt Amortization Schedule Net Debt / EBITDA

$MM $MM
83 600
3,00 x
67 2,1x 500
2,500 x
60 1,7x 400
56 2,00 x 1,5x
1,500 x 300

29 1,00 x 200
306 235 275
,500 x 100
,00 x 0
3
Dec/13 Dec/14 Dec/15

Cash 2016 2017 2018 2019 2020 Net Debt Net Debt / EBITDA

3/8/2016 40
Glossary of Terms

 Adjusted EBITDA – EBITDA adjusted to exclude the acquisition and integration related
costs, restructuring costs, sponsor management fees, asset impairments, site relocation
costs, financing and IPO fees and other items which are not related to our core results
of operations.

 Adjusted net income(loss) – net loss which excludes corporate transaction costs, asset
dispositions, asset impairments, the revaluation of our derivatives and foreign exchange
gain (loss), and net income or loss attributable to non-controlling interests and debt
extinguishment.

 Adjusted EBITDA margin – Adjusted EBITDA excluding special items/operating revenue.

 Free cash flow –net cash flows from operating activities less cash payments for
acquisition of property, plant and equipment, and intangible assets.

 Liquidity – cash and cash equivalents and undrawn revolving credit facilities.

41