Atento Q4FY14 Bondholders Presentation

1. Atento
Fourth Quarter and
Full Year 2014
Results
April 16th, 2015

2. 2
Disclaimer
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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
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particular person.
This presentation contains forward-looking statements within the meaning of the U.S. federal securities laws, that are subject to risks and uncertainties.
All statements other than statements of historical fact included in this presentation are forward-looking statements. Forward-looking statements give
our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business.
Forward-looking statements can be identified by the use of words such as "may," "should," "expects," "plans," "anticipates," "believes," "estimates,"
"predicts," "intends," "continue“, the negative thereof and other words and terms of similar meaning in connection with any discussion of the timing or
nature of future operating or financial performance or other events. These forward-looking statements are based on assumptions that we have made
in light of our industry experience and on our perceptions of historical trends, current conditions, expected future developments and other factors we
believe are appropriate under the circumstances. As you consider this presentation, you should understand that these statements are not guarantees of
performance or results. They involve risks, uncertainties (some of which are beyond our control) and assumptions. Although we believe that these
forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual financial results and
cause them to differ materially from those anticipated in the forward-looking statements.
Because of these factors, we caution that you should not place undue reliance on any of our forward-looking statements. Further, any forward-looking
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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.

3. Full Year and
Fourth Quarter
Review

4. 4
Robust performance in 2014 and great momentum in
2015, despite macro headwinds
 Solid growth and strengthened #1 market leadership position in the BPO CRM LatAm
market:
— Increased SoW with existing clients through higher value added solutions, specially in
the financial services sector
— Relevant new client wins, specially with non-Telefónica Telcos and US Near Shore
— Continued favorable BPO CRM outsourcing trends as companies look for
efficiencies in current macro environments
 Strong margin expansion powered by improved operations productivity, reduced
staff turnover, OpEx efficiencies and restructuring of Spanish operations
 Enhanced capital structure supported by continued deleverage and strengthened
balance sheet
 High levels of employee satisfaction and engagement, certified by global Great Place
to Work ranking
 Growth and margin expansion visibility in 2015 based on sticky customer base,
closed 2014 client wins and 2015 pipeline, and sustained momentum of efficiency
agenda
I
II
III
IV
V

5. 5
USDm
Q4
2013
Q4
2014
FY
2013
FY
2014
Revenue 593.8 555.1 2,341.1 2,298.3
CCY growth 5.8% 7.7%
Adjusted
EBITDA
85.5 86.5 295.1 306.4
Margin 14.4% 15.6% 12.6% 13.3%
CCY growth 13.6% 13.7%
Cash and Cash
equivalents(2) 213.5 238.3 213.5 238.3
Leverage (x) 2.2 1.4 2.2 1.4
Strong profitable growth for Q4 and 2014
Key highlights
 Delivered strong financial results
 7.7% CCY revenue growth (10.5% in LatAm(1))
in 2014, 5.8% in Q4
 13.3% adj. EBITDA margin in 2014, 15.6% in Q4
 Significant regional progress
 Brazil — +110bps margin expansion y-o-y
 Americas — double digit CCY revenue growth
 EMEA — completed restructuring process
 Adj. EBITDA margin expansion of 70 bps in the
year, 120bps in Q4, fuelled by operational
improvements and improved business mix
 Substantial deleveraging to 1.4x, sound liquidity
with USD238 million of cash and cash equivalents
(1) LatAm includes Brazil and Americas regions
(2) Cash and Cash equivalents includes short-term financial investments

6. 6
STRATEGIC
PILLARS
GLOBAL
STRATEGIC
INTITIATIVES
 Deliver CRM BPO
solutions
 Aggressively grow
client base
 Penetrate U.S. Near-
Shore
 Enhance operations
productivity
 Increase HR effectiveness
 Deploy one procurement
 Drive consistent and
efficient IT platform
 Optimize site footprint
 Distinct culture and
values
 Strengthen talent
 High performance
organization
Above-Market
Growth
Addressing untapped client
growth opportunities and
increasing SoW to deliver
accelerated growth
Best-in-Class
Operations
Leveraging economies of
scale and driving consistency
in operations
Inspiring
People
Delivering our medium-term
vision through our unique
culture and people
MID-TERM
VISION
Becoming the #1 customer experience solutions provider in our
markets. A truly multiclient business, delivering high single-digit CCY
growth and industry leading margins
Successful execution of our strategy already evident in 2014

7. 7
Concrete proof points delivered in each of the three
strategic pillars
Above-Market
Growth
Best-in-Class
Operations
Inspiring
People
 Increased share of solutions to
over 23% (+1.4 p.p. y-o-y)
 ~2.2K+ WS won with leading
regional non-TEF LatAm Telco in
5 countries
 Non-Telco vertical new client
wins in LatAm in 2014 3.2K+ WS,
including large carve-out with
leading retailer in Brazil (Over 1K
WS)
 ~500+ WS in Nearshore over
2014 to serve 5 Top US clients
 Operations productivity
increased 2.7 p.p., driving
consistency in planning and
forecasting processes
 Turnover reduced by 1 p.p.,
improving HR processes
 Global procurement: more than
15% savings on key categories
of the first wave, surpassing initial
targets
 First phase of site relocation
initiative in Brazil completed.
53% of WS in TIER 2 cities
 Spain restructuring completed
in Q4
 Strengthened Executive
Committee - robust mix of long
tenures and top world class hires
 Relocated HQ in 2014 to drive a
globally integrated
enterprise
 Recognized for second year in a
row as one of the 25 Best
Multinational Workplaces by
GPTW

8. 8
12.0%
13.4%
14.5%
2012 2013 2014
1.0%
2.3%
0.1%
5.3%
9.6%
7.5%
2012 2013 2014
GDP growth (%) ATTO
Atento Brazil Case Study: Delivering profitable growth
irrespective of weak macro environment
Key highlightsOutperforming growth expectations…
…and enhancing profitability
+430 bps
+740 bps+730 bps
+110 bps
Adj. EBITDA margin (%)
• Strong commercial activity outside of Telefónica
leveraging our scale, superior execution and
differentiated solutions offering
— SoW gains driven by a differentiated solutions
offering, reaching 35% of revenue in 2014
— Significant new client wins – 3.5K new WS
won in 2014, including ~1K new WS with non-
Telefónica Telco clients
• Increased outsourcing dynamics as companies
strive to generate efficiencies
— Carve-out of internal operations of leading
retailer completed – over 1K new WS
• Improved mix and relentless execution of ongoing
margin transformational programs – 110bps margin
expansion over 2013, +110bps in Q4
— Operations productivity increased 3 p.p.
— Turnover reduced by 1.2 p.p.
— Successfully completed Phase I of Brazil site
relocation initiative. 53% of sites now in Tier 2
Sources: Economist Intelligence Unit (“EIU”), Bloomberg Consensus
+140 bps

9. 9
Drive efficiency agenda to the next level:
 Consolidate efficiencies in operations productivity and continue reduction
in employee turnover
 Initiate IT transformation plans
 New procurement savings in categories not addressed in 2014
 Next phase of on-going relocation initiatives in Brazil and expansion to
Colombia, Peru and Chile
Above-Market
Growth
Best-in-Class
Operations
Inspiring
People
Double down on the growth agenda:
 Scale non-Telefonica Telco business
 Materialize significant growth in the US Near-Shore segment
 Drive SoW gains through increased solutions penetration
 Maximize value of TEF relationship
Continue to evolve into a globally integrated, high performance
organization:
 Embed global capabilities and highly effective Global-Regional operating
model
 High performance organization focus, continued talent development and
employee engagement
Clear set of priorities in 2015

10. 10
Strategic initiatives to
drive above-market
revenue growth
Drive efficiency agenda
to the next level
Capital structure
optimization
Earnings
growth
High visibility on ability to deliver earnings growth in 2015
Market
growthHigh visibility
from retained
client base
 99%+ retention
rate
 Multi-year
contracts
 MSA with
Telefónica
through 2021
 Long-term
penetration
tailwinds
 Increased
outsourcing
 Inflation pass-
through
 Ramp-up of 2014
new contract
wins
 Robust
commercial
pipeline for 2015
 Consolidate
efficiencies in
operations
productivity and
continue reduction
in staff turnover
 Initiate IT
transformation
plans
 New procurement
savings in
categories not
addressed in 2014
 Next phase of on-
going relocation
initiatives in Brazil
and expansion to
Colombia, Peru
and Chile
 Ability to use
cash on balance
sheet to pre-pay
expensive debt

11. 2014 Group Financial
performance

12. 12
FY 2014 Financial Highlights
 7.7% Group CCY growth
 10.5% CCY growth excl. EMEA
Growing revenue with
strong visibility
Reducing TEF
concentration
Enhancing financial
flexibility
Strong FCF generation
despite FX headwinds
Consistent margin
expansion
 10.8% CCY Non-TEF growth
 +2pp non-TEF y-o-y revenue share
 Adj. EBITDA margin 13.3%
 ~70bps margin expansion
 Limited transactional exposure ~97% of revenues matched at local level
 Sustained FCF improvement
 Net Leverage reduced to 1.4x
 Sound liquidity position USD238 m of cash and cash equivalents,
and €50 m undrawn RCF
(1) Cash and Cash equivalents includes short-term financial investments

13. 13
Revenue growth
Higher margin LatAm operations and non-TEF clients
delivering strong growth
593.8 555.1
2,341.1 2,298.3
Q4 2013 Q4 2014 FY 2013 FY 2014
CCY
Growth
+5.8%
CCY
Growth
+7.7%
(6.5)%
(1.8)%
Reducing TEF concentration
52.7% 53.8% 51.5% 53.5%
47.3% 46.2% 48.5% 46.5%
Q4 2013 Q4 2014 FY 2013 FY 2014
Non-TEF TEF
+7.0% +10.8%
TEF CCY
growth +4.5% +4.4%
Non-TEF
CCY
growth
5.8%
7.7%
8.4%
10.5%
Q4 q-o-q FY y-o-y
Group CCY growth LatAm CCY growth
LatAm driving outperformance

14. 14
85.5 86.5
295.1
306.4
Q4 2013 Q4 2014 FY 2013 FY 2014
Adjusted EBITDA
Adj. EBITDA
margin
CCY
Growth
14.4%
$MM
+13.7%
15.6% 12.6% 13.3%
CCY
Growth
+13.6%
1.2%
+3.8%
Outstanding adj. EBITDA growth and margin expansion
y-o-y margin expansion (bps)
Quality growth mix delivering enhanced profitability
%
10.2
11.6
12.6
13.3
2011 2012 2013 2014
+140
+100
+70
84.5% 85.4%
15.5% 14.6%
FY 2013 FY 2014
LatAm EMEA
21.8% 23.2%
78.2% 76.8%
FY 2013 FY 2014
Solutions Services
51.5% 53.5%
48.5% 46.5%
FY 2013 FY 2014
Non-TEF TEF

15. 15
Brazil summary financials
Revenue Comments
 Positive CCY revenue growth and proven ability to
operate in different macro environments
 Non-TEF revenue growth 11.0% CCY in FY 2014
 Significant commercial wins over the year
– + 3.5k WS, + 1K WS with non-TEF Telco clients
 Quality growth coupled with successful execution of
margin transformational initiatives
 ~17% CCY Adj. EBITDA growth in the year,
outpacing revenue growth
 +110bps y-o-y margin improvement, +110bps in the
quarter
 Nearly 1K of new WS won in 2014 to deliver higher
margin solutions
$MM
306.6 278.6
1,206.1 1,184.8
Q4 2013 Q4 2014 FY 2013 FY 2014
49.9 48.4
161.1
172.1
Q4 2013 Q4 2014 FY 2013 FY 2014
CCY
Growth
CCY
Growth
+2.5%
+8.6%
+7.5%
+16.9%
Adj. EBITDA
margin: 16.3% 17.4% 13.4% 14.5%
Adjusted EBITDA
$MM

16. 16
198.3 202.7
772.7 779.4
Q4 2013 Q4 2014 FY 2013 FY 2014
Americas summary financials
 Double-digit CCY revenue growth driven by
leveraging scale and leading market position across
main countries
 Increased volumes with existing clients and new
customer wins over the year
– ~500 WS with Nearshore clients
 Adj. EBITDA growth y-o-y impacted by higher
corporate costs as a result of HQ relocation
 Excluding this impact, adjusted EBITDA growth
reached 20.3% in Q4 and 13.0% in 2014
 Solid Adj. EBITDA margin over 15% in the year
$MM
Revenue Comments
CCY
Growth
CCY
Growth
+17.4%
7.2%
+15.3%
+10.7%
34.6 32.5
118.4 117.7
Q4 2013 Q4 2014 FY 2013 FY 2014
Adj. EBITDA
margin: 17.4% 16.0% 15.3% 15.1%
Adjusted EBITDA
$MM

17. 17
EMEA summary financials
Revenue Comments
 TEF exposure to weak Spanish macro-environment
impacting revenues
 Increased commercial activity with non-TEF clients
(CCY Revenue growth of 6.8% y-o-y)
 Strong quarterly growth driven by positive impact
of completed restructuring in Spain
 740 bps margin expansion y-o-y in the quarter
$MM
CCY
Growth
CCY
Growth
(8.4)%
+120.9%
(7.7)%
(1.2)%
89.0 74.0
363.1
334.8
Q4 2013 Q4 2014 FY 2013 FY 2014
4.3
9.0
26.7 26.4
Q4 2013 Q4 2014 FY 2013 FY 2014
Adj. EBITDA
margin: 4.8% 12.2% 7.4% 7.9%
Adjusted EBITDA
$MM

18. 18
Strong balance sheet post-IPO and continued deleveraging
enhancing our financial flexibility
Pro forma capital structure Comments
 Continued deleveraging from
2.2x to 1.4x
 Strengthened Balance Sheet
– PECs fully capitalized
– VLN fully prepaid
 Local currency denominated
debt or USD debt mostly hedged
back in local currencies
 Continued prepayment of
Brazilian Debentures
 Drawing on BNDES facility to
fund growth in Brazil
 High liquidity profile through
$238MM of available liquidity
and €50MM undrawn RCF
(1) Total capitalization as adjusted to give effect to the Reorganization Transaction, which occurred in connection with our IPO
FY 2013 FY 2013 FY 2014
Pro Forma (1)
($MM) ($MM) ($MM)
Cash and cash equivalents 213.5 213.5 211.4
Short term financial investments - - 26.9
Total cash and cash equivalents 213.5 213.5 238.3
Debt:
7.375% Sr. Sec. Notes due 2020 297.7 297.7 300.3
Brazilian Debentures 345.9 345.9 245.9
BNDES - - 61.3
Vendor Loan Note 151.7 151.7 -
Contingent Value Instrument 43.4 43.4 36.4
Revolving Credit Facility - - -
Preferred Equity Certificates 519.6 - -
Finance lease payables 11.9 11.9 9.0
Other borrowings 0.6 0.6 0.4
Total Debt 1,370.8 851.2 653.3
Net Debt 637.7 415.0
Adj. EBITDA 295.1 306.4
Net Debt / Adj. EBITDA 2.2 x 1.4 x

19. 19
Sound Cash Flow generation
Free cash flow Comments
$MM
 Strong FCF improvement driven by EBITDA growth and
lower working capital needs
 OpCF in 2014 impacted by $73 million of exceptionals
largely driven by cash impact of IPO and restructuring
costs, primarily in Spain.
 Lower OpCF in Q4 driven by IPO costs
 FCF excluding exceptionals to reach $88m in 2014,
$15m in Q4
Working capital
$MM
 Working capital management supporting increased
cashflow generation
 Strong accounts receivables management across main
countries
Q4 2013 Q4 2014 FY 2013 FY 2014
Net cash flow from operating
activities
35.3 25.9 99.6 135.3
Capital expenditures (50.3) (54.7) (103.0) (120.1)
Free cash flow (non-
GAAP) (unaudited)
(15.0) (28.8) (3.4) 15.2
(8.1)
13.1
(47.0)
23.1
Q4 2013 Q4 2014 FY 2013 FY 2014

20. 20
Atento 2015 Guidance
6% — 9%CCY Revenue growth (%)
Adj. EBITDA margin (%)
CAPEX(1)/Revenue (%)
Effective Tax Rate (%)
Exceptional Costs
13.0% — 13.5%
5.0%
32%
USD ~9m
(1) Capital expenditures on a cash basis criteria
 Driven by high growth in LatAm
 Enhanced revenue mix
 Execution of best-in-class initiatives
 Lower non-tax deductible expenses
 Site relocation, small restructuring and other
miscellaneous expenses
Key highlights
 ~ 50% growth
 ~ 50% maintenance

21. 21
Closing remarks
Solid growth performance, strong commercial pipeline and strengthened #1 market
leadership, positions us favorably in the fast growing LatAm BPO CRM markets
I
Ability to deliver margin expansion fuelled by increased productivity and efficiencies
III
Strengthened capital structure and continued deleverage providing for enhanced
financial flexibility
II

22. Appendix

23. 23
Q4
2013
Q4
2014
FY13 FY14
Profit / (Loss) for the period from
continuing operations
14.4 (25.9) (4.0) (42.1)
Net finance expense 14.6 12.6 100.7 110.8
Income tax expense 2.8 20.7 8.3 18.5
Depreciation and amortization 32.1 28.2 129.0 119.8
EBITDA (non-GAAP) (unaudited) 63.9 35.6 234.0 207.0
Acquisition and integration related costs 8.2 2.2 29.3 9.9
Restructuring costs 8.8 3.0 12.8 26.7
Sponsor management fees 3.2 - 9.1 7.3
Site relocation costs - 0.3 1.8 1.7
Financing and IPO fees 1.0 40.8 6.1 51.9
Asset impairments and Other 0.4 4.6 2.0 1.9
Adjusted EBITDA
(non-GAAP) (unaudited)
Depreciation and amortization (1)
(32.1) (28.2) (129.0) (119.8)
Adjusted EBIT
(non-GAAP) (unaudited)
85.5 86.5 295.1 306.4
53.4 58.3 166.1 186.6
Reconciliation of EBITDA to Adj. EBITDA
Breakdown of exceptional costs
$MM
21.6
50.9
Non-GAAP EBITDA Reconciliation
$MM
(1) Excludes Intangibles Amortization
Acquisition and integration
Restructuring costs
Sponsor management fees
Site relocation costs
Financing and IPO
Other
Q4 2013 Q4 2014
21
10

24. 24
Adj. earnings reconciliation
Comments
 Accumulated FY14 Adj. EPS growing at 7.6%
in CCY
 Earnings largely impacted by a number of
items
 Non-cash amortization of intangibles
of acquisition of customer portfolio
relationships
 PECs interest expense capitalized
post-offering
 Exceptional costs including IPO fees
(1) Pro-forma EPS computed using total number of shares of 73,619,511 at Atento S.A. as adjusted to give effect to the Reorganization Transaction
Q4 2013 Q4 2014 FY 2013 FY 2014
Profit for the period 14.4 (25.9) (4.0) (42.1)
Acquisition and integration Costs 8.2 2.2 29.3 9.9
Amort. of Acquisition of Intangibles 10.8 8.1 40.7 36.6
Restructuring Costs 8.8 3.0 12.8 26.7
Sponsor management fees 3.2 - 9.1 7.3
Site relocation costs - 0.3 1.8 1.7
Financing and IPO fees 1.0 40.8 6.1 51.9
PECs interest expense 6.8 (0.4) 25.7 25.4
Asset impairments and Other 0.4 4.6 2.0 1.9
DTA adjustment in Spain - 9.8 - 9.8
Tax effect (10.1) (11.0) (38.3) (46.5)
Adjusted Earnings 43.5 31.5 85.2 82.7
Adjusted EPS 0.59 0.43 1.16 1.12