Q2 2017 atento earnings presentation 08.14.17

1. 1
Atento
Fiscal 2017
Second Quarter Results
August 15, 2017
Investor Relations
Shay Chor
Shay.chor@atento.com
Felipe Joaquim Martins de Souza
Felipe.souza@atento.com

2. 22
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.
Disclaimer

3. 3
Business Highlights and Strategic Overview
Alejando Reynal, CEO

4. 44
▪ Strong top line growth in multisector(1) driven by Brazil and Americas
• Consolidated revenues up 2.4%, multisector up 8.5%
‒ Multisector broad based gains in Brazil and Americas, up 11.2%, and 6.5%, respectively
‒ Revenue mix from higher value-added solutions up 330bps to 26.3%
‒ Telefonica revenues stable versus prior quarters
▪ Atento Digital unit launched and Keepcon partnership
• New Digital business unit: generates value for clients and drives growth across verticals and geographies
• Keepcon partnership: leading provider of technology-based solutions for monitoring and analysis of customer’s
interactions through NLP (natural language processing), AI and analytics
▪ Stable Adjusted EBITDA and Recurring EPS
• Adjusted EBITDA margin of 11.1% in Q2. 1H17 margin of 11.3% in line with FY17 guidance
‒ Ramp up of growth impacting margins, partially offset by improved revenue mix and efficiency initiatives
• Adjusted EPS flat at $0.13 in Q2. 1H17 Adjusted EPS up $0.04
▪ Enhanced Capital structure
• Accelerated debt paydown and debt refinancing leading to higher flexibility and accretion to EPS
• Debt refinance estimated to reduce interest expenses by $10-15mm p.a. as of 2018
▪ Revising Full-Year 2017 Guidance
• Highlighted by improved revenue growth outlook of 5% to 8%, from 1% to 5%
(1) Multisector equals total clients excluding Telefonica;
*Unless otherwise noted, all results are for Q2 2017; all revenue growth rates are on a constant currency basis, year-over-year, and
exclude the effect of our Morocco business divested in September, 2016.
Solid Topline Growth, Stable Margins and Enhanced Capital Structure*

5. 55
Telecommunications
$3 Bn market (1)
3% share
Other Verticals
$2 Bn market
10% share
US Nearshore
$2.5 Bn market
2.8% share
Financial
Services
$2.5 Bn market
22% share
• Continued positive
commercial
momentum in Telco
Non-TEF, +2,400 WS
in Q2
• Telefonica: +600 new
workstations in Q2
2017
• Demand for digital
solutions remains a
source of new
opportunities with
existing clients
• Digital Business unit
launch, in line with
ongoing focus on
CRM/BPO digital
services
• Keepcon partnership:
expansion of digital
capabilities in
monitoring and analysis
of customer’s
interactions through NLP
(natural language
processing), AI and
analytics
• Ongoing
opportunities, +750
WS in Q2, ~35% from
new clients
• Interfile acquisition
completed in June/17:
₋ Combination
creates the leading
provider of credit
origination BPO
solutions in the
LatAm market
• New client win in
Q2 in the
technology sector
• Upside potential
due to Atento
strong competitive
position and low
market penetration
Consolidate Leadership
in Core Voice
Continue Growth into Higher
Value-Added Solutions
Accelerate Profitable Growth
with mainstream Digital Offer
• Continued growth
in other industries,
5 new logos won in
Q2, with +1.200
new WS
• New clients wins in
retail, tech, travel
services and
utilities industry
verticals
Digital
$1 Bn market
11% share
(1) Excludes Telefonica
Three Pillar Growth Strategy Continues to Deliver Results Across Key Verticals

6. 66
4%
10%
CAGR Services
CAGR Solutions
Solid Revenue Evolution as a Result of Consistent Growth Strategy Execution
▪ Revenues from multisector have grown a strong 27% since 1Q15, in a period with combined negative GDP
in the countries we operate
▪ Revenues from TEF stabilizing back to early 2015 levels
▪ Strong growth of higher value-added solutions
(1) Base 100. Constant currency growth, based on company FX estimates.
(2) CAGR from Q1 2015 to Q2 2017.
Quarterly revenue Growth (in CCY) (1)
100
115
127
99
90
95
100
105
110
115
120
125
130
Q1
2015
Q2
2015
Q3
2015
Q4
2015
Q1
2016
Q2
2016
Q3
2016
Q4
2016
Q1
2017
Q2
2017
Total Revenues Multisector Revenues Telefónica Revenues
Services / solutions mix (in CCY) (1)
23.8%
76.2%
Solutions Services
26.3%
73.7%
Solutions Services
Q1 2015 Q2 2017
(2)
(2)

7. 77
Leadership Position and Strategy Execution to Result in Sustained Growth
LEADERSHIP IN CORE VOICE
Continued demand for outsourcing of
business processes
2000
| CUSTOMER SERVICE | SALES
COLLECTIONS | TECHNICAL SUPPORT |
BACK OFFICE
SUSTAINED
GROWTH
MAINSTREAM
DIGITAL OFFER
Enabling digital solutions
2017
| DIGITAL
GROWTH INTO HIGHER
VALUE-ADDED SOLUTIONS
Expanding portfolio to offer complete
end-to-end solutions
2016
| INTERATED
BACK OFFICE
| END TO END
COLLECTIONS
▪ Largest CRM/BPO provider in $10Bn 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

8. 8
Financial Results
Mauricio Montilha, CFO

9. 99
▪ Continued positive revenue trend: up 2.4%
• Strong 8.5% growth from multisector driven by new
service/client wins in all regions
• Revenues from multisector up 390bps to 60.5%
• TEF revenues remained stable vs Q1 2017, and decreased
5.8% in Q2
• Improved revenue mix: higher value-added solutions up
330bps to 26.3% of revenues in Q2
• New client wins: ~5,000 workstations in the quarter, ~39%
from financial services and other clients
▪ Stable profitability, in line with FY17 guidance
• Adjusted EBITDA margin impacted by ramp up of new
services/clients
▪ Adjusted EPS flat at $0.13, up $0.04 YTD
• Lower interest expense, but higher taxes in Q2
▪ Positive FCF before interest and acquisitions of $15.4
million
▪ Leverage ratio down to 1.8x
Highlights(1)
(1) Unless otherwise noted, all results are for Q2 2017; all revenue growth rates are on a constant currency basis, year-over-year, and exclude the effect of our
Morocco business divested in September, 2016.
(2) EBITDA, Adj. EBITDA and Adj. Earnings are Non GAAP measures. For more information, see Glossary page.
(3) Reported Net Income and Earnings per Share (EPS) include the impact of non-cash foreign exchange gains/losses on intercompany balances.
(4) We define Free Cash flow before interest and acquisitions as operating cashflow minus Capex payments and income tax expenses.
(5) Leverage ratio as of June 30, 2017. on a proforma basis, considering the new capital Structure, Leverage is at 1.6x
Consolidated: Positive Revenue Momentum Highlighted by Brazil
US$ MM Except per share 2017 2016 2017 2016
P&L Statement
Revenue 473.7 448.6 941.7 864.3
CC Growth (1)
2.4% 2.7%
Adjusted (2)
EBITDA 52.5 54.2 106.2 103.0
CC Growth
(1)
-6.1% -3.2%
Margin 11.1% 12.1% 11.3% 11.9%
Net Income 9.6 9.5 22.1 19.9
EPS $0.13 $0.13 $0.30 $0.26
Reported (3)
Net Income (3.7) (8.1) 5.4 (12.9)
EPS ($0.05) ($0.11) $0.07 ($0.16)
Cashflow, Debt and Leverage
FCF Before Net Interest and
Acquisitions (4) 15.4 33.8 5.8 6.3
Net Debt 400.4 459.1
Leverage (x) (5)
1.8 2.0
Q2 YTD

10. 1010
Brazil: Strong YoY Growth
(1) Unless otherwise noted, all results are for Q2 2017; all growth rates are on a constant currency basis and year-over-year.
(2) EBITDA and Adj. EBITDA are Non GAAP measures. For more information, see Glossary page.
Highlights(1)
▪ Revenues up 5.8% in Q2
• Revenues from multisector up 11.2% supported by new
service/client wins, mostly non-TEF telcos and financial
services
• Revenues from multisector clients up 330bps to 68.8%
• TEF revenues stable vs 1Q17 and 4Q16; down 4.4% YoY
• Revenue mix from higher value-added solutions at
36.3%
• ~1,850 Workstations won in Q2, mostly from
multisector
▪ Profitability
• Adjusted EBITDA margins declined 110bps
• Ramp up from new acquired services/clients
US$ MM 2017 2016 2017 2016
Revenue 233.5 202.2 471.8 384.7
CC Growth
(1)
5.8% 5.5%
Reported
Operating
income/(loss) 13.4 10.3 32.1 17.4
CC Growth (1)
26.4% 66.3%
Adjusted
EBITDA(2)
28.7 27.1 63.0 52.0
EBITDA Margin(2)
12.3% 13.4% 13.4% 13.5%
Q2 YTD

11. 1111
▪ Multisector revenues up
• Revenues from multisector up 6.5%, driven by higher
volumes in Argentina, Colombia, Chile and U.S. Nearshore
• Revenues from multisector up 370bps to 57.6%
• TEF down 8.1% reflecting late-2016 volume reduction in
Mexico and Argentina
• Revenue mix from higher value-added solutions at historical
high of 17.5% in Q2, up 5.2 p.p. YoY
• ~2,700 workstations won in Q2, ~60% from new clients
▪ Profitability
• Adjusted EBITDA margin 120 bps below Q2 2016, driven by:
• Ramp up from new contracts in Argentina, Colombia
and Chile
• TEF Volume adjustments in Mexico and Argentina
(1) Unless otherwise noted, all results are for Q2 2017; all growth rates are on a constant currency basis and year-over-year.
(2) EBITDA and Adj. EBITDA are Non GAAP measures. For more information, see Glossary page.
Americas: Strong Multisector Growth
Highlights(1)
US$ MM 2017 2016 2017 2016
Revenue 185.7 189.1 359.1 366.3
CC Growth (1)
-0.3% -0.3%
Reported
Operating
income/(loss) 10.4 14.3 17.2 28.8
CC Growth (1)
-26.8% -39.6%
Adjusted
EBITDA(2)
21.7 24.3 39.1 47.7
EBITDA Margin(2)
11.7% 12.9% 10.9% 13.0%
Q2 YTD

12. 1212
EMEA: Margin Trajectory Continues to Improve
▪ Revenue mix up in Q2
• Revenues from multisector reached 35.7%, up 70bps
• Multisector revenues remained stable in Q2 vs last year
• TEF revenues down 3.0% in Q2 2017, reflecting business
stabilization
• Revenue mix from higher value-added solutions up
200bps to 12.2%
▪ Continued Margin Expansion
• Adjusted EBITDA Margin increased 70 bps to 6.9%,
driven by improved business mix and the continued cost
reduction initiatives
Highlights(1)
(1) Unless otherwise noted, all results are for Q2 2017; all revenue growth rates are on a constant currency basis and year-over-year and exclude the
effect of Morocco.
(2) EBITDA and Adj. EBITDA are Non GAAP measures. For more information, see Glossary page.
USD$MM 2017 2016 2017 2016
Revenue 55.1 57.8 111.8 114.1
CC Growth
(1)
-2.0% 1.1%
Reported
Operating
income/(loss) 1.2 (1.7) 3.1 (4.9)
CC Growth (1)
N.M N.M
Adjusted
EBITDA(2)
3.8 3.6 8.1 6.3
EBITDA Margin(2)
6.9% 6.2% 7.2% 5.5%
Q2 YTD

13. 1313
Cash Flow
▪ Operating Cash flow reached $30 million in the quarter
▪ Adj. EBITDA to cash conversion of 29.4% in the quarter
▪ YoY, cash conversion is in line with business seasonality, and relatively flat versus 1H2016
▪ Lower interest expense from accelerated debt pay-down (additional $27MM payment in April)
(1) We define Operating Cash flow as Net Cash flow from/(used in) operating activities (as per 6K) adding back net interest and income tax expenses.
(2) Does not consider acquisitions
Free Cash Flow (FCF) US$ MM 2017 2016 2017 2016
Operating Cash Flow (1)
30.0 62.1 40.1 60.2
Cash Capex (2)
(10.1) (20.6) (24.2) (39.7)
Income Tax Paid (4.4) (7.7) (10.1) (14.2)
Free Cash Flow before interest and Acquisitions 15.4 33.8 5.8 6.3
Adj. EBITDA to Cash Conversion (%) 29.4% 62.3% 5.4% 6.1%
Acquisitions (27.1) 0.0 (27.1) 0.0
Net Interest Paid (14.8) (21.7) (28.5) (36.1)
Free Cash Flow (FCF) (26.5) 12.1 (49.9) (29.8)
Q2 YTD

14. 1414
Debt Refinancing: Improved Cashflow, EPS Accretion and Increased
Flexibility
• New Senior Secured Notes:
• $400mm, 5NC2(1) secured, coupon of 6.125%
• Refinance the $300mm 2020 SSN and the 2019 Brazilian debentures of $129mm
• New bond guaranteed by subsidiaries, including Brazil and Argentina
• Improved Liquidity: Revolver Credit Facilities up to $105mm vs $57mm in previous SSN
• Multi-currency Super Senior RCF of $50mm, up to 4.5 years
• Multi-currency RCF of $55mm, up to 1 year in Brazil, Mexico, Colombia and Spain
• $45mm positive cash impact in 3Q17 from the unwinding of existing hedges
• Higher flexibility
• Incurrence covenants vs maintenance in previous debts
• Flexibility to pay dividends up to 6% of Market Cap
• Lower Cost
• New issuance coupon of 6.125% vs 7.375% in 2020 SSN
• Interest hedged at 7.2% vs Brazilian debenture cost of CDI+3.7%
• Debt refinance estimated to reduce interest expense by $10-15mm p.a.(2) as of 2018
versus 2017 revised Guidance
(1) Denotes a 5 year bullet Bond with 2 year non-call provision
(2) Pre-tax

15. 1515
Revising FY 2017 Guidance
▪ Improved revenue growth outlook of 5% to 8%, from 1% to 5%
▪ Margins for 2H17 trending to high end of guidance
▪ Debt refinance impacting 4Q17 onwards
• Estimated to reduce interest expenses by $10-15mm p.a. as of 2018
(1) Adjusted EBITDA and margin exclude the impact of restructuring and site relocation expenses. We exclude these from our adjusted numbers to more
clearly show the underlying health and trajectory of our business.
(2) Cash conversion equals free cash flow before interest and acquisitions as a percent of adjusted EBITDA
Consolidated Revenue Growth (CCY) 5% to 8% 1% to 5%
Adjusted EBITDA Margin (CCY) (1)
11% to 12% 11% to 12%
Net Interest Expense $55MM to $60MM $60MM to $65MM
Cash Capex (% of Revenue) ~3-4% ~3-4%
Effective Tax Rate ~39% ~34%
Diluted Share Count ~73.9MM shares ~73.9MM shares
Cash conversion as % of Adj. EBITDA(2)
~40% ~40%
OldNewGuidance - FY 2017

16. 1616
Solid Topline Growth with Stable Margins
• Focused growth strategy drove increase in revenues, with multisector
broad based gains in all regions YTD
Enhanced Capabilities to Drive Future Growth
Positive Operating Cash Flow and Enhanced Capital Structure
• Debt refinancing accretive to EPS and cash generation
Revised Full-Year 2017 Targets
• Highlighted by improved revenue growth outlook
Recap

17. 17
Appendix
About Atento
Financial Reconciliations
Debt Information
Glossary

18. 18
About Atento

19. 1919
✓ Leader in attractive, high-growth LatAm market.
✓ Long-lasting client relationships due to vertical expertise and
growing portfolio of services and solutions.
✓ Superior pan-LatAm operational delivery platform.
✓ Clear strategy for sustained growth and strong shareholder value
creation.
✓ Experienced, proven management team with strong track record.
Differentiated Competitive Advantages

20. 2020
(1) Awarded by the Great Place to Work Institute (“GPTW”)
(2) Based on Q2 2017 revenue of $473.7MM; Telefonica and Non-Telefonica revenue based on Q2 2017
 Leading CRM/BPO provider in Latin America and
among the top five largest globally by revenues
($1.8bn in 2016)
― 94 contact centers in 13 countries globally
― 150,000+ employees and 87,000+ workstations
globally
― Provides growing end-to-end solutions for
customers across sectors and capabilities
 Founded in 1999 as provider to Telefonica Group;
acquired by Bain Capital in 2012
 Superior operational delivery platform in LatAm
region
 Long-standing relationships with 400+ blue-chip
clients
 Strong relationship with Telefonica, supported by
Master Services Agreement (“MSA”) through
2021/2023
 Unique people focus: only CRM BPO company
among the 25 best multinationals to work for and
only LatAm based company (1)
Revenues by region, offering and customer (2)
Brazil
49.3%
Americas
39.2%
EMEA
11.5%
Services
73.7%
Solutions
26.3%
Non-Telefonica
60.5%
Telefonica
39.5%
Atento at a Glance

21. 2121
1999
Telefonica call center in
Spain and Brazil
(1) Flags represent Brazil and Spain.
(2) Flags represent Brazil, Spain, Peru, Panama, Guatemala,,El Salvador, Chile, Colombia, Argentina, Mexico, Puerto Rico, the U.S and Uruguay.
(1)
2016
The Leader in pan-LatAm CRM BPO
(2)
<0.5
1.8
Workstations
<20k
Workstations
87k+
~10%
~57.5%
Customer
Service
Sales
Extended footprint
across Latin America
Expanded
higher value-added
solutions offerings
Added $2 billion
in revenues
Built largest
execution
platform in Latin
America
Highly diversified
client base
Revenues $Bn Revenues $Bn
% non-TEF revenues % non-TEF revenues
Customer
Service
Sales
Back
Office
Technical
Support
Credit
Management
Smart Credit
Solution
Complaints
Handling
Multi-channel
Customer
Experience
Smart
Collection
Credit Card
Management
B2B Efficient
Sales
Insurance
Management
Advanced
Technical
Support
Evolution of Leadership Position in LatAm CRM BPO Market

22. 2222
USA
Mexico
El Salvador Guatemala
Panama
Colombia
Peru Brazil
Uruguay
Argentina
Chile
Spain
Puerto Rico
Source: Frost & Sullivan / DBK
(1) Atento market share position as of 2015
(2) Market share in terms of revenue
2016 CRM BPO market share (%)
Market leader in the largest markets...
$9.6Bn
LatAm CRM BPO market
One of the largest players in the world…
4.0
2.9
2.4
1.8
1.5
1.3
0.6
2016 Revenues ($Bn)
(1) Pro forma for Stream acquisition
Largest CRM BPO Provider in Latin America
Leadership in LatAm & Spain
1
19.7%
1
25.2%
1
34.7 %
1
16.9%
2
9.1%
1
25.6%

23. 2323
Vertically-driven solutions portfolio
Deeply embedded processes
Stronger alignment with clients
Scalable industry expertise
Higher value-added with increased profitability
✓
✓
✓
We offer a comprehensive portfolio of services via robust
multi-channel offerings
Telephone
E-mail
Social
Networks
Chatrooms
SMSApps
VPA
Kiosk
Onsite
CUSTOMER
EXPERIENCE
VPA
Web
Customer
Service
Sales
Back
Office
Technical
Support
Credit
Management
Insurance
Management
Smart Credit
Solution
Complaints
Handling
B2B Efficient Sales
Smart
Collection
Credit Card
Management
Multi-channel
Customer Experience
Advanced
Technical Support
✓
Services portfolio and multi-channel offerings have evolved into
differentiated, value-added solutions

24. 2424
State-of-the-
art Technology
0.02%
Unscheduled
downtime
in 2015
Standardized
Large-scale
Processes
Three globally connected
Command Centers
Highly
Motivated
Employees
Industry leading culture
and globally recognized
“Great Place to work”
Great Place to
Work in 9
countries (1)
(1) 2015 figures
Blue-chip Tech Partners
• Avaya
• HP
• Nice
• Cisco
• Microsoft
• Verint
Globally recognized as one of the 25
Best Multinationals to work for the
4th consecutive year in 2016
Only CRM BPO company in
the top 25
Only LatAm based Company
in the top 25
Robust, Globally Standard
Processes
Centralized, standard
automated recruiting
Performance based learning
1,400,000+
applications (1)
15.6MM+
hours of training (1)
Superior pan-LatAm operational delivery platform

25. 2525
Client services and solutions offerings
Services
Solutions
Year 1
Customer
Service
Credit
Management
Back Office
Sales
Customer
Service
Credit
Management
Complaints
Handling
Insurance
Management
Advanced
Technical Support
Customer
Service    
Sales
    
Back
Office    
Credit
Management
  
In-person
Services
  
Automated
Services
  
Strong relationship spanning
many services and countries…. …with increasing depth of offerings
Case study: Financial Institution based in Mexico
Current
Back Office
Sales
Customer
Service
Credit
Management
Complaints
Handling
Insurance
Management
Advanced
Technical Support
Multi-channel
Customer Experience
Credit
Card Management
Services
Financial Services case study: deep expertise drives increased mix of
value-added solutions overtime
Year

26. 2626
Smart
Collection
• 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
• Cost effective channel integration: phone, digital, in-person
• Collection software and automated enables (i.e voice mail, invoice letter
• Use of analytics / big data optimizing time to call and Contact channel
Insurance
Management
• End-to-end solution covering the sales process, customer services, and associated back office including credit
management process
• Specialized process: integrated process mapping and improvement, and technical back office support
• 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
Smart Credit
Solution
Complaints
Handling
• Manages the overall contract formalization and provides sales and customer service and credit management
• Specialized process: back office, sales, customer service and credit management
• Channel integration and self-service ensuring “just in time” information
• 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
• Multichannel integration focusing on customer behavior
• Social BPM and workload, multichannel platform interface with client’s software
• Use of knowledge management, speech analytics, mystery shoppers, survey
Atento’s Solutions

27. 2727
B2B Efficient
Sales
• Manages small medium business’ lead generation and process execution
• Specialized process and agents in sales, process mapping and reengineering
• Channel integration (adapted for efficiency: phone, digital, back office, in person
• B2B sales software, multichannel platform, interface with client’s software
• Use of analytics ; big data, BIA, knowledge management
Credit Card
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)
• Cost efficiency channel integration: phone, digital, letters, in-person
• Social BPM and workload, multichannel platform, predictive dialers
• Use of analytics and big data, BIA, knowledge management
Advanced
Technical
Support
Multichannel
Customer
Experience
• Single point of Contact (SPOC) to handle, diagnose and solve technical issues
• Certifications, process mapping and improvement, specialized agents in technical support
• Multichannel integration focusing on customer behavior
• 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
• Manages service levels and agent productivity customer service, collection and technical support
• Cost efficiency channel intergration and utilization strategy offering convenience and a better customer
experience
• Multichannel platform: phone, vídeo, chat, email, SMS, Facebook, Twitter, Whatsapp, in-person
• Use of analytics / big data, BIA, speech analytics, mystery shopper, survey
Atento’s Solutions

28. 28
Financial Reconciliations

29. 2929
Adjustments to EBITDA by Quarter
(1) Information excludes the effect of Morocco business, which was divested in September, 2016.
(2) Additional detailed information can be found on the 2Q17 6K form of the Company on the topics related to Reconciliation of EBITDA and Adjusted
EBITDA.
($ in millions) Q1 Q2 Q3(1)
Q4(1)
FY(4)
Q1 Q2 Q3(1)
Q4(1)
FY(4)
Q1 Q2
Profit/(loss) for the period 20.5 6.5 17.4 7.5 52.2 (4.4) (7.8) (0.5) 16.7 3.4 9.0 (3.7)
Net finance expense 1.6 19.6 9.5 15.7 46.4 19.5 28.2 22.3 37.7 107.8 12.0 19.1
Income tax expense 5.6 5.3 8.7 3.5 23.2 1.0 0.6 2.6 1.1 5.2 3.8 7.3
Depreciation and amortization 28.0 26.5 23.3 23.7 101.5 21.4 25.1 25.0 25.4 97.3 25.4 23.4
EBITDA (non-GAAP) (unaudited) 55.7 57.9 58.9 50.4 223.3 37.5 46.1 49.4 80.9 213.7 50.2 46.1
Acquisition and integration related costs 0.1 - - - 0.1 - - - - - - -
Restructuring costs 1.0 2.7 3.9 8.2 15.8 6.2 6.7 6.2 14.7 33.7 3.4 5.5
Site relocation costs 0.4 0.1 - 2.9 3.4 5.7 0.2 0.7 2.8 9.3 - -
Financing and IPO fees 0.3 - - - 0.3 - - - - - - -
Contingent Value Instrument - - - - - - - - (41.7) (41.7) - -
Asset impairments and Others 0.8 1.4 2.3 2.3 6.8 (0.4) 1.2 4.2 1.9 6.9 - 0.9
Adjusted EBITDA (non-GAAP)
(unaudited)
58.3 62.1 65.1 63.8 249.7 49.0 54.2 60.5 58.6 221.9 53.6 52.5
Fiscal 2015 Fiscal 2016 Fiscal 2017

30. 3030
Add-Backs to Net Income by Quarter
(1) Information excludes the effect of Morocco business, which was divested in September, 2016.
(2) Additional detailed information can be found on the 2Q17 6K form of the Company on the topics related to Reconciliation of Adjusted Earnings to
Profit/(loss).
($ in millions, except percentage changes) Q1 Q2 Q3(1)
Q4(1)
FY(1)
Q1 Q2 Q3(1)
Q4(1)
FY(1)
Q1 Q2
Profit/(Loss) attributable to equity holders of the parent 20.5 6.5 17.4 7.5 52.2 (4.4) (7.8) (0.5) 16.7 3.4 9.0 (3.7)
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 5.4 6.2 6.5 6.3 24.2 6.8 4.3
Restructuring Costs 1.0 2.7 3.9 8.2 15.8 6.2 6.7 6.2 14.7 33.7 3.4 5.5
Site relocation costs 0.4 0.1 - 2.9 3.4 5.7 0.2 0.7 2.8 9.3 - -
Financing and IPO fees 0.3 - - - 0.3 - - - - - - -
Asset impairments and Others 0.8 1.4 2.3 2.3 6.8 (0.4) 1.2 4.2 1.9 6.9 - 0.9
DTA adjustment in Spain - - - 1.5 1.5 - - - - - - -
Net foreign exchange gain on financial instruments (13.0) (1.0) (0.5) (3.5) (17.5) (0.5) (0.2) 0.1 (0.1) (0.7) - 0.3
Net foreign exchange impacts 0.4 2.6 (3.0) 4.5 4.0 3.0 9.2 2.5 5.8 21.1 (3.3) 4.3
Contingent Value Instrument - - - - - - - - (26.2) (26.2) - -
Tax effect (2.9) (3.5) (4.1) (2.9) (16.2) (5.3) (6.0) (5.1) (8.1) (23.5) (3.4) (2.0)
Adjusted Earnings (non-GAAP) (unaudited) 15.3 15.7 23.0 26.8 77.9 9.7 9.5 14.6 13.8 48.2 12.5 9.6
Adjusted Basic Earnings per share (in U.S. dollars) (*)
(unaudited). 0.21 0.21 0.31 0.36 1.06 0.13 0.13 0.20 0.19 0.65 0.17 0.13

31. 3131
FX Rates
FX Assumptions Q1 Q2 Q3 Q4 FY 2016 Q1 2017 Q2 2017
Euro (EUR) 0.91 0.89 0.90 0.93 0.90 0.94 0.89
Brazilian Real (BRL) 3.91 3.51 3.25 3.29 3.49 3.13 3.29
Mexican Peso (MXN) 18.05 18.10 18.76 19.83 18.68 19.29 18.13
Colombian Peso (COP) 3,259.17 2,994.86 2,948.13 3,015.14 3,054.33 2,942.15 2,960.89
Chilean Peso (CLP) 702.02 677.93 661.47 665.52 676.74 661.20 665.00
Peruvian Soles (PEN) 3.45 3.32 3.34 3.40 3.38 3.27 3.27
Argentinean Peso (ARS) 14.46 14.22 14.94 15.46 14.77 15.52 16.12
Average Average

32. 3232
Revenue Mix by Service Type
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2
Customer Service 48.7% 48.0% 47.0% 47.9% 47.9% 49.6% 49.7% 50.2% 47.8% 49.0% 50.2% 51.7%
Sales 18.2% 18.3% 18.2% 17.4% 18.0% 16.4% 16.3% 15.3% 17.2% 16.6% 16.3% 18.8%
Collection 10.0% 10.3% 10.9% 11.2% 10.6% 10.2% 10.0% 9.4% 10.0% 10.1% 9.5% 8.6%
Back Office 9.1% 9.4% 10.2% 10.2% 9.7% 10.5% 10.1% 11.2% 11.7% 10.8% 11.2% 8.3%
Technical Support 10.7% 10.7% 10.5% 9.9% 10.5% 9.6% 9.4% 9.6% 9.2% 9.4% 8.7% 9.0%
Service desk 0.1% 0.1% - - - - - - - - - -
Others 3.2% 3.2% 3.2% 3.4% 3.3% 3.7% 4.5% 4.3% 4.1% 4.1% 4.1% 3.6%
Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Fiscal 2015 Fiscal 2016 Fiscal 2017

33. 3333
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.
(4) Includes Puerto Rico.
(5) Operations in Morocco were divested on September 30, 2016
Number of Workstations and Delivery Centers
Q2 2016 Q2 2017 Q2 2016 Q2 2017
Brazil 46,286 47,650 32 33
Americas 36,978 36,533 51 50
Argentina (2) 3,670 4,151 11 12
Central America (3) 2,605 2,334 5 4
Chile 2,754 2,561 3 3
Colombia 7,508 7,857 9 9
Mexico 9,878 10,011 16 15
Peru 9,253 8,309 4 4
United States (4) 1,310 1,310 3 3
EMEA 6,642 5,626 16 14
Morocco (5) 1,076 - - 2 -
Spain 5,566 5,626 14 14
Total 89,906 89,809 99 97
Number of
Service Delivery
Centers (1)
Number of Work
Stations

34. 3434
Debt Refinance - Overview
(1) Total Liquidity and Cash Balance does not include a $45mm positive cash impact in 3Q17 from the unwinding of existing hedges
(2) Adjusted by EUR/USD FX of 1.14
146
63
29 27
8 4
404
2
52 77
300
146
Cash 2017 2018 2019 2020 2021 2022 2023
Atento Pro-Forma Debt Maturity Profile
US$MM
146
63 81
104
308
4 4 2
Cash 2017 2018 2019 2020 2021 2022 2023
Atento Current Debt Maturity Profile
US$MM
105
Revolver (2)
Extension of Atento debt Maturity Profile
Debt being repaid
Average life of
2.3-years
Average life of
4.4-years
57
Cash Balance 146.3 - 146.3
EUR RCF
(2)
57.1 (57.1) -
Undrawn SS RCF (Club Multicurrency) - +50.0 50.0
Undrawn SS RCF (Bilateral Multicurrency) - +55.0 55.0
(=) Total Liquidity 203.4 47.9 251.3
1st Brazilian Debenture (CDI+3.7%) 129.4 (129.4) -
2nd Brazilian Debenture (CDI+3.75%) 20.8 - 20.8
7.375% Senior Secured Notes due 2020 304.2 (304.2) -
6.125% Senior Secured Notes due 2022 - +400.0 400.0
BNDES Credit Facility 59.4 - 59.4
Other Borrowings 32.9 - 32.9
(=) Total Debt 546.7 -33.6 513.1
(=) Net Debt 400.4 366.8
Net Leverage (Net Debt / LTM Adj. EBITDA) 1.8x 1.6x
AdjustmentsUS$MM ProformaActual

35. 3535
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 EBITDA margin – Adjusted EBITDA excluding special items/operating revenue.
▪ 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.
▪ Operating Cash Flow: Net Cash flow from/(used in) operating activities (as per 6K)
adding back net interest and income tax expense.
▪ Free cash flow before interest and acquisitions – We define Free Cash flow before
interest and acquisitions as operating cashflow minus Capex payments and income tax
expense.
▪ Liquidity – cash and cash equivalents and undrawn revolving credit facilities.