UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 6-K ReportofForeignPrivateIssuer. Atento S.A.

Transcription

1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 6-K ReportofForeignPrivateIssuer PursuanttoRule13a-16or15d-16ofthe SecuritiesExchangeActof1934 For the year ended December 31, 2016 Commission File Number 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:o IndicatebycheckmarkiftheregistrantissubmittingtheForm6-KinpaperaspermittedbyRegulationS-TRule101(b)(1): Yes:oNo:x Note:RegulationS-TRule101(b)(1)onlypermitsthesubmissioninpaperofaForm6-Kifsubmittedsolelytoprovideanattachedannualreporttosecurityholders. IndicatebycheckmarkiftheregistrantissubmittingtheForm6-KinpaperaspermittedbyRegulationS-TRule101(b)(7): Yes:oNo:x Note :RegulationS-TRule101(b)(7)onlypermitsthesubmissioninpaperofaForm6-Kifsubmittedtofurnishareportorotherdocumentthattheregistrantforeignprivateissuer mustfurnishandmakepublicunderthelawsofthejurisdictioninwhichtheregistrantisincorporated,domiciledorlegallyorganized(theregistrant s homecountry ),orunderthe rulesofthehomecountryexchangeonwhichtheregistrant ssecuritiesaretraded,aslongasthereportorotherdocumentisnotapressrelease,isnotrequiredtobeandhasnotbeen distributedtotheregistrant ssecurityholders,and,ifdiscussingamaterialevent,hasalreadybeenthesubjectofaform6-ksubmissionorothercommissionfilingonedgar.

2 ATENTO S.A. INDEX Financial Information For the Three Months and Year Ended December 31, 2016 PARTI PRESENTATIONOFFINANCIALANDOTHERINFORMATION 3 SELECTEDHISTORICALFINANCIALINFORMATION 5 SUMMARYCONSOLIDATEDHISTORICALFINANCIALINFORMATION 6 ConsolidatedStatementsofFinancialPositionasofDecember31,2015and ConsolidatedIncomeStatementsfortheYearEndedDecember31,2014,2015and ConsolidatedIncomeStatementsfortheThreeMonthsEndedDecember31,2015and ConsolidatedStatementsofCashFlowfortheYearEndedDecember31,2014,2015and2016andfortheThreeMonthsEndedDecember31,2015and Management sdiscussionandanalysisoffinancialconditionandresultsofoperations 19

3 PART I - PRESENTATION OF FINANCIAL AND OTHER INFORMATION AtentoS.A.( Atento,the Company, we orthe Organization )wasformedasadirectsubsidiaryofatalayaluxcotopcos.c.a.( Topco ).InApril2014,Topcoalso incorporatedatalayaluxcopikcos.c.a.( PikCo )andonmay15,2014topcocontributedtopikco:(i)allofitsequityinterestsinitsthendirectsubsidiary,atalayaluxcomidco S.à.r.l.( Midco ),theconsiderationforwhichwasanallocationtopikco saccount capitalcontributionsnotremuneratedbyshares (the ReserveAccount )equalto 2million, resultinginmidcobecomingadirectsubsidiaryofpikco; and(ii) allofitsdebtinterestsinmidco(comprisingthreeseriesofpreferredequitycertificates (the OriginalLuxco PECs )),theconsiderationforwhichwastheissuancebypikcototopcoofpreferredequitycertificateshavinganequivalentvalue.onmay30,2014,midcoauthorizedtheissuance of,andpikcosubscribedfor,afourthseriesofpreferredequitycertificates(togetherwiththeoriginalluxcopecs,the LuxcoPECs ). InconnectionwiththecompletionofAtento sinitialpublicoffering(the IPO )inoctober2014,topcotransferreditsentireinterestinmidco( 31,000ofsharecapital)to PikCo, the consideration for which wasanallocation of 31,000to PikCo sreserve Account. PikCothen contributed all of theluxco PECsto Midco (the Contribution ), the consideration for which was an allocation to Midco s Reserve Account equal to the value of the Luxco PECs immediately prior to the Contribution. Upon completion of the Contribution,theLuxcoPECswerecapitalizedbyMidco.PikCothentransferredtheremainderofitsinterestinMidco( 12,500ofsharecapital)totheCompany,inconsiderationfor whichthecompanyissuedtwonewsharesofitscapitalstocktopikco.thedifferencebetweenthenominalvalueofthesesharesandthevalueofmidco snetequitywillbeallocated tothecompany ssharepremiumaccount.asaresultofthistransfer,midcobecameadirectsubsidiaryofthecompany.thecompanycompletedasharesplit(the ShareSplit ) wherebyitissuedapproximately2, ordinarysharesforeachordinaryshareoutstandingasofseptember3,2014.theforegoingiscollectivelyreferredasthe Reorganization Transaction. OnOctober7,2014,wecompletedourIPOandissued4,819,511ordinarysharesatapriceof$15.00pershare.AsaresultoftheIPO,theShareSplitandtheReorganization Transaction,wehad73,619,511ordinarysharesoutstandingandowned100%oftheissuedandoutstandingsharecapitalofMidco,asofNovember9,2015. On August 4, 2015, our Board of Directors ( the Board ) approved a share capital increase and issued 131,620 shares, increasing the number of outstanding shares to 73,751,131. OnJuly28,2016,theBoardapprovedasharecapitalincreaseandissued157,925shares,increasingthenumberofoutstandingsharesto73,909,056. Divestment transaction OnAugust4,2016,theCompanythroughitsdirectsubsidiaryAtentoTeleserviciosEspañaenteredintoanagreement(the ShareSaleandPurchaseAgreement )withintelcia Group,S.A.forthesaleof100%ofAtentoMoroccoS.A.,encompassingAtento soperationsinmoroccoprovidingservicestothemoroccanandfrenchmarkets(the Morocco Transaction ).TheMoroccoTransactionwasconsummatedonSeptember30,2016,uponreceiptofregulatoryapproval.Atento soperationsinmorocco,whichprovideservicesto thespanishmarket,areexcludedfromthemoroccotransactionandwillcontinueoperatingaspartofatentospain. BasedontheShareSaleandPurchaseAgreement,AtentoTeleserviciosEspañaaccruedareserveintheamountof$3.1millionasaguaranteetothebuyerforfutureindemnity itmightberesponsibleforresultingfromeventsthatoccurredbeforethesale. TheMoroccoTransactionallowstheCompanytocontinuestrengtheningitsfocusonitscoremarkets,SpainandLatinAmerica. InaccordancewithIFRS5theresultsoftheoperationsinMoroccoarepresentedasdiscontinuedoperationsfor2016,andpriorperiodswhicharerestatedforcomparative purpose. Acquisition transaction OnSeptember2,2016,theCompanythroughitsdirectsubsidiaryAtentoBrasilS.A.acquired %,ofthesharesofRBrasilSoluçõesS.A.( RBrasil ),aleadingprovider oflate-stagecollectionservicesinbrazil.thetotalamountpaidforthisacquisitionwasr$28.1million($8.6million). ThecombinationofAtentoBrasilS.A.andRBrasilcreatesthelargestproviderofcollectionservicesinBrazilwith7,000professionalswithstrongcollectionsknow-howand expertise,optimallypositioningatentotoexpandourshareofthe$2.7billioncollectionsmarketinlatinamerica.otherbenefitsinclude: 3

4 Providingnewandexistingclientswithafullyintegratedplatform,deliveringcustomizedcollectionssolutions. Enhancingtheeffectivenessofcollectionssolutionswiththeextensiveuseoftechnology,businessintelligenceandanalyticscapabilities. DrivesconsolidationinthishighlyfragmentedandcompellingmarketinLatinAmerica. Termination of Argentine s Contingent Value Instrument TheacquisitionofAtentoGroup sargentiniansubsidiariesfromtelefónicawasmadebythecompany ssubholdings,atalayaluxco2,s.à.r.l.(formerlybcluxco2,s.à.r.l) andatalayaluxco3, S.à.r.l(formerly BCLuxco3, S.à.r.l) tobepaidintheform ofacontingent ValueInstrument, orcvi. OnNovember8, 2016, thecvinominalvalue of ARS666.8million,or$135.6millionwasterminated.Asaresult,duringthefourthquarterwerecognizedagainof$41.7millionin Othergains representingtheprincipleamountof thecvi. Forboththefourthquarterandfull-yearof2016,thisgainhadapositiveimpactonourEBITDAof$41.7million,apositiveimpactof$26.2milliononprofit,$35.4millionin foreignexchangelosses,andthereversalof$19.9millioninfinancecosts. InthisReport,allreferencesto U.S.dollar and $ (USD)aretothelawfulcurrencyoftheUnitedStatesandallreferencesto Euro or aretothesinglecurrencyofthe participatingmemberstatesoftheeuropeanandmonetaryunionofthetreatyestablishingtheeuropeancommunity,asamendedfromtimetotime.inaddition,allreferencesto BrazilianReaisor R$ (BRL),MexicanPeso(MXN),ChileanPeso(CLP),ArgentineanPeso(ARS),ColombianPeso(COP)andPeruvianNuevosSoles(PEN)aretothelawful currenciesofbrazil,mexico,chile,argentina,colombiaandperu,respectively. ThefollowingtableshowstheexchangeratesoftheU.S.dollartothesecurrenciesfortheyearsanddatesindicatedasreportedbytherelevantcentralbanksoftheEuropean Unionandeachcountry,asapplicable Average December 31 Average December 31 Average December 31 Euro(EUR) Brazil(BRL) Mexico(MXN) Colombia(COP) 2, , , , , , Chile(CLP) Peru(PEN) Argentina(ARS)

5 SELECTED HISTORICAL FINANCIAL INFORMATION We present ourhistorical financial information under International Financial Reporting Standards ( IFRS ) asissued bythe International Accounting Standards Board (the IASB ). Atento Financial Information TheconsolidatedfinancialinformationofAtentoaretheconsolidatedresultsofoperationswhichincludestheyearendedDecember31,2014,2015and2016. Interim Financial Information Rounding TheunauditedconsolidatedfinancialinformationforthequarterendedDecember31,2015and2016arederivedfromAtento sfinancialinformation. CertainnumericalfiguressetoutinthisReport,includingfinancialdatapresentedinmillionsorthousandsandpercentages,havebeensubjecttoroundingadjustments,and,asa result,thetotalsofthedatainthisreportmayvaryslightlyfromtheactualarithmetictotalsofsuchdata.percentagesandamountsreflectingchangesovertimeperiodsrelatingto financialandotherdatasetforthin SummaryConsolidatedHistoricalFinancialInformation and Management sdiscussionandanalysisoffinancialconditionandresultsof Operations arecalculatedusingthenumericaldatainthefinancialstatementsorthetabularpresentationofotherdata(subjecttorounding)containedinthisreport,asapplicable,and notusingthenumericaldatainthenarrativedescriptionthereof. 5

6 SUMMARY CONSOLIDATED HISTORICAL FINANCIAL INFORMATION Thefollowingtablespresentasummaryoftheconsolidatedhistoricalfinancialinformationfortheyears/periodsasofthedatesindicatedandshouldbereadinconjunctionwith thesectionofthisdocumententitled Management sdiscussionandanalysisoffinancialconditionandresultsofoperations and SelectedHistoricalFinancialInformation includedelsewhereinthisdocument. Change For the year ended December 31, Change Change excluding FX (%) For the year ended December 31, Change excluding FX ($ in millions) (%) (%) 2016 (%) (audited) (unaudited) Revenue 2, ,949.9 (14.4) 9.3 1,757.5 (9.9) (1.4) Profit/(loss)fromcontinuingoperations (41.6) 52.2 N.M. N.M. 3.4 (93.5) (92.8) Lossfromdiscontinuedoperations (0.5) (3.1) N.M. N.M. (3.2) Profit/(loss)fortheyear (42.1) 49.1 N.M. N.M. 0.2 (99.6) (99.6) EBITDA (1) (4.3) 5.4 AdjustedEBITDA (1) (18.2) (11.1) (3.6) AdjustedEarnings (2) (12.7) (38.1) (29.8) AdjustedEarningspershare(inU.S.dollars) (3) (12.4) (38.7) (30.1) FreeCashFlow (4) 18.3 (57.0) N.M. N.M N.M. N.M. CapitalExpenditure (5) (120.1) (121.2) (48.2) (60.2) (2.2) Paymentsforacquisitionofproperty,plant,equipmentand intangibleassets (6) (117.9) (96.4) (18.2) (1.2) (69.9) (27.5) (0.6) TotalDebt (11.9) (7.1) (14.1) Cashandcashequivalentsandshort-termfinancialinvestments (22.8) (5.4) Netdebtwiththirdparties (7) (5.6) (12.9) (21.3) For the three months ended December 31, Change (%) Change excluding FX (%) ($ in millions) (unaudited) Revenue (2.6) (4.2) Profitfromcontinuingoperations Lossfromdiscontinuedoperations (2.1) - (100.0) (100.0) Profitfortheperiod N.M. N.M. EBITDA (1) AdjustedEBITDA (1) (8.2) (9.7) AdjustedEarnings (2) (48.5) (38.9) AdjustedEarningspershare(inU.S.dollars) (3) (47.2) (38.7) FreeCashFlow (4) N.M. N.M. CapitalExpenditure (5) (38.1) (24.3) (36.2) N.M. Paymentsforacquisitionofproperty,plant,equipmentandintangibleassets (6) (35.8) (13.5) (62.3) (53.8) TotalDebt (7.1) (14.1) Cashandcashequivalents Netdebtwiththirdparties (7) (12.9) (21.3) N.M.meansnotmeaningful (1)Inconsideringthefinancialperformanceofthebusiness,ourmanagementanalyzesthefinancialperformancemeasuresofEBITDAandAdjustedEBITDAatacompany and operating segment level, to facilitate decision-making. EBITDA is defined as profit/(loss) for the period from continuing operations before net finance expense, income taxes and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted to exclude certain acquisition and integration related costs, restructuringcosts,sponsormanagementfees,assetimpairments,siterelocationcosts,financingandipofees,andotheritemsnotrelatedtoourcoreresultsofoperations. EBITDAandAdjustedEBITDAarenotmeasuresdefinedbyIFRS.ThemostdirectlycomparableIFRSmeasuretoEBITDAandAdjustedEBITDAisprofit/(loss)for theyear/periodfromcontinuingoperations. WebelieveEBITDAandAdjustedEBITDAareusefulmetricsforinvestorstounderstandourresultsofcontinuingoperationsandprofitabilitybecausetheypermit investorstoevaluateourrecurringprofitabilityfromunderlyingoperatingactivities.wealsousethesemeasuresinternallytoestablishforecasts,budgetsandoperational goals to manage and monitor our business, as well as to evaluate our underlying historical performance. We believe EBITDA facilitates comparisons of operating performancebetweenperiodsandamongothercompaniesinindustriessimilartooursbecauseitremovestheeffectofvariancesincapitalstructures,taxation,andnoncashdepreciationandamortizationcharges,whichmaydifferbetweencompaniesforreasonsunrelatedtooperatingperformance.webelieveadjustedebitdabetter reflectsourunderlyingoperatingperformancebecauseitexcludestheimpactofitemswhicharenotrelatedtoourcoreresultsofcontinuingoperations. 6

7 EBITDAandAdjustedEBITDAmeasuresarefrequentlyusedbysecuritiesanalysts,investorsandotherinterestedpartiesintheirevaluationofcompaniescomparableto us,manyofwhichpresentebitda-relatedperformancemeasureswhenreportingtheirresults. EBITDAandAdjustedEBITDAhavelimitationsasanalyticaltools.ThesemeasuresarenotpresentationsmadeinaccordancewithIFRS,arenotmeasuresoffinancial conditionorliquidityandshouldnotbeconsideredinisolationorasalternativestoprofitorlossfortheperiodfromcontinuingoperationsorothermeasuresdetermined in accordance with IFRS. EBITDA and Adjusted EBITDA are not necessary comparable to similarly titled measures used by other companies. These non-gaap measuresshouldbeconsideredsupplementalinnatureandshouldnotbeconstruedasbeingmoreimportantthancomparablegaapmeasures. See below under the heading Reconciliation of EBITDA and Adjusted EBITDA to profit/(loss) for a reconciliation of profit/(loss) for the period from continuing operationstoebitdaandadjustedebitda. (2) In considering the Company s financial performance, our management analyzes the performance measure of Adjusted Earnings. Adjusted Earnings is defined as profit/(loss) fortheyear/periodfromcontinuingoperationsadjustedforcertainacquisitionandintegrationrelatedcosts, amortizationofacquisitionrelatedintangible assets, restructuring costs, sponsor management fees, asset impairments, site relocation costs, financing and IPO fees, PECs (Preferred Equity Certification) interest expense, other non-ordinary expenses, net foreign exchange impacts and their tax effects. Adjusted Earnings is not a measure defined by IFRS. The most directly comparableifrsmeasuretoadjustedearningsisprofit/(loss)fortheyear/periodfromcontinuingoperations. WebelieveAdjustedEarningsisausefulmetricforinvestorsandisusedbyourmanagementformeasuringprofitabilitybecauseitrepresentsagroupmeasureof performancewhichexcludestheimpactofcertainnon-cashchargesandotherchargesnotassociatedwiththeunderlyingoperatingperformanceofthebusiness,while includingtheeffectofitemsthatwebelieveaffectshareholdervalueandin-yearreturns,suchasincometaxexpenseandnetfinancecosts. OurmanagementusesAdjustedEarningsto(i)provideseniormanagementwithmonthlyreportsofouroperatingresults;(ii)preparestrategicplansandannualbudgets; and(iii)reviewseniormanagement sannualcompensation,inpart,usingadjustedperformancemeasures. AdjustedEarningsisdefinedtoexcludeitemsthatarenotrelatedtoourcoreresultsofoperations.AdjustedEarningsmeasuresarefrequentlyusedbysecuritiesanalysts, investorsandotherinterestedpartiesintheirevaluationofcompaniescomparabletous,manyofwhichpresentanadjustedearningsrelatedperformancemeasurewhen reportingtheirresults. AdjustedEarningshaslimitationsasananalyticaltool.AdjustedEarningsisneitherapresentationmadeinaccordancewithIFRSnorameasureoffinancialconditionor liquidity, and should not be considered in isolation or as an alternative to profit or loss for the period from continuing operations or other measures determined in accordancewithifrs. AdjustedEarningsisnotnecessarilycomparable tosimilarlytitledmeasuresusedbyothercompanies. Thesenon-GAAPmeasuresshouldbe consideredsupplementalinnatureandshouldnotbeconstruedasbeingmoreimportantthancomparablegaapmeasures. See below under the heading Reconciliation of Adjusted Earnings to profit/(loss) for a reconciliation of Adjusted Earnings to our profit/(loss) for the period from continuingoperations. (3) AdjustedEarningspershareiscalculatedbasedon73,816,933weightedaveragenumberofordinarysharesoutstandingasofDecember31, 2016, 73,648,760asof December31,2015and73,619,511asofDecember31,2014. (4) Weusefreecashflowtoassessourliquidityandthecashflowgenerationofouroperatingsubsidiaries. Wedefinefreecashflowasnetcashflowfromoperating activitieslessnetcashanddisposalsofpaymentsforacquisitionofproperty,plant,equipmentandintangibleassetsfortheperiod.thefreecashflowdoesnotinclude cashimpactsofacquisitionandordivestments. (5)Wedefinecapitalexpenditureasthesumoftheadditionstoproperty,plantandequipmentandtheadditionstointangibleassetsduringtheperiod. (6)Paymentsforacquisitionofproperty,plant,equipmentandintangibleassetsrepresentthecashdisbursementfortheperiod. (7) In considering our financial condition, our management analyzes net debt with third parties, which is defined as total debt less cash, cash equivalents (net of any outstandingbankoverdrafts)andshort-termfinancialinvestments. 7

8 Netdebtwiththirdpartieshaslimitationsasananalyticaltool.NetdebtwiththirdpartiesisneitherameasuredefinedbyorpresentedinaccordancewithIFRSnora measureoffinancialperformance,andshouldnotbeconsideredinisolationorasanalternativefinancialmeasuredeterminedinaccordancewithifrs.netdebtwith thirdpartiesisnotnecessarilycomparabletosimilarlytitledmeasuresusedbyothercompanies.thesenon-gaapmeasuresshouldbeconsideredsupplementalinnature andshouldnotbeconstruedasbeingmoreimportantthancomparablegaapmeasures. Seebelowundertheheading FinancingArrangements forareconciliationoftotaldebttonetdebtwiththirdpartiesutilizingifrsreportedbalancesobtainedfromthe financialinformationincludedelsewhereinthisreport.themostdirectlycomparableifrsmeasuretonetdebtwiththirdpartiesistotaldebt. 8

9 Consolidated Statements of Financial Position as of December 31, 2015 and 2016 (THOUSANDS OF U.S. DOLLARS, UNLESS OTHERWISE INDICATED) December 31, 2015 December 31, 2016 (audited) (unaudited) ASSETS NON-CURRENT ASSETS 768, ,944 Intangibleassets 226, ,553 Goodwill 124, ,015 Property,plantandequipment 191, ,270 Non-currentfinancialassets 118, ,765 Deferredtaxassets 107, ,341 CURRENT ASSETS 609, ,674 Tradeandotherreceivables 424, ,499 Othercurrentfinancialassets 769 1,140 Cashandcashequivalents 184, ,035 TOTAL ASSETS 1,378,416 1,377,618 EQUITY AND LIABILITIES TOTAL EQUITY 397, ,203 EQUITY ATTRIBUTABLE TO: NON-CONTROLLINGINTEREST - (724) OWNERSOFTHEPARENTCOMPANY 397, ,927 NON-CURRENT LIABILITIES 664, ,808 Deferredtaxliabilities 56,062 45,597 Debtwiththirdparties 535, ,359 Derivativefinancialinstruments Non-currentprovisions 55,020 70,952 Non-currentnontradepayables 16, Othernon-currenttaxespayable 1,001 1,098 CURRENT LIABILITIES 316, ,607 Debtwiththirdparties 40,289 54,576 Tradeandotherpayables 264, ,313 Currentprovisions 11,442 14,718 TOTAL EQUITY AND LIABILITIES 1,378,416 1,377,618 9

10 Consolidated Income Statements for the Year Ended December 31, 2014, 2015 and 2016 (THOUSANDS OF U.S. DOLLARS, UNLESS OTHERWISE INDICATED) For the year For the year ended December 31, Change ended December excluding 31, Change excluding 2014 (*) 2015 (*) FX (%) 2016 FX (%) (audited) (unaudited) Revenue 2,278,244 1,949, ,757,498 (1.4) Otheroperatingincome 4,578 4, , Ownworkcapitalized (100.0) 90 N.M. Othergains (1) 35,092 - (100.0) 41,748 N.M. Operating expenses: Supplies (103,496) (77,604) (2.6) (65,598) (7.0) Employeebenefitexpenses (1,621,812) (1,410,526) 10.4 (1,309,901) 1.7 Depreciation (57,793) (50,077) 11.9 (46,448) (0.4) Amortization (60,529) (51,430) 9.9 (50,916) 6.3 Changesintradeprovisions 1,589 (1,319) N.M. (1,902) 46.2 Otheroperatingexpenses (357,000) (241,478) (12.5) (214,015) (4.8) Impairmentcharges (31,792) - (100.0) - N.M. Total operating expenses (2,230,833) (1,832,434) 4.7 (1,688,780) 0.6 Operating profit 87, , , Financeincome 17,326 15, ,188 (49.7) Financecosts (1) (122,032) (75,469) (19.9) (59,151) (17.3) Changeinfairvalueoffinancialinstruments (**) 27,272 17,535 (48.7) 675 (96.0) Netforeignexchangeloss (1) (33,382) (3,919) (97.9) (56,494) N.M. Net finance expense (110,816) (46,394) (43.2) (107,782) N.M. Profit/(loss) before tax (23,260) 75,380 N.M. 8,564 (87.3) Incometaxexpense (18,401) (23,150) 61.4 (5,207) (74.5) Profit/(loss) from continuing operations (41,661) 52,230 N.M. 3,357 (92.8) Discontinued operations: Lossfromdiscontinuedoperations (491) (3,082) N.M. (3,206) 6.7 Profit/(loss) for the year (42,152) 49,148 N.M. 151 (99.6) Profit/(loss) attributable to: Ownersoftheparent (42,152) 49,148 N.M. 65 (99.8) Non-controllinginterest - - N.M. 86 N.M. Basic result per share from continuing operations (in U.S. dollars) (***) (0.57) 0.71 N.M (92.2) Basic result per share from discontinued operations (in U.S. dollars) (***) (0.01) (0.04) N.M. (0.04) N.M. (1)ContainstheimpactsoftheCVItermination.Thereversaloftheprincipalamountof$41.7millionwasrecognizedin"Othergains",theinterestreversalof$19.9millionwas recognizedin"financecosts"andthelossof$35.4millionontheconversionofargentinepesostou.s.dollarswasrecognizedin"netforeignexchangeloss". (*)Restated,excludingdiscontinuedoperations-Morocco. (**)ThegainorlossofthefairvalueofderivativeswasrecordedintheIncomeStatementswithinFinanceincome($40.9millionfortheyearendedDecember31,2014)andFinance costs($13.6millionfortheyearendeddecember31,2014),insteadofchangesinfairvalueoffinancialinstruments. (***)Thebasicresultpershare,fortheyearpresentedinthetableabove,wascalculatedbasedontheweightedaveragenumberofordinarysharesof73,816,933asofDecember31, For the period ended December 31, 2015 the weighted average number of ordinary shares outstanding was 73,648,760 and for the period ended December 31, 2014 was 73,619,511. N.M.meansnotmeaningful 10

11 Consolidated Income Statements for the Three Months Ended December 31, 2015 and 2016 (THOUSANDS OF U.S. DOLLARS, UNLESS OTHERWISE INDICATED) For the three months ended December 31, Change excluding 2015 (*) 2016 FX (%) (unaudited) Revenue 453, ,005 (4.2) Otheroperatingincome 2,305 2, Ownworkcapitalized N.M. Othergains (1) - 41,748 N.M. Operating expenses: Supplies (18,345) (18,610) (1.1) Employeebenefitexpenses (326,195) (329,482) (0.1) Depreciation (12,393) (12,013) (7.7) Amortization (11,288) (13,405) 15.5 Changesintradeprovisions (393) (1,456) N.M. Otheroperatingexpenses (60,718) (55,733) (12.6) Total operating expenses (429,332) (430,699) (1.5) Operating profit 26,754 55, Financeincome 2,783 2,760 (9.7) Financecosts (1) (17,469) 613 (103.1) Changeinfairvalueoffinancialinstruments 3, (133.3) Netforeignexchangeloss (1) (4,495) (41,263) N.M. Net finance expense (15,689) (37,776) N.M. Profit before tax 11,065 17, Incometaxexpense (3,539) (1,058) (72.5) Profit from continuing operations 7,526 16, Discontinued operations: Lossfromdiscontinuedoperations (2,122) - (100.0) Profit for the period 5,404 16,711 N.M. Profit attributable to: Ownersoftheparent 5,404 16,714 N.M. Non-controllinginterest - (3) N.M. Basic result per share from continuing operations (in U.S. dollars) (**) Basic result per share from discontinued operations (in U.S. dollars) (**) (0.03) - (100.0) (1)ContainstheimpactsoftheCVItermination.Thereversaloftheprincipalamountof$41.7millionwasrecognizedin"Othergains",theinterestreversalof$19.9millionwas recognizedin"financecosts"andthelossof$35.4millionontheconversionofargentinepesostou.s.dollarswasrecognizedin"netforeignexchangeloss". (*)Restated,excludingdiscontinuedoperations-Morocco. (**)Thebasicresultpershare,fortheperiodpresentedinthetableabove,wascalculatedbasedontheweightedaveragenumberofordinarysharesof73,816,933asofDecember31, 2016.FortheperiodendedDecember31,2015theweightedaveragenumberofordinarysharesoutstandingwas73,648,760. N.M.meansnotmeaningful 11

12 Consolidated Statements of Cash Flow for the Year Ended December 31, 2014, 2015 and 2016 and for the Three Months Ended December 31, 2015 and 2016 (THOUSANDS OF U.S. DOLLARS, UNLESS OTHERWISE INDICATED) For the three months ended December 31, For the year ended December 31, (audited) (unaudited) (unaudited) Operating activities Profit/(loss) before tax (23,619) 72,933 8,564 9,504 17,769 Adjustmentstoprofit/(loss): Amortizationanddepreciation 119, ,858 97,364 24,020 25,418 Impairmentallowances 30,127 1,230 1, ,456 Changeinprovisions 30, ,312 (1,119) 8,396 Grantsreleasedtoincome - (626) (673) (261) (321) Lossesondisposaloffixedassets , Financeincome (17,326) (15,459) (7,188) (2,783) (2,760) Financecosts 122,064 75,682 59,151 17,663 (613) Netforeignexchangedifferences 33,303 3,979 56,494 4,553 41,263 Changeinfairvalueoffinancialinstruments (27,272) (17,535) (675) (3,492) (114) Ownworkcapitalized (475) (6) (90) (21) (62) Changesinother(gains)/losses (36,380) 1,086 (49,450) 53 (46,602) 255, , ,210 39,115 26,347 Changes in working capital: Changesintradeandotherreceivables 82,576 (74,366) 62,409 23,823 62,150 Changesintradeandotherpayables (15,661) (14,321) 22,004 (14,256) (1,328) Otherassets/(payables) (43,838) (19,614) (16,264) 3,914 6,060 23,077 (108,301) 68,149 13,481 66,882 Other cash flow from operating activities Interestpaid (96,497) (66,178) (73,168) (18,146) (22,320) Interestreceived 23,991 17,760 3,683 2,518 2,906 Incometaxpaid (18,986) (16,212) (24,294) (3,240) (4,971) Otherpayments (28,088) (15,280) (19,198) (2,980) (2,816) (119,580) (79,910) (112,977) (21,848) (27,201) Net cash flow from operating activities 135,295 36, ,946 40,252 83,797 Investment activities Paymentsforacquisitionofintangibleassets (21,835) (15,137) (30,000) - (5,608) Paymentsforacquisitionofproperty,plantandequipment (96,017) (81,310) (39,851) (35,754) (7,894) Acquisitionofsubsidiaries (7,460) - (8,638) - - Paymentsforfinancialinstruments (93,192) Disposalsofintangibleassets (9) Disposalsofproperty,plantandequipment 774 1, (108) (74) Disposalsoffinancialinstruments 66,562 26, Proceedsfromsaleofsubsidiaries 1,237-2, Net cash flow used in investment activities (149,838) (67,195) (75,076) (35,731) (13,179) Financing activities Proceedsfromcommonstock 72, Proceedsfromborrowingfromthirdparties 68,630 38, , Proceedsfromborrowingfromgroupcompanies 85, Repaymentofborrowingfromthirdparties (187,167) (2,101) (62,930) (377) (50,237) Net cash flow provided by/(used in) financing activities 38,836 36,638 (62,695) 9,122 (50,002) Net increase in cash and cash equivalents 24,293 6,421 4,175 13,643 20,616 Exchangedifferences (26,344) (33,841) 5,840 (4,279) (4,449) Cash and cash equivalents at beginning of period 213, , , , ,868 Cash and cash equivalents at end of period 211, , , , ,035 Cash and cash equivalents and short-term financial investments at end of period 238, , , , ,035 12

13 Reconciliation of EBITDA and Adjusted EBITDA to profit/(loss): For the year ended December 31, For the three months ended December 31, ($ in millions) (audited) (unaudited) (unaudited) Profit/(loss) from continuing operations (41.6) Netfinanceexpense Incometaxexpense Depreciationandamortization EBITDA (non-gaap) (unaudited) Acquisitionandintegrationrelatedcosts (a) Restructuringcosts (b) Sponsormanagementfees (c) Siterelocationcosts (d) FinancingandIPOfees (e) ContingentValueInstrument (f) - - (41.7) - (41.7) AssetimpairmentsandOther (g) Total non-recurring items (*) (22.3) Adjusted EBITDA (non-gaap) (unaudited) (*)Non-recurringitemsfallprimarilyintothreecategoriesofinvestment: Thefirstincludesinvestmentstolowerourvariablecoststructure,whichismostlylabor,inresponsetotheexceptionalandsevereadversemacroeconomicconditionsin keymarketssuchasbrazil,argentinaandspain,whichdrovesignificantdeclinesinvolume.in2016weinvested$14.6millionintheseactivities. ThesecondincludesinvestmentsinBraziltorelocateandconsolidateoursitesfromhighertolowercostslocations.Thisprogramstartedin2014when53percentofour siteswereintier2cities. In2016weinvested$9.4millionintheseactivities andweendedtheyearwith62.4% ofoursitesintier2cities. Thisprogramisnow substantiallycompleted. Thethirdincludesinvestmentstodriveamoresustainablelower-costandcompetitiveoperatingmodel,especiallyconsideringtheexceptionaladversemacroeconomic circumstancesandassociateddeclinesinvolumereferencedabove.in2016weinvested$10.4millionintheseactivities.weexpecttheseadjustmentsduetoexceptional macrocircumstancesinmostcaseslikebrazilandargentina,willcontinueuntilthethirdquarterof2017. (a)acquisitionandintegrationrelatedcostsincurredin2014and2015,arecostsassociatedwiththepost-acquisitionprocessinconnectionwithafullstrategyreviewandour SAPITtransformationproject.Theseprojectsweresubstantiallycompletedbytheendof2015. (b)restructuringcostsincurredin2014,2015and2016primarilyincludedseveralrestructuringactivitiesandotherpersonnelcoststhatwerenotrelatedtoourcoreresultof operations. FortheyearendedDecember31, 2014, $8.6millionofourrestructuringcostswererelatedtotherelocationofourcorporateheadquartersandseverance paymentsdirectlyrelatedtotheacquisition.inaddition,in2014,weincurred$1.5millioninrestructuringcostsinspain(relatingtorestructuringexpensesincurredasa consequenceofsignificant reductioninactivity levelsasaresultofadversemarketconditionsinspain), and$1.4millioninchile(related torestructuring expenses incurredinconnectionwiththeimplementationofanewservicedeliverymodelwithtelefónica).restructuringcostsincurredfortheyearendeddecember31,2015,are primarilyrelatedtoheadcountrestructuringactivitiesinspain.inaddition,weincurredrestructuringcostsnotrelatedtoourcoreresultsofoperationsinargentinaand Peruof$4.8million,$2.5millioninChileofrestructuringexpensesincurredinconnectionwiththeimplementationofanewservicedeliverymodelwithTelefónica,and certainchangestotheexecutiveteam,andanadditional$0.7millionrelatedtotherelocationofourcorporateheadquarters.restructuringcostsincurredintheyearended December31,2016,primarilyrelatesto:(i)theoptimizationoflaborrelativetocurrentorexpectedadjustmentsinactivitylevels,mainlyinEMEA,BrazilandArgentina due to economic crises, and (ii) adjustments in the fixed costs structure to adapt the structure to the new macroeconomic adverse environment. We expect these adjustmentsduetoexceptionalmacrocircumstancesinmostcaseslikebrazilandargentina,willcontinueuntilthethirdquarterof

14 RestructuringcostsincurredforthethreemonthsendedDecember31,2015,primarilyinclude$2.7millionrelatedtorestructuringinChile($1.1million)inconnection withcertainchangestotheexecutiveteam,andtherestructuringofspecificoperationsinperuandargentina($1.6million).forthethreemonthsendeddecember31, 2016restructuringcostsof$10.6milliontoalignlaborcostswithmacrodrivendeclinesinvolumeinBrazil,EMEAandArgentina,largelydrivenbyTelefónica. (c)sponsormanagementfeesrepresenttheannualadvisoryfeepaidtobaincapitalpartners,llcthatwereexpensedduring2014.theadvisoryagreementwasterminated inconnectionwiththeinitialpublicoffering. (d)siterelocationcostsincurredintheyearendeddecember31,2014,2015and2016includecostsassociatedwithourstrategicinitiativetorelocatecallcentersfromtier1 cities to tier 2 cities in Brazil to achieve efficiencies through lower rental costs, attrition and absenteeism. Site relocation costs incurred for the three months ended December31,2015relatedtotheanticipationforsiteclosuresinBrazilinconnectionofthesiterelocationprogramtotier2andtier3citiesandforthethreemonths endeddecember31,2016relatedtobrazil scorporateofficemigration,thatwillbeconcludedinthesecondquarterof2017($2.2million). (e) Financing and IPOfees for the year ended December 31, 2014 and 2015primarily relate to non-core professional fees incurred during the IPO process, including advisory,auditingandlegalexpenses. (f)onnovember8,2016thecvinominalvalueofars666.8million,or$135.6million,wasterminated.asaresult,duringthefourthquarterwerecognizedagainof$41.7 millionin Othergains representingtheprincipleamountofthecvi. (g)assetimpairmentsandothercostsincurredfortheyearendeddecember31,2014relatetoprojectsforinventorycontrolinbrazilwhicharenotrelatedtoourcoreresults ofoperations.assetimpairmentsandothercostsincurredfortheyearendeddecember31,2015,mainlyrelatetotheimpairmentofgoodwillandotherintangibleassetsin the Czech Republic (divested in December 2014) of $3.7 million and Spain of $28.8 million, offset by the amendment of the MSA with Telefónica, by which the minimum revenue commitment for Spain was reduced against a $34.5 million penalty fee paid by Telefónica. Asset impairments and other costs for the year ended December31,2016mainlytoothercostswiththesaleofouroperationsinMoroccoonSeptember30,2016.Specifically,theaccrualofreserveinamount$3.1millionas guaranteetothebuyer,forpotentialindemnityrelatedtoeventualliabilityassessedfromtheperiodbeforethesale. AssetimpairmentsandothercostsincurredforthethreemonthsendedDecember31,2015primarilyrelatedtoaone-offtaxpenaltyinColombia($1.3million). 14

15 Reconciliation of Adjusted Earnings to profit/(loss): For the three months ended For the year ended December 31, December 31, ($ in millions) (audited) (unaudited) (unaudited) Profit/(loss) from continuing operations (41.6) Acquisitionandintegrationrelatedcosts (a)(*) Amortizationofacquisitionrelatedintangibleassets (b) Restructuringcosts (c)(*) Sponsormanagementfees (d)(*) Siterelocationcosts (e)(*) FinancingandIPOfees (f)(*) PECsinterestexpense (g) AssetimpairmentsandOther (h)(*) DTAadjustmentinSpain (i) Netforeignexchangegainonfinancialinstruments (j) (27.3) (17.5) (0.7) (3.5) (0.1) Netforeignexchangeimpacts (k) ContingentValueInstrument (l) - - (26.2) - (26.2) Taxeffect (m) (46.4) (16.2) (23.5) (2.9) (8.1) Total of add-backs (2.9) Adjusted Earnings (non-gaap) (unaudited) Adjusted basic Earnings per share (in U.S. dollars) (**) (unaudited) (*)Non-recurringitemsfallprimarilyintothreecategoriesofinvestment: Thefirstincludesinvestmentstolowerourvariablecoststructure,whichismostlylabor,inresponsetotheexceptionalandsevereadversemacroeconomicconditionsin keymarketssuchasbrazil,argentinaandspain,whichdrovesignificantdeclinesinvolume.in2016weinvested$14.6millionintheseactivities. ThesecondincludesinvestmentsinBraziltorelocateandconsolidateoursitesfromhighertolowercostslocations.Thisprogramstartedin2014when53percentofour siteswereintier2cities. In2016weinvested$9.4millionintheseactivities andweendedtheyearwith62.4% ofoursitesintier2cities. Thisprogramisnow substantiallycompleted. Thethirdincludesinvestmentstodriveamoresustainablelower-costandcompetitiveoperatingmodel,especiallyconsideringtheexceptionaladversemacroeconomic circumstancesandassociateddeclinesinvolumereferencedabove.in2016weinvested$10.4millionintheseactivities.weexpecttheseadjustmentsduetoexceptional macrocircumstancesinmostcaseslikebrazilandargentina,willcontinueuntilthethirdquarterof2017. (a)acquisitionandintegrationrelatedcostsincurredin2014and2015,arecostsassociatedwiththepost-acquisitionprocessinconnectionwithafullstrategyreviewandour SAPITtransformationproject.Theseprojectsweresubstantiallycompletedbytheendof2015. (b)amortizationofacquisitionrelatedintangibleassetsrepresentstheamortizationexpenseofcustomerbase,recordedasintangibleassets.thiscustomerbaserepresents thefairvalue(withinthebusinesscombinationinvolvingtheacquisitionofcontrolofatentogroup)oftheintangibleassetsarisingfromserviceagreements(tacitor explicitlyformulatedincontracts)withtelefónicagroupandwithothercustomers. (c)restructuringcostsincurredin2014,2015and2016primarilyincludedanumberofrestructuringactivitiesandotherpersonnelcoststhatwerenotrelatedtoourcore result of operations. For the year ended December 31, 2014, $8.6 million of our restructuring costs were related to the relocation of our corporate headquarters and severancepaymentsdirectlyrelatedtotheacquisition.inaddition,in2014,weincurred$1.5millioninrestructuringcostsinspain(relatingtorestructuringexpenses incurredasaconsequenceofsignificantreductioninactivitylevelsasaresultofadversemarketconditionsinspain),and$1.4millioninchile(relatedtorestructuring expensesincurredinconnectionwiththeimplementationofanewservicedeliverymodelwithtelefónica).restructuringcostsincurredfortheyearendeddecember31, 2015, are primarily related to headcount restructuring activities in Spain. In addition, we incurred restructuring costs not related to our core results of operations in ArgentinaandPeruof$4.8million,$2.5millioninChileinconnectionwiththeimplementationofanewservicedeliverymodelwithTelefónica,andcertainchangesto theexecutiveteam,andanadditional$0.7millionrelatedtotherelocationofourcorporateheadquarters.restructuringcostsincurredintheyearendeddecember31, 2016, primarily relates to: (i) the optimization of labor relative to current or expected adjustments in activity levels, mainly in EMEA, Brazil and Argentina due to economiccrises,and(ii)adjustmentsinthefixedcostsstructuretoadaptthestructuretothenewmacroeconomicadverseenvironment.weexpecttheseadjustmentsdue toexceptionalmacrocircumstancesinmostcaseslikebrazilandargentina,willcontinueuntilthethirdquarterof

16 RestructuringcostsincurredforthethreemonthsendedDecember31,2015,primarilyinclude$2.7millionrelatedtorestructuringinChile($1.1million)inconnection withcertainchangestotheexecutiveteam,andtherestructuringofspecificoperationsinperuandargentina($1.6million).forthethreemonthsendeddecember31, 2016restructuringcostsof$10.6milliontoalignlaborcostswithmacrodrivendeclinesinvolumeinBrazil,EMEAandArgentina,largelydrivenbyTelefónica. (d)sponsormanagementfeesrepresenttheannualadvisoryfeepaidtobaincapitalpartners,llcthatwereexpensedduring2014.theadvisoryagreementwasterminated inconnectionwiththeinitialpublicoffering. (e)siterelocationcostsincurredintheyearendeddecember31,2014,2015and2016includecostsassociatedwithourstrategicinitiativetorelocatecallcentersfromtier1 cities to tier 2 cities in Brazil to achieve efficiencies through lower rental costs, attrition and absenteeism. Site relocation costs incurred for the three months ended December31,2015relatedtotheanticipationforsiteclosuresinBrazilinconnectionofthesiterelocationprogramtotier2andtier3citiesandforthethreemonths endeddecember31,2016relatedtobrazil scorporateofficemigration,thatwillbeconcludedinthesecondquarterof2017($2.2million). (f)financingandipofeesfortheyearendeddecember31,2014and2015primarilyrelatetonon-coreprofessionalfeesincurredduringtheipoprocess,includingadvisory, auditingandlegalexpenses. (g)pecsinterestexpenserepresentsaccruedinterestonthepreferredequitycertificatesthatwerecapitalizedinconnectionwiththeipo. (h)assetimpairmentsandothercostsincurredfortheyearendeddecember31,2014relatetoprojectsforinventorycontrolinbrazilwhicharenotrelatedtoourcoreresults ofoperations.assetimpairmentsandothercostsincurredfortheyearendeddecember31,2015,mainlyrelatetotheimpairmentofgoodwillandotherintangibleassetsin the Czech Republic (divested in December 2014) of $3.7 million and Spain of $28.8 million, offset by the amendment of the MSA with Telefónica, by which the minimum revenue commitment for Spain was reduced against a $34.5 million penalty fee paid by Telefónica. Asset impairments and other costs for the year ended December31,2016mainlytoothercostswiththesaleofouroperationsinMoroccoonSeptember30,2016.Specifically,theaccrualofreserveinamount$3.1millionas guaranteetothebuyer,forpotentialindemnityrelatedtoeventualliabilityassessedfromtheperiodbeforethesale. AssetimpairmentsandothercostsincurredforthethreemonthsendedDecember31,2015primarilyrelatedtoaoneofftaxpenaltyinColombia($1.3million). (i)deferredtaxassetadjustmentasaconsequenceofthetaxratereductioninspainfrom30%to28%in2015andto25%in2016. (j)asofapril1,2015,thecompanydesignatedtheforeigncurrencyriskoncertainofitssubsidiariesasnetinvestmenthedgesusingfinancialinstrumentsasthehedging items. Asaconsequence, anygainorlossonthehedginginstrument, relatedtotheeffectiveportionofthehedgewillberecognizedinothercomprehensiveincome (equity)asfromthatdate.thegainorlossrelatedtotheineffectiveportionwillberecognizedintheincomestatements.in2015,cumulativenetforeignexchangegainof suchinstrumentswasreversedfromequitytoprofit/(loss).forcomparability,thisadjustmentwasaddedbacktocalculateadjustedearnings. (k)asof2015,managementanalyzesthecompany sfinancialperformanceexcludingnetforeignexchangeimpacts,whicheliminatesthevolatilitytoforeignexchange variances from our operational results. For comparability purposes, 2014 adjusted earnings was restated by the net foreign exchange non-cash results from currency fluctuationsimpactingloansbetweengroupcompaniesandotherminoreffects. (l)onnovember8,2016thecvinominalvalueofars666.8million,or$135.6millionwasterminated.asaresult,duringthefourthquarterwerecognizedagainof $41.7millionin Othergains representingtheprincipleamountofthecvi. 16

17 (m)thetaxeffectrepresentstheimpactofthetaxableadjustmentsbasedonataxrateof26.2%for2014,for38.7%for2015and24.9%fortheyearendeddecember31, 2016.ForthethreemonthsendedDecember31,2015and %and25.8%,respectively. (**)TheAdjustedEarningspershare,fortheperiodpresented,wascalculatedbasedontheweightedaveragenumberofordinarysharesoutstandingof73,816,933 asof December31,2016.FortheperiodendedDecember31,2015and2014theweightedaveragenumberofordinaryshareswas73,648,760and73,619,511,respectively. 17

18 Financing Arrangements CertainofourdebtagreementscontainfinancialratiosasaninstrumenttomonitortheCompany sfinancialconditionandaspreconditionstocertaintransactions(e.g. the incurrenceofnewdebt,permittedpayments).thefollowingisabriefdescriptionofthefinancialratios. 1.GrossLeverageRatio(appliestoAtentoS.A.) measuresthelevelofgrossdebttoebitda,asdefinedinthedebtagreements.thecontractualratioindicatesthatthe grossdebtshouldnotsurpass2.75timestheebitdaforthelasttwelvemonths.asofdecember31,2016,thecurrentratiowas FixedChargeCoverageRatio(appliestoRestrictedGroup) measuresthecompany sabilitytopayinterestexpensesanddividends(fixedcharge) inrelationto EBITDA,asdescribedinthedebtagreements. ThecontractualratioindicatesthattheEBITDAforthelasttwelvemonthsshouldrepresentatleast2timesthefixed chargeofthesameperiod.asofdecember31,2016,thecurrentratiowas NetDebtBrazilianLeverageRatio(appliesonlytoBrazil) measuresthelevelofnetdebt(grossdebt,lesscash,cashequivalentsandshort-terminvestments) to EBITDA each as defined in the debt agreements. The contractual ratio indicates that Brazil net debt should not surpass 2.0 times the Brazilian EBITDA. As of December31,2016,thecurrentratiowas1.3.Thisistheonlyratioconsideredasafinancialcovenant. TheCompanyregularlymonitorsallfinancialratiosunderthedebtagreements.AsofDecember31,2016,wewereincompliancewiththetermsofourcovenants. As of December 31, ($ in millions, except Net Debt/Adj. EBITDA LTM) Cashandcashequivalents Short-termfinancialinvestments Debt: 7.375%SeniorSecuredNotesdue BrazilianDebentures ContingentValueInstrument (1) FinanceLeasePayables OtherBorrowings Total Debt Net Debt with third parties (2) (unaudited) AdjustedEBITDALTM (3) (non-gaap)(unaudited) Net Debt/Adjusted EBITDA LTM (non-gaap) (unaudited) 1.4x 1.6x 1.5x (1)TheCVIwasterminatedonNovember8,2016asdescribedinabovesections. (2)Inconsideringourfinancialcondition,ourmanagementanalyzesNetdebtwiththirdparties,whichisdefinedastotaldebtlesscash,cashequivalents,andshort-term financialinvestments. NetdebtwiththirdpartiesisnotameasuredefinedbyIFRSandithaslimitationsasananalyticaltool.Netdebtwiththirdpartiesisneithera measuredefinedbyorpresentedinaccordancewithifrsnorameasureoffinancialperformance,andshouldnotbeconsideredinisolationorasanalternativefinancial measuredeterminedinaccordancewithifrs.netdebtisnotnecessarilycomparabletosimilarlytitledmeasuresusedbyothercompanies. (3)AdjustedEBITDALTM(LastTwelveMonths)isdefinedasEBITDAadjustedtoexcludecertainacquisitionandintegrationrelatedcosts,restructuringcosts,sponsor managementfees,assetimpairments,site-relocationcosts,financingfees,ipocostsandotheritems,whicharenotrelatedtoourcoreresultsofoperationsforthelast twelvemonths. 18

19 CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS ThisForm6-Kprovidingquarterlyandannualinformationcontains forward-lookingstatements withinthemeaningofsection27aofthesecuritiesactof1933,section21e ofthesecuritiesexchangeactof1934,andtheprivatesecuritieslitigationreformactof1995,relatingtoouroperations,expectedfinancialposition,resultsofoperation,andother businessmattersthatarebasedonourcurrentexpectations,assumptions,andprojectionswithrespecttothefuture,andarenotaguaranteeofperformance.inthisreport,whenwe usewordssuchas may, believe, plan, will, anticipate, estimate, expect, intend, project, would, could, target, orsimilarexpressions,orwhenwediscussour strategy,plans,goals,initiatives,orobjectives,wearemakingforward-lookingstatements. Wecautionyounottorelyundulyonanyforward-lookingstatements.Actualresultsmaydiffermateriallyfromwhatisexpressedintheforward-lookingstatements,andyou shouldreviewandconsidercarefullytherisks,uncertaintiesandotherfactorsthataffectourbusinessandmaycausesuchdifferences. Theforward-lookingstatementsarebasedoninformationavailableasofthedatethatthisForm6-KfurnishedwiththeUnitedStatesSecuritiesandExchangeCommission ( SEC ) andweundertakenoobligationtoupdatethem. Suchforward lookingstatementsarebasedonnumerousassumptionsanddevelopmentsthatarenotwithinourcontrol. Althoughwebelievetheseforward-lookingstatementsarereasonable,wecannotassureyoutheywillturnouttobecorrect. Riskfactors TherehavebeennomaterialchangesinourriskfactorsfromthosedisclosedinItem3.DofourAnnualReportonForm20-F(the 20-F )forthefiscalyearendeddecember 31,2015. Foranyadditionaldetailseethesectionsentitled RiskFactors and CautionaryStatementwithrespecttoForward-LookingStatements inourannualreportonthe20-f. MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Thefollowingdiscussionandanalysisofourfinancialconditionandtheresultsofoperationsisbaseduponandshouldbereadinconjunctionwiththeconsolidatedfinancial informationofatento. Factorswhichcouldcauseorcontributetosuchdifference,include,butarenotlimitedto,thosediscussedelsewhereinthisReport,particularlyunder CautionaryStatement withrespecttoforward-lookingstatements andthesectionentitled RiskFactors inthe20-f. Overview Atentoisthelargestproviderofcustomer-relationshipmanagementandbusiness-processoutsourcing( CRMBPO )servicesandsolutionsinlatinamerica( LatAm )and Spain,andthethirdlargestproviderbyrevenueglobally.Atento stailoredcrmbposolutionsaredesignedtoenableourclient sabilitytodeliverahigh-qualityproductbycreating abest-in-classexperiencefortheircustomers,enablingourclientstofocusonoperatingtheircorebusinesses.atentoutilizesitsindustryexpertisecommitmenttocustomercare,and consultativeapproach,tooffersuperiorandscalablesolutionsacrosstheentirevaluechainforcustomercare,customizingeachsolutiontotheindividualclient sneeds. In the third quarter of 2016 we announced a refreshed strategy to drive long-term profitable growth and create shareholder value. Recent market trends, including the macroeconomicpull-backinbrazil(thelargestcrmbpomarketinlatinamerica),andtheacceleratingadoptionofomni-channelanddigitalcapabilities,promptedustoreexamine theprioritiesthatsupportourlong-termstrategy.theultimategoalofthisexercise,orstrategyrefresh,wastoensurewehadtherightfocusandcapabilitiestocapitalizeonindustry trendsinlatinamericaandleverageourscaleandfinancialstrengthtoselectivelybroadenanddiversifyinkeyverticals,countries,andsolutions. Weofferacomprehensiveportfolioofcustomizable,andscalable,solutionsincludingfrontandback-endservicesrangingfromsales,applications-processing,customercare andcredit-management.weleverageourdeepindustryknowledgeandcapabilitiestoprovideindustry-leadingsolutionstoourclients.weprovideoursolutionstoover400clients via over 151,000 highly engaged customer care specialists facilitated by our best-in-class technology infrastructure and multi-channel delivery platform. We believe we bring a differentiatedcombinationofscale,capacityforprocessingclient stransactions,andindustryexpertisetoourclient scustomercareoperations,whichallowustoprovidehigherqualityandlowercostcustomercareservicesthanourclientscoulddeliverontheirown. 19

20 Weoperatein13countriesworldwideandorganizeourbusinessintothreegeographicmarkets:(i)Brazil,(ii)Americas,excludingBrazil( Americas )and(iii)emea.forthe yearendeddecember31,2016,brazilaccountedfor46.5%ofourrevenue,americasaccountedfor40.9%ofourrevenueandemeaaccountedfor12.7%ofourrevenue(ineach case,beforeholdingcompanylevelrevenueandconsolidationadjustments).forthethreemonthsendeddecember31,2016,brazilaccountedfor48.5%ofourrevenue,americas accountedfor39.1%ofourrevenueandemeaaccountedfor12.5%ofourrevenue(ineachcase,beforeholdingcompanylevelrevenueandconsolidationadjustments). Our number of workstations decreased from 91,567 as of December 31, 2015 to 89,082 as of December 31, In general, our competitors have higher EBITDA and depreciationexpensethanusbecauseweleaseratherthanownallourcallcenterfacilities(e.g.,buildingsandrelatedequipment),exceptforitinfrastructurethatissupportedby Atentoanddepreciated. Asapartofourstrategytoimprovecostandincreaseefficiency,wecontinuedtomigrateaportionofourcallcentersfromTier1toTier2cities.Thesecities,whichtendtobe smaller,lowercostlocations,allowustooptimizeourleaseexpensesandreducelaborcosts.bybeingapreferredemployerwecanthendrawfromnewandlargerpoolsoftalentand reduceturnoverandabsenteeism.wehavecompletedmanysuccessfulsitetransfersinbrazil,colombiaandargentina.inbrazil,forexample,thepercentageoftotalworkstations locatedintier2citiesincreased4.7%,from57.7%fortheyearendeddecember31,2015to62.4%fortheyearendeddecember31,2016,duetothenewsitesopenedoutsidesao PauloandRiodeJaneiro.Asdemandforourservicesandsolutionsgrows,andtheircomplexitycontinuestoincrease,wehaveopportunitiestoevaluateandadjustoursitefootprint evenfurthertocreatethemostcompetitivecombinationofqualityandcosteffectivenessforourcustomers. ThefollowingtableshowsthenumberofworkstationsanddeliverycentersineachofthejurisdictionsinwhichweoperatedasofDecember31,2014,2015and2016: Number of Workstations Number of Service Delivery Centers (1) Brazil 44,061 47,694 45, Americas 34,498 36,229 37, Argentina (2) 3,820 3,705 3, CentralAmerica (3) 2,983 2,629 2, Chile 2,398 2,495 2, Colombia 5,827 7,292 7, Mexico 9,812 9,905 10, Peru 8,493 8,893 9, UnitedStates (4) 1,165 1,310 1, EMEA 7,512 7,644 5, Morocco (5) 2,046 2, Spain 5,466 5,605 5, Total 86,071 91,567 89, (1)Includesservicedeliverycentersatfacilitiesoperatedbyusandthoseownedbyourclientswhereweprovideoperationspersonnelandworkstations. (2)IncludesUruguay. (3)IncludesGuatemalaandElSalvador. (4)IncludesPuertoRico. (5)OperationsinMoroccoweredivestedonSeptember30,2016. During2016, revenuegeneratedfromour15largestclientgroupsrepresented80.3% ofourrevenueascomparedto83.3% inthesameperiodintheprioryear. Excluding revenuegeneratedfromthetelefónicagroup,ournext15largestclientgroupsrepresented38.7%fortheyearendeddecember31,2016ascomparedto38.8%inthesameperiodin theprioryear. ForthethreemonthsendedDecember31,2016,revenuegeneratedfromour15largestclientgroupsrepresented78.8%ofourrevenueascomparedto81.5%inthesameperiod intheprioryear.excludingrevenuegeneratedfromthetelefónicagroup,ournext15largestclientgroupsrepresented39.3%forthethreemonthsendeddecember31,2016as comparedto37.5%inthesameperiodintheprioryear. 20

21 Our vertical industry expertise in telecommunications, financial services and multi-sector companies allows us to adapt our services and solutions for our clients, further embeddingusintotheirvaluechainwhiledeliveringeffectivebusinessresultsandincreasingtheportionofourclient sservicesrelatedtocrmbpo.fortheyearendeddecember 31,2014,2015and2016,CRMBPOsolutionscomprisedapproximately23.2%,23.9%and25.3%ofourrevenue, respectively, andindividualservicescomprisedapproximately 76.8%,76.1%and74.7%ofourrevenue,respectively.ForthethreemonthsendedDecember31,2015,CRMBPOsolutionsandindividualservicescomprisedapproximately24.0% and 76.0% of our revenue, respectively. For the same period in 2016, CRM BPO solutions and individual services comprised approximately 26.4% and 73.6% of our revenue, respectively. DuringtheyearendedDecember31,2014,telecommunicationsrepresented49.1%ofourrevenueandfinancialservicesrepresented35.2%ofourrevenue,comparedto49.2% and 35.6%, respectively, for the same period in 2015 and 48.5% and 35.0% for the same period in 2016, respectively. For the three months ended December 31, 2015, telecommunicationsrepresented48.0%ofourrevenueandfinancialservicesrepresented36.7%ofourrevenue,comparedto47.1%and35.7%,respectively,forthesameperiodin 2016.Additionally,duringtheyearendedDecember31,2014,2015and2016andthethreemonthsendedDecember31,2015and2016salesbyservicewere: For the year ended December 31, For the three months ended December 31, CustomerService 49.8% 47.9% 49.0% 47.9% 47.8% Sales 18.2% 18.0% 16.6% 17.4% 17.2% Collection 10.8% 10.6% 10.1% 11.2% 10.0% BackOffice 8.8% 9.7% 10.8% 10.2% 11.7% TechnicalSupport 9.6% 10.5% 9.4% 9.9% 9.2% Others 2.8% 3.3% 4.1% 3.4% 4.1% Total 100.0% 100.0% 100.0% 100.0% 100.0% Average headcount TheaverageheadcountintheAtentoGroupin2014,2015and2016andthebreakdownbycountryispresentedasfollow: Average headcount Brazil 82,702 90,418 78,088 CentralAmerica 4,161 4,687 5,734 Chile 4,703 4,615 4,720 Colombia 6,274 7,770 8,288 Spain 12,121 10,497 10,213 Morocco (*) 1,367 1,348 - Mexico 20,033 19,934 19,439 Peru 12,874 15,279 15,907 PuertoRico UnitedStates CzechRepublic (**) ArgentinaandUruguay 8,062 7,829 7,529 Corporate Total 154, , ,601 (*)OperationsinMoroccoweredivestedonSeptember30,2016. (**)OperationsinCzechRepublicweredivestedonDecember9,

22 Revenue by country For the year ended December 31, ($ in millions) (audited) (unaudited) Country Spain CzechRepublic Otherandeliminations (*) (1.4) (1.3) (0.1) EMEA Argentina Chile Colombia ElSalvador UnitedStates Guatemala Mexico Peru PuertoRico Uruguay Panama Otherandeliminations (*) Americas Brazil 1, Other and eliminations (*) (0.7) (1.8) (1.7) Total revenue 2, , ,757.5 (*)Includesholdingcompanylevelrevenuesandconsolidationadjustments. 22

23 Consolidated Income Statements for the Year Ended December 31, 2014, 2015 and 2016 Change For the year ended December 31, Change For the year ended December 31, Change excluding Change excluding ($ in millions, except percentage changes) 2014 (*) 2015 (*) (%) FX (%) 2016 (%) FX (%) (audited) (unaudited) Revenue 2, ,949.9 (14.4) 9.3 1,757.5 (9.9) (1.4) Otheroperatingincome (6.5) Ownworkcapitalized (100.0) (100.0) 0.1 N.M. N.M. Othergains (1) (100.0) (100.0) 41.7 N.M. N.M. Operating expenses: Supplies (103.5) (77.6) (25.0) (2.6) (65.6) (15.5) (7.0) Employeebenefitexpenses (1,621.8) (1,410.5) (13.0) 10.4 (1,309.9) (7.1) 1.7 Depreciation (57.8) (50.1) (13.3) 11.9 (46.4) (7.4) (0.4) Amortization (60.5) (51.4) (15.0) 9.9 (50.9) (1.0) 6.3 Changesintradeprovisions 1.6 (1.3) N.M. N.M. (1.9) Otheroperatingexpenses (357.0) (241.5) (32.4) (12.5) (214.0) (11.4) (4.8) Impairmentcharges (31.8) - (100.0) (100.0) - N.M. N.M. Total operating expenses (2,230.8) (1,832.4) (17.9) 4.7 (1,688.7) (7.8) 0.6 Operating profit (4.4) 7.5 Financeincome (10.4) (53.5) (49.7) Financecosts (1) (122.0) (75.5) (38.1) (19.9) (59.2) (21.6) (17.3) Changeinfairvalueoffinancialinstruments (**) (35.9) (48.7) 0.7 (96.0) (96.0) Netforeignexchangeloss (1) (33.4) (3.9) (88.3) (97.9) (56.5) N.M. N.M. Net finance expense (110.8) (46.4) (58.1) (43.2) (107.8) N.M. Profit/(loss) before tax (23.2) 75.4 N.M. N.M. 8.6 (88.6) (87.3) Incometaxexpense (18.4) (23.2) (5.2) (77.6) (74.5) Profit/(loss) from continuing operations (41.6) 52.2 N.M. N.M. 3.4 (93.5) (92.8) Discontinued operations: Lossfromdiscontinuedoperations (0.5) (3.1) N.M. N.M. (3.2) Profit/(loss) for the year (42.1) 49.1 N.M. N.M. 0.2 (99.6) (99.6) Profit/(loss) attributable to: Ownersoftheparent (42.1) 49.1 N.M. N.M. 0.1 (99.8) (99.8) Non-controllinginterest - - N.M. N.M. 0.1 N.M. N.M. Other financial data: EBITDA (2) (unaudited) (4.3) 5.4 Adjusted EBITDA (2) (unaudited) (18.2) (11.1) (3.6) (1)ContainstheimpactsoftheCVItermination.Thereversaloftheprincipalamountof$41.7millionwasrecognizedin"Othergains",theinterestreversalof$19.9millionwasrecognizedin "Financecosts"andthelossof$35.4millionontheconversionofArgentinepesostoU.S.dollarswasrecognizedin"Netforeignexchangeloss". (2)ForreconciliationwithIFRSasissuedbytheIASB,seesection"SummaryConsolidatedHistoricalFinancialInformation-ReconciliationofEBITDAandAdjustedEBITDAtoprofit/(loss)"as above. (*)Restated,excludingdiscontinuedoperations-Morocco. (**)ThegainorlossofthefairvalueofderivativeswasrecordedintheIncomeStatementswithinFinanceincome($40.9millionfortheyearendedDecember31,2014)andFinancecosts($13.6 millionfortheyearendeddecember31,2014),insteadofchangesinfairvalueoffinancialinstruments. N.M.meansnotmeaningful 23

24 Consolidated Income Statements for the Three Months Ended December 31, 2015 and 2016 For the three months ended December 31, Change excluding FX ($ in millions, except percentage changes) 2015 (*) 2016 Change (%) (%) (unaudited) Revenue (2.6) (4.2) Otheroperatingincome Ownworkcapitalized N.M. N.M. Othergains (1) N.M. N.M. Operating expenses: Supplies (18.3) (18.6) 1.6 (1.1) Employeebenefitexpenses (326.2) (329.5) 1.0 (0.1) Depreciation (12.4) (12.0) (3.2) (7.7) Amortization (11.3) (13.4) Changesintradeprovisions (0.4) (1.5) N.M. N.M. Otheroperatingexpenses (60.8) (55.7) (8.4) (12.6) Total operating expenses (429.4) (430.7) 0.3 (1.5) Operating profit Financeincome (9.7) Financecosts (1) (17.5) 0.6 (103.4) (103.1) Changeinfairvalueoffinancialinstruments (97.1) (133.3) Netforeignexchangeloss (1) (4.5) (41.2) N.M. N.M. Net finance expense (15.7) (37.7) N.M. Profit before tax Incometaxexpense (3.5) (1.1) (68.6) (72.5) Profit from continuing operations Discontinued operations: Lossfromdiscontinuedoperations (2.1) - (100.0) (100.0) Profit for the period N.M. N.M. Profit attributable to: Ownersoftheparent N.M. N.M. Other financial data: EBITDA (2) (unaudited) Adjusted EBITDA (2) (unaudited) (8.2) (9.7) (1)ContainstheimpactsoftheCVItermination.Thereversaloftheprincipalamountof$41.7millionwasrecognizedin"Othergains",theinterestreversalof$19.9millionwasrecognizedin "Financecosts"andthelossof$35.4millionontheconversionofArgentinepesostoU.S.dollarswasrecognizedin"Netforeignexchangeloss". (2)ForreconciliationwithIFRSasissuedbytheIASB,seesection"SummaryConsolidatedHistoricalFinancialInformation-ReconciliationofEBITDAandAdjustedEBITDAtoprofit/(loss)"as above. (*)Restated,excludingdiscontinuedoperations-Morocco. N.M.meansnotmeaningful 24

25 Consolidated Income Statements by Segment for the Year Ended December 31, 2014, 2015 and 2016 For the year ended December 31, For the year ended December 31, Change Change excluding FX Change Change excluding FX ($ in millions, except percentage changes) 2014 (*) 2015 (*) (%) (%) 2016 (%) (%) (audited) (unaudited) Revenue: Brazil 1, (21.5) (12.2) (7.0) Americas (9.0) 6.5 EMEA (26.4) (11.8) (3.4) (3.1) Otherandeliminations (1) (0.7) (1.8) N.M. N.M. (1.7) (5.6) 6.3 Total revenue 2, ,949.9 (14.4) 9.3 1,757.5 (9.9) (1.4) Operating expenses: Brazil (1,081.6) (863.9) (20.1) 11.8 (771.1) (10.7) (5.4) Americas (718.9) (726.0) (676.0) (6.9) 8.7 EMEA (361.2) (233.0) (35.5) (22.7) (232.6) (0.2) - Otherandeliminations (1) (69.1) (9.5) (86.3) (84.7) (9.0) (5.3) (5.3) Total operating expenses (2,230.8) (1,832.4) (17.9) 4.7 (1,688.7) (7.8) 0.6 Operating profit/(loss) : Brazil (35.7) (8.6) 46.3 (30.4) (27.3) Americas (2) EMEA (45.1) (0.3) (99.3) (98.4) (7.5) N.M. N.M. Otherandeliminations (1) (35.1) (10.2) (70.9) (66.4) (10.6) Total operating profit (4.4) 7.5 Net finance expense : Brazil (42.9) (25.3) (41.0) (18.2) (40.1) Americas (2) (14.7) (8.7) (40.8) (19.0) (31.1) N.M. N.M. EMEA (13.7) (12.3) (10.2) 8.0 (12.3) - - Otherandeliminations (1) (39.5) (0.1) (99.7) (97.2) (24.3) N.M. N.M. Total net finance expense (110.8) (46.4) (58.1) (43.2) (107.8) N.M. Income tax benefit/(expense): Brazil (22.3) (14.0) (37.2) (9.9) (3.1) (77.9) (77.0) Americas (19.7) (20.2) (15.8) (21.8) (11.7) EMEA (79.4) (74.2) Otherandeliminations (1) (3.7) Total income tax expense (18.4) (23.2) (5.2) (77.6) (74.5) Profit/(loss) from continuing operations: Brazil (29.0) (88.6) (88.3) Americas (2) EMEA (43.3) (9.4) (78.3) (73.4) (14.9) Otherandeliminations (1) (66.5) (2.5) (96.2) (94.7) (26.1) N.M. N.M. Profit/(loss) from continuing operations (41.6) 52.2 N.M. N.M. 3.4 (93.5) (92.8) Loss from discontinued operations (0.5) (3.1) N.M. N.M. (3.2) Profit/(loss) for the year: Brazil (29.0) (88.6) (88.3) Americas (2) EMEA (43.8) (12.5) (71.5) (65.8) (18.1) Otherandeliminations (1) (66.5) (2.5) (96.2) (94.7) (26.1) N.M. N.M. Profit/(loss) for the year: (42.1) 49.1 N.M. N.M. 0.2 (99.6) (99.6) Profit/(loss) attributable to: Ownersoftheparent (42.1) 49.1 N.M. N.M. 0.1 (99.8) (99.8) Non-controllinginterest - - N.M. N.M. 0.1 N.M. N.M. Other financial data: EBITDA (3) : Brazil (26.6) (15.3) (11.4) Americas (2) (2.8) EMEA (25.8) 12.1 (146.9) N.M. 3.2 (73.6) (72.9) Otherandeliminations (1) (34.3) (9.5) (72.3) (68.5) (10.2) Total EBITDA (unaudited) (4.3) 5.4 Adjusted EBITDA (3) : Brazil (24.8) (6.5) (3.9) Americas (7.3) (15.7) (1.5) EMEA (27.6) (15.2) 16.3 (12.4) (10.4) Otherandeliminations (1) (10.2) (7.4) (27.5) (16.7) (7.4) Total Adjusted EBITDA (unaudited) (18.2) (11.1) (3.6) (1)Includedrevenueandexpensesattheholding-companylevel(suchascorporateexpensesandacquisitionrelatedexpenses),asapplicable,aswellasconsolidationadjustments. (2)ContainstheimpactsoftheCVItermination.Thereversaloftheprincipalamountof$41.7millionwasrecognizedin"Othergains",theinterestreversalof$19.9millionwasrecognizedin"Financecosts"andthe lossof$35.4millionontheconversionofargentinepesostou.s.dollarswasrecognizedin"netforeignexchangeloss". (3)ForreconciliationwithIFRSasissuedbytheIASB,seesection"SummaryConsolidatedHistoricalFinancialInformation-ReconciliationofEBITDAandAdjustedEBITDAtoprofit/(loss)"asabove. (*)Restated,excludingdiscontinuedoperations-Morocco. N.M.meansnotmeaningful

26 25

27 Consolidated Income Statements by Segment for the Three Months Ended December 31, 2015 and 2016 For the three months ended December 31, Change ($ in millions, except percentage changes) 2015 (*) 2016 (%) Change excluding FX (%) (unaudited) Revenue: Brazil (4.6) Americas (15.3) (4.1) EMEA (4.2) (2.6) Otherandeliminations (1) (0.4) (0.5) Total revenue (2.6) (4.2) Operating expenses: Brazil (181.8) (201.0) 10.6 (5.3) Americas (187.4) (169.4) (9.6) 2.1 EMEA (56.6) (56.1) (0.9) 0.7 Otherandeliminations (1) (3.6) (4.2) Total operating expenses (429.4) (430.7) 0.3 (1.5) Operating profit/(loss) : Brazil Americas (2) N.M. N.M. EMEA 1.6 (0.4) N.M. N.M. Otherandeliminations (1) (3.1) (4.7) Total operating profit Net finance expense : Brazil (7.6) (8.7) 14.5 (1.1) Americas (2) 1.6 (23.4) N.M. N.M. EMEA (3.4) (3.1) (8.8) (11.4) Otherandeliminations (1) (6.3) (2.5) (60.3) (60.3) Total net finance expense (15.7) (37.7) N.M. Income tax benefit/(expense): Brazil (1.9) (3.8) Americas (3.1) (2.3) (25.8) (25.8) EMEA (0.1) 1.7 N.M. N.M. Otherandeliminations (1) Total income tax expense (3.5) (1.1) (68.6) (72.5) Profit/(loss) from continuing operations: Brazil (7.1) (18.8) Americas (2) EMEA (4.1) (1.7) (58.5) (19.0) Otherandeliminations (1) (5.7) (4.1) (28.1) (47.4) Profit from continuing operations: Loss from discontinued operations (2.1) - (100.0) (100.0) Profit/(loss) for the period: Brazil (7.1) (18.8) Americas (2) EMEA (6.2) (1.7) (72.6) (59.5) Otherandeliminations (1) (5.7) (4.1) (28.1) (47.4) Profit for the period N.M. N.M. Profit attributable to: Ownersoftheparent N.M. N.M. Other financial data: EBITDA (3) : Brazil Americas (2) EMEA (50.0) (48.9) Otherandeliminations (1) (2.8) (4.7) Total EBITDA (unaudited) Adjusted EBITDA (3) : Brazil Americas (32.6) (23.7) EMEA (26.1) (23.9) Otherandeliminations (1) (1.6) (2.0) Total Adjusted EBITDA (unaudited) (8.2) (9.7) (*)Restated,excludingdiscontinuedoperations-Morocco. (1)Includedrevenueandexpensesattheholding-companylevel(suchascorporateexpensesandacquisitionrelatedexpenses),asapplicable,aswellasconsolidationadjustments. (2)ContainstheimpactsoftheCVItermination.Thereversaloftheprincipalamountof$41.7millionwasrecognizedin"Othergains",theinterestreversalof$19.9millionwasrecognizedin"Financecosts"and thelossof$35.4millionontheconversionofargentinepesostou.s.dollarswasrecognizedin"netforeignexchangeloss". (3)ForreconciliationwithIFRSasissuedbytheIASB,seesection"SummaryConsolidatedHistoricalFinancialInformation-ReconciliationofEBITDAandAdjustedEBITDAtoprofit/(loss)"asabove. N.M.meansnotmeaningful

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29 Three Months Ended December 31, 2016 Compared to Three Months Ended December 31, 2015 Revenue Revenuedecreasedby$11.8million,or2.6%,from$453.8millionforthethreemonthsendedDecember31,2015to$442.0millionforthethreemonthsendedDecember31, 2016.Excludingtheimpactofforeignexchange,revenuedecreased4.2%. Multisectordeliveredsteadygrowth,witharevenueincreaseof$14.4million,or5.8%,from$250.8millionforthethreemonthsendedDecember31,2015to$265.3million forthethreemonthsendeddecember31,2016.excludingtheimpactofforeignexchange,revenuefrommultisectorclientsincreased2.4%,supportedbygainsinallregions. RevenuewithTelefónicadecreasedby$26.2million,or12.9%,from$203.0millionforthethreemonthsendedDecember31,2015to$176.7millionforthethreemonths endeddecember31,2016.excludingtheimpactofforeignexchange,revenuefromtelefónicaclientsdecreased12.7%,mainlybyreductioninbrazil,méxico,argentinaandspain. ForthethreemonthsendedDecember31,2016,revenuefrommultisectorclientswas60.0%oftotalrevenue,comparedto55.3%forthethreemonthsendedDecember31, 2015,anincreaseof4.7percentagepoints. ThefollowingchartsetsforthabreakdownofrevenuebygeographicalregionforthethreemonthsendedDecember31,2015and2016andasapercentageofrevenueandthe percentagechangebetweenthoseperiodswithandnetofforeignexchangeeffects. For the three months ended December 31, ($ in millions, except percentage changes) 2015 (%) 2016 (%) Change (%) Change excluding FX (%) (unaudited) (unaudited) Brazil (4.6) Americas (15.3) (4.1) EMEA (*) (4.2) (2.6) Otherandeliminations (1) (0.4) - (0.5) (0.1) Total (2.6) (4.2) (*)Restated,excludingdiscontinuedoperations-Morocco. (1)Includesholdingcompanylevelrevenuesandconsolidationadjustments. Brazil RevenueinBrazilforthethreemonthsendedDecember31, 2015and2016was$192.6millionand$214.4million, respectively, anincrease of$21.8million, or11.3%. Excludingtheimpactofforeign exchange, revenue decreased by 4.6%.Excluding the impact of foreign exchange, revenue from Telefónica decreased by 17.0%, due to lower volumeswhilerevenuefrommultisectorclients,increasedby2.2%,supportedbynewclientswins. Americas RevenueinAmericasforthethreemonthsendedDecember31,2015and2016was$203.9millionand$172.8million,respectively,adecreaseof$31.1million,or15.3%. Excludingtheimpactofforeignexchange,revenuedecreased4.1%.Excludingtheimpactofforeignexchange,revenuefromTelefónicadecreasedby10.2%,drivenbylowervolumes in Argentina and Mexico while revenue from multisector clients increased by 1.2%, supported by new client wins in Argentina, Colombia, Peru, Chile and our U.S. Nearshore business. EMEA RevenueinEMEAforthethreemonthsendedDecember31,2015and2016was$57.7millionand$55.3million,respectively,adeclineof$2.4million,or4.2%.Excluding theimpactofforeignexchange,revenuedecreasedby2.6%.excludingtheimpactofforeignexchange,revenuefromtelefónicadecreasedby9.2%,primarilyduevolumedeclinesin Spain,whilerevenuefrommultisectorclientsincreasedby11.7%,supportedbynewclientwins. 27

30 Other operating income Otheroperatingincomeincreasedfrom$2.3millionforthethreemonthsendedDecember31,2015to$2.4million,forthethreemonthsendedDecember31,2016. Other gains Othergainsincreased$41.7millionrelatedtotheprincipalamountoftheCVIthatwasterminatedonNovember8,2016. Total operating expenses Totaloperatingexpensesincreasedby$1.3million,or0.3%,from$429.4millionforthethreemonthsendedDecember31,2015to$430.7millionforthethreemonthsended December31,2016.Excludingtheimpactofforeignexchange,operatingexpensesdecreasedby1.5%,withcostreductioninitiativesimplementedacrossallregions.Asapercentage ofrevenue,operatingexpensesrepresented94.6%and97.4%forthethreemonthsendeddecember31,2015and2016,respectively.thisincreasereflectsthedifferenceintiming betweentherevenuereductionandthecostinitiativesthathavebeenimplemented. Supplies : Supplies increased by $0.3 million, or 1.6%, from $18.3 million for the three months ended December 31, 2015 to $18.6 million for the three months ended December31,2016.Excludingtheimpactofforeignexchange,suppliesexpensesdecreasedby1.1%,mainlyduetoloweractivityinBrazil.Asapercentageofrevenue,supplies represent4.0%and4.2%forthethreemonthsendeddecember31,2015and2016,respectively. Employee benefit expenses :Employeebenefitexpensesincreasedby$3.3million,or1.0%,from$326.2millionforthethreemonthsendedDecember31,2015to$329.5 millionforthethreemonthsendeddecember31,2016.excludingtheimpactofforeignexchange,employeebenefitexpensesdecreasedby0.1%,asaresultofrestructuringcostsin allregionstoalignthelaborforcewithnewvolumeslevel.asapercentageoftherevenue,employeebenefitexpensesrepresented71.9%and74.5%fortheforthethreemonthsended December31,2015and2016,respectively. Depreciation and amortization :Depreciationandamortizationexpensesincreasedby$1.7million,or7.2%,from$23.7millionforthethreemonthsendedDecember31,2015 to$25.4millionforthethreemonthsendeddecember31,2016.excludingtheimpactofforeignexchange,depreciationandamortizationexpenseincreasedby3.3%,mainlydueto enhancedtechnologyplatformsupportinghighervalueaddedservices. Changes in trade provisions :Changesintradeprovisionsincreasedby$1.1million,fromnegativefigureof$0.4millionforthethreemonthsendedDecember31,2015to negativefigureof$1.5millionforthethreemonthsendeddecember31,2016.thisvariationwasprincipallydueto,thecollectionduringtheforthethreemonthsendeddecember 31,2015ofreceivablespreviouslyimpaired,andreceivablesaccountedasbaddebtduringthethreemonthsendedDecember31,2016.Asapercentageofrevenue,changesintrade provisionsconstituted0.1%forthethreemonthsendeddecember31,2015and0.3%forthethreemonthsendeddecember31,2016. Other operating expenses :Otheroperatingexpensesdecreasedby$5.1million,or8.4%,from$60.8millionforthethreemonthsendedDecember31,2015to$55.7million forthethreemonthsendeddecember31,2016.excludingtheimpactofforeignexchange,otheroperatingexpensesdecreasedby12.6%,mainlyduetotheloweractivityinbrazil.as apercentageofrevenue,otheroperatingexpenseswere13.4%and12.6%forthethreemonthsendeddecember31,2015and2016,respectively. Brazil TotaloperatingexpensesinBrazilincreasedby$19.2million,or10.6%,from$181.8millionforthethreemonthsendedDecember31,2015to$201.0millionforthethree monthsendeddecember31,2016.excludingtheimpactofforeignexchange,operatingexpensesinbrazildecreasedby5.3%,duetocostreductionactionimplementedalong2016. Operatingexpensesasapercentageofrevenuedecreasedfrom94.4%to93.8%,forthethreemonthsendedDecember31,2015and2016,respectively. 28

31 Americas TotaloperatingexpensesintheAmericasdecreasedby$18.0million,or9.6%,from$187.4millionforthethreemonthsendedDecember31,2015to$169.4millionforthe threemonthsendeddecember31,2016.excludingtheimpactofforeignexchange,operatingexpensesintheamericasincreasedby2.1%.operatingexpensesasapercentageof revenueincreasedfrom91.9%to98.0%,forthethreemonthsendeddecember31,2015and2016,respectively.thisincreasereflectsthedifferenceintimingbetweentherevenue reductionandtheeffectsofthecostinitiativesthathavebeenimplemented. EMEA TotaloperatingexpensesinEMEAdecreasedby$0.5million,or0.9%,from$56.6millionforthethreemonthsendedDecember31,2015to$56.1millionforthethreemonths endeddecember31,2016.excludingtheimpactofforeignexchange,operatingexpensesinemeaincreasedby0.7%.operatingexpensesasapercentageofrevenueincreasedfrom 98.1%to101.4%,forthethreemonthsendedDecember31,2015and2016,respectively.Thisincreasereflectsthedifferenceintimingbetweentherevenuereductionandtheeffects ofthecostinitiativesthathavebeenimplemented. Operating profit Operatingprofitincreasedby$28.8million,from$26.7millionforthethreemonthsendedDecember31,2015to$55.5millionforthethreemonthsendedDecember31,2016. Excludingtheimpactofforeignexchange,operatingprofitincreased$29.3million.Operatingprofitmarginincreasedfrom5.9%forthethreemonthsendedDecember31,2015to 12.6%forthethreemonthsendedonDecember31,2016,mainlyimpactedbytheCVIterminationinArgentina.ExcludingthepositiveimpactofCVIterminationinamountof$41.7 million, operating profit decreased $12.9 million, or 48.3%, from $26.7 million for the three months ended December 31, 2015 to $13.8 million in 2016 and for the same time operatingprofitmargindecreasedfrom5.9%to3.1%. Brazil OperatingprofitinBrazilincreasedby$2.9million,or26.6%,from$10.9millionforthethreemonthsendedDecember31,2015to$13.8millionforthethreemonthsended December31,2016.Excludingtheimpactofforeignexchange,operatingprofitincreasedby9.5%.OperatingprofitmargininBrazilincreasedfrom5.7%forthreemonthsended December31,2015to6.4%forthethreemonthsendedDecember31,2016. Americas OperatingprofitintheAmericasincreasedby$29.5million,from$17.3millionforthethreemonthsendedDecember31,2015to$46.8millionforthethreemonthsended December31,2016.Excludingtheimpactofforeignexchange,operatingprofitincreasedby$31.8million.OperatingprofitmargininAmericasincreasedfrom8.5%forthethree monthsendeddecember31,2015to27.1%forthethreemonthsendeddecember31,2016.thegrowthinoperatingprofitandmarginwasdrivenbythepositive$41.7millionimpact ofthecvitermination.excludingthisimpact,operatingprofitdecreased$12.2million,or70.5%,from$17.3millionforthethreemonthsendeddecember31,2015to$5.1millionin 2016andoperatingprofitmargindecreasedfrom8.5%to3.0%. EMEA OperatingprofitinEMEAchangedby$2.0million,fromaprofitof$1.6millionforthethreemonthsendedDecember31,2015toalossof$0.4millionforthethreemonths endeddecember31,2016.operatingprofitmargindecreasedfrompositivemarginof2.8%toanegativemarginof0.7%.thisdecreaseismainlyrelatedtolowerrevenuesfrom Telefónicaandbynon-recurringrestructuringcoststoadapttheorganizationtothenewactivitylevels. Finance income Financeincomewas$2.8millionforthethreemonthsendedDecember31,2016,unchangedcomparedtothethreemonthsendedDecember31,2015.Excludingtheimpactof foreignexchange,financeincomedecreasedby9.7%duringthethreemonthsendeddecember31,2016. Finance costs Financecostsdecreasedby$18.1million,or103.4%,fromacostof$17.5millionforthethreemonthsendedDecember31,2015toanincomeof$0.6millionforthethree monthsendeddecember31,2016.excludingtheimpactofforeignexchange,financecostsdecreasedby103.1%duringthethreemonthsendeddecember31,2016.thedecreasein financecostswasdrivenbya$19.9millionreversaloffinancecostsrelatedtothecvitermination. 29

32 Changes in fair value of financial instruments Changesinfairvalueoffinancialinstrumentschangedby$3.4million,fromagainof$3.5millionforthethreemonthsendedDecember31,2015toagainof$0.1millionfor thethreemonthsendeddecember31,2016.thisgainisrelatedtotheineffectiveportionofderivativeinstruments. Net foreign exchange loss Netforeignexchangelosschangedby$36.7million,from$4.5millionforthethreemonthsendedDecember31,2015to$41.2millionforthethreemonthsendedDecember 31,2016.ThislosswasmainlyduetotheimpactofforeignexchangevariationontheCVIfromArgentinepesostoU.S.dollarsinamountof$35.4million. Income tax expense IncometaxexpenseforthethreemonthsendedDecember31,2015and2016was$3.5millionand$1.1million,respectively.Thisdecreaseisduetolowerprofitbeforetaxin Profit for the period ProfitforthethreemonthsendedDecember31,2015and2016was$5.4millionand$16.7million,respectively,asaresultoftheitemsdisclosedabove. EBITDA and Adjusted EBITDA EBITDAincreasedby$30.5million,or60.5%,from$50.4millionforthethreemonthsendedDecember31,2015to$80.9millionforthethreemonthsendedDecember31, 2016.Forthesametimeperiod,AdjustedEBITDAdecreasedby$5.2million,or8.2%from$58.6millionforthethreemonthsendedDecember31,2015to$63.8millionforthethree monthsendeddecember31,2016.thedifferencebetweenebitdaandadjustedebitdaisduetotheexclusionofitemsthatwerenotrelatedtoourcoreresultsofoperations.our Adjusted EBITDA is defined as EBITDA adjusted to exclude the acquisition and integration related costs, restructuring costs, sponsor management fees, asset impairments, site relocationcosts,financingandipofeesandotheritemswhicharenotrelatedtoourcoreresultsofoperations.see SummaryConsolidatedHistoricalFinancialInformation fora reconciliationofebitdaandadjustedebitdatoprofit/(loss). Excludingtheimpactofforeignexchange,EBITDAincreasedby59.3%andAdjustedEBITDAdecreasedby9.7mainlyduetothereductioninrevenuesacrossallregions. ExcludingthepositiveimpactoftheCVIterminationinamountof$41.7million,EBITDAdecreased$11.2million,or22.2%,from$50.4millionforthethreemonthsended December31,2015to$39.2millionin2016. Brazil EBITDA in Brazil increased by $5.7 million, or 25.4%, from $22.4 million for the three months ended December 31, 2015 to $28.1 million for the three months ended December31,2016.Forthesametimeperiod,AdjustedEBITDAincreasedby$6.5million,or22.1%,from$29.4millionto$35.9million.Excludingtheimpactofforeignexchange, EBITDAandAdjustedEBITDAincreasedby8.1%and5.0%,respectively.Thisincreaseismainlyduetocostreductioninitiativesimplementedalongtheyear. Americas EBITDAintheAmericasincreasedby$29.0million,or110.7%,from$26.2millionforthethreemonthsendedDecember31,2015to$55.2millionforthethreemonthsended December31, 2016, mainlyaresultofthecviterminationinargentinaandthepositiveperformancefromthemultisectorclients. Forthesametimeperiod, AdjustedEBITDA decreasedby$9.5million,or32.6%,from$29.1millionto$19.6million. 30

33 Excludingtheimpact offoreignexchange, EBITDAincreased duringthisperiodby$32.1million, or139.0%, whileadjustedebitdadecreased $6.1million, or23.7% respectively. ExcludingthepositiveimpactoftheCVIterminationinamountof$41.7million,EBITDAdecreased$12.7million,or48.5%,from$26.2millionforthethreemonthsended December31,2015to$13.5millionin2016. EMEA ThedecreaseinAdjustedEBITDAandEBITDAexcludingtheimpactofCVIterminationisduetothereductioninvolumes,mainlyinTelefónicainMexicoandArgentina. EBITDAinEMEAdecreasedby$2.3million,from$4.6millionforthethreemonthsendedDecember31,2015to$2.3millionforthethreemonthsendedDecember31,2016. Forthesametimeperiod,AdjustedEBITDAdecreasedby26.1%,from$6.9millionto$5.1million.ThisdecreaseismainlyrelatedtolowerrevenuesfromTelefónica.EBITDAwas alsoimpactedbynon-recurringrestructuringcoststoadapttheorganizationtothenewactivitylevels. Excludingtheimpactofforeignexchange,EBITDAdecreasedduringthisperiodby$2.2million,or48.9%,whileAdjustedEBITDAdecreasedby$1.6million,or23.9%, respectively. Year Ended December 31, 2016 Compared to Year Ended December 31, 2015 Revenue Revenuedecreased by $192.4 million, or 9.9%, from $1,949.9 million for the year ended December 31, 2015 to $1,757.5 million for the year ended December 31, Excludingtheimpactofforeignexchange,revenuedecreased1.4%drivenprimarilybythereductioninvolumefromTelefónica,particularlyinBrazilandSpain.Thisimpactwas partiallyoffsetbythepositiveperformancefrommultisectorclients,mainlyintheamericasregion. RevenuefromTelefónica,excludingtheimpactofforeignexchange,decreased7.8%drivenbyvolumedeclinesinBrazilandSpain.Revenuefrommultisectorclientsincreased 3.8%,ledby10.9%growthintheAmericaswhichwaspartiallyoffsetbydeclinesinBrazilandinMexico. Consistent with our strategy to diversify our revenue base, as of December 31, 2016, revenue from multisector clients totaled 57.8% of total revenue, an increase of 3.2 percentagepointsovertheprioryear. ThefollowingchartsetsforthabreakdownofrevenuebasedongeographicalregionforthethreemonthsendedDecember31,2015and2016andasapercentageofrevenuethe percentagechangebetweenthoseperiodsandthechangenetofforeignexchangeeffects. For the year ended December 31, Change excluding ($ in millions, except percentage changes) 2015 (%) 2016 (%) Change (%) FX (%) (audited) (unaudited) Brazil (12.2) (7.0) Americas (9.0) 6.5 EMEA (*) (3.4) (3.1) Otherandeliminations (1) (1.8) (0.1) (1.7) (0.1) (5.6) 6.3 Total 1, , (9.9) (1.4) (*)Restated,excludingdiscontinuedoperations-Morocco. (1)Includesholdingcompanylevelrevenuesandconsolidationadjustments. 31

34 Brazil RevenueinBrazilfortheyearendedDecember31,2015and2016was$930.2millionand$816.4million,respectively.Revenuedecreased$113.8million,or12.2%.Excluding theimpactofforeignexchange,revenuedecreased7.0%,withtelefónicadecreasing17.4%,whilemultisectorclientsdeclined0.8%.growthfromouracquisitionofrbrasilinthe thirdquarterandgainswithnewclientsweremorethanoffsetbymacrodrivendeclinesintelefónicaandourfinancialservicesclients. Americas RevenueintheAmericasfortheyearendedDecember31,2015and2016was$789.8millionand$718.9million,respectively.Revenuedecreasedby$70.9million,or9.0%. Excludingtheimpactofforeignexchange,revenueincreasedby6.5%.Excludingtheimpactofforeignexchange,revenuefromTelefónicaincreased1.5%ledbynewservicesin Argentina and Peru, while revenue from multisector clients increased 10.9%, supported by broad-based growth in most markets with new and existing clients, particularly in Argentina,Chile,Peru,Colombia,CentralAmericaandourU.S.nearshorebusiness. EMEA Revenue in EMEA for the year ended December 31, 2015 and 2016 was $231.7 million and $223.9 million, respectively. Revenue decreased by $7.8 million, or 3.4%. Excludingtheimpactforeignexchange,revenuedecreasedby3.1%.RevenuefromTelefónicadeclined6.5%drivenbymacrorelatedpressureinSpain.Revenuefrommultisector clientsincreased3.7%.despitethesignificantvolumereductioninsomecontractswithpublicadministration,newbusinesswinsfromprivatesectorsin2015and2016,morethan compensatedthatnegativeimpact. Other operating income Otheroperatingincomeincreasedby$1.5million,from$4.3millionfortheyearendedDecember31,2015to$5.8millionfortheDecember31,2016. Other gains Othergainsincreased$41.7millionrelatedtotheprincipalamountoftheCVIthatwasterminatedonNovember8,2016. Total operating expenses Totaloperatingexpensesdecreasedby$143.7million,or7.8%,from$1,832.4millionfortheyearendedDecember31,2015to$1,688.7millionfortheyearendedDecember 31,2016.Thisdecreasewasmainlyduetoforeignexchange.Excludingtheimpactofforeignexchange,operatingexpensesincreasedby0.6%.Asapercentageofrevenue,operating expensesconstituted94.0%and96.1%fortheyearendeddecember31,2015and2016,respectively.thesechangeswereduetothefollowingitems: Supplies : Suppliesdecreasedby$12.0million,or15.5%,from$77.6millionfortheyearendedDecember31,2015to$65.6millionfortheyearendedDecember31,2016. Excludingtheimpactofforeignexchange,suppliesexpensedecreasedby7.0%,mainlyduetoreductionsinBrazil.Asapercentageofrevenue,suppliesconstituted4.0%and3.7%for theyearendeddecember31,2015and2016,respectively. Employee benefit expenses: Employeebenefitexpensesdecreasedby$100.6million,or7.1%,from$1,410.5millionfortheyearendedDecember31,2015to$1,309.9million fortheyearendeddecember31, Excludingtheimpactofforeignexchange, employeebenefitexpensesincreasedby1.7%. Asapercentageofrevenue, employeebenefits expensesconstituted72.3%and74.5%fortheyearendeddecember31,2015and2016,respectively.thisincreaseinthepercentageofrevenueisduetothenegativeimpactofhigh inflationincountrieslikebrazil, MexicoandColombia,andnon-recurringrestructuringcostsprimarilyinBrazil, SpainandArgentinatoalignthelaborforcewithnewvolumes levels. Depreciation and amortization: Depreciationandamortizationexpensedecreasedby$4.2million,or4.1%,from$101.5millionfortheyearendedDecember31,2015to$97.3 millionfortheyearendeddecember31,2016.excludingtheimpactofforeignexchange,depreciationandamortizationexpensesincreasedby3.0%,mainlyduetotheenhanced technologyplatformsupportinghighervalueaddedservices. Changes in trade provisions: Changesintradeprovisionschangedfromnegativeimpactof$1.3millionfortheyearendedDecember31,2015toanegativeimpactof$1.9 millionfortheyearendeddecember31,2016.asapercentageofrevenue,changesintradeprovisionsconstituted0.1%fortheyearendeddecember31,2015and

35 Other operating expenses: Otheroperatingexpensesdecreasedby$27.5million,or11.4%,from$241.5millionfortheyearendedDecember31,2015to$214.0millionforthe yearendeddecember31,2016.excludingtheimpactofforeignexchange,otheroperatingexpensesdecreasedby4.8%,mainlydrivenbybrazil.asapercentageofrevenue,other operatingexpensesdecreasedfrom12.4%to12.2%. Brazil TotaloperatingexpensesinBrazildecreasedby$92.8million, or10.7%,from$863.9millionfortheyearendeddecember31,2015to$771.1millionfortheyearended December 31, Excluding the impact of foreign exchange, operating expenses in Brazil decreased by 5.4%, as a result of cost reduction initiatives through the year. A sa percentageofrevenue,operatingexpensesincreasedfrom92.9%to94.5%. Americas TotaloperatingexpensesintheAmericasdecreasedby$50.0million,or6.9%,from$726.0millionfortheyearendedDecember31,2015to$676.0millionfortheyearended December31,2016.Excludingtheimpactofforeignexchange,operatingexpensesintheAmericasincreasedby8.7%.Thisincreasewasprimarilyduetotheimpactofhighinflation incountrieslikeargentinaandcolombiaandtonon-recurringrestructuringcoststoadapttolowervolumes.asapercentageofrevenueoperatingexpensesincreasedfrom91.9%to 94.0%. EMEA Total operating expenses in EMEA decreased by $0.4 million, or 0.2%, from $233.0 million for the year ended December 31, 2015 to $232.6 million for the year ended December31,2016.Excludingtheimpactofforeignexchange,operatingexpensesinEMEAremainedatthesamelevelaslastyear.Asapercentageofrevenue,operatingexpenses increasedfrom100.6%to103.9%.thisincreaseaspercentageofrevenuewasmainlyduetonon-recurringcostsrelatedtothedivestmentofmoroccothattookplaceinseptember 2016andtorestructuringcoststoadaptthestructuretolowervolumes,mainlyfromTelefónica. Operating profit Operatingprofitdecreasedby$5.4million, or4.4%, from$121.8millionfortheyearendeddecember31, 2015to$116.4millionfortheyearendedDecember31, Excludingtheimpactofforeignexchange,operatingprofitincreasedby7.5%.Operatingprofitmarginincreasedfrom6.2%fortheyearendedDecember31,2015to6.6%forthe yearendeddecember31,2016.thisincreaseinprofitandmarginwasdrivenbythepositiveimpactofthecviterminationthathappenedin2016inargentina.excludingthepositive impactofcviterminationinamountof$41.7million,operatingprofitdecreased$47.1million,or38.7%,from$121.8millionfortheyearendeddecember31,2015to$74.7million in2016andforthesametime,operatingprofitmargindecreasedfrom6.2%to4.3%.thisnegativeresultsinoperatingprofitandoperatingprofitmarginiscausedbythereductionin volume from some significant costumers, mainly Telefónica, and the difference in timing between the revenue reduction and the effects of the cost initiatives that have been implemented. Brazil OperatingprofitinBrazildecreasedby$20.2million,or30.4%,from$66.5millionfortheyearendedDecember31,2015to$46.3millionfortheyearendedDecember31, 2016.Excludingtheimpactofforeignexchange,operatingprofitdecreasedby27.3%.Operatingprofitmargindecreasedfrom7.1%fortheyearendedDecember31,2015to5.7%for theyearendeddecember31,2016,affectedbythereductioninvolumefromtelefónica. Americas OperatingprofitintheAmericasincreasedby$22.4million,or34.0%,from$65.8millionfortheyearendedDecember31,2015to$88.2millionfortheyearendedDecember 31,2016.Excludingtheimpactofforeignexchange,operatingprofitintheAmericasincreasedby59.5%in2016.Operatingprofitmarginincreasedfrom8.3%to12.3%fortheyear endeddecember31,2015and2016,respectively.thegrowthinoperatingprofitandmarginwasdrivenbythepositive$41.7millionimpactofthecvitermination.excludingthis impact,operatingprofitdecreased$19.3million,or29.3%,from$65.8millionfortheyearendeddecember31,2015to$46.5millionin2016andoperatingprofitmargindecreased from8.3%to6.5%,asaresultoflowervolume,mainlyfromtelefónica,andthedifferenceintimingbetweentherevenuereductionandtheeffectsofthecostinitiativesthathave beenimplemented. 33

36 EMEA OperatingprofitinEMEAdecreasedby$7.2million,fromalossof$0.3millionfortheyearendedDecember31,2015toalossof$7.5millionfortheyearendedDecember31, 2016.Excludingtheimpactofforeignexchange,operatingprofitinEMEAdecreasedby$7.0millionin2016,drivenbylowervolumesinTelefónicaandsomePublicSectorclients. Finance income Financeincomedecreasedby$8.3million,from$15.5millionfortheyearendedDecember31,2015to$7.2millionfortheyearendedDecember31,2016.Excludingthe impactofforeignexchange,financeincomedecreasedby49.7%.thedecreaseinfinanceincomewasmainlyduetoaforeignexchangegainin2015onu.s.dollardenominated investmentandaone-offpayrolltaxcreditinbrazilin2016. Finance costs Finance costs decreased by $16.3 million, or 21.6%, from $75.5 million for the year ended December 31, 2015 to $59.2 million for the year ended December 31, Excludingtheimpactofforeignexchange,financecostsdecreasedby17.3%.Thedecreaseinfinancecostswasdrivenbya$19.9millionreversaloffinancecostsrelatedtotheCVI termination. Changes in fair value of financial instruments Changesinfairvalueoffinancialinstrumentsdecreasedby$16.8million,or96.0%,from$17.5millionfortheyearendedDecember31,2015to$0.7millionfortheyearended December31,2016.Thisdecreaseismainlyrelatedtotheoverlapin2016oftheimplementationofhedgeaccountinginApril1,2015whichdrovetherecognitionofcumulativefair valuegainsoffinancialinstrumentsinfirstquarterof2015. Net foreign exchange loss Netforeignexchangelosschangedby$52.6million,from$3.9millionfortheyearendedDecember31,2015to$56.5millionfortheyearendedDecember31,2016.Thislosswas mainlyduetotheimpactofforeignexchangevariationonthecvifromargentinepesostou.s.dollarsinamountof$35.4million. Income tax expense IncometaxexpensefortheyearendedDecember31,2015and2016was$23.2millionand$5.2million,respectively,adeclineof$18.0million.Thisdeclinewasduetolower profitbeforetaxin2016andduetothenon-deductiblecosts/expensesrecognizedmainlyinmexico,colombiaandbrazil.theaggregatedeffectivetaxratefortheyearended2016is 60.8%.TheaggregatedeffectivetaxratefortheyearendedDecember31,2016isdistortedbecauseofthecontributionoflossesintheholdingcompaniestoourprofitbeforetax.The taxexpensefortheyearendeddecember31,2016isderivedfromtheprofitablesubsidiarieswhichpaidincometaxesattheindividuallevel.excludingtheholdingcompanies,the aggregatedeffectivetaxratefortheyearendeddecember31,2016is51.3%.highertaxexpensesareprimarilyattributedtonon-deductibleexpensesmainlyincolombia,mexicoand BrazilandduetothereversionofthedeferredtaxassetinBrazil. Profit for the year ProfitfortheyearendedDecember31,2015and2016was$49.1millionand$0.2million,respectively,asresultofthefactorsdiscussedabove. EBITDA and Adjusted EBITDA EBITDAdecreasedby$9.6million,or4.3%,from$223.3millionfortheyearendedDecember31,2015to$213.7millionfortheyearendedDecember31,2016.Adjusted EBITDAdecreasedby$27.8million,or11.1%,from$249.7millionfortheyearendedDecember31,2015to$221.9millionfortheyearendedDecember31,2016.Thedifference betweenebitdaandadjustedebitdawasduetotheexclusionofitemsthatwerenotrelatedtoourcoreresultsofoperations.ouradjustedebitdaisdefinedasebitda adjustedtoexcludetheacquisitionandintegrationrelatedcosts,restructuringcosts,sponsormanagementfees,assetimpairments,siterelocationcosts,financingandipofeesand other items which are not related to our core results of operations. See Summary Consolidated Historical Financial Information for a reconciliation of EBITDA and Adjusted EBITDAtoprofit/(loss). 34

37 Excludingtheimpactofforeignexchange,EBITDAincreasedby5.4%andAdjustedEBITDAdecreasedby3.6impactedbythedecreaseinTelefónicarevenuesinArgentina, Brazil,MexicoandSpain,partiallycompensatedbythegoodperformancefrommultisectorclientsandlowerfixedandvariablecosts.Inadditiontothat,EBITDAwaspositively impactedbythecviterminationof$41.7million,whichwaspartiallyoffsetbynon-recurringcostsof$42.5million,mostlyrelatedtorestructuringandsiterelocationcosts. ExcludingthepositiveimpactoftheCVItermination,EBITDAdecreased$51.3million,or23.0%,from$223.3millionfortheyearendedDecember31,2015to$172.0million in2016. Brazil EBITDAinBrazildecreasedby$17.8million,or15.3%,from$116.5millionfortheyearendedDecember31,2015to$98.7millionfortheyearendedDecember31,2016. AdjustedEBITDAdecreasedby$8.4million,or6.5%,from$129.4millionfortheyearendedDecember31,2015to$121.0millionfortheyearendedDecember31,2016.Excluding theimpactofforeignexchange,ebitdaandadjustedebitdadecreasedby11.4%and3.9%,respectively.thedifferencebetweenebitdaandadjustedebitdarelatestothe exclusionofnon-recurringcosts.duringtheyearendeddecember31,2016non-recurringcostswereimpactedbylaborforceoptimizationandoursiterelocationprogram.ebitda andadjustedebitdawereimpactedbyloweractivityinthebrazilianmarketinallclientsegments,mainlytelefónica.thedeclinewaspartiallyoffsetbyoperatingefficiencies achievedfromourmargintransformationalprograms. Americas EBITDAintheAmericasincreasedby$17.8million,or17.1%,from$104.2millionfortheyearendedDecember31,2015to$122.0millionfortheyearendedDecember31, 2016.AdjustedEBITDAdecreasedby$17.1million,or15.7%,from$109.1millionfortheyearendedDecember31,2015to$92.0millionfortheyearendedDecember31,2016. Excluding the impact of foreign exchange, EBITDA increased by 37.1%, while Adjusted EBITDA decreased by 1.5%, respectively. Excluding the positive impact of the CVI terminationinamountof$41.7million,ebitdadecreased$23.9million,or22.9%,from$104.2millionfortheyearendeddecember31,2015to$80.3millionin2016. EMEA EBITDAinEMEAdecreasedby$8.9million,or73.6%from$12.1millionforyearendedDecember31,2015to$3.2millionfortheyearendedDecember31,2016.Adjusted EBITDAdecreasedby$2.3million,or12.4%,from$18.6millionfortheyearendedDecember31,2015to$16.3millionfortheyearendedDecember31,2016.Excludingtheimpact offoreignexchange,ebitdadecreased$8.6millionandadjustedebitdadecreased$1.9million,mainlyduetolowerrevenuesfromtelefónica. Year Ended December 31, 2015 Compared to the Year Ended December 31, 2014 Revenue Revenuedecreasedby$328.3million, or14.4%, from$2,278.2millionfortheyearendeddecember31, 2014to$1,949.9millionfortheyearendedDecember31, ExcludingtheimpactofforeignexchangeandthesaleoftheoperationsinCzechRepublic, revenueincreasedby9.6% drivenprimarilybystrongperformanceinbrazilandthe Americas,largelyoffsettingadeclineinEMEA.RevenueinLatAm,increased12.8%excludingtheimpactofforeignexchange. RevenuefromTelefónica,excludingtheimpactofforeignexchange,increased2.5%,drivenprimarilybyastrongperformanceintheAmericas,inparticular,inPeruasaresult oftheincreaseinoffshorebusinessfromargentina,inchileduetotheimplementationin2014ofanewbusinessmodelandnewservices,aswellaspriceadjustmentsinargentina. ThispositiveperformanceintheAmericaslargelyoffsetadeclineinEMEAdrivenbyadverseconditionsinthetelecommunicationserviceinSpain. ExcludingtheimpactofforeignexchangeandthesaleoftheoperationsinCzechRepublic,revenuefrommultisectorclientsincreased15.9%duetostrongdouble-digitgrowth inallregions,exceptemea.asofdecember31,2015,revenuefrommultisectorclientstotaled56.3%oftotalrevenue,anincreaseof2.8percentagepointsovertheprioryear.we havecontinuedourstrategytoincreaseourrevenuediversificationfromtelefónicawithsignificantclientswinsinthetelecommunicationsectorinbrazilandmultisectorsegments, andhighervolumeswithcurrentclients,primarilyinthefinancesector.thestronggrowthintheamericaswasdrivenmainlybyperu,colombia,chile,argentinaandnearshore businessvolumeincreaseinunitedstatesandnewclientwins.thisgrowthpartiallyoffsetbyadeclineinemeamultisectorduetosomepublicadministrationserviceterminations. 35

38 ThefollowingchartsetsforthabreakdownofrevenuebasedongeographicalregionfortheyearendedDecember31,2014andDecember31,2015andasapercentageof revenueandthepercentagechangebetweenthoseperiodsandnetofforeignexchangeeffects. For the year ended December 31, Change excluding ($ in millions, except percentage changes) 2014 (%) 2015 (%) Change (%) FX (%) (audited) (audited) Brazil 1, (21.5) 10.0 Americas EMEA(*) (26.4) (11.8) Otherandeliminations (1) (0.7) - (1.8) (0.1) N.M. N.M. Total 2, , (14.4) 9.3 (*)Restated,excludingdiscontinuedoperations-Morocco. (1)Includesholdingcompanylevelrevenuesandconsolidationadjustments. Brazil RevenueinBrazilfortheyearendedDecember31,2014andDecember31,2015was$1,184.8millionand$930.2million,respectively.RevenuedecreasedinBrazilby$254.6 million, or 21.5%. Excluding the impact of foreign exchange, revenue increased by 10.0% over this period. Excluding the impact of foreign exchange, revenue from Telefónica decreasedby0.2%,principallyduetolowervolumes.revenuefrommultisectorclients,excludingtheimpactofforeignexchange,increasedby17.2%,mainlyduetovolumegrowth andtheintroductionofnewserviceswithexistingclients,mainlyinthefinancialsector,inadditiontosignificantclientswinsinthetelecommunicationsectorwherewenowprovide servicestoallmajoroperators. Americas RevenueintheAmericasfortheyearendedDecember31,2014andDecember31,2015was$779.4millionand$789.8million,respectively,anincreaseof$10.4million,or 1.3%. Excludingtheimpactofforeignexchange, revenueincreasedby17.0%. Excludingtheimpactofforeignexchange, revenuefromtelefónica increasedby13.4% overthis period,duetostrongperformanceacrosstheregionduetovolumeandnewservicesintroductionacrossallthegeographybutledbyargentina,peruandtheimplementationofnew businessmodelinchile.excludingtheimpactofforeignexchange,revenuefrommultisectorclientsincreasedby20.2%,duetostronggrowthinmostmarketssupportedbynewand existingclients,particularlyinargentina,peru,colombia,centralamericaandnearshorebusinessvolumeincreaseintheunitedstates. EMEA RevenueinEMEAfortheyearendedDecember31,2014andDecember31,2015was$314.7millionand$231.7million,respectively,adecreaseof$83.0million,or26.4%. ExcludingtheimpactforeignexchangeandsaleofoperationsinCzechRepublic,revenuedecreasedby9.0%.Excludingtheimpactofforeignexchange,revenuefromTelefónica decreasedby10.6%mainlyinspainduetovolumedeclines.excludingtheimpactofforeignexchangeandthesaleofoperationsinczechrepublic,revenuefrommultisectorclients decreasedby6.2%.thegrowthwithprivatesectornewclientsisacceleratingcomparingwithlastyear,stillnotenoughtooffsetthedeclinedrivenbythevolumereductionofsome contractswithpublicadministrationandothermultisectorcustomer. Other operating income Otheroperatingincomedecreasedby$0.3million,from$4.6millionfortheyearendedDecember31,2014to$4.3millionfortheyearendedDecember31,2015.Excluding theimpactofforeignexchange,otheroperatingincomeincreasedby10.9%principallyduetoserviceinsuranceredressincentroamericaandsubsidiesreceivedinspainforhiring disabledemployees. 36

39 Other gains InMay2014,theMasterServiceAgreement( MSA )withtelefónica,whichrequiredthetelefónicagrouptomeetpre-agreedminimumannualrevenuecommitmentstous through 2021, was amended to adjust minimum revenue commitments in relation to Spain and Morocco, to reflect the expected lower level of activities in these countries. The provisionsofthemsarequiredtelefónicatocompensateusincaseofshortfallsintheserevenuecommitments. Basedontheabove,Telefónicaagreedtocompensateuswitha penaltyfeeamountingto 25.4million(equivalentto$34.5million). Total operating expenses Totaloperatingexpensesdecreasedby$398.4million,or17.9%,from$2,230.8millionfortheyearendedDecember31,2014to$1,832.4millionfortheyearendedDecember 31,2015.Thisdecreasewasmainlyduetoforeignexchange.Excludingtheimpactofforeignexchange,operatingexpensesincreasedby4.7%.Asapercentageofrevenue,operating expenses constituted 97.9% and 94.0% for the year ended December 31, 2014 and 2015, respectively. This decrease due to the reduction of exceptional charges related to IPO, restructuringandothers,andpartiallyoffsetbyincreaseinemployeebenefitexpenses.adjustingexceptionalchargesbookedduringtheperiod,operatingexpensesasapercentageof revenueswouldhaveconstituted93.6%and92.7%ofrevenuefortheyearendeddecember31,2014and2015,respectively. The$398.4milliondecreasedinoperatingexpensesduringtheyearendedDecember31,2015resultedfromthefollowingcomponents: Supplies: Suppliesdecreasedby$25.9million,or25.0%,from$103.5millionfortheyearendedDecember31,2014to$77.6millionfortheyearendedDecember31,2015. Excluding the impact of foreign exchange, supplies expense decreased by2.6%. The decrease wasprincipally caused bythe loweractivity inthe EMEAregion andefficiencies generatedinamericas.asapercentageofrevenue,suppliesconstituted4.5%and4.0%fortheyearendeddecember31,2014and2015,respectively. Employee benefit expenses: Employee benefit expenses decreased by$211.3million, or 13.0%, from $1,621.8million for the year ended December 31, 2014 to $1,410.5 millionfortheyearendeddecember31,2015.excludingtheimpactofforeignexchange,employeebenefitexpensesincreasedby10.4%.thisincreasewasprincipallyduetogrowth inbusinessactivity.asapercentageofourrevenue,employeebenefitsexpensesconstituted71.2%and72.3%fortheyearendeddecember31,2014and2015,respectively.this slightincreaseinthepercentageoverrevenueisduetorampupofnewclientwins,severanceandothercostsrelatedtothealignmentoflaborforcetocurrentandexpectedvolume declines. Depreciation and amortization: Depreciationandamortizationexpensedecreasedby$16.8million,or14.1%,from$118.3millionfortheyearendedDecember31,2014to $101.5millionfortheyearendedDecember31,2015.Excludingtheimpactofforeignexchange,depreciationandamortizationexpenseincreasedby10.9%,principallyduetothe growthincapacitymainlyinbrazilalong2015andthepreviousfiscalyears. Changes in trade provisions: Changesintradeprovisionstotaledapositiveimpactof$1.6millionfortheyearendedDecember31,2014toanegativeimpactof$1.3million fortheyearendeddecember31,2015.thisvariationwasprincipallyduetothecollectionin2014ofsomereceivablesthathadpreviouslybeenimpaired,andreceivablesaccounted asbaddebtinbrazilandemeaduringtheyearendeddecember31,2015.asapercentageofrevenue,changesintradeprovisionsconstituted0.1%fortheyearendeddecember31, 2014and2015. Other operating expenses: Otheroperatingexpensesdecreasedby$115.5million,or32.4%,from$357.0millionfortheyearendedDecember31,2014to$241.5millionfor theyearendeddecember31,2015.excludingtheimpactofforeignexchange,otheroperatingexpensesdecreasedby12.5%,mainlywiththereductionofexceptionalchargeslike IPO fees and charges, efficiency programs and lower activity in EMEA. As a percentage of revenue, other operating expenses constituted 15.7% and 12.4% for the year ended December31,2014and2015,respectively. Impairment charges: FortheyearendedDecember31,2014,mainlyrelatetothegoodwillandotherintangibleassetimpairmentsrelatingtoouroperationinCzechRepublicof $3.7millionandSpainof$28.8million. AsofJune30,2014,weperformedanimpairmenttestonthecarryingamountofcustomer-relationshipintangibleassets,goodwillandproperty,plantandequipment,asaresult oftheamendmenttothemsawhichimpactedtheamountofexpectedrevenueandalsoinconsiderationofthechangesinexpectedrevenueincertaincountries.theimpairmenttest wasperformedusingassumptionsrevisedinaccordancewiththeamendmentstothemsaandwithupdatedmanagementexpectationsoncashflowgenerationfromthedifferent countrieswhereweoperate.theresultofthetestperformedwasanimpairmentchargeof$27.7millionoftheintangibleassetrelatedtothecustomerrelationshipwithtelefónicain connectionwiththemsa.impairmentchargesof$1.1millionofgoodwillinspainandof$3.7millionofgoodwillintheczechrepublicwererecognizedduringtheyearended December31,2014,asaresultofthisimpairmenttest. 37

40 Brazil TotaloperatingexpensesinBrazildecreasedby$217.7million,or20.1%,from$1,081.6millionfortheyearendedDecember31,2014to$863.9millionfortheyearended December 31, Excluding the impact of foreign exchange, operating expenses in Brazil increased by 11.8%. Excluding the corporate expenses, operating expenses as a percentageofrevenueincreasedfrom90.7%to92.0%.thisincreaseisduetohigherthanexpectedinflationimpactinthebusinessmainlyinenergy,leasingandothercosts,andthe restructuringcoststoalignlaborforceandsitelocationtocurrentandexpectedvolumedeclineswhichnegativelyaffects2015operatingexpenses.corporateexpenseslocatedin Brazilincreased$1.8million,from$6.7millionfortheyearendedDecember31,2014to$8.5millionfortheyearendedDecember31,2015. Americas TotaloperatingexpensesintheAmericasincreasedby$7.1million,or1.0%,from$718.9millionfortheyearendedDecember31,2014to$726.0millionfortheyearended December31, Excludingtheimpactofforeignexchange, operatingexpensesintheamericasincreased by16.4% belowtheincreaseinrevenues. Excludingthecorporate expenses,operatingexpensesasapercentageofrevenuedecreasedfrom91.2%to90.5%fortheyearendeddecember31,2014and2015,mainlyexplainedbyefficiencygainsin Argentina,PeruandChile.CorporateexpenseslocatedinAmericasincrease$3.2million,from$7.8millionfortheyearendedDecember31,2014to$11.0millionfortheyearended December31,2015. EMEA TotaloperatingexpensesinEMEAdecreasedby$128.2million,or35.5%,from$361.2millionfortheyearendedDecember31,2014to$233.0millionfortheyearended December 31, Excluding the impact of foreign exchange, operating expenses in EMEA decreased by 22.7%. Excluding the corporate expenses, operating expenses as a percentageofrevenuedecreasedfrom114.0%to101.1%.thedecreaseinoperatingexpensesintheyearendeddecember31,2015wasprimarilyattributabletoimpairmentcharges andrestructuringcostsbookedin2014.excludingtheimpactofthiseffect,operatingexpensesasapercentageofrevenuewouldhavereached98.7%intheyearendeddecember31, 2014comparedto97.9%intheyearendedDecember31,2015,thisdecreaseisprimarilyattributabletothebenefitsoftherestructuringprogramsimplementedin2014and2015,and improvementsinoperationalefficiencies.corporateexpenseslocatedinemeaincrease$0.7million,duetocorporatecostof$0.7millionbookedfortheyearendeddecember31, Operating profit Operatingprofitincreasedby$34.2million, or39.0%,from$87.6millionfortheyearendeddecember31,2014to$121.8millionfortheyearendeddecember31,2015. Excludingtheimpactofforeignexchange,operatingprofitincreasedby82.5%.Operatingprofitmarginincreasedfrom3.8%fortheyearendedDecember31,2014to6.2%forthe yearendeddecember31,2015.thisincreasewasdrivenbybroadbasedimprovementinefficienciesandsignificantreductioninnon-recurringexpensesversus2014,partiallyoffset withtherampupofnewclientandhigherthanexpectedinflationarycostsinsomeoperations. Brazil OperatingprofitinBrazildecreasedby$37.0million,or35.7%,from$103.5millionfortheyearendedDecember31,2014to$66.5 millionfortheyearendeddecember31, 2015.Excludingtheimpactofforeignexchange,operatingprofitdecreasedby8.6%in2015.Excludingthecorporateexpenses,operatingprofitmargindecreasedfrom9.3%forthe yearendeddecember31, 2014to8.2% fortheyearendeddecember31, 2015, excludingtheimpactofforeignexchange. Thedecreaseinoperatingprofitisduetohigherthan expectedinflationimpactinthebusinessmainlyinenergy,leasingandothercosts,andtherestructuringcoststoalignlaborforceandsitelocationtocurrentandexpectedvolume declineswhichnegativelyaffects2015operatingmargin. Americas OperatingprofitintheAmericasincreasedby$1.5million,or2.3%,from$64.3millionfortheyearendedDecember31,2014to$65.8millionfortheyearendedDecember 31,2015.Excludingtheimpactofforeignexchange,operatingprofitinAmericasincreasedby21.0%in2015.Excludingcorporateexpenses,operatingprofitmarginincreasedfrom 9.2%fortheyearendedDecember31,2014to9.7%fortheyearendedDecember31,2015,excludingtheimpactofforeignexchange.Theincreaseinoperatingprofitwasmainly attributedtothestrongperformanceinperu,chileandargentina. 38

41 EMEA OperatingprofitinEMEAincreasedby$44.8million,fromalossof$45.1millionfortheyearendedDecember31,2014toalossof$0.3millionfortheyearendedDecember 31,2015.Excludingtheimpactofforeignexchange,operatingprofitinEMEAincreasedby98.4%in2015.Excludingcorporateexpenses,operatingprofitmarginincreasefroma lossof13.6%fortheyearendeddecember31,2014toalossof0.7%fortheyearendeddecember31,2015,principallyduetothenon-recurringexpensesbookedintheyearended December31,2014.Excludingnon-recurringimpactsoperatingprofitmarginwouldhaveincreasedfromagainof1.8%toagainof2.5%.Thisincreaseisprimarilyattributabletothe benefitsoftherestructuringprogramsimplementedin2014and2015,andimprovementsinoperationalefficiencies. Finance income Financeincomedecreasedby$1.8million,from$17.3millionfortheyearendedDecember31,2014to$15.5millionfortheyearendedDecember31,2015.Excludingthe impactofforeignexchange,financeincomeincreasedby24.3%duringtheyearendeddecember31,2015. Finance costs Finance costs decreased by $46.5 million, or 38.1%, from $122.0 million for the year ended December 31, 2014 to $75.5 million for the year ended December 31, Excluding the impact of foreign exchange, finance costs decreased by 19.9% during the year ended December 31, This decrease in finance costs is mainly driven by the capitalizationofpecsin2014,inconnectionwiththeipo. Changes in fair value of financial instruments Changesinfairvalueoffinancialinstrumentsdecreasedby$9.8million,or35.9%,from$27.3millionfortheyearendedDecember31,2014to$17.5millionfortheyearended December31,2015.ThisdecreaseismainlyrelatedwiththeimplementationofhedgeaccountinginApril1,2015,withtherecognitionofcumulativefairvaluegainsoffinancial instrumentsinfirstquarter.afterfirstquarter,onlytheineffectiveportionoffinancialinstrumentsarerecognizedasfairvalue. Net foreign exchange loss Netforeignexchangelosschangedby$29.5million,from$33.4millionfortheyearendedDecember31,2014to$3.9millionfortheyearendedDecember31,2015.The decrease innetforeignexchangelossismainlyrelated tothechangeinfunctional currencyfromeurtousdofatentoluxco1in2015thateliminated theforeignexchange exposureoftheseniorsecurednotesthataredenominatedinusd. Income tax expense IncometaxexpensefortheyearendedDecember31,2014andDecember31,2015wasof$18.4millionandof$23.2million,respectively.Thisvariationisduetothehigher profitbeforetaxin2015andduetothenon-deductiblecosts/expensesrecognizedmainlyinmexico.theaveragetaxratefortheyearended2015is32.6%. Profit/(loss) for the period Profit/(loss) fortheyearendeddecember31, 2014andDecember31, 2015wasalossof$42.1millionandagainof$49.1million, respectively, asaresultofthefactors discussedabove. 39

42 EBITDA and Adjusted EBITDA EBITDAincreasedby$17.4million,or8.5%,from$205.9millionfortheyearendedDecember31,2014to$223.3millionfortheyearendedDecember31,2015.Adjusted EBITDAdecreasedby$55.6million,or 18.2%,from$305.3millionfortheyearendedDecember31,2014to$249.7millionfortheyearendedDecember31,2015.Thedifference betweenebitdaandadjustedebitdawasduetotheexclusionofitemsthatwerenotrelatedtoourcoreresultsofoperations.ouradjustedebitdaisdefinedasebitda adjustedtoexcludetheacquisitionandintegrationrelatedcosts,restructuringcosts,sponsormanagementfees,assetimpairments,siterelocationcosts,financingandipofeesand other items which are not related to our core results of operations. See Summary Consolidated Historical Financial Information for a reconciliation of EBITDA and Adjusted EBITDAtoprofit/(loss). Excludingtheimpactofforeignexchange, EBITDAincreasedby41.4%andAdjustedEBITDAincreasedby6.8%mainlyduetorevenuegrowthandsolidperformancein BrazilandAmericas,morethanoffsettingreducedactivityinEMEA. Brazil EBITDAinBrazildecreasedby$42.3million,or26.6%,from$158.8millionfortheyearendedDecember31,2014to$116.5millionfortheyearendedDecember31,2015. AdjustedEBITDAinBrazil decreasedby$42.7million,or24.8%,from$172.1millionfortheyearendeddecember31,2014to$129.4millionfortheyearendeddecember31, 2015.Excludingtheimpactofforeignexchange,EBITDAandAdjustedEBITDAincreasedby3.8%and7.2%,respectively.ThedifferencebetweenEBITDAandAdjustedEBITDA relates to the exclusion of non-recurring costs. During the year ended December 31, 2015 non-recurring costs were impacted by labor force optimization to current or expected adjustmentsinactivitylevels,andbytheanticipationofsiteclosuresinconnectionofthesiterelocationprogramtotier2andtier3cities.excludingcorporateexpenses,ebitdaand AdjustedEBITDAincreasedby6.8%and9.8%,respectively.ThissolidperformanceatEBITDAandAdjustedEBITDAlevelduringtheyearendedDecember31,2015,inexcluding theimpactofforeignexchange,ismainlyduetostronggrowthinrevenuewithexistingclientsandnewclients,includingcbccacquisition,aswellasoperatingefficienciesachieved fromourmargintransformationalprograms.corporateexpenseslocatedinbrazilincrease$1.8million,from$6.7millionfortheyearendeddecember31,2014to$8.5millionfor theyearendeddecember31,2015. Americas EBITDAintheAmericasdecreasedby$3.0million,or2.8%,from$107.2millionfortheyearendedDecember31,2014to$104.2millionfortheyearendedDecember31, Adjusted EBITDA in the Americas decreased by $8.6 million, or 7.3%, from $117.7 million for the year ended December 31, 2014 to $109.1 million for the year ended December31,2015.Excludingtheimpactofforeignexchange,EBITDAandAdjustedEBITDAincreasedduringtheyearendedDecember31,2015by14.6%and9.1%,respectively. Excludingcorporateexpenses, EBITDAandAdjustedEBITDAincreasedby17.5% and12.1%, respectively, excludingtheimpactofforeignexchange, duetothestronggrowth mainlyinchile,peruandargentina.corporateexpenseslocatedinamericasincrease$3.2million,from$7.8millionfortheyearendeddecember31,2014to$11.0millionforthe yearendeddecember31,2015. EMEA EBITDAinEMEAincreasedby$37.9million,fromalossof$25.8millionforyearendedDecember31,2014toagainof$12.1millionfortheyearendedDecember31,2015. AdjustedEBITDAdecreasedby$7.1million,from$25.7millionfortheyearendedDecember31,2014to$18.6millionfortheyearendedDecember31,2015.Excludingtheimpact offoreignexchange,ebitdaincreased$39.9millionandadjustedebitdadecreased$3.9millionduringtheyearendeddecember31,2015.thedifferencebetweenebitdaand AdjustedEBITDArelatestotheexclusionofnon-recurringcosts,impactedbyasignificantreductionduetoimpairmentcharges,restructuringandotherexceptionalcostsbookedin 2014.DuringtheyearendedDecember31,2015non-recurringcostsweremainlyimpactedbylaborforceoptimizationtocurrentorexpectedadjustmentsinactivitylevels.Excluding corporatecoststheadjustedebitdamargingrew0.1percentagepoints.corporateexpenseslocatedinemeaincrease$0.7million,duetocorporatecostof$0.7millionbookedfor theyearendeddecember31,2015. Liquidity and Capital Resources AsofDecember31,2016,ouroutstandingdebtwas$534.9million,whichincludes$303.3millionofour7.375%SeniorSecuredNotesdue2020,$156.6millionequivalent amountofbraziliandebentures,$71.4millionoffinancingprovidedbybndesand$3.6millionoffinanceleasepayables. 40

43 DuringtheyearendedDecember31,2016wedrewdownBRL0.8million(equivalentto$0.2million)underourcreditagreementwithBNDES.Theacceleratedpaymentof BRL100.0million(equivalentto$30.7million)oftheBrazilianDebenturesandaspartofMSAwithTelefónicaamendment,theCVIswereeliminated. FortheyearendedDecember31,2016,ourcashflowfromoperatingactivitieswas$141.9million,whichincludesinterestpaidof$73.2million.Ourcashflowfromoperating activities,beforegivingeffecttothepaymentofinterest,was$215.1million. ForthethreemonthsendedDecember31,2016,ourcashflowfromoperatingactivitieswas$83.8million,whichincludesinterestpaidof$22.3million.Ourcashflowfrom operatingactivities,beforegivingeffecttothepaymentofinterest,was$106.1million. Cash Flow AsofDecember31,2016,wehadcashandcashequivalents(netofanyoutstandingbankoverdrafts)ofapproximately$194.0million.Webelievethatourcurrentcashflow usedinoperatingactivitiesandfinancingarrangementswillprovideuswithsufficientliquiditytomeetourworkingcapitalneeds. For the three months ended December For the year ended December 31, 31, ($ in millions) (audited) (unaudited) (unaudited) Cashfromoperatingactivities Cashusedininvestmentactivities (149.8) (67.2) (75.1) (35.7) (13.2) Cashprovidedby/(usedin)financingactivities (62.7) 9.1 (50.0) Netincreaseincashandcashequivalents Effectofchangesinexchangesrates (26.4) (33.8) 5.8 (4.3) (4.4) Cash from Operating Activities Year Ended December 31, 2016 Compared to Year Ended December 31, 2015 Cashfromoperatingactivitieswas$141.9millionfortheyearendedDecember31,2016comparedto$37.0millionfortheyearendedDecember31,2015.Theincreaseincash fromoperatingactivitiesresultedfromfavorablechangesinworkingcapitalasaresultoflowerdso(daysalesoutstanding). Three Months Ended December 31, 2016 Compared to Three Months Ended December 31, 2015 Cashfromoperatingactivitieswas$83.8millionforthethreemonthsendedDecember31,2016comparedto$40.3millionforthethreemonthsendedDecember31,2015.The increaseincashfromoperatingactivitiesresultedfromfavorablechangesinworkingcapitalasaresultoflowerdso(daysalesoutstanding). Year Ended December 31, 2015 Compared to Year Ended December 31, 2014 Cashfromoperatingactivitieswas$37.0millionfortheyearendedDecember31,2015comparedto$135.3millionfortheyearendedDecember31,2014.Thedecreaseincash fromoperatingactivitiesresultedfromunfavorablechangesinworkingcapitalasaresultofhigherdso(daysalesoutstanding). 41

44 Cash used in Investment Activities Year Ended December 31, 2016 Compared to Year Ended December 31, 2015 Cashusedininvestmentactivitieswas$75.1millionfortheyearendedDecember31,2016comparedto$67.2millionfortheyearendedDecember31,2015.Cashusedin investmentactivitiesfortheyearendeddecember31,2016mainlyincludepaymentsforcapitalexpenditureof$69.9million. Three Months Ended December 31, 2016 Compared to Three Months Ended December 31, 2015 Cashusedininvestmentactivitieswas$13.2millionforthethreemonthsendedDecember31,2016comparedto$35.7millionforthethreemonthsendedDecember31,2015. CashusedininvestmentactivitiesforthethreemonthsendedDecember31,2016wasmainlyrelatedtocapitalexpenditureof$13.5million. Year Ended December 31, 2015 Compared to Year Ended December 31, 2014 Cashusedininvestmentactivitieswas$67.2millionfortheyearendedDecember31,2015comparedto$149.8millionfortheyearendedDecember31,2014.Cashusedin investmentactivitiesfortheyearendeddecember31,2015mainlyincludepaymentsforcapitalexpenditureof$96.4million,anddisposalfromsaleoffinancialinstrumentsof$26.9 million. Cash provided by/(used in) Financing Activities Year ended December 31, 2016 Compared to Year ended December 31, 2015 Cashusedinfinancingactivitieswas$62.7millionfortheyearendedDecember31,2016comparedtocashprovidedbyfinancingactivitiesof$36.6millionfortheyearended December31,2015.Cashusedinfinancingactivitiesduring2016wasmainlyattributabletoBNDEScontractualamortizationandDebenturesamortization,includinganaccelerated paymentofbrl100.0million(equivalentto$30.7million). Three Months Ended December 31, 2016 Compared to Three Months Ended December 31, 2015 Cashusedinfinancingactivitieswas$50.0millionforthethreemonthsendedDecember31,2016comparedtocashprovidedbyfinancingactivitiesof$9.1millionforthethree months ended December 31, Cash used in financing activities for the three months ended December 31, 2016 includes BNDES contractual amortization and Debentures amortization,includinganacceleratedpaymentofbrl100.0million(equivalentto$30.7million). Year ended December 31, 2015 Compared to Year Ended December 31, 2014 Cashprovidedbyfinancingactivitieswas$36.6millionfortheyearendedDecember31,2015comparedto$38.8millionfortheyearendedDecember31,2014.Cashprovided by financing activities during 2015 was mainly attributable to the amounts drawdown under the BNDES facility during 2015, whereas during 2014 was principally due to IPO proceedsreceivedbyatento.s.a.,partiallyoffsetbyprepaymenttotelefónicaoftheentireamountoutstandingunderthevendorloannote,andthenetdebenturesamortizationand amountsdrawdownunderthebndesfacility. Free Cash Flow Our Management uses free cash flow to assess our liquidity and the cash flow generation of our operating subsidiaries. We define free cash flow as net cash flow from operatingactivitieslessnetcashanddisposalsofpaymentsforacquisitionofproperty,plant,equipmentandintangibleassetsfortheperiod.webelievethatfreecashflowisusefulto investorsbecauseitadjustsouroperatingcashflowbythecapitalthatisinvestedtocontinueandimprovebusinessoperations. Freecashflowhaslimitationsasananalyticaltool.ThemostdirectlycomparableIFRSmeasuretofreecashflowiscashflowfromoperatingactivities.Freecashflowisnota measuredefinedbyifrsandshouldnotbeconsideredinisolationfrom,orasanalternativeto,cashflowfromoperatingactivitiesorothermeasuresasdeterminedinaccordance withifrs.additionally,freecashflowdoesnotrepresenttheresidualcashflowavailablefordiscretionaryexpendituresasitdoesnotincorporatecertaincashpayments,including payments made on finance lease obligations or cash payments for business acquisitions. Free cash flow is not necessarily comparable to similarly titled measures used by other companies. 42

45 For the three months ended December 31, For the year ended December 31, ($ in millions) (audited) (unaudited) (unaudited) Netcashflowfromoperatingactivities Paymentsforacquisitionofproperty,plant,equipmentandintangibleassets (117.9) (96.4) (69.9) (35.8) (13.5) Disposalsofproperty,plant,equipment,andintangibleassets (0.1) Free cash flow (non-gaap) (unaudited) 18.3 (57.0) Year Ended December 31, 2016 Compared to Year Ended December 31, 2015 Freecashflowincreasedby$130.0millionfromnegative$57.0millionfortheyearendedDecember31,2015topositive$73.0millionfortheyearendedDecember31,2016. TheincreaseinfreecashflowfortheyearendedDecember31,2016wasmainlyduetothestrongincreaseinnetcashflowfromoperatingactivities,resultedfromfavorablechanges inworkingcapitalduetoseveralcollectionsprocessimprovementandcustomerstermsnegotiationsresultingonlowerdso(daysalesoutstanding). Three Months Ended December 31, 2016 Compared to Three Months Ended December 31, 2015 Freecashflowincreased by$65.7million from positive $4.5million forthethree monthsendeddecember 31, 2015topositive $70.2million for thethree monthsended December 31, The increase infree cashflowforthe three monthsendeddecember 31, 2016wasprincipally affected bythefavorable changes inworkingcapital mainly impactedbycustomerstermsnegotiationsresultingonlowerdso(daysalesoutstanding). Year Ended December 31, 2015 Compared to Year Ended December 31, 2014 Freecashflowdecreasedby$75.3millionfrompositive$18.3millionfortheyearendedDecember31,2014tonegative$57.0millionfortheyearendedDecember31,2015. ThedecreaseinfreecashflowfortheyearendedDecember31,2015wasmainlyduetothedecreaseinnetcashflowfromoperatingactivities,resultedfromunfavorablechangesin workingcapitalasaresultofhigherdso(daysalesoutstanding). FreecashflowfortheyearendedDecember31,2014wasnegativelyimpactedbycashoutflowsof$39.4millionrelatedtofinancingfeesandIPOcosts,$15.7millionrelatedto restructuring costs, which include Spanish headcount reduction plan cash outlay, $7.8 million related to acquisition and integration related costs, $7.0 million related to sponsor managementfee,$1.2millionrelatedtositerelocationcosts,and$1.5millionrelatedtoothercosts. Finance leases TheCompanyholdsthefollowingassetsunderfinanceleases: As of December 31, ($ in millions) Net carrying amount of Net carrying amount of Net carrying amount asset asset of asset Finance leases (audited) (unaudited) Plantandmachinery Furniture,toolsandothertangibleassets Total

46 Thepresentvalueoffuturefinanceleasepaymentsisasfollow: As of December 31, ($ in millions) Net carrying amount of Net carrying amount of Net carrying amount asset asset of asset (audited) (unaudited) Upto1year Between1and5years Total Capital Expenditure Ourbusinesshassignificantcapitalexpenditurerequirements,includingfortheconstructionandinitialfit-outofourservicedeliverycenters;improvementsandrefurbishment ofleasedfacilitiesforourservicedeliverycenters;acquisitionofvariousitemsofproperty,plantandequipment,mainlycomprisedoffurniture,computerequipmentandtechnology equipment;andacquisitionandupgradesofoursoftwareorspecificcustomer ssoftware. ThefundingofthemajorityofourcapitalexpenditureiscoveredbyexistingcashandEBITDAgeneration.Thetablebelowshowsourcapitalexpenditurebysegmentforthe yearendeddecember31,2014,2015and2016andforthethreemonthsendeddecember31,2015and2016: For the year ended December 31, For the three months ended December 31, ($ in millions) (audited) (unaudited) (unaudited) Brazil Americas EMEA Otherandeliminations (0.1) Total capital expenditure

47 SIGNATURES PursuanttotherequirementsoftheSecuritiesExchangeActof1934,theregistranthasdulycausedthisreporttobesignedonitsbehalfbytheundersigned,thereuntoduly authorized. ATENTOS.A. Date:March21,2017 By:/s/AlejandroReynal Name:AlejandroReynal Title:ChiefExecutiveOfficer By:/s/MauricioMontilha Name:MauricioMontilha Title:ChiefFinancialOfficer 45

48 PRESS RELEASE Atento Reports Fiscal 2016 Fourth-Quarter and Full Year Results, Highlighted by Revenue Diversification, Margin Protection and Strong Cash Flow Generation Company Announces Agreement to Acquire Majority Stake in Interfile, A Leading Provider of Credit Origination BPO Services in Brazil Execution of growth priorities during the year offset macroeconomic-driven declines in volume: Total revenue declined 1.4% as broad-based revenue growth of 3.8% from multisector clients, aided by new business wins, was offset by a 7.8% macro-driven decline in Telefónica. Revenue mix from multisector clients increased 3.2 percentage points to 57.8%. Revenue in Americas up 6.5% with strong gains in Peru, Argentina, Colombia, and U.S. nearshore. Revenue mix from higher value-add solutions increased 40 basis points to 24.4%. Full-year reported net income of $3.4 million; adjusted EBITDA margin of 12.6% supported by improved mix of revenue and cost and efficiency initiatives. Full-year free cash flow before interest of $136.3 million, driven by improved working capital and disciplined capital allocation. Strengthened balance sheet and earnings trajectory with voluntary accelerated pay down of $30.7 million of higher-cost Brazilian Debentures. Outlined key financial targets for Fiscal NEW YORK, March 21, 2017 Atento S.A. (NYSE: ATTO), the largest provider of customer-relationship management and business-process outsourcing services in Latin America, and among the top three providers globally, today announced its fourth-quarter and full year 2016 operating results. All comparisons in this announcement are year-over-year and in constant-currency (CCY), unless noted otherwise. Summary ($ in millions except EPS) Q Q CCY Growth FY 2016 FY 2015 CCY Growth Revenue (1) % 1, , % Reported Net Income (2) % % Reported Earnings Per Share (2) $0.23 $ % $0.05 $ % Net Operating Cash Flow from/(used) in Operating Activities Adjusted EBITDA (3) % % Adjusted Margin 13.3% 14.1% 12.6% 12.8% Adjusted Earnings per Share (2) $0.19 $ % $0.65 $ % Free Cash Flow before Net Interest (4) (8.6) Leverage (x) (5) 1.5x 1.6x 1.5x 1.6x (1) Revenue excludes Morocco which was divested in September (2) Reported Net Income and Earnings Per Share and Adjusted EBITDA, adjusted EBITDA margin and Adjusted Earnings per Share refer only to continuing operations. Reported and Adjusted Earnings Per Share, for the period ended December 31, 2016, were calculated considering the number of ordinary shares of 73,816,933. For the period ended December 30, 2015, the number of ordinary shares was 73,648,760. (3) EBITDA is defined as profit/(loss) for the period from continuing operations before net finance costs, income taxes and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted to exclude 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. EBITDA and Adjusted EBITDA are not measures defined by IFRS. The most directly comparable IFRS measure to EBITDA and Adjusted EBITDA is net income for the period from continuing operations. (4) We define Free Cash flow (FCF) as net cash flows from operating activities less net cash and disposals of payments for acquisition of property, plant, equipment and intangible assets. (5) Considered the pro-forma Net Debt adjusted to give effect to the Reorganization Transaction, regarding Preferred Equity Certificates. 1

49 PRESS RELEASE Alejandro Reynal, Atento s Chief Executive Officer, commented, In Fiscal 2016, we delivered on our commitment to expand our market leadership position, protect profitability and increase free cash flow generation. We achieved a 3.8% increase in revenue from multisector clients, supported by new business wins across all verticals and regions, and an adjusted EBITDA margin of 12.6%. Our ability to largely offset macro-driven declines in volume further demonstrates the resiliency and strength of our business model. In addition, we honed our growth strategy to better capitalize on our leadership position in the $10 billion Latin America CRM BPO market. Mauricio Montilha, Atento s Chief Financial Officer, said, We strengthened our balance sheet and enhanced our financial flexibility through disciplined capital allocation and vigilance over working capital. We generated $136.3 million in free cash flow in Fiscal 2016 before interest, prepaid $30.7 million in higher-cost debt during the fourth quarter, and ended the year with low net leverage of 1.5x. We remain focused on targeted investments aligned with our growth strategy. Mr. Reynal continued, We strengthened our competitive position in Fiscal 2016 and believe we are well-positioned to capitalize on secular growth drivers and macro tailwinds in Fiscal Our strategic focus remains on the consolidation of our leadership position in core voice, continued expansion into higher value-add solutions and the evolution of our mainstream digital offering. Today we announced our planned acquisition of a majority stake in Interfile, a leading provider of credit origination BPO services in Brazil, will allow us to accelerate our penetration of the $.9 billion credit origination market in Latin America. In conjunction with RBrasil, a leading late-stage collections company we acquired in Fiscal 2016, Interfile will also strengthen our ability to provide end-to-end credit and collections solutions to our clients. We are confident our roadmap will deliver a return to both top and bottom line growth in Fiscal 2017, enhanced value for our clients and once again allow us to outperform the market and further increase our leadership position in Latin America. For Fiscal 2017, Atento is targeting constant currency revenue growth in the range of 1% to 5% and adjusted EBITDA margin in the range of 11% to 12%. Fourth Quarter Consolidated Operating Results All comparisons in this announcement, unless otherwise noted, are year-over-year, in constant-currency (CCY) and exclude the effects of our divestiture of Morocco in September On a reported basis, total revenue declined 2.6%, while revenue on a constant currency basis declined 4.2%. Broad-based growth from multisector clients, particularly in EMEA, was more than offset by a 12.7% decline in revenue from Telefónica driven by macro pressures in Brazil, Argentina, Mexico and EMEA. During the fourth quarter, we won 2,342 workstations and, consistent with our revenue diversification strategy, over 80% were with multisector, including new and existing clients in telecom, financial services, and technology. Our mix of revenue from multisector clients increased 4.7 percentage points to 60.0% of revenue. Reported net income from continuing operations totaled $16.7 million while adjusted EBITDA and adjusted EBITDA margin were $58.6 million and 13.3%, respectively. Rigorous inflation pass-through, cost and efficiency initiatives, and an improved mix of revenue allowed us to deliver solid profitability in the quarter despite the decline in revenues. Reported EPS of $0.23 increased by $0.13 as compared with the prior year period, driven by the favorable net impact of the termination of our $24 million contingent value obligation (CVI) in Argentina. Adjusted EPS of $0.19 decreased by $0.17, driven by foreign exchange, an increase in net interest expense and a higher share count. Cash from operating activities totaled $83.8 million and free cash flow was $70.2 million. Excluding the impact of net interest expense and acquisition/sales of subsidiaries, free cash flow was $90.0 million, an increase of $69.9 million year-over-year. Year-to-date, free cash flow before interest was $136.3 million, representing an increase of $144.9 million yearover-year. At the end of the fourth quarter, we had a liquidity position of $247.0 million and net debt to adjusted EBITDA of 1.5x. Adjusted earnings, adjusted EBITDA and adjusted earnings per share are non-gaap financial measures and are reconciled to their most directly comparable GAAP measures in the accompanying financial tables. 2

50 PRESS RELEASE Segment Reporting ($ in millions) Q Q CCY growth FY 2016 FY 2015 CCY growth Brazil Region Revenue % % Operating Income % % Adjusted EBITDA % % Margin 16.7% 15.3% 14.8% 13.9% Americas Region Revenue % % Operating Income* N.M % Adjusted EBITDA % %% Margin 11.3% 14.3% 12.8% 13.8% EMEA Region Revenue % % Operating Income (0.4) 1.6 N.M (7.5) (0.3) N.M Adjusted EBITDA % % Margin 9.2% 12.0% 7.3% 8.0% * includes the favorable impact in the fourth quarter and full-year Fiscal 2016 of the termination of our CVI in Argentina. Brazil Region The trajectory of revenue growth in Brazil improved sequentially to a decline of 4.6%, from a decline of 7.5% in the third quarter of Growth in revenue from multisector clients returned in the fourth quarter, up 2.2%, supported by new client wins. This gain was more than offset by a macro-driven decline in revenue of 17.0% from Telefónica. Approximately 41% of the workstations won in the fourth quarter came from financial services, reflecting our continued expansion into higher value-add solutions, aided by our acquisition of RBrasil in the third quarter of Fiscal Revenue mix from multisector clients increased 4.6 percentage points to 69% of revenue. On a reported basis, revenue increased 11.3%. Operating Income was $13.8 million. Adjusted EBITDA was $35.9 million, with an adjusted EBITDA margin of 16.7%. Despite the decline in revenue, the region delivered solid profitability supported by rigorous inflation pass-through and continued focus on cost and efficiency initiatives. These initiatives include the rationalization of headcount and our program to relocate sites to lower-cost Tier 2 locations. At the end of the fourth quarter, 62.4% of sites were in Tier 2 locations, an increase of 4.7 percentage points from the end of Fiscal This program was largely completed by the end of Fiscal Americas Region Americas revenue declined 4.1%, as a 1.2% increase in revenue from multisector clients, supported by strong growth in Colombia, Peru and U.S. Nearshore, was more than offset by a decline of 10.2% from Telefónica driven by declines in volume in Argentina and Mexico. On a reported basis, revenue declined 15.3%. Operating income was $46.8 million. Adjusted EBITDA was $19.6 million, with an adjusted EBITDA margin of 11.3%. Excluding the favorable impact of the termination of our CVI in Argentina, operating income was $5.1 million. 3

51 PRESS RELEASE EMEA Region Revenue in EMEA declined 2.6%, as a 11.7% increase in revenue from multisector clients was more than offset by a 9.2% decline in revenue from Telefónica. The mix of revenue from multisector clients increased 3.6 percentage points to 36.0%, while the mix of revenue from higher value-add solutions increased 3 percentage points to 11.4%. On a reported basis, revenue declined 4.2%. Operating loss was $0.4 million in the fourth quarter. Adjusted EBITDA was $5.1 million with an adjusted EBTIDA margin of 9.2%. Our profitability was supported by our restructuring actions, and continued focus on cost and efficiency initiatives to align costs with new volume levels. Progress on Delivery of Strategic Growth Priorities Today we announced our agreement to acquire a majority stake in Interfile, a leading provider of credit origination BPO service for large clients in the financial services and other sectors in Brazil. The total credit origination BPO market in Latin America is $ 0.9 billion, of which 65% is in Brazil. Interfile deepens our capabilities in credit origination, including business process mapping, digital and automation, and provides a platform to deploy these strengthened capabilities across our geographic footprint over time. In addition, to further strengthen our leadership position in Latin America, this acquisition advances our long-term strategy to continue to lead in core voice services; diversify into higher-value add solutions, particularly with financial services clients; and accelerate growth in digital services. The transaction is subject to regulatory approvals. Financial terms of the transaction were not disclosed. Strong Balance Sheet, Improved Liquidity and Accelerated Debt Pay Down Enhances Financial Flexibility At December 31, 2016, we had cash, cash equivalents and short-term financial investments of $194.0 million and undrawn revolving credit facilities of 50 million for total liquidity of $247.0 million. Total net debt with third parties was $340.9 million, reflecting the elimination of our $24 million CVI and our voluntary accelerated pay down of $30 million of higher-cost Brazilian Debentures, both of which occurred in the fourth quarter of Our last twelve month (LTM) adjusted EBITDA to net debt with third parties was 1.5x. During the fourth quarter of 2016, we invested $24.3 million, or 5.5% of revenue, in cash capital expenditures. Termination of Contingent Value Instrument (CVI) The acquisition of Atento Group s Argentinian subsidiaries from Telefónica was paid in the form of a Contingent Value Instrument, or CVI. On November 8, 2016, the CVI nominal value of ARS million, or $135.6 million was terminated. As a result, in the fourth quarter, we recognized a gain of $41.7 million in Other gains representing the principle amount of the CVI. For both the fourth quarter and full-year of 2016, this gain had a positive impact on our EBITDA of $41.7 million, a positive impact of $26.2 million on profit, $35.4 million in foreign exchange losses, and the reversal of $19.9 million in finance costs. 4

52 PRESS RELEASE Fiscal 2017 Guidance We believe that our focused growth strategy will allow us to deliver a return to both top and bottom line growth in Fiscal 2017, generate free cash flow, and continue to outperform the market, further increase our leadership position in Latin America, and remain the reference partner for the CRM BPO needs of our clients. We expect macroeconomic headwinds to diminish as we progress through the year. We remain focused on driving the optimal balance of profitable growth and liquidity, strengthening our balance sheet and maintaining financial flexibility. For Fiscal 2017, we are targeting: Guidance Consolidated Revenue Growth (CCY) 1% to 5% Adjusted EBITDA Margin Range (CCY) (1) 11% to 12% Non-recurring Expenses Adjustments to EBITDA Net Interest Expense Range ~$13MM $60MM to $65MM Cash Capex (% of Revenue) ~3-4% Effective Tax Rate ~34% Free Cash Flow Cash Conversion ~40% Diluted Share Count ~73.9MM shares This guidance assumes no change in the current operating environment, capital structure or exchange rates movements on the translation of our financial statements into U.S. dollars except where noted. Conference Call We will host a conference call and webcast for analysts on Tuesday, March 21, 2017 at 5:00 pm ET to discuss our financial results. The conference call can be accessed by dialing: +1 (877) toll free domestic, UK: (+44) toll free, Brazil: (+55) toll free, or Spain: (+34) toll free. All other international callers can access the conference call by dialing: +1 (201) toll free. No passcode is required. Individuals who dial in will be asked to identify themselves and their affiliations. The conference call will also be webcasted through a link on our Investor Relations website at investors.atento.com. A web-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 three providers globally, based on revenues. Atento is also a leading provider of nearshoring CRM/BPO services to companies that carry out their activities in the United States. Since 1999, the company has developed its business model in 13 countries where it employs 150,000 people. Atento has over 400 clients to whom it offers a wide range of CRM/BPO services through multiple channels. Atento's clients are mostly leading multinational corporations in sectors such as telecommunications, banking and financial services, health, retail and public administrations, among others. Atento s shares trade under the symbol ATTO on the New York Stock Exchange (NYSE). In 2016, Atento was named one of the World s 25 Best Multinational Workplaces by Great Place to Work for a fourth consecutive year. For more information visit Investor Relations Lynn Antipas Tyson lynn.tyson@atento.com Felipe Joaquim Martins de Souza felipe.souza@atento.com Media Relations Maite Cordero media@atento.com 5

53 PRESS RELEASE Forward-Looking Statements This 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 not guarantees of future performance or results. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those contained 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 technological change and systems availability; the continued deployment and adoption of emerging technologies; the loss, financial difficulties or bankruptcy of any key clients; the effects of global economic trends on the businesses of Atento s clients; the non-exclusive nature of Atento s client contracts and the absence of revenue commitments; security and privacy breaches of the systems Atento uses to protect personal data; the cost of pending and future litigation; the cost of defending Atento against intellectual property infringement claims; extensive regulation affecting many of Atento s businesses; Atento s ability to protect its proprietary information or technology; service interruptions to Atento s data and operation centers; Atento s ability to retain key personnel and attract a sufficient number of qualified employees; increases in labor costs and turnover rates; the political, economic and other conditions in the countries where Atento operates; changes in foreign exchange rates; Atento s ability to complete future acquisitions and integrate or achieve the objectives of its recent and future acquisitions; future impairments of our substantial goodwill, intangible assets, or other long-lived assets; and Atento s ability to recover consumer receivables on behalf of its clients. In addition, 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 and fund its other liquidity needs; Atento s ability to comply with covenants contained in its debt instruments; the ability to obtain additional financing; the incurrence of significant additional indebtedness by Atento and its subsidiaries; and the ability of Atento s lenders to fulfill their lending commitments. Atento is also subject to other risk 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 any forward-looking statements, whether as a result of new information, future events or otherwise. SELECTED FINANCIAL DATA The following selected financial information should be read in conjunction with the interim consolidated financial statements and the section entitled Management s Discussion and Analysis of Financial Condition and Results of Operations presented elsewhere in the Form 6-K. 6

54 PRESS RELEASE For the year ended For the year ended December 31, Change excluding December 31, Change excluding 2014 (*) 2015 (*) FX (%) 2016 FX (%) (audited) (unaudited) Revenue 2,278,244 1,949, ,757,498 (1.4) Other operating income 4,578 4, , Own work capitalized (100.0) 90 N.M. Other gains (1) 35,092 - (100.0) 41,748 N.M. Operating expenses: Supplies (103,496) (77,604) (2.6) (65,598) (7.0) Employee benefit expenses (1,621,812) (1,410,526) 10.4 (1,309,901) 1.7 Depreciation (57,793) (50,077) 11.9 (46,448) (0.4) Amortization (60,529) (51,430) 9.9 (50,916) 6.3 Changes in trade provisions 1,589 (1,319) N.M. (1,902) 46.2 Other operating expenses (357,000) (241,478) (12.5) (214,015) (4.8) Impairment charges (31,792) - (100.0) - N.M. Total operating expenses (2,230,833) (1,832,434) 4.7 (1,688,780) 0.6 Operating profit 87, , , Finance income 17,326 15, ,188 (49.7) Finance costs (1) (122,032) (75,469) (19.9) (59,151) (17.3) Change in fair value of financial instruments (**) 27,272 17,535 (48.7) 675 (96.0) Net foreign exchange loss (1) (33,382) (3,919) (97.9) (56,494) N.M. Net finance expense (110,816) (46,394) (43.2) (107,782) N.M. Profit/(loss) before tax (23,260) 75,380 N.M. 8,564 (87.3) Income tax expense (18,401) (23,150) 61.4 (5,207) (74.5) Profit/(loss) from continuing operations (41,661) 52,230 N.M. 3,357 (92.8) Discontinued operations: Loss from discontinued operations (491) (3,082) N.M. (3,206) 6.7 Profit/(loss) for the year (42,152) 49,148 N.M. 151 (99.6) Profit/(loss) attributable to: Owners of the parent (42,152) 49,148 N.M. 65 (99.8) Non-controlling interest - - N.M. 86 N.M. Basic result per share from continuing operations (in U.S. dollars) (***) (0.57) 0.71 N.M (92.2) Basic result per share from discontinued operations (in U.S. dollars) (***) (0.01) (0.04) N.M. (0.04) N.M. (1) Contains the impacts of the CVI termination. The reversal of the principal amount of $41.7 million was recognized in "Other gains", the interest reversal of $19.9 million was recognized in "Finance costs" and the loss of $35.4 million on the conversion of Argentine pesos to U.S. dollars was recognized in "Net foreign exchange loss". (*) Restated, excluding discontinued operations - Morocco. (**) The gain or loss of the fair value of derivatives was recorded in the Income Statements within Finance income ($40.9 million for the year ended December 31, 2014) and Finance costs ($13.6 million for the year ended December 31, 2014), instead of Changes in fair value of financial instruments. (***) The basic result per share, for the year presented in the table above, was calculated based on the weighted average number of ordinary shares of 73,816,933 as of December 31, For the period ended December 31, 2015 the weighted average number of ordinary shares outstanding was 73,648,760 and for the period ended December 31, 2014 was 73,619,511. N.M. means not meaningful For the three months ended December 31, Change excluding FX (%) (unaudited) 2015 (*) 2016 Revenue 453, ,005 (4.2) Other operating income 2,305 2, Own work capitalized N.M. Other gains (1) - 41,748 N.M. Operating expenses: Supplies (18,345) (18,610) (1.1) Employee benefit expenses (326,195) (329,482) (0.1) Depreciation (12,393) (12,013) (7.7) Amortization (11,288) (13,405) 15.5 Changes in trade provisions (393) (1,456) N.M. Other operating expenses (60,718) (55,733) (12.6) Total operating expenses (429,332) (430,699) (1.5)

55 Operating profit 26,754 55, Finance income 2,783 2,760 (9.7) Finance costs (1) (17,469) 613 (103.1) Change in fair value of financial instruments 3, (133.3) Net foreign exchange loss (1) (4,495) (41,263) N.M. Net finance expense (15,689) (37,776) N.M. Profit before tax 11,065 17, Income tax expense (3,539) (1,058) (72.5) Profit from continuing operations 7,526 16, Discontinued operations: Loss from discontinued operations (2,122) - (100.0) Profit for the period 5,404 16,711 N.M. Profit attributable to: Owners of the parent 5,404 16,714 N.M. Non-controlling interest - (3) N.M. Basic result per share from continuing operations (in U.S. dollars) (**) Basic result per share from discontinued operations (in U.S. dollars) (**) (0.03) - (100.0) (1) Contains the impacts of the CVI termination. The reversal of the principal amount of $41.7 million was recognized in "Other gains", the interest reversal of $19.9 million was recognized in "Finance costs" and the loss of $35.4 million on the conversion of Argentine pesos to U.S. dollars was recognized in "Net foreign exchange loss". (*) Restated, excluding discontinued operations - Morocco. (**) The basic result per share, for the period presented in the table above, was calculated based on the weighted average number of ordinary shares of 73,816,933 as of December 31, For the period ended December 31, 2015 the weighted average number of ordinary shares outstanding was 73,648,760. N.M. means not meaningful 7

56 PRESS RELEASE Reconciliation of EBITDA and Adjusted EBITDA to profit/(loss): For the year ended December 31, For the three months ended December 31, ($ in millions) (audited) (unaudited) (unaudited) Profit/(loss) from continuing operations (41.6) Net finance expense Income tax expense Depreciation and amortization EBITDA (non-gaap) (unaudited) Acquisition and integration related costs (a) Restructuring costs (b) Sponsor management fees (c) Site relocation costs (d) Financing and IPO fees (e) Contingent Value Instrument (f) - - (41.7) - (41.7) Asset impairments and Other (g) Total non-recurring items (*) (22.3) Adjusted EBITDA (non-gaap) (unaudited) (*) Non-recurring items fall primarily into three categories of investment: The first includes investments to lower our variable cost structure, which is mostly labor, in response to the exceptional and severe adverse macroeconomic conditions in key markets such as Brazil, Argentina and Spain, which drove significant declines in volume. In 2016 we invested $14.6 million in these activities. The second includes investments in Brazil to relocate and consolidate our sites from higher to lower costs locations. This program started in 2014 when 53 percent of our sites were in Tier 2 cities. In 2016 we invested $9.4 million in these activities and we ended the year with 62.4% of our sites in Tier 2 cities. This program is now substantially completed. The third includes investments to drive a more sustainable lower-cost and competitive operating model, especially considering the exceptional adverse macroeconomic circumstances and associated declines in volume referenced above. In 2016 we invested $10.4 million in these activities. We expect these adjustments due to exceptional macro circumstances in most cases like Brazil and Argentina, will continue until the third quarter of (a) (b) Acquisition and integration related costs incurred in 2014 and 2015, are costs associated with the post-acquisition process in connection with a full strategy review and our SAP IT transformation project. These projects were substantially completed by the end of Restructuring costs incurred in 2014, 2015 and 2016 primarily included several restructuring activities and other personnel costs that were not related to our core result of operations. For the year ended December 31, 2014, $8.6 million of our restructuring costs were related to the relocation of our corporate headquarters and severance payments directly related to the acquisition. In addition, in 2014, we incurred $1.5 million in restructuring costs in Spain (relating to restructuring expenses incurred as a consequence of significant reduction in activity levels as a result of adverse market conditions in Spain), and $1.4 million in Chile (related to restructuring expenses incurred in connection with the implementation of a new service delivery model with Telefónica). Restructuring costs incurred for the year ended December 31, 2015, are primarily related to headcount restructuring activities in Spain. In addition, we incurred restructuring costs not related to our core results of operations in Argentina and Peru of $4.8 million, $2.5 million in Chile of restructuring expenses incurred in connection with the implementation of a new service delivery model with Telefónica, and certain changes to the executive team, and an additional $0.7 million related to the relocation of our corporate headquarters. Restructuring costs incurred in the year ended December 31, 2016, primarily relates to: (i) the optimization of labor relative to current or expected adjustments in activity levels, mainly in EMEA, Brazil and Argentina due to economic crises, and (ii) adjustments in the fixed costs structure to adapt the structure to the new macroeconomic adverse environment. We expect these adjustments due to exceptional macro circumstances in most cases like Brazil and Argentina, will continue until the third quarter of Restructuring costs incurred for the three months ended December 31, 2015, primarily include $2.7 million related to restructuring in Chile ($1.1 million) in connection with certain changes to the executive team, and the restructuring of specific operations in Peru and Argentina ($1.6 million). For the three months ended December 31, 2016 restructuring costs of $ 10.6 million to align labor costs with macro driven declines in volume in Brazil, EMEA and Argentina, largely driven by Telefónica. (c) Sponsor management fees represent the annual advisory fee paid to Bain Capital Partners, LLC that were expensed during The advisory agreement was terminated in connection with the initial public offering. 8

57 PRESS RELEASE (d) (e) (f) (g) Site relocation costs incurred in the year ended December 31, 2014, 2015 and 2016 include costs associated with our strategic initiative to relocate call centers from tier 1 cities to tier 2 cities in Brazil to achieve efficiencies through lower rental costs, attrition and absenteeism. Site relocation costs incurred for the three months ended December 31, 2015 related to the anticipation for site closures in Brazil in connection of the site relocation program to tier 2 and tier 3 cities and for the three months ended December 31, 2016 related to Brazil s Corporate office migration, that will be concluded in the second quarter of 2017 ($2.2 million). Financing and IPO fees for the year ended December 31, 2014 and 2015 primarily relate to non-core professional fees incurred during the IPO process, including advisory, auditing and legal expenses. On November 8, 2016 the CVI nominal value of ARS666.8 million, or $135.6 million, was terminated. As a result, during the fourth quarter we recognized a gain of $41.7 million in Other gains representing the principle amount of the CVI. Asset impairments and other costs incurred for the year ended December 31, 2014 relate to projects for inventory control in Brazil which are not related to our core results of operations. Asset impairments and other costs incurred for the year ended December 31, 2015, mainly relate to the impairment of goodwill and other intangible assets in the Czech Republic (divested in December 2014) of $3.7 million and Spain of $28.8 million, offset by the amendment of the MSA with Telefónica, by which the minimum revenue commitment for Spain was reduced against a $34.5 million penalty fee paid by Telefónica. Asset impairments and other costs for the year ended December 31, 2016 mainly to other costs with the sale of our operations in Morocco on September 30, Specifically, the accrual of reserve in amount $3.1 million as guarantee to the buyer, for potential indemnity related to eventual liability assessed from the period before the sale. Asset impairments and other costs incurred for the three months ended December 31, 2015 primarily related to a one-off tax penalty in Colombia ($1.3 million). 9

58 PRESS RELEASE Reconciliation of Adjusted Earnings to profit/(loss): For the three months ended For the year ended December 31, December 31, ($ in millions) (audited) (unaudited) (unaudited) Profit/(loss) from continuing operations (41.6) Acquisition and integration related costs (a) (*) Amortization of acquisition related intangible assets (b) Restructuring costs (c) (*) Sponsor management fees (d) (*) Site relocation costs (e) (*) Financing and IPO fees (f) (*) PECs interest expense (g) Asset impairments and Other (h) (*) DTA adjustment in Spain (i) Net foreign exchange gain on financial instruments (j) (27.3) (17.5) (0.7) (3.5) (0.1) Net foreign exchange impacts (k) Contingent Value Instrument (l) - - (26.2) - (26.2) Tax effect (m) (46.4) (16.2) (23.5) (2.9) (8.1) Total of add-backs (2.9) Adjusted Earnings (non-gaap) (unaudited) Adjusted basic Earnings per share (in U.S. dollars) (**) (unaudited) (*) Non-recurring items fall primarily into three categories of investment: (a) The first includes investments to lower our variable cost structure, which is mostly labor, in response to the exceptional and severe adverse macroeconomic conditions in key markets such as Brazil, Argentina and Spain, which drove significant declines in volume. In 2016 we invested $14.6 million in these activities. The second includes investments in Brazil to relocate and consolidate our sites from higher to lower costs locations. This program started in 2014 when 53 percent of our sites were in Tier 2 cities. In 2016 we invested $9.4 million in these activities and we ended the year with 62.4% of our sites in Tier 2 cities. This program is now substantially completed. The third includes investments to drive a more sustainable lower-cost and competitive operating model, especially considering the exceptional adverse macroeconomic circumstances and associated declines in volume referenced above. In 2016 we invested $10.4 million in these activities. We expect these adjustments due to exceptional macro circumstances in most cases like Brazil and Argentina, will continue until the third quarter of Acquisition and integration related costs incurred in 2014 and 2015, are costs associated with the post-acquisition process in connection with a full strategy review and our SAP IT transformation project. These projects were substantially completed by the end of (b) (c) Amortization of acquisition related intangible assets represents the amortization expense of customer base, recorded as intangible assets. This customer base represents the fair value (within the business combination involving the acquisition of control of Atento Group) of the intangible assets arising from service agreements (tacit or explicitly formulated in contracts) with Telefónica Group and with other customers. Restructuring costs incurred in 2014, 2015 and 2016 primarily included a number of restructuring activities and other personnel costs that were not related to our core result of operations. For the year ended December 31, 2014, $8.6 million of our restructuring costs were related to the relocation of our corporate headquarters and severance payments directly related to the acquisition. In addition, in 2014, we incurred $1.5 million in restructuring costs in Spain (relating to restructuring expenses incurred as a consequence of significant reduction in activity levels as a result of adverse market conditions in Spain), and $1.4 million in Chile (related to restructuring expenses incurred in connection with the implementation of a new service delivery model with Telefónica). Restructuring costs incurred for the year ended December 31, 2015, are primarily related to headcount restructuring activities in Spain. In addition, we incurred restructuring costs not related to our core results of operations in Argentina and Peru of $4.8 million, $2.5 million in Chile in connection with the implementation of a new service delivery model with Telefónica, and certain changes to the executive team, and an additional $0.7 million related to the relocation of our corporate headquarters. Restructuring costs incurred in the year ended December 31, 2016, primarily relates to: (i) the optimization of labor relative to current or expected adjustments in activity levels, mainly in EMEA, Brazil and Argentina due to economic crises, and (ii) adjustments in the fixed costs structure to adapt the structure to the new macroeconomic adverse environment. We expect these adjustments due to exceptional macro circumstances in most cases like Brazil and Argentina, will continue until the third quarter of Restructuring costs incurred for the three months ended December 31, 2015, primarily include $2.7 million related to restructuring in Chile ($1.1 million) in connection with certain changes to the executive team, and the restructuring of specific operations in Peru and Argentina ($1.6 million). For the three months ended December 31, 2016 restructuring costs of $10.6 million to align labor costs with macro driven declines in volume in Brazil, EMEA and Argentina, largely driven by Telefónica. 10

59 PRESS RELEASE (d) (e) (f) Sponsor management fees represent the annual advisory fee paid to Bain Capital Partners, LLC that were expensed during The advisory agreement was terminated in connection with the initial public offering. Site relocation costs incurred in the year ended December 31, 2014, 2015 and 2016 include costs associated with our strategic initiative to relocate call centers from tier 1 cities to tier 2 cities in Brazil to achieve efficiencies through lower rental costs, attrition and absenteeism. Site relocation costs incurred for the three months ended December 31, 2015 related to the anticipation for site closures in Brazil in connection of the site relocation program to tier 2 and tier 3 cities and for the three months ended December 31, 2016 related to Brazil s Corporate office migration, that will be concluded in the second quarter of 2017 ($2.2 million). Financing and IPO fees for the year ended December 31, 2014 and 2015 primarily relate to non-core professional fees incurred during the IPO process, including advisory, auditing and legal expenses. (g) PECs interest expense represents accrued interest on the preferred equity certificates that were capitalized in connection with the IPO. (h) Asset impairments and other costs incurred for the year ended December 31, 2014 relate to projects for inventory control in Brazil which are not related to our core results of operations. Asset impairments and other costs incurred for the year ended December 31, 2015, mainly relate to the impairment of goodwill and other intangible assets in the Czech Republic (divested in December 2014) of $3.7 million and Spain of $28.8 million, offset by the amendment of the MSA with Telefónica, by which the minimum revenue commitment for Spain was reduced against a $34.5 million penalty fee paid by Telefónica. Asset impairments and other costs for the year ended December 31, 2016 mainly to other costs with the sale of our operations in Morocco on September 30, Specifically, the accrual of reserve in amount $3.1 million as guarantee to the buyer, for potential indemnity related to eventual liability assessed from the period before the sale. Asset impairments and other costs incurred for the three months ended December 31, 2015 primarily related to a one off tax penalty in Colombia ($1.3 million). (i) Deferred tax asset adjustment as a consequence of the tax rate reduction in Spain from 30% to 28% in 2015 and to 25% in (j) (k) (l) (m) As of April 1, 2015, the Company designated the foreign currency risk on certain of its subsidiaries as net investment hedges using financial instruments as the hedging items. As a consequence, any gain or loss on the hedging instrument, related to the effective portion of the hedge will be recognized in other comprehensive income (equity) as from that date. The gain or loss related to the ineffective portion will be recognized in the income statements. In 2015, cumulative net foreign exchange gain of such instruments was reversed from equity to profit/(loss). For comparability, this adjustment was added back to calculate adjusted earnings. As of 2015, management analyzes the Company s financial performance excluding net foreign exchange impacts, which eliminates the volatility to foreign exchange variances from our operational results. For comparability purposes, 2014 adjusted earnings was restated by the net foreign exchange non-cash results from currency fluctuations impacting loans between group companies and other minor effects. On November 8, 2016 the CVI nominal value of ARS666.8 million, or $135.6 million was terminated. As a result, during the fourth quarter we recognized a gain of $41.7 million in Other gains representing the principle amount of the CVI. The tax effect represents the impact of the taxable adjustments based on a tax rate of 26.2% for 2014, for 38.7% for 2015 and 24.9% for the year ended December 31, For the three months ended December 31, 2015 and % and 25.8%, respectively. (**) The Adjusted Earnings per share, for the period presented, was calculated based on the weighted average number of ordinary shares outstanding of 73,816,933 as of December 31, For the period ended December 31, 2015 and 2014 the weighted average number of ordinary shares was 73,648,760 and 73,619,511, respectively. 11

60 FinancingArrangements PRESS RELEASE As of December 31, ($ in millions, except Net Debt/Adj. EBITDA LTM) Cash and cash equivalents Short-term financial investments Debt: 7.375% Senior Secured Notes due Brazilian Debentures Contingent Value Instrument (1) Finance Lease Payables Other Borrowings Total Debt Net Debt with third parties (2) (unaudited) Adjusted EBITDA LTM (3) (non-gaap) (unaudited) Net Debt/Adjusted EBITDA LTM (non-gaap) (unaudited) (1) The CVI was terminated on November 8, 2016 as described in above sections. 1.4x 1.6x 1.5x (2) 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 financial investments. Net debt with third parties is not a measure defined by IFRS and it has limitations as an analytical tool. Net debt with third parties is neither a measure defined by or presented in accordance with IFRS nor 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 comparable to similarly titled measures used by other companies. (3) Adjusted EBITDA LTM (Last Twelve Months) is defined as EBITDA adjusted to exclude certain acquisition and integration related costs, restructuring costs, sponsor management fees, asset impairments, 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. FreeCashFlow For the three months ended December 31, For the year ended December 31, ($ in millions) (audited) (unaudited) (unaudited) Net cash flow from operating activities Payments for acquisition of property, plant, equipment and intangible assets (117.9) (96.4) (69.9) (35.8) (13.5) Disposals of property, plant, equipment, and intangible assets (0.1) Free cash flow (non-gaap) (unaudited) 18.3 (57.0)

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