Ordinary Shares, no par value New York Stock Exchange SecuritiesregisteredortoberegisteredpursuanttoSection12(g)oftheAct: None (Title of Class)

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1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended: December 31, 2017 Commission file number: Atento S.A. (Exact name of Registrant as specified in its charter) Atento S.A. (Exact name of Registrant s name into English) Grand Duchy of Luxembourg (Jurisdiction of incorporation or organization) 4, rue Lou Hemmer, L-1748 Luxembourg Findel Grand Duchy of Luxembourg (Address of principal executive offices) Mauricio Teles Montilha, Chief Financial Officer Address: Rua Professor Manoelito de Ornellas, 303, 1º andar, condomínio Nova São Paulo, , São Paulo, Brasil Telephone No.: + 55 (11) investor.relations@atento.com (Name, Telephone, and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Ordinary Shares, no par value New York Stock Exchange SecuritiesregisteredortoberegisteredpursuanttoSection12(g)oftheAct: None (Title of Class) SecuritiesforwhichthereisareportingobligationpursuanttoSection15(d)oftheAct: None (Title of Class) Indicate the number of outstanding shares of each of the issuer s classes of capital stock or common stock as of the close of the period covered by the annual report. 73,909,056 ordinary shares Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of Yes x No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). x Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer Accelerated filer x Non-accelerated filer Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: US GAAP International Financial Reporting Standards as issued by the International Accounting Standards Board x If Other has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes x No Other

2 Atento S.A. TABLE OF CONTENTS PRESENTATION OF FINANCIAL AND OTHER INFORMATION 2 PRESENTATION OF FINANCIAL INFORMATION 3 TRADEMARKS AND TRADE NAMES 4 CAUTIONARY STATEMENT WITH RESPECT TO FORWARD- LOOKING STATEMENTS 4 PART I 7 ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 7 A. Directors and Senior Management 7 B. Advisers 7 C. Auditors 7 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 7 A. Offer Statistics 7 B. Method and Expected Timetable 7 ITEM 3. KEY INFORMATION 7 A. Selected Financial Data 7 B. Capitalization and Indebtedness 15 C. Reasons for the Offer and Use of Proceeds 15 D. Risk Factors 15 ITEM 4. INFORMATION ON THE COMPANY 35 A. History and Development of the Company 35 B. Business Overview 36 C. Organizational Structure 48 D. Property, Plant and Equipment 49 ITEM 4A. UNRESOLVED STAFF COMMENTS 50 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 50 A. Operating Results 52 B. Liquidity and Capital Resources 67 C. Research and Development, Patents and Licenses, etc. 74 D. Trend Information 74 E. Off- Balance Sheet Arrangements 75 F. Tabular Disclosure of Contractual Obligations 75 G. Safe harbor 76 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 76 A. Directors and Senior Management 76 B. Compensation 79 C. Board practices 80 D. Employees 82 E. Share Ownership 84 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 85 A. Major Shareholders 85 B. Related Party Transactions 86 C. Interests of Experts and Counsel 87 ITEM 8. FINANCIAL INFORMATION 87 A. Consolidated Statements and Other Financial Information 87 B. Significant Changes 89 ITEM 9. THE OFFER AND LISTING 89 A. Offering and Listing Details 89 B. Plan of Distribution 90 C. Markets 90 D. Selling Shareholders 99 E. Dilution 90 F. Expenses of the Issue 91 ITEM 10. ADDITIONAL INFORMATION 91 A. Share Capital 91

3 B. Memorandum and Articles of Association 90 C. Material Contracts 96 D. Exchange Controls 96 E. Taxation 97 F. Dividends and Paying Agents 99 G. Statement by Experts 99 H. Documents on Display 99 I. Subsidiary Information 99 ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 99 ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 101 A. Debt Securities 101 B. Warrants and Rights 101 C. Other Securities 101 D. American Depositary Shares 101 PART II 102 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 102 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 102 ITEM 15. CONTROLS AND PROCEDURES 102 A. Disclosure Controls and Procedures 102 B. Management s Annual Report on Internal Control over Financial Reporting 102 C. Attestation Report of the Registered Public Accounting Firm 102 D. Changes in Internal Control over Financial Reporting 102 ITEM 15T. CONTROLS AND PROCEDURES 103 ITEM 16. [RESERVED] 103 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 103 ITEM 16B. CODE OF ETHICS 103 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 103 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEE 103 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 103 ITEM 16F. CHANGE IN REGISTRANT S CERTIFYING ACCOUNTANT 103 ITEM 16G. CORPORATE GOVERNANCE 103 ITEM 16H. MINE SAFETY DISCLOSURE 104 PART III 105 ITEM 17. FINANCIAL STATEMENTS 105 ITEM 18. FINANCIAL STATEMENTS 105 ITEM 19. EXHIBITS

4 Basis of Presentation and Other Information PRESENTATION OF FINANCIAL AND OTHER INFORMATION Except where the context otherwise requires or where otherwise indicated, the terms Atento, we, us, our, the Company, and our business refer to Atento S.A., a public limited liability company (société anonyme) incorporated under the laws of Luxembourg on March 5, 2014, together with its consolidated subsidiaries. Atento S.A. was formed as a direct subsidiary of Atalaya Luxco Topco S.C.A. ( Topco ). In April 2014, Topco also incorporated Atalaya Luxco PIKCo S.C.A. ( PikCo ) and on May 15, 2014 Topco contributed to PikCo: (i) all of its equity interests in its then direct subsidiary, Atalaya Luxco Midco S.à.r.l. ( Midco ), the consideration for which was an allocation to PikCo s account capital contributions not remunerated by shares (the Reserve Account ) equal to 2 million, resulting in Midco becoming a direct subsidiary of PikCo; and (ii) all of its debt interests in Midco (comprising three series of preferred equity certificates (the Original Luxco PECs )), the consideration for which was the issuance by PikCo to Topco of preferred equity certificates having an equivalent value. On May 30, 2014, Midco authorized the issuance of, and PikCo subscribed for, a fourth series of preferred equity certificates (together with the Original Luxco PECs, the Luxco PECs ). On October 7, 2014, we completed our IPO and issued 4,819,511 ordinary shares at a price of $15.00 per share. As a result of the IPO, the Share Split and the Reorganization Transaction, we had 73,619,511 ordinary shares outstanding and owned 100% of the issued and outstanding share capital of Midco, as of November 9, 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. On July 28, 2016, the Board approved a share capital increase and issued 157,925 shares, increasing the number of outstanding shares to 73,909,056. AcquisitionandDivestmentTransactions On August 4, 2016, the Company through its direct subsidiary Atento Teleservicios España entered into an agreement (the Share Sale and Purchase Agreement ) with Intelcia Group, S.A. for the sale of 100% of Atento Morocco S.A., encompassing Atento s operations in Morocco providing services to the Moroccan and French markets (the Morocco Transaction ). The Morocco Transaction was consummated on September 30, 2016, upon receipt of regulatory approval. Atento s operations in Morocco, which provide services to the Spanish market, are excluded from the Morocco Transaction and will continue operating as part of Atento Spain. On September 2, 2016, the Company through its direct subsidiary Atento Brasil acquired 81.49%, the controlling interest of RBrasil Soluções S.A. (RBrasil). On May 9, 2017, we announced an extended partnership with Itaú, a leading financial institution in Brazil, through which we will leverage the industryleading capabilities of RBrasil and Atento Brasil S.A. ( Atento Brasil ) to serve Itaú s increasing demand for end-to-end collections solutions, customer service and back office services. On June 9, 2017, the Company, through its subsidiary, Atento Brasil, acquired % of Interfile Serviços de BPO Ltda. and % of Interservicer Serviços em Crédito Imobiliário Ltda. (jointly, Interfile ), a leading provider of BPO services and solutions, including credit origination, for the banking and financial services sector in Brazil. Through this acquisition, we expect to be able to expand our capabilities in the financial services segment, especially in credit origination, accelerate our penetration into higher value-added solutions, strengthen our leadership position in the Brazilian market and facilitate the expansion of our credit origination segment into other Latin American markets. On June 30, 2017, we announced the signing of a strategic partnership and the acquisition of a minority stake in Keepcon, a leading provider of semantic technology-based automated customer experience management, through our subsidiary Contact US Teleservices Inc. The acquisition of a minority stake in Keepcon follows our overall strategy to develop and expand our digital capabilities. Our goal is to integrate all of our digital assets to generate additional value for clients and drive growth across verticals and geographies. We aim to turn the business disruption generated by the digital revolution into differentiated customer experience solutions generating competitive advantages for customers. We expect that the investment in Keepcon by Atento will expand the artificial intelligence and automatization capabilities of our omnichannel platform. 2

5 OtherTransactions On August 10, 2017, Atento completed a refinancing transaction of its financing structure throughout its subsidiary Atento Luxco 1. The new financing structure included an offering of US$400.0 million aggregate principal amount of 6.125% Senior Secured Notes due 2022 (the Offering ). Atento used the net proceeds from the Offering, together with cash on hand, to redeem all of the Issuer s outstanding 7.375% Senior Secured Notes due 2020 and all of the existing debentures due 2019 of its subsidiary Atento Brasil. The Senior Secured Notes are guaranteed on a senior secured basis by certain of Atento s wholly-owned subsidiaries on a joint and several basis. On August 18, 2017, Atento filed a Form F-3 with the SEC, for the sake of up to $200,000,000 Ordinary Shares by Atento and 62,660,015 Ordinary Shares Offered by the selling shareholder. In consequence, the selling shareholder may offer and sell from time to time up to 62,660,015 of Ordinary Shares, covered by the Form F-3. These Ordinary Shares were offered in amounts, at prices and on terms to be determined at the time of their offering, if any. On September 21, 2017, the Board of Directors approved a dividend policy for the Company with a goal of paying annual cash dividends pay-out in line with industry peers and practices. The declaration and payment of any interim dividends will be subject to approval of Atento s corporate bodies and will be determined based upon, amongst other things, Atento s performance, growth opportunities, cash flow, contractual covenants, applicable legal requirements and liquidity factors. The Board of Directors intends to review the dividend policy regularly and so accordingly is subject to change at any time. On October 31, 2017, our Board of Directors declared a cash interim dividend with respect to the ordinary shares of $ per share paid on November 28, 2017 to shareholders of record as of the close on November 10, On November 13, 2017, Atento filed a Supplemental Prospectus with the SEC, for the sale of Pikco of 12,295,082 ordinary shares. After the offering Pikco owns 50,364,933 ordinary shares in Atento, representing 68.14% of the outstanding shares. Exchange Rate Information In this Annual Report, all references to U.S. dollar and $ are to the lawful currency of the United States and all references to euro or are to the single currency of the participating member states of the European and Monetary Union of the Treaty Establishing the European Community, as amended from time to time. In addition, all references to Brazilian Reais (BRL), Mexican Peso (MXN), Chilean Peso (CLP), Argentinean Peso (ARS), Colombian Peso (COP) and Peruvian Nuevos Soles (PEN) are to the lawful currencies of Brazil, Mexico, Chile, Argentina, Colombia and Peru, respectively. The following table shows the exchange rates of the U.S. dollar to these currencies for the years and dates indicated as reported by the relevant central banks of the European Union and each country, as applicable Average December 31 Average December 31 Average December 31 Average December 31 Average December 31 Euro ( ) Brazil (BRL) Mexico (MXN) Colombia (COP) 1, , , , , , , , , , Chile (CLP) Peru (PEN) Argentina (ARS) PRESENTATION OF FINANCIAL INFORMATION We present our historical financial information under International Financial Reporting Standards ( IFRS ) as issued by the International Accounting Standards Board (the IASB ). 3

6 Atento s Financial Information The consolidated financial information of Atento are the consolidated results of operations of Atento, which includes the years ended December 31, 2013, 2014, 2015, 2016 and Rounding Certain numerical figures set out in this Annual Report, including financial data presented in millions or thousands and percentages, have been subject to rounding adjustments, and, as a result, the totals of the data in this Annual Report may vary slightly from the actual arithmetic totals of such data. Percentages and amounts reflecting changes over time periods relating to financial and other data set forth in Item 3. Key Information A. Selected Financial Data and Item 5. Operating and Financial Review and Prospects A. Operating Results Management s Discussion and Analysis of Financial Condition and Results of Operations are calculated using the numerical data in the financial statements or the tabular presentation of other data (subject to rounding) contained in this Annual Report, as applicable, and not using the numerical data in the narrative description thereof. TRADEMARKS AND TRADE NAMES This Annual Report includes our trademarks as Atento, which are protected under applicable intellectual property laws and are the property of the Company or our subsidiaries. This Annual Report also contains trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, trademarks and trade names referred to in this Annual Report may appear without the or TM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable licensor to these trademarks and trade names. In 2017, Atento launched its digital business unit under the brand Atento Digital. Atento Digital s mainstream offering encompasses a wide range of digital capabilities that enhance customer experience and increase efficiency across the customer lifecycle, from acquiring to managing and retaining customers. Atento Digital s offer also includes consultancy services and solutions for advancing digital transformation processes while fully leveraging existing systems. Atento Digital is a trademark registered by Atento. CAUTIONARY STATEMENT WITH RESPECT TO FORWARD-LOOKING STATEMENTS This Annual Report contains estimates and forward-looking statements, principally in Item 3. Key Information D. Risk Factors, Item 4. Information on the Company B. Business Overview and Item 5. Operating and Financial Review and Prospects. Some of the matters discussed concerning our business operations and financial performance include estimates and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of Our estimates and forward-looking statements are based mainly on our current expectations and estimates on projections of future events and trends, which affect or may affect our businesses and results of operations. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to certain risks and uncertainties and are made in light of information currently available to us. Our estimates and forward-looking statements may be influenced by the following factors, among others: the competitiveness of the customer relationship management and business process ( CRM BPO ) market; the loss of one or more of our major clients, a small number of which account for a significant portion of our revenue, in particular Telefónica; risks associated with operating in Latin America, where a significant proportion of our revenue is derived and where a large number of our employees are based; our clients deciding to enter or further expand their own CRM BPO businesses in the future; any deterioration in global markets and general economic conditions, in particular in Latin America and in the telecommunications and the financial services industries from which we derive most of our revenue; increases in employee benefit expenses, changes to labor laws and labor relations; 4

7 failure to attract and retain enough sufficiently trained employees at our service delivery centers to support our operations; inability to maintain our pricing and level of activity and control our costs; consolidation of potential users of CRM BPO services; the reversal of current trends towards CRM BPO solutions; fluctuations of our operating results from one quarter to the next due to various factors including seasonality; the significant leverage our clients have over our business relationships; the departure of key personnel or challenges with respect to labor relations; the long selling and implementation cycle for CRM BPO services; difficulty controlling our growth and updating our internal operational and financial systems as a result of our increased size; inability to fund our working capital requirements and new investments; fluctuations in, or devaluation of, the local currencies in the countries in which we operate against our reporting currency, the U.S. dollar; current political and economic volatility, particularly in Brazil, Mexico, Argentina and Europe; our ability to acquire and integrate companies that complement our business; the quality and reliability of the technology provided by our technology and telecommunications providers, our reliance on a limited number of suppliers of such technology and the services and products of our clients; our ability to invest in and implement new technologies; disruptions or interruptions in our client relationships; actions of the Brazilian, EU, Spanish, Argentinian, Mexican and other governments and their respective regulatory agencies, including adverse competition law rulings and the introduction of new regulations that could require us to make additional expenditures; damage or disruptions to our key technology systems or the quality and reliability of the technology provided by technology telecommunications providers; an increase in the cost of telecommunications services and other services on which we and our industry rely; an actual or perceived failure to comply with data protection regulations, in particular any actual or perceived failure to ensure secure transmission of sensitive or confidential customer data through our networks; the effect of labor disputes on our business; and other risk factors listed in the section of this Annual Report entitled Item 3. Key Information D. Risk Factors. The words believe, may, will, estimate, continue, anticipate, intend, expect and similar words are intended to identify estimates and forward-looking statements. Estimates and forward-looking statements are intended to be accurate only as of the date they were made, and we undertake no obligation to update or to review any estimate and/or forward-looking statement because of new information, future events or other factors. Estimates and forwardlooking statements involve risks and uncertainties and are not guarantees of future performance. Our future results may differ materially from those expressed in these estimates and forward-looking statements. You should therefore not make any investment decision based on these estimates and forward-looking statements. 5

8 The forward-looking statements contained in this Annual Report speak only as of the date of this Annual Report. We do not undertake to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events. 6

9 PART I ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS A. Directors and Senior Management Not applicable. B. Advisers Not applicable. C. Auditors Not applicable. ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE A. Offer Statistics Not applicable. B. Method and Expected Timetable Not applicable. ITEM 3. KEY INFORMATION A. Selected Financial Data The following selected financial information should be read in conjunction with the section Item 5. Operating and Financial Review and Prospects and our consolidated financial statements, included elsewhere in this Annual Report. Following the Reorganization Transaction and the IPO, our financial statements present the results of operations of Atento. The consolidated financial statements of Atento are substantially the same as the consolidated financial statements of Midco prior to the IPO, as adjusted for the Reorganization Transaction. Upon consummation, the Reorganization Transaction was reflected retroactively in the Company s earnings per share calculations. The following table sets forth selected historical financial data of Atento. We prepare our financial statements in accordance with IFRS as issued by the IASB. Our financial reporting periods presented in the table below reflects the consolidated results of operations of Atento, as of and for the years ended December 31, 2013, 2014, 2015, 2016 and Selected Consolidated Other Financial Information As of and for the year ended December 31, ($ in millions other than share and per share data) 2013 (*) 2014 (*) 2015 (*) 2016 (*) 2017 Revenue 2, , , , ,921.3 Operating profit/(loss) Profit/(loss) from continuing operations (3.3) (41.6) (13.6) Loss from discontinued operations (0.7) (0.5) (3.1) (3.2) - Profit/(loss) for the year (4.0) (42.1) (13.6) Earnings/(loss) per share-basic from continuing operations (0.05) (0.60) (0.18) Loss per share-basic from discontinued operations (0.01) (0.01) (0.04) (0.04) - Earnings/(loss) per share-diluted from continuing operations (0.05) (0.60) (0.18) Loss per share-diluted from discontinued operations (0.01) (0.01) (0.04) (0.04) - Dividends declared per share Number of shares 2,000,000 73,619,511 73,751,131 73,909,056 73,909,056 Weighted average number of shares outstanding-basic 68,800,000 69,603,252 73,648,760 73,816,933 73,909,056 Weighted average number of shares outstanding-diluted 68,800,000 69,603,252 74,674,967 74,089,724 73,909,056 Balance sheet data: Total assets 1, , , , ,330.3 Equity (134.0) Capital stock (*) Exclude discontinued operations - Morocco. 7

10 Summary Consolidated Historical Financial Information As of and for the year ended December 31, Change Change Change As of and for the year ended December 31, Change excluding ($ in millions) 2013 (*) 2014 (*) 2015 (*) 2016 (*) (%) FX (%) 2017 (%) excluding FX (%) Revenue 2, , , ,757.5 (9.9) (1.4) 1, Profit/(loss) from continuing operations (3.3) (41.6) (93.5) (92.8) (13.6) N.M. N.M. Loss from discontinued operations (0.7) (0.5) (3.1) (3.2) (100.0) (100.0) Profit/(loss) for the year (4.0) (42.1) (99.6) (99.6) (13.6) N.M. N.M. EBITDA (1) (4.3) (7.9) (13.0) Adjusted EBITDA (1) (11.1) (3.6) (0.4) (4.7) Adjusted Earnings (2) (38.1) (29.8) Adjusted Earnings per share (in U.S. dollars) (3) (38.7) (30.1) Adjusted Earnings attributable to Owners of the parent (2) (38.3) (30.0) Adjusted Earnings per share attributable to Owners of the parent (in U.S. dollars) (3) (38.7) (30.1) Capital Expenditure (4) (103.0) (120.1) (121.2) (48.2) (60.2) (2.2) (67.5) Total Debt (7.1) (14.1) (9.1) (9.1) Cash and cash equivalents and short-term financial investments (26.9) (30.1) Net debt with third parties (5) (12.9) (21.3) (*) Exclude discontinued operations - Morocco. N.M. means not meaningful (1) In considering the financial performance of the business, our management analyzes the financial performance measures of EBITDA and Adjusted EBITDA at a company 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 restructuring costs, site relocation costs and other items 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 profit/(loss) for the year/period from continuing operations. We believe EBITDA and Adjusted EBITDA are useful metrics for investors to understand our results of continuing operations and profitability because they permit investors to evaluate our recurring profitability from underlying operating activities. We also use these measures internally to establish forecasts, budgets and operational goals to manage and monitor our business, as well as to evaluate our underlying historical performance. We believe EBITDA facilitates comparisons of operating performance between periods and among other companies in industries similar to ours because it removes the effect of variances in capital structures, taxation, and non-cash depreciation and amortization charges, which may differ between companies for reasons unrelated to operating performance. We believe Adjusted EBITDA better reflects our underlying operating performance because it excludes the impact of items which are not related to our core results of continuing operations. 8

11 EBITDA and Adjusted EBITDA measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies comparable to us, many of which present EBITDA-related performance measures when reporting their results. EBITDA and Adjusted EBITDA have limitations as analytical tools. These measures are not presentations made in accordance with IFRS, are not measures of financial condition or liquidity and should not be considered in isolation or as alternatives to profit or loss for the period from continuing operations or other measures determined in accordance with IFRS. EBITDA and Adjusted EBITDA are not necessary comparable to similarly titled measures used by other companies. These non-gaap measures should be considered supplemental in nature and should not be construed as being more important than comparable GAAP measures. 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 operations to EBITDA and Adjusted EBITDA. (2) In considering the Company s financial performance, our management analyzes the performance measure of Adjusted Earnings. Adjusted Earnings is defined as profit/(loss) for the periods from continuing operations adjusted for certain amortization of acquisition related intangible assets, restructuring costs, site relocation costs and other items not related to our core results of operations, net foreign exchange impacts and their tax effects. Adjusted Earnings is not a measure defined by IFRS. The most directly comparable IFRS measure to Adjusted Earnings is profit/(loss) for the periods from continuing operations. We believe Adjusted Earnings is a useful metric for investors and is used by our management for measuring profitability because it represents a group measure of performance which excludes the impact of certain non-cash charges and other charges not associated with the underlying operating performance of the business, while including the effect of items that we believe affect shareholder value and in-year returns, such as income tax expense and net finance costs. Our management uses Adjusted Earnings to (i) provide senior management with monthly reports of our operating results; (ii) prepare strategic plans and annual budgets; and (iii) review senior management s annual compensation, in part, using adjusted performance measures. Adjusted Earnings is defined to exclude items that are not related to our core results of operations. Adjusted Earnings measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies comparable to us, many of which present an Adjusted Earnings related performance measure when reporting their results. Adjusted Earnings has limitations as an analytical tool. Adjusted Earnings is neither a presentation made in accordance with IFRS nor a measure of financial condition or 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 accordance with IFRS. Adjusted Earnings is not necessarily comparable to similarly titled measures used by other companies. These non-gaap measures should be considered supplemental in nature and should not be construed as being more important than comparable GAAP measures. 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 continuing operations. (3) Adjusted Earnings per share is calculated based on weighted average number of ordinary shares outstanding of 73,909,056, 73,816,933 and 73,648,760 as of December 31, 2017, 2016 and 2015, respectively. (4) We define capital expenditure as the sum of the additions to property, plant and equipment and the additions to intangible assets during the period. (5) 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 outstanding bank overdrafts) and short-term financial investments. Net debt with third parties 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 with third parties is not necessarily comparable to similarly titled measures used by other companies. These non-gaap measures should be considered supplemental in nature and should not be construed as being more important than comparable GAAP measures. See below under the heading Financing Arrangements for a reconciliation of total debt to net debt with third parties utilizing IFRS reported balances obtained from the financial information included elsewhere in this Annual Report. The most directly comparable IFRS measure to net debt with third parties is total debt. 9

12 Cash Flow Selected Data: For the year ended December 31, ($ in millions) Cash flows from operating activities Cash flows used in investing activities (123.4) (149.8) (67.2) (75.1) (90.9) Cash flows from/(used in) financing activities (62.7) (84.3) Net increase/(decrease) in cash and cash equivalents (60.8) Effect of changes in exchange rates 5.8 (26.4) (33.8) Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Reconciliation of EBITDA and Adjusted EBITDA to profit/(loss): For the year ended December 31, ($ in millions) 2013 (*) 2014 (*) 2015 (*) 2016 (*) 2017 Profit/(loss) from continuing operations (3.3) (41.6) (13.6) 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) - Asset impairments and Other (g) Total non-recurring items (***) Adjusted EBITDA (non-gaap) (unaudited) (*) Exclude discontinued operations Morocco. (**) Net finance expense includes interest income, interest expense, changes in fair value of financial instruments and net foreign exchange losses. (***) We define non-recurring items as items that are limited in number, clearly identifiable, unusual, are unlikely to be repeated in the near future in the ordinary course of business and that have a material impact on the consolidated results of operations. Non-recurring items can be summarized as demonstrated below: (a) Acquisition and integration related costs incurred in 2013 and 2014, are costs associated with the acquisition and post-acquisition process in connection with the full strategy review. These projects were substantially completed by the end of For the year ended December 31, 2013, of the $29.3 million in acquisition and integration related costs, $27.9 million relate to professional fees incurred to establish Atento as a standalone company not affiliated to Telefónica. These projects are mainly related to full strategy review including growth plans and operational set up with a leading consulting firm ($14.7 million), improvement of financial and cash flow reporting ($5.9 million), improving procurement efficiency ($4.8 million) and executive recruiting fees related primarily to strengthening the senior management team post acquisition ($1.4 million). For the year ended December 31, 2014 acquisition and integration related costs primarily resulted from consulting fees incurred in connection with the full strategy review including our growth plan and operational set up with a leading consulting firm ($4.0 million), improving procurement efficiency ($2.3 million), and IT transformation projects ($2.5 million). Acquisition and integration related costs incurred in 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

13 (b) Restructuring costs incurred in 2013, 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, 2013, $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 2013 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, 2014, 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 corporate headquarters. Restructuring costs incurred in the year ended December 31, 2015, primarily relates to optimization of labor force to current or expected adjustments in activity levels, mainly in EMEA and Brazil. Restructuring costs for the year ended December 31, 2016 and 2017 are compounded of two main concepts: i) investments to lower our variable cost structure, which is mostly labor and ii) investments to drive a more sustainable lower-cost and competitive operating model. Both were direct response to the exceptional and severe adverse macroeconomic conditions in key markets such as Spain, Argentina, Brazil, Mexico and Puerto Rico, which drove significant declines in volume. The restructuring program carried out in 2017 to adjust the indirect costs structure has been finalized in the fourth quarter of (c) Sponsor management fees represent the annual advisory fee paid to Bain Capital Partners, LLC that were b expensed during 2013 and The advisory agreement was terminated in connection with the initial public offering. (d) Site relocation costs incurred for the years ended December 31, 2013, 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 year 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. Site relocation costs incurred for the year ended December 31, 2016, a re related to the 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. (e) Financing and IPO fees for the year ended December 31, 2014 primarily relate to non-core professional fees incurred during the IPO process including advisory, auditing and legal expenses. Financing and IPO fees for the year ended December 31, 2015 primarily relate to non-core professional fees incurred during the IPO process, including advisory, auditing and legal expenses. (f) On November 8, 2016 the CVI nominal value of ARS666.8 million, or $135.6 million, was terminated. As a result, in 2016 we recognized a gain of $41.7 million in Other gains representing the principle amount of the CVI. ( g ) Asset impairments and other costs incurred for the year ended December 31, 2013 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, 2014, mainly relate to the goodwill and other intangible asset impairment relating to our operation in 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 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. Other non-recurring items for the year ended December 31, 2016 refer mainly to other costs with the sale of Morocco operation related to the accrual of the reserve in amount of $3.1 million as guarantee to the buyer for potential indemnity related to eventual liability assessed from the period before the sale. For 2017, non-recurring items relates mostly to the recognition of the costs incurred or expected to be incurred to recover the operations in Mexico and Puerto Rico affected by recent natural disasters. These estimated costs of $3.2 million are related to third quarter of 2017 and includes costs that were incurred but could not be charged to customers (mainly salaries and benefits) and other extraordinary costs related to the natural disasters. In addition, there were costs incurred on the secondary offer process occurred in November

14 Reconciliation of Adjusted Earnings to profit/(loss): For the year ended December 31, ($ in millions) 2013 (*) 2014 (*) 2015 (*) Profit/(loss) from continuing operations (3.3) (41.6) (13.6) 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) 11.6 (27.3) (17.5) (0.7) (0.2) Net foreign exchange impacts (k) (17.8) Contingent Value Instrument (l) (26.2) - Financial non-recurring (m) Depreciation non-recurring (n) Tax effect (o) (38.3) (46.4) (16.2) (23.5) (18.2) Total of add-backs Adjusted Earnings (non-gaap) (unaudited) Adjusted basic Earnings per share (in U.S. dollars) (***) (unaudited) (*) Exclude discontinued operations Morocco. (**) We define non-recurring items as items that are limited in number, clearly identifiable, unusual, are unlikely to be repeated in the near future in the ordinary course of business and that have a material impact on the consolidated results of operations. Non-recurring items can be summarized as demonstrated below: (a) Acquisition and integration related costs incurred in 2013 and 2014, are costs associated with the acquisition and post-acquisition process in connection with the full strategy review. These projects were substantially completed by the end of For the year ended December 31, 2013, of the $29.3 million in acquisition and integration related costs, $27.9 million relate to professional fees incurred to establish Atento as a standalone company not affiliated to Telefónica. These projects are mainly related to full strategy review including growth plans and operational set up with a leading consulting firm ($14.7 million), improvement of financial and cash flow reporting ($5.9 million), improving procurement efficiency ($4.8 million) and executive recruiting fees related primarily to strengthening the senior management team post acquisition ($1.4 million). For the year ended December 31, 2014 acquisition and integration related costs primarily resulted from consulting fees incurred in connection with the full strategy review including our growth plan and operational set up with a leading consulting firm ($4.0 million), improving procurement efficiency ($2.3 million), and IT transformation projects ($2.5 million). Acquisition and integration related costs incurred in 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) 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. 12

15 (c) Restructuring costs incurred in 2013, 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, 2013, $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 2013 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, 2014, 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 corporate headquarters. Restructuring costs incurred in the year ended December 31, 2015, primarily relates to optimization of labor force to current or expected adjustments in activity levels, mainly in EMEA and Brazil. Restructuring costs for the year ended December 31, 2016 and 2017 are compounded of two main concepts: i) investments to lower our variable cost structure, which is mostly labor and ii) investments to drive a more sustainable lower-cost and competitive operating model. Both were direct response to the exceptional and severe adverse macroeconomic conditions in key markets such as Spain, Argentina, Brazil, Mexico and Puerto Rico, which drove significant declines in volume. The restructuring program carried out in 2017 to adjust the indirect costs structure has been finalized in the fourth quarter of (d) Sponsor management fees represent the annual advisory fee paid to Bain Capital Partners, LLC that were expensed during 2013 and The advisory agreement was terminated in connection with the initial public offering. (e) Site relocation costs incurred for the years ended December 31, 2013, 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 year 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. Site relocation costs incurred for the year ended December 31, 2016, a re related to the 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. (f) Financing and IPO fees for the year ended December 31, 2014 primarily relate to non-core professional fees incurred during the IPO process including advisory, auditing and legal expenses. Financing and IPO fees for the year ended December 31, 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, 2013 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, 2014, mainly relate to the goodwill and other intangible asset impairment relating to our operation in 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 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. Other non-recurring items for the year ended December 31, 2016 refer mainly to other costs with the sale of Morocco operation related to the accrual of the reserve in amount of $3.1 million as guarantee to the buyer for potential indemnity related to eventual liability assessed from the period before the sale. For 2017, non-recurring items relates mostly to the recognition of the costs incurred or expected to be incurred to recover the operations in Mexico and Puerto Rico affected by recent natural disasters. These estimated costs of $3.2 million are related to third quarter of 2017 and includes costs that were incurred but could not be charged to customers (mainly salaries and benefits) and other extraordinary costs related to the natural disasters. In addition, there were costs incurred on the secondary offer process occurred in November