Safe Harbour This presentation contains statements that constitute

Safe Harbour This presentation contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this presentation and include statements regarding the intent, belief or current expectations of the customer base, estimates regarding future growth in the different business lines and the global business, market share, financial results and other aspects of the activities and situation relating to the Company. Such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those in the forward looking statements as a result of various factors. Analysts are cautioned not to place undue reliance on those forward looking statements, which speak only as of the date of this presentation. Telefónica undertakes no obligation to release publicly the results of any revisions to these forward looking statements which may be made to reflect events and circumstances after the date of this presentation, including, without limitation, changes in Telefónica´s business or acquisition strategy or to reflect the occurrence of unanticipated events. Analysts and investors are encouraged to consult the Company´s Annual Report on Form 20 -F as well as periodic filings made on Form 6 -K, which are on file with the United States Securities and Exchange Commission. Investor Conference March 2001, Rio de Janeiro.

Index 1. The CRM* industry and market opportunities. 2. Overview of Atento Holding Inc. (“ tento”). A 3. Evolution of Atento and its growth prospects. 4. Financial summary. *CRM: “Customer Relationship Management”. Investor Conference March 2001, Rio de Janeiro.

Atento is a global CRM company Key Figures l Revenues of € 527 million FY 2000 l Operations in 14 countries across 4 continents l Network of more than 20, 000 workstations l State-of-the-art technological platform and complete portfolio of CRM solutions l External customer base contributed to 31% of revenues FY 2000. *CRM: “Customer Relationship Management”. Investor Conference March 2001, Rio de Janeiro.

Evolution of the CRM industry STRATEGIC VALUE Customer Relationship Management Customer Complaint Contact Center Customer Information Center Customer Service Center l l l Passive claim reception l Cost Center l Low integration level with other areas TIME Investor Conference March 2001, Rio de Janeiro. l Understanding the strategic value of relationship with customer Capture and intelligent use of data Sales function Customer acquisition and loyalty programs Integration with corporate strategy

The CRM market is large and has high growth potential CAGR ‘ 00 -05 20% € 531 B 15 -18% € 212 B Outsourced In-House 10 -14% 82 -85% 86% 2000 2005 Source: IDC, Worldwide CRM Services Market Forecast and Analysis, 1999 -2004 Fulfilling the E-Commerce Dream, Lehman Brothers, Sep. 2000 Exchange rate 1. 06 Euro/US$ Investor Conference March 2001, Rio de Janeiro. CAGR 25 -30% Fundamental Drivers: • Customer differentiation and customer solutions • “New Economy” , customer expectation andebusiness(24 hx 365 d) • Increase in remote transactions • Core Business focus • Globalization • Customer value management and Data management • Multichannelinteractions • New technologies: m-CRM

Good market performance by CRM companies Indexed price at 100% of Market Index Source: Yahoo Finance (1) Composed CRM and Multiples reflect rates of APAC, Convergys, ICT Group, Sitel, Teletech and West Teleservices Investor Conference March 2001, Rio de Janeiro.

Comparison of Atento vs. industry peers l Broader geographic diversification of revenues. l Unmatched footprint allows delivery of global CRM solution to clients. l Geographic areas of focus experiencing the fastest growth in the global CRM industry. l Early stage of development still allows multiple operational improvements that flow to the bottom line. l Large market share in each individual country of operation provides a defensible position. l Backed by the financial strength of the Telefonica Group. As a young, and high growth company, Atento’s value should reflect expected positive future performance and its advantages versus industry peers Investor Conference March 2001, Rio de Janeiro.

Atento’s geographic expansion Europe CAGR ’ 99 -04* Japan 30% CAGR ’ 99 -04* Spain Morroco Mexico El Salvador Guatemala Puerto Rico Venezuela Colombia Peru Latin America CAGR ’ 99 -04* Japan Brazil Chile Argentina 43% * Source: IDC, Worldwide CRM Services Market Forecast and Analysis, 1999 -2004 l Atento is present in regions with highest growth potential l Market leader in most of the countries where it operates l Growth has been driven by three sources: 4 Consolidation of Telefonica’s existing operations 4 Organic growth in new countries and new clients 4 Acquisition Activity 37%

After 18 months of operations Atento ranks among the leading CRM companies Companies Revenues 2000 E 1. Convergys 2. Sitel $ 2, 110 $ 865 3. Teletech $ 678 5. Sykes 6. APAC 7. ATENTO 8. ICT Group 9. RMH 5% 20% 17% $ 736 4. West Corp. % Revenues Outside US (1) % Revenue Growth ‘ 99 -00 45% 19% 21% $ 647 13% $ 488 N/A 14% 32% 0% $ 487 $ 126 (1) % inbound revenues and revenues outside USA reflects 1999 results. Investor Conference March 2001, Rio de Janeiro. 147% 23% 100% 16% 57% 18% Source: Lehman Brothers y Credit Swiss First Boston

Successful customer acquisition record outside of Telefonica 100%= € 209 mm € 527 mm External Market 10% External Market 31% External Market 65% 90% Telefonica Group 69% Telefonica Group 35% Revenues 2000 Revenues 1999 Atento Globally Investor Conference March 2001, Rio de Janeiro. Revenues 2004

Impressive list of clients

Atento’s strategic role within the. Telefonica Group l March 2001, Rio de Janeiro. Unique platform for cross marketing by the Group Atento is spearheading the Telefonica Group’s entry in new markets (i. e. : Colombia, Mexico) l Investor Conference Cost reduction through economies of scale l Telefónica Latinoamericana l l Telefónica de España High-quality and consistent service facilitates expansion of all business lines CRM complements “new economy” strategies

Complete portfolio of customer solutions Atento Data Management Atento Internet Database Marketing Data Mining Geomarketing Atento Market Research Atento Message Management CRM Atento CRM Consulting Atento Fulfillment Atento Collections Atento Sales Atento Customer Service Investor Conference March 2001, Rio de Janeiro. Atento Loyalty

Transition from start-up phase to the consolidation phase will allow many “easy wins” 1998 -1999 2000 2001 2002 2003 -2005 Global Competitive Phase l Consolidation Phase l l Start-up Phase l l l Integration of Telefonica’scall center Accelerated growth and build up Focus on investments and geographical expansion l l l Today Investor Conference March 2001, Rio de Janeiro. l Profitability Increase market share Diversify revenues outside of the. Telefonica Group Grow CRM service revenues Expansion in Europe and Asia Increase strategic alliances Entry into the US Consolidate Strategic alliances Competition as a public, company independent from. Telefonica.

Main goals 2000 E l% Increase in mix of value added service (i. e. Internet Call Center, Loyalty, Data Mining) 2004 10% 15%-18% of Revenues l Higher 60 -62% of Total 54% 63 -66% 32% diversification outside of the Telefonica Group 31% of Total l Client 40 -45% productivity and efficiency: 4 Productivity 4 Workstation Utilization Investor Conference March 2001, Rio de Janeiro.

Financial summary FY 2000 E CAGR 2001 -04 (€ Millions) Workstations 23, 984 18 -20% Revenues € 527 M 32 -36% EBITDA € 25 M 58 -62% 6% 20 -25% EBITDA Margin CAPEX € 144 M Investor Conference March 2001, Rio de Janeiro. € 104 M Avg per year

Sources of growth l l l Organic growth (‘ 00 to ‘ 04) 4 Ramp-up of countries in start-up phase (e. g. Japan, Mexico, Argentina) 4 Improvement in product mix 4 68% yearly growth in revenues from non-Telefonica clients 4 Total Revenues up by 288% Strategic alliances 4 BBVA 4 PASONA 4 FIAT 4 Others Acquisitions Goals 4 Medium-sized players that provide access to global accounts in key markets 4 Focus on U. S. and certain European markets 4 Targeting companies with strong capabilities in high value added solutions that can b leveraged throughout the. Atento network. Investor Conference March 2001, Rio de Janeiro.

Conclusions l Atento is already source of value for. Telefonica with unrealized potential l A high growth company in the global CRM sector. l A profitable subsidiary that is almost self-sufficient from a funding point of view l A market leader in the CRM industry in the countries where it operates. l l A company positioned to take advantage of the globalization and consolidation trends in the CRM sector. A strategic operation that supports the Group’s other businesses. Investor Conference March 2001, Rio de Janeiro.