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(1)

Corporate Presentation

(2)

Contax and its

Core Business

Contax: profile,

clients and footprint

Markets trends

and strategy

(3)

Contax: profile,

(4)

Business Process Outsourcing company leader in

Contact Center and Debt Collection in Brazil

Operations in customer service, debt collection,

telemarketing, retention, back-office, technology services

and trade marketing

Start-Up in 2000 and IPO in 2005

Presence

in

Brazil, Argentina, Colombia, Peru with

commercial activity in

USA

and

Spain

115,000*

employees , with 5,000 new employees/month

Net revenues of

R$ 2,843.3 MM 3Q11 LTM

Market Cap of R$ 1.3 billion

(as of Oct. 28

th

)

220 million

contacts/month

139

corporate clients

Total of 52,277 workstations (“WS”) in Sept. 2011 (vs.

36,789 in Sept. 2010)

CONTAX AT A GLANCE

4

(5)

Start-Up

2000

Start-up: migration

of Telemar’s

contact center

operations and

acquisition of its

first external clients

Core Business

Expansion

2003

Growth with a focus on

high volume clients

2004

Spin off from Telemar,

paving the way for

Contax’s IPOS

2005

First company in contact

center listed on Bovespa

Contax become the leading

Brazilian contact center

company with net revenues

in excess of R$ 1 bi and

with almost 50,000

employees

CRM BPO in

Latin America

Consolidation of the

strategy of being the

only corporate service

company specializing

in the entire

relationship chain

between companies

and consumers,

consolidating multiple

contact channels

Service Offering

Expansion

2009

Expansion of services specializing

in BPO (Business Process

Outsourcing) of CRM (Customer

Relationship Management)

Creation of Todo! Technology

provider company: first step

towards the diversification of

products

2010

Acquisition of Ability, one of

the largest trade marketing

companies in Brazil

2011

Geographic Expansion:

Acquisition of Allus – one of the

largest Spanish-speaking contact

center in Latin America

Acquisition of Dedic GPTI: one of

the biggest contact center

companies in Brazil

Portugal Telecom becomes

shareholder

R$421 MM

R$655 MM

R$1,045 MM

R$2,161 MM

R$2,396 MM

R$3,270 MM*

Net Revenue

* Average market consensus (considering estimates from Credit Suisse, Bradesco and Banif)

MILESTONES

(6)

SHAREHOLDER STRUCTURE

100%

72.6%

ON

34.2%

ON + PN

Free Float

0.0%

ON

4.3%

ON + PN

Contax Participações

100%

6

Ability

Contax

Dedic GPTI

100%

Portugal Telecom

Brasil

CTX Participações S.A.

LF Tel. S.A.:

34.96%

Andrade Gutierrez Part.:

34.96%

Portugal Telecom Brasil:

19.90%

Fund. Atlântico de Seg.

Soc.:

10.18%

TOTAL: 100.0%

27.4%

ON

61.5%

ON + PN

Main Shareholders

(ON+PN)*

CSHG

16.3%

Skopos

16.2%

HSBC

8.7%

Eton Park

2.0%

Publicly traded company

*Minority shareholders with more than 5% of any class of shares (PN/ON) Shareholder Structure as of 09/09/11

80%

Todo!

Allus

(7)

CORE BUSINESS BRAZIL - MAIN BUSINESS UNITS

7

Contax’s portfolio of products and services has evolved year after year since the

startup of it operations in 2000

13%

Telemarketing

Debt

Collection

% Net

Revenues*

Services

Customer

Service

Analyze end customer’s payment behavior, enriching the

databse, devising strategies, using sophisticated systems, such as

dialers and mail filters, and the multi-channel approach (phone

calls, letters, voice mail, text messages etc) seeking to increase

direct contact with debtors.

Description

Contax places a set of solutions at the disposal of its

contracting parties to assist, to understand and to entice the

final customer, whatever the type of request

Current Services offered: SAC, Back Office, Technical

Support/Help Desk, Ombudsman’s Office, Web Call Center and

Field Support

An efficient solution for acquisition of new consumers and

making the customer base profitable, focusing on each

customer’s specific characteristics and its target market.

The product offers are divided between:

» Active Telemarketing: pro-active contact

» Receptive Telemarketing: response to the demand generated by

advertising and other marketing actions.

» Blended Telemarketing: receptive salespeople assuming a

proactive contact posture as the number of calls decreases

63%

18%

* Trade marketing and other services accounted for 6% and 11% of net revenues in 2010 and 3Q11, respectively

10%

59%

20%

(8)

Services

Main Models

Per WS / Menu

Speaking Time

Per call

Per client

Per WS / Menu

Target

Proposal / Service Sold

Per WS / Menu

Performance

Fixed

Variable

Performance

8

CORE BUSINESS BRAZIL – CONTRACTS

Telemarketing

Debt

Collection

Customer

Service

(9)

9

Others

Telecom

4 of Brazil’s

largest banks

The largest

credit card processing

company

One of the leading providers of

personal loans

The largest

insurance company

One of the largest

retail

companies

Major

telecom

companies

Two of the leading providers of

pay

TV

The largest

airline

company

The largest

benefit card

company

Among our

139 Clients…

CONTAX’S

CLIENTS

Financials

(10)
(11)

CORE BUSINESS’ GROWTH

Net Revenue

R$ million

Size of Domestic

Market

2,040

6,116

20,917

CAGR 25%

10,831

CAGR 12%

CAGR 14%

2000

2005

2010

2015E

Size of International

Market

Net Revenue

US$ million

30,323

39,300

51,800

66,200

CAGR 5%

CAGR 6%

CAGR 5%

Source: IDC, Advisia, McKinsey,Tendências and Contax

Contact Center and Debt Collection

(12)

Source: IDC, Advisia,Tendências and Contax ¹ Gross Revenue

CURRENT CORE BUSINESS¹

PER CONTRACTING INDUSTRY

DOMESTIC MARKET

2010: R$ 10.8 bi

CONTAX

2010: R$ 2.6 bi

Financial

Others

Telecom

36%

7%

45%

Financial

Telecom

Utilities

Others

1%

7%

37%

56%

Utilities

12%

12

(13)

DOMESTIC MARKET

2010: R$ 10.8 bi

CURRENT CORE BUSINESS¹

PER SERVICE TYPES

CONTAX

2010: R$ 2.6 bi

13

45%

31%

18%

7%

Telemarketing/

Retention

Customer

Service

Debt Collection

Others

5%

64%

18%

13%

Others

Telemarketing/

Retention

Customer

Service

Debt

Collection

Source: IDC, Advisia,Tendências and Contax ¹ Gross Revenue

(14)

NET REVENUE

(R$ MILLION)

EBITDA MARGIN

(%)

ROIC

(%)

¹Tivit: Revenue of Contact Center and other BPO business ( excludes IT services). 2010 estimated data. ROIC is based on consolidated data. ²AeC: Consolidated data.

³CSU: Only the Contact Center business for Revenue and EBITDA margin. ROIC is based on consolidated data. ROIC = NET INCOME / (SHAREHOLDER’S EQUITY + NET DEBT).

Source: Companies’ financial and operating statements / IDC. n. m. – not measured.

PLAYERS IN BRAZIL

14

Contax

Atento

Tivit¹

Dedic

Algar

Teleperformance

CSU³

1,602 1,807

463 513

162 247

166 161

308 402

224 273

129 175

19% 22%

17%

18%

5%

5%

3% 4%

2% 3%

2% 3%

2% 2%

MARKET SHARE

1,775

2,161

2,398

11%

2008

2009

2010

21%

19%

5%

3%

3%

1%

2,103

606

584

5%

338

311

AeC²

257

160

1% 2% 2%

CSU³

Contax Atento

Dedic

Algar

Teleperf.

15.7

12.5

5.0

10.3

2.1

12.5

CSU³

Contax Atento

Tivit¹

Dedic

Algar

Teleperf.

55.7

32.5

17.2

-6.4

9.1

-2.5

11.7

12.4

31.1

12.8

9.4

12.6

5.3

-3.6

31.9

14.2

-1.1

12.7

-6.4

18.7

(15)

EBITDA MARGIN

(%)

ROIC

(%)

NET REVENUE

(US$ MM¹)

INTERNATIONAL PLAYERS

15

¹ 2010 average BRL

* Convergys and West: Only the Contact Center business for Revenue and EBITDA margin. ROIC based on consolidated data. ROIC = NET INCOME / (SHAREHOLDER’S EQUITY + NET DEBT)

Source: Companies’ financial and operating statements.

Contax

Teleperformance

Convergys*

Atento

West*

TeleTech

966 1.083

1.363

12%

26%

2.626 2.577 2.731

-2%

6%

1.955 1.987 1.839

2%

-7%

-4%

20%

1.914 1.843

2.206

1.258 1.255 1.174

-0%

-6%

2008

2009

2010

-17%

-6%

1.400

1.168 1.095

15.7

10.9

13.4

11.2

11.7

16.1

West*

Contax

Teleperf.

Convergys*

Atento

TeleTech

48.7

-5.8

21.8

7.8

3.6

West*

Contax

Teleperf.

Converg.*

TeleTech

12.4

29.4

10.3

10.8

11.4

15.6

11.8

5.8

-4.4

22.2 21.1

Atento

2.5

16.0

(16)

Market trends

and strategy

(17)

Contax as a global BPO company focused

on customer relations –

CUSTOMER

PERFORMANCE

ADDRESSABLE

MARKET

(R$ billion)

10.8

2.0

5.5

9.0

15.0

42.3

CORE

BUSINESS

Addresable IT

Services

Trade

Marketing

Back -

Office

Voice-BPO

Latam

Including Contax’s new

business pillars, the

addressable market

comes to

New Markets

17

R$42.3

billion

(18)

IT Services

Geographical

Expansion

Marketing

Trade

Internet

Back-Office

Customer services

in the point of sales

Core Business in LatAm

Acquisition

Customer Service

Relationship Expansion

Maintenance of the Client Base

Debt Collection

Service and support in social

networks / Web chats and

Web based customer services

Expand offers of

administrative services

BPO and CRM

Customized solutions

Complete IT solutions for the CRM market

Technological enabler of the new business fronts

SERVICE OFFERING EXPANSION

Integrating the multiple contact channels between our client and its customer

BPO of CRM (customer

relationship management)

Contact Center

and Debt

(19)

Technology services – Todo!

CORE

BUSINESS

in progress

19

Acquisition

Acquisition

POS – Trade Marketing – Ability

Back-Office Solutions

CONTAX’S STRATEGIC PLAN

CRM BPO in Latin America

New

products

New

geography

Customer service

Debt Collection

Telemarketing and

retention

Contax with a complete customer relationship

management solution in Latin America

Acquisition (operation

in preferential

countries: Argentina,

Colombia, Peru)

(20)
(21)

NET REVENUE

(in R$ MM)

GROWTH

Since 2001, Contax

presented a historic

of

growth

above market average*,

becoming the market leader in 2005

21

Source: Contax and IDC

*Contact Center and Debt Collection CAGR (2001-2010): 18.2%

CAGR: 36.0%

2010

2,398

151

2001

2008

2009

1,775

2,161

9M10

9M11

2,205

1,760

25%

(22)

EBITDA AND NET INCOME

22

EBITDA

(R$ MM)

and EBITDA Margin

(%)

Net Income

(R$ MM)

and Net margin

(%)

2007

2008

2009

2010

339

249

190

297

9M10

9M11

162

215

12.4%

13.9%

15.7%

14.0%

12.2%

7.4%

2007

2008

2009

2010

132

92

47

109

9M10

9M11

7

75

4.0%

5.5%

6.1%

4.5%

4.2%

0.3%

(23)

CAPEX

CAPEX

1

(R$ MM)

and CAPEX/NET REVENUE

(%)

23

133

168

159

2007

2008 2009

161

2010

9M10

107

9.8%

9.5%

7.4%

6.7%

6.1%

9M11

104

4.7%

86.3%

80.5%

92.3%

75.8%

79.1%

65.1%

Growth

Revenue

13.7%

19.5%

7.7%

24.2%

20.9%

34.9%

Others

(24)

ENDIVIDAMENTO CONSOLIDADO

Breakdown

1

(depois dos efeitos de hedge)

Moeda

Interest

Custo Efetivo da dívida no 3T11: 85% do CDI

Prazo Médio de 2 anos

218,6

387,0

898,2

-165,8

-70,7

545,1

Dívida Consolidada

(R$ MM)

Dez 09

Dez 10

Set 11

Dívida bruta

Dívida Líquida

24

Reais 93% Moeda Estrangeira 7%

TJLP

46%

CDI

37%

Outras

17%

1 Em Setembro de 2011

(25)

CONSOLIDATED DEBT

Total Debt Profile

(After hedge)

Currency

Interest

Effective cost of debt in 3Q11: 85% of CDI

Average debt mature 2 years

Consolidated Debt

(R$ million)

218.6

387.0

898.2

-165.8

-70.7

545.1

Dec 09

Dec 10

Sep 11

Gross Debt

Net Debt (Net Cash)

25

Others 17% TJLP 46% CDI 37% Foreign 7% BRL 93%

(26)

Esta apresentação contém determinadas projeções do mercado que não são resultados financeiros reportados, nem informação histórica. Estas projeções são sujeitas a riscos e incertezas, os resultados futuros reais podem diferir materialmente daqueles projetados.

Muitos destes riscos e incertezas relacionam-se aos fatores que estão além da capacidade da Contax em controlar precisamente ou estimar, como condições de mercado futuro, flutuações de moeda corrente, o comportamento de outros participantes do mercado, as ações de reguladores governamentais, a habilidade da companhia de continuar a obter o financiamento, mudanças na estrutura política e social em que a companhia opera ou em tendências ou condições econômicas, incluindo flutuações de inflação e confiança de consumidor, em uma base global, regional ou nacional. Os leitores são advertidos a não confiarem, plenamente, nestas projeções. A Contax não tem nenhuma obrigação de publicar qualquer revisão a estas projeções que reflitam eventos ou circunstâncias após esta apresentação.

CONTACTS

Marco Schroeder

+55 (21) 3131-0009

Bernardo Guttmann

+55 (21) 3131-0692

ri@contax.com.br

www.contax.com.br/ir

26

CFO and IRO

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