Corporate PresentationDecember 2011

Contax and its Core Business

Contax: profile, clients and footprint

Markets trendsand strategy

Financial results

Contax: profile, clients and footprint

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. 28th)

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

44 * As of September 2011

Start-Up

2000Start-up: migration

of Telemar’s

contact center

operations and

acquisition of its

first external clients

Core Business Expansion

2003Growth with a focus on

high volume clients

2004Spin off from Telemar,

paving the way for

Contax’s IPOS

2005First 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 specialized

in the entire

relationship chain

between companies

and consumers,

consolidating multiple

contact channels

Service Offering Expansion

2009Expansion of services specialized

in BPO (Business Process

Outsourcing) of CRM (Customer

Relationship Management)

Creation of Todo! Technology

provider company: first step

towards the diversification of

products

2010Acquisition of Ability, one of

the largest trade marketing

companies in Brazil

2011Geographic 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

5

SHAREHOLDER STRUCTURE

100%

71.6% ON

34.0% 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%

28.4% ON

61.7% 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!Contax

Argentina

(filial)

Allus

100%100%

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%

2010 3Q11

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 Performance8

CORE BUSINESS BRAZIL – CONTRACTS

●Telemarketing

●Debt Collection

●Customer Service

9

OthersTelecom

● 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’SCLIENTS

Financials

Services and Health

Contax - Core business

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

66,200CAGR 5%

CAGR 6%

CAGR 5%

Source: IDC, Advisia, McKinsey,Tendências and Contax

Contact Center and Debt Collection

11

Source: IDC, Advisia,Tendências and Contax

¹ Gross Revenue

CURRENT CORE BUSINESS¹

PER CONTRACTING INDUSTRY

DOMESTIC MARKET2010: R$ 10.8 bi

CONTAX2010: R$ 2.6 bi

Financial

Others

Telecom

36%

7%

45%

Financial

Telecom

Utilities Others

1%

7%

37% 56%

Utilities 12%

12

DOMESTIC MARKET2010: R$ 10.8 bi

CURRENT CORE BUSINESS¹

PER SERVICE TYPES

CONTAX2010: 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

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 Teleperformance CSU³Dedic Algar

1,6021,807

463 513162 247 166 161308 402

224 273 129 175

19% 22% 18%17% 5%5% 2% 3% 2% 2%2% 3%3% 4%MARKET

SHARE

1,7752,161

2,398

11%2008 2009 2010

21% 19% 5% 3% 3% 1%

2,103

606584

5%

338 311

AeC²

257 160

1% 2% 2%

CSU³Contax Atento Teleperf.Dedic Algar

15.7

12.5

5.0

10.3

2.1

12.5

CSU³Contax Atento Tivit¹ Teleperf.Dedic Algar

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

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 Convergys* TeleTechTeleperformance Atento West*

966 1.0831.363

12%

26%2.626 2.577

2.731

-2% 6%

1.955 1.9871.839

2% -7% -4%20%

1.914 1.8432.206

1.258 1.255 1.174

-0% -6%

2008 2009 2010

-17%-6%

1.4001.168 1.095

15.7

10.913.4

11.2 11.7

16.1

West*Contax Convergys* TeleTechTeleperf. Atento

48.7

-5.8

21.8

7.8 3.6

West*Contax Converg.* TeleTechTeleperf.

12.4 29.410.3 10.8 11.4

15.6

15.6

5.8

-4.4

22.2 21.1

Atento

2.5

16.0

Markets trendsand strategy

Contax as a global BPO company focusedon customer relations – CUSTOMERPERFORMANCE

ADDRESSABLE MARKET(R$ billion)

10.82.0

5.5

9.0

15.0

42.3

CORE

BUSINESS

Addresable IT

Services

Trade

MarketingBack -

Office

Voice-BPO

Latam

Including Contax’s new business pillars, the addressable market

comes toNew Markets

17

R$42.3 billion

Source: IDC, Advisia, McKinsey,Tendências and Contax

IT Services

Geographical

ExpansionTrade

MarketingInternet

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

18

● Technology services – Todo!

CORE

BUSINESS

in progress

19

Acquisition

Acquisition

● POS – Trade Marketing – Ability

● Back-Office Solutions

CONTAX’S STRATEGIC PLANCRM 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)

Acquisition

Financial Results

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

1,7752,161

9M10 9M11

2,205

1,760

25%

EBITDA AND NET INCOME

22

EBITDA (R$ MM) and EBITDA Margin (%)

Net Income (R$ MM) and Net margin (%)

2007 2008 2009 2010

339

249190

297

9M10 9M11

162215

12.4%13.9%

15.7%

14.0% 12.2%

7.4%

2007 2008 2009 2010

132

9247

109

9M10 9M11

7

754.0%

5.5%6.1%

4.5% 4.2%

0.3%

CAPEX

CAPEX1 (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

¹ Does not include the acquisition of Grupo Allus in an amount of R$253.5 million (R$11.8 million in 3Q11 and R$241.7 million in 2Q11)

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)

24

Others

17% TJLP

46%

CDI

37%

Foreign

7%

BRL

93%

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

Muitos destes riscos e incertezas relacionam-se aos fatores que estão além da capacidade da Contax em controlarprecisamente ou estimar, como condições de mercado futuro, flutuações de moeda corrente, o comportamento de outrosparticipantes do mercado, as ações de reguladores governamentais, a habilidade da companhia de continuar a obtero financiamento, mudanças na estrutura política e social em que a companhia opera ou em tendências ou condiçõeseconômicas, 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 obrigaçãode publicar qualquer revisão a estas projeções que reflitam eventos ou circunstâncias após esta apresentação.

CONTACTSMarco Schroeder

+55 (21) 3131-0009

Bernardo Guttmann

+55 (21) 3131-0692

ri@contax.com.brwww.contax.com.br/ir

25

CFO and IRO

Investor Relation manager