Material Fact – Alteration to the Board of Executive Officers

Material Fact

Pursuant to article 157, paragraph 4 of Law 6404 of December 15, 1976 and CVM Instruction 358/02, Contax Participações S.A. (“Contax” or “Company”) hereby informs its shareholders, investors and the market in general of an alteration to its Board of Executive Officers.

As resolved by today‘s Board of Directors‘ Meeting, Mr. SHAKHAF WINE has been appointed the Company‘s Chief Executive Officer, replacing Mr. Carlos Henrique Zanvettor, who resigned from the position on this date. Mr. Wine‘s mandate will therefore begin immediately.

Shakhaf Wine is 46 years old and has extensive experience of Contax‘s operational segments. He was a member of Contax Participações S.A.‘s Board of Directors between 2011 and 2014, after having been Chairman of the Board of Directors of Dedic/Mobitel S.A.. He was also a member of the Board of Directors of Oi S.A. between 2011 and 2015 and CEO of Portugal Telecom Brasil between 2005 and 2015, as well as Vice-Chairman of the Board of Directors of Vivo S.A. until 2010. Prior to this, he held executive positions in the investment banks Merrill Lynch and Deutsche Morgan Grenfell in the TMT (telecommunications, media and technology) area. He has a degree in Economics from the Pontifical Catholic University of Rio de Janeiro (PUC-RJ).

Considering that Mr. Wine was a Company administrator during an important period involving a governance and strategy overhaul and the beginning an operational realignment, having participated in the nomination of Mr. Zanvettor, and that Messrs. Wine and Zanvettor will be undertaking a joint agenda in the coming days, the transition process will be a collaborative one, focusing on the continuity of the Company‘s important initiatives and projects.

After having concluded three years of his mandate, during which he made an invaluable contribution to the Company‘s development, Mr. Zanvettor will continue his career in the pursuit of new professional goals. We would like to take this opportunity to thank him for his efforts and wish him every success with his new challenge.

São Paulo, August 24, 2015.

José Roberto Beraldo

Chief Financial and Investor Relations Officer
Contax Participações S.A.

IR Contacts:
Tel.: +55 (11) 3131-5136 or +55 (11) 3131-1763
E-mail: ri@contax.com.br
Website: www.contax.com.br/ir