Material Fact – Change in Board and Executive Board

Material Fact

São Paulo, March 7, 2016. Contax Participações S.A. (“Contax” or “Company”; CTAX11; CTAX3 and CTAX4), pursuant to Article 157, paragraph 4, of Law No. 6404, from 12.15.1976, and to CVM Instruction 358/02,, hereby informs its shareholders and the market in general that, at a meeting held on March 4, 2016, its Board of Directors appointed the Company’s current CEO, Shakhaf Wine, as Chairman of the Board of Directors, to be confirmed by the next Company shareholders’ meeting.

The Company would like to thank Mr. Wine for his services in the certainty that, as Chairman of the Board of Directors, he will continue to make a substantial contribution to Contax’s success.

The same Board of Directors meeting approved the appointment of Nelson Armbrust as the Company’s CEO and of Cristiane Almeida de Souza Cé as executive officer for the legal and compliance areas, for which she is already responsible.

Nelson Armbrust is 51 years old and was CEO of Atento Brasil (Brazil Regional Division) between 2010 and 2016, having occupied various positions within the Atento Group since 1999, including Commercial and Business Officer and Commercial, Marketing and Business VP – Brazil, Managing Director for Argentina and Uruguay; and Commercial Officer for Latin America and Strategic Alliances in the United States. Previously, between 1987 and 1999, he occupied leading positions in the product, project and commercial areas at Siemens Brasil.

He has a degree in Electronic Engineering from the Catholic University of Rio de Janeiro, with an MBA in Business Administration from the Business School of the University of São Paulo (FIA – USP), and has concluded several specialization courses in Brazil, the United States, Spain and Germany.

Mr. Armbrust will take over as CEO with the purpose of continuing the Company’s turnaround process, benefiting from his vast experience of sector operations.

As disclosed in the material fact of February 24, 2016, the reprofiling of the Company’s financial debt should be formerly concluded shortly. Contax is therefore reaffirming its commitment to, among other matters, migrating to the BM&F Bovespa’s Novo Mercado special corporate governance listing segment, holding a public share offering pursuant to CVM Instruction 476/09 and, if applicable, holding a subordinated share-convertible debenture issue, as per the material facts published by the Company.

Daniel de Andrade Gomes
CFO and Investor Relations Officer