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MATERIAL FACT

São Paulo, August 22, 2017. Contax Participações S.A. ("Company"; CTAX3), in accordance with article 157, paragraph 4, of Law 6404/1976 and CVM Instruction 358/2002, hereby informs its shareholders, investors and the market in general, in complement to the material facts disclosed by the Company on March 23, 2017, May 19, 2017, June 5, 14, 19, 24 and 28, 2017, July 6, 10 and 28, 2017 and August 5, 8, 9, 12, 14 and 21, 2017, that, on this date, the Company held a debenture holders’ meeting related to the 1st debentures issue of CTX Participações S.A. (whose obligations were assumed by the Company), to resolve on (i) the Company‘s debt renegotiation, in the same terms approved by the holders of the Company‘s 1st and 3rd debenture issues, pursuant to the material facts disclosed by the Company on August 14 and 21, 2017 ("Debt Renegotiation"); and (ii) the constitution, by the Company and Contax-Mobitel S.A., of a fiduciary assignment on certain Company bank accounts, in favor of said debenture holders, a guarantee which will be shared with the other financial creditors of the Company and its subsidiaries ("Shared Guarantee").

As approved by the holders of the Company‘s 1st and 3rd debenture issues, the effectiveness of the resolutions taken by the holders of the 1st debenture issue of CTX Participações S.A. (whose obligations were assumed by the Company) is subject to the approval of the Debt Renegotiation by certain financial creditors of the Company and its subsidiaries, including, but not limited to, the holders or the Company‘s 2nd debenture issue, whose debenture holders’ meetings are scheduled to be resumed or installed (however applicable) on August 30, 2017, to resolve on the Debt Renegotiation and the Shared Guarantee.

The remaining terms and conditions of the items herein are duly described and detailed in the minutes of the debenture holders‘ meeting related to the 1st debenture issue of CTX Participações (fully assumed by the Company), available on the Company‘s website (www.contax.com.br/ir).

The Company will keep its shareholders, investors and the market in general informed about the matters in this material fact.

Cristiane Barretto Sales
Chief Financial and Investor Relations Officer