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Material Fact

São Paulo, April 18, 2016. Contax Participações S.A. ("Contax" or "Company"; CTAX11; CTAX3 and CTAX4), in accordance with article 157, paragraph 4, of Law 6404, of December 15, 1976 ("Brazilian Corporation Law"), and CVM Instruction 358/02, hereby informs its shareholders, investors and the market in general that Cristiane Barretto Sales was elected at the Board of directors‘ meeting held today as the Company‘s Chief Financial and Investor Relations Officer.

Cristiane Barretto Sales accumulated experience in the financial area serving in various positions at Vivo for 15 years. In recent years, she served in various positions, including as Chief Financial Officer (CFO); Executive Vice-President of Controllership and IR; Executive Vice-President of Financial Strategy and IR; and Executive Vice-President of Clients, Strategy and Quality.

Daniel de Andrade Gomes, who was temporarily the Company‘s Chief Financial and Investor Relations Officer, will resume his former responsibilities at the Company.

The Board of Directors thanks Daniel de Andrade Gomes for his dedication during the time when he was acting in that position.

Shakhaf Wine
Chairman of the Board of Directors