São Paulo, May 16, 2017. Contax Participações S.A. ("Company", CTAX3), pursuant to Instruction 358 of the Brazilian Securities and Exchange Commission ("CVM"), of January 3, 2002, as amended, as well as paragraph 4 of article 157 of Law 6,404, of December 15, 1976, as amended ("Brazilian Corporation Law"), complementing the Material Fact disclosed on June 20, 2016, hereby informs its shareholders and the market in general that Oi S.A. ("Oi") disclosed today, within the context of its Judicial Reorganization ("JR"), an new list of creditors, which includes the subsidiaries Contax-Mobitel S.A. and Todo Tecnologia da Informação S.A. (previously "GPTI"), totaling credits in the amount of one hundred and twenty-four million, one hundred and fifty-two thousand, eight hundred and twenty-eight reais and twenty-six centavos (R$124,152,828.26).

The Company will keep its shareholders and the market informed and will disclose other material information in a timely manner.

Cristiane Barretto Sales
Chief Financial and Investor Relations Officer