Notice to the Market
Termination of the ADR Program

Rio de Janeiro, December 14, 2011 - Contax Participações S.A. (Bovespa: CTAX3, CTAX4 and OTC: CTXNY), adding to information already disclosed in the Material Fact dated October 26 2011, announces that the termination of the American Depositary Receipts ("ADR") Program, Level I, will take place on January 13, 2012. From this date on holders may still surrender DRs for cancellation and receipt of preferred shares in Brazil. On or about one year after termination, The Bank of New York Mellon will promote the sale of any outstanding shares.

The Company will keep the market and its shareholders informed about any material events related to the termination of the ADR Program.

Marco Norci Schroeder
Investor Relations Officer
Contax Participações S.A.

To see the PDF version of the Notice to the Market, click here.