(Free translation of the original in Portuguese)

BANCO INDUSVAL S.A. Publicly held Company with Authorized Capital C.N.P.J. inº 61.024.352/0001-71
NIREii 353.000.242-90
NOTICE TO SHAREHOLDERS

Second Apportionment of Unsubscribed Warrants issued by Banco Indusval S.A.

Banco Indusval S.A. ("Company"), in addition to the information disclosed in the Notice to Shareholders of November 8, December 16 and 19, 2011, informs that the period for the exercise of the 1st apportionment of unsubscribed rights for warrants of preferred shares, as approved by the Company's Board of Directors on November 7, 2011 ("Warrants Subscription"), ended on December
21, 2011.
During the 1st apportionment, 2,249 warrants were subscribed at R$ 14.39 per warrant, totaling R$ 30,118.27. In this period, 2,093 warrants received firm request for subscription in the 2nd apportionment of unsubscribed portions. Thus, the 156 unsubscribed warrants will be proportionally distributed, at
7.4534161490% on the subscribed amount, among the shareholders that
expressed their interest in subscribing the warrants in 2nd apportionment in the
1st apportionment subscription form.
The period for subscription of unsubscribed rights under the 2nd
apportionment will be of three (3) working days starting on January
23, 2012 and ending on January 26, 2012, inclusively. São Paulo, January 20, 2012
Banco Indusval S.A.
Gilberto Barshad Faiwichow
Investor Relations Officer

i N.T. CNPJ/MF = Corporate Taxpayer Registry at the Ministry of Finance ii N.T. NIRE = Corporate Registry Identification Number

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Documents associés
Notice to Shareholders - 2nd Apportionment of Unsubscribed Warrants