(free translation of the original in Portuguese)

BANCO INDUSVAL S.A.

Publicly Held Company with Authorized Capital
Corporate Taxpayer (CNPJ/MF) nº 61.024.352/0001-71
Company Registry (NIRE) nº 353000242-90

NOTICE TO SHAREHOLDERS Capital Increase Homologation by Central Bank of Brazil

BANCO INDUSVAL S.A. ("Company"), continuing the series of information disclosed in the Notices to Shareholders, dated November 1st, 2013, December
6th, 2013, December 16th, 2013 and December 20th, 2013, hereby informs its
shareholders and the market in general that, on January 13th, 2014, the Central Bank of Brazil homologated ("Homologation") the capital increase approved on the Board of Directors Meeting held on November 1st, 2013 and homologated by the Board of Directors Meeting held on December 20th, 2013, in the total amount of R$ 107,459,686.02 (one hundred and seven million, four hundred and fifty-nine thousand, six hundred and eighty-six Brazilian Reais and two cents), through the issuance of 14,102,321 (fourteen million, one hundred and two thousand, three hundred and twenty-one) new common registered shares
with no par value ("Capital Increase").
Therefore, due to the Homologation, the Company's Capital increased to R$769,843,269.23 (seven hundred and sixty-nine million, eight hundred and forty-three thousand, two hundred and sixty-nine Brazilian Reais and twenty- three cents), divided into 58,513,218 (fifty-eight million, five hundred and thirteen thousand, two hundred and eighteen) common shares with no par value and 31,021,907 (thirty-one million, twenty-one thousand, nine hundred and seven) preferred shares with no par value.
Considering the Homologation, the subscription receipts held by the shareholders that exercised their preemptive rights will be automatically substituted by shares in their custodian positions, independently from any
obligation and/or action by the shareholders. The new shares shall be entitled to

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receive dividends and other proceeds in the same manner the current shares do, per class of share.
São Paulo, January 16th, 2014.

GILBERTO BARSHAD FAIWICHOW Investor Relations Director

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