(free translation of the original in Portuguese)

BANCO INDUSVAL S.A.

Publicly Held Company with Authorized Capital
Corporate Taxpayer (CNPJ/MF) # 61.024.352/0001-71
Company Registry (NIRE) # 353.000.242-90

NOTICE TO SHAREHOLDERS Capital Increase Homologation

BANCO INDUSVAL S.A. ("Company"), in continuity to the information disclosed by Notice to Shareholders dated November 1st, 2013, December 6th,
2013 and December 16th, 2013, hereby informs its shareholders and the market in general that, between December 17th, 2013 and December 19th, 2013, the 2nd apportionment of the unsubscribed shares of the Capital Increase occurred, in which the remaining 1.747 (one thousand, seven hundred and forty-seven) common shares were subscribed.
Taking into consideration the subscriptions occurred during the period for exercise of the preemptive rights and also the subscriptions occurred during the
1st and 2nd apportionments of the unsubscribed portions of the Capital Increase,
14,102,321 (fourteen million, one hundred and two thousand, three hundred and twenty-one) new common registered shares with no par value were subscribed, at the price of R$ 7.62 (seven Brazilian Reais and sixty-two cents) per common share, totalizing a Capital Increase 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), which represents the totality of the Capital Increase approved.
Therefore, on the present date, the Board of Directors of the Company approved the homologation of the Company's Capital Increase, 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, totalizing a Capital Increase 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) ("Capital Increase").
As a consequence of the homologation of the Capital Increase, after Central
Bank of Brazil's approval, the Company's total capital shall be of
R$769,843,269.23 (seven hundred and sixty-nine million, eight hundred and

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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.
The Company also informs that the subscription receipts shall be replaced by shares in the custody position of the shareholders after the homologation of the Capital Increase by Brazil Central Bank.
São Paulo, December 20th, 2013.

GILBERTO BARSHAD FAIWICHOW

Investor Relations Director

Banco Indusval S.A.

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