(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

Closure of the first apportionment of the unsubscribed shares of
Banco Indusval S.A.'s Capital Increase
Banco Indusval S.A. ("Company"), continuing the series of information disclosed in the Notice to Shareholders on November 1st, 2013 and on December
6th, 2013, hereby informs its shareholders and the market in general that, on
December 12th, 2013 the first period for apportionment of the unsubscribed portion of shares relating to the capital increase approved by the Board of Directors of the Company on November 1st, 2013 ("Capital Increase") was closed.
During the first period mentioned herein, 2,585,026 common shares were subscribed at the price of R$ 7.62 per common share, reaching the total amount of R$ 19,697,898.12.
Besides that, in the same period, 1,747 common shares were object of firm order for subscription of the unsubscribed portion, which totalizes an amount of R$
13,312.14.
Accordingly, considering the exercise of the preemptive rights, the first apportionment of the unsubscribed portion and also the firm order for subscription of the unsubscribed portion of common shares, the total of
14,102,321 common shares of the Company shall be subscribed, which results in an increase of the capital equity, in the amount of R$ 107,459,686.02, in accordance with the capital increase approved by the Board of Directors' Meeting held on November 1st, 2013.
In this meaning, between December 17th, 2013 and December 19th,
2013, inclusive, the total of 1,747 common shares shall be apportioned proportionally between the shareholders that manifested interest for the

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subscription of the unsubscribed portion, at the percentage of 0.067581525%
per subscribed common share.
After the period for the exercise of the 2nd apportionment of the unsubscribed warrants of common shares, a Board of Directors Meeting shall be held in order to homologate the Capital Increase in whole or to approve the sale of the unsubscribed portions in the stock market, as provided for in article 171, paragraph 7th, part "b" of Law 6404/76.
The subscription receipts shall be replaced by shares in the custody position of the shareholders after the homologation of the capital increase by Banco Central do Brasil (Brazilian Central Bank).
São Paulo, December 16th, 2013.
GILBERTO BARSHAD FAIWICHOW Investor Relations Director

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