(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 MARKET Disclosure of Consolidated Financial Report in IFRS

Banco Indusval S.A. (BI&P - Banco Indusval & Partners) (BM&FBOVESPA: IDVL3 and IDVL4) informs the filing with CVM and the disclosure at the Company's Investor Relations website (www.bip.b.br/ir) of the Consolidated Financial Report for Fiscal Year 2013 prepared under the international accounting standards - International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB).

The reconciliations between the Brazilian accounting standards (BR GAAP) and the

international standards (IFRS), for the Shareholders' Equity as of December 31,

2013 and the consolidated Net Result for 2013, are herewith attached.

São Paulo, March 25, 2014

BANCO INDUSVAL S.A. Gilberto Barshad Faiwichow Investor Relations Officer Reconciliation of the Brazilian accounting standards (BR GAAP) and the international standards (IFRS), for the Shareholders' Equity as of December 31, 2013 R$ Thousand

Shareholders' Equity in BR GAAP in December 31, 2013

673,346

Adjustments to IFRS, net of taxes

7,431

Adjustments to IFRS from previous years

1,436

Adjustment to fair value of assets for sale

13


Accrual of income from assigned loan portfolios with substantial retention of
risks and benefits 134
Provision for impaired non-operating assets (assets not in use) (2,566) Deferral of bank fees and commissions by the effective interest rate method (4) Reversal of unearned income from past-due operations 22
Derivatives in foreign exchange transactions and fair value (66) Impairment of loans and advances 9,210
Discontinuity of hedge accounting of cash flow (1,636)
Write off of identifiable net assets fair value and reversal of goodwill
amortization from Sertrading 425
Acquisition - Voga 470
Acquisition - Intercap (7)

Equity attributable to controlling stockholders under IFRS 680,777 Non-controlling interests under IFRS 816 Consolidated equity under IFRS 681,593


Reconciliation of the Brazilian accounting standards (BR GAAP) and the international standards (IFRS), for the Consolidated Net Income for the Fiscal Year 2012


R$ Thousand Net Profit in BRGAAP in 2013 (120,018) IFRS adjustments, net of taxes 10,073

Accrual of income from assigned loan portfolios with substantial retention of
risks and benefits 134
Reversal of provision for non-operating assets impairment (assets not in use) (2,566) Deferral of bank fees and commissions by the effective interest rate method (4) Reversal of unearned income from past-due operations 22
Derivatives in foreign exchange transactions and fair value (66) Impairment of loans and advances 9,213
Discontinuity of hedge accounting of cash flow 2,452
Acquisition - Sertrading (identifiable net assets fair value adjustments) 425
Acquisition - Voga 470
Acquisition - Intercap (7)

Net Loss in IFRS (109,945)

Controllers (109,835) Non-controlling interests (110)

Other comprehensive income

Adjustment to fair value of assets for sale
Change in fair value of cash flow hedging instruments

Total Comprehensive income

Controllers
Non-Controllers

(4,199) (111) (4,088) (114,144) (114,034) (110)
distributed by