Shareholder Remuneration History of Payments

Shareholder Remuneration

The Brazilian Corporation Law and the Bank’s Bylaws require the shareholders’ ordinary general meeting to be held up to April 30 of each year where the shareholders must, among other things, decide about the distribution of the annual dividends. All shareholders are entitled to receive the dividends on the date when the dividends were declared.

The Bank’s shareholders will decide about the Board of Directors proposal to allocate the net income for the prior year. The Brazilian Corporation Law defines “net profits” for any fiscal year as net income for that fiscal year, net of any accumulated losses from prior fiscal years, income tax and social contribution taxes and any amounts allocated to the participation of its employees and management in Banco Indusval’s net profits in such fiscal year.

Banco Indusval S.A. mandatory dividend is of at least 25% of the adjusted net income, under the terms of the Brazilian Corporate Law and the Bank’s Bylaws, determined in the unconsolidated financial statements. The yearly distribution of dividends, including dividends in excess of the minimum mandatory dividend, requires approval by a majority vote of the holders of Banco Indusval’s common shares and will depend on many factors. These factors include the Bank’s results of operations, financial condition, cash requirements, future prospects and other factors deemed relevant by Banco Indusval’s board of directors and shareholders.

Pursuant to Article 5, paragraph 2 item (b) of its By Laws, the preferred shares issued by Banco Indusval S.A. have an equal participation in profit distribution as to the common shares.

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History of Payments

The table below details the dates and amounts quarterly paid to Indusval's Shareholders as Interest on Equity:

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