Institucional Policies

1. Disclosure of Information to the Market

The Bank has a Information Disclosure Policy that aims at regulating the use and disclosure of information of Banco BI&P which by its nature, may be classified as Material Fact and set rules and guidelines to be observed by the Investor Relations Officer and other Related Parties as to the use, disclosure and maintenance of confidentiality of information that has not yet been publicly disclosed pursuant to CVM Instruction #. 358, dated January 3, 2002 ("CVM Instruction 358").

Material Fact, is understood, in this context, as all resolutions taken by the controlling shareholder, General Meeting or other senior management bodies of Banco BI&P or any other act or fact of a political, administrative, technical, legal, business or economic and financial nature related to Banco BI&P businesses, which may substantially affect (i) the securities pricing; (ii) investors' decision on buying, selling or holding securities; or (iii) investors' decision on exercising any rights inherent to their status as securities holders. The examples further described in article 2 of CVM Ruling No. 358/02 shall also be deemed Material Fact.

The Bank's Investor Relation Officer is in charge of disclosing any material development related to the business to the CVM and to stock exchanges, as well as to ensure the wide and immediate dissemination of material information to the stock exchange and general public.

2. Securities Trading Policy

The Securities Trading Policy of Banco Indusval S.A. aims to prevent and punish the use of Insider Information for the benefit of Related Parties in trading with securities issued by the Bank. Moreover, this Policy dictates the guidelines that govern, in an orderly way and, pursuant to the legal limits, the trading of such Securities, pursuant to CVM Instruction # 358/02 and of the bank's internal policies, defining the periods of prohibition and abstention of trading, in order to restrain insider trading and tipping and to preserve the transparency in trading of Securities issued by Banco BI&P.

3. Anti Money Laundering

The Anti Money Laundering Policy for INDUSVAL companies, applicable by all hierarchical levels, guides and protects the companies, their shareholders, officers and employees from the risk of utilization of its products and services for Money Laundering and Financing Terrorism activities. This policy reflects the Management's commitment to the compliance with the legislation and regulations applicable to the Prevention and Combating of Money Laundering and Terrorism Financing and the exercise of high ethical standards in business and customer relationships.

4. Know Your Client

In order to reduce the risk of misuse of products and services for Money Laundering and Terrorism Financing activities, INDUSVAL companies Know Your Client Policy establishes responsibilities for obtaining information; monitoring operations; identifying atypical situations; compliance with applicable laws and regulations; and establishes the customer profile assessment (suitability), allowing the appropriate evaluation of the customers' financial situation and experience, as well as their objectives, enabling the definition of their profile to match the Bank's products and services offer to their needs.