São Paulo, January 29th, 2015.

To

The Brazilian Securities Exchange Commission - CVM Att: Superintendence for Monitoring of Companies

In compliance with section 12 of Instruction CVM 358 dated January 3rd, 2002, we attach correspondence received on January 28th, 2015 from Morgan Stanley, an investor in Banco Industrial e Comercial S.A..

Very truly yours, Milto Bardini

Investor Relations Officer

Morgan. sta.nley

January 28, 2015
Banco Industriai e Comerciai S.A. Attn: Milto Bardini
Investor Relations Officer
Avenida Brigadeiro Paria Lima, 4.440- 2nd floor
SP- Sao Pauio- CEP 04538-132- Brasii
Dear Sir,

One New York Plaza

New York, NY 10004

In accordance with the Comissiio de Valores Mobiliarios ("CVM") Instruction 358 dated January 3, 2002, Article 12, paragraph 4, piease be notified that, as of January 27, 2015, Morgan Stanley, through its subsidiary, Morgan Stanley Uruguay Ltda. held in the aggregate, a totai of 4.650.536 preferred shares of Banco Industriai e Comerciai S.A. (the "Company"), equivalent to 5,0% ofthe Company's outstanding preferred shares. Morgan Stanley subsidiary's position includes 5.000 loaned preferred shares.

Morgan Stanley Uruguay Ltda.

4.650.536 açòes

Total Morgan Stanley Subsidiaries

4.650.536 açòes

Morgan Stanley declares that the position herein mentioned was not acquired far the purpose of acquiring control ofthe Company, and with no intent of altering the Company's administration, compositian of control, or operations.

distributed by