São Paulo, May 21st, 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 May 20th, 2015 from GF Gestão de Recursos S.A., an investor in Banco Industrial e Comercial S.A..
The free translation of the original communication is reproduced in full bellow. Very truly yours,
Milto Bardini
Investor Relations Officer
Rio de Janeiro, May 20th, 2015.
To

Banco Industrial e Comercial S.A

4440, Av. Brigadeiro Faria Lima - 2nd floor
São Paulo - SP
C/o: Milto Bardini - Investor Relations Officer

Ref: Declaration of Relevant Shareholding

Dear Sir Milto,
The GF Gestão de Recursos S.A., headquartered in the city of Rio de Janeiro, State of Rio de Janeiro, at 20, Praça XV de Novembro, 12th floor, suite 1201-B, Part, enrolled with the CNPJ/MF (Brazilian Registry of Legal Entities) under number 09.630.188/00001-26, represented pursuant to its Bylaws ("GF"), pursuant to Article
12, paragraph 4th of CVM Instruction number 358/02, hereby communicates the following:
In transactions carried out in the stock exchange on May 15, 2015 done by investment funds and/or discretionary portfolios managed by GF, the participation in preferred shares issued by Banco Industrial e Comercial S.A., a public company, registered with the CNPJ/MF (Brazilian Registry of Legal Entities) under number. 07.450.604/0001-89 ("Company") was reduced by 4,655,600 preferred shares, volume equivalent to
5.02% of such shares class, so that the investment funds and/or portfolios under discretionary management of GF, jointly, became holders of 4,590,000 Company's preferred shares, equivalent to 4.95% of the total preferred shares.
This is a minority investment that does not involve change of the Company's shareholding control or in its management structure.
It is what we had for the moment. Sincerely,

GF GESTÃO DE RECURSOS S.A. EVANDRO PEREIRA DIRECTOR ANA CLARA MONTEIRO RODRIGUES ATTORNEY
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