2. Conference Call Presentation BM&FBovespa: VLID3 4Q10 EARNINGS

3. hIGHLIGHTS ¹ EBITDA ajusted for extraordinaryexpenses 2 EBITDA margin does not include equitypickup. ³ Adjusted for deferred liabilities related to income tax and social contribution and extraordinaryexpenses. 13th consecutive year of net income growth; Net income reaches R$ 100.0 million in 2010, up 23.2% on 2009; EBITDA of R$ 175.1 million in 2010, up 20.3%, and exceeds guidance; EBITDA Margin growth across all divisions drives consolidated Margin to 22.9%. 3

4. Net Revenueand EBITDA Breakdown 2010 Balancedrevenue mix Focusonhighermarginsbusinesses 4

5. Cards Volume drops 13.2% in the year due to the decline in inductive cards; Growth in smart cards (especially SIM cards) drives 13.2% net revenue growth in 2010; EBITDA grows 15.2% in the year and totals R$ 57.0 million; EBITDA margin reaches 25.1% in the quarter and closes the year at 21.8%. 5

6. Id systems Identical volumes in 2010 and 2009; 12.4% revenue growth due to the inclusion of biometrics services in existing agreements; EBITDA reaches R$ 87.0 million in 2010, up 14.3% on 2009; EBITDA margin of 37.8% in 2010, up 0.6 p.p. 6

7. Printing Services Growth in variable data’s share of net revenue, from about 45% in 2009 to 55% in 2010; Selective downsizing of product portfolio enabled 32.0% reduction in volume and 2.0% reduction in revenue in 2010; EBITDA grew 48.0% to reach R$ 29.6 million in the year; Greater efficiency + better product portfolio = EBITDA margin of 16.2% in 4Q10 and 11.2% in 2010. 7

8. Cash flow 8

9. indebtedness * Accumulated in the last 12 months. 9

10. Dividends + Interest on Equity 81,214 74,274 71,862 66,739 25,645 25,354 24,518 23,120 32% 35% 30% 38% 2009 2007 2008 2006 Net Income Dividends + InterestonEquity 10

11. digital certification Valid Digital Certifier starts assembling its infrastructure to issue the first certificates in 2012; The security of transactions through digital means is guaranteed by the Public Key Infrastructure (PKI) technology; The market, currently estimated at 1.5 million certificate holders, will add another 4 million when Brazil’s Federal Revenue Service makes it compulsory for companies registered under the ‘SIMPLES’ tax system. 11

12. Digital certification Estimatedrevenuefrom Digital Certificationmarket (R$ million) Certification 673 663 594 412 393 392 12 *Source: Bain Consulting 2010 2011 2012 2013 2014 2015

13. Outlook 2011 Digital Certification: launch in April 2011 and revenues in 2012; New business divisions: ID Systems; Means of Payments; Telecommunications. Dividends: payout increase; EBITDA: 8% to 12% growth. 13

14. Investor Relations Contacts For additionalinformation, contactIR Area: Carlos Affonso D’Albuquerque CFO and IRO affonso@valid.com.br +55 (21) 2195-7202 +55 (21) 9584-1338 InvestorRelationsWebsite : www.valid.com.br/en/ir Av. Presidente WIlson, 231 - 16° Andar - Rio de Janeiro - RJ - CEP 20030-905 14

15. Forward-Looking Statements This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Valid. These are merely projections and, as such, are based exclusively on the expectations of Valid’s management concerning the future of the business and its continuous access to capital to finance the Company’s business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian and international economies and the industry, among other factors, besides the risks presented in the documents filed by Valid and are, therefore, subject to change without prior notice. 15