3Q17 EARNINGS CONFERENCE CALL

November 10, 2017

Consolidated Results

Net Revenue in R$ million EBITDA in R$ million and Margin in %

Net Income in R$ million

• Gradual recovery of sales and margins in 2017;

• Impact of the new collection from SERPRO, totaling R$ 6.7 million and provision for loss on labor lawsuits in the amount of R$ 2.6 million;

• Cost reduction actions implemented in the supply chain (direct and indirect) and in the standardization of processes already amount to R$ 40 million and

• R$ 19.8 million of contribution to Net Income in 3Q16 due to the sale of interest in Multidisplay.

443,1 437,8 425,9 417,0 358,5 391,9 412,1

1.306,8

1.162,6

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

3Q17 x 3Q16: -3,2%

3Q17 x 2Q17: 5.2%

9M17 x 9M16: -11.0%

15,0% 15,9% 17,7% 15,1% 14,1%

15,4% 16,8% 16,2% 15,5%

69,1 71,7 75,3 62,8

50,4 60,3

69,2

216,1

179,8

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

3Q17 x 3Q16: -8.1%

3Q17 x 2Q17: 14.8% 9M17 x 9M16: -16.8%

11,8

-1,4

50,0

27,9

7,6 3,2

15,8

60,4

26,6

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

3Q17 x 3Q16: -68.4%

3Q17 x 2Q17: 393.8% 9M17 x 9M16: -55.9%

Identity

• Excellent performance of the Brazilian operation in 3Q17;

• Repressed volume in 2016 is partially happening this year;

• Washington contract fully operational (1 million documents issued in 9M17) and

• SERPRO’s collection impacted the results in the quarter by R$ 6.7 million and R$ 15 million in 9M17.

Net Revenue in R$ million EBITDA in R$ million and Margin in %

Volume in million and Ex-USA Margin in %

110,1 113,7 122,1 116,0 127,5 117,7 130,8

345,9 376,0

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

3Q17 x 3Q16: 7.1%

3Q17 x 2Q17: 11.1% 9M17 x 9M16: 8.7%

29,3% 27,0% 32,4% 28,6%

35,3% 28,8%

35,4% 29,7% 33,3%

32,3 30,7 39,6

33,2

45,0 33,9

46,3

102,6

125,2

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

3Q17 x 3Q16: 16.9%

3Q17 x 2Q17: 36.6%

9M17 x 9M16: 22.0%

30,7% 28,0% 33,4% 30,1% 36,8% 30,2% 36,3% 30,8% 34,6%

5,6 5,5 5,8 5,4 5,9 5,5 6,1

16,8 17,4

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

3Q17 x 3Q16: 5.2%

3Q17 x 2Q17: 10.9% 9M17 x 9M16: 3.6%

• In August, acquisition of 5.39% interest in Cubic Telecom Limited for 10 million euros;

• Recovery of volumes for the second consecutive quarter (5.2% vs 2Q17 and 4.4% vs 3Q16) and

• Cost reduction in the supply area increased its margin from 2.1 p.p. vs 2Q17 and 3.4 p.p. vs 3Q16.

Mobile Net Revenue in R$ million EBITDA in R$ million and Margin in %

Net Revenue (ex-Brazil) in USD million

126,5 103,0 105,5 104,5

74,2 91,9 93,1

335,0

259,2

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

3Q17 x 3Q16: -11.8% 3Q17 x 2Q17: 1.3%

9M17 x 9M16: -22.6%

16,9% 19,2% 17,3% 14,6% 10,8% 18,6% 20,7% 19,2% 17,1%

23,9 22,0 18,3

15,3

8,0

17,1 19,3

64,2

44,4

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

27,0 24,9 27,3 29,2

19,4 24,8 24,5

79,2

68,7

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

3Q17 x 3Q16: -10.3% 3Q17 x 2Q17: -1.2% 9M17 x 9M16: -13.3%

3Q17 x 3Q16: -5.5%

3Q17 x 2Q17: 12.9%

9M17 x 9M16: -30.8%

LATAM Payment

• Consolidation of plants’ process was finalized in 1Q17;

• Leaner cost structure and more efficient production process and

• Increase of 3.6 p.p. in margin compared to 2Q17, despite of volume decrease, as a result of efficiency gain actions.

Net Revenue in R$ million EBITDA in R$ million and Margin in %

Volume in million

88,5 93,8 99,0 88,9 76,3 84,8 82,5

281,3

243,6

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

3Q17 x 3Q16: -16.7%

3Q17 x 2Q17: -2.7%

9M17 x 9M16: -13.4%

3,7% 1,9% 6,4% 4,1%

-2,6% 1,9%

5,5% 4,1% 1,7%

3,4

1,8

6,3

3,7

-1,9

1,6

4,5

11,5

4,2

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

3Q17 x 3Q16: -28,6%

3Q17 x 2Q17: 181,3%

9M17 x 9M16: -63,5%

29,4 34,4 35,5

29,9 25,8

38,3 34,2

99,3 98,3

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

3Q17 x 3Q16: -3.7% 3Q17 x 2Q17: -10.7%

9M17 x 9M16: -1.0%

USA Payment

• EMV volume at more standardized levels, an increase of 113% in this quarter compared to 3Q16 and 72% against 2Q17;

• The average price of chip cards fell 38% in relation to 3Q16’s figures and around 17% against 2Q17 and

• Unfavorable Mix on Gift Card in 3Q17.

Net Revenue in R$ million EBITDA in R$ million and Margin in %

EMV Volume in million

26,4 30,8

25,7 28,1

19,6 23,8 26,7

82,9

70,1

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

3Q17 x 3Q16: 3.9%

3Q17 X 2Q17: 12.2% 9M17 x 9M16: -15.5%

2,0

3,5 2,6

3,0

-1,1

1,8

0,1

8,0

0,8

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

3Q17 x 3Q16: -96.2% 3Q17 x 2Q17: -94.4% 9M17 x 9M16: -90.0%

11,1

17,1

7,5

14,1

9,1 9,3

16,0

35,7 34,4

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

3Q17 x 3Q16: 113.3%

3Q17 x 2Q17: 72,0%

9M17 x 9M16: -3.6%

7,6% 11,4% 10,1% 10,7% -5,6%

7,6% 0,4%

9,7% 1,1%

Digital Certification

• EBITDA reduction in 3Q17 was due to the fact that Valid Certificadora was the most impacted by the provision for loss on labor lawsuits;

• Excluding non-recurring results in 3Q17, results are in line with 2Q17’s and

• Increased volume despite the challenge of the network recovery due to the non-renewal of the contract with the customer that accounted for 25% of the volume in 4Q16.

Net Revenue in R$ million EBITDA in R$ million and Margin in %

Volume in million

13,8 19,3

16,1 15,1 19,1 21,2 21,2

49,2

61,5

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

3Q17 x 3Q16: 31.6%

3Q17 x 2Q17: 0.1%

9M17 x 9M16: 25.0%

14,5% 26,4% 17,4% 5,3% 14,1% 8,5% -5,2% 20,1% 5,5%

2,0

5,1

2,8

0,8

2,7 1,8

-1,1

9,9

3,4

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

3Q17 x 3Q16: -139.3% 3Q17 x 2Q17: -33.3% 9M17 x 9M16: -65.7%

105,2 134,8 123,0 114,2 118,2 125,1 126,3

363,0 369,6

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

3Q17 x 3Q16: 2.7% 3Q17 x 2Q17: 5.8%

9M17 x 9M16:

1.8%

Cash Flow

• After negative cash flow generation in 6M17 of R$ 45 million, the Company’s operating cash generation was positive again this quarter, when approximately R$ 39 million were generated between July and September. Year-to-date cash generation is negative by R$ 5.7 million;

• CAPEX of R$ 22.1 million in 9M17 and R$ 37.1 million spent on the acquisition of interest in CUBIC Telecom;

• A total of R$ 331 million in amortization of debt + interest and loan of USD 100 million, mainly due to refinance of USD (foreign) debt and

• R$ 11.7 million referring to the Share Repurchase Program.

Payment of Dividends and Interest on the Shareholders’ Equity

• We are committed to distributing at least 50% of our Net Income without jeopardizing our policy of growing through acquisitions and the development of new businesses;

• In 2017, we paid R$ 10.8 million in dividends and R$ 13.2 million in interest on shareholders’ equity and

• On November 8, the Board of Directors approved the payment of dividends in the amount of R$ 14.1 million, equivalent to R$ 0.20 per share with payment set for November 24, 2017.

EVEN T D A T A YEA R SH A R EH OLD IN G P OSIT ION D A T E P A YM EN T D A T E GR OSS A M OUN T P ER SH A R E R $ GR OSS A M OUN T R $

Interest on Equity 12/12/2016 2016 12/15/2016 01/27/2017 0,235294 15.218.604,26

Dividends 04/28/2017 2016 04/28/2017 05/12/2017 0,168079 10.842.134,40

Indebtedness Debt Repayment Schedule 3Q17

Gross Debt + Interest R$815.9 million

57.7% pegged to USD

R$ 212.6 million in the short term

R$ 603.3 million in the long term

Cash Net Debt

R$ 308.4 million R$ 507.5 million

Net Debt/EBITDA* EBITDA*/Fin. Exp.** 1.9 8.8

Covenants

Net Debt/EBITDA ≤ 3.00

EBITDA/Financial Expenses ≥ 1.75x

* EBITDA accrued in the last 12 months.

** Financial Expenses accrued in the last 12 months.

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

This presentation includes forward-looking statements relating to Valid’s business expectations, estimated operating and financial results and growth prospects. These are only projections and, as such, are exclusively based on the expectations of Valid’s management with respect to its future business and continuous access to capital to finance the Company’s business plan. Such forward-looking statements depend mainly on the changes in market conditions, governmental rules, competitive pressure, industry performance and Brazilian economy, among other factors, in addition to the risks related to the disclosure of documents filed by Valid; therefore, these forward-looking statements are subject to changes without prior notice.

Thank you

www.valid.com

www.valid.com/ri ri@valid.com

+ 55 21 2195-7200

Carlos Affonso S. d’Albuquerque CEO

Rita Carvalho

Chief Financial and Investor Relations Officer

Rafael Neves Investor Relations, M&A and Strategic Planning Manager

Eduarda de Castro Miguel Investor Relations Analyst

Milena Rosa

Investor Relations Analyst