4Q17 EARNINGS CONFERENCE CALL

March 7, 2018

Consolidated Results

• Net Revenue and EBITDA CAGR of 3.5% and 7.0% throughout the year, respectively.

• Decrease of 8.7% in 2017 Net Revenue vs. 2016: Brazilian operations remained stable (R$ 866.9 million vs. R$ 862,8 milhões em 2016).

• 2017 x 2016 Net Income: (i) Sale of the stake in M4U contributed with R$ 21.8 million in 2016. (ii) Tax Reform in the US negatively impacted the 2017 Net Income in US$ 3.8

million and (iii) Payment of Interest on Equity of R$ 45.7 million positively impacted 2016’s

Net Income in R$ 15.5 million.

Net Revenues (R$ million)

Net Income (R$ million)

EBITDA (R$ million) and Margin (%)

443.1 437.8 425.9 417.0 358.5 391.9 412.1 411.9

1,723.8 1,574.4

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

4Q17 x 4Q16: -1.2% 4Q17 x 3Q17: -0.1% 2017 x 2016: -8.7%

11,8

-1,4

50,0

27,9

7,6 3,2

15,8

1,1

88,3

27,7

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

4Q17 x 4Q16: -96.1% 4Q17 x 3Q17: -93.0% 2017 x 2016: -68.6%

15,0% 15,9% 17,7% 15,1% 14,1% 15,4% 16,8% 16,0% 15,9% 15,6%

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

50,4 60,3 69,2 66,1

278,9

245,9

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

4Q17 x 4Q16: 5.3% 4Q17 x 3Q17: -4.5% 2017 x 2016: -11.8%

Identity

• Excellent performance of the Brazilian operation in 2017;

• Repressed volume in 2016 is partially happening this year;

• Washington contract fully operational (1.6 million documents issued in 2017);

• SERPRO’s service fee collection impacted the results in the quarter by R$ 5.1 million and R$ 20.1 million in the year;

Net Revenues (R$ million) EBITDA (R$ million) and Margin (%)

Volume (million) and Ex-USA Margin (%)

110,1 113,7 122,1 116,0 127,5 117,7 130,8 125,9

461,9 501,9

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

4Q17 x 4Q16: 8.5% 4Q17 x 3Q17: -3.7% 2017 x 2016: 8.7%

29,3% 27,0% 32,4% 28,6% 35,3% 28,8% 35,4% 33,3% 29,4% 33,3%

32,3 30,7 39,6

33,2 45,0

33,9 46,3 41,9

135,8

167,1

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

4Q17 x 4Q16: 26.1% 4Q17 x 3Q17: -9.5% 2017 x 2016: 23.1%

CAGR: -1.8%

30,7% 28,0% 33,4% 30,1% 36,8% 30,2% 36,3% 34,2% 30,6% 34,5%

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

22,3 23,1

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

CAGR: -1.3%

4Q17 x 4Q16: 3.7% 4Q17 x 3Q17: -8.2% 2017 x 2016: 3.6%

• Recovery of volumes for the third consecutive quarter (2.4% vs. 3Q17 and 3.0% vs. 4Q16);

• Cost reduction in the supply area increased its margin by 3.2 p.p. vs 4Q16.

• EBITDA in 4Q17 was R$17.8 million and margin of 17.8%, growth of 16.3% and 3.2 p.p vs. 4Q16, respectively. In the year, EBITDA reached R$62.2 million, down 21.8% with an EBITDA margin of 17.3%, 0.3 p.p above 2016.

Mobile Net Revenues (R$ million) EBITDA (R$ million) and Margin (%)

Volume (million)

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

74,2 91,9 93,1 100,2

439,5

359,4

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

4Q17 x 4Q16: -4.1% 4Q17 x 3Q17: 7.6% 2017 x 2016: -18.2%

16,9% 19,2% 17,3% 14,6% 10,8% 18,6% 20,7% 17,8% 17,0% 17,3%

23,9 22,0 18,3 15,3

8,0

17,1 19,3 17,8

79,5

62,2

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

4Q17 x 4Q16: 16.3% 4Q17 x 3Q17: 7.8% 2017 x 2016: -21.8%

103,7 94,1 101,0 104,8 75,0

100,2 105,4 107,9

403,6 388,4

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

4Q17 x 4Q16: 3.0% 4Q17 x 3Q17: 2.4% 2017 x 2016: -3.8%

LATAM Payments

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

• Leaner cost structure and more efficient production process;

• Drop of 4.3 p.p in this quarter’s margin vs 4Q16 due to the impacts of the restructuring based on efficiency improvement projects around R$3.3 million.

Net Revenues (R$ million) EBITDA (R$ million) and Margin (%)

Volume (million)

88,5 93,8 99,0 89,0 76,3 84,8 82,5 74,4

370,3

318,0

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

4Q17 x 4Q16: -16.4% 4Q17 x 3Q17: -9.8% 2017 x 2016: -14.1%

CAGR: -0.6%

3,7% 1,9% 6,4% 4,1% -2,6%

1,9% 5,5% -1,2% 4,1% 1,0%

3,4

1,8

6,3

3,7

-1,9

1,6

4,5

-0,9

15,2

3,2

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

4Q17 x 4Q16: -124.3% 4Q17 x 3Q17: -120.0% 2017 x 2016: -78.9%

29,4 34,4 35,5

29,9 25,8

38,3 34,2 30,0

129,1 128,4

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

4Q17 x 4Q16: 0.3% 4Q17 x 3Q17: -12.3% 2017 x 2016: -0.5%

USA Payments

• Gradual increase in Revenue in USD and EMV Volume in

2017 with weighted average growth of 9.4%, and 14.4%

respectively.

• Revenue in USD remained unchanged in the quarter and

growth of 2.1% in the division’s total volume vs. 4Q16.

• Drop in the average price of EMV cards by 15% in 2017.

Net Revenues (USD million) EBITDA (R$ million) and Margin (%)

Volume EMV (million)

26,4 30,8

25,7 28,1 19,6

23,8 26,7 28,0

111,0

98,0

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

4Q17 x 4Q16: -0.3% 4Q17 x 3Q17: 4.9% 2017 x 2016: -11.7%

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

7,6% 0,4% 5,4% 10,0% 2,3%

2,0

3,5 2,6 3,0

-1,1

1,8

0,1

1,5

11,1

2,3

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

4Q17 x 4Q16: -50.0% 4Q17 x 3Q17: 1400,0% 2017 x 2016: -90.0%

11,1

17,1

7,5

14,1

9,1 9,3

16,0 15,6

49,8 50,0

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

4Q17 x 4Q16: 10.5% 4Q17 x 4Q17: -2.5% 2017 x 2016: 0.4%

Digital Certification

• EBITDA totaled R$ 2.4 million with margin of 11.7% in the quarter against R$ 0.8 million and 5.3% in 4Q16.

• 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.

• Volumes increased 7.9% in 4Q17 vs. 4Q16 and 3.3% in 2017 vs. 2016.

Net Revenues (R$ million) EBITDA (R$ million) and Margin (%)

Volume (million)

13,8 19,3

16,1 15,1 19,1 21,2 21,2 20,6

64,3

82,1

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

4Q17 x 4Q16: 36.4% 4Q17 x 3Q17: -2.8% 2017 x 2016: 27.7%

14,5% 26,4% 17,4% 5,3% 14,1% 8,5% -5,2% 11,7% 16,6% 7,1%

2,0

5,1

2,8

0,8

2,7 1,8

-1,1

2,4

10,7

5,8

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

4Q17 x 4Q16: 200.0% 4Q17 x 3Q17: -318.2% 2017 x 2016: -45.8%

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

477,2 492,8

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

4Q17 x 4Q16: 7.9% 4Q17 x 3Q17: -2.5% 2017 x 2016: 3.3%

Cash Flow

• After a negative cash generation in the 6M17 of R$45 million, the Company’s operating cash generation in 2017 was positive by R$ 81.9 million

where R$ 87.6 million was generated in 4Q17.

• CAPEX totaled R$46.5 million and expenditure totaled R$37.1 million with the acquisition of interest in Cubic Telecom;

• A total of R$ 373 million in amortization of debt + interest

• Loan of USD 100 million, mainly due to refinance of USD (foreign) debt;

• R$ 11.7 milion related to the share buyback program and

• Payment of R$ 38.1 million in dividends and interest on equity net of taxes.

Payment of Dividends and Interest on Shareholders’ Equity

• We remain committed to distributing at least 50% of our adjusted net income, without jeopardizing our policy of growing through acquisitions and the development of new businesses.

• In 2017, we paid R$ 24.9 million in dividends and R$ 13.2 million in interest on shareholders’ equity.

• The Board of Directors’ Meeting held on November 8, 2017 approved the payment of dividends in the amount of R$ 14.1 million, corresponding to R$ 0.20 per share, with payment made on 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

Dividends 11/08/2017 2017 11/14/2017 11/24/2017 0,200000 14.102.535,00

Indebtedness Debt Repayment Schedule 4Q17

Gross Debt + Interest R$ 805.5 million

58.7% pegged to USD

R$ 255.9 million in the short term

R$ 549.6 million in the long term

Cash Net Debt

R$ 313.6 milion R$ 491.9 million Net Debt/EBITDA* EBITDA*/Fin. Exp** 1.9 5.4

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