RESULTS - CONSOLIDATED

(R$ MILLION) 2Q10 2Q11 Chg. % 1H10 1H11 Chg. %

NET REVENUE

188.9 212.0 12.2% 359.0 418.0 16.4%

EBITDA 39.0 45.6 16.8% 76.5 88.7 15.9%

EBITDA MARGIN

20.6% 20.9% 0.3p.p 21.3% 20.1% -1.2p.p

\\ Consolidated Net Revenue 12.2% higher compared to 2Q10;

\\ EBITDA1 growth of 16.8% over the same period in 2010;

\\ Consolidated Net Income² of R$ 33.2 million, up 43.4% on 2Q10;

\\ Revenue growth of 16.4% in 1H11 compared to 1H10, exceeding expectations.

¹EBITDA adjusted for non-recurring expenses²Net Income adjusted for deferred Income Tax and Social Contribution obligation and non-recurring expenses

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NET REVENUE AND EBITDA MIX IN 2Q11

\\ Revenue mix similar to 2Q10.

However, products with greater

value added accounted for a

higher share of revenue.

\\ More balanced mix than in 2Q10;

\\ Significant increase in share of Payment Means

segment due to the increase in volume of bank

smart cards;

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PAYMENT MEANS – RESULTS

(R$ MILLION) 2Q10 2Q11 Chg. % 1H10 1H11 Chg. %

NET REVENUE

83.6 98.6 17.9% 160.2 199.3 24.4%

EBITDA 7.9 15.3 93.7% 13.1 30.4 132.1%

EBITDA MARGIN

9.4% 15.5% 6.1p.p 8.2% 15.3% 7.1p.p

VOLUME(CARDS)

47.8 44.7 -6,5 81,0 93,6 15,6

\\ Net revenue reached R$98.6 million, up 17.9% on 2Q10;

\\ EBITDA reached R$15.3 million in 2Q11, 93.7% higher than the R$7.9 million reported

in 2Q10;

\\ Volume decreased 6.5%, but did not affect revenue and EBITDA due to the sale of

products with higher value added;

\\ The migration from magnetic stripes to various types of technologies using chip will be

one of the drivers of revenue growth in the coming years.

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IDENTIFICATION SYSTEMS – RESULTS

(R$ MILLION) 2Q10 2Q11 Chg. % 1H10 1H11 Chg. %

NET REVENUE

56.6 61.1 8.0% 109.9 119.1 8.4%

EBITDA 20.4 19.1 - 6.6% 41.0 38.3 - 6.7%

EBITDA MARGIN

36.0% 31.2% - 4.8p.p 37.7% 32.1% - 5.2p.p

VOLUME(DOCUMENTS ISSUED)

3.6 3.4 -5.6% 7.5 6.8 -9.3%

\\ Net Revenue was 8.0% higher over 2Q10 and 5.3% over 1Q11;

\\ EBITDA decreased 6.6% from 2Q10 but remained practically stable in comparison with 1Q11;

\\ Despite the reduction in volumes, Net Revenue increased due to the increased scope of services

(biometrics)

\\ Change in São Paulo State Traffic Department (DETRAN SP)’s management structure to streamline

the process. It is expected that yet restrained volumes will come to regular levels in the

coming months.

\\ We expect a volume recovery in the coming quarters of 2011.

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TELECOMMUNICATIONS- RESULTS

(R$ MILLION) 2Q10 2Q11 Chg. % 1H10 1H11 Chg. %

NET REVENUE

48.7 52.3 7.4% 88.9 99.6 12.0%

EBITDA1 10.7 11.2 4.7% 22.4 20.0 - 10.7%

EBITDA MARGIN2 22.0% 19.1% - 2.9 p.p 25.2% 15.3% - 9.9p.p

VOLUME (CARDS)

12.1 17.2 42.1 24.1 31.6 31.1

\\ Net Revenue increased 7.4% between the quarters;

\\ EBITDA totaled R$11.2 million, up 4.7% on 2Q10 and 27.3% on 1Q11;

\\ Volume of SIM Cards increased 42.2% over 2Q10;

\\ Expected market share by the end of 2011 is at least 25.%6

CASH POSITION

Position in 2Q11 R$ million

Opening Cash Balance124.8

Operating Cash Flow36.1

Capex (5.2)

Share Buyback(3.5)

Dividends / Interest on Equity (10.8)

Loans and Financing(47.1)

Others(0,1)

Closing Cash Balance 94.2

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CASH POSITION

R$ million Debentures

Gross Debt 146.80 R$ 180 million

Cash 94.20 Issue: April 2008

Net Debt 52.60 1st installment: April 2011

Net Debt / EBITDA* 0.28 Remuneration: CDI + 1.5% p.a.

EBITDA* / Financial Expense* 12.18 Maturity: 5 years

Grace Period: 3 years

Covenants- Net Debt / EBITDA ≤ 2.5- EBITDA / Financial Expenses ≥ 2.0

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2011 OUTLOOK

1. Digital Certification –Follow up

2. Dividends

3. Acquisition

4. Guidance 2011

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DISCLAIMER

This release contains forward-looking statements relating to the business prospects,

estimates of operating and financial results, and those related to the 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, performance of the sector and the

Brazilian economy, among other factors, besides the risks presented in the

documents disclosed and filed by Valid and are, therefore, subject to change without

prior notice.

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