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  • 1. BM&FBovespa: VLID3CONFERENCE CALLPRESENTATION3Q10 EARNINGS
  • 2. HIGHLIGHTSHighlights (R$ million) 3Q09 3Q10 9M09 9M10Net Revenue 185.8 194.9 547.5 533.9EBITDA¹ 40.8 44.8 119.1 121.2EBITDA Margin² 22.0% 22.6% 21.8% 21.7%Net Income³ 21.3 25.9 63.9 68.5Net Margin 11. 5% 12.3% 11.7% 12.0%¹ EBITDA ajusted for extraordinary expenses2 EBITDA margin does not include equity pick up.³ Adjusted for deferred liabilities related to income tax and social contribution and extraordinary expenses. Net Income³ came to R$25.9 million in 3Q10, a significant 21.6% growth over 3Q09; EBITDA¹ of R$44.8 million in 3Q10 was year’s highest; Strong recovery by Printing Services Division; Record cash generation: R$65.6 million in 3Q10; Change in the Company’s corporate name.
  • 3. NET REVENUE AND EBITDA BREAKDOWNNet Revenue 35.9% 33.4% Cards Balanced revenue mix ID Systems Printing Services 30.7%EBITDA 18.5% Focus on higher margins businesses 32.2% Cards ID Systems Printing Services 49.3%
  • 4. CARDSCards (R$ million) 3Q09 3Q10 9M09 9M10Net Revenue 66.4 65.0 183.4 192.9EBITDA 15.8 13.7 42.8 39.9EBITDA Margin 23.8% 21.1% 23.3% 20.6%Sales Volume (million) 148.7 116.4 430.7 351.5Equity pickup 0.7 0.7 Volume of cards was 21.7% lower than in 3Q09; Revenue of R$65.0 million in 3Q10, 2.1% down from 3Q09; EBITDA margin came to 21.1%, 2.7 p.p. down from 3Q09, but 1.6 p.p. up over 2Q10; Increase in financial smart cards in 3Q10 offset the slowdown in SIM cards.
  • 5. ID SYSTEMSID Systems (R$ million) 3Q09 3Q10 9M09 9M10Net Revenue 53.8 59.9 155.3 169.8EBITDA 20.0 22.1 59.6 63.1EBITDA Margin 37.2% 37.0% 38.4% 37.2%Sales Volume (million) 4.0 3.9 11.4 11.4 Volumes in 3Q10 similar to 3Q09; 11.3% increase in Revenue over 3Q09; EBITDA grew 10.5% over 3Q09; Average price increase of 14%.
  • 6. PRINTING SERVICESPrinting Services (R$ million) 3Q09 3Q10 9M09 9M10Net Revenue 65.6 70.0 208.8 191.3EBITDA 5.0 8.3 16.7 17.5EBITDA Margin 7.6% 11.9% 8.0% 9.2%Sales Volume (thousand tons) 4.8 2.9 14.4 9.6 Selective reduction of product portfolio generated positive results; Volume in 3Q10 was 39.6% lower than in 3Q09; Revenue in 3Q10 grew 6.7% over 3Q09; EBITDA grew 66.0% over 3Q09; EBITDA margin came to 11.9% in 3Q10, 4.3 p.p. above the 3Q09 margin.
  • 7. CASH FLOW 3Q10 Cash Flow R$ million Beginning Cash 75.7 Generated 65.6 Capex + Acquisition (15.9) Dividends / Interest on Equity (7.0) Loans (0.2) Others (1.1) Closing Balance 117.1
  • 8. DIVIDENDS + INTEREST ON EQUITY 81,214 74,274 71,862 66,739 25,645 25,354 23.120 24,518 38% 32% 35% 30% 2006 2007 2008 2009 Net Income Dividends + Interest on Equity
  • 9. INDEBTEDNESS R$ millon Debentures Gross Debt 190.5 R$ 180 million Cash 117.1 Issued: Apr / 2008 Net Debt 73.4 First Installment: Apr / 2011 Net Debt / EBITDA* 0.50 Interest: CDI + 1.5% p.a. EBITDA* / Financial Expense* 7.73 Term: 5 years Grace Period: 3 years Covenants Net Debt / EBITDA ≤ 2.5 EBITDA / Financial Expense ≥ 2.0* Accumulated in the last 12 months.
  • 10. OUTLOOK 2010 Revenue: 5%-10% Growth; EBITDA: 10%-15% Growth.
  • 11. INVESTOR RELATIONS CONTACTSFor additional information, contact IR Area:Carlos Affonso D’Albuquerque Fabio BuenoCFO and IRO Financial and IR Manageraffonso@abnote.com.br fabio.bueno@abnote.com.br+55 (21) 2195-7202 +55 (21) 2195-7230+55 (21) 9584-1338 +55 (21) 9540-6409Investor Relations Website :www.abnote.com.br/irAv. Presidente WIlson, 231 - 16° Andar - Rio de Janeiro - RJ - CEP 20030-905
  • 12. FORWARD-LOOKING STATEMENTSThis release contains forward-looking statements relating to the prospects of the business, estimates for operatingand 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 itscontinuous 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 performanceof the Brazilian and international economies and the industry, among other factors, besides the risks presented inthe documents filed by Valid and are, therefore, subject to change without prior notice.