This document summarizes the key financial highlights and performance metrics for Valid S.A. for the third quarter and first nine months of 2010. Net income grew 21.6% in 3Q10 compared to 3Q09. EBITDA was highest in 3Q10 at R$44.8 million. The Printing Services division saw a strong recovery. Cash generation was a record R$65.6 million in 3Q10. Revenue was expected to grow 5-10% for the full year 2010 while EBITDA was projected to increase 10-15%.

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CONFERENCE CALL
PRESENTATION
3Q10 EARNINGS

3. HIGHLIGHTS
Highlights (R$ million) 3Q09 3Q10 9M09 9M10
Net Revenue 185.8 194.9 547.5 533.9
EBITDA¹ 40.8 44.8 119.1 121.2
EBITDA Margin² 22.0% 22.6% 21.8% 21.7%
Net Income³ 21.3 25.9 63.9 68.5
Net Margin 11. 5% 12.3% 11.7% 12.0%
¹ EBITDA ajusted for extraordinary expenses
2 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.

4. NET REVENUE AND EBITDA BREAKDOWN
Net 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%

5. CARDS
Cards (R$ million) 3Q09 3Q10 9M09 9M10
Net Revenue 66.4 65.0 183.4 192.9
EBITDA 15.8 13.7 42.8 39.9
EBITDA Margin 23.8% 21.1% 23.3% 20.6%
Sales Volume (million) 148.7 116.4 430.7 351.5
Equity 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.

6. ID SYSTEMS
ID Systems (R$ million) 3Q09 3Q10 9M09 9M10
Net Revenue 53.8 59.9 155.3 169.8
EBITDA 20.0 22.1 59.6 63.1
EBITDA 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%.

7. PRINTING SERVICES
Printing Services (R$ million) 3Q09 3Q10 9M09 9M10
Net Revenue 65.6 70.0 208.8 191.3
EBITDA 5.0 8.3 16.7 17.5
EBITDA 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.

8. 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

9. 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

10. 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.

11. OUTLOOK 2010
Revenue: 5%-10% Growth;
EBITDA: 10%-15% Growth.

12. INVESTOR RELATIONS CONTACTS
For additional information, contact IR Area:
Carlos Affonso D’Albuquerque Fabio Bueno
CFO and IRO Financial and IR Manager
affonso@abnote.com.br fabio.bueno@abnote.com.br
+55 (21) 2195-7202 +55 (21) 2195-7230
+55 (21) 9584-1338 +55 (21) 9540-6409
Investor Relations Website :
www.abnote.com.br/ir
Av. Presidente WIlson, 231 - 16° Andar - Rio de Janeiro - RJ - CEP 20030-905

13. 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.