Management Compensation

At the Annual General Meeting of Valid held on April 28, 2017 at the Company’s head offices, most of attending voting shareholders, as per votes cast and filed at the Company‘s head offices, among other resolutions, defined the overall annual compensation of the Company’s members of the Board of Directors and Board of Executive Officers to be effectively paid during 2017, totaling twenty two million, two hundred and thirty-four thousand, thirty-six reais and eigthy-six cents (R$22,234,036.86).

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