Ownership Structure

*Interprint is withdrawing from Incard Ltda.

Company Operation
Interprint Services related to identification and electronic print
Valid Argentina Services related to bank cards, telephone cards and identifications services
Valid Certificadora Services for the digital certificate segment
Valid Spain Acquired in 2010, provider of SIM cards. P&D team is located in Valid Spain.
Valid USA Acquired in 4Q12, provider of solutions for financial institutions (cards and paper) and retailers (gift card)