3. What does Shareholders’ Meeting mean? How may I participate?

The shareholders’ meeting means Valid’s shareholders’ meeting who are previously called in order to resolve on certain matters of the agenda.

It is called by the Company’s Board of Directors through the Call Notice published three consecutive times in the Official Gazette of Rio de Janeiro and Valor Econômico newspaper. The call for the Shareholders’ meeting also occurs via the Company’s investor relations website (http://www.valid.com.br/ri) and via the São Paulo Stock Exchange (www.bmfbovespa.com.br) and mailing addressed to shareholders registered at the Company’s website.

As of the publication date of the Call Notice for the Shareholders’ Meeting, Valid’s Management makes available to shareholders documents and information to be provided as required by laws or Bylaws concerning several matters included in the agenda, including these documents and information also in the website as of referred date.

In order to participate in the Shareholders’ Meeting, shareholders or their legal representatives shall submit, at least, forty-eight (48) hours in advance of the date designated for the Shareholders’ Meeting, besides the identity document, where applicable: (a) a receipt issued by the bookkeeping institution over the past three (3) days; (b) a proxy with grantor’s certified signature; and/or (c) referring to shareholders participating in the fungible custody of registered shares, a statement containing the related shareholding issued by appropriate authority.