Valid Secure Technologies A/S

Description of key activities of the company

The Company's principal activities consist of development, production and trading with electronics and computer software.

Significant changes in the company's activities and financial matters

There have been no significant changes in activities and financial matters.…

Events occurring after the end of the financial year

No other events materially affecting the Company's financial positions have occured to the financial year-end.

11. Contingencies

Joint taxation

The Company is jointly taxed with its Parent Company, Valid A/S, which acts as a management company, and is jointly and serverally liable with other jointly taxed group entities for payment if income taxes as well as withholding taxes on interest, royalites and dividends.