Visa (V) 8-K Visa Inc. Posts Strong Fiscal First Quarter 2009 Earnings Results and Reaffirms 2009 Adjusted Diluted Earnings Per Share Guidance

Exhibit 99.1

Visa Inc. Posts Strong Fiscal First Quarter 2009 Earnings Results and Reaffirms 2009 Adjusted Diluted Earnings Per Share Guidance

• Adjusted quarterly net income of $599 million or $0.78 per diluted class A common share

• GAAP quarterly net income of $574 million or $0.74 per diluted class A common share

• Payments volume growth of 12% over the prior year to $701 billion

SAN FRANCISCO, CA, February 4, 2009– Visa Inc. (NYSE: V) today announced financial results for the company’s fiscal first quarter 2009 ended December 31, 2008. On an adjusted basis (reflective of a normalized tax rate, restructuring and purchase amortization), net income for the quarter was $599 million, or $0.78 per diluted class A common share. GAAP net income for the quarter was $574 million, or $0.74 per diluted class A common share. The weighted average number of diluted class A common shares outstanding was 772 million. The company’s adjusted net income and adjusted diluted net income per class A common share are non-GAAP financial measures that are reconciled to their most directly comparable GAAP measures in the accompanying financial tables.

Net operating revenue in the fiscal first quarter of 2009 was $1.7 billion, an increase of 17% over the prior year, driven by strong contributions across all revenue categories. Payments volume and processed transactions remained solid, in particular in the Asia Pacific (AP), Central Europe, Middle East and Africa (CEMEA), and Latin America and Caribbean (LAC) regions.

“We are very pleased with our fiscal first quarter earnings results and our ability to deliver strong operating performance,” said Joseph Saunders, Chairman and Chief Executive Officer. “Despite the increasingly challenging economy, processed transaction growth, the strength of debit, and the global diversity of our business continue to highlight the resilience of our business model.”

“Even though we now foresee tougher economic trends in the second half of fiscal 2009 with resulting net revenue growth likely in the low single digits, we remain stead-fast in our ability to meet our 2009 EPS guidance,” added Saunders. “Rationalizing our expense structure and further leveraging operational efficiencies within the organization remain priorities. These directives, coupled with providing innovative products and services along with the global expansion of our business, will further support our long-term success.”

Fiscal First Quarter 2009 Financial Highlights:

Visa Inc.’s operational performance highlights for the fiscal first quarter, as measured by business activity through September 30, 2008, include:

• Payments volume grew 12% over the prior year to $701 billion;

• Total volume, inclusive of cash volume was $1.1 trillion, an increase of 16% over the prior year;

• Total cards carrying the Visa brands rose 10% worldwide over the prior year to 1.7 billion; and

• Total payment transactions increased by 13% over the prior year to 14.5 billion.

Total processed transactions, which represent transactions processed by VisaNet through December 31, 2008, were 9.8 billion, an 8% increase over the prior year.

For the fiscal first quarter 2009, service revenues were $793 million, an increase of over 8% versus the prior year, and are recognized based on payment volume in the prior quarter. All other revenue categories are recognized based on current quarter activity. Data processing revenues rose 13% over the prior year to $554 million. International transaction revenues, which are driven by cross-border payments volume, grew 33% over the prior year to $505 million, as the company benefited from prior pricing initiatives. Other revenues, which include the Visa Europe licensing fee, were $156 million, up 17% over the prior year. Volume and support incentives, which are a contra revenue item, were $269 million.

Adjusted total operating expenses were $728 million for the fiscal first quarter, a 4% decrease from the prior year. Total operating expenses on a GAAP basis were $773 million for the quarter, a 5% decrease from the prior year.

Cash, cash equivalents, restricted cash, and available-for-sale investment securities were $5.6 billion at December 31, 2008.

2

Notable Events:

In October 2008, as planned, the company used $1.508 billion of net proceeds from its initial public offering (IPO) for the required redemption of 35,263,585 shares of class C (series III) common stock. Following the redemption, the remaining 27,499,203 shares of class C (series III) and class C (series IV) common stock outstanding automatically converted into shares of class C (series I) common stock on a one-to-one basis. The company also utilized net proceeds from the IPO to fund the redemption of all class C (series II) common stock. The redemption price of $1.146 billion was adjusted for dividends paid and related interest, resulting in a cash payment of $1.138 billion.

In December 2008, the company formed Visa Processing Services, Ltd. (“VPS”), a joint venture that enables us to offer comprehensive multi-currency and multi-language issuer processing services outside the US, in some of the fastest growing economies in the world such as Japan and India. VPS reflects Visa’s strategic focus on growing our processing capabilities worldwide, expanding our global strength in debit, and furthering the migration to electronic payments.

On December 19, 2008, as planned, the company deposited $1.1 billion (“Loss Funds”) into the litigation escrow account previously established under the company’s Retrospective Responsibility Plan. The deposit of the Loss Funds into the escrow account to fund the Discover settlement reduced the conversion ratio applicable to the company’s class B common stock outstanding from 0.7143 per class A share to 0.6296 per class A share. The deposit of Loss Funds has the effect of a repurchase of 20,800,824 class A common stock equivalents from the company’s class B shareholders.

Financial Outlook:

Visa Inc. updates its financial outlook for the following metric for full-year 2009:

• Annual net revenue growth in the high single-digits.

Visa Inc. affirms its financial outlook for the following metrics through 2010 with the caveat that annual net revenue growth may be somewhat challenged in 2010 if the current economic environment in the U.S. and around the globe persists beyond 2009:

• Annual net revenue growth at the lower end of the 11% to 15% range;

3

• Annual adjusted operating margin in the mid-to-high 40% range;

• Annual adjusted diluted class A common earnings per share growth of greater than 20%;

• Annual free cash flow in excess of $1 billion; and

• Capital expenditures in the range of $300 to $350 million in 2009 and representing 3 to 4% of gross revenues in 2010.

This outlook reflects an assumed 40% percent GAAP tax rate for fiscal year 2009. The company’s intent is to reduce this rate to a level around 35-36% over the next four years.

Fiscal First Quarter 2009 Earnings Results Conference Call Details:

Visa’s executive management team will host a live audio webcast beginning at 5:00 p.m. EDT (2:00 p.m. PDT) today to discuss the financial results and business highlights.

All interested parties are invited to listen to the live webcast at http://investor.visa.com. A replay of the webcast will be available on the Visa Investor Relations website for 30 days.

Investor information, including supplemental financial information, is available on Visa Inc’s Investor Relations website athttp://investor.visa.com

###

About Visa Inc.

Visa Inc. operates the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world, and Visa/PLUS is one of the world’s largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visitwww.corporate.visa.com.

Forward Looking Statements

Certain statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. These statements can be identified by the terms “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will” and similar expressions which are intended to identify forward-looking statements. In addition, any underlying assumptions are forward-looking statements. Such forward-looking statements include but are not limited to statements regarding certain of Visa’s goals and expectations with respect to adjusted earnings per share, revenue, adjusted operating margin, and free cash flow, and the growth rate in those items, as well as other measures of economic performance.

4

By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are not guarantees of future performance or results and (iii) are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements as a result of a variety of factors, including all the risks discussed in Part 1, Item 1A – “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2008. You are cautioned not to place undue reliance on such statements, which speak only as of the date of this presentation. Unless required to do so under U.S. federal securities laws or other applicable laws, we do not intend to update or revise any forward-looking statements.

Contacts:

Investor Relations: Jack Carsky or Victoria Hyde-Dunn, 415-932-2213,ir@visa.com

Media Relations: Paul Cohen or Sandra Chu, 415-932-2564,globalmedia@visa.com

5

Visa Inc.

Selected Consolidated Statements of Operations

(unaudited)

	For the three months ended December 31,
	2008			2007
	(in millions except per share data)
Operating Revenues
Service revenues	$	793		$	732
Data processing revenues		554			492
International transaction revenues		505			381
Other revenues		156			133
Volume and support incentives		(269	)		(250	)
Total operating revenues		1,739			1,488
Operating Expenses
Personnel		275			283
Network, EDP and communications		93			83
Advertising, marketing and promotion		210			210
Professional and consulting fees		80			98
Depreciation and amortization		52			62
Administrative and other		63			74
Litigation provision		—			—
Total operating expenses		773			810
Operating income		966			678
Other Income (Expense)
Equity in earnings of unconsolidated affiliates		(1	)		1
Interest expense		(30	)		(45	)
Investment income, net		19			41
Other		(1	)		8
Total other (expense) income		(13	)		5
Income before income taxes and minority interest		953			683
Income tax expense		379			259
Income before minority interest		574			424
Minority interest		—			—
Net income	$	574		$	424
Basic net income per share
All regional classes and series of common stock				$	0.55
Class A common stock	$	0.74
Class B common stock	$	0.52
Class C common stock	$	0.74
Basic weighted average shares outstanding
All regional classes and series of common stock					775
Class A common stock		446
Class B common stock		245
Class C common stock		152
Diluted net income per share
All regional classes and series of common stock				$	0.55
Class A common stock	$	0.74
Class B common stock	$	0.52
Class C common stock	$	0.74
Diluted weighted average shares outstanding
All regional classes and series of common stock					775
Class A common stock		772
Class B common stock		245
Class C common stock		152

6

Visa Inc.

Selected Consolidated Balance Sheets

(unaudited)

	December 31, 2008		September 30, 2008
	(in millions except par value and share data)
Assets
Cash and cash equivalents	$	2,613	$	4,979
Restricted cash - litigation escrow		2,078		1,298
Investment securities
Trading		86		—
Available-for-sale		103		355
Settlement receivable		745		1,131
Accounts receivable		378		342
Customer collateral		661		679
Current portion of volume and support incentives		233		256
Current portion of deferred tax assets		800		944
Prepaid and other current assets		392		1,190
Total current assets		8,089		11,174
Restricted cash - litigation escrow		560		630
Investment securities, available-for-sale		205		244
Volume and support incentives		127		123
Property, equipment and technology, net		1,117		1,080
Other assets		628		634
Intangible assets		10,883		10,883
Goodwill		10,213		10,213
Total assets		31,822		34,981
Liabilities
Accounts payable	$	93	$	159
Settlement payable		642		1,095
Customer collateral		661		679
Accrued compensation and benefits		262		420
Volume and support incentives		245		249
Accrued liabilities		362		306
Current portion of long-term debt		51		51
Current portion of accrued litigation		2,296		2,698
Redeemable class C (series III) common stock, no shares and 35,263,585 shares issued and outstanding, respectively		—		1,508
Total current liabilities		4,612		7,165
Long-term debt		53		55
Accrued litigation		1,009		1,060
Deferred tax liabilities		3,843		3,811
Other liabilities		660		613
Total liabilities		10,177		12,704
Temporary Equity and Minority Interest
Class C (series II) common stock, $0.0001 par value, no shares and 218,582,801 shares authorized, no shares and 79,748,857 shares issued and outstanding, net of subscription receivable, respectively	$	—	$	1,136
Minority interest		5		—
Total temporary equity and minority interest		5		1,136
Stockholders’ Equity
Preferred stock, $0.0001 par value, 25,000,000 shares authorized and none issued		—		—
Class A common stock, $0.0001 par value, 2,001,622,245,209 shares authorized, 448,876,279 and 447,746,261 issued and outstanding, respectively		—		—

Class B common stock, $0.0001 par value, 622,245,209 shares authorized, 245,513,385 issued and outstanding		—			—
Class C common stock, $0.0001 par value, 1,097,165,602 shares authorized, 151,602,324 issued and 151,587,829 outstanding at December 31, 2008		—			—
Class C (series I) common stock, $0.0001 par value, 813,582,801 shares authorized, 124,622,548 issued and 124,097,105 outstanding at September 30, 2008
Class C (series III) common stock, $0.0001 par value, 64,000,000 shares authorized, 26,949,616 issued and outstanding at September 30, 2008		—			—
Class C (series IV) common stock, $0.0001 par value, 1,000,000 shares authorized, 549,587 issued and outstanding at September 30, 2008		—			—
Additional paid-in capital		21,059			21,060
Class C treasury stock, 14,495 shares and 525,443 shares, respectively		(2	)		(35	)
Accumulated income		677			186
Accumulated other comprehensive loss, net		(94	)		(70	)
Total stockholders’ equity and accumulated income		21,640			21,141
Total liabilities, temporary equity and minority interest, and stockholders’ equity	$	31,822		$	34,981

7

Visa Inc.

Selected Consolidated Statements Of Cash Flows

(unaudited)

	For the Three Months Ended December 31,
	2008			2007
	(in millions)
Operating Activities
Net income	$	574		$	424
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, equipment and technology		52			62
Amortization of intangibles, investments, debt issuance costs and accretion of member deposits		—			1
Share-based compensation		32			—
Interest earned on litigation escrow, net of tax		(7	)		—
Net recognized loss on investment securities, including other-than-temporary impairment		7			2
Asset impairment		1			—
Gain on disposal of property, equipment and technology		—			(1	)
Amortization of volume and support incentives		269			250
Accrued litigation and accretion		25			39
Equity in earnings of unconsolidated affiliates		1			(1	)
Deferred income taxes		179			(9	)
Change in operating assets and liabilities:
Trading securities		7			—
Accounts receivable		(36	)		(29	)
Settlement receivable		386			(567	)
Volume and support incentives		(254	)		(269	)
Other assets		95			(27	)
Accounts payable		(66	)		(89	)
Settlement payable		(453	)		368
Accrued compensation and benefits		(157	)		(166	)
Accrued and other liabilities		59			198
Accrued litigation		(529	)		(1	)
Member deposits		—			(3	)
Net cash provided by operating activities		185			182
Investing Activities
Investment securities, available-for-sale:
Purchases		—			(1,257	)
Proceeds from sales and maturities		195			1,732
Distribution of money market investment		775			—
Non-marketable securities		—			(160	)
Cash acquired through reorganization		—			1,002
Purchases of/contributions to other investments		(1	)		—
Dividends/distributions from other investments		—			1
Purchases of property, equipment and technology		(68	)		(71	)
Proceeds from sale of property, equipment and technology		—			4
Net cash provided by investing activities		901			1,251
Financing Activities
Proceeds from short-term borrowing		—			2
Payments on short-term borrowing		—			(2	)
Funding of litigation escrow account - Retrospective Responsibility Plan		(1,100	)		—
Payments from litigation escrow account - Retrospective Responsibility Plan		397			—
Payment for redemption of stock		(2,646	)		—
Dividends paid		(81	)		—
Principal payments on debt		(2	)		(9	)
Principal payments on capital lease obligations		—			(1	)
Net cash used in financing activities		(3,432	)		(10	)
Effect of exchange rate translation on cash and cash equivalents		(20	)		—
(Decrease) increase in cash and cash equivalents		(2,366	)		1,423
Cash and cash equivalents at beginning of year		4,979			275
Cash and cash equivalents at end of period	$	2,613		$	1,698
Supplemental Disclosure of Cash Flow Information
Income taxes paid, net of refunds	$	4		$	5
Amounts included in accounts payable and accrued and other liabilities related to purchases of property, equipment and technology	$	21		$	2
Interest payments on debt	$	1		$	1
Common stock issued in acquisition	$	—		$	16,785
Assets acquired in joint venture with note payable and equity interest issued	$	22		$	—

8

Adjusted Operating Income and Net Income

US$ in millions

	For the Three Months Ended December 31, 2008			For the Three Months Ended December 31, 2007
Net income (as reported)	$	574		$	424
Addback: Income tax expense (as reported)		379			259
Net income before taxes (as reported)	$	953		$	683
Adjustments:
Restructuring(1)		28			36
Asset step-up amortization(2)		17			17
Adjustments to operating income		45			53
Interest accretion on American Express settlement(3)		10			23
Interest expense on Discover settlement(4)		3			—
Investment income on Litigation Escrow and EU proceeds(5)		(13	)		—
Underwater contract (LIBOR adjustment)(6)		—			(8	)
Adjustments to non-operating income		—			15
Total adjustments		45			68
Adjusted net income before tax		998			751
Adjusted income tax expense (7)		(399	)		(308	)
Adjusted net income	$	599		$	443
Operating income (as reported)	$	966		$	678
Addback: Adjustments to operating income		45			53
Adjusted operating income	$	1,011		$	731
Operating revenues (as reported)	$	1,739		$	1,488
Adjusted operating margin		58	%		49	%
Total operating expenses (as reported)	$	773		$	810
Less: Adjustments to operating expenses		(45	)		(53	)
Adjusted operating expenses	$	728		$	757

⁽¹⁾ Restructuring costs associated with workforce consolidation and elimination of overlapping functions.

⁽²⁾ Non-cash amortization and depreciation of the incremental basis in technology and building assets acquired in the reorganization.

⁽³⁾ Non-cash interest expense recorded on future payments to be made under the settlement agreement with American Express. These payments will be paid from the litigation escrow account.

⁽⁴⁾ Interest expense recorded on future payments to be made under the settlement agreement with Discover. These payments will be paid from the litigation escrow account.

⁽⁵⁾ Investment income earned during the period on all IPO proceeds held, including amounts held in the litigation escrow and amounts the company used in October 2008 to redeem all class C (series II) common stock and a portion of the class C (series III) common stock outstanding.

⁽⁶⁾ Other expense (income) recorded in the periods presented as a result of changes in the company’s estimated liability under the Framework Agreement, which governs its relationship with Visa Europe. The changes were primarily due to movement in the LIBOR rates in the periods presented. This liability terminated after the October 2008 redemptions described above.

⁽⁷⁾ Reflects a normalized tax rate of 40% and 41% for fiscal 2009, and 2008, respectively.

9

Reconciliation of Non-GAAP Adjusted Operating Expenses

US$ in millions

	For the Three Months Ended December 31, 2008							For the Three Months Ended December 31, 2007
	Actual		Adjustments			As Adjusted		Actual		Adjustments			As Adjusted
Personnel	$	275	$	(27	) (1)	$	248	$	283	$	(27	) (1)	$	256
Network, EDP and communications		93		—			93		83		—			83
Advertising, marketing and promotions		210		—			210		210		—			210
Professional and consulting fees		80		(1	) (1)		79		98		(9	) (1)		89
Depreciation and amortization		52		(17	) (2)		35		62		(17	) (2)		45
Administrative and other		63		—			63		74		—			74
Litigation provision		—		—			—		—		—			—
Total operating expenses	$	773	$	(45	)	$	728	$	810	$	(53	)	$	757

⁽¹⁾ Restructuring

⁽²⁾ Asset step-up amortization

10

Reconciliation of Non-GAAP Adjusted Non-operating (Expense) Income

US$ in millions

	For the Three Months Ended December 31, 2008								For the Three Months Ended December 31, 2007
	Actual			Adjustments		As Adjusted			Actual			Adjustments		As Adjusted
Equity in earnings of unconsolidated affiliates	$	(1	)	—		$	(1	)	$	1		—		$	1
Interest expense		(30	)	13	(1)		(17	)		(45	)	23	(1)		(22	)
Investment income, net		19		(13	) (2)		6			41		—			41
Other		(1	)	—			(1	)		8		(8	) (3)		—
Total other (expense) income	$	(13	)	—		$	(13	)	$	5		15		$	20

⁽¹⁾ Interest accretion on American Express Settlement and interest expense on Discover Settlement

⁽²⁾ Investment income on Litigation Escrow funds and funds used in October 2008 for the repurchase of shares from Visa Europe.

⁽³⁾ Underwater contract (LIBOR adjustment)

11

Class A Common Stock Adjusted Diluted Earnings Per Share

• Management believes the presentation of adjusted operating income and adjusted net income provides a clearer understanding of the one-time items related to the company’s reorganization, initial public offering and other non-recurring events. These measures also adjust for expenses related to covered litigation that will be funded by the litigation escrow account. These items have an impact on our financial results but are either non-recurring or have no operating cash impact.

• Recognizing that we have a very complex equity structure incorporating multiple classes and series of common stock, the company has also presented adjusted diluted class A earnings per share calculated below based on adjusted net income and the weighted average number of diluted class A shares outstanding in the periods presented. This non-GAAP financial measure has been presented to illustrate our per share results reflecting our capital structure after the redemption of all class C (series II) common stock and a portion of class C (series III) common stock, which the company redeemed in October 2008. Management believes this non-GAAP presentation provides the reader with a clearer understanding of our per share results by excluding these redeemed shares and allocating adjusted net income only to permanent equity.

	For the Three Months Ended		For the Three Months Ended
	December 31, 2008		December 31, 2007
	(in millions, except per share data)
Adjusted net income	$	599	$	443
Weighted average number of diluted shares outstanding		772		775
Adjusted diluted earnings per share	$	0.78	$	0.57

12

Operational Performance Data

The tables below provide information regarding the operational results for the 3 months ended September 30, 2008, as well as the prior seven quarterly reporting periods and the 12 months ended September 30, 2008 and 2007, for cards carrying the Visa, Visa Electron and Interlink brands.

1. Branded Volume and Transactions

The tables present Payments Volume, Cash Volume, Total Volume, the number of payments transactions, cash transactions, accounts and cards for cards carrying the Visa, Visa Electron and Interlink brands. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior periods are provided for volume-based data.

	For the 3 Months Ended September 30, 2008
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	250	16.4	%	20.4	%	$	163	16.3	%	20.5	%	2,144	$	87	16.6	%	20.1	%	525	400	480
Canada		50	5.5	%	9.1	%		44	6.9	%	10.6	%	395		5	-4.9	%	-1.6	%	9	24	32
CEMEA		144	43.4	%	44.4	%		21	38.6	%	42.1	%	280		123	44.3	%	44.8	%	671	169	176
LAC		159	31.3	%	26.5	%		51	33.0	%	28.5	%	1,236		108	30.5	%	25.5	%	798	301	334
US		524	7.1	%	7.1	%		421	8.6	%	8.6	%	7,680		103	1.5	%	1.5	%	743	478	654
Visa Inc.		1,127	15.9	%	16.4	%		701	12.5	%	13.4	%	11,736		426	21.9	%	21.7	%	2,747	1,371	1,676
Visa Credit Programs
US	$	244	1.7	%	1.7	%	$	213	3.5	%	3.5	%	2,360	$	31	-9.2	%	-9.2	%	30	266	339
Rest of World		280	15.6	%	18.9	%		239	16.1	%	19.2	%	3,114		41	12.9	%	17.4	%	153	410	473
Visa Inc.		525	8.7	%	10.2	%		452	9.8	%	11.2	%	5,475		73	2.1	%	4.2	%	183	675	812
Visa Debit Programs
US	$	280	12.4	%	12.4	%	$	208	14.4	%	14.4	%	5,320	$	71	7.1	%	7.1	%	714	212	314
Rest of World		322	33.8	%	32.7	%		41	37.5	%	37.8	%	941		282	33.3	%	32.0	%	1,850	484	549
Visa Inc.		602	22.9	%	22.5	%		249	17.6	%	17.6	%	6,261		353	27.0	%	26.1	%	2,564	695	864
	For the 3 Months Ended June 30, 2008
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	250	24.3	%	21.1	%	$	162	22.4	%	18.9	%	2,032	$	88	28.0	%	25.5	%	498	387	472
Canada		51	14.3	%	10.3	%		45	14.5	%	10.4	%	383		6	13.0	%	9.0	%	9	24	31
CEMEA		131	45.8	%	40.7	%		19	37.8	%	38.1	%	255		112	47.2	%	41.2	%	640	159	168
LAC		155	35.4	%	22.9	%		50	40.3	%	27.5	%	1,160		105	33.2	%	20.8	%	754	303	328
US		526	8.8	%	8.8	%		423	9.8	%	9.8	%	7,659		103	4.9	%	4.9	%	738	465	643
Visa Inc.		1,113	19.2	%	16.5	%		699	15.2	%	13.6	%	11,489		414	26.6	%	21.8	%	2,639	1,338	1,642
Visa Credit Programs
US	$	246	4.7	%	4.7	%	$	213	5.0	%	5.0	%	2,334	$	34	2.9	%	2.9	%	29	262	335
Rest of World		278	21.7	%	17.9	%		238	22.6	%	18.3	%	2,969		40	16.4	%	15.3	%	146	404	464
Visa Inc.		524	13.1	%	11.3	%		450	13.6	%	11.6	%	5,303		74	9.8	%	9.3	%	175	666	799
Visa Debit Programs
US	$	280	12.6	%	12.6	%	$	210	15.0	%	15.0	%	5,325	$	69	5.9	%	5.9	%	708	203	308
Rest of World		309	39.4	%	31.0	%		38	40.3	%	31.9	%	860		271	39.3	%	30.8	%	1,756	470	536
Visa Inc.		589	25.3	%	21.6	%		248	18.3	%	17.3	%	6,185		340	30.9	%	24.9	%	2,464	673	844

13

Operational Performance Data   September 30, 2008  

	For the 3 Months Ended March 31, 2008
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	245	29.4	%	21.2	%	$	159	26.5	%	18.1	%	1,913	$	85	35.2	%	27.4	%	458	376	457
Canada		47	30.9	%	10.0	%		41	30.5	%	9.7	%	337		6	33.8	%	12.5	%	9	24	31
CEMEA		114	40.8	%	36.6	%		17	40.4	%	38.9	%	236		96	40.9	%	36.2	%	584	148	156
LAC		143	37.8	%	21.8	%		46	47.5	%	30.1	%	1,123		97	33.7	%	18.2	%	719	288	312
US		488	10.8	%	10.8	%		388	12.0	%	12.0	%	7,078		100	6.5	%	6.5	%	689	456	664
Visa Inc.		1,036	22.0	%	17.0	%		652	19.1	%	15.0	%	10,687		384	27.2	%	20.6	%	2,460	1,291	1,620
Visa Credit Programs
US	$	231	8.0	%	8.0	%	$	195	8.1	%	8.1	%	2,167	$	36	7.5	%	7.5	%	30	260	368
Rest of World		268	28.5	%	17.9	%		229	29.5	%	18.2	%	2,798		39	23.0	%	16.1	%	134	387	446
Visa Inc.		499	18.1	%	13.1	%		424	18.7	%	13.3	%	4,964		75	15.0	%	11.8	%	164	647	814
Visa Debit Programs
US	$	257	13.5	%	13.5	%	$	193	16.3	%	16.3	%	4,911	$	64	6.0	%	6.0	%	659	196	296
Rest of World		280	39.6	%	28.7	%		35	44.1	%	31.7	%	812		245	38.9	%	28.3	%	1,636	448	510
Visa Inc.		537	25.8	%	21.0	%		228	19.8	%	18.4	%	5,723		309	30.6	%	23.0	%	2,296	644	806
	For the 3 Months Ended December 31, 2007
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	241	28.4	%	23.0	%	$	158	24.3	%	19.6	%	1,931	$	83	36.9	%	29.9	%	452	368	446
Canada		51	29.3	%	13.6	%		45	28.5	%	12.8	%	382		6	36.5	%	19.9	%	9	23	31
CEMEA		115	43.8	%	38.9	%		18	44.1	%	40.1	%	235		97	43.8	%	38.7	%	590	139	147
LAC		145	33.3	%	21.3	%		47	44.1	%	30.5	%	1,132		99	28.8	%	17.4	%	757	284	307
US		515	11.4	%	11.4	%		413	12.4	%	12.4	%	7,413		102	7.7	%	7.7	%	716	455	660
Visa Inc.		1,067	21.5	%	17.8	%		680	18.5	%	15.7	%	11,093		387	27.3	%	21.8	%	2,524	1,269	1,591
Visa Credit Programs
US	$	253	9.1	%	9.1	%	$	218	9.7	%	9.7	%	2,462	$	36	5.9	%	5.9	%	33	259	365
Rest of World		272	26.7	%	19.5	%		232	27.3	%	19.7	%	2,863		40	23.2	%	18.5	%	136	372	431
Visa Inc.		525	17.6	%	14.3	%		450	18.1	%	14.6	%	5,325		75	14.4	%	12.2	%	169	630	796
Visa Debit Programs
US	$	261	13.7	%	13.7	%	$	195	15.5	%	15.5	%	4,951	$	66	8.7	%	8.7	%	683	197	295
Rest of World		281	39.1	%	29.8	%		36	43.5	%	32.9	%	817		245	38.5	%	29.4	%	1,672	442	500
Visa Inc.		542	25.6	%	21.5	%		231	19.1	%	17.9	%	5,768		311	30.9	%	24.4	%	2,355	639	795
	For the 3 Months Ended September 30, 2007
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	215	25.6	%	20.6	%	$	140	22.1	%	17.5	%	1,796	$	74	32.8	%	26.8	%	417	348	427
Canada		47	22.7	%	12.9	%		42	21.4	%	11.8	%	362		6	33.0	%	22.5	%	9	23	31
CEMEA		101	43.0	%	38.8	%		15	39.0	%	35.6	%	211		85	43.8	%	39.4	%	545	125	136
LAC		121	26.7	%	18.9	%		38	38.5	%	29.5	%	1,004		83	21.9	%	14.6	%	691	267	289
US		489	9.6	%	9.6	%		388	10.7	%	10.7	%	7,035		101	5.7	%	5.7	%	730	440	642
Visa Inc.		972	18.4	%	15.7	%		623	15.9	%	13.8	%	10,407		349	23.3	%	19.3	%	2,392	1,203	1,526
Visa Credit Programs
US	$	240	6.7	%	6.7	%	$	206	8.5	%	8.5	%	2,314	$	35	-2.8	%	-2.8	%	34	253	358
Rest of World		243	22.5	%	17.1	%		206	23.6	%	17.8	%	2,654		37	16.4	%	13.5	%	128	353	410
Visa Inc.		483	14.1	%	11.6	%		412	15.6	%	12.9	%	4,968		71	6.2	%	4.8	%	162	607	769
Visa Debit Programs
US	$	249	12.6	%	12.6	%	$	182	13.4	%	13.4	%	4,721	$	67	10.7	%	10.7	%	696	187	284
Rest of World		241	36.0	%	28.6	%		29	39.6	%	31.3	%	718		211	35.5	%	28.3	%	1,534	409	473
Visa Inc.		489	23.0	%	20.0	%		212	16.4	%	15.6	%	5,439		278	28.6	%	23.6	%	2,230	596	757

14

Operational Performance Data   September 30, 2008  

	For the 3 Months Ended June 30, 2007
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	201	20.6	%	16.6	%	$	132	19.9	%	16.8	%	1,708	$	69	21.9	%	16.1	%	373	336	412
Canada		45	18.2	%	12.0	%		40	17.4	%	11.3	%	352		5	24.5	%	18.0	%	9	22	30
CEMEA		90	38.7	%	37.3	%		14	32.4	%	32.8	%	197		76	39.9	%	38.1	%	508	121	124
LAC		114	32.4	%	18.9	%		35	41.8	%	27.7	%	945		79	28.6	%	15.3	%	669	257	281
US		483	9.5	%	9.5	%		385	10.4	%	10.4	%	6,904		98	6.3	%	6.3	%	721	418	616
Visa Inc.		933	17.1	%	14.6	%		606	14.7	%	13.2	%	10,105		327	21.8	%	17.2	%	2,280	1,154	1,464
Visa Credit Programs
US	$	235	6.4	%	6.4	%	$	203	8.3	%	8.3	%	2,250	$	33	-4.3	%	-4.3	%	32	245	345
Rest of World		228	19.8	%	16.1	%		194	21.2	%	17.0	%	2,519		35	12.6	%	11.1	%	120	339	394
Visa Inc.		464	12.6	%	11.0	%		396	14.3	%	12.5	%	4,770		67	3.7	%	3.1	%	152	584	739
Visa Debit Programs
US	$	248	12.7	%	12.7	%	$	183	12.8	%	12.8	%	4,653	$	65	12.5	%	12.5	%	689	173	270
Rest of World		222	34.2	%	24.9	%		27	39.1	%	28.9	%	682		195	33.5	%	24.4	%	1,439	397	454
Visa Inc.		470	21.9	%	18.3	%		210	15.6	%	14.7	%	5,336		260	27.5	%	21.3	%	2,128	570	725

	For the 3 Months Ended March 31, 2007
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)			Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	189	23.1	%	18.8	%	$	126	20.8	%	17.0	%	1,599	$	63	28.1	%	22.6	%		382	321	397
Canada		36	10.3	%	11.8	%		31	9.2	%	10.7	%	309		4	19.1	%	20.7	%		9	22	30
CEMEA		81	44.8	%	43.8	%		12	35.3	%	40.6	%	183		68	46.6	%	44.4	%		477	117	122
LAC		104	19.4	%	19.6	%		31	25.9	%	25.4	%	904		72	16.8	%	17.2	%		658	251	271
US		440	9.2	%	9.2	%		347	9.0	%	9.0	%	6,261		94	9.8	%	9.8	%		698	412	607
Visa Inc.		850	16.1	%	15.4	%		548	12.9	%	12.4	%	9,256		302	22.3	%	21.1	%		2,224	1,123	1,426
Visa Credit Programs
US	$	214	7.8	%	7.8	%	$	181	8.0	%	8.0	%	2,021	$	33	7.0	%	7.0	%		30	243	341
Rest of World		208	17.1	%	15.4	%		177	18.5	%	16.6	%	2,343		32	9.8	%	9.3	%		105	322	375
Visa Inc.		423	12.2	%	11.6	%		357	13.0	%	12.3	%	4,364		65	8.3	%	8.1	%		135	565	716
Visa Debit Programs																				��
US	$	226	10.4	%	10.4	%	$	166	10.1	%	10.1	%	4,240	$	60	11.4	%	11.4	%		668	169	266
Rest of World		201	33.4	%	30.4	%		24	35.3	%	32.5	%	652		176	33.1	%	30.1	%		1,421	389	444
Visa Inc.		427	20.1	%	19.4	%		190	12.8	%	12.7	%	4,892		237	26.8	%	25.0	%		2,089	558	710

	For the 3 Months Ended December 31, 2006
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	188	21.9	%	15.9	%	$	127	21.1	%	15.8	%	1,600	$	61	23.7	%	16.0	%	381	308	381
Canada		40	11.1	%	11.3	%		35	10.1	%	10.3	%	344		4	19.8	%	20.0	%	9	22	30
CEMEA		80	43.0	%	40.4	%		12	32.2	%	33.9	%	175		68	45.1	%	41.7	%	470	104	112
LAC		109	22.2	%	17.5	%		33	30.4	%	25.3	%	911		77	19.0	%	14.5	%	687	241	262
US		462	8.4	%	8.4	%		367	8.1	%	8.1	%	6,557		95	9.2	%	9.2	%	698	402	600
Visa Inc.		878	15.4	%	13.6	%		574	12.4	%	11.3	%	9,586		304	21.4	%	18.2	%	2,245	1,077	1,384
Visa Credit       Programs
US	$	232	7.7	%	7.7	%	$	199	7.7	%	7.7	%	2,281	$	34	7.7	%	7.7	%	32	240	345
Rest of World		214	17.9	%	14.1	%		182	19.2	%	15.4	%	2,371		32	11.4	%	7.2	%	107	314	363
Visa Inc.		447	12.4	%	10.8	%		381	12.9	%	11.4	%	4,651		66	9.5	%	7.5	%	140	554	709
Visa Debit Programs
US	$	230	9.0	%	9.0	%	$	169	8.6	%	8.6	%	4,276	$	61	10.0	%	10.0	%	666	162	255
Rest of World		202	32.0	%	26.2	%		25	36.0	%	30.5	%	658		177	31.4	%	25.6	%	1,440	361	421
Visa Inc.		431	18.7	%	16.7	%		194	11.5	%	11.2	%	4,934		238	25.2	%	21.4	%	2,105	523	676

15

Operational Performance Data   September 30, 2008  

	For the 12 Months Ended September 30, 2008
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	985	24.3	%	21.4	%	$	642	22.2	%	19.3	%	8,021	$	343	28.6	%	25.6	%	1,934	400	480
Canada		199	18.9	%	10.8	%		176	19.1	%	10.9	%	1,497		23	17.6	%	9.6	%	37	24	32
CEMEA		504	43.5	%	40.4	%		75	40.1	%	39.9	%	1,006		429	44.1	%	40.5	%	2,485	169	176
LAC		602	34.3	%	23.2	%		193	40.8	%	29.1	%	4,651		409	31.5	%	20.5	%	3,028	301	334
US		2,053	9.5	%	9.5	%		1,645	10.6	%	10.6	%	29,830		407	5.1	%	5.1	%	2,886	478	654
Visa Inc.		4,343	19.5	%	16.9	%		2,732	16.2	%	14.4	%	45,005		1,610	25.6	%	21.5	%	10,369	1,371	1,676
Visa Credit Programs
US	$	975	5.8	%	5.8	%	$	839	6.5	%	6.5	%	9,323	$	136	1.7	%	1.7	%	122	266	339
Rest of World		1,098	22.8	%	18.5	%		937	23.6	%	18.8	%	11,744		160	18.6	%	16.8	%	569	410	473
Visa Inc.		2,073	14.2	%	12.2	%		1,776	14.9	%	12.7	%	21,067		297	10.2	%	9.3	%	691	675	812
Visa Debit Programs
US	$	1,077	13.0	%	13.0	%	$	807	15.3	%	15.3	%	20,507	$	271	6.9	%	6.9	%	2,764	212	314
Rest of World		1,192	37.8	%	30.6	%		149	41.1	%	33.6	%	3,430		1,043	37.4	%	30.2	%	6,914	484	549
Visa Inc.		2,269	24.8	%	21.7	%		956	18.7	%	17.8	%	23,938		1,313	29.8	%	24.6	%	9,678	695	864
	For the 12 Months Ended September 30, 2007
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	793	22.8	%	18.0	%	$	526	21.0	%	16.8	%	6,702	$	267	26.7	%	20.3	%	1,553	348	427
Canada		167	15.9	%	12.0	%		148	14.8	%	11.0	%	1,366		19	24.5	%	20.3	%	36	23	31
CEMEA		351	42.3	%	39.9	%		54	34.8	%	35.6	%	766		298	43.7	%	40.7	%	2,000	125	136
LAC		448	25.2	%	18.7	%		137	34.3	%	27.0	%	3,763		311	21.6	%	15.4	%	2,705	267	289
US		1,875	9.2	%	9.2	%		1,487	9.6	%	9.6	%	26,757		387	7.6	%	7.6	%	2,846	440	642
Visa Inc.		3,634	16.8	%	14.8	%		2,352	14.0	%	12.7	%	39,354		1,282	22.2	%	18.9	%	9,141	1,203	1,526
Visa Credit Programs
US	$	922	7.1	%	7.1	%	$	788	8.1	%	8.1	%	8,866	$	134	1.6	%	1.6	%	128	253	358
Rest of World		894	19.4	%	15.7	%		759	20.7	%	16.7	%	9,887		135	12.6	%	10.3	%	461	353	410
Visa Inc.		1,816	12.9	%	11.3	%		1,546	14.0	%	12.3	%	18,753		270	6.8	%	5.8	%	589	607	769
Visa Debit Programs
US	$	953	11.2	%	11.2	%	$	700	11.2	%	11.2	%	17,891	$	253	11.2	%	11.2	%	2,718	187	284
Rest of World		865	34.0	%	27.5	%		106	37.6	%	30.7	%	2,711		759	33.5	%	27.0	%	5,834	409	473
Visa Inc.		1,818	21.0	%	18.6	%		806	14.1	%	13.6	%	20,601		1,012	27.1	%	22.8	%	8,552	596	757

16

Operational Performance Data   September 30, 2008  

Footnote

The preceding tables present Payments Volume, Cash Volume, Total Volume, the number of payments transactions, cash transactions, accounts and cards for cards carrying the Visa, Visa Electron and Interlink brands. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior periods are provided for volume-based data.

Payments Volume represents the aggregate dollar amount of purchases made with cards carrying the Visa, Visa Electron and Interlink brands for the relevant period; and Cash Volume represents the aggregate dollar amount of cash disbursements obtained with these cards for the relevant period and includes the impact of balance transfers and convenience checks; but excludes proprietary PLUS volume. Total Volume represents Payments Volume plus Cash Volume.

Visa payment products are comprised of credit and debit programs, and data relating to each program is included in the tables. Debit programs include Visa’s signature based and Interlink (PIN) debit programs.

The data presented is reported quarterly by Visa’s members on their operating certificates and is subject to verification by Visa. On occasion, members may update previously submitted information.

Visa’s CEMEA region is comprised of countries in Central Europe, the Middle East and Africa. Several European Union countries in Central Europe, Israel and Turkey are not included in CEMEA. LAC is comprised of countries in Central and South America and the Caribbean. Rest of World includes Asia Pacific, Canada, CEMEA and LAC.

Information denominated in U.S. dollars is calculated by applying an established U.S. dollar/local currency exchange rate for each local currency in which Visa Inc. volumes are reported (“Nominal USD”). These exchange rates are calculated on a quarterly basis using the established exchange rate for each quarter. To eliminate the impact of foreign currency fluctuations against the U.S. dollar in measuring performance, Visa Inc. also reports period-over-period growth in Total Volume, Payments Volume and Cash Volume on the basis of local currency information (“Constant USD”). This presentation represents Visa’s historical methodology which may be subject to review and refinement.

17

Operational Performance Data   September 30, 2008  

2. Processed Transactions

The table below represents transactions involving Visa, Visa Electron, Interlink and PLUS cards processed on Visa’s networks.

Period	Processed Transactions (millions)	Year-over-Year Growth
3 Months Ended
Dec 31, 2008	9,797	8	%
Sep 30, 2008	9,590	11	%
Jun 30, 2008	9,473	13	%
Mar 31, 2008	8,800	15	%
Dec 31, 2007	9,094	13	%
Sep 30, 2007	8,645	12	%
Jun 30, 2007	8,411	13	%
Mar 31, 2007	7,645	12	%
12 Months Ended
Dec 31, 2008	37,659	11	%
Dec 31, 2007	33,796	13	%
Dec 31, 2006	30,008	NA

18