Fiscal Fourth Quarter and Full-Year 2011 Financial Results 2 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by the terms “expect,” “will,” “continue” and similar references to the future. Examples of such forward-looking statements include, but are not limited to, statements we make about our earnings per share, cash flow, revenue, incentive payments, expenses, operating margin, tax rate and capital expenditures and the growth of those items. By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are neither statements of historical fact nor guarantees of future performance and (iii) are subject to risks, uncertainties, assumptions and changes in circumstances that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements because of a variety of factors, including the following: – the impact of new laws, regulations and marketplace barriers, particularly the rules recently promulgated under the U.S. Wall Street Reform and Consumer Protection Act, including: • rules capping debit interchange rates; • rules expanding issuers’ and retailers’ choice among debit payment networks; • the spread of regulation of debit payments to credit and other product categories; • the spread of U.S. regulations to other countries; and • rules about consumer privacy and data use and security – developments in current or future disputes and our ability to absorb their impact, including interchange, tax and antitrust; – macroeconomic factors, such as: • global economic, political, health and other conditions; • cross-border activity and currency exchange rates; and • material changes in our clients’ performance compared to our estimates; – industry developments, such as: • competitive pressure, particularly on client pricing; • rapid technological developments; • bank and merchant consolidation and their increased focus on payment card costs; • disintermediation from the payments value stream through new entrants, government actions or bilateral agreements; and • adverse changes in our relationships and reputation; – system developments, such as: • disruption of our transaction processing systems or the inability to process transactions efficiently; • our clients’ failure to fund settlement obligations we have guaranteed; • disruption of our transaction processing systems or the inability to process transactions efficiently; • account data breaches or increased fraudulent or other illegal activities involving our cards; and • issues arising at Visa Europe, including failure to maintain interoperability between our systems; – costs arising if Visa Europe were to exercise its right to require us to acquire all of its outstanding stock; – loss of organizational effectiveness or key employees; – failure to integrate successfully recent acquisitions or new technologies; – changes in accounting principles or treatments; and the other factors discussed under the heading “Risk Factors” in our annual report on Form 10-K filed with the U.S. Securities and Exchange Commission. You should not place undue reliance on such statements. Unless required to do so by law, we do not intend to update or revise any forward-looking statement because of new information or future developments or otherwise. | 
