Fiscal Second Quarter 2013 Financial Results 2 Forward-Looking Statements • the impact of laws, regulations and marketplace barriers, including: • rules capping debit interchange reimbursement fees promulgated under the U.S. Wall Street Reform and Consumer Protection Act, or the Dodd-Frank Act; • rules under the Dodd-Frank Act expanding issuers' and merchants' choice among debit payment networks; • increased regulation outside the United States and in other product categories; • increased government support of national payment networks outside the United States; and • rules about consumer privacy and data use and security; • developments in litigation and government enforcement, including • those affecting interchange reimbursement fees, antitrust and tax and • our failure to make our multidistrict interchange litigation settlement effective; • economic factors, such as: • an increase or spread of the current European crisis involving sovereign debt and the euro; • a failure to raise the “debt ceiling” or to resolve the current sequestration in the United States; • cross-border activity and currency exchange rates; • material changes in our clients' performance compared to our estimates; and • other global economic, political and health conditions; • industry developments, such as competitive pressure, rapid technological developments and disintermediation from the payments value stream; • system developments, such as: • disruption of our transaction processing systems or the inability to process transactions efficiently; • account data compromises 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; • the other factors discussed in our most recent 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. 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 "believe," "continue," “expect," and similar references to the future. Examples of such forward-looking statements include, but are not limited to, statements we make about revenues, client incentives, expenses, operating margin, tax rate, earnings per share, capital expenditures, free cash flow, consumer credit and debit volume 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: failure to integrate acquisitions successfully or to effectively launch new products and businesses; and | 
