Fiscal Fourth Quarter 2014 Financial Results 2 Forward-Looking Statements various other factors, including those contained in our Annual Report on Form 10-K for the year ended September 30, 2013 and our other filings with the U.S. Securities and Exchange Commission. Additional information will also be available in our Annual Report on Form 10-K for the year ended September 30, 2014. You should not place undue reliance on such statements. Except as required by law, we do not intend to update or revise any forward–looking statements as a result of new information, future developments or otherwise. •natural disasters, terrorist attacks, military or political conflicts, and public health emergencies; and •the failure to integrate acquisitions successfully or to effectively develop new products and businesses; •the loss of organizational effectiveness or key employees; •costs arising if Visa Europe were to exercise its right to require us to acquire all of its outstanding stock; •disruption of our transaction processing systems or the inability to process transactions efficiently; •account data breaches or increased fraudulent or other illegal activities involving Visa-branded cards or payment products; and •failure to maintain systems interoperability with Visa Europe; •system developments, such as: •industry developments, such as competitive pressure, rapid technological developments and disintermediation from our payments network; •economic fragility in the Eurozone and in the United States; •general economic, political and social conditions in mature and emerging markets globally; •general stock market fluctuations which may impact consumer spending; •material changes in cross-border activity, foreign exchange controls and fluctuations in currency exchange rates; and •material changes in our financial institution clients' performance compared to our estimates; •economic factors, such as: •new lawsuits, investigations or proceedings, or changes to our potential exposure in connection with pending lawsuits, investigations or proceedings; •developments in litigation and government enforcement, including those affecting interchange reimbursement fees, antitrust and tax; •rules capping debit interchange reimbursement rates and expanding financial institutions’ and merchants’ choices among debit payment networks promulgated under the Dodd-Frank Wall Street Reform and Consumer Protection Act; •increased regulation in jurisdictions outside of the United States and in other product categories; •increased government support of national payment networks outside the United States; and •increased regulation on consumer privacy, data use and security; •the impact of laws, regulations and marketplace barriers, including: By their nature, forward-looking statements: (i) speak only as of the date they are made; (ii) are not statements of historical fact or guarantees of future performance; and (iii) are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from our forward-looking statements due to a variety of factors, including the following: This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are identified by words such as "believes," "estimates," "expects," "intends," "may," "projects," "could," "should," "will," "will continue" and other similar expressions. Examples of forward-looking statements include, but are not limited to, statements we make about our revenue, client incentives, operating margin, tax rate, earnings per share, free cash flow, and the growth of those items. | 
