Visa Credit News

Visa Inc. Reports Fiscal Second Quarter 2008 Earnings Results
– GAAP net income of $314 million for the quarter

– Adjusted net income of $401 million for the quarter

– GAAP diluted class A common earnings per share of $0.39 for the quarter

– Adjusted diluted class A common earnings per share of $0.52 for the quarter

– Payment volume grew 19% over the prior year to $681 billion

SAN FRANCISCO, April 28 /PRNewswire-FirstCall/ — Visa Inc. (NYSE: V) today announced financial results for our fiscal second quarter ended March 31, 2008. GAAP net income for the quarter was $314 million, or $0.39 per diluted class A common share. GAAP diluted class A common shares outstanding were 778 million. On an adjusted basis (reflective of a normalized tax rate and excluding litigation, restructuring and purchase amortization), net income for the quarter was $401 million, or $0.52 per diluted class A common share. Adjusted diluted class A common shares outstanding were 779 million.

Net operating revenue in the fiscal second quarter 2008 was $1.5 billion. Strong contributions were made by service fees, data processing fees, and international transaction fees as payment volumes and processed transactions rose across all regions worldwide.

“We are very pleased with our financial results for our first quarter as a public company. Despite a challenging economic environment, Visa recorded strong growth in payments volume and transactions globally and across our diverse suite of products — a trend which is continuing into the fiscal third quarter,” said Joseph Saunders, Visa’s chairman and chief executive officer. “Our performance is a testament to Visa’s business model and economic resiliency, as we continue to lead the migration from cash and checks to electronic payments.”

“Visa is focused on growing our business globally by extending our industry-leading processing services, expanding our products to new geographies, and further strengthening our valuable relationships with financial institutions and merchants who are critical to our success,” said Mr. Saunders.

Fiscal Second Quarter 2008 Financial Highlights:

Visa Inc. reports operational performance data on a trailing one quarter basis, based on information provided to the company from client financial institutions. This operational performance data, which includes payments volume for our clients, total volume, total payments transactions, and total cards carrying Visa brands, are in part the basis for financial results in the following quarter. For the period ending December 31, 2007, which impacts the March 2008 fiscal quarter, Visa’s operational performance highlights include:

— Payments volume grew 19% over the prior year to $681 billion;
— Total volume, inclusive of cash volume was $1.1 trillion, an increase of 21% over the prior year;
— Total cards carrying the Visa brands rose 16% worldwide to 1.6 billion over the prior year; and
— Total payment transactions increased by 16% over the prior year to 11 billion.

Total processed transactions, which are based on current fiscal second quarter results on Visa’s processing system, were 8.8 billion, a 15% increase over the prior year.

For the fiscal second quarter 2008, service fees were $792 million, up 29% over the prior year on a pro forma basis, and were recognized based on payment volume in the prior quarter. All other fee categories are recognized based on current quarter activity and are also compared on a pro forma basis. Data processing fees rose 34% over the prior year to $494 million. International transaction fees, which are driven by cross-border payments volume, grew 35% over the prior year to $379 million, as we continued to benefit from higher multi-currency payments volumes across all regions during the fiscal second quarter. Other revenue, which includes the Visa Europe licensing fee, was $126 million for the fiscal second quarter. Volume and incentive payments, which are contra revenue, were $338 million for the fiscal second quarter.

Total operating expenses were $1.1 billion for the fiscal second quarter, up 39% over the prior year on a pro forma basis. The increase in total operating expenses over the prior year was primarily driven by a $285 million provision for covered litigation. This amount is expected to be fully covered for Visa Inc. under the terms of the retrospective responsibility plan. Excluding this provision, operating expenses grew only 3% over the prior year on a pro forma basis.

Cash, cash equivalents, restricted cash, and available-for-sale investment securities were $8 billion at March 31, 2008, and includes $2.7 billion that we intend to use to redeem all of the series II and a portion of the series III class C shares in October 2008.

Other items for the second fiscal quarter ended March 31, 2008, included:
— The Company funded the U.S. litigation escrow account with $3 billion of net proceeds from the initial public offering; and
— A $945 million payment was made to American Express which was funded through the litigation escrow account as part of our legal settlement.

The Company’s net income and earnings per share, excluding special items, are non-GAAP financial measures that are reconciled to their most directly comparable GAAP measure in the accompanying financial tables.

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 and initial public offering. These measures also adjust for expenses related to covered litigation that will be funded by the litigation escrow account through the retrospective responsibility plan. These items have a significant 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 based on adjusted net income and the adjusted weighted average number of 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 intends to redeem in October 2008. The class C (series II) common stock is classified as temporary equity and the class C (series III) common stock is classified as a liability on the Company’s consolidated balance sheet at March 31, 2008. Management believes this non-GAAP presentation provides the reader with a clearer understanding of our per share results by excluding those shares to be redeemed and allocating adjusted net income only to classes and series of common stock classified as permanent equity.

Fiscal Year-to-Date 2008 Results:

For the six months ended March 31, 2008, Visa Inc. reported GAAP net income of $738 million, or $0.93 per diluted class A common share. GAAP diluted class A common shares outstanding were 762 million.

On an adjusted basis, (reflective of a normalized tax rate and excluding litigation, restructuring, and purchase amortization) net income for the six months ended March 31, 2008, was $844 million, or $1.08 per diluted class A common share. Adjusted diluted class A common shares outstanding were 779 million.

Net operating revenue for the six months ended March 31, 2008, was $2.9 billion, up 24% over the prior year on a pro forma basis.

Total operating expenses were $1.9 billion for the six months ended March 31, 2008, up 21% over the prior year on a pro forma basis. The increase in total operating expenses over the prior year was primarily driven by a $285 million provision for covered litigation. This amount is expected to be fully covered for Visa Inc. under the terms of the retrospective responsibility plan. Excluding this provision, operating expenses grew only 3% over the prior year on a pro forma basis.

Financial Outlook:

Visa Inc.’s financial outlook over the next three years includes the following metrics:

— Annual net revenue growth of 11% to 15%;
— Annual adjusted operating margin (adjusted earnings before interest and taxes) in the low 40% range;
— Annual adjusted diluted class A common earnings per share growth of 20% or greater; and
— Annual free cash flow (cash flow from operations plus cash reimbursements from litigation escrow less capital spending) in excess of $1 billion.

This outlook reflects an assumed 41% percent GAAP tax rate for fiscal year 2008. Our intent is to reduce this rate to a level around 35-36% over the next five years.

Second Quarter Results Webcast Information

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 at http://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 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.

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: (i) statements regarding certain of Visa’s goals and expectations with respect to earnings per share, revenue, operating margin, and free cash flow, and the growth rate in those item, as well as other measures of economic performance, and (ii) statements relating to the benefits of the 2007 reorganization and the 2008 initial public offering.

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 under the heading “Risk Factors” in our Prospectus dated March 18, 2008, filed with the U.S. Securities and Exchange Commission pursuant to Rule 424(b)(4) on March 19, 2008. You are cautioned not to place undue reliance on such statements, which speak only as of the date of this press release. 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

Visa Inc.
Consolidated Statements of Operations
(unaudited)
For the For the
three months six months
ended March 31, ended March 31,

2008 2007 2008 2007
Actual Pro forma Actual Pro forma
(in millions) (in millions)

Operating Revenues

Service fees $792 $614 $1,524 $1,191
Data processing fees 494 370 986 747
Volume and support incentives (338) (187) (588) (323)
International transaction fees 379 281 760 529
Other revenues 126 113 259 221
Total operating revenues 1,453 1,191 2,941 2,365

Operating Expenses

Personnel 289 269 572 542
Network, EDP, and communications 78 69 161 137
Advertising, marketing, and promotion 215 182 425 387
Professional and consulting fees 96 136 194 237
Depreciation and amortization 59 54 121 109
Administrative and other 75 74 149 150
Litigation provision 292 13 292 15
Total operating expenses 1,104 797 1,914 1,577

Operating income 349 394 1,027 788

Other Income (Expense)
Equity in earnings of unconsolidated
affiliates – – 1 –
Interest expense (41) (24) (86) (48)
Investment income, net 34 36 75 76
Other 28 – 36 –
Total other income (expense) 21 12 26 28

Income before income taxes and
minority interest 370 406 1,053 816
Income tax expense 56 160 315 321

Net income $314 $246 $738 $495

Basic net income per share (1)
Class A common stock $0.39 $0.93
Class B common stock $0.37 $0.92
Class C (series I) common stock $0.39 $0.93
Class C (series II) common stock $0.30 $0.81
Class C (series III and IV) common
stock $0.39 $0.93
Basic weighted average shares
outstanding (1) (in thousands)
Class A common stock 63,800 31,726
Class B common stock 415,280 420,866
Class C (series I) common stock 255,313 256,675
Class C (series II) common stock 35,311 31,587
Class C (series III and IV) common
stock 57,725 60,258
Diluted net income per share (1)
Class A common stock $0.39 $0.93
Class B common stock $0.37 $0.92
Class C (series I) common stock $0.39 $0.93
Class C (series II) common stock $0.30 $0.81
Class C (series III and IV) common
stock $0.39 $0.93
Diluted weighted average shares
outstanding (1) (in thousands)
Class A common stock 777,738 762,374
Class B common stock 415,280 420,866
Class C (series I) common stock 255,313 256,675
Class C (series II) common stock 35,311 31,587
Class C (series III and IV) common
stock 57,725 60,258

(1) Note: There is no comparable earnings per share measure for 2007 as
we were a non-stock company.

Visa Inc.
Consolidated Balance Sheets
(unaudited)

March 31, 2008 October 1, 2007
(in millions)
Assets

Cash and cash equivalents $5,041 $1,278
Restricted cash – litigation escrow 1,285 –
Restricted cash – tax escrow 116 –
Investment securities, available-for-sale 598 842
Settlement receivable 1,157 587
Accounts receivable 321 318
Customer collateral 500 389
Current portion of volume and support incentives 227 135
Current portion of deferred tax assets 541 771
Prepaid and other current assets 300 381

Total current assets 10,086 4,701

Restricted cash – litigation escrow 770 –
Investment securities, available-for-sale 194 743
Volume and support incentives 79 72
Property, equipment, and technology, net 1,018 906
Other assets 623 625
Intangible assets 10,883 10,883
Goodwill 10,216 9,139

Total assets $33,869 $27,069

Liabilities
Accounts payable $111 $164
Settlement payable 916 644
Customer collateral 500 389
Accrued compensation and benefits 317 479
Volume and support incentives 305 294
Accrued liabilities 540 496
Current portion of long-term debt 72 84
Current portion of accrued litigation 1,572 2,236
Redeemable class C (series III) common
stock, 35,263,585 shares outstanding 1,508 –

Total current liabilities 5,841 4,786

Long-term debt 40 40
Accrued litigation 1,349 1,446
Deferred tax liabilities 3,563 3,758
Other liabilities 761 754

Total liabilities 11,554 10,784

Temporary Equity
Class C (series II) common stock,
79,748,857 shares issued and outstanding 1,127 –

Total temporary equity 1,127 –

Commitments and contingencies – –

Stockholders’ Equity
Preferred stock, none issued – –
Class A common stock, 447,889,803
issued and outstanding – –
Class B common stock, 245,513,385
issued and outstanding – –
Class C (series I) common stock,
124,503,084 issued and outstanding – –
Class C (series III) common stock,
26,949,616 issued and outstanding – –
Class C (series IV) common stock,
549,587 issued and outstanding – –
Additional paid-in capital 20,970 16,785
Accumulated income (deficit) 223 (500)
Accumulated other comprehensive loss (5) –
Total equity 21,188 16,285

Total liabilities, temporary equity and
stockholders’ equity $33,869 $27,069

VISA INC.
Consolidated Statements of Cash Flows
For the Six Months
Ended March 31,
2008 2007(1)
(in millions)
Operating Activities

Net income $738 $385
Adjustments to reconcile net income
to net cash provided by operating activities:
Depreciation and amortization
of facilities, equipment, and software 121 57
Amortization of intangibles, investments,
debt issuance cost, accretion of member
deposits, and asset retirement obligation – 6
Share-based compensation 19 –
Fair value adjustment for
liability under the framework agreement (36) –
Net recognized loss (gain) on investment
securities, including other-than-
temporary impairment 8 (2)
(Gain) loss on sale of assets – 1
Minority interest – 1
Amortization of volume and
support incentives 588 225
Accrued litigation and accretion 370 51
Equity in earnings of
unconsolidated affiliates (1) (25)
Deferred income taxes 124 –
Change in operating assets and liabilities:
Accounts receivable (3) (1)
Settlement receivable (569) 5
Volume and support incentives (676) (234)
Other assets (61) 21
Accounts payable (54) (55)
Settlement payable 273 (4)
Accrued compensation and benefits (154) (34)
Accrued and other liabilities 195 61
Accrued litigation (1,131) (1)
Member deposits (3) (71)

Net cash provided by (used in)
operating activities (252) 386

Investing Activities

Investment securities, available-for-sale:
Purchases (1,500) (1,427)
Proceeds from sales and maturities 2,279 1,222
Cash acquired through reorganization 1,002 –
Contributions to joint ventures – (1)
Distribution from partnership investment 1 –
Purchases of property, equipment, and technology (237) (45)
Proceeds from sale of property,
equipment, and technology 4 –

Net cash provided by (used in)
investing activities 1,549 (251)

Financing Activities

Proceeds from short-term borrowing 2 –
Payments on short-term borrowing (2) –
Proceeds from sale of common stock,
net of issuance costs of $550 19,100 –
Payment to litigation escrow account
– Retrospective Responsibility Plan (3,000) –
Funding from litigation escrow account
– Retrospective Responsibility Plan 945 –
Payment to tax escrow account –
Income tax withheld on proceeds (116) –
Payment for redemption of common stock (13,446) –
Principal payments on debt (12) (17)
Principal payments on capital lease obligations (2) (2)
Net cash used in financing activities 3,469 (19)

Increase in cash and cash equivalents 4,766 116
Cash and cash equivalents at
beginning of year 275 270

Cash and cash equivalents at end of year $5,041 $386
Note: (1) Historical balances represent balances for Visa U.S.A. Inc., deemed the accounting acquirer in the business combination.

Supplemental Disclosure of Cash Flow
Information

Income taxes paid, net of refunds $250 $177
(Decrease) increase in accounts
payable and accrued and other
liabilities related to purchases of
property, equipment, and technology,
net $(10) $(15)
Interest payments on debt $4 $2
Common stock issued in acquisition $17,935 $-

Pro Forma Fiscal 2007 Results of Operations (1)
(in millions)

For the three For the six
Months Ended Months Ended
March 31, 2007 March 31, 2007

Operating Revenues

Service fees $614 $1,191
Data processing fees 370 747
Volume and support incentives (187) (323)
International transaction fees 281 529
Other revenues 113 221
Total operating revenues 1,191 2,365

Operating Expenses

Personnel 269 542
Network, EDP, and communications 69 137
Advertising, marketing, and promotion 182 387
Professional and consulting fees 136 237
Depreciation and amortization 54 109
Administrative and other 74 150
Litigation provision 13 15
Total operating expenses 797 1,577
Operating income 394 788

Other Income (Expense)
Interest expense (24) (48)
Investment income, net 36 76
Total other income 12 28

Income before income taxes and minority interest 406 816
Income tax expense 160 321

Net income $246 $495

(1) Visa Inc. had no operations prior to the reorganization on October 1,
2007. In order to provide insight into our operating results the pro
forma results of operations for the prior periods have been prepared
for comparative purposes assuming that the reorganization had occurred
on October 1, 2006. These pro forma statements of operations data
have been prepared in accordance with Statement of Financial
Accounting Standards, or SFAS, No. 141, “Business Combinations.”

Pro Forma Fiscal 2007 Quarterly Results of Operations
(in millions)

The quarterly pro forma statements of operations data set forth below for
fiscal 2007 give effect to the reorganization as if it had occurred on
October 1, 2006. These pro forma statements of operations data have been
prepared in accordance with Statement of Financial Accounting Standards,
or SFAS, No. 141, “Business Combinations.”

Actual
Fiscal
2008
Quarter
Pro Forma Fiscal 2007 Quarter Ended Ended

December March June September December
31, 2006 31, 2007 30, 2007 30, 2007 31, 2007

Operating Revenues
Card Service Fees $577 $614 $661 $730 $732
Data Processing Fees 377 370 449 463 492
Volume and Support Incentives (136) (187) (175) (216) (250)
International Transaction Fees 247 281 311 353 381
Other Revenues 108 113 119 133 133

Total Operating Revenues 1,173 1,191 1,365 1,463 1,488

Operating Expenses
Personnel 273 269 293 324 283
Network, EDP, and
Communications 68 69 77 80 83
Advertising, Marketing, and
Promotion 205 182 245 443 210
Professional and
Consulting Fees 101 136 159 157 98
Depreciation and amortization 55 54 55 63 62
Administrative and Other 76 74 93 105 74
Litigation Obligation Provision 2 13 (1) 2,638 –

Total Operating Expenses 780 797 921 3,810 810

Operating Income 393 394 444 (2,347) 678

Other Income (Expenses)
Interest Income(Expense) (23) (24) (25) (24) (45)
Investment Income, net 40 36 56 65 42
Other – – 8 0 8

Total Other Income (Expense) 17 12 39 41 5

Income Before Income Taxes 410 406 483 (2,306) 683
Income Tax Expense/(Benefit) 161 160 184 (652) 259

Net Income $249 $246 $299 $(1,654) $424

Reconciliation of Non-GAAP Adjusted Operating Income and Net Income
(in millions)

Pro Forma Pro Forma
For the For the
For the Three For the Six Three Months Six Months
Months Ended Months Ended Ended Ended
March 31, March 31, March 31, March 31,
2008 2008 2007 2007

Net income (as reported) $314 $738 $246 495
Addback: Income tax
expense 56 315 160 321
Net income before taxes
and minority interest
(as reported) $370 $1,053 $406 $816

Adjustments:
Covered litigation
reserve (1) 285 285 – –
Restructuring (2) 19 55 36 47
Asset step-up
amortization (3) 17 34 17 34
Adjustments to operating
income 321 374 53 81

Interest accretion on
American Express
settlement (4) 23 46 – –
Investment income on
IPO proceeds (5) (7) (7) – –
Underwater contract
(LIBOR Adjustment) (6) (28) (36) – –
Adjustments to
non-operating income (12) 3 – –

Total Adjustments 309 377 53 81

Adjusted net income
before tax 679 1,430 459 897
Adjusted income tax
expense(7) (278) (586) (188) (368)

Adjusted net income $401 $844 $271 $529

Operating income
(as reported) $349 $1,027 $394 788
Addback: Adjustments to
operating income 321 374 53 81
Adjusted operting income $670 $1,401 $447 $869
Operating revenues
(as reported) $1,453 $2,941 $1,191 2,365
Adjusted operating margin 46% 48% 38% 37%
Total operating expenses
(as reported) $1,104 $1,914 $797 $1,577
Less: Adjustments to
operating expenses (321) (374) (53) (81)
Adjusted operating
expenses $783 $1,540 $744 $1,496

(1) Litigation expense recorded in the period related to the covered
litigation. Settlements of, or judgments in, the covered litigation
will be paid from the litigation escrow account.

(2) Restructuring costs, primarily severance in fiscal 2008, associated
with workforce consolidation and elimination of overlapping
functions.

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

(4) 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.

(5) Investment income earned during the period on all IPO proceeds
held, including amounts the Company intends to use in October 2008
to redeem all class C (series II) common stock and a portion of the
class C (series III) common stock held by Visa Europe.

(6) Other income recorded in the period as a result of a reduction in
the Company’s estimated liability under the Framework Agreement,
which governs its relationship with Visa Europe. This reduction was
a result of lower LIBOR rates in the period. This liability will not
continue after the October 2008 redemptions described above.

(7) Reflects a normalized tax rate of 41%.

Reconciliation of Non-GAAP Weighted Average Class A Common Stock Outstanding Used in the Calculation of Adjusted Diluted Class A Common Earnings Per Share

For the Three For the Six
Months Ended Months Ended
March 31, 2008 March 31, 2008
(in millions)

Weighted Average Shares Outstanding – GAAP 778 762
Class A Shares (1) 383 415
Class B Shares (2) (226) (238)
Class C Shares (3) (161) (165)
Class A Share Equivalents (4) 5 5
Share Adjustments 1 17

Adjusted Weighted Average Shares
Outstanding – Non GAAP 779 779

(1) For GAAP purposes, the number of class A common shares outstanding is
weighted to reflect the issuance of 446,600,000 shares at the IPO
date of March 19, 2008. In the calculation of the adjusted weighted
average shares outstanding, these shares are assumed to have been
issued at the beginning of each period presented.

(2) For GAAP purposes, the number of class B common shares outstanding is
weighted to reflect the redemption of 154,738,487 shares on March 28,
2008 and the reduction of the conversion ratio applicable to
remaining shares outstanding to 0.71 to 1. In the calculation of the
adjusted weighted average shares outstanding, these shares are
weighted to assume that the redemption and reduction in conversion
ratio had occurred at the beginning of each period presented.

(3) For GAAP purposes, the number of class C (series I, II, III & IV)
common shares is weighted to reflect the redemption of 159,657,751
shares of class C (series I) common stock on March 28, 2008, and the
reclassification of all shares of class C (series II) common stock to
temporary equity and 35,263,585 shares of class C (series III) common
stock to liabilities on the IPO date of March 19, 2008. Upon
reclassification of the class C (series II) and class C (series III)
common stock these shares are no longer convertible into shares of
class A common stock. In the calculation of adjusted weighted
average shares outstanding, these shares are weighted to assume that
the redemption and reclassifications occurred at the beginning of
each period presented.

(4) For GAAP purposes, the number of class A common shares outstanding is
weighted to reflect the assumed issuance of class A common stock
underlying stock options, restricted stock and restricted stock units
to employees and directors at the IPO date of March 19, 2008,
applying the treasury method. In the calculation of the adjusted
weighted average shares outstanding, these shares are weighted to
assume the issuance of these awards at the beginning of each period
presented. The assumed number of shares underlying stock options
assumed issued for adjusted non-GAAP purposes assumes the repurchase
of shares at the share price on March 31, 2008 of $62.36.

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 and initial public offering. These measures also adjust for expenses related to covered litigation that will be funded by the litigation escrow account. These items have a significant 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 adjusted weighted average number of 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 intends to redeem in October 2008. The class C (series II) common stock is classified as temporary equity and the class C (series III) common stock is classified as a liability on the Company’s consolidated balance sheet at March 31, 2008. Management believes this non-GAAP presentation provides the reader with a clearer understanding of our per share results by excluding these shares to be redeemed and allocating adjusted net income only to permanent equity.

For the Three For the Six
Months Ended Months Ended
March 31, 2008 March 31, 2008
(in millions, except per share data)

Adjusted net income $401 $844

Adjusted weighted average number of
diluted shares outstanding 779 779

Adjusted diluted earnings per share $0.52 $1.08

Operational Performance DataThe tables below provide information regarding the operational results for the 3 months ended December 31, 2007, as well as the prior eight quarterly reporting periods and the years ended December 31, 2005, 2006 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 December 31, 2007

Total Payments Payments
Volume Growth Growth Volume Growth Growth Trans-
($ (Nominal (Constant ($ (Nominal (Constant actions
billions) USD) USD) billions) USD) USD) (millions)

All Visa Credit
& Debit
Asia Pacific 241 28.4% 23.0% 158 24.3% 19.6% 1,931
Canada 51 29.3% 13.6% 45 28.5% 12.8% 382
CEMEA 115 43.8% 38.9% 18 44.1% 40.1% 235
LAC 145 33.3% 21.3% 47 44.1% 30.5% 1,132
US 514 11.3% 11.3% 413 12.4% 12.4% 7,416
Visa Inc. 1,067 21.5% 17.8% 681 18.5% 15.8% 11,097

Visa Credit
Programs
US 253 8.8% 8.8% 218 9.7% 9.7% 2,462
Rest of
World 272 26.7% 19.5% 232 27.3% 19.7% 2,863
Visa Inc. 524 17.4% 14.1% 450 18.1% 14.6% 5,325

Visa Debit
Programs
US 261 13.9% 13.9% 195 15.6% 15.6% 4,955
Rest of
World 281 39.1% 29.8% 36 43.5% 32.9% 817
Visa Inc. 542 25.7% 21.6% 231 19.2% 18.0% 5,772

Cash Cash
Volume Growth Growth Trans-
($ (Nominal (Constant actions Accounts Cards
billions) USD) USD) (millions)(millions)(millions)

All Visa Credit
& Debit
Asia Pacific 83 36.9% 29.9% 452 368 446
Canada 6 36.5% 19.9% 9 23 31
CEMEA 97 43.8% 38.7% 590 139 147
LAC 99 28.8% 17.4% 757 284 307
US 101 7.1% 7.1% 730 476 686
Visa Inc. 386 27.1% 21.6% 2,539 1,290 1,616

Visa Credit Programs
US 35 3.9% 3.9% 33 259 365
Rest of World 40 23.2% 18.5% 136 372 431
Visa Inc. 75 13.3% 11.2% 169 631 796

Visa Debit Programs
US 66 8.9% 8.9% 698 217 321
Rest of World 245 38.5% 29.4% 1,672 442 500
Visa Inc. 311 30.9% 24.4% 2,369 659 820

For the 3 Months Ended September 30, 2007

Total Payments Payments
Volume Growth Growth Volume Growth Growth Trans-
($ (Nominal (Constant ($ (Nominal (Constant actions
billions) USD) USD) billions) USD) USD) (millions)

All Visa Credit
& Debit
Asia Pacific 215 25.6% 19.6% 140 22.1% 16.8% 1,796
Canada 47 22.7% 12.9% 42 21.4% 11.8% 362
CEMEA 101 43.0% 38.4% 15 39.0% 35.1% 211
LAC 121 26.7% 19.0% 38 38.5% 29.6% 1,004
US 489 9.6% 9.6% 388 10.7% 10.7% 7,033
Visa Inc. 972 18.4% 15.5% 623 15.8% 13.6% 10,405

Visa Credit
Programs
US 240 6.7% 6.7% 206 8.5% 8.5% 2,314
Rest of
World 243 22.5% 16.4% 206 23.6% 17.2% 2,654
Visa Inc. 483 14.1% 11.4% 412 15.6% 12.7% 4,968

Visa Debit
Programs
US 249 12.6% 12.6% 182 13.3% 13.3% 4,719
Rest of
World 241 36.0% 28.5% 29 39.6% 31.1% 718
Visa Inc. 489 23.0% 19.9% 212 16.4% 15.5% 5,437

Cash Cash
Volume Growth Growth Trans-
($ (Nominal (Constant actions Accounts Cards
billions) USD) USD) (millions)(millions)(millions)

All Visa Credit
& Debit
Asia Pacific 74 32.8% 25.1% 417 348 422
Canada 6 33.0% 22.5% 9 23 31
CEMEA 85 43.8% 39.0% 545 125 136
LAC 83 21.9% 14.6% 691 267 289
US 101 5.6% 5.6% 730 442 643
Visa Inc. 349 23.3% 19.0% 2,392 1,205 1,522

Visa Credit Programs
US 35 -2.9% -2.9% 34 254 358
Rest of World 37 16.4% 12.0% 128 353 410
Visa Inc. 71 6.2% 4.2% 162 607 769

Visa Debit Programs
US 67 10.7% 10.7% 696 188 285
Rest of World 211 35.5% 28.2% 1,534 409 468
Visa Inc. 278 28.6% 23.5% 2,230 597 753

For the 3 Months Ended June 30, 2007

Total Payments Payments
Volume Growth Growth Volume Growth Growth Trans-
($ (Nominal (Constant ($ (Nominal (Constant actions
billions) USD) USD) billions) USD) USD) (millions)

All Visa Credit
& Debit
Asia Pacific 201 20.6% 16.3% 132 19.9% 16.7% 1,708
Canada 45 18.2% 12.0% 40 17.4% 11.3% 352
CEMEA 90 38.7% 37.0% 14 32.4% 32.8% 197
LAC 114 32.5% 19.1% 35 42.2% 28.2% 945
US 484 9.5% 9.5% 385 10.4% 10.4% 6,903
Visa Inc. 934 17.1% 14.4% 606 14.7% 13.1% 10,104

Visa Credit
Programs
US 235 6.4% 6.4% 203 8.3% 8.3% 2,251
Rest of
World 228 19.8% 15.8% 194 21.2% 16.8% 2,519
Visa Inc. 464 12.6% 10.8% 396 14.3% 12.3% 4,770

Visa Debit
Programs
US 248 12.7% 12.7% 183 12.7% 12.7% 4,652
Rest of
World 222 34.2% 25.1% 27 39.7% 29.9% 682
Visa Inc. 470 21.9% 18.3% 210 15.6% 14.6% 5,334

Cash Cash
Volume Growth Growth Trans-
($ (Nominal (Constant actions Accounts Cards
billions) USD) USD) (millions)(millions)(millions)

All Visa Credit
& Debit
Asia Pacific 69 21.9% 15.5% 373 336 412
Canada 5 24.5% 18.0% 9 22 30
CEMEA 76 39.9% 37.8% 508 121 124
LAC 79 28.6% 15.4% 669 257 281
US 98 6.5% 6.5% 720 419 617
Visa Inc. 327 21.8% 17.0% 2,279 1,155 1,465

Visa Credit Programs
US 33 -4.3% -4.3% 32 246 345
Rest of World 35 12.6% 10.2% 120 339 394
Visa Inc. 67 3.7% 2.6% 152 584 739

Visa Debit Programs
US 66 12.8% 12.8% 688 174 272
Rest of World 195 33.5% 24.5% 1,439 397 454
Visa Inc. 260 27.6% 21.3% 2,127 571 726

For the 3 Months Ended March 31, 2007

Total Payments Payments
Volume Growth Growth Volume Growth Growth Trans-
($ (Nominal (Constant ($ (Nominal (Constant actions
billions) USD) USD) billions) USD) USD) (millions)

All Visa Credit
& Debit
Asia Pacific 189 23.1% 18.7% 126 20.8% 17.1% 1,599
Canada 36 10.3% 11.8% 31 9.2% 10.7% 309
CEMEA 81 44.8% 45.2% 12 35.3% 41.7% 183
LAC 104 19.4% 19.9% 31 25.9% 25.8% 904
US 440 9.1% 9.1% 347 8.9% 8.9% 6,260
Visa Inc. 850 16.1% 15.3% 548 12.9% 12.3% 9,255

Visa Credit
Programs
US 214 7.8% 7.8% 181 8.0% 8.0% 2,021
Rest of
World 208 17.1% 15.4% 177 18.5% 16.7% 2,343
Visa Inc. 423 12.2% 11.4% 357 13.0% 12.1% 4,364

Visa Debit
Programs
US 226 10.4% 10.4% 166 10.0% 10.0% 4,239
Rest of
World 201 33.4% 31.5% 24 35.3% 33.8% 652
Visa Inc. 427 20.1% 19.4% 190 12.7% 12.6% 4,890

Cash Cash
Volume Growth Growth Trans-
($ (Nominal (Constant actions Accounts Cards
billions) USD) USD) (millions)(millions)(millions)

All Visa Credit
& Debit
Asia Pacific 63 28.1% 22.2% 382 321 397
Canada 4 19.1% 20.7% 9 22 30
CEMEA 68 46.6% 45.9% 477 117 122
LAC 72 16.8% 17.6% 658 251 271
US 94 9.8% 9.8% 698 412 607
Visa Inc. 302 22.3% 21.2% 2,224 1,124 1,426

Visa Credit Programs
US 33 7.0% 7.0% 30 243 341
Rest of World 32 9.8% 8.6% 105 322 375
Visa Inc. 65 8.3% 7.8% 135 565 716

Visa Debit Programs
US 60 11.4% 11.4% 668 170 266
Rest of World 176 33.1% 31.2% 1,421 389 444
Visa Inc. 237 26.8% 25.6% 2,089 559 710

For the 3 Months Ended December 31, 2006

Total Payments Payments
Volume Growth Growth Volume Growth Growth Trans-
($ (Nominal (Constant ($ (Nominal (Constant actions
billions) USD) USD) billions) USD) USD) (millions)

All Visa Credit
& Debit
Asia Pacific 188 21.9% 15.9% 127 21.1% 15.8% 1,600
Canada 40 11.1% 11.3% 35 10.1% 10.3% 344
CEMEA 80 43.0% 40.7% 12 32.2% 34.2% 175
LAC 109 22.2% 17.5% 33 30.4% 25.3% 911
US 462 8.3% 8.3% 367 8.1% 8.1% 6,544
Visa Inc. 878 15.4% 13.6% 574 12.4% 11.3% 9,573

Visa Credit
Programs
US 232 7.7% 7.7% 199 7.7% 7.7% 2,270
Rest of
World 214 17.9% 14.1% 182 19.2% 15.4% 2,371
Visa Inc. 447 12.4% 10.8% 381 12.9% 11.4% 4,640

Visa Debit
Programs
US 230 8.9% 8.9% 169 8.5% 8.5% 4,275
Rest of
World 202 32.0% 26.3% 25 36.0% 30.6% 658
Visa Inc. 431 18.6% 16.7% 194 11.4% 11.1% 4,933

Cash Cash
Volume Growth Growth Trans-
($ (Nominal (Constant actions Accounts Cards
billions) USD) USD) (millions)(millions)(millions)

All Visa Credit
& Debit
Asia Pacific 61 23.7% 16.0% 381 308 381
Canada 4 19.8% 20.0% 9 22 30
CEMEA 68 45.1% 41.9% 470 104 112
LAC 77 19.0% 14.5% 687 241 262
US 95 9.2% 9.2% 698 406 604
Visa Inc. 304 21.4% 18.2% 2,245 1,081 1,388

Visa Credit Programs
US 34 7.7% 7.7% 32 240 345
Rest of World 32 11.4% 7.2% 107 314 363
Visa Inc. 66 9.5% 7.5% 140 554 709

Visa Debit Programs
US 61 10.0% 10.0% 666 166 259
Rest of World 177 31.4% 25.7% 1,440 361 421
Visa Inc. 238 25.2% 21.5% 2,105 527 680

For the 3 Months Ended September 30, 2006

Total Payments Payments
Volume Growth Growth Volume Growth Growth Trans-
($ (Nominal (Constant ($ (Nominal (Constant actions
billions) USD) USD) billions) USD) USD) (millions)

All Visa Credit
& Debit
Asia Pacific 171 16.8% 15.0% 115 17.5% 16.3% 1,508
Canada 38 17.1% 11.0% 34 16.4% 10.4% 330
CEMEA 70 38.9% 40.1% 11 29.6% 35.2% 157
LAC 95 20.7% 18.1% 27 27.9% 25.0% 810
US 446 11.6% 11.6% 350 11.1% 11.1% 6,230
Visa Inc. 821 15.9% 15.1% 538 13.9% 13.3% 9,036

Visa Credit
Programs
US 225 9.6% 9.6% 190 9.0% 9.0% 2,149
Rest of
World 198 16.6% 14.4% 167 17.9% 15.8% 2,243
Visa Inc. 423 12.8% 11.9% 356 13.0% 12.2% 4,392

Visa Debit
Programs
US 221 13.8% 13.8% 161 13.7% 13.7% 4,081
Rest of
World 177 27.4% 25.2% 21 32.2% 30.7% 563
Visa Inc. 398 19.5% 18.7% 182 15.6% 15.6% 4,644

Cash Cash
Volume Growth Growth Trans-
($ (Nominal (Constant actions Accounts Cards
billions) USD) USD) (millions)(millions)(millions)

All Visa Credit
& Debit
Asia Pacific 56 15.4% 12.3% 360 298 367
Canada 4 23.4% 17.0% 9 22 29
CEMEA 59 40.8% 41.1% 424 94 104
LAC 68 18.0% 15.5% 643 228 248
US 96 13.6% 13.6% 733 398 599
Visa Inc. 283 20.0% 18.7% 2,169 1,041 1,347

Visa Credit Programs
US 36 13.1% 13.1% 34 242 351
Rest of World 31 10.0% 7.5% 102 297 346
Visa Inc. 67 11.6% 10.3% 136 539 696

Visa Debit Programs
US 60 14.0% 14.0% 699 156 249
Rest of World 156 26.8% 24.5% 1,334 346 402
Visa Inc. 216 22.9% 21.5% 2,033 502 651

For the 3 Months Ended June 30, 2006

Total Payments Payments
Volume Growth Growth Volume Growth Growth Trans-
($ (Nominal (Constant ($ (Nominal (Constant actions
billions) USD) USD) billions) USD) USD) (millions)

All Visa Credit
& Debit
Asia Pacific 167 17.9% 18.1% 110 15.9% 16.6% 1,416
Canada 38 23.5% 12.3% 34 23.0% 11.8% 322
CEMEA 65 43.5% 42.2% 10 35.5% 35.9% 147
LAC 86 21.4% 20.9% 25 29.3% 27.9% 769
US 441 14.8% 14.8% 349 15.7% 15.7% 6,158
Visa Inc. 797 18.5% 17.9% 528 17.1% 16.5% 8,812

Visa Credit
Programs
US 221 11.5% 11.5% 187 12.1% 12.1% 2,091
Rest of
World 191 16.7% 14.9% 160 18.4% 16.5% 2,126
Visa Inc. 412 13.8% 13.0% 347 14.9% 14.1% 4,216

Visa Debit
Programs
US 220 18.3% 18.3% 162 20.2% 20.2% 4,068
Rest of
World 165 32.1% 30.5% 19 33.9% 32.7% 528
Visa Inc. 386 23.8% 23.4% 182 21.5% 21.5% 4,596

Cash Cash
Volume Growth Growth Trans-
($ (Nominal (Constant actions Accounts Cards
billions) USD) USD) (millions)(millions)(millions)

All Visa Credit
& Debit
Asia Pacific 56 22.0% 20.9% 353 287 354
Canada 4 27.4% 15.8% 9 21 28
CEMEA 55 45.2% 43.4% 407 86 95
LAC 61 18.5% 18.3% 620 219 236
US 92 11.4% 11.4% 710 390 611
Visa Inc. 269 21.2% 20.5% 2,098 1,003 1,324

Visa Credit Programs
US 34 8.3% 8.3% 32 236 344
Rest of World 31 8.5% 6.8% 97 283 329
Visa Inc. 65 8.4% 7.6% 129 519 672

Visa Debit Programs
US 58 13.3% 13.3% 677 153 268
Rest of World 146 31.9% 30.2% 1,291 330 384
Visa Inc. 204 26.0% 25.1% 1,969 484 652

For the 3 Months Ended March 31, 2006

Total Payments Payments
Volume Growth Growth Volume Growth Growth Trans-
($ (Nominal (Constant ($ (Nominal (Constant actions
billions) USD) USD) billions) USD) USD) (millions)

All Visa Credit
& Debit
Asia Pacific 154 12.2% 16.0% 104 11.9% 16.3% 1,302
Canada 32 18.0% 13.5% 29 18.4% 13.8% 282
CEMEA 56 38.8% 41.7% 9 28.8% 31.7% 126
LAC 87 37.6% 21.3% 25 45.7% 28.6% 742
US 403 16.1% 16.1% 318 17.6% 17.6% 5,687
Visa Inc. 732 19.0% 18.2% 485 17.7% 17.8% 8,140

Visa Credit
Programs
US 199 11.7% 11.7% 167 12.7% 12.7% 1,884
Rest of
World 178 14.1% 15.0% 149 16.0% 16.9% 1,962
Visa Inc. 376 12.8% 13.2% 316 14.2% 14.6% 3,847

Visa Debit
Programs
US 205 20.8% 20.8% 151 23.6% 23.6% 3,802
Rest of
World 151 34.8% 28.3% 18 37.2% 31.0% 491
Visa Inc. 356 26.4% 23.9% 169 24.9% 24.3% 4,293

Cash Cash
Volume Growth Growth Trans-
($ (Nominal (Constant actions Accounts Cards
billions) USD) USD) (millions)(millions)(millions)

All Visa Credit
& Debit
Asia Pacific 49 12.7% 15.2% 327 276 341
Canada 4 15.4% 10.9% 9 21 27
CEMEA 47 41.0% 43.7% 357 82 89
LAC 62 34.5% 18.6% 600 204 225
US 85 11.0% 11.0% 662 383 606
Visa Inc. 247 21.7% 18.9% 1,955 966 1,288

Visa Credit Programs
US 31 6.7% 6.7% 30 232 338
Rest of World 29 5.3% 6.1% 88 273 315
Visa Inc. 60 6.1% 6.4% 118 505 653

Visa Debit Programs
US 54 13.6% 13.6% 632 151 268
Rest of World 133 34.5% 28.0% 1,205 311 367
Visa Inc. 187 27.7% 23.5% 1,837 462 635

For the 3 Months Ended December 31, 2005

Total Payments Payments
Volume Growth Growth Volume Growth Growth Trans-
($ (Nominal (Constant ($ (Nominal (Constant actions
billions) USD) USD) billions) USD) USD) (millions)

All Visa Credit
& Debit
Asia Pacific 154 12.9% 15.3% 105 12.0% 14.4% 1,290
Canada 36 17.9% 10.7% 32 17.8% 10.6% 316
CEMEA 56 37.7% 43.5% 9 31.2% 38.6% 127
LAC 89 31.1% 20.1% 25 38.9% 28.3% 758
US 426 16.1% 16.1% 340 17.4% 17.4% 5,983
Visa Inc. 761 18.4% 17.8% 511 17.3% 17.1% 8,475

Visa Credit
Programs
US 215 10.5% 10.5% 184 11.2% 11.2% 2,128
Rest of
World 182 13.1% 12.7% 153 15.1% 14.6% 1,991
Visa Inc. 397 11.7% 11.5% 337 12.9% 12.8% 4,119

Visa Debit
Programs
US 211 22.3% 22.3% 155 25.6% 25.6% 3,855
Rest of
World 153 33.6% 29.4% 18 39.7% 35.1% 500
Visa Inc. 364 26.8% 25.4% 174 27.0% 26.6% 4,356

Cash Cash
Volume Growth Growth Trans-
($ (Nominal (Constant actions Accounts Cards
billions) USD) USD) (millions)(millions)(millions)

All Visa Credit
& Debit
Asia Pacific 49 14.8% 17.3% 329 266 328
Canada 4 19.1% 11.8% 9 21 27
CEMEA 47 39.1% 44.4% 358 75 83
LAC 64 28.3% 17.2% 632 194 214
US 87 11.3% 11.3% 674 373 584
Visa Inc. 250 20.7% 19.2% 2,002 929 1,236

Visa Credit Programs
US 31 6.7% 6.7% 32 228 327
Rest of World 29 3.5% 3.2% 90 264 304
Visa Inc. 60 5.1% 4.9% 121 492 631

Visa Debit Programs
US 55 14.0% 14.0% 642 144 257
Rest of World 135 32.8% 28.7% 1,239 293 348
Visa Inc. 190 26.7% 24.4% 1,881 437 605

For the 12 Months Ended December 31, 2007

Total Payments Payments
Volume Growth Growth Volume Growth Growth Trans-
($ (Nominal (Constant ($ (Nominal (Constant actions
billions) USD) USD) billions) USD) USD) (millions)

All Visa Credit
& Debit
Asia Pacific 846 24.6% 19.5% 556 21.9% 17.6% 7,034
Canada 179 20.6% 12.7% 158 19.6% 11.7% 1,404
CEMEA 386 42.6% 39.6% 59 38.1% 37.4% 827
LAC 485 28.3% 19.9% 152 38.1% 28.7% 3,984
US 1,927 9.9% 9.9% 1,533 10.7% 10.7% 27,612
Visa Inc. 3,822 18.4% 15.8% 2,458 15.6% 13.8% 40,860

Visa Credit
Programs
US 942 7.5% 7.5% 807 8.7% 8.7% 9,048
Rest of
World 951 21.8% 16.9% 808 22.9% 17.7% 10,379
Visa
Inc. 1,894 14.2% 12.0% 1,615 15.4% 13.0% 19,427

Visa Debit
Programs
US 985 12.4% 12.4% 726 13.0% 13.0% 18,564
Rest of
World 944 35.9% 28.7% 117 39.9% 31.9% 2,869
Visa
Inc. 1,929 22.8% 19.9% 843 16.1% 15.3% 21,433

Cash Cash
Volume Growth Growth Trans-
($ (Nominal (Constant actions Accounts Cards
billions) USD) USD) (millions)(millions)(millions)

All Visa Credit
& Debit
Asia Pacific 289 30.1% 23.3% 1,624 368 446
Canada 21 28.6% 20.2% 37 23 31
CEMEA 327 43.4% 40.0% 2,120 139 147
LAC 333 24.2% 16.3% 2,775 284 307
US 394 7.2% 7.2% 2,877 476 686
Visa Inc. 1,364 23.8% 19.7% 9,433 1,290 1,616

Visa Credit Programs
US 136 0.7% 0.7% 129 259 365
Rest of World 143 15.7% 12.5% 490 372 431
Visa Inc. 278 7.9% 6.4% 618 631 796

Visa Debit Programs
US 259 10.9% 10.9% 2,749 217 321
Rest of World 827 35.4% 28.3% 6,066 442 500
Visa Inc. 1,086 28.6% 23.7% 8,815 659 820

For the 12 Months Ended December 31, 2006

Total Payments Payments
Volume Growth Growth Volume Growth Growth Trans-
($ (Nominal (Constant ($ (Nominal (Constant actions
billions) USD) USD) billions) USD) USD) (millions)

All Visa Credit
& Debit
Asia Pacific 679 17.3% 16.2% 457 16.7% 16.3% 5,827
Canada 148 17.1% 11.9% 132 16.6% 11.4% 1,278
CEMEA 271 41.2% 41.1% 43 31.5% 34.4% 605
LAC 378 24.8% 19.2% 110 32.7% 26.5% 3,233
US 1,753 12.5% 12.5% 1,385 12.8% 12.8% 24,619
Visa Inc. 3,228 17.1% 16.0% 2,126 15.1% 14.5% 35,561

Visa Credit
Programs
US 877 10.0% 10.0% 742 10.2% 10.2% 8,394
Rest of
World 781 16.4% 14.6% 658 17.9% 16.1% 8,702
Visa
Inc. 1,658 12.9% 12.2% 1,400 13.7% 13.0% 17,096

Visa Debit
Programs
US 876 15.1% 15.1% 642 16.0% 16.0% 16,225
Rest of
World 695 31.4% 27.4% 84 34.8% 31.2% 2,240
Visa
Inc. 1,570 21.8% 20.4% 726 17.9% 17.7% 18,466

Cash Cash
Volume Growth Growth Trans-
($ (Nominal (Constant actions Accounts Cards
billions) USD) USD) (millions)(millions)(millions)

All Visa Credit
& Debit
Asia Pacific 222 18.6% 16.0% 1,421 308 381
Canada 16 21.5% 16.2% 36 22 30
CEMEA 228 43.1% 42.4% 1,657 104 112
LAC 268 21.9% 16.5% 2,550 241 262
US 368 11.3% 11.3% 2,803 406 604
Visa Inc. 1,102 21.1% 19.0% 8,468 1,081 1,388

Visa Credit Programs
US 135 9.0% 9.0% 129 240 345
Rest of World 123 8.9% 6.9% 394 314 363
Visa Inc. 258 8.9% 8.0% 523 554 709

Visa Debit Programs
US 233 12.7% 12.7% 2,674 166 259
Rest of World 611 31.0% 26.9% 5,270 361 421
Visa Inc. 844 25.3% 22.8% 7,945 527 680

For the 12 Months Ended December 31, 2005

Total Payments Payments
Volume Growth Growth Volume Growth Growth Trans-
($ (Nominal (Constant ($ (Nominal (Constant actions
billions) USD) USD) billions) USD) USD) (millions)

All Visa Credit
& Debit
Asia Pacific 579 21.3% 16.0% 391 19.8% 14.4% 4,713
Canada 126 21.3% 10.9% 113 21.2% 10.9% 1,176
CEMEA 192 17.3% 13.7% 33 15.7% 11.9% 432
LAC 303 34.4% 21.4% 83 42.6% 29.3% 2,625
US 1,558 16.1% 16.1% 1,227 17.5% 17.5% 21,750
Visa Inc. 2,757 19.3% 16.2% 1,847 19.1% 16.8% 30,696

Visa Credit
Programs
US 797 10.6% 10.6% 674 10.5% 10.5% 7,757
Rest of
World 671 18.4% 11.5% 558 21.0% 14.2% 7,254
Visa
Inc. 1,468 14.0% 11.0% 1,231 15.0% 12.2% 15,011

Visa Debit
Programs
US 761 22.5% 22.5% 554 27.3% 27.3% 13,993
Rest of
World 529 31.0% 23.0% 62 37.5% 28.3% 1,692
Visa
Inc. 1,289 25.8% 22.7% 616 28.3% 27.4% 15,685

Cash Cash
Volume Growth Growth Trans-
($ (Nominal (Constant actions Accounts Cards
billions) USD) USD) (millions)(millions)(millions)

All Visa Credit
& Debit
Asia Pacific 188 24.7% 19.2% 1,190 266 328
Canada 13 21.7% 11.2% 36 21 27
CEMEA 159 17.6% 14.1% 1,234 75 83
LAC 220 31.5% 18.7% 2,343 194 214
US 331 11.0% 11.0% 2,588 373 584
Visa Inc. 911 19.5% 15.1% 7,392 929 1,236

Visa Credit Programs
US 123 10.8% 10.8% 126 228 327
Rest of World 113 7.3% 0.0% 339 264 304
Visa Inc. 237 9.1% 5.2% 465 492 631

Visa Debit Programs
US 207 11.2% 11.2% 2,462 144 257
Rest of World 467 30.2% 22.4% 4,465 293 348
Visa Inc. 674 23.7% 18.9% 6,927 437 605

FootnoteThe 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.

2. Processed Transactions

The table below represents transactions involving Visa-branded cards processed on the VisaNet processing system.

Period Processed
Transactions Year-over-Year
(millions) Growth
3 Months Ended
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%
Dec 31, 2006 8,018 11%
Sep 30, 2006 7,722 NA
Jun 30, 2006 7,441 NA
Mar 31, 2006 6,828 NA
Dec 31, 2005 7,212 NA

12 Months Ended
Sep 30, 2007 32,720 12%
Sep 30, 2006 29,202 NA

SOURCE Visa Inc.
04/28/2008
CONTACT: Investors: Jack Carsky or Victoria Hyde-Dunn, +1-415-932-2213,
ir@visa.com, Media: Paul Cohen or Sandra Chu, +1-415-932-2564,
globalmedia@visa.com, all of Visa Inc.
Web site: http://investor.visa.com

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