#1VISA Visa Inc. Investor Day June 6, 2013#2Agenda 8:00 a.m. Welcome Strategic Overview Developed Markets Perspective Emerging Markets Perspective Q & A Discussion Jack Carsky Charlie Scharf Bill Sheedy Elizabeth Buse VISA 9:45 a.m. Break and Innovation Showcase 10:15 a.m. Driving Growth through Innovation Innovation Panel Discussion Financial Review Bringing it all Together Q & A Discussion 12:45 p.m. Luncheon and Innovation Showcase 2 | Visa Investor Day Jim McCarthy Sam Shrauger, Bill Gajda, Mike Walsh, and Silvio Tavares Byron Pollitt Charlie Scharf#3Forward-Looking Statements Reminder VISA identified This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be by terms such as "believe," "continue," ," "early thoughts," "expect," "guiding principals," "over time," "preserve," "reinvest," "return excess cash," "trend" 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, financial inclusion, market penetration, innovation, investments, electronification of payments 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 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 inside and 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 intervention, including ° those affecting interchange reimbursement fees, antitrust and tax; ° any failure to make our multidistrict interchange litigation settlement effective; and regulatory and litigation developments in Europe having direct or indirect impact on Visa Inc. and its subsidiaries or clients; economic factors, such as: an increase or spread of the European crisis involving sovereign debt and the euro; governmental budgeting impasses; cross-border activity and currency exchange rates; material changes in our clients' performance compared to our estimates; and other global economic, political, natural disaster, terrorist, 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 any failure to maintain interoperability between our systems, and any failure to indemnify for antitrust exposures 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, or change in strategies prompted by the risks outlined in this reminder or by unforeseen risks; failure to integrate acquisitions successfully or to effectively launch new products and businesses; and All risk factors and other matters 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 our forward-looking 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 certain prior-period non-GAAP financial measures, including previously released EPS results for 2012. A reconciliation of these non-GAAP measures to GAAP accompanied their release and can be found in the company's Form 8-K filed with the U.S. Securities and Exchange Commission ("SEC") on October 31, 2012, and Form 10-K filed with the SEC on November 16, 2012, which reconciliation is incorporated by reference as if set forth fully herein. 3 | Visa Investor Day#4VISA Strategic Overview Charlie Scharf Chief Executive Officer#5Key themes for today Business is built on a strong foundation Macro trends are working in our favor Successful progress on our aspirations Investing intelligently for growth 5 | Visa Investor Day VISA#6The Visa business Key Metrics VISA Historical Growth CAGR FY12 1 Year 5 Year² Payments Volume $3,936B 7% 11% Merchant Acceptance ~36M + mPOS 8% 6% Locations1 ATMs 2M 3% 9% Cards Outstanding 2.1B 8% 6% Net Revenue $10.4B 13% 15% Adjusted Diluted EPS2 $6.20 24% 29% (4-year CAGR) 1) Includes locations in Europe 2) Adjusted EPS of $6.20 excludes covered litigation provision of $3.82, a reversal of tax reserves of $0.48, and a deferred tax adjustment of $.031, compared to GAAP EPS of $3.16 (numbers do not recalculate exactly due to rounding). Fiscal 2007 amounts represent combined historical balances of Visa U.S.A., Visa International, Visa Canada and Inovant, prior to Visa Inc.'s October 1, 2007 reorganization, on a pro forma basis. See Form 8-K and Form 10-K filed on October 31, 2012 Sources: Merchant Acceptance Locations from Nilson issues 1014, 989 and 903. Payments Volume, ATM and Cards Outstanding from Visa Inc. Quarterly Operating Certificates, as reported by client financial institutions 6 | Visa Investor Day#7Our business is built around great partners of all sizes Financial Institutions - US Financial Institutions - Non-US • · • Leading share at 7 of top 10 US issuers Long-term contracts with >600 US Financial Institutions Leading share with Credit Union and Community Bank associations ~12,000 Visa clients in the US ~3,000 non-US Visa clients Leading share at 17 of top 25 non-US issuers in Visa Inc. geographies ~60% of non-US cards-in-force were issued by smaller issuers VISA usbank PSCU cscu ICBA Bank of America ANZ BANCARDⓇ BANCO DO BRASIL RBC SMFG SUMITOMO MITSUI FINANCIAL GROUP Sources: Top issuers from Nilson 1003, 1001, 1000, 999, 991 (2012), excluding Europe and China; share from Visa Quarterly Operating Certificates FY12, as reported by client financial institutions, and Visa Inc. Estimates; smaller issuers identified as those Fls outside of Visa Inc.'s top 25 non-US issuers 7 | Visa Investor Day#8Our business is built around great partners of all types Co-brand Merchants Government • • • 7 of top 10 US co-brands are majority Visa Many large, global co-brands are Visa partners Over 3,000 government programs in 30+ countries Working with governments on financial IIII JAPAN AIRLINES VISA SOUTHWEST.COM® United Airlines australia Marriott Cabelas GOVERNMENT GOVERNMENT GOVERNMENT DISBURSING PAYMENTS MAKING PAYMENTS RECEIVING PAYMENTS New Payment Participants Source: Visa Inc. 2013 Internal Cobrand Estimate 8 | Visa Investor Day inclusion objectives • Active engagement with strategic partners . Commerce EcoSystems Square Commerce Enablers SAMSUNG Partnering to connect traditional and emerging players Mobile Network Operators vodafone#9The Visa story Context BANKAMERICARD VISA 1958 - 2007 NYSE New York Stock Exchange VISA OPEN VISA V.me VisaNet by Visa CyberSource 2007-2011 2011+ • Financial Institution-owned association structure • Six autonomous associations (US, Canada, Asia Pacific, CEMEA, LAC, Europe) Global merger (ex. Europe) •Integration of five associations • Initial Public Offering • Growth in eCommerce • • Increased regulatory activity Rapid technological change Migration to mobile Evolving competitive landscape Merchant-centric models Visa Focus • Financial Institution focus Regional priorities • Building credit and debit categories • Internal focus initially • Shift to for-profit model Establish Visa as a growth company . • Build prepaid • CYBS, PlaySpan, Fundamo acquisitions Accelerated innovation Flexibility/adaptability • Redefine customer base • Broaden partnerships Focus on customer objectives Financial inclusion 9 | Visa Investor Day#10Consistency of macro trends PCE for Visa Inc. Countries ($T) Emerging Market PCE Developed Market PCE PCE CAGR 24 6% 23 21 20 8 9 10 10 VISA Visa Inc. Country PCE Penetration Visa PCE penetration in Visa Inc Emerging Markets Visa PCE penetration in Visa Inc Developed Markets 22% 22% 20% 19% 10 10 10% 12 13 13 13 3% 9% 8% 7% 6% 2009 2010 2011 2012 2009 2010 2011 2012 We have confidence in continuation of favorable macro trends Notes: PCE defined as Purchase PCE (does not include non-financial transactions); excludes Europe Source: Euromonitor Merchant Segment Survey estimates, 2013; Visa Inc. Quarterly Operating Certificates, as reported by client financial institution; Visa Inc. Analysis 10 | Visa Investor Day#11Our growth drivers PCE Growth VISA Contribution to Revenue Growth 2012 2008-2011 25% 28% Visa Penetration of 56% 43% PCE Pricing/Acquisitions / 19% 29% Other Net Revenue Growth 100% Macroeconomic growth is a consistent driver of Visa revenue growth · Strong global electronification trends further drive new volume and revenue • Share gain and pricing have also provided revenue growth 100% Source: PCE from Euromonitor Merchant Segment Survey estimates, 2013; Visa Inc. Quarterly Operating Certificates, as reported by client financial institutions; Visa Inc. estimates 11 | Visa Investor Day#12VISA Cash is the single biggest opportunity Visa Inc. Developed Markets (2012) Visa Inc. Emerging Markets (2012) PCE ~$13T PCE Cash/ Check % of PCE 41% PCE -$10T Cash/ Check % of PCE PCE 62% PCE '13-16 CAGR Cash/Check Opportunity PCE '13-16 CAGR Cash/Check Opportunity 4% ~$5T 10% ~$6T Note: PCE defined as Purchase PCE (does not include non-financial transactions); excludes Europe Source: PCE growth from Oxford Economics (Nominal $); all other data from Euromonitor Merchant Segment Survey estimates, 2013 12 | Visa Investor Day#13Potential for electronification acceleration Mobile acceptance Financial inclusion with government support Merchant driven electronification VISA With over 4M merchants, Square is now a top 35 merchant for Visa in the US1 • The number of mobile terminals globally grew from 4.5M in 2011 to 9.5M in 20122 Square iZettle ROAM pay™ • 2.5 billion underbanked worldwide, 1.7 billion of which have access to a mobile phone³ ⚫ Visa is collaborating with Indian government on the Unique Identification ("UID") project to expand financial inclusion • Alternative commerce channels that require electronic payments have grown 4x faster than traditional offline commerce worldwide4 AADHAAR amazon.com mercado Libre Ⓡ Rakuten Brand names and logos are the property of their respective owners and the use of third-party logos does not imply product endorsement Sources: 1) Square and Visa MARS database, April 2013 2) "2020 Foresight: Mobile Point of Sale Technology." Timetric, 2013 3) World Bank "Global Financial Inclusion Database" 2013 4) Euromonitor Passport Database, 2013 13 | Visa Investor Day#14Expanding Value of Visa Net Access and Acceptance Channels Transaction Processing Products and Services Historic Current Future VISA . • • • Basic POS and ATM Acceptance Clear rules and processes Reliable authorization, clearing, settlement Traditional transaction authentication tools (e.g. CVV, PIN) • New segments (e.g. small ticket) New access channels (mobile, mPOS, developer centers) Value-added and OBO transaction services Customizations for geographical settlement Account level processing . • Platform for merchants and issuers to customize experience and grow commerce Highly customized processing experience • New cross-channel technology support (e.g. tokenization) Business Intelligence Platforms and Tools Basic settlement reporting Operational transaction reporting Risk and fraud management tools Business intelligence to target and deliver real- time offers 14 Visa Investor Day . Services based on item/basket level information • Enhanced authentication capabilities#15Investing for the future Incremental expense FY13E vs. FY11 Non-US Market Focus ~$125M Product Innovation ~$300M Technology and Infrastructure ~$275M Sources: Visa Inc. internal financial information 15 Visa Investor Day VISA • • Sales • Marketing • Acceptance • Product • V.me CyberSource • Mobile • Information Products • Processing • Development • Security Investing 2 incremental ~ $700M for growth in 2013 vs. 2011 Acquisitions of CyberSource, PlaySpan, and Fundamo in 2010- 2011 also totaled $2.3B#16Striving to be flexible and adapt to the evolving needs of our partners Principles to govern increased flexibility • • • VISA Support the Visa brand and maintain the safety, soundness, and security standards associated with that brand Maintain control over Intellectual Property Enable clients of all sizes to compete in the marketplace Must add value to the Visa network Examples of how flexibility will benefit our partners • • • Support financial Institutions: allow issuers / acquirers to take advantage of their existing relationships and capabilities Merchant focus: build more strategic commercial relationships with merchants by engaging in direct dialogue, demonstrating value and providing targeted and relevant merchant facing products and services Government: assist government partners in pushing electronification and expanding financial inclusion 16 | Visa Investor Day#17VISA Strategic Aspirations for 2015 As presented at 2010 Investor Day Aspiration Accelerate On By 2015, Visa will... track? Evolution electronification Reach X% payments volume share of global PCE Diversify geographically Generate 50% of revenue from outside U.S. Embed processing Ensure X% of all our transactions are processed on Visa Net Enter new businesses Differentiate value proposition Maximize shareholder value 17 | Visa Investor Day Drive X% of revenue from offerings that Visa does not have commercialized in the market today Prioritize its investments to services that drive unique value and can be monetized in negotiations Be a global top 75 company by market capitalization Focus on offerings that support/add value to VisaNet Focus on Total Shareholder Return#18VISA Developed Markets Bill Sheedy Global Executive, Corporate Strategy, M&A, and Government Relations#19Common themes across developed and emerging markets VISA 4000 1234 5578 VISA Cash and Check Opportunity 19 | Visa Investor Day Card Rumber se VISA Growth in Business Merchant Opportunity Government Innovation Engagement#20Over $5 trillion in paper-based payments in developed markets $137 18% Canada $3,108 39% 2012 PCE ($B) % of PCE on paper-based payments Cash & Check Electronic Payments VISA South $20 Korea 14% United Hong States Kong $35 42% $219 36% Japan $1,806 60% Singapore $157 Australia/ N.Z. 21% 20 | Visa Investor Day Notes: PCE defined as Purchase PCE (does not include non-financial transactions); excludes Europe Source: Euromonitor Merchant Segment Study 2013, estimates; Nomura Research Institute, 2012; all data is calendar year#21Revenue growth translates into lower yield VISA Transaction Mix Domestic Value-Added Processing Chile Example Services International VisaNet Core-Only +11%* 6% Int'l 10% Payment Volume Mix Total Country Revenue +80% Domestic Third-Party Value-Added Services 21 | Visa Investor Day Yield -9% +23%* 94% Dom. 90% 2008 2012 Source: Visa Inc., fiscal years 2008 and 2012 *Payment Volume CAGR, fiscal years 2008-2012#22Affluent credit growing significantly faster in all developed markets 40% of Visa's $1.4T in 2012 Consumer Credit Payment Volume Leading Partners & Assets Growth Affluent All Other Since 2008* Credit Credit US 21% -8% CANADA 15% 2% JAPAN 14% 6% AUSTRALIA / 42% -6% N.Z. SOUTH 20% 0% KOREA HONG KONG 19% -2% SINGAPORE 22% -23% volaris nvexn BL00 0000 0000 12/12 V VISA PLATINUM ON THE ROAD IN CHINA VISA INFINITE EXPERIENCE Clients Co-Brands 5 Chefs una Cena Sponsorships valina VISA ERENCE BANA Bancomer VISA Platforms Experiences Source: Visa Inc. Quarterly Operating Certificates, as reported by client financial institutions, all data is fiscal years *CAGR fiscal years 2008-2012 22 | Visa Investor Day#23Debit is the largest cardable opportunity • Over $5 trillion in cash and check Debit presents the largest, long-term portion of cardable opportunity Opportunity also includes enhanced offerings compared to lower functionality domestic debit networks Debit Share of Visa Consumer Payment Volume within Market USA Australia 61% 20% Singapore 11% South Korea 7% Hong Kong <1% Japan Canada <1% <1% 23 | Visa Investor Day Debit penetration of PCE averages 17% Source: Visa Inc.; Euromonitor Merchant Segment Survey 2013 estimates; Nilson; Visa estimates; Debit Share of Visa's Consumer Payment Volume is fiscal year 2012, Debit Card Share of PCE is calendar year 2012 VISA#24U.S. debit is re-emerging as a driver of growth Y/Y Debit Growth Trajectory* VISA Pre-Regulation 25% 20% 15% 10% 5% 0% -5% -10% Post-Regulation Industry Primarily Interlink PV loss Visa Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Jan Feb Mar Apr 2010 2011 2012 2013 Regulated debit Two network • • Strong commitment by cardholders Continues to be ~20% of Visa Inc. global revenue** Visa is on 75% of US debit cards Routing agreements with over 100 merchants and acquirers Situation will continue to be dynamic but Visa well-positioned interchange reset requirement deadline Source: Nilson; SEC Filings; Visa Inc. estimates; data is calendar year quarters except where noted. *All debit, Signature and PIN **Fiscal years 2010 and 2012 24 | Visa Investor Day#25Prepaid opportunity VISA $3.8 Trillion Market Opportunity* Emerging $1.2T US $2.2 T Other Developed $0.4T CORPORATE CONSUMER United States: Strategic Growth Segments • iStockphoto • General Purpose 79M Underserved alternative 30M Mass banked extension 24M Teen and young adults Stockphoto Payroll/Corporate Disbursement 40M employees receiving paper checks GOVERNMENT iStockphoto Benefits Disbursement 95M+ receiving federal and state benefits *Visa Inc. estimates for fiscal year 2013, excludes Europe Source: FDIC, National Survey of Unbanked and Underbanked Households, September 2012; U.S. Department of Education National Center for Education Statistics, 2010 Digest of Education Statistics; U.S. Census Bureau Population Projections 2011 - 2015, Special Age Categories, 2010; Report to the Congress on Government-Administered, General-Use Prepaid Cards, July 2012 25 | Visa Investor Day#26Domestic processing penetration Canada 100% 100%* 2008 2013 2018 Source: Visa Inc. fiscal years 26 | Visa Investor Day United States 100% 100% 2008 2013 2018 VISA *For Canada, authorization processing is 100% and settlement processing is 89% due to some on-us settlement activity#27Domestic processing penetration VISA Japan Singapore 15% 25% 2008 2013 2018 58% 63% 2008 2013 2018 Australia/N.Z. 76% 82% 2008 2013 2018 Source: Visa Inc. fiscal years 27 | Visa Investor Day#28Domestic processing penetration Brazil 81% 53% 2008 2013 2018 Source: Visa Inc. fiscal years 28 | Visa Investor Day Southeast Asia 83% 65% 2008 2013 2018 South Africa 21% 52% 2008 2013 2018 VISA#29Domestic processing penetration Mexico Colombia 29 | Visa Investor Day Russia VISA#30VISA Merchant opportunity: Acceptance Growth U.S. acceptance locations increased 70% in last decade Many developed countries less penetrated than the U.S. was ten years ago Estimated 38 million mobile POS locations by 2017 Level of Acceptance (Acceptance Locations/ 1,000 Urban Households) 109 88 75 58 U.S. (2002) 46 29 Australia USA Canada Source: Visa Inc.; "2020 Foresight Mobile Point of Sale Technology," Timetric, 2013; United Nations Hong Kong Singapore Japan 30 | Visa Investor Day#31Merchant opportunity: Partnership & INNOVATION PRODUCT, PROCESSING, Visibility into innovative and comprehensive product suite Product functionality for specific segment needs; easy to integrate Co-development on Visa platforms; open teaming with third-party developers 31 | Visa Investor Day VISA Relevant, unique data and insights improving performance Increased security and reduced fraud DATA & INSIGHTS ENGAGEMENT Relationship manager supported by cross-product experts Visa forums on strategic, CEO-level topics Improved personalization#32VISA Innovation Drive more transactions, deliver more value on each transaction to all stakeholders, and create differentiation for Visa and clients VISA Settings Back VISA eCommerce & Mobile Visa US Share 47% 2) (, eCommerce 20% Physical POS eCommerce Share of Retail Sales (8-10%) (ou U.S. 2-5% Other Developed 32 | Visa Investor Day Processing Services Visa Revenue Lift with DPS (30% - 40% / txn Domestic Processing Penetration in Developed Countries 87%* Source: CY2012; Comscore; Nilson; Internet Retailer; Visa estimates Information Products Advance Authorization Differentiate Visa Net Lower fraud New product development Merchants offers Small financial institutions *Processing Penetration is FY2013 IC BA BANCARDⓇ#33Government engagement . Shifting Dialogue Improving Efficiency VISA Driving Economic Growth Interchange Business practices Support of domestic schemes Social benefits programs • eGovernment Electronification of Commerce Formalizing economy •Travel & Tourism ($22B) Brazil Processing for domestic brand Elo US $1.5 trillion in government disbursements $263 billion higher GDP from increased card usage Source: Visa Inc. estimates; Moody's Analytics 2013, study conducted for Visa Inc. 33 | Visa Investor Day#34Growth opportunity summary VISA 2012 2 PCE US $13T Developed Markets Economic Growth $400B annual PCE growth Payments Electronification 38% Cash, Check & Other* 22% Visa Purchases 25% EFT & Other 34 | Visa Investor Day 15% Competitor GPC Acceptance 5.6M more acceptance Merchant Affluent Credit Debit Prepaid Processing locations (+37% + mPOS) Enhanced Relationships $1T in U.S. card volume; Visa share is 6 points lower than overall credit $1.2T in Visa PV vs. over $5T in cash & check remaining 80M underserved and $1.5T in U.S. gov't disbursements 30-40% lift in per transaction revenue, stronger client relationships Notes: PCE defined as Purchase PCE (does not include non-financial transactions); excludes Europe Source: Euromonitor Merchant Segment Study 2013 estimates; Nilson; Visa Inc. Quarterly Operating Certificates, as reported by client financial institutions; Visa Inc. estimates *Most easily addressable#35Common themes across developed and emerging markets VISA VISA 4000 1234 5578 VISA Cash and Check Opportunity 35 | Visa Investor Day Card Rumber se Growth in Business Merchant Opportunity Government Innovation Engagement#36VISA Emerging Markets Elizabeth Buse Global Executive, Solutions#37Common themes across developed and emerging markets VISA VISA 4000 1234 5578 VISA Cash and Check Opportunity 37 | Visa Investor Day Card Rumber se Growth in Business Merchant Opportunity Government Innovation Engagement#38Over $6 trillion in paper-based payments in emerging markets VISA $584 83% Mexico 2012 PCE ($B) % of PCE on paper-based payments Cash & Check Electronic Payments 38 | Visa Investor Day Brazil $69 71% $6 $723 56% 98% Russia $780 87% UAE $1,346 38% China India Rwanda $929 92% Indonesia $386 85% South Africa $146 66% Notes: PCE defined as Purchase PCE (does not include non-financial transactions); excludes Europe Source: Euromonitor Merchant Segment Study 2013 estimates; all data is calendar year#39VISA Emerging markets have historically evolved along a largely predictable path, requiring similar evolution of product mix Higher yield, lower frequency Lower yield, higher frequency 20000 888 104 VISA International Dining Travel Household Goods & Food Smaller Merchants Ticketing & Bill Payments Affluent Credit Debit Prepaid Credit PV Growth % Debit PV Growth % Prepaid PV Growth % Kuwait 11 18 47 Kenya Colombia 10 15 39 | Visa Investor Day Source: Visa Inc. Quarterly Operating Certificates, as reported by client financial institutions for four quarters ended March 2013 17 46 20 49#40VISA In addition to evolving product mix, penetrating cash & checks requires localization by market and specialization by client UAE New deals: 12 OUTCOMES South Africa Visa Advanced Authorization/ Visa Risk Manager: 313m Cross border growth: 21% annual txns, 54% YOY growth LOCALIZATION Philippines Prepaid card growth: 49% Client-specific benefits and programs Affluent Credit Fraud and Fund-loading Risk Services by text message PRODUCT Debit Prepaid Source: VisaNet Data & Visa Inc. Quarterly Operating Certificates, as reported by client financial institutions twelve months ended March 2013 40 | Visa Investor Day#41VISA Expanding merchant acceptance is critical to growth; requires new business models and technology Brazil: Visa Net do Brasil Cards: 218 million Merchants per 1,000 HH: 48.2 BUSINESS MODEL Indonesia: Acceptance program Cards: 25 million Merchants per 1,000 HH: 5.0 TECHNOLOGY Mexico: Grupo Bimbo-160k POS terminals Cards: 100 million Merchants per 1,000 HH: 1.8 mPOS accelerates growth, including with large merchants LAUNCH MARKETS India 41 | Visa Investor Day Russia Thailand South Africa UAE Philippines Source: Visa Inc. Quarterly Operating Certificates, as reported by client financial institutions for twelve months ended March 2013#42VISA eCommerce is outpacing physical POS and is used to overcome infrastructure challenges Target Segment High-transaction merchants Security Fraud and risk tools Authentication Ticketing and bill pay • India India Railways 2.3m transactions per month + • Growth in authorization Source: VisaNet fiscal year 2011 through fiscal Q2 2013 42 Visa Investor Day Russia Increase in cross border authorizations from 63% to 74%#43VISA Growth in emerging markets requires innovation across the entire payment eco-system 43 Visa Investor Day#44VISA Growth in emerging markets requires innovation across the entire payment eco-system Bank Name 1234 5678 9876 5432 1234 CARDHOLDER - II II Visa Net $ II II Visa Mobile Prepaid (VMP) 44 | Visa Investor Day Visa Mobile Managed Service (VMMS) Bank Name 1234 5678 9876 5432 1234 12/99 CARDHOLDER Fundamo#45VISA Partnerships with governments are critical to driving financial inclusion, which captures previously inaccessible PCE 2011 Charter of Collaboration with the Government of Rwanda 4420 699 International Travel Dining Household Goods & Food Smaller Merchants Ticketing and Bill Payments Payments and P2P Transfers 236 ATMs connected to Visa (up from <10) Acquirers joined Visa - 567 POS terminals (up from < 80) accepting both domestic and international cards in 350 merchants Major businesses online e.g. RwandAir Interoperable mobile money launched in January 45 | Visa Investor Day Source: Visa Inc. Quarterly Operating Certificates, as reported by client financial institutions for twelve months ended March 2013#46Visa's mobile capabilities allow faster domestic penetration than historic models VISA YOY Growth Cards-in-Force YOY Growth Fundamo Registered Wallets 17% Ghana Nigeria 11% 64% Pakistan 32% 18% Bangladesh Uganda 29% 28% 17% 6% 46 | Visa Investor Day Note: Cards-in-force are calculated based on four quarters ending March of 2012 and 2013 Fundamo registered wallets are based on YTD growth compared to prior year 580%#47Growth opportunity summary 2012 Emerging Markets PCE US $10T 2 9% Visa Purchases VISA Economic Growth $1T annual PCE growth ~1M new acceptance locations in past 12 months Merchant Affluent Credit, $6T in cash and check 57% Cash, Check & Other* 20% Competitor GPC 14% Debit, and Prepaid EFT & Other Mobile 142% CAGR over next five years in mobile payments Government Over 2B Unbanked and underbanked 21% CAGR in Visa domestic processed transactions** 47 | Visa Investor Day Notes: PCE defined as Purchase PCE (does not include non-financial transactions); excludes Europe Source: Euromonitor Merchant Segment Study 2013 estimates; BCC Research, 2013; Visa Inc. Operating Certificates, as reported by client financial institutions; World Bank, 2012; Visa Inc. estimates *Most easily addressable **FY 2008-2012#48Common themes across developed and emerging markets VISA VISA 4000 1234 5578 VISA Cash and Check Opportunity 48 Visa Investor Day Card Rumber se Growth in Business Merchant Opportunity Government Innovation Engagement#49Questions and Answers Session VISA#50Break VISA#51VISA Driving Growth Through Innovation Jim McCarthy Global Head of Innovation & Strategic Partnerships#52The Network Effect ~15 血 thousand financial institutions 2.1b VISA billion 盾 cards in force* OPEN >36 million merchant locations 82 billion total transactions** Figures are rounded, exclude Visa Europe and are as of March 31, 2013 unless otherwise noted. Figures from fiscal Q2 2013 operational performance data except number of financial institutions and ATMs. As of December 31, 2012 ** Includes payments and cash transactions. 52 Visa Investor Day#53When Networks Connect... ~15 血 thousand 2.1 billion cards in force* financial institutions VISA 2.4 billion internet connections³ OPEN >36 million merchant locations 1 Source: International Telecommunications Union, February, 2013 Source: The Radicati Group "Email Statistics Report, 2013-2017" April 22, 2013 3 Source: Internet World Stats, June 30, 2012 53 | Visa Investor Day - K -7.0 billion mobile subscriptions¹ A82 billion total transactions** 3.2 billion social networking accounts 2 Figures are rounded, exclude Visa Europe and are as of March 31, 2013 unless otherwise noted. Figures from fiscal Q2 2013 operational performance data except number of financial institutions and ATMs. ** Includes payments and cash transactions. As of December 31, 2012#54The Connected Consumer FRICTIONLESS CHECKOUT SECURITY AND RELIABILITY 54 | Visa Investor Day VISA MULTI-CHANNEL SHOPPING H VISA VISA Bills A 由 AUGMENTED COMMERCE FLEXIBLE, OPEN PLATFORM TARGETED, RELEVANT OFFERS CUSTOMIZABLE SHOPPING PREFERENCES Always on Always connected Highly personalized Tightly integrated Frictionless commerce VISA#55The Connected Consumer & Merchant VISA FRICTIONLESS CHECKOUT SECURITY AND RELIABILITY 55 Visa Investor Day VISA MULTI-CHANNEL SHOPPING H VISA VISA ==== Bills 由 AUGMENTED COMMERCE FLEXIBLE, OPEN PLATFORM TARGETED, RELEVANT OFFERS CUSTOMIZABLE SHOPPING PREFERENCES Always on Always connected Highly personalized Tightly integrated Frictionless commerce#56The Connected Consumer & Merchant VISA MULTI-CHANNEL SHOPPING FRICTIONLESS CHECKOUT VISA VISA VISA SECURITY AND RELIABILITY OT 56 | Visa Investor Day = Bills 圖 FLEXIBLE, OPEN PLATFORM AUGMENTED COMMERCE ID: CUSTOMIZABLE SHOPPING PREFERENCES TARGETED, RELEVANT OFFERS#57Visa Capabilities DEVELOPED Online Mobile Point-of-Sale (Remote/NFC) 2010 VISA 2012 MOBILE PREPAID VISA VISA Fundamo DEVELOPERS 2011 PERSONAL PAYMENTS VISA VMPS 57 | Visa Investor Day EMERGING VISA Open Loop Prepaid Person to Person Mobile Point-of-Sale VISA READY Visa payWave ✓ me by Visa 2013#58Visa Capabilities PROCESSING PLATFORMS VISA ADVANCED AUTHORIZATION Universal Payment Acceptance Risk Management Payment Analytics VISA 2010 DPS VISA DEVELOPERS CyberSource Authorize.Net 58 | Visa Investor Day Fundamo VISA 2012 MOBILE PREPAID VISA 2011 PERSONAL PAYMENTS VISA VMPS Visa payWave VISA VMMS VISA INFORMATION PRODUCTS Business Intelligence Risk Products Loyalty & Offers VbV VCAS Vme by Visa VISA READY 2013 VISA OFFERS VISA POS REDEMPTION#59VISA The Next Five Years... CONNECTED COMMERCE MORE ACCESS 0101001010 Convenient & frictionless Personalized & relevant BETTER DISTRIBUTION Global Localized Scalable Reliable 59 | Visa Investor Day MORE TRANSACTIONS Flexible Open Standards INTELLIGENT CAPABILITIES Customized Deepen relationships Differentiation#60VISA Innovation Panel Discussion Sam Shrauger Global Head of Commercialization Bill Gajda Global Head of Mobile. Mike Walsh CEO CyberSource and Visa Group Executive, Acquirers & Merchants Silvio Tavares bHoad of Information Products#61VISA Financial Review Byron Pollitt Chief Financial Officer#62E Today's topics Client incentives Capital allocation May metrics Early thoughts on FY 2014 VISA 62 | Visa Investor Day#63Client incentives Customized price discounts used to Secure multi-year contracts Promote payment volume (PV) growth Classified as contra revenue Various accounting treatments Not as relevant with direct pricing Expected to grow over time. . As portfolios grow More volume comes under contract US merchants / acquirers join issuers as recipients 63 | Visa Investor Day VISA#64Client volume under contract Multi-year contracts are now the norm... resulting in higher incentive levels over time Issuer PV Under Multi-Year Contract - Q2 FY 2013 $ BILLIONS US VISA MULTI-YEAR PV % OF TOTAL PV % RENEWING FY 2014 $466 88% 3% ROW $436 88% 12% Total 64 | Visa Investor Day $902 88% 7%#65Global incentive trend Client incentives as % of gross revenues have risen as portfolios have grown VISA FY 2009 2010 2011 FY 2012 Client incentives as % of gross revenues 15.1% 16.2% 17.0% 17.1% Growth in average PV portfolio 0% 18% 20% 9% 65 | Visa Investor Day#66Large portfolio incentive trend As expected, clients with largest portfolios. benefit from highest incentive discounts Top 20 Global Clients VISA BILLIONS FY 2008 FY 2012 GROWTH Average size of $82 $112 36% PV portfolio Client incentives as % 20.3% 26.2% 6 ppts of gross revenues 66 | Visa Investor Day#67Capital allocation - uses of cash Guiding principles First call on cash is to reinvest in attractive growth: organic, JVs, M&A Preserve strong balance sheet, with sufficient liquidity to backstop settlement risk and fund Visa Europe put Return excess cash to shareholders through dividends and share repurchase Introduce debt to optimize cost of capital when there is a compelling use of proceeds 67 | Visa Investor Day VISA#68Empty#69Return of excess cash to shareholders VISA FY 2008- 2011 - Q1/Q2 CUMULATIVE $ BILLIONS 2010 2012 2013 TOTAL Excess cash $5.8 $6.3 $2.4 $14.5 (net of offshore) Share repurchases / Escrow deposits (3.3) (5.6) (3.1) (12.0) Dividends (0.8) (1.0) (0.4) (2.2) Remainder 1.7 (0.3) (1.1) 0.3 Cumulative 1.7 1.4 0.3 69 | Visa Investor Day#70VISA Capital allocation - dividends Plan for annual increases with dividend levels attractively. positioned relative to S&P 500 companies with EPS growth above 15%... vs. targeting any predetermined payout ratio Dividend Yield 2.7% Dividend Payout Ratio Current Dividend / LTM EPS 42.0% 1.5% 0.7% 0.5% 0.1% <10% ≥10% ≥15% ≥20% Visa <15% <20% IBES EPS Growth* 70 | Visa Investor Day *As of May 15, 2013 ** Adjusted EPS 28.0% 19.0% 8.0% 0.0% <10% ≥10% ≥15% ≥20% Visa** <15% <20% IBES EPS Growth*#71May metrics US payment volume growth % GROWTH TOTAL CREDIT DEBIT Q2 FY 2013 4% 9% 1% April 12% 10% 14% May 12% 11% 12% 71 | Visa Investor Day VISA#72May metrics Cross border volume growth - constant % GROWTH TOTAL US ROW Q2 FY 2013 10% 9% 11% April 12% 9% 13% May 11% 10% 12% 72 | Visa Investor Day VISA#73May metrics Processed transactions growth % GROWTH TOTAL US ROW Q2 FY 2013 6% 3% 21% April 15% 12% 24% May 14% 12% 22% 73 | Visa Investor Day VISA#74Guidance FY 2013 VISA Net revenue growth Low double digits Tax rate 30 - 32% Client incentives as % 16 - 17% of gross revenues Adjusted EPS growth About 20% Marketing expenses <$1B Capital $425 - 475M expenditures Free Operating margin About 60% ~$6B cash flow 74 | Visa Investor Day#75VISA . . Early thoughts on FY 2014 Revenue growth Assume slow, sustained global economic recovery. Low double digit revenue growth Marketing expenses Modest increases given Winter Olympics and Summer World Cup Adjusted EPS growth . Mid to high teens Supported by share repurchases Free cash flow ~$5B 75 | Visa Investor Day#76VISA Bringing it all Together Charlie Scharf Chief Executive Officer#77Our opportunity Macroeconomic Economic Growth Payments Electronification (incl. Mobile and eCommerce) Financial Inclusion VISA VISA Merchant Relationships Non-US Growth Affluent Credit, Debit, and Prepaid Data Driven Solutions for Merchants, Issuers, and Acquirers 77 | Visa Investor Day#78Questions and Answers Session VISA#79VISA Visa Inc. Investor Day June 6, 2013