Presentation

Third Quarter 2008

Earnings Webcast & Conference Call

October 21, 2008

Exhibit

99.2

Gary Kohn

Vice President Investor Relations

Earnings Webcast & Conference Call

October 21, 2008

Safe Harbor

This presentation contains certain statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of

1995.

These

statements

are

not

guarantees

future

performance

and

involve

certain

risks,

uncertainties

and

assumptions

that

are

difficult

predict.

Actual

outcomes

and

results

may

differ

materially

from

those

expressed

in,

implied

by,

our

forward-looking

statements.

Words

such

as “expects,”

“intends,”

“anticipates,”

“believes,”

“estimates,”

“guides,”

“provides guidance”

and other similar expressions or future or

conditional verbs such as “will,”

“should,”

“would”

and “could”

are intended to identify such forward-looking statements. Readers of this

presentation by The Western Union Company (the “Company,”

“Western Union,”

“we,”

“our”

or “us”) should not rely solely on the forward-

looking

statements

and

should

consider

all

uncertainties

and

risks

discussed

under

“Risk

Factors”

included

within

the

Annual

Report

Form

10-K

for

the

year

ended

December

31,

2007.

The

statements

are

only

the

date

they

are

made,

and

the

Company

undertakes

obligation to update any forward-looking statement.

Possible events or factors that could cause results or performance to differ materially from those expressed in our forward-looking statements

include the following: changes in general economic conditions and economic conditions in the geographic regions and industries in which we

operate;

adverse

movements

and

volatility

capital

markets

and

other

events

which

affect

our

liquidity,

the

liquidity

our

agents,

the

value

of our investments; changes in immigration laws, patterns and other factors related to immigrants; technological changes, particularly with

respect to e-commerce; the failure by us, our agents or subagents to comply with our business and technology standards and contract

requirements

applicable

laws

and

regulations,

especially

laws

designed

prevent

money

laundering

and

terrorist

financing;

our

ability

attract and retain qualified key employees and to manage our workforce successfully; changes in foreign exchange rates, including the impact

of the regulation of foreign exchange spreads on money transfers; political conditions and related actions in the United States and abroad

which

may

adversely

affect

our

businesses

and

economic

conditions

whole;

failure

maintain

sufficient

amounts

types

regulatory

capital to meet the changing requirements of our various regulators worldwide; growth in the money transfer market and other markets in which

operate

rates

materially

lower

than

recent

levels;

failure

implement

agent

contracts

according

schedule;

our

ability

maintain

our

agent network and biller relationships under terms consistent with those currently in place; interruptions of United States government relations

with

countries

which

have

are

implementing

material

agent

contracts;

deterioration

consumers’

and

clients’

confidence

our

business,

money

transfer

providers

generally;

failure

manage

credit

and

fraud

risks

presented

our

agents,

consumers,

insurance

carriers and financial services providers; adverse rating actions by credit rating agencies; liabilities and unanticipated developments resulting

from

litigation

and

regulatory

investigations

and

similar

matters,

including

costs,

expenses,

settlements

and

judgments;

changes

United

States or foreign laws, rules and regulations including the Internal Revenue Code, and governmental or judicial interpretations thereof; our

ability to favorably resolve tax matters with the Internal Revenue Service and other tax jurisdictions; changes in industry standards affecting our

business; changes in accounting standards, rules and interpretations; failure to compete effectively in the money transfer industry with respect

to global and niche or corridor money transfer providers, banks and other nonbank money transfer services providers, including

telecommunications providers, card associations and card-based payments providers; our ability to grow our core businesses; our ability to

develop and introduce new products, services and enhancements, and gain market acceptance of such products; our ability to protect our

brands and our other intellectual property rights; our ability to manage the potential both for patent protection and patent liability in the context

of a rapidly developing legal framework for intellectual property protection; any material breach of security of or interruptions in any of our

systems; mergers, acquisitions and integration of acquired businesses and technologies into our company and the realization of anticipated

synergies

from

these

acquisitions;

adverse

consequences

from

our

spin-off

from

First

Data

Corporation

(“First

Data”),

including

resolution

certain ongoing matters; decisions to downsize, sell or close units, or to transition operating activities from one location to another or to third

parties, particularly transitions from the United States to other countries; decisions to change the business mix; cessation of various services

provided to us by third-party vendors; catastrophic events; and management’s ability to identify and manage these and other risks.

Christina Gold

President & Chief Executive Officer

Earnings Webcast & Conference Call

October 21, 2008

Strong Third Quarter Results

Revenue

$1.38B up 10%

•

Transaction growth rates held strong

•

Operating margin 27.2%, or 27.5% excluding

restructuring expense

•

Year-to-date cash flow from operations $925 million

Note: See appendix for reconciliation of Non-GAAP to GAAP measures.

EPS

$0.33

up 18%

EPS

excluding

restructuring

and

2007

stock

compensation

charge

up 10%

Western Union Strategy

4 key pillars for long-term growth

Accelerate profitable

growth in the

global cash money

transfer business

Innovate new products

and services for our

target customers

Improve profitability

by leveraging scale,

reducing costs

and effectively

utilizing capital

Expand

and globalize the C2B

payments business

Grow the C2C Business

•

Promote and market Western Union brand

•

Grow the agent network

–

365,000 agent locations

–

Key signings and renewals

•

Vietnam, Philippines, Malaysia, Thailand, South Africa, France,

United Kingdom, Greece, Qatar, UAE

•

Expand product offerings

–

Intra country and online money transfer

•

Strategic Pricing

Geographically Diverse Portfolio

Revenue

Transactions

Q3 08

Americas

Flat

Europe, Middle East, Africa, S. Asia

20%

27%

Asia Pacific

23%

30%

Growth Through New Initiatives

•

Intra money transfer

–

300 million “intra-country migrants”

–

$100 million business CAGR exceeds 30% since 2005

•

Online money transfer

–

New customers

–

From bank direct to agent location

•

Canada, Germany, Malaysia

Expand the C2B Business

•

International expansion

•

Product diversification

•

Acquisitions

Innovate New Services

and Technologies

Innovate New Services

and Technologies

•

ORASCOM alliance –

77 million subscribers

•

Mobile Money Transfer

–

Expanded pilot; UAE, Singapore, Hong Kong

Improve Profitability

•

2008 operating margin excluding restructuring

expenses expected to be consistent with 2007

•

Goal to improve 2009 margin by up to 50 basis points

•

Scalable business

–

Reduce operating expenses

–

Reduce distribution costs

–

Optimize global investments

Global scale provides margin

expansion opportunities

Leading the Global Money

Transfer Marketplace

Leading the Global Money

Transfer Marketplace

•

Leadership position in growing market

•

365,000 agent locations

•

Well-known brand

•

Geographically diverse revenue stream

•

Scalable infrastructure

•

Industry-leading compliance capabilities

•

Solid financial position

Well positioned for growth

Scott Scheirman

Executive Vice President

& Chief Financial Officer

Earnings Webcast & Conference Call

October 21, 2008

Revenue

1.38B

up 10%

EPS, reported

0.33

up 18%

Third Quarter Results

Note: See appendix for reconciliation of Non-GAAP to GAAP measures.

$925 million in operating

cash flow

EPS,

excluding

restructuring

expenses

and

2007 stock compensation charge

0.33

up 10%

Transaction Fee

Components of Revenue

$ in millions

Q3 07

Q3 08

Foreign Exchange

Q3 07

Q3 08

$1,020

$1,099

Up 8%

$203

$239

Up 17%

Operating Income Margin

•

Q3 operating income margin, excluding

restructuring was 27.5% (27.2% reported)

–

Sequential improvement from Q1 and Q2

•

Operating income margin strongest in fourth

quarter

Expect 2008 operating margin ex

restructuring consistent with 2007

Note: See appendix for reconciliation of Non-GAAP to GAAP measures.

Profitability Initiatives

•

Restructuring expenses

–

$3 million in Q3

–

Approximately $70 million full-year 2008

•

Estimated savings unchanged

–

$10 million in 2008

–

$35 million annually in 2009 and beyond

Goal of expanding 2009 margin

up to 50 basis points

Selected Financial Results

Q3 2008 Q3 2007 % Change

$ in millions except for per share

and tax rate information

Excluding 2008

Restructuring

Expense and

2007 Stock

Comp Charge

Note: See appendix for reconciliation of Non-GAAP to GAAP measures.

Revenue

1,377

1,257

10%

Cost of Services

786

722

10%

SG&A

217

205

13%

Operating Income

375

330

14%

Total other expense, net

(42)

(23)

(82%)

Tax Rate

27.7%

29.5%

180 bps

Net Income

241

216

11%

Diluted EPS

0.33

0.28

18%

10%

Cash Generation and Position

Cash Flows From Operations, year-to-date

$925

Cash Balance on September 30

$1,130

Remaining authorized for buyback, Sept. 30

$1,049

Stock Repurchases, spin through Sept. 30

(86 million shares or 11% of original shares)

$1,951

$ in millions

Capital Expenditures, year-to-date

$125

Expect 2008 Cash Flow From Operations of $1.2B

Consumer-to-Consumer

Q3 2008

Change

(millions)

Transactions

48.8

13%

Revenue

$1,178

12%

Operating Income

$328

20%

Operating Margin

27.8%

180 bp

Excluding Stock

Comp Charge

n/a

12%

flat

Note: See appendix for reconciliation of Non-GAAP to GAAP measures.

85% of revenue

Consumer-to-Business

Q3 2008

Change

(millions)

Transactions

103.3

Revenue

$176

-2%

Operating Income

$47

-10%

Operating Margin

26.4%

-260 bp

13% of revenue

n/a

-15%

Note: See appendix for reconciliation of Non-GAAP to GAAP measures.

-420 bp

Excluding Stock

Comp Charge

Hedging Strategy

•

Increase predictability of net revenues and cash flows

–

Use foreign currency forward contracts to lock in f/x

rates for 12 to 36

months

•

Euro impact to revenue

–

2008 year-to-date: $95 million benefit

–

Q4 2008 and 2009: negative impact at current euro exchange rates

•

Euro impact to profits and cash flows

–

2008 and 2009 not nearly as significant

2008 Financial Guidance

•

Revenue growth of 9% to 10%

•

Non-GAAP EPS of $1.29 to $1.31

–

Excludes $0.06 of restructuring expenses and includes $0.01 in cost savings

•

GAAP EPS of $1.23 to $1.25

–

Includes $70 million in restructuring expenses (previous estimate was for $80 million)

•

Cash Flow from Operations of $1.2 billion

•

Capital Expenditures of less than $175 million

•

Net other expense of $120 million (up from $110 million)

•

Non-GAAP tax rate of 27.5% (excludes restructuring)

•

GAAP tax rate of approximately 26.5%

Note: See appendix for reconciliation of Non-GAAP to GAAP measures.

Summary

•

Business model and strategy are sound

•

Western Union continues to grow profitably

•

Results driven by execution of four key strategies

•

Geographically diverse revenue

•

On target to generate $1.2 billion of cash flow from

operations

Creating shareholder value

Questions and Answers

•

Leadership position in growing market

•

365,000 agent locations

•

Well-known brand

•

Geographically diverse revenue stream

•

Scalable infrastructure

•

Industry-leading compliance capabilities

•

Solid financial position

Well positioned for growth

Third Quarter 2008

Earnings Webcast & Conference Call

October 21, 2008

Appendix

Non-GAAP Measures

Western Union's management has presented: (1) Revenue growth excluding the foreign currency translation

impact of euro denominated revenues; (2) Cost of services growth, selling, general and administrative expenses

growth,

operating

income

growth,

net

income

growth,

earnings

per

and

earnings

per

growth,

and

operating

income

margin

excluding

2008

restructuring

and

expenses

and

the

2007

accelerated

non-cash

SFAS No. 123R stock-based compensation vesting charge; (3) Cost of services and SG&A

as a percent of

revenue, excluding 2008 restructuring and related expenses and the 2007 stock-based compensation vesting

charge; (4) Operating income margin by segment and operating income growth or decline by segment, excluding

the 2007 stock-based compensation vesting charge; (5) 2008 earnings per share guidance, excluding estimated

2008 restructuring and related expenses; and (6) 2008 full year effective tax rate guidance, excluding estimated

2008 restructuring and related expenses. The 2007 stock-based compensation vesting charge resulted from the

acquisition of First Data Corporation ("First Data") by an affiliate of Kohlberg, Kravis, Roberts & Co. ("KKR") in

the third quarter 2007. Western Union's

management believes these non-GAAP measures provide meaningful

supplemental information regarding our operating results to assist management, investors, analysts, and others in

understanding

our

financial

results

and

better

analyze

trends

our

underlying

business,

because

they

provide

consistency and comparability to prior periods.

A non-GAAP financial measure should not be considered in isolation or as a substitute for the most comparable

GAAP financial measure. A non-GAAP financial measure reflects an additional way of viewing aspects of our

operations that, when viewed with our GAAP results and the reconciliation to the corresponding GAAP financial

measure,

provide

complete

understanding

our

business.

Users

the

financial

statements

are

encouraged to review our financial statements and publicly-filed reports in their entirety and not to rely on any

single financial measure. A reconciliation of non-GAAP measures to the most directly comparable GAAP

financial measures is included in the following slides.

(unaudited)

THE WESTERN UNION COMPANY

RECONCILIATION OF NON-GAAP MEASURES

(in millions)

2008

2007

Growth

$ 1,377.4

$ 1,257.2

10%

Benefit from euro translation (a)

(24.1)

$ 1,353.3

$ 1,257.2

Refer to footnote explanations at the end of this "Reconciliation of Non-GAAP Measures" section.

Revenue adjusted

Revenue as reported (GAAP)

Adjustments:

Three Months Ended

September 30,

(unaudited)

THE WESTERN UNION COMPANY

RECONCILIATION OF NON-GAAP MEASURES

(in millions)

As reported

(GAAP)

Adjustments (b)

Adjusted

Revenue

$ 1,377.4

Cost of services

785.6

(1.1)

784.5

Selling, general and administrative

216.6

(2.1)

214.5

Net income

240.8

2.5

243.3

Earnings per share

$ 0.33

As reported

(GAAP)

Adjustments (c)

Adjusted

Revenue

$ 1,257.2

Cost of services

722.2

(8.0)

714.2

Selling, general and administrative

204.9

(14.3)

190.6

Net income

216.3

15.2

231.5

Earnings per share

$ 0.28

0.02

$ 0.30

As reported

(GAAP)

Adjustments

Adjusted

Cost of services

10%

Selling, general and administrative

13%

Net income

11%

(6)%

Earnings per share

18%

(8)%

10%

Percent of 2008 revenue:

Cost of services

57%

SG&A

16%

Refer to footnote explanations at the end of this "Reconciliation of Non-GAAP Measures" section.

2008 Growth:

Three Months Ended September 30, 2007

Three Months Ended September 30, 2008

(unaudited)

THE WESTERN UNION COMPANY

RECONCILIATION OF NON-GAAP MEASURES

(in millions)

September 30,

2008

June 30,

2008

March 31,

2008

September 30,

2007

Revenues

$ 1,377.4

$ 1,347.1

$ 1,265.9

$ 1,257.2

$ 375.2

$ 336.2

$ 309.3

$ 330.1

Restructuring and related expenses (b)

3.2

22.9

24.2

Accelerated non-cash stock

compensation vesting charge (c)

22.3

$ 378.4

$ 359.1

$ 333.5

$ 352.4

Operating income growth, as reported (GAAP)

14%

Operating income growth, adjusted

Operating income margin, as reported (GAAP)

27.2%

25.0%

24.4%

26.3%

Operating income margin, adjusted

27.5%

26.7%

26.3%

28.0%

Refer to footnote explanations at the end of this "Reconciliation of Non-GAAP Measures" section.

Operating income, as reported (GAAP)

Adjustments:

Operating income, adjusted

Three Months Ended

THE WESTERN UNION COMPANY

RECONCILIATION OF NON-GAAP MEASURES

THE WESTERN UNION COMPANY

RECONCILIATION OF NON-GAAP MEASURES

September 30,

2008

June 30,

2008

March 31,

2008

September 30,

2007

Revenues

$ 1,377.4

$ 1,347.1

$ 1,265.9

$ 1,257.2

$ 785.6

$ 799.4

$ 758.6

$ 722.2

Restructuring and related expenses (b)

(1.1)

(19.5)

(22.4)

Accelerated non-cash stock

compensation vesting charge (c)

(8.0)

$ 784.5

$ 779.9

$ 736.2

$ 714.2

57%

59%

60%

57%

Cost of services as a percent of revenue, adjusted

57%

58%

57%

Refer to footnote explanations at the end of this "Reconciliation of Non-GAAP Measures" section.

Cost of services, adjusted

Cost of services as a percent of revenue, as reported

(GAAP)

Three Months Ended

Cost of services, as reported (GAAP)

Adjustments:

THE WESTERN UNION COMPANY

RECONCILIATION OF NON-GAAP MEASURES

THE WESTERN UNION COMPANY

RECONCILIATION OF NON-GAAP MEASURES

C2C

C2B

Operating income, as reported (GAAP)

327.7

46.6

C2C

C2B

Revenue, as reported (GAAP)

1,055.8

179.5

Operating income, as reported (GAAP)

274.1

52.0

Adjustment:

Accelerated non-cash stock compensation vesting charge (c)

18.9

3.0

Operating income, adjusted

293.0

55.0

Operating income margin, three months ended September 30, 2007:

As reported (GAAP)

26.0%

29.0%

Adjusted

27.8%

30.6%

Operating income growth/(decline):

As reported (GAAP)

20%

(10)%

Adjusted

12%

(15)%

Refer to footnote explanations at the end of this "Reconciliation of Non-GAAP Measures" section.

Operating income by segment

Three Months Ended September 30, 2008

Operating income by segment

Three Months Ended September 30, 2007

THE WESTERN UNION COMPANY

RECONCILIATION OF NON-GAAP MEASURES

THE WESTERN UNION COMPANY

RECONCILIATION OF NON-GAAP MEASURES

2008 Full Year Estimated Effective Tax Rate Guidance ("ETR")

2008

Estimated ETR (GAAP Basis)

26.5%

Estimated ETR benefit for estimated 2008 restructuring

and related expenses (b)

1.0

Adjusted estimated ETR

27.5%

Refer to footnote explanations at the end of this "Reconciliation of Non-GAAP Measures" section.

EPS Guidance

2008 EPS Guidance GAAP basis

$ 1.23

$ 1.25

Adjustments:

Estimated 2008 restructuring and related expenses, net of

estimated income tax benefit (b)

0.06

$ 1.29

$ 1.31

Adjusted 2008 EPS Guidance, excluding estimated restructuring and

related expenses

Range

THE WESTERN UNION COMPANY

RECONCILIATION OF NON-GAAP MEASURES

THE WESTERN UNION COMPANY

RECONCILIATION OF NON-GAAP MEASURES

(a) Represents a benefit in the fluctuation in the exchange rate between the euro and the United States

dollar. This benefit would not have occurred had there been a constant exchange rate, and was net of

the impact of our foreign currency hedges.

(b) Restructuring and related expenses incurred in the three months ended September 30, 2008 include $3

million

expenses

and

estimated

$70

million

expenses

for

2008.

These

expenses

relate

severance, outplacement and other employee related benefits; facility closure and migration of our IT

infrastructure; and other expenses related to relocation of various operations to existing Company facilities

and third party providers, including hiring, training, relocation, travel, and professional fees. Also, included

in the facility closure expenses are non-cash expenses related to fixed asset and leasehold improvement

write-offs, and acceleration of depreciation and amortization. For purposes of calculating the adjusted non-

GAAP 2008 EPS guidance, the EPS impact of $0.06 for estimated 2008 restructuring and related

expenses is net of an estimated income tax benefit of $27 million. The restructuring and related expenses

are included in cost of services and selling, general and administrative expense lines in the consolidated

statements of income, and are not allocated to the segments.

charge in accordance with SFAS No. 123R accounting for stock-based compensation resulting from

the previously announced acceleration of vesting in Western Union stock options and awards

granted to current Western Union employees prior to the spin-off from First Data. Under the terms of

the plan, vesting was accelerated for these options and awards as a result of the change of control

that occurred when an affiliate of KKR acquired First Data, Western Union's former parent company,

on September 24, 2007.

Use of Material

The information contained in this presentation is being provided

for your convenience and information only. This information is

accurate as of the date of its initial presentation, October 21,

2008. If you plan to use this information for any purpose,

verification of its continued accuracy is your responsibility. The

Western Union Company assumes no duty to update or revise

the information contained in this presentation. You may

reproduce information contained in this presentation provided

you do not alter, edit, or delete any of the content and provided

you identify the source of the information as The Western Union