Exhibit 99.1

Visa Inc. Posts Strong Fiscal Second Quarter 2009 Earnings Results and Reaffirms 2009 Adjusted Diluted Earnings Per Share Guidance

• Adjusted quarterly net income of $553 million or $0.73 per diluted class A common share

• GAAP quarterly net income of $536 million or $0.71 per diluted class A common share

SAN FRANCISCO, CA, April 29, 2009 – Visa Inc. (NYSE: V) today announced financial results for the company’s fiscal second quarter 2009 ended March 31, 2009. On an adjusted basis (reflective of a normalized tax rate, restructuring and purchase amortization), net income for the quarter was $553 million, or $0.73 per diluted class A common share. GAAP net income for the quarter was $536 million, or $0.71 per diluted class A common share. The weighted average number of diluted class A common shares outstanding was 753 million. The company’s adjusted net income and adjusted diluted net income per class A common share are non-GAAP financial measures that are reconciled to their most directly comparable GAAP measures in the accompanying financial tables.

Net operating revenue in the fiscal second quarter of 2009 was $1.6 billion, an increase of 13% over the prior year, driven by contributions across all revenue categories. Though slightly negative in the U.S., payments volume continued to grow on a constant dollar basis in all other regions globally. Processed transactions continued to post solid growth globally.

“Despite the challenging economy, Visa continued to post strong operational and financial performance during our fiscal second quarter, and we remain confident in delivering our EPS guidance for FY 2009,” said Joseph Saunders, Chairman and Chief Executive Officer of Visa Inc. “While expense management and efficiency remain key priorities, we will continue to carefully right-size our pricing structure and further invest in our business with the intent of driving incremental growth and realizing operating advantages.”

“The resiliency in our business reflects the strength of Visa’s credit, debit, and prepaid products worldwide, which continue to benefit from the ongoing secular shift from cash and check to electronic forms of payments,” added Saunders. “These diverse products, combined with further expansion of our processing capabilities worldwide, should continue to benefit our shareholders, clients, and cardholders in the future.”

Fiscal Second Quarter 2009 Financial Highlights:

Visa Inc.’s operational performance highlights for the fiscal second quarter, as measured by business activity through December 31, 2008, include:

• Payments volume growth, on a nominal basis, was a negative 1% over the prior year at $675 billion;

• Total volume, on a nominal basis and inclusive of cash volume, was $1.1 trillion, flat over the prior year;

• Total cards carrying the Visa brands rose 8% worldwide over the prior year to over 1.7 billion; and

• Total transactions increased by 9% over the prior year to 14.9 billion.

Total processed transactions, which represent transactions processed by VisaNet through March 31, 2009, totaled 9.4 billion, a 6% increase over the prior year.

For the fiscal second quarter 2009, service revenues were $804 million, an increase of over 2% versus the prior year, and are recognized based on payment volume in the prior quarter. All other revenue categories are recognized based on current quarter activity. Data processing revenues rose 10% over the prior year to $544 million. International transaction revenues, which are driven by cross-border payments volume, grew 18% over the prior year to $446 million, as the company benefited from previously enacted pricing initiatives. Other revenues, which include the Visa Europe licensing fee, were $148 million, up 17% over the prior year. Volume and support incentives, which are a contra revenue item, were $295 million, a decline of 13% over the prior year.

Adjusted total operating expenses were $745 million for the fiscal second quarter, a 5% decrease from the prior year’s adjusted total operating expenses of $783 million. Total operating expenses on a GAAP basis were $766 million for the quarter, a 31% decrease from the prior year’s total operating expenses of $1.1 billion.

Cash, cash equivalents, restricted cash, and investment securities were $5.8 billion at March 31, 2009.

Notable Events:

On March 2, 2009, the company unveiled its first global advertising campaign, entitled “More people go with Visa,” reflecting the company’s evolution to a single, global company. The new campaign enables Visa to align its worldwide marketing under a single theme that highlights the superior value Visa delivers versus cash and checks – including more security, more control and more convenience.

Also in March, MoneyGram International, a leading provider of global payment services, and Visa announced plans to introduce Visa ReadyLink – Visa’s prepaid load network – in MoneyGram’s 40,000 agent locations across the United States, providing financially underserved consumers with more convenient options to add funds to their Visa reloadable prepaid cards. MoneyGram joins more than 8,000 participating Visa ReadyLink locations, further extending the convenience and security of reload services to Visa prepaid cardholders in more convenient, everyday shopping locations.

2

On April 23, 2009, the Board of Directors declared a quarterly divided in the aggregate amount of $0.105 per share of class A common stock (determined in the case of class B and class C common stock on an as-converted basis) payable on June 2, 2009 to all holders of record of Visa’s class A, class B and class C common stock as of May 15, 2009.

Also in April, the Board of Directors approved a program in which class C stockholders may liquidate up to 30% of their class C shares between July 1 and September 30, 2009, subject to certain terms and conditions. The remaining class C shares will continue to be subject to the general transfer restrictions that expire on March 25, 2011 under Visa’s certificate of incorporation. Class C shares sold under this program will automatically convert to class A shares, tradable in the public market. The release of the class C shares does not increase the number of outstanding shares of the company and there is no dilutive effect to the outstanding share count from these transactions.

Financial Outlook:

Visa Inc. updates its financial outlook for the following metric for full-year 2009:

• Annual adjusted operating margin in the low 50% range.

Visa Inc. updates its financial outlook for the following metric for full-year 2010:

• Annual adjusted operating margin in the high 40% to low 50% range.

Visa Inc. affirms its financial outlook for the following metrics through 2010:

• Annual net revenue growth of high single digits in 2009 and at the lower end of the 11% to 15% range in 2010, given certain economic recovery assumptions;

• Annual adjusted diluted class A common stock earnings per share growth of greater than 20%;

• Annual free cash flow in excess of $1 billion; and

• Capital expenditures in the range of $300 to $350 million in 2009 and representing 3 to 4% of gross revenues in 2010.

This outlook reflects an assumed 40% GAAP tax rate for fiscal year 2009. The company’s intent is to reduce this rate to a level around 35-36% over the next four years.

3

Fiscal Second Quarter 2009 Earnings Results Conference Call Details:

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 unsurpassed 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. For more information, visit www.corporate.visa.com.

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 statements regarding certain of Visa’s goals and expectations with respect to adjusted earnings per share, revenue, adjusted operating margin, and free cash flow, and the growth rate in those items, as well as other measures of economic performance.

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 in Part 1, Item 1A – “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2008. You are cautioned not to place undue reliance on such statements, which speak only as of the date of this presentation. 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 Will Valentine, 415-932-2564, globalmedia@visa.com

4

Visa Inc.

Selected Consolidated Statements of Operations

(unaudited)

	Three months ended March 31,						Six months ended March 31,
	2009			2008			2009			2008
	(in millions except per share data)
Operating Revenues
Service revenues	$	804		$	792		$	1,597		$	1,524
Data processing revenues		544			494			1,098			986
International transaction revenues		446			379			951			760
Other revenues		148			126			304			259
Volume and support incentives		(295	)		(338	)		(564	)		(588	)
Total operating revenues		1,647			1,453			3,386			2,941
Operating Expenses
Personnel		272			289			547			572
Network, EDP and communications		92			78			185			161
Advertising, marketing and promotion		196			215			406			425
Professional and consulting fees		84			96			164			194
Depreciation and amortization		56			59			108			121
Administrative and other		66			75			129			149
Litigation provision		—			292			—			292
Total operating expenses		766			1,104			1,539			1,914
Operating income		881			349			1,847			1,027
Other Income (Expense)
Equity in earnings of unconsolidated affiliates		1			—			—			1
Interest expense		(30	)		(41	)		(60	)		(86	)
Investment income, net		34			34			53			75
Other		1			28			—			36
Total other income (expense)		6			21			(7	)		26
Income before income taxes and minority interest		887			370			1,840			1,053
Income tax expense		352			56			731			315
Income before minority interest		535			314			1,109			738
Minority interest		1			—			1			—
Net income	$	536		$	314		$	1,110		$	738
Basic net income per share
Class A common stock	$	0.71		$	0.39		$	1.45		$	0.93
Class B common stock	$	0.45		$	0.37		$	0.97		$	0.92
Class C common stock	$	0.71					$	1.45
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
Class A common stock		447			64			447			32
Class B common stock		246			415			246			421
Class C common stock		152						152
Class C (series I) common stock					255						257
Class C (series II) common stock					35						32
Class C (series III and IV) common stock					58						60
Diluted net income per share
Class A common stock	$	0.71		$	0.39		$	1.45		$	0.93
Class B common stock	$	0.45		$	0.37		$	0.97		$	0.92
Class C common stock	$	0.71					$	1.45
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
Class A common stock		753			778			762			762
Class B common stock		246			415			246			421
Class C common stock		152						152
Class C (series I) common stock					255						257
Class C (series II) common stock					35						32
Class C (series III and IV) common stock					58						60

5

Visa Inc.

Selected Consolidated Balance Sheets

(unaudited)

	March 31, 2009			September 30, 2008
	(in millions except par value and share data)
Assets
Cash and cash equivalents	$	3,363		$	4,979
Restricted cash - litigation escrow		1,611			1,298
Investment securities
Trading		76			—
Available-for-sale		50			355
Settlement receivable		879			1,131
Accounts receivable		372			342
Customer collateral		676			679
Current portion of volume and support incentives		209			256
Current portion of deferred tax assets		650			944
Prepaid expenses and other current assets		339			1,190
Total current assets		8,225			11,174
Restricted cash - litigation escrow		490			630
Investment securities, available-for-sale		200			244
Volume and support incentives		111			123
Property, equipment and technology, net		1,155			1,080
Other assets		687			634
Intangible assets		10,883			10,883
Goodwill		10,213			10,213
Total assets	$	31,964		$	34,981
Liabilities
Accounts payable	$	72		$	159
Settlement payable		760			1,095
Customer collateral		676			679
Accrued compensation and benefits		273			420
Volume and support incentives		290			249
Accrued liabilities		300			306
Current portion of long-term debt		52			51
Current portion of accrued litigation		1,820			2,698
Redeemable class C (series III) common stock, no shares and 35,263,585 shares issued and outstanding, respectively		—			1,508
Total current liabilities		4,243			7,165
Long-term debt		50			55
Accrued litigation		957			1,060
Deferred tax liabilities		3,859			3,811
Other liabilities		731			613
Total liabilities		9,840			12,704
Temporary Equity and Minority Interest
Class C (series II) common stock, $0.0001 par value, no shares and 218,582,801 shares authorized, no shares and 79,748,857 shares issued and outstanding, net of subscription receivable, respectively	$	—		$	1,136
Minority interest		4			—
Total temporary equity and minority interest		4			1,136
Stockholders’ Equity
Preferred stock, $0.0001 par value, 25,000,000 shares authorized and none issued		—			—
Class A common stock, $0.0001 par value, 2,001,622,245,209 shares authorized, 449,019,664 and 447,746,261 issued and outstanding, respectively		—			—
Class B common stock, $0.0001 par value, 622,245,209 shares authorized, 245,513,385 issued and outstanding		—			—
Class C common stock, $0.0001 par value, 1,097,165,602 shares authorized, 151,605,798 issued and 151,581,349 outstanding at March 31, 2009		—			—
Class C (series I) common stock, $0.0001 par value, 813,582,801 shares authorized, 124,622,548 issued and 124,097,105 outstanding at September 30, 2008		—			—
Class C (series III) common stock, $0.0001 par value, 64,000,000 shares authorized, 26,949,616 issued and outstanding at September 30, 2008		—			—
Class C (series IV) common stock, $0.0001 par value, 1,000,000 shares authorized, 549,587 issued and outstanding at September 30, 2008		—			—
Additional paid-in capital		21,077			21,060
Class C treasury stock, 24,449 shares and 525,443 shares, respectively		(2	)		(35	)
Accumulated income		1,133			186
Accumulated other comprehensive loss, net		(88	)		(70	)
Total stockholders’ equity and accumulated income		22,120			21,141
Total liabilities, temporary equity and minority interest, and stockholders’ equity	$	31,964		$	34,981

6

Visa Inc.

Selected Consolidated Statements Of Cash Flows

(unaudited)

	Six Months Ended March 31,
	2009			2008
	(in millions)
Operating Activities
Net income	$	1,110		$	738
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization of property, equipment and technology		108			121
Share-based compensation		64			19
Tax benefit for share-based compensation		(6	)		—
Restricted stock instruments settled in cash for taxes		(22	)		—
Fair value adjustment for liability under the framework agreement		—			(36	)
Interest earned on litigation escrow, net of tax		(12	)		—
Net recognized loss on investment securities, including other-than-temporary impairment		8			8
Asset impairment		3			—
Minority interest		(1	)		—
Amortization of volume and support incentives		564			588
Accrued litigation and accretion		48			370
Equity in earnings of unconsolidated affiliates		—			(1	)
Deferred income taxes		338			124
Change in operating assets and liabilities:
Trading securities		17			—
Accounts receivable		(30	)		(3	)
Settlement receivable		252			(569	)
Volume and support incentives		(464	)		(676	)
Other assets		(9	)		(61	)
Accounts payable		(87	)		(54	)
Settlement payable		(335	)		273
Accrued compensation and benefits		(146	)		(154	)
Accrued and other liabilities		80			79
Accrued litigation		(1,062	)		(1,131	)
Member deposits		—			(3	)
Net cash provided by (used in) operating activities		418			(368	)
Investing Activities
Investment securities, available-for-sale:
Purchases		—			(1,500	)
Proceeds from sales and maturities		252			2,279
Distribution from money market investment		840			—
Cash acquired through reorganization		—			1,002
Purchases of / contributions to other investments		(1	)		—
Dividends/distributions from other investments		1			1
Purchases of property, equipment and technology		(136	)		(237	)
Proceeds from sale of property, equipment and technology		—			4
Net cash provided by investing activities		956			1,549
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
Tax benefit for share-based compensation		6			—
Cash proceeds from exercise of stock options		2			—
Funding of litigation escrow account - Retrospective Responsibility Plan		(1,100	)		(3,000	)
Payments from litigation escrow account - Retrospective Responsibility Plan		939			945
Funding of tax escrow account for income tax withheld on stock proceeds		—			(116	)
Payment for redemption of Class C (series II) and Class C (series III) common stock		(2,646	)		(13,330	)
Dividends paid		(161	)		—
Principal payments on debt		(4	)		(12	)
Principal payments on capital lease obligations		(4	)		(2	)
Net cash (used in) provided by financing activities		(2,968	)		3,585
Effect of exchange rate translation on cash and cash equivalents		(22	)		—
(Decrease) increase in cash and cash equivalents		(1,616	)		4,766
Cash and cash equivalents at beginning of year		4,979			275
Cash and cash equivalents at end of period	$	3,363		$	5,041
Supplemental Disclosure of Cash Flow Information
Income taxes paid, net of refunds	$	324		$	250
Amounts included in accounts payable and accrued and other liabilities related to purchases of property, equipment and technology	$	41		$	(10	)
Interest payments on debt	$	2		$	4
Common stock issued in acquisition	$	—		$	17,935
Assets acquired in joint venture with note payable and equity interest issued	$	22		$	—

7

Fiscal 2008 and 2009 Quarterly Results of Operations

US$ in millions

	Fiscal 2008 Quarter Ended												Fiscal 2009 Quarter Ended
	December 31, 2007			March 31, 2008			June 30, 2008			September 30, 2008			December 31, 2008			March 31, 2009
Operating Revenues
Service revenues	$	732		$	792		$	749		$	788		$	793		$	804
Data processing revenues		492			494			539			548			554			544
International transaction revenues		381			379			449			512			505			446
Other revenues		133			126			150			160			156			148
Volume and support incentives		(250	)		(338	)		(274	)		(299	)		(269	)		(295	)
Total operating revenues		1,488			1,453			1,613			1,709			1,739			1,647
Operating Expenses
Personnel		283			289			310			317			275			272
Network, EDP and communications		83			78			84			94			93			92
Advertising, marketing and promotion		210			215			271			320			210			196
Professional and consulting fees		98			96			108			136			80			84
Depreciation and amortization		62			59			57			59			52			56
Administrative and other		74			75			85			98			63			66
Litigation provision		—			292			50			1,128			—			—
Total operating expenses		810			1,104			965			2,152			773			766
Operating income (loss)		678			349			648			(443	)		966			881
Other Income (Expense)
Equity in earnings of unconsolidated affiliates		1			—			—			—			(1	)		1
Interest expense		(45	)		(41	)		(30	)		(27	)		(30	)		(30	)
Investment income, net		41			34			97			39			19			34
Other		8			28			(1	)		—			(1	)		1
Total other income (expense)		5			21			66			12			(13	)		6
Income (loss) before income taxes		683			370			714			(431	)		953			887
Income tax expense/(benefit)		259			56			292			(75	)		379			352
Income (loss) before minority interest		424			314			422			(356	)		574			535
Minority interest		—			—			—			—			—			1
Net income (loss)	$	424		$	314		$	422		$	(356	)	$	574		$	536

8

Adjusted Operating Income and Net Income

US$ in millions

	Three Months Ended March 31, 2009			Three Months Ended March 31, 2008
Net income (as reported)	$	536		$	314
Addback: Income tax expense (as reported)		352			56
Less: Minority interest (as reported)		(1	)		—
Net income before taxes and minority interest (as reported)	$	887		$	370
Adjustments:
Litigation reserve (1)		—			285
Restructuring (2)		4			19
Asset step-up amortization (3)		17			17
Adjustments to operating income		21			321
Interest accretion on American Express settlement (4)		9			23
Interest expense on Discover settlement (5)		2			—
Investment income on Litigation Escrow and EU proceeds (6)		(6	)		(7	)
Underwater contract (LIBOR adjustment) (7)		—			(28	)
Adjustments to non-operating (expense) income		5			(12	)
Total adjustments		26			309
Adjusted net income before tax		913			679
Adjusted income tax expense (8)		(361	)		(278	)
Addback: Minority interest (as reported)		1			—
Adjusted net income	$	553		$	401
Operating income (as reported)	$	881		$	349
Addback: Adjustments to operating income		21			321
Adjusted operating income	$	902		$	670
Operating revenues (as reported)	$	1,647		$	1,453
Adjusted operating margin		55	%		46	%
Total operating expenses (as reported)	$	766		$	1,104
Less: Adjustments to operating expenses		(21	)		(321	)
Adjusted operating expenses	$	745		$	783

⁽¹⁾ Litigation reserve related to the covered litigation. Settlement of, or judgments in, covered litigation will be paid from the litigation escrow account.

⁽²⁾ Restructuring costs 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⁾ Non-cash 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⁾ Interest expense recorded on future payments to be made under the settlement agreement with Discover. These payments will be paid from the litigation escrow account.

⁽⁶⁾ Investment income earned during the period on all IPO proceeds held, including amounts held in the litigation escrow and amounts the Company used in October 2008 to redeem all class C (series II) common stock and a portion of the class C (series III) common stock stock held by Visa Europe.

⁽⁷⁾ Other expense (income) recorded in the periods presented as a result of changes in the Company’s estimated liability under the Framework Agreement, which governs its relationship with Visa Europe. The changes were primarily due to movement in the LIBOR rates in the periods presented. This liability terminated after the October 2008 redemptions described above.

⁽⁸⁾ Reflects a normalized tax rate of 39.5% and 41% for fiscal 2009 and 2008, respectively.

9

Reconciliation of Non-GAAP Adjusted Operating Expenses

US$ in millions

	Three Months Ended March 31, 2009							Three Months Ended March 31, 2008
	Actual		Adjustments			As Adjusted		Actual		Adjustments			As Adjusted
Personnel	$	272	$	(4	) (1)	$	268	$	289	$	(17	) (1)	$	272
Network, EDP and communications		92		—			92		78		—			78
Advertising, marketing and promotion		196		—			196		215		—			215
Professional and consulting fees		84		—			84		96		(2	) (1)		94
Depreciation and amortization		56		(17	) (2)		39		59		(17	) (2)		42
Administrative and other		66		—			66		75		—			75
Litigation provision		—		—			—		292		(285	) (3)		7
Total operating expenses	$	766	$	(21	)	$	745	$	1,104	$	(321	)	$	783

⁽¹⁾ Restructuring

⁽²⁾ Asset step-up amortization

⁽³⁾ Litigation Reserve

10

Reconciliation of Non-GAAP Adjusted Non-operating (Expense) Income

US$ in millions

	Three Months Ended March 31, 2009									Three Months Ended March 31, 2008
	Actual			Adjustments			As Adjusted			Actual			Adjustments		As Adjusted
Equity in earnings of unconsolidated affiliates	$	1			—		$	1		$	—		—		$	—
Interest expense		(30	)		11	(1)		(19	)		(41	)	23	(1)		(18	)
Investment income, net		34			(6	) (2)		28			34		(7	) (2)		27
Other		1			—			1			28		(28	) (3)		—
Total other income	$	6		$	5		$	11		$	21		(12	)	$	9

⁽¹⁾ Interest accretion on American Express Settlement and interest expense on Discover Settlement

⁽²⁾ Investment income on Litigation Escrow funds and funds used in October 2008 for the repurchase of shares from Visa Europe

⁽³⁾ Underwater contract (LIBOR adjustment)

11

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, initial public offering and other non-recurring events. These measures also adjust for expenses related to covered litigation that will be funded by the litigation escrow account. These items have a 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 weighted average number of diluted class A shares outstanding in the periods presented (adjusted in the prior 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 redeemed in October 2008. Management believes this non-GAAP presentation provides the reader with a clearer understanding of our per share results by excluding these redeemed shares and allocating adjusted net income only to permanent equity.

	Three Months Ended		Three Months Ended
	March 31, 2009		March 31, 2008
	(in millions, except per share data)
Adjusted net income	$	553	$	401
Weighted average number of diluted shares outstanding		753		779
Adjusted diluted earnings per share	$	0.73	$	0.52

12

Calculation of Free Cash Flow

US$ in millions

	Additions (+) / Reductions (-) to Net income		For the Six Months Ended March 31, 2009
		Net income (as reported)	$	1,110
Recurring Items:
Capital Assets	+	Depreciation and amortization		108
	-	Capital expenditures		(136	)
Share-based compensation	+	Share-based compensation		64
Litigation	+	Litigation provision		—
	+	Accretion expense		49
	-	Settlement payments		(1,095	)
Pension	+	Pension expense		28
	-	Pension contribution		(4	)
Taxes	+	Income tax expense		731
	-	Income taxes paid		(324	)
Non-recurring Items(1):
Covered Litigation	+	Settlement payments funded by litigation escrow		939
	-	Tax benefit on settlement payments		(342	)
	+	Settlement payments funded by Morgan Stanley		33
		Total Free Cash Flow	$	1,161

(1) - Adjustments to eliminate the cash impact of non-recurring items.

13

Operational Performance Data

The tables below provide information regarding the operational results for the 3 months ended December 31, 2008, as well as the prior seven quarterly reporting periods and the 12 months ended December 31, 2008 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, 2008
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	243	1.1	%	12.3	%	$	161	2.1	%	13.2	%	2,227	$	82	-0.9	%	10.5	%	533	414	501
Canada		43	-16.3	%	2.1	%		38	-15.4	%	3.2	%	395		4	-23.5	%	-6.6	%	9	23	30
CEMEA		136	18.5	%	34.5	%		20	11.9	%	30.3	%	306		117	19.7	%	35.2	%	708	174	178
LAC		144	-1.2	%	21.7	%		47	-0.4	%	21.3	%	1,344		97	-1.6	%	21.9	%	848	312	340
US		504	-2.1	%	-2.1	%		409	-1.1	%	-1.1	%	7,822		96	-6.1	%	-6.1	%	708	484	668
Visa Inc.		1,070	0.3	%	7.8	%		675	-0.9	%	4.4	%	12,093		396	2.4	%	14.1	%	2,805	1,407	1,717
Visa Credit Programs
US	$	230	-9.2	%	-9.2	%	$	203	-6.9	%	-6.9	%	2,374	$	27	-23.2	%	-23.2	%	28	258	334
Rest of World		266	-2.3	%	11.7	%		228	-1.6	%	12.0	%	3,228		37	-5.9	%	10.2	%	148	415	478
Visa Inc.		496	-5.6	%	0.9	%		431	-4.2	%	2.2	%	5,602		65	-14.1	%	-6.9	%	175	672	813
Visa Debit Programs
US	$	274	4.9	%	4.9	%	$	206	5.5	%	5.5	%	5,447	$	68	3.0	%	3.0	%	680	227	333
Rest of World		301	7.1	%	25.1	%		38	5.9	%	28.7	%	1,043		263	7.3	%	24.6	%	1,949	507	571
Visa Inc.		575	6.0	%	14.6	%		244	5.6	%	8.6	%	6,491		331	6.4	%	19.4	%	2,630	734	905
	For the 3 Months Ended September 30, 2008
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	250	16.4	%	20.4	%	$	163	16.3	%	20.5	%	2,144	$	87	16.6	%	20.1	%	525	400	480
Canada		50	5.5	%	9.1	%		44	6.9	%	10.6	%	395		5	-4.9	%	-1.6	%	9	24	32
CEMEA		144	43.4	%	44.4	%		21	38.6	%	42.1	%	280		123	44.3	%	44.8	%	671	169	176
LAC		159	31.3	%	26.5	%		51	32.9	%	28.5	%	1,237		108	30.5	%	25.5	%	798	301	334
US		524	7.2	%	7.2	%		421	8.6	%	8.6	%	7,681		103	1.6	%	1.6	%	744	474	651
Visa Inc.		1,127	15.9	%	16.4	%		701	12.4	%	13.4	%	11,738		426	22.0	%	21.8	%	2,748	1,368	1,673
Visa Credit Programs
US	$	244	1.7	%	1.7	%	$	213	3.5	%	3.5	%	2,362	$	31	-9.2	%	-9.2	%	30	263	336
Rest of World		280	15.6	%	18.9	%		239	16.1	%	19.2	%	3,115		41	12.9	%	17.4	%	153	410	473
Visa Inc.		525	8.7	%	10.2	%		452	9.8	%	11.2	%	5,477		73	2.1	%	4.2	%	183	672	809
Visa Debit Programs
US	$	280	12.4	%	12.4	%	$	208	14.3	%	14.3	%	5,319	$	71	7.3	%	7.3	%	714	211	314
Rest of World		322	33.8	%	32.7	%		41	37.5	%	37.8	%	941		282	33.3	%	32.0	%	1,851	484	549
Visa Inc.		602	22.9	%	22.5	%		249	17.5	%	17.6	%	6,261		353	27.1	%	26.2	%	2,565	695	864

14

Operational Performance Data   December 31, 2008  

	For the 3 Months Ended June 30, 2008
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	250	24.3	%	21.1	%	$	162	22.4	%	18.9	%	2,032	$	88	28.0	%	25.5	%	498	387	472
Canada		51	14.3	%	10.3	%		45	14.5	%	10.4	%	383		6	13.0	%	9.0	%	9	24	31
CEMEA		131	45.8	%	40.7	%		19	37.8	%	38.1	%	255		112	47.2	%	41.2	%	640	159	168
LAC		155	35.4	%	22.9	%		50	40.3	%	27.5	%	1,160		105	33.2	%	20.8	%	754	303	328
US		526	8.8	%	8.8	%		423	9.7	%	9.7	%	7,660		103	4.9	%	4.9	%	738	465	642
Visa Inc.		1,113	19.2	%	16.5	%		699	15.2	%	13.6	%	11,489		414	26.6	%	21.8	%	2,639	1,338	1,642
Visa Credit Programs
US	$	246	4.7	%	4.7	%	$	213	5.0	%	5.0	%	2,333	$	34	2.9	%	2.9	%	29	262	335
Rest of World		278	21.7	%	17.9	%		238	22.6	%	18.3	%	2,969		40	16.4	%	15.3	%	146	404	464
Visa Inc.		524	13.1	%	11.3	%		450	13.6	%	11.6	%	5,302		74	9.8	%	9.3	%	175	666	798
Visa Debit Programs
US	$	280	12.6	%	12.6	%	$	210	15.0	%	15.0	%	5,327	$	69	5.9	%	5.9	%	708	203	308
Rest of World		309	39.4	%	31.0	%		38	40.3	%	31.9	%	860		271	39.3	%	30.8	%	1,756	470	536
Visa Inc.		589	25.2	%	21.5	%		248	18.2	%	17.3	%	6,187		340	30.9	%	24.9	%	2,464	673	844
	For the 3 Months Ended March 31, 2008
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	245	29.4	%	21.2	%	$	159	26.5	%	18.1	%	1,913	$	85	35.2	%	27.4	%	458	376	457
Canada		47	30.9	%	10.0	%		41	30.5	%	9.7	%	337		6	33.8	%	12.5	%	9	24	31
CEMEA		114	40.8	%	36.6	%		17	40.4	%	38.9	%	236		96	40.9	%	36.2	%	584	148	156
LAC		143	37.8	%	21.8	%		46	47.5	%	30.1	%	1,123		97	33.7	%	18.2	%	719	288	312
US		488	10.8	%	10.8	%		389	12.0	%	12.0	%	7,081		100	6.5	%	6.5	%	689	456	664
Visa Inc.		1,036	22.0	%	17.0	%		652	19.1	%	15.0	%	10,690		384	27.2	%	20.6	%	2,460	1,291	1,620
Visa Credit Programs
US	$	231	8.0	%	8.0	%	$	195	8.1	%	8.1	%	2,167	$	36	7.5	%	7.5	%	30	260	368
Rest of World		268	28.5	%	17.9	%		229	29.5	%	18.2	%	2,798		39	23.0	%	16.1	%	134	387	446
Visa Inc.		499	18.1	%	13.1	%		424	18.7	%	13.3	%	4,964		75	15.0	%	11.8	%	164	647	814
Visa Debit Programs
US	$	257	13.5	%	13.5	%	$	193	16.2	%	16.2	%	4,914	$	64	6.0	%	6.0	%	659	196	297
Rest of World		280	39.6	%	28.7	%		35	44.1	%	31.7	%	812		245	38.9	%	28.3	%	1,636	448	510
Visa Inc.		537	25.8	%	21.0	%		228	19.8	%	18.4	%	5,726		309	30.6	%	23.0	%	2,296	644	806
	For the 3 Months Ended December 31, 2007
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	241	28.4	%	24.0	%	$	158	24.3	%	20.3	%	1,931	$	83	36.9	%	31.7	%	452	368	446
Canada		51	29.3	%	13.6	%		45	28.5	%	12.8	%	382		6	36.5	%	19.9	%	9	23	31
CEMEA		115	43.8	%	38.5	%		18	44.1	%	40.5	%	235		97	43.8	%	38.2	%	590	139	147
LAC		145	33.3	%	22.1	%		47	44.1	%	31.3	%	1,132		99	28.8	%	18.1	%	757	284	307
US		515	11.4	%	11.4	%		413	12.4	%	12.4	%	7,416		102	7.7	%	7.7	%	715	455	660
Visa Inc.		1,067	21.5	%	17.7	%		681	18.5	%	15.6	%	11,097		387	27.3	%	21.8	%	2,523	1,269	1,591
Visa Credit Programs
US	$	253	9.1	%	9.1	%	$	218	9.7	%	9.7	%	2,462	$	36	5.9	%	5.9	%	33	259	365
Rest of World		272	26.7	%	19.8	%		232	27.3	%	20.3	%	2,863		40	23.2	%	17.2	%	136	372	431
Visa Inc.		525	17.6	%	14.1	%		450	18.1	%	14.6	%	5,325		75	14.4	%	11.2	%	169	630	796
Visa Debit Programs
US	$	261	13.8	%	13.8	%	$	195	15.6	%	15.6	%	4,955	$	66	8.7	%	8.7	%	682	197	295
Rest of World		281	39.1	%	31.2	%		36	43.5	%	34.0	%	817		245	38.5	%	30.8	%	1,672	442	500
Visa Inc.		542	25.6	%	21.5	%		231	19.2	%	17.7	%	5,772		311	30.9	%	24.8	%	2,354	639	795

15

Operational Performance Data   December 31, 2008  

	For the 3 Months Ended September 30, 2007
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	215	25.6	%	20.6	%	$	140	22.1	%	17.5	%	1,796	$	74	32.8	%	26.8	%	417	348	427
Canada		47	22.7	%	12.9	%		42	21.4	%	11.8	%	362		6	33.0	%	22.5	%	9	23	31
CEMEA		101	43.0	%	38.8	%		15	39.0	%	35.6	%	211		85	43.8	%	39.4	%	545	125	136
LAC		121	26.7	%	18.9	%		38	38.5	%	29.5	%	1,004		83	21.9	%	14.6	%	691	267	289
US		489	9.7	%	9.7	%		388	10.8	%	10.8	%	7,038		101	5.7	%	5.7	%	730	440	642
Visa Inc.		973	18.4	%	15.8	%		623	15.9	%	13.8	%	10,410		349	23.3	%	19.3	%	2,392	1,203	1,526
Visa Credit Programs
US	$	240	6.7	%	6.7	%	$	206	8.5	%	8.5	%	2,314	$	35	-2.8	%	-2.8	%	34	253	358
Rest of World		243	22.5	%	17.1	%		206	23.6	%	17.8	%	2,654		37	16.4	%	13.5	%	128	353	410
Visa Inc.		483	14.1	%	11.6	%		412	15.6	%	12.9	%	4,968		71	6.2	%	4.8	%	162	607	769
Visa Debit Programs
US	$	249	12.7	%	12.7	%	$	182	13.4	%	13.4	%	4,724	$	67	10.7	%	10.7	%	696	187	284
Rest of World		241	36.0	%	28.6	%		29	39.6	%	31.3	%	718		211	35.5	%	28.3	%	1,534	409	473
Visa Inc.		490	23.1	%	20.0	%		212	16.5	%	15.6	%	5,442		278	28.6	%	23.6	%	2,230	596	757
	For the 3 Months Ended June 30, 2007
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	201	20.6	%	16.6	%	$	132	19.9	%	16.8	%	1,708	$	69	21.9	%	16.1	%	373	336	412
Canada		45	18.2	%	12.0	%		40	17.4	%	11.3	%	352		5	24.5	%	18.0	%	9	22	30
CEMEA		90	38.7	%	37.3	%		14	32.4	%	32.8	%	197		76	39.9	%	38.1	%	508	121	124
LAC		114	32.4	%	18.9	%		35	41.8	%	27.7	%	945		79	28.6	%	15.3	%	669	257	281
US		484	9.6	%	9.6	%		386	10.4	%	10.4	%	6,907		98	6.3	%	6.3	%	721	418	616
Visa Inc.		934	17.1	%	14.6	%		606	14.8	%	13.3	%	10,108		327	21.8	%	17.2	%	2,280	1,154	1,464
Visa Credit Programs
US	$	235	6.4	%	6.4	%	$	203	8.3	%	8.3	%	2,250	$	33	-4.3	%	-4.3	%	32	245	345
Rest of World		228	19.8	%	16.1	%		194	21.2	%	17.0	%	2,519		35	12.6	%	11.1	%	120	339	394
Visa Inc.		464	12.6	%	11.0	%		396	14.3	%	12.5	%	4,770		67	3.7	%	3.1	%	152	584	739
Visa Debit Programs
US	$	248	12.8	%	12.8	%	$	183	12.9	%	12.9	%	4,656	$	65	12.5	%	12.5	%	689	173	270
Rest of World		222	34.2	%	24.9	%		27	39.1	%	28.9	%	682		195	33.5	%	24.4	%	1,439	397	454
Visa Inc.		470	21.9	%	18.4	%		210	15.7	%	14.8	%	5,339		260	27.5	%	21.3	%	2,128	570	725
	For the 3 Months Ended March 31, 2007
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	189	23.1	%	18.8	%	$	126	20.8	%	17.0	%	1,599	$	63	28.1	%	22.6	%	382	321	397
Canada		36	10.3	%	11.8	%		31	9.2	%	10.7	%	309		4	19.1	%	20.7	%	9	22	30
CEMEA		81	44.8	%	43.8	%		12	35.3	%	40.6	%	183		68	46.6	%	44.4	%	477	117	122
LAC		104	19.4	%	19.6	%		31	25.9	%	25.4	%	904		72	16.8	%	17.2	%	658	251	271
US		441	9.2	%	9.2	%		347	9.0	%	9.0	%	6,265		94	9.8	%	9.8	%	698	412	607
Visa Inc.		850	16.1	%	15.4	%		548	12.9	%	12.4	%	9,260		302	22.3	%	21.1	%	2,224	1,123	1,426
Visa Credit Programs
US	$	214	7.8	%	7.8	%	$	181	8.0	%	8.0	%	2,021	$	33	7.0	%	7.0	%	30	243	341
Rest of World		208	17.1	%	15.4	%		177	18.5	%	16.6	%	2,343		32	9.8	%	9.3	%	105	322	375
Visa Inc.		423	12.2	%	11.6	%		357	13.0	%	12.3	%	4,364		65	8.3	%	8.1	%	135	565	716
Visa Debit Programs
US	$	226	10.5	%	10.5	%	$	166	10.2	%	10.2	%	4,243	$	60	11.4	%	11.4	%	668	169	266
Rest of World		201	33.4	%	30.4	%		24	35.3	%	32.5	%	652		176	33.1	%	30.1	%	1,421	389	444
Visa Inc.		427	20.2	%	19.4	%		191	12.9	%	12.8	%	4,895		237	26.8	%	25.0	%	2,089	558	710

16

Operational Performance Data   December 31, 2008  

	For the 12 Months Ended December 31, 2008
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	988	16.8	%	18.7	%	$	646	16.0	%	17.6	%	8,317	$	342	18.4	%	20.7	%	2,015	414	501
Canada		190	6.5	%	8.0	%		169	7.0	%	8.6	%	1,510		21	2.3	%	3.5	%	36	23	30
CEMEA		525	36.0	%	39.1	%		77	30.9	%	37.3	%	1,077		448	36.9	%	39.5	%	2,603	174	178
LAC		600	23.9	%	23.3	%		193	27.4	%	26.8	%	4,863		407	22.3	%	21.6	%	3,120	312	340
US		2,043	5.9	%	5.9	%		1,641	7.1	%	7.1	%	30,244		401	1.6	%	1.6	%	2,879	484	668
Visa Inc.		4,346	13.7	%	14.3	%		2,727	10.9	%	11.5	%	46,010		1,620	18.7	%	19.5	%	10,652	1,407	1,717
Visa Credit Programs
US	$	952	0.9	%	0.9	%	$	824	2.1	%	2.1	%	9,236	$	128	-5.9	%	-5.9	%	117	258	334
Rest of World		1,092	14.8	%	16.6	%		934	15.5	%	16.9	%	12,110		158	10.7	%	14.8	%	581	415	478
Visa Inc.		2,044	7.9	%	8.7	%		1,757	8.8	%	9.4	%	21,345		286	2.6	%	4.5	%	698	672	813
Visa Debit Programs
US	$	1,091	10.7	%	10.7	%	$	818	12.6	%	12.6	%	21,008	$	273	5.6	%	5.6	%	2,762	227	333
Rest of World		1,212	28.4	%	29.4	%		152	29.8	%	32.5	%	3,656		1,061	28.2	%	28.9	%	7,192	507	571
Visa Inc.		2,303	19.4	%	19.8	%		969	15.0	%	15.3	%	24,664		1,333	22.8	%	23.4	%	9,954	734	905
	For the 12 Months Ended December 31, 2007
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	846	24.6	%	20.0	%	$	556	21.9	%	17.9	%	7,034	$	289	30.1	%	24.2	%	1,624	368	446
Canada		179	20.6	%	12.6	%		158	19.6	%	11.6	%	1,404		21	28.6	%	20.2	%	37	23	31
CEMEA		386	42.6	%	39.4	%		59	38.1	%	37.3	%	827		327	43.4	%	39.8	%	2,120	139	147
LAC		484	28.2	%	19.8	%		152	38.0	%	28.5	%	3,984		333	24.2	%	16.2	%	2,775	284	307
US		1,928	10.0	%	10.0	%		1,533	10.7	%	10.7	%	27,625		395	7.3	%	7.3	%	2,863	455	660
Visa Inc.		3,823	18.4	%	15.9	%		2,458	15.6	%	13.8	%	40,874		1,365	23.8	%	19.8	%	9,419	1,269	1,591
Visa Credit Programs
US	$	943	7.5	%	7.5	%	$	807	8.7	%	8.7	%	9,047	$	136	1.3	%	1.3	%	129	259	365
Rest of World		951	21.8	%	17.1	%		808	22.9	%	17.9	%	10,379		143	15.7	%	12.7	%	490	372	431
Visa Inc.		1,894	14.2	%	12.1	%		1,615	15.4	%	13.1	%	19,427		279	8.2	%	6.7	%	619	630	796
Visa Debit Programs
US	$	985	12.5	%	12.5	%	$	727	13.1	%	13.1	%	18,578	$	258	10.8	%	10.8	%	2,735	197	295
Rest of World		944	35.9	%	28.7	%		117	39.7	%	31.6	%	2,870		827	35.4	%	28.3	%	6,066	442	500
Visa Inc.		1,929	22.8	%	19.8	%		843	16.2	%	15.3	%	21,448		1,086	28.6	%	23.6	%	8,801	639	795

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Operational Performance Data   December 31, 2008  

Footnote

The 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.

18

Operational Performance Data   December 31, 2008  

2. Processed Transactions

The table below represents transactions involving Visa, Visa Electron, Interlink and PLUS cards processed on Visa’s networks.

Period	Processed Transactions (millions)	Year-over-Year Growth
3 Months Ended
Mar 31, 2009	9,360	6	%
Dec 31, 2008	9,797	8	%
Sep 30, 2008	9,590	11	%
Jun 30, 2008	9,473	13	%
Mar 31, 2008	8,800	15	%
Dec 31, 2007	9,094	13	%
Sep 30, 2007	8,645	12	%
Jun 30, 2007	8,411	13	%
12 Months Ended
Mar 31, 2009	38,219	11	%
Mar 31, 2008	34,950	14	%

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