8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 29, 2009

VISA INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware	001-33977	26-0267673
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

P.O. Box 8999 San Francisco, California	94128-8999
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s Telephone Number, Including Area Code: (415) 932-2100

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On July 29, 2009, Visa Inc. (the “Company”) issued a press release announcing financial results for its fiscal 2009 third quarter.

A copy of the press release is attached hereto as Exhibit 99.1. All information in the press release is furnished but not filed.

On July 29, 2009, the Company will host a conference call to discuss its fiscal 2009 third quarter financial results.

A copy of the presentation to be used during the conference call is attached hereto as Exhibit 99.2. All information in the presentation is furnished but not filed.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1	Press release of Visa Inc., dated July 29, 2009.
99.2	Presentation of Visa Inc., dated July 29, 2009.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	VISA INC.
Date: July 29, 2009
	By:	/s/ Joseph W. Saunders
		Joseph W. Saunders
		Chief Executive Officer and Chairman of the Board of Directors

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press release of Visa Inc., dated July 29, 2009.
99.2	Presentation of Visa Inc., dated July 29, 2009.

EX-99.1

Exhibit 99.1

Visa Inc. Posts Solid Fiscal Third Quarter 2009 Earnings Results and Updates Longer-term Guidance

• Adjusted quarterly net income of $744 million or $0.98 per diluted class A common share

• Excluding the impact from the sale of the Company’s equity interest in VisaNet do Brasil, adjusted quarterly net income of $507 million or $0.67 per diluted class A common share

• GAAP quarterly net income of $729 million or $0.97 per diluted class A common share

SAN FRANCISCO, CA, July 29, 2009 – Visa Inc. (NYSE: V) today announced financial results for the Company’s fiscal third quarter 2009 ended June 30, 2009. On an adjusted basis (reflective of restructuring and purchase amortization), net income for the quarter was $744 million, or $0.98 per diluted class A common share. Excluding the impact from the sale of the Company’s equity interest in VisaNet do Brasil, adjusted quarterly net income was $507 million or $0.67 per diluted class A common share. GAAP net income for the quarter was $729 million, or $0.97 per diluted class A common share. The weighted average number of diluted class A common shares outstanding was 756 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 third quarter of 2009 was $1.6 billion, an increase of 2% 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.

“With little real improvement in the economic backdrop, Visa still posted solid operational and financial performance results during the fiscal third quarter,” said Joseph Saunders, Chairman and Chief Executive Officer of Visa Inc. “Throughout this challenging time, the resiliency of our debit products and our credit products overseas, continue to exemplify the resiliency and stability of our business model.”

“While we cannot predict the specific timing of a global economic turnaround, we remain committed to doing our part in delivering balanced growth to our shareholders over the long term,” added Saunders. “As we look forward to the remainder of our fiscal 2009 year and beyond, we will remain focused on leveraging our inherent operating scale, maintaining strong financial performance and expense control.”

Fiscal Third Quarter 2009 Financial Highlights:

Visa Inc.’s operational performance highlights for the fiscal third quarter, as measured by business activity through March 31, 2009, include:

• Payments volume growth, on a nominal basis, was a negative 5% over the prior year at $617 billion;

• Total volume, on a nominal basis and inclusive of cash volume, was $969 billion, a 7% decline over the prior year; and

• Total cards carrying the Visa brands rose 6% worldwide over the prior year to over 1.7 billion.

Total processed transactions, which represent transactions processed by VisaNet through June 30, 2009, totaled 10.3 billion, an 8% increase over the prior year.

For the fiscal third quarter 2009, service revenues were $769 million, an increase of 3% versus the prior year, and are recognized based on payments volume in the prior quarter. All other revenue categories are recognized based on current quarter activity. Data processing revenues rose 12% over the prior year to $605 million. International transaction revenues, which are driven by cross-border payments volume, grew 2% over the prior year to $458 million. Other revenues, which include the Visa Europe licensing fee, were $158 million, up 6% over the prior year. Volume and support incentives, which are a contra revenue item, were $344 million, an increase of 25% over the prior year.

Adjusted total operating expenses were $804 million for the fiscal third quarter, a 9% decrease from the prior year’s adjusted total operating expenses of $883 million. Total operating expenses on a GAAP basis were $824 million for the quarter, a 15% decrease from the prior year.

Cash, cash equivalents, restricted cash, and investment securities were $6.1 billion at June 30, 2009.

Notable Events:

On June 30, 2009, Visa Inc. entered into a strategic alliance with Monitise plc, a UK based firm, to facilitate the delivery of Visa mobile payments and related services to consumers around the world. Concurrent with the strategic alliance, Visa has agreed to make a minority equity investment in Monitise. Monitise is a recognized expert in mobile financial services that operates payments and mobile banking services for some of the world’s leading financial institutions.

On July 1, 2009, Visa Inc. announced that Visa International, its wholly-owned subsidiary, sold 136,478,372 shares of Companhia Brasileira de Meios de Pagamento (“VisaNet do Brasil”), in connection with VisaNet do Brasil’s June IPO. Visa’s proceeds from the sale, net of underwriter discounts and fees, are approximately US$1 billion based on the then current exchange rates. Visa recorded a GAAP gain from the sale in the quarter ended June 30, 2009, net of tax, of $237 million. The gain reflects net proceeds received in July 2009, in excess of Visa International’s recorded book value of $535 million.

2

As previously announced, Visa has initiated a program to allow its class C stockholders to apply (prior to September 30, 2009) for an early termination of the transfer restrictions applicable to class C shares, for up to 30% of the class C shares held by each such stockholder as of July 1, 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.

On July 16, 2009, as planned, the Company deposited $700 million (“Loss Funds”) into the litigation escrow account previously established under the Company’s Retrospective Responsibility Plan. The deposit of the Loss Funds into the escrow account reduced the conversion rate applicable to the Company’s class B common stock outstanding from 0.6296 per class A share to 0.5824 per class A share. The deposit of Loss Funds has the effect of a repurchase of approximately 11.6 million class A common stock equivalents from the Company’s class B shareholders.

On July 22, 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 September 1, 2009 to all holders of record of Visa’s class A, class B and class C common stock as of August 14, 2009.

Financial Outlook:

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

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

• Capital expenditures around $300 million in 2009 while still representing 3 to 4% of gross revenues in 2010.

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.

3

This outlook reflects an assumed 41% GAAP tax rate for fiscal year 2009, which reflects the tax impact of the Company’s sale of its equity interest in VisaNet do Brasil. The Company’s intent is to reduce this rate to a level around 35-36% over the next four years.

Fiscal Third 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.

4

Contacts:

Investor Relations: Jack Carsky or Victoria Hyde-Dunn, 415-932-2213, ir@visa.com

Media Relations: Paul Cohen, 415-932-2564, globalmedia@visa.com

5

Visa Inc.

Selected Consolidated Statements of Operations

(unaudited)

	Three Months Ended June 30,						Nine Months Ended June 30,
	2009			2008			2009			2008
	(in millions except per share data)
Operating Revenues
Service revenues	$	769		$	749		$	2,366		$	2,273
Data processing revenues		605			539			1,703			1,525
International transaction revenues		458			449			1,409			1,209
Other revenues		158			150			462			409
Volume and support incentives		(344	)		(274	)		(908	)		(862	)
Total operating revenues		1,646			1,613			5,032			4,554
Operating Expenses
Personnel		262			310			809			882
Network, EDP and communications		97			84			282			245
Advertising, marketing and promotion		229			271			635			696
Professional and consulting fees		82			108			246			302
Depreciation and amortization		57			57			165			178
Administrative and other		96			85			225			234
Litigation provision		1			50			1			342
Total operating expenses		824			965			2,363			2,879
Operating income		822			648			2,669			1,675
Other Income (Expense)
Equity in earnings of unconsolidated affiliates		—			—			—			1
Interest expense		(30	)		(30	)		(90	)		(116	)
Investment income, net		504			97			557			172
Other		1			(1	)		1			35
Total other income		475			66			468			92
Income before income taxes and minority interest		1,297			714			3,137			1,767
Income tax expense		568			292			1,299			607
Income before minority interest		729			422			1,838			1,160
Minority interest		—			—			1			—
Net income	$	729		$	422		$	1,839		$	1,160
Basic net income per share
Class A common stock	$	0.97		$	0.51		$	2.42		$	1.44
Class B common stock	$	0.61		$	0.36		$	1.58		$	1.33
Class C common stock	$	0.97					$	2.42
Class C (series I) common stock				$	0.51					$	1.44
Class C (series II) common stock				$	0.12					$	0.75
Class C (series III and IV) common stock				$	0.51					$	1.44
Basic weighted average shares outstanding
Class A common stock		448			447			447			170
Class B common stock		246			246			246			363
Class C common stock		152						152
Class C (series I) common stock					125						213
Class C (series II) common stock					80						48
Class C (series III and IV) common stock					27						49
Diluted net income per share
Class A common stock	$	0.97		$	0.51		$	2.41		$	1.44
Class B common stock	$	0.61		$	0.36		$	1.58		$	1.33
Class C common stock	$	0.97					$	2.41
Class C (series I) common stock				$	0.51					$	1.44
Class C (series II) common stock				$	0.12					$	0.75
Class C (series III and IV) common stock				$	0.51					$	1.44
Diluted weighted average shares outstanding
Class A common stock		756			776			761			767
Class B common stock		246			246			246			363
Class C common stock		152						152
Class C (series I) common stock					125						213
Class C (series II) common stock					80						48
Class C (series III and IV) common stock					27						49

6

Visa Inc.

Selected Consolidated Balance Sheets

(unaudited)

	June 30, 2009			September 30, 2008
	(in millions, except par value and share data)
Assets
Cash and cash equivalents	$	4,200		$	4,979
Restricted cash - litigation escrow		1,141			1,298
Investment securities
Trading		83			—
Available-for-sale		47			355
Settlement receivable		998			1,131
Accounts receivable		419			342
Customer collateral		739			679
Current portion of volume and support incentives		217			256
Current portion of deferred tax assets		484			944
Prepaid expenses and other current assets		1,234			1,190
Total current assets		9,562			11,174
Restricted cash - litigation escrow		420			630
Investment securities, available-for-sale		181			244
Volume and support incentives		118			123
Property, equipment, and technology, net		1,170			1,080
Other assets		77			634
Intangible assets		10,883			10,883
Goodwill		10,213			10,213
Total assets	$	32,624		$	34,981
Liabilities
Accounts payable	$	106		$	159
Settlement payable		979			1,095
Customer collateral		739			679
Accrued compensation and benefits		296			420
Volume and support incentives		328			249
Accrued liabilities		587			306
Current portion of long-term debt		52			51
Current portion of accrued litigation		1,348			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		4,435			7,165
Long-term debt		46			55
Accrued litigation		905			1,060
Deferred tax liabilities		3,653			3,811
Other liabilities		786			613
Total liabilities		9,825			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		5			—
Total temporary equity and minority interest		5			1,136
Commitment and contingencies
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, 449,407,746 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, respectively		—			—
Class C common stock, $0.0001 par value, 1,097,165,602 shares authorized, 151,605,798 issued and 151,581,349 outstanding at June 30, 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		21,115			21,060
Class C treasury stock, 24,449 shares and 525,443 shares, respectively		(2	)		(35	)
Accumulated income		1,783			186
Accumulated other comprehensive loss, net		(102	)		(70	)
Total stockholders’ equity and accumulated income		22,794			21,141
Total liabilities, temporary equity and minority interest, and stockholders’ equity	$	32,624		$	34,981

7

Visa Inc.

Selected Consolidated Statements of Cash Flows

(unaudited)

	Nine Months Ended June 30,
	2009			2008
	(in millions)
Operating Activities
Net income	$	1,839		$	1,160
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of other investments		(473	)		—
Depreciation and amortization of property, equipment and technology		165			178
Share-based compensation		84			47
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		—			(35	)
Interest earned on litigation escrow, net of tax		(14	)		(6	)
Net recognized loss on investment securities, including other-than-temporary impairment		8			12
Asset impairment on non-marketable equity investments		7			—
Gain on disposal of property, equipment and technology		—			(1	)
Minority interest		(1	)		—
Amortization of volume and support incentives		908			862
Accrued litigation and accretion		72			447
Equity in earnings of unconsolidated affiliates		—			(1	)
Deferred income taxes		316			136
Change in operating assets and liabilities:
Trading securities		10			—
Accounts receivable		(77	)		(24	)
Settlement receivable		133			(642	)
Volume and support incentives		(785	)		(980	)
Other assets		84			(76	)
Accounts payable		(53	)		(60	)
Settlement payable		(116	)		510
Accrued compensation and benefits		(124	)		(99	)
Accrued and other liabilities		438			52
Accrued litigation		(1,626	)		(1,220	)
Member deposits		—			(3	)
Net cash provided by operating activities		767			257
Investing Activities
Investment securities, available-for-sale:
Purchases		—			(1,504	)
Proceeds from sales and maturities		276			2,402
Distribution from money market investment		884			—
Cash acquired through reorganization		—			1,002
Purchases of/contributions to other investments		(1	)		(24	)
Dividends/distributions from other investments		1			22
Purchases of property, equipment and technology		(205	)		(323	)
Proceeds from sale of property, equipment and technology		—			4
Net cash provided by investing activities		955			1,579
Financing Activities
Proceeds from short-term borrowing		—			2
Payments on short-term borrowing		—			(2	)
Proceeds from sale of common stock, net of issuance costs $550		—			19,100
Tax benefit for share based compensation		6			—
Cash proceeds from exercise of stock options		20			—
Funding of litigation escrow account - Retrospective Responsibility Plan		(1,100	)		(3,000	)
Payments from litigation escrow account - Retrospective Responsibility Plan		1,481			1,015
Funding of tax escrow account for income tax withheld on stock proceeds		—			(116	)
Payments from tax escrow account		—			116
Payment for redemption of stock		(2,646	)		(13,446	)
Dividends paid		(240	)		—
Principal payments on debt		(8	)		(15	)
Principal payments on capital lease obligations		(4	)		(3	)
Net cash (used in) provided by financing activities		(2,491	)		3,651
Effect of exchange rate translation on cash and cash equivalents		(10	)		—
(Decrease) increase in cash and cash equivalents		(779	)		5,487
Cash and cash equivalents at beginning of year		4,979			275
Cash and cash equivalents at end of period	$	4,200		$	5,762
Supplemental Disclosure of Cash Flow Information
Income taxes paid, net of refunds	$	528		$	563
Amounts included in accounts payable and accrued liabilities related to purchases of property, equipment, and technology	$	25		$	27
Interest payments on debt	$	3		$	6
Common stock issued in acquisition	$	—		$	17,935
Cash dividend declared but not paid	$	—		$	93
Assets acquired in joint venture with note payable and equity interest issued	$	22		$	—

8

Selected Fiscal 2008 and 2009 Quarterly Results of Operations

US$ in millions

	Fiscal 2008 Quarter Ended						Fiscal 2009 Quarter Ended
	June 30, 2008			September 30, 2008			December 31, 2008			March 31, 2009			June 30, 2009
Operating Revenues
Service revenues	$	749		$	788		$	793		$	804		$	769
Data processing revenues		539			548			554			544			605
International transaction revenues		449			512			505			446			458
Other revenues		150			160			156			148			158
Volume and support incentives		(274	)		(299	)		(269	)		(295	)		(344	)
Total operating revenues		1,613			1,709			1,739			1,647			1,646
Operating Expenses
Personnel		310			317			275			272			262
Network, EDP and communications		84			94			93			92			97
Advertising, marketing and promotion		271			320			210			196			229
Professional and consulting fees		108			136			80			84			82
Depreciation and amortization		57			59			52			56			57
Administrative and other		85			98			63			66			96
Litigation provision		50			1,128			—			—			1
Total operating expenses		965			2,152			773			766			824
Operating income (loss)		648			(443	)		966			881			822
Other Income (Expense)
Equity in earnings of unconsolidated affiliates		—			—			(1	)		1			—
Interest expense		(30	)		(27	)		(30	)		(30	)		(30	)
Investment income, net		97			39			19			34			504
Other		(1	)		—			(1	)		1			1
Total other income (expense)		66			12			(13	)		6			475
Income (loss) before income taxes		714			(431	)		953			887			1,297
Income tax expense (benefit)		292			(75	)		379			352			568
Income (loss) before minority interest		422			(356	)		574			535			729
Minority interest		—			—			—			1			—
Net income (loss)	$	422		$	(356	)	$	574		$	536		$	729

9

Adjusted Operating Income and Net Income

US$ in millions

	Three Months Ended June 30, 2009			Three Months Ended June 30, 2008
Net income (as reported)	$	729		$	422
Addback: Income tax expense (as reported)		568			292
Net Income before taxes and minority interest (as reported)	$	1,297		$	714
Adjustments:
Litigation reserve (1)		—			50
Restructuring (2)		3			15
Asset step-up amortization (3)		17			17
Adjustments to operating income		20			82
Interest accretion on American Express settlement (4)		8			11
Interest expense on Discover settlement (5)		1			—
Investment income on Litigation Escrow and EU proceeds (6)		(3	)		(33	)
Underwater contract (LIBOR adjustment) (7)		—			1
Adjustments to non-operating income		6			(21	)
Total adjustments		26			61
Adjusted income before taxes and minority interest		1,323			775
Adjusted income tax expense (8)		(579	)		(318	)
Adjusted net income	$	744		$	457
Operating income (as reported)	$	822		$	648
Addback: Adjustments to operating income		20			82
Adjusted operating income	$	842		$	730
Operating revenues (as reported)	$	1,646		$	1,613
Adjusted operating margin		51	%		45	%
Total operating expenses (as reported)	$	824		$	965
Less: Adjustments to operating expenses		(20	)		(82	)
Adjusted operating expenses	$	804		$	883

⁽¹⁾ Litigation reserve related to the covered litigation. Settlements 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 and amounts held in the litigation escrow, including 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 held by Visa Europe.

⁽⁷⁾ Other expense 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 was satisfied as part of the October 2008 redemptions described above.

⁽⁸⁾ Adjusted income tax expense for the three months ended June 30, 2009 reflects the GAAP effective tax rate for the current quarter, which is impacted by the sale of the equity interest in VisaNet do Brasil. Adjusted income tax expense for the three months ended June 30, 2008 reflects the normalized tax rate for fiscal 2008.

10

Reconciliation of Non-GAAP Adjusted Operating Expenses

US$ in millions

	Three Months Ended June 30, 2009							Three Months Ended June 30, 2008
	Actual		Adjustments			As Adjusted		Actual		Adjustments			As Adjusted
Personnel	$	262	$	(3	) (1)	$	259	$	310	$	(15	) (1)	$	295
Network, EDP and communications		97		—			97		84		—			84
Advertising, marketing and promotion		229		—			229		271		—			271
Professional and consulting fees		82		—			82		108		—			108
Depreciation and amortization		57		(17	) (2)		40		57		(17	) (2)		40
Administrative and other		96		—			96		85		—			85
Litigation provision		1		—			1		50		(50	) (3)		—
Total operating expenses	$	824	$	(20	)	$	804	$	965	$	(82	)	$	883

⁽¹⁾ Restructuring

⁽²⁾ Asset step-up amortization

⁽³⁾ Litigation reserve

11

Reconciliation of Non-GAAP Adjusted Non-operating Income

US$ in millions

	Three Months Ended June 30, 2009									Three Months Ended June 30, 2008
	Actual			Adjustments			As Adjusted			Actual			Adjustments			As Adjusted
Equity in earnings of unconsolidated affiliates	$	—		$	—		$	—		$	—		$	—		$	—
Interest expense		(30	)		9	(1)		(21	)		(30	)		11	(1)		(19	)
Investment income, net		504			(3	) (2)		501			97			(33	) (2)		64
Other		1			—			1			(1	)		1	(3)		—
Total other income	$	475		$	6		$	481		$	66		$	(21	)	$	45

⁽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)

12

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 an 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 period 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 June 30, 2009		Three Months Ended June 30, 2008
	(in millions, except per share data)
Adjusted net income	$	744	$	457
Weighted average number of diluted shares outstanding		756		779
Adjusted diluted earnings per share	$	0.98	$	0.59

13

Calculation of Free Cash Flow

US$ in millions

	Additions (+) / Reductions (-) to Net income		For the Nine Months Ended June 30, 2009
		Net income (as reported)	$	1,839
Recurring Items:
Capital Assets	+	Depreciation and amortization		165
	-	Capital expenditures		(205	)
Share-based Compensation	+	Share-based compensation		84
Litigation	+	Litigation provision		1
	+	Accretion expense		71
	-	Settlement payments		(1,642	)
Pension	+	Pension expense		43
	-	Pension contribution		(8	)
VisaNet do Brasil(1)	-	Gain on sale of investment, pre-tax		(473	)
Taxes	+	Income tax expense		1,299
	-	Income taxes paid		(528	)
Non-recurring Items(2):
Covered Litigation	+	Settlement payments funded by litigation escrow		1,481
	-	Tax benefit on settlement payments		(540	)
	+	Settlement payments funded by Morgan Stanley		49
		Total Free Cash Flow	$	1,636

(1) In July 2009, Visa received total proceeds from the sale of its equity investment in VisaNet do Brasil of approximately $1 billion. Free cash flow for the quarter ended September 30, 2009 will reflect receipt of these proceeds, as well as the payment of associated taxes estimated to be approximately half this amount.

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

14

Operational Performance Data

The tables below provide information regarding the operational results for the 3 months ended March 31, 2009, as well as the prior seven quarterly reporting periods and the 12 months ended March 31, 2009 and 2008, 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 March 31, 2009
	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	$	229	-6.5	%	11.3	%	$	147	-7.8	%	10.2	%	2,176	$	82	-4.2	%	13.3	%	545	420	506
Canada		36	-23.3	%	-0.8	%		32	-22.2	%	0.5	%	347		4	-30.6	%	-10.3	%	9	23	31
CEMEA		108	-4.8	%	19.7	%		17	-0.4	%	19.5	%	294		91	-5.6	%	19.7	%	666	178	182
LAC		128	-10.3	%	16.1	%		42	-9.3	%	15.2	%	1,283		86	-10.7	%	16.6	%	775	313	341
US		468	-4.3	%	-4.3	%		379	-2.5	%	-2.5	%	7,502		89	-10.9	%	-10.9	%	708	480	664
Visa Inc.		969	-6.5	%	4.0	%		617	-5.5	%	2.0	%	11,602		352	-8.3	%	7.8	%	2,703	1,415	1,723
Visa Credit Programs
US	$	195	-15.5	%	-15.5	%	$	176	-9.7	%	-9.7	%	2,083	$	19	-47.0	%	-47.0	%	22	240	318
Rest of World		236	-11.9	%	7.3	%		204	-11.0	%	8.0	%	3,105		32	-17.7	%	3.1	%	131	418	480
Visa Inc.		431	-13.6	%	-4.4	%		380	-10.4	%	-1.0	%	5,187		51	-31.7	%	-23.7	%	153	658	798
Visa Debit Programs
US	$	272	5.8	%	5.8	%	$	202	4.7	%	4.7	%	5,419	$	70	9.4	%	9.4	%	686	241	346
Rest of World		265	-5.4	%	19.0	%		34	-2.5	%	25.3	%	996		231	-5.8	%	18.1	%	1,864	517	579
Visa Inc.		537	0.0	%	12.0	%		236	3.6	%	7.2	%	6,415		301	-2.7	%	16.0	%	2,550	757	925
	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	179
LAC		144	-1.2	%	21.7	%		47	-0.4	%	21.3	%	1,344		97	-1.6	%	21.9	%	848	312	340
US		505	-2.0	%	-2.0	%		409	-1.0	%	-1.0	%	7,825		96	-5.7	%	-5.7	%	714	484	668
Visa Inc.		1,071	0.3	%	7.9	%		675	-0.9	%	4.4	%	12,097		396	2.5	%	14.3	%	2,812	1,407	1,718
Visa Credit Programs
US	$	230	-9.2	%	-9.2	%	$	203	-6.9	%	-6.9	%	2,375	$	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	%	5,603		65	-14.1	%	-6.9	%	176	673	813
Visa Debit Programs
US	$	275	5.1	%	5.1	%	$	206	5.6	%	5.6	%	5,450	$	69	3.7	%	3.7	%	687	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	572
Visa Inc.		575	6.1	%	14.7	%		244	5.6	%	8.6	%	6,493		332	6.5	%	19.6	%	2,636	734	905

15

Operational Performance Data   March 31, 2009  

	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	7.1	%	7.1	%		421	8.6	%	8.6	%	7,680		103	1.6	%	1.6	%	744	474	651
Visa Inc.		1,127	15.9	%	16.4	%		701	12.4	%	13.4	%	11,737		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	%	2,363	$	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	%	5,478		73	2.2	%	4.2	%	183	672	809
Visa Debit Programs
US	$	280	12.4	%	12.4	%	$	208	14.3	%	14.3	%	5,318	$	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	%	22.4	%		249	17.5	%	17.5	%	6,259		353	27.1	%	26.2	%	2,565	695	864
	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	%	7,661		103	4.9	%	4.9	%	738	465	642
Visa Inc.		1,113	19.2	%	16.5	%		699	15.2	%	13.6	%	11,490		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	%	5,303		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	%	22.5	%	$	159	26.5	%	19.4	%	1,913	$	85	35.2	%	28.6	%	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	%	35.3	%		17	40.4	%	38.0	%	236		96	40.9	%	34.8	%	584	148	156
LAC		143	37.8	%	22.4	%		46	47.5	%	30.5	%	1,123		97	33.7	%	18.8	%	719	288	312
US		488	10.8	%	10.8	%		389	12.0	%	12.0	%	7,080		100	6.5	%	6.5	%	689	456	664
Visa Inc.		1,036	22.0	%	16.6	%		652	19.1	%	14.9	%	10,689		384	27.2	%	19.8	%	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	%	18.5	%		229	29.5	%	19.1	%	2,798		39	23.0	%	15.0	%	134	387	446
Visa Inc.		499	18.1	%	12.9	%		424	18.7	%	13.2	%	4,965		75	15.0	%	10.8	%	164	647	814
Visa Debit Programs
US	$	257	13.5	%	13.5	%	$	193	16.2	%	16.2	%	4,913	$	64	6.0	%	6.0	%	659	196	297
Rest of World		280	39.6	%	29.3	%		35	44.1	%	32.7	%	812		245	38.9	%	28.9	%	1,636	448	510
Visa Inc.		537	25.8	%	20.3	%		228	19.8	%	18.0	%	5,725		309	30.6	%	22.4	%	2,296	644	806

16

Operational Performance Data   March 31, 2009  

	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	11.5	%	11.5	%		413	12.4	%	12.4	%	7,417		102	7.7	%	7.7	%	715	455	660
Visa Inc.		1,067	21.5	%	17.7	%		681	18.5	%	15.6	%	11,098		387	27.3	%	21.8	%	2,523	1,269	1,591
Visa Credit Programs
US	$	253	9.2	%	9.2	%	$	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	%	5,326		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
	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	%	7,039		101	5.7	%	5.7	%	730	440	642
Visa Inc.		973	18.4	%	15.8	%		623	15.9	%	13.8	%	10,411		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	13.5	%	13.5	%	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	%	2,251	$	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

17

Operational Performance Data   March 31, 2009  

	For the 12 Months Ended March 31, 2009
	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	$	972	7.8	%	16.2	%	$	633	7.4	%	15.7	%	8,580	$	339	8.8	%	17.3	%	2,101	420	506
Canada		179	-5.4	%	5.6	%		160	-4.5	%	6.6	%	1,519		19	-12.2	%	-1.9	%	36	23	31
CEMEA		520	24.0	%	35.1	%		77	20.6	%	32.5	%	1,136		443	24.6	%	35.6	%	2,685	178	182
LAC		586	11.8	%	22.0	%		189	13.4	%	23.3	%	5,023		397	11.1	%	21.4	%	3,175	313	341
US		2,022	2.3	%	2.3	%		1,632	3.6	%	3.6	%	30,668		391	-2.6	%	-2.6	%	2,904	480	664
Visa Inc.		4,279	6.7	%	11.2	%		2,691	5.0	%	8.3	%	46,926		1,588	9.8	%	16.5	%	10,901	1,415	1,723
Visa Credit Programs
US	$	916	-4.6	%	-4.6	%	$	805	-2.0	%	-2.0	%	9,154	$	111	-19.8	%	-19.8	%	109	240	318
Rest of World		1,060	4.9	%	14.1	%		909	5.6	%	14.5	%	12,417		151	0.8	%	11.8	%	578	418	480
Visa Inc.		1,976	0.3	%	4.6	%		1,713	1.9	%	6.1	%	21,571		263	-9.1	%	-4.2	%	687	658	798
Visa Debit Programs
US	$	1,106	8.9	%	8.9	%	$	827	9.7	%	9.7	%	21,514	$	279	6.5	%	6.5	%	2,795	241	346
Rest of World		1,197	17.0	%	27.1	%		151	18.2	%	31.0	%	3,840		1,046	16.8	%	26.5	%	7,419	517	579
Visa Inc.		2,303	13.0	%	17.7	%		977	10.9	%	12.5	%	25,355		1,326	14.5	%	21.7	%	10,214	757	925
	For the 12 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	$	901	26.2	%	20.9	%	$	590	23.3	%	18.5	%	7,347	$	312	31.9	%	25.6	%	1,701	376	457
Canada		190	25.2	%	12.2	%		167	24.4	%	11.5	%	1,433		22	32.0	%	18.3	%	37	24	31
CEMEA		419	41.7	%	37.5	%		64	39.2	%	36.7	%	879		355	42.1	%	37.7	%	2,227	148	156
LAC		524	32.7	%	20.5	%		167	43.2	%	29.7	%	4,204		357	28.3	%	16.6	%	2,836	288	312
US		1,976	10.4	%	10.4	%		1,575	11.4	%	11.4	%	28,443		401	6.6	%	6.6	%	2,855	456	664
Visa Inc.		4,010	19.8	%	16.2	%		2,563	17.1	%	14.4	%	42,306		1,447	25.0	%	19.5	%	9,655	1,291	1,620
Visa Credit Programs
US	$	960	7.6	%	7.6	%	$	821	8.7	%	8.7	%	9,195	$	139	1.5	%	1.5	%	129	260	368
Rest of World		1,011	24.5	%	17.9	%		860	25.6	%	18.5	%	10,834		150	18.8	%	14.1	%	518	387	446
Visa Inc.		1,971	15.6	%	12.4	%		1,682	16.7	%	13.3	%	20,028		289	9.8	%	7.3	%	648	647	814
Visa Debit Programs
US	$	1,016	13.2	%	13.2	%	$	754	14.6	%	14.6	%	19,248	$	262	9.5	%	9.5	%	2,726	196	297
Rest of World		1,023	37.4	%	28.5	%		127	41.8	%	31.7	%	3,029		896	36.8	%	28.0	%	6,281	448	510
Visa Inc.		2,039	24.2	%	20.1	%		881	17.8	%	16.6	%	22,278		1,158	29.5	%	23.0	%	9,007	644	806

18

Operational Performance Data   March 31, 2009  

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.

19

Operational Performance Data   March 31, 2009  

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
Jun 30, 2009	10,266	8	%
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	%
12 Months Ended
Jun 30, 2009	39,012	8	%
Jun 30, 2008	36,012	13	%

20

EX-99.2

Visa Inc.

Fiscal Third Quarter 2009

Financial Results

July 29, 2009

Exhibit 99.2

Fiscal Q3 2009 Earnings Results

2

Safe Harbor Reminder

•

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.

Fiscal Q3 2009 Earnings Results

3

Solid Fiscal Third Quarter Results

Note: See appendix for reconciliation of adjusted non-GAAP measures to the closest comparable GAAP measures.

•

Adjusted quarterly net income of $744 million or adjusted diluted

earnings of $0.98 per share

•

Sale

of

equity

interest

in

VisaNet

do

Brasil

resulting

in

a

$237

million,

after tax, gain contributing $0.31 to adjusted diluted earnings per share

•

Continued positive secular trends

•

Business model resilience despite economic slowdown with operating

revenues of $1.6 billion

•

Adjusted

quarterly

net

income,

excluding

VisaNet

do

Brasil

gain,

of

$507

million or adjusted diluted earnings of $0.67 per share

Fiscal Q3 2009 Earnings Results

4

$652

$228

$424

$380

$236

$617

Total Visa Inc.

Credit

Debit

2008

2009

Quarter ended March

US$ in billions, nominal

Payments

Volume

–

Q3

2009

YOY Change

(nominal)

-5%

-10%

4%

Note: Figures may not sum due to rounding. Growth rates calculated based on whole numbers, not rounded numbers. From time to time, previously

submitted volume information may be updated. Prior year volume information presented have not been updated, as changes made are not material. 

1

Constant dollar growth rates exclude the impact of foreign currency fluctuations against the U.S. dollar in measuring performance.

ROW

ROW

$264

$204

U.S.

$388

U.S.

$379

U.S.

ROW

U.S.

U.S.

$238

$195

$229

ROW

U.S.

$176

$193

ROW  $35

$202

ROW  $34

2%

-1%

7%

YOY Change

(constant)

1

Fiscal Q3 2009 Earnings Results

5

$388

$159

$46

$41

$17

$147

$42

$32

$17

$379

United States

Asia Pacific (AP)

Latin America and

Caribbean (LAC)

Canada

Central and Eastern

Europe, Middle East

and Africa (CEMEA)

2008

2009

Quarter ended March

US$ in billions, nominal

Payments Volume

–

Q3

2009 Regional

Note: Growth rates calculated based on whole numbers, not rounded numbers.  From time to time, previously submitted volume information may be

updated. Prior year volume information presented have not been updated, as changes made are not material. 

1

Constant dollar growth rates exclude the impact of foreign currency fluctuations against the U.S. dollar in measuring performance.

-3%

10%

15%

1%

20%

YOY Change

(nominal)

YOY Change

(constant)

-3%

-8%

-9%

-22%

-

%

1

Fiscal Q3 2009 Earnings Results

6

YOY

Change

13,149

14,305

Total Transactions

2008

2009

Quarter ended March

in millions

Transactions –

Q3 2009

9%

8%

Note: Processed transactions represent transactions involving Visa, Visa Electron, Interlink and Plus cards processed on Visa’s networks.

Total transactions represent payments and cash transactions as reported by Visa members on their operating certificates.

Quarter ended June

Debit

Credit

63%

37%

9,473

10,266

Processed Transactions

2008

2009

Fiscal Q3 2009 Earnings Results

7

814

806

1,620

925

1,723

798

Credit

Debit

Visa Inc.

2008

2009

Quarter ended March

in millions

YOY

Change

Total Cards

-2%

15%

6%

Fiscal Q3 2009 Earnings Results

8

$1,887

($274)

$1,613

($344)

$1,990

$1,646

2008

2009

Revenue Detail

–

Q3 2009

US$ in millions

Gross

Revenues

Incentives

Net Operating

Revenues

5%

25%

2%

YOY

Change

Note: Percentage change calculated based on whole numbers, not rounded numbers.

Fiscal Q3 2009 Earnings Results

9

3%

12%                         2%

6%

$749

$539

$449

$150

$158

$458

$769

$605

2008

2009

Revenue Detail

–

Q3 2009

US$ in millions

Service

Revenues

Data

Processing

Revenues

International

Transaction

Revenues

Other

Revenues

YOY

Change

Note: Percentage change calculated based on whole numbers, not rounded numbers.

Fiscal Q3 2009 Earnings Results

10

6 ppts

2%                     -9%

15%

$1,613

$883

$730

$842

$1,646

$804

Net Operating

Revenues

Total Operating

Expenses

Operating Income

Adjusted

Operating

Margin

–

Q3

2009

US$ in millions

YOY

Change

45%

51%

Operating Margin

2008

2009

Fiscal Q3 2009 Earnings Results

11

Adjusted Operating Expenses

–

Q3

2009

US$ in millions

-12%                15%             -15%              -24%                -

%               13%                  N/A

YOY

Change

$295

$84

$271

$85

$108

$0

$40

$96

$97

$259

$229

$82

$40

$1

2008

2009

Personnel

Network,

EDP and

Communications

Advertising,

Marketing and

Promotion

Professional

and

Consulting

Fees

Depreciation

and

Amortization

Administrative

and Other

Litigation

Provision

Fiscal Q3 2009 Earnings Results

12

Other Financial Results

•

Capital expenditures during the fiscal third quarter were $69

million

•

Cash, cash equivalents, restricted cash and investment

securities of $6.1 billion at the end of the third quarter

–

$1.6 billion of restricted cash for litigation escrow

–

$700 million additional funding to litigation escrow in July 2009

•

Free cash flow of $1.6 billion generated in the year-to-date

Fiscal Q3 2009 Earnings Results

13

Financial Metrics through Fiscal Year 2010

20% +

$1 billion +

FY 2009:

Around $300M  

FY 2010:

3 -

4% of gross 

revenue

FY 2009:

Low 50% range

FY 2010:

Low 50% range

Annual net revenue growth

Annual adjusted operating margin 

Annual adjusted diluted class A common

earnings per share growth

Annual free cash flow

Capital expenditures

FY 2009:

High single           

digits

FY 2010:

11-15%

Appendix –

Reconciliation of Non-GAAP

Measures

Fiscal Q3 2009 Earnings Results

15

Adjusted Operating Income and Net Income

US$ in millions

Three Months Ended

June 30, 2009

Three Months Ended

June 30, 2008

Net income (as reported)

729

$                               

422

$                               

Addback: Income tax expense (as reported)

568

292

Net Income before taxes and minority interest (as reported)

1,297

$                            

714

$                               

Adjustments:

Litigation reserve (1)

50

Restructuring (2)

3

15

Asset step-up amortization (3)

17

17

Adjustments to operating income

20

82

Interest accretion on American Express settlement

(4)

8

11

Interest expense on Discover settlement

(5)

1

—

Investment income on Litigation Escrow and EU proceeds (6)

(3)

(33)

Underwater contract (LIBOR adjustment)

(7)

—

1

Adjustments to non-operating income

6

(21)

Total adjustments

26

61

Adjusted income before taxes and minority interest

1,323

775

Adjusted income tax expense

(8)

(579)

(318)

Adjusted net income

744

$                               

457

$                               

Operating income (as reported)

822

$                               

648

$                               

Addback: Adjustments to operating income

20

82

Adjusted operating income

842

$                               

730

$                               

Operating revenues (as reported)

1,646

$                            

1,613

$                            

Adjusted operating margin

51%

45%

Total operating expenses (as reported)

824

$                               

965

$                               

Less: Adjustments to operating expenses

(20)

(82)

Adjusted operating expenses

804

$                               

883

$                               

(1)     Litigation reserve related to the covered litigation.  Settlements 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 and amounts held in the litigation escrow, including 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 held by Visa Europe.

(7)

Other expense 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 was satisfied  as part of the October 2008 redemptions described above.

(8)

Adjusted income tax expense for the three months ended June 30, 2009 reflects the GAAP effective tax rate for the current quarter,

which is impacted by the sale of the equity interest in VisaNet do Brasil. Adjusted income tax expense for the three months ended

June 30, 2008 reflects the normalized tax rate for fiscal 2008.

—

Fiscal Q3 2009 Earnings Results

16

Reconciliation of Non-GAAP

Adjusted Operating Expenses

US$ in millions

(1)  Restructuring

(2)  Asset step-up amortization

(3)  Litigation reserve

Three Months Ended

June 30, 2009

Three Months Ended

June 30, 2008

Actual

Adjustments

As Adjusted

Actual

Adjustments

As Adjusted

Personnel

262

$     

(3)

$                  

(1)

259

$            

310

$     

(15)

$                

(1)

295

$            

Network, EDP and communications

97

97

84

84

Advertising, marketing and promotion

229

229

271

271

Professional and consulting fees

82

82

108

108

Depreciation and amortization

57

(17)

(2)

40

57

(17)

(2)

40

Administrative and other

96

96

85

85

Litigation provision

1

1

50

(50)

(3)

Total operating expenses

824

$     

(20)

$                

804

$            

965

$     

(82)

$                

883

$            

—

—

—

—

—

—

—

—

—

—

Fiscal Q3 2009 Earnings Results

17

Reconciliation of Non-GAAP

Adjusted Non-operating Income

US$ in millions

(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)

Three Months Ended

June 30, 2009

Three Months Ended

June 30, 2008

Actual

Adjustments

As Adjusted

Actual

Adjustments

As Adjusted

Equity in earnings of unconsolidated affiliates

—

$      

—

$             

—

$            

$    

$             

—

$            

Interest expense

(30)

9

(1)

(21)

(30)

11

(1)

(19)

Investment income, net

504

(3)

(2)

501

97

(33)

(2)

64

Other

1

—

1

(1)

1

(3)

Total other income

475

$     

6

$                  

481

$           

66

$     

(21)

$             

45

$             

—

—

—

Fiscal Q3 2009 Earnings Results

18

Adjusted Diluted Earnings per Share

Class A Common Stock

•

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

an

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

period

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.

Adjusted net income

$

744

$

457

Weighted average number of diluted

shares outstanding

756

779

Adjusted diluted earnings per share

$

0.98

$

0.59

June 30, 2009

June 30, 2008

(in millions, except per share data)

Three Months Ended 

Three Months Ended 

Fiscal Q3 2009 Earnings Results

19

Calculation of Free Cash Flow

US$ in millions

Additions (+) /

Reductions (-) to

Net income

Net income (as reported)

1,839

$              

Recurring Items:

+

Depreciation and amortization

165

-

Capital expenditures

(205)

Share-based Compensation

+

Share-based compensation

84

+

Litigation provision

1

+

Accretion expense

71

-

Settlement payments

(1,642)

+

Pension expense

43

-

Pension contribution

(8)

VisaNet

do Brasil

(1)

-

Gain on sale of investment, pre-tax

(473)

+

Income tax expense

1,299

-

Income taxes paid

(528)

Non-recurring Items

(2)

:

+

Settlement payments funded by litigation escrow

1,481

-

Tax benefit on settlement payments

(540)

+

Settlement payments funded by Morgan Stanley

49

Total Free Cash Flow

1,636

$              

Taxes

Covered Litigation

For the Nine

Months Ended

June 30, 2009

Capital Assets

Litigation

Pension

(1) In July 2009, Visa received total proceeds from the sale of its equity investment in VisaNet do Brasil of approximately $1 billion. Free cash flow

for the quarter ended September 30, 2009 will reflect receipt of these proceeds, as well as the payment of associated taxes estimated to be

approximately half this amount.

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