Visa Inc. Reports Fiscal Third Quarter 2014 Net Income of $1.4 billion or $2.17 per Diluted Share

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1 Visa Inc. Reprts Fiscal Third Quarter 2014 Net Incme f $1.4 billin r $2.17 per Diluted Share Fster City, CA, July 24, 2014 Visa Inc. (NYSE: V) tday annunced financial results fr the Cmpany s fiscal third quarter Net incme fr the quarter was $1.4 billin, an increase f 11% ver the prir year, r $2.17 per share, an increase f 15% ver the prir year. All references t earnings per share assume fully-diluted class A share cunt unless therwise nted. Net perating revenue in the fiscal third quarter f 2014 was $3.2 billin, an increase f 5% nminally r 7% n a cnstant dllar basis ver the prir year, driven by slid grwth in service revenue and data prcessing revenues. The strengthening f the U.S. dllar versus the prir year quarter negatively impacted net perating revenue grwth by 2 percentage pints. We are pleased t reprt 15% earnings per share grwth in the face f a cntinued, subdued glbal ecnmy, said Charlie Scharf, Chief Executive Officer f Visa Inc. As expected, revenue grwth was affected by a strng U.S. dllar and tepid grwth frm crss-brder transactins. Mre imprtantly, glbal payments vlume and prcessed transactins remained healthy and strng. While sme f the headwinds will likely cntinue in the shrt-term, we are cnfident ur investments in prducts such as Visa Checkut, new technlgies like tkenizatin, and new relatinships with financial institutins and merchants will cntinue t drive duble-digit revenue grwth ver the lng-term. Fiscal Third Quarter 2014 Financial Highlights: Payments vlume grwth, n a cnstant dllar basis, fr the three mnths ended March 31, 2014, n which fiscal third quarter service revenue is recgnized, was 12% ver the prir year at $1.1 trillin. Payments vlume grwth, n a cnstant dllar basis, fr the three mnths ended 2014, was 11% ver the prir year at $1.2 trillin. Crss-brder vlume grwth, n a cnstant dllar basis, was 7% fr the three mnths ended Ttal prcessed transactins, which represent transactins prcessed by VisaNet, fr the three mnths ended 2014, were 16.7 billin, an 11% increase ver the prir year. Fiscal third quarter 2014 service revenues were $1.4 billin, an increase f 9% ver the prir year, and are recgnized based n payments vlume in the prir quarter. All ther revenue categries are recgnized based n current quarter activity. Data prcessing revenues rse 11% ver the prir year t $1.3 billin. Internatinal transactin revenues grew 1% ver the prir year t $860 millin. Other revenues, which include the Visa Eurpe licensing fee, were $195 millin, an increase f 9% ver the 1

2 prir year. Client incentives, which are a cntra revenue item, were $638 millin and represent 16.8% f grss revenues. Ttal perating expenses were $1.1 billin fr the quarter, a 3% decrease ver the prir year, primarily related t a reductin in persnnel, marketing expense and prfessinal fees. The effective tax rate was 33.0% fr the quarter ended Cash, cash equivalents, and available-fr-sale investment securities were $6.8 billin at The weighted-average number f diluted shares f class A cmmn stck utstanding was 628 millin fr the quarter ended Ntable Events: During the three mnths ended 2014, the Cmpany repurchased 5.6 millin shares f class A cmmn stck, at an average price f $ per share, using $1.2 billin f cash n hand. At June 30, 2014, the Cmpany had $1.9 billin f remaining funds, authrized by the bard f directrs, available fr share repurchase under the current prgram. On July 23, 2014, the bard f directrs declared a quarterly cash dividend f $0.40 per share f class A cmmn stck (determined in the case f class B and class C cmmn stck n an as-cnverted basis) payable n September 3, 2014, t all hlders f recrd f the Cmpany s class A, class B and class C cmmn stck as f August 15, Financial Outlk: Visa Inc. affirms its financial utlk fr the fllwing metrics fr fiscal full-year 2014: Annual perating margin: Lw t mid 60s; and Annual free cash flw: Abut $5 billin. Visa Inc. updates its financial utlk fr the fllwing metrics fr fiscal full-year 2014: Annual net revenue grwth: Cnstant revenue grwth in the 9-10% range, with an expectatin f tw percentage pints f negative freign currency impact; Client incentives as a percent f grss revenues: Arund 17%; Tax rate: 30-31% range; and Annual diluted class A cmmn stck earnings per share grwth: % range. 2

3 Fiscal Third Quarter 2014 Earnings Results Cnference Call Details: Visa s executive management team will hst a live audi webcast beginning at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) tday t discuss the financial results and business highlights. All interested parties are invited t listen t the live webcast at A replay f the webcast will be available n the Visa Investr Relatins website fr 30 days. Investr infrmatin, including supplemental financial infrmatin, is available n Visa Inc. s Investr Relatins website at Abut Visa Visa is a glbal payments technlgy cmpany that cnnects cnsumers, businesses, financial institutins, and gvernments in mre than 200 cuntries and territries t fast, secure and reliable electrnic payments. We perate ne f the wrld s mst advanced prcessing netwrks VisaNet that is capable f handling mre than 47,000 transactin messages a secnd, with fraud prtectin fr cnsumers and assured payment fr merchants. Visa is nt a bank and des nt issue cards, extend credit r set rates and fees fr cnsumers. Visa s innvatins, hwever, enable its financial institutin custmers t ffer cnsumers mre chices: pay nw with debit, ahead f time with prepaid r later with credit prducts. Fr mre infrmatin, visit usa.visa.cm/abut-visa, visacrprate.tumblr.cm Frward-Lking Statements: This press release cntains frward-lking statements within the meaning f the U.S. Private Securities Litigatin Refrm Act f Frward-lking statements generally are identified by wrds such as "believes," "estimates," "expects," "intends," "may," "prjects," "culd," "shuld," "will," "will cntinue" and ther similar expressins. Examples f frward-lking statements include, but are nt limited t, statements we make abut ur revenue, client incentives, perating margin, earnings per share, free cash flw, tax rate and the grwth f thse items. By their nature, frward-lking statements: (i) speak nly as f the date they are made; (ii) are nt statements f histrical fact r guarantees f future perfrmance; and (iii) are subject t risks, uncertainties, assumptins r changes in circumstances that are difficult t predict r quantify. Therefre, actual results culd differ materially and adversely frm ur frward-lking statements due t a variety f factrs, including the fllwing: the impact f laws, regulatins and marketplace barriers, including: rules capping debit interchange reimbursement rates and expanding financial institutins and merchants chices amng debit payment netwrks prmulgated under the Ddd- Frank Wall Street Refrm and Cnsumer Prtectin Act; increased regulatin in jurisdictins utside f the United States and in ther prduct categries; increased gvernment supprt f natinal payment netwrks utside the United States; and increased regulatin n cnsumer privacy, data use and security; 3

4 develpments in litigatin and gvernment enfrcement, including thse affecting interchange reimbursement fees, antitrust and tax; new lawsuits, investigatins r prceedings, r changes t ur ptential expsure in cnnectin with pending lawsuits, investigatins r prceedings; ecnmic factrs, such as: ecnmic fragility in the Eurzne and in the United States; general ecnmic, plitical and scial cnditins in mature and emerging markets glbally; material changes in crss-brder activity, freign exchange cntrls and fluctuatins in currency exchange rates; and material changes in ur financial institutin clients' perfrmance cmpared t ur estimates; industry develpments, such as cmpetitive pressure, rapid technlgical develpments, and disintermediatin frm ur payments netwrk; system develpments, such as: disruptin f ur transactin prcessing systems r the inability t prcess transactins efficiently; accunt data breaches r increased fraudulent r ther illegal activities invlving Visabranded cards r payment prducts; and failure t maintain systems interperability with Visa Eurpe; csts arising if Visa Eurpe were t exercise its right t require us t acquire all f its utstanding stck; the lss f rganizatinal effectiveness r key emplyees; the failure t integrate acquisitins successfully r t effectively develp new prducts and businesses; natural disasters, terrrist attacks, military r plitical cnflicts, and public health emergencies; and varius ther factrs, including thse cntained in ur Annual Reprt n Frm 10 K fr the year ended September 30, 2013 and ur ther filings with the U.S. Securities and Exchange Cmmissin. Yu shuld nt place undue reliance n such statements. Except as required by law, we d nt intend t update r revise any frward lking statements as a result f new infrmatin, future develpments r therwise. Cntacts: Investr Relatins: Jack Carsky r Victria Hyde-Dunn, , ir@visa.cm Media Relatins: Paul Chen, , glbalmedia@visa.cm 4

5 VISA INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) 2014 September 30, (in millins, except par value data) Assets Cash and cash equivalents $ 2,058 $ 2,186 Restricted cash litigatin escrw 1, Investment securities: Trading Available-fr-sale 1,920 1,994 Incme tax receivable Settlement receivable Accunts receivable Custmer cllateral Current prtin f client incentives Deferred tax assets Prepaid expenses and ther current assets Ttal current assets 9,025 7,822 Investment securities, available-fr-sale 2,798 2,760 Client incentives Prperty, equipment and technlgy, net 1,772 1,732 Other assets Intangible assets, net 11,427 11,351 Gdwill 11,741 11,681 Ttal assets $ 37,675 $ 35,956 Liabilities Accunts payable $ 101 $ 184 Settlement payable 1,307 1,225 Custmer cllateral Accrued cmpensatin and benefits Client incentives Accrued liabilities Accrued litigatin 1,060 5 Ttal current liabilities 5,314 4,335 Deferred tax liabilities 4,170 4,149 Other liabilities Ttal liabilities 10,389 9,086 Equity Preferred stck, $ par value, 25 shares authrized and nne issued Class A cmmn stck, $ par value, 2,001,622 shares authrized, 496 and 508 shares issued and utstanding at 2014 and September 30, 2013, respectively Class B cmmn stck, $ par value, 622 shares authrized, 245 shares issued and utstanding at 2014 and September 30, 2013 Class C cmmn stck, $ par value, 1,097 shares authrized, 25 and 27 shares issued and utstanding at 2014 and September 30, 2013, respectively Additinal paid-in capital 18,393 18,875 Accumulated incme 8,909 7,974 Accumulated ther cmprehensive incme (lss), net: Investment securities, available-fr-sale Defined benefit pensin and ther pstretirement plans (68) (60) Derivative instruments classified as cash flw hedges (5) 23 Freign currency translatin adjustments (1) (1) Ttal accumulated ther cmprehensive (lss) incme, net (16) 21 Ttal equity 27,286 26,870 Ttal liabilities and equity $ 37,675 $ 35,

6 VISA INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Mnths Ended Nine Mnths Ended (in millins, except per share data) Operating Revenues Service revenues $ 1,417 $ 1,298 $ 4,298 $ 3,967 Data prcessing revenues 1,321 1,191 3,819 3,456 Internatinal transactin revenues ,622 2,490 Other revenues Client incentives (638) (521) (1,824) (1,641) Ttal perating revenues 3,155 3,001 9,473 8,805 Operating Expenses Persnnel ,379 1,433 Marketing Netwrk and prcessing Prfessinal fees Depreciatin and amrtizatin General and administrative Litigatin prvisin (1) 3 Ttal perating expenses 1,135 1,173 3,328 3,317 Operating incme 2,020 1,828 6,145 5,488 Nn-perating incme Incme befre incme taxes 2,030 1,833 6,174 5,491 Incme tax prvisin ,809 1,703 Net incme $ 1,360 $ 1,225 $ 4,365 $ 3,788 Basic earnings per share Class A cmmn stck $ 2.17 $ 1.89 $ 6.91 $ 5.76 Class B cmmn stck $ 0.91 $ 0.79 $ 2.91 $ 2.42 Class C cmmn stck $ 2.17 $ 1.89 $ 6.91 $ 5.76 Basic weighted-average shares utstanding Class A cmmn stck Class B cmmn stck Class C cmmn stck Diluted earnings per share Class A cmmn stck $ 2.17 $ 1.88 $ 6.89 $ 5.74 Class B cmmn stck $ 0.91 $ 0.79 $ 2.90 $ 2.41 Class C cmmn stck $ 2.17 $ 1.88 $ 6.89 $ 5.74 Diluted weighted-average shares utstanding Class A cmmn stck Class B cmmn stck Class C cmmn stck

7 VISA INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in millins) Operating Activities Net incme $ 4,365 $ 3,788 Adjustments t recncile net incme t net cash prvided by (used in) perating activities: Amrtizatin f client incentives 1,824 1,641 Share-based cmpensatin Excess tax benefit fr share-based cmpensatin (82) (64) Depreciatin and amrtizatin f prperty, equipment, technlgy and intangible assets Deferred incme taxes (358) 1,562 Other Change in perating assets and liabilities: Incme tax receivable 116 (421) Settlement receivable 24 (5) Accunts receivable (55) (56) Client incentives (1,775) (1,700) Other assets (434) (310) Accunts payable (86) 5 Settlement payable Accrued and ther liabilities Accrued litigatin 1,055 (4,384) Net cash prvided by perating activities 5, Investing Activities Purchases f prperty, equipment, technlgy and intangible assets (326) (333) Investment securities, available-fr-sale: Purchases (1,842) (2,789) Prceeds frm sales and maturities 1,863 1,767 Acquisitin, net f cash received f $25 (134) - Purchases f / cntributins t ther investments (3) (3) Prceeds / distributins frm ther investments - 4 Net cash used in investing activities (442) (1,354) Financing Activities Repurchase f class A cmmn stck (3,362) (4,054) Dividends paid (758) (653) (Return t) payments frm litigatin escrw accunt retrspective respnsibility plan (1,056) 4,383 Cash prceeds frm exercise f stck ptins Restricted stck and perfrmance-based shares settled in cash fr taxes (85) (64) Excess tax benefit fr share-based cmpensatin Payment fr earn-ut related t PlaySpan acquisitin - (12) Principal payments n capital lease bligatins - (6) Net cash used in financing activities Nine Mnths Ended (5,098) (244) Decrease in cash and cash equivalents (128) (621) Cash and cash equivalents at beginning f year 2,186 2,074 Cash and cash equivalents at end f perid $ 2,058 $ 1,453 Supplemental Disclsure Incme taxes paid, net f refunds $ 1,943 $ 478 Nn-cash accruals related t purchases f prperty, equipment, technlgy and intangible assets $ 42 $ 27

8 VISA INC. FISCAL 2014 AND 2013 QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) 2014 Fiscal 2014 Quarter Ended March 31, 2014 December 31, 2013 Fiscal 2013 Quarter Ended September 30, 2013 (in millins) Operating Revenues Service revenues $ 1,417 $ 1,462 $ 1,419 $ 1,385 $ 1,298 Data prcessing revenues 1,321 1,234 1,264 1,186 1,191 Internatinal transactin revenues Other revenues Client incentives (638) (587) (599) (680) (521) Ttal perating revenues 3,155 3,163 3,155 2,973 3,001 Operating Expenses Persnnel Marketing Netwrk and prcessing Prfessinal fees Depreciatin and amrtizatin General and administrative Litigatin prvisin (1) Ttal perating expenses 1,135 1,115 1,078 1,222 1,173 Operating incme 2,020 2,048 2,077 1,751 1,828 Nn-perating incme Incme befre incme taxes 2,030 2,061 2,083 1,766 1,833 Incme tax prvisin Net incme $ 1,360 $ 1,598 $ 1,407 $ 1,192 $ 1,