Presentation of Visa Inc.

Fiscal Q3 2010 Earnings Results

Safe Harbor Reminder

•

Certain statements contained in this presentation 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

the

terms

“continue,”

“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 tax rate, capital expenditures, revenue, incentives, expenses, operating

margin, earnings per share, free cash flow, and the growth rate in those items, as

well as other measures of economic performance.

•

their

nature,

forward-looking

statements:

(i)

speak

only

the

date

they

are

made,

(ii)

are

not

guarantees

future

performance

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

under

the

heading

“Risk

Factors”

Part

Item

–

“Risk

Factors”

our most recent Annual Report on Form 10-K and any subsequent Quarterly

Reports on Form 10-Q or Periodic Reports on Form 8-K, if any. You are cautioned

not

place

undue

reliance

such

statements,

which

speak

only

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 2010 Earnings Results

Solid Fiscal Third Quarter Results

•

Strong operating revenues of $ 2.0 billion, up 23% over prior year

•

Quarterly net income of $ 716 million, up 45% and diluted earnings of $0.97

per share, up 49% over prior year, excluding prior year gain on VisaNet do

Brasil sale

•

On an as-converted basis, repurchased additional 6.7 million class A

common share equivalents, at an average price of $74.22 per share, from the

Company’s class B shareholders through the $500 million funding of the

litigation escrow

•

Completed the acquisition of CyberSource

Corporation in July 2010

•

Positive secular trends and continued spending momentum contributed to

solid growth

Fiscal Q3 2010 Earnings Results

236

380

617

745

449

296

Total Visa Inc.

Credit

Debit

2009

2010

ROW 34

Quarter ended March

US$ in billions, nominal, except percentages

Payments Volume

ROW

238

ROW

266

U.S.

379

U.S.

427

ROW

318

U.S.

176

204

ROW

U.S.

182

U.S.

202

U.S.

245

ROW 51

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 has not been updated, as changes made are not material.

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

YOY Change

(nominal)

18%

25%

21%

YOY Change

(constant)

13%

22%

ROW = Rest of World

Fiscal Q3 2010 Earnings Results

261

426

687

321

481

803

Total Visa Inc.

Credit

Debit

2009

2010

ROW 41

Quarter ended June

US$ in billions, nominal, except percentages

Payments Volume

ROW

275

ROW

278

U.S.

412

U.S.

469

ROW

334

U.S.

192

234

ROW

U.S.

204

ROW 56

Current quarter payments volume and other select metrics are provided in the operational performance data supplement to provide more recent

operating data. Service revenues continue to be recognized based on payments volume in the prior quarter. From time to time, reported payments

volume information may be updated to reflect revised client submissions or other adjustments. Prior year volume information presented has not

been updated, as changes made are not material. Figures may not sum due to rounding.

ROW = Rest of World

YOY Change

(nominal)

17%

13%

23%

YOY Change

(constant)

14%

22%

U.S.

220

U.S.

265

Fiscal Q3 2010 Earnings Results

379

147

195

427

United States

Asia Pacific

Latin America and

Caribbean

Canada

Central and

Eastern Europe,

Middle East and

Africa

2009

2010

Quarter ended March

US$ in billions, nominal, except percentages

Payments Volume

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 has not been updated, as changes made are not material. Constant dollar growth rates exclude the

impact of foreign currency fluctuations against the U.S. dollar in measuring performance.

YOY Change

(nominal)

13%

32%

38%

34%

31%

YOY Change

(constant)

13%

14%

20%

17%

Fiscal Q3 2010 Earnings Results

165

412

197

469

United States

Asia Pacific

Latin America and

Caribbean

Canada

Central and Eastern

Europe, Middle East

and Africa

2009

2010

Quarter ended June

US$ in billions, nominal, except percentages

Payments Volume

Current quarter payments volume and other select metrics are provided in the operational performance data supplement to provide more recent

operating data. Service revenues continue to be recognized based on payments volume in the prior quarter. From time to time, reported payments

volume information may be updated to reflect revised client submissions or other adjustments. Prior year volume information presented has not

been updated, as changes made are not material. Figures may not sum due to rounding.

YOY Change

(nominal)

14%

19%

26%

22%

27%

YOY Change

(constant)

14%

12%

22%

12%

24%

Fiscal Q3 2010 Earnings Results

14,305

9,360

15,491

10,266

10,648

11,721

16,118

17,596

Total Transactions

Processed

Transactions

Total Transactions

Processed

Transactions

2009

2010

Quarter ended March

in millions, except percentages

Transactions

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. From time to time,

previously

submitted

volume

information

may

updated.

Prior

year

volume

information

presented

has

not

been

updated,

changes

made

are not material.

Quarter ended June

Debit

64%

Credit

36%

Credit

37%

Debit

63%

Credit

37%

Debit

63%

Credit

35%

Debit

65%

YOY

Change

13%

14%

Fiscal Q3 2010 Earnings Results

229

824

282

285

103

277

892

Fiscal 2009

Fiscal 2010

Operating Expenses –

Q3 2010

US$ in millions, except percentages

Personnel

Network,

EDP and

Communications

Advertising,

Marketing and

Promotion

Professional

and

Consulting

Fees

Depreciation

and

Amortization

Administrative

and Other

Total Operating

Expenses

Litigation

Provision

YOY

Change

20%

24%

10%

(9%)

(38%)

Note: Growth rates calculated based on whole numbers, not rounded numbers.

Fiscal Q3 2010 Earnings Results

Other Financial Results

•

Cash, cash equivalents, restricted cash and available-for-sale

investment securities of $7.4 billion at the end of the fiscal third quarter

which includes $ 2.0 billion of restricted cash for litigation escrow

•

Fiscal third quarter free cash flow of $1.2 billion

•

Capital expenditures of $65 million during the fiscal third quarter

Fiscal Q3 2010 Earnings Results

Calculation of Free Cash Flow

US$ in millions

Additions (+) /

Reductions (-)

to Net income

attributable to

Visa Inc.

Net income attributable to Visa Inc. (as reported)

716

2,192

Capital Assets

Depreciation and amortization

187

Capital expenditures

(65)

(2)

(144)

Litigation

Litigation provision

(41)

Accretion expense

Settlement payments

(71)

(215)

Settlement payments funded by litigation escrow

210

(23)

Share-based Compensation

Share-based compensation

Pension

Pension expense

Taxes

Income tax expense

406

1,252

Income taxes paid

(218)

188

(977)

275

Changes in Working Capital

(1)

+/-

Changes in other working capital accounts

231

(25)

Total Free Cash Flow

1,182

2,588

Less: Retailers' Litigation Prepayment

Settlement payment

(682)

Adjusted Free Cash Flow

1,182

1,906

(1)

Includes changes in volume & support incentives, trade receivables, settlement receivable/payable, and personnel incentives.

For the nine

months ended

June 30, 2010

For the three

months ended

June 30, 2010