<SEC-DOCUMENT>0001193125-16-627003.txt : 20160621
<SEC-HEADER>0001193125-16-627003.hdr.sgml : 20160621
<ACCEPTANCE-DATETIME>20160621060501
ACCESSION NUMBER:		0001193125-16-627003
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20160620
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160621
DATE AS OF CHANGE:		20160621

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VISA INC.
		CENTRAL INDEX KEY:			0001403161
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				260267673
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33977
		FILM NUMBER:		161723305

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 8999
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94128-8999
		BUSINESS PHONE:		650-432-3200

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 8999
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94128-8999

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Visa Inc.
		DATE OF NAME CHANGE:	20070614
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d212927d8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML><HEAD>
<TITLE>8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>FORM 8-K </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to Section&nbsp;13
or 15(d) of the Securities Exchange Act of 1934 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>Date of Report (Date of earliest event reported): June 20, 2016 </B></P>
<P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:16pt; font-family:ARIAL" ALIGN="center"><B>VISA INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>(Exact name of Registrant as
Specified in Its Charter) </B></P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:12pt">
<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>001-33977</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>26-0267673</B></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:12pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>of Incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Commission File Number)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:12pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>P.O. Box 8999</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>San Francisco, California</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>94128-8999</B></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:12pt">
<TD VALIGN="top" ALIGN="center"><B>(Address of Principal Executive Offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>Registrant&#146;s Telephone Number, Including Area Code: (650)&nbsp;432-3200 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>N/A </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>(Former Name or Former Address, if
Changed Since Last Report) </B></P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">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): </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="justify">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="justify">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="justify">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule
<FONT STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR 240.14d-2(b)) </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="justify">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule
<FONT STYLE="white-space:nowrap">13e-4(c)</FONT> under the ExchangeAct 17 CFR 240.13e-4(c)) </P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><B>Item&nbsp;1.01</B></P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><B>Entry into a Material Definitive Agreement. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">The information regarding the Litigation Management Deed set forth in Item&nbsp;2.01 of this Current Report on Form 8-K is incorporated
herein by reference. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><B>Item&nbsp;2.01</B></P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><B>Completion of Acquisition or Disposition of Assets. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:11pt; font-family:ARIAL" ALIGN="justify"><I>Closing of the Transaction </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">On June&nbsp;21, 2016, pursuant to the previously announced Amended and Restated Transaction Agreement, dated as of May&nbsp;10, 2016
(the &#147;Transaction Agreement&#148;), between Visa Inc., a Delaware corporation (the &#147;Company&#148;) and Visa Europe Limited, a company incorporated under the laws of England and Wales (&#147;Visa Europe&#148;), and to which 441 Trust
Company Limited, a company limited by guarantee incorporated under the laws of England and Wales (the &#147;VE Member Representative&#148;) has been joined as a party, the Company completed its acquisition of 100% of the share capital of Visa Europe
(the &#147;Transaction&#148;). The Transaction was effected pursuant to the exercise of Visa Europe&#146;s put option under the Put-Call Option Agreement, dated as of October&nbsp;1, 2007, between the Company and Visa Europe, as amended by the
Amended and Restated Amendment No.1 thereto, dated May&nbsp;10, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">At the closing of the Transaction (the &#147;Closing&#148;),
the Company paid to the members of Visa Europe, in the aggregate, cash consideration of approximately <FONT STYLE="font-family:Times New Roman">&#128;</FONT>12.19 billion. The Transaction Agreement also requires the Company, on the third anniversary
of the Closing, to make an additional cash payment of approximately <FONT STYLE="font-family:Times New Roman">&#128;</FONT>1.12 billion to the members of Visa Europe. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:11pt; font-family:ARIAL" ALIGN="justify"><I>Issuance of the UK&amp;I Preferred Stock and the Europe Preferred Stock </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Also at the Closing, pursuant to the Transaction Agreement, the Company issued (a)&nbsp;2,480,466 shares of Series B Convertible
Participating Preferred Stock, par value $0.0001 per share, of the Company (the &#147;UK&amp;I Preferred Stock&#148;) to certain Visa Europe members in the United Kingdom and the Republic of Ireland and (b)&nbsp;3,156,823 shares of Series C
Convertible Participating Preferred Stock, par value $0.0001 per share, of the Company (the&nbsp;&#147;Europe Preferred Stock&#148;) to certain other Visa Europe members. The aggregate value of the UK&amp;I Preferred Stock and the Europe Preferred
Stock issued at the Closing, on an as-converted basis, was approximately <FONT STYLE="font-family:Times New Roman">&#128;</FONT>5.38 billion (based on the closing price of $77.34 per share of the underlying class A common stock, par value $0.0001
per share, of the Company (the &#147;Class A Common Stock&#148;) on the New York Stock Exchange on the last trading day prior to the Closing and a Euro/Dollar exchange rate of 1.1314). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Each share of UK&amp;I Preferred Stock and each share of Europe Preferred Stock is, subject to the terms and conditions of the
applicable certificate of designations, initially convertible into 13.952 shares of Class&nbsp;A Common Stock or 0.13952 shares of Series A Convertible Participating Preferred Stock, par value $0.0001 per share, of the Company (the &#147;Class A
Equivalent Preferred Stock&#148;). The conversion rates may be reduced from time to time to offset certain liabilities, if any, which may be incurred by the Company, Visa Europe or their affiliates as a result of certain existing and potential
litigation relating to the setting of multilateral interchange fee rates in the Visa Europe territory (&#147;Covered Claims&#148;). Additionally, the shares of UK&amp;I Preferred Stock and Europe Preferred Stock are subject to restrictions on
transfer and may become partially convertible in stages based on developments in the Covered Claims. The shares of UK&amp;I Preferred Stock and Europe Preferred Stock will become fully convertible on the 12th anniversary of Closing, subject to a
holdback to cover any then-pending claims. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify"><I>Entry into the Litigation Management Deed </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">In connection with the Closing, on June&nbsp;21, 2016, the Company, the VE Member Representative and the other parties thereto entered
into a Litigation Management Deed (the &#147;Litigation Management Deed&#148;) which sets forth certain procedures for the management of the Covered Claims, the allocation of losses resulting from the Covered Claims, and the procedures for the
determination of any accelerated conversion or adjustment to the conversion rate of the shares of UK&amp;I Preferred Stock and Europe Preferred Stock. Subject to the terms and conditions set forth therein, the Litigation Management Deed provides
that the Company will generally control the conduct of the Covered Claims, subject to certain obligations to report, and consult with Litigation Management Committees comprising representatives of former Visa Europe members. The Litigation
Management Committees also have rights to approve certain material decisions in relation to Covered Claims. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">The foregoing summary
of the Transaction Agreement, the certificates of designations of the UK&amp;I Preferred Stock and the Europe Preferred Stock, the Litigation Management Deed and the transactions contemplated thereby does not purport to be complete, and is subject
to, and qualified in its entirety by reference to, the full text of the Transaction Agreement, the certificates of designations of the Class&nbsp;A Equivalent Preferred Stock, UK&amp;I Preferred Stock, the Europe Preferred Stock and the Litigation
Management Deed, which are filed as Exhibits 2.1, 3.1, 3.2, 3.3 and 10.1, respectively, to this Current Report on Form 8-K. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><B>Item&nbsp;3.02</B></P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><B>Unregistered Sales of Equity Securities. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">The information regarding the issuance of the UK&amp;I Preferred Stock and the Europe Preferred Stock set forth in Item&nbsp;2.01 of
this Current Report on Form 8-K is incorporated herein by reference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">The shares of UK&amp;I Preferred Stock and Europe Preferred
Stock issued in connection with the Transaction were issued in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), as set forth in Section&nbsp;4(a)(2) of the
Securities Act and Rule 506 of Regulation D promulgated thereunder. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><B>Item&nbsp;5.02</B></P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">On June&nbsp;21, 2016, the Board of Directors (the &#147;Board&#148;) of
the Company, upon the recommendation of the Board&#146;s Nominating and Corporate Governance Committee, increased the size of the Board from 11 to 12 members and appointed Gary A. Hoffman to the Board, effective immediately, for a term that will
expire at the Company&#146;s 2017 Annual Meeting of Stockholders. The Board determined that Mr.&nbsp;Hoffman will be an independent director within the meaning of the New York Stock Exchange listing standards. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">There are no arrangements or understandings between Mr.&nbsp;Hoffman and any other persons pursuant to which he was selected as a
director. Mr.&nbsp;Hoffman is continuing in his role as Chairman of Visa Europe, which will be a wholly-owned subsidiary of the Company following the completion of the Transaction. There are no other transactions involving the Company and
Mr.&nbsp;Hoffman that the Company would be required to report pursuant to Item&nbsp;404(a) of Regulation S-K. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Mr.&nbsp;Hoffman will
receive compensation for his Board and committee service in accordance with the Company&#146;s standard compensation arrangements for non-employee directors, which are described in the Company&#146;s definitive proxy statement on Schedule 14A filed
with the U.S. Securities and Exchange Commission (the &#147;SEC&#148;) on December&nbsp;11, 2015. In addition, Mr.&nbsp;Hoffman will continue to receive cash payments in the aggregate amount of
<FONT STYLE="font-family:Times New Roman">&#128;</FONT>175,000 annually in connection with his service as Chairman of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">
Visa Europe. Mr.&nbsp;Hoffman is also entitled to be reimbursed for customary expenses incurred while attending meetings of the Visa Europe board. The Company will enter into an indemnification
agreement with Mr.&nbsp;Hoffman in the form of the Company&#146;s standard form of indemnification agreement. Such form of indemnification agreement was included as Exhibit 10.1 to the Company&#146;s Current Report on Form 8-K, filed with the SEC on
October&nbsp;25, 2012, and is incorporated herein by reference. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><B>Item&nbsp;5.03</B></P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><B>Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">The information set forth above in Item&nbsp;2.01 of this current report on Form 8-K is incorporated herein by reference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">On June&nbsp;20, 2016, the Company filed certificates of designations to its Sixth Amended and Restated Certificate of Incorporation for
the Class&nbsp;A Equivalent Preferred Stock, UK&amp;I Preferred Stock and the Europe Preferred Stock, with the Secretary of State of the State of Delaware. The certificates of designations authorize and establish the rights, preferences and
privileges of each of the foregoing series of preferred stock of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">The summary of the terms of the Class&nbsp;A
Equivalent Preferred Stock, UK&amp;I Preferred Stock and the Europe Preferred Stock contained in this Current Report on Form 8-K does not purport to be complete, and is subject to, and qualified in its entirety by reference to, the full text of each
of the certificates of designations, which are filed as Exhibits 3.1, 3.2 and 3.3 to this Current Report on Form 8-K and are incorporated herein by reference. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><B>Item&nbsp;8.01</B></P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><B>Other Events. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">On June&nbsp;21, 2016, the Company issued a press release regarding the completion of the Transaction and the appointment of
Mr.&nbsp;Hoffman to its Board. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><B>Item&nbsp;9.01</B></P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><B>Financial Statements and Exhibits. </B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><B><I>(a)</I></B></P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><B><I>Financial Statements of Business Acquired.</I></B> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">The Visa Europe audited consolidated balance sheets as of September&nbsp;30, 2015 and 2014, Visa Europe audited consolidated income
statements and Visa Europe audited consolidated statements of cash flows for the years ended September&nbsp;30, 2015, 2014 and 2013, and the notes related thereto, which were included in Exhibit 99.1 to the Company&#146;s Current Report on Form 8-K
filed with the SEC on December&nbsp;2, 2015, are filed as Exhibit 99.2 hereto and are incorporated in this Current Report on Form 8-K by reference. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><B><I>(b)</I></B></P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><B><I>Pro Forma Financial Information.</I></B> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">The unaudited pro forma financial information required by paragraph (b)&nbsp;of Item&nbsp;9.01 of Form
<FONT STYLE="white-space:nowrap">8-K</FONT> has been omitted pursuant to paragraphs (b)(2) and (a)(4) thereof. The Company will file such unaudited pro forma financial information with the SEC by amendment to this Current Report on Form 8-K no later
than the deadline prescribed by paragraph (a)(4) of Item&nbsp;9.01 of Form 8-K. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><B><I>(d)</I></B></P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><B><I>Exhibits</I></B> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt"><B>Exhibit</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="justify"><B>Description</B></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD WIDTH="89%"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:41.55pt; font-size:11pt; font-family:ARIAL" ALIGN="justify"><B>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">2.1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Amended and Restated Transaction Agreement, dated as of May 10, 2016, by and between Visa Inc. and Visa Europe Limited, and to which
441 Trust Company Limited has been joined as a party (incorporated by reference to Exhibit 2.1 to Visa Inc.&#146;s Current Report on Form 8-K filed on May 10,
2016).<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:7pt">&#134;</FONT></SUP></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">3.1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Certificate of Designations of Series A Convertible Participating Preferred Stock of Visa Inc., filed with the Delaware Secretary of
State on June 20, 2016.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">3.2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Certificate of Designations of Series B Convertible Participating Preferred Stock of Visa Inc., filed with the Delaware Secretary of
State on June 20, 2016.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">3.3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Certificate of Designations of Series C Convertible Participating Preferred Stock of Visa Inc., filed with the Delaware Secretary of
State on June 20, 2016.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">10.1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Litigation Management Deed, dated as of June 21, 2016, by and among the VE Member Representative, Visa Inc., the LMC Appointing
Members, the UK&amp;I DCC Appointing Members, the Europe DCC Appointing Members and the UK&amp;I DCC Interested Members.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">99.1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Press Release issued by Visa Inc., dated June 21, 2016.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">99.2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Audited financial statements of Visa Europe Limited as of September 30, 2015 and 2014, and for each of the years in the three-year
period ended September 30, 2015, together with the report of the independent auditor thereon (incorporated by reference to Exhibit 99.1 to Visa Inc.&#146;s Current Report on Form 8-K filed on December 2, 2015).</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#134; Schedules have been omitted pursuant to Item&nbsp;601(b)(2) of Regulation S-K. A copy of any omitted schedule
will be furnished to the U.S. Securities and Exchange Commission upon request; provided, however, that the parties may request confidential treatment pursuant to Rule 24b-2 of the Exchange Act for any document so furnished. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt">


<TR>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:12pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><B>VISA INC.</B></P></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:ARIAL" ALIGN="justify">Date: June 21, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt">/s/ Charles W. Scharf</P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt">Charles W. Scharf</P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt">Chief Executive Officer</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD WIDTH="89%"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:41.55pt; font-size:11pt; font-family:ARIAL" ALIGN="justify"><B>Exhibit<BR>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="justify"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">2.1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Amended and Restated Transaction Agreement, dated as of May 10, 2016, by and between Visa Inc. and Visa Europe Limited, and to which
441 Trust Company Limited has been joined as a party (incorporated by reference to Exhibit 2.1 to Visa Inc.&#146;s Current Report on Form 8-K filed on May 10,
2016).<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:7pt">&#134;</FONT></SUP></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">3.1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Certificate of Designations of Series A Convertible Participating Preferred Stock of Visa Inc., filed with the Delaware Secretary of
State on June 20, 2016.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">3.2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Certificate of Designations of Series B Convertible Participating Preferred Stock of Visa Inc., filed with the Delaware Secretary of
State on June 20, 2016.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">3.3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Certificate of Designations of Series C Convertible Participating Preferred Stock of Visa Inc., filed with the Delaware Secretary of
State on June 20, 2016.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">10.1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Litigation Management Deed, dated as of June 21, 2016, by and among the VE Member Representative, Visa Inc., the LMC Appointing
Members, the UK&amp;I DCC Appointing Members, the Europe DCC Appointing Members and the UK&amp;I DCC Interested Members.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">99.1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Press Release issued by Visa Inc., dated June 21, 2016.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">99.2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Audited financial statements of Visa Europe Limited as of September 30, 2015 and 2014 and for each of the years in the three-year
period ended September 30, 2015, together with the report of the independent auditor thereon (incorporated by reference to Exhibit 99.1 to Visa Inc.&#146;s Current Report on Form 8-K filed on December 2, 2015).</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#134; Schedules have been omitted pursuant to Item&nbsp;601(b)(2) of Regulation S-K. A copy of any omitted schedule
will be furnished to the U.S. Securities and Exchange Commission upon request; provided, however, that the parties may request confidential treatment pursuant to Rule 24b-2 of the Exchange Act for any document so furnished. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">7 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>d212927dex31.htm
<DESCRIPTION>EX-3.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-3.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><B>Exhibit 3.1 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>Certificate of Designations </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>of </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>Series A Convertible Participating Preferred Stock </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>of </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>Visa Inc. </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>(pursuant to Section&nbsp;151 of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>General Corporation Law of the State of Delaware) </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Visa Inc., a corporation organized and existing under the laws of the State of Delaware (the &#147;<U>Corporation</U>&#148;), in
accordance with the provisions of Section&nbsp;151 thereof, hereby certifies that the Board of Directors of the Corporation (the &#147;<U>Board</U>&#148;), in accordance with the provisions of the Sixth Amended and Restated Certificate of
Incorporation of the Corporation and applicable law, at a meeting duly called and held on October&nbsp;30, 2015, adopted resolutions creating a series of shares of Preferred Stock of the Corporation with the designation and number of shares of such
series, and the voting and other powers, preferences and relative, participating, optional or other rights, and the qualifications, limitations and restrictions, of the shares of such series, as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Designation and Number</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">There is hereby created out of the authorized and unissued shares of Preferred Stock of the Corporation a series of Preferred Stock
designated as the &#147;Series A Convertible Participating Preferred Stock,&#148; par value $0.0001 per share (the &#147;<U>Series A Preferred Stock</U>&#148;), and the authorized number of shares constituting such series shall be 4,000,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ranking</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">The Series A Preferred Stock shall rank <I>pari passu</I> in right of payment of dividends and distributions upon Liquidation with the
Parity Stock. The Series A Preferred Stock shall rank senior in right of payment of dividends and distributions to the Junior Stock, <I>provided</I> that it shall rank <I>pari passu</I> with the Common Stock except, with respect to Class&nbsp;A
Common Stock, as otherwise provided in <U>Section&nbsp;3(b)</U>, <U>Section&nbsp;3(c)</U> and <U>Section&nbsp;4(a)</U>. The Series A Preferred Stock shall rank junior to any series of capital stock of the Corporation hereafter created that by its
terms specifically ranks senior in right of payment of dividends and distributions upon Liquidation to the Series A Preferred Stock and shall rank junior to all of the Corporation&#146;s existing and future indebtedness and other liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends and Other Distributions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that any dividend on the Class&nbsp;A Common Stock is declared by the
Board and paid by the Corporation or any other distribution is made on or with respect to the Class&nbsp;A Common Stock (other than any dividend or distribution payable in shares of Class&nbsp;A Common Stock or rights to acquire shares of
Class&nbsp;A Common Stock), the Holder as of the record date established by the Board for such dividend or distribution on the Class&nbsp;A Common Stock shall be entitled to receive, with respect to each share of Series A Preferred Stock held, that
dividend or distribution that such Holder would have been entitled to if such Holder held that number of shares of Class&nbsp;A Common Stock equal to the Conversion Rate, with such dividend </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">or distribution to be payable on the same payment date established by the Board for the payment of such
dividend or distribution to the holders of Class&nbsp;A Common Stock. The record date for any such dividend or distribution shall be the record date for the applicable dividend or distribution on the Class&nbsp;A Common Stock, and any such dividend
or distribution shall be payable with respect to each share of Series A Preferred Stock to the Holder to whom such share is registered, as reflected on the stock register of the Corporation, at the close of business on the applicable record date.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that any dividend or distribution payable in shares of
Class&nbsp;A Common Stock shall be paid on the Class&nbsp;A Common Stock, or in the event of any subdivision, stock split, reverse stock split, combination, consolidation or reclassification of the outstanding shares of Class&nbsp;A Common Stock
into a greater or lesser number of shares of Class&nbsp;A Common Stock (a &#147;<U>Class A Common Event</U>&#148;), a proportionate adjustment shall be simultaneously effected with respect to the number of shares of Series A Preferred Stock held by
each Holder thereof as of the effective time of such Class&nbsp;A Common Event such that, upon the effectiveness of such Class&nbsp;A Common Event, the number of shares of Series A Preferred Stock held by each Holder equals the product of
(i)&nbsp;the number of shares of Series A Preferred Stock held by such Holder immediately prior to the effectiveness of such Class&nbsp;A Common Event <I>multiplied by</I> (ii)&nbsp;the quotient, rounded to the nearest one one-thousandth, of
(A)&nbsp;the number of shares of Class&nbsp;A Common Stock outstanding immediately following, and solely as a result of, such Class&nbsp;A Common Event <I>divided by</I> (B)&nbsp;the number of shares of Class&nbsp;A Common Stock outstanding
immediately prior to the effectiveness of such Class&nbsp;A Common Event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that any dividend or distribution shall be paid on the Class&nbsp;A Common Stock consisting of rights to acquire Class&nbsp;A Common Stock, the Holder of each share of Series A Preferred Stock as of the record date established by the Board
for such dividend or distribution on the Class&nbsp;A Common Stock shall be entitled to receive, with respect to each share of Series A Preferred Stock held, a similarly structured right to acquire shares of Series A Preferred Stock, the terms and
conditions of which shall be established by the Board, intended to provide the same economic effect to such Holder that such Holder would have been entitled to if such Holder held that number of shares of Class&nbsp;A Common Stock equal to the
Conversion Rate, with such dividend or distribution to be payable on the same payment date established by the Board for the payment of such dividend or distribution to the holders of Class&nbsp;A Common Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No dividend or distribution shall be declared and paid on any share of Class&nbsp;A
Common Stock, unless a dividend or distribution is simultaneously declared and paid with respect to the Series A Preferred Stock pursuant to <U>Section&nbsp;3(a)</U> or <U>Section&nbsp;3(c)</U> or a proportionate adjustment is simultaneously
effected with respect to the Series A Preferred Stock pursuant to <U>Section&nbsp;3(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to declaring any dividend or making any distribution on or with respect to
shares of Class&nbsp;A Common Stock, the Corporation shall take any and all prior corporate action necessary to authorize any corporate action in respect of the Series A Preferred Stock required under this Certificate of Designations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidation Preference</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of a voluntary or involuntary liquidation, dissolution or winding up of
the affairs of the Corporation (a &#147;<U>Liquidation</U>&#148;), after payment or provision for payment of the debts and other liabilities of the Corporation, the Holders shall be entitled to receive, with
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">
respect to each share of Series A Preferred Stock held (i)&nbsp;first, before any payment shall be made or any assets distributed to the holders of any class or series of the Common Stock or any
other class or series of Junior Stock, an amount equal to $0.01 per share of Series A Preferred Stock (the &#147;<U>Liquidation Preference</U>&#148;) and (ii)&nbsp;second, an amount, less the Liquidation Preference, on a <I>pari passu</I> basis with
the Common Stock and any Parity Stock and without preference with respect to the Common Stock or any Parity Stock, equal to the distribution(s) such Holder would have been entitled to receive as a result of such Liquidation as if each such share of
Series A Preferred Stock had been converted into Class&nbsp;A Common Stock in accordance with the terms hereof immediately prior to such Liquidation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If in any Liquidation the assets available for payment of the Liquidation Preference
are insufficient to permit the payment of the full preferential amounts described in <U>Section&nbsp;4(a)(i)</U> to the holders of the Series A Preferred Stock and any other class or series of the Corporation&#146;s capital stock ranking <I>pari
passu</I> as to Liquidation rights to the Series A Preferred Stock, then all the remaining available assets shall be distributed <I>pro rata</I> among the holders of the then outstanding Series A Preferred Stock and then outstanding shares of any
other class or series of the Corporation&#146;s capital stock ranking <I>pari passu</I> as to Liquidation rights to the Series A Preferred Stock in accordance with the respective aggregate Liquidation Preferences. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the consolidation or merger of the Corporation into or with another entity
nor the dissolution, liquidation, winding up or reorganization of the Corporation immediately followed by the incorporation of another corporation to which such assets are distributed or transferred, nor the sale, lease, transfer or conveyance of
all or substantially all of the assets of the Corporation to another entity shall be deemed a Liquidation; <I>provided</I> that, in each case, effective provision is made in the certificate of incorporation of the resulting or surviving entity or
otherwise for the preservation and protection of the rights of the Holders on substantially identical terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall, within five (5)&nbsp;Business Days following the date the
Board approves any Liquidation or within ten (10)&nbsp;Business Days following the commencement of any involuntary bankruptcy or similar proceeding, concerning the Corporation, whichever is earlier, give each Holder written notice of the event. Such
written notice shall describe, to the extent known to the Corporation, the material terms and conditions of such event relating to the treatment of the Series A Preferred Stock and the Common Stock, including, to the extent known to the Corporation,
a description of the stock, cash and property to be received by the Holders with respect to their shares of Series A Preferred Stock and by holders of Class&nbsp;A Common Stock as a result of the event and the date of delivery thereof. If any
material change in the facts set forth in the initial notice shall occur, the Corporation shall keep the Holders reasonably apprised, and in a manner consistent with any similar information provided to holders of any other series of the
Corporation&#146;s capital stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting Rights</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except to the extent otherwise required by applicable Law or expressly set forth in
this <U>Section&nbsp;5</U>, the Holders shall have no voting rights and shall not be entitled to any vote with respect to shares of Series A Preferred Stock held of record by such Holder on any matters on which any of the Corporation&#146;s
stockholders are entitled to vote. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding <U>Section&nbsp;5(a)</U> and
for so long as any shares of Series A Preferred Stock remain issued and outstanding, without the affirmative vote of the Holders of a majority of the outstanding voting power of the Series A Preferred Stock, voting together as
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">
a single class separate from all other classes or series of capital stock of the Corporation, the Corporation shall not enter into any consolidation, merger, combination or similar transaction in
which shares of Class&nbsp;A Common Stock are exchanged for, converted into or changed into other stock or securities, or the right to receive stock, securities, cash or other property, unless the shares of Series A Preferred Stock, on an
as-converted basis to Class&nbsp;A Common Stock, are exchanged for or changed into the same per share amount of stock, securities, cash or any other property, as the case may be, for which or into which each share of Class&nbsp;A Common Stock is
exchanged, converted or changed as a result of such transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding <U>Section&nbsp;5(a)</U>, the affirmative vote of the Holders of a
majority of the voting power of the Series A Preferred Stock, voting together as a single class separate from all other classes or series of capital stock of the Corporation, shall be required for the approval of any amendment, alteration or repeal
of any provision of this Certificate of Designations (including by merger, operation of Law or otherwise) which adversely affects the rights, preferences, privileges or voting powers of the Series A Preferred Stock; <I>provided</I>, <I>however</I>,
that nothing herein contained shall require such vote or approval (i)&nbsp;in connection with any increase in the total number of authorized shares under the Certificate of Incorporation or any authorization, designation or increase of any class or
series of shares under the Certificate of Incorporation or (ii)&nbsp;in connection with any consolidation, merger, combination or similar transaction in which the Corporation is the surviving entity which does not adversely affect the rights,
preferences, privileges or voting powers of the Series A Preferred Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
any matter on which Holders are entitled to vote pursuant to this <U>Section&nbsp;5</U>, each Holder will have one (1)&nbsp;vote per share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Automatic Conversion</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the Transfer thereof by any Holder to a Class&nbsp;A Common Eligible Holder,
each share of Series A Preferred Stock shall be, effective immediately following such Transfer, automatically and without further action on the part of the Corporation or any Holder but subject to <U>Section&nbsp;6(g)</U>, as applicable, converted
into one hundred (100)&nbsp;fully paid and nonassessable shares of Class&nbsp;A Common Stock (the &#147;<U>Conversion Rate</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All shares of Series A Preferred Stock that are converted shall thereupon be
cancelled and retired and cease to exist, shall cease to confer upon the Holder thereof any rights, and shall not thereafter be reissued or sold and shall return to the status of authorized but unissued shares of Preferred Stock undesignated as to
series. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All shares of Class&nbsp;A Common Stock delivered upon any conversion
of Series A Preferred Stock in accordance with this <U>Section&nbsp;6</U> will, upon such conversion, be duly and validly authorized and issued, fully paid and nonassessable, free from all preemptive rights, free from all taxes, liens, security
interests, charges and encumbrances (other than liens, security interests, charges or encumbrances created by or imposed upon the Holder or taxes in respect of any transfer occurring contemporaneously therewith). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The issuance of shares of Class&nbsp;A Common Stock upon conversion of shares of
Series A Preferred Stock in accordance with this <U>Section&nbsp;6</U> shall be made without payment of additional consideration by, or other charge, cost or tax to, the Holder in respect thereof; <I>provided, however</I>, that the Corporation shall
not be required to pay any tax or other governmental charge that may be payable with respect to the issuance or delivery of any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">
shares of Class&nbsp;A Common Stock in the name of any Person other than the Holder of the converted shares, and no such delivery shall be made unless and until the Person requesting such
issuance has paid to the Corporation the amount of any such tax or charge, or has established to the satisfaction of the Corporation that such tax or charge has been paid or that no such tax or charge is due. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall at all times reserve and keep available, free from any
preemptive rights, out of its authorized but unissued shares of Class&nbsp;A Common Stock, for the sole purpose of effecting such conversion, the full number of shares of Class&nbsp;A Common Stock issuable upon the conversion of all the outstanding
shares of the Series A Preferred Stock at the Conversion Rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection
with any conversion of Series A Preferred Stock in accordance with this <U>Section&nbsp;6</U>, the Corporation shall either (i)&nbsp;register under the Securities Act (on Form S-3 or any other appropriate form) the issuance of the shares of
Class&nbsp;A Common Stock to be issued in connection with such conversion or (ii)&nbsp;otherwise provide for such shares of Class&nbsp;A Common Stock issuable upon conversion to be freely tradable upon issuance, including by causing an opinion of
counsel to be delivered to the Corporation&#146;s transfer agent to permit the issuance of such shares of the Corporation&#146;s capital stock without restrictive legends. Each Holder thereof, or its designated representative acting on its behalf,
shall provide any information, authorizations or agreements reasonably required by the Corporation in order to effectuate any such registration on Form S-3 and any sales of Class&nbsp;A Common Stock pursuant thereto and the Corporation&#146;s
obligations under this <U>Section&nbsp;6(f)</U> with respect to such Holder and any such shares held by such Holder shall be subject to the receipt of such information, authorizations or agreements in relation to such Holder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The conversion of any shares of Series A Preferred Stock into shares of Class&nbsp;A
Common Stock pursuant to this <U>Section&nbsp;6</U> shall be subject to compliance with the procedural requirements of the transfer agent of the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Repurchased or Reacquired Shares</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Shares of Series A Preferred Stock that have been repurchased or reacquired by the Corporation shall be restored to the status of
authorized, unissued and undesignated shares that shall be available for future issuance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Record Holders</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">To the fullest extent permitted by applicable Law, the Corporation and the Corporation&#146;s transfer agent for the Series A Preferred
Stock may deem and treat the Holder of any share of Series A Preferred Stock as the true and lawful owner thereof for all purposes, and neither the Corporation nor such transfer agent shall be affected by any notice to the contrary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Except as otherwise expressly provided hereunder, all notices and other communications referred to herein shall be in writing and
delivered personally or sent by first class mail, postage prepaid, or by reputable overnight courier service, charges prepaid: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Corporation as follows, or as otherwise specified in a written notice
given to each of the Holders in accordance with this <U>Section&nbsp;9</U>: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:10%; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Visa Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:10%; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">900 Metro Center Boulevard </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:10%; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Foster City, California 94404, U.S.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:10%; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Counsel </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to any Holder, by e-mail if such Holder has provided an e-mail address to the
Corporation or its transfer agent for purposes of notification, or, if no such e-mail address is available, to such Holder&#146;s address as it appears in the stock records of the Corporation or as otherwise specified in a written notice given by
such Holder to the Corporation or, at the Corporation&#146;s option with respect to any notice from the Corporation to a Holder, in accordance with customary practices of the Corporation&#146;s transfer agent. Any such notice or communication given
as provided above shall be deemed received by the receiving party upon: actual receipt, if delivered personally; actual delivery, if delivered in accordance with customary practices of the Corporation&#146;s transfer agent; five (5)&nbsp;Business
Days after deposit in the mail, if sent by first class mail; on the next Business Day after deposit with an overnight courier, if sent by an overnight courier; or on the next Business Day after transmission, if sent by e-mail. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Whenever possible, each provision hereof shall be interpreted in a manner as to be effective and valid under applicable Law, but if any
provision hereof is held to be prohibited by or invalid under applicable Law, then such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating or otherwise adversely affecting the remaining
provisions hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Replacement Certificates</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">The Corporation shall replace any mutilated certificate at the Holder&#146;s expense upon surrender of that certificate to the
Corporation. The Corporation shall replace certificates that become destroyed, stolen or lost at the Holder&#146;s expense upon delivery to the Corporation of reasonably satisfactory evidence that the certificate has been destroyed, stolen or lost,
together with any indemnity that may be reasonably required by the Corporation and any other documentation as may be required by the Corporation&#146;s transfer agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Preemptive Rights</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">No share of Series A Preferred Stock shall have any rights of preemption whatsoever as to any securities of the Corporation, or any
warrants, rights or options issued or granted with respect thereto, regardless of how such securities, or such warrants, rights or options, may be designated, issued or granted, except as expressly set forth in any resolution or resolutions
providing for the issuance of a series of stock adopted by the Board, or any agreement between the Corporation and its stockholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Notwithstanding anything herein to the contrary, the Corporation shall have the right to deduct and withhold from any payment or
distribution (or deemed distribution) made with respect to a share of Series A Preferred Stock and from the issuance of any Class&nbsp;A Common Stock upon its conversion such amounts as are required to be deducted or withheld with respect to the
making of such payment or distribution or such issuance under any applicable tax Law </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">
and, in the event that any amounts are deducted or withheld, the Corporation shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with
applicable Law. To the extent that any amounts are so deducted or withheld, such deducted or withheld amounts shall be treated for all purposes of this Certificate of Designations and the relevant share of Series A Preferred Stock as having been
paid to the Holder of such share of Series A Preferred Stock. After any payment of taxes by the Corporation to a Governmental Authority with respect to a Holder pursuant to this <U>Section&nbsp;13</U>, upon the written request by such Holder, the
Corporation shall deliver to such Holder the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other customary evidence of such payment reasonably
satisfactory to such Holder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Rights</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">The shares of Series A Preferred Stock shall not have any rights, preferences, privileges or voting powers or relative, participating,
optional or other special rights, or qualifications, limitations or restrictions thereof, other than as set forth herein or in the Certificate of Incorporation or as required by applicable Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defined Terms</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Capitalized terms used and not otherwise defined in this Certificate of Designations shall have their respective meanings as defined
below: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Beneficial Owner</U>&#148; has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act (or any
successor rules), except that in calculating the beneficial ownership of any particular Person, for purposes solely of this Certificate of Designations, and not for purposes of such rules, such Person will be deemed to have beneficial ownership of
all securities that such Person has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition. The terms &#147;<U>Beneficially
Owns</U>,&#148; &#147;<U>Beneficial Ownership</U>&#148; and &#147;<U>Beneficially Owned</U>&#148; have a corresponding meaning. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Board</U>&#148; has the meaning set forth in the preamble. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Business Day</U>&#148; means any day except a Saturday, a Sunday and any day which in New York, New York, United States shall be a legal
holiday or a day on which banking institutions are authorized or required by Law or other government action to close. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Certificate of
Designations</U>&#148; means this Certificate of Designations relating to the Series A Preferred Stock, as it may be amended from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Certificate of Incorporation</U>&#148; means the Sixth Amended and Restated Certificate of Incorporation of the Corporation, as it may be
amended from time to time, and shall include this Certificate of Designations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Class A Common Eligible Holder</U>&#148; means a Holder
that is eligible to hold Class&nbsp;A Common Stock without automatic conversion into any shares of any other class of Common Stock pursuant to the Certificate of Incorporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Class A Common Event</U>&#148; has the meaning set forth in <U>Section&nbsp;3(b)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Class A Common Stock</U>&#148; means the Class&nbsp;A common stock, par value $0.0001 per share of
the Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Class B Common Stock</U>&#148; means the Class B common stock, par value $0.0001 per share of the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Class C Common Stock</U>&#148; means the Class C common stock, par value $0.0001 per share of the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Common Stock</U>&#148; means the Class&nbsp;A Common Stock, the Class B Common Stock and the Class C Common Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Control</U>&#148; has the meaning assigned to such term in Rule 12b-2 of the General Rules and Regulations under the Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Conversion Rate</U>&#148; has the meaning set forth in <U>Section&nbsp;6(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Corporation</U>&#148; has the meaning set forth in the preamble. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Exchange Act</U>&#148; means the U.S. Securities Exchange Act of 1934, as amended (or any successor legislation which shall be in effect at the
time). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Governmental Authority</U>&#148; means any United States, European Union, national, federal, state, provincial, county, municipal
or other local government or governmental department, commission, board, bureau, agency or instrumentality, or any court, in each case whether of the United States of America or any other country applicable to a specified Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Holder</U>&#148; means a holder of record of one (1)&nbsp;or more shares of Series A Preferred Stock, as reflected in the stock records of the
Corporation or the transfer agent, which may be treated by the Corporation and the transfer agent as the absolute owner of such shares for all purposes to the fullest extent permitted by applicable Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Junior Stock</U>&#148; means the Common Stock and any other class or series of stock of the Corporation that ranks junior to the Series A
Preferred Stock either or both as to the payment of dividends and/or as to the distribution of assets on any Liquidation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Law</U>&#148;
means any statute, law, ordinance, rule or regulation of any Governmental Authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Liquidation</U>&#148; has the meaning set forth in
<U>Section&nbsp;4(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Liquidation Preference</U>&#148; has the meaning set forth in <U>Section&nbsp;4(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Parity Stock</U>&#148; means any class or series of stock of the Corporation that ranks equally with the Series A Preferred Stock both in the
payment of dividends and in the distribution of assets on any Liquidation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Person</U>&#148; means an individual, corporation, partnership,
limited liability company, estate, trust, common or collective fund, association, private foundation, joint stock company or other entity and includes a group as that term is used for purposes of Section&nbsp;13(d)(3) of the Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Preferred Stock</U>&#148; means any and all series of preferred stock of the Corporation, including the Series A Preferred Stock. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Securities Act</U>&#148; means the U.S. Securities Act of 1933, as amended from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Series A Preferred Stock</U>&#148; has the meaning set forth in <U>Section&nbsp;1</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Series B Preferred Stock</U>&#148; means the Series B preferred stock of the Corporation, par value $0.0001 per share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Series C Preferred Stock</U>&#148; means the Series C preferred stock of the Corporation, par value $0.0001 per share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Transfer</U>&#148; means any issuance, sale, transfer, gift, assignment, distribution, devise or other disposition, directly or indirectly, by
operation of Law or otherwise, as well as any other event that causes any Person to acquire Beneficial Ownership, or any agreement to take any such actions or cause any such events, of Series A Preferred Stock, including (a)&nbsp;the granting or
exercise of any option (or any disposition of any option) in respect of Series A Preferred Stock, (b)&nbsp;any disposition of any securities or rights convertible into or exchangeable for Series A Preferred Stock or any interest in Series A
Preferred Stock or any exercise of any such conversion or exchange right and (c)&nbsp;&#147;Transfers&#148; of interests in other entities that result in changes in Beneficial Ownership of Series A Preferred Stock, including, in the case of each of
clauses (a), (b)&nbsp;and (c), whether voluntary or involuntary, whether owned of record, or Beneficially Owned and whether by merger, operation of Law or otherwise; <I>provided</I>, <I>however</I>, that the mere change of Control of any Person, the
equity securities of which are publicly traded, shall not, in and of itself, constitute a Transfer unless a purpose of such change of Control is to acquire ownership of any shares of Series A Preferred Stock. The terms
&#147;<U>Transferable</U>,&#148; &#147;<U>Transferring</U>,&#148; &#147;<U>Transferred</U>,&#148; &#147;<U>Transferee</U>&#148; and &#147;<U>Transferor</U>&#148; shall have the correlative meanings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">IN WITNESS WHEREOF, the undersigned has caused this Certificate of Designations to be
executed by its duly authorized officer on this 20<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of June, 2016. </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="77%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" COLSPAN="5"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt"><B>VISA INC.</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">By:</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt"><I>/s/ Kelly Mahon Tullier</I></P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Kelly Mahon Tullier</P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Corporate Secretary</P></TD></TR>
</TABLE></DIV>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>3
<FILENAME>d212927dex32.htm
<DESCRIPTION>EX-3.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-3.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><B>Exhibit 3.2 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>Certificate of Designations </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>of </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>Series B Convertible Participating </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>Preferred
Stock </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>of </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>Visa Inc. </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>(pursuant to Section&nbsp;151 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>of the
General Corporation Law of the State of Delaware) </B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Visa Inc., a corporation organized and existing under the laws of the State
of Delaware (the &#147;<U>Corporation</U>&#148;), in accordance with the provisions of Section&nbsp;151 thereof, hereby certifies that the Board of Directors of the Corporation (the &#147;<U>Board</U>&#148;), in accordance with the provisions of the
Sixth Amended and Restated Certificate of Incorporation of the Corporation and applicable Law, at a meeting duly called and held on October&nbsp;30, 2015, adopted resolutions creating a series of shares of Preferred Stock of the Corporation, with
the designation and number of shares of such series, and the voting and other powers, preferences and relative, participating, optional or other rights, and the qualifications, limitations and restrictions, of the shares of such series, as follows:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Designation and Number</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">There is hereby created out of the authorized and unissued shares of Preferred Stock of the Corporation a series of Preferred Stock
designated as the &#147;Series B Convertible Participating Preferred Stock,&#148; par value $0.0001 per share (the &#147;<U>Series B Preferred Stock</U>&#148;), and the authorized number of shares constituting such series shall be 2,480,500. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ranking</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">The Series B Preferred Stock shall rank <I>pari passu</I> in right of payment of dividends and distributions upon Liquidation with the
Parity Stock. The Series B Preferred Stock shall rank senior in right of payment of dividends and distributions to the Junior Stock, provided that it shall rank <I>pari passu</I> with the Common Stock except, with respect to Class&nbsp;A Common
Stock, as otherwise provided in <U>Section&nbsp;3(b)</U> and <U>Section&nbsp;4(a)</U>. The Series B Preferred Stock shall rank junior to any series of capital stock of the Corporation hereafter created that by its terms specifically ranks senior in
right of payment of dividends and distributions upon Liquidation to the Series B Preferred Stock and shall rank junior to all of the Corporation&#146;s existing and future indebtedness and other liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends and Other Adjustments</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that any regular, quarterly cash dividend on the Class&nbsp;A Common
Stock is declared by the Board, the Board shall simultaneously declare a dividend for each share of Series B Preferred Stock in an amount equal to the product of (i)&nbsp;the per share dividend declared and to be paid in respect of each share of
Class&nbsp;A Common Stock and (ii)&nbsp;the Class&nbsp;A Common Equivalent Number in effect at the close of business on the date immediately prior to the record date for such dividend, with such dividend to be payable on the
same</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">
payment date established by the Board for the payment of such dividend to the holders of Class&nbsp;A Common Stock. The record date for any such dividend shall be the record date for the
applicable dividend on the Class&nbsp;A Common Stock, and any such dividend shall be payable with respect to each share of Series B Preferred Stock to the Holder to whom such share is registered, as reflected on the stock register of the
Corporation, at the close of business on the applicable record date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the
event any dividend or distribution, other than a regular, quarterly cash dividend (an &#147;<U>Extraordinary Class&nbsp;A Common Dividend</U>&#148;), is declared by the Board on the Class&nbsp;A Common Stock, no corresponding dividend or
distribution shall be declared for the Series B Preferred Stock; in lieu thereof, the Class&nbsp;A Common Equivalent Number shall be adjusted as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">i)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">in the case of an Extraordinary Class&nbsp;A Common Dividend declared to be paid in shares of Class&nbsp;A Common Stock,
as set forth in <U>Section&nbsp;3(d)</U>. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">ii)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">in the case of an Extraordinary Class&nbsp;A Common Dividend declared to be paid in anything other than shares of
Class&nbsp;A Common Stock, such that, effective on the ex-dividend date, it equals the sum of </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="24%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(a)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">the Class&nbsp;A Common Equivalent Number as in effect immediately prior to the application of the adjustment in this
<U>Section&nbsp;3(b)</U> (the &#147;<U>Unadjusted Class&nbsp;A Common Equivalent Number</U>&#148;) <I>plus</I> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="24%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(b)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">the result, rounded to the nearest one one-thousandth, of </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="29%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(x)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(1) the amount of such Extraordinary Class&nbsp;A Common Dividend per share of Class&nbsp;A Common Stock, to the extent
declared to be paid in cash, or the Dividend FMV of such Extraordinary Class&nbsp;A Common Dividend per share of Class&nbsp;A Common Stock, to the extent declared to be paid other than in cash, <I>multiplied by</I> (2)&nbsp;the Unadjusted
Class&nbsp;A Common Equivalent Number, <I>divided by</I> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="29%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(y)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(1) the weighted average of the Daily VWAP of the Class&nbsp;A Common Stock on its principal trading market for the
three (3)&nbsp;consecutive trading days ending on the trading day immediately preceding the ex-dividend date with respect to the Extraordinary Class&nbsp;A Common Dividend (the &#147;<U>Extraordinary Dividend VWAP</U>&#148;) <I>minus</I>
(2)&nbsp;the amount of such Extraordinary Class&nbsp;A Common Dividend per share of Class&nbsp;A Common Stock, to the extent declared to be paid in cash, or the Dividend FMV of such Extraordinary Class&nbsp;A Common Dividend per share of
Class&nbsp;A Common Stock, to the extent declared to be paid other than in cash. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">iii)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">in the case of an Extraordinary Class&nbsp;A Common Dividend declared to be paid partly in shares of Class&nbsp;A Common
Stock and partly in anything other than shares of Class&nbsp;A Common Stock (a &#147;<U>Combined Dividend</U>&#148;), first, as set forth in <U>Section&nbsp;3(b)ii)</U> as to the portion of the Combined Dividend that would be described in
<U>Section&nbsp;3(b)ii)</U> if only that portion of the Combined Dividend </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="21%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
were paid, and second, as set forth in <U>Section&nbsp;3(d)</U> as to the portion of the Combined Dividend &nbsp;paid in shares of &nbsp;Class&nbsp;A Common Stock, and such combined adjustment
shall be effective on the ex-dividend date. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">iv)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">In the event that such Extraordinary Class&nbsp;A Common Dividend is not so paid, the Class&nbsp;A Common Equivalent
Number shall again be adjusted, effective as of the date the Board publicly announces its decision not to pay such Extraordinary Class&nbsp;A Common Dividend, to the Unadjusted Class&nbsp;A Common Equivalent Number that would then be in effect if
such Extraordinary Class&nbsp;A Common Dividend had not been declared (and, for the avoidance of doubt, no adjustments or cash payments shall be made pursuant to <U>Section&nbsp;3(g)i)</U>, <U>ii)</U>, <U>iii)(a)</U> or <U>iii)(c)</U> with respect
to such Extraordinary Class&nbsp;A Common Dividend). </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
dividend or distribution shall be declared and paid on any share of Class&nbsp;A Common Stock, unless, in the case of a regular, quarterly cash dividend, a cash dividend is simultaneously declared and paid with respect to the Series B Preferred
Stock pursuant to <U>Section&nbsp;3(a)</U>, or, in the case of an Extraordinary Class&nbsp;A Common Dividend, the Class&nbsp;A Common Equivalent Number is adjusted pursuant to <U>Section&nbsp;3(b)</U> or <U>Section&nbsp;3(d)</U>, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of any subdivision, stock split, reverse stock split, combination,
consolidation or reclassification of the outstanding shares of Class&nbsp;A Common Stock into a greater or lesser number of shares with respect to the Class&nbsp;A Common Stock, or an Extraordinary Class&nbsp;A Common Dividend paid in shares of
Class&nbsp;A Common Stock (each of the foregoing, a &#147;<U>Class A Common Event</U>&#148;), the Class&nbsp;A Common Equivalent Number shall be automatically adjusted, without any action of the Corporation, such that the Class&nbsp;A Common
Equivalent Number from the effectiveness of any such Class&nbsp;A Common Event shall equal the product, rounded to the nearest one one-thousandth, of (i)&nbsp;the Class&nbsp;A Common Equivalent Number in effect immediately prior to the effectiveness
of such Class&nbsp;A Common Event <I>multiplied by</I> (ii)&nbsp;a fraction equal to (A)&nbsp;the number of shares of Class&nbsp;A Common Stock outstanding immediately following, and solely as a result of, such Class&nbsp;A Common Event <I>divided
by</I> (B)&nbsp;the number of shares of Class&nbsp;A Common Stock outstanding immediately prior to the effectiveness of such Class&nbsp;A Common Event. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No subdivision, stock split, reverse stock split, combination, consolidation or
reclassification into a greater or lesser number of shares of Series B Preferred Stock shall be effected unless a proportionate and equitable adjustment is simultaneously effected with respect to the Class&nbsp;A Common Equivalent Number. All
adjustments pursuant to this <U>Section&nbsp;3</U> shall be notified to the Holders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to declaring any dividend or making any distribution on or with respect to
shares of Class&nbsp;A Common Stock, the Corporation shall take any and all prior corporate action necessary to authorize any corporate action in respect of the Series B Preferred Stock required under this Certificate of Designations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything else contained herein, in the event that any adjustment to
the Class&nbsp;A Common Equivalent Number pursuant to this <U>Section&nbsp;3</U> would result in any withholding tax required to be paid or withheld by the Corporation under applicable Law (including a &#147;determination&#148; within the meaning of
Section&nbsp;1313(a) of the Internal Revenue Code of 1986, as amended, or any similar provision of state, local or non-U.S. Law) with respect to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">
any Holder (or, if different, the Beneficial Owner of such shares of Series B Preferred Stock held by such Holder), then in lieu of the adjustment to the Class&nbsp;A Common Equivalent Number
that would otherwise occur (the Class&nbsp;A Common Equivalent Number that would result from such adjustment, the &#147;<U>Pre-Tax Adjusted Class&nbsp;A Common Equivalent Number</U>&#148;), </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">i)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">the Corporation shall pay (or cause to be paid), with respect to each share of Series B Preferred Stock an amount equal
to the maximum withholding tax, if any, otherwise required to be paid or withheld by the Corporation with respect to such adjustment, determined on a per share basis, with respect to the Holder(s) or Beneficial Owner(s), as applicable, subject to
the highest rate of withholding tax (the &#147;<U>Maximum Per Share Withholding Tax</U>&#148;) and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">ii)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">the Class&nbsp;A Common Equivalent Number shall be adjusted (as specifically determined pursuant to
<U>Section&nbsp;3(g)iii))</U> to take into account the cash payable under <U>Section&nbsp;3(g)i)</U> in respect of the Maximum Per Share Withholding Tax such that, immediately after such adjustment, the fair market value of the amount of
Class&nbsp;A Common Shares that a Holder is entitled to receive upon conversion is equal to (1)&nbsp;the fair market value of the amount of Class&nbsp;A Common Shares that a Holder would have been entitled to receive on such conversion based on the
Pre-Tax Adjusted Class&nbsp;A Common Equivalent Number <I>less</I> (2)&nbsp;the amount of cash payable to a Holder under <U>Section&nbsp;3(g)i)</U> in respect of the Maximum Per Share Withholding Tax (the sum of the value of the cash to be received
by Holders in clause i) and the adjustment to the Class&nbsp;A Common Equivalent Number described in this clause ii), the &#147;<U>Withholding Consideration</U>&#148;). </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">iii)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Specifically, the adjustment to the Class&nbsp;A Common Equivalent Number described in <U>Section&nbsp;3(g)ii)</U> shall
be determined on the following basis: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="22%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(a)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">In the case of an adjustment to the Class&nbsp;A Common Equivalent Number occurring pursuant to
<U>Section&nbsp;3(b)ii)</U>, the Class&nbsp;A Common Equivalent Number shall be adjusted to be equal to the result, rounded to the nearest one one-thousandth, of </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="27%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(i)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">the Pre-Tax Adjusted Class&nbsp;A Common Equivalent Number <I>minus </I> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="27%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(ii)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">the Maximum Per Share Withholding Tax <I>divided by</I> the excess of (A)&nbsp;the Extraordinary Dividend VWAP over
(B)&nbsp;the value of the Extraordinary Class&nbsp;A Common Dividend per share of Class&nbsp;A Common Stock (the excess of (A)&nbsp;over (B), the &#147;<U>Post-Dividend VWAP</U>&#148;); </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="22%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(b)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">In the case of any adjustment to the Class&nbsp;A Common Equivalent Number occurring pursuant to
<U>Section&nbsp;3(d)</U>, the Class&nbsp;A Common Equivalent Number shall be adjusted to be equal to the result, rounded to the nearest one one-thousandth, of </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="27%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(i)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">the Pre-Tax Adjusted Class&nbsp;A Common Equivalent Number minus </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="27%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(ii)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">the Maximum Per Share Withholding Tax <I>divided by</I> the product of (i)&nbsp;the weighted average of the Daily VWAP
of the Class&nbsp;A Common Stock on its principal trading market for the three (3)&nbsp;consecutive trading days ending on the last trading day immediately preceding the date on which a purchaser of shares of Class&nbsp;A Common Stock on its
principal trading market would receive shares of Class&nbsp;A Common Stock unaffected by the event giving rise to the adjustment to the Class&nbsp;A Common Equivalent Number pursuant to <U>Section&nbsp;3(d)</U> (such weighted average, the
&#147;<U>Common Event VWAP</U>&#148;) and (ii)&nbsp;a fraction equal to (A)&nbsp;the number of shares of Class&nbsp;A Common Stock outstanding immediately prior to the effectiveness of such Class&nbsp;A Common Event <I>divided by</I> (B)&nbsp;the
number of shares of Class&nbsp;A Common Stock outstanding immediately following, and solely as a result of, such Class&nbsp;A Common Event; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="22%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(c)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">In the case of an adjustment to the Class&nbsp;A Common Equivalent Number as a result of a Combined Dividend pursuant to
<U>Section&nbsp;3(b)iii)</U>, the Class&nbsp;A Common Equivalent Number shall be adjusted by first applying the formula set forth in <U>Section&nbsp;3(g)iii)(a)</U> to the portion of the Combined Dividend that would be described in
<U>Section&nbsp;3(g)iii)(a)</U> if only that portion of the Combined Dividend were paid (the &#147;<U>First Step</U>&#148;) and then applying the formula set forth in <U>Section&nbsp;3(g)iii)(b)</U> to the portion of the Combined Dividend that would
be described in <U>Section&nbsp;3(g)iii)(b)</U> if only that portion of the Combined Dividend were paid (the &#147;<U>Second Step</U>&#148;). In applying the Second Step, the Class&nbsp;A Common Equivalent Number in effect immediately prior to the
effectiveness of such Class&nbsp;A Common Event described in Section&nbsp;3(d)(i) shall be the Class&nbsp;A Common Equivalent Number resulting from application of the First Step and the Common Event VWAP shall be the Post-Dividend VWAP determined
under <U>Section&nbsp;3(g)iii)(a)</U> in the First Step. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">iv)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">With respect to each Holder, the Corporation shall, in accordance with <U>Section&nbsp;17</U>, withhold from the amount
of cash payable to such Holder pursuant to clause i) above the amount of withholding tax required to be withheld by the Corporation with respect to such Holder with respect to the aggregate Withholding Consideration received or deemed received by
such Holder or Beneficial Owner, and shall timely pay to the relevant Governmental Authority the full amount of the tax so withheld and shall pay to the Holder the excess, if any, of the amount of cash otherwise payable to such Holder pursuant to
clause i) above over the amount of tax paid to the relevant Governmental Authority with respect to such Holder or Beneficial Owner. Except to the extent otherwise required by applicable Law (including a &#147;determination&#148; within the meaning
of Section&nbsp;1313(a) of the Internal Revenue Code of 1986, as amended, or any similar provision of state, local or non-U.S. Law), for purposes of determining the amount of withholding tax applicable as a result of any adjustment to the
Class&nbsp;A Common Equivalent Number, to the extent that such withholding tax is determined by reference to the fair market value of an entitlement to receive shares of Class&nbsp;A Common Stock, the fair market value of such entitlement shall be
determined by reference to the Adjustment Date Price. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidation
Preference</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of a voluntary or involuntary liquidation,
dissolution or winding up of the affairs of the Corporation (a &#147;<U>Liquidation</U>&#148;), after payment or provision for payment of the debts and other liabilities of the Corporation, the Holders shall be entitled to receive, with respect to
each share of Series B Preferred Stock held, (i)&nbsp;first, before any payment shall be made or any assets distributed to the holders of any class or series of the Common Stock or any other class or series of Junior Stock, an amount equal to $0.01
per share of Series B Preferred Stock (the &#147;<U>Liquidation Preference</U>&#148;) and (ii)&nbsp;second, an amount, less the Liquidation Preference, on a <I>pari passu</I> basis with the Common Stock and any Parity Stock and without preference
with respect to the Common Stock or any Parity Stock, equal to the distribution(s) such Holder would have been entitled to receive as a result of such Liquidation as if each such share of Series B Preferred Stock, and each share of Series C
Preferred Stock and Series A Preferred Stock, had been converted into Class&nbsp;A Common Stock in accordance with the terms hereof immediately prior to such Liquidation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If in any Liquidation the assets available for payment of the Liquidation Preference
are insufficient to permit the payment of the full preferential amounts described in <U>Section&nbsp;4(a)(i)</U> to the holders of the Series B Preferred Stock and any other class or series of the Corporation&#146;s capital stock ranking <I>pari
passu</I> as to Liquidation rights to the Series B Preferred Stock, then all the remaining available assets shall be distributed <I>pro rata</I> among the holders of the then outstanding Series B Preferred Stock and then outstanding shares of any
other class or series of the Corporation&#146;s capital stock ranking <I>pari passu</I> as to Liquidation rights to the Series B Preferred Stock in accordance with the respective aggregate Liquidation Preferences. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the consolidation or merger of the Corporation into or with another entity
nor the dissolution, liquidation, winding up or reorganization of the Corporation immediately followed by the incorporation of another corporation to which such assets are distributed or transferred, nor the sale, lease, transfer or conveyance of
all or substantially all of the assets of the Corporation to another entity shall be deemed a Liquidation; <I>provided</I> that, in each case, effective provision is made in the certificate of incorporation of the resulting or surviving entity or
otherwise for the preservation and protection of the rights of the Holders on substantially identical terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall, within five (5)&nbsp;Business Days following the date the
Board approves any Liquidation or within ten (10)&nbsp;Business Days following the commencement of any involuntary bankruptcy or similar proceeding concerning the Corporation, whichever is earlier, give each Holder written notice of the event. Such
written notice shall describe, to the extent known to the Corporation, the material terms and conditions of such event relating to the treatment of the Series B Preferred Stock and the Common Stock, including, to the extent known to the Corporation,
a description of the stock, cash and property to be received by the Holders with respect to their shares of Series B Preferred Stock and by holders of Class&nbsp;A Common Stock as a result of the event and the date of delivery thereof. If any
material change in the facts set forth in the initial notice shall occur, the Corporation shall keep the Holders reasonably apprised, and in a manner consistent with any similar information provided to holders of any other series of the
Corporation&#146;s capital stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting Rights</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except to the extent otherwise required by applicable Law or expressly set forth in
this <U>Section&nbsp;5</U>, the Holders shall have no voting rights and shall not be entitled to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">
any vote with respect to shares of Series B Preferred Stock held of record by such Holder on any matters on which any of the Corporation&#146;s stockholders are entitled to vote. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding <U>Section&nbsp;5(a)</U> and for so long as any shares of Series B
Preferred Stock remain issued and outstanding, without the affirmative vote of the Holders of a majority of the outstanding voting power of the Series B Preferred Stock, voting together as a single class separate from all other classes or series of
capital stock of the Corporation, the Corporation shall not enter into any consolidation, merger, combination or similar transaction in which shares of Class&nbsp;A Common Stock are exchanged for, converted into or changed into other stock or
securities, or the right to receive cash or other property, unless, as a result of such transaction, the Holders (i)&nbsp;receive shares of stock or other equity securities with preferences, rights and privileges substantially identical to the
preferences, rights and privileges of the Series B Preferred Stock or (ii)&nbsp;receive, for each share of Series B Preferred Stock held, that amount of stock or other securities, cash or other property, as the case may be, which such Holder would
have received, or had the right to receive, in respect of that number shares of Class&nbsp;A Common Stock equal to the Class&nbsp;A Common Equivalent Number. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding <U>Section&nbsp;5(a)</U>, the affirmative vote of the Holders of a
majority of the voting power of the Series B Preferred Stock, voting together as a single class separate from all other classes or series of capital stock of the Corporation, shall be required for the approval of any amendment, alteration or repeal
of any provision of this Certificate of Designations (including by merger, operation of Law or otherwise) which adversely affects the rights, preferences, privileges or voting powers of the Holders; <I>provided</I>, <I>however</I>, that nothing
herein contained shall require such vote or approval (i)&nbsp;in connection with any increase in the total number of authorized shares under the Certificate of Incorporation or any authorization, designation or increase of any class or series of
shares under the Certificate of Incorporation, (ii)&nbsp;in connection with any consolidation, merger, combination or similar transaction in which the Corporation is the surviving entity which does not adversely affect the rights, preferences,
privileges or voting powers of the Holders, or (iii)&nbsp;in connection with any consolidation, merger, combination or similar transaction in which the Corporation is not the surviving entity if, as a result of such transaction, the Holders
(A)&nbsp;receive shares of stock or other equity securities with preferences, rights and privileges substantially identical to the preferences, rights and privileges of the Series B Preferred Stock or (B)&nbsp;receive, for each share of Series B
Preferred Stock held, that amount of stock or other securities, cash or other property, as the case may be, which such Holder would have received, or had the right to receive, in respect of that number shares of Class&nbsp;A Common Stock equal to
the Class&nbsp;A Common Equivalent Number. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On any matter on which Holders are
entitled to vote pursuant to this <U>Section&nbsp;5</U>, each Holder will have one vote per share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Recording of Adjustments</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Whenever the Class&nbsp;A Common Equivalent Number is adjusted (including pursuant to <U>Section&nbsp;3</U>, <U>Section&nbsp;8</U> and
<U>Section&nbsp;10</U> hereof), the Corporation shall (i)&nbsp;promptly make a public announcement to notify Holders of such adjustment(s) and of the resulting Class&nbsp;A Common Equivalent Number, and (ii)&nbsp;promptly provide notice to such
Holders of such adjustment and of the resulting Class&nbsp;A Common Equivalent Number. The Corporation shall keep with its records such notice and a certificate from the Corporation&#146;s Chief Financial Officer stating the facts requiring the
adjustment(s), and setting forth in reasonable detail the calculation by which the adjustment(s) have been made. The Corporation shall include such calculation(s) </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">
in the notification provided pursuant to clause (i)&nbsp;or (ii)&nbsp;above. The certificate shall be conclusive evidence that the adjustment(s) are correct, absent manifest error. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitations on Transfer</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">No shares of Series B Preferred Stock shall be Transferable, except for (a)&nbsp;any Transfer to any Person entitled to receive shares
of Series B Preferred Stock or Series C Preferred Stock as consideration pursuant to the Transaction Agreement, (b)&nbsp;any Transfer by a Holder to any person eligible to hold shares of the Class B Common Stock, (c)&nbsp;any Transfer by the
Corporation to any Person or by any Holder to the Corporation and (d)&nbsp;any Transfer by a Holder to any Person that (1)&nbsp;directly or indirectly, wholly owns such Holder, (2)&nbsp;is, directly or indirectly, wholly owned by, such Holder or
(3)&nbsp;is, directly or indirectly, wholly owned by any Person that, directly or indirectly, wholly owns such Holder; <I>provided</I>, in each case, that (i)&nbsp;such Transfer is made in accordance with applicable securities Laws and
(ii)&nbsp;such Transfer is made in accordance with the procedural requirements of the transfer agent of the Corporation. The Corporation may approve one or more exceptions to the foregoing Transfer restrictions in the case of any proposed Transfer
by any Holder, in which case such restrictions shall not apply to such Transfer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion Adjustments</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each share of Series B Preferred Stock held by a Class&nbsp;A Common Eligible Holder
shall be automatically partially converted into shares of Class&nbsp;A Common Stock, and each share of Series B Preferred Stock held by any Holder other than a Class&nbsp;A Common Eligible Holder shall be automatically partially converted into
shares of Series A Preferred Stock, in each case in accordance with the procedures and subject to the limitations set forth in this <U>Section&nbsp;8</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly (and in any event within ten (10)&nbsp;Business Days) following each final
determination, in accordance with the Preferred Stock Litigation Management Deed, of: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">i)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">the aggregate reduction, if any, in the amount of coverage (in Dollars) to be retained in the form of the Series B
Preferred Stock in connection with potential UK&amp;I Covered Claims (a &#147;<U>Liability Coverage Reduction Amount</U>&#148;), </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">ii)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">the related adjustment to the Class&nbsp;A Common Equivalent Number (a &#147;<U>Conversion Adjustment</U>&#148;), which
shall equal (A)&nbsp;the Liability Coverage Reduction Amount <I>divided by</I> (B)&nbsp;the Series B Number <I>divided by</I> (C)&nbsp;the Fair Market Value of the Class&nbsp;A Common Stock as of the applicable Scheduled Assessment Date or, in the
case of an Additional Assessment, the date of the request of such Additional Assessment by the VE Member Representative, and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">iii)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">the resulting Class&nbsp;A Common Equivalent Number after giving effect to the Conversion Adjustment;
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">the Corporation shall notify the Holders of the Conversion Adjustment, if any, and the date on which the Conversion Adjustment,
if any, shall become effective. Additionally, on such date, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:20%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(x) each share of Series B Preferred Stock held by a Class&nbsp;A
Common Eligible Holder shall be partially converted into (by way of reducing the Class </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:20%; font-size:11pt; font-family:ARIAL" ALIGN="justify">
A Equivalent Number pursuant to clause (z), below), and the Corporation shall issue to each such Class&nbsp;A Common Eligible Holder, for each share of Series B Preferred Stock held, that number
of fully paid and non-assessable shares of Class&nbsp;A Common Stock equal to the Conversion Adjustment; <I>provided</I>, <I>however</I>, that each such Class&nbsp;A Common Eligible Holder who would otherwise be entitled to receive a fraction of a
Class&nbsp;A Common Stock pursuant to this <U>Section&nbsp;8(b)(x)</U> (after aggregating all fractional interests to which such Holder would be so entitled) shall receive, in lieu thereof, cash (without interest) in an amount equal to such fraction
<I>multiplied by</I> the Fair Market Value of the Class&nbsp;A Common Stock as of the applicable Scheduled Assessment Date or, in the case of an Additional Assessment, the date of the request of such Additional Assessment by the VE Member
Representative, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:20%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(y) each share of Series B Preferred Stock held by any Holder other than a Class&nbsp;A Common Eligible Holder
shall be partially converted into (by way of reducing the Class&nbsp;A Equivalent Number pursuant to clause (z), below), and the Corporation shall issue to each such Holder, for each share of Series B Preferred Stock held, that number of fully paid
and non-assessable shares of Series A Preferred Stock equal to (x)&nbsp;the Conversion Adjustment <I>divided by</I> (y)&nbsp;one hundred (100), and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:20%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(z) in connection with such partial conversion and issuance, the Class&nbsp;A Common Equivalent Number shall be reduced by the amount
of the Conversion Adjustment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">In no event shall the Conversion Adjustment be greater than the then applicable Class&nbsp;A Common Equivalent
Number. For the avoidance of doubt, the partial conversion of the Series B Preferred Stock pursuant to this <U>Section&nbsp;8</U> shall result in the adjustment of the Class&nbsp;A Common Equivalent Number as provided herein and shall not reduce the
number of shares of Series B Preferred Stock outstanding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All shares of
Class&nbsp;A Common Stock or Series A Preferred Stock delivered upon any partial conversion of Series B Preferred Stock in accordance with this <U>Section&nbsp;8</U> will, upon such conversion, be duly and validly authorized and issued, fully paid
and non-assessable, free from all preemptive rights, free from all taxes, liens, security interests, charges and encumbrances (other than liens, security interests, charges or encumbrances created by or imposed upon the Holder or taxes in respect of
any transfer occurring contemporaneously therewith). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The issuance of shares of
Class&nbsp;A Common Stock or Series A Preferred Stock upon conversion of shares of Series B Preferred Stock in accordance with this <U>Section&nbsp;8</U> shall be made without payment of additional consideration by, or other charge, cost or tax to,
the Holder in respect thereof; <I>provided, however</I>, that the Corporation shall not be required to pay any tax or other governmental charge that may be payable with respect to the issuance or delivery of any shares of Class&nbsp;A Common Stock
or Series A Preferred Stock in the name of any Person other than the Holder of the converted shares, and no such delivery shall be made unless and until the Person requesting such issuance has paid to the Corporation the amount of any such tax or
charge, or has established to the satisfaction of the Corporation that such tax or charge has been paid or that no such tax or charge is due. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall at all times
reserve and keep available, free from any preemptive rights, out of its authorized but unissued shares of Series A Preferred Stock and Class&nbsp;A Common Stock, for the sole purpose of effecting such conversion, the full number of shares of Series
A Preferred Stock and Class&nbsp;A Common Stock as shall from time to time be issuable upon the conversion of all the outstanding shares of the Series B Preferred Stock at the Class&nbsp;A Common Equivalent Number. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with any conversion of Series B Preferred Stock in accordance with
this <U>Section&nbsp;8</U>, the Corporation shall either (i)&nbsp;register under the Securities Act (on Form S-3 or any other appropriate form) the issuance of the shares of Series A Preferred Stock or Class&nbsp;A Common Stock to be issued in
connection with such conversion or (ii)&nbsp;otherwise provide for such shares of Series A Preferred Stock or Class&nbsp;A Common Stock issuable upon conversion to be freely tradable upon issuance, including by causing an opinion of counsel to be
delivered to the Corporation&#146;s transfer agent to permit the issuance of such shares of the Corporation&#146;s capital stock without restrictive legends. Each Holder thereof, or its designated representative acting on its behalf, shall provide
any information, authorizations or agreements reasonably required by the Corporation in order to effectuate any such registration on Form S-3 and any sales of Series A Preferred Stock or Class&nbsp;A Common Stock pursuant thereto and the
Corporation&#146;s obligations under this <U>Section&nbsp;8(f)</U> with respect to such Holder and any such shares held by such Holder shall be subject to the receipt of such information, authorizations or agreements in relation to such Holder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Redeemed, Repurchased or Reacquired Shares; Redemption</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Shares of Series B Preferred Stock that have been redeemed, repurchased or reacquired by the Corporation shall be restored to the
status of authorized, unissued and undesignated shares that shall be available for future issuance. Upon the reduction of the Class&nbsp;A Common Equivalent Number to zero (0), whether as a result of adjustments pursuant to <U>Section&nbsp;8</U> or
<U>Section&nbsp;10</U>, the Corporation may, at its option, redeem all (but not less than all) of the Series B Preferred Stock, at a redemption rate of $0.0001 per share, by delivering notice of redemption to the Holders, such that no shares of
Series B Preferred Stock remain outstanding from and after such time, and all such shares shall be restored to the status of authorized, unissued and undesignated shares that shall be available for future issuance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustment for Covered Losses</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within three (3)&nbsp;months of the final determination of the allocation of any
Covered Loss with respect to any UK&amp;I Covered Claim pursuant to Clause 13 and/or Clause 21.2, as applicable, of the Preferred Stock Litigation Management Deed (an &#147;<U>Incurred Loss</U>&#148;), the Corporation shall give written notice of
such Incurred Loss (an &#147;<U>Incurred Loss Notice</U>&#148;) to the VE Member Representative. Each Incurred Loss Notice shall be certified by an officer of the Corporation and shall set forth, (i)&nbsp;the amount of such Incurred Loss in Dollars
(the &#147;<U>Incurred Loss Amount</U>&#148;) and, with respect to any Incurred Loss that is in a currency other than Dollars, the conversion calculation pursuant to <U>Section&nbsp;10(c)</U>, (ii)&nbsp;the date on which the Incurred Loss was
suffered or incurred (the &#147;<U>Incurred Loss Date</U>&#148;), (iii)&nbsp;the date on which the adjustment to the Class&nbsp;A Common Equivalent Number is to be adjusted pursuant to <U>Section&nbsp;10(b)</U> and (iv)&nbsp;a brief description of
the legal and factual basis of the Incurred Loss. The Corporation shall not make any adjustment pursuant to this <U>Section&nbsp;10</U> with respect to any Covered Loss unless and until such Covered Loss has been allocated as a UK&amp;I Covered
Claim in accordance with Clause 13 and/or Clause 21.2, as applicable, of the Preferred Stock Litigation Management Deed. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within ten (10)&nbsp;Business Days
following the Corporation&#146;s issuance of any Incurred Loss Notice or such later date as may be specified by the Corporation in the Incurred Loss Notice, the Class&nbsp;A Common Equivalent Number shall, subject to <U>Section&nbsp;10(d)</U>, be
automatically adjusted to reflect the Incurred Loss Amount (an &#147;<U>Incurred Loss Adjustment Event</U>&#148;) such that, following each such adjustment, the new Class&nbsp;A Common Equivalent Number shall equal: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">i)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">the Class&nbsp;A Common Equivalent Number prior to such adjustment <I>minus </I> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">ii)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">the result, rounded to the nearest one one-thousandth, of </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="21%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(1)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(x) the Incurred Loss Amount <I>divided by</I> (y) the Series B Number <I>divided by</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:21%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Fair Market Value of the Class&nbsp;A Common Stock as of the date of such adjustment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amount of any Incurred Loss suffered or incurred in a currency other than
Dollars shall be converted into Dollars based on the average of the applicable exchange rate reported by Bloomberg at 5:00 p.m. New York time on each day during the ten (10)&nbsp;trading-day period ending on the last trading day preceding the
Incurred Loss Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There shall not be more than one Incurred Loss Adjustment
Event within any six (6)-month period; <I>provided</I>, <I>however</I>, that the Corporation may specify a date on which multiple Incurred Loss Amounts within one fiscal year of such date will be reflected on an aggregate basis in one Incurred Loss
Adjustment Event. In the event that any Incurred Loss Adjustment Event would occur by operation of <U>Section&nbsp;10(b)</U> within any six (6)-month period in which an Incurred Loss Adjustment Event has already occurred, such subsequent Incurred
Loss Adjustment Event shall be deferred to the first Business Day of the next six (6)-month period unless the Corporation specifies a later date in the relevant Incurred Loss Notice. The foregoing provisions of this <U>Section&nbsp;10(d)</U> shall
not apply to an Incurred Loss Amount that is equal to or in excess of Twenty Million Euros (<FONT STYLE="font-family:Times New Roman">&#128;</FONT>20,000,000), and an Incurred Loss Adjustment Event with respect to such Incurred Loss Amount shall not
be taken into account for purposes of determining the foregoing six (6)-month period limitation. In the event of any Incurred Loss Amount that is equal to or in excess of Twenty Million Euros
(<FONT STYLE="font-family:Times New Roman">&#128;</FONT>20,000,000), the Loss Adjustment Event with respect to such Incurred Loss Amount may include any other Incurred Loss Amounts then outstanding pending aggregation pursuant to the first sentence
of this <U>Section&nbsp;10(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For all U.S. federal (and applicable U.S.
state and U.S. local) income tax purposes, the Corporation agrees to and, by holding the Series B Preferred Stock, each Holder agrees to (i)&nbsp;treat each Incurred Loss Adjustment Event as an adjustment to the consideration paid by the Corporation
for the equity interests in Visa Europe pursuant to the Transaction Agreement, except to the extent otherwise required by applicable Law (including a &#147;determination&#148; within the meaning of Section&nbsp;1313(a) of the Internal Revenue Code
of 1986, as amended, or any similar provision of state or local Law) and (ii)&nbsp;file all relevant U.S. federal (and applicable U.S. state and U.S. local) income tax returns in a manner consistent with the treatment described in the immediately
preceding clause (i). In the event that a Holder is not the Beneficial Owner, for U.S. federal income tax purposes, of all of the shares of Series B Preferred Stock held by it, such Holder shall use all reasonable efforts to cause any Person that is
treated as the owner, for U.S. federal income tax purposes, of any shares of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">11 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">
Series B Preferred Stock held by such Holder to comply with clauses (i)&nbsp;and (ii)&nbsp;of the preceding sentence. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following any Incurred Loss Adjustment Event in accordance with
<U>Section&nbsp;10(b)</U>, no Holder or any of its Affiliates shall have any liability to the Corporation or any of its Affiliates for any Covered Loss to the extent reflected in such Incurred Loss Adjustment Event; <I>provided</I>, that the
foregoing shall not preclude the Corporation from recovering against any Holder in respect of any Covered Loss suffered in connection with the same Covered Claim pursuant to successive or separate awards of damages, costs or expenses, including
interim and final awards and/or separate costs orders in the same Covered Claim. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Record Holders</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">To the fullest extent permitted by applicable Law, the Corporation and the Corporation&#146;s transfer agent for the Series B Preferred
Stock may deem and treat the Holder of any share of Series B Preferred Stock as the true and lawful owner thereof for all purposes, and neither the Corporation nor such transfer agent shall be affected by any notice to the contrary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Form</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Any certificate representing shares of Series B Preferred Stock shall bear a legend that the shares represented by such certificates
have not been registered under the Securities Act and are subject to the restrictions on transferability set forth in this Certificate of Designations. If any shares of Series B Preferred Stock are not represented by a certificate, the Corporation
reserves the right to require that an analogous notification be used in order to reflect on the books and records of the Corporation such restrictions with respect to such shares of Series B Preferred Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Except as otherwise expressly provided hereunder, all notices and other communications referred to herein shall be in writing and
delivered personally or sent by first class mail, postage prepaid, or by reputable overnight courier service, charges prepaid: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Corporation as follows, or as otherwise specified in a written notice
given to each of the Holders and the VE Member Representative in accordance with this <U>Section&nbsp;13</U>: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Visa Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">900 Metro Center Boulevard </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Foster City, California 94404, U.S.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Counsel </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to any Holder, by e-mail if such Holder has provided an e-mail address to the
Corporation or its transfer agent for purposes of notification, or, if no such e-mail address is available, to such Holder&#146;s address as it appears in the stock records of the Corporation or as otherwise specified in a written notice given by
such Holder to the Corporation or, at the Corporation&#146;s option with respect to any notice from the Corporation to a Holder, in accordance with customary practices of the Corporation&#146;s transfer agent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">12 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the VE Member Representative as
follows, or as otherwise specified in a written notice given to the Corporation and each of the Holders in accordance with this <U>Section&nbsp;13</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">441 Trust Company Limited </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">C/o Moore Stephens </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">150 Aldersgate Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">London EC1A 4AB, United Kingdom </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adrian Phillips (General Counsel) and </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:24%; font-size:11pt; font-family:ARIAL" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marco Bolgiani (CEO) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any such notice or communication given as provided in this <U>Section&nbsp;13</U>
shall be deemed received by the receiving party upon: actual receipt, if delivered personally; actual delivery, if delivered in accordance with customary practices of the Corporation&#146;s transfer agent; five (5)&nbsp;Business Days after deposit
in the mail, if sent by first class mail; on the next Business Day after deposit with an overnight courier, if sent by an overnight courier; or on the next Business Day after transmission, if sent by e-mail. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Whenever possible, each provision hereof shall be interpreted in a manner as to be effective and valid under applicable Law, but if any
provision hereof is held to be prohibited by or invalid under applicable Law, then such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating or otherwise adversely affecting the remaining
provisions hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Replacement Certificates</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">The Corporation shall replace any mutilated certificate at the Holder&#146;s expense, upon surrender of that certificate to the
Corporation. The Corporation shall replace certificates that become destroyed, stolen or lost at the Holder&#146;s expense, upon delivery to the Corporation of reasonably satisfactory evidence that the certificate has been destroyed, stolen or lost,
together with any indemnity that may be reasonably required by the Corporation and any other documentation as may be required by the Corporation&#146;s transfer agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Preemptive Rights</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">No share of Series B Preferred Stock shall have any rights of preemption whatsoever as to any securities of the Corporation, or any
warrants, rights or options issued or granted with respect thereto, regardless of how such securities, or such warrants, rights or options, may be designated, issued or granted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Notwithstanding anything herein to the contrary, the Corporation shall have the right to deduct and withhold from any payment or
distribution (or deemed distribution) made with respect to a share of Series B Preferred Stock and from the issuance of any Class&nbsp;A Common Stock or Series A Preferred Stock upon its conversion such amounts as are required to be deducted or
withheld with respect to the making of such payment or distribution or such issuance under any applicable tax Law and, in the event that any amounts are deducted or withheld, the Corporation shall timely pay the full amount deducted or withheld to
the relevant </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">13 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">
Governmental Authority in accordance with applicable Law. To the extent that any amounts are so deducted or withheld, such deducted or withheld amounts shall be treated for all purposes of this
Certificate of Designations and the relevant share of Series B Preferred Stock as having been paid to the Holder of such share of Series B Preferred Stock. After any payment of taxes by the Corporation to a Governmental Authority with respect to a
Holder pursuant to this <U>Section&nbsp;17</U>, upon the written request by such Holder, the Corporation shall deliver to such Holder the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy
of the return reporting such payment or other customary evidence of such payment reasonably satisfactory to such Holder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Rights</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">The shares of Series B Preferred Stock shall not have any rights, preferences, privileges or voting powers or relative, participating,
optional or other special rights, or qualifications, limitations or restrictions thereof, other than as set forth herein or in the Certificate of Incorporation or as required by applicable Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defined Terms</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Capitalized terms used and not otherwise defined in this Certificate of Designations shall have their respective meanings as defined
below: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Additional Assessment</U>&#148; means a conversion assessment following a request by the VE Member Representative, on one
(1)&nbsp;occasion between the fourth and the eighth anniversaries of the Closing Date, as more fully set forth in the Preferred Stock Litigation Management Deed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Adjustment Date Price</U>&#148; means the average of the highest and lowest quoted trading prices of the Class&nbsp;A Common Stock on its
principal trading market on (i)&nbsp;in the case of an adjustment occurring pursuant to <U>Section&nbsp;3(b)ii)</U> or <U>Section&nbsp;3(b)iii)</U>, the ex-dividend date, and (ii)&nbsp;in the case of an adjustment occurring pursuant to
<U>Section&nbsp;3(d)</U>, the first trading day following the effectiveness of the Class&nbsp;A Common Event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Affiliate</U>&#148; has the
meaning assigned to such term in Rule 12b-2 of the General Rules and Regulations under the Exchange Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Beneficial Owner</U>&#148; has
the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act (or any successor rules), except that in calculating the beneficial ownership of any particular Person, for purposes solely of this Certificate of Designations,
and not for purposes of such rules, such Person will be deemed to have beneficial ownership of all securities that such Person has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is
exercisable only upon the occurrence of a subsequent condition. The terms &#147;<U>Beneficially Owns</U>,&#148; &#147;<U>Beneficial Ownership</U>&#148; and &#147;<U>Beneficially Owned</U>&#148; have a corresponding meaning. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Board</U>&#148; has the meaning set forth in the preamble. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Business Day</U>&#148; means any day except a Saturday, a Sunday and any day which in New York, New York, United States shall be a legal
holiday or a day on which banking institutions are authorized or required by Law or other government action to close. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">14 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Certificate of Designations</U>&#148; means this Certificate of Designations relating to the
Series B Preferred Stock, as it may be amended from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Certificate of Incorporation</U>&#148; means the Sixth Amended and
Restated Certificate of Incorporation of the Corporation, as it may be amended from time to time, and shall include this Certificate of Designations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Class A Common Eligible Holder</U>&#148; means a Holder that is eligible to hold Class&nbsp;A Common Stock without automatic conversion into
any shares of any other class of Common Stock pursuant to the Certificate of Incorporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Class A Common Equivalent Number</U>&#148;
means, with respect to each share of Series B Preferred Stock, the number of shares of underlying Class&nbsp;A Common Stock, issuable upon conversion, or represented by the Series A Preferred Stock issuable upon conversion, pursuant to
<U>Section&nbsp;8</U>, at an initial conversion rate of 13.952, as the same shall be adjusted from time to time in accordance with the terms of this Certificate of Designations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Class A Common Event</U>&#148; has the meaning set forth in <U>Section&nbsp;3(d)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Class A Common Stock</U>&#148; means the Class&nbsp;A common stock, par value $0.0001 per share of the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Class B Common Stock</U>&#148; means the Class B common stock, par value $0.0001 per share of the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Class C Common Stock</U>&#148; means the Class C common stock, par value $0.0001 per share of the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Closing Date</U>&#148; means June&nbsp;21, 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Combined Dividend</U>&#148; has the meaning set forth in <U>Section&nbsp;3(b)iii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Common Event VWAP</U>&#148; has the meaning set forth in <U>Section&nbsp;3(g)iii)(b)(ii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Common Stock</U>&#148; means the Class&nbsp;A Common Stock, the Class B Common Stock and the Class C Common Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Control</U>&#148; has the meaning assigned to such term in Rule 12b-2 of the General Rules and Regulations under the Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Conversion Adjustment</U>&#148; has the meaning set forth in <U>Section&nbsp;8(b)ii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Corporation</U>&#148; has the meaning set forth in the preamble. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Covered Claim</U>&#148; has the meaning assigned to such term in the Preferred Stock Litigation Management Deed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Covered Loss</U>&#148; has the meaning assigned to such term in the Preferred Stock Litigation Management Deed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Daily VWAP</U>&#148; means the volume-weighted average price per share for any given trading day, as displayed under the heading
&#147;Bloomberg VWAP&#148; on Bloomberg page V &lt;equity&gt; VWAP (or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">15 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">
any equivalent successor page) in respect of the period from 9:30 am EST to 4:00 pm EST, or if such volume-weighted average price is unavailable, Reuters volume weighted average price shall be
used as displayed under their &#147;Time Series Data&#148; for the Corporation (/V.N) using the &#147;Vol x Prc1&#148; field; or if such volume-weighted average price is unavailable, the market value per share of the Class&nbsp;A Common Stock on
such trading day as calculated by the Corporation using a volume weighted average that uses the price and volume of each trade of Class&nbsp;A Common Stock on the New York Stock Exchange from 9:30 am EST to 4:00 pm EST for that trading day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Dividend FMV</U>&#148; means, with respect to any Extraordinary Class&nbsp;A Common Dividend that is paid other than in cash, the fair market
value of such Extraordinary Class&nbsp;A Common Dividend per share of Common Stock as determined by the Board in good faith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Dollars</U>&#148; and &#147;<U>$</U>&#148; means the lawful currency of the United States of America. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Exchange Act</U>&#148; means the U.S. Securities Exchange Act of 1934, as amended (or any successor legislation which shall be in effect at the
time). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Existing English High Court Claims</U>&#148; shall have the meaning assigned to such term in the Preferred Stock Litigation
Management Deed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Extraordinary Class&nbsp;A Common Dividend</U>&#148; has the meaning set forth in <U>Section&nbsp;3(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Extraordinary Dividend VWAP</U>&#148; has the meaning set forth in <U>Section&nbsp;3(b)ii)(b)(y)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Fair Market Value</U>&#148; of the Class&nbsp;A Common Stock means the weighted average of the Daily VWAP of the Class&nbsp;A Common Stock on
its principal trading market during the ten (10)&nbsp;full trading days prior to (but not including) the applicable reference date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>First
Step</U>&#148; has the meaning set forth in <U>Section&nbsp;3(g)iii)(c)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Governmental Authority</U>&#148; means any United States,
European Union, national, federal, state, provincial, county, municipal or other local government or governmental department, commission, board, bureau, agency or instrumentality, or any court, in each case whether of the United States of America or
any other country applicable to a specified Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Holder</U>&#148; means a holder of record of one or more shares of Series B Preferred
Stock, as reflected in the stock records of the Corporation or the transfer agent, which may be treated by the Corporation and the transfer agent as the absolute owner of such shares for all purposes to the fullest extent permitted by applicable
Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Incurred Loss</U>&#148; has the meaning set forth in <U>Section&nbsp;10(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Incurred Loss Adjustment Event</U>&#148; has the meaning set forth in <U>Section&nbsp;10(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Incurred Loss Amount</U>&#148; has the meaning set forth in <U>Section&nbsp;10(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Incurred Loss Date</U>&#148; has the meaning set forth in <U>Section&nbsp;10(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Incurred Loss Notice</U>&#148; has the meaning set forth in <U>Section&nbsp;10(a)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">16 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Junior Stock</U>&#148; means the Common Stock and any other class or series of stock of the
Corporation that ranks junior to the Series B Preferred Stock either or both as to the payment of dividends and/or as to the distribution of assets on any Liquidation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Law</U>&#148; means any statute, law, ordinance, rule or regulation of any Governmental Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Liability Coverage Reduction Amount</U>&#148; has the meaning set forth in <U>Section&nbsp;8(b)i)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Liquidation</U>&#148; has the meaning set forth in <U>Section&nbsp;4(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Liquidation Preference</U>&#148; has the meaning set forth in <U>Section&nbsp;4(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Maximum Per Share Withholding Tax</U>&#148; has the meaning set forth in <U>Section&nbsp;3(g)i)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Parity Stock</U>&#148; means any class or series of stock of the Corporation that ranks equally with the Series B Preferred Stock both in the
payment of dividends and in the distribution of assets on any Liquidation. Without limiting the foregoing, Parity Stock shall include the Corporation&#146;s Series&nbsp;C Preferred Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Person</U>&#148; means an individual, corporation, partnership, limited liability company, estate, trust, common or collective fund,
association, private foundation, joint stock company or other entity and includes a group as that term is used for purposes of Section&nbsp;13(d)(3) of the Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Post-Dividend VWAP</U>&#148; has the meaning set forth in <U>Section&nbsp;3(g)iii)(a)(ii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Pre-Tax Adjusted Class&nbsp;A Common Equivalent Number</U>&#148; has the meaning set forth in <U>Section&nbsp;3(g)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Preferred Stock</U>&#148; means any and all series of preferred stock of the Corporation, including the Series B Preferred Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Preferred Stock Litigation Management Deed</U>&#148; means the Litigation Management Deed, dated June&nbsp;21, 2016, among the Corporation, the
VE Member Representative and the other parties thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Scheduled Assessment Date</U>&#148; means (a)&nbsp;each of the fourth, sixth,
eighth, ninth, tenth, eleventh and twelfth year anniversaries of the Closing Date and annually thereafter and (b)&nbsp;the date that is three months following the final resolution of all of the Existing English High Court Claims (whether by a
settlement or final and non-appealable judgment). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Second Step</U>&#148; has the meaning set forth in <U>Section&nbsp;3(g)iii)(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Securities Act</U>&#148; means the U.S. Securities Act of 1933, as amended from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Series A Preferred Stock</U>&#148; means the Series A preferred stock of the Corporation, par value $0.0001 per share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Series B Number</U>&#148; means, as of a given date, the number of shares outstanding of Series B Preferred Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Series B Preferred Stock</U>&#148; has the meaning set forth in <U>Section&nbsp;1</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">17 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Series&nbsp;C Preferred Stock</U>&#148; means the Series C preferred stock of the Corporation, par
value $0.0001 per share. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Transaction Agreement</U>&#148; means the transaction agreement entered into on November&nbsp;2, 2015, between
the Corporation and Visa Europe, and as amended or adhered to from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Transfer</U>&#148; means any issuance, sale, transfer,
gift, assignment, distribution, devise or other disposition, directly or indirectly, by operation of Law or otherwise, as well as any other event that causes any Person to acquire Beneficial Ownership, or any agreement to take any such actions or
cause any such events, of Series B Preferred Stock, including (a)&nbsp;the granting or exercise of any option (or any disposition of any option), (b)&nbsp;any disposition of any securities or rights convertible into or exchangeable for Series B
Preferred Stock or any interest in Series B Preferred Stock or any exercise of any such conversion or exchange right and (c)&nbsp;&#147;Transfers&#148; of interests in other entities that result in changes in Beneficial Ownership of Series B
Preferred Stock, in each case, whether voluntary or involuntary, whether owned of record, or Beneficially Owned and whether by merger, operation of Law or otherwise; <I>provided</I>, <I>however</I>, that the mere change of Control of any Person, the
equity securities of which are publicly traded, shall not, in and of itself, constitute a Transfer unless a purpose of such change of Control is to acquire ownership of any shares of Series B Preferred Stock. The terms
&#147;<U>Transferable</U>,&#148; &#147;<U>Transferring</U>,&#148; &#147;<U>Transferred</U>,&#148; &#147;<U>Transferee</U>&#148; and &#147;<U>Transferor</U>&#148; shall have the correlative meanings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>UK&amp;I Covered Claim</U>&#148; has the meaning assigned to such term in the Preferred Stock Litigation Management Deed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Unadjusted Class&nbsp;A Common Equivalent Number</U>&#148; has the meaning set forth in <U>Section&nbsp;3(b)ii)(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>VE Member Representative</U>&#148; means 441 Trust Company Limited, a private company limited by guarantee and incorporated in England and
Wales under number 9918839 whose registered address is at 150 Aldersgate Street, London EC1A 4AB, United Kingdom. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Visa Europe</U>&#148;
means Visa Europe Limited, a company incorporated under the laws of England and Wales. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Withholding Consideration</U>&#148; has the meaning
set forth in <U>Section&nbsp;3(g)ii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">18 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, the undersigned has caused this Certificate of Designations to
be executed by its duly authorized officer on this 20<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of June, 2016. </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="77%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" COLSPAN="5"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt"><B>VISA INC.</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">By:</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt"><I>/s/ Kelly Mahon Tullier</I></P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Kelly Mahon Tullier</P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Corporate Secretary</P></TD></TR>
</TABLE></DIV>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.3
<SEQUENCE>4
<FILENAME>d212927dex33.htm
<DESCRIPTION>EX-3.3
<TEXT>
<HTML><HEAD>
<TITLE>EX-3.3</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><B>Exhibit 3.3 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>Certificate of Designations </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>of </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>Series C Convertible Participating </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>Preferred
Stock </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>of </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>Visa Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>(pursuant to Section&nbsp;151 of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>General Corporation Law of the State of Delaware) </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Visa Inc., a corporation organized and existing under the laws of the State of Delaware (the &#147;<U>Corporation</U>&#148;), in
accordance with the provisions of Section&nbsp;151 thereof, hereby certifies that the Board of Directors of the Corporation (the &#147;<U>Board</U>&#148;), in accordance with the provisions of the Sixth Amended and Restated Certificate of
Incorporation of the Corporation and applicable Law, at a meeting duly called and held on October&nbsp;30, 2015, adopted resolutions creating a series of shares of Preferred Stock of the Corporation, with the designation and number of shares of such
series, and the voting and other powers, preferences and relative, participating, optional or other rights, and the qualifications, limitations and restrictions, of the shares of such series, as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Designation and Number</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">There is hereby created out of the authorized and unissued shares of Preferred Stock of the Corporation a series of Preferred Stock
designated as the &#147;Series C Convertible Participating Preferred Stock,&#148; par value $0.0001 per share (the &#147;<U>Series C Preferred Stock</U>&#148;), and the authorized number of shares constituting such series shall be 3,157,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ranking</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">The Series C Preferred Stock shall rank <I>pari passu</I> in right of payment of dividends and distributions upon Liquidation with the
Parity Stock. The Series C Preferred Stock shall rank senior in right of payment of dividends and distributions to the Junior Stock, provided that it shall rank <I>pari passu</I> with the Common Stock except, with respect to Class&nbsp;A Common
Stock, as otherwise provided in <U>Section&nbsp;3(b)</U> and <U>Section&nbsp;4(a)</U>. The Series C Preferred Stock shall rank junior to any series of capital stock of the Corporation hereafter created that by its terms specifically ranks senior in
right of payment of dividends and distributions upon Liquidation to the Series C Preferred Stock and shall rank junior to all of the Corporation&#146;s existing and future indebtedness and other liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends and Other Adjustments</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that any regular, quarterly cash dividend on the Class&nbsp;A Common
Stock is declared by the Board, the Board shall simultaneously declare a dividend for each share of Series C Preferred Stock in an amount equal to the product of (i)&nbsp;the per share dividend declared and to be paid in respect of each share of
Class&nbsp;A Common Stock and (ii)&nbsp;the Class&nbsp;A Common Equivalent Number in effect at the close of business on the date immediately prior to the record date for such dividend, with such dividend to be payable on the same payment date
established by the Board for the payment of such dividend to the holders of Class </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">A Common Stock. The record date for any such dividend shall be the record date for the applicable dividend
on the Class&nbsp;A Common Stock, and any such dividend shall be payable with respect to each share of Series C Preferred Stock to the Holder to whom such share is registered, as reflected on the stock register of the Corporation, at the close of
business on the applicable record date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event any dividend or
distribution, other than a regular, quarterly cash dividend (an &#147;<U>Extraordinary Class&nbsp;A Common Dividend</U>&#148;), is declared by the Board on the Class&nbsp;A Common Stock, no corresponding dividend or distribution shall be declared
for the Series C Preferred Stock; in lieu thereof, the Class&nbsp;A Common Equivalent Number shall be adjusted as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">i)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">in the case of an Extraordinary Class&nbsp;A Common Dividend declared to be paid in shares of Class&nbsp;A Common Stock,
as set forth in <U>Section&nbsp;3(d)</U>. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">ii)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">in the case of an Extraordinary Class&nbsp;A Common Dividend declared to be paid in anything other than shares of
Class&nbsp;A Common Stock, such that, effective on the ex-dividend date, it equals the sum of </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="21%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(a)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">the Class&nbsp;A Common Equivalent Number as in effect immediately prior to the application of the adjustment in this
<U>Section&nbsp;3(b)</U> (the &#147;<U>Unadjusted Class&nbsp;A Common Equivalent Number</U>&#148;) <I>plus</I> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="21%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(b)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">the result, rounded to the nearest one one-thousandth, of </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="26%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(x)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(1) the amount of such Extraordinary Class&nbsp;A Common Dividend per share of Class&nbsp;A Common Stock, to the extent
declared to be paid in cash, or the Dividend FMV of such Extraordinary Class&nbsp;A Common Dividend per share of Class&nbsp;A Common Stock, to the extent declared to be paid other than in cash, <I>multiplied by</I> (2)&nbsp;the Unadjusted
Class&nbsp;A Common Equivalent Number, <I>divided by</I> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="26%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(y)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(1) the weighted average of the Daily VWAP of the Class&nbsp;A Common Stock on its principal trading market for the
three (3)&nbsp;consecutive trading days ending on the trading day immediately preceding the ex-dividend date with respect to the Extraordinary Class&nbsp;A Common Dividend (the &#147;<U>Extraordinary Dividend VWAP</U>&#148;) <I>minus</I>
(2)&nbsp;the amount of such Extraordinary Class&nbsp;A Common Dividend per share of Class&nbsp;A Common Stock, to the extent declared to be paid in cash, or the Dividend FMV of such Extraordinary Class&nbsp;A Common Dividend per share of
Class&nbsp;A Common Stock, to the extent declared to be paid other than in cash. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">iii)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">in the case of an Extraordinary Class&nbsp;A Common Dividend declared to be paid partly in shares of Class&nbsp;A Common
Stock and partly in anything other than shares of Class&nbsp;A Common Stock (a &#147;<U>Combined Dividend</U>&#148;), first, as set forth in <U>Section&nbsp;3(b)ii)</U> as to the portion of the Combined Dividend that would be described in
<U>Section&nbsp;3(b)ii)</U> if only that portion of the Combined Dividend were paid, and second, as set forth in <U>Section&nbsp;3(d)</U> as to the portion of the </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="19%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
Combined Dividend paid in shares of Class&nbsp;A Common Stock, and such combined adjustment shall be effective on the ex-dividend date. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">iv)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">In the event that such Extraordinary Class&nbsp;A Common Dividend is not so paid, the Class&nbsp;A Common Equivalent
Number shall again be adjusted, effective as of the date the Board publicly announces its decision not to pay such Extraordinary Class&nbsp;A Common Dividend, to the Unadjusted Class&nbsp;A Common Equivalent Number that would then be in effect if
such Extraordinary Class&nbsp;A Common Dividend had not been declared (and, for the avoidance of doubt, no adjustments or cash payments shall be made pursuant to <U>Section&nbsp;3(g)i)</U>, <U>ii)</U>, <U>iii)(a)</U> or <U>iii)(c)</U> with respect
to such Extraordinary Class&nbsp;A Common Dividend). </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(c) No dividend or distribution shall be declared and paid
on any share of Class&nbsp;A Common Stock, unless, in the case of a regular, quarterly cash dividend, a cash dividend is simultaneously declared and paid with respect to the Series C Preferred Stock pursuant to <U>Section&nbsp;3(a)</U>, or, in the
case of an Extraordinary Class&nbsp;A Common Dividend, the Class&nbsp;A Common Equivalent Number is adjusted pursuant to <U>Section&nbsp;3(b)</U> or <U>Section&nbsp;3(d)</U>, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(d) In the event of any subdivision, stock split, reverse stock split, combination, consolidation or reclassification of the
outstanding shares of Class&nbsp;A Common Stock into a greater or lesser number of shares with respect to the Class&nbsp;A Common Stock, or an Extraordinary Class&nbsp;A Common Dividend paid in shares of Class&nbsp;A Common Stock (each of the
foregoing, a &#147;<U>Class A Common Event</U>&#148;), the Class&nbsp;A Common Equivalent Number shall be automatically adjusted, without any action of the Corporation, such that the Class&nbsp;A Common Equivalent Number from the effectiveness of
any such Class&nbsp;A Common Event shall equal the product, rounded to the nearest one one-thousandth, of (i)&nbsp;the Class&nbsp;A Common Equivalent Number in effect immediately prior to the effectiveness of such Class&nbsp;A Common Event
<I>multiplied by</I> (ii)&nbsp;a fraction equal to (A)&nbsp;the number of shares of Class&nbsp;A Common Stock outstanding immediately following, and solely as a result of, such Class&nbsp;A Common Event <I>divided by</I> (B)&nbsp;the number of
shares of Class&nbsp;A Common Stock outstanding immediately prior to the effectiveness of such Class&nbsp;A Common Event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(e) No
subdivision, stock split, reverse stock split, combination, consolidation or reclassification into a greater or lesser number of shares of Series C Preferred Stock shall be effected unless a proportionate and equitable adjustment is simultaneously
effected with respect to the Class&nbsp;A Common Equivalent Number. All adjustments pursuant to this <U>Section&nbsp;3</U> shall be notified to the Holders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(f) Prior to declaring any dividend or making any distribution on or with respect to shares of Class&nbsp;A Common Stock, the
Corporation shall take any and all prior corporate action necessary to authorize any corporate action in respect of the Series C Preferred Stock required under this Certificate of Designations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(g) Notwithstanding anything else contained herein, in the event that any adjustment to the Class&nbsp;A Common Equivalent Number
pursuant to this <U>Section&nbsp;3</U> would result in any withholding tax required to be paid or withheld by the Corporation under applicable Law (including a &#147;determination&#148; within the meaning of Section&nbsp;1313(a) of the Internal
Revenue Code of 1986, as amended, or any similar provision of state, local or non-U.S. Law) with respect to any Holder (or, if different, the Beneficial Owner of such shares of Series C Preferred Stock held
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">
by such Holder), then in lieu of the adjustment to the Class&nbsp;A Common Equivalent Number that would otherwise occur (the Class&nbsp;A Common Equivalent Number that would result from such
adjustment, the &#147;<U>Pre-Tax Adjusted Class&nbsp;A Common Equivalent Number</U>&#148;), </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">i)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">the Corporation shall pay (or cause to be paid), with respect to each share of Series C Preferred Stock an amount equal
to the maximum withholding tax, if any, otherwise required to be paid or withheld by the Corporation with respect to such adjustment, determined on a per share basis, with respect to the Holder(s) or Beneficial Owner(s), as applicable, subject to
the highest rate of withholding tax (the &#147;<U>Maximum Per Share Withholding Tax</U>&#148;) and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">ii)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">the Class&nbsp;A Common Equivalent Number shall be adjusted (as specifically determined pursuant to
<U>Section&nbsp;3(g)iii))</U> to take into account the cash payable under <U>Section&nbsp;3(g)i)</U> in respect of the Maximum Per Share Withholding Tax such that, immediately after such adjustment, the fair market value of the amount of
Class&nbsp;A Common Shares that a Holder is entitled to receive upon conversion is equal to (1)&nbsp;the fair market value of the amount of Class&nbsp;A Common Shares that a Holder would have been entitled to receive on such conversion based on the
Pre-Tax Adjusted Class&nbsp;A Common Equivalent Number <I>less</I> (2)&nbsp;the amount of cash payable to a Holder under <U>Section&nbsp;3(g)i)</U> in respect of the Maximum Per Share Withholding Tax (the sum of the value of the cash to be received
by Holders in clause i) and the adjustment to the Class&nbsp;A Common Equivalent Number described in this clause ii), the &#147;<U>Withholding Consideration</U>&#148;). </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">iii)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Specifically, the adjustment to the Class&nbsp;A Common Equivalent Number described in <U>Section&nbsp;3(g)ii)</U> shall
be determined on the following basis: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="21%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(a)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">In the case of an adjustment to the Class&nbsp;A Common Equivalent Number occurring pursuant to
<U>Section&nbsp;3(b)ii)</U>, the Class&nbsp;A Common Equivalent Number shall be adjusted to be equal to the result, rounded to the nearest one one-thousandth, of </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="26%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(i)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">the Pre-Tax Adjusted Class&nbsp;A Common Equivalent Number <I>minus </I> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="26%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(ii)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">the Maximum Per Share Withholding Tax <I>divided by</I> the excess of (A)&nbsp;the Extraordinary Dividend VWAP over
(B)&nbsp;the value of the Extraordinary Class&nbsp;A Common Dividend per share of Class&nbsp;A Common Stock (the excess of (A)&nbsp;over (B), the &#147;<U>Post-Dividend VWAP</U>&#148;); </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="21%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(b)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">In the case of any adjustment to the Class&nbsp;A Common Equivalent Number occurring pursuant to
<U>Section&nbsp;3(d)</U>, the Class&nbsp;A Common Equivalent Number shall be adjusted to be equal to the result, rounded to the nearest one one-thousandth, of </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="26%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(i)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">the Pre-Tax Adjusted Class&nbsp;A Common Equivalent Number <I>minus </I> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="26%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(ii)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">the Maximum Per Share Withholding Tax <I>divided by</I> the product of (i)&nbsp;the weighted average of the Daily VWAP
of the Class&nbsp;A Common Stock on its principal trading market for the three (3) </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="31%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0%; font-size:11pt; font-family:ARIAL" ALIGN="justify">
consecutive trading days ending on the last trading day immediately preceding the date on which a purchaser of shares of Class A Common Stock on its principal trading market would receive shares
of Class A Common Stock unaffected by the event giving rise to the adjustment to the Class A Common Equivalent Number pursuant to <U>Section 3(d)</U> (such weighted average, the &#147;<U>Common Event VWAP</U>&#148;) and (ii) a fraction equal to
(A)&nbsp;the number of shares of Class&nbsp;A Common Stock outstanding immediately prior to the effectiveness of such Class&nbsp;A Common Event <I>divided by</I> (B)&nbsp;the number of shares of Class&nbsp;A Common Stock outstanding immediately
following, and solely as a result of, such Class&nbsp;A Common Event; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="21%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(c)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">In the case of an adjustment to the Class&nbsp;A Common Equivalent Number as a result of a Combined Dividend pursuant to
<U>Section&nbsp;3(b)iii)</U>, the Class&nbsp;A Common Equivalent Number shall be adjusted by first applying the formula set forth in <U>Section&nbsp;3(g)iii)(a)</U> to the portion of the Combined Dividend that would be described in
<U>Section&nbsp;3(g)iii)(a)</U> if only that portion of the Combined Dividend were paid (the &#147;<U>First Step</U>&#148;) and then applying the formula set forth in <U>Section&nbsp;3(g)iii)(b)</U> to the portion of the Combined Dividend that would
be described in <U>Section&nbsp;3(g)iii)(b)</U> if only that portion of the Combined Dividend were paid (the &#147;<U>Second Step</U>&#148;). In applying the Second Step, the Class&nbsp;A Common Equivalent Number in effect immediately prior to the
effectiveness of such Class&nbsp;A Common Event described in Section&nbsp;3(d)(i) shall be the Class&nbsp;A Common Equivalent Number resulting from application of the First Step and the Common Event VWAP shall be the Post-Dividend VWAP determined
under <U>Section&nbsp;3(g)iii)(a)</U> in the First Step. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">iv)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">With respect to each Holder, the Corporation shall, in accordance with <U>Section&nbsp;17</U>, withhold from the amount
of cash payable to such Holder pursuant to clause i) above the amount of withholding tax required to be withheld by the Corporation with respect to such Holder with respect to the aggregate Withholding Consideration received or deemed received by
such Holder or Beneficial Owner, and shall timely pay to the relevant Governmental Authority the full amount of the tax so withheld and shall pay to the Holder the excess, if any, of the amount of cash otherwise payable to such Holder pursuant to
clause i) above over the amount of tax paid to the relevant Governmental Authority with respect to such Holder or Beneficial Owner. Except to the extent otherwise required by applicable Law (including a &#147;determination&#148; within the meaning
of Section&nbsp;1313(a) of the Internal Revenue Code of 1986, as amended, or any similar provision of state, local or non-U.S. Law), for purposes of determining the amount of withholding tax applicable as a result of any adjustment to the
Class&nbsp;A Common Equivalent Number, to the extent that such withholding tax is determined by reference to the fair market value of an entitlement to receive shares of Class&nbsp;A Common Stock, the fair market value of such entitlement shall be
determined by reference to the Adjustment Date Price. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidation
Preference</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of a voluntary or involuntary liquidation,
dissolution or winding up of the affairs of the Corporation (a &#147;<U>Liquidation</U>&#148;), after payment or provision for payment of the debts and other liabilities of the Corporation, the Holders shall be entitled to receive, with respect to
each share of Series C Preferred Stock held, (i)&nbsp;first, before any payment shall be made or any assets distributed to the holders of any class or series of the Common Stock or any other class or series of Junior Stock, an amount equal to $0.01
per share of Series C Preferred Stock (the &#147;<U>Liquidation Preference</U>&#148;) and (ii)&nbsp;second, an amount, less the Liquidation Preference, on a <I>pari passu</I> basis with the Common Stock and any Parity Stock and without preference
with respect to the Common Stock or any Parity Stock, equal to the distribution(s) such Holder would have been entitled to receive as a result of such Liquidation as if each such share of Series C Preferred Stock, and each share of Series B
Preferred Stock and Series A Preferred Stock, had been converted into Class&nbsp;A Common Stock in accordance with the terms hereof immediately prior to such Liquidation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If in any Liquidation the assets available for payment of the Liquidation Preference
are insufficient to permit the payment of the full preferential amounts described in <U>Section&nbsp;4(a)(i)</U> to the holders of the Series C Preferred Stock and any other class or series of the Corporation&#146;s capital stock ranking <I>pari
passu</I> as to Liquidation rights to the Series C Preferred Stock, then all the remaining available assets shall be distributed <I>pro rata</I> among the holders of the then outstanding Series C Preferred Stock and then outstanding shares of any
other class or series of the Corporation&#146;s capital stock ranking <I>pari passu</I> as to Liquidation rights to the Series C Preferred Stock in accordance with the respective aggregate Liquidation Preferences. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the consolidation or merger of the Corporation into or with another entity
nor the dissolution, liquidation, winding up or reorganization of the Corporation immediately followed by the incorporation of another corporation to which such assets are distributed or transferred, nor the sale, lease, transfer or conveyance of
all or substantially all of the assets of the Corporation to another entity shall be deemed a Liquidation; <I>provided</I> that, in each case, effective provision is made in the certificate of incorporation of the resulting or surviving entity or
otherwise for the preservation and protection of the rights of the Holders on substantially identical terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall, within five (5)&nbsp;Business Days following the date the
Board approves any Liquidation or within ten (10)&nbsp;Business Days following the commencement of any involuntary bankruptcy or similar proceeding concerning the Corporation, whichever is earlier, give each Holder written notice of the event. Such
written notice shall describe, to the extent known to the Corporation, the material terms and conditions of such event relating to the treatment of the Series C Preferred Stock and the Common Stock, including, to the extent known to the Corporation,
a description of the stock, cash and property to be received by the Holders with respect to their shares of Series C Preferred Stock and by holders of Class&nbsp;A Common Stock as a result of the event and the date of delivery thereof. If any
material change in the facts set forth in the initial notice shall occur, the Corporation shall keep the Holders reasonably apprised, and in a manner consistent with any similar information provided to holders of any other series of the
Corporation&#146;s capital stock. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting Rights</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except to the extent otherwise required by applicable Law or expressly set forth in
this <U>Section&nbsp;5</U>, the Holders shall have no voting rights and shall not be entitled to any vote with respect to shares of Series C Preferred Stock held of record by such Holder on any matters on which any of the Corporation&#146;s
stockholders are entitled to vote. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding <U>Section&nbsp;5(a)</U> and
for so long as any shares of Series C Preferred Stock remain issued and outstanding, without the affirmative vote of the Holders of a majority of the outstanding voting power of the Series C Preferred Stock, voting together as a single class
separate from all other classes or series of capital stock of the Corporation, the Corporation shall not enter into any consolidation, merger, combination or similar transaction in which shares of Class&nbsp;A Common Stock are exchanged for,
converted into or changed into other stock or securities, or the right to receive cash or other property, unless, as a result of such transaction, the Holders (i)&nbsp;receive shares of stock or other equity securities with preferences, rights and
privileges substantially identical to the preferences, rights and privileges of the Series C Preferred Stock or (ii)&nbsp;receive, for each share of Series C Preferred Stock held, that amount of stock or other securities, cash or other property, as
the case may be, which such Holder would have received, or had the right to receive, in respect of that number shares of Class&nbsp;A Common Stock equal to the Class&nbsp;A Common Equivalent Number. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding <U>Section&nbsp;5(a)</U>, the affirmative vote of the Holders of a
majority of the voting power of the Series C Preferred Stock, voting together as a single class separate from all other classes or series of capital stock of the Corporation, shall be required for the approval of any amendment, alteration or repeal
of any provision of this Certificate of Designations (including by merger, operation of Law or otherwise) which adversely affects the rights, preferences, privileges or voting powers of the Holders; <I>provided</I>, <I>however</I>, that nothing
herein contained shall require such vote or approval (i)&nbsp;in connection with any increase in the total number of authorized shares under the Certificate of Incorporation or any authorization, designation or increase of any class or series of
shares under the Certificate of Incorporation, (ii)&nbsp;in connection with any consolidation, merger, combination or similar transaction in which the Corporation is the surviving entity which does not adversely affect the rights, preferences,
privileges or voting powers of the Holders, or (iii)&nbsp;in connection with any consolidation, merger, combination or similar transaction in which the Corporation is not the surviving entity if, as a result of such transaction, the Holders
(A)&nbsp;receive shares of stock or other equity securities with preferences, rights and privileges substantially identical to the preferences, rights and privileges of the Series C Preferred Stock or (B)&nbsp;receive, for each share of Series C
Preferred Stock held, that amount of stock or other securities, cash or other property, as the case may be, which such Holder would have received, or had the right to receive, in respect of that number shares of Class&nbsp;A Common Stock equal to
the Class&nbsp;A Common Equivalent Number. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On any matter on which Holders are
entitled to vote pursuant to this <U>Section&nbsp;5</U>, each Holder will have one vote per share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Recording of Adjustments</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Whenever the Class&nbsp;A Common Equivalent Number is adjusted (including pursuant to <U>Section&nbsp;3</U>, <U>Section&nbsp;8</U> and
<U>Section&nbsp;10</U> hereof), the Corporation shall (i)&nbsp;promptly make a public announcement to notify Holders of such adjustment(s) and of the resulting Class&nbsp;A Common Equivalent Number, and (ii)&nbsp;promptly provide notice to such
Holders of such adjustment and of the resulting Class&nbsp;A Common Equivalent Number. The Corporation shall </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">
keep with its records such notice and a certificate from the Corporation&#146;s Chief Financial Officer stating the facts requiring the adjustment(s), and setting forth in reasonable detail the
calculation by which the adjustment(s) have been made. The Corporation shall include such calculation(s) in the notification provided pursuant to clause (i)&nbsp;or (ii)&nbsp;above. The certificate shall be conclusive evidence that the adjustment(s)
are correct, absent manifest error. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitations on Transfer</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">No shares of Series C Preferred Stock shall be Transferable, except for (a)&nbsp;any Transfer to any Person entitled to receive
shares of Series B Preferred Stock or Series C Preferred Stock as consideration pursuant to the Transaction Agreement, (b)&nbsp;any Transfer by a Holder to any person eligible to hold shares of the Class B Common Stock, (c)&nbsp;any Transfer by the
Corporation to any Person or by any Holder to the Corporation and (d)&nbsp;any Transfer by a Holder to any Person that (1)&nbsp;directly or indirectly, wholly owns such Holder, (2)&nbsp;is, directly or indirectly, wholly owned by, such Holder or
(3)&nbsp;is, directly or indirectly, wholly owned by any Person that, directly or indirectly, wholly owns such Holder; <I>provided</I>, in each case, that (i)&nbsp;such Transfer is made in accordance with applicable securities Laws and
(ii)&nbsp;such Transfer is made in accordance with the procedural requirements of the transfer agent of the Corporation. The Corporation may approve one or more exceptions to the foregoing Transfer restrictions in the case of any proposed Transfer
by any Holder, in which case such restrictions shall not apply to such Transfer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion Adjustments</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(a) Each share of Series C Preferred Stock held by a Class&nbsp;A Common Eligible Holder shall be automatically partially converted
into shares of Class&nbsp;A Common Stock, and each share of Series C Preferred Stock held by any Holder other than a Class&nbsp;A Common Eligible Holder shall be automatically partially converted into shares of Series A Preferred Stock, in each case
in accordance with the procedures and subject to the limitations set forth in this <U>Section&nbsp;8</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(b) Promptly (and in any
event within ten (10)&nbsp;Business Days) following each final determination, in accordance with the Preferred Stock Litigation Management Deed, of: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">i)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">the aggregate reduction, if any, in the amount of coverage (in Dollars) to be retained in the form of the Series C
Preferred Stock in connection with potential Europe Covered Claims (a &#147;<U>Liability Coverage Reduction Amount</U>&#148;), </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">ii)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">the related adjustment to the Class&nbsp;A Common Equivalent Number (a &#147;<U>Conversion Adjustment</U>&#148;), which
shall equal (A)&nbsp;the Liability Coverage Reduction Amount <I>divided by</I> (B)&nbsp;the Series C Number <I>divided by</I> (C)&nbsp;the Fair Market Value of the Class&nbsp;A Common Stock as of the applicable Scheduled Assessment Date or, in the
case of an Additional Assessment, the date of the request of such Additional Assessment by the VE Member Representative, and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">iii)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">the resulting Class&nbsp;A Common Equivalent Number after giving effect to the Conversion Adjustment;
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">the Corporation shall notify the Holders of the Conversion Adjustment, if any, and the date on which the Conversion Adjustment,
if any, shall become effective. Additionally, on such date, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:19%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(x) each share of Series C Preferred Stock held by a Class&nbsp;A Common Eligible Holder
shall be partially converted into (by way of reducing the Class&nbsp;A Equivalent Number pursuant to clause (z), below), and the Corporation shall issue to each such Class&nbsp;A Common Eligible Holder, for each share of Series C Preferred Stock
held, that number of fully paid and non-assessable shares of Class&nbsp;A Common Stock equal to the Conversion Adjustment; <I>provided</I>, <I>however</I>, that each such Class&nbsp;A Common Eligible Holder who would otherwise be entitled to receive
a fraction of a Class&nbsp;A Common Stock pursuant to this <U>Section&nbsp;8(b)(x)</U> (after aggregating all fractional interests to which such Holder would be so entitled) shall receive, in lieu thereof, cash (without interest) in an amount equal
to such fraction <I>multiplied by</I> the Fair Market Value of the Class&nbsp;A Common Stock as of the applicable Scheduled Assessment Date or, in the case of an Additional Assessment, the date of the request of such Additional Assessment by the VE
Member Representative, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:19%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(y) each share of Series C Preferred Stock held by any Holder other than a Class&nbsp;A Common Eligible
Holder shall be partially converted into (by way of reducing the Class&nbsp;A Equivalent Number pursuant to clause (z), below), and the Corporation shall issue to each such Holder, for each share of Series C Preferred Stock held, that number of
fully paid and non-assessable shares of Series A Preferred Stock equal to (x)&nbsp;the Conversion Adjustment <I>divided by</I> (y)&nbsp;one hundred (100), and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:19%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(z) in connection with such partial conversion and issuance, the Class&nbsp;A Common Equivalent Number shall be reduced by the amount
of the Conversion Adjustment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">In no event shall the Conversion Adjustment be greater than the then applicable Class&nbsp;A Common Equivalent
Number. For the avoidance of doubt, the partial conversion of the Series C Preferred Stock pursuant to this <U>Section&nbsp;8</U> shall result in the adjustment of the Class&nbsp;A Common Equivalent Number as provided herein and shall not reduce the
number of shares of Series C Preferred Stock outstanding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All shares of
Class&nbsp;A Common Stock or Series A Preferred Stock delivered upon any partial conversion of Series C Preferred Stock in accordance with this <U>Section&nbsp;8</U> will, upon such conversion, be duly and validly authorized and issued, fully paid
and non-assessable, free from all preemptive rights, free from all taxes, liens, security interests, charges and encumbrances (other than liens, security interests, charges or encumbrances created by or imposed upon the Holder or taxes in respect of
any transfer occurring contemporaneously therewith). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The issuance of shares of
Class&nbsp;A Common Stock or Series A Preferred Stock upon conversion of shares of Series C Preferred Stock in accordance with this <U>Section&nbsp;8</U> shall be made without payment of additional consideration by, or other charge, cost or tax to,
the Holder in respect thereof; <I>provided, however</I>, that the Corporation shall not be required to pay any tax or other governmental charge that may be payable with respect to the issuance or delivery of any shares of Class&nbsp;A Common Stock
or Series A Preferred Stock in the name of any Person other than the Holder of the converted shares, and no such delivery shall be made unless and until the Person requesting such issuance has paid to the Corporation the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">
amount of any such tax or charge, or has established to the satisfaction of the Corporation that such tax or charge has been paid or that no such tax or charge is due. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall at all times reserve and keep available, free from any
preemptive rights, out of its authorized but unissued shares of Series A Preferred Stock and Class&nbsp;A Common Stock, for the sole purpose of effecting such conversion, the full number of shares of Series A Preferred Stock and Class&nbsp;A Common
Stock as shall from time to time be issuable upon the conversion of all the outstanding shares of the Series C Preferred Stock at the Class&nbsp;A Common Equivalent Number. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with any conversion of Series C Preferred Stock in accordance with
this <U>Section&nbsp;8</U>, the Corporation shall either (i)&nbsp;register under the Securities Act (on Form S-3 or any other appropriate form) the issuance of the shares of Series A Preferred Stock or Class&nbsp;A Common Stock to be issued in
connection with such conversion or (ii)&nbsp;otherwise provide for such shares of Series A Preferred Stock or Class&nbsp;A Common Stock issuable upon conversion to be freely tradable upon issuance, including by causing an opinion of counsel to be
delivered to the Corporation&#146;s transfer agent to permit the issuance of such shares of the Corporation&#146;s capital stock without restrictive legends. Each Holder thereof, or its designated representative acting on its behalf, shall provide
any information, authorizations or agreements reasonably required by the Corporation in order to effectuate any such registration on Form S-3 and any sales of Series A Preferred Stock or Class&nbsp;A Common Stock pursuant thereto and the
Corporation&#146;s obligations under this <U>Section&nbsp;8(f)</U> with respect to such Holder and any such shares held by such Holder shall be subject to the receipt of such information, authorizations or agreements in relation to such Holder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Redeemed, Repurchased or Reacquired Shares; Redemption</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Shares of Series C Preferred Stock that have been redeemed, repurchased or reacquired by the Corporation shall be restored to the
status of authorized, unissued and undesignated shares that shall be available for future issuance. Upon the reduction of the Class&nbsp;A Common Equivalent Number to zero (0), whether as a result of adjustments pursuant to <U>Section&nbsp;8</U> or
<U>Section&nbsp;10</U>, the Corporation may, at its option, redeem all (but not less than all) of the Series C Preferred Stock, at a redemption rate of $0.0001 per share, by delivering notice of redemption to the Holders, such that no shares of
Series C Preferred Stock remain outstanding from and after such time, and all such shares shall be restored to the status of authorized, unissued and undesignated shares that shall be available for future issuance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustment for Covered Losses</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within three (3)&nbsp;months of the final determination of the allocation of any
Covered Loss with respect to any Europe Covered Claim pursuant to Clause 13 and/or Clause 21.2, as applicable, of the Preferred Stock Litigation Management Deed (an &#147;<U>Incurred Loss</U>&#148;), the Corporation shall give written notice of such
Incurred Loss (an &#147;<U>Incurred Loss Notice</U>&#148;) to the VE Member Representative. Each Incurred Loss Notice shall be certified by an officer of the Corporation and shall set forth, (i)&nbsp;the amount of such Incurred Loss in Dollars (the
&#147;<U>Incurred Loss Amount</U>&#148;) and, with respect to any Incurred Loss that is in a currency other than Dollars, the conversion calculation pursuant to <U>Section&nbsp;10(c)</U>, (ii)&nbsp;the date on which the Incurred Loss was suffered or
incurred (the &#147;<U>Incurred Loss Date</U>&#148;), (iii)&nbsp;the date on which the adjustment to the Class&nbsp;A Common Equivalent Number is to be adjusted pursuant to <U>Section&nbsp;10(b)</U> and (iv)&nbsp;a brief description of the legal and
factual basis of the Incurred Loss. The Corporation shall not make any adjustment pursuant to this <U>Section&nbsp;10</U> with respect to any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">
Covered Loss unless and until such Covered Loss has been allocated as a Europe Covered Claim in accordance with Clause 13 and/or Clause 21.2, as applicable, of the Preferred Stock Litigation
Management Deed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within ten (10)&nbsp;Business Days following the
Corporation&#146;s issuance of any Incurred Loss Notice or such later date as may be specified by the Corporation in the Incurred Loss Notice, the Class&nbsp;A Common Equivalent Number shall, subject to <U>Section&nbsp;10(d)</U>, be automatically
adjusted to reflect the Incurred Loss Amount (an &#147;<U>Incurred Loss Adjustment Event</U>&#148;) such that, following each such adjustment, the new Class&nbsp;A Common Equivalent Number shall equal: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">i)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">the Class&nbsp;A Common Equivalent Number prior to such adjustment <I>minus </I> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">ii)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">the result, rounded to the nearest one one-thousandth, of </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="21%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(1)</P></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">(x) the Incurred Loss Amount <I>divided by</I> (y)&nbsp;the Series C Number <I>divided by</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:21%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Fair Market Value of the Class&nbsp;A Common Stock as of the date of such adjustment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amount of any Incurred Loss suffered or incurred in a currency other than
Dollars shall be converted into Dollars based on the average of the applicable exchange rate reported by Bloomberg at 5:00 p.m. New York time on each day during the ten (10)&nbsp;trading-day period ending on the last trading day preceding the
Incurred Loss Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There shall not be more than one Incurred Loss Adjustment
Event within any six (6)-month period; <I>provided</I>, <I>however</I>, that the Corporation may specify a date on which multiple Incurred Loss Amounts within one fiscal year of such date will be reflected on an aggregate basis in one Incurred Loss
Adjustment Event. In the event that any Incurred Loss Adjustment Event would occur by operation of <U>Section&nbsp;10(b)</U> within any six (6)-month period in which an Incurred Loss Adjustment Event has already occurred, such subsequent Incurred
Loss Adjustment Event shall be deferred to the first Business Day of the next six (6)-month period unless the Corporation specifies a later date in the relevant Incurred Loss Notice. The foregoing provisions of this <U>Section&nbsp;10(d)</U> shall
not apply to an Incurred Loss Amount that is equal to or in excess of Twenty Million Euros (<FONT STYLE="font-family:Times New Roman">&#128;</FONT>20,000,000), and an Incurred Loss Adjustment Event with respect to such Incurred Loss Amount shall not
be taken into account for purposes of determining the foregoing six (6)-month period limitation. In the event of any Incurred Loss Amount that is equal to or in excess of Twenty Million Euros
(<FONT STYLE="font-family:Times New Roman">&#128;</FONT>20,000,000), the Loss Adjustment Event with respect to such Incurred Loss Amount may include any other Incurred Loss Amounts then outstanding pending aggregation pursuant to the first sentence
of this <U>Section&nbsp;10(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For all U.S. federal (and applicable U.S.
state and U.S. local) income tax purposes, the Corporation agrees to and, by holding the Series C Preferred Stock, each Holder agrees to (i)&nbsp;treat each Incurred Loss Adjustment Event as an adjustment to the consideration paid by the Corporation
for the equity interests in Visa Europe pursuant to the Transaction Agreement, except to the extent otherwise required by applicable Law (including a &#147;determination&#148; within the meaning of Section&nbsp;1313(a) of the Internal Revenue Code
of 1986, as amended, or any similar provision of state or local Law) and (ii)&nbsp;file all relevant U.S. federal (and applicable U.S. state and U.S. local) income tax returns in a manner consistent </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">11 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">
with the treatment described in the immediately preceding clause (i). In the event that a Holder is not the Beneficial Owner, for U.S. federal income tax purposes, of all of the shares of Series
C Preferred Stock held by it, such Holder shall use all reasonable efforts to cause any Person that is treated as the owner, for U.S. federal income tax purposes, of any shares of Series C Preferred Stock held by such Holder to comply with clauses
(i)&nbsp;and (ii)&nbsp;of the preceding sentence. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following any Incurred Loss
Adjustment Event in accordance with <U>Section&nbsp;10(b)</U>, no Holder or any of its Affiliates shall have any liability to the Corporation or any of its Affiliates for any Covered Loss to the extent reflected in such Incurred Loss Adjustment
Event; <I>provided</I>, that the foregoing shall not preclude the Corporation from recovering against any Holder in respect of any Covered Loss suffered in connection with the same Covered Claim pursuant to successive or separate awards of damages,
costs or expenses, including interim and final awards and/or separate costs orders in the same Covered Claim. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Record Holders</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">To the fullest extent permitted by applicable Law, the Corporation and the Corporation&#146;s transfer agent for the Series C Preferred
Stock may deem and treat the Holder of any share of Series C Preferred Stock as the true and lawful owner thereof for all purposes, and neither the Corporation nor such transfer agent shall be affected by any notice to the contrary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Form</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Any certificate representing shares of Series C Preferred Stock shall bear a legend that the shares represented by such certificates
have not been registered under the Securities Act and are subject to the restrictions on transferability set forth in this Certificate of Designations. If any shares of Series C Preferred Stock are not represented by a certificate, the Corporation
reserves the right to require that an analogous notification be used in order to reflect on the books and records of the Corporation such restrictions with respect to such shares of Series C Preferred Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Except as otherwise expressly provided hereunder, all notices and other communications referred to herein shall be in writing and
delivered personally or sent by first class mail, postage prepaid, or by reputable overnight courier service, charges prepaid: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Corporation as follows, or as otherwise specified in a written notice
given to each of the Holders and the VE Member Representative in accordance with this <U>Section&nbsp;13</U>: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Visa Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">900 Metro Center Boulevard </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Foster City, California 94404, U.S.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Counsel </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to any Holder, by e-mail if such Holder has provided an e-mail address to the
Corporation or its transfer agent for purposes of notification, or, if no such e-mail address is available, to such Holder&#146;s address as it appears in the stock records of the Corporation or as otherwise specified in a written notice given by
such Holder to the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">12 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">
Corporation or, at the Corporation&#146;s option with respect to any notice from the Corporation to a Holder, in accordance with customary practices of the Corporation&#146;s transfer agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the VE Member Representative as follows, or as otherwise specified in a
written notice given to the Corporation and each of the Holders in accordance with this <U>Section&nbsp;13</U>: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">441 Trust Company
Limited </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">C/o Moore Stephens </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">150 Aldersgate Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">London EC1A 4AB, United Kingdom </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adrian Phillips (General Counsel) and </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:24%; font-size:11pt; font-family:ARIAL" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marco Bolgiani (CEO) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any such notice or communication given as provided in this <U>Section&nbsp;13</U>
shall be deemed received by the receiving party upon: actual receipt, if delivered personally; actual delivery, if delivered in accordance with customary practices of the Corporation&#146;s transfer agent; five (5)&nbsp;Business Days after deposit
in the mail, if sent by first class mail; on the next Business Day after deposit with an overnight courier, if sent by an overnight courier; or on the next Business Day after transmission, if sent by e-mail. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Whenever possible, each provision hereof shall be interpreted in a manner as to be effective and valid under applicable Law, but if any
provision hereof is held to be prohibited by or invalid under applicable Law, then such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating or otherwise adversely affecting the remaining
provisions hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Replacement Certificates</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">The Corporation shall replace any mutilated certificate at the Holder&#146;s expense, upon surrender of that certificate to the
Corporation. The Corporation shall replace certificates that become destroyed, stolen or lost at the Holder&#146;s expense, upon delivery to the Corporation of reasonably satisfactory evidence that the certificate has been destroyed, stolen or lost,
together with any indemnity that may be reasonably required by the Corporation and any other documentation as may be required by the Corporation&#146;s transfer agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Preemptive Rights</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">No share of Series C Preferred Stock shall have any rights of preemption whatsoever as to any securities of the Corporation, or any
warrants, rights or options issued or granted with respect thereto, regardless of how such securities, or such warrants, rights or options, may be designated, issued or granted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Notwithstanding anything herein to the contrary, the Corporation shall have the right to deduct and withhold from any payment or
distribution (or deemed distribution) made with respect to a share of Series C Preferred Stock and from the issuance of any Class&nbsp;A Common Stock or Series A Preferred Stock upon its conversion such amounts as are required to be
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">13 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">
deducted or withheld with respect to the making of such payment or distribution or such issuance under any applicable tax Law and, in the event that any amounts are deducted or withheld, the
Corporation shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable Law. To the extent that any amounts are so deducted or withheld, such deducted or withheld amounts shall be
treated for all purposes of this Certificate of Designations and the relevant share of Series C Preferred Stock as having been paid to the Holder of such share of Series C Preferred Stock. After any payment of taxes by the Corporation to a
Governmental Authority with respect to a Holder pursuant to this <U>Section&nbsp;17</U>, upon the written request by such Holder, the Corporation shall deliver to such Holder the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment or other customary evidence of such payment reasonably satisfactory to such Holder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Rights</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">The shares of Series C Preferred Stock shall not have any rights, preferences, privileges or voting powers or relative, participating,
optional or other special rights, or qualifications, limitations or restrictions thereof, other than as set forth herein or in the Certificate of Incorporation or as required by applicable Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Section&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defined Terms</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Capitalized terms used and not otherwise defined in this Certificate of Designations shall have their respective meanings as defined
below: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Additional Assessment</U>&#148; means a conversion assessment following a request by the VE Member Representative, on one
(1)&nbsp;occasion between the fourth and the eighth anniversaries of the Closing Date, as more fully set forth in the Preferred Stock Litigation Management Deed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Adjustment Date Price</U>&#148; means the average of the highest and lowest quoted trading prices of the Class&nbsp;A Common Stock on its
principal trading market on (i)&nbsp;in the case of an adjustment occurring pursuant to <U>Section&nbsp;3(b)ii)</U> or <U>Section&nbsp;3(b)iii)</U>, the ex-dividend date, and (ii)&nbsp;in the case of an adjustment occurring pursuant to
<U>Section&nbsp;3(d)</U>, the first trading day following the effectiveness of the Class&nbsp;A Common Event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Affiliate</U>&#148; has the
meaning assigned to such term in Rule 12b-2 of the General Rules and Regulations under the Exchange Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Beneficial Owner</U>&#148; has
the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act (or any successor rules), except that in calculating the beneficial ownership of any particular Person, for purposes solely of this Certificate of Designations,
and not for purposes of such rules, such Person will be deemed to have beneficial ownership of all securities that such Person has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is
exercisable only upon the occurrence of a subsequent condition. The terms &#147;<U>Beneficially Owns</U>,&#148; &#147;<U>Beneficial Ownership</U>&#148; and &#147;<U>Beneficially Owned</U>&#148; have a corresponding meaning. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Board</U>&#148; has the meaning set forth in the preamble. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">14 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Business Day</U>&#148; means any day except a Saturday, a Sunday and any day which in New York,
New York, United States shall be a legal holiday or a day on which banking institutions are authorized or required by Law or other government action to close. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Certificate of Designations</U>&#148; means this Certificate of Designations relating to the Series C Preferred Stock, as it may be amended
from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Certificate of Incorporation</U>&#148; means the Sixth Amended and Restated Certificate of Incorporation of the
Corporation, as it may be amended from time to time, and shall include this Certificate of Designations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Class A Common Eligible
Holder</U>&#148; means a Holder that is eligible to hold Class&nbsp;A Common Stock without automatic conversion into any shares of any other class of Common Stock pursuant to the Certificate of Incorporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Class A Common Equivalent Number</U>&#148; means, with respect to each share of Series C Preferred Stock, the number of shares of underlying
Class&nbsp;A Common Stock, issuable upon conversion, or represented by the Series A Preferred Stock issuable upon conversion, pursuant to <U>Section&nbsp;8</U>, at an initial conversion rate of 13.952, as the same shall be adjusted from time to time
in accordance with the terms of this Certificate of Designations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Class A Common Event</U>&#148; has the meaning set forth in
<U>Section&nbsp;3(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Class A Common Stock</U>&#148; means the Class&nbsp;A common stock, par value $0.0001 per share of the
Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Class B Common Stock</U>&#148; means the Class B common stock, par value $0.0001 per share of the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Class C Common Stock</U>&#148; means the Class C common stock, par value $0.0001 per share of the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Closing Date</U>&#148; means June&nbsp;21, 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Combined Dividend</U>&#148; has the meaning set forth in <U>Section&nbsp;3(b)iii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Common Event VWAP</U>&#148; has the meaning set forth in <U>Section&nbsp;3(g)iii)(b)(ii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Common Stock</U>&#148; means the Class&nbsp;A Common Stock, the Class B Common Stock and the Class C Common Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Control</U>&#148; has the meaning assigned to such term in Rule 12b-2 of the General Rules and Regulations under the Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Conversion Adjustment</U>&#148; has the meaning set forth in <U>Section&nbsp;8(b)ii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Corporation</U>&#148; has the meaning set forth in the preamble. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Covered Claim</U>&#148; has the meaning assigned to such term in the Preferred Stock Litigation Management Deed. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">15 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Covered Loss</U>&#148; has the meaning assigned to such term in the Preferred Stock Litigation
Management Deed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Daily VWAP</U>&#148; means the volume-weighted average price per share for any given trading day, as displayed under the
heading &#147;Bloomberg VWAP&#148; on Bloomberg page V &lt;equity&gt; VWAP (or any equivalent successor page) in respect of the period from 9:30 am EST to 4:00 pm EST, or if such volume-weighted average price is unavailable, Reuters volume weighted
average price shall be used as displayed under their &#147;Time Series Data&#148; for the Corporation (/V.N) using the &#147;Vol x Prc1&#148; field; or if such volume-weighted average price is unavailable, the market value per share of the
Class&nbsp;A Common Stock on such trading day as calculated by the Corporation using a volume weighted average that uses the price and volume of each trade of Class&nbsp;A Common Stock on the New York Stock Exchange from 9:30 am EST to 4:00 pm EST
for that trading day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Dividend FMV</U>&#148; means, with respect to any Extraordinary Class&nbsp;A Common Dividend that is paid other than
in cash, the fair market value of such Extraordinary Class&nbsp;A Common Dividend per share of Common Stock as determined by the Board in good faith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Dollars</U>&#148; and &#147;<U>$</U>&#148; means the lawful currency of the United States of America. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Europe Covered Claim</U>&#148; has the meaning assigned to such term in the Preferred Stock Litigation Management Deed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Exchange Act</U>&#148; means the U.S. Securities Exchange Act of 1934, as amended (or any successor legislation which shall be in effect at the
time). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Existing English High Court Claims</U>&#148; shall have the meaning assigned to such term in the Preferred Stock Litigation
Management Deed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Extraordinary Class&nbsp;A Common Dividend</U>&#148; has the meaning set forth in <U>Section&nbsp;3(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Extraordinary Dividend VWAP</U>&#148; has the meaning set forth in <U>Section&nbsp;3(b)ii)(b)(y)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Fair Market Value</U>&#148; of the Class&nbsp;A Common Stock means the weighted average of the Daily VWAP of the Class&nbsp;A Common Stock on
its principal trading market during the ten (10)&nbsp;full trading days prior to (but not including) the applicable reference date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>First
Step</U>&#148; has the meaning set forth in <U>Section&nbsp;3(g)iii)(c)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Governmental Authority</U>&#148; means any United States,
European Union, national, federal, state, provincial, county, municipal or other local government or governmental department, commission, board, bureau, agency or instrumentality, or any court, in each case whether of the United States of America or
any other country applicable to a specified Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Holder</U>&#148; means a holder of record of one or more shares of Series C Preferred
Stock, as reflected in the stock records of the Corporation or the transfer agent, which may be treated by the Corporation and the transfer agent as the absolute owner of such shares for all purposes to the fullest extent permitted by applicable
Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Incurred Loss</U>&#148; has the meaning set forth in <U>Section&nbsp;10(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Incurred Loss Adjustment Event</U>&#148; has the meaning set forth in <U>Section&nbsp;10(b)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">16 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Incurred Loss Amount</U>&#148; has the meaning set forth in <U>Section&nbsp;10(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Incurred Loss Date</U>&#148; has the meaning set forth in <U>Section&nbsp;10(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Incurred Loss Notice</U>&#148; has the meaning set forth in <U>Section&nbsp;10(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Junior Stock</U>&#148; means the Common Stock and any other class or series of stock of the Corporation that ranks junior to the Series C
Preferred Stock either or both as to the payment of dividends and/or as to the distribution of assets on any Liquidation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Law</U>&#148;
means any statute, law, ordinance, rule or regulation of any Governmental Authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Liability Coverage Reduction Amount</U>&#148; has the
meaning set forth in <U>Section&nbsp;8(b)i)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Liquidation</U>&#148; has the meaning set forth in <U>Section&nbsp;4(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Liquidation Preference</U>&#148; has the meaning set forth in <U>Section&nbsp;4(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Maximum Per Share Withholding Tax</U>&#148; has the meaning set forth in <U>Section&nbsp;3(g)i)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Parity Stock</U>&#148; means any class or series of stock of the Corporation that ranks equally with the Series C Preferred Stock both in the
payment of dividends and in the distribution of assets on any Liquidation. Without limiting the foregoing, Parity Stock shall include the Corporation&#146;s Series&nbsp;B Preferred Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Person</U>&#148; means an individual, corporation, partnership, limited liability company, estate, trust, common or collective fund,
association, private foundation, joint stock company or other entity and includes a group as that term is used for purposes of Section&nbsp;13(d)(3) of the Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Post-Dividend VWAP</U>&#148; has the meaning set forth in <U>Section&nbsp;3(g)iii)(a)(ii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Pre-Tax Adjusted Class&nbsp;A Common Equivalent Number</U>&#148; has the meaning set forth in <U>Section&nbsp;3(g)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Preferred Stock</U>&#148; means any and all series of preferred stock of the Corporation, including the Series C Preferred Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Preferred Stock Litigation Management Deed</U>&#148; means the Litigation Management Deed, dated June&nbsp;21, 2016, among the Corporation, the
VE Member Representative and the other parties thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Scheduled Assessment Date</U>&#148; means (a)&nbsp;each of the fourth, sixth,
eighth, ninth, tenth, eleventh and twelfth year anniversaries of the Closing Date and annually thereafter and (b)&nbsp;the date that is three months following the final resolution of all of the Existing English High Court Claims (whether by a
settlement or final and non-appealable judgment). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Second Step</U>&#148; has the meaning set forth in <U>Section&nbsp;3(g)iii)(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Securities Act</U>&#148; means the U.S. Securities Act of 1933, as amended from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Series A Preferred Stock</U>&#148; means the Series A preferred stock of the Corporation, par value $0.0001 per share. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">17 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Series&nbsp;B Preferred Stock</U>&#148; means the Series B preferred stock of the Corporation, par
value $0.0001 per share. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Series C Number</U>&#148; means, as of a given date, the number of shares outstanding of Series C Preferred
Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Series C Preferred Stock</U>&#148; has the meaning set forth in <U>Section&nbsp;1</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Transaction Agreement</U>&#148; means the transaction agreement entered into on November&nbsp;2, 2015, between the Corporation and Visa Europe,
and as amended or adhered to from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Transfer</U>&#148; means any issuance, sale, transfer, gift, assignment, distribution,
devise or other disposition, directly or indirectly, by operation of Law or otherwise, as well as any other event that causes any Person to acquire Beneficial Ownership, or any agreement to take any such actions or cause any such events, of Series C
Preferred Stock, including (a)&nbsp;the granting or exercise of any option (or any disposition of any option), (b)&nbsp;any disposition of any securities or rights convertible into or exchangeable for Series C Preferred Stock or any interest in
Series C Preferred Stock or any exercise of any such conversion or exchange right and (c)&nbsp;&#147;Transfers&#148; of interests in other entities that result in changes in Beneficial Ownership of Series C Preferred Stock, in each case, whether
voluntary or involuntary, whether owned of record, or Beneficially Owned and whether by merger, operation of Law or otherwise; <I>provided</I>, <I>however</I>, that the mere change of Control of any Person, the equity securities of which are
publicly traded, shall not, in and of itself, constitute a Transfer unless a purpose of such change of Control is to acquire ownership of any shares of Series C Preferred Stock. The terms &#147;<U>Transferable</U>,&#148;
&#147;<U>Transferring</U>,&#148; &#147;<U>Transferred</U>,&#148; &#147;<U>Transferee</U>&#148; and &#147;<U>Transferor</U>&#148; shall have the correlative meanings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Unadjusted Class&nbsp;A Common Equivalent Number</U>&#148; has the meaning set forth in Section&nbsp;3(b)ii)(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>VE Member Representative</U>&#148; means 441 Trust Company Limited, a private company limited by guarantee and incorporated in England and
Wales under number 9918839 whose registered address is at 150 Aldersgate Street, London EC1A 4AB, United Kingdom. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Visa Europe</U>&#148;
means Visa Europe Limited, a company incorporated under the laws of England and Wales. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">&#147;<U>Withholding Consideration</U>&#148; has the meaning
set forth in <U>Section&nbsp;3(g)ii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">18 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:11pt; font-family:ARIAL" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, the undersigned has caused this Certificate of Designations to
be executed by its duly authorized officer on this 20<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of June, 2016. </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="77%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" COLSPAN="5"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt"><B>VISA INC.</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">By:</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt"><I>/s/ Kelly Mahon Tullier</I></P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Kelly Mahon Tullier</P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Corporate Secretary</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>5
<FILENAME>d212927dex101.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="right"><B>EXHIBIT 10.1 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="right"><U>EXECUTION VERSION </U></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:65%">&nbsp;</P></center> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center"><B>DATED 21 JUNE 2016 </B></P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>LITIGATION MANAGEMENT DEED </B></P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center"><B>THE VE
MEMBER REPRESENTATIVE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center"><B>(as defined herein) </B></P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center"><B>VISA INC. </B></P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center"><B>THE LMC APPOINTING MEMBERS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center"><B>(as defined
herein) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center"><B>THE UK&amp;I DCC APPOINTING MEMBERS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center"><B>(as defined herein) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center"><B>THE EUROPE DCC
APPOINTING MEMBERS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center"><B>(as defined herein) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center"><B>THE UK&amp;I DCC INTERESTED MEMBERS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center"><B>(as
defined herein) </B></P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:65%">&nbsp;</P></center>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify">&nbsp;&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center"><B>CONTENTS </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


<TR>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="93%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11.5pt">
<TD VALIGN="bottom" COLSPAN="3"><B>Clause</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Definitions and Interpretation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Appointment of VEMR Directors</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Decisions and Actions of the VE Member Representative</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Composition of the Litigation Management Committee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Composition of the UK&amp;I DCC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Composition of the Europe DCC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Decisions of the Litigation Management Committee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Decisions of the UK&amp;I DCC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Decisions of the Europe DCC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Notification of Covered Claims</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Attribution of Covered Claims</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Management of Covered Claims</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Allocation of Covered Losses</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Release Assessments for Conversion of Preferred Stock</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Confidentiality and Privilege</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Termination</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Notices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">18.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Authority</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">19.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Entire Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">20.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Miscellaneous</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">21.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Governing Law, Jurisdiction and Remedies</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


<TR>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>

<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Schedule&nbsp;1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">The LMC Appointing Members</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Schedule&nbsp;2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">UK&amp;I DCC Appointing Members</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Schedule&nbsp;3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Europe DCC Appointing Members</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Schedule&nbsp;4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">UK&amp;I DCC Interested Members</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


<TR>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="90%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>

<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Exhibit&nbsp;1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Form of Confidentiality Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify">&nbsp;&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; i &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify">&nbsp;&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>THIS DEED</B> is dated 21&nbsp;June 2016 and made between: </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>PARTIES </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>441 TRUST COMPANY LIMITED</B>, a private company limited by guarantee and incorporated in England and Wales under
number 9918839 whose registered address is at 150 Aldersgate St, London, EC1A 4AB, United Kingdom, in its capacity as trustee to represent those VE Members (as defined below) designated as beneficiaries in accordance with the VEMR Trust Documents
(as defined below) (the&nbsp;&#147;<B>VE Member Representative</B>&#148;) </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>VISA INC.</B>, a company incorporated under the laws of the State of Delaware (&#147;<B>Visa Inc.</B>&#148;)
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>THE PERSONS</B> whose names and further details are set out in Schedule&nbsp;1 (the&nbsp;&#147;<B>LMC Appointing
Members</B>&#148;) </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>THE PERSONS</B> whose names and further details are set out in Schedule&nbsp;2 (the&nbsp;&#147;<B>UK&amp;I DCC
Appointing Members</B>&#148;) </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>THE PERSONS</B> whose names and further details are set out in Schedule&nbsp;3 (the&nbsp;&#147;<B>Europe DCC
Appointing Members</B>&#148;) </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>THE PERSONS </B>whose names and further details are set out in Schedule&nbsp;4 (the &#147;<B>UK&amp;I DCC
Interested Members</B>&#148;) </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>RECITALS </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(A)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">In connection with the acquisition by Visa Inc. of the entire issued and outstanding share capital of Visa Europe (as
defined below) (the &#147;<B>Transaction</B>&#148;), the parties hereto (the&nbsp;&#147;<B>Parties</B>&#148;) have agreed to enter into this Deed for the purposes set out below. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(B)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The VE Member Representative was established pursuant to the VEMR Constitutional Documents and the VEMR Trust
Documents to represent those VE Members (each as defined below) designated as beneficiaries under the VEMR Trust Documents following the Closing (as defined below) in connection with, among other things, the matters described in this Deed.
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(C)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">It has been agreed that each Appointing Member (as defined below) will be entitled, with effect from Closing, to
appoint a VEMR Director (as defined below) in accordance with this Deed and the VEMR Constitutional Documents. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(D)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Each Appointing Member will be entitled (in accordance with this Deed and the VEMR Constitutional Documents) to
nominate its appointed VEMR Director to either (or both) (i) the Litigation Management Committee (LMC) and/or (ii) the UK&amp;I Domestic Claims Committee (UK&amp;I DCC) or the Europe Domestic Claims Committee (Europe DCC), respectively (each as
defined below). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify">&nbsp;&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 2 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(E)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Each UK&amp;I DCC Interested Member will be entitled (in accordance with this Deed) to nominate its appointed UK&amp;I
DCC Observer (as defined below) to attend UK&amp;I DCC meetings and to receive information regarding matters concerning the UK&amp;I DCC. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(F)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The LMC, UK&amp;I DCC and Europe DCC are each committees of the VEMR Board (as defined below) which are authorised to
bind, make decisions and take actions on behalf of the VE Member Representative in accordance with the terms of this Deed and the VEMR Constitutional Documents.&nbsp;Decisions of such committees taken in accordance with this Deed shall be binding on
the VE Member Representative. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(G)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">In particular, the LMC is authorised, under the terms of this Deed and the VEMR Constitutional Documents, to bind,
make decisions and take actions on behalf of, the VE Member Representative in respect of all matters described in this Deed, save in respect of matters where, under the terms of this Deed, the VE Member Representative may be bound, or decisions or
actions made or taken on its behalf, by the UK&amp;I DCC or the Europe DCC. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>AGREEMENT </B></P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Definitions and Interpretation</B> </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">In this Deed the following words shall have the following meanings: </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Accelerated Conversion</B>: has the meaning given in Clause 14.1; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Affiliate</B>: in relation to a Person, any Person directly or indirectly Controlling, Controlled by or under direct or indirect
common Control with that Person and, in respect of an Appointing Member or UK&amp;I DCC Interested Member, any Subsidiary Undertaking or Parent Undertaking of that Appointing Member or UK&amp;I DCC Interested Member, or any Subsidiary Undertaking of
any such Parent Undertaking of that Appointing Member or UK&amp;I DCC Interested Member, but shall not, for the avoidance of doubt, include (i) in respect of Visa Inc., any Appointing Member or UK&amp;I DCC Interested Member or any shareholder of
Visa Inc., and (ii) in respect of any Appointing Member or UK&amp;I DCC Interested Member, Visa Inc.; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Appointing Members</B>:
together, the LMC Appointing Members, the UK&amp;I DCC Appointing Members and the Europe DCC Appointing Members; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Assessment
Date</B>: has the meaning given in Clause 14.1; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Business Day</B>: any day other than a Saturday, Sunday or any other day which
is a public or federal holiday in any of London (United Kingdom), New York City (USA) or Foster City, California (USA); </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>CEO
Assessment</B>: has the meaning given in Clause 14.6; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Class A Common Equivalent Number</B>: has the meaning given in the
Certificates of Designations of the UK&amp;I Preferred Stock and the Europe Preferred Stock; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 3 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Class A Common Stock</B>: means the Class A Common Stock of Visa Inc., par value
$0.0001 per share; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Class A Equivalent Preferred Stock</B>: means the Series A Convertible Participating Preferred Stock of
Visa Inc., par value $0.0001 per share; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Closing</B>: means the closing of the Transaction pursuant to the terms of the
Transaction Agreement; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Closing Cash Consideration</B>: has the meaning given in the Transaction Agreement; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Contingent Liability Risk</B>: has the meaning given in Clause 14.2; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Control</B>: in relation to a Person, the possession, direct or indirect, of the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise (and &#147;<B>Controlled</B>&#148; and &#147;<B>Controlling</B>&#148; shall be construed accordingly); </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Conversion Adjustment</B>: has the meaning given in the Certificates of Designations of the UK&amp;I Preferred Stock and the Europe
Preferred Stock; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Covered Claims</B>: shall mean any claim, demand, action, cause of action, set-off, right, suit, arbitration,
inquiry, proceeding or investigation of any nature whatsoever (including investigations or other proceedings by or before any Governmental Authority commenced or threatened in the Visa Europe Territory, but excluding the European Commission&#146;s
ongoing investigation into Inter-Regional MIFs (Case AT.39398)) concerning: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">&nbsp;(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">any Domestic MIFs, Intra-Regional MIFs or Inter-Regional MIFs that apply to transactions in the Visa Europe Territory
during the Covered Period (provided that any &#145;Covered Claims&#146; in respect of Inter-Regional MIFs shall be subject to the VE Inter Contribution (as defined below)); or </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">point of sale rules (including the &#145;Honour All Cards&#146; or &#145;No Surcharge&#146; rules) that apply to
transactions in the Visa Europe Territory during the Covered Period where the measure of alleged injury, damage or loss is based wholly or substantially on the level of MIFs paid in transactions in the Visa Europe Territory during the Covered
Period, </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">(each, a &#147;<B>Claim</B>&#148;) </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">including in each case: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">any Claim relating to antitrust or competition laws, regulations or rules; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">any Claim that is existing, including the Existing English High Court Claims; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">any other Claim arising out of facts or circumstances similar to those alleged in any existing &#145;Covered
Claims&#146; brought in the English High Court; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 4 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">any Claim in respect of which a claim form has been issued in the English High Court against any of Visa Inc., Visa
Europe, Visa UK and/or any of their respective Affiliates, but where, as a result of an agreement to extend the time limit for service of the claim form, the claim form has yet to be served; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">any Claim which has been preserved by way of standstill agreement to which any of Visa Inc., Visa Europe, Visa UK
and/or any of their respective Affiliates is a party; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">any Claim relating to consumer protection laws, regulations or rules, including those under the Competition Act 1998
and/or the Enterprise Act 2002 as amended by the Consumer Rights Act 2015, </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">regardless of: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">whether a Claim presently exists or hereafter arises after this Deed is signed; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">whether a Claim is known or unknown to any of Visa Inc., Visa Europe, Visa UK and/or any of their respective
Affiliates (or to the law) at Closing; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">whether or not a Claim is in the contemplation of the parties thereto or the Parties; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">the country within the Visa Europe Territory in which a Claim is filed, commenced, asserted, threatened and/or
instigated; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">whether the Claim is brought against any of Visa Inc., Visa Europe, Visa UK and/or any of their respective Affiliates;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">whether the Claim is brought by any Governmental Authority, corporate entity (including retailers and merchants),
consumer (or group or class of consumers) or any other claimant entity or entities; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;(vii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">the specific entities or members that set the rates/rules or took other actions or decisions which are the subject of
the Claim; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">the views of Visa Inc., Visa Europe, Visa UK, any of their respective Affiliates and/or of any VE Members as to the
merits of such Claim; and/or </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;(ix)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">whether or not they relate to one or more Domestic Covered Claims and/or Intra-Regional Covered Claims and/or
Inter-Regional Covered Claims (provided always that any &#145;Covered Claims&#146; in respect of Inter-Regional MIFs shall be subject to the VE Inter Contribution); </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Covered Losses</B>: all and any existing or future liabilities, damages (including punitive, treble, or other enhanced or exemplary
damages), judgments, awards, assessments, settlements, fines, penalties, interest, reasonable costs and expenses (including reasonable attorney fees and costs) and any other losses of any nature whatsoever arising out of, or resulting from, any
Covered Claims, which in each </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 5 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">
case have either been paid or are due and payable (provided always that any &#145;Covered Losses&#146; in respect of Inter-Regional MIFs shall be limited to the VE Inter Contribution); </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Covered Period</B>: the period: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">&nbsp;(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">before Closing; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">from and after Closing until the date on which Visa Inc. or any of its Controlled Affiliates is legally permitted to
set the MIF to which the relevant Covered Claim(s) relate(s); </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>DCC</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Majority</B>: means both: </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">at least a 66% majority by number of UK&amp;I DCC Representatives or Europe DCC Representatives, as applicable; and
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">at least a 66% majority by DCC Voting Proportion of UK&amp;I DCC Appointing Members (exerciseable by each of their
respective UK&amp;I DCC Representatives) or Europe DCC Appointing Members (exerciseable by each of their respective Europe DCC Representatives), as applicable; </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>DCC Voting Proportion</B>: means, in relation to a UK&amp;I DCC Appointing Member or a Europe DCC Appointing Member (as
applicable), a percentage amount equal to <I>A</I> (rounded to the nearest sixth decimal), where: </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><I>A = (B / C) x 100 </I></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">and where: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><I>B</I></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">is an amount equal to the Closing Cash Consideration received by the relevant UK&amp;I DCC Appointing Member or Europe
DCC Appointing Member; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">C</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">is the aggregate amount of Closing Cash Consideration received by, when the calculation relates to:
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">a UK&amp;I DCC Appointing Member, all of the UK&amp;I DCC Appointing Members and the UK&amp;I DCC Interested Members,
taken together; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">a Europe DCC Appointing Member, all of the Europe DCC Appointing Members, taken together; </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Deed</B>: has the meaning given in Clause 1.2.4; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Disputed Covered Claim</B>: has the meaning given in Clause 10.2; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Domestic Covered Claims</B>: such part of any Covered Claims (i) as involves, concerns or relates to any of the Domestic MIFs (as
distinct from Intra-Regional MIFs or Inter-Regional MIFs) or (ii) where the measure of alleged injury, damage or loss is based in whole or in part on the level of Domestic MIFs (but when in part, only to the extent of that part); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 6 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Domestic MIF</B>: a MIF applicable to a Domestic Transaction (regardless of the
method for setting such MIF); </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Domestic Transaction</B>: a transaction where the merchant outlet and the issuer are based in
the same jurisdiction in the Visa Europe Territory; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Europe Covered Claims</B>: means (a) Europe Domestic Covered Claims, (b)
the Europe Share of Intra-Regional Covered Claims and (c) the Europe Share of VE Inter-Regional Covered Claims; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Europe DCC
Appointing Member</B>: has the meaning given in the preamble, or any other VE Member which is incorporated and/or domiciled in the Visa Europe Territory but outside of the United Kingdom and the Republic of Ireland and which has a right to appoint a
Europe DCC Representative (from time to time) in accordance with the terms of this Deed and the VEMR Constitutional Documents; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Europe DCC Claim</B>: has the meaning given in Clause 11.4; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Europe DCC Exiting Member</B>: has the meaning given in Clause 6.5; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Europe DCC Representative</B>: means a VEMR Director who is appointed by a Europe DCC Appointing Member as its representative on
the Europe DCC (from time to time) in accordance with the terms of this Deed and the VEMR Constitutional Documents; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Europe DCC
Termination Event</B>: has the meaning given in Clause 6.5; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Europe Domestic Claims Committee</B> or <B>Europe DCC</B>: the
committee of the VEMR Board which is authorised (under the terms of this Deed and the VEMR Constitutional Documents) to represent the VE Member Representative in respect of the matters set out in this Deed, comprising up to (but no more than) seven
Europe DCC Representatives appointed by Europe DCC Appointing Members from time to time in accordance with this Deed (and comprising, at the date of this Deed, the Europe DCC Representatives appointed by the Europe DCC Appointing Members whose
details are, respectively, set out in Schedule&nbsp;3); </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Europe Domestic Covered Claims</B>: Domestic Covered Claims other than
UK&amp;I Domestic Covered Claims; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Europe LMC Appointing Members</B>: means the LMC Appointing Members incorporated and/or
domiciled in the Visa Europe Territory but outside the United Kingdom and the Republic of Ireland and designated as a &#145;Europe LMC Appointing Member&#146; (i) in the final column of the table in Schedule&nbsp;1 or (ii) from time to time in
accordance with Clause 4.6; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Europe Preferred Stock</B>: means the Series C Convertible Participating Preferred Stock of Visa
Inc., par value $0.0001 per share; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Europe Share</B>: means 100% minus the UK&amp;I Share; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 7 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Existing English High Court Claims</B>: means the Covered Claims<B> </B>issued in
the<B> </B>English High Court with current claim numbers CL-2013-000728, CL-2013-000672, CL-2013-000833, CL-2013-000305, CL-2013-000554, CL-2013-000727, CL-2013-000553,&nbsp;CL-2013-000729, CL-2013-000676, CL-2013-000303, CL-2013-000198,
CL-2013-000304, CL-2013-000673, CL-2015-000102, CL-2015-000039, CL-2015-000471, CL-2015-000795, CL-2015-000850, CL-2015-000865, HC13E05457, HC13B05454 and HC2014000896; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Governmental Authority</B>: any (i) regional, federal, state, provincial, local, foreign or international government, governmental
or quasi-governmental authority, regulatory authority or administrative agency; (ii) governmental commission, department, board, bureau, agency or instrumentality; (iii) court, tribunal, arbitrator, arbitral body (public or private) or
self-regulatory organisation; or (iv) political sub-division of any of the foregoing; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Holdback Amount</B>: has the meaning
given in Clause 14.3; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Initial Determination</B>: has the meaning given in Clause 14.5; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Insolvent</B>: means, in respect of a Person, that any one or more of the following has occurred in relation to it: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">it is or becomes unable or admits inability to pay its debts as they fall due; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">it suspends making payment on any of its debts; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">any (non-vexatious) corporate action, legal proceedings or other procedure or step has been taken in relation to the
suspension of its payments, a moratorium of any of its indebtedness, winding-up, dissolution, administration or reorganisation of its business; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">a liquidator (other than in respect of a solvent liquidation), receiver, administrative receiver, administrator,
compulsory manager or other similar officer has been appointed in relation to it; and/or </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">any procedure, step or event analogous to any of the foregoing has occurred or is taken, in any jurisdiction, with
respect to it; </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Inter-Regional Covered Claims</B>: such part of any Covered Claims (i) as involves, concerns
or relates to any of the Inter-Regional MIFs (as distinct from Domestic MIFs or Intra-Regional MIFs) or (ii) where the measure of alleged injury, damage or loss is based in whole or in part on the level of Inter-Regional MIFs (but when in part, only
to the extent of that part); </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Inter-Regional MIF</B>: a MIF set by Visa International Service Association and/or Visa Inc. that
applies, by default, to Inter-Regional Transactions; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Inter-Regional Transaction</B>: a transaction where the issuer is located
outside the Visa Europe Territory while the merchant outlet is located within the Visa Europe Territory; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 8 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Intra-Regional Covered Claims</B>: such part of any Covered Claims (i) as involves,
concerns or relates to the Intra-Regional MIFs (as distinct from Domestic MIFs or Inter-Regional MIFs) or (ii) where the measure of alleged injury, damage or loss is based in whole or in part on the level of Intra-Regional MIFs (but when in part,
only to the extent of that part); </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Intra-Regional MIF</B>: a MIF set by Visa Europe that applies, by default, to Intra-Regional
Transactions and/or to Domestic Transactions (regardless of the method for setting such MIF); </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Intra-Regional Transaction</B>:
a transaction where the merchant outlet is located in one jurisdiction in the Visa Europe Territory and the issuer is based in a different jurisdiction within the Visa Europe Territory; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>LCIA</B>: the London Court of International Arbitration; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Liability Coverage Reduction Amount</B>: has the meaning given in the Certificates of Designations of the UK&amp;I Preferred Stock
and the Europe Preferred Stock; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Litigation Management Committee</B> or <B>LMC</B>: the committee of the VEMR Board which is
authorised under the terms of this Deed and the VEMR Constitutional Documents to represent the VE Member Representative in respect of the matters set out in this Deed, comprising up to (but no more than) seven LMC Representatives appointed by Europe
LMC Appointing Members and up to (but no more than) four LMC Representatives appointed by UK&amp;I LMC Appointing Members (respectively) in accordance with this Deed (and comprising, at the date of this Deed, the LMC Representatives appointed by the
LMC Appointing Members whose details are, respectively, set out in Schedule&nbsp;1); </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>LMC Appointing Members</B>: has the
meaning given in the preamble, or any other VE Member that has a right to appoint an LMC Representative (from time to time) in accordance with this Deed and the VEMR Constitutional Documents; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>LMC Exiting Member</B>: has the meaning given in Clause 4.5; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>LMC Representative</B>: means a VEMR Director who is appointed by an LMC Appointing Member as its representative on the Litigation
Management Committee (from time to time) in accordance with the terms of this Deed and the VEMR Constitutional Documents; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>LMC
Termination Event</B>: has the meaning given in Clause 4.5; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Material Decision</B>: a decision, concerning a Covered Claim, to:
</P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="88%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt">


<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="95%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:11.5pt">
<TD VALIGN="top" ALIGN="right">(i)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">enter into, or refuse to enter into, a compromise or settlement (or to make a payment in respect of any such compromise or
settlement);</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11.5pt">
<TD VALIGN="top" ALIGN="right">(ii)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">appeal or not to appeal any court judgment;</P></TD></TR></TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 9 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="88%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt">


<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="94%"></TD></TR>

<TR STYLE="font-family:ARIAL; font-size:11.5pt">
<TD VALIGN="top" ALIGN="right">(iii)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">make, or not make, an application for summary judgment and/or strike out, or any equivalent application in any other jurisdiction
in which a Covered Claim is filed, commenced, asserted and/or instigated; or</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11.5pt">
<TD VALIGN="top" ALIGN="right">(iv)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">make a formal admission of liability for an infringement of law, or for an infringement of antitrust, competition or consumer
protection rules or regulations, which in either case directly results in a Covered Loss;</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>MIFs</B>: multilateral
interchange fees (each, a &#147;<B>MIF</B>&#148;); </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Parent Undertaking</B>: has the meaning given in section 1162 of the
Companies Act 2006; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Parties</B>: has the meaning given in Recital (A) (and &#147;<B>Party</B>&#148; means any one of them), or
any other Person who enters into a deed of adherence to this Deed (in a form reasonably satisfactory to Visa Inc.) from time to time; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Person</B>: any natural person, general partnership, limited partnership, limited liability partnership, limited company, joint
venture, firm, corporation, association, incorporated organisation, unincorporated organisation, trust or other enterprise, or any Governmental Authority; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Preferred Stock</B>: means the UK&amp;I Preferred Stock and the Europe Preferred Stock; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Principal Member</B>: has the meaning given in the operating regulations of Visa Europe, as in force from time to time; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Release Assessment</B>: has the meaning given in Clause 14.1; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Release Factors</B>: has the meaning given in Clause 14.2; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Rules</B>: has the meaning given in Clause 21.4; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Subregion</B>:<B> </B>means each of: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="88%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt">


<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:11.5pt">
<TD VALIGN="top" ALIGN="right">(i)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">subregion #1, being the United Kingdom, Ireland and Gibraltar (including Isle of Man, Channel Is. and Falkland Is.);</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11.5pt">
<TD VALIGN="top" ALIGN="right">(ii)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">subregion #2, being France, Monaco (including the DOM-TOMs);</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11.5pt">
<TD VALIGN="top" ALIGN="right">(iii)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">subregion #3, being Andorra and Spain;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11.5pt">
<TD VALIGN="top" ALIGN="right">(iv)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">subregion #4, being Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden (including Bear Is., Faeroe Is. and
Greenland);</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11.5pt">
<TD VALIGN="top" ALIGN="right">(v)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">subregion #5, being Austria, Croatia, Czech Republic, Hungary, Poland, Slovakia, Slovenia, Bulgaria and Romania;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11.5pt">
<TD VALIGN="top" ALIGN="right">(vi)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">subregion #6, being Cyprus, Greece, Israel, Malta and Portugal;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11.5pt">
<TD VALIGN="top" ALIGN="right">(vii)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">subregion #7, being Italy, San Marino and Vatican City;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11.5pt">
<TD VALIGN="top" ALIGN="right">(viii)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">subregion #8, being Germany;</P></TD></TR></TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 10 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="88%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt">


<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="94%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD></TR>

<TR STYLE="font-family:ARIAL; font-size:11.5pt">
<TD VALIGN="top" ALIGN="right">(ix)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">subregion #9, being Belgium, Liechtenstein, Luxembourg, Netherlands and Switzerland; and</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11.5pt">
<TD VALIGN="top" ALIGN="right">(x)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">subregion #10, being Turkey;</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Subsidiary Undertaking</B>: has the meaning given in section 1162 of the Companies Act 2006;
</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Transaction</B>: has the meaning given in Recital (A); </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Transaction Agreement</B>: the transaction agreement entered into on 2&nbsp;November 2015 between Visa Inc. and Visa Europe, as
amended and/or adhered to from time to time in accordance with its terms; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Transfer</B>: has the meaning given in Clause
20.2.1; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>UK Domestic Covered Claims</B>: such part of any Domestic Covered Claims as involves, concerns or relates to any of
the Domestic MIFs applicable to Domestic Transactions in the United Kingdom or where the measure of alleged injury, damage or loss is based in whole or in part on the level of Domestic MIFs applicable to Domestic Transactions in the United Kingdom;
</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>UK&amp;I Covered Claims</B>: means (a) UK&amp;I Domestic Covered Claims, (b) the UK&amp;I Share of Intra-Regional Covered
Claims and (c) the UK&amp;I Share of VE Inter-Regional Covered Claims; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>UK&amp;I DCC Appointing Member</B>: has the meaning
given in the preamble, or any other VE Member which is incorporated and/or domiciled in the United Kingdom or the Republic of Ireland and which has a right to appoint a UK&amp;I Domestic Committee Representative (from time to time) in accordance
with the terms of this Deed and the VEMR Constitutional Documents; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>UK&amp;I DCC Claim</B>: has the meaning given in Clause
11.3; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>UK&amp;I DCC Exiting Member</B>: has the meaning given in Clause 5.5; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>UK&amp;I DCC Interested Members</B>: has the meaning given in the preamble; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>UK&amp;I DCC Observer</B>: means an observer who is appointed by a UK&amp;I DCC Interested Member as its representative to receive
information regarding and attend meetings of the UK&amp;I DCC (from time to time) in accordance with the terms of this Deed, each of whom shall be an individual employee (with an appropriate level of seniority) of the UK&amp;I DCC Interested Member,
or an Affiliate of the UK&amp;I DCC Interested Member, which (in accordance with this Deed) nominated or appointed him or her; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>UK&amp;I DCC Representative</B>: means a VEMR Director who is appointed by a UK&amp;I DCC Appointing Member as its representative
on the UK&amp;I DCC (from time to time) in accordance with the terms of this Deed and the VEMR Constitutional Documents; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>UK&amp;I DCC Termination Event</B>: has the meaning given in Clause 5.5; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 11 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>UK&amp;I Domestic Claims Committee</B> or <B>UK&amp;I DCC</B>: the committee of the
VEMR Board which is authorised (under the terms of this Deed and the VEMR Constitutional Documents) to represent the VE Member Representative in respect of the matters set out in this Deed, comprising up to (but no more than) six UK&amp;I DCC
Representatives appointed by UK&amp;I DCC Appointing Members from time to time in accordance with this Deed (and comprising, at the date of this Deed, the UK&amp;I DCC Representatives appointed by the UK&amp;I DCC Appointing Members whose details
are, respectively, set out in Schedule&nbsp;2); </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>UK&amp;I Domestic Covered Claims</B>: such part of any Domestic Covered Claims
as involves, concerns or relates to any of the Domestic MIFs applicable to Domestic Transactions in the United Kingdom and/or Ireland or where the measure of alleged injury, damage or loss is based in whole or in part on the level of Domestic MIFs
applicable to Domestic Transactions in the United Kingdom and/or Ireland (including, in each case, Intra-Regional MIFs to the extent that those apply as the default Domestic MIF in the United Kingdom and/or Ireland); </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>UK&amp;I LMC Appointing Members</B>: means the LMC Appointing Members that are incorporated and/or domiciled in the United Kingdom
or the Republic of Ireland and designated as a &#145;UK&amp;I LMC Appointing Member&#146; (i) in the final column of the table in Schedule&nbsp;1 or (ii) from time to time in accordance with Clause 4.6; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>UK&amp;I Preferred Stock</B>: means the Series B Convertible Participating Preferred Stock of Visa Inc., par value $0.0001 per
share; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>UK&amp;I Share</B>: means 32.9951%; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>VE Inter Contribution</B>: 70% of Covered Losses relating to Inter-Regional Covered Claims; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>VE Inter-Regional Covered Claims</B>: means that portion of all Inter-Regional Covered Claims equal to the VE Inter Contribution;
</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>VE Member Representative</B>: has the meaning given in the preamble; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>VE Members</B>: the shareholders of Visa Europe immediately before Closing that, for the avoidance of doubt, shall cease to be
shareholders of Visa Europe with effect from Closing; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>VEMR Board</B>: the board of directors of the VE Member Representative
from time to time; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>VEMR Constitutional Documents</B>: the memorandum and articles of association of the VE Member
Representative; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>VEMR Director</B>: a member of the VEMR Board from time to time, each of whom shall be an individual director,
officer and/or employee (with an appropriate level of seniority) of the Appointing Member, or an Affiliate of the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 12 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">
Appointing Member, which (in accordance with this Deed and the VEMR Constitutional Documents) nominated or appointed him or her; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>VEMR Trust Documents</B>: means the Deferred Consideration Rights Trust Deed dated on or around the date hereof and the Litigation
Management Rights Trust Deed dated on or around the date hereof, in each case entered into by the VE Member Representative; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Visa Europe</B>: Visa Europe Limited (company number 05139966), a company incorporated under the laws of England and Wales, whose
registered office is at 1 Sheldon Square, London W2 6TT; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Visa Europe Territory</B>: the jurisdictions of Andorra, Austria,
Bear Island, Belgium, Bulgaria, the Channel Islands, Croatia, Cyprus, Czech Republic, Denmark, Estonia, the Faroe Islands, Finland, France (including its &#147;DOM-TOMs&#148;), Germany, Gibraltar, Greece, Greenland, Hungary, Iceland, Ireland, the
Isle of Man, Israel, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, the Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, Vatican City, the United Kingdom,
including the territories and possessions thereof, and any other jurisdiction which becomes a full member state of the European Union, and including any military bases, embassies or diplomatic consulates of the foregoing jurisdictions which are
located outside of the aforementioned jurisdictions but excluding any military bases, embassies or diplomatic consulates located in the aforementioned jurisdictions of any jurisdictions which are located outside of the aforementioned jurisdictions;
</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Visa Inc.</B>: has the meaning given in the preamble; and </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>Visa UK</B>: Visa UK Limited (company number 02744892), a company incorporated under the laws of England and Wales, whose
registered office is at 1 Sheldon Square, London W2 6TT. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">In the interpretation of this Deed, unless the context otherwise requires: </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">1.2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">clause and other headings are for reference only and do not affect the interpretation of this Deed;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">1.2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">references to clauses are to clauses of this Deed; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">1.2.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">the singular shall include the plural and vice versa; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">1.2.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">references to this &#147;<B>Deed</B>&#148; are to this litigation management deed, which has been entered into by the
Parties as a deed on the date set out at its head; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">1.2.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">references to a statutory provision include that provision as from time to time modified or re-enacted; and
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 13 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">1.2.6</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">references to the word &#147;including&#148; and words of similar import when used in this Deed shall mean
&#147;including without limitation&#148; unless otherwise specified. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">If any clause in this Deed is inconsistent with any other agreement or document referred to herein, the provisions of
this Deed shall take precedence. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The Parties&#146; obligations under this Deed are conditional upon Closing having occurred. If the Transaction
Agreement is terminated in accordance with its terms (such that Closing does not occur), this Deed will terminate. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The Appointing Members&#146; individual rights under this Deed comprise their rights to nominate VEMR Directors under
Clause 2, their rights to require the appointment of such VEMR Directors to committees of the VEMR Board under Clauses 4, 5 and 6, and their rights as Parties under Clauses 15 to 21 (inclusive). The Appointing Members shall have no individual or
collective rights against Visa Inc. (or otherwise) under Clauses 7 to 14 (inclusive). Visa Inc.&#146;s obligations under Clauses 7 to 14 (inclusive) are owed solely to the VE Member Representative, as represented by the LMC, the UK&amp;I DCC and/or
the Europe DCC (as applicable). </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.6</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The UK&amp;I DCC Interested Members&#146; individual rights under this Deed comprise (a) their rights to nominate
UK&amp;I DCC Observers under Clause 5 and have their UK&amp;I DCC Observers attend and participate in meetings of, and receive information made available to, the UK&amp;I DCC in accordance with clause 8.4, and (b) their rights as Parties under
Clauses 15 to 21 (inclusive). The UK&amp;I DCC Interested Members shall have no individual or collective rights against Visa Inc. (or otherwise) under Clauses 7 to 14 (inclusive). Visa Inc.&#146;s obligations under Clauses 7 to 14 (inclusive) are
owed solely to the VE Member Representative, as represented by the LMC, the UK&amp;I DCC and/or the Europe DCC (as applicable). </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.7</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Upon reasonable request by Visa Inc., the VE Member Representative agrees to provide Visa Inc. with a record, from
time to time, of all persons with the right to appoint a director of the VE Member Representative, together with their respective appointed director(s) and any nominated alternate directors. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Appointment of VEMR Directors</B> </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Each Appointing Member shall have the right to nominate or require the appointment<B> </B>of, at its discretion, one
natural person as a VEMR Director (provided that each Appointing Member (together with its Affiliates) shall have the right to appoint only one such VEMR Director from time to time, such that any LMC Appointing Member which is also a UK&amp;I DCC
Appointing Member or a Europe DCC Appointing Member shall be entitled to appoint only one VEMR Director (who may serve on more than one of the committees of the VEMR Board described in Clause 3) from time to time). </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Each of the LMC Appointing Members, UK&amp;I DCC Appointing Members and/or Europe DCC Appointing Members shall be
entitled to remove from office any </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 14 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">
person appointed by it as a VEMR Director in accordance with Clause 2.1 and, if it so chooses, to nominate another person in his or her place. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">2.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Each VEMR Director appointed by an LMC Appointing Member, UK&amp;I DCC Appointing Member and/or Europe DCC Appointing
Member in accordance with this Clause 2 shall be appointed to one or more of the committees of the VEMR Board described in Clauses 3 to 6. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">2.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Each of the Appointing Members and the VE Member Representative agrees that each VEMR Director shall execute a
confidentiality agreement with the VE Member Representative and Visa Inc. consistent with the form set out in Exhibit 1 hereto, and acknowledges that prior to executing such a confidentiality agreement the relevant VEMR Director shall not be
provided with copies of information made available pursuant to this Deed or be permitted to participate in any of the activities of the LMC, the UK&amp;I DCC or the Europe DCC (as applicable). </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">2.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Each of (i) the VE Member Representative and (ii) the Appointing Members, agrees to take such actions as are within
its or their control to give effect to this Clause 2. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Decisions and Actions of the VE Member Representative</B> </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">With effect from the Closing, pursuant to the VEMR Constitutional Documents and this Deed, the VE Member
Representative has established: </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">3.1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">the LMC; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">3.1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">the UK&amp;I DCC; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">3.1.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">the Europe DCC, </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">as committees of the VEMR Board, each of which is authorised, under the terms of this Deed and the VEMR Constitutional Documents, to
bind, make decisions and take actions on behalf of, the VE Member Representative. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Any decisions or actions taken (or purported to be taken) by or on behalf of the VE Member Representative (including
decisions or actions taken following a vote of any of the LMC, UK&amp;I DCC or Europe DCC and whether acting by the LMC, the UK&amp;I DCC or the Europe DCC) in accordance with this Deed shall be binding on the VE Member Representative, and Visa Inc.
may rely on any such decisions or actions as being validly taken by or on behalf of the VE Member Representative. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The VE Member Representative will be responsible for co-ordinating all meetings, votes, written consents, decisions
and actions of the LMC, UK&amp;I DCC and Europe DCC in connection with this Deed, at its own cost. Without prejudice to Visa Inc.&#146;s obligations under this Deed to provide notice to, and consult with, the VE Member Representative, Visa Inc.
shall under no circumstances (without its consent) be required to participate in, or perform any administrative or other role in relation to, the meeting, voting or other processes of the LMC, UK&amp;I DCC
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 15 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">
or Europe DCC, save that Visa Inc. may elect to attend meetings of the relevant committees where it is invited to do so in accordance with the terms of this Deed.</P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Without prejudice to any specific time period set out in this Deed within which the VE Member Representative (whether
acting by the LMC, UK&amp;I DCC or Europe DCC (as applicable)) is required to provide any notice, decision or other communication to Visa Inc. (or otherwise), the VE Member Representative shall, or shall procure that the LMC, the UK&amp;I DCC or the
Europe DCC (as applicable), provide written notice or confirmation to Visa Inc. as soon as reasonably practicable following any decision of the LMC, UK&amp;I DCC or Europe DCC of which Visa Inc. is entitled to receive notice or confirmation under
this Deed. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Each of the Appointing Members agrees to take such actions as are within its control to procure compliance by the VE
Member Representative with the provisions of this Clause 3. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Composition of the Litigation Management Committee</B> </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The LMC shall consist from time to time of up to (but no more than) eleven LMC Representatives and their successors
(selected in accordance with this Clause 4), of which: </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">4.1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">up to (but no more than) seven shall be (or have been) appointed by Europe LMC Appointing Members; and
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">4.1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">up to (but no more than) four shall be (or have been) appointed by UK&amp;I LMC Appointing Members,
</P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">and provided that the number of LMC Representatives appointed by Europe LMC Members shall always be greater
than the number of LMC Representatives appointed by UK&amp;I LMC Appointing Members.&nbsp;Particulars of the LMC Representatives at the date of this Deed are in Schedule&nbsp;1. </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The number of LMC Appointing Members (and, consequently, the number of LMC Representatives that may be appointed to
the LMC) may (subject to Clause 4.1) be increased or decreased from time to time only with the written approval of (i) all of the LMC Appointing Members and (ii) Visa Inc. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Each LMC Appointing Member may appoint one LMC Representative from time to time<I>.</I><I>&nbsp;</I>Subject to Clauses
2.1 and 2.2, an LMC Appointing Member may appoint, remove, replace and/or substitute its LMC Representative (in each case provided that an LMC Representative must be a VEMR Director) on written notice to Visa Inc. and the other LMC Appointing
Members. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The LMC Appointing Members shall (save as provided in this Clause 4) be those listed in Schedule&nbsp;1 unless and
until, in each case, an LMC Termination Event (as defined below) occurs in relation to any of them.&nbsp;Subject to Clause 4.6, if there are fewer than eleven LMC Appointing Members at
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 16 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">
the date of this Deed, the VE Member Representative may appoint one or more new LMC Appointing Member(s), until there are eleven in total. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">If an LMC Appointing Member (the &#147;<B>LMC Exiting Member</B>&#148;): </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">4.5.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">becomes Insolvent; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">4.5.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">fails to appoint a new VEMR Director in circumstances where it has removed its VEMR Director from office (or where
such VEMR Director leaves, or is otherwise removed from, office for any reason), in each case under Clause 2.2; or </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">4.5.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">no longer wishes to be an LMC Appointing Member </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">(each an &#147;<B>LMC Termination Event</B>&#148;), the VE Member Representative shall appoint a replacement LMC Appointing Member
(subject to Clause 4.6) following a decision of the LMC Appointing Members (excluding the LMC Exiting Member) by a majority of votes (with each such LMC Appointing Member having one vote), which decision shall be binding on the VE Member
Representative. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.6</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">A new LMC Appointing Member appointed by the VE Member Representative in accordance with Clause 4.4, or a replacement
LMC Appointing Member appointed in place of an LMC Exiting Member in accordance with Clause 4.5, shall: </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">4.6.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">not be Insolvent; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">4.6.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">be incorporated and/or domiciled in the Visa Europe Territory, provided that, in the case of replacing an LMC Exiting
Member: </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="22%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">if the LMC Exiting Member was a UK&amp;I LMC Appointing Member, the replacement LMC Appointing Member shall be
incorporated and/or domiciled in the United Kingdom or the Republic of Ireland (and shall be designated as a UK&amp;I LMC Appointing Member in place of the LMC Exiting Member); and </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="22%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">if the LMC Exiting Member was a Europe LMC Appointing Member, the replacement LMC Appointing Member shall not be
incorporated or domiciled in the United Kingdom or the Republic of Ireland (and shall be designated as a Europe LMC Appointing Member in place of the LMC Exiting Member); </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">4.6.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">enter into a deed of adherence to this Deed in a form reasonably satisfactory to Visa Inc.; and </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">4.6.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">shall, to the extent practicable (and provided such Person is willing to become an LMC Appointing Member), be:
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="22%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">in the case of the appointment of a new LMC Appointing Member by the VE Member Representative in accordance with
Clause 4.4, the VE Member operating in a Subregion not already represented </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 17 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="29%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">
on the LMC who received the highest amount of Closing Cash Consideration excluding (i) the other LMC Appointing Members and (ii) any former LMC Appointing Members; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="22%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">in the case of a replacement LMC Appointing Member appointed in accordance with Clause 4.5, the VE Member operating in
the same Subregion as the LMC Exiting Member who received the highest amount of Closing Cash Consideration excluding (i) the other LMC Appointing Members and (ii) any former LMC Appointing Members. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.7</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">An LMC Exiting Member shall cease to be an LMC Appointing Member only when: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">4.7.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">the appointment of the replacement LMC Appointing Member has become effective; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">4.7.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">the replacement LMC Appointing Member has appointed a VEMR Director who has been appointed as an LMC Representative,
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">in each case in accordance with the provisions of this Deed and the VEMR Constitutional Documents. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.8</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Each of (i) the VE Member Representative and (ii) the LMC Appointing Members, agrees to take such actions as are
within its control to give effect to the provisions of this Clause 4. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Composition of the UK&amp;I DCC</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The UK&amp;I DCC shall comprise up to (but no more than) six UK&amp;I DCC Representatives (selected in accordance with
this Clause 5), each of whom shall have been appointed by a UK&amp;I DCC Appointing Member in accordance with this Deed.&nbsp;Particulars of the UK&amp;I DCC Representatives at the date of this Deed are in Schedule&nbsp;2. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The number of UK&amp;I DCC Appointing Members (and, consequently, the number of UK&amp;I DCC Representatives that may
be appointed to the UK&amp;I DCC) may be increased (subject to Clause 5.1) or decreased from time to time only with the written approval of (i) all the UK&amp;I DCC Appointing Members and (ii)&nbsp;Visa Inc. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Each UK&amp;I DCC Appointing Member may appoint one UK&amp;I DCC Representative from time to
time<I>.</I><I>&nbsp;</I>Subject to Clauses 2.1 and 2.2, a UK&amp;I DCC Appointing Member may appoint, remove, replace and/or substitute its UK&amp;I DCC Representative (in each case provided that a UK&amp;I DCC Representative must be a VEMR
Director) on written notice to Visa Inc. and the other UK&amp;I DCC Appointing Members. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The UK&amp;I DCC Appointing Members shall be those listed in Schedule&nbsp;2 unless and until, in each case, a
UK&amp;I DCC Termination Event (as defined below) occurs in relation to any of them. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 18 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">If a UK&amp;I DCC Appointing Member (the &#147;<B>UK&amp;I DCC Exiting Member</B>&#148;): </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">5.5.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">becomes Insolvent; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">5.5.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">fails to appoint a new VEMR Director in circumstances where it has removed its VEMR Director from office (or where
such VEMR Director leaves, or is otherwise removed from, office for any reason), in each case under Clause 2.2; or </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">5.5.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">no longer wishes to be a UK&amp;I DCC Appointing Member </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">(each a &#147;<B>UK&amp;I DCC Termination Event</B>&#148;), the VE Member Representative shall appoint a replacement UK&amp;I DCC
Appointing Member (subject to Clause 5.6) following a decision of the UK&amp;I DCC Appointing Members (excluding the UK&amp;I DCC Exiting Member) by a majority of votes (with each such UK&amp;I DCC Appointing Member having one vote), which decision
shall be binding on the VE Member Representative. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.6</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">A replacement UK&amp;I DCC Appointing Member appointed in place of a UK&amp;I DCC Exiting Member in accordance with
Clause 5.5 shall: </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">5.6.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">not be Insolvent; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">5.6.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">enter into a deed of adherence to this Deed in a form reasonably satisfactory to Visa Inc.; and </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">5.6.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">shall, to the extent practicable (and provided such Person is willing to become a UK&amp;I DCC Appointing Member), be
the VE Member who received the highest amount of Closing Cash Consideration excluding (i)&nbsp;the other UK&amp;I DCC Appointing Members and (ii) any former UK&amp;I DCC Appointing Members. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.7</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">A UK&amp;I DCC Exiting Member shall cease to be a UK&amp;I DCC Appointing Member only when: </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">5.7.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">the appointment of the replacement UK&amp;I DCC Appointing Member has become effective; and </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">5.7.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">the replacement UK&amp;I DCC Appointing Member has appointed a VEMR Director who has been appointed as a UK&amp;I DCC
Representative, </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">in each case in accordance with the provisions of this Deed and the VEMR Constitutional
Documents. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.8</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">There shall be up to (but no more than) five UK&amp;I DCC Observers (selected in accordance with this Clause 5), each
of whom shall have been appointed by a UK&amp;I DCC Interested Member in accordance with this Deed.&nbsp;Particulars of the UK&amp;I DCC Observers are set out in Schedule&nbsp;4. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.9</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Each UK&amp;I DCC Interested Member may appoint one UK&amp;I DCC Observer from time to time.&nbsp;A UK&amp;I DCC
Interested Member may appoint, remove, </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 19 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">
replace and/or substitute its UK&amp;I DCC Observer on advance written notice to Visa Inc., the UK&amp;I DCC Appointing Members and the other UK&amp;I DCC Interested Members.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.10</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The UK&amp;I DCC Interested Members shall be those listed in Schedule&nbsp;4 unless and until, in each case, a
UK&amp;I DCC Termination Event (as defined above, <I>mutatis mutandis</I>) occurs in relation to any of them.&nbsp;If a UK&amp;I DCC Termination Event occurs in relation to any of the UK&amp;I DCC Interested Members, the number of UK&amp;I DCC
Interested Members (and, consequently, the number of UK&amp;I DCC Observers that may attend meetings of the UK&amp;I DCC) shall be decreased accordingly. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.11</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Each of (i) the VE Member Representative, (ii) the UK&amp;I DCC Appointing Members, and (iii) the UK&amp;I DCC
Interested Members agrees to take such actions as are within its control to give effect to the provisions of this Clause 5. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Composition of the Europe DCC</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The Europe DCC shall consist from time to time of up to (but no more than) seven Europe DCC Representatives (selected
in accordance with this Clause 6), each of whom shall have been appointed by a Europe DCC Appointing Member in accordance with this Deed.&nbsp;Particulars of the Europe DCC Representatives at the date of this Deed are set out in Schedule&nbsp;3.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The number of Europe DCC Appointing Members (and, consequently, the number of Europe DCC Representatives that may be
appointed to the Europe DCC) may be increased (subject to Clause 6.1) or decreased from time to time with the written approval of (i) all the Europe DCC Appointing Members and (ii)&nbsp;Visa Inc. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Each Europe DCC Appointing Member may appoint one Europe DCC Representative from time to
time<I>.</I><I>&nbsp;</I>Subject to Clauses 2.1 and 2.2, a Europe DCC Appointing Member may appoint, remove, replace and/or substitute its Europe DCC Representative (in each case provided that a Europe DCC Representative must be a VEMR Director) on
written notice to Visa Inc. and the other Europe DCC Appointing Members. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The Europe DCC Appointing Members shall (save as provided in this Clause 6) be those listed in&nbsp;Schedule&nbsp;3
unless and until, in each case, a Europe DCC Termination Event (as defined below) occurs in relation to any of them.&nbsp;Subject to Clause 6.6, if there are fewer than seven Europe DCC Appointing Members at the date of this Deed, the VE Member
Representative may appoint one or more new Europe DCC Appointing Member(s), until there are seven in total, provided that the VE Member Representative shall also appoint any such new Europe DCC Appointing Member(s) as an LMC Appointing Member(s) in
accordance with (and subject to) Clauses 4.4 and 4.6. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 20 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">If a Europe DCC Appointing Member (the &#147;<B>Europe DCC Exiting Member</B>&#148;): </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">6.5.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">becomes Insolvent; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">6.5.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">fails to appoint a new VEMR Director in circumstances where it has removed its VEMR Director from office (or where
such VEMR Director leaves, or is otherwise removed from, office for any reason), in each case under Clause 2.2; or </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">6.5.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">no longer wishes to be a Europe DCC Appointing Member </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">(each a &#147;<B>Europe DCC Termination Event</B>&#148;), the VE Member Representative shall appoint a replacement Europe DCC
Appointing Member (subject to Clause 6.6) following a decision of the Europe DCC Appointing Members (excluding the Europe DCC Exiting Member) by a majority of votes (with each such Europe DCC Appointing Member having one vote), which decision shall
be binding on the VE Member Representative. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.6</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">A new Europe DCC Appointing Member appointed by the VE Member Representative in accordance with Clause 6.4, or a
replacement Europe DCC Appointing Member appointed in place of a Europe DCC Exiting Member in accordance with Clause 6.5, shall: </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">6.6.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">not be Insolvent; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">6.6.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">enter into a deed of adherence to this Deed in a form reasonably satisfactory to Visa Inc.; and </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">6.6.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">shall, to the extent practicable (and provided such Person is willing to become a Europe DCC Appointing Member), be:
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="22%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">in the case of the appointment of a new Europe DCC Appointing Member by the VE Member Representative in accordance
with Clause 6.4, the VE Member operating in a Subregion not already represented on the Europe DCC who received the highest amount of Closing Cash Consideration excluding (i) the other Europe DCC Appointing Members and (ii) any former Europe DCC
Appointing Members; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="22%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">in the case of a replacement Europe DCC Member appointed in accordance with Clause 6.5, the VE Member operating in the
same Subregion as the Europe DCC Exiting Member who received the highest&nbsp;amount of Closing Cash Consideration excluding (i) the other Europe DCC Appointing Members and (ii) any former Europe DCC Appointing Members. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.7</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">A Europe DCC Exiting Member shall cease to be a Europe DCC Appointing Member only when: </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">6.7.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">the appointment of the replacement Europe DCC Appointing Member has become effective; and </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 21 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">6.7.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">the replacement Europe DCC Appointing Member has appointed a VEMR Director who has been appointed as a Europe DCC
Representative, </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">in each case in accordance with the provisions of this Deed and the VEMR Constitutional
Documents. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.8</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Each of (i) the VE Member Representative and (ii) the Europe DCC Appointing Members, agrees to take such actions as
are within its control to give effect to the provisions of this Clause 6. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B></B>7<B></B>.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Decisions of the Litigation Management Committee </B></P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">All decisions of the LMC shall be made by a majority in number of the LMC Representatives present and entitled to vote
at a quorate meeting of the LMC (with each LMC Representative having one vote), or in writing by a majority in number of the LMC Representatives. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Subject to any shorter period stated in Clause 12.6, Visa Inc. or an LMC Representative may call a meeting of the LMC
by not less than 10 Business Days&#146; written notice to Visa Inc. and each LMC Representative, provided that if the relevant meeting is called by an LMC Representative who reasonably believes that Visa Inc. should not be present due to a conflict
of interest between Visa Inc. and the LMC relating to the subject matter of the meeting, Visa Inc. shall not be entitled to receive notice of such meeting. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Visa Inc. may attend and participate in all meetings of the LMC, unless (i) the relevant meeting is called without
notice to Visa Inc. as provided in Clause 7.2, in which case the LMC Representatives shall ensure that appropriate legal counsel are present at such meeting, or (ii) Visa Inc. is requested (at any point during a meeting) by a majority of the LMC
Representatives to withdraw from all or part of a meeting, provided that the LMC Appointing Members shall use reasonable endeavours to ensure that appropriate legal counsel attend any such meeting. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The quorum for a meeting of the LMC shall be three LMC Representatives, provided that at least one such LMC
Representative shall have been appointed by a UK&amp;I LMC Appointing Member and at least one such LMC Representative shall have been appointed by a Europe LMC Appointing Member. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">If a quorum is not present at the first calling of the meeting, Visa Inc., or any LMC Representative present and
entitled to vote, may adjourn the meeting for at least 24 hours (but no longer than seven days) and give notice by electronic mail (or otherwise in accordance with Clause 17, with the first such served notice being binding) of a place, time and date
for the adjourned meeting to Visa Inc. and each LMC Representative, and a quorum shall be deemed present at the adjourned meeting so long as any LMC Representative entitled to vote is present. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.6</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">LMC Representatives and Visa Inc. may attend meetings of the LMC by telephone or similar communications
equipment.&nbsp;Meetings of the LMC shall be </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 22 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">
deemed to be held at the location specified by Visa Inc. or, if Visa Inc. is not present at the meeting, the location agreed between the LMC Representatives participating in such meeting.
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.7</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The LMC shall keep a record of its proceedings.&nbsp;Upon the dissolution of the LMC, the UK&amp;I DCC and the Europe
DCC, those records shall become the property of Visa Inc. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Decisions of the UK&amp;I DCC</B> </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">8.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">All decisions of the UK&amp;I DCC shall be made either: </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">8.1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">by a DCC Majority of the UK&amp;I DCC Representatives present and entitled to vote at a quorate meeting of the
UK&amp;I DCC; or </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">8.1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">in writing by a DCC Majority of all UK&amp;I DCC Representatives. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">8.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Subject to any shorter period stated in Clause 12.6, Visa Inc. or a UK&amp;I DCC Representative may call a meeting of
the UK&amp;I DCC by not less than 10 Business Days&#146; written notice to Visa Inc., each UK&amp;I DCC Representative and each UK&amp;I DCC Observer, provided that if the relevant meeting is called by a UK&amp;I DCC Representative who reasonably
believes that Visa Inc. should not be present due to a conflict of interest between Visa Inc. and the UK&amp;I DCC relating to the subject matter of the meeting, Visa Inc. shall not be entitled to receive notice of such meeting.
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">8.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Visa Inc. may attend and participate in all meetings of the UK&amp;I DCC, unless (i)&nbsp;the relevant meeting is
called without notice to Visa Inc. as provided in Clause 8.2, in which case the UK&amp;I DCC Representatives shall ensure that appropriate legal counsel are present at such meeting, or (ii) Visa Inc. is requested (at any point during a meeting) by a
majority of the UK&amp;I DCC Representatives to withdraw from all or part of a meeting, provided that the UK&amp;I DCC Appointing Members shall use reasonable endeavours to ensure that appropriate legal counsel attend any such meeting.
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">8.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Subject to having first executed a confidentiality agreement with the VE Member Representative and Visa Inc.
consistent with the form set out in Exhibit 1 hereto, each UK&amp;I DCC Observer: </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">8.4.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">shall be provided with copies of all information and materials made available to the UK&amp;I DCC in accordance with
the terms of this Deed; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">8.4.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">may attend and participate in all meetings of the UK&amp;I DCC, but shall not be entitled to vote or count towards the
quorum at meetings of the UK&amp;I DCC. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">8.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The quorum for a meeting of the UK&amp;I DCC shall be five UK&amp;I DCC Representatives. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 23 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">8.6</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">If a quorum is not present at the first calling of the meeting, Visa Inc. or any UK&amp;I DCC Representative present
and entitled to vote may adjourn the meeting for at least 24 hours (but no longer than seven days) and give notice by electronic mail (or otherwise in accordance with Clause 17, with the first such served notice being binding) of a place, time and
date for the adjourned meeting to Visa Inc., each UK&amp;I DCC Representative and each UK&amp;I DCC Observer, and a quorum shall be deemed present at the adjourned meeting so long as any UK&amp;I DCC Representative entitled to vote is present.
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">8.7</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">UK&amp;I DCC Representatives, UK&amp;I DCC Observers and Visa Inc. may attend meetings of the UK&amp;I DCC by
telephone or similar communications equipment.&nbsp;Meetings of the UK&amp;I DCC shall be deemed to be held at the location specified by Visa Inc. or, if Visa Inc. is not present at the meeting, the location agreed between the UK&amp;I DCC
Representatives participating in such meeting. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">8.8</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The UK&amp;I DCC shall keep a record of its proceedings.&nbsp;Upon the dissolution of the LMC, the UK&amp;I DCC and
the Europe DCC, those records shall become the property of Visa Inc. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Decisions of the Europe DCC</B> </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">9.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">All decisions of the Europe DCC shall be made either: </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">9.1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">by a DCC Majority of the Europe DCC Representatives present and entitled to vote at a quorate meeting of the Europe
DCC; or </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">9.1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">in writing by a DCC Majority of all Europe DCC Representatives. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">9.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Subject to any shorter period stated in Clause 12.6, Visa Inc. or a Europe DCC Representative may call a meeting of
the Europe DCC by not less than 10 Business Days&#146; written notice to Visa Inc. and each Europe DCC Representative, provided that if the relevant meeting is called by a Europe DCC Representative who reasonably believes that Visa Inc. should not
be present due to a conflict of interest between Visa Inc. and the Europe DCC relating to the subject matter of the meeting, Visa Inc. shall not be entitled to receive notice of such meeting. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">9.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Visa Inc. may attend and participate in all meetings of the Europe DCC, unless (i)&nbsp;the relevant meeting is called
without notice to Visa Inc. as provided in Clause 9.2, in which case the Europe DCC Representatives shall ensure that appropriate legal counsel are present at such meeting, or (ii) Visa Inc. is requested (at any point during a meeting) by a majority
of the Europe DCC Representatives to withdraw from all or part of a meeting, provided that the Europe Appointing Members shall use reasonable endeavours to ensure that appropriate legal counsel attend any such meeting. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">9.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The quorum for a meeting of the Europe DCC shall be three Europe DCC Representatives. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">9.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">If a quorum is not present at the first calling of the meeting, Visa Inc. or any Europe DCC Representative present and
entitled to vote may adjourn the meeting </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 24 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">
for at least 24 hours (but no longer than seven days) and give notice by electronic mail (or otherwise in accordance with Clause 17, with the first such served notice being binding) of a place,
time and date for the adjourned meeting to Visa Inc. and each Europe DCC Representative, and a quorum shall be deemed present at the adjourned meeting so long as any Europe DCC Representative entitled to vote is present. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">9.6</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Europe DCC Representatives and Visa Inc. may attend meetings of the Europe DCC by telephone or similar communications
equipment.&nbsp;Meetings of the Europe DCC shall be deemed to be held at the location specified by Visa Inc. or, if Visa Inc. is not present at the meeting, the location agreed between the Europe DCC Representatives participating in such meeting.
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">9.7</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The Europe DCC shall keep a record of its proceedings.&nbsp;Upon the dissolution of the LMC, the UK&amp;I DCC and the
Europe DCC, those records shall become the property of Visa Inc. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Notification of Covered Claims</B> </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">10.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Visa Inc. shall keep the LMC reasonably informed of any threatened claims which have been notified to Visa Inc. and
which in Visa Inc.&#146;s view, acting reasonably, might result in a Covered Claim. As soon as reasonably practicable, and in any event within 30 Business Days of Visa Inc. concluding that the matter is a Covered Claim, Visa Inc. shall give written
notice to the LMC of any new Covered Claim, specifying in reasonable detail (taking into account the information which is available to Visa Inc. at that time) the nature of the Covered Claim. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">10.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The LMC shall notify Visa Inc. in writing with reasons within 30 Business Days of receipt of Visa Inc.&#146;s written
notification if it disputes that the matter notified is a Covered Claim (a &#147;<B>Disputed Covered Claim</B>&#148;), failing which the LMC, the UK&amp;I DCC and the Europe DDC will not have any right subsequently to dispute that the matter
notified is a Covered Claim. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">10.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">If there is notice of a Disputed Covered Claim within the time specified in Clause 10.2, Visa Inc. and the LMC will
follow the procedure in Clause 21.2. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">10.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">It is envisaged that, for each Covered Claim, a joint defence agreement will be entered into between (i) the LMC,
UK&amp;I DCC or Europe DCC (as appropriate) and (ii) whichever of Visa Inc. and/or all Visa Inc.&#146;s Affiliates and/or Visa UK who are or become defendants to that Covered Claim. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">11.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Attribution of Covered Claims</B> </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">11.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Visa Inc. shall make a proposal to each of the LMC, the UK&amp;I DCC and the Europe DCC for the attribution of a
Covered Claim between Domestic Covered Claims (including between UK&amp;I Domestic Covered Claims, UK Domestic Covered Claims and Europe Domestic Covered Claims) and/or Intra-Regional Covered Claims and/or Inter-Regional Covered Claims as soon as it
has sufficient </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 25 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">
information to do so (and will do so in relation to the Existing English High Court Claims, to the extent possible, within 60 Business Days of Closing). Visa Inc.&#146;s proposal shall be final
and binding unless, within 30 Business Days of receipt of such proposal, the LMC and/or the UK&amp;I DCC and/or the Europe DCC deliver written notice of objection to Visa Inc. whereupon Visa Inc. and the LMC and/or the UK&amp;I DCC and/or the Europe
DCC (as appropriate) will follow the procedure in Clause 21.2. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">11.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Decisions of the VE Member Representative shall be taken by the LMC except where expressly provided to the contrary in
this Deed.&nbsp;Before attribution of a Covered Claim under Clause 11.1 above, the LMC shall be authorised to make decisions of the VE Member Representative. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">11.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Where, following attribution of a Covered Claim in accordance with the process in Clause&nbsp;11.1, at least 75% of
the value of a Covered Claim is attributable to UK&amp;I Domestic Covered Claims (such Covered Claim being a &#147;<B>UK&amp;I DCC Claim</B>&#148;), decisions of the VE Member Representative under this Deed in relation thereto shall be taken by the
UK&amp;I DCC (acting in accordance with Clause 8). </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">11.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Where, following attribution of a Covered Claim in accordance with the process in Clause&nbsp;11.1, at least 75% of
the value of a Covered Claim is attributable to Europe Domestic Covered Claims (such Covered Claim being a &#147;<B>Europe DCC Claim</B>&#148;), decisions of the VE Member Representative under this Deed in relation thereto shall be taken and made by
the Europe DCC (acting in accordance with Clause 9). </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">12.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Management of Covered Claims</B> </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">12.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Visa Inc. will have the conduct and control of the Covered Claims, subject to the provisions of this Clause 12.
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">12.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Visa Inc. and the VE Member Representative (acting by the LMC, the UK&amp;I DCC or the Europe DCC, as applicable)
will, in good faith, use reasonable endeavours to ensure that all key decisions in relation to the Covered Claims are to be taken with a view to keeping the exposure to Covered Losses to the lowest levels possible whilst not otherwise materially
damaging Visa Inc.&#146;s ongoing business interests. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">12.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Visa Inc. will give a monthly update on material developments: </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">12.3.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">in relation to Covered Claims (of whatever nature), to the LMC; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">12.3.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">in relation to UK&amp;I DCC Claims, to the UK&amp;I DCC; and </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">12.3.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">in relation to Europe DCC Claims, to the Europe DCC, </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">including, where appropriate and permissible in Visa Inc.&#146;s reasonable view, providing copies of key correspondence and other key
documents. Such updates will also include information in relation to any key settlement initiatives in relation to Covered Claims, any updated views of Visa Inc. in relation to the attribution of Covered Claims (see Clause 11.1) and any provisional
views </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 26 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">
concerning the allocation of Covered Losses (see Clause 13.1 below). <I></I>Visa Inc. will also provide information in relation to its quarterly and annual budgets for legal and other expenses in
relation to Covered Claims, together with monthly updates on legal and other expenses actually incurred in respect of Covered Claims, and will consider any concerns raised in this regard by the LMC (or by the UK&amp;I DCC in relation to UK&amp;I DCC
Claims, or the Europe DCC in relation to Europe DCC Claims). </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">12.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Visa Inc. will discuss and consult with the VE Member Representative, acting by the LMC (and by the UK&amp;I DCC in
relation to UK&amp;I DCC Claims, and the Europe DCC in relation to Europe DCC Claims), on key strategic decisions in relation to Covered Claims and will consider suggestions and recommendations made by the LMC (and by the UK&amp;I DCC or by the
Europe DCC, as appropriate) in that regard. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">12.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The VE Member Representative, acting by the LMC, may appoint legal advisors, at the sole expense of the VE Member
Representative (and Visa Inc. shall have no responsibility under any circumstances for any such expenses).&nbsp;Visa Inc. shall facilitate regular consultation between its legal advisors and those appointed by the VE Member Representative.
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">12.6</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Material Decisions</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">No Material Decision shall be made without the approval of the VE Member Representative, acting by the LMC (or, where Clause 11.3
applies, the UK&amp;I DCC, or where Clause 11.4 applies, the Europe DCC) in accordance with this Clause 12.6: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">12.6.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">When requesting the approval of a Material Decision by the VE Member Representative, acting by the LMC (or the
UK&amp;I DCC or Europe DCC, as appropriate), Visa Inc. shall specify the period within which approval is required, which shall be not less than 10 Business Days unless the approval is required urgently.&nbsp;If the approval is required urgently,
Visa Inc. will use best endeavours to include in the notification (i) an explanation of the urgency, (ii) the consequence of failure to approve the Material Decision, and (iii) the time for approving the Material Decision<I>.</I>
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">12.6.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The VE Member Representative, acting by the LMC (or the UK&amp;I DCC or Europe DCC, as appropriate) shall not
unreasonably withhold or delay its consent to a Material Decision nor subject any such consent to unreasonable conditions. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">12.6.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">If the LMC (or the UK&amp;I DCC or Europe DCC, as appropriate) is unable to approve or reject a Material Decision in
the time specified by Visa Inc., it may request Visa Inc.&#146;s consent to an extension of that period (such consent not to be unreasonably withheld, conditioned or delayed). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 27 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">12.6.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">If the LMC (or the UK&amp;I DCC or Europe DCC, as appropriate) does not approve or reject the Material Decision in the
time specified by Visa Inc. pursuant to Clause 12.6.1 (as extended, if applicable, pursuant to Clause 12.6.3) the Material Decision will be deemed to have been approved. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">12.7</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The sole remedy of each of (i) the VE Member Representative (whether acting by the LMC, the UK&amp;I DCC or the Europe
DCC) and (ii) Visa Inc., in respect of any alleged breach of Clause 12.6 shall be as set out in Clause 21.3 below. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">13.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Allocation of Covered Losses</B> </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">13.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Visa Inc. shall, within 60 Business Days of a Covered Loss having been paid or becoming due and payable by Visa Inc.
and/or any of Visa Inc.&#146;s Affiliates and/or Visa UK or, if later, within 60 Business Days of the Closing, make a proposal to the LMC, the UK&amp;I DCC and the Europe DCC for the allocation of each Covered Loss between Domestic Covered Claims
(including between UK&amp;I Domestic Covered Claims, UK Domestic Covered Claims and Europe Domestic Covered Claims) and/or Intra-Regional Covered Claims and/or Inter-Regional Covered Claims, and shall specify the time for responding to that proposal
(which shall be not less than 30 Business Days). </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">13.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Visa Inc. shall, where permissible in Visa Inc.&#146;s reasonable view, give the LMC, the UK&amp;I DCC and the Europe
DCC the information they reasonably request to assess Visa Inc.&#146;s proposed allocation. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">13.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Visa Inc.&#146;s proposal shall be final and binding unless the LMC and/or the UK&amp;I DCC and/or the Europe DCC
notifies Visa Inc. in writing that they disagree with such proposal within the period specified by Visa Inc. for a response in accordance with Clause 13.1.&nbsp;If such a notice is served within that time-frame, Visa Inc. and whichever of the LMC
and/or the UK&amp;I DCC and/or the Europe DCC has served notice will jointly follow the procedure in Clause 21.2. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">14.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Release Assessments for Conversion of Preferred Stock</B> </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">14.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">At the 4<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>,
6<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>, 8<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>, 9<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>, 10<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> and 11<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> anniversaries of the Closing and annually thereafter, and on the date that is three (3) months after the final resolution of all of the Existing English High Court Claims (whether by a settlement or
final and non-appealable judgment), and by the date that is two (2) months after the VE Member Representative (acting by the UK&amp;I DCC or the Europe DCC, as applicable) exercises the right pursuant to Clause 14.4 below (each of the foregoing
dates, an &#147;<B>Assessment Date</B>&#148;), Visa Inc. will carry out an assessment (a&nbsp;&#147;<B>Release</B> <B>Assessment</B>&#148;) of the extent to which, if at all, it is appropriate to effect a partial conversion of UK&amp;I Preferred
Stock or Europe Preferred Stock (as applicable) into Class A Common Stock or Class A Equivalent Preferred Stock<B> </B>in accordance with Section 8 of the Certificates of Designations setting out the terms of the UK&amp;I Preferred Stock or Europe
Preferred Stock (an &#147;<B>Accelerated Conversion</B>&#148;). Each Release Assessment shall set forth (i) the Liability Coverage Reduction Amount, if any, (ii) the related Conversion Adjustment, and (iii) the
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 28 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">
resultant Class A Common Equivalent Number (which shall equal (A) the Class A Common Equivalent Number prior to the Conversion Adjustment minus (B) the Conversion Adjustment) (in each case, as
such terms are defined in the Certificates of Designations of the UK&amp;I Preferred Stock and the Europe Preferred Stock). </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">14.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">In making each Release Assessment, Visa Inc. will consult with the LMC and consider the following factors to make a
conservative assessment of the ongoing risk of liability pursuant to Covered Claims (the &#147;<B>Contingent Liability Risk</B>&#148;) and to determine the amount and timing of any Accelerated Conversion (collectively, the &#147;<B>Release
Factors</B>&#148;): </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">14.2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">the views expressed by the LMC; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">14.2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">the goal of maintaining UK&amp;I Preferred Stock or Europe Preferred Stock to provide coverage for Visa Inc. against
all Covered Claims, whilst recognising that the Contingent Liability Risk is expected to decrease over time; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">14.2.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">the extent of any prior payments made in respect of Covered Claims, whether by way of settlement, satisfaction of any
judgments, or otherwise; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">14.2.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">any settlements or final and non-appealable judgments in those or any other Covered Claims; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">14.2.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">any significant developments in the Existing English High Court Claims or any other then pending claims;
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">14.2.6</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">any significant developments in the European Commission&#146;s ongoing investigation into Inter-Regional MIFs or any
other applicable regulatory developments; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">14.2.7</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">any relevant legislative changes, including domestic legislation implementing the EU Directive on antitrust damages
actions (Directive 2014/104/EU); and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">14.2.8</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">the expiry of any limitation periods which are applicable to the Covered Claims. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">14.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">In the case of any Release Assessment made with respect to the
12<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> anniversary of the Closing or any Assessment Date thereafter, each share of UK&amp;I Preferred Stock and Europe Preferred Stock shall be partially converted into that number of shares of
Class A Common Stock or Class A Equivalent Preferred Stock equal to the Class A Common Equivalent Number unless there are any UK&amp;I Covered Claims or Europe Covered Claims, respectively, which remain unresolved and outstanding as of such date, in
which case a reasonable and conservative portion (a &#147;<B>Holdback Amount</B>&#148;) of the then applicable Class A Common Equivalent Number of each share of UK&amp;I Preferred Stock and Europe Preferred Stock, as applicable, shall not be so
converted. The Holdback Amount shall be determined </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 29 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">
by means of a Release Assessment in accordance with the procedures set out in this Clause&nbsp;14. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">14.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Each of (i) the UK&amp;I DCC and (ii) the Europe DCC will have the right to request that Visa Inc. undertake one
additional assessment (i.e., between them a total of two additional assessments) between the 4<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> and the 8<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> year anniversaries of the Closing,
if it reasonably believes that there have been significant developments such that, taking into account all of the Release Factors, it is appropriate to effect an Accelerated Conversion of UK&amp;I Preferred Stock or Europe Preferred Stock, as
applicable, prior to the next scheduled assessment pursuant to Clause 14.1. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">14.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Within 10 Business Days following each Assessment Date, Visa Inc. shall notify the LMC of its initial Release
Assessment determination (an &#147;<B>Initial Determination</B>&#148;) of (i) the Liability Coverage Reduction Amount, if any, (ii) the resultant Conversion Adjustment, and (iii) the resultant Class A Common Equivalent Number. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">14.6</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Each Initial Determination shall be final and binding unless, within 20 Business Days of its receipt of such Initial
Determination, the LMC delivers a written objection notice to Visa Inc. If such an objection notice is timely received by Visa Inc., the chief executive officer of Visa Inc. shall, within 30 Business Days of such receipt by Visa Inc., make a
reasonable good faith determination of the disputed amounts (a &#147;<B>CEO Assessment</B>&#148;). Each CEO Assessment made in respect of any Release Assessment for an Assessment Date that is prior to the 6<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> anniversary of the Closing shall be final and binding. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">14.7</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Each CEO Assessment made in respect of any Release Assessment for an Assessment Date that is on or after the 6<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> anniversary of the Closing shall be final and binding unless, within 20 Business Days of its receipt of such CEO Assessment, the LMC delivers a written objection notice to Visa Inc.&nbsp;If such a
notice of objection is timely received by Visa Inc., Visa Inc. and the LMC will jointly seek, and agree to be bound by, advice from a Queen&#146;s Counsel on the appropriate Liability Coverage Reduction Amount, if any, on the basis set out in Clause
21.2. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">14.8</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">In no event shall any Conversion Adjustment determined pursuant to this Clause 14 be greater than the then applicable
Class A Common Equivalent Number as of the date of such Conversion Adjustment. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">14.9</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Within 30 days following the end of each Visa Inc. fiscal quarter, Visa Inc. shall provide to the LMC, the UK&amp;I
DCC and the Europe DCC, a statement reflecting the approximate value (in US dollars) as of the last day of Visa Inc.&#146;s most recent fiscal quarter, of the outstanding shares of UK&amp;I Preferred Stock and Europe Preferred Stock, respectively
(which shall be equal to: (A) the aggregate number of outstanding shares of UK&amp;I Preferred Stock and/or Europe Preferred Stock, as applicable, multiplied by (B) the applicable Class A Common Equivalent Number, multiplied by (C) the
volume-weighted average price per share of Visa Inc.&#146;s Class A Common Stock on the last day of Visa Inc.&#146;s most recent fiscal </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 30 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">
quarter, as displayed under the heading &#147;Bloomberg VWAP&#148; on Bloomberg page V &lt;equity&gt; VWAP (or any equivalent successor page) in respect of the period from 9:30am to 4:00pm New
York time). On each such date, Visa Inc. will also provide to the LMC, the UK&amp;I DCC and the Europe DCC, a statement reflecting the total approximate value (in US dollars) of all Liability Coverage Reduction Amounts with respect to the UK&amp;I
Preferred Stock and the Europe Preferred Stock, respectively, with respect to the preceding fiscal quarter. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">15.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Confidentiality and Privilege</B> </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">15.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The terms of this Deed, and the substance of negotiations in connection with it, are confidential to the Parties and
to their representatives, who shall not disclose them, or otherwise communicate them, to any third party without the written consent of the other Parties. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">15.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The Parties agree that they have a common interest in relation to the defence of the Covered Claims.
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">15.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The Parties recognise and agree that the documents and information exchanged between them under the terms of this Deed
(whether in relation to the Covered Claims or otherwise) are likely to be of a confidential nature and/or covered by legal professional privilege (and/or equivalent privileges under other applicable laws) and they wish to maintain that confidence
and privilege to the greatest extent possible. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">15.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Subject to each relevant individual at an Appointing Member or a UK&amp;I DCC Interested Member (being those
individuals who may receive documents and information in connection with this Deed) having first executed a confidentiality agreement with the VE Member Representative and Visa Inc. consistent with the form set out in Exhibit 1 hereto, the Parties
agree that any documents and information received by: </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">15.4.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">any of the LMC Representatives, the Europe DCC Representatives and/or the UK&amp;I DCC Representatives; or
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">15.4.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">any of the UK&amp;I DCC Observers, </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">in each case, and in accordance with this Deed, may only be shared with a limited group of not more than five individuals (or such
higher number as Visa Inc. and the VE Member Representative, acting reasonably, may agree in advance in writing, on a case-by-case basis, with an Appointing Member or UK&amp;I DCC Interested Member) within their respective Appointing Member or
UK&amp;I DCC Interested Member (as applicable).&nbsp;The Parties agree that a list of those five individuals within the Appointing Members and the UK&amp;I DCC Interested Members with whom such documents and information may be shared will be agreed
between the Parties prior to the execution of this Deed and will be maintained subsequently by the VE Member Representative.&nbsp;That list may be revised from time to time with the consent of the VE Member Representative and Visa Inc. (such consent
not to be unreasonably withheld, conditioned or delayed), </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 31 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">
provided that the list of individuals within each Appointing Member and each UK&amp;I DCC Interested Member shall not exceed five unless otherwise agreed on a case by case basis. </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">15.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">All documents or information exchanged or disclosed in accordance with this Deed (including documents and information
already exchanged or disclosed subject to common interest privilege) shall be maintained in confidence, and no disclosure of such information or documentation by the receiving Party shall be made to any third party without the prior written
permission of the disclosing Party other than to the extent that: </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">15.5.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">the disclosure or use of that information is required by any applicable laws or regulations or any Governmental
Authority; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">15.5.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">the disclosure is required by compulsion of law or regulation (including, where required by legally-mandated
governance policies of any applicable regulator or listing authority, disclosure to group-level audit committees), pursuant to an order of a court of competent jurisdiction, or pursuant to any proper order or demand made by any competent authority
or body where the relevant Party is under a legal or regulatory obligation to make such a disclosure; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">15.5.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">the disclosure is made to the relevant Party&#146;s professional advisers (including its legal advisors and auditors)
who are themselves bound by professional duties of confidentiality owed to the disclosing Party or its Affiliate; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">15.5.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">the information or documentation is provided to a senior Queen&#146;s Counsel for independent advice in accordance
with the provisions of Clause 21.2; or </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">15.5.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">the information is or becomes publicly available (other than as a result of a breach of this Deed),
</P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">provided that, prior to disclosure or use of any information pursuant to Clauses 15.5.1 and/or 15.5.2, the
disclosing Party concerned shall, where not prohibited by law, consult with the other Parties and use reasonable endeavours to assist the other Parties in seeking to preserve the confidentiality and, where applicable, privilege, of such information
consistent with applicable laws and regulations. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">15.6</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">No past or future exchange or disclosure of information or documents under this Deed, including to any legal advisors,
will constitute a waiver of any privilege or other protection that any Party may be entitled to claim. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">15.7</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">All documents or information exchanged or disclosed under this Deed shall be used by the LMC and/or the UK&amp;I DCC
and/or the Europe DCC for the purposes specified in this Deed only and for no other purposes. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">15.8</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">If reasonably required and wherever reasonably practicable, all documents exchanged or disclosed under this Deed to
the LMC, the UK&amp;I DCC and/or the </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 32 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">
Europe DCC (or any representative or member thereof), and all copies thereof made by the LMC, the UK&amp;I DCC and/or the Europe DCC (or any representative or member thereof), shall be returned
to Visa Inc., or the documents and copies shall be destroyed, on demand from Visa Inc. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">15.9</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Nothing in this Deed shall limit the right of any Party to disclose to third parties any documents and/or information
which are already in the possession of that Party or have been independently obtained by that Party. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">16.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Termination</B> </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">16.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">This Deed will terminate on the later of (i) the date on which the Class A Equivalent Number in respect of both the
UK&amp;I Preferred Stock and the Europe Preferred Stock has been reduced to zero in accordance with Section 8 of (respectively) the Certificates of Designations of the UK&amp;I Preferred Stock and Europe Preferred Stock and (ii) final resolution of
any Covered Claims which are outstanding on the 12<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> anniversary of the Closing, together with any issues concerning the allocation of Covered Losses in relation to those Covered Claims (such
issues to be resolved in accordance with Clause 13.1 above), and at that point the LMC, UK&amp;I DCC and Europe DCC shall each be dissolved, save that: </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">16.1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">the following provisions will remain in full force and effect, namely: Clauses 1, 3.2, 7.7, 8.8, 9.7, 12.7, 15, 16,
17, 18, 19, 20, and 21; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">16.1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">the termination will be without prejudice to the rights of the Parties in respect of any breach of this Deed occurring
before the termination. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">17.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Notices</B> </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">17.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">A notice or other communication given in connection with this Deed shall be in writing and may only be given by:
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">17.1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">leaving it by hand at; or </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">17.1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">sending by courier using an internationally recognised courier service provider to; or </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">17.1.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">sending by electronic mail to, </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">the address and marked for the attention of the relevant Party set out below (or such other address as may be notified in accordance
with Clause 17.3): </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">17.1.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">in the case of the VE Member Representative (including the LMC, the UK&amp;I DCC and the Europe DCC): (a) Adrian
Phillips (General Counsel) and Marco Bolgiani (CEO), 441 Trust Company Limited, c/o Moore Stephens, 150 Aldersgate St., London, EC1A 4AB, United Kingdom (with copy, which shall not constitute notice, to David Broadley, Allen &amp; Overy LLP, One
Bishops Square, London, E1 6AD, United Kingdom), marked for the attention of either the &#145;LMC&#146;, &#145;UK&amp;I DCC&#146; or &#145;Europe DCC&#146; (such address being the service address for the VE Member Representative (and each of the
LMC, the UK&amp;I DCC and </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 33 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="22%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">
the Europe DCC)), or (b) in the case of electronic mail, to adrianbphillips@yahoo.com and marco@bolgiani.it (with copy, which shall not constitute notice, to David.Broadley@AllenOvery.com);
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">17.1.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">in the case of Visa Inc.: (a) 1 Sheldon Square, London W2 6TT, United Kingdom, marked for the attention of The General
Counsel (such address being the service address for Visa Inc.) (with copy, which shall not constitute notice, to Julian Stait, Partner, Milbank, Tweed, Hadley &amp; McCloy LLP, 10 Gresham Street, London EC2V 7JD, United Kingdom), or (b) in the case
of electronic mail, to LegalNotice@visa.com (with copy, which shall not constitute notice, to jstait@milbank.com); </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">17.1.6</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">in the case of each of the LMC Appointing Members (and/or the LMC Representatives), to the (a) postal address, or (b)
email address set out opposite their name in Schedule&nbsp;1 (provided that notices, if any, required to be served by Visa Inc. to any LMC Appointing Member or LMC Representative shall be validly served if sent to the VE Member Representative in
accordance with Clause 17.1.4); </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">17.1.7</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">in the case of each of the UK&amp;I DCC Appointing Members (and/or the UK&amp;I DCC Representatives), to the (a)
postal address, or (b) email address set out opposite their name in Schedule&nbsp;2 (provided that notices, if any, required to be served by Visa Inc. to any UK&amp;I DCC Appointing Member or UK&amp;I DCC Representative shall be validly served if
sent to the VE Member Representative in accordance with Clause 17.1.4); </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">17.1.8</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">in the case of each of the Europe DCC Appointing Members (and/or the Europe DCC Representatives), to the (a) postal
address, or (b) email address set out opposite their name in Schedule&nbsp;3 (provided that notices, if any, required to be served by Visa Inc. to any Europe DCC Appointing Member or Europe DCC Representative shall be validly served if sent to the
VE Member Representative in accordance with Clause 17.1.4); and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">17.1.9</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">in the case of each of the UK&amp;I DCC Interested Members (and/or the UK&amp;I DCC Observers), to the (a) postal
address, or (b) email address set out opposite their name in Schedule&nbsp;4 (provided that notices, if any, required to be served by Visa Inc. to any UK&amp;I DCC Interested Member or UK&amp;I DCC Observer shall be validly served if sent to the VE
Member Representative in accordance with Clause 17.1.4). </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">17.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">A notice shall be deemed to have been received: </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">17.2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">if: </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="22%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">left by hand, at the time of leaving it; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 34 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="22%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">sent by courier, on the second Business Day after deposit with the internationally recognised courier service
provider; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="22%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">sent by electronic mail, upon confirmation of receipt by the recipient; and </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">17.2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">if notice is given by more than one means it shall be deemed given at the earliest to occur, </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">provided that if deemed receipt thereby occurs before 9.00am on a Business Day the notice shall instead be deemed to have been
received at 9.00am on that day, and if deemed receipt thereby occurs after 5.00pm on a Business Day, or on a day which is not a Business Day, the notice shall instead be deemed to have been received at 9.00am on the next Business
Day.&nbsp;References to time are references to local time at the place of receipt of the notice. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">17.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">A Party may change its address details stated in Clause 17.1 by giving notice to the other Parties, and such change
shall take effect for the notified Parties at 9.00am UK time on the later of: </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">17.3.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">the date, if any, specified in the notice as the effective date for the change; or </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">17.3.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">the date 10 Business Days after deemed receipt (in accordance with Clause 17.1) of the notice, </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">provided that under no circumstances shall Visa Inc. be required to serve notices on any Party other than to the single address of the
VE Member Representative (as changed from time to time in accordance with this Clause 17.3). </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">18.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Authority</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:6%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">Each Party represents and warrants to the other Parties hereto that: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">18.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">it has all necessary power, authority and capacity to execute and deliver this Deed and to perform its obligations
hereunder, and the execution and delivery of this Deed has been duly authorised by all necessary corporate or other action on its part; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">18.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">this Deed has been duly executed and delivered by such Party and constitutes a valid and binding obligation of such
Party, enforceable against such Party in accordance with its terms; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">18.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">such Party is not a party to, bound by or subject to any indenture, mortgage, lease, agreement, instrument, statute,
regulation, order, judgment, decree or law which would be violated, contravened or breached by, require any consent or payment under, give any third party the right to terminate or accelerate any obligation under, or under which any default would
occur, as a result of the execution and delivery by such Party of this Deed or the performance by such Party of any of the terms hereof; and </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 35 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">18.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">no Governmental Authority authorisation and no other registration, declaration or filing by such Party is required in
order for such Party: (i) to consummate the transactions contemplated by this Deed; (ii) to execute and deliver any documents and instruments to be delivered by such Party under this Deed; and (iii) to duly perform and observe the terms and
provisions of this Deed. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">19.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Entire Agreement</B> </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">19.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">This Deed constitutes the entire understanding and agreement between the Parties in relation to the subject matter of
this Deed to the exclusion of any terms implied by law which may be excluded by contract and supersedes any previous written or oral agreement between the Parties in relation to the subject matter of this Deed. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">19.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Each Party acknowledges that it has not entered into this Deed in reliance wholly or partly on any representation,
undertaking or warranty made by or on behalf of any other Party (whether orally or in writing) other than as expressly set out in this Deed. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">19.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Each Party irrevocably and unconditionally waives any rights it may have: </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">19.3.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">to sue another Party for misrepresentation, whether in equity, tort or under the Misrepresentation Act 1967, in
respect of any non-fraudulent misrepresentation in connection with this Deed, whether or not contained within this Deed; or </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">19.3.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">to rescind this Deed for any non-fraudulent misrepresentation, whether or not contained within this Deed, or to
terminate this Deed for any other reason. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">20.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Miscellaneous</B> </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">20.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>No admission</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">Nothing in this Deed is intended or shall be deemed, to be an admission of any liability to any Person. </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">20.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Assignment and sub-contracting</B> </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">20.2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Subject to Clauses 20.2.2, 20.2.3 and 20.2.4: </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="22%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Each Appointing Member and each UK&amp;I DCC Interested Member agrees that it shall not, without the prior written
consent of Visa Inc., such consent not to be unreasonably conditioned, withheld or delayed; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="22%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Visa Inc. agrees that it shall not, without the prior written consent of the VE Member Representative, such consent
not to be unreasonably conditioned, withheld or delayed, </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:22%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">assign, transfer, charge or deal in any other manner
with any of its rights or its obligations under this Deed (or purport to do any of the same) (a&nbsp;&#147;<B>Transfer</B>&#148;). For the purposes of this Clause 20.2.1, Visa Inc. will be </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 36 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:22%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">
deemed to be acting unreasonably in relation to a proposed Transfer by an Appointing Member or a UK&amp;I DCC Interested Member if it conditions, withholds or delays consent to any Transfer that
(i) is required by law or the rules, regulations, confirmations or directions of a regulatory authority to which the Appointing Member or UK&amp;I DCC Interested Member seeking to effect the Transfer is subject (and each such Person shall provide
Visa Inc. with evidence, to Visa Inc.&#146;s reasonable satisfaction, that such Transfer is required); and (ii) is to a Person who has, to the reasonable satisfaction of Visa Inc., equivalent financial standing to the Appointing Member or UK&amp;I
DCC Interested Member seeking to effect the Transfer and who is a Principal Member, or an Affiliate of a Principal Member. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">20.2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Visa Inc. may assign, transfer, charge, sub-contract, or deal in any other manner with any of its rights or
obligations under this Deed, or purport to do any of the same, in favour of any of its Affiliates, provided that the obligations and/or liabilities of the other Parties shall be no greater than if such assignment, transfer, charge, sub-contract or
dealing by Visa Inc. had not taken place. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">20.2.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Each of the Appointing Members and UK&amp;I DCC Interested Members may assign, transfer, charge, sub-contract, or deal
in any other manner with any of its rights (but not its obligations) under this Deed, or purport to do any of the same, in favour of any of its Affiliates, provided that the obligations and/or liabilities of Visa Inc. shall be no greater than if
such assignment, transfer, charge, sub-contract or dealing had not taken place. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">20.2.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Any Appointing Member or UK&amp;I DCC Interested Member which is permitted, in accordance with Clause 20.2.1, to
assign, transfer, charge or otherwise deal with its rights or obligations under this Deed, shall procure that the assignee shall enter into a deed of adherence to this Deed (which shall be in a form acceptable to Visa Inc., acting reasonably)
pursuant to which the assignee shall undertake to Visa Inc. to observe, perform and be bound by all the terms contained in this Deed, and with effect from the due delivery to Visa Inc. of such deed of adherence, the assignor shall be released from
its obligations under this Deed. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">20.2.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The VE Member Representative shall not assign, transfer, charge or deal in any other manner with any of its rights or
its obligations under this Deed (or purport to do any of the same) without the prior written consent of Visa Inc. (which consent shall not be unreasonably withheld, conditioned or delayed). </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">20.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Expenses</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">Save as expressly set out in this Deed, each Party shall bear its own expenses in connection with this Deed and the roles to be
performed hereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 37 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">20.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Severability</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">If any provision of this Deed is found to be void or unenforceable, that provision shall be deemed to be deleted from this Deed and
the remaining provisions of this Deed shall continue in full force and effect and the Parties shall use their respective reasonable endeavours to procure that any such provision is replaced by a provision which is valid and enforceable, and which
gives effect to the spirit and intent of this Deed. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">20.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Third parties</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">No person who is not a party to this Deed has any other rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any
term of this Deed but this does not affect any rights or remedy of a third party which exists or is available other than under the Contracts (Rights of Third Parties) Act 1999.&nbsp;For the avoidance of doubt, (i) no VE Member who is not a party to
this Deed will have any direct right to enforce any provision of this Deed, (ii) subject to Clause 1.5, no Appointing Member will have any direct right to enforce any provision of this Deed, and (iii)&nbsp;subject to Clause 1.6, no UK&amp;I DCC
Interested Member will have any direct right to enforce any provision of this Deed. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">20.6</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Further assurance</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">The Parties shall deliver or cause to be delivered such instruments and other documents at such times and places as are reasonably
necessary or desirable, and shall take any other action reasonably requested by any other Party, for the purpose of putting this Deed into effect. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">20.7</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Counterparts</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">This Deed may be signed in any number of counterparts, each of which, when executed and delivered, shall be an original and all the
counterparts together shall constitute one and the same instrument. For the purposes of execution, faxed or scanned and emailed signatures by the Parties&#146; legal advisers shall be binding. </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">20.8</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Variations</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">Any variation of this Deed must be in writing and signed by or on behalf of each Party, save for minor administrative amendments (or
amendments to correct clerical errors) which must be in writing but need be signed only by or on behalf of Visa Inc. and the VE Member Representative, provided that all such variations shall be notified to all Parties. </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">20.9</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Successors in title</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">This Deed shall be binding upon and enure to the benefit of the successors in title and assigns of each Party. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 38 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">20.10</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Non waiver</B> </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">20.10.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The failure or delay of any Party at any time or times to require performance of any provision of this Deed shall not
affect such Party&#146;s right to enforce such a provision at a later time. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">20.10.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">No waiver by any Party of any condition or of the breach of any term, covenant, indemnity, representation, warranty or
undertaking contained in this Deed, whether by conduct or otherwise, in any one or more instances shall be deemed to be or construed as a further or continuing waiver of any such condition or breach or a waiver of any other condition or of the
breach of any other term, covenant, indemnity, representation, warranty or undertaking in this Deed. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">21.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Governing Law, Jurisdiction and Remedies</B> </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">21.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Governing law</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">This Deed is governed by and shall be construed in accordance with English law. Non-contractual obligations (if any) arising out of or
in connection with this Deed (including its formation) shall also be governed by English law. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">21.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Advice from Queen</B><B>&#146;</B><B>s Counsel</B> </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">21.2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Where agreement cannot be reached on the matters referred to in Clauses 10.3, 11.1, 13.3 and 14.7 above, Visa Inc. and
the LMC and/or the UK&amp;I DCC and/or the Europe DCC (as appropriate) will jointly seek, and they (and the other Parties to this Deed) agree to be bound by, advice from a mutually agreed Queen&#146;s Counsel (such agreement not to be unreasonably
withheld) from Brick Court Chambers, One Essex Court, Fountain Court Chambers, Monckton Chambers, or 3 Verulam Buildings (or such other chambers as may be agreed between Visa Inc. and the LMC and/or the UK&amp;I DCC and/or the Europe DCC (as
appropriate)). For the avoidance of doubt, Visa Inc. and the LMC and/or the UK&amp;I DCC and/or the Europe DCC (as appropriate) are free to agree different Queen&#146;s Counsel on each occasion on which joint advice is sought. If agreement is not
reached on the choice of Queen&#146;s Counsel within 10 Business Days of the time when Visa Inc. and the LMC and/or the UK&amp;I DCC and/or the Europe DCC (as appropriate) have become bound to seek advice from Queen&#146;s Counsel under the terms of
Clauses 10.3, 11.1, 13.3 and 14.7 above (as appropriate), each agrees to be bound by the recommendation of the then Chairman of the Commercial Bar Association of a Queen&#146;s Counsel from one of the chambers listed above.<B> </B>
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">21.2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Visa Inc. and the LMC and/or the UK&amp;I DCC and/or the Europe DCC (as appropriate) shall provide the Queen&#146;s
Counsel with any material that they and that he or she reasonably considers to be necessary in order properly to answer the question(s) on which advice is sought, under </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 39 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="22%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">
terms of strict confidence and privilege. Without prejudice to the provisions of Clause 15, the LMC, the UK&amp;I DCC, the Europe DCC and Visa Inc. will take all reasonable steps to protect the
confidentiality of, and privilege (including common interest privilege) attaching to, all communications generated during this process including, but not limited to, the instructions to the Queen&#146;s Counsel and his or her advice.
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">21.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Remedy for breach</B><B> </B> </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">21.3.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The sole remedy of each of (i) the VE Member Representative (whether acting by the LMC, the UK&amp;I DCC or the Europe
DCC) and (ii) Visa Inc., in respect of any alleged breach of this Deed (other than in respect of Clauses 12.3 (but only if and to the extent that Visa Inc. has failed to provide any monthly update for three consecutive months), 14.2 (but only if and
to the extent that Visa Inc. has made no attempt to consult with the LMC), 14.9, 15, 20.2, 20.6, 21.3 and 21.4), shall be a claim for damages which shall be made in accordance with Clause 21.4, and which shall not be commenced until after resolution
of the Covered Claim to which the breach relates (whether by a settlement or final and non-appealable judgment); provided that, for the avoidance of doubt, the foregoing does not apply to the provisions of Clause 21.2, and the matters referred to in
that clause shall be referred to a Queen&#146;s Counsel for binding advice in accordance with Clause 21.2. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">21.3.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Pending the resolution of the Covered Claim to which any alleged breach relates, the alleged breach shall have no
effect on the rights and obligations of Visa Inc. and the VE Member Representative (whether acting by the LMC, the UK&amp;I DCC or the Europe DCC), including, but not limited to, in relation to the allocation of Covered Losses under Clause 13.
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">21.3.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Neither (i) the VE Member Representative (whether acting by the LMC, the UK&amp;I DCC or the Europe DCC) nor (ii) Visa
Inc. will raise any limitation defence to any claim for damages which is brought within two years of the final resolution of the Covered Claim. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">21.3.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Without prejudice to Clauses 1.5 and 1.6, the Appointing Members and the UK&amp;I DCC Interested Members shall have no
individual or collective right to claim for damages (or otherwise) in respect of any breach, or alleged breach, of this Deed. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">21.3.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Each Party acknowledges and agrees that the VE Member Representative, in its capacity as trustee for certain VE
Members designated as beneficiaries in accordance with the VEMR Trust Documents, will be entitled to pursue and enforce any claim for breach of this Deed in its own name, and will be entitled to claim for any damages or losses which can be proved to
have been suffered or incurred by a VE Member which is a beneficiary of the VEMR Trust Documents </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 40 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="22%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">
as a result of such breach, regardless of whether the VE Member Representative has itself incurred or suffered such damages or losses as a result of such breach.<B> </B> </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">21.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt"><B>Reference to arbitration</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:12%; font-size:11.5pt; font-family:ARIAL" ALIGN="justify">Any dispute or difference arising out of or in connection with this Deed (including any question regarding its existence, validity,
interpretation, performance or termination) shall be referred to and finally resolved by arbitration under the rules of the LCIA (the &#147;<B>Rules</B>&#148;), which Rules are deemed to be incorporated by reference into this clause. </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">21.4.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The number of arbitrators shall be three and the appointing authority for the purposes of the Rules shall be the LCIA.
</P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">21.4.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The seat (or legal place) of the arbitration shall be London and the law and language of the arbitration shall be
English. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">21.4.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">The award(s) of the tribunal shall be final and binding. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">21.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11.5pt">Each Party irrevocably consents to any process in any legal action or proceedings arising out of or in connection with
this Deed (including its formation) being served on it in accordance with the provisions of this Deed relating to service of notices (including the service address given in respect of that Party under Clause 17 (Notices)).&nbsp;Nothing contained in
this Deed shall affect the right to serve process in any other manner permitted by law. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="justify"><B>EXECUTED AS A DEED</B> by the
Parties or their duly authorised representatives and delivered on the date set out at its head. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL" ALIGN="center">&#150; 41 &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">[<I>The VE Member Representative</I>] </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>EXECUTED </B>as a<B> DEED</B> by <B></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"><B>441</B><B>&nbsp;</B><B>TRUST COMPANY LIMITED</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">acting by</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><U>/s/&nbsp;Marco&nbsp;Bolgiani</U>&#133;&#133;&#133;&#133;&#133;&#133;.&#133;&#133;..&#133;&#133;&#133;&#133;&#133;...</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">Marco Bolgiani</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">(director)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">in the presence of:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">Witness:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Signature:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><U>/s/&nbsp;Adrian&nbsp;Phillips</U>&#133;&#133;&#133;.....&#133;..&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Name:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>Adrian&nbsp;Phillips&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..&#133;&#133;&#133;&#133;..</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Address:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>1&nbsp;Brunswick&nbsp;Square&#133;&#133;&#133;&#133;......&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>Hove&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Occupation:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>Solicitor&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..&#133;&#133;..</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">[<I>Signature Page to the
Litigation Management Deed</I>] </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">[<I>Visa Inc.</I>] </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>EXECUTED </B>as a <B>DEED</B> by <B></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>VISA</B><B>&nbsp;</B><B>INC.</B>, a company incorporated</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">under the laws of the
State of</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL">Delaware, U.S.A., by:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">Charles W. Scharf</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/s/&nbsp;Charles&nbsp;W.&nbsp;Scharf</U>&#133;&#133;&#133;&#133;&#133;&#133;.....&#133;&#133;&#133;&#133;&#133;&#133;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Charles W. Scharf</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">being a person who, in accordance</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">with the laws of that
territory, is acting</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL">under the authority of that company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">[<I>Signature Page to the
Litigation Management Deed</I>] </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">[<I>LMC Appointing Members and Europe DCC Appointing Members</I>] </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><B>EXECUTED </B>as a <B>DEED</B> by <B>VISA</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><B>SWEDEN F&Ouml;RENING EK. F&Ouml;R</B>, a</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">company incorporated under the laws</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/s/ P.O Goransson</U>&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">of Sweden, by:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">P.O Goransson</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chair of Board</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">P.O Goransson, Kurt Gjesten</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">being a person (or persons) who, in</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">/<U>s/ Kurt Gjesten</U>&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..&#133;&#133;&#133;&#133;&#133;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">accordance with the laws of that</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Kurt Gjesten</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">territory, is (or are) acting under the</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Managing&nbsp;Director and CEO</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">authority of that company</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><B>EXECUTED </B>as a <B>DEED</B> by <B>BPCE</B>, a</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">company incorporated under the laws</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">of France, by:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">Fran&ccedil;ois Perol</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">being a person (or persons) who, in</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Francois Perol</U>&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..&#133;&#133;&#133;&#133;&#133;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">accordance with the laws of that</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Francois Perol</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">territory, is (or are) acting under the</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">authority of that company</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><B>EXECUTED </B>as a <B>DEED</B> by</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><B>SERVIRED SOCIEDAD</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><B>ESPANOLA DE MEDIOS DE</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><B>PAGO S.A.</B>, a company incorporated</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">under the laws of Spain, by:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">Rafael Martin-Pena</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Rafael Martin-Pena</U> &#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">being a person (or persons) who, in</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Rafael Martin-Pena</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">accordance with the laws of that</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chairman of the Board</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">territory, is (or are) acting under the</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">authority of that company</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">[<I>Signature Page to the
Litigation Management Deed</I>] </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">[<I>LMC Appointing Members and Europe DCC Appointing Members (continued)</I>] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><B>EXECUTED</B> as a <B>DEED</B> by</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><B>CARTASI S.p.A</B>, a company</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">incorporated under the laws of Italy,</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">by:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">Giuseppe Capponcelli</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Giuseppe Capponcelli</U>&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">being a person (or persons) who, in</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Giuseppe Capponcelli</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">accordance with the laws of that</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">territory, is (or are) acting under the</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">authority of that company</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><B>EXECUTED</B> as a <B>DEED</B> by <B>ISRAEL</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><B>DISCOUNT BANK LTD.</B>, a</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">company incorporated under the laws</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Yossi Beressi</U>&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">of Israel, by:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Yossi Beressi</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">SEVP, Chief Accountant</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">Yossi Beressi, Uri Levin</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">being a person (or persons) who, in</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Uri Levin</U>&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;....</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">accordance with the laws of that</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Uri Levin</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">territory, is (or are) acting under the</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">SEVP, CFO, Head of Planning, Strategy</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">authority of that company</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&amp; Finance Division</TD></TR>
</TABLE> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><B>EXECUTED</B> as a <B>DEED</B> by</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><B>SOCI&Eacute;T&Eacute; G&Eacute;N&Eacute;RALE S.A.</B>, a</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">company incorporated under the laws</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">of France, by:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">Pascal Auge</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Pascal Auge</U>&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">being a person (or persons) who, in</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Pascal Auge</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">accordance with the laws of that</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Head of Global Transaction and Payment</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">territory, is (or are) acting under the</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Services</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">authority of that company</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">[<I>Signature Page to the
Litigation Management Deed</I>] </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">[<I>LMC Appointing Members and UK&amp;I DCC Appointing Members</I>] </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><B>EXECUTED </B>as a <B>DEED</B> by <B>HSBC </B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><B>BANK PLC</B> under Common Seal</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">The Common Seal of HSBC Bank plc</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">was hereunto affixed to this <B>DEED</B> in</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">the presence of:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Jane Fahrey</U> &#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Authorised signatory)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Name / title: Jane Fahrey</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="35"></TD>
<TD HEIGHT="35" COLSPAN="2"></TD>
<TD HEIGHT="35" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Syeeda Siddiqui</U> &#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Authorised Countersignatory)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Name / title: Ms. Syeeda Siddiqui</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><B>EXECUTED </B>as a<B> DEED</B> by</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><B>BARCLAYS BANK PLC</B> acting by</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">its attorney,</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/s/ R. Hickson </U>&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;...</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">R. Hickson</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">General Counsel</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">in the presence of:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">Witness:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Signature:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Sheryl Jermyn</U> &#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Name:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Sheryl Jermyn &#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Address:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Flat 4, 161 Bethnal Green Road&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">London E2 7DG &#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;...</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Occupation:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Lawyer&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">[<I>Signature Page to the
Litigation Management Deed</I>] </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">[<I>LMC Appointing Members and UK&amp;I DCC Appointing Members (continued)</I>] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>EXECUTED </B>as a<B> DEED</B> by <B>THE</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"><B>ROYAL BANK OF
SCOTLAND </B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">)</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL">)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><B>PLC</B> acting by its attorney,</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Donald R. MacDonald</U><U> </U>&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Donald R. MacDonald</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="35"></TD>
<TD HEIGHT="35" COLSPAN="2"></TD>
<TD HEIGHT="35" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">in the presence of:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">Witness:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Signature:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Natalie Charlick</U> &#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..&#133;..</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Name:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Natalie Charlick &#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Address:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1<SUP STYLE="font-size:85%; vertical-align:top">st</SUP> Floor, House G, RBS Gogarburn &#133;&#133;&#133;&#133;&#133;.&#133;.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Edinburgh EH12 1HQ&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..&#133;.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Occupation:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Legal Counsel&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..&#133;..</TD></TR>
</TABLE> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>EXECUTED </B>as a<B> DEED</B> by <B></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>WORLDPAY (UK)
LIMITED</B> acting</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL">by</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL">)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>/s/ Philip Jansen</U>&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Philip Jansen</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="35"></TD>
<TD HEIGHT="35" COLSPAN="2"></TD>
<TD HEIGHT="35" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">(Director)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">in the presence of:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">Witness:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Signature:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Carly Howorth</U>&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.........&#133;..</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Name:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Carly Howorth&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Address:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">8 Smarts Heath Road&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;...&#133;.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Mayford, Woking, GU22 ONP &#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Occupation:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">EA&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">[<I>Signature Page to the
Litigation Management Deed</I>] </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">[<I>UK&amp;I DCC Appointing Members</I>] </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>EXECUTED </B>as a<B> DEED</B> by</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>LLOYDS BANK PLC</B> acting
by its</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL">attorney,</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>/s/ Andrew Mawer</U>&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Andrew Mawer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Andrew Mayer</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">in the presence of:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">Witness:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Signature:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Susan Wilson</U>&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;...</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Susan Wilson&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Address:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">25 Gresham Street&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;...</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">London&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;...</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Occupation:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Solicitor&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</TD></TR></TABLE>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>

<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">The Common Seal of</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>SANTANDER UK PLC</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">was hereunto affixed to this <B>DEED</B> by</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Order of the Board of Directors in
the</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL">presence of</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">(Authorised sealing officer)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Stuard Mead</U>&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Name: Stuard Mead</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Title: Assistant Company Secretary,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL">Authorised
Grantor</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">[<I>Signature Page to the
Litigation Management Deed</I>] </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">[<I>UK&amp;I DCC Interested Members</I>] </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><B>EXECUTED </B>as a <B>DEED</B> by <B></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><B>CITIBANK EUROPE PLC</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">(as&nbsp;&#147;Successor Company&#148; (as defined</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Tony Woods</U>...................................&#133;&#133;&#133;&#133;&#133;&#133;..</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">in the Irish Merger Regulations) of</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Tony Woods</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">Citibank International Limited) acting</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">by:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="35"></TD>
<TD HEIGHT="35" COLSPAN="2"></TD>
<TD HEIGHT="35" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">(as its attorney) in the presence of:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">Witness:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Signature:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Deirdre Pepper</U>...................................&#133;&#133;&#133;&#133;&#133;.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Deirdre Pepper........................................&#133;&#133;&#133;&#133;&#133;.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Address:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">c/o North Wall Quay.................................&#133;&#133;&#133;&#133;&#133;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Dublin 1....................................................&#133;&#133;&#133;&#133;&#133;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Occupation:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Solicitor.....................................................&#133;&#133;&#133;&#133;&#133;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="70"></TD>
<TD HEIGHT="70" COLSPAN="2"></TD>
<TD HEIGHT="70" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">The Common Seal of <B>THE CO-</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>OPERATIVE BANK PLC</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">was hereunto affixed to this <B>DEED</B> by</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Order of the Board of Directors in
the</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL">presence of</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="right">)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">(Authorised sealing officer)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Lisa Hartshorn</U>.....................................&#133;&#133;&#133;&#133;&#133;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Name: Lisa Hartshorn</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Title: Assistant Company Secretary</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">[<I>Signature Page to the
Litigation Management Deed</I>] </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">[<I>UK&amp;I DCC Interested Members (continued)</I>] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><B>EXECUTED </B>as a<B> DEED</B> by <B>GPUK</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><B>LLP</B> acting by</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David L. Green</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/s/ David L. Green</U>&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">David Green</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">duly authorised by Global Payments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">UK Ltd to sign on its behalf as</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">member of GPUK LLP</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">in the presence of:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">Witness:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Signature:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Nancy Lloyd</U>&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;...</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Name:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Nancy Lloyd&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;....</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Address:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">10 Glenlake Parkway, North Tower&#133;&#133;&#133;&#133;&#133;&#133;....</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Atlanta Georgia 30328, USA&#133;&#133;&#133;&#133;&#133;&#133;&#133;...&#133;&#133;.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Occupation:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Paralegal&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</TD></TR>
</TABLE> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><B>EXECUTED </B>as a<B> DEED</B> by <B>MBNA</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><B>LIMITED</B> acting by</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Elyn Corfield</U>&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">Elyn Corfield</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Elyn Corfield</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">(Director)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">in the presence of:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">Witness:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Signature:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/s / Jonathan Metcalfe</U>&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;...</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Name:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Jonathan Metcalfe&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..&#133;...</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Address:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Haddon Farm, Sutton,&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.&#133;..</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Macclesfield, SK11 0NG&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;...</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Occupation:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Accountant&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;...</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">[<I>Signature Page to the
Litigation Management Deed</I>] </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">[<I>UK&amp;I DCC Interested Members (continued)</I>] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">The Common Seal of <B>NATIONWIDE</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"><B>BUILDING SOCIETY</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">was hereunto affixed to this <B>DEED</B> by</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">Order of the Board of Directors by</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">(Authorised sealing officer)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Jason Lindsey</U>&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Name: Jason Lindsey</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Title: Deputy Secretary</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">in the presence of:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top">Witness:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Signature:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Lorraine Cinquegrani</U>&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Name:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Lorraine Cinquegrani&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Address:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Secretariat &#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Nationwide Building Society&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" ALIGN="right">Occupation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Secretariat Administrator&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">[<I>Signature Page to the
Litigation Management Deed</I>] </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>6
<FILENAME>d212927dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g212927g26p88.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="right"><B>EXHIBIT 99.1 </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9.5pt; font-family:arial"><B>NEWS
RELEASE </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:20pt; font-family:arial" ALIGN="center"><B>Visa Inc. Completes Acquisition of Visa Europe </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center"><B></B><B><I>Company appoints Gary A. Hoffman,
CEO of Hastings Group, to its Board of Directors</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>SAN FRANCISCO &amp; LONDON&nbsp;&#151;&nbsp;</B>June 21, 2016<B></B>&nbsp;&#151;&nbsp;Visa Inc.
(NYSE: V) today announced the completion of its acquisition of Visa Europe Ltd. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial">The combined, global company provides digital payment products, services and
processing to about 17,100 financial institution clients and partners, 40&nbsp;million merchant outlets, and 3.0 billion Visa cards worldwide. Visa&#150;branded cards and payment products enable approximately $6.8 trillion in global payments volume
annually. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial">In addition, Visa Inc.&#146;s Board of Directors (the &#147;Board&#148;) announced today that it appointed Gary A. Hoffman, CEO of Hastings Group, as a
Board member of Visa Inc. He is currently a director and Chairman of Visa Europe Limited. This brings the Board to twelve members. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Mr.&nbsp;Hoffman has been the
Chief Executive Officer of Hastings Group, a UK insurance provider, since November 2012. Prior to this role, Mr.&nbsp;Hoffman was Chief Executive Officer of NBNK Investments, an investment vehicle formed in August 2010 to establish personal and
business retail banking in the UK, from 2011 to 2012. He also served as Chief Executive Officer of Northern Rock PLC, from 2008 to 2010 and Vice Chairman of Barclays PLC, from 2006 to 2008. Prior to that, he served in various other roles at Barclays
Group, including Chairman of UK Banking and Barclaycard at Barclays PLC and Chief Executive Officer of Barclaycard. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial">&#147;I am pleased to welcome Gary to the Board
of Directors,&#148; said Charlie Scharf, CEO of Visa Inc. &#147;Gary&#146;s broad knowledge of the European payments and banking industries brings an important perspective to the Visa Inc. Board and will be invaluable as we build our business in
Europe.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Gary Hoffman said &#147;It is exciting to be part of the next chapter in the Visa story. Visa Europe has performed strongly as a business and
combining with Visa Inc. will provide European clients with greater access to the global scale, additional innovation resources and range of capabilities necessary to continue to offer the best payment services to their customers.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>About Visa Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Visa Inc. (NYSE: V) is a global payments technology company
that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world&#146;s most advanced processing networks &#151;
VisaNet &#151; that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for
consumers. Visa&#146;s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead with prepaid or pay later with credit products. For more information, visit
usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>Forward-Looking Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">This release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally
are identified by words such as &#147;will,&#148; &#147;continue,&#148; and other similar expressions. Examples of forward-looking statements include, but are not limited to, </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">
statements Visa Inc. makes about the benefits to Visa Inc. arising from the completion of the transaction and the addition of a Board member. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial">By their nature, forward-looking statements: (i)&nbsp;speak only as of the date they are made; (ii)&nbsp;are not statements of historical fact or guarantees of future
performance; and (iii)&nbsp;are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from Visa Inc.&#146;s forward-looking
statements due to a variety of factors, including the risk that the benefits of the transaction may not be realized, or may not be realized on the currently anticipated timeline; risks related to developments in Visa Inc.&#146;s business; and
various other factors, including those contained in our Annual Report on Form 10-K for the fiscal year ended September&nbsp;30, 2015, our Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2016, and Visa Inc.&#146;s other filings
with the U.S. Securities and Exchange Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial">You should not place undue reliance on such statements. Except as required by law, Visa Inc. does not intend to
update or revise any forward-looking statements as a result of new information, future developments or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>Contacts: </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><U>Media Relations </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Visa Inc., Connie Kim, +1 212-521-3962, globalmedia@visa.com
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial">or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Visa Europe, Diane Scott, +44 207 795 5459, europeanmedia@visa.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial">or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><U>Investor Relations </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Visa Inc., Jack Carsky or Victoria Hyde-Dunn, +1 650-432-7644, ir@visa.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="right">2 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>g212927g26p88.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g212927g26p88.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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M%0CRG2^-M%OO$7A&^TC3YHH9[H!-\N=H7<">GL,5C1FJ<U*70<E=61Y7X?\
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8 "@ H * "@ H * "@ H * "@ H * /_9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
