<SEC-DOCUMENT>0000898822-16-000466.txt : 20161017
<SEC-HEADER>0000898822-16-000466.hdr.sgml : 20161017
<ACCEPTANCE-DATETIME>20161017160715
ACCESSION NUMBER:		0000898822-16-000466
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20161017
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20161017
DATE AS OF CHANGE:		20161017

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:		161938932

	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
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<div style="FONT-SIZE: 14pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">UNITED STATES</div>

<div style="FONT-SIZE: 14pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="FONT-SIZE: 12pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">Washington, D.C.&#160; 20549</div>

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<div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">FORM 8-K</div>

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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">CURRENT REPORT</div>

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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</div>

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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: center">Date of Report (date of earliest event reported):&#160; <strong>October 17, 2016</strong></div>

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<td style="FONT-SIZE: 24pt; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: center">VISA INC.</td>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: center">(Exact name of registrant as specified in its charter)</div>
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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: center">(State or other jurisdiction</div>

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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: center">(I.R.S. Employer</div>

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<div style="FONT-WEIGHT: bold">P.O. Box 8999</div>

<div style="FONT-WEIGHT: bold">San Francisco, California</div>

<div style="FONT-WEIGHT: bold">(Address of Principal Executive Officer)</div>
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<div>&#160;<font style="FONT-WEIGHT: bold">94128-8999</font></div>

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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: center">Registrant&#8217;s Telephone Number, Including Area Code:&#160; (650) 432-3200</div>
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<div style="TEXT-ALIGN: left">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 Instruction A.2 below):</div>

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<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</td>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</td>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">Pre-commencement communications pursuant to Rule 14d-2(b) under The Exchange Act (17 CFR 240.14d-2(b))</td>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">Pre-commencement communications pursuant to Rule 13e-4(c) under The Exchange Act (17 CFR 240.13e-4(c))</td>
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<div style="FONT-WEIGHT: bold; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: bold; FONT-STYLE: normal">Item 7.01</font> <font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 9pt; DISPLAY: inline-block">&#160;</font><font style="FONT-STYLE: italic">Regulation FD Disclosure</font></div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">On October 17, 2016, Visa Inc. (the "Company") issued a press release announcing the resignation of Charles W. Scharf as the Chief Executive Officer of the Company and as a member of the Company's board of directors and the election of Alfred F. Kelly, Jr. as Chief Executive Officer of the Company, in each case effective as of December 1, 2016.&#160; A copy of the press release is attached hereto as Exhibit 99.1.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The information in this Form 8-K and the Exhibit hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Press Release of Visa Inc., dated October 17, 2016</div>
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<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center">SIGNATURES</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt">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.</div>
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<div style="TEXT-ALIGN: center">&#160;</div>

<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center">VISA INC.</div>

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<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt">Date:&#160; October 17, 2016</div>
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<td style="WIDTH: 35%; BORDER-BOTTOM: #000000 2px solid" valign="top" nowrap="nowrap" align="left">/s/&#160;Vasant M. Prabhu</td>
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<td style="WIDTH: 35%" valign="bottom" nowrap="nowrap" align="left">Vasant M. Prabhu</td>
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<TYPE>EX-99.1
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<div style="MARGIN-BOTTOM: 6pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Exhibit 99.1</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">NEWS RELEASE</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Visa Announces CEO Succession Plan</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">Charlie Scharf to Resign as CEO effective December 1; Alfred F. Kelly, Jr. Named CEO</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">San Francisco, CA, October 17, 2016 </font>- Visa Inc. (NYSE: V) today announced that Charlie Scharf is resigning as chief executive officer effective December 1, 2016, and the board of directors has unanimously voted to appoint Alfred F. Kelly, Jr. as CEO. Mr. Kelly, a current Visa board member, is the president and chief executive officer of Intersection Co. and the former president of American Express Co.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Mr. Scharf informed the board of directors that he decided to resign his position as CEO and board member because he could no longer spend the time in San Francisco necessary to do the job effectively. The board of directors did a rigorous review of a diverse set of internal and external candidates and is extremely gratified that Mr. Kelly has accepted the position. Mr. Kelly will join the company on October 31, 2016 as CEO designate. As part of the transition, Mr. Scharf will serve as an advisor to Mr. Kelly beginning December 1, 2016 for several months.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">"Charlie has been a visionary CEO, highly successful by any set of metrics. He has helped transform Visa, the leading global payments technology company, into a technology-driven digital commerce company and has led a strategy that will benefit this company for years to come," said Robert W. Matschullat, the company's independent chairman. "The board of directors is extremely grateful for Charlie's leadership and wishes to thank him for his outstanding four-year tenure, which saw total shareholder return increase by more than 130%, outperforming both the overall stock market and our peer group."</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">"We are thrilled to have found someone with Al's expertise and knowledge to take Visa to even greater heights. Al is a veteran payments industry executive who knows Visa well, having served as a board member for the past two-and-a-half years," said Mr. Matschullat. "The board unanimously agrees that Al is the right leader for the company, and we expect a seamless transition given Al's deep knowledge of the industry, demonstrated leadership capabilities, and his strong relationships with the talented management team currently in place."</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In his 23 years at American Express, Mr. Kelly held a variety of leadership positions. In addition to being president of American Express, he was head of the Global Consumer and Consumer Card Services groups. He currently serves on the board of directors of MetLife Inc.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Mr. Scharf commented: "I love working and running this great global company and I am sad to have reached the conclusion that I should step down, but running a San Francisco based company just doesn't work for me personally right now and wouldn't be fair to Visa. It has been an incredible privilege and honor to work with my many colleagues who have contributed so significantly to our success and transformation, and have strengthened our position as the leading global payments provider. I feel confident that the clarity of our strategic goals and our decisive actions will ensure that we continue to thrive in this quickly evolving industry."</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">"Visa is lucky to have Al Kelly as the next CEO. I and our senior management team have had the opportunity to work closely with Al &#8211; and those relationships, along with his depth and breadth of payment knowledge &#8211; will enable him to step in quickly without missing a beat. I, of course, will do everything I can to help make the transition as easy as possible for everyone. Al is the right person to lead Visa to continued success."</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Under Mr. Scharf's leadership, Visa has strengthened its position in global electronic payments and has been a leader in bringing innovation to the industry. Visa has transformed its technology platform by opening access to its network and capabilities through the Visa Developer Center, partnered with the world's leading technology companies to drive new payment experiences, introduced new technologies to improve payment system security, and built a world class management team. &#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In addition, the company successfully completed the acquisition of Visa Europe in June 2016, and delivered strong financial results, with operating income climbing to $9.1 billion in FY 2015. Visa's stock was added to the Dow Jones Industrial Average in 2013.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Mr. Kelly said: "I am extremely excited and honored to take on this role and build on Charlie's work and that of all of the employees at Visa. Visa is incredibly well positioned for continued success, and I look forward to joining this preeminent global organization. I have had the pleasure of getting to know many of the Visa executives during my time on the board, and they are a talented group of business leaders who have been relentlessly focused on driving Visa's global strategy. I look forward to working with them, including Ryan McInerney, Visa's President, in serving our clients. Charlie has positioned Visa for great success, and I thank him for his leadership."</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The succession will be effective December 1, 2016, when Mr. Scharf will step down and Mr. Kelly will assume the CEO position.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Conference Call/Webcast details</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Messrs Matschullat, Scharf and Kelly will host an investor call and webcast today at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) to discuss the announcement.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">All interested parties are invited to listen to the live webcast at&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">http://investor.visa.com</font>. A replay of the webcast will be available on Visa's Investor Relations website for 30 days.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Al Kelly Biography</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Over the course of his career, Mr. Kelly has worked in industry-leading companies within the financial services, travel and leisure, and consumer products industries. Before becoming CEO of Intersection, he was a managing advisor at TowerBrook Capital Partners LP. He led numerous groups at American Express Co. between 1987 and 2010, including the Global Consumer Group, the Consumer Card Services Group, OPEN from American Express, Consumer Travel, Global Travelers Cheques and Prepaid Services, US Customer Service, and Global Risk Management and Interactive Services. Mr. Kelly joined the board of Visa in 2014 as an independent director and is also presently a director of MetLife Inc. He was the chairman, president and CEO of the 2014 NY/NJ Super Bowl Host Committee and is active in numerous philanthropic endeavors, including as a trustee of the New York Presbyterian Hospital and of Boston College. Mr. Kelly also worked at the White House from 1985-1987 as manager of information systems and at PepsiCo from 1981 to 1985 in strategic planning. He received a bachelor's degree as well as an MBA from Iona College.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">###</div>

<div style="MARGIN-TOP: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">About Visa Inc.</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">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's most advanced processing networks &#8212; VisaNet &#8212; 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'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 <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">usa.visa.com/about-visa</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">visacorporate.tumblr.com</font> and <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">@VisaNews</font>.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 10pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 10pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 10pt">Contacts:</div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><u>Media Relations</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Michele Quintaglie, +1 415-805-4070 or Connie Kim, +1 212-521-3962,<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> globalmedia@visa.com</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><u>Investor Relations</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Jack Carsky or Victoria Hyde-Dunn, +1 650-432-7644, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">ir@visa.com</font></div>

<div><br>
 &#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Forward-Looking Statements:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">This Press 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 "estimates," "expectation," "outlook", "may," "projects," "could," "should," "will," "will continue" and other similar expressions. Examples of forward-looking statements include, but are not limited to, statements we make about our revenue, client incentives, operating margin, tax rate, earnings per share, free cash flow, and the growth of those items.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">By their nature, forward-looking statements: (i) speak only as of the date they are made; (ii) are not statements of historical fact or guarantees of future performance; and (iii) 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 our forward-looking statements due to a variety of factors, including the following:</div>

<div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">&#8226;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">the impact of laws, regulations and marketplace barriers, including:</div>
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</div>

<div>
<table id="8f02816f79ed469f9fa843128f716456" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">increased regulation of fees, transaction routing, payment card practices or other aspects of the payments industry in the U.S., including new or revised regulations issued under the Dodd-Frank Wall Street Reform and Consumer Protection Act;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">increased regulation in Europe and other jurisdictions outside of the U.S.;</div>
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<div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">increased government support of national payment networks outside the U.S.; and</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">increased regulation of consumer privacy, data use and security;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">developments in litigation and government enforcement, including those affecting interchange reimbursement fees, antitrust and tax;</div>
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<div>
<table id="c3ca52eeecfa4c3aa6cfdfca58ca453e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">&#8226;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">new lawsuits, investigations or proceedings, or changes to our potential exposure in connection with pending lawsuits, investigations or proceedings;</div>
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<table id="0c6863a2f4874ad595ec80add3a34647" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">&#8226;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">economic factors, such as:</div>
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<div>
<table id="8fa8e546ef4842d79529ef52e8f3584a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">uncertainty surrounding the Brexit, including the spillover to economic fragility in the Eurozone, the U.S. and in other advanced and emerging markets;</div>
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<table id="37197a9de2b147c7a0e54392069470ef" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">general economic, political and social conditions in mature and emerging markets globally;</div>
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<div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">general stock market fluctuations which may impact consumer spending;</div>
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<div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">material changes in cross-border activity, foreign exchange controls and fluctuations in currency exchange rates; and</div>
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<div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">material changes in our financial institution clients' performance compared to our estimates;</div>
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<div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">&#8226;</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">industry developments, such as competitive pressure, rapid technological developments and disintermediation from our payments network;</div>
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<div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">system developments, such as:</div>
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<div>
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</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">disruption of our transaction processing systems or the inability to process transactions efficiently;</div>
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<div>
<table id="c3cc463ee382489cbcedf5c73d9a4c4e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">account data breaches or increased fraudulent or other illegal activities involving Visa-branded cards or payment products; and</div>
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</div>

<div>
<table id="159e6d975bb64a35bea092e37ca14ac0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">failure to maintain systems interoperability with Visa Europe;</div>
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<div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">&#8226;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">the loss of organizational effectiveness or key employees;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">&#8226;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">the failure to integrate acquisitions successfully, achieve the anticipated benefits of the acquisitions, or effectively develop new products and businesses;</div>
</td>
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<div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">&#8226;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">natural disasters, terrorist attacks, military or political conflicts, and public health emergencies; and</div>
</td>
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<div>
<table id="98e011583b83435bb1c455426b5129dd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">&#8226;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">various other factors, including those more fully described in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended September 30, 2015, and our subsequent reports on Forms 10-Q and 8-K.</div>
</td>
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<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">You should not place undue reliance on such statements. Except as required by law, we do not intend to update or revise any forward&#8211;looking statements as a result of new information, future developments or otherwise.</div>

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