<SEC-DOCUMENT>0001193125-24-089213.txt : 20240408
<SEC-HEADER>0001193125-24-089213.hdr.sgml : 20240408
<ACCEPTANCE-DATETIME>20240408091241
ACCESSION NUMBER:		0001193125-24-089213
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20240408
DATE AS OF CHANGE:		20240408

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VISA INC.
		CENTRAL INDEX KEY:			0001403161
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				260267673
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-276747
		FILM NUMBER:		24828306

	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>424B3
<SEQUENCE>1
<FILENAME>d641107d424b3.htm
<DESCRIPTION>424B3
<TEXT>
<HTML><HEAD>
<TITLE>424B3</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="right"><B>Filed Pursuant to Rule 424(b)(3)<BR> Registration No. 333-276747 </B></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL"><B>Prospectus </B></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g641107g21m01.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>OFFER TO EXCHANGE </B></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>ANY AND ALL ISSUED AND OUTSTANDING SHARES OF CLASS <FONT STYLE="white-space:nowrap">B-1</FONT> COMMON STOCK </B></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>FOR A COMBINATION OF </B></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>SHARES OF CLASS <FONT
STYLE="white-space:nowrap">B-2</FONT> COMMON STOCK, </B></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>SHARES OF CLASS C COMMON STOCK, AND, </B></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>WHERE APPLICABLE, CASH IN LIEU OF FRACTIONAL SHARES </B></P> <P STYLE="font-size:4pt;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:21%">&nbsp;</P></center> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:3%; font-size:7pt; font-family:ARIAL">Visa Inc. (&#147;Visa&#148;
or the &#147;Company&#148;) is offering to exchange (the &#147;Exchange Offer&#148;), upon the terms and subject to the conditions set forth in this prospectus and the accompanying letter of election and transmittal (as supplemented and amended from
time to time, the &#147;Letter of Transmittal&#148;), any and all outstanding shares of its <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, par value $0.0001 per share
<FONT STYLE="white-space:nowrap">(&#147;Class&nbsp;B-1</FONT> common stock&#148;), for a combination of Visa&#146;s <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, par value $0.0001 per share
<FONT STYLE="white-space:nowrap">(&#147;Class&nbsp;B-2</FONT> common stock&#148; and, together with <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, &#147;Class&nbsp;B common stock&#148;), Visa&#146;s Class&nbsp;C common stock,
par value $0.0001 per share (&#147;Class&nbsp;C common stock&#148;), and, where applicable, cash in lieu of fractional shares. </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:3%; font-size:7pt; font-family:ARIAL">As a condition to
participating in the Exchange Offer, each exchanging <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder, together with its respective Parent Guarantors (as defined under &#147;Makewhole Agreement&#151;Parent Guarantors&#148;), will
be required to enter into an agreement (a &#147;Makewhole Agreement&#148;) to reimburse Visa in cash for future obligations related to the U.S. covered litigation (as defined under &#147;Background of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Common Stock and U.S. Covered Litigation&#148;) that, but for its participation in the Exchange Offer, would have otherwise been borne by such holder through its ownership of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. See &#147;Makewhole Agreement&#151;Payments Under the Makewhole Agreement.&#148; The liability of an exchanging <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder and its
respective Parent Guarantors to Visa under its Makewhole Agreement is not subject to any dollar cap. See &#147;Risk Factors&#151;Risks Related to the Exchange Offer and Makewhole Agreements&#151;The obligation of a participating holder and its
Parent Guarantors under the Makewhole Agreement is not subject to any dollar cap.&#148; </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:3%; font-size:7pt; font-family:ARIAL">In exchange for each share of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock properly tendered (and not validly withdrawn) prior to one minute after 11:59&nbsp;p.m., New York City time, on May&nbsp;3, 2024 (such time and date, as the same may be extended,
the &#147;Expiration Date&#148;) and accepted by Visa, a participating <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder will receive: </P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:7pt">one half of a newly issued share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock,
</P></TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:7pt">newly issued shares of Class&nbsp;C common stock in an amount equivalent to one half of a share of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, with such equivalence based on the respective amounts of Class&nbsp;A common stock, par value $0.0001 per share (&#147;Class&nbsp;A common stock&#148;) into which <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and Class&nbsp;C common stock would be convertible as of the Expiration Date, and </P></TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:7pt">where applicable, cash in lieu of fractional shares. </P></TD></TR></TABLE>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:3%; font-size:7pt; font-family:ARIAL">Based on the current Applicable Conversion Rates (as defined herein) for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and
Class&nbsp;C common stock of 1.5875 shares of Class&nbsp;A common stock and 4 shares of Class&nbsp;A common stock, respectively, Visa will issue 0.1984 shares of Class&nbsp;C common stock for each share of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock validly tendered and accepted for exchange. We refer to the foregoing combination of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, Class&nbsp;C common stock
and cash, where applicable, as the &#147;Exchange Consideration.&#148; See &#147;The Exchange Offer&#151;Terms of the Exchange Offer.&#148; </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:3%; font-size:7pt; font-family:ARIAL"><FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock was originally issued as &#147;Class&nbsp;B common stock&#148; in connection with Visa&#146;s corporate reorganization and initial public offering (&#147;IPO&#148;), which was completed
in 2008. All outstanding shares of Class&nbsp;B common stock were redenominated as <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock pursuant to Visa&#146;s Eighth Restated Certificate of Incorporation (the &#147;Certificate of
Incorporation&#148;), which became effective on January&nbsp;24, 2024. <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock is a new class of stock that will be subject to the same restrictions on transfer and conversion that
currently apply to <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. However, future downward adjustments to the rate at which <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock converts into Class&nbsp;A common
stock (such rate, the &#147;Applicable Conversion Rate&#148;) will be accelerated to occur at twice the rate as the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. See &#147;Description of
Capital Stock&#151;Conversion.&#148; Class&nbsp;C common stock to be issued as part of the Exchange Consideration will be the same as Class&nbsp;C common stock that is currently outstanding and, accordingly, will be transferrable and convertible in
accordance with the Certificate of Incorporation, subject to temporary contractual transfer restrictions under the Makewhole Agreement, as described under &#147;Makewhole Agreement&#151;Transfer Restrictions.&#148; </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:3%; font-size:7pt; font-family:ARIAL">Visa&#146;s Class&nbsp;A common stock is listed on the New York Stock Exchange (the &#147;NYSE&#148;) under the symbol &#147;V.&#148; There is currently
no established public trading market for Visa&#146;s Class&nbsp;B common stock or Class&nbsp;C common stock. </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:3%; font-size:7pt; font-family:ARIAL">The Exchange Offer is subject to the
conditions described under &#147;The Exchange Offer&#151;Conditions of the Exchange Offer,&#148; which include, among other things, the effectiveness of the registration statement of which this prospectus forms a part and the execution and delivery
of a Makewhole Agreement, including the officer&#146;s certificates appended thereto, by each participating <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder and its Parent Guarantors. <B>There are multiple conditions to the closing
of the Exchange Offer that are beyond Visa&#146;s control and Visa cannot provide you any assurance that these conditions will be satisfied or that the Exchange Offer will close.</B> </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:3%; font-size:7pt; font-family:ARIAL">The Exchange Offer will expire at the Expiration Date unless extended or earlier terminated by Visa. Tendered shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock may be withdrawn at any time prior to the Expiration Date. In addition, you may withdraw any tendered shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock
if Visa has not accepted them for exchange within 40 business days from commencement of the Exchange Offer, or by June&nbsp;3, 2024. </P> <P STYLE="font-size:4pt;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:21%">&nbsp;
</P></center> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:4%; font-size:8pt; font-family:ARIAL"><B>See &#147;<A HREF="#toc641107_10">Risk Factors</A>&#148; beginning on page 22 of this prospectus for a discussion of factors you should
consider in connection with the Exchange Offer. In addition, see &#147;Notice Regarding Certain Regulatory and Contractual Consequences of Participating in the Exchange Offer&#148; on page 1 of this prospectus for information about certain potential
consequences as to which you are urged to consult your own legal and regulatory advisors. </B></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:3%; font-size:7pt; font-family:ARIAL">Visa&#146;s board of directors (the &#147;Board of
Directors&#148; or the &#147;Board&#148;) has authorized and approved the Exchange Offer. None of Visa, the Board of Directors, Visa&#146;s officers and employees, the Exchange Agent or the Information Agent (each, as defined under &#147;Exchange
Agent and Information Agent&#148;), any of Visa&#146;s financial advisors or any other person is making any recommendation to any holder of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock as to whether or not you should tender
shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock in the Exchange Offer. You must make your own decision whether to tender shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock in the Exchange
Offer. <B>Visa is not asking you for a proxy and you are requested not to send Visa a proxy. </B> </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:3%; font-size:7pt; font-family:ARIAL"><B>If you wish to tender shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock in the Exchange Offer, you should follow the instructions within the Letter of Transmittal, which are summarized under &#147;The Exchange Offer&#151;Procedures for Tendering Class B-1
Common Stock&#148; within this prospectus. If you wish to withdraw your tender, you may do so by following the instructions set forth therein. Any <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder that withdraws a prior tender may <FONT
STYLE="white-space:nowrap">re-tender</FONT> its shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock by tendering such shares in accordance with the instructions referenced above. </B></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:3%; font-size:7pt; font-family:ARIAL"><B>Neither the Securities and Exchange Commission (the &#147;SEC&#148;) nor any state securities commission has approved or disapproved of the securities
being offered in the Exchange Offer or determined if the prospectus is truthful or complete. Any representation to the contrary is a criminal offense. </B></P> <P STYLE="font-size:4pt;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:21%">&nbsp;</P></center> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">The date of this prospectus
is April&nbsp;8, 2024. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;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:21%">&nbsp;</P></center>
<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:10pt" ALIGN="center">


<TR>

<TD WIDTH="95%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Page</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_1">Notice Regarding Certain Regulatory and Contractual Consequences of Participating in the
 Exchange Offer</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_2">Exchange Agent and Information Agent</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_3">About This Prospectus</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_4">Tendering Your Shares</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_5">Cautionary Note Regarding Forward-Looking Statements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_6">Questions and Answers About the Exchange Offer</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_7">Summary</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_8">The Company</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_9">Summary Terms of the Exchange Offer</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_10">Risk Factors</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_11">Risks Related to the Exchange Offer and Makewhole Agreements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_12">Background of <FONT STYLE="white-space:nowrap">Class&nbsp;
B-1</FONT> Common Stock and U.S. Covered Litigation</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_13">The Exchange Offer</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_14">No Recommendation</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_15">Reasons for the Exchange Offer</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_16">Terms of the Exchange Offer</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_17">Fractional Shares</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_18">Dilution</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_19">Consequences of Failure to Exchange <FONT STYLE="white-space:nowrap">Class&nbsp;
B-1</FONT> Common Stock in the Exchange Offer</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_20">Expiration Date; Extension; Termination; Amendment</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_21">Procedures for Tendering <FONT STYLE="white-space:nowrap">Class&nbsp;
B-1</FONT> Common Stock</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_22">Withdrawal Rights</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_23">Acceptance of <FONT STYLE="white-space:nowrap">Class&nbsp;
B-1</FONT> Common Stock for Exchange; Delivery of Exchange Consideration</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_24">Conditions of the Exchange Offer</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_25">Fees and Expenses</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_26">Settlement</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_27">The Exchange Offer Program</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_28">Future Purchases</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_29">No Appraisal Rights</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_30">Schedule TO</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_31">&#147;Blue Sky&#148; Compliance</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_32">Accounting Treatment</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_33">Makewhole Agreement</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_34">Payments under the Makewhole Agreement</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_35">Repayment in Respect of Excess Makewhole Payments</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_36">Treatment of Multiple Makewhole Agreements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_37">Parent Guarantors</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_38">Applicability of Visa USA <FONT STYLE="white-space:nowrap">By-Laws</FONT> and Loss Sharing
 Agreement</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_39">Transfer Restrictions</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_40">Assignability and Successors</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_41">Registered Holders Who Are Not Beneficial Owners</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_42">Description of Capital Stock</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_43">General</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_44">Voting Rights</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_45">Conversion</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&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="center">i </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="96%"></TD>

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

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_46">Preemptive Rights</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_47">Fractional Shares</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_48">Dividend and Distribution Rights</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_49">Liquidation Rights</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_50">Mergers, Consolidation, Etc.</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_51">Use of the Term
<FONT STYLE="white-space:nowrap">&#147;As-Converted&#148;</FONT></A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_52">Transfer Restrictions</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_53">Limitations on Change of Control</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_54">Material U.S. Federal Income Tax Considerations</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_55">Taxation of Ownership of <FONT STYLE="white-space:nowrap">Class&nbsp;
B-2</FONT> Common Stock and Class&nbsp;C Stock Common Stock</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_56">Information Reporting and Backup Withholding</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_57">Foreign Account Tax Compliance Act</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_58">Where You Can Find More Information; Incorporation Of Certain Information By Reference
</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_59">Legal Matters</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#toc641107_60">Experts</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&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="center">ii </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc641107_1"></A>NOTICE REGARDING CERTAIN REGULATORY AND CONTRACTUAL CONSEQUENCES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>OF PARTICIPATING IN THE EXCHANGE OFFER </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock is held predominantly by banks, bank holding companies, credit unions and other financial institutions or affiliates of financial institutions that may be subject to comprehensive federal
or state regulation and regulatory supervision. Visa has not assessed, and can provide no assurance as to, the suitability of a <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder&#146;s participation in the Exchange Offer, including
the requirement to enter into and perform under a Makewhole Agreement as described under &#147;Makewhole Agreement,&#148; under the various regulatory regimes that may apply to any particular <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT>
stockholder or its Parent Guarantors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In addition, Visa understands that some current or former
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholders have entered into swap or other derivative contracts or transactions with other current or former <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholders concerning the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. Visa is not a party to these contracts or transactions, and Visa cannot and will not advise on the effects the Exchange Offer, including obligations under a Makewhole Agreement, may have
on any <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder&#146;s rights or obligations under any such swap or other derivative contract or transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">It is therefore incumbent upon each <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder to determine whether participation in the
Exchange Offer, including entering into the Makewhole Agreement, will comply with regulatory obligations or restrictions applicable to such holder and its Parent Guarantors or will require such holder or its Parent Guarantors to obtain any
regulatory or other approval, waiver or other authorization, and how any such participation may impact such <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder&#146;s rights or obligations under any swap or other derivative contract
or transaction concerning the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock that such <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder may have entered. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Under the Makewhole Agreement, each <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder and Parent Guarantor will be required to
represent and warrant to Visa, among other things, that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">it has all necessary power and authority to perform its obligations under the Makewhole Agreement; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">it is not a party to any agreement that would be violated, 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, by entering into or performing its obligations under the Makewhole Agreement; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">it is not subject to any law or regulation that would be violated by entering into or performing its obligations under the
Makewhole Agreement; 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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">no governmental or other authorizations are required in order for it to perform its obligations under the Makewhole
Agreement. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Each <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder considering whether to participate in the
Exchange Offer is therefore urged to consult with its own legal and regulatory advisors. </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="center">1 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc641107_2"></A>EXCHANGE AGENT AND INFORMATION AGENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa has engaged Equiniti Trust Company, LLC and D.F. King&nbsp;&amp; Co., Inc. to act respectively as exchange agent (the &#147;Exchange Agent&#148;)
and information agent (the &#147;Information Agent&#148;) for the Exchange Offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">If you have questions about this prospectus or would like
additional copies of this prospectus, contact the Information Agent at the following address. You will not be charged for your request. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">D.F.
King&nbsp;&amp; Co., Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">48 Wall Street, 22nd Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">New York, New York 10005 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT
STYLE="white-space:nowrap">E-mail:</FONT> visainc@dfking.com </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Stockholders (toll-free): (800) <FONT STYLE="white-space:nowrap">628-8509</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Brokers (collect): (212) <FONT STYLE="white-space:nowrap">269-5550</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Participating <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholders must deliver executed copies of the Letter of Transmittal and
Makewhole Agreement, including the officer&#146;s certificates appended thereto, to the Exchange Agent. Such documentation may be submitted through the Exchange Agent&#146;s online portal at vote.proxyonline.com/Visa/19596/ or sent to the following
address: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Equiniti Trust Company, LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Shareowner
Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Voluntary Corporate Actions </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">1110 Centre
Pointe Curve, Suite 101 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Mendota Heights, Minnesota 55120 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Each of the Exchange Agent and the Information Agent is an affiliate of EQ Shareowner Services, Visa&#146;s transfer agent (the &#147;Transfer
Agent&#148;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc641107_3"></A>ABOUT THIS PROSPECTUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">This document forms part of a registration statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> filed with the SEC by the Company (File
No.&nbsp;333-276747). The Company has supplied all information contained herein relating to Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">This document incorporates important business
and financial information about Visa filed with the SEC that is not included in or delivered with this document. You can obtain any of the documents filed with the SEC by Visa at no cost from the SEC&#146;s website at <I>www.sec.gov</I>. You may
also request copies of these documents, including documents incorporated by reference into this document, at no cost, by contacting Visa. Please see &#147;Where You Can Find More Information; Incorporation of Certain Information by Reference&#148;
for more details. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL"><B>In order to receive timely delivery of the documents in advance of the Expiration Date, you should make your request to the
following address no later than April&nbsp;26, 2024 (five business days prior to the Expiration Date): </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Visa Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Attention: Corporate Secretary </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">P.O. Box 8999 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">San Francisco, California 94128-8999 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">(650) <FONT
STYLE="white-space:nowrap">432-3200</FONT> </P> <P STYLE="font-size:12pt;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:21%">&nbsp;</P></center>
 <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="center">2 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The Company has not authorized anyone to provide you with information that is different from that
contained herein. The Company takes no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is dated April&nbsp;8, 2024, and you should not assume that the
information contained in this prospectus is accurate as of any date other than such date unless otherwise specifically provided herein. Further, you should not assume that the information incorporated by reference herein is accurate as of any date
other than the date of the incorporated document. Neither the mailing of this prospectus to the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholders of the Company, nor the issuance of any shares of any class of common stock of the
Company in connection with this Exchange Offer, will create any implication to the contrary. </P> <P STYLE="font-size:12pt;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:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">&#147;Visa&#148; and
Visa&#146;s other trademarks included or incorporated by reference in this prospectus are Visa&#146;s property. This prospectus or the documents incorporated herein by reference may contain additional trade names and trademarks of other companies.
The use or display of other companies&#146; trade names or trademarks does not imply Visa&#146;s endorsement or sponsorship of, or a relationship with, these companies. </P>
<P STYLE="font-size:12pt;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:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">This prospectus is not an offer to sell or exchange and it is not a solicitation of an offer to buy or exchange any shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock in any jurisdiction in which the offer, sale or exchange is not permitted. Visa cannot provide any assurance about whether such limitations exist. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc641107_4"></A>TENDERING YOUR SHARES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In order to tender your shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, please deliver executed copies of the Letter of
Transmittal and the Makewhole Agreement, including the officer&#146;s certificates appended thereto, to the Exchange Agent through its online portal at vote.proxyonline.com/Visa/19596/ or at the address set forth under &#147;Exchange Agent and
Information Agent&#148; before the Expiration Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">If your shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock were
issued in certificated form and are not currently held in book-entry form through the Transfer Agent, you must also deliver the certificates representing the shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock tendered for
exchange to the Exchange Agent before the Expiration Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Upon settlement of the Exchange Offer, all shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock issued as part of the Exchange Consideration will be issued in book-entry form through the Transfer Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">For a more detailed description of the procedures for tendering <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, see &#147;The
Exchange Offer&#151;Procedures for Tendering <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Common Stock.&#148; </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc641107_5"></A>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">This prospectus, including the documents incorporated herein by reference, contains forward-looking statements that relate to, among other things,
Visa&#146;s future financial position, results of operations, the completion of the Exchange Offer discussed herein and future liability arising under the U.S. covered litigation. Forward-looking statements generally are identified by words such as
&#147;anticipates,&#148; &#147;believes,&#148; &#147;estimates,&#148; &#147;expects,&#148; &#147;intends,&#148; &#147;may,&#148; &#147;projects,&#148; &#147;outlook,&#148; &#147;could,&#148; &#147;should,&#148; &#147;will,&#148; &#147;continue&#148;
and other similar expressions. All statements other than statements of historical fact could be forward-looking statements, which speak only as of the date they are made, are not guarantees of future events and are subject to certain risks,
uncertainties and other factors, many of which are beyond Visa&#146;s control and are difficult to predict. </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="center">3 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa&#146;s future financial position and results of operations are subject to a variety of factors,
including, but not limited to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the impact of complex and evolving global regulations; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">increased oversight and regulation of the global payments industry and Visa&#146;s business; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the impact of government-imposed obligations and/or restrictions on international payment systems; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the impact of laws and regulations regarding the handling of personal data and information; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the outcome of tax, litigation and governmental investigation matters, or changes in tax laws; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">increasingly intense competition in the payments industry, including competition for Visa&#146;s clients and merchants;
</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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">continued efforts to lower acceptance costs and challenge industry practices; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Visa&#146;s ability to maintain relationships with its clients, acquirers, processors, merchants, payments facilitators,
ecommerce platforms, fintechs and other third parties; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">brand or reputational damage; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the impact of global economic, political, market, health and social events or conditions, including the war in Ukraine and
the sanctions and other measures being imposed in response; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Visa&#146;s aspirations to address corporate responsibility and sustainability matters and considerations;
</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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Visa&#146;s exposure to loss or illiquidity due to settlement guarantees; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">proliferation and continuous evolution of new technologies and business models in the payments industry;
</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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">any disruption, failure, breach or cyber-attack of Visa&#146;s networks or systems; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">risks, uncertainties and the failure to achieve the anticipated benefits with respect to Visa&#146;s acquisitions, joint
ventures and other strategic investments; 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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the other factors described in Visa&#146;s filings with the SEC, including Visa&#146;s Annual Report on Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the year ended September&nbsp;30, 2023 (the &#147;Annual Report&#148;), which are incorporated herein by reference. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Except as required by law, Visa does not intend to update or revise any forward-looking statements as a result of new information, future events or
otherwise. </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="center">4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc641107_6"></A>QUESTIONS AND ANSWERS ABOUT THE EXCHANGE OFFER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">These answers to some of the questions that you may have as a holder of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock highlight
selected information included or referenced in, or incorporated by reference into, this prospectus. To fully understand the Exchange Offer and the other considerations that may be important to your decision about whether to participate in the
Exchange Offer, you should carefully read this prospectus in its entirety, including any documents incorporated herein by reference, in particular the section entitled &#147;Risk Factors&#148; included elsewhere in this prospectus as well as the
risk factors 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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>WHY IS VISA MAKING THE EXCHANGE OFFER? </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">This Exchange Offer is part of an exchange offer program (the &#147;Exchange Offer Program&#148;) that is authorized
pursuant to the Certificate of Incorporation. See &#147;The Exchange Offer&#151;The Exchange Offer Program.&#148; The Exchange Offer Program authorizes Visa to conduct a number of exchange offers, including this Exchange Offer. The Exchange Offer
Program was designed to mitigate the potential overhang risk that would otherwise exist upon the simultaneous release and conversion of the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock upon the Escrow Termination Date (as
defined herein) and to do so in a manner that is designed to be economically neutral to Class&nbsp;A and Class&nbsp;C stockholders with respect to liability from the U.S. covered litigation. See &#147;Background of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Common Stock and U.S. Covered Litigation.&#148; The Exchange Offer provides holders of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock with an opportunity for liquidity by
allowing holders to exchange a portion of their outstanding shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock for shares of transferable Class&nbsp;C common stock on the terms more fully described in this prospectus.
</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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#8195;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">As further described herein, Visa&#146;s Class B-1 common stock was established as part of Visa&#146;s IPO to provide
protection to the Class A and Class C stockholders from the monetary liability for the U.S. covered litigation. The Exchange Offer will permit each Class B-1 stockholder to change the manner in which remaining liability, if any, under the U.S.
covered litigation, may be borne by such stockholder. This Exchange Offer does not enable any Class B-1 stockholder to avoid or minimize such liability. Visa makes no representation to Class B-1 stockholders regarding the amount of remaining
liability, if any, arising from the U.S. covered litigation. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>HOW MANY SHARES OF CLASS <FONT STYLE="white-space:nowrap">B-1</FONT> COMMON STOCK IS VISA OFFERING TO EXCHANGE IN THE
EXCHANGE OFFER? </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Visa is offering to exchange any and all shares of outstanding <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT>
common stock in the Exchange Offer. As of January&nbsp;17, 2024, Visa had 245.5&nbsp;million shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock outstanding. Based on the current Applicable Conversion Rates for the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and Class&nbsp;C common stock of 1.5875 shares of Class&nbsp;A common stock and 4 shares of Class&nbsp;A common stock, respectively, Visa would issue 122.7&nbsp;million shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and 48.7&nbsp;million shares of Class&nbsp;C common stock in the Exchange Offer (in each case before any rounding to prevent the issuance of fractional shares), assuming all outstanding
shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock are validly tendered and accepted by Visa. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>WHAT WILL A PARTICIPATING HOLDER RECEIVE IN THE EXCHANGE OFFER IF THE SHARES OF
<FONT STYLE="white-space:nowrap">CLASS&nbsp;B-1</FONT> COMMON STOCK ARE VALIDLY TENDERED AND ACCEPTED BY VISA? </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">In exchange for each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock properly tendered (and
not validly withdrawn) prior to the Expiration Date and accepted by Visa, participating holders of </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="center">5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock will receive, on a per share basis, (1)&nbsp;one half of a newly issued share of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, (2)&nbsp;newly issued shares of Class&nbsp;C common stock in an amount equivalent to one half of a share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock,
with such equivalence based on the respective amounts of Class&nbsp;A common stock into which <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and Class&nbsp;C common stock would be convertible as of the Expiration Date, and
(3)&nbsp;where applicable, cash in lieu of fractional shares. Based on the current Applicable Conversion Rates for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and Class&nbsp;C common stock of 1.5875 shares of Class&nbsp;A
common stock and 4 shares of Class&nbsp;A common stock, respectively, Visa will issue 0.1984 shares of Class&nbsp;C common stock for each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock validly tendered accepted for
exchange. See &#147;The Exchange Offer&#151;Terms of the Exchange Offer.&#148; </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>HOW DOES A PARTICIPATING HOLDER TENDER SHARES OF <FONT STYLE="white-space:nowrap">CLASS&nbsp;B-1</FONT> COMMON STOCK
FOR EXCHANGE IN THE EXCHANGE OFFER? </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">You may transmit your tender by delivering executed copies of the Letter of Transmittal and the Makewhole Agreement,
including the officer&#146;s certificates appended thereto, pursuant to the directions set forth in such Letter of Transmittal. In the event the registered holder of the shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock
being tendered in the Exchange Offer is different than the beneficial owner of such shares (e.g., because the registered holder is a securities intermediary holding the shares in its name on behalf of the beneficial owner), the registered holder
must identify the beneficial owner of such shares in the Letter of Transmittal. The beneficial owner of the shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock tendered in the Exchange Offer must execute and deliver the
Makewhole Agreement, including the officer&#146;s certificates appended thereto, as the &#147;Holder&#148; party thereto, together with such beneficial owner&#146;s Parent Guarantors. See &#147;The Exchange Offer&#151;Procedures for Tendering <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Common Stock&#148; and &#147;Makewhole Agreement&#151;Registered Holders Who Are Not Beneficial Owners.&#148; To be a valid tender, the Exchange Agent must receive any physical or electronic delivery
of the Letter of Transmittal, the Makewhole Agreement, including the officer&#146;s certificates appended thereto, and any other required documents through its online portal at vote.proxyonline.com/Visa/19596/ or at the address set forth under
&#147;Exchange Agent and Information Agent&#148; before the Expiration Date. For further information on how to tender shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, contact the Exchange Agent at the telephone number
set forth under &#147;Exchange Agent and Information Agent.&#148; </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>CAN A PARTICIPATING HOLDER EXCHANGE ONLY A PORTION OF ITS SHARES OF
<FONT STYLE="white-space:nowrap">CLASS&nbsp;B-1</FONT> COMMON STOCK? </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Yes. You do not have to exchange all of your shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common
stock to participate in the Exchange Offer. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>DOES A PARTICIPATING HOLDER HAVE ANY APPRAISAL RIGHTS IN CONNECTION WITH THE EXCHANGE OFFER?
</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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">No. Holders of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock will not have appraisal rights or any
contract right to petition for fair value with respect to the Exchange Offer. Visa will not independently provide such a right. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>WILL THE <FONT STYLE="white-space:nowrap">CLASS&nbsp;B-2</FONT> COMMON STOCK AND CLASS&nbsp;C COMMON STOCK ISSUED IN
THE EXCHANGE OFFER BE FREELY TRADABLE? </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock received as part of the Exchange
Consideration will remain subject to the same restrictions on transfer and conversion that currently apply to the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and will not be transferable until the Escrow Termination Date,
</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="center">6 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
subject to certain exceptions set forth in the Certificate of Incorporation. For a description of additional transfer restrictions applicable to the Class B-2 common stock, see &#147;Description
of Capital Stock&#151;Transfer Restrictions.&#148; Shares of Class&nbsp;C common stock are not and will not be subject to any such transfer restrictions. However, the Makewhole Agreement will provide for the staged transfer of the Class C common
stock that participating holders receive as part of the Exchange Consideration. A participating holder may only transfer up to one-third of such Class C common stock it receives within the first forty-five (45) days after the Exchange Offer
acceptance date and only up to two-thirds of the Class C common stock it receives within the first ninety (90) days after the Exchange Offer acceptance date. In addition, except for transfers of Class C common stock pursuant to the preceding
sentence and certain other exceptions enumerated in the Makewhole Agreement, each participating holder may not for a period of 90 days from the Exchange Offer acceptance date (A) sell, pledge, sell any option or contract to purchase, purchase any
option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise directly or indirectly transfer or dispose of any shares of common stock, or any securities convertible into or exercisable or exchangeable for shares of
common stock, or (B) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of shares of common stock or any such other securities, whether any such transaction described in clause
(A) or (B) is to be settled by delivery of common stock or such other securities, in cash or otherwise. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:ARIAL">In the event that any
outstanding share of Class&nbsp;B common stock or Class&nbsp;C common stock is transferred in compliance with applicable transfer restrictions to a person other than a Visa member or an affiliate of a Visa member (as defined in the Certificate of
Incorporation), such share will, automatically and without further action on Visa&#146;s part or on the part of any holder of Class&nbsp;B common stock or Class&nbsp;C common stock, as applicable, immediately prior to the transfer, be converted into
shares of Class&nbsp;A common stock based upon the Applicable Conversion Rate in effect on the date of that transfer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:ARIAL">Currently, there is no public
market for Class&nbsp;B common stock, including <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, or Class&nbsp;C common stock. Class&nbsp;A common stock is listed on the New York Stock Exchange under the symbol &#147;V.&#148;
</P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>HOW MUCH DILUTION OF THE CLASS&nbsp;A COMMON STOCK AND CLASS&nbsp;C COMMON STOCK WILL OCCUR IF THE EXCHANGE OFFER IS
CONSUMMATED? </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">On an <FONT STYLE="white-space:nowrap">as-converted</FONT> basis, the number of shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock issued as Exchange Consideration will equal the number of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock accepted for exchange
(before any rounding to prevent the issuance of fractional shares). Consequently, other than as result of cash payments in lieu of issuing fractional shares, the consummation of the Exchange Offer will not affect the fully diluted number of
outstanding shares of Class&nbsp;A common stock. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:ARIAL">As of January&nbsp;17, 2024, there were 1,581.6&nbsp;million shares of
Class&nbsp;A common stock and 9.4&nbsp;million shares of Class&nbsp;C common stock outstanding. The consummation of the Exchange Offer may significantly increase the number of outstanding shares of Class&nbsp;C common stock, which, in turn, will be
convertible into freely transferable shares of Class&nbsp;A common stock. See &#147;Description of Capital Stock&#151;Conversion.&#148; Assuming that 100% of the outstanding shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common
stock are properly tendered (and not validly withdrawn) and accepted for exchange in the Exchange Offer, upon completion of the Exchange Offer, no shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, 122.7&nbsp;million
shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and an additional 48.7&nbsp;million shares of Class&nbsp;C common stock would be outstanding (in each case before any rounding to prevent the issuance of fractional
shares). The amount of Class&nbsp;C common stock outstanding after the Exchange Offer is based on the current Applicable </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="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:ARIAL">
Conversion Rates for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and Class&nbsp;C common stock of 1.5875 shares of Class&nbsp;A common stock and 4 shares of
Class&nbsp;A common stock, respectively. Such shares of Class&nbsp;C common stock will automatically convert into shares of Class&nbsp;A common stock upon transfer to a person other than a Visa member or an affiliate of a Visa member. Conversion of
shares of Class&nbsp;C common stock into shares of Class&nbsp;A common stock would decrease the number of shares of Class&nbsp;C common stock and increase the amount of Class&nbsp;A common stock outstanding, which could adversely affect the market
price of Class&nbsp;A common stock and would dilute the voting power of existing Class&nbsp;A stockholders. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>IF THE EXCHANGE OFFER IS CONSUMMATED AND A <FONT STYLE="white-space:nowrap">CLASS&nbsp;B-1</FONT> STOCKHOLDER DOES NOT
PARTICIPATE OR DOES NOT EXCHANGE ALL OF ITS SHARES OF <FONT STYLE="white-space:nowrap">CLASS&nbsp;B-1</FONT> COMMON STOCK, HOW WILL THAT HOLDER&#146;S RIGHTS AND OBLIGATIONS UNDER THE REMAINING OUTSTANDING SHARES OF
<FONT STYLE="white-space:nowrap">CLASS&nbsp;B-1</FONT> COMMON STOCK BE AFFECTED? </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">The terms of your shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock that remain outstanding
after the consummation of the Exchange Offer and your rights as a holder thereof will not change as a result of the Exchange Offer with respect to such shares. </P></TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>WHAT DOES VISA INTEND TO DO WITH THE SHARES OF <FONT STYLE="white-space:nowrap">CLASS&nbsp;B-1</FONT> COMMON STOCK
THAT ARE EXCHANGED IN THE EXCHANGE OFFER? </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock accepted for exchange by Visa in the
Exchange Offer will be canceled. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>IS VISA MAKING A RECOMMENDATION REGARDING WHETHER HOLDERS OF <FONT STYLE="white-space:nowrap">CLASS&nbsp;B-1</FONT>
COMMON STOCK SHOULD PARTICIPATE IN THE EXCHANGE OFFER? </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">No, Visa is not making any recommendation regarding whether you should tender or refrain from tendering your shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock for exchange in the Exchange Offer. The Board of Directors has authorized and approved the Exchange Offer. None of the Board of Directors, Visa&#146;s officers and employees, the Exchange
Agent, the Information Agent, any of Visa&#146;s financial advisors or any other person is making any recommendation to any holder of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock as to whether or not you should tender shares
of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock in the Exchange Offer. Accordingly, you must make your own investment decision regarding the Exchange Offer based upon your own assessment of the terms and implications of the
Exchange Offer. Before making your decision, Visa urges you to read this prospectus carefully in its entirety, including the information set forth in the section of this prospectus entitled &#147;Risk Factors&#148; as well any corresponding sections
included in the documents incorporated herein by reference. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>WHAT RISKS SHOULD A <FONT STYLE="white-space:nowrap">CLASS&nbsp;B-1</FONT> STOCKHOLDER CONSIDER IN DECIDING WHETHER OR
NOT TO TENDER THEIR SHARES OF <FONT STYLE="white-space:nowrap">CLASS&nbsp;B-1</FONT> COMMON STOCK? </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">You should carefully review the section titled &#147;Risk Factors&#148; beginning on page 21 of this prospectus and the
documents incorporated herein by reference, which set forth certain risks and uncertainties related to Visa, the ownership of its common stock and the Exchange Offer, including risks associated with the Makewhole Agreement. Visa also urges you to
consult your own legal, financial and tax advisors in making your own decisions on what action, if any, to take in light of your own particular circumstances. </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="center">8 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>WHAT ARE THE CONDITIONS OF THE EXCHANGE OFFER? </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">The Exchange Offer is conditioned upon: </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the effectiveness of the registration statement of which this prospectus forms a part; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">with respect to each participating <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder, the execution and
delivery of a Makewhole Agreement by such stockholder and its Parent Guarantors. Each <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder and each of its Parent Guarantors must also execute and deliver the officer&#146;s certificate
that is appended to the Makewhole Agreement. See &#147;Makewhole Agreement;&#148; 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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the other conditions described in &#147;The Exchange Offer&#151;Conditions of the Exchange Offer.&#148;
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:ARIAL">The Exchange Offer is not conditioned upon any minimum number of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT>
common stock being tendered for exchange. Visa may waive certain conditions of the Exchange Offer. If any of the conditions are not satisfied or waived for the Exchange Offer, Visa will not complete the Exchange Offer. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>WHEN DOES THE EXCHANGE OFFER EXPIRE? </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">The Exchange Offer will expire at the Expiration Date, which is one minute after 11:59&nbsp;p.m., New York City time, on
May&nbsp;3, 2024, unless extended or earlier terminated by Visa. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>UNDER WHAT CIRCUMSTANCES CAN THE EXCHANGE OFFER BE EXTENDED, AMENDED OR TERMINATED? </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Visa reserves the right to extend the Exchange Offer for any reason at all. Visa also expressly reserves the right, at
any time or from time to time, to amend the terms of the Exchange Offer in any respect prior to the acceptance of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, subject to the terms and conditions of the Exchange
Offer set forth in the Certificate of Incorporation. If Visa makes a material change in the terms of the Exchange Offer or the information concerning the Exchange Offer, or waives a material condition of the Exchange Offer, Visa will promptly
disseminate disclosure regarding the changes to the Exchange Offer as required by law. In addition, Visa will take steps to ensure that the Exchange Offer remains open for the minimum number of days, as required by law, following the date Visa
disseminates disclosure regarding the changes. During any extension of the Exchange Offer, shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock that were previously tendered for exchange pursuant to the Exchange Offer and
not validly withdrawn will remain subject to the Exchange Offer. Visa reserves the right, in its sole and absolute discretion, to terminate the Exchange Offer at any time prior to the acceptance of shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock if any condition is not met. If the Exchange Offer is terminated, no shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock tendered in the Exchange Offer
will be accepted for exchange and any shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock that have been tendered for exchange will be returned to the holder promptly after the termination at Visa&#146;s expense. For more
information regarding Visa&#146;s right to extend, amend or terminate the Exchange Offer, see &#147;The Exchange Offer&#151;Expiration Date; Extension; Termination; Amendment.&#148; </P></TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>HOW WILL I BE NOTIFIED IF THE EXCHANGE OFFER IS EXTENDED, AMENDED OR TERMINATED? </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Visa will issue a press release or otherwise publicly announce any extension, amendment or termination of the Exchange
Offer. In the case of an extension, Visa will promptly make a public announcement by issuing a press release no later than 9:00&nbsp;a.m., New York City time, on the first business day after the previously scheduled Expiration Date. For more
information regarding notification of extensions, amendments or the termination of the Exchange Offer, see &#147;The Exchange Offer&#151;Expiration Date; Extension; Termination; Amendment.&#148; </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="center">9 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>WHAT ARE THE MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS OF MY PARTICIPATING IN THE EXCHANGE OFFER?
</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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Participation in the Exchange Offer is conditioned upon entry into a Makewhole Agreement, which sets forth the intended
U.S. federal income tax treatment for the Exchange Offer. For more information, please see &#147;Material U.S. Federal Income Tax Considerations.&#148; </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>WILL VISA RECEIVE ANY CASH PROCEEDS FROM THE EXCHANGE OFFER? </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">No. Visa will not receive any cash proceeds from the Exchange Offer. </P></TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>WHAT HAPPENS IF A HOLDER&#146;S SHARES OF <FONT STYLE="white-space:nowrap">CLASS&nbsp;B-1</FONT> COMMON STOCK ARE NOT
ACCEPTED FOR EXCHANGE? </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">If Visa decides not to accept your shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock because
of an invalid tender, the occurrence of the other events set forth in this prospectus or otherwise, the shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock not accepted by Visa will be returned to you, at Visa&#146;s
expense, promptly after expiration or termination of the Exchange Offer, as applicable, by book-entry transfer to your account at the Transfer Agent. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>UNTIL WHEN MAY A PARTICIPATING HOLDER WITHDRAW SHARES OF <FONT STYLE="white-space:nowrap">CLASS&nbsp;B-1</FONT> COMMON
STOCK PREVIOUSLY TENDERED FOR EXCHANGE? </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">If not previously returned, you may withdraw shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common
stock that were previously tendered for exchange at any time prior to the expiration of the Exchange Offer. In addition, you may withdraw any shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock that you tender that are not
accepted for exchange by Visa after the expiration of 40 business days from commencement of the Exchange Offer. For more information, see &#147;The Exchange Offer&#151;Withdrawal Rights.&#148; </P></TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>HOW SOON WILL A PARTICIPATING HOLDER RECEIVE DELIVERY OF THE CLASS <FONT STYLE="white-space:nowrap">B-2</FONT> COMMON
STOCK AND CLASS C COMMON STOCK ONCE THEY HAVE VALIDLY TENDERED THEIR CLASS <FONT STYLE="white-space:nowrap">B-1</FONT> COMMON STOCK? </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Assuming the shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock validly tendered in the
Exchange Offer have been accepted for exchange, the Exchange Agent will cause shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock to be credited in book-entry form to accounts maintained by the
Transfer Agent promptly after the expiration of the Exchange Offer. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>WILL PARTICIPATING HOLDERS HAVE TO PAY FOR ANY FEES OR COMMISSIONS IF THEY TENDER SHARES OF <FONT
STYLE="white-space:nowrap">CLASS&nbsp;B-1</FONT> COMMON STOCK FOR EXCHANGE IN THE EXCHANGE OFFER? </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">No, participating holders will not be required to pay any fees or commissions to Visa, the Exchange Agent or the
Information Agent in connection with the Exchange Offer. However, holders who, following the Exchange Offer, wish to sell their shares of Class&nbsp;C common stock received as part of the Exchange Consideration may be required to pay brokerage
commissions or fees in connection with such sales or transfers. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>WHEN WILL MAKEWHOLE PAYMENTS BE PAYABLE UNDER THE MAKEWHOLE AGREEMENTS? </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A:<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B></B>Payment obligations under the Makewhole Agreement will arise if there is a downward adjustment to the Applicable
Conversion Rate for the Class B-1 common stock (regardless of </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="center">10 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
whether any shares of Class B-1 common stock actually remain outstanding after the Exchange Offer) at any time when the as-converted value of the Class B-2 common stock has been exhausted (i.e.,
the Applicable Conversion Rate for the Class B-2 common stock is equal to or less than zero). For each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock issued in the Exchange Offer, the makewhole payment obligation would
equal two times the reduction in value that a single share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock would have experienced upon the downward adjustment to the Applicable Conversion Rate for the Class&nbsp;B-1 common
stock. No assurances can be provided as to the timing, amount or frequency of potential makewhole payments. See &#147;Makewhole Agreement&#151;Payments under the Makewhole Agreement&#148; and &#147;Background of Class&nbsp;B-1 Common Stock and U.S.
Covered Litigation&#148; for additional information. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>WHAT IS THE MAXIMUM AMOUNT OF PAYMENTS A PARTICIPATING HOLDER MIGHT HAVE TO MAKE UNDER THEIR MAKEWHOLE AGREEMENT?
</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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">The Makewhole Agreement does not impose a dollar cap on potential payment obligations. Payments under the Makewhole
Agreement are designed to equal the decline in value that a participating holder would have experienced from a downward adjustment to the Applicable Conversion Rate for the Class B-1 common stock had it not tendered such shares in the Exchange
Offer. The value of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock fluctuates based on the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and the market price of
Class&nbsp;A common stock.<I> Because there is no cap on the Class</I><I></I><I>&nbsp;A common stock price, as long as the Applicable</I> <I>Conversion Rate for the Class</I><I></I><I><FONT STYLE="white-space:nowrap">&nbsp;B-1</FONT> common stock is
greater than zero (regardless of whether any</I> <I>shares of Class B-1 common stock actually remain outstanding after the Exchange Offer),</I> <I>there is</I> <I>no cap on the value of
Class</I><I></I><I><FONT STYLE="white-space:nowrap">&nbsp;B-1</FONT> common stock.</I> Therefore, until all U.S. covered litigation obligations have been satisfied or the Applicable Conversion Rate for the Class B-1 common stock reaches zero, there
is no dollar cap on the amount of payments that a participating holder and its Parent Guarantors may be obligated to make under its Makewhole Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>CAN A PARTICIPATING HOLDER TRANSFER ITS OBLIGATIONS UNDER THE MAKEWHOLE AGREEMENT TO A THIRD PARTY BY SELLING ITS
CLASS <FONT STYLE="white-space:nowrap">B-2</FONT> COMMON STOCK TO THE THIRD PARTY? </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">No. The obligations under the Makewhole Agreement are not transferable in connection with a transfer of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock. Consequently, if a participating holder sells or otherwise transfers shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock received as part of the Exchange
Consideration to a third party, the holder and its Parent Guarantors will remain party to the Makewhole Agreement and will remain obligated to fund makewhole payments pursuant to its terms with respect to all of the shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock it originally received as part of the Exchange Consideration. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>WHEN WILL THE ESCROW TERMINATION DATE OCCUR WITH RESPECT TO THE U.S. COVERED LITIGATION? </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A:<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B></B>Under the Certificate of Incorporation, the transfer and conversion restrictions on all outstanding classes of
Class&nbsp;B common stock will be removed upon the final resolution of all U.S. covered litigation (such date, the &#147;Escrow Termination Date&#148;). Although Visa has made meaningful progress to resolve outstanding claims within the U.S. covered
litigation, Visa does not know when the Escrow Termination Date will occur. </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="center">11 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>HOW WILL THE EXCHANGE OFFER AFFECT SWAPS OR OTHER DERIVATIVE CONTRACTS OR TRANSACTIONS IN PLACE WITH RESPECT TO THE
CLASS <FONT STYLE="white-space:nowrap">B-1</FONT> COMMON STOCK? </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A:<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B></B>Visa is not a party to these swaps or other derivative contracts or transactions, and Visa cannot and will not
advise on the effects the Exchange Offer, including obligations under a Makewhole Agreement, may have on any <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder&#146;s rights or obligations under any such swap or other derivative
contract or transaction. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>DOES VISA PLAN TO CONDUCT ADDITIONAL EXCHANGE OFFERS? </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Under the Exchange Offer Program authorized by the Certificate of Incorporation, following the consummation of this
Exchange Offer, Visa may, but is under no obligation to, conduct up to three successive exchange offers that, in each case, would have the effect of releasing the transfer restrictions on up to half of the applicable Class&nbsp;B common stock issued
in a previous exchange offer. In exchange for the tendered Class&nbsp;B common stock, Visa would issue (x)&nbsp;shares of a successive class of Class&nbsp;B common stock in an amount equal to half of the Class&nbsp;B common stock tendered in
exchange and (y)&nbsp;shares of Class&nbsp;C common stock in an amount equivalent to half of the value of the Class&nbsp;B common stock tendered in exchange. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:ARIAL">Each successive class of Class&nbsp;B common stock would be subject to the same transfer and convertibility restrictions as the Class&nbsp;B common stock
that is currently outstanding, although future downward conversion rate adjustments to each new class of Class&nbsp;B common stock issued in a successive exchange offer would be accelerated to occur at twice the rate as that applicable to the class
of Class&nbsp;B common stock tendered in exchange. Visa may, but is under no obligation to, conduct a successive exchange offer after one year has passed since the initial exchange offer for the next preceding class of Class&nbsp;B common stock if
the estimated interchange reimbursement fees at issue in unresolved claims for damages in the U.S. covered litigation have been reduced by 50% or more since the consummation of the prior exchange offer (or in the case of the first successive
exchange offer, since October&nbsp;1, 2023), as determined by Visa. For example, after Visa completes this Exchange Offer, Visa may not thereafter offer the holders of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock the
opportunity to exchange for <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock unless at least one year had elapsed from the Exchange Offer and the estimated interchange reimbursement fees at issue in unresolved claims for damages
in the U.S. covered litigation had been reduced by 50% or more since October&nbsp;1, 2023. Subject to these conditions, Visa would retain sole and absolute discretion whether and when to conduct any successive exchange offer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:ARIAL">Under the Exchange Offer Program, Visa may, but is under no obligation to, conduct an additional exchange offer for shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock that are not tendered in the Exchange Offer. No conditions or time periods must be satisfied under the Exchange Offer Program before Visa may conduct an additional exchange offer for <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. Any additional exchange offer for <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock would be conducted on the same terms and conditions as set forth herein. </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="center">12 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>WITH WHOM MAY A PARTICIPATING HOLDER TALK IF THEY HAVE QUESTIONS ABOUT THE EXCHANGE OFFER? </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">If you have questions about the terms of the Exchange Offer or the procedures for tendering your <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock in the Exchange Offer, please contact the Information Agent at: </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">D.F.
King&nbsp;&amp; Co., Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">48 Wall Street, 22nd Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">New York, New York 10005 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT
STYLE="white-space:nowrap">E-mail:</FONT> visainc@dfking.com </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Stockholders (toll-free): (800) <FONT STYLE="white-space:nowrap">628-8509</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Brokers (collect): (212) <FONT STYLE="white-space:nowrap">269-5550</FONT> </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="center">13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc641107_7"></A>SUMMARY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL"><I>The following summary highlights information presented in greater detail in this prospectus or the documents incorporated herein by reference. This
summary is not complete and does not contain all of the information you should consider before participating in the Exchange Offer. You should carefully consider the information contained in this prospectus, including the information set forth under
the heading &#147;Risk Factors&#148; in this prospectus as well as in corresponding sections included in the documents incorporated herein by reference. In addition, certain statements include forward-looking information that involves risks and
uncertainties. See &#147;Cautionary Note Regarding Forward-Looking Statements.&#148; </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_8"></A>The Company </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa is one of the world&#146;s leaders in digital payments. Visa&#146;s purpose is to uplift everyone, everywhere by being the best way to pay and be
paid. The Company facilitates global commerce and money movement across more than 200 countries and territories among a global set of consumers, merchants, financial institutions and government entities through innovative technologies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Since Visa&#146;s early days in 1958, Visa has been in the business of facilitating payments between consumers and businesses. Visa is focused on
extending, enhancing and investing in Visa&#146;s proprietary advance transaction processing network, VisaNet, to offer a single connection point for facilitating payment transactions to multiple endpoints through various form factors. As a network
of networks enabling global movement of money through all available networks, Visa is working to provide payment solutions and services for everyone, everywhere. Through Visa&#146;s network, Visa offers products, solutions and services that
facilitate secure, reliable and efficient money movement for participants in the ecosystem. </P> <P STYLE="font-size:12pt;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:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa is incorporated
under the laws of the State of Delaware. Visa&#146;s principal executive offices are located at P.O.&nbsp;Box 8999, San Francisco, California 94128-8999, and Visa&#146;s telephone number is (650) <FONT STYLE="white-space:nowrap">432-3200.</FONT>
Visa&#146;s corporate website address is <I>visa.com/about-visa.html</I>. This is a textual reference only. The information on or accessible through Visa&#146;s website is not part of this prospectus and should not be relied upon in connection with
making any investment decision with respect to the offered securities. </P>
</div></div>

 <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="center">14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_9"></A>Summary Terms of the Exchange Offer </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The material terms of the Exchange Offer are summarized below. In addition, Visa urges you to read the detailed descriptions in the sections of this
prospectus entitled &#147;The Exchange Offer,&#148; &#147;Makewhole Agreement&#148; and &#147;Description of Capital Stock.&#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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Offeror </P></TD>
<TD>Visa Inc. </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL"><FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Common Stock Subject to the Exchange Offer </P></TD>
<TD>Any and all outstanding shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock was originally issued as &#147;Class&nbsp;B common stock&#148; and was subsequently redenominated as
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock pursuant to the Certificate of Incorporation. </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Exchange Offer and Exchange Consideration </P></TD>
<TD>Visa is offering to exchange, upon the terms and subject to the conditions set forth in this prospectus and the accompanying Letter of Transmittal, any and all <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock tendered in the
Exchange Offer for <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock. In exchange for each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock properly tendered (and not
validly withdrawn) prior to the Expiration Date and accepted by Visa, participating holders will receive, on a per share basis, (1)&nbsp;one half of a newly issued share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock,
(2)&nbsp;newly issued shares of Class&nbsp;C common stock in an amount equivalent to one half of a share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, with such equivalence based on the respective amounts of Class&nbsp;A
common stock into which <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and Class&nbsp;C common stock would be convertible as of the Expiration Date, and (3)&nbsp;where applicable, cash in lieu of fractional shares. Based on the
current Applicable Conversion Rates for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and Class&nbsp;C common stock of 1.5875 shares of Class&nbsp;A common stock and 4 shares of Class&nbsp;A common stock, respectively, Visa
will issue 0.1984 shares of Class&nbsp;C common stock for each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock validly tendered and accepted for exchange. See &#147;The Exchange Offer&#151;Terms of the Exchange
Offer.&#148; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Class&nbsp;B and Class&nbsp;C Common Stock Outstanding Before the Exchange Offer </P></TD>
<TD>As of January&nbsp;17, 2024, there were 245.5&nbsp;million shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, no shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and 9.4&nbsp;million
shares of Class&nbsp;C common stock outstanding. </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Class&nbsp;B and Class&nbsp;C Common Stock Outstanding After the Exchange Offer </P></TD>
<TD> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Assuming all outstanding shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock are properly tendered (and not validly withdrawn) and
accepted </P></TD></TR></TABLE>
</div></div>

 <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="center">15 </P>

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<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0%; font-size:10pt; font-family:ARIAL">
for exchange in the Exchange Offer, upon completion of the Exchange Offer, there would be no shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, 122.7&nbsp;million
shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and an additional 48.7&nbsp;million shares of Class&nbsp;C common stock outstanding (in each case before any rounding to prevent the issuance of fractional shares).
</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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Expiration Date </P></TD>
<TD>The Exchange Offer will expire at the Expiration Date, which is one minute after 11:59&nbsp;p.m., New York City time, on May&nbsp;3, 2024, unless extended or earlier terminated by Visa. See &#147;The Exchange Offer&#151;Expiration Date;
Extension; Termination; Amendment.&#148; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Withdrawal; <FONT STYLE="white-space:nowrap">Non-Acceptance</FONT> </P></TD>
<TD>You may withdraw any <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock tendered in the Exchange Offer at any time prior to the Expiration Date. In addition, if not previously returned, you may withdraw any <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock tendered in the Exchange Offer that is not accepted by Visa for exchange after the expiration of 40 business days from commencement of the Exchange Offer. To withdraw previously tendered
shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, you are required to submit a notice of withdrawal to the Exchange Agent in accordance with the procedures described herein and in the Letter of Transmittal.
</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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">If Visa decides for any reason not to accept <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock tendered for exchange, shares will be returned to the tendering holder at Visa&#146;s expense promptly
after expiration or termination of the Exchange Offer. </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">For further information regarding withdrawal of tendered shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, see &#147;The Exchange Offer&#151;Withdrawal Rights.&#148; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Trading and Transfer Restrictions </P></TD>
<TD>The <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock issuable pursuant to the Exchange Offer, and the underlying shares of Class&nbsp;A common stock into which such shares are convertible, are
being registered under the Securities Act. The Class&nbsp;C common stock issued in the Exchange Offer will be freely tradable, subject to temporary contractual transfer restrictions set forth in the Makewhole Agreement. Subject to certain exceptions
in the Certificate of Incorporation, the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock will not be transferable until the Escrow Termination Date. See &#147;Description of Capital Stock&#151;Transfer Restrictions&#148; and
&#147;Makewhole Agreement.&#148; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Holders Eligible to Participate in the Exchange Offer </P></TD>
<TD>All holders of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock are eligible to participate in the Exchange Offer. See &#147;The Exchange Offer&#151;Terms of the Exchange Offer.&#148; </TD></TR></TABLE>
</div></div>

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<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Conditions of the Exchange Offer </P></TD>
<TD>The Exchange Offer is subject to the satisfaction of certain conditions, including, but not limited to, (i)&nbsp;the effectiveness of the registration statement of which this prospectus is a part and (ii)&nbsp;with respect each participating
holder, the execution and delivery of a Makewhole Agreement, including the officer&#146;s certificates appended thereto, by such stockholder and its Parent Guarantors. See &#147;The Exchange Offer&#151;Conditions of the Exchange Offer&#148; and
&#147;Makewhole Agreement.&#148; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Procedures for Tendering <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Common Stock </P></TD>
<TD>Only a holder of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock may tender shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock in the Exchange Offer. To tender your shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock in the Exchange Offer, a holder must deliver to the Exchange Agent executed copies of the Letter of Transmittal and the Makewhole Agreement, including the officer&#146;s certificates
appended thereto, in accordance with the instructions within the Letter of Transmittal prior to the Expiration Date. See &#147;The Exchange Offer&#151;Procedures for Tendering <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Common
Stock.&#148; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">For further information on how to tender shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, contact the Exchange Agent at the telephone number set forth under &#147;Exchange Agent and
Information Agent.&#148; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Amendment and Termination </P></TD>
<TD>Visa reserves the right to extend the Exchange Offer for any reason at all. Visa also reserves the right, at any time or from time to time, to amend the terms of the Exchange Offer in any respect prior to the acceptance of shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, subject to the terms and conditions of the Exchange Offer set forth in the Certificate of Incorporation. If Visa makes a material change in the terms of the Exchange Offer or the
information concerning the Exchange Offer, or waives a material condition of the Exchange Offer, Visa will promptly disseminate disclosure regarding the changes to the Exchange Offer as required by law. Visa reserves the right, in its sole and
absolute discretion, to terminate the Exchange Offer at any time prior to the acceptance of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock if any condition is not met. For more information regarding Visa&#146;s right
to extend, amend or terminate the Exchange Offer, see &#147;The Exchange Offer&#151;Expiration Date; Extension; Termination; Amendment.&#148; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Consequences of Failure to Exchange <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Common Stock </P></TD>
<TD>The terms of your shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock that remain outstanding after consummation of the Exchange Offer and your rights as a holder thereof will not change as a result of the Exchange
Offer. </TD></TR></TABLE>
</div></div>

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<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Under the Exchange Offer Program authorized by the Certificate of Incorporation, following the consummation of this Exchange Offer, Visa may, but is under no obligation to, conduct up to three successive exchange offers
that, in each case, would have the effect of releasing the transfer restrictions on up to half of the applicable Class&nbsp;B common stock issued in a previous exchange offer. In exchange for the tendered Class&nbsp;B common stock, Visa would issue
(x)&nbsp;shares of a successive class of Class&nbsp;B common stock in an amount equal to half of the Class&nbsp;B common stock tendered in exchange and (y)&nbsp;shares of Class&nbsp;C common stock in an amount equivalent to half of the value of the
Class&nbsp;B common stock tendered in exchange. However, if you do not participate in the Exchange Offer and Visa does not conduct an additional exchange offer for <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, you will not be
eligible to participate in a successive exchange offer. See &#147;The Exchange Offer&#151;Consequences of Failure to Exchange <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Common Stock in the Exchange Offer.&#148; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">U.S. Federal Income Tax Treatment </P></TD>
<TD>See &#147;Material U.S. Federal Income Tax Considerations&#148; for a description of the intended U.S. federal income tax treatment of the Exchange Offer and Makewhole Agreements. You are urged to consult your own tax advisors for a full
understanding of the tax considerations of participating in the Exchange Offer in light of your own particular circumstances. </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Brokerage Commissions </P></TD>
<TD>No brokerage commissions are payable by holders of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock to the Exchange Agent, the Information Agent or Visa in connection with the Exchange Offer. </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Use of Proceeds </P></TD>
<TD>Visa will not receive any cash proceeds from the Exchange Offer. </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">No Appraisal Rights in Connection with the Exchange Offer </P></TD>
<TD>Holders of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock will not have appraisal rights, or any contract right to petition for fair value, with respect to the Exchange Offer. Visa will not independently provide such a
right. </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Risk Factors </P></TD>
<TD>Your decision whether to participate in the Exchange Offer and to exchange your shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock for the Exchange Consideration will involve risk. Before deciding whether to
participate in the Exchange Offer, you should be aware of and carefully consider the risk factors set forth in &#147;Risk Factors&#148; beginning on page&nbsp;21 of this prospectus and the risk factors incorporated herein by reference.
</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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">In particular, a participating holder must note that the Makewhole Agreement does not impose a dollar cap on
</P></TD></TR></TABLE>
</div></div>

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<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">
potential payment obligations. Payments under the Makewhole Agreement are designed to equal the decline in value that a participating holder would have experienced from a downward adjustment to
the Applicable Conversion Rate for the Class B-1 common stock had it not tendered such shares in the Exchange Offer. The value of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock fluctuates based on the Applicable Conversion Rate
and the market price of Class&nbsp;A common stock. Because there is no cap on the value of Class&nbsp;A common stock, as long as the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock is greater
than zero (regardless of whether any shares of Class B-1 common stock actually remain outstanding after the Exchange Offer), there is no cap on the value of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. Therefore, until all
U.S. covered litigation obligations have been satisfied or the Applicable Conversion Rate for the Class B-1 common stock reaches zero, there is no dollar cap on the amount of payments that a participating holder and its Parent Guarantors may be
obligated to make under its Makewhole Agreement. </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Regulatory Approvals </P></TD>
<TD>Visa is not aware of any material regulatory approvals applicable to Visa that are necessary to complete the Exchange Offer, other than effectiveness of the registration statement of which this prospectus is a part, Visa&#146;s obligation to
file a Schedule TO with the SEC and to otherwise comply with applicable securities laws. </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Visa has not assessed, and can provide no assurance as to, the suitability of a <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder&#146;s participation in the Exchange Offer, including the requirement to
enter into and perform under a Makewhole Agreement, under the various regulatory regimes that may apply to any particular <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder or its Parent Guarantors. See &#147;Risk Factors&#151;Risks
Related to the Exchange Offer and Makewhole Agreements&#151;Each <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder and its Parent Guarantors must assess the suitability of participating in the Exchange Offer under any regulatory
regimes that apply to such holder and its Parent Guarantors, and under any swap or other derivative contract or transaction that such <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder may have entered.&#148; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Impact on Swap or Other Derivative Contracts or Transactions </P></TD>
<TD> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Visa understands that some current or former <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholders have entered into swap or other derivative
contracts or transactions with other current or former <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholders concerning the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. Visa is not a party to these contracts or
transactions, and Visa cannot and will not advise on the effects the Exchange Offer, including obligations under a Makewhole Agreement, may have on any Class B-1 stockholder&#146;s rights or obligations under any such swap or other derivative
contract or transaction. </P></TD></TR></TABLE>
</div></div>

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<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0%; font-size:10pt; font-family:ARIAL">
See &#147;Risk Factors&#151;Risks Related to the Exchange Offer and Makewhole Agreements&#151;Each <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder and its Parent Guarantors
must assess the suitability of participating in the Exchange Offer under any regulatory regimes that apply to such holder and its Parent Guarantors, and under any swap or other derivative contract or transaction that such <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder may have entered.&#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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Certain Matters Relating to <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Jurisdictions </P></TD>
<TD>Although Visa may deliver this prospectus to stockholders located outside the United States, this prospectus is not an offer to sell or exchange and it is not a solicitation of an offer to buy or exchange any shares of Visa common stock in any
jurisdiction in which such offer, sale or exchange is not permitted. </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Countries outside the United States generally have their own legal requirements that govern securities offerings made to persons resident in those countries and often impose stringent requirements about the form and
content of offers made to the general public. Visa has not taken any action under those <FONT STYLE="white-space:nowrap">non-U.S.</FONT> regulations to qualify the Exchange Offer outside the United States but may take steps to facilitate
participation of stockholders from certain jurisdictions. Therefore, the ability of any <FONT STYLE="white-space:nowrap">non-U.S.</FONT> person to tender <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock in the Exchange Offer may
depend on whether there is an exemption available under the laws of such person&#146;s home country that would permit the person to participate in the Exchange Offer without the need for Visa to take any action to qualify or otherwise facilitate the
Exchange Offer in that country or otherwise. </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Non-U.S.</FONT> stockholders should consult their advisors in considering whether they may participate in the Exchange Offer in accordance with the laws of their home countries and, if
they do participate, whether there are any restrictions or limitations on transactions in Visa common stock that may apply in their home countries. Visa cannot provide any assurance about whether such limitations exist. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Validly tendered shares of Class B-1 common stock will be accepted from all holders, wherever located. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Exchange Agent </P></TD>
<TD>Equiniti Trust Company, LLC. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Information Agent </P></TD>
<TD>D.F. King&nbsp;&amp; Co., Inc. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL">Further Information </P></TD>
<TD> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">If you have questions about the terms of the Exchange Offer or the procedures for tendering your <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common
stock in the Exchange Offer or require assistance in tendering </P></TD></TR></TABLE>
</div></div>

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<TD WIDTH="38%">&nbsp;</TD>
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<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, please contact the Information Agent. The contact information for the Information Agent is set forth under &#147;Exchange
Agent and Information Agent.&#148; If you would like additional copies of this prospectus, Visa&#146;s annual, quarterly and current reports and other information that Visa references in this prospectus, please contact either the Information Agent
or Investor Relations at the Company. The Company has also posted the documentation on its website at <I>investor.visa.com.</I> This is a textual reference only. The information on or accessible through Visa&#146;s website is not part of this
prospectus and should not be relied upon in connection with making any investment decision with respect to the offered securities. See also &#147;Where You Can Find More Information; Incorporation of Certain Information by Reference.&#148;
</P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc641107_10"></A>RISK FACTORS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL"><I>In addition to the other information contained in this prospectus and the information incorporated herein by reference, you should consider carefully
the following risk factors before considering whether to participate in the Exchange Offer. In addition to the risks identified below, please carefully read the risk factors contained in Visa&#146;s filings with the SEC incorporated herein by
reference. See &#147;Where You Can Find More Information; Incorporation of Certain Information by Reference.&#148; Visa also urges you to consult your own legal, financial and tax advisors in making your own decisions on what action, if any, to take
in light of your own particular circumstances. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_11"></A>Risks Related to the Exchange Offer and Makewhole Agreements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I>The obligation of a participating holder and its Parent Guarantors under the Makewhole Agreement is not subject to any dollar cap. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The Makewhole Agreement does not impose a dollar cap on potential payment obligations. Payments under the Makewhole Agreement are designed to equal the
decline in value that a participating holder would have experienced from a downward adjustment to the Applicable Conversion Rate for the Class&nbsp;B-1 common stock had it not tendered such shares in the Exchange Offer. The value of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock fluctuates based on the Applicable Conversion Rate and the market price of Class&nbsp;A common stock. See &#147;Makewhole Agreement&#151;Payments under the Makewhole Agreement.&#148;
Because there is no cap on the value of Class&nbsp;A common stock, as long as the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock is greater than zero (regardless of whether any shares of Class
B-1 common stock actually remain outstanding after the Exchange Offer), there is no cap on the value of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. Therefore, until all U.S. covered litigation obligations have been satisfied
or the Applicable Conversion Rate for the Class&nbsp;B-1 common stock reaches zero, there is no dollar cap on the amount of payments that a participating holder and its Parent Guarantors may be obligated to make under its Makewhole Agreement. Visa
makes no representation to Class&nbsp;B-1 stockholders regarding the amount of remaining liability, if any, arising from the U.S. covered litigation. See &#147;Background of Class&nbsp;B-1 Common Stock and U.S. Covered Litigation.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I>If Visa conducts an additional exchange offer for <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, the <FONT
STYLE="white-space:nowrap">as-converted</FONT> value of the exchange consideration you receive in that exchange offer may be less than the <FONT STYLE="white-space:nowrap">as-converted</FONT> value you would have received in this Exchange Offer.
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Under the Exchange Offer Program, Visa may, but is under no obligation to, conduct additional exchange offers addressed to holders of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. In the event Visa conducts an additional <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> exchange offer, the exchange consideration would be calculated using the same formula used
in this Exchange Offer. For each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock properly tendered (and not withdrawn) and accepted by Visa for exchange in any additional
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> exchange offer, Visa would issue (1)&nbsp;one half of a newly issued share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, (2)&nbsp;newly issued shares of Class&nbsp;C
common stock in an amount equivalent to one half of a share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, with such equivalence based on the respective amounts of Class&nbsp;A common stock into which <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and Class&nbsp;C common stock would be convertible as of the expiration date of the applicable additional <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> exchange offer, and
(3)&nbsp;where applicable, cash in lieu of fractional shares. In particular, the number of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common shares to be received as part of the Exchange Consideration in any additional <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> exchange offer is fixed (i.e., one share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock will be issued for each two shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock validly tendered) and not calculated on <FONT STYLE="white-space:nowrap">as-converted</FONT> basis. Consequently, if Visa makes a deposit into the U.S. covered litigation escrow
account following the consummation of this Exchange Offer but prior to the consummation of any additional <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> exchange offer, then the Applicable Conversion Rate for the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock at the time of the additional <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> exchange offer would be lower than the Applicable </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="center">22 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock tendered, as adjustments to the Applicable Conversion Rate for the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock following this Exchange Offer will be accelerated to occur at twice the rate as that applicable to the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. As a
result, the number of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock issued in exchange would be less than <FONT STYLE="white-space:nowrap">one-half</FONT> of the <FONT STYLE="white-space:nowrap">as-converted</FONT> value of the
tendered <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I>Each <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT>
stockholder and its Parent Guarantors must assess the suitability of participating in the Exchange Offer under any regulatory regimes that apply to such holder and its Parent Guarantors, and under any swap or other derivative contract or transaction
that such <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder may have entered. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock is held predominantly by banks, bank holding companies, credit unions and other financial institutions or affiliates of financial institutions that may be subject to comprehensive
federal or state regulation and regulatory supervision. Visa has not assessed, and can provide no assurance as to, the suitability of a <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder&#146;s participation in the Exchange Offer,
including the requirement to enter into and perform under a Makewhole Agreement, under the various regulatory regimes that may apply to any particular <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder or its Parent Guarantors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In addition, Visa understands that some current or former <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholders have entered into swap or
other derivative contracts or transactions with other current or former <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholders concerning the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. Visa is not a party to
these contracts or transactions, and Visa cannot and will not advise on the effects the Exchange Offer, including obligations under a Makewhole Agreement, may have on any <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder&#146;s
rights or obligations under any such swap or other derivative contract or transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">It is therefore incumbent upon each <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder to determine whether participation in the Exchange Offer, including entering into the Makewhole Agreement, will comply with regulatory obligations or restrictions applicable to such holder
and its Parent Guarantors or will require such holder or its Parent Guarantors to obtain any regulatory or other approval, waiver or other authorization, and how any such participation may impact such
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder&#146;s rights or obligations under any swap or other derivative contract or transaction concerning the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock that such <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder may have entered. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Under the Makewhole Agreement, each
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder and Parent Guarantor will be required to represent and warrant to Visa, among other things, that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">it has all necessary power and authority to perform its obligations under the Makewhole Agreement; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">it is not a party to any agreement that would be violated, 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, by entering into or performing its obligations under the Makewhole Agreement; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">it is not subject to any law or regulation that would be violated by entering into or performing its obligations under the
Makewhole Agreement; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">no governmental or other authorizations are required in order for it to perform its obligations under the Makewhole
Agreement. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Each <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder considering whether to participate in the
Exchange Offer is therefore urged to consult with its own legal and regulatory advisors. </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="center">23 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I>Only holders of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock will be able
to participate in a successive exchange offer under the Exchange Offer Program. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Under the Exchange Offer Program, Visa is authorized to
conduct up to three successive exchange offers following the Exchange Offer that, in each case, would have the effect of releasing the transfer restrictions on up to half of the applicable Class&nbsp;B common stock issued in a previous exchange
offer. After Visa completes this Exchange Offer, Visa would be authorized, subject to the satisfaction of certain conditions described elsewhere in this prospectus, to conduct a successive exchange offer in which holders of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock would be offered the opportunity to tender shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and in exchange receive a combination of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock and Class&nbsp;C common stock. See &#147;The Exchange Offer&#151;The Exchange Offer Program.&#148; In order to participate in any successive exchange offer, tendering holders would be
required to enter into separate Makewhole Agreements in connection with each such successive exchange offer. See &#147;The Makewhole Agreement&#151;Treatment of Multiple Makewhole Agreements.&#148; Visa may not conduct an additional exchange offer
for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, in which case holders that do not participate in the Exchange Offer would not be eligible to participate in any successive exchange offer. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I>If a substantial number of shares of Class&nbsp;A common stock become available for sale and are sold in a short period of time, the market price
of Class&nbsp;A common stock, into which shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and Class&nbsp;C common stock offered as part of the Exchange Consideration are convertible, could decline. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The Exchange Offer is intended to provide holders of Class&nbsp;B common stock with additional liquidity by allowing participating holders to exchange
their shares of restricted <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock for shares of restricted <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and freely transferable Class&nbsp;C common stock. Upon any
transfer of Class&nbsp;C common stock to an eligible person (see &#147;Description of Capital Stock&#151;Conversion&#148;), such shares of Class&nbsp;C common stock will convert automatically into shares of Class&nbsp;A common stock. If, as a result
of the Exchange Offer, the exchanging stockholders sell substantial amounts of Class&nbsp;A common stock in the public market, the market price of Class&nbsp;A common stock could decline significantly. In addition, the perception in the public
market that participating holders might sell shares of Class&nbsp;A common stock could also depress the market price of Class&nbsp;A common stock and negatively affect the value of the Exchange Consideration. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I>The Exchange Consideration is calculated based on the Applicable Conversation Rates for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT>
common stock and Class&nbsp;C common stock as of the Expiration Date and will not be subsequently adjusted. The market price of Class&nbsp;A common stock may fluctuate, and therefore the market value of the shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock issued in the Exchange Offer may decline. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Upon completion of the Exchange Offer, each holder that validly tenders a share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock
will receive a combination of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock and, where applicable, cash in lieu of fractional shares. See &#147;The Exchange Offer&#151;Terms of the
Exchange Offer.&#148; Following the Expiration Date, the Exchange Consideration will not be adjusted due to any increases or decreases in the market price of Class&nbsp;A common stock. Because both the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock convert into Class&nbsp;A common stock, the value of the Exchange Consideration will be affected by the market price of a share of Class&nbsp;A common
stock. The trading price of the Class&nbsp;A common stock will likely be different on the Expiration Date than it is as of the date the Exchange Offer commences because of ordinary trading fluctuations as well as changes in Visa&#146;s business,
operations or prospects, market reactions to the Exchange Offer, general market and economic conditions and other factors, many of which may not be within Visa&#146;s control. Accordingly, holders of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock will not know the exact market value of the Exchange Consideration they will receive in the Exchange Offer at the time they tender their shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common 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:10pt; font-family:ARIAL" ALIGN="center">24 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In addition, Visa may extend the Exchange Offer, during which time the market value of Class&nbsp;A
common stock may fluctuate. See &#147;The Exchange Offer&#151;Expiration Date; Extension; Termination; Amendment.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Portions of the
Class&nbsp;C common stock issued as part of the Exchange Consideration will be subject to temporary contractual transfer restrictions pursuant to the Makewhole Agreement. See &#147;Makewhole Agreement&#151;Transfer Restrictions.&#148; The market
price of Class&nbsp;A common stock may decline while these transfer restrictions remain in effect. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I>Shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock received as part of the Exchange Consideration will remain subject to restrictions on transfer under the Certificate of Incorporation until the Escrow Termination Date. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Unless tendered in a successive exchange offer, shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock received in the Exchange
Offer will remain subject to the same restrictions on transfer and conversion as the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and will not be transferable until the Escrow Termination Date when all U.S. covered litigation
is finally resolved. See &#147;Description of Capital Stock&#151;Transfer Restrictions.&#148; The U.S. covered litigation consists of a number of matters brought by individual merchants that have been settled or otherwise fully or substantially
resolved, as well as the Interchange Multidistrict Litigation (the &#147;MDL&#148;)&#151;<I>In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation</I>, which comprises a damages class, claims brought by merchants that opted
out of the damages class, and an injunctive relief class. See &#147;Background of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Common Stock and U.S. Covered Litigation.&#148; The <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT>
common stock has been subject to restrictions on transfer and conversion since Visa&#146;s IPO in 2008, and Visa cannot provide any estimate when the Escrow Termination Date may occur. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I>Holders of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock will bear additional risks and exposure as compared to holders of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock as a result of accelerated adjustments to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and potential makewhole payment
obligations under the Makewhole Agreements. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">While shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock are subject
to the same conversion and transfer restrictions currently imposed on the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, future downward adjustments to the Applicable Conversion Rate for the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock will occur at twice the rate as downward adjustments to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. As more funds are
deposited into the U.S. covered litigation escrow account, each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock will become convertible into fewer shares of Class&nbsp;A common than as compared to shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. See &#147;Description of Capital Stock&#151;Conversion.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In the event
obligations under the U.S. covered litigation exceed the as-converted value of the outstanding Class&nbsp;B-2 common stock and the Applicable Conversion Rate for the Class&nbsp;B-2 common stock falls below zero, payment obligations may be triggered
under the Makewhole Agreement. See &#147;Background of Class&nbsp;B-1 Common Stock and U.S. Covered Litigation&#148; and &#147;Makewhole Agreement.&#148; For each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock issued in
the Exchange Offer, the makewhole payment obligation would equal two times the reduction in value that a single share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock would have experienced upon a deposit made to the U.S.
covered litigation escrow account. The amount of future makewhole payments cannot be predicted and is not subject to any dollar cap, as any such payment is function of the magnitude of the event triggering an adjustment to the Applicable Conversion
Rate, the then Class&nbsp;A common stock price and the then Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, which shall continue to be calculated regardless of whether any shares of Class B-1
common stock actually remain outstanding after the Exchange Offer. In certain scenarios, the maximum amount payable under the Makewhole Agreement may exceed the initial value of the </P>
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Class&nbsp;C common stock that is issued in the Exchange Offer. See &#147;Makewhole Agreement&#151;Payments under the Makewhole Agreement.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In addition, the obligations under the Makewhole Agreement are not transferable in connection with a transfer of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock. Consequently, if a participating holder sells or otherwise transfers shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock received as part of the Exchange
Consideration to a third party in compliance with the transfer restrictions under the Certificate of Incorporation, the holder and its Parent Guarantors will remain party to the Makewhole Agreement and will remain obligated to fund makewhole
payments pursuant to its terms. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I>The Board of Directors has not made a recommendation as to whether you should tender your shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock for the Exchange Consideration in the Exchange Offer, and Visa has not obtained a third-party determination that the Exchange Offer is fair to holders of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The Board of Directors has not made, and will not make, any
recommendation as to whether holders of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock should tender their <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock in exchange for the Exchange Consideration. Visa has
not retained and does not intend to retain any unaffiliated representative to act solely on behalf of the holders of the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock for purposes of negotiating the terms of the Exchange Offer,
or preparing a report or making any recommendation concerning the fairness of the Exchange Offer. Holders of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock will not have appraisal rights, or any contract right to petition for
fair value, with respect to the Exchange Offer. Visa will also not independently provide such a right. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I>The Exchange Offer may not be
consummated. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">If each of the conditions to the Exchange Offer are not satisfied or waived, Visa will not accept any <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock tendered in the Exchange Offer. See &#147;The Exchange Offer&#151;Conditions of the Exchange Offer&#148; for a list of the conditions to the consummation of the Exchange Offer. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I>Visa may choose to waive certain of the conditions of the Exchange Offer that Visa is permitted to waive. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The consummation of the Exchange Offer is subject to, and conditioned upon, the satisfaction or waiver of the conditions discussed under &#147;The
Exchange Offer&#151;Conditions of the Exchange Offer.&#148; Certain of these conditions may be waived by Visa in whole or in part at any time or from time to time in its sole and absolute discretion, in accordance with the Certificate of
Incorporation and applicable law. Accordingly, Visa may elect to waive certain conditions to allow the Exchange Offer to close, notwithstanding the fact that one or more conditions may not have been satisfied. The following conditions cannot be
waived: (i)&nbsp;the effectiveness of the registration statement of which this prospectus forms a part and (ii)&nbsp;the execution and delivery of a Makewhole Agreement, including the officer&#146;s certificates appended thereto, by each
participating holder and its Parent Guarantors. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I>The Exchange Offer may be terminated, canceled or delayed. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa reserves the right to extend the Exchange Offer for any reason at all. The Company also expressly reserves the right, at any time or from time to
time, to amend the terms of the Exchange Offer in any respect prior to the acceptance of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. If Visa makes a material change in the terms of the Exchange Offer or the
information concerning the Exchange Offer, or waives a material condition of the Exchange Offer, Visa will promptly disseminate disclosure regarding the changes to the Exchange Offer as required by law. In addition, Visa will take steps to ensure
that the Exchange Offer remains open for the minimum number of days, as required by law, </P>
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following the date Visa disseminates disclosure regarding the changes. During any extension of the Exchange Offer, shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock
that were previously tendered for exchange pursuant to the Exchange Offer and not validly withdrawn will remain subject to the Exchange Offer. Visa reserves the right, in its sole and absolute discretion, to terminate the Exchange Offer at any time
prior to the acceptance of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock if any condition is not met. If the Exchange Offer is terminated, no shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common
stock tendered in the Exchange Offer will be accepted for exchange and any shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock that have been tendered for exchange will be returned to the holder promptly after the
termination at Visa&#146;s expense. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Even if the Exchange Offer is completed, the Exchange Offer may not be completed on the schedule described in
this prospectus. The Exchange Offer may be delayed by a waiver of certain of the conditions of the Exchange Offer. Accordingly, holders of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock participating in the Exchange Offer may
have to wait longer than expected to receive the Exchange Consideration. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I>In the future, Visa may acquire any shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock that are not validly tendered or accepted in the Exchange Offer for consideration different than the Exchange Consideration. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In the future, Visa may acquire shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock that are not validly tendered or accepted
in the Exchange Offer through open market purchases, redemptions, privately negotiated transactions, a future tender offer or such other means as Visa deems appropriate. Any such acquisitions will occur upon the terms and at the prices as Visa may
determine in its sole and absolute discretion, based on factors prevailing at the time, which may be greater or less than the value of the Exchange Consideration. Visa may choose to pursue any or none of these alternatives, or combinations thereof,
in the future. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc641107_12"></A>BACKGROUND OF <FONT STYLE="white-space:nowrap">CLASS&nbsp;B-1</FONT>
COMMON STOCK </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa&#146;s <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock was established as part of Visa&#146;s IPO to
provide protection to the Class A and Class C common stockholders from the monetary liability for certain litigation referred to in the Certificate of Incorporation as &#147;Covered Litigation&#148; (and referred to herein as the &#147;U.S. covered
litigation&#148;), which it has successfully done since 2008. At the time of Visa&#146;s IPO, Visa established the U.S. retrospective responsibility plan (the &#147;Responsibility Plan&#148;) to implement such protections with respect to the U.S.
covered litigation. The U.S. covered litigation consists, collectively, of a number of matters brought by individual merchants that have been settled or otherwise fully or substantially resolved, as well as the ongoing MDL<I>&#151;In re Payment Card
Interchange Fee and Merchant Discount Antitrust Litigation</I>, which comprises a damages class, claims brought by merchants that opted out of the damages class, and an injunctive relief class. The MDL cases challenge Visa&#146;s purported setting
of interchange reimbursement fees, &#147;no surcharge&#148; and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">honor-all-card</FONT></FONT> rules, alleged tying and bundling of transaction fees, and the reorganization and IPO, and
were brought under federal antitrust laws and, in some cases, certain state unfair competition laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">As part of the Responsibility Plan, Visa
established a U.S. covered litigation escrow account from which any settlements or judgments relating to the U.S. covered litigation would be payable. When Visa funds the U.S. covered litigation escrow account, the outstanding shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock are subject to dilution through downward adjustments to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, which operates similar
to a repurchase by Visa of its Class&nbsp;A common stock. This mechanic allows Visa to fund the U.S. covered litigation escrow account through the equivalent of a contribution of Class&nbsp;A common stock from the Class&nbsp;B stockholders to Visa.
This loss absorption capacity of the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock fluctuates with changes in the price of Class&nbsp;A common stock&#151;assuming a constant Applicable Conversion Rate for the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, changes in the price of Class&nbsp;A common stock will cause proportional changes in the total loss absorption capacity of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common
stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Following the completion of the Exchange Offer, the total loss absorption capacities of the outstanding
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock (collectively, the &#147;Class&nbsp;B common stock&#148;) and the total potential makewhole payment
obligations under the Makewhole Agreements will similarly fluctuate with changes in the market price of Class&nbsp;A common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Since 2008,
shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock have been subject to transfer restrictions that were implemented in light of the Responsibility Plan, which limit their ability to be converted into Class&nbsp;A common
stock that can be sold publicly until final resolution of the U.S. covered litigation. The Certificate of Incorporation provides that, upon the final resolution of the U.S. covered litigation (the &#147;Escrow Termination Date&#148;), all shares of
Class&nbsp;B common stock will become convertible into and able to be sold as shares of Class&nbsp;A common stock based on the Applicable Conversion Rates in effect at such time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">As part of the Responsibility Plan, Visa also entered into a Loss Sharing Agreement (as such term is defined in the Certificate of Incorporation)
between Visa International Service Association, Visa U.S.A., Inc., and certain Visa member banks. The Loss Sharing Agreement provides for the indemnification of the Visa parties with respect to certain matters. Under the Loss Sharing Agreement, if
(i)&nbsp;all available funds in the U.S. covered litigation escrow account are insufficient to satisfy Visa&#146;s litigation obligation and (ii)&nbsp;the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT>
common stock has reached zero, each member bank party to the Loss Sharing Agreement is required to contribute an amount equal to the unsatisfied Visa litigation obligation multiplied by the party&#146;s then current membership proportion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The adjustment mechanism and transfer restrictions applicable to the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock described above
were designed to cause monetary liability for the U.S. covered litigation to be borne </P>
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by Class&nbsp;B stockholders, who, prior to the IPO, were the U.S.-based owners of the Visa enterprise. However, since Visa&#146;s IPO, the <FONT STYLE="white-space:nowrap">as-converted</FONT>
value of the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock has appreciated significantly and presently exceeds Visa&#146;s expectation of the range of exposure for the remaining U.S. covered litigation claims. Because the U.S.
covered litigation has not been finally resolved, the transfer restrictions on <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock have now been in place for over 15 years, substantially longer than Visa and the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholders contemplated at the time of the IPO. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">While Visa cannot predict when the remaining
U.S. covered litigation will ultimately be resolved and when the Escrow Termination Date will occur, Visa has continued to make progress toward the final resolution of outstanding claims. To date, Visa has resolved claims representing approximately
90% of the interchange at issue and paid approximately $6.6&nbsp;billion in the aggregate through the Responsibility Plan. Visa&#146;s current estimate of such interchange reimbursement fees as of October&nbsp;1, 2023 is approximately
$49.6&nbsp;billion. This estimate does not include claims in certain purported indirect purchaser class actions or any claims of merchants serviced by opt outs that are payment processors and facilitators. Recent settlements reached by Visa have
ranged from approximately 3 to 8% of the settling merchant&#146;s applicable interchange during the damages class period (2004-2018). There can be no assurances that settlements reached by Visa in the future will fall within a similar
range&#151;future settlements may be materially higher as a percentage of interchange at issue. For illustrative purposes only, applying this historic range to the unresolved and outstanding interchange from 2004-2022, the remaining settlement value
would be between $1.4 and $4.0&nbsp;billion. If there is no settlement with these merchants, the range of remaining damages exposure based upon such merchant claims is approximately <FONT STYLE="white-space:nowrap">$25-$35&nbsp;billion</FONT>
through calendar year 2022, which is undiscounted and before any challenge to the claim is addressed by a court. This range of remaining damages exposure does not give effect to any potential trebling, which, if awarded by a court in its discretion,
would entitle the plaintiff to receive up to three times the amount of its actual damages. On March 25, 2024, Visa, other defendants and plaintiffs acting on behalf of the injunctive relief class signed a settlement agreement to resolve the
injunctive relief class claims, subject to court approval. The settlement agreement includes reductions and caps on U.S. credit interchange rates and certain modifications to Visa&#146;s rules in the United States that are designed to provide U.S.
merchants with additional flexibility for acceptance. Visa will make payments for certain fees, costs and expenses, up to a total of $128.9 million from the U.S. covered litigation escrow account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Assuming that 100% of the outstanding shares of Class B-1 common stock are accepted for exchange in the Exchange Offer, Visa would issue 122.7 million
shares of Class B-2 common stock, which, based on the current Applicable Conversion Rate and Visa&#146;s reported closing Class A common stock price on the NYSE on December&nbsp;29, 2023 of $260.35, would have an as-converted value of $50.7 billion.
This as-converted value will fluctuate due to changes in the Applicable Conversion Rate for the Class B-2 common stock and the market price of the Class A common stock. In the event obligations under the U.S. covered litigation exceed the
as-converted value of the outstanding Class B-2 common stock and the Applicable Conversion Rate for the Class B-2 common stock falls below zero, payment obligations may be triggered under the Makewhole Agreement. The payment obligations under the
Makewhole Agreement are not subject to any dollar cap. See &#147;Risk Factors&#151;Risks Related to the Exchange Offer and Makewhole Agreements&#151;The obligation of a participating holder and its Parent Guarantors under the Makewhole Agreement is
not subject to any dollar cap.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>VISA MAKES NO REPRESENTATION TO CLASS B-1 STOCKHOLDERS REGARDING THE AMOUNT OF REMAINING LIABILITY, IF ANY, ARISING FROM
THE U.S. COVERED LITIGATION. THE EXCHANGE OFFER DESCRIBED HEREIN WILL PERMIT EACH CLASS B-1 STOCKHOLDER TO CHANGE THE MANNER IN WHICH SUCH LIABILITY MAY BE BORNE BY SUCH STOCKHOLDER. THIS EXCHANGE OFFER DOES NOT ENABLE ANY CLASS B-1 STOCKHOLDER TO
AVOID OR MINIMIZE SUCH LIABILITY. </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc641107_13"></A>THE EXCHANGE OFFER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_14"></A>No Recommendation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL"><B>None of
Visa, the Board of Directors, Visa&#146;s officers or employees, the Exchange Agent, the Information Agent, any of Visa&#146;s financial advisors or any other person is making any recommendation to any holder of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock as to whether or not you should tender shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock in the Exchange Offer. Accordingly, you must make your own
decision as to whether to tender shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock in the Exchange Offer and, if so, the number of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock to tender.
Participation in the Exchange Offer is voluntary and you should carefully consider whether to participate before you make your decision. Visa urges you to carefully read this prospectus in its entirety, including the information set forth in the
section of this prospectus entitled &#147;Risk Factors&#148; and any corresponding section included in the documents incorporated herein by reference. Visa also urges you to consult your own financial, legal, regulatory and tax advisors in making
your own decisions on what action, if any, to take in light of your own particular circumstances. </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_15"></A>Reasons for the Exchange Offer
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The Exchange Offer is intended to provide holders of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock with additional
liquidity, while continuing to protect holders of shares of Class&nbsp;A and Class&nbsp;C common stock from bearing losses related to the U.S. covered litigation. In addition, the Exchange Offer Program authorized by the Certificate of Incorporation
was designed to benefit Class&nbsp;A and Class&nbsp;C stockholders by proactively managing the overhang risk to Class&nbsp;A and Class&nbsp;C stockholders and mitigating the market disruption that could occur if all shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock were to convert simultaneously upon the Escrow Termination Date. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_16"></A>Terms
of the Exchange Offer </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa is offering to exchange, upon the terms and subject to the conditions set forth in this prospectus and the
accompanying Letter of Transmittal,<B> </B>any and all of Visa&#146;s outstanding <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock for a combination of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock
and Class&nbsp;C common stock and, where applicable, cash in lieu of fractional shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">For each share of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock properly tendered (and not withdrawn) and accepted by Visa for exchange, Visa will issue (1)&nbsp;one half of a newly issued share of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, (2)&nbsp;newly issued shares of Class&nbsp;C common stock in an amount equivalent to one half of a share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock,
with such equivalence based on the respective amounts of Class&nbsp;A common stock into which <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and Class&nbsp;C common stock would be convertible as of the Expiration Date, and
(3)&nbsp;where applicable, cash in lieu of fractional shares determined by reference to the reported closing Class&nbsp;A common stock price on the NYSE as of the Expiration Date. Based on the current Applicable Conversion Rates for the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and Class&nbsp;C common stock of 1.5875 shares of Class&nbsp;A common stock and 4 shares of Class&nbsp;A common stock, respectively, Visa will issue 0.1984 shares of Class&nbsp;C common
stock for each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock validly tendered and accepted for exchange. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The
following calculations assume that the current Applicable Conversion Rates for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and Class&nbsp;C common stock will be in effect as of the Expiration Date. Visa will publicly
announce any change to these Applicable Conversion Rates and, to the extent necessary, extend the Exchange Offer so that it remains open for a minimum of ten business days following such announcement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">For example, assume (i)&nbsp;the current <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Applicable Conversion Rate of 1.5875 (i.e., one share of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock is convertible into 1.5875 shares of Class&nbsp;A common stock) is in </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="center">30 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
effect as of the Expiration Date, and (ii)&nbsp;the reported closing Class&nbsp;A common stock price on the NYSE as of the Expiration date is $260.35 (which was the reported closing Class&nbsp;A
common stock price on the NYSE on December&nbsp;29, 2023). Under this scenario, a stockholder that validly tenders 12,355 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock would receive: (i) 6,177 shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, (ii) 2,451 shares of Class&nbsp;C common stock, and (iii) $930.76 in cash in lieu of receiving fractional shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock
and Class&nbsp;C common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The number of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock issued in the Exchange
Offer is calculated by: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">dividing the total number of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock tendered in the
Exchange Offer by two: </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">12,355 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock / 2 = 6,177.5 shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock; 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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">rounding down the number of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock to be received in
the Exchange Offer to the nearest whole share: </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">6,177.5 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock results in an issuance of 6,177
shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The number of shares of Class&nbsp;C common stock
issued in the Exchange Offer is calculated by: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">dividing the total number of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock tendered in the
Exchange Offer by two: </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">12,355 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock / 2 = 6,177.5 shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">multiplying this amount by the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT>
common stock to determine its <FONT STYLE="white-space:nowrap">as-converted</FONT> value (expressed in shares of Class&nbsp;A common stock): </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">6,177.5 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock x 1.5875 = 9,806.7813 <FONT
STYLE="white-space:nowrap">as-converted</FONT> shares of Class&nbsp;A common stock; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">dividing the <FONT STYLE="white-space:nowrap">as-converted</FONT> value by the Applicable Conversion Rate for the
Class&nbsp;C common stock of 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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">9,806.7813 <FONT STYLE="white-space:nowrap">as-converted</FONT> shares of Class&nbsp;A common stock / 4 = 2,451.6953 shares
of Class&nbsp;C common stock; 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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">rounding down the number of Class&nbsp;C common stock to the nearest whole share: </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">2,451.6953 shares of Class&nbsp;C common stock results in an issuance of 2,451 shares of Class&nbsp;C common stock.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In lieu of issuing 0.5 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, Visa will pay cash in an
amount equal to such fractional share, which is determined by multiplying such fractional share by (i)&nbsp;the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock (which will be the same as the
Applicable Conversion Rate for the Class B-1 common stock immediately following the completion of the Exchange Offer), and (ii)&nbsp;the reported closing Class&nbsp;A common stock price on the NYSE as of the Expiration Date: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">0.5 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock x 1.5875 = 0.7938 <FONT
STYLE="white-space:nowrap">as-converted</FONT> shares of Class&nbsp;A common stock; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">0.7938 shares of Class&nbsp;A common stock x $260.35 = $206.67. </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="center">31 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In lieu of issuing 0.6953 shares of Class&nbsp;C common stock, Visa will pay cash in an amount equal
to such fractional share, which is determined by multiplying such fractional share by (i)&nbsp;the Applicable Conversion Rate for the Class&nbsp;C common stock, and (ii)&nbsp;the reported closing Class&nbsp;A common stock price on the NYSE as of the
Expiration Date: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">0.6953 shares of Class&nbsp;C common stock x 4.0 = 2.7812 <FONT STYLE="white-space:nowrap">as-converted</FONT> shares of
Class&nbsp;A common stock; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">2.7812 shares of Class&nbsp;A common stock x $260.35 = $724.09. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Consequently, the total cash consideration for the fractional shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and
Class&nbsp;C common stock will equal $930.76 ($206.67 + $724.09). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The below table illustrates the example discussed above. This table is provided
for illustrative purposes only. Visa will announce the results of the Exchange Offer, including the applicable Class&nbsp;A common stock price used in the calculation of the Exchange Consideration, shortly after the Expiration Date. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="25%"></TD>

<TD VALIGN="bottom" WIDTH="14%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="14%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="14%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="14%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Exchange Consideration</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Number&nbsp;of&nbsp;Shares&nbsp;of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B><FONT STYLE="white-space:nowrap">Class&nbsp;B-1&nbsp;Common</FONT></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; " ALIGN="center"><B>Stock&nbsp;Tendered</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Applicable<BR>Conversion&nbsp;Rate</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of&nbsp;Shares&nbsp;of<BR><FONT STYLE="white-space:nowrap">Class&nbsp;B-2&nbsp;Common</FONT><BR>Stock Received</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of&nbsp;Shares&nbsp;of</B><br><B>Class&nbsp;C common</B><br><B>Stock Received</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Cash&nbsp;Consideration</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL" ALIGN="center">12,355</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.5875</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,177</TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:75%; vertical-align:top">(1)(2)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,451</TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:75%; vertical-align:top">(1)(3)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">930.76</TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:75%; vertical-align:top">&#8201;(4)</SUP>&nbsp;</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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Rounded down to the nearest share, where applicable. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Equals half of the value of validly tendered shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common
stock based on the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Equals half of the value of validly tendered shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common
stock based on the Applicable Conversion Rates for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and Class&nbsp;C common stock. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Based on the reported closing Class&nbsp;A common stock price on the NYSE as of the Expiration Date which, for purposes
of this example, is assumed to be $260.35, the reported closing Class&nbsp;A common stock price on the NYSE on December&nbsp;29, 2023. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa will issue shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock in exchange for properly
tendered (and not validly withdrawn) shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock that are accepted for exchange promptly<B> </B>after the Expiration Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">This prospectus, the Letter of Transmittal and the Makewhole Agreement, including the officer&#146;s certificates appended thereto, are being sent to
all registered holders of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. You must be a registered holder as of the Expiration Date in order to validly tender your shares. There is no minimum<B> </B>number of shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock that is required to be tendered. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Any shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock that are accepted for exchange in the Exchange Offer will be canceled. Shares tendered but not accepted<B> </B>because they were not validly tendered shall remain outstanding upon
completion of the Exchange Offer. If any tendered shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock are not accepted for exchange and payment because of an invalid tender, the occurrence of other events set forth in this
prospectus<B> </B>or otherwise, all unaccepted shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock will be transferred back, without expense, to the tendering holder promptly after the<B> </B>Expiration Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa&#146;s obligation to accept shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock tendered pursuant to the Exchange Offer
is limited by the conditions listed below<B> </B>under &#147;&#151;Conditions of the Exchange Offer.&#148; Visa currently expects that each of the conditions will be satisfied and that no waivers will be necessary. </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="center">32 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Holders who tender shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock in
the Exchange Offer will not be required to pay brokerage commissions or fees to the Exchange Agent, the Information Agent or Visa in connection with the Exchange Offer. It is<B> </B>important that you read &#147;&#151;Fees and Expenses&#148; and
&#147;Material U.S. Federal Income Tax Considerations&#148; for more details regarding fees and expenses and the intended tax treatment relating to the Exchange Offer. However, holders who, following the Exchange Offer, wish to sell their shares of
Class&nbsp;C common stock received as part of the Exchange Consideration may be required to pay brokerage commissions or fees in connection with such sales or transfers. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_17"></A>Fractional Shares </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa will not
issue any fractional shares upon exchange of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock pursuant to the Exchange Offer. Instead, Visa will pay the exchanging <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT>
stockholder the cash value of a fractional share, with any such fraction calculated to four decimal places, determined by reference to the reported closing Class&nbsp;A common stock price on the NYSE as of the Expiration Date. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_18"></A>Dilution </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">On an <FONT
STYLE="white-space:nowrap">as-converted</FONT> basis, the number of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock issued as Exchange Consideration will equal the number of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock accepted for exchange (before any rounding to prevent the issuance of fractional shares). Consequently, other than as result of cash payments in lieu of issuing fractional shares, the
consummation of the Exchange Offer will not affect the fully diluted number of outstanding shares of Class&nbsp;A common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">As of
January&nbsp;17, 2024, there were 1,581.6&nbsp;million shares of Class&nbsp;A common stock and 9.4&nbsp;million shares of Class&nbsp;C common stock outstanding. The consummation of the Exchange Offer may significantly increase the number of
outstanding shares of Class&nbsp;C common stock, which, in turn, will be convertible into freely transferable shares of Class&nbsp;A common stock. See &#147;Description of Capital Stock&#151;Conversion.&#148; Assuming that 100% of the outstanding
shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock are properly tendered (and not validly withdrawn) and accepted for exchange in the Exchange Offer, upon completion of the Exchange Offer, no shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, 122.7&nbsp;million shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and an additional 48.7&nbsp;million shares of Class&nbsp;C common stock would be
outstanding (in each case before any rounding to prevent the issuance of fractional shares). The amount of Class&nbsp;C common stock outstanding after the Exchange Offer is based on the current Applicable Conversion Rates for the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and Class&nbsp;C common stock of 1.5875 shares of Class&nbsp;A common stock and 4 shares of Class&nbsp;A common stock, respectively. Such shares of Class&nbsp;C common stock will
automatically convert into shares of Class&nbsp;A common stock upon transfer to a person other than a Visa member or an affiliate of a Visa member. Conversion of shares of Class&nbsp;C common stock into shares of Class&nbsp;A common stock would
decrease the number of shares of Class&nbsp;C common stock and increase the amount of Class&nbsp;A common stock outstanding, which could adversely affect the market price of Class&nbsp;A common stock and would dilute the voting power of existing
Class&nbsp;A stockholders. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_19"></A>Consequences of Failure to Exchange <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Common Stock in
the Exchange Offer </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The terms of your shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock that remain outstanding after
the consummation of the Exchange Offer and your rights as a holder thereof will not change as a result of the Exchange Offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Under the Exchange
Offer Program authorized by the Certificate of Incorporation, following the consummation of this Exchange Offer, Visa may, but is under no obligation to, conduct up to three </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="center">33 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
successive exchange offers that, in each case, would have the effect of releasing the transfer restrictions on up to half of the applicable Class&nbsp;B common stock issued in a previous exchange
offer. In exchange for the tendered Class&nbsp;B common stock, Visa would issue (x)&nbsp;shares of a successive class of Class&nbsp;B common stock in an amount equal to half of the Class&nbsp;B common stock tendered in exchange and (y)&nbsp;shares
of Class&nbsp;C common stock in an amount equivalent to half of the value of the Class&nbsp;B common stock tendered in exchange. However, if you do not participate in the Exchange Offer and Visa does not conduct an additional exchange offer for <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, you will not be eligible to participate in a successive exchange offer. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_20"></A>Expiration Date; Extension; Termination; Amendment </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The Exchange Offer will expire at the Expiration Date, unless extended or earlier terminated by Visa. The term &#147;Expiration Date&#148; means one
minute after 11:59 p.m., New York City time, on May&nbsp;3, 2024, and if Visa extends the period of time for which the Exchange Offer remains open, the term &#147;Expiration Date&#148; means the latest time and date to which the Exchange Offer is so
extended. Tendered shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock may be withdrawn prior to the Expiration Date. You must validly tender your shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common
stock for exchange prior to the Expiration Date to receive the Exchange Consideration. The Expiration Date will be at least 20 business days from commencement of the Exchange Offer as required by Rule <FONT STYLE="white-space:nowrap">14e-1(a)</FONT>
under the Exchange Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa reserves the right to extend the period of time that the Exchange Offer is open, and delay acceptance for exchange of
any shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, by giving oral or written notice to the Exchange Agent and by timely public announcement no later than 9:00 a.m., New York City time, on the next business day after
the previously scheduled Expiration Date. During any extension, all shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock previously tendered pursuant to the extended Exchange Offer will remain subject to the Exchange Offer
unless properly withdrawn. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In addition, at any time prior to the acceptance of the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common
stock tendered in the Exchange Offer, Visa reserves the right to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">terminate the Exchange Offer and not to accept for exchange any shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock not previously accepted for exchange upon the occurrence of any of the events specified below under &#147;&#151;Conditions of the Exchange Offer&#148; that have not been waived by
Visa; 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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">amend the terms of the Exchange Offer in any manner permitted or not prohibited by law. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">If Visa terminates or amends the Exchange Offer, Visa will notify the Exchange Agent by oral or written notice (with any oral notice to be promptly
confirmed in writing) and will issue a timely press release or other public announcement regarding the termination or amendment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In the event that
the Exchange Offer is terminated, withdrawn or otherwise not consummated prior to the acceptance of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, no Exchange Consideration will be distributed or become distributable
to holders who have properly tendered their shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock pursuant to the Exchange Offer. In any such event, the shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common
stock previously tendered pursuant to the Exchange Offer will be promptly returned to the tendering holders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">If Visa makes a material change in the
terms of the Exchange Offer or the information concerning the Exchange Offer, or waives a material condition of the Exchange Offer, Visa will promptly disseminate disclosure regarding the changes to the Exchange Offer as required by law. In
addition, Visa will take steps to ensure that the Exchange Offer remains open for the minimum number of business days, as required by law, following the date Visa disseminates disclosure regarding the changes. </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="center">34 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_21"></A>Procedures for Tendering <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Common
Stock </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL"><I>If you intend to participate in the Exchange Offer, Visa strongly encourages you to complete and return the Letter of Transmittal and
the Makewhole Agreement, including the certificates appended thereto, as soon as possible. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Only a registered holder of shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock may tender shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock in the Exchange Offer. All shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common
stock issued in book-entry form are currently held through EQ Shareowner Services, the Transfer Agent. To tender shares held in book-entry form in the Exchange Offer, a holder must deliver to the Exchange Agent executed copies of the Letter of
Transmittal and the Makewhole Agreement, including the officer&#146;s certificates appended thereto, in accordance with the instructions within the Letter of Transmittal prior to the Expiration Date. If a holder&#146;s shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock are held in certificated form, such holder must also deliver the certificates representing the shares to the Exchange Agent before the Expiration Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">To be a valid tender, the Exchange Agent must receive any physical or electronic delivery of the Letter of Transmittal, the Makewhole Agreement,
including the officer&#146;s certificates appended thereto, and any other required documents through its online portal at vote.proxyonline.com/Visa/19596/ or at the address set forth under &#147;Exchange Agent and Information Agent&#148; before the
Expiration Date. To receive confirmation of valid tender of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, a holder should contact the Exchange Agent at the telephone number listed under &#147;Exchange Agent and
Information Agent.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The acceptance by Visa of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock not withdrawn by a
holder prior to the Expiration Date will constitute an agreement between that holder and Visa in accordance with the terms and subject to the conditions set forth in this prospectus and in the Letter of Transmittal. Pursuant to the Letter of
Transmittal, each tendering holder will represent and warrant to Visa that (1)&nbsp;such holder has the full power and authority to tender, exchange, sell, assign and transfer the tendered shares (and any and all other shares of Visa common stock or
other securities issued or issuable in respect of such shares); and (2) when the same are accepted for exchange, Visa will acquire good, marketable and unencumbered title to such shares, free and clear of all liens, restrictions, charges and
encumbrances and not subject to any adverse claims. In addition, each tendering holder will acknowledge pursuant to the Letter of Transmittal that (1) all validly tendered shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock
will be accepted wherever such holder may be located; (2)&nbsp;Visa has not taken any action under the laws of any country outside the United States to qualify or otherwise facilitate a public offer to exchange Visa&#146;s common stock in that
country; (3) such holder&#146;s participation in the Exchange Offer may depend on whether there is an exemption available under the laws of such holder&#146;s home country that would permit the holder to participate in the Exchange Offer without the
need for Visa to take any action to qualify or otherwise facilitate the Exchange Offer in that country or otherwise; (4) there may be restrictions that apply with respect to transactions in Visa&#146;s common stock in such holder&#146;s home
country; and (5)&nbsp;Visa cannot provide any assurance about whether such restrictions exist. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">If the Letter of Transmittal, the Makewhole
Agreement, or any other required documents are physically delivered to the Exchange Agent, the method of delivery is at the holder&#146;s election and risk, and holders should allow sufficient time to assure delivery to the Exchange Agent before the
Expiration Date. Holders should not send the Letter of Transmittal to Visa. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">If the Letter of Transmittal is signed by trustees, executors,
administrators, guardians, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact,</FONT></FONT> officers of corporations or others acting in a fiduciary or representative capacity, these persons should so indicate when
signing and identify the beneficial owner of the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock for whom they are signing. Unless Visa waives this requirement, they should also submit evidence satisfactory to Visa of their
authority to deliver the Letter of Transmittal. </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="center">35 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In the event the registered holder of the shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock being tendered in the Exchange Offer is different than the beneficial owner of such shares (e.g., because the registered holder is a securities intermediary holding the shares in
its name on behalf of the beneficial owner), the registered holder must identify the beneficial owner of such shares in the Letter of Transmittal. The beneficial owner of the shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common
stock tendered in the Exchange Offer must execute and deliver the Makewhole Agreement, including the officer&#146;s certificates appended thereto, as the &#147;Holder&#148; party thereto, together with such beneficial owner&#146;s Parent Guarantors.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa will determine in its sole and absolute discretion all questions as to the validity, form and eligibility, including time of receipt,
acceptance and withdrawal of tendered shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. Visa&#146;s determination will be final and binding; however, participating holders have the right to challenge Visa&#146;s
determination in a court of competent jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa reserves the absolute right to reject any shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock not properly tendered or any shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock the acceptance of which would, in the opinion of Visa&#146;s counsel, be
unlawful. Visa also reserves the right to waive any defects, irregularities or conditions of tender as to particular shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, subject to the terms and conditions of the Exchange
Offer set forth in the Certificate of Incorporation. Visa&#146;s interpretation of the terms and conditions of the Exchange Offer, including the instructions in the Letter of Transmittal, will be final and binding on all parties; however,
participating holders have the right to challenge Visa&#146;s determination in a court of competent jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Unless waived, any defects or
irregularities in connection with tenders of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock must be cured within the time that Visa determines. Although Visa may notify holders of defects or irregularities with respect
to tenders of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, neither Visa, the Exchange Agent nor any other person will incur any liability for failure to give notification. Tenders of shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock will not be deemed made until those defects or irregularities have been cured or waived. Any shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock received by the
Exchange Agent that are not properly tendered and as to which the defects or irregularities have not been cured or waived will be returned by the Exchange Agent without cost to the tendering holder, unless otherwise provided in the Letter of
Transmittal, promptly following the Expiration Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The acceptance by Visa of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock
from a participating <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder and entering into a Makewhole Agreement does not constitute a waiver of the Company&#146;s right to seek assurances that the Makewhole Agreement was in fact
properly completed and that the representations and warranties made by the participating <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder and its Parent Guarantors therein are true and correct. Visa may contact a participating <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder after completion of the Exchange Offer to request documentation or other evidence reasonably satisfactory to Visa in order to verify that the Makewhole Agreement has been properly
completed and that the representations and warranties made by the participating <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder and its Parent Guarantors therein are true and correct. In the Letter of Transmittal, the
participating <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder will agree to promptly respond to any such request with the requested evidence and will consent to the entry of stop-transfer instructions with respect to the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock issued as Exchange Consideration in the event Visa determines in its discretion that such <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder
has failed to do so. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Holders will receive copies of this prospectus, the Letter of Transmittal and the form of Makewhole Agreement, including the
form of officer&#146;s certificates, from the Exchange Agent. A holder may obtain additional copies of the Letter of Transmittal and the Makewhole Agreement from the Exchange Agent through the Exchange Agent&#146;s online portal at
vote.proxyonline.com/Visa/19596/ or by contacting the Exchange Agent. See &#147;Exchange Agent and Information Agent.&#148; </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="center">36 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_22"></A>Withdrawal Rights </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">You may withdraw your tender of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock at any time before the Expiration Date. In
addition, if not previously accepted, you may withdraw shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock that you tender that are not accepted by Visa for exchange after expiration of 40 business days from commencement of
the Exchange Offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Any notice of withdrawal must: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">specify the name of the person that tendered the shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common
stock to be withdrawn; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">identify the shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock to be withdrawn;
</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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">specify the number of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock to be withdrawn;
</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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">include a statement that the holder is withdrawing its election to have such shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock exchanged; 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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">be signed by the holder in the same manner as the original signature on the Letter of Transmittal by which the shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock were tendered. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Any shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock withdrawn will not have been properly tendered for exchange for purposes of the Exchange Offer. Properly withdrawn shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT>
common stock may be <FONT STYLE="white-space:nowrap">re-tendered</FONT> by following one of the procedures described under &#147;&#151;Procedures for Tendering <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Common Stock&#148; above at any
time on or before the applicable Expiration Date. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_23"></A>Acceptance of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Common Stock
for Exchange; Delivery of Exchange Consideration </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Upon satisfaction or waiver of all of the conditions to the Exchange Offer, Visa will promptly
accept the shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock properly tendered that have not been validly withdrawn pursuant to the Exchange Offer and will pay the Exchange Consideration in exchange for such shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock promptly after acceptance. See &#147;&#151;Conditions of the Exchange Offer&#148; below. For purposes of the Exchange Offer, Visa will be deemed to have accepted properly tendered shares
of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock for exchange when Visa gives notice of acceptance to the Exchange Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In
all cases, Visa will only accept shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock for exchange pursuant to the Exchange Offer after the Exchange Agent timely receives executed copies of the Letter of Transmittal and
Makewhole Agreement, including the officer&#146;s certificates appended thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa will not be liable for any interest as a result of a delay by
the Exchange Agent in distributing the Exchange Consideration in the Exchange Offer. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_24"></A>Conditions of the Exchange Offer </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Notwithstanding any other provision of the Exchange Offer to the contrary, the Exchange Offer is subject to the following conditions that Visa may not
waive: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the registration statement of which this prospectus forms a part shall have become effective and no stop order suspending
the effectiveness of the registration statement and no proceedings for that purpose shall have been instituted or be pending, or to Visa&#146;s knowledge, be contemplated or threatened by the SEC; 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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">with respect to each participating <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder, the execution and
delivery of a Makewhole Agreement by such stockholder and its Parent Guarantors. Each <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder and each of its Parent Guarantors must also execute and deliver the officer&#146;s certificate
that is appended to the Makewhole Agreement. See &#147;Makewhole Agreement.&#148; </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="center">37 </P>

</DIV></Center>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In addition, Visa will not be required to accept for exchange, or to pay the Exchange Consideration in
exchange for, any shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and may terminate or amend the Exchange Offer, by oral or written notice (with any oral notice to be promptly confirmed in writing) to the Exchange
Agent, followed by a timely press release, at any time before accepting any of the shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock for exchange, if, in Visa&#146;s reasonable judgment: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">there shall have been instituted, threatened in writing or be pending any action or proceeding before or by any court,
governmental, regulatory or administrative agency or instrumentality, or by any other person, in connection with the Exchange Offer, that is, or is reasonably likely to be, in Visa&#146;s reasonable judgment, materially adverse to Visa&#146;s
business, operations, properties, condition, assets, liabilities or prospects, or that would or might, in Visa&#146;s reasonable judgment, prohibit, prevent, restrict or delay consummation of the Exchange Offer or materially impair the contemplated
purpose (as set forth under &#147;&#151;Reasons for the Exchange Offer&#148;) of the Exchange Offer; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">any order, statute, rule, regulation, supervisory guidance, executive order, stay, decree, judgment or injunction shall
have been proposed, enacted, entered, issued, promulgated, enforced or deemed applicable by any court or governmental, regulatory or administrative agency or instrumentality that, in Visa&#146;s reasonable judgment, would, or would be reasonably
likely to, prohibit, prevent, restrict or delay consummation of the Exchange Offer or materially impair the contemplated purpose of the Exchange Offer (including without limitation the issuance of supervisory guidance by a financial regulatory
authority calling into question the ability of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholders to enter into or perform their obligations under Makewhole Agreements), or that is, or is reasonably likely to be, materially adverse
to Visa&#146;s business, operations, properties, condition, assets, liabilities or prospects; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">there shall have occurred or be reasonably likely to occur any material adverse change to Visa&#146;s business, operations,
properties, condition, assets, liabilities, prospects or financial affairs; or </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">there shall have occurred: </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">any general suspension of trading in securities in U.S. securities or financial markets; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">any material adverse change in the price of Visa&#146;s common stock in U.S. securities or financial markets;
</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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">a declaration of a banking moratorium or any suspension of payments in respect to banks in the United States;
</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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">any limitation (whether or not mandatory) by any government or governmental, regulatory or administrative authority, agency
or instrumentality, domestic or foreign, or other event that, in Visa&#146;s reasonable judgment, would, or would be reasonably likely to, affect the extension of credit by banks or other lending institutions; or </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">a commencement or material worsening of a war or armed hostilities or other national or international calamity or any
catastrophic terrorist attacks against the United States or its citizens, which, in Visa&#146;s reasonable judgment, would be, or would be reasonably likely to be, materially adverse to Visa or otherwise make it inadvisable for Visa to proceed with
the Exchange Offer. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Subject to the terms and conditions of the Exchange Offer set forth in the Certificate of Incorporation, Visa
expressly reserves the right to amend or terminate the Exchange Offer and to reject for exchange any shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock not previously accepted for exchange upon the occurrence of any of the
conditions of the Exchange Offer specified above. In addition, Visa expressly reserves the right, at any time or at various times, to waive any of the conditions the Exchange Offer, in whole or in 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:10pt; font-family:ARIAL" ALIGN="center">38 </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
except as to the requirement that the registration statement be declared effective by the SEC and the delivery of an executed Makewhole Agreement, including the officer&#146;s certificates
appended thereto, by each participating <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder and its Parent Guarantors, which conditions Visa cannot waive. Visa will give oral or written notice (with any oral notice to be promptly
confirmed in writing) of any amendment, nonacceptance, termination or waiver to the Exchange Agent as promptly as practicable, followed by a timely press release. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">These conditions are for Visa&#146;s sole benefit and Visa may assert them or, to the extent permissible under the Certificate of Incorporation, waive
them in whole or in part in its sole and absolute discretion. If Visa fails at any time to exercise any of the foregoing rights, this failure will not constitute a waiver of such right. Each such right will be deemed an ongoing right that Visa may
assert at any time or at various times with respect to the Exchange Offer on or prior to the expiration of the Exchange Offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">All conditions to
the Exchange Offer must be satisfied or waived prior to the expiration of the Exchange Offer. The Exchange Offer is not conditioned upon any minimum number of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock tendered for
exchange. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_25"></A>Fees and Expenses </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa will bear the fees and expenses it incurs in connection with the Exchange Offer&#151;tendering holders of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock will not be required to pay any of Visa&#146;s expenses of the Exchange Offer, including the fees of the Exchange Agent and the Information Agent. Visa will also reimburse the
Exchange Agent and the Information Agent for reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses, and Visa will indemnify each of the Exchange Agent and the Information Agent against
certain liabilities and expenses in connection with the Exchange Offer, including liabilities under the federal securities laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Each participating
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder will be responsible for the fees and expenses it incurs in connection with the Exchange Offer. In addition, participating holders who, following the Exchange Offer, wish to sell
their shares of Class&nbsp;C common stock received as part of the Exchange Consideration may be required to pay brokerage commissions or fees in connection with such sales or transfers. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_26"></A>Settlement </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">As soon as practicable
after the Expiration Date, the holders of any tendered shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock that the Company has not accepted for exchange, whether for improper tender procedure or otherwise, will be
notified. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">If any tendered shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock are not accepted for exchange pursuant to
the terms and conditions of the Exchange Offer for any reason, such unexchanged shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock will be returned to the tendering holder promptly following the Expiration Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Distribution of the Exchange Consideration for the shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock validly tendered and
accepted for exchange will be made promptly following the Expiration Date. Under no circumstances will interest be paid by Visa or the Exchange Agent by reason of any delay in making such exchange. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_27"></A>The Exchange Offer Program </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The
Certificate of Incorporation authorizes Visa to conduct this Exchange Offer and up to three successive exchange offers that, in each case, would have the effect of releasing the transfer restrictions on up to half of the applicable Class&nbsp;B
common stock issued in a previous exchange offer. </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="center">39 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
In exchange for the tendered Class&nbsp;B common stock, Visa would issue (x)&nbsp;shares of a successive class of Class&nbsp;B common stock (for example, in the first successive exchange offer, <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock would be issued in exchange for <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock) in an amount equivalent to half of the Class&nbsp;B common stock tendered in exchange
and (y)&nbsp;shares of Class&nbsp;C common stock in an amount equivalent to half of the value of the Class&nbsp;B common stock tendered in exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Each successive class of Class&nbsp;B common stock would be subject to the same transfer and convertibility restrictions as the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock that is currently outstanding, although future downward conversion rate adjustments to each new class of Class&nbsp;B common stock would be accelerated to occur at twice the rate as that
applicable to the Class&nbsp;B common stock tendered in exchange. Visa would be authorized to conduct a successive exchange offer after one year has passed since the initial exchange offer for the next preceding class of Class&nbsp;B common stock if
the estimated interchange reimbursement fees at issue in unresolved claims for damages in the U.S. covered litigation have been reduced by 50% or more since the consummation of the prior exchange offer (or in the case of the first successive
exchange offer, since October&nbsp;1, 2023), as determined by Visa. (For example, after Visa conducts an exchange offer directed to holders of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock in which these holders are offered the
opportunity to receive <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, Visa would not thereafter offer the holders of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock the opportunity to exchange for <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock unless at least one year had elapsed from this Exchange Offer and the estimated interchange reimbursement fees at issue in unresolved claims for damages in the U.S. covered litigation had
been reduced by 50% or more.) Subject to these conditions, Visa would retain sole and absolute discretion whether and when to conduct any successive exchange offer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Under the Exchange Offer Program authorized by the Certificate of Incorporation, Visa is also authorized, but under no obligation, to conduct additional
exchange offers for <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. In the event Visa conducts an additional <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> exchange offer, the exchange consideration would be calculated
using the same formula used in this Exchange Offer. For each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock properly tendered (and not withdrawn) and accepted by Visa for exchange in any additional <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> exchange offer, Visa would issue (1)&nbsp;one half of a newly issued share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, (2)&nbsp;newly issued shares of Class&nbsp;C common
stock in an amount equivalent to one half of a share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, with such equivalence based on the respective amounts of Class&nbsp;A common stock into which
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and Class&nbsp;C common stock would be convertible as of the expiration date of the applicable additional <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> exchange offer, and
(3)&nbsp;where applicable, cash in lieu of fractional shares. In particular, the number of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common shares to be received as part of the exchange consideration in any additional <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> exchange offer is fixed (i.e., one share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock will be issued for each two shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock validly tendered) and not calculated on <FONT STYLE="white-space:nowrap">as-converted</FONT> basis. Consequently, if Visa makes a deposit into the U.S. covered litigation escrow
account following the consummation of this Exchange Offer but prior to the consummation of any additional <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> exchange offer, then the Applicable Conversion Rate for the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock at the time of the additional <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> exchange offer would be lower than the Applicable Conversion Rate for the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock tendered, as adjustments to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock following this Exchange Offer will be accelerated to
occur at twice the rate as that applicable to the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. As a result, the number of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock issued in the additional <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> exchange offer would be less than <FONT STYLE="white-space:nowrap">one-half</FONT> of the <FONT STYLE="white-space:nowrap">as-converted</FONT> value of the tendered
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">For the avoidance of doubt, Visa will not conduct any exchange offers for any
class of Class&nbsp;B common stock when the Applicable Conversion Rate for such class of Class&nbsp;B common stock is equal to or less than zero. </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="center">40 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_28"></A>Future Purchases </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Following completion of the Exchange Offer, Visa may repurchase shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock that remain
outstanding in the open market, through redemptions, privately negotiated transactions, tender offers or otherwise. Future purchases of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock that remain outstanding after the
Exchange Offer may be on terms that are more or less favorable than the Exchange Offer. However, Exchange Act Rule <FONT STYLE="white-space:nowrap">13e-4</FONT> generally prohibits Visa and its affiliates from purchasing any shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock, other than pursuant to the Exchange Offer, until 10 business days after the Expiration
Date. Future purchases, if any, will depend on many factors, which will include market conditions and the condition of Visa&#146;s business. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_29">
</A>No Appraisal Rights </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Holders of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock will not have appraisal rights, or any
contract right to petition for fair value, with respect to the Exchange Offer. Visa will not independently provide such a right. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_30"></A>Schedule TO </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4</FONT> under the Exchange Act, Visa will file with the SEC a statement on Schedule TO, which contains additional information with respect to the Exchange Offer. Such Schedule TO, including the exhibits and any
amendment thereto, may be examined, and copies may be obtained, at the same places and in the same manner as are set forth under &#147;Where You Can Find More Information; Incorporation of Certain Information by Reference.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_31"></A>&#147;Blue Sky&#148; Compliance </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa is making the Exchange Offer to eligible holders only. Visa is not aware of any jurisdiction within the U.S. in which the making of this Exchange
Offer is not in compliance with applicable law. If Visa becomes aware of any jurisdiction within the U.S. in which the making of this Exchange Offer would not be in compliance with applicable law, Visa will make a good faith effort to comply with
any such law. If, after such good faith effort, Visa cannot comply with any such law, this Exchange Offer will not be made to, nor will tenders of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock be accepted from or on
behalf of, the holders of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock residing in such jurisdiction. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_32"></A>Accounting Treatment </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">For each
share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock accepted for exchange, Visa will eliminate the par value associated with such share on Visa&#146;s balance sheet and replace it with the common stock par value and
additional <FONT STYLE="white-space:nowrap">paid-in</FONT> capital that in the aggregate correspond to the number of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock issued as the Exchange
Consideration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa will also recognize a general and administrative expense for the direct fees and expenses related to the Exchange Offer, other
than with respect to certain legal and other professional fees related to the Exchange Offer, which will be recognized as professional fees. </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="center">41 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc641107_33"></A>MAKEWHOLE AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL"><I>The following summary of the Makewhole Agreement is qualified in its entirety by the terms of the Makewhole Agreement, the form of which is filed as
Exhibit 99.2 to the registration statement of which this prospectus forms a part and is incorporated herein by reference. All calculations and figures presented below are presented for illustrative purposes only and do not purport to represent any
amounts payable or receivable under the Makewhole Agreements. Figures appearing in the following examples have been rounded for ease of analysis. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_34">
</A>Payments under the Makewhole Agreement </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">As a condition to participating in the Exchange Offer, each
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder and its Parent Guarantors must enter into a Makewhole Agreement pursuant to which such stockholder and its Parent Guarantors will agree to reimburse Visa in cash for future
obligations related to the U.S. covered litigation. Payment obligations under the Makewhole Agreement will arise with respect to any future deposits made to the U.S. covered litigation escrow account or sale of any Loss Shares (as defined in the
Certificate of Incorporation) that results in a downward adjustment to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock at any time when the
<FONT STYLE="white-space:nowrap">as-converted</FONT> value of the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock has been exhausted (i.e., the Applicable Conversion Rate for the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock is equal to or less than zero). Such makewhole payment would be in an amount equivalent to the loss in value such stockholder would have borne through the downward adjustment to the
Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock had it not tendered such shares in the Exchange Offer. No additional payment obligations under the Makewhole Agreement will arise after the
Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock reaches zero. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">For each share of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock issued in the Exchange Offer, the makewhole payment obligation is calculated as two times the amount of the decrease in the number of shares of Class&nbsp;A common stock resulting from
the adjustment to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock multiplied by (x)&nbsp;in the case of a deposit to the U.S. covered litigation escrow account, the Loss Funds Cost Per Share
(as defined in the Certificate of Incorporation) or (y)&nbsp;in the case of a sale of Loss Shares, the net proceeds from such sale divided by the number of such Loss Shares issued and sold. See &#147;Description of Capital
Stock&#151;Conversion&#151;Class&nbsp;B Common Stock&#148; for information about the calculation of Loss Funds Cost Per Share. Because calculations under the Makewhole Agreement are based on the Applicable Conversion Rate for the Class B-1 common
stock, the Makewhole Agreement assumes that at least one share of Class B-1 common stock remains outstanding for the purpose of the calculation following the Exchange Offer, even in the event the Exchange Offer is fully subscribed and all shares of
Class B-1 common stock are in fact accepted for exchange. Consequently, the calculation of makewhole payment obligations with respect to a share of Class B-2 common stock is not affected by the level of participation in the Exchange Offer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Assume that a holder validly tenders 100,000 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock in the Exchange Offer. Such
tendering holder will receive 50,000 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock as a component of the Exchange Consideration. See &#147;The Exchange Offer&#151;Terms of the Exchange Offer.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The following table illustrates the impact that a series of deposits into the U.S. covered litigation escrow account has on the Applicable Conversion
Rates for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock. With each deposit, each designated as &#147;Loss Funds&#148; under the Certificate of
Incorporation, the Applicable Conversion Rates for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock will decrease. To determine the change in the
Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, the amount of the deposit is first divided by the Loss Funds Cost Per Share. This amount, which is referred to in the Certificate of
Incorporation as the Loss Funds Share Equivalent, represents the aggregate reduction in the number of Class&nbsp;A common stock into which <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock converts. The Loss Funds Share Equivalent
is then divided by the number 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:10pt; font-family:ARIAL" ALIGN="center">42 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock outstanding prior to the Exchange Offer to calculate the downward adjustment to the Applicable Conversion Rate for
the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. The downward adjustment to the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Applicable Conversion Rate is multiplied by two to determine the adjustment to the
Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Immediately following the completion of the
Exchange Offer, the Applicable Conversion Rates for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock will be the same. The Applicable Conversion Rates
will diverge only after a future deposit is made into the U.S. covered litigation escrow account. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="31%"></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Deposit</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Loss&nbsp;Funds&nbsp;Cost<br>Per Share</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT><br>Applicable<br>Conversion&nbsp;Rate</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT><br>Applicable<br>Conversion&nbsp;Rate</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="5" NOWRAP ALIGN="right">Prior to any Deposit:</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>1.5875</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>1.5875</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">(1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,000,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">240.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.5026</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.4178</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">(2)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,000,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">235.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.4160</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.2445</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">(3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7,000,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">240.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.2972</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.0069</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">(4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,000,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">242.50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.2132</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.8389</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">(5)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,000,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">240.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.1283</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.6692</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">(6)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,500,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">237.50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.0512</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.5148</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">(7)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,500,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">260.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.9493</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.3112</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">(8)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,500,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">230.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.8874</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.1872</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">(9)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,500,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">228.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.8070</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0264</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">(10)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,000,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">240.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.7391</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-0.1093</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">A makewhole payment obligation is triggered as a result of the final deposit causing (i)&nbsp;the Applicable Conversion
Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock to remain equal to or greater than zero and (ii)&nbsp;the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock to
decrease below zero. For each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock issued to a holder in the Exchange Offer, the holder will be required to make a makewhole payment equal to two times the amount of the
decrease in the number of shares of Class&nbsp;A common stock resulting from the adjustment to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock (which, in this example, also equals the
decrease, from zero, in the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, or 0.1093) multiplied by the Loss Funds Cost Per Share ($240). In this example, the holder would be required to make
a $1,311,600 makewhole payment with respect to the 50,000 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock it received in the Exchange Offer (0.1093 x $240 x 50,000 shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Additional deposits to the U.S. covered litigation escrow account or the sale
of Loss Shares would trigger further reductions in the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and would therefore result in additional makewhole payment obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Payments under the Makewhole Agreement must be tendered within 30 days after delivery of a written demand for payment from Visa. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The Makewhole Agreement does not impose a dollar cap on potential payment obligations. Payments under the Makewhole Agreement are designed to equal the
decline in value that a participating holder would have experienced from a downward adjustment to the Applicable Conversion Rate for the Class B-1 common stock had it not tendered such shares in the Exchange Offer. The value of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock fluctuates based on the Applicable Conversion Rate and the market price of Class&nbsp;A common stock. Because there is no cap on the value of Class&nbsp;A common stock, as long as the
Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock is greater than zero, there is no cap on the value of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. Therefore, until all
U.S. covered litigation obligations have been satisfied or until the Applicable Conversion Rate for the Class B-1 common stock reaches zero, there is no dollar cap on the amount of payments that a participating holder and its Parent Guarantors may
be obligated to make under its Makewhole Agreement. </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="center">43 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_35"></A>Repayment in Respect of Excess Makewhole Payments </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Upon the Escrow Termination Date, any funds that remain within the U.S. covered litigation escrow account will be credited to the outstanding <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock through positive adjustments to the Applicable Conversion Rates. This positive adjustment for the Applicable
Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock is calculated by dividing the excess amounts within the U.S. covered litigation escrow account by the volume-weighted average price per share of Class&nbsp;A
common stock during the ninety (90)&nbsp;trading day period ending on the third trading day immediately preceding the Escrow Termination Date (the &#147;Price Per Share&#148;). The corresponding positive adjustment to the Applicable Conversion Rate
for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock is two times the positive adjustment to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. Following this
adjustment, the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock may remain equal to or less than zero. See &#147;Description of Capital Stock&#151;Conversion.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In the event (i)&nbsp;makewhole payments were paid prior to Escrow Termination Date and (ii)&nbsp;at or following the Escrow Termination Date, the
Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock is equal to or greater than zero and increased as a result of the positive adjustment to the Applicable Conversion Rate for the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock described in the preceding paragraph, <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> stockholders will be entitled to a cash repayment in respect of their prior makewhole
payments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The amount of this repayment is calculated as two (2), multiplied by: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the number of shares <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock a holder received in the Exchange
Offer; multiplied by </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the increase in the number of shares (or fractions of a share) of Class&nbsp;A common stock resulting from the positive
adjustment to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock described above that was necessary to cause the Applicable Conversion Rate for the Class
<FONT STYLE="white-space:nowrap">B-2</FONT> common stock to equal zero; multiplied by </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the Price Per Share used to calculate the positive adjustments to the Applicable Conversion Rates described above.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Continuing the example discussed above in &#147;&#151;Payments under the Makewhole Agreement,&#148; assume that
$10.0&nbsp;billion of funds are in the U.S. covered litigation escrow account on the Escrow Termination Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The upward adjustment to the
Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock is calculated as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">The $10.0&nbsp;billion of remaining funds is divided by the Price Per Share, which for purposes of this example will be
assumed to be $240 </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">$10,000,000,000 / $240 = 41,666,667. </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">This figure is then divided by the number of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock
outstanding before the Exchange Offer to calculate the positive adjustment to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">41,666,667 / 245,513,385 = 0.1697. </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">The positive adjustment to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT>
common stock is double the adjustment to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, or 0.3394. </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Applying this positive adjustment to the Applicable Conversion Rate for the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock in effect of <FONT STYLE="white-space:nowrap">-0.1093</FONT> results in a final Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common
stock of 0.2301. </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="center">44 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Because (i)&nbsp;makewhole payments were made prior to the Escrow Termination Date and (ii)&nbsp;at or
following the Escrow Termination Date, the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock is greater than zero and increased as a result of the positive adjustment described in the preceding
paragraph, the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> stockholders are entitled to receive a repayment in respect of their prior makewhole payments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The holder who received 50,000 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock in the Exchange Offer would be entitled to
a repayment of $1,311,600, which equals two (2), multiplied by the 50,000 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock the holder received in the Exchange Offer, multiplied by 0.0547 (the increase in the number of
shares of Class&nbsp;A common stock resulting from the positive adjustment to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock that was necessary to cause the Applicable Conversion Rate for
the Class B-2 common stock to equal zero), multiplied by the Price Per Share of $240. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa will be obligated under the Makewhole Agreements to make
payments within 120 days of the Escrow Termination Date. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_36"></A>Treatment of Multiple Makewhole Agreements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">A <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder who participates in the Exchange Offer and any successive exchange offer would be
party to multiple Makewhole Agreements, each corresponding to the respective class of Class&nbsp;B common stock issued in the applicable exchange offer. However, a holder who is party to Makewhole Agreements with respect to more than one class of
Class&nbsp;B common stock would only be obligated to reimburse Visa under a Makewhole Agreement that corresponds to one class of Class&nbsp;B common stock at any given time. So long as the Applicable Conversion Rate for the class of Class&nbsp;B
common stock tendered in an exchange offer is greater than or equal to zero, payment obligations would only arise under the Makewhole Agreement for the corresponding class of Class&nbsp;B common stock issued in that exchange offer. For example, if a
holder is party to a Makewhole Agreement with respect to the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock (a <FONT STYLE="white-space:nowrap">&#147;Class&nbsp;B-2</FONT> Makewhole Agreement&#148;) it received in the Exchange
Offer and a Makewhole Agreement with respect to the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock (a <FONT STYLE="white-space:nowrap">&#147;Class&nbsp;B-3</FONT> Makewhole Agreement&#148;) it received in the first successive
exchange offer, the holder would be obligated to make payments to Visa under the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> Makewhole Agreement until such time as the Applicable Conversion Rate for the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock reaches zero. Once the Applicable Conversion Rate of the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock reaches zero, no further payment obligations would arise
under the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> Makewhole Agreement. Any future makewhole payment obligations would only arise under the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Makewhole Agreement. The obligation to
reimburse Visa under the Class <FONT STYLE="white-space:nowrap">B-2</FONT> Makewhole Agreement would continue in this manner until the Applicable Conversion Rate for the Class B-1 common stock reaches zero. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Upon the Escrow Termination Date, any funds that remain in the U.S. covered litigation escrow account will be credited to the outstanding classes of
Class&nbsp;B common stock through positive adjustments to the Applicable Conversion Rates, as described in &#147;&#151;Repayment of Excess Makewhole Payments.&#148; Repayments by Visa of any makewhole payments would be performed on a <FONT
STYLE="white-space:nowrap">last-in,</FONT> <FONT STYLE="white-space:nowrap">first-out</FONT> basis, such that repayments would be made in respect of makewhole payments made under the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Makewhole
Agreements before any repayments are made in respect of makewhole payments made under the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> Makewhole Agreements. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_37"></A>Parent Guarantors </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Each
participating holder&#146;s obligations under the Makewhole Agreements will be unconditionally guaranteed by certain current and future parent entities of the participating holder. These guarantors are referred to as the &#147;Parent
Guarantors.&#148; The Parent Guarantors will unconditionally guarantee on a joint and several basis with each other Parent Guarantor (the &#147;Guarantee&#148;) the full and punctual payment of each payment obligation of the participating holder
(each, a &#147;Guaranteed Obligation&#148;). </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="center">45 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">If the participating holder is, or is a direct or indirect subsidiary of, a Bank (as defined below)
(other than an Excluded Subsidiary Bank (as defined below)), each beneficial owner of more than fifty percent (50%) of the participating holder&#146;s or any Parent Guarantor&#146;s equity interest, other than any beneficial owner that is a Holding
Company (as defined below) or a direct or indirect subsidiary of such Holding Company that itself is not a Bank or a direct or indirect subsidiary of a Bank, shall be required to execute the Makewhole Agreement as a Parent Guarantor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">If the participating holder is, or is a direct or indirect subsidiary of, a Holding Company or an Excluded Bank Subsidiary but is not a Bank or a direct
or indirect subsidiary of a Bank, the ultimate Holding Company parent of the participating holder shall be required to execute the Makewhole Agreement as a Parent Guarantor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">If the participating holder is not described in the immediately preceding two paragraphs, then each beneficial owner of more than fifty percent (50%) of
the participating holder&#146;s or any Parent Guarantor&#146;s equity interest shall be required to execute the Makewhole Agreement as a Parent Guarantor. Depending on the participating holder&#146;s structure and beneficial ownership, natural
persons could be Parent Guarantors as well. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">For purposes of the three preceding paragraphs, the terms: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">&#147;Bank&#148; means, collectively, a &#147;member bank&#148; (as defined in, and interpreted in accordance with, 12
C.F.R. &#167; 223.3(w)), a &#147;nonmember insured bank&#148; (as interpreted under 12 U.S.C. &#167;&nbsp;1828(j)) and a &#147;savings association&#148; (as interpreted under 12 U.S.C. &#167; 1468(a)); </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">&#147;Excluded Bank Subsidiary&#148; means the entities excluded from the definition of &#147;Subsidiary&#148; at 12 C.F.R.
&#167; 223.2(b)(1)(ii)-(v); 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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">&#147;Holding Company&#148; means any company other than a Bank or a subsidiary of a Bank that &#147;controls&#148; (as
defined in, and interpreted in accordance with, 12 C.F.R. &#167; 223.3(g)) a Bank. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">If any Guaranteed Obligation is not paid
promptly when due, Visa will be authorized, to the fullest extent permitted by law, to set off and apply any and all obligations at any time owing by Visa to or for the credit or the account of any Parent Guarantor against the obligations of such
Parent Guarantor under its Guarantee. Visa will also have the right to cause the Transfer Agent to impose stop transfer instructions with respect to the participating holder&#146;s common stock. The rights of Visa described in this paragraph are in
addition to all other rights and remedies (including other rights of <FONT STYLE="white-space:nowrap">set-off)</FONT> that Visa may have. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">If in the
future any other person shall become a beneficial owner of more than 50% of the holder&#146;s or any Parent Guarantor&#146;s equity interest and such person would qualify as a Parent Guarantor pursuant to the criteria set forth above, the holder and
each Parent Guarantor will promptly cause such person to execute a counterpart to the Makewhole Agreement as an additional Parent Guarantor. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_38">
</A>Applicability of Visa USA <FONT STYLE="white-space:nowrap">By-Laws</FONT> and Loss Sharing Agreement </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Pursuant to the terms of the Makewhole
Agreement, in the event a participating holder or any of its Affiliates (as such term is defined in the Certificate of Incorporation) is or was a member of Visa U.S.A. Inc. (&#147;Visa USA&#148;) immediately prior to October&nbsp;3, 2007, or at any
time thereafter, the participating holder and each of its Parent Guarantors must confirm that it and any Affiliate, as applicable, remain bound by Section&nbsp;2.05(j) of the <FONT STYLE="white-space:nowrap">By-Laws</FONT> of Visa USA (as amended or
restated in accordance with the terms thereof, the &#147;Visa USA <FONT STYLE="white-space:nowrap">By-Laws&#148;).</FONT> In addition, the participating holder and each of its Parent Guarantors must agree that in any action or proceeding brought
against it or any Affiliate pursuant to Section&nbsp;2.05(j) of the Visa USA <FONT STYLE="white-space:nowrap">By-Laws,</FONT> it and any such Affiliate will not contest the legality, validity, </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="center">46 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
binding nature or enforceability of Section&nbsp;2.05(j) of the Visa USA <FONT STYLE="white-space:nowrap">By-laws</FONT> against it or such Affiliate. Further, to the extent that a participating
holder, Parent Guarantor or Affiliate is party to the Loss Sharing Agreement, the participating holder and each of its Parent Guarantors must acknowledge and agree that payments under the Loss Sharing Agreement become payable upon the Applicable
Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock becoming equal to zero in accordance with Section&nbsp;3(b)(iii) thereof. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_39"></A>Transfer Restrictions </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The
Makewhole Agreement will provide for the staged transfer of the Class&nbsp;C common stock that participating holders receive as part of the Exchange Consideration. A participating holder may only transfer up to
<FONT STYLE="white-space:nowrap">one-third</FONT> of such Class&nbsp;C common stock it receives within the first forty-five (45)&nbsp;days after the Exchange Offer acceptance date and only up to <FONT STYLE="white-space:nowrap">two-thirds</FONT> of
the Class&nbsp;C common stock it receives within the first ninety (90)&nbsp;days after the Exchange Offer acceptance date. In addition, except for transfers of Class&nbsp;C common stock pursuant to the preceding sentence and certain other exceptions
enumerated in the Makewhole Agreement, each participating holder may not for a period of 90 days from the Exchange Offer acceptance date (A)&nbsp;sell, pledge, sell any option or contract to purchase, purchase any option or contract to sell, grant
any option, right or warrant to purchase, lend or otherwise directly or indirectly transfer or dispose of any shares of common stock, or any securities convertible into or exercisable or exchangeable for shares of common stock, or (B)&nbsp;enter
into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of shares of common stock or any such other securities, whether any such transaction described in clause (A)&nbsp;or (B) is to be
settled by delivery of common stock or such other securities, in cash or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">For a description of additional transfer restrictions
applicable to the <FONT STYLE="white-space:nowrap">Class&nbsp;
B-2</FONT> common stock, see &#147;Description of Capital Stock&#151;Transfer Restrictions.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_40"></A>Assignability and Successors
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The obligations under the Makewhole Agreement are not transferable in connection with a transfer of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock. Consequently, if a participating holder sells or otherwise transfers shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock it received as part of the
Exchange Consideration to a third party in compliance with the transfer restrictions under the Certificate of Incorporation, the holder and its Parent Guarantors will remain party to the Makewhole Agreement and will remain obligated to fund
makewhole payments pursuant to its terms with respect to all of the shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock it originally received as part of the Exchange Consideration. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Pursuant to the terms of the Makewhole Agreement, the participating holder and each of its Parent Guarantors will be required to cause any of its
successor entities that, as a result of any merger, purchase of assets, reorganization or other transaction, acquires or succeeds to all or substantially all of the business or assets of such party to assume on a joint and several basis with such
party its obligations under the Makewhole Agreement pursuant to a written agreement in form and substance reasonably satisfactory to Visa. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_41">
</A>Registered Holders Who Are Not Beneficial Owners </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In the event the registered holder of the shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock being tendered in the Exchange Offer is different than the beneficial owner of such shares (e.g., because the registered holder is a securities intermediary holding the shares in
its name on behalf of the beneficial owner), the registered holder must identify the beneficial owner of such shares in the Letter of Transmittal. The beneficial owner of the shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common
stock tendered in the Exchange Offer must execute and deliver the Makewhole Agreement, including the officer&#146;s certificates appended thereto, as the &#147;Holder&#148; party thereto, together with such beneficial owner&#146;s Parent Guarantors.
</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="center">47 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc641107_42"></A>DESCRIPTION OF CAPITAL STOCK </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL"><I>The following summary describes Visa&#146;s capital stock. This summary does not purport to be complete and is qualified in its entirety by reference
to applicable Delaware law, Visa&#146;s Certificate of Incorporation, and Visa&#146;s amended and restated bylaws (the &#147;Bylaws&#148;). The Certificate of Incorporation has been filed as Exhibit 3.1 to the registration statement of which this
prospectus forms a part and is incorporated herein by reference. The Bylaws have been filed as Exhibit 3.2 to the registration statement of which this prospectus forms a part and are incorporated herein by reference. </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_43"></A>General </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The Certificate of
Incorporation authorizes Visa to issue up to 2,003,474,068,128 shares, consisting of: (i) 25,000,000 shares of preferred stock, par value $0.0001 per share (the &#147;Preferred Stock&#148;), (ii) 2,001,622,245,209 shares of Class&nbsp;A common
stock, (iii) 499,488,516 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, (iv) 122,756,693 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, (v) 61,378,347 shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock, par value $0.0001 per share <FONT STYLE="white-space:nowrap">(&#147;Class&nbsp;B-3</FONT> common stock&#148;), (vi) 30,689,174 shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-4</FONT> common stock, par value $0.0001 per share <FONT STYLE="white-space:nowrap">(&#147;Class&nbsp;B-4</FONT> common stock&#148;), (vii) 15,344,587 shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-5</FONT> common stock, par value $0.0001 per share (together with <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock,
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock and <FONT STYLE="white-space:nowrap">Class&nbsp;B-4</FONT> common stock, &#147;Class&nbsp;B common stock&#148;), and (viii) 1,097,165,602 shares of Class&nbsp;C common stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The number of authorized shares of the Preferred Stock, Class&nbsp;A common stock, Class&nbsp;B common stock or Class&nbsp;C common stock may be
increased or decreased (but not below the number of shares of that class then outstanding) by the affirmative vote of the holders of a majority in voting power of Visa&#146;s stock entitled to vote thereon (see &#147;&#151;Voting Rights&#148;), and
no vote or action by the holders of the Preferred Stock, Class&nbsp;A common stock, Class&nbsp;B common stock or Class&nbsp;C common stock, voting separately as a class, is required for any such increase or decrease. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_44"></A>Voting Rights </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Each holder of
Class&nbsp;A common stock has the right to cast one vote for each share of Class&nbsp;A common stock held of record by such holder on all matters on which Visa&#146;s stockholders generally are entitled to vote. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Each holder of Class&nbsp;B common stock and each holder of Class&nbsp;C common stock has no right to vote on any matters on which stockholders
generally are entitled to vote. However, in addition to any other vote required by law, for so long as any shares of Class&nbsp;B common stock or Class&nbsp;C common stock remain issued and outstanding: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the affirmative vote of the holders of a majority of the voting power of the Class&nbsp;B common stock and Class&nbsp;C
common stock, voting together as a single class (in which vote the Class&nbsp;A common stock will not participate) separate from all other classes or series of Visa&#146;s capital stock, on an
<FONT STYLE="white-space:nowrap">&#147;as-converted</FONT> basis&#148; as described in the following paragraph, is required for the approval of any consolidation, merger, combination or other 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 the shares of Class&nbsp;B common stock and the shares of Class&nbsp;C common stock will be 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; 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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the affirmative vote of the holders of at least 80% of the voting power of the common stock of all classes and series,
voting together as a single class separate from all other classes or series of Visa&#146;s capital stock, shall be required to authorize Visa to exit its core payments business (i.e., to no longer operate a consumer debit/credit payments business).
</P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">With respect to each matter upon which holders of each class of Class&nbsp;B common stock are entitled
to vote pursuant to the Certificate of Incorporation, such holders shall vote together as a single class; <I>provided</I>, <I>however</I>, that the holders of each class of Class&nbsp;B common stock shall each vote as a separate class in connection
with any amendment to, among others, the definition of &#147;Applicable Conversion Rate,&#148; provisions governing downward adjustments thereto or as otherwise required by applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">For purposes of the above paragraphs, <FONT STYLE="white-space:nowrap">&#147;as-converted</FONT> basis&#148; means, with respect to each share of
Class&nbsp;B common stock or Class&nbsp;C common stock entitled to vote on any matter, a number of votes equal to the aggregate number of shares of Class&nbsp;A common stock into which each share of Class&nbsp;B common stock or Class&nbsp;C common
stock owned by such holder would be converted, assuming the conversion at the Applicable Conversion Rate in effect on the record date for such vote. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_45">
</A>Conversion </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:ARIAL"><I>Class&nbsp;B Common Stock </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In the event that any outstanding share of Class&nbsp;B common stock is transferred to a person other than a Visa member or an affiliate of a Visa member
(each, as defined in the Certificate of Incorporation) on or after the Escrow Termination Date, such share will, automatically and without further action on Visa&#146;s part or on the part of any holder of Class&nbsp;B common stock immediately prior
to the transfer, be converted into shares of Class&nbsp;A common stock based upon the Applicable Conversion Rate in effect on the date of that transfer. However, in no event shall any share of Class&nbsp;B common stock be converted into any shares
of Class&nbsp;A common stock except in connection with (i)&nbsp;a sale of such shares on a securities exchange on which shares of Class&nbsp;A common stock are listed by means of a &#147;brokers&#146; transaction&#148; within the meaning of
paragraph (g)&nbsp;of Rule 144 under the Securities Act or (ii)&nbsp;a private placement of such shares to a person who is not a Visa member or an affiliate of a Visa member. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">No such conversion of Class&nbsp;B common stock shall be effected until the occurrence of the Escrow Termination Date and the expiration of all
applicable restrictions on transfer of such shares described under &#147;&#151;Transfer Restrictions.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The current Applicable Conversion Rate
for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock is 1.5875 shares of Class&nbsp;A common stock (i.e., one share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock would, upon transfer, be converted into
1.5875 shares of Class&nbsp;A common stock), subject to adjustments for stock splits, recapitalizations and similar transactions. Immediately following the completion of the Exchange Offer, the Applicable Conversion Rates for the Class B-1 common
stock and Class B-2 common stock will be the same. The Applicable Conversion Rates for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock will automatically
be adjusted upon the issuance of any shares of Class&nbsp;A common stock which are designated as Loss Shares, the net proceeds of which are to be deposited in the U.S. covered litigation escrow account to satisfy any settlements or judgments in
respect of the U.S. covered litigation and upon the deposit of funds designated as Loss Funds by the Board of Directors, into the U.S. covered litigation escrow account in accordance with the terms of the escrow agreement and the Certificate of
Incorporation. The Applicable Conversion Rates will also be adjusted upon the final resolution of the U.S. covered litigation and the release of funds then remaining on deposit in the U.S. covered litigation escrow account. These adjustments will be
made automatically, such that one share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock is convertible into a number of shares of Class&nbsp;A common stock determined based upon the following formulae. Adjustments to the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock will adhere to the same formulae; <I>provided</I>,<I> however</I>, that each adjustment to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT>
common stock will be further adjusted so that such adjustment has double the impact compared to the impact such adjustment has on the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">A-B-D,</FONT></FONT> until final resolution of the U.S.
covered litigation; 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:10pt; font-family:ARIAL" ALIGN="center">49 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">A-B-D+C,</FONT></FONT> after final resolution of all of
the U.S. covered litigation. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">For purposes of these formulas: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">&#147;A&#148; is equal to 0.7142888829. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">&#147;B&#148; is a fraction: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the numerator of which is the number of Loss Shares that have been issued; 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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the denominator of which is 245,513,385 (the &#147;Class&nbsp;B Number&#148;). </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">&#147;C&#148; is a fraction: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the numerator of which is the quotient obtained by dividing the aggregate portion of any funds disbursed to Visa from the
U.S. covered litigation escrow account after the final resolution of the U.S. covered litigation (other than certain tax distributions and reimbursements related to the loss sharing agreement) by the greater of $0.04 or the volume-weighted average
price per share of Class&nbsp;A common stock during the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">90-trading-day</FONT></FONT> period ending on the third trading day immediately preceding the date on which the covered
litigation is finally resolved; 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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the denominator of which is the Class&nbsp;B Number. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">&#147;D&#148; is a fraction: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the numerator of which is the sum of what Visa calls the loss funds share equivalents (described below) in respect of all
deposits of loss funds into the U.S. covered litigation escrow account; 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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the denominator of which is the Class&nbsp;B Number. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The loss funds share equivalent in respect of a deposit of loss funds into the U.S. covered litigation escrow account is the quotient obtained by
dividing the amount of those deposited loss funds by an amount Visa calls the loss funds cost per share applicable to such deposit. The loss funds cost per share applicable to a deposit of loss funds into the U.S. covered litigation escrow account
is the weighted average of each day&#146;s volume-weighted average price per share (which Visa refers to as the &#147;daily VWAP&#148;) of Class&nbsp;A common stock over a period that begins on the date the Board of Directors approves the deposit of
those loss funds (which Visa refers to as the &#147;funding decision date&#148;) and lasts for a certain number of trading days. That number of trading days that any such period lasts is equal to a quotient obtained by dividing: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">another quotient, obtained by dividing the amount of those loss funds by the volume-weighted average of the daily VWAP of
Class&nbsp;A common stock over the five trading days immediately preceding the funding decision date, </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">by 15% of the average daily trading volume of the Class&nbsp;A common stock over the four calendar weeks prior to the week
of the funding decision date (or such other percentage as set by the Board of Directors and consented to by members of the litigation committee). </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">After the date on which all of the U.S. covered litigation has been finally resolved, any amounts remaining on deposit in the U.S. covered litigation
escrow account with respect to the U.S. covered litigation will be released to Visa and the conversion rate applicable to any transfer of shares of Class&nbsp;B common stock will automatically be adjusted in favor of the holders of Class&nbsp;B
common stock (i.e., such that a lesser number of shares of Class&nbsp;B common stock are required in order to convert into a single share of Class&nbsp;A common stock), to the extent of the aggregate amount released to Visa from the U.S. covered
litigation escrow account, taking into account the weighted average trading price 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:10pt; font-family:ARIAL" ALIGN="center">50 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
Class&nbsp;A common stock at such time, as described above; <I>provided</I>, <I>however</I>, that the above-mentioned adjustment shall have double the positive impact on each share of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock compared to the impact on each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:ARIAL"><I>Class&nbsp;C Common Stock </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In the event that
any outstanding share of Class&nbsp;C common stock is transferred to a person other than a Visa member or an affiliate of a Visa member, such share will, automatically and without further action on Visa&#146;s part or on the part of any holder of
Class&nbsp;C common stock immediately prior to the transfer, be converted into shares of Class&nbsp;A common stock based upon the Applicable Conversion Rate in effect on the date of that transfer. However, in no event shall any share of Class&nbsp;C
common stock be converted into any shares of Class&nbsp;A common stock except in connection with (i)&nbsp;a sale of such shares on a securities exchange on which shares of Class&nbsp;A common stock are listed by means of a &#147;brokers&#146;
transaction&#148; within the meaning of paragraph (g)&nbsp;of Rule 144 under the Securities Act or (ii)&nbsp;a private placement of such shares to a person who is not a Visa member or an affiliate of a Visa member. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Shares of Class&nbsp;C common stock so converted will cease to be outstanding and shall no longer be issuable by Visa. Shares of Class&nbsp;C common
stock are convertible into shares of Class&nbsp;A common stock only in connection with a transfer described above, and no holder of any shares of Class&nbsp;C common stock has the right to convert, or to require Visa to convert, such shares into
shares of Class&nbsp;A common stock at any time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The conversion rate applicable to any transfer of shares of Class&nbsp;C common stock is 4 shares
of Class&nbsp;A common stock (i.e., one share of Class&nbsp;C common stock will, upon transfer, be converted into four shares of Class&nbsp;A common stock), subject to adjustments for stock splits, recapitalizations and similar transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">If any shares of Class&nbsp;A common stock are acquired by a Visa member or any person that is an operator, member or licensee of a general purpose
payment card system that competes with us, or in each case any affiliate of such person, such shares will automatically be converted, at the inverse of the conversion rate applicable for shares of Class&nbsp;C common stock on the date of such
conversion, into shares of Class&nbsp;C common stock. Such converted Class&nbsp;A common stock will cease to be outstanding and will no longer be issuable by Visa. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">However, such automatic conversion will not apply with respect to any shares of Class&nbsp;A common stock acquired by a Visa member other than shares of
Class&nbsp;A common stock acquired by such Visa member for its own account as a principal investor or for the account of an affiliate of such Visa member that is acting as a principal investor. Without limiting the foregoing, such automatic
conversion shall not apply to any shares of Class&nbsp;A common stock acquired or held by a Visa member, a similar person or any of their respective affiliates in connection with its brokerage, market making, custody, investment management or
similar operations or acquired by any investment fund managed by a Visa member, a similar person or any of their respective affiliates. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_46"></A>Preemptive Rights </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In general, no
holders of any shares of Visa&#146;s common stock will be entitled to preemptive rights to subscribe for any shares of any class or series of Visa&#146;s capital stock, except as may be provided in any resolution or resolutions providing for the
issuance of a series of stock adopted by the Board of Directors or any agreement between Visa and its stockholders. Visa has no current plans to grant preemptive rights by a resolution of the Board of Directors or through any agreement with its
stockholders. </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="center">51 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_47"></A>Fractional Shares </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa will not issue any fractional shares of any class of common stock upon conversion of any shares of any other class of common stock into shares of
such class. In lieu of fractional shares, Visa will pay cash equal to such fractional amount multiplied by the fair market value, as determined by or in accordance with procedures established by the Board of Directors, in good faith and in its sole
and absolute discretion, per share of the applicable class of common stock into which such shares are being converted, at the conversion date. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_48">
</A>Dividend and Distribution Rights </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Subject to any limitations contained in the Delaware General Corporation Law, the Certificate of
Incorporation and any rights of the holders of any outstanding series of Preferred Stock or any class or series of stock having a preference over or the right to participate with the common stock with respect to the payment of dividends or
distributions, dividends or distributions may be declared and paid on the common stock out of Visa&#146;s assets that are by law available therefor at such times and in such amounts as the Board may determine. Other than with respect to certain
dividends or distributions of Class&nbsp;A common stock, the holders of shares of Class&nbsp;A common stock, Class&nbsp;B common stock and Class&nbsp;C common stock are entitled to share ratably (on an
<FONT STYLE="white-space:nowrap">as-converted</FONT> basis as described below in the case of the holders of Class&nbsp;B common stock or Class&nbsp;C common stock) in dividends or distributions paid on the common stock, and no dividend or
distribution may be declared or paid on any class or series of common stock unless an equivalent dividend or distribution is contemporaneously declared and paid (on an <FONT STYLE="white-space:nowrap">as-converted</FONT> basis as described below in
the case of the holders of Class&nbsp;B common stock or Class&nbsp;C common stock) on each other class and series of common stock. Dividends or distributions payable in shares of Class&nbsp;A common stock may be paid on the Class&nbsp;A common stock
without also paying a corresponding dividend or distribution on each other class or series of common stock, subject to certain adjustments to the conversion rates applicable to the Class&nbsp;B and Class&nbsp;C common stock. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_49"></A>Liquidation Rights </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Upon
Visa&#146;s voluntary or involuntary liquidation, dissolution or <FONT STYLE="white-space:nowrap">winding-up,</FONT> holders of Visa&#146;s common stock are entitled to share ratably on an <FONT STYLE="white-space:nowrap">as-converted</FONT> basis
in the net assets available for distribution to stockholders after the payment of Visa&#146;s debts and other liabilities, subject to the prior rights of any issued Preferred Stock. Neither the voluntary sale, conveyance, exchange or transfer for
cash, shares of stock, securities or other consideration of all or substantially all of Visa&#146;s property or assets nor Visa&#146;s consolidation or merger with or into one or more other corporations will be deemed to be a liquidation,
dissolution or <FONT STYLE="white-space:nowrap">winding-up,</FONT> voluntary or involuntary, unless such voluntary sale, conveyance, exchange or transfer will be in connection with a dissolution or <FONT STYLE="white-space:nowrap">winding-up</FONT>
of Visa&#146;s business. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_50"></A>Mergers, Consolidation, Etc. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">If Visa enters into any consolidation, merger, combination or other transaction in which shares of common stock are exchanged for, converted into, or
otherwise changed into other stock or securities, or the right to receive cash or any other property, such shares of common stock will be exchanged for or changed into the same <FONT STYLE="white-space:nowrap">per-share</FONT> amount of stock,
securities, cash or any other property, as the case may be, into which or for which each share of any other class of common stock is exchanged or changed, on an <FONT STYLE="white-space:nowrap">as-converted</FONT> basis. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_51"></A>Use of the Term <FONT STYLE="white-space:nowrap">&#147;As-Converted&#148;</FONT> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">For purposes of the sections entitled &#147;&#151;Dividend and Distribution Rights,&#148; &#147;&#151;Liquidation Rights&#148; and &#147;&#151;Mergers,
Consolidation, Etc.,&#148; <FONT STYLE="white-space:nowrap">&#147;as-converted&#148;</FONT> means that each holder of Class&nbsp;B common&nbsp;stock, 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:10pt; font-family:ARIAL" ALIGN="center">52 </P>

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each holder of Class&nbsp;C common stock, other than with respect to any dividend or distribution payable in shares of Class&nbsp;A common stock, will be entitled to its ratable portion of:
(x)&nbsp;any dividend or distribution in case of dividend rights; (y)&nbsp;any assets available for distribution in case of liquidation rights; or (z)&nbsp;any stock, securities, cash or other consideration in a consolidation, merger, combination or
other transaction, as the case may be, in each case based upon the number of shares of Class&nbsp;A common stock into which the shares of Class&nbsp;B common stock or Class&nbsp;C common stock, as applicable, beneficially owned by such holder would
be converted, assuming the conversion of all outstanding shares of Class&nbsp;B common stock and Class&nbsp;C common stock into Class&nbsp;A common stock, based on the Applicable Conversion Rate then in effect, on the record date for such
distribution or dividend, or immediately prior to such vote on such liquidation, dissolution or <FONT STYLE="white-space:nowrap">winding-up,</FONT> or the consummation of such consolidation, merger, combination or other transaction, as applicable.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_52"></A>Transfer Restrictions </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Shares
of Class&nbsp;B common stock are not transferable until the Escrow Termination Date. The above described limitation on transfer is, however, subject to the following exceptions: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">any transfer by Visa to the initial holders of any Class&nbsp;B common stock; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">any transfer by Visa to any person or entity or by the holders thereof to Visa; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">any transfer of any shares of Class&nbsp;B common stock to any other holder of Class&nbsp;B common stock or its affiliate;
</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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">any transfer of any shares of any Class&nbsp;B common stock to an affiliate of such holder; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">any transfer of shares of common stock pursuant to the terms of the Loss Sharing Agreement; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">any transfer of any shares of Class&nbsp;B common stock by any person that is a group member (as defined in the Bylaws of
Visa International) of Visa International to any person that is a stockholder, member or other equity holder of such group member; provided that such transfer is made in accordance with applicable securities laws and is made to each transferee
ratably in accordance with their respective entitlements to dividends or other distributions from such group member, in accordance with the applicable constituent documents of such group member; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">any transfer by a holder of Class&nbsp;B common stock to any person that succeeds to all or substantially all of the assets
of such holder, whether by merger, consolidation, amalgamation, sale of substantially all assets or other similar transactions; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">any transfer by a holder of Class&nbsp;B common stock to any person that acquires from such holder all or substantially all
of the Visa-branded payments products portfolio of such holder; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">any transfer of any shares of common stock by any <FONT STYLE="white-space:nowrap">non-equity</FONT> member of Visa
International in the principal category of membership to any <FONT STYLE="white-space:nowrap">non-equity</FONT> member of Visa International with membership in Visa International that is sponsored by such principal
<FONT STYLE="white-space:nowrap">non-equity</FONT> member; 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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">any transfer of any shares of common stock by any <FONT STYLE="white-space:nowrap">non-equity</FONT> member of Visa
International in the principal category of membership to any person that participates in the Visa payment system as an issuer and which person is sponsored by such <FONT STYLE="white-space:nowrap">non-equity</FONT> member, by an associate member of
Visa International sponsored by such <FONT STYLE="white-space:nowrap">non-equity</FONT> member (if such <FONT STYLE="white-space:nowrap">non-equity</FONT> member is a group member) or by a constituent member of such
<FONT STYLE="white-space:nowrap">non-equity</FONT> member. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_53"></A>Limitations on Change of Control </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Below are summarized several provisions of the Certificate of Incorporation, the Bylaws and the Delaware General Corporation Law (the &#147;DGCL&#148;).
These provisions could have the effect of delaying, </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="center">53 </P>

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deferring or preventing a change in Visa&#146;s control or deterring potential acquirers from making an offer to its stockholders. This could be the case even though a majority of Visa&#146;s
stockholders might benefit from such a change in control or offer. These descriptions are not complete and you should refer to the full text of the Certificate of Incorporation and the Bylaws, both of which are filed as exhibits to the registration
statement of which this prospectus forms a part, and to the DGCL. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:ARIAL"><I>Board of Directors </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The number of directors comprising the Board is fixed by an affirmative vote of a majority of directors; <I>provided</I>, <I>however</I>, that at least
58% of Visa&#146;s directors must be independent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa&#146;s directors, except for those in uncontested elections and those appointed to fill
vacancies or newly created seats, are elected by the holders of a plurality of the votes cast by the holders of shares of common stock present in person or represented by proxy at the meeting and entitled to vote on the election of such directors. A
majority of the votes cast is required in the case of uncontested elections. Vacancies and newly created seats on the Board of Directors may be filled only by the Board of Directors subject to the provisions of the Certificate of Incorporation. In
addition, generally, a director may be removed, with or without cause, only by the affirmative vote of at least 80% in voting power of all the then outstanding shares of Visa&#146;s stock entitled to vote for the election of directors voting
together as a single class. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa&#146;s use of plurality voting except in connection with uncontested elections of directors, the inability of
stockholders to fill vacancies or newly created seats on the Board, the supermajority vote required for stockholders to remove a director, and the inability of stockholders to set the number of directors comprising the Board make it more difficult
to change the composition of the Board of Directors. These provisions could have the effect of delaying, deferring or preventing a change in Visa&#146;s control or deterring potential acquirers from making an offer to its stockholders. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:ARIAL"><I>Advance Notice Requirements </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The Bylaws
establish advance notice procedures with regard to stockholders&#146; proposals relating to the nomination of candidates for election as directors or other business to be considered at a stockholders&#146; meeting. These procedures provide that
notice of such stockholders&#146; proposals must be timely given in writing to Visa&#146;s corporate secretary prior to the meeting at which the matter is to be considered. Generally, to be timely, notice must be received at Visa&#146;s principal
executive offices not less than 90 days or more than 120 days prior to the date of the stockholders&#146; meeting. The notice must contain certain information specified in the Bylaws. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:ARIAL"><I>Special Meetings of Stockholders </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The Bylaws
provide that special meetings of stockholders (i)&nbsp;may be called by the Board of Directors, the chairman of the Board (or, as the Certificate of Incorporation provides, the <FONT STYLE="white-space:nowrap">co-chairman,</FONT> if any) or the
chief executive officer and (ii)&nbsp;shall be called by the secretary upon written request of one or more stockholders of record who Own (as defined in the Bylaws) and who have Owned continuously for at least one year not less than 15% of the
voting power of all outstanding shares of Class&nbsp;A common stock and who have complied in full with the requirements set forth in the Bylaws. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:ARIAL"><I>Stockholder Action by Consent </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The
Certificate of Incorporation provides that any action required or permitted to be taken by Visa&#146;s stockholders must be effected at a meeting of stockholders and may not be effected by consent. </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="center">54 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:ARIAL"><I>Ownership Limitations </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Unless otherwise approved in advance by the Board of Directors, no person may: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">beneficially own more than 15% of the aggregate outstanding shares or voting power of the Class&nbsp;A common stock; or
</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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">beneficially own shares of Class&nbsp;A common stock and common stock other than the Class&nbsp;A common stock, which are
referred to as &#147;other common stock,&#148; representing, together and on an <FONT STYLE="white-space:nowrap">as-converted</FONT> basis, more than 15% of the Class&nbsp;A common stock outstanding, assuming the conversion of all other common stock
then outstanding. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In addition, no person (or an affiliate, member or licensee of such person) that is an operator of any general
payment card system that competes with Visa may beneficially own more than 5% of the aggregate outstanding shares of Class&nbsp;A common stock, assuming the conversion of all other common stock then outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">If any transfer is purportedly effected which, if effected, would result in a violation of either of these limitations, the intended transferee will
acquire no rights in respect of the shares in excess of the applicable limitation, and the purported transfer of such number of excess shares will be null and void as of the date of that purported transfer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In addition, if the Board of Directors determines in good faith that a transfer or other event has purportedly taken place, that, if effected, would
result in violation of the foregoing ownership limitations or that a person intends or attempted to acquire beneficial ownership of shares in violation of the ownership limitations, such shares of Class&nbsp;A common stock or other common stock will
be redeemable for cash, property or other shares of Visa&#146;s capital stock, as may be determined by the Board of Directors. Further, the Board of Directors may take such action it deems advisable to refuse to give effect or to prevent any
transfer or other event that would result in violation of the foregoing ownership limitations, including redeeming the shares, refusing to give effect to such transfer on Visa&#146;s books or instituting proceedings to enjoin such transfer or other
event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Notwithstanding the foregoing ownership limitations: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">no Visa member will be deemed in violation of this ownership limitation as a result of the number of shares received in the
reorganization; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">no Visa Europe transferee will be deemed in violation of this limitation as a result of owning the number of shares of
Class&nbsp;C common stock immediately after the first transfer of any shares of Class&nbsp;C common stock by Visa Europe to such initial Visa Europe transferee; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">no Visa member will be deemed in violation of this limitation by virtue of a repurchase of common stock or other actions by
Visa; 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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">any underwriter that participates in a public offering or as principal or initial purchaser in a placement of Visa&#146;s
Class&nbsp;A common stock or other voting stock (or securities convertible into or exchangeable for such securities) may beneficially own securities in excess of this ownership limitation but only to the extent necessary to facilitate such public
offering or placement. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:ARIAL"><I>Amendment of the Certificate of Incorporation and Bylaws </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In addition to certain class voting rights and any votes required by applicable law, the Certificate of Incorporation also requires (i)&nbsp;the approval
of not less than a majority of the voting power of the holders of the shares of Class&nbsp;A common stock, Class&nbsp;B common stock and Class&nbsp;C common stock, 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:10pt; font-family:ARIAL" ALIGN="center">55 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
voting separately as a class (and together with no other class), to amend certain provisions of the Certificate of Incorporation if such amendment would adversely affect the powers, preferences
and special rights of such class of common stock and (ii) the approval of not less than a majority of the voting power of the shares of the Class&nbsp;A common stock, Class&nbsp;B common stock and Class&nbsp;C common stock, voting together as a
single class to amend certain provisions of the Certificate of Incorporation. These amendment requirements make it more difficult to alter the anti-takeover provisions of the Certificate of Incorporation. The Certificate of Incorporation and Bylaws
also authorize the Board of Directors to amend the Bylaws at any time without stockholder action, except that any amendment by the Board of Directors of any provision of the Bylaws that was adopted by Visa&#146;s stockholders will not become
effective earlier than 365 days after the date on which the stockholders adopted such provision. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:ARIAL"><I>Preferred Stock </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Since the Board of Directors may issue shares of preferred stock and set the voting powers, designations, preferences and other rights related to that
preferred stock, any designation of preferred stock and issuance of shares of preferred stock may delay or prevent a change of control. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:ARIAL"><I>Delaware
Anti-Takeover Statute </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa&#146;s subject to Section&nbsp;203 of the DGCL. Subject to specific exceptions, Section&nbsp;203 prohibits a publicly
held Delaware corporation from engaging in a &#147;business combination&#148; with an &#147;interested stockholder&#148; for a period of three years after the time the person became an interested stockholder, unless: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the business combination, or the transaction in which the stockholder became an interested stockholder, is approved by the
board of directors prior to the time the interested stockholder attained that status; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested
stockholder owned at least 85% of voting stock outstanding at the time the transaction commenced, excluding those shares owned by persons who are directors and also officers and by employee stock plans in which employee participants do not have the
right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">at or after the time a person became an interested stockholder, the business combination is approved by the board of
directors and authorized at an annual or special meeting of stockholders by the affirmative vote of at least <FONT STYLE="white-space:nowrap">two-thirds</FONT> of the outstanding voting stock that is not owned by the interested stockholder.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">&#147;Business combinations&#148; include mergers, asset sales and other transactions resulting in a financial benefit to the
interested stockholder. Subject to various exceptions, in general an &#147;interested stockholder&#148; is a person that, together with his or her affiliates and associates, owns 15% or more of a company&#146;s outstanding voting 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:10pt; font-family:ARIAL" ALIGN="center">56 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc641107_54"></A>MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL"><B>This disclosure is limited to the U.S. federal income tax issues addressed herein. Additional issues may exist that are not addressed in this
disclosure and that could affect the U.S. federal tax treatment of the Exchange Offer. Holders should seek their own advice based on their particular circumstances from an independent tax advisor. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The following summary describes the material U.S. federal income tax consequences of the receipt of shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock in exchange for <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock pursuant to the Exchange Offer, and the ownership and disposition
of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock received in the Exchange Offer. This discussion applies only to <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, and,
after the Exchange Offer is consummated, <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock, held for investment as capital assets and does not describe all of the tax consequences that may be relevant
to holders in light of their particular circumstances or to holders subject to special rules, such as: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">broker-dealers; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">taxpayers that are subject to the
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> accounting rules; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><FONT STYLE="white-space:nowrap">tax-exempt</FONT> entities; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">governments or agencies or instrumentalities thereof; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">insurance companies; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">regulated investment companies; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">real estate investment trusts; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">expatriates or former long-term residents of the United States; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">persons that acquired Visa&#146;s stock as compensation; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">persons that hold Visa&#146;s stock or other securities as part of a straddle, constructive sale, hedge, conversion or
other integrated or similar transaction; or </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">U.S. Holders whose functional currency is not the U.S. dollar. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">This discussion is based on the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), proposed, temporary and final Treasury Regulations
promulgated under the Code, and judicial and administrative interpretations thereof, all as of the date hereof. All of the foregoing is subject to change, which change could apply retroactively and could affect the tax considerations described
herein. This discussion does not address U.S. federal taxes other than those pertaining to U.S. federal income taxation (such as estate or gift taxes or the Medicare tax on investment income), nor does it address any aspects of U.S. state,
territorial or local or <FONT STYLE="white-space:nowrap">non-U.S.</FONT> taxation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa has not and does not intend to seek any rulings from the
U.S. Internal Revenue Service (the &#147;IRS&#148;) regarding the tax consequences described below. There can be no assurance that the IRS will not take positions concerning the tax consequences of the transactions that are inconsistent with the
considerations discussed below or that any such positions would not be sustained by a court. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">As used herein, the term &#147;U.S. Holder&#148; means
a beneficial owner of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, and, after the Exchange Offer is consummated, <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock, that is, for
U.S. federal income tax purposes: (i)&nbsp;an individual who is a citizen or resident of the United States, (ii)&nbsp;a corporation (or other entity that is treated as a corporation for U.S. federal income tax
</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="center">57 </P>

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purposes) created or organized in or under the laws of the U.S. or any state thereof (including the District of Columbia), (iii) an estate whose income is subject to U.S. federal income tax
regardless of its source or (iv)&nbsp;a trust if (A)&nbsp;a U.S. court can exercise primary supervision over the trust&#146;s administration and one or more U.S. persons are authorized to control all substantial decisions of the trust; or
(B)&nbsp;the trust has a valid election in effect under applicable Treasury regulations to be treated as a U.S. person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">As used herein, the term <FONT
STYLE="white-space:nowrap">&#147;Non-U.S.</FONT> Holder&#148; means a beneficial owner of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, and, after the Exchange Offer is completed,
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock that is for U.S. federal income tax purposes: (i)&nbsp;a <FONT STYLE="white-space:nowrap">non-resident</FONT> alien individual (other than certain
former citizens and residents of the United States subject to U.S. tax as expatriates), (ii) a foreign corporation or (iii)&nbsp;an estate or trust that is not a U.S. Holder, but generally does not include an individual who is present in the United
States for 183 days or more in the taxable year of disposition. Such holders should consult their tax advisors regarding the U.S. federal income tax consequences of the sale or other disposition of Visa&#146;s stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">If a partnership (or any entity or arrangement so characterized for U.S. federal income tax purposes) holds
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock or, after the Exchange Offer is completed, <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and/or Class&nbsp;C common stock, the tax treatment of such
partnership and a person treated as a partner of such partnership will generally depend on the status of the partner and the activities of the partnership. Partnerships holding any <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock
and persons that are treated as partners of such partnerships should consult their tax advisors as to the particular U.S. federal income tax consequences of the sale or other disposition of Visa&#146;s stock. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I>U.S. Holders </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:ARIAL"><I>Exchange of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Common Stock for <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Common Stock and Class&nbsp;C Common Stock </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In the opinion of Davis Polk &amp; Wardwell LLP, special tax counsel to Visa, and subject to the limitations, exceptions, assumptions and conditions set
forth in this discussion and in the tax opinion filed as Exhibit 8.1 to the registration statement of which this prospectus forms a part (the &#147;U.S. Tax Opinion&#148;), for those U.S. Holders of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock participating in the Exchange Offer, such holder&#146;s exchange of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock for shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock should be treated as a &#147;recapitalization&#148; within the meaning of Section&nbsp;368(a)(1)(E) of the Code and/or as an exchange described under
Section&nbsp;1036 of the Code. Visa intends to treat the exchange accordingly and, pursuant to the Makewhole Agreement, if a U.S. Holder participates in the Exchange Offer, such holder will generally be required to report consistently with such
treatment for U.S. federal income tax purposes. Visa does not intend to request a ruling from the IRS regarding the U.S. federal income tax treatment of the Exchange Offer. Consequently, no assurance can be given that the IRS will not challenge the
qualification of the Exchange Offer as a &#147;recapitalization&#148; within the meaning of Section 368(a)(1)(E) of the Code and/or as an exchange described under Section 1036 of the Code. The rest of the discussion in this section assumes that the
exchange of Class B-1 common stock for shares of Class B-2 common stock and Class C common stock pursuant to the Exchange Offer will be treated for U.S. federal income tax purposes consistent with the U.S. Tax Opinion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Assuming that the exchange of Class B-1 common stock for shares of Class B-2 common stock and Class C common stock pursuant to the Exchange Offer is
treated for U.S. federal income tax purposes consistent with the U.S. Tax Opinion, (i)&nbsp;a U.S. Holder should not recognize any gain or loss on the exchange of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock for shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock, (ii)&nbsp;such holder&#146;s aggregate tax basis in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C Common stock
received in the Exchange Offer should equal such holder&#146;s aggregate tax basis in its <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock surrendered in the Exchange Offer (except to the extent of any tax basis allocated to a
fractional share for which a cash payment is received in connection with the Exchange Offer), and allocated </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="center">58 </P>

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between the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock received in the exchange based on the relative fair market values of such stock at
the time of the exchange, and (iii)&nbsp;such holder&#146;s holding period for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock received in the Exchange Offer should include its holding period for
the surrendered <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. These rules generally apply separately to each block of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock bought at a given time and price. U.S.
Holders of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock should consult their tax advisors as to the applicability of these rules to their particular circumstances if they hold blocks of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock purchased at different times and/or prices. Any cash a U.S. Holder receives in lieu of a fractional share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock or
Class&nbsp;C common stock pursuant to the Exchange Offer should generally result in capital gain or loss to such holder equal to the difference between the cash received and its tax basis in the fractional share. Any such capital gain or loss
generally will be long-term capital gain or loss if such holder&#146;s holding period for <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock so disposed of exceeds one year. Long-term capital gains recognized by <FONT
STYLE="white-space:nowrap">non-corporate</FONT> U.S. Holders will be eligible to be taxed at reduced rates. The deductibility of capital losses is subject to limitations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">If a U.S. Holder or <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder exchanges <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common
stock for <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock pursuant to the Exchange Offer, and if such holder holds five percent or more of Visa&#146;s stock (by vote or value) prior to the exchange,
or if such holder holds <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and other Visa&#146;s securities prior to the Exchange Offer with a tax basis of $1&nbsp;million or more, such holder will be required to file with its U.S.
federal income tax return for the year in which the Exchange Offer occurs a statement setting forth certain information relating to the Exchange Offer (including the fair market value, prior to the exchange, of the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock transferred in the Exchange Offer and such holder&#146;s tax basis, prior to the Exchange Offer, in Visa&#146;s other stock or securities), and to maintain permanent records
containing such information. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:ARIAL"><I>Treatment of Holders of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Common Stock That Decide Not to
Participate in the Exchange Offer </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">If a U.S. Holder decides not to participate in the Exchange Offer, such holder will not experience any U.S.
federal income tax consequences from the consummation of the Exchange Offer in respect of the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock that such holder retains. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:ARIAL"><I>Treatments of Payments under the Makewhole Agreement, Loss Sharing Agreement and Visa USA <FONT STYLE="white-space:nowrap">By-Laws</FONT> </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Holders of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stock who participate in the Exchange Offer will be required to become a party to the
Makewhole Agreement, as described elsewhere in this prospectus. If a U.S. Holder participating in the Exchange Offer is required to make any payments to Visa pursuant to the Makewhole Agreement, or under the Loss Sharing Agreement or the Visa USA <FONT
STYLE="white-space:nowrap">By-Laws,</FONT> the Makewhole Agreement requires such U.S. Holder and the Company to treat such payments for U.S. tax purposes as additional purchase price in respect of the issuance of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock pursuant to the Exchange Offer. Accordingly, if a U.S. Holder makes such payments, such holder would generally be required to increase its tax basis in its <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock to the extent of any such payments made to Visa. Each U.S. Holder should consult its tax advisor regarding the U.S. federal income tax consequences to it of making any payments under the
Makewhole Agreement, Loss Sharing Agreement and Visa USA <FONT STYLE="white-space:nowrap">By-Laws,</FONT> as applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_55"></A>Taxation of
Ownership of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Common Stock and Class&nbsp;C Stock Common Stock </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I>Taxation of
Distributions on <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Common Stock or Class&nbsp;C Common Stock </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">A U.S. Holder generally
will be required to include in gross income as dividends the amount of any cash distribution paid on <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock or Class&nbsp;C common stock, as applicable, to the
</P>
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extent the distribution is paid out of Visa&#146;s current or accumulated earnings and profits (as determined under U.S. federal income tax principles). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Distributions in excess of such earnings and profits generally will be applied against and reduce the U.S. Holder&#146;s basis in its <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock or Class&nbsp;C common stock, as applicable (but not below zero) and, to the extent in excess of basis, will be treated as gain from the sale or exchange of such stock as described below
under &#147;&#151;Gain on Sale, Taxable Exchange or Other Taxable Disposition of Visa&#146;s Stock.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">With respect to <FONT
STYLE="white-space:nowrap">non-corporate</FONT> U.S. Holders, under tax laws currently in effect, dividends generally will be taxed at the lower applicable long-term capital gains rate (see &#147;&#151;Gain on Sale, Taxable Exchange or Other Taxable
Disposition of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock or Class&nbsp;C Common Stock&#148; below), subject to applicable requirements and limitations. Such dividends will be taxable to a corporate U.S. Holder at regular
rates but will be eligible (subject to applicable requirements and limitations) for the dividends-received deduction. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I>Gain or Loss on Sale,
Taxable Exchange or Other Taxable Disposition of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Common Stock or Class&nbsp;C Common Stock </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">A U.S. Holder generally will recognize capital gain or loss on the sale, exchange or other taxable disposition of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock or Class&nbsp;C common stock, as applicable. Any such capital gain or loss generally will be long-term capital gain or loss if such holder&#146;s holding period for <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock or Class&nbsp;C common stock, as applicable, so disposed of exceeds one year. Long-term capital gains recognized by <FONT STYLE="white-space:nowrap">non-corporate</FONT> U.S. Holders will
be eligible to be taxed at reduced rates. The deductibility of capital losses is subject to limitations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The amount of gain or loss recognized on a
sale or other taxable disposition of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock or Class&nbsp;C common stock, as applicable, generally will be equal to the difference between (i)&nbsp;the sum of the amount of cash and the
fair market value of any property a U.S. Holder receives in such disposition and (ii)&nbsp;such holder&#146;s adjusted tax basis in <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock or Class&nbsp;C common stock, as applicable, so
disposed of. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I>U.S. Holders that are Financial Institutions </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">For a U.S. Holder that is a financial institution, in addition to the consequences discussed above (which are generally applicable to U.S. Holders of
Visa&#146;s stock), additional considerations may apply, including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">such holder may be required to include any item of income in respect of the Exchange Offer or the holder&#146;s Visa common
stock in taxable income on an accelerated basis, to the extent such item (or a portion thereof) is taken into account as revenue in such holder&#146;s &#147;applicable financial statement&#148; within the meaning of Section 451(b) of the Code; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">if such holder is treated as a &#147;dealer in securities&#148; within the meaning of Section 475(c)(1) of the Code, all
securities (including Visa common stock) held by such dealer other than securities held for investment that the dealer properly identifies as such, must generally be &#147;marked to market&#148; at the close of any taxable year. In such case, any
gain or loss realized or deemed realized with respect to such securities is generally treated as ordinary income or loss. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Holders
of Visa common stock that are financial institutions or financial service entities should consult their own tax advisors as to the particular U.S. federal income tax consequences to them based on their specific circumstances of participating or
deciding not to participate in the Exchange Offer or the sale or other disposition of Visa&#146;s stock. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I><FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holders </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:ARIAL"><I>Exchange of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Common Stock for <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Common
Stock and Class&nbsp;C Common Stock </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">A <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder&#146;s exchange of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock pursuant to the Exchange Offer for <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock, should generally have the same tax
characterization as described above for U.S. Holders. Assuming a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder is not engaged in the conduct of a trade or business within the United States, capital gain or loss such holder recognizes with
respect to the receipt of cash in lieu of fractional shares should not be subject to U.S. federal income tax, and such holder should not be required to make any U.S. federal income tax filings solely on account of the exchange of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock for <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock or the receipt of cash in lieu of fractional shares. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:ARIAL"><I>Taxation of Distributions on Visa&#146;s Stock </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Any cash distribution on <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock or Class&nbsp;C common stock, as applicable, to a <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Holder of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock or Class&nbsp;C common stock, as applicable, to the extent paid out of Visa&#146;s current or accumulated earnings and profits
(as determined under U.S. federal income tax principles), generally will constitute a dividend for U.S. federal income tax purposes. Any such dividends paid or deemed paid to a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder in respect of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock or Class&nbsp;C common stock, as applicable, that is not effectively connected with such holder&#146;s conduct of a trade or business within the United States, as described below,
generally will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividend, unless such holder is eligible for a reduced rate of withholding tax under an applicable income tax treaty and provides proper
certification of its eligibility for such reduced rate (usually on an IRS Form <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E,</FONT></FONT> as applicable). Any such
distribution not constituting a dividend generally will be treated, for U.S. federal income tax purposes, first as reducing a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder&#146;s adjusted tax basis in
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock or Class&nbsp;C common stock, as applicable (but not below zero) and, to the extent such distribution exceeds such holder&#146;s adjusted tax basis, as gain from the sale or other
taxable disposition of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock or Class&nbsp;C common stock, as applicable, which will be treated as described under &#147;&#151;Gain on Sale, Taxable Exchange or Other Taxable Disposition
of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock or Class&nbsp;C Common Stock&#148; below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Dividends Visa pays to a <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Holder that are effectively connected with a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder&#146;s conduct of a trade or business within the United States generally will not be subject to the
foregoing U.S. federal withholding tax, provided such holder complies with certain certification and disclosure requirements (usually by providing an IRS Form <FONT STYLE="white-space:nowrap">W-8ECI).</FONT> Instead, unless an applicable income tax
treaty provides otherwise, such dividends generally will be subject to U.S. federal income tax, net of certain deductions, at the same regular U.S. federal income tax rates applicable to a comparable U.S. Holder. In addition, if a <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Holder is a corporation, such holder&#146;s effectively connected earnings and profits (subject to adjustments), the amount of which will include such dividends, may be subject to a U.S. federal
&#147;branch profits tax&#148; at a rate of 30% (or such lower rate as may be specified by an applicable income tax treaty). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:ARIAL"><I>Gain on Sale,
Taxable Exchange or Other Taxable Disposition of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Common Stock or Class&nbsp;C Common Stock </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">A <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder generally will not be subject to U.S. federal income tax in respect of gain recognized on a
sale, exchange or other taxable disposition of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock or Class&nbsp;C common stock, as applicable, unless: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">the gain is effectively connected with the conduct of a trade or business by such holder within the United States; or
</P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Visa is or has been a &#147;United States real property holding corporation&#148; (&#147;USRPHC&#148;) for U.S. federal
income tax purposes at any time during the shorter of the five year period ending on the date of disposition or such holder&#146;s holding period for such <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock or Class&nbsp;C common
stock, as applicable, disposed of (which would generally include such holder&#146;s holding period in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock exchanged for such <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT>
common stock or Class&nbsp;C common stock, as applicable). Visa believes that the Company is not currently and does not anticipate becoming a USRPHC. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Unless an applicable tax treaty provides otherwise, any gain described in the bullet points above generally will be subject to U.S. federal income tax,
net of certain deductions, at the same regular U.S. federal income tax rates applicable to a comparable U.S. Holder and, in addition, if a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder is described in the bullet points above and is a
foreign corporation, such <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder may be subject to U.S. federal &#147;branch profits tax&#148; on its effectively connected earnings and profits, which would include such gains, at a 30% rate (or a
lower applicable tax treaty rate). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_56"></A>Information Reporting and Backup Withholding </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">A U.S. Holder may be subject to information reporting to the IRS and possible U.S. backup withholding with respect to its participation in the Exchange
Offer, dividend payments with respect to <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock or Class&nbsp;C common stock, as applicable, or proceeds from the sale, exchange or disposition of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock or Class&nbsp;C common stock, as applicable. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes other
required certifications, or who is otherwise exempt from backup withholding and establishes such exempt status. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">A
<FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder generally will eliminate the requirement for information reporting (other than with respect to dividends) and backup withholding by providing certification of its
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> status on a duly-executed applicable IRS Form <FONT STYLE="white-space:nowrap">W-8</FONT> or by otherwise establishing an exemption. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against such holder&#146;s U.S. federal income tax
liability, and such holder generally may obtain a refund of any excess amounts withheld under the backup withholding rules by timely filing the appropriate claim for refund with the IRS and furnishing any required information. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="toc641107_57"></A>Foreign Account Tax Compliance Act </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Sections 1471 through 1474 of the Code and the Treasury Regulations and administrative guidance promulgated thereunder (commonly referred as the
&#147;Foreign Account Tax Compliance Act&#148; or &#147;FATCA&#148;) generally impose withholding at a rate of 30% in certain circumstances with respect to any &#147;withholdable payments&#148; on
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock or Class&nbsp;C common stock, as applicable, which is held by or through certain foreign financial institutions (including investment funds), as a beneficial owner or as an
intermediary, unless any such institution (i)&nbsp;enters into, and complies with, an agreement with the IRS to report, on an annual basis, information with respect to interests in, and accounts maintained by, the institution that are owned by
certain U.S. persons and by certain <FONT STYLE="white-space:nowrap">non-U.S.</FONT> entities that are wholly or partially owned by U.S. persons and to withhold on certain payments, or (ii)&nbsp;if required under an intergovernmental agreement
between the United States and an applicable foreign country, reports such information to its local tax authority, which will exchange such information with the U.S. authorities. For this purpose, &#147;withholdable payments&#148; generally include
payments of dividends on <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock, as applicable. Under proposed regulations promulgated by the Treasury Department, on which taxpayers may rely until final
regulations are issued, withholdable payments do not include gross proceeds from any sale or other disposition of securities (including <FONT STYLE="white-space:nowrap">Class&nbsp;B-1,</FONT> <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT>
common stock or Class&nbsp;C common stock, as </P>
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applicable). An intergovernmental agreement between the United States and an applicable foreign country may modify these requirements. Accordingly, the entity through which <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1,</FONT> <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock or Class&nbsp;C common stock, as applicable, are held will affect the determination of whether such withholding is required.
Similarly, dividends in respect of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock or Class&nbsp;C common stock, as applicable, held by an investor that is a <FONT STYLE="white-space:nowrap">non-financial</FONT> <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> entity (as a beneficial owner or as an intermediary) that does not qualify under certain exceptions will generally be subject to withholding at a rate of 30%, unless such entity either (i)&nbsp;certifies to
the applicable withholding agent that such entity does not have any &#147;substantial United States owners&#148; or (ii)&nbsp;provides certain information regarding the entity&#146;s &#147;substantial United States owners&#148;, which will in turn
be provided to the U.S. Department of Treasury. U.S. Holders and <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holders should consult their tax advisors regarding the possible implications of FATCA on their investment in <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock or Class&nbsp;C common stock and the availability of certain refunds or credits. </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="center">63 </P>

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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc641107_58"></A>WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION OF CERTAIN INFORMATION
BY REFERENCE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa files annual, quarterly and current reports, proxy statements and other information with the SEC under the Exchange Act. The
SEC maintains a website at <I>www.sec.gov</I> that contains reports, proxy statements and other information that Visa files electronically with the SEC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">This prospectus &#147;incorporates by reference&#148; information that Visa has filed with the SEC under the Exchange Act, which means that Visa is
disclosing important information to you by referring you to those documents. Any statement contained in this prospectus or in any document incorporated or deemed to be incorporated by reference into this prospectus will be deemed modified or
superseded for the purposes of this prospectus to the extent that a statement contained in this prospectus or any subsequently filed document which also is, or is deemed to be, incorporated by reference into this prospectus modifies or supersedes
that statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this prospectus. Accordingly, Visa incorporates by reference the specific documents listed below and any future
filings made with the SEC after the date hereof under Section&nbsp;13(a), 13(c), 14, or 15(d) of the Exchange Act, which will be deemed to be incorporated by reference into this prospectus and to be part of this prospectus from the date Visa
subsequently files such reports and documents until the termination of this offering: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Visa&#146;s Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1403161/000140316123000099/v-20230930.htm">Form
<FONT STYLE="white-space:nowrap">10-K</FONT></A> for the fiscal year ended September&nbsp;30, 2023; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Visa&#146;s Quarterly Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1403161/000140316124000016/v-20231231.htm">Form
 <FONT STYLE="white-space:nowrap">10-Q</FONT></A> for the quarter ended December&nbsp;31, 2023; </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Visa&#146;s Current Reports on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1403161/000140316123000085/v-20230928.htm">October&nbsp;2,
 2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1403161/000140316123000087/v-20231016.htm">October&nbsp;18, 2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1403161/000140316123000092/v-20231024.htm">October&nbsp;24, 2023</A>
(but not the information furnished pursuant to Items 2.02 or 9.01 thereof), <A HREF="http://www.sec.gov/Archives/edgar/data/1403161/000140316124000005/v-20240123.htm">January&nbsp;
24, 2024</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1403161/000140316124000013/v-20240123.htm">January 25, 2024</A> (but not the information furnished pursuant to Items 2.02 or 9.01 thereof) and <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1403161/000140316124000021/v-20240326.htm">March
 26, 2024</A> (but not the information furnished pursuant to Items 7.01 or 9.01 thereof); 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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Visa&#146;s Definitive Proxy Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1403161/000119312523290295/d440665ddef14a.htm">Schedule
 14A</A> filed with the SEC on December&nbsp;7, 2023. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa is not, however, incorporating by reference any documents or portions
thereof, whether specifically listed above or filed in the future, that are not deemed &#147;filed&#148; with the SEC, including any information furnished pursuant to Items 2.02 or 7.01 of Form <FONT STYLE="white-space:nowrap">8-K</FONT> or certain
exhibits furnished pursuant to Item 9.01 of Form <FONT STYLE="white-space:nowrap">8-K.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa will provide without charge to each person to
whom a copy of this prospectus has been delivered a copy of any and all of these filings. You may request a copy of these filings by writing or telephoning us at: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Visa Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Attention: Corporate Secretary </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">P.O. Box 8999 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">San Francisco, California 94128-8999
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">(650) <FONT STYLE="white-space:nowrap">432-3200</FONT> </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="center">64 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc641107_59"></A>LEGAL MATTERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The validity of the shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock to be issued in the
Exchange Offer, as well as the shares of Class&nbsp;A common stock into which such shares shall be convertible, will be passed upon for Visa by Davis Polk&nbsp;&amp; Wardwell LLP, New York, New York. Davis Polk &amp; Wardwell LLP will also issue an
opinion to Visa regarding certain tax matters relating to the Exchange Offer. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="toc641107_60"></A>EXPERTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The consolidated financial statements of Visa Inc. and subsidiaries as of September&nbsp;30, 2023 and 2022, and for each of the years in the three-year
period ended September&nbsp;30, 2023, and management&#146;s assessment of the effectiveness of internal control over financial reporting as of September&nbsp;30, 2023, have been incorporated herein by reference and in the registration statement in
reliance on the report of KPMG LLP, independent registered public accounting firm, incorporated herein by reference, and upon the authority of said firm as experts in accounting and auditing. </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="center">65 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g641107g01m01.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:120pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>April&nbsp;8, 2024 </B></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
