<SEC-DOCUMENT>0001193125-26-094117.txt : 20260305
<SEC-HEADER>0001193125-26-094117.hdr.sgml : 20260305
<ACCEPTANCE-DATETIME>20260305164058
ACCESSION NUMBER:		0001193125-26-094117
CONFORMED SUBMISSION TYPE:	S-4
PUBLIC DOCUMENT COUNT:		21
FILED AS OF DATE:		20260305
DATE AS OF CHANGE:		20260305

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
		EIN:				260267673
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-294062
		FILM NUMBER:		26726876

	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>S-4
<SEQUENCE>1
<FILENAME>d124284ds4.htm
<DESCRIPTION>S-4
<TEXT>
<HTML><HEAD>
<TITLE>S-4</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>As filed with the Securities and Exchange Commission on March&nbsp;5, 2026 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="right"><B>Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-&#8195;&#8195;&#8195;&#8195;</FONT> </B></P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:15pt; font-family:ARIAL" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
<P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:ARIAL" ALIGN="center"><B>FORM <FONT STYLE="white-space:nowrap">S-4</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:ARIAL" ALIGN="center"><B>REGISTRATION STATEMENT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><I>UNDER </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><I>THE SECURITIES ACT OF 1933 </I></B></P>
<P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:20pt; font-family:ARIAL" ALIGN="center"><B>VISA INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>(Exact Name of Registrant as
Specified in Its Charter) </B></P> <P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>7389</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">26-0267673</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><B>(State or other jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><B>incorporation or organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><B>(Primary Standard Industrial</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><B>Classification Code Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><B>Identification Number)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>P.O. Box 8999 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>San Francisco, California 94128-8999 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>(650) <FONT
STYLE="white-space:nowrap">432-3200</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><B>(Address, including zip code, and telephone number, including area code, of registrant&#8217;s
principal executive offices) </B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Ryan McInerney </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Chief Executive Officer
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Visa Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>P.O. Box 8999 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>San Francisco, California 94128-8999 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>(650) <FONT
STYLE="white-space:nowrap">432-3200</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><B>(Name, address, including zip code, and telephone number, including area code, of agent for service)
</B></P> <P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B><I>Copies to: </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Joseph A. Hall </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>John H. Runne </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Davis Polk&nbsp;&amp; Wardwell
LLP </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>450 Lexington Avenue </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>New York,
New York 10017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>(212) <FONT STYLE="white-space:nowrap">450-4000</FONT> </B></P>
<P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:8pt; font-family:ARIAL"><B>Approximate date of commencement of proposed sale to the public: </B>As soon as practicable after this Registration Statement becomes effective and the
satisfaction or, where legally permitted, waiver of the other conditions to completion of the Exchange Offer described herein. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:8pt; font-family:ARIAL">If the securities
being registered on this form are being offered in connection with the formation of a holding company and there is compliance with General Instruction G, check the following box.&#8194;<FONT STYLE="font-family:Times New Roman">&#9744;</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:8pt; font-family:ARIAL">If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier effective registration statement for the same offering.&#8194;<FONT STYLE="font-family:Times New Roman">&#9744;</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:8pt; font-family:ARIAL">If this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering.&#8194;<FONT STYLE="font-family:Times New Roman">&#9744;</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:8pt; font-family:ARIAL">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
<FONT STYLE="white-space:nowrap">non-accelerated</FONT> filer, a smaller reporting company, or emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting
company,&#8221; and &#8220;emerging growth company&#8221; in Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Exchange Act. </P> <P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">Large&nbsp;accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman">&#9746;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT></TD></TR>
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<TD VALIGN="bottom">Non-accelerated filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Smaller&nbsp;reporting&nbsp;company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Emerging&nbsp;growth&nbsp;company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:8pt; font-family:ARIAL">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B) of the Securities Act.&#8194;<FONT STYLE="font-family:Times New Roman">&#9744;</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:8pt; font-family:ARIAL">If applicable, place an X in the box to designate the appropriate rule provision relied upon in conducting this transaction: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:8pt; font-family:ARIAL">Exchange Act <FONT STYLE="white-space:nowrap">Rule&nbsp;13e-4(i)</FONT> (Cross-Border Issuer Tender
Offer)&#8194;<FONT STYLE="font-family:Times New Roman">&#9744;</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:8pt; font-family:ARIAL">Exchange Act <FONT STYLE="white-space:nowrap">Rule&nbsp;14d-I(d)</FONT>
(Cross-Border Third-Party Tender Offer)&#8194;<FONT STYLE="font-family:Times New Roman">&#9744;</FONT> </P>
<P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:8pt; font-family:ARIAL"><B>The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant
shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section&nbsp;8(a) of the Securities Act of 1933 or until the registration statement shall become effective
on such date as the Securities and Exchange Commission, acting pursuant to said Section&nbsp;8(a), may determine. </B></P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#ff4338"><B>SUBJECT TO COMPLETION, DATED MARCH 5, 2026 </B></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:9pt; font-family:Arial Narrow"><FONT COLOR="#ff4338"><B>The information in this prospectus may change. Visa Inc. may not
complete the exchange offer and the securities being registered may not be exchanged or distributed until the registration statement filed with the Securities and Exchange Commission of which this prospectus forms a part is effective. This
prospectus is not an offer to sell or exchange these securities and Visa Inc. is not soliciting offers to buy or exchange these securities in any jurisdiction where the exchange offer or sale is not permitted. </B></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:7pt; font-family:ARIAL"><B>Prospectus </B></P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g124284g01a01.jpg" ALT="LOGO" STYLE="width:1.33333in;height:0.430607in;">
 </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>OFFER TO EXCHANGE </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>ANY AND ALL ISSUED AND OUTSTANDING SHARES OF </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>CLASS <FONT STYLE="white-space:nowrap">B-1</FONT> AND CLASS <FONT STYLE="white-space:nowrap">B-2</FONT> COMMON STOCK </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>FOR A COMBINATION OF SHARES OF </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>CLASS <FONT
STYLE="white-space:nowrap">B-3</FONT> AND CLASS C COMMON STOCK </B></P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:3%; font-size:7pt; font-family:ARIAL">Visa Inc. (&#8220;Visa&#8221; or the &#8220;Company&#8221;) is offering to exchange, 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 &#8220;Letter of Transmittal&#8221;): </P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<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">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">(&#8220;Class&nbsp;B-1</FONT> common stock,&#8221; and such offer to exchange, the <FONT STYLE="white-space:nowrap">&#8220;Class&nbsp;B-1</FONT> Exchange&#8221;), for a combination of shares of Visa&#8217;s
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock, par value $0.0001 per share <FONT STYLE="white-space:nowrap">(&#8220;Class&nbsp;B-3</FONT> common stock&#8221; and, together with the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and Visa&#8217;s <FONT STYLE="white-space:nowrap">Class&nbsp;B-2,</FONT> <FONT STYLE="white-space:nowrap">Class&nbsp;B-4</FONT> and
<FONT STYLE="white-space:nowrap">Class&nbsp;B-5</FONT> common stock, each par value $0.0001 per share (respectively, <FONT STYLE="white-space:nowrap">&#8220;Class&nbsp;B-2</FONT> common stock,&#8221;
<FONT STYLE="white-space:nowrap">&#8220;Class&nbsp;B-4</FONT> common stock&#8221; and <FONT STYLE="white-space:nowrap">&#8220;Class&nbsp;B-5</FONT> common stock&#8221;), &#8220;Class&nbsp;B common stock&#8221;) and Visa&#8217;s Class&nbsp;C common
stock, par value $0.0001 per share (&#8220;Class&nbsp;C common stock&#8221;), and, where applicable, cash in lieu of fractional shares (&#8220;applicable cash consideration&#8221;); and </P></TD></TR></TABLE>
<P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<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">any and all outstanding shares of its <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock (such offer to
exchange, the <FONT STYLE="white-space:nowrap">&#8220;Class&nbsp;B-2</FONT> Exchange,&#8221; and together with the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange, the &#8220;Exchange Offer&#8221;) for a combination of shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock and Class&nbsp;C common stock and any applicable cash consideration. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:3%; font-size:7pt; font-family:ARIAL">As used in this prospectus, the term &#8220;Eligible Class&nbsp;B common stock&#8221; refers to Visa&#8217;s outstanding
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> and <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, which may be tendered in the Exchange Offer, and the term &#8220;Class&nbsp;B stockholder&#8221; refers to a holder of
Eligible Class&nbsp;B common stock. As a condition to participating in the Exchange Offer, each participating Class&nbsp;B stockholder, together with its respective Parent Guarantors, if any, (as defined under &#8220;Makewhole Agreement&#8212;Parent
Guarantors&#8221;), will be required to enter into an agreement (a &#8220;Makewhole Agreement&#8221;) to reimburse Visa in cash for future obligations related to the U.S. covered litigation (as defined under &#8220;Background of Class&nbsp;B Common
Stock&#8221;) that, but for its participation in the Exchange Offer, would have otherwise been borne by such holder through downward adjustments to the Applicable Conversion Rate (as defined below) for such holder&#8217;s Eligible Class&nbsp;B
common stock. See &#8220;Makewhole Agreement&#8212;Payments Under the Makewhole Agreement.&#8221; The liability of a participating Class&nbsp;B stockholder and its respective Parent Guarantors to Visa under its Makewhole Agreement is not subject to
any dollar cap. See &#8220;Risk Factors&#8212;Risks Related to the Exchange Offer and Makewhole Agreements&#8212;The obligation of a participating holder and its Parent Guarantors under the Makewhole Agreement is not subject to any dollar
cap.&#8221; </P> <P STYLE="margin-top:8pt; 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 in the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange (and not validly withdrawn) prior to&#8195;&#8195;, New York City time, on&#8195;&#8195;, 2026 (such time and date, as the same may be extended, the &#8220;Expiration Date&#8221;) and
accepted by Visa, a participating <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder will receive: </P> <P STYLE="font-size:3pt;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 quarter of a newly issued share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock;
</P></TD></TR></TABLE> <P STYLE="font-size:3pt;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 and one quarter of a share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, with such equivalence based on the respective amounts of Class&nbsp;A common stock, par
value $0.0001 per share (&#8220;Class&nbsp;A common stock&#8221;), into which <FONT STYLE="white-space:nowrap">Class&nbsp;B-1,</FONT> <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and Class&nbsp;C common stock would be convertible as of the
Expiration Date; and </P></TD></TR></TABLE> <P STYLE="font-size:3pt;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">any applicable cash consideration. </P></TD></TR></TABLE>
<P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:3%; font-size:7pt; font-family:ARIAL">The <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange comprises two components: an exchange from
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock into <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, automatically and immediately followed by an exchange from
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock into <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock. <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholders are not being offered the opportunity
to exchange only into <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock. Under Visa&#8217;s Certificate of Incorporation (as defined herein), because each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock
will be exchanged for one half of a share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock will be exchanged for one half of a share of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock, this means that each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock will effectively be exchanged for one quarter of a share of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock. Similarly, each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock will be exchanged for 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 and one quarter of a share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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> <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and Class&nbsp;C common stock would be convertible as of the Expiration Date. </P>
<P STYLE="margin-top:3pt; 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-2</FONT> common stock properly tendered in the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange (and not validly withdrawn) prior to the Expiration Date and accepted by Visa, a participating <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> stockholder will receive: </P>
<P STYLE="font-size:3pt;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-3</FONT> common stock;
</P></TD></TR></TABLE> <P STYLE="font-size:3pt;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-2</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-2</FONT> and Class&nbsp;C common stock would
be convertible as of the Expiration Date; and </P></TD></TR></TABLE> <P STYLE="font-size:3pt;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">any applicable cash consideration. </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:3%; font-size:7pt; font-family:ARIAL">The term &#8220;Exchange Consideration&#8221; refers to the foregoing combinations of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock,
Class&nbsp;C common stock and any applicable cash consideration. See &#8220;The Exchange Offer&#8212;Terms of the Exchange Offer.&#8221; Based on the current Applicable Conversion Rates for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1,</FONT>
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and Class&nbsp;C common stock of 1.5475 shares of Class&nbsp;A common stock, 1.5075 shares of Class&nbsp;A common stock and 4&nbsp;shares of Class&nbsp;A common stock, respectively, Visa will
issue approximately 0.2877 shares of Class&nbsp;C common stock for each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock accepted in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange and approximately
0.1884 shares of Class&nbsp;C common stock for each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock accepted in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange. </P>
<P STYLE="margin-top:8pt; 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 &#8220;Class&nbsp;B common stock&#8221; in connection with
Visa&#8217;s corporate reorganization and initial public offering (&#8220;IPO&#8221;), which was completed in March 2008. All outstanding Class&nbsp;B common stock was redenominated as <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common
stock pursuant to Visa&#8217;s Eighth Restated Certificate of Incorporation (as amended and restated through the date hereof, the &#8220;Certificate of Incorporation&#8221;), which became effective in January 2024.
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock was issued in an exchange offer for <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock completed in May 2024 (the &#8220;2024
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange&#8221;); approximately 98% of the then-outstanding <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock was accepted for exchange in that exchange offer, while the
remaining shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock were not exchanged and remained outstanding. <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</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> and <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock. However, future downward adjustments to the rate
at which <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock converts into Class&nbsp;A common stock (such rate for each numbered class of Class&nbsp;B common stock, the &#8220;Applicable Conversion Rate&#8221;) will be accelerated
to occur at four times the rate compared to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, and twice the rate compared to the Applicable Conversion Rate for the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock. See &#8220;Description of Capital Stock&#8212;Conversion.&#8221; 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
&#8220;Makewhole Agreement&#8212;Transfer Restrictions.&#8221; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:3%; font-size:7pt; font-family:ARIAL">Visa&#8217;s Class&nbsp;A common stock is listed on the New York Stock Exchange (the
&#8220;NYSE&#8221;) under the symbol &#8220;V.&#8221; There is currently no established public trading market for Visa&#8217;s Class&nbsp;B or Class&nbsp;C common stock. </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">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:3%; font-size:7pt; font-family:ARIAL">The Exchange Offer is subject to the conditions described under &#8220;The Exchange
Offer&#8212;Conditions of the Exchange Offer,&#8221; 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&#8217;s certificates appended thereto, by each participating Class&nbsp;B stockholder and its Parent Guarantors, if any. If all conditions are satisfied or waived with respect to the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT>
Exchange but not the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, or vice versa, Visa may, but is not required to, proceed with that component of the Exchange Offer with respect to which all conditions have been satisfied or
waived; alternatively, Visa may terminate the entire Exchange Offer. <B>There are multiple conditions to the closing of the Exchange Offer that are beyond Visa&#8217;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:2pt; 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 Eligible Class&nbsp;B common stock may be withdrawn at any time prior to the Expiration Date. In addition, you may withdraw any tendered Eligible Class&nbsp;B common stock if Visa has not accepted it for exchange within 40 business
days from commencement of the Exchange Offer, or by &#8195;&#8195;, 2026. </P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:4%; font-size:8pt; font-family:ARIAL"><B>See &#8220;<A HREF="#tx124284_10">Risk Factors</A>&#8221; beginning on page 24 of this prospectus for a discussion of factors you should consider in
connection with the Exchange Offer. In addition, see &#8220;Notice Regarding Certain Regulatory and Contractual Consequences of Participating in the Exchange Offer&#8221; 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:2pt; margin-bottom:0pt; text-indent:3%; font-size:7pt; font-family:ARIAL">Visa&#8217;s board of directors (the &#8220;Board of
Directors&#8221; or the &#8220;Board&#8221;) has authorized and approved the Exchange Offer. None of Visa, the Board of Directors, Visa&#8217;s officers and employees, the Exchange Agent or the Information Agent (each as defined under
&#8220;Exchange Agent and Information Agent&#8221;), any of Visa&#8217;s financial advisors or any other person is making any recommendation to any Class&nbsp;B stockholder as to whether or not you should tender Eligible Class&nbsp;B common stock in
the Exchange Offer. You must make your own decision whether to tender Eligible Class&nbsp;B 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:2pt; margin-bottom:0pt; text-indent:3%; font-size:7pt; font-family:ARIAL"><B>If you wish to tender Eligible Class&nbsp;B common stock in the Exchange Offer, you should follow the instructions within the Letter of Transmittal,
which are summarized under &#8220;The Exchange Offer&#8212;Procedures for Tendering Eligible Class&nbsp;B Common Stock&#8221; within this prospectus. If you wish to withdraw your tender, you may do so by following the instructions set forth therein.
Any Class&nbsp;B stockholder that withdraws a prior tender may <FONT STYLE="white-space:nowrap">re-tender</FONT> its Eligible Class&nbsp;B common stock by tendering such Eligible Class&nbsp;B common stock in accordance with the instructions
referenced above. </B></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:3%; font-size:7pt; font-family:ARIAL"><B>Neither the Securities and Exchange Commission (the &#8220;SEC&#8221;) 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><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">The date of this prospectus is &#8195;&#8195;&#8195;&#8195;, 2026. </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">

<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><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></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="#tx124284_1">Notice Regarding Certain Regulatory and Contractual Consequences of&nbsp;
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="#tx124284_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="#tx124284_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="#tx124284_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="#tx124284_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">4</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="#tx124284_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">6</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="#tx124284_7">Summary</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:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#tx124284_8">The Company</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:3.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#tx124284_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">16</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="#tx124284_10">Risk Factors</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</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="#tx124284_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">24</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="#tx124284_12">Background of Class&nbsp;B Common Stock</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31</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="#tx124284_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">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="#tx124284_14">No Recommendation</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="#tx124284_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">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="#tx124284_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">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="#tx124284_17">Fractional Shares</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="#tx124284_18">Dilution; <FONT STYLE="white-space:nowrap">As-converted</FONT> Value</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="#tx124284_19">Consequences of Failure to Exchange Eligible Class&nbsp;
B 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">40</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="#tx124284_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">40</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="#tx124284_21">Procedures for Tendering Eligible Class&nbsp;B Common Stock</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="#tx124284_22">Withdrawal Rights</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43</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="#tx124284_23">Acceptance of Eligible Class&nbsp;
B 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">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="#tx124284_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">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="#tx124284_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">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="#tx124284_26">Settlement</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="#tx124284_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">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="#tx124284_28">Future Purchases</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="#tx124284_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">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="#tx124284_30">Schedule TO</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="#tx124284_31">&#8220;Blue Sky&#8221; Compliance</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="#tx124284_32">Accounting Treatment</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:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#tx124284_33">Makewhole Agreement</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>
<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="#tx124284_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">49</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="#tx124284_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">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="#tx124284_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">54</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="#tx124284_37">Parent Guarantors</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">55</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="#tx124284_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">56</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="#tx124284_39">Transfer Restrictions</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">56</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="#tx124284_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">56</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="#tx124284_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">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:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><A HREF="#tx124284_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">58</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="#tx124284_43">General</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">58</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="#tx124284_44">Voting Rights</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">58</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">

<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="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: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="#tx124284_45">Conversion</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="#tx124284_46">Preemptive Rights</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">61</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="#tx124284_47">Fractional Shares</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">61</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="#tx124284_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">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="#tx124284_49">Liquidation Rights</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="#tx124284_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">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="#tx124284_51">Use of the Term
<FONT STYLE="white-space:nowrap">&#8220;As-Converted&#8221;</FONT></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="#tx124284_52">Transfer Restrictions</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">63</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="#tx124284_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">63</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="#tx124284_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">67</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="#tx124284_55">Taxation of Ownership of <FONT STYLE="white-space:nowrap">Class&nbsp;
B-3</FONT> and Class&nbsp;C Common Stock</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">69</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="#tx124284_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">72</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="#tx124284_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">72</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="#tx124284_58">Where You Can Find More Information; Incorporation of Certain Information by&nbsp;
Reference</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">74</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="#tx124284_59">Legal Matters</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">75</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="#tx124284_60">Experts</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">75</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>

</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">

<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="tx124284_1"></A>NOTICE REGARDING CERTAIN REGULATORY AND CONTRACTUAL CONSEQUENCES
OF&nbsp;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 Eligible Class&nbsp;B 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 Class&nbsp;B stockholder&#8217;s participation in the Exchange Offer, including the requirement to enter into and perform under a Makewhole Agreement as described under &#8220;Makewhole Agreement,&#8221; under the various regulatory
regimes that may apply to any particular Class&nbsp;B 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 Class&nbsp;B stockholders have entered into swap or other derivative contracts or transactions with other current or former Class&nbsp;B stockholders concerning the Eligible Class&nbsp;B 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&nbsp;B stockholder&#8217;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 Class&nbsp;B 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 Class&nbsp;B stockholder&#8217;s rights or obligations under any swap or other derivative contract or transaction concerning the Eligible Class&nbsp;B common
stock that such Class&nbsp;B 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 Class&nbsp;B 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 Class&nbsp;B 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>

</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<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="tx124284_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 Sodali&nbsp;&amp; Co. to act respectively as exchange agent (the &#8220;Exchange Agent&#8221;) and
information agent (the &#8220;Information Agent&#8221;) for the Exchange Offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Participating Class&nbsp;B stockholders must deliver executed
copies of the Letter of Transmittal and Makewhole Agreement, including the officer&#8217;s certificates appended thereto, to the Exchange Agent. Such documentation may be submitted to the Exchange Agent through &#8195;&#8195;&#8195;&#8195;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">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">If
you have questions about this prospectus, including the terms and mechanics of the Exchange Offer, 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">Sodali&nbsp;&amp; Co. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">430 Park Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">14th Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">New York, New York 10022 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Banks and Brokers Call: (203) <FONT STYLE="white-space:nowrap">658-9400</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Stockholders Call Toll Free: (800) <FONT STYLE="white-space:nowrap">662-5200</FONT> </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> VISA@investor.sodali.com </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="tx124284_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 <FONT
STYLE="white-space:nowrap">No.&nbsp;333-&#8195;&#8195;&#8195;&#8195;).</FONT> The Company has supplied all information contained herein relating to the 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&#8217;s website at www.sec.gov. You may also request copies of these documents, including documents incorporated by reference into this document, at no
cost, by contacting Visa. Please see &#8220;Where You Can Find More Information; Incorporation of Certain Information by Reference&#8221; 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 &#8195;&#8195;&#8195;&#8195;, 2026 (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: Investor Relations </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">432-7644</FONT> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></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>

</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<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 &#8195;&#8195;&#8195;&#8195;, 2026, 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 Class&nbsp;B stockholders of the Company, nor the issuance of any shares of any class&nbsp;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><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">&#8220;Visa&#8221; and Visa&#8217;s other trademarks included or incorporated by reference in this prospectus are Visa&#8217;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&#8217; trade names or trademarks does not imply Visa&#8217;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><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></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 Eligible Class&nbsp;B 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="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Certain numerical figures in this prospectus have been rounded for ease of presentation (including Applicable Conversion Rates, which are rounded to
four decimal places, and dollar amounts, which are rounded to two decimal places). In certain instances, the rounded figures have been used in calculating other amounts presented herein. Accordingly, totals, subtotals, percentages and other derived
figures may not reflect exact arithmetic relationships due to rounding. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="tx124284_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 Eligible Class&nbsp;B common stock, please deliver executed copies of the Letter of Transmittal and the Makewhole Agreement,
including the officer&#8217;s certificates appended thereto, to the Exchange Agent through &#8195;&#8195;&#8195;&#8195; or at the address set forth under &#8220;Exchange Agent and Information Agent&#8221; before the Expiration Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">If you are participating in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange and your
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock was issued in certificated form and is not currently held in book-entry form through the Equiniti Trust Company, LLC, in its capacity as Visa&#8217;s transfer agent (the
&#8220;Transfer Agent&#8221;), you must also deliver the certificates representing such <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-3</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 Eligible Class&nbsp;B common stock, see &#8220;The Exchange Offer&#8212;Procedures for Tendering Eligible Class&nbsp;B Common Stock.&#8221; </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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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<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="tx124284_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&#8217;s future financial position, results of operations and cash flows, the timing and 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 &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;may,&#8221; &#8220;projects,&#8221; &#8220;outlook,&#8221; &#8220;could,&#8221;
&#8220;should,&#8221; &#8220;will,&#8221; &#8220;continue&#8221; 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, results or outcomes and are subject to certain risks, uncertainties and other factors, many of which are beyond Visa&#8217;s control and are difficult to predict. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Actual results or outcomes, or the timing of our results or outcomes, could differ materially from those expressed in, or implied by, our
forward-looking statements due 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">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 scrutiny and regulation of the global 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">impact of government-imposed obligations and/or restrictions on international payments 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">impact of laws and regulations regarding the handling of personal data, including laws and regulations related to privacy,
cybersecurity and AI; </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">impact of tax examinations or disputes, 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">outcome of litigation or investigations; </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">intense competition in our 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">dependence on our client and seller base, which may be costly to win, retain and develop; </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 push 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">dependence on relationships with financial institutions, acquirers, processors, sellers, payment 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">our inability to maintain and enhance our brand; </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">impact of global economic, political, market, health and social events or conditions; </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">our ability to adjust to evolving corporate responsibility and sustainability matters and related 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">exposure to significant risk of loss or reduction of liquidity due to our indemnification obligation to fund settlement
losses of our clients; </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">failure to anticipate, adapt to, or keep pace with, new technologies 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">a disruption, failure or breach of our networks or systems, including as a result of cyber incidents or attacks;
</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">our inability to achieve the anticipated benefits of our acquisitions, joint ventures or strategic investments;
</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">our inability to attract, hire and retain a highly qualified workforce, including key management; </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">conversions of our Class&nbsp;B and C common stock or Series A, B and C preferred stock into shares of Class&nbsp;A common
stock would result in voting dilution to, and could adversely impact the market price of, our existing class A common stock; </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">4 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<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">differing interests between holders of our Class&nbsp;B and C common stock and Series A, B and C preferred stock compared
to our Class&nbsp;A common stock concerning certain significant transactions; 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">other factors described in Visa&#8217;s filings with the SEC, including Visa&#8217;s Annual Report on Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the year ended September&nbsp;30, 2025 (the &#8220;Annual Report&#8221;), 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">5 </P>

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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<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="tx124284_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 Class&nbsp;B stockholder 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 &#8220;Risk Factors&#8221; 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 &#8220;Exchange Offer Program&#8221;) that is authorized
pursuant to the Certificate of Incorporation. See &#8220;The Exchange Offer&#8212;The Exchange Offer Program.&#8221; 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 Class&nbsp;B 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 &#8220;Background of Class&nbsp;B Common Stock.&#8221; The Exchange Offer provides Class&nbsp;B
stockholders with an opportunity for liquidity by allowing holders to exchange a portion of their outstanding shares of Class&nbsp;B 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&#8217;s Class&nbsp;B common stock was established as part of Visa&#8217;s IPO to
provide protection to the Class&nbsp;A and Class&nbsp;C stockholders from the monetary liability for the U.S. covered litigation. The Exchange Offer will permit each Class&nbsp;B 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&nbsp;B stockholder to avoid or minimize such liability. Visa makes no representation to Class&nbsp;B 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 MUCH ELIGIBLE CLASS B 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 Eligible Class&nbsp;B common stock in the Exchange Offer.
As of January&nbsp;22, 2026, Visa had 4.84&nbsp;million shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and 120.34&nbsp;million shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock outstanding.
Based on the current Applicable Conversion Rates for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1,</FONT> <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and Class&nbsp;C common stock of 1.5475 shares of Class&nbsp;A common stock,
1.5075 shares of Class&nbsp;A common stock and 4 shares of Class&nbsp;A common stock, respectively, Visa would issue 61.38&nbsp;million shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock and 24.07&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 Eligible Class&nbsp;B common stock is 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>WHY IS VISA CONDUCTING THE CLASS <FONT STYLE="white-space:nowrap">B-1</FONT> EXCHANGE WHEN IT IS UNDER NO OBLIGATION
TO DO SO? </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 previously disclosed that it may, but was under no obligation to, conduct an additional exchange offer involving the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. Visa has decided to offer <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> </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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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
stockholders an opportunity to participate in the Exchange Offer as it believes doing so is in the best interests of Visa&#8217;s stockholders 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) in a way that is economically neutral to Class&nbsp;A and
Class&nbsp;C stockholders with respect to liability from the U.S. covered litigation. </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 ITS ELIGIBLE CLASS B COMMON STOCK IS 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 Eligible Class&nbsp;B common stock properly tendered (and not validly withdrawn) prior to
the Expiration Date and accepted by 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="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">in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange (in accordance with the terms described in
&#8220;The Exchange Offer&#8212;Terms of the Exchange <FONT STYLE="white-space:nowrap">Offer&#8212;Class&nbsp;B-1</FONT> Exchange&#8221;), participating <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholders will receive, on a per share
basis, (1)&nbsp;one quarter of a newly issued share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</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 and one quarter of a share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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> <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and Class&nbsp;C common stock would be convertible as of the Expiration Date, and (3)&nbsp;any applicable cash consideration; 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">in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange (in accordance with the terms described in
&#8220;The Exchange Offer&#8212;Terms of the Exchange <FONT STYLE="white-space:nowrap">Offer&#8212;Class&nbsp;B-2</FONT> Exchange&#8221;), participating <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> stockholders 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-3</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-2</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-2</FONT> and Class&nbsp;C common stock would
be convertible as of the Expiration Date, and (3)&nbsp;any applicable cash consideration. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:ARIAL">Based on the current Applicable
Conversion Rates for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1,</FONT> <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and Class&nbsp;C common stock of 1.5475 shares of Class&nbsp;A common stock, 1.5075 shares of Class&nbsp;A common
stock and 4 shares of Class&nbsp;A common stock, respectively, Visa will issue approximately 0.2877 shares of Class&nbsp;C common stock for each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock accepted in the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange, and approximately 0.1884 shares of Class&nbsp;C common stock for each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock accepted in the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange. See &#8220;The Exchange Offer&#8212;Terms of the Exchange Offer.&#8221; Due to changes in the Applicable Conversion Rates for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> and <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock since the 2024 <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange, the Exchange Consideration offered in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange
is less than the per share consideration offered in the 2024 <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange. See &#8220;Risk Factors&#8212;Risks Related to the Exchange Offer and Makewhole Agreements.&#8221; </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>CAN A CLASS <FONT STYLE="white-space:nowrap">B-1</FONT> STOCKHOLDER EXCHANGE CLASS
<FONT STYLE="white-space:nowrap">B-1</FONT> COMMON STOCK FOR CLASS <FONT STYLE="white-space:nowrap">B-2</FONT> COMMON STOCK IN THE CLASS <FONT STYLE="white-space:nowrap">B-1</FONT> 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">No. The <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange does not entitle a
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder to exchange its <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. The <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange comprises two components: an exchange from <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock into <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock,
automatically and immediately followed by an exchange from <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock into <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock. Any holder participating in the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange will receive, on </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">7 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

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

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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
a per share basis, (1)&nbsp;one quarter of a newly issued share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</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 and one quarter of a share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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> <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and Class&nbsp;C common stock would be convertible as of the Expiration
Date, and (3)&nbsp;any applicable cash consideration. See &#8220;The Exchange Offer&#8212;Terms of the Exchange <FONT STYLE="white-space:nowrap">Offer&#8212;Class&nbsp;B-1</FONT> Exchange&#8221; for a description of the terms of the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange. </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 ELIGIBLE CLASS B 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&#8217;s certificates appended thereto, pursuant to the directions set forth in such Letter of Transmittal. In the event the registered holder of the Eligible Class&nbsp;B common stock being tendered in the Exchange Offer is
different from the beneficial owner (e.g., because the registered holder is a securities intermediary holding the Eligible Class&nbsp;B common stock in its name on behalf of the beneficial owner), the registered holder must identify the beneficial
owner of such Eligible Class&nbsp;B common stock in the Letter of Transmittal. The beneficial owner of the Eligible Class&nbsp;B common stock tendered in the Exchange Offer must execute and deliver the Makewhole Agreement, including the
officer&#8217;s certificates appended thereto, as the &#8220;Holder&#8221; party thereto, together with such beneficial owner&#8217;s Parent Guarantors. See &#8220;The Exchange Offer&#8212;Procedures for Tendering Eligible Class&nbsp;B Common
Stock&#8221; and &#8220;Makewhole Agreement&#8212;Registered Holders Who Are Not Beneficial Owners.&#8221; 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&#8217;s certificates appended thereto, and any other required documents through&#8195;&#8195;&#8195; or at the address set forth under &#8220;Exchange Agent and Information Agent&#8221; before the Expiration Date.
For further information on how to tender Eligible Class&nbsp;B common stock, contact the Exchange Agent at the telephone number set forth under &#8220;Exchange Agent and Information Agent.&#8221; </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 ELIGIBLE CLASS B 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 Eligible Class&nbsp;B 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. Class&nbsp;B stockholders 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 CLASS <FONT STYLE="white-space:nowrap">B-3</FONT> COMMON STOCK AND CLASS 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-3</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> and <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and will
not be transferable until the Escrow Termination Date, subject to certain exceptions set forth in the Certificate of Incorporation. For a description of transfer restrictions applicable to the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT>
common stock, see </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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<TD WIDTH="9%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
&#8220;Description of Capital Stock&#8212;Transfer Restrictions.&#8221; 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&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 45 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 90 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. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:ARIAL">In the event that any outstanding Class&nbsp;B 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 common stock will, automatically and without further action
on Visa&#8217;s part or on the part of any Class&nbsp;B stockholder or Class&nbsp;C stockholder, 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-3</FONT> common stock, or Class&nbsp;C common stock. Class&nbsp;A common stock is listed on the NYSE under the symbol &#8220;V.&#8221; </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 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 CLASS A COMMON STOCK AND CLASS C COMMON STOCK WILL OCCUR IF THE EXCHANGE OFFER IS COMPLETED?
</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">Completion of the Exchange Offer will not increase the fully diluted amount of outstanding 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;22, 2026, there were 1,681.09&nbsp;million shares of Class&nbsp;A common stock and 8.90&nbsp;million shares of
Class&nbsp;C common stock outstanding. Completion of the Exchange Offer may significantly increase the amount of outstanding Class&nbsp;C common stock, which, in turn, will be convertible into freely transferable shares of Class&nbsp;A common stock.
See &#8220;Description of Capital Stock&#8212;Conversion.&#8221; Assuming that 100% of the outstanding Eligible Class&nbsp;B common stock is tendered and accepted for exchange in the Exchange Offer, upon completion of the Exchange Offer, there would
be no <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, no <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, 61.38&nbsp;million shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock and
an additional 24.07&nbsp;million shares of Class&nbsp;C common stock 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> <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and Class&nbsp;C common stock of 1.5475 shares of Class&nbsp;A common stock, 1.5075
shares of Class&nbsp;A common stock and 4 shares of Class&nbsp;A common stock, respectively. Such Class&nbsp;C common stock will automatically convert into Class&nbsp;A common stock upon transfer to a person other than a Visa member or an affiliate
of a Visa member. Conversion of Class&nbsp;C common stock into Class&nbsp;A common stock would decrease the number of shares of Class&nbsp;C common stock and increase the number of shares of Class&nbsp;A
</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">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:ARIAL">
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: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"><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 COMPLETED AND A CLASS B STOCKHOLDER DOES NOT PARTICIPATE OR DOES NOT EXCHANGE ALL OF ITS
ELIGIBLE CLASS B COMMON STOCK, HOW WILL THAT HOLDER&#8217;S RIGHTS AND OBLIGATIONS UNDER THE REMAINING OUTSTANDING CLASS B 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 Eligible Class&nbsp;B common stock that remains outstanding after completion of the Exchange Offer and
your rights as a holder thereof will not change as a result of the Exchange Offer. If you participated in the 2024 <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange, you will continue to be bound by the Makewhole Agreement that you
entered into at that time. </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">Q:</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 COMPLETED AND A CLASS <FONT STYLE="white-space:nowrap">B-2</FONT> STOCKHOLDER EXCHANGES ALL
OF ITS CLASS <FONT STYLE="white-space:nowrap">B-2</FONT> COMMON STOCK, WILL THAT STOCKHOLDER REMAIN BOUND BY THE MAKEWHOLE AGREEMENT IT ENTERED INTO AT COMPLETION OF THE 2024 CLASS <FONT STYLE="white-space:nowrap">B-1</FONT> 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">Yes. If you participated in the 2024 <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange, you will continue
to be bound by the Makewhole Agreement that you entered into at that time regardless of whether you participate in this Exchange Offer. If you participate in the Exchange Offer, you will be required to enter into a new Makewhole Agreement (as
described herein). </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 ELIGIBLE CLASS B COMMON STOCK THAT IS 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">Eligible Class&nbsp;B 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 CLASS B STOCKHOLDERS 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 Eligible
Class&nbsp;B 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&#8217;s officers and employees, the Exchange Agent, the Information Agent, any
of Visa&#8217;s financial advisors or any other person is making any recommendation to any Class&nbsp;B stockholder as to whether or not you should tender Eligible Class&nbsp;B 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 &#8220;Risk Factors&#8221; 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 CLASS B STOCKHOLDER CONSIDER IN DECIDING WHETHER OR NOT TO TENDER THEIR ELIGIBLE CLASS B 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 &#8220;<A HREF="#tx124284_10">Risk Factors</A>&#8221; beginning on page 24 of this
prospectus and in any corresponding sections included in 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">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">

<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 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 Class&nbsp;B stockholder, the execution and delivery of a Makewhole Agreement by such
stockholder and its Parent Guarantors, if any. Each Class&nbsp;B stockholder and each of its Parent Guarantors must also execute and deliver the officer&#8217;s certificate that is appended to the Makewhole Agreement. See &#8220;Makewhole
Agreement&#8221;; 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 &#8220;The Exchange Offer&#8212;Conditions of the Exchange Offer.&#8221;
</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 amount of Eligible Class&nbsp;B common stock being tendered for exchange.
If all conditions are satisfied or waived with respect to the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange but not the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, or vice versa, Visa may, but is not required
to, proceed with that component of the Exchange Offer with respect to which all conditions have been satisfied or waived; alternatively, Visa may terminate the entire Exchange Offer. Visa may waive certain conditions of the Exchange Offer. If any of
the conditions is 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&#8195;&#8195;&#8195;&#8195;, New York City time, on
&#8195;&#8195;&#8195;&#8195;, 2026, 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. 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 Eligible Class&nbsp;B 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, Eligible Class&nbsp;B common stock that was 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 Eligible Class&nbsp;B common stock if any condition is not met. If the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, as applicable, is terminated, no Eligible Class&nbsp;B common stock tendered in that component of the Exchange Offer will be accepted for exchange and any Eligible Class&nbsp;B common stock
that has been tendered for exchange in that component will be returned to the holder promptly after the termination at Visa&#8217;s expense. For more information regarding Visa&#8217;s right to extend, amend or terminate the Exchange Offer, see
&#8220;The Exchange Offer&#8212;Expiration Date; Extension; Termination; Amendment.&#8221; </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>

</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">

<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>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 9:30 AM, 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 &#8220;The Exchange Offer&#8212;Expiration Date; Extension; Termination; Amendment.&#8221; </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 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 &#8220;Material U.S. Federal Income Tax Considerations.&#8221; </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&#8217;S ELIGIBLE CLASS B COMMON STOCK IS 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 Eligible Class&nbsp;B common stock because of an invalid tender, the occurrence of the
other events set forth in this prospectus or otherwise, the Eligible Class&nbsp;B common stock not accepted by Visa will be returned to you, at Visa&#8217;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 ELIGIBLE CLASS B 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 Eligible Class&nbsp;B common stock that was previously tendered for exchange
at any time prior to the expiration of the Exchange Offer. In addition, you may withdraw any Eligible Class&nbsp;B common stock that you tender that is not accepted for exchange by Visa after the expiration of 40 business days from commencement of
the Exchange Offer. For more information, see &#8220;The Exchange Offer&#8212;Withdrawal Rights.&#8221; </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-3</FONT> COMMON
STOCK AND CLASS C COMMON STOCK ONCE THEY HAVE VALIDLY TENDERED THEIR ELIGIBLE CLASS B 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 Eligible Class&nbsp;B common stock validly tendered in the Exchange Offer has been accepted for exchange,
the Exchange Agent will cause <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</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 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 ELIGIBLE CLASS B 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, </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">12 </P>

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<TD WIDTH="9%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
holders who, following the Exchange Offer, wish to sell their 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. </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:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Payment obligations under the Makewhole Agreement will arise if there is a downward adjustment to the Applicable
Conversion Rate for the Class&nbsp;B 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-3</FONT> common stock has been exhausted (i.e., the Applicable
Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock has reached zero). For each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock issued in the Exchange Offer, the makewhole payment
obligation would equal twice the reduction in value that a single share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock would have experienced, and four 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 <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. No assurances can be
provided as to the timing, amount or frequency of potential makewhole payments. See &#8220;Makewhole Agreement&#8212;Payments under the Makewhole Agreement&#8221; and &#8220;Background of Class&nbsp;B Common Stock&#8221; for additional information.
</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 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 Eligible Class&nbsp;B common stock had it not tendered its Eligible
Class&nbsp;B common stock in the Exchange Offer. The value of Class&nbsp;B common stock fluctuates based on the Applicable Conversion Rate for the Class&nbsp;B common stock and the market price of Class&nbsp;A common stock. <I>Because there is no
cap on the value of Class A common stock, as long as the Applicable Conversion Rate for a participating</I><I> </I><I>holder&#8217;s tendered Eligible Class&nbsp;B common stock is greater than zero (regardless of whether any shares of such
Class&nbsp;B common stock</I><I> </I><I>remain outstanding), there is no cap on the value of such tendered Eligible Class&nbsp;B common stock.</I> Therefore, until all U.S. covered litigation obligations have been satisfied, 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-3</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-3</FONT> common stock. Consequently, if a participating holder sells or otherwise transfers <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</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 <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</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:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Under the Certificate of Incorporation, the transfer and conversion restrictions on all outstanding classes of
Class&nbsp;B common stock will be removed upon final resolution of all U.S. </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">13 </P>

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<TD WIDTH="9%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
covered litigation (such date, the &#8220;Escrow Termination Date&#8221;). 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. </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 THE EXCHANGE OFFER AFFECT SWAPS OR OTHER DERIVATIVE CONTRACTS OR TRANSACTIONS IN PLACE WITH RESPECT TO THE
CLASS B 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">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 Class&nbsp;B stockholder&#8217;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 two 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, including this Exchange Offer. </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 preceding class of Class&nbsp;B common stock. Visa may, but is under no obligation to, conduct a successive exchange offer after one year has passed since this Exchange
Offer for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock issued in the Exchange Offer 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 this Exchange Offer, as determined by Visa. </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> and <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock that are not tendered in the Exchange Offer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:ARIAL">You should not assume that Visa will conduct any future exchange offers open to Class&nbsp;B stockholders, including
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock issued in this Exchange Offer, or that are open to any <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> stockholders
after this Exchange Offer. See &#8220;Risk Factors&#8212;Risks Related to the Exchange Offer and Makewhole Agreements.&#8221; </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>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>
<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 you have questions about the terms of the Exchange Offer or the procedures for tendering your Eligible Class&nbsp;B
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">Sodali&nbsp;&amp; Co. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">430 Park Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">14th Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">New York, New York 10022 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Banks and Brokers Call:
(203) <FONT STYLE="white-space:nowrap">658-9400</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Stockholders Call Toll Free: (800) <FONT STYLE="white-space:nowrap">662-5200</FONT> </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> VISA@investor.sodali.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">14 </P>

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<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-bottom:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="tx124284_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
&#8220;Risk Factors&#8221; in this prospectus as well as in any corresponding sections included in the documents incorporated herein by reference. In addition, certain statements include forward-looking information that involves risks and
uncertainties. See &#8220;Cautionary Note Regarding Forward-Looking Statements.&#8221; </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="tx124284_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&#8217;s leaders in digital payments. Visa&#8217;s purpose is to uplift everyone, everywhere by being the best way to pay and be
paid. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Since Visa&#8217;s early days in 1958, we have been in the business of facilitating secure, reliable and efficient global commerce and money
movement. We provide transaction processing services (primarily authorization, clearing and settlement) among consumers, issuing and acquiring financial institutions and sellers. </P>
<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&#8217;s principal executive offices are located at P.O. Box 8999, San Francisco,
California 94128-8999, and Visa&#8217;s telephone number is (650) <FONT STYLE="white-space:nowrap">432-3200.</FONT> Visa&#8217;s corporate website address is www.corporate.visa.com. This is a textual reference only. The information on or accessible
through Visa&#8217;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>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</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">15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="tx124284_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 &#8220;The Exchange Offer,&#8221; &#8220;Makewhole Agreement&#8221; and &#8220;Description of Capital Stock.&#8221; </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<BR>
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange </P></TD>
<TD>Any and all outstanding <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">There are two components to the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange: an exchange from <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock into
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, automatically and immediately followed by an exchange from <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock into
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock. <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholders are not being offered the opportunity to exchange only into
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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">Under the Certificate of Incorporation, because each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock will be exchanged for one half of a share of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock will be exchanged for one half of a share of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock, this means that each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock will effectively be exchanged for one quarter of a share of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock. Similarly, each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock will be exchanged for 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 and one quarter of a share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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> <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and Class&nbsp;C common stock would be convertible as of the Expiration Date. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size: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-2</FONT> Common Stock Subject to the
<BR><FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange </P></TD>
<TD>Any and all outstanding <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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-2</FONT> common stock was originally issued as part of the consideration for shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock tendered in
the 2024 <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</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">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: </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="40%">&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">in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange, any and all
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock for <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock and Class&nbsp;C common stock (and cash where applicable); and </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="40%">&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">in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, any and all
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock for <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock and Class&nbsp;C common stock (and cash where applicable). </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">16 </P>

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<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-bottom:1.5%; margin-left:1.5%; margin-right:-1.25%">


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<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Tenders of Class</I><I></I><I><FONT STYLE="white-space:nowrap">&nbsp;B-1</FONT> common stock in the Class</I><I></I><I><FONT STYLE="white-space:nowrap">&nbsp;B-1</FONT> Exchange</I>. 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 quarter of a newly
issued share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</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 and one quarter of a share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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> <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and Class&nbsp;C common stock would be convertible as of the Expiration Date, and (3)&nbsp;any applicable cash consideration. See
&#8220;The Exchange Offer&#8212;Terms of the Exchange <FONT STYLE="white-space:nowrap">Offer&#8212;Class&nbsp;B-1</FONT> Exchange.&#8221; </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"><I>Tenders of Class</I><I></I><I><FONT STYLE="white-space:nowrap">&nbsp;B-2</FONT> common stock in the Class</I><I></I><I><FONT STYLE="white-space:nowrap">&nbsp;B-2</FONT> Exchange</I>. In exchange for each share of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</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-3</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-2</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-2</FONT> and Class&nbsp;C common stock would be convertible as of the Expiration Date, and
(3)&nbsp;any applicable cash consideration. See &#8220;The Exchange Offer&#8212;Terms of the Exchange <FONT STYLE="white-space:nowrap">Offer&#8212;Class&nbsp;B-2</FONT> Exchange.&#8221; </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">Based on the current Applicable Conversion Rates for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1,</FONT> <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and Class&nbsp;C common stock of 1.5475 shares of
Class&nbsp;A common stock, 1.5075 shares of Class&nbsp;A common stock and 4 shares of Class&nbsp;A common stock, respectively, Visa will issue approximately 0.2877 shares of Class&nbsp;C common stock for each share of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock accepted in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange and approximately 0.1884 shares of Class&nbsp;C common stock for each share of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock accepted in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange. </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;22, 2026, there were 4.84&nbsp;million shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, 120.34&nbsp;million shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, no <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock and 8.90&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 Eligible Class&nbsp;B common stock is properly tendered (and not validly withdrawn) and accepted for exchange in the Exchange Offer, upon
completion of the Exchange Offer, there would be no <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, no <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, 61.38&nbsp;million shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock and an additional 24.07&nbsp;million shares of </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">17 </P>

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<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-bottom:1.5%; margin-left:1.5%; margin-right:-1.25%">


<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:1pt; margin-left:0%; font-size:10pt; font-family:ARIAL">
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%">
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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">Expiration Date </P></TD>
<TD>The Exchange Offer will expire at the Expiration Date, which is &#8195;&#8195;&#8195;&#8195;&#8195;, New York City time, on&#8195;&#8195;&#8195; , 2026, unless extended or earlier terminated by Visa. See &#8220;The Exchange
Offer&#8212;Expiration Date; Extension; Termination; Amendment.&#8221; </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 Eligible Class&nbsp;B 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 Eligible Class&nbsp;B 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 Eligible Class&nbsp;B 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 Eligible Class&nbsp;B common stock tendered for exchange, such Eligible Class&nbsp;B common stock will be returned to the tendering holder at Visa&#8217;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 Eligible Class&nbsp;B common stock, see &#8220;The Exchange Offer&#8212;Withdrawal Rights.&#8221; </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-3</FONT> common stock and Class&nbsp;C common stock issuable pursuant to the Exchange Offer, and the underlying Class&nbsp;A common stock into which they are convertible, are being registered
under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). 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-3</FONT> common stock will not be transferable until the Escrow Termination Date. See &#8220;Description of Capital
Stock&#8212;Transfer Restrictions&#8221; and &#8220;Makewhole Agreement.&#8221; </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 Class&nbsp;B stockholders are eligible to participate in the Exchange Offer. See &#8220;The Exchange Offer&#8212;Terms of the Exchange Offer.&#8221; </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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"><FONT STYLE="white-space:nowrap">Class&nbsp;B-1,</FONT> <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock are each separate classes of common stock for various reasons, including their different economic and conversion rights. Because of this, Visa is not required by the SEC&#8217;s
&#8220;all holders&#8221; rule <FONT STYLE="white-space:nowrap">(Rule&nbsp;14d-10(a)(1))</FONT> to extend an exchange offer for one </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">
numbered class of Class&nbsp;B common stock to all numbered classes of Eligible Class&nbsp;B common stock. To the extent Visa does so, as it is doing in this Exchange Offer, Visa is doing so on a
voluntary basis and may not proceed on a similar basis with any future exchange offers. </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">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&#8217;s certificates appended thereto, by such stockholder and its Parent Guarantors, if any. If all conditions are satisfied or waived with respect to the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange but not the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, or vice versa, Visa may, but is not required to, proceed with that component of the Exchange Offer with respect to
which all conditions have been satisfied or waived; alternatively, Visa may terminate the entire Exchange Offer. See &#8220;The Exchange Offer&#8212;Conditions of the Exchange Offer&#8221; and &#8220;Makewhole Agreement.&#8221; </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 Eligible Class&nbsp;B Common Stock </P></TD>
<TD>Only a holder of Eligible Class&nbsp;B common stock may tender shares of Eligible Class&nbsp;B common stock in the Exchange Offer. To tender your Eligible Class&nbsp;B common stock in the Exchange Offer, you must deliver to the Exchange Agent
executed copies of the Letter of Transmittal and the Makewhole Agreement, including the officer&#8217;s certificates appended thereto, in accordance with the instructions within the Letter of Transmittal prior to the Expiration Date. See &#8220;The
Exchange Offer&#8212;Procedures for Tendering Eligible Class&nbsp;B Common Stock.&#8221; </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 Eligible Class&nbsp;B common stock, contact the Information Agent at the telephone number set forth under &#8220;Exchange Agent and Information Agent.&#8221; </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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Visa reserves the right to extend the Exchange Offer for any reason. 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 Eligible Class&nbsp;B 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 Eligible Class&nbsp;B common stock if any condition is not met. For more information regarding Visa&#8217;s right to extend, amend or
</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">19 </P>

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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">
terminate the Exchange Offer, see &#8220;The Exchange Offer&#8212;<FONT STYLE="font-size:0.5pt"> </FONT>Expiration Date; Extension; Termination; Amendment.&#8221; </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">Separate Classes </P></TD>
<TD><FONT STYLE="white-space:nowrap">Class&nbsp;B-1,</FONT> <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock are each separate classes of common stock for various reasons,
including their different economic and conversion rights. Because of this, Visa is not required by the SEC&#8217;s &#8220;all holders&#8221; rule (Rule <FONT STYLE="white-space:nowrap">14d-10(a)(1))</FONT> to extend an exchange offer for one
numbered class of Class&nbsp;B common stock to all numbered classes of Class&nbsp;B common stock. To the extent Visa does so, as it is doing in this Exchange Offer, Visa is doing so on a voluntary basis and may not proceed on a similar basis with
any future exchange offers. </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 Eligible Class&nbsp;B Common Stock </P></TD>
<TD>The terms of your Eligible Class&nbsp;B common stock that remain outstanding after completion of the Exchange Offer and your rights as a holder thereof will not change as a result 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">Under the Exchange Offer Program authorized by the Certificate of Incorporation, following completion of this Exchange Offer, Visa may, but is under no obligation to, conduct up to two more successive exchange offers
that, in each case, would have the effect of releasing the transfer restrictions on up to half of the highest-numbered class of Class&nbsp;B common stock then outstanding (assuming previously issued Class&nbsp;B common stock had been converted into
such highest-numbered class in previously completed exchange offers). In exchange for the tendered Class&nbsp;B common stock, Visa would issue (x)&nbsp;shares of a successively numbered 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 (assuming in both cases that previously issued
Class&nbsp;B common stock had been converted into the then-highest-numbered class outstanding in previously completed exchange offers). However, if you do not participate in the Exchange Offer and Visa does not conduct an additional exchange offer
for your class of Class&nbsp;B common stock, you will not be eligible to participate in a successive exchange offer. See &#8220;The Exchange Offer&#8212;Consequences of Failure to Exchange Eligible Class&nbsp;B Common Stock in the Exchange
Offer.&#8221; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<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 &#8220;Material U.S. Federal Income Tax Considerations&#8221; 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>
</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">Brokerage Commissions </P></TD>
<TD>No brokerage commissions are payable by holders of Eligible Class&nbsp;B 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%">
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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">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>Class&nbsp;B stockholders 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>
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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">Risk Factors </P></TD>
<TD>Your decision whether to participate in the Exchange Offer and to exchange your Eligible Class&nbsp;B 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 &#8220;Risk Factors&#8221; beginning on page&nbsp;24 of this prospectus and in any corresponding sections included in the documents incorporated herein by reference. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In particular, a participating holder must note that 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 its Eligible Class&nbsp;B common stock had it not tendered its Eligible Class&nbsp;B common stock in the Exchange Offer. The
value of Class&nbsp;B common stock fluctuates based on the Applicable Conversion Rates and the market price of Class&nbsp;A common stock. <I>Because there is no cap on the value of Class&nbsp;A common stock, as long as the Applicable Conversion Rate
for a participating</I><I> </I><I>holder&#8217;s tendered Eligible Class&nbsp;B common stock is greater than zero (regardless of whether any shares of such Class&nbsp;B common</I><I> </I><I>stock remain outstanding), there is no cap on the value of
such tendered Eligible Class&nbsp;B common stock.</I> Therefore, until all U.S. covered litigation obligations have been satisfied, 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. </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%"> <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&#8217;s obligation to
file a Schedule TO with the SEC and otherwise to 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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Visa has not assessed, and can provide no assurance as to, the suitability of a Class&nbsp;B stockholder&#8217;s participation in the
Exchange Offer, including the requirement to enter into and perform under a Makewhole Agreement, under the various </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">
regulatory regimes that may apply to any particular Class&nbsp;B stockholder or its Parent Guarantors. See &#8220;Risk Factors&#8212;Risks Related to the Exchange Offer and Makewhole
Agreements&#8212;Each Class&nbsp;B 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 Class&nbsp;B stockholder may have entered.&#8221; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<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>Visa understands that some current or former Class&nbsp;B stockholders have entered into swap or other derivative contracts or transactions with other current or former Class&nbsp;B stockholders concerning the Eligible Class&nbsp;B 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&nbsp;B stockholder&#8217;s rights or obligations
under any such swap or other derivative contract or transaction. See &#8220;Risk Factors&#8212;Risks Related to the Exchange Offer and Makewhole Agreements&#8212;Each Class&nbsp;B 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 Class&nbsp;B stockholder may have entered.&#8221;
</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<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 Eligible Class&nbsp;B common stock in the Exchange Offer may depend on whether there is an
exemption available under the laws of such person&#8217;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>
</div></div>

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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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<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Validly tendered Eligible Class&nbsp;B 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>
<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 Agent </P></TD>
<TD>Equiniti Trust Company, LLC. </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">Information Agent </P></TD>
<TD>Sodali&nbsp;&amp; Co. </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">Further Information </P></TD>
<TD>If you have questions about the terms of the Exchange Offer or the procedures for tendering your Eligible Class&nbsp;B common stock in the Exchange Offer or require assistance in tendering Eligible Class&nbsp;B common stock, please contact the
Information Agent. The contact information for the Information Agent is set forth under &#8220;Exchange Agent and Information Agent.&#8221; If you would like additional copies of this prospectus, Visa&#8217;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 www.investor.visa.com. This is a textual
reference only. The information on or accessible through Visa&#8217;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
&#8220;Where You Can Find More Information; Incorporation of Certain Information by Reference.&#8221; </TD></TR></TABLE>
</div></div>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="tx124284_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&#8217;s filings with the SEC incorporated herein by
reference. See &#8220;Where You Can Find More Information; Incorporation of Certain Information by Reference.&#8221; 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="tx124284_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 Eligible Class&nbsp;B common stock had it not tendered its Eligible Class&nbsp;B common stock in the Exchange
Offer. The value of Class&nbsp;B common stock fluctuates based on the Applicable Conversion Rate and the market price of Class&nbsp;A common stock. See &#8220;Makewhole Agreement&#8212;Payments under the Makewhole Agreement.&#8221; <I>Because there
is no cap on the value of Class&nbsp;A common stock, as long as the Applicable Conversion Rate for a participating holder&#8217;s tendered Eligible Class&nbsp;B common stock is greater than zero (regardless of whether any shares of such Class&nbsp;B
common stock remain outstanding), there is no cap on the value of such tendered Eligible Class&nbsp;B common stock</I>. Therefore, until all U.S. covered litigation obligations have been satisfied (or the Applicable Conversion Rate for the class of
Class&nbsp;B common stock tendered in the Exchange Offer 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 stockholders regarding the amount of remaining liability, if any, arising from the U.S. covered litigation. See &#8220;Background of Class&nbsp;B Common Stock.&#8221; </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> or
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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> and <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock. In the event Visa
conducts an additional exchange offer for either the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, the exchange consideration in such exchange offer would be calculated
using the same type of formulas used in this Exchange Offer. In particular, the number of shares of Class&nbsp;B common stock to be received as part of the exchange consideration in any additional exchange offer is fixed (e.g., 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, one share of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock will be issued for each two shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock validly tendered, and so on). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Consequently, if Visa makes a deposit into the U.S. covered litigation escrow account following completion of this Exchange Offer but prior to the
completion of any additional exchange offer in which the exchange consideration consists partially of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock, then the Applicable Conversion Rate for that
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock at the time of the additional exchange offer would be lower than the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock tendered, as adjustments to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock following this
</P>
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Exchange Offer will occur at twice the rate as that applicable to the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and four times the rate as that applicable to the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock. As a result, the amount of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock issued in exchange will 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-2</FONT> common stock and less than <FONT STYLE="white-space:nowrap">one-quarter</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">This
diminution in value corresponds to the diminution of value incurred by a holder who received <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock in the Exchange Offer and continued to hold
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock at the time of the deposit into the U.S. covered litigation escrow account, and therefore Visa does not believe it is advantageous for a Class&nbsp;B stockholder to pass on the
opportunity to participate in the Exchange Offer with an expectation of being offered a future opportunity (which Visa is under no obligation to provide) to participate in a future exchange offer. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I>The 2024 <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange was completed in May 2024, and the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange offered hereby includes two components: an exchange from <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock into <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT>
common stock <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">(B-1/B-2</FONT></FONT> component), automatically and immediately followed by an exchange from <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock into <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock (B-2/B-3 component). As described in the preceding risk factor, because of changes in the Applicable Conversion Rate since the 2024 <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT>
Exchange, the amount of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock issued in the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">B-1/B-2</FONT></FONT> component of the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange will 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. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In this Exchange Offer, Visa is offering
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholders who did not participate in the 2024 <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange (or who did not fully participate in the 2024
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange) the ability to exchange their <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock for <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock. A <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder who accepts the offer will effectively first exchange their <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 then automatically and immediately thereafter exchange the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock for <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock. Because of changes in the
Applicable Conversion Rate for both the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock since the 2024
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange, and the fact that downward adjustments to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock occur at twice the rate compared to
such adjustments for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, the amount of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock issued in that component of the exchange will 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. Based on the closing stock price on the NYSE for
Visa&#8217;s Class&nbsp;A common stock on February&nbsp;27, 2026 of $320.14, this loss of value would be equivalent to $6.40 per tendered 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:2%; font-size:10pt; font-family:ARIAL"><B><I>Each Class&nbsp;B stockholder and its Parent Guarantors, if any, 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 Class&nbsp;B 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 Eligible Class&nbsp;B 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 Class&nbsp;B stockholder&#8217;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 Class&nbsp;B 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 Class&nbsp;B stockholders have entered into swap or other derivative contracts or transactions
with other current or former Class&nbsp;B stockholders concerning the Eligible Class&nbsp;B common stock. Visa is not a party to these contracts or transactions, </P>
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and Visa cannot and will not advise on the effects the Exchange Offer, including obligations under a Makewhole Agreement, may have on any Class&nbsp;B stockholder&#8217;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 Class&nbsp;B 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 Class&nbsp;B stockholder&#8217;s rights or obligations under any swap or other derivative contract or transaction concerning the
Eligible Class&nbsp;B common stock that such Class&nbsp;B 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 Class&nbsp;B
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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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
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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">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>
<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 Class&nbsp;B 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:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I>Only <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> stockholders may be offered the
opportunity 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 two additional successive exchange offers following this Exchange Offer that, in each case, would have the effect of releasing the transfer restrictions on up to half of the highest-numbered class of Class&nbsp;B common
stock then outstanding (assuming previously issued Class&nbsp;B common stock had been converted into such highest-numbered class in previously completed exchange offers). 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 <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> stockholders would be offered the opportunity to tender shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock and in exchange receive a combination of <FONT STYLE="white-space:nowrap">Class&nbsp;B-4</FONT> common stock and Class&nbsp;C common stock. See &#8220;The Exchange Offer&#8212;The
Exchange Offer Program.&#8221; 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 &#8220;The Makewhole
Agreement&#8212;Treatment of Multiple Makewhole Agreements.&#8221; Visa may not conduct an additional exchange offer for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common
stock, in which case holders that do not participate in this Exchange Offer would not be eligible to participate in any successive exchange offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL"><FONT
STYLE="white-space:nowrap">Class&nbsp;B-1,</FONT> <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock are each separate classes of common stock for various reasons, including
their different economic and conversion rights. Because of this, Visa is not required by the SEC&#8217;s &#8220;all holders&#8221; rule (Rule <FONT STYLE="white-space:nowrap">14d-10(a)(1))</FONT> to extend an exchange offer for one
</P>
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numbered class of Class&nbsp;B common stock to all numbered classes of Class&nbsp;B common stock. To the extent Visa does so, as it is doing in this Exchange Offer, Visa is doing so on a
voluntary basis and may not proceed on a similar basis with any future exchange offers. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I>If 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-3</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 Class&nbsp;B stockholders with additional
liquidity by allowing participating holders to exchange their restricted <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock for restricted
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</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 &#8220;Description of Capital
Stock&#8212;Conversion&#8221;), such Class&nbsp;C common stock will convert automatically into Class&nbsp;A common stock. If, as a result of the Exchange Offer, the exchanging stockholders sell Class&nbsp;A common stock in the public market, the
market price of Class&nbsp;A common stock could decline. In addition, the perception in the public market that participating holders might sell 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
Eligible Class&nbsp;B 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 <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</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 <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock will receive a combination of shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock and Class&nbsp;C common stock and any applicable cash consideration. See &#8220;The Exchange Offer&#8212;Terms of the Exchange Offer.&#8221; 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-3</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&#8217;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&#8217;s control. Accordingly, holders of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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 Class&nbsp;B common stock. In addition, Visa may extend the Exchange Offer, during which time the market value of Class&nbsp;A common stock may
fluctuate. See &#8220;The Exchange Offer&#8212;Expiration Date; Extension; Termination; Amendment.&#8221; </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 &#8220;Makewhole Agreement&#8212;Transfer Restrictions.&#8221; 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><FONT STYLE="white-space:nowrap">Class&nbsp;B-3</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, <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock received in the Exchange Offer will
remain subject to the same restrictions on transfer and conversion as the </P>
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<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> and <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and will not be transferable until the Escrow Termination Date when
all U.S. covered litigation is finally resolved. See &#8220;Description of Capital Stock&#8212;Transfer Restrictions.&#8221; 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 &#8220;MDL&#8221;)&#8212;In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, which comprises a damages class, claims
brought by merchants that opted out of the damages class (including those remanded from the MDL to another court), and an injunctive relief class. See &#8220;Background of Class&nbsp;B Common Stock.&#8221; The Class&nbsp;B common stock has been
subject to restrictions on transfer and conversion since Visa&#8217;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><FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> stockholders will bear additional risks and exposure as compared to holders of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock as a result of accelerated adjustments to the Applicable Conversion Rate for the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</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 <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock will be subject to the same conversion and transfer restrictions currently
imposed on <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> and <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, future downward adjustments to the Applicable Conversion Rate for the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock will occur at faster rate than future downward adjustments to the Applicable Conversion Rates for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> and <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock. For each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock tendered in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange, a participating
Class&nbsp;B stockholder will receive one quarter of a newly issued share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock, and for each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock tendered in
the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, a participating Class&nbsp;B common stockholder will receive one half of a newly issued share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock. Future
adjustments to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock will occur at four times the rate compared to downward adjustments to the Applicable Conversion Rate for the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and at twice the rate compared to downward adjustments to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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-3</FONT> common stock will therefore become convertible into fewer shares of Class&nbsp;A common stock compared to shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock. See &#8220;Description of Capital Stock&#8212;Conversion.&#8221; </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 <FONT STYLE="white-space:nowrap">as-converted</FONT> value of the outstanding <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock and the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock reaches zero, payment obligations would be triggered under the Makewhole
Agreement. See &#8220;Background of Class&nbsp;B Common Stock&#8221; and &#8220;Makewhole Agreement.&#8221; For each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock issued in the Exchange Offer, the makewhole payment
obligation would equal four 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, or twice the reduction in value that a single share of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</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 a 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 Rates for the Class&nbsp;B common stock. The
maximum amount payable under the Makewhole Agreement may exceed the initial value of the Class&nbsp;C common stock that is issued in the Exchange Offer. See &#8220;Makewhole Agreement&#8212;Payments under the Makewhole Agreement.&#8221; </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-3</FONT> common stock. Consequently, if a participating holder sells or otherwise transfers <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</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>
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 <P STYLE="margin-top:0pt; 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 <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock should tender their Eligible Class&nbsp;B 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> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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> or
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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 completed. </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> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock tendered in the Exchange Offer. See &#8220;The Exchange Offer&#8212;Conditions of the Exchange Offer&#8221; for a list of
the conditions to completion 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">Completion of the Exchange Offer is subject to, and conditioned upon, the satisfaction or waiver of the conditions
discussed under &#8220;The Exchange Offer&#8212;Conditions of the Exchange Offer.&#8221; 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&#8217;s certificates appended
thereto, by each participating holder and its Parent Guarantors, if any. If all conditions are satisfied or waived with respect to the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange but not the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, or vice versa, Visa may, but is not required to, proceed with that component of the Exchange Offer with respect to which all conditions have been satisfied or waived; alternatively,
Visa may terminate the entire Exchange Offer. </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. 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 Eligible Class&nbsp;B 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, 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> or <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</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> and <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock if any condition is
not met. If </P>
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the Exchange Offer is terminated, no <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock that have been tendered for exchange will be returned to the holder
promptly after the termination at Visa&#8217;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, Class&nbsp;B stockholders 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>
or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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> or
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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="tx124284_12"></A>BACKGROUND OF CLASS&nbsp;B COMMON STOCK </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa&#8217;s Class&nbsp;B common stock was established as part of Visa&#8217;s IPO to provide protection to the Class&nbsp;A and Class&nbsp;C
stockholders from monetary liability for certain litigation referred to in the Certificate of Incorporation as &#8220;Covered Litigation&#8221; (and referred to herein as the &#8220;U.S. covered litigation&#8221;), which it has successfully done
since 2008. At the time of Visa&#8217;s IPO, Visa established the U.S. retrospective responsibility plan (the &#8220;Responsibility Plan&#8221;) 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>&#8212;In re Payment Card Interchange Fee and Merchant Discount
Antitrust Litigation</I>, which primarily consist of a damages class, claims brought by merchants that opted out of the damages class (including those remanded from the MDL to another court), and an injunctive relief class. These cases challenge
Visa&#8217;s conduct relating to fees applicable to Visa-branded card transactions, certain network rules, and Visa&#8217;s 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 Class&nbsp;B common stock is subject to dilution through downward adjustments to the Applicable Conversion Rate for
the Class&nbsp;B 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 Class&nbsp;B common stock fluctuates with changes in the price of Class&nbsp;A common stock&#8212;assuming a constant Applicable Conversion Rate for the
Class&nbsp;B common stock, changes in the price of Class&nbsp;A common stock will cause proportional changes in the total loss absorption capacity of Class&nbsp;B common stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Following completion of the Exchange Offer, the total loss absorption capacities of the outstanding
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1,</FONT> <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock 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 Class&nbsp;B
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 final resolution of the U.S. covered litigation (the &#8220;Escrow Termination Date&#8221;), 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&#8217;s litigation obligation
and (ii)&nbsp;the Applicable Conversion Rate for the Class&nbsp;B 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&#8217;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 Class&nbsp;B 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&#8217;s IPO, the <FONT STYLE="white-space:nowrap">as-converted</FONT>
value of the Class&nbsp;B common stock has appreciated significantly and presently exceeds Visa&#8217;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 Class&nbsp;B common stock have now been in place for almost two decades, substantially longer than Visa and the Class&nbsp;B 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. As of October&nbsp;1, 2023, the estimated interchange reimbursement fees at issue in unresolved claims for damages in the U.S. covered litigation was
$49.6&nbsp;billion. The estimated interchange reimbursement fees at issue does not include interchange reimbursement fees attributable to claims in certain purported indirect purchaser class actions or any opt outs that have not asserted a claim for
damages. Since October&nbsp;1, 2023, Visa has made payments from the U.S. litigation escrow account of approximately $4.0&nbsp;billion for settlements of U.S. covered litigation, resulting in the reduction by more than 50% of the estimated
interchange reimbursement fees at issue in unresolved claims for damages in the U.S. covered litigation. There can be no assurances that settlements reached by Visa in the future will be for similar amounts as settlements to date relative to the
interchange at issue. Interchange at issue for unresolved claims for damages continues to increase as the claims remain open. The current U.S. litigation escrow account balance is approximately $850&nbsp;million. If there is no settlement of these
claims, the range of remaining damages exposure in currently unresolved claims for damages in U.S. covered litigation is approximately $15&#8211;$20&nbsp;billion through calendar year 2025, 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Assuming that 100% of the outstanding Eligible Class&nbsp;B common stock is accepted for exchange in the Exchange Offer, Visa would issue
61.38&nbsp;million shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock, which, based on the current Applicable Conversion Rates and Visa&#8217;s reported closing Class&nbsp;A common stock price on the NYSE on
February&nbsp;27, 2026 of $320.14, would have an <FONT STYLE="white-space:nowrap">as-converted</FONT> value of $29.6&nbsp;billion. This <FONT STYLE="white-space:nowrap">as-converted</FONT> value will fluctuate due to changes in the Applicable
Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock and the market price of the Class&nbsp;A common stock. In the event obligations under the U.S. covered litigation exceed the
<FONT STYLE="white-space:nowrap">as-converted</FONT> value of the outstanding <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock and the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT>
common stock reaches zero, payment obligations would be triggered under the Makewhole Agreement. The payment obligations under the Makewhole Agreement are not subject to any dollar cap. See &#8220;Risk Factors&#8212;Risks Related to the Exchange
Offer and Makewhole Agreements&#8212;The obligation of a participating holder and its Parent Guarantors under the Makewhole Agreement is not subject to any dollar cap.&#8221; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL"><B>VISA MAKES NO REPRESENTATION TO CLASS B 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 STOCKHOLDER TO CHANGE THE MANNER IN WHICH SUCH LIABILITY MAY BE BORNE BY SUCH STOCKHOLDER. THIS EXCHANGE OFFER DOES NOT ENABLE ANY CLASS B STOCKHOLDER TO AVOID OR MINIMIZE SUCH LIABILITY.
</B></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:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<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="tx124284_13"></A>THE EXCHANGE OFFER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="tx124284_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&#8217;s officers or employees, the Exchange Agent, the Information Agent, any of Visa&#8217;s financial advisors or any other person is making any recommendation to any Class&nbsp;B stockholder as to whether or not you
should tender Class&nbsp;B common stock in the Exchange Offer. Accordingly, you must make your own decision as to whether to tender Class&nbsp;B common stock in the Exchange Offer and, if so, the number of shares of Eligible Class&nbsp;B 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 &#8220;Risk Factors&#8221; 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="tx124284_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 Class&nbsp;B stockholders with additional liquidity, while continuing to protect holders 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 Class&nbsp;B common stock was 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="tx124284_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: </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">in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange, any and all outstanding shares of <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-3</FONT> common stock and Class&nbsp;C common stock and any applicable cash consideration (determined in
accordance with terms described under <FONT STYLE="white-space:nowrap">&#8220;&#8212;Class&nbsp;B-1</FONT> Exchange&#8221; below); 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">in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, any and all outstanding <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock for a combination of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock and Class&nbsp;C common stock and any applicable cash consideration (determined in
accordance with terms described under <FONT STYLE="white-space:nowrap">&#8220;&#8212;Class&nbsp;B-2</FONT> Exchange&#8221; below). </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I><FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange, 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 quarter of a newly issued share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</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 and one quarter of a share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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> <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and Class&nbsp;C common stock would be
convertible as of the Expiration Date, and (3)&nbsp;any applicable cash consideration 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> <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and Class&nbsp;C common stock of 1.5475 shares of Class&nbsp;A common stock, 1.5075 shares of Class&nbsp;A common stock and
4 shares of Class&nbsp;A common stock, respectively, Visa will issue approximately 0.2877 shares of Class&nbsp;C common stock for each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock accepted in the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange. </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:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<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">There are two components to the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange: an
exchange from <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock into <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">(B-1/B-2</FONT></FONT>
component), automatically and immediately followed by an exchange from <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock into <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">(B-2/B-3</FONT></FONT> component). <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholders are not being offered the opportunity to exchange only into <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">Under the Certificate of Incorporation, because each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock
will be exchanged for one half of a share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock will be exchanged for one half of a share of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock, this means that each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock will effectively be exchanged for one quarter of a share of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock. Similarly, each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock will be exchanged for 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 and one quarter of a share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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> <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and Class&nbsp;C common stock would be convertible as of the Expiration Date. </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> <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> 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 1.5475 (i.e., one share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock is convertible into 1.5475 shares of Class&nbsp;A common stock) and the
current <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Applicable Conversion Rate of 1.5075 (i.e., one share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock is convertible into 1.5075 shares of Class&nbsp;A common
stock) are in 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 $320.14 (which was the reported closing Class&nbsp;A common stock price on the NYSE on
February&nbsp;27, 2026). 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) 3,088 shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock, (ii) 3,553 shares of Class&nbsp;C common stock, and (iii) $1,633.55 in cash in lieu of receiving fractional shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</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-3</FONT> common stock issued in the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange 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 by two <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">(B-1/B-2</FONT></FONT> component): </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"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</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">dividing the resulting number of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock deemed to be
tendered in the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">B-2/B-3</FONT></FONT> component 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"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</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 / 2 = 3,088.75 shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</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">rounding down the number of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> 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"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</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">3,088.75 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock results in an issuance of 3,088
shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock. </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">34 </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">

<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 number of shares of Class&nbsp;C common stock issued in the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange is calculated by: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:ARIAL"><I><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">B-1/B-2</FONT></FONT> component </I></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 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"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</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-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="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 the resulting amount of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock 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"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</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 1.5475 = 9,559.6813 <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"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</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">9,559.6813 <FONT STYLE="white-space:nowrap">as-converted</FONT> shares of Class&nbsp;A common stock / 4 = 2,389.9203 shares
of Class&nbsp;C common stock; then </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:ARIAL"><I><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">B-2/B-3</FONT></FONT>
component </I></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-2</FONT> common stock deemed to be
tendered in the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">B-2/B-3</FONT></FONT> component: </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"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</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 / 2 = 3,088.75 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 the resulting amount of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock by the Applicable
Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</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">3,088.75 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock x 1.5075 = 4,656.2906 <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"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</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">4,656.2906 <FONT STYLE="white-space:nowrap">as-converted</FONT> shares of Class&nbsp;A common stock / 4 = 1,164.0727 shares
of Class&nbsp;C common stock; then </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:ARIAL"><I>Combining
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">B-1/B-2</FONT></FONT> and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">B-2/B-3</FONT></FONT> components </I></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">adding the number of shares of Class&nbsp;C common stock from the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">B-1/B-2</FONT></FONT> component with the number of shares of Class&nbsp;C common stock from the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">B-2/B-3</FONT></FONT> component to arrive at 3,553.9930
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"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</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">3,553.9930 shares of Class&nbsp;C common stock results in an issuance 3,553 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 0.75 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</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-3</FONT> common stock (which will be the same as the
Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock immediately following completion of the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</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">35 </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">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
Exchange), 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">0.75 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock x 1.5075 = 1.1306 <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">1.1306 shares of Class&nbsp;A common stock x $320.14 = $361.95. </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 0.9930 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">0.9930 shares of Class&nbsp;C common stock x 4 =3.972 <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">3.972 shares of Class&nbsp;A common stock x $320.14 = $1,271.60. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Consequently, the total applicable cash consideration for the fractional shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> and
Class&nbsp;C common stock will equal $1,633.55 ($361.95 + $1,271.60). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The table below 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="23%"></TD>

<TD VALIGN="bottom" WIDTH="19%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="19%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="19%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="20%"></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 VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Exchange Consideration</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Number of Shares
of<BR><FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Common<BR>Stock Tendered</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Applicable<BR>Conversion&nbsp;Rates<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" 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-3</FONT> Common<BR>Stock Received</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of&nbsp;Shares&nbsp;of<BR>Class&nbsp;C Common<BR>Stock Received</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Applicable<BR>Cash&nbsp;Consideration</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12,355</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1.5475; 1.5075</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">3,088<SUP STYLE="font-size:75%; vertical-align:top">(2)(3)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">3,553<SUP STYLE="font-size:75%; vertical-align:top">(2)(4)</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$1,633.55<SUP STYLE="font-size:75%; vertical-align:top">(5)</SUP></TD></TR></TABLE> <DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</DIV>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Reflects the Applicable Conversion Rates for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and
the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, respectively. </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:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Rounded down to the nearest share, where applicable. </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:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">For each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock tendered, one quarter of a share of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock will be issued. </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:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Equals the aggregate value of (i)&nbsp;one half of a share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT>
common stock and (ii)&nbsp;one quarter of a share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, based on the Applicable Conversion Rates for the <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. </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:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; 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 $320.14, the reported closing Class&nbsp;A common stock price on the NYSE on February&nbsp;27, 2026. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I><FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, for each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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-3</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-2</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-2</FONT> and Class&nbsp;C common stock would be convertible as of the Expiration Date, and (3)&nbsp;any applicable cash consideration 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-2</FONT> and Class&nbsp;C common stock of 1.5075 shares of Class&nbsp;A common stock and 4 shares of
Class&nbsp;A common stock, respectively, Visa will issue approximately 0.1884 shares of Class&nbsp;C common stock for each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock accepted the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange. </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">

<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 following calculations assume that the current Applicable Conversion Rates for the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> 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-2</FONT> Applicable Conversion Rate of 1.5075 (i.e., one share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock is convertible into 1.5075 shares of Class&nbsp;A common stock) is in
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 $320.14 (which was the reported closing Class&nbsp;A common stock price on the NYSE on February&nbsp;27,
2026). Under this scenario, a stockholder that validly tenders 12,355 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock would receive: (i) 6,177 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common
stock, (ii) 2,328 shares of Class&nbsp;C common stock, and (iii) $427.39 in cash in lieu of receiving fractional shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</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-3</FONT> common stock issued in the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange 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-2</FONT> common stock tendered in the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange 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"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</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-2</FONT> common stock / 2 = 6,177.5 shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</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-3</FONT> common stock to be received in
the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange 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"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</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-3</FONT> common stock results in an issuance of 6,177
shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</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 <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange 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-2</FONT> common stock tendered in the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange 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"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</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-2</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 the resulting amount of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock by the Applicable
Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</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 x 1.5075 = 9,312.5813 <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"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</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">9,312.5813 <FONT STYLE="white-space:nowrap">as-converted</FONT> shares of Class&nbsp;A common stock / 4 = 2,328.1453 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"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</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">2,328.1453 shares of Class&nbsp;C common stock results in an issuance of 2,328 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-3</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 </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">37 </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">

<Center><DIV STYLE="width:8.5in" align="left">
 <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-3</FONT> common stock (which will be the same as the Applicable Conversion Rate for the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock immediately following 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-3</FONT> common stock x 1.5075 = 0.7538 <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">0.7538 shares of Class&nbsp;A common stock x $320.14 = $241.32. </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 0.1453 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">0.1453 shares of Class&nbsp;C common stock x 4 = 0.5812 <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">0.5812 shares of Class&nbsp;A common stock x $320.14 = $186.07. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Consequently, the total applicable cash consideration for the fractional shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock
and Class&nbsp;C common stock will equal $427.39 ($241.32 +$186.07). </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="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="13%"></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 COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&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; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; " ALIGN="center"><B>Number of Shares of<BR><FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Common Stock<BR>Tendered</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Applicable&nbsp;Conversion<BR>Rate</B></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"><B>Number&nbsp;of&nbsp;Shares&nbsp;of<BR><FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> Common<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<BR>Class&nbsp;C Common<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>Applicable&nbsp;Cash<BR>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;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.5075</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">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">2,328</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">427.39</TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:75%; vertical-align:top">(4)</SUP>&nbsp;</TD></TR>
</TABLE> <DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</DIV> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Rounded down to the nearest share, where applicable. </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:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">For each share of Class B-2 common stock tendered, one half of a share of Class B-3 common stock will be issued.
</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:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Equals half of the value of validly tendered <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock based on
the Applicable Conversion Rates for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C 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:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; 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 $320.14, the reported closing Class&nbsp;A common stock price on the NYSE on February&nbsp;27, 2026. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I>General </I></B></P> <P STYLE="margin-top:6pt; 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-3</FONT> common stock and Class&nbsp;C common stock in exchange for properly tendered (and not validly withdrawn) shares of Eligible Class&nbsp;B common stock that are accepted for exchange promptly 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&#8217;s certificates appended
thereto, are being sent to all registered holders of Eligible Class&nbsp;B common stock. You must be a registered holder as of the Expiration Date in order to validly tender your Eligible Class&nbsp;B common stock. There is no minimum number of
shares of Eligible Class&nbsp;B common stock that is required to be tendered. </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>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Any Eligible Class&nbsp;B common stock that is accepted for exchange in the Exchange Offer will be
canceled. Eligible Class&nbsp;B common stock tendered but not accepted because it was not validly tendered shall remain outstanding upon completion of the Exchange Offer. If any tendered Eligible Class&nbsp;B common stock is not accepted for
exchange and payment because of an invalid tender, the occurrence of other events set forth in this prospectus or otherwise, all unaccepted Eligible Class&nbsp;B common stock will be transferred back, at Visa&#8217;s expense, to the tendering holder
promptly after the Expiration Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa&#8217;s obligation to accept Eligible Class&nbsp;B common stock tendered pursuant to the Exchange Offer is
limited by the conditions listed below under &#8220;&#8212;Conditions of the Exchange Offer.&#8221; Visa currently expects that each of the conditions will be satisfied and that no waivers will be necessary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Holders who tender Eligible Class&nbsp;B 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 important that you read &#8220;&#8212;Fees and Expenses&#8221; and &#8220;Material U.S. Federal Income Tax Considerations&#8221; 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 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="tx124284_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 Eligible Class&nbsp;B common stock pursuant to the Exchange Offer. Instead, Visa
will pay the exchanging Class&nbsp;B 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="tx124284_18"></A>Dilution; <FONT STYLE="white-space:nowrap">As-converted</FONT> Value </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">As of January&nbsp;22, 2026, there were 1,681.09&nbsp;million shares of Class&nbsp;A common stock and 8.90&nbsp;million shares of Class&nbsp;C common
stock outstanding. Completion of the Exchange Offer may significantly increase the amount of outstanding Class&nbsp;C common stock, which, in turn, will be convertible into freely transferable shares of Class&nbsp;A common stock. See
&#8220;Description of Capital Stock&#8212;Conversion.&#8221; Assuming that 100% of the outstanding Eligible Class&nbsp;B common stock is tendered and accepted for exchange in the Exchange Offer, upon completion of the Exchange Offer, there would be
no <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, no <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, 61.38&nbsp;million shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock and an
additional 24.07&nbsp;million shares of Class&nbsp;C common stock 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> <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and Class&nbsp;C common stock of 1.5475 shares of Class&nbsp;A common stock, 1.5075 shares
of Class&nbsp;A common stock and 4 shares of Class&nbsp;A common stock, respectively. Such Class&nbsp;C common stock will automatically convert into Class&nbsp;A common stock upon transfer to a person other than a Visa member or an affiliate of a
Visa member. Conversion of Class&nbsp;C common stock into Class&nbsp;A common stock would decrease the number of shares of Class&nbsp;C common stock and increase the number of shares 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; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I><FONT
STYLE="white-space:nowrap">B-1</FONT> Exchange </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Because of changes in the Applicable Conversion Rate for both the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock since the 2024 <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange, and the fact that downward
</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">
adjustments to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock occur at twice the rate compared to such adjustments for the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, the amount of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock issued in that component of the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange will 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><FONT STYLE="white-space:nowrap">B-2</FONT> Exchange </I></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 amount of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> and Class&nbsp;C
common stock issued as Exchange Consideration in the <FONT STYLE="white-space:nowrap">B-2</FONT> Exchange will equal the amount of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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, completion of the Exchange Offer will not affect the fully diluted amount of outstanding Class&nbsp;A common stock.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="tx124284_19"></A>Consequences of Failure to Exchange Eligible Class&nbsp;B 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 Eligible Class&nbsp;B common stock that remain outstanding after completion 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
completion of this Exchange Offer, Visa may, but is under no obligation to, conduct up to two more successive exchange offers that, in each case, would have the effect of releasing the transfer restrictions on up to half of the highest-numbered
class of Class&nbsp;B common stock then outstanding (assuming previously issued Class&nbsp;B common stock had been converted into such highest-numbered class in previously completed exchange offers). In exchange for the tendered Class&nbsp;B common
stock, Visa would issue (x)&nbsp;shares of a successively numbered 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 (assuming in both cases that previously issued Class&nbsp;B common stock had been converted into the then-highest-numbered class outstanding in previously
completed exchange offers). 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> or
<FONT STYLE="white-space:nowrap">Class&nbsp;
B-2</FONT> common stock, you will not be eligible to participate in the next successive exchange offer. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="tx124284_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
&#8220;Expiration Date&#8221; means &#8195;&#8195;&#8195;&#8195;, New York City time, on &#8195;&#8195;&#8195;&#8195;, 2026, and if Visa extends the period of time for which the Exchange Offer remains open, the term &#8220;Expiration Date&#8221;
means the latest time and date to which the Exchange Offer is so extended. Tendered Eligible Class&nbsp;B common stock may be withdrawn prior to the Expiration Date. You must validly tender your Eligible Class&nbsp;B 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 Securities
Exchange Act of 1934 (the &#8220;Exchange Act&#8221;). </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 (or the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, as applicable) is open, and delay acceptance for exchange of any shares of Eligible Class&nbsp;B common stock, by giving
oral or written notice to the Exchange Agent and by timely public announcement no later than &#8195;&#8195;&#8195;&#8195;, New York City time, on the next business day after the previously scheduled Expiration Date. During any extension, all shares
of Eligible Class&nbsp;B common stock previously tendered pursuant to the extended Exchange Offer (or the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, as
applicable) will remain subject to the Exchange Offer unless properly withdrawn. </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; text-indent:4%; font-size:10pt; font-family:ARIAL">In addition, at any time prior to the acceptance of the Eligible Class&nbsp;B common stock tendered in
the Exchange Offer (or the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, as applicable), 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 Eligible Class&nbsp;B common stock not previously
accepted for exchange upon the occurrence of any of the events specified below under &#8220;&#8212;Conditions of the Exchange Offer&#8221; that have not been waived by 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">terminate the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange 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 &#8220;&#8212;Conditions of the Exchange Offer&#8221; that have not been waived by Visa
as to the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange; </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">terminate the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange and not to accept for exchange any shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock not previously accepted for exchange upon the occurrence of any of the events specified below under &#8220;&#8212;Conditions of the Exchange Offer&#8221; that have not been waived by Visa
as to the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange; 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 (or the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange), 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 (or the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange) is terminated, withdrawn or otherwise not completed prior to the acceptance of shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, no Exchange Consideration will be distributed or become distributable to holders who have properly tendered their <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, as applicable, pursuant to the Exchange Offer. In any such event, the shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="tx124284_21"></A>Procedures for Tendering Eligible
Class&nbsp;B 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 Eligible Class&nbsp;B common stock may tender Eligible Class&nbsp;B common stock in the Exchange Offer. All shares of Eligible Class&nbsp;B common stock issued in book-entry form are currently held through 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&#8217;s certificates appended thereto, in accordance
with the instructions within the Letter of Transmittal prior to the Expiration Date. If a holder&#8217;s Eligible <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock is 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: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; 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&#8217;s certificates appended thereto, and any other required documents through &#8195;&#8195;&#8195;&#8195;or at the address set forth under &#8220;Exchange Agent and Information
Agent&#8221; before the Expiration Date. To receive confirmation of valid tender of shares of Eligible Class&nbsp;B common stock, a holder should contact the Exchange Agent at the telephone number listed under &#8220;Exchange Agent and Information
Agent.&#8221; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The acceptance by Visa of Eligible Class&nbsp;B 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 Eligible Class&nbsp;B common stock (and any and all other Visa common stock or other securities issued or issuable
in respect of such Eligible Class&nbsp;B common stock); and (2)&nbsp;when the same is accepted for exchange, Visa will acquire good, marketable and unencumbered title to such Eligible Class&nbsp;B common stock, 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)&nbsp;all validly tendered Eligible Class&nbsp;B 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&#8217;s common stock in that country;
(3)&nbsp;such holder&#8217;s participation in the Exchange Offer may depend on whether there is an exemption available under the laws of such holder&#8217;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)&nbsp;there may be restrictions that apply with respect to transactions in Visa&#8217;s common stock in such holder&#8217;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&#8217;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, the Makewhole Agreement, or any other required documents 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 Eligible Class&nbsp;B 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:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">In the event the registered holder of the shares of Eligible
Class&nbsp;B common stock being tendered in the Exchange Offer is different from the beneficial owner of such Eligible Class&nbsp;B common stock (e.g., because the registered holder is a securities intermediary holding the Eligible Class&nbsp;B
common stock in its name on behalf of the beneficial owner), the registered holder must identify the beneficial owner of such Eligible Class&nbsp;B common stock in the Letter of Transmittal. The beneficial owner of the Eligible Class&nbsp;B common
stock tendered in the Exchange Offer must execute and deliver the Makewhole Agreement, including the officer&#8217;s certificates appended thereto, as the &#8220;Holder&#8221; party thereto, together with such beneficial owner&#8217;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 Eligible Class&nbsp;B common stock. Visa&#8217;s determination will be final and binding; however, participating holders have the right to challenge Visa&#8217;s determination in a court of competent
jurisdiction. </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; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa reserves the absolute right to reject any Eligible Class&nbsp;B common stock not properly
tendered or any Eligible Class&nbsp;B common stock the acceptance of which would, in the opinion of Visa&#8217;s counsel, be unlawful. Visa also reserves the right to waive any defects, irregularities or conditions of tender as to particular shares
of Eligible Class&nbsp;B common stock, subject to the terms and conditions of the Exchange Offer set forth in the Certificate of Incorporation. Visa&#8217;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&#8217;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 Eligible Class&nbsp;B common stock must be cured within the time that Visa
determines. Although Visa or the Exchange Agent may notify holders of defects or irregularities with respect to tenders of Eligible Class&nbsp;B common stock, neither Visa, the Exchange Agent nor any other person will incur any liability for failure
to give notification. Tenders of Eligible Class&nbsp;B common stock will not be deemed made until those defects or irregularities have been cured or waived. Any Eligible Class&nbsp;B common stock received by the Exchange Agent that is not properly
tendered and as to which the defects or irregularities have not been cured or waived will be returned by the Exchange Agent at Visa&#8217;s expense 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 Eligible Class&nbsp;B common stock from a participating Class&nbsp;B stockholder and entering into a
Makewhole Agreement does not constitute a waiver of the Company&#8217;s right to seek assurances that the Makewhole Agreement was in fact properly completed and that the representations and warranties made by the participating Class&nbsp;B
stockholder and its Parent Guarantors therein are true and correct. Visa may contact a participating Class&nbsp;B 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 Class&nbsp;B stockholder and its Parent Guarantors therein are true and correct. In the Letter of Transmittal,
the participating Class&nbsp;B 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-3</FONT> common stock and Class&nbsp;C common stock issued as Exchange Consideration in the event Visa determines in its discretion that such Class&nbsp;B 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&#8217;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 by contacting the Exchange Agent. See &#8220;Exchange Agent and Information Agent.&#8221;
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="tx124284_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 Eligible Class&nbsp;B common stock at any time before the Expiration Date. In addition, if not previously accepted, you may withdraw Eligible Class&nbsp;B common stock that you tender that is 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 Eligible Class&nbsp;B 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 Eligible Class&nbsp;B 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 Eligible Class&nbsp;B common stock to be withdrawn; </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">43 </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">include a statement that the holder is withdrawing its election to have such shares of Eligible Class&nbsp;B 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 Eligible
Class&nbsp;B common stock was tendered. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Any Eligible Class&nbsp;B common stock withdrawn will not have been properly tendered for
exchange for purposes of the Exchange Offer. Properly withdrawn shares of Eligible Class&nbsp;B common stock may be <FONT STYLE="white-space:nowrap">re-tendered</FONT> by following one of the procedures described under &#8220;&#8212;Procedures for
Tendering Eligible Class&nbsp;B Common Stock&#8221; 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="tx124284_23"></A>Acceptance of
Eligible Class&nbsp;B 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 (or the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, as applicable), Visa will promptly accept the shares of Eligible Class&nbsp;B common stock
properly tendered that have not been validly withdrawn pursuant to the Exchange Offer (or the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, as applicable) and will
pay the Exchange Consideration in exchange for such shares of Eligible Class&nbsp;B common stock promptly after acceptance. See &#8220;&#8212;Conditions of the Exchange Offer&#8221; below. For purposes of the Exchange Offer, Visa will be deemed to
have accepted properly tendered Eligible Class&nbsp;B 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 Eligible Class&nbsp;B 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&#8217;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="tx124284_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&#8217;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 Class&nbsp;B stockholder, the execution and delivery of a Makewhole Agreement by such
stockholder and its Parent Guarantors, if any. Each Class&nbsp;B stockholder and each of its Parent Guarantors must also execute and deliver the officer&#8217;s certificate that is appended to the Makewhole Agreement. See &#8220;Makewhole
Agreement.&#8221; </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; 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 Eligible Class&nbsp;B common stock and may terminate or amend the Exchange Offer (or the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, as
applicable), 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> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, as applicable, for exchange, if, in Visa&#8217;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, </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>

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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<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 VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">
or by any other person, in connection with the Exchange Offer (or the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT>
Exchange, as applicable), that is, or is reasonably likely to be, in Visa&#8217;s reasonable judgment, materially adverse to Visa&#8217;s business, operations, properties, condition, assets, liabilities or prospects, or that would or might, in
Visa&#8217;s reasonable judgment, prohibit, prevent, restrict or delay completion of the Exchange Offer (or the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, as
applicable) or materially impair the contemplated purpose (as set forth under &#8220;&#8212;Reasons for the Exchange Offer&#8221;) 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&#8217;s reasonable judgment, would, or would be reasonably
likely to, prohibit, prevent, restrict or delay completion of the Exchange Offer (or the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, as applicable) or materially
impair the contemplated purpose of the Exchange Offer (or the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, as applicable) (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> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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&#8217;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&#8217;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&#8217;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&#8217;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>
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<TR style = "page-break-inside:avoid">
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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">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&#8217;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 (or the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, as applicable). </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 (or the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, as applicable) and to reject for exchange any shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock not previously accepted for exchange upon the occurrence of any of the conditions of the Exchange Offer (or the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, as applicable) 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 (or the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, as applicable), in whole or in part, 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&#8217;s certificates appended thereto, by each participating Class&nbsp;B stockholder and its
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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. If all conditions are satisfied or waived with respect to the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange but not the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, or vice versa, Visa may, but is not required to, proceed with that component of the Exchange Offer with respect to which all conditions have been satisfied or waived; alternatively, Visa may
terminate the entire Exchange Offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">These conditions are for Visa&#8217;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 (or the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange or
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, as applicable) must be satisfied or waived prior to the expiration of the Exchange Offer (or the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange or <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, as applicable). The Exchange Offer is not conditioned upon any minimum amount of Eligible Class&nbsp;B common stock tendered for exchange. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="tx124284_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. Tendering Class&nbsp;B stockholders will not be required to pay any of Visa&#8217;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 Class&nbsp;B 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 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="tx124284_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 Eligible Class&nbsp;B 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 Eligible Class&nbsp;B common stock is not accepted for exchange pursuant to the terms and conditions of the Exchange Offer for any
reason, such unexchanged Eligible Class&nbsp;B 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 Eligible Class&nbsp;B 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="tx124284_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 two more successive
exchange offers that, in each case, would have the effect of releasing the transfer restrictions on up to half of the highest-numbered class of Class&nbsp;B common stock then outstanding </P>
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(assuming previously issued Class&nbsp;B common stock had been converted into such highest-numbered class in previously completed exchange offers). In exchange for the tendered Class&nbsp;B
common stock, Visa would issue (x)&nbsp;shares of a successively numbered class of Class&nbsp;B common stock (for example, in this first successive exchange offer, <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock is being 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 (assuming in both cases that previously issued Class&nbsp;B common stock had been converted into the then-highest-numbered class outstanding in previously completed exchange
offers). </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
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 would be accelerated to occur at twice the rate as that applicable to the next-highest
numbered class of Class&nbsp;B common stock. 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 completion of the prior exchange offer, as determined by Visa. 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> and <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock.
In the event Visa conducts an additional <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> exchange offer, the exchange consideration would be calculated using the same formula used in
this Exchange Offer. See &#8220;Risk Factors&#8212;Risks Related to the Exchange Offer and Makewhole Agreements&#8212;If Visa conducts an additional exchange offer for <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</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.&#8221; </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 if the Applicable Conversion Rate for such class of Class&nbsp;B common stock has reached zero. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="tx124284_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 Eligible Class&nbsp;B common stock that remains outstanding in the open market, through redemptions, privately negotiated transactions, tender offers or otherwise. Future purchases of Eligible
Class&nbsp;B common stock that remains outstanding after the Exchange Offer may be on terms that are more or less favorable than the Exchange Offer. However, Rule <FONT STYLE="white-space:nowrap">13e-4</FONT> of the Exchange Act generally prohibits
Visa and its affiliates from purchasing any Eligible Class&nbsp;B 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&#8217;s business. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="tx124284_29"></A>No Appraisal Rights </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Class&nbsp;B stockholders 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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="tx124284_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
&#8220;Where You Can Find More Information; Incorporation of Certain Information by Reference.&#8221; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="tx124284_31"></A>&#8220;Blue Sky&#8221;
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 United States in which
the making of this Exchange Offer is not in compliance with applicable law. If Visa becomes aware of any jurisdiction within the United States 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 Eligible Class&nbsp;B common stock be accepted from or on behalf
of, the Class&nbsp;B stockholders residing in such jurisdiction. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="tx124284_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 Eligible Class&nbsp;B common stock accepted for exchange, Visa will eliminate the par value associated with such share on Visa&#8217;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-3</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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="tx124284_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 Agreement. 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="tx124284_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 Class&nbsp;B stockholder and its Parent
Guarantors, if any, must enter into a Makewhole Agreement pursuant to which such participating holder 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-3</FONT>
common stock has been exhausted (i.e., the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock has reached zero), but the <FONT STYLE="white-space:nowrap">as-converted</FONT> value of such
participating holder&#8217;s tendered Eligible Class&nbsp;B common stock has not been exhausted. </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 its Eligible
Class&nbsp;B common stock had it not tendered its Eligible Class&nbsp;B common stock in the Exchange Offer. The value of Class&nbsp;B common stock fluctuates based on the Applicable Conversion Rates and the market price of Class&nbsp;A common stock.
<I>Because there is no cap on the value of Class&nbsp;A common stock, as long as the Applicable Conversion Rate for a participating holder&#8217;s tendered Eligible Class&nbsp;B common stock is greater than zero (regardless of whether any shares of
such Class&nbsp;B common stock remain outstanding), there is no cap on the value of such tendered Eligible Class&nbsp;B common stock</I>. Therefore, until all U.S. covered litigation obligations have been satisfied, or until the Applicable
Conversion Rate for such tendered Eligible Class&nbsp;B common stock reaches zero, there is no cap on the amount of payments that a participating holder and its Parent Guarantors may be obligated to make under its Makewhole Agreement. See
&#8220;&#8212;Payment Obligation Termination Difference Between <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> and <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchanges&#8221; below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Because calculations under the Makewhole Agreement are based on the Applicable Conversion Rate for the Eligible Class&nbsp;B common stock tendered in
the Exchange Offer, the Makewhole Agreement assumes that at least one share of such Class&nbsp;B common stock remains outstanding for the purpose of the calculation following the Exchange Offer, even if the Exchange Offer is fully subscribed and all
remaining <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> and <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock is accepted for exchange. </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:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I>Calculation of Makewhole Payment Obligation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL"><B><I>Class</I></B><B><I></I></B><B><I><FONT STYLE="white-space:nowrap">&nbsp;B-1</FONT> Exchange</I></B>. For the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange, the makewhole payment would be in an amount equivalent to the loss in value a participating <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> 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 <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock in the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange, and had the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock not previously reached zero. For each share of
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<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock issued in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange, the makewhole payment obligation is calculated
as four 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 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 &#8220;Description of Capital Stock - Conversion - Class&nbsp;B Common Stock&#8221; for information about the calculation of Loss Funds Cost Per Share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL"><B><I>Class</I></B><B><I></I></B><B><I><FONT STYLE="white-space:nowrap">&nbsp;B-2</FONT> Exchange</I></B>. For the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, the makewhole payment would be in an amount equivalent to the loss in value a participating <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> stockholder would have borne through
the downward adjustment to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock had it not tendered such <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock in the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, and had the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock not previously reached zero. For each share of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock issued in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, the makewhole payment obligation is calculated as twice 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-2</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 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 &#8220;Description of Capital Stock - Conversion -
Class&nbsp;B Common Stock&#8221; for information about the calculation of Loss Funds Cost Per Share. Notwithstanding the foregoing, payment obligations under the Makewhole Agreement entered into in connection with the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> exchange will cease once the aggregate value represented by the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock tendered in the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange has been fully exhausted through downward adjustments to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock (i.e., once such
Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock has been reduced to zero). Thereafter, any further makewhole payments will be governed by the Makewhole Agreement entered into by the
participating <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> stockholder (or, if such participating <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> stockholder acquired its <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common
stock after the 2024 <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange, the direct or indirect transferor from whom such participating <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> stockholder acquired such <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock) in connection with the 2024 <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I>Payment Obligation Termination Difference Between <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> and
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchanges </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Under the Makewhole Agreement for the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, no additional payment obligations will arise after the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock reaches zero. Under the
Makewhole Agreement for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange, no additional payment obligations 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">Because there are two components to the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange&#8212;an exchange from <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock into <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, automatically and immediately followed by an exchange from <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT>
common stock into <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock&#8212;payment obligations under the Makewhole Agreement for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange must account for both components.
This differs from makewhole payment obligations under the Makewhole Agreement for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, which only need to account for an exchange from
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock into <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock. In the context of the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, the payment
obligations for the prior exchange from <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock into <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock in connection with the 2024
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange are governed by the Makewhole Agreement entered into by the participating <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> stockholder (or, if such participating <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> stockholder acquired its <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock after the 2024 <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange, the direct or indirect
transferor from whom such participating <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> stockholder acquired such <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock) in connection with the 2024
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange. </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>

</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">

<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">Each <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> stockholder participating in the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange (or its transferor) will continue to be responsible under the Makewhole Agreement entered into in 2024 (the &#8220;2024 Makewhole Agreement&#8221;) in connection with the 2024 <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange. Pursuant to such 2024 Makewhole Agreement, 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 has reached zero), such participating <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT>
stockholder (or such transferor) would be responsible for a makewhole payment in an amount equivalent to the loss in value such stockholder (or transferor) 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 <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock in the 2024 <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange, and had the
Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock not previously reached zero. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:ARIAL"><B><I>Illustrative Hypotheticals </I></B></P> <P STYLE="margin-top:6pt; 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>
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock. With each deposit, each designated as &#8220;Loss Funds&#8221; under the Certificate of Incorporation, the Applicable
Conversion Rates for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1,</FONT> <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</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 shares 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 245,513,385, i.e., the number of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock outstanding prior to the 2024 <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange, 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, and it is multiplied by four to determine the adjustment to the Applicable Conversion
Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Immediately following completion of the Exchange Offer, and until
the first deposit into the U.S. covered litigation escrow account following the completion of the Exchange Offer, the Applicable Conversion Rates for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock will be the same. The Applicable Conversion Rates for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common
stock will diverge only after a future deposit is made into the U.S. covered litigation escrow account following the completion of the Exchange Offer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The following table illustrates the effect of multiple consecutive deposits into the U.S. covered litigation escrow account on the Applicable Conversion
Rates for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1,</FONT> <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock. </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="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="4" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Deposit</B></P></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"><B>Loss<BR>Funds<BR>Cost Per<BR>Share</B></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"><B><FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT><BR>Applicable<BR>Conversion<BR>Rate</B></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"><B><FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT><BR>Applicable<BR>Conversion<BR>Rate</B></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"><B><FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT><BR>Applicable<BR>Conversion<BR>Rate</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" COLSPAN="8"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><I>Immediately&nbsp;following&nbsp;completion&nbsp;of&nbsp;the&nbsp;Exchange Offer:</I></P></TD>

<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:ARIAL"><I>&nbsp;</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.5475</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">1.5075</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">1.5075</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">(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">1.4626</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">1.3377</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">1.1679</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">1.3759</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">1.1643</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">0.8211</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">1.2571</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">0.9267</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">0.3459</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">1.1731</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">0.7587</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">0.0099</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">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,000,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</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">1.1561</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">0.7247</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">-0.0581</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">In the example above, a makewhole payment obligation is triggered as a result of the fifth deposit causing (i)&nbsp;the
Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> and <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock to remain </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>

</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">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
equal to or greater than zero and (ii)&nbsp;the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock to decrease below zero. 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 insofar the Applicable Conversion Rate for the Class B-1 or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock equals more than zero, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL"><B><I>Class</I></B><B><I></I></B><B><I><FONT STYLE="white-space:nowrap">&nbsp;B-1</FONT> Exchange</I></B>. Assume that a holder validly tenders 50,000
shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange. Such tendering <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> stockholder will receive
12,500 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock as a component of the Exchange Consideration. For each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock issued to a holder in the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange, the holder will be required to fund a makewhole payment equal to four 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-3</FONT> common stock, or 0.0581) multiplied by the Loss Funds Cost Per Share ($240.00). In this example, the holder would be required to make a $174,300.00 makewhole payment with respect to the 12,500
shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock it received in the Exchange Offer (0.0581 x $240.00 x 12,500 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock). Payment obligations for a
holder tendering <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange would end when 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"><B><I>Class</I></B><B><I></I></B><B><I><FONT
STYLE="white-space:nowrap">&nbsp;B-2</FONT> Exchange</I></B>. Assume that in May 2024 a holder tendered 100,000 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock in the 2024
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange, in return for which it received 50,000 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, and that such holder validly tenders such 50,000 shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange. Such tendering <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> stockholder will receive 25,000 shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock as a component of the Exchange Consideration. For each share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock issued to a holder in the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange, the holder will be required to fund 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-2</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-3</FONT> common stock, or 0.0581) multiplied by the Loss Funds Cost Per Share ($240.00). In this example, the holder would be required to make a $348,600.00 makewhole payment with respect to the 25,000
shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock it received in the Exchange Offer (0.0581 x $240.00 x 25,000 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock). Payment obligations for a
holder tendering <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange would end when the Applicable Conversion Rate for the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock reaches zero. Thereafter, any further makewhole payments will be governed by the 2024 Makewhole Agreement entered into by the participating
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> stockholder (or, if such participating <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> stockholder acquired its <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock after
the 2024 <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange, the direct or indirect transferor from whom such participating <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> stockholder acquired such
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock) in connection with the 2024 <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="tx124284_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> <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</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 &#8220;Price Per Share&#8221;). 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, and for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock is four times, the positive
adjustment to the Applicable Conversion </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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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </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">
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-3</FONT> common stock may remain equal to or less than zero. See &#8220;Description of Capital Stock&#8212;Conversion.&#8221; </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 the Escrow Termination Date and (ii)&nbsp;at or following the Escrow Termination Date, the
Applicable Conversion Rate for the Eligible Class&nbsp;B common stock tendered by a participating Class&nbsp;B stockholder in the Exchange Offer is equal to or greater than zero and increased as a result of the positive adjustment described in the
preceding paragraph, such participating Class&nbsp;B stockholder 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 four (4), 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-3</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 positive adjustment to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT>
common stock described above (or, if such adjustment causes the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock to increase above zero, the portion of 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 bring the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</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 &#8220;&#8212;Payments under the Makewhole Agreement&#8221;, assume that upon the
Escrow Termination Date, the Applicable Conversion Rates for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> and <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock are positive and that $1.0&nbsp;billion of funds are in
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">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 $1.0&nbsp;billion of remaining funds is divided by the Price Per Share, which for purposes of this example will be
assumed to be $240.00: </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"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</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">$1,000,000,000 / $240.00 = 4,166,667. </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 2024 <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange 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"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</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">4,166,667 / 245,513,385 = 0.0170. </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 two times the adjustment to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, or 0.0340. </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-3</FONT>
common stock is four times the adjustment to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, or 0.0680. </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 the positive adjustment to the Applicable Conversion Rate for the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock in effect of <FONT STYLE="white-space:nowrap">-0.0581</FONT> results in a final Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common
stock of 0.0099. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; 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 Eligible Class&nbsp;B </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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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
common stock tendered by a participating Class&nbsp;B stockholder in the Exchange Offer is equal to or greater than zero and increased as a result of the positive adjustment described above, such
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> stockholder is 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 25,000 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock in the Exchange Offer would be entitled to
a repayment of $348,000.00, which equals four (4), multiplied by the 25,000 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock the holder received in the Exchange Offer, multiplied by 0.0145 (the portion of 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 bring the Applicable Conversion Rate for the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock to equal zero), multiplied by the Price Per Share of $240.00. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">For the avoidance
of doubt, the obligation of Visa to reimburse makewhole payments paid prior to the Escrow Termination Date only applies if, at or following the Escrow Termination Date, the Applicable Conversion Rate for the Eligible Class&nbsp;B common stock
tendered in the Exchange Offer is equal to or greater than zero and increased as a result of the positive adjustment described above. See &#8220;&#8212;Treatment of Multiple Makewhole Agreements.&#8221; </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="tx124284_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 <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT>
Exchange 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. A
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> stockholder who participates in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange and any successive exchange offer would also be party to multiple Makewhole Agreements, as
well as party to an earlier Makewhole Agreement if such <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> stockholder tendered <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock in the 2024
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange, 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">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-3</FONT> common stock (a <FONT STYLE="white-space:nowrap">&#8220;Class&nbsp;B-3</FONT> Makewhole Agreement&#8221;) it received in the Exchange Offer and a Makewhole Agreement with respect to the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-4</FONT> common stock (a <FONT STYLE="white-space:nowrap">&#8220;Class&nbsp;B-4</FONT> Makewhole Agreement&#8221;) it receives in the next successive exchange offer, the holder would be obligated to make
payments to Visa under the <FONT STYLE="white-space:nowrap">Class&nbsp;B-4</FONT> Makewhole Agreement until such time as the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock reaches zero. Once
the Applicable Conversion Rate of the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock reaches zero, no further payment obligations would arise under the <FONT STYLE="white-space:nowrap">Class&nbsp;B-4</FONT> Makewhole Agreement.
Any future makewhole payment obligations would only arise under the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> Makewhole Agreement and, if applicable, any Makewhole Agreement entered into in connection with the 2024 <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange. The obligation to reimburse Visa under the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> Makewhole Agreement would continue in this manner until the Applicable Conversion Rate for
the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock reaches zero (if the holder participated in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange), or until the Applicable Conversion Rate for the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock reaches zero (if the holder participated in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange). </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 </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:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
adjustments to the Applicable Conversion Rates, as described in &#8220;&#8212;Repayment of Excess Makewhole Payments.&#8221; 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-3</FONT> Makewhole
Agreements before any repayments are made in respect of makewhole payments made under the <FONT STYLE="white-space:nowrap">Class&nbsp;B-4</FONT> Makewhole Agreements. In the case of a participating Class&nbsp;B stockholder who participates in the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Exchange and previously participated in the 2024 <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Exchange and entered into the 2024 Makewhole Agreement, such holder would receive repayments of
any makewhole payments made under the 2024 Makewhole Agreement before it receives any repayments of makewhole payments made under the Makewhole Agreement entered into in connection with the Exchange Offer. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="tx124284_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&#8217;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 &#8220;Parent
Guarantors.&#8221; The Parent Guarantors will unconditionally guarantee on a joint and several basis with each other Parent Guarantor (the &#8220;Guarantee&#8221;) the full and punctual payment of each payment obligation of the participating holder
(each, a &#8220;Guaranteed Obligation&#8221;). </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 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&#8217;s or any Parent Guarantor&#8217;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&#8217;s or any Parent Guarantor&#8217;s equity interest shall be required to execute the Makewhole Agreement as a Parent Guarantor. Depending on the participating holder&#8217;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 above, 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>
<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">&#8220;Bank&#8221; means, collectively, a &#8220;member bank&#8221; (as defined in, and interpreted in accordance with, 12
C.F.R. &#167; 223.3(w)), a &#8220;nonmember insured bank&#8221; (as interpreted under 12 U.S.C. &#167; 1828(j)) and a &#8220;savings association&#8221; (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>
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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">&#8220;Excluded Bank Subsidiary&#8221; means the entities excluded from the definition of &#8220;Subsidiary&#8221; 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%">
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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">&#8220;Holding Company&#8221; means any company other than a Bank or a subsidiary of a Bank that &#8220;controls&#8221; (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 </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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instructions with respect to the participating holder&#8217;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&#8217;s or any Parent Guarantor&#8217;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="tx124284_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. (&#8220;Visa USA&#8221;) 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 &#8220;Visa USA <FONT STYLE="white-space:nowrap">By-Laws&#8221;).</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, 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 reaching 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="tx124284_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 45 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 90 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-3</FONT> common stock, see &#8220;Description of Capital Stock&#8212;Transfer Restrictions.&#8221; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="tx124284_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-3</FONT> common stock. Consequently, if a participating holder sells or otherwise transfers <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock it received as part of the Exchange Consideration to a third party 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">56 </P>

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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 <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</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="tx124284_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 Eligible Class&nbsp;B common stock
being tendered in the Exchange Offer is different from the beneficial owner of such Eligible Class&nbsp;B common stock (e.g., because the registered holder is a securities intermediary holding the Eligible Class&nbsp;B common stock in its name on
behalf of the beneficial owner), the registered holder must identify the beneficial owner of such Eligible Class&nbsp;B common stock in the Letter of Transmittal. The beneficial owner of the Eligible Class&nbsp;B common stock tendered in the
Exchange Offer must execute and deliver the Makewhole Agreement, including the officer&#8217;s certificates appended thereto, as the &#8220;Holder&#8221; party thereto, together with such beneficial owner&#8217;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">57 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="tx124284_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&#8217;s capital stock. This summary does not purport to be complete and is qualified in its entirety by
reference to applicable Delaware law, Visa&#8217;s Certificate of Incorporation, and Visa&#8217;s amended and restated bylaws (the &#8220;Bylaws&#8221;). 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="tx124284_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 &#8220;Preferred Stock&#8221;), (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, (vi) 30,689,174 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-4</FONT> common stock, (vii) 15,344,587 shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-5</FONT> common
stock and (viii) 1,097,165,602 shares of Class&nbsp;C common stock, each with a par value of $0.0001 per share. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The number of authorized shares of
Preferred Stock and Class&nbsp;A, Class&nbsp;B or Class&nbsp;C common stock may be increased or decreased (but not below the number of shares of that class then outstanding) (see &#8220;&#8212;Voting Rights&#8221;) without the separate class vote of
the holders of Preferred Stock or Class&nbsp;A, Class&nbsp;B or Class&nbsp;C common stock. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="tx124284_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&#8217;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 Class&nbsp;B stockholder 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 vote required by law, for so long as any Class&nbsp;B 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%">
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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">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&#8217;s capital stock, on an
<FONT STYLE="white-space:nowrap">&#8220;as-converted</FONT> basis&#8221; 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 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>
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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">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&#8217;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> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">With respect to each matter upon which holders of each numbered class of Class&nbsp;B common stock are entitled to vote pursuant
to the Certificate of Incorporation, such holders vote together as a single class; provided, however, that the holders of each numbered class of Class&nbsp;B common stock each vote </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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as a separate class in connection with any amendment to, among others, the definition of &#8220;Applicable Conversion Rate,&#8221; 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">&#8220;as-converted</FONT>
basis&#8221; means, with respect to each share of Class&nbsp;B 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
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="tx124284_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">If any outstanding 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 common stock will, automatically and without further action on Visa&#8217;s part or on the part of any Class&nbsp;B stockholder, immediately prior to the
transfer, be converted into Class&nbsp;A common stock based upon the Applicable Conversion Rate in effect on the date of that transfer. However, in no event will 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 Class&nbsp;A common stock is listed by means of a &#8220;brokers&#8217; transaction&#8221; within the meaning 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 may be effected until the occurrence of the Escrow Termination Date and the expiration of all applicable restrictions on transfer of such shares described under &#8220;&#8212;Transfer Restrictions.&#8221; </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 1.5475 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 1.5475 shares of Class&nbsp;A common stock), and the current Applicable Conversion Rate for the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock is 1.5075 shares of Class&nbsp;A common stock, subject, in each case, to adjustments for stock splits, recapitalizations and similar transactions. Immediately following completion of the
Exchange Offer, the Applicable Conversion Rates for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock will be the same. The Applicable Conversion Rates for the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1,</FONT> <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> and <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</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 final resolution of the U.S. covered litigation and 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 formula. Adjustments to the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT>
common stock will adhere to the same formula; provided, however, that each adjustment to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock will be further adjusted so that such adjustment has
four times 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%">
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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"><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="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+C,</FONT></FONT> after final resolution of all of
the U.S. covered litigation. </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">59 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">For purposes of this formula: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">&#8220;A&#8221; is equal to 0.7142888829. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">&#8220;B&#8221; is a fraction: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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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">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 &#8220;Class&nbsp;B Number&#8221;). </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">&#8220;C&#8221; 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">&#8220;D&#8221; 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 &#8220;Loss Funds Share Equivalent&#8221; (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 &#8220;Loss Funds Cost per Share&#8221; 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&#8217;s volume-weighted average price per share (which Visa refers to as the &#8220;daily VWAP&#8221;) 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 &#8220;funding decision date&#8221;) 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 Class&nbsp;B stockholders
(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 Class&nbsp;A common stock at such time, as described above; provided, however, that the above-mentioned adjustment shall have four times the positive impact on each share of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</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: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">60 </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">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; 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">If any outstanding Class&nbsp;C common stock is transferred to a person other than a Visa member or an affiliate of a Visa member, such common stock
will, automatically and without further action on Visa&#8217;s part or on the part of any holder of Class&nbsp;C common stock immediately prior to the transfer, be converted into 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 &#8220;brokers&#8217; transaction&#8221; 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 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="tx124284_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&#8217;s common stock will be entitled to preemptive rights to subscribe for any shares of any Class&nbsp;or series of Visa&#8217;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:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="tx124284_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&nbsp;of common stock upon conversion of any shares of any other class&nbsp;of common stock into
shares of such Class. In lieu of fractional shares, Visa </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">61 </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">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
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&nbsp;
of common stock into which they 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="tx124284_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&nbsp;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&#8217;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 Class&nbsp;A, Class&nbsp;B and Class&nbsp;C common stock are entitled to share ratably (on an <FONT STYLE="white-space:nowrap">as-converted</FONT> basis in the case of the Class&nbsp;B and 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 in the case of the Class&nbsp;B and Class&nbsp;C common stock) on each other class and series of common stock. Dividends or distributions payable in 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 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="tx124284_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&#8217;s voluntary or involuntary liquidation, dissolution or <FONT STYLE="white-space:nowrap">winding-up,</FONT> holders of Visa&#8217;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&#8217;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&#8217;s property or assets nor Visa&#8217;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&#8217;s business. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><A NAME="tx124284_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="tx124284_51"></A>Use of the Term <FONT STYLE="white-space:nowrap">&#8220;As-Converted&#8221;</FONT> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL"><FONT STYLE="white-space:nowrap">&#8220;As-converted&#8221;</FONT> means that each holder of Class&nbsp;B or 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 </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">62 </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">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
the number of shares of Class&nbsp;A common stock into which the Class&nbsp;B or Class&nbsp;C common stock, as applicable, beneficially owned by such holder would be converted, assuming the
conversion of all outstanding Class&nbsp;B common stock and Class&nbsp;C common stock into Class&nbsp;A common stock, based on the Applicable Conversion Rates 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 completion 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="tx124284_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>
<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 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 Class&nbsp;B common stock to any other Class&nbsp;B stockholder 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 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 Class&nbsp;B stockholder 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 Class&nbsp;B stockholder 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="tx124284_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
&#8220;DGCL&#8221;). These provisions could have the effect of delaying, deferring or preventing a change in Visa&#8217;s control or deterring potential acquirers from making an offer to its stockholders. This could be the case even though a
majority of Visa&#8217;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: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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 <P STYLE="margin-top:0pt; 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 Visa&#8217;s directors; <I>provided</I>, <I>howeve</I>r,
that at least 58% of Visa&#8217;s directors must be independent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Visa&#8217;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&#8217;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&#8217;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&#8217;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&#8217; proposals relating to the nomination of candidates for election as
directors or other business to be considered at a stockholders&#8217; meeting. These procedures provide that notice of such stockholders&#8217; proposals must be timely given in writing to Visa&#8217;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&#8217;s principal executive offices not less than 90 days or more than 120 days prior to the date of the stockholders&#8217; 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 chairperson of the Board 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 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&#8217;s stockholders must
be effected at a meeting of stockholders and may not be effected by consent. </P> <P STYLE="margin-top:18pt; 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="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>

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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="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, referred to
as &#8220;other common stock,&#8221; 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 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&#8217;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&#8217;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&#8217;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, Class&nbsp;B and Class&nbsp;C common stock, each 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)&nbsp;the approval of not less than a majority of the voting power of the shares of the
Class&nbsp;A, Class&nbsp;B 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 </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>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
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&#8217;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 is 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 &#8220;business combination&#8221; with an &#8220;interested stockholder&#8221; 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 completion 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">&#8220;Business combinations&#8221; include mergers, asset sales and other transactions resulting in a financial benefit to the
interested stockholder. Subject to various exceptions, in general an &#8220;interested stockholder&#8221; is a person that, together with his or her affiliates and associates, owns 15% or more of a company&#8217;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">66 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="tx124284_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-3</FONT> common stock and Class&nbsp;C common stock in exchange for <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock pursuant
to the Exchange Offer, and the ownership and disposition of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</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> and <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, and, after the Exchange Offer is completed, <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> 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>
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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">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>

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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">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>
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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">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&#8217;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&#8217;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 &#8220;Code&#8221;), 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 &#8220;IRS&#8221;) 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 &#8220;U.S. Holder&#8221;
means a beneficial owner of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, and, after the Exchange Offer is completed,
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> 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 purposes) created or organized in or under the laws of the U.S. or any state thereof (including the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">67 </P>

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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&#8217;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">&#8220;Non-U.S.</FONT> Holder&#8221; means a beneficial owner of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, and, after the Exchange Offer is completed, <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> 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&#8217;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> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock or, after the Exchange Offer is completed, <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</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> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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&#8217;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> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Common Stock for <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</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&nbsp;&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 &#8220;U.S. Tax Opinion&#8221;), for those U.S. Holders of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock participating in the Exchange Offer, such holder&#8217;s exchange of shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock for shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> and Class&nbsp;C common stock should be treated as a
&#8220;recapitalization&#8221; 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 &#8220;recapitalization&#8221; 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. The rest of the discussion in this section assumes that the exchange of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock for shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> and Class&nbsp;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 <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock for shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> and Class&nbsp;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> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock for
shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> and Class&nbsp;C common stock, (ii)&nbsp;such holder&#8217;s aggregate tax basis in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> and Class&nbsp;C common stock received in
the Exchange Offer should equal such holder&#8217;s aggregate tax basis in its <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock surrendered in the Exchange Offer (except to
the extent of any tax basis allocated to a </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">68 </P>

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fractional share for which a cash payment is received in connection with the Exchange Offer), and allocated between the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> 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&#8217;s holding period for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> 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> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock. These rules
generally apply separately to each block of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock bought at a given time and price. U.S. Holders of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> and <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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-3</FONT> 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&#8217;s holding period for <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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 exchanges
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock for <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> and Class&nbsp;C common stock pursuant to the Exchange Offer,
and if such holder holds five percent or more of Visa&#8217;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> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT>
common stock and other of Visa&#8217;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> or
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock transferred in the Exchange Offer and such holder&#8217;s tax basis, prior to the Exchange Offer, in Visa&#8217;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> or
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</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 completion of the Exchange Offer in respect of the <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT
STYLE="white-space:nowrap">Class&nbsp;B-2</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> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common 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-3</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-3</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="tx124284_55"></A>Taxation of
Ownership of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> and Class&nbsp;C 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-3</FONT> 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-3</FONT> or Class&nbsp;C common stock, as applicable, to the extent the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">69 </P>

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distribution is paid out of Visa&#8217;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&#8217;s basis in its <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> 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
&#8220;&#8212;Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> or Class&nbsp;C Common Stock.&#8221; </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 &#8220;&#8212;Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> or Class&nbsp;C Common Stock&#8221; 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-3</FONT> 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-3</FONT> 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&#8217;s holding period for
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> 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-3</FONT> 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&#8217;s adjusted tax basis in <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> 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&#8217;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">
<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">such holder may be required to include any item of income in respect of the Exchange Offer or the holder&#8217;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&#8217;s &#8220;applicable financial statement&#8221; within the meaning of Section&nbsp;451(b) of
the Code; 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>
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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">if such holder is treated as a &#8220;dealer in securities&#8221; within the meaning of Section&nbsp;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 &#8220;marked to market&#8221; 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&#8217;s 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">70 </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> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Common Stock for <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> 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&#8217;s
exchange of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock pursuant to the Exchange Offer for <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> 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> or <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock for <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> 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&#8217;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-3</FONT> 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-3</FONT> or Class&nbsp;C common stock, as applicable, to the extent paid out of Visa&#8217;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-3</FONT> or Class&nbsp;C common stock, as applicable, that is not effectively connected with such holder&#8217;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&#8217;s adjusted tax basis in <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT>
or Class&nbsp;C common stock, as applicable (but not below zero) and, to the extent such distribution exceeds such holder&#8217;s adjusted tax basis, as gain from the sale or other taxable disposition of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> or Class&nbsp;C common stock, as applicable, which will be treated as described under &#8220;&#8212;Gain on Sale, Taxable Exchange or Other Taxable Disposition of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock or Class&nbsp;C Common Stock&#8221; 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&#8217;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&#8217;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
&#8220;branch profits tax&#8221; 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-3</FONT> 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-3</FONT> 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 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 gain is effectively connected with the conduct of a trade or business by such holder within the United States; 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">
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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">Visa is or has been a &#8220;United States real property holding corporation&#8221; (&#8220;USRPHC&#8221;) for U.S. federal
income tax purposes at any time during the shorter of the five-year period ending on </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">71 </P>

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<TD WIDTH="9%">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">
the date of disposition or such holder&#8217;s holding period for such <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> or Class&nbsp;C common stock, as applicable, disposed of (which would
generally include such holder&#8217;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-3</FONT> 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 &#8220;branch
profits tax&#8221; 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="tx124284_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-3</FONT> 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-3</FONT> 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&#8217;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="tx124284_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
&#8220;Foreign Account Tax Compliance Act&#8221; or &#8220;FATCA&#8221;) generally impose withholding at a rate of 30% in certain circumstances with respect to any &#8220;withholdable payments&#8221; on
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> 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, &#8220;withholdable payments&#8221; generally include payments of dividends on <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> 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>
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> or Class&nbsp;C common stock, as 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> <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> or Class&nbsp;C </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">72 </P>

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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-3</FONT> 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 &#8220;substantial United States owners&#8221; or (ii)&nbsp;provides certain information regarding the entity&#8217;s &#8220;substantial United States owners,&#8221; 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-3</FONT> 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">73 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="tx124284_58"></A>WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION OF CERTAIN INFORMATION
BY&nbsp;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 www.sec.gov 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 &#8220;incorporates by reference&#8221; 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, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">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%">
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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">Visa&#8217;s Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001403161/000140316125000089/v-20250930.htm">Form
 <FONT STYLE="white-space:nowrap">10-K</FONT></A> for the fiscal year ended September&nbsp;30, 2025; </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&#8217;s Quarterly Report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001403161/000140316126000045/v-20251231.htm">Form
 <FONT STYLE="white-space:nowrap">10-Q</FONT></A> for the quarter ended December&nbsp;31, 2025; </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&#8217;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/../../../ix?doc=/Archives/edgar/data/1403161/000140316125000077/v-20251028.htm">October&nbsp;28,
 2025</A> (but not the information furnished pursuant to Items 2.02 or 9.01 thereof), <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1403161/000140316125000093/v-20251110.htm">November&nbsp;
10, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1403161/000140316125000134/v-20251223.htm">December&nbsp;
23, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1403161/000140316125000137/v-20251230.htm">December&nbsp;
30, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1403161/000140316126000029/v-20260127.htm">January&nbsp;
28, 2026</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1403161/000140316126000044/v-20260127.htm">January&nbsp;
29, 2026</A> (but not the information furnished pursuant to Items 2.02 or 9.01 thereof), <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1403161/000162828026007709/v-20260203.htm">February&nbsp;
12, 2026</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1403161/000140316126000063/v-20260225.htm">February&nbsp;27, 2026</A>; 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 portions of Visa&#8217;s Definitive Proxy Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1403161/000130817925000635/v-20251208.htm">Schedule
 14A</A> filed with the SEC on December&nbsp;8, 2025 that were incorporated by reference into the Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended September&nbsp;30, 2025. </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 &#8220;filed&#8221; 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: Investor Relations </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">432-7644</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">74 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><A NAME="tx124284_59"></A>LEGAL MATTERS </B></P>
<P STYLE="margin-top:6pt; 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-3</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 Inc. by Davis Polk&nbsp;&amp; Wardwell LLP, New York, New York. Davis Polk&nbsp;&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="tx124284_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, 2025 and 2024, and for each of the years in the three-year
period ended September&nbsp;30, 2025, and management&#8217;s assessment of the effectiveness of internal control over financial reporting as of September&nbsp;30, 2025, 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">75 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>PART II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS </B></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 style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&#8201;20</B><B><I>.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B><I></I></B><B>Indemnification of Directors and Officers. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The following summary is qualified in its entirety by reference to the complete text of any statutes referred to below and the Certificate of
Incorporation and the Bylaws of the Company. Article VIII of the Company&#8217;s Certificate of Incorporation provides that the Company shall indemnify, to the fullest extent permitted by the Delaware General Corporation Law (the
&#8220;DGCL&#8221;), as now or hereafter in effect, any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit, arbitration, alternative dispute resolution mechanism, inquiry,
administrative or legal hearing or proceeding, whether civil, criminal, administrative or investigative (a &#8220;Proceeding&#8221;) by reason of the fact that such person (or the legal representative of such person) is or was a director or officer
of the Company or any predecessor of the Company, or is or was a director or officer of the Company serving at the request of the Company as a director or officer, employee, trustee or agent of another corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise, against expenses (including attorneys&#8217; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such Proceeding. In addition, Article
VIII of the Company&#8217;s Certificate of Incorporation provides that, to the fullest extent permitted by the DGCL, as now or hereafter in effect, expenses (including attorneys&#8217; fees) incurred by a person who is or was a director or officer
of the Company or a member of the Company&#8217;s litigation committee in connection with any Proceeding shall be paid promptly by the Company in advance of the final disposition of such Proceeding; <I>provided</I>, <I>however</I>, that if the DGCL
requires, an advance of expenses incurred by any director or officer of the Company or a member of the Company&#8217;s litigation committee in his or her capacity as such (and not in any other capacity in which service was or is rendered by the
indemnitee, including, without limitation, service to an employee benefit plan) shall be made only upon receipt of an undertaking by or on behalf of such person to repay such amount if it shall ultimately be determined that such person is not
entitled to be indemnified for such expenses by the Company. Moreover, the indemnification and advancement of expenses provided by or granted pursuant to Article VIII shall not be deemed exclusive of any other rights to which those seeking
indemnification or advancement of expenses may be entitled, both as to action in such person&#8217;s official capacity and as to action in another capacity while holding such office, it being the policy of the Company that indemnification of the
persons specified above shall be made to the fullest extent permitted by law. In addition, the Company has entered into separate indemnification agreements with each of its executive officers and directors, which require the Company, among other
things, to indemnify such executive officers and directors against certain liabilities that may arise by reason of their status or service (other than liabilities arising from acts or omissions not in good faith or from willful misconduct). These
indemnification provisions and the indemnification agreements between the Company and its executive officers and directors may be sufficiently broad to permit indemnification of the Company&#8217;s executive officers and directors for liabilities,
including reimbursement of expenses incurred, arising under the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Section&nbsp;145 of the DGCL provides that a corporation may
indemnify any persons, including officers and directors, who were, are, or are threatened to be made, parties to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an
action by or in the right of such corporation), by reason of the fact that such person is or was a director, officer, employee or agent of such corporation or is or was serving at the request of such corporation as a director, officer, employee or
agent of another corporation or enterprise. The indemnity may include expenses (including attorneys&#8217; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or
proceeding; provided such director, officer, employee or agent acted in good faith and in a manner the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">II-1 </P>

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person reasonably believed to be in or not opposed to the best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe that the
person&#8217;s conduct was unlawful. A Delaware corporation may indemnify officers and directors in an action by or in the right of the corporation under the same conditions, except that no indemnification is permitted without judicial approval if
the officer or director is adjudged to be liable to the corporation. Where an officer or director is successful on the merits or otherwise in the defense of any action referred to above, the corporation must indemnify him or her against the expenses
that such officer or director actually and reasonably incurred. Section&nbsp;145 of the DGCL also provides that expenses (including attorneys&#8217; fees) incurred by an officer or director of the corporation in defending any civil, criminal,
administrative or investigative action, suit or proceeding may be paid by the corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such
amount if it shall ultimately be determined that such person is not entitled to be indemnified by the corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The indemnification permitted
under the DGCL is not exclusive, and pursuant to Section&nbsp;145 of the DGCL, a corporation is empowered to purchase and maintain insurance against liabilities whether or not indemnification would be permitted by Section&nbsp;145 of the DGCL.
Article VIII of the Company&#8217;s Certificate of Incorporation provides that, to the fullest extent permitted by the DGCL or any other applicable law, the Company may purchase and maintain insurance on behalf of any person who is or was a
director, officer, employee or agent of the Company, or is or was a director, officer, employee or agent of the Company serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint
venture, trust, employee benefit plan or other enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person&#8217;s status as such, whether or not the Company would
have the power or the obligation to indemnify such person against such liability under the provisions of Article VIII. The Company maintains standard policies of insurance under which coverage is provided, subject to the terms and conditions of such
policies: (1)&nbsp;to the Company&#8217;s directors and officers against loss arising from claims made by reason of breach of duty or other wrongful act; and (2)&nbsp;to the Company with respect to payments that may be made by the Company to such
officers and directors pursuant to the above indemnification provisions or otherwise as a matter of law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Section&nbsp;102(b)(7) of the DGCL allows
a Delaware corporation to eliminate or limit the personal liability of directors to a corporation or its stockholders for monetary damages for a breach of fiduciary duty as a director, except where the director breached his duty of loyalty, failed
to act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend or approved a stock repurchase or redemption in violation of Delaware corporate law or obtained an improper personal benefit.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Pursuant to Section&nbsp;102(b)(7) of the DGCL, Article VII of the Company&#8217;s Certificate of Incorporation provides that no director or
officer of the Company will have any personal liability to the Company or its stockholders for monetary damages for any breach of fiduciary duty as a director or officer, as applicable, except to the extent such exemption from liability or
limitation thereof is not permitted under the DGCL as the same exists or hereafter may be amended. For purposes of such Article VII, &#8220;officer&#8221; shall have the meaning provided in Section&nbsp;102(b)(7) of the DGCL. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">At present, there is no pending litigation or proceeding involving any of the Company&#8217;s directors, officers, employees or agents in which
indemnification by the Company is sought, nor is the Company aware of any threatened litigation or proceeding that may result in a material claim for indemnification. </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">II-2 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&#8201;21.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>Exhibits and Financial Statement Schedules. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>(a) Exhibit List </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="91%"></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; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; " ALIGN="center"><B>Exhibit<BR>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; " ALIGN="center"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;&#8199;3.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1403161/000140316126000029/vex3201272026.htm">Ninth Restated Certificate of Incorporation of Visa Inc. (incorporated by reference to Exhibit 3.2 to Visa Inc.&#8217;s Current Report on Form
 <FONT STYLE="white-space:nowrap">8-K</FONT> filed on January&nbsp;28, 2026) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;&#8199;3.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1403161/000140316125000043/vex3207232025.htm">Amended and Restated Bylaws of Visa Inc. (incorporated by reference to Exhibit 3.2 to Visa Inc.&#8217;s Current Report on Form <FONT
STYLE="white-space:nowrap">8-K</FONT> filed on July&nbsp;23, 2025) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;&#8199;4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1403161/000119312507200042/dex41.htm">Form of stock certificate of Visa Inc. (incorporated by reference to Exhibit 4.1 to Amendment No.&nbsp;
5 to Visa Inc.&#8217;s Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-143966)</FONT> filed on September&nbsp;13, 2007)</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;&#8199;5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d124284dex51.htm">Opinion of Davis Polk&nbsp;&amp; Wardwell LLP<SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="font-size:6.5pt">&#134;</FONT></SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;&#8199;8.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d124284dex81.htm">Tax Opinion of Davis Polk&nbsp;&amp; Wardwell LLP<SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="font-size:6.5pt">&#134;</FONT></SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;23.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d124284dex51.htm">Consent of Davis Polk&nbsp;&amp; Wardwell LLP (included in Exhibit 5.1 hereto)<SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="font-size:6.5pt">&#134;</FONT></SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;23.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d124284dex232.htm">Consent of KPMG LLP<SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="font-size:6.5pt">&#134;</FONT></SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;24.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d124284ds4.htm#sig">Power of Attorney (included on the signature page of this registration statement)<SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="font-size:6.5pt">&#134;</FONT></SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d124284dex991.htm">Form of Letter of Election and Transmittal<SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="font-size:6.5pt">&#134;</FONT></SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;99.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d124284dex992.htm">Form of Makewhole Agreement<SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="font-size:6.5pt">&#134;</FONT></SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;&#8201;107</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d124284dexfilingfees.htm">Filing Fee Exhibit<SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="font-size:6.5pt">&#134;</FONT></SUP> </A></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%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="font-size:6.5pt">&#134;</FONT></SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Filed herewith </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="10%" VALIGN="top" ALIGN="left"><B>Item&#8201;22.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>Undertakings. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">(a) The undersigned registrant hereby undertakes: </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="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">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration
statement: </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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">to include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act; </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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the
most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in the volume
of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed
with the SEC pursuant to Rule 424(b) under the Securities Act if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration
Fee&#8221; table in the effective registration statement; 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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">to include any material information with respect to the plan of distribution not previously disclosed in the registration
statement or any material change to such information in the registration statement. </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">II-3 </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">

<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">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be
deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering 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="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">To remove from registration by means of a post-effective amendment any of the securities being registered which remain
unsold at the termination of the offering. </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">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">That, for purposes of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to
Rule&nbsp;424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule&nbsp;430B or other than prospectuses filed in reliance on Rule&nbsp;430A, shall be deemed to be part of and included in
the registration statement as of the date it is first used after effectiveness. <I>Provided</I>, <I>however</I>, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document
incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any
statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use. </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">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial
distribution of the securities: The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities
to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such
purchaser: </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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed
pursuant to Rule 424; </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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or
referred to by the undersigned registrant; </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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">the portion of any other free writing prospectus relating to the offering containing material information about the
undersigned registrant or its securities provided by or on behalf of the undersigned registrant; 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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
</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">(6)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">That, for purposes of determining any liability under the Securities Act, each filing of the registrant&#8217;s annual
report pursuant to section&nbsp;13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to section&nbsp;15(d) of the Securities Exchange Act of
1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering 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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(7)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, and
controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is,
therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling
</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">II-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">

<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">
person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by the registrant is against public
policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. </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%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">The undersigned registrant hereby undertakes to respond to requests for information that is incorporated by reference
into the prospectus pursuant to Items&nbsp;4, 10(b), 11, or 13 of this form, within one business day of receipt of such request, and to send the incorporated documents by first class mail or other equally prompt means. This includes information
contained in documents filed subsequent to the effective date of the registration statement through the date of responding to the request. </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%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">The undersigned registrant hereby undertakes to supply by means of a post-effective amendment all information concerning
a transaction, and the company being acquired involved therein, that was not the subject of and included in the registration statement when it became effective. </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">II-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">

<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="sig"></A>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement on Form
<FONT STYLE="white-space:nowrap">S-4</FONT> to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of San Francisco, State of California, on March 5, 2026. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt">


<TR>

<TD WIDTH="11%"></TD>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="73%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">VISA INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">By:&#8195;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">/s/ Ryan McInerney</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ryan McInerney</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">KNOW ALL BY THESE PRESENTS that each individual whose signature appears below constitutes and appoints each of
Ryan McInerney, Chris Suh, Kelly Mahon Tullier and Julie B. Rottenberg as such person&#8217;s true and lawful <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> and agent with full power of substitution
and resubstitution, for such person in such person&#8217;s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all exhibits
thereto, and all documents in connection therewith, with the Securities and Exchange Commission, granting unto each said <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> and agent full power and
authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as such person might or could do in person, hereby ratifying and confirming all that any said
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> and agent, or any substitute or substitutes of any of them, may lawfully do or cause to be done by virtue hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the
dates indicated. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt">


<TR>

<TD WIDTH="39%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="39%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="18%"></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; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; " ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; " ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; " ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL" ALIGN="center">/s/ Ryan McInerney</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Ryan McInerney</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Chief Executive Officer and Director</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center">(principal executive officer)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">March&nbsp;5, 2026</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL" ALIGN="center">/s/ Chris Suh</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Chris Suh</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Chief Financial Officer<BR>(principal financial officer)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">March&nbsp;5, 2026</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL" ALIGN="center">/s/ Peter M. Andreski</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Peter M. Andreski</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Global Corporate Controller,<BR>Chief Accounting Officer<BR>(principal accounting officer)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">March&nbsp;5, 2026</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL" ALIGN="center">/s/ John F. Lundgren</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center">John F. Lundgren</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Board Chair</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">March&nbsp;5, 2026</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL" ALIGN="center">/s/ Lloyd A. Carney</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Lloyd A. Carney</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">March&nbsp;5, 2026</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL" ALIGN="center">/s/ Kermit R. Crawford</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Kermit R. Crawford</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">March&nbsp;5, 2026</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL" ALIGN="center">/s/ Francisco Javier Fern&aacute;ndez-Carbajal</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Francisco Javier Fern&aacute;ndez-Carbajal</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">March&nbsp;5, 2026</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-6 </P>

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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; " ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; " ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; " ALIGN="center"><B>Date</B></P></TD></TR>


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<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL" ALIGN="center">/s/ Teri L. List</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Teri L. List</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">March&nbsp;5, 2026</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL" ALIGN="center">/s/ Denise M. Morrison</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Denise M. Morrison</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">March 5, 2026</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL" ALIGN="center">/s/ Pamela Murphy</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Pamela Murphy</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">March 5, 2026</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL" ALIGN="center">/s/ William Ready</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center">William Ready</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">March 5, 2026</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL" ALIGN="center">/s/ Linda J. Rendle</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Linda J. Rendle</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">March 5, 2026</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL" ALIGN="center">/s/ Maynard G. Webb, Jr.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Maynard G. Webb, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">March 5, 2026</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-7 </P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>d124284dex51.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.1</TITLE>
</HEAD>
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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="right"><B>Exhibits 5.1 and 23.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<IMG SRC="g124284g67f53.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Davis Polk &amp; Wardwell <SMALL>LLP</SMALL></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">450 Lexington
Avenue</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">New York, NY 10017</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL">davispolk.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">March 5, 2026 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Visa Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">P.O. Box 8999 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">San Francisco, California 94128-8999 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">We have acted as special counsel to Visa Inc., a Delaware
corporation (the &#8220;<B>Company</B>&#8221;), in connection with the Company&#8217;s offer (the &#8220;<B>Exchange Offer</B>&#8221;) to exchange any and all outstanding shares of the Company&#8217;s
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, par value $0.0001 per share (the &#8220;<B>Class</B><B></B><B><FONT STYLE="white-space:nowrap">&nbsp;B-1</FONT> common stock</B>&#8221;), and
<FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock, par value $0.0001 per share (the &#8220;<B>Class</B><B></B><B><FONT STYLE="white-space:nowrap">&nbsp;B-2</FONT> common stock</B>&#8221;), in each case for a combination of shares
of the Company&#8217;s <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock, par value $0.0001 per share (&#8220;<B>Class</B><B></B><B><FONT STYLE="white-space:nowrap">&nbsp;B-3</FONT> common stock</B>&#8221;), and Class&nbsp;C common
stock, par value $0.0001 per share (&#8220;<B>Class</B><B></B><B>&nbsp;C common stock</B>&#8221;), and, where applicable, cash in lieu of fractional shares, pursuant to the terms and conditions set forth in the registration statement on <FONT
STYLE="white-space:nowrap">Form&nbsp;S-4</FONT> (the &#8220;<B>Registration Statement</B>&#8221;) filed by the Company with the Securities and Exchange Commission. We refer to the shares of <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 that are the subject of the Exchange Offer as the &#8220;<B>Exchange Securities</B>,&#8221; and we refer to the shares of the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock and Class&nbsp;C common stock that are offered in the Exchange Offer as the &#8220;<B>Securities</B>.&#8221; The Securities are convertible into shares of Class&nbsp;A common stock,
par value $0.0001 per share, of the Company (&#8220;<B>Class</B><B></B><B>&nbsp;A common stock</B>&#8221;) on the terms set forth in the Company&#8217;s Ninth Restated Certificate of Incorporation. We refer to the maximum number of shares of
Class&nbsp;A common stock that are issuable upon conversion of the Securities as the &#8220;<B>Underlying Securities</B>.&#8221; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">We, as your counsel, have examined
originals or copies of such documents, corporate records, certificates of public officials and other instruments as we have deemed necessary or advisable for the purpose of rendering this opinion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">In rendering the opinion expressed herein, we have, without independent inquiry or investigation, assumed that (i)&nbsp;all documents submitted to us as originals are
authentic and complete, (ii)&nbsp;all documents submitted to us as copies conform to authentic, complete originals, (iii)&nbsp;all signatures on all documents that we reviewed are genuine, (iv)&nbsp;all natural persons executing documents had and
have the legal capacity to do so, (v)&nbsp;all statements in certificates of public officials and officers of the Company that we reviewed were and are accurate and (vi)&nbsp;all representations made by the Company as to matters of fact in the
documents that we reviewed were and are accurate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Based upon the foregoing, and subject to the additional assumptions and qualifications set forth below, we are of
the opinion 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="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">The Securities, when issued and delivered in exchange for shares of the Exchange Securities in accordance with the terms
of the Exchange Offer, will be validly issued, fully paid and <FONT STYLE="white-space:nowrap">non-assessable.</FONT> </P></TD></TR></TABLE>
</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">

<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">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">The Underlying Securities, when issued upon conversion of the Securities in accordance with the terms of the
Company&#8217;s Ninth Restated Certificate of Incorporation, will be validly issued, fully paid and <FONT STYLE="white-space:nowrap">non-assessable.</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">In connection with the opinions expressed above, we have assumed that the Registration Statement shall have been declared effective and such effectiveness shall not
have been suspended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">We are members of the Bar of the State of New York and the foregoing opinions are limited to the laws of the State of New York and the General
Corporation Law of the State of Delaware, except that we express no opinion as to any law, rule or regulation relating to national security. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">We hereby consent to
the filing of this opinion as an exhibit to the Registration Statement and further consent to the reference to our name under the caption &#8220;Legal Matters&#8221; in the prospectus, which is a part of the Registration Statement. In giving this
consent, we do not admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act of 1933. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Very truly yours,
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">/s/ Davis Polk&nbsp;&amp; Wardwell LLP </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">2 </P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>3
<FILENAME>d124284dex81.htm
<DESCRIPTION>EX-8.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-8.1</TITLE>
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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="right"><B>Exhibit&nbsp;8.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="40%"></TD></TR>


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<TD VALIGN="top">


<IMG SRC="g124284g67f53.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Davis Polk &amp; Wardwell <SMALL>LLP</SMALL></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">450 Lexington
Avenue</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">New York, NY 10017</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL">davispolk.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">March&nbsp;5, 2026 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Visa Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">P.O. Box 8999 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">San Francisco, California 94128-8999 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">We have acted as special counsel for Visa Inc., a Delaware
corporation (the &#8220;<B>Company</B>&#8221;), in connection with the Company&#8217;s offer to exchange any and all shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock for a combination of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock and Class&nbsp;C common stock and any and all shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock for a combination of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock and Class&nbsp;C common stock and, where applicable in connection with either exchange, cash in lieu of fractional shares (the &#8220;<B>Exchange Offer</B>&#8221;). This opinion is
being delivered in connection with the Registration Statement of Visa on Form <FONT STYLE="white-space:nowrap">S-4,</FONT> filed with the Securities and Exchange Commission on March&nbsp;5, 2026 (the &#8220;<B>Registration Statement</B>&#8221;).
Capitalized terms not otherwise defined herein shall have the same meanings attributed to such terms in the Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">In providing this opinion, we
have assumed (without any independent investigation or review thereof) 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="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">Original documents submitted to us (including signatures thereto) are authentic, documents submitted to us as copies
conform to the original documents, and that all such documents have been duly and validly executed and delivered where due execution and delivery are a prerequisite to the effectiveness 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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">All factual representations, warranties and statements made or agreed to by the parties to the Registration Statement and
other documents relating to the Exchange Offer, are true and accurate as of the date hereof; 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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">The description of the Exchange Offer in the Registration Statement is accurate, the Exchange Offer will be consummated
in accordance with such description, without any waiver or breach of any material provision thereof, and the Exchange Offer will be effective under applicable corporate law. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">This opinion is based on current provisions of the United States Internal Revenue Code of 1986, as amended (the &#8220;<B>Code</B>&#8221;), the United States Treasury
regulations promulgated thereunder, and the interpretation of the Code and such regulations by the courts and the Internal Revenue Service, as they are in effect and exist at the date of this opinion. It should be noted that statutes, regulations,
judicial decisions and administrative interpretations are subject to change at any time and, in some circumstances, with retroactive effect. A material change that is made after the date hereof in any of the foregoing bases for our opinion, or any
inaccuracy in the facts or assumptions on which we have relied, could adversely affect our conclusion. We assume no responsibility to inform you of any such change or inaccuracy that may occur or come to our attention. No opinion is expressed as to
any transactions other than the Exchange Offer, or any matter other than those specifically covered by this opinion. </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">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Based upon and subject to the foregoing and subject to the assumptions and limitations set forth in the Registration
Statement under the caption &#8220;Material U.S. Federal Income Tax Consequences,&#8221; we are of the opinion that, under current U.S. federal income tax law, the 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-3</FONT> common stock and Class&nbsp;C common stock and the exchange of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock for shares of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock and Class&nbsp;C common stock should, in each case, be treated as a &#8220;recapitalization&#8221; 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">This opinion is furnished to you solely for use in connection with the Registration Statement. This opinion is based
on facts and circumstances existing on the date hereof. We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby concede that we are within the category of persons whose
consent is required under Section&nbsp;7 of the Securities Act or the rules and regulations of the Securities and Exchange Commission thereunder. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt">


<TR>

<TD WIDTH="98%"></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">Very&nbsp;truly&nbsp;yours,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></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">/s/&nbsp;Davis&nbsp;Polk&nbsp;&amp;&nbsp;Wardwell&nbsp;LLP</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">2 </P>

</DIV></Center>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>d124284dex232.htm
<DESCRIPTION>EX-23.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-23.2</TITLE>
</HEAD>
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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="right"><B>Exhibit 23.2 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g124284g13k68.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">KPMG LLP</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Suite 1400</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">55 Second Street</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL">San Francisco, CA 94105</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Consent of Independent Registered Public Accounting Firm </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">We consent to the use of our report dated November&nbsp;6, 2025, with respect to the consolidated financial statements of Visa Inc. and subsidiaries,
and the effectiveness of internal control over financial reporting, incorporated herein by reference, and to the reference to our firm under the heading &#8220;Experts&#8221; in the prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">/s/ KPMG LLP </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt">


<TR>

<TD WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="97%"></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">&#8194;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL">San Francisco, California</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>March&nbsp;5, 2026</TD></TR>
</TABLE> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:120pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">the KPMG global organization of independent member firms affiliated with&#8195;&#8195;&#8195;&#8194; </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">KPMG International Limited, a private English company limited by guarantee.&#8195;&#8195; </P>
</DIV></Center>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>d124284dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">

<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>Exhibit&nbsp;99.1 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>FORM OF </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>LETTER OF ELECTION AND TRANSMITTAL
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>TO </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>EXCHANGE SHARES OF CLASS <FONT
STYLE="white-space:nowrap">[B-1]</FONT> / <FONT STYLE="white-space:nowrap">[B-2]</FONT> COMMON STOCK </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>OF </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>VISA INC. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>CUSIP No. [92826C201] /
[92826C771] </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Pursuant to Prospectus Dated &#8195;&#8195;&#8195;&#8195;, 2026 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT &#8195;&#8195;&#8195;&#8195;, NEW YORK CITY TIME, ON &#8195;&#8195;&#8195;&#8195;, 2026 UNLESS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>THE&nbsp;EXCHANGE OFFER IS EXTENDED </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><I>The
Exchange Agent for the Exchange Offer is: </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Equiniti Trust Company, LLC </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>By&#8195;&#8195;New York City time on &#8195;&#8195;&#8195;&#8195;, 2026 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B></B>Equiniti Trust Company, LLC </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:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL"><B>Delivery of this
Letter of Election and Transmittal (this &#8220;Letter of Transmittal&#8221;) and the Makewhole Agreement (as described in the Prospectus) to an address other than as set forth above or through &#8195;&#8195;&#8195;&#8195; will not constitute a
valid delivery to the Exchange Agent. You must sign this Letter of Transmittal in the appropriate space provided below. In addition, to validly tender Class <FONT STYLE="white-space:nowrap">[B-1]</FONT> /
<FONT STYLE="white-space:nowrap">[B-2]</FONT> common stock in the Exchange Offer, the beneficial owner of such shares and its Parent Guarantors (as defined in the Makewhole Agreement) must also execute and deliver the Makewhole Agreement and the
certificates appended thereto. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL"><B>The instructions contained within this Letter of Transmittal should be read carefully before this Letter of
Transmittal is completed. </B></P> <P STYLE="font-size:6pt;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="35%"></TD>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></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; text-indent:2.30em; font-size:10pt; font-family:ARIAL"><B>Issue Number:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Account Number:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Total Shares:</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#ff4338"><B>IMPORTANT </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#ff4338"><B>PLEASE REVIEW AND CONFIRM YOUR ACCOUNT REGISTRATION INFORMATION AND SPECIFY BELOW THE NUMBER OF SHARES OF CLASS <FONT
STYLE="white-space:nowrap">[B-1]</FONT> / <FONT STYLE="white-space:nowrap">[B-2]</FONT> COMMON STOCK YOU SEEK TO EXCHANGE IN THE EXCHANGE OFFER. </B></FONT></P> <P STYLE="font-size:6pt;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="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="3" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt; padding-right:2pt;"><B>BOX A - NUMBER OF BOOK ENTRY SHARES TO
BE EXCHANGED (See Instructions 1 and 9)</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt;">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Account
Registration Information</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt;"><FONT COLOR="#ff4338"><B>IMPORTANT</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt;">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt;"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt;"><FONT COLOR="#ff4338"><B>PLEASE CHECK THE BOX AND PROVIDE THE NUMBER OF SHARES OF CLASS <FONT STYLE="white-space:nowrap">[B-1]</FONT> / <FONT
STYLE="white-space:nowrap">[B-2]</FONT> COMMON STOCK TO BE EXCHANGED.</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt;">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt;"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt;">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT>&#8194; Check here to participate in the Exchange Offer and indicate
the number of shares of Class <FONT STYLE="white-space:nowrap">[B-1]</FONT> / <FONT STYLE="white-space:nowrap">[B-2]</FONT> common stock of Visa Inc. to be exchanged into a combination of (i)&nbsp;shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock of Visa Inc., (ii) shares of Class&nbsp;C common stock of Visa Inc. and (iii)&nbsp;where applicable, cash in lieu of fractional shares, in accordance with the terms and conditions
of the Exchange Offer set forth in the prospectus dated&#8195;&#8195;&#8195; , 2026.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt;">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt;"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>*Shares of Class <FONT STYLE="white-space:nowrap">[B-1]</FONT> / <FONT
STYLE="white-space:nowrap">[B-2]</FONT> Common Stock to be Exchanged:</B></P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1px; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:12pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt;"><FONT STYLE="font-size:10pt"><B><U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;
</U></B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">*&#8194;&#8202;Unless
otherwise indicated, all Shares represented and delivered to the Exchange Agent will be deemed to have been exchanged. See Instruction 3.</P></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:ARIAL">This Letter of Transmittal is to be used by stockholder&#8217;s shares held in book-entry form on the records of Equiniti
Trust Company, LLC. </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">

<Center><DIV STYLE="width:8.5in" align="left">
<div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1.00pt;background-color:;;padding-top:2pt;padding-bottom:3pt">
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="72%"></TD>

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


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#ff4338"><B>IMPORTANT</B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#ff4338"><B>PLEASE SIGN AND COMPLETE THE FIELDS BELOW.</B></FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">Registered&nbsp;Holder&nbsp;Signature(s)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="67%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">Name&nbsp;of&nbsp;Registered&nbsp;Holder&nbsp;of&nbsp;Shares</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR></TABLE>
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<TD WIDTH="31%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="67%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">Capacity&nbsp;(Full&nbsp;Title)&nbsp;of&nbsp;Signator(y)(ies)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">*&#8194;&#8202;Must be signed by the person(s) authorized to act on behalf of the registered
holder(s) by documents transmitted herewith. If signature is by a trustee, executor, administrator, guardian, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact,</FONT></FONT> officer of a corporation or other person
acting in a fiduciary or representative capacity, please set forth full title. See <B><U>Instruction 4</U></B>.)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="5">If the registered holder of the Shares delivering this Letter of Transmittal is not the beneficial owner of such Shares, please provide the full legal name of such beneficial owner and provide the name and title of
the person authorized to execute the Makewhole Agreement on behalf of such beneficial owner of the Shares. (See <B><U>Instruction 4</U></B>.)</TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">Beneficial&nbsp;Owner:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


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<TD WIDTH="44%"></TD>

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<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Name&nbsp;and&nbsp;Title&nbsp;of</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Authorized&nbsp;Signatory</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL">for&nbsp;Beneficial&nbsp;Owner:<U></U></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL"></P></TD></TR>
</TABLE> </div>
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<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">


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<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="5" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt; padding-right:2pt;">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>SPECIAL DELIVERY INSTRUCTIONS</B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL">To be completed ONLY if the cash in lieu of any fractional shares is to be sent to someone other than the undersigned or to the undersigned at an address other than that
shown under &#8220;Box A &#8211; Number of Book Entry Shares to be Exchanged.&#8221;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt;"><B></B>Mail&nbsp;To&nbsp;(Name):<B></B>&#8201;<U></U></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt;"><B>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</B></TD></TR>
</TABLE>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt;">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000;">&nbsp;</TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt;"><B></B>Address&nbsp;(Including&nbsp;Zip&nbsp;Code):<B>&#8201;<U></U></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt;"><B>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</B></TD></TR>

<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt;">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000;">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt;">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt;">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000;">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt;">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt;">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000;">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:ARIAL; font-size:3pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt;">&nbsp;</TD></TR>
</TABLE>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<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>TIME IS OF THE ESSENCE. IF YOU INTEND TO PARTICIPATE IN THE EXCHANGE OFFER, PLEASE COMPLETE AND
RETURN THIS LETTER OF TRANSMITTAL, THE MAKEWHOLE AGREEMENT, INCLUDING THE CERTIFICATES APPENDED THERETO, AND ANY OTHER REQUIRED DOCUMENTS THAT ARE DESCRIBED HEREIN AS SOON AS POSSIBLE. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The registered holder identified herein
hereby elects to exchange, pursuant to the terms and conditions of the exchange offer (the &#8220;Exchange Offer&#8221;) set forth in that certain prospectus, dated &#8195;&#8195;&#8195;&#8195;, 2026 (the &#8220;Prospectus&#8221;), the number of
such holder&#8217;s shares (the &#8220;Shares&#8221;) of Class <FONT STYLE="white-space:nowrap">[B-1]</FONT> / <FONT STYLE="white-space:nowrap">[B-2]</FONT> common stock of Visa Inc. (&#8220;Visa&#8221;) indicated in this Letter of Transmittal, for
a combination of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock, par value $0.0001 per share, of Visa, shares of Class&nbsp;C common stock, par value $0.0001 per share, of Visa, and, where applicable, cash in lieu of
fractional shares, with any such fraction calculated to four decimal places pursuant to the formula set forth under the heading &#8220;The Exchange Offer&#8212;Terms of the Exchange Offer&#8221; in the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">As a condition to participating in the Exchange Offer, the participating holder, together with its Parent Guarantors, must execute and deliver the
Makewhole Agreement, including the certificates appended thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL"><I>If the registered holder of the Shares delivering this Letter of Transmittal
is not the beneficial owner of such Shares, please refer to <U>Instruction 4</U> set forth herein. The beneficial owner of the Shares must execute the Makewhole Agreement as the &#8220;Holder&#8221; party thereto together with its Parent Guarantors.
</I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The registered holder hereby acknowledges receipt of the Prospectus and the Makewhole Agreement. If you fail to properly make an election, you
will be deemed to have made no election and will not participate in the Exchange Offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Upon the terms and subject to the conditions of the
Exchange Offer (and if the Exchange Offer is extended or amended, the terms of any such extension or amendment), and effective upon acceptance by Visa of the Shares exchanged herewith in accordance with the terms of the Exchange Offer, the
registered holder hereby sells, assigns and transfers to or upon the order of all right, title and interest in and to all of the Shares that are being exchanged hereby, distributions, rights, other Shares or other securities issued or issuable in
respect thereof on or after (collectively, &#8220;Distributions&#8221;) and irrevocably constitutes and appoints Equiniti Trust Company, LLC (the &#8220;Exchange Agent&#8220;) the true and lawful agent and <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> of the undersigned with respect to such Shares (and all Distributions), with full power of substitution (such power of attorney being deemed to be an irrevocable power coupled with an
interest), to (i)&nbsp;transfer ownership of such Shares (and any and all Distributions) on the account books maintained by the Book-Entry Transfer Facility, together, in any such case, with all accompanying evidences of transfer and authenticity,
to or upon the order of Visa, (ii)&nbsp;present such Shares (and any and all Distributions) for transfer on the books of Company, and (iii)&nbsp;receive all benefits and otherwise exercise all rights of beneficial ownership of such Shares (and any
and all Distributions), all in accordance with the terms of the Exchange Offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The registered holder hereby represents and warrants that the
undersigned has full power and authority to tender, exchange, sell, assign and transfer the Shares exchanged hereby and all Distributions and that, when the same are accepted for exchange by Visa, Visa will acquire good, marketable and unencumbered
title thereto and to all Distributions, free and clear of all liens, restrictions, charges and encumbrances and the same will not be subject to any adverse claims. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The registered holder acknowledges that (a)&nbsp;all validly tendered shares of Class <FONT STYLE="white-space:nowrap">[B-1]</FONT> / <FONT
STYLE="white-space:nowrap">[B-2]</FONT> common stock will be accepted, wherever the registered holder may be located; (b)&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&#8217;s common stock in that country; (c)&nbsp;the registered holder&#8217;s participation in the Exchange Offer may depend on whether there is an exemption available under the laws of the registered holder&#8217;s home
country that would permit the registered 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; (d)&nbsp;there may be restrictions
that apply with respect to transactions in Visa&#8217;s common stock in the registered holder&#8217;s home country; and (e)&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">The registered holder further acknowledges that Visa may contact the registered holder and/or the beneficial owner of the Shares, as applicable, to
request documentation or other evidence reasonably satisfactory to Visa that the Makewhole Agreement was in fact properly completed and that the representations and warranties made by the registered holder or the beneficial owner of the Shares, as
applicable, and its Parent Guarantors therein are true and correct. The registered holder hereby agrees to promptly respond to any such request, or to convey any such request to the beneficial owner of the Shares so that it may promptly respond,
with the requested evidence. The registered holder consents to the entry of stop-transfer instructions with respect to the <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock and Class&nbsp;C common stock issued as Exchange
Consideration in the event Visa determines in its discretion that it has not received such supplemental documentation or such other evidence satisfactory to Visa. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The registered holder also understands that pending the completion of the Exchange Offer, the registered holder may not and shall not sell or otherwise
transfer the Shares unless the Exchange Offer is terminated or the registered holder properly withdraws the Shares prior to the Expiration Date in compliance with the instructions included herein and in the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The registered holder will, upon request, execute and deliver any additional documents deemed by the Exchange Agent or Visa to be necessary or desirable
to complete the sale, assignment and transfer of the Shares exchanged hereby and all Distributions. In addition, the registered holder shall remit and transfer promptly to the Exchange Agent for the account of Visa all Distributions in
</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">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
respect of the Shares exchanged hereby, accompanied by appropriate documentation of transfer, and, pending such remittance and transfer or appropriate assurance thereof, Visa shall be entitled to
all rights and privileges as owner of each such Distribution and may withhold the entire purchase price of the Shares exchanged hereby or deduct from such purchase price, the amount or value of such Distribution as determined by Visa in its sole
discretion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">All authority herein conferred or agreed to be conferred shall survive the death or incapacity of the registered holder, and any
obligation of the registered holder hereunder shall be binding upon the heirs, executors, administrators, personal representatives, trustees in bankruptcy, successors and assigns of the registered holder. Except as stated in the Exchange Offer, this
exchange is irrevocable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The registered holder understands that the valid exchange of the Shares pursuant to any one of the procedures described in
&#8220;The Exchange Offer&#8212;Procedures for Tendering Eligible Class&nbsp;B Common Stock&#8221; in the Prospectus and in the Instructions hereto will constitute a binding agreement between the registered holder and Visa upon the terms and subject
to the conditions of the Exchange Offer (and if the Exchange Offer is extended or amended, the terms or conditions of any such extension or amendment). The registered holder recognizes that under certain circumstances set forth in the Prospectus,
Visa may not be required to accept for exchange any of the Shares exchanged hereby. </P>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<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>INSTRUCTIONS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>FORMING PART OF THE TERMS AND CONDITIONS OF THE EXCHANGE OFFER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">1. <I>Requirements of Exchange</I>. This Letter of Transmittal, properly completed and duly executed, and any other documents required by this Letter of
Transmittal and the Prospectus, including the Makewhole Agreement and the officer&#8217;s certificate appended thereto, must be received by the Exchange Agent at the address on Page 1 prior to the Expiration Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL"><B>The method of delivery of this Letter of Transmittal, the Makewhole Agreement, including the certificates appended thereto, and all other required
documents is at the option and the risk of the exchanging stockholder and the delivery will be deemed made only when actually received by the Exchange Agent. If delivery is by mail, registered mail with return receipt requested is recommended. In
all cases, sufficient time should be allowed to ensure timely delivery. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL"><B>LETTERS OF TRANSMITTAL, MAKEWHOLE AGREEMENTS, INCLUDING THE
CERTIFICATES APPENDED THERETO, AND ALL OTHER DOCUMENTS REQUIRED BY THIS LETTER OF TRANSMITTAL MUST BE RECEIVED IN THE OFFICE OF THE EXCHANGE AGENT BY &#8195;&#8195;&#8195;&#8195; NEW YORK CITY TIME ON THE EXPIRATION DATE OF THE EXCHANGE OFFER.
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">No alternative, conditional or contingent exchanges will be accepted and no fractional Shares will be exchanged. All exchanging stockholders by
execution of this Letter of Transmittal waive any right to receive any notice of the acceptance of their Shares for exchange. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">2. <I>Inadequate
Space</I>. If the space provided herein is inadequate, the number of Shares and any other required information should be listed on a separate signed schedule attached hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">3. <I>Partial Exchanges</I>. If fewer than all of the shares evidenced by any book-entry are to be exchanged, fill in the number of shares that are to
be exchanged in Box A. Unless otherwise indicated, all shares represented by book-entry set forth above will be deemed to have been exchanged. In each case, shares will be credited without expense to the stockholder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">4. <I>Signatures on Letter of Transmittal, Makewhole Agreement, Stock Powers and Endorsements</I>. If this Letter of Transmittal is signed by a trustee,
executor, administrator, guardian, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact,</FONT></FONT> officer of a corporation or other person acting in a fiduciary or representative capacity, such person should so
indicate when signing, and proper evidence satisfactory to Visa of the authority of such person so to act must be submitted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL"><I>If the registered
holder of the Shares delivering this Letter of Transmittal is not the beneficial owner of such Shares, please provide the full legal name of such beneficial owner and provide the name and title of the person authorized to execute the Makewhole
Agreement on behalf of such beneficial owner of the Shares. The Makewhole Agreement, including the certificates appended thereto, must be executed and delivered by (i)&nbsp;the beneficial owner of the Shares as the &#8220;Holder&#8221; party thereto
and (ii)&nbsp;such party&#8217;s Parent Guarantors. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">5. <I>Certain Tax Matters</I>. Certain stockholders (including, for example, corporations,
financial institutions, <FONT STYLE="white-space:nowrap">tax-exempt</FONT> entities and IRA plans) are not subject to backup withholding. A foreign <FONT STYLE="white-space:nowrap">(&#8220;non-resident</FONT> alien&#8221;) stockholder should submit
an appropriate and properly completed IRS Form <FONT STYLE="white-space:nowrap">W-8,</FONT> a copy of which may be obtained from the Exchange Agent, in order to avoid backup withholding. Consult General Instructions to Form <FONT
STYLE="white-space:nowrap">W-9,</FONT> which immediately follow the IRS Form <FONT STYLE="white-space:nowrap">W-9</FONT> available at www.irs.gov, for more instructions. We cannot accept a facsimile, photocopy or scanned image of a Form <FONT
STYLE="white-space:nowrap">W-8BEN.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">6. <I>Requests for Assistance or Additional Copies</I>. Questions and requests for assistance or
additional copies of the Prospectus, this Letter of Transmittal, IRS Form <FONT STYLE="white-space:nowrap">W-8</FONT> and the Makewhole Agreement may be directed to the Information Agent at the addresses and phone numbers set forth below, or from
brokers, dealers, commercial banks or trust companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">7. <I>Waiver of Conditions</I>. Subject to the terms and conditions of the Exchange Offer,
Visa reserves the right, in its sole discretion, to waive, at any time or from time to time, any of the specified conditions of the Exchange Offer, in whole or in part, in the case of any Shares exchanged. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">8. <I>Revocation or Change of Election</I>. An election is irrevocable, except that Shares tendered in
the Exchange Offer may be withdrawn at any time prior to the Expiration Date by sending written notice of revocation to the Exchange Agent at the address on the front of this Letter of Transmittal. Fax copies are not acceptable. After an effective
withdrawal you may change your election by submitting to the Exchange Agent a completed replacement of this document and any other documents required by the Exchange Offer, including the Makewhole Agreement and the certificates appended thereto, for
properly exchanging Shares prior to the Expiration Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">9. <I>Election Procedure</I>. To properly complete the &#8220;Election&#8221; box you must
indicate the number of Shares owned by you and the amount of shares you are electing to exchange and your name and address must be set forth in the column under the heading &#8220;Name(s) and Address(es) of Registered Holder(s)&#8221; and the number
of Shares that you are exchanging must be stated in the column under the heading &#8220;Number of Shares Exchanged.&#8221; </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>IMPORTANT TAX
INFORMATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Certain stockholders (for example, corporations) are not subject to these backup withholding and reporting requirements. In order
for a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> person to claim nonresident alien (or foreign) tax status and qualify for an exemption from backup withholding, such individual must submit an appropriate and properly completed IRS Form <FONT
STYLE="white-space:nowrap">W-8,</FONT> attesting to that individual&#8217;s foreign status. Normally, a foreign individual or corporation will provide a Form <FONT STYLE="white-space:nowrap">W-8BEN.</FONT> Intermediary entities will provide a Form <FONT
STYLE="white-space:nowrap">W-8IMY</FONT> for the entity and a Form <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or Form <FONT STYLE="white-space:nowrap">W-9</FONT> for each beneficial owner along with a withholding statement. Such a Form <FONT
STYLE="white-space:nowrap">W-8</FONT> may be obtained from the Exchange Agent. Exempt U.S. stockholders, other than foreign individuals (i.e., corporations, etc.), should furnish their TIN and sign, date and return the
<FONT STYLE="white-space:nowrap">Form&nbsp;W-9</FONT> to the Exchange Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">If backup withholding applies, the Exchange Agent is required to
withhold a percentage of any reportable payments made to the stockholder at the Withholding Rate. Backup withholding is not an additional tax. Rather, the federal income tax liability of persons subject to backup withholding will be reduced by the
amount of tax withheld. If backup withholding results in an overpayment of taxes, a refund may be obtained from the Internal Revenue Service when completing a tax return for that applicable year, based on the withholding amount reported on the Form
1099. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>What Number to Give the Exchange Agent </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The
stockholder is required to give the Exchange Agent the TIN (e.g., Social Security Number or Employer Identification Number) of the record holder of the Shares. If the Shares are in more than one name, or are not in the name of the actual owner,
consult Part II of the General Instructions to Form <FONT STYLE="white-space:nowrap">W-9,</FONT> which immediately follow the IRS Form <FONT STYLE="white-space:nowrap">W-9</FONT> available at www.irs.gov, on which number to report. <FONT
STYLE="white-space:nowrap">Non-individual</FONT> U.S. entities (such as an estate or partnership) will provide an Employer Identification Number. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">*&#8195;*&#8195;* </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Questions and requests for
assistance may be directed to the Information Agent at its address and telephone numbers set forth below. Requests for copies of the Prospectus, this Letter of Transmittal, the IRS Form <FONT STYLE="white-space:nowrap">W-8,</FONT> the Makewhole
Agreement and other Exchange Offer materials may also be directed to the Information Agent. A stockholder may also contact such stockholders&#8217; broker, dealer, commercial bank, trust company or other nominee for assistance concerning the
Exchange Offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">The Information Agent for the Exchange Offer is: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Sodali&nbsp;&amp; Co. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">430 Park Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">14th Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">New York, New York 10022 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Banks and Brokers Call: (203) <FONT STYLE="white-space:nowrap">658-9400</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Stockholders Call Toll Free: (800) <FONT STYLE="white-space:nowrap">662-5200</FONT> </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> VISA@investor.sodali.com </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="right"><B>Exhibit 99.2 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>FORM OF </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>MAKEWHOLE AGREEMENT </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>for </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Exchange of </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Common Stock for <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> Common Stock </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>or </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Common Stock for <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> Common Stock </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">This MAKEWHOLE AGREEMENT (this &#8220;<U>Agreement</U>&#8221;) is entered into by and between VISA INC., a Delaware corporation (the
&#8220;<U>Corporation</U>&#8221;), THE HOLDER OF VISA COMMON STOCK IDENTIFIED ON THE SIGNATURE PAGE HEREOF (the &#8220;<U>Holder</U>&#8221;) and each PARENT GUARANTOR IDENTIFIED ON THE SIGNATURE PAGE HEREOF (each, a &#8220;<U>Parent
Guarantor</U>,&#8221; and together with the Corporation and the Holder, each a &#8220;<U>Party</U>,&#8221; and collectively the &#8220;<U>Parties</U>&#8221;) as of the date set forth on the Corporation&#8217;s signature page hereof (the
&#8220;<U>Effective Date</U>&#8221;). The terms <FONT STYLE="white-space:nowrap">&#8220;Class&nbsp;B-X</FONT> Common Stock&#8221; and <FONT STYLE="white-space:nowrap">&#8220;Class&nbsp;B-Y</FONT> Common Stock&#8221; are defined in Section&nbsp;13
hereof. Capitalized terms not defined herein are defined in or by reference to the Corporation&#8217;s Certificate of Incorporation (the &#8220;<U>Certificate of Incorporation</U>&#8221;) as in effect on the date hereof. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">WITNESSETH: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">WHEREAS, the Holder has elected to
participate in the type of <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange Offer indicated on the Corporation&#8217;s signature page hereof, a condition of which is that it agree on the terms hereinafter set forth (such <FONT
STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange Offer giving rise to the Holder&#8217;s obligation to enter into this Agreement hereinafter being referred to as the
&#8220;<U>Class</U><U></U><U><FONT STYLE="white-space:nowrap">&nbsp;B-X</FONT> Exchange Offer</U>&#8221;): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(i) to pay each
applicable Makewhole Amount (as defined below) to the Corporation; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(ii) that to the extent it or any of its Affiliates is or was a
member of Visa U.S.A. Inc. (&#8220;<U>Visa USA</U>&#8221;) immediately prior to October&nbsp;3, 2007, or at any time thereafter, it and each such Affiliate are 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 &#8220;<U>Visa USA <FONT STYLE="white-space:nowrap">By-Laws</FONT></U>&#8221;); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(iii) to stage any sale of Class&nbsp;C Common Stock as set forth herein; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">WHEREAS, the Class&nbsp;C Common Stock received by the Holder in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange Offer is not
encumbered by the same conversion ratio adjustments associated with the <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Common Stock held by the Holder prior to the <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange Offer, and in
consideration for such additional value the Holder agrees hereunder to contribute additional amounts to the Corporation as set forth herein; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">WHEREAS, the Parties intend that for U.S. federal income tax purposes (1)&nbsp;the exchange of any shares of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Common Stock for <FONT STYLE="white-space:nowrap">Class&nbsp;B-Y</FONT> Common Stock and Class&nbsp;C Common Stock pursuant to the <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange
Offer shall constitute an exchange of such <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Common Stock for <FONT STYLE="white-space:nowrap">Class&nbsp;B-Y</FONT> Common Stock and Class&nbsp;C Common Stock and as a
&#8220;reorganization&#8221; within the meaning of Section&nbsp;368(a)(1)(E) of the U.S. Internal Revenue Code of 1986, as amended (the &#8220;<U>Code</U>&#8221;) and/or as an exchange to which Section&nbsp;1036(a) of the Code applies and
(2)&nbsp;any payment of Makewhole Amounts, any payments to the Corporation pursuant to the Visa USA <FONT STYLE="white-space:nowrap">By-Laws</FONT> and Loss Sharing Agreement and any amounts paid by the Corporation to the Holder under
Section&nbsp;1(c) hereof shall be treated, for U.S. federal income tax purposes, as adjustments to the purchase price of the shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-Y</FONT> Common Stock received by the Holder in connection with the
exchange undertaken in clause (1)&nbsp;hereof, and shall be included in such Holder&#8217;s tax basis in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-Y</FONT> Common Stock so exchanged, and by the Corporation as capital adjustments with respect
to such exchange under Section&nbsp;1032 of the Code (collectively, with clause (1), the &#8220;<U>Intended Tax Treatment</U>&#8221;); </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, the Parties
hereto hereby agree as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">S<SMALL>ECTION</SMALL>&nbsp;1. <U>Payment of Makewhole Amounts; Refund of Overpayments</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(a) At any time and from time to time when (x)&nbsp;the Applicable Conversion Rate for the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Common Stock is greater than zero (0)&nbsp;and (y) the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-Y</FONT> Common Stock is equal to or less than zero (0),
if the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Common Stock (assuming at least one such share outstanding) is adjusted in connection with the sale of any Loss Shares or the deposit or designation of
Loss Funds into the Escrow Account (or any deemed sale, deposit or designation pursuant to Section&nbsp;4.26(a) of the Certificate of Incorporation) to make one share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Common Stock convertible
into fewer shares (or fractions of a share) of Class&nbsp;A Common Stock, the Holder agrees to pay to the Corporation, in cash, an amount (the &#8220;<U>Makewhole Amount</U>&#8221;) in respect of each share of
<FONT STYLE="white-space:nowrap">Class&nbsp;B-Y</FONT> Common Stock originally issued by the Corporation to the Holder in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange Offer (the aggregate number of such shares, the
Holder&#8217;s &#8220;<U>Class</U><U></U><U><FONT STYLE="white-space:nowrap">&nbsp;B-Y</FONT> Allocation</U>&#8221;) equal to the product of either (xx)&nbsp;four, if the type of <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange Offer
indicated on the Corporation&#8217;s signature page hereof is <FONT STYLE="white-space:nowrap">&#8220;Class&nbsp;B-1</FONT> Common Stock for <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> Common Stock,&#8221; or (yy) two, if the type of <FONT
STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange Offer indicated on the Corporation&#8217;s signature page hereof is <FONT STYLE="white-space:nowrap">&#8220;Class&nbsp;B-2</FONT> Common Stock for
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> Common Stock,&#8221; in either case (xx)&nbsp;or (yy), as applicable, <U>multiplied by</U> the amount of such decrease in the number of shares (or fractions of a share) of Class&nbsp;A Common
Stock resulting from such adjustment to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Common Stock (for the avoidance of doubt, taking into account as appropriate any subdivision, reclassification,
split, combination, dividend or distribution with respect to the Class&nbsp;A Common Stock following the <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange Offer Acceptance Date corresponding to the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange Offer (such <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange Offer Acceptance Date, as indicated on the Corporation&#8217;s signature page hereof, hereinafter being
referred to as the &#8220;<U>Class</U><U></U><U><FONT STYLE="white-space:nowrap">&nbsp;B-X</FONT> Exchange Offer Acceptance Date</U>&#8221;) in a manner consistent with the provisions of Section&nbsp;4.14(a) of the Certificate of Incorporation)
<U>multiplied by</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:ARIAL">(i) to the extent such adjustment was the result of a deposit or designation of Loss Funds into the Escrow
Account, the corresponding Loss Funds Cost Per Share; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:ARIAL">(ii) to the extent such adjustment was the result of a sale of Loss
Shares, an amount equal to (x)&nbsp;the net proceeds from such sale deposited into the Escrow Account <U>divided by</U> (y)&nbsp;the number of such Loss Shares issued and sold. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:ARIAL">For the avoidance of doubt, no further Makewhole Amounts shall be payable following the payment of any Makewhole Amounts made in connection with a
decrease of the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Common Stock to zero (0), although it is understood that Makewhole Amounts may continue to be payable hereunder with respect to the
Holder&#8217;s <FONT STYLE="white-space:nowrap">Class&nbsp;B-Y</FONT> Allocation regardless of whether the Holder continues to own shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-Y</FONT> Common Stock. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(b) The Holder shall tender payment of any Makewhole Amounts due and owing as promptly as practicable, and in any event within 30 days
after delivery of a written demand for payment from the Corporation. The Parties agree that no Makewhole Amount shall be deposited into the Escrow Account but shall become the Corporation&#8217;s unrestricted property. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(c) If the Holder has previously paid a Makewhole Amount hereunder, and at or following the Escrow Termination Date, (x)&nbsp;the
Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Common Stock is greater than or equal to zero (0)&nbsp;and (y) the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-Y</FONT>
Common Stock is less than zero (0), then, to the extent the Applicable Conversion Rate is adjusted pursuant to clause (ii)(y) of the definition thereof to make one share of <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Common Stock
(assuming at least one such share outstanding) convertible into more shares (or fractions of a share) of Class&nbsp;A Common Stock, the Corporation agrees to pay to the Holder in cash, no later than 120 days after the Escrow Termination Date, an
amount equal to the product of either (xx)&nbsp;four, if the type of <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange Offer indicated on the Corporation&#8217;s signature page hereof is
<FONT STYLE="white-space:nowrap">&#8220;Class&nbsp;B-1</FONT> Common Stock for <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> Common Stock,&#8221; or (yy) two, if the type of <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange
Offer indicated on the Corporation&#8217;s signature page hereof is <FONT STYLE="white-space:nowrap">&#8220;Class&nbsp;B-2</FONT> Common Stock for <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> Common Stock,&#8221; in either case
(xx)&nbsp;or (yy), as applicable, <U>multiplied by</U> the Holder&#8217;s <FONT STYLE="white-space:nowrap">Class&nbsp;B-Y</FONT> Allocation <U>multiplied by</U> the amount of such increase in the number of shares (or fractions of a share) of
Class&nbsp;A Common Stock resulting from such adjustment to the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Common Stock (adjusted, as appropriate, to account for any subdivision, reclassification,
split, combination, dividend or distribution with respect to the Class&nbsp;A Common Stock following the <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange Offer Acceptance Date) <U>multiplied by</U> the Price Per Share used in the
calculation made pursuant to clause (ii)(y)(C) of the definition of the Applicable Conversion Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Common Stock. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(d) All calculations made by the Corporation pursuant to this Section&nbsp;1 shall be conclusive and binding for all purposes, absent
manifest error. </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">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">S<SMALL>ECTION</SMALL>&nbsp;2. <U>Applicability of Visa USA
<FONT STYLE="white-space:nowrap">By-Laws</FONT> and Loss Sharing Agreement.</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(a) To the extent that it or any of its Affiliates
is or was a member of Visa USA immediately prior to October&nbsp;3, 2007, or at any time thereafter, the Holder and each Parent Guarantor: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:ARIAL">(i) hereby confirms (1)&nbsp;that it and any such Affiliate, as applicable, is bound by Section&nbsp;2.05(j) of the Visa USA <FONT
STYLE="white-space:nowrap">By-Laws,</FONT> and (2)&nbsp;that such Section&nbsp;2.05(j) constitutes its and such Affiliate&#8217;s, as applicable, valid and binding agreement, enforceable against it and such Affiliate, as applicable, in accordance
with its terms, subject to (x)&nbsp;applicable bankruptcy, insolvency and similar laws affecting creditors&#8217; rights generally and (y)&nbsp;Section&nbsp;11(h) of the Loss Sharing Agreement (to the extent the Holder, Parent Guarantor or Affiliate
is a party thereto); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:ARIAL">(ii) hereby agrees that in any action or proceeding brought against it or any such Affiliate pursuant to
such Section&nbsp;2.05(j), it and any such Affiliate will not contest the legality, validity, binding nature or enforceability against it or such Affiliate of such Section&nbsp;2.05(j), subject to (x)&nbsp;applicable bankruptcy, insolvency and
similar laws affecting creditors&#8217; rights generally and (y)&nbsp;Section&nbsp;11(h) of the Loss Sharing Agreement (to the extent the Holder, Parent Guarantor or Affiliate is a party thereto). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(b) Notwithstanding anything to the contrary in the Loss Sharing Agreement, to the extent that a Holder, Parent Guarantor or Affiliate is
party to the Loss Sharing Agreement, the Holder and each Parent Guarantor acknowledges and agrees that Section&nbsp;11(h) of the Loss Sharing Agreement shall not supersede any obligation of such Party arising under Section&nbsp;1 hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(c) To the extent that a Holder, Parent Guarantor or Affiliate is party to the Loss Sharing Agreement, the Holder and each Parent
Guarantor acknowledges and agrees 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 (0)&nbsp;in
accordance with Section&nbsp;3(b)(iii) thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">S<SMALL>ECTION</SMALL>&nbsp;3. <U>Missing Parent Guarantors or Successors; Overdue Amounts</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">Without limiting any other right or remedy available to the Corporation at law or in equity, and in addition to each such right or remedy, if
(x)&nbsp;any Person that is required to be a Parent Guarantor hereunder (including without limitation any Person that the Holder or a Parent Guarantor is required to cause to become a Parent Guarantor hereunder) has not executed and delivered a
counterpart hereof and become a Parent Guarantor hereunder, (y)&nbsp;any Successor (as defined in Section&nbsp;12(a) hereof) shall not have executed and delivered to the Corporation the written agreement contemplated by such Section&nbsp;12(a) or
(z)&nbsp;any Makewhole Amount, or any other amount payable to the Corporation or any of its Affiliates by the Holder, any Parent Guarantor or any Affiliate thereof pursuant to the Loss Sharing Agreement or the Visa USA
<FONT STYLE="white-space:nowrap">By-Laws,</FONT> is not paid within 30 days after the Corporation&#8217;s written demand therefor (any such unpaid amount, an &#8220;<U>Overdue Amount</U>&#8221;): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(a) the Corporation shall have the right to instruct the transfer agent for the Common Stock (the &#8220;<U>Transfer Agent</U>&#8221;)
not to honor, process or effectuate any further Transfer of the Holder&#8217;s Common Stock until, as applicable, any such Person shall have become a Parent Guarantor hereunder, any such Successor shall have executed and delivered such written
agreement, and any such Overdue Amount shall have been duly paid in full, together with interest on the unpaid amount calculated at the highest U.S. prime rate published in the Wall Street Journal during the period beginning 30 days after receipt of
such written demand and ending on the date of payment; and the Holder, each Parent Guarantor and each Successor, on its own behalf and on behalf of each Affiliate thereof to the fullest extent permitted by law (which, if the Holder is described in
Section&nbsp;7(a)(ii) hereof, shall not include any Affiliate that is, or is a direct or indirect subsidiary of, a Bank (as defined therein)), hereby waives any and all claims against the Corporation or the Transfer Agent as well as any losses or
damages arising out of or in respect thereof (it being agreed that the Transfer Agent is an express third-party beneficiary of such waiver of claims and damages); and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(b) The Holder and each Parent Guarantor hereby agrees that the Corporation is
authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply against such Overdue Amount any and all cash at any time held and any and all indebtedness at any time owing by the Corporation or any of its
Affiliates to or for the credit or the account of the Holder, any Parent Guarantor, or any Successor, and in addition, (x)&nbsp;if the Holder is described in Section&nbsp;7(a)(i) hereof, to or for the credit or the account of any Person that is a
direct or indirect subsidiary of the Holder, any Parent Guarantor, or any Successor, and (y)&nbsp;if the Holder is described in Section&nbsp;7(a)(iii) hereof, to or for the credit or the account of any direct or indirect subsidiary of any Parent
Guarantor. Notwithstanding anything to the contrary herein, (x)&nbsp;for any Parent Guarantor that is identified as a &#8220;global systemically important BHC&#8221; pursuant to 12 C.F.R. &#167; 217.402 (a &#8220;<U>GSIB Guarantor</U>&#8221;), no
obligations of the Corporation or any of its Affiliates to a subsidiary of a GSIB Guarantor may be set off and applied against an Overdue Amount if such setoff rights would be prohibited pursuant to 12 C.F.R. &#167; 252.64(a)(2), and (y)&nbsp;no
obligations of the Corporation or any of its Affiliates to a Bank or a direct or indirect subsidiary of a Bank may be set off and applied against an Overdue Amount owed by (i)&nbsp;a Holding Company (as defined in Section&nbsp;7 hereof) or any
direct or indirect subsidiary of a Holding Company that is not a Bank or a direct or indirect subsidiary of a Bank or (ii)&nbsp;an Excluded Bank Subsidiary (as defined in Section&nbsp;7 hereof) if, in either case, such setoff rights would constitute
a &#8220;covered transaction&#8221; for purposes of Section&nbsp;23A of the Federal Reserve Act and the Board of Governors of the Federal Reserve System&#8217;s Regulation W. The Corporation agrees to notify the Holder after any such <FONT
STYLE="white-space:nowrap">set-off</FONT> and application made by the Corporation; <U>provided</U> that the failure to give such notice shall not affect the validity of such <FONT STYLE="white-space:nowrap">set-off</FONT> and application. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">S<SMALL>ECTION</SMALL>&nbsp;4. <U>Staged Sales of Class</U><U></U><U>&nbsp;C Common Stock</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">(a) The Holder agrees that it will not Transfer any shares of Class&nbsp;C Common Stock in a transaction (a &#8220;<U><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Conversion-to-A</FONT></FONT> Transaction</U>&#8221;) in which such shares are converted into shares of Class&nbsp;A Common Stock pursuant to Section&nbsp;4.10 of the Certificate of Incorporation: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(i) in excess of one third of the aggregate number of shares of Class&nbsp;C Common Stock originally issued by the Corporation to the
Holder in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange Offer (the aggregate number of such shares, the Holder&#8217;s &#8220;<U>Class</U><U></U><U>&nbsp;C Allocation</U>&#8221;), prior to 45 days after the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange Offer Acceptance Date; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(ii) in excess of two thirds of such
Class&nbsp;C Allocation, prior to 90 days after the <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange Offer Acceptance Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">(b) With
respect to the shares of Common Stock it Beneficially Owns, the Holder agrees that during the period of 90 days beginning on the <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange Offer Acceptance Date, and except for: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(i) Transfers in <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Conversion-to-A</FONT></FONT> Transactions permitted
by paragraph (a)&nbsp;of this Section, any Transfer of Class&nbsp;A Common Stock issued upon such <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Conversion-to-A</FONT></FONT> Transaction, and the unwinding of any derivative
arrangement that corresponds to such permitted <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Conversion-to-A</FONT></FONT> Transaction, or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(ii) Transfers pursuant to Section&nbsp;4.25(a)(iii), (iv), (v), (vi), (ix) or (x)&nbsp;of the Certificate of Incorporation, or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(iii) Transfers of Class&nbsp;A Common Stock that, pursuant to Section&nbsp;4.11 of the Certificate of Incorporation, is not subject to
automatic conversion into Class&nbsp;C Common Stock upon acquisition by such Holder, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">such Holder will not (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 such shares of Common Stock, or any securities convertible into or exercisable or
exchangeable for such 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 such shares 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 such 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">(c) The Holder agrees and consents to the entry of stop transfer instructions with the Transfer Agent against the Transfer of the Holder&#8217;s Common
Stock except in compliance with the restrictions of this Section. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">S<SMALL>ECTION</SMALL>&nbsp;5. <U>Certification</U>. Until the period beginning
90 days after the <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange Offer Acceptance Date, the Corporation may require that prior to any Transfer of shares of Common Stock, the Holder shall certify to the Corporation and the Transfer
Agent that such Transfer complies with Section&nbsp;4 hereof. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">S<SMALL>ECTION</SMALL>&nbsp;6. <U>Limitation on Remedies</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">(a) No Party hereto shall have any liability under any provision of this Agreement for any punitive, incidental, consequential, special or indirect
damages, including loss of future revenue or income, or loss of business reputation or opportunity, relating to any misrepresentation, any breach of warranty or any breach or alleged breach of this Agreement; <U>provided</U> that, for purposes of
this Section, any obligation that constitutes or arises from an Overdue Amount shall not be deemed a claim for punitive, incidental, consequential, special or indirect damages. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">(b) To the fullest extent permitted by applicable Law, each Party hereby irrevocably waives, and covenants and agrees for the benefit of each other
Party not to assert before any Governmental Authority at any time, any and all causes of action or claims of any kind, regardless of legal theory, seeking to invalidate, enjoin, restrain, set aside, modify, reform or otherwise prevent or limit the
enforcement of, any provision of this Agreement or the Certificate of Incorporation; <U>provided</U>, <U>however</U>, that the foregoing shall not be construed as a limitation on the right of any Party to seek enforcement of any provision of this
Agreement or to assert a cause of action for breach thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">S<SMALL>ECTION</SMALL>&nbsp;7. <U>Parent Guarantors</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">(a) The Holder and each Parent Guarantor represents and warrants to the Corporation that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(i) if the 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 Holder&#8217;s or any Parent Guarantor&#8217;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, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(ii) if the Holder is, or
is a direct or indirect subsidiary of, a Holding Company but is not a Bank or a direct or indirect subsidiary of a Bank (other than an Excluded Bank Subsidiary, which is included in this clause (ii)), the ultimate Holding Company parent of the
Holder, and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(iii) if the Holder is not described in either clause (i)&nbsp;or (ii) above, each Beneficial Owner of more than fifty
percent (50%) of the Holder&#8217;s or any Parent Guarantor&#8217;s equity interest, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">has executed and delivered to the Corporation a counterpart of this Agreement
as a Parent Guarantor hereunder. If after the Effective Date any additional Person shall become a Beneficial Owner of more than fifty percent (50%) of the Holder&#8217;s or any Parent Guarantor&#8217;s equity interest and, per the preceding
sentence, such Person would have executed and delivered to the Corporation a counterpart of this Agreement as a Parent Guarantor hereunder, the Holder and each Parent Guarantor shall promptly cause such Person to execute and deliver a counterpart
hereof to the Corporation as a Parent Guarantor hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">&#8220;<U>Bank</U>&#8221; means, collectively, a &#8220;member bank&#8221; (as defined
in, and interpreted in accordance with, 12 C.F.R. &#167; 223.3(w)), a &#8220;nonmember insured bank&#8221; (as interpreted under 12 U.S.C. &#167; 1828(j)) and a &#8220;savings association&#8221; (as interpreted under 12 U.S.C. &#167; 1468(a)). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">&#8220;<U>Excluded Bank Subsidiary</U>&#8221; means the entities excluded from the definition of &#8220;Subsidiary&#8221; at 12 C.F.R. &#167;
223.2(b)(1)(ii)-(v). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">&#8220;<U>Holding Company</U>&#8221; means any company other than a Bank or a subsidiary of a Bank that &#8220;controls&#8221;
(as defined in, and interpreted in accordance with, 12 C.F.R. &#167; 223.3(g)) a Bank. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">(b) Each Parent Guarantor hereby agrees as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(i) Such Parent Guarantor unconditionally guarantees on a joint and several basis with each other Parent Guarantor hereunder (the
&#8220;<U>Guarantee</U>&#8221;) (and, for the avoidance of doubt, not on a joint and several basis with any parent guarantor under any other makewhole agreement to which the Corporation may be party) the full and punctual payment of each payment
obligation of the Holder under this Agreement (each, a &#8220;<U>Guaranteed Obligation</U>&#8221;) when due. If the Holder fails to pay any Guaranteed Obligation punctually when due, such Parent Guarantor agrees that it will forthwith on demand pay
the amount not so paid at the place and in the manner specified in this Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(ii) The obligations of such Parent Guarantor under its Guarantee shall be
unconditional and absolute and, without limiting the generality of the foregoing, shall not be released, discharged or otherwise affected by: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:ARIAL">(A) any extension, renewal, settlement, compromise, waiver or release in respect of any obligation of the Holder, any other Parent
Guarantor or any other Person under this Agreement, by operation of law or otherwise; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:ARIAL">(B) any modification or amendment of or
supplement to this Agreement (except pursuant to and in accordance with Section&nbsp;12(f) hereof to the extent of a modification, amendment or supplement that expressly releases, discharges or otherwise affects such obligations); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:ARIAL">(C) any release, impairment, <FONT STYLE="white-space:nowrap">non-perfection</FONT> or invalidity of any direct or indirect security for
any obligation of the Holder, any other Parent Guarantor or any other Person under this Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:ARIAL">(D) any change in the corporate
existence, structure or ownership of the Holder, any other Parent Guarantor or any other Person or any of their respective subsidiaries (including without limitation the sale or other disposition by such Parent Guarantor of any of the equity
interest in the Holder or any other Parent Guarantor), or any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Holder, any other Parent Guarantor or any other Person or any of their respective subsidiaries or assets
or any resulting release or discharge of any obligation of the Holder, any other Parent Guarantor or any other Person under this Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:ARIAL">(E) the existence of any claim, <FONT STYLE="white-space:nowrap">set-off</FONT> or other right that such Parent Guarantor may have at any
time against the Holder, any other Parent Guarantor, the Corporation or any other Person, whether in connection with this Agreement or any unrelated transactions; <U>provided</U> that nothing herein shall prevent the assertion of any such claim by
separate suit or compulsory counterclaim; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:ARIAL">(F) any invalidity or unenforceability relating to or against the Holder, any other Parent
Guarantor or any other Person for any reason of this Agreement, or any provision of applicable law or regulation purporting to prohibit the payment of any Guaranteed Obligation by the Holder, any other Parent Guarantor or any other Person; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:ARIAL">(G) any other act or omission to act or delay of any kind by the Holder, any other Parent Guarantor, any other party to this Agreement,
the Corporation or any other Person, or any other circumstance whatsoever that might, but for the provisions of this clause (G), constitute a legal or equitable discharge of or defense to any obligation of any Parent Guarantor hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(iii) Such Parent Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and any notice not provided for herein, as
well as any requirement that at any time any action be taken by any Person against the Holder, any other Parent Guarantor or any other Person. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(iv) If payment of any Guaranteed Obligation by the Holder is stayed by reason of the insolvency or receivership of the Holder or
otherwise, all such Guaranteed Obligations shall nonetheless be payable by such Parent Guarantor hereunder forthwith on demand by the Corporation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(v) If any Guaranteed Obligation is not paid promptly when due, the Corporation is authorized, to the fullest extent permitted by law, to
set off and apply any and all obligations at any time owing by the Corporation or its Affiliates to or for the credit or the account of any Parent Guarantor against the obligations of such Parent Guarantor under its Guarantee, irrespective of
whether or not the Corporation shall have made any demand thereunder and although such obligations may be unmatured. The rights of the Corporation under this paragraph are in addition to all other rights and remedies (including other rights of <FONT
STYLE="white-space:nowrap">set-off)</FONT> that the Corporation may have. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(vi) Such Parent Guarantor&#8217;s Guarantee is a
continuing guarantee, shall be binding on such Parent Guarantor and its successors and assigns, and shall be enforceable by the Corporation. If all or part of the Corporation&#8217;s interest in any Guaranteed Obligation is assigned or otherwise
transferred, the transferor&#8217;s rights under each Guarantee, to the extent applicable to the obligation so transferred, shall automatically be transferred with such obligation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">S<SMALL>ECTION</SMALL>&nbsp;8. <U>Representations and Warranties</U>. Each Party represents and warrants to each other Party hereto that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(a) It has all necessary power, authority and capacity to execute and deliver this Agreement and to perform its obligations hereunder,
and the execution and delivery of this Agreement has been duly authorized by all necessary corporate or other action on its part. This Agreement has been duly executed and delivered by such Party and constitutes a valid and binding obligation of
such Party, enforceable against such Party in accordance with its terms. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(b) Such Party is not a party to, bound by or subject to any indenture, mortgage,
lease, agreement, instrument, statute, regulation, order, judgment, decree or law which would be violated, contravened or breached by, require any consent or payment under, give any third party the right to terminate or accelerate any obligation
under, or under which any default would occur, as a result of the execution and delivery by such Party of this Agreement or the performance by such Party of any of the terms hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(c) No governmental or other authorizations, and no other registration, declaration or filing by such Party is required in order for such
Party: (i)&nbsp;to consummate the transactions contemplated by this Agreement; (ii)&nbsp;to execute and deliver any documents and instruments to be delivered by such Party under this Agreement; and (iii)&nbsp;to duly perform and observe the terms
and provisions of this Agreement, except, in each case, for such governmental or other authorizations, registrations, declarations or filings that have been duly made or obtained by such Party and that are valid and effective to allow it to take the
actions set forth in the foregoing clauses (i), (ii) and (iii). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(d) If such Party is the Holder or a Parent Guarantor: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:ARIAL">(i) The statements contained in the officer&#8217;s certificate accompanying such Party&#8217;s signature page hereof are true and
correct. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:ARIAL">(ii) On and as of the Effective Date, after giving effect to the entering into of this Agreement and the transactions
contemplated hereby and assuming that aggregate Makewhole Amounts payable by the Holder hereunder will not exceed the fair market value of the Holder&#8217;s <FONT STYLE="white-space:nowrap">Class&nbsp;B-Y</FONT> Allocation as of such date,
(A)&nbsp;the fair market value of the assets of such Party is greater than the total amount of liabilities (including contingent liabilities) of such Party, (B)&nbsp;the present fair salable value of the assets of such Party is greater than the
amount that will be required to pay the probable liabilities of such Party on its debts as they become absolute and matured, (C)&nbsp;such Party is able to realize upon its assets and pay its debts and other liabilities, including contingent
obligations, as they mature and (D)&nbsp;such Party does not have unreasonably small capital. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">S<SMALL>ECTION</SMALL>&nbsp;9. <U>Recognition of
Special Regimes</U>. </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="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"><U>U.S. Special Resolution Regime</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:ARIAL">(i) For purposes of this Section&nbsp;9(a): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:ARIAL">&#8220;<U>Covered Entity</U>&#8221; means any of the following: (i)&nbsp;a &#8220;covered entity&#8221; as that term is defined in, and
interpreted in accordance with, 12 C.F.R. &#167; 252.82(b); (ii) a &#8220;covered bank&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 47.3(b); or (iii)&nbsp;a &#8220;covered FSI&#8221; as that term is defined
in, and interpreted in accordance with, 12 C.F.R. &#167; 382.2(b). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:ARIAL">&#8220;<U>QFC Stay Rules</U>&#8221; means the regulations
codified at 12 C.F.R. 252.2, 252.81&#8211;8, 12 C.F.R. <FONT STYLE="white-space:nowrap">382.1-7</FONT> and 12 C.F.R. <FONT STYLE="white-space:nowrap">47.1-8,</FONT> which, subject to limited exceptions, require an express recognition of the <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">stay-and-transfer</FONT></FONT> powers of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and the Orderly Liquidation Authority under Title II of the Dodd
Frank Wall Street Reform and Consumer Protection Act and the override of default rights related directly or indirectly to the entry of an affiliate into certain insolvency proceedings and any restrictions on the transfer of any covered affiliate
credit enhancements. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:ARIAL">(ii) <U>U.S. QFC Resolution Stay</U>. The Parties agree that if the Holder and/or any Parent Guarantor is a
Covered Entity, then (i)&nbsp;to the extent that prior to the date hereof each of the Parties has adhered to the 2018 ISDA U.S. Resolution Stay Protocol (the &#8220;<U>Protocol</U>&#8221;), the terms of the Protocol are incorporated into and form a
part of this Agreement, and for such purposes this Agreement shall be deemed a Protocol Covered Agreement and each Party shall be deemed to have the same status as &#8220;Regulated Entity&#8221; and/or &#8220;Adhering Party&#8221; as applicable to
it under the Protocol; (ii)&nbsp;to the extent that prior to the date hereof the Parties have executed a separate agreement the effect of which is to amend the qualified financial contracts among them to conform with the requirements of the QFC Stay
Rules (the &#8220;<U>Bilateral Agreement</U>&#8221;), the terms of the Bilateral Agreement are incorporated into and form a part of this Agreement and each such Party shall be deemed to have the status of &#8220;Covered Entity&#8221; or
&#8220;Counterparty Entity&#8221; (or other similar term) as applicable to it under the Bilateral Agreement; or (iii)&nbsp;if clause (i)&nbsp;and clause (ii)&nbsp;do not apply, the terms of Section&nbsp;1 and Section&nbsp;2 and the related defined
terms (together, the &#8220;<U>Bilateral Terms</U>&#8221;) of the form of bilateral template entitled &#8220;Full-Length Omnibus (for use between U.S. <FONT STYLE="white-space:nowrap">G-SIBs</FONT> and Corporate Groups)&#8221; or the form of
bilateral template entitled &#8220;Full-Length Omnibus (for use between <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> <FONT STYLE="white-space:nowrap">G-SIBs</FONT> and Corporate Groups),&#8221; as applicable, published by ISDA on
November&nbsp;2, 2018 (currently available on the 2018 ISDA U.S. Resolution Stay Protocol page at www.isda.org and, a copy of which is available upon request), the effect of which is to amend the qualified financial contracts between the parties
thereto to conform with the requirements of the QFC Stay Rules, are hereby incorporated into and form a part of this Agreement, and for such purposes this Agreement shall be deemed a &#8220;Covered Agreement,&#8221; the Holder and any Parent
Guarantor (as applicable) shall be deemed a &#8220;Covered Entity&#8221; and the Corporation shall be deemed a &#8220;Counterparty Entity.&#8221; In the event that, after the date of this Agreement, all Parties become adhering parties to the
Protocol, the terms of the Protocol will replace the terms of this paragraph. In the event of any inconsistencies between this Agreement and the terms of the Protocol, the Bilateral Agreement or the Bilateral Terms (each, the &#8220;<U>QFC Stay
Terms</U>&#8221;), as applicable, the QFC Stay Terms will govern. Terms used in this paragraph without definition shall have the meanings assigned to them under the QFC Stay Rules. </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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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><U>U.K. Special Resolution Regime</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:11%; text-indent:4%; font-size:10pt; font-family:ARIAL">(i) <U>Contractual Recognition of <FONT STYLE="white-space:nowrap">Bail-in</FONT> Provisions</U>. Notwithstanding any other term of this
Agreement or of any other agreement, arrangement or understanding between any of the Parties, each Party recognizes that any liability owed by the Holder and/or Parent Guarantor to any other Party arising under or in connection with this Agreement
may be subject to <FONT STYLE="white-space:nowrap">Bail-In</FONT> Action by the Bank of England and agrees to be bound by the effect of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:ARIAL">(A) any <FONT STYLE="white-space:nowrap">Bail-In</FONT> Action in relation to any such liability, including (without limitation): </P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="4%" 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">a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid
interest), in respect of any such liability; </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="18%">&nbsp;</TD>
<TD WIDTH="4%" 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">a conversion of all, or part of, any such liability into shares or other instruments of ownership; 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="18%">&nbsp;</TD>
<TD WIDTH="4%" 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">a cancellation of any such liability; and/or </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:ARIAL">(B) a variation of any term of this Agreement to the extent necessary to give effect to any
<FONT STYLE="white-space:nowrap">Bail-In</FONT> Action in relation to any such liability. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:ARIAL">For the purposes of this
Section&nbsp;9(b)(i): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:ARIAL">&#8220;<U><FONT STYLE="white-space:nowrap">Bail-In</FONT> Action</U>&#8221; means the exercise of any
Write-down and Conversion Powers. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:ARIAL">&#8220;<U>UK <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation</U>&#8221; means Part I
of the United Kingdom Banking Act 2009, as amended and any other law or regulation applicable in the United Kingdom relating to the resolution of banks, investment firms or other financial institutions or their affiliates. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:ARIAL">&#8220;<U>Write-down and Conversion Powers</U>&#8221; means (a)&nbsp;any powers under UK <FONT STYLE="white-space:nowrap">Bail-In</FONT>
Legislation (i)&nbsp;to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or an affiliate of a bank, investment firm or other financial institution, (ii)&nbsp;to cancel, reduce,
modify or change the form of a liability of such a person or any contract or instrument under which such a liability arises, (iii)&nbsp;to convert all or part of any such liability into shares, securities or obligations of that person or any other
person, (iv)&nbsp;to provide that any such contract or instrument is to have effect as if a right had been exercised under it or (v)&nbsp;to suspend any obligation in respect of that liability or (b)&nbsp;any of the powers under UK <FONT
STYLE="white-space:nowrap">Bail-In</FONT> Legislation that are related to or ancillary to any of those powers. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:7%; font-size:10pt; font-family:ARIAL">(ii) <U>UK Resolution
Stay</U>. Notwithstanding any other term of this Agreement, or of any other agreement, arrangement or understanding between any of the Parties, the Parties agree that the terms of paragraphs 1, 3 and 5 of the UK Module are incorporated into and form
a part of this Agreement, and for such purposes this Agreement shall be deemed a &#8220;Covered Agreement&#8221; and (A)&nbsp;both the Holder and the Parent Guarantor shall be deemed to be &#8220;Regulated Entity Counterparties,&#8221; and
(B)&nbsp;the Corporation shall be deemed to be a &#8220;Module Adhering Party,&#8221; as each of those terms is used in the UK Module. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:ARIAL">For the purposes of this Section&nbsp;9(b)(ii), &#8220;<U>UK Module</U>&#8221; means the ISDA 2020 UK (PRA Rule) Jurisdictional Module
published on 22 December 2020 by the International Swaps and Derivatives Association, Inc. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">S<SMALL>ECTION</SMALL>&nbsp;10. <U>Certain U.S. Federal
Income Tax Matters</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">(a) The Parties intend that for U.S. federal income tax purposes: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(i) the exchange of any shares of the Holder&#8217;s <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Common Stock for <FONT
STYLE="white-space:nowrap">Class&nbsp;B-Y</FONT> Common Stock and Class&nbsp;C Common Stock pursuant to the terms of the <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange Offer shall constitute an exchange of such <FONT
STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Common Stock for <FONT STYLE="white-space:nowrap">Class&nbsp;B-Y</FONT> Common Stock and Class&nbsp;C Common Stock and shall qualify as a &#8220;reorganization&#8221; within the meaning of
Section&nbsp;368(a)(1)(E) of the Code and/or as an exchange to which Section&nbsp;1036(a) of the Code applies; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(ii) the <FONT
STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange Offer and this Agreement, together with the other documents effectuating and the authorizing resolutions approving the <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange Offer
and this Agreement, constitute a &#8220;plan of reorganization&#8221; with respect to such exchange within the meaning of Treasury Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.368-2(g)</FONT> for the purposes of
Section&nbsp;368(a)(1)(E) of the Code; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(iii) the receipt by the Corporation of any payment of Makewhole Amounts, any payments to
the Corporation pursuant to the Visa USA <FONT STYLE="white-space:nowrap">By-Laws</FONT> and Loss Sharing Agreement and any amounts paid by the Corporation to such holder under Section&nbsp;1(c) hereof shall be treated (x)&nbsp;by the Holder as
adjustments to such Holder&#8217;s purchase price of the <FONT STYLE="white-space:nowrap">Class&nbsp;B-Y</FONT> Common Stock received in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange Offer (and such payments shall be included
in such Holder&#8217;s tax basis in the <FONT STYLE="white-space:nowrap">Class&nbsp;B-Y</FONT> Common Stock so received) and (y)&nbsp;by the Corporation as capital adjustments with respect to such exchange pursuant to applicable law<I>,
</I>including<I> </I>under Section&nbsp;1032 of the Code and <I>Arrowsmith v. Commissioner</I>, 344 U.S. 6 (1952). </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">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">(b) No Party shall take any action or position inconsistent with the Intended Tax Treatment or the
intended treatment described in this Section on any tax returns or otherwise unless pursuant to (i)&nbsp;a final decision, judgment, decree or other order by any court of competent jurisdiction, (ii)&nbsp;a final settlement with the Internal Revenue
Service, a closing agreement or accepted offer in compromise under Sections 7121 or 7122 of the Code, or a comparable agreement under the laws of other jurisdictions, which resolves the entire tax liability for any taxable period or (iii)&nbsp;any
other final resolution, including by reason of the expiration of the applicable statute of limitations; <U>provided</U> that if the Holder, Parent Guarantor or any other person related to the foregoing, intends to take a position inconsistent with
the Intended Tax Treatment pursuant to clauses (i), (ii) or (iii)&nbsp;of this paragraph, such person shall (x)&nbsp;promptly notify the Corporation of such intention prior to taking such position, (y)&nbsp;cooperate with the Corporation in respect
of such position and (z)&nbsp;not take such position without the consent of the Corporation (such consent not to be unreasonably withheld, conditioned or delayed). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">S<SMALL>ECTION</SMALL>&nbsp;11. <U>Notices</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">(a) All notices, requests, demands, waivers and other communications required or permitted to be delivered under this Agreement shall be in writing and
may be given by any of the following methods: (i)&nbsp;personal delivery; (ii)&nbsp;registered or certified mail, postage prepaid, return receipt requested; (iii)&nbsp;overnight reputable delivery service; or (iv)&nbsp;electronic mail in .pdf
format. Except as expressly provided in Section&nbsp;11(b) hereof, all notices, requests, demands, waivers and other communications required or permitted to be delivered under this Agreement shall be sent (x)&nbsp;to the Holder at its address set
forth on the signature page hereof or to such other address as the Holder shall have last notified the other Parties and the Transfer Agent in the manner provided for herein, (y)&nbsp;to any Parent Guarantor at its address set forth on the signature
page hereof or to such other address as such Parent Guarantor shall have last notified the other Parties in the manner provided for herein or (z)&nbsp;to the Corporation at 900 Metro Center Blvd., Foster City, CA 94404, Att&#8217;n: General Counsel,
with a copy, which shall not constitute notice, via email to legalnotice@visa.com, or to such other address as the Corporation shall have last notified the other Parties in the manner provided for herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">(b) The Holder agrees that any notice, request, demand, waiver or other communication by the Corporation may be delivered by the Corporation&#8217;s
Transfer Agent (i)&nbsp;via the Equiniti Trust Company, LLC Shareowner Online portal (or equivalent online portal in use by the Transfer Agent at the relevant time) or (ii)&nbsp;to the address on file with the Transfer Agent as of the date of such
communication. The Holder agrees to promptly notify the Corporation and the Transfer Agent of any change to its address set forth on the signature page hereof. Notifications to the Transfer Agent of a change in address shall be submitted through the
Equiniti Trust Company, LLC Shareowner Online portal or sent to Equiniti Trust Company, LLC, P.O. Box 64874, St. Paul, MN 55164-0874 or visa@equiniti.com. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">(c) All notices, requests, demands, waivers or other communications shall be deemed received upon (a)&nbsp;actual receipt by the addressee, or
(b)&nbsp;actual delivery to the appropriate address. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">S<SMALL>ECTION</SMALL>&nbsp;12. <U>Miscellaneous</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">(a) <U>Assignability; No Third Party Benefit; Successors</U>. This Agreement is made and shall be binding on and inure solely to the benefit of the
Parties and their successors or permitted assigns, but, except as expressly provided in Section&nbsp;3(a) hereof with respect to the Transfer Agent, otherwise confers no rights or defenses upon any <FONT STYLE="white-space:nowrap">non-Party.</FONT>
The Holder and each Parent Guarantor shall require each entity (each, a &#8220;<U>Successor</U>&#8221;) 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 the obligations of such Party under this Agreement pursuant to a written agreement in form and substance reasonably satisfactory to the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">(b) <U>Governing Law; Effect of Certain Future Certificate of Incorporation Amendments</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(i) This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts
entered into and to be performed entirely within the State of New York. The Parties hereby agree that this Agreement is consistent with public policy and hereby covenant and agree not to make any assertion to the contrary. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:ARIAL">(ii) Any amendment to the Certificate of Incorporation voted on and approved by stockholders at a time when the Applicable Conversion
Rate for the <FONT STYLE="white-space:nowrap">Class&nbsp;B-Y</FONT> Common Stock is equal to or less than zero (0)&nbsp;shall be disregarded for purposes of calculating (A)&nbsp;any payment by the Holder to the Corporation pursuant to
Section&nbsp;1(a) hereof to the extent such amendment would otherwise increase or accelerate the aggregate such payments thereafter payable hereunder, and (B)&nbsp;any payment by the Corporation to the Holder pursuant to Section&nbsp;1(c) hereof to
the extent such amendment would otherwise decrease or delay the aggregate such payments thereafter payable hereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">(c) <U>Arbitration</U>. Any dispute arising out of or relating to this Agreement, including but not
limited to a dispute relating to the breach, enforceability, interpretation, application, or scope of any aspect of this Agreement (including, without limitation, this paragraph (c)) or a dispute relating to the amount of any payment obligation
created by this Agreement or that constitutes an Overdue Amount hereunder shall be finally resolved by arbitration in accordance with the Center for Public Resources (&#8220;<U>CPR</U>&#8221;) Rules for
<FONT STYLE="white-space:nowrap">Non-Administered</FONT> Arbitration in effect on the date of this Agreement, by one (1)&nbsp;independent and impartial arbitrator (the &#8220;<U>Arbitrator</U>&#8221;) to be agreed upon by the disputants or, in the
absence of such an agreement, appointed by the CPR; <U>provided</U> that John Gleeson, Esq., a former United States District Judge in the Eastern District of New York, is hereby agreed by the Parties (each on its own behalf and on behalf of its
Affiliates) to be acceptable as the Arbitrator and shall, <U>provided</U> he so consents, so act. The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. &#167;&#167;1&#8211;16, and any award rendered by the Arbitrator shall be
final and binding and judgment upon the award may be entered by any court having jurisdiction thereof. The place of arbitration shall be New York, New York, unless otherwise agreed by the parties to the arbitration. In the event of a dispute about
the existence or amount of a payment obligation created under this Agreement, the Arbitrator shall award the prevailing party its reasonable attorneys&#8217; fees unless the Arbitrator finds that the position of the opposing party was substantially
justified. In addition, if the Arbitrator finds that a Party underpaid or declined to pay a sum that it was obliged to pay under the terms of this Agreement, the Arbitrator shall award that other Party
<FONT STYLE="white-space:nowrap">pre-Award</FONT> interest at the U.S. prime rate as published in the Wall Street Journal on the date that the unpaid or underpaid payment was due (or, if the actual cost of replacement funds was greater than the
prime rate, the prevailing party&#8217;s actual cost of replacement funds), running from the date that the unpaid amount was required to be paid under this Agreement. The provisions of this paragraph (c)&nbsp;shall control any dispute between or
among one or more Parties to this Agreement arising out of or relating to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">(d) <U>Joint Authorship; Opportunity to Review</U>. This
Agreement shall be treated as though it were jointly drafted by all Parties, and any ambiguities shall not be construed for or against any Party on the basis of authorship. Each Party represents and warrants that it has had an opportunity to seek
and has sought independent legal advice from attorneys of its choice and other advice from such accountants and other professionals as it deems appropriate, in each case with respect to the advisability of executing this Agreement, and such Party
has carefully read this Agreement and has made such investigation of the facts pertaining to this Agreement as it deems necessary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">(e) <U>No
Admission</U>. Nothing in this Agreement is intended to be, nor shall be deemed to be, an admission of any liability to anyone or an admission of the existence of facts upon which liability could be based other than to the Parties hereto pursuant to
this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">(f) <U>Entire Agreement</U>. This Agreement constitutes the entire and only agreement among the Parties with respect to the subject
matter hereof, and any representation, promise, or condition in connection therewith shall not be binding upon any of the Parties, except to the extent set forth therein. This Agreement shall not be amended or modified except by a written amendment
executed by an authorized representative of each of the Parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">(g) <U>Counterparts</U>. This Agreement may be executed in multiple counterparts,
each of which shall be deemed to be an original, and all such counterparts shall constitute but one instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">(h) <U>No Waiver</U>. Failure to
insist on compliance with any term or provision contained in this Agreement shall not be deemed a waiver of that term or provision, nor shall any waiver or relinquishment of any right or power contained in this Agreement at any one time or more
times be deemed a waiver or relinquishment of any right or power at any other time or times. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">(i) <U>Severability</U>. The provisions of this
Agreement are severable, and if any provision of this Agreement is determined by a court of competent jurisdiction or agreed by the Parties to be invalid, void or unenforceable, this shall not affect the validity or enforceability of the remainder
of this Agreement or any other provision, and this Agreement may be enforced as if any such invalid, void or unenforceable provision were stricken. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">(j) <U>Headings</U>. Headings are for convenience only and shall not affect the interpretation of any provision hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">S<SMALL>ECTION</SMALL>&nbsp;13. <U>Definitions of Class</U><U></U><U><FONT STYLE="white-space:nowrap">&nbsp;B-X</FONT> and Class</U><U></U><U><FONT
STYLE="white-space:nowrap">&nbsp;B-Y</FONT> Common Stock</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">&#8220;<U>Class</U><U></U><U><FONT STYLE="white-space:nowrap">&nbsp;B-X</FONT> Common
Stock</U>&#8221; and &#8220;<U>Class</U><U></U><U><FONT STYLE="white-space:nowrap">&nbsp;B-Y</FONT> Common Stock</U>&#8221; mean: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">(a) if the type
of <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange Offer indicated on the Corporation&#8217;s signature page hereof is <FONT STYLE="white-space:nowrap">&#8220;Class&nbsp;B-1</FONT> Common Stock for
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> Common,&#8221; <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Common Stock and <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> Common Stock, respectively; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">(b) if the type of <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange Offer indicated on the Corporation&#8217;s signature page hereof is <FONT
STYLE="white-space:nowrap">&#8220;Class&nbsp;B-2</FONT> Common Stock for <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> Common,&#8221; <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Common Stock and
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> Common Stock, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><I>[signature pages follow] </I></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">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">

<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 WITNESS WHEREOF, each of the undersigned Parties has executed and delivered this Makewhole
Agreement as of the Effective Date. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Effective Date: <U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Type of <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange Offer: </B></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="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> Common Stock for
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</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%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> Common Stock for
<FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> Common Stock </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:ARIAL"><B><FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange Offer Acceptance Date:
<U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt">


<TR>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="85%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>VISA INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000;"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:10pt">Name:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:10pt">Title:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></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>

</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">

<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 WITNESS WHEREOF, each of the undersigned Parties has executed and delivered this Makewhole
Agreement as of the Effective Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><I>(IN BOX BELOW, TYPE LEGAL NAME OF HOLDER. </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><I>PLEASE FOLLOW INSTRUCTIONS BELOW; A DISCREPANCY MAY RESULT IN REJECTION OF TENDERED CLASS <FONT STYLE="white-space:nowrap">B-X</FONT> COMMON STOCK.)* </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="73%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="26%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="32" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt;">&nbsp;</TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="font-size:1px; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt">


<TR>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="85%"></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">By:</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000;"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<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">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<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">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="18%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">Address for</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD>
</TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">Notices:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD>
</TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD>
</TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD>
</TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD>
</TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Att&#8217;n:
<U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Email: <U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></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">Number of shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Common Stock tendered in <FONT
STYLE="white-space:nowrap">Class&nbsp;B-X</FONT> Exchange Offer:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="right"><U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;shares</U></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT>&#8195; By checking this box, the Holder hereby represents and warrants that it
does not have any Parent Guarantors as of the Effective Date of this Makewhole Agreement. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</DIV>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">* <I>HOLDER</I> <I>SIGNATURE PAGE INSTRUCTIONS</I> </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="4%" 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">All responses should be typewritten or electronically printed, other than signature which should be manual or electronic.
</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%" 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">It is the Holder&#8217;s responsibility to ensure that its name, as set forth above, matches both (i)(a) the name listed
in the Transfer Agent&#8217;s books and records or (b)&nbsp;the name of the beneficial owner of the shares identified in the Letter of Election and Transmittal submitted on behalf of the Holder, as applicable, and (ii)&nbsp;the name set forth in the
Holder&#8217;s constitutive instruments. </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%" 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">A duly completed Officer&#8217;s Certificate in the attached form must accompany each signature page. The Officer&#8217;s
Certificate must be signed by a different officer of the Holder from the officer who signed this signature page. </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">12 </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">

<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 WITNESS WHEREOF, each of the undersigned Parties has executed and delivered this Makewhole
Agreement as of the Effective Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><I>(IN BOX BELOW, TYPE LEGAL NAME OF PARENT GUARANTOR. </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><I>PLEASE FOLLOW INSTRUCTIONS BELOW; A DISCREPANCY MAY RESULT IN </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><I>REJECTION OF
TENDERED CLASS B-X COMMON STOCK.)* </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="76%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="23%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="32" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt;">&nbsp;</TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="font-size:1px; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt">


<TR>

<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&#8195;&#8195;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt">


<TR>

<TD WIDTH="18%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">Address for</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">&#8195;Notices:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&#8201;Att&#8217;n:</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&#8201;Email:</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</DIV>
<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="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><I>PARENT GUARANTOR SIGNATURE PAGE INSTRUCTIONS</I> </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%" 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">All responses should be typewritten or electronically printed, other than signature which should be manual or electronic.
</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%" 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">A separate signature page must be provided for each Parent Guarantor. </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%" 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">It is the Parent Guarantor&#8217;s responsibility to ensure that its name, as set forth above, matches the name set forth
in its constitutive instruments. </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%" 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">A duly completed Officer&#8217;s Certificate in the attached form must accompany each signature page. The Officer&#8217;s
Certificate must be signed by a different officer of the Parent Guarantor from the officer who signed this signature page. </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">13 </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">

<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>OFFICER&#8217;S CERTIFICATE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Accompanying Holder&#8217;s or Parent Guarantor&#8217;s </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Signature Page of Makewhole Agreement* </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">This
Certificate is being delivered in connection with the Makewhole Agreement with Visa Inc. to be entered into by (<I>check </I><I><U>one</U></I><I> box below and then complete applicable box; attach constitutive instrument referred to in paragraph
2</I>): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="99%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt">


<TR>

<TD WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="24%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="72%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The&nbsp;&#8220;Holder&#8221;&nbsp;party&nbsp;to&nbsp;the Makewhole Agreement</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD ROWSPAN="2" VALIGN="top"></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD ROWSPAN="2" VALIGN="top"></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="2"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">(<I>type or print full legal name of Holder</I>)</P> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A&nbsp;&#8220;Parent&nbsp;Guarantor&#8221;&nbsp;party&nbsp;to the Makewhole Agreement</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000;">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD ROWSPAN="2" VALIGN="top"></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD ROWSPAN="2" VALIGN="top"></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="2">(<I>type or print full legal name of Parent Guarantor</I>)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">The undersigned hereby certifies to Visa Inc. that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">1. The undersigned is a duly authorized officer of the &#8220;Holder&#8221; or &#8220;Parent Guarantor,&#8221; as applicable, named above (the
&#8220;<U>Company</U>&#8221;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">2. Attached to this Officer&#8217;s Certificate is a true, correct and complete copy of the certificate of
incorporation, certificate of formation, certificate of limited partnership or equivalent constitutive instrument of the Company in effect as of the Effective Date of the Makewhole Agreement. The name of the Company as set forth in the attached
document matches the name of the Company as set forth above and on the signature page of the Makewhole Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">3. Each person who as an
authorized officer of the Company signed the Makewhole Agreement was duly elected or appointed, qualified and acting as such at the respective times of the signing and delivery thereof and was duly authorized to sign the Makewhole Agreement on
behalf of the Company, and the signature of such person appearing on the signature page of the Makewhole Agreement is the genuine signature of such officer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL">IN WITNESS WHEREOF, I have signed this Officer&#8217;s Certificate. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt">


<TR>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="85%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">(<I>signature)</I></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">(<I>type or print name</I>)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">(<I>type or print title)</I></TD></TR>
</TABLE></DIV> <DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</DIV> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">*
<I>OFFICER&#8217;S CERTIFICATE INSTRUCTIONS</I> </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="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">All responses should be typewritten or electronically printed, other than signature which should be manual or electronic.
</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">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">A separate Officer&#8217;s Certificate must be provided for the Holder and each Parent Guarantor. </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">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">It is the Company&#8217;s responsibility to ensure that its name, as set forth above, matches the name set forth in its
constitutive instruments. </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">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">The Officer&#8217;s Certificate must be signed by a different officer of the Company from the officer who signed the
Company&#8217;s signature page. </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">14 </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">

<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>Attachment to Officer&#8217;s Certificate </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">(<I>attach copy of constitutive instrument referred to in paragraph 2 of Officer&#8217;s Certificate</I>) </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">15 </P>

</DIV></Center>

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<title>EX-FILING FEES</title>
</head>
  <body> <div style="display: none"> <ix:header> <ix:hidden> <ix:nonNumeric name="ffd:FormTp" contextRef="rc" id="ixv-422">S-4</ix:nonNumeric> <ix:nonNumeric name="ffd:SubmissnTp" contextRef="rc" id="ixv-423">S-4</ix:nonNumeric> <ix:nonNumeric name="ffd:FeeExhibitTp" contextRef="rc" id="ixv-424">EX-FILING FEES</ix:nonNumeric> <ix:nonNumeric name="dei:EntityCentralIndexKey" contextRef="rc" id="ixv-425">0001403161</ix:nonNumeric> <ix:nonNumeric name="dei:EntityRegistrantName" contextRef="rc" id="ixv-426">VISA INC.</ix:nonNumeric> <ix:nonNumeric name="ffd:OfferingTableNa" contextRef="rc" id="hiddenrcOfferingTableNa" xsi:nil="true"></ix:nonNumeric> <ix:nonNumeric name="ffd:OffsetTableNa" contextRef="rc" id="hiddenrcOffsetTableNa" xsi:nil="true"></ix:nonNumeric> <ix:nonNumeric name="ffd:CombinedProspectusTableNa" contextRef="rc" id="hiddenrcCombinedProspectusTableNa">N/A</ix:nonNumeric> <ix:nonNumeric name="ffd:OffsetClmdInd" contextRef="ofst_1" format="ixt:booleantrue" id="ixv-430">Y</ix:nonNumeric> <ix:nonNumeric name="ffd:OffsetClmdInd" contextRef="ofst_2" format="ixt:booleanfalse" id="ixv-431">N</ix:nonNumeric> </ix:hidden> <ix:references> <link:schemaRef xlink:href="https://xbrl.sec.gov/ffd/2025q4/ffd-2025q4.xsd" xlink:type="simple"/> </ix:references> <ix:resources> <xbrli:context id="rc"> <xbrli:entity> <xbrli:identifier scheme="http://www.sec.gov/CIK">0001403161</xbrli:identifier> </xbrli:entity> <xbrli:period> <xbrli:startDate>2026-03-05</xbrli:startDate> <xbrli:endDate>2026-03-05</xbrli:endDate> </xbrli:period> </xbrli:context> <xbrli:context id="offrl_1"> <xbrli:entity> <xbrli:identifier scheme="http://www.sec.gov/CIK">0001403161</xbrli:identifier> <xbrli:segment> <xbrldi:typedMember dimension="ffd:OfferingAxis"> <dei:lineNo>1</dei:lineNo> </xbrldi:typedMember> </xbrli:segment> </xbrli:entity> <xbrli:period> <xbrli:startDate>2026-03-05</xbrli:startDate> <xbrli:endDate>2026-03-05</xbrli:endDate> </xbrli:period> </xbrli:context> <xbrli:context id="offrl_2"> <xbrli:entity> <xbrli:identifier scheme="http://www.sec.gov/CIK">0001403161</xbrli:identifier> <xbrli:segment> <xbrldi:typedMember dimension="ffd:OfferingAxis"> <dei:lineNo>2</dei:lineNo> </xbrldi:typedMember> </xbrli:segment> </xbrli:entity> <xbrli:period> <xbrli:startDate>2026-03-05</xbrli:startDate> <xbrli:endDate>2026-03-05</xbrli:endDate> </xbrli:period> </xbrli:context> <xbrli:context id="offrl_3"> <xbrli:entity> <xbrli:identifier scheme="http://www.sec.gov/CIK">0001403161</xbrli:identifier> <xbrli:segment> <xbrldi:typedMember dimension="ffd:OfferingAxis"> <dei:lineNo>3</dei:lineNo> </xbrldi:typedMember> </xbrli:segment> </xbrli:entity> <xbrli:period> <xbrli:startDate>2026-03-05</xbrli:startDate> <xbrli:endDate>2026-03-05</xbrli:endDate> </xbrli:period> </xbrli:context> <xbrli:context id="ofst_1"> <xbrli:entity> <xbrli:identifier scheme="http://www.sec.gov/CIK">0001403161</xbrli:identifier> <xbrli:segment> <xbrldi:typedMember dimension="ffd:OffsetAxis"> <dei:lineNo>1</dei:lineNo> </xbrldi:typedMember> </xbrli:segment> </xbrli:entity> <xbrli:period> <xbrli:startDate>2026-03-05</xbrli:startDate> <xbrli:endDate>2026-03-05</xbrli:endDate> </xbrli:period> </xbrli:context> <xbrli:context id="ofst_2"> <xbrli:entity> <xbrli:identifier scheme="http://www.sec.gov/CIK">0001403161</xbrli:identifier> <xbrli:segment> <xbrldi:typedMember dimension="ffd:OffsetAxis"> <dei:lineNo>2</dei:lineNo> </xbrldi:typedMember> </xbrli:segment> </xbrli:entity> <xbrli:period> <xbrli:startDate>2026-03-05</xbrli:startDate> <xbrli:endDate>2026-03-05</xbrli:endDate> </xbrli:period> </xbrli:context> <xbrli:unit id="USD"> <xbrli:measure>iso4217:USD</xbrli:measure> </xbrli:unit> <xbrli:unit id="pure"> <xbrli:measure>xbrli:pure</xbrli:measure> </xbrli:unit> <xbrli:unit id="Shares"> <xbrli:measure>xbrli:shares</xbrli:measure> </xbrli:unit> </ix:resources> </ix:header> </div> <div>
<table style="width: 99%; font-family: Arial, Helvetica, sans-serif; font-size: 20pt; text-align: center;">
<tr>
<td colspan="4" style="padding-bottom: .5em"> <p> <b>Calculation of Filing Fee Tables</b> </p> </td> </tr>
<tr>
<td style="padding-bottom: .25em"> <p> <b> <ix:nonNumeric name="ffd:FormTp" contextRef="rc" id="ixv-492">S-4</ix:nonNumeric> </b> </p> </td> </tr>
<tr>
<td style="padding-bottom: .25em"> <p> <b> <ix:nonNumeric name="dei:EntityRegistrantName" contextRef="rc" id="ixv-493">VISA INC.</ix:nonNumeric> </b> </p> </td> </tr> </table> </div> <div style="padding-bottom: 20px;">
<table style="float: center; width: 100%; text-align: left; ">
<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
<th style="vertical-align: bottom; text-align: left; word-wrap: break-word"> <b>Table 1: Newly Registered and Carry Forward Securities</b> </th>
<th style="vertical-align: bottom; word-wrap: break-word; text-align: right;"> <span style="-sec-ix-hidden: hiddenrcOfferingTableNa">&#9744;Not Applicable</span> </th> </tr> </table>
<table style="font-family: Arial, Helvetica, sans-serif; float: center; width: 100%; text-align: center; border: 1px solid black; font-size: 16px;">
<tr style="background-color:#9ADAF6">
<th style="width: 12%;">
 </th>
<th style="width: 2%;">
 </th>
<th style="width: 12%;"> <p style="margin: 0pt; text-align: center;"> <b>Security Type</b> </p> </th>
<th style="width: 14%;"> <p style="margin: 0pt; text-align: center;"> <b>Security Class Title </b> </p> </th>
<th style="width: 2%;"> <p style="margin: 0pt; text-align: center;"> <b>Fee Calculation or Carry Forward Rule</b> </p> </th>
<th style="width: 5%;"> <p style="margin: 0pt; text-align: center;"> <b>Amount Registered</b> </p> </th>
<th style="width: 15%;"> <p style="margin: 0pt; text-align: center;"> <b>Proposed Maximum Offering Price Per Unit</b> </p> </th>
<th style="width: 10%;"> <p style="margin: 0pt; text-align: center;"> <b>Maximum Aggregate Offering Price</b> </p> </th>
<th style="width: 5%;"> <p style="margin: 0pt; text-align: center;"> <b>Fee Rate</b> </p> </th>
<th style="width: 6%;"> <p style="margin: 0pt; text-align: center;"> <b>Amount of Registration Fee</b> </p> </th>
<th style="width: 1%;"> <p style="margin: 0pt; text-align: center;"> <b>Carry Forward Form Type</b> </p> </th>
<th style="width: 7%;"> <p style="margin: 0pt; text-align: center;"> <b>Carry Forward File Number</b> </p> </th>
<th style="width: 6%;"> <p style="margin: 0pt; text-align: center;"> <b>Carry Forward Initial Effective Date</b> </p> </th>
<th style="width: 7%;"> <p style="margin: 0pt; text-align: center;"> <b>Filing Fee Previously Paid in Connection with Unsold Securities to be Carried Forward</b> </p> </th> </tr>
<tr>
<td colspan="14" style="text-align: center"> <b>Newly Registered Securities</b> </td> </tr>
<tr style="background-color:#E7E7E2">
<td style="text-align: left;"> <ix:nonNumeric name="ffd:PrevslyPdFlg" contextRef="offrl_1" format="ixt:booleanfalse" id="ixv-494">Fees to be Paid</ix:nonNumeric> </td>
<td style="text-align: center;"> 1 </td>
<td style="text-align: left;"> <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_1" id="ixv-495">Equity</ix:nonNumeric> </td>
<td style="text-align: left;"> <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_1" id="ixv-496">Class A common stock, par value $0.0001 per share</ix:nonNumeric> </td>
<td style="text-align: center;"> <ix:nonNumeric name="ffd:FeesOthrRuleFlg" contextRef="offrl_1" format="ixt:booleantrue" id="ixv-497">Other</ix:nonNumeric> </td>
<td style="text-align: right;"> <ix:nonFraction name="ffd:AmtSctiesRegd" unitRef="Shares" decimals="0" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-498">188,797,009</ix:nonFraction> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> <span>$</span> <ix:nonFraction name="ffd:MaxAggtOfferingPric" unitRef="USD" decimals="2" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-499">59,676,846,574.81</ix:nonFraction> </td>
<td style="text-align: right;"> <ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="7" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-500">0.0001381</ix:nonFraction> </td>
<td style="text-align: right;"> <span>$</span> <ix:nonFraction name="ffd:FeeAmt" unitRef="USD" decimals="2" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-501">8,241,372.51</ix:nonFraction> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: right;"> </td> </tr>
<tr style="background-color:#E7E7E2">
<td style="text-align: left;"> <ix:nonNumeric name="ffd:PrevslyPdFlg" contextRef="offrl_2" format="ixt:booleanfalse" id="ixv-502">Fees to be Paid</ix:nonNumeric> </td>
<td style="text-align: center;"> 2 </td>
<td style="text-align: left;"> <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_2" id="ixv-503">Equity</ix:nonNumeric> </td>
<td style="text-align: left;"> <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_2" id="ixv-504">Class B-3 common stock, par value $0.0001 per share</ix:nonNumeric> </td>
<td style="text-align: center;"> <ix:nonNumeric name="ffd:FeesOthrRuleFlg" contextRef="offrl_2" format="ixt:booleantrue" id="ixv-505">Other</ix:nonNumeric> </td>
<td style="text-align: right;"> <ix:nonFraction name="ffd:AmtSctiesRegd" unitRef="Shares" decimals="0" format="ixt:numdotdecimal" contextRef="offrl_2" id="ixv-506">61,378,320</ix:nonFraction> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> <span>$</span> <ix:nonFraction name="ffd:MaxAggtOfferingPric" unitRef="USD" decimals="2" format="ixt:numdotdecimal" contextRef="offrl_2" id="ixv-507">0.00</ix:nonFraction> </td>
<td style="text-align: right;"> <ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="7" format="ixt:numdotdecimal" contextRef="offrl_2" id="ixv-508">0.0001381</ix:nonFraction> </td>
<td style="text-align: right;"> <span>$</span> <ix:nonFraction name="ffd:FeeAmt" unitRef="USD" decimals="2" format="ixt:numdotdecimal" contextRef="offrl_2" id="ixv-509">0.00</ix:nonFraction> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: right;"> </td> </tr>
<tr style="background-color:#E7E7E2">
<td style="text-align: left;"> <ix:nonNumeric name="ffd:PrevslyPdFlg" contextRef="offrl_3" format="ixt:booleanfalse" id="ixv-510">Fees to be Paid</ix:nonNumeric> </td>
<td style="text-align: center;"> 3 </td>
<td style="text-align: left;"> <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_3" id="ixv-511">Equity</ix:nonNumeric> </td>
<td style="text-align: left;"> <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_3" id="ixv-512">Class C common stock, par value $0.0001 per share</ix:nonNumeric> </td>
<td style="text-align: center;"> <ix:nonNumeric name="ffd:FeesOthrRuleFlg" contextRef="offrl_3" format="ixt:booleantrue" id="ixv-513">Other</ix:nonNumeric> </td>
<td style="text-align: right;"> <ix:nonFraction name="ffd:AmtSctiesRegd" unitRef="Shares" decimals="0" format="ixt:numdotdecimal" contextRef="offrl_3" id="ixv-514">24,067,298</ix:nonFraction> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> <span>$</span> <ix:nonFraction name="ffd:MaxAggtOfferingPric" unitRef="USD" decimals="2" format="ixt:numdotdecimal" contextRef="offrl_3" id="ixv-515">0.00</ix:nonFraction> </td>
<td style="text-align: right;"> <ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="7" format="ixt:numdotdecimal" contextRef="offrl_3" id="ixv-516">0.0001381</ix:nonFraction> </td>
<td style="text-align: right;"> <span>$</span> <ix:nonFraction name="ffd:FeeAmt" unitRef="USD" decimals="2" format="ixt:numdotdecimal" contextRef="offrl_3" id="ixv-517">0.00</ix:nonFraction> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: right;"> </td> </tr>
<tr style="background-color:#E7E7E2">
<td style="text-align: left;"> Fees Previously Paid </td>
<td style="text-align: center;"> </td>
<td style="text-align: left;"> </td>
<td style="text-align: left;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: right;"> </td> </tr>
<tr>
<td colspan="14" style="text-align: center"> <b>Carry Forward Securities</b> </td> </tr>
<tr style="background-color:#E7E7E2">
<td style="text-align: left;"> Carry Forward Securities </td>
<td style="text-align: center;"> </td>
<td style="text-align: left;"> </td>
<td style="text-align: left;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: right;"> </td> </tr>
<tr>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td colspan="3" style="vertical-align: top"> <p style="margin: 0pt; text-align: right">Total Offering Amounts:</p> </td>
<td>
 </td>
<td style="vertical-align: top; width: 16%;"> <p id="MaxAggtOfferingPrice" style="margin: 0pt; text-align: right"> <span>$</span> <ix:nonFraction name="ffd:TtlOfferingAmt" contextRef="rc" decimals="2" format="ixt:numdotdecimal" unitRef="USD" id="ixv-518">59,676,846,574.81</ix:nonFraction> </p> </td>
<td>
 </td>
<td style="vertical-align: top; border-bottom: 1px black; width: 16%;"> <p id="TotalFeeAmt" style="margin: 0pt; text-align: right"> <span>$</span> <ix:nonFraction name="ffd:TtlFeeAmt" contextRef="rc" decimals="2" format="ixt:numdotdecimal" unitRef="USD" id="ixv-519">8,241,372.51</ix:nonFraction> </p> </td>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td>
 </td> </tr>
<tr>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td colspan="3" style="vertical-align: top"> <p style="margin: 0pt; text-align: right"> Total Fees Previously Paid: </p> </td>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td style="vertical-align: top"> <p id="TotalPreviouslyPaidAmt" style="margin: 0pt; text-align: right"> <span>$</span> <ix:nonFraction name="ffd:TtlPrevslyPdAmt" contextRef="rc" decimals="2" format="ixt:numdotdecimal" unitRef="USD" id="ixv-520">0.00</ix:nonFraction> </p> </td>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td>
 </td> </tr>
<tr>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td colspan="3" style="vertical-align: top"> <p style="margin: 0pt; text-align: right"> Total Fee Offsets: </p> </td>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td style="vertical-align: top"> <p id="TotalOffsetAmt" style="margin: 0pt; text-align: right"> <span>$</span> <ix:nonFraction name="ffd:TtlOffsetAmt" contextRef="rc" decimals="2" format="ixt:numdotdecimal" unitRef="USD" id="ixv-521">7,945,220.95</ix:nonFraction> </p> </td>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td>
 </td> </tr>
<tr>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td colspan="3" style="vertical-align: top"> <p style="margin: 0pt; text-align: right"> Net Fee Due: </p> </td>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td style="vertical-align: top"> <p id="NetFeeAmt" style="margin: 0pt; text-align: right"> <span>$</span> <ix:nonFraction name="ffd:NetFeeAmt" contextRef="rc" decimals="2" format="ixt:numdotdecimal" unitRef="USD" id="ixv-522">296,151.56</ix:nonFraction> </p> </td>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td>
 </td> </tr> </table> </div> <div>
<table style="width: 100%; text-indent: 0px;"> <tbody>
<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
<td> <p style="margin:0pt;text-align:left; margin-bottom: 5px;"> <b>Offering Note</b> </p> </td>
<td/> </tr> </tbody> </table> </div> <div style="padding-bottom: 20px;">
<table style="width: 100%; text-indent: 0px;">
<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
<td style="width:10pt;"> <p style="margin:0pt;text-align:left;"> <sup style="vertical-align:top;line-height:120%;font-size:10px">1</sup> </p> </td>
<td colspan="7" style="white-space: pre-line;"> <ix:nonNumeric name="ffd:Rule457fFlg" contextRef="offrl_1" format="ixt:booleantrue" id="ixv-523">Rule 457(f) Fee Calculation Details</ix:nonNumeric> <br/> <br/> <ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="offrl_1" id="ixv-524">The amount registered represents up to 188,797,009 shares of Class A common stock, par value $0.0001 per share, of Visa ("Class A common stock") that can be issued upon conversion of (i) up to 61,378,320 shares of Class B-3 common stock, par value $0.0001 per share, of Visa ("Class B-3 common stock") and (ii) up to 24,067,298 shares of Class C common stock, par value $0.0001 per share, of Visa ("Class C common stock") being offered in exchange for shares of Class B-1 common stock, par value $0.0001 per share, of Visa ("Class B-1 common stock") and Class B-2 common stock, par value $0.0001 per share, of Visa ("Class B-2 common stock"), in each case, pursuant to the exchange offer (the "Current Exchange Offer") described in the prospectus forming a part of the registration statement filed by Visa on Form S-4, with which this exhibit is filed (the "S-4 Registration Statement"). The maximum aggregate offering price, estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) and Rule 457(f) under the Securities Act of 1933, as amended (the "Securities Act"), is based on the product of (i) $316.09 the average of the high and low prices of Class A common stock of Visa as reported on the New York Stock Exchange on February 27, 2026 and (ii) 188,797,009, the maximum number of shares of Class A common stock into which shares of Class B-3 common stock and Class C common stock to be issued in the Exchange Offer are convertible (based on the Applicable Conversation Rates (as such term is defined in the S-4 Registration Statement) for Class B-1, Class B-2 common stock and Class C common stock. Pursuant to Rule 457(f)(3) under the Securities Act, the maximum aggregate offering price excludes estimated cash to be paid by Visa in lieu of issuing fractional shares calculated on an aggregate basis.</ix:nonNumeric> </td> </tr>
<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
<th style="padding-top: 10px">
 </th>
<th style="padding-top: 10px">Amount of Securities to be Received or Cancelled</th>
<th style="padding-top: 10px">Value per Share of Securities to be Received or Cancelled</th>
<th style="padding-top: 10px">Total Value of Securities to be Received or Cancelled</th>
<th style="padding-top: 10px">Cash Consideration Received by the registrant</th>
<th style="padding-top: 10px">Cash Consideration (Paid) by the registrant</th>
<th style="padding-top: 10px">Maximum Aggregate Offering Price</th> </tr>
<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; text-align: center">
<td>
 </td>
<td> <ix:nonFraction name="ffd:AmtSctiesRcvd" unitRef="Shares" decimals="0" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-525">188,797,009</ix:nonFraction> </td>
<td> <span>$</span> <ix:nonFraction name="ffd:ValSctiesRcvdPerShr" unitRef="USD" decimals="2" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-526">316.09</ix:nonFraction> </td>
<td> <span>$</span> <ix:nonFraction name="ffd:ValSctiesRcvd" unitRef="USD" decimals="2" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-527">59,676,846,574.81</ix:nonFraction> </td>
<td/>
<td/>
<td> <span>$</span> <ix:nonFraction name="ffd:FeeNoteMaxAggtOfferingPric" unitRef="USD" decimals="2" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-528">59,676,846,574.81</ix:nonFraction> </td> </tr>
<tr>
<td colspan="7"> <hr style="width:100%;text-align:left;margin-left:0"/> </td> </tr>
<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
<td style="width:10pt;"> <p style="margin:0pt;text-align:left;"> <sup style="vertical-align:top;line-height:120%;font-size:10px">2</sup> </p> </td>
<td colspan="7" style="white-space: pre-line;"> <ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="offrl_2" id="ixv-529">No fee pursuant to Rule 457(i) under the Securities Act.</ix:nonNumeric> </td> </tr>
<tr>
<td colspan="7"> <hr style="width:100%;text-align:left;margin-left:0"/> </td> </tr>
<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
<td style="width:10pt;"> <p style="margin:0pt;text-align:left;"> <sup style="vertical-align:top;line-height:120%;font-size:10px">3</sup> </p> </td>
<td colspan="7" style="white-space: pre-line;"> <ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="offrl_3" id="ixv-530">No fee pursuant to Rule 457(i) under the Securities Act.</ix:nonNumeric> </td> </tr>
<tr>
<td colspan="7"> <hr style="width:100%;text-align:left;margin-left:0"/> </td> </tr> </table> </div> <div style="padding-bottom: 20px;">
<table style="float: center; width: 100%; text-align: left; ">
<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
<th style="vertical-align: bottom; text-align: left; word-wrap: break-word"> <b>Table 2: Fee Offset Claims and Sources</b> </th>
<th style="vertical-align: bottom; word-wrap: break-word; text-align: right;"> <span style="-sec-ix-hidden: hiddenrcOffsetTableNa">&#9744;Not Applicable</span> </th> </tr> </table>
<table style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; float: center; width: 100%; text-align: center; border: 1px solid black;">
<tr style="background-color:#9ADAF6">
<th style="width: 10%; text-align: left;">
 </th>
<th style="width: 8%; text-align: left;">
 </th>
<th style="width: 16%;"> Registrant or Filer Name </th>
<th style="width: 6%;"> Form or Filing Type </th>
<th style="width: 7%;"> File Number </th>
<th style="width: 6%;"> Initial Filing Date </th>
<th style="width: 6%;"> Filing Date </th>
<th style="width: 6%;"> Fee Offset Claimed </th>
<th style="width: 6%;"> Security Type Associated with Fee Offset Claimed </th>
<th style="width: 8%;"> Security Title Associated with Fee Offset Claimed </th>
<th style="width: 6%;"> Unsold Securities Associated with Fee Offset Claimed </th>
<th style="width: 9%;"> Unsold Aggregate Offering Amount Associated with Fee Offset Claimed </th>
<th style="width: 6%;"> Fee Paid with Fee Offset Source </th> </tr>
<tr>
<td colspan="14" style="text-align: center"> <b>Rules 457(b) and 0-11(a)(2)</b> </td> </tr>
<tr style="background-color:#E7E7E2">
<td style="text-align: left;"> Fee Offset Claims </td>
<td> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td> </tr>
<tr style="background-color:#E7E7E2">
<td style="text-align: left;"> Fee Offset Sources </td>
<td> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td> </tr>
<tr>
<td colspan="14" style="text-align: center"> <b>Rule 457(p)</b> </td> </tr>
<tr style="background-color:#E7E7E2">
<td style="text-align: left;"> <ix:nonNumeric name="ffd:Rule457pOffsetFlg" contextRef="ofst_1" format="ixt:booleantrue" id="ixv-531">Fee Offset Claims</ix:nonNumeric> </td>
<td> 1 </td>
<td style="text-align: left;"> <ix:nonNumeric name="ffd:OffsetPrrFilerNm" contextRef="ofst_1" id="ixv-532">Visa Inc.</ix:nonNumeric> </td>
<td> <ix:nonNumeric name="ffd:OffsetPrrFormTp" contextRef="ofst_1" id="ixv-533">S-4</ix:nonNumeric> </td>
<td> <ix:nonNumeric name="ffd:OffsetPrrFileNb" contextRef="ofst_1" id="ixv-534">333-276747</ix:nonNumeric> </td>
<td> <ix:nonNumeric name="ffd:OffsetClmInitlFilgDt" format="ixt:datemonthdayyear" contextRef="ofst_1" id="ixv-535">01/29/2024</ix:nonNumeric> </td>
<td> </td>
<td style="text-align: right;"> <span>$</span> <ix:nonFraction name="ffd:OffsetClmdAmt" decimals="2" format="ixt:numdotdecimal" unitRef="USD" contextRef="ofst_1" id="ixv-536">7,945,220.95</ix:nonFraction> </td>
<td style="text-align: left;"> <ix:nonNumeric name="ffd:OffsetPrrSctyTp" contextRef="ofst_1" id="ixv-537">Equity</ix:nonNumeric> </td>
<td style="text-align: left;"> <ix:nonNumeric name="ffd:OffsetPrrSctyTitl" contextRef="ofst_1" id="ixv-538">Class A common stock, par value $0.0001 per share</ix:nonNumeric> </td>
<td style="text-align: right;"> <ix:nonFraction name="ffd:OffsetPrrNbOfUnsoldScties" unitRef="Shares" decimals="0" format="ixt:numdotdecimal" contextRef="ofst_1" id="ixv-539">198,713,168</ix:nonFraction> </td>
<td style="text-align: right;"> <span>$</span> <ix:nonFraction name="ffd:OffsetPrrUnsoldOfferingAmt" decimals="2" format="ixt:numdotdecimal" unitRef="USD" contextRef="ofst_1" id="ixv-540">53,829,410,079.52</ix:nonFraction> </td>
<td style="text-align: right;"> </td> </tr>
<tr style="background-color:#E7E7E2">
<td style="text-align: left;"> <ix:nonNumeric name="ffd:Rule457pOffsetFlg" contextRef="ofst_2" format="ixt:booleantrue" id="ixv-541">Fee Offset Sources</ix:nonNumeric> </td>
<td> </td>
<td style="text-align: left;"> <ix:nonNumeric name="ffd:OffsetPrrFilerNm" contextRef="ofst_2" id="ixv-542">Visa Inc.</ix:nonNumeric> </td>
<td> <ix:nonNumeric name="ffd:OffsetPrrFormTp" contextRef="ofst_2" id="ixv-543">S-4</ix:nonNumeric> </td>
<td> <ix:nonNumeric name="ffd:OffsetPrrFileNb" contextRef="ofst_2" id="ixv-544">333-276747</ix:nonNumeric> </td>
<td> </td>
<td> <ix:nonNumeric name="ffd:OffsetSrcFilgDt" format="ixt:datemonthdayyear" contextRef="ofst_2" id="ixv-545">01/29/2024</ix:nonNumeric> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> <span>$</span> <ix:nonFraction name="ffd:OffsetPrrFeeAmt" decimals="2" format="ixt:numdotdecimal" unitRef="USD" contextRef="ofst_2" id="ixv-546">15,583,616.04</ix:nonFraction> </td> </tr> </table> </div> <div>
<table style="width: 100%; text-indent: 0px;"> <tbody>
<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
<td> <p style="margin:0pt;text-align:left; margin-bottom: 5px;"> <b>Rule 457(p) Statement of Withdrawal, Termination, or Completion:</b> </p> </td>
<td/> </tr> </tbody> </table> </div> <div style="padding-bottom: 20px;">
<table style="width: 100%; text-indent: 0px;">
<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
<td style="width:10pt;"> <p style="margin:0pt;text-align:left;"> <sup style="vertical-align:top;line-height:120%;font-size:10px">1</sup> </p> </td>
<td colspan="7" style="white-space: pre-line;"> <ix:nonNumeric name="ffd:TermntnCmpltnWdrwl" escape="1" contextRef="ofst_1" id="ixv-547">The shares of Class A common stock registered hereby that are issuable upon the conversion of the Class B-3 common stock and Class C common stock offered in the Current Exchange Offer were previously registered pursuant to Visa's registration statement on Form S-4 (File No. 333-276747) (the "Prior S-4 Registration Statement") and that were issuable upon the conversion of Class B-2 common stock and Class C common stock offered as partial consideration in Visa's prior exchange offer (the "Prior Exchange Offer") to which the Prior S-4 Registration Statement relates. Due to restrictions in Visa's certificate of incorporation, Visa's Class B-2 common stock has not yet become convertible into shares of Class A common stock, and therefore such underlying shares of Class A common stock remain unsold. The number of unsold securities associated with fee offset claimed consists of (i) 3,836,920 shares of Class A common stock issuable upon conversion of the Class C common stock that was registered but not issued in the Prior Exchange Offer and (ii) 194,876,248 shares of Class A common stock into which the shares of Class B-2 common stock registered in the Prior Exchange Offer was convertible (in each case, rounded down to the nearest whole share) but remain unsold. The filing fee previously paid by Visa that corresponds to this amount of Class A common stock equals $7,945,220.95, which is the amount that Visa is offsetting the fee payable in connection with the Current Exchange Offer. The unsold aggregate offering amount associated with fee offset claimed was calculated using $270.89 as the average of the high and low prices of Class A common stock of Visa as reported on the New York Stock Exchange on January 23, 2024 in accordance with the Prior S-4 Registration Statement.</ix:nonNumeric> </td> </tr>
<tr>
<td colspan="7"> <hr style="width:100%;text-align:left;margin-left:0"/> </td> </tr> </table> </div> <div style="padding-bottom: 20px;">
<table style="float: center; width: 100%; text-align: left; ">
<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
<th style="vertical-align: bottom; text-align: left; word-wrap: break-word"> <b>Table 3: Combined Prospectuses</b> </th>
<th style="vertical-align: bottom; word-wrap: break-word; text-align: right;"> <span style="-sec-ix-hidden: hiddenrcCombinedProspectusTableNa">&#9745;Not Applicable</span> </th> </tr> </table>
<table style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; float: center; width: 100%; border: 1px solid black;">
<tr style="background-color:#9ADAF6">
<th style="width: 4%">
 </th>
<th style="width: 14%"> <p style="margin: 0pt; text-align: center;"> <b>Security Type</b> </p> </th>
<th style="width: 25%"> <p style="margin: 0pt; text-align: center;"> <b>Security Class Title</b> </p> </th>
<th style="width: 14%"> <p style="margin: 0pt; text-align: center;"> <b>Amount of Securities Previously Registered</b> </p> </th>
<th style="width: 18%"> <p style="margin: 0pt; text-align: center;"> <b>Maximum Aggregate Offering Price of Securities Previously Registered</b> </p> </th>
<th style="width: 6%"> <p style="margin: 0pt; text-align: center;"> <b>Form Type</b> </p> </th>
<th style="width: 10%"> <p style="margin: 0pt; text-align: center;"> <b>File Number</b> </p> </th>
<th style="width: 8%"> <p style="margin: 0pt; text-align: center;"> <b>Initial Effective Date</b> </p> </th> </tr>
<tr style="background-color:#E7E7E2;">
<td style="text-align: center;"> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: center;"> N/A </td>
<td style="text-align: center;"> N/A </td>
<td style="text-align: center;"> N/A </td> </tr> </table> </div> </body></html>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Submission<br></strong></div></th>
<th class="th"><div>Mar. 05, 2026</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissionLineItems', window );"><strong>Submission [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Central Index Key</a></td>
<td class="text">0001403161<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Registrant Name</a></td>
<td class="text">VISA INC.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FormTp', window );">Form Type</a></td>
<td class="text">S-4<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissnTp', window );">Submission Type</a></td>
<td class="text">S-4<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeExhibitTp', window );">Fee Exhibit Type</a></td>
<td class="text">EX-FILING FEES<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTableNa', window );">Offering Table N/A</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTableNa', window );">Offset Table N/A</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_CombinedProspectusTableNa', window );">Combined Prospectus Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_CombinedProspectusTableNa</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeExhibitTp</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FormTp</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTableNa</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetTableNa</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissionLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td>xbrli:stringItemType</td>
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<td>na</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissnTp</td>
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<TYPE>XML
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<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Offerings<br></strong></div></th>
<th class="th">
<div>Mar. 05, 2026 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=1', window );">Offering: 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeesOthrRuleFlg', window );">Other Rule</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Class A common stock, par value $0.0001 per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_AmtSctiesRegd', window );">Amount Registered | shares</a></td>
<td class="nump">188,797,009<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 59,676,846,574.81<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 8,241,372.51<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457fFlg', window );">Rule 457(f)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_AmtSctiesRcvd', window );">Amount of Securities Received | shares</a></td>
<td class="nump">188,797,009<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_ValSctiesRcvdPerShr', window );">Value of Securities Received, Per Share</a></td>
<td class="nump">316.09<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_ValSctiesRcvd', window );">Value of Securities Received</a></td>
<td class="nump">$ 59,676,846,574.81<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeNoteMaxAggtOfferingPric', window );">Fee Note MAOP</a></td>
<td class="nump">$ 59,676,846,574.81<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">The amount registered represents up to 188,797,009 shares of Class A common stock, par value $0.0001 per share, of Visa ("Class A common stock") that can be issued upon conversion of (i) up to 61,378,320 shares of Class B-3 common stock, par value $0.0001 per share, of Visa ("Class B-3 common stock") and (ii) up to 24,067,298 shares of Class C common stock, par value $0.0001 per share, of Visa ("Class C common stock") being offered in exchange for shares of Class B-1 common stock, par value $0.0001 per share, of Visa ("Class B-1 common stock") and Class B-2 common stock, par value $0.0001 per share, of Visa ("Class B-2 common stock"), in each case, pursuant to the exchange offer (the "Current Exchange Offer") described in the prospectus forming a part of the registration statement filed by Visa on Form S-4, with which this exhibit is filed (the "S-4 Registration Statement"). The maximum aggregate offering price, estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) and Rule 457(f) under the Securities Act of 1933, as amended (the "Securities Act"), is based on the product of (i) $316.09 the average of the high and low prices of Class A common stock of Visa as reported on the New York Stock Exchange on February 27, 2026 and (ii) 188,797,009, the maximum number of shares of Class A common stock into which shares of Class B-3 common stock and Class C common stock to be issued in the Exchange Offer are convertible (based on the Applicable Conversation Rates (as such term is defined in the S-4 Registration Statement) for Class B-1, Class B-2 common stock and Class C common stock. Pursuant to Rule 457(f)(3) under the Securities Act, the maximum aggregate offering price excludes estimated cash to be paid by Visa in lieu of issuing fractional shares calculated on an aggregate basis.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=2', window );">Offering: 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeesOthrRuleFlg', window );">Other Rule</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Class B-3 common stock, par value $0.0001 per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_AmtSctiesRegd', window );">Amount Registered | shares</a></td>
<td class="nump">61,378,320<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 0.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 0.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">No fee pursuant to Rule 457(i) under the Securities Act.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=3', window );">Offering: 3</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeesOthrRuleFlg', window );">Other Rule</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Class C common stock, par value $0.0001 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_AmtSctiesRegd', window );">Amount Registered | shares</a></td>
<td class="nump">24,067,298<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 0.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 0.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">No fee pursuant to Rule 457(i) under the Securities Act.<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_AmtSctiesRcvd">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_AmtSctiesRcvd</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>ffd:nonNegativeDecimal2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_AmtSctiesRegd">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_AmtSctiesRegd</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegativeDecimal2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeNoteMaxAggtOfferingPric">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeNoteMaxAggtOfferingPric</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative100TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeesOthrRuleFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeesOthrRuleFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxAggtOfferingPric">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxAggtOfferingPric</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative100TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingNote</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTitl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTitl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_PrevslyPdFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_PrevslyPdFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_Rule457fFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_Rule457fFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_ValSctiesRcvd">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_ValSctiesRcvd</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative100TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_ValSctiesRcvdPerShr">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_ValSctiesRcvdPerShr</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegativeDecimal4lItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=3">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=3</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>14
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Offsets<br></strong></div></th>
<th class="th">
<div>Mar. 05, 2026 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetAxis=1', window );">Offset: 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTable', window );"><strong>Offset Payment:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetClmdInd', window );">Offset Claimed</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457pOffsetFlg', window );">Rule 457(p) Offset</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFilerNm', window );">Registrant or Filer Name</a></td>
<td class="text">Visa Inc.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFormTp', window );">Form or Filing Type</a></td>
<td class="text">S-4<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFileNb', window );">File Number</a></td>
<td class="text">333-276747<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetClmInitlFilgDt', window );">Initial Filing Date</a></td>
<td class="text">Jan. 29,  2024<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetClmdAmt', window );">Fee Offset Claimed</a></td>
<td class="nump">$ 7,945,220.95<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrSctyTp', window );">Security Type Associated with Fee Offset Claimed</a></td>
<td class="text">Equity<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrSctyTitl', window );">Security Title Associated with Fee Offset Claimed</a></td>
<td class="text">Class A common stock, par value $0.0001 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrNbOfUnsoldScties', window );">Unsold Securities Associated with Fee Offset Claimed | shares</a></td>
<td class="nump">198,713,168<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrUnsoldOfferingAmt', window );">Unsold Aggregate Offering Amount Associated with Fee Offset Claimed</a></td>
<td class="nump">$ 53,829,410,079.52<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TermntnCmpltnWdrwl', window );">Termination / Withdrawal Statement</a></td>
<td class="text">The shares of Class A common stock registered hereby that are issuable upon the conversion of the Class B-3 common stock and Class C common stock offered in the Current Exchange Offer were previously registered pursuant to Visa's registration statement on Form S-4 (File No. 333-276747) (the "Prior S-4 Registration Statement") and that were issuable upon the conversion of Class B-2 common stock and Class C common stock offered as partial consideration in Visa's prior exchange offer (the "Prior Exchange Offer") to which the Prior S-4 Registration Statement relates. Due to restrictions in Visa's certificate of incorporation, Visa's Class B-2 common stock has not yet become convertible into shares of Class A common stock, and therefore such underlying shares of Class A common stock remain unsold. The number of unsold securities associated with fee offset claimed consists of (i) 3,836,920 shares of Class A common stock issuable upon conversion of the Class C common stock that was registered but not issued in the Prior Exchange Offer and (ii) 194,876,248 shares of Class A common stock into which the shares of Class B-2 common stock registered in the Prior Exchange Offer was convertible (in each case, rounded down to the nearest whole share) but remain unsold. The filing fee previously paid by Visa that corresponds to this amount of Class A common stock equals $7,945,220.95, which is the amount that Visa is offsetting the fee payable in connection with the Current Exchange Offer. The unsold aggregate offering amount associated with fee offset claimed was calculated using $270.89 as the average of the high and low prices of Class A common stock of Visa as reported on the New York Stock Exchange on January 23, 2024 in accordance with the Prior S-4 Registration Statement.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetAxis=2', window );">Offset: 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTable', window );"><strong>Offset Payment:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetClmdInd', window );">Offset Claimed</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457pOffsetFlg', window );">Rule 457(p) Offset</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFilerNm', window );">Registrant or Filer Name</a></td>
<td class="text">Visa Inc.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFormTp', window );">Form or Filing Type</a></td>
<td class="text">S-4<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFileNb', window );">File Number</a></td>
<td class="text">333-276747<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetSrcFilgDt', window );">Filing Date</a></td>
<td class="text">Jan. 29,  2024<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFeeAmt', window );">Fee Paid with Fee Offset Source</a></td>
<td class="nump">$ 15,583,616.04<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetClmInitlFilgDt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetClmInitlFilgDt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetClmdAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetClmdAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetClmdInd">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetClmdInd</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrFeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrFileNb">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrFileNb</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrFilerNm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrFilerNm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:filerNameItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrFormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrFormTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:formTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrNbOfUnsoldScties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrNbOfUnsoldScties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegativeDecimal8ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrSctyTitl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrSctyTitl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrSctyTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrSctyTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrUnsoldOfferingAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrUnsoldOfferingAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetSrcFilgDt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetSrcFilgDt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetTable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetTable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_Rule457pOffsetFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_Rule457pOffsetFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fees Summary<br></strong></div></th>
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<div>Mar. 05, 2026 </div>
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    <ffd:OffsetSrcFilgDt contextRef="ofst_2" id="ixv-545">2024-01-29</ffd:OffsetSrcFilgDt>
    <ffd:OffsetPrrFeeAmt contextRef="ofst_2" decimals="2" id="ixv-546" unitRef="USD">15583616.04</ffd:OffsetPrrFeeAmt>
    <ffd:TermntnCmpltnWdrwl contextRef="ofst_1" id="ixv-547">The shares of Class A common stock registered hereby that are issuable upon the conversion of the Class B-3 common stock and Class C common stock offered in the Current Exchange Offer were previously registered pursuant to Visa's registration statement on Form S-4 (File No. 333-276747) (the "Prior S-4 Registration Statement") and that were issuable upon the conversion of Class B-2 common stock and Class C common stock offered as partial consideration in Visa's prior exchange offer (the "Prior Exchange Offer") to which the Prior S-4 Registration Statement relates. Due to restrictions in Visa's certificate of incorporation, Visa's Class B-2 common stock has not yet become convertible into shares of Class A common stock, and therefore such underlying shares of Class A common stock remain unsold. The number of unsold securities associated with fee offset claimed consists of (i) 3,836,920 shares of Class A common stock issuable upon conversion of the Class C common stock that was registered but not issued in the Prior Exchange Offer and (ii) 194,876,248 shares of Class A common stock into which the shares of Class B-2 common stock registered in the Prior Exchange Offer was convertible (in each case, rounded down to the nearest whole share) but remain unsold. The filing fee previously paid by Visa that corresponds to this amount of Class A common stock equals $7,945,220.95, which is the amount that Visa is offsetting the fee payable in connection with the Current Exchange Offer. The unsold aggregate offering amount associated with fee offset claimed was calculated using $270.89 as the average of the high and low prices of Class A common stock of Visa as reported on the New York Stock Exchange on January 23, 2024 in accordance with the Prior S-4 Registration Statement.</ffd:TermntnCmpltnWdrwl>
</xbrl>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
