For more than 30 years Visa has shaped the global payments landscape, dedicated to serving consumers, merchants, financial institutions and economies around the world. Now the organization is at the dawn of a new era. An era when the global payments industry will recognize the potential of new technologies, operate in an increasingly connected world, and play a critical role in the infrastructure of emerging markets.

To accelerate its growth and better serve members, merchants and cardholders, Visa intends to change its structure from a membership association to a global public corporation, called Visa Inc.

Visa expects the proposed restructuring will best position the company to meet the evolving needs of its customers and accelerate its growth by improving organizational efficiency, reducing potential legal risk that exists in some markets, and increase access to capital. Visa's leadership position is grounded in its skill in combining its trusted ubiquitous brand and secure global payments network. This strong local market expertise-a cornerstone of Visa's past success-will remain in the new organizational structure.

Visa believes that the proposed structure will allow it to be better able to adapt to the increasing globalization of the payments industry, allowing it to better anticipate and meet the evolving needs of its customers. As a public company, Visa expects to have increased access to capital markets that will accelerate growth by facilitating greater investment in existing and future opportunities.

As part of the restructuring, Visa Europe will retain its member association structure and be owned and controlled by its European member banks. This will enable it to have a dedicated focus on the unique opportunities of the European market created by the Single Euro Payments Area (SEPA).

Globally, Visa will continue to use the same common platforms and technology so that cardholders can continue to use their Visa cards anywhere throughout the world.

Visa will continue to expand its vision to be "the way the world pays."

DISCLAIMER This information is based upon unanimous, non-binding agreement by the Visa International board and Visa regional boards. It is all subject to Definitive Agreements being acceptable to all parties, all necessary corporate and member approval, and completion of all necessary due diligence. This information is not intended, and should not be construed, as an offer to sell, or as a solicitation of an offer to purchase, any securities.