Visa Investor Day

Global incentive trend Client incentives as % of gross revenues have risen as portfolios have grown VISA FY 2009 2010 2011 FY 2012 Client incentives as % of gross revenues 15.1% 16.2% 17.0% 17.1% Growth in average PV portfolio 0% 18% 20% 9% 65 | Visa Investor Day

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