Visa Investor Day

Capital allocation - uses of cash Guiding principles First call on cash is to reinvest in attractive growth: organic, JVs, M&A Preserve strong balance sheet, with sufficient liquidity to backstop settlement risk and fund Visa Europe put Return excess cash to shareholders through dividends and share repurchase Introduce debt to optimize cost of capital when there is a compelling use of proceeds 67 | Visa Investor Day VISA

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