Visa Investor Day

Large portfolio incentive trend As expected, clients with largest portfolios. benefit from highest incentive discounts Top 20 Global Clients VISA BILLIONS FY 2008 FY 2012 GROWTH Average size of $82 $112 36% PV portfolio Client incentives as % 20.3% 26.2% 6 ppts of gross revenues 66 | Visa Investor Day

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