1. BY BROCK WATERMAN

2. V ISA (V) – W HAT T HEY D O Visa Inc. is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories, enabling them to use digital currency instead of cash and checks Visa does not issue cards, extend credit or set rates and fees for consumers Visa’s corporate overview: http://corporate.visa.com/_media/visa-corporate- overview.pdf http://corporate.visa.com/_media/visa-corporate- overview.pdf

3. V ISA (V) – W HY B UY I T Excellent business model, no risk from defaults because they are transaction based #1 world wide company and growing #1 ATM and credit card in every I have been to (and that is over 30 at this point) Huge in emerging markets, well ahead of MasterCard Low PEG Ratio and near 52 week low No risk of becoming insolvent even during rough financial times Hard for other players to get into market at a large scale

4. V ISA (V) - D IVIDENDS Dividend Payouts – Class A Common Stock

5. V ISA (V) - N EWS, N EGATIVES & P OSITIVES News - July 2010, the Company acquired CyberSource Corporation Negatives – High Price to Free Cash Flow, High P/E & Low Dividend Positives – Low PEG Ratio, Earnings & Sales Growth, High Margins, Almost No Debt, Great Liquidity Ratios & a Great Business Model