Visa 2011 Annual Report Download - page 4

Table of Contents
Forward-Looking Statements
This annual report on Form 10-K contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.
These statements can be identified by the terms "believe," "continue," "could," "estimate," "expect," "intend," "may," "potential," "project," "should," "will,"
and similar references to the future. Examples of such forward-looking statements include, but are not limited to, statements we make about our earnings per
share, cash flow, revenue, incentive payments, expenses, operating margin, tax rate and capital expenditures and the growth of those items.
By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are neither statements of historical fact nor guarantees of
future performance and (iii) are subject to risks, uncertainties, assumptions and changes in circumstances that are difficult to predict or quantify. Therefore,
actual results could differ materially and adversely from those forward-looking statements because of a variety of factors, including the following:
• the impact of new laws, regulations and marketplace barriers, including:
• rules capping debit interchange reimbursement fees promulgated under the U.S. Wall Street Reform and Consumer Protection Act, or the
Reform Act;
• rules under the Reform Act expanding issuers' and merchants' choice among debit payment networks;
• increased regulation outside the United States and in other product categories; and
• rules about consumer privacy and data use and security
• developments in current or future litigation or government enforcement, including interchange, antitrust and tax disputes;
• macroeconomic factors, such as:
• global economic, political and health conditions;
• cross-border activity and currency exchange rates; and
• material changes in our clients' performance compared to our estimates;
• industry developments, such as competitive pressure, rapid technological developments and disintermediation from the payments value stream;
• system developments, such as:
• disruption of our transaction processing systems or the inability to process transactions efficiently;
• account data breaches or increased fraudulent or other illegal activities involving our cards; and
• issues arising at Visa Europe, including failure to maintain interoperability between our systems;
• costs arising if Visa Europe were to exercise its right to require us to acquire all of its outstanding stock;
• loss of organizational effectiveness or key employees;
• failure to integrate recent acquisitions successfully or to effectively launch new products and businesses
• changes in accounting principles or treatments; and
the other factors discussed under the heading "Risk Factors" herein. You should not place undue reliance on such statements. Unless required to do so by law,
we do not intend to update or revise any forward-looking statement because of new information or future developments or otherwise.
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