Visa 2010 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 the U.S. Wall Street Reform and Consumer Protection Act, including:
• its effect on issuers' and retailers' network selection for debit transactions;
• its effect on our clients and on debit interchange rates;
• its effect on other product categories, such as credit; and
• the adoption of similar and related laws and regulations elsewhere;
• developments in current or future disputes, including:
• interchange;
• currency conversion; and
• tax;
• the risk that CyberSource's business will not be successfully integrated with Visa's, including:
• the costs associated with the acquisition; and
• slowed growth of eCommerce;
• macroeconomic and industry factors such as:
• currency exchange rates;
• global economic, political, health and other conditions;
• competitive pressure on client pricing and in the payments industry generally;
• material changes in our clients' performance compared to our estimates;
• marketplace barriers; and
• disintermediation from the payments value stream through government actions or bilateral agreements;
• systemic developments, such as:
• concentration of revenue;
• disruption of our transaction processing systems or the inability to process transactions efficiently;
• account data breaches involving card data stored by us or third parties;
• increased fraudulent and other illegal activities involving our cards;
• failure to maintain interoperability between our and Visa Europe's authorization and clearing and settlement systems;
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