VISA INC.

“In addition to the other information contained in this report, you should carefully consider the following material risk factors that could affect the Company’s business, financial condition, results of operations and/or stock price. The disclosures in this section reflect the Company’s current beliefs and opinions regarding factors that could materially and adversely affect the Company and its securities in the future. References to past events are provided by way of example only and are not intended to be a complete listing or a representation as to whether or not such factors have occurred …”

“The risks and uncertainties the Company faces are not limited to those described below. You should not consider any descriptions of these risk factors to be a complete set of all potential risks that could affect the Company. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also adversely affect the Company.”

“As a global payments technology company, we are subject to complex and evolving regulations governing our operations, including, but not limited to, authorization, clearing and settlement activities. Such regulations may increase in quantity, complexity and scope in response to, among other things, changes in the competitive landscape, emergence of new technologies and geopolitical developments. See”

“of this report for more information on the most significant areas of regulation affecting our business. These regulations, and their impact on us, our clients, and other third parties could limit our ability to enforce our payments system rules; require us to adopt new or modified rules; affect existing contractual arrangements; require us to maintain additional capital or financial resources; increase the complexity and cost of our operations or compliance; and adversely affect our financial condition.”

“We may also face differing rules and regulations across jurisdictions in areas such as interchange reimbursement rates, preferred routing, co-badging, domestic processing and localization requirements, currency conversion, point-of-sale transaction rules and practices, privacy, cybersecurity, resilience, data use and protection, licensing requirements and associated product technology. In addition, certain payment technologies and services (e.g., tokenization, push payments and cross-border money movement) and new capabilities in furtherance of our multi-year growth strategy may bring increase…”