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2012 Investor Day Combined

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© 2012 Fiserv. All rights reserved.

1

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© 2012 Fiserv. All rights reserved.  

Jeff YabukiChief Executive Office

2

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The information disclosed in this presentation contains “forward-looking statements,” including statements regarding the comrevenue,” “adjusted internal revenue,” “adjusted EPS,” “free cash flow,” “free cash flow per share,” “adjusted operating margi“operational effectiveness;” the future financial performance of certain Fiserv products and services; growth, sales, market anthe impact of new solutions on our financial results, including revenue growth; and expectations regarding the company’s loncharacteristics and revenue growth targets. Statements can generally be identified as forward-looking because they include w

“anticipates,” “expects,” “could,” “should” or words of similar meaning. Statements that describe the company’s future plans,also forward-looking statements. Information provided for full or partial years that end after the date hereof is inherently forwestimated or anticipated amounts. Forward-looking statements are subject to assumptions, risks and uncertainties that may cmaterially from those contemplated by such forward-looking statements.

The factors that may affect the company’s results include, among others: the impact on the company’s business of the currenincluding the risk of reduction in revenue resulting from decreased spending on the products and services that the company oregulatory actions in the United States and internationally, including the impact of the Dodd-Frank Wall Street Reform and Corelated regulations; the company’s ability to successfully integrate recent acquisitions into the company’s operations; changecompany’s products or services; pricing or other actions by competitors; the impact of the company’s strategic initiatives; thecomply with government regulations, including privacy regulations; and other factors included in the company’s filings with tAnnual Report on Form 10-K for the year ended December 31, 2011 and in other documents that the company files with the S

these factors carefully in evaluating forward-looking statements, and are cautioned not to place undue reliance on such stateprovided in this presentation is provided as of the date hereof, and the company assumes no obligation to update any informafter the date hereof.

This presentation includes the following non-GAAP financial measures: “adjusted revenue,” “adjusted internal revenue grow“free cash flow,” “free cash flow per share,” “adjusted operating margin,” “adjusted operating income;” and “EBITDA.” Theseindicators that management uses to provide additional comparisons between current results and prior reported results, and aforecasting future periods. We believe that these measures provide additional insight into our operating performance. Additthese measures and reconciliations to the nearest GAAP financial measures are provided in the appendix to this presentationpresentation are rounded or estimated.

Forward-Looking Statements and Non-GAAP Financial I

3

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Gro

Execution

Innovation

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Strategy

Market Dynam

Building Growt

Value CreationSummary

Q&A

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$4.3 billion revenue 

$734 million free cash flow 

26 consecutive years of double-digit EPS growth

Nearly $4 billion returned toshareholders since 2005

   B  y   t   h  e   N  u  m

   b  e  r  s

120 million deposit acc

60 million online bankin

24 million active bill pay

Consumer Reach & Scale

More than

20 billionpayment transactions

More than $1 trillionannually

Money Movement

16,000 clients in more than 80 countries

20,000 associates worldwide 

Global Footprint

6

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#1 onlinebanking– Mercator

Advisory Group

Named one of the

World’s Most Admired Companies – Fortune magazine

Best-in-class

in Financial CrimePrevention

– Aite Group

Best electroniccommerce

provider – Global Finance

magazine

a

Leading provider of billpayand presentment services

– Aite Group

Best-in-class for mobile banking 

for the second year in a row– Javelin Strategy & Research

Informa– the

compainforma

i– ann

Leading vendorof Payments Fraud

ManagementSolutions

 – IDC Financial Insights

XCB

a

Named one of theTop 50 ServiceProviders

– Mortgage Technology

Best AMLCompliance

SolutionProvider

– Waters

Best PracticesAward for Enterprise DataManagement Strategies

– The Data WarehousingInstitute

7

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Strategic FrameworkCulture

Global leader intransaction-basedtechnologysolutions

Vision

To provideintegratedtechnology andservices solutions

that enablebest-in-classresults forour clients

Mission

Earn client trust every

Create with purpose.

Inspire and achieve e

Do the right thing.

Deliver on the promisone Fiserv.

Values

8

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Key Capabilities

Sales ForceExcellence

Value-BasedPricing

Superior Quality

OptimizedBusiness Model

Market Focus

Own Digital Channels

Win Electronic Payments

Drive Account ProcessingSolutions and Wallet Share

Expand Global Payments

and Channels

Develop Next-GenerationSolutions

Strategic FrameworkGo-to-Market Strategy

Target Segments

Financial Institu

Billers

Consumers

10

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Market Leadership and Scale

U.S. FinaInstitut

More t

1in

Account PrDigital Channels

#

1

OnlineBanking

Solution

MobileBankingSolution

#1

Bill Pay &E-Bill Network

Top 5

#1P2P, A2A, ACH

Electronic Payments

#1

DebitProvider

11

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Market Leadership and Scale

60MOnlineBanking

Users

MobileBankingUsers

6M

Digital Channels

Active BillPayment

Users

48MDebitAccounts

24M

Electronic Payments Account Pr

Clien

5,2

Deposit A120

12

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10%

0%

Strategic Focus Leads to Consistently Strong Results

13

Cumulative total return assumes initial investment of $100 and reinvestment of dividends.

2012 return through September 30, 2012.

$100

2006 2007 2008 2009 2010 20

1986  1990  1995  2000  2005 

S&P 500 FISV 

50%

25%

-25%

-50%

Cumulative Total Return 

 Adjusted EPS Growth Rate

S&P 500 FISV 

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MARKETDYNAMICS

14

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Applications

ComputingPower

Connectivity

Technology Evolution at the Speed of Light

Always on

Anytime

Anywhere

15

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Macro Trends Impacting Financial Institution Focus

SocialConsumerism FinancialSector  DeviceProliferation PaTra

16

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Industry Analyst Perspective

Relative size of words reflects the frequency with which they were included in the top 10 list of IT spending priorities

for financial institutions from Aite Group, Celent, CEB TowerGroup, Forrester Research, and IDC Financial Insights.17

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$1.4

$1.3

$3.0

$4.5

$6.6

$5.1

Large and Attractive Technology Market

Relevant IT Spend by Financial Institution Size

North America IT Spend; $ in billions. Excludes hardware and non-relevant categories.

Mega

Large

Medium

Small

Large

Medium

Small

Banks

CreditUnions

EsMa$47B

18

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2.7%

3.5%

4.1%

4.6%

2012E 2013E 2014E 2015E

2.0%

2.5%

3.0%

3.5%

Moderate Growth in Technology Spend

Estimated Growth in Technology Spendfor Financial Institutions

Bias to outsourcing

Vendor consolidatio

Applications and so

Near-term emphasiand direct benefits

Based on estimates from Celent, Ovum (retail) and IDC Financial Insights.

Analyst Consensus Fiserv Estimates

19

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Technology Spend is Focused on Near-Term Value 

20

Drive Revenue

Gain Efficiency

Strengthen Balance Shee

Enhance Experience

Optimize Payments

Regulatory

Compliance

Security

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Clear strategic direction

Rapidly evolving marke

Multiple growth opport

Capital value

STRATEGIC

CONTEXT

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BUILDING

GROWTH

22

E t di th P f O B i M d l

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High-Quality Revenue

Client Value

Recurring

Scalable

Extending the Power of Our Business ModelKey Attributes of Targeted Revenue

MarginMarket Position

23

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Growth Formula is Working

24

Excerpt from 2011 Investor Conference presentation

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Growth Formula is Working

Existing

Businesses Attain New Normal

25

Existing Business

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Existing BusinessBroad Array of Solution Opportunities

Payments Segment2011

Financial Segm2011

Adjusted revenue in the Payments segment excludes $266 million of postage reimbursementsin our Output Solutions business.

$2.1B Adjusted Revenue  $2.0B Adjusted

AccountProcessing

ItemProcessing

LenSoluInvestment

Services

CardServices

OutputSolutions

RiskManagement

ElectronicBanking

26

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Growth Formula is Working

Innovation-BasedGrowth

Rapid Growth to Scale

Existing

BusinessesAttain New Normal

27

Innovation Based Solutions

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Innovation-Based SolutionsSales Momentum Sets Stage for Growth

New Solution SPercent of Tot

Acumen® Analytics

CommonOriginationPlatform™ 

DebitNetwork 

CashEdge  Prepaid

Mobiliti™ 

RelationshipAdvance™ 

1%

6%

2010 2011

28

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Growth Formula is Working

StrategicAcquisitions

Execute and Achieve Synergies

Innovation-BasedGrowth

Rapid Growth to Scale

Existing

BusinessesAttain New Normal

29

CashEdge Opportunity is Substantial

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CashEdge Opportunity is SubstantialSocial Payments Has Been Primary Focus

Key Objectives Popmoney®

 

Other SolutionProduct Integration

Sales Results

Strategic Opportunity

Current Year Revenue

Market Response

30

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Growth Formula is Working

High-QualityRecurring Revenue

4 - 8% Internal Revenue Growth

StrategicAcquisitions

Execute and Achieve Synergies

Innovation-BasedGrowth

Rapid Growth to Scale

Existing

BusinessesAttain New Normal

31

R G h Al i h R i T k

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Revenue Growth Algorithm Remains on Track

Excerpt from 2011 Investor Conference presentation

32

G th F l i W ki

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Innovation-BasedGrowth

Existing

Businesses

Growth Formula is Working

33

High-QualityRecurring Revenue

4 - 8% Internal Revenue Growth

StrategicAcquisitions

Execute and Achieve Synergies

Account ProcessingElectronic Bill Pay

and Presentm

MobileDebit

NetworkSoci

Payme

CashEdge

B ildi G th

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Building Growth

Mark Ernst

AccountProcessing

Centered onPrivileged

Relationships

Erich Litch

Mobiliti

TurningSmaller

Screens into

LargeOpportunities

Kevin Gregoire

DebitNetwork

Opportunitiesin Real Time

Rahul Gupta

Electronic

Bill Paymentand

Presentment

Growth froma Position of

Strength

34

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AccountProcessing

Centered onPrivilegedRelationships Mark Ernst

Chief Operating Offic

35

Fiserv is the Market Leader in Account Processing

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Fiserv is the Market Leader in Account Processing

Account Processing Market Share2011

Fiserv

JackHenry

FIS

Harland

OSI

Other

Market share source: Automation in Banking, 2012

5,200 clients 

120M account

28,000 branc

36

Strong Business Model Delivers Steady Growth

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Strong Business Model Delivers Steady Growth

Fiserv Adjusted Revenue$4.1 Billion in 2011

AccountProcessing

Mission-critical solu

Recurring revenue

Long-term contracts

High renewal rates

Privileged relations

37

Business Model Mitigates Impact of Consolidation

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17.2

16.3 15.7 15.114.6

16.8

Business Model Mitigates Impact of Consolidation

U.S. Financial Institutions

Account-based rev

Diminishing regula

Growth from client

Contract terminatio

Institutions in thousandsSource: FDIC and CUNA

Banks Credit Unions

$12.6T

Total Assets

$14.9T

38

Market Stability Favors the Incumbent

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In-House Decisions

y

Changes in Account Processing System

Source: Automation in Banking, 2012

Outsourcing Decisions

Trend Toward Outsourcing Continues 

39

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KEY AREASOF FOCUS

Client relationship valu

Innovative solution de

Market share growth

Systems evolution

40

Client Relationship Value

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Historic Account Processing Buying Behavior

Excerpt from 2009 Fiserv Investor Conference presentation

41

Client Relationship Value

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EBPP

Debit

OLB

Mobile

Treasury

Lending

Increasing Demand for Fiserv Integrated Suite

AML

FCRM

AccountProcessing

Lower total cost of

Faster time to mark

Dedicated technolo

Best-of-breed soluti

42

Client Relationship Value

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Significant Expansion of Market-Leading Capabilities

EBPP

OLBAML

FCRM

Treasury

Lending

AccountProcessing

AccountProcessing

Traditional Core Sale2005

Integrated Best-of-Breed 2011

1X Total Contract Value 3X Total Contract

43

Client Relationship Value

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Penetration Within Account Processing Clients

OnlineBanking

Debit BillPayment

44%

29%

13%

0%

50%

100%

44

Client Relationship ValueSt P d S b t ti l R i i O t it

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Strong Progress and Substantial Remaining Opportunity

Penetration Within Account Processing Clients

71%

48%56%

27% 20%

OnlineBanking

Debit BillPayment

SocialPayments

Mobi0%

50%

100%

45

Innovative Solution DeliveryN S l ti D i I t l Cli t V l

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New Solutions Drive Incremental Client Value

Account-to-account transfer

Analytics

Common loan origination

Deposit-based lending

Fraud managementIntegrated marketing

EBPP

Debit

OLB

Mobile

Treasury

Lending

AML

FCRM

AccountProcessing

Integrated sta

Mobile captu

Online accou

Personal fina

Prepaid proceWorkflow too

46

Client Relationship ValueConfidence in Inte ated Sales Ta ets

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Confidence in Integrated Sales Targets

Integrated Sales

2011 2012E 2013E

Cumulative Integra

$ in millions

NoAP

47

Market Share GrowthWin Rates Extend Leadership Position

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Win Rates Extend Leadership Position

Mid-Tier Banks Large Credit Un

Asset size: Mid-tier Banks $1B – $10B; Large Credit Unions > $500M

2011 Market Sh

Fiserv

2011 Market Share

Win Rate

56%

2007 2008 2009 2010 2011

Win Rate

2007 2008 2009

36% 4

0%

33%

0%

48

Account Processing Systems Evolution

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g y

AccountProcessing

49

Systems EvolutionAcumen Reflects Significant Growth Opportunity

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Acumen Reflects Significant Growth Opportunity 

Source: The Leading U.S. Core Vendors: Fueling Financial Institutions Initiatives, Aite Group, July 2012

Acumen® 

AdvantageState-of-the-art

technology

Innovative functionality

Enhanced memberexperience

Multipledeployment options

TechnologyAward 2012“…sophistication 

…interoperability 

…tight integration 

…browser-based

…speech recognition” 

50

Systems EvolutionStrong Demand Drives Near Term Acumen Priorities

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Strong Demand Drives Near-Term Acumen Priorities 

ReduceCustomization

Enhance Multi-ProductIntegration

Gain ImplementationEfficiency

Dethe V

Ac

51

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AccountProcessing

Centered onPrivilegedRelationships

Market-leading scale and

High-quality recurring reve

Significant integrated sale

Driving revenue and efficie

52

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MobilitiTurning SmallerScreens into LargeOpportunities

Erich Litch

Division President

53

Mobile Adoption Exceeding Forecasts

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35

5768

7989

99

2010A 2011A 2012 2013 2014 2015 2

19%

29%33%

38%42%

46%5

U.S. Mobile Banking Adoption

U.S. mobile banking users in millionsSource: Javelin Strategy and Research, 2011

Mobile banking users Mobile phone owners using mobile bank

CompoundGrowth21%

54

Tablet Presents Incremental Opportunity

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16

34

50

64

76

87

2011A 2012 2013 2014 2015 2016

U.S. Mobile Phone Owners Using Tablets

U.S. tablet users in millionsSource: Javelin Strategy and Research, 2011

CompoundGrowth40%

8%

17%

24%

30%

35%

40%

Tablet users Mobile phone owners using tablets

55

Consumer Expectations Involve Multiple Devices

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56

Historical Data Integration Needs

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AccountProcessing

OtherDirect

IntegrationSolutions

Online Banking Website

Single Sign-On Integrations and Externally Hosted User Interfac

Bill Paymentand

Presentment

Account-to-AccountTransfer

PFM andAggregation

Other HoUser Inte

Solut

57

Proliferation of Devices and Access Modes Breeds Co

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Greater Reliance on and Need for Direct Integration

Online BWebsApps Mobile Website SMS

Bill

PaymentandPresentment

Account-

to-AccountTransfer

Person-

to-PersonPayments

PFM andAggregation AccountProcessing

Remote

DepositCapture

Campaignand Offer

58

Key Digital Financial Services and Capabilities 

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Integrated MoneyMovement

Integrated InformManageme

Multi-Device User Experience

Security  • Fraud Prevention • Risk Management • Comp

Bill PaymenteBillPerson-to-PersonPayments

elnvoicingRemote DepositCapture

Transfer

Wire

eGift

ACH

Card

Balances

Digital FinancialManagement Tools

Secure Messages

ReportingEntitlements

CamMa

Acc

Act

eSt

59

Fiserv is Positioned to Win

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Intuit resells Fiserv bill payment and presentment, account-to-account transfer and person-to-person payments solutions.FIS resells a number of different mobile solutions, including mFoundry and Monetise.

Proprietary Solutions Fiserv Monetise Kony mFoundry Intuit 

Mobile

Online Banking

Personal Financial Management

Bill Payment and Presentment

Person-to-Person Payments

Account-to-Account Transfer

Remote Deposit Capture

SomeMarket Leading Strong Moderate

60

Demand for Mobiliti is Robust

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1.5

3.7

2010 2011

Live Clients End Users

169

360

699

2010 2011 2012YTD

End users in millions

CompoundGrowth125%Compound

Growth134%

61

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Growing International Presence

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Institutions Focus on Mobile Transaction Capabilities

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Survey of Large U.S. FinaMobile Banking ConsumersFeatures Used in Past Month

25%28%

32%

40%

plan to depremote depby 2012

Sources: 2011 Consumer Trends Survey, Fiserv, Inc. August 2011Mobile Banking and Payments Study, Forrester Custom Research prepared for Fiserv, September 2011

Pay Bills

2010 2011 2010 2011

Transfer Money

7 of  10 

7 of 

 10 

plan to depperson-to-ppayments b

64

Rapid Bill Payment Growth Through Mobile Continues

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3.1

6.6

15.0

2009 2010 2011

Mobile Bill Payment ConsumersThousands

Mobile Bill Payment TMillions

169

317

677

904

2009 2010 2011 2012YTD

CompoundGrowth 96% CompoundGrowth120%

65

Revenue Models Vary by Deployment Type

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ASP

License

ProfessionalServices

Maintenance

Licen

ProfessServi

Mainte

Host

ASP

License

ProfessionalServices

Maintenance

Licen

ProfessServi

Mainte

Host

66

Mobiliti Revenue Growth Exceeds Original Targets

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Excerpt from 2011 Fiserv Investor Conference presentation

67

Mobiliti Revenue Growth Exceeds Original Targets

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$22

$45

$70

$110

$140

$20$30

$60

$95

Mobiliti Revenue

$ in millions

2015E2014E2013E2012E2011

2011 Forecast Current Forecast

CompoundGrowth59%

68

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Adoption is ahead of targ

Catalyst for transaction

Mobile and tablet are top

Fiserv is well position

Mobiliti

Turning SmallerScreens intoLargeOpportunities

69

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Debit Network

Opportunitiesin Real Time

Kevin GregoirDivision President

70

Debit Business Continues Strong Growth

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Debit Transaction GrowthFinancial Institution Issuers

Recurring revenue m

Scale business

Integrated debit val

Long-term client rel

Source: First Annapolis, internal analysis

18%

21% 22%19%

18%

11% 12% 12%

9% 9%

2008 2009 2010 2011 2012E

Fiserv Market

71

Consistent Integrated Sales SuccessSignificant Growth Opportunity Remains

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Debit Sales by YearClients

204 201215 218

196

2007 2008 2009 2010 2011

2,

2,500

Account Processing RClients

WithDebit

Durbin Risk to Existing Business is Minimal

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Total Debit Revenue by Type2011

Processing

NetworkProcessing business rema

Majority of clients exempinterchange caps

70% of network revenue ffull-service clients

73

Network Reach is Expanding

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48MCardholders

3,100Financial

Institutions

325,000 

ParticipatingATMs

3MeLoc

74

Network Drives New Value Opportunities

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SocialPayments

BillPayments

Small BusinPayment

75

Poised to Deliver a Real-Time Experience

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SocialPayments

BillPayments

Small BusinPayment

Leading Payment Applications

76

Social PaymentsReal Time Drives Adoption

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AvailaACCEL/E

Decem

77

Electronic Bill PaymentsExpedited Payments Provide Value for Consumers

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67%$5.79

$Source: Javelin Strategy & Research, 2011

Online banking users who want tomake expedited bill payments at a

financial institution’s website 

Average price paid by consumersfor an expedited payment

Total late fees avoided annuallyby expedited payments

78

Electronic Bill PaymentsExpedited Payments Create Significant Opportunity

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100M expedited

bill payments

$500Mopportunfor financ

institution

79

Small Business PaymentsImproved Cash Flow Strengthens Relationships

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Source: Small Business Administration 2008, First Annapolis Consulting

27M small

businesses

$4.8B paid toacquirers toaccept cards

20M small

businesses donot accept cards

Today:  Card

2013:  Chec

Rea

TBD: eBilBill P

80

Fiserv Best Positioned to Deliver Real-Time DDA PaymeIntegration and Scale are Critical Capabilities for Success

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Required Capabilities Fiserv

Account Access

Real-Time Payee Integration

Consumer Directory

User Experience 

Proprietary Applications 

Real-Time Payments Network

Multi-Tiered Risk Management

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Debit Network

Opportunitiesin Real Time

Attractive growth p

Integration with le

payments applications

Real time creates valu

82

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EBPP

Growth froma Positionof Strength Rahul Gupta

Group President

83

Market Leadership Across Key Stakeholders

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Financial

InstitutionsBillers Consu

8 of theTop 10U.S. banks

10Bdata-fed

eBills available

24Mactive bill

use

4,300 clients

25,000 

walk-in paymentlocations

Best-of-solut

84

Growth in a Challenging Environment

Electronic Bill Payment and Presentment

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$ in millions

2007 20

$575

Wamu /Wachovia

($45)

VAR andRemitLosses

($10) NetOrganicGrowth

$110 $

Float

($40)

Electronic Bill Payment and PresentmentRevenue Bridge

85

Substantial Market Opportunity RemainsMultiple Sources of Economic Value

Estimated Bill Payments by Type Estimated Bill Presentm

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Numbers in billionsOffline channel includes walk-in, phone and auto debit.

Estimated Bill Payments by Type2011

3.44.6

4.3 3.0

15.7

0.

$3-4B Opportunity

Estimated Bill Presentm2011

$2-3B Oppo

Bill Pay

BillerDirect

Checks

Offline

PaperBills

eBills

86

Favorable Trends Provide New Opportunities

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  M

  k   G

  Devices(Mobile and Tablet)

Segments(Millennials and Underbanked) 

Payment Services(Social Payments and Mobile Deposit)

87

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Maintain product superio

Leverage distribution adv

Grow market share

Expand eBill network

Increase adoption and us

GROWTH 

STRATEGIES

88

Maintain Product Superiority Leading Capabilities Deliver Client Value

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Network Based

ASP or Web Services

Fraud Management

Flexible Deployment

Market LeadingEnd-to-End Experience

Next-day delivery is available for a significant majority of payments.

Consumer Control

Data Fed

Next Day

Same Day

Risk-Managed Funding Model

eBills

Payment Speed

Expedited Payments

89

Leverage Distribution AdvantageClients Prefer Integrated Solution Bundles

Account Processing Bundle

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AccountProcessing

Account Processing Bundle

EBPP

90

Leverage Distribution AdvantageClients Prefer Integrated Solution Bundles

Account Processing Bundle

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Channels Bundle

Account Processing Bundle

EBPP

Online Bankin

Mobile

Online Bankin

Mobile

91

Leverage Distribution AdvantageClients Prefer Integrated Solution Bundles

Account Processing Bundle

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Channels Bundle

Account Processing Bundle

Payments Bundle

EBPP

Account-to-Account

Transfer

Remote DepositCapture

Social Payments

92

Leverage Distribution AdvantageClients Prefer Integrated Solution Bundles

Account Processing Bundle

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Channels Bundle

Account Processing Bundle

Payments BundleDigital Bundle

EBPP

Account-to-Account

Transfer

Remote DepositCapture

Social Payments Online Bankin

Mobile

Online Bankin

Mobile

93

Grow Market ShareRecent Momentum Expands Consumer Reach

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Se

“The continued leadership Fiserv h

digital payments, coupled with t

the future of money movement, confidence to choose them as a

long-term partner.” $53BAssets

Source: FDIC call reports as of June 30, 2012

94

Grow Market ShareRecent Momentum Expands Consumer Reach

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14M Deposit Accounts

Source: FDIC call reports as of June 30, 2012

$53B $208B Assets Assets Assets

95

Expand eBill NetworkBuilding on Our Leadership Position

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Current Focus

Verticals Tools Self Se

LargeBillers

MediumBillers

SmBille

96

Expand eBill NetworkCritical Mass Driving Adoption

eBills DeliveMilli

eBills AvailableBilli

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eBills delivered through financial institutions exclude MyCheckFree.com volume. Total eBills delivered,including MyCheckFree.com volume, grew at a compound annual rate of 7% over the same period.

Millions

161

2007

CompoundGrowth 12%

Billions

7

10

2007 2012E

7%Compound

Growth

97

Increase Adoption and Usage Initiatives to Grow Transaction Volume

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Consumer marketing and education

Streamlined enrollment and activation

Expedited payments

Integrated channels and payments experience

98

Increase Adoption and UsageRecent Campaigns Yield Promising Results

Impact of U.S. Bank Campaignon Bill Pay Activation

Impact of EZ Acton eBill Penetr

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on Bill Pay Activation

3 4 5 6 7 8 9 10 11 12

Months

on eBill Penetr

After CampaignBaseline

CampaignLift 29% Average

Lift 55%

28% 26%

40%

Biller 1 Bi

Baseline After E

99

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Popmoney

Buildingthe LeadingSocial PaymentsNetwork

Sanjeev DheeDivision President

101

Social Payments are Personal and Have Emotion

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“$’s we borrowed for t

& Redskins game on Thanks for getting th

“For our part of the sphouse rental.

Thanks!” 

“For your U of Pitt expensesand tuition.

Have a great semester.” 

“Emily, here’s allowance

from mom.Love you!” 

102

More Than Splitting the Dinner Bill

DiningBirthdayBoat

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Source: 12 months of Popmoney transactional data. Size of words reflects the relativefrequency of each indicated payment type.

Rent

GiftsDining

Loan

PhonTravel

School

y

Party

Furniture

Grocerie

BabysittinAllowanc

Dentist

Auto

RepairsChurch

Wedding

Utilities

TicketsFlowers

RecreationGas

Pets

Childcare

© 2012 Fiserv. All rights reserved.   103

Consumers Want

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To conduct transactions electronically

104

Consumers Don’t Want 

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To use separate accounts

To pay with a retrofitted e-commerce so

To pay merchant-based fees

105

Social Payments Includes Small Businesses

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Household

Individual

Group

ConsumerPayments

Consumers

Employees

Vendors

Small BusinessPayments

106

Large and Attractive Market Opportunity

U.S. Payment Transactions2011

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9

16

12

C2C

C2B

B2B

B2C

Transactions in billions 

7

6

2

1

Initially Addressable TransactionsTotal Transactions

16BPoteTran

107

Financial Institutions Can Monetize Social PaymentsExpedited and Small Business Payments Lead the Opportu

High

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~$6B 

$.5B

~$1B

Size of circle represents the relative economic value of the end-market opportunity.

Value to FIs

Value toUsers

Low High

Low

~$3B 

Sta

Cocol

Sman

Ex

108

Fiserv Provides the Preferred Solution

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A single-brand network centefinancial institutions 

Designed for social payments

Integrated value proposition 

109

Financial Institution-Centric NetworkSingle Brand and Common Experience

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 [email protected]

917.555.1212facebook.com/joe.consumer

Joe Consumer

 [email protected]

110

Designed for Social PaymentsFeature-Rich and Evolving

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Send and ReceiveRequest and CollectGift Cards

Consumer 

Invoice anPay Vendo

Small

111

Integrated Value PropositionBroad Reach Through Fiserv Relationships

Deposit120M

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Bill PaymentUsers24M

Online BankingUsers60M

DebitCards48M

DepositAccounts120M

CreditCards

7M

25K

MobileUsers6M

112

Drive Usag

Building the Popmoney Network

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Drive Usag

Grow Awareness

and AdoptionEstablishNetwork Footprint

2011 - 2014

2013 - 2016

2014 - 201

Registered UsersInstitutions

TransactionPer User

113

Established Social Payments Network FootprintContinued Strong Momentum

Cumulative SalesClients

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5

776

1,389

1,704

2009 2010 2011 2012YTD

5 of the top 10

14 of the top 3

114

Drive Usage Through InnovationProduct Development Priorities

R l Ti M bil C

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Real Time Mobile Car

115

Grow Awareness and AdoptionActive Marketing by Financial Institution Partners

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P i d t revolut

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Popmoney

Buildingthe LeadingSocial PaymentsNetwork

Poised to revolutconsumer payments

Has emerged as the

market leade

Delivers a compellin

economic opp

© 2012 Fiserv. All rights reserved. 117

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CreatingShareholderValue

Tom HirschChief Financial Office

118

BUSINESS

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BUSINESSMODEL Scalable businesses

Significant recurring re

Expanding operating m

Exceptional free cash f

119

Business Model Leads to Value Creation

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High-Quality Revenue Acceleration

Adjusted Internal Revenue Growth

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-2%

0%

2%

4%

6%

2007 2008 2009 2010 2011

2012E reflects the midpoint of the company’s annual guidance. 

121

Strong Margin Performance

Adjusted Operating Margin

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26.1%

27.6%

28.7% 29.4% 29.2%

2007 2008 2009 2010 2011

2012E reflects the midpoint of the company’s annual guidance.

bps

improvement350 

122

Attractive Margin Profile

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Excerpt from 2011 Fiserv Investor Conference presentation

Operating Leverage

OperationalEffectiveness

Favorable Mix Shift

Scaling of NewSolutions

123

Key Drivers Grade

2012 Operating Margin Progress

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Operating Leverage

Operational Effectiveness

B

A

124

Operational Effectiveness ProgramStrong Performance to Date

$50

Operational Effectiveness Results

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$25

$40

$45$50

2011 2012E

$ in millions

Target Attainment

On trackto achiev

$250b

125

Key Drivers Grade

2012 Operating Margin Progress

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Operating Leverage

Operational Effectiveness

Favorable Mix Shift

Scaling of New Solutions

B

A

A

C

Long-Term Outlook

126

Strong Performance in all Market Conditions

Adjusted EPS

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2007 2008 2009 2010 2011

Compound

Growth15%

$2.64$3.33

$3.66

$4.05$4.58

coy

doEP

2

127

Business Model Drives Strong Free Cash Flow

Free Cash Flow Per Share

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2012E reflects current company guidance.

2007 2008 2009 2010 2011 2

>

$2.54

$3.70

$4.30$4.85

$5.09Compound

Growth18%

128

CAPITAL

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ALLOCATION

129

Capital Allocation Framework

ShareRepurchase

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Acquisition

Focus on payments,digital and uniquecapabilities in linewith our strategy

Repurchase

The capitalallocation

benchmark

De

Repay

Maintainflexibiliinvestgrade

130

Capital Deployment Discipline Creates Value

2009 to Q2-2012

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Share Repurchase Debt Repayment Acquisition

$ in billions

$1.5

$1.0

$0.5

131

Significant Capital Returned to Shareholders

Shares Outstanding

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Shares in millions

Nearlyreturned toshareholderssince 2005

$4B

01/01/05 06/30/12

132

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2009 Debt Structure

Debt Maturity Schedule 

$3.6

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$ in billions; total debt and debt maturities as of December 31, 2009

$0.5

$2.5

$0.6

$3 6

12/31/09 1-2 yrs 3-4 yrs 5-6 yrs 7-8 yrs

Debt MaturityTotal Debt

134

$3 4

2012 Debt Structure

Debt Maturity Schedule 

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$3.4

$0.9$1.1

$0.4

$ in billions; total debt and debt maturities as of September 30, 2012Proforma assuming a $500M paydown of the senior term loan using the revolving credit facility as of September 30, 2012.

1-2 yrs 3-4 yrs 5-6 yrs 7-8 yrs9/30/2012

Debt MaturityTotal Debt

135

Less than 5% average interest rate

Long-Term Focus Creates Optimized Debt Structure

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g

Next principal payment of $0.3 billion due in 2015

85% fixed-rate debt

6-year weighted average maturity

Current leverage ratio of 2.4x EBITDA

136

Long-Term Performance Characteristics

Key Financial Metrics Growth Range 

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Actual average annual performance should be within the range over any three-year period.

Adjusted Internal Revenue  4 – 8%

Adjusted EPS 11 – 18%

Other Metrics Growth Range 

Free Cash Flow Per Share > 11%

Adjusted Operating Margin 50 – 100 bps

137

2012 Guidance

Key Financial Metrics Growth Range 

Adjusted Revenue  4 – 6%

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j

Adjusted Internal Revenue 

3.0 – 4.5%

Adjusted EPS 11 – 14%

Other Metrics Growth Range 

Free Cash Flow 8 – 12%

Free Cash Flow Per Share > $5.70

Adjusted Operating Margin 30 – 60 bps

138

Business model strength

Accelerating

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Creating

ShareholderValue

Accelerating revenue g

Margin expansion oppo

Significant free cash flo

Capital discipline and f

139

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SummaryJeff YabukiChief Executive Offic

Building Growth

AccountM biliti

DebitElectronic

Bill Payment

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Mark Ernst

Processing

Centered onPrivileged

Relationships

Erich Litch

Mobiliti

TurningSmaller

Screens intoLarge

Opportunities

Kevin Gregoire

DebitNetwork

Opportunitiesin Real Time

Rahul Gupta

Bill Paymentand

Presentment

Growth froma Position of

Strength

141

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Innovation

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Gro

Execution

Innovation

Strategic clarity

P b i d l

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Proven business model

Payments transformacreates opportunity

Focus on shareholder va

144

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Appendix

146

Adjusted Earnings Per Share2007 2008 2009

GAAP EPS - continuing operations $2.44 $2.20 $3.04

Adjustments - net of tax:

Merger costs and merger-related tax items 1 0.05 0.22 (0.02)

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Severance costs 0.03 - 0.06

Acquisition intangible amortization 0.12 0.57 0.58 Other losses 2 - 0.34 -

Adjusted EPS $2.64 $3.33 $3.66

1  Merger costs include integration project management, retention bonuses and other expenses associated with acquisitions, certai

the achievement of the company’s operational effectiveness initiatives, deferred revenue adjustments based on the purchase priceCheckFree acquisition for which the company estimated the fair value of deferred revenue from license fees and other client paym

adjustment for a GAAP income tax benefit recognized in conjunction with the final settlement of a CheckFree purchase accounting2009. The deferred revenue adjustments represent revenue that would have been recognized by CheckFree or companies it acquirpractices, which the company did not record due to GAAP purchase accounting requirements.

2  Other losses primarily reflect the premium paid and other costs related to the early extinguishment of debt in 2010 and 2011 and t

51% interest in Fiserv Insurance in 2008.

147

Adjusted Revenue and Operating Income

2007 2008 2009

Revenue $3,677 $4,587 $4,077

Fiserv Insurance (804) (513) -

Output Solutions postage reimbursements (158) (203) (211)

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$ in millions. Operating margin percentages are calculated using actual, unrounded amounts.1 See footnote 1 on adjusted earnings per share GAAP to adjusted reconciliation.

Deferred revenue adjustment 1 3 22 5

Adjusted revenue $2,718 $3,893 $3,871

Operating income $736 $908 $946

Fiserv Insurance (78) (44) -

Merger costs and other adjustments 1  11 59 6

Severance costs 7 - 15

Acquisition intangible amortization 33 150 145

Adjusted operating income $709 $1,073 $1,112

Operating margin 20.0% 19.8% 23.2%

Adjusted operating margin 26.1% 27.6% 28.7%

148

2007 2008 2009

Net cash provided by operating activities $547 $766 $850

Capital expenditures (152) (198) (198)

Dividends from unconsolidated affiliate  1

Free Cash Flow

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Dividends from unconsolidated affiliate - - -

Other adjustments  2

34 35 16

Free cash flow $429 $603 $668

Diluted shares 168.8 163.1 155.4

Free cash flow per share $2.54 $3.70 $4.30

$ in millions, except per share amounts

1In 2010 and 2011, the company received cash dividends from StoneRiver Group, L.P., a company in which Fiserv owns a 49% interdividends that represent a return on the company’s investment are reported in cash flows from operating activities. Managementto exclude these dividends from the calculation of free cash flow because they may not be indicative of the future free cash flow o

2  Other adjustments include payments related to after-tax severance, merger and integration costs, certain one-time liabilities assu

balance sheets of acquired companies, the settlement of treasury lock hedge contracts, the net change in settlement assets and obbenefits from losses on early debt extinguishment. Management believes it is appropriate to exclude these items from the calculflow because they may not be indicative of the future free cash flow of the company.

149

Adjusted EPS Growth Rate

With respect to the adjusted EPS growth rate depicted on slide 13

• S&P figures reflect operating earnings per share growth from 192011 and as reported earnings per share growth from 1986 throu

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2011 and as reported earnings per share growth from 1986 throu

• Fiserv figures reflect adjusted earnings per share growth as repoFiserv’s annual reports for the period presented. 

150

Adjusted Internal Revenue Growth

• Adjusted internal revenue growth is measured as the increase inrevenue, excluding all acquired revenue, for the current period dadjusted revenue from the prior period. Acquired revenue was $$3 million and $27 million in 2011 2010 and 2009 respectively

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$3 million, and $27 million in 2011, 2010, and 2009, respectively.

• Adjusted internal revenue growth is a non-GAAP financial measucompany believes is useful to investors because it presents intergrowth excluding postage reimbursements in the company’s Oubusiness, deferred revenue purchase accounting adjustments andisposition revenue from Fiserv Insurance.

151

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