1. Penn State Investment AssociationInformation Technology Sector VISA Joseph Eirkson, Matt Lochansky, Katie Lally The Nittany Lion Fund, LLC.

2. Team Recommendation: Bench Top Three Reasons for Bench:

4. Debit, Credit, Pre-Paid and Cash Access

5. Connects consumers, businesses, banks and governments by enabling them to use digital currency instead of paper currency

6. Provides transactions based services to financial institutions and merchant customers through VisaNet processing

7. Value-added services:

8. Risk management

9. Fraud protection

10. Loyalty and dispute management

11. Debit issuer processing

12. Operates an open-loop payment network

13. Connecting financial institutions and managing information3

14. Revenue Breakdown Geographic Breakdown Segment Breakdown

16. Visa purchasing platform streamlines:

17. Paper Intensive Purchase Orders

18. Invoice Processing

19. Increased number of cards issued:

20. Over 1.8 billion Visa cards issued

21. Only 988 million for MasterCard

22. More Cards More transactions More payments

23. 35% increase in International Consumer Debit Nominal Payments in Q1 2011

25. Visa has traded down 10% over the past year due to potential revenue losses

26. Latest earnings have shown stellar growth

27. Revenues up 14%

28. Net Income up 16%

29. 15.3 million share repurchase program

30. Visa has proven strong consistent growth:

31. Domestically

32. Internationally (40% of revenues coming from overseas and 60% of growth international)

33. Recent News:

35. Nominal payment volume

36. 13% growth in nominal payment volume in 2010

37. Expected growth of 16% in 2011

38. 15% growth in nominal payments for last 3 months 2010, counting towards Q1 2011

39. Growth of processed transactions

40. Data processing revenues increased 28% from 2009 due to 14% growth in transaction processed

41. 15% growth for last 3 months 2010, counting towards Q1 2011

42. Includes revenue from CyberSource acquisition (completed July 2010)

43. Billable Transactions

44. Increased from 707 million in Q1 2010 to 987 million in Q1 2011

46. Ratio Analysis 9

47. Five Year Summary 10

48. Growth Analysis & CAGRs 11

49. Projections 12

50. Discounted Cash Flow 13

51. Implied EV/EBITDA Valuation 14

53. Newly issued laws and pending regulation may decrease payment volume and increase lending costs

54. Intermingled with Financial Reform:

55. Negative sentiment towards card issuers

56. Reduction in consumer and business spending:

57. Potential downturn in IT infrastructure spending by:

58. Businesses

59. Consumers

60. Visa’s Correlation with the Benchmark is the lowest of any of the current holdings

62. Newly independent system as of 2010 that processes it’s own transactions

63. Wall Street Reform and Consumer Protection Act:

64. Regulates selection of payment networks by issuers and the routing of debit transactions by retailers

65. Decreased Electronic Payment Volume

66. If regulation prevents entrance into new markets payment volume will decrease

67. Decreases in Consumer Spending

68. Interchange reimbursement fees

71. Replace Fiserv, which primarily serves Financial Institutions to gain more exposure to consumer and business spending, bill payment and electronic funds transfer

72. More diversified holding through Visa which serves not only Financial Institutions and business but also end consumersCurrent Allocation Proposed Allocation 18

73. Team Recommendation: Bench Top Three Reasons for Bench:

74. Appendix – Correlation & Debt Distribution 20

75. Appendix – One Year Stock Chart 21

76. Appendix –P/E & EV/EBITDA 22

77. Questions or Comments? The Future of Payment Is Here