Free cash flow increased 57 percent to $465 million for the first nine months of 2008 compared with the prior year period;

Adjusted operating margin in the payments segment through September 30 was 29.6 percent, up 310 basis points from the prior year period due to scale efficiencies, business mix, and strong operating leverage across these businesses;

Adjusted operating margin in the financial segment was 25.0 percent in the first nine months of 2008, a decrease of 50 basis points from the prior year period primarily due to weak results in the company’s lending businesses and reduced higher-margin revenue, such as license fees;

On Oct. 9, 2008, Fiserv sold CareGain, Inc. to Canopy Financial, a healthcare administration technology solutions provider. CareGain’s results, with annual revenues of less than $10 million, are now included as discontinued operations;

The company signed 138 clients for its electronic bill payment services in the quarter for a total of more than 400 clients signed for the year to date;

WireXchange, a fully automated Fiserv solution that enables financial institutions to complete end-to-end wire transfers, added 34 new clients in the quarter, with a total of 65 new financial institution clients installed so far in 2008;

Fiserv was ranked seventh among the top 100 global risk technology companies in the Chartis RiskTech 100 report issued in October 2008. The global report is recognized as the most comprehensive and prestigious study of the top technology firms active in the risk management market. This is Fiserv’s first entry into the top 100 which ranked the top risk technology firms based on a comprehensive review of the marketplace and a detailed assessment methodology covering functionality, core technology, organizational strength, customer satisfaction and market presence;

Fiserv won a “Best of Show” award at the Finovate 2008 conference for its new Online Advantage, an integrated online solution that provides integrated online banking, bill pay, personal money management and other value added services;

Golden 1 Credit Union, the sixth largest credit union in the U.S., signed an agreement with Fiserv’s CheckFree using Consumer Source Capture. Golden 1 will benefit from this technology that allows its members to make home-based check deposits. This feature is designed to streamline their financial needs via personal computing technologies and serve as an effective tool for gaining market share.

The company repurchased 3.2 million shares of its common stock in the third quarter.

Revenues

Processing and services

Product

Total revenues

Expenses

Cost of processing and services

Cost of product

Selling, general and administrative

Total expenses ⁽¹⁾

Operating income

Interest expense – net

Gain on sale of businesses ⁽²⁾

Income from continuing operations before income taxes and income from investment in unconsolidated affiliate

Income tax provision ⁽²⁾

Income from investment in unconsolidated affiliate - net of income taxes ⁽²⁾

Income from continuing operations

Income from discontinued operations – net of income taxes ⁽³⁾

Net income

GAAP earnings per share

Continuing operations ⁽¹⁾⁽²⁾

Discontinued operations ⁽³⁾

Total

Diluted shares used in computing earnings per share

⁽¹⁾

The 2008 results include the operations of CheckFree, which was acquired in December 2007. GAAP results for the third quarter and first nine months of 2008 include non-cash amortization of acquisition-related intangible assets in total expenses of $38 million ($0.14 per share) and $119 million ($0.44 per share), compared with $8 million ($0.03 per share) and $22 million ($0.08 per share) in the comparable 2007 periods, respectively, with the increase due primarily to the acquisition of CheckFree.

⁽²⁾

On July 14, 2008, Fiserv completed the sale of a 51% interest in the majority of its insurance businesses (Fiserv Insurance). After the date of sale, the company no longer consolidates revenues and expenses of Fiserv Insurance and instead reports its 49% share of net income as “income from investment in unconsolidated affiliate.” In connection with the transaction the company recorded a pre-tax gain on the sale of its majority interest of $19 million and a related income tax provision of $44 million, resulting in a net after-tax loss of $25 million ($0.15 per share). The company recorded the income tax provision related to the sale of its majority interest due primarily to a lower tax basis in its stock compared with the book basis of the net assets. Excluding the gain on sale of business and related income tax expense, the effective income tax rate from continuing operations would have been 38.9% for the third quarter and 38.7% for the first nine months of 2008.

⁽³⁾

The company has reported Fiserv ISS, Fiserv Health and certain lending and insurance businesses as discontinued operations.

GAAP income from continuing operations

Adjustments:

Merger costs and other adjustments ⁽¹⁾

Amortization of acquisition-related intangible assets

Tax benefit of adjustments

Loss on sale of businesses, net of tax ⁽²⁾

Adjusted income from continuing operations

GAAP earnings per share - continuing operations

Adjustments - net of income taxes:

Merger costs and other adjustments ⁽¹⁾

Amortization of acquisition-related intangible assets

Loss on sale of businesses ⁽²⁾

Adjusted earnings per share - continuing operations

Diluted shares used in computing earnings per share

⁽¹⁾

Merger costs primarily represent expenses associated with the acquisition of CheckFree, including integration project management, retention bonuses and other expenses totaling $12 million in the third quarter and $28 million in the first nine months of 2008. In addition, in connection with the preliminary purchase price allocation, the company estimated the fair value of certain deferred revenue from license fees and other customer payments assumed in connection with the CheckFree acquisition. Revenue totaling $4 million in the third quarter and $20 million in the first nine months of 2008 would have been recognized by CheckFree or companies it acquired consistent with past practices. However, the company did not record such revenue during 2008 due to the deferred revenue purchase accounting adjustment recorded in accordance with GAAP. The combination of these items, net of income taxes, resulted in a total of $0.06 per share in the third quarter and $0.18 per share in the first nine months of 2008.

⁽²⁾

Represents the net after-tax loss on the sale of a 51% interest in Fiserv Insurance.

Assets

Cash and cash equivalents

Trade accounts receivable – net

Deferred income taxes

Prepaid expenses and other current assets

Assets of discontinued operations held for sale ⁽¹⁾

Total current assets

Property and equipment – net

Intangible assets – net

Goodwill

Other long-term assets

Total

Liabilities and Shareholders’ Equity

Trade accounts payable

Accrued expenses

Current maturities of long-term debt

Deferred revenues

Liabilities of discontinued operations held for sale ⁽¹⁾

Total current liabilities

Long-term debt

Deferred income taxes

Other long-term liabilities

Total Liabilities

Shareholders’ Equity

Total

⁽¹⁾

Assets and liabilities of Fiserv ISS, Fiserv Health and certain lending and insurance businesses are reported as assets and liabilities of discontinued operations held for sale as of December 31, 2007. The company disposed of several of these businesses in 2008 and expects to dispose of the final portion of the Fiserv ISS and remaining insurance businesses by the end of the first quarter of 2009.

Cash flows from operating activities

Net income

Adjustment for discontinued operations

Adjustments to reconcile net income to net cash provided by operating activities:

Deferred income taxes

Share-based compensation

Excess tax benefit from exercise of stock options

Gain on sale of businesses

Income from investment in unconsolidated affiliate

Amortization of acquisition-related intangible assets

Depreciation and other amortization

Changes in assets and liabilities, net of effects from acquisitions:

Trade accounts receivable

Prepaid expenses and other assets

Trade accounts payable and other liabilities

Deferred revenues

Net cash provided by operating activities

Cash flows from investing activities

Capital expenditures, including capitalization of software costs

Payment for acquisitions of businesses, net of cash acquired

Proceeds from sale of businesses, net of expenses paid

Other investing activities

Net cash provided by (used in) investing activities

Cash flows from financing activities

(Repayments of) proceeds from long-term debt – net

Issuance of common stock and treasury stock

Purchases of treasury stock

Excess tax benefit from exercise of stock options

Other financing activities

Net cash used in financing activities

Change in cash and cash equivalents

Net cash transactions from discontinued operations

Beginning balance

Ending balance

⁽¹⁾

Cash flows from discontinued operations are excluded from the above Condensed Consolidated Statements of Cash Flows for all periods presented.

Total Company ⁽¹⁾

Revenues

Prescription product costs

Output solutions postage reimbursements

Deferred revenue adjustment

Adjusted revenues

Operating income

Merger costs and other adjustments

Amortization of acquisition-related intangible assets

Adjusted operating income

Operating margin

Adjusted operating margin

Financial Institution Services (“Financial”)

Revenues

Operating income

Operating margin

Payments and Industry Products (“Payments”)

Revenues

Output solutions postage reimbursements

Adjusted revenues

Operating income

Operating margin

Adjusted operating margin

Insurance Services (“Insurance”) ⁽¹⁾

Revenues

Prescription product costs

Adjusted revenues

Operating income

Operating margin

Adjusted operating margin

Corporate and Other

Revenues

Deferred revenue adjustment

Adjusted revenues

Operating loss

Merger costs and other adjustments

Amortization of acquisition-related intangible assets

Adjusted operating loss

⁽¹⁾

On July 14, 2008, Fiserv completed the sale of a 51% interest in Fiserv Insurance. After the date of sale, the company no longer consolidates revenues and expenses of Fiserv Insurance and instead reports its 49% share of net income.

Segment

Financial

Payments

Total ⁽²⁾

⁽¹⁾

Adjusted internal revenue growth percentages are measured as the increase in adjusted revenues (see page 10) for the current period less “acquired revenue from acquisitions” divided by adjusted revenues from the prior year period plus “acquired revenue from acquisitions.” “Acquired revenue from acquisitions” was $298 million ($39 million in the Financial segment and $259 million in the Payments segment) for the third quarter of 2008 and $865 million ($108 million in the Financial segment and $757 million in the Payments segment) for the first nine months of 2008 and represents pre-acquisition adjusted revenue of acquired companies, less dispositions, for the comparable prior year period.

⁽²⁾

Total adjusted internal revenue growth percentages are measured as explained above and are calculated using adjusted revenues for Total Company less Insurance as reflected on page 10.

Income from continuing operations

Share-based compensation

Pre-tax gain on sale of businesses

Income from investment in unconsolidated affiliate

Amortization of acquisition-related intangible assets

Depreciation and other amortization

Capital expenditures

Free cash flow before changes in working capital

Changes in working capital-net

Non-recurring items

Free cash flow

Net cash provided by operating activities

Capital expenditures

Non-recurring items

Free cash flow

Key Metrics

Integrated Sales ⁽¹⁾

Operational Effectiveness ⁽²⁾

Overall Sales Quota Attainment ⁽³⁾

⁽¹⁾

Integrated Sales targets are exclusive of amounts included in the annual sales quota and include sales from a designated list of additional products sold to core processing clients. Dollar value is the amount of recurring annual revenue which does not include any one-time revenue.

⁽²⁾

Operational Effectiveness targets represent cost savings associated with Fiserv 2.0. The “2008 Objective” is the total amount of savings targeted to be attained in the measurement period which is incremental to the amount attained in 2007.

⁽³⁾

Overall Sales Quota Attainment is the traditional company-wide sales quota, which includes CheckFree and excludes incremental existing client sales included in the Integrated Sales metric. The 2008 attainment percentage represents year-to-date attainment of sales targets.

Electronic Payment Metrics

Bill Payment Transactions ⁽⁴⁾

Bill Payment Year-over-Year Transaction Growth

e-Bills Delivered

e-Bill Growth Year-over-Year

⁽⁴⁾

Bill Payment Transactions represent on-line bill payment transactions occurring through financial institutions, brokerage firms or portals.