Free cash flow increased 38 percent to a record $611 million for 2008;

Adjusted internal revenue growth in the payments segment was 3 percent in the fourth quarter and 4 percent for the full year, driven by solid performance in many of the company’s electronic payments solutions businesses and offset by a significant reduction in float revenue. Adjusted operating margin in the payments segment was up 220 basis points to 30.0 percent in 2008 due to a combination of favorable changes in the company’s business mix, including the acquisition of CheckFree in December 2007, scale efficiencies, and operating leverage;

Adjusted internal revenue growth in the financial segment was down 6 percent in the fourth quarter and down 2 percent for the full year. This growth was negatively impacted by 5 percentage points in the fourth quarter and 3 percentage points for the full year related to revenue declines in the home equity processing business. Adjusted operating margin in the financial segment decreased 60 basis points to 24.9 percent in 2008, due primarily to weak results in the company’s lending businesses and reduced higher-margin license revenue;

The company signed 128 clients for its electronic bill payment services in the fourth quarter, for a total of more than 550 clients signed in 2008. Fiserv also extended its value added reseller bill payment relationship with Digital Insight for three years;

Commerce Bank/Harrisburg, a $2 billion financial retailer headquartered in Harrisburg, Penn., chose Fiserv as its key technology partner to provide a full suite of account processing technology solutions. In all, Commerce Bank/Harrisburg will utilize 14 integrated solutions from Fiserv, including account processing, online banking and electronic bill payment and risk solutions;

Piraeus Bank, one of Greece’s leading financial institutions with operations in 11 countries and more than $70 billion in total assets, selected the Fiserv Universal Banking solution under a ten-year agreement. Fiserv’s Universal Banking solution, an integrated product suite, provides the bank a single source for a range of banking technology needs that allows the bank to diversify its income streams and extend services to corporate clients. The solution was implemented at the bank’s Cyprus operations and is currently being implemented in Egypt;

BB&T Corporation, the nation’s 12th largest financial holding company with $137 billion in assets, rolled out the Fiserv Branch Source Capture solution, a part of the Fiserv Source Capture Suite, to more than 330 branches, resulting in dramatic improvements to its operational processes and workflows. Additionally, BB&T selected Fiserv’s Personix Card Services to provide outsourced personalized card solutions, card manufacturing, and mailing services to its clients in a four-year agreement;

Fiserv acquired i_Tech Corporation in December 2008 from First Interstate BancSystem Inc., a multi-state, $6 billion financial institution headquartered in Billings, Mont. i_Tech provides outsourced account processing services as a licensee and reseller of the Fiserv ITI Premier account processing banking system to 158 financial institutions including First Interstate, along with a variety of complementary services, including EFT, check processing and ATM operations in 13 states;

The company repurchased 5.6 million shares of its common stock in the fourth quarter and 10.6 million shares for full year 2008.

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

Loss on sale of businesses ⁽²⁾

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

Income tax provision ⁽³⁾

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

Income from continuing operations

Income (loss) from discontinued operations – net of income taxes ⁽⁴⁾

Net income

GAAP earnings (loss) per share

Continuing operations ⁽¹⁾⁽²⁾

Discontinued operations ⁽⁴⁾

Total

Diluted shares used in computing earnings (loss) per share

⁽¹⁾

The financial results include the operations of CheckFree since its acquisition on December 3, 2007. GAAP results for the fourth quarter and full year 2008 include non-cash amortization of acquisition-related intangible assets in total expenses of $39 million ($0.16 per share) and $158 million ($0.60 per share), compared with $17 million ($0.06 per share) and $39 million ($0.14 per share) in the comparable 2007 periods, respectively, with the increase due primarily to the acquisition of CheckFree.

⁽²⁾

In 2008, Fiserv completed the sale of a 51% interest in Fiserv Insurance and a minority interest in another business. For the full year, the company recorded an after-tax loss of $0.35 per share as a result of these transactions which includes significant tax expense ($0.20 per share) associated with the transaction due to a lower tax basis in the stock compared to the book basis of the net assets. In the fourth quarter of 2008, the company recognized an after-tax loss of $0.20 per share due primarily to the finalization of the loss on sale of Fiserv Insurance and the sale of a minority interest in another business. The company finalized the net working capital adjustment, recorded an estimated contingent liability for retained obligations with final settlement in 2012, and finalized the recording of income taxes associated with the sale of Fiserv Insurance.

⁽³⁾

In conjunction with the loss on sale of businesses in footnote 2, the company recorded an income tax provision of $33 million for the full year 2008 and an income tax benefit of $10 million in the fourth quarter. Excluding the loss on sale of businesses and related income tax expense, the effective income tax rate from continuing operations, which was positively impacted in the fourth quarter by the research and development tax credit, would have been 36.6% and 38.2% for the fourth quarter and full year 2008, respectively.

⁽⁴⁾

The company has reported Fiserv ISS, Fiserv Health and certain lending and insurance businesses as discontinued operations. Discontinued operations results for the fourth quarter of 2008 include an after-tax loss on the disposition of two insurance businesses totaling approximately $0.06 per share.

GAAP income from continuing operations

Adjustments:

Merger costs and other adjustments ⁽¹⁾

Amortization of acquisition-related intangible assets

Employee severance and facility shutdown ⁽²⁾

Tax benefit of adjustments

Loss on sale of businesses, net of income taxes ⁽³⁾

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

Employee severance and facility shutdown ⁽²⁾

Loss on sale of businesses ⁽³⁾

Adjusted earnings per share - continuing operations

⁽¹⁾

Merger costs and other adjustments include integration project management, retention bonuses and other expenses associated with the acquisition of CheckFree and deferred revenue adjustments based on the purchase price allocation for the CheckFree acquisition for which the company estimated the fair value of deferred revenue from license fees and other client payments. The deferred revenue adjustments, as reflected on page 11, represent revenue that would have been recognized by CheckFree or companies it acquired consistent with past practices, which the company did not record due to GAAP purchase accounting requirements.

⁽²⁾

These charges relate primarily to employee severance and facility shutdown expenses in the company’s lending businesses in 2007.

⁽³⁾

Primarily 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

Deferred revenues

Current maturities of long-term debt

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 the majority of these businesses in 2008 and expects to dispose of the final portion of Fiserv ISS in the first half 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

Loss on sale of businesses

Income from investment in unconsolidated affiliate

Settlement of interest rate hedge contracts

Amortization of acquisition-related intangible assets

Depreciation and other amortization

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

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

Deferred financing costs

Other financing activities

Net cash (used in) provided by 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.

Income from continuing operations

Share-based compensation

Loss on sale of businesses

Income from investment in unconsolidated affiliate

Settlement of interest rate hedge contracts

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

Total Company

Revenues

Prescription product costs

Output solutions postage reimbursements

Deferred revenue adjustment

Adjusted revenues

Adjusted revenues—Insurance

Adjusted revenues (excluding Insurance)

Operating income

Employee severance and facility shutdown

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

Employee severance and facility shutdown

Adjusted operating income

Operating margin

Adjusted operating margin

Payments and Industry Products (“Payments”)

Revenues

Output solutions postage reimbursements

Adjusted revenues

Operating income

Operating margin

Adjusted operating margin

Insurance Services (“Insurance”)

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

Segment

Financial ⁽²⁾

Payments

Total ⁽³⁾

⁽¹⁾

Adjusted internal revenue growth percentages are measured as the increase in adjusted revenues (see page 11) 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 $208 million ($24 million in the financial segment and $184 million in the payments segment) for the fourth quarter of 2008 and $1.07 billion ($132 million in the financial segment and $941 million in the payments segment) for the full year 2008 and represents pre-acquisition adjusted revenue of acquired companies, less dispositions, for the comparable prior year period.

⁽²⁾

Home equity loan processing revenues decreased by $28 million and $70 million in the fourth quarter and full year 2008, to $23 million and $159 million, respectively, due primarily to the significant downturn in the U.S. mortgage market. Home equity loan processing revenue negatively impacted adjusted internal revenue growth in the financial segment by 5 percentage points in the fourth quarter of 2008, 3 percentage points for the full year 2008 and 1 percentage point in each of the comparable 2007 periods. Adjusted internal revenue growth for the financial segment excluding revenue declines in the home equity loan processing business would have been (1) percent and 1 percent in the fourth quarter of 2008 and full year 2008, respectively, and 3 percent and 4 percent in the fourth quarter of 2007 and full year 2007, respectively.

⁽³⁾

Total adjusted internal revenue growth percentages are measured as explained above and are calculated using Total company adjusted revenues excluding Insurance as reflected on page 11.

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 account 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.

Electronic Payment Metrics

Bill Payment Transactions ⁽¹⁾

Bill Payment Year-over-Year Transaction Growth

e-Bills Delivered

e-Bill Growth Year-over-Year

⁽¹⁾

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