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Lori Stafford-Thomas

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262-879-5130

Lori.stafford@fiserv.com

Adjusted operating income in the payments segment increased 10 percent to $147 million in the quarter, and adjusted operating margin increased 240 basis points to 31.0 percent. The margin expansion resulted from growth in higher-margin revenue and continued cost synergy savings associated with the CheckFree acquisition;

Operating margin in the financial segment increased 250 basis points in the quarter to 28.1 percent through ongoing cost efficiencies and strength in the account processing business;

Free cash flow was $293 million for the first six months of 2009, a decrease of 7% compared with the prior-year period, due primarily to the timing of estimated income tax payments and the expected significant decline in contract termination fees;

The company expanded its payments footprint in the quarter by signing 102 clients for its electronic bill payment services and 58 clients for its EFT/debit service;

The company repurchased 1.0 million shares of its common stock in the second quarter and 1.8 million shares in the first six months of 2009;

The company signed a number of new and expanded multi-year client relationships in the quarter:

American Savings Bank, a $5.2 billion institution headquartered in Honolulu, Hawaii, signed an agreement for a complete, enterprise-wide banking solution centered upon the Signature Bank Platform from Fiserv. The agreement integrates 20 additional Fiserv solutions including online banking, electronic billing and payment, image capture, risk management and channel management;

The Fauquier Bank, a community bank in Virginia with $526 million in assets, signed an agreement to use Fiserv’s enterprise-wide solutions based on the Premier Bank Platform. The agreement covers several solutions from Fiserv including EFT, risk management, electronic billing and payment, payments network, electronic document delivery and financial accounting solutions;

Macatawa Bank, headquartered in Holland, Mich. with $2.1 billion in assets, signed an agreement for the Premier Bank Platform from Fiserv. The bank will also implement financial accounting solutions from Fiserv and other related ancillary applications to enhance integration and customer service;

The PNC Financial Services Group, Inc., a $286 billion financial services organization headquartered in Pittsburgh, signed an agreement to convert its electronic bill pay system for National City Corporation, a subsidiary of PNC. This puts PNC among the top five electronic bill payment clients for Fiserv.

Other noteworthy client additions in the quarter included:

Bangkok Bank, Thailand’s largest bank, recently launched Mobile Money^SM from Fiserv to provide a mobile banking and payments solution to its customers. With $47.9 billion in assets and more than 800 branches, the bank is one of the only banks in Thailand using an international mobile banking solution;

MB Financial Bank, a $9 billion institution operating in the Chicago metropolitan area, recently acquired Heritage Community Bank. With Fiserv as a partner, the bank was able to rapidly integrate the Bank’s customers to the Signature Bank Platform from Fiserv in less than 90 days. Since first deploying Fiserv technology in 1995, MB Financial has acquired and merged eight financial institutions with assets ranging from $227 million to $2.6 billion, increasing its assets from $700 million in 1995 to $9 billion today;

We Energies, headquartered in Milwaukee, Wis., signed a multi-year agreement for bill payment services using BillMatrix® On Demand Payments from Fiserv. Serving 2.4 million metered customers in Wisconsin and Michigan’s Upper Peninsula, We Energies is a principal utility for Wisconsin Energy Corporation, one of the nation’s premier energy companies with more than $12 billion of assets. 

Revenues

Processing and services

Product

Total revenues

Expenses

Cost of processing and services

Cost of product

Selling, general and administrative ⁽²⁾

Total expenses

Operating income

Interest expense – net

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

Income tax provision

Income from investment in unconsolidated affiliate - net of income taxes ⁽¹⁾

Income from continuing operations

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

Net income

GAAP earnings (loss) per share

Continuing operations ⁽²⁾

Discontinued operations ⁽³⁾

Total

Diluted shares used in computing earnings (loss) per share

In July 2008, Fiserv completed the sale of a 51% interest in Fiserv Insurance (n/k/a Stone River). The financial results for 2008 include the revenue and operating income of Fiserv Insurance as disclosed on page 7. In 2009, the company has reported its 49% share of net income in Fiserv Insurance as “income from investment in unconsolidated affiliate.”

Selling, general and administrative expenses include a $15 million pre-tax charge ($0.06 per share) in the first quarter of 2009 for employee severance and related expenses.

Discontinued operations results include after-tax gains on dispositions totaling $0.16 and $1.40 per share for the six months ended 2009 and 2008, respectively. In the second quarter of 2009, Fiserv recognized an after-tax gain of $25 million ($0.16 per share) for a contingent payment received related to the 2008 sale of Fiserv ISS.

GAAP income from continuing operations

Adjustments:

Merger costs and other adjustments ⁽¹⁾

Severance costs

Amortization of acquisition-related intangible assets

Tax benefit of adjustments

Adjusted income from continuing operations

GAAP earnings per share - continuing operations

Adjustments - net of income taxes:

Merger costs and other adjustments ⁽¹⁾

Severance costs

Amortization of acquisition-related intangible assets

Adjusted earnings per share - continuing operations

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 7, 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.

Total Company

Revenues

Fiserv Insurance ⁽¹⁾

Output solutions postage reimbursements

Deferred revenue adjustment

Adjusted revenues

Operating income

Fiserv Insurance ⁽¹⁾

Merger costs and other adjustments

Severance costs

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

Corporate and Other

Revenues

Deferred revenue adjustment

Adjusted revenues

Operating loss

Merger costs and other adjustments

Severance costs

Amortization of acquisition-related intangible assets

Adjusted operating loss

In July 2008, Fiserv completed the sale of a 51% interest in Fiserv Insurance.

Cash flows from operating activities

Net income

Adjustment for discontinued operations

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

Depreciation and other amortization

Amortization of acquisition-related intangible assets

Share-based compensation

Deferred income taxes

Other non-cash items

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

Other investing activities

Net cash used in investing activities

Cash flows from financing activities

Repayments of long-term debt – net

Issuance of common stock and treasury stock

Purchases of treasury stock

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

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

Income from continuing operations

Depreciation and other amortization

Amortization of acquisition-related intangible assets

Share-based compensation

Capital expenditures

Free cash flow before changes in working capital

Changes in working capital-net

Merger and severance payments

Free cash flow

Net cash provided by operating activities

Capital expenditures

Merger and severance payments

Free cash flow

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

Assets and liabilities of the final portion of Fiserv ISS are reported as assets and liabilities of discontinued operations held for sale as of June 30, 2009 and December 31, 2008. The company expects to dispose of the final portion of Fiserv ISS in 2009.

Adjusted Internal Revenue Growth ⁽¹⁾

Financial Segment ⁽²⁾

Payments Segment

Total Company

Adjusted internal revenue growth percentages are measured as the increase in adjusted revenues (see page 7) 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 $6 million ($5 million in the financial segment and $1 million in the payments segment) for the second quarter of 2009 and $13 million ($11 million in the financial segment and $2 million in the payments segment) for the first six months of 2009 and represents pre-acquisition adjusted revenue of acquired companies, less dispositions, for the comparable prior year period.

Home equity loan processing revenues decreased by $16 million and $35 million in the second quarter and first six months of 2009 to $34 million and $57 million, respectively, due primarily to the significant downturn in the U.S. mortgage market. The decline in home equity loan processing revenues negatively impacted internal revenue growth in the financial segment by 3 percent in both the second quarter and first six months of 2009. In addition, contract termination fee revenue in the financial segment declined by $14 million and $28 million in the second quarter and first six months of 2009 to $3 million and $4 million, respectively. The decline in contract termination fee revenue adversely impacted segment revenue growth by 2 percent and 3 percent in the second quarter and first six months of 2009, respectively. The negative impact of foreign currency on the financial segment was approximately 1 percent in 2009.

Fiserv 2.0 Metrics (in millions)

Integrated Sales ⁽¹⁾

Operational Effectiveness ⁽²⁾

Electronic Payment Metrics (in millions)

Bill Payment Transactions ⁽³⁾

Bill Payment Year-Over-Year Transaction Growth

e-Bills Delivered

e-Bill Growth Year-Over-Year

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 anticipated recurring annual revenue.

Operational Effectiveness targets represent cost savings associated with Fiserv 2.0 and the synergy savings associated with combining CheckFree with Fiserv. The “2009 Objective” is the total amount of savings targeted to be attained in the measurement period which is incremental to the amount attained in 2008.

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