255 Fiserv Drive

Brookfield, WI 53045

262-879-5000

www.fiserv.com

We expect that we will describe how the number of consolidations or failures in the banking and financial services industry has impacted, or is expected to impact, us, if at all. For example, in our quarterly earnings calls, we have reported the number of regulatory actions to which financial institutions have been subject and where we stand in terms of “wins and losses” of clients resulting therefrom. Historically, the impact of these actions has been generally neutral on our client base. Nevertheless, we expect to provide this information to our shareholders.

Our discussion may also highlight the impact that the economic environment has had, or is expected to have, on financial institution discretionary spending and, to the extent material, the impact it has had on Fiserv. For example, we disclosed on page 23 of our 2009 Form 10-K: “In addition, revenues in our Financial segment were negatively impacted by lower discretionary spending by our financial institution clients . . . .”

To the extent termination fee revenues are material to provide a reader with an understanding of the current economic environment or market conditions, we will include a discussion of the same. For example, in our 2009 Form 10-K, we included a discussion of termination fee revenues on page 23: “Financial segment revenues in 2009 were negatively impacted by 2 percentage points, or $35 million, due to lower contract termination fee revenues, which declined from $42 million in 2008 to $7 million in 2009. The businesses in our Financial segment generally enter into three to five year contracts with clients that contain early contract termination fees. These fees are primarily generated when an existing client is acquired by another financial institution and can vary significantly from period to period based on the number and size of clients that are acquired and how early in the contract term a contract is terminated.”

The disclosure may also discuss, to the extent that we have a perspective, any anticipated material impact that new regulations may have on the financial services industry, including how such regulations may impact our financial institution clients, product or service offerings and/or financial results.

the situations set forth in Item 402(s) of Regulation S-K, including that none of our business units carry a disproportionate portion of our risk profile or vary significantly from the company’s overall risk and reward structure;

whether there were any specific risk factors that were of concern to the members of the Committee or to senior management;

the manner in which we structure our compensation, including our belief that the mix of compensation that we provide helps us to mitigate risk by providing compensation that depends in part on the long-term success of the company and that we target compensation at a median level compared to our peers;

we also use multiple performance measures, such as earnings per share and revenue growth, to avoid excessive focus on a single measure of performance;

we have stock ownership requirements for senior officers, which we believe focuses our leadership on long-term stock price appreciation and sustainability; and

other factors, including that the Committee sets targets annually, which gives it the ability to modify its policies and programs as the circumstances dictate; that awards (both cash and equity) to executive officers are subject to caps, reducing the incentive to take inappropriately risky measures to increase payouts in any given year; that it has the ability to exercise negative discretion to adjust awards in the event that an outcome is not consistent with business practices which the Committee seeks to reward; and that the company has implemented a broad claw back policy that is applicable to our executive officers, who generally earn the highest levels of compensation within the company.

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The company is responsible for the adequacy and accuracy of the disclosure in the filing;

Staff comments or changes to disclosure in response to comments do not foreclose the Commission from taking any action with respect to the filing; and

The company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.