Fiserv Annual Report 2006

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FY2006 Annual Report · Fiserv

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Summary
Annual Report
2006

FISERV 2.0
THE NEXT GENERATION

FINANCIAL HIGHLIGHTS
2006

Total Revenues
(In Billions)

Income from
Continuing Operations*
(In Millions)

Earnings Per Share from
Continuing Operations*
(In Dollars)

Cash Flow
from Operations
(In Millions)

$500

$4.5

$3.00

$449

$2.53

400

300

200

100

2.50

2.00

1.50

1.00

0.50

0.00

$635

$800

700

600

500

400

300

200

100

03 04

05 06

03 04

05 06

03 04

05 06

(Dollars in millions except per share amounts and stock price data)

Total Revenues
Income from Continuing Operations*
Earnings Per Share from Continuing Operations*
Cash Flow from Operations
Year-end Market Price Per Share

2006

$ 4,544
449
2.53
635
52.42

2005

% Increase

$ 4,059
419
2.19
601
43.27

12
7
16
6
21

* These amounts represent adjusted income from continuing operations and adjusted earnings per share from continuing operations which are non-GAAP financial measures. We

believe that these measures are useful to investors because they exclude the impact of certain transactions or events that we expect to occur infrequently or adjust for items in

order to provide meaningful comparisons between current results and previously reported results. See page 23 for additional information about these non-GAAP financial measures.

Summary
Annual Report
2006

WHAT’S NEXT?

Fiserv 2.0: A transforming blueprint for
the future, building on what has
made Fiserv great in the past,
clearly centered on the
client
with a commitment
to delivering greater value,
opportunity and growth for our stakeholders.

VA L U E . O P P O RT U N I T Y. G R O W T H .

Donald F. Dillon, Chairman of the Board (left) and
Jeffery W. Yabuki, President and Chief Executive Officer.

TO OUR FELLOW SHAREHOLDERS

The term that comes to mind as a key
way to describe the past year at Fiserv
is Renaissance.

During 2006, we took important steps in a business
renewal process and saw a resurgence of our already
strong company. We designed strategies to revitalize
growth, expand operating margins and further
differentiate our client services – building on our market
leadership position and long-term client relationships.

The hallmark of the year was the unveiling of Fiserv 2.0,
the next generation of our company. That introduction
was the culmination of months of work by some of the
best and the brightest people throughout Fiserv. We
are committed to Value, Opportunity and Growth – for
each of our key constituencies – for the next generation
of our company. We intend to honor that promise.

Delivering Value for Shareholders Today
Early in 2006 we entered the prestigious Fortune 500
for the first time, and we kept growing. Total revenues
for the year increased 12% to surpass $4.5 billion.
Adjusted earnings per share from continuing operations
were strong as well, increasing 16% to $2.53 per
share, which was at the top end of our 2006 guidance
and in line with our long-term performance outlook.

Our financial results were led by another strong year
of revenue and earnings growth in the financial segment.
We made continuing progress in developing our
internal revenue growth capabilities in the financial
segment, which has grown by at least 5% in each of
the last seven quarters. This performance is indicative
of the strength of our financial businesses.

These strong financial results came in what some
would call a transition year. In addition to a new CEO,
we had some difficult growth challenges resulting from
unusually large contract terminations and the sale of
our investment in a Canadian joint venture in 2005.
Given the headwinds coming into 2006, we are very
pleased with our financial results.

Fiserv’s combination of solid technology and superb
people continued to deliver on behalf of our more
than 18,000 clients. Our client satisfaction scores
remained very high, and we continued to retain clients
at superior levels. In addition, more than 86% of our
clients told us they are willing to promote our products
and services, a clear indicator of the service quality
we are bringing to the market.

One of Fiserv’s most important characteristics has
always been its strong cash flow generation, which

underlies our business model and the value creation
resulting from the allocation of those dollars. In 2006,
we generated $447 million of free cash flow, resulting
in a five-year total of more than $2.2 billion. Going
forward, we believe we can enhance free cash flow
at an even faster pace.

Historically, we’ve used the majority of our free
cash to fund acquisitions. Our strong acquisition
competency is a well known part of the company.
We are primarily interested in two types of acquisitions:
first, those that add to the breadth of our distribution
system – across any of our primary client segments;
and second, those assets that bring specific
add-on capabilities that will be highly valued by
our client base.

However, over the last several years, the acquisition
markets have changed dramatically – and for a
buyer like Fiserv, that change has been troublesome.
Significant investment capital from private equity and
hedge funds, combined with access to relatively
cheap debt financing, have driven pricing to what we
consider unsustainably high levels. Given our industry
stature, we believe that we are one of the best suited
buyers for high quality properties – strategic or
otherwise. As a result, our objective will be to

VA L U E . O P P O RT U N I T Y. G R O W T H .

MORE 2006
NUMBERS
22.3%

consolidated adjusted operating

margin, up 40 basis points

year-over-year

86%

of clients would recommend

Fiserv to other potential clients

$282M

spent on product development

$447M

in free cash flow generated

21%

increase in share price

monitor acquisition opportunities in a disciplined
way, mindful of current market valuations.

During 2006, we spent $187 million on acquisitions,
adding seven companies with product capabilities in
the insurance and financial segments. The majority
of our available capital in 2006 went to repurchase
shares. We re-acquired 12.7 million shares of
Fiserv stock for $560 million. Given the current
environment, we anticipate that we will continue to
allocate capital to share repurchase and use our
debt capacity to fund acquisitions.

Fiserv Stock Price
(as of Dec. 31)

$52.42

$43.27

$40.19

$60

We recognize that it is
our job to deliver value
for shareholders each
year, and over time.
In 2006, Fiserv’s total
shareholder return was
21%, which compared
favorably to an overall
strong equity market.
Our shareholder return
exceeded the 14%
performance of the S&P
500 by approximately

seven percentage points. We also outperformed the
relevant NASDAQ indices for the year. We believe that
with our premium business model, leading market
position, and our intense commitment to delivering
results – that are on average within our long-term
performance outlook – we should produce attractive
returns for shareholders.

Our strong results this year are due to the efforts of
our more than 23,000 employees around the world
who make Fiserv a great company. For years, a
Fiserv credo has been that “people make the
difference”– and that continued to be true in 2006.
At Fiserv, our people are our key differentiator.
Thanks to each of you for your efforts and commitment
to making Fiserv its very best.

Providing Opportunities for
Shareholders Tomorrow
Our efforts to define our strategic direction culminated
in September with the introduction of our long-term
plan branded Fiserv 2.0 – which included our
renewed vision and mission. Our mission statement
captures the essence of Fiserv. Not because it’s on a
placard, but rather because we believe it. Serving
clients is deeply rooted in our organizational DNA.

client success. The theme line neatly communicates
the essence of our new direction.

Your Success.
That’s the Point of 2.0

This translates to serving clients differentially. We are
switching to a client segment delivery approach from
our more business-unit-centric model. While effec-
tive and often successful, the prior model didn’t
always allow us to deliver the holistic solutions that
many of our clients prefer. At the same time, we
don’t intend to adopt a one-size-fits-all approach.
Clients and situations are different. We will utilize the
strength of our broad product and platform diversity
to meet the needs of a dynamic market. While it’s

very early in our evolution, we are pleased with our
progress and confident that our success will acceler-
ate over time.

We have also adopted five enterprise themes to unlock
the significant potential we see in the company – and to
enhance our revenue, earnings and cash flow growth.

• Active Portfolio Management
• Enhanced Client Relationship Value
• Operational Effectiveness
• Capital Allocation
• Innovation Inside

We have specific strategies and tactics in place to
execute against each of these important areas – with

It’s the essence of what Fiserv has been about since
its founding 22 years ago. The key to our mission is
enabling more success for our clients. It’s a simple
notion – and therein, elegant. It’s an idea that we
believe can serve as a greater purpose for our
employees around the world.

“Our mission is to provide integrated
technology and services solutions
that enable best-in-class results for
our clients.”

Our mission requires that we focus on high-quality
solutions and that we measure our performance
not just on financial results, but on the success we
enable for our clients. Our clients’ success is our
success. Our aspiration is to be the partner that
our clients turn to in helping them be their very best.
While we can’t define success for each particular
client, we will develop solutions that help them
achieve their goals. It’s bold and we mean it.

On the back cover of this annual report, you will see
an ad from a new Fiserv 2.0 campaign that is
designed to communicate our expanded focus on

Norm Balthasar (center) talks with John Ozug (left) and Anita Gee.

priorities linked to market opportunities. We are
again pleased with our early progress. We expect
only limited impact in 2007, with more noticeable
benefit in our 2008 results and beyond.

Value Plus Opportunity Equals Growth

“Our vision is to be a global leader in
transaction-based technology solutions.”

Is it really an aspiration to say you want to be something
that you already are? We are a global leader today.
For the third year in a row, we were named number
one on the FINTECH 100 ranking of the top
providers of technology services in sales to financial

institutions. We are one of only a handful of companies
in the S&P 500 with at least 15 consecutive years of
growth in revenue and earnings. So, what’s the big
deal? The big deal is that we have the potential to be
even better.

The key to our future success is to combine what
has made Fiserv strong in the past with the strate-
gies that we have laid out for the future. Together, we
believe this will accelerate growth – profitably – and
in a way that builds long-term shareholder value.
That is the notion of Renaissance. It’s our hope that
this re-birth leads to a “re-formula-tion” of what has
made Fiserv great. By changing the formula just
enough, we are creating something even more
dynamic for our stakeholders.

Internal revenue growth is critical to our future success.
Our internal revenue growth rate is now solidly in the
mid-single-digit range – led by strong performance in
our financial segment. We will build on that success
and anticipate revenue growth acceleration coming
from four primary areas:

• New Sales
• Integrated Value
• Additional Scale
• Network Value

Let’s talk for a moment about Integrated Value.
One of our core strategies is to enhance client
relationship value by delivering more of our products
and services to our installed base. As a result of the
work we did in 2006, we identified more than
$2.4 billon of revenue opportunity in our financial
segment client base available today. Although capturing
the entire amount would be extremely difficult, we
believe we can deliver $360 million of incremental
annual revenue over the next six years, which would
have a favorable impact on our revenue growth
rate. We expect to see the early signs of this
revenue lift in 2007, and build gradually over the
measurement period.

Tom Hirsch meets with Stephanie Gregor (left).

Accelerating revenue growth is an important element
of our overall growth story. We can also boost growth
through better execution, focus on segments of our
business with higher macro-growth rates and margins,
and proper capital allocation. We have an attractive
business model that should produce strong long-term
results and attractive returns for our shareholders.

Why Now?
Over the last year, the question people asked of Jeff
most frequently was: “What has been the most surprising
thing you have found at Fiserv?” His answer to the
question was simple – the opportunities inside the
company are far greater than he imagined. While most
of us don’t usually like to be wrong, this was one time
when he didn’t mind at all!

While the opportunities are real, they won’t last forever.
There are several catalysts combining to drive change
in our industry. We have seen competitors changing
hands over the last year. Buyers appear to be attracted
by the allure of our industry structure, strong business
model, and consistent cash flows. There are now
several very large payments players, alongside
international and domestic competitors, all fighting
to get a larger piece of the pie. These factors, added

to evolving client needs, create an urgency that we
appreciate in running your company. We are up to
the challenge.

Fiserv has always been a superb company. Our
renaissance has us focused on an even brighter
future. We have an attractive market opportunity,
a winning formula, and a committed management
team to execute the plan.

Fiserv 2.0 is the next generation of your company.

Jeffery W. Yabuki
President and Chief Executive Officer

Donald F. Dillon
Chairman of the Board

NOTE: “Adjusted earnings per share from continuing operations,” “internal revenue growth,” “adjusted operating margin,” and “free cash flow” are non-GAAP

financial measures. See page 23 for additional information about these measures and forward-looking statements.

Ken Jensen

THANK YOU TO KEN JENSEN

Fiserv said goodbye to Ken Jensen when he retired

in July 2006. Ken, who had been with the company

since its formation in 1984, served as senior executive

vice president, chief financial officer, treasurer and

assistant secretary of the company. Ken is also a

member of the Fiserv Board and will retire as a

director in May 2007.

Ken is known as the chief architect of all things financial

in Fiserv and is most famous for his leadership in the

acquisition arena. The company completed more

than 135 acquisitions during his tenure, creating billions

of dollars of shareholder value. Ken’s intellectual

curiosity and challenging queries are legendary

throughout the company.

Perhaps Ken’s greatest strength was his internal

compass. He chose a path and stuck to it. His com-

mitment to the company – its clients, employees and

shareholders – produced great results for the

22 years he called Fiserv home. We are all better for

the opportunity to have worked with him.

We thank Ken for his many years of outstanding

contributions to Fiserv. We wish him and his family all

the best as they embark on the next phase of their lives.

Fiserv’s new long-term
strategy places an
intense focus on clients –
delivering solutions
that are responsive to
their needs.

FISERV 2.0
THE NEXT GENERATION

Since the inception of Fiserv in 1984, we have
built our success by generating strong returns and
delivering consistent cash-driven earnings. Our
23,000-plus colleagues provide services and solutions
to more than 18,000 clients worldwide. We have an
impressive history of growing both internally and
through acquisitions.

“Why change? Because we believe we
can perform even more impressively –
offering unprecedented value,
opportunity and growth for clients,
shareholders and employees alike.”

Our vision is to be a global leader in transaction-based
technology solutions. We expect to achieve this vision by
providing integrated technology and services solutions
that enable best-in-class results for our clients.

Our focus for the long term is to operate businesses
where we have:
• Deep industry expertise that enables us to serve

the market with high effectiveness;

• A strong competitive position and a clear path to
enhanced leadership in the foreseeable future;

• Long-term, trusted client relationships;
• Differentiated solutions that deliver exceptional

value to our clients through integration
and innovation; and

• Superior execution of our stategies by committed

management.

Consistent with this focus, we are implementing
enterprise themes that we believe will help us
achieve the promise of Fiserv 2.0:

improved value propositions, and streamlining our
processes to meet market needs.

Active Portfolio Management. Key to our long-term
strategy is capturing the right market opportunities
at the right inflection points. This involves actively
managing our businesses to ensure they are
performing up to expectations, and positioned to
capture the available market opportunities. Over
time, we may add or subtract within our total
business portfolio – making acquisitions or disposing
of underperforming assets to capitalize on market
and client opportunities.

Enhanced Client Relationship Value. We plan to
grow our existing client relationships by implementing
tighter integration across our products and services,
bundling more products and services to deliver

“Our focus is to operate businesses
where we have a strong competitive
position and a clear path to
strengthening our leadership
position in the foreseeable future.”

Operational Effectiveness. We believe we can
improve our performance by effectively harnessing
the opportunities created by our size and scale,
effectively using our consolidated buying power and
shared utility structures to provide further efficiencies.

Capital Allocation. We will make capital allocation
decisions based on investments that offer the best
prospects for long-term growth and profitability for

Fiserv as a whole. Among others, these investments
will include repurchases of our own shares, internal
investment or acquisitions.

Innovation Inside. We intend to concentrate on
client focused innovation – merging our internal
capabilities with strong market knowledge to provide
differentiated value in our primary markets. We will
explore domestic and international opportunities as
innovation ports.

Simply put, Fiserv 2.0 is the next generation of
Fiserv. Those who understand our culture know
that this is a challenging, yet inherently rewarding
undertaking. We are excited about our future.
Come see what’s next.

At far left: Mike Young, division president,
Bank and Thrift, financial segment;

Second from left: Chitra Sundaram, analyst,
Cardinal Capital;

Center: Jorge Diaz, division president,
Fiserv Output Solutions;

Second from Right: Carla Cooper, managing
director, Baird Investment Management
(seated) and Mike Fuerstenau,
assistant VP, Marketing Services, Fiserv;

At far right: Arun Maheshwari, president,
Fiserv Global Services.

DELIVERING INCREASED CLIENT VALUE
THROUGH INTEGRATED SALES

The future of Fiserv rests in the
strength and stability of our more than
18,000 client relationships.

The transaction volume we facilitate on behalf of
our clients is staggering – some 18 billion financial
transactions in 2006. From core banking and mortgage
loan processing to Internet banking, electronic imaging,
insurance technology solutions and processing health
savings accounts, we provide the technology backbone
for banks, thrifts and credit unions of all sizes.

We start with a privileged relationship as the core
processing platform for more than 6,000 financial
institution clients. We then add value to the relationship
by bringing hundreds of products and services to bear
in a more cohesive fashion – either as attachments
for core clients or as lead attachments to non-core
account processing clients in the hopes of extending
a core relationship over time.

Financial institution clients have told us they want:
• New products at the forefront of industry trends;
• Bundled products with more features and flexibility;
• Better product integration across product portfolios;
• Comprehensive solutions, not standalone products;
• Scalable solutions that facilitate growth; and
• Coordinated sales and account management.

Fiserv 2.0 is the strategic umbrella for delivering
against these expectations.

Our new online bill-payment product, Paytraxx, offers an
example of how we are extending our core processing
relationships by offering integrated attachment services.
As more consumers opt to pay their bills electronically,
our financial institution clients want a compelling
solution to offer their customers. The technology
platforms must be robust so that clients can participate
in this growth opportunity with larger industry participants.

In the spring of 2006, we responded to our clients’
requests by developing Paytraxx, a proprietary
bill-payment solution that is integrated with our core
banking applications and delivers flexible options for
our clients. Our salespeople brought Paytraxx to
market, and we found success. By the end of 2006,
we signed more than 90 new clients, with sales
across each one of our core platforms. And, with
an encouraging pipeline of new prospects, Paytraxx
is positioned to deliver exceptional value to our
clients – and Fiserv.

Paytraxx is but one example of how our integrated
sales and product delivery strategy is working to
deliver improved value for our clients.

Fiserv facilitates connections
with NBT Bancorp and
processes nearly 3.5 million
financial transactions each
month for this $5 billion bank.

As part of the
outsourced
solutions provided
to NBT Bancorp,
Fiserv CBS Worldwide

assigns an exclusive,

experienced team of
programmers and business
analysts to the bank.
Pictured from left: Michelle
Avolio, operations associate
for NBT Bancorp and
Edmee Reyes, Fiserv CBS
senior relationship manager
for NBT.

From left: Joe Stagliano,
corporate senior vice
president and chief
information officer, and
Martin A. Dietrich, president
and CEO of NBT Bancorp
Inc. and NBT Bank; and
James Mason, Fiserv CBS
project manager.

Outsourcing and Dedicated Fiserv Staff Facilitate NBT Bancorp’s Growth

In 1995, Norwich, N.Y.-based NBT Bancorp had $1.1 billion in assets and 39 branches in
New York state. Today, the company has more than $5 billion in assets and 119 branches
in New York and Pennsylvania. NBT achieved this impressive growth through a successful
combination of strategic acquisitions and organic expansion – along with outsourced
core processing and services from the CBS Worldwide unit of Fiserv.

NBT Bancorp – which celebrated its 150th anniversary in 2006 – uses Fiserv technology
to process transactions, automate its business operations and provide ATM, EFT and
other electronic banking services. In 2000, the bank expanded its outsourcing services
by adding a team of experienced Fiserv CBS programmers and business analysts
assigned exclusively to NBT.

“As we’ve grown and our needs have become more sophisticated,
Fiserv has been right beside us, providing products and services
that meet the needs of our personal and business banking
customers,” says Joe Stagliano, chief information officer of NBT
Bancorp. “With Fiserv, it’s easy to add products. And because the
systems are fully integrated, we are achieving significant economies
of scale.

“One of the great side benefits,” adds Joe, “is the experienced staff
that Fiserv has assigned to NBT. They add value to our business
every day.”

VA L U E . O P P O RT U N I T Y. G R O W T H .

HELPING CLIENTS CAPTURE OPPORTUNITIES
IN FAST-GROWING MARKETS

In 2005, healthcare spending swelled
to $2 trillion, representing 16%
of U.S. Gross Domestic Product.
Current estimates call for nearly $2.8
trillion in annual spending by 2010.

The burden of that expense is shifting from employers
to individuals. As that shift occurs, individuals are
generating increasing transaction volumes that provide
growth opportunities for our financial institution
clients. It also provides opportunities for Fiserv to
generate new sales and enable new technology-based
banking and healthcare solutions.

payments and decision-support functions. Up to
48 million individuals may participate in the CDH
movement by 2009, opening health savings
accounts (HSAs), flexible spending accounts and
health reimbursement accounts at a financial
institution to facilitate payments to doctors, hospitals,
pharmacies and other providers.

We’ve recently gained ground in the CDH arena –
with wins in transaction processing, banking services,
and sales of proprietary CDH technology. Now, more
than 600 of our core financial institution clients use
a Fiserv CDH solution.

Fiserv is well known in healthcare circles for health-plan
administration. In the fast-growing consumer-driven
health (CDH) space, Fiserv brings healthcare and
banking together with technology solutions for
enrollment, account management, claims processing,

Recently, Exante Bank, Inc. selected Fiserv to provide
technology and technology support for the bank’s
health savings account (HSA) services. Exante Bank,
a division of UnitedHealth Group and the leading
provider of HSA accounts in the United States, will use

Fiserv ITI core processing solutions for fully integrated
services, including account and transaction processing,
financial accounting, document imaging and archiving,
and platform automation.

The Huntington National Bank, one of the largest
banks in the Midwest, also selected Fiserv to handle
processing of its HSAs. And NASCO, a Fiserv Personix
client since 2002, has recently enlisted Fiserv unit,
CareGain, to more fully develop its CDH capabilities.
[See story on facing page.]

We are committed to achieving a leadership position
in this important growth arena. We are well positioned
to benefit from the convergence of healthcare and
banking – and to pursue new sales opportunities that
can leverage our unique combination of strengths
into increased growth and profitability.

NASCO utilizes Fiserv’s expertise
in managing both electronic and
paper-based solutions for more
than 10 million BlueCross® and
BlueShield® (BCBS) healthcare
members.

The team that
makes the
NASCO – Fiserv
relationship work
includes: (from left)
Vanessa Keith, manager,

Contract and Document
Solutions with NASCO;
Steve Quillin, account
manager with Fiserv unit,
Personix; and Mike Price,
director, Consumer and
eBusiness Solutions with
NASCO.

Madan Moudgal, chief
operating officer of Fiserv
unit, CareGain; Darin
McDonald, vice president
and chief information officer
for NASCO; and Becky
West, account director of
Fiserv unit, Personix.

Fiserv Units Provide Technology Solutions for NASCO

In 2002, NASCO, a health claims solution provider that markets exclusively to many
BlueCross and BlueShield Plans, needed a partner to give it an edge in the marketplace.
NASCO turned to Personix, a Fiserv business unit, which today provides both electronic
and paper-based solutions to help NASCO service more than 10 million BlueCross and
BlueShield Plan members. In 2006, Personix printed and delivered nearly 40 million
print items for NASCO, including checks, benefit forms and statements for medical
providers. It also assembled – and continuously updates – an electronic archive that
provides NASCO plans and members with web-based access to payment information.

More recently, in seeking a CDH solution, NASCO tapped Fiserv unit, CareGain, to provide
software applications that integrate with NASCO’s processing platforms. Once operational,
these applications will let NASCO offer its clients end-to-end medical claim and CDH
administration – fully integrated with Personix’s systems to form a seamless solution.

“NASCO’s partnership with CareGain is a key component of our
consumerism strategy,” said Mike Price, director of NASCO
Consumer and eBusiness Solutions. “Integrating with CareGain’s
CDH platform will enable our systems to more effectively meet the
changing needs of our Plan customers and the end consumer, and
integrating that platform with NASCO’s existing capabilities will
enhance our ability to make healthcare data available to consumers.”

"We have found Fiserv to be a valuable asset to our business,” said
Darin McDonald, NASCO's CIO. “Our recent decision to partner with
CareGain will help ensure that our CDH product offers the best, most
complete solution for BlueCross and BlueShield Plan customers.”

VA L U E . O P P O RT U N I T Y. G R O W T H .

LEVERAGING THE FISERV DISTRIBUTION NETWORK INTO A VEHICLE
FOR INTERNAL GROWTH AND CLIENT SAVINGS

Fiserv provides the technology
infrastructure for more than 25,000
bank, thrift and credit union branches
across the United States through
6,000 “core” client relationships.

Our opportunity is to further extend this network,
add innovation, and deliver world-class solutions to
enhance our clients’ ability to offer new services –
such as Internet banking, health savings accounts
or electronic bill pay.

FCN builds on this massive transaction base by
clearing and settling checks for the banks within its
network at a lower cost than through traditional
clearing services provided by correspondent banks
or the Federal Reserve.

The core account processing solutions we provide
allow clients to process customer deposit and loan
accounts, general ledgers, central information files
and other information. They include extensive security,
report generation and other features that enable
clients to address their customers’ needs and
meet compliance requirements and information
management needs.

We have an unmatched network position that
provides a strong and stable client base and a
framework for growth.

Today, we’re developing payment-based attachment
products to integrate with our core processing
solutions. We’re also honing those solutions for larger
financial institutions who may not be core clients.

Currently, more than 500 Fiserv client banks
participate in the network. FCN also paves the
way for exchanging electronic check images as
that technology continues to grow.

A prime example is our Fiserv Clearing Network
(FCN), which leverages the growing number of
electronic imaging and image exchange opportunities.
In 2006, Fiserv processed more than 3 billion
checks for more than 1,600 clients worldwide.

FCN is just one of a series of solutions we are
developing to expand the client network assets we
have today to increase opportunity for tomorrow.

Fiserv’s item processing
technology infrastructure
enables clients to capture and
transmit checks electronically,
saving them time and letting
them devote resources to other
critical tasks.

Discussing unique
approaches to
solving Vineyard
Bank’s need for

Fiserv’s Remote
Capture and Fiserv

Clearing Network solutions
are from left: Debbie
Sanchez, senior product
analyst with Fiserv Account
Processing Services; Cheryl
Mitchell, branch operations
specialist, and Carmen
Gomez, customer service
representative, of Vineyard
Bank.

From left: Sam Langham,
president Fiserv - ITI
Outsourcing Western
Region; Norman Morales,
president and CEO of
Vineyard Bank; and Bill
Pruitt, senior vice president
Fiserv Western Region Item
Processing Operations.

Fiserv Clearing Network Reduces Costs for Vineyard Bank

Vineyard Bank, based in Corona, Calif., has expanded its asset base by twenty times
since 2001 to $2.1 billion. With 16 offices throughout California, the bank uses
Fiserv branch capture technology to reduce courier fees and improve fund availability.
A related service – merchant capture, also called remote deposit capture – attracts new
corporate customers who recognize the benefits of processing deposits directly from
their offices instead of traveling to the closest bank branch.

From September 2006 to January 2007, Vineyard added 40 new clients, valued at
about $20 million in deposits, with the deployment of merchant capture.

After adopting branch and merchant capture, joining the Fiserv Clearing Network (FCN)
was the next logical step for Vineyard. FCN facilitates the clearing and settlement of

items and images between FCN clients and the largest
U.S. banks through industry partnership.

“When we first learned about FCN, we analyzed the savings
and didn’t need to look further,” says Luana Lopez, senior
vice president-chief of operations services for Vineyard Bank.
“The move to FCN has resulted in a 10 to 12 percent savings
on clearing costs compared with the Federal Reserve. And the
improved funds availability that FCN provides has an even
greater impact on our bottom line.”

VA L U E . O P P O RT U N I T Y. G R O W T H .

DRIVING DIFFERENTIATED RESULTS THROUGH
NEXT GENERATION STRATEGIES

We’re a trusted partner to thousands of
financial institution and insurance clients.

Our client satisfaction ratings support that view.
Last year, 86% of clients surveyed said that they
would recommend Fiserv as a service provider.
Also last year, the American Banker and Financial
Insights released the annual FINTECH 100 rankings,
naming Fiserv to the number-one position for the
third consecutive year.

We’re obviously pleased with both the client and
third-party recognition. The challenge is to build on
the strong performance that led to those results – next
year and every year. How? By continuing to deliver on
existing commitments, and by delivering new innovation
and solutions to the marketplace in high-value areas,
such as payments and consumer-driven health.

To capitalize more effectively on these opportunities,
we’ve organized around clients and are beginning
to go to market as one company, rather than as a
collection of individual businesses. This new structure
will enable us to capitalize on growth opportunities
across all our segments.

For financial institutions, we’ll deliver solutions to
meet the diverse needs of community banks, credit
unions, and mid-tier and large banks. Many clients
ask us to satisfy all of their data processing needs;
others desire a more modular approach, with
rich features and functionality. Some of those
modular solutions might include Fiserv’s MortgageServ
product, a premier loan servicing platform; risk
management solutions; or loan products that enable
streamlined closing services.

Insurance providers – like other industries we serve –
have basic administration and information processing
requirements. We provide these technology services
and solutions to more than 2,400 insurance companies,
more than 1,200 employer-sponsored health plans, and
more than 5,000 agencies and brokerages. Our health
solutions include our 2006 acquisition of CareGain,
which allows us to provide flexible and cost-effective
administration of consumer-driven health plans. And
our Innoviant Pharmacy business has pioneered a
transparent, fixed-fee pricing model that generates
greater predictability and lowers prescription costs.

Our success is fueled by finding new ways to deliver
innovative solutions that help clients compete more
effectively. Ultimately, the promise of Fiserv 2.0 is
realized by unlocking the value, opportunity and
growth potential for our clients through these and
other unique solutions.

Fiserv’s core processing
solutions offer ease-of-use
and flexibility for call center
employees and others at
financial institutions to access
the technology tools embedded
in them.

Fiserv technology
solutions enable
First National Bank

of Pennsylvania
(FNB) to offer its
customers the latest
products and services.
Pictured are Bill Strimbu,
president of Strimbu
Trucking, working with
Debbie Urban, a teller
at FNB. Michelle Lisec-
Talarico, ITI graphic design
manager, and Louise
Lowrey, executive vice
president, technology
center manager of FNB,
are in the background.

From left: Stephen J.
Gurgovits, president and
CEO of F.N.B. Corporation;
Gary Roberts, president and
CEO of First National Bank
of Pennsylvania; and
Thomas M. Cypher,
president, CEO and COO
of Fiserv unit, Information
Technology, Inc.

A Strong Partnership with First National Bank

When First National Bank of Pennsylvania, headquartered in Hermitage, Penn.,
acquired a larger financial institution in 2001, the bank took the unusual step
of converting its core processing to the system used by the bank it acquired.
That system was the Fiserv solution from Information Technology, Inc. (ITI).

“We were looking for a system that offered more than just core applications for savings,
deposits and loans. The ability to integrate other systems, such as Internet banking,
teller and platform applications was also critical, along with seamless integration
that is transparent to employees and customers. Scalability was also a big factor in
facilitating our steady growth,” says Andy Lellio, senior vice president of IT for First
National Bank, which currently has $5.8 billion in assets.

“Fiserv does a good job of staying on top of the ever-changing
financial services landscape. Thanks to Fiserv, for example, we were
able to offer health savings accounts in a relatively short amount of time.
Technology clearly supports our business needs, and once we define a need,
we turn to Fiserv for the technology to make it happen,” he says.

“We consider Fiserv and ITI to be business partners, not just another
vendor. The bottom line is that working with Fiserv has made us more
efficient, profitable and productive,” adds Lellio.

VA L U E . O P P O RT U N I T Y. G R O W T H .

FISERV
AT A GLANCE

Profile
Fiserv, Inc., a Fortune 500 company, provides
information management systems and services
to the financial and insurance industries.
Leading services include transaction processing,
outsourcing, business process outsourcing,
software and systems solutions. We are the
leading provider of core processing solutions
for U.S. banks, credit unions and thrifts.

Fiserv operates in three segments: financial
institution services, insurance services and
investment support services. In each segment,
we deliver the technology and support our
clients need to compete and grow in a
competitive marketplace.

2006 Total Revenues

34%

63%

Financial Institution Services
Insurance Services
Investment Support Services

FINANCIAL
INSTITUTION
SERVICES

INSURANCE
SERVICES

INVESTMENT
SUPPORT
SERVICES

Financial Institution Services
Profile
Fiserv provides outsourcing, systems and
services tailored to the needs of financial
institutions, including banks, savings institutions,
credit unions, leasing companies and mortgage
lenders. Primary service offerings include core
processing for banks, thrifts and credit unions;
Internet banking and bill payment services;
electronic payments and check processing;
mortgage and home equity loan processing;
and industry and risk management products.

Products and Services
Core account processing for banks, thrifts and credit
unions, offered via:
• Service bureaus, or
• In-house licensed software systems
Payments and financial industry products
• Internet banking and bill payment services
• Risk management products
• Electronic funds transfer services
• Plastic card production and services
• High-volume laser printing and mailing
• Electronic document presentment
• Cash management products
Lending and item processing solutions
• Real estate settlement services
• Mortgage loan servicing
• Imaging & check / image processing
• Remittance / lock box services

Market Reach
• U.S market leader with 35% core penetration
• Leading Internet banking services provider,
serving more than 3,000 client institutions

• Top-five processor of ATM and debit cards, with

6.8 billion transactions processed annually
• Mortgage services provided to 27 of the top 30

U.S. lenders

• Relationships with all of the top 100 U.S. banking
institutions (51 have more than 5 relationships
with Fiserv)

• Largest independent U.S. check processor with

10% market share

• Provider of network clearing services through the
Fiserv Clearing Network to more than 500 client
institutions

Insurance Services
Profile
Fiserv provides outsourced services for insurance
companies, agents and brokers, their affiliates, and
self-funded employers. These offerings include:
application software, hosted services, business
process outsourcing, point solutions, education and
licensing, and complete administration. We provide
our services to the life, health, and property and
casualty sectors within the insurance industry.

Products and Services
• Regulatory and compliance support
• Administration, financial and billing systems
• Education and licensing
• Outsourced services for medical, dental, vision

and disability plans

• Health plan administration
• Pharmacy benefit management
• Consumer-driven health solutions, including health
savings accounts, health reimbursement accounts
and flexible spending accounts
• Workers’ compensation services

Market Reach
• More than 2,400 insurance company and more than
5,000 agency and brokerage client relationships
• Leading independent health plan administrator to

self-insured employers

• More than 33 million health claims processed in

2006, for more than $6.8 billion
• More than 3.5 million lives covered
• More than 1,200 third-party administrator client

relationships

• Provider of services to more than 360,000
consumer-driven health plan members

Investment Support Services
Profile
Fiserv provides services for individual retirement
plans and trustee and custodial accounts including
recordkeeping, back-office investment support and
tax reporting.

Products and Services
• IRA and qualified plan administration
• Custody and trading
• Independent financial advisor services

Market Reach
• $46 billion in retirement trust assets

under administration

• More than 320,000 self-directed retirement
and custodial accounts serviced annually

VA L U E . O P P O RT U N I T Y. G R O W T H .

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)
YEARS ENDED DECEMBER 31,

REVENUES:

Processing and services
Product

TOTAL REVENUES

EXPENSES:

Cost of processing and services
Cost of product
Selling, general and administrative

TOTAL EXPENSES

OPERATING INCOME
Interest expense
Interest income
Realized gain from sale of investments

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
Income tax provision

INCOME FROM CONTINUING OPERATIONS
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES
NET INCOME

NET INCOME (LOSS) PER SHARE - BASIC:

Continuing operations
Discontinued operations
TOTAL

NET INCOME (LOSS) PER SHARE - DILUTED:

Continuing operations
Discontinued operations
TOTAL

SHARES USED IN COMPUTING NET INCOME (LOSS) PER SHARE:

Basic
Diluted

2006

2005

2004

$ 3,026,460
1,517,691
4,544,151

$ 2,891,552
1,167,926
4,059,478

$ 2,739,732
990,014
3,729,746

1,959,255
1,251,261
589,354
3,799,870

744,281
(40,995 )
6,999
–

710,285
267,060

1,855,247
942,708
516,127
3,314,082

745,396
(27,828 )
13,561
86,822

817,951
306,594

1,822,733
795,965
451,488
3,070,186

659,560
(24,902)
6,708
–

641,366
246,468

443,225
6,689
$ 449,914

511,357
5,081
$ 516,438

394,898
(17,256)
$ 377,642

$ 2.53
0.04
$ 2.57

$ 2.50

0.04

$ 2.53

$ 2.71
0.03
$ 2.74

$ 2.68
0.03
$ 2.70

$ 2.03
(0.09)
$ 1.94

$ 2.00
(0.09)
$ 1.91

174,989
177,529

188,807
190,967

194,981
197,287

Note: Our Annual Report on Form 10-K, which includes Management’s Discussion and Analysis, Financial Statements and related Footnotes, is available online under “For Investors” on our website, www.fiserv.com.

FISERV, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)
DECEMBER 31,

ASSETS

Cash and cash equivalents
Trade accounts receivable, less allowance for doubtful accounts
Prepaid expenses and other assets
Investments
Property and equipment, net
Intangible assets, net
Goodwill

TOTAL ASSETS

LIABILITIES AND SHAREHOLDERS’ EQUITY

Trade accounts payable
Accrued expenses
Accrued income taxes
Deferred revenues
Customer funds held and retirement account deposits
Deferred income taxes
Long-term debt

TOTAL LIABILITIES

SHAREHOLDERS’ EQUITY

Preferred stock, no par value: 25,000,000 shares authorized; none issued
Common stock, $0.01 par value: 450,000,000 shares authorized; 197,791,218 and 197,507,892 shares issued
Additional paid-in capital
Accumulated other comprehensive income (loss)
Accumulated earnings
Treasury stock, at cost, 26,699,943 and 15,753,675 shares

TOTAL SHAREHOLDERS' EQUITY
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

2006

2005

$ 185,328
601,226
176,236
2,019,197
248,040
614,818
2,363,078
$ 6,207,923

229,025
374,978
9,365
263,236
1,986,315
172,126
747,256
3,782,301

–
1,978
700,103
(131)
2,886,891
(1,163,219)
2,425,622
$ 6,207,923

$ 184,471
516,802
142,382
2,126,538
226,013
593,808
2,249,502
$ 6,039,516

$ 194,409
388,251
4,266
240,105
1,985,368
165,992
595,385
3,573,776

–
1,975
693,715
1,321
2,436,977
(668,248)
2,465,740
$ 6,039,516

FISERV, INC. AND SUBSIDIARIES
FISERV, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)
YEARS ENDED DECEMBER 31,

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
Adjustment for discontinued operations
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations:

Realized gain from sale of investments
Deferred income taxes
Share-based compensation
Excess tax benefit from exercise of options
Depreciation and amortization
Changes in assets and liabilities, net of effects from acquisitions and dispositions of businesses:

Trade accounts receivable
Prepaid expenses and other assets
Trade accounts payable and accrued expenses
Deferred revenues
Accrued income taxes

Net cash provided by operating activities from continuing operations

CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures, including capitalization of software costs for external customers
Payment for acquisitions of businesses, net of cash acquired
Proceeds from sale of businesses, net of expenses paid
Cash distribution received from discontinued operations prior to sale
Investments
Net cash used in investing activities from continuing operations

CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of short-term borrowings
Proceeds from long-term debt
Repayments of long-term debt
Issuance of common stock and treasury stock
Purchases of treasury stock
Excess tax benefit from exercise of options
Customer funds held and retirement account deposits
Net cash (used in) provided by financing activities from continuing operations

Change in cash and cash equivalents
Beginning balance
Ending balance

DISCONTINUED OPERATIONS CASH FLOW INFORMATION:
Net cash (used in) provided by operating activities
Net cash used in investing activities
Net cash provided by (used in) financing activities
Net cash used in discontinued operations
Cash and cash equivalents – sold
Beginning balance – discontinued operations
Ending balance – discontinued operations

2006

2005

2004

$ 449,914
(6,689)

$ 516,438
(5,081)

$ 377,642
17,256

—
13,660
28,548
(11,198 )
199,106

(59,464)
(14,342 )
(836 )
13,241
23,022
634,962

(187,488)
(186,692)
5,648
–
107,444
(261,088)

–
154,625
(15,953)
36,277
(560,111)
11,198
947
(373,017)

(86,822)
19,183
4,045
—
179,179

(69,961 )
(12,996 )
45,181
14,389
(2,388)
601,167

(164,951 )
(509,630 )
282,236
68,000
(104,810)
(429,155)

(100,000 )
129,580
(39,744 )
28,084
(652,575 )
–
130,987
(503,668 )

—
23,022

655
—
185,363

(18,377)
(5,318)
54,445
17,826
46,524
699,038

(161,093)
(64,896)
–
–
(139,258)
(365,247)

–
17,303
(210,243)
30,011
(64,344)
–
246,941
19,668

857
184,471
$ 185,328

(331,656 )
516,127
$ 184,471

353,459
162,668
$ 516,127

–
–
–
–
–
–
–

$ (6,306 )
(36,749 )
39,600
(3,455 )
(32,394 )
35,849
–

$ 89,659
(64,910 )
(29,000 )
(4,251 )
–
40,100
$ 35,849

FISERV, INC. AND SUBSIDIARIES

CORPORATE INFORMATION

Corporate Headquarters
Fiserv, Inc.
255 Fiserv Drive
Brookfield, WI 53045
(262) 879-5000

Web site
http://www.fiserv.com

Investor Relations
(800) 425-FISV

Stock Listing and Symbol
NASDAQ Global Select Market
Symbol: FISV

Shareholder Information
Copies of the company’s annual,
quarterly and current reports, as filed
with the Securities and Exchange
Commission, are available on request
from the company.

Visit our Web site, www.fiserv.com,
for updated news releases, stock
performance, financial reports,
conference call web casts, SEC
filings, corporate governance and
other investor information.

Independent Registered
Public Accounting Firm
Deloitte & Touche LLP
Milwaukee, Wisconsin

Annual Shareholders’ Meeting
The 2007 Annual Meeting of
Shareholders of Fiserv, Inc. will be
held on Wednesday, May 23, 2007
at 10 a.m. Central Time at the
Fiserv Corporate Headquarters,
255 Fiserv Drive, Brookfield,
Wisconsin.

Transfer Agent
Computershare Trust Company, N.A.
P.O. Box 43069
Providence, Rhode Island 02940-3069
(800) 446-2617
www.computershare.com

FORWARD-LOOKING
STATEMENTS AND
NON-GAAP FINANCIAL
MEASURES

• This report contains forward-looking statements that are
subject to significant risks and uncertainties. For more
information about forward-looking statements and the
factors that could cause actual results to differ materially
from our current expectations, you should refer to our
Annual Report on Form 10-K for the year ended
December 31, 2006.

• “Adjusted earnings per share from continuing operations”
and “adjusted income from continuing operations” for the
years ended Dec. 31, 2002 through 2005 includes the pro
forma impact of SFAS 123R for share-based compensation
expense ($0.10, $0.09, $0.09 and $0.11, respectively).
2005 excludes a pre-tax gain of $86.8 million ($0.29
per share) from the sale of two investments and the
receipt of a $26.3 million ($0.09 per share) contract
termination fee. 2006 excludes pre-tax charges totaling
$9.0 million ($0.03 per share) related to the write down of
assets and facility shutdown costs in our lending division.

• “Adjusted operating margin” for 2006 excludes customer
reimbursements and prescription product costs totaling
$1.17 billion which are included in both revenues and
expenses, and pre-tax charges totaling $9.0 million
related to the write down of assets and facility shutdown
costs in our lending division.

• “Free cash flow” represents net cash provided by operating

activities less capital expenditures.

• “Internal revenue growth” excludes customer

reimbursements and prescription product costs,
which are included in revenues and expenses;
is adjusted for pre-acquisition revenue of acquired
companies; and excludes the receipt of a $26.3 million
contract termination fee in 2005.

BOARD OF DIRECTORS

Donald F. Dillon
67, Chairman of the Board of Directors
of Fiserv, Inc. With more than 35 years
in the financial and data processing
businesses, Mr. Dillon has served as a
Director since 1995.

Kenneth R. Jensen
63, Retired Senior Executive Vice
President, Chief Financial Officer,
Treasurer and Assistant Secretary of
Fiserv, Inc. With more than 40 years in
the data processing industry, Mr. Jensen
has served as a Director since 1984.

Daniel P. Kearney
67, Financial Consultant. With more
than 30 years in the banking, insurance
and legal professions, Mr. Kearney has
served as a Director since 1999.

Gerald J. Levy
75, Chairman of the Board of Directors,
Guaranty Bank. With more than 40 years
experience in the financial and business
arenas, Mr. Levy has served as a
Director since 1986.

Glenn M. Renwick
51, President and Chief Executive
Officer of The Progressive Corporation.

With more than 15 years in the insurance
industry, Mr. Renwick has served as a
Director since 2001.

the business, financial and political
arenas, Mr. Seidman has served as
a Director since 1992.

Kim M. Robak
51, Partner at Ruth, Mueller & Robak, LLC.
With more than 20 years of experience in
the fields of law, education and public
service, Ms. Robak has served as a
Director since 2003.

L. William Seidman
85, Chief Commentator for CNBC-TV,
Publisher of Bank Director and Board
Member magazines, and Industry
Consultant. With more than 45 years in

Thomas C. Wertheimer
66, Financial Consultant. With more
than 35 years in the financial services
profession, Mr. Wertheimer has served
as a Director since 2003.

Jeffery W. Yabuki
47, President and Chief Executive
Officer of Fiserv, Inc. With 20 years
in the financial services industry,
Mr. Yabuki has served Fiserv and
its Board of Directors since 2005.

EXECUTIVE OFFICERS

Jeffery W. Yabuki
See Board of Directors for profile.

Norman J. Balthasar
60, Senior Executive Vice President and
Chief Operating Officer. With more than
35 years in the financial services industry,
Mr. Balthasar has been with Fiserv or one
of its predecessor companies since 1974.

James W. Cox
43, Executive Vice President and Head
of Mergers and Acquisitions. With more
than 15 years in the financial services
and health administration industries,
Mr. Cox has been with Fiserv since 2001.

Michael D. Gantt
55, Executive Vice President and Group
President, Insurance. With more than
20 years in the financial services
industry, Mr. Gantt was with Fiserv
from 2000 to 2003 and rejoined the
company in 2004.

Thomas J. Hirsch
43, Executive Vice President, Chief
Financial Officer, Treasurer and Assistant
Secretary. With more than 20 years of
financial and accounting experience,
Mr. Hirsch has been with Fiserv
since 1994.

Rahul Gupta
47, Executive Vice President and Group
President, Payments and Industry
Products. With more than 20 years
of experience in financial technology
management, Mr. Gupta joined Fiserv in
December 2006.

Thomas A. Neill
58, Executive Vice President and Group
President, Depository Institution Core
Processing. With 30 years in the financial
services industry, Mr. Neill has been with
Fiserv since 1993.

Charles W. Sprague
57, Executive Vice President, General
Counsel, Chief Administrative Officer and
Secretary. With more than 30 years in
the legal profession, Mr. Sprague has
been with Fiserv since 1994.

Thomas W. Warsop III
40, Executive Vice President and
Group President, Financial Institutions.
With 17 years of experience in technology
services, Mr. Warsop joined Fiserv in
January 2007.

ACHIEVING RESULTS
THROUGH WORLD-CLASS LEADERSHIP

Fiserv recognizes outstanding sales and business unit achievement at its
annual sales conference, called the 100% Club. This annual event
includes sales executives, sales managers and business unit leaders
who achieved their annual objectives and exceeded certain criteria,
including number of sales, total value and most importantly, profitability.
Each year we select two individuals – one sales leader and one business
leader – as the Chairperson of the 100% Club and Business Unit
Executive of the Year.

For the highest ranking sales honor, the Chairperson of the Fiserv
100% Club award is given to our top sales professional – the individual
who we believe provided the best overall performance in the entire sales
organization. This person is selected from more than 350 sales professionals
across the company.

This year, the Chairperson of the Fiserv 100% Club is Tammy Laughlin
of Fiserv Settlement Services. Tammy achieved a remarkable 1,821% of
her sales objective in 2006, with nearly $11 million in sales. Tammy was

specifically chosen as chairperson for her ability to build solid relation-
ships, understand clients’ needs and consistently deliver highly valued
solutions within the Fiserv network.

The Business Unit Executive of the Year award is given to the senior
executive who has delivered the best overall results for their business
unit. Eligible executives are evaluated for their group’s achievements as
well as their individual contribution toward Fiserv’s overall goals.
This year, that individual is Jim Cross, from Fiserv ITI Outsourcing.
His team achieved revenue growth of more than
16% – with 575% of sales quota attainment.
Jim stays personally involved in virtually
every sales contract.

Fiserv congratulates Tammy, Jim, and
all the 100% Club members for their
outstanding achievements in 2006.

As seen at the
annual Fiserv

100% Club,

in Key Biscayne, Fla.,

are: Tammy Laughlin
(right), Chairperson of the
Fiserv 100% Club, and
Jim Cross, Business Unit
Executive of the Year.
Tammy lives in Rocky
Hill, Conn., and is
married with two children.
She has been with Fiserv
for four years. Jim lives
in Brookfield, Wis., and is
married with two children.
Jim has been with Fiserv
for 11 years.

These individuals were recognized for achievement within individual categories:

Sales Professionals of the Year
Jon Kuck, Bank, Thrift, Mortgage Banks
Charles Delony, Item Processing
Rick DeRojas, Credit Union and Industry Products
Tammy Laughlin, Lending Solutions
Dan Doebler, Health
Terry Kraft, Insurance
Jerry Kreitman, Complementary Products

Sales Managers of the Year
Hal Cline, Output Solutions
Doug Johnson, Western Region,
Depository Institutions

VA L U E . O P P O RT U N I T Y. G R O W T H .

Corporate Headquarters
255 Fiserv Drive, Brookfield, WI 53045
P.O. Box 979, Brookfield, WI 53008-0979, United States

Phone: 262-879-5000, Toll Free: 800-872-7882
Fax: 262-879-5013
general_info@fiserv.com www.fiserv.com