Fiserv Annual Report 2007

FY2007 Annual Report · Fiserv

Loading PDF…

Summary Annual Report 2007

Your success.
That’s the point of 2.0

growth

Your success.
That’s the
point of 2.0

Fiserv 2.0 is our
blueprint for the
future. It’s centered on
delivering greater value,
opportunity and growth
for clients, shareholders
and employees alike. This
long-term strategy places
an intense focus on clients
– delivering solutions that
are responsive to their
needs. The following stories
provide a glimpse into
how our technology and
services solutions enable
best-in-class results for
our clients – and add value
to their businesses.

Client success.
That’s the point of 2.0.

Banking on aggressive growth. For Connecticut-based NewAlliance Bank, taking the company
public in 2004 was the springboard for a four-fold increase in assets and the addition of 60 bank branches in

just three years.

In its quest to expand its distribution capability, NewAlliance needed a technology platform that would enable

it to integrate major acquisitions and support internal growth.

“We were transforming the organization from a mutual bank to a public company. We wanted to change

our products and pricing, as well as expand our footprint in Connecticut and western Massachusetts.

We had many questions going into this growth strategy about the existing Fiserv platform. We sat

down with Fiserv and discussed their long-term strategy to see if it aligned with ours,” says

Gail E. D. Brathwaite, executive vice president and chief operating officer of NewAlliance Bank.

Fiserv responded with a strong team and the VISION core processing solution, a flexible product

designed specifically for growth-oriented financial institutions. Not only does the system power

the bank’s acquisitions and new branches, it also supports the strong sales culture and cross-selling

strategies at NewAlliance.

“Acquisitions are complicated, and the Fiserv team was right there, helping us through

four seamless conversions,” says Brathwaite. “Fiserv continues to make sure we have the

new products we need to grow the business, such as Internet banking and the new

relationship pricing module. We’ve grown from $2.2 billion in assets in 2004 to
$8.2 billion in 2007. Fiserv’s unwavering support during our rapid growth

was critical to our successful data and system integrations.”

“Acquisitions are complicated, and
the Fiserv team was right there,
helping us through four seamless
conversions.”

Gail E.D. Brathwaite
Executive Vice President, Chief Operating Officer
NewAlliance Bank

“We are aggressively moving to both converge and
electronify payments through all of our customer
channels, and see Fiserv as a solid strategic partner
in this evolution.”

of technology requirements is as broad as its list of product offerings.

Minneapolis-based bank offers a comprehensive line of banking, brokerage, insurance, investment,

With $238 billion in assets, more than 2,500 banking offices and nearly 5,000 ATMs, the diversified

mortgage, trust and payment products to individuals and businesses in 24 states. And the bank’s list

and solid execution. For U.S. Bank, it also requires a technology systems partner that’s on the same page.

r Becoming the sixth largest bank in the United States takes long-term vision, strategic investments
e
n
t
r
a
p

Many of those requirements support the movement of payments – including electronic banking and bill pay,

serves more than 3.2 million registered users, processing more than 4.5 million transactions and sending

checks and ACH payments. U.S. Bank’s Retail Internet banking system – one of the largest in the nation –

Fiserv is behind the scenes ensuring that the bank’s electronic bill pay transactions – which in total grew

350,000 e-bills each month on that system.

by 26% last year – move smoothly.

Says Jeff von Gillern, executive vice president and chief information officer: “We are aggressively moving

to both converge and electronify payments through all of our customer channels, and we see Fiserv as a solid

strategic partner in this evolution. Fiserv is a market leader in delivering check processing and ACH services,

and is committed to making the needed capital investments to maintain their leadership edge. We believe

this partnership can result in innovative product offerings for our customers as we focus on intensifying and

deepening our customer relationships.

“We’ve historically had strong, strategic relationships with Fiserv,” adds von Gillern. “We believe the company is

well positioned to help us move forward with an expanded relationship, particularly in light of the recent strategic

acquisition they’ve made with CheckFree, including the Carreker and Corillian product lines.”

Jeff von Gillern
Executive Vice President, Chief Information Officer
U.S. Bank

scope

“ To grow our e-bill usage, we need a variety of

options. As a leader in bill payment and e-billing,
CheckFree was a logical first step.”

Ensuring the insurer. For the nation’s largest publicly held personal line insurer to live up to its “good
hands” commitment, Allstate Insurance looks to Fiserv to support its technology needs.

Bringing a wide scope of technology solutions to this $37 billion Fortune 500 company, Fiserv supports Allstate’s

direct-bank core system processing needs; offers training and compliance expertise for its network of independent

agents; supplies product-specific solutions for the Allstate Workplace Division’s suite of voluntary benefit products;

and recently beefed up Allstate’s electronic billing capabilities.

“Fiserv’s Life Portraits Enterprise Solution – which we brand AllApp – has revolutionized our business,” says

Charles Baggs, executive vice president and chief administration officer for Allstate Workplace Division, which

markets voluntary benefits to employers primarily through independent agents and Allstate exclusive agents.

AllApp allows agents to collect and enroll voluntary benefit applicants with near “error-free” capability at the point

of sale, producing virtual automated underwriting.

“Since we went to full production of this solution in 2004, we’ve increased our electronic data collection from

10% to 66%,” says Baggs, “and we’ve shortened policy turnaround time by 80%.”

Allstate’s Rich Heneberry, who heads the company’s marketing efforts, recently engaged Fiserv’s CheckFree unit

to enhance the company’s ability to deliver bills more efficiently and at reduced cost. He says about 650,000 of its

32 million policyholders have been using some type of electronic billing and payment solution, but wants to grow

that 2% penetration ten-fold over the next five years. “To grow our e-bill usage, we need a variety of options,”

says Heneberry. “As a leader in bill payment and e-billing, CheckFree was a logical first step.”

“We focus on delivering a broad portfolio of products in a streamlined, easy-to-do-business-with fashion that

always places a premium on the Allstate brand,” comments Baggs. “The Fiserv relationship helps us fulfill all of the

components of this value proposition.”

Richard Heneberry
Assistant Vice President
Allstate

Charles Baggs
Executive Vice President and Chief Administration Officer
Allstate Workplace Division

n
o
i
t
a
m
r
o
f
s
n
a
r
t

Core system conversion! For a financial institution, these three words can strike fear. Fortunately,
for Digital Federal Credit Union (DCU), a fast-growing $4 billion-asset credit union headquartered in

Marlborough, Mass., “resounding success” was how they characterized their late-2007 core system conversion

to Fiserv XP Systems’ core processing platform.

“We’d been on our core legacy processing system for 21 years when we started looking to upgrade,” says Carlo

Cestra, DCU’s president and CEO. “We were looking for a new environment that would last at least another 20

years from a provider that was truly committed to investing in technology.”

As the “digital” portion of their name suggests, DCU’s 330,000 members place heavy reliance on electronic

solutions, with 54% of members accessing Internet banking applications and 16% – well above the

national average – paying bills online. So the core system they selected had to mesh with these important

applications and provide the features and functionality that its sophisticated member base would appreciate.

The 26-hour conversion to XP Systems in December 2007 brought seven major new systems live in tandem.

It spanned all of DCU’s operations and remote delivery services throughout its 18-branch network. The conversion

began on a Saturday, and by Sunday afternoon more than 100,000 new transactions were posted. On Monday,

it was business as usual for DCU, with more than 20 million financial and non-financial transactions posted

within 48 hours.

The key to this sweeping technology change, says Cestra, was extensive preparation by the DCU and

XP Systems teams. “Conversions don’t get any better than this. We kept the call center open and our
Internet banking and electronic services going all weekend. But the best part was opening the doors

a day ahead of schedule.”

Cestra says the new Fiserv system will allow for expansion. “Soon, we’ll be adding remote deposits,

health savings accounts and new online features. We look forward to working with XP Systems on a steady

stream of innovations that will further benefit our members.”

“We were looking for a new environment that would
last at least another 20 years from a provider that
was truly committed to investing in technology.”

Carlo Cestra
President, Chief Executive Officer
Digital Federal Credit Union

reliability

Taking care of business. Earning the ranking as the nation’s “Top Business Bank” in 2007 by U.S.
Banker Magazine shows just how well Citizens Business Bank of Ontario, Calif., takes care of its customers.

With more than $6 billion in assets, the bank has a single focus: providing the financial backbone customers

need to grow their businesses and achieve their own measure of success.

“We cater to a market niche where the demands are high and the quality of service must be exceptional.

In order to understand our customers’ needs, we have to understand their businesses,” says Chris Myers,

president and CEO of Citizens Business Bank. “Fiserv takes the same approach in its relationship with us.”

Relying on Fiserv ITI for its core banking technology, Citizens Business Bank has significantly improved

efficiency, smoothly integrated acquisitions and added new levels of customer automation. But that’s just

the beginning. “I don’t think anyone else has the capability to integrate financial technology the way

Fiserv does today. We are continually taking advantage of new technology solutions from Fiserv as they

are developed,” says Myers.

One of these recent enhancements is Premier® Customer View. This technology aggregates

multiple customer databases into one view, enabling relationship managers to track contacts,

maintain and share customer information, and cross-sell services to bring even more value to

the customer experience.

The bank uses another Fiserv product, BancIntelligence, to help target potential acquisitions
and provide a wealth of competitive data to track peer-group performance and support new

product offerings.

“Our overall customer satisfaction level is always better than 90%, and we consistently rank as

one of the top performing banks in California. Fiserv has helped us achieve this,” adds Myers.

“We are continually taking advantage of
new technology solutions from Fiserv as
they are developed.”

Elsa Zavala
Executive Vice President, Chief Information Officer
Citizens Business Bank

Chris Myers
President, Chief Executive Officer
Citizens Business Bank

k
r
o
w
m
a
e
t

“ We saw the opportunity not only to ‘go green,’
but also to realize the cost-savings potential of
electronic billing.”

Doubling e-bill enrollment. For a company accustomed to moving electricity, natural gas and steam,
moving to electronic billing was a short stroll.

So, when Fiserv client, Consolidated Edison Company of New York Inc. (Con Edison), saw an opportunity to

realize significant cost savings and improve customer relationships by increasing customer adoption of “e-bills,”

the challenge became, “How can we convince customers to sign up?”

The solution: a comprehensive, multi-channel marketing campaign jointly developed by Con Edison

and CheckFree to explain how saving time, reducing clutter and helping the environment outweighed

customer concerns about giving up their paper bills. Drawing on Con Edison’s long-standing commitment

to the environment, the campaign conveyed a “go green with e-bills” message across numerous

channels to the company’s 3.2 million electric customers in New York City and Westchester County, N.Y.

“With the rapid rise in consumer awareness of environmental issues, we saw the opportunity not only

to ‘go green,’ but also to realize the cost-savings potential of electronic billing,” says George Roach,

who leads Con Edison’s e-bill initiatives. “We’ve used CheckFree’s electronic bill payment product for

six years, so we already had the technology in place to leverage the initiative.”

The results are impressive. In the first seven months of the campaign, e-bill enrollment

doubled each month. More than 125,000 customers now receive their bills

electronically and Con Edison plans to include the “go green with e-bills”

theme in every customer communication.

“With more customers paying their bills online, we’re minimizing

costs, making bill payment safer and easier for our customers,

and helping the environment. That’s a pretty powerful case for

electronic billing,” adds Roach.

George Roach
Systems Specialist, Credit & Collections
Consolidated Edison

“ We now have one workforce, one

workflow and one platform managing
the day-to-day servicing activities for all
of our mortgage and home equity loans.”

n
o
i
t
a
r
g
e
t
n

Opportunity often starts with a vision. For Tony Renzi, chief operating
officer and executive vice president of GMAC ResCap‘s Residential Finance Group, that

vision was a single technology platform that could support all mortgage and consumer

loans, regardless of secondary market requirements and brand name. To make that vision

a reality, GMAC ResCap looked to Fiserv.

In 2004, the vision quest began with GMAC ResCap’s migration of 2.4 million loans onto

the Fiserv Loan Servicing Platform – one of the largest portfolio conversions in mortgage

industry history. Then, in 2007, the mega-servicer finished the consolidation of its

back-office technology by converting the 1.2 million mortgage and home equity line

portfolios of Homecomings Financial to the platform.

“We now have one workforce, one workflow and one platform managing the day-to-day

servicing activities for all of our mortgage and home equity loans,” says Renzi.

With a servicing portfolio of more than $460 billion, GMAC ResCap is the seventh

largest mortgage servicer and one of the largest sub-servicers in the United States.

The company routinely supports mortgage and consumer loans and numerous brands

on the Fiserv Loan Servicing Platform.

“We are positioned to quickly implement new products, support investor demand and

provide outsourced servicing at efficient economics. Our technology partnership with

Fiserv will continue to assist us as we seek out new growth opportunities,” adds Renzi.

Tony Renzi
Chief Operating Officer, Executive Vice President
GMAC ResCap Residential Finance Group

technology

Banking with a personal touch. That’s the approach that San Antonio-based Broadway Bank has taken since its
inception in 1941. Building this personalized approach and a reputation for lasting customer relationships has challenged the

bank to create individualized offerings that go beyond the typical menu of financial products.

To deliver on the promise of personal touch, in 2002, Broadway Bank selected Fiserv as its strategic technology partner “for the

next 10 to 15 years,” says Jim Goudge, CEO of Broadway Bank. Since then, the bank has assembled a vast portfolio of Fiserv

core and other integrated financial service products, from EFT to item processing solutions to CheckFree bill pay and Carreker

professional services solutions.

”Fiserv is a strategic partner that assists us in remaining competitive in a dynamic and growing marketplace,” says Goudge.

“Our Fiserv collaboration provides the essential tools necessary to deliver a heightened customer relationship. In addition, Fiserv

provides multiple technology solutions operating in a seamless fashion, with the flexibility to run those solutions in-house or

in an outsourced environment. And as we grow, we have a partner to help us manage our data processing expense and build

stronger individual customer relationships.”

As part of its partnership, Broadway Bank serves on a Fiserv Client Advisory Board, which advises Fiserv on products and

implementation strategies.

“We participate in monthly meetings with other active users of Fiserv products to share our experiences and discuss challenges,”

says Sharon Lewis, executive vice president, deposit operations & channel delivery of Broadway Bank. “During these meetings,

Fiserv provides us with product and service updates to address our concerns. It’s another way Fiserv adds value to our business and,

ultimately, to our customers. And it’s a conduit that I have to other professionals in the industry who face similar challenges.”

Broadway Bank is a full-service financial institution that offers a wide array of financial solutions in San Antonio and the surrounding

communities. It has 36 banking center locations, seven of which are dedicated to military banking through its military division -

Eisenhower Bank. Broadway Bank has more than 63,000 accounts and its asset size is currently $1.76 billion and growing.

“Fiserv provides multiple technology solutions operating
in a seamless fashion, with the flexibility to run those
solutions in-house or in an outsourced environment.”

Sharon Lewis, Executive Vice President,
Deposit Operations & Channel Delivery
Broadway Bank

James Goudge
Chief Executive Officer
Broadway Bank

“Fiserv and CheckFree are both
industry leaders. Now that the
two companies are together, our
relationship will continue to deepen.”

Defining customer value. BB&T Corporation is one of the fastest growing financial
holding companies in the United States. In the past 20 years, the Winston-Salem, N.C.-based bank

has acquired 60 community banks and thrifts, more than 85 insurance agencies and 35 non-bank

financial services companies, en route to gaining top five market share in the majority of its markets

throughout the southeastern U.S.

Fiserv units CheckFree and Carreker (which CheckFree acquired in April 2007) have played an

important role in that expansion.

“Our long-term relationships with CheckFree and Carreker have given us the tools and support

we need to digest and assimilate this high volume of acquisitions, along with enabling organic

growth,” says Joe Brannan, executive vice president, processing services manager of BB&T.

“We use 20 different products from CheckFree and Carreker, ranging from back-office applications

to transaction processing, and from electronic bill pay to consulting services. All of these products

e
u
a
v

and services help us increase revenues and reduce expenses. Most important, they enable us to

compete effectively with some of the largest banks in the country,” says Bennett Bradley, executive

vice president, payment solutions manager of BB&T.

Two examples illustrate the point. Since 2000, the bank has generated $70 million in revenues

through consulting services and software provided by Carreker. In addition, Carreker business

consulting and software products helped BB&T gain efficiencies and a competitive edge in the
payments arena by transitioning BB&T from paper-laden payments to a digital process,

including distributive capture.

“We are not a price or technology leader – we are a customer value-driven leader. We align

our company with vendor partners who take a similar approach. The products are always

important, but equally significant is the quality of the customer service,” says Brannan.

“Fiserv and CheckFree are both industry leaders. Now that the two companies are together,

our relationship will continue to deepen,” says Bradley.

Bennett Bradley
Executive Vice President, Payment Solutions Manager
BB&T

Joe Brannan
Executive Vice President, Processing Services Manager
BB&T

flexibility

Financing the agricultural market. “Nothing Runs Like A Deere™.” And no company
provides revolving credit for customers of equipment and input dealers and manufacturers like

John Deere Credit.

One of the nation’s largest equipment finance companies, John Deere Credit facilitates the growth of

its dealers by financing the purchase of agricultural, lawn and garden equipment, parts and repairs by

consumer, commercial and government accounts. In the agricultural market, John Deere Credit also

enables farmers to purchase feed, seed, fertilizers and chemicals that are critical to their success.

With more than a million customers, the company processes more than 10 million revolving credit

transactions annually, financing purchases in the U.S. and Canada in excess of $4 billion each year.

The Fiserv PLUS™ revolving credit platform used to process these transactions is similar to those used

for credit cards – but with significant customization.

“Two years ago, we completely redesigned our Farm Plan product for the agricultural market,” says

Mark Thompson, vice president of the agricultural financial services group of John Deere Credit.

“Fiserv worked closely with us to develop a one-of-a-kind, integrated solution that has resulted in

double-digit product growth for us. In a market where the number of farms is shrinking, that’s quite

an achievement.”

Adds Jayma Sandquist, director of sales and marketing: “Consolidation of farmers and the dealers

that supply them is changing the agricultural market. There are fewer accounts, but on average, they
are larger and more sophisticated. And with the increasing cost of putting crops into the ground,

dollar volumes are higher. We rely on Fiserv’s flexibility to provide customized credit programs for our

diversified and fast-changing market, while delivering speed and convenience for our customers.”

“ Fiserv worked closely with us to develop a
one-of-a-kind, integrated solution that has
resulted in double-digit product growth for us.”

Mark Thompson
Vice President, Agricultural Financial Services Group
John Deere Credit

Jayma Sandquist
Director, Sales and Marketing, Agricultural Financial Services Group
John Deere Credit

fellow shareholders:

2007 was a year of action.
During the last year, we took important strides for the
future. Some actions got headlines; others did not. The
highlights include driving strong results in our initial year
of Fiserv 2.0 execution, exiting businesses where we
lacked competitive advantage, and completing our
$4.4 billion acquisition of CheckFree
Corporation. Through these actions, we
intentionally re-shaped the company –
equipping ourselves with the premier
suite of technology solutions to serve
the evolving needs of the financial
services industry and its consumers.

We entered the year with significant
momentum resulting from the launch
of Fiserv 2.0, our strategic framework
for the future. That plan serves as a platform

for our overarching objective to provide Fiserv clients
with highly valued products and integrated technology
solutions, to enable them to best serve their customers.
We are 100% committed to that belief. By putting our
clients at the center of the Fiserv universe, we should
provide very attractive long-term returns for

our shareholders.

26.1%
consolidated
adjusted operating
margin, up 100
basis points
year-over-year

Our first full year of executing against

our Fiserv 2.0 strategies was a success.
We exceeded our integrated sales
and operational effectiveness targets.
We managed capital proactively and
added appropriate leverage to our
balance sheet in connection with the
CheckFree acquisition. We also added
several key leaders to help us accomplish

our long-term objectives.

“ Inside the halls of the company we refer to ourselves
as ‘The New Fiserv’ to reflect the vast opportunities
we believe await us.”

Jeffery W. Yabuki
President and Chief Executive Officer

“ We served more clients, and built more value, than ever before.”

The biggest news of the year occurred on August 2, 2007
when we announced our acquisition of CheckFree. This
acquisition punctuated our commitment to providing the
best technology solutions for clients. It also underscored
the importance of expanding our leadership position
in payments, Internet banking and risk management
solutions. The combination of Fiserv and CheckFree
forever changes the financial services processing
landscape and adds velocity to our Fiserv 2.0 initiatives.

Over the last several years the financial services industry
has been driving robust growth for much of the data
processing sector. The global credit crisis, combined with
a weakening U.S. economy, has negatively impacted
the near-term outlook for the financial services industry.
While we would prefer a stronger overall business
environment, we believe that our recurring revenue
business model, diverse client base and industry-leading
products should allow us to continue to deliver solid results.
We also believe that in today’s market more institutions
will consider outsourcing as a way to reduce costs, and
that our broad set of solutions positions us well to deliver
that value. We remain optimistic about our future.

2007 Operating Performance
Our financial performance was strong in 2007. We
achieved 10% revenue growth for the year – extending
our track record of double-digit revenue growth. We
continued our focus on expanding operating margins,
which together with revenue growth, resulted in a
15% increase in adjusted earnings per share from
continuing operations. We believe the strength of our
business model and the sources of our revenue growth
will provide for continuing improvements in operating
margin for the foreseeable future.

Within Fiserv, we view free cash
flow as one of the most critical
operating measures of business
strength. Free cash flow from
continuing operations was
up 15% to $438 million.
We used the majority of
our free cash flow last year
to repurchase more than eight
million shares of Fiserv stock.

$438m
free cash
flow generated

Donald F. Dillon
Chairman of the Board

400

300

200

100

2.0

1.5

2.5

2.0

1.5

Serving clients extraordinarily well is what we do
2.5
each and every day. Our client satisfaction remained
near record levels, with more than 85%
willing to promote our products
and services. While we are
pleased with that strong
performance, we believe
1.0
there are a number of
0.5
opportunities to enhance
the already strong bond
0.0
that exists between us
and our clients.

85%
of clients
are willing
to recommend
Fiserv

0.0

1.0

0.5

400

Fiserv 2.0: On Point
We are focused on delivering results that support
Fiserv 2.0. We made a series of structural changes

300

300
during the year such as modifying our organization

200

100

structure, hiring new leaders, enhancing

200

capital management, and better aligning
our incentive structure.
100

We communicated specific Fiserv 2.0
performance metrics to provide visibility
on our progress against two of our

most measurable strategic themes:
Enhanced Client Relationship Value and

Operational Effectiveness. We achieved 115% of our
2007 integrated sales objective, generating $30 million
of incremental sales to existing clients that we expect
to turn into recurring annual revenue in 2008.
We also delivered a more effective cost structure
– achieving 133% of our operational effectiveness
goal, which translated to $20 million of net cost
reduction for the year. Momentum is strong entering
2008, and we expect to see even better results in our
second year of execution.

Total Revenues
(In Billions)

Income from
Continuing Operations*
(In Millions)

$500

$449

$3.00

$2.66

$500

$438

0
05

$3.9

400

300

200

100

05
06

06
07

0
05

05
06

06
07

$500

$449

Thomas J. Hirsch
Executive Vice President and Chief Financial Officer

$3.9

400

300

200

100

2.50

2.00

1.50

1.00

0.50

0.00

0.00
05

Peter J.Kight
Vice Chairman
$3.00

$3.00

2.50

2.00

1.50

1.00

0.50

0.00

400

300

200

100

05
06

06
07

0
05

05
06

06
07

$2.66

$500

$438

400

300

200

100

400

300

200

100

2.5

2.0

1.5

1.0

0.5

0.0

We made important decisions in 2007 about the
company we aspire to be. Altering the mix of
businesses that compose Fiserv was among the
most transformational actions implemented
during the year.

400

300

400

300

200
200
As part of Fiserv 2.0, we adopted a principle that we
would only participate in businesses where we either
100
100
have – or could project – a clear path to industry
leadership. While we clearly

possess those characteristics
in our financial businesses,
we determined that
operating Fiserv Health

and Fiserv ISS would not allow us to maximize
shareholder value. Accordingly, during the year we
announced our intent to sell both businesses – along
with two smaller lending operations – for a total of
nearly $1 billion. We believe that the clients of the
impacted businesses, as well as Fiserv shareholders,
are now in a better position to optimize value as
a result of these transactions. We will continue to
manage our businesses with this principle in mind.

In addition to CheckFree, we acquired three
other businesses in 2007 geared at building
competencies and enabling our clients to achieve
best-in-class results:

• BancIntelligence provides enhanced analytics to
help financial institutions allocate resources and
optimize profitability;

• NetEconomy brings world-class risk management

and compliance tools to clients; and

• WorkingRx strengthens Fiserv’s position in the
workers’ compensation pharmacy transaction
processing market.

Although our first priority is the integration
of CheckFree, we will continue to consider
opportunities to expand our scale and
differentiation through acquisition.

Earnings Per Share from
Continuing Operations*
(In Dollars)

Free Cash Flow*
(In Millions)

$500

$449

$3.9

400

300

200

100

$2.66

$3.00

2.50

2.00

1.50

1.00

0.50

0.00

$500

400

300

200

100

$438

* These amounts represent adjusted income from
continuing operations, adjusted earnings per share
from continuing operations, and adjusted free cash flow,
which are non-GAAP financial measures. This shareholder
letter also references adjusted operating margin. See page
23 for additional information about these non-GAAP
financial measures.

$500

$3.9

400

300

200

100

Jeffery W. Yabuki
President and Chief Executive Officer
$3.00

$3.00

$449

$2.66

$500

$438

2.50

2.00

1.50

1.00

0.50

0.00

400

300

200

100

$5b
pro-forma
annual
revenues

Innovation is also a driving

force of Fiserv 2.0. We were

recognized in 2007 by Bank
Technology News at the
industry’s Innovator Awards.
The sixth annual awards
honored the banking and
financial services industry’s

25 most innovative people,

companies and technologies.

Bank Technology News selected our leadership for
its top honor, citing our corporate strategy to offer a
platform-wide suite of products to move the company
from a business-unit focus to one that is client driven.

Our new vice chairman, Pete Kight, CheckFree founder
and former chairman and chief executive officer, was a
recipient of the first lifetime achievement award and
was inducted to the Innovators Hall of Fame for his
significant achievements in bank technology.

Although we are grateful to have our management
recognized, the awards are really a tribute to our
25,000 associates around the world whose creativity,
innovation and tenacity should enable even greater
results in the future. It’s our people who continue to
make the difference.

As management, we know that our ultimate responsibility
is to provide value to clients and strong returns for
shareholders. After strong 2006 total shareholder return,

2007 performance was mixed, with our 6% return
beating the S&P 500 index but falling short of other
relevant indices. Our two-year return of 28% led all
major indices. Regardless of near-term share price
performance, we are confident that we have taken the
actions that should provide attractive returns for our
shareholders over many years.

The New Fiserv
Inside the halls of the company we refer to ourselves
as “The New Fiserv” to reflect the many actions we
took in 2007, and the vast opportunities we believe
await us. The New Fiserv has pro-forma annual revenue
of nearly $5 billion and employs 25,000 associates in
more than 250 locations around the world. We have
a low capital intensity business model which delivers
attractive earnings, operating margin and cash flow.
Our human and financial capital is focused on
capturing the tremendous potential we see ahead.

We enter 2008 as a leading provider of technology
processing solutions for the broad financial services
industry. We offer a variety of leading solutions
in critical areas such as core processing, Internet
banking, electronic bill payment and presentment,
debit and EFT processing, item processing, risk
management, and many others. Our goal is to not
only deliver the products that we have today, but
to increase integration and innovation so that we can
provide even more client value in the future. That is
the essence of The New Fiserv.

Norman J. Balthasar
Senior Executive Vice President

We envision The New Fiserv playing a larger role in
shaping industry trends – including increased focus
on the end-users of our technology. Our goal is
to further influence the next generation of client
relationships – specifically remote interactions – for
retail and commercial consumers. We are increasing
our thought leadership and product innovation to
ensure that Fiserv clients are the beneficiaries of the
best technology solutions available.

focused on revenues that are recurring in
nature, and that have strong underpinnings of
profitability. We are extending our broad operating
competencies across the enterprise to enhance
results. And, as stewards of the attractive cash
flow generated by our businesses, we are
diligently managing that capital to optimize
shareholder value.

building on the strong foundation that has always
been Fiserv. We are satisfied with our start, and
excited about the future.

Jeffery W. Yabuki
President and Chief Executive Officer

We believe that our shareholders will continue to
benefit from a strong focus on profitable growth and
capital allocation. We will avoid the trap of growing
revenue for revenue’s sake. We will stay keenly

2007 was a rewarding year. We delivered solid
financial results and took decisive actions to build
your company for the long term. We served more
clients, and built more value, than ever before. We
sharpened our focus on industry leadership, and are

Donald F. Dillon
Chairman of the Board

“ I have been fortunate enough to be part of
something very special. I always felt honored
to be entrusted with such a significant role for
a company as exceptional as Fiserv, but my
greatest joy has been the opportunity to work
alongside so many wonderful people.”

– Norm Balthasar

A Tribute to Norm Balthasar
After 34 years of service at Fiserv, we will say goodbye to Norm Balthasar when he steps
down as senior executive vice president and chief operating officer later this year.

As a member of the original management team which founded Fiserv in 1984, we will
miss Norm’s passion for all things Fiserv. His vast knowledge of the business and insights
into how best to serve clients, combined with his deep care for the organization, has
made Norm instrumental to the company’s long-term success.

We thank Norm for his significant contributions during his tenure with Fiserv. As he begins
this next phase of his life, we wish Norm and his family all the best.

CheckFree

In 2006, as part of its Fiserv 2.0 strategic platform, Fiserv announced its commitment
to “active portfolio management” – a framework for capturing the right market
opportunities at the right inflection points.

2007 brought active portfolio management to life, with the divestiture of several
businesses in which the company was not well positioned to deliver market-leading
results. Additionally, Fiserv made four acquisitions to boost its offerings to clients:
NetEconomy, BancIntelligence, WorkingRx and CheckFree.

CheckFree, with a purchase price of $4.4 billion, is the largest acquisition in Fiserv’s
history. The transaction, which closed in December, symbolizes the transformational
change envisioned under Fiserv 2.0. The combination of these two strong compa-
nies creates a foundation for growth and innovation in financial services technology
unlike anything the industry has seen.

The combination of two industry leaders with a broad range

”We introduced Fiserv 2.0 last year with the intent to deliver greater value,
opportunity and growth for our stakeholders. CheckFree’s world-class products
and culture of dynamic innovation deliver on this commitment, creating a client
value proposition unrivaled in the market today and serving as a catalyst for our
Fiserv 2.0 initiatives,” says Jeff Yabuki, Fiserv president and CEO.

CheckFree is the premier provider of services to the largest banks, serving 22
of the top 25 U.S. financial institutions. Through its 6,000 core processing
relationships, Fiserv is the leading technology solutions provider among small- and
medium-sized institutions.

Offering Fiserv’s broad product set to larger institutions, while bringing CheckFree’s
online banking and electronic bill payment technology to Fiserv’s core processing
clients, will leverage the strengths of both companies into an estimated $125
million in additional annualized revenues by 2010.

of market-leading capabilities – CheckFree as the leader in
online banking and electronic bill payment; Fiserv as the
leader in information management services for financial
and insurance companies – creates a significant opportunity
for clients.

“About 75% of our core processing client base does not use a Fiserv electronic bill
payment solution today,” says Yabuki. “We think the opportunity in penetrating
this base is significant, but more importantly, we think there’s an opportunity to
redefine electronic banking for these financial institutions to help them compete
more effectively.”

Pete Kight Joins Fiserv and its
Board of Directors
Pete Kight, former CheckFree chairman
and chief executive officer, was named
vice chairman of Fiserv and joined its Board
of Directors in December 2007. In his position
at Fiserv, Pete is focused on integration and
innovation.

CheckFree by the Numbers

Nearly $1 billion in revenues in fiscal 2007

1.4 billion electronic transactions processed in 2007

250 million electronic bills delivered in 2007

Serves 22 of the top 25 U.S. financial institutions

Processes more than 75% of all ACH transactions in the U.S.

y
t
i
n
u
t
r
o
p
p
o

A key element in turning these opportunities into added revenues is
tightly integrating online banking and electronic bill payment capabilities
with core processing solutions, using the best products from the
combined company. More than 80 work teams with hundreds of associates
from both companies are working on the integration effort.

The long-term opportunity: blending the companies’ combined
strengths to create a unique electronic banking experience for clients
and consumers alike.

“Increasingly, today’s banking consumers are defining the quality of their
relationship with their financial institution by the richness of the online
experience they are able to have with that institution,” says Pete Kight,
former CEO of CheckFree and now vice chairman of Fiserv. “We are in
a great position to help financial institutions of all sizes enhance this key
element of their relationship with customers.”

Among the coming attractions from Fiserv:
• Integrated online banking that delivers complete information and

practical tools for both consumers and commercial clients;

• The next generation of online banking and electronic bill payment

that allows financial institutions to compete more effectively;

• New analytical and predictive products that help financial institutions
better assess specific customer behavior and reduce customer losses;
• Risk management tools that help financial institutions with compliance

and fraud management.

“Every electronic transaction brings with it direct customer insight and
inherent risk,” says Kight. “Our opportunity is magnified because we
help our clients maximize insights in order to better predict products and
services their customers want, while helping them comprehensively manage
risk in today’s high-volume electronic transaction marketplace.”

A Dynamic Combination
In addition to next-generation products and broader market opportunities,
the acquisition also provides the potential for both Fiserv and CheckFree
associates to grow with the new organization. Joining Fiserv on the
management team along with Pete Kight is Steve Olsen, former chief
operating officer of CheckFree. Olsen is now Fiserv group president of
Internet banking and electronic payments.

“Both companies have an outstanding workforce and a cultural commitment
to clients. We were strong separately, but together we are even stronger,”
adds Yabuki.

History of Innovation

When Pete Kight founded CheckFree in 1981, he began by providing an innovative client solution – creating

customer retention for the health and fitness industry through electronic funds transfer services. This commitment

to innovation grew into an array of solutions that make CheckFree the market leader for financial electronic

commerce, enabling the movement and management of personal and business finances worldwide.

e
c
n
a
g
a
t
a
v
r
e
s
i
F

Financial Services

Solutions
Core account processing and online banking for
banks, thrifts and credit unions, offered via:
• Service bureaus, or
• In-house licensed software systems

Clients Served
• Financial institutions

– Banks
– Credit unions
– Thrifts

Payments and industry products
• Electronic bill payment and presentment
• EFT/ATM/ACH processing services
• Risk management
• Credit processing
• Wealth management services
• Card and print personalization services
• Cash management products
• Market intelligence solutions

Lending and item processing solutions
• Real estate settlement services
• Mortgage loan servicing
• Automotive lending and leasing services
• Loan origination software and services
• Fiserv Clearing Network
• Imaging and check/image processing
• Remittance/lock box services

• Mortgage lenders and leasing companies
• Telecommunication and utility companies
• Brokerage and investment firms
• Healthcare providers

Market Reach
• U.S. market leader in core processing services with

nearly 6,000 client relationships

• Leading provider of bill payment and presentment services
– More than 1.4 billion bill pay transactions processed

in 2007

– 3,300 total bill pay clients
– 3,000+ biller relationships

• Leading Internet banking services provider, serving

more than 3,000 client institutions

• Provider of separately managed account (SMA) servicing for
2.9 million portfolios, with $1.8 trillion in assets managed
on behalf of nine of the top 10 largest brokerage firms and
eight of the top 10 asset managers offering SMAs
• Relationships with all of the top 100 U.S. banking

institutions (53 have more than five 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 725 client institutions
• Process more than 5.4 billion EFT transactions through

Fiserv EFT

Insurance Services

2007 Revenues
$3.9 billion

Financial Services

Insurance Services

Solutions
Carrier-centric solutions
• Core policy claims and billing administration systems for life

and property/casualty insurance carriers, offered via:
– Service bureaus, or
– In-house licensed software systems

80%

20%

• Underwriting systems
• Policy illustration tools
• Flood program administration
• Business process outsourcing

Agency-centric solutions
• Insurance agency new business support
• Comparative rating
• Education and licensing
• Business process outsourcing

Integrated health/banking solutions

Workers’ compensation pharmacy processing services

Clients Served
• Insurance carriers
• Insurance agents, brokers, distributors and their affiliates
• Pharmacies

Market Reach
• More than 2,500 insurance carriers and more than 5,000

agency and brokerage client relationships

• Top provider of claim processing and outsourcing services

for the National Flood Insurance Program

• Leading provider of “first-fill” workers’ compensation pharmacy
transactions to more than 55,000 retail pharmacy locations

• Leading provider of solutions and services to workers’

compensation carriers and state funds

Profile
Fiserv, Inc., a

Fortune 500 company,
provides information
management and
electronic commerce
systems and services
to businesses in two
primary areas: financial
services and insurance
services. Headquartered
in Brookfield, Wis., the
company is the leading
provider of core processing
solutions for U.S. banks,
credit unions and thrifts.
Fiserv was ranked the largest
provider of information
technology services to the
financial services industry
worldwide in the 2004,
2005 and 2006 FinTech
100 surveys. In 2007, the
company completed
four acquisitions:
CheckFree (including
Corillian and Carreker),

BancIntelligence,
NetEconomy and

WorkingRx.

consolidated

statements of income

(In millions, 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 FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES
NET INCOME

NET INCOME PER SHARE - BASIC:

Continuing operations
Discontinued operations
TOTAL

NET INCOME PER SHARE - DILUTED:

Continuing operations
Discontinued operations
TOTAL

SHARES USED IN COMPUTING NET INCOME PER SHARE:

Basic
Diluted

2007

2006

2005

$ 2,693
1,229
3,922

1,658
979
555
3,192

730
(76 )
7
–

661
253

408
31
$ 439

$ 2.45
0.19
$ 2.64

$ 2.42
0.19
$ 2.60

166.6
168.8

$ 2,488
1,078
3,566

1,578
839
484
2,901

665
(41 )
–
–

624
236

388
62
$ 450

$ 2.22
0.35
$ 2.57

$ 2.19
0.35
$ 2.53

175.0
177.5

$ 2,353

888
3,241

1,485
685
409
2,579

662
(28 )
7
87

728
274

454

62
$ 516

$ 2.41
0.33
$ 2.74

$ 2.38
0.32
$ 2.70

188.8
191.0

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.

consolidated

balance sheets

(Dollars in millions)
DECEMBER 31,

ASSETS

Cash and cash equivalents
Trade accounts receivable, less allowance for doubtful accounts
Deferred income taxes
Prepaid expenses and other current assets
Assets of discontinued operations held for sale
TOTAL CURRENT ASSETS
Property and equipment, net
Intangible assets, net

Goodwill
Other long-term assets
TOTAL ASSETS

LIABILITIES AND SHAREHOLDERS’ EqUITY

Trade accounts payable
Accrued expenses
Current maturities of long-term debt
Deferred revenues
Liabilities of discontinued operations held for sale
TOTAL CURRENT LIABILITIES
Long-term debt
Deferred income taxes
Other long-term liabilities
TOTAL LIABILITIES

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS’ EqUITY:

Preferred stock, no par value: 25.0 million shares authorized; none issued
Common stock, $0.01 par value: 450.0 million shares authorized; 198.1 million and 197.8 million shares issued
Additional paid-in capital
Accumulated other comprehensive loss
Accumulated earnings
Treasury stock, at cost, 33.0 million and 26.7 million shares
TOTAL SHAREHOLDERS’ EqUITY
TOTAL LIABILITIES AND SHAREHOLDERS’ EqUITY

2007

2006

$ 297
840
71
353
2,643
4,204
372
2,324
4,817
129
$ 11,846

$ 182
599
510
351
2,112
3,754
4,895
571
159
9,379

–
2
700
(41 )
3,326
(1,520 )
2,467
$ 11,846

$ 117
506
29
128
2,700
3,480
220
529
1,982

41
$ 6,252

$ 143
321

–

247
2,139
2,850
745
169

3,826

–
2
700
–
2,887
(1,163 )
2,426
$ 6,252

consolidated

(In millions)
YEARS ENDED DECEMBER 31,

statements of cash flows

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

Share-based compensation
Excess tax benefit from exercise of stock options
Settlement of interest rate hedge contracts
Realized gain from sale of investments
Depreciation and 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 from continuing operations

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 investments
Other investing activities
Net cash used in investing activities from continuing operations

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities, net
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 stock options
Deferred financing costs
Other financing activities
Net cash provided by (used in) financing activities from continuing operations

Net change in cash and cash equivalents from continuing operations
Net cash transactions transferred from discontinued operations
Beginning balance
Ending balance

2007

$ 439
(31 )

20
23
(12 )
(30 )
–
193

(35 )
(32 )
21
8
564

(160 )
(4,333 )
19
–
(4,474)

285
4,248
(72 )
50
(469 )
12
(24 )
(7 )
4,023

113
67
117
$ 297

2006

$ 450
(62 )

14
26
(10 )
–
–
170

(52 )
(12 )
10
8
542

(163 )
(187 )
–
(1 )

(351 )

144
10
(16 )
36
(560 )
10
–
3
(373 )

(182 )
153
146
$ 117

2005

$ 516
(62 )

19
4
–
–
(87 )
151

(52 )
(10 )
34
14
527

(141 )
(510 )
109

1
(541 )

113
17
(39 )
28
(653 )
–
–
(1 )

(535 )

(549 )
369
326
$ 146

NOTE: Cash flows from discontinued operations are excluded from the above statements of cash flows. 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.

corporate information

Board of Directors
Donald F. Dillon
Chairman

Daniel P. Kearney
Director

Peter J. Kight
Director

Gerald J. Levy
Director

Denis J. O’Leary
Director

Glenn M. Renwick
Director

Kim M. Robak
Director

Doyle R. Simons
Director

Thomas C. Wertheimer
Director

Jeffery W. Yabuki
Director

Management Committee
Norman J. Balthasar
Senior Executive
Vice President

Rahul Gupta
Group President,
Payments and Industry
Products

James W. Cox
Executive Vice President,
Corporate Development

Douglas J. Craft
Executive Vice President,
Operations

Bridie A. Fanning
Executive Vice President,
Human Resources

Thomas J. Hirsch
Executive Vice President,
Chief Financial Officer
and Treasurer

Richard K. Jones
Executive Vice President,
Chief Information Officer

Peter J. Kight
Vice Chairman

Thomas A. Neill
Group President,
Depository Institutions

Stephen E. Olsen
Group President,
Internet Banking and
Electronic Payments

Charles W. Sprague
Executive Vice President,
General Counsel, Chief
Administrative Officer and
Secretary

Thomas W. Warsop, III
Group President,
Financial Institutions

Jeffery W. Yabuki
President and Chief
Executive Officer

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

Website
www.fiserv.com

Investor Relations
(800) 425-FISV

Stock Listing and Symbol
NASDAq Global Select Market
Symbol: FISV

Shareholders’ Meeting
The 2008 Annual Meeting of
Shareholders will be held on
Wednesday, May 21, 2008 at
10:00 a.m. Central Time at
the Fiserv Corporate Headquarters,
255 Fiserv Drive, Brookfield, Wisconsin.

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

Transfer Agent
Computershare Trust Company, N.A.
P.O. Box 43069
Providence, RI 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, 2007.

• “Adjusted earnings per share from continuing

operations” and “adjusted income from continuing
operations” exclude amortization of acquisition
related intangible assets ($0.07, $0.09 and $0.15
in 2005 through 2007, respectively) and include
the pro forma impact of SFAS 123R for share-
based compensation of $0.10 in 2005. 2006 and
2007 exclude pre tax charges totaling $9 million
($0.03 per share) and $12 million ($0.04 per share),
respectively, related to employee severance and
facility shutdown expenses in our lending and
insurance businesses. 2007 excludes pre tax merger
related costs totaling $13 million ($0.05 per share)
associated with our acquisition of CheckFree. 2005
excludes a pre tax gain of $87 million ($0.29 per

share) from the sale of two investments and the
receipt of a $26 million ($0.09 per share) contract
termination fee.

• “Adjusted operating margin” excludes customer
reimbursements and prescription product costs
totaling $881 million and $776 million in 2007
and 2006, respectively, which are included in
both revenues and expenses; amortization of
acquisition related intangible assets of $42
million and $26 million for 2007 and 2006,
respectively; and pre tax charges of $23 million
and $9 million in 2007 and 2006, respectively,
related primarily to employee severance, facility
shutdown and merger related expenses.

• “Free cash flow” represents net cash provided
by operating activities less capital expenditures,
plus a one-time CheckFree financing item of
$30 million in 2007 related to the settlement of
interest rate hedge contracts, and $4 million for
cash payments related to purchase accounting
adjustments.

2007 award winners

Sales Manager of the Year
Ross Freeman

2007 Leadership Awards
Craig Marvin
Kevin Collins (pictured on page 25)

Pinnacle of Achievement
Tom Cypher

2.0 Winners
Pete Anderson
Anne Marie Ciccone
Mike Muszynski

Fiserv Sales Professionals of the Year
Tom Swock, Insurance
Jon Kuck, Bank/Thrift/Credit Union/Service Bureau
Gary Embry, Payments
Susan Murray, Item Processing
Dave Ladic, Bank/Thrift/Credit Union In House
Angelo Nyars, Lending (pictured on page 25)

*Winners were photographed during the
100% Club awards celebration.

world-class leadership

The 100% Club is Fiserv’s annual awards celebration recognizing outstanding sales and leadership achievements. This annual
event acknowledges the sales executives, sales managers and business unit leaders who create the most value to clients over the year,
achieving 100% of their sales and management goals for the year, and those who exemplify the principles of the new Fiserv.

There were 15 awards given for 2007: sales professionals of the year; sales manager of the year; leadership
awards achieved by business unit presidents; and the two top awards, Business Unit Executive of the Year
and Chairperson of the 100% Club. These last two winners are selected from amongst the winners of the
sales professionals of the year and the business unit leadership award winners.

This year, the highest ranking honor – Chairperson of the Fiserv 100% Club – is Angelo Nyars of Fiserv
Automotive Solutions. In his second year with Fiserv, Angelo achieved 840% of his sales goal and a
significant portion of his sales represented integration with other Fiserv solutions. His ability to build solid
relationships, listen to clients’ needs and deliver creative solutions led to this recognition.

The Business Unit Executive of the Year award is given to the senior executive who has delivered the best
overall results for his or her business unit. Eligible executives are evaluated for their group’s achievements,
as well as his or her individual contribution toward Fiserv’s overall goals. Kevin Collins from Fiserv
Automotive Solutions is this year’s winner, demonstrating commitment to his team through
passion, leadership and results. Kevin’s team achieved 370% of its sales objective and
achieved the highest rankings in Fiserv’s client satisfaction surveys.

Two awards were presented this year that are not given annually, but periodically based on
excellence of achievement throughout the year: the Pinnacle award for team leadership that
led to a significant positive impact on Fiserv business results, achieved by Tom Cypher of
Fiserv ITI; and the Fiserv 2.0 award, new this year and created to recognize the individuals
who best exemplify the tenants of Fiserv 2.0 while creating exceptional sales success for his
or her team, won by Pete Anderson, Anne Marie Ciccone and Mike Muszynski.

Fiserv congratulates all of the 100% Club members for their outstanding
achievements in 2007.

Kevin Collins
Business Unit Executive of the Year

Angelo Nyars
Chairperson of the 100% Club

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

On the back: Left to right, Charles Baggs, Allstate Workplace Division; Elsa Zavala, Citizens Business
Bank; Carlo Cestra, Digital Federal Credit Union; George Roach, Consolidated Edison; and Jayma
Sandquist, John Deere Credit. On the front: Left to right, Tony Renzi, GMAC ResCap; Joe Brannan,
BB&T; Sharon Lewis, Broadway Bank; and Gail E.D. Brathwaite, NewAlliance Bank.