Company Page

Changed Risks for FISERV INC (FISV)

The merger may result in a loss of customers, distributors, suppliers, vendors, landlords, joint venture partners or other business partners and may result in the termination of existing contracts

If we fail to comply with the applicable requirements of NACHA and the payment card networks, they could seek to fine us, suspend us or terminate our registrations which could adversely affect our business

Uncertainties associated with the merger may cause a loss of management personnel and other key employees, which could adversely affect our future business and operations following the merger

Our and First Data’s business relationships may be subject to disruption due to uncertainty associated with the merger, which could have a material adverse effect on our results of operations, cash flows and financial position following the merger

Following the merger, our business may be adversely affected by geopolitical, regulatory and other risks associated with operations outside of the United States and we may incur higher than anticipated costs and may become more susceptible to these risks

Uncertainties in the interpretation and application of the 2017 Tax Cuts and Jobs Act could cause us to modify current estimates about the impact that it will have on us, which could negatively impact our anticipated earnings and have an adverse effect on our results of operations and cash flow

We expect to incur substantial expenses related to the merger and integration

We may be unable to integrate the business of First Data successfully or realize the anticipated benefits of the merger

Risks Relating to the Proposed Merger with First Data

Risks Relating to Fiserv Following the Proposed Merger with First Data

Operational failures and resulting interruptions in the availability of our products or services could harm our business and reputation

Security incidents or other technological risks involving our systems and data, or those of our clients or vendors, could expose us to liability or damage our reputation

Risks Relating to Our Existing Business

Our future results following the merger will suffer if we do not effectively manage our expanded operations

The merger is subject to the receipt of consents and clearances from domestic and foreign regulatory authorities that may impose conditions that could have a material adverse effect on us following the merger, or, if not obtained, could prevent the completion of the merger

Our indebtedness following completion of the merger will be substantially greater than our indebtedness prior to completion of the merger This increased level of indebtedness could adversely affect us, including by decreasing our business flexibility and increasing our interest expense

The estimated potential synergies attributable to the merger may vary from expectations

The merger is subject to a number of conditions to our and First Data’s obligations to complete the merger, which, if not fulfilled, or not fulfilled in a timely manner, may result in termination of the merger agreement

New Omaha may have influence over us following completion of the merger and its interests may conflict with other shareholders

The merger agreement subjects us and First Data to restrictions on our respective business activities prior to the effective time of the merger

New Omaha Holdings LP may sell a substantial amount of our common stock shortly after the completion of the merger as certain restrictions on sales expire, and these sales could cause the price of our common stock to fall

Failure to complete the merger could negatively impact our stock price and have a material adverse effect on our results of operations, cash flows and financial position

Following the merger, First Data’s Global Business Solutions business, as integrated into Fiserv, will depend, in part, on merchant relationships and alliances If we are unable to maintain these relationships and alliances, our business may be adversely affected