July 11, 2005

Visa USA appointed John Philip Coghlan, 54, as president and chief executive officer, effective immediately. Coghlan joins Visa following 17 years at Charles Schwab and Company, where he most recently served as vice chairman of The Charles Schwab Corporation and as president of the Schwab Individual Investor Group.

Coghlan succeeds Carl F. Pascarella, who held the chief executive officer and president positions for Visa USA since 1993. Last July, Pascarella announced his intention to retire from the organization by September 2005.

Coghlan will be responsible for setting strategic priorities, and will oversee and guide a senior management team responsible for executing day-to-day operations at Visa USA. At Schwab, Coghlan was a member of the Executive Committee of The Charles Schwab Corporation, as well as president of the Board of Directors of The Charles Schwab Trust Company, a subsidiary of The Charles Schwab Corporation.