798354--2/27/2009--FISERV

related topics

{regulation, government, change}

{system, service, information}

{acquisition, growth, future}

{property, intellectual, protect}

{product, market, service}

{condition, economic, financial}

{competitive, industry, competition}

{cost, operation, labor}

{operation, natural, condition}

{tax, income, asset}

Our business may be adversely impacted by U.S. and global market and economic conditions. Consolidations and failures in the banking and financial services industry could adversely affect our revenues by eliminating existing or potential clients and making us more dependent on a more limited number of clients. We operate in a competitive business environment, and if we are unable to compete effectively, our results of operations and financial condition may be adversely affected. If we fail to adapt our products and services to changes in technology or in the marketplace, or if our ongoing efforts to upgrade our technology are not successful, we could lose clients. If we are unable to renew client contracts at favorable terms, we could lose clients and our results of operations and financial condition may be adversely affected. The market for our electronic transaction services is evolving and may not continue to develop or grow rapidly enough to sustain profitability. Our balance sheet includes significant amounts of goodwill and intangible assets. The impairment of a significant portion of these assets would negatively affect our financial results. We may be obligated to indemnify the purchasers of Fiserv Health, Fiserv ISS or Fiserv Insurance pursuant to the terms of the relevant purchase and sale agreements. We may not complete the sale of the remainder of Fiserv ISS in the time frame we anticipate, or at all, and we are subject to the risks of the operation of that business. We may be sued for infringing on the intellectual property rights of others. Security breaches or computer viruses could harm our business by disrupting our delivery of services and damaging our reputation. Increased leverage may harm our financial condition and results of operations. We may not realize the expected benefits of the acquisition of CheckFree. Our acquisition strategy subjects us to risks, including increased debt, assumption of unforeseen liabilities and difficulties in integrating operations. Operational failures in our outsourcing or transaction processing facilities could harm our business and reputation. We may experience software defects, development delays or installation difficulties, which would harm our business and reputation and expose us to potential liability. Misappropriation of our intellectual property and proprietary rights could impair our competitive position. If we fail to comply with applicable regulations our businesses could be harmed. Our failure to comply with a series of complex regulations in our walk-in payment business could subject us to liability.

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798354--2/27/2009--FISERV_INC