Press Release

Adjusted internal revenue growth was 3 percent in the quarter, including 5 percent growth in the Payments segment and 2 percent growth in the Financial segment.

Adjusted operating margin decreased 60 basis points to 28.3 percent in the quarter compared with the prior year period.

Free cash flow increased 8 percent to $244 million in the quarter compared with $225 million in the first quarter of 2010.

The company repurchased 4.3 million shares of common stock in the quarter for $261 million. As of March 31, 2011, the company had approximately 1.8 million shares remaining under its share repurchase authorization.

Fiserv completed three acquisitions in the quarter:

Credit Union On-Line, Inc. (CUOL), a provider of outsourced processing solutions for credit unions, will provide the company’s clients with an outsourced delivery option for the XP2^® account processing solution from Fiserv. The acquisition also enables existing CUOL clients to receive direct support and access to a comprehensive portfolio of value-added solutions from Fiserv.

Maverick Network Solutions Inc., a provider of prepaid and reward incentive card programs, will expand the company’s payments solutions portfolio and fulfill the increasing demand from large financial institutions and corporations for prepaid processing, turn-key program management and general purpose reloadable and payroll cards.

Mobile Commerce Ltd. (M-Com), an international mobile banking and payments provider and a strategic partner of Fiserv in the creation of Mobile Money™, will accelerate the delivery of the company’s innovative mobile capabilities which are key elements of the company’s digital channels strategy.

The company expanded its payments footprint in the quarter by signing 100 electronic bill payment clients and 53 debit clients.

During the quarter, 123 clients committed to offer ZashPay^®, the person-to-person payments service launched by Fiserv in mid-2010. As of March 31, 2011, more than 730 financial institutions have agreed to offer the service.

Fiserv teamed with Visa to enable users of ZashPay to send money to, and receive money from, eligible Visa accounts. This agreement significantly expands the ZashPay network, with the potential to reach more than 1 billion Visa account holders worldwide and to increase the speed of person-to-person payments.

The company was named “Best Electronic Commerce Provider” by Global Finance magazine in the “mobile banking” category.

A number of new and expanded client relationships were signed in the quarter including:

Bridgewater Bank, a $350 million institution located in Bloomington, Minn., selected the Premier^® account processing platform with consumer and business online banking, telephone banking, CheckFree^® RXP^® for bill payment, Branch and Merchant Source Capture^TM and solutions for card services including debit processing and the ACCEL/Exchange^® PIN debit network. This integrated banking solution from Fiserv also includes solutions for item processing and electronic content management.

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Columbia State Bank, with $4.9 billion in assets and more than 80 banking offices in Washington and Oregon, expanded its relationship with Fiserv by agreeing to deploy the InformEnt^® Enterprise Data Warehouse from Fiserv. Columbia State Bank already uses the Precision™ bank platform for outsourced account processing, CheckFree RXP, the ACCEL/Exchange PIN debit network, AML Manager, Internet Banking, Integrated Teller, Director™, Business Process Manager and EasyLender^®.

Connects Federal Credit Union of Richmond, Va. signed an agreement to implement Portico^® from Fiserv. Connects FCU, which has $75.8 million in assets and serves 15,000 members, also chose Fiserv solutions AccountCreate^SM for online account opening, CheckFree RXP, Loancierge™ for loan origination, Virtual Branch^® for online banking, Wisdom™ for accounting and ZashPay. Connects FCU is the 18^th credit union to select Portico for account processing in the last 12 months.

First Commonwealth Financial Corporation, a $5.8 billion financial holding company headquartered in Indiana, Pa. that operates more than 100 retail branch offices in 15 counties in western and central Pennsylvania through First Commonwealth Bank, has selected Corillian Online^® to enable the delivery of integrated banking, payments and personal financial management tools to its retail banking customers. The bank also selected Mobile Money from Fiserv for mobile financial services.

Foster Bank of Rolling Meadows, Ill., with more than $500 million in assets, selected the Premier account processing platform with consumer and business online banking, Checkfree RXP, WireXchange^® for automated wire transfers and the ACCEL/Exchange PIN debit network from Fiserv.

Georgia’s Own Credit Union of Atlanta, the third-largest credit union in Georgia with $1.6 billion in assets, agreed to implement Acumen™ from Fiserv. Georgia’s Own, which serves nearly 170,000 members, will implement additional Fiserv solutions including Corillian Online for online banking, CheckFree RXP, Mobile Money, ZashPay and modules from the Prologue™ Financial Accounting Solutions suite from Fiserv.

Grupo Aval, the largest financial group in Colombia, signed a master agreement for all of its banking and ATM units with Fiserv for a suite of Cash & Logistics ASP modules including Integrated Currency Manager™, Match Point^®, Performance View™ and CorPoint™. The first two Grupo Aval affiliates to acquire the solution are ATH, the largest ATM and non-banking correspondents network in Colombia with more than 5,500 access points, and BAC, the second largest bank in Central America with $8.4 billion in assets and operations in Costa Rica, Panama, Honduras, El Salvador, Nicaragua, Guatemala, Mexico and the United States.

Hudson Valley Bank, headquartered in Yonkers, N.Y. with more than $2.6 billion in assets, selected the Signature™ bank platform from Fiserv. Focused on the financial needs of local businesses and professional services firms, Hudson Valley Bank has experienced significant growth over the past few years and sought a technology upgrade to help increase overall efficiency, develop sustainable process improvements and manage growth. The bank will also implement additional Fiserv solutions integrated into the account processing platform.

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Laclede Gas, the largest natural gas distribution utility in Missouri, selected an on-demand biller solution from Fiserv to enable its nearly 630,000 customers to pay their bills online or by phone through an automated system that is available at any time. The company also renewed its agreement for print services through Output Solutions at Fiserv.

Rabobank, N.A., the North American arm of Netherlands-based Rabobank Group, expanded its relationship with Fiserv with its selection of ZashPay to enable person-to-person payments for U.S. retail banking clients. The bank — an existing online banking, bill payment and mobile banking client — joins a growing network of financial institutions offering the service.

U.S. Bancorp, the parent company of U.S. Bank, the fifth largest commercial bank in the United States, expanded its existing relationship with Fiserv. The bank has selected Mobile Money from Fiserv as its enterprise mobile financial services platform.

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Revenue

Processing and services

Product

Total revenue

Expenses

Cost of processing and services

Cost of product

Selling, general and administrative ⁽¹⁾

Total expenses

Operating income

Interest expense - net

Income from continuing operations before income taxes and income from investment in unconsolidated affiliate

Income tax provision

Income from investment in unconsolidated affiliate

Income from continuing operations

Loss from discontinued operations

Net income

GAAP earnings (loss) per share - diluted:

Continuing operations

Discontinued operations

Total

Diluted shares used in computing earnings (loss) per share

Selling, general and administrative expenses include an $18 million pre-tax charge ($0.08 per share) in the first quarter of 2011 for employee severance and related expenses.

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GAAP income from continuing operations

Adjustments:

Merger and integration costs

Severance costs ⁽¹⁾

Amortization of acquisition-related intangible assets

Tax impact of adjustments

Adjusted income from continuing operations

GAAP earnings per share - continuing operations

Adjustments - net of income taxes:

Merger and integration costs

Severance costs ⁽¹⁾

Amortization of acquisition-related intangible assets

Adjusted earnings per share

See footnote 1 on page 7.

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Total Company

Revenue

Output Solutions postage reimbursements

Adjusted revenue

Operating income

Merger and integration costs

Severance costs

Amortization of acquisition-related intangible assets

Adjusted operating income

Operating margin

Adjusted operating margin

Payments and Industry Products (“Payments”)

Revenue

Output Solutions postage reimbursements

Adjusted revenue

Operating income

Operating margin

Adjusted operating margin

Financial Institution Services (“Financial”)

Revenue

Operating income

Operating margin

Corporate and Other

Revenue

Operating loss

Merger and integration costs

Severance costs

Amortization of acquisition-related intangible assets

Adjusted operating loss

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Cash flows from operating activities

Net income

Adjustment for discontinued operations

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and other amortization

Amortization of acquisition-related intangible assets

Share-based compensation

Deferred income taxes

Other non-cash items

Changes in assets and liabilities, net of effects from acquisitions:

Trade accounts receivable

Prepaid expenses and other assets

Accounts payable and other liabilities

Deferred revenue

Net cash provided by operating activities

Cash flows from investing activities

Capital expenditures, including capitalization of software costs

Payments for acquisitions of businesses, net of cash acquired

Other investing activities

Net cash used in investing activities

Cash flows from financing activities

Repayments of long-term debt

Issuance of common stock and treasury stock

Purchases of treasury stock

Other financing activities

Net cash used in financing activities

Change in cash and cash equivalents

Net cash transactions from discontinued operations

Beginning balance

Ending balance

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Assets

Cash and cash equivalents

Trade accounts receivable – net

Deferred income taxes

Prepaid expenses and other current assets

Total current assets

Property and equipment – net

Intangible assets – net

Goodwill

Other long-term assets

Total assets

Liabilities and Shareholders’ Equity

Accounts payable and accrued expenses

Current maturities of long-term debt

Deferred revenue

Total current liabilities

Long-term debt

Deferred income taxes

Other long-term liabilities

Total liabilities

Shareholders’ equity

Total liabilities and shareholders’ equity

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Free Cash Flow ⁽¹⁾

(In millions, unaudited)

Three Months Ended

March 31,

Net cash provided by operating activities

Capital expenditures

Other adjustments

Free cash flow

Free cash flow is calculated as net cash provided by operating activities less capital expenditures and excludes the net change in settlement assets and obligations and tax-effected severance, merger and integration payments.

Adjusted Internal Revenue Growth ⁽¹⁾

Payments Segment

Financial Segment

Total Company

Adjusted internal revenue growth is measured as the increase or decrease in adjusted revenue (see page 9), excluding acquired revenue, for the current period divided by adjusted revenue from the prior year period. Acquired revenue in the Payments segment, and for the total company, was $2 million in the first quarter of 2011.