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Earthport Board Recommends Shareholders Accept Increased Visa Offer

Visa International Service Association, or Bidco, a wholly-owned direct subsidiary of Visa Inc. (V), announced a recommended increased all cash offer for the entire issued and to be issued ordinary share capital of Earthport to be implemented by way of a takeover offer. The Earthport directors recommended unanimously that Earthport shareholders accept the increased Visa offer.

Under the terms of the increased Visa offer, each Earthport shareholder will be entitled to receive: for each Earthport share held 37 pence in cash. The increased Visa offer values the entire issued and to be issued ordinary share capital of Earthport at approximately 247 million pounds on a fully diluted basis.

The boards of Bidco and Earthport believe that the increased Visa offer price of 37 pence per Earthport share in cash is compelling and urge Earthport shareholders to take no action in relation to the Mastercard offer.

Sunil Sabharwal, Interim Chairman of Earthport, said: "The Board of Earthport is pleased to recommend Bidco's cash offer for Earthport which is at a 12 percent premium to the Mastercard proposal. This revised cash offer provides our shareholders with even greater value in cash for their shares."

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