Western Union Reports Third Quarter Results

  Western Union Reports Third Quarter Results

          Revenue Increases 1%; Strong Growth in Electronic Channels

        Strategic Actions Being Implemented to Drive Long-term Growth

                 Dividend Increased by 25% to $0.50 Annually

           Share Repurchase Authorization Increased to $750 Million

          _________________________________________________________

Business Wire

ENGLEWOOD, Colo. -- October 30, 2012

The Western Union Company (NYSE: WU) today reported financial results for the
2012 third quarter.

Financial highlights for the quarter included:

  *Revenue of $1.4 billion, a reported increase of 1%, or 3% constant
    currency, compared to last year’s third quarter
  *Pro forma revenue decrease of 1% constant currency, including Travelex
    Global Business Payments (TGBP) in the prior year period
  *Operating margin of 25.7% in the current and prior year period. Operating
    margin was 26.4% excluding TGBP integration expenses of $10 million,
    compared to 26.7% excluding $14 million of restructuring expenses in the
    prior year period
  *EBITDA margin excluding TGBP integration expenses of 30.7%, compared to
    30.0% excluding restructuring expenses in the prior year period
  *Effective tax rate of 16.8%, compared to 23.6% in the prior year
  *EPS of $0.45, compared to $0.38 in the prior year. EPS excluding TGBP
    integration expense of $0.46, compared to $0.40 in the prior year
    excluding restructuring expenses
  *Year-to-date cash provided by operating activities of $860 million,
    including the impact of tax payments of approximately $90 million relating
    to the agreement with the U.S. Internal Revenue Service announced December
    15, 2011

Western Union President and Chief Executive Officer Hikmet Ersek commented,
“In the third quarter our revenues increased 1%. Business was challenging, as
soft global economic conditions, compliance related changes, and competitive
pressures in certain money transfer corridors impacted revenues. Globally,
Western Union branded consumer money transfer revenue grew slightly in
constant currency terms, with our on-line business once again delivering very
good results. We continue to generate strong cash flow, and year-to-date we
have now returned over $600 million to shareholders through share repurchase
and dividends.”

Ersek continued, “We are continuing to advance our growth strategies:
expanding our network in consumer money transfer; adding on-line and other
digital capabilities to attract new consumers; acquiring business customers
and expanding geographies in our business-to-business segment; and
establishing a global presence in stored value. As we have progressed through
2012, however, the market environment in consumer money transfer has become
more difficult, especially in recent months. To better position us for the
sustainable growth of this business we are implementing a series of strategic
actions, with a focus on enhancing our value proposition, continuing to invest
in the fast growing digital channels, and further optimizing our cost
structure.”

Ersek added, “Enhancing our value proposition will include improving the
customer experience and accelerating pricing investment in certain corridors.
Although these investments will negatively impact short-term financial
results, we believe they are the right actions to regain market share momentum
and drive long-term revenue and profit growth. Similar initiatives have
delivered solid results in the past, such as with our U.S. domestic money
transfer repositioning in late 2009.”

Ersek added, “We remain very confident about the long-term prospects for the
business. We are a leader in a growing market in consumer money transfer, and
we are taking steps to enhance our position for the future. We will continue
to execute our strategies in business-to-business, digital, and stored value.
I am also pleased to announce our board of directors has approved a 25%
increase in our dividend, to $0.50 per share annually, as well as a new $550
million share repurchase authorization, which gives us the opportunity to
repurchase up to approximately $750 million of our shares through the end of
2013.”

Strategic Action Plans

The Company is implementing a series of strategic actions focused on three key
areas: consumer value proposition, digital channels, and cost optimization.

1.) Improving the Consumer Value Proposition. To regain momentum and acquire
new customers, the Company anticipates increasing its pricing investment in
key corridors, adding new products and services, and taking additional actions
to improve the overall customer experience. Pricing actions in key corridors
are expected to be implemented in the fourth quarter of 2012, with additional
actions in 2013. Such actions typically result in immediate transaction
growth, with revenue declines in the initial 12 months leading to revenue
increases thereafter as a result of additional customer acquisition and usage.
The 2012 pricing investment is expected to remain at approximately 1% of
revenues. Various pricing actions for 2013 are still being evaluated; however,
the 2013 pricing investment is expected to be in the mid-single digit range if
all contemplated actions are implemented. The Company also anticipates
increasing investments to improve the customer experience in 2013, including
new products and services, stronger presence at point of sale, more tailored
consumer communication, and enhanced customer service.

2.) Growing Digital. The Company will continue to invest in its fast growing
digital business, with planned acceleration of investments in customer
acquisition, product capabilities, and value propositions in key corridors.
Digital revenues of $500 million by 2015 are still expected.

3.) Implementing Productivity and Cost Savings Initiatives. Beginning in the
fourth quarter of 2012, new initiatives are expected to be implemented to
improve productivity and reduce costs. Actions targeting $30 million of annual
cost savings by 2014 have currently been identified, and approximately $30
million of expenses related to these initiatives is expected to be incurred in
the fourth quarter of 2012. Additional productivity and cost savings
initiatives are expected throughout 2013.

The Impact of Strategic Actions on 2013 Financial Results. The strategic
action plans are intended to drive immediate transaction increases and
long-term revenue and profitability growth, but are anticipated to have a
negative impact on 2013 financial results. The 2013 outlook will be highly
dependent on the economic environment, the level of pricing actions, and the
level of incremental investments. At this time the Company believes 2013
constant currency revenues may decline slightly and GAAP operating income may
decline 10% to 15% from 2012 levels, if all actions are implemented as
currently contemplated. The Company will provide its 2013 outlook when it
releases fourth quarter earnings in February.

Dividend and Share Repurchase Authorization

The Company announced today that its board of directors declared a quarterly
cash dividend of $0.125 per common share, payable December 31, 2012 to
stockholders of record at the close of business on December 17, 2012. The
$0.125 quarterly dividend, which equates to $0.50 annually, represents a 25%
increase from the previous quarterly dividend of $0.10 per common share, or
$0.40 annually.

The Company also announced that its board of directors approved a new $550
million share repurchase authorization, which expires December 31, 2013. This
is in addition to the $194 million remaining as of September 30 under the
current authorization, which expires December 31, 2012.

Management Changes

The Company has implemented changes to its management structure to better
support its multi-product, multi-channel focus. The changes are intended to
improve and expedite customer focused decisions across all products and
channels and reduce costs. As part of these changes, Stewart Stockdale,
formerly EVP and President, Global Consumer Financial Services, has left the
organization. The Company would like to thank Mr. Stockdale for his
contributions over the last four years and wish him well in his future
endeavors.

2012 Outlook

The Company has updated its full year 2012 revenue, margin, and EPS outlook to
reflect lower second half revenue trends. Margins and EPS have also been
adjusted to include approximately $30 million of anticipated pre-tax expenses
related to new cost savings initiatives.

The Company now expects the following outlook for 2012:

Revenue

  *Constant currency revenue growth in a range of +4% to +5%, including a +4%
    benefit from the full year inclusion of TGBP
  *GAAP revenue growth 2% lower than constant currency
  *Business Solutions pro forma constant currency revenue growth of low to
    mid-single digits, including TGBP revenue in the prior year period

Operating Margins

  *The current outlook for margins includes an approximately 0.5% negative
    impact from expenses related to the new cost savings initiatives
  *GAAP operating margin of approximately 23.5%. The Company’s previous
    outlook for GAAP operating margin was approximately 24.5%
  *Operating margin of approximately 24.5% excluding TGBP integration costs.
    The Company’s previous outlook was approximately 25.5%
  *EBITDA margin excluding TGBP integration costs of approximately 29%. The
    Company’s previous outlook was approximately 30%

Tax Rate

  *The Company anticipates an effective tax rate in a range of 14% to 15%.
    The effective tax rate is lower than the previous outlook of 15% to 16%
    partially due to lower U.S. based income resulting from the expenses
    related to the new cost savings initiatives

Earnings Per Share

  *The current outlook for EPS includes $0.04 of expenses related to the new
    cost savings initiatives
  *GAAP EPS in a range of $1.60 to $1.63, which compares to the previous
    outlook of $1.68 to $1.72
  *EPS excluding TGBP integration expenses in a range of $1.65 to $1.68,
    which compares to the previous outlook of $1.73 to $1.77

Cash Flow from Operations

  *Cash flow from operations of approximately $1.1 billion, or $1.2 billion
    excluding anticipated tax payments of approximately $90 million relating
    to the IRS agreement announced on December 15, 2011

Additional highlights for the 2012 third quarter included:

  *Consumer-to-Consumer (C2C) revenue decrease of 4% on a reported basis and
    a decrease of 1% constant currency, with transactions at the same level as
    the prior year period. C2C constant currency revenue increased slightly
    for the Western Union brand, while the Vigo and Orlandi Valuta brands
    declined as a result of compliance changes related to the Southwest Border
    Agreement

       *C2C represented 81% of Company revenue
       *North America region revenue decrease of 8% from the prior year
         period, primarily due to the impact of compliance related actions
         affecting the Vigo and Orlandi Valuta brands serving the U.S. to
         Mexico and various Latin American countries
       *Europe and the CIS region revenue decrease of 9%, including a
         negative 5% impact from currency translation, primarily due to
         declines in Southern Europe and Russia
       *Middle East and Africa (MEA) region revenue flat, including a
         negative 3% impact from currency translation
       *Asia Pacific (APAC) region revenue increase of 1%, including a
         negative 1% impact from currency translation
       *Latin America and the Caribbean (LACA) region revenue increase of 4%,
         including a negative 3% impact from currency translation
       *westernunion.com revenue increase of 22%, including a negative 4%
         impact from currency translation
       *C2C operating margin of 29.4% compared to 29.0% in the prior year

  *Consumer-to-Business (C2B) payments revenue decrease of 5% reported,
    including a negative 3% impact from currency translation

       *C2B represented 10% of Company revenue
       *C2B operating margin of 25.3% compared to 21.0% in the prior year

  *Business Solutions revenue of $95 million, compared to $34 million in the
    prior year

       *Business Solutions represented 7% of Company revenue
       *Pro forma revenue flat on a constant currency basis, including TGBP
         revenue in the prior year period
       *Operating loss of $7 million, including $17 million of depreciation
         and amortization and $10 million of TGBP integration expenses
         (integration expenses include approximately $1 million that is also
         included in depreciation and amortization), compared to an operating
         loss of $2 million in the prior year (prior year does not include
         TGBP)

  *Electronic channels revenue increase of 25%

       *Electronic channels, which include westernunion.com, account based
         money transfer, and mobile money transfer, represented 4% of total
         Company revenue (included in the various segments), compared to 3% of
         Company revenue in the prior year period

  *Prepaid revenue increase of 9%

       *Prepaid including third party top-up represented 1% of Company
         revenue

  *Agent locations of approximately 510,000 as of September 30
  *Share repurchases of $112 million (6 million shares at an average price of
    $17.51 per share) and dividends declared of $0.10 per share or $60 million
    in the quarter

Additional Statistics

Additional key statistics for the quarter and historical trends can be found
in the supplemental tables included with this press release.

Non-GAAP Measures

Western Union presents a number of non-GAAP financial measures because
management believes that these metrics provide meaningful supplemental
information in addition to the GAAP metrics and provide comparability and
consistency to prior periods. These non-GAAP financial measures include
revenue change constant currency adjusted, pro forma revenue change TGBP and
constant currency adjusted, operating income margin excluding restructuring
and TGBP integration expense, EBITDA margin excluding restructuring and TGBP
integration expense, earnings per share restructuring and TGBP integration
expense adjusted, Consumer-to-Consumer segment revenue change constant
currency adjusted, Business Solutions segment pro forma revenue change TGBP
and constant currency adjusted, 2012 revenue change outlook constant currency
adjusted, 2012 operating income margin outlook TGBP integration expense
adjusted, 2012 EBITDA margin outlook TGBP integration expense adjusted, 2012
earnings per share outlook TGBP integration expense adjusted, 2012 operating
cash flow outlook IRS Agreement adjusted, and additional measures found in the
supplemental schedule included with this press release.

Reconciliations of non-GAAP to comparable GAAP measures are available in the
accompanying schedules and in the “Investor Relations” section of the
Company’s website at www.westernunion.com.

EBITDA

Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
results from taking operating income and adjusting for depreciation and
amortization expenses. The 2012 EBITDA has been adjusted to exclude TGBP
integration expense, and the 2011 EBITDA has been adjusted to exclude
restructuring expenses and TGBP integration expense. EBITDA results provide an
additional performance measurement calculation which helps neutralize the
operating income effect of assets acquired in prior periods.

TGBP Integration

The Company expects approximately $50 million of integration expense for TGBP
in 2012, of which approximately $10 million was incurred in the third quarter.
TGBP integration expense consists primarily of severance and other benefits,
retention, direct and incremental expense consisting of facility relocation,
consolidation and closures; IT systems integration; amortization of a
transitional trademark license; and other expenses such as training, travel,
and professional fees. Integration expense does not include costs related to
the completion of the TGBP acquisition.

Restructuring

The Company did not incur any restructuring expenses in the third quarter of
2012. The Company recorded $14 million of restructuring charges in the third
quarter of 2011. Approximately $3 million was included in cost of services and
$11 million was included in selling, general, and administrative expense.
Restructuring expenses are not reflected in segment operating results.

Restructuring expenses include expenses related to severance, outplacement and
other related benefits; facility closure and migration of IT infrastructure;
and other expenses related to relocation of various operations to new or
existing Company facilities and third-party providers, including hiring,
training, relocation, travel, and professional fees. Also included in the
facility closure expenses are non-cash expenses related to fixed asset and
leasehold improvement write-offs, and the acceleration of depreciation and
amortization.

Currency

Constant currency results assume foreign revenues and expenses are translated
from foreign currencies to the U.S. dollar, net of the effect of foreign
currency hedges, at rates consistent with those in the prior year. Constant
currency results also assume any benefit or loss caused by foreign exchange
fluctuations between foreign currencies and the U.S. dollar, net of the effect
of foreign currency hedges, would have been consistent with the prior year.
Additionally, the measurement assumes the impact of fluctuations in foreign
currency derivatives not designated as hedges and the portion of fair value
that is excluded from the measure of effectiveness for those contracts
designated as hedges is consistent with the prior year.

Investor and Analyst Conference Call and Slide Presentation

The Company will host a conference call and webcast, including slides, at 4:30
p.m. Eastern Time today. To listen to the conference call via telephone, dial
1-888-317-6003 (U.S.) or +1-412-317-6061 (outside the U.S.) ten minutes prior
to the start of the call. The pass code is 6589160.

The conference call and accompanying slides will be available via webcast at
http://ir.westernunion.com. Registration for the event is required, so please
register at least five minutes prior to the scheduled start time.

A replay of the call will be available approximately one hour after the call
ends through November 8, 2012, at 1-877-344-7529 (U.S.) or +1-412-317-0088
(outside the U.S.). The pass code is 6589160. A webcast replay will be
available at http://ir.westernunion.com.

Please note: All statements made by Western Union officers on this call are
the property of Western Union and subject to copyright protection. Other than
the replay, Western Union has not authorized, and disclaims responsibility
for, any recording, replay or distribution of any transcription of this call.

Safe Harbor Compliance Statement for Forward-Looking Statements

This press release contains certain statements that are forward-looking within
the meaning of the Private Securities Litigation Reform Act of 1995. These
statements are not guarantees of future performance and involve certain risks,
uncertainties and assumptions that are difficult to predict. Actual outcomes
and results may differ materially from those expressed in, or implied by, our
forward-looking statements. Words such as “expects,” “intends,” “anticipates,”
“believes,” “estimates,” “guides,” “provides guidance,” “provides outlook” and
other similar expressions or future or conditional verbs such as “will,”
“should,” “would” and “could” are intended to identify such forward-looking
statements. Readers of this press release by The Western Union Company (the
“Company,” “Western Union,” “we,” “our” or “us”) should not rely solely on the
forward-looking statements and should consider all uncertainties and risks
discussed in the “Risk Factors” section and throughout the Annual Report on
Form10-K for the year ended December31, 2011. The statements are only as of
the date they are made, and the Company undertakes no obligation to update any
forward-looking statement.

Possible events or factors that could cause results or performance to differ
materially from those expressed in our forward-looking statements include the
following: (i) events related to our business and industry, such as:
deterioration in consumers' and clients' confidence in our business, or in
money transfer and payment service providers generally; changes in general
economic conditions and economic conditions in the regions and industries in
which we operate, including global economic downturns and financial market
disruptions; political conditions and related actions in the United States and
abroad which may adversely affect our business and economic conditions as a
whole; interruptions of United States government relations with countries in
which we have or are implementing material agent contracts; the pricing of our
services and any pricing investments, and their impact on our customers and
our financial results; failure to compete effectively in the money transfer
and payment service industry with respect to global and niche or corridor
money transfer providers, banks and other money transfer and payment service
providers, including telecommunications providers, card associations,
card-based payment providers and electronic and Internet providers; changes
in, and failure to manage effectively exposure to, foreign exchange rates,
including the impact of the regulation of foreign exchange spreads on money
transfers and payment transactions; changes in immigration laws, interruptions
in immigration patterns and other factors related to migrants; our ability to
adapt technology in response to changing industry and consumer needs or
trends; our failure to develop and introduce new services and enhancements,
and gain market acceptance of such services; mergers, acquisitions and
integration of acquired businesses and technologies into our Company, and the
realization of anticipated financial benefits from these acquisitions;
decisions to downsize, sell or close units, or to transition operating
activities from one location to another or to third parties, particularly
transitions from the United States to other countries; decisions to change our
business mix; failure to manage credit and fraud risks presented by our
agents, clients and consumers or non-performance by our banks, lenders, other
financial services providers or insurers; adverse movements and volatility in
capital markets and other events which affect our liquidity, the liquidity of
our agents or clients, or the value of, or our ability to recover our
investments or amounts payable to us; any material breach of security or
safeguards of or interruptions in any of our systems; our ability to attract
and retain qualified key employees and to manage our workforce successfully;
our ability to maintain our agent network and business relationships under
terms consistent with or more advantageous to us than those currently in
place; adverse rating actions by credit rating agencies; our ability to
protect our brands and our other intellectual property rights; our failure to
manage the potential both for patent protection and patent liability in the
context of a rapidly developing legal framework for intellectual property
protection; changes in tax laws and unfavorable resolution of tax
contingencies; cessation of or defects in various services provided to us by
third-party vendors; material changes in the market value or liquidity of
securities that we hold; restrictions imposed by our debt obligations;
significantly slower growth or declines in the money transfer, payment
service, and other markets in which we operate; and changes in industry
standards affecting our business; (ii) events related to our regulatory and
litigation environment, such as: the failure by us, our agents or their
subagents to comply with laws and regulations designed to detect and prevent
money laundering, terrorist financing, fraud and other illicit activity;
changes in United States or foreign laws, rules and regulations including the
Internal Revenue Code, governmental or judicial interpretations thereof and
industry practices and standards; liabilities resulting from a failure of our
agents or subagents to comply with laws and regulations; increased costs due
to regulatory initiatives and changes in laws, regulations and industry
practices and standards affecting our agents; liabilities and unanticipated
developments resulting from governmental investigations and consent agreements
with, or enforcement actions by, regulators, including those associated with
compliance with, or a failure to comply with, the settlement agreement with
the State of Arizona; the impact on our business of the Dodd-Frank Wall Street
Reform and Consumer Protection Act, the rules promulgated there-under and the
actions of the Consumer Financial Protection Bureau; liabilities resulting
from litigation, including class-action lawsuits and similar matters,
including costs, expenses, settlements and judgments; failure to comply with
regulations regarding consumer privacy and data use and security; effects of
unclaimed property laws; failure to maintain sufficient amounts or types of
regulatory capital to meet the changing requirements of our regulators
worldwide; and changes in accounting standards, rules and interpretations; and
(iii) other events, such as: adverse consequences from our spin-off from First
Data Corporation; catastrophic events; and management's ability to identify
and manage these and other risks.

About Western Union

The Western Union Company (NYSE: WU) is a leader in global payment services.
Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business
Solutions branded payment services, Western Union provides consumers and
businesses with fast, reliable and convenient ways to send and receive money
around the world, to send payments and to purchase money orders. As of
September 30, 2012, the Western Union, Vigo and Orlandi Valuta branded
services were offered through a combined network of approximately 510,000
agent locations in 200 countries and territories. In 2011, The Western Union
Company completed 226 million consumer-to-consumer transactions worldwide,
moving $81 billion of principal between consumers, and 425 million business
payments. For more information, visit www.westernunion.com.

                                                                                                         
THE WESTERN UNION COMPANY
KEY STATISTICS
(Unaudited)

                         Notes*     3Q11          4Q11          FY2011        1Q12          2Q12          3Q12            YTD 3Q12
                                                                                                                          
Consolidated Metrics
  Consolidated
  revenues (GAAP) -                 6       %     5       %     6       %     9       %     4       %     1       %       4       %
  YoY % change
  Consolidated
  revenues (constant     a          5       %     6       %     5       %     9       %     7       %     3       %       6       %
  currency) - YoY %
  change
  Agent locations                   485,000       485,000       485,000       495,000       510,000       510,000         510,000
                                                                                                                          
Consumer-to-Consumer
(C2C) Segment
  Revenues (GAAP) -                 6       %     3       %     5       %     4       %     0       %     (4)     %       0       %
  YoY % change
  Revenues (constant
  currency) - YoY %      e          4       %     3       %     4       %     5       %     3       %     (1)     %       2       %
  change
  Operating margin                  29.0    %     28.0    %     28.6    %     27.7    %     28.5    %     29.4    %       28.5    %
                                                                                                                          
  Transactions (in                  57.64         59.00         225.79        56.37         58.49         57.47           172.33
  millions)
  Transactions - YoY%               5       %     5       %     6       %     7       %     4       %     0       %       3       %
  change
                                                                                                                          
  Total principal ($ -              21.1          20.6          81.3          19.5          20.1          19.7            59.3
  billions)
  Principal per
  transaction ($ -                  366           349           360           346           344           342             344
  dollars)
  Principal per
  transaction - YoY %               3       %     (2)     %     1       %     (4)     %     (6)     %     (6)     %       (5)     %
  change
  Principal per
  transaction            f          0       %     (1)     %     0       %     (3)     %     (3)     %     (3)     %       (3)     %
  (constant currency)
  - YoY % change
                                                                                                                          
  Cross-border
  principal ($ -                    19.0          18.5          73.2          17.5          18.2          17.6            53.3
  billions)
  Cross-border
  principal - YoY %                 8       %     2       %     7       %     2       %     (2)     %     (7)     %       (3)     %
  change
  Cross-border
  principal (constant    g          5       %     3       %     5       %     3       %     1       %     (4)     %       0       %
  currency) - YoY %
  change
                                                                                                                          
  Europe and CIS
  region revenues -      t, u       3       %     (1)     %     3       %     0       %     (8)     %     (9)     %       (6)     %
  YoY % change
  Europe and CIS
  region transactions    t, u       0       %     (1)     %     1       %     1       %     (2)     %     (3)     %       (1)     %
  - YoY % change
                                                                                                                          
  North America region
  revenues - YoY %       t, v       5       %     2       %     3       %     5       %     0       %     (8)     %       (1)     %
  change
  North America region
  transactions - YoY %   t, v       6       %     5       %     7       %     6       %     2       %     (5)     %       1       %
  change
                                                                                                                          
  Middle East and
  Africa region          t, w       5       %     2       %     4       %     6       %     3       %     0       %       3       %
  revenues - YoY %
  change
  Middle East and
  Africa region          t, w       3       %     4       %     3       %     9       %     9       %     4       %       7       %
  transactions - YoY %
  change
                                                                                                                          
  APAC region revenues   t, x       10      %     6       %     10      %     7       %     4       %     1       %       4       %
  - YoY % change
  APAC region
  transactions - YoY %   t, x       7       %     9       %     9       %     6       %     5       %     2       %       4       %
  change
                                                                                                                          
  LACA region revenues   t, y       5       %     3       %     7       %     2       %     5       %     4       %       4       %
  - YoY % change
  LACA region
  transactions - YoY %   t, y       5       %     5       %     5       %     8       %     5       %     (2)     %       4       %
  change
                                                                                                                          
  westernunion.com
  region revenues -      t, z       43      %     39      %     37      %     39      %     23      %     22      %       27      %
  YoY % change
  westernunion.com
  region transactions    t, z       33      %     35      %     29      %     41      %     35      %     40      %       38      %
  - YoY % change
                                                                                                                          
  International
  revenues (GAAP) -      aa         5       %     2       %     5       %     4       %     0       %     (2)     %       0       %
  YoY % change
  International
  revenues (constant     h, aa      4       %     3       %     4       %     4       %     3       %     1       %       3       %
  currency) - YoY %
  change
  International
  transactions - YoY %   aa         4       %     5       %     5       %     6       %     4       %     0       %       4       %
  change
  International
  principal per          aa         401           381           393           378           378           378             378
  transaction ($ -
  dollars)
  International
  principal per          aa         4       %     (1)     %     3       %     (3)     %     (5)     %     (6)     %       (5)     %
  transaction - YoY %
  change
  International
  principal per
  transaction            i, aa      1       %     (1)     %     1       %     (2)     %     (2)     %     (2)     %       (2)     %
  (constant currency)
  - YoY % change
                                                                                                                          
  International
  revenues excl. US      bb         6       %     2       %     6       %     4       %     (1)     %     (2)     %       0       %
  origination (GAAP) -
  YoY % change
  International
  revenues excl. US
  origination            j, bb      4       %     3       %     4       %     4       %     3       %     2       %       3       %
  (constant currency)
  - YoY % change
  International
  transactions excl.     bb         5       %     5       %     6       %     7       %     5       %     2       %       5       %
  US origination - YoY
  % change
                                                                                                                          
  Electronic channels
  revenues - YoY %       cc         40      %     36      %     35      %     38      %     26      %     25      %       29      %
  change
                                                                                                                          
Consumer-to-Business
(C2B) Segment
  Revenues (GAAP) -                 2       %     2       %     1       %     1       %     (3)     %     (5)     %       (2)     %
  YoY % change
  Revenues (constant
  currency) - YoY %      k          3       %     3       %     2       %     3       %     0       %     (2)     %       0       %
  change
  Operating margin                  21.0    %     27.3    %     23.9    %     26.5    %     22.4    %     25.3    %       24.7    %
                                                                                                                          
Business Solutions
(B2B) Segment
  Revenues (GAAP) -                 31      %     **            **            **            **            **              **
  YoY % change
  Revenues (constant
  currency) - YoY %      l          22      %     **            **            **            **            **              **
  change
  Operating margin                  (4.8)   %     (2.8)   %     (6.0)   %     (17.0)  %     (15.7)  %     (7.9)   %       (13.4)  %
                                                                                                                          
% of Total Company
Revenue
  Consumer-to-Consumer              84      %     83      %     84      %     81      %     81      %     81      %       81      %
  segment revenues
  Europe and CIS         t, u       24      %     23      %     24      %     22      %     22      %     22      %       22      %
  region revenues
  North America region   t, v       22      %     21      %     22      %     21      %     21      %     20      %       21      %
  revenues
  Middle East and
  Africa region          t, w       16      %     16      %     15      %     15      %     15      %     15      %       15      %
  revenues
  APAC region revenues   t, x       12      %     12      %     12      %     12      %     12      %     12      %       12      %
  LACA region revenues   t, y       8       %     9       %     9       %     9       %     9       %     9       %       9       %
  westernunion.com       t, z       2       %     2       %     2       %     2       %     2       %     3       %       2       %
  region revenues
  Consumer-to-Business              12      %     11      %     11      %     11      %     11      %     10      %       11      %
  segment revenues
  Business Solutions                2       %     5       %     3       %     6       %     6       %     7       %       6       %
  segment revenues
  Electronic channels    cc         3       %     3       %     3       %     3       %     3       %     4       %       4       %
  revenues
  Prepaid revenues       dd         1       %     1       %     1       %     1       %     1       %     1       %       1       %
  Marketing expense      ee         4.5     %     4.4     %     4.1     %     3.8     %     3.7     %     4.2     %       3.9     %

* See page 16 of the press release for the applicable Note references and the
reconciliation of non-GAAP financial measures.

** Calculation of growth percentage is not meaningful due to the impact of the
TGBP acquisition in November 2011.


THE WESTERN UNION COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(in millions, except per share amounts)
                                                                                   
                      Three Months Ended                         Nine Months Ended

                      September 30,                              September 30,
                      2012            2011           Change     2012            2011            Change
Revenues:
  Transaction         $ 1,052.5       $ 1,083.2       (3)  %     $ 3,152.8       $ 3,138.2       0    %
  fees
  Foreign
  exchange              338.5           294.2         15   %       995.7           829.5         20   %
  revenues
  Other revenues       30.6          33.4         (8)  %      91.6          92.4         (1)  %
Total revenues          1,421.6         1,410.8       1    %       4,240.1         4,060.1       4    %
                                                                                                 
Expenses:
  Cost of               796.3           800.0         0    %       2,376.8         2,309.6       3    %
  services
  Selling,
  general and          259.7         247.8        5    %      819.3         723.9        13   %
  administrative
Total expenses         1,056.0       1,047.8      1    %      3,196.1       3,033.5      5    %
(a)
                                                                                                 
Operating income        365.6           363.0         1    %       1,044.0         1,026.6       2    %
                                                                                                 
Other
income/(expense):
  Interest income       1.4             1.1           27   %       4.1             3.6           14   %
  Interest              (44.6   )       (46.7   )     (4)  %       (134.1  )       (134.3  )     0    %
  expense
  Derivative
  gains/(losses),       0.1             (5.3    )     (b   )       1.0             (4.7    )     (b   )
  net
  Other income,        1.3           1.8          (28) %      9.0           30.8         (71) %
  net
Total other            (41.8   )      (49.1   )     (15) %      (120.0  )      (104.6  )     15   %
expense, net
                                                                                                 
Income before           323.8           313.9         3    %       924.0           922.0         0    %
income taxes
Provision for          54.3          74.2         (27) %      136.0         208.9        (35) %
income taxes
                                                                                                 
Net income            $ 269.5        $ 239.7        12   %     $ 788.0        $ 713.1        11   %
                                                                                                 
Earnings per
share:
  Basic               $ 0.45          $ 0.38          18   %     $ 1.29          $ 1.12          15   %
  Diluted             $ 0.45          $ 0.38          18   %     $ 1.29          $ 1.12          15   %
                                                                                                 
Weighted-average
shares
outstanding:
  Basic                 601.5           624.9                      610.5           634.3
  Diluted               604.2           627.1                      613.1           638.3
                                                                                                 
Cash dividends
declared per          $ 0.10          $ 0.08          25   %     $ 0.30          $ 0.23          30   %
common share

____________
      Total expenses includes TGBP integration expense of $2.4 million and
      $6.0 million in cost of services and $7.9 million and $25.2 million in
      selling, general and administrative for the three and nine months ended
(a)  September 30, 2012, respectively, and restructuring and related expenses
      of $3 million and $11 million in cost of services and $11 million and
      $36 million in selling, general and administrative for the three and
      nine months ended September 30, 2011, respectively.
      
(b)   Calculation not meaningful.
      

THE WESTERN UNION COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in millions, except per share amounts)
                                                            
                                                                  
                                                September 30,    December 31,
                                                2012              2011
Assets
Cash and cash equivalents (a)                   $  1,433.0        $  1,370.9
Settlement assets                                  3,326.6           3,091.2
Property and equipment, net of accumulated
depreciation of
  $372.8 and $429.7, respectively                  196.7             198.1
Goodwill                                           3,185.7           3,198.9
Other intangible assets, net of accumulated
amortization of
  $495.9 and $462.5, respectively                  848.5             847.4
Other assets                                      364.6           363.4   
Total assets                                    $  9,355.1       $  9,069.9 
                                                                  
Liabilities and Stockholders' Equity
Liabilities:
  Accounts payable and accrued liabilities      $  579.1          $  535.0
  Settlement obligations                           3,326.6           3,091.2
  Income taxes payable                             233.3             302.4
  Deferred tax liability, net                      377.8             389.7
  Borrowings                                       3,433.0           3,583.2
  Other liabilities                               258.6           273.6   
Total liabilities                                  8,208.4           8,175.1
                                                                  
Stockholders' equity:
  Preferred stock, $1.00 par value; 10
  shares authorized;
  no shares issued                                 -                 -
  Common stock, $0.01 par value; 2,000
  shares authorized;
  598.6 shares and 619.4 shares issued and
  outstanding as of
  September 30, 2012 and December 31, 2011,        6.0               6.2
  respectively
  Capital surplus                                  324.9             247.1
  Retained earnings                                940.3             760.0
  Accumulated other comprehensive loss            (124.5   )       (118.5  )
Total stockholders' equity                        1,146.7         894.8   
Total liabilities and stockholders' equity      $  9,355.1       $  9,069.9 

____________
(a)  Approximately $750 million was held by entities outside of the United
      States as of September 30, 2012.
      

                                                           
THE WESTERN UNION COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in millions)
                                                                   
                                                   Nine Months Ended

                                                   September 30,
                                                   2012            2011
                                                                   
Cash Flows From Operating Activities
Net income                                         $ 788.0         $ 713.1
  Adjustments to reconcile net income to net
  cash provided by operating activities:
      Depreciation                                   46.0            45.1
      Amortization                                   138.1           92.1
      Gain on revaluation of equity interest         -               (29.4   )
      Other non-cash items, net                      37.8            22.0
      Increase/(decrease) in cash, excluding
      the effects of acquisitions,
      resulting from changes in:
              Other assets                           (30.4   )       1.2
              Accounts payable and accrued           (23.9   )       (9.8    )
              liabilities
              Income taxes payable (a)               (69.1   )       99.7
              Other liabilities                     (26.9   )      (51.2   )
Net cash provided by operating activities            859.6           882.8
                                                                   
Cash Flows From Investing Activities
Capitalization of contract costs                     (117.1  )       (76.3   )
Capitalization of purchased and developed            (21.7   )       (8.6    )
software
Purchases of property and equipment                  (44.3   )       (39.4   )
Acquisition of businesses, net                      19.3          (136.9  )
Net cash used in investing activities                (163.8  )       (261.2  )
                                                                   
Cash Flows From Financing Activities
Proceeds from exercise of options                    52.3            94.2
Cash dividends paid                                  (122.3  )       (95.0   )
Common stock repurchased                             (416.7  )       (803.9  )
Net repayments of commercial paper                   (147.0  )       -
Net proceeds from issuance of borrowings            -             696.8   
Net cash used in financing activities               (633.7  )      (107.9  )
                                                                   
Net change in cash and cash equivalents              62.1            513.7
Cash and cash equivalents at beginning of           1,370.9       2,157.4 
period
Cash and cash equivalents at end of period         $ 1,433.0      $ 2,671.1 

____________
      The Company made tax payments of $92.4 million through the third quarter
      of 2012 due to the December 2011 agreement with the United States
(a)  Internal Revenue Services ("IRS") resolving substantially all of the
      issues related to the restructuring of our international operations in
      2003 ("IRS Agreement").
      


THE WESTERN UNION COMPANY
SUMMARY SEGMENT DATA
(Unaudited)
(in millions)
                                                                                         
                            Three Months Ended                          Nine Months Ended

                            September 30,                               September 30,
                            2012            2011            Change      2012           2011            Change
Revenues:
  Consumer-to-Consumer
  (C2C):
       Transaction fees     $ 889.6         $ 922.2         (4)   %     $ 2,655.2       $ 2,660.0       0     %
       Foreign exchange       249.6           257.2         (3)   %       737.9           730.0         1     %
       revenues
       Other revenues        12.3          13.9         (12)  %      38.0          36.5         4     %
  Total                       1,151.5         1,193.3       (4)   %       3,431.1         3,426.5       0     %
  Consumer-to-Consumer:
                                                                                                        
  Consumer-to-Business
  (C2B):
       Transaction fees       139.7           146.7         (5)   %       429.5           435.5         (1)   %
       Foreign exchange       0.8             1.5           (47)  %       2.5             4.7           (47)  %
       revenues
       Other revenues        6.8           7.1          (4)   %      19.8          21.8         (9)   %
  Total                       147.3           155.3         (5)   %       451.8           462.0         (2)   %
  Consumer-to-Business:
                                                                                                        
  Business Solutions
  (B2B) (a):
       Transaction fees       9.5             1.1           (d)          26.0            3.1           (d)   
       Foreign exchange       85.9            32.5          (d)          248.5           89.4          (d)   
       revenues
       Other revenues        -             -            (d)         0.3           0.4          (d)   
  Total Business              95.4            33.6          (d)          274.8           92.9          (d)   
  Solutions:
                                                                                                        
  Other:
       Total revenues         27.4            28.6          (4)   %       82.4            78.7          5     %
                                                                                     
Total consolidated          $ 1,421.6      $ 1,410.8      1     %     $ 4,240.1      $ 4,060.1      4     %
revenues
                                                                                                        
Operating
income/(loss):
  Consumer-to-Consumer      $ 338.8         $ 346.3         (2)   %     $ 979.0         $ 984.7         (1)   %
  Consumer-to-Business        37.2            32.6          14    %       111.8           104.9         7     %
  Business Solutions          (7.5    )       (1.6    )     (d)          (36.8   )       (7.7    )     (d)   
  (b)
  Other                      (2.9    )      (0.4    )     (d)         (10.0   )      (8.5    )     (d)   
Total segment operating       365.6           376.9         (3)   %       1,044.0         1,073.4       (3)   %
income
Restructuring and            -             (13.9   )     (d)         -             (46.8   )     (d)   
related expenses (c)
Total consolidated          $ 365.6        $ 363.0        1     %     $ 1,044.0      $ 1,026.6      2     %
operating income
                                                                                                        
                                                                                                        
Operating income/(loss)
margin:
  Consumer-to-Consumer        29.4    %       29.0    %     0.4   %       28.5    %       28.7    %     (0.2) %
  Consumer-to-Business        25.3    %       21.0    %     4.3   %       24.7    %       22.7    %     2.0   %
  Business Solutions          (7.9)   %       (4.8)   %     (3.1) %       (13.4)  %       (8.3)   %     (5.1) %
Total consolidated            25.7    %       25.7    %     0.0   %       24.6    %       25.3    %     (0.7) %
operating income margin
                                                                                                        
Depreciation and
amortization:
  Consumer-to-Consumer      $ 38.5          $ 36.1          7     %     $ 119.2         $ 104.4         14    %
  Consumer-to-Business        3.6             4.0           (10)  %       11.3            14.3          (21)  %
  Business Solutions          17.4            4.7           (d)          48.0            13.7          (d)   
  Other                      1.7           1.1          55    %      5.6           3.5          60    %
Total segment
depreciation and              61.2            45.9          33    %       184.1           135.9         35    %
amortization
Restructuring and            -             -            (d)         -             1.3          (d)   
related expenses (c)
Total consolidated
depreciation and            $ 61.2         $ 45.9         33    %     $ 184.1        $ 137.2        34    %
amortization
__________

      The significant change in Business Solutions revenues for the three and
(a)  nine months ended September 30, 2012 was primarily the result of the
      acquisition of Travelex Global Business Payments on November 7, 2011.
      
      Business Solutions operating loss includes $10.3 million and $31.2
(b)   million related to TGBP integration expense for the three and nine
      months ended September 30, 2012, respectively.
      
      Restructuring and related expenses are excluded from the measurement of
(c)   segment operating profit provided to the Chief Operating Decision Maker
      for purposes of assessing segment performance and decision making with
      respect to resource allocation.
      
(d)   Calculation not meaningful.
      

<t*Story too large*
THE WESTERN UNION COMPANY
NOTES TO KEY STATISTICS
(in millions, unless indicated otherwise)
(Unaudited)
                                                                                                             
                                                                                                                                         
                                                                                                                                         
Western Union's management believes the non-GAAP financial measures presented provide meaningful supplemental information regarding our
operating results to assist management, investors, analysts, and others in understanding our financial results and to better analyze
trends in our underlying business, because they provide consistency and comparability to prior periods.
                                                                                                                                         
A non-GAAP financial measure should not be considered in isolation or as a substitute for the most comparable GAAP financial measure. A
non-GAAP financial measure reflects an additional way of viewing aspects of our operations that, when viewed with our GAAP results and the
reconciliation to the corresponding GAAP financial measure, provide a more complete understanding of our business. Users of the financial
statements are encouraged to review our financial statements and publicly-filed reports in their entirety and not to rely on any single
financial measure. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures is included
below.
                                                                                                                                         
All adjusted year-over-year changes were calculated using prior year reported amounts, unless indicated otherwise.
                                                                                                                                         
                                                                                                                                         
                                                                                                             
                             3Q11            4Q11           FY2011         1Q12           2Q12           3Q12             YTD 3Q12  
    Consolidated Metrics
(a)    Revenues, as          $ 1,410.8       $ 1,431.3       $ 5,491.4       $ 1,393.4       $ 1,425.1       $ 1,421.6         $ 4,240.1
       reported (GAAP)
       Foreign currency
       translation            (18.2   )      10.4          (38.0   )      8.1           34.6          37.7            80.4    
       impact (m)
       Revenues,
       constant currency     $ 1,392.6      $ 1,441.7      $ 5,453.4      $ 1,401.5      $ 1,459.7      $ 1,459.3        $ 4,320.5 
       adjusted
       Prior year
       revenues, as          $ 1,329.6       $ 1,357.0       $ 5,192.7       $ 1,283.0       $ 1,366.3       $ 1,410.8         $ 4,060.1
       reported (GAAP)
       Pro forma prior
       year revenues,          N/A             N/A             N/A           $ 1,338.0       $ 1,426.0       $ 1,474.8         $ 4,238.8
       TGBP adjusted (n)
       Revenue change,
       as reported             6       %       5       %       6       %       9       %       4       %       1       %         4       %
       (GAAP)
       Revenue change,
       constant currency       5       %       6       %       5       %       9       %       7       %       3       %         6       %
       adjusted
       Pro forma revenue
       change, TGBP            N/A             N/A             N/A             4       %       0       %       (4)     %         0       %
       adjusted
       Pro forma revenue
       change, TGBP and        N/A             N/A             N/A             5       %       2       %       (1)     %         2       %
       constant currency
       adjusted (m)
                                                                                                                                         
       Operating income,
(b)    as reported           $ 363.0         $ 358.4         $ 1,385.0       $ 332.5         $ 345.9         $ 365.6           $ 1,044.0
       (GAAP)
       Reversal of
       restructuring and       13.9            -               46.8            N/A             N/A             N/A               N/A
       related expenses
       (o)
       Reversal of TGBP
       integration            N/A           4.8           4.8           6.4           14.5          10.3            31.2    
       expense (p)
       Operating income,
       excl.
       restructuring and
       TGBP
           integration       $ 376.9        $ 363.2        $ 1,436.6      $ 338.9        $ 360.4        $ 375.9          $ 1,075.2 
           expense
       Operating income
       margin, as              25.7    %       25.0    %       25.2    %       23.9    %       24.3    %       25.7    %         24.6    %
       reported (GAAP)
       Operating income
       margin, excl.           26.7    %       25.0    %       26.1    %       23.9    %       24.3    %       25.7    %         24.6    %
       restructuring
       Operating income
       margin, excl.
       restructuring and
       TGBP
           integration         N/A             25.4    %       26.2    %       24.3    %       25.3    %       26.4    %         25.4    %
           expense
                                                                                                                                         
       Operating income,
(c)    as reported           $ 363.0         $ 358.4         $ 1,385.0       $ 332.5         $ 345.9         $ 365.6           $ 1,044.0
       (GAAP)
       Reversal of
       depreciation and       45.9          55.4          192.6         63.9          59.0          61.2            184.1   
       amortization (q)
       EBITDA (q)            $ 408.9         $ 413.8         $ 1,577.6       $ 396.4         $ 404.9         $ 426.8           $ 1,228.1
       Reversal of
       restructuring and       13.9            -               45.5            N/A             N/A             N/A               N/A
       related expenses
       (o)
       Reversal of TGBP
       integration
       expense excluding
       trademark
           amortization       N/A           4.8           4.8           6.4           13.0          9.5             28.9    
           (p)
       EBITDA, excl.
       restructuring and     $ 422.8        $ 418.6        $ 1,627.9      $ 402.8        $ 417.9        $ 436.3          $ 1,257.0 
       TGBP integration
       expense
       EBITDA margin           29.0    %       28.9    %       28.7    %       28.4    %       28.4    %       30.0    %         29.0    %
       EBITDA margin,
       excl.
       restructuring and       30.0    %       29.2    %       29.6    %       28.9    %       29.3    %       30.7    %         29.6    %
       TGBP integration
       expense
                                                                                                                                         
(d)    Net income, as        $ 239.7         $ 452.3         $ 1,165.4       $ 247.3         $ 271.2         $ 269.5           $ 788.0
       reported (GAAP)
       Reversal of
       restructuring and
       related expenses,
       net of income
           tax benefit        9.7           -             32.0          N/A           N/A           N/A             N/A     
           (o)
       Net income,
       restructuring         $ 249.4         $ 452.3         $ 1,197.4       $ 247.3         $ 271.2         $ 269.5           $ 788.0
       adjusted
       Reversal of IRS
       Agreement tax          N/A           (204.7  )      (204.7  )      N/A           N/A           N/A             N/A     
       provision benefit
       (r)
       Net income,
       restructuring and     $ 249.4         $ 247.6         $ 992.7         $ 247.3         $ 271.2         $ 269.5           $ 788.0
       IRS Agreement
       adjusted
       Reversal of TGBP
       integration
       expense, net of
       income tax
           benefit (p)        N/A           3.1           3.1           4.3           10.2          6.9             21.4    
       Net income,
       restructuring,
       IRS Agreement and
       TGBP integration
           expense           $ 249.4        $ 250.7        $ 995.8        $ 251.6        $ 281.4        $ 276.4          $ 809.4   
           adjusted
       Diluted earnings
       per share
       ("EPS"), as
       reported
           (GAAP) ($ -       $ 0.38          $ 0.73          $ 1.84          $ 0.40          $ 0.44          $ 0.45            $ 1.29
           dollars)
       Impact from
       restructuring and
       related expenses,
       net of income tax
           benefit (o)        0.02          -             0.05          N/A           N/A           N/A             N/A     
           ($ - dollars)
       Diluted EPS,
       restructuring         $ 0.40          $ 0.73          $ 1.89          $ 0.40          $ 0.44          $ 0.45            $ 1.29
       adjusted ($ -
       dollars)
       Impact from IRS
       Agreement tax          N/A           (0.33   )      (0.32   )      N/A           N/A           N/A             N/A     
       provision benefit
       (r) ($ - dollars)
       Diluted EPS,
       restructuring and
       IRS Agreement         $ 0.40          $ 0.40          $ 1.57          $ 0.40          $ 0.44          $ 0.45            $ 1.29
       adjusted ($ -
       dollars)
       Impact from TGBP
       integration
       expense, net of
       income tax
           benefit (p)        N/A           -             -             -             0.02          0.01            0.03    
           ($ - dollars)
       Diluted EPS,
       restructuring,
       IRS Agreement and
       TGBP integration
           expense
           adjusted ($ -     $ 0.40         $ 0.40         $ 1.57         $ 0.40         $ 0.46         $ 0.46           $ 1.32    
           dollars)
       Diluted
       weighted-average        627.1           621.7           634.2           621.9           613.1           604.2             613.1
       shares
       outstanding
                                                                                                                         
    Consumer-to-Consumer
    Segment
(e)    Revenues, as          $ 1,193.3       $ 1,181.9       $ 4,608.4       $ 1,124.6       $ 1,155.0       $ 1,151.5         $ 3,431.1
       reported (GAAP)
       Foreign currency
       translation            (17.9   )      8.0           (39.1   )      5.2           30.1          32.8            68.1    
       impact (m)
       Revenues,
       constant currency     $ 1,175.4      $ 1,189.9      $ 4,569.3      $ 1,129.8      $ 1,185.1      $ 1,184.3        $ 3,499.2 
       adjusted
       Prior year
       revenues, as          $ 1,128.3       $ 1,151.8       $ 4,383.4       $ 1,078.1       $ 1,155.1       $ 1,193.3         $ 3,426.5
       reported (GAAP)
       Revenue change,
       as reported             6       %       3       %       5       %       4       %       0       %       (4)     %         0       %
       (GAAP)
       Revenue change,
       constant currency       4       %       3       %       4       %       5       %       3       %       (1)     %         2       %
       adjusted
                                                                                                                                         
       Principal per
(f)    transaction, as       $ 366           $ 349           $ 360           $ 346           $ 344           $ 342             $ 344
       reported ($ -
       dollars)
       Foreign currency
       translation            (11     )      2             (6      )      3             11            12              9       
       impact (m) ($ -
       dollars)
       Principal per
       transaction,
       constant currency     $ 355          $ 351          $ 354          $ 349          $ 355          $ 354            $ 353     
       adjusted ($ -
       dollars)
       Prior year
       principal per
       transaction, as       $ 355           $ 356           $ 355           $ 360           $ 365           $ 366             $ 364
       reported ($ -
       dollars)
       Principal per
       transaction             3       %       (2)     %       1       %       (4)     %       (6)     %       (6)     %         (5)     %
       change, as
       reported
       Principal per
       transaction             0       %       (1)     %       0       %       (3)     %       (3)     %       (3)     %         (3)     %
       change, constant
       currency adjusted
                                                                                                                                         
       Cross-border
(g)    principal, as         $ 19.0          $ 18.5          $ 73.2          $ 17.5          $ 18.2          $ 17.6            $ 53.3
       reported ($ -
       billions)
       Foreign currency
       translation            (0.6    )      0.2           (1.2    )      0.2           0.6           0.7             1.5     
       impact (m) ($ -
       billions)
       Cross-border
       principal,
       constant currency     $ 18.4         $ 18.7         $ 72.0         $ 17.7         $ 18.8         $ 18.3           $ 54.8    
       adjusted ($ -
       billions)
       Prior year
       cross-border
       principal, as         $ 17.6          $ 18.1          $ 68.6          $ 17.1          $ 18.6          $ 19.0            $ 54.7
       reported ($ -
       billions)
       Cross-border
       principal change,       8       %       2       %       7       %       2       %       (2)     %       (7)     %         (3)     %
       as reported
       Cross-border
       principal change,       5       %       3       %       5       %       3       %       1       %       (4)     %         0       %
       constant currency
       adjusted
                                                                                                                                         
       International
(h)    revenues, as          $ 995.7         $ 995.5         $ 3,855.8       $ 936.9         $ 964.3         $ 971.6           $ 2,872.8
       reported (GAAP)
       Foreign currency
       translation            (17.4   )      7.5           (38.0   )      4.9           29.2          32.4            66.5    
       impact (m)
       International
       revenues,             $ 978.3        $ 1,003.0      $ 3,817.8      $ 941.8        $ 993.5        $ 1,004.0        $ 2,939.3 
       constant currency
       adjusted
       Prior year
       international         $ 944.0         $ 972.4         $ 3,669.2       $ 901.7         $ 962.9         $ 995.7           $ 2,860.3
       revenues, as
       reported (GAAP)
       International
       revenue change,         5       %       2       %       5       %       4       %       0       %       (2)     %         0       %
       as reported
       (GAAP)
       International
       revenue change,         4       %       3       %       4       %       4       %       3       %       1       %         3       %
       constant currency
       adjusted
                                                                                                                                         
       International
       principal per
(i)    transaction, as       $ 401           $ 381           $ 393           $ 378           $ 378           $ 378             $ 378
       reported ($ -
       dollars)
       Foreign currency
       translation            (13     )      3             (8      )      4             14            15              11      
       impact (m) ($ -
       dollars)
       International
       principal per
       transaction,
       constant currency
           adjusted ($ -     $ 388          $ 384          $ 385          $ 382          $ 392          $ 393            $ 389     
           dollars)
       Prior year
       international
       principal per
       transaction,

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