Supports Sale of Debit Network

Calls For Comprehensive Review of Entire Asset Portfolio

Believes Further Board Change Needed

NEW YORK, July 30, 2026 /PRNewswire/ -- JANA Partners ("JANA") today announced that it has sent a letter to the Board of Directors (the "Board") of Fiserv, Inc. (Nasdaq: FISV) ("Fiserv" or the "Company") calling on the Company to conduct a comprehensive strategic review of its entire portfolio and implement Board changes to address persistent governance issues.

The full text of the letter is as follows:

July 30, 2026

Board of Directors
Fiserv, Inc. (the "Company")
600 N. Vel R. Phillips Avenue
Milwaukee, WI 53203
Attention: Takis Georgakopoulos, Chief Executive Officer

Ladies & Gentlemen,

JANA Partners Management, LP ("we" or "us") are writing to express our support for the Company's reported decision to explore a sale of its debit network assets and to call upon the Board to take two further steps: first, to expand that process into a formal and comprehensive review of the Company's entire portfolio; and second, to implement additional Board change to address ongoing concerns regarding stewardship.

Following a highly tumultuous period for Fiserv that saw a dramatic earnings reset and a nearly 80% decline in its stock price from its 2025 highs, we invested in the Company on the basis that a turnaround could return it to its historical 'compounder' model and that there is significant untapped value embedded in its portfolio of assets, many of which would command a value well in excess of where Fiserv trades in the public market. While we remain supportive of Fiserv's turnaround plan, management turnover and continued missteps have widened Fiserv's discount to its intrinsic value. We believe divestitures would significantly reduce that discount while at the same time help restore credibility with investors. Given Fiserv's large and diverse collection of assets, we are convinced that a comprehensive review, rather than a piecemeal, asset-by-asset approach, is the best way to unlock value.

Additionally, while we have been supportive of recent Board changes at Fiserv, they have unfortunately proven insufficient to remediate the Company's governance issues. Recent failures in executive talent retention and attraction, including allowing senior executives to tie their own employment agreements to the continued service of the CEO, have further damaged the Board's standing with investors. As such, we believe the Company requires further Board change.

We appreciate our constructive dialogue and look forward to the Board's prompt response.

Sincerely,

Scott Ostfeld
Managing Partner & Portfolio Manager

Disclaimer

This press release and the opinions herein are for general information only, and are not intended to be, nor should they be construed as, an offer to sell or a solicitation of an offer to buy any security, a recommendation to purchase or sell any security, or legal, financial, tax, investment, or other advice. Funds managed by JANA currently beneficially own and have other economic interests in shares of the Company. These funds are in the business of trading (i.e., buying and selling) securities and intend to continue trading in the securities of the Company. You should assume such funds may from time to time sell all or a portion of their respective holdings of the Company in open market transactions or otherwise, buy additional shares (in open market or privately negotiated transactions or otherwise), or trade in options, puts, calls, swaps or other derivative instruments relating to such shares, subject to applicable law. Consequently, JANA's beneficial ownership of shares of, and/or economic interest in, the Company may vary over time depending on various factors, with or without regard to their respective views of the Company's business, prospects, or valuation (including the market price of the Company's shares), including without limitation, other investment opportunities available to them, concentration of positions in the portfolios managed by them, conditions in the securities markets and general economic and industry conditions. JANA reserves the right to change any of their respective opinions expressed herein at any time as they deem appropriate and disclaim any obligation to notify the market or any other party of any such change, except as required by law.

About JANA Partners
JANA Partners was founded in 2001 by Barry Rosenstein. JANA invests in undervalued public companies and engages with management teams and boards to unlock value for shareholders.

Contacts

Media
Jonathan Gasthalter/Deanna Spaulding
Gasthalter & Co.
JANA@Gasthalter.com
(212) 257-4170

Investors
IR@janapartners.com

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SOURCE JANA Partners