S-I/A Table of Contents Our Transformation We have what so many innovators often lack - the ability to distribute to a large client base. We have a unique opportunity to invest in innovation, integrate new innovations into our existing offerings, and leverage the scale of our distribution. Our team's deep expertise in technology. commerce, security, operations, and control can all be harnessed to vertically extend our relationships with our clients. We are focused on embedding innovation deeply into First Data. Clover, a Silicon Valley start-up that we acquired just a few months before I joined, was the first of many examples to follow of First Data's ability to execute from concept to commercialization, at scale. We brought Clover's integrated point-of-sale operating system to market in II months. After Clover, we acquired five additional innovative commerce technology start-ups. and we now have nearly 200 employees in Silicon Valley and Silicon Alley. But buying start-ups is not the hard part. We are proud of our ability to retain the key founders and employees of each of the start-ups we have acquired, while commercializing their innovations. We know how to manage technology and technologists. Our vision is to be the industry's grand collaborator. Our core belief is that through collaboration, we will help our clients grow their business through greater choice. In the past two years, we have partnered on a variety of innovations and agreements with major and emerging netwoits, prominent global financial institutions, marquee brands, and leading technology companies large and snail. We have also invested significantly in our technology infrastructure, both in management expertise and dollars. We worked equally on our operations and our service models to deliver to our clients' expectations. And maintaining a robust control environment is a core responsibility that we have to our clients and regulators. We view our technology infrastructure. operat