__2nd_Quarter report for ______GPN_____	Date:	2/15/12

Percentage change in Sales from year ago quarter_____10.68__________

Percentage change in Earnings per Share from year ago quarter_____16.48__________

(from top left box on p. 1 of SSG)

Is company meeting our target sales & earnings estimates at bottom of p. 1 of SSG? YES

Pre-tax Profit on sales trend? (up, even, down) EVEN

Return on equity trends? (up, even, down) UP

Debt? (up, even, down) DOWN

Current PE is _17.9____. (Section 3 SSG)

Where does it fall in my estimated High/low range of PE's?__LOW_______

Signature PE =_ 23.4________

Club cost basis for this stock is _$38.5653_______. Current price is __$51.81_____

(from latest valuation)

Has stock met S&P's 12-month target price from a year ago?__YES $51______

Current fair value: Morningstar:__$45______ S&P:_____$55.80______

My SSG Total Return is ___16.5________ Projected Average Return is _____11.7__________

What will drive future growth?_In addition to generating returns from credic card processing, it has recently acquired a company that will expand distribution in the Russian Federation by adding 20 new regions. It has acquired a business in Malta and plans to buy a US merchant portfolio company from VISA. These should add 19,000+ merchants to its network. ________________________________________________

Additional comments:

Recommend: Buy More ____, Hold____X_____, Challenge with a better investment______, Sell____.