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SANDS CAPITAL MANAGEMENT, LLC
> V
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 06/30/2023 | VISA INC. | V | 8,231,252 | -775,664 | 1,954,757,819,000 | -75,941,552,000 | $237,480.01 |
| 03/31/2023 | VISA INC. | V | 9,006,916 | -1,739,100 | 2,030,699,371,000 | 2,028,790,341,000 | $225,460.01 |
| 09/30/2022 | VISA INC. | V | 10,746,016 | -1,351,468 | 1,909,030,000 | -472,844,000 | $177.65 |
| 06/30/2022 | VISA INC. | V | 12,097,484 | -326,257 | 2,381,874,000 | -373,339,000 | $196.89 |
| 03/31/2022 | VISA INC. | V | 12,423,741 | -766,808 | 2,755,213,000 | -103,311,000 | $221.77 |
| 12/31/2021 | VISA INC. | V | 13,190,549 | -658,281 | 2,858,524,000 | -226,303,000 | $216.71 |
| 09/30/2021 | VISA INC. | V | 13,848,830 | 203,488 | 3,084,827,000 | -105,727,000 | $222.75 |
| 06/30/2021 | VISA INC. | V | 13,645,342 | 199,977 | 3,190,554,000 | 343,767,000 | $233.82 |
| 03/31/2021 | VISA INC. | V | 13,445,365 | -317,791 | 2,846,787,000 | -163,628,000 | $211.73 |
| 12/31/2020 | VISA INC. | V | 13,763,156 | 1,237,839 | 3,010,415,000 | 505,727,000 | $218.73 |
| 09/30/2020 | VISA INC. | V | 12,525,317 | -561,574 | 2,504,688,000 | -23,307,000 | $199.97 |
| 06/30/2020 | VISA INC. | V | 13,086,891 | -879,430 | 2,527,995,000 | 277,741,000 | $193.17 |
| 03/31/2020 | VISA INC. | V | 13,966,321 | -1,040,013 | 2,250,254,000 | -569,436,000 | $161.12 |
| 12/31/2019 | VISA INC. | V | 15,006,334 | -256,965 | 2,819,690,000 | 194,250,000 | $187.90 |
| 09/30/2019 | VISA INC. | V | 15,263,299 | -420,905 | 2,625,440,000 | -96,554,000 | $172.01 |
| 06/30/2019 | VISA INC. | V | 15,684,204 | -213,073 | 2,721,994,000 | 238,998,000 | $173.55 |
| 03/31/2019 | VISA INC. | V | 15,897,277 | -616,647 | 2,482,996,000 | 304,149,000 | $156.19 |
| 12/31/2018 | VISA INC. | V | 16,513,924 | -879,073 | 2,178,847,000 | -431,668,000 | $131.94 |
| 09/30/2018 | VISA INC. | V | 17,392,997 | -1,231,524 | 2,610,515,000 | 143,697,000 | $150.09 |
| 06/30/2018 | VISA INC. | V | 18,624,521 | -868,183 | 2,466,818,000 | 135,101,000 | $132.45 |
| 03/31/2018 | VISA INC. | V | 19,492,704 | -1,951,245 | 2,331,717,000 | -113,322,000 | $119.62 |
| 12/31/2017 | VISA INC. | V | 21,443,949 | -728,702 | 2,445,039,000 | 111,589,000 | $114.02 |
| 09/30/2017 | VISA INC. | V | 22,172,651 | -2,983,546 | 2,333,450,000 | -25,698,000 | $105.24 |
| 06/30/2017 | VISA INC. | V | 25,156,197 | -4,510,855 | 2,359,148,000 | -277,363,000 | $93.78 |
| 03/31/2017 | VISA INC. | V | 29,667,052 | -2,092,757 | 2,636,511,000 | 158,611,000 | $88.87 |
| 12/31/2016 | VISA INC. | V | 31,759,809 | -3,109,214 | 2,477,900,000 | -405,768,000 | $78.02 |
| 09/30/2016 | VISA INC. | V | 34,869,023 | -2,487,447 | 2,883,668,000 | 112,939,000 | $82.70 |
| 06/30/2016 | VISA INC. | V | 37,356,470 | 22,910,950 | 2,770,729,000 | 130,810,000 | $74.17 |
| 03/31/2016 | VISA INC. | V | 40,107,184 | -4,177,761 | 3,067,397,000 | -366,900,000 | $76.48 |
| 12/31/2015 | VISA INC. | V | 44,284,945 | 29,839,425 | 3,434,297,000 | 794,378,000 | $77.55 |
| 09/30/2015 | VISA INC. | V | 46,271,842 | -1,996,107 | 3,223,297,000 | -17,896,000 | $69.66 |
| 06/30/2015 | VISA INC. | V | 48,267,949 | 33,822,429 | 3,241,193,000 | 601,274,000 | $67.15 |
| 03/31/2015 | VISA INC. | V | 50,366,538 | 35,921,018 | 3,294,475,000 | 654,556,000 | $65.41 |
| 12/31/2014 | VISA INC. | V | 12,627,083 | -1,818,437 | 3,310,821,000 | 670,902,000 | $262.20 |
| 09/30/2014 | VISA INC. | V | 12,668,989 | -1,776,531 | 2,703,182,000 | 63,263,000 | $213.37 |
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