December 31, 2007, Columbus, GA — Synovus (NYSE: SNV), the Columbus, Georgia-based financial services company, today announced that it completed the spin-off to Synovus’ shareholders of the shares of TSYS stock formerly owned by Synovus. The spin-off was completed on of a share of TSYS common stock for every share of Synovus common stock held on that date. Shareholders of Synovus will receive cash in lieu of fractional shares for amounts of less than one TSYS share. As a result of the distribution, TSYS is now a fully independent, publicly-traded company. Immediately prior to the spin-off, TSYS paid on a pro rata basis to its shareholders, including Synovus, a one-time special cash dividend of $600 million.
Synovus has adjusted its dividend so that Synovus’ shareholders who retain their TSYS shares will initially receive, in the aggregate, the same dividend per share that existed before the spin-off. As a result, Synovus has lowered its annual dividend per share from $0.82 to $0.68. Initially, TSYS’ annual dividend per share is expected to remain at $0.28, which translates to an aggregate $0.82 dividend per share to Synovus shareholders who retain their TSYS shares. Decisions regarding future dividends will be made independently by the Synovus Board of Directors and the TSYS Board of Directors for their respective companies.
For additional information, registered shareholders of Synovus should contact Synovus’ transfer agent, BNY Mellon Shareowner Services at 1-800-503-8903. Holders of Synovus common stock who hold their shares through a broker, bank or other nominee will have their brokerage account credited with the TSYS common stock. For additional information, those holders should contact their broker or bank directly.
Patrick A. Reynolds
Director of Investor Relations
P.O. Box 120, Columbus, GA 31902