Visa, Inc. (“Visa”) has announced that it has completed restructuring transactions in preparation for its initial public offering (“IPO”) planned for early 2008. On November 7, 2007, Visa announced that it had reached a settlement with American Express regarding certain litigation. The settlement is subject to certain conditions. First Horizon and other member banks have obligations to share in certain losses under various agreements with Visa in connection with this and certain other litigation matters against Visa proportionate to their membership interests. A portion of the proceeds from the IPO is expected to be used to fund an escrow for the American Express settlement and the other litigation matters. At this time, if the Visa IPO closes as planned, First Horizon anticipates that, in a future period, the proceeds from the IPO planned for the escrow should exceed First Horizon’s proportionate liability related to the American Express settlement.

This report contains forward-looking statements involving significant risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking information. Those factors include general economic and financial market conditions, including expectations of and actual timing and amount of interest rate movements including the slope of the yield curve, competition, customer and investor responses to these conditions, ability to execute business plans, geopolitical developments, natural disasters, and items already mentioned in this report, as well as critical accounting estimates and other factors described in First Horizon’s recent filings with the SEC. First Horizon disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements included herein or therein to reflect future events or developments.

In light of recent accounting guidance related to the Visa settlement communicated by the Securities and Exchange Commission, First Horizon has determined that it expects to recognize pre-tax expense of approximately $19 million in the fourth quarter of 2007 related to its proportionate share of Visa’s settlement with American Express.