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MasterCard Incorporated Reports Third-Quarter 2011 Financial Results

  • Third-quarter net income of $717 million, or $5.63 per diluted share
  • Third-quarter net revenue increase of 27.3%, to $1.8 billion
  • Third-quarter gross dollar volume up 18.1% and purchase volume up 17.2%

PURCHASE, N.Y., Nov 02, 2011 (BUSINESS WIRE) -- MasterCard Incorporated (NYSE: MA) today announced financial results for the third quarter of 2011. The company reported net income of $717 million, up 38.4%, and earnings per diluted share of $5.63, up 42.9%, in each case versus the year-ago period.

Net revenue for the third quarter of 2011 was $1.8 billion, a 27.3% increase versus the same period in 2010. On a constant currency basis, net revenue increased 23.8%. Net revenue growth was primarily driven by the impact of the following:

  • An 18.1% increase in gross dollar volume on a local currency basis, to $844 billion;
  • An increase in cross-border volumes of 19.3%; and
  • An increase in processed transactions of 20.5%.

These factors were partially offset by an increase in rebates and incentives primarily due to increased volumes and new and renewed customer agreements.

Worldwide purchase volume during the quarter was up 17.2% on a local currency basis versus the third quarter of 2010, to $628 billion. As of September 30, 2011, the company's customers had issued 1.7 billion MasterCard and Maestro-branded cards.

"We are pleased with our strong results this quarter, which were driven by several factors including double-digit increases in volumes and processed transactions in most regions across the globe," said Ajay Banga, MasterCard president and chief executive officer. "Debit portfolio conversions in the U.S. and new transaction processing in Brazil and the Netherlands continue to contribute to this growth.

"Economic indicators across the world remain mixed, with the uncertainties in Europe and the United States weighing on sentiment and dominating headlines. Nonetheless, we continue to focus on displacing cash and winning share across markets. We will be adding to our domestic processing in Italy as we have signed a multi-year agreement with a major bank to convert their debit cards to Maestro-only from a co-brand with a domestic scheme. In the U.S., Huntington Bank recently announced a conversion to MasterCard debit cards and will be implementing our IPS platform. We also continue to work with governments around the world, most recently in India and Mexico, to replace some of their paper-based, manual procurement systems with MasterCard commercial products."

Total operating expenses increased 23.1%, to $816 million, during the third quarter of 2011 compared to the same period in 2010. Excluding currency fluctuations, operating expenses were up 20.8%. The increase in total operating expenses was driven by:

  • An increase in general and administrative expenses of 27.3%, or 25.2% on a constant currency basis, primarily due to expenses related to strategic initiatives and the inclusion of acquisitions;
  • An increase in advertising and marketing of 9.8%, or 6.8% on a constant currency basis, driven by sponsorships and promotional initiatives; and
  • An increase in depreciation and amortization of 38.9%, or 37.6% on a constant currency basis, primarily due to the amortization of intangible assets from our recent acquisitions and continued investments in technology.

In the third quarter of 2011, excluding acquisitions, net revenue grew approximately 24% and operating expenses grew approximately 15%.

Operating income increased 30.9%, or 26.3% on a constant currency basis, over the year-ago quarter. Operating margin was 55.1%, up from 53.6% in the third quarter of 2010.

MasterCard reported other income of $28 million in the third quarter of 2011 versus other income of $1 million in the third quarter of 2010. The increase was mainly driven by realized gains on sales of investments, an adjustment to acquisition-related provisions and a decrease in the interest accretion on litigation settlements.

MasterCard's effective tax rate was 30.5% in the third quarter of 2011, versus a rate of 32.3% in the comparable period in 2010. This decrease was primarily due to a more favorable geographic mix of earnings in the third quarter of 2011.

During the third quarter of 2011, MasterCard repurchased 250,100 shares at a cost of approximately $77 million. Quarter-to-date through October 27, the company repurchased an additional 10,900 shares of class A common stock at a cost of approximately $3 million, with $879 million remaining under the current repurchase program authorization.

Year-to-Date 2011 Results

For the nine months ended September 30, 2011, MasterCard reported net income of $1.9 billion, up 31.9%, and earnings per diluted share of $14.66, up 34.6%, in each case versus the year-ago period.

Net revenue for the nine months ended September 30, 2011 was $5.0 billion, an increase of 21.6% versus the same period in 2010, or 19.0% on a constant currency basis. Cross-border volume growth of 19.1%, gross dollar volume growth of 16.0%, transaction processing growth of 16.5% and the net impact of pricing changes of approximately 3 percentage points contributed to the net revenue growth in the year-to-date period. These factors were partially offset by an increase in rebates and incentives primarily due to increased volumes and new and renewed customer agreements.

Total operating expenses increased 18.0%, to $2.3 billion, for the nine-month period compared to the same period in 2010. Excluding currency fluctuations, total operating expenses increased 16.0%.

Year-to-date through September 30, 2011, excluding acquisitions, net revenue grew approximately 19% and operating expenses grew approximately 11%.

Operating margin was 54.6% for the nine months ending September 30, 2011, up from 53.2% in the same period last year.

Total other income was $35 million for the nine-month period versus other expense of $8 million for the same period in 2010. The change was mainly driven by realized gains on sales of investments, an adjustment to acquisition-related provisions and a decrease in the interest accretion on litigation settlements.

MasterCard's effective tax rate was 31.6% in the nine months ended September 30, 2011, versus a rate of 34.2% in the comparable period in 2010. This decrease was primarily due to a more favorable geographic mix of earnings for the nine months ended September 30, 2011, as well as discrete adjustments recognized for the nine months ended September 30, 2010.

Third-Quarter Financial Results Conference Call Details

At 9:00 a.m. ET today, the company will host a conference call to discuss its third-quarter financial results.

The dial-in information for this call is 866-202-3109 (within the U.S.) and 617-213-8844 (outside the U.S.) and the passcode is 18636458. A replay of the call will be available for one week following the meeting. The replay can be accessed by dialing 888-286-8010 (within the U.S.) and 617-801-6888 (outside the U.S.) and using passcode 80200067.

The live call and the replay, along with supporting materials, can also be accessed through the Investor Relations section of the company's website at mastercard.com.

About MasterCard Incorporated

MasterCard (NYSE: MA) is a global payments and technology company. It operates the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone. Learn more at mastercard.com.

Forward-Looking Statements

Statements in this press release which are not historical facts, including statements about MasterCard's plans, strategies, beliefs and expectations, are forward-looking and subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date they are made. Accordingly, except for the company's ongoing obligations under the U.S. federal securities laws, the company does not intend to update or otherwise revise the forward-looking information to reflect actual results of operations, changes in financial condition, changes in estimates, expectations or assumptions, changes in general economic or industry conditions or other circumstances arising and/or existing since the preparation of this press release or to reflect the occurrence of any unanticipated events. Such forward-looking statements include, without limitation, statements related to:

  • The Company's ability to displace cash and win share across markets; and
  • The ability to add to our domestic processing in Italy as a result of signing a multi-year agreement with a major bank.

Actual results may differ materially from such forward-looking statements for a number of reasons, including those set forth in the company's filings with the Securities and Exchange Commission (SEC), including the company's Annual Report on Form 10-K for the year ended December 31, 2010, the company's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that have been filed with the SEC during 2011, as well as reasons including difficulties, delays or the inability of the company to achieve its strategic initiatives set forth above. Factors other than those listed above could also cause the company's results to differ materially from expected results.

MASTERCARD INCORPORATED

CONSOLIDATED STATEMENT OF OPERATIONS

(UNAUDITED)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2011 2010 2011 2010
(in millions, except per share data)
Revenues, net $ 1,818 $ 1,428 $ 4,986 $ 4,101
Operating Expenses
General and administrative 565 444 1,599 1,335
Advertising and marketing 200 182 522 477
Depreciation and amortization 51 36 142 106
Total operating expenses 816 662 2,263 1,918
Operating income 1,002 766 2,723 2,183
Other Income (Expense)
Investment income 17 11 40 34
Interest expense (6 ) (11 ) (18 ) (43 )
Other income (expense), net 17 1 13 1
Total other income (expense) 28 1 35 (8 )
Income before income taxes 1,030 767 2,758 2,175
Income tax expense 314 248 872 743
Net income 716 519 1,886 1,432
Loss (income) attributable to non-controlling interests 1 (1 ) 1 (1 )
Net Income Attributable to MasterCard $ 717 $ 518 $ 1,887 $ 1,431
Basic Earnings per Share $ 5.65 $ 3.96 $ 14.71 $ 10.93
Basic Weighted Average Shares Outstanding 127 131 128 131
Diluted Earnings per Share $ 5.63 $ 3.94 $ 14.66 $ 10.89
Diluted Weighted Average Shares Outstanding 127 131 129 131

MASTERCARD INCORPORATED

CONSOLIDATED BALANCE SHEET

(UNAUDITED)

September 30, December 31,
2011 2010
(in millions, except share data)
ASSETS
Cash and cash equivalents $ 3,753 $ 3,067
Investment securities available-for-sale, at fair value 639 831
Investment securities held-to-maturity - 300
Accounts receivable 763 650
Settlement due from customers 522 497
Restricted security deposits held for customers 636 493
Prepaid expenses 280 315
Deferred income taxes 95 216
Other current assets 65 85
Total Current Assets 6,753 6,454
Property, plant and equipment, at cost, net of accumulated depreciation 450 439
Deferred income taxes 23 5
Goodwill 1,032 677
Other intangible assets, net of accumulated amortization 677 530
Auction rate securities available-for-sale, at fair value 78 106
Investment securities held-to-maturity 36 36
Prepaid expenses 366 365
Other assets 259 225
Total Assets $ 9,674 $ 8,837
LIABILITIES AND EQUITY
Accounts payable $ 289 $ 272
Settlement due to customers 571 636
Restricted security deposits held for customers 636 493
Obligations under litigation settlements 6 298
Accrued expenses 1,451 1,315
Other current liabilities 152 129
Total Current Liabilities 3,105 3,143
Deferred income taxes 125 74
Obligations under litigation settlements - 4
Other liabilities 462 400
Total Liabilities 3,692 3,621
Commitments and Contingencies
Stockholders' Equity

Class A common stock, $.0001 par value; authorized 3,000,000,000 shares, 131,682,967 and
129,436,818 shares issued and 120,607,197 and 122,696,228 outstanding, respectively

- -

Class B common stock, $.0001 par value; authorized 1,200,000,000 shares, 6,321,440 and
8,202,380 issued and outstanding, respectively

- -
Additional paid-in-capital 3,489 3,445
Class A treasury stock, at cost, 11,075,770 and 6,740,590 shares, respectively (2,366 ) (1,250 )
Retained earnings 4,745 2,915
Accumulated other comprehensive income:
Cumulative foreign currency translation adjustments 116 105
Defined benefit pension and other postretirement plans, net of tax (12 ) (12 )
Investment securities available-for-sale, net of tax - 2
Total accumulated other comprehensive income 104 95
Total Stockholders' Equity 5,972 5,205
Non-controlling interests 10 11
Total Equity 5,982 5,216
Total Liabilities and Equity $ 9,674 $ 8,837

MASTERCARD INCORPORATED

CONSOLIDATED STATEMENT OF CASH FLOWS

(UNAUDITED)

Nine Months Ended September 30,
2011 2010
(in millions)
Operating Activities
Net income $ 1,886 $ 1,432
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 142 106
Share based payments 53 49
Stock units withheld for taxes (33 ) (125 )
Tax benefit for share based compensation (11 ) (85 )
Accretion of imputed interest on litigation settlements 5 29
Deferred income taxes 136 158
Other 2 9
Changes in operating assets and liabilities:
Accounts receivable (100 ) (53 )
Income taxes receivable - (16 )
Settlement due from customers (16 ) 42
Prepaid expenses 39 (46 )
Obligations under litigation settlements (302 ) (455 )
Accounts payable (8 ) (45 )
Settlement due to customers (84 ) (29 )
Accrued expenses 163 28
Net change in other assets and liabilities 28 28
Net cash provided by operating activities 1,900 1,027
Investing Activities
Acquisition of business, net of cash acquired (460 ) -
Increase in restricted cash - (527 )
Purchases of property, plant and equipment (51 ) (37 )
Capitalized software (65 ) (68 )
Purchases of investment securities available-for-sale (188 ) (118 )
Proceeds from sales of investment securities available-for-sale 371 94
Proceeds from maturities of investment securities available-for-sale 36 86
Proceeds from maturities of investment securities held-to-maturity

301

-
Investment in nonmarketable equity investments (8 ) (12 )

Other investing activities

9

(1 )
Net cash used in investing activities (55 ) (583 )
Financing Activities
Purchases of treasury stock (1,118 ) -
Payment of debt (21 ) -
Dividends paid (58 ) (59 )
Tax benefit for share based compensation 11 85
Cash proceeds from exercise of stock options 15 10
Net cash (used in) provided by financing activities (1,171 ) 36
Effect of exchange rate changes on cash and cash equivalents 12 (56 )
Net increase in cash and cash equivalents 686 424
Cash and cash equivalents - beginning of period 3,067 2,055
Cash and cash equivalents - end of period $ 3,753 $ 2,479

MASTERCARD INCORPORATEDOPERATING PERFORMANCE

For the 3 Months ended September 30, 2011
All MasterCard Credit, GDV Growth Growth Purchase

Volume

Growth Purchase

Trans.

Cash

Volume

Growth Cash

Trans.

Accounts Cards Acceptance

Locations

Charge and Debit Programs (Bil.) (USD) (Local) (Bil.) (Local) (Mil.) (Bil.) (Local) (Mil.) (Mil.) (Mil.) (Mil.)
APMEA

$

212

35.0 % 25.0 % $ 144 27.2 % 1,483 $ 67 20.7 % 469 295 320 9.6
Canada 31 14.7 % 8.0 % 28 10.7 % 305 3 -13.6 % 6 40 48 0.9
Europe 259 25.1 % 17.3 % 185 13.7 % 2,326 73 27.7 % 413 216 231 9.3
Latin America

71

30.6 % 24.6 %

43

29.1 %

697

28

18.3 %

172

106

130

4.6

Worldwide less United States 573 28.6 % 20.4 % 401 19.5 % 4,810 172 22.4 % 1,059 656 729 24.3
United States

271

13.6 % 13.6 %

227

13.3 %

4,037

44

15.1 %

276

273

305

8.5

Worldwide 844 23.4 % 18.1 % 628 17.2 % 8,847 215 20.8 % 1,335 929 1,034 32.9
MasterCard Credit and Charge Programs
Worldwide less United States 399 25.8 % 18.0 % 339 19.0 % 3,755 60 12.6 % 255 462 523
United States

140

7.1 % 7.1 %

130

6.8 %

1,551

10

10.5 %

8

147

175

Worldwide 539 20.4 % 14.9 % 469 15.3 % 5,306 70 12.3 % 263 609 699
MasterCard Debit Programs
Worldwide less United States 174 35.5 % 26.3 % 62 22.8 % 1,055 112 28.4 % 804 194 206
United States

131

21.6 % 21.6 %

97

23.4 %

2,486

34

16.5 %

268

126

130

Worldwide 304 29.1 % 24.2 % 159 23.2 % 3,541 146 25.4 % 1,072 320 336
For the 9 Months ended September 30, 2011
All MasterCard Credit, GDV Growth Growth Purchase

Volume

Growth Purchase

Trans.

Cash

Volume

Growth Cash

Trans.

Accounts Cards
Charge and Debit Programs (Bil.) (USD) (Local) (Bil.) (Local) (Mil.) (Bil.) (Local) (Mil.) (Mil.) (Mil.)
APMEA

$

586

33.0 % 23.4 % $ 397 25.4 % 4,173 $ 189 19.3 % 1,319 295 320
Canada 88 14.1 % 7.6 % 80 9.5 % 855 9 -7.2 % 16 40 48
Europe 722 23.8 % 16.6 % 524 13.6 % 6,568 198 25.4 % 1,144 216 231
Latin America

202

30.9 % 23.2 %

119

27.6 %

1,965

83

17.4 %

505

106

130

Worldwide less United States

1,598

27.3 % 19.3 % 1,119 18.6 % 13,561 479 20.8 % 2,984 656 729
United States

787

9.8 % 9.8 %

662

10.7 %

11,670

125

5.3 %

800

273

305

Worldwide

2,385

20.9 % 16.0 % 1,781 15.5 % 25,231 604 17.2 % 3,784 929 1,034
MasterCard Credit and Charge Programs
Worldwide less United States

1,115

23.6 % 15.8 % 949 17.3 % 10,639 166 7.7 % 715 462 523
United States

400

5.8 % 5.8 %

374

6.0 %

4,444

26

3.5 %

23

147

175

Worldwide

1,515

18.3 % 13.0 % 1,323 13.9 % 15,083 192 7.1 % 738 609 699
MasterCard Debit Programs
Worldwide less United States 483 36.9 % 28.1 % 170 26.2 % 2,922 313 29.2 % 2,268 194 206
United States

387

14.3 % 14.3 %

288

17.6 %

7,226

99

5.8 %

777

126

130

Worldwide 870 25.8 % 21.6 % 458 20.6 % 10,148 411 22.7 % 3,046 320 336
For the 3 Months ended September 30, 2010
All MasterCard Credit, GDV Growth Growth Purchase

Volume

Growth Purchase

Trans.

Cash

Volume

Growth Cash

Trans.

Accounts Cards
Charge and Debit Programs (Bil.) (USD) (Local) (Bil.) (Local) (Mil.) (Bil.) (Local) (Mil.) (Mil.) (Mil.)
APMEA

$

157

22.5 % 16.4 % $ 104 15.0 % 1,239 $ 53 19.2 % 388 265 289
Canada 27 10.1 % 4.3 % 24 5.2 % 279 3 -2.9 % 5 38 46
Europe 207 6.2 % 13.9 % 154 13.2 % 2,041 53 15.9 % 333 191 205
Latin America

54

19.5 % 17.1 %

31

22.4 %

566

23

10.7 %

160

103

126

Worldwide less United States 445 13.3 % 14.5 % 313 14.0 % 4,124 132 15.7 % 886 597 665
United States

238

-2.2 % -2.2 %

200

-0.9 %

3,549

38

-8.6 %

246

258

289

Worldwide 684 7.4 % 8.1 % 514 7.7 % 7,673 170 9.2 % 1,132 855 954
MasterCard Credit and Charge Programs
Worldwide less United States 317 8.5 % 9.5 % 267 11.6 % 3,281 50 -0.6 % 235 445 504
United States

131

-0.9 % -0.9 %

122

0.4 %

1,498

9

-16.2 %

8

144

172

Worldwide 448 5.6 % 6.2 % 389 7.9 % 4,780 59 -3.4 % 243 588 675
MasterCard Debit Programs
Worldwide less United States 128 27.3 % 29.1 % 46 30.2 % 843 82 28.5 % 651 152 162
United States

108

-3.7 % -3.7 %

79

-2.9 %

2,051

29

-6.0 %

238

114

117

Worldwide 236 11.0 % 11.7 % 125 7.1 % 2,894 111 17.3 % 889 266 279
For the 9 Months ended September 30, 2010
All MasterCard Credit, GDV Growth Growth Purchase

Volume

Growth Purchase

Trans.

Cash

Volume

Growth Cash

Trans.

Accounts Cards
Charge and Debit Programs (Bil.) (USD) (Local) (Bil.) (Local) (Mil.) (Bil.) (Local) (Mil.) (Mil.) (Mil.)
APMEA

$

440

27.9 % 18.6 % $ 291 16.1 % 3,525 $ 150 23.7 % 1,096 265 289
Canada 77 16.1 % 3.2 % 69 4.8 % 787 9 -8.1 % 15 38 46
Europe 583 11.7 % 13.3 % 436 13.3 % 5,735 148 13.3 % 932 191 205
Latin America

154

23.5 % 16.3 %

87

21.3 %

1,581

67

10.4 %

469

103

126

Worldwide less United States

1,255

18.7 % 14.8 % 882 14.2 % 11,628 373 16.0 % 2,512 597 665
United States

716

-1.2 % -1.2 %

598

0.3 %

10,542

118

-7.8 %

759

258

289

Worldwide

1,972

10.6 % 8.4 % 1,480 8.1 % 22,170 492 9.2 % 3,271 855 954
MasterCard Credit and Charge Programs
Worldwide less United States 902 13.5 % 9.5 % 758 11.9 % 9,355 145 -1.6 % 690 445 504
United States

378

-3.3 % -3.3 %

353

-0.5 %

4,306

25

-30.9 %

22

144

172

Worldwide

1,280

8.0 % 5.3 % 1,110 7.6 % 13,661 170 -7.5 % 712 588 675
MasterCard Debit Programs
Worldwide less United States 353 34.3 % 31.0 % 124 31.1 % 2,273 228 30.9 % 1,822 152 162
United States

338

1.3 % 1.3 %

245

1.3 %

6,236

93

1.4 %

737

114

117

Worldwide 691 15.9 % 14.6 % 370 9.7 % 8,509 322 20.8 % 2,559 266 279
APMEA = Asia Pacific / Middle East / Africa
Note that the figures in the preceding tables may not sum due to rounding; growth represents change from the comparable year-ago period

Footnote

The tables set forth the gross dollar volume ("GDV"), purchase volume, cash volume and the number of purchase transactions, cash transactions, accounts, cards and acceptance locations on a regional and global basis for MasterCard(R)-branded and MasterCard Electronic(TM)-branded cards. Growth rates over prior periods are provided for volume-based data.

Debit transactions on Maestro(R) and Cirrus(R)-branded cards, Mondex(R) transactions and transactions involving brands other than MasterCard are not included in the preceding tables.

For purposes of the table: GDV represents purchase volume plus cash volume and includes the impact of balance transfers and convenience checks; "purchase volume" means the aggregate dollar amount of purchases made with MasterCard-branded cards for the relevant period; and "cash volume" means the aggregate dollar amount of cash disbursements obtained with MasterCard-branded cards for the relevant period. The number of cards includes virtual cards, which are MasterCard-branded payment accounts in connection with which functional cards are not generally issued. Acceptance locations include merchant locations, ATMs and other locations where cash may be obtained.

The MasterCard payment product is comprised of credit, charge and debit programs, and data relating to each type of program is included in the tables. Debit programs include MasterCard-branded debit programs where the primary means of cardholder validation at the point of sale is for cardholders either to sign a sales receiptor enter a PIN. The tables include information with respect to transactions involving MasterCard-branded cards that are not processed by MasterCard and transactions for which MasterCard does not earn significant revenues.

Information denominated in U.S. dollars is calculated by applying an established U.S. dollar/local currency exchange rate for each local currency in which MasterCard volumes are reported. These exchange rates are calculated on a quarterly basis using the average exchange rate for each quarter. MasterCard reports period-over-period rates of change in purchase volume and cash volume on the basis of local currency information, in order to eliminate the impact of changes in the value of foreign currencies against the U.S. dollar in calculating such rates of change.

The data set forth in the GDV, purchase volume, purchase transactions, cash volume and cash transactions columns is provided by MasterCard customers and is subject to verification by MasterCard and partial cross-checking against information provided by MasterCard's transaction processing systems. The data set forth in the accounts and cards columns is provided by MasterCard customers and is subject to certain limited verification by MasterCard. A portion of the data set forth in the accounts and cards columns reflects the impact of routine portfolio changes among customers and other practices that may lead to over counting of the underlying data in certain circumstances. In order to provide a true indication of how broadly our cards can be used, MasterCard seeks to provide the most accurate acceptance figures possible and to maintain that MasterCard acceptance is unsurpassed worldwide by periodically validating our results with third parties. The data set forth in the acceptance locations column is derived through a proprietary methodology designed to minimize the impact of multiple acquiring in certain markets. This data is based on information provided by our customers and other third parties and is subject to certain limited verification by MasterCard and partial cross-checking against information provided by MasterCard's transaction processing systems. All data is subject to revision and amendment by MasterCard's customers subsequent to the date of its release.

Performance information for prior periods can be found in the "Investor Relations" section of MasterCard's website at http://www.mastercard.com.

SOURCE: MasterCard Incorporated

MasterCard Incorporated
Investor Relations:
Barbara Gasper, 914-249-4565
investor_relations@mastercard.com
or
Media Relations:
Jennifer Stalzer, 914-249-5325
jennifer_stalzer@mastercard.com