UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 2, 2012

MasterCard Incorporated 
(Exact name of registrant as specified in its charter)

 
					
Delaware	 	001-32877	 	13-4172551	
(State or other jurisdiction
of incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification No.)	
		
2000 Purchase Street
Purchase, New York	 	10577	
(Address of principal executive offices)	 	(Zip Code)	
(914) 249-2000
(Registrant’s telephone number, including area code)
NOT APPLICABLE 
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

Item 2.02 Results of Operations and Financial Condition
On February 2, 2012, MasterCard Incorporated (“MasterCard”) issued a press release announcing financial results for its fourth quarter and year ended December 31, 2011.
A copy of the press release is attached hereto as Exhibit 99.1. All information in the press release is furnished but not filed.
Non-GAAP Financial Information
In the attached press release, MasterCard discloses the following non-GAAP financial measures:
 
 	•	 	Total operating expenses, operating income, net income and earnings per share presented on a pro forma basis giving effect to the exclusion of provisions for the financial portion of potential litigation settlements during each of the three months and year ended December 31, 2011. MasterCard excluded this item because MasterCard’s management monitors provisions for material litigation settlements separately from ongoing operations and evaluates ongoing performance without these amounts. MasterCard’s management believes that the non-GAAP financial measures presented facilitate understanding of MasterCard’s operating performance and meaningful comparison of its results between periods; and	
 
 	•	 	Effective tax rate presented on a pro forma basis giving effect to the exclusion of income tax benefits associated with the provisions for the financial portion of potential litigation settlements during each of the three months and year ended December 31, 2011. MasterCard’s management believes the non-GAAP financial measure presented facilitates understanding of MasterCard’s operating performance and meaningful comparison of its results between periods.	
MasterCard’s management uses these non-GAAP financial measures to, among other things, evaluate its ongoing operations in relation to historical results, for internal planning and forecasting purposes and in the calculation of performance-based compensation.
Pursuant to the requirements of Regulation S-K, the attached press release includes reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures. The presentation of non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s related financial results prepared in accordance with GAAP.
 
2

Item 7.01 Regulation FD Disclosure
On February 2, 2012, MasterCard will host a conference call to discuss its fourth quarter and year ended December 31, 2011 financial results. A copy of the presentation to be used during the   conference call is attached hereto as Exhibit 99.2. All information in the presentation is furnished but not filed.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.

Exhibit
Number	  	Exhibit Description	
		
99.1	  	Press Release issued by MasterCard Incorporated, dated February 2, 2012.	
		
99.2	  	Presentation of MasterCard Incorporated, dated February 2, 2012.	
 
3

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	 	MASTERCARD INCORPORATED	
			
Date: February 2, 2012	 	By	 	/s/ Noah J. Hanft 	
	 		 	Noah J. Hanft	
	 		 	General Counsel, Chief Franchise Integrity
Officer and Corporate Secretary	
 
4

EXHIBIT INDEX

Exhibit
Number	  	Exhibit Description	
		
99.1	  	Press Release issued by MasterCard Incorporated, dated February 2, 2012.	
		
99.2	  	Presentation of MasterCard Incorporated, dated February 2, 2012.	
 
5

Exhibit 99.1

MasterCard Incorporated Reports
Fourth-Quarter and Full-Year 2011
Financial Results
 
 	•	 	Quarter net income of $514 million, or $4.03 per diluted share, excluding a special item	
 
 	•	 	Quarter net income of $19 million, or $0.15 per diluted share, including a special item	
 
 	•	 	Fourth-quarter net revenue increase of 20.2%, to $1.7 billion	
 
 	•	 	Fourth-quarter gross dollar volume up 16.3% and purchase volume up 15.2%	
Purchase, NY, February 2, 2012 – MasterCard Incorporated (NYSE: MA) today announced financial results for the fourth quarter of 2011. Excluding a special item, the company reported net income of $514 million, up 23.7%, and earnings per diluted share of $4.03, up 27.5%, in each case versus the year-ago period. Including the special item, a $495 million after-tax charge related to the U.S. merchant litigations, the company reported net income of $19 million, or $0.15 per diluted share. The company’s total operating expenses, operating income, effective tax rate, net income and earnings per share, excluding the special item, are non-GAAP financial measures that are reconciled to their most directly comparable GAAP measures in the accompanying financial tables.
Net revenue for the fourth quarter of 2011 was $1.7 billion, a 20.2% increase versus the same period in 2010. On a constant currency basis, net revenue increased 20.8% compared to the same period in 2010. Net revenue growth was driven by the impact of the following:
 
 	•	 	An increase in cross-border volumes of 17.5%;	
 
 	•	 	A 16.3% increase in gross dollar volume on a local currency basis, to $863 billion; and	
 
 	•	 	An increase in processed transactions of 23.2%, to 7.7 billion.	
These factors were partially offset by an increase in rebates and incentives primarily due to new and renewed agreements and increased volumes.
Worldwide purchase volume during the quarter was up 15.2% on a local currency basis versus the fourth quarter of 2010, to $648 billion. As of December 31, 2011, the company’s customers had issued 1.8 billion MasterCard and Maestro-branded cards.
“We are pleased with our strong fourth quarter results as we are seeing sustained momentum driven by new deals and the ongoing shift away from paper-based payments,” said Ajay Banga, MasterCard president and chief executive officer. “For the full year, despite ongoing economic uncertainties, we posted strong performance ahead of our long-term objectives.
“Solid execution at the local level continued to result in new business wins in 2011, with a recent agreement from KeyBank that includes PIN debit and our IPS platform, as well as credit and debit deals with nearly 150 U.S.-based independent banks and credit unions. Additionally, we continue to lay the foundation for growth through strategic partnerships with Western Union, Telefónica and Intel to provide consumers in developed and emerging markets with access to more efficient and safer forms of electronic payments,” Banga concluded.
 
-more-

MasterCard Incorporated – Page 2
 
Based on progress to date in mediation related to the U.S. merchant litigations, the company recorded a $770 million pre-tax charge, or $495 million on an after-tax basis, in the fourth quarter of 2011. This special item represents the company’s financial portion of a potential settlement in these cases.
Excluding the special item, total operating expenses increased 11.5%, to $968 million, during the fourth quarter of 2011 compared to the same period in 2010. Currency fluctuations had a minimal impact on operating expense growth. The increase in total operating expenses was driven by:
 
 	•	 	A 14.3% increase in general and administrative expenses, primarily due to higher personnel costs in support of strategic growth initiatives and the inclusion of expenses related to acquisitions.	
 
 	•	 	A 4.8% increase in advertising and marketing expenses to $319 million, primarily due to support of strategic initiatives and sponsorship activities.	
Including the special item, total operating expenses for the fourth quarter of 2011 increased 100.1% versus the year-ago period, to $1.7 billion.
Excluding the special item, operating income for the fourth quarter of 2011 increased 33.5% over the year-ago period and the company delivered an operating margin of 44.0%.
In the fourth quarter of 2011, excluding acquisitions, net revenue grew approximately 18%; excluding acquisitions and the special item, operating expenses grew approximately 8%.
MasterCard reported other expense of $2 million in the fourth quarter of 2011 versus other income of $13 million in the fourth quarter of 2010. The change was primarily driven by a decrease in interest income, lower realized gains on sales of investments and equity losses in joint ventures versus the year-ago period.
Excluding the special item, MasterCard’s effective tax rate was 32.3% in the fourth quarter of 2011, versus a rate of 28.7% in the comparable period in 2010. The increase was primarily due to a benefit recorded in connection with the repatriation of foreign earnings in the fourth quarter of 2010, partially offset by a more favorable geographic mix of earnings in the current period. Including the special item, the effective tax rate for the fourth quarter of 2011 was a 251.6% benefit, as the charge related to the U.S. merchant litigations is tax deductible in the U.S. and thus impacted the geographic mix of pre-tax income.
During the fourth quarter of 2011, MasterCard repurchased 84,300 shares at a cost of approximately $30 million. Quarter-to-date through January 27, the company repurchased an additional 304,600 shares of class A common stock at a cost of approximately $106 million, with $746 million remaining under the current repurchase program authorization.

MasterCard Incorporated – Page 3
 
Full-Year 2011 Results
For the year ended December 31, 2011, MasterCard reported net income of $2.4 billion, or $18.70 per diluted share, excluding a special item, and net income of $1.9 billion, or $14.85 per diluted share, including the special item. The special item represents the charge related to the U.S. merchant litigations taken in the fourth quarter of 2011.
Net revenue for full-year 2011 was $6.7 billion, an increase of 21.2% versus 2010. On a constant currency basis, net revenue increased 19.5%. Cross-border volume growth of 18.7%, gross dollar volume growth of 16.1% and processed transaction growth of 18.3%, contributed to the net revenue growth in the full-year period. These increases were partially offset by an increase in rebates and incentives due to increased volumes and new and renewed customer agreements.
Excluding the special item, total operating expenses increased 16.0%, to $3.2 billion, for 2011 compared to 2010, primarily due to higher personnel costs related to strategic initiatives and the inclusion of expenses related to acquisitions. Excluding currency fluctuations, total operating expenses increased 14.5%. Including the special item, operating expenses in 2011 increased 43.6%, to $4.0 billion, versus 2010.
For the full-year 2011, excluding acquisitions, net revenue grew approximately 19%; excluding acquisitions and the special item, operating expenses grew approximately 10%.
Excluding the special item, operating income increased 26.6% for 2011 versus 2010 delivering an operating margin of 51.9% for the full-year period. Including the special item, the operating margin was 40.4% for full-year 2011.
Total other income was $33 million for full-year 2011 versus total other income of $5 million in 2010. This was primarily driven by a decrease in interest expense due to lower interest accretion related to previous litigation settlements.
MasterCard’s effective tax rate, excluding the special item, was 31.8% for full-year 2011, versus a rate of 33.0% for full-year 2010. Including the special item, the effective tax rate was 30.6% for full-year 2011. The decrease in the 2011 effective tax rate was primarily due to a more favorable geographic mix of earnings, including the tax benefit related to the special item, and the recognition of discrete adjustments in 2011 and 2010.
For full-year 2011, MasterCard repurchased 4.4 million shares at a cost of approximately $1.1 billion.
Fourth-Quarter and Full-Year Financial Results Conference Call Details
At 9:00 a.m. ET today, the company will host a conference call to discuss its fourth-quarter and full-year financial results.

MasterCard Incorporated – Page 4
 
The dial-in information for this call is 866-362-4666 (within the U.S.) and 617-597-5313 (outside the U.S.) and the passcode is 24950634. 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 66051474.
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 sustained momentum in the business, the continuing shift away from paper-based payments, and the Company’s ability to achieve growth through the foundation set by its strategic partnerships.
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 and 2012, 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.
###
Contacts:
Investor Relations: Barbara Gasper, investor_relations@mastercard.com , 914-249-4565
Media Relations: Jim Issokson, james_issokson@mastercard.com , 914-249-6286

MasterCard Incorporated – Page 5
 
MASTERCARD INCORPORATED
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)

 	  	Three Months Ended
December 31,	 	 	Twelve Months Ended
December 31,	 	
 	  	2011	 	 	2010	 	 	2011	 	 	2010	 	
 	  	(in millions, except per share data)	 	
Revenues, net	  	$	1,728	  	 	$	1,438	  	 	$	6,714	  	 	$	5,539	  	
Operating Expenses	  				 				 				 				
General and administrative	  	 	597	  	 	 	522	  	 	 	2,196	  	 	 	1,857	  	
Advertising and marketing	  	 	319	  	 	 	305	  	 	 	841	  	 	 	782	  	
Provision for litigation settlement	  	 	770	  	 	 	—  	  	 	 	770	  	 	 	—  	  	
Depreciation and amortization	  	 	52	  	 	 	42	  	 	 	194	  	 	 	148	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating expenses	  	 	1,738	  	 	 	869	  	 	 	4,001	  	 	 	2,787	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss)	  	 	(10	) 	 	 	569	  	 	 	2,713	  	 	 	2,752	  	
Other Income (Expense)	  				 				 				 				
Investment income	  	 	12	  	 	 	23	  	 	 	52	  	 	 	57	  	
Interest expense	  	 	(7	) 	 	 	(9	) 	 	 	(25	) 	 	 	(52	) 	
Other income (expense), net	  	 	(7	) 	 	 	(1	) 	 	 	6	  	 	 	—  	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total other income (expense)	  	 	(2	) 	 	 	13	  	 	 	33	  	 	 	5	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	  	 	(12	) 	 	 	582	  	 	 	2,746	  	 	 	2,757	  	
Income tax expense (benefit)	  	 	(30	) 	 	 	167	  	 	 	842	  	 	 	910	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	 	18	  	 	 	415	  	 	 	1,904	  	 	 	1,847	  	
Loss (income) attributable to non-controlling interests	  	 	1	  	 	 	—  	  	 	 	2	  	 	 	(1	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income Attributable to MasterCard	  	$	19	  	 	$	415	  	 	$	1,906	  	 	$	1,846	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic Earnings per Share	  	$	0.15	  	 	$	3.17	  	 	$	14.90	  	 	$	14.10	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic Weighted Average Shares Outstanding	  	 	127	  	 	 	131	  	 	 	128	  	 	 	131	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted Earnings per Share	  	$	0.15	  	 	$	3.16	  	 	$	14.85	  	 	$	14.05	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted Weighted Average Shares Outstanding	  	 	127	  	 	 	131	  	 	 	128	  	 	 	131	  	

MasterCard Incorporated – Page 6
 
MASTERCARD INCORPORATED
CONSOLIDATED BALANCE SHEET
(UNAUDITED)

   	  	December 31,
2011	 	 	December 31,
2010	 	
 	  	(in millions, except share data)	 	
ASSETS	  				 				
Cash and cash equivalents	  	$	3,734	  	 	$	3,067	  	
Investment securities available-for-sale, at fair value	  	 	1,215	  	 	 	831	  	
Investment securities held-to-maturity	  	 	—  	  	 	 	300	  	
Accounts receivable	  	 	808	  	 	 	650	  	
Settlement due from customers	  	 	601	  	 	 	497	  	
Restricted security deposits held for customers	  	 	636	  	 	 	493	  	
Prepaid expenses and other current assets	  	 	404	  	 	 	400	  	
Deferred income taxes	  	 	343	  	 	 	216	  	
	  	 	 	 	 	 	 	 	
Total Current Assets	  	 	7,741	  	 	 	6,454	  	
Property, plant and equipment, at cost, net of accumulated depreciation	  	 	449	  	 	 	439	  	
Deferred income taxes	  	 	88	  	 	 	5	  	
Goodwill	  	 	1,014	  	 	 	677	  	
Other intangible assets, net of accumulated amortization	  	 	665	  	 	 	530	  	
Auction rate securities available-for-sale, at fair value	  	 	70	  	 	 	106	  	
Investment securities held-to-maturity	  	 	36	  	 	 	36	  	
Other assets	  	 	630	  	 	 	590	  	
	  	 	 	 	 	 	 	 	
Total Assets	  	$	10,693	  	 	$	8,837	  	
	  	 	 	 	 	 	 	 	
LIABILITIES AND EQUITY	  				 				
Accounts payable	  	$	360	  	 	$	272	  	
Settlement due to customers	  	 	699	  	 	 	636	  	
Restricted security deposits held for customers	  	 	636	  	 	 	493	  	
Obligations under litigation settlements	  	 	4	  	 	 	298	  	
Accrued litigation	  	 	770	  	 	 	—  	  	
Accrued expenses	  	 	1,610	  	 	 	1,315	  	
Other current liabilities	  	 	138	  	 	 	129	  	
	  	 	 	 	 	 	 	 	
Total Current Liabilities	  	 	4,217	  	 	 	3,143	  	
Deferred income taxes	  	 	113	  	 	 	74	  	
Other liabilities	  	 	486	  	 	 	404	  	
	  	 	 	 	 	 	 	 	
Total Liabilities	  	 	4,816	  	 	 	3,621	  	
Commitments and Contingencies	  				 				
Stockholders’ Equity	  				 				
Class A common stock, $0.0001 par value; authorized 3,000,000,000 shares, 132,771,392 and 129,436,818 shares issued and 121,618,059 and 122,696,228 outstanding, respectively	  	 	—  	  	 	 	—  	  	
Class B common stock, $0.0001 par value; authorized 1,200,000,000 shares, 5,245,676 and 8,202,380 issued and outstanding, respectively	  	 	—  	  	 	 	—  	  	
Additional paid-in-capital	  	 	3,519	  	 	 	3,445	  	
Class A treasury stock, at cost, 11,153,333 and 6,740,590 shares, respectively	  	 	(2,394	) 	 	 	(1,250	) 	
Retained earnings	  	 	4,745	  	 	 	2,915	  	
Accumulated other comprehensive (loss) income:	  				 				
Cumulative foreign currency translation adjustments	  	 	30	  	 	 	105	  	
Defined benefit pension and other postretirement plans, net of tax	  	 	(32	) 	 	 	(12	) 	
Investment securities available-for-sale, net of tax	  	 	—  	  	 	 	2	  	
	  	 	 	 	 	 	 	 	
Total accumulated other comprehensive (loss) income	  	 	(2	) 	 	 	95	  	
	  	 	 	 	 	 	 	 	
Total Stockholders’ Equity	  	 	5,868	  	 	 	5,205	  	
Non-controlling interests	  	 	9	  	 	 	11	  	
	  	 	 	 	 	 	 	 	
Total Equity	  	 	5,877	  	 	 	5,216	  	
	  	 	 	 	 	 	 	 	
Total Liabilities and Equity	  	$	10,693	  	 	$	8,837	  	

MasterCard Incorporated – Page 7
 
MASTERCARD INCORPORATED
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)

 	  	Twelve Months Ended
December 31,	 	
 	  	2011	 	 	2010	 	
 	  	(in millions)	 	
Operating Activities	  				 				
Net income	  	$	1,904	  	 	$	1,847	  	
Adjustments to reconcile net income to net cash provided by operating activities:	  				 				
Depreciation and amortization	  	 	194	  	 	 	148	  	
Share based payments	  	 	80	  	 	 	63	  	
Stock units withheld for taxes	  	 	(33	) 	 	 	(126	) 	
Tax benefit for share based compensation	  	 	(12	) 	 	 	(85	) 	
Accretion of imputed interest on litigation settlements	  	 	5	  	 	 	35	  	
Deferred income taxes	  	 	(175	) 	 	 	248	  	
Other	  	 	14	  	 	 	6	  	
Changes in operating assets and liabilities:	  				 				
Accounts receivable	  	 	(162	) 	 	 	(115	) 	
Income taxes receivable	  	 	—  	  	 	 	(50	) 	
Settlement due from customers	  	 	(114	) 	 	 	(61	) 	
Prepaid expenses	  	 	27	  	 	 	(48	) 	
Obligations under litigation settlements	  	 	(303	) 	 	 	(603	) 	
Accrued litigation	  	 	770	  	 	 	—  	  	
Accounts payable	  	 	67	  	 	 	(19	) 	
Settlement due to customers	  	 	74	  	 	 	186	  	
Accrued expenses	  	 	296	  	 	 	265	  	
Net change in other assets and liabilities	  	 	52	  	 	 	6	  	
	  	 	 	 	 	 	 	 	
Net cash provided by operating activities	  	 	2,684	  	 	 	1,697	  	
	  	 	 	 	 	 	 	 	
Investing Activities	  				 				
Acquisition of business, net of cash acquired	  	 	(460	) 	 	 	(498	) 	
Purchases of property, plant and equipment	  	 	(77	) 	 	 	(61	) 	
Capitalized software	  	 	(100	) 	 	 	(90	) 	
Purchases of investment securities available-for-sale	  	 	(899	) 	 	 	(329	) 	
Proceeds from sales of investment securities available-for-sale	  	 	485	  	 	 	297	  	
Proceeds from maturities of investment securities available-for-sale	  	 	63	  	 	 	110	  	
Proceeds from maturities of investment securities held-to-maturity	  	 	300	  	 	 	—  	  	
Investment in nonmarketable equity investments	  	 	(74	) 	 	 	(67	) 	
Other investing activities	  	 	14	  	 	 	(3	) 	
	  	 	 	 	 	 	 	 	
Net cash used in investing activities	  	 	(748	) 	 	 	(641	) 	
	  	 	 	 	 	 	 	 	
Financing Activities	  				 				
Purchases of treasury stock	  	 	(1,148	) 	 	 	—  	  	
Payment of debt	  	 	(21	) 	 	 	—  	  	
Dividends paid	  	 	(77	) 	 	 	(79	) 	
Tax benefit for share based compensation	  	 	12	  	 	 	85	  	
Investment in non-controlling interest	  	 	—  	  	 	 	2	  	
Cash proceeds from exercise of stock options	  	 	19	  	 	 	11	  	
	  	 	 	 	 	 	 	 	
Net cash (used in) provided by financing activities	  	 	(1,215	) 	 	 	19	  	
	  	 	 	 	 	 	 	 	
Effect of exchange rate changes on cash and cash equivalents	  	 	(54	) 	 	 	(63	) 	
	  	 	 	 	 	 	 	 	
Net increase in cash and cash equivalents	  	 	667	  	 	 	1,012	  	
Cash and cash equivalents - beginning of period	  	 	3,067	  	 	 	2,055	  	
	  	 	 	 	 	 	 	 	
Cash and cash equivalents - end of period	  	$	3,734	  	 	$	3,067	  	

MasterCard Incorporated – Page 8
 
MASTERCARD INCORPORATED OPERATING PERFORMANCE

 	  	For the 3 Months ended December 31, 2011	 	
 	  	GDV
(Bil.)	 	  	Growth
(USD)	 	 	Growth
(Local)	 	 	Purchase
Volume
(Bil.)	 	  	Growth
(Local)	 	 	Purchase
Trans.
(Mil.)	 	  	Cash
Volume
(Bil.)	 	  	Growth
(Local)	 	 	Cash
Trans.
(Mil.)	 	  	Accounts
(Mil.)	 	  	Cards
(Mil.)	 	  	Acceptance
Locations
(Mil.)	 	
All MasterCard Credit, Charge and Debit Programs	  				  				 				 				  				 				  				  				 				  				  				  				
APMEA	  	$	219	  	  	 	22.8	% 	 	 	21.8	% 	 	$	152	  	  	 	23.5	% 	 	 	1,563	  	  	$	67	  	  	 	18.1	% 	 	 	486	  	  	 	304	  	  	 	330	  	  	 	9.8	  	
Canada	  	 	31	  	  	 	5.5	% 	 	 	6.5	% 	 	 	29	  	  	 	9.3	% 	 	 	316	  	  	 	2	  	  	 	-17.2	% 	 	 	6	  	  	 	41	  	  	 	50	  	  	 	0.9	  	
Europe	  	 	257	  	  	 	13.6	% 	 	 	16.7	% 	 	 	184	  	  	 	12.6	% 	 	 	2,455	  	  	 	72	  	  	 	28.6	% 	 	 	425	  	  	 	225	  	  	 	241	  	  	 	9.4	  	
Latin America	  	 	74	  	  	 	12.6	% 	 	 	20.4	% 	 	 	45	  	  	 	24.8	% 	 	 	777	  	  	 	29	  	  	 	14.3	% 	 	 	180	  	  	 	108	  	  	 	131	  	  	 	4.7	  	
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Worldwide less United States	  	 	581	  	  	 	16.3	% 	 	 	18.4	% 	 	 	410	  	  	 	17.4	% 	 	 	5,111	  	  	 	172	  	  	 	20.8	% 	 	 	1,096	  	  	 	678	  	  	 	751	  	  	 	24.7	  	
United States	  	 	282	  	  	 	12.1	% 	 	 	12.1	% 	 	 	239	  	  	 	11.5	% 	 	 	4,242	  	  	 	43	  	  	 	15.6	% 	 	 	280	  	  	 	276	  	  	 	308	  	  	 	8.6	  	
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Worldwide	  	 	863	  	  	 	14.9	% 	 	 	16.3	% 	 	 	648	  	  	 	15.2	% 	 	 	9,353	  	  	 	215	  	  	 	19.7	% 	 	 	1,377	  	  	 	953	  	  	 	1,059	  	  	 	33.3	  	
													
MasterCard Credit and Charge Programs	  				  				 				 				  				 				  				  				 				  				  				  				
Worldwide less United States	  	 	405	  	  	 	14.9	% 	 	 	16.4	% 	 	 	346	  	  	 	16.8	% 	 	 	3,967	  	  	 	59	  	  	 	13.9	% 	 	 	260	  	  	 	469	  	  	 	530	  	  				
United States	  	 	143	  	  	 	6.6	% 	 	 	6.6	% 	 	 	134	  	  	 	6.3	% 	 	 	1,616	  	  	 	9	  	  	 	10.7	% 	 	 	8	  	  	 	146	  	  	 	176	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide	  	 	549	  	  	 	12.6	% 	 	 	13.6	% 	 	 	481	  	  	 	13.7	% 	 	 	5,584	  	  	 	68	  	  	 	13.5	% 	 	 	268	  	  	 	615	  	  	 	705	  	  				
													
MasterCard Debit Programs	  				  				 				 				  				 				  				  				 				  				  				  				
Worldwide less United States	  	 	176	  	  	 	19.6	% 	 	 	23.4	% 	 	 	63	  	  	 	21.0	% 	 	 	1,144	  	  	 	113	  	  	 	24.8	% 	 	 	836	  	  	 	209	  	  	 	221	  	  				
United States	  	 	139	  	  	 	18.4	% 	 	 	18.4	% 	 	 	104	  	  	 	19.0	% 	 	 	2,625	  	  	 	35	  	  	 	16.9	% 	 	 	272	  	  	 	129	  	  	 	133	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide	  	 	315	  	  	 	19.1	% 	 	 	21.2	% 	 	 	168	  	  	 	19.7	% 	 	 	3,769	  	  	 	147	  	  	 	22.9	% 	 	 	1,109	  	  	 	338	  	  	 	354	  	  				
			
 	  	For the 12 Months ended December 31, 2011	 	  	 	 	
 	  	GDV
(Bil.)	 	  	Growth
(USD)	 	 	Growth
(Local)	 	 	Purchase
Volume
(Bil.)	 	  	Growth
(Local)	 	 	Purchase
Trans.
(Mil.)	 	  	Cash
Volume
(Bil.)	 	  	Growth
(Local)	 	 	Cash
Trans.
(Mil.)	 	  	Accounts
(Mil.)	 	  	Cards
(Mil.)	 	  	 	 	
All MasterCard Credit, Charge and Debit Programs	  				  				 				 				  				 				  				  				 				  				  				  				
APMEA	  	$	805	  	  	 	30.1	% 	 	 	22.9	% 	 	$	549	  	  	 	24.9	% 	 	 	5,734	  	  	$	256	  	  	 	18.9	% 	 	 	1,803	  	  	 	304	  	  	 	330	  	  				
Canada	  	 	119	  	  	 	11.7	% 	 	 	7.3	% 	 	 	108	  	  	 	9.4	% 	 	 	1,171	  	  	 	11	  	  	 	-9.6	% 	 	 	22	  	  	 	41	  	  	 	50	  	  				
Europe	  	 	979	  	  	 	21.0	% 	 	 	16.7	% 	 	 	709	  	  	 	13.3	% 	 	 	9,027	  	  	 	271	  	  	 	26.6	% 	 	 	1,573	  	  	 	225	  	  	 	241	  	  				
Latin America	  	 	277	  	  	 	25.5	% 	 	 	22.6	% 	 	 	164	  	  	 	27.2	% 	 	 	2,750	  	  	 	113	  	  	 	16.4	% 	 	 	683	  	  	 	108	  	  	 	131	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide less United States	  	 	2,180	  	  	 	24.2	% 	 	 	19.1	% 	 	 	1,529	  	  	 	18.3	% 	 	 	18,682	  	  	 	651	  	  	 	20.9	% 	 	 	4,081	  	  	 	678	  	  	 	751	  	  				
United States	  	 	1,069	  	  	 	10.4	% 	 	 	10.4	% 	 	 	901	  	  	 	11.0	% 	 	 	15,917	  	  	 	168	  	  	 	7.8	% 	 	 	1,080	  	  	 	276	  	  	 	308	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide	  	 	3,249	  	  	 	19.3	% 	 	 	16.1	% 	 	 	2,430	  	  	 	15.5	% 	 	 	34,599	  	  	 	819	  	  	 	17.9	% 	 	 	5,161	  	  	 	953	  	  	 	1,059	  	  				
													
MasterCard Credit and Charge Programs	  				  				 				 				  				 				  				  				 				  				  				  				
Worldwide less United States	  	 	1,521	  	  	 	21.2	% 	 	 	16.0	% 	 	 	1,296	  	  	 	17.3	% 	 	 	14,614	  	  	 	225	  	  	 	9.3	% 	 	 	972	  	  	 	469	  	  	 	530	  	  				
United States	  	 	543	  	  	 	6.0	% 	 	 	6.0	% 	 	 	508	  	  	 	6.1	% 	 	 	6,065	  	  	 	35	  	  	 	5.2	% 	 	 	31	  	  	 	146	  	  	 	176	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide	  	 	2,064	  	  	 	16.8	% 	 	 	13.2	% 	 	 	1,804	  	  	 	13.9	% 	 	 	20,680	  	  	 	260	  	  	 	8.7	% 	 	 	1,003	  	  	 	615	  	  	 	705	  	  				
													
MasterCard Debit Programs	  				  				 				 				  				 				  				  				 				  				  				  				
Worldwide less United States	  	 	659	  	  	 	31.8	% 	 	 	26.8	% 	 	 	233	  	  	 	24.7	% 	 	 	4,068	  	  	 	426	  	  	 	28.0	% 	 	 	3,108	  	  	 	209	  	  	 	221	  	  				
United States	  	 	526	  	  	 	15.4	% 	 	 	15.4	% 	 	 	393	  	  	 	17.9	% 	 	 	9,852	  	  	 	133	  	  	 	8.5	% 	 	 	1,050	  	  	 	129	  	  	 	133	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide	  	 	1,185	  	  	 	24.0	% 	 	 	21.5	% 	 	 	626	  	  	 	20.4	% 	 	 	13,920	  	  	 	559	  	  	 	22.7	% 	 	 	4,158	  	  	 	338	  	  	 	354	  	  				
			
 	  	For the 3 Months ended December 31, 2010	 	  	 	 	
 	  	GDV
(Bil.)	 	  	Growth
(USD)	 	 	Growth
(Local)	 	 	Purchase
Volume
(Bil.)	 	  	Growth
(Local)	 	 	Purchase
Trans.
(Mil.)	 	  	Cash
Volume
(Bil.)	 	  	Growth
(Local)	 	 	Cash
Trans.
(Mil.)	 	  	Accounts
(Mil.)	 	  	Cards
(Mil.)	 	  	 	 	
All MasterCard Credit, Charge and Debit Programs	  				  				 				 				  				 				  				  				 				  				  				  				
APMEA	  	$	178	  	  	 	25.9	% 	 	 	19.2	% 	 	$	121	  	  	 	19.5	% 	 	 	1,323	  	  	$	58	  	  	 	18.6	% 	 	 	410	  	  	 	269	  	  	 	294	  	  				
Canada	  	 	29	  	  	 	11.9	% 	 	 	7.1	% 	 	 	26	  	  	 	6.4	% 	 	 	291	  	  	 	3	  	  	 	14.3	% 	 	 	5	  	  	 	40	  	  	 	49	  	  				
Europe	  	 	226	  	  	 	8.6	% 	 	 	14.3	% 	 	 	168	  	  	 	13.1	% 	 	 	2,132	  	  	 	58	  	  	 	18.0	% 	 	 	340	  	  	 	199	  	  	 	214	  	  				
Latin America	  	 	66	  	  	 	21.7	% 	 	 	19.8	% 	 	 	38	  	  	 	25.0	% 	 	 	627	  	  	 	28	  	  	 	13.3	% 	 	 	172	  	  	 	100	  	  	 	123	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide less United States	  	 	500	  	  	 	16.2	% 	 	 	16.3	% 	 	 	353	  	  	 	15.9	% 	 	 	4,372	  	  	 	147	  	  	 	17.2	% 	 	 	928	  	  	 	609	  	  	 	679	  	  				
United States	  	 	252	  	  	 	1.9	% 	 	 	1.9	% 	 	 	214	  	  	 	3.4	% 	 	 	3,775	  	  	 	38	  	  	 	-6.0	% 	 	 	244	  	  	 	263	  	  	 	294	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide	  	 	752	  	  	 	11.0	% 	 	 	11.0	% 	 	 	568	  	  	 	10.8	% 	 	 	8,147	  	  	 	184	  	  	 	11.6	% 	 	 	1,172	  	  	 	871	  	  	 	972	  	  				
													
MasterCard Credit and Charge Programs	  				  				 				 				  				 				  				  				 				  				  				  				
Worldwide less United States	  	 	353	  	  	 	11.5	% 	 	 	11.7	% 	 	 	300	  	  	 	13.4	% 	 	 	3,455	  	  	 	53	  	  	 	2.6	% 	 	 	234	  	  	 	447	  	  	 	507	  	  				
United States	  	 	134	  	  	 	2.4	% 	 	 	2.4	% 	 	 	127	  	  	 	3.2	% 	 	 	1,547	  	  	 	8	  	  	 	-9.1	% 	 	 	7	  	  	 	143	  	  	 	171	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide	  	 	487	  	  	 	8.8	% 	 	 	9.0	% 	 	 	427	  	  	 	10.2	% 	 	 	5,001	  	  	 	61	  	  	 	0.9	% 	 	 	241	  	  	 	590	  	  	 	678	  	  				
													
MasterCard Debit Programs	  				  				 				 				  				 				  				  				 				  				  				  				
Worldwide less United States	  	 	147	  	  	 	29.0	% 	 	 	28.9	% 	 	 	53	  	  	 	31.7	% 	 	 	917	  	  	 	94	  	  	 	27.4	% 	 	 	694	  	  	 	162	  	  	 	172	  	  				
United States	  	 	117	  	  	 	1.4	% 	 	 	1.4	% 	 	 	88	  	  	 	3.7	% 	 	 	2,228	  	  	 	30	  	  	 	-5.1	% 	 	 	237	  	  	 	119	  	  	 	123	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide	  	 	264	  	  	 	15.1	% 	 	 	15.0	% 	 	 	141	  	  	 	12.7	% 	 	 	3,145	  	  	 	124	  	  	 	17.7	% 	 	 	931	  	  	 	281	  	  	 	295	  	  				
			
 	  	For the 12 Months ended December 31, 2010	 	  	 	 	
 	  	GDV
(Bil.)	 	  	Growth
(USD)	 	 	Growth
(Local)	 	 	Purchase
Volume
(Bil.)	 	  	Growth
(Local)	 	 	Purchase
Trans.
(Mil.)	 	  	Cash
Volume
(Bil.)	 	  	Growth
(Local)	 	 	Cash
Trans.
(Mil.)	 	  	Accounts
(Mil.)	 	  	Cards
(Mil.)	 	  	 	 	
All MasterCard Credit, Charge and Debit Programs	  				  				 				 				  				 				  				  				 				  				  				  				
APMEA	  	$	619	  	  	 	27.3	% 	 	 	18.8	% 	 	$	411	  	  	 	17.1	% 	 	 	4,848	  	  	$	207	  	  	 	22.2	% 	 	 	1,507	  	  	 	269	  	  	 	294	  	  				
Canada	  	 	107	  	  	 	14.9	% 	 	 	4.2	% 	 	 	95	  	  	 	5.3	% 	 	 	1,078	  	  	 	12	  	  	 	-3.2	% 	 	 	20	  	  	 	40	  	  	 	49	  	  				
Europe	  	 	809	  	  	 	10.9	% 	 	 	13.6	% 	 	 	604	  	  	 	13.2	% 	 	 	7,867	  	  	 	205	  	  	 	14.6	% 	 	 	1,272	  	  	 	199	  	  	 	214	  	  				
Latin America	  	 	220	  	  	 	23.0	% 	 	 	17.3	% 	 	 	125	  	  	 	22.4	% 	 	 	2,208	  	  	 	95	  	  	 	11.3	% 	 	 	641	  	  	 	100	  	  	 	123	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide less United States	  	 	1,755	  	  	 	17.9	% 	 	 	15.2	% 	 	 	1,236	  	  	 	14.7	% 	 	 	16,000	  	  	 	520	  	  	 	16.4	% 	 	 	3,440	  	  	 	609	  	  	 	679	  	  				
United States	  	 	968	  	  	 	-0.4	% 	 	 	-0.4	% 	 	 	812	  	  	 	1.1	% 	 	 	14,317	  	  	 	156	  	  	 	-7.4	% 	 	 	1,003	  	  	 	263	  	  	 	294	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide	  	 	2,723	  	  	 	10.7	% 	 	 	9.1	% 	 	 	2,048	  	  	 	8.9	% 	 	 	30,317	  	  	 	676	  	  	 	9.9	% 	 	 	4,443	  	  	 	871	  	  	 	972	  	  				
													
MasterCard Credit and Charge Programs	  				  				 				 				  				 				  				  				 				  				  				  				
Worldwide less United States	  	 	1,255	  	  	 	12.9	% 	 	 	10.1	% 	 	 	1,058	  	  	 	12.3	% 	 	 	12,808	  	  	 	197	  	  	 	-0.6	% 	 	 	919	  	  	 	447	  	  	 	507	  	  				
United States	  	 	512	  	  	 	-1.9	% 	 	 	-1.9	% 	 	 	479	  	  	 	0.5	% 	 	 	5,853	  	  	 	33	  	  	 	-26.7	% 	 	 	29	  	  	 	143	  	  	 	171	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide	  	 	1,767	  	  	 	8.2	% 	 	 	6.3	% 	 	 	1,537	  	  	 	8.3	% 	 	 	18,661	  	  	 	230	  	  	 	-5.4	% 	 	 	949	  	  	 	590	  	  	 	678	  	  				
													
MasterCard Debit Programs	  				  				 				 				  				 				  				  				 				  				  				  				
Worldwide less United States	  	 	500	  	  	 	32.7	% 	 	 	30.4	% 	 	 	178	  	  	 	31.2	% 	 	 	3,192	  	  	 	323	  	  	 	29.9	% 	 	 	2,521	  	  	 	162	  	  	 	172	  	  				
United States	  	 	456	  	  	 	1.3	% 	 	 	1.3	% 	 	 	333	  	  	 	1.9	% 	 	 	8,464	  	  	 	123	  	  	 	-0.2	% 	 	 	974	  	  	 	119	  	  	 	123	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide	  	 	956	  	  	 	15.6	% 	 	 	14.7	% 	 	 	510	  	  	 	10.5	% 	 	 	11,656	  	  	 	446	  	  	 	19.9	% 	 	 	3,495	  	  	 	281	  	  	 	295	  	  				
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

MasterCard Incorporated – Page 9
 
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 ® -branded and MasterCard Electronic™-branded cards. Growth rates over prior periods are provided for volume-based data.
Debit transactions on Maestro ® and Cirrus ® -branded cards, Mondex ® 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 receipt or 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 www.mastercard.com.
###

MasterCard Incorporated – Page 10
 
GAAP Reconciliations
($ millions, except per share data)

 	  	Three Months Ended
December 31, 2011	 	 	Three Months Ended
December 31, 2010	 	
 	  	Actual	 	 	Special
Item	 	 	Non -GAAP	 	 	Actual	 	
Provision for litigation settlement	  	$	770	  	 	$ 	(770 	) a  	 	$	—  	  	 	$	—  	  	
Total operating expenses	  	 	1,738	  	 	 	(770	) 	 	 	968	  	 	 	869	  	
Operating income (loss)	  	 	(10	) 	 	 	770	  	 	 	760	  	 	 	569	  	
Operating Margin	  	 	(0.6	%) 	 				 	 	44.0	% 	 	 	39.6	% 	
Income (loss) before income taxes	  	 	(12	) 	 	 	770	  	 	 	758	  	 	 	582	  	
Income tax expense (benefit)	  	 	(30	) 	 	 	275 	b  	 	 	245	  	 	 	167	  	
Net Income Attributable to MasterCard	  	 	19	  	 	 	495	  	 	 	514	  	 	 	415	  	
					
Basic Net Income per Share	  	$	0.15	  	 	$	3.90	  	 	$	4.05	  	 	$	3.17	  	
Diluted Net Income per Share	  	$	0.15	  	 	$	3.88	  	 	$	4.03	  	 	$	3.16	  	
			
 	  	For the Year Ended
December 31, 2011	 	 	For the Year Ended
December 31, 2010	 	
 	  	Actual	 	 	Special
Item	 	 	Non -GAAP	 	 	Actual	 	
Provision for litigation settlement	  	$	770	  	 	$ 	(770 	) a  	 	$	—  	  	 	$	—  	  	
Total operating expenses	  	 	4,001	  	 	 	(770	) 	 	 	3,231	  	 	 	2,787	  	
Operating income	  	 	2,713	  	 	 	770	  	 	 	3,483	  	 	 	2,752	  	
Operating Margin	  	 	40.4	% 	 				 	 	51.9	% 	 	 	49.7	% 	
Income before income taxes	  	 	2,746	  	 	 	770	  	 	 	3,516	  	 	 	2,757	  	
Income tax expense	  	 	842	  	 	 	275 	b  	 	 	1,117	  	 	 	910	  	
Net Income Attributable to MasterCard	  	 	1,906	  	 	 	495	  	 	 	2,401	  	 	 	1,846	  	
					
Basic Net Income per Share	  	$	14.90	  	 	$	3.87	  	 	$	18.77	  	 	$	14.10	  	
Diluted Net Income per Share	  	$	14.85	  	 	$	3.85	  	 	$	18.70	  	 	$	14.05	  	
 
a-	Provision for U.S. merchant litigation settlement	
b-	Tax effect of provision for litigation settlement	
Note that the figures in the preceding tables may not sum due to rounding

MasterCard Incorporated – Page 11
 
Reconciliation to Effective Tax Rate
($ millions)

 	  	GAAP
Actual	 	 	Provision for
Litigation
Settlement	 	  	Non-GAAP
Adjusted	 	
Three months ended December 31, 2011:	  				 				  				
Income (loss) before income taxes	  	$	(12	) 	 	$	770	  	  	$	758	  	
Income tax expense (benefit)	  	 	(30	) 	 	 	275	  	  	 	245	  	
Net income attributable to MasterCard	  	 	19	  	 	 	495	  	  	 	514	  	
				
Effective Tax Rate	  	 	251.6	% 	 				  	 	32.3	% 	
				
Twelve months ended December 31, 2011:	  				 				  				
Income before income taxes	  	$	2,746	  	 	$	770	  	  	$	3,516	  	
Income tax expense	  	 	842	  	 	 	275	  	  	 	1,117	  	
Net income attributable to MasterCard	  	 	1,906	  	 	 	495	  	  	 	2,401	  	
				
Effective Tax Rate	  	 	30.6	% 	 				  	 	31.8	% 	

		

	  		
Note that figures in the preceding tables may not sum/calculate due to rounding.

Exhibit 99.2

 
Exhibit 99.2
MasterCard Incorporated
Fourth-Quarter and Full-Year 2011 Financial Results Conference Call
February 2, 2012

 
Recent Performance vs. Long-Term Objectives
Net Revenue Growth
Operating Margin
Earnings Per Share Growth
Current 3-Year Full-Year 2011
Objectives* Performance*
12-14% 19.5%
CAGR
Minimum
50% 51.8%**
annually
20%+
CAGR 31.2%**
*	 	On a constant currency basis	
** Excluding the special item further detailed on slide 3 and in the GAAP reconciliation in Appendix A.
2	 		

 
4th Quarter Selected Financial Performance
($ in millions, except per share data)
4Q 11
Non-GAAP 4Q 10 YOY
excl. special item* Actual Growth
Net revenue $ 1,728 $ 1,438 20.2%
Total operating expenses 968 869 11.5%
Operating income 760 569 33.5%
Operating margin 44.0% 39.6% 4.4 ppts
Net income $ 514 $ 415 23.7%
Diluted EPS $ 4.03 $ 3.16 27.5%
Without acquisitions, net revenue grew approx. 18% and operating expenses* grew approx. 8%
Note: Figures may not sum due to rounding
*	 	See Appendix A for GAAP reconciliations of the special item for the 3 months ended December 31, 2011	
3	 		

 
4th Quarter Gross Dollar Volume (GDV)
($ in billions)
Worldwide
16.3% Growth
$1,000
$900 $863 Rest of World
$800 $752 18.4% Growth
$700 $315
$600 $264 $581
United States $500
$500 12.1% Growth $176
$400 $147
$300 $252 $282
$549
$487
$200 $117 $139 $353 $405
$100
$134 $143
$0
4Q 10 4Q 11 4Q 10 4Q 11 4Q 10 4Q 11
Credit Debit
Notes: 1. Growth rates are shown in local currency
2. Figures may not sum due to rounding
4	 		

 
4th Quarter Processed Transactions and Cards
Processed Transactions
23.2% Growth
Cards
11.3% Growth
8,000 2,000
1,811
7,000 1,628
1,600
6,000
752
millions) 5,000 655
1,200
(in millions)
4,000
7,677 (in
3,000 6,233 Cards 800
transactions 2,000 972 1,059
T 400
1,000
0 0
4Q 10 4Q 11 4Q 10 4Q 11
MasterCard Cards Maestro Cards
Note: Figures may not sum due to rounding
5	 		

 
4th Quarter Revenue
($ in millions)
$2,000 $1,600 $1,200 $800 $400 $0
-$400
-$800
$871 $733 $540 $606 $682 $472 $221 $281
4Q 10 4Q 11
$1,728 $1,438
($594) ($646)
Domestic Assessments
Cross-Border Volume Fees
Transaction Processing Fees
Other Revenues
Rebates & Incentives
Net Revenue
Net Revenue increased 20.2%; or 20.8% on a constant currency basis
Domestic Assessments up 18.7%
Cross-Border Volume Fees up 14.5%
Transaction Processing Fees up 12.6%
Other Revenues up 27.5%
Rebates & Incentives up 8.8%
Note: Figures may not sum due to rounding
6	 		

 
4th Quarter Operating Expenses
($ in millions)
$1,000 $800 $600 $400 $200 $0
$597 $522
$305 $319
$42 $52
$968 $869
4Q 10 4Q 11
General & Advertising & Depreciation & Total Operating Administrative Marketing Amortization Expenses
Total Operating Expenses increased 11.5%*
General & Administrative up 14.3%
Advertising & Marketing up 4.8%
Depreciation & Amortization up 24.3%
Note: Figures may not sum due to rounding
*	 	See Appendix A for GAAP reconciliations of the special item for the 3 months ended December 31, 2011	
7	 		

 
4th Quarter Cash Flow Statement and Balance Sheet Highlights
Cash flow from operations of $784 million in 4Q11
Cash, cash equivalents and other liquid investments of $4.9 billion at December 31, 2011
Share Repurchase Activity
4Q11: 84,300 shares (cost of $30 million) FY11: 4.4 million shares (cost of $1.1 billion)
1Q12, through January 27: 304,600 shares (cost of $106 million) As of January 27, remaining authorization: $746 million
8	 		

 
Looking Ahead
Business update through January 28
Updated 2011-2013 performance objectives
For the period 2012-2013 (on a constant currency basis):
Net revenue growth: 12-14% CAGR Operating Margin: Minimum 50% annually EPS growth: 20%+ CAGR
Thoughts for 2012
9

 
Mastercard Worldwide
The Heart of CommerceTM
10

 
Appendix A
GAAP Reconciliation
($ in millions, except per share data)
Three Months Ended Three Months Ended
December 31, 2011 December 31, 2010
Actual Special Item Non -GAAP Actual
Provision for litigation settlement $ 770 $ (770) a $—$ —
Total operating expenses 1,738 (770) 968 869
Operating income (loss) (10) 770 760 569
Operating Margin (0.6%) 44.0% 39.6%
Income (loss) before income taxes (12) 770 758 582
Income tax expense (benefit) (30) 275 b 245 167
Net Income Attributable to MasterCard 19 495 514 415
Basic Net Income per Share $0.15 $3.90 $4.05 $3.17
Diluted Net Income per Share $0.15 $3.88 $4.03 $3.16
a – Provision for litigation settlement b – Tax effect of provision for litigation settlement
Note: Figures may not sum due to rounding
11

 
Appendix A (cont.)
GAAP Reconciliation
($ in millions, except per share data)
For the Year Ended For the Year Ended
December 31, 2011 December 31, 2010
Actual Special Item Non -GAAP Actual
Provision for litigation settlement $ 770 $ (770) a $—$—
Total operating expenses 4,001 (770) 3,231 2,787
Operating income 2,713 770 3,483 2,752
Operating Margin 40.4% 51.9% 49.7%
Income before income taxes 2,746 770 3,516 2,757
Income tax expense 842 275 b 1,117 910
Net Income Attributable to MasterCard 1,906 495 2,401 1,846
Basic Net Income per Share $14.90 $3.87 $18.77 $14.10
Diluted Net Income per Share $14.85 $3.85 $18.70 $14.05
a – Provision for litigation settlement
b – Tax effect of provision for litigation settlement
Note: Figures may not sum due to rounding
12

 
Appendix B
4th Quarter G&A Detail
($ in millions)
Dollar Percent
Three Months Ended Increase Increase
December 31 (Decrease) (Decrease)
2011 vs. 2011 vs.
2011 2010 2010 2010
Personnel $ 402 $ 328 $ 74 22.7
Professional fees 72 72 —0.4
Telecommunications 18 14 4 32.2
Data processing 26 24 2 7.6
Travel and entertainment 24 18 6 27.1
Other 55 66 (11) (16.3)
General and administrative expenses $ 597 $ 522 $ 75 14.3
Note: Figures may not sum due to rounding
13