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): October 31, 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 October 31, 2012, MasterCard Incorporated (“MasterCard”) issued a press release announcing financial results for its third quarter ended September 30, 2012.
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 an incremental amount related to the financial portion of potential litigation settlements accrued during the nine month period ended September 30, 2012. 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.	
 
 	•	 	Presentation of growth rates adjusted for currency. Due to the impact of foreign currency rate fluctuations on reported results, MasterCard’s management believes the presentation of certain growth rates adjusted for currency provides relevant information.	
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 the requisite 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.
Item 7.01 Regulation FD Disclosure
On October 31, 2012, MasterCard will host a conference call to discuss its third quarter ended September 30, 2012 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.
 
2

Item 9.01 Financial Statements and Exhibits
(d) Exhibits.

Exhibit
Number	  	Exhibit Description	
		
99.1	  	Press Release issued by MasterCard Incorporated, dated October 31, 2012.	
		
99.2	  	Presentation of MasterCard Incorporated, dated October 31, 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: October 31, 2012	 		 	By	 	/s/ Bart S. Goldstein	
	 		 		 	Bart S. Goldstein
Corporate Secretary and Senior Associate
General Counsel	
 
4

EXHIBIT INDEX

Exhibit
Number	  	Exhibit Description	
		
99.1	  	Press Release issued by MasterCard Incorporated, dated October 31, 2012.	
		
99.2	  	Presentation of MasterCard Incorporated, dated October 31, 2012.	
 
5

Exhibit 99.1

MasterCard Incorporated Reports
Third-Quarter 2012 Financial Results
 
 	•	 	Net income of $772 million, or $6.17 per diluted share	
 
 	•	 	Net revenue increase of 5%, to $1.9 billion	
 
 	•	 	Gross dollar volume up 14% and purchase volume up 12%	
Purchase, NY, October 31, 2012 – MasterCard Incorporated (NYSE: MA) today announced financial results for the third quarter of 2012. The company reported net income of $772 million, up 8%, and earnings per diluted share of $6.17, up 10%, in each case versus the year-ago period.
Net revenue for the third quarter of 2012 was $1.9 billion, a 5% increase versus the same period in 2011. Adjusted for currency, net revenue increased 10% compared to the same period in 2011. Net revenue growth was driven by the impact of the following:
 
 	•	 	A 14% increase in gross dollar volume on a local currency basis, to $918 billion;	
 
 	•	 	An increase in processed transactions of 24%, to 8.7 billion; and	
 
 	•	 	An increase in cross-border volumes of 14%.	
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 12% on a local currency basis versus the third quarter of 2011, to $676 billion. As of September 30, 2012, the company’s customers had issued 1.9 billion MasterCard and Maestro-branded cards.
“MasterCard continues to drive solid financial performance and focus on executing key deals, investments and partnerships,” said Ajay Banga, MasterCard president and CEO. “We won significant business in Europe this quarter with Nordea, Credit Agricole and CSOB in the Czech Republic and, in the U.S., we acquired loyalty reward provider Truaxis to better connect consumers with targeted, relevant offers.
“Additionally, emerging geographies and governments continue to provide great opportunities for growth. In Africa, our win with Nakumatt, the largest supermarket chain in East Africa, is expected to deliver more than a million multi-currency prepaid loyalty cards to consumers. We also continue to support governments around the world, including new programs in the U.S. and Mexico with several large government agencies that help save money and deliver more effective and efficient programs and benefits,” Banga concluded.
 
-more-

MasterCard Incorporated – Page 2
 
Total operating expenses increased 5%, to $854 million in the third quarter of 2012. Adjusted for currency, operating expenses increased 8%. The increase in total operating expenses was primarily driven by higher personnel costs related to strategic initiatives.
Operating income for the third quarter of 2012 increased 6% over the year-ago period, and the company delivered an operating margin of 55.5%.
MasterCard reported other income of $2 million in the third quarter of 2012 versus other income of $28 million in the third quarter of 2011. The decrease was primarily driven by lower realized gains on sales of investments, an adjustment to acquisition-related provisions in last year’s third quarter and increased expenses from investments in joint ventures.
The effective tax rate was 27.6% in the third quarter of 2012, versus a rate of 30.5% in the comparable period in 2011. The decrease was primarily due to a discrete benefit related to additional export incentives and a benefit from a deduction related to the Company’s authorization software.
During the third quarter of 2012, MasterCard repurchased approximately 500,000 shares of Class A common stock at a cost of $216 million. Quarter-to-date through October 25, the company repurchased approximately 255,000 additional shares at a cost of approximately $119 million, with $1.1 billion remaining under the most recent $1.5 billion repurchase program authorization.
Year-to-Date 2012 Results
For the nine months ended September 30, 2012, MasterCard reported net income of $2.2 billion, or $17.18 per diluted share, excluding a special item taken in the second quarter for an incremental $13 million after-tax charge related to the U.S. merchant litigations. Including the special item, diluted earnings per share was $17.07.
Net revenue for the nine months ended September 30, 2012 was $5.5 billion, an increase of 10% versus the same period in 2011, or 14% adjusted for currency. Gross dollar volume growth of 16%, transaction processing growth of 27% and cross-border volume growth of 16% 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 new and renewed customer agreements and increased volumes.
Excluding the special item, operating expenses increased 8%, to $2.4 billion, for the nine months ended September 30, 2012, primarily due to higher personnel costs related to strategic initiatives. Excluding currency fluctuations and the special item, total operating expenses increased 10%. Including the special item in the second quarter, total operating expenses increased 9%.
Excluding the special item, operating income increased 12% for the nine months ended September 30, 2012 versus the same period in 2011, delivering an operating margin of 55.6%.

MasterCard Incorporated – Page 3
 
MasterCard reported no other income/expense for the nine months ended September 30, 2012, versus other income of $35 million in the same period last year. This decrease was primarily driven by lower realized gains on sales of investments, increased expenses from investments in joint ventures and an adjustment to acquisition-related provisions made in last year’s third quarter.
MasterCard’s effective tax rate was 29.1% in the nine months ended September 30, 2012, including the special item, compared to a rate of 31.6% in the comparable period in 2011. The decrease was primarily due to discrete benefits related to additional export incentives and the conclusion of tax examinations in certain jurisdictions.
Third-Quarter Financial Results Conference Call Details
At 10:00 a.m. ET today, the company will host a conference call to discuss its third-quarter results.
The dial-in information for this call is 888-771-4371 (within the U.S.) and 847-585-4405 (outside the U.S.) and the passcode is 33358414. A replay of the call will be available for one week following the meeting. The replay can be accessed by dialing 888-843-7419 (within the U.S.) and 630-652-3042 (outside the U.S.) and using passcode 33358414.
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.
Non-GAAP Financial Information
The company’s total operating expenses, operating income, 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. Presentation of growth rates adjusted for currency also represents a non-GAAP measure.
About MasterCard Incorporated
MasterCard (NYSE: MA), www.mastercard.com , 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. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news .

MasterCard Incorporated – Page 4
 
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 execute on key deals, investments and partnerships globally, including in emerging markets, in order to benefit consumers and support governments around the world to deliver more effective and efficient programs and benefits.
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, 2011, the company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that have been filed with the SEC during 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
September 30,	 	 	Nine Months Ended
September 30,	 	
 	  	2012	 	 	2011	 	 	2012	 	 	2011	 	
 	  	(in millions, except per share data)	 	
Revenues, net	  	$	1,918	  	 	$	1,818	  	 	$	5,496	  	 	$	4,986	  	
Operating Expenses	  				 				 				 				
General and administrative	  	 	620	  	 	 	565	  	 	 	1,790	  	 	 	1,599	  	
Advertising and marketing	  	 	176	  	 	 	200	  	 	 	480	  	 	 	522	  	
Depreciation and amortization	  	 	58	  	 	 	51	  	 	 	168	  	 	 	142	  	
Provision for litigation settlement	  	 	—  	  	 	 	—  	  	 	 	20	  	 	 	—  	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating expenses	  	 	854	  	 	 	816	  	 	 	2,458	  	 	 	2,263	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	1,064	  	 	 	1,002	  	 	 	3,038	  	 	 	2,723	  	
Other Income (Expense)	  				 				 				 				
Investment income	  	 	9	  	 	 	17	  	 	 	27	  	 	 	40	  	
Interest expense	  	 	(4	) 	 	 	(6	) 	 	 	(13	) 	 	 	(18	) 	
Other income (expense), net	  	 	(3	) 	 	 	17	  	 	 	(14	) 	 	 	13	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total other income (expense)	  	 	2	  	 	 	28	  	 	 	—  	  	 	 	35	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	 	1,066	  	 	 	1,030	  	 	 	3,038	  	 	 	2,758	  	
Income tax expense	  	 	294	  	 	 	314	  	 	 	885	  	 	 	872	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	 	772	  	 	 	716	  	 	 	2,153	  	 	 	1,886	  	
Loss attributable to non-controlling interests	  	 	—  	  	 	 	1	  	 	 	1	  	 	 	1	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income Attributable to MasterCard	  	$	772	  	 	$	717	  	 	$	2,154	  	 	$	1,887	  	

Basic Earnings per Share	  	$	6.19	  	 	$	5.65	  	 	$	17.13	  	 	$	14.71	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic Weighted Average Shares Outstanding	  	 	125	  	 	 	127	  	 	 	126	  	 	 	128	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted Earnings per Share	  	$	6.17	  	 	$	5.63	  	 	$	17.07	  	 	$	14.66	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted Weighted Average Shares Outstanding	  	 	125	  	 	 	127	  	 	 	126	  	 	 	129	  	

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

 	  	September 30,
2012	 	 	December 31,
2011	 	
 	  	(in millions, except share data)	 	
ASSETS	  				 				
Cash and cash equivalents	  	$	3,045	  	 	$	3,734	  	
Investment securities available-for-sale	  	 	2,594	  	 	 	1,215	  	
Accounts receivable	  	 	912	  	 	 	808	  	
Settlement due from customers	  	 	815	  	 	 	601	  	
Restricted security deposits held for customers	  	 	775	  	 	 	636	  	
Prepaid expenses and other current assets	  	 	575	  	 	 	404	  	
Deferred income taxes	  	 	356	  	 	 	343	  	
	  	 	 	 	 	 	 	 	
Total Current Assets	  	 	9,072	  	 	 	7,741	  	
Property, plant and equipment, net	  	 	465	  	 	 	449	  	
Deferred income taxes	  	 	101	  	 	 	88	  	
Goodwill	  	 	1,087	  	 	 	1,014	  	
Other intangible assets, net of accumulated amortization	  	 	676	  	 	 	665	  	
Other assets	  	 	719	  	 	 	736	  	
	  	 	 	 	 	 	 	 	
Total Assets	  	$	12,120	  	 	$	10,693	  	
	  	 	 	 	 	 	 	 	
LIABILITIES AND EQUITY	  				 				
Accounts payable	  	$	319	  	 	$	360	  	
Settlement due to customers	  	 	839	  	 	 	699	  	
Restricted security deposits held for customers	  	 	775	  	 	 	636	  	
Accrued litigation	  	 	790	  	 	 	770	  	
Accrued expenses	  	 	1,620	  	 	 	1,610	  	
Other current liabilities	  	 	205	  	 	 	142	  	
	  	 	 	 	 	 	 	 	
Total Current Liabilities	  	 	4,548	  	 	 	4,217	  	
Deferred income taxes	  	 	103	  	 	 	113	  	
Other liabilities	  	 	545	  	 	 	486	  	
	  	 	 	 	 	 	 	 	
Total Liabilities	  	 	5,196	  	 	 	4,816	  	
Commitments and Contingencies	  				 				
Stockholders’ Equity	  				 				
Class A common stock, $0.0001 par value; authorized 3,000,000,000 shares, 133,420,992 and 132,771,392 shares issued and 119,503,347 and 121,618,059 outstanding, respectively	  	 	—  	  	 	 	—  	  	
Class B common stock, $0.0001 par value; authorized 1,200,000,000 shares, 5,010,762 and 5,245,676 issued and outstanding, respectively	  	 	—  	  	 	 	—  	  	
Additional paid-in-capital	  	 	3,619	  	 	 	3,519	  	
Class A treasury stock, at cost, 13,917,645 and 11,153,333 shares, respectively	  	 	(3,527	) 	 	 	(2,394	) 	
Retained earnings	  	 	6,786	  	 	 	4,745	  	
Accumulated other comprehensive income (loss)	  	 	34	  	 	 	(2	) 	
	  	 	 	 	 	 	 	 	
Total Stockholders’ Equity	  	 	6,912	  	 	 	5,868	  	
Non-controlling interests	  	 	12	  	 	 	9	  	
	  	 	 	 	 	 	 	 	
Total Equity	  	 	6,924	  	 	 	5,877	  	
	  	 	 	 	 	 	 	 	
Total Liabilities and Equity	  	$	12,120	  	 	$	10,693	  	

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

 	  	Nine Months Ended
September 30,	 	
 	  	2012	 	 	2011	 	
 	  	(in millions)	 	
Operating Activities	  				 				
Net income	  	$	2,153	  	 	$	1,886	  	
Adjustments to reconcile net income to net cash provided by operating activities:	  				 				
Depreciation and amortization	  	 	168	  	 	 	142	  	
Share-based payments	  	 	66	  	 	 	53	  	
Stock units withheld for taxes	  	 	(41	) 	 	 	(33	) 	
Tax benefit for share-based compensation	  	 	(46	) 	 	 	(11	) 	
Deferred income taxes	  	 	(40	) 	 	 	136	  	
Other	  	 	35	  	 	 	7	  	
Changes in operating assets and liabilities:	  				 				
Accounts receivable	  	 	(112	) 	 	 	(100	) 	
Income taxes receivable	  	 	(53	) 	 	 	—  	  	
Settlement due from customers	  	 	(213	) 	 	 	(16	) 	
Prepaid expenses	  	 	(122	) 	 	 	39	  	
Obligations under litigation settlements	  	 	20	  	 	 	(302	) 	
Accounts payable	  	 	(36	) 	 	 	(8	) 	
Settlement due to customers	  	 	140	  	 	 	(84	) 	
Accrued expenses	  	 	129	  	 	 	163	  	
Net change in other assets and liabilities	  	 	34	  	 	 	28	  	
	  	 	 	 	 	 	 	 	
Net cash provided by operating activities	  	 	2,082	  	 	 	1,900	  	
	  	 	 	 	 	 	 	 	
Investing Activities	  				 				
Acquisition of businesses, net of cash acquired	  	 	(70	) 	 	 	(460	) 	
Purchases of investment securities available-for-sale	  	 	(2,123	) 	 	 	(188	) 	
Purchases of property, plant and equipment	  	 	(68	) 	 	 	(51	) 	
Capitalized software	  	 	(96	) 	 	 	(65	) 	
Proceeds from sales of investment securities available-for-sale	  	 	195	  	 	 	371	  	
Proceeds from maturities of investment securities available-for-sale	  	 	576	  	 	 	36	  	
Proceeds from maturities of investment securities held-to-maturity	  	 	—  	  	 	 	301	  	
Investment in nonmarketable equity investments	  	 	(25	) 	 	 	(8	) 	
Other investing activities	  	 	(1	) 	 	 	9	  	
	  	 	 	 	 	 	 	 	
Net cash used in investing activities	  	 	(1,612	) 	 	 	(55	) 	
	  	 	 	 	 	 	 	 	
Financing Activities	  				 				
Purchases of treasury stock	  	 	(1,135	) 	 	 	(1,118	) 	
Dividends paid	  	 	(94	) 	 	 	(58	) 	
Payment of debt	  	 	—  	  	 	 	(21	) 	
Tax benefit for share-based compensation	  	 	46	  	 	 	11	  	
Cash proceeds from exercise of stock options	  	 	28	  	 	 	15	  	
Contribution by non-controlling interest	  	 	4	  	 	 	—  	  	
	  	 	 	 	 	 	 	 	
Net cash used in financing activities	  	 	(1,151	) 	 	 	(1,171	) 	
	  	 	 	 	 	 	 	 	
Effect of exchange rate changes on cash and cash equivalents	  	 	(8	) 	 	 	12	  	
	  	 	 	 	 	 	 	 	
Net (decrease) increase in cash and cash equivalents	  	 	(689	) 	 	 	686	  	
Cash and cash equivalents - beginning of period	  	 	3,734	  	 	 	3,067	  	
	  	 	 	 	 	 	 	 	
Cash and cash equivalents - end of period	  	$	3,045	  	 	$	3,753	  	
	  	 	 	 	 	 	 	 	
Non-Cash Investing and Financing Activities	  				 				
Fair value of assets acquired, net of cash acquired	  	$	73	  	 	$	549	  	
	  	 	 	 	 	 	 	 	
Fair value of liabilities assumed related to acquisitions	  	$	3	  	 	$	89	  	

MasterCard Incorporated – Page 8
 
MASTERCARD INCORPORATED OPERATING PERFORMANCE

 	  	For the 3 Months ended September 30, 2012	 	
 	  	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	  	$	251	  	  	 	18.0	% 	 	 	21.2	% 	 	$	170	  	  	 	19.5	% 	 	 	1,760	  	  	$	81	  	  	 	25.2	% 	 	 	614	  	  	 	331	  	  	 	359	  	  	 	10.3	  	
Canada	  	 	32	  	  	 	4.1	% 	 	 	5.6	% 	 	 	30	  	  	 	6.0	% 	 	 	331	  	  	 	3	  	  	 	1.9	% 	 	 	6	  	  	 	41	  	  	 	50	  	  	 	0.9	  	
Europe	  	 	271	  	  	 	4.6	% 	 	 	14.5	% 	 	 	188	  	  	 	10.9	% 	 	 	2,683	  	  	 	82	  	  	 	24.0	% 	 	 	492	  	  	 	249	  	  	 	265	  	  	 	9.9	  	
Latin America	  	 	74	  	  	 	4.0	% 	 	 	16.4	% 	 	 	44	  	  	 	18.8	% 	 	 	968	  	  	 	30	  	  	 	13.1	% 	 	 	178	  	  	 	115	  	  	 	133	  	  	 	4.9	  	
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Worldwide less United States	  	 	628	  	  	 	9.4	% 	 	 	16.8	% 	 	 	432	  	  	 	14.5	% 	 	 	5,743	  	  	 	196	  	  	 	22.3	% 	 	 	1,291	  	  	 	736	  	  	 	808	  	  	 	26.1	  	
United States	  	 	290	  	  	 	7.0	% 	 	 	7.0	% 	 	 	244	  	  	 	7.4	% 	 	 	4,399	  	  	 	46	  	  	 	5.2	% 	 	 	308	  	  	 	279	  	  	 	313	  	  	 	8.8	  	
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Worldwide	  	 	918	  	  	 	8.7	% 	 	 	13.5	% 	 	 	676	  	  	 	11.8	% 	 	 	10,142	  	  	 	241	  	  	 	18.6	% 	 	 	1,598	  	  	 	1,015	  	  	 	1,121	  	  	 	34.9	  	
MasterCard Credit and Charge Programs	  				  				 				 				  				 				  				  				 				  				  				  				
Worldwide less United States	  	 	394	  	  	 	7.3	% 	 	 	13.3	% 	 	 	346	  	  	 	13.8	% 	 	 	4,085	  	  	 	48	  	  	 	10.2	% 	 	 	202	  	  	 	470	  	  	 	532	  	  				
United States	  	 	142	  	  	 	0.9	% 	 	 	0.9	% 	 	 	134	  	  	 	3.2	% 	 	 	1,576	  	  	 	7	  	  	 	-28.7	% 	 	 	7	  	  	 	148	  	  	 	177	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide	  	 	536	  	  	 	5.6	% 	 	 	9.8	% 	 	 	480	  	  	 	10.6	% 	 	 	5,660	  	  	 	55	  	  	 	3.0	% 	 	 	209	  	  	 	619	  	  	 	710	  	  				
MasterCard Debit Programs	  				  				 				 				  				 				  				  				 				  				  				  				
Worldwide less United States	  	 	234	  	  	 	13.2	% 	 	 	23.3	% 	 	 	86	  	  	 	17.6	% 	 	 	1,658	  	  	 	147	  	  	 	26.8	% 	 	 	1,088	  	  	 	266	  	  	 	276	  	  				
United States	  	 	149	  	  	 	13.5	% 	 	 	13.5	% 	 	 	110	  	  	 	12.9	% 	 	 	2,823	  	  	 	39	  	  	 	15.3	% 	 	 	301	  	  	 	131	  	  	 	135	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide	  	 	382	  	  	 	13.3	% 	 	 	19.3	% 	 	 	196	  	  	 	15.0	% 	 	 	4,482	  	  	 	186	  	  	 	24.2	% 	 	 	1,389	  	  	 	397	  	  	 	411	  	  				
			
 	  	For the 9 Months ended September 30, 2012	 	  	 	 	
 	  	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	  	$	707	  	  	 	20.6	% 	 	 	22.6	% 	 	$	479	  	  	 	21.6	% 	 	 	4,981	  	  	$	228	  	  	 	24.7	% 	 	 	1,710	  	  	 	331	  	  	 	359	  	  				
Canada	  	 	93	  	  	 	5.2	% 	 	 	7.8	% 	 	 	85	  	  	 	8.8	% 	 	 	944	  	  	 	8	  	  	 	-1.7	% 	 	 	17	  	  	 	41	  	  	 	50	  	  				
Europe	  	 	776	  	  	 	7.3	% 	 	 	16.4	% 	 	 	545	  	  	 	12.4	% 	 	 	7,617	  	  	 	230	  	  	 	27.3	% 	 	 	1,389	  	  	 	249	  	  	 	265	  	  				
Latin America	  	 	218	  	  	 	7.6	% 	 	 	19.5	% 	 	 	131	  	  	 	24.0	% 	 	 	2,814	  	  	 	86	  	  	 	13.1	% 	 	 	528	  	  	 	115	  	  	 	133	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide less United States	  	 	1,794	  	  	 	12.1	% 	 	 	18.6	% 	 	 	1,241	  	  	 	16.7	% 	 	 	16,356	  	  	 	553	  	  	 	23.3	% 	 	 	3,644	  	  	 	736	  	  	 	808	  	  				
United States	  	 	864	  	  	 	9.8	% 	 	 	9.8	% 	 	 	726	  	  	 	9.6	% 	 	 	12,972	  	  	 	138	  	  	 	10.9	% 	 	 	912	  	  	 	279	  	  	 	313	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide	  	 	2,658	  	  	 	11.4	% 	 	 	15.6	% 	 	 	1,967	  	  	 	14.0	% 	 	 	29,327	  	  	 	691	  	  	 	20.6	% 	 	 	4,556	  	  	 	1,015	  	  	 	1,121	  	  				
MasterCard Credit and Charge Programs	  				  				 				 				  				 				  				  				 				  				  				  				
Worldwide less United States	  	 	1,134	  	  	 	10.3	% 	 	 	15.5	% 	 	 	995	  	  	 	16.2	% 	 	 	11,739	  	  	 	139	  	  	 	10.5	% 	 	 	582	  	  	 	470	  	  	 	532	  	  				
United States	  	 	415	  	  	 	3.7	% 	 	 	3.7	% 	 	 	394	  	  	 	5.4	% 	 	 	4,608	  	  	 	21	  	  	 	-20.8	% 	 	 	20	  	  	 	148	  	  	 	177	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide	  	 	1,549	  	  	 	8.4	% 	 	 	12.1	% 	 	 	1,389	  	  	 	12.9	% 	 	 	16,348	  	  	 	160	  	  	 	5.1	% 	 	 	602	  	  	 	619	  	  	 	710	  	  				
MasterCard Debit Programs	  				  				 				 				  				 				  				  				 				  				  				  				
Worldwide less United States	  	 	660	  	  	 	15.5	% 	 	 	24.5	% 	 	 	246	  	  	 	18.7	% 	 	 	4,616	  	  	 	414	  	  	 	28.2	% 	 	 	3,063	  	  	 	266	  	  	 	276	  	  				
United States	  	 	449	  	  	 	16.2	% 	 	 	16.2	% 	 	 	332	  	  	 	15.1	% 	 	 	8,363	  	  	 	118	  	  	 	19.3	% 	 	 	892	  	  	 	131	  	  	 	135	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide	  	 	1,109	  	  	 	15.7	% 	 	 	21.0	% 	 	 	578	  	  	 	16.6	% 	 	 	12,980	  	  	 	531	  	  	 	26.1	% 	 	 	3,955	  	  	 	397	  	  	 	411	  	  				
			
 	  	For the 3 Months ended September 30, 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	  	$	212	  	  	 	35.4	% 	 	 	25.4	% 	 	$	144	  	  	 	27.2	% 	 	 	1,483	  	  	$	68	  	  	 	21.7	% 	 	 	474	  	  	 	288	  	  	 	313	  	  				
Canada	  	 	31	  	  	 	14.7	% 	 	 	8.0	% 	 	 	28	  	  	 	10.7	% 	 	 	305	  	  	 	3	  	  	 	-13.8	% 	 	 	6	  	  	 	40	  	  	 	48	  	  				
Europe	  	 	259	  	  	 	25.1	% 	 	 	17.3	% 	 	 	185	  	  	 	13.7	% 	 	 	2,328	  	  	 	74	  	  	 	27.6	% 	 	 	412	  	  	 	213	  	  	 	228	  	  				
Latin America	  	 	71	  	  	 	31.0	% 	 	 	25.1	% 	 	 	43	  	  	 	30.5	% 	 	 	856	  	  	 	28	  	  	 	17.5	% 	 	 	170	  	  	 	106	  	  	 	129	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide less United States	  	 	574	  	  	 	28.8	% 	 	 	20.6	% 	 	 	401	  	  	 	19.7	% 	 	 	4,971	  	  	 	172	  	  	 	22.6	% 	 	 	1,062	  	  	 	646	  	  	 	719	  	  				
United States	  	 	271	  	  	 	13.7	% 	 	 	13.7	% 	 	 	227	  	  	 	13.5	% 	 	 	4,043	  	  	 	44	  	  	 	15.1	% 	 	 	276	  	  	 	271	  	  	 	304	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide	  	 	845	  	  	 	23.5	% 	 	 	18.3	% 	 	 	629	  	  	 	17.4	% 	 	 	9,014	  	  	 	216	  	  	 	21.0	% 	 	 	1,338	  	  	 	917	  	  	 	1,023	  	  				
MasterCard Credit and Charge Programs	  				  				 				 				  				 				  				  				 				  				  				  				
Worldwide less United States	  	 	367	  	  	 	25.2	% 	 	 	17.5	% 	 	 	321	  	  	 	19.6	% 	 	 	3,644	  	  	 	46	  	  	 	4.9	% 	 	 	184	  	  	 	446	  	  	 	507	  	  				
United States	  	 	140	  	  	 	7.2	% 	 	 	7.2	% 	 	 	130	  	  	 	7.0	% 	 	 	1,556	  	  	 	10	  	  	 	10.3	% 	 	 	8	  	  	 	145	  	  	 	175	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide	  	 	507	  	  	 	19.6	% 	 	 	14.5	% 	 	 	451	  	  	 	15.6	% 	 	 	5,200	  	  	 	56	  	  	 	5.8	% 	 	 	192	  	  	 	592	  	  	 	682	  	  				
	  				  				 				 				  				 				  				  				 				  				  				  				
MasterCard Debit Programs	  				  				 				 				  				 				  				  				 				  				  				  				
Worldwide less United States	  	 	207	  	  	 	35.8	% 	 	 	26.4	% 	 	 	81	  	  	 	20.2	% 	 	 	1,327	  	  	 	126	  	  	 	30.8	% 	 	 	878	  	  	 	199	  	  	 	212	  	  				
United States	  	 	131	  	  	 	21.6	% 	 	 	21.6	% 	 	 	97	  	  	 	23.5	% 	 	 	2,487	  	  	 	34	  	  	 	16.6	% 	 	 	268	  	  	 	126	  	  	 	129	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide	  	 	337	  	  	 	29.9	% 	 	 	24.5	% 	 	 	178	  	  	 	22.0	% 	 	 	3,814	  	  	 	160	  	  	 	27.5	% 	 	 	1,146	  	  	 	325	  	  	 	341	  	  				
			
 	  	For the 9 Months ended September 30, 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	  	$	586	  	  	 	33.1	% 	 	 	23.5	% 	 	$	397	  	  	 	25.4	% 	 	 	4,171	  	  	$	190	  	  	 	19.7	% 	 	 	1,324	  	  	 	288	  	  	 	313	  	  				
Canada	  	 	88	  	  	 	14.1	% 	 	 	7.6	% 	 	 	80	  	  	 	9.5	% 	 	 	855	  	  	 	9	  	  	 	-7.3	% 	 	 	16	  	  	 	40	  	  	 	48	  	  				
Europe	  	 	723	  	  	 	23.9	% 	 	 	16.7	% 	 	 	524	  	  	 	13.6	% 	 	 	6,573	  	  	 	198	  	  	 	25.9	% 	 	 	1,148	  	  	 	213	  	  	 	228	  	  				
Latin America	  	 	202	  	  	 	31.0	% 	 	 	23.3	% 	 	 	119	  	  	 	28.1	% 	 	 	2,381	  	  	 	83	  	  	 	17.0	% 	 	 	503	  	  	 	106	  	  	 	129	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide less United States	  	 	1,600	  	  	 	27.4	% 	 	 	19.4	% 	 	 	1,120	  	  	 	18.7	% 	 	 	13,980	  	  	 	480	  	  	 	21.1	% 	 	 	2,990	  	  	 	646	  	  	 	719	  	  				
United States	  	 	787	  	  	 	9.9	% 	 	 	9.9	% 	 	 	662	  	  	 	10.8	% 	 	 	11,675	  	  	 	125	  	  	 	5.3	% 	 	 	800	  	  	 	271	  	  	 	304	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide	  	 	2,387	  	  	 	21.0	% 	 	 	16.1	% 	 	 	1,782	  	  	 	15.6	% 	 	 	25,655	  	  	 	605	  	  	 	17.4	% 	 	 	3,790	  	  	 	917	  	  	 	1,023	  	  				
MasterCard Credit and Charge Programs	  				  				 				 				  				 				  				  				 				  				  				  				
Worldwide less United States	  	 	1,028	  	  	 	23.3	% 	 	 	15.5	% 	 	 	896	  	  	 	17.9	% 	 	 	10,292	  	  	 	132	  	  	 	1.8	% 	 	 	528	  	  	 	446	  	  	 	507	  	  				
United States	  	 	400	  	  	 	5.8	% 	 	 	5.8	% 	 	 	374	  	  	 	6.0	% 	 	 	4,448	  	  	 	26	  	  	 	3.3	% 	 	 	22	  	  	 	145	  	  	 	175	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide	  	 	1,428	  	  	 	17.8	% 	 	 	12.6	% 	 	 	1,270	  	  	 	14.1	% 	 	 	14,740	  	  	 	158	  	  	 	2.0	% 	 	 	551	  	  	 	592	  	  	 	682	  	  				
MasterCard Debit Programs	  				  				 				 				  				 				  				  				 				  				  				  				
Worldwide less United States	  	 	572	  	  	 	35.7	% 	 	 	27.0	% 	 	 	224	  	  	 	21.9	% 	 	 	3,688	  	  	 	348	  	  	 	30.5	% 	 	 	2,462	  	  	 	199	  	  	 	212	  	  				
United States	  	 	387	  	  	 	14.4	% 	 	 	14.4	% 	 	 	288	  	  	 	17.6	% 	 	 	7,227	  	  	 	99	  	  	 	5.8	% 	 	 	778	  	  	 	126	  	  	 	129	  	  				
	  	 	 	 	  				 				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  	 	 	 	  				
Worldwide	  	 	958	  	  	 	26.2	% 	 	 	21.6	% 	 	 	512	  	  	 	19.4	% 	 	 	10,915	  	  	 	446	  	  	 	24.1	% 	 	 	3,240	  	  	 	325	  	  	 	341	  	  				
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 that do not generally have physical cards associated with them. 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.
In 2012, certain MasterCard Debit and Credit Programs in the Europe region have changed due to a reclassification of programs. There is no impact at the All MasterCard Programs level. In addition, Purchase Transactions for certain Credit Programs in the Latin America region have been restated due to revisions from several customers. MasterCard revenue is not impacted from these changes. Data for the comparable periods in 2012, 2011 and 2010 have been restated to be consistent with these approaches.
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 Reconciliation
($ in millions, except per share data)

 	  	Nine Months Ended
September 30, 2012	 	 	Nine Months Ended
September 30, 2011	 	
 	  	Actual	 	 	Special Item	 	 	Non-GAAP	 	 	Actual	 	
Provision for litigation settlement	  	$	20	  	 	$	(20	) 	 	$	—  	  	 	$	—  	  	
Total operating expenses	  	 	2,458	  	 	 	(20	) 	 	 	2,438	  	 	 	2,263	  	
Operating income	  	 	3,038	  	 	 	20	  	 	 	3,058	  	 	 	2,723	  	
Operating Margin	  	 	55.3	% 	 				 	 	55.6	% 	 	 	54.6	% 	
Income before income taxes	  	 	3,038	  	 	 	20	  	 	 	3,058	  	 	 	2,758	  	
Income tax expense	  	 	885	  	 	 	7 	a  	 	 	892	  	 	 	872	  	
Net Income Attributable to MasterCard	  	 	2,154	  	 	 	13	  	 	 	2,167	  	 	 	1,887	  	
					
Basic Net Income per Share	  	$	17.13	  	 	$	0.10	  	 	$	17.23	  	 	$	14.71	  	
Diluted Net Income per Share	  	$	17.07	  	 	$	0.11	  	 	$	17.18	  	 	$	14.66	  	
a- Tax effect of provision for litigation settlement

Exhibit 99.2

MasterCard Incorporated Third-Quarter 2012 Financial Results Conference Call
October 31, 2012

 
Business Update
Operational Overview
Economic Update
Business Highlights
2	 		

 
3rd Quarter Selected Financial Performance ($ in millions, except per share data)
YOY Growth
As FX
3Q 12 3Q 11 Reported Adjusted
Net revenue $ 1,918 $ 1,818 5% 10%
Total operating expenses 854 816 5% 8%
Operating income 1,064 1,002 6% 12%
Operating margin 55.5% 55.1% 0.4 ppts 0.9 ppts
Net income $ 772 $ 717 8% 13%
Diluted EPS $ 6.17 $ 5.63 10% 15%
Note: Figures may not sum due to rounding
3	 		

 
3rd Quarter Gross Dollar Volume (GDV)
($ in billions)
$1,100
Worldwide
14% Growth
$1,000
$918
Rest of World
$900
$845
17% Growth
$800
$700
$628
$536
$574
$600
$507
United States
$500
7% Growth
$394
$400
$367
$271
$290
$300
$200
$382
$140
$142
$337
$100
$207
$234
$131
$149
$0
3Q 11
3Q 12
3Q 11
3Q 12
3Q 11
3Q 12
Debit
Credit
Notes: 1. Growth rates are shown in local currency
2. Figures may not sum due to rounding
4	 		

 
3rd Quarter Processed Transactions and Cards
Processed Transactions 24% Growth
9,000
8,000
7,000
6,000
5,000
8,679
4,000
7,016
Transactions (in millions)
3,000
2,000
1,000
0
3Q 11
3Q 12
Cards
8% Growth
2,000
1,859
1,800
1,718
1,600
738
1,400
695
Cards (in millions)
1,200
1,000
800
600
1,023
1,121
400
200
0
3Q 11
3Q 12
MasterCard Cards
Maestro Cards
Note: Figures may not sum due to rounding
5	 		

 
3rd Quarter Revenue
($ in millions)
3Q 11
3Q 12
$2,000
$1,818
$1,918
$1,500
$843
$908
$1, 000
$693
$763
$581
$630
$500
$265
$294
$0
-$500
-$1,000
($564)
($677)
-$1,500
Domestic Assessments
Cross-Border Volume Fees
Transaction Processing Fees
Other Revenues
Rebates and Incentives
Total Net Revenue
+8%
+8%
+10%
+11%
+20%
+5%
+10%
FX adjusted
Note: Figures may not sum due to rounding
6	 		

 
3rd Quarter Operating Expenses
($ in millions)
3Q 11
3Q 12
$1,000
$816
$854
$800
$620
$565
$600
$400
$200
$176
$200
$51
$58
$0
General & Administrative
Advertising & Marketing
Depreciation & Amortization
Total Operating Expenses
+10%
(12%)
+14%
+5%
+8%
FX adjusted
Note: Figures may not sum due to rounding
7	 		

 
Thoughts for the Future
Business update through October 28
Thoughts for 2012
Net Revenue Operating Expenses Tax Rate
Long-term financial objectives
8	 		

 
The Heart of Commerce™
9