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): May 4, 2010

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 May 4, 2010, MasterCard Incorporated (the “Company”) issued a press release announcing financial results for its first quarter ended March 31, 2010.
A copy of the press release is attached hereto as Exhibit 99.1. All information in the press release is furnished but not filed.
 
Item 7.01	Regulation FD Disclosure	
On May 4, 2010, the Company will host a conference call to discuss its first quarter ended March 31, 2010 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 May 4, 2010.	
		
99.2	 	Presentation of MasterCard Incorporated, dated May 4, 2010.	

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: May 4, 2010	 		 	By	 	/s/    N OAH J. H ANFT        	
	 		 		 	Noah J. Hanft	
	 		 		 	General Counsel, Chief Payment System Integrity & Compliance Officer and Corporate Secretary	

EXHIBIT INDEX

Exhibit
Number	 	Exhibit Description	
		
99.1	 	Press Release issued by MasterCard Incorporated, dated May 4, 2010.	
		
99.2	 	Presentation of MasterCard Incorporated, dated May 4, 2010.	

Exhibit 99.1

MasterCard Incorporated Reports
First-Quarter 2010 Financial Results
 
 	•	 	First-quarter net income of $455 million, or $3.46 per diluted share	
 
 	•	 	First-quarter net revenue increase of 13.1%, to $1.3 billion	
 
 	•	 	First-quarter gross dollar volume up 8.3% and purchase volume up 8.7%	
Purchase, NY, May 4, 2010 – MasterCard Incorporated (NYSE:MA) today announced financial results for the first quarter 2010. The company reported net income of $455 million, or $3.46 per diluted share.
Net revenue for the first quarter of 2010 was $1.3 billion, a 13.1% increase versus the same period in 2009. On a constant currency basis, net revenue increased 10.2% compared to the same period in 2009. The higher net revenue this quarter benefited from:
 
 	•	 	An increase in cross border volumes of 10.9%;	
 
 	•	 	Growth in MasterCard’s gross dollar volume, which increased 8.3% on a local currency basis, to $631 billion;	
 
 	•	 	An increase in processed transactions of 4.6%; and	
 
 	•	 	Pricing changes of approximately 5 percentage points.	
Worldwide purchase volume during the quarter was up 8.7% on a local currency basis versus the first quarter of 2009, to $473 billion. The number of processed transactions increased 4.6% compared to the same period in 2009, to 5.4 billion. As of March 31, 2010, the company’s financial-institution customers had issued 1.6 billion MasterCard and Maestro-branded cards.
“We are starting the year with strength across several of our business drivers, including healthy cross-border volumes, which contributed to our solid first quarter results,” said Robert W. Selander, MasterCard chief executive officer. “We also made a number of announcements that position MasterCard well for continued success, including signing a long-term agreement for HSBC’s global mass affluent Premier credit business, and the ongoing adoption of MasterCard inControl with Fifth Third, J.P. Morgan and First National Bank of Omaha.”
MasterCard president and chief operating officer, Ajay Banga, further remarked, “We’re making important investments in innovation, like MasterCard Marketplace, our eCommerce shopping portal, and the launch of MasterCard Labs, a critical component of our global research and development efforts.” Banga stated, “We are committed to play a significant role in the evolution of payments to better meet the needs of consumers, merchants, businesses and governments around the world, and look forward to bringing even more developments to the market.”
-more-

MasterCard Incorporated – Page 2
 
Total operating expenses increased 2.2%, to $608 million, during the first quarter of 2010 compared to the same period in 2009. Excluding currency fluctuations, operating expenses were up 0.5%. The increase in total operating expenses was driven by:
•	 	A 2.1% increase in general and administrative expenses, or 0.7% on a constant currency basis. This increase was primarily due to higher personnel expense driven by increased payroll taxes related to the vesting of equity compensation awards; and	
•	 	A 13.3% increase in depreciation and amortization, primarily due to increased investments in data center equipment and capitalized software.	
The increase in total operating expenses was partially offset by a 0.7% decrease in advertising and marketing expenses versus the year-ago period. Excluding currency fluctuations, advertising and marketing expenses declined 3.8%.
The operating margin was 53.5% for the first quarter of 2010, up 4.9 percentage points over the year-ago period.
Total other expense was $5 million in the first quarter of 2010 versus $11 million in the first quarter of 2009. The decrease was driven by lower interest expense primarily due to a reduction in interest accretion on litigation settlements.
MasterCard’s effective tax rate was 34.6% in the first quarter of 2010, versus 33.2% in the comparable period in 2009. The increase was due primarily to an adjustment to the balance of deferred taxes in the first quarter of 2009, partially offset by lower state tax rates and more favorable geographic distribution of earnings in the first quarter of 2010.
There were no special items for the first quarter of 2009 or 2010.
First-Quarter Financial Results Conference Call Details
At 9:00 a.m. ET today, the company will host a conference call to discuss its first-quarter financial results.
The dial-in information for this call is 866-362-4831 (within the U.S.) and 617-597-5347 (outside the U.S.) and the passcode is 28812181. A replay of the call will be available for one week thereafter. 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 39875611.
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 www.mastercard.com .

MasterCard Incorporated – Page 3
 
About MasterCard Incorporated
MasterCard Incorporated advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes over 22 billion transactions each year, and provides industry-leading analysis and consulting services to financial-institution customers and merchants. Powered by the MasterCard Worldwide Network and through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to www.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:
 
 	•	 	The company’s expectation that recent business agreements will translate into continued success; and	
 
 	•	 	The company’s continued ability to bring an increasing number of new developments to market.	
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, 2009 and Current Reports on Form 8-K that were filed with the SEC during 2010, 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: Chris Monteiro, chris_monteiro@mastercard.com, 914-249-5826

MasterCard Incorporated – Page 4
 
MASTERCARD INCORPORATED
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

 	  	Three Months Ended March 31,	 	
 	  	2010	 	 	2009	 	
 	  	(In millions, except per share data)	 	
Revenues, net	  	$	1,308	  	 	$	1,156	  	
Operating Expenses	  				 				
General and administrative	  	 	458	  	 	 	448	  	
Advertising and marketing	  	 	115	  	 	 	116	  	
Depreciation and amortization	  	 	35	  	 	 	31	  	
	  	 	 	 	 	 	 	 	
Total operating expenses	  	 	608	  	 	 	595	  	
	  	 	 	 	 	 	 	 	
Operating income	  	 	700	  	 	 	561	  	
Other Income (Expense)	  				 				
Investment income	  	 	10	  	 	 	17	  	
Interest expense	  	 	(15	) 	 	 	(36	) 	
Other income (expense), net	  	 	—  	  	 	 	8	  	
	  	 	 	 	 	 	 	 	
Total other income (expense)	  	 	(5	) 	 	 	(11	) 	
	  	 	 	 	 	 	 	 	
Income before income taxes	  	 	695	  	 	 	550	  	
Income tax expense	  	 	240	  	 	 	183	  	
	  	 	 	 	 	 	 	 	
Net income	  	 	455	  	 	 	367	  	
Income attributable to non-controlling interests	  	 	—  	  	 	 	—  	  	
	  	 	 	 	 	 	 	 	
Net Income Attributable to MasterCard	  	$	455	  	 	$	367	  	

Basic Earnings per Share	  	$	3.47	  	 	$	2.81	  	
	  	 	 	 	 	 	 	 	
Basic Weighted Average Shares Outstanding	  	 	130	  	 	 	130	  	
	  	 	 	 	 	 	 	 	
Diluted Earnings per Share	  	$	3.46	  	 	$	2.80	  	
	  	 	 	 	 	 	 	 	
Diluted Weighted Average Shares Outstanding	  	 	131	  	 	 	130	  	

MasterCard Incorporated – Page 5
 
MASTERCARD INCORPORATED
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

 	  	March 31,
2010	 	 	December 31,
2009	 	
 	  	(In millions, except share data)	 	
ASSETS	  				 				
Cash and cash equivalents	  	$	2,119	  	 	$	2,055	  	
Investment securities available-for-sale, at fair value	  	 	831	  	 	 	824	  	
Investment securities held-to-maturity	  	 	151	  	 	 	—  	  	
Accounts receivable	  	 	505	  	 	 	536	  	
Settlement due from customers	  	 	410	  	 	 	459	  	
Restricted security deposits held for customers	  	 	444	  	 	 	446	  	
Prepaid expenses	  	 	278	  	 	 	313	  	
Deferred income taxes	  	 	276	  	 	 	244	  	
Other current assets	  	 	92	  	 	 	126	  	
	  	 	 	 	 	 	 	 	
Total Current Assets	  	 	5,106	  	 	 	5,003	  	
Property, plant and equipment, at cost, net of accumulated depreciation	  	 	433	  	 	 	449	  	
Deferred income taxes	  	 	182	  	 	 	264	  	
Goodwill	  	 	293	  	 	 	309	  	
Other intangible assets, net of accumulated amortization of $436 and $422, respectively	  	 	408	  	 	 	415	  	
Auction rate securities available-for-sale, at fair value	  	 	172	  	 	 	180	  	
Investment securities held-to-maturity	  	 	187	  	 	 	338	  	
Prepaid expenses	  	 	346	  	 	 	328	  	
Other assets	  	 	159	  	 	 	184	  	
	  	 	 	 	 	 	 	 	
Total Assets	  	$	7,286	  	 	$	7,470	  	
	  	 	 	 	 	 	 	 	
LIABILITIES AND EQUITY	  				 				
Accounts payable	  	$	251	  	 	$	290	  	
Settlement due to customers	  	 	433	  	 	 	478	  	
Restricted security deposits held for customers	  	 	444	  	 	 	446	  	
Obligations under litigation settlements	  	 	606	  	 	 	607	  	
Accrued expenses	  	 	935	  	 	 	1,225	  	
Other current liabilities	  	 	153	  	 	 	121	  	
	  	 	 	 	 	 	 	 	
Total Current Liabilities	  	 	2,822	  	 	 	3,167	  	
Deferred income taxes	  	 	74	  	 	 	80	  	
Obligations under litigation settlements	  	 	125	  	 	 	263	  	
Long-term debt	  	 	21	  	 	 	22	  	
Other liabilities	  	 	412	  	 	 	426	  	
	  	 	 	 	 	 	 	 	
Total Liabilities	  	 	3,454	  	 	 	3,958	  	
Commitments and Contingencies	  				 				
Stockholders’ Equity	  				 				
Class A common stock, $.0001 par value; authorized 3,000,000,000 shares, 117,560,176 and 116,534,029 shares issued and 110,819,586 and 109,793,439 outstanding, respectively	  	 	—  	  	 	 	—  	  	
Class B common stock, $.0001 par value; authorized 1,200,000,000 shares, 19,977,657 issued and outstanding, respectively 	  	 	—  	  	 	 	—  	  	
Class M common stock, $.0001 par value; authorized 1,000,000 shares, 1,846 and 1,812 shares issued and outstanding, respectively	  	 	—  	  	 	 	—  	  	
Additional paid-in-capital	  	 	3,403	  	 	 	3,412	  	
Class A treasury stock, at cost, 6,740,590 shares, respectively	  	 	(1,250	) 	 	 	(1,250	) 	
Retained earnings	  	 	1,583	  	 	 	1,148	  	
Accumulated other comprehensive income:	  				 				
Cumulative foreign currency translation adjustments	  	 	107	  	 	 	212	  	
Defined benefit pension and other postretirement plans, net of tax	  	 	(15	) 	 	 	(15	) 	
Investment securities available-for-sale, net of tax	  	 	(4	) 	 	 	(3	) 	
	  	 	 	 	 	 	 	 	
Total accumulated other comprehensive income	  	 	88	  	 	 	194	  	
	  	 	 	 	 	 	 	 	
Total Stockholders’ Equity	  	 	3,824	  	 	 	3,504	  	
Non-controlling interests	  	 	8	  	 	 	8	  	
	  	 	 	 	 	 	 	 	
Total Equity	  	 	3,832	  	 	 	3,512	  	
	  	 	 	 	 	 	 	 	
Total Liabilities and Equity	  	$	7,286	  	 	$	7,470	  	

MasterCard Incorporated – Page 6
 
MASTERCARD INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

 	  	Three Months Ended
March  31,	 	
 	  	2010	 	 	2009	 	
 	  	(In millions)	 	
Operating Activities	  				 				
Net income	  	$	455	  	 	$	367	  	
Adjustments to reconcile net income to net cash provided by operating activities:	  				 				
Depreciation and amortization	  	 	35	  	 	 	31	  	
Share based payments	  	 	16	  	 	 	15	  	
Stock units withheld for taxes	  	 	(122	) 	 	 	(7	) 	
Tax benefit for share based compensation	  	 	(91	) 	 	 	(8	) 	
Impairment of assets	  	 	—  	  	 	 	15	  	
Accretion of imputed interest on litigation settlements	  	 	11	  	 	 	26	  	
Deferred income taxes	  	 	49	  	 	 	40	  	
Other	  	 	3	  	 	 	(2	) 	
Changes in operating assets and liabilities:	  				 				
Accounts receivable	  	 	19	  	 	 	102	  	
Income taxes receivable	  	 	—  	  	 	 	190	  	
Settlement due from customers	  	 	29	  	 	 	(69	) 	
Prepaid expenses	  	 	4	  	 	 	(19	) 	
Obligations under litigation settlements	  	 	(150	) 	 	 	(152	) 	
Accounts payable	  	 	(36	) 	 	 	3	  	
Settlement due to customers	  	 	(21	) 	 	 	32	  	
Accrued expenses	  	 	(134	) 	 	 	(135	) 	
Net change in other assets and liabilities	  	 	28	  	 	 	(13	) 	
	  	 	 	 	 	 	 	 	
Net cash provided by operating activities	  	 	95	  	 	 	416	  	

Investing Activities	  				 				
Purchases of property, plant and equipment	  	 	(3	) 	 	 	(12	) 	
Capitalized software	  	 	(17	) 	 	 	(16	) 	
Purchases of investment securities available-for-sale	  	 	(33	) 	 	 	(15	) 	
Proceeds from sales of investment securities, available-for-sale	  	 	20	  	 	 	12	  	
Proceeds from maturities of investment securities, available-for-sale	  	 	11	  	 	 	1	  	
Investment in affiliates	  	 	(1	) 	 	 	(18	) 	
Acquisition of business, net of cash acquired	  	 	—  	  	 	 	(3	) 	
Other investing activities	  	 	—  	  	 	 	1	  	
	  	 	 	 	 	 	 	 	
Net cash used in investing activities	  	 	(23	) 	 	 	(50	) 	

Financing Activities	  				 				
Payment of debt	  	 	—  	  	 	 	(149	) 	
Dividends paid	  	 	(20	) 	 	 	(20	) 	
Tax benefit for share based compensation	  	 	91	  	 	 	8	  	
Cash proceeds from exercise of stock options	  	 	6	  	 	 	1	  	
Redemption of non-controlling interest	  	 	—  	  	 	 	(5	) 	
	  	 	 	 	 	 	 	 	
Net cash provided by (used in) financing activities	  	 	77	  	 	 	(165	) 	
	  	 	 	 	 	 	 	 	
Effect of exchange rate changes on cash and cash equivalents	  	 	(85	) 	 	 	(28	) 	
	  	 	 	 	 	 	 	 	
Net increase in cash and cash equivalents	  	 	64	  	 	 	173	  	
Cash and cash equivalents - beginning of period	  	 	2,055	  	 	 	1,505	  	
	  	 	 	 	 	 	 	 	
Cash and cash equivalents - end of period	  	$	2,119	  	 	$	1,678	  	

MasterCard Incorporated – Page 7
 
MASTERCARD INCORPORATED OPERATING PERFORMANCE

 	 	For the 3 Months ended March 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.)	 	Acceptance
Locations
(Mil.)	
All MasterCard Credit, Charge and Debit Programs	 			 			 			 			 			 		 			 			 		 		 		 		
APMEA	 	$	139	 	35.5	% 	 	20.9	% 	 	$	92	 	18.6	% 	 	1,101	 	$	47	 	25.7	% 	 	333	 	251	 	274	 	8.9	
Canada	 	 	24	 	22.1	% 	 	1.9	% 	 	 	21	 	4.5	% 	 	240	 	 	3	 	-13.9	% 	 	5	 	39	 	47	 	0.8	
Europe	 	 	185	 	20.9	% 	 	11.9	% 	 	 	139	 	13.1	% 	 	1,762	 	 	46	 	8.5	% 	 	281	 	187	 	201	 	8.9	
Latin America	 	 	49	 	29.8	% 	 	16.2	% 	 	 	27	 	20.7	% 	 	488	 	 	22	 	11.1	% 	 	153	 	100	 	122	 	3.3	
United States	 	 	235	 	-1.1	% 	 	-1.1	% 	 	 	194	 	1.0	% 	 	3,408	 	 	41	 	-9.6	% 	 	256	 	278	 	313	 	8.3	
Worldwide	 	 	631	 	14.8	% 	 	8.3	% 	 	 	473	 	8.7	% 	 	6,999	 	 	159	 	7.0	% 	 	1,028	 	855	 	957	 	30.2	
MasterCard Credit and Charge Programs	 			 			 			 			 			 		 			 			 		 		 		 		
United States	 	$	118	 	-8.0	% 	 	-8.0	% 	 	$	110	 	-3.1	% 	 	1,331	 	$	8	 	-45.6	% 	 	7	 	159	 	191	 		
Worldwide less United States	 	 	289	 	20.9	% 	 	9.1	% 	 	 	241	 	12.6	% 	 	2,928	 	 	47	 	-5.9	% 	 	221	 	440	 	498	 		
Worldwide	 	 	406	 	10.8	% 	 	3.5	% 	 	 	351	 	7.2	% 	 	4,260	 	 	55	 	-14.8	% 	 	228	 	599	 	689	 		
MasterCard Debit Programs	 			 			 			 			 			 		 			 			 		 		 		 		
United States	 	$	118	 	7.0	% 	 	7.0	% 	 	$	84	 	6.9	% 	 	2,076	 	$	33	 	7.3	% 	 	249	 	119	 	122	 		
Worldwide less United States	 	 	107	 	46.0	% 	 	33.2	% 	 	 	38	 	31.1	% 	 	663	 	 	70	 	34.3	% 	 	551	 	137	 	145	 		
Worldwide	 	 	225	 	22.6	% 	 	18.1	% 	 	 	122	 	13.4	% 	 	2,739	 	 	103	 	24.2	% 	 	800	 	256	 	267	 		
 
APMEA = Asia Pacific / Middle East / Africa	
			
 	 	For the 3 Months ended March 31, 2009	 	 	
 	 	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	 	$	102	 	1.9	% 	 	15.5	% 	 	$	69	 	14.9	% 	 	932	 	$	34	 	16.7	% 	 	252	 	227	 	249	 		
Canada	 	 	19	 	-19.6	% 	 	-0.1	% 	 	 	17	 	2.2	% 	 	224	 	 	3	 	-12.0	% 	 	5	 	36	 	44	 		
Europe	 	 	153	 	-16.1	% 	 	3.9	% 	 	 	114	 	4.2	% 	 	1,544	 	 	39	 	2.9	% 	 	258	 	177	 	192	 		
Latin America	 	 	38	 	-15.7	% 	 	7.3	% 	 	 	20	 	10.7	% 	 	445	 	 	18	 	3.7	% 	 	146	 	95	 	116	 		
United States	 	 	238	 	-8.1	% 	 	-8.1	% 	 	 	192	 	-6.9	% 	 	3,339	 	 	46	 	-12.8	% 	 	257	 	313	 	357	 		
Worldwide	 	 	550	 	-9.9	% 	 	0.2	% 	 	 	411	 	0.4	% 	 	6,484	 	 	139	 	-0.4	% 	 	918	 	849	 	957	 		
MasterCard Credit and Charge Programs	 			 			 			 			 			 		 			 			 		 		 		 		
United States	 	$	128	 	-17.2	% 	 	-17.2	% 	 	$	113	 	-13.9	% 	 	1,387	 	$	15	 	-36.0	% 	 	10	 	200	 	233	 		
Worldwide less United States	 	 	239	 	-14.6	% 	 	3.6	% 	 	 	193	 	6.3	% 	 	2,642	 	 	46	 	-6.3	% 	 	229	 	437	 	494	 		
Worldwide	 	 	367	 	-15.5	% 	 	-4.7	% 	 	 	306	 	-2.2	% 	 	4,030	 	 	61	 	-15.8	% 	 	240	 	637	 	727	 		
MasterCard Debit Programs	 			 			 			 			 			 		 			 			 		 		 		 		
United States	 	$	110	 	5.3	% 	 	5.3	% 	 	$	79	 	5.3	% 	 	1,952	 	$	31	 	5.2	% 	 	247	 	113	 	124	 		
Worldwide less United States	 	 	74	 	2.2	% 	 	22.8	% 	 	 	26	 	19.7	% 	 	503	 	 	47	 	24.5	% 	 	431	 	99	 	106	 		
Worldwide	 	 	183	 	4.0	% 	 	11.6	% 	 	 	105	 	8.6	% 	 	2,454	 	 	78	 	16.1	% 	 	678	 	212	 	230	 		

Note that columns in the tables above may not add due to rounding; growth represents change from the comparable year-ago period.

MasterCard Incorporated – Page 8
 
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.
###

May 4, 2010
Exhibit 99.2
MasterCard
Incorporated
First-Quarter
2010
Financial
Results
Conference
Call	

1st Quarter Selected Financial Performance
($ in millions, except per share data)
Note: Figures may not sum due to rounding
1Q 2010
Actual
1Q 2009
Actual
YOY
Growth %
Net revenue
$
1,308
$
1,156
13.1
Total operating expenses
608
595
2.2
Operating income
Operating margin
700
53.5%
561
48.6%
24.6
4.9 ppts
Net income
$
455
$
367
23.8
Diluted EPS
$
3.46
$
2.80
23.6
2	

3
1st Quarter 2010 MasterCard Branded Volume
(GDV & Purchase Volume)
Note: Figures may not sum due to rounding
APMEA = Asia Pacific / Middle East / Africa
$US
billions
U.S.
Dollar
Local
Currency
$US
billions
U.S.
Dollar
Local
Currency
APMEA
139
35.5
20.9
92
33.8
18.6
Canada
24
22.1
1.9
21
25.3
4.5
Europe
185
20.9
11.9
139
22.0
13.1
Latin America
49
29.8
16.2
27
35.5
20.7
United States
235
(1.1)
(1.1)
194
1.0
1.0
Worldwide
631
14.8
8.3
473
14.9
8.7
Purchase Volume
Gross Dollar Volume
YOY Growth %
YOY Growth %	

4
$553
$321
$436
$183
($337)
$1,156
$587
$446
$509
$206
($440)
$1,308
-$625
-$425
-$225
-$25
$175
$375
$575
$775
$975
$1,175
$1,375
1Q 2009
1Q 2010
•
Net Revenue
increased 13.1%;
10.2% on a constant currency
basis
•
Domestic Assessments
increased 6.1%
•
Cross Border Volume Fees
increased 39.0%
•
Transaction Processing Fees
grew 16.7%
•
Other Revenues
increased
12.6%
•
Rebates & Incentives
increased 30.7%
1st Quarter Revenue 
($ in millions)	

•
Total operating expenses
increased 2.2%; 0.5% on a
constant currency basis
•
G&A
increased
2.1%
primarily
due to:
•
Increased personnel costs, up
2.9%
•
Foreign currency contributed
~1.4 ppts
to the increase
•
A& M
decreased 0.7%.
•
Excluding foreign currency,
A&M decreased 3.8%
5
$116
$31
$448
$595
$608
$35
$115
$458
$0
$100
$200
$300
$400
$500
$600
$700
$800
General &
Administrative
Advertising &
Marketing
Depreciation &
Amortization
Total Operating
Expenses
1Q 2009
1Q 2010
1st Quarter Operating Expenses
($ in millions)	

6
1st
Quarter
2010
Cash
Flow
Statement
and
Balance
Sheet
Highlights
•
Generated
$95
million
in
cash
flow
from
operations for the quarter ended 3/31/2010
•
Cash,
cash
equivalents
and
other liquid
investments
of
$3.3
billion
at
3/31/2010	

7
Thoughts for 2010
•
Net Revenue
•
Total Operating Expenses
–
General & Administrative
–
Advertising & Marketing
•
Tax rate
•
Operating margin and net income growth	

8