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 3, 2011

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 3, 2011, MasterCard Incorporated (the “Company”) issued a press release announcing financial results for its fourth quarter and full- year 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 February 3, 2011, the Company will host a conference call to discuss its fourth quarter and full- year 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 of MasterCard Incorporated, dated February 3, 2011.	
99.2	  	Presentation of MasterCard Incorporated, dated February 3, 2011.	
 
2

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 3, 2011	 		 	B y	 	/s/ Noah J. Hanft	
	 		 		 	Noah J. Hanft	
	 		 		 	General Counsel and Corporate Secretary	

EXHIBIT INDEX

Exhibit
Number	  	Exhibit Description	  	   	
		
99.1	  	Press release of MasterCard Incorporated, dated February 3, 2011.	
99.2	  	Presentation of MasterCard Incorporated, dated February 3, 2011.	
 
4

Exhibit 99.1

News Release	  		
MasterCard Incorporated Reports
Fourth-Quarter and Full-Year 2010
Financial Results
 
 	•	 	Fourth-quarter net income of $415 million, or $3.16 per diluted share	
 
 	•	 	Fourth-quarter net revenue increase of 10.7%, to $1.4 billion	
 
 	•	 	Fourth-quarter gross dollar volume up 11.0% and purchase volume up 10.8%	
 
 	•	 	Fourth-quarter operating income increase of 21.6%	
Purchase, NY, February 3, 2011 – MasterCard Incorporated (NYSE:MA) today announced financial results for the fourth quarter 2010. The company reported net income of $415 million, up 41.2%, and earnings per diluted share of $3.16, up 41.1%, in each case versus the year-ago period.
Net revenue for the fourth quarter of 2010 was $1.4 billion, a 10.7% increase versus the same period in 2009. On a constant currency basis, net revenue increased 13.0% compared to the same period in 2009. Net revenue growth was driven by the impact of the following:
 
 	•	 	An increase in cross-border volumes of 18.7%;	
 
 	•	 	An 11.0% increase in gross dollar volume on a local currency basis, to $752 billion; and	
 
 	•	 	Pricing changes of approximately 5 percentage points.	
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 10.8% on a local currency basis versus the fourth quarter of 2009, to $567 billion. The number of processed transactions increased 6.3% compared to the same period in 2009, to 6.2 billion. As of December 31, 2010, the company’s customers had issued 1.6 billion MasterCard and Maestro-branded cards.
“2010 proved to be a good year for MasterCard. Our business momentum was fueled by products and solutions that create efficiencies for cardholders, businesses and governments while driving future growth,” said Ajay Banga, MasterCard president and chief executive officer. “Importantly, our strategic investments—including the acquisition of DataCash, our pending acquisition of Travelex’s program management business and the Telefónica joint venture—will continue to enhance our e-Commerce, prepaid, and mobile capabilities, positioning us at the forefront of global payments innovation.”
Banga continued, “We are pleased to have ended the year with a strong fourth quarter. Our net revenue was up almost 11%, with underlying growth showing quarter-over-quarter improvement in all regions, and our operating income grew nearly 22%.”
- more -

MasterCard Incorporated – Page 2
Total operating expenses increased 4.6%, to $869 million, during the fourth quarter of 2010 compared to the same period in 2009. Excluding currency fluctuations, operating expenses were up 6.1%. The increase in total operating expenses was driven by:
 
 	•	 	A 6.8% increase in advertising and marketing to $305 million, primarily due to customer-specific initiatives and sponsorships. Advertising and marketing spend grew 8.2% on a constant currency basis.	
 
 	•	 	A 2.3% increase in general and administrative expenses, primarily due to increased investments in support of strategic growth initiatives and the inclusion of DataCash’s expenses, partially offset by lower severance costs. General and administrative expenses grew 3.9% on a constant currency basis.	
In the fourth quarter of 2010, operating income increased 21.6% over the year-ago period and the company delivered an operating margin of 39.6%.
MasterCard reported other income of $13 million in the fourth quarter of 2010 versus other expense of $10 million in the fourth quarter of 2009. The change was driven by a decrease in interest expense due to lower interest accretion related to a litigation settlement, lower interest on tax liabilities and an increase in investment income.
MasterCard’s effective tax rate was 28.7% in the fourth quarter of 2010, versus a rate of 35.8% in the comparable period in 2009. The decrease was primarily due to a benefit recorded in connection with the repatriation of foreign earnings.
Full-Year 2010 Results
For the year ended December 31, 2010, MasterCard reported net income of $1.8 billion, or $14.05 per diluted share.
Net revenue for the full-year 2010 was $5.5 billion, an increase of 8.6% versus 2009. On a constant currency basis, net revenue increased 9.5%. Cross-border volume growth of 15.2% and gross dollar volume growth of 9.1%, contributed to the net revenue growth in the full-year period. In addition, a pricing contribution of approximately 5 percentage points was offset by an increase in rebates and incentives due to new and renewed customer agreements and increased volumes.
Total operating expenses decreased 1.8%, to $2.8 billion, for 2010 compared to 2009, primarily due to lower personnel costs, partially offset by increased expense related to strategic initiatives, marketing and travel and entertainment. Excluding currency fluctuations, total operating expenses decreased 1.1%.
Operating income increased 21.8% for 2010 versus 2009. The company’s operating margin was 49.7% for the full-year period.

MasterCard Incorporated – Page 3
Total other income was $5 million for the full-year 2010 versus total other expense of $42 million in 2009. This was driven by a decrease in interest expense primarily due to lower interest accretion related to previous litigation settlements.
MasterCard’s effective tax rate was 33.0% for the full-year 2010, versus a rate of 34.1% for the full-year 2009. The decrease was primarily due to benefits recorded in connection with the repatriation of foreign earnings.
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.
The dial-in information for this call is 866-314-5050 (within the U.S.) and 617-213-8051 (outside the U.S.) and the passcode is 18859734. 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 31243954.
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 .
About MasterCard Incorporated
As a leading global payments company, MasterCard Incorporated prides itself on being at the heart of commerce, helping to make life easier and more efficient for everyone, everywhere. MasterCard serves as a franchisor, processor and advisor to the payments industry, and makes commerce happen by providing a critical economic link among financial institutions, governments, businesses, merchants, and cardholders worldwide. In 2010, $2.7 trillion in gross dollar volume was generated on its products by consumers around the world. Powered by the MasterCard Worldwide Network – the fastest payment processing network in the world – MasterCard processes over 23 billion transactions each year and has the capacity to handle 140 million transactions per hour, with an average network response time of 140 milliseconds and with 99.99 percent reliability. MasterCard advances global commerce through its family of brands, including MasterCard ® , Maestro ® , and Cirrus ® ; its suite of core products such as credit, debit, and prepaid; and its innovative platforms and functionalities, such as MasterCard PayPass™ and MasterCard inControl™. MasterCard serves consumers, governments, and businesses in more than 210 countries and territories. For more information, please visit us at www.mastercard.com.

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 MasterCard’s ability to continue to enhance its e-Commerce, prepaid and mobile capabilities through acquisitions and other strategic investments.
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, the company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that have been filed with the SEC during 2010 and 2011, as well as reasons including difficulties, delays or the inability of the company to achieve its strategic initiatives set forth above. Factors other than those listed above could also cause the company’s results to differ materially from expected results.
###
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 5
MASTERCARD INCORPORATED
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)

 	  	Three Months
Ended December 31,	 	 	Twelve Months
Ended December 31,	 	
 	  	2010	 	 	2009	 	 	2010	 	 	2009	 	
 	  	(in millions, except per share data)	 	
Revenues, net	  	$	1,438	  	 	$	1,299	  	 	$	5,539	  	 	$	5,099	  	
Operating Expenses	  				 				 				 				
General and administrative	  	 	518	  	 	 	507	  	 	 	1,852	  	 	 	1,935	  	
Advertising and marketing	  	 	305	  	 	 	286	  	 	 	782	  	 	 	756	  	
Litigation settlements	  	 	4	  	 	 	—  	  	 	 	5	  	 	 	7	  	
Depreciation and amortization	  	 	42	  	 	 	38	  	 	 	148	  	 	 	141	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating expenses	  	 	869	  	 	 	831	  	 	 	2,787	  	 	 	2,839	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	569	  	 	 	468	  	 	 	2,752	  	 	 	2,260	  	
Other Income (Expense)	  				 				 				 				
Investment income, net	  	 	23	  	 	 	16	  	 	 	57	  	 	 	58	  	
Interest expense	  	 	(9	) 	 	 	(23	) 	 	 	(52	) 	 	 	(115	) 	
Other income (expense), net	  	 	(1	) 	 	 	(3	) 	 	 	—  	  	 	 	15	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total other income (expense)	  	 	13	  	 	 	(10	) 	 	 	5	  	 	 	(42	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	 	582	  	 	 	458	  	 	 	2,757	  	 	 	2,218	  	
Income tax expense	  	 	167	  	 	 	164	  	 	 	910	  	 	 	755	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	 	415	  	 	 	294	  	 	 	1,847	  	 	 	1,463	  	
Income attributable to non-controlling interests	  	 	—  	  	 	 	—  	  	 	 	(1	) 	 	 	—  	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income Attributable to MasterCard	  	$	415	  	 	$	294	  	 	$	1,846	  	 	$	1,463	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic Earnings per Share	  	$	3.17	  	 	$	2.25	  	 	$	14.10	  	 	$	11.19	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic Weighted Average Shares Outstanding	  	 	131	  	 	 	130	  	 	 	131	  	 	 	130	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted Earnings per Share	  	$	3.16	  	 	$	2.24	  	 	$	14.05	  	 	$	11.16	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted Weighted Average Shares Outstanding	  	 	131	  	 	 	130	  	 	 	131	  	 	 	130	  	

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

 	  	December 31,
2010	 	 	December 31,
2009	 	
 	  	(in millions, except share data)	 	
ASSETS	  				 				
Cash and cash equivalents	  	$	3,067	  	 	$	2,055	  	
Investment securities available-for-sale, at fair value	  	 	831	  	 	 	824	  	
Investment securities held-to-maturity	  	 	300	  	 	 	—  	  	
Accounts receivable	  	 	650	  	 	 	536	  	
Settlement due from customers	  	 	497	  	 	 	459	  	
Restricted security deposits held for customers	  	 	493	  	 	 	446	  	
Prepaid expenses	  	 	315	  	 	 	313	  	
Deferred income taxes	  	 	216	  	 	 	244	  	
Other current assets	  	 	85	  	 	 	126	  	
	  	 	 	 	 	 	 	 	
Total Current Assets	  	 	6,454	  	 	 	5,003	  	
			
Property, plant and equipment, at cost, net of accumulated depreciation	  	 	439	  	 	 	449	  	
Deferred income taxes	  	 	5	  	 	 	264	  	
Goodwill	  	 	677	  	 	 	309	  	
Other intangible assets, net of accumulated amortization	  	 	530	  	 	 	415	  	
Auction rate securities available-for-sale, at fair value	  	 	106	  	 	 	180	  	
Investment securities held-to-maturity	  	 	36	  	 	 	338	  	
Prepaid expenses	  	 	365	  	 	 	328	  	
Other assets	  	 	225	  	 	 	184	  	
	  	 	 	 	 	 	 	 	
Total Assets	  	$	8,837	  	 	$	7,470	  	
	  	 	 	 	 	 	 	 	
LIABILITIES AND EQUITY	  				 				
			
Accounts payable	  	$	272	  	 	$	290	  	
Settlement due to customers	  	 	636	  	 	 	478	  	
Restricted security deposits held for customers	  	 	493	  	 	 	446	  	
Obligations under litigation settlements	  	 	298	  	 	 	607	  	
Accrued expenses	  	 	1,315	  	 	 	1,225	  	
Other current liabilities	  	 	129	  	 	 	121	  	
	  	 	 	 	 	 	 	 	
Total Current Liabilities	  	 	3,143	  	 	 	3,167	  	
Deferred income taxes	  	 	74	  	 	 	80	  	
Obligations under litigation settlements	  	 	4	  	 	 	263	  	
Long-term debt	  	 	—  	  	 	 	22	  	
Other liabilities	  	 	400	  	 	 	426	  	
	  	 	 	 	 	 	 	 	
Total Liabilities	  	 	3,621	  	 	 	3,958	  	
Commitments and Contingencies	  				 				
Stockholders’ Equity	  				 				
Class A common stock, $.0001 par value; authorized 3,000,000,000 shares, 129,436,818 and 116,534,029 shares issued and 122,696,228 and 109,793,439 outstanding, respectively	  	 	—  	  	 	 	—  	  	
Class B common stock, $.0001 par value; authorized 1,200,000,000 shares, 8,202,380 and 19,977,657 issued and outstanding, respectively	  	 	—  	  	 	 	—  	  	
Class M common stock, $.0001 par value; authorized 0 and 1,000,000 shares, 0 and 1,812 shares issued and outstanding, respectively	  	 	—  	  	 	 	—  	  	
Additional paid-in-capital	  	 	3,445	  	 	 	3,412	  	
Class A treasury stock, at cost, 6,740,590 shares, respectively	  	 	(1,250	) 	 	 	(1,250	) 	
Retained earnings	  	 	2,915	  	 	 	1,148	  	
Accumulated other comprehensive income:	  				 				
Cumulative foreign currency translation adjustments	  	 	105	  	 	 	212	  	
Defined benefit pension and other postretirement plans, net of tax	  	 	(12	) 	 	 	(15	) 	
Investment securities available-for-sale, net of tax	  	 	2	  	 	 	(3	) 	
	  	 	 	 	 	 	 	 	
Total accumulated other comprehensive income	  	 	95	  	 	 	194	  	
	  	 	 	 	 	 	 	 	
Total Stockholders’ Equity	  	 	5,205	  	 	 	3,504	  	
Non-controlling interests	  	 	11	  	 	 	8	  	
	  	 	 	 	 	 	 	 	
Total Equity	  	 	5,216	  	 	 	3,512	  	
	  	 	 	 	 	 	 	 	
Total Liabilities and Equity	  	$	8,837	  	 	$	7,470	  	

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

 	  	For the Twelve Months
Ended December 31,	 	
 	  	2010	 	 	2009	 	
 	  	(in millions)	 	
Operating Activities	  				 				
Net income	  	$	1,847	  	 	$	1,463	  	
Adjustments to reconcile net income to net cash provided by operating activities:	  				 				
Depreciation and amortization	  	 	148	  	 	 	141	  	
Share based payments	  	 	63	  	 	 	88	  	
Stock units withheld for taxes	  	 	(126	) 	 	 	(28	) 	
Tax benefit for share based compensation	  	 	(85	) 	 	 	(39	) 	
Impairment of assets	  	 	4	  	 	 	16	  	
Accretion of imputed interest on litigation settlements	  	 	35	  	 	 	86	  	
Deferred income taxes	  	 	248	  	 	 	337	  	
Other	  	 	2	  	 	 	(11	) 	
Changes in operating assets and liabilities:	  				 				
Accounts receivable	  	 	(115	) 	 	 	122	  	
Income taxes receivable	  	 	(50	) 	 	 	190	  	
Settlement due from customers	  	 	(61	) 	 	 	54	  	
Prepaid expenses	  	 	(48	) 	 	 	(113	) 	
Obligations under litigation settlement	  	 	(603	) 	 	 	(939	) 	
Accounts payable	  	 	(19	) 	 	 	34	  	
Settlement due to customers	  	 	186	  	 	 	(66	) 	
Accrued expenses	  	 	265	  	 	 	82	  	
Net change in other assets and liabilities	  	 	6	  	 	 	(39	) 	
	  	 	 	 	 	 	 	 	
Net cash provided by operating activities	  	 	1,697	  	 	 	1,378	  	

Investing Activities	  				 				
Acquisition of business, net of cash acquired	  	 	(498	) 	 	 	(3	) 	
Purchases of property, plant and equipment	  	 	(61	) 	 	 	(57	) 	
Capitalized software	  	 	(90	) 	 	 	(83	) 	
Purchases of investment securities available-for-sale	  	 	(329	) 	 	 	(333	) 	
Purchases of investment securities held-to-maturity	  	 	—  	  	 	 	(300	) 	
Proceeds from sales of investment securities available-for-sale	  	 	297	  	 	 	98	  	
Proceeds from maturities of available-for-sale securities	  	 	110	  	 	 	36	  	
Investment in nonmarketable equity investments	  	 	(67	) 	 	 	(18	) 	
Other investing activities	  	 	(3	) 	 	 	(4	) 	
	  	 	 	 	 	 	 	 	
Net cash used in investing activities	  	 	(641	) 	 	 	(664	) 	

Financing Activities	  				 				
Tax benefit for share based compensation	  	 	85	  	 	 	39	  	
Exercise of stock options	  	 	11	  	 	 	9	  	
Dividends paid	  	 	(79	) 	 	 	(79	) 	
Investment in (redemption of) non-controlling interest	  	 	2	  	 	 	(5	) 	
Payment of debt	  	 	—  	  	 	 	(149	) 	
	  	 	 	 	 	 	 	 	
Net cash provided by (used in) financing activities	  	 	19	  	 	 	(185	) 	

Effect of exchange rate changes on cash and cash equivalents	  	 	(63	) 	 	 	21	  	
	  	 	 	 	 	 	 	 	
Net increase in cash and cash equivalents	  	 	1,012	  	 	 	550	  	
Cash and cash equivalents—beginning of period	  	 	2,055	  	 	 	1,505	  	
	  	 	 	 	 	 	 	 	
Cash and cash equivalents—end of period	  	$	3,067	  	 	$	2,055	  	

MasterCard Incorporated – Page 8
MASTERCARD INCORPORATED OPERATING PERFORMANCE

 	 	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.)	 	 	Acceptance
Locations
(Mil.)	 	
All MasterCard Credit,
Charge and Debit Programs	 				 				 				 				 				 				 				 				 				 				 				 				
APMEA	 	$	178	  	 	 	25.8	% 	 	 	19.1	% 	 	$	121	  	 	 	19.5	% 	 	 	1,323	  	 	$	58	  	 	 	18.1	% 	 	 	411	  	 	 	269	  	 	 	294	  	 	 	9.2	  	
Canada	 	 	29	  	 	 	11.9	% 	 	 	7.1	% 	 	 	26	  	 	 	6.4	% 	 	 	291	  	 	 	3	  	 	 	14.3	% 	 	 	5	  	 	 	40	  	 	 	49	  	 	 	0.8	  	
Europe	 	 	225	  	 	 	8.3	% 	 	 	14.0	% 	 	 	168	  	 	 	13.0	% 	 	 	2,130	  	 	 	57	  	 	 	17.1	% 	 	 	338	  	 	 	198	  	 	 	212	  	 	 	9.1	  	
Latin America	 	 	66	  	 	 	22.0	% 	 	 	20.0	% 	 	 	38	  	 	 	25.0	% 	 	 	626	  	 	 	28	  	 	 	13.9	% 	 	 	175	  	 	 	104	  	 	 	127	  	 	 	3.9	  	
	 	 	 	 	 				 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Worldwide less United States	 	 	499	  	 	 	16.0	% 	 	 	16.1	% 	 	 	353	  	 	 	15.8	% 	 	 	4,370	  	 	 	146	  	 	 	16.8	% 	 	 	929	  	 	 	612	  	 	 	682	  	 	 	23.0	  	
United States	 	 	253	  	 	 	2.1	% 	 	 	2.1	% 	 	 	214	  	 	 	3.3	% 	 	 	3,776	  	 	 	39	  	 	 	-4.0	% 	 	 	250	  	 	 	263	  	 	 	294	  	 	 	8.7	  	
	 	 	 	 	 				 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Worldwide	 	 	752	  	 	 	10.9	% 	 	 	11.0	% 	 	 	567	  	 	 	10.8	% 	 	 	8,146	  	 	 	185	  	 	 	11.7	% 	 	 	1,179	  	 	 	875	  	 	 	975	  	 	 	31.7	  	
													
MasterCard Credit and Charge Programs	 				 				 				 				 				 				 				 				 				 				 				 				
Worldwide less United States	 	 	353	  	 	 	11.5	% 	 	 	11.6	% 	 	 	300	  	 	 	13.4	% 	 	 	3,454	  	 	 	52	  	 	 	2.2	% 	 	 	234	  	 	 	447	  	 	 	507	  	 				
United States	 	 	135	  	 	 	2.2	% 	 	 	2.2	% 	 	 	126	  	 	 	3.2	% 	 	 	1,547	  	 	 	9	  	 	 	-9.6	% 	 	 	7	  	 	 	143	  	 	 	171	  	 				
	 	 	 	 	 				 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	 				
Worldwide	 	 	488	  	 	 	8.7	% 	 	 	8.8	% 	 	 	427	  	 	 	10.2	% 	 	 	5,001	  	 	 	61	  	 	 	0.4	% 	 	 	242	  	 	 	591	  	 	 	678	  	 				
													
MasterCard Debit Programs	 				 				 				 				 				 				 				 				 				 				 				 				
Worldwide less United States	 	 	147	  	 	 	28.7	% 	 	 	28.6	% 	 	 	53	  	 	 	31.7	% 	 	 	916	  	 	 	94	  	 	 	27.0	% 	 	 	695	  	 	 	165	  	 	 	175	  	 				
United States	 	 	118	  	 	 	2.0	% 	 	 	2.0	% 	 	 	88	  	 	 	3.6	% 	 	 	2,229	  	 	 	30	  	 	 	-2.3	% 	 	 	243	  	 	 	120	  	 	 	123	  	 				
	 	 	 	 	 				 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	 				
Worldwide	 	 	265	  	 	 	15.2	% 	 	 	15.2	% 	 	 	141	  	 	 	12.6	% 	 	 	3,144	  	 	 	124	  	 	 	18.3	% 	 	 	937	  	 	 	284	  	 	 	297	  	 				
			
 	 	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	% 	 	$	412	  	 	 	17.1	% 	 	 	4,849	  	 	$	207	  	 	 	22.1	% 	 	 	1,507	  	 	 	269	  	 	 	294	  	 				
Canada	 	 	107	  	 	 	14.9	% 	 	 	4.2	% 	 	 	95	  	 	 	5.3	% 	 	 	1,078	  	 	 	12	  	 	 	-3.2	% 	 	 	20	  	 	 	40	  	 	 	49	  	 				
Europe	 	 	809	  	 	 	10.8	% 	 	 	13.5	% 	 	 	604	  	 	 	13.2	% 	 	 	7,867	  	 	 	205	  	 	 	14.3	% 	 	 	1,269	  	 	 	198	  	 	 	212	  	 				
Latin America	 	 	221	  	 	 	23.1	% 	 	 	17.4	% 	 	 	125	  	 	 	22.4	% 	 	 	2,207	  	 	 	95	  	 	 	11.5	% 	 	 	646	  	 	 	104	  	 	 	127	  	 				
	 	 	 	 	 				 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	 				
Worldwide less United States	 	 	1,755	  	 	 	17.9	% 	 	 	15.2	% 	 	 	1,236	  	 	 	14.7	% 	 	 	16,000	  	 	 	519	  	 	 	16.3	% 	 	 	3,443	  	 	 	612	  	 	 	682	  	 				
United States	 	 	972	  	 	 	-0.3	% 	 	 	-0.3	% 	 	 	812	  	 	 	1.0	% 	 	 	14,317	  	 	 	160	  	 	 	-6.6	% 	 	 	1,016	  	 	 	263	  	 	 	294	  	 				
	 	 	 	 	 				 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	 				
Worldwide	 	 	2,727	  	 	 	10.7	% 	 	 	9.1	% 	 	 	2,047	  	 	 	8.9	% 	 	 	30,317	  	 	 	679	  	 	 	9.9	% 	 	 	4,459	  	 	 	875	  	 	 	975	  	 				
													
MasterCard Credit and Charge Programs	 				 				 				 				 				 				 				 				 				 				 				 				
Worldwide less United States	 	 	1,255	  	 	 	12.9	% 	 	 	10.0	% 	 	 	1,058	  	 	 	12.3	% 	 	 	12,808	  	 	 	197	  	 	 	-0.8	% 	 	 	922	  	 	 	447	  	 	 	507	  	 				
United States	 	 	515	  	 	 	-2.0	% 	 	 	-2.0	% 	 	 	479	  	 	 	0.5	% 	 	 	5,853	  	 	 	36	  	 	 	-26.4	% 	 	 	30	  	 	 	143	  	 	 	171	  	 				
	 	 	 	 	 				 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	 				
Worldwide	 	 	1,770	  	 	 	8.1	% 	 	 	6.2	% 	 	 	1,537	  	 	 	8.3	% 	 	 	18,661	  	 	 	233	  	 	 	-5.8	% 	 	 	952	  	 	 	591	  	 	 	678	  	 				
													
MasterCard Debit Programs	 				 				 				 				 				 				 				 				 				 				 				 				
Worldwide less United States	 	 	500	  	 	 	32.8	% 	 	 	30.4	% 	 	 	177	  	 	 	31.3	% 	 	 	3,192	  	 	 	322	  	 	 	29.9	% 	 	 	2,520	  	 	 	165	  	 	 	175	  	 				
United States	 	 	457	  	 	 	1.7	% 	 	 	1.7	% 	 	 	333	  	 	 	1.9	% 	 	 	8,464	  	 	 	124	  	 	 	1.2	% 	 	 	986	  	 	 	120	  	 	 	123	  	 				
	 	 	 	 	 				 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	 				
Worldwide	 	 	957	  	 	 	15.9	% 	 	 	14.9	% 	 	 	510	  	 	 	10.5	% 	 	 	11,656	  	 	 	447	  	 	 	20.4	% 	 	 	3,507	  	 	 	284	  	 	 	297	  	 				
			
 	 	For the 3 Months ended December 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	 	$	142	  	 	 	34.9	% 	 	 	21.4	% 	 	$	95	  	 	 	19.1	% 	 	 	1,139	  	 	$	46	  	 	 	26.4	% 	 	 	337	  	 	 	247	  	 	 	268	  	 				
Canada	 	 	26	  	 	 	13.2	% 	 	 	-1.6	% 	 	 	24	  	 	 	1.7	% 	 	 	270	  	 	 	3	  	 	 	-24.9	% 	 	 	5	  	 	 	39	  	 	 	47	  	 				
Europe	 	 	208	  	 	 	17.3	% 	 	 	8.4	% 	 	 	156	  	 	 	9.6	% 	 	 	1,873	  	 	 	52	  	 	 	5.0	% 	 	 	295	  	 	 	185	  	 	 	199	  	 				
Latin America	 	 	54	  	 	 	19.7	% 	 	 	11.0	% 	 	 	31	  	 	 	13.7	% 	 	 	516	  	 	 	23	  	 	 	7.6	% 	 	 	161	  	 	 	99	  	 	 	122	  	 				
	 	 	 	 	 				 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	 				
Worldwide less United States	 	 	430	  	 	 	22.6	% 	 	 	12.0	% 	 	 	306	  	 	 	12.1	% 	 	 	3,798	  	 	 	124	  	 	 	11.6	% 	 	 	798	  	 	 	570	  	 	 	635	  	 				
United States	 	 	248	  	 	 	-3.4	% 	 	 	-3.4	% 	 	 	207	  	 	 	-1.3	% 	 	 	3,673	  	 	 	41	  	 	 	-12.8	% 	 	 	257	  	 	 	279	  	 	 	314	  	 				
	 	 	 	 	 				 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	 				
Worldwide	 	 	678	  	 	 	11.6	% 	 	 	5.8	% 	 	 	513	  	 	 	6.3	% 	 	 	7,470	  	 	 	165	  	 	 	4.4	% 	 	 	1,055	  	 	 	849	  	 	 	949	  	 				
													
MasterCard Credit and Charge Programs	 				 				 				 				 				 				 				 				 				 				 				 				
Worldwide less United States	 	 	317	  	 	 	16.5	% 	 	 	5.8	% 	 	 	264	  	 	 	9.2	% 	 	 	3,114	  	 	 	52	  	 	 	-8.6	% 	 	 	234	  	 	 	444	  	 	 	501	  	 				
United States	 	 	132	  	 	 	-13.0	% 	 	 	-13.0	% 	 	 	123	  	 	 	-7.8	% 	 	 	1,517	  	 	 	10	  	 	 	-49.5	% 	 	 	8	  	 	 	160	  	 	 	192	  	 				
	 	 	 	 	 				 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	 				
Worldwide	 	 	449	  	 	 	6.0	% 	 	 	-0.5	% 	 	 	387	  	 	 	3.2	% 	 	 	4,630	  	 	 	62	  	 	 	-18.7	% 	 	 	242	  	 	 	604	  	 	 	693	  	 				
													
MasterCard Debit Programs	 				 				 				 				 				 				 				 				 				 				 				 				
Worldwide less United States	 	 	114	  	 	 	43.3	% 	 	 	33.6	% 	 	 	42	  	 	 	34.8	% 	 	 	684	  	 	 	72	  	 	 	32.9	% 	 	 	564	  	 	 	126	  	 	 	134	  	 				
United States	 	 	116	  	 	 	10.5	% 	 	 	10.5	% 	 	 	85	  	 	 	9.9	% 	 	 	2,156	  	 	 	31	  	 	 	12.1	% 	 	 	249	  	 	 	118	  	 	 	123	  	 				
	 	 	 	 	 				 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	 				
Worldwide	 	 	230	  	 	 	24.7	% 	 	 	20.9	% 	 	 	126	  	 	 	17.1	% 	 	 	2,840	  	 	 	103	  	 	 	25.9	% 	 	 	813	  	 	 	245	  	 	 	257	  	 				
			
 	 	For the 12 Months ended December 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	 	$	486	  	 	 	15.2	% 	 	 	18.5	% 	 	$	327	  	 	 	16.9	% 	 	 	4,167	  	 	$	159	  	 	 	22.0	% 	 	 	1,177	  	 	 	247	  	 	 	268	  	 				
Canada	 	 	93	  	 	 	-8.8	% 	 	 	-2.7	% 	 	 	82	  	 	 	-0.3	% 	 	 	1,012	  	 	 	11	  	 	 	-17.4	% 	 	 	19	  	 	 	39	  	 	 	47	  	 				
Europe	 	 	730	  	 	 	-5.8	% 	 	 	4.5	% 	 	 	546	  	 	 	5.4	% 	 	 	6,904	  	 	 	184	  	 	 	2.0	% 	 	 	1,125	  	 	 	185	  	 	 	199	  	 				
Latin America	 	 	179	  	 	 	-4.1	% 	 	 	9.1	% 	 	 	99	  	 	 	12.5	% 	 	 	1,889	  	 	 	80	  	 	 	5.1	% 	 	 	606	  	 	 	99	  	 	 	122	  	 				
	 	 	 	 	 				 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	 				
Worldwide less United States	 	 	1,488	  	 	 	0.2	% 	 	 	8.8	% 	 	 	1,053	  	 	 	8.9	% 	 	 	13,972	  	 	 	435	  	 	 	8.5	% 	 	 	2,927	  	 	 	570	  	 	 	635	  	 				
United States	 	 	975	  	 	 	-7.5	% 	 	 	-7.5	% 	 	 	804	  	 	 	-6.1	% 	 	 	14,245	  	 	 	172	  	 	 	-13.4	% 	 	 	1,039	  	 	 	279	  	 	 	314	  	 				
	 	 	 	 	 				 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	 				
Worldwide	 	 	2,463	  	 	 	-3.0	% 	 	 	1.7	% 	 	 	1,857	  	 	 	1.8	% 	 	 	28,218	  	 	 	606	  	 	 	1.3	% 	 	 	3,966	  	 	 	849	  	 	 	949	  	 				
													
MasterCard Credit and Charge Programs	 				 				 				 				 				 				 				 				 				 				 				 				
Worldwide less United States	 	 	1,112	  	 	 	-4.5	% 	 	 	3.6	% 	 	 	916	  	 	 	6.6	% 	 	 	11,577	  	 	 	195	  	 	 	-8.7	% 	 	 	927	  	 	 	444	  	 	 	501	  	 				
United States	 	 	526	  	 	 	-16.8	% 	 	 	-16.8	% 	 	 	477	  	 	 	-12.8	% 	 	 	5,912	  	 	 	49	  	 	 	-42.2	% 	 	 	37	  	 	 	160	  	 	 	192	  	 				
	 	 	 	 	 				 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	 				
Worldwide	 	 	1,637	  	 	 	-8.8	% 	 	 	-4.0	% 	 	 	1,393	  	 	 	-0.9	% 	 	 	17,488	  	 	 	244	  	 	 	-18.1	% 	 	 	963	  	 	 	604	  	 	 	693	  	 				
													
MasterCard Debit Programs	 				 				 				 				 				 				 				 				 				 				 				 				
Worldwide less United States	 	 	377	  	 	 	16.8	% 	 	 	27.6	% 	 	 	137	  	 	 	26.7	% 	 	 	2,396	  	 	 	239	  	 	 	28.1	% 	 	 	2,001	  	 	 	126	  	 	 	134	  	 				
United States	 	 	450	  	 	 	6.3	% 	 	 	6.3	% 	 	 	327	  	 	 	5.8	% 	 	 	8,334	  	 	 	123	  	 	 	7.9	% 	 	 	1,002	  	 	 	118	  	 	 	123	  	 				
	 	 	 	 	 				 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	 				
Worldwide	 	 	826	  	 	 	10.9	% 	 	 	15.1	% 	 	 	464	  	 	 	11.2	% 	 	 	10,730	  	 	 	362	  	 	 	20.5	% 	 	 	3,003	  	 	 	245	  	 	 	257	  	 				
APMEA = Asia Pacific / Middle East / Africa
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 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.
###

Exhibit 99.2

 
MasterCard Incorporated
Fourth-Quarter and Full-Year 2010 Financial Results Conference Call
February 3, 2011

 
Business Update
Operational Overview
Regulatory Update
Business Highlights
2

 
4th Quarter Selected Financial Performance
($ in millions, except per share data)
4Q 2010 4Q 2009 YOY
Actual Actual Growth %
Net revenue $ 1,438 $ 1,299 10.7%
Total operating expenses 869 831 4.6%
Operating income 569 468 21.6%
Operating margin 39.6% 36.1% 3.5 ppts
Net income $ 415 $ 294 41.2%
Diluted EPS $ 3.16 $ 2.24 41.1%
Note: Figures may not sum due to rounding
3

 
4th Quarter Gross Dollar Volume (GDV)
900
800
700
600
500
400
300
200
100
0
4Q 09
4Q 10
Worldwide 11.0% Growth
$678
$752
$230
$265
$449
$488
United States 2.1% Growth
$248
$253
$132
$135
$116
$118
4Q 09
4Q 10
Rest of World 16.1% Growth
$430
$499
$317
$353
$114
$147
4Q 09
4Q 10
Credit
Debit
GDV (in $billions)
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 6.3% Growth
Transactions (in million)
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
5,861
6,233
4Q 09
4Q 10
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
Cards 2.5% Growth
1,601
1,642
652
666
949
975
4Q 09
4Q 10
MasterCard
Maestro
Cards (in millions)
Note: Figures may not sum due to rounding
5

 
4th Quarter Revenue
($ in millions)
$1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0
-$200
-$400
-$600
4Q 2009 4Q 2010
$640 $733 $557 $606 $454 $472 $222 $221
$1,438 $1,299
($574) ($594)
Net Revenue increased 10.7%; or 13.0% on a constant currency basis
Domestic Assessments increased 14.5%
Cross Border Volume Fees increased 3.9%
Transaction Processing Fees grew by 9.0%
Other Revenues decreased 0.5%
Rebates & Incentives increased 3.5%
Domestic Assessments
Cross Border Volume Fees
Transaction Processing Fees
Other Revenues
Rebates & Incentives
Net Revenue
Note: Figures may not sum due to rounding
6

 
4th Quarter Operating Expenses
($ in millions)
$900 $800 $700 $600 $500 $400 $300 $200 $100 $0
$507 $518
4Q 2009 4Q 2010
$286 $305
$38 $42
$869 $831
General & Administrative
Advertising & Marketing
Depreciation & Amortization
Total Operating Expenses
Total Operating Expenses increased 4.6%; or 6.1% on a constant currency basis
G&A increased 2.3%
A&M increased 6.8%
Depreciation & Amortization increased 9.1%
Note: Figures may not sum due to rounding
7

 
Full-Year 2010 Highlights
Achieved net revenue of $5.5 billion
Growth of 8.6%, or 9.5% on a constant currency basis Increased operating income by 21.8%
Operating margin of 49.7% Delivered net income of $1.8 billion
Growth of 26.2%, or 27.9% on a constant currency basis Diluted EPS of $14.05
8

 
4th Quarter 2010 Cash Flow Statement and Balance Sheet Highlights
Generated $670 million in cash flow from operations for the quarter ended 12/31/2010
Cash, cash equivalents and other liquid investments of $4.2 billion at 12/31/2010
9

 
Looking Ahead
Business update through January 28
Thoughts for 2011
Long-term objectives: 2011-2013
10

 
MasterCard
Worldwide
The Heart of Commerce TM
11

 
Appendix A
Cross-Border Pricing Change ($ in millions)
($ in millions) Simplified structure with no Net Revenue impact
Adjusted View [1,2] As Reported
B/(W) B/(W)
Q4 2009 $% growth $% growth
Gross Revenue 1,816 n/a 1,873 13.5
Rebates & Incentives(517) n/a(574)(35.1)
Net Revenue 1,299 n/a 1,299 6.0
Rebates & Incentives % of Gross Revenue 28.5% 30.7%
Q1 2010
Gross Revenue 1,683 12.7 1,748 17.1
Rebates & Incentives(375)(11.3)(440)(30.7)
Net Revenue 1,308 13.1 1,308 13.1
Rebates & Incentives % of Gross Revenue 22.3% 25.2%
Q2 2010
Gross Revenue 1,766 8.7 1,828 12.6
Rebates & Incentives(401)(16.6)(463)(34.7)
Net Revenue 1,365 6.7 1,365 6.7
Rebates & Incentives % of Gross Revenue 22.7% 25.3%
Q3 2010
Gross Revenue 1,881 9.6 1,950 12.9
Rebates & Incentives (453) (28.6) (522) (43.7)
Net Revenue 1,428 4.7 1,428 4.7
Rebates & Incentives % of Gross Revenue 24.1% 26.8%
Notes: 1. Adjusted view illustrates impact of cross border acquiring rebate pricing change had it occurred on 10/1/2009
2. Pricing change is not retroactive
3. Figures may not sum due to rounding
12

 
Appendix B
4th Quarter G&A Detail
($ in millions)
Dollar Percent
For the three months ended Increase Increase
December 31 (Decrease)(Decrease)
2010 vs. 2010 vs.
2010 2009 2009 2009
Personnel $ 328 $350 $ (22)(6.4)
Professional fees 72 52 20 37.7
Telecommunications 14 16(2)(16.0)
Data processing 24 23 1 6.8
Travel and entertainment 18 14 4 29.2
Other 62 52 10 23.0
General and administrative expenses $ 518 $507 $ 11 2.3
Note: Figures may not sum due to rounding
13