• Second-quarter net income of $965 million, excluding a special item, or $0.85 per diluted share
  • Second-quarter net income of $921 million, including a special item, or $0.81 per diluted share
  • Second-quarter net revenue increase of 1%, to $2.4 billion
  • Second-quarter gross dollar volume up 13% and purchase volume up 12%

PURCHASE, N.Y.–(BUSINESS WIRE)– MasterCard Incorporated (NYSE:MA) today announced financial results for the second quarter of 2015. Excluding a special item, the company reported net income of $965 million, up 4%, or 12% after adjusting for currency, and earnings per diluted share of $0.85, up 6% or 15% adjusted for currency, versus the year-ago period. Including the special item, a $44 million after-tax charge related to a U.K. merchant litigation settlement, the company reported net income of $921 million, a decrease of 1%, or an increase of 7% after adjusting for currency, and earnings per diluted share of $0.81, up 1%, or 9% adjusted for currency, versus the year-ago period. The net income and earnings per diluted share figures, excluding the special item, are reconciled to their comparable GAAP measures in the accompanying tables. Acquisitions had a $0.03 dilutive impact on earnings per diluted share.

Net revenue for the second quarter of 2015 was $2.4 billion, a 1% increase versus the same period in 2014. Adjusted for currency, net revenue increased 7%. Net revenue growth was driven by the impact of the following:

  • An increase in cross-border volumes of 17%;
  • A 13% increase in gross dollar volume, on a local currency basis, to $1.1 trillion; and
  • An increase in processed transactions of 13%, to 12.0 billion.

These factors were partially offset by an increase in rebates and incentives, primarily due to new and renewed agreements and increased volumes. Acquisitions contributed 2 percentage points to total net revenue growth.

Worldwide purchase volume during the quarter was up 12% on a local currency basis versus the second quarter of 2014, to $841 billion. As of June 30, 2015, the company’s customers had issued 2.2 billion MasterCard and Maestro-branded cards.

“Our business continues to perform well with good transaction and volume growth, particularly in cross-border, despite the mixed global economic environment and foreign exchange headwinds,” said Ajay Banga, president and CEO, MasterCard. “We are executing on our strategy to grow our business by focusing on winning new deals in our core payments business, while building out our data analytics, processing and safety applications. A blend of acquisitions and organic investments in these spaces remain at the foundation of our strategy.”

Excluding the special item, total operating expenses increased 9%, or increased 14% when adjusted for currency, to $1.1 billion during the second quarter of 2015 compared to the same period in 2014. Acquisitions contributed 10 percentage points of the FX-adjusted growth, with the remainder primarily due to higher data processing and advertising & marketing expenses. Including the special item, total operating expenses increased 15%, or 21% when adjusted for currency, from the year-ago period.

Operating income for the second quarter of 2015 decreased 5%, or increased 2% adjusted for currency, versus the year-ago period, excluding the special item. The company delivered an operating margin of 54.9%.

MasterCard reported other expense of $10 million in the second quarter of 2015, unchanged from the second quarter of 2014.

MasterCard’s effective tax rate was 25.8% in the second quarter of 2015, versus a rate of 32.2% in the comparable period in 2014, excluding the special item. The decrease was primarily due to a larger repatriation benefit, the recognition of a discrete U.S. foreign tax credit benefit and a more favorable mix of taxable earnings.

During the second quarter of 2015, MasterCard repurchased approximately 9 million shares of Class A common stock at a cost of approximately $849 million. Quarter-to-date through July 22nd, the company repurchased an additional 1.9 million shares at a cost of approximately $182 million, with $2.0 billion remaining under the current repurchase program authorization.

Year-to-Date 2015 Results

For the six months ended June 30, 2015, excluding the special item, MasterCard reported net income of $2.0 billion, an increase of 10%, or 18% after adjusting for currency, and earnings per diluted share of $1.73, up 13%, or 21% adjusting for currency versus the year-ago period. Including the special item, net income was $1.9 billion and earnings per diluted share was $1.69. Acquisitions had a $0.06 dilutive impact on earnings per diluted share.

Net revenue for the first half of 2015 was $4.6 billion, an increase of 2%, or 8% after adjusting for currency, versus the same period in 2014. Gross dollar volume growth of 12%, transaction processing growth of 13% and cross-border volume growth of 18% contributed to the net revenue growth in the year-to-date period. These factors were partially offset by an increase in rebates and incentives. Acquisitions contributed 2 percentage points to total net revenue growth.

Excluding the special item, total operating expenses increased 4%, or 9% after adjusting for currency, to $2.0 billion, for the first half of 2015, compared to the same period in 2014. The increase was entirely due to the impact of acquisitions. Including the special item, total operating expenses increased 8%, or 12% after adjusting for currency.

Excluding the special item, operating income of $2.7 billion was essentially unchanged versus the first half of 2014 or increased 7% adjusted for currency, resulting in an operating margin of 57.7%.

MasterCard’s effective tax rate was 24.9% for the first half of 2015 versus a rate of 32.1% in the same period in 2014, excluding the special item. The decrease was primarily due to the recognition of a discrete U.S. foreign tax credit benefit, a larger repatriation benefit and a more favorable mix of taxable earnings.

Second-Quarter Financial Results Conference Call Details

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

The dial-in information for this call is 866-393-4306 (within the U.S.) and 734-385-2616 (outside the U.S.), and the passcode is 66650115. A replay of the call will be available for 30 days and can be accessed by dialing 855-859-2056 (within the U.S.) and 404-537-3406 (outside the U.S.), and using passcode 66650115.

This call can also be accessed through the Investor Relations section of the company’s website at www.mastercard.com/investor.

Non-GAAP Financial Information

The company has presented certain financial data that are considered non-GAAP financial measures that are reconciled to their most directly comparable GAAP measures in the accompanying tables.

The presentation of growth rates adjusted for currency represent a non-GAAP measure and are calculated by remeasuring the prior period’s results using the current period’s exchange rates.

About MasterCard Incorporated

MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate 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 Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.

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 our business performance and the execution of our strategy.

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, 2014, the company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that have been filed with the SEC during 2015, as well as reasons including difficulties, delays or the inability of the company to achieve its strategic initiatives set forth above. Factors other than those listed above could also cause the company’s results to differ materially from expected results.

MASTERCARD INCORPORATED

CONSOLIDATED STATEMENT OF OPERATIONS

(UNAUDITED)

Three Months Ended June 30, Six Months Ended June 30,
2015 2014 2015 2014
(in millions, except per share data)
Net Revenue $ 2,390 $ 2,368 $ 4,620 $ 4,540
Operating Expenses
General and administrative 810 731 1,460 1,396
Advertising and marketing 176 173 318 322
Depreciation and amortization 92 81 179 154
Provision for litigation settlement 61 61
Total operating expenses 1,139 985 2,018 1,872
Operating income 1,251 1,383 2,602 2,668
Other Income (Expense)
Investment income 6 6 15 13
Interest expense (17 ) (15 ) (34 ) (21 )
Other income (expense), net 1 (1 ) (2 ) (6 )
Total other income (expense) (10 ) (10 ) (21 ) (14 )
Income before income taxes 1,241 1,373 2,581 2,654
Income tax expense 320 442 640 853
Net Income $ 921 $ 931 $ 1,941 $ 1,801
Basic Earnings per Share $ 0.81 $ 0.80 $ 1.70 $ 1.53
Basic Weighted-Average Shares Outstanding 1,138 1,165 1,143 1,175
Diluted Earnings per Share $ 0.81 $ 0.80 $ 1.69 $ 1.53
Diluted Weighted-Average Shares Outstanding 1,141 1,169 1,146 1,179

MASTERCARD INCORPORATED

CONSOLIDATED BALANCE SHEET

(UNAUDITED)

June 30, 2015 December 31, 2014
(in millions, except share data)
ASSETS
Cash and cash equivalents $ 3,361 $ 5,137
Restricted cash for litigation settlement 541 540
Investments 1,716 1,238
Accounts receivable 1,128 1,109
Settlement due from customers 1,274 1,052
Restricted security deposits held for customers 1,000 950
Prepaid expenses and other current assets 903 671
Deferred income taxes 294 300
Total Current Assets 10,217 10,997
Property, plant and equipment, net of accumulated depreciation of $474 and $437, respectively 632 615
Deferred income taxes 32 96
Goodwill 1,940 1,522
Other intangible assets, net of accumulated amortization of $743 and $663, respectively 862 714
Other assets 1,589 1,385
Total Assets $ 15,272 $ 15,329
LIABILITIES AND EQUITY
Accounts payable $ 481 $ 419
Settlement due to customers 1,330 1,142
Restricted security deposits held for customers 1,000 950
Accrued litigation 722 771
Accrued expenses 2,385 2,439
Other current liabilities 558 501
Total Current Liabilities 6,476 6,222
Long-term debt 1,495 1,494
Deferred income taxes 101 115
Other liabilities 764 674
Total Liabilities 8,836 8,505
Commitments and Contingencies
Stockholders’ Equity

Class A common stock, $0.0001 par value; authorized 3,000,000,000 shares, 1,367,937,580
and 1,352,378,383 shares issued and 1,110,771,314 and 1,115,369,640 outstanding, respectively

Class B common stock, $0.0001 par value; authorized 1,200,000,000 shares, 23,247,190
and 37,192,165 issued and outstanding, respectively

Additional paid-in-capital 3,936 3,876
Class A treasury stock, at cost, 257,166,266 and 237,008,743 shares, respectively (11,785 ) (9,995 )
Retained earnings 14,746 13,169
Accumulated other comprehensive income (loss) (493 ) (260 )
Total Stockholders’ Equity 6,404 6,790
Non-controlling interests 32 34
Total Equity 6,436 6,824
Total Liabilities and Equity $ 15,272 $ 15,329

MASTERCARD INCORPORATED

CONSOLIDATED STATEMENT OF CASH FLOWS

(UNAUDITED)

Six Months Ended June 30,
2015 2014
(in millions)
Operating Activities
Net income $ 1,941 $ 1,801
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of customer and merchant incentives 358 325
Depreciation and amortization 179 154
Share-based payments (23 ) (46 )
Deferred income taxes 1 (77 )
Other (23 ) 22
Changes in operating assets and liabilities:
Accounts receivable (51 ) (121 )
Income taxes receivable (63 )
Settlement due from customers (290 ) 1
Prepaid expenses (522 ) (443 )
Accrued litigation and legal settlements (49 ) (87 )
Accounts payable 37 29
Settlement due to customers 261 (90 )
Accrued expenses (120 ) (209 )
Net change in other assets and liabilities 96 38
Net cash provided by operating activities 1,732 1,297
Investing Activities
Purchases of investment securities available-for-sale (789 ) (1,473 )
Purchases of other short-term investments held-to-maturity (744 )
Acquisition of businesses, net of cash acquired (584 ) (341 )
Purchases of property, plant and equipment (56 ) (39 )
Capitalized software (87 ) (63 )
Proceeds from sales of investment securities available-for-sale 716 426
Proceeds from maturities of investment securities available-for-sale 322 887
(Increase) decrease in restricted cash for litigation settlement (1 ) 183
Other investing activities 1 (12 )
Net cash used in investing activities (1,222 ) (432 )
Financing Activities
Purchases of treasury stock (1,795 ) (2,827 )
Proceeds from debt 1,487
Dividends paid (367 ) (260 )
Tax benefit for share-based payments 34 42
Cash proceeds from exercise of stock options 21 16
Other financing activities (9 ) (43 )
Net cash used in financing activities (2,116 ) (1,585 )
Effect of exchange rate changes on cash and cash equivalents (170 ) (1 )
Net decrease in cash and cash equivalents (1,776 ) (721 )
Cash and cash equivalents – beginning of period 5,137 3,599
Cash and cash equivalents – end of period $ 3,361 $ 2,878
Non-Cash Investing and Financing Activities
Fair value of assets acquired, net of cash acquired $ 625 $ 572
Fair value of liabilities assumed related to acquisitions $ 41 $ 128

MASTERCARD INCORPORATED OPERATING PERFORMANCE

For the 3 Months ended June 30, 2015
All MasterCard Credit, GDV Growth Growth Purchase

Volume

Growth Purchase

Trans.

Cash

Volume

Growth Cash

Trans.

Accounts Cards
Charge and Debit Programs (Bil.) (USD) (Local) (Bil.) (Local) (Mil.) (Bil.) (Local) (Mil.) (Mil.) (Mil.)
APMEA $344 7.1% 14.9% $232 15.4% 2,895 $112 13.9% 1,055 478 511
Canada 34 3.8% 17.3% 33 19.1% 453 2 -8.2% 6 46 55
Europe 320 -7.0% 16.5% 220 15.0% 4,391 100 19.9% 753 371 388
Latin America 80 -9.5% 14.9% 47 17.9% 1,378 32 10.9% 221 144 164
Worldwide less United States 777 -1.1% 15.7% 531 15.7% 9,117 246 15.6% 2,035 1,039 1,118
United States 364 7.3% 7.3% 310 7.1% 5,580 54 8.0% 344 334 371
Worldwide 1,141 1.4% 12.8% 841 12.4% 14,697 300 14.2% 2,379 1,373 1,489
MasterCard Credit and Charge Programs
Worldwide less United States 447 -2.9% 11.5% 406 12.7% 5,549 41 0.8% 195 520 586
United States 172 6.7% 6.7% 165 6.4% 1,836 7 13.4% 9 156 188
Worldwide 619 -0.4% 10.1% 571 10.8% 7,385 48 2.6% 203 676 774
MasterCard Debit Programs
Worldwide less United States 331 1.6% 21.9% 126 26.6% 3,568 205 19.2% 1,840 519 532
United States 192 7.8% 7.8% 145 8.0% 3,744 47 7.3% 336 178 183
Worldwide 522 3.8% 16.3% 271 15.9% 7,312 251 16.8% 2,176 697 715
For the 6 Months ended June 30, 2015
All MasterCard Credit, GDV Growth Growth Purchase

Volume

Growth Purchase

Trans.

Cash

Volume

Growth Cash

Trans.

Accounts Cards
Charge and Debit Programs (Bil.) (USD) (Local) (Bil.) (Local) (Mil.) (Bil.) (Local) (Mil.) (Mil.) (Mil.)
APMEA $673 7.9% 14.9% $452 15.2% 5,553 $221 14.4% 2,064 478 511
Canada 64 3.0% 16.2% 60 18.2% 846 4 -8.9% 11 46 55
Europe 605 -7.7% 15.8% 420 14.1% 8,329 185 19.8% 1,420 371 388
Latin America 159 -6.6% 14.5% 95 17.9% 2,709 65 9.9% 434 144 164
Worldwide less United States 1,501 -0.7% 15.3% 1,027 15.2% 17,437 474 15.5% 3,929 1,039 1,118
United States 702 6.9% 6.9% 596 7.0% 10,687 106 5.9% 670 334 371
Worldwide 2,203 1.6% 12.5% 1,623 12.0% 28,125 580 13.7% 4,599 1,373 1,489
MasterCard Credit and Charge Programs
Worldwide less United States 868 -2.3% 11.2% 788 12.5% 10,706 80 0.4% 380 520 586
United States 324 6.0% 6.0% 311 6.3% 3,445 13 1.2% 16 156 188
Worldwide 1,192 -0.2% 9.8% 1,099 10.6% 14,151 94 0.5% 395 676 774
MasterCard Debit Programs
Worldwide less United States 633 1.6% 21.3% 239 25.1% 6,731 394 19.2% 3,550 519 532
United States 378 7.6% 7.6% 285 7.9% 7,242 93 6.6% 654 178 183
Worldwide 1,011 3.7% 15.8% 525 15.1% 13,974 487 16.6% 4,204 697 715
For the 3 Months ended June 30, 2014
All MasterCard Credit, GDV Growth Growth Purchase

Volume

Growth Purchase

Trans.

Cash

Volume

Growth Cash

Trans.

Accounts Cards
Charge and Debit Programs (Bil.) (USD) (Local) (Bil.) (Local) (Mil.) (Bil.) (Local) (Mil.) (Mil.) (Mil.)
APMEA $321 14.6% 17.9% $214 17.6% 2,419 $107 18.5% 928 417 447
Canada 33 -1.4% 4.9% 31 6.7% 380 2 -14.4% 6 40 48
Europe 344 14.1% 13.1% 233 10.1% 3,575 111 19.9% 669 328 344
Latin America 88 4.3% 13.0% 54 20.1% 1,232 34 3.4% 205 128 148
Worldwide less United States 786 12.4% 14.6% 531 13.8% 7,606 254 16.4% 1,808 913 987
United States 339 9.4% 9.4% 290 10.2% 5,146 50 4.7% 328 304 339
Worldwide 1,125 11.5% 13.0% 821 12.5% 12,752 304 14.3% 2,137 1,217 1,326
MasterCard Credit and Charge Programs
Worldwide less United States 460 9.1% 11.0% 411 12.5% 4,976 49 0.4% 210 498 562
United States 161 9.8% 9.8% 155 10.3% 1,713 6 -0.9% 7 144 173
Worldwide 622 9.3% 10.7% 566 11.9% 6,689 56 0.3% 217 641 735
MasterCard Debit Programs
Worldwide less United States 325 17.3% 20.1% 121 18.5% 2,629 205 21.1% 1,598 416 425
United States 178 8.9% 8.9% 134 10.0% 3,433 43 5.6% 321 160 166
Worldwide 503 14.2% 15.9% 255 13.9% 6,062 248 18.1% 1,919 576 591
For the 6 Months ended June 30, 2014
All MasterCard Credit, GDV Growth Growth Purchase

Volume

Growth Purchase

Trans.

Cash

Volume

Growth Cash

Trans.

Accounts Cards
Charge and Debit Programs (Bil.) (USD) (Local) (Bil.) (Local) (Mil.) (Bil.) (Local) (Mil.) (Mil.) (Mil.)
APMEA $623 13.6% 18.5% $417 18.1% 4,636 $207 19.3% 1,812 417 447
Canada 62 -1.7% 6.0% 58 7.7% 716 5 -12.1% 11 40 48
Europe 656 13.8% 13.8% 445 10.5% 6,821 211 21.5% 1,266 328 344
Latin America 171 3.6% 14.2% 103 20.9% 2,427 67 5.2% 404 128 148
Worldwide less United States 1,512 11.8% 15.4% 1,023 14.3% 14,599 489 17.7% 3,492 913 987
United States 657 8.8% 8.8% 557 9.5% 9,864 100 5.3% 639 304 339
Worldwide 2,169 10.9% 13.3% 1,580 12.6% 24,463 589 15.4% 4,131 1,217 1,326
MasterCard Credit and Charge Programs
Worldwide less United States 889 8.4% 11.7% 791 12.9% 9,599 97 2.5% 408 498 562
United States 306 9.0% 9.0% 293 9.2% 3,223 13 3.5% 13 144 173
Worldwide 1,195 8.5% 11.0% 1,084 11.9% 12,822 111 2.6% 421 641 735
MasterCard Debit Programs
Worldwide less United States 623 17.0% 21.2% 231 19.5% 5,000 392 22.2% 3,084 416 425
United States 351 8.7% 8.7% 265 9.8% 6,641 87 5.5% 626 160 166
Worldwide 975 13.9% 16.4% 496 14.1% 11,640 479 18.8% 3,710 576 591
APMEA = Asia Pacific / Middle East / Africa
Note that the figures in the preceding tables may not sum due to rounding; growth represents change from the comparable year-ago period

Footnote

The tables set forth the gross dollar volume (“GDV”), purchase volume, cash volume and the number of purchase transactions, cash transactions, accounts and cards 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 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.

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. 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 the MasterCard website at www.mastercard.com/investor.

GAAP Reconciliations

($ in millions, except per share data)

Three Months Ended June 30, 2015

Three
Months
Ended
June 30,
2014

Percent Increase / (Decrease)
Actual

Special
Item 1

Non-
GAAP

Actual Actual

Special
Item 1

Non-
GAAP

Total operating expenses $ 1,139 $ (61 ) $ 1,078 $ 985 15% 6% 9%
Operating income $ 1,251 $ 61 $ 1,312 $ 1,383 (10)% (5)% (5)%
Operating Margin 52.4 % 54.9 % 58.4 %
Income tax expense $ 320 $ 17 $ 337 $ 442 (28)% (4)% (24)%
Effective Tax Rate 25.7 % 25.8 % 32.2 %
Net Income $ 921 $ 44 $ 965 $ 931 (1)% (5)% 4%
Diluted Earnings per Share $ 0.81 $ 0.04 $ 0.85 $ 0.80 1% (5)% 6%
Six Months Ended June 30, 2015

Six
Months
Ended
June 30,
2014

Percent Increase / (Decrease)
Actual

Special
Item 1

Non-
GAAP

Actual Actual

Special
Item 1

Non-
GAAP

Total operating expenses $ 2,018 $ (61 ) $ 1,957 $ 1,872 8% 4% 4%
Operating income $ 2,602 $ 61 $ 2,663 $ 2,668 (2)% (2)% —%
Operating Margin 56.3 % 57.7 % 58.8 %
Income tax expense $ 640 $ 17 $ 657 $ 853 (25)% (2)% (23)%
Effective Tax Rate 24.8 % 24.9 % 32.1 %
Net Income $ 1,941 $ 44 $ 1,985 $ 1,801 8% (2)% 10%
Diluted Earnings per Share $ 1.69 $ 0.04 $ 1.73 $ 1.53 10% (3)% 13%
Note: Figures may not sum due to rounding
1 Represents effect of UK Merchant Litigation Settlement

Source: MasterCard Investor Relations

MasterCard Incorporated

Investor Relations:

Barbara Gasper or Matt Lanford

914-249-4565

investor_relations@mastercard.com

or

Media Relations:

Seth Eisen, 914-249-3153

Seth_Eisen@mastercard.com