Mastercard (MA) 8-K Fourth-Quarter and Full-Year 2012 Financial Results

Exhibit 99.1

MasterCard Incorporated Reports

Fourth-Quarter and Full-Year 2012 Financial Results

• Fourth-quarter net income of $605 million, or $4.86 per diluted share

• Fourth-quarter net revenue increase of 10%, to $1.9 billion

• Fourth-quarter gross dollar volume up 14% and purchase volume up 13%

Purchase, NY, January 31, 2013 – MasterCard Incorporated (NYSE: MA) today announced financial results for the fourth quarter of 2012. The company reported net income of $605 million, up 18%, and earnings per diluted share of $4.86, up 21%, in each case versus the year-ago period, excluding a special item representing a charge related to the U.S. merchant litigations taken in the fourth quarter of 2011. These net income and earnings per diluted share growth figures are reconciled to their comparable GAAP measures in the accompanying financial tables.

Net revenue for the fourth quarter of 2012 was $1.9 billion, a 10% increase versus the same period in 2011. Adjusted for currency, net revenue increased 12%. Net revenue growth was driven by the impact of the following:

• An increase in processed transactions of 20%, to 9.2 billion;

• An increase in cross-border volumes of 17%; and

• A 14% increase in gross dollar volume, on a local currency basis, to $986 billion.

These factors were partially offset by an increase in rebates and incentives, primarily due to new and renewed agreements and increased volumes.

Worldwide purchase volume during the quarter was up 13% on a local currency basis versus the fourth quarter of 2011, to $727 billion. As of December 31, 2012, the company’s customers had issued 1.9 billion MasterCard and Maestro-branded cards.

“We are pleased with our fourth-quarter results, which saw double-digit growth in net revenue, cross-border volume and processed transactions,” said Ajay Banga, MasterCard president and CEO. “We are gaining traction in our U.S. credit business with some recent wins, continuing to experience momentum in our mobile initiatives around the world, and securing important business in emerging markets like Africa and Brazil.”

Total operating expenses increased 3%, to $996 million, during the fourth quarter of 2012 compared to the same period in 2011, excluding the special item. Adjusted for currency, operating expenses increased 4%. The increase in total operating expenses was primarily driven by an increase in the number of employees in support of strategic growth initiatives and the net impact of foreign exchange activity, partially offset by lower advertising and marketing expenses. Including the special item from 2011, total operating expenses decreased 43% from the year-ago period.

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Operating income for the fourth quarter of 2012 increased 18% over the year-ago period, excluding the special item, and the company delivered an operating margin of 47.4%.

MasterCard’s effective tax rate was 32.4% in the fourth quarter of 2012, versus a rate of 32.3% in the comparable period in 2011, excluding the special item.

During the fourth quarter of 2012, MasterCard repurchased 1.3 million shares of class A common stock at a cost of approximately $613 million. Quarter-to-date through January 25, the company repurchased an additional 322,000 shares at a cost of approximately $165 million, with $440 million remaining under the current repurchase program authorization.

Full-Year 2012 Results

For the year ended December 31, 2012, MasterCard reported net income of $2.8 billion, up 15%, and earnings per diluted share of $22.04, up 18%, in each case versus the year-ago period and excluding special items in both 2011 and 2012. The special item in 2012 was an incremental charge taken in the second quarter related to the U.S. merchant litigations. Including this special item, full-year 2012 net income remained $2.8 billion and earnings per diluted share was $21.94.

Net revenue for full-year 2012 was $7.4 billion, an increase of 10% versus 2011. Adjusted for currency, net revenue increased 13%. Processed transaction growth of 25%, gross dollar volume growth of 15% and cross-border volume growth of 16% contributed to the net revenue growth in the full-year period. These increases were partially offset by an increase in rebates and incentives due to new and renewed customer agreements and increased volumes.

Excluding special items in both years, total operating expenses increased 6%, to $3.4 billion, for 2012 compared to 2011, primarily due to higher personnel costs related to strategic initiatives and partially offset by lower advertising and marketing expenses. Adjusted for currency, total operating expenses increased 8%. Including special items, total operating expenses in 2012 decreased 14%, to $3.5 billion, versus 2011.

Excluding special items, operating income increased 14% for 2012 versus 2011, delivering an operating margin of 53.5% for full-year 2012.

Total other expense was $5 million for full-year 2012 versus total other income of $33 million in 2011. This was primarily driven by lower investment income, increased expenses from investments in joint ventures and the non-recurrence of an adjustment to acquisition-related provisions made last year.

MasterCard’s effective tax rate was 29.9% for full-year 2012, versus a rate of 31.8% for full-year 2011, excluding the special item in 2011. Including this special item, the effective tax rate was 30.6% for full-year 2011. The decrease in the 2012 effective tax rate was primarily due to discrete benefits related to additional export incentives and the conclusion of tax examinations in certain jurisdictions, as well as a benefit from a deduction related to the company’s authorization software.

For full-year 2012, MasterCard repurchased 4.1 million shares at a cost of approximately $1.7 billion.

MasterCard Incorporated – Page 3

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 888-771-4371 (within the U.S.) and 847-585-4405 (outside the U.S.), and the passcode is 33858248. A replay of the call will be available for one week and can be accessed by dialing 888-843-7419 (within the U.S.) and 630-652-3042 (outside the U.S.), and using passcode 33858248.

The live call and the replay, along with supporting materials, can also be accessed through the Investor Relations section of the company’s website at mastercard.com.

Non-GAAP Financial Information

The company’s total operating expenses, operating income, net income and earnings per share, excluding special items, are non-GAAP financial measures that are reconciled to their most directly comparable GAAP measures in the accompanying financial tables.

The presentation of growth rates adjusted for currency also 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 theCashless Conversations Blog andsubscribe for the latestnews.

MasterCard Incorporated – Page 4

Forward-Looking Statements

Statements in this press release which are not historical facts, including statements about MasterCard’s plans, strategies, beliefs and expectations, are forward-looking and subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date they are made. Accordingly, except for the company’s ongoing obligations under the U.S. federal securities laws, the company does not intend to update or otherwise revise the forward-looking information to reflect actual results of operations, changes in financial condition, changes in estimates, expectations or assumptions, changes in general economic or industry conditions or other circumstances arising and/or existing since the preparation of this press release or to reflect the occurrence of any unanticipated events. Such forward-looking statements include, without limitation, statements related to the Company’s ability to continue to gain traction in U.S. credit, maintain momentum in mobile and secure new business in emerging markets.

Actual results may differ materially from such forward-looking statements for a number of reasons, including those set forth in the company’s filings with the Securities and Exchange Commission (SEC), including the company’s Annual Report on Form 10-K for the year ended December 31, 2011, the company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that have been filed with the SEC during 2012, as well as reasons including difficulties, delays or the inability of the company to achieve its strategic initiatives set forth above. Factors other than those listed above could also cause the company’s results to differ materially from expected results.

###

Contacts:

Investor Relations: Barbara Gasper,investor_relations@mastercard.com, 914-249-4565

Media Relations: Jim Issokson,james_issokson@mastercard.com, 914-249-6286

MasterCard Incorporated – Page 5

MASTERCARD INCORPORATED

CONSOLIDATED STATEMENT OF OPERATIONS

(UNAUDITED)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2012			2011			2012			2011
	(in millions, except per share data)
Revenues, net	$	1,895		$	1,728		$	7,391		$	6,714
Operating Expenses
General and administrative		639			597			2,429			2,196
Advertising and marketing		295			319			775			841
Depreciation and amortization		62			52			230			194
Provision for litigation settlement		—			770			20			770
Total operating expenses		996			1,738			3,454			4,001
Operating income (loss)		899			(10	)		3,937			2,713
Other Income (Expense)
Investment income		10			12			37			52
Interest expense		(7	)		(7	)		(20	)		(25	)
Other income (expense), net		(8	)		(7	)		(22	)		6
Total other income (expense)		(5	)		(2	)		(5	)		33
Income (loss) before income taxes		894			(12	)		3,932			2,746
Income tax expense (benefit)		289			(30	)		1,174			842
Net income		605			18			2,758			1,904
Loss attributable to non-controlling interests		—			1			1			2
Net Income Attributable to MasterCard	$	605		$	19		$	2,759		$	1,906
Basic Earnings per Share	$	4.88		$	0.15		$	22.02		$	14.90
Basic Weighted Average Shares Outstanding		124			127			125			128
Diluted Earnings per Share	$	4.86		$	0.15		$	21.94		$	14.85
Diluted Weighted Average Shares Outstanding		125			127			126			128

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MASTERCARD INCORPORATED

CONSOLIDATED BALANCE SHEET

(UNAUDITED)

	December 31, 2012			December 31, 2011
	(in millions, except share data)
ASSETS
Cash and cash equivalents	$	2,052		$	3,734
Restricted cash for litigation settlement		726			—
Investment securities available-for-sale		2,951			1,215
Accounts receivable		925			808
Settlement due from customers		1,117			601
Restricted security deposits held for customers		777			636
Prepaid expenses and other current assets		681			404
Deferred income taxes		128			343
Total Current Assets		9,357			7,741
Property, plant and equipment, at cost, net		472			449
Deferred income taxes		60			88
Goodwill		1,092			1,014
Other intangible assets, net		672			665
Other assets		809			736
Total Assets	$	12,462		$	10,693
LIABILITIES AND EQUITY
Accounts payable	$	357		$	360
Settlement due to customers		1,064			699
Restricted security deposits held for customers		777			636
Accrued litigation		726			770
Accrued expenses		1,748			1,610
Other current liabilities		234			142
Total Current Liabilities		4,906			4,217
Deferred income taxes		104			113
Other liabilities		523			486
Total Liabilities		5,533			4,816
Commitments and Contingencies
Stockholders’ Equity
Class A common stock, $0.0001 par value; authorized 3,000,000,000 shares, 133,604,903 and 132,771,392 shares issued and 118,405,075 and 121,618,059 outstanding, respectively		—			—
Class B common stock, $0.0001 par value; authorized 1,200,000,000 shares, 4,838,840 and 5,245,676 issued and outstanding, respectively		—			—
Additional paid-in-capital		3,641			3,519
Class A treasury stock, at cost, 15,199,828 and 11,153,333 shares, respectively		(4,139	)		(2,394	)
Retained earnings		7,354			4,745
Accumulated other comprehensive income (loss)		61			(2	)
Total Stockholders’ Equity		6,917			5,868
Non-controlling interests		12			9
Total Equity		6,929			5,877
Total Liabilities and Equity	$	12,462		$	10,693

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MASTERCARD INCORPORATED

CONSOLIDATED STATEMENT OF CASH FLOWS

(UNAUDITED)

	For the Years Ended December 31,
	2012			2011			2010
	(in millions)
Operating Activities
Net income	$	2,758		$	1,904		$	1,847
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		230			194			148
Share based payments		89			80			63
Stock units withheld for taxes		(42	)		(33	)		(126	)
Tax benefit for share based compensation		(47	)		(12	)		(85	)
Deferred income taxes		241			(175	)		248
Other		53			19			41
Changes in operating assets and liabilities:
Accounts receivable		(121	)		(162	)		(115	)
Income taxes receivable		(185	)		—			(50	)
Settlement due from customers		(500	)		(114	)		(61	)
Prepaid expenses		(81	)		27			(48	)
Obligations under litigation settlements		—			(303	)		(603	)
Accrued litigation		(44	)		770			—
Accounts payable		(2	)		67			(19	)
Settlement due to customers		348			74			186
Accrued expenses		221			296			265
Net change in other assets and liabilities		30			52			6
Net cash provided by operating activities		2,948			2,684			1,697
Investing Activities
Increase in restricted cash for litigation settlement		(726	)		—			—
Acquisition of businesses, net of cash acquired		(70	)		(460	)		(498	)
Purchases of property, plant and equipment		(96	)		(77	)		(61	)
Capitalized software		(122	)		(100	)		(90	)
Purchases of investment securities available-for-sale		(2,981	)		(899	)		(329	)
Proceeds from sales of investment securities available-for-sale		390			485			297
Proceeds from maturities of investment securities available-for-sale		891			63			110
Proceeds from maturities of investment securities held-to-maturity		—			300			—
Investment in nonmarketable equity investments		(118	)		(74	)		(67	)
Other investing activities		(7	)		14			(3	)
Net cash used in investing activities		(2,839	)		(748	)		(641	)
Financing Activities
Purchases of treasury stock		(1,748	)		(1,148	)		—
Dividends paid		(132	)		(77	)		(79	)
Payment of debt		—			(21	)		—
Tax benefit for share based compensation		47			12			85
Cash proceeds from exercise of stock options		31			19			11
Other financing activities		4			—			2
Net cash (used in) provided by financing activities		(1,798	)		(1,215	)		19
Effect of exchange rate changes on cash and cash equivalents		7			(54	)		(63	)
Net (decrease) increase in cash and cash equivalents		(1,682	)		667			1,012
Cash and cash equivalents - beginning of period		3,734			3,067			2,055
Cash and cash equivalents - end of period	$	2,052		$	3,734		$	3,067

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MASTERCARD INCORPORATED OPERATING PERFORMANCE

	For the 3 Months ended December 31, 2012
	GDV (Bil.)		Growth (USD)			Growth (Local)			Purchase Volume (Bil.)		Growth (Local)			Purchase Trans. (Mil.)		Cash Volume (Bil.)		Growth (Local)			Cash Trans. (Mil.)		Accounts (Mil.)		Cards (Mil.)			Acceptance Locations (Mil.)
All MasterCard Credit, Charge and Debit Programs
APMEA	$	271		23.1	%		22.6	%	$	183		19.5	%		1,872	$	88		29.3	%		668		343		371			10.6
Canada		35		11.3	%		7.7	%		32		8.0	%		349		3		4.6	%		6		44		53			1.0
Europe		295		14.8	%		16.4	%		206		13.1	%		2,878		89		24.6	%		513		259		276			10.1
Latin America		84		13.6	%		16.1	%		50		19.9	%		1,060		34		11.0	%		190		118		136			5.0
Worldwide less United States		685		17.6	%		18.2	%		471		15.9	%		6,160		214		23.7	%		1,376		764		836	��		26.7
United States		301		6.8	%		6.8	%		256		7.1	%		4,567		45		4.8	%		297		288		321			9.2
Worldwide		986		14.1	%		14.5	%		727		12.6	%		10,727		260		20.0	%		1,673		1,051		1,158			35.9
MasterCard Credit and Charge Programs
Worldwide less United States		424		14.4	%		14.9	%		374		15.0	%		4,336		51		13.7	%		209		480		543
United States		147		2.5	%		2.5	%		140		4.1	%		1,633		7		-21.9	%		7		149		178
Worldwide		571		11.1	%		11.4	%		514		11.8	%		5,968		58		7.8	%		215		629		721
MasterCard Debit Programs
Worldwide less United States		260		23.1	%		24.1	%		97		19.2	%		1,824		163		27.2	%		1,168		284		293
United States		155		11.2	%		11.2	%		116		11.1	%		2,934		39		11.7	%		291		138		143
Worldwide		415		18.4	%		19.0	%		213		14.6	%		4,758		202		23.9	%		1,458		422		436
	For the 12 Months ended December 31, 2012
	GDV (Bil.)		Growth (USD)			Growth (Local)			Purchase Volume (Bil.)		Growth (Local)			Purchase Trans. (Mil.)		Cash Volume (Bil.)		Growth (Local)			Cash Trans. (Mil.)		Accounts (Mil.)		Cards (Mil.)
All MasterCard Credit, Charge and Debit Programs
APMEA	$	980		21.4	%		22.7	%	$	662		21.0	%		6,852	$	318		26.3	%		2,385		343		371
Canada		127		6.8	%		7.8	%		116		8.6	%		1,293		11		-0.3	%		23		44		53
Europe		1,071		9.3	%		16.4	%		751		12.6	%		10,499		319		26.5	%		1,900		259		276
Latin America		302		9.2	%		18.5	%		181		22.9	%		3,875		120		12.5	%		718		118		136
Worldwide less United States		2,480		13.6	%		18.6	%		1,711		16.5	%		22,521		769		23.5	%		5,026		764		836
United States		1,167		9.1	%		9.1	%		982		9.0	%		17,545		184		9.7	%		1,208		288		321
Worldwide		3,647		12.1	%		15.4	%		2,694		13.6	%		40,066		953		20.6	%		6,234		1,051		1,158
MasterCard Credit and Charge Programs
Worldwide less United States		1,558		11.4	%		15.3	%		1,368		15.9	%		16,080		189		11.2	%		787		480		543
United States		562		3.5	%		3.5	%		534		5.1	%		6,241		28		-19.1	%		27		149		178
Worldwide		2,120		9.2	%		11.9	%		1,902		12.6	%		22,321		218		6.0	%		814		629		721
MasterCard Debit Programs
Worldwide less United States		923		17.7	%		24.5	%		343		18.9	%		6,441		579		28.2	%		4,239		284		293
United States		604		14.9	%		14.9	%		448		14.1	%		11,304		156		17.3	%		1,181		138		143
Worldwide		1,527		16.6	%		20.5	%		791		16.1	%		17,744		735		25.7	%		5,420		422		436
	For the 3 Months ended December 31, 2011
	GDV (Bil.)		Growth (USD)			Growth (Local)			Purchase Volume (Bil.)		Growth (Local)			Purchase Trans. (Mil.)		Cash Volume (Bil.)		Growth (Local)			Cash Trans. (Mil.)		Accounts (Mil.)		Cards (Mil.)
All MasterCard Credit, Charge and Debit Programs
APMEA	$	220		23.5	%		22.4	%	$	152		23.3	%		1,565	$	69		20.5	%		502		296		321
Canada		31		5.5	%		6.5	%		29		9.3	%		316		2		-17.4	%		6		41		50
Europe		257		13.6	%		16.7	%		184		12.6	%		2,455		73		28.7	%		424		222		238
Latin America		74		12.5	%		20.3	%		45		24.8	%		917		29		14.1	%		180		107		131
Worldwide less United States		582		16.5	%		18.6	%		409		17.4	%		5,253		173		21.8	%		1,111		666		740
United States		282		12.1	%		12.1	%		239		11.5	%		4,241		43		15.6	%		279		274		307
Worldwide		865		15.0	%		16.4	%		648		15.1	%		9,494		216		20.5	%		1,390		940		1,046
MasterCard Credit and Charge Programs
Worldwide less United States		371		13.3	%		14.8	%		326		16.6	%		3,815		45		3.3	%		183		450		511
United States		143		6.6	%		6.6	%		134		6.3	%		1,616		9		10.7	%		8		146		175
Worldwide		514		11.4	%		12.4	%		461		13.4	%		5,431		53		4.5	%		190		596		686
MasterCard Debit Programs
Worldwide less United States		212		22.5	%		26.0	%		83		20.4	%		1,439		129		29.8	%		929		216		229
United States		139		18.4	%		18.4	%		104		19.0	%		2,625		35		16.9	%		271		128		131
Worldwide		350		20.9	%		22.9	%		187		19.6	%		4,064		163		26.9	%		1,200		344		360
	For the 12 Months ended December 31, 2011
	GDV (Bil.)		Growth (USD)			Growth (Local)			Purchase Volume (Bil.)		Growth (Local)			Purchase Trans. (Mil.)		Cash Volume (Bil.)		Growth (Local)			Cash Trans. (Mil.)		Accounts (Mil.)		Cards (Mil.)
All MasterCard Credit, Charge and Debit Programs
APMEA	$	808		30.5	%		23.3	%	$	548		24.8	%		5,736	$	259		20.3	%		1,831		296		321
Canada		119		11.7	%		7.3	%		108		9.4	%		1,171		11		-9.8	%		22		41		50
Europe		979		21.0	%		16.7	%		709		13.3	%		9,028		271		26.6	%		1,572		222		238
Latin America		276		25.4	%		22.5	%		164		27.1	%		3,297		112		16.3	%		683		107		131
Worldwide less United States		2,183		24.3	%		19.2	%		1,529		18.3	%		19,232		654		21.4	%		4,107		666		740
United States		1,069		10.4	%		10.4	%		901		11.0	%		15,916		168		7.8	%		1,079		274		307
Worldwide		3,252		19.4	%		16.2	%		2,430		15.5	%		35,148		822		18.3	%		5,186		940		1,046
MasterCard Credit and Charge Programs
Worldwide less United States		1,399		20.4	%		15.3	%		1,222		17.5	%		14,104		177		2.1	%		710		450		511
United States		543		6.0	%		6.0	%		508		6.1	%		6,064		35		5.1	%		30		146		175
Worldwide		1,942		16.0	%		12.6	%		1,730		13.9	%		20,169		212		2.6	%		741		596		686
MasterCard Debit Programs
Worldwide less United States		784		32.0	%		26.8	%		307		21.5	%		5,127		477		30.5	%		3,397		216		229
United States		526		15.4	%		15.4	%		393		18.0	%		9,852		133		8.5	%		1,049		128		131
Worldwide		1,310		24.8	%		22.0	%		699		19.5	%		14,979		610		25.0	%		4,445		344		360

APMEA = Asia Pacific / Middle East / Africa

Note that the figures in the preceding tables may not sum due to rounding; growth represents change from the comparable year-ago period

MasterCard Incorporated – Page 9

Footnote

The tables set forth the gross dollar volume (“GDV”), purchase volume, cash volume and the number of purchase transactions, cash transactions, accounts, cards and acceptance locations on a regional and global basis for MasterCard^®-branded and MasterCard Electronic™-branded cards. Growth rates over prior periods are provided for volume-based data.

Debit transactions on Maestro^® and Cirrus^®-branded cards, Mondex^® transactions and transactions involving brands other than MasterCard are not included in the preceding tables.

For purposes of the table: GDV represents purchase volume plus cash volume and includes the impact of balance transfers and convenience checks; “purchase volume” means the aggregate dollar amount of purchases made with MasterCard-branded cards for the relevant period; and “cash volume” means the aggregate dollar amount of cash disbursements obtained with MasterCard-branded cards for the relevant period. The number of cards includes virtual cards, which are MasterCard-branded payment accounts that do not generally have physical cards associated with them. Acceptance locations include merchant locations, ATMs and other locations where cash may be obtained.

The MasterCard payment product is comprised of credit, charge and debit programs, and data relating to each type of program is included in the tables. Debit programs include MasterCard-branded debit programs where the primary means of cardholder validation at the point of sale is for cardholders either to sign a sales receipt or enter a PIN. The tables include information with respect to transactions involving MasterCard-branded cards that are not processed by MasterCard and transactions for which MasterCard does not earn significant revenues.

Information denominated in U.S. dollars is calculated by applying an established U.S. dollar/local currency exchange rate for each local currency in which MasterCard volumes are reported. These exchange rates are calculated on a quarterly basis using the average exchange rate for each quarter. MasterCard reports period-over-period rates of change in purchase volume and cash volume on the basis of local currency information, in order to eliminate the impact of changes in the value of foreign currencies against the U.S. dollar in calculating such rates of change.

The data set forth in the GDV, purchase volume, purchase transactions, cash volume and cash transactions columns is provided by MasterCard customers and is subject to verification by MasterCard and partial cross-checking against information provided by MasterCard’s transaction processing systems. The data set forth in the accounts and cards columns is provided by MasterCard customers and is subject to certain limited verification by MasterCard. A portion of the data set forth in the accounts and cards columns reflects the impact of routine portfolio changes among customers and other practices that may lead to over counting of the underlying data in certain circumstances. In order to provide a true indication of how broadly our cards can be used, MasterCard seeks to provide the most accurate acceptance figures possible and to maintain that MasterCard acceptance is unsurpassed worldwide by periodically validating our results with third parties. The data set forth in the acceptance locations column is derived through a proprietary methodology designed to minimize the impact of multiple acquiring in certain markets. This data is based on information provided by our customers and other third parties and is subject to certain limited verification by MasterCard and partial cross-checking against information provided by MasterCard’s transaction processing systems. All data is subject to revision and amendment by MasterCard’s customers subsequent to the date of its release.

In 2012, certain MasterCard Debit and Credit Programs in the Europe region have changed due to a reclassification of programs. There is no impact at the All MasterCard Programs level. In addition, Purchase Transactions for certain Credit Programs in the Latin America region have been revised due to changes from several customers. MasterCard revenue is not impacted from these changes. Data for the comparable periods in 2012, 2011 and 2010 have been revised to be consistent with these approaches. For 2012Q4, U.S. acceptance locations reflect an increase, primarily due to customer revisions.

Performance information for prior periods can be found in the “Investor Relations” section of MasterCard’s website at www.mastercard.com.

###

MasterCard Incorporated – Page 10

GAAP Reconciliation

($ in millions, except per share data)

	Three Months Ended December 31, 2012			Three Months Ended December 31, 2011
	Actual			Actual			Special Item			Non-GAAP
Provision for litigation settlement	$	—		$	770		$	(770	)	$	—
Total operating expenses		996			1,738			(770	)		968
Operating income (loss)		899			(10	)		770			760
Operating Margin		47.4	%		(0.6	%)					44.0	%
Income (loss) before income taxes		894			(12	)		770			758
Income tax expense (benefit)		289			(30	)		275	a		245
Net Income Attributable to MasterCard		605			19			495			514
Basic Earnings per Share	$	4.88		$	0.15		$	3.90		$	4.05
Diluted Earnings per Share	$	4.86		$	0.15		$	3.88		$	4.03

a- Tax effect of provision for litigation settlement

	Twelve Months Ended December 31, 2012									Twelve Months Ended December 31, 2011
	Actual			Special Item			Non-GAAP			Actual			Special Item			Non-GAAP
Provision for litigation settlement	$	20		$	(20	)	$	—		$	770		$	(770	)	$	—
Total operating expenses		3,454			(20	)		3,434			4,001			(770	)		3,231
Operating income		3,937			20			3,957			2,713			770			3,483
Operating Margin		53.3	%					53.5	%		40.4	%					51.9	%
Income before income taxes		3,932			20			3,952			2,746			770			3,516
Income tax expense		1,174			7	a		1,181			842			275	a		1,117
Net Income Attributable to MasterCard		2,759			13			2,772			1,906			495			2,401
Basic Earnings per Share	$	22.02		$	0.10		$	22.12		$	14.90		$	3.87		$	18.77
Diluted Earnings per Share	$	21.94		$	0.10		$	22.04		$	14.85		$	3.85		$	18.70

a- Tax effect of provision for litigation settlement

MasterCard Incorporated – Page 11

Reconciliation to Effective Tax Rate

($ millions)

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

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