<SUBMISSION>
<ACCESSION-NUMBER>0000950123-04-003819
<TYPE>DEF 14A
<PUBLIC-DOCUMENT-COUNT>7
<PERIOD>20040510
<FILING-DATE>20040326
<EFFECTIVENESS-DATE>20040326
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>MASTERCARD INC
<CIK>0001141391
<ASSIGNED-SIC>7389
<IRS-NUMBER>134172551
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>DEF 14A
<ACT>34
<FILE-NUMBER>000-50250
<FILM-NUMBER>04691413
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2000 PURCHASE STREET
<CITY>PURCHASE
<STATE>NY
<ZIP>10577
<PHONE>9142492000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2000 PURCHASE STREET
<CITY>PURCHASE
<STATE>NY
<ZIP>10577
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>y94892def14a.htm
<DESCRIPTION>MASTERCARD INCORPORATED
<TEXT>
<HTML>
<HEAD>
<TITLE>MASTERCARD INCORPORATED</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="center"><B>SCHEDULE 14A INFORMATION</B>

<P align="center"><B>PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES<BR>
EXCHANGE ACT OF 1934 (AMENDMENT NO.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</B>

<P>Filed by the Registrant [X]

<P>Filed by a Party other than the Registrant [ &nbsp;&nbsp;]

<P>Check the appropriate box:

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="40%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="40%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">[&nbsp;&nbsp;]</FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">
Preliminary Proxy Statement
</FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">[&nbsp;&nbsp;]
</FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">Confidential, for Use of the Commission
Only (as permitted by Rule&nbsp;14a-6(e)(2))</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">[X]</FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">
Definitive Proxy Statement</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">[&nbsp;&nbsp;]</FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">
Definitive Additional Materials</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">[&nbsp;&nbsp;]</FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top" nowrap colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">
Soliciting Material Pursuant to
Section&nbsp;240.14a-11(c) or Section&nbsp;240.14a-2.</FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><B>MASTERCARD INCORPORATED</B>

<HR size="1">




<div align="center">(Name of Registrant as Specified In Its
Charter)</div>
<br><br><br>
<HR size="1">


<div align="center">(Name of Person(s) Filing Proxy Statement, if
other than Registrant)</div>

<P>Payment of Filing Fee (Check the appropriate box):

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="6%">[X]</TD>
        <TD width="1%" align="left">&nbsp;</TD>
        <TD width="93%">No fee required.</TD>
</TR>
</TABLE>
<P>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="6%">[ &nbsp;&nbsp;]</TD>
        <TD width="1%" align="left">&nbsp;</TD>
        <TD width="93%">Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(4) and 0-12.</TD>
</TR>
</TABLE>
<P>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="7%">&nbsp;</TD>
        <TD width="4%" align="left">(1)</TD>
        <TD width="89%">Title of each class of securities to which transaction applies:</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<P>
<TR valign="top">
        <TD width="4%">&nbsp;</TD>
        <TD width="1%" align="left"></TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="92%"><HR size="1"></TD>
</TR>
</TABLE>







<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="7%">&nbsp;</TD>
        <TD width="4%" align="left">(2)</TD>
        <TD width="89%">Aggregate number of securities to which transaction applies:</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<P>
<TR valign="top">
        <TD width="4%">&nbsp;</TD>
        <TD width="1%" align="left"></TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="92%"><HR size="1"></TD>
</TR>
</TABLE>





<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="7%">&nbsp;</TD>
        <TD width="4%" align="left">(3)</TD>
        <TD width="89%">Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule&nbsp;0-11 (Set forth the amount on which the
filing fee is calculated and state how it was determined):</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<P>
<TR valign="top">
        <TD width="4%">&nbsp;</TD>
        <TD width="1%" align="left"></TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="92%"><HR size="1"></TD>
</TR>
</TABLE>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="7%">&nbsp;</TD>
        <TD width="4%" align="left">(4)</TD>
        <TD width="89%">Proposed maximum aggregate value of transaction:</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<P>
<TR valign="top">
        <TD width="4%">&nbsp;</TD>
        <TD width="1%" align="left"></TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="92%"><HR size="1"></TD>
</TR>
</TABLE>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="7%">&nbsp;</TD>
        <TD width="4%" align="left">(5)</TD>
        <TD width="89%">Total fee paid:</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<P>
<TR valign="top">
        <TD width="4%">&nbsp;</TD>
        <TD width="1%" align="left"></TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="92%"><HR size="1"></TD>
</TR>
</TABLE>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="6%" align="left">[ &nbsp;&nbsp;]</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="93%"> Fee paid previously with preliminary materials.</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width="6%" align="left">[ &nbsp;&nbsp;]</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="93%"> Check box if any part of the fee is offset as provided by Exchange Act Rule
0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number,
or the Form or Schedule and the date of its filing.</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="7%">&nbsp;</TD>
        <TD width="4%" align="left">(1)</TD>
        <TD width="89%">Amount Previously Paid:</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<P>
<TR valign="top">
        <TD width="4%">&nbsp;</TD>
        <TD width="1%" align="left"></TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="92%"><HR size="1"></TD>
</TR>
</TABLE>





<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="7%">&nbsp;</TD>
        <TD width="4%" align="left">(2)</TD>
        <TD width="89%">Form, Schedule or Registration Statement No.:</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<P>
<TR valign="top">
        <TD width="4%">&nbsp;</TD>
        <TD width="1%" align="left"></TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="92%"><HR size="1"></TD>
</TR>
</TABLE>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="7%">&nbsp;</TD>
        <TD width="4%" align="left">(3)</TD>
        <TD width="89%">Filing Party:</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<P>
<TR valign="top">
        <TD width="4%">&nbsp;</TD>
        <TD width="1%" align="left"></TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="92%"><HR size="1"></TD>
</TR>
</TABLE>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="7%">&nbsp;</TD>
        <TD width="4%" align="left">(4)</TD>
        <TD width="89%">Date Filed:</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<P>
<TR valign="top">
        <TD width="4%">&nbsp;</TD>
        <TD width="1%" align="left"></TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="92%"><HR size="1"></TD>
</TR>
</TABLE>






<P align="center">

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="right">
<IMG src="y94892y9489200.gif" alt="(MASTERCARD LOGO)">
</DIV>

<P align="center">
<B><FONT size="2">March&nbsp;26, 2004</FONT></B>

<DIV align="left">
<FONT size="2">Dear Stockholder:
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The 2004 Annual Meeting of Stockholders of
MasterCard Incorporated will be held on Monday, May&nbsp;10,
2004, at 9:00&nbsp;a.m. (local time) at the MasterCard
Incorporated Headquarters, 2000 Purchase Street, Purchase,
New&nbsp;York. A notice of the meeting, a proxy card and a proxy
statement containing information about the matter to be acted
upon are enclosed. You are cordially invited to attend.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All holders of record at the close of business on
March&nbsp;19, 2004 of the Company&#146;s outstanding shares of
class&nbsp;A redeemable common stock and class&nbsp;B
convertible common stock will be entitled to vote at the Annual
Meeting, at which you will be asked to elect persons to serve on
the Global Board of Directors. It is important that your shares
be represented at the meeting. Accordingly, we request that you
promptly sign, date and return the enclosed proxy card in the
accompanying postage-paid envelope or authorize the individuals
named on your proxy card to vote your interests by calling the
toll-free telephone number or by using the Internet as described
in the instructions included with your proxy card.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Very truly yours,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <IMG src="y94892y9489203.gif" alt="-s- Robert  W. Selander"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">ROBERT W. SELANDER
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <I><FONT size="2">President and Chief Executive
    Officer</FONT></I></TD>
</TR>

</TABLE>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">TABLE OF CONTENTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">INTRODUCTION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">PROPOSAL 1 ELECTION OF DIRECTORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">COMMITTEES OF THE GLOBAL BOARD OF DIRECTORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">ATTENDANCE AT MEETINGS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006">STOCKHOLDER COMMUNICATIONS WITH THE GLOBAL BOARD OF DIRECTORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007">EXECUTIVE OFFICERS OF THE COMPANY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">EXECUTIVE COMPENSATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">REPORT OF COMPENSATION COMMITTEE ON EXECUTIVE COMPENSATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">AUDITORS SERVICES AND FEES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">AUDIT COMMITTEE REPORT</A></TD></TR>
<TR><TD colspan="9"><A HREF="#013">OTHER MATTERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#014">APPENDIX A MasterCard Incorporated Audit Committee of the Board of Directors Charter</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="right">
<IMG src="y94892y9489200.gif" alt="(MASTERCARD LOGO)">
</DIV>

<P align="center">
<B><FONT size="4">MASTERCARD INCORPORATED</FONT></B>

<DIV align="center">
<B><FONT size="2">2000 Purchase Street</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">Purchase, New&nbsp;York 10577</FONT></B>
</DIV>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="center">
<B>NOTICE OF 2004 ANNUAL MEETING OF STOCKHOLDERS</B>

<DIV align="center">
<B>To be held on May&nbsp;10, 2004</B>
</DIV>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="left">
<FONT size="2">To the Stockholders of MasterCard Incorporated:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The 2004 Annual Meeting of Stockholders of
MasterCard Incorporated (the &#147;Company&#148;) will be held
on Monday, May&nbsp;10, 2004, at 9:00&nbsp;a.m. (local time) at
the MasterCard Incorporated Headquarters, 2000 Purchase Street,
Purchase, New&nbsp;York, to:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">1.&nbsp;Elect persons to serve on the Global
    Board of Directors;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">2.&nbsp;Act on any other business which may
    properly come before the Annual Meeting or any adjournment
    thereof.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The close of business on March&nbsp;19, 2004 has
been fixed as the record date for determining those Stockholders
entitled to vote at the Annual Meeting and any adjournments or
postponements of the Annual Meeting. A list of eligible
Stockholders of record as of the close of business on the record
date will be available at the Annual Meeting for examination by
any Stockholder or the Stockholder&#146;s attorney or agent.
Please note that by delivering a proxy to vote at the Annual
Meeting, you are also granting a proxy voting in favor of any
adjournments of the Annual Meeting.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Whether or not you plan to attend the Annual
Meeting, please sign, date and return the enclosed proxy card in
the accompanying postage-paid envelope or authorize the
individuals named on your proxy card to vote your interests by
calling the toll-free telephone number or by using the Internet
as described in the instructions included with your proxy card.
If you attend the meeting, you may vote in person, which will
revoke any signed proxy you have already submitted. You may also
revoke your proxy at any time before the meeting by notifying us
in writing.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">If you intend to attend the Annual Meeting in
person, kindly notify the Secretary of the Company in writing at
the address set forth below under &#147;Introduction&nbsp;&#151;
Solicitation of Proxies.&#148; Failure to notify the Secretary
will not disqualify you from attending the Annual Meeting in
person.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company must receive your proxy card by
5:00&nbsp;p.m., New&nbsp;York time, on Friday, May&nbsp;7, 2004.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A copy of the Company&#146;s 2003 Annual Report
to Stockholders is enclosed herewith.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">By Order of the Global Board of Directors
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <IMG src="y94892y9489204.gif" alt="-2- Noah J. Hanft"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">NOAH J. HANFT
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <I><FONT size="2">Secretary</FONT></I></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">Purchase, New&nbsp;York
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">March&nbsp;26, 2004
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">Your vote is very important. Please complete,
sign, date and promptly return the enclosed proxy card in the
envelope provided or authorize the individuals named on your
proxy card to vote your shares by calling the toll-free
telephone number or by using the Internet as described in the
instructions included with your proxy card.</FONT></B>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "TABLE OF CONTENTS" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center">
<B><FONT size="2">TABLE OF CONTENTS</FONT></B>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="87%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Page</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Introduction</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Voting Procedures
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">General
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Solicitation of Proxies
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">The Voting Stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stockholders Entitled to Vote
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Security Ownership of Certain Beneficial
    Owners and Management</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Proposal 1&nbsp;&#151; Election of
    Directors</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Nomination of Directors
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Nominees for Election to the Global Board of
    Directors
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Advisory Directors
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Committees of the Global Board of
    Directors</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Audit
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Compensation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Nominating and Corporate Governance
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Attendance at Meetings</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Attendance at Meetings by Directors
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Executive Sessions
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Attendance at Annual Meetings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Stockholder Communications with the Global
    Board of Directors</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Executive Officers of the Company</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Executive Compensation</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Summary Compensation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Long-Term Incentive Plan-Awards In Fiscal Year
    2003
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Retirement Benefits
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Employment Agreements and Change-in-Control
    Agreements
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Compensation of Directors
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Compensation Committee Interlocks and Insider
    Participation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Performance Graph
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Report of Compensation Committee on Executive
    Compensation</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Certain Relationships and Related
    Transactions</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Auditors Services and Fees</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Audit Committee Report</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Other Matters</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Appendix&nbsp;A&nbsp;&#151; MasterCard
    Incorporated Audit Committee Charter</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">i
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="4">MASTERCARD INCORPORATED</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">2000 Purchase Street</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">Purchase, New&nbsp;York 10577</FONT></B>
</DIV>

<DIV align="right">
<FONT size="2">March&nbsp;26, 2004
</FONT>
</DIV>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="center">
<B>PROXY STATEMENT</B>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<DIV>&nbsp;</DIV>

<!-- link1 "INTRODUCTION" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="center">
<B><FONT size="2">INTRODUCTION</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Voting Procedures.</FONT></I><FONT size="2">
This proxy statement (the &#147;Proxy Statement&#148;) is
furnished in connection with the solicitation of proxies by the
Global Board of Directors of MasterCard Incorporated (the
&#147;Company&#148;) for use at the 2004 Annual Meeting of
Stockholders of the Company to be held on Monday, May&nbsp;10,
2004 at 9:00&nbsp;a.m. (local time), or any adjournment thereof
(the &#147;Annual Meeting&#148;). The Company expects to mail
this Proxy Statement and the accompanying proxy card on or about
March&nbsp;26, 2004 to the holders of record as of the close of
business on March&nbsp;19, 2004 (the &#147;Record Date&#148;) of
the Company&#146;s class&nbsp;A redeemable and class&nbsp;B
convertible common stock (the &#147;Stockholders&#148;).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If a Stockholder attends the Annual Meeting in
person or sends a representative to the meeting with a signed
and notarized proxy, that Stockholder may vote or its
representative may vote on its behalf. Stockholders unable to
attend the Annual Meeting can ensure that their votes are cast
at the meeting by signing and dating the enclosed proxy card and
returning it in the envelope provided or by authorizing the
individuals named on the proxy card to vote their shares by
calling the toll-free telephone number or by using the Internet
as described in the instructions included with the proxy card.
When a proxy card is returned properly signed and dated or a
Stockholder&#146;s vote is authorized by telephone or Internet,
the vote of the Stockholder will be cast in accordance with the
instructions on the proxy card or authorized by telephone or
Internet. If a Stockholder does not return a signed proxy card,
authorize its vote by telephone or Internet or attend the
meeting in person or by representative and vote, no vote will be
cast on behalf of that Stockholder. The enclosed proxy card
indicates on its face the number of shares of class&nbsp;A
redeemable common stock and class&nbsp;B convertible common
stock registered in the name of each Stockholder at the close of
business on March&nbsp;19, 2004.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Stockholders are urged to mark the box on the
proxy card to indicate how their vote is to be cast. If a
Stockholder returns a signed proxy card but does not indicate on
the proxy card how it wishes to vote on a proposal, the vote
represented by the proxy card will be cast &#147;FOR&#148; such
proposal.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to Section&nbsp;212(c) of the Delaware
General Corporation Law, Stockholders may validly grant proxies
over the Internet. Your Internet vote authorizes the named
proxies on the proxy card to vote your shares in the same manner
as if you had returned your proxy card. In order to vote over
the Internet, visit the Company&#146;s Internet voting website
at http://proxy.georgeson.com and, when prompted, enter the
&#147;Company Number&#148; and &#147;Control Number&#148; that
have been assigned to you and indicated on your proxy card. By
then following the instructions on your computer screen you will
be able to complete the voting process.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any Stockholder who executes and returns a proxy
card or authorizes its vote by telephone or by Internet may
revoke the proxy at any time before it is voted by:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">notifying in writing Noah J. Hanft, Secretary of
    MasterCard Incorporated, at 2000 Purchase Street, Purchase,
    New&nbsp;York 10577;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">executing and returning a subsequent proxy;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">subsequently authorizing the individuals named on
    its proxy card to vote its interests by calling the toll-free
    telephone number or by using the Internet as described in the
    instructions included with its proxy card;&nbsp;or
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">appearing in person or by representative with a
    signed proxy and voting at the Annual Meeting.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Attendance in person or by representative at the
Annual Meeting will not in and of itself constitute revocation
of a proxy. <B>If you intend to attend the Annual Meeting in
person, kindly notify the Secretary of the Company in writing at
the address set forth below under &#147;Introduction&nbsp;&#151;
Solicitation of Proxies.&#148; Failure to notify the Secretary
will not disqualify you from attending the Annual Meeting in
person.</B>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">General.</FONT></I><FONT size="2"> Unless
contrary instructions are indicated on the proxy, all shares
represented by valid proxies received pursuant to this
solicitation (and not revoked before they are voted) will be
voted as follows:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">FOR </FONT></B><FONT size="2">the election of
the nominees for director named below.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the event a Stockholder specifies a different
choice on the proxy, that Stockholder&#146;s shares will be
voted in accordance with the specification so made.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company&#146;s 2003 Annual Report, which
includes the Company&#146;s Form&nbsp;10-K for the year ended
December&nbsp;31, 2003 as filed with the Securities and Exchange
Commission (the &#147;SEC&#148;), has been distributed to
Stockholders in connection with this solicitation. A copy of the
Company&#146;s Form&nbsp;10-K for the year ended
December&nbsp;31, 2003 also will be available through the
Company&#146;s website at http://www.mastercardintl.com. <B>A
copy of the Company&#146;s Annual Report will be furnished upon
request by writing to the Secretary of the Company at the
address set forth below under &#147;Introduction&nbsp;&#151;
Solicitation of Proxies.&#148;</B>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Solicitation of
Proxies.</FONT></I><FONT size="2"> The Company will bear the
costs of solicitation of proxies, including the cost of
preparing, printing and mailing this proxy statement. In
addition to the solicitation of proxies by use of the mail,
proxies may be solicited from Stockholders by directors,
officers, employees and agents of the Company in person or by
telephone, facsimile or other appropriate means of
communication. The Company has engaged Georgeson Shareholder
Communications Inc. to solicit proxies on behalf of the Company.
The anticipated cost of Georgeson Shareholder&#146;s services is
estimated to be approximately $30,000.00 plus reimbursement of
reasonable out-of-pocket expenses. No additional compensation,
except for reimbursement of reasonable out-of-pocket expenses,
will be paid to directors, officers and employees of the Company
in connection with the solicitation. Any questions or requests
for assistance regarding this proxy statement and related proxy
materials may be directed to:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">MasterCard Incorporated
</FONT>

<DIV align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Office of the Corporate Secretary
</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2000 Purchase Street
</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Purchase, New&nbsp;York 10577
</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Attention: Noah J. Hanft
</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Telephone: (914)&nbsp;249-2000
</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Facsimile: (914)&nbsp;249-4262
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">or
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Georgeson Shareholder Communications Inc.
</FONT>

<DIV align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">17 State Street
</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">10th Floor
</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">New&nbsp;York, New&nbsp;York 10004
</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Telephone: (212)&nbsp;440-9800
</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Facsimile: (212)&nbsp;440-9009
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">The Voting Stock.</FONT></I><FONT size="2">
The Company has two classes of voting stock outstanding:
class&nbsp;A redeemable common stock and class&nbsp;B
convertible common stock (together, the &#147;Common
Stock&#148;). As of the Record Date, 84,000,000&nbsp;shares of
class&nbsp;A redeemable common stock and 16,000,000&nbsp;shares
of class&nbsp;B convertible common stock were outstanding. With
respect to each matter to be voted on at the Annual Meeting, the
class&nbsp;A redeemable common stock and the class&nbsp;B
convertible common stock vote together as a single class, and
each share of Common Stock entitles the holder thereof to one
vote. However, no single Stockholder, together with its
affiliates, may exercise voting power in excess of 7% of the
outstanding shares of capital stock
</FONT>

<P align="center"><FONT size="2">2
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">entitled to be voted in any election of
directors. A majority of the votes cast at the Annual Meeting is
required for the election of directors.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The presence in person or by proxy at the Annual
Meeting of the holders of a majority of the shares of Common
Stock outstanding and entitled to vote on the Record Date shall
constitute a quorum.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Stockholders Entitled to
Vote.</FONT></I><FONT size="2"> Only Stockholders of record on
the Record Date are entitled to notice of and to vote at the
Annual Meeting or any adjournment thereof.
</FONT>

<!-- link1 "SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center">
<B><FONT size="2">SECURITY OWNERSHIP OF CERTAIN
BENEFICIAL</FONT></B>

<DIV align="center">
<B><FONT size="2">OWNERS AND MANAGEMENT</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To the knowledge of management, except as
described below, no person beneficially owned more than five
percent of any class of Common Stock as of the Record Date.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="20%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Shares of Class A</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Percent of Class A</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Shares of Class B</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Percent of Class B</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Percent of Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Redeemable</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Redeemable</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Convertible</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Convertible</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Outstanding</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Common Stock</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Common Stock</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Common Stock</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Common Stock</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Common Stock</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Name and Address of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Beneficially</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Beneficially</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Beneficially</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Beneficially</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Beneficially</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Beneficial Owner</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Owned</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Owned</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Owned</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Owned</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Owned</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Citigroup,&nbsp;Inc.<SUP>(1) </SUP>&nbsp;
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5.07&nbsp;million</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6.0</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">%</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">.97&nbsp;million</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6.0</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">%</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6.0</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">%</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">399 Park Avenue New&nbsp;York, NY 10043
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Chase Manhattan Bank USA, National Association
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4.50&nbsp;million</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5.4</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">%</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">.86&nbsp;million</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5.4</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">%</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5.4</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">%</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">270 Park Avenue New&nbsp;York, NY 10017
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">EURO Kartensysteme GmbH
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4.39&nbsp;million</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5.2</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">%</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">.84&nbsp;million</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5.2</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">%</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5.2</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">%</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">Solmsstrasse 6<BR>
    60486 Frankfurt/Main<BR>
    Germany
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Europay France S.A.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4.22&nbsp;million</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5.0</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">%</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">.80&nbsp;million</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5.0</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">%</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5.0</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">%</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">44, rue Cambronne 75740 Paris Cedex 15 France
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Based on a Schedule&nbsp;13G Information
    Statement filed on February&nbsp;13, 2004, Citigroup,&nbsp;Inc.
    shares investment and voting power with respect to its Common
    Stock with Citicorp, Citigroup Holdings Company and Citibank,
    N.A., its subsidiaries. The Schedule&nbsp;13G indicated that
    Citigroup,&nbsp;Inc., Citigroup Holdings Company, and Citicorp
    had shared voting and dispositive power with respect to
    5,068,700 class&nbsp;A redeemable shares and 965,465
    class&nbsp;B convertible shares. Citibank, N.A. had shared
    voting and dispositive power with respect to 4,577,876
    class&nbsp;A redeemable shares and 871,976 class&nbsp;B
    convertible shares. Citigroup,&nbsp;Inc., Citicorp and Citibank,
    N.A. share the same address listed above. Citigroup Holdings
    Company&#146;s address as indicated by the Schedule&nbsp;13G is
    One Rodney Square, Wilmington, DE 19801.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To the best of the Company&#146;s knowledge, each
beneficial owner listed above, except for Citigroup,&nbsp;Inc.,
has sole investment and sole voting power over the shares of
Common Stock listed opposite its name. None of the directors or
officers of the Company beneficially owns any of the voting
power with respect to the shares of Common Stock to be voted at
the Annual Meeting.
</FONT>

<P align="center"><FONT size="2">3
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "PROPOSAL 1 ELECTION OF DIRECTORS" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="center">
<B><FONT size="2">PROPOSAL&nbsp;1</FONT></B>

<DIV align="center">
<B><FONT size="2">ELECTION OF DIRECTORS</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The bylaws of the Company provide that during the
three-year transition period beginning July&nbsp;1, 2002 (the
&#147;Transition Period&#148;):
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">one-third of the members of the Company&#146;s
    Global Board of Directors will be representatives of the
    Company&#146;s European stockholders;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">one-third of the members of the Company&#146;s
    Global Board of Directors will be representatives of the
    Company&#146;s U.S.&nbsp;stockholders;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the President and Chief Executive Officer of the
    Company will be a director;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the remaining directors will be apportioned among
    the representatives of stockholders from the Company&#146;s
    other regions in accordance with the percentage of Common Stock
    owned by the stockholders of those regions.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">After the Transition Period, the President and
Chief Executive Officer will continue to be a director and all
other directors will be apportioned among the representatives of
stockholders from the Company&#146;s regions according to each
region&#146;s respective share of the Company&#146;s outstanding
Common Stock.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The bylaws of the Company also provide that no
more than two representatives from any member of MasterCard
International Incorporated (&#147;MasterCard
International&#148;), including its affiliates and affiliate
members, may serve on the Global Board of Directors. In
addition, the Company&#146;s certificate of incorporation
provides that no more than one-third of the Global Board of
Directors may be representatives of stockholders from a single
region.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Nomination of
Directors.</FONT></I><FONT size="2"> The Company is a private
share corporation whose stockholders are financial and other
institutions that are principal members of MasterCard
International, a Delaware non-stock corporation and the
Company&#146;s principal operating subsidiary. Pursuant to the
Company&#146;s bylaws, the Company&#146;s directors must be
selected from officers of member institutions of MasterCard
International or must be individuals who are uniquely qualified
to provide guidance as to the Company&#146;s affairs, subject to
certain limitations described in the bylaws. No director may
serve on the Company&#146;s Global Board of Directors if such
director is also a director, officer, employee or consultant of
any institution that is represented on the global board of
directors or U.S.&nbsp;regional board of directors of a
competitor of the Company. These bylaw requirements constitute
the minimum qualifications that must be met by nominees to the
Global Board of Directors. The Company&#146;s directors are
generally officers or representatives of the Company&#146;s
stockholders.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Candidates for nomination to the Global Board of
Directors are selected by the Nominating and Corporate
Governance Committee (the &#147;Committee&#148;), based upon
proposals made by each of the Company&#146;s regional boards,
which are composed of representatives of the Company&#146;s
stockholders, and upon consultation with the Company&#146;s
management (including the President and Chief Executive
Officer). The Committee also considers director candidates
recommended by individual stockholders. The Company has regional
boards covering six geographical regions: United States, Canada,
Europe, Asia/ Pacific, Latin America and the Caribbean, and
South Asia, Middle East/ Africa. In making nominations, the
bylaws of the Company require the Committee to seek, consistent
with the qualifications required of directors described herein,
to give the stockholders in each geographic region of the
Company reasonable representation, taking into account, among
other things, the number of shares of Common Stock owned by the
stockholders in each region.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Committee also selects its own candidates for
nomination to the Global Board of Directors. The President and
Chief Executive Officer consults with the Committee and
individual stockholders from time to time about candidates for
nomination to the Global Board of Directors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In selecting nominees, the Committee typically
considers the following factors, among others:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the experience and qualifications of the
    individual nominee, particularly in connection with the bankcard
    industry;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">4
</FONT>

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<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the seniority and decision-making authority of
    the nominee within his or her institution;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the region with which the nominee is associated;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">whether the nominee is an officer of or otherwise
    represents a financial institution that is principally a card
    issuing or merchant acquiring member of MasterCard International;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the size of the financial institution of which
    the nominee is an officer or representative, the extent of such
    institution&#146;s business with the Company (in terms of
    revenues, issuing volumes and/or acquiring volumes), and the
    degree of such institution&#146;s relative dedication to the
    Company&#146;s brands;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">whether the financial institution of which the
    nominee is an officer or representative is of particular
    strategic importance to the Company;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the overall composition and diversity of the
    Global Board of Directors;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the requirements of the Company&#146;s bylaws
    described above.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Because the size of stockholders and their
dedication to the Company are important factors considered by
the Committee, it is possible that a director associated with a
stockholder whose business with the Company declines relative to
others may not be proposed for reelection by the Committee.
Similarly, officers of stockholders that make large and growing
contributions to the Company&#146;s revenues and transaction
volumes are more likely to be considered for nomination to the
Global Board of Directors. When considering the qualifications
of a nominee, the Committee may take into account other factors
such as strength of character, maturity of judgment, career
specialization and the extent of international experience. The
Committee also seeks individuals who may satisfy the definition
of an &#147;audit committee financial expert&#148; under the
rules of the SEC. For additional information on the nomination
process, see the Company&#146;s Corporate Governance Guidelines
which are located on its website at
http://www.mastercardintl.com.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To nominate individuals for the 2005 Annual
Meeting, stockholders may submit recommendations for nomination
in writing to the Secretary of the Company at the address set
forth above under &#147;Introduction&nbsp;&#151; Solicitation of
Proxies&#148; by the first deadline set forth herein for
submitting proposals for the 2005 Annual Meeting. The Secretary
will forward all bona fide recommendations received by such date
to the Committee for its consideration. Stockholder
recommendations should include: (i)&nbsp;a statement from the
proposed nominee consenting to be named in the proxy statement
and proxy card if selected and to serve on the Global Board of
Directors if elected; (ii)&nbsp;a summary of the proposed
nominee&#146;s biographical data, including a description of the
nominee&#146;s qualifications under the guidelines described
herein; (iii)&nbsp;a statement whether the proposed nominee has
a material interest in any proceedings involving the Company;
(iv)&nbsp;a description of the proposed nominee&#146;s
relationship with the stockholder, if any; and
(v)&nbsp;information regarding whether the stockholder or the
proposed nominee (or their affiliates) have any plans or
proposals for the Company, including any plans or proposals to
advance special interests not shared by the stockholders at
large. The Committee may request such additional information
from the nominee or the stockholder as it deems appropriate.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At the 2004 Annual Meeting, 18
directors&nbsp;&#151; six representatives of
U.S.&nbsp;Stockholders, six representatives of European
Stockholders, three representatives of Stockholders from the
Asia/ Pacific region, one representative of Canadian
Stockholders, one representative of Stockholders from the Latin
America and Caribbean region, and the President and Chief
Executive Officer of the Company&nbsp;&#151; are to be elected,
each to serve until the Annual Meeting in 2005 or until his
successor is elected and qualified. The directors elected will
also constitute the board of directors of MasterCard
International pursuant to that company&#146;s bylaws.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The 18 nominees for director are William F.
Aldinger, Silvio Barzi, Augusto M. Escalante, Richard D.
Fairbank, Baldomero Falcones Jaquotot, Bernd M.
Fieseler,&nbsp;Iwao Iijima, Donald H. Layton, Michel Lucas,
Norman C. McLuskie, Robert W. Pearce, Michael T. Pratt, Robert
W. Selander, Dato&#146; Tan Teong Hean, Jac Verhaegen, Lance L.
Weaver, Robert B. Willumstad and Mark H. Wright.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The 18 nominees receiving the greatest number of
votes cast by the Stockholders will be elected as directors of
the Company. Abstentions will be disregarded and will have no
effect on the vote for directors.
</FONT>

<P align="center"><FONT size="2">5
</FONT>

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<DIV align="left">
<FONT size="2">Except as stated in the following sentence, the
persons specified on the enclosed proxy card intend to vote for
the nominees listed below, each of whom has consented to being
named in this Proxy Statement and to serving if elected. In the
event that any nominee would be unable to serve, the persons
designated as proxies reserve full discretion to vote for
another person.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">The Global Board of Directors unanimously
recommends a vote FOR all nominees.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Nominees for Election to the Global Board of
Directors.</FONT></I><FONT size="2"> Each of the following
nominees for election to the Global Board of Directors of the
Company has been approved by the Committee following
consultations by the Company&#146;s management with the regional
board for his respective region. Other than the President and
Chief Executive Officer of the Company, all nominees for voting
directors are officers of Stockholders of the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each of the nominees is standing for re-election
and has served on the Global Board of Directors since the Annual
Meeting in May 2003, except for
Messrs.&nbsp;Fieseler,&nbsp;Iijima, Lucas and Tan, who were
elected by the Global Board of Directors to fill previous
vacancies at a meeting held on March&nbsp;18, 2004.
Messrs.&nbsp;Fieseler and Lucas were each recommended for
nomination by a stockholder, a non-management director and the
President and Chief Executive Officer, as well as the Europe
region board of the Company. Mr.&nbsp;Iijima was recommended for
nomination by a stockholder, a non-management director and the
President and Chief Executive Officer, as well as the Asia/
Pacific region board of the Company. Mr.&nbsp;Tan was
recommended for nomination by a stockholder and the President
and Chief Executive Officer, as well as the Asia/ Pacific region
board of the Company. The Committee chose to nominate each such
candidate.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">U.S.&nbsp;Representatives</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">William F. Aldinger,</FONT></I><FONT size="2">
age&nbsp;56, is Chairman and Chief Executive Officer of HSBC
North American Holdings,&nbsp;Inc. HSBC acquired Household
International in 2003. Mr.&nbsp;Aldinger has served on the
Global Board of Directors since June 2002 and was elected to the
MasterCard International board of directors in 1998. He is a
former member of MasterCard&#146;s U.S.&nbsp;region board.
Mr.&nbsp;Aldinger joined Household International in 1994, and
prior to that time served in various positions at Wells Fargo
Bank, including Vice Chairman. Mr.&nbsp;Aldinger is a member of
the boards of directors of Illinois Tool Works,&nbsp;Inc.,
Evanston Northwestern Healthcare and Chicago Urban League
Business Advisory Council. He is a member of the combined boards
of directors of Children&#146;s Memorial Medical Center/
Children&#146;s Memorial Hospital and the Children&#146;s
Memorial Foundation located in Chicago. Mr.&nbsp;Aldinger is
also a member of the board of trustees of Northwestern
University and the J.L. Kellogg Graduate School of Management.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Richard D. Fairbank,
</FONT></I><FONT size="2">age&nbsp;53, is Chairman, Chief
Executive Officer and President of Capital One Financial
Corporation, a financial services company specializing in credit
cards and other consumer lending products in the United States
and internationally. He has served as Chairman of Capital One
since Capital One was formed as a subsidiary of Signet Bank in
1994 and as Chief Executive Officer since Capital One&#146;s
initial public offering in 1995. Mr.&nbsp;Fairbank assumed the
additional role of President of Capital One in April 2003.
Mr.&nbsp;Fairbank was first elected to the Global Board of
Directors in 2003 and has served on MasterCard&#146;s
U.S.&nbsp;region board since 1995. He has also served as
Chairman of MasterCard&#146;s U.S.&nbsp;region board since 2002.
He is Chairman and Chief Executive Officer of Capital One Bank
and Chairman of Capital One, F.S.B., two of Capital One&#146;s
primary lending subsidiaries.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Donald H. Layton,</FONT></I><FONT size="2">
age&nbsp;53, is Vice Chairman of J.P.&nbsp;Morgan
Chase&nbsp;&#38; Co., a member of the three-person Office of the
Chairman, and heads its retail and middle market business and
its treasury and securities services business. He is a member of
J.P.&nbsp;Morgan Chase&#146;s Executive Committee and its Risk
and Capital committees. Mr.&nbsp;Layton has been a member of the
Global Board of Directors since October 2002. Prior to the
merger of Chase with J.P.&nbsp;Morgan, Mr.&nbsp;Layton was Vice
Chairman of Chase responsible for capital markets and trading
activities. After the merger, Mr.&nbsp;Layton was Co-Chief
Executive Officer of JPMorgan, the investment bank of
J.P.&nbsp;Morgan Chase&nbsp;&#38; Co. Mr.&nbsp;Layton became a
Vice Chairman of Chemical Bank in 1995 and continued in that
position at Chase upon the merger of Chemical Bank with Chase in
1996. Mr.&nbsp;Layton is currently a director of the Private
Export Funding Corporation and the Foreign Policy Association
and a member of the
</FONT>

<P align="center"><FONT size="2">6
</FONT>

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<DIV align="left">
<FONT size="2">MIT Visiting Committee for Economics and the
International Monetary Fund&#146;s Capital Markets Consultative
Group.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Lance L. Weaver,</FONT></I><FONT size="2">
age&nbsp;49, is Chief Administrative Officer of MBNA Corporation
and Executive Vice Chairman of MBNA America Bank, N.A.
Mr.&nbsp;Weaver has served on the Global Board of Directors
since June 2002 and was elected to the MasterCard International
board of directors in 1997, where he served as Chairman from
2001 to 2003. Before joining MBNA America Bank in 1991,
Mr.&nbsp;Weaver held various management positions with Wells
Fargo and Citicorp/ Citibank. He is a director of MBNA America
Bank and MBNA Information Services. He also serves on the board
of directors of the Christiana Care Corporation. He is a member
of the Georgetown University Board of Directors and the Tower
Hill School Board of Trustees.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Robert B.
Willumstad,</FONT></I><FONT size="2"> age&nbsp;58, is President
and Chief Operating Officer of Citigroup. Mr.&nbsp;Willumstad
served as Chairman and Chief Executive Officer of
Citigroup&#146;s Global Consumer Group from December 2000 to
August 2003 and, as such, led all of Citigroup&#146;s global
consumer businesses including Credit Cards, Consumer Finance,
and Retail Banking. Mr.&nbsp;Willumstad is Vice Chairman of the
Global Board of Directors and has served on the Global Board of
Directors and the MasterCard International board of directors
since June 2002 and 1999, respectively. Mr.&nbsp;Willumstad was
Chairman and CEO of Travelers Group Consumer Finance Services
prior to the merger between Citicorp and Travelers Group in
1998. Mr.&nbsp;Willumstad joined Commercial Credit, now
CitiFinancial, in 1987. Prior to joining Citigroup&#146;s
predecessor companies, Mr.&nbsp;Willumstad served in various
positions with Chemical Bank for twenty years, last holding the
position of President of Chemical Technologies Corporation.
Mr.&nbsp;Willumstad also serves on the board of directors for
the Financial Services Roundtable (FSR).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Mark H. Wright,</FONT></I><FONT size="2">
age&nbsp;58, is President and Chief Executive Officer of USAA
Federal Savings Bank and Vice Chairman of its board of
directors. He also serves as Chairman of the Board of USAA
Savings Bank. Mr.&nbsp;Wright joined USAA in 1993.
Mr.&nbsp;Wright has been a member of the Global Board of
Directors since June 2002 and the MasterCard International board
of directors since 1996. He is currently Chairman of the Audit
Committee of the Global Board of Directors. He is also a member
of MasterCard&#146;s U.S.&nbsp;region board. Mr.&nbsp;Wright
also serves on the board of the Alamo Bowl in San&nbsp;Antonio,
Texas and the Southwest Foundation for Biomedical Research. He
is a former member of the Fannie Mae National Council and past
President of the Thrift Institutions Advisory Council (TIAC) of
the Board of Governors of the Federal Reserve System in
Washington,&nbsp;D.C.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Europe Representatives</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Silvio Barzi,</FONT></I><FONT size="2">
age&nbsp;56, is Deputy General Manager of Unicredito Italiano
and founder and Chief Executive Officer of Clarima, a bank
specializing in credit cards and consumer credit. Mr.&nbsp;Barzi
was first elected to the Global Board of Directors in 2003 and
serves on MasterCard&#146;s Europe region board. Prior to
joining Unicredito Italiano in 2000, Mr.&nbsp;Barzi was a Vice
President at Booz Allen&nbsp;&#38; Hamilton. From 1995 until
1998, he worked for the Credit Suisse-Winterthur Group, where he
was responsible for the merger and integration of six
Italian-based insurance companies. From 1981 to 1995,
Mr.&nbsp;Barzi was a partner in the Italian office and a leader
within the European Financial Institutions and Information
Technology practices of McKinsey&nbsp;&#38; Company.
Mr.&nbsp;Barzi currently serves as a director at CartaS&#236;,
SinSys and Quercia Software.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Baldomero Falcones
Jaquotot,</FONT></I><FONT size="2"> age&nbsp;57, is Chairman of
Europay Espa&#241;a, S.A. and Chairman of the Global Board of
Directors of the Company. He has been a member of the Global
Board of Directors since June 2002 and the MasterCard
International board of directors since 1997, and is a member of
MasterCard&#146;s Europe region board. Mr.&nbsp;Falcones joined
Banco Urquijo, a predecessor of Banco Santander Central Hispano,
in 1979 and has served as Senior Executive Vice President and a
member of the Executive Committee of Banco Santander Central
Hispano for fifteen years. Mr.&nbsp;Falcones also serves as
Chairman of Sociedad Espa&#241;ola de Tarjetas Inteligentes and
Santander Central Hispano, Seguros y Reaseguros, S.A. He is a
director of Sistema&nbsp;4B.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Bernd M. Fieseler,</FONT></I><FONT size="2">
age&nbsp;44, is an Executive Member of the Board of Deutscher
Sparkassen- und Giroverband and is responsible for operating
strategy. Mr.&nbsp;Fieseler was elected as a director by the
Global Board of Directors on March&nbsp;18, 2004 to fill a
vacancy. He also serves as Vice Chairman of MasterCard&#146;s
</FONT>

<P align="center"><FONT size="2">7
</FONT>

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<DIV align="left">
<FONT size="2">Europe region board. Before joining Deutscher
Sparkassen- und Giroverband, he served as Director for
Information and Operations for CC-Bank and was a member of the
Executive Board of CC-Holding from 1997 until 2001. From 1995 to
1997, Mr.&nbsp;Fieseler was Director and Head of Organisation of
BHF&nbsp;&#151; Bank. Mr Fieseler also serves as Chairman of the
Board of EURO Kartensysteme Gmbh.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Michel Lucas,</FONT></I><FONT size="2">
age&nbsp;64, is Chief Executive Officer of
Conf&#233;d&#233;ration Nationale du Cr&#233;dit Mutuel and
Chairman and General Manager of Europay France S.A.
Mr.&nbsp;Lucas was elected as a director by the Global Board of
Directors on March&nbsp;18, 2004 to fill a vacancy. He also
serves as Vice Chairman of MasterCard&#146;s Europe region
board. Mr.&nbsp;Lucas joined Conf&#233;d&#233;ration Nationale
du Cr&#233;dit Mutuel in 1971 and has held various positions
since that time in political, technical and development areas.
He is also a General Manager of Caisse Centrale du Cr&#233;dit
Mutuel and Groupe de Cr&#233;dit Mutuel Centre Est Europe, and
Chairman and General Manager of the Assurances du Cr&#233;dit
Mutuel. Mr.&nbsp;Lucas also serves as Chairman of the Board of
Cr&#233;dit Industriel et Commercial and is a board member of
Banque de Tunisie, Caisses Dejardins and Banque Transaltantique.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Norman C. McLuskie,</FONT></I><FONT size="2">
age&nbsp;59, is Group Executive Director of the Royal Bank of
Scotland Group and a director of the Royal Bank of Scotland
Group plc, the Royal Bank of Scotland plc and National
Westminister Bank plc. Mr.&nbsp;McLuskie has been a member of
the Global Board of Directors since June 2002 and was first
elected to the MasterCard International board of directors in
2000. He also serves on MasterCard&#146;s Europe region board.
Mr.&nbsp;McLuskie joined Royal Bank of Scotland in 1982.
Following the acquisition of Natwest by the Royal Bank of
Scotland in March 2000, he was appointed Chief Executive of
Retail Direct, a division of the Royal Bank of Scotland Group
encompassing its card and consumer finance businesses, among
others. Mr.&nbsp;McLuskie&#146;s other directorships include:
Chairman of Retail Direct, Chairman of Royscot Financial
Services Ltd., Chairman of RBS Cards Ltd., Chairman of Virgin
Direct Personal Finance Ltd. and Deputy Chairman of Tesco
Personal Finance. Mr.&nbsp;McLuskie is also a fellow of the
Chartered Institute of Bankers in Scotland.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Jac Verhaegen,</FONT></I><FONT size="2">
age&nbsp;63, is a member of the Executive Board of Rabobank.
Mr.&nbsp;Verhaegen has been a member of the Global Board of
Directors since June 2002 and serves on MasterCard&#146;s Europe
region board. He has held positions of increasing responsibility
at Rabobank since joining that company in 1979. He served as
Deputy General Manager of Retail Banking until 1984 when he was
appointed General Manager of the System Development Department.
From 1989 to 1993, he was General Manager of Operations for
Rabobank International. From 1993 to 1998, Mr.&nbsp;Verhaegen
served as General Manager of Payment Services. From 1998 to
2001, Mr.&nbsp;Verhaegen was a member of the Managing Board,
Local Banks Division of Rabobank.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Asia/ Pacific Representatives</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Iwao Iijima,</FONT></I><FONT size="2">
age&nbsp;59, is Chairman of Orient Corporation. Mr.&nbsp;Iijima
was elected as a director by the Global Board of Directors on
March&nbsp;18, 2004 to fill a vacancy. He also serves on
MasterCard&#146;s Asia/ Pacific region board. From 1998 until
2003, Mr.&nbsp;Iijima served as Executive Vice President of the
Orient Corporation. Prior to joining the Orient Corporation,
Mr.&nbsp;Iijima served as Board Managing Director of Dai-ichi
Kangyo Bank (currently Mizuho Corporate Bank&nbsp;&#38; Mizhuho
Bank) from June 1997.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Dato&#146; Tan Teong
Hean,</FONT></I><FONT size="2"> age&nbsp;60, is Chief Executive
Director of Southern Bank Berhad. Dato&#146; Tan was elected as
a director by the Global Board of Directors on March&nbsp;18,
2004 to fill a vacancy. He is Chairman of MasterCard&#146;s
Asia/ Pacific region board and has been a member of the Asia/
Pacific region board since July 1997. Dato&#146; Tan serves as a
board member of the Asean Finance Corporation Limited and Asean
Supreme Fund Limited and is a Global Counselor to the Conference
Board. He is a Fellow of the Institute of Bankers Malaysia and
the Malaysian Institute of Directors and serves on the boards of
the Malaysian Institute of Economic Research and Cagamas Berhad
(the National Mortgage Corporation Malaysia). He is also
President of the Kuala Lumpur Angels Club.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Michael T. Pratt,</FONT></I><FONT size="2">
age&nbsp;50, is Group Executive of Business&nbsp;&#38; Consumer
Banking, Westpac Banking Corporation and Chief Executive Officer
of Bank of Melbourne. Mr.&nbsp;Pratt was first elected to the
Global Board of Directors in 2003 and also serves on
MasterCard&#146;s Asia/ Pacific region board. He is responsible
for all of Westpac&#146;s consumer and business banking business
in Australia and for all operations of the Bank of Melbourne.
Prior to joining Westpac in 2002, Mr.&nbsp;Pratt served as Chief
Executive Officer, Australian
</FONT>

<P align="center"><FONT size="2">8
</FONT>

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<DIV align="left">
<FONT size="2">Financial Services for National Australia Bank,
where he was responsible for all retail operations in Australia.
From 1998 to 2000, he served as Managing Director and Chief
Executive Officer of Bank of New Zealand. He is a Fellow of the
Australian Institute of Banking and Finance, a member of the
Australian Institute of Directors, and a member of the
Australian Institute of Management.
</FONT>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Canada Representative</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Robert W. Pearce,</FONT></I><FONT size="2">
age&nbsp;49, is President and Chief Executive Officer of the
Personal and Commercial Client Group for Bank of Montreal, where
he has worked for over twenty years. He has served on the Global
Board of Directors since June 2002 and the MasterCard
International board of directors since 1999. He previously
served as Executive Vice President of North American Electronic
Banking Services for Bank of Montreal and was responsible for
Bank of Montreal&#146;s MasterCard Cardholder and Merchant
Services lines of business, Debit Card business, and Electronic
Banking.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Latin America and the Caribbean
    Representative</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Augusto M.
Escalante,</FONT></I><FONT size="2"> age&nbsp;54, is Deputy
President, Consumer Products and Marketing Areas, Banco Nacional
de Mexico, S.A. Mr.&nbsp;Escalante has been a member of the
Global Board of Directors since June 2002 and was elected to the
MasterCard International board of directors in 2001 after having
previously served on the board from April 1998 to March 1999. He
is also member of MasterCard&#146;s Latin America and Caribbean
region board, for which he formerly served as Chairman.
Mr.&nbsp;Escalante joined Banco Nacional de Mexico in 1991. At
Banco Nacional de Mexico, Mr.&nbsp;Escalante is responsible for
all consumer products, both deposit and credit, and all
marketing and advertising for the Financial Group of Banco
Nacional de Mexico. He was previously Deputy President, Bank
Card and Electronic Services Area, and Deputy President,
Consumer Loans Area of Banco Nacional de Mexico.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">President and CEO</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Robert W. Selander,</FONT></I><FONT size="2">
age&nbsp;53, is President and Chief Executive Officer of the
Company. Mr.&nbsp;Selander has served on the Global Board of
Directors since June 2002 and the MasterCard International board
of directors since 1997. Prior to his election as President and
Chief Executive Officer of MasterCard, Mr.&nbsp;Selander was an
Executive Vice President and President of the MasterCard
International Europe, Middle East/ Africa and Canada regions.
Before joining MasterCard in 1994, Mr.&nbsp;Selander spent two
decades with Citicorp/ Citibank, N.A. He currently serves as a
director of Hartford Financial Services Group.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Advisory Directors.
</FONT></I><FONT size="2">In addition to the 18 directors who
are being nominated for election to the Global Board of
Directors, the Global Board has two non-voting advisory
directors. The Company&#146;s bylaws require that during the
Transition Period the regional president of Europe serve as a
non-voting advisory director of the Company. Mr.&nbsp;Hoch is
currently the President of MasterCard&#146;s Europe region. In
addition, under the Company&#146;s bylaws the Global Board of
Directors may elect a Chairman Emeritus, which position
automatically serves as a non-voting director of the Global
Board of Directors. The Global Board of Directors has previously
elected Mr.&nbsp;Boudreau to the position of Chairman Emeritus.
Consequently, Messrs.&nbsp;Hoch and Boudreau are members of the
Global Board of Directors pursuant to the Company&#146;s bylaws
but are not being nominated for election.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Donald L. Boudreau,</FONT></I><FONT size="2">
age&nbsp;63, is Chairman Emeritus and a non-voting advisory
director of the Company. Mr.&nbsp;Boudreau has served on the
Global Board of Directors since June 2002 and the MasterCard
International board of directors since 1997 and was the Chairman
of the MasterCard International board of directors from April
1998 to March 2001. Mr.&nbsp;Boudreau is a retired Vice Chairman
of The Chase Manhattan Corporation and The Chase Manhattan Bank,
where he was a member of the Executive Committee.
Mr.&nbsp;Boudreau served in a variety of positions during his
40&nbsp;year career at Chase, and most recently was responsible
for all of Chase&#146;s consumer and middle market businesses.
In this capacity, he actively supervised the chief financial
officer and controller of Chase&#146;s consumer businesses.
Previously, Mr.&nbsp;Boudreau was at various times responsible
for Chase&#146;s international businesses, was Chief
Administrative Officer of Chase&#146;s corporate business, and
was responsible for establishing and managing various risk
management and compliance functions at Chase.
</FONT>

<P align="center"><FONT size="2">9
</FONT>
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<DIV align="left">
<FONT size="2">Earlier in his career, Mr.&nbsp;Boudreau served
as chief financial officer of Chase&#146;s consumer business.
Mr.&nbsp;Boudreau is a member of the board of directors of the
New&nbsp;York City Blood Center, and a member of the board of
trustees of the New&nbsp;York Presbyterian Hospital and Pace
University. He is chairman of the audit committee of
New&nbsp;York Presbyterian Hospital System,&nbsp;Inc.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Dr.&nbsp;Peter Hoch,</FONT></I><FONT size="2">
age&nbsp;63, is President of MasterCard&#146;s Europe region.
Dr.&nbsp;Hoch is a non-voting advisory director of the Company.
He has served as a member of the Global Board of Directors since
June 2002. Dr.&nbsp;Hoch was a Vice Chairman of Europay
International from 1992 until 2000, and became Europay&#146;s
Chief Executive Officer in November 2000. From 1984 to 1999,
Dr.&nbsp;Hoch was a member of the board of management of
Hypo-Bank AG, responsible for information technology and payment
systems, and a part of the branch network. He was responsible
for managing the merger between Hypo-Bank and Bayerische
Vereinsbank to form Hypo Vereinsbank, and served on the
management board of Hypo Vereinsbank in 1998 and 1999.
Dr.&nbsp;Hoch is currently a member of the board of directors of
Giesecke&nbsp;&#38; Devrient.
</FONT>

<!-- link1 "COMMITTEES OF THE GLOBAL BOARD OF DIRECTORS" -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="center">
<B><FONT size="2">COMMITTEES OF THE GLOBAL BOARD OF
DIRECTORS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit, Compensation and Nominating and
Corporate Governance Committees of the Global Board of Directors
are described below.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Audit.</FONT></I><FONT size="2"> The Audit
Committee assists the Global Board of Directors in fulfilling
its oversight responsibilities. Among other things, it reviews
the activities, results and effectiveness of internal and
external auditors, confirms the independence of the external
auditors and recommends to the Global Board of Directors the
appointment of the external auditors. The Audit Committee also
reviews the Company&#146;s key risks and controls and its
quarterly and annual financial statements. The Audit Committee
operates under a written charter, a copy of which is attached
hereto as Appendix&nbsp;A. The members of the Audit Committee
are Messrs.&nbsp;Wright (Chairman), Falcones, Boudreau, Layton,
McLuskie and Pearce. The Audit Committee held seven meetings
during 2003. No member of the Audit Committee simultaneously
serves on the audit committees of more than three public
companies.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 2003 the Global Board of Directors, acting
upon the recommendation of the Audit Committee, determined that
Mr.&nbsp;Boudreau&#146;s experience and qualifications satisfied
the definition of &#147;audit committee financial expert&#148;
under the SEC rules. Mr.&nbsp;Boudreau is a non-voting advisory
director of the Company. As described more fully below, the
Global Board of Directors has not determined Mr.&nbsp;Boudreau
to be independent under the rules of the New&nbsp;York Stock
Exchange, the American Stock Exchange or NASDAQ.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Compensation.</FONT></I><FONT size="2"> The
Compensation Committee establishes the compensation policies and
criteria of the President and Chief Executive Officer and other
executive officers of the Company. The members of the
Compensation Committee are Messrs.&nbsp;Falcones, Aldinger,
Boudreau, Pearce and Weaver. The Compensation Committee held
four meetings and acted by written consent twice during 2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Nominating and Corporate
Governance.</FONT></I><FONT size="2"> The Nominating and
Corporate Governance Committee considers and nominates
individuals to serve as directors of the Company, taking into
account proposals made by each regional board of the Company,
and performs the other functions set forth in its charter, which
is available to Stockholders through our website at
http://www.mastercardintl.com. The members of the Nominating and
Corporate Governance Committee are Messrs.&nbsp;Falcones
(Chairman), Boudreau, Weaver and Willumstad. Additional
directors are expected to be appointed to the Nominating and
Corporate Governance Committee following the 2004 Annual
Meeting. The Nominating and Corporate Governance Committee held
six meetings during 2003 and acted by written consent once.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Common Stock is not listed on any securities
exchange or quoted on any dealer quotation system. Accordingly,
neither the Global Board of Directors nor any Committee thereof
is required to be comprised of a majority of (or in the case of
Committees, composed exclusively of) independent directors, as
defined in the SEC rules or the rules of the New&nbsp;York Stock
Exchange, the American Stock Exchange or NASDAQ. The Global
Board of Directors has not determined whether any directors of
the Company are independent under these rules. Under the
Company&#146;s bylaws, voting directors other than the President
and Chief Executive Officer are representatives of the
Company&#146;s stockholders, and generally serve as senior
officers of these
</FONT>

<P align="center"><FONT size="2">10
</FONT>
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<DIV align="left">
<FONT size="2">institutions. In turn, the Company&#146;s
stockholders are principal members of MasterCard International
and, in this capacity, constitute the Company&#146;s principal
customers. Because the Company&#146;s private share structure,
as embodied in its bylaws, provides for extensive representation
of the Company&#146;s customers on the Global Board of
Directors, the Company has not considered it appropriate to
apply the independence standards applicable to public listed
companies to its Global Board of Directors. Accordingly,
Stockholders should not consider the Company&#146;s directors
(including directors serving on the Audit and Nominating and
Corporate Governance Committees) to be independent under the
rules of the New&nbsp;York Stock Exchange, the American Stock
Exchange or NASDAQ.
</FONT>
</DIV>

<!-- link1 "ATTENDANCE AT MEETINGS" -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="center">
<B><FONT size="2">ATTENDANCE AT MEETINGS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Attendance at Meetings by
Directors.</FONT></I><FONT size="2"> The Global Board of
Directors held six meetings during 2003. During 2003, each
director, except for Mr.&nbsp;Pratt, attended 75&nbsp;percent or
more of the aggregate of (a)&nbsp;the total number of meetings
of the Global Board held during the period when he was a
director and (b)&nbsp;the total number of meetings held by all
Committees of the Global Board on which he served during the
period when he was a director. The number of meetings held by
each Committee during 2003 is set forth above.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Executive Sessions.</FONT></I><FONT size="2">
The Global Board of Directors holds regularly scheduled meetings
in executive session without management present. The
non-executive Chairman of the Global Board of Directors
ordinarily presides at such sessions.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Attendance at Annual
Meetings.</FONT></I><FONT size="2"> Historically, stockholders
have participated in the Annual Meetings of the Company solely
by proxy, and have not attended in person. For this reason, the
Global Board of Directors has not established a policy
encouraging directors to attend Annual Meetings. One member of
the Global Board of Directors attended the 2003 Annual Meeting,
although there were no stockholders present in person at that
meeting.
</FONT>

<!-- link1 "STOCKHOLDER COMMUNICATIONS WITH THE GLOBAL BOARD OF DIRECTORS" -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="center">
<B><FONT size="2">STOCKHOLDER COMMUNICATIONS WITH THE GLOBAL
BOARD OF DIRECTORS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Stockholders and other third parties may send
confidential communications directly to the Global Board of
Directors by providing such communications in writing to the
Secretary of the Company at the address set forth above under
&#147;Introduction&nbsp;&#151; Solicitation of Proxies.&#148;
The Secretary, who is also the General Counsel of the Company,
is responsible for keeping a docket of all communications
received from stockholders of the Company and other third
parties summarizing the nature of each communication. The docket
must be disclosed to the Global Board of Directors at its next
regularly scheduled meeting. Communications regarding
accounting, internal accounting controls and auditing matters,
including violations of the Company&#146;s Supplemental Code of
Ethics, are transmitted by the Secretary to the Audit Committee
in accordance with the Company&#146;s Whistleblower Procedures.
The Company&#146;s Whistleblower Procedures can be found on its
website at http://www.mastercardintl.com. Communications (or a
reasonable summary thereof) regarding director nominations and
corporate governance matters are transmitted by the Secretary to
the Nominating and Corporate Governance Committee. All other
communications (or a reasonable summary thereof) are transmitted
by the Secretary to the Audit Committee, which determines which
communications are to be transmitted to the Global Board of
Directors or to another Committee of the Global Board. If
warranted, the Global Board of Directors or any of its
Committees may take appropriate action in connection with a
stockholder or third party communication.
</FONT>

<!-- link1 "EXECUTIVE OFFICERS OF THE COMPANY" -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="center">
<B><FONT size="2">EXECUTIVE OFFICERS OF THE COMPANY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Biographies of the current executive officers of
the Company (the &#147;Executive Officers&#148;) are set forth
below, excluding Mr.&nbsp;Selander&#146;s biography, which is
included above. Each Executive Officer serves at the discretion
of Mr.&nbsp;Selander or the Global Board of Directors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Noah J. Hanft,</FONT></I><FONT size="2">
age&nbsp;51, is General Counsel and Secretary of the Company and
a member of the Executive Management Group. Mr.&nbsp;Hanft has
served in various increasingly senior legal positions at the
Company since
</FONT>

<P align="center"><FONT size="2">11
</FONT>

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<DIV align="left">
<FONT size="2">1984, except for 1990 to 1993, when
Mr.&nbsp;Hanft was Senior Vice President and Assistant General
Counsel at AT&#38;T Universal Card Services. Prior to joining
MasterCard, Mr.&nbsp;Hanft was associated with the intellectual
property law firm of Ladas&nbsp;&#38; Parry in New&nbsp;York.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Alan J. Heuer,</FONT></I><FONT size="2">
age&nbsp;62, is Chief Operating Officer of the Company and a
member of the Executive Management Group. Mr.&nbsp;Heuer is
responsible for the Company&#146;s Customer Group, which
encompasses member relations, global marketing and
consulting/cardholder services functions, as well as the
Company&#146;s regional activities. Mr.&nbsp;Heuer joined
MasterCard International in 1995. Prior to that time,
Mr.&nbsp;Heuer served as Executive Vice President, Retail
Banking, for the Bank of New&nbsp;York.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Jerry McElhatton,</FONT></I><FONT size="2">
age&nbsp;65, is Senior Executive Vice President of the Company
and a member of the Executive Management Group.
Mr.&nbsp;McElhatton is responsible for the Company&#146;s Global
Technology and Operations group, which includes the
O&#146;Fallon, Missouri transaction processing facility. Before
joining MasterCard International in 1994, Mr.&nbsp;McElhatton
was President and Chief Executive Officer of Dallas-based
Payment Systems Technology&nbsp;&#38; Consulting,&nbsp;Inc.
Mr.&nbsp;McElhatton currently serves on the board of directors
of Ignite Sales,&nbsp;Inc. and Mascon, a development firm based
in India; the board of directors of the Regional Commerce and
Growth Association in St.&nbsp;Louis; the National Council for
the Olin School of Business of Washington University in
St.&nbsp;Louis; and the boards of directors of Rainbow Village
in St.&nbsp;Louis and the United Way (St.&nbsp;Louis).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Chris A. McWilton,</FONT></I><FONT size="2">
age&nbsp;45, is Chief Financial Officer of the Company and a
member of the Executive Management Group. Prior to
Mr.&nbsp;McWilton&#146;s appointment as Chief Financial Officer
in October 2003, he served as Senior Vice President and
Controller of the Company. Prior to joining the Company in
January 2003, Mr.&nbsp;McWilton was a partner at KPMG LLP, an
international accounting and tax firm where he specialized in
financial and SEC reporting matters. Mr.&nbsp;McWilton joined
KPMG LLP in 1980 and was elected to the partnership in 1992. He
is a certified public accountant.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Michael W. Michl,</FONT></I><FONT size="2">
age&nbsp;58, is Chief Administrative Officer of the Company and
a member of the Executive Management Group. Mr.&nbsp;Michl is
responsible for the Company&#146;s Central Resources unit,
encompassing the communications, global human resources,
corporate services and audit functions. Mr.&nbsp;Michl joined
MasterCard International in 1998 from Avon Products, where he
was Vice President of Human Resources.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Christopher D. Thom,</FONT></I><FONT size="2">
age&nbsp;55, is Senior Executive Vice President of the Company
and a member of the Executive Management Group. Mr.&nbsp;Thom is
responsible for the Company&#146;s Global Development Group,
which manages franchise management and program development
functions at the Company, as well as the Company&#146;s
initiatives in the areas of electronic commerce, mobile commerce
and chip-based smart cards. Prior to joining MasterCard
International in 1995, Mr.&nbsp;Thom served in a variety of
positions at HSBC Group in the United Kingdom, including as
general manager, Strategic Development and general manager,
Retail. In the latter position, Mr.&nbsp;Thom was responsible
for the core banking services and products delivered through
HSBC&#146;s branch network, as well as HSBC&#146;s card service,
private banking and other businesses.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company has adopted a Supplemental Code of
Ethics which applies to the President and Chief Executive
Officer, the Chief Financial Officer and other senior officers
of the Company. The Supplemental Code of Ethics can be found on
the Company&#146;s website at http://www.mastercardintl.com.
</FONT>

<P align="center"><FONT size="2">12
</FONT>

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<!-- link1 "EXECUTIVE COMPENSATION" -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="center">
<B><FONT size="2">EXECUTIVE COMPENSATION</FONT></B>

<P align="left">
<B><FONT size="2">Summary Compensation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table shows the before-tax
compensation for the President and Chief Executive Officer and
the four next highest paid executive officers (the &#147;Named
Executive Officers&#148;) of the Company in respect of the year
ended December&nbsp;31, 2003.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="19%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Long-term</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Annual Compensation</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Compensation</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Name and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Other Annual</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">LTIP</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">All Other</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Principal Position</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Year</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Salary</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Bonus</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Compensation<SUP>(1)</SUP></FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Payouts<SUP>(2)</SUP></FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Compensation<SUP>(3)</SUP></FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Robert W. Selander
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">800,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,900,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">224,231</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,899,490</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,399,973</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">President&nbsp;&#38; CEO
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">800,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,100,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">215,342</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,986,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,779,330</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">783,333</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,500,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">205,499</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,479,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">451,447</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Alan J. Heuer
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">650,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">600,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">144,187</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,556,100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,699,461</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Senior Executive VP
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">643,750</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,150,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">148,431</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,989,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">221,018</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">575,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">900,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">153,971</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,380,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">201,341</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Jerry McElhatton
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">625,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">525,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">119,190</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,521,310</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,532,020</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Senior Executive VP
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">620,833</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">900,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">130,646</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,292,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">766,720</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">575,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">825,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">149,047</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,047,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">395,586</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Christopher D. Thom
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">575,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">500,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100,940</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,534,300</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">564,186</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Senior Executive VP
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">568,750</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">700,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">104,034</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,166,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">608,432</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">500,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">700,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">113,747</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,072,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">196,316</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Michael Michl
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">375,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">300,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">65,699</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,023,100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">306,716</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Executive VP
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">371,250</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">450,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">70,029</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,144,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">290,697</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">330,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">425,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">114,948</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">546,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">262,311</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Amounts principally represent reimbursement for
    tax obligations in connection with non-qualified retirement
    benefits.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes payments under the Executive Incentive
    Plan as follows: 20% of the award earned for the 1999-2001
    performance period; 80% of the award earned for the 2001-2003
    performance period; and for Messrs.&nbsp;Heuer and McElhatton,
    100% of a special one-time award earned for the 2001-2003
    performance period.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes for fiscal 2003, a special bonus for
    services related to the Europay conversion and integration
    (Mr.&nbsp;Selander&nbsp;&#151; $333,333;
    Mr.&nbsp;Thom&nbsp;&#151; $100,000); payouts under the
    Company&#146;s discontinued Value Appreciation Plan related to
    exercise of vested rights tied to value appreciation of a
    portfolio of member bank stocks (Mr.&nbsp;Selander&nbsp;&#151;
    $688,053; Mr.&nbsp;Heuer&nbsp;&#151; $1,459,385;
    Mr.&nbsp;McElhatton&nbsp;&#151; $1,316,257); matching
    contributions under the Company&#146;s Shared Profit and Savings
    Plan (Mr. Selander&nbsp;&#151; $12,000;
    Mr.&nbsp;Heuer&nbsp;&#151; $12,000;
    Mr.&nbsp;McElhatton&nbsp;&#151; $12,000;
    Mr.&nbsp;Thom&nbsp;&#151; $12,000; Mr.&nbsp;Michl&nbsp;&#151;
    $12,000); profit sharing contributions under the Company&#146;s
    Shared Profit and Savings Plan (Mr.&nbsp;Selander&nbsp;&#151;
    $14,000; Mr.&nbsp;Heuer&nbsp;&#151; $14,000;
    Mr.&nbsp;McElhatton&nbsp;&#151; $14,000;
    Mr.&nbsp;Thom&nbsp;&#151; $14,000; Mr.&nbsp;Michl&nbsp;&#151;
    $14,000); Company contributions to both a non-qualified defined
    benefit and defined contribution plan&nbsp;&#151; Annuity Bonus
    Plan (Mr.&nbsp;Selander&nbsp;&#151; $259,787;
    Mr.&nbsp;Heuer&nbsp;&#151; $165,956;
    Mr.&nbsp;McElhatton&nbsp;&#151; $141,239;
    Mr.&nbsp;Thom&nbsp;&#151; $109,843; Mr.&nbsp;Michl&nbsp;&#151;
    $56,584); the dollar value of the benefit of premiums paid for a
    split-dollar life insurance policy projected on an actuarial
    basis (Mr. Thom&nbsp;&#151; $282,111; Mr.&nbsp;Michl&nbsp;&#151;
    $177,204); the full amount of all premiums paid by the Company
    for Executive Life Insurance coverage
    (Mr.&nbsp;Selander&nbsp;&#151; $36,800;
    Mr.&nbsp;Heuer&nbsp;&#151; $3,120;
    Mr.&nbsp;McElhatton&nbsp;&#151; $3,524;
    Mr.&nbsp;Thom&nbsp;&#151; $1,232; Mr.&nbsp;Michl&nbsp;&#151;
    $1,928); balance represents payments made to the Named Executive
    Officers in lieu of perquisites.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">13
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">
<B><FONT size="2">Long-Term Incentive Plan-Awards In Fiscal Year
2003<SUP>(1)</SUP></FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table lists grants of performance
units in 2003 to the Named Executive Officers:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="21%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Estimated Future Payouts Under Non-Stock</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Price-Based Units</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Units</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Performance or Other Period</FONT></B></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Name</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Awarded</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Until Maturation</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Threshold($)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Target($)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Maximum($)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Robert W. Selander
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">41,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1/1/2003&#150;12/31/2005</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,050,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,100,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,200,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">President and CEO
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Alan J. Heuer
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1/1/2003&#150;12/31/2005</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,225,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,450,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,900,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Senior Executive VP
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Jerry McElhatton
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1/1/2003&#150;12/31/2005</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">925,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,850,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,700,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Senior Executive VP
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Christopher D. Thom
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17,250</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1/1/2003&#150;12/31/2005</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">862,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,725,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,450,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Senior Executive VP
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Michael Michl
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1/1/2003&#150;12/31/2005</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">425,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">850,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,700,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Executive VP
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The performance units were granted under the
    Company&#146;s Executive Incentive Plan. Each performance unit
    has a target value equal to $100. The actual value of each unit
    will be calculated based on the Company&#146;s performance over
    a three-year period based on a combination of qualitative and
    quantitative measures that include: improving profitable share
    with key members in key markets; improving customer focused
    strategy; achieving corporate financial targets and enhancing
    organizational capabilities. Each unit will be valued at target
    ($100) if, on a weighted-average basis, target performance is
    achieved for all of the performance measures. Each unit will be
    valued at threshold ($50) if, on a weighted-average basis,
    threshold performance is achieved. Each unit will be valued at
    maximum ($200) if, on a weighted-average basis, superior
    performance is achieved. The units will have no value if
    performance is below threshold. Determinations as to the
    achievement of performance levels shall be made by the
    Compensation Committee in its sole discretion. The Compensation
    Committee will determine the unit value based on interpolation
    in the event that performance between threshold and target or
    target and superior is achieved. The values above are meant to
    be a framework and not an absolute, and beginning with awards
    granted effective on or after January&nbsp;1, 2004, the
    Compensation Committee may make negative adjustments to the unit
    value of any of the performance units awarded to reflect
    additional or amended performance measures or criteria or the
    impact of a significant event, occurrence, or charge to earnings.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The performance units described in the preceding
table vest in annual increments according to the following
schedule if the participant completes 1,000&nbsp;hours of
service and is employed by the Company on the last day of the
respective twelve-month cycle:
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="80%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">% of Performance</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Twelve-Month Cycle Ending on the Following Anniversary of the Date of Grant</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Units Vested</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">1st&nbsp;Anniversary
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26&nbsp;2/3</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2nd&nbsp;Anniversary
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26&nbsp;2/3</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">3rd&nbsp;Anniversary
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26&nbsp;2/3</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">4th&nbsp;Anniversary
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">5th Anniversary
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon completion of the three-year performance
period, participants will receive a payout equal to 80% of the
award earned. The remaining 20% of the award will be paid upon
completion of two additional years of service, (i.e., five years
of service in total). Special provisions apply upon certain
terminations of employment.
</FONT>

<P align="center"><FONT size="2">14
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">
<B><FONT size="2">Retirement Benefits</FONT></B>

<P align="left">
<B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MasterCard
Accumulation Plan (MAP)</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Employees who participate in the MAP earn
benefits under the MAP as soon as they become an employee of
MasterCard. Benefits generally vest after four years of service.
For each plan year after January&nbsp;1, 2000, participants are
credited with a percentage of their compensation for the plan
year in accordance with the table below:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="83%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Pay Credit</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">for Current</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Completed Years of Service at December&nbsp;31 of Prior Plan Year</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Plan Year</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">0&nbsp;&#150; 4
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.50</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">5&nbsp;&#150; 9
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.75</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">10&nbsp;&#150; 14
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8.00</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">15&nbsp;&#150; 19
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10.00</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">20&nbsp;&#150; 29
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12.00</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Eligible employees age&nbsp;50 or older on or
prior to December&nbsp;31, 2000 are eligible for the greater of
the pay credit schedule referenced above or the following pay
credit schedule:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="81%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Minimum</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Pay Credit</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">for Current</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Age on Birthday in Current Plan Year</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Plan Year</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">50&nbsp;&#150; 54
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9.00</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">55&nbsp;&#150; 59
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12.00</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">60+
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14.00</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Compensation is defined as base pay plus annual
incentive compensation. These accounts also receive investment
credits based on the yield on 30-Year Treasury securities. When
a participant terminates employment, the vested amount credited
to the participant&#146;s account is paid in a lump sum or
converted into an annuity.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Supplemental Retirement
    Benefits</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Supplemental retirement benefits are provided to
all Named Executive Officers and certain other participants
under various funded and unfunded nonqualified plans. Benefits
are provided to certain employees whose benefits are limited by
compensation or amount under applicable federal tax laws and
regulations. Designated employees, including all Named Executive
Officers, may also receive an annual benefit at retirement
(&#147;SERP&#148;) equal to a designated percentage of their
final average base compensation reduced by the amount of all
benefits received under the MAP, nonqualified arrangements and
social security benefits.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Annuity Bonus Plan</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Annuity Bonus Plan is a non-qualified,
after-tax savings plan designed to provide employees with
benefits and contributions to the extent amounts under
MasterCard&#146;s qualified plans are capped by IRS limitations.
Each year, MasterCard pays participants a bonus distributed in
the form of a premium payment to a tax-deferred annuity
contract. Annual contributions and reimbursement for tax
obligations in connection with the plan are reported and
separately reflected in the Summary Compensation Table for each
of the Named Executive Officers.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Estimated Annual Retirement Benefits
    Payable to Certain Executive Officers</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table shows the estimated annual
retirement benefits, including supplemental retirement benefits,
if any, under the plans applicable to the individuals, which
would be payable to each Named
</FONT>

<P align="center"><FONT size="2">15
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">Executive Officer assuming retirement at
age&nbsp;65 at his year-end 2003 base salary with payments made
for the life of each participant:
</FONT>
</DIV>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="64%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Year of 65th</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estimated Annual</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Birthday</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Benefit<SUP>(1)</SUP></FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Robert W. Selander
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2015</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">65,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Alan J. Heuer
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2006</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">223,000</FONT></TD>
    <TD align="left" valign="bottom" nowrap><SUP><FONT size="2">(2)</FONT></SUP></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Jerry McElhatton
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">229,000</FONT></TD>
    <TD align="left" valign="bottom" nowrap><SUP><FONT size="2">(2)</FONT></SUP></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Christopher D. Thom
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2013</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">56,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Michael Michl
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2010</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">88,000</FONT></TD>
    <TD align="left" valign="bottom" nowrap><SUP><FONT size="2">(2)</FONT></SUP></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Assumes MAP account balances increase with
    interest credits of 5.25%&nbsp;per year.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Amount will be reduced by Social Security
    benefits.
    </FONT></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">MasterCard Shared Profit and Savings
    Plan</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Most Company employees are eligible to
participate in the savings (401(k)) component of the plan.
Employees who participate in the plan may contribute from 2% to
6% of base pay on a tax-deferred basis or after-tax basis.
Employees may also contribute supplemental tax-deferred and
after-tax amounts from 1% to 5%. Internal Revenue Service limits
apply to all tax-deferred contributions. Employees who earn
$90,000 or less in base pay can contribute from 2% to 25% of
their base pay to the plan, subject to the Internal Revenue
Service limits, on a tax-deferred and/or after-tax basis.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Effective January&nbsp;1, 2003, the Company
reduced the match on employee contributions up to 6% of base pay
from 217% to 100%. Employees must contribute to the savings
(401(k)) component of the plan to receive matching
contributions. Matching contributions are 100% vested after
4&nbsp;years of service under a graded vesting schedule. Loans
and certain types of withdrawals are permitted.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, effective January&nbsp;1, 2003, the
Company established an opportunity for participants to receive a
profit-sharing contribution in the range of 0-10% of base pay.
The target contribution is 7%, and the 2003 contribution was 7%.
</FONT>

<P align="left">
<B><FONT size="2">Employment Agreements and Change-in-Control
Agreements</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Employment Agreements</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company is party to an employment agreement
with each of the Named Executive Officers.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Mr.&nbsp;Selander</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the terms of Mr.&nbsp;Selander&#146;s
employment agreement, Mr.&nbsp;Selander&#146;s employment will
automatically terminate if he: (i)&nbsp;retires; (ii)&nbsp;dies;
or (iii)&nbsp;becomes disabled. In addition, both he and the
Company can terminate the agreement for any reason upon
90&nbsp;days&#146; prior written notice. During the employment
term, Mr.&nbsp;Selander is eligible to participate in the
Company&#146;s total rewards plans and arrangements on a level
commensurate with his position. The agreement provides that if
Mr.&nbsp;Selander&#146;s employment is terminated either by the
Company other than for cause or by him for certain specified
reasons, in addition to any earned, but unpaid base salary and
vested entitlements under any Company plans, he would be
entitled to:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">A pro rata portion of his target bonus;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Severance pay in the form of base salary
    continuation and his average annual incentive bonus, received
    over the prior three years, for a period of 36&nbsp;months,
    subject to recalculation to be payable over the period until he
    is eligible to retire (without any increase in the amount
    payable);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Continued participation in the Company&#146;s
    health, life insurance and disability plans and Company payment
    of COBRA premiums;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Immediate SERP vesting and an additional SERP
    benefit equal to the amount of benefits he would have accrued
    under any Company tax-qualified pension and savings plans until
    he is eligible to retire;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">16
</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Continued vesting of any long-term incentive
    awards;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Outplacement assistance.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For terminations by reason of death or
disability, Mr.&nbsp;Selander would be entitled to his target
annual bonus (pro rated in the case of disability).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Mr.&nbsp;Selander would be subject to
non-competition and non-solicitation covenants for a minimum
period of 12&nbsp;months, up to the full length of the severance
period.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Messrs.&nbsp;Heuer, McElhatton, Thom and
    Michl</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the terms of Messrs.&nbsp;Heuer&#146;s,
McElhatton&#146;s, Thom&#146;s and Michl&#146;s agreements, the
applicable executive&#146;s employment will automatically
terminate if he: (i)&nbsp;dies; or (ii)&nbsp;becomes disabled.
In addition, both the executive and the Company can terminate
the agreement for any reason upon 90&nbsp;days&#146; prior
written notice. During the employment term, the executive is
eligible to participate in the Company&#146;s total rewards
plans and arrangements on a level commensurate with his
position. The agreement provides that if the executive&#146;s
employment is terminated prior to retirement (March&nbsp;31,
2005 for Mr.&nbsp;McElhatton and age&nbsp;65 for
Messrs.&nbsp;Heuer, Thom and Michl) either by the Company other
than for cause or by the applicable executive for certain
specified reasons, in addition to any earned, but unpaid base
salary and vested entitlements under any Company plans, the
applicable executives would be entitled to:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">A pro rata portion of his target bonus;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Severance pay in the form of base salary
    continuation and his average annual incentive bonus, received
    over the prior two years, for a period (through March&nbsp;31,
    2005 for Mr.&nbsp;McElhatton and 24&nbsp;months for
    Messrs.&nbsp;Heuer, Thom and Michl), subject, in
    Messrs.&nbsp;Heuer&#146;s, Thom&#146;s and Michl&#146;s cases,
    to recalculation to be payable over the period until the
    applicable executive is eligible to retire (without any increase
    in the amount payable);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Continued participation in the Company&#146;s
    health, life insurance and disability plans and Company payment
    of COBRA premiums;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Immediate SERP vesting;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Immediate vesting of any special awards grants
    and continued vesting of any other long-term incentive
    awards;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Relocation assistance for Mr.&nbsp;McElhatton and
    Mr.&nbsp;Thom.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For terminations by reason of death, disability
or retirement, and voluntary terminations, the executive would
be entitled to unpaid base salary, vested entitlements under any
Company plans, a pro rata portion of his target bonus, and
relocation assistance.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The executive would be subject to non-competition
and non-solicitation covenants for a minimum period of
12&nbsp;months, up to the full length of the severance period.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Change-in-Control Agreements</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company has approved a Change-in-Control
Agreement (&#147;CIC Agreement&#148;) for certain of its
executive officers, including all of the Named Executive
Officers. Under the CIC Agreement, if an executive
officer&#146;s employment is terminated without
&#147;cause&#148; or for &#147;good reason&#148; (as defined in
the CIC Agreement) during the six-month period preceding or the
two-year period following a &#147;change in control&#148; of the
Company, the executive will be entitled to the following:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">A severance payment equal to two times the
    average base salary and bonus (three times in the case of the
    President and Chief Executive Officer), payable through
    March&nbsp;31, 2005 for Mr.&nbsp;McElhatton and over a 24-month
    period for Messrs.&nbsp;Heuer, Thom and Michl (36&nbsp;months in
    the case of the President and Chief Executive Officer), subject
    to recalculation to be payable over the period until the
    executive is eligible to retire (without any increase in the
    amount payable);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Continued coverage under the executive&#146;s
    individual long-term disability plan for the applicable period
    referenced above;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">17
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Continued coverage in the medical, dental,
    hospitalization and vision care plans for up to 18&nbsp;months;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Accelerated vesting of performance units
    including special grants awarded prior to the change-in-control
    under the Executive Incentive Plan, with payout at 125% of
    target;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Accelerated vesting of special grants awarded
    pursuant to the Executive Incentive Plan, nonqualified
    retirement and deferred compensation benefits;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Lump sum payment equal to the value of unvested
    qualified plan benefits;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Outplacement assistance;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">An excise tax gross-up for any taxes incurred as
    a result of Section&nbsp;4999 of the Internal Revenue Code.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The executive would be subject to a covenant not
to compete and not to solicit employees for the period through
March&nbsp;31, 2005 for Mr.&nbsp;McElhatton and for up to
24&nbsp;months for Messrs.&nbsp;Heuer, Thom and Michl
(36&nbsp;months in the case of the President and Chief Executive
Officer).
</FONT>

<P align="left">
<B><FONT size="2">Compensation of Directors</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the year ended December&nbsp;31, 2003,
directors who were not employees of the Company were paid an
annual retainer of $35,000. The Chairman of the Global Board of
Directors received an annual retainer of $40,000. Non-employee
directors also received an annual retainer of $5,000 for serving
as a chairperson of a standing committee; a $1,500 meeting fee
for attendance at board meetings; a $1,000 meeting fee for
attendance at committee meetings and a $500 meeting fee for
telephonic meetings. In addition, customary expenses for
attending board and committee meetings were reimbursed.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the MasterCard Deferral Plan, up to 100% of
non-employee director&#146;s meeting fees and annual retainer
may be deferred and invested among several investment return
options. In general, deferred amounts are not paid until after
the director retires from the board. The amounts are then paid,
at the director&#146;s option, either in a lump sum or in five
or ten annual installments.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Effective January&nbsp;1, 2004, non-employee
directors will receive an annual retainer of $45,000 and the
Chairman of the Global Board of Directors will receive $50,000.
</FONT>

<P align="left">
<B><FONT size="2">Compensation Committee Interlocks and Insider
Participation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">None of the members of the Compensation Committee
has ever served as an officer or employee of the Company.
Mr.&nbsp;Boudreau is a former executive officer of Chase
Manhattan Bank USA, N.A, one of the Company&#146;s 5%
stockholders with which it has a business relationship more
fully described below under &#147;Certain Relationships and
Related Transactions.&#148; All members of the Compensation
Committee are officers or former officers of stockholders of the
Company, which are principal members of MasterCard International
and significant customers of the Company.
</FONT>

<P align="left">
<B><FONT size="2">Performance Graph</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following stock performance graph (the
&#147;Performance Graph&#148;) compares the cumulative total
stockholder return of the Common Stock, the S&#38;P 500 Index
and the S&#38;P Financial Index for the period beginning on
March&nbsp;31, 2003 and ending on December&nbsp;31, 2003. The
Performance Graph assumes a $100 investment in the Common Stock
and each of the indices and the reinvestment of dividends.
Because the Common Stock is not listed on any securities
exchange or quoted on any dealer quotation system, the price of
the Common Stock represents its book value at the periods
indicated in the Performance Graph.
</FONT>

<P align="center"><FONT size="2">18
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">CUMULATIVE TOTAL RETURN</FONT></B>

<DIV align="center">
<B><FONT size="2">March&nbsp;31, 2003 to December&nbsp;31,
2003</FONT></B>
</DIV>

<P align="center">
<IMG src="y94892y9489202.gif" alt="(STOCK PERFORMANCE GRAPH)">

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="64%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">March&nbsp;31</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December&nbsp;31</FONT></B></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;MasterCard
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">116.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;S&#38;P Financial Index
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">135.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;S&#38;P 500 Index
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">131.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">19
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "REPORT OF COMPENSATION COMMITTEE ON EXECUTIVE COMPENSATION" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center">
<B><FONT size="2">REPORT OF COMPENSATION COMMITTEE</FONT></B>

<DIV align="center">
<B><FONT size="2">ON EXECUTIVE COMPENSATION</FONT></B>
</DIV>

<P align="left">
<B><FONT size="2">The Committee&#146;s
Responsibilities</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Compensation Committee is responsible for
setting and administering the policies that govern executive
compensation and benefits. The Compensation Committee is
comprised of five members of the Global Board of Directors, each
of whom is an outside director, as defined under
Section&nbsp;162(m) of the tax code.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Compensation Committee regularly reviews the
Company&#146;s executive compensation policies and practices and
will continue to do so in response to new rules and evolving
best practices. The Compensation Committee has retained its own
outside compensation consultant to provide advice and
assistance. During 2003, the Compensation Committee met four
times and held at least one executive session, without
management present, at each meeting.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">More information about the Compensation Committee
can be found above under &#147;Committees of the Global Board of
Directors&nbsp;&#151; Compensation&#148; and the Compensation
Committee&#146;s charter is available on the Company&#146;s
website at http://www.mastercardintl.com.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The purpose of this report is to summarize the
philosophical principles, specific program elements and other
factors considered by the Compensation Committee in making
decisions about executive compensation.
</FONT>

<P align="left">
<B><FONT size="2">Compensation Philosophy</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Compensation Committee&#146;s compensation
decisions are based on the following core principles.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <I><FONT size="2">Executive officer goals should be linked with
    member, customer and shareholder
    interests.</FONT></I><FONT size="2"> The Company&#146;s
    compensation and reward systems serve as a tool for reinforcing
    the link between rewards and the achievement of business results
    consistent with the organization&#146;s expected values and
    behaviors.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <I><FONT size="2">Pay should be
    performance-based.</FONT></I><FONT size="2"> The Company
    provides a total compensation program consisting of fixed and
    variable pay, with an emphasis on variable pay to reward short-
    and long-term performance versus established goals and
    objectives.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <I><FONT size="2">Compensation opportunities must be competitive
    to attract and retain talented
    employees.</FONT></I><FONT size="2"> Each year, the Compensation
    Committee assesses the competitiveness of total compensation
    levels for executives as more fully described below.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Program Elements</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company&#146;s executive compensation program
consists of base salary, annual incentive and long-term
incentive compensation. The Compensation Committee&#146;s
philosophy generally is to target compensation levels to be
between the median and 75th percentiles of the blended peer
groups for the executive officers as described below. For
purposes of establishing a competitive market for the named
executives, the Company considers companies representative of
the types of organizations from which it recruits and loses
executive talent, e.g., a custom group of companies comprised of
major financial services companies, comparable financial
services companies and premier brand value companies, as well
as, where appropriate, a broader group of financial services and
general industry companies. The blended peer group is generally
consistent with that used to measure performance as illustrated
in the Performance Graph.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Base Salary.</FONT></I><FONT size="2"> Base
salaries are generally positioned at the median of the
competitive market. All salaried employees earning less than a
predetermined amount are eligible for annual merit increases
based primarily on fulfillment of their job responsibilities and
position relative to market. Base salaries are held constant for
senior level incumbents for at least three years, subject to
market movement and/or changing job responsibilities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Annual Incentive.</FONT></I><FONT size="2">
The Company provides its executives with an opportunity to earn
cash incentive awards through the Annual Incentive Compensation
Plan (&#147;AICP&#148;). The Company generally positions target
</FONT>

<P align="center"><FONT size="2">20
</FONT>

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<DIV align="left">
<FONT size="2">annual incentive opportunities between the median
and 75th percentiles of the competitive markets described
previously based on actual performance against goals. Each Named
Executive Officer&#146;s target AICP opportunity is determined
based on competitive market practices and internal equity
considerations.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The AICP is funded based on overall corporate
performance (the corporate score could result in incentive pool
funding ranging from 0% to 150% of target incentive pool).
Funding is allocated to each division based on corporate and
business unit/region performance. For the President and Chief
Executive Officer, the funding is determined based 100% on the
achievement of corporate goals. For the other Named Executive
Officers, the funding is determined based 75% on the achievement
of corporate goals and 25% on the achievement of business
unit/regional performance. Actual awards are based on corporate,
business unit/region and individual performance against goals.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For fiscal year 2003, corporate performance was
based on improvement of profitable market share, progress
against customer-focused strategy, achievement of corporate
financial targets and enhancing organizational capabilities.
Business unit/region performance was based on the achievement of
goals defined in each group&#146;s annual business plan that
were directly linked to corporate objectives. Based on the
Company&#146;s fiscal year 2003 performance, the AICP was funded
below target. Business unit/region performance results
varied&nbsp;&#151; some business unit/region performance results
were below target and others were above target, but below
maximum.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Long-Term Incentive.</FONT></I><FONT size="2">
Executives participate in the Executive Incentive Plan
(&#147;EIP&#148;), a performance unit plan tied to three-year
corporate performance. Generally, units are awarded annually and
target opportunities are positioned at the median of the
competitive markets described above.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For awards made in 2003 (covering the 2003-2005
performance period), the ultimate value of the units will be
determined based upon the following measures: improving
profitable share with key members in key markets; improving
customer focused strategy; achieving corporate financial targets
and enhancing organizational capabilities. See, &#147;Executive
Compensation&nbsp;&#151; Long-Term Incentive Plan&nbsp;&#150;
Awards In Fiscal Year 2003&#148; for a detailed description of
the EIP and the number of units awarded in 2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Based on the Company&#146;s performance over the
2001-2003 performance period, performance units were valued
between target and maximum levels.
</FONT>

<P align="left">
<B><FONT size="2">CEO Compensation and Performance</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Mr.&nbsp;Selander&#146;s fiscal year 2003
compensation consisted of base salary, an annual incentive
award, a long-term incentive award and the second payment of a
special award for services related to the conversion and
integration of Europay awarded in 2002. The Compensation
Committee determined the level for each of these elements using
methods consistent with those used for other Named Executives,
except that Mr.&nbsp;Selander did not have a target annual
incentive.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For 2003, Mr.&nbsp;Selander&#146;s base salary
remained constant. He received an AICP award of $1,900,000 based
on performance against corporate goals. He also received a grant
of 41,000&nbsp;units under the EIP for the 2003-2005 performance
period and a payout for the 2001-2003 performance period that
reflected above target, but below maximum, performance. In
addition, he received the second payment of a special award of
$333,333 based on MasterCard&#146;s sustained performance and
progress to date on its post-integration of Europay objectives.
</FONT>

<P align="left">
<B><FONT size="2">Deductibility of Executive
Compensation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Section&nbsp;162(m) of the Internal Revenue Code
requires that public companies meet specific criteria in order
to deduct, for federal income tax purposes, compensation over
$1&nbsp;million paid to the Named Executive Officers. The
Company is currently covered by the transition rules for newly
public companies under Section&nbsp;162(m) and will receive a
deduction for all compensation paid to those executive officers
in fiscal year 2003. When the transition period ends, the
Compensation Committee intends to pay compensation that would be
deductible. However, the Compensation Committee believes that
its primary responsibility is to provide a compensation program
that attracts, retains and rewards the executive talent needed
for the Company&#146;s success. Consequently, in any year the
Compensation Committee may authorize compensation in excess of
</FONT>

<P align="center"><FONT size="2">21
</FONT>

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<DIV align="left">
<FONT size="2">$1,000,000 that is not performance-based under
Section&nbsp;162(m). The Compensation Committee recognizes that
the loss of a tax deduction may be unavoidable in these
circumstances.
</FONT>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Compensation Committee:
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">William F. Aldinger
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Donald L. Boudreau
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Baldomero Falcones Jaquotot
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Robert W. Pearce
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Lance L. Weaver
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">22
</FONT>

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<DIV align="left"><A NAME="010"></A></DIV>

<P align="center">
<B><FONT size="2">CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to an agreement, dated as of
March&nbsp;1, 1999, among MasterCard International and Citibank,
N.A., including certain of its affiliates, Citibank, an
affiliate of Citigroup Inc., has agreed, among other things, to
increase, and then maintain, the overall percentage of payment
cards issued by Citibank that are MasterCard-branded, in
exchange for certain pricing terms. Citibank and certain of its
affiliates are principal members of MasterCard International and
own a portion of the United States franchisee of Mondex
International. MasterCard International provides authorization,
clearing and settlement services in connection with transactions
for which Citibank or its affiliates act as issuer or acquirer.
In addition, Citibank uses several of the Company&#146;s
fee-for-service products, including consulting services. A
portion of the Company&#146;s $1.2&nbsp;billion dollar credit
facility is syndicated to Citibank, N.A., for which Citibank and
its affiliates receive a fee; Citibank is the co-administrative
agent of that facility and Citigroup Global Markets Inc.,
another affiliate of Citibank, is the lead arranger of that
facility. Additional amounts are paid by the Company for these
services. Another insurance affiliate of Citibank is a creditor
of MasterCard International in connection with a portion of the
$149&nbsp;million lease financing for the Company&#146;s
O&#146;Fallon, Missouri operations facility. In addition,
Citibank and its affiliates receive fees from the Company for
cash management, asset management and investment banking
services. Citibank also acts as issuer of the Company&#146;s
corporate purchasing cards. In addition to the agreement
described above, the Company enters into other agreements to
provide financial and other incentives to Citibank, N.A. and
certain of its affiliates or business partners in connection
with payment programs issued by Citibank, including co-branded
and affinity card programs, from time to time. For the full year
ended 2003, net fees earned from Citibank and its affiliates
were approximately $188&nbsp;million. Robert B. Willumstad, a
member of the Company&#146;s Global Board of Directors, is
President and Chief Operating Officer of Citigroup Inc. Another
member of the Global Board, Augusto M. Escalante, is the Deputy
President, Consumer Product and Marketing Areas, of Banco
Nacional de Mexico, S.A., another Citibank, N.A. affiliate.
Other representatives of Citibank, N.A. or its affiliates may
sit on the Company&#146;s regional boards or business committees
from time to time. Citibank, N.A. and its affiliates own
approximately 6.0% of the outstanding Common Stock on a combined
basis.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to an agreement, dated as of
July&nbsp;1, 1999, between MasterCard International and The
Chase Manhattan Bank (now Chase Manhattan Bank USA, N.A.
(&#147;Chase&#148;)), Chase has agreed, among other things, to
continue to increase, and then maintain, the annual percentage
of payment cards issued by Chase that are MasterCard-branded, in
exchange for certain pricing terms. Chase is a principal member
of MasterCard International and owns a portion of the United
States franchisee of Mondex International. MasterCard
International provides authorization, clearing and settlement
services in connection with transactions for which Chase or its
affiliates act as issuer or acquirer. In addition, Chase uses
several of the Company&#146;s fee-for-service products,
including consulting services. A portion of the Company&#146;s
$1.2&nbsp;billion dollar credit facility is syndicated to
JPMorgan Chase Bank, an affiliate of Chase, for which JPMorgan
Chase Bank receives a fee; JPMorgan Chase Bank is the
co-administrative agent of that facility and JPMorgan
Securities,&nbsp;Inc., another affiliate of Chase, is the
co-arranger of that facility. Additional amounts are paid by the
Company for these services. In addition, Chase and its
affiliates receive amounts from the Company for cash management
services. Chase acts as issuer of the Company&#146;s corporate
cards and provides a variety of banking services for the Company
and for its employees pursuant to arrangements entered into with
the Company. In addition to the agreement described above, the
Company provides certain financial and other incentives to Chase
or its business partners in connection with payment programs
issued by Chase, including co-branded and affinity card
programs. For the full year ended 2003, net fees earned from
Chase and its affiliates were approximately $153&nbsp;million.
Donald H. Layton, a member of the Global Board of Directors, is
Vice Chairman of J.P.&nbsp;Morgan Chase&nbsp;&#38; Co., of which
Chase is an affiliate, and Donald L. Boudreau, the Chairman
Emeritus, is a former executive officer of Chase. Other
representatives of Chase or its affiliates may sit on the
Company&#146;s regional boards or business committees from time
to time. Chase owns approximately 5.4% of the outstanding Common
Stock on a combined basis.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the terms of a licensing agreement with
MasterCard Europe, EURO Kartensysteme GmbH (&#147;EKS&#148;), a
principal member of MasterCard International, has a principal
license for certain MasterCard brands and payment products in
Germany. MasterCard International provides authorization,
clearing and
</FONT>

<P align="center"><FONT size="2">23
</FONT>

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<DIV align="left">
<FONT size="2">settlement services in connection with
transactions for which EKS&#146;s affiliate members act as
issuers or acquirers. In connection with the Company&#146;s
conversion and integration in 2002, EKS has entered into
agreements with the Company and its subsidiaries pursuant to
which, among other things, EKS has assigned to the Company
certain trademarks and domain names, trade names and other
intellectual property rights, and the Company will provide
support for marketing initiatives designed to migrate all uses
by German members of the Eurocard-MasterCard brand on cards,
acceptance decals, advertising and other materials to the
MasterCard brand mark. For the full year ended 2003, fees earned
by MasterCard Europe from EKS were approximately
$73&nbsp;million. Bernd Fieseler, a member of the Global Board
of Directors, is Chairman of the Board of EKS. Representatives
of EKS may sit on the Company&#146;s regional boards or business
committees from time to time. EKS owns approximately 5.2% of the
outstanding Common Stock on a combined basis.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Europay France S.A., a company formed by certain
French financial institutions to promote MasterCard brands and
payment products in France, is a principal member of MasterCard
International. MasterCard International provides authorization,
clearing and settlement services in connection with transactions
for which Europay France&#146;s affiliate members act as issuers
or acquirers. For the full year ended 2003, fees earned by
MasterCard Europe from Europay France, were approximately
$22&nbsp;million. Michel Lucas, a member of the Global Board of
Directors, is Chairman and General Manager of Europay France.
Other representatives of Europay France may sit on the
Company&#146;s regional boards or business committees from time
to time. Europay France owns approximately 5.0% of the
outstanding Common Stock on a combined basis.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In fiscal year 2003, MasterCard International
paid $3,179,985 to Innovative Staffing for certain personnel
recruiting and contract staffing services. The Managing Director
of Innovative Staffing is Andrew Jackson, who is the son-in-law
of Jerry McElhatton, the Company&#146;s Senior Executive Vice
President for Global Technology Operations. The Company has been
advised that a portion of Mr.&nbsp;Jackson&#146;s compensation
from Innovative Staffing in 2003 was related to the services
that Innovative Staffing rendered to MasterCard International.
</FONT>

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<DIV align="left"><A NAME="011"></A></DIV>

<P align="center">
<B><FONT size="2">AUDITORS SERVICES AND FEES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Global Board of Directors has selected
PricewaterhouseCoopers LLP, independent auditors, to audit the
accounts of the Company and its subsidiaries for the fiscal year
ending December&nbsp;31, 2004. A representative of
PricewaterhouseCoopers LLP will be present at the Annual Meeting
and will have the opportunity to make a statement if he or she
desires to do so and will be available to respond to appropriate
questions.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee and the Company have adopted
policies and procedures pertaining to the provision by the
Company&#146;s independent auditor of any audit or non-audit
services. The policies and procedures specifically require Audit
Committee pre-approval of all audit and non-audit services. In
addition, proposed services of the independent auditor
materially exceeding any pre-approved project scope, terms and
conditions, or cost levels require specific pre-approval by the
Audit Committee. The Audit Committee has also delegated power to
the Chairman of the Audit Committee to pre-approve in certain
circumstances any engagements or changes in engagements by the
independent auditor for audit or non-audit services. The Company
paid no fees to its independent auditor in fiscal year 2003 in
connection with engagements that were not pre-approved by the
Audit Committee or the Audit Committee Chairman. To help ensure
the independence of the Company&#146;s independent auditor, the
Company has also adopted policies and procedures relating to,
among other things, the engagement of the independent auditor
and the hiring of employees of the independent auditor.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Set forth below are the audit and non-audit fees
billed by PricewaterhouseCoopers LLP for fiscal year 2003 and
fiscal year 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Audit Fees. </FONT></I><FONT size="2">The
aggregate fees billed to the Company by PricewaterhouseCoopers
LLP for the audit of the Company&#146;s annual statement and
review of the Company&#146;s quarterly financial statements were
$2,040,990 for fiscal year 2003 and $1,975,320 for fiscal year
2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Audit-Related Fees.</FONT></I><FONT size="2">
The aggregate fees billed to the Company by
PricewaterhouseCoopers LLP for assurance and related services
related to the audit (but not included in the audit fees set
forth above) were
</FONT>

<P align="center"><FONT size="2">24
</FONT>

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<DIV align="left">
<FONT size="2">$477,500 for fiscal year 2003 and $609,050 for
fiscal year 2002. The assurance and related services included
information technology attestations (e.g. SAS 70), employee
benefit plan audits, Sarbanes-Oxley compliance preparation and
related out of pocket expenses.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Tax Fees.</FONT></I><FONT size="2"> The
aggregate fees billed to the Company by PricewaterhouseCoopers
LLP for tax compliance, tax advice and tax planning services
were $874,390 for fiscal year 2003 and $1,736,920 for fiscal
year 2002. These tax services consisted of tax preparation and
examination support, tax accounting advice, tax planning and
other value-added tax services.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">All Other Fees.</FONT></I><FONT size="2"> All
other fees billed by PricewaterhouseCoopers LLP were $235,690
for fiscal year 2003 and $1,436,820 for fiscal year 2002. These
other fees represent fees for regulatory research, access to
PricewaterhouseCoopers LLP&#146;s accounting research and
reference system and certain discrete projects.
</FONT>

<P align="center"><FONT size="2">25
</FONT>

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<!-- link1 "AUDIT COMMITTEE REPORT" -->
<DIV align="left"><A NAME="012"></A></DIV>

<P align="center">
<B><FONT size="2">AUDIT COMMITTEE REPORT</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee of the Company&#146;s Global
Board of Directors is composed of six directors and operates
under a written charter adopted by the Global Board of
Directors. See Appendix&nbsp;A. The Audit Committee assists the
Global Board in, among other things, the oversight of:
(i)&nbsp;the quality and integrity of the Company&#146;s
financial statements, (ii)&nbsp;the Company&#146;s compliance
with legal and regulatory requirements, (iii)&nbsp;the
independent auditor&#146;s qualifications and independence, and
(iv)&nbsp;the performance of the Company&#146;s internal audit
function and independent auditor.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Management is responsible for the Company&#146;s
internal controls, the financial reporting process and
preparation of the consolidated financial statements of the
Company. The independent auditor is responsible for performing
an independent audit of the Company&#146;s consolidated
financial statements in accordance with auditing standards
generally accepted in the United States of America and to issue
a report thereon. The Audit Committee&#146;s responsibility is
to monitor and oversee these processes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In this context, the Audit Committee has met and
held discussions with management and the independent auditor.
Management represented to the Audit Committee that the
Company&#146;s consolidated financial statements were prepared
in accordance with accounting principles generally accepted in
the United States of America. The Audit Committee reviewed and
discussed the consolidated financial statements with management
and the independent auditor. The Audit Committee further
discussed with the independent auditor the matters required to
be discussed by Statement on Auditing Standards No.&nbsp;61
(Communication with Audit Committees) as amended.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company&#146;s independent auditor also
provided to the Audit Committee the written disclosures and
letter required by Independence Standards Board Standard
No.&nbsp;1 (Independence Discussions with Audit Committees), and
the Audit Committee discussed with the independent auditor that
firm&#146;s independence.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Based upon the Audit Committee&#146;s discussions
with management and the independent auditor and the Audit
Committee&#146;s review of the representations of management and
the report and letter of the independent auditor provided to the
Audit Committee, the Audit Committee recommended to the Global
Board of Directors that the audited consolidated financial
statements be included in the Company&#146;s Annual Report on
Form&nbsp;10-K for the year ended December&nbsp;31, 2003 for
filing with the Securities and Exchange Commission.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Audit Committee:
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Mark H. Wright, Chairman
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Donald L. Boudreau
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Baldomero Falcones Jaquotot
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Donald H. Layton
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Norman C. McLuskie
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Robert W. Pearce
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">March&nbsp;17, 2004
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">26
</FONT>

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<!-- link1 "OTHER MATTERS" -->
<DIV align="left"><A NAME="013"></A></DIV>

<P align="center">
<B><FONT size="2">OTHER MATTERS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Management does not know of any business to be
transacted at the Annual Meeting other than as indicated herein.
Should any such matter properly come before the Annual Meeting
for a vote, the persons designated as proxies will vote thereon
in accordance with their best judgment.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You are urged to promptly sign, date and return
the enclosed proxy card in the accompanying postage-paid
envelope or authorize the individuals named on your proxy card
to vote your interests by calling the toll-free telephone number
or by using the Internet as described in the instructions
included with your proxy card.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Deadline for submitting proposals for next
year&#146;s Annual Meeting.</FONT></I><FONT size="2">
Stockholders may submit proposals on matters appropriate for
stockholder action at future Annual Meetings of the Company in
accordance with SEC regulations. Such proposals must be received
by the Company no later than November&nbsp;26, 2004 to be
considered for inclusion in the Company&#146;s proxy statement
and form of proxy for the 2005 Annual Meeting and, in any event,
must be received by the Company no later than February&nbsp;10,
2005 to be eligible for presentation for stockholder action at
the 2005 Annual Meeting. Proposals should be directed to the
attention of the Secretary at the address set forth above under
&#147;Introduction&nbsp;&#151; Solicitation of Proxies.&#148;
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">By Order of the Global Board of Directors
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <IMG src="y94892y9489204.gif" alt="-2- Noah J. Hanft"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">NOAH J. HANFT
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <I><FONT size="2">Secretary</FONT></I></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Purchase, New York
</FONT>

<DIV align="left">
<FONT size="2">March&nbsp;26, 2004
</FONT>
</DIV>

<P align="center"><FONT size="2">27
</FONT>
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<!-- link1 "APPENDIX A MasterCard Incorporated Audit Committee of the Board of Directors Charter" -->
<DIV align="left"><A NAME="014"></A></DIV>

<DIV align="right">
<B><FONT size="2">APPENDIX A</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">MasterCard Incorporated</FONT></B>

<P align="center">
<B><FONT size="2">Audit Committee of the Board of
Directors</FONT></B>

<P align="center">
<B><FONT size="2">Charter</FONT></B>

<P align="left">
<B><FONT size="2">I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PURPOSE</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee (the &#147;Committee&#148;)
shall:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">A.&nbsp;Provide assistance to the Board of
    Directors in fulfilling its responsibility to the shareholders
    and potential shareholders of MasterCard Incorporated (the
    &#147;Corporation&#148;) with respect to its oversight of:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="10%"></TD>
    <TD width="4%"></TD>
    <TD width="86%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(i)</FONT></TD>
    <TD align="left">
    <FONT size="2">The quality and integrity of the
    Corporation&#146;s financial statements;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(ii)</FONT></TD>
    <TD align="left">
    <FONT size="2">The Corporation&#146;s compliance with legal and
    regulatory requirements;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(iii)</FONT></TD>
    <TD align="left">
    <FONT size="2">The independent auditor&#146;s qualifications and
    independence; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(iv)</FONT></TD>
    <TD align="left">
    <FONT size="2">The performance of the Corporation&#146;s
    internal audit function and independent auditors.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">B.&nbsp;Following the Corporation&#146;s
    registration under the Securities Exchange Act of 1934, as
    amended, submit the report that SEC rules require be included in
    the Corporation&#146;s annual proxy statement.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">II. STRUCTURE AND OPERATIONS</FONT></B>

<P align="left">
<B><FONT size="2">Composition and Qualifications</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Committee shall be comprised of three or more
members of the Board of Directors. No member of the Committee
may serve on the audit committee of more than three companies
that file periodic reports under the Securities Exchange Act of
1934, as amended, including the Corporation, unless the Board of
Directors (i)&nbsp;determines that such simultaneous service
would not impair the ability of such member to effectively serve
on the Committee and (ii)&nbsp;discloses such determination in
the annual proxy statement. Members of management of the
Corporation and its subsidiaries are excluded from Committee
membership.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All members of the Committee shall have a working
familiarity with basic finance and accounting practices (or
acquire such familiarity within a reasonable period after his or
her appointment). Additionally, at least one member should, if
practical, be an &#147;audit committee financial expert&#148;
under the requirements of the Sarbanes-Oxley Act and related SEC
rules. Committee members may enhance their familiarity with
finance and accounting by participating in educational programs
conducted by the Corporation or by an outside consultant.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">No member of the Committee shall receive any
direct or indirect compensation from the Corporation other than
ordinary fees for service as a director of the Corporation,
including reasonable compensation for serving on the Committee.
In addition, no member of the Committee shall be an
&#147;affiliated person&#148; of the Corporation as defined in
any SEC rules under Section&nbsp;301 of the Sarbanes-Oxley Act.
</FONT>

<P align="left">
<B><FONT size="2">Appointment and Removal</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The members of the Committee shall be appointed
by the Board of Directors and shall serve until each such
member&#146;s successor is duly elected and qualified or until
each such member&#146;s earlier resignation or removal. The
members of the Committee may be removed, with or without cause,
by a majority vote of the Board of Directors. The Chairman of
the Board of Directors shall be a member of the Committee.
</FONT>

<P align="left">
<B><FONT size="2">Chairman</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Unless a Chairman is elected by the full Board of
Directors, the members of the Committee shall designate a
Chairman by the majority vote of the full Committee membership.
The Chairman shall be entitled
</FONT>

<P align="center"><FONT size="2">A-1
</FONT>
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<DIV align="left">
<FONT size="2">to cast a vote to resolve any ties. The Chairman
will chair all regular sessions of the Committee and set the
agendas for Committee meetings in consultation with the chief
internal audit executive of the Corporation.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">III. MEETINGS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Committee shall meet at least four times per
year, or more frequently as circumstances dictate, to review the
Corporation&#146;s financial statements in a manner consistent
with that outlined in Section&nbsp;IV of this Charter and to
conduct such other business as may come before the Committee. As
part of its goal to foster open communication, the Committee
shall periodically incorporate into its meetings separate
sessions with each of management, the chief internal audit
executive and the independent auditors to discuss any matters
that the Committee or each of these groups believe would be
appropriate to discuss privately. The Chairman of the Board or
any member of the Committee may call meetings of the Committee.
All meetings of the committee may be held telephonically.
Committee meetings shall be held upon such notice as may be set
forth in the bylaws of the Corporation from time to time
applicable to meetings of the Board of Directors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All non-management directors that are not members
of the Committee may attend meetings of the Committee but may
not vote. Additionally, the Committee may invite to its meetings
any director, management of the Corporation or its subsidiaries
and such other persons as it deems appropriate in order to carry
out its responsibilities. The Committee may also exclude from
its meetings any persons it deems appropriate in order to carry
out its responsibilities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A quorum is established so that a meeting can
convene once two or more Committee members are present at the
beginning of the meeting.
</FONT>

<P align="left">
<B><FONT size="2">IV. RESPONSIBILITIES AND DUTIES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following functions shall be the common
recurring activities of the Committee in carrying out its
responsibilities outlined in Section&nbsp;I of this Charter.
These functions should serve as a guide with the understanding
that the Committee may carry out additional functions and adopt
additional policies and procedures as may be appropriate in
light of changing business, legislative, regulatory, legal or
other conditions. The Committee shall also carry out any other
responsibilities and duties delegated to it by the Board of
Directors from time to time related to the purposes of the
Committee outlined in Section&nbsp;I of this Charter.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Committee, in discharging its oversight role,
is empowered to study or investigate any matter of interest or
concern that the Committee deems appropriate. The Committee
shall have the authority to retain outside legal, accounting or
other advisors for this purpose, including the authority to
approve the fees payable to such advisors and any other terms of
retention. The Committee shall also have the authority to set
and approve the fees payable to the independent auditor.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Committee shall be given full access to the
Corporation&#146;s internal audit group, Board of Directors,
corporate executives and independent auditors as necessary to
carry out these responsibilities. While acting within the scope
of its stated purpose, the Committee shall have all the
authority of the Board of Directors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Notwithstanding the foregoing, the Committee is
not responsible for certifying the Corporation&#146;s financial
statements or guaranteeing the auditor&#146;s report. The
fundamental responsibility for the Corporation&#146;s financial
statements and disclosures rests with management and the
independent auditors.
</FONT>

<P align="left">
<B><FONT size="2">Documents/ Reports Review</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.&nbsp;Review with management and the
independent auditors prior to public dissemination the
Corporation&#146;s annual audited financial statements and
quarterly financial statements, including the Corporation&#146;s
disclosures under &#147;Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations&#148;
and a discussion with the independent auditors of the matters
required to be discussed by Statement of Auditing Standards No
61.
</FONT>

<P align="center"><FONT size="2">A-2
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.&nbsp;Review and discuss with management and
the independent auditors the Corporation&#146;s earnings press
releases, if any (paying particular attention to the use of any
&#147;pro forma&#148; or &#147;adjusted&#148; non-GAAP
information), as well as financial information and earnings
guidance provided to analysts and rating agencies, if any. The
Committee&#146;s discussion in this regard may be general in
nature (i.e., discussion of the types of information to be
disclosed and the type of presentation to be made) and need not
take place in advance of each earnings release or each instance
in which the Corporation may provide earnings guidance.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">3.&nbsp;Perform any functions required to be
performed by it or otherwise appropriate under applicable law,
rules or regulations, the Corporation&#146;s by-laws and the
resolutions or other directives of the Board.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.&nbsp;Review regulatory authorities&#146;
significant examination reports.
</FONT>

<P align="left">
<B><FONT size="2">Independent Auditors</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">5.&nbsp;Sole authority to appoint and terminate
the independent auditors and approve all audit and non-audit
engagement fees and terms.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.&nbsp;Inform each registered public accounting
firm performing work for the Corporation that such firm shall
report directly to the Committee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">7.&nbsp;Oversee the work of any registered public
accounting firm employed by the Corporation, including the
resolution of any disagreement between management and the
auditor regarding financial reporting, for the purpose of
preparing or issuing an audit report or related work.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">8.&nbsp;Approve in advance any audit or non-audit
engagement or relationship between the Corporation and the
independent auditors (including fees), other than non-audit
services which the Corporation is prohibited from obtaining from
the independent auditors under the requirements of
Section&nbsp;201 of the Sarbanes-Oxley Act and related SEC
rules. If any engagement is not commenced within six
(6)&nbsp;months of the date it was pre-approved by the
Committee, the Committee&#146;s pre-approval of such engagement
shall automatically lapse.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Committee may delegate to one or more of its
members the authority to approve in advance all audit or
non-audit engagements to be provided by the independent
auditors, so long as each such engagement is presented to the
full Committee at its next meeting. Unless superseded by the
Committee, this duty is hereby delegated to the Chairman of the
Committee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">9.&nbsp;Review, at least annually, the
qualifications, performance and independence of the independent
auditors. In conducting its review and evaluation, the Committee
should:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;Obtain and review a report by the
    Corporation&#146;s independent auditor describing: (i)&nbsp;the
    auditing firm&#146;s internal quality-control procedures;
    (ii)&nbsp;any material issues raised by the most recent internal
    quality-control review, or peer review, of the auditing firm, or
    by any inquiry or investigation by governmental or professional
    authorities, within the preceding five years respecting one or
    more independent audits carried out by the auditing firm, and
    any steps taken to deal with any such issues; and (iii)&nbsp;to
    assess the auditor&#146;s independence, all relationships
    between the independent auditor and the Corporation;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;Ensure the rotation of the lead audit
    partner in accordance with the requirements of the
    Sarbanes-Oxley Act and related SEC rules, and consider whether
    there should be regular rotation of the audit firm itself.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;Confirm with any independent auditor
    retained to provide audit services for any fiscal year that the
    lead (or coordinating) audit partner (having primary
    responsibility for the audit), the audit partner responsible for
    reviewing the audit and any other audit personnel, as
    applicable, have not performed audit services for the
    Corporation for any period that is prohibited under the
    Sarbanes-Oxley Act and related SEC rules.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;Take into account the opinions of
    management and the Corporation&#146;s internal auditors.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-3
</FONT>

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<P align="left">
<B><FONT size="2">Internal Auditors</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">10.&nbsp;Ensure that the chief internal audit
executive has direct access to the Audit Committee and is
accountable to the Committee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">11.&nbsp;Review the activities, scope, and
effectiveness of the internal audit function.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">12.&nbsp;Review the qualifications, organization
structure and budget of the internal audit function.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">13.&nbsp;Concur in the appointment, replacement,
reassignment, or dismissal of the chief internal audit executive
as well as his or her compensation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">14.&nbsp;Review any significant reports to
management prepared by the internal audit department.
</FONT>

<P align="left">
<B><FONT size="2">Financial Reporting Process</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">15.&nbsp;In consultation with the independent
auditors, management and the internal auditors, review the
integrity of the Corporation&#146;s financial reporting process,
both internal and external. In that connection, the Committee
should obtain and discuss with management and the independent
auditor reports from management and the independent auditor
regarding: (i)&nbsp;all critical accounting policies and
practices to be used by the Corporation; (ii)&nbsp;analyses
prepared by management and/or the independent auditor setting
forth significant financial reporting issues and judgments made
in connection with the preparation of the financial statements,
including all alternative treatments of financial information
within generally accepted accounting principles that have been
discussed with the Corporation&#146;s management, the
ramifications of the use of the alternative disclosures and
treatments, and the treatment preferred by the independent
auditor; (iii)&nbsp;major issues regarding accounting principles
and financial statement presentation, including any significant
changes in the Corporation&#146;s selection or application of
accounting principles; (iv)&nbsp;major issues as to the adequacy
of the Corporation&#146;s internal controls and any specific
audit steps adopted in light of material control deficiencies;
and (v)&nbsp;any other material written communications between
the independent auditor and the Corporation&#146;s management.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">16.&nbsp;Review periodically the effect of
regulatory and accounting initiatives, as well as off-balance
sheet structures, on the financial statements of the Corporation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">17.&nbsp;Review with the independent auditor
(i)&nbsp;any audit problems or other difficulties encountered by
the auditor in the course of the audit process, including any
restrictions on the scope of the independent auditor&#146;s
activities or on access to requested information, and any
significant disagreements with management and
(ii)&nbsp;management&#146;s responses to such matters. Without
excluding other possibilities, the Committee may wish to review
with the independent auditor (i)&nbsp;any accounting adjustments
that were noted or proposed by the auditor but were
&#147;passed&#148; (as immaterial or otherwise), (ii)&nbsp;any
communications between the audit team and the audit firm&#146;s
national office respecting auditing or accounting issues
presented by the engagement and (iii)&nbsp;any
&#147;management&#148; or &#147;internal control&#148; letter
issued, or proposed to be issued, by the independent auditor to
the Corporation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">18.&nbsp;Review and discuss with the independent
auditor the responsibilities, budget and staffing of the
Corporation&#146;s internal audit function.
</FONT>

<P align="left">
<B><FONT size="2">Internal Control</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">19.&nbsp;Evaluate whether executive management is
setting the appropriate tone regarding the importance of
internal control.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">20.&nbsp;Receive reports about deficiencies in
internal controls, including financial controls, computerized
information system controls and security. In addition, receive
reports about significant fraud and illegal acts, if any.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">21.&nbsp;Assess whether management has
implemented internal control recommendations made by internal
and external auditors.
</FONT>

<P align="center"><FONT size="2">A-4
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">22.&nbsp;Review disclosures made to the Committee
by the Corporation&#146;s CEO and CFO during their certification
process for the Corporation&#146;s Form&nbsp;10-Ks and
Form&nbsp;10-Qs about any significant deficiencies in the design
or operation of internal controls or material weaknesses therein
and any fraud involving management or other employees who have a
significant role in the Corporation&#146;s internal controls.
</FONT>

<P align="left">
<B><FONT size="2">Legal Compliance/ General</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">23.&nbsp;Review periodically, with the
Corporation&#146;s counsel, any legal matter that could have a
significant impact on the Corporation&#146;s financial
statements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">24.&nbsp;Discuss with management and the
independent auditors the Corporation&#146;s guidelines and
policies with respect to risk assessment and risk management.
The Committee should discuss the Corporation&#146;s major
financial risk exposures and the steps management has taken to
monitor and control such exposures.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">25.&nbsp;Set clear hiring policies for employees
or former employees of the independent auditors to help ensure
the Corporation&#146;s compliance with the relevant
&#147;cooling off&#148; periods set forth in Section&nbsp;206 of
the Sarbanes-Oxley Act and related SEC rules.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">26.&nbsp;Establish procedures for: (i)&nbsp;the
receipt, retention and treatment of complaints received by the
Corporation regarding accounting, internal accounting controls,
or auditing matters; and (ii)&nbsp;the confidential submission
by employees of the Corporation of concerns regarding
questionable accounting or auditing matters.
</FONT>

<P align="left">
<B><FONT size="2">Reports</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">27.&nbsp;Submit all reports required to be
included in the Corporation&#146;s proxy statement, pursuant to
and in accordance with applicable SEC rules.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">28.&nbsp;Report regularly to the full Board of
Directors including:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;with respect to any issues that arise
    with respect to the quality or integrity of the
    Corporation&#146;s financial statements, the Corporation&#146;s
    compliance with legal or regulatory requirements, the
    performance, and independence of the Corporation&#146;s
    independent auditors or the performance of the internal audit
    function;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(ii)&nbsp;following all meetings of the
    Committee;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(iii)&nbsp;with respect to such other matters as
    are relevant to the Committee&#146;s discharge its
    responsibilities.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Committee shall provide such recommendations
as the Committee may deem appropriate. The report to the Board
of Directors may take the form of an oral report by the Chairman
or any other member of the Committee designated by the Committee
to make such report.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">29.&nbsp;Maintain minutes or other records of
meetings and activities of the Committee.
</FONT>

<P align="left">
<B><FONT size="2">V. ANNUAL PERFORMANCE EVALUATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Committee shall perform a review and
evaluation, at least annually, of the performance of the
Committee and its members, including by reviewing the compliance
of the Committee with this Charter. In addition, the Committee
shall review and reassess, at least annually, the adequacy of
this Charter and recommend to the Board of Directors any
improvements to this Charter that the Committee considers
necessary or valuable. The Committee shall conduct such
evaluations and reviews in such manner as it deems appropriate.
</FONT>

<P align="center"><FONT size="2">A-5
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>ANNUAL MEETING OF STOCKHOLDERS OF
MASTERCARD INCORPORATED<br>
May&nbsp;10, 2004 at 9:00 a.m.</B><br>
At Our Offices 2000<br>
Purchase Street<br>
Purchase, New York<br>
10577
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><IMG src="y94892y9489205.gif" alt="(MASTERCARDLOGO)"></TD>
</TR>


<!-- End Table Body -->
 </TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>INSTRUCTIONS FOR VOTING YOUR PROXY</B>



<P align="center" style="font-size: 10pt"><B>THERE ARE THREE WAYS TO VOTE YOUR PROXY</B>



<P><DIV style="position: relative; float: left; margin-right: 1%; width: 30%">

<P align="center" style="font-size: 10pt"><B>TELEPHONE VOTING</B>


<P align="left" style="font-size: 10pt">This method of voting is available for
stockholders located in the U.S. and
Canada.


<P align="left" style="font-size: 10pt">Your telephone vote authorizes the
named proxies on the proxy card to vote
in the same manner as if you had
returned your proxy card. On a touch
tone telephone, call <B><I>TOLL FREE
1-800-849-5629</I></B>. You will be asked to
enter <B>ONLY </B>the CONTROL NUMBER
shown below. Have your proxy card
ready, then follow the prerecorded
instructions. Available 24 hours a day,
7&nbsp;days a week until 5:00 p.m. Eastern
time on May&nbsp;7, 2004.


</DIV>

<DIV style="position: relative; float: left; margin: 0% 1%; width: 30%">

<P align="center" style="font-size: 10pt"><B>INTERNET VOTING</B>


<P align="left" style="font-size: 10pt">Pursuant to Section 212(c) of the
Delaware General Corporation Law,
stockholders may validly grant proxies
over the Internet. Your Internet vote
authorizes the named proxies on the
proxy card to vote your shares in the
same manner as if you had returned
your proxy card.


<P align="left" style="font-size: 10pt">Visit the Internet voting website at
<B>http://proxy.georgeson.com. </B>Enter
the COMPANY NUMBER <B>and</B>
CONTROL NUMBER shown below
and follow the instructions on your
screen. Available 24 hours a day,
7&nbsp;days a week until 5:00 p.m. Eastern
time on May&nbsp;7, 2004.


</DIV>

<DIV style="position: relative; float: right; margin-left: 1%; width: 30%">

<P align="center" style="font-size: 10pt"><B>VOTING BY MAIL</B>


<P align="left" style="font-size: 10pt">Simply mark, sign and date your
proxy card and return it in the reply
envelope enclosed.


</DIV>
<BR clear="all"><BR>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">COMPANY NUMBER
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CONTROL NUMBER
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<!-- End Table Body -->
 </TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>If you are voting by telephone or the Internet, please do not mail your proxy card</B>


<DIV align="center" style="font-size: 10pt">TO VOTE BY MAIL, PLEASE DETACH PROXY CARD HERE</DIV>


<DIV align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="100%"></DIV>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>&#091;X&#093;</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Please mark votes<br>
as in this example.</B></TD>
</TR>


<!-- End Table Body -->
 </TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>This proxy, when properly executed, will be voted in the manner directed below.<BR>
If no direction is made, this proxy will be voted &#147;FOR&#148; the Proposal.</B>



<P align="center" style="font-size: 10pt"><B>MasterCard Incorporated&#146;s Board of Directors recommends a vote &#147;FOR&#148; the proposal listed below.</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Election of Directors:<BR>
<B>Nominees:</B> (01)&nbsp;William F.
Aldinger, (02)&nbsp;Silvio Barzi, (03)&nbsp;Augusto
M. Escalante, (04)&nbsp;Richard D.
Fairbank, (05)&nbsp;Baldomero Falcones
Jaquotot, (06)&nbsp;Bernd M. Fieseler, (07)&nbsp;Iwao Iijima, (08)&nbsp;Donald H.
Layton, (09)&nbsp;Michel Lucas, (10)&nbsp;Norman C. McLuskie, (11)&nbsp;Robert
W. Pearce, (12)&nbsp;Michael T. Pratt, (13)&nbsp;Robert W. Selander,
(14)&nbsp;Dato&#146; Tan Teong Hean, (15)&nbsp;Jac Verhaegen, (16)&nbsp;Lance L.
Weaver, (17)&nbsp;Robert B. Willumstad and (18)&nbsp;Mark H.
Wright.<br>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>FOR<br>
ALL<br>
NOMINEES</B><br>
&#091;&nbsp;&#093;<br>&nbsp;<br>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>WITHHOLD<br>
FROM ALL<br>
NOMINEES</B><br>
&#091;&nbsp;&#093;<br>&nbsp;<br>&nbsp;<br>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;<br>&nbsp;<br>&nbsp;<br>&nbsp;<br>&nbsp;<br>
<HR  size="1" noshade>
Principal ICA Number(s)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;&nbsp;&#093;<br></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><HR size="1" noshade>
<B>FOR ALL NOMINEES EXCEPT AS NOTED</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<!-- End Table Body -->
 </TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Set forth below is the aggregate number of shares of class A
redeemable and class B convertible common stock of MasterCard
Incorporated owned by the stockholder named herein on March&nbsp;19,
2004, the record date for determining stockholders eligible to
vote at the annual meeting.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>
Authorized Signature</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>
Date</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>
Type or Print Name of Person Signing</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
Shares of class A redeemable common stock held
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>
Shares of class B convertible common stock held</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>
Type or Print Title of Person Signing</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Stockholder Name</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<!-- End Table Body -->
 </TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>MASTERCARD INCORPORATED<BR>
THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS for the<br>
Annual Meeting of Stockholders on May&nbsp;10, 2004</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><IMG src="y94892y9489206.gif" alt="(MASTERCARDLOGO2)"><br></TD>
</TR>


<!-- End Table Body -->
 </TABLE>
</DIV>

<P align="left" style="font-size: 10pt">PROXY

<P align="left" style="font-size: 10pt">The undersigned hereby constitute(s) and appoint(s) Baldomero Falcones
Jaquotot, Robert W. Selander and Noah J. Hanft, and each or any of them,
attorneys and proxies of the undersigned, with full power of substitution of
each, and with all the powers the undersigned would possess if personally
present, to appear and vote all shares of common stock of MasterCard
Incorporated the undersigned is entitled to vote at the Annual Meeting of
Stockholders of MasterCard Incorporated to be held on May&nbsp;10, 2004, and at any
adjournment thereof, upon the matters referred to in the Notice of Annual
Meeting and Proxy Statement for said meeting and in their discretion upon such
other business as may properly come before the meeting or any adjournment. The
undersigned hereby revokes any proxies heretofore given and ratifies and
confirms all that each of said attorneys and proxies, or any substitute or
substitutes, shall lawfully do or cause to be done by reason thereof, upon the
matters referred to in the Notice of Annual Meeting and Proxy Statement for
said meeting.


<P align="left" style="font-size: 10pt"><B>This proxy when properly executed will be voted in the manner directed, or if
no choice is specified, &#147;FOR&#148; the proposal listed on the reverse side.
Discretionary authority is hereby conferred as to all other matters that may
come before the meeting.</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">SEE REVERSE<BR>
SIDE</TD>
</TR>


<!-- End Table Body -->
 </TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>THE BOARD OF DIRECTORS RECOMMENDS A VOTE &#147;FOR&#148; THE PROPOSAL.</B>




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


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