Guide to Class B Stock Ownership,Trading and Conversion

Guide to Class B Stock Ownership,Trading and Conversion

Prepared by: MasterCard Shareholder Services, Law Department Last Update: September 2013 Version: V9

269400.1

Introduction......................................................................................................................................................................... 1

MasterCard Incorporated Stock .......................................................................................................................................1 Eligibility to Own Class B Stock ........................................................................................................... 1 Benefits of Class B Stock Ownership .................................................................................................... 1 Obligations of Class B Stock Ownership ............................................................................................... 2 Actions that May Affect Eligibility to Own Class B Stock.................................................................... 2 Conversion of Class B Common Stock .................................................................................................. 2 MasterCard Incorporated Class M Common Stock ............................................................................... 2 The MasterCard Stock Register ............................................................................................................. 2

Communicating with MasterCard's Transfer Agent ........................................................................................... 2

MasterCard Shareholder Services ....................................................................................................................... 3

Managing Your Institution's Class B Common Stockholder Account at Computershare's IssuerOnline ........ 3 IssuerOnline User Guides ...................................................................................................................... 4 Authorized Signatory/Stockholder Contact ? Criteria/Duties ................................................................ 4 Authorized Signatory/Stockholder Contact ?Information...................................................................... 4 Stockholder Account Address ................................................................................................................ 4 Dividend Payments ................................................................................................................................ 5 Direct Deposit ........................................................................................................................... 5 Dividend Payment Address ....................................................................................................... 5 Other Means of Electronic Delivery of Dividend Payments..................................................... 5 Class B Common Stock Holdings .......................................................................................................... 5 Payment and Transaction History/Outstanding Check Replacement..................................................... 5 Un-cashed Checks, Unclaimed Property and Escheat............................................................... 6 For Stockholders domiciled in the United States ......................................................... 6 For Stockholders domiciled outside the United States................................................. 6 Tax Certify Your Institution's Stockholder Account ............................................................................. 6 For U.S. Stockholders ............................................................................................................... 6 For Non-U.S. Stockholders ....................................................................................................... 7 Downloadable Forms ............................................................................................................................. 7 Problems with Online Access to Your Stockholder account ? Computershare Customer Service........ 7 Computershare Customer Service Telephone Numbers............................................................ 7 By mail ......................................................................................................................... 7 Information Required for Customer Service Inquiries .............................................................. 7

Stock Conversion ? Open Conversion Program.................................................................................................. 8 Duration.................................................................................................................................................. 8 Administration of Open Conversion Program........................................................................................ 8 Obtaining/Completing/Delivery of Conversion Forms .......................................................................... 8 Blackout Periods .................................................................................................................................... 9 Program Options .................................................................................................................................... 9 Conversion and Sale Option...................................................................................................... 9 Conversion and Transfer Option ............................................................................................. 10 Disposition of Converted Stock ................................................................................. 10 U.S. Federal Income Tax Consequences for the Open Conversion Program....................................... 11

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Loss of Eligibility to Own MasterCard Class B Stock ? Termination of Membership..................................... 12 Actions That Require Class B Stockholder Account Changes.......................................................................... 12

Membership Downgrade to Affiliate ................................................................................................... 12 Legal Name Changes ........................................................................................................................... 12 Mergers ............................................................................................................................................... 12

Principal Member Level.......................................................................................................... 13 Grandparent Level .................................................................................................................. 13 Portfolio Sale ? Change of Primary ICA.............................................................................................. 13 Business Actions and Stock Ownership ............................................................................................... 13 Class B Stock Transfer and Account Information Change Forms .................................................................... 14 Form of Class B Stock Transfer Instructions ....................................................................................... 14 Where to Find Forms ....................................................................................................................... 14 MasterCard's Class B Common Stock Information Web Page............................................... 14 Computershare's IssuerOnline ................................................................................................ 14 MasterCard Shareholder Services Contact Information.......................................................... 14 Effect of Certain Changes to Stockholder Account Information on IssuerOnline Access................... 14 Class B Stock Trading....................................................................................................................................... 15 Stock Negotiations, Execution of Transfer of Class B Stock and Delivery of Payment for Stock ...... 15 Appendix A ? Payment Delivery options ......................................................................................................... 16

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Introduction

This guide (the "Guide") is intended to provide information about the Class B common stock of MasterCard Incorporated, including its rights, restrictions on ownership, maintenance of stockholder account information and procedures for conversion of Class B common stock into Class A common stock for disposition to the public and Class B stock trading and transfer.

The description of the classes of MasterCard stock contained in this Guide is a summary and is qualified in its entirety

by reference to the Amended and Restated Certificate of Incorporation (the "Charter") and Amended and Restated

Bylaws of MasterCard Incorporated (the "Bylaws"). The Guide will be updated from time to time; accordingly, you

are encouraged to consult the Class B Common Stock Information page of MasterCard's website at

to obtain the latest version of the Guide.

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MasterCard Incorporated Stock

MasterCard Incorporated, the parent company of MasterCard International Incorporated, has two classes of stock outstanding: Class A common stock (the "Class A stock") and Class B common stock (the "Class B stock").

Class A stock is listed on the New York Stock Exchange and may be owned by the public and The MasterCard

Foundation only. MasterCard International Incorporated members and their affiliates may not own MasterCard Class

U

U

U

U

A stock, except for a 30-day Transitory Ownership Period while disposing of the shares of Class A common stock

resulting from a conversion of shares of Class B common stock in a MasterCard approved conversion program.

Class B stock is not publicly traded stock and may be owned by eligible members of MasterCard International

Incorporated only.

U

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Eligibility to Own Class B Stock

Class A members and affiliate members of MasterCard International Incorporated may own MasterCard Incorporated's Class B stock.

MasterCard International Incorporated is a Delaware non-stock membership corporation. The type of membership conferred on a member depends on the level of membership and the brand license obtained by the member. The MasterCard International Incorporated certificate of incorporation defines a Class A member as either (1) a Travelers Cheque member, (2) a MasterCard brand principal member or (3) a MasterCard brand association member.

Benefits of Class B Stock Ownership

Holders of Class B stock will receive the same dividends declared for Class A stock. Shares of Class B stock confer equity rights but not voting rights in MasterCard Incorporated. Shares of Class B common stock may be traded privately among eligible members of MasterCard International Incorporated (see "Class B Stock Trading" below). As of June 1, 2010, Class B stockholders may convert shares of their Class B common stock into an equal number of Class A common stock for prompt disposition to the public, (see the "Stock Conversion" below).

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Obligations of Class B Stock Ownership

Class B stockholders are not required to own a minimum number of shares of Class B stock. Class B stockholders must maintain their MasterCard International Incorporated Class A membership or affiliate membership in good standing in order to continue to be eligible to own Class B stock.

Actions that May Affect Eligibility to Own Class B Stock

A stockholder's eligibility is determined by its membership. A stockholder must be aware that changes to its MasterCard membership or licenses may affect its eligibility to own Class B stock. For a comprehensive explanation of the impact of licensing changes on eligibility, please see the section on "Actions That Require Class B Stockholder Account Changes" and the "Stock Conversion" below. Class B stockholders that become ineligible to own MasterCard Class B common stock must dispose of their shares of Class B common stock promptly by sale to an eligible member or in the Open Conversion Program.

Conversion of MasterCard Class B Common Stock

Pursuant to Article IV Section 4.3 (D)(1)(A) of the MasterCard Incorporated Amended and Restated Certificate of Incorporation dated June 10, 2009 MasterCard Class B stockholders have the right to convert their shares of MasterCard Class B stock into an equal number of shares of MasterCard Class A stock for prompt disposal to the public. Please see the "Conversion of Stock" section below for more information.

MasterCard Incorporated Class M Common Stock

On June 1, 2010, the percentage of shares of Class B stock first dropped below 15% of the aggregate outstanding shares of the Class A stock and Class B stock. Accordingly, pursuant to Article IV Section 4.3(G)(2)(b) of the MasterCard Incorporated Amended and Restated Certificate of Incorporation dated June 10, 2009, all outstanding shares of MasterCard Incorporated Class M common stock were automatically transferred to MasterCard Incorporated and are no longer available for issue or reissue.

The MasterCard Stock Register

Computershare Shareowner Services "Computershare" is MasterCard's transfer agent and the custodian of the Class A stock register and the Class B stock register of MasterCard Incorporated. MasterCard stock is book entry only; no stock certificates will be delivered to stockholders. The stock register maintained by Computershare records each stockholder's holdings and stockholder account information. The stock register is the authoritative source of the list of stockholders of MasterCard.

Communicating with MasterCard's Transfer Agent

Computershare provides customer service via mail and telephone. To ensure privacy of your stock holding information, Computershare will ask you to provide accurate stockholder account information for the purpose of validating your identity prior to responding to your inquiry. If you do not know your stockholder account information [Holder Number, stockholder account address, and name of stockholder contact/authorized signatory] you may obtain this information from MasterCard Shareholder Services (" MCSS") prior to contacting Computershare. Please see "Computershare Customer Service".

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