MasterCard Reports Revised HSBC Services Agreement

Yesterday, MasterCard filed with the SEC an 8-K report disclosing that "on December 27, 2006, MasterCard International Incorporated (“MasterCard”), the principal operating subsidiary of MasterCard Incorporated (the “Company”), amended its agreement (the “Agreement”) with HSBC Bank USA, National Association and HSBC Bank Nevada, N.A., as successor to Household Bank (SB), N.A., (collectively, the “HSBC Banks”), effective as of July 1, 2003, relating to certain pricing arrangements for the HSBC Banks’ use of the Company’s core authorization, clearing and settlement services in the United States. This amendment, among other things, restructures certain pricing, incentives and card issuance terms of the Agreement. The HSBC Banks, together with their affiliates, have approximately 5.55% of the total voting power of the Company’s Class M common stock."