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					MasterCard Worldwide Index of Consumer Confidence
Survey: Indian Consumer Confidence at all time High
Mumbai, 20 February, 2008: MasterCard Worldwide today announced the survey findings of
the MasterCard Worldwide Index of Consumer Confidence for the first half of 2008. Conducted
across key countries in South Asia, Middle East and Africa (SAMEA), the Index revealed that
consumer confidence in India has increased considerably, demonstrating a new wave of
optimism across the country.

Indian consumers have never been as optimistic about the next six months as now. The current
Index score of 86.6 is the highest on record for India since the survey commenced in 2004. It is
significantly higher when compared to the second half of 2007 survey results (63.6), the
corresponding period last year (65.1) and the historical average of the country (67.4).

Commissioned by MasterCard Worldwide and conducted bi-annually in select markets in
SAMEA, the survey analyses consumers‟ perceptions of economic conditions for the six months
ahead. The scores, ranging from 0 to 100, are based on responses on five variables: employment,
economy, regular income, stock market and quality of life. A score of 50 represents the mid-
point. A score above 50 indicates that consumers are optimistic about the economic climate,
while a score below 50 signals that consumer are pessimistic about the economic situation.

The survey found that the Bangalore consumers are the most optimistic with an Index score of
99.0. Mumbai consumers (80.4) have become significantly more optimistic than ever before. The
most considerable increase in consumer confidence is seen in New Delhi, which has increased to
78.0 from 47.2 in the second half of 2007.

The increased consumer confidence in all three cities contributes to India‟s current record high
optimism. Significantly, the Indian consumers‟ high degree of optimism is both deep-rooted and
all-pervasive. This is indicated by the high scores India achieves on all the five indicators that
determine the overall scores for the market. These factors are: Employment (85.0), Economy
(84.6), Regular Income (89.6), Stock Market (87.7) and Quality of Life (86.0). The most
significant increases in consumer confidence was seen for Employment, which jumped from 49.4
in the second half of 2007 to 85.0 the first half of this year and in Regular Income, which
increased from 67.7 in 2H 2007 to 89.6 for the first half of this year.

Reviewing the survey findings, Suman Bery, Director-General, National Council for Applied
Economic Research (NCAER) observed, “These results are quite unexpectedly buoyant. The
survey measures sentiment among middle-class consumers in the major metros. It reveals
increased optimism across the board, but most strikingly with respect to employment. This differs
radically from the usual view portrayed in India's business press, that rising lending interest rates
and a weakening dollar have created increased consumer insecurity. It is however consistent with
other press reports that show continued buoyancy in service sector wages. What this also means is
that India is likely to have continued strength in domestic demand, both from the consumer as
much as from corporate investment. With lending interest rates likely to have peaked,
consumer sentiment strong and a stable political system, India is probably better placed than most
other Asian countries to weather the slowdown in the U.S. Looking across the other countries in
the SAMEA region, it is remarkable how little consumer sentiment in the Gulf countries is
affected by the volatile geopolitics of that region. It is also striking that confidence of Indian
consumers is as high as those in countries enjoying an unprecedented oil boom. Indians clearly
believe in the India story.”

“The Index of Consumer Confidence is a credible, tried and tested barometer for historical
consumer sentiment trends and analysis. When leveraged as a barometer of consumer sentiment
for the six months ahead the Index provides valuable understanding in shifts in consumer
sentiments, as well as the identification of market trends over time,” explained Mr Nitin Gupta,
General Manager, South Asia, MasterCard Worldwide. He continued “With the MasterCard
Worldwide Index of Consumer Confidence survey being one of the region‟s most comprehensive
surveys of consumer sentiment, we are confident that the survey will continue to deliver
comprehensive information that will help both the private and public sectors in their decision
making and strategic planning.”

The MasterCard Worldwide Index of Consumer Confidence survey is designed to detect changes
in the perceptions of consumers about the future and gauge their sentiments about whether the
situation will become better, remain the same or worse. This dynamic aspect of the survey and its
frequency enables decision-makers to identify impending turning points as perceived by

The markets surveyed are Egypt, India, Kuwait, Lebanon, Saudi Arabia, South Africa and the
UAE. The survey found that consumers in the Gulf countries such as Kuwait, Saudi Arabia and
UAE are between fairly and very optimistic. South African consumers continue to be very
optimistic. Egyptian consumers have become pessimistic on their outlook on Quality of Life;
pulling down with it the overall consumer confidence in this market, which despite the severe loss
encountered, still seem slightly optimistic. Lebanese consumers continue to be rather pessimistic
since falling off sharply from the moderately optimistic to neutral levels of 2006 and the later half
of 2005.

While SAMEA as a whole has seen a slight drop in the Index score (78.4 vs 79.3 a period ago),
consumers continue to remain positive in the next six months. Consumer sentiments towards
Employment (82.8 vs 77.2 a period ago) and Stock Market (78.0 vs 74.2) have remained high,
while consumer sentiment towards Quality of Life (66.7 vs 75.3 a period ago) and Regular
Income (81.7 vs 87.7 a period ago) seemed to have dampened slightly. Sentiments towards
Economy (82.6 vs 82.3 a period ago) stayed somewhat constant.

Overall outlook across Asia/Pacific with regards to the economy (68.3), regular income (81.0),
stock market (66.5) and quality of life (66.7) have improved from the previous survey. The view
on employment (63.8) remains constant. Ten out of the 13 Asia/Pacific markets have registered
an increase in consumer confidence levels. Vietnam (94.3) continues to top the region‟s markets
as the most buoyant in consumer sentiment for the six month period ahead, followed by Hong
Kong (85.9), China (85.5) and Singapore (83.6). Korea shows the largest increases in optimism,
with its index score increasing 15.6 points to 64.1.
       1H 2008 MasterCard Worldwide Index of Consumer Confidence: SAMEA Highlights

       India - Index 86.6

       Indian consumers have never been as optimistic about the next six months as now. The market‟s
       Index score of 86.6 is the highest on record, significantly more optimistic than a period ago
       (63.6), one year ago (65.1) and the market‟s historical average (67.4). The current very optimistic
       outlook is supported by equally high and record breaking optimistic sentiments on all five factors:
       Employment (85.0 vs. 49.4 six months ago); Economy (84.6 vs. 56.1 six months ago); Regular
       Income (89.6 vs. 67.7 six months ago); Stock Market (87.7 vs. 76.8 six months ago) and Quality
       of Life (86.0 vs. 67.8 six months ago).

INDIA                                                                               Previous Index Scores
Economic          Optimistic      Neutral %   Pessimistic %   1H      2H     1H        2H       1H          2H     1H     2H
variables         % of            of          of response     2008    2007   2007      2006     2006        2005   2005   2004
rated by          response        response                    Index
respondents                                                   Score
Employment        65.7            22.8        11.6            85.0    49.4   56.3      61.3     64.2        54.6   48.2   44.4

Economy           63.7            24.8        11.6            84.6    56.1   61.9      75.0     67.8        69.7   58.2   63.8

Regular Income    62.9            29.9        7.3             89.6    67.7   70.6      78.9     79.1        80.5   60.9   61.5
Stock Market      64.9            26.1        9.1             87.7    76.8   77.0      89.5     79.5        80.1   66.5   70.6

Quality of Life   62.2            27.7        10.1            86.0    67.8   59.8      77.4     74.9        74.9   56.4   77.4

Index of                                                      86.6    63.6   65.1      76.4     73.1        72.0   58.0   63.5

       Historical average: 67.4

       Egypt - Index 65.9

       After hitting record high optimism in the preceding period of 2H 2007, consumer confidence in
       Egypt has now decreased considerably. The current Index score of 65.9 is significantly lower than
       the scores received in 2H 2007 (94.3), 1H 2007 (78.2) and 2H 2006 (83.0). However, it currently
       is more positive than 2004 and 2005 and is on par with the Historical Average (65.5). The current
       Index of 65.9 indicates consumers are generally and fairly somewhat optimistic about the next six

       Consumer sentiments on most of the five economic factors are generally lower than the previous
       three measurements but consumers are still somewhat to rather optimistic about the Economy
       (87.2 vs. 97.5 six months ago), Employment (79.2 vs. 94.6 six months ago), the Stock Market
(79.0 vs. 92.4 six months ago) and Regular Income (64.5 vs. 96.5 six months ago). However,
consumers seem to have lost most of their previous confidence and have in fact turned gravely
pessimistic on Quality of Life (19.5 vs. 90.6 six months ago). Consumer confidence on Regular
Income also takes a tumble from the 2H 2007 high of 96.5 to its current 64.5

Kuwait – Index 93.3

Kuwaiti consumers are very optimistic about the next six months. The current Index of 93.3 is
marginally higher than in the second half of 2007 (91.6) and just slightly lower than the record
high score received in the first half of 2007 (94.5). Outlook on Employment (96.8 vs. 94.1 six
months ago), Economy (94.5 vs. 93.7 six months ago), Regular Income (97.8 vs. 93.6 six months
ago) and Quality of Life (91.0 vs. 93.3 six months ago) is among the market highs with most
Index scores soaring above ninety. Sentiment on Stock Market (86.5 vs. 83.3 six months ago)
though having improved compared to the second half of 2007, is still below most previous
readings. The current Index of 93.3 is marginally stronger than the markets‟ Historical Average of

Lebanon - Index 38.7

Consumer confidence in Lebanon (38.7) remains unchanged from 2H 2007 (38.6) which is
significantly lower than 1H 2007 (67.6) and two of the three preceding periods of 2006 and 2005
as well as the market‟s Historical Average (46.5).

Compared to 2H 2007, expectations of Employment have improved significantly (56.4 vs 38.3 six
months ago). Similarly, sentiments on the Stock Market (32.2 vs 20.5 six months ago) and
Quality of Life (36.7 vs 22.6 six months ago) have improved though still very pessimistic. The
reverse is true for the outlook on Economy (30.0 vs 43.9 six months ago) and Regular Income
(37.9 vs 67.9 six months ago) which has become pessimistic. In all cases, current sentiments
(except on Employment 56.4) are pessimistic and significantly below the score in 1H 2007 and
two of its three preceding readings.

Saudi Arabia - Index 92.2

Saudi Arabian consumers are highly confident in the next six months as they have been over
previous studies. The current Index of 92.2 is slightly higher than 6 months ago (92.0) although
lower than one year ago (97.3). Consumer sentiments on Employment (95.6 vs. 91.3 six months
ago), Economy (97.2 vs. 90.5 six months ago), Regular Income (95.5 vs. 94.0 six months ago)
and Stock Market (94.4 vs. 89.8 six months ago) continue to be very highly optimistic. However,
consumer outlook on Quality of Life (78.1 vs 94.5 six months ago), though still optimistic, has
declined significantly to its lowest level since to start of the Index in 2004.

South Africa - Index 83.7

South African consumers continue to be optimistic about the next six months overall and on all
five economic factors. The current Index of 83.7 suggests a slight improvement versus a period
ago (80.7) and somewhat higher optimism among consumers than the markets‟ Historical
               Average (79.6). However, consumers are currently slightly less optimistic than a year ago (86.5)
               and significantly less so compared to its peak in 2H 2006 (91.1).

               Consumers are about equally optimistic on most if not all the five factors - Employment (81.9 vs.
               81.2 six months ago); Economy (81.9 vs. 88.2 six months ago); Regular Income (89.0 vs. 89.3 six
               months ago); Stock Market (83.0 vs. 66.8 six months ago) and Quality of Life (82.9 vs. 77.9 six
               months ago).

               United Arab Emirates – Index 78.5

               The current Index of 78.5 is slightly lower than the previous two periods surveyed (88.8 in 2H07
               and 80.0 in 1H07). Consumer sentiment on all indicators decreased with a steep downward trend
               in Regular Income (70.3 vs. 92.2 six months ago), followed by Employment (85.6 vs. 95.2 six
               months ago), Economy (87.1 vs. 96.0 six months ago), Stock Market (73.4 vs 81.5 six months
               ago) and Quality of Life (75.9 vs. 79.1 six months ago).

                                                                                           PREVIOUS INDEX SCORES
SAMEA                                                          1H 2008
                OPTIMISTIC       NEUTRAL      PESSIMISTIC
                  (% OF           (% OF          (% OF
RATED BY                                                       INDEX        2H      1H        2H     1H      2H     1H     2H
                RESPONSE)       RESPONSE)      RESPONSE)
RESPONDENTS                                                    SCORE       2007    2007      2006   2006    2005   2005   2004
EMPLOYMENT           53.5          35.3            11.1          82.8      77.2              78.6   70.7    73.5   63.2   57.1

ECONOMY              49.9          39.6            10.5          82.6      82.3              82.6   76.7    79.3   69.6   64.0
                     43.4          46.9            9.7           81.7      87.7              86.8   85.6    86.7   80.2   78.5

STOCK MARKET         44.4          43.1            12.5          78.0      74.2              81.4   75.9    79.0   73.3   65.9
                     43.7          34.5            21.8          66.7      75.3              81.8   72.4    76.9   62.9   63.7
CONSUMER                                                         78.4      79.3    80.3      82.2   76.3    79.1   69.8   47.0

               NOTE TO EDITORS: This news release is distributed with an accompanying chart (see above)
               that shows the current MasterCard Worldwide Index of Consumer Confidence scores by
               market compared with several significant points in the history of the survey.

               More information on the Index can be found on the website:

               About MasterCard Worldwide Index of Consumer Confidence

               The MasterCard Worldwide Index of Consumer Confidence is the only one of its kind in the
               SAMEA region and has been conducted on a bi-annual basis since 2004. A similar survey has
               been conducted in the Asia/Pacific region for the last 14 years and has proved to be an important
               barometer of consumer sentiment.
The MasterCard Worldwide Index of Consumer Confidence is calculated based upon percentage
response figures, with zero as the most pessimistic, 100 as most optimistic and 50 as neutral. The
MasterCard Worldwide Index of Consumer Confidence is the Mean Score of the Five Relative
Indices. The Relative Indices measure the relative optimism of the respondents in Employment,
Economy, Regular Income, Stock Market and Quality of Life. The Relative Indices are computed
using the percent of optimistic replies divided by the percent of optimistic and pessimistic replies
multiplied by 100. Using this method of computation, the Relative Indices will always be 50 if
there are as many optimistic replies as pessimistic replies. The possible score ranges from 0 (most
pessimistic) to 100 (most optimistic) with 50 denoting a situation of neutrality or implies no
significant change is anticipated in consumer confidence over the next six months.

MasterCard Worldwide Index of Consumer Confidence - Respondent Base

The survey was designed to gauge the perceptions of people who have the experience and means of
engaging in a wide spectrum of activities which dictate the performance of the national economy.
Thus respondents were amongst the „banked‟ population (i.e., to have at least a savings account, or a
home/auto loan, a plastic payment or ATM card) and were between the ages of 18-64. Data
collection was conducted via personal and telephone interviews with the questionnaire translated to
the local language wherever appropriate and necessary. The survey has a margin of sampling error
of plus or minus four percentage points at the 90% confidence level.

About MasterCard Worldwide

MasterCard Worldwide advances global commerce by providing a critical economic link among
financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor
and advisor, MasterCard develops and markets payment solutions, processes over 18 billion
transactions each year, and provides industry-leading analysis and consulting services to financial
institution customers and merchants. Through its family of brands, including MasterCard®,
Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries
and territories. For more information go to

Forward-Looking Statements

Statements in this press release which are not historical facts, including any statements about
MasterCard's plans, strategies, beliefs and expectations, are forward-looking and subject to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements speak only as of the date they are made. Accordingly, except for the company's
ongoing obligations under the U.S. federal securities laws, the company does not intend to update
or otherwise revise the forward-looking information to reflect actual results of operations,
changes in financial condition, changes in estimates, expectations or assumptions, changes in
general economic or industry conditions or other circumstances arising and/or existing since the
preparation of this press release or to reflect the occurrence of any unanticipated events. Actual
results may differ materially from such forward-looking statements for a number of reasons,
including those set forth in the company's filings with the Securities and Exchange Commission
(SEC), including the company's Annual Report on Form 10-K for the year ended December 31,
2006 and Current Reports on Form 8-K that it has filed with the SEC during 2007, as well as
reasons including difficulties, delays or the inability of the company to achieve its strategic
initiatives. Factors other than those listed above could also cause the company's results to differ
materially from expected results.
Arwa Husain, Adfactors PR, + 91-22-22813565 Email:
Ingrid Sahu, MasterCard Worldwide, + 971-4-391-4200 Email

Jun Wang Jun Wang Dr
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