2011 is a year with exceptional meaning for MasterCard. In the past year, we forged on with driving payment innovations and new initiatives that can help raise the standard of payment technologies in China. On the marketing front, we were able to create exciting "priceless" experiences for MasterCard cardholders on multiple platforms. It is with great pleasure that I present to you the MasterCard Newsletter 2011 Review to share with you all the extraordinary efforts made by MasterCard and its partners in Greater China in the past year.

　　MasterCard is a credit card company in the eyes of many, but the fact is it is a payment technology company which focuses first and foremost on innovation. A first mover and leader in global payment technologies, MasterCard's innovative spirit is infused in its easy to use payment products, cutting-edge solutions and extensive payment processing network. Innovation is not only our weapon in the war against cash, but is also our means to provide customers with "priceless" experiences.

　　In October 2011, the "MasterCard Innovation Forum" was held in Beijing, during which our China partners joined us to experience MasterCard's innovative culture. Innovation was the theme threading through all aspects of the event, be it in the new technologies and products displayed or the way the forum was organized. Experts from the financial sectors, payment industry, telecom and IT enterprises, and esteemed economists and current affairs commentators took part in extensive discussions of topics and issues concerning the payment industry. At the end of the forum, participants were taken on a "priceless journey" that encapsulated the "priceless" concept at the heart of MasterCard.

　　Furthermore, "innovative" also describes the way MasterCard operates its business, daring to venture across sectors. On the global level, we have strategic partners in giants in and outside the industry like Intel and Google, working with us to advance development of contactless payment, mobile payment and generic electronic payment operations. In Asia Pacific and China, MasterCard has joined hands with corporate heavy-weights including Air China and Starwood Hotels and Resorts to present our cardholders with exclusive "priceless" life experiences on top of ensuring they can expense with the greatest security and convenience.

　　MasterCard's ability to innovate is evidenced also in its marketing. Innovation was in fact the theme of its marketing activities in 2011. Following the christening of the MasterCard Center at the beginning of the year, MasterCard launched the Priceless Cities global marketing campaign in collaboration with different organizations in New York, London, Toronto, etc. from sectors including travel, sports, shopping, dining, arts and entertainment, and many more. Premium MasterCard cardholders were presented the most impressive and memorable attractions in those cities. Comes 2012, the Priceless Cities torch has been handed over to Beijing, bearing witness to MasterCard's hope to enrich the lives of its customers residing or visiting the Chinese capital with "priceless" touches.

　　With cultural events unfolding one after the other at the MasterCard Center, we offered more choices of priceless experience to MasterCard cardholders. From the exclusive experience of glamorous make up and fashion styling for on-location photo- shooting to appear on the front-page of newspapers to in-person meetings with icons and stars, MasterCard has been relentless in bringing cardholders "priceless" encounters. Also, at the turn of the year, bidding farewell to the old and welcoming the new, we launched a special promotion for MasterCard cardholders in China, giving them the chance to win a grand cash prize for cross-border spending, a "priceless" surprise on top of their shopping pleasures.

　　For MasterCard cardholders, while payment is a necessity, innovation is "priceless". As an innovator, MasterCard will go as far as it can with innovation in 2012. In addition to providing the payment industry with state-of-the-art technologies and blazing development trends, we will also strive to present yet more innovative "priceless" experiences to our customers.