September 25, 2003 -- Statement by Noah Hanft, General Counsel, MasterCard International, Concerning the Fairness Hearing in the Merchant Lawsuit

"Today's fairness hearing is the final stage in the approval process for the settlement reached between MasterCard International and the plaintiffs in the merchants' class action lawsuit.

At today's hearing, MasterCard had the opportunity to respond to the very small number of class members who objected to certain terms of the settlement. While these few class members are not challenging the part of the settlement that requires MasterCard to change its rules and practices, nor their entitlement to recover a portion of the more than $1 billion that MasterCard is paying into the settlement fund, they say they object to the requirement that they refrain from pursuing claims against us that are based on some of the same conduct that was at issue in this case.

We would never have agreed to the enormous financial obligation and the significant revisions of our rules if the merchants had not agreed to provide us with protection against other related litigation. Virtually all class members are content with that bargain, and have not objected.

We look forward to Judge John Gleeson's approval of the settlement, so we can put this lengthy litigation behind us, and focus on pursuing the enormous global opportunities that exist in the payments arena."