Andrew Jeffrey (Robertson & Humphrey): Can you talk about market share in Europe or in the US?

Chris McWilton: We are not focused on share. We are focused on profitable share and delivering financial results. We are constantly looking for new deals, and, we are seeing a lot of deals coming through Europe.

Andrew Jeffrey (Robertson & Humphrey): Are there any portfolio conversions strongly in the pipeline?

Chris McWilton: There are all the deals going on but I can't comment on specific transactions that are underway right now for confidentiality reasons.

Chris Brendler (Stifel Nicolaus): I know you are giving an update on the buyback on the third quarter call, is there anything else you anticipate this year in knowing a dividend or buyback?

Chris McWilton:The FIFA settlement put some additional cash on our balance sheet and when we decide to do something with that Redecard, that may provide some additional liquidity as well. We haven’t decided quite yet what we are going to do with those securities. We've already announced a dividend increase and we've already announced a $500 million share repurchase and as we get further out in the year, we are going to be constantly updating the Board, in terms of different opportunities we have for the capital structure.

Robert Dodd (Morgan Keegan): Just going back to the World Cup, what's been the reaction from the customers who had those co-branded MasterCards?

Chris McWilton: Our customers understand that if you are going to have a partnership with somebody who involves the money that we spend with FIFA around the World Cup, you have to trust your business partner. I don’t think they are going to penalize us for walking away from a situation that didn't meet our standards.

Mark Sproule (Thomas Weisel Partners): I'll go back on the US GDV growth. Are you seeing any shift within consumer base and margin perspective quotient may be toward the PIN debit side and affecting your debit volume?

Chris McWilton: You can't find too many PIN debit products these days that offer rewards, which is a major proposition when it comes to cardholder pulling out their card at a point of sale. I don’t think we are necessarily seeing the movement in the GDV in the U.S., now slightly below 10% as attributable to a fee obtained with respect to how people are using cards at the point of the sale, there is pressure from the merchant, I think it’s being counteracted by pressure at the issuer.

Mark Sproule (Thomas Weisel Partners): Are you looking more at maybe small or localized events like the Copa events with the Brazil/Argentina events that’s there, but versus the global Olympics World Cup type events that you pushed out of the short-term?

Chris McWilton: I think there are two large global properties from the sponsorship standpoint that have more key value that the World Cup is one of them, Olympics is the other, but we think we are able to do things on a much more tailored basis at local levels with local sponsorship, perhaps more customer specific advertising than we've done in the past. We are going to continue to be able to support the brand and the recognition it's gotten and the strength that we have enjoyed over the past ten years and so.

Christopher Mammone (Deutsche Bank): What's your outlook for the full-year tax rate?

Chris McWilton: We don't give outlooks but what we are using internally is 36%.

Dan Perlin (Wachovia): Are there other pricing opportunities, besides from cross-border, be it card type, but within the PayPass where you make more money than on a PIN debit transactions?

Chris McWilton: PayPass is treated as a signature based transaction, even though the signature is waived under $25. So we would generate more on those transactions than with the PIN debit transactions.

David Parker (Merrill Lynch): Could you provide an update on your efforts to increase your acceptance into new categories like healthcare or bill payment?

Chris McWilton: We do have some initiatives in healthcare going on, and we have been successful in the past of opening up new acceptance categories at the merchant location, we announced the Sam's Club deal last fall, which is the first time ever that general purpose cards were accepted at a warehouse location. Obviously, healthcare is a big area, we look at the government sector as well, we look at telephony, PayPass, other remote forms of information flows etcetera RFid devices, so lots going on.

David Parker (Merrill Lynch): On a different subject the US House Judiciary Committee. Was there anything surprising that came out of some of those comments or any thoughts on interchange fees that you can share with us?

Chris McWilton: Nothing is too surprising. One of the things we are tying to do to our public policy efforts is make sure that the lawmakers understand what interchange is all about. Interchange is the balancing mechanism, if you have regulators just walk in and arbitrarily reduce interchange, it falls out simply.