Martina Hund-Mejean: There are a number of factors that I hear being in place of being implied on GDV versus our net revenue, obviously the growth of the GDV in fact is rebase pricing actions that we do. And we really try to capture this overall in the concept of the revenue yield.

In 2006, our revenue yield was 17.3 basis points. In 2007 our revenue yield was 17.9 basis points. When you close a piece apart, it was really driven by two major factors, foreign exchange and cross-border volume.

Elizabeth W. Grausam (Goldman Sachs & Co.): Do you still feel that the underlying card growth in your business in the US is going to support positive total volume growth on your network?

Robert W. Selander: We are going to see positive result because at the end of the day you have that secular movement, which were sort of riding that wave. And then from a transaction standpoint, we went back and we did look at the data back in the 2001-2002 period.

Although we did see some slow down what was then still a very robust gross dollar volume growth. Transaction growth actually accelerated beyond, it was faster than the volume growth. And that was driving at that time lower ticket sizes, although we nevertheless continued to see transactions.

Tien-Tsin Huang (J.P. Morgan): What is driving the growth in number of cards outside the US?

Robert W. Selander: Looking outside the US, we have more rapid growth in dollar volume as well as cards being issued into the marketplace. It takes a while once a card is issued to get it fully utilized by the new cardholder. The other dimension is what we are doing in terms of broadening acceptance, that is new acceptance channels or better penetration.

The feedback we are getting despite the concerns here domestically with the US economy is certainly Asia, Middle-East Africa and Latin America are very strong. In Europe, the economies are slowing a little bit there and everybody is waiting to see how some of the slowdown in the US amplify into more of a slowdown in these other markets.

Christopher Mammone (Deutsche Bank, North America): Were there any new pricing measures undertaken in the fourth quarter:

Martina Hund-Mejean: There were really no new pricing adjustments that we did.