shares after uncertainty was created for the debit card market including issuing banks, payment
networks, and acquirers by the enactment of the Durbin amended Dodd-Frank Bill. Since the
quarter’s end, the Federal Reserve has provided some clarity for the space, and the shares have
responded positively. We think the card network business (MasterCard, Visa, AmEx and
Discover) is a superb business, with significant pricing power. We are expecting to be owners for
years to come. Stay tuned.