MasterCard Worldwide Wins 2007 AFP Pinnacle Award Grand Prize

The Association for Financial Professionals (AFP) and Wachovia today announced MasterCard Worldwide is the 2007 AFP Pinnacle Award Grand Prize winner.

The Grand Prize recognizes innovative solutions to address cash management and financial challenges. MasterCard was chosen from among three winners in the Strategy, Innovation and Risk categories. MasterCard had won the Risk category for their implementation of a corporate-wide Enterprise Risk Management (ERM) system.

David Trotter, head of Wachovia's Treasury Services division, presented the award today at the opening general session of AFP's 28th Annual Conference in Boston, Massachusetts.

"We are pleased to support thought leadership in Treasury strategies and solutions," Trotter said. "Since the Pinnacle Award's inception, Wachovia has sponsored this important catalyst promoting and recognizing innovation which advances the industry as a whole."

The MasterCard Worldwide team surmounted unique challenges to successfully implement an ERM system. Critical to their success was development of a reporting structure of roles and responsibilities that enabled a company-wide system of checks-and-balances expanding the capabilities of their ERM system. As a result, MasterCard experienced a reduction of key risks, risk-weighted decision-making and transparency of risk reporting.

Wachovia will make a $10,000 donation to Grand Prize winner MasterCard's charity of choice, AmeriCares. Based in Stamford, Connecticut, AmeriCares provides disaster relief and humanitarian aid around the world.

"The Pinnacle Award is not only an award to honor the best innovative and original solutions of treasury and finance professionals, it also serves as an opportunity for dialogue between the winners and other professionals that may be facing similar operational/financial challenges within their own organizations," said Jim Kaitz, president and CEO of the Association for Financial Professionals. "The Pinnacle Award is increasingly becoming a highly sought after honor in our industry and more competitive than ever before. We congratulate MasterCard Worldwide, Occidental Petroleum and Western Union for their wonderful achievements."

The 2007 Pinnacle Award recipients are:

• Grand Prize and Category Winner for Risk: Advanced Risk Management Methodologies:
  MasterCard Worldwide, Purchase, NY

• Strategy: Treasury as a Strategic Partner
  Western Union, Englewood, CO

• Innovation: Leading Advances in Treasury Finance
  Occidental Petroleum Corp., Los Angeles, CA

For more on the winning solutions visit: www.afponline.org/pub/rec/pinnacle_award.html