Carrefour to further grow its cards business in the future. Brazil is the  fourth-largest card market in the world, and one of the fastest growing. We are eager to reap the rewards from our investment in the region to build scale with additional retailers and banks.  I am asked frequently about the result of regulation (past, present and future)  on our industry and our company. In  2010, TSYS proactively helped our  clients navigate the new regulations  resulting from the Card Act in the U.S.,  along with similar changes in Canada  and the UK. We are proactively engaged in regulatory changes occurring in multiple regions of the world.  Looking ahead, we face additional  challenges with the potential effects  on debit interchange. While we don’t  know how the legislation will ultimately  play out, we know that we will support  our clients to ensure they are compli- ant, and we will use these changes as a  catalyst to drive innovation and deliver  new products that meet the needs of  today’s and tomorrow’s consumers. Given the pending regulations surrounding debit  cards, it’s important to highlight the superior consumer protections credit affords to those who are victims of fraud or misrepresentation.  Also, consumers benefit from their ability to pay later when they use credit to buy gas, rent  a car or reserve a hotel room, unlike debit cards  which freeze funds, resulting in consumers unknowingly overdrawing the account. And these perks are becoming more apparent as  benefits to other payment products threaten to  disappear. W built our business on credit, and  although we ar diversifying our product suite at a rapid pace, we believe in the long-term  viability of credit cards. What is the outlook for the long-term viability of credit products?  the future of the credit card  LOOKING AHEAD 5