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CT - 2010- 010 THE COMPETITION TRIBUNAL IN THE MATTER OF THE COMPETITION ACT, R.S. 1985, C. C-34, AS AMENDED;

AND IN THE MATTER OF AN APPLICATION BY THE COMMISSIONER OF COMPETITION PURSUANT TO SECTION 76 OF THE COMPETITION ACT;

AND IN THE MATTER OF CERTAIN AGREEMENTS OR ARRANGEMENTS IMPLEMENTED OR ENFORCED BY VISA CANADA CORPORATION AND MASTERCARD INTERNATIONAL INCORPORATED.

BETWEEN: THE COMMISSIONER OF COMPETITION Applicant -and-VISA CANADA CORPORATION and MASTERCARD INTERNATIONAL INCORPORATED

Respondents

RESPONSE OF MASTERCARD INTERNATIONAL INCORPORATED TO THE MOTION FOR LEAV E TO INTERVENE OF THE TORONTO-DOMINION BANK

1. MasterCard International Incorporated ("MasterCard") has reviewed the Motion for Leave to Intervene made by The Toronto-Dominion Bank, dated February 10, 2011.

2. In light of the test for intervention under subsection 9(3) of the Competition Tribunal Act, the criteria for intervention under rule 43 of the Competition Tribunal Rules, and the applicable jurisprudence, MasterCard supports the said motion of The Toronto-Dominion Bank.

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Page 2 3. MasterCard does not consider that a hearing needs to be held to determine the said motion.

Dated at Toronto this 24th day of February, 2011. McMILLAN LLP Brookfield Place 181 Bay Street, Suite 4400 Toronto, Ontario M5J 2T3

Tel: (416) 865-7000 Fax: (416) 865-7048 Jeffrey B. Simpson David W. Kent James B. Musgrove Counsel to MasterCard International Incorporated TO: THE REGISTRAR OF THE COMPETITION TRIBUNAL Competition Tribunal Thomas D' Arey McGee Building 90 Sparks Street, Suite 600 Ottawa, Ontario KID 5B4

AND TO: MCCARTHY TETRAULT LLP 66 Wellington Street Toronto-Dominion Bank Tower Suite 5300 P.O. Box48 Toronto, ON M5K 1E6

F. Paul Morrison Glen G. MacArthur Christine Lonsdale

Tel: (416) 601-7887 Fax: (416) 868-0673

Counsel to the Proposed Intervenor, The Toronto-Dominion Bank

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Page 3 AND TO: OSLER, HOSKIN & HARCOURT LLP 1 First Canadian Place Box50 Toronto, ON M5X 1B8

Mahmud Jamal Tel: (416) 862-6764 Fax: (416) 862-6666

Counsel to the Proposed Intervenor, Canadian Bankers Association AND TO: DAV IES WARD PHILLIPS & VINEBERG LLP 1 First Canadian Place, 44th Floor Toronto, Ontario M5X lBl

Tel: (416) 863-0900 Fax: (416) 863-0871 Kent E. Thompson Adam Fanaki Counsel to The Commissioner of Competition

AND TO: DEPARTMENT OF JUSTICE CANADA Place de Portage, Phase 1 50 Victoria Street, 22nd floor Gatineau, Quebec KIA OC9

Tel: (819) 953-3903 Fax: (819) 953-9267 William J. Miller Counsel to The Commissioner of Competition

AND TO: BLAKE, CASSELS & GRAYDON LLP 199 Bay Street Suite 2800, Commerce Court West Toronto, Ontario M5L 1A9

Tel: (416) 863-3735 Fax: (4 16) 863-2653 Robert Kwinter Counsel to Visa Canada Corporation

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CT-2010-010 IN THE MATTER OF the Competition Act, R.S.C. 1985, c. C-34, as amended;

AND IN THE MATTER OF an application by the Commissioner of Competition pursuant to section 76 of the Competition Act;

AND IN THE MATTER OF certain agreements or arrangements implemented or enforced by Visa Canada Corporation and MasterCard International Incorporated.

BETWEEN: THE COMMISSIONER OF COMPETITION Applicant

- and -VISA CANADA CORPORATION and MASTERCARD INTERNATIONAL IN CORPORAT ED Respondents

RESPONSE OF MASTERCARD INTERNATIONAL INCORPORATED TO THE MOTION FOR LEAVE TO INTERVENE OF THE TORONTO-DOMINION BANK

McMILLAN LLP Brookfield Place 181 Bay Street, Suite 4400 Toronto, Ontario M5J 2T3

Jeffrey B. Simpson (LSUC No. 20074C) David W. Kent (LSUC No. 23096P) James B. Musgrove (LSUC No. 26300E)

Tel.: (416) 865-7000 Fax: (416) 865-7048 Counsel to MasterCard International Incorporated

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