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                                                                     Exhibit 4.2

                              AMENDED AND RESTATED

                                     BYLAWS

                                       OF

                             MASTERCARD INCORPORATED

                             A DELAWARE CORPORATION

                              ADOPTED JUNE 28, 2002

                                   ARTICLE I

                                     Offices

         Section 1. The registered office of the Corporation shall be in the
City of Wilmington, County of New Castle, State of Delaware. The Corporation may
also have offices at such other places, within or outside of the State of
Delaware, as the Board of Directors may from time to time determine or the
business of the Corporation may require.

                                   ARTICLE II

                            Meetings of Stockholders

         Section 1. All meetings of stockholders shall be held at the registered
office of the Corporation, or at such other place within or outside of the State
of Delaware as may be fixed from time to time by the Board of Directors.

         Section 2. Annual meetings of stockholders shall be held at such date
and time as may be fixed by the Board of Directors, at the offices of the
Corporation, or at such other date and time as may be fixed by the Board of
Directors. At each annual meeting of stockholders, the stockholders shall elect
Directors and transact such other business as may properly be brought before the
meeting.

         Section 3. Written notice of each annual meeting of stockholders,
stating the place, date and hour of the meeting, as well as the means of
acceptable remote participation, shall be given in the manner set forth in
ARTICLE XV of these Bylaws. Such notice shall be given not less than 10 nor more
than 60 days before the date of the meeting to each stockholder entitled to vote
at the meeting.

         Section 4. Special meetings of stockholders may be called at any time
for any purpose or purposes by written request of the Chairman of the Board of
Directors or the President and Chief Executive Officer of the Corporation, or by
the Secretary of the Corporation upon the written request of at least 33 1/3% of
the Board of Directors, or upon the written request of the holders of at least
25% of all outstanding shares entitled to vote on the action proposed to be
taken. Such written requests shall state the time, place and purpose or purposes
of the special meeting, the person or persons calling the special meeting and
that the special meeting so called shall be limited to the purpose or purposes
set forth in the demand.
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         Section 5. Written notice of each special meeting of stockholders shall
be given in the manner set forth in ARTICLE XV of these Bylaws. Such notice
shall be given not less than 10 nor more than 60 days before the date of the
meeting to each stockholder entitled to vote at the meeting. Each such notice of
a special meeting of stockholders shall state the place, date and hour of a
meeting, the person or persons calling the meeting and the purpose or purposes
for which the meeting is called, as well as the means, if any, of acceptable
remote participation as may be determined by the Board of Directors.

         Section 6. Except as otherwise required by law or the Certificate of
Incorporation, the presence in person or by proxy of holders of at least a
majority of the shares entitled to vote at a meeting of stockholders shall be
necessary, and shall constitute a quorum, for the transaction of business at
such meeting. If a quorum is not present or represented by proxy at any meeting
of stockholders, then the holders of a majority of the shares entitled to vote
at the meeting who are present in person or represented by proxy may adjourn the
meeting from time to time until a quorum is present. An adjourned meeting may be
held later without notice other than announcement at the meeting, except that if
the adjournment is for more than 30 days, or if after the adjournment a new
record date is fixed for the adjourned meeting, notice of the adjourned meeting
shall be given in the manner set forth in ARTICLE XV to each stockholder of
record entitled to vote at the adjourned meeting. The stockholders present at a
duly organized meeting may continue to transact business until adjournment, and
the subsequent withdrawal of any stockholder or the refusal of any stockholder
to vote shall not affect the presence of a quorum at the meeting.

         Section 7. At any meeting of stockholders, each stockholder having the
right to vote shall be entitled to vote in person, by proxy or by such means, if
any, of remote communication as may be determined by the Board of Directors.
Except as otherwise provided by law or in the Certificate of Incorporation or
these Bylaws, each stockholder shall be entitled to one vote for each share of
stock entitled to vote standing in his name on the books of the Corporation.
Except as otherwise provided by law or in the Certificate of Incorporation, any
matter shall be determined by the vote of a majority of the shares that are
voted with regard to it at a meeting where a valid quorum is present, subject to
any limitations of the voting power of stockholders imposed by the terms of the
Certificate of Incorporation.

         Section 8. Any action required or permitted to be taken by the
stockholders at any annual or special meeting of the stockholders may be taken
without a meeting, without prior notice and without a vote, if a consent or
consents in writing shall be signed by the holders of outstanding stock having
not less than the minimum number of votes that would be necessary to authorize
or take such action at a meeting at which all shares entitled to vote thereon
were present and voted, and shall be delivered to the Corporation by delivery to
its registered office in Delaware, its principal place of business or an officer
or agent of the Corporation having custody of the book in which proceedings of
meetings of stockholders are recorded. Delivery made to the Corporation's
registered office shall be by hand or by registered or certified mail, return
receipt requested.

         Section 9. The Board of Directors may fix a date as the record date for
determination of the stockholders entitled (i) to notice of, or to vote at, any
meeting of stockholders, (ii) to express consent to, or dissent from, corporate
action in writing without a meeting or (iii) to receive payment of any dividend
or other distribution or allotment of any rights or to take or be the subject of
any other action. The record date must be on or after the date on which the
Board of Directors adopts the resolution fixing the record date and in the case
of (i), above, must be not less than 10 nor more than 60 days before the date of
the meeting, in the case of (ii), above, must be not more than 10 days after the
date on which the Board of Directors fixes the record date, and in the case of
(iii), above, must be not more than 60 days prior to the proposed action. If no
record date is fixed, then the record date will be as provided by law. A
determination of stockholders entitled to notice of, or to vote at, any meeting
of

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stockholders that has been made as provided in this Section will apply to any
adjournment of the meeting, unless the Board of Directors fixes a new record
date for the adjourned meeting.

                                  ARTICLE III

                                 Share Ownership

         Section 1. As of the close of business, New York time, on the last day
of the three-year period (the "Transition Period") beginning on the first
business day of the fiscal quarter following the Closing Date (as defined in the
Share Exchange and Integration Agreement by and among the Corporation,
MasterCard International Incorporated and Europay International S.A., dated as
of February 13, 2002, (as amended, modified, supplemented or restated from time
to time, the "Integration Agreement")), each outstanding share of Class B Common
Stock of the Corporation, $.01 par value per share (a "Class B share"), other
than any Class B shares that constitute ec Picto Stock (as defined in the
Integration Agreement), shall automatically be converted into one share of Class
A Common Stock of the Corporation, $.01 par value per share (a "Class A share").
All Class A shares shall then be reallocated among the holders of Class A shares
in accordance with the terms and subject to the conditions set forth in Sections
1.4(b) and 1.4(d) of the Integration Agreement. In connection with any
reallocation of Class A shares, any stockholder whose ownership of Class A
shares is reduced as a result of the reallocation will transfer the excess
number of Class A shares to the Corporation, which shall then deliver Class A
shares to any stockholder that is entitled to an additional number of Class A
shares as a result of the reallocation.

         Section 2. For purposes of these Bylaws, the Global Proxy Calculation
shall be calculated for each successive 12-month period beginning on the first
day of the Transition Period; provided, however, that for Global Proxy
Calculations for periods ending after the second anniversary of the end of the
Transition Period, the Board of Directors may elect to use the Corporation's
fiscal year as the basis for the Global Proxy Calculation. The Global Proxy
Calculation for each stockholder of MasterCard International Incorporated shall
be equal to the sum obtained by adding (A) .25 multiplied by a fraction, the
numerator of which is such stockholder's Gross Dollar Volume (GDV) and the
denominator of which is the Corporation's Gross Dollar Volume (GDV) attributable
to all stockholders of the Corporation, plus (B) .25 multiplied by a fraction,
the numerator of which is such stockholder's Gross Acquiring Volume (GAV) and
the denominator of which is the Corporation's Gross Acquiring Volume (GAV)
attributable to all stockholders of the Corporation, plus (C) .50 multiplied by
a fraction, the numerator of which is the sum of (1) the Revenues Paid by such
stockholder to the Corporation and its consolidated subsidiaries relating to all
matters other than travelers cheque programs, plus (2) two times the Revenues
Paid by the stockholder to the Corporation and its consolidated subsidiaries
relating to travelers cheque programs, and the denominator of which is the sum
of (1) the Revenues Paid by all stockholders to the Corporation and its
consolidated subsidiaries relating to all matters other than travelers cheque
programs, plus (2) two times the Revenues Paid by all stockholders to the
Corporation and its consolidated subsidiaries relating to travelers cheque
programs, in each case for the applicable period. No Gross Dollar Volume (GDV)
or Gross Acquiring Volume (GAV) shall be attributable to travelers cheque
programs for purposes of the Global Proxy Calculation. The Board of Directors
may fix a record date for the purposes of determining those stockholders of
record whose Gross Dollar Volume (GDV), Gross Acquiring Volume (GAV) and
Revenues Paid shall be included in determining a Global Proxy Calculation for a
particular period, which record date shall not be more than 30 days prior to the
end of any such period. Only actual, as opposed to estimated, Gross Dollar
Volume (GDV) and Gross Acquiring Volume (GAV) and Revenues Paid information will
be used in determining the Global Proxy Calculation for each stockholder.

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The Corporation, acting through relevant employees selected by the Chief
Executive Officer from time to time, shall compute the Global Proxy Calculation
for each stockholder for each applicable 12 month period and provide written
notice to each stockholder of the results of such computation within 120 days
after the end of the 12-month period to which the computation relates. The
Corporation's computation of the Global Proxy Calculation shall be considered
final and binding on all stockholders unless the Board of Directors determines
that an error was made in the computation, in which case the Corporation's
computation shall be corrected in accordance with the directions of the Board of
Directors.

"Gross Dollar Volume" means processed and non-processed issued Volumes
(including domestic and international retail purchases, cash transactions,
convenience checks, on-us transactions, intra-processor transactions, local use
only transactions and balance and commercial funds transfers) that occur as a
result of one or more of (A) a transaction involving any one of the
Corporation's brands (e.g., MasterCard(R), Eurocard(R), Maestro(R), Cirrus(R)
and ec Picto(R)) or (B) a non-MasterCard branded transaction involving a card
which includes any one of the Corporation's brand logos as well as other payment
brand logos, provided that such other payment brands are not in direct
competition with any of the Corporation's brands, as determined by the
Corporation.

"Gross Acquiring Volume" means processed and non-processed acquired Volumes
(including domestic and international retail purchases, cash transactions, on-us
transactions, intra-processor transactions and local use only transactions) that
occur as a result of one or more of (A) a transaction involving any one of the
Corporation's brands (e.g., MasterCard(R), Eurocard(R), Maestro(R), Cirrus(R)
and ec Picto(R)) or (B) a non-MasterCard branded transaction involving a card
which includes any one of the Corporation's brand logos as well as other payment
brand logos, provided that such other payment brands are not in direct
competition with any of the Corporation's brands, as determined by the
Corporation.

"Revenues Paid" for any period means, with respect to a particular stockholder,
all revenues of the Corporation on a consolidated basis, calculated in
accordance with U.S. GAAP, that are generated by the activities of that
stockholder, other than (1) any fees or other charges associated with the
termination of that stockholder's membership in MasterCard International
Incorporated, (2) Integration Assessments (as defined in Section 4(d) of Article
VI of the Bylaws of MasterCard International Incorporated) paid by that
stockholder, (3) other assessments, fees and charges paid by that stockholder in
its capacity as a member of MasterCard International Incorporated if those
assessments, fees or charges were imposed on less than all of the members of
MasterCard International Incorporated (except for assessments, fees and charges
pertaining to business development, ordinary course of business and other
matters deemed to be includable by the management of MasterCard International
Incorporated in its sole discretion) and (4) fines and penalties paid by that
stockholder (except as determined in the sole discretion of the management of
MasterCard International Incorporated).

"card fee assessment" means a bona fide, non de minimis fee expressed as a fixed
amount in connection with a card.

"volume-based assessment" means a bona fide, non de minimis assessment typically
expressed as a percentage of the Gross Dollar Volume (GDV) or Gross Acquiring
Volume (GAV) associated with a particular type of transaction.

"Volumes" means the following four types of volumes in the specified
percentages:

         a. Type 1 shall include 100% of all (1) volumes on cards that include a
MasterCard(R) brand logo and that are subject to volume-based assessments or
card fee assessments, (2) Maestro(R) and Cirrus(R) processed debit volumes and
(3) Maestro(R) and Cirrus(R) debit volumes that are

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subject to volume-based assessments, so long as Maestro(R), a Permitted Purse
Brand and/or Cirrus(R) is the sole acceptance brand on the card.

         b. Type 1A shall include 75% of all ec Picto(R) volumes and other
similar debit volumes that in each case have been converted to Maestro(R)
volumes so long as Maestro(R), a Permitted Purse Brand and/or Cirrus(R) is the
sole acceptance brand on the card and the card is subject to card fee
assessments.

         c. Type 2 shall include the following percentages of all volumes for
regional debit brands owned (or in the case of the initial allocation of shares
to be owned) solely by the Corporation on cards that include a Maestro(R) and/or
Cirrus(R) logo; provided that such cards are subject to volume-based assessments
or card fee assessments; and provided, further, that for calculations for the
last year of the Transition Period through the year ending on the second
anniversary of the end of the Transition Period, there is a binding written
commitment to remove all acceptance brand logos, other than the Maestro(R) brand
logo, the Cirrus(R) brand logo or a Permitted Purse Brand logo, on the cards not
later than the fifth anniversary of the first fiscal quarter beginning after the
fiscal quarter in which the Closing Date occurs:

                  (i) 40% of such volumes for the last year of the Transition
Period;

                  (ii) 30% of such volumes for the year ending on the one-year
anniversary of the end of the Transition Period;

                  (iii) 20% of such volumes for the year ending on the two-year
anniversary of the end of the Transition Period; and

                  (iv) 10% of such volumes for subsequent years.

         d. Type 3 shall include 1% of (i) volumes for regional debit brands not
owned by the Corporation on cards that include a Maestro(R) and/or Cirrus(R)
brand logo and are subject to volume-based assessments or card fee assessments
and (ii) volumes for balance and commercial funds transfers relating to cards
that are subject to volume-based assessments or card fee assessments.

In determining the proportionate share of each stockholder of Europe of (i) the
European Regional Proxy Amount (as defined in the Integration Agreement) for
purposes of the reallocation contemplated by Section 1.3 of the Integration
Agreement and (ii) the European Regional Proxy Amount for each year of the
Transition Period other than the last year of the Transition Period, ec Picto(R)
Volumes shall be accorded a weighting of 10% (unless those volumes satisfy the
criteria of Type 1A or Type 2 Volumes, in which case those volumes shall be
accorded the weighting contemplated by those Types, as appropriate). Thereafter,
ec Picto(R) Volumes shall be accorded the weighting determined in accordance
with the definitions of the Types of Volumes described above.

For each Global Proxy Calculation, all Volumes described above will be included
in calculating Gross Dollar Volume and Gross Acquiring Volume whether those
Volumes are assessed directly or the cards to which they relate are subject to
card fee assessments of the type contemplated by the applicable type of Volume.
In addition, for each Global Proxy Calculation performed prior to the expiration
of the Transition Period, Volumes of the types described above will be included
even if they are not subject to volume-based or card fee assessments.

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"Permitted Purse Brand" means a brand representing a stored value application
that is permitted to be used by members of MasterCard International Incorporated
under the Bylaws and Rules of MasterCard International Incorporated.

For purposes of determining the Global Proxy Calculation, the conversion of
Euros into U.S. dollars will be based on the average exchange rate during the
twenty-day period ending on the day prior to the applicable measurement date
(the "Prevailing Exchange Rate"), provided that during the Transition Period and
for two years thereafter, the Prevailing Exchange Rate shall be $.9565 U.S. = 1
Euro for so long as 1 Euro is not less than $.9065 U.S. and not greater than
$1.0065 U.S. (the "Currency Conversion Band"). In the event that the Prevailing
Exchange Rate does not fall within the Currency Conversion Band, the currency
conversion rate to convert Euros to U.S. Dollars will be $.9565 adjusted by the
difference between such Prevailing Exchange Rate and the upper/lower limit of
the Currency Conversion Band, as applicable.

For purposes of determining the Global Proxy Calculation during the Transition
Period and for the two years thereafter, amounts denominated in the currency of
a country within the Europe Region (as defined in the Integration Agreement)
other than the Euro shall be converted into Euros and subsequently converted
into U.S. dollars in accordance with the previous paragraph.

Class A shares and Class B shares may be held only by Class A members of
MasterCard International Incorporated and, with the prior approval of the Board
of Directors, their Designated Affiliates. A Designated Affiliate of a Class A
member is an Affiliate (as defined in the Certificate of Incorporation) of the
Class A member to whom the Class A member transfers its stock in the Corporation
in order to satisfy applicable regulatory requirements that prohibit the Class A
member from holding stock in the Corporation.

No fractional shares of Class A Stock or Class B Stock shall be issued or
delivered by the Corporation, and any fractional share interests shall be
rounded in such manner as the management of the Corporation shall determine in
its sole discretion.

         Section 3. During the Transition Period, no shares may be sold,
transferred, pledged, hypothecated or assigned (including any assignment of the
right to receive shares) except that (i) a stockholder may sell, transfer,
pledge, hypothecate or assign (including any assignment of the right to receive
shares), as applicable, all, but not less than all, of its shares to the
acquirer of its card portfolio in connection with a transfer by a stockholder of
all or substantially all of such stockholder's card portfolio, (ii) if a
stockholder that was a principal member becomes an affiliate member of another
principal member, such stockholder may sell, transfer, pledge, hypothecate or
assign (including any assignment of the right to receive shares), as applicable,
all, but not less than all, of its shares to the principal member with whom it
becomes affiliated, (iii) if a stockholder that was a principal member and had
one or more affiliate members ceases to be a principal member and one or more of
its affiliate members thereupon become principal members, such stockholder may
sell, transfer, hypothecate or assign (including any assignment of the right to
receive shares), as applicable, all, but not less than all, of its shares to
such former affiliate members, (iv) if a stockholder is prohibited by applicable
regulatory requirements from holding stock in the Corporation, such stockholder
may sell transfer, pledge, hypothecate or assign (including any assignment of
the right to receive shares), as applicable, all, but not less than all, of its
shares to a Designated Affiliate so long as the Board of Directors has given its
prior approval to the transaction; and (v) a stockholder may sell, transfer,
pledge, hypothecate or assign (including any assignment of the right to receive
shares), as applicable, all, but not less than all, of its shares to a Class A
member that is an affiliate of such stockholder so long as the Board of
Directors has given its prior approval to the transaction; provided, however
that for the purposes of this clause (v), the term "affiliate" shall be deemed
to mean any parent company that directly or indirectly owns 80% or

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more of the voting power and economic interests in such stockholder, and any
entity of which such stockholder or any of such parents owns 80% or more of the
voting power and economic interests. If, during the Transition Period, a
stockholder ceases to be a member of MasterCard International Incorporated
(voluntarily or otherwise), such stockholder's shares in the Corporation shall
be transferred to the Corporation from such stockholder at a cost to the
Corporation equal to the aggregate par value of the shares transferred to the
Corporation, effective as of the first business day after the date such
stockholder's membership in MasterCard International Incorporated was
terminated. If, following the expiration of the Transition Period, a stockholder
ceases to be a member of MasterCard International Incorporated (voluntarily or
otherwise), the Corporation shall have the right, in its sole discretion, to
elect to direct such stockholder to transfer to the Corporation for cash all of
such stockholder's shares for an amount equal to the book value of such
stockholder's shares based on the Corporation's financial statements most
recently filed with the U.S. Securities and Exchange Commission. The Corporation
shall make such election by delivering a written notice to such stockholder
within 20 days after such stockholder's membership in MasterCard International
Incorporated was terminated. If the Corporation makes such election, then the
Corporation shall deliver the payment price in cash to such stockholder within
20 days after delivering its written election notice. Upon delivery of the
payment price, all of such stockholder's rights as a stockholder of the
Corporation shall immediately cease. In the event that the Corporation does not
make such election, such stockholder will be required to comply with the
procedures set forth in Section 4.

         Section 4. An entity that became or becomes a Class A member of
MasterCard International Incorporated from and after January 1, 2001 until the
end of the Transition Period shall be eligible to be allocated Class A shares as
of the end of the Transition Period based upon its Global Proxy Calculation in
accordance with such procedures as may be determined by the Board. From and
after the end of the Transition Period, each stockholder shall be free to sell,
transfer, pledge, hypothecate or assign (including any assignment of the right
to receive shares), as applicable, its shares to any person permitted to hold
such shares. Following the expiration of the Transition Period, each stockholder
must maintain an ownership percentage of the Corporation's outstanding common
stock that is no less than 75% and no more than 125% of the percentage
represented by such stockholder's most recent Global Proxy Calculation by
purchasing or selling shares, if necessary, in accordance with procedures to be
established by the Board of Directors within 12 months after receiving notice
from the Corporation that such stockholder is not in compliance with this
section. If a stockholder holds shares as the result of a transfer made pursuant
to clauses (iv) or (v) of the first sentence of Article III, Section 3 of these
Bylaws, then the percentage ownership test described in the preceding sentence
shall be calculated based upon the aggregate Global Proxy Calculation of the
stockholder and the Class A member(s) that transferred shares to the
stockholder. If a stockholder is unable to satisfy the requirement that it own
no more than 125% of the percentage represented by such stockholder's most
recent Global Proxy Calculation, the selling stockholder shall be obligated to
accept the highest price offered to such stockholder for such number of shares
of Common Stock as is necessary to enable such stockholder to satisfy such
requirement.

         Section 5. The Board of Directors shall establish procedures for the
purchase or sale of shares following the expiration of the Transition Period.

                                   ARTICLE IV

                               Board of Directors

         Section 1. The business of the Corporation will be managed by the Board
of Directors, which may exercise all of the powers of the Corporation and do all
lawful acts and things as are not

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(i) by statute, the Certificate of Incorporation or these Bylaws directed or
required to be exercised or done by the stockholders or (ii) specifically
delegated as provided in these Bylaws.

         Section 2. a. The Board of Directors shall consist of such number of
persons, as shall be determined by the Board of Directors from time to time. The
Board of Directors initially shall consist of 18 persons.

         b. Each Director shall be an officer of a member institution of
MasterCard International Incorporated or an individual otherwise uniquely
qualified to provide guidance as to the Corporation's affairs. During the
Transition Period, one-third of the total number of Directors shall be officers
of stockholders of the Corporation or member institutions from the Corporation's
Europe region, as defined in the Integration Agreement ("Europe"), one-third of
the total number of Directors shall be officers of stockholders of the
Corporation or member institutions from the Corporation's U.S. region, the
President and Chief Executive Officer shall be a Director and the remaining
Directors shall be apportioned among officers of stockholders of the Corporation
or member institutions from the Corporation's other regions in accordance with
the percentage of the Corporation's outstanding stock owned by the stockholders
of each such region; provided, however, that in calculating the percentage of
outstanding stock owned by the stockholders of each region, transfers of shares
made pursuant to clauses (iv) or (v) of the first sentence of ARTICLE III,
Section 3 of these Bylaws shall be disregarded. After the Transition Period, the
President and Chief Executive Officer shall be a Director and the remaining
Directors shall be apportioned among officers of stockholders from the
Corporation's regions in accordance with the percentage of the Corporation's
outstanding stock owned by the stockholders of each such region, subject to
Article EIGHTH of the Certificate of Incorporation; provided, however, that in
calculating the percentage of outstanding stock owned by the stockholders of
each region, transfers of shares made pursuant to clauses (iv) or (v) of the
first sentence of ARTICLE III, Section 3 of these Bylaws shall be disregarded.
As used in these Bylaws, the phrase "entire Board of Directors" shall mean the
total number of directors, other than honorary members of the Board of Directors
(if any), that the Corporation would have if there were no vacancies.

         Section 3. There shall not be more than two representatives from any
one Class A member of MasterCard International Incorporated, including its
Affiliates and its affiliate members of MasterCard International Incorporated
that are sponsored by such Class A member, on the Board of Directors.

         Section 4. No individual may serve as a Director of the Corporation or
of any regional board if that individual also is a director (including a
regional board director), officer or other employee of or consultant to a
competitor of the Corporation, or if that individual is a director, officer or
other employee of or consultant to an institution that is represented on the
global board of directors or U.S. regional board of directors of a competitor.
For this purpose, a competitor of the Corporation is an entity that owns and/or
operates a payment card program competitive with the Corporation's comparable
card programs, as determined by the Corporation, and that is not itself a
stockholder of the Corporation.

         Section 5. During the Transition Period, the regional president of
Europe and, if approved by the Board of Directors, one officer of the
Corporation other than the President and Chief Executive Officer, shall serve as
honorary members of the Board of Directors and shall be entitled to receive
notice of all meetings of the Board of Directors and shall be permitted to
attend and participate in all meetings of the Board of Directors, but shall not
be entitled to vote.

         Section 6. The Corporation's Nominating Committee will consider and
nominate individuals to serve as Directors of the Corporation for approval by
the Corporation's stockholders at the annual meeting of stockholders based upon
proposals made by each regional board of the Corporation.

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In the event of a disagreement between a regional board and the Corporation's
Nominating Committee with respect to a nominee(s) from that region, the chairman
of the regional board and the Corporation's Nominating Committee shall attempt
to resolve the dispute through direct consultation. If no resolution is reached
promptly, the Corporation's Nominating Committee shall present its recommended
slate of Directors to the Board of Directors and shall advise the Board of
Directors of any disagreement with respect to the nominees from any specific
region. The Board of Directors shall make the final determination with respect
to any dispute regarding a nominee for Director from a region.

         Section 7. The Board of Directors, by the affirmative vote of a
majority of the Directors then in office, and irrespective of any personal
interest of any of its members, may establish reasonable compensation of any or
all Directors for services to the Corporation as Directors.

         Section 8. The term of any Director who, after election to the Board of
Directors of the Corporation, subsequently fails to meet the requirements of
Sections 2, 3 or 4 of this ARTICLE IV or Article EIGHTH of the Corporation's
Certificate of Incorporation, shall terminate automatically at the time that the
Director so failed to qualify; provided, however, that the Board of Directors
may appoint that terminated Director to fill the vacancy caused by the
termination until the next annual meeting of stockholders unless such
termination resulted from the failure to satisfy the requirements of Section 4
of this ARTICLE IV or Article EIGHTH of the Corporation's Certificate of
Incorporation.

         Section 9. A vacancy in the Board of Directors, by reason of an
increase in the number of Directors or by reason of the death, resignation,
removal or termination of the term of a director, may be filled by the Board of
Directors in a manner consistent with the requirements of Sections 2, 3, and 4
of this ARTICLE IV and Article EIGHTH of the Corporation's Certificate of
Incorporation. Each Director shall hold office until a successor is elected and
qualified, or until the Director's earlier death, resignation, removal or
automatic termination of his term. A Director may resign at any time by written
notice to the Corporation addressed to the President and Chief Executive Officer
or the Secretary.

                                   ARTICLE V

                       Meetings of the Board of Directors

         Section 1. The first meeting of each newly-elected Board of Directors
shall be held immediately following the annual meeting of stockholders at the
place of such annual meeting of stockholders. If the first meeting is not held
at that time and place, then it shall be held at a time and place specified in a
notice given in the manner provided for notice of special meetings of the Board
of Directors as set forth in Section 3 of this ARTICLE V.

         Section 2. Regular meetings of the Board of Directors may be held upon
such notice, or without notice, at such times and at such places within or
outside of the State of Delaware as shall from time to time be determined by the
Board of Directors.

         Section 3. Special meetings of the Board of Directors, whether to be
held in person or by telephone or similar communications equipment, may be
called by the Chairman of the Board of Directors or the President and Chief
Executive Officer on at least five days' notice to each Director and shall be
called by the Chairman or the President and Chief Executive Officer upon the
written request of not less than 33 1/3% of the entire Board of Directors;
provided, however, that any special meeting of the Board of Directors called to
consider a matter that requires immediate action of the Board of Directors may
be called on at least 24 hours' notice if the matter does not require the
approval of greater than a simple majority of the Directors.

                                       9
<PAGE>
         Section 4. Whenever notice of a meeting of the Board of Directors is
required, the notice shall be given in the manner set forth in ARTICLE XV of
these Bylaws and shall state the purpose or purposes, place, date and hour of
the meeting.

         Section 5. Except as otherwise required by law or the Certificate of
Incorporation or other provisions of these Bylaws, a majority of the entire
Board of Directors shall constitute a quorum for the transaction of business
and, except as provided in Sections 1 and 2 of ARTICLE VI below, the vote of a
majority of the directors present at any meeting at which a quorum is present
shall be the act of the Board of Directors. If a quorum is not present at any
meeting of Directors, then a majority of the Directors present at the meeting
may adjourn the meeting from time to time, without notice of the adjourned
meeting other than announcement at the meeting. One or more Directors may
participate in a meeting of the Board of Directors by means of conference
telephone or similar communication device. To the extent permitted by law, a
Director participating in a meeting by conference telephone or similar
communications equipment by which all persons participating in the meeting can
hear each other will be deemed present in person at the meeting and all acts
taken by him or her during his or her participation shall be deemed taken at the
meeting. The place of any meeting held by means of conference telephone or
similar communications equipment pursuant to this Section 5 will be deemed to be
the place stated in the notice thereof so long as at least one Director or, as
the case may be, one committee person, is present at that place at the time of
that meeting.

         Section 6. Any action required or permitted to be taken at any meeting
of the Board of Directors, or of any committee thereof, may be taken without a
meeting if all members of the Board of Directors or the committee, as the case
may be, who are entitled to vote, consent thereto in writing, and the writing or
writings are filed with the minutes of proceedings of the Board of Directors or
of that committee.

                                   ARTICLE VI

                             Special Voting Matters

         Section 1. The following actions shall require approval of at least 75%
of the Directors present at a meeting at which a quorum is present:

                  a. any modification to Section 2b of ARTICLE IV of these
Bylaws; and

                  b. any modification to this Section 1.

         Section 2. The following actions shall require approval of at least 66
2/3% of the Directors present at a meeting at which a quorum is present:

                  a. Establishing or eliminating regional boards;

                  b. any modification to the RGO (Regional, Global and
Operations) planning, budgeting and reporting methodology;

                  c. any modification to the overall size of the Board of
Directors referred to in Section 2a of ARTICLE IV of these Bylaws;

                  d. any issuance of Class A Shares or Class B Shares in excess
of the number of shares to which a stockholder would be entitled under the
Global Proxy Calculation;

                                       10
<PAGE>
                  e. any decision to overrule a decision taken by a regional
board that was permitted to be taken in accordance with Section 6 of ARTICLE VII
of these Bylaws;

                  f. any decision to overrule a recommendation made by the Debit
Advisory Board that was permitted to be taken in accordance with Section 4 of
ARTICLE IX of these Bylaws; and

                  g. any modification to this Section 2.

                                  ARTICLE VII

                         Regional Boards and Management

         Section 1. The Board of Directors may establish or designate in
accordance with Section 2a of ARTICLE VI, one or more bodies to act as regional
boards of directors and exercise those powers and authorities delegated to them
by the Board of Directors of the Corporation or MasterCard International
Incorporated. The general purpose of each regional board is to manage the
Corporation's brand and product strategies on a regional level. The regional
boards shall not be boards of any incorporated entity. The initial powers and
authorities of the Corporation's regional boards are set forth below in Section
4.

         Section 2. Initially, there will be six regional boards: Asia/Pacific;
Canada; Europe; Latin America; Middle East/Africa; and the United States. Each
region shall have corporate staff responsible for all activities within the
region, including, without limitation, coordination and support of member
programs within the region. The members of each regional board shall be elected
by the stockholders of that region.

         Section 3. Each regional board shall establish an annual regional
budget for the following year, which budget shall provide sufficient funds to
(i) vigorously promote the Corporation's brands and fund the other regional
programs, initiatives and activities and (ii) fund the region's assignment of
centrally managed expenses. The method of funding the regional budgets will be
by assessments and other fees (including, without limitation, transaction and
operations fees) paid to the Corporation or its consolidated subsidiaries. If
budgeting authority has not been delegated to a regional board in a particular
region, the annual budget for that region shall be reviewed and approved by the
Board of Directors of the Corporation. The Corporation's entire annual budget
incorporating all regional budgets shall be submitted to the Board of Directors
for its approval no later than 30 days prior to the fiscal year to which it
applies. In its review of the Corporation's entire annual budget, the Board of
Directors shall, among other things, ensure that each final regional budget
provides for the appropriate level of expenses assigned to the region and the
level of expenditures necessary to appropriately support the Corporation's
brands and programs in that region and an appropriate method of funding such
expenses.

         Section 4. Each regional board shall have the authority to manage the
following activities, and any other activities that the Board of Directors may
delegate from time to time, within its region, provided that (i) such activities
shall affect and apply only to the affairs of the regional members licensed, and
applicants for a license, within such region and to transactions taking place
entirely within such region and then only with respect to MasterCard(R),
Cirrus(R) and Maestro(R) payment products (other than travelers cheques),
services, programs and activities and (ii) such activities have not otherwise
been delegated to the management of the Corporation:

                  a. MEMBERSHIP. Review all completed applications for
membership in MasterCard International Incorporated submitted by entities
headquartered in the specific region. The regional board also shall have the
power and authority to act upon any requests from regional members

                                       11
<PAGE>
of MasterCard International Incorporated regarding change of membership status
(other than termination) and class of membership. Only the Board of Directors of
the Corporation or MasterCard International Incorporated shall have the right to
terminate a member's membership in MasterCard International Incorporated and
license or license to participate in MasterCard(R), Cirrus(R) and Maestro(R);
however, the regional boards shall have the right to recommend such terminations
to the Board of Directors of the Corporation.

                  b. FINES AND DISCIPLINARY ACTIONS. Power and authority to (1)
establish and approve fines and disciplinary actions for intraregional
violations of the Corporation's or MasterCard International Incorporated's
bylaws, rules, policies or procedures by regional members of MasterCard
International Incorporated within the specific region and (2) recommend
terminations of such regional members of MasterCard International Incorporated
to the Board of Directors of the Corporation.

                  c. ANNUAL EXPENSE BUDGET. Power and authority and obligation
to approve an annual budget for the specific region within the time frames
needed to approve the entire annual budget of the Corporation. Such regional
budget shall comply with the practices, policies and procedures of the
Corporation and MasterCard International Incorporated.

                  d. ASSESSMENTS AND FEES. Power, authority and obligation to
fix, impose and collect assessments and fees from regional members of MasterCard
International Incorporated within the specific region in order to fund the
region's budget. This power shall extend to interregional transactions in which
a regional member of MasterCard International Incorporated is involved.

                  e. SURPLUS FUNDS. Power and authority to determine the
distribution of a portion of any revenues in excess of budgeted amounts in any
year, provided that such distribution is consistent with the Corporation's
reinvestment policy for excess funds then in effect or such other amount as
agreed with the President and Chief Executive Officer of the Corporation.

                  f. ADDITIONAL FUNDING. Power and authority to levy additional
assessments, fees or both upon regional members of MasterCard International
Incorporated within the region for the purpose of generating additional funds
above budgeted revenue in order to fund regional initiatives not provided for in
the region's annual budget. This power shall extend to interregional
transactions in which a regional member of MasterCard International Incorporated
is involved.

                  g. INTRAREGIONAL INTERCHANGE FEES. Power and authority to
approve intraregional interchange fees, subject to applicable regulatory
requirements.

                  h. INTRAREGIONAL OPERATING RULES. Power and authority to adopt
intraregional variances to the Corporation's operating rules, policies and
procedures that apply to MasterCard(R), Cirrus(R) and Maestro(R), to the extent
they apply only to members of MasterCard International Incorporated of a
specific region and their transactions effected wholly within a specific region,
which rules, policies and procedures cover the standards and procedures
governing how a specific transaction is initiated and processed, and how any
related disputes are resolved. Such rules may not have any effect, intended or
unintended, outside the region.

                  i. INTRAREGIONAL PRODUCT AND ENHANCEMENT DEVELOPMENT. Power
and authority to approve intraregional products and enhancement services
involving the creation and ongoing management of new regional payment vehicles
and enhancement services that add value to new and existing products.

                                       12
<PAGE>
                  j. AFFINITY AND CO-BRANDING RULES. With respect to
MasterCard(R), Cirrus(R) and Maestro(R) branded products only, the power and
authority to approve specific affinity and co-branding rules for the card
programs of members of MasterCard International Incorporated within the specific
region.

                  k. REGIONAL BOARD PROCESSES. Obligation to establish the
procedures and requirements for managing the regional board and its activities,
which shall be set forth in the regional board rules and shall include quorum
requirements, minimum vote requirements and the creation and seating of
committees.

         Section 5. The delegation of the powers and authorities upon the
regional boards as described in this ARTICLE VII, and the delegation of any
other powers or authorities that may be delegated upon one or more regional
boards by the Corporation's Board of Directors from time to time, is conditioned
upon compliance by the regional board with all applicable laws and all of the
requirements set forth in the Corporation's Certificate of Incorporation, rules
and regulations, these Bylaws and MasterCard International Incorporated's
certificate of incorporation, bylaws and membership and licensing rules and
regulations, and any other policies of the Corporation or MasterCard
International Incorporated, including the rules and regulations applicable to
Cirrus(R) and Maestro(R). Such delegated power and authority may not be
delegated by the regional boards. Management of the Corporation shall establish
the processes supporting the regional boards in their exercise of such delegated
power and authority.

         Section 6. Any decision of a regional board, to the extent such
decision is within the scope of power and authority delegated to such regional
board by the Board of Directors of the Corporation, shall be effective unless
and until the Board of Directors of the Corporation, in accordance with Section
2 of ARTICLE VI, determines otherwise, provided that the approval or adoption of
any action, rule or policy that could be expected, in the reasonable judgment of
the Board of Directors of the Corporation, to have an effect in more than one
region or that in the reasonable judgment of the Board of Directors of the
Corporation is inconsistent with a published policy, practice or strategy of the
Corporation, shall not become effective (or shall be declared ineffective if
already in effect) unless and until such action, rule or policy has been
ratified by the Board of Directors of the Corporation. Only the Corporation's
management shall be authorized to enter into a business arrangement with a
stockholder or a member of MasterCard International Incorporated that it can be
reasonably be determined will relate to activities that will be conducted in, or
have an effect in, more than one region, subject to any parameters as may be
determined by the Board of Directors. Nothing contained in this Section 6 shall
be construed to limit the authority of the Board of Directors of the Corporation
to revoke or amend the power and authority delegated upon the regional boards.

         Section 7. Each region shall have a regional president selected by the
President and Chief Executive Officer of the Corporation, subject to the
concurrence of the regional board. In the event of a disagreement between a
regional board and the President and Chief Executive Officer of the Corporation
with respect to a nominee for regional president, the chairman of the regional
board and the President and Chief Executive Officer of the Corporation shall
attempt to resolve the dispute through direct consultation. If no resolution is
reached promptly, the President and Chief Executive Officer of the Corporation
shall present his recommendation for regional president to the Board of
Directors and shall advise the Board of Directors of any disagreement with
respect to such selection. The Board of Directors shall only approve the
selection of the President and Chief Executive Officer upon the affirmative vote
of two-thirds of the entire Board of Directors with respect to any dispute
regarding the President and Chief Executive Officer's disputed selection for a
regional president. Each regional president shall report to the President and
Chief Executive Officer of the Corporation or such other member or members of
the Corporation's management as the President and Chief Executive Officer of

                                       13
<PAGE>
the Corporation may determine. Each regional president shall assist the
Corporation's Board of Directors and management and the regional board in
implementing the decisions and policies of the Corporation's Board of Directors
and management and the regional board (within the scope of power and authority
delegated by the Corporation's Board of Directors) that affect the region.
Notwithstanding anything herein to the contrary, during the Transition Period,
the regional president for Europe shall report only to the President and Chief
Executive Officer of the Corporation and shall be a member of the Corporation's
Global Executive Management Group. Any termination of a regional president by
the President and Chief Executive Officer of the Corporation shall require the
concurrence of the regional board, which shall not be unreasonably withheld.

                                  ARTICLE VIII

                                   Committees

         Section 1. The Board of Directors may designate from among its members
an Executive Committee, Audit Committee, Nominating Committee, Compensation
Committee and other committees to serve at the pleasure of the Board of
Directors.

                  a. EXECUTIVE COMMITTEE. The Executive Committee, if formed,
shall comprise the Chairman of the Board of Directors, the Vice Chairmen of the
Board of Directors, the President and Chief Executive Officer (for so long as he
or she is a Director of the Corporation) and such other number of Directors as
the Board of Directors shall establish from time to time so that the composition
of the Executive Committee generally reflects the regional composition of the
Corporation's stockholders. To the extent permitted by law, the Executive
Committee shall have all the authority of the Board of Directors, except that it
will not have the power or authority to approve or recommend an amendment to the
Corporation's Certificate of Incorporation or an agreement or plan of merger or
consolidation, to recommend the sale, lease or exchange of all or substantially
all of the Corporation's property and assets, to recommend the dissolution of
the Corporation or a revocation of dissolution, to amend these Bylaws or to take
any action that would require the affirmative vote of greater than a simple
majority of the members of the Board of Directors present at a meeting at which
a quorum is present.

                  b. AUDIT COMMITTEE. The Audit Committee, if formed, shall
comprise such number of Directors as the Board of Directors may appoint to it.
The Audit Committee will be responsible for reviewing the reports of the
Corporation's auditors and for performing such other duties as are assigned to
it by the Board of Directors.

                  c. NOMINATING COMMITTEE. The Nominating Committee shall
comprise such number of Directors as the Board of Directors may appoint to it.
In selecting Directors to serve on the Nominating Committee, the Board of
Directors shall seek to include individuals representing stockholders that
conduct business in multiple regions of the world, as well as individuals
representing stockholders that reflect the regional composition of the
Corporation's stockholders, and shall include representation from each region
representing greater than 20% of the most recent Global Proxy Calculation. The
Nominating Committee will be responsible for nominating persons to serve as
Directors and members of the Debit Advisory Board as described in ARTICLE IX. In
addition, the Nominating Committee may recommend individuals to serve on the
standing committees. In making nominations, the Nominating Committee will seek,
consistent with the qualifications required of Directors and committee members,
to give the stockholders in each geographic region reasonable representation,
taking into account, among other things, the number of shares of the
Corporation's stock owned by the stockholders in each region.

                                       14
<PAGE>
                  d. COMPENSATION COMMITTEE. The Compensation Committee, if
formed, shall comprise such number of Directors as the Board of Directors may
elect to it. The Compensation Committee may be responsible for fixing the
compensation of the elected officers of the Corporation and approving any
employee incentive programs. The compensation of all other employees will be
fixed by the Corporation's President and Chief Executive Officer (subject to the
oversight of the Board of Directors).

                  e. Any other committees, to the extent formed, shall have such
authority as the Board of Directors grants them. The Board of Directors shall
have power at any time to change the membership of any committees, to fill
vacancies in their membership and to discharge any committees.

         Section 2. Each committee shall keep regular minutes of its proceedings
and report to the Board of Directors as and when the Board of Directors shall
require. Unless the Board of Directors otherwise provides, notice requirements
for meetings of committees shall be the same as notice requirements for meetings
of the Board of Directors. Unless the Board of Directors otherwise provides, a
majority of the members of any committee may determine its actions and the
procedures to be followed at its meetings (which may include a procedure for
participating in meetings by conference telephone or similar communications
equipment by which all persons participating in the meeting can hear each
other).

         Section 3. Any action of a committee may be taken without a meeting if
written consent to the action signed by all the members of the committee is
filed with the minutes of the committee.

                                   ARTICLE IX

                              Debit Advisory Board

         Section 1. For an intended term of three years, the Corporation shall
have a Debit Advisory Board which will be responsible for providing advice to
the Board of Directors in the following areas:

                  a. the development and expansion of the Corporation's debit
programs globally;

                  b. global program and brand strategies, policies, rules and
technology standards for the Corporation's debit programs consistent with the
standards for the Corporation's other products set by the Board of Directors;
and

                  c. the performance and evaluation of the Corporation's Debit
Brand Management Group (or other group within the Corporation performing similar
functions).

For purposes of these Bylaws, the term "debit programs" shall mean the issuance
and acceptance of ATM and point-of-sale electronic payment devices that access
deposit accounts owned by an issuing member of MasterCard International
Incorporated under a trademark and/or service mark owned or managed, directly or
indirectly, by the Corporation or one of its subsidiaries.

         Section 2. Beginning on or after the two-year anniversary of the
creation of the Debit Advisory Board, the Board of Directors shall review the
performance of the Debit Advisory Board and consider, in its sole discretion,
whether, and on what terms, to continue the Debit Advisory Board, with the
understanding that it is the intent of the Corporation that the Debit Advisory
Board will continue for a third year.

                                       15
<PAGE>
         Section 3. During the first year of the existence of the Debit Advisory
Board, the Debit Advisory Board shall be comprised of the members of the Board
of Directors of Maestro International Incorporated in effect upon the date of
adoption of these Bylaws. The Nominating Committee will nominate individuals to
serve as members of the Debit Advisory Board beginning with the second year of
the Debit Advisory Board for approval by the Board of Directors. In selecting
nominees for service on the Debit Advisory Board, the Nominating Committee will
give due consideration to representatives from key stockholders of the
Corporation that support the Corporation's debit products, as measured by the
Global Proxy Calculation. Prior to presenting such nominations, the Nominating
Committee shall seek recommendations for candidates for the Debit Advisory Board
from the regional boards and shall duly consider all such recommendations. In
the event of a disagreement between a regional board and the Nominating
Committee with respect to a nominee(s) from that region, the chairman of the
regional board and the Nominating Committee shall attempt to resolve the dispute
through direct consultation. If no resolution is reached promptly, the
Nominating Committee shall present its recommended slate of Nominating Committee
members and shall advise the Board of Directors of any disagreement with respect
to the nominees from any specific region. The Board of Directors shall make the
final determination with respect to any dispute regarding a regional nominee.

         Section 4. Any recommendation of the Debit Advisory Board, to the
extent such recommendation is within the scope of power and authority delegated
to the Debit Advisory Board by the Board of Directors of the Corporation and is
not inconsistent with a published policy, practice or procedure, shall be
effective unless and until the Board of Directors of the Corporation, in
accordance with Section 2(f) of ARTICLE VI, overrules such recommendation.

                                   ARTICLE X

                                    Officers

         Section 1. Subject to the provisions of Section 1(a) below regarding
the election and term of the Chairman of the Board of Directors, the Board of
Directors shall, annually at its first meeting following the annual meeting of
stockholders, elect a Chairman of the Board of Directors from among its members,
a President and Chief Executive Officer and a Secretary; and the Board of
Directors may at that meeting, and thereafter, elect a Chairman Emeritus, up to
two Vice-Chairmen of the Board of Directors, a Chief Operating Officer, a
Treasurer and such other officers as it may from time to time deem advisable.
Except as prohibited by law, any two or more offices may be held by the same
person. No officer except the Chairman of the Board of Directors, the
Vice-Chairmen, if any, and the President and Chief Executive Officer need be a
Director of the Corporation.

                  a. THE CHAIRMAN OF THE BOARD OF DIRECTORS. The Chairman of the
Board of Directors shall be elected to an initial term of two years and shall be
eligible to be reelected annually thereafter. The Chairman of the Board of
Directors shall preside at all meetings of the members of the Board of Directors
and shall perform such other duties as are properly assigned to him by the Board
of Directors.

                  b. THE VICE-CHAIRMEN OF THE BOARD OF DIRECTORS. The Board of
Directors may elect up to two Vice-Chairmen of the Board of Directors. The
Vice-Chairmen shall have such powers assigned to them by the Chairman or by the
Board of Directors. In the absence of the Chairman, the Chairman shall designate
one of the Vice-Chairmen to preside at meetings of the Board of Directors.

                  c. THE CHAIRMAN EMERITUS. The Corporation may have a Chairman
Emeritus who shall be elected by the Board of Directors and shall be entitled to
receive notice of all meetings of the Board of Directors and shall be permitted
to attend and participate in all meetings of the Board of

                                       16
<PAGE>
Directors, but shall not be entitled to vote. The Chairman Emeritus must have
retired as an officer of a member of MasterCard International Incorporated while
serving as a member of the Board of Directors of the Corporation and must have
served as Chairman of the Board of Directors of the Corporation for at least two
years.

                  d. THE PRESIDENT AND CHIEF EXECUTIVE OFFICER. The Corporation
shall have a President who also shall be the Chief Executive Officer of the
Corporation. The President shall have general overall supervision of all
business of the Corporation and shall have such powers and duties as usually
pertain to such office or as may be assigned to him by the Board of Directors.
In the absence of the Chairman and the Vice-Chairmen, the President shall
perform the duties and exercise the powers of the Chairman of the Board of
Directors.

                  e. THE CHIEF OPERATING OFFICER. The Corporation may have a
Chief Operating Officer who shall be elected by the Board of Directors. The
Chief Operating Officer shall report directly to the President and Chief
Executive Officer and shall have such responsibilities as shall be assigned from
time to time by the President and Chief Executive Officer.

                  f. THE TREASURER. The Corporation may have a Treasurer who
shall be elected by the Board of Directors. The Treasurer shall have the care
and custody of all moneys and securities of the Corporation. He or she shall
cause to be entered in records to be kept for that purpose full and accurate
accounts of all moneys received by him or her and paid by him or her on account
of the Corporation. He or she shall make and sign such reports, statements and
documents as may be required by him of the Board of Directors or by the laws of
the United States, the State of Delaware or any other state or country, and
shall perform such other duties as usually pertain to such office or as may be
assigned to him by the Board of Directors. The Treasurer shall be bonded in the
manner and amount prescribed by the Board of Directors. The reports and records
of the Treasurer shall be audited as of the end of each fiscal year and at such
other times as the Board of Directors may direct by independent certified public
accountants selected by the Board of Directors or by a committee of members
designated by the Chairman of the Board of Directors with the approval of the
Board of Directors.

                  g. THE SECRETARY. The Corporation shall have a Secretary who
shall be elected by the Board of Directors. The Secretary shall issue notices of
meetings of stockholders and of the Board of Directors when such notices are
required by law or these Bylaws. The Secretary shall attend all meetings of the
stockholders and of the Board of Directors and keep the minutes thereof. He or
she shall affix the Corporation's seal to such instruments as require the seal
and shall perform such other duties as usually pertain to such office or as may
be assigned to her/him by the Board of Directors or as may otherwise be provided
for in these Bylaws.

         Section 2. Subject to the provisions of Section 1(a) above regarding
the election and term of the Chairman of the Board of Directors, each officer
shall be elected by the Board of Directors and shall hold office until the
earliest of such individual's death, resignation, removal or the first meeting
of the Board of Directors following the next annual meeting of stockholders. Any
officer may be removed at any time, either with or without cause, by the Board
of Directors. If any office becomes vacant for any reason, the vacancy may be
filled by the Board of Directors.

         Section 3. Any officer may resign at any time by giving written notice
to the Board of Directors or to the President and Chief Executive Officer. Such
resignation shall take effect at the time specified in the notice or, if no time
is specified, at the time of receipt of the notice, and the acceptance of such
resignation shall not be necessary to make it effective.

                                       17
<PAGE>
         Section 4. The Corporation may secure the fidelity of any or all of its
officers or agents by bond or otherwise. In addition, the Board of Directors may
require any officer, agent or employee to give security for the faithful
performance of his duties.

         Section 5. In the event of an absence or illness of any officer, or for
any other reason that the Board of Directors or the President and Chief
Executive Officer may deem sufficient, the Board of Directors or the President
and Chief Executive Officer may temporarily assign the powers and duties of that
officer to any other officer or to any Director.

         Section 6. The compensation of the elected officers shall be fixed by
the Board of Directors or a committee thereof. The compensation of other
employees of the Corporation shall be fixed by the President and Chief Executive
Officer (subject to the oversight of the Board of Directors). All employee
incentive programs shall be approved by the Board of Directors or a committee
thereof.

                                   ARTICLE XI

                             Certificates for Shares

         Section 1. In the discretion of the Board of Directors, the shares of
stock of the Corporation may be represented by certificates, in such form as the
Board of Directors may from time to time prescribe, signed by the Chairman of
the Board of Directors, or the President and Chief Executive Officer or a Vice
President and by the Treasurer or an Assistant Treasurer, or the Secretary or an
Assistant Secretary and bearing any legends as may be prescribed by the
Certificate of Incorporation or otherwise.

         Section 2. In the event that the shares of stock of the Corporation are
not represented by certificates, the name, address and number and class of
shares owned by each stockholder shall be set forth in the books and records of
the Corporation, as such may be amended from time to time by the Corporation to
reflect any change in the name, address and/or number or class of shares owned
by each stockholder.

         Section 3. Any or all signatures upon a certificate may be a facsimile.
Even if an officer, transfer agent or registrar who has signed or whose
facsimile signature has been placed upon a certificate shall cease to be that
officer, transfer agent or registrar before the certificate is issued, that
certificate may be issued by the Corporation with the same effect as if he or
she or it were that officer, transfer agent or registrar at the date of issue.

         Section 4. The Board of Directors may direct that a new certificate be
issued in place of any certificate issued by the Corporation that is alleged to
have been lost, stolen or destroyed. When doing so, the Board of Directors may
prescribe such terms and conditions precedent to the issuance of the new
certificate as it deems expedient, and may require a bond sufficient to
indemnify the Corporation against any claim that may be made against it with
regard to the allegedly lost, stolen or destroyed certificate or the issuance of
the new certificate.

         Section 5. The Corporation or a transfer agent of the Corporation, upon
surrender to it of a certificate representing shares, duly endorsed and
accompanied by proper evidence of lawful succession, assignment or authority of
transfer, shall issue a new certificate to the person entitled thereto, and
shall cancel the old certificate and record the transaction upon the books of
the Corporation.

         Section 6. The Corporation shall for all purposes be entitled to treat
a person registered on its books, as the owner of shares, with the exclusive
right, among other things, to receive dividends and to vote with regard to those
shares, and the Corporation shall be entitled to hold a person registered on

                                       18
<PAGE>
its books as the owner of shares and shall not be bound to recognize any
equitable or other claim to, or interest in, shares of its stock on the part of
any other person, whether or not the Corporation shall have express or other
notice of the claim or interest of the other person, except as otherwise
provided by the laws of Delaware.

                                  ARTICLE XII

                                 Indemnification

         Section 1. The Corporation shall indemnify any person who was or is
made a party or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right of the Corporation) by
reason of the fact that the person is or was a director, officer, employee or
agent of the Corporation, or is or was serving at the request of the Corporation
as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise to the fullest extent permitted by
Delaware law.

         Section 2. The Corporation shall indemnify any person who was or is a
party or is threatened to be made a party to any threatened, pending or
completed action or suit by or in the right of the Corporation to procure a
judgment in its favor by reason of the fact that the person is or was a
director, officer, employee or agent of the Corporation, or is or was serving at
the request of the Corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise to
the fullest extent permitted by Delaware law.

         Section 3. To the extent that a present or former director, officer,
employee or agent of the Corporation has been successful on the merits or
otherwise in defense of any action, suit or proceeding referred to in Sections 1
and 2 of this ARTICLE, or in defense of any claim, issue or matter therein, such
person shall be indemnified against expenses (including attorneys' fees)
actually and reasonably incurred by the person in connection therewith.

         Section 4. Any indemnification under Sections 1 and 2 of this ARTICLE
(unless ordered by a court) shall be made by the Corporation only as authorized
in the specific case upon a determination that indemnification of the present or
former director, officer, employee or agent is proper in the circumstances
because he or she has met the applicable standard of conduct set forth in
Sections 1 and 2. Such determination will be made, with respect to a person who
is a director or officer at the time of such determination, (1) by a majority
vote of the Board of Directors who were not parties to such action, suit or
proceeding even though less than a quorum, or (2) by a committee or such
Directors designated by majority vote of such Directors, even though less than a
quorum, or (3) if there are no such Directors, or if such Directors so direct,
by independent legal counsel (compensated by the Corporation) in a written
opinion or (4) by the stockholders.

         Section 5. Expenses (including attorneys' fees) incurred by any
director, officer, employee or agent in defending a civil, criminal,
administrative or investigative action, suit or proceeding, or threat thereof,
may be paid by the Corporation in advance of the final disposition of such
action, suit or proceeding in the specific case upon receipt of an undertaking
by or on behalf of the director, officer, employee or agent to repay such amount
if it shall ultimately be determined that such person is not entitled to be
indemnified by the Corporation as authorized in this ARTICLE. Such expenses
(including attorney's fees) incurred by a former director, officer, employee or
agent may be paid upon such terms and conditions, if any, as the Corporation
deems appropriate.

                                       19
<PAGE>
         Section 6. The indemnification and advancement of expenses provided by,
or granted pursuant to, the other Sections of this ARTICLE shall not be deemed
exclusive of any other rights to which those seeking indemnification or
advancement of expenses may be entitled under any agreement, vote of
stockholders or disinterested directors or otherwise, both as to action in such
person's official capacity and as to action in another capacity while holding
such office.

         Section 7. The Corporation may purchase and maintain insurance on
behalf of any person who is or was a director, officer, employee or agent of the
Corporation, or is or was serving at the request of the Corporation as a
director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise against any liability asserted against such
person and incurred by such person in any such capacity, or arising out of such
person's status as such, whether or not the Corporation would have the power to
indemnify such person against such liability under the provisions of this
ARTICLE.

         Section 8. References in this ARTICLE to "the Corporation" will
include, in addition to the resulting corporation, any constituent corporation
(including any constituent of a constituent) absorbed in a consolidation or
merger that, if its separate existence had continued, would have had power and
authority to indemnify its directors, officers, employees or agents so that any
person who is or was a director, officer, employee or agent of such constituent
corporation, or is or was serving at the request of such constituent corporation
as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise, will stand in the same position under
the provisions of this ARTICLE with respect to the resulting or surviving
corporation as such person would have with respect to such constituent
corporation if its separate existence had continued.

         Section 9. For purposes of this ARTICLE, references to "other
enterprises" will include employee benefit plans; references to "fines" will
include any excise taxes assessed on a person with respect to an employee
benefit plan; references to "serving at the request of the Corporation" shall
include any service as a director, officer, employee or agent of a subsidiary of
the Corporation and any service as a director, officer, employee or agent of the
Corporation which imposes duties on, or involves services by, such director,
officer, employee or agent with respect to an employee benefit plan, its
participants or beneficiaries; and a person who acted in good faith and in a
manner such person reasonably believed to be in the interest of the participants
and beneficiaries of an employee benefit plan will be deemed to have acted in a
manner "not opposed to the best interests of the Corporation" as referred to in
this ARTICLE.

         Section 10. The indemnification and advancement of expenses provided
by, or granted pursuant to, this ARTICLE shall, unless otherwise provided, when
authorized or ratified continue as to a person who has ceased to be a director,
officer, employee or agent and shall inure to the benefit of the heirs,
executors and administrators of such person.

         Section 11. Except as specifically permitted by applicable law, no
person who is or was a director, officer, employee, agent or member of any
committee of the Corporation shall be indemnified in any way if such person has
brought the action or proceeding against the Corporation, its directors,
officers, employees, agents or any committee of the Corporation.

         Section 12. The provisions of this ARTICLE will be deemed retroactive
and will include all acts of the directors, officers, employees or agents of the
Corporation since the date of incorporation.

                                       20
<PAGE>
                                  ARTICLE XIII

                               General Provisions

         Section 1. The corporate seal shall be circular in form with the words
"MasterCard Incorporated" around the outer margin and the words and figures
"CORPORATE SEAL 2001 DELAWARE" in the center and such other appropriate legend
as the Board of Directors may from time to time determine. Unless prohibited by
the Board of Directors, a facsimile of the corporate seal may be affixed or
reproduced in lieu of the corporate seal itself.

         Section 2. The fiscal year of the Corporation shall be the calendar
year.

         Section 3. The symbol of the Corporation will be the word "MasterCard"
superimposed across a red circle overlapping a yellow circle in the form adopted
by the Board of Directors as the corporate symbol of the Corporation.

         Section 4. As used in these Bylaws, the term "card" means a device,
complying with the specifications set forth in the rules and regulations of
MasterCard International Incorporated, which may be used to pay for goods and/or
services and to obtain cash through access of the cardholder's credit, charge or
depositary account with the issuer of the cards.

         Section 5. As used in these Bylaws, the phrase "published policy" is
one that has been disseminated by bulletin, letter or other form of written or
electronic communication to, at least, the stockholders and/or the Class A
members of MasterCard International Incorporated that, along with their
affiliate members, if any, are affected by such policy.

         Section 6. The books of the Corporation, except such as are required by
law to be kept within the State of Delaware, may be kept at such place or places
within or outside of the State of Delaware as the Board of Directors may from
time to time determine.

                                  ARTICLE XIV

                                   Amendments

         Section 1. The Board of Directors, by the affirmative vote of a
majority of the entire Board of Directors at any meeting of the Board of
Directors at which a quorum is present, or by action without a meeting if all of
the Directors consent in writing to that action, may adopt, amend or repeal any
provision of these Bylaws, except that (i) any amendment or repeal of Section 1
of ARTICLE VI shall require the affirmative vote of at least 75% of the
Directors present at a meeting at which a quorum is present, (ii) any amendment
or repeal of Section 2 of ARTICLE VI shall require the affirmative vote of at
least 66 2/3% of the Directors present at a meeting at which a quorum is present
and (iii) any amendment or repeal of Section 2 of ARTICLE III shall be subject
to the terms and conditions of Article EIGHTH of the Corporation's Certificate
of Incorporation.

         Section 2. The stockholders, by the affirmative vote of a majority of
the votes cast at any meeting of the stockholders at which a quorum is present
or by action without a meeting in accordance with these Bylaws, may adopt, amend
or repeal any provision of these Bylaws; provided, however, that any amendment
or repeal of Section 2 of ARTICLE III shall be subject to the terms and
conditions of Article EIGHTH of the Corporation's Certificate of Incorporation.

                                       21
<PAGE>
                                   ARTICLE XV

                                     Notices

         Section 1. To the extent permitted by applicable law, any notice to a
stockholder may be given personally, by mail, facsimile transmission, telex,
telegraph, cable or similar instrumentality or by electronic transmission. A
notice will be deemed given when actually given in person; when transmitted by a
legible transmission, if given by facsimile transmission; when transmitted,
answerback received, if given by telex; on the day when delivered to a cable or
similar communications company; three business days after delivery to a courier
service; or on the fifth business day after the day when deposited with the
United States mail, postage prepaid, directed to the stockholder at such
stockholder's address, facsimile number, electronic mail address or telex number
as it appears on the records of stockholders or at such other address, facsimile
number, electronic mail address or telex number as the stockholder may have
designated to the Secretary in writing as the address or number to which notices
should be sent. Notice given by a posting on electronic network together with
separate notice to the stockholder of such specific posting, shall be deemed
given upon the later of (A) such posting and (B) the giving of such separate
notice. Notice given by any other form of electronic transmission shall be
deemed given when directed to the stockholder.

         Section 2. Any notice to a Director may be given personally, by
telephone, by mail, facsimile transmission, telex, telegraph, cable or similar
instrumentality or electronic transmission to such Director's residence or usual
place of business. A notice will be deemed given when actually given in person
or by telephone; when transmitted by a legible transmission, if given by
facsimile transmission; when transmitted, answerback received, if given by
telex; on the day when delivered to a cable or similar communications company;
three business days after delivery to a courier service; or on the fifth
business day after the day when deposited with the United States mail, postage
prepaid, directed to the director at his business address, facsimile number,
electronic mail address or telex number or at such other address, facsimile
number, electronic mail address or telex number as the director may have
designated to the Secretary in writing as the address or number to which notices
should be sent. Notice given by any form of electronic transmission shall be
deemed given when directed to the Director.

         Section 3. Any person may waive notice of any meeting by signing a
written waiver or by electronic transmission, whether before or after the
meeting. In addition, attendance at a meeting will be deemed a waiver of notice
unless the person attends for the purpose, expressed to the meeting at its
commencement, of objecting to the transaction of any business because the
meeting is not lawfully called or convened.

                                       22<PAGE>

                                                                  EXHIBIT 10.11

--------------------------------------------------------------------------------

                                     LEGEND

Portion of this exhibit have been omitted pursuant to a request for confidential
treatment filed with the Securities and Exchange Commission. The omissions have
been indicated by asterisks ("*****"), and the omitted text has been filed
separately with the Securities and Exchange Commission.

--------------------------------------------------------------------------------

                               OPERATING AGREEMENT

This OPERATING AGREEMENT (the "Agreement") is entered into as of May 1, 2002
(the "Effective Date") by and between American Lawyer Media, Inc. ("ALM"), a
Delaware corporation, and RealLegal, LLC ("RealLegal"), a Delaware limited
liability company.

                                    RECITALS

WHEREAS, ALM acquired Law.com, Inc. and subsidiaries (collectively "Law.com");
for purposes of this Agreement, reference to ALM means not only to ALM but also
to Law.com and subsidiaries.

WHEREAS, among other aspects of the transaction, Law.com's application division,
previously operated under the "RealLegal" divisional name was spun-out as the
separate legal entity RealLegal LLC.

WHEREAS, ALM and RealLegal enter into this Agreement relative to certain
transitional and continuing rights, duties and obligations between ALM and
RealLegal in order to facilitate their mutual businesses.

                              TERMS AND CONDITIONS

The parties therefore agree as follows:

1.   TRANSITIONAL MATTERS

There shall be a transitional period during which certain interim relationships
are agreed between the parties as more particularly set forth below.

     1.1.     USE OF SAN FRANCISCO OFFICE AND FACILITIES

On a month to month basis, ALM shall permit RealLegal to continue to use the San
Francisco office and facilities of Law.com located at 153 Kearny Street, Sixth
Floor, in San Francisco, California including common areas in the same manner as
the The Deal, LLC and at the same rate.

     1.2.     GREAT PLAINS ACCESS

RealLegal shall permit ALM access to historical accounting information as well
as current use of the Great Plains accounting system. ALM shall pay for their
Great Plains eEnterprise software licenses and third party system administrator
and technical support for the accounting system at RealLegal's cost. The ALM
individuals provided access shall be bound by confidentiality

Operating Agreement                                                       Page 1
Confidential
<PAGE>

agreements and otherwise comply with Great Plains licensing requirements.

     1.3.     DISTRIBUTION RIGHTS

From and after the Effective Date for a period of two (2) years ("Distribution
Term"), RealLegal shall be a "preferred distributor of content integrated
applications offerings," using those words or substantially similar words. This
distribution arrangement shall not be exclusive and either ALM or RealLegal may
seek other distribution relationships with third parties. The price and other
terms of the ALM content offerings (when integrated and bundled with RealLegal's
products or services) will be mutually agreed on by a case by case basis.

     1.4.     MARKETING RIGHTS

          1.4.1.   MARKETING AND ADVERTISING COMMITMENT

From and after the Effective Date for a period of two (2) years ("Marketing
Term"), RealLegal shall use $***** ("Advertising Commitment") in each calendar
year for a total of $***** during the Marketing Term; provided, however, that
any unused Advertising Commitment in any calendar year may be rolled over into
the next year for a period of sixth months. The Advertising Commitment may be
used for advertising in any ALM print publications, on the Law.com website, and
for ALM tradeshows. The Advertising Commitment shall be paid by RealLegal in
equity on a quarterly basis in arrears based on the valuation of RealLegal's
equity as of the Effective Date and on ALM's preferred pricing (i.e., the
pricing made available to *****).

          1.4.2.   NAVIGATION AND PARTNER LINKS

From and after the Effective Date for two (2) years, ALM shall provide (i)
navigation from the Law.com website to RealLegal's website and RealLegal's
products and services (a) in a manner substantially the same as presently
provided on the Law.com website and (b) through new links, where possible, from
pages of Law.com's website to RealLegal's website, and (ii) a "preferred"
partner section on Law.com's website. ALM shall use reasonable commercial
efforts to provide home page navigation on the left visible side and above the
fold or otherwise with reasonably similar prominence.

     1.5.     MA3000 CONTENT RIGHTS

From and after the Effective Date for a period of two (2) years (the "MA3000
Content Term"), ALM grants to RealLegal (i) an exclusive worldwide license to
internally use, and electronically reproduce, publicly display, and publish
(collectively "Publish") all Court Calendars, and (ii) a non-exclusive worldwide
license to Publish all Other MA3000 Content. Both such licenses shall be
irrevocable during the MA3000 Content Term. RealLegal shall have the sole right
to sublicense Court Calendars to third parties for electronic distribution, and
the shared right to sublicense all Other MA3000 Content to third parties for
electronic distribution provided such third party's use of the Other MA3000
Content is not for publishing and/or content distribution. RealLegal shall not
Publish or sublicense any Court Calendars or any Other MA3000 Content for any
purpose other than electronic distribution and internal use. ALM shall not,
during the MA3000 Content Term, electronically reproduce, publicly display, or
publish any Court Calendars separately from the NEW YORK LAW JOURNAL; provided,
however, this shall not prevent ALM from electronically distributing the NEW
YORK LAW JOURNAL. For purposes hereof, "Court

Operating Agreement                                                       Page 2
Confidential
<PAGE>

Calendars" shall mean all court calendars (including, without limitation, judges
names, court room number, phone number, and addresses) (whether trial,
appellate, civil, criminal, administrative, federal, state, county or otherwise)
published in the NEW YORK LAW JOURNAL, and "Other MA3000 Content" shall mean all
(a) court notes and rules, (b) court decisions and opinions, (c) decisional
summaries, and (d) judicial biographies, all as published in the NEW YORK LAW
JOURNAL.

          1.5.1.   FEES, PAYMENT AND TAXES

RealLegal shall pay to ALM the sum of ***** Dollars ($*****) in cash and an
additional ***** Dollars ($*****) in equity per year during the Term for the
MA3000 Content ("Fees"). The aforementioned payment shall be due in equal
installments due on the last day of each December 1st and June 1st commencing
with the first payment on December 1, 2002; provided, however, that any partial
calendar period shall be prorated, and, provided, further, that the equity
payment shall be made in the same manner and on the same terms as the
Advertising Commitment under Section 1.4.1. ALM shall pay all sales, use,
transfer or other taxes and all duties, whether international, national, state,
or local, however designated, which are levied or imposed by reason of this
Agreement.

     1.6.     COURT REPORTER DIRECTORY

ALM agrees to provide links on ALM's online court reporter directory to
RealLegal's website in a manner to be discussed between the parties. In
addition, the parties agree to discuss the possibility of a co-branded offering
in the future.

     1.7.     SEMINARS TECHNOLOGY

ALM grants to RealLegal a perpetual, non-exclusive, fully paid up license and
sublicense (as set forth in the penultimate sentence of this Section 1.7) to use
the continuing legal education and seminars technology developed by Law.com in
connection with Intel Corporation, including all of the technology, including
software (source and object) used in connection with providing the continuing
legal education and seminars offering online by ALM as of the date hereof
(collectively "Seminars Technology"). RealLegal may install and use the Seminars
Technology only for internal training purposes of RealLegal personnel or third
party contractors or for external training purposes of RealLegal's customers.
RealLegal may provide continuing legal education credit to such users for such
training.

          1.7.1.   DELIVERABLES AND OPERATIONS

ALM will provide RealLegal a copy of the Seminars Technology's computer programs
(including source and object code). RealLegal may in its discretion copy the
Seminars Technology, including source and object code and any related
documentation for archival PURPOSES. RealLegal shall arrange for the purchase,
lease, installation, testing and maintenance of adequate hardware for its use of
the Seminars Technology at its sole cost. RealLegal shall be solely responsible
for hardware maintenance, including periodic inspections, adjustments, and
repair thereof.

     1.8.     DOCUMENTS AND RECORDS

Each of the parties will reasonably preserve and make available to the other
during regular business hours such historical Law.com documents and records as
necessary for their respective

Operating Agreement                                                       Page 3
Confidential
<PAGE>

continuing operations, including tax or other government filings.

     1.9.     LICENSE TO LAW.COM REGISTERED USER DATABASE TECHNOLOGY

ALM grants to RealLegal a perpetual, non-exclusive, fully paid up license to use
the registered user database developed by Law.com, including the computer
programs and user documentation, including, without limitation, all of the
technology, including software (source and object) and documentation, used in
connection with registered user database ("Database Technology"). The Database
Technology does not include the content contained within the registered user
database. ALM shall retain all copyright, trade secret, patent, trademark and
other proprietary rights in and to the Database Technology; provided, however,
RealLegal shall own all copyright, trade secret, patent, trademark and other
proprietary rights in and to any modifications or derivatives of the Database
Technology made or implemented by RealLegal. ALM will deliver a copy of the
Database Technology as of the date hereof as soon as practicable following the
date hereof.

2.       CONFIDENTIALITY.

     2.1.     CONFIDENTIAL INFORMATION

"Confidential Information" shall mean any confidential or proprietary
information, data, know-how, trade secrets, or materials in which either party
has rights, disclosed under this Agreement, which is designated as
"confidential" or which either party would reasonably expect or consider to be
confidential or proprietary information, including but not limited to software
or software development, services, finances, customers and potential customers,
customer lists, suppliers, pricing and rates, costs, marketing, technologies,
specifications, or personnel.

     2.2.     MUTUAL DUTY OF CONFIDENTIALITY AND NON-DISCLOSURE

During or subsequent to the Term of this Agreement and in perpetuity, the
parties: (a) shall treat as strictly confidential all Confidential Information;
(b) shall not disclose, disseminate, distribute, or transfer such Confidential
Information to any third party without the express written consent of the other;
(c) shall not use such Confidential Information except solely for the purpose of
its performance under this Agreement; and (d) shall protect the Confidential
Information by using at least the same degree of care as Company uses to protect
its own confidential information of similar nature to prevent any unauthorized
access, use, dissemination, or publication of such Confidential Information, but
in no event less than reasonable care. The parties further agree to disclose
Confidential Information only to their employees and consultants with a need to
know such Confidential Information to perform their work responsibilities in
furtherance of this Agreement and they agree to require such employees and
consultants to execute nondisclosure agreements containing protections
substantially similar to those in this Agreement. Each party shall promptly
notify the other party in writing of any unauthorized access, use,
dissemination, or publication of such Confidential Information.

     2.3.     EXCLUSION

Confidential Information of the disclosing party does not include information
which: (a) is known to the receiving party without any confidentiality
restriction at the time of disclosure; (b) is publicly known or becomes publicly
known and made generally available through no wrongful act of such receiving
party; (c) has been rightfully received by the receiving party, without any
confidentiality restriction, from a third party who is authorized to make such
disclosure and not otherwise in violation of this Agreement; (d) is disclosed
generally to third parties by the

Operating Agreement                                                       Page 4
Confidential
<PAGE>

disclosing party without any confidentiality restriction; or (e) was
independently developed by the receiving party without any use of the
Confidential Information and by receiving party's employees or consultants who
did not have access to the Confidential Information.

     2.4.     LIMITED DISCLOSURE

Upon prior written notice to the other, either party may disclose Confidential
Information: (a) required by law or regulation to be disclosed, but then only to
the extent and solely for the purpose of such required disclosure, or (b)
required by order of a court or other governmental body, but then only to the
extent and solely for the purpose of such required disclosure. Each party agrees
to assist the other, at their own expense, in all proper ways to limit or
prevent the disclosure of such Confidential Information.

     2.5.     RETURN

The parties will return or destroy all Confidential Information (including
copies) received from the other within its possession, custody, or control
promptly upon termination or expiration of this Agreement or upon an earlier
written request. Within two (2) days after such return or destruction the
recipient shall certify in writing that such return or destruction has been
accomplished.

     2.6.     AGREEMENT CONFIDENTIAL

The parties have the right to disclose the existence of this Agreement but agree
that the material terms and conditions of this Agreement shall be deemed each of
ALM's and RealLegal's Confidential Information; provided, however, that
RealLegal acknowledges that ALM will be required to file this agreement with the
Securities and Exchange Commission ("SEC") as a reporting company and that ALM
shall use reasonable commercial efforts to secure confidential treatment of this
agreement from the SEC.

3.       TERM

This Agreement will become effective on the Effective Date and remain in effect
for various terms stated herein, or, if there is no explicitly stated term then
it shall remain in effect for a period of two (2) years from the Effective Date
unless extended for additional one-year period(s) by mutual agreement of the
parties.

4.       GENERAL PROVISIONS

Neither party may assign this Agreement or any right or obligation hereunder
without the other party's prior written consent. This Agreement with its
exhibits is the complete and exclusive agreement of the parties and supersedes
all other communications, oral or written, between the parties relating to the
Agreement's subject matter. Any change to this Agreement shall not be valid
unless it is in writing and signed by both parties. Any notice or demand that
either party may or must give to the other hereunder shall be in writing and
delivered personally or sent by registered mail, addressed as follows:

                  if to ALM:                William Pollak, President and CEO
                                            American Lawyer Media, Inc.
                                            345 Park Avenue South
                                            New York, NY 10010

Operating Agreement                                                       Page 5
Confidential
<PAGE>

                  if to RealLegal:          William Feid, President and CEO
                                            RealLegal, LLC
                                            3025 S. Parker Road - 12th Floor
                                            Aurora, Colorado 80014

Either party may, by notice in writing, direct that future notices or demands be
sent to a different address.

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized officers or representatives as of the
Effective Date.

AMERICAN LAWYER MEDIA, INC.                    REALLEGAL, LLC

By: /s/ Stephen Jacobs                         By: /s/ Mark Mitchell
    ------------------                            ------------------
Name:   Stephen Jacobs                         Name:   Mark Mitchell
     -----------------                              ----------------
Title: Vice President                          Title: Chief Operating Officer
      ---------------                                ------------------------

Operating Agreement                                                       Page 6
Confidential

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