MasterCard Incorporated

Third-Quarter 2009

Financial Results Conference Call

November 3, 2009

Exhibit 99.2

2

Business Update

•

Economic Overview

•

Business Trends

–

SpendingPulse

–

October Operational Performance

3

$

3.48

$

456

680

49.8%

685

$

1,364

3Q 2009

Non-GAAP

excl. special items*

$

2.46

$

322

548

41.0%

790

$

1,338

3Q 2008

Non-GAAP

excl. special items*

$

3.45

$

452

674

49.4%

691

$

1,364

3Q 2009

Actual

41.5

Diluted EPS

41.6

Net income

(13.3)

Total operating expenses

24.0

8.8 ppts

Operating income

Operating margin

2.0

Net revenue

YOY

Non-GAAP

Growth %

3rd Quarter Selected Financial Performance

($ in millions, except percentages and per share data)

Note: Figures may not sum due to rounding

*See Appendix A for GAAP reconciliations of special items for the three months ended September 30, 2009 and September 30, 2008

4

3rd Quarter 2009 MasterCard Branded Volume

(GDV & Purchase Volume)

Note: Figures may not sum due to rounding

APMEA = Asia Pacific / Middle East / Africa

$US

billions

U.S.

Dollar

Local

Currency

$US

billions

U.S.

Dollar

Local

Currency

APMEA

127

15.4

18.2

86

13.6

16.2

Canada

24

(10.2)

(5.2)

22

(7.9)

(2.7)

Europe

190

(9.7)

0.2

143

(8.0)

1.6

Latin America

45

(6.4)

11.1

25

(1.1)

12.0

United States

247

(8.0)

(8.0)

204

(6.5)

(6.5)

Worldwide

633

(4.7)

0.3

480

(3.7)

0.4

Purchase Volume

Gross Dollar Volume

YOY Growth %

YOY Growth %

5

$611

$427

$469

$194

($363)

$1,338

$603

$386

$546

$192

($363)

$1,364

-$550

-$350

-$150

$50

$250

$450

$650

$850

$1,050

$1,250

$1,450

$1,650

3Q 2008

3Q 2009

•

Net Revenue

increased 2.0%,

and grew 3.9% on a constant

currency basis

•

Domestic Assessments

decreased 1.3%

•

Cross Border Volume Fees

declined 9.6%

•

Transaction Processing Fees

grew 16.4%

•

Other

Revenues

declined

1.0%

•

Rebates & Incentives

were flat

3rd Quarter Revenue 

($ in millions)

6

3rd Quarter Operating Expenses

($ in millions)

•

Total operating expenses

decreased 13.3%, excluding

special items

*

•

G&A,

including severance of $31,

decreased 7.9% primarily due to:

•

Lower professional fees

•

T&E cost-reduction initiatives

•

Foreign currency contributed

~1.1ppts to the decrease

•

A&M

decreased 29.4% primarily

due to:

•

Slower redeployment of funds

•

Foreign currency contributed

~1.5 ppts to the decrease

$515

$246

$29

$790

$474

$174

$36

$685

$0

$100

$200

$300

$400

$500

$600

$700

$800

General &

Administrative

Advertising &

Marketing

Depreciation &

Amortization

Total Operating

Expenses

3Q 2008

3Q 2009

*See Appendix A for GAAP reconciliations of special items for the three months ended September 30, 2008 and September 30, 2009

7

3rd Quarter 2009 Cash Flow Statement

and Balance Sheet Highlights

•

Generated $316 million in cash flow from operations

for the quarter ended 09/30/2009

•

Cash, cash equivalents and current available-for-sale

securities of $2.9 billion at 09/30/2009

•

Executed $335 million prepayment to settle remaining

obligations under the 2003 merchant settlement

agreement

•

Intend to file universal shelf registration statement in

November 2009

8

Items for Consideration and

3rd Quarter Business Highlights

•

Thoughts for Q4 and full-year 2009

–

Net Revenue

–

Operating Expenses

General & Administrative

Advertising & Marketing

–

Tax Rate

•

Business Highlights for the third quarter 2009

9

10

Appendix A:

GAAP Reconciliations

($ millions except percentages and per share data)

Actual

Special

Items

Non -GAAP

Actual

Special Item

Non -GAAP

Litigation settlements

$              

$              

a

$             -

$           828

$           (828)

a

$              -

Total operating expenses

685

1,617

(828)

790

Operating income (loss)

680

(279)

828

548

Operating Margin

49.8%

(20.9%)

41.0%

Income (loss) before income taxes

680

(294)

828

534

Income taxes (benefit)

224

(100)

312

212

Net Income (Loss)

$           

$              

$            456

$           (194)

$            516

$            322

Basic Net Income (Loss) per Share

$3.46

$0.03

$3.49

($1.48)

b

$3.94

$2.46 b

Diluted Net Income (Loss) per Share

$3.45

$0.03

$3.48

($1.48)

b

$3.94

$2.46 b

Three Months ended September 30, 2009

Three Months ended September 30, 2008

a

– Litigation settlements

b

–

Amounts have been revised in accordance with the adoption of a new earnings per share accounting standard related to instruments granted in share-

based payment transactions on January 1, 2009.

Figures may not sum due to rounding

6

691

674

49.4%

673

221

452

(6)

(6)

6

6

2

4

11

Appendix A (cont.):

GAAP Reconciliations

Figures may not sum due to rounding

Reconciliation to Effective Tax Rate

(In millions, except percentages)

Actual

Actual

Effective

Tax Rate

Special

Item

Non-

GAAP

Non

GAAP

Effective

Tax Rate

Three months ended September 30, 2008:

Income (loss) before income taxes

$         (294)

34.1%

$           828

$         534

39.7%

Income tax expense (benefit)

(100)

312

212

Net income (loss)

$

(194)

$

516

$

322