MasterCard Incorporated

2

nd

Quarter 2007

Financial Results Conference Call

August 1, 2007

Exhibit 99.2

2

2

nd

Quarter Financial Results

•

Delivered record quarterly net income of $195 million and earnings per share

of

$1.43,

on

a

diluted

basis,

excluding

special

items

1

•

Achieved quarterly net income of $252 million, or $1.85 per share, on a

diluted basis,

including

special

items

1

•

Achieved record quarterly net revenue of $997 million, growth of

17.8%

primarily due to:

–

Gross dollar volume growth (13.3%

2

to $555 billion)

–

Increase in processed transactions (15.2% to 4.6 billion)

–

Increase in cross-border transaction volumes (17.3%)

•

Improved operating margin to 27.3% from 17.0% in 2006, excluding

special

items

1

•

Maintained already solid financial position -

$2.8 billion of cash, cash

equivalents and available-for-sale securities at quarter end

1

See Appendix A for GAAP reconciliation of special items

2

On a local currency basis

3

$

1.85

$

252

(134)

92

(11) 

36

269

27.0%

25

_

3

268

432

$

997

Actual

2Q 07

NM

_

_

Litigation

108.0

(50)

(104)

Tax Expense

(31.3)

(16)

(11)

Interest Expense

_

25

25

Depreciation and Amortization

NM

5

_

Charitable Contribution

$

0.74

$

101

_

22

144

17.0%

307

365

$

846

2Q 06 Adjusted

for special items

NM

2

Other Income

93.9

$

1.43

Diluted EPS

93.1

$

195

Net Income

(12.6)

268

Advertising and Marketing

63.6

36

Investment Income

18.2

432

General and Administrative

88.9

10.3 ppt

272

27.3%

Operating Income

Operating Margin

17.8

$

997

Net Revenue

Adjusted

Growth %

2Q 07 Adjusted for

special items

2

nd

Quarter

Selected

Financial

Performance

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

a

a

e

d

b

c

a

Adjusted for litigation settlements of $3MM and $23MM in 2007 and 2006, respectively

b

Adjusted

for

contribution

of

stock

to

the

MasterCard

Foundation

of

$395MM

c

Adjusted for interest income on IPO proceeds held for redemption of $7MM

d

Adjusted

for

other

income

related

to

a

settlement

agreement

to

discontinue

the

company's

sponsorship

of

the

2010

and

2014

World

Cup

soccer

events

of

$90MM

e

Net tax effect of all special items in 2006 is negligible

NM = Not meaningful

See Appendix A for a GAAP reconciliation of special items for the three and six months ended June 30, 2007 and 2006

Note: Figures may not sum due to rounding

4

MasterCard Branded Volume (GDV) 

Second Quarter 2007

Note: Figures may not sum due to rounding

9.8

9.8

255

United States

13.3

16.4

555

Worldwide

15.6

18.2

22

Canada

44.6

41.1

10

South Asia/Middle East/Africa (SAMEA)

15.1

18.5

73

Asia Pacific

22.1

27.3

37

Latin America

14.3

23.2

157

Europe

Local

Currency

U.S.

Dollar

GDV

($  billions)

YOY Growth Rate %

5

2

nd

Quarter Revenue -

Assessments

($ in millions)

•

Net assessments increased

$34, or 14.5%, to $268

•

Gross assessments increased

$59, or 13.3%, to $503 due to

strong GDV growth of 13.3%*

•

Net assessments as a % of

gross assessments increased

slightly

$268

$234

$0

$50

$100

$150

$200

$250

$300

2Q06

2Q07

20%

30%

40%

50%

60%

70%

80%

Net Assessment Fees

Rebates and Incentives and a % of gross assessments

* On a local currency basis

6

2

nd

Quarter Revenue -

Operations Fees

($ in millions)

•

Net operations fees up $117, or

19.1%, to $729

•

Gross operations fees

increased $132, or 19.6%, over

2006.  Key drivers include

increases in:

–

Processed transactions

growth: 15.2%

–

GDV growth: 13.3%*

–

Cross-border transaction

volume growth of 17.3%

•

Net operations fees as a % of

gross operations decreased

slightly

$729

$612

$0

$100

$200

$300

$400

$500

$600

$700

$800

2Q06

2Q07

85%

88%

91%

94%

97%

100%

Net Operations Fees

Rebates and incentives and a % of gross operations fees

* On a local currency basis

7

2

nd

Quarter Operating Expenses

($ in millions)

$0

$100

$200

$300

$400

$500

2Q 2006

2Q 2007

General & Administrative

Advertising & Marketing

Depreciation & Amortization

Litigation Settlements

Charitable Contributions

•

Total operating expenses increased

3.2% to $725, excluding special items,

and decreased 35.0% to $728,

including special items*

•

G&A increased 18.2%, or $67, driven

by:

–

Higher personnel costs for

additional staff and contractors

–

Increase in professional fees for

strategic initiatives and legal costs

•

Charitable contributions in 2006

primarily represented the initial

donation of stock to the MasterCard

Foundation

•

A&M decreased 12.6%, or $39, due

to:

–

Significant World Cup soccer 

sponsorship activity in 2Q06

–

Planned shift in spending to later

quarters in 2007

$365

$307

$25

$432

$268

$25

$23

$400

$3

*

See Appendix A for a GAAP reconciliation of special items for the three and six months ended June 30, 2007 and 2006

8

2

nd

Quarter Cash Flow Statement and

Balance Sheet Highlights

•

Generated $446 million in cash flow from operations during the six months

ended June 30, 2007

•

Cash, cash equivalents and available-for-sale securities of $2.8 billion and

stockholders’

equity of $2.9 billion

•

Prepaid expenses increased $65 million primarily due to higher customer

incentives and advertising expenses

•

Debt of $80 million reclassified from long-term to short-term

9

2007 Items for Consideration

•

Special items:

–

None in 3Q 2006

–

Litigation settlements of $2 million in 4Q 2006

•

Expect second half G&A to grow at a rate similar to first half of the year

•

A&M spend:

–

Still anticipate very modest full-year growth

–

3Q 2007 spend higher than 2Q 2007

–

Highest spend in 4Q 2007, but more evenly distributed over remaining

two quarters than in prior years

•

Redecard

investment will be “marked-to-market”

on our balance sheet

Income Statement

Balance Sheet

11

Appendix A: GAAP Reconciliation

a

Litigation settlements

b

Contribution of stock to the MasterCard Foundation

c

Contribution of cash to the MasterCard Foundation

d

Interest income on IPO proceeds held for redemption

e

Other income related to a settlement agreement to discontinue the company's sponsorship of the 2010 and 2014 World Cup soccer events

f

Net tax effect of all special items in 2006 is negligible

NM = Not meaningful

Figures may not sum due to rounding

12

Appendix A (cont.): GAAP Reconciliation

a

Litigation settlements

b

Contribution of stock to the MasterCard Foundation

c

Contribution of cash to the MasterCard Foundation

d

Interest income on IPO proceeds held for redemption

e

Other

income

related

to

a

settlement

agreement

to

discontinue

the

company's

sponsorship

of

the

2010

and

2014

World

Cup

soccer

events

f

Net tax effect of all special items in 2006 is negligible

NM = Not meaningful

Figures may not sum due to rounding