MasterCard Incorporated

Second-Quarter 2009

Financial Results Conference Call

July 30, 2009

Exhibit 99.2

2

Business Update

•

Legislative Update

•

Economic Overview

•

Business Trends

3

$

2.67

$

349

558

43.6%

722

$

1,280

2Q 2009

Non-GAAP

excl. special items*

$

2.10

$

276

416

33.4%

830

$

1,247

2Q 2008

Non-GAAP

excl. special items*

$

2.67

$

349

557

43.5%

723

$

1,280

2Q 2009

Actual

27.1

Diluted EPS

26.4

Net income

(13.0)

Total operating expenses

34.0

10.2 ppts

Operating income

Operating margin

2.7

Net revenue

YOY

Non-GAAP

Growth %

2nd 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 June 30, 2009 and June 30, 2008

4

2nd 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

114

7.5

17.4

77

6.0

16.3

Canada

23

(16.6)

(3.4)

20

(15.5)

(2.2)

Europe

173

(15.5)

2.1

130

(14.4)

3.0

Latin America

41

(13.2)

7.0

22

(7.8)

11.2

United States

245

(9.7)

(9.7)

202

(8.8)

(8.8)

Worldwide

595

(9.3)

(0.6)

450

(8.6)

(0.7)

Purchase Volume

Gross Dollar Volume

YOY Growth %

YOY Growth %

5

•

Net Revenue

increased 2.7%,

and grew 7.0% on a constant

currency basis

•

Domestic Assessments

decreased 2.2%

•

Cross Border Volume Fees

declined 9.4%

•

Transaction Processing Fees

grew 14.6%

•

Other Revenues

declined 1.6%

•

Rebates & Incentives

decreased 5.8%

2nd Quarter Revenue 

($ in millions)

$599

$384

$439

$190

$1,247

($365)

$1,280

($344)

$187

$503

$348

$586

-$400

-$150

$100

$350

$600

$850

$1,100

$1,350

2Q 2008

2Q 2009

$521

$281

$28

$36

$180

$506

$0

$100

$200

$300

$400

$500

$600

General &

Administrative

Advertising &

Marketing

Depreciation &

Amortization

2Q 2008

2Q 2009

2nd Quarter Operating Expenses

($ in Millions)

•

Total operating expenses

decreased 13.0%,

excluding

special

items

*

•

G&A,

including severance charge of $51,

decreased 2.9% primarily due to:

•

Lower professional fees

•

Cost-reduction initiatives to reduce travel

•

Foreign currency contributed ~2.9 ppts to

the decrease

•

A&M

decreased 35.8% primarily due to:

•

Cost containment efforts in response to

market conditions

•

Foreign currency contributed ~3.5 ppts to

the decrease

*

See

Appendix

A

for

GAAP

reconciliations

of

special

items

for

the

three

months

ended

June

30,

2008

and

June

30,

2009

7

2nd Quarter 2009 Cash Flow Statement

and Balance Sheet Highlights

•

Generated $362 million in cash flow from operations

for the quarter ended June 30, 2009

•

Cash, cash equivalents and current available-for-sale

securities of $2.7 billion at June 30, 2009

•

Prepayment of $335 million to settle remaining

obligations under the 2003 merchant settlement

agreement is expected to occur in Third Quarter 2009

8

Items for Consideration and

2nd Quarter Business Highlights

•

Thoughts for full-year 2009

•

Performance objectives for the 2009 -

2011 period

•

Business Highlights for the second quarter 2009

9

10

Appendix A:

GAAP Reconciliations

a –

Litigation settlement

b

–

Amounts

have

been

revised

to

conform

with

the

adoption

of

FASB

Staff

Position

EITF

03-06-1

Figures may not sum due to rounding

($ millions except per share data)

Actual

Special

Item

Non -GAAP

Actual

Special

Item

Non -GAAP

Litigation settlements

$              1

$             (1)

a

$            -

$       1,649

$      (1,649)

a

$            -

Total operating expenses

723

(1)

722

2,480

(1,649)

830

Operating income (loss)

557

1

558

(1,233)

1,649

416

Operating Margin

43.5%

-

43.6%

(98.9%)

-

33.4%

Income (loss) before income taxes

536

1

537

(1,223)

1,649

426

Income taxes (benefit)

187

-

188

(477)

627

150

Net Income (Loss)

$          349

$            -

$          349

$         (747)

$       1,023

$          276

Basic Net Income (Loss) per Share

$2.67

$0.01

$2.68

($5.70)

b

$7.80 b

$2.10 b

Diluted Net Income (Loss) per Share

$2.67

-

$2.67

($5.70)

b

$7.80 b

$2.10 b

Three Months ended June 30, 2009

Three Months ended June 30, 2008

11

Appendix A (cont.):

GAAP Reconciliations

Figures may not sum due to rounding

Reconciliation to Effective Tax Rate for the American Express Litigation Settlement

(In millions, except percentages)

Actual

Actual

Effective

Tax Rate

Special

Item

Non-

GAAP

Non-

GAAP

Effective

Tax Rate

Three months ended June 30, 2008:

Income (loss) before income taxes

$      (1,223)

39.0%

$        1,649

$         426

35.3%

Income tax expense (benefit)

(477)

627

150

Net income (loss)

$

(747)

$

1,023

$

276