Presentation

MasterCard Incorporated

Quarter and Full-Year 2006

Financial Results Conference Call

February 9, 2007

Exhibit 99.2

Quarter Financial Results

•

Delivered net income of $41 million and earnings per share of $0.30

•

Achieved strong revenue growth of 17.2% primarily due to:

–

Gross dollar volume growth (13.8% to 532 billion)

–

Increase in processed transactions (17.4% to 4.4 billion)

–

Restructured cross-border pricing (implemented April 2006)

•

Contributed $14.5 million in cash to the MasterCard Foundation

•

Improved operating margin to 5.5% from (13.7%) in 2005

•

Maintained

already

solid

financial

position

$2.5

billion

cash,

cash

equivalents and available-for-sale securities at year-end

2006 Accomplishments

•

Largest U.S. listed IPO in 2006

•

Transformed

governance

structure

new

Board

Directors

with

global

representation

•

Celebrated 40th anniversary and successfully launched new corporate brand

•

Established The MasterCard Foundation

•

Made

great

progress

with

PayPass

initiative

•

Maestro

announced

Belgium’s

national

debit

brand

•

Launched World Elite product and won Sam’s Club

acceptance

•

Achieved full-year GDV of almost $2 trillion and card growth of 12.3%

($0.26)

(35)

(18)

(71)

(9.9%)

386

375

$ 716

4Q 2005

adjusted for

special items*

$0.30

(29)

(17)

5.5%

353

399

839

4Q 2006

GAAP

Litigation settlements

140.0%

(30)

Income tax expense

(5.6%)

(17)

Interest expense

(3.8%)

Depreciation and amortization

Charitable contributions to the

MasterCard Foundation

218.5%

95.2%

167.6%

(8.5%)

6.4%

17.2%

YOY

% Growth

Rate

Other income

$0.31

EPS

Net Income (Loss)

353

Advertising and marketing

Investment income

399

General and administrative

5.7%

Operating income

Operating Margin

839

Revenues, net

4Q 2006

adjusted for

special items*

Quarter Selected Financial Performance

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

See Appendix A for a GAAP reconciliation of special items for the three and twelve months ended December 31, 2005 and 2006

NM = Not meaningful

MasterCard Branded Volume (GDV)

Fourth Quarter 2006

Note: Figures may not sum due to rounding

14.5

244

United States

13.8

16.8

532

Worldwide

13.2

16.8

Canada

38.3

30.9

South Asia / Middle East / Africa

6.8

11.2

Asia Pacific

24.8

24.5

Latin America

12.9

21.5

145

Europe

Local

Currency

U.S.

Dollar

GDV

($ billions)

YOY Growth Rate %

Quarter

Revenue

Assessments

($ in Millions)

$177

$189

$50

$100

$150

$200

$250

$300

4Q05

4Q06

20%

30%

40%

50%

60%

70%

80%

Net

Assessment

Fees

Net Assessment Fees as a % of Gross Assessment Fees

•

Net assessments down $12 or

6.4%

•

Gross

assessments

increased

$53 or 12.4% over 2005. Key

drivers include:

–

GDV increases

–

Restructured pricing, primarily

$33 reclassification to

operations fees (offsets

gross

assessments)

•

Net assessments as a % of gross

assessments declined due to an

increase in incentives primarily

from:

–

New and renewed customer

and merchant agreements

Quarter

Revenue

Operations

Fees

($ in Millions)

•

Net operations fees up $135 or

25.6%

•

Gross operations fees increased

$159 or 27.3% over 2005. Key

drivers include increases in:

–

Processed transactions: 17.4%

–

GDV: 13.8%

–

Restructured pricing, including

$33 reclassification from

assessments

•

Net operations fees as a % of gross

operations fees slightly decreased

due to an increase in rebates

primarily from:

–

Consolidation of major

customers

–

Impact of restructured pricing

$662

$527

$100

$200

$300

$400

$500

$600

$700

4Q05

4Q06

85%

88%

91%

94%

97%

100%

Net Operations Fees

Net Operations Fees as a % of Gross Operations Fees

$100

$200

$300

$400

$500

4Q05

4Q06

General & Administrative

Advertising & Marketing

Depreciation & Amortization

Charitable Contributions

Quarter Operating Expenses

($ in Millions)

$375

$386

$26

$399

$353

$25

•

Total operating expenses

decreased 2.6% to $793:

–

Adjusted for special

items, increased 0.5%

•

Charitable contributions

increased due to $14.5 cash

contribution to the

MasterCard Foundation

•

G&A increased 6.4% to $399:

–

Driven by increases in

professional fees and

personnel costs

•

As expected, advertising and

market development

decreased 8.5% to $353:

–

Primarily due to focus on

World Cup soccer events

which concluded early in

3Q06

$14

Cash Flow Statement and

Balance Sheet Highlights

•

Generated $650 million in cash flow from operations during 2006

•

Cash, cash equivalents and available-for-sale securities of $2.5 billion

•

Stockholders’

equity at $2.4 billion

•

Accounts receivable increased $104 million primarily due to:

–

Pricing recalibration in Europe

–

Higher volume and assessments on cards

•

Accounts

payable

increased

$94

million

due

timing

payments

principally

to advertising and amounts due to customers and merchants under incentive

agreements

•

Accrued expenses increased $86 million primarily due to higher customer incentives

driven by new contracts in 2006

•

Obligations

under

the

U.S.

Merchant

Lawsuit

and

other

litigation

settlements

decreased $128 million due to:

–

$195 million in payments of litigation settlements

–

Offset by $67 million in accruals and interest accretion

2007 Items for Consideration

•

“special

items”

2006

•

1Q07

last

“grow-over”

quarter

resulting

from

April

2006

cross-border price restructuring

•

Advertising

and

marketing

spend

pattern

representative

of a non-World Cup soccer year

Full-Year 2006 Progress

30.9%

Return on equity, excluding IPO

proceeds

44.2%

Deliver net income growth*

2.9 ppt

improvement

versus 2005

Continued margin improvement*

13.2%

Grow revenue

FY 2006

*See

Appendix

for

GAAP

reconciliation

special

items

for

the

three

and

twelve

months

ended

December

31,

2005

and

2006

Appendix A: GAAP Reconciliation

Litigation settlements

Contribution of cash to the MasterCard Foundation

NM = Not meaningful

($ million)

YOY Growth

Actual

Special

Items

As Adjusted

Actual

Special

Items

Adjusted

As Adjusted

Revenues, net

$839

$716

17.2%

Operating Expenses

General and administrative

399

375

6.4%

Advertising and marketing

353

386

(8.5%)

Litigation settlements

Charitable contributions to the MasterCard Foundation

Depreciation and amortization

(3.8%)

Total operating expenses

793

791

814

787

0.5%

Operating income (expense)

(98)

(71)

167.6%

Operating Margin

5.5%

5.7%

(13.7%)

(9.9%)

Other Income (Expense)

Investment income, net

95.2%

Interest expense

(17)

(18)

(5.6%)

Other income, net

Total other income

140.0%

Income (loss) before income taxes

(88)

(61)

218.0%

Income tax expense (benefit)

(35)

(26)

Net Income (loss)

$41

$42

($53)

$18

($35)

218.5%

Basic Net Income (Loss) per Share

$0.30

$0.01

$0.31

($0.39)

$0.13

($0.26)

218.5%

Diluted Net Income (Loss) per Share

$0.30

$0.01

$0.31

($0.39)

$0.13

($0.26)

218.5%

For the three months ended 12/31/06

For the three months ended 12/31/05

Appendix A (cont.): GAAP Reconciliation

Litigation settlements

Contribution of cash to the MasterCard Foundation

Adjustment to reflect accounting methodology change for cash-based executive incentive plans

Contribution of common stock to the MasterCard Foundation

Interest income on IPO proceeds which were used for redemption

Gains from the settlement of a contractual dispute

NM = Not meaningful

($ million)

YOY Growth

Actual

Special

Items

As Adjusted

Actual

Special

Items

Adjusted

As Adjusted

Revenues, net

$3,326

$2,938

13.2%

Operating Expenses

General and administrative

1,505

1,352

1,333

12.9%

Advertising and marketing

1,052

1,008

4.4%

Litigation settlements

Charitable contributions to the MasterCard Foundation

415

395

Depreciation and amortization

100

110

(9.1%)

Total operating expenses

3,097

420

2,677

2,545

2,451

9.2%

Operating income

229

420

649

393

487

33.3%

Operating Margin

6.9%

19.5%

13.4%

16.6%

2.9 ppt

Other Income (Expense)

Investment income, net

125

(7)

118

93.4%

Interest expense

(61)

(70)

(12.9%)

Other income, net

(17)

(83.3%)

Total other income (expense)

(7)

(17)

(3)

Income before income taxes

294

413

707

407

484

46.1%

Income tax expense

244

250

140

167

49.9%

Net Income

$50

$407

$457

$267

$50

$317

42.2%

Basic Net Income per Share

$0.37

$3.00

$3.37

$1.98

$0.37

$2.35

43.4%

Diluted Net Income per Share

$0.37

$3.00

$3.37

$1.98

$0.37

$2.35

43.4%

For the year ended 12/31/06

For the year ended 12/31/05