Mastercard Investor Presentation — April 2019

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April 30, 2019 Mastercard

Incorporated First-Quarter 2019 Financial Results Conference Call©2019 Mastercard

[See Separate Document]©2019 Mastercard

1st Quarter Selected Financial Performance

($ in millions, except per share data)

1Q 19 1Q 18 Currency

Non-GAAP1Non-GAAP1Non-GAAP Neutral

Net revenue $ 3,889 $ 3,580 9% 13%

Total operating expenses 1,676 1,638 2% 5%

Operating income 2,213 1,942 14% 20%

Operating margin 56.9 % 54.2 % 2.7 ppt 3.2 ppt

Net income $ 1,833 $ 1,581 16% 21%

Diluted EPS $ 1.78 $ 1.50 19% 24%

Effective tax rate 16.8 % 17.7 %

1 Excludes the impact of Special Items. See Appendix A for Non-GAAP reconciliation.

Turning to page 3, we had a solid start to the year. Here are a few highlights, on a currency-neutral basis,

and excluding special items related to certain tax and legal matters.

•Net Revenue grew 13% , driven by solid momentum in our core, and was slightly ahead of our

expectations due to services growth.

•Operating Income grew by 20% , and Net Income was up 21% , reflecting our strong operating

•EPS was $1.78 , up by 24% year-over-year, with share repurchases contributing 4 cents per share.

During the quarter, we repurchased about $1.8 billion worth of stock and an additional $467 million

through April 25, 2019.©2019 Mastercard

Credit Debit/Prepaid$1,600

1Q18 1Q19 1Q18 1Q19 1Q18 1Q19$722 $742

$194 $212$528 $530$685$742

$225$239$460 $503Worldwide United States Rest of World

12% Growth 8% Growth 13% Growth

Notes: 1. Growth rates are shown in local currency.

2. Figures may not sum due to rounding.($ in billions)1st Quarter Gross Dollar Volume (GDV)

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