Mastercard Investor Presentation — February 2018

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February 1, 2018 Mastercard

Fourth-Quarter and Full-Year 2017 Financial Results Conference Call©2018 Mastercard

Financial & Operational Overview

[See Separate Document]©2018 Mastercard

4th Quarter Selected Financial Performance

($ in millions, except per share data)

4Q 17 4Q 16 Currency

Non-GAAP1Non-GAAP1Non-GAAP Neutral

Net revenue $ 3,312 $ 2,756 20% 18%

Total operating expenses 1,623 1,383 17% 15%

Operating income 1,689 1,373 23% 20%

Operating margin 51.0 % 49.8 % 1.2 ppt 1.1 ppt

Net income $ 1,208 $ 940 28% 25%

Diluted EPS $ 1.14 $ 0.86 33% 30%

Effective tax rate 26.8 % 28.7 %

1 Excludes special items relating to deconsolidation of Venezuela, US tax reform and last year's U.K. merchant litigation provision. See

Appendix A for Non-GAAP reconciliation.

Martina Hund-Mejean:

Thanks Ajay, and good morning everyone. As you can see in the highlights on page 3, we have delivered

another strong quarter. F/X was a tailwind of about 2.5 ppt to net revenue and 3 ppt to net income,

primarily due to the strengthening Euro. I will now highlight the numbers on a currency-neutral basis,

excluding the impact of special items which I will explain in more detail on the next slide:

•Net Revenue grew 18% , driven by solid momentum in our core business, and includes a 3 ppt benefit

•Operating Expenses , increased by 15% and includes an 8 ppt impact from acquisitions, primarily for

•Operating income grew by 20%, while Net Income was up 25% , resulting from our strong underlying

performance and a lower tax rate.

•EPS was $1.14 , up by 30% year-over-year, with share repurchases contributing 3 cents per share.

During the quarter, we repurchased about $1 billion worth of stock and an additional $287 million

through January 30, 2018.©2018 Mastercard

Special ItemImpact on

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