Mastercard Investor Presentation — January 2019

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January 31, 2019 Mastercard

Incorporated Fourth-Quarter and Full Year 2018 Financial Results Conference Call©2019 Mastercard

[See Separate Document]©2019 Mastercard

4th Quarter Selected Financial Performance

($ in millions, except per share data)

4Q 18 4Q 17 Currency

Non-GAAP1Non-GAAP1Non-GAAP Neutral

Net revenue $ 3,807 $ 3,312 15% 17%

Total operating expenses 1,816 1,623 12% 14%

Operating income 1,991 1,689 18% 21%

Operating margin 52.3 % 51.0 % 1.3 ppt 1.4 ppt

Net income $ 1,611 $ 1,208 33% 36%

Diluted EPS $ 1.55 $ 1.14 36% 40%

Effective tax rate 18.3 % 26.8 %

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

Martina Hund-Mejean:

Thanks Ajay, and good morning everyone. Turning to page 3, you will see that we delivered another

very strong quarter to end the year. Here are a few highlights, on a currency-neutral basis,

excluding special items related to certain legal and tax matters.

•Net Revenue grew 17% , in line with our expectations and closing out a great year of growth.

This includes a 5 ppt benefit from the new revenue recognition rules. Excluding this benefit,

revenue growth was 12% .

•Operating Income grew by 21% , including a 7 ppt benefit due to the new revenue recognition

•Net Income was up 36% , reflecting strong operating results and the impact of U.S. Tax Reform,

which contributed approximately 12 ppt to this Net Income growth.

•EPS was $1.55 , up by 40% year-over-year, with share repurchases contributing 3 cents per

share. During the quarter, we repurchased about $888 million worth of stock and an additional

$773 million through January 30, 2019.©2019 Mastercard

Credit Debit/Prepaid$1,800

4Q17 4Q18 4Q17 4Q18 4Q17 4Q18$738 $787

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