Mastercard Investor Presentation — January 2020

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January 29, 2020 Mastercard

Incorporated Fourth -Quarter and Full-Year 2019 Financial Results Conference Call©2020 Mastercard

[See Separate Document]©2020 Mastercard

4th Quarter Selected Financial Performance

($ in millions, except per share data)

4Q 19 4Q 18 Currency

Non-GAAP Non-GAAP As adjusted Neutral

Net revenue $ 4,414 $ 3,807 16% 17%

Adjusted operating expenses 2,015 1,816 11% 12%

Adjusted operating income 2,399 1,991 21% 22%

Adjusted operating margin 54.4 % 52.3 % 2.1 ppt 2.3 ppt

Adjusted net income $ 1,981 $ 1,611 23% 25%

Adjusted diluted EPS $ 1.96 $ 1.55 26% 28%

Adjusted effective tax rate 15.9 % 18.3 %

Note: See Appendix A for Non-GAAP reconciliation.

Thanks, Ajay. Turning to page 3 , you will see we delivered strong performance in the fourth quarter to end

the year. Here are a few highlights, on a currency-neutral basis and excluding special items, as well as the

impact of gains and losses on the company's equity investments.

•Net Revenue grew 17% , driven by solid, broad-based momentum in our core products and services.

Acquisitions contributed approximately 1 ppt to this growth.

•Total Operating Expenses increased 12% , which includes a 4 ppt increase related to acquisitions.

•Operating Income grew by 22% , and Net Income was up 25% , reflecting our strong operating

performance, and which includes a 2 ppt and 1 ppt reduction due to acquisitions, respectively.

•EPS grew 28% year-over-year to $1.96 , which includes a 5 cent contribution from share repurchases

and 2 cents of dilution related to our recent acquisitions.

•During the quarter, we repurchased about $1.0 billion worth of stock and an additional $438 million

through January 27, 2020 .©2020 Mastercard

Credit Debit/Prepaid$2,000

4Q18 4Q19 4Q18 4Q19 4Q18 4Q19$788$856

$228 $254$560 $602$761$870

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