Mastercard Investor Presentation — October 2020

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Third -Quarter 2020 Financial Results Conference Call

October 28, 2020 ©2020 Mastercard

Ajay Banga & Michael Miebach:Financial Overview©2020 Mastercard

3rd Quarter Selected Financial Performance

($ in millions, except per share data)

3Q 20 3Q 19 Currency

Non-GAAP Non-GAAP As adjusted Neutral

Net revenue $ 3,837 $ 4,467 (14) % (14) %

Adjusted operating expenses 1,732 1,812 (4) % (5) %

Adjusted operating income 2,105 2,655 (21) % (20) %

Adjusted operating margin 54.9 % 59.4 % (4.6) ppt (4.2) ppt

Adjusted net income $ 1,605 $ 2,191 (27) % (26) %

Adjusted diluted EPS $ 1.60 $ 2.15 (26) % (25) %

Adjusted effective tax rate 20.0 % 16.8 %

Note: See Appendix A for Non-GAAP reconciliation.

Thanks, Michael. Turning to page 3 , which shows our financial performance for the quarter on a currency-

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

•Net Revenue was down (14)% , reflecting the impacts of the pandemic, and includes a 1 ppt benefit

•Operating Expenses were down (5)% year-over-year, or down (8)% if you exclude the 3 ppt impact of

•Operating Income was down (20)% , and Net Income was down (26)% , both of which include a 1 ppt

decrease from acquisitions.

•EPS was down (25)% year-over-year to $1.60 , which includes 3 cents of dilution related to our recent

acquisitions offset by a 3 cent contribution from share repurchases.

•During the quarter, we repurchased about $2.1 billion worth of stock and an additional $392 million

through October 23, 2020. ©2020 Mastercard

$244 $214$577 $523$831$911

Credit Debit / Prepaid3Q19 3Q20 3Q19 3Q20 3Q19 3Q20$0$200$400$600$800$1,000$1,200$1,400$1,600$1,800Worldwide United States Rest of World

1% Growth 4% Growth Flat Growth

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

2. Figures may not sum due to rounding.($ in billions)3rd Quarter Gross Dollar Volume (GDV)

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