Mastercard Investment Community Meeting

SEPTEMBER 12, 2019 Welcome

Warren Kneeshaw Executive Vice President, Investor Relations Agenda 10:20 a.m. 10:20 a.m. 10:05 a.m. 9:50 a.m. 8:50 a.m. 8:35 a.m. 8:30 Break Stanton Kevin Data Bhalla Ajay ecosystemthe securing Advancingand trust Innovation Products& Global Banga Ajay Capitalizingour opportunity on Warren Kneeshaw Welcome Paul Stoddart Paul Atthe forefront of real- Miebach Michael Commercial Turner JessMiebach, Michael Consumer & Servicesa as force multiplier – driving exceptional driving experiences – solutions foreverysolutions businesspayment time payments 12:45 12:45 12:30 11:55 a.m. 11:35 a.m. 10:35 12:45 12:45 1:30 – – a.m. – 2:00 p.m. 2:00 p.m. 2:30 – 1:15 p.m. 1:15 2:00 p.m. 2:00 Digital, Services Regional:AP/LAC/MEA, B2B/Real sessions Breakout product showcaseLunch and Q&A session Mehra Sachin Financial Go Session 2 Session 1 - to Michael Froman, Tim Murphy Froman, Tim Michael Government engagement Barnett Mark Europe Shultz Kirkpatrick, Ron Vosburg,Craig Linda US - market updates perspective - Europe, North America, America, Europe,North - time payments, payments, time 3 ©2019 Mastercard. Executive Vice President, Vice President, Executive Mastercard managementMastercard presenters Chief Executive Officer Executive Chief Linda Kirkpatrick Linda Ajay Ajay Merchants and President and and President Acceptance Banga Executive Vice President, Vice President, Executive Michael New Payments Flows New Payments Chief Product Officer Product Chief Ron ShultzRon Miebach Executive Vice President, Vice President, Executive North America Products North America Products U.K., Ireland, Nordics Ireland, U.K., Division President, President, Division Mark Barnett Mark Jess Turner & Innovation & & Baltics& New Payment Platforms New Payment Michael Paul Stoddart Paul Strategic Growth Vice Chairman and President, President, and President, President, Froman Timothy Murphy Timothy Intelligence Solutions President, Cyber & & Cyber President, General Counsel Ajay Bhalla Chief Financial Officer Financial Chief Chief Services Officer Services Chief Kevin Stanton Kevin Sachin Mehra Executive Vice President, Vice President, Executive Warren KneeshawWarren Craig Vosburg Craig Investor Relations North America North President, President, 4 ©2019 Mastercard. Executive Vice President, Vice President, Executive Executive Vice President, Vice President, Executive and managementand attendees hosts sessions breakout Additional James Anderson James Commercial Products Jorn Lambert Digital Solutions President, International President, Gilberto Co Asia Pacific Ling Hai Ling - President, President, Caldart President, Operations Operations President, Ed McLaughlin Dimitrios DosisDimitrios President, Advisors President, & Technology& Enterprise Partnerships Enterprise Carlos Menendez Carlos America &Caribbean Carlo Enrico Carlo President, Latin Latin President, President, President, Michael Chief People Officer People Chief President, Europe President, Javier Perez Javier Fraccaro Executive Vice President, Vice President, Executive Acceptance Solutions Executive Vice President, Vice President, Executive Blake Rosenthal Sherri Sherri Digital Partnerships Digital Haymond Loyalty & Engagement & Loyalty President, U.S. Issuers U.S. President, Francis Hondal Francis Raj Seshadri Raj President, President, 5 ©2019 Mastercard. Today’s presentationmaycontain,information,historicaladdition to in forward Forward looking statements appendices at the end of this presentation. of this end the at appendices non Any provided during today’s presentations. Mastercarddisclaims any obligation to publicly update or revise any forward- reviewconsider and informationthe containedSEC ourin with theregarding filings uncertainties. and risks these results to differ cause actual could that frommaterially by suggested those our comments today. You should future involve of and ofa eventsuncertainties number and reflect judgment best risks management the which forwardThese ReformLitigation ofAct of1995. meaning Securities Private the - GAAP information contained in today’s presentationsis reconciledto its GAAP equivalent in the - looking statements are based on our current assumptions, expectations and projections about areabout statements on based and projections ourlooking expectations current assumptions, looking statements or information statements looking - looking statements within the the within statements looking 6 ©2019 Mastercard. Capitalizing on our opportunity

Ajay Banga President and Chief Executive Officer Our strategy Digital - physical convergence Commercial Acceptance Grow Prepaid Credit CORE ENABLED BY BRAND, DATA, TECHNOLOGY AND PEOPLE AND TECHNOLOGY DATA, BRAND, BY ENABLED Debit Debit Local schemes/switchesLocal CUSTOMERS AND AND CUSTOMERS Financial inclusionFinancial Diversify GEOGRAPHIES Digital players Governments New markets Businesses Merchants Cyber Intelligenceand New flows payment Marketing services Marketing Data analytics NEW AREAS NEW Consulting Processing Build Loyalty Loyalty 8 ©2019 Mastercard. The transformationThe Mastercard of diversification New Growth in in Growth services Product 1. flows Gross dollar volume as reported; Mastercard branded only branded Mastercard reported; as volume dollar Gross payment • • • • • centric credit Consumer Virtual cards Card benefits services Managed Early fraud tools 2012 + + + + + + + + + application ACHinfrastructure and Prepaid Strongdebit growth Processing assets Loyalty platforms Data analytics ofFull solutions suite cyber account capabilities Cross Fast solutions - growing commercial - border account to account border leadership 2018 assets $3.7T 2012 50% 41% 9% GDV Multi 1 $5.9T - 2018 rail 43% 46% 11% of2018 revenues network Services Consumer Credit Consumer Prepaid & Debit Consumer Commercial ~26% ~26% 9 ©2019 Mastercard. Staying ahead of the trends the of ahead Staying Support governments’Support ecosystems digital Proactive engagement solutions; privacyanalytics Data bydesign Cyberintelligence & solutions; focused AI innovation;Drive foster Multi Digital Initiatives - rail providerrail - first solutions first model developer ecosystem developer Trends Newplayers emerging Demand Regulatoryoversight nationalism and Focus dataprivacy on and Heightenedcybersecurity threats Emergencenew oftechnologies Streamlined for choice user experience 10 ©2019 Mastercard. Significant opportunitymultiple paymentacross flows Volumetrillions in $ Marketsize by paymentflow Sources: 2018 non of $13T Includes 2. non of $12T Includes 1. rounding to due sum not may Figures Note: Carded ACH &Check Cash – Oxford Economics,EuromonitorInternational,Oxford Associates,Kaiser McKinsey Payment Data; Mastercard internal analy PCE card purchases in China China purchases in card -PCE consumption -purchase $50 PCE 28 17 2 1 2 7 B2B/G2B $125 84 38 2 sis P2P/B2C/G2C $60 48 13 2 $235 TOTAL 139 30 68 2 1 87% 13% 11 ©2019 Mastercard. Mastercard’s multi Mastercard’s Infrastructure Applications Services • • • • Point Account by Pay Debit Consumer Consumer Credit - - layered approach of P2M - sale financing Data & Services & Services Data Cards, Real Processing Bill PayBill Cyber & Intelligence Intelligence & Cyber • • • – - – – – Mastercard Track Mastercard cardsVirtual P T&E, SME, timepayments/ACH, Blockchain Gateway,Prepaid Management Business Payment Service Hub B2B Directory Trade – Loyalty, Advisors,data analytics Mastercard Cross Send Prepaid B2B / G2B / B2B - – card, Fleet fraud solutions, AI fraud solutions, Micro payments / Kionect ™ - border/ Transfast • Mastercard Send P2P / B2C / G2C ™ 12 ©2019 Mastercard. Creating shareholder value Creating 5 Net - 2. 1. Year CAGR % 2018 through Source: Factset Factset Source: Excludes special items as defined in Appendix Refer A. to Appendix nonA for EPS Revenue Currency – based on initial investment of $100 on 9/1/09 through 8/30/19; MA stock price of $20.07 on 9/1/09 vs. $281.37 $281.37 initial 9/1/09 vs.$20.07 onbased9/1/09 8/30/19; through oninvestment onstock $100 price of MA of - neutral 23% 15% 1 -GAAP reconciliation $1,000 $1,500 $100 $500 TotalShareholder Return 2009 S&P 500 S&P Tech Info 500 S&P Mastercard 2010 2011 on 8/30/19 2012 2013 2 2014 2015 2016 2017 2018 2019 AUG $1,459 $353 $500 13 ©2019 Mastercard. Key takeaways opportunity ahead to our customers Providing choice Significant and building solutions building and Anticipating trends Anticipating to meet evolving evolving meet to by good doing requirements Doing wellDoing Executing on strategyon Executing for long and well positioned welland Differentiating with services with - term growthterm 14 ©2019 Mastercard. Global Products & Innovation

Michael Miebach Chief Product Officer Jess Turner Executive Vice President, North America Products & Innovation experience, choice,relevance and Our product strategy Diverse partners Consumers Businesses Who – Paymentchoice flexibility & Locally relevant solutions Best Grow, Diversify,Build differentiate with - in - class experiences class What New tech & business models New & business tech Enable our partners Enable Multi - rail network How 16 ©2019 Mastercard. One Market size Real- Open Cross Real- Acceptance AccountsPayable Commercial Core Commercial Person PayBill solutions Product Consumer Consumer Sources: 2018 non of $12T Includes 2. Mastercard 1. announcedCorporateNets’agreement an Servicesacquire majority the business,ofto regulatory subject to and Time PaymentsInfrastructure Time Payments Applications - Banking Recent additions Border - to ( RPPS Biller RPPS - - Cards Person stop shop across payment payment shop across stop flows ( – Contactless, QR, QR, Contactless, (Mastercard Send, Oxford Economics,EuromonitorInternational,Oxford Associates,Kaiser McKinsey Payment Data; Mastercard internal analy ( Connect, Protect, Resolve, Protect, Connect, (Credit, Debit, Prepaid, Tokenization, Debit, (Credit, purchase consumption -purchase (SME, T&E, P (SME, T&E, & Disbursement Disbursement & Directory , TapPhone, Vyzeon ) Transactis - (Virtual Cards,(Virtual Mastercard Track™ Card, Transfast (Pay by Account) by (Pay (Mastercard Send™) ( Regional Expansion Fleet, Prepaid)Fleet, , , Nets Nets ) Nets CorporateNets Banking Open Services Corporate Services PayBill Secure Remote Commerce) incl. incl. Nets Corporate Services incl. PaymentDelivery on 1 ) oth er conditionser sis 1 ) 1 ) Cards ) PCE (P2M)PCE $50T         Real $235T 2 Opportunity - Time Payments / ACH / Payments Time B2B/G2B $125T         2 Blockchain P2P/B2C/G2C $60T       17 ©2019 Mastercard. Sustainable momentum with strongSustainablemomentumresults with Commercial Prepaid Consumer Debit Consumer Credit Global 2. 1. Includescommercialdebit and credit only branded Mastercard reported; as volume dollar Gross 1H18. versus growth currency Local 2 +19% +14% +13% GDV 1H19 1H19 +9% 1 2018 market share trend 18 ©2019 Mastercard. Consumer – driving exceptional experiences Innovatingprovide to best Heightened consumer 1. Retail sales projected by eMarketer, 2019 eMarketer, by projected sales Retail expectations Privacy Choice flexibility& Digital-first Personalization Delivered by partners, our enabled by enabled Mastercard - Payby Account in - classconsumer experiences Global Focus on growth vs. growth vs. digital commerce within P2M P2M within digital commerce >4x total retail total 1 20 ©2019 Mastercard. Digital commerce – unprecedented pace Digital transactions are growingat an 1 solving forsolving digital Digital and physical continueto come together in everyday life 2 - physical convergence interfaces, havewill profounda Technology, AI,particular in connectivity,new IoT and impact on commerce on impact 3 21 ©2019 Mastercard. Tokenization Issuers Consumers – enabling all forms ofdigital payment Tokenization CREDENTIAL CREDENTIAL Use cases COMMERCE COMMERCE PLATFORMS CHECKOUT DEVICES ON FILE ON GUEST Interfaces E - COMMERCE IN- VOICE TEXT NFC QR APP Merchants 22 ©2019 Mastercard. Secure RemoteCommerce – • • • • to to technologies, enabling ourpartners Integrated authentication and standards Interoperable static passwords No Acceptance and and scale scale payment services providers and with Mastercard powered bypowered differentiate with tokenization merchants Optimizing Secure Remote Commerce with MastercardRemoteCommercewith Secure Optimizing Tokenization Mastercard reinventing guestcheckout MDES TOKEN NuDetect Authentication Identity Check Mastercard (Token Connect) Enrollment Consumer Via issuers issuers Via 23 ©2019 Mastercard. serving today’sdigital serving Mastercard WellnessDigital • • • standards on Built EMVCo 2.0 3DS EMVCo Tokenization CommerceRemoteEMVCo Secure PROVIDES MERCHANTS EASY ACCESS TO OUR ACCESS EASY TOMERCHANTS OUR PRODUCTS & SERVICES - first customer – • • • • • by Mastercard Powered Global Cyber Global Alliance Institute Cyber Readiness NuData MastercardDigital Enablement (MDES) Service Mastercard Secure Remote Commerce 24 ©2019 Mastercard. Debit MastercardDebit 2. 1. When converted to Debit converted MastercardWhen Maestro to from Card mix excludes Venezuelan cards Upgrading debit portfolio 2016 Debit cardDebit mix Q2 2019 EUR LAC AP 1 Mastercard Debit Maestro – enabling digitalcommerce • • • • Driving consumerexperience with DebitMastercard - to value access Greater acceptance Global forenabled Digital wallet- in contactlessand Consistent e- Yielding results capturing capturing commerceand mobile 2X up toup * + 2x added services DMC Debit Yield Yield Debit DMC vs Maestro Consumerspend with Debit MastercardDebit - commerce experience app use 2 25 ©2019 Mastercard. Prepaid expansion expansion Use case Vertical Distributing throughnew, customers digital -first – Real economy payroll innovating to grow our leading position Gig ENABLING OUR DIVERSE SET OF PARTNERS THROUGH THROUGH PARTNERS OF SET OUR DIVERSE ENABLING - time INTEGRATED, END INTEGRATED, & marketplaces& Digital wallets wallets Digital “giants” Digital Digital - - TO Fintechs banking Digital Digital END PLATFORMS END Empoweringnew consumers Mobile banking Mobile Underserved 26 ©2019 Mastercard. Enabled by… Bill PayBill Text goeshere “I can viewall my bills inone app, and payapp, and howI want” 1. Mastercard announced an agreement to acquire the majority of Nets’ Corporate Services business, subject to regulatory and oth and regulatory to subject business, Services Corporate Nets’ of majority the acquire to agreement announced an Mastercard Targeting payglobal bill opportunityand improving experience across ecosystemthe Small Business Consumer & – platform to address additional consumerplatform address flowsadditional to “Customersare spending more timein our app” Bank Biller Directory Pay in Pay er er • • • • conditions Mastercard PayBill User directory messaging Dynamic Payment choice integrationAPI RPPS - app, in realapp, in time “It’scheapermore and efficienttoprocess bill payments” Biller 1 27 ©2019 Mastercard. Commercial – solutions for every business payment Comprehensive commercial card solutions card Comprehensive commercial Mastercard ReceiptManagement Efficiencysimplicity forand small &medium enterprises Small business cards business Small Newe.g. capabilities, Travel cards Purchasing & Platform corporates governments& Smarter, safercards for Smart DataSmart - based services, e.g. e.g. services, based Straight Digitized payables& enhancements, e.g. e.g. enhancements, Supplier experience Supplier Virtual cards Virtual - receivables Through Processing 29 ©2019 Mastercard. Addressing pervasive pain points in accounts payable accounts in points pain pervasive Addressing Volumetrillions in $ Marketsize by paymentflow Accounts payable addressable with with addressable Sources: 2018 non of $12T Includes 1. account flows ~$110T A significant B2B opportunity payments – primarily Oxford Economics,EuromonitorInternational,Oxford Associates,Kaiser McKinsey Payment Data; Mastercard internal analy - based PCE 50 purchase consumption -purchase 1 B2B/G2B 125 P2P/B2C/G2C 60 TOTAL 235 1 • • • • acceptance conditions acceptance common standards Limited makes reconciliationdifficult Limited remittance payment terms cash flow toManaging enforce due toinability ofLack visibility sis Accountspoints pain payable automation into supplier payment preferenceinto payment supplier and data due to lack of established of established lack to due associated with a payment payment a with associated 30 ©2019 Mastercard. Mastercard Mastercard Addressingpain points in B2B commerce Tacklingpayments B2B systemic in challenges Solving complexitiespaymentsadjacent Solving to Vast improvements to the waybuyers and suppliers conduct tradescale at Track ™ – modernizingecosystem B2B the Mastercard Track architecture Track Mastercard Scale through partners throughScale Data Multi Global - - rich rail 31 ©2019 Mastercard. Mastercard Track Mastercard Mastercard Track Mastercard Track Trade Directory Existing… B2B B2B Hub New… • • • • ™ 170 countries entities business million Over 200 Distributed Distributed by customer bank mid for Accountspayable outsourcing service – expanding our suite of solutions - market customers Features Business PaymentBusiness Service Mastercard Track • • Accountspayable automation Suppliermanagement risk Benefits 32 ©2019 Mastercard. Mastercard Mastercard - open an launching Mid Buyers Large Small - market TYPES, GREATER CONTROL, AND RICHER DATA TO OPTIMIZE B2B B2B TO OPTIMIZE DATA AND RICHER CONTROL, GREATER TYPES, SINGLE CONNECTION ENABLES ACCESS TO MULTIPLE PAYMENT PAYMENT MULTIPLE TO ACCESS ENABLES CONNECTION SINGLE Specialty players Buyer agents B2B networks B2B Cards Banks Track TRANSACTIONS FOR BUYERS SUPPLIERS AND BUYERS FOR TRANSACTIONS ™ loopcommercial payment service Business PaymentBusiness Service Business PaymentBusiness Service • • • Real Rich remittance data remittance Rich Supplier payment rules Buyer/supplier directory Mastercard Track - time payments / ACH/ payments time Supplier agents Supplier Specialty players B2B networks B2B Blockchain Banks – Mid Suppliers Large Small - market 33 ©2019 Mastercard. Payment on DeliveryPayment on “I of“I canall manage my invoices restaurant and payments electronically” Buyer Local Local Buyer agent Restaurant’s bank Business PaymentBusiness Service – • • Real Rich remittance data remittance Rich Supplier payment rules Mastercard Track use case on real on case use - time payments / ACH/ payments time ™ paymentand canmake more deliveries” - “My driver longerno “My tofor has driver wait Supplier agent Supplier time paymentrails Wholesaler’s Wholesaler’s ERP vendorERP wholesaler Supplier Liquor 34 ©2019 Mastercard. Mastercard Send Mastercard Instant, scalableInstant, payments Trusted security & services Global reachGlobal Features ™ – • • • • fast, secure B2C disbursements Transparentpayment status fees forpayers Avoidanceof check and wire loyaltyand engagement Superior userexperience drives recipients Fasterforavailability funds Benefits Partner examples 35 ©2019 Mastercard. At the forefront of real-time payments

Paul Stoddart President, New Payment Platforms The real Other or planned implemented Enabled byEnabled Mastercard - time ACH infrastructuretime ACH expanding opportunityis 37 ©2019 Mastercard. Our full Infrastructure Applications Services - service approach service facilitate adoption real enhance Capabilities that recipientsand moreconnect senders End technologyrails and payment Underlying - - time payments and and payments time user solutionsuser to Consulting Managed services & hubs services Managed P2M Data analytics B2B / G2B / B2B P2P / B2C / G2C Fraud solutions Directory 38 ©2019 Mastercard. Nets Infrastructure Applications 1. Services Mastercard announced an agreement to acquire the majority of Nets’ Corporate Services business, subject to regulatory and oth and regulatory to subject business, Services Corporate Nets’ of majority the acquire to agreement announced an Mastercard 1 provides complementary value • • • • • • • technologies Can provided be across analytics & of services Suite Pay by Account (P2M) by Account Pay Transactis PayUS Bill (C2B) customized Sophisticated & Larger markets • • • • • • Additional marketaccess platform E Europe Pay Bill Region Fast deployment Smaller markets - invoicingnew & billing - er er specific capabilities specific conditions 1 • • • • • • suite of services & analytics & of services suite Broad tosell opportunity Extensive roadmap (e.g. pay) bill New flowpenetration (e.g. Pay by Account) Proven applications Industry global coverageExtended - leading solutionsleading 39 ©2019 Mastercard. Infrastructure 2. 1. World Bank national accounts data, and OECD National Accounts data files data National Accounts OECD and data, national accounts Bank World oth and regulatory to subject business, Services Corporate Nets’ of majority the acquire to agreement announced an Mastercard 1 – real - time connectivity, worldwide reach er er conditions conditions 11/50 11/50 60%+ 30%+ …and supporting Live orin signed …representing Topmarkets… GDP World population Global GDP Global 2 … 40 ©2019 Mastercard. Applications Applications Applications Partners 1. Mastercard announced an agreement to acquire the majority of Nets’ Corporate Services business, subject to regulatory and oth and regulatory to subject business, Services Corporate Nets’ of majority the acquire to agreement announced an Mastercard – Pay By Account By Pay addressing addressing a range cases of use P2M Bill Pay Bill Exchange Built on real on Built 1 - time payments infrastructure time er er Mastercard Track Mastercard conditions Business Payment Payment Business B2B / G2B / B2B Service Send ™ P2P / B2C / G2C 41 ©2019 Mastercard. - cross our Extending Governments Consumers Businesses ENABLED BY CARDS, REAL CARDS, BY ENABLED Providing our partnersbroad reach through a single API connection Banks border capabilities - TIME PAYMENTS/ACH AND BLOCKCHAIN financial institutions & 300+ banks 125+ countries 150 currencies Banks Governments Consumers Businesses 42 ©2019 Mastercard. Services Financialsolutions crime Verify identity Account alert Prevent Trace – scaling through new flows new through scaling >100 real - time payment services contractspayment services time executed2015 since Reporting &analytics Benchmark Classify Predict Report Risk &resiliency Financial crime Financial Optimization Strategy Consulting 43 ©2019 Mastercard. Global Products & Innovation Conclusion

Michael Miebach Chief Product Officer Future frontiers Strategy extension payments Card Card Card services – emerging commerce ecosystems New payment flows Frontiers New payment services services payments Beyond 45 ©2019 Mastercard. Key takeaways diverse partners and and diversepartners Building innovativeBuilding products forour their customers Powering choice, convenience and security and convenience choice, Powering Enabling scalable digital solutions Supporting all formsSupporting of payment with our payment with of - multi rail network rail 46 ©2019 Mastercard. Advancing trust and securing the ecosystem

Ajay Bhalla President, Cyber & Intelligence Solutions Rapidly changing world presents new opportunities & risks & opportunities new presents changing world Rapidly Disrupting industries and crime Disrupting and industries Digital convergenceDigital IoT& Weak built Age of AI of Age - in security in Concerns overprivacy security and data Expects experience comes with security Exponential growthExponential in data Digitally native generation 48 ©2019 Mastercard. Cybersecurity needs of our stakeholdersCybersecurityour areneeds evolving of Governments Institutions Consumers Businesses Merchants Financial Financial Introducing and enforcing and Introducing Increasingly targeted Seeking Seeking cyber against Protecting attackswhile by Impacted expertise data breaches and by cyber criminals; by solutions cyber laws cyber – looking for control for looking to mitigate threats and to infrastructure protect critical optimizing customer experience customer optimizing investing heavily investing and trusted brands trusted reduce risk to stay secureto 49 ©2019 Mastercard. A multi Securephysical the world and the IoT and the world world, the digital digital the world, - Prevent layered strategy that advances trust advances that strategy layered Governments Cards Powers products and enables customers Powers enables and products Identify genuine consumers and Identify devices Artificial Intelligence Banks Real - time payments Stop cyberattacks, Merchants reduce fraud reduce Detect Physical and digital digital Physicaland experiences that Consumers Beyond payments grow commerce commerce grow Experience 50 ©2019 Mastercard. Experience Securing the ecosystem and unlocking new opportunities new unlocking and ecosystem the Securing Identify Prevent Detect 4. 3. 2. 1. As of year As of 2018 July estimates Mastercard July 2018 As of July 2019 -presentcard transactions,percentage of excludinga Venezuela contactless as transactions 2018; -end – June 2019 Biometrics Contactless Intelligence Decision Net Safety Identity Check SecureCode EMV Digital EMV chip – June 2019 $10 billion Recent successes 3.5 billion Saved in attempted attempted in Saved Card transactions Transactions are authentications cyber attacks chip enabled SecureCode contactless 22% 88% 4 1 2 3 Collaborating on Embedding AI Embedding Securing the Detecting automatically Future focus Future cyber vulnerabilities cyber Internet of Things of Internet for every solution for Digital Identity Digital 51 ©2019 Mastercard. Growth strategy acceleratedGrowthacquired capabilities by • • • Trust Trust devices IoT in the ID bots/synthetic Block biometrics Behavioral of Thingsof Internet • • • Unique proprietary IP speedhigh Ultra Globally scalable everywhere Intelligence • • • Quick resolutionQuick chargebacks Eliminate Collaborative platform ethoca experience Digital Digital 52 ©2019 Mastercard. Key takeaways ecosystem security Ensuring Ensuring of differentiation Creating sources sources ofgrowth Delivering new 53 ©2019 Mastercard. Data & Services as a force multiplier

Kevin Stanton Chief Services Officer Data & Services Data & • • Recurring Differentiated byMastercard data, brand, network Management Data - revenue focused Analytics & Analytics Insights - Advice - end Fully plugged into other Mastercard capabilities Consulting to - end value proposition value end Test & Test Learn Loyalty & Rewards • • AI Best - enabled - in Execution Marketing Marketing - Services class delivery efficiency delivery class a Service Labs as 55 ©2019 Mastercard. Our strategy Digital - physical convergence Commercial Acceptance Grow Prepaid Credit CORE ENABLED BY BRAND, DATA, TECHNOLOGY AND PEOPLE AND TECHNOLOGY DATA, BRAND, BY ENABLED Debit Debit Local schemes/switchesLocal CUSTOMERS AND AND CUSTOMERS Financial inclusionFinancial Diversify GEOGRAPHIES Digital players Governments New markets Businesses Merchants Cyber Intelligenceand New flows payment Marketing services Marketing Data analytics NEW AREAS NEW Consulting Processing Build Loyalty Loyalty 56 ©2019 Mastercard. Mastercard strategy – strategy Mastercard Grow Diversify Build drill - • • • • • • • • down on services down on Embedded Portfolio performance Differentiate deals in verticals New industry New geographies Pursuing recurringrevenues Fast growing revenueIncremental opportunity 57 ©2019 Mastercard. • • • • • New geographies Diversify Developed mass Leveraged Portfolio conversion tospur growth cards 100+ locations, ~3M behemoth services financial Retail, – – – – – Test &Learn Labsas aService Analytics Consulting Services Services Marketing – - marketmarket footprint in | Latin America case studies case • • • • • Newindustry verticals Access tonew customers revenueand pools Leveraged clinical marketing, management, revenue Optimize alone US the in of~600 1 Large healthcarenetwork – – – – Beachhead for other services and coreand for otherBeachhead services Scalable Industry Testplatform &Learn - care quality - specific veneer specific | Healthcare 58 ©2019 Mastercard. • • • • Differentiate deals in Grow Grow winning deal winning 2M+ cards converted,key in and Labs TestServices, Marketing &Learn, Services, Consulting Analytics, Holisticsolution leveraging Improveengagementand spend customers 9M+ - as – - a case studies case - Service | Australia • • • • Portfolio performance | 19% uplift in activation uplift19% in Services Marketing Analytics, Consulting, Leveraged installments Improvelaunch activation, 400,000 cardsconverted Italy • • Embedded Embedded customers14.5M – – – – Security Services Security Consulting Services Services Marketing LoungeKey, Wifi Boingo Loyalty:Pay Rewards, with | UK 59 ©2019 Mastercard. Key takeaways incremental revenue Fast opportunity - growing, Accelerating intoentry newmarkets and verticals force multiplier Core growth Core 60 ©2019 Mastercard. Go-to-market update: US

Craig Vosburg President, North America

Linda Kirkpatrick Executive Vice President, Merchants and Acceptance

Ron Shultz Executive Vice President, New Payments Flows The US market market US The has significant growth for room Volumetrillions in $ 2018 marketsize by payment flow Carded ACH & Check Cash Source: 2018 Source: 1. rounding to due sum not may Figures Note: Includes approximately $4T in non approximately in Includes $4T – PCE (P2M) PCE Oxford Economics, Euromonitor International,Economics,EuromonitorAssociates, OxfordMastercard Kaiser McKinseyinternalandPayment ana Data $14 3 5 2 1 purchase consumption -purchase B2B/G2B $22 12 8 1 P2P/B2C/G2C $19 13 5 $55 TOTAL 27 16 7 1 lysis • • • • data) (2018 LargestMastercard market PCE growth growth GDV GDV total % revenue total % 10% 30% 33% 5% 62 ©2019 Mastercard. Executing against five strategic priorities to drive growth

Expand product Grow Win in Scale Address new distribution acceptance digital services payments flows

Growing market share Increasing quantity and Partnering to enable Delivering added value Capturing B2B, P2P, in all products quality of acceptance seamless and secure to customers and B2C flows end points digital payments

GROW

DIVERSIFY

63 Enhance valuepropositions Three drivers of market share growthThree drivers of propositions for consumers and forand propositions consumers Develop compelling corecompellingDevelop value small businesses: small • • • • Drive growth by increasing: Transactionapproval rates Spend Activation Cardholder acquisitions Optimize portfolios Win new business 64 ©2019 Mastercard. Winning in co in Winning Partnership Our Our - brand Data & Analytics & Data Differentiated Mastercard Differentiators Products& Innovation Experiences Priceless 65 ©2019 Mastercard. US networkreach way seamless and safe a acceptance in Expanding 2014 8M 8M Source: Kaiser Associates and Mastercard analysis Mastercard and Associates Kaiser Source: June 2019 As of1. 2017 30M 20M 10M 2018 48M 11M 37M locations acceptance Traditional endpoints network Incremental Network upgrades Network contactless US card US ~60% volumeUS EMVenabled ~65% EMV 1 1 Contactless - presentat originates volume - enabled merchants enabled 66 ©2019 Mastercard. Diversifyingpartnerfuel acceptance success to solutions Enhancing Enhancing next gen security point ofsale point innovation Driving Driving at the the at value Delivering services - added new flows new Enabling Enabling 67 ©2019 Mastercard. Partneringenableecosystemdigital secure and the to guest checkout Securing and and Securing streamlining EXCEPTIONAL CUSTOMER EXPERIENCE EXPERIENCE CUSTOMER EXCEPTIONAL LEADING SAFETY AND SECURITY AND SAFETY LEADING tokenization card Scaling Scaling - on- file file Enabling Enabling wallets digital 68 ©2019 Mastercard. Value Innovation 2. 1. Loyalty & Safety & & Safety Services Security Estimate based on Mastercard analysis Mastercard on based Estimate non and payment transactions, including Global Data & - added services as a differentiator in the US the differentiator in a as added services • • • • • • -paymentDecisionManagement transactions, on Platform Over Over Over by Used over 700 Tens of millions Over DIFFERENTIATING THE CORE BUSINESS BUSINESS CORE THE DIFFERENTIATING 40 70 million 60% 1B DRIVING INCREMENTAL REVENUE INCREMENTAL DRIVING innovation 2019 conductedin partnerships 1 transactions daily handled of top co top of accountsmanaged on loyalty platform 2 of dollarsin fraud lossessaved annually customers - brand issuers use APTuse issuers brand 69 ©2019 Mastercard. Momentum in capturing new payment flows

Examples Progress

Single use card primarily for B2B / Market leader in high growth Virtual cards supplier payments segment

Mastercard Domestic and cross-border Broadening applications in P2P, B2B, Send™ disbursement and B2C payments

Mastercard Track™ Real-time buyer/supplier receipt Launching in Q4 payment on delivery billing and payment platform

70 Key takeaways

Significant Expanding through Increasing market value-added services opportunities for share and accelerated ongoing growth and by capturing new revenue growth payment flows

71 Go-to-market update: Europe

Mark Barnett Division President, U.K., Ireland, Nordics & Baltics Europe Europe Volumetrillions in $ 2018 marketsize by payment flow Carded ACH & Check Cash 3. 2. 1. rounding to due sum not may Figures Note: Source: 2018 Source: 2018 gross dollar volume as reported; Mastercard branded only. Growth rates on a local currency basis currency local a on rates Growth only. branded Mastercard reported; as volume dollar gross 2018 2018 Data for non approximately in Includes $2T – PCE (P2M) PCE Oxford Economics,EuromonitorInternational,Oxford Associates,Kaiser McKinsey Payment Data, Mastercard internal analys $13 4 3 4 – 1 a diverse and dynamic region with strong growth strong with region dynamic and diverse a purchase consumption -purchase B2B/G2B $31 25 5 P2P/B2C/G2C $16 14 2 $60 TOTAL 42 11 4 1 is • • • Europe Mastercard • • • • European over the last 3 yearsoverlast the Market growth GDV GDV total % PCE growth oflanguages # # Population of countries share increasing region 2 3 3 900M 19% 29% 6% 24 56 73 ©2019 Mastercard. and challenges opportunities New New market forces are changing the payments landscape payments the changing are forces market New PSD2 GDPR Regulation Nationalism E - Commerce Digital- Digitalization experiences Frictionless only issuers only Traditional Competition schemes Domestic evolving New and 74 ©2019 Mastercard. Making Open Banking more secure, efficient and scalable and efficient secure, more Banking Open Making Open Banking Connect Banking Open Solutions for Third Parties Third for Solutions Third Parties Third Ecosystem (two- Open Banking Ecosystem Banking Open Open Banking Resolve Banking Open sided) Solutions sided) Financial InstitutionsFinancial Financial Institutions Financial Open Banking Protect Banking Open Solutions for Solutions 75 ©2019 Mastercard. We have a clear strategyclear have a We Cross - borderand e Digital roadmap Everyday spend Everyday Acceptance Grow ENABLED BY OUR SOLUTIONS SELLING APPROACH SELLING SOLUTIONS OUR BY ENABLED - commerce Continue to lead with fintechs Partner with governments Partner with Strengthen local presenceStrengthen local Deepen engagement engagement Deepen Diversify with merchants with penetrate new payment flows newpayment penetrate Increased B2B payments payments B2B Increased Open banking solutionsbanking Open Real - time payments to payments time penetration Build 76 ©2019 Mastercard. The UK: a case study a case UK: The AccountsPayable Commercial Core Commercial Core Consumer Card Acceptance Real PayBill Person - Time - to (Overlay service) - Payments Person (Contactless, QR, PIN QR,(Contactless, PIN on Glass) Solutions Solutions (Mastercard Send Banks Solutions (Faster Payments,Pay by Bank, MITS, Open Banking) (SME, T&E, P T&E, (SME, (Virtual cards)(Virtual (Credit, Product lines Product ™ / Send / Send to Account/ PayM) Debit, Prepaid,Debit, Link) - Card) Fintechs Consumer Consumer      New payment flowsNewpayment Business Business      77 ©2019 Mastercard. Key takeaways providing choice to choice providing Multi growth potential growth customers - Strong Strong rail solutions address marketaddress needs Banking solutions to Banking long Focused strategy Digital and Open Open and Digital - term growth to drive 78 ©2019 Mastercard. Go-to-market update: Government engagement

Michael Froman Vice Chairman and President, Strategic Growth

Tim Murphy General Counsel opportunitywith flowsstill based in cash and checks… Engagement government withcritical is Sizable business …and stronginterestin …and indispensable partner… an Becoming Source: McKinsey Payment Data and Mastercard analysis Mastercard and Data Payment McKinsey Source: mitigate nationalism and …complementing ourefforts to …complementing consulting services new technologies Indirect channels Indirect channels procurementtravel and includingbusiness, Governmentspend with disbursed by governments to citizens and payroll pensions Social benefits, ofpublicpayments, transit like 80 ©2019 Mastercard. Our governmentOur prioritiesthree approachon focuses Helping governments deliver services deliver services efficiently inclusive growth Promoting digital ecosystems ecosystems digital advancing their advancing their ingovernments Supporting Supporting 81 ©2019 Mastercard. Government engagement nationalism Government mitigates provenwecan navigate… we’vechallenge a is …but stay...to here is Nationalism is not new and • • national champions Partnerships with nationalism markets Strong growth in • • • new trends… importantsome …with Data localizationrequirements On opportunities and presents challenges Evolving approachtotrade - soil switchingmandatessoil 4. 3. 2. 1. responding proactively: Mastercard …and is Investing in public policy Investingpublic in Focusing on “showing up local” ACHin Leveraging new capabilities Enhancedgovernment coverage 82 ©2019 Mastercard. commerciallyimpact sustainable social sustainabilitycommitmentand toOur Environmental stewardship Financial Financial security Environmental Inclusive Inclusive growth Inclusive economic economic Inclusive development Social Future of workers workforce Inspired Inspired Governance for good Data responsible responsible Ethical and standards 83 ©2019 Mastercard. Chief Financial Officer Chief Financial Sachin Mehra perspective Financial

©2019 Mastercard. Our hasdiversified business 2. 1. -presentcard transactions,percentage of a excluding transactions Contactless as Venezuela Debit/prepaid/commercialvolumesGDVtotal of share Contactless transactions Contactless switch we that transactions total of % of the US generated % outside of net revenue revenue net of % a as Services debit/prepaid/commercial mix diversification Product – 2 1 2012 49% 61% 16% 50% 1% 2018 22% 56% 67% 26% 57% 85 ©2019 Mastercard. 2019 business drivers business 2019 2. 1. Growth rates normalized to eliminatenormalizedswitchingGrowthratesdiffering to between effects the daysof periods only branded Mastercard reported; as volume dollar Gross Cross Worldwide GDV currency) (local Growth Switched transactions - border volume Rest GDV US - of - world 1 GDV GDV 2 2 13% 17% 11% 13% Q1 7% As- reported 16% 18% 13% 10% 14% Q2 16% 18% 15% 12% 18% Q2 Switched Aug QTD Aug 16% 19% 15% 12% 18% 86 ©2019 Mastercard. 2019 full 1. 2019 forecast versus 2018 results (currency 2018 results versus2019 forecast 1. 2. Excluding 2. special itemsdefined as in Appendix Appendixreconciliation toRefer for B. B non for - year financial outlook outlook financial year -neutral, excludingreconciliation acquisitions).fornonAppendix to of Refer B Operating Effectiverate tax Net revenue expenses 1 -GAAP measures 1,2 -G AAP measuresAAP ~19% High Low – - - teens growth teens end of high of end reiterated - single - digits growth digits 87 ©2019 Mastercard. Investment priorities Secure RemoteCommerce TO SUPPORT GROWTH OVER THE SHORT, MEDIUM AND LONG TERM LONG AND MEDIUM SHORT, THE OVER GROWTH SUPPORT TO Tokenization, Commercial Acceptance Grow Network Digital: Digital: CORE CUSTOMERS AND AND CUSTOMERS Emerging markets: Diversify GEOGRAPHIES Digital players Governments India, China, China, India, MEA, LAC Cross Real and applications - Cyber solutions Data analytics Open banking border B2B and P2P border and B2B NEW AREAS NEW - Build time payments payments time B2B 88 ©2019 Mastercard. Economic model of new applications new of model Economic Bill PayBill Initiative Ethoca Mastercard Track Account Point by Pay - of Account - - to sale financing - account ™ c ross - border Per transaction      Direct Ad valorem Ad (FX related)      Transactions Card GDV Card Indirect   / 89 ©2019 Mastercard. Capital planningCapital priorities Capital structure Capital shareholders to excesscapital Return Long Strongbalance sheet - termgrowth business share repurchases Return debt and equitydebt and over time Migrate opportunities Invest credit ratings Preserve in strategy excess capitalbias toward with to a more normalized mix of strong liquidity balance and sheet, - led organic inorganic and 90 ©2019 Mastercard. Return of capital Return of Note: Table may not sum due to rounding rounding to due sum not may Table Note: 2. 1. $ billion Dividends repurchase Share Year 2014 toIncludes$7.5 billion prior -to -date Augustthrough 2019 30, $3.9 $3.4 $0.5 2014 $4.2 $3.5 $0.7 2015 $4.3 $3.5 $0.8 2016 $4.7 $3.8 $0.9 2017 $6.0 $4.9 $1.0 2018 AUG 2019 AUG $6.0 $5.0 $1.0 2 $36+ billion $36+ shareholders returned to since IPO 1 91 ©2019 Mastercard. - Long Sources: 2018 2. Currency non of $12T Includes 1. neutral, adjusted for available market available for -neutral, adjusted 4- – term revenue growth potentialgrowth revenueterm Oxford Economics,EuromonitorInternational,Oxford Associates,Kaiser McKinsey Payment Data; Mastercard internal analy 5% annual secular shift secular annual 5% B2C/P2P/G2C: $60T ~5% annual growth annual ~5% New flows New B2B/G2B: $125T purchase consumption -purchase $185T $50T PCE 1 2 2 Transactions opportunity Volume / Market Market sis Services Pricing Share Mix double to mid to potential Revenue growth growth Low Low - - teens digits 92 ©2019 Mastercard. 2019 1. All1. figures are on a currency measures – 2021 performance2021 objectives EPS CAGR % CAGR EPS margin operating Annual % CAGR Net revenue -neutral basis.Amountsexcludeacquisitions impact of beginningthe after 2019, specialmade of High Minimum 50% Minimum Low - - teens teens items (as defined in Appendix C) and gains/lossesreconciliationAppendixand equityinvestments.in C) definedfor(asnon items on Appendix of to Refer C 1 – • • • • reiterated (i.e. no significantdownturn) of growth 4 PCE annual Assumes flows new/ Invest in B2B payment them faster than corethe offeringsExpand service and grow increase share and acceptance build solutions, Grow coreconsumer and commercial Highlights -GAAP - 5% 5% 93 ©2019 Mastercard. Final thoughts Final opportunity ahead Executing on Significant strategy Investments focused Continuingreturn to excess capital to to capital excess on key growth growth key on opportunities shareholders applications, servicesand infrastructureto meet Offering broad set ofOffering set broad market requirements Well positionedfor long - term growthterm 94 ©2019 Mastercard. Appendices ($ in millions, ($ except millions, in per share data) Appendix A A Appendix 3. Impact of the following: 2017: net tax expense from related to the Transition Tax of $873 million($0.81dilutedshare$873 Transition perthe following:the related of2017: to expense Tax tax net Impact fromof 3. 1. to due sum not may Table Note: 2. Impact of the following: 2013: U.S. Merchant following:the 2013: U.S. Impact Litigationof 2. Settlementmillionpre $95 of Special items Adjusted operating income operating Adjusted Special items Operating income revenue Net Non Special items dilutedEPSGAAP margin operating Adjusted Special items margin Operating Litigation Provision$15 millionof ($0.01 per diluted share); 2018: litigation provisions$1,128 of million pre out U.S. merchantoutU.S. cases$237 ofmillion, and settlements Pan and U.K. with $61 million pre credits dueto transition rules, offset by a net $15 million expenses related to the true Adjusted Adjusted - GAAP dilutedEPS : for both the translational the both fortransactional and foreign currency impact tax ($0.04 per diluted share); 2016: the U.K. Merchant-tax ($0.04dilutedshare); 2016: U.K. Litigation the per millionpre $117 Provisionof 2,3 2 2 - - as reported as as reported as rounding – $ 2.61 $ 2.56 non- $ $ 4,598 $ 4,503 $ 8,312 2013 55.3% 54.2% 1.1% 0.05 95 European merchants of $237 million. $237-European merchants of GAAP reconciliationGAAP up of the the -up2017 of transition rules. $ 3.10 $ 3.10 -tax ($0.05diluted per share); 2015: th $ $ 5,106 $ 5,106 $ 9,441 2014 54.1% 54.1% - % – – tax ($0.96 per per ($0.96 -tax iluted share); 2017:diluted Deconsolidation per ($0.08 -tax millionVenezuela$167 pre of of subsidiaries $ 3.43 $ 3.35 $ $ 5,218 $ 5,078 $ 9,667 2015 54.0% 52.5% ) a diluted share) related to a fine by the European Commissions of $654 million, U.S. merchantmillion,$654 European the classCommissions U.S. litigationbyanof fine filed the share)a and dilutedrelated to 1.4% 0.08 nd 2018: net tax benefit of $75 million (($0.07) per diluted share) comprised of a $90 million benefit related to the carrybamillionbenefit$90 the relatedmillion(($0.07)$75a to 2018:diluted benefitshare) tax net comprised per ofofnd 140 e termination of the U.S. employeemillionpre $79 e termination U.S. the pensionplan of of $ 3.77 $ 3.69 $ 10,776 $ $ 5,878 $ 5,761 2016 54.5% 53.5% 1.1% 0.08 117 $ 4.58 $ 3.65 $ 12,497 $ $ 6,804 $ 6,622 2017 54.4% 53.0% 1.4% 0.92 182 tax ($0.04 per diluted share) and U.K. Merchant -taxU.K. ($0.04dilutedshare)Litigation and per Pr $ 6.49 $ 5.60 $ 14,950 $ $ 8,410 $ 7,282 2018 56.2% 48.7% 1,128 7.5% 0.89 tax ($0.10 diluted share) and Canadian Merch Canadian and share) diluted ($0.10 -tax CAGR 20% 17% 13% 10% 12% 5 - Year Currency neutral neutral CAGR d anticipated opt 23% 21% 16% 13% 15% ck ck of foreign tax of ovision of of ovision 1 - ant ant - 96 ©2019 Mastercard. Appendix B B Appendix 2019 full 2. Impact of Impact 2. U.S. GAAP1. – applicable.Not ** 4. Impact of 2019 acquisitions2019excludes ThisImpactAugust. pending the of 4. acquisitionof majorityendthroughthe which closed the of by calculated currency foreign of Impact 3. special items related to relatedspecial items 2019 forecast versus 2018 reported results 2018 reported versus2019 forecast - Special items Forecasted growth Acquisitions Non Foreign currency year financial outlook year financial - GAAPgrowth, excluding acquisitions 2018 provisions for litigation ($1,1128M pre for provisions2018 4 2 – remeasuring 3 non- - U.S. GAAPU.S. the future period’s current resultsexchangeusingperiod’s futurethe the translational the both rates fortransactional and impacts on GAAP reconciliationGAAP 1 -tax) of Nets’of CorporateService regulatorybusiness,subjectother conditions to andwhich is High end ofend lowdouble Net revenue Low 0 digits - 2% - ** (1)% teens Increase 2019 - / vs. 2018 ( d High single ofend High high ecrease) o perating results Operating expenses (Mid single digits (3)% 16% 1 % - digits) - 97 ©2019 Mastercard. Appendix C C Appendix Acquisitions Foreign currency Special items GAAP Non Long . Impact Impact 4. 3. Impact 2. 1. Based1. on 2018 pro formaEPS utilized to measure 3 applicable.Not ** Impact of 2019 acquisitions2019 ImpactAugust. of ofthroughend which closed the - GAAP GAAP of foreign currency for both the translational and transactional impacts transactional impacts translational and the both for currency foreign of relatesspecial to items of - term performanceterm objectives – 3 currency 2 4 - litigation provisions ($0.96 per diluted share), net benefitatax byoffset ($0.07 per dilutedshare) neutral – year diluted EPS target performancetarget (2019 EPSdiluted -year non- This This excludes pending the Nets’ CorporateServiceacquisition majority the ofregulatorybusiness,subjectothe r towhich and is of GAAP reconciliationGAAP 2021). -2021). Refer toRefer Appendix D Appendix Net Net Low Low (0 revenue 1% - - - ** 1)% teens teens Increase 3 2019 - Year CAGR /(decrease - 2021 conditions ) Low to mid20s High EPS (6)% 0% 1% - teens 1 98 ©2019 Mastercard. Appendix D Appendix 2018 full 1. Full 1. applicable.Not ** 3. Impact of the 2018 tax benefits ($75M) tax 2018 the Impact of 3. litigationprovisions 2018the Impact for ($1,008M of 2. tax) after -year utilizedEPSmeasure to 3 - year EPS Tax act 2018 2018 Diluted Earnings Per Share Litigation 2018 Diluted Earnings PerEarnings DilutedShare 2018 Non year EPS target performance (2019 performance target EPS -year – 3 provisions non- 2 GAAP reconciliationGAAP -2021) GAAP - GAAP (0.07) $5.60 $6.49 0.96 99 ©2019 Mastercard.