2017

Investment
Community
Meeting
September 7, 2017
Agenda
7:30 a.m. Registration 10:30 a.m. International Markets
Ann Cairns

8:30 a.m. Welcome 10:40 a.m. Europe Panel Discussion

Warren Kneeshaw Ann Cairns, Javier Perez, Mark Barnett, Carlo Enrico

8:35 a.m. Our Strategy Advances 11:05 a.m. Emerging Markets

Ajay Banga Ling Hai, Ari Sarker, Gilberto Caldart

8:50 a.m. Global Products: 11:20 a.m. Financial Perspective

Powering Choice and Convenience Martina Hund-Mejean
Michael Miebach

9:15 a.m. Addressing Digital Opportunities 11:35 a.m. Q&A Session

Garry Lyons

9:35 a.m. Securing and Advancing Commerce

Ajay Bhalla

9:45 a.m. North American Markets

Craig Vosburg

©2017 Mastercard.
10:10 a.m. Break
Forward looking statements

Today’s presentation may contain, in addition to historical information, forward-looking

statements within the meaning of the Private Securities Litigation Reform Act of 1995.

These forward-looking statements are based on our current assumptions, expectations

and projections about future events which reflect the best judgment of management
and involve a number of risks and uncertainties that could cause actual results to differ
materially from those suggested by our comments today. You should review and
consider the information contained in our filings with the SEC regarding these risks and
uncertainties.

Mastercard disclaims any obligation to publicly update or revise any forward-looking

statements or information provided during today’s presentations.

Any non-GAAP information contained in today’s presentations is reconciled to its GAAP

©2017 Mastercard.
equivalent in the appendices at the end of this presentation.
2017 Investment Community Meeting

Our Strategy
Advances
Ajay Banga
President and Chief Executive Officer
Creating shareholder value
Total Shareholder Return1
Jan 1, 2012 - Aug 31, 2017
269%
275%

Currency-Neutral
250%
Mastercard 5-Year CAGR%2
225%
S&P 500
Net Revenue 13%
200%
S&P 500 Info Tech
175%
168%
150%
EPS 19%
121%
125%

100%

75%

50%

25%

0%

©2017 Mastercard.
-25%
2012 2013 2014 2015 2016 2017
YTD

1 Source: Factset. 2 Note: See Appendix A for non-GAAP reconciliation.

Our strategy advances

GROW DIVERSIFY BUILD

Core Business Customers & Geographies New Businesses

• Consumer Credit • Merchants • Advisors

• Debit • Businesses • Safety & Security
• Commercial • Governments • Loyalty & Rewards
• Prepaid • Financial Inclusion • Processing
• Physical-Digital • New Markets • Fast ACH
Convergence

Enabled by Brand, Data, Technology and People

©2017 Mastercard.
Rapidly evolving payments landscape

Current trends Emerging trends

Acceleration of
Shift to card Electronic Payments Real-time payments and Fast ACH

Consulting, data analytics, Demand for

Adjacent Services Automated services, ACH services
fraud and loyalty solutions

Evolution of Artificial Intelligence, IoT-based

Digital payments, QR codes Technology payments

Security and Protecting data across all devices

POS and online focused Cybersecurity Threats and channels

New Entrants Emerging market and social media

Digital players, telcos, startups
players

Financial inclusion, interchange Regulatory Interest New domestic schemes,

©2017 Mastercard.
regulation, domestic schemes and Nationalism increasing regulatory actions
Expanded Market size by payment flow
capabilities Volume in $ Trillions

increasing our $45

1
$120 $60 $225
1,2

opportunity...
11
more than
4x
49
86

58
90%

60 114

17 2
5
20 22 10%
PCE B2B P2P/B2C TOTAL

©2017 Mastercard.
Carded ACH Cash & Check
Note: Figures may not sum due to rounding.
1 Includes approximately $4 trillion in non-purchase personal consumption. 2 Includes non-PCE card spend.
Sources: 2016 – Oxford Economics, Euromonitor International, Kaiser Associates, McKinsey Payment Data; Mastercard internal analysis.
Delivering value through services

Safety & Loyalty

Security & Rewards
Driving Our
Core Business
Processing
Card or
Account-based Delivering
solutions Differentiation
Advisors

Winning
Labs as Data
Analytics
Deals

©2017 Mastercard.
a Service
Closing thoughts

Significant untapped Executing our strategy Building

opportunity ahead of us around the world new capabilities
and
differentiating
with services

Anticipating market and Addressing nationalism, Well-positioned

technology trends regulatory risks and for continued
competitive disruption long-term growth

©2017 Mastercard.
2017 Investment Community Meeting

Global Products:
Powering Choice and
Convenience
Michael Miebach
Chief Product Officer
Our product strategy – powering choice and convenience
Grow, Diversify, Build

Who What How

Partners Differentiated Products Seamless, Digitized
Technology

Value-Added Services Every Device an

Acceptance Device
Consumers

World Class Brand Multi-Rail Network

©2017 Mastercard.
Capturing more payment flows
PCE B2B P2P / B2C
Point of Accounts
Product Solutions Interaction Payable

Consumer Cards (Credit, Debit, Prepaid) 

Commercial Cards (SME, T&E, P-Card, Fleet) 
Virtual Cards / Mastercard B2B Hub™ 
Mastercard Send™ / HomeSend   
Fast ACH   
Market Size* $45T $120T $60T

$225T
Opportunity

©2017 Mastercard.
Card Rails ACH / Fast ACH Rails

* Source: 2016 – Oxford Economics, Euromonitor, McKinsey Payment Data, Kaiser, Mastercard Estimates
Delivering strong results and growth

1H 17
Global GDV*
Consumer
+7%
Credit

Consumer
+8%
Debit

Prepaid +15%

Commercial +15%

©2017 Mastercard.
* Adjusted for the impact of recent EU regulatory changes (Article 8). See Appendix F
Winning affluent credit around the world
Evolving Affluent
Yielding Results Consumer Expectations What We Bring
Affluent cards growing 5x
faster than affluent segment* Personalized
Hyper-Personalized
Benefits
Leading share of
affluent spend in UK
Priceless
Experiences
Experiences and
Winning 9 out of 10 deals over Things
Luxury Properties
in MEA

Affluent portfolio Ease &

growing ~30% YoY in LAC Easy to Use
Consistency

Expanding into India;

Premium wins in China
Digital Digital by Default
Citi Prestige enhancements

©2017 Mastercard.
in US

* Mastercard internal analysis.

Accelerating commercial growth into the B2B opportunity
Sizeable B2B
Yielding Results opportunity Dual track approach
MA Commercial Card PV Global Commercial Flows Point of Interaction
($T) Real-time payment certainty
+13% 120
CAGR SME T&E

100 Purchasing Fleet

Accounts Payable
20
20 Data and efficiency
2013 2016 Point of Accounts Total
Interaction Payable Virtual Mastercard
Cards Send
Primarily Primarily
MA growth card, check ACH and
significantly outpacing and cash check
Mastercard

©2017 Mastercard.
Vocalink
the market B2B Hub™
Our network strategy – enabling all electronic payments

Senders Receivers

Person Person

Merchant Merchant

Differentiated Products

Business Value-Added Services Business

All Electronic Rails

©2017 Mastercard.
Government Government
Driving Fast ACH through Vocalink

Fast ACH features Competitively advantaged to succeed

Enhanced data & Market leading provider of Fast ACH

messaging capabilities

Well suited for Proven deployments in multiple markets

Accounts Payable
flows

Faster, near Extends Mastercard reach beyond cards

real-time payments

©2017 Mastercard.
MA is a one-stop shop providing seamless,
Card Rails + Vocalink  omni-channel, multi-payment support
Our go-to-market approach with Fast ACH
ACH operates at
multiple levels How will we play?

Infrastructure Underlying technology and rails

Strategically deploy and license

Bill Personal Retail

B2B Payments Payments Payments
Scheme & End user solutions built on
Applications Franchise rules and standards

Data Fraud
Consulting Analytics Solutions
Services Enhanced ACH capabilities

©2017 Mastercard.
Mastercard is at the forefront of acceptance growth

1
More
Devices
Merchants
More
Acceptance
Rails
2
Fast ACH
Merchants
Every Device
Emerging
Cards
Technologies Beyond is an Acceptance Device
Flows Acceptance …from Millions to Billions
Person Merchant

3
Acceptance
Business Government Beyond
Merchants

©2017 Mastercard.
Well positioned to capture more payment flows

Differentiated All Electronic Payments Every Device an

Value Propositions on All Rails Acceptance Device

Cards ACH

©2017 Mastercard.
2017 Investment Community Meeting

Addressing Digital
Opportunities
Garry Lyons
Chief Innovation Officer
The digital shift is the biggest change in
payments since plastic cards
…and it’s impacted by multiple trends

Lines blurring between physical and digital

Security and privacy top of mind

Increasingly connected world

2016→2021 Consumer expectations

10% → 17% Advances in AI

Digital commerce as Pace of change

share of retail payments
On-demand economy

Focus on sustainability

©2017 Mastercard.
Public-private partnerships

Urbanization and smarter cities

Source: McKinsey study, excludes travel, 2017

Our strategy – enable our customers and partners to
be at the forefront of digital payments

Delivering the best Securing Digitizing all Simplifying Identifying and

digital experience every forms of personal access to, and experimenting with
everywhere transaction and business integration of, future technologies,
payments our digital assets start-ups & trends

Mastercard Digital Mastercard Send

Enablement Service, and
and Biometrics and
Machine Learning

©2017 Mastercard.
Delivering the best digital experience everywhere
Driving the best-in-market digital payment service with Masterpass

Strong progress with customers in 2017

90+ million 38 140+
Enabled ‘Digital by Countries Issuers live
Default’ accounts

Expanding acceptance with key

merchants and partners

©2017 Mastercard.
Delivering the best digital experience everywhere
Reaching new markets and expanding acceptance with Masterpass QR

Ghana

India

Kenya
Strong progress to date
Nigeria

Pakistan 400K+ 20+ 8 22

merchant issuers live enabled
Rwanda locations signed markets markets

Tanzania

Uganda

©2017 Mastercard.
Securing every transaction
Securing every payment, on every device, for every channel with MDES

Scale of
Security &
Convenience

~1,100 issuers
IN-STORE
29 countries Swipe Chip & PIN Tap & Pay Mobile NFC

60%
growth in ONLINE
activated tokens

©2017 Mastercard.
140% IN-APP Typed card numbers Card on MDES for Merchants Digital Wallets
growth in (Guest checkout) File
transactions
Securing every transaction
Keeping the consumer in control

©2017 Mastercard.
Capturing more payment flows
PCE B2B P2P / B2C
Point of Accounts
Product Solutions Interaction Payable

Consumer Cards (Credit, Debit, Prepaid) 

Commercial Cards (SME, T&E, P-Card, Fleet) 
Virtual Cards / Mastercard B2B Hub 
Mastercard Send / HomeSend   
Fast ACH   
Market Size* $45T $120T $60T

$225T
Opportunity

©2017 Mastercard.
Card Rails ACH / Fast ACH Rails

* Source: 2016 – Oxford Economics, Euromonitor, McKinsey Payment Data, Kaiser, MA Estimates
Digitizing all forms of personal and business payments
Mastercard Send™, a global integrated push payments platform, enabling
domestic and cross-border funds transfers

Domestic
Person-to-Person MA Cards Non-MA Purpose-Specified
Cards Prepaid

Connection
Mastercard Send
Single
HomeSend
Licensed
Businesses
Entity
100
Countries
Bank Mobile Cash
Accounts Wallets Pick-up
Governments

©2017 Mastercard.
Digitizing all forms of personal and business payments
Significant opportunity with good progress tapping into new flows
Disbursements

Person-to-Merchant Domestic Person-

Payments to-Person Payments

Mastercard Send

HomeSend
Cross-Border
Cross-Border
Remittances
B2B Payments

©2017 Mastercard.
Simplifying integration of our services

An API for Everything strategy

Enables others to easily integrate our services

Digitizes core product propositions and enables access to

underlying network services

Provides tools to simplify the process further – SDKs, automation

and test frameworks, sandboxes, etc.

More than 60 APIs available for banks, processors, merchants,

©2017 Mastercard.
startups across payments, data and security
Identifying and experimenting with
future technologies, start-ups and trends
Anticipating and building
beyond the payment
with Mastercard Labs

Augmenting our Showcasing

customers’ product innovation
development and and co-creating
Embracing
innovation capabilities with partners
new ways of
innovating

Incubation of
new products
and solutions

©2017 Mastercard.
Looking at the
future from a
fresh perspective
Our approach is very straightforward

Delivering a great Relentlessly securing Enabling more payment

experience across every every transaction flows in real-time
device and every channel

Leading set of APIs Experimenting and Partner-centric in

co-innovating with everything we do
customers and partners

©2017 Mastercard.
2017 Investment Community Meeting

Securing & Advancing

Commerce

Ajay Bhalla
President, Enterprise Security Solutions
Rapidly changing world creating huge opportunities

Attacks more global,

contagion more rapid
Internet of I am
Things My Data

First
Trust in the ‘Digital
Sharing Native’

©2017 Mastercard.
Economy Generation
A strategy anchored on the principle of ‘security by design’

Secure assets Detect Redesign

against fraudulent customer
cyber attacks behavior & security
Prevent Detect attacks Experience experience

Identify
Secure the account holder

Issuers Merchants Consumers Governments

©2017 Mastercard.
Successful strategy driving future vision to secure payments
Success so far Future focus
1.7 billion …chip security
embedded in Securing devices,
chip cards globally… devices data & networks

Safety Net & Decision Intelligence® Leveraging Artificial

saving $ millions for issuers
Intelligence for smart solutions

Account Continuity, IQ Series & Alerts Building frictionless

optimize the consumer experience payment experiences

4.5 billion …launched

©2017 Mastercard.
Enhancing trust with
digital identities verified biometrics for & ‘Digital Identity’
over past year… mobile & cards
Securing the Internet of Things

Every connected device to be a secure payment

device

Every connected device is a potential entry

point for hackers

Our portfolio of solutions secures devices,

data and networks

NuData enhances our IoT capabilities, including:

botnet automation, user behavior and device
reputation

©2017 Mastercard.
Leveraging artificial intelligence for smart solutions

Artificial Intelligence needed to mine

mountains of data, and create the best
Detect
experiences for stakeholders
fraudulent
behavior &
Detect attacks Artificial Intelligence deeply embedded in
Mastercard network

Brighterion enhances our capabilities –

Collaborative Artificial Intelligence uncovers
deeply hidden data relationships

Innovation is enhancing detection of

increasingly sophisticated attacks and

©2017 Mastercard.
improving the consumer experience
Our strategy is…

Ensuring Working with stakeholders to deploy a

Ecosystem multi-layered strategy to secure and
Security advance commerce

Creating
Building competitive advantage with
Sources of market-leading solutions and services
Differentiation

Delivering Enabling new growth opportunities

New Sources and businesses
of Growth

©2017 Mastercard.
2017 Investment Community Meeting

North American
Markets
Craig Vosburg
President, North America
North America
Market size by payment flow
Volume in $ Trillions

$14 $25 $18 $57

1 1

2 of top 5 Mastercard markets

4 • % of global revenues 41%
• % of total volume 35%
15 23
PCE Growth (2017)
• US 4.1%
• Canada 4.5%
16
Cash/Check Opportunity $23T
(all flows)
24
8 ACH Opportunity $24T
3
(all flows)
1 1
5 6

PCE B2B P2P/B2C TOTAL

©2017 Mastercard.
Carded ACH Cash & Check

Note: Figures may not sum due to rounding.

1 Includes approximately $4 trillion in non-purchase personal consumption.
Sources: 2016 – Oxford Economics, Euromonitor International, Kaiser Associates, McKinsey Payment Data, US Bureau of Economic Analysis, 2017; Statistics Canada, 2017; Mastercard internal analysis.
Clear strategy – focused on execution

Expand Build New

Product Grow Win in Scale Payments
Distribution Acceptance Digital Services Businesses
Grow share in Expand Drive Deliver Commercialize
all segments new verticals core product added value B2B, P2P, B2C
and segments usage to customers

GROW
DIVERSIFY
BUILD

Partner First Approach

©2017 Mastercard.
Help our customers reach their consumers
anywhere, anytime, on any device, anyway they want to pay.
Expand product distribution
Strong and growing relationships

United States Canada

• Positioned to grow consumer credit • Growing credit share
share with 6 of top 8 issuers
• Strong co-brand position
• 25 co-brand wins since 2015
• Growing Debit Mastercard
• Present on over 60% of US debit cards
• Double digit commercial volume
• Share growth with 3 of 4 top growth (twice the market)
commercial issuers
• Significant new prepaid programs
• Exclusive brand for many of the
largest prepaid programs

©2017 Mastercard.
Sources: The Nilson Report, 2017; Euromonitor International, 2017; Mastercard internal analysis.
Grow acceptance
Accelerate growth through new verticals and partnerships

North America Acceptance Points

10MM Digital gateways 11% CAGR

(e.g., Stripe) in North America
acceptance points
since 2012
Payments facilitators
(e.g., Square)

Significant
Websites and new verticals
such as rent, healthcare, utilities, etc. ongoing growth
potential
New verticals, digital,
connected devices
2010 2011 2012 2013 2014 2015 2016 2017

©2017 Mastercard.
Sources: Mastercard internal analysis.
Win in digital
Securing the future

80% of eligible MA 600+ participants 40+ million

Digital accounts enabled in Mastercard Digital accounts enabled
Enablement for tokenization Enablement Express for digital by default

Digital
Partnerships

Digital
Future

©2017 Mastercard.
Sources: Mastercard internal analysis.
Scale services
Driving core product differentiation and incremental revenues

Advisors Over 50% of customers use our project-based consulting services

Data & Analytics Over 60% of customers use our data & analytics solutions

Almost half of transactions benefit from our optional fraud

Fraud Solutions scoring solutions (a 50% increase over last year)

Loyalty 65+ million accounts managed on our loyalty platform

Processing Enabling digital payment and IoT strategies for merchants

©2017 Mastercard.
Labs as a Service 30+ customer Launchpad events since January 2016
Packaging solutions to deliver customer value

Instant Payouts Mastercard Advisors Data and Analytics

APT Core Products
Core Products
Loyalty Solutions Digital Assets
Digital Assets Loyalty Solutions
Marketing Assets
Marketing Assets
Acceptance
Fraud Solutions Fraud Solutions
Masterpass Mastercard Labs Mastercard Labs

All U.S. Co-Brands AAdvantage™ Consumer Credit

Co-Brand Programs

©2017 Mastercard.
Consumer Debit
Commercial
Build new payments businesses
Enabling choice through single Mastercard partnership`

Potential Applications
Products and Solutions B2B P2P B2C
Established
T&E Cards 
Procurement Cards 
Virtual Cards 
Mastercard Send / HomeSend   
Mastercard B2B Hub 
Fast ACH   
New

©2017 Mastercard.
Positioning Mastercard for long-term success

Significant ongoing Strong

growth opportunity customer
partnerships

Momentum Focused on
across the business delivering results

©2017 Mastercard.
2017 Investment Community Meeting

International
Markets Overview
Ann Cairns
President, International
International Markets
Market size by payment flow
Volume in $ Trillions

$31 $98 $43 $173

1 1

8
GDV Growth (2016) 14%
35
63

PCE Growth (2017) 7%

41

Cash/Check Opportunity $63T

(all flows)
56 94
ACH Opportunity $94T
(all flows)
13 1
4
15 16 Market share growing across all regions
PCE B2B P2P/B2C TOTAL

©2017 Mastercard.
Carded ACH Cash & Check

Note: Figures may not sum due to rounding.

1 Includes non-PCE card spend.
Sources: Oxford Economics, 2016 – Euromonitor International, Kaiser Associates, McKinsey Payment Data; Mastercard internal analysis.
Clear priorities, focused execution

Strengthen the Create new

Core Business Partnerships
Grow Diversify
Attract new
Consumers
Expand
Acceptance Win in
Digital Enter
New Markets

New flows
Differentiate
ACH/B2B/P2P
Build through
Services

©2017 Mastercard.
Smart
Cities
2017 Investment Community Meeting

Europe Panel
Ann Cairns, Javier Perez, Mark Barnett, Carlo Enrico
Europe

Market
Opportunity Europe – High potential

$11T
Expected to
E-Commerce Transactions
triple by 2022

PCE PCE Growth (2017) 4%

$32T Cash/Check Opportunity

(all flows)
$15T

B2B
ACH Opportunity $40T
(all flows)

$17T
P2P & B2C

©2017 Mastercard.
Sources: 2016 – Oxford Economics, Euromonitor International, Kaiser Associates, McKinsey Payment Data, RBR, eMarketer, Mastercard internal analysis.
2017 Investment Community Meeting

Asia Pacific
Overview
Ling Hai, Ari Sarker
Co-Presidents, Asia-Pacific
Asia Pacific

Market Asia – Dynamic and diverse

Opportunity

$14T
HNWI (2015) #1 Wealthiest
Wealth in the World

PCE Middle Class Expected to more

Consumption than double by 2025

$54T PCE Growth (2017) 7%

B2B
Cash/Check Opportunity $39T
(all flows)

$20T ACH Opportunity

$44T
P2P & B2C (all flows)

©2017 Mastercard.
Sources: 2016 – Oxford Economics, Euromonitor International, Kaiser Associates, McKinsey Payment Data, RBR, eMarketer, Mastercard internal analysis.
Asia Pacific – China
Capitalizing on China… medium to long term opportunity
Grow Diversify Build
Strengthen the Scale digital Grow
Core business Partnerships Commercial
with 4x
single-branded
card issuance
MDES

Differentiate
through Services
• Loyalty
Expand • Insights
Acceptance • Safety & Security
to 10 million in
5 years

©2017 Mastercard.
Win in Digital
Asia Pacific – India
The rise of India…

Growth
Outlook Economy on the move...GDP expected to double by 20251.

Infrastructure Power Airports Rail Road

Digital Technology Stack...1.2B2 biometric ID system; Proxy based FAST payment.

Enablement Unprecedented investment in 4G/LTE & fiber broadband infrastructure.

Government Digital India push – Demonetization & Goods & Service Tax (GST);
Policy Regulatory environment fostering open competitive market.

©2017 Mastercard.
Accelerating Fintech operating at a large scale backed by local and international
Fintechs accelerators, angel investors, PE & VC firms.

1. Oxford Economics 2.UIDAI, GOI

Asia Pacific – India

Grow Diversify Build

Strengthen the Scale Smart
Core business Partnerships Cities
by increasing Debit within the digital by winning in Transit
share & winning in ecosystem
Affluent

Expand
Acceptance
through aggregators
Grow
Commercial

©2017 Mastercard.
Win in Digital
2017 Investment Community Meeting

Latin America
Overview
Gilberto Caldart
President, Latin America & Caribbean
Latin America and Caribbean

Market Latin America – Young and vibrant

Opportunity
Population 15+ (2016) 478 M

$3T
% underbanked 49%

Purchase
PCE Volume
2016 MA LAC Performance $196 B

$6T
Last 5yr CAGR (17%)

PCE Growth (2017) 8%

B2B
Cash/Check Opportunity

$4T
$5T
(all flows)

ACH Opportunity
P2P & B2C $7T

©2017 Mastercard.
(all flows)

Sources: 2016 – Oxford Economics, Euromonitor International, Kaiser Associates, McKinsey Payment Data, Frontier Strategy Group, eMarketer, Mastercard internal analysis.
Latin America and Caribbean – Brazil

Grow Diversify Build

Strengthen the Scale & build strong Differentiate through
Core business Partnerships Services

Smart
Cities
Expand
Acceptance

Capture more flows

ACH/B2B/P2P

©2017 Mastercard.
Win in Digital
Emerging Markets takeaways

Some of the world’s High cash usage Digitally savvy and

biggest economies connected population

Strong relationships A one-stop shop, Digital, key driver in

within a diversified various payments migration of cash to
customer base rails, different electronic payments
channels

©2017 Mastercard.
2017 Investment Community Meeting

Financial
Perspective
Martina Hund-Mejean
Chief Financial Officer
 Net Revenue*

Raised High end of low double-

2017 digits growth range

Operating Expense*
Positive
Operating

Financial
Leverage

Outlook High single-digit growth

Tax Rate

Full-year rate of about

28%
FX Impact

Slight benefit

©2017 Mastercard.
* All figures are on a currency-neutral basis. Amounts exclude acquisitions and special items; see Appendix B for reconciliation of non-GAAP measures.
Investment priorities

GROW DIVERSIFY BUILD

Core Business Customers & Geographies New Businesses

• Digital / Masterpass • Emerging Markets • Artificial Intelligence

• Acceptance – China • Fast ACH

• Mastercard B2B Hub – India • Data Analytics

• Network

©2017 Mastercard.
Fast ACH business model
Timing /
Role Economics Dependencies

Fixed pricing based on

Operator
capacity
Country
Infrastructure level decision by
License + regulators/scheme
Technology provider
implementation fees

B2B, Bill Pay,

Scheme / App Pay by Bank app in trial
Disbursement, P2P & Value-based pricing
in UK
P2M solutions

Services Comprehensive value- Similar to traditional Initial solutions being

©2017 Mastercard.
added services services model offered
Capital planning priorities

Balance Sheet Long-Term Business Growth

Preserve Investments
strong balance sheet, in organic opportunities
liquidity and credit ratings and M&A

Shareholder Return Capital Structure

Continue to Gradual and disciplined
return excess cash migration to more
with bias towards share normalized mix
repurchases of debt and equity over time

©2017 Mastercard.
Return of capital
$23+ billion returned to shareholders since IPO

$5.0
$ in billions

Share Repurchase $4.3

$4.2
Dividends $3.9
$4.0 $0.7 $0.8
$0.5 $3.2
$3.0 $2.7 $0.7
$0.3
$0.1 $1.9
$2.0
$0.1 $3.4 $3.5 $3.5
$1.2
$2.4 $2.5
$1.0 $1.7
$1.1
$0.0
2011 2012 2013 2014 2015 2016 Aug 2017 YTD

©2017 Mastercard.
Note: Figures may not sum due to rounding
Long-term revenue growth potential

PCE
~$45T Revenue
~5% Annual Growth Growth
4-5% Secular Growth* Services Potential
*Adj. for available market

Market Mix
Volume/
Low - Mid
Transactions Pricing Teens
Opportunity
New Flows Share
~$180T
B2B
P2P/B2C

©2017 Mastercard.
Driving growth beyond the core

% of 2016 Revenue

Safety & Security

Core Services
Advisors
~75% ~25% Margin
Loyalty Level

Processing

Margin Expansion with Scale

Revenue CAGR* (2014 – 2016)
Core ~9% Services ~29%
23 ppt ex-acquisitions

©2017 Mastercard.
6 ppt acquisitions

* On a currency-neutral basis; see Appendix C for reconciliation of non-GAAP measures

Minimal impact expected from new revenue recognition rules

Primary Impact Rules have now

Certain customer incentives will be
recognized over the life of the
contract, rather than when earned
by the customer
been clarified
Rebates and Incentives to
continue to be treated as
contra revenue

Implementation will occur Impact on 2017

prospectively starting in
expected to be
Jan 2018
minimal

©2017 Mastercard.
Raised longer-term performance objectives
Prior Updated
2016–2018 Net Revenue Low High end of low
Performance CAGR %* double-digit double-digit
Objectives

Annual Operating Minimum Minimum

Margin % 50% 50%

EPS CAGR %* Mid-teens ~20%

©2017 Mastercard.
* On a currency-neutral basis, excluding certain items. See Appendix D for reconciliation of non-GAAP measures.
Final thoughts

Significant untapped Executing our Building new

opportunity strategy around the capabilities
world and differentiating
with services

Investing in the right Continuing to return Well-positioned for

areas excess capital to continued
shareholders long-term growth

©2017 Mastercard.
2017 Investment Community Meeting

Appendices
Appendix A
Non-GAAP reconciliation
($ in millions, except per share data) 5-Year
CAGR
Currency-
2011 2012 2013 2014 2015 2016 CAGR neutral 1

Net revenue $ 6,714 $ 7,391 $ 8,312 $ 9,441 $ 9,667 $ 10,776 10% 13%

Operating income - as reported $ 2,713 $ 3,937 $ 4,503 $ 5,106 $ 5,078 $ 5,761 16% 20%
Special items 2 770 20 95 - 140 117
Adjusted operating income $ 3,483 $ 3,957 $ 4,598 $ 5,106 $ 5,218 $ 5,878 11% 15%

Operating margin - as reported 40.4% 53.3% 54.2% 54.1% 52.5% 53.5%

Special items 2 11.5% 0.3% 1.1% -% 1.4% 1.1%
Adjusted operating margin 51.9% 53.5% 55.3% 54.1% 54.0% 54.5%

GAAP diluted EPS $ 1.48 $ 2.19 $ 2.56 $ 3.10 $ 3.35 $ 3.69 20% 24%
Special items 2 0.39 0.01 0.05 - 0.08 0.08
Non-GAAP diluted EPS $ 1.87 $ 2.20 $ 2.61 $ 3.10 $ 3.43 $ 3.77 15% 19%

©2017 Mastercard.
Note: Table may not sum due to rounding
1 Adjusted for both the translational and transactional foreign currency impact
2 Impact of the U.S. Merchant Litigation Settlement (2011: $770 million pre-tax ($0.39 per diluted share); 2012: $20 million pre-tax ($0.01 per diluted share); 2013: $95 million pre-tax ($0.05 per diluted share); 2015: the termination of the U.S.
employee pension plan in $79 million pre-tax ($0.04 per diluted share) and U.K. Merchant Litigation Provision of $61 million pre-tax ($0.04 per diluted share); 2016: the U.K. Merchant Litigation Provision $117 million pre-tax ($0.08 per diluted share).
Appendix B
Non-GAAP reconciliation
2017 full-year financial outlook

2017 vs. 2016

Increase / (Decrease)

Net revenue Operating expenses

Forecasted growth - U.S. GAAP 1 Mid-teens High end of low-double

digits

Special items 2 — 2%

Acquisitions (2)% (6)%

Foreign currency 3 (0-1)% (0-1)%

Forecasted growth - excluding special items and High end of low-double High-single digit
acquisitions, currency-neutral digits

©2017 Mastercard.
1 2017 forecast versus 2016 actuals
2 Impact of Canadian merchant litigation (2017: $15M pre-tax) and U.K. merchant litigation provisions (2016: $117M pre-tax)
3 Impact of foreign currency for both the translational and transactional impacts
Appendix C
Non-GAAP reconciliation
2014-2016 net revenue CAGR

2014-2016
3-Year CAGR
Increase/(Decrease)
Core Revenue Services Revenue
GAAP 5% 25%

Foreign currency1 4% 4%

Non-GAAP – currency-neutral 9% 29%

Acquisitions2 — (6)%

Non-GAAP - excluding acquisitions, currency-neutral 9% 23%

©2017 Mastercard.
1 Impact of foreign currency for both the translational and transactional impacts
2 Excludes the impact for acquisitions made during the 2014-2016 period.
Appendix D
Non-GAAP reconciliation
Long-term performance objectives
2016-2018
3-Year CAGR
Increase/(Decrease)

Prior Updated

Net Revenue EPS1 Net Revenue EPS1

GAAP Low-double digit Low-double digit Mid-teens High-teens

Special items2 — (1)% — (1)%

Acquisitions3 — — (1)% 1%

Foreign currency4 1% 1% (0-1)% (1)%

Significant tax items5 — 4% — 4%

Non-GAAP - excluding special items, Mid-teens High end of low ~20%

Low-double digit double-digit
acquisitions, currency-neutral, normalized taxes

©2017 Mastercard.
1 Based on 2015 pro forma EPS utilized to measure 3‐year diluted EPS target performance (2016‐2018). See Appendix E
2 Impact of the 2015 termination of the U.S. employee pension plan ($0.04 per diluted share) and the U.K. merchant litigation provision ($0.04 per diluted share)
3 Impact of 2017 acquisitions
4 Impact of foreign currency for both the translational and transactional impacts
5 Impact of discrete tax benefits and the tax impact of non-recurring repatriation benefits in 2015 ($0.31 per diluted share)
Appendix E
FY 2015 pro forma EPS1

2015
Diluted Earnings Per Share GAAP $3.35

Significant Tax Items2 (0.31)

U.S. Employee Pension Plan Settlement Charge3 0.04

Provision for Litigation Settlement4 0.04

Diluted Earnings Per Share Non-GAAP $3.12

©2017 Mastercard.
Note: Table may not sum due to rounding.
1 Pro forma 2015 EPS utilized to measure 3-year EPS target performance (2016-2018)
2 Represents effect of discrete tax benefits and the tax impact of non-recurring repatriation benefits
3 Represents effect of the termination of the U.S. employee pension plan
4 Represents effect of the U.K. Merchant Litigation Settlement
Appendix F
Article 8 impacts on worldwide GDV
Growth
(Local Currency)
1H2017
GDV
Consumer Credit 6%
Consumer Credit normalized for Article 8 7%
Consumer Debit 2%
Consumer Debit normalized for Article 8 8%

Prepaid 14%
Prepaid normalized for Article 8 15%

Commercial 13%
Commercial normalized for Article 8 15%

Worldwide 5%
Worldwide normalized for Article 8 8%

©2017 Mastercard.
Note: Article 8 of the EU Interchange Fee Regulation which relates to card payments and which became effective June 9, 2016, states that a network can no longer charge fees on domestic EEA payment transactions that do not use its payment brand.
Prior to that, Mastercard collected a de minimis assessment fee in a few countries, particularly France, on transactions with Mastercard co-badged cards if the brands of domestic networks (as opposed to Mastercard) were used. As a result, the non-
Mastercard co-badged volume is no longer being included.

To aid in understanding the underlying trends in the business, the table above reflects adjusted growth rates for the impact of Article 8, by eliminating the related co-badged volumes in prior periods.