#1Mastercard Incorporated First Quarter 2022 Financial Results Conference Call April 28, 2022#2Business Update Key Trends Business Highlights Financial Overview April 28, 2022 2 ©2022 Mastercard#31st Quarter Selected Financial Performance ($ in millions, except per share data) 1Q 22 Non-GAAP 1Q 21 Non-GAAP YOY Growth As adjusted Currency-neutral Adjusted net revenue $ 5,136 4,155 24% 27% Adjusted operating expenses 2,182 1,958 11% 13% Adjusted operating income 2,954 2,197 34% 40% Adjusted operating margin 57.5 % 52.9 % 4.6 ppt 5.2 ppt Adjusted net income 2,702 $ 1,741 55% 61% Adjusted diluted EPS $ 2.76 $ 1.74 59% 65% Adjusted effective tax rate 1 5.3% 16.9 % Note: See Appendix A for Non-GAAP reconciliation. 1 Includes an 11.7 percentage point discrete tax benefit due to final U.S. tax regulations published in the current period resulting in a valuation allowance release of $333 million associated with the U.S. foreign tax credit carryforward deferred tax asset. April 28, 2022 3 ©2022 Mastercard#41st Quarter Gross Dollar Volume (GDV) ($ in billions) Worldwide 17% Growth United States 14% Growth Rest of World 19% Growth $1,709 $1,919 $1,800 $1,600 $1,299 $1,165 $1,400 $1,017 $1,200 $951 $1,000 $620 $696 $800 $544 $634 $600 $400 $902 $321 $758 $317 $531 $603 $200 $227 $299 $0 1Q21 1Q22 1Q21 1Q22 1Q21 1Q22 Credit Debit / Prepaid Notes: Growth rates are show in local currency. Figures may not sum due to rounding. In the first quarter of 2022, data related to sanctioned Russian banks was not reported to us and hence such amounts are not included. April 28, 2022 4 ©2022 Mastercard#51st Quarter Switched Transactions and Cards Switched Transactions 22% Growth Transactions (in billions) 40 40 29.0 30 23.8 20 10 0 1Q21 Note: Figures may not sum due to rounding. 1Q22 Cards (in millions) 4,000 Cards¹ 4% Growth 2,897 3,000 2,781 381 408 2,000 2,373 2,517 1,000 0 1Q21 Mastercard Cards 1Q22 Maestro Cards 1.As a result of the suspension of our business operations during the first quarter of 2022, cards issued by Russian banks are no longer active on our network and are therefore excluded from our card counts this quarter. April 28, 2022 5 ©2022 Mastercard#61st Quarter Adjusted Revenue ($ in millions) 1Q21 1Q22 $6,000 $5,136 $5,000 $4,155 $4,000 $2,912 $3,000 $2,135 $2,351 $1,798 $2,000 $1,395 $1,347 $1,584 $932 $1,000 $0 $-1,000 $-2,000 $-3,000 $(2,273) $(2,890) $-4,000 Domestic Growth Assessments Cross-Border Volume Fees Transaction Processing Other Revenues Rebates and Incentives Adjusted Net Revenue Non-GAAP 19% 50% 24% 18% 27% 24% Currency-neutral 21% 57% Note: See Appendix A for Non-GAAP reconciliation. Figures may not sum due to rounding. 27% 20% 30% 27% April 28, 2022 6 ©2022 Mastercard#71st Quarter Adjusted Operating Expenses ($ in millions) $3,000 $2,500 $2,000 $1,809 $1,676 $1,500 $1,000 $500 $0 Growth General & Administrative Non-GAAP 8% Currency-neutral 10% 1Q21 1Q22 $2,182 $1,958 $119 $181 $163 $192 Advertising & Marketing 52% Depreciation & Amortization 18% Adjusted Operating Expenses 11% 56% 19% 13% Note: See Appendix A for Non-GAAP reconciliation. Figures may not sum due to rounding. April 28, 2022 7 ©2022 Mastercard#8st Business Update Through April 21s Year-over-year growth % Current period as a percentage of 2019¹ 2022 2022 2022 2022 Jan Feb Mar Apr 21 Q1 Jan Feb Mar Apr 21 Q1 MTD MTD Switched volume 27% 32% 23% 27% 23% 152% 156% 151% 153% 152% United States 16% 24% 12% 17% 11% 143% 143% 140% 142% 143% Worldwide less U.S. 38% 39% 35% 37% 35% 160% 167% 163% 163% 160% Switched transactions 24% 27% 16% 22% 14% 154% 154% 141% 150% 139% Cross-border volume² 47% 53% 58% 53% 60% 118% 125% 130% 124% 133% Intra-Europe 44% 52% 53% 50% 64% 130% 138% 138% 135% 147% Other Cross-border 51% 53% 63% 56% 57% 108% 115% 123% 115% 120% XB CNP ex travel XB Travel (CP + CNP travel) 19% 13% 9% 13% 5% 189% 187% 178% 184% 179% 114% 142% 163% 141% 179% 79% 93% 105% 93% 110% 1. Represents volume or transactions expressed as a percentage of the comparable 2019 amounts, adjusted for currency impacts. 2. Mastercard-branded programs only; on a local currency basis. April 28, 2022 8 ©2022 Mastercard#9Looking Ahead Further thoughts on 2022 April 28, 2022 9 ©2022 Mastercard#10Appendices#11Appendix A Non-GAAP Reconciliation ($ in millions, except per share data) Reported GAAP (Gains) losses on equity investments Russia-related impacts 1 2 Adjusted Non-GAAP 1 Three Months Ended March 31, 2022 Net revenue Operating expenses Operating income Operating margin $ 5,167 $ 2,217 $ 2,950 Other Income (Expense) 57.1 % $ (177) Effective income tax rate Diluted earnings per Net income share 5.1 % $ 2,631 $ 2.68 ** 76 (30) (34) 4 0.4 0.2 % % 67 0.07 3 $ 5,136 $ 2,182 $ 2,954 57.5 % $ (101) 5.3 % $ 2,702 $ 2.76 Three Months Ended March 31, 2021 Net revenue Operating expenses Operating income Operating margin Other Income (Expense) Effective income tax rate Net income Diluted earnings per share Reported GAAP $ 4,155 $ 1,958 $ 2,197 52.9 % $ (7) 16.5 % $ 1,828 $ 1.83 (Gains) losses on equity investments ** Adjusted Non-GAAP $ 4,155 $ 1,958 $ 2,197 52.9 % $ (94) (101) 0.4 % 16.9 % $ (87) (0.09) 1,741 $ 1.74 Note: Figures may not sum due to rounding. ** Not applicable. 1Q1'22 and Q1'21, pre-tax net losses of $76 million and net gains of $94 million, respectively, were primarily related to unrealized fair market value adjustments on marketable and nonmarketable equity securities. 2 Q1'22 pre-tax charges of $4 million were directly related to imposed sanctions and the suspension of our business operations in Russia. The net charge is comprised of general and administrative expenses of $34 million primarily related to reserves on uncollectible balances with certain sanctioned customers, offset by a net benefit of $30 million in rebates and incentives (contra-revenue) primarily related to a reduction in liabilities as a result of lower estimates of customer performance for certain customer business agreements due to the suspension of our business operations in Russia. April 28, 2022 11 ©2022 Mastercard#12Appendix A (continued) Non-GAAP Reconciliation Three Months Ended March 31, 2022 as compared to the Three Months Ended March 31, 2021 Increase/(Decrease) Reported GAAP Net revenue 24 % Operating expenses Operating income 13 % 34 % Operating margin 4.2 ppt Effective income tax rate Net income Diluted earnings per share 1 ** ** ** (Gains) losses on equity investments (11.4) ppt (0.2) ppt 44 % 46 % 11 % 12% Russia-related impacts 1 (1)% (2)% -% 0.4 ppt ppt - % - % Adjusted Non-GAAP 24 % 11 % 34 % 4.6 ppt Currency impact 3 3% 2 % 5 % 0.7 ppt (11.6) ppt 0.1 ppt 55 % 59 % 6% 6% Adjusted Non-GAAP - currency-neutral 27% 13 % 40 % 5.2 ppt (11.6) ppt 61 % 65 % Note: Figures may not sum due to rounding. **Not applicable. 2 3 Q1'22 and Q1'21, pre-tax net losses of $76 million and net gains of $94 million, respectively, were primarily related to unrealized fair market value adjustments on marketable and nonmarketable equity securities. Q1'22 pre-tax charges of $4 million were directly related to imposed sanctions and the suspension of our business operations in Russia. The net charge is comprised of general and administrative expenses of $34 million primarily related to reserves on uncollectible balances with certain sanctioned customers, offset by a net benefit of $30 million in rebates and incentives (contra-revenue) primarily related to a reduction in liabilities as a result of lower estimates of customer performance for certain customer business agreements due to the suspension of our business operations in Russia. Represents the translational and transactional impact of currency and the related impact of the company's foreign exchange derivative contracts designated as cash flow hedging instruments. April 28, 2022 112 12 ©2022 Mastercard#13Appendix B Non-GAAP Reconciliation 2022 financial outlook Forecasted Growth - GAAP 1 Russia-related impacts 2 Litigation provisions 4 Indirect tax matter 3 Prior 2022 vs. 2021 Increase/(Decrease) Net Revenue High-teens Operating Expenses Low-double- digits Updated 2022 vs. 2021 Increase/(Decrease) Net Revenue High-end of ** ** mid-teens -% Operating Expenses High-single- digits ** 1% ** ** 1% ** -% 1% 1% Non-GAAP Growth Currency impact 5 High-teens Low-teens 1-2% 6 Acquisitions -(1)% Non-GAAP Growth, currency-neutral, excl. acq. High-end of high-teens -1% (4-5)% Low-end of low- double-digits High-end of mid-teens 3-4% Low-end of low- double-digits 2-3% -(1)% (4-5)% High-end of high-teens High-single- digits **Not applicable. GAAP - FY2022 forecast versus FY2021 reported results. 2 Impact of Q1'22 Russia-related impacts ($30M) in net revenue and ($34M) in operating expenses. Impact of FY2021 provisions for litigation ($94M). 4 Impact of FY2021 indirect tax matter ($82M). 5 Represents the projected translational and transactional impact of currency and the related impact of the company's foreign exchange derivative contracts designated as cash flow hedging instruments. 6 Acquisitions completed after the beginning of 2021. April 28, 2022 13 ©2022 Mastercard#14Appendix C Non-GAAP Reconciliation Second quarter 2022 financial outlook Forecasted Growth - GAAP 1 Litigation provisions 2 Non-GAAP Growth 3 Currency impact ³ Acquisitions 4 Non-GAAP Growth, currency-neutral, excluding acquisitions ** Not applicable. 1 GAAP Q2'22 forecast versus Q2'21 reported results. 2 Impact of Q2'21 litigation provision ($67M). 3 Net Revenue Mid-teens Q2'22 vs. Q2'21 Increase/(Decrease) Operating Expenses Mid-single-digits ** Mid-teens 5-6% 3% High-end of high- single digits 3-4% -(1)% (4-5)% High-end of high-teens High-single-digits Represents the projected translational and transactional impact of currency and the related impact of the company's foreign exchange derivative contracts designated as cash flow hedging instruments. 4 Acquisitions completed after the beginning of 2021. April 28, 2022 14 ©2022 Mastercard#15Appendix D Business Update Through April 21st Excluding Russia 1 Year-over-year growth % Current period as a percentage of 2019² 2022 2022 2022 2022 Jan Feb Mar Q1 Apr 21 Jan Feb Mar Q1 Apr 21 MTD MTD Switched volume³ 27% 32% 25% 28% 27% 151% 154% 153% 153% 156% United States 16% 24% 12% 17% 11% 143% 143% 140% 142% 143% Worldwide less U.S. 39% 39% 39% 39% 44% 159% 165% 167% 164% 168% Switched transactions 23% 27% 23% 24% 25% 151% 151% 147% 150% 149% Cross-border volume³ 46% 52% 59% 52% 65% 117% 124% 130% 123% 135% Intra-Europe 43% 52% 53% 50% 66% 129% 137% 138% 135% 148% Other Cross-border 49% 51% 65% 56% 64% 106% 112% 122% 114% 124% XB CNP ex travel XB Travel (CP + CNP travel) 17% 12% 10% 13% 7% 186% 184% 178% 183% 182% 115% 142% 165% 142% 190% 78% 92% 104% 92% 112% 3. Mastercard-branded programs only; on a local currency basis. 1. As a result of imposed sanctions and the suspension of our business operations during the first quarter of 2022, we have provided adjusted growth rates for our key operating metrics excluding activity from Russian issued cards from the current and prior periods. 2. Represents volume or transactions expressed as a percentage of the comparable 2019 amounts, adjusted for currency impacts. April 28, 2022 15 ©2022 Mastercard