#1May 11, 2020 Earnings Presentation Q1 2020 cardlytics#2Disclaimer This presentation includes forward-looking statements. All statements contained in this presentation other than statements of historical facts, including statements regarding expectations about future financial performance or results of Cardlytics, Inc. ("Cardlytics," "we," "us," or "our), the anticipated impact of our key priorities on driving growth, the timing of the roll-out of Wells Fargo, growth in Fl MAUs, expectations regarding adding additional marketers and marketer spend in 2020, the timing and evolution of our platform to provide self-service, the impact of COVID-19 on our business and the economy as a whole, the impact of our rise, retain, and return strategy and the sufficiency of our capital structure. The words "anticipate," believe," "continue," "estimate," "expect," "intend," "may," "will" and similar expressions are intended to identify forward-looking statements. The future events and trends discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: risks related to the uncertain impacts that COVID-19 may have on our business, financial condition, results of operations; unfavorable conditions in the global economy and the industries that we serve; our quarterly operating results have fluctuated and may continue to vary from period to period; our ability to sustain our revenue and billings growth;; risks related to our substantial dependence on our Cardlytics Direct product; risks related to our substantial dependence on JPMorgan Chase Bank, National Association ("Chase"), Bank of America, National Association ("Bank of America") and a limited number of other financial institution ("FI") partners; risks related to our ability to successfully implement Cardlytics Direct for Wells Fargo Bank, National Association ("Wells Fargo") customers and maintain relationships with Chase, Wells Fargo and Bank of America; the amount and timing of budgets by marketers, which are affected by budget cycles, economic conditions and other factors, including the impact of the COVID-19 pandemic; our ability to generate sufficient revenue to offset contractual commitments to Fls; our ability to attract new Fl partners and maintain relationships with bank processors and digital banking providers; our ability to maintain relationships with marketers; our ability to adapt to changing market conditions, including our ability to adapt to changes in consumer habits, negotiate fee arrangements with new and existing Fls and retailers, and develop and launch new services and features; and other risks detailed in the "Risk Factors" section of our Form 10-K filed with the Securities and Exchange Commission on March 3, 2020 and in subsequent periodic reports that we file with the Securities and Exchange Commission, including our Form 10-Q for the quarter ended March 31, 2020. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no duty to update any of these forward-looking statements after the date of this presentation to conform these statements to actual results or revised expectations, except as required by law. In addition to U.S. GAAP financial information, this presentation includes billings, adjusted contribution, adjusted FI Share and other third-party costs, adjusted EBITDA, adjusted EBITDA margin, non-GAAP net loss and non-GAAP net loss per share, each of which is a non-GAAP financial measure. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. Reconciliations of billings, adjusted contribution, adjusted FI Share and other third-party costs, adjusted EBITDA, adjusted EBITDA margin, non-GAAP net loss and non-GAAP net loss per share to the most directly comparable GAAP measures are included in the appendix to this presentation. Please see appendix for definitions.#3要 We power a native ad platform for marketers in banks' digital channels. 9:49 CREDIT CARD ...4089 Apple Pay Your card is ready to use with Apple Pay. Open an account Earn 60,000 points with the Southwest Rapid Rewards® Plus Credit Card Chase Offers For CREDIT CARD (...4089) LOWE'S 10% back 11 days left Add to card RITE AID PHARMACY 15% back 6 days left Add to card 60 NEW Southwest VISA Learn more EVERY SEASON STARTS AT DICK'S SPORTING GOODS 10% back 5 days left Add to card See all offers 59 Legal Information#4COVID-19 Continuity Plan We are committed to helping our partners weather this pandemic and come out ahead on the other side. Our clients' profitable success is the lifeblood of what we do, and we're very proud to provide a connection between advertisers, banks, and their mutual customers in these uncertain times. Priorities Operational Continuity Marketing Client Support © 2020 Cardlytics Protect the health and well-being of our employees and our communities Continue to invest in our people and our platform innovation priorities • Help marketing clients with valuable insights and flexible campaigns Keep our technology and operations running smoothly Deliver relationship & technical support to our bank partners and keep the Wells Fargo launch on track ● ● ● ● ● ● ● ● ● Creation of COVID-19 Analytics Dashboard to help clients understand shifts in consumer spend • Modified offers to support clients' updated business operations (ie., online & delivery) • Campaign targeting adjustments to increase focus on active category spenders Rise, Retain, Return strategy - acquire customers for clients experiencing a rise in spend; retain customers for those who have significantly grown their base; and help those negatively impacted return as quickly as possible Global COVID-19 task force to address ongoing employee safety, operations, and communications Employees productively and securely working from home since March 13th Proactive system maintenance and stress testing Our excellent capitalization enables financial flexibility, focusing on investment discipline ● 4#5Cardlytics provides a scaled solution based on purchase intelligence 090 © 2020 Cardlytics > 140M FI Monthly Active Users(¹) > $3T in Annual Spend(2) 1 IN 2 U.S. Purchase Transactions (2) (1) FI monthly active users ("FI MAUS") during the three months ended March 31, 2020. Please see appendix for definitions. (2) Based on aggregated data of our current Fl partners from the April 2019 Nilson Report. Distinctive Benefits for Marketers Reach valuable banked customers Operate in a brand-safe, privacy-protected, trusted digital channel. Market to the most valuable customers based on their actual spending Drive in-store and online traffic Closed-loop solution measures marketing results to the penny 5#6Despite the challenging environment, we remain focused on our strategic initiatives © 2020 Cardlytics Drive Long-term Revenue Growth • Continued FI MAU expansion both organically and through new bank partnerships. Materially expand budgets with exsiting advertisers while penetrating new advertisers and verticals. Demonstrate Operating Leverage Realize the value of technology, infrastructure, and personnel investments to support >200M FI MAUS ● Evolve the Platform Continue adding capabilities with more exposure, enhanced content and more touchpoints. • Further simplify the Cardlytics buying process, unlocking new growth opportunities through reduced friction via automation. 6#7Financial Information & Operating Metrics#8Positive year-over-year growth ($ in millions) $48.8 $32.7 © 2020 Cardlytics $14.2 Q1 18 $51.4 $35.6 $16.2 Q2 18 $48.6 $34.6 $17.0 Q3 18 $70.2 $100.9 $82.8 $73.8 $69.3 $67.8 $56.4 kıllı: $48.7 $45.5 $31.0 $24.7 $21.8 $47.8 $22.1 Q4 18 $58.6 $36.0 $17.6 Q1 19 Q2 19 Q3 19 Revenue Q4 19 $20.4 Adj. Contribution (1) (2) Q1 20 Q1 Billings +15.8% y/y Q1 Revenue +26.5% y/y Q1 Adj. Contribution +15.5% y/y Billings (¹) (1) Adjusted contribution and billings are non-GAAP measures. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are included in the appendix to this presentation, as well as the definitions of these non-GAAP measures. (2) Adjusted contribution includes the impact of a $0.8 million gain during the third quarter of 2018 related to the renewal of our agreement with an Fl partner, which contains certain amendments that are retroactively applied as of January 1, 2018. 8#9Billings and Adjusted Contribution best reflect performance © 2020 Cardlytics Billings Total in aggregate paid by marketers Consumer Incentive Set by CDLX to achieve marketing objectives; can fluctuate based on desired outcome Enhanced Consumer Incentive Additional Consumer Incentives funded by Fl partners GAAP Revenue Recognized as Revenue; to be split between CDLX & our Fl partners FI Share Portion of Revenue shared with Fl partners Adjusted Contribution Amount retained by CDLX; net of FI Share 9#10Q1 2020 Results BILLINGS REVENUE ADJ. CONTRIBUTION © 2020 Cardlytics Consumer Incentives Adjusted FI Share Adjusted contribution $22,562 $18,351 $17,637 Q1 2019 15.8% 26.5% 15.5% $22,267 $25,130 $20,379 Q1 2020 Billings (¹) Consumer Incentives Revenue Adjusted FI Share and other third-party costs (¹) Adjusted contribution (¹) Delivery costs Amortization of deferred FI implementation costs Gross profit Three Months Ended March 31, 2019 $58,550 22,562 $35,988 18,351 $17,637 3,246 653 $13,738 2020 $67,776 22,267 $45,509 25,130 $20,379 3,406 1,008 $15,965 $9,226 (295) $9,521 6,779 $2,742 160 355 Change $2,227 % 15.8% (1.3) 26.5% 36.9 15.5% 4.9 54.4 16.2% (1) Billings, adjusted Fl share and other third-party costs and adjusted contribution are non-GAAP measures. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are presented below under the headings "Reconciliation of GAAP Revenue to Billings," "Reconciliation of GAAP FI Share and Other Third-Party Costs to Adjusted Fl Share and Other Third-Party Costs" and "Reconciliation of GAAP Gross Profit to Adjusted Contribution." Please see appendix for definitions. 10#11Significant FI MAU increase precedes expected Billings growth and future ARPU expansion (FI MAUS in millions) $0.55 © 2020 Cardlytics 58.7 Q1 18 (1) Please see appendix for definitions. $0.60 58.8 Q2 18 $0.58 59.3 Q3 18 $0.57 83.2 Q4 18 108.5 $0.33 Q1 19 120.1 $0.40 Q2 19 128.3 $0.44 Q3 19 133.4 $0.52 Q4 19 FI MAUS (¹1) 140.8 $0.32 Q1 20 ARPU (¹) 11#12Appendix#13Appendix © 2020 Cardlytics Q1 2020 Results (unaudited) Revenue Billings (1) Gross profit Adjusted contribution (¹) Net loss attributable to common stockholders Net loss per share (EPS) Adjusted EBITDA(¹) Adjusted EBITDA margin (2) Non-GAAP net loss (¹) Non-GAAP net loss per share (¹) FI MAUS ARPU (Amounts in thousands, except ARPU and per share amounts) Three Months Ended March 31, 2020 $45,509 $67,776 $15,965 $20,379 ($13,531) ($0.51) ($3,982) (8.75%) ($7,038) ($0.26) 140,779 $0.32 2019 $35,988 $58,550 $13,738 $17,637 ($6,314) ($0.28) ($3,179) (8.83%) ($5,097) ($0.23) 108,468 $0.33 Change AMT $9,521 $9,226 $2,227 $2,742 ($7,217) ($0.23) ($803) ($1,941) ($0.03) 32,311 ($0.01) % 26.5% 15.8% 16.2% 15.5% 114.3% 81.6% 25.3% 38.1% 16.3% 30% (3.0%) (1) Billings, adjusted contribution, adjusted EBITDA, non-GAAP net loss and non-GAAP net loss per share are non-GAAP measures. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are included in the appendix to this presentation, as well as definitions of these non-GAAP terms. (2) Adjusted EBITDA margin is calculated as adjusted EBITDA divided by revenue. 13#14Appendix © 2020 Cardlytics Reconciliation of GAAP Revenue to Billings (unaudited) Revenue Plus: Consumer Incentives Billings Mar 31, 2018 $32,713 16,049 $48,762 Jun 30, 2018 $35,570 15,848 $51,418 Sept 30, 2018 $34,582 14,002 $48,584 Three Months Ended Mar 31, 2019 $35,988 Dec 31, 2018 $47,819 Jun 30, 2019 $48,730 22,397 22,562 25,046 $70,216 $58,550 $73,776 Sept 30, 2019 $56,419 26,373 $82,792 (Amounts in thousands) Dec 31, 2019 $69,293 31,642 $100,935 Mar 31, 2020 $45,509 22,267 $67,776 14#15Appendix Reconciliation of GAAP Gross Profit to Adjusted Contribution (unaudited) Revenue Minus: FI Share and other third-party costs(1) Delivery costs (2) Gross profit (¹) Plus: Delivery costs (2) Non-cash equity expense included in Fl Share Amortization of deferred FI implementation costs Adjusted contribution (¹) Stock-based compensation expense Mar 31, 2018 $32,713 © 2020 Cardlytics 21,420 1,943 $9,350 1,943 2,519 412 $14,224 Jun 30, 2018 $35,570 Mar 31, 2018 $85 19,747 2,559 $13,264 2,559 346 $16,169 Sept 30, 2018 $34,582 Jun 30, 2018 $183 3,007 17,982 26,222 3,007 3,123 $13,593 $18,474 378 $16,978 Three Months Ended Mar 31, Jun 30, 2019 2019 $35,988 $48,730 Dec 31, 2018 $47,819 Sept 30, 2018 $203 3,123 19,004 3,246 $13,738 3,246 27,620 3,370 $17,740 3,370 Sept 30, 2019 $56,419 Three Months Ended Dec 31, 2018 $162 Mar 31, Jun 30, 2019 2019 $164 $199 3,070 (Amounts in thousands) 32,470 38,986 3,070 3,207 $20,879 $27,100 Dec 31, 2019 $69,293 482 653 731 789 696 $22,079 $17,637 $21,841 $24,738 $31,003 (1) FI Share and other third-party costs, gross profit and adjusted contribution include the impact of a $0.8 million gain during 2018 related to the renewal of our agreement with an FI partner, which contains certain amendments that are retroactively applied as of January 1, 2018. (2) Delivery costs include stock-based compensation expense as follows: Sept 30, 2019 $176 3,207 Mar 31, 2020 $45,509 Dec 31, 2019 $172 26,138 3,406 $15,965 3,406 1,008 $20,379 Mar 31, 2020 $175 15#16Appendix © 2020 Cardlytics Reconciliation of GAAP FI Share and Other Third-Party Costs to Adjusted Fl Share and Other Third-Party Costs (unaudited) FI Share and other third-party costs(1) Minus: Non-cash equity expense included in FI Share Amortization of deferred FI implementation costs Adjusted Fl Share and other third-party costs(¹) Mar 31, 2018 $21,420 2,519 412 Three Months Ended Jun 30, Sept 30, Dec 31, Mar 31, 2018 2018 2018 2019 $19,747 $17,982 $26,222 $19,004 346 653 (Amounts in thousands) Mar 31, 2020 Jun 30, Sept 30, Dec 31, 2019 2019 2019 $27,620 $32,470 $38,986 $26,138 378 482 731 789 696 1,008 $18,489 $19,401 $17,604 $25,740 $18,351 $26,889 $31,681 $38,290 $25,130 (1) FI Share and other third-party costs and adjusted FI Share and other third-party costs include the impact of a $0.8 million gain during 2018 related to the renewal of our agreement with an FI partner, which contains certain amendments that are retroactively applied as of January 1, 2018. 16#17Appendix Reconciliation of GAAP Net (Loss) Income to Adjusted EBITDA (unaudited) Net (loss) income(1) Plus: Income tax benefit Interest expense (income), net Depreciation and amortization expense Stock-based compensation expense Foreign currency (gain) loss Amortization of deferred FI implementation costs Costs associated with financing events Loss on extinguishment of debt Change in fair value of warrant liabilities, net Restructing costs Non-cash equity expense included in FI Share Adjusted EBITDA (¹) © 2020 Cardlytics Three Months Ended Mar 31, Jun 30, Sept 30, Dec 31, Mar 31, 2018 2018 2018 2018 2019 ($20,055) ($13,053) ($8,368) ($11,566) ($6,314) ($6,510) ($7,747) 1,749 910 2,900 (683) 412 9,172 992 254 784 777 8,345 5,723 256 378 1,109 346 118 924 (1,611) (801) 269 811 9,822 490 482 304 961 1,708 (491) 653 Jun 30, Sept 30, 2019 2019 (Amounts in thousands) 23 Dec 31, 2019 $3,427 338 218 (321) 1,053 1,167 1,354 3,072 7,486 3,585 667 903 (1,859) 731 789 696 123 123 28 2,519 ($3,076) ($2,164) ($1,663) $308 ($3,179) ($626) $2,967 $6,891 Mar 31, 2020 ($13,531) (284) 2,331 4,126 1,886 1,008 482 ($3,982) (1) Net (loss) income and adjusted EBITDA include the impact of a $0.8 million gain during 2018 related to the renewal of our agreement with an FI partner, which contains certain amendments that are retroactively applied as of January 1, 2018. Please see appendix for deinition of adjusted EBITDA. 17#18Appendix © 2020 Cardlytics Reconciliation of GAAP Net Loss to Non-GAAP Net Loss and Non- GAAP Net Loss Per Share (unaudited) Net loss Plus: Stock-based compensation expense Foreign currency loss (gain) Restructuring costs Non-GAAP net loss Weighted-average number of shares of common stock used in computing non-GAAP net loss per share: GAAP weighted-average common shares outstanding, diluted Non-GAAP net loss per share attributable to common stockholders, diluted (Amounts in thousands, except per share amounts) Three Months Ended March 31, 2019 ($6,314) 1,708 (491) ($5,097) 22,503 ($0.23) 2020 ($13,531) 4,125 1886 482 ($7,038) 26,725 ($0.26) 18#19Appendix Defintions FI MAUS: We define FI monthly active users ("FI MAUs"), as targetable customers or accounts of our Fl partners that logged in and visited the online or mobile banking applications of, or opened an email containing our offers from, our Fl partners during a monthly period. We then calculate a monthly average of these FI MAUs for the periods presented. ARPU: We define ARPU as the total Cardlytics Direct revenue generated in the applicable period calculated in accordance with GAAP, divided by the average number of FI MAUs in the applicable period. Billings: Billings represents the gross amount billed to marketers for advertising campaigns in order to generate revenue. Billings is reported gross of both Consumer Incentives and Fl Share. Our GAAP revenue is recognized net of Consumer Incentives and gross of FI Share. Adjusted contribution: We define adjusted contribution as a measures by which revenue generated from our marketers exceeds the cost to obtain the purchase data and the digital advertising space from our Fl partners. Adjusted contribution demonstrates how incremental marketing spend on our platform generates incremental amounts to support our sales and marketing, research and development, general and administration and other investments. Adjusted contribution is calculated by taking our total revenue less our FI Share and other third-party costs exclusive of a non- cash equity expense and amortization of deferred FI implementation costs, which are non-cash costs. Adjusted contribution does not take into account all costs associated with generating revenue from advertising campaigns, including sales and marketing expenses, research and development expenses, general and administrative expenses and other expenses, which we do not take into consideration when making decisions on how to manage our advertising campaigns. Adjusted EBITDA: We define adjusted EBITDA as our net (loss) income before income tax benefit; interest expense (income), net; depreciation and amortization expense; stock-based compensation expense; foreign currency (gain) loss; amortization of deferred Fl implementation costs; costs associated with financing events; loss on extinguishment of debt; change in fair value of warrant liabilities, net; change in fair value of convertible promissory notes; restructuring costs and a non-cash equity expense recognized in FI Share. Non-GAAP net loss: We define non-GAAP net loss as our net loss before stock-based compensation expense; foreign currency (gain) loss; and restructuring costs. Notably, any impacts related to minimum Fl Share commitments in connection with agreements with certain Fl partners are not added back to net loss in order to calculate adjusted EBITDA. Non-GAAP net loss per share: We define non-GAAP net loss per share as non-GAAP net loss divided by non-GAAP weighted-average common shares outstanding, diluted, which includes our GAAP weighted-average common shares outstanding, diluted, and our weighted-average preferred shares outstanding, assuming conversion. © 2020 Cardlytics 19#2045 cardlytics