#1November 12, 2019 Earnings Presentation Q3 2019 cardlytics#2Disclaimer This presentation includes forward-looking statements. All statements contained in this presentation other than statements of historical facts, including statements regarding future results of operations and the financial position of Cardlytics, Inc. ("Cardlytics," "we," "us" or "our"), our business strategy and plans, our objectives for future operations, including our long-term model, our target adjusted EBITDA in 2020 and our target MAUS and ARPU in 2021 and our financial guidance for the quarter and year ended December 31, 2019 are forward-looking statements. The words "anticipate," believe," "continue," "estimate," "expect," "intend," "may," "will" and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks and uncertainties. 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. 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 Fl Share and other third-party costs, adjusted EBITDA, adjusted EBITDA margin, non-GAAP net (loss) income and non-GAAP net (loss) income 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 Fl Share and other third-party costs, adjusted EBITDA, adjusted EBITDA margin, non-GAAP net (loss) income and non-GAAP net (loss) income per share to the most directly comparable GAAP measures are included in the appendix to this presentation.#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#4Cardlytics provides a scaled solution based on purchase intelligence © 2019 Cardlytics - Proprietary and Confidential ORO mm ·S▸ > 128M Monthly Active Users $2.8T in Annual Spend 2 IN 5 U.S. Card Swipes Distinctive Benefits for Marketers Reach valuable banked customers Operate in a brand-safe, privacy-protected, trusted digital channel Market to the most valuable customers based on their actual spending Drive in-store and online traffic Closed-loop solution measures marketing results to the penny 4#5In 2019, we have been focused on unlocking the value of prior years' investments Accelerate Top-Line Growth Leverage significant increase in scale to land new clients, expand into new industry verticals, and grow budgets with current clients Demonstrate Operating Leverage Realize the value of technology, infrastructure, and personnel investments to support >200M MAUS Evolve the Platform Move to an always-on, highly automated platform that can reduce buying friction, be extended to third parties, and support richer media * A reconciliation of non-GAAP adjusted EBITDA to GAAP net loss on a forward-looking basis is not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to the items excluded from this non-GAAP measure. © 2019 Cardlytics - Proprietary and Confidential Estimated FY 2020 Positive adjusted EBITDA in 2020 through exhibited operating leverage* Estimated FY 2021 A return to normalized ARPU levels by the end of 2021 5#6Financial Information & Operating Metrics#7Positive year-over-year growth ($ in millions) $40.1 $26.9 $10.6 Q1 17 $47.6 $32.8 © 2019 Cardlytics - Proprietary and Confidential $13.5 Q2 17 $45.5 $31.4 $17.2 Q3 17 $58.3 $39.3 $17.4 Q4 17 $48.8 $32.7 $14.2 Q1 18 $51.4 $35.6 $16.2 Q2 18 $48.6 $34.6 $17.0 Q3 18 $70.2 $47.8 $22.1 Q4 18 $58.6 $36.0 $17.6 Q1 19 Revenue $73.8 $48.7 $21.8 Q2 19 Adj. Contribution (1) (2) (3) $82.8 $56.4 $24.7 Q3 19 Billings (1) Q3 Billings +70.4% y/y Q3 Revenue +63.1% y/y Q3 Adj. Contribution +45.7% y/y (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. (2) Adjusted contribution includes the impact of an accrued expense totaling $1.5 million during both the first and second quarters of 2017 related to an expected shortfall in meeting a minimum Fl Share commitment. The accrued expense was reversed during the third quarter of 2017, resulting in a non-cash gain totaling $3.0 million. (3) 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 Lloyds, which contains certain amendments that are retroactively applied as of January 1, 2018. 7#8Billings and Adjusted Contribution best reflect performance Billings Total in aggregate paid by marketers © 2019 Cardlytics - Proprietary and Confidential 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 8#9Q3 2019 Results BILLINGS REVENUE ADJ. CONTRIBUTION Consumer Incentives Adjusted FI Share(¹)(2) Adjusted contribution (1) (2) © 2019 Cardlytics - Proprietary and Confidential $14,002 $17,604 $16,978 Q3 2018 70.4% 63.1% 45.7% $26,373 ***************** $31,681 $24,738 Q3 2019 Billings (¹) Consumer Incentives Revenue Adjusted Fl Share and other third-party costs(1)(2) Adjusted contribution (¹) (2) Three Months Ended September 30, 2018 $48,584 14,002 $34,582 17,604 $16,978 2019 $82,792 26,373 $56,419 31,681 $24,738 $34,208 12,371 Change $21,837 14,077 $7,760 % 70.4% 88.4 63.1% 80.0 45.7% (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." (2) Adjusted Fl Share and other third-party costs and adjusted contribution include the impact of a $0.8 million gain during the third quarter of 2018 related to the renewal of our agreement with Lloyds, which contains certain amendments that are retroactively applied as of January 1, 2018. 9#10Significant FI MAU increase precedes expected Billings growth and future ARPU expansion (FI MAUS in millions) $0.47 51.9 Q1 17 © 2019 Cardlytics - Proprietary and Confidential $0.54 53.7 Q2 17 $0.55 55.4 Q3 17 $0.66 58.7 Q4 17 $0.55 58.7 Q1 18 $0.60 58.8 Q2 18 $0.58 59.3 Q3 18 $0.57 83.2 Q4 18 108.5 $0.33 Q1 19 FI MAUS 120.1 $0.40 Q2 19 128.3 $0.44 Q3 19 ARPU 10