#1Mastercard Incorporated Fourth Quarter and Full Year 2022 Financial Results Conference Call January 26, 2023#2Business Update Key Trends Business Highlights Financial Overview January 26, 2023 2 ©2022 Mastercard#34th Quarter Selected Financial Performance ($ in millions, except per share data) Net revenue Adjusted operating expenses Adjusted operating income Adjusted operating margin Adjusted net income Adjusted diluted EPS Adjusted effective tax rate Note: See Appendix A for Non-GAAP reconciliation. 4Q 22 4Q 21 YOY Growth Non-GAAP Non-GAAP As adjusted Currency-neutral $ 5,817 $ 5,216 12% 17% 2,617 2,389 10% 13% 3,200 2,827 13% 19% 55.0 % 54.2 % 0.8 ppt 1.3 ppt 2,548 $ 2,314 10% 16% $ 2.65 $ 2.35 13% 19% 18.2% January 26, 2023 14.7 % 3 ©2022 Mastercard#44th Quarter Gross Dollar Volume (GDV) ($ in billions) Worldwide 8% Growth United States 7% Growth Rest of World 8% Growth $2,115 $2,133 $1,800 $1,600 $1,463 $1,434 $1,400 $1,138 $1,120 $1,200 $805 $784 $1,000 $800 $699 $651 $600 $977 $1,013 $336 $333 $400 $659 $650 $200 $318 $363 $0 4Q21 4Q22 4Q21 4Q22 4Q21 4Q22 Credit Debit / Prepaid Notes: Growth rates are shown in local currency. Figures may not sum due to rounding. Subsequent to the suspension of our business operations in Russia in March 2022, there is no Russian data to be reported. January 26, 2023 4 ©2022 Mastercard#54th Quarter Switched Transactions and Cards Switched Transactions 8% Growth Transactions (in billions) 40 40 31.4 30 20 10 34.0 Cards (in millions) 4,000 2,969 3,000 385 2,000 Cards¹ 5% Growth 3,111 380 2,584 2,731 1,000 0 4Q21 4Q21 4Q22 4Q22 Mastercard Cards Maestro Cards 1. Subsequent to the suspension of our business operations in Russia in March 2022, there is no Russian data to be reported. Note: Figures may not sum due to rounding. January 26, 2023 5 ©2022 Mastercard#64th Quarter Revenue ($ in millions) 4Q21 4Q22 $6,000 $5,000 $4,000 $2,987 $3,334 $3,000 $2,165 $2,251 $2,000 $1,795 $1,380 $1,840 $2,045 $1,000 $0 $-1,000 $-2,000 $-3,000 $-4,000 $5,817 $5,216 $(3,156) $(3,608) Growth Domestic Assessments Cross-Border Volume Fees Transaction Processing Other Revenues Rebates and Incentives Net Revenue As reported 4% 30% 12% 11% 14% 12% Currency-neutral Figures may not sum due to rounding. 6% 40% 16% 16% 18% 17% January 26, 2023 6 ©2022 Mastercard#74th Quarter Adjusted Operating Expenses ($ in millions) 4Q21 4Q22 $3,000 $2,617 $2,389 $2,500 $2,218 $2,000 $1,862 $1,500 $1,000 $500 $338 $216 $189 $184 $0 Growth General & Administrative Non-GAAP 19% Advertising & Marketing (36)% Depreciation & Amortization (2)% Adjusted Operating Expenses 10% Currency-neutral 23% (34)% 2% 13% Note: See Appendix A for Non-GAAP reconciliation. Figures may not sum due to rounding. January 26, 2023 7 ©2022 Mastercard#8Business Update Through January 21st Year-over-year growth %¹ Current period as a percentage of 20191,2 2022 2022 2023 Jan 21 Q3 Oct Nov Dec Q4 Q3 Oct Nov Dec Q4 MTD Switched volume³ 18% 15% 14% 14% 14% 21% 154% 158% 157% 153% 156% United States 12% 10% 10% 8% 9% 13% 145% 148% 145% 140% 144% Worldwide less U.S. 22% 20% 18% 19% 19% 27% 162% 167% 168% 164% 166% Switched transactions 9% 9% 8% 8% 8% 12% 142% 146% 143% 140% 143% 3 Cross-border volume 44% 34% 27% 32% 31% 42% 140% 143% 146% 140% 143% Intra-Europe 36% 24% 21% 27% 24% 38% 152% 151% 156% 148% 151% Other Cross-border 53% 45% 34% 37% 38% 46% 128% 136% 138% 134% 136% XB CNP ex travel XB Travel (CP + CNP travel) 13% 9% 8% 7% 8% 10% 174% 175% 180% 162% 172% 73% 60% 52% 65% 59% 84% 124% 126% 125% 126% 126% 3. Mastercard-branded programs only; on a local currency basis. 1. Normalized to eliminate the effects of differing switching and carryover days between periods, as needed. 2. Represents volume or transactions expressed as a percentage of the comparable 2019 amounts, adjusted for currency impacts. January 26, 2023 8 2022 Mastercard#9Looking Ahead Thoughts for 2023 January 26, 2023 9 ©2022 Mastercard#10Appendices#11Appendix A Non-GAAP Reconciliation ($ in millions, except per share data) Reported GAAP (Gains) losses on equity investments 2 Litigation provisions Adjusted Non-GAAP Three Months Ended December 31, 2022 Operating Net revenue expenses Operating income Operating margin Other income (expense) Effective income tax rate Net income Diluted earnings per share $ 5,817 $ 2,633 $ 3,184 54.7 % $ (95) 18.3 % $ 2,525 $ 2.62 1 ** ** ** 12 (0.1)% 12 0.01 ** (15) 15 0.3 % ** $ 5,817 $ 2,617 $ 3,200 55.0 % $ (84) - % 18.2 % $ 12 0.01 2,548 $ 2.65 Three Months Ended December 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 $ 5,216 $ 2,389 $ 2,827 54.2 % $ (4) (Gains) losses on equity investments Adjusted Non-GAAP 1 ** (111) $ 5,216 $ 2,389 $ 2,827 54.2 % $ (114) 15.7 % $ (1.1)% 14.7 % $ 2,379 (65) $ 2.41 (0.07) 2,314 $ 2.35 Note: Figures may not sum due to rounding. ** Not applicable. 1 Q4'22 pre-tax net losses of $12 million and Q4'21 pre-tax net gains of $111 million were related to realized and unrealized fair market value adjustments on marketable and non-marketable equity securities. Q4'22 pre-tax charges of $15 million as a result of settlements (both final and agreements in principle) with a number of U.K. merchants. 2 January 26, 2023 11 ©2022 Mastercard#12Appendix A (continued) Non-GAAP Reconciliation Three Months Ended December 31, 2022 as compared to the Three Months Ended December 31, 2021 Increase/(Decrease) Reported GAAP 1 Net revenue 12% ** Operating expenses Operating income 10 % 13 % Operating margin 0.6 ppt Effective income tax rate Net income Diluted earnings per share 2.5 ppt 6% 9% ** ** 1.0 ppt 3 % 4 % (Gains) losses on equity investments Litigation provisions 2 ** (1)% 1 % 0.3 ppt ppt 1 % - % Adjusted Non-GAAP 12 % 10% 13 % 0.8 ppt 3.5 ppt 10% 13 % Currency impact 3 Adjusted Non-GAAP - currency-neutral 5% 17 % 4 % 6% 0.5 ppt 0.2 ppt 6% 7 % 13 % 19 % 1.3 ppt 3.7 ppt 16% 19 % Note: Figures may not sum due to rounding. ** Not applicable. 1 Q4'22 pre-tax net losses of $12 million and Q4'21 pre-tax net gains of $111 million were related to realized and unrealized fair market value adjustments on marketable and non-marketable equity securities. Q4'22 pre-tax charges of $15 million as a result of settlements (both final and agreements in principle) with a number of U.K. merchants. 2 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. January 26, 2023 12 ©2022 Mastercard#13Appendix B Non-GAAP Reconciliation 2023 financial outlook Forecasted Growth - GAAP 1 Litigation provisions Special Items 3 2 Non-GAAP Growth 4 Currency impact" Acquisitions 5 Net Revenue Low-teens 2023 vs. 2022 Increase/(Decrease) Operating Expenses Mid-single-digits 4% -% 1% Low-end of low- Low-teens double-digits -(1)% -0% (0-1)% High-end of low-double-digits High-end of high- single-digits (1)% Non-GAAP Growth, currency-neutral, excluding acquisitions ** Not applicable. 1 GAAP FY2023 forecast versus FY2022 reported results. Impact of FY2022 provisions for litigation ($356M). Impact of FY2022 Russia-related impacts ($30M) in net revenue and ($67M) in operating expenses. 4 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. 5 Acquisitions completed after the beginning of 2022. January 26, 2023 13 ©2022 Mastercard#14Appendix C Non-GAAP Reconciliation First quarter 2023 financial outlook Q1'23 vs. Q1'22 Increase/(Decrease) Forecasted Growth - GAAP 1 Special Items 2 Non-GAAP Growth 3 Currency impact ³ Acquisitions 4 Net Revenue High-end of high- single-digits 1% Operating Expenses Mid-single-digits 2% High-end of high- single-digits High-single-digits 2% -1% (0-1)% -(2)% Non-GAAP Growth, currency-neutral, excluding acquisitions Low-end of low- double-digits Low-end of high- single-digits 1 GAAP Q1'23 forecast versus Q1'22 reported results. 2 Impact of Q1'22 Russia-related impacts ($30M) in net revenue and ($34M) in operating expenses. 3 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. Acquisitions completed after the beginning of 2022. January 26, 2023 14 ©2022 Mastercard#15Appendix D Business Update Through January 21st Excluding Russia¹ Year-over-year growth %² Current period as a percentage of 20192,3 2022 2023 2022 Jan 21 Q3 Oct Nov Dec Q4 Q3 Oct Nov Dec Q4 MTD 4 Switched volume" 23% 21% 20% 19% 20% 26% 160% 165% 164% 159% 163% United States 12% 10% 10% 8% 9% 13% 145% 148% 145% Worldwide less U.S. 34% 31% 29% 30% 30% 37% 175% 183% 140% 144% 182% 176% 180% Switched transactions 19% 19% 18% 17% 18% 22% 153% 157% 154% 151% 154% Cross-border volume⭑ 4 50% 40% 33% 37% 37% 48% 144% 148% 151% 144% 148% Intra-Europe 38% 27% 23% 29% 26% 40% 154% 153% 157% 149% 153% Other Cross-border 64% 55% 44% 45% 48% 56% 135% 143% 146% 141% 143% XB CNP ex travel 17% 14% 12% 11% 12% 14% 179% 180% 184% 165% 176% XB Travel (CP + CNP travel) 80% 67% 59% 71% 66% 92% 129% 131% 130% 130% 130% 1. Starting in the first quarter of 2022, as a result of imposed sanctions and the suspension of our business operations in Russia, we have provided adjusted growth rates for our key operating metrics excluding activity from Russian issued cards from the prior periods. 2. Normalized to eliminate the effects of differing switching and carryover days between periods, as needed. 3. Represents volume or transactions expressed as a percentage of the comparable 2019 amounts, adjusted for currency impacts. 4. Mastercard-branded programs only; on a local currency basis. January 26, 2023 15 ©2022 Mastercard#16Appendix E Revenue Growth Drivers Domestic assessments Cross-border volume fees Transaction processing Other revenues Rebates and incentives Net revenue Note: Figures may not sum due to rounding. Includes impacts from the company's key metrics, other non-volume based fees, pricing and mix. Three Months Ended December 31, 2022 as compared to the Three Months Ended December 31, 2021 Operational Acquisitions Currency Impact Total 1 6% - % (3)% 4 % 1 40 % - % (10)% 30 % 2 16 % - % (4)% 12 % 3 14 % 1 % (4)% 11 % 18% - % (4)% 14% 16% 1 % (5)% 12 % 2 Includes impacts from the company's key metrics, other non-volume based fees, pricing, mix and foreign exchange-related revenue attributable to settlement activities. Also includes impacts from the company's cyber and intelligence solutions fees, data analytics and consulting fees and other value-added services. 3 Includes impacts from the company's cyber and intelligence solutions fees, data analytics and consulting fees and other value-added services. Includes 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. January 26, 2023 16 ©2022 Mastercard#17Appendix F Operating Expense Growth Drivers (Non-GAAP)¹ Three Months Ended December 31, 2022 as compared to the Three Months Ended December 31, 2021 Operational Acquisitions Currency Impact Total General and administrative Advertising and marketing 21 % 2 % (4)% 19% (35)% 1 % (2)% (36)% Depreciation and amortization (3)% 5 % (4)% (2)% Total operating expense 10 % 3 % (4)% 10 % Note: Figures may not sum due to rounding. 1 See Appendix A for Non-GAAP reconciliation. 2 Represents the translational and transactional impact of currency. January 26, 2023 17 ©2022 Mastercard#18Appendix G 4th Quarter G&A Detail ($ in millions) Increase/(Decrease) 4Q 22 4Q 21 $ % Personnel Professional fees Data processing and telecommunications Foreign exchange activity $ 1,381 1,089 $ 292 27 % 167 136 32 23 % 238 255 (17) (7)% 1 (7) 16 (23) ** Other 439 368 72 19 % Total general and administrative expenses $ 2,218 $ 1,862 $ 356 19 % Note: Figures may not sum due to rounding. **Not meaningful. Foreign exchange activity includes gains and losses on foreign exchange derivative contracts and the impact of remeasurement of assets and liabilities denominated in foreign currencies. January 26, 2023 18 ©2022 Mastercard