Earnings Presentation Q3 2019

In 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

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