Earnings Presentation Q3 2019

Positive 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

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