Earnings Presentation Q3 2019

Q3 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

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