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2016 InvestmentCommunity MeetingSeptember 7, 2016

©2016 Mastercard. Proprietary.September 7, 20162 Mastercard Investment Community Meeting

WELCOME

Forward‐Looking Statements

Today’s presentation may contain, in addition to historical information, forward‐looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

These forward‐looking statements are based on our current assumptions, expectations and projections about future events which reflect the best judgment of management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by our comments today. You should review and consider the information contained in our filings with the SEC regarding these risks and uncertainties.

Mastercard disclaims any obligation to publicly update or revise any forward‐looking statements or information provided during today’s presentations.

Any non‐GAAP information contained in today’s presentations is reconciled to its GAAP equivalent in the appendices at the end of this presentation.

©2016 Mastercard. Proprietary.September 7, 20163

WELCOME

Agenda7:30 a.m. Registration 10:30 a.m. International Markets Panel

Ann Cairns, Javier Perez, Ari Sarker,Raghu Malhotra, Barbara Gasper

8:30 a.m. WelcomeBarbara Gasper

11:00 a.m. Financial PerspectiveMartina Hund‐Mejean

8:35 a.m. Our Strategy in ActionAjay Banga

11:15 a.m. Q&A

8:45 a.m. Growing the CoreMichael Miebach

12:25 a.m. Final ThoughtsAjay Banga

9:05 a.m. Enabling a Digital WorldGarry Lyons

12:30 – 1:30 p.m. Lunch Table Discussions with Management

9:25 a.m. Differentiating with Services PanelGary Flood, Kevin Stanton, Ajay Bhalla, Carlo Enrico, Barbara Gasper

1:00 – 1:30 p.m. APT Breakout SessionKevin Stanton, Anthony Bruce

9:55 a.m. North AmericaCraig Vosburg

1:30 – 2:00 p.m. Europe Breakout SessionJavier Perez

10:15 a.m. BREAK 12:30 – 3:00 p.m. Product Experiences

Mastercard Investment Community Meeting


WELCOME

Product Experiences


Shaping the FuturePayment Through ChatPepper the Robot

Innovating with ScaleSafety NetSmart DataMastercard SendBiometric Identification

Differentiating with ServicesDriving Digital AcceptanceDecision IntelligencePowering Insights with APT360 Rewards and Offers

Enabling a Digital World2KuzeSmart CitiesMasterpass – Powering DigitalGroceries by Mastercard

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©2016 Mastercard. Proprietary.

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September 7, 20165

WELCOME

Lunch Table Discussions


International MarketsAnn Cairns

Ling Hai

Digital Payments & LabsGarry Lyons

ServicesAjay Bhalla

Cathy McCaul

North AmericaCraig Vosburg

Core ProductsMichael Miebach

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International MarketsGilberto CaldartRaghu Malhotra

Ari Sarker


WELCOME

Mastercard Management Speakers

Ajay BhallaPresident, Enterprise Security Solutions

Ann CairnsPresident, International Markets

Gary FloodPresident,Global Productsand Solutions

Barbara GasperExecutive Vice President,Investor Relations

MartinaHund‐MejeanChief Financial Officer

Ajay BangaPresident & CEO

September 7, 2016 Mastercard Investment Community Meeting6

Garry LyonsChief Innovation Officer

Carlo EnricoDivision President, Europe

Michael MiebachChief Product Officer

Javier PerezPresident, Mastercard Europe

Kevin StantonPresident, MastercardAdvisors

Craig VosburgPresident,North America

Raghu MalhotraPresident,Middle East & Africa

Ari SarkerCo‐President,Asia Pacific

Anthony BruceCEO, Applied Predictive Technologies


WELCOME

Other Mastercard Management Attendees

Gilberto CaldartPresident,Latin Americaand Caribbean

Timothy MurphyGeneral Counsel and Chief Franchise Officer

Cathy McCaulPresident,Global Processing

Edward McLaughlinChief Information Officer

Ling HaiCo‐President,Asia Pacific

Rob ReegPresident, MastercardTechnologies

Raja RajamannarChief Marketing & Communications Officer

Michael FraccaroChief Human Resource Officer

Raj SeshadriPresident,U.S. Issuers

Warren KneeshawExecutive Vice President,Investor Relations

Our StrategyAjay Banga, President and Chief Executive Officer

September 7, 20162016 Investment Community Meeting


OUR STRATEGY

Creating Shareholder Value

$5.5

$6.7$7.4

$8.3

$9.4 $9.7

50%

54%

45%

50%

55%

60%

65%

70%

2010 2011 2012 2013 2014 20150.0

2.0

4.0

6.0

8.0

10.0

12.0CAGR%

12%

EPS* $1.41 $1.87 $2.20 $2.61 $3.10 $3.43 19%

* Amounts exclude special items; see Appendix A for non‐GAAP reconciliations of special items

MA Stock Performance vs PeersJan 1, 2010 – Aug 31, 2016

Source: Factset


Revenues ($ Billions)

Operating Margin*

‐50%

0%

50%

100%

150%

200%

250%

300%

350%

Dec‐09

Mar‐10

Jun‐10

Sep‐10

Dec‐10

Mar‐11

Jun‐11

Sep‐11

Dec‐11

Mar‐12

Jun‐12

Sep‐12

Dec‐12

Mar‐13

Jun‐13

Sep‐13

Dec‐13

Mar‐14

Jun‐14

Sep‐14

Dec‐14

Mar‐15

Jun‐15

Sep‐15

Dec‐15

Mar‐16

Jun‐16

MA V S&P 500 S&P 500 Information Technology Index


OUR STRATEGY

Driving Profitable Growth

Enabled by Brand, Data, Technology and People

GROWCore Business

• Consumer Credit

• Debit

• Commercial

• Prepaid

• Physical‐Digital Convergence

DIVERSIFYCustomers & Geographies

• Merchants

• Governments

• Financial Inclusion

• New Markets

• Advisors

• Safety & Security

• Processing

• Loyalty & Rewards

BUILDNew Businesses



OUR STRATEGY

Secular Growth Opportunity Remains High

Source: OECD definitions, BIS statistics, McKinsey global payment data, Euromonitor and Mastercard Advisors analysis


65.1%

58.0%

96.8%

91.5%

85.9%83.7%

50%

60%

70%

80%

90%

100%

2006 2007 2008 2009 2010 2011 2012 2013 2014

Share of Cash Transactions – All Payment Categories

Developed Markets

Emerging Markets

All Markets


OUR STRATEGY

Expanding into New Payment Flows

Strength of Capabilities

Today FutureExpandingCapabilitiesConsumer

(C2M, C2G)

Person‐to‐Person(P2P)

Business(B2B)

Government(G2C, G2B, B2G)

42% Cash/Check58% Electronic

~50% ACH**

> 95% Cash/Check< 5% Electronic

20% Cash/Check80% Electronic

Share of Value*


* Source: OECD definitions, BIS statistics, McKinsey global payment data, Euromonitor and Mastercard Advisors analysis** All payments in top 50 countries based on a proprietary study for Mastercard


OUR STRATEGY

Payments Industry Dynamics

Concerns aroundcybersecurity and privacy

Heightened regulatoryinterest and nationalism

Continuing movement towards electronic payments

Demand foradjacent services

Technologycontinues to evolve


New entrants cominginto payments space


Our Strategy

Grow our core business faster than the market

Diversify with new customers and geographies

Build new high‐growth businesses to deliver competitive differentiation

Anticipate and manage competitor and regulatory risk

Deliver safe, simple and smart transactions across multiple network rails (Card & ACH)

Increase consumer and merchant affection for our brand

Retain and grow our world‐class talent


Continuing toGrow the CoreMichael Miebach, Chief Product Officer


©2016 Mastercard. Proprietary.16

CONTINUING TO GROW THE CORE

Our Strategy: Driving Enterprise Growth

• Delivering compelling payment products with value‐added services to win deals

• Driving brand and partner preference through consumer insights

• Capturing new revenue and payment flows

MasterCardGATEWAYPROCESSING

MasterCardENTERPRISESECURITY SOLUTIONS

MasterCardLOYALTY

Core Products

Strong progress to date and significant runway for continued growth

September 7, 2016 Mastercard Investment Community Meeting

Digital Payments & Labs


1H 2016 GDV Growth

Market Share Trend

Consumer Credit +8% +

Consumer Debit +8% +++

Prepaid +22% +++

Commercial +11% +++

17


Delivering Strong Results




Winning Issuing Deals by Leveraging Products & ServicesAsia‐PacificLatin America

Caribbean Middle East

Africa


NorthAmerica

Europe



Driving Preference Through Consumer Insights

ConsumerSegmentation

Consumer ValuePropositions

Value‐AddedServices

ConsumerResearch / Trends

Time starvedAlways on

Zero Liability Automatic Billing Update

Alerts and Controls Concierge

Empty Nesters

Working Moms

MasterCardENTERPRISESECURITY SOLUTIONS

MasterCardLOYALTY




Delivering Compelling Consumer Credit Enhanced by Value‐Added ServicesOur Approach• Partner‐Driven• Digitally‐Enabled• Flexible / Alternative Ways to Pay• Consumer‐Focused

Value of Services:One‐stop shop• Loyalty – activation, usage, retention• Advisors – portfolio performance / optimization• Security Solutions – fraud prevention, approval rates

Buddy Bank(Italy)

MasterCardINSTALMENT

MasterCardCONTACTLESS

MasterCardBENEFITSOPTIMIZER

Core is Digital&

Digital is the Core




Continuing to Drive Double‐Digit Growth in Commercial

REPORTING & ANALYTICS

ACCOUNT MANAGEMENT

ENHANCED DATA

SELF‐SERVICE PORTALS

MERCHANT OFFERS

FILE DELIVERY & TRANSFER

Our Approach• Empower Small Business growth• Enable smarter travel payments • Streamline B2B payment processes

Value of Services:One‐stop shop• Enhanced data & reporting• Fraud and business control services• Corporate implementation services• Straight‐through processing

Barclaycard(UK)

Focused wellbeyond the plastic

EXPENSE REPORTING

Commercial Card

Capabilities

$




Looking Ahead to New Payment Flows: ACH Opportunity

ACH represents~50%

of all payments in top 50 countries*

Access new payment flows, particularly in B2B & P2P

Expand basis of engagementwith customers and consumers

Accelerate cash displacement

Find new revenue streams

Play an expanded role inpayments ecosystems (e.g., the UK)

Participating in the Global Shift to Fast ACH: VocaLink acquisition

* Proprietary study for Mastercard



Continued, Strong Momentum

Leveraging products and services to deliver distinctive payment value propositions

Driving consumer and partner preference through deep consumer insights

Displacing cash in all payment flows, winning share and increasing usage


Enabling aDigital WorldGarry Lyons, Chief Innovation Officer

2016 Investment Community MeetingSeptember 7, 2016


ENABLING A DIGITAL WORLD

The World is Changing

Industries being reinvented

Expectation of personalized and integrated digital experience

Barriers to entry are being lowered in every industry

Public companies need to continue to win today

while reinventing themselves for the future

Everyone and everythingis becoming connected

The emergence of business as a platform

Regulatory, security and privacy concerns

Democratization of electronic payments and technology

Urbanization and the desire for smarter cities



Winning in Digital is Complex

ENHANCINGthe payment experience

SIMPLIFYINGthe integration of oursolutions via APIs

PARTNERINGfor scale

ACQUIRINGnew businesses

DIGITIZINGmore forms of payment

COINNOVATINGwith customers

INVESTINGIn companies and talent

and much more …

SECURINGevery transaction

EXTENDINGbeyond payments

LOCALIZINGfor global relevance

MEASURINGto ensure effectiveness

DEFININGstandards for the digital age

EXPERIMENTINGwith new technologies

REIMAGININGthe purchase experience

©2016 Mastercard. Proprietary.Mastercard Investment Community MeetingSeptember 7, 201627


ENHANCINGthe payment experience

80 MILLION Enabled Accountsby End of 2016

Supported by leading global financial institutions

Best‐in‐class consumer experience in‐browser, in‐app and in‐store across all

devices

Faster, simpler, more secure checkout for

merchants and consumers

Easy to integrate via APIs

Live in 33 countries



ENABLINGbetter payment experiences: in‐store, in‐app and online

Fastercheckout online

Book travel and buy from messaging app

Smartercheckout in‐store

Innovativein‐store interactions

Buy from connected devices: fridge, car, etc.

Pay securelywith wearables

Dine and pay without waiting

Cashlessunattended retail



Issuing Partnersover 550 worldwide

11 countries live, 28 countries enabled

Industry standard

Powering digital wallets

Integrated within Masterpass



SECURINGevery transaction

MDES



DIGITIZINGmore forms of payment

From every funding source ... … to every destination, for any need

Humanitarian Aid

Remittances

On‐Demand Payroll

Insurance Disbursements

Person‐to‐Person

MA Cards

Cash

Mobile Wallets

Non‐MA Cards

Bank Accounts


Mastercard Developers (developer.mastercard.com) –gateway to Mastercard services

More than 25 services available for banks, processors, merchants and startups across payments, data and security

Extremely easy to use – providing APIs, SDKs, developer tools and sample code across 6 programming languages



SIMPLIFYINGthe integration of our solutions


MATCHManage risk associated with onboarding new merchants



Some of Our API Users

Masterpass Merchant APISimplify the online checkout

experience

MDESTo tokenize card numbers

for their wallets

Masterpass Issuer APIIncorporate checkout capability

in their mobile application

Payment GatewayAccept payments and reduce

fraud at online checkout

Simplify CommerceIntegrate payments acceptance

into their Dynamics platform



EXPERIMENTINGwith new technologies

IOT/Wearables

Digital Currencies andthe Blockchain

AI & Machine Learning

Biometrics

Chatbots

Augmented Reality /Virtual Reality

Digital Personal Assistants

… and much, much more

Robotics



Simply put, we are …Laying down the foundations for a digital future by:

• Upgrading the payment ecosystem• Partnering to deliver the best digital experience everywhere at scale• Relentlessly improving the security of transactions• Supporting non‐traditional payment flows• Making it easier for others to integrate our services in their solutions

Enabling experimentation and looking beyond the payment

Facilitating partnerships with large corporates and startups

Innovating faster and augmenting our customers’ innovation capabilities

Differentiating with Services Panel


Gary Flood Kevin Stanton Ajay Bhalla Carlo Enrico

Barbara Gasper, Moderator


DIFFERENTIATING WITH SERVICES PANEL

Why Services?

Services tightly connected to and drive performance of our core business

Services provide competitive differentiation and help win deals

Profitability differs by category and improves with scale

North AmericaCraig Vosburg, President ‐ North America

2016 Investment Community MeetingSeptember 7, 2016


Strong Performance• Double‐digit revenue growth• Diversifying customers and products• Record of strong innovation

Future Opportunity• PCE growth• Secular shift, accelerated by digital• Untapped payment flows

35% of GDV

40% + of Net Revenue

2 of Mastercard’s Top 5 Revenue Markets


NORTH AMERICA

Large, Healthy Market withPlenty of Opportunity


Expanding product distribution

Growing acceptance & preferenceat the point‐of‐sale

Investing in digital

Scaling services Extending the reach of our network to capture new payment flows


NORTH AMERICA

Five Pillars to Drive Growth

GROWDIVERSIFY

BUILD


NORTH AMERICA

Expanding Product Distribution



NORTH AMERICA

Growing Acceptance and Preferenceat the Point‐of‐Sale

• Opening new spend categories• Accelerating EMV and Contactless

• Scaling Masterpass acceptance• Enhancing digital security

• Addressing merchant needs with more efficient payments, as well as new products and services

PhysicalAcceptance

DigitalAcceptance

MerchantNeeds



NORTH AMERICA

Investing in Digital


Mastercard Digital Enablement Service

MDES



NORTH AMERICA

Scaling Services

Services are a powerful differentiator and an attractive source of revenue

Analytics

Processing Loyalty

Safety &Security

Consulting



U.S. Payment Flows

44

NORTH AMERICA

Extending the Reach of Our Network toCapture New Payment Flows

Carded

Other Electronic

Cash & Check

Exciting opportunitiesto bring greater efficiency to payments

Consumer (C2M)

Person‐to Person (P2P)

Business (B2B)

Gov’t / Business (B2C)



Differentiatedoffering

NORTH AMERICA

Looking Ahead …

Strong customer partnerships

Momentumacross products

New opportunities to displace cash and check

Significantmarket opportunity


International MarketsPanel


Ann Cairns Javier Perez Ari Sarker Raghu Malhotra

Moderator: Barbara Gasper


INTERNATIONAL MARKETS PANEL

Common Global Themes

Close engagement with governments and regulators andaddressing nationalism

Opportunities turbocharged by digital technology andfocus on financial inclusion

Financial inclusion helps build out electronic paymentsinfrastructure in countries

Secular trend and PCE continue to drive growth opportunities

Financial PerspectiveMartina Hund‐Mejean, Chief Financial Officer



FINANCIAL PERSPECTIVE

2016 Business Drivers

Processed

Q2 QTD Thru Aug

12% 11%

9% 7%

14% 14%

14% 18%

10% 12%

As‐Reported

Growth (local) Q1 Q2

Worldwide GDV 13% 11%

U.S. GDV 10% 8%

Rest‐of‐World GDV 15% 13%

Processed Transactions 14% 14%

Cross‐Border Volume 12% 10%



Positive operating leverage


2016 Financial Outlook

Low double‐digit growth on a currency‐neutral basisOperating Expense*

Full‐year rate of 28‐29%Tax Rate

2 ppt net impactFX Impact

Low double‐digit growth on a currency‐neutral basisNet Revenue


* Amounts exclude special items; see Appendix B for reconciliation of non‐GAAP measures



Capital Planning Priorities

Investments in organic opportunities and M&ALong‐TermBusiness Growth

Continue to return excess cash with biastowards share repurchases

Return Excess Cashto Shareholders

Gradual and disciplined migration to more normalizedmix of debt and equity over timeCapital Structure

Preserve strong balance sheet, liquidity and credit ratingsStrong Balance Sheet




Return of CapitalHistorical Perspective

$2.4 $3.4 $3.5$1.8 $2.1

$0.3

$0.5 $0.7

$0.4$0.6

$2.7

$3.9$4.2

$2.2$2.7

2013 2014 2015 1H 2016 ThroughAugust 2016

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$ in billions

Share RepurchaseDividends




Selective M&A Investments Add Value

• Data Analytics

• Safety & Security

• Processing

• Loyalty

• Technology

AddressStrategic Areas

• Products / Services

• Technology

• Distribution

• Geographic Reach

ProvideCritical Capabilities

• Financially Attractive

• Acceptable Risk Profile

• Manageable Integration

• Management Strength, Talent, Culture

Selection Criteria



Long‐Term Revenue Growth

Global PCE

5%Secular Growth

4 ‐ 6%

IndustryPurchase Volume

Adj. forAvailable Market

(1%)

MA Market Opportunity

9 ‐ 11%8 ‐ 10%

Revenue

Low ‐MidTeens

Volume

Core ProductsServicesMix

PricingShare


Core~75%

Services~25%

% of 2015 Revenue

Margin Level

Processing

Loyalty

Advisors

Safety & Security

Margin Expansion with Scale



Driving Growth Beyond the Core

September 7, 201655

Revenue CAGR* (2013 – 2015)Core ~10% Services ~24%

18 ppt ex‐acquisitions6 ppt acquisitions

* On a currency‐neutral basis; see Appendix C for reconciliation of non‐GAAP measures



Longer‐Term2016 – 2018 Performance Objectives*

* On a currency‐neutral basis and excluding VocaLink & future acquisitions

** See Appendix D for pro forma EPS

Minimum 50% annuallyOperating Margin %

Mid‐teensEPS CAGR % **

Low double‐digitsNet Revenue CAGR %


Question and Answer SessionSeptember 7, 20162016 Investment Community Meeting

Final ThoughtsAjay Banga, President and Chief Executive Officer



Some Final Thoughts

Secular growth opportunity will continue for years to come

Movement to digital payments creates new market opportunities and will help drive our growth

Industry dynamics include new entrants and evolving role of governments

Diversifying our business to provide differentiated capabilities and new revenue streams through various services

Operating fundamentals remain strong

Product ExperiencesSeptember 7, 20162016 Investment Community Meeting


Safety NetSafety NetWhen Safety Net was introduced to investors in 2014, Mastercard was just kicking off global rollout efforts. Today, 90% of issuers around the world are enabled for the service and being protected by the network level monitoring that Safety Net brings. Safety Net has helped us establish a credible second line of defense for our banking partners, while also increasing credibility with regulators around the world and driving Mastercard business success.

Smart DataSmart DataManaging expenses is a universal activity. It’s equally challenging if you’re a small business or a global company. Mastercard has the tools to help companies do this well. With our global, proprietary Smart Data platform, Mastercard supports over 200 issuing banks and more than 200,000 companies across 130 countries. Since we first introduced this solution more than two decades ago, our customers have relied on us to provide them with streamlined card controls and expense management tools, combined with global data and analytics.

Mastercard SendMastercard SendIn May 2015, we launched Mastercard Send, a first‐of‐its‐kind service that our customers can use to facilitate the delivery of funds quickly, securely and conveniently to consumers. In the U.S., our customers can reach virtually all U.S. debit card accounts and send and receive funds typically within seconds. Since its launch, Mastercard Send has been gaining traction and our volume has grown more than 400%. We have secured key partnerships, as well as continue to increase our customer base and scale by serving organizations in multiple verticals within the disbursements, P2P and remittances areas.

Biometric IdentificationBiometric IdentificationMastercard is committed to replacing passwords and continues to be one of the leaders in biometric adoption in the payments space. With the previously introduced Identity Check now in successful commercial trials, we are continuing to innovate with new technologies such as eye verification and biometric cards. We believe, that in the near future, the success of payments will involve treating the digital consumer as a human, not a memorized password, an account number or a phone. Biometrics is a critical element in helping us lead the way to make payments safer and more simple.


PRODUCT EXPERIENCES

Innovating with ScaleWe know that our customers and partners look to us to develop solutions which add value to their business. Building and launching products using a disciplined approach, while quickly scaling them around world into new markets and with new customers has helped drive our mutual success. Many of the products and solutions we’ve showcased at ICM since we first introduced them have been very successful in the marketplace and have translated into differentiation, as well as incremental revenue, for Mastercard.


Driving Digital AcceptanceDriving Digital AcceptanceMastercard Payment Gateway Services was formed by integrating our acquired assets, DataCash & TNS Payment Gateway, with our own technology to create a unique digital gateway solution that enables us to touch and influence more digital transactions and payment experiences. Our tools enable acquirers and partners to seamlessly provide the latest digital payment acceptance methods, including Masterpass, as well as other value‐added capabilities to their merchants. As a result, thousands of merchants can provide their customers with a safe, simple and smart payment experience across all digital channels.

Decision IntelligenceDecision IntelligenceMastercard Decision Intelligence pioneers a new approach in authorization decision‐making, shifting from risk‐based decisions to those that evaluate both the risky and positive aspects of a transaction. It combines technology, data and information from the Mastercard network to create a single transaction score, delivered in real‐time, which helps issuers fine‐tune their strategies to approve more genuine transactions, without increasing risk, thereby driving more revenue for themselves and for merchants.

Powering Insightswith APTPowering Insightswith APTMastercard has been focused on building competitive advantage through innovation and services, and APT is a key component of this strategy. Last year we introduced APT and their proprietary “Test & Learn” analytics platform. This year we would like to highlight how anonymized and aggregated Mastercarddata has been integrated into the platform. The new offering, APT Engage, is geared towards driving value for merchants and issuers, while increasing Mastercard transaction volume.

360° Rewardsand Offers360° Rewardsand OffersBy integrating and scaling our acquisitions of Pinpoint and Truaxis, the Mastercard Loyalty platform is now able to power a breadth of solutions that gives issuers and merchants across the globe the ability to design loyalty programs to meet their exact needs. Whether it is merchant‐funded or issuer‐funded, cash‐back or points, domestic or cross‐border Mastercard is uniquely positioned to deliver a rich, digital user experience which ultimately leads to enhanced engagement and preference for Mastercard.


PRODUCT EXPERIENCES

Differentiating with ServicesWe’ve been successful at growing our business through organic investments. However, we’ve also been expanding by building new, high‐growth scalable services through in‐house development and acquisitions to further grow our core business and extend our presence across the payments value chain. We started getting into services more than two decades ago with Advisors and have since expanded into other areas such as Processing, Safety and Security, Data Analytics and Loyalty, all ofwhich have helped us to differentiate ourselves from the competition and win new business.


Smart CitiesSmart CitiesWe expect Cities to spend $100B by 2018 on services, data/analytics and personalization – all areas that we can address through our capabilities. Mastercard is partnering to build more efficient cities that enhance the consumer experience and support urban development. Reducing cash usage in habit‐forming daily spend categories, such as transit, helps us to drive the secular shift from cash to electronic payment. By integrating our technology, data and solutions, such as Masterpass, into smart city services, we are changing how people access public transport by making the process simpler, quicker and more convenient.

2Kuze2Kuze2Kuze is a platform that helps small farmers grow their business through a mobile marketplace. It connects farmers, agents, large‐scale buyers and banking / micro‐finance institutions to provide mobile tools that enable transparent, cashless payments. The solution is designed to help farmers plan well for the future, manage risks better and engage the financial ecosystem more efficiently. 2Kuze has been actively developed as part of Mastercard Labs for Financial Inclusion, which was established in 2015 with support from the Bill and Melinda Gates Foundation, to promote financial literacy and inclusion.

Masterpass:Powering DigitalMasterpass:Powering DigitalMasterpass is delivering on our digital strategy by enabling consumers to rely on their own trusted bank for fast and simple digital payment solutions across all devices and channels. It is the only payment service that can be customized by issuing partners for use by consumers anywhere they want to shop – in‐store, online and in‐app – using their smartphone, tablet or PC. Now live, the addition of NFC contactless capability to the Masterpass service enables consumers to use Masterpass in‐store at more than 6 million merchant locations in 77 countries where Mastercard contactless payments are already accepted.

Groceries by MastercardGroceries by MastercardGroceries by Mastercard allows consumers to order food/items directly from the Samsung Family Hub refrigerator and is the first grocery shopping application that is being delivered through a connected fridge. Fridge owners will be able to move back and forth between Fresh Direct and ShopRite “grocery aisles” to shop for their favorite brands and pay via Masterpass, a simple, single‐checkout experience that accepts all credit and debits cards from U.S.‐based financial institutions. The Samsung refrigerator and companion app enable seamless integration to allow you add items to your shopping list, even when you’re on the go.


PRODUCT EXPERIENCES

Enabling a Digital WorldThe world is becoming more connected, technology is evolving at an incredible pace, industries are being reinvented and consumers have heightened expectations of what technology can do for them. We are invested in digital and working to enhance the consumer payment experience, making businesses and governments more efficient and securing all transactions, whether they took place in‐store, in‐app or online, as well as across all devices.


Pepper the RobotPepper the RobotMastercard unveiled the first commerce application for SoftBank Robotics humanoid robot, Pepper. Powered by Masterpass, the Pepper application is designed to help merchants make in‐store experiences more engaging for guests, while driving real business value. A guest can simply greet Pepper and then pair their Masterpass account with just a tap on a Pepper icon in their wallet app. After pairing, Pepper assists guests with taking orders, providing recommendations and offers, sharing product information and enabling checkout with Masterpass.

Payment Through ChatPayment Through ChatPayment Through Chat shows how Masterpass enables simple and secure digital payments through popular messaging channels like Facebook Messenger. We are partnering with JetBlue on a concept to demonstrate how commerce can now be delivered through a messaging app using a chatbotto simulate human interaction, allowing consumers to transact with merchants without ever having to leave their favorite messaging app.


PRODUCT EXPERIENCES

Shaping the FutureIn an increasingly digital world, the way consumers make payments today will be very different than they do tomorrow. We’re focused on delivering value beyond the payment and providing solutions by experimenting with new technologies. By partnering with those who share our vision, we can create fast and secure digital payments to enable unique and highly‐personalized, customer experiences which will change the way consumers shop in the future.

AppendicesSeptember 7, 20162016 Investment Community Meeting


APPENDIX A

Non‐GAAP Reconciliation($ in millions, except per share data)

1 Excludes the euro and Brazilian real translation for the 2010 results at 2015 exchange rates2 Represents the impact of U.S. Merchant Litigation Settlement (2011: $770 million ($495 million after‐tax or $0.39 per diluted share); 2012: $20 million ($13 million after‐tax or $0.01 per diluted share); 2013: $95 million ($61 million after‐tax or $0.05 per diluted share); 2015: the effect of termination of the U.S. employee pension plan of $79 million ($50 million after‐tax or $0.04 per diluted share) and the U.K. Merchant Litigation Settlement of $61 million ($44 million after‐tax or $0.04 per diluted share). See Form 10‐K SEC filings for the respective year for a further explanation of each of these items

3 Adjusted Operating Margin reflects the impact of excluding special items

2010 2011 2012 2013 2014 2015 CAGRFX‐Adjusted

CAGR 1

Net Revenue 5,539$ 6,714$ 7,391$ 8,312$ 9,441$ 9,667$ 12% 13%

Operating Income ‐ As Reported 2,752$ 2,713$ 3,937$ 4,503$ 5,106$ 5,078$ 13%Special Items 2 ‐ 770 20 95 ‐ 140 Adjusted Operating Income 2,752$ 3,483$ 3,957$ 4,598$ 5,106$ 5,218$ 14% 15%

Operating Margin ‐ As Reported 49.7% 40.4% 53.3% 54.2% 54.1% 52.5%Adjusted Operating Margin 3 49.7% 51.9% 53.5% 55.3% 54.1% 54.0%

Earnings Per Share ‐ As Reported 1.41$ 1.48$ 2.19$ 2.56$ 3.10$ 3.35$ 19%Special Items 2 ‐ 0.39 0.01 0.05 ‐ 0.08 Adjusted Earnings Per Share 1.41$ 1.87$ 2.20$ 2.61$ 3.10$ 3.43$ 19% 21%


APPENDIX B

2016 vs 2015

Revenue Operating Expenses

Non‐GAAP Currency‐Neutral Forecast Growth Low double‐digit Low double‐digit

Special Items 1 ‐ (1%)

FX 2 (2%) (2%)

As‐Reported Forecast Growth Low double‐digit High single‐digit

Non‐GAAP Reconciliation2016 Full‐Year Financial Outlook

1 Impact of U.K. merchant litigation provisions (2016: $107 million; 2015: $61 million) and U.S. employee pension plan termination in 2015 of $79 million2 Impact of foreign currency is calculated by remeasuring the prior period’s results using the current period’s exchange rates for both the translational and transactional impacts



APPENDIX C

2013‐2015 CAGR

Core Revenue Services Revenue

Non‐GAAP Currency‐Neutral CAGR 10% 24%

FX 1 4% 2%

As‐Reported CAGR 6% 22%

Non‐GAAP Reconciliation2013‐2015 Revenue CAGR

1 Represents the impact for transactional and translational impact of foreign currency. Translational impacts are calculated by remeasuring the 2012 results using the 2015 exchange rates. Transactional impacts are estimated by remeasuring a proportional amount of the 2015 exposures at 2012 exchange rates



2015 Diluted Earnings Per Share GAAP $3.35

Significant Tax Items2 (0.31)

U.S. Employee Pension Plan Settlement Charge3 0.04

Provision for Litigation Settlement4 0.04

2015 Diluted Earnings Per Share Non-GAAP $3.12

1 Proforma 2015 EPS utilized to measure 3‐year EPS target performance (2016‐2018)2 Represents effect of discrete tax benefits and the tax impact of non‐recurring repatriation benefits3 Represents effect of the termination of the U.S. employee pension plan4 Represents effect of the U.K. Merchant Litigation Settlement

Note: Figures may not sum due to rounding

APPENDIX D

FY2015 Pro Forma EPS1

69 September 7, 2016 Mastercard Investment Community Meeting

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