Mastercard Inc — Call Transcript 2026

Welcome to Mastercard Incorporated's annual meeting of stockholders. This meeting is being held in a virtual-only format. If you encounter any technical difficulties accessing the virtual meeting portal, please call 844-986-0822 in the U.S., or 303-562-9302 internationally, or otherwise reference the support number at the bottom of the virtual stockholder meeting login page for technical support. While we do not anticipate any technical issues during this meeting, in the event such issues do occur, we request that you wait 10 minutes for those issues to be resolved. In the unlikely event that these issues are not able to be resolved, the board chair may adjourn or expedite the annual meeting or take such action that the board chairperson or secretary of the meeting determines appropriate in light of the circumstances. Further instructions will be posted on the company's investor relations page within 24 hours if, for some reason, this meeting does not conclude or continue today. There will be a question and answer session during this meeting. Stockholders had the opportunity to submit questions prior to the start of the meeting. Stockholders who entered the meeting using their control number also may submit questions during the meeting by typing questions into the text box on your screen and clicking the button to submit. Please include your name and organization with your question. There will also be a business presentation. Both this presentation and the Q&A session may include forward-looking statements about Mastercard's future performance. Actual performance could differ materially from what is suggested by the comments today, information about the factors that could affect future performance is summarized in Mastercard's recent filings with the SEC. It is now my pleasure to turn to Merit Janow, Board Chairperson of Mastercard, who will begin the meeting. Ms. Janow, please go ahead. Good morning, everyone, welcome to Mastercard's 2026 Annual Meeting of Stockholders, which I now call to order. I'm Merit Janow, Board Chair of Mastercard. Thank you for joining us online for this year's virtual annual meeting. On behalf of the board, I would like to express our gratitude to the Mastercard employees who may be listening. Your work, your focus on the customer, your creativity, your innovation are fundamental to our success today and over the past 60 years. For this and all that you do to deliver on our business strategy, we thank you. We have formal business to attend to at this morning's meeting. The agenda, the rules of conduct for this meeting are available on the portal and were also posted to our investor relations website prior to the start of the meeting. As a reminder, if you are attending using your 16-digit control number, you may vote or submit questions during the meeting today. The voting polls are now open for voting on all matters to be presented and will remain open through the proponent statements until we close them later in the meeting. If you have already submitted your vote, you do not need to do anything further. If you have not voted yet or want to change your vote during the meeting, you can do so by clicking the Vote button on your screen. All of the director nominees, including Michael Miebach, our CEO, are in attendance today. In addition, our General Counsel, Tiffany Hall, is in attendance and will act as Secretary for this meeting. We also have several members of senior management in attendance, including our CFO, Sachin Mehra, our Chief People Officer, Susan Muigai, our Chief Risk Officer, Karen Griffin, and our Chief Administrative Officer, Richard Verma. Michael Godofsky from PricewaterhouseCoopers LLP, our independent registered public accounting firm, is also present. Although PricewaterhouseCoopers LLP has indicated that it does not wish to make a statement, a representative is available to respond to appropriate questions you might have related to their engagement. We have designated Ryan Loveless of Sodali & Co. as Inspector of Elections for this meeting, and he has taken and subscribed the customary oath of office to execute his duties with strict impartiality. Before we continue, I want to take a moment to acknowledge Rima Qureshi, who is not standing for re-election. Rima has played an important role in the company's evolution after joining the board in 2011. She has served as a member of the Human Resources and Compensation, Audit, and Risk committees and has brought significant insight and expertise to guide the growth of the company. We wish her well and thank her for her service on our board. I have a copy of the notice of the meeting, together with an affidavit of mailing and the proxy materials made available to our stockholders of record. There are 5 proposals to be voted on today, each of which is described in our proxy statement, including the vote required to approve each proposal. The three matters presented by management are as follows. First, the election of 11 nominees for director. Second, the advisory approval of our executive compensation. Third, the ratification of the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for 2026. In addition, we have 2 stockholders presenting proposals this morning for consideration. The board is grateful for the opportunity to engage with stockholders regularly on governance matters. Mastercard is not responsible for the accuracy or content of any of the proposals or supporting statements presented, which may contain statements that are incorrect or misleading. First, a stockholder is presenting Proposal 4, a proposal requesting shareholder right to act by written consent. We welcome John Chevedden to present a statement with respect to this proposal. Operator, please open Mr. Chevedden's line. Mr. Chevedden, we appreciate your interest in the company, and you may proceed. You will have 3 minutes to present your proposal. Hello, this is John Chevedden, Proposal 4, shareholder right to act by written consent. Shareholders request that the board of directors take the necessary steps to permit written consent by the shareholders entitled to cast the minimum number of votes that would be necessary to authorize an action at a meeting at which all shareholders entitled to vote thereon were present and voting, without any unnecessary restriction based on length of stock ownership or the method by which shareholders hold their shares. This includes shareholder ability to initiate any appropriate topic for written consent. This includes that the associated request for a record date shall have the lowest allowable figure. This includes that written consent not include a solicitation clause mandating a certain % of shares to be solicited unless legally required. Mastercard shareholders need a right to act by written consent because they only have a placebo right to call for a special shareholder meeting. The so-called Mastercard right to call for a special shareholder meeting is more like an insurance policy that a special shareholder meeting will never take place. The Mastercard right to call for a special shareholder meeting has two factors, each of which, acting alone, makes it almost impossible for a special shareholder meeting to take place. First, the requirement for the backing of 15% of shares instead of 10%. Second, the disqualification of a substantial block of Mastercard shares from being any part of the 15% requirement. Shareholders at more than 100 companies have voted on the special shareholder meeting topic, not one of these 100 companies have ever cited one special shareholder meeting ever taking place at a company that had just one of the two above factors. Mastercard also has a placebo right for shareholder proxy access. Mastercard is also like the hundreds of companies that have had this right for more than a decade that is so burdensome for shareholders that it has never been used anywhere. Please vote for a shareholder right to act by written consent to make up for the Mastercard placebo right to call for a special shareholder meeting, and also its burdensome shareholder proxy access. Please vote for a shareholder right to act by written consent, Proposal 4. Thank you. Second, a shareholder is presenting Proposal 5, a proposal to adopt cumulative voting for the election of directors. The proponent, National Legal and Policy Center, has pre-recorded a statement with respect to this proposal. We appreciate National Legal and Policy Center's interest in the company. Operator, please play Mr. Chesser's statement on behalf of the National Legal and Policy Center. I'm Paul Chesser of National Legal and Policy Center, presenting Proposal 5, which asks the board to adopt cumulative voting in director elections. This is a reform Mastercard needs to implement stronger accountability for directors to shareholders. The company's recent record reflects a board that converges easily and challenges itself rarely. For example, Mastercard has committed corporate resources to politically charged initiatives. It has also channeled philanthropic dollars to organizations well outside the political mainstream. It joined a credit card network effort to flag firearm purchases, then retreated under bipartisan criticism, leaving the company caught between conflicting state laws. Most consequential for consideration of this reform step is China. Mastercard built a domestic clearing joint venture with an entity tied to the People's Bank of China. The company's board chair has served for more than 15 years on the International Advisory Council of China's sovereign wealth fund. A board chair with that profile is unlikely to challenge the company's growing reliance on Chinese state infrastructure. The public record contains no evidence that anyone on this board made such a challenge. The board's composition explains this pattern. A clear majority of the directors come from a narrow range of professional and ideological backgrounds. When everyone in the room shares the same assumptions, important questions go unasked. Strong quarterly numbers do not change that. The company's largest-ever acquisition is now being unwound at a significant loss. Cumulative voting can help address these conditions. It allows shareholders to concentrate their votes behind a single nominee. It gives a minority constituency a realistic path to one board seat. It does not change majority control. The Securities and Exchange Commission recognizes that it strengthens minority shareholders' ability to elect a director. Institutional shareholder services recommends voting in favor of proposals that provide it. Mastercard's board warns that cumulative voting could put a small group of shareholders in a position to elect a director who reflects their priorities. With respect, this board is already aligned with particular priorities. Proposal 5 does not impose any outcome. It does not elect any director. It simply preserves the possibility that a dissenting voice can be heard before the next costly decision. That is a modest reform, and it is overdue. I urge shareholders to vote for Proposal 5. Thank you. Thank you. As a reminder, proposals or supporting statements may contain statements that are inaccurate or misleading. Our board has vigorous and highly informed discussions. Mastercard and its board do not take political stance. We operate business designed to serve all geographies, powering economies and empowering people. For the reasons set forth in our proxy statement, the board has considered stockholder proposals 4 and 5 and recommends stockholders vote against proposals 4 and 5. Because we received no timely notice of any other nominations or business to be considered at this meeting, these five agenda items are the only matters to be voted on at today's meeting. This concludes the introduction of the proposals to be presented at the meeting. At this time, the polls are now closed for voting. All votes are now in the custody of the Inspector of Elections. Tiffany, could you please read out the preliminary vote results? Thank you, Merit. Based on the Inspector of Elections' preliminary vote report, we have a quorum for all matters to be voted upon at this meeting, and each of the 11 director nominees have been elected. Our executive compensation has been approved on an advisory basis. The ratification of the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for 2026 has been approved. The stockholder proposal regarding shareholder right to act by written consent has not been approved. The stockholder proposal to adopt cumulative voting for the election of directors has not been approved. The Inspector of Elections' preliminary vote report that I have used will be certified following the meeting, and we expect to publicly report the final voting results on a current report on Form 8-K with the SEC. The Inspector's final report will also be filed with the meeting minutes. Thank you, Tiffany, for reporting the results of the stockholder votes. On behalf of the board, I would like to thank all of the stockholders for their participation in the items presented for consideration this morning. We appreciate the great interest and passion that our stockholders bring to our business. Each of the proposals submitted were closely considered and discussed before our proxy filing earlier this spring. We have communicated the reasons for our recommendations in our proxy statement. This now concludes the formal business portion of the meeting. I'm now going to turn to a presentation from Michael. Thank you, Merit. Three weeks ago, I rang the New York Stock Exchange opening bells to celebrate the 20th anniversary of Mastercard's IPO and to celebrate all our achievements and innovations that have shaped payments over the last two decades. From Magstripe to chip and PIN, to contactless, to tokenization, from physical cards to digital tokens to biometrics, from in-store to online to agentic commerce. All that's real value to people and businesses and you, our investors. Since our IPO, we have delivered more than 11,000% growth. Through every change, Mastercard remains at the heart of the payments ecosystem. Thanks to the power of our innovative technology, the ubiquity of our acceptance, the enormous trust in our brand, all core to our competitive advantage. Buy now, pay later, digital wallets, Apple Pay, and other developments once perceived as disruptions all demonstrate how new innovation plugs into our network, adding strength and scale. People will always need trusted and easy-to-use ways to pay and exchange value. That's our focus, and that's our edge. We unite the best technology with the reach, interoperability, and scale necessary to succeed in a digital-first multi-money world. Our business model is diversified, delivering resilience and enduring relevance. We have the best talent for this AI age, emphasizing efficiency and effectiveness. This strong foundation and clear value proposition are why people and partners around the world choose Mastercard. We saw proof of this yet again in 2025. Across four strong quarters of growth, our gross dollar volume grew by 9% with cross-border volume growth up 15% year-over-year, both on a local currency basis. We won hundreds of new issuing deals and expanded long-term relationships globally. We facilitated more than 175 billion transactions, powering our virtuous cycle across our three strategic priorities: core payments, commercial new payment flows, and value-added services and solutions. Our services drive value for our customers and help us win payment deals. The data insights from payments and services, including our cybersecurity expertise, differentiate us from our competitors. Because AI models are only as good as their inputs, the unparalleled quality and depth of our data insights drive even greater demand for our services. Our strategy is unchanged. Our teams are focused on execution. We are charging towards our goals, building on our momentum with the multiple engines of growth that we have to power our strategy and ensure our sustainability. We continue to capitalize on the shift to digital. There's a long and strong runway ahead of us in consumer payments, where Mastercard's volumes are outpacing growth in personal consumption. We're also capturing the enormous commercial opportunity, helping businesses of all sizes operate in a digital world. In 2025, commercial credit and debit represented 13% of gross dollar volumes and 11% year-over-year local currency growth. Thanks to our differentiated value proposition, extensive partnerships, and global Mastercard Move network spanning 17 billion endpoints, we are poised to move even faster to seize the growth ahead. Mastercard services add real value to the digital ecosystem, both on and beyond transactions, improving experiences for cardholders and issuers, opening new customer buying centers for us, and creating new addressable markets. Recently announced changes to our leadership team will further enhance our ability to deliver for our customers, execute our strategy, grow as a company, and highlight the strength of Mastercard's leadership bench. In bringing our country operations under a single leadership structure, we'll better coordinate across markets as the truly global company we are. At the same time, our deep roots in the communities we serve reflect our long-term commitment and investment locally. We prioritize local needs and drive local strengths, supported by global standards and reach that facilitate connections across ecosystems. This is particularly important for the next evolution of payments, including artificial intelligence and digital assets. Our network provides the interoperability, acceptance, and protections that enable use and speed of adoption. Together with partners, we are setting AI standards grounded in our long-standing data privacy and responsibility principles. We wrap agentic transactions in trust and transparency and bring them the reach they need to be useful. This is why cards continue to be the credential of choice in the agentic world. Similarly, our co-brands provide merchant acceptance and interoperability for digital assets. With our intention to acquire BVNK, a leading platform for stablecoin infrastructure in 130-plus countries, we will be the on and off-ramp connecting cryptocurrencies and fiat, making us more interoperable, extending end to end across the value chain and opening new use cases. In a world with so many options, choice matters. Today, it's choice in payments. In the future, it will be money, data, identity, trust, experiences, and more. No matter how you choose to pay or exchange value, it needs to be trusted, accepted, and usable everywhere. That's where Mastercard excels. We protect data, enhance cybersecurity, fight fraud, and deliver on our promise that consumers won't be held responsible for unauthorized transactions. We extend that security to the new age of payments and provide the services that support success. We put our customers and their needs first. We strengthen the system for everyone. Mastercard is a force for good in the world. Last year, we exceeded our goal to connect one billion people and 65 million small businesses to the digital economy, driving growth and opportunity. With our next commitment, we aim to connect and protect 500 million people and small businesses on their journey to financial health by 2030. This year, we've been named among Forbes Most Trusted Companies, Time's Most Influential Companies, and last week, The Wall Street Journal ranked Mastercard seventh on its inaugural list of Best Companies for the Future. Trusted, influential, future-ready. Not a bad summation of Mastercard. Thank you to Merit and our board and all 39,000-plus team members who bring our company and work to life every day. Thank you to you all, stockholders over the past 20 years. It's an honor to lead such an extraordinary team and business. I believe the future will only get better and stronger. Back to you, Merit. Thank you. At this time, we will now answer questions that have been submitted about the five proposals as well as Michael's remarks. You may continue to submit questions during the Q&A session. Tiffany will read aloud the questions. Tiffany? Thank you, Merit. We received a number of questions in advance of today's meeting. We have organized them by topic and combined and summarized them where there has been significant overlap. We will post any questions and answers that we do not get to on our investor relations site in due course and consistent with the rules of conduct. First question. Can you comment on how you approach executive compensation and the CEO's median pay specifically? Thank you. Let me invite Richard Davis, who chairs our Human Resources and Compensation Committee, to address this question. Thank you, Merit. The primary objective of our compensation programs is to attract, motivate, and retain our executives and to ensure successful execution of our business strategy. We review our executive compensation programs annually, and we believe our overall program structure and incentive plans are aligned with our business strategy and performance metrics that drive long-term stockholder value. While the reported CEO pay ratio increased from the prior year, CEO compensation continues to be determined through a consistent and rigorous process overseen by the Human Resources and Compensation Committee, including annual review and benchmarking by our independent compensation consultants. The committee evaluates market competitiveness, company performance, and shareholder alignment when making executive compensation decisions. Changes in the pay ratio can be influenced by the fluctuations in the median employee selected under the SEC rules and therefore may not be indicative of changes in executive pay. Thank you, Merit. Thank you, Richard. Next question. I'd like to ask about the pace of technological change underway. More specifically, how does Mastercard think about the opportunities and risks associated with agentic commerce and stablecoins? Thank you. Michael, could you please address this question? Merit, happy to take that one. Over our 60-year history, we have learned that change is constant and success hinges on security, trust, and reach, which Mastercard is uniquely positioned to deliver. Our innovation muscle at Mastercard is strong and proven. We have delivered cutting-edge technologies that solve real pain points at scale time and time again. We continue to harness the power of our data and use of AI to enrich the value we put into the market. We've been utilizing AI for well over a decade to make commerce smarter and more secure. That continues today. In my opening remarks, I mentioned how we're enabling trust, transparency, and reach in agentic commerce, which is why cards will continue to be the credential of choice. We also launched a new system called Agent Pay for Machines to capture a whole new addressable market of high-velocity, low-ticket transactions which may evolve in the world of AI. Likewise, in stable coins, we're facilitating the purchase of digital assets using Mastercard payment credentials and supporting commerce use cases through Mastercard crypto co-brand cards today. Once again, card credentials will remain dominant in person-to-merchant payments. As I said, our planned acquisition of BVNK positions us as the interoperable layer for stable coin orchestration across different coins, currencies, and chains. This focuses on certain use cases and the likes of B2B and P2P. It's another expansion of our addressable market, new monetization opportunities, and new synergies for us to unlock. From our vantage point, agentic commerce and digital assets offer opportunity for growth and expansion. We continue to partner and win both in traditional use cases and new innovations as the market evolves. Very exciting times. We are innovating, but we remain very focused on driving short, medium, and long-term growth across all facets of our three strategic pillars. Thank you, Michael. Next question. Can you comment on Mastercard's recent executive leadership changes? Then, Michael, I'd also like you to comment. First, let me reiterate the strength of the company, our commitment to our winning strategy, and our continued focus on delivering value to our partners and customers in the 200-plus markets and territories where we operate globally. Our growth strategy remains strong and unchanged. We continue to focus on three core pillars, consumer payments, commercial new payment flows, and value-added services. Each of these offer tremendous runway for growth and collectively drive the virtuous flywheel that fuels Mastercard's durable long-term growth. The recent executive leadership changes reflect the strong caliber of Mastercard's executive leadership team. It demonstrates the depth of talent that the company has developed and highlights the strong collaboration that takes place at the most senior levels of this organization. Change at this level are well-planned, Michael and the board have spent a lot of time collaborating and working through these arrangements. The end result is exciting. It diversifies our talent, it brings new perspectives into leadership roles. Speaking on behalf of Mastercard's board of directors, I'd like to thank Craig Vosburg and Raj Seshadri for their continued support as they step into the Vice Chair and Senior Advisor roles moving forward. I'd also like to congratulate Linda Kirkpatrick, Dimitrios Dosis, Ling Hai, and Sachin Mehra on their new and important roles. Michael. Thank you, Merit, and thank you to all Mastercard's board of directors for their continued engagement and support, ensuring we have the right focus, execution, and management in place for success. We view these changes as an evolution of our leadership. We're building upon the outstanding work of our teams to drive growth into the future. Three priorities guide this evolution. One, staying close to markets and customers. Two, delivering a seamless global experience. Three, expanding the breadth of experience of our leaders, leveraging their diverse perspectives across the enterprise. Each appointment reflects the strength of our team and brings new perspectives across the business. We're bringing extensive market expertise to global product positions and financial rigor to how we go to market. Just as importantly, these moves continue to expand the breadth of experience of our leaders and leverages their diverse perspectives across. As part of these updates and continuous evolution, Mastercard is unifying its customer focus under one team to underscore its consistent support, coordination, and accountability across all markets. While we are incredibly excited about these changes, I'd like to reiterate that our focus and energy remains on executing in market, delivering value for our customers, partners, and shareholders. Thank you for the questions. This concludes our question and answer session. Merit, I will turn it back to you. Thank you, Tiffany. As there are no other matters, this meeting is now adjourned. Thank you again for attending this year's meeting and for your continued support of Mastercard. The meeting has now concluded. Thank you for joining, and have a pleasant day.

Speaker 4: Welcome to Mastercard Incorporated's annual meeting of stockholders. This meeting is being held in a virtual-only format. If you encounter any technical difficulties accessing the virtual meeting portal, please call 844-986-0822 in the U.S., or 303-562-9302 internationally, or otherwise reference the support number at the bottom of the virtual stockholder meeting login page for technical support. While we do not anticipate any technical issues during this meeting, in the event such issues do occur, we request that you wait 10 minutes for those issues to be resolved. In the unlikely event that these issues are not able to be resolved, the board chair may adjourn or expedite the annual meeting or take such action that the board chairperson or secretary of the meeting determines appropriate in light of the circumstances. Welcome to Mastercard Incorporated's annual meeting of stockholders. welcome to mastercard incorporated's annual meeting of stockholders This meeting is being held in a virtual-only format. this meeting is being held in a virtual-only format If you encounter any technical difficulties accessing the virtual meeting portal, please call 844-986-0822 in the U.S., or 303-562-9302 internationally, or otherwise reference the support number at the bottom of the virtual stockholder meeting login page for technical support. if you encounter any technical difficulties accessing the virtual meeting portal please call 844-986-0822 in the u.s or 303-562-9302 internationally or otherwise reference the support number at the bottom of the virtual stockholder meeting login page for technical support While we do not anticipate any technical issues during this meeting, in the event such issues do occur, we request that you wait 10 minutes for those issues to be resolved. while we do not anticipate any technical issues during this meeting in the event such issues do occur we request that you wait 10 minutes for those issues to be resolved In the unlikely event that these issues are not able to be resolved, the board chair may adjourn or expedite the annual meeting or take such action that the board chairperson or secretary of the meeting determines appropriate in light of the circumstances. in the unlikely event that these issues are not able to be resolved the board chair may adjourn or expedite the annual meeting or take such action that the board chairperson or secretary of the meeting determines appropriate in light of the circumstances Further instructions will be posted on the company's investor relations page within 24 hours if, for some reason, this meeting does not conclude or continue today. There will be a question and answer session during this meeting. Stockholders had the opportunity to submit questions prior to the start of the meeting. Stockholders who entered the meeting using their control number also may submit questions during the meeting by typing questions into the text box on your screen and clicking the button to submit. Please include your name and organization with your question. There will also be a business presentation. Both this presentation and the Q&A session may include forward-looking statements about Mastercard's future performance. Actual performance could differ materially from what is suggested by the comments today, information about the factors that could affect future performance is summarized in Mastercard's recent filings with the SEC. Further instructions will be posted on the company's investor relations page within 24 hours if, for some reason, this meeting does not conclude or continue today. further instructions will be posted on the company's investor relations page within 24 hours if for some reason this meeting does not conclude or continue today There will be a question and answer session during this meeting. there will be a question and answer session during this meeting Stockholders had the opportunity to submit questions prior to the start of the meeting. stockholders had the opportunity to submit questions prior to the start of the meeting Stockholders who entered the meeting using their control number also may submit questions during the meeting by typing questions into the text box on your screen and clicking the button to submit. stockholders who entered the meeting using their control number also may submit questions during the meeting by typing questions into the text box on your screen and clicking the button to submit Please include your name and organization with your question. please include your name and organization with your question There will also be a business presentation. there will also be a business presentation Both this presentation and the Q&A session may include forward-looking statements about Mastercard's future performance. both this presentation and the q&a session may include forward-looking statements about mastercard's future performance Actual performance could differ materially from what is suggested by the comments today, information about the factors that could affect future performance is summarized in Mastercard's recent filings with the SEC. actual performance could differ materially from what is suggested by the comments today information about the factors that could affect future performance is summarized in mastercard's recent filings with the sec It is now my pleasure to turn to Merit Janow, Board Chairperson of Mastercard, who will begin the meeting. Ms. Janow, please go ahead. It is now my pleasure to turn to Merit Janow, Board Chairperson of Mastercard, who will begin the meeting. it is now my pleasure to turn to merit janow board chairperson of mastercard who will begin the meeting Ms. Janow, please go ahead. ms janow please go ahead

Speaker 2: Good morning, everyone, welcome to Mastercard's 2026 Annual Meeting of Stockholders, which I now call to order. I'm Merit Janow, Board Chair of Mastercard. Thank you for joining us online for this year's virtual annual meeting. On behalf of the board, I would like to express our gratitude to the Mastercard employees who may be listening. Your work, your focus on the customer, your creativity, your innovation are fundamental to our success today and over the past 60 years. For this and all that you do to deliver on our business strategy, we thank you. We have formal business to attend to at this morning's meeting. The agenda, the rules of conduct for this meeting are available on the portal and were also posted to our investor relations website prior to the start of the meeting. Good morning, everyone, welcome to Mastercard's 2026 Annual Meeting of Stockholders, which I now call to order. good morning everyone welcome to mastercard's 2026 annual meeting of stockholders which i now call to order I'm Merit Janow, Board Chair of Mastercard. i'm merit janow board chair of mastercard Thank you for joining us online for this year's virtual annual meeting. thank you for joining us online for this year's virtual annual meeting On behalf of the board, I would like to express our gratitude to the Mastercard employees who may be listening. on behalf of the board i would like to express our gratitude to the mastercard employees who may be listening Your work, your focus on the customer, your creativity, your innovation are fundamental to our success today and over the past 60 years. your work your focus on the customer your creativity your innovation are fundamental to our success today and over the past 60 years For this and all that you do to deliver on our business strategy, we thank you. for this and all that you do to deliver on our business strategy we thank you We have formal business to attend to at this morning's meeting. we have formal business to attend to at this morning's meeting The agenda, the rules of conduct for this meeting are available on the portal and were also posted to our investor relations website prior to the start of the meeting. the agenda the rules of conduct for this meeting are available on the portal and were also posted to our investor relations website prior to the start of the meeting As a reminder, if you are attending using your 16-digit control number, you may vote or submit questions during the meeting today. The voting polls are now open for voting on all matters to be presented and will remain open through the proponent statements until we close them later in the meeting. If you have already submitted your vote, you do not need to do anything further. If you have not voted yet or want to change your vote during the meeting, you can do so by clicking the Vote button on your screen. All of the director nominees, including Michael Miebach, our CEO, are in attendance today. In addition, our General Counsel, Tiffany Hall, is in attendance and will act as Secretary for this meeting. As a reminder, if you are attending using your 16-digit control number, you may vote or submit questions during the meeting today. as a reminder if you are attending using your 16-digit control number you may vote or submit questions during the meeting today The voting polls are now open for voting on all matters to be presented and will remain open through the proponent statements until we close them later in the meeting. the voting polls are now open for voting on all matters to be presented and will remain open through the proponent statements until we close them later in the meeting If you have already submitted your vote, you do not need to do anything further. if you have already submitted your vote you do not need to do anything further If you have not voted yet or want to change your vote during the meeting, you can do so by clicking the Vote button on your screen. if you have not voted yet or want to change your vote during the meeting you can do so by clicking the vote button on your screen All of the director nominees, including Michael Miebach, our CEO, are in attendance today. all of the director nominees including michael miebach our ceo are in attendance today In addition, our General Counsel, Tiffany Hall, is in attendance and will act as Secretary for this meeting. in addition our general counsel tiffany hall is in attendance and will act as secretary for this meeting We also have several members of senior management in attendance, including our CFO, Sachin Mehra, our Chief People Officer, Susan Muigai, our Chief Risk Officer, Karen Griffin, and our Chief Administrative Officer, Richard Verma. Michael Godofsky from PricewaterhouseCoopers LLP, our independent registered public accounting firm, is also present. Although PricewaterhouseCoopers LLP has indicated that it does not wish to make a statement, a representative is available to respond to appropriate questions you might have related to their engagement. We have designated Ryan Loveless of Sodali & Co. as Inspector of Elections for this meeting, and he has taken and subscribed the customary oath of office to execute his duties with strict impartiality. Before we continue, I want to take a moment to acknowledge Rima Qureshi, who is not standing for re-election. Rima has played an important role in the company's evolution after joining the board in 2011. We also have several members of senior management in attendance, including our CFO, Sachin Mehra, our Chief People Officer, Susan Muigai, our Chief Risk Officer, Karen Griffin, and our Chief Administrative Officer, Richard Verma. we also have several members of senior management in attendance including our cfo sachin mehra our chief people officer susan muigai our chief risk officer karen griffin and our chief administrative officer richard verma Michael Godofsky from PricewaterhouseCoopers LLP, our independent registered public accounting firm, is also present. michael godofsky from pricewaterhousecoopers llp our independent registered public accounting firm is also present Although PricewaterhouseCoopers LLP has indicated that it does not wish to make a statement, a representative is available to respond to appropriate questions you might have related to their engagement. although pricewaterhousecoopers llp has indicated that it does not wish to make a statement a representative is available to respond to appropriate questions you might have related to their engagement We have designated Ryan Loveless of Sodali & Co. as Inspector of Elections for this meeting, and he has taken and subscribed the customary oath of office to execute his duties with strict impartiality. we have designated ryan loveless of sodali & co as inspector of elections for this meeting and he has taken and subscribed the customary oath of office to execute his duties with strict impartiality Before we continue, I want to take a moment to acknowledge Rima Qureshi, who is not standing for re-election. before we continue i want to take a moment to acknowledge rima qureshi who is not standing for re-election Rima has played an important role in the company's evolution after joining the board in 2011. rima has played an important role in the company's evolution after joining the board in 2011 She has served as a member of the Human Resources and Compensation, Audit, and Risk committees and has brought significant insight and expertise to guide the growth of the company. We wish her well and thank her for her service on our board. I have a copy of the notice of the meeting, together with an affidavit of mailing and the proxy materials made available to our stockholders of record. There are 5 proposals to be voted on today, each of which is described in our proxy statement, including the vote required to approve each proposal. The three matters presented by management are as follows. First, the election of 11 nominees for director. Second, the advisory approval of our executive compensation. Third, the ratification of the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for 2026. She has served as a member of the Human Resources and Compensation, Audit, and Risk committees and has brought significant insight and expertise to guide the growth of the company. she has served as a member of the human resources and compensation audit and risk committees and has brought significant insight and expertise to guide the growth of the company We wish her well and thank her for her service on our board. we wish her well and thank her for her service on our board I have a copy of the notice of the meeting, together with an affidavit of mailing and the proxy materials made available to our stockholders of record. i have a copy of the notice of the meeting together with an affidavit of mailing and the proxy materials made available to our stockholders of record There are 5 proposals to be voted on today, each of which is described in our proxy statement, including the vote required to approve each proposal. there are 5 proposals to be voted on today each of which is described in our proxy statement including the vote required to approve each proposal The three matters presented by management are as follows. the three matters presented by management are as follows First, the election of 11 nominees for director. first the election of 11 nominees for director Second, the advisory approval of our executive compensation. second the advisory approval of our executive compensation Third, the ratification of the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for 2026. third the ratification of the appointment of pricewaterhousecoopers llp as our independent registered public accounting firm for 2026 In addition, we have 2 stockholders presenting proposals this morning for consideration. The board is grateful for the opportunity to engage with stockholders regularly on governance matters. Mastercard is not responsible for the accuracy or content of any of the proposals or supporting statements presented, which may contain statements that are incorrect or misleading. First, a stockholder is presenting Proposal 4, a proposal requesting shareholder right to act by written consent. We welcome John Chevedden to present a statement with respect to this proposal. Operator, please open Mr. Chevedden's line. In addition, we have 2 stockholders presenting proposals this morning for consideration. in addition we have 2 stockholders presenting proposals this morning for consideration The board is grateful for the opportunity to engage with stockholders regularly on governance matters. the board is grateful for the opportunity to engage with stockholders regularly on governance matters Mastercard is not responsible for the accuracy or content of any of the proposals or supporting statements presented, which may contain statements that are incorrect or misleading. mastercard is not responsible for the accuracy or content of any of the proposals or supporting statements presented which may contain statements that are incorrect or misleading First, a stockholder is presenting Proposal 4, a proposal requesting shareholder right to act by written consent. first a stockholder is presenting proposal 4 a proposal requesting shareholder right to act by written consent We welcome John Chevedden to present a statement with respect to this proposal. we welcome john chevedden to present a statement with respect to this proposal Operator, please open Mr. Chevedden's line. operator please open mr chevedden's line

Speaker 4: Mr. Chevedden, we appreciate your interest in the company, and you may proceed. You will have 3 minutes to present your proposal. Mr. Chevedden, we appreciate your interest in the company, and you may proceed. mr chevedden we appreciate your interest in the company and you may proceed You will have 3 minutes to present your proposal. you will have 3 minutes to present your proposal

Speaker 1: Hello, this is John Chevedden, Proposal 4, shareholder right to act by written consent. Shareholders request that the board of directors take the necessary steps to permit written consent by the shareholders entitled to cast the minimum number of votes that would be necessary to authorize an action at a meeting at which all shareholders entitled to vote thereon were present and voting, without any unnecessary restriction based on length of stock ownership or the method by which shareholders hold their shares. This includes shareholder ability to initiate any appropriate topic for written consent. This includes that the associated request for a record date shall have the lowest allowable figure. This includes that written consent not include a solicitation clause mandating a certain % of shares to be solicited unless legally required. Hello, this is John Chevedden, Proposal 4, shareholder right to act by written consent. hello this is john chevedden proposal 4 shareholder right to act by written consent Shareholders request that the board of directors take the necessary steps to permit written consent by the shareholders entitled to cast the minimum number of votes that would be necessary to authorize an action at a meeting at which all shareholders entitled to vote thereon were present and voting, without any unnecessary restriction based on length of stock ownership or the method by which shareholders hold their shares. shareholders request that the board of directors take the necessary steps to permit written consent by the shareholders entitled to cast the minimum number of votes that would be necessary to authorize an action at a meeting at which all shareholders entitled to vote thereon were present and voting without any unnecessary restriction based on length of stock ownership or the method by which shareholders hold their shares This includes shareholder ability to initiate any appropriate topic for written consent. this includes shareholder ability to initiate any appropriate topic for written consent This includes that the associated request for a record date shall have the lowest allowable figure. this includes that the associated request for a record date shall have the lowest allowable figure This includes that written consent not include a solicitation clause mandating a certain % of shares to be solicited unless legally required. this includes that written consent not include a solicitation clause mandating a certain % of shares to be solicited unless legally required Mastercard shareholders need a right to act by written consent because they only have a placebo right to call for a special shareholder meeting. The so-called Mastercard right to call for a special shareholder meeting is more like an insurance policy that a special shareholder meeting will never take place. The Mastercard right to call for a special shareholder meeting has two factors, each of which, acting alone, makes it almost impossible for a special shareholder meeting to take place. First, the requirement for the backing of 15% of shares instead of 10%. Second, the disqualification of a substantial block of Mastercard shares from being any part of the 15% requirement. Mastercard shareholders need a right to act by written consent because they only have a placebo right to call for a special shareholder meeting. mastercard shareholders need a right to act by written consent because they only have a placebo right to call for a special shareholder meeting The so-called Mastercard right to call for a special shareholder meeting is more like an insurance policy that a special shareholder meeting will never take place. the so-called mastercard right to call for a special shareholder meeting is more like an insurance policy that a special shareholder meeting will never take place The Mastercard right to call for a special shareholder meeting has two factors, each of which, acting alone, makes it almost impossible for a special shareholder meeting to take place. the mastercard right to call for a special shareholder meeting has two factors each of which acting alone makes it almost impossible for a special shareholder meeting to take place First, the requirement for the backing of 15% of shares instead of 10%. first the requirement for the backing of 15% of shares instead of 10% Second, the disqualification of a substantial block of Mastercard shares from being any part of the 15% requirement. second the disqualification of a substantial block of mastercard shares from being any part of the 15% requirement Shareholders at more than 100 companies have voted on the special shareholder meeting topic, not one of these 100 companies have ever cited one special shareholder meeting ever taking place at a company that had just one of the two above factors. Mastercard also has a placebo right for shareholder proxy access. Mastercard is also like the hundreds of companies that have had this right for more than a decade that is so burdensome for shareholders that it has never been used anywhere. Please vote for a shareholder right to act by written consent to make up for the Mastercard placebo right to call for a special shareholder meeting, and also its burdensome shareholder proxy access. Please vote for a shareholder right to act by written consent, Proposal 4. Shareholders at more than 100 companies have voted on the special shareholder meeting topic, not one of these 100 companies have ever cited one special shareholder meeting ever taking place at a company that had just one of the two above factors. shareholders at more than 100 companies have voted on the special shareholder meeting topic not one of these 100 companies have ever cited one special shareholder meeting ever taking place at a company that had just one of the two above factors Mastercard also has a placebo right for shareholder proxy access. mastercard also has a placebo right for shareholder proxy access Mastercard is also like the hundreds of companies that have had this right for more than a decade that is so burdensome for shareholders that it has never been used anywhere. mastercard is also like the hundreds of companies that have had this right for more than a decade that is so burdensome for shareholders that it has never been used anywhere Please vote for a shareholder right to act by written consent to make up for the Mastercard placebo right to call for a special shareholder meeting, and also its burdensome shareholder proxy access. please vote for a shareholder right to act by written consent to make up for the mastercard placebo right to call for a special shareholder meeting and also its burdensome shareholder proxy access Please vote for a shareholder right to act by written consent, Proposal 4. please vote for a shareholder right to act by written consent proposal 4

Speaker 2: Thank you. Second, a shareholder is presenting Proposal 5, a proposal to adopt cumulative voting for the election of directors. The proponent, National Legal and Policy Center, has pre-recorded a statement with respect to this proposal. We appreciate National Legal and Policy Center's interest in the company. Operator, please play Mr. Chesser's statement on behalf of the National Legal and Policy Center. Thank you. thank you Second, a shareholder is presenting Proposal 5, a proposal to adopt cumulative voting for the election of directors. second a shareholder is presenting proposal 5 a proposal to adopt cumulative voting for the election of directors The proponent, National Legal and Policy Center, has pre-recorded a statement with respect to this proposal. the proponent national legal and policy center has pre-recorded a statement with respect to this proposal We appreciate National Legal and Policy Center's interest in the company. we appreciate national legal and policy center's interest in the company Operator, please play Mr. Chesser's statement on behalf of the National Legal and Policy Center. operator please play mr chesser's statement on behalf of the national legal and policy center

Speaker 5: I'm Paul Chesser of National Legal and Policy Center, presenting Proposal 5, which asks the board to adopt cumulative voting in director elections. This is a reform Mastercard needs to implement stronger accountability for directors to shareholders. The company's recent record reflects a board that converges easily and challenges itself rarely. For example, Mastercard has committed corporate resources to politically charged initiatives. It has also channeled philanthropic dollars to organizations well outside the political mainstream. It joined a credit card network effort to flag firearm purchases, then retreated under bipartisan criticism, leaving the company caught between conflicting state laws. Most consequential for consideration of this reform step is China. Mastercard built a domestic clearing joint venture with an entity tied to the People's Bank of China. The company's board chair has served for more than 15 years on the International Advisory Council of China's sovereign wealth fund. I'm Paul Chesser of National Legal and Policy Center, presenting Proposal 5, which asks the board to adopt cumulative voting in director elections. i'm paul chesser of national legal and policy center presenting proposal 5 which asks the board to adopt cumulative voting in director elections This is a reform Mastercard needs to implement stronger accountability for directors to shareholders. this is a reform mastercard needs to implement stronger accountability for directors to shareholders The company's recent record reflects a board that converges easily and challenges itself rarely. the company's recent record reflects a board that converges easily and challenges itself rarely For example, Mastercard has committed corporate resources to politically charged initiatives. for example mastercard has committed corporate resources to politically charged initiatives It has also channeled philanthropic dollars to organizations well outside the political mainstream. it has also channeled philanthropic dollars to organizations well outside the political mainstream It joined a credit card network effort to flag firearm purchases, then retreated under bipartisan criticism, leaving the company caught between conflicting state laws. it joined a credit card network effort to flag firearm purchases then retreated under bipartisan criticism leaving the company caught between conflicting state laws Most consequential for consideration of this reform step is China. most consequential for consideration of this reform step is china Mastercard built a domestic clearing joint venture with an entity tied to the People's Bank of China. mastercard built a domestic clearing joint venture with an entity tied to the people's bank of china The company's board chair has served for more than 15 years on the International Advisory Council of China's sovereign wealth fund. the company's board chair has served for more than 15 years on the international advisory council of china's sovereign wealth fund A board chair with that profile is unlikely to challenge the company's growing reliance on Chinese state infrastructure. The public record contains no evidence that anyone on this board made such a challenge. The board's composition explains this pattern. A clear majority of the directors come from a narrow range of professional and ideological backgrounds. When everyone in the room shares the same assumptions, important questions go unasked. Strong quarterly numbers do not change that. The company's largest-ever acquisition is now being unwound at a significant loss. Cumulative voting can help address these conditions. It allows shareholders to concentrate their votes behind a single nominee. It gives a minority constituency a realistic path to one board seat. It does not change majority control. The Securities and Exchange Commission recognizes that it strengthens minority shareholders' ability to elect a director. A board chair with that profile is unlikely to challenge the company's growing reliance on Chinese state infrastructure. a board chair with that profile is unlikely to challenge the company's growing reliance on chinese state infrastructure The public record contains no evidence that anyone on this board made such a challenge. the public record contains no evidence that anyone on this board made such a challenge The board's composition explains this pattern. the board's composition explains this pattern A clear majority of the directors come from a narrow range of professional and ideological backgrounds. a clear majority of the directors come from a narrow range of professional and ideological backgrounds When everyone in the room shares the same assumptions, important questions go unasked. when everyone in the room shares the same assumptions important questions go unasked Strong quarterly numbers do not change that. strong quarterly numbers do not change that The company's largest-ever acquisition is now being unwound at a significant loss. the company's largest-ever acquisition is now being unwound at a significant loss Cumulative voting can help address these conditions. cumulative voting can help address these conditions It allows shareholders to concentrate their votes behind a single nominee. it allows shareholders to concentrate their votes behind a single nominee It gives a minority constituency a realistic path to one board seat. it gives a minority constituency a realistic path to one board seat It does not change majority control. it does not change majority control The Securities and Exchange Commission recognizes that it strengthens minority shareholders' ability to elect a director. the securities and exchange commission recognizes that it strengthens minority shareholders' ability to elect a director Institutional shareholder services recommends voting in favor of proposals that provide it. Mastercard's board warns that cumulative voting could put a small group of shareholders in a position to elect a director who reflects their priorities. With respect, this board is already aligned with particular priorities. Proposal 5 does not impose any outcome. It does not elect any director. It simply preserves the possibility that a dissenting voice can be heard before the next costly decision. That is a modest reform, and it is overdue. I urge shareholders to vote for Proposal 5. Thank you. Institutional shareholder services recommends voting in favor of proposals that provide it. institutional shareholder services recommends voting in favor of proposals that provide it Mastercard's board warns that cumulative voting could put a small group of shareholders in a position to elect a director who reflects their priorities. mastercard's board warns that cumulative voting could put a small group of shareholders in a position to elect a director who reflects their priorities With respect, this board is already aligned with particular priorities. with respect this board is already aligned with particular priorities Proposal 5 does not impose any outcome. proposal 5 does not impose any outcome It does not elect any director. it does not elect any director It simply preserves the possibility that a dissenting voice can be heard before the next costly decision. it simply preserves the possibility that a dissenting voice can be heard before the next costly decision That is a modest reform, and it is overdue. that is a modest reform and it is overdue I urge shareholders to vote for Proposal 5. i urge shareholders to vote for proposal 5 Thank you. thank you

Speaker 2: Thank you. As a reminder, proposals or supporting statements may contain statements that are inaccurate or misleading. Our board has vigorous and highly informed discussions. Mastercard and its board do not take political stance. We operate business designed to serve all geographies, powering economies and empowering people. For the reasons set forth in our proxy statement, the board has considered stockholder proposals 4 and 5 and recommends stockholders vote against proposals 4 and 5. Because we received no timely notice of any other nominations or business to be considered at this meeting, these five agenda items are the only matters to be voted on at today's meeting. This concludes the introduction of the proposals to be presented at the meeting. At this time, the polls are now closed for voting. All votes are now in the custody of the Inspector of Elections. Thank you. thank you As a reminder, proposals or supporting statements may contain statements that are inaccurate or misleading. as a reminder proposals or supporting statements may contain statements that are inaccurate or misleading Our board has vigorous and highly informed discussions. our board has vigorous and highly informed discussions Mastercard and its board do not take political stance. mastercard and its board do not take political stance We operate business designed to serve all geographies, powering economies and empowering people. we operate business designed to serve all geographies powering economies and empowering people For the reasons set forth in our proxy statement, the board has considered stockholder proposals 4 and 5 and recommends stockholders vote against proposals 4 and 5. for the reasons set forth in our proxy statement the board has considered stockholder proposals 4 and 5 and recommends stockholders vote against proposals 4 and 5 Because we received no timely notice of any other nominations or business to be considered at this meeting, these five agenda items are the only matters to be voted on at today's meeting. because we received no timely notice of any other nominations or business to be considered at this meeting these five agenda items are the only matters to be voted on at today's meeting This concludes the introduction of the proposals to be presented at the meeting. this concludes the introduction of the proposals to be presented at the meeting At this time, the polls are now closed for voting. at this time the polls are now closed for voting All votes are now in the custody of the Inspector of Elections. all votes are now in the custody of the inspector of elections Tiffany, could you please read out the preliminary vote results? Tiffany, could you please read out the preliminary vote results? tiffany could you please read out the preliminary vote results

Speaker 7: Thank you, Merit. Based on the Inspector of Elections' preliminary vote report, we have a quorum for all matters to be voted upon at this meeting, and each of the 11 director nominees have been elected. Our executive compensation has been approved on an advisory basis. The ratification of the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for 2026 has been approved. The stockholder proposal regarding shareholder right to act by written consent has not been approved. The stockholder proposal to adopt cumulative voting for the election of directors has not been approved. The Inspector of Elections' preliminary vote report that I have used will be certified following the meeting, and we expect to publicly report the final voting results on a current report on Form 8-K with the SEC. The Inspector's final report will also be filed with the meeting minutes. Thank you, Merit. thank you merit Based on the Inspector of Elections' preliminary vote report, we have a quorum for all matters to be voted upon at this meeting, and each of the 11 director nominees have been elected. based on the inspector of elections' preliminary vote report we have a quorum for all matters to be voted upon at this meeting and each of the 11 director nominees have been elected Our executive compensation has been approved on an advisory basis. our executive compensation has been approved on an advisory basis The ratification of the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for 2026 has been approved. the ratification of the appointment of pricewaterhousecoopers llp as our independent registered public accounting firm for 2026 has been approved The stockholder proposal regarding shareholder right to act by written consent has not been approved. the stockholder proposal regarding shareholder right to act by written consent has not been approved The stockholder proposal to adopt cumulative voting for the election of directors has not been approved. the stockholder proposal to adopt cumulative voting for the election of directors has not been approved The Inspector of Elections' preliminary vote report that I have used will be certified following the meeting, and we expect to publicly report the final voting results on a current report on Form 8-K with the SEC. the inspector of elections' preliminary vote report that i have used will be certified following the meeting and we expect to publicly report the final voting results on a current report on form 8-k with the sec The Inspector's final report will also be filed with the meeting minutes. the inspector's final report will also be filed with the meeting minutes

Speaker 2: Thank you, Tiffany, for reporting the results of the stockholder votes. On behalf of the board, I would like to thank all of the stockholders for their participation in the items presented for consideration this morning. We appreciate the great interest and passion that our stockholders bring to our business. Each of the proposals submitted were closely considered and discussed before our proxy filing earlier this spring. We have communicated the reasons for our recommendations in our proxy statement. This now concludes the formal business portion of the meeting. I'm now going to turn to a presentation from Michael. Thank you, Tiffany, for reporting the results of the stockholder votes. thank you tiffany for reporting the results of the stockholder votes On behalf of the board, I would like to thank all of the stockholders for their participation in the items presented for consideration this morning. on behalf of the board i would like to thank all of the stockholders for their participation in the items presented for consideration this morning We appreciate the great interest and passion that our stockholders bring to our business. we appreciate the great interest and passion that our stockholders bring to our business Each of the proposals submitted were closely considered and discussed before our proxy filing earlier this spring. each of the proposals submitted were closely considered and discussed before our proxy filing earlier this spring We have communicated the reasons for our recommendations in our proxy statement. we have communicated the reasons for our recommendations in our proxy statement This now concludes the formal business portion of the meeting. this now concludes the formal business portion of the meeting I'm now going to turn to a presentation from Michael. i'm now going to turn to a presentation from michael

Speaker 3: Thank you, Merit. Three weeks ago, I rang the New York Stock Exchange opening bells to celebrate the 20th anniversary of Mastercard's IPO and to celebrate all our achievements and innovations that have shaped payments over the last two decades. From Magstripe to chip and PIN, to contactless, to tokenization, from physical cards to digital tokens to biometrics, from in-store to online to agentic commerce. All that's real value to people and businesses and you, our investors. Since our IPO, we have delivered more than 11,000% growth. Through every change, Mastercard remains at the heart of the payments ecosystem. Thanks to the power of our innovative technology, the ubiquity of our acceptance, the enormous trust in our brand, all core to our competitive advantage. Thank you, Merit. thank you merit Three weeks ago, I rang the New York Stock Exchange opening bells to celebrate the 20th anniversary of Mastercard's IPO and to celebrate all our achievements and innovations that have shaped payments over the last two decades. three weeks ago i rang the new york stock exchange opening bells to celebrate the 20th anniversary of mastercard's ipo and to celebrate all our achievements and innovations that have shaped payments over the last two decades From Magstripe to chip and PIN, to contactless, to tokenization, from physical cards to digital tokens to biometrics, from in-store to online to agentic commerce. from magstripe to chip and pin to contactless to tokenization from physical cards to digital tokens to biometrics from in-store to online to agentic commerce All that's real value to people and businesses and you, our investors. all that's real value to people and businesses and you our investors Since our IPO, we have delivered more than 11,000% growth. since our ipo we have delivered more than 11,000% growth Through every change, Mastercard remains at the heart of the payments ecosystem. through every change mastercard remains at the heart of the payments ecosystem Thanks to the power of our innovative technology, the ubiquity of our acceptance, the enormous trust in our brand, all core to our competitive advantage. thanks to the power of our innovative technology the ubiquity of our acceptance the enormous trust in our brand all core to our competitive advantage Buy now, pay later, digital wallets, Apple Pay, and other developments once perceived as disruptions all demonstrate how new innovation plugs into our network, adding strength and scale. People will always need trusted and easy-to-use ways to pay and exchange value. That's our focus, and that's our edge. We unite the best technology with the reach, interoperability, and scale necessary to succeed in a digital-first multi-money world. Our business model is diversified, delivering resilience and enduring relevance. We have the best talent for this AI age, emphasizing efficiency and effectiveness. This strong foundation and clear value proposition are why people and partners around the world choose Mastercard. We saw proof of this yet again in 2025. Across four strong quarters of growth, our gross dollar volume grew by 9% with cross-border volume growth up 15% year-over-year, both on a local currency basis. Buy now, pay later, digital wallets, Apple Pay, and other developments once perceived as disruptions all demonstrate how new innovation plugs into our network, adding strength and scale. buy now pay later digital wallets apple pay and other developments once perceived as disruptions all demonstrate how new innovation plugs into our network adding strength and scale People will always need trusted and easy-to-use ways to pay and exchange value. people will always need trusted and easy-to-use ways to pay and exchange value That's our focus, and that's our edge. that's our focus and that's our edge We unite the best technology with the reach, interoperability, and scale necessary to succeed in a digital-first multi-money world. we unite the best technology with the reach interoperability and scale necessary to succeed in a digital-first multi-money world Our business model is diversified, delivering resilience and enduring relevance. our business model is diversified delivering resilience and enduring relevance We have the best talent for this AI age, emphasizing efficiency and effectiveness. we have the best talent for this ai age emphasizing efficiency and effectiveness This strong foundation and clear value proposition are why people and partners around the world choose Mastercard. this strong foundation and clear value proposition are why people and partners around the world choose mastercard We saw proof of this yet again in 2025. we saw proof of this yet again in 2025 Across four strong quarters of growth, our gross dollar volume grew by 9% with cross-border volume growth up 15% year-over-year, both on a local currency basis. across four strong quarters of growth our gross dollar volume grew by 9% with cross-border volume growth up 15% year-over-year both on a local currency basis We won hundreds of new issuing deals and expanded long-term relationships globally. We facilitated more than 175 billion transactions, powering our virtuous cycle across our three strategic priorities: core payments, commercial new payment flows, and value-added services and solutions. Our services drive value for our customers and help us win payment deals. The data insights from payments and services, including our cybersecurity expertise, differentiate us from our competitors. Because AI models are only as good as their inputs, the unparalleled quality and depth of our data insights drive even greater demand for our services. Our strategy is unchanged. Our teams are focused on execution. We are charging towards our goals, building on our momentum with the multiple engines of growth that we have to power our strategy and ensure our sustainability. We continue to capitalize on the shift to digital. We won hundreds of new issuing deals and expanded long-term relationships globally. we won hundreds of new issuing deals and expanded long-term relationships globally We facilitated more than 175 billion transactions, powering our virtuous cycle across our three strategic priorities: core payments, commercial new payment flows, and value-added services and solutions. we facilitated more than 175 billion transactions powering our virtuous cycle across our three strategic priorities core payments commercial new payment flows and value-added services and solutions Our services drive value for our customers and help us win payment deals. our services drive value for our customers and help us win payment deals The data insights from payments and services, including our cybersecurity expertise, differentiate us from our competitors. the data insights from payments and services including our cybersecurity expertise differentiate us from our competitors Because AI models are only as good as their inputs, the unparalleled quality and depth of our data insights drive even greater demand for our services. because ai models are only as good as their inputs the unparalleled quality and depth of our data insights drive even greater demand for our services Our strategy is unchanged. our strategy is unchanged Our teams are focused on execution. our teams are focused on execution We are charging towards our goals, building on our momentum with the multiple engines of growth that we have to power our strategy and ensure our sustainability. we are charging towards our goals building on our momentum with the multiple engines of growth that we have to power our strategy and ensure our sustainability We continue to capitalize on the shift to digital. we continue to capitalize on the shift to digital There's a long and strong runway ahead of us in consumer payments, where Mastercard's volumes are outpacing growth in personal consumption. We're also capturing the enormous commercial opportunity, helping businesses of all sizes operate in a digital world. In 2025, commercial credit and debit represented 13% of gross dollar volumes and 11% year-over-year local currency growth. Thanks to our differentiated value proposition, extensive partnerships, and global Mastercard Move network spanning 17 billion endpoints, we are poised to move even faster to seize the growth ahead. Mastercard services add real value to the digital ecosystem, both on and beyond transactions, improving experiences for cardholders and issuers, opening new customer buying centers for us, and creating new addressable markets. There's a long and strong runway ahead of us in consumer payments, where Mastercard's volumes are outpacing growth in personal consumption. there's a long and strong runway ahead of us in consumer payments where mastercard's volumes are outpacing growth in personal consumption We're also capturing the enormous commercial opportunity, helping businesses of all sizes operate in a digital world. we're also capturing the enormous commercial opportunity helping businesses of all sizes operate in a digital world In 2025, commercial credit and debit represented 13% of gross dollar volumes and 11% year-over-year local currency growth. in 2025 commercial credit and debit represented 13% of gross dollar volumes and 11% year-over-year local currency growth Thanks to our differentiated value proposition, extensive partnerships, and global Mastercard Move network spanning 17 billion endpoints, we are poised to move even faster to seize the growth ahead. thanks to our differentiated value proposition extensive partnerships and global mastercard move network spanning 17 billion endpoints we are poised to move even faster to seize the growth ahead Mastercard services add real value to the digital ecosystem, both on and beyond transactions, improving experiences for cardholders and issuers, opening new customer buying centers for us, and creating new addressable markets. mastercard services add real value to the digital ecosystem both on and beyond transactions improving experiences for cardholders and issuers opening new customer buying centers for us and creating new addressable markets Recently announced changes to our leadership team will further enhance our ability to deliver for our customers, execute our strategy, grow as a company, and highlight the strength of Mastercard's leadership bench. In bringing our country operations under a single leadership structure, we'll better coordinate across markets as the truly global company we are. At the same time, our deep roots in the communities we serve reflect our long-term commitment and investment locally. We prioritize local needs and drive local strengths, supported by global standards and reach that facilitate connections across ecosystems. This is particularly important for the next evolution of payments, including artificial intelligence and digital assets. Our network provides the interoperability, acceptance, and protections that enable use and speed of adoption. Together with partners, we are setting AI standards grounded in our long-standing data privacy and responsibility principles. Recently announced changes to our leadership team will further enhance our ability to deliver for our customers, execute our strategy, grow as a company, and highlight the strength of Mastercard's leadership bench. recently announced changes to our leadership team will further enhance our ability to deliver for our customers execute our strategy grow as a company and highlight the strength of mastercard's leadership bench In bringing our country operations under a single leadership structure, we'll better coordinate across markets as the truly global company we are. in bringing our country operations under a single leadership structure we'll better coordinate across markets as the truly global company we are At the same time, our deep roots in the communities we serve reflect our long-term commitment and investment locally. at the same time our deep roots in the communities we serve reflect our long-term commitment and investment locally We prioritize local needs and drive local strengths, supported by global standards and reach that facilitate connections across ecosystems. we prioritize local needs and drive local strengths supported by global standards and reach that facilitate connections across ecosystems This is particularly important for the next evolution of payments, including artificial intelligence and digital assets. this is particularly important for the next evolution of payments including artificial intelligence and digital assets Our network provides the interoperability, acceptance, and protections that enable use and speed of adoption. our network provides the interoperability acceptance and protections that enable use and speed of adoption Together with partners, we are setting AI standards grounded in our long-standing data privacy and responsibility principles. together with partners we are setting ai standards grounded in our long-standing data privacy and responsibility principles We wrap agentic transactions in trust and transparency and bring them the reach they need to be useful. This is why cards continue to be the credential of choice in the agentic world. Similarly, our co-brands provide merchant acceptance and interoperability for digital assets. With our intention to acquire BVNK, a leading platform for stablecoin infrastructure in 130-plus countries, we will be the on and off-ramp connecting cryptocurrencies and fiat, making us more interoperable, extending end to end across the value chain and opening new use cases. In a world with so many options, choice matters. Today, it's choice in payments. In the future, it will be money, data, identity, trust, experiences, and more. No matter how you choose to pay or exchange value, it needs to be trusted, accepted, and usable everywhere. That's where Mastercard excels. We wrap agentic transactions in trust and transparency and bring them the reach they need to be useful. we wrap agentic transactions in trust and transparency and bring them the reach they need to be useful This is why cards continue to be the credential of choice in the agentic world. this is why cards continue to be the credential of choice in the agentic world Similarly, our co-brands provide merchant acceptance and interoperability for digital assets. similarly our co-brands provide merchant acceptance and interoperability for digital assets With our intention to acquire BVNK, a leading platform for stablecoin infrastructure in 130-plus countries, we will be the on and off-ramp connecting cryptocurrencies and fiat, making us more interoperable, extending end to end across the value chain and opening new use cases. with our intention to acquire bvnk a leading platform for stablecoin infrastructure in 130-plus countries we will be the on and off-ramp connecting cryptocurrencies and fiat making us more interoperable extending end to end across the value chain and opening new use cases In a world with so many options, choice matters. in a world with so many options choice matters Today, it's choice in payments. today it's choice in payments In the future, it will be money, data, identity, trust, experiences, and more. in the future it will be money data identity trust experiences and more No matter how you choose to pay or exchange value, it needs to be trusted, accepted, and usable everywhere. no matter how you choose to pay or exchange value it needs to be trusted accepted and usable everywhere That's where Mastercard excels. that's where mastercard excels We protect data, enhance cybersecurity, fight fraud, and deliver on our promise that consumers won't be held responsible for unauthorized transactions. We extend that security to the new age of payments and provide the services that support success. We put our customers and their needs first. We strengthen the system for everyone. Mastercard is a force for good in the world. Last year, we exceeded our goal to connect one billion people and 65 million small businesses to the digital economy, driving growth and opportunity. With our next commitment, we aim to connect and protect 500 million people and small businesses on their journey to financial health by 2030. This year, we've been named among Forbes Most Trusted Companies, Time's Most Influential Companies, and last week, The Wall Street Journal ranked Mastercard seventh on its inaugural list of Best Companies for the Future. Trusted, influential, future-ready. We protect data, enhance cybersecurity, fight fraud, and deliver on our promise that consumers won't be held responsible for unauthorized transactions. we protect data enhance cybersecurity fight fraud and deliver on our promise that consumers won't be held responsible for unauthorized transactions We extend that security to the new age of payments and provide the services that support success. we extend that security to the new age of payments and provide the services that support success We put our customers and their needs first. we put our customers and their needs first We strengthen the system for everyone. we strengthen the system for everyone Mastercard is a force for good in the world. mastercard is a force for good in the world Last year, we exceeded our goal to connect one billion people and 65 million small businesses to the digital economy, driving growth and opportunity. last year we exceeded our goal to connect one billion people and 65 million small businesses to the digital economy driving growth and opportunity With our next commitment, we aim to connect and protect 500 million people and small businesses on their journey to financial health by 2030. with our next commitment we aim to connect and protect 500 million people and small businesses on their journey to financial health by 2030 This year, we've been named among Forbes Most Trusted Companies, Time's Most Influential Companies, and last week, The Wall Street Journal ranked Mastercard seventh on its inaugural list of Best Companies for the Future. this year we've been named among forbes most trusted companies time's most influential companies and last week the wall street journal ranked mastercard seventh on its inaugural list of best companies for the future Trusted, influential, future-ready. trusted influential future-ready Not a bad summation of Mastercard. Thank you to Merit and our board and all 39,000-plus team members who bring our company and work to life every day. Thank you to you all, stockholders over the past 20 years. It's an honor to lead such an extraordinary team and business. I believe the future will only get better and stronger. Back to you, Merit. Not a bad summation of Mastercard. not a bad summation of mastercard Thank you to Merit and our board and all 39,000-plus team members who bring our company and work to life every day. thank you to merit and our board and all 39,000-plus team members who bring our company and work to life every day Thank you to you all, stockholders over the past 20 years. thank you to you all stockholders over the past 20 years It's an honor to lead such an extraordinary team and business. it's an honor to lead such an extraordinary team and business I believe the future will only get better and stronger. i believe the future will only get better and stronger Back to you, Merit. back to you merit

Speaker 2: Thank you. At this time, we will now answer questions that have been submitted about the five proposals as well as Michael's remarks. You may continue to submit questions during the Q&A session. Tiffany will read aloud the questions. Tiffany? Thank you. thank you At this time, we will now answer questions that have been submitted about the five proposals as well as Michael's remarks. at this time we will now answer questions that have been submitted about the five proposals as well as michael's remarks You may continue to submit questions during the Q&A session. you may continue to submit questions during the q&a session Tiffany will read aloud the questions. tiffany will read aloud the questions Tiffany? tiffany

Speaker 7: Thank you, Merit. We received a number of questions in advance of today's meeting. We have organized them by topic and combined and summarized them where there has been significant overlap. We will post any questions and answers that we do not get to on our investor relations site in due course and consistent with the rules of conduct. First question. Can you comment on how you approach executive compensation and the CEO's median pay specifically? Thank you, Merit. thank you merit We received a number of questions in advance of today's meeting. we received a number of questions in advance of today's meeting We have organized them by topic and combined and summarized them where there has been significant overlap. we have organized them by topic and combined and summarized them where there has been significant overlap We will post any questions and answers that we do not get to on our investor relations site in due course and consistent with the rules of conduct. we will post any questions and answers that we do not get to on our investor relations site in due course and consistent with the rules of conduct First question. first question Can you comment on how you approach executive compensation and the CEO's median pay specifically? can you comment on how you approach executive compensation and the ceo's median pay specifically

Speaker 2: Thank you. Let me invite Richard Davis, who chairs our Human Resources and Compensation Committee, to address this question. Thank you. thank you Let me invite Richard Davis, who chairs our Human Resources and Compensation Committee, to address this question. let me invite richard davis who chairs our human resources and compensation committee to address this question

Speaker 6: Thank you, Merit. The primary objective of our compensation programs is to attract, motivate, and retain our executives and to ensure successful execution of our business strategy. We review our executive compensation programs annually, and we believe our overall program structure and incentive plans are aligned with our business strategy and performance metrics that drive long-term stockholder value. While the reported CEO pay ratio increased from the prior year, CEO compensation continues to be determined through a consistent and rigorous process overseen by the Human Resources and Compensation Committee, including annual review and benchmarking by our independent compensation consultants. The committee evaluates market competitiveness, company performance, and shareholder alignment when making executive compensation decisions. Changes in the pay ratio can be influenced by the fluctuations in the median employee selected under the SEC rules and therefore may not be indicative of changes in executive pay. Thank you, Merit. thank you merit The primary objective of our compensation programs is to attract, motivate, and retain our executives and to ensure successful execution of our business strategy. the primary objective of our compensation programs is to attract motivate and retain our executives and to ensure successful execution of our business strategy We review our executive compensation programs annually, and we believe our overall program structure and incentive plans are aligned with our business strategy and performance metrics that drive long-term stockholder value. we review our executive compensation programs annually and we believe our overall program structure and incentive plans are aligned with our business strategy and performance metrics that drive long-term stockholder value While the reported CEO pay ratio increased from the prior year, CEO compensation continues to be determined through a consistent and rigorous process overseen by the Human Resources and Compensation Committee, including annual review and benchmarking by our independent compensation consultants. while the reported ceo pay ratio increased from the prior year ceo compensation continues to be determined through a consistent and rigorous process overseen by the human resources and compensation committee including annual review and benchmarking by our independent compensation consultants The committee evaluates market competitiveness, company performance, and shareholder alignment when making executive compensation decisions. the committee evaluates market competitiveness company performance and shareholder alignment when making executive compensation decisions Changes in the pay ratio can be influenced by the fluctuations in the median employee selected under the SEC rules and therefore may not be indicative of changes in executive pay. changes in the pay ratio can be influenced by the fluctuations in the median employee selected under the sec rules and therefore may not be indicative of changes in executive pay

Speaker 7: Thank you, Merit. Thank you, Richard. Next question. I'd like to ask about the pace of technological change underway. More specifically, how does Mastercard think about the opportunities and risks associated with agentic commerce and stablecoins? Thank you, Merit. Thank you, Richard . thank you, merit. thank you, richard Next question. next question I'd like to ask about the pace of technological change underway. i'd like to ask about the pace of technological change underway More specifically, how does Mastercard think about the opportunities and risks associated with agentic commerce and stablecoins? more specifically how does mastercard think about the opportunities and risks associated with agentic commerce and stablecoins

Speaker 2: Thank you. Michael, could you please address this question? Thank you. thank you Michael, could you please address this question? michael could you please address this question

Speaker 3: Merit, happy to take that one. Over our 60-year history, we have learned that change is constant and success hinges on security, trust, and reach, which Mastercard is uniquely positioned to deliver. Our innovation muscle at Mastercard is strong and proven. We have delivered cutting-edge technologies that solve real pain points at scale time and time again. We continue to harness the power of our data and use of AI to enrich the value we put into the market. We've been utilizing AI for well over a decade to make commerce smarter and more secure. That continues today. In my opening remarks, I mentioned how we're enabling trust, transparency, and reach in agentic commerce, which is why cards will continue to be the credential of choice. Merit, happy to take that one. merit happy to take that one Over our 60-year history, we have learned that change is constant and success hinges on security, trust, and reach, which Mastercard is uniquely positioned to deliver. over our 60-year history we have learned that change is constant and success hinges on security trust and reach which mastercard is uniquely positioned to deliver Our innovation muscle at Mastercard is strong and proven. our innovation muscle at mastercard is strong and proven We have delivered cutting-edge technologies that solve real pain points at scale time and time again. we have delivered cutting-edge technologies that solve real pain points at scale time and time again We continue to harness the power of our data and use of AI to enrich the value we put into the market. we continue to harness the power of our data and use of ai to enrich the value we put into the market We've been utilizing AI for well over a decade to make commerce smarter and more secure. we've been utilizing ai for well over a decade to make commerce smarter and more secure That continues today. that continues today In my opening remarks, I mentioned how we're enabling trust, transparency, and reach in agentic commerce, which is why cards will continue to be the credential of choice. in my opening remarks i mentioned how we're enabling trust transparency and reach in agentic commerce which is why cards will continue to be the credential of choice We also launched a new system called Agent Pay for Machines to capture a whole new addressable market of high-velocity, low-ticket transactions which may evolve in the world of AI. Likewise, in stable coins, we're facilitating the purchase of digital assets using Mastercard payment credentials and supporting commerce use cases through Mastercard crypto co-brand cards today. Once again, card credentials will remain dominant in person-to-merchant payments. As I said, our planned acquisition of BVNK positions us as the interoperable layer for stable coin orchestration across different coins, currencies, and chains. This focuses on certain use cases and the likes of B2B and P2P. It's another expansion of our addressable market, new monetization opportunities, and new synergies for us to unlock. From our vantage point, agentic commerce and digital assets offer opportunity for growth and expansion. We also launched a new system called Agent Pay for Machines to capture a whole new addressable market of high-velocity, low-ticket transactions which may evolve in the world of AI. we also launched a new system called agent pay for machines to capture a whole new addressable market of high-velocity low-ticket transactions which may evolve in the world of ai Likewise, in stable coins, we're facilitating the purchase of digital assets using Mastercard payment credentials and supporting commerce use cases through Mastercard crypto co-brand cards today. likewise in stable coins we're facilitating the purchase of digital assets using mastercard payment credentials and supporting commerce use cases through mastercard crypto co-brand cards today Once again, card credentials will remain dominant in person-to-merchant payments. once again card credentials will remain dominant in person-to-merchant payments As I said, our planned acquisition of BVNK positions us as the interoperable layer for stable coin orchestration across different coins, currencies, and chains. as i said our planned acquisition of bvnk positions us as the interoperable layer for stable coin orchestration across different coins currencies and chains This focuses on certain use cases and the likes of B2B and P2P. this focuses on certain use cases and the likes of b2b and p2p It's another expansion of our addressable market, new monetization opportunities, and new synergies for us to unlock. it's another expansion of our addressable market new monetization opportunities and new synergies for us to unlock From our vantage point, agentic commerce and digital assets offer opportunity for growth and expansion. from our vantage point agentic commerce and digital assets offer opportunity for growth and expansion We continue to partner and win both in traditional use cases and new innovations as the market evolves. Very exciting times. We are innovating, but we remain very focused on driving short, medium, and long-term growth across all facets of our three strategic pillars. We continue to partner and win both in traditional use cases and new innovations as the market evolves. we continue to partner and win both in traditional use cases and new innovations as the market evolves Very exciting times. very exciting times We are innovating, but we remain very focused on driving short, medium, and long-term growth across all facets of our three strategic pillars. we are innovating but we remain very focused on driving short medium and long-term growth across all facets of our three strategic pillars

Speaker 2: Thank you, Michael. Thank you, Michael. thank you michael

Speaker 7: Next question. Can you comment on Mastercard's recent executive leadership changes? Next question. next question Can you comment on Mastercard's recent executive leadership changes? can you comment on mastercard's recent executive leadership changes

Speaker 2: Then, Michael, I'd also like you to comment. First, let me reiterate the strength of the company, our commitment to our winning strategy, and our continued focus on delivering value to our partners and customers in the 200-plus markets and territories where we operate globally. Our growth strategy remains strong and unchanged. We continue to focus on three core pillars, consumer payments, commercial new payment flows, and value-added services. Each of these offer tremendous runway for growth and collectively drive the virtuous flywheel that fuels Mastercard's durable long-term growth. The recent executive leadership changes reflect the strong caliber of Mastercard's executive leadership team. It demonstrates the depth of talent that the company has developed and highlights the strong collaboration that takes place at the most senior levels of this organization. Then, Michael, I'd also like you to comment. then michael i'd also like you to comment First, let me reiterate the strength of the company, our commitment to our winning strategy, and our continued focus on delivering value to our partners and customers in the 200-plus markets and territories where we operate globally. first let me reiterate the strength of the company our commitment to our winning strategy and our continued focus on delivering value to our partners and customers in the 200-plus markets and territories where we operate globally Our growth strategy remains strong and unchanged. our growth strategy remains strong and unchanged We continue to focus on three core pillars, consumer payments, commercial new payment flows, and value-added services. we continue to focus on three core pillars consumer payments commercial new payment flows and value-added services Each of these offer tremendous runway for growth and collectively drive the virtuous flywheel that fuels Mastercard's durable long-term growth. each of these offer tremendous runway for growth and collectively drive the virtuous flywheel that fuels mastercard's durable long-term growth The recent executive leadership changes reflect the strong caliber of Mastercard's executive leadership team. the recent executive leadership changes reflect the strong caliber of mastercard's executive leadership team It demonstrates the depth of talent that the company has developed and highlights the strong collaboration that takes place at the most senior levels of this organization. it demonstrates the depth of talent that the company has developed and highlights the strong collaboration that takes place at the most senior levels of this organization Change at this level are well-planned, Michael and the board have spent a lot of time collaborating and working through these arrangements. The end result is exciting. It diversifies our talent, it brings new perspectives into leadership roles. Speaking on behalf of Mastercard's board of directors, I'd like to thank Craig Vosburg and Raj Seshadri for their continued support as they step into the Vice Chair and Senior Advisor roles moving forward. I'd also like to congratulate Linda Kirkpatrick, Dimitrios Dosis, Ling Hai, and Sachin Mehra on their new and important roles. Michael. Change at this level are well-planned, Michael and the board have spent a lot of time collaborating and working through these arrangements. change at this level are well-planned michael and the board have spent a lot of time collaborating and working through these arrangements The end result is exciting. the end result is exciting It diversifies our talent, it brings new perspectives into leadership roles. it diversifies our talent it brings new perspectives into leadership roles Speaking on behalf of Mastercard's board of directors, I'd like to thank Craig Vosburg and Raj Seshadri for their continued support as they step into the Vice Chair and Senior Advisor roles moving forward. speaking on behalf of mastercard's board of directors i'd like to thank craig vosburg and raj seshadri for their continued support as they step into the vice chair and senior advisor roles moving forward I'd also like to congratulate Linda Kirkpatrick, Dimitrios Dosis, Ling Hai, and Sachin Mehra on their new and important roles. i'd also like to congratulate linda kirkpatrick dimitrios dosis ling hai and sachin mehra on their new and important roles Michael. michael

Speaker 3: Thank you, Merit, and thank you to all Mastercard's board of directors for their continued engagement and support, ensuring we have the right focus, execution, and management in place for success. We view these changes as an evolution of our leadership. We're building upon the outstanding work of our teams to drive growth into the future. Three priorities guide this evolution. One, staying close to markets and customers. Two, delivering a seamless global experience. Three, expanding the breadth of experience of our leaders, leveraging their diverse perspectives across the enterprise. Each appointment reflects the strength of our team and brings new perspectives across the business. We're bringing extensive market expertise to global product positions and financial rigor to how we go to market. Just as importantly, these moves continue to expand the breadth of experience of our leaders and leverages their diverse perspectives across. Thank you, Merit, and thank you to all Mastercard's board of directors for their continued engagement and support, ensuring we have the right focus, execution, and management in place for success. thank you merit and thank you to all mastercard's board of directors for their continued engagement and support ensuring we have the right focus execution and management in place for success We view these changes as an evolution of our leadership. we view these changes as an evolution of our leadership We're building upon the outstanding work of our teams to drive growth into the future. we're building upon the outstanding work of our teams to drive growth into the future Three priorities guide this evolution. three priorities guide this evolution One, staying close to markets and customers. one staying close to markets and customers Two, delivering a seamless global experience. two delivering a seamless global experience Three, expanding the breadth of experience of our leaders, leveraging their diverse perspectives across the enterprise. three expanding the breadth of experience of our leaders leveraging their diverse perspectives across the enterprise Each appointment reflects the strength of our team and brings new perspectives across the business. each appointment reflects the strength of our team and brings new perspectives across the business We're bringing extensive market expertise to global product positions and financial rigor to how we go to market. we're bringing extensive market expertise to global product positions and financial rigor to how we go to market Just as importantly, these moves continue to expand the breadth of experience of our leaders and leverages their diverse perspectives across. just as importantly these moves continue to expand the breadth of experience of our leaders and leverages their diverse perspectives across As part of these updates and continuous evolution, Mastercard is unifying its customer focus under one team to underscore its consistent support, coordination, and accountability across all markets. While we are incredibly excited about these changes, I'd like to reiterate that our focus and energy remains on executing in market, delivering value for our customers, partners, and shareholders. As part of these updates and continuous evolution, Mastercard is unifying its customer focus under one team to underscore its consistent support, coordination, and accountability across all markets. as part of these updates and continuous evolution mastercard is unifying its customer focus under one team to underscore its consistent support coordination and accountability across all markets While we are incredibly excited about these changes, I'd like to reiterate that our focus and energy remains on executing in market, delivering value for our customers, partners, and shareholders. while we are incredibly excited about these changes i'd like to reiterate that our focus and energy remains on executing in market delivering value for our customers partners and shareholders

Speaker 7: Thank you for the questions. This concludes our question and answer session. Merit, I will turn it back to you. Thank you for the questions. thank you for the questions This concludes our question and answer session. this concludes our question and answer session Merit, I will turn it back to you. merit i will turn it back to you

Speaker 2: Thank you, Tiffany. As there are no other matters, this meeting is now adjourned. Thank you again for attending this year's meeting and for your continued support of Mastercard. Thank you, Tiffany. thank you tiffany As there are no other matters, this meeting is now adjourned. as there are no other matters this meeting is now adjourned Thank you again for attending this year's meeting and for your continued support of Mastercard. thank you again for attending this year's meeting and for your continued support of mastercard

Speaker 4: The meeting has now concluded. Thank you for joining, and have a pleasant day. The meeting has now concluded. the meeting has now concluded Thank you for joining, and have a pleasant day. thank you for joining and have a pleasant day