<SEC-DOCUMENT>0001214659-25-008849.txt : 20250605
<SEC-HEADER>0001214659-25-008849.hdr.sgml : 20250605
<ACCEPTANCE-DATETIME>20250605100101
ACCESSION NUMBER:		0001214659-25-008849
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250605
DATE AS OF CHANGE:		20250605
EFFECTIVENESS DATE:		20250605

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mastercard Inc
		CENTRAL INDEX KEY:			0001141391
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				134172551
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32877
		FILM NUMBER:		251025939

	BUSINESS ADDRESS:	
		STREET 1:		2000 PURCHASE STREET
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		9142492000

	MAIL ADDRESS:	
		STREET 1:		2000 PURCHASE STREET
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MASTERCARD INC
		DATE OF NAME CHANGE:	20010525

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SERVICE EMPLOYEES INTERNATIONAL UNION
		CENTRAL INDEX KEY:			0001076439
		ORGANIZATION NAME:           	
		EIN:				360852885

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1800 MASSACHUSETTS AVE NW
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036
		BUSINESS PHONE:		202-730-7000

	MAIL ADDRESS:	
		STREET 1:		1800 MASSACHUSETTS AVE NW
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SERVICE EMPLOYEE INTERNATIONAL
		DATE OF NAME CHANGE:	19990107
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>o64250px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Notice of Exempt Solicitation</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF REGISTRANT:</B> Mastercard Incorporated</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF PERSON RELYING ON EXEMPTION: </B>Service Employees International
Union Pension Plans Master Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ADDRESS OF PERSON RELYING ON EXEMPTION:</B> 1800 Massachusetts Avenue,
NW</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Written materials are submitted pursuant to
Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">May 22, 2025<BR>
<BR>
Dear Fellow Mastercard Shareholder,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At Mastercard Inc.&rsquo;s (&ldquo;Mastercard&rsquo;s&rdquo; or the
&ldquo;Company&rsquo;s&rdquo;)&nbsp;annual shareholder meeting on June 24, 2025, shareholders can urge Mastercard to take meaningful action
on racial inequity. <B>Proposal #7</B> on Mastercard&rsquo;s proxy card, &ldquo;Consideration of a Stockholder Proposal Requesting a Racial
Equity Audit Report&rdquo; (the &ldquo;Proposal&rdquo;), asks Mastercard to move beyond philanthropy to analyze the full range of adverse
racial impacts caused by the Company&rsquo;s business and operations and make recommendations about mitigating those impacts. Doing so
would allow Mastercard to address racial inequities that are harming non-white communities and stakeholders, curbing economic growth and
potentially depressing diversified investors&rsquo; returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We urge shareholders to vote FOR Proposal #7.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Proposal states:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>RESOLVED:</B>&nbsp;Shareholders of Mastercard Inc. (&ldquo;Mastercard&rdquo;)
urge the board of directors to oversee a third-party audit (within a reasonable time and at a reasonable cost) that assesses and produces
recommendations for improving the racial impacts of the company&rsquo;s policies, practices, products, and services, above and beyond
legal and regulatory matters. A report on the audit, prepared at a reasonable cost and omitting confidential/proprietary information,
should be published on the company&rsquo;s website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">In 2020, following the murder
of George Floyd, Mastercard issued a statement (the &ldquo;2020 Statement&rdquo;), &ldquo;In solidarity: Standing against racism and advancing
equal opportunity for all.&rdquo;<SUP>1</SUP> The 2020 Statement issued a call to action, stating: &ldquo;</FONT><FONT STYLE="background-color: #FCFBFA">We
can&rsquo;t squander this momentum and opportunity to effect change. On the heels of our first Mastercard Day of Solidarity on Juneteenth,
we&rsquo;re primed and ready to act.&rdquo; Among the actions promised in the 2020 Statement was &ldquo;[c]onducting a review of payments
and adjacent ecosystems for biases, inequities and weaknesses in how we serve the varied needs within Black communities.&rdquo; An article
published on Mastercard&rsquo;s website a few months later noted that black people pay $40,000 in incremental costs in connection with
using financial products, which contributes to the racial wealth gap.<SUP>2</SUP> There is no evidence in Mastercard&rsquo;s 2023 ESG
Report (the most recent available) or any other source available on Mastercard&rsquo;s website that the Company has fulfilled its pledge
to identify biases, inequities and weaknesses in its payment systems.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://www.mastercard.com/news/perspectives/2020/in-solidarity-standing-against-racism-and-advancing-equal-opportunity-for-all/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://newsroom.mastercard.com/news/perspectives/2020/the-economic-costs-of-structural-racism-are-too-high-to-ignore/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Real corporate leadership on
racial justice issues is crucial: The leaders of JUST Capital, Policy Link, and FSG, a consulting firm founded by Harvard Business School
Professor Michael Porter, in their &ldquo;CEO Blueprint for Racial Equity,&rdquo; opined that </FONT>&ldquo;<FONT STYLE="background-color: white">[c]orporate
leaders have a particularly powerful role to play in replacing racist structures, many of which have benefited those at the top, with
policies that bring us closer to&nbsp;<I>racial equity</I>&mdash;defined as &lsquo;just and fair inclusion into a society in which all
can participate, prosper, and reach their full potential.&rsquo;&rdquo;<SUP>3</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Working to eliminate systemic
racism is not only the right thing to do; it makes good economic sense. A 2014 study estimated that eliminating the racial pay gap alone
would have added $2.1 trillion to the U.S.&rsquo;s 2012 GDP.<SUP>4</SUP></FONT> &ldquo;Systemic racism,&rdquo; Atlanta Federal Reserve
President and CEO Raphael Bostic said, &ldquo;is a yoke that drags on the American economy.&rdquo;<SUP>5</SUP> Diversified investors,
whose returns depend primarily on the performance of the overall market, thus have a strong interest in eliminating racial inequity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A racial equity audit, which would encompass the payment systems review
Mastercard promised to conduct in 2020, would allow Mastercard to identify and analyze the racial impacts of its business activities in
a systematic way. In its Statement in Opposition to the Proposal, Mastercard argues that the racial equity audit requested in the Proposal
would be &ldquo;duplicative,&rdquo; but it does not point to any disclosures addressing the racial impacts of the Company&rsquo;s business
and/or other activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mastercard&rsquo;s Statement in Opposition touts the Mastercard Center
for Inclusive Growth and the Mastercard Impact Fund it administers as a key element of the Company&rsquo;s &ldquo;meaningful action in
addressing the overarching issues raised in the proposal.&rdquo; As an initial matter, we believe that philanthropic initiatives are not
an adequate substitute for analyzing and mitigating racial impacts of companies&rsquo; operations, given that philanthropy has a finite
duration and generally involves amounts far smaller than companies&rsquo; business activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">What&rsquo;s more, the Center for Inclusive Growth does not focus on
racial equity; instead, it has the very general aim to &ldquo;ensure sustainable, equitable benefits of a growing economy extend to everyone,
everywhere.&rdquo;<SUP>6</SUP> Its focus areas are &ldquo;financial security,&rdquo; which includes climate resilience, initiatives in
countries such as Indonesia and Bangladesh, and promoting &ldquo;wage digitization&rdquo;<SUP>7</SUP>; &ldquo;impact data science,&rdquo;
&ldquo;building capacity to fully harness the potential of data science and AI to address local and global challenges&rdquo;<SUP>8</SUP>;
and &ldquo;small business.&rdquo;<SUP>9</SUP> The partnership with Howard University to address data equity issues and the initiative
to support black communities and black-owned businesses cited in Mastercard&rsquo;s 2023 ESG Report,<SUP>10</SUP> while commendable, account
for only a portion of the Center for Inclusive Growth&rsquo;s work.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> <FONT STYLE="background-color: white">https://www.fsg.org/blog/ceo-blueprint-racial-equity</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://www.policylink.org/sites/default/files/Equity_Solution_Brief.pdf,
at 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>5</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.frbatlanta.org/about/feature/2020/06/12/bostic-a-moral-and-economic-imperative-to-end-racism</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.mastercardcenter.org/about-the-center/the-center</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>7</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.mastercardcenter.org/focus-areas/financial-security</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://www.mastercardcenter.org/focus-areas/impact-data-science</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://www.mastercardcenter.org/focus-areas/small-business</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://s25.q4cdn.com/479285134/files/doc_downloads/governance_docs/2024/04/mastercard-2023-esg-report.pdf,
at 63-64</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Mastercard&rsquo;s
proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: #FCFBFA">In the 2020 Statement, Mastercard also committed
to &ldquo;[g]rowing our Black leadership at the VP-level and above by 50% by 2025.&rdquo;<SUP>11</SUP> Mastercard&rsquo;s 2023 ESG Report
suggests that the Company is not on track to achieve this goal, stating that since 2020 the percentage of black representation in leadership
had grown by only 13%.<SUP>12</SUP> The 2020 baseline for black leadership was itself quite low: Although Mastercard&rsquo;s 2020 EEO-1
data does not break out representation specifically at the VP level, it indicates that only 6.1% of employees in the &ldquo;Exec/Sr. Officials
&amp; Mgrs&rdquo; category and 4.4% of those in the &ldquo;First/Mid Officials &amp; Mgrs&rdquo; category were black.<SUP>13</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: #FCFBFA">A recent lawsuit settlement adds to concerns
about Mastercard&rsquo;s employment practices. In January 2025, Mastercard, while denying wrongdoing, agreed to pay $26 million to settle
claims that it &ldquo;systematically&rdquo; hired female, black and Hispanic workers into lower-level roles than male and/or white new
hires, which resulted in them being paid less for performing &ldquo;substantially equal or similar work.&rdquo;<SUP>14</SUP> The complaint
claimed that &ldquo;[i]nequity in compensation based on gender and/or race compounds over time because periodic compensation decisions,
such as salary increases and promotions, are based on current job code.&rdquo;<SUP>15</SUP> In addition to the financial payout, Mastercard
&ldquo;agreed to hire consultants to audit its pay practices and an industrial psychologist who will review the company's &lsquo;career
ecosystem,&rsquo;&rdquo;<SUP>16</SUP> assessments that a racial equity audit could draw on. The settlement received preliminary judicial
approval on January 30, 2025, and a hearing on final approval was scheduled for May 14, 2025.<SUP>17</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Beyond employment and business model considerations, a racial equity
audit could also help Mastercard to identify adverse racial impacts of other activities in which it engages, such as political spending
and lobbying. Political activities, both directly and through trade associations, are a key avenue by which companies can reinforce or
work to dismantle systemic racism. A 2020 article in the <U>Harvard Business Review</U> on &ldquo;The 10 Commitments Companies Must Make
to Advance Racial Justice&rdquo; pressed companies to &ldquo;<FONT STYLE="background-color: white">[c]ommit at least 50% of [their] lobbying
expenditures to drafting and supporting bills that would improve conditions for communities of color by increasing access to quality education
and training, rebuilding infrastructure, protecting consumers, ending racial oppression, rebuilding the safety net, achieving&nbsp;criminal
justice reform, and making police more accountable.&rdquo;<SUP>18</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://www.mastercard.com/news/perspectives/2020/in-solidarity-standing-against-racism-and-advancing-equal-opportunity-for-all/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://s25.q4cdn.com/479285134/files/doc_downloads/governance_docs/2024/04/mastercard-2023-esg-report.pdf,
at 7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> <U>See</U> https://www.mastercard.us/content/dam/public/mastercardcom/na/global-site/documents/2020-eeo-1-consolidated-report.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://fingfx.thomsonreuters.com/gfx/legaldocs/mopawrwbmpa/hayman_v_mastercard_complaint.pdf,
para. 37</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://fingfx.thomsonreuters.com/gfx/legaldocs/mopawrwbmpa/hayman_v_mastercard_complaint.pdf,
para. 39</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://www.reuters.com/legal/litigation/mastercard-agrees-26-mln-settlement-pay-bias-lawsuit-2025-01-14/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://clearinghouse.net/case/46067/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://hbr.org/2020/06/the-10-commitments-companies-must-make-to-advance-racial-justice</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Mastercard&rsquo;s
proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Publicly-available information
about Mastercard&rsquo;s political activity suggests that a racial equity audit would be useful. According to the Leadership Conference
on Civil and Human Rights, &ldquo;[v]oting, and the ability to participate in democracy, is a racial justice issue.&rdquo;<SUP>19</SUP></FONT>
Mastercard is a member of the U.S. Chamber of Commerce (the &ldquo;Chamber&rdquo;),<SUP>20</SUP> which lobbied against federal legislation
designed to counter voting rights restrictions adopted in states like Georgia after the 2020 election.<SUP>21</SUP> The Chamber also sued
to invalidate an update to the Consumer Financial Protection Bureau&rsquo;s examinations manual to define illegal discrimination as an
unfair, deceptive or abusive act.<SUP>22</SUP> A racial equity audit would give Mastercard the opportunity to examine its direct and indirect
political activity for adverse racial impacts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">For the reasons discussed above, <B>we urge
you to vote FOR Proposal 7</B> on Mastercard&rsquo;s proxy card. If you have any questions, please contact Edgar Hernandez via email at
edgar.hernandez@seiu.org.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://civilrights.org/value/voting-rights/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> https://s25.q4cdn.com/479285134/files/doc_downloads/governance_docs/2025/02/July-Dec-2024-Mastercard-Corporate-Political-Contributions-Report.pdf,
at 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> https://edition.cnn.com/2021/04/21/business/voting-rights-chamber-of-commerce</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> <U>See</U> https://www.uschamber.com/assets/documents/Chamber20MSJ20and20Memorandum20-20Chamber20of20Commerce20v.20CFPB2028E.D.20Tex.29.pdf;
https://www.uschamber.com/cases/capital-markets-and-corporate-law/chamber-of-commerce-v-cfpb</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Mastercard&rsquo;s
proxy statement.</P>

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