Voltage-sensitive dye imaging (VSDi) has revealed fundamental properties of neocortical processing at mesoscopic scales. Since VSDi signals report the average membrane potential, it seems natural to use a mean-field formalism to model such signals. Here, we investigate a mean-field model of networks of Adaptive Exponential (AdEx) integrate-and-fire neurons, with conductance-based synaptic interactions. The AdEx model can capture the spiking response of different cell types, such as regular-spiking (RS) excitatory neurons and fast-spiking (FS) inhibitory neurons. We use a Master Equation formalism, together with a semi-analytic approach to the transfer function of AdEx neurons. We compare the predictions of this mean-field model to simulated networks of RS-FS cells, first at the level of the spontaneous activity of the network, which is well predicted by the mean-field model. Second, we investigate the response of the network to time-varying external input, and show that the mean-field model accurately predicts the response time course of the population. One notable exception was that the "tail" of the response at long times was not well predicted, because the mean-field does not include adaptation mechanisms. We conclude that the Master Equation formalism can yield mean-field models that predict well the behavior of nonlinear networks with conductance-based interactions and various electrophysiolgical properties, and should be a good candidate to model VSDi signals where both excitatory and inhibitory neurons contribute.