Risk Factors Update Summary

• The company is actively pursuing acquisition opportunities, engaging in discussions concerning possible acquisitions, with no assurance of the financial or business impact of any transaction.
• Results of operations now mentioned instead of profitability, highlighting a shift in focus.
• The implementation of a replacement rate for Senior Secured Initial Term Loans will be generally higher.
• Interest rate swaps were entered into for $600 million to hedge against future increases.
• The company has significantly increased its investment in product and platform, from approximately $1.4 billion to $1.6 billion, to enhance B2B travel services.
• Operations in the United States and United Kingdom explicitly stated, enhancing transparency.
• Concerns about cybersecurity threats and potential breaches highlighted, impacting operations and reputation.
• Intellectual property rights protection and tax laws complexities detailed, emphasizing potential risks.
• Increased focus on ESG practices and disclosures, reflecting evolving expectations and potential impacts.
• Detailed risks related to underfunded pension obligations, with specific values provided for obligations.
• The company estimates the global SME total travel spend to be approximately $945 billion, with $685 billion representing unmanaged spend, indicating a substantial growth opportunity.
• The company may use hedging instruments to manage risks related to the phase-out of LIBOR.
• Emphasis on the impact of acquisitions on financial position and strategic positions, indicating growth strategy importance.
• The acquisition of Egencia has substantially enhanced capabilities in the SME segment, broadening the addressable client base and complementing the existing value proposition.
• The company has identified a material weakness in internal control over financial reporting.
• The company entered into a Transition Services Agreement with Expedia to facilitate the orderly transfer of Egencia, demonstrating a strategic approach to acquisitions.
• The company has 2,532 shares of Class A Common Stock authorized but unissued as of December 31, 2023.
• The company secured additional term loans of $1,372 million under the Senior Secured Credit Agreement Amendment, reinforcing liquidity and financial flexibility.
• The company may obtain financing or further increase capital resources by issuing additional shares.
• The company's global Diversity, Equity, and Inclusion Center of Excellence aims to reduce unconscious bias and foster an inclusive workplace, with a high employee engagement score of 84%.
• The interests of the largest stockholders may prevent minority stockholders from influencing significant decisions.