Risk Factors Update Summary

• Increased exposure to economic and political risks globally, especially in regions experiencing inflation and economic downturns.
• Increased vulnerability to economic conditions; higher interest expense if rates rise; need to divert cash flow to debt payments.
• Revenue highly dependent on global travel industry, particularly air travel, correlating with transaction volumes.
• Identified elements of sanctions compliance program not functioning as intended in Q3 2022.
• Limited ability to refinance or obtain financing; may opportunistically refinance debt, impacting interest expense.
• Increased pricing pressure from travel suppliers, leading to negotiation for lower fees, impacting revenues.
• Significant amount of indebtedness of $4.8 billion outstanding as of December 31, 2023.
• Limited flexibility in reacting to market changes; competitive disadvantage due to high debt.
• Reliance on a small number of airlines for revenue, consolidation among airlines could harm business.