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Investor Presentaiton

Growth is Likely to Decelerate Going Forward Looking ahead, we believe economic growth will likely decelerate as the tailwinds fueling personal consumption, which accounts for ~70% of GDP, gradually recede and downside risks emerge 1 Slowing income growth as job & wage growth moderate 2 Excess savings are being depleted 3 Weakening consumer loan supply/demand and detoriating credit quality 4 Low-income consumer, who has the highest propensity to drive incremental spend, is under stress 5 Resumption of student loan payments 6 Early signs of broader consumer spending slowdown 7 Rising long-end interest rates further tighten financial conditions 8 Emerging geopolitical and financial stability risks 10 10

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