Investor Presentaiton

6 Slowing Spend: Recent Company Commentary Large banks and retailers, who observe a broad swath of economic activity, have begun highlighting a slowdown in consumer spend "But when I look out at the market, I talked to our corporate clients, that's where we tend to see them be more nervous about the softness in the consumer. And just -- I call it, they're much more mindful about where they're spending, right? So you're seeing them moving down within a category. They're certainly looking more on the bargain front. We've been hearing that from our retail partners. We've been hearing that across the board." - Jane Fraser, CE, Citigroup, Q3 2023 Earnings Call (October 13, 2023) "And I do think over the next 2 to 4 quarters, the impact of that tightening will be more evident and will create slowdowns in some areas. I am hearing, as I interact with CEOs, particularly around consumer businesses, some softness, particularly in the last 8 weeks in certain consumer behaviors. I don't want to overamplify that because I think the economy and the consumer has been more resilient. But I think that gears some watching closely." - David Solomon, CEO, Goldman Sachs, Q3 2023 Earnings Call (October 17, 2023) "The Federal Reserve's campaign to hike interest rates with the goal of fighting inflation has successfully slowed US consumer spending, said Bank of America Corp. Chief Executive Officer Brian Moynihan. "Frankly, the Fed has won the battle of the American consumer- - they are slowing down," Moynihan said in a Bloomberg Television interview Tuesday. "And the question is what happens - Brian Moynihan, CEO, Bank of America, Bloomberg TV Interview, (October 17, 2023) next.' " Source: Company transcripts 22 22

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