Capital Management and Funding Strategy
Forward Looking Statements
the company's ability to achieve its 2023 revenue growth outlook and its longer-term revenue growth aspirations for 2024 and beyond, and the sustainability
of the company's future growth, which could be impacted by, among other things, the factors identified above and in the subsequent paragraphs, as well as
the following: spending volumes not being consistent with expectations, including T&E spend growing slower than expected, further slowing in spend by U.S.
small and mid-sized enterprise or U.S. large and global corporate customers, or a general slowdown or increase in volatility in consumer and business
spending volumes; the strengthening of the U.S. dollar beyond expectations; an inability to address competitive pressures, innovate and expand our
products and services, leverage the advantages of the company's differentiated business model and implement strategies and business initiatives, including
within the premium consumer space, commercial payments and the global merchant network; the effects of the end of the moratorium on student loan
repayments; the impact of the decommissioning of one of the company's alternative payment solutions; and merchant discount rates changing by a greater
or lesser amount than expected;
net card fees not performing consistently with expectations, which could be impacted by, among other things, a deterioration in macroeconomic conditions
impacting the ability and desire of Card Members to pay card fees; higher Card Member attrition rates; the pace of Card Member acquisition activity,
particularly with respect to fee-based products; and the company's inability to address competitive pressures, develop attractive value propositions and
implement its strategy of refreshing card products and enhancing benefits and services;
net interest income, the effects of interest rates and the growth rate of loans and Card Member receivables outstanding, and the portion of which that is
interest bearing, being higher or lower than expectations, which could be impacted by, among other things, the behavior and financial strength of Card
Members and their actual spending, borrowing and paydown patterns; the company's ability to effectively manage risk and enhance Card Member value
propositions; changes in benchmark interest rates, including where such changes affect the company's assets or liabilities differently than expected;
changes in capital and credit market conditions and the availability and cost of capital; credit actions, including line size and other adjustments to credit
availability; the yield on Card Member loans not remaining consistent with current expectations; the company's deposit levels or the interest rates it offers on
deposits changing from current expectations; and the effectiveness of the company's strategies to capture a greater share of existing Card Members'
spending and borrowings, and attract new, and retain existing, customers;
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