Market risk is the risk to earnings or asset and liability values resulting from movements in market prices. Our market risk exposures include (i) interest rate risk due to changes in the relationship between the interest rates on our assets (such as Card balances, Other loans and investment securities) and the interest rates on our liabilities (such as debt and deposits); and (ii) foreign exchange risk related to transactions, funding, investments and earnings in currencies other than the U.S. dollar. Compared to December 31, 2025, higher market interest rates would have a detrimental impact on our net interest income due to an increase in interest rate sensitive liabilities relative to interest rate sensitive assets. As of June 30, 2026, the impacts on net interest income of hypothetical, immediate 100 and 200 basis point changes in market interest rates are presented below. For a description of how we measure the sensitivity of net interest income to interest rate changes, including the key assumptions used, see the “Risk Management ― Interest Rate Risk” section of the 2025 Form 10-K. Actual changes in our net interest income will depend on many factors, and therefore may differ from our estimated risk to changes in market interest rates. Sensitivity Analysis of Interest Rate Changes on Annual Net Interest Income (Millions) Instantaneous Parallel Rate Shocks as of June 30, 2026(a) +200bps +100bps -100bps -200bps $ (401) $ (90) $ 98 $ 185 (a)Negative values represent a reduction in net interest income. Since December 31, 2025, there have been no material changes in our market risk exposures associated with foreign currencies. The actual impact of interest rate and foreign exchange rate changes will depend on, among other factors, the timing of rate changes, the extent to which different rates do not move in the same direction or in the same direction to the same degree, changes in the cost, volume and mix of our hedging activities and changes in the volume and mix of our businesses.