MessagefromOurIndependentBoardChair DearPayPalStockholders: In 2022, the Board actively worked with managementto navigatethedifficultmacroeconomicenvironmenttohelpensure PayPaliswellpositionedforfuturegrowth.Wealsocontinuedtoproactivelyengagewithstockholdersandresponsibly overseestrategyandrisksfortheCompany.ThiswasayearoftransformationforPayPal,asweincreasedouroperating discipline while continuing to invest in innovation at scale. BoardComposition&Oversight OurBoardsbalancedmixofdiversity,skillsandexperienceenablesittoeffectivelyperformitsoversightresponsibilities.In 2022,50%ofourBoardmembersstandingforelectionwerewomenorfromdiverseethnicgroups.Ourfocusondiversity andinclusionextendstotheCompanyscurrentexecutiveofficers,50%ofwhomarewomenand/orfromdiverseethnic groups.WecontinuallyreviewandassesstheskillsandknowledgeofourBoardmembersandprovideongoing opportunitiesfor director educationon emergingtrends.The Boardalsoexerciseditsresponsibilityto overseePayPals enterpriserisk framework,includingthe evolutionof its risk taxonomy in 2022. In addition, The Board continues to oversee PayPalsenvironmental,socialandgovernance(“ESG”)strategyandrelatedrisksandopportunitiesasafullBoardand throughits BoardCommittees. StakeholderEngagement Weregularlyengagewithourstockholders,customers,employees,regulatorsandotherstakeholderstoensurethatwe understandandthoughtfullyconsidertheirperspectivesandpriorities.Throughout2022,weengagedwithinvestorsaspart of our extensivestockholderengagementprogram,reachingouttoinvestorsrepresentingapproximately52%ofour commonstock,with25%choosingtoengagewithPayPalthroughouttheyear.ThesediscussionsprovidetheBoardand managementwithinvaluableperspectives,insightsandfeedback.Welookforwardtoourcontinueddialogueswithour stockholdersandotherstakeholders. SuccessionPlanning In February, Dan SchulmanannouncedhisintentiontoretireasPresidentandCEOatyear-end.OnbehalfoftheBoard,I wouldliketoacknowledgethepositiveandlastingimpactDanhasmadeonPayPalandourpeople.Underhisleadership, PayPalhasbecomeoneoftheworldsmosttrustedbrandsandaleaderindigitalpaymentsandcommerce,delivering valuefor our stockholdersandotherstakeholders.WethankDanforhisnearlynineyearsofserviceandhiscommitmentto supportingasmoothtransitionasweconductathoroughandrigoroussearchtoidentifyhissuccessor.Welookforwardto DanscontinuedserviceasavitalmemberofPayPalsBoardofDirectors,providingoversightofthepersistentexecutionof ourmissionandvision. OnbehalfofourBoard,thankyouforyourinvestmentinPayPal.Ilookforwardtodiscussingthesedevelopmentsfurther with you at the 2023 Annual Meetingon May24, whichwill beheldvialivewebcastat www.virtualshareholdermeeting.com/PYPL2023. Sincerelyyours, JohnJ.Donahoe IndependentBoardChair April 13, 2023