NYSE: DFS 61.41 +0.91 +1.5% Volume: 2,111,776 Pricing delayed 20 minutes September 22, 2017

Proxy / Annual Report

2017 Proxy Voting Information

If you are a registered holder of DFS common stock, you can access the Internet voting site for the Annual Meeting of Shareholders. If you hold your shares with a bank or a broker, please contact them for instructions on how to vote by Internet or by telephone.

If you prefer, you can request a copy of the proxy materials to be sent by U.S. mail. Please request this information by telephone: 1-866-641-4276 (outside of the U.S and Canada call 781-575-4581), or email investorvote@computershare.com.

2017 Meeting Information

Discover Financial Services'
2017 Annual Meeting of Shareholders

May 11, 2017 at 9 a.m. Local Time
2500 Lake Cook Road
Riverwoods, Illinois 60015

This year, in accordance with rules promulgated by the Securities and Exchange Commission, we have again elected to use the Internet as our primary means of furnishing proxy materials to our shareholders. Accordingly, most shareholders will not receive paper copies of our proxy materials and we will mail a notice to these shareholders with instructions for accessing the proxy materials, including our proxy statement and annual report, and for voting via the Internet. This notice also provides information on how shareholders may obtain paper copies of our proxy materials free of charge, if they so choose. The electronic delivery of our proxy materials significantly reduces our printing and mailing costs and the environmental impact of the proxy materials. All shareholders of record of our outstanding shares of Common Stock at the close of business on March 13, 2017, will be entitled to vote at the Annual Meeting.

Directions from Downtown Chicago:
Take 94 West to Route 41. Exit Lake Cook Road from Route 41 (one ramp, lighted intersection exit). Turn left on to Lake Cook Road heading West to 2500 Lake Cook Road.

Directions from I-94 Southbound:
Take I-94 heading South to the Lake Cook Road exit (one ramp, lighted intersection exit). Turn right on to Lake Cook Road heading East to 2500 Lake Cook Road.

Directions from I-294 Northbound:
Take I-294 heading North to the Lake Cook Road exit (one ramp, lighted intersection). Turn left on to Lake Cook Road to 2500 Lake Cook Road.

Directions from O'Hare International Airport:
Take I-294 heading North (towards Milwaukee) 11 miles to Lake Cook Road exit (one ramp, lighted intersection). Turn left on to Lake Cook Road to 2500 Lake Cook Road.

Directions from Midway Airport:
Take Cicero Avenue to I-55 South (Stevenson Expressway) to I-294 North. Exit I-294 North at Lake Cook Road exit (one ramp, lighted intersection). Turn left on to Lake Cook Road to 2500 Lake Cook Road.