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PULSE® CEO Stan Paur To Become Chairman Of Network, David Schneider Named Successor As President

February 08, 2006
Riverwoods, Ill. – February 8, 2006 — Stan Paur, a prominent payments industry leader who has served as President and Chief Executive Officer of PULSE EFT Association LP for more than 23 years, will become Chairman of the network effective March 31, 2006. David Schneider, PULSE Executive Vice President and Chief Corporate Development Officer, will succeed Paur as President, reporting to Diane Offereins, Executive Vice President and Chief Information Officer of Discover Financial Services LLC, a business unit of Morgan Stanley (NYSE: MS). Offereins oversees the operations of PULSE, which Discover Financial Services acquired in January 2005.

Offereins said the realignment is part of a planned transition of executive responsibilities that will maintain continuity in the PULSE management team.

“This move enables us to continue to take advantage of the terrific management team that Stan has assembled,” Offereins said. “We are fortunate to have Dave available to assume responsibility for day-to-day activities, allowing Stan to focus on strategic priorities.”

Offereins noted that Paur will continue his stewardship of the company's Financial Institution Oversight Committee, comprised of network participant representatives. PULSE will continue to operate as a stand-alone business unit of Discover Financial Services, she added.

“Stan's vision and leadership have built PULSE into the outstanding organization it is today,” said Offereins. “Because the demands on Stan's time have grown considerably, this change will afford him the opportunity to concentrate more on developing relationships with financial institutions and potential strategic partners and exploring new business opportunities.”

Schneider has been associated with PULSE for more than 18 years. He joined PULSE in 2000 and served as the company's general counsel, as well as a member of its executive leadership team, before assuming his current position in 2004. Prior to joining PULSE, Schneider served as the company's outside legal counsel for more than 13 years.

“Dave is a wise and logical choice to assume the day-to-day management of PULSE,” said Paur. “His extensive involvement with the operations and issues in the electronic payments industry has been instrumental in the success of PULSE. And Dave's close association with the financial industry, merchants and processors, combined with his experience in the electronic payments business, will serve the organization well.”

Prior to joining PULSE, Schneider was a partner in the Corporation, Banking and Business Department of the international law firm of Fulbright & Jaworski L.L.P., resident in the firm's Houston office. Schneider graduated with a B.A. in economics, summa cum laude, from Tulane University in 1982, where he was a member of Phi Beta Kappa. He received a J.D., magna cum laude, from Georgetown University Law Center in 1985, where he was an associate editor of the Georgetown Law Journal.

About Discover Financial Services LLC
Discover Financial Services LLC, a business unit of Morgan Stanley (NYSE:MS), operates the Discover® Card with more than 50 million cardmembers, the Discover® Network with more than 4 million merchant and cash access locations and the PULSE ATM/debit network which serves more than 4,100 financial institutions and includes more than 3.2 million merchant terminals and 250,000 ATMs. For more information, visit www.discovercard.com, www.discovernetwork.com or www.pulse-eft.com.

About PULSE
PULSE EFT Association LP, a Discover Financial Services LLC company, is one of the nation's leading ATM/debit networks currently serving more than 4,100 banks, credit unions and savings institutions across the country. The network links cardholders with more than 250,000 ATMs and 3.2 million POS terminals at retail locations nationwide. In recent years, PULSE has become known as a valued resource for consumer research related to EFT services and an effective national voice on public policy issues relevant to the financial services industry. For more information, visit www.pulse-eft.com.

CONTACT:
Mary Brown
832-214-0111