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Discover Financial Services Names Additional Director

September 21, 2007

Former Chief Executive Officer of the Federal Reserve Bank of
Chicago Joins Board

RIVERWOODS, Ill.--(BUSINESS WIRE)--Sept. 21, 2007--Discover Financial Services (NYSE: DFS) today announced the addition of Michael H. Moskow, former president and chief executive officer of the Federal Reserve Bank of Chicago, to the company's Board of Directors.

"Michael has extensive knowledge and insight from both his public- and private-sector experience that should prove invaluable to us," said Discover CEO David W. Nelms, who also serves on the board. "We welcome the contribution he will make, along with our other highly talented directors, to driving Discover's success as an independent company."

Discover's Board is led by Chairman Dennis D. Dammerman, who retired in 2005 as vice chairman of the Board and Executive Officer of General Electric Company.

Moskow retired as CEO of the Federal Reserve Bank of Chicago in 2007, where he had served since 1994. Prior to that appointment, he served as a faculty member of the J.L. Kellogg Graduate School of Management at Northwestern University. Before that, Moskow was a deputy U.S. trade representative with the rank of Ambassador, following his appointment by President George H. Bush in 1991. From 1977 to 1991, he worked for Esmark, Inc.; Northwest Industries; Dart and Kraft, Inc.; and Premark International. From 1969 to 1977, he held a number of senior positions with the U.S. government, including undersecretary of labor at the U.S. Department of Labor; director of the Council on Wage and Price Stability; assistant secretary for policy development and research at the U.S. Department of Housing and Urban Development; and senior staff economist with the Council of Economic Advisers. During the course of his career, Moskow was confirmed by the Senate for five U.S. government positions. He began his career teaching economics, labor relations and management at Temple University, Lafayette College and Drexel University.

Moskow is the vice chairman of the Chicago Council on Global Affairs and serves as a director of the Council on Foreign Relations in New York. He is a former chairman of the Economic Club of Chicago. Moskow received an A.B. in economics from Lafayette College and a Ph.D. in business and applied economics from the University of Pennsylvania.

About Discover Financial Services

Discover Financial Services (NYSE: DFS) operates the Discover Card with more than 50 million cardmembers, the Discover Network with millions of merchant and cash access locations, and the Goldfish credit card business in the United Kingdom. Discover also operates the PULSE ATM/debit network, which services more than 4,400 financial institutions and includes nearly 260,000 ATMs as well as point-of-sale terminals, nationwide. For more information, visit www.discoverfinancial.com.

CONTACT: Discover Financial Services
Investor Contact
Craig Streem, Vice President, Investor Relations
224-405-3575
or
Media Contact
Jon Drummond, Corporate Public Relations
224-405-1888

SOURCE: Discover Financial Services