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Ten Students To Win $30,000 Discover(R) Scholarship Program Award

October 29, 2008

Up to $300,000 in Scholarships Available to High School Juniors Nationwide

RIVERWOODS, Ill.--(BUSINESS WIRE)--Oct. 29, 2008--Discover Financial Services (NYSE: DFS) announced today that the 2009 Discover Scholarship Program application period will open on December 1, 2008. The program awards 10 high school juniors with a $30,000 scholarship that can be applied to costs for college, university, specialized training or education beyond high school.

Winners will be selected based on overall excellence in the areas of leadership and community service, while successfully overcoming a hardship or challenge. They also must maintain a minimum 2.75 cumulative grade point average to qualify. Students can apply online at www.discoverfinancial.com/community between December 1, 2008 and January 31, 2009.

While most programs are geared toward high school seniors, Discover focuses on juniors to give them an additional year to prepare for their advanced education and make career plans. Winners come from all parts of the country and have diverse backgrounds.

"Discover has a strong interest in supporting educational initiatives," said David Nelms, Chief Executive Officer, Discover Financial Services. "This year will mark the 18th anniversary of our program which has had a positive impact on the lives of thousands of young adults. We are proud of our winners and the contributions they have made in their communities."

The winners will be selected in early 2009 and recognized during an awards ceremony in the summer at Discover Financial Services' headquarters located in Riverwoods, Illinois. Since the inception of the Discover Scholarship Program Award, Discover has awarded scholarships totaling nearly $16 million to more than 6,000 students.

About Discover Financial Services

Discover Financial Services (NYSE: DFS) is a leading credit card issuer and electronic payment services company with one of the most recognized brands in U.S. financial services. The company operates the Discover Card, America's cash rewards pioneer. Since its inception in 1986, the company has become one of the largest card issuers in the United States. Its payments businesses consist of the Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in 185 countries and territories. For more information, visit www.discoverfinancial.com.

CONTACT: Jennifer Grisamore
Discover Financial Services
224-405-1342
jennifergrisamore@discover.com

SOURCE: Discover Financial Services