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Discover Financial Services Declares Quarterly Dividend for Preferred and Common Stock

October 13, 2016

RIVERWOODS, Ill.--(BUSINESS WIRE)-- The Board of Directors of Discover Financial Services declared a quarterly cash dividend on its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B, in the amount of $16.25 per share. The dividend equals $0.40625 per depositary share, each representing 1/40th interest in a share of the Series B Preferred Stock. The dividend will be payable on November 28, 2016, to the holders of record at the close of business on November 11, 2016.

The Board of Directors also declared a quarterly cash dividend of $0.30 per share of common stock payable on November 17, 2016, to holders of record at the close of business on November 3, 2016.

About Discover

Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover card, America's cash rewards pioneer, and offers private student loans, personal loans, home equity loans, checking and savings accounts and certificates of deposit through its direct banking business. It operates 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 more than 185 countries and territories. For more information, visit www.discover.com/company.

Source: Discover Financial Services

Discover Financial Services

Investor Contact:

Bill Franklin

Investor Relations

224-405-1902

williamfranklin@discover.com

or

Media Contact:

Jon Drummond

Public Relations

224-405-1888

jondrummond@discover.com