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Press release from Business Wire

Diners Club International® Ltd. and Industrial and Commercial Bank of China Ink New Franchise Agreement

Thursday, August 09, 2012

Diners Club International® Ltd. and Industrial and Commercial Bank of China Ink New Franchise Agreement08:00 EDT Thursday, August 09, 2012 RIVERWOODS, Ill. & BEIJING (Business Wire) -- Diners Club International® Ltd., a business unit of Discover Financial Services (NYSE: DFS), and Industrial and Commercial Bank of China (ICBC), the largest credit card issuer in China, today announced plans to bring a new Diners Club International franchise to the Asia Pacific region. As part of the agreement, ICBC will operate as the first full franchise in China and is responsible for both the Diners Club brand and business in issuing and acquiring. In terms of total assets, ICBC is one of the largest banks in the world. “As the world's largest card market with 3.1 billion cards in circulation, China is critically important to us as we continue to expand our global footprint,” said Diane Offereins, EVP and President of Payment Services at Discover Financial Services. “ICBC's well-respected brand, successful banking operations and significant influence in China make them an attractive partner for us, and we believe their customers will benefit from the international network and services that Diners Club provides.” As a globally-recognized brand, Diners Club International is accepted in more than 185 countries and territories, in millions of merchant locations and in more than 845,000 ATMs and cash access locations all over the world. The company offers best-in-class features and benefits and a network of unique customer and merchant services. “The mission of ICBC has always been to provide excellent services to our customers and the launch of Diners Club cards will further enhance and optimize the product offerings of ICBC, meet the individual needs of customers, and provide more diverse scope of services to the cardholders,” saidMr. Li Xiaopeng, Executive Director, Vice President of Industrial and Commercial Bank of China. “The signing of our partnership agreement will bring mutual benefits and a win-win opportunity to both Industrial and Commercial Bank of China and Diners Club International, and will effectively enhance and elevate the market influence of both brands.” This announcement comes on the heels of the U.S.-China Foundation for International Exchanges' recent presentation of the prestigious Marco Polo Award to David Nelms, Chairman and CEO of Discover. The award recognizes the most visionary corporate friends of China and is the highest honor given to a foreign business leader. About Diners Club International Diners Club International is owned by Discover Financial Services (NYSE: DFS), a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Established in 1950, Diners Club International became the first multi-purpose charge card in the world, launching a financial revolution in how consumers and companies pay for products and services. Today, Diners Club is a globally recognized brand serving the payment needs of select and affluent consumers as well as providing companies with payments solutions. With acceptance in more than 185 countries and territories, millions of merchant locations and access to over 845,000 cash access locations and ATMs, Diners Club is uniquely qualified to serve its cardmembers all over the world. For more information, visit www.dinersclub.com. 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 operates the Discover card, America's cash rewards pioneer, and offers personal and student loans, online savings accounts, certificates of deposit and money market accounts through its Discover Bank subsidiary. Its payment businesses consist of 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.discoverfinancial.com. About Industrial and Commercial Bank of China Industrial and Commercial Bank of China is the largest commercial bank in China with 408,859 employees under payroll at the end of 2011. ICBC provides a wide range of financial products and services to 4.11 million corporate clients and 282 million individual customers through 16,648 outlets across China, 239 overseas subsidiaries and a global network of more than 1,669 correspondent banks as well as Internet Banking, Telephone Banking and Self-service Banking. ICBC is the largest bankcard issuer in China with more than 400 million ICBC cards in force. In 2011, ICBC received many awards including "Best Bank in China", "Best Retail Bank in China", "Best Commercial Bank of Asia", "Bank of the Year", "People's Award for Social Responsibility", and "Most Welcomed Bank of the Year". Media Contacts:Diners Club InternationalKatie Henry, 224-405-4437kathrynhenry@discover.comorIndustrial and Commercial Bank of China Card CenterMs. Li Ang, 86-10-6642-3869liang@mdk.icbc.com.cn