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Press release from Business Wire

Discover Financial Services Declares Preferred Stock Dividend

Friday, October 26, 2012

Discover Financial Services Declares Preferred Stock Dividend17:51 EDT Friday, October 26, 2012 RIVERWOODS, Ill. (Business Wire) -- Discover Financial Services today announced the declaration of a quarterly cash dividend on its outstanding Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B, in the amount of $8.13 per share, which covers the period from Oct. 16 through Nov. 30, 2012. The dividend equals $0.20325 per depositary share, representing a 1/40th interest in a share of the preferred stock. The dividend has a payment date of Dec. 1, 2012, and will be paid on Dec. 3, 2012 (the next business day), to the holders of record at the close of business on Nov. 15, 2012. 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 home loans, private student loans, personal loans, online savings accounts, certificates of deposit and money market accounts through its direct banking business. 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 Discover Financial ServicesInvestor Contact:Bill FranklinInvestor Relations224-405-1902williamfranklin@discover.comorMedia Contact:Jon DrummondPublic