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Press release from Business Wire

Discover Financial Services Declares Preferred Stock Dividend

Wednesday, January 23, 2013

Discover Financial Services Declares Preferred Stock Dividend17:00 EST Wednesday, January 23, 2013 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 March 1, 2013, to the holders of record at the close of business on Feb. 14, 2013. 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 www.discoverfinancial.com. Discover Financial ServicesInvestor Contact:Bill FranklinInvestor Relations224-405-1902williamfranklin@discover.comorMedia Contact:Jon DrummondPublic Relations224-405-1888jondrummond@discover.com