Discover Financial Services Declares Quarterly Dividend for Preferred and Common Stock

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 June 1, 2017, to the holders of record at the close of
business on May 15, 2017.

The Board of Directors also declared a quarterly cash dividend of $0.30
per share of common stock payable on May 25, 2017, to holders of record
at the close of business on May 11, 2017.

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.

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