Discover Financial Services Declares Quarterly Dividend for Preferred and Common Stock

  Discover Financial Services Declares Quarterly Dividend for Preferred and
  Common Stock

            Common Stock Dividend Increased 43% to $0.20 Per Share

Business Wire

RIVERWOODS, Ill. -- April 16, 2013

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 3, 2013, to the holders
of record at the close of business on May 17, 2013.

The Board of Directors also declared a quarterly cash dividend of $0.20 per
share of common stock, an increase of $0.06 per share of common stock, payable
on May 23, 2013, to holders of record at the close of business on May 9, 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, checking and 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.

Contact:

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
 
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