Discover Financial Services Declares Quarterly Dividend for Common Stock

RIVERWOODS, Ill.–(BUSINESS WIRE)–The Board of Directors of Discover Financial Services declared a
quarterly cash dividend of $0.40 per share of common stock payable on
December 6, 2018, to holders of record at the close of business on
November 21, 2018.

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 Global Network comprised 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 190
countries and territories. For more information, visit www.discover.com/company.

This press release contains forward-looking statements. You are
cautioned not to place undue reliance on forward-looking statements,
which speak only as of the date on which they are made, which reflect
management’s estimates, projections, expectations or beliefs at that
time, and which are subject to significant risks and uncertainties that
may cause actual results to differ materially. The amount and timing of
any future dividends and share repurchases are subject to the discretion
of the company’s board of directors and will depend upon the company’s
results of operations, financial condition, cash requirements, future
prospects, market conditions, capital requirements, applicable law and
regulations (including federal securities laws and federal banking
regulations) and other factors, and may be subject to regulatory
approval or conditions. Additional factors impacting dividends and share
repurchases can be found in “Business – Supervision and Regulation”,
“Risk Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” in the company’s annual report on
Form 10-K for the year ended December 31, 2017, and under “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” in the company’s Quarterly Report on Form 10-Q for the
quarters ended June 30, 2018, and March 31, 2018, which are filed with
the SEC and available at the SEC’s website (www.sec.gov).
The Company does not undertake to update or revise forward-looking
statements as more information becomes available.

Contacts

Discover Financial Services
Investor
Contact:

Craig Streem
Investor Relations
224-405-5923
craigstreem@discover.com
or
Media
Contact:

Jon Drummond
Public Relations
224-405-1888
jondrummond@discover.com

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