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Roger Hochschild to Succeed David Nelms as Discover Chief Executive Officer Effective October 1, 2018

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Hochschild Elected to the DFS Board;
Nelms to
Continue as Executive Chairman until His Retirement in Early 2019

Discover Financial Services (NYSE:DFS) announced today that Roger
Hochschild, currently President and Chief Operating Officer, will
succeed David Nelms as Chief Executive Officer on October 1, 2018, and
will retain his role as President. Hochschild has been elected to the
company's Board of Directors. Nelms, currently Chairman and CEO,
notified the Board of his intention to retire from Discover in early
2019. Following the CEO succession, Nelms will continue as Executive
Chairman until his retirement.

"Roger's deep experience and proven results make him well suited to lead
Discover to new heights of success," Nelms said. "He has been integral
to Discover's growth and to our achievement of an average 19% ROE over
the past 20 years and has remained steadfast in his commitment to
customers. Given the foundation we have established and the tremendous
opportunities in direct banking and payments, Discover will continue to
be very successful under Roger's leadership."

"The Board and I are confident that Roger is the right choice to lead
the company into its next period of growth," said Lawrence Weinbach,
Discover's Lead Independent Director. "His deep industry experience as
well as his strong business and customer insights will help Discover
continue to achieve industry-leading results. David and Roger both
joined the company in 1998 and together they have led Discover to
deliver exceptional customer experience, financial returns and
shareholder value."

"On behalf of the Board and Discover shareholders, I'd like to thank
David for his outstanding leadership and many contributions to the
company's success over the past 20 years," said Weinbach. "David led
Discover through a spin-off to become a public company in 2007, provided
unwavering leadership through the U.S. financial crisis and helped to
create tremendous shareholder value. Beyond results, David has
demonstrated a deep commitment to employees and to the community that
have made lasting impacts on both."

"I am honored to be named the next CEO of Discover, and I am grateful to
David for his leadership and for fostering a culture that has
contributed to our success and will guide us into the future," said
Hochschild. "Our Board, our experienced leadership team and Discover's
more than 16,000 employees will remain focused on delivering a superior
customer experience and financial performance that create value for
customers and shareholders."

Prior to joining Discover, Hochschild worked for the consulting firm
Booz Allen and served in various leadership positions at MBNA America.
He received his undergraduate degree from Georgetown University and his
MBA from The Amos Tuck School at Dartmouth College. He serves on the
Board of Directors for Principal Financial Group as well as on Tuck's
Board of Advisors, and is a member of the Board of Metropolitan Family
Services.

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.

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