Discover Financial Services Declares Semi-Annual Dividend for Series C Preferred and Quarterly Dividend for Common Stock

The Board of Directors of Discover Financial Services declared a quarterly cash dividend of $0.44 per share of common stock payable on September 3, 2020, to holders of record at the close of business on August 20, 2020.

The Board of Directors of Discover Financial Services also declared a semi-annual cash dividend on its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series C, in the amount of $2,750 per share. The dividend equals $27.50 per depositary share, each representing 1/100th interest in a share of the Series C Preferred Stock. The dividend will be payable on October 30, 2020, to the holders of record at the close of business on October 15, 2020.

About Discover

Discover Financial Services (NYSE: DFS) is a digital 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 loans, checking and savings accounts and certificates of deposit through its 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 around the world. For more information, visit www.discover.com/company.

The amount and timing of any future dividends and share repurchases are subject to the discretion of the Board of Directors of Discover Financial Services 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, are subject to regulatory limitations and may become 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, 2019 and "Risk Factors” in the company’s quarterly report on Form 10-Q for the quarter ended March 31, 2020, 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.

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