X0306 4 2019-01-28 0 0001393612 Discover Financial Services DFS 0001183833 HOCHSCHILD ROGER C 2500 LAKE COOK ROAD RIVERWOODS IL 60015 1 1 0 0 CEO and President Common Stock 2019-01-28 4 P 0 29658 66.67 A 834457 D Common Stock 2019-01-28 4 P 0 342 67.04 A 834799 D Common Stock 29111 I By Hochschild Remainder Trust The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $66.03 to $67.00, inclusive. The reporting person undertakes to provide to Discover Financial Services, any security holder of Discover Financial Services, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in two transactions, each rounding to $67.04. The reporting person undertakes to provide to Discover Financial Services, any security holder of Discover Financial Services, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price. These shares are held in a trust for the benefit of the reporting person's spouse and children. The reporting person's spouse is trustee of the trust. /s/ Jeffrey J. Pochowicz as Attorney-in-Fact for Roger C. Hochschild 2019-01-29