X0306 4 2017-09-01 0 0001393612 Discover Financial Services DFS 0001401323 Offereins Diane E 2500 LAKE COOK ROAD RIVERWOODS IL 60015 0 1 0 0 EVP, Pres. - Payment Services Common Stock 2017-09-01 4 S 0 15000 59.63 D 194047 D The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 2, 2016 and amended on February 2, 2017. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $58.90 to $59.81, 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. /s/ Jennifer K. Schott as Attorney-in-Fact for Diane E. Offereins 2017-09-05