X0306 4 2016-02-01 0 0001393612 Discover Financial Services DFS 0001401334 Corley Kathryn McNamara 2500 LAKE COOK ROAD RIVERWOODS IL 60015 0 1 0 0 EVP, GC & Secretary Common Stock 2016-02-01 4 A 0 27771 0.00 A 237951.39 D Common Stock 2016-02-01 4 F 0 14475 46.05 D 223476.39 D Common Stock 2016-02-02 4 S 0 15000 45.0158 D 208476.39 D Common Stock 2016-02-03 4 S 0 15000 45.2476 D 193476.39 D Common Stock 2348.54 I By ESOP Shares earned upon vesting of non-derivative performance stock units, which are exempt from liability under Section 16(b) of the Securities Exchange Act pursuant to Rule 16b-3(d). Performance stock units are convertible into shares of common stock at a ratio of 1:1. Number of shares withheld to pay the tax withholding obligation incurred in connection with the vesting of previously granted restricted stock units and performance stock units. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $45.010 to $45.035, 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 ranges set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $45.23 to $45.25, 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 ranges set forth in this footnote. /s/ Christopher Greene as Attorney-in-Fact for Kathryn McNamara Corley 2016-02-03