Discover Financial Services Extends IT Agreement with IBM Through 2015

Contract includes support for operations, customer experience and compliance

ARMONK, N.Y. - IBM (NYSE: IBM) announced today it will provide information technology (IT) services to Discover Financial Services (NYSE: DFS) through 2015 as a result of an extended outsourcing agreement between the two companies.

As part of the agreement, IBM will continue providing management and support for some of Discover’s most critical IT operations. IBM will make investments in software, processing, and storage technologies that will result in improved operations, efficiency, reporting and compliance.

“IBM has had a long history working closely with Discover to provide high quality, highly efficient IT operations. The new agreement provides them with the flexibility to meet the challenges present in the card business today while taking our relationship well into the next decade,” said Scott Morin, IBM vice president of Financial Services Sector, Strategic Outsourcing.

“Technology plays a key role in all aspects of Discover’s business. Through the work performed under this agreement, we expect to further enhance our customer experience while realizing increased efficiencies in our operations,” said Glenn Schneider, Senior Vice President and Chief Information Officer, Discover Financial Services.

The contract was signed in November 2009.

About IBM
For more information, visit www.ibm.com/services.

About DFS
Discover Financial Services (NYSE: DFS) is a leading credit card issuer and electronic 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 operates the Discover card, America’s cash rewards pioneer, and offers student and personal loans, as well as savings products such as certificates of deposit and money market accounts. Its payments businesses consist 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 more than 185 countries and territories. For more information, visit www.discoverfinancial.com.