Kelly Welsh, an outstanding lawyer with a proven track record of accomplishment in both the financial and government sectors, joined Discover today as the incoming interim chief legal officer, general counsel and head of corporate and public affairs. He will be a member of Discover’s Executive Management Committee.

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Kelly Welsh joined Discover as incoming Interim Chief Legal Officer, General Counsel & Head of Corporate and Public Affairs. (Photo: Business Wire)

“Kelly brings an outstanding record of service, expertise and achievement and will be a key member of Discover’s executive management team as we move closer to our merger with Capital One,” said Michael Shepherd, Interim Chief Executive Officer and President of Discover.

Welsh will assume the role from Hope Mehlman, who is leaving Discover at the end of November for another opportunity. “I am grateful to Hope for her leadership over the last two years,” said Shepherd. “She has made significant contributions at a crucial time, helping steer the company through several significant achievements.”

Welsh brings more than 35 years of senior leadership experience. He notably served as General Counsel of the United States Department of Commerce and as Executive Vice President, General Counsel and a member of the management committees of Northern Trust and Ameritech. He also was Corporation Counsel of the City of Chicago and a Partner at the law firm of Mayer Brown. He served previously on the Board of Directors of Bank of the West and of BancWest Holdings Inc.

“I look forward to joining the Discover executive management team as we work to complete our merger with Capital One,” said Welsh.

A longtime Chicago business leader and resident, Welsh is dedicated to his community and is a current member and former President of the Civic Committee of the Commercial Club of Chicago. He also serves as a Board member for the non-profit Navy Pier Inc., P33 Chicago, Kids First Chicago, and the Civic Consulting Alliance.

Welsh received an A.B. from Harvard College, a master’s from the University of Sussex, and a J.D. from Harvard Law School, where he was an editor of the Harvard Law Review.

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 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 merchants 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 https://www.discover.com/company.

Media Contact Matthew Towson matthewtowson@discover.com 224-405-5649

Investor Contact Erin Stieber Investor Relations investorrelations@discover.com 224-405-4555

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