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Thee Futu Re Is Here

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Thee Futu Re Is Here THE FUTURE IS HERE 2013 ANNUAL REPORT The future is here SuccessSuc comes not in anticipating the future butt in creating it. TThat’sha what we’ve been doing since our incinceptione in 1986. From the unveiling of the firsfirstt major credit card with cash rewards, no anannualn fee and 24/7 customer service, to ththee launch of our new Cashback Checking pproduct,ro to forging powerful alliances across tthehe payments industry and around the world, DDiscoverisc is shaping the future each and eeveryve day. AAlonglo the way, we are defining what itt mmeans to be a direct bank, building a rreputatione as the best partner in the ppaymentsay industry, and inspiring a successful ffutureutu for Discover and our customers. The leading direct bank and payments partner DIRECT BANKING Discover is one of the largest direct banks in the United States, offering a broad array of products, including credit cards, personal loans, student loans, deposit products, home loans and home equity loans. The Discover brand is known for rewards, service and value. Across all direct banking products, Discover seeks to help customers meet their financial needs and achieve brighter financial futures. PAYMENT SERVICES PULSE is one of the nation’s leading ATM/debit networks, while Diners Club International is a global payments network. Discover also partners with third parties to offer credit, debit and prepaid cards on the Discover Network. In the payments industry, Discover strives to be the most flexible and innovative partner in the United States and around the world. DISCOVER CARD DISCOVER NETWORK • $53 billion in loans • $123 billion volume • Leading cash rewards program • 30+ issuers • 1 in 4 U.S. households STUDENT LOANS • $8 billion in private student loans • Available at more than 1,200 colleges PERSONAL LOANS PULSE DEBIT NETWORK • $4 billion in loans • $160 billion volume • Debt consolidation and major purchases • 4,000+ issuers DEPOSIT PRODUCTS • $28 billion direct-to-consumer deposits • Money market accounts, certificates of deposit, savings accounts and checking DINERS CLUB accounts INTERNATIONAL HOME LOANS • $27 billion volume • $4 billion of originations in 2013 • 80 licensees • Conventional and FHA loans • 185+ countries/territories HOME EQUITY LOANS • Launched in 2013 • Major expenses and debt consolidation Certain historical numbers in this Annual Report are shown on an “as adjusted” basis where indicated. The as-adjusted basis assumes that the trusts used in our securitization activities were consolidated into our financial results and excludes from results income received in connection with the antitrust litigation settlement in 2009. For an explanation as to why management believes that the “as adjusted” numbers are useful to investors and for a reconciliation of these numbers, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Reconciliations of GAAP to Non-GAAP As-Adjusted Data” in the accompanying Annual Report on Form 10-K. David Nelms Chairman and Chief Executive Officer To Our Shareholders The future is here—in more ways than one. The dynamics of the retail banking and payments industries are rapidly evolving. The future is being shaped by new technology, changes in consumer behavior, the economy and regulation. In many ways, the “future”—including things like mobile banking, digital wallets and omni-channel commerce—is already here. Big changes create big opportunities, and Discover is seizing those opportunities through a relentless focus on being the leading direct bank and payments partner. We made great progress in 2013, and we are redoubling our efforts in 2014. “Discover is 2013 Results seizing opportunities Our financial highlights included: through a relentless focus on being the • Net income of $2.5 billion, or $4.96 per diluted share leading direct bank and • Return on equity of 24% payments partner.” • Year-over-year loan growth of 5% • Record low charge-off rate • Network volume of $310 billion, including $110 billion from Discover card • Strong expansion of merchant acceptance, domestically and around the world • Repurchase of 5% of our outstanding common stock In addition to strong financial performance, we achieved several important strategic accomplishments, including expanding our platform in direct banking through the launches of the Discover it card, Discover Cashback Checking and Discover Home Equity Loans; increasing our global footprint in payments through important new network-to-network agreements; and partnering with leading companies in emerging payments. In addition, Discover was recognized by independent organizations for our leadership in customer service, brand loyalty, product innovation, data security and fraud prevention, workplace quality and corporate citizenship. We regard such awards and recognition as indicators that we are delivering on our commitment to help people achieve brighter financial futures. We seek to do that through the products and services we offer and by making a difference in the communities in which we live and work. In 2013, Discover employees volunteered 45,000 hours of time and, together with the company, donated millions of dollars to 1,600 non-profit organizations. In addition, we are now about halfway into the Pathway to Financial Success program—Discover’s five- year, $10-million commitment to bring financial education into America’s public high schools—and we are pleased with the positive impact of the program to date. All in all, 2013 was an excellent year for your company—in terms of what we achieved for shareholders, for customers and for our communities. “Discover Growing in Credit Cards is now a Much of our success in 2013 was driven by our success in credit cards card company in the United States, where the Discover brand is known for rewards, and more. service and value. Our new flagship Discover it card provides customers ” more choice, better service and added value through a unique set of benefits and an improved overall experience. I believe the Discover it card is the most innovative new credit card to be introduced by the industry in years. We have reinvented our customer experience across all touch points, including application, card design, fulfillment and enhanced access to U.S.-based customer service representatives. We recently achieved another first for the industry by being the first card issuer to automatically print free FICO® credit scores on our customer statements. Discover it has been well received by consumers and contributed significantly to year-over- year increases in our credit card applications and new accounts. Discover cardmembers have access to our award-winning website, mobile apps and superior customer service, which contributes to industry-leading customer loyalty. We also continued to add value for customers through enhancements to our rewards programs, including new redemption options. One of Discover’s innovations is a platform that enables Discover cardmembers to use their Cashback Bonus or Miles rewards to pay for their purchases online at select merchants’ websites. TOTAL NETWORK VOLUME DIRECT BANKING LOANS DIRECT-TO-CONSUMER DEPOSITS [Billions] [Billions] [Billions] $65.8 $27.9 $28.4 $310 $306 $61.0 4.2 $26.2 $57.7 $280 29 27 3.3 2.6 8.4 29 $50.9 8.1 $248 $49.2 8.1 $232 $20.6 27 26 160 160 14 0 118 109 $12.6 53.2 49.6 47.5 45.2 47 123 97 103 111 117 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Diners Club International Personal PULSE Student /Other* Discover Network Credit card** *Includes other consumer loans and loans held for sale **2009 Non-GAAP, as-adjusted As a result of our continued strong focus on the customer and on execution, Discover again grew credit card loans faster than our peers in 2013. We also maintained above- industry profit margins, given our great credit and revenue results. Our expertise in credit risk management has enabled us to perform well compared to credit card industry averages over the past several years, and we are extending that expertise to other consumer loan products. Expanding in Retail Banking Discover is now a card company and more. Our expanded product line and new technology are enabling consumers to have the convenience and efficiency of online and mobile banking. Discover’s product line now includes personal loans, private student loans, mortgage originations and savings deposit products—and our new Cashback Checking and home equity loan products. • Cashback Checking: Many banks have eliminated free checking and added fees. In contrast, our Cashback Checking product comes with valuable features like no monthly fees or minimum balance, plus 10 cents in Cashback Bonus when a customer writes a check, pays a bill online or uses a Discover debit card to make a purchase. NET INCOME FROM CONTINUING NET PRINCIPAL CHARGE-OFF RATE* EFFICIENCY RATIO* OPERATIONS [Percent] [Percent] [Millions] $2,470 7. 7 7 % 39.9% 39.4% $2,345 7.53% $2,227 36.0% $51.1 $50.9 32.8% 31.7% 13.3 13.3 $1,276 3.97% $765 2.29% 1.98% 1164 112 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 *2009 Non-GAAP, as-adjusted *2009 Non-GAAP, as-adjusted Represents amount related to the Visa® and MasterCard® antitrust litigation settlement. The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income). • Home equity loans: Equity in homes is growing again as home values increase, and we expect corresponding growth in demand for home equity loans. To serve that need, we offer a closed-end, fixed-rate product, positioned to help consumers leverage their home equity to achieve their financial goals. Overall, I firmly believe that direct banking is the future of the consumer banking industry, and Discover is focused on delivering the full potential of direct banking to consumers. Partnering in Payments Our strategy in payments is to partner with other leading companies to deliver solutions that are relevant, high value and secure.
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