Discover Financial Services - Investor Relations

Discover Financial Services Names Goodby, Silverstein & Partners as New Agency of Record

Riverwoods, Illinois, March 23, 1999…Discover Financial Services, a business unit of Morgan Stanley Dean Witter & Co. (NYSE:MWD), announced today that Goodby, Silverstein & Partners has been named the new agency of record for creative and media planning for the Discover® Card.

"Over the past several months, we have been looking for an advertising agency that can take Discover Card to the next level. We are confident that Goodby will provide a new perspective and fresh approach that will help Discover Card reposition itself for the future," said Cathy Davis, vice president, advertising and communications for Discover Financial Services, Inc.

"Discover Card is a great brand that's already made its mark with consumers. We're thrilled to have the chance to work on it," said Colin Probert, President of Goodby, Silverstein & Partners.

Discover Financial Services, a business unit of Morgan Stanley Dean Witter & Co., operates the Discover Card brands with more than 50 million Cardmembers and the Discover Business Services Network. Discover Business Services is the largest independent credit card network in the United States with more than 3.6 million merchant and cash access locations.

Goodby, Silverstein & Partners is a San Francisco-based ad agency whose clients include Budweiser, Pepsi-Cola, Hewlett Packard, Nike & Pacific Bell.

CONTACT:
Beth L. Metzler
Discover Financial Services, Inc.
P: 224/405-2209
Bethmetzler@discoverfinancial.com

Colin Probert
Goodby, Silverstein & Partners
P: 415/296-1620