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Nov. 21, 2018

Elo Extends Partnership with Discover to Launch Elo Diners Club International Cards in Brazil

Diners Club International Card will help grow consumer and corporate card portfolio for Elo

Riverwoods, IL, Nov. 21, 2018 – Elo, the 100% Brazilian payment brand, and Diners Club International, a subsidiary of Discover Financial Services, and part of the Discover Global Network, announced that they will extend their partnership with the launch of Elo Diners Club International Cards in Brazil. Elo, whose shareholders are Banco do Brasil, Bradesco and Caixa Econômica Federal – extends its partnership with Discover by adding the Diners Club brand to its card portfolio in Brazil.

Diners Club Brazil cards, that are issued by Elo, will run on the Discover Global Network, which includes acceptance at 42 million merchant locations and 2 million ATMs in more than 190 countries and territories. The two companies have worked together since 2015 when they announced that Elo Global Cards would be able to run on the Discover Global Network allowing Elo cardholders international acceptance while traveling abroad. The first transaction from this deal occurred in 2016 and since then Elo has issued several million Elo Global Cards in the first two years.

“The expansion of our Discover partnership, with the resulting launch of Elo Diners Club cards, is a strategic move to expand Elo's presence among affluent consumers. It’s also a milestone in this market: we are the first 100% Brazilian payment brand and are now issuing Diners Club cards, the world’s first charge card,” says Elo CEO Eduardo Chedid. The Brazilian brand was launched in 2011 and has issued 120 million cards.

“We continue to have a strong relationship with Elo that as a result benefits cardholders,” said Diane Offereins, executive vice president, president of payments services at Discover. “This next evolution in our partnership will allow us to offer our Diners Club benefits to more people in the country."

Diners Club has been present in Brazil for more than 50 years and is a globally-recognized brand serving the payment needs of select and affluent consumers. The new Diners Club Brazil cards will offer a great option for international travelers.

The transition to Elo as the Diners Club International partner in Brazil will bring many benefits to Diners Club Brazil cardholders and Discover Global Network cardholders traveling to the region. Any cardholder that receives the new Elo Diners Club Brazil card issued by one of the member banks will have access to more than 850 airport lounges worldwide, exclusive offers in hotels, resorts, restaurants and shops in more than 50 countries, as well as discounts on international car rentals. Elo will enhance the Diners Club card benefits with their own set of compelling features and benefits.

The Discover Global Network includes Discover Network, Diners Club International, PULSE and affiliate networks. The network includes alliance partnerships in China, Europe, India,Japan, the Middle East, Mexico, Puerto Rico, Serbia, South Korea and Vietnam, among others.

About Elo

Elo was launched in 2011 by three of Brazil's largest banks (Banco do Brasil, Bradesco and CAIXA), and is the first 100% Brazilian payment brand. In order to be a robust and comprehensive brand, Elo offers a wide range of products and services aimed at all audiences.Elo is accepted at 7.5 million establishments across the country and is also the first domestic payment brand with international acceptance. Through a partnership with the Discover Global Network, the card can be used for purchases in 190 countries and territories. Elo has approximately 120 million cards issued.

About Diners Club International Ltd.

Established in 1950, Diners Club International became the first multi-purpose charge card in the world, launching a financial revolution in how consumers and companies pay for products and services. Today, Diners Club is a globally-recognized brand serving the payment needs of select and affluent consumers, offering access to more than 850 airport lounges worldwide, and providing corporations and small business owners with a complete array of expense management solutions. With acceptance in 190 countries and territories, millions of merchant locations and access to more than 1 million cash access locations and ATMs, Diners Club, as a part of the Discover Global Network, is uniquely qualified to serve its cardmembers all over the world. Diners Club International is a wholly owned subsidiary of Discover Financial Services (NYSE: DFS), a direct banking and payment services company with one of the most recognized brands in U.S. financial services. For more information,visit www.dinersclub.com.

About Discover

Discover Financial Services (NYSE: DFS) is a direct 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 private student loans, personal loans, home equity loans, checking and savings accounts and certificates of deposit through its direct banking business. It operates the 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 190 countries and territories. For more information, visit www.discover.com/company.

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