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Discover Card Execution Note Trust issuing DiscoverSeries notes

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Discover Card Execution Note Trust issuing DiscoverSeries notes

Discover Card Execution Note Trust is issuing $550 millionof class A (2016-2) DiscoverSeries Notes and $300 million of class A (2016-3)DiscoverSeries Notes.

DiscoverBank is the sponsor, originator of assets and servicer for theissuance.

The class A (2016-2) notes have an interest rate ofone-month LIBOR plus 0.54% per year and are expected to mature March 15, 2019.The class A (2016-3) notes have an interest rate of 1.85% per year and areexpected to mature April 15, 2021. The legal maturity dates are Sept. 15, 2021,and Oct. 16, 2023, respectively.

Proceeds to Discover Card Execution Note Trust are expectedto be about $548.8 million from the class A (2016-2) notes and about $299.0million from the class A (2016-3) notes, according to prospectus filings.

Barclays Capital Inc., Citigroup Global Markets Inc.,Deutsche Bank Securities Inc., Merrill Lynch Pierce Fenner & Smith Inc.,Mitsubishi UFJ Securities (USA) Inc., RBC Capital Markets LLC and RBSSecurities Inc. are serving as underwriters on the issuances.

Discover Bank is a unit of .