exhibit 4. 5 [ form of subordinated floating rate discover financial services internote ] subordinated floating rate discover financial services internote registered registered no. [ ] 1 cusip : registered registered no. [ ] 1 1 cusip : unless this certificate is presented by an authorized representative of the depository trust company ( 55 water street, new york, new york ) to the issuer or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of cede & co. or such other name as requested by an authorized representative of the depository trust company and any payment is made to cede & co., any transfer, pledge or other use hereof for value or otherwise by or to any person is wrongful since the registered owner hereof, cede & co., has an interest herein. unless and until it is exchanged in whole or in part for notes in definitive registered form, this registered global note may not be transferred except as a whole by the depositary to a nominee of the depositary or by a nominee of the depositary to the depositary or another nominee of the depositary or by the depositary or any such nominee to a successor depositary or a nominee of such successor depositary. these notes are not a deposit and are not insured or protected by the securities investor protection corporation or any other governmental agency. 1 insert principal amount. 1 discover financial services subordinated floating rate discover financial services internote original issue date : initial interest date : spread ( plus or minus ) : initial redemption date : 1 maturity date : interest accrual date : alternate rate event spread : initial redemption percentage : specified ( face amount ) currency : 3, 4 maximum interest rate : spread multiplier : yield to maturity : interest rate basis : minimum interest rate : interest payment period : amount of oid : applicability of annual redemption index maturity : interest reset period : issue price ( expressed as a percentage aggregate principal amount ) : [ 100 ] % percentage increase : option election dates : 2 interest reset dates : if yes, state each redemption date and redemption price : optional payment currency : 2 applicability of modified payment upon acceleration or redemption : applicability of annual redemption reduction designated exchange rate : 2 if yes, state issue price : if yes, state annual percentage reduction : notes also represented by dtc global note : ¨ yes5 ¨ no indexed currency : 3 calculation agent : currency base3 rate