Capital One Financial (COF) 8-K Results of Operations and Financial Condition

Exhibit 99.1

CAPITAL ONE FINANCIAL CORPORATION (COF)

FINANCIAL & STATISTICAL SUMMARY

REPORTED BASIS

(in millions, except per share data and as noted)	2007 Q2			2007 Q1			2006 Q4			2006 Q3			2006 Q2
Earnings (Reported Basis)
Net Interest Income	$	1,560.1	(2)	$	1,622.8		$	1,401.2		$	1,294.5		$	1,197.1
Non-Interest Income		2,006.2			1,810.5	(3)		1,667.2	(5)		1,761.4	(5)		1,709.9	(5)
Total Revenue (6)		3,566.3			3,433.3			3,068.4			3,055.9			2,907.0
Provision for Loan Losses		401.0			350.0			513.2			430.6			362.4
Marketing Expenses		326.7			331.5			395.7			368.5			356.7
Restructuring Expenses		101.1	(1)		—			—			—			—
Operating Expenses		1,685.1	(4),(12)		1,713.9	(4)		1,590.5			1,358.1			1,324.2
Income Before Taxes		1,052.4			1,037.9			569.0			898.7			863.7
Tax Rate (7)		28.7	%		35.0	%		31.3	%		34.6	%		36.0	%
Net Income	$	750.4		$	675.1		$	390.7		$	587.8		$	552.6
Common Share Statistics
Basic EPS	$	1.92		$	1.65		$	1.16		$	1.95		$	1.84
Diluted EPS	$	1.89		$	1.62		$	1.14		$	1.89		$	1.78
Dividends Per Share	$	0.03		$	0.03		$	0.03		$	0.03		$	0.03
Tangible Book Value Per Share (period end)	$	27.45		$	28.18		$	26.36		$	41.12		$	38.68
Stock Price Per Share (period end)	$	78.44		$	75.46		$	76.82		$	78.66		$	85.45
Total Market Capitalization (period end)	$	30,701.4		$	31,112.2		$	31,488.5		$	23,944.1		$	25,968.3
Shares Outstanding (period end)		391.4			412.3			409.9			304.4			303.9
Shares Used to Compute Basic EPS		390.8			408.7			336.5			301.6			300.8
Shares Used to Compute Diluted EPS		397.5			415.5			343.8			310.4			310.0
Reported Balance Sheet Statistics (period average)
Average Loans Held for Investment	$	91,620		$	93,466		$	74,738		$	62,429		$	58,833
Average Earning Assets	$	123,209		$	124,811		$	99,416		$	81,311		$	79,266
Average Assets	$	147,758		$	148,657		$	113,642		$	92,295		$	89,644
Average Interest Bearing Deposits	$	75,218		$	74,867		$	53,735		$	42,984		$	42,797
Total Average Deposits	$	86,719		$	86,237		$	60,382		$	47,196		$	47,209
Average Equity	$	25,128		$	25,610		$	18,311		$	16,310		$	15,581
Return on Average Assets (ROA)		2.03	%		1.82	%		1.38	%		2.55	%		2.47	%
Return on Average Equity (ROE)		11.95	%		10.54	%		8.53	%		14.42	%		14.19	%
Reported Balance Sheet Statistics (period end)
Loans Held for Investment	$	91,617		$	90,869		$	96,512		$	63,612		$	60,603
Total Assets	$	145,938		$	148,699		$	149,739		$	94,907		$	89,530
Interest Bearing Deposits	$	74,444		$	76,306		$	74,123		$	43,468		$	42,699
Total Deposits	$	85,680		$	87,664		$	85,771		$	47,613		$	47,187
Performance Statistics (Reported)
Net Interest Income Growth (annualized)		(15	)%		63	%		33	%		33	%		(3	)%
Non Interest Income Growth (annualized)		43	%		34	%		(21	)%		12	%		(32	)%
Revenue Growth (annualized)		15	%		48	%		2	%		20	%		(21	)%
Net Interest Margin		5.06	%		5.20	%		5.64	%		6.37	%		6.04	%
Revenue Margin		11.58	%		11.00	%		12.35	%		15.03	%		14.67	%
Risk Adjusted Margin(10)		10.28	%		9.63	%		10.56	%		13.22	%		13.18	%
Non Interest Expense as a % of Average Loans Held for Investment (annualized)		9.22	%		8.75	%		10.63	%		11.06	%		11.43	%
Efficiency Ratio(11)		56.41	%		59.58	%		64.73	%		56.50	%		57.82	%
Asset Quality Statistics (Reported)
Allowance	$	2,120		$	2,105		$	2,180		$	1,840		$	1,765
Allowance as a % of Reported Loans Held for Investment		2.31	%		2.32	%		2.26	%		2.89	%		2.91	%
Net Charge-Offs	$	401		$	430		$	443		$	369		$	296
Net Charge-Off Rate		1.75	%(13)		1.84	%		2.37	%		2.36	%		2.01	%
Full-time equivalent employees (in thousands)		29.5			30.8			31.1			21.1			21.4

1

CAPITAL ONE FINANCIAL CORPORATION (COF)

FINANCIAL & STATISTICAL SUMMARY

MANAGED BASIS (*)

(in millions)	2007 Q2			2007 Q1			2006 Q4			2006 Q3			2006 Q2
Earnings (Managed Basis)
Net Interest Income	$	2,634.9	(2)	$	2,620.8		$	2,347.3		$	2,217.8		$	2,140.8
Non-Interest Income		1,421.8			1,330.2	(3)		1,206.0	(5)		1,275.4	(5)		1,199.4	(5)
Total Revenue (6)		4,056.7			3,951.0			3,553.3			3,493.2			3,340.2
Provision for Loan Losses		891.4			867.7			998.1			867.9			795.6
Marketing Expenses		326.7			331.5			395.7			368.5			356.7
Restructuring Expenses		101.1	(1)		—			—			—			—
Operating Expenses		1,685.1	(4),(12)		1,713.9	(4)		1,590.5			1,358.1			1,324.2
Income Before Taxes		1,052.4			1,037.9			569.0			898.7			863.7
Tax Rate (7)		28.7	%		35.0	%		31.3	%		34.6	%		36.0	%
Net Income	$	750.4		$	675.1		$	390.7		$	587.8		$	552.6
Managed Balance Sheet Statistics (period average)
Average Loans Held for Investment	$	143,091		$	144,113		$	123,902		$	110,512		$	106,090
Average Earning Assets	$	172,621		$	173,403		$	146,680		$	127,616		$	124,307
Average Assets	$	198,515		$	198,561		$	162,149		$	139,833		$	136,351
Return on Average Assets (ROA)		1.51	%		1.36	%		0.96	%		1.68	%		1.62	%
Managed Balance Sheet Statistics (period end)
Loans Held for Investment	$	144,186		$	142,005		$	146,151		$	112,239		$	108,433
Total Assets	$	197,703		$	199,118		$	198,645		$	142,977		$	136,819
Tangible Assets(9)	$	183,259		$	184,717		$	184,215		$	138,817		$	132,676
Tangible Common Equity(8)	$	10,743		$	11,620		$	10,805		$	12,517		$	11,754
Tangible Common Equity to Tangible Assets Ratio		5.86	%		6.29	%		5.87	%		9.02	%		8.86	%
% Off-Balance Sheet Securitizations		36	%		36	%		34	%		43	%		44	%
Performance Statistics (Managed)
Net Interest Income Growth (annualized)		2	%		47	%		23	%		14	%		(17	)%
Non Interest Income Growth (annualized)		28	%		41	%		(22	)%		25	%		(7	)%
Revenue Growth (annualized)		11	%		45	%		7	%		18	%		(14	)%
Net Interest Margin		6.11	%		6.05	%		6.40	%		6.95	%		6.89	%
Revenue Margin		9.40	%		9.11	%		9.69	%		10.95	%		10.75	%
Risk Adjusted Margin(10)		7.34	%		6.93	%		7.16	%		8.42	%		8.40	%
Non Interest Expense as a % of Average Loans Held for Investment (annualized)		5.91	%		5.68	%		6.41	%		6.25	%		6.34	%
Efficiency Ratio(11)		49.59	%		51.77	%		55.90	%		49.43	%		50.32	%
Asset Quality Statistics (Managed)
Net Charge-Offs	$	891		$	947		$	927		$	806		$	729
Net Charge-Off Rate		2.49	%(13)		2.63	%		2.99	%		2.92	%		2.75	%

(*) The information in this statistical summary reflects the adjustment to add back the effect of securitization transactions qualifying as sales under generally accepted accounting principles. See accompanying schedule - “Reconciliation to GAAP Financial Measures”.

2

CAPITAL ONE FINANCIAL CORPORATION (COF)

FINANCIAL & STATISTICAL SUMMARY NOTES

(1) During the second quarter of 2007, the Company announced a broad-based initiative to reduce expenses and improve its competitive cost position. As part of this initiative $101.1 MM of restructuring charges were recognized during Q2 2007.

(2) Includes a $17.4 million gain from the early extinguishment of Trust Preferred Securities in Q2 2007 included as a component of Interest expense.

(3) Includes a $46.2 million gain resulting from the sale of a 7% stake in the privately held company, DealerTrack Holding Inc., a leading provider of on-demand software and data solutions for the automotive retail industry.

(4) Includes core deposit intangible amortization expense of $53.7 million in Q2 2007 and $55.0 million in Q1 2007, and integration costs of $25.5 million in Q2 2007 and $15.1 million in Q1 2007.

(5) Includes a $20.5 million gain in Q2 2006 as a result of the MasterCard, Inc. initial public offering and losses of $20.8 million in Q2 2006, $9.4 million in Q3 2006 and $19.9 million in Q4 2006 related to the derivative entered into in April 2006 to mitigate certain exposures we faced as a result of our acquisition of North Fork.

(6) In accordance with the Company’s finance charge and fee revenue recognition policy, the amounts billed to customers but not recognized as revenue were as follows: Q2 2007 - $236.3, Q1 2007 - $213.6, Q4 2006 - $248.3, Q3 2006 - $226.3, and Q2 2006 - $215.0.

(7) Includes a $69.0 million benefit in Q2 2007 resulting from changes in the Company’s international tax position and tax benefits from resolution of tax issues in prior periods as follows: Q1 2007—$11.7 million, Q4 2006—$28.8 million, Q3 2006—$18.7 million, Q2 2006—$10.7 million.

(8) Includes stockholders’ equity and preferred interests less intangible assets and related deferred tax liability. Tangible Common Equity on a reported and managed basis is the same.

(9) Includes managed assets less intangible assets.

(10) Risk adjusted margin is total revenue less net charge-offs as a percentage of average earning assets.

(11) Non-interest expense less Restructuring expense divided by Total Revenue

(12) Includes a charge of $39.8 million as a result of the accelerated vesting of equity awards made in connection with the transition of the management team for Capital One’s Banking business following the North Fork acquisition in Q4 2006.

(13) Managed and reported net charge-off rate for Q2 2007 was positively impacted 11 and 17 basis points, respectively, due to the implementation of a change in customer statement generation from 30 to 25 days grace. The change did not have a material impact on Net Provision for the quarter.

3

CAPITAL ONE FINANCIAL CORPORATION (COF)

SEGMENT FINANCIAL & STATISTICAL SUMMARY

MANAGED BASIS⁽¹⁾

(in thousands)	2007 Q2			2007 Q1			2006 Q4			2006 Q3			2006 Q2
Local Banking: (3)
Interest Income	$	1,724,239		$	1,740,132		$	721,102		$	719,207		$	682,679
Interest Expense		1,139,774			1,166,563			476,523			461,009			433,451
Net interest income	$	584,465		$	573,569		$	244,579		$	258,198		$	249,228
Non-interest income		174,691			186,873			112,021			115,526			114,039
Provision for loan losses		23,929			23,776			(21,549	)		5,495			6,632
Other non-interest expenses		533,297			539,064			307,810			297,080			289,996
Income tax provision		69,464			67,975			24,619			24,902			23,324
Net income	$	132,466		$	129,627		$	45,720		$	46,247		$	43,315
Loans Held for Investment	$	41,919,645		$	41,642,594		$	12,145,533		$	13,326,088		$	13,189,112
Average Loans Held for Investment	$	42,110,537		$	41,846,678		$	13,330,876		$	13,171,414		$	13,115,534
Core Deposits (2)	$	63,828,306		$	62,962,395		$	27,071,324		$	26,997,345		$	27,857,265
Total Deposits	$	74,482,705		$	74,509,054		$	35,334,610		$	35,163,849		$	35,281,970
Loans Held for Investment Yield		7.03	%		6.99	%		7.98	%		8.02	%		7.63	%
Net Interest Margin - Loans(4)		1.88	%		1.91	%		3.21	%		3.30	%		3.18	%
Net Interest Margin - Deposits(5)		2.01	%		1.98	%		1.50	%		1.62	%		1.59	%
Efficiency Ratio		70.25	%		70.89	%		86.32	%		79.49	%		79.83	%
Net charge-off rate		0.19	%		0.15	%		0.40	%		0.48	%		0.45	%
Non Performing Loans	$	80,781		$	80,162		$	57,824		$	79,042		$	90,508
Non Performing Loans as a % of Loans Held for Investment		0.19	%		0.19	%		0.48	%		0.59	%		0.69	%
Non-Interest Expenses to Loans Held for Investment		5.07	%		5.15	%		9.24	%		9.02	%		8.84	%
Number of Active ATMS		1,253			1,236			661			623			586
Number of locations		724			723			358			342			325
National Lending:
Interest Income	$	3,335,417		$	3,330,300		$	3,182,013		$	3,078,097		$	2,901,131
Interest Expense		1,249,968			1,241,685			1,163,106			1,089,279			995,023
Net interest income	$	2,085,449		$	2,088,615		$	2,018,907		$	1,988,818		$	1,906,108
Non-interest income		1,247,343			1,187,922			1,105,240			1,213,924			1,130,005
Provision for loan losses		873,471			849,216			1,010,837			862,375			785,029
Other non-interest expenses		1,449,697			1,509,057			1,534,523			1,411,882			1,375,138
Income tax provision		347,916			316,285			205,768			324,366			307,925
Net income	$	661,708		$	601,979		$	373,019		$	604,119		$	568,021
Loans Held for Investment	$	102,277,827		$	100,371,532		$	102,359,180		$	98,909,970		$	95,230,654
Average Loans Held for Investment	$	100,995,167		$	102,276,581		$	99,881,480		$	97,309,087		$	92,954,555
Core Deposits (2)	$	1,124		$	3,212		$	6,061		$	137,602		$	138,984
Total Deposits	$	2,411,435		$	2,409,291		$	2,383,902		$	2,461,941		$	2,434,679
Loans Held for Investment Yield		13.03	%		12.70	%		12.72	%		12.63	%		12.47	%
Net Interest Margin		8.26	%		8.17	%		8.09	%		8.18	%		8.20	%
Revenue Margin		13.20	%		12.81	%		12.51	%		13.17	%		13.06	%
Risk Adjusted Margin		9.75	%		9.17	%		8.88	%		9.92	%		9.99	%
Non-Interest Expenses to Loans Held for Investment		5.74	%		5.90	%		6.15	%		5.80	%		5.92	%
Efficiency Ratio		43.50	%		46.06	%		49.12	%		44.08	%		45.29	%
Net charge-off rate		3.45	%(6)		3.65	%		3.63	%		3.25	%		3.07	%
Delinquency Rate (30+ days)		3.86	%		3.63	%		4.09	%		3.70	%		3.44	%
Number of Loan Accounts (000s)		48,548			48,668			49,374			49,176			48,854
Other:(3)
Net interest income	$	(35,056	)	$	(41,427	)	$	83,770		$	(29,194	)	$	(14,507	)
Non-interest income		(249	)		(44,564	)		(11,207	)		(54,041	)		(44,712	)
Provision for loan losses		(5,981	)		(5,330	)		8,840			27			3,950
Restructuring expenses		101,142			—			—			—			—
Other non-interest expenses		28,717			(2,720	)		143,855			17,667			15,763
Income tax benefit		(115,381	)		(21,385	)		(52,121	)		(38,402	)		(20,183	)
Net loss	$	(43,802	)	$	(56,556	)	$	(28,011	)	$	(62,527	)	$	(58,749	)
Loans Held for Investment	$	(11,928	)	$	(9,084	)	$	31,646,555		$	2,488		$	13,673
Core Deposits (2)	$	6,937,760		$	7,532,854		$	42,819,710		$	7,301,435		$	5,889,261
Total Deposits	$	8,786,315		$	10,745,405		$	48,052,380		$	9,987,360		$	9,470,164
Total:
Interest Income	$	4,454,751		$	4,435,367		$	3,931,054		$	3,595,874		$	3,414,411
Interest Expense		1,819,893			1,814,610			1,583,798			1,378,052			1,273,582
Net interest income	$	2,634,858		$	2,620,757		$	2,347,256		$	2,217,822		$	2,140,829
Non-interest income		1,421,785			1,330,231			1,206,054			1,275,409			1,199,332
Provision for loan losses		891,419			867,662			998,128			867,897			795,611
Restructuring expenses		101,142			—			—			—			—
Other non-interest expenses		2,011,711			2,045,401			1,986,188			1,726,629			1,680,897
Income tax provision		301,999			362,875			178,266			310,866			311,066
Net income	$	750,372		$	675,050		$	390,728		$	587,839		$	552,587
Loans Held for Investment	$	144,185,544		$	142,005,042		$	146,151,268		$	112,238,546		$	108,433,439
Core Deposits (2)	$	70,767,190		$	70,498,461		$	69,897,095		$	34,436,382		$	33,885,510
Total Deposits	$	85,680,455		$	87,663,750		$	85,770,892		$	47,613,150		$	47,186,813

(1) The information in this statistical summary reflects the adjustment to add back the effect of securitization transactions qualifying as sales under generally accepted accounting principles. See accompanying schedule - “Reconciliation to GAAP Financial Measures.”

(2) Includes domestic non-interest bearing deposits, NOW accounts, money market deposit accounts, savings accounts, certificates of deposit of less than $100,000 and other consumer time deposits.

(3) Results of the North Fork acquisition were included in the Other category for Q4 2006.

(4) Interest Income - funds transfer pricing charges divided by average managed loans

(5) Interest Expense - funds transfer pricing credits divided by average retail deposits

(6) Net charge-off rate for Q2 2007 was positively impacted by 16 basis points due to the implementation of a change in customer statement generation from 30 to 25 days grace. This change did not have a material impact on Net Provision for the quarter.

4

CAPITAL ONE FINANCIAL CORPORATION (COF)

NATIONAL LENDING SUBSEGMENT FINANCIAL & STATISTICAL SUMMARY

MANAGED BASIS⁽¹⁾

(in thousands)	2007 Q2			2007 Q1			2006 Q4			2006 Q3			2006 Q2
US Card:
Interest Income	$	1,779,670		$	1,813,846		$	1,795,345		$	1,734,459		$	1,628,144
Interest Expense		590,236			602,505			600,821			554,708			507,722
Net interest income	$	1,189,434		$	1,211,341		$	1,194,524		$	1,179,751		$	1,120,422
Non-interest income		842,428			778,606			795,881			881,304			803,083
Provision for loan losses		402,589			373,836			554,698			451,782			413,701
Non-interest expenses		808,769			861,020			916,963			899,062			860,874
Income tax provision		282,253			259,751			181,561			248,574			227,125
Net income	$	538,251		$	495,340		$	337,183		$	461,637		$	421,805
Loans Held for Investment	$	50,032,530		$	49,681,559		$	53,623,680		$	51,127,654		$	48,736,483
Average Loans Held for Investment	$	49,573,957		$	51,878,104		$	51,686,135		$	50,131,562		$	47,856,045
Loans Held for Investment Yield		14.36	%		13.99	%		13.89	%		13.84	%		13.61	%
Net Interest Margin		9.60	%		9.34	%		9.24	%		9.41	%		9.36	%
Revenue Margin		16.39	%		15.34	%		15.40	%		16.45	%		16.08	%
Risk Adjusted Margin		12.66	%		11.35	%		11.58	%		13.05	%		12.79	%
Non-Interest Expenses to Loans Held for Investment		6.53	%		6.64	%		7.10	%		7.17	%		7.20	%
Efficiency Ratio (2)		39.80	%		43.27	%		46.07	%		43.62	%		44.76	%
Net charge-off rate		3.73	%(5)		3.99	%		3.82	%		3.39	%		3.29	%
Delinquency Rate (30+ days)		3.41	%		3.48	%		3.74	%		3.53	%		3.30	%
Purchase Volume(3)	$	21,781,462		$	19,346,812		$	22,782,451		$	21,450,024		$	20,878,732
Number of Loan Accounts (000s)		36,608			36,758			37,630			37,483			37,199
Auto Finance:
Interest Income	$	651,821		$	637,609		$	593,268		$	575,376		$	547,731
Interest Expense		277,783			265,556			242,311			227,053			207,497
Net interest income	$	374,038		$	372,053		$	350,957		$	348,323		$	340,234
Non-interest income		23,273			60,586			14,143			21,181			29,842
Provision for loan losses		182,278			200,058			151,171			161,145			74,714
Non-interest expenses		157,044			164,948			162,022			154,014			149,115
Income tax provision		19,948			23,266			18,167			19,021			51,186
Net income	$	38,041		$	44,367		$	33,740		$	35,324		$	95,061
Loans Held for Investment	$	24,067,760		$	23,930,547		$	21,751,827		$	21,158,797		$	20,558,455
Average Loans Held for Investment	$	23,898,070		$	23,597,675		$	21,498,205		$	20,812,533		$	20,187,631
Loans Held for Investment Yield		10.91	%		10.81	%		11.04	%		11.06	%		10.85	%
Net Interest Margin		6.26	%		6.31	%		6.53	%		6.69	%		6.74	%
Revenue Margin		6.65	%		7.33	%		6.79	%		7.10	%		7.33	%
Risk Adjusted Margin		4.30	%		5.04	%		3.94	%		4.76	%		5.79	%
Non-Interest Expenses to Loans Held for Investment		2.63	%		2.80	%		3.01	%		2.96	%		2.95	%
Efficiency Ratio (2)		39.53	%		38.13	%		44.38	%		41.68	%		40.29	%
Net charge-off rate		2.35	%		2.29	%		2.85	%		2.34	%		1.54	%
Delinquency Rate (30+ days)		6.00	%		4.64	%		6.35	%		5.18	%		4.55	%
Auto Loan Originations	$	2,992,427		$	3,311,868		$	3,078,877		$	3,158,481		$	3,107,409
Number of Loan Accounts (000s)		1,771			1,762			1,589			1,558			1,525
Global Financial Services:
Interest Income	$	829,551		$	803,141		$	793,400		$	768,262		$	725,256
Interest Expense		329,087			316,223			319,974			307,518			279,804
Net interest income	$	500,464		$	486,918		$	473,426		$	460,744		$	445,452
Non-interest income		311,438			299,307			295,216			311,439			297,080
Provision for loan losses		284,282			275,322			304,968			249,448			296,614
Non-interest expenses		400,469			396,201			455,538			358,806			365,149
Income tax provision		44,346			39,860			6,040			56,771			29,614
Net income	$	82,805		$	74,842		$	2,096		$	107,158		$	51,155
Loans Held for Investment	$	27,489,749		$	26,759,426		$	26,983,673		$	26,623,519		$	25,935,716
Average Loans Held for Investment	$	27,048,111		$	26,800,802		$	26,697,140		$	26,364,992		$	24,910,879
Loans Held for Investment Yield (4)		12.16	%		11.88	%		11.80	%		11.58	%		11.58	%
Net Interest Margin		7.40	%		7.27	%		7.09	%		6.99	%		7.15	%
Revenue Margin		12.01	%		11.73	%		11.52	%		11.72	%		11.92	%
Risk Adjusted Margin		8.03	%		7.55	%		7.63	%		8.02	%		8.02	%
Non-Interest Expenses to Loans Held for Investment		5.92	%		5.91	%		6.83	%		5.44	%		5.86	%
Efficiency Ratio (2)		49.32	%		50.39	%		59.27	%		46.47	%		49.18	%
Net charge-off rate		3.98	%		4.18	%		3.89	%		3.70	%		3.90	%
Delinquency Rate (30+ days)		2.93	%		2.99	%		2.97	%		2.86	%		2.82	%
Number of Loan Accounts (000s)		10,157			10,148			10,155			10,135			10,130

(1) The information in this statistical summary reflects the adjustment to add back the effect of securitization transactions qualifying as sales under generally accepted accounting principles. See accompanying schedule - “Reconciliation to GAAP Financial Measures.”

(2) Non-Interest Expenses divided by total Managed Revenue.

(3) Includes all purchase transactions net of returns and excludes cash advance transactions.

(4) Excludes “GFS - Home Loans Originations” and “GFS - Settlement Services” from Other Interest Income.

(5) Net charge-off rate for Q2 2007 was positively impacted by 31 basis points due to the implementation of a change in customer statement generation from 30 to 25 days grace. This change did not have a material impact on Net Provision for the quarter.

5

CAPITAL ONE FINANCIAL CORPORATION (COF)

NATIONAL LENDING SUBSEGMENT FINANCIAL & STATISTICAL SUMMARY

MANAGED BASIS⁽¹⁾

(in thousands)	2007 Q2			2007 Q1			2006       Q4	2006       Q3	2006       Q2
Mortgage Banking:(3)
Interest Income	$	74,375		$	75,704
Interest Expense		52,862			57,401
Net interest income	$	21,513		$	18,303
Non-interest income		70,204			49,423
Provision for loan losses		4,322			—
Non-interest expenses		83,415			86,888
Income tax provision (benefit)		1,369			(6,592	)
Net income (loss)	$	2,611		$	(12,570	)
Loans Held for Investment	$	687,788		$	—
Average Loans Held for Investment	$	475,029		$	—
Net Gain on Sale Margin (4)		56	bps		51	bps
Efficiency Ratio (2)		91	%		128	%
Mortgage Loan Originations	$	5,499,306		$	6,795,468

(1) The information in this statistical summary reflects the adjustment to add back the effect of securitization transactions qualifying as sales under generally accepted accounting principles. See accompanying schedule - “Reconciliation to GAAP Financial Measures.”

(2) Non-Interest Expenses divided by total Managed Revenue

(3) Results of the North Fork acquisition were included in the Other category for Q4 2006

(4) Gain on Sale Margin is net of repurchases and lower of cost or market adjustments

6

CAPITAL ONE FINANCIAL CORPORATION

Reconciliation to GAAP Financial Measures

For the Three Months Ended June 30, 2007

(dollars in thousands)(unaudited)

The Company’s consolidated financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) are referred to as its “reported” financial statements. Loans included in securitization transactions which qualified as sales under GAAP have been removed from the Company’s “reported” balance sheet. However, servicing fees, finance charges, and other fees, net of charge-offs, and interest paid to investors of securitizations are recognized as servicing and securitizations income on the “reported” income statement.

The Company’s “managed” consolidated financial statements reflect adjustments made related to effects of securitization transactions qualifying as sales under GAAP. The Company generates earnings from its “managed” loan portfolio which includes both the on-balance sheet loans and off-balance sheet loans. The Company’s “managed” income statement takes the components of the servicing and securitizations income generated from the securitized portfolio and distributes the revenue and expense to appropriate income statement line items from which it originated. For this reason the Company believes the “managed” consolidated financial statements and related managed metrics to be useful to stakeholders.

	Total Reported		Adjustments(1)			Total Managed(2)
Income Statement Measures
Net interest income	$	1,560,094	$	1,074,764		$	2,634,858
Non-interest income	$	2,006,165	$	(584,380	)	$	1,421,785
Total revenue	$	3,566,259	$	490,384		$	4,056,643
Provision for loan losses	$	401,035	$	490,384		$	891,419
Net charge-offs	$	400,814	$	490,384		$	891,198
Balance Sheet Measures
Loans Held for Investment	$	91,617,353	$	52,568,191		$	144,185,544
Total assets	$	145,937,957	$	51,765,199		$	197,703,156
Average loans Held for Investment	$	91,619,955	$	51,471,273		$	143,091,228
Average earning assets	$	123,209,216	$	49,411,309		$	172,620,525
Average total assets	$	147,758,243	$	50,756,562		$	198,514,805
Delinquencies	$	2,387,155	$	1,742,239		$	4,129,394

(1) Income statement adjustments reclassify the net of finance charges of $1,564.3 million, past-due fees of $221.7 million, other interest income of $(44.3) million and interest expense of $666.9 million; and net charge-offs of $490.4 million from Non-interest income to Net interest income and Provision for loan losses, respectively.

(2) The managed loan portfolio does not include auto loans which have been sold in whole loan sale transactions where the Company has retained servicing rights.

7

CAPITAL ONE FINANCIAL CORPORATION

Consolidated Balance Sheets

(in thousands)(unaudited)

	As of June 30 2007			As of March 31 2007			As of June 30 2006(1)
Assets:
Cash and due from banks	$	2,354,393		$	2,286,913		$	1,388,384
Federal funds sold and resale agreements		3,940,269			8,293,338			339,613
Interest-bearing deposits at other banks		753,160			844,907			870,049
Cash and cash equivalents		7,047,822			11,425,158			2,598,046
Securities available for sale		20,407,932			17,657,734			15,185,000
Mortgage loans held for sale		2,732,044			4,738,765			312,999
Loans held for investment		91,617,353			90,869,496			60,602,803
Less: Allowance for loan and lease losses		(2,120,000	)		(2,105,000	)		(1,765,000	)
Net loans held for investment		89,497,353			88,764,496			58,837,803
Accounts receivable from securitizations		5,481,686			5,371,385			4,818,512
Premises and equipment, net		2,260,928			2,258,861			1,467,922
Interest receivable		768,617			720,511			526,267
Goodwill		13,612,005			13,619,445			3,933,621
Other		4,129,570			4,142,250			1,850,016
Total assets	$	145,937,957		$	148,698,605		$	89,530,186
Liabilities:
Non-interest-bearing deposits	$	11,236,110		$	11,357,736		$	4,487,837
Interest-bearing deposits		74,444,345			76,306,014			42,698,976
Senior and subordinated notes		9,222,506			9,436,021			5,490,690
Other borrowings		20,681,289			20,244,842			16,836,398
Interest payable		543,805			540,160			349,091
Other		4,623,241			4,793,062			3,770,131
Total liabilities		120,751,296			122,677,835			73,633,123
Stockholders’ Equity:
Common stock		4,174			4,146			3,060
Paid-in capital, net		15,682,009			15,465,341			7,151,376
Retained earnings and cumulative other comprehensive income		11,386,625			10,684,768			8,857,963
Less: Treasury stock, at cost		(1,886,147	)		(133,485	)		(115,336	)
Total stockholders’ equity		25,186,661			26,020,770			15,897,063
Total liabilities and stockholders’ equity	$	145,937,957		$	148,698,605		$	89,530,186

(1) Certain prior period amounts have been reclassified to conform to the current period presentation.

8

CAPITAL ONE FINANCIAL CORPORATION

Consolidated Statements of Income

(in thousands, except per share data)(unaudited)

	Three Months Ended						Six Months Ended(1)
	June 30 2007		March 31 2007		June 30 2006		June 30 2007		June 30 2006
Interest Income:
Loans held for investment, including past-due fees	$	2,266,898	$	2,326,680	$	1,616,937	$	4,593,578	$	3,229,559
Securities available for sale		237,978		204,080		167,352		442,058		331,462
Mortgage loans held for sale		71,149		144,759		4,714		215,908		8,813
Other		137,036		112,494		108,154		249,530		205,905
Total interest income		2,713,061		2,788,013		1,897,157		5,501,074		3,775,739
Interest Expense:
Deposits		749,603		730,483		416,232		1,480,086		819,841
Senior and subordinated notes		134,061		138,546		84,707		272,607		179,061
Other borrowings		269,303		296,138		199,136		565,441		372,878
Total interest expense		1,152,967		1,165,167		700,075		2,318,134		1,371,780
Net interest income		1,560,094		1,622,846		1,197,082		3,182,940		2,403,959
Provision for loan and lease losses		401,035		350,045		362,445		751,080		532,715
Net interest income after provision for loan and lease losses		1,159,059		1,272,801		834,637		2,431,860		1,871,244
Non-Interest Income:
Servicing and securitizations		1,226,896		988,082		1,025,506		2,214,978		2,179,110
Service charges and other customer-related fees		482,979		479,467		413,398		962,446		849,129
Mortgage banking operations		102,855		86,543		41,973		189,398		73,859
Interchange		125,979		118,111		131,538		244,090		251,029
Other		67,456		138,322		97,498		205,778		215,037
Total non-interest income		2,006,165		1,810,525		1,709,913		3,816,690		3,568,164
Non-Interest Expense:
Salaries and associate benefits		708,827		724,259		536,465		1,433,086		1,052,609
Marketing		326,718		331,549		356,695		658,267		680,466
Communications and data processing		196,172		185,988		172,734		382,160		341,938
Supplies and equipment		116,043		134,602		113,028		250,645		211,212
Occupancy		89,500		85,845		52,753		175,345		102,130
Restructuring expense		101,142		—		—		101,142		—
Other		574,451		583,158		449,222		1,157,609		866,021
Total non-interest expense		2,112,853		2,045,401		1,680,897		4,158,254		3,254,376
Income before income taxes		1,052,371		1,037,925		863,653	$	2,090,296	$	2,185,032
Income taxes		301,999		362,875		311,066		664,874		749,106
Net income	$	750,372	$	675,050	$	552,587		1,425,422		1,435,926
Basic earnings per share	$	1.92	$	1.65	$	1.84	$	3.57	$	4.79
Diluted earnings per share	$	1.89	$	1.62	$	1.78	$	3.51	$	4.64
Dividends paid per share	$	0.03	$	0.03	$	0.03	$	0.05	$	0.05

(1) Certain prior period amounts have been reclassified to conform to the current period presentation.

9

CAPITAL ONE FINANCIAL CORPORATION

Statements of Average Balances, Income and Expense, Yields and Rates

(dollars in thousands)(unaudited)

Reported	Quarter Ended 6/30/07						Quarter Ended 3/31/07						Quarter Ended 6/30/06 (1)
	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
Earning assets:
Mortgage loans held for sale	$	3,898,065		71,149	7.30	%	$	9,115,298	$	144,759	6.35	%	$	240,245	$	4,714	7.85	%
Loans held for investment		91,619,955		2,266,898	9.90	%		93,465,873		2,326,680	9.96	%	$	58,833,376		1,616,937	10.99	%
Securities available for sale		19,349,938		237,978	4.92	%		16,598,686		204,080	4.92	%		14,256,956		167,352	4.70	%
Other		8,341,258		137,036	6.57	%		5,631,573		112,494	7.99	%		5,935,369		108,154	7.29	%
Total earning assets	$	123,209,216	$	2,713,061	8.81	%	$	124,811,430	$	2,788,013	8.93	%	$	79,265,946	$	1,897,157	9.57	%
Interest-bearing liabilities:
Interest-bearing deposits
NOW accounts	$	5,115,994	$	36,764	2.87	%	$	5,066,120	$	35,414	2.80	%	$	597,406	$	4,052	2.71	%
Money market deposit accounts		27,612,189		276,038	4.00	%		25,486,826		249,654	3.92	%		11,093,056		89,076	3.21	%
Savings accounts		8,409,684		36,294	1.73	%		8,384,994		35,529	1.69	%		3,919,465		26,237	2.68	%
Other Consumer Time Deposits		18,494,150		217,700	4.71	%		19,599,576		213,051	4.35	%		13,980,892		145,401	4.16	%
Public Fund CD’s of $100,000 or more		1,981,883		24,290	4.90	%		2,038,785		24,897	4.88	%		971,511		11,332	4.67	%
CD’s of $100,000 or more		9,609,949		107,491	4.47	%		10,339,958		122,618	4.74	%		8,878,461		100,094	4.51	%
Foreign time deposits		3,994,639		51,026	5.11	%		3,950,808		49,320	4.99	%		3,355,924		40,040	4.77	%
Total Interest-bearing deposits	$	75,218,488	$	749,603	3.99	%	$	74,867,067	$	730,483	3.90	%	$	42,796,715	$	416,232	3.89	%
Senior and subordinated notes		9,336,130		134,061	5.74	%		9,517,209		138,546	5.82	%		5,576,041		84,707	6.08	%
Other borrowings		20,940,640		269,303	5.14	%		21,820,513		296,138	5.43	%		16,928,273		199,136	4.71	%
Total interest-bearing liabilities	$	105,495,258	$	1,152,967	4.37	%	$	106,204,789	$	1,165,167	4.39	%	$	65,301,029	$	700,075	4.29	%
Net interest spread					4.44	%					4.54	%					5.28	%
Interest income to average earning assets					8.81	%					8.93	%					9.57	%
Interest expense to average earning assets					3.75	%					3.73	%					3.53	%
Net interest margin					5.06	%					5.20	%					6.04	%

(1) Prior period amounts have been reclassified to conform with current period presentation.

10

CAPITAL ONE FINANCIAL CORPORATION

Statements of Average Balances, Income and Expense, Yields and Rates

(dollars in thousands)(unaudited)

Managed (1)	Quarter Ended 6/30/07						Quarter Ended 3/31/07						Quarter Ended 6/30/06(2)
	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
Earning assets:
Mortgage loans held for sale	$	3,898,065	$	71,149	7.30	%	$	9,115,298	$	144,759	6.35	%	$	240,245	$	4,714	7.85	%
Loans held for investment		143,091,228		4,067,014	11.37	%		144,112,789		4,035,997	11.20	%	$	106,089,894	$	3,195,827	12.05	%
Securities available for sale		19,349,938		237,978	4.92	%		16,598,686		204,080	4.92	%		14,256,956		167,352	4.70	%
Other		6,281,294		78,610	5.01	%		3,576,010		50,531	5.65	%		3,719,948		46,518	5.00	%
Total earning assets	$	172,620,525	$	4,454,751	10.32	%	$	173,402,783	$	4,435,367	10.23	%	$	124,307,043	$	3,414,411	10.99	%
Interest-bearing liabilities:
Interest-bearing deposits
NOW accounts	$	5,115,994	$	36,764	2.87	%	$	5,066,120	$	35,414	2.80	%	$	597,406	$	4,052	2.71	%
Money market deposit accounts		27,612,189		276,038	4.00	%		25,486,826		249,654	3.92	%		11,093,056		89,076	3.21	%
Savings accounts		8,409,684		36,294	1.73	%		8,384,994		35,529	1.69	%		3,919,465		26,237	2.68	%
Other Consumer Time Deposits		18,494,150		217,700	4.71	%		19,599,576		213,051	4.35	%		13,980,892		145,401	4.16	%
Public Fund CD’s of $100,000 or more		1,981,883		24,290	4.90	%		2,038,785		24,897	4.88	%		971,511		11,332	4.67	%
CD’s of $100,000 or more		9,609,949		107,491	4.47	%		10,339,958		122,618	4.74	%		8,878,461		100,094	4.51	%
Foreign time deposits		3,994,639		51,026	5.11	%		3,950,808		49,320	4.99	%		3,355,924		40,040	4.77	%
Total Interest-bearing deposits	$	75,218,488	$	749,603	3.99	%	$	74,867,067	$	730,483	3.90	%	$	42,796,715	$	416,232	3.89	%
Senior and subordinated notes		9,336,130		134,061	5.74	%		9,517,209		138,546	5.82	%		5,576,041		84,707	6.08	%
Other borrowings		20,940,640		269,303	5.14	%		21,820,513		296,138	5.43	%		16,928,273		199,136	4.71	%
Securitization liability		50,841,894		666,926	5.25	%		49,999,873		649,443	5.20	%		46,827,712		573,507	4.90	%
Total interest-bearing liabilities	$	156,337,152	$	1,819,893	4.66	%	$	156,204,662	$	1,814,610	4.65	%	$	112,128,741	$	1,273,582	4.54	%
Net interest spread					5.66	%					5.58	%					6.45	%
Interest income to average earning assets					10.32	%					10.23	%					10.99	%
Interest expense to average earning assets					4.21	%					4.18	%					4.10	%
Net interest margin					6.11	%					6.05	%					6.89	%

(1) The information in this table reflects the adjustment to add back the effect of securitized loans.

(2) Prior period amounts have been reclassified to conform with current period presentation.

11

1680 Capital One Drive, McLean, VA 22102-3491

NEWS RELEASE

FOR IMMEDIATE RELEASE: July 19, 2007

Contacts:	Investor Relations	Media Relations
	Jeff Norris	Tatiana Stead	Julie Rakes
	703-720-2455	703-720-2352	804-284-5800

Capital One Reports Second Quarter Earnings

Affirms earnings guidance of $7.00 to $7.40 per share

McLean, Va. (July 19, 2007) –Capital One Financial Corporation (NYSE: COF) today announced earnings for the second quarter of 2007 of $750.4 million, or $1.89 per share (diluted), compared with $552.6 million, or $1.78 per share (diluted), for the second quarter of 2006, and $675.1 million, or $1.62 per share (diluted), for the first quarter of 2007. Additionally, the company affirmed earnings guidance for 2007 of $7.00 to $7.40 per share (diluted) with current expectations towards the lower end of the range.

“Capital One’s performance in the second quarter reflects our focus on revenue growth, operating leverage, the bank integration, and capital management,” said Richard D. Fairbank, Capital One’s Chairman and Chief Executive Officer. “Despite the current headwinds in financial services, Capital One continues to execute against our strategy of national lending and local banking, which positions us to generate strong and sustainable returns.”

Earnings in the quarter were reduced by several non-operating items:

• $101.1 million pre-tax, or $0.16 earnings per share, in restructuring charges;

• $79.2 million pre-tax, or $0.13, earnings per share, in integration expenses and core deposit intangible amortization;

• $39.8 million pre-tax, or $0.06, earnings per share, in accelerated vesting of restricted stock related to the transition to new management in our Banking business.

Partially offsetting these charges were two items that increased quarterly earnings:

• $69.0 million in lower than normal taxes incurred in the quarter related to changes in our international tax position,

• $17.4 million pre-tax, or $0.03 earnings per share, from the calling of trust preferred notes associated with North Fork and Hibernia.

Additional highlights:

• The company executed $1.75 billion of share repurchases in the quarter, including the $1.50 billion Accelerated Share Repurchase program.

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• A company-wide restructuring program was initiated that is expected to reduce 2009 operating expenses by $700.0 million.

"We’re maintaining our earnings guidance of $7.00-$7.40 per share for 2007,” said Gary L. Perlin, Capital One’s Chief Financial Officer. “The full-year impact of the non-operating items in the second quarter of 2007, coupled with the decision to complete the $3.0 billion in previously announced share repurchases in 2007, moves our expectations towards the lower end of the range."

The company expects to incur approximately $200 million of restructuring charges in 2007, including the $101 million recognized in the second quarter of 2007.

Business trends for Capital One for the second quarter of 2007 that are expected to continue through the year include declining balances year over year with expanding revenue margin in U.S. Card and elevated loss levels in Auto Finance’s prime business. The company also assumes that the following current market conditions remain unchanged:

• continued pressure in secondary mortgage market pricing,

• labor markets and the yield curve remain at current levels,

• continued U.S. consumer credit normalization, and

• stable UK consumer credit.

Total Company Highlights

• Total managed revenue is up 2.7 percent relative to the first quarter of 2007 driven largely by revenue margin expansion in our U.S. Card sub-segment.

• Provision expense was up quarter over quarter and year over year, driven by the normalization of charge-offs. The increase in provision from the first quarter of 2007 to the second quarter of 2007 was driven by a $28.8 million increase in provision expense in our U.S. Card business.

Segment Results

Local Banking Segment highlights relative to Q1 2007

• Net income of $132.5 million was flat relative to the previous quarter.

• Loans increased moderately from the first quarter of 2007 to $41.9 billion. Commercial and small business loans grew from the first quarter of 2007. This was partially offset by the decline in the mortgage portfolio.

• Total bank deposits were stable at $74.5 billion, reflecting expected seasonality in public deposits offset by growth in commercial deposits.

• Integration efforts continue and the company expects to achieve its projected synergies.

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• The company announced in a July 9, 2007 press release, the transition to a new bank leadership team on August 6, 2007. The new team will be headed by Lynn Pike, who will assume the role of Bank President, Mike Slocum, who will join the company from Wachovia Corporation as EVP of Commercial Lending, and Carolyn Drexel, EVP, who will expand her scope to include all of our branch banking and private banking operations.

National Lending Segment

Following are highlights from the National Lending Segment, followed by highlights from each of the sub-segments of National Lending: U.S. Card, Global Financial Services (GFS), Auto Finance, and Mortgage Banking.

• Profits for the National Lending segment were up 9.9 percent as compared to the first quarter of 2007, driven by increased profits in U.S. Card, GFS, and Mortgage Banking.

• The managed charge-off rate for the National Lending segment increased to 3.45 percent in the second quarter of 2007 from 3.07 percent in the second quarter of 2006 reflecting continued consumer credit normalization. The rate would have been 3.61 percent without the one-time impact in the second quarter of 2007 from a policy change in U.S. Card. The delinquency rate of 3.86 percent for National Lending increased from 3.44 percent as of June 30, 2006 reflecting expected consumer credit normalization.

U.S. Card highlights relative to Q2 2006

• U.S. Card reported net income of $538.3 million, a 27.6 percent increase, year over year, driven by growth in revenue and reductions in non-interest expenses.

• Revenue increased 5.6 percent from the second quarter of 2006 largely as a result of pricing changes implemented in some of our products after completion of the card holder system conversion.

• Non-interest expenses declined 6.1 percent as a result of the completion of the company’s investment in infrastructure, and the ability to leverage the infrastructure to improve costs. Additionally, marketing expense declined modestly relative to last year’s second quarter.

• Loans grew a modest 2.7 percent from the year ago quarter to $50.0 billion, resulting from a reduction in marketing of prime customers and teaser rate offers, and a $600.0 million portfolio sale in the first quarter of 2007.

• Charge-offs and delinquencies rose from the second quarter of 2006. The increases resulted primarily from continued normalization of consumer credit, partially offset by the transition to

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a new customer billing policy. Looking forward, the company expects U.S. Card charge-offs to stabilize around five percent at the end of 2007.

Global Financial Services (GFS) highlights relative to Q2 2006

• Net income rose 61.9 percent from the second quarter of 2006, to $82.8 million. Increases in revenue and expenses resulted from growth in managed loans and originations. The provision expense declined based on relatively stable charge-offs and a more stable outlook for UK credit.

• Managed loans grew 6.0 percent, to $27.5 billion, with growth from North American businesses more than offsetting a modest decline in loans in the UK.

• Risk metrics were up modestly from the second quarter of 2006 as expected normalization continues in the U.S. and credit in the UK stabilizes.

Auto Finance highlights relative to Q2 2006

• Net income of $38.0 million was down 60.0 percent from last year as a result of:

• Net interest margin declines, largely as a result of the higher mix of prime loans as compared to the second quarter of last year,

• An increase in provision expense of $107.6 million from an unusually low second quarter 2006.

• Charge-off and delinquencies increased from record low levels in the second quarter of 2006 due to continued consumer credit normalization, elevated losses and delinquencies in recent Dealer Prime vintages, and industry-wide risk expansion in 2006.

• Managed loans of $24.1 billion were up 17.1 percent relative to the second quarter of 2006 from ongoing originations as well as the addition of loans from the North Fork portfolio.

Mortgage Banking highlights relative to Q1 2007

• Profits of $2.6 million reflected continued industry pressure on originations and gain on sale margins.

• In the second quarter of 2007, the company had a lower reserve build for reps and warranties and positive mortgage servicing rights valuation adjustments.

• Non-interest expenses were down $3.5 million, or 4.0 percent, relative to the first quarter as the business announced branch and facility consolidations and continued aggressive expense management.

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• The business originated $5.5 billion in loans during the quarter, down 44.4 percent from second quarter of 2006 originations and down 19.1 percent from the first quarter of 2007.

The company generates earnings from its managed loan portfolio, which includes both on-balance sheet loans and securitized (off-balance sheet) loans. For this reason, the company believes managed financial measures to be useful to stakeholders. In compliance with Regulation G of the Securities and Exchange Commission, the company is providing a numerical reconciliation of managed financial measures to comparable measures calculated on a reported basis using generally accepted accounting principles (GAAP). Please see the schedule titled “Reconciliation to GAAP Financial Measures” attached to this release for more information.

Forward looking statements

The company cautions that its current expectations in this release, in the presentation slides available on the company’s website and in its Form 8-K dated July 19, 2007 for 2007 earnings, the interest rate environment, charge-off rates, mortgage market trends, operating efficiencies and ongoing cost reductions, including future financial and operating results, and the company’s plans, objectives, expectations and intentions are forward-looking statements and actual results could differ materially from current expectations due to a number of factors, including: the risk that the company’s acquired businesses will not be integrated successfully and that the cost savings and other synergies from such acquisitions may not be fully realized; continued intense competition from numerous providers of products and services which compete with Capital One’s businesses; changes in our aggregate accounts and balances, and the growth rate and composition thereof; the risk that the benefits of the company’s restructuring initiative, including cost savings and other benefits, may not be fully realized; the success of the company’s marketing efforts; general economic conditions affecting interest rates and consumer income, spending, and savings which may affect consumer bankruptcies, defaults, charge-offs and deposit activity; changes in the labor market; general economic and secondary market conditions in the mortgage industry; changes in the credit environment in the U.S. and or the UK; and the company’s ability to execute on its strategic and operational plans. A discussion of these and other factors can be found in Capital One’s annual report and other reports filed with the Securities and Exchange Commission, including, but not limited to, Capital One’s report on Form 10-K for the fiscal year ended December 31, 2006, and report on Form 10-Q for the quarter ended March 31, 2007.

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About Capital One

Headquartered in McLean, Virginia, Capital One Financial Corporation (www.capitalone.com) is a financial holding company, with 725 locations in New York, New Jersey, Connecticut, Texas and Louisiana. Its principal subsidiaries, Capital One Bank, Capital One Auto Finance, Inc., Capital One, N.A., and North Fork Bank offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients. Capital One’s subsidiaries collectively had $85.7 billion in deposits and $144.2 billion in managed loans outstanding as of June 30, 2007. Capital One, a Fortune 500 company, trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.

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NOTE: Second quarter 2007 financial results, SEC Filings, and first quarter earnings conference call slides are accessible on Capital One’s home page (www.capitalone.com). Choose “Investors” on the bottom of the home page to view and download the earnings press release, slides, and other financial information. Additionally, a webcast of today’s 5:00 pm (ET) earnings conference call is accessible through the same link.