Debt & Equity Conference – February, 2006

2006 Debt & Equity ConferenceBanking Review

Herb Boydstun

February 16, 2006

Debt & Equity Conference – February, 2006 2

Forward looking statements

Forward-Looking Information

Please note that the following materials containing information regarding Capital One’s financial performance speak only as of the particular date or dates indicated in these materials. Capital One does not undertake any obligation to update or revise any of the information contained herein whether as a result of new information, future events or otherwise.

Certain statements in this presentation and other oral and written statements made by the Company from time to time, are forward-looking statements, including those that discuss strategies, goals, outlook or other non-historical matters; or project revenues, income, returns, earnings per share or other financial measures for Capital One. To the extent any such information is forward-looking, it is intended to fit within the safe harbor for forward-looking information provided by the Private Securities Litigation Reform Act of 1995. Numerous factors could cause our actual results to differ materially from those described in forward-looking statements, including, among other things: continued intense competition from numerous providers of products and services which compete with our businesses; an increase ordecrease in credit losses; financial, legal, regulatory or accounting changes or actions; changes in interest rates; general economic conditions affecting consumer income, spending and repayments; changes in our aggregate accounts or consumer loan balances and the growth rate and composition thereof; the amount of deposit growth; changes in the reputation of the credit card industry and/or the company with respect to practices and products; our ability to continue to securitize our credit cards and consumer loans and to otherwise access the capital markets at attractive rates and terms to fund our operations and future growth; our ability to successfully continue to diversify our assets; losses associated with new products or services or expansion internationally; the company’s ability to execute on its strategic and operational plans; any significant disruption in our operations or technology platform; our ability to effectively control our costs; the success of marketing efforts; our ability to execute effective tax planning strategies; our ability to recruit and retain experienced management personnel; the risks that the Hibernia businesses will not be integrated successfully and that the cost savings and other synergies from the transaction may not be fully realized; the long-term impact of the Gulf Coast Hurricanes on the impacted region, including the amount of property and credit losses, the amount of investment, including deposits, in the region, and the pace and magnitude of economic recovery in the region; and other factors listed from time to time in reports we file with the Securities and Exchange Commission (the “SEC”) , including, but not limited to, factors set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2004, and any subsequent quarterly reports on Form 10-Q. You should carefully consider the factors discussed above in evaluating these forward-looking statements. All information in these slides is based on the consolidated results of Capital One Financial Corporation. A reconciliation of any non-GAAP financial measures included in this presentation can be found in the Company’s most recent Form 8-K or Form 10-Q concerning quarterly financial results, available on the Company’s website at www.capitalone.com in Investor Relations under “About Capital One.”

.

Debt & Equity Conference – February, 2006 3

Hibernia is a well established financial institution

• Since 1870

• Leading bank in Louisiana, growing in Texas

• Strong, diversified consumer and commercial lending franchise

• 198 branches in Louisiana*, 119 branches in Texas,13 non-banking locations

• Headquartered in New Orleans, LA

• 6,500 associates

* 21 New Orleans locations are currently closed due to the impact of Hurricane Katrina

Debt & Equity Conference – February, 2006 4

Hibernia is the deposit leader in Louisiana

Louisiana

Source: SNL data 06/05

10

9

8

7

6

5

4

3

2

1

2.2%Omni

2.6%AmSouth

2.5%Gulf Coast

2.5%Firstrust

1.9%

3.0%

7.0%

16.0%

16.8%

28.5%

Parish National

Fidelity

Regions

Whitney

JP Morgan / Chase

Hibernia

New Orleans

10

9

8

7

6

5

4

3

2

1

1.1%Fidelity Homestead

3.1%AmSouth

2.7%Hancock

1.1%Firstrust

1.0%

3.6%

7.6%

8.4%

16.5%

21.1%

Bancorp South

Iberia

Regions

Whitney

JP Morgan / Chase

Hibernia

Total Deposit ShareCompanyRank CompanyRank

Total Deposit Share

Debt & Equity Conference – February, 2006 5

$12.7 $13.0 $13.5 $14.2

$17.4

$21.7

$0

$5

$10

$15

$20

$25

2000 2001 2002 2003 2004 2005

Total Deposits

Hibernia has been growing its deposit base

CAGR(’00 – ’05)

11.3%

$B

Debt & Equity Conference – February, 2006 6

0.86%

0.62%0.56%

0.50%

0.34%

0.0%0.1%0.2%0.3%0.4%0.5%0.6%0.7%0.8%0.9%1.0%

2000 2001 2002 2003 2004

Hibernia Credit LossesNet Adjusted Charge-off Rate

Hibernia has strong asset quality

Debt & Equity Conference – February, 2006 7

$1.11

$1.42$1.56 $1.64

$1.86

$0.0$0.2$0.4$0.6$0.8$1.0$1.2$1.4$1.6$1.8$2.0

2000 2001 2002 2003 2004

Hibernia Earnings per Share

Hibernia has consistently delivered strong earnings

13.8%

ROA 1.08% 1.43%1.33% 1.51% 1.45%

CAGR(’00 – ’04)

Debt & Equity Conference – February, 2006 8

The hurricanes hit the core of our banking franchise

Debt & Equity Conference – February, 2006 9

2- Business Interruption Area1- Affected Areas

The hurricanes hit the core of our banking franchise

3- Persistent Flooding Area

Affected Areas were directly impacted by Rita (to the West) & Katrina (to the East).Business Interruption Area may be impacted by loss of commerce in the Affected Areas.

1

2

3

1

Debt & Equity Conference – February, 2006 10

Hurricane-force winds and severe flooding from both Katrina and Rita greatly impacted Hibernia’s operations and IT infrastructure

Katrina Rita

• 3 large professional and operations sites in New Orleans inaccessible

• 120 branches closed– 97 returned to service– 18 sustained major damage

• 3,100 associates displaced

• Primary voice / data hubs shut down, and systems required relocation

• New Orleans sites re-flooded, but no incremental damage

• Lake Charles site impacted

• Houston operations center threatened, but not impacted

• 2 branches sustained major damage

• 170 associates displaced

Debt & Equity Conference – February, 2006 11

$12$186$11

$175

$0

$50

$100

$150

$200

$250

Provision forLoan Losses

OperatingExpense

Charge to 3Q '05Earnings

Capitalized Cost

Hurricane Impact on HiberniaPre-Tax

Following the hurricanes, Hibernia took a $186 million charge against 3Q 2005 earnings

$MM

Debt & Equity Conference – February, 2006 12

$17.1 $17.4 $18.1 $18.5 $19.2$20.4

$21.7

$0

$5

$10

$15

$20

$25

June July August September October November December

We have experienced stronger deposit growth since the hurricane

Hibernia Total Deposits Monthly Ending Balance, 2005

$4.6 B

$B

Debt & Equity Conference – February, 2006 13

$4.6

$1.4$1.1

$0.6$0.2

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

Hibernia Whitney Hancock BancorpSouth

Iberia

Deposit change 6/30/2005 to 12/31/2005

We believe we are getting disproportionate share of post-hurricane deposits

Note: Deposits in affected areas as of 6/30/2005. Affected areas as designated by FEMA as eligible for individual assistance as a result of hurricanes Katrina and Rita. Source: SNL, Company Reports

% Franchise depositsin affected areas

65% 96%79% 29% 78%

% Deposit Change 27% 30%20% 7% 11%

Deposit Changeas % of depositsin affected area

41% 31%25% 25% 14%

$B

Debt & Equity Conference – February, 2006 14

We are returning to business as usual and beginning to create more resiliency

• Moved key systems and operations from New Orleans

• Built out Shreveport customer contact center

• Expanded network capacity to support disaster volumes

• Extended redundant deposit operations capability to Houston

• Migrating key business functions to Dallas

– Data center infrastructure– Personnel

• Moving or implementing secondary connections for third-party vendors outside of New Orleans

• Configuring third-party and casino ATM solution with a secondary dial-up to a non-New Orleans location

Completed Activities Activities Currently Under Way(completed prior to June 1)

Debt & Equity Conference – February, 2006 15

We are leveraging Hibernia’s position in Louisiana to expand in Texas

LA

TX

Greater New Orleans

• 55 branches

Other Louisiana

• 143 branches

Note: Does not include 13 non-banking locations

Houston

• 30 branches

Dallas / Fort Worth

• 16 branches

Other Texas

• 73 branches

Debt & Equity Conference – February, 2006 16

We are expanding in Texas with a promising de novo strategy

Branches Completed:

Strategy:

IRR:

32

• Retail orientation• Great locations• Large offices• High level of service• Consumer and Small

Business focus• Major markets with

community banking approach

• Well above hurdle

Texas de novo strategy

Debt & Equity Conference – February, 2006 17

Capital One brings a lot to banking

Brand Customer Base

National-Scale

Lending

Release from Deposit Growth

Constraints

Investment Capacity

Debt & Equity Conference – February, 2006 18

The Capital One / Hibernia integration is on track

Key executive management from the bank have been retained and are fully engaged

We are confident that the target level of $135MM in pre-tax synergies in 2007 will be achieved

Systems Integration is underway and will be completed by 1Q’07

• The only conversion that directly impacts customer accounts is the

conversion of COF deposit portfolio to the bank’s system

Brand Change efforts are underway and on schedule

Debt & Equity Conference – February, 2006 19

The Hibernia senior leadership team is in place and on board

Texas De Novo

(Bob Kottler)

Branch Banking &

Retail(Paul

Bonitatibus)

Commercial Banking

(Rob Stuart)

Sales(Randy Bryan)

Chief Administrative

Office(Ron Samford)

President, Banking Segment(Herb Boydstun)

Integration(Miles Reidy)

CFO(Steve

Cunningham)

Chief Credit Officer(Marsha Gassan)

Hibernia Hibernia Hibernia Hibernia Hibernia HiberniaCapital One

Capital One

Debt & Equity Conference – February, 2006 20

We are excited about the future of Capital One banking

The leading Louisiana franchise

Still strong after the

hurricane

Winning de novo platform

in Texas

Management is on board

Debt & Equity Conference – February, 2006

2006 Debt & Equity ConferenceBanking Review

Herb Boydstun

February 16, 2006