Capital One Names Company Veteran Jory Berson Head of U.S. Card Business.

MCLEAN, Va. -- Capital One Financial Corporation (NYSE:COF) today announced that Jory Berson, Executive Vice President of U.S. Card Operations, has been named head of the company's U.S. Card business, effective immediately. Berson will report directly to Capital One's Chairman and Chief Executive Officer, Richard D. Fairbank, and will be a member of the company's Executive Committee.

Berson has been selected to replace former head of U.S. Card, Catherine West, who has accepted the role of executive vice president and chief operating officer for the Texas-based J.C. Penney Company. West began leading U.S. Card in 2004 after having previously served as Capital One's head of U.S. card operations.

In his new role, Berson will be responsible for directing Capital One's U.S. Card business which has more than 37 million customer accounts and more than $47 billion in managed loans as of March 31, 2006.

"Jory is a seasoned, talented, and innovative leader, and a great choice for this role," said Fairbank. "In his 14 years with the company, Jory has made significant contributions to the performance of virtually every aspect of our U.S. credit card business. In his new role, he will continue to be supported by a tremendously capable group of executives across our U.S. Card business."

Fairbank added, "We're grateful for Catherine's leadership and the exceptional results that she and her team have delivered together. Among her principal accomplishments is the cultivation of the talented team of executives who will continue to drive our profitable U.S. Card business."

Berson has been a member of the company's credit card leadership team since 1992. During his 14 year career, Capital One emerged as one of the largest credit card issuers in the U.S. and Berson played an integral management role in the company's success. Leading teams and overseeing major initiatives, Berson has been involved in every aspect of the card business including marketing, credit management, and operations. Most recently, as head of U.S. Card Operations, he led an internal and extended team of more than ten thousand associates and substantially enhanced operational efficiencies during his tenure.

Berson, 36, is originally from California and a graduate of the University of North Carolina.

About Capital One

Headquartered in McLean, Virginia, Capital One Financial Corporation (www.capitalone.com) is a financial holding company, with more than 316 locations in Texas and Louisiana. Its principal subsidiaries, Capital One Bank, Capital One, F.S.B., Capital One Auto Finance, Inc., and Capital One, N.A., offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients. Capital One's subsidiaries collectively had $47.8 billion in deposits and $103.9 billion in managed loans outstanding as of March 31, 2006. Capital One, a Fortune 500 company, trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 500 index.