Fitch Rates Capital One Capital III $650MM Capital Securities 'BBB-'

Business Wire, July 31, 2006

NEW YORK -- Fitch Ratings has assigned a 'BBB-' rating to Capital One Capital III's issuance of $650 million hybrid capital instrument with a scheduled maturity of August 2036 and a final repayment date of August 2066. Payments may be deferred for up to 10 years if Capital One Financial Corp. defers payments on the underlying junior subordinated debt securities. Proceeds will be used to finance the acquisition of North Fork Bancorporation, Inc. and for general corporate purposes.

Fitch assigns the following rating:

Capital One Capital III

--Hybrid capital instrument 'BBB-'.

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