Hundreds of Capital One Volunteers will Mentor and Read to

Children, Hold Book Drives and Distribute Books at Elementary Schools

MCLEAN, Va.--(BUSINESS WIRE)--March 3, 2008--Recognizing that reading is a key foundation for our children's futures, Capital One Financial Corp. (NYSE:COF) and the Heart of America Foundation have joined forces to provide more than 12,000 books to nearly 5,000 children during National Literacy Month in March.

Developing reading skills at an early age is a critical step in a child's education, yet more than 61 percent of all children in low-income households have no books at all in their homes, according to the Heart of America Foundation. With nearly 15 percent of our nation's children living in poverty, there is an overwhelming need to better equip our nation's schools with books for these young children. To help meet this need, hundreds of Capital One volunteers are committed to providing more than a dozen elementary school libraries in eight markets with more than 12,000 books.

In addition, Capital One volunteers will also provide New Orleans-based Gentilly Terrace Elementary school with a complete school library "makeover" through the Heart of America READesign program. These volunteers, in partnership with the Capital One/University of New Orleans Charter School Center, will revitalize the school library by stocking its shelves with new books, setting up and installing new computers, building new furniture and repainting the walls in vibrant, energizing colors to create a safe and stimulating environment where young children will be free to discover the joy of reading. This will mark the third school library makeover conducted by the Capital One/UNO Charter School system and Heart of America Foundation in New Orleans - last year libraries were updated at Pierre A. Capdau and Medard H. Nelson Charter Schools.

"Working in partnership with Heart of America Foundation, we're proud to provide books for thousands of low-income children and help create safe, inviting environments that will help foster a love of reading in a whole generation of children," says Carolyn Berkowitz, Vice President of Community Affairs at Capital One.

Bill Halamandaris, chairman of The Heart of America Foundation, noted, "Without something to read, there is no hope children will learn to read. Without the ability to read, there is little hope children at risk can break the cycle of poverty and become fully productive citizens. Quite simply, children cannot read to learn until they learn to read."

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries collectively had $83.0 billion in deposits and $151.4 billion in managed loans outstanding as of December 31, 2007. Headquartered in McLean, VA, Capital One has 742 locations in New York, New Jersey, Connecticut, Texas and Louisiana. It is a diversified financial services company whose principal subsidiaries, Capital One, N.A., Capital One Bank, and Capital One Auto Finance, Inc., offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.

About Heart of American Foundation

The Heart of America Foundation's mission is to teach the values at the heart of America and to help people, particularly children, learn that they help themselves when they help others. Our goal is to give children everywhere the tools they need to read, succeed and make a difference. Our programs uniquely combine character education, literacy, and service learning. We are a national, nonsectarian, non-partisan, nonprofit, humanitarian organization.

    CONTACT: Capital One Financial Corp.
             Lahne Mattas-Curry, 703-720-2358
             Lahne.mattas-curry@capitalone.com

    SOURCE: Capital One Financial Corp.