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Capital One and Sprint PCS Discontinue Direct Marketing Tests

March 1, 2001 at 6:37 PM EST

FALLS CHURCH, Va., March 1 /PRNewswire/ -- Capital One Financial Corporation (NYSE: COF) announced today the conclusion of a direct marketing test relationship with Sprint PCS (NYSE: PCS) that began in August 2000. Under the terms of this agreement, Capital One originated wireless telephone accounts for Sprint PCS and Sprint PCS provided the wireless telephone service and managed these accounts as Sprint PCS customers. This relationship was in a test phase to determine the economic value of this business to both companies.

"After evaluating the test results, we determined that the rates of return available to us in this relationship did not compare favorably with our other investment opportunities," said Richard D. Fairbank, Chairman and Chief Executive Officer for Capital One. "The talent and resources that were devoted to this relationship will best serve Capital One by being deployed to business segments producing higher returns."

Headquartered in Falls Church, Virginia, Capital One Financial Corporation (http://www.CapitalOne.com ) is a holding company whose principal subsidiaries, Capital One Bank and Capital One, F.S.B., offer consumer lending products. Capital One's subsidiaries collectively had 33.8 million customers and $29.5 billion in managed loans outstanding as of December 31, 2000. Capital One is a FORTUNE 500 company that trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 500 index. SOURCE Capital One Financial Corporation

CONTACT: Paul Paquin, Vice President, Investor Relations, 703-205-1039, or Tatiana Stead, Media Relations, 703-205-1070, both of Capital One Financial Corporation/