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2020 Annual Report CAPITAL ONE FINANCIAL CORPORATION CORPORATION FINANCIAL ONE CAPITAL

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2020 Annual Report CAPITAL ONE FINANCIAL CORPORATION CORPORATION FINANCIAL ONE CAPITAL 2020 Annual Report CAPITAL ONE FINANCIAL CORPORATION Human Rights Campaign Foundation Best Places to Work for LGBTQ Equality Invested $50M in COVID relief and recovery • Real Simple Smart Money Awards Highest in Overall Customer Satisfaction among National Banks, J.D. Power Financed affordable housing units benefiting over 14,000 households • Great Place to Work® Best Workplaces for Parents™ • Fortune 100 Best Companies to Work For G.I. Jobs® Military Friendly® Employer • Working Mother Best Companies for Multicultural Women • DiversityInc Top 50 Companies for Diversity • Working 2020 Mother 100 Best Companies • Fast Company Innovation by Design Honoree • Canada’s Best Diversity Employers • National ANNUAL REPORT Fortune Best Workplaces for Women Organization on Disability Leading Disability Employer • Working Mother Best Companies for Dads • Fast Company Best Workplaces for Innovators • ABA Stevie Award Winner for Artificial Intelligence/Machine Learning • Top Companies for Women Technologists, AnitaB.org • Fortune World’s Most Admired Companies 100 Best Adoption-Friendly Workplaces, Dave Thomas Foundation for Adoption Launched 5-year, $200M Impact Initiative to advance socioeconomic mobility Best for Vets: Employers, Military Times • Fortune Best Workplaces for Millennials Created and produced by Capital One and the following: Points of Light Civic 50 • $1.6B in community development loans and investments Design: Elevation Executive Portrait: Vedros & Associates Printing: Allied Printing Services, Inc. 1680 Capital One Drive McLean, VA 22102 Artwork images on page 13: (703) 720-1000 Digital Print: Michael Corris, “Incident on a Page 3: Self-Help” Aerial Sculpture: Tom Currie, “Plastic Paper Airplanes” www.capitalone.com Corporate Information Corporate Office Common Stock 1680 Capital One Drive, McLean, VA 22102 Listed on New York Stock Exchange® Tel: (703) 720-1000 Stock Symbol COF www.capitalone.com Member of S&P 500® Annual Meeting Corporate Registrar/Transfer Agent Thursday, May 6, 2021 Computershare Trust Company, N.A. 10:00 a.m. Eastern Time P.O. Box 505005, Louisville, KY 40233 Virtual meeting conducted exclusively via live webcast Tel: (888) 985-2057 at www.virtualshareholdermeeting.com/COF2021 Outside the U.S., Canada, & Puerto Rico Tel: (781) 575-2725 Principal Investor Contacts Hearing impaired: (800) 952-9245 Jeff Norris Email: [email protected] Senior Vice President, Finance Internet: www.computershare.com or Danielle Dietz By Overnight Courier to: Managing Vice President, Investor Relations Computershare Capital One Financial Corporation 462 South 4th Street, Suite 1600, Louisville, KY 40202 1680 Capital One Drive, McLean, VA 22102 Independent Registered Public Accounting Firm Tel: (703) 720-2455 Ernst & Young LLP Copies of Form 10-K filed with the Securities and Exchange Commission are available without charge at www.capitalone.com. The most recent certifications by our Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed as exhibits to the Form 10-K. We have also filed with the New York Stock Exchange the most recent Annual CEO Certification as required by Section 303A.12(a) of the New York Stock Exchange Listed Company Manual. ABOUT CAPITAL ONE Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $305.4 billion in deposits and $421.6 billion in total assets as of December 31, 2020. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. 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. Capital One cautions readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those described in the forward-looking statements as a result of various factors including, among other things: the impact of the COVID-19 pandemic and related public health measures on our business, financial condition and results of operations, including the increased estimation and forecast uncertainty as a result of the pandemic on our estimates of lifetime expected credit losses in our loan portfolios required in computing our allowance for credit losses; general economic and business conditions in the U.S., the U.K., Canada or Capital One’s local markets, including conditions affecting employment levels, interest rates, tariffs, collateral values, consumer income, credit worthiness and confidence, spending and savings that may affect consumer bankruptcies, defaults, charge-offs and deposit activity; an increase or decrease in credit losses, including increases due to a worsening of general economic conditions in the credit environment, and the impact of inaccurate estimates or inadequate reserves; compliance with new and existing laws, regulations and regulatory expectations including the implementation of a regulatory reform agenda; Capital One’s ability to manage effectively its capital and liquidity; developments, changes or actions relating to any litigation, governmental investigation or regulatory enforcement action or matter involving Capital One; the inability to sustain revenue and earnings growth; increases or decreases in interest rates and uncertainty with respect to the interest rate environment, including the possibility of a prolonged low-interest rate environment or of negative interest rates; uncertainty regarding, and transition away from, the London Interbank Offering Rate; the amount and rate of deposit growth; changes in deposit costs; Capital One’s ability to execute on its strategic and operational plans; Capital One’s response to competitive pressures; changes in retail distribution strategies and channels, including the emergence of new technologies and product delivery systems; Capital One’s success in integrating acquired businesses and loan portfolios, and Capital One’s ability to realize anticipated benefits from announced transactions and strategic partnerships; the success of Capital One’s marketing efforts in attracting and retaining customers; changes in the reputation of, or expectations regarding, the financial services industry or Capital One with respect to practices, products or financial condition; any significant disruption in Capital One’s operations or in the technology platforms on which Capital One relies, including cybersecurity, business continuity and related operational risks, as well as other security failures or breaches of Capital One’s systems or those of Capital One’s partners, service providers or other third parties; increased costs, reductions in revenue, reputational damage, legal liability and business disruptions that can result from data protection or privacy incidents or the theft, loss or misuse of information, including as a result of a cyber-attack; Capital One’s ability to maintain a compliance and technology infrastructure suitable for the nature of Capital One’s business; Capital One’s ability to develop and adapt to rapid changes in digital technology to address the needs of Capital One’s customers and comply with applicable regulatory standards, including compliance with data protection and privacy standards; the effectiveness of Capital One’s risk management strategies; the extensive use, reliability and accuracy of the models and data Capital One relies on; Capital One’s ability to attract, retain and motivate talented and skilled employees; the impact from, and Capital One’s ability to respond to, natural disasters and other catastrophic events; limitations on Capital One’s ability to receive dividends from its subsidiaries; fraud or misconduct by Capital One’s customers, employees, business partners or third parties; merchants’ increasing focus on the fees charged by credit card networks; and other risk factors identified from time to time in reports that Capital One files with the SEC, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2020. All Capital One trademarks are owned by Capital One Financial Corporation. All third party trademarks in this report are the property of their respective owners. © 2021. Chairman’s Letter to down new challenges, and learned new skills. We reimagined how and where we worked. Shareholders and Friends We cared for our colleagues. We supported our This past year had a defining impact on our customers and communities in need. The past lives. A health pandemic. A global recession. year has been an opportunity for Capital One A transformation of how we live and work. to lead with our values and to live our mission. But adversity can be a catalyst for incredible ingenuity and humanity. Across the world, we We were founded on the belief that the banking saw both on an unprecedented scale. Scientists industry would be revolutionized by information and developed vaccines in record time. Teachers technology. We believed that if we created a company found new and creative ways to help their that could harness data and scientific testing on a students learn. Restaurant owners rethought massive scale, we could take a one-size-fits-all their business models. Families found
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