January 18, 2007

Exhibit 99.2

2

Forward-Looking Information

Please note that the following materials containing information regarding Capital One’s financial performance speak only as of the particular date or

dates indicated in these materials. Capital One does not undertake any obligation to update or revise any of the information contained herein

whether as a result of new information, future events or otherwise.

Certain statements in this presentation and other oral and written statements made by the Company from time to time, are forward-looking

statements, including those that discuss strategies, goals, outlook or other non-historical matters; project revenues, income, returns, earnings per

share

or

other

financial

measures

for

Capital

One

and/or

discuss

the

assumptions

that

underlie

these

projects,

including

future

financial

and

operating

results,

and

the

company’s

plans,

objectives,

expectations

and

intentions.

To

the

extent

any

such

information

is

forward-looking,

it

is

intended to fit within the safe harbor for forward-looking information provided by the Private Securities Litigation Reform Act of 1995. Numerous

factors

could

cause

our

actual

results

to

differ

materially

from

those

described

in

forward-looking

statements,

including,

among

other

things:

the

risk

that Capital One’s acquired businesses will not be integrated successfully; the risk that synergies from such acquisitions may not be fully realized or

may take longer to realize than expected; disruption from the acquisitions making it more difficult to maintain relationships with customers,

employees or suppliers; changes in the interest rate environment; continued intense competition from numerous providers of products and services

which compete with our businesses; an increase or decrease in credit losses; financial, legal, regulatory or accounting changes or actions; general

economic conditions affecting consumer income, spending and repayments; changes in our aggregate accounts or consumer loan balances and the

growth rate and composition thereof; the amount of deposit growth; changes in the reputation of the credit card industry and/or the company with

respect to practices and products; our ability to access the capital markets at attractive rates and terms to fund our operations and future growth;

losses

associated

with

new

products

or

services;

the

company’s

ability

to

execute

on

its

strategic

and

operational

plans;

any

significant

disruption

in

our operations or technology platform; our ability to effectively control our costs; the success of marketing efforts; our ability to recruit and retain

experienced

management

personnel;

and

other

factors

listed

from

time

to

time

in

reports

we

file

with

the

Securities

and

Exchange

Commission

(the

“SEC”),

including,

but

not

limited

to,

factors

set

forth

under

the

caption

“Risk

Factors”

in

our

Annual

Report

on

Form

10-K

for

the

year

ended

December 31, 2005, and any subsequent quarterly reports on Form 10-Q. You should carefully consider the factors discussed above in evaluating

these forward-looking statements. All information in these slides is based on the consolidated results of Capital One Financial Corporation. A

reconciliation of any non-GAAP financial measures included in this presentation can be found in the Company’s most recent Form 8-K or Form 10-Q

concerning quarterly financial results, available on the Company’s website at www.capitalone.com

in Investor Relations under “About Capital One.”

Forward looking statements

3

2006 Highlights

•

Successful integration of Hibernia

•

Closed acquisition of North Fork

•

Credit environment unusually strong in the U.S. and challenging

in the U.K.

•

Enhanced infrastructure throughout much of the company

•

Achieved multiple credit rating upgrades

•

Diluted EPS growth of 13% to $7.62

•

Organic loan growth of 10% (managed loan growth of 8.4%)

•

Ending deposits of $85.8B; approximately 50% of total managed liabilities

4

We expect to deliver $7.40 to $7.80 in diluted EPS in 2007

Key Assumptions

Credit:

•

U.S. unsecured charge-offs return to more

normal levels in 2007

•

Stable credit in the banking segment

Interest Rates:

•

Yield curve remains relatively flat

•

Modest deposit growth

Mortgage Market:

•

Cyclical weakness continues in 2007

•

Likely impact of Q406 FFIEC guidance

Capital Management:

•

Strong capital generation

•

$2.25B of share buybacks beginning Q207

North Fork Synergies:

•

Pre-tax net synergies of $60M expected in

2007

•

Continue to target $275M in pre-tax net

synergies by late 2008

NIAT ($M)

EPS

Capital One ex-NFB

$2,650-2,770

NFB stand-alone

$750-780

NFB Deal Impacts:

Net Synergies

$40

Financing Costs

($240)

Expensed Restructuring Charges

($90)

Purchase Accounting

($100)

COF GAAP Earnings

$3,010-3,160

$7.40 - $7.80

2007

5

($Millions except per share data)

2006 managed income statement

Net Interest Income

$

8,940.9

$

7,655.5

$

1,285.4

17

%

Non-Interest Income

4,903.0

4,559.4

343.6

8

%

Total Revenue

13,843.9

12,214.9

1,629.0

13

%

Net Charge-offs

3,155.0

3,623.2

(468.2)

(13)

%

Allowance (Release)/Build

164.1

68.6

95.5

139

%

Other

(95.2)

(24.2)

(71.0)

n/a

Provision for Loan Losses

3,223.9

3,667.6

(443.7)

(12)

%

Marketing Expenses

1,444.7

1,379.9

64.8

5

%

Operating Expenses

5,522.5

4,338.3

1,184.2

27

%

Tax Rate

33.9

%

36.1

%

n/a

220

bps

Net Income After Tax

(1)

$

2,414.6

$

1,809.1

$

605.5

33

%

Shares Used to Compute Diluted EPS

317.0

268.9

n/a

n/a

Fully Diluted EPS

$

7.62

$

6.73

$

0.89

13

%

Net Interest Margin

6.86

%

7.81

%

n/a

(95)

bps

Revenue Margin

10.63

12.46

n/a

(183)

bps

Return on Managed Assets

1.69

1.72

n/a

(3)

bps

Return on Equity

14.90

17.08

n/a

(218)

bps

6

($Millions except per share data)

Fourth quarter 2006 managed income statement

Q406/Q306 Change

Q406

Q306

Q405

$

%/bps

Net Interest Income

$

2,347.3

$

2,217.8

$

2,075.2

$

129.5

6

%

Non-Interest Income

1,206.0

1,275.4

1,243.4

(69.4)

(5)

%

Total Revenue

3,553.3

3,493.2

3,318.6

60.1

2

%

Net Charge-offs

$

927.5

$

806.0

$

1,066.6

121.5

15

%

Allowance Build

114.1

75.0

126.6

39.1

52

%

Other

(43.5)

(13.1)

(11.4)

(30.4)

n/a

Provision for Loan Losses

998.1

867.9

1,181.8

130.2

15

%

Marketing Expenses

$

395.7

$

368.5

$

447.4

27.2

7

%

Operating Expenses

1,590.5

1,358.1

1,241.7

232.4

17

%

Tax Rate

31.3

%

34.6

%

37.3

%

n/a

(330)

bps

Net Income After Tax

$

390.7

$

587.8

$

280.3

$

(197.1)

(34)

%

Shares Used to Compute Diluted EPS (MM)

343.8

310.4

287.7

n/a

10.76

%

Diluted EPS

$

1.14

$

1.89

$

0.97

$

(0.75)

(40)

%

Net Interest Margin

6.40

%

6.95

%

7.53

%

n/a

(55)

bps

Revenue Margin

9.69

10.95

12.04

n/a

(126)

bps

Return on Managed Assets

0.96

1.68

0.94

n/a

(72)

bps

Return on Equity

8.53

14.42

8.95

n/a

(589)

bps

7

Credit

loss

and

delinquency

rates

reflect

the

offsetting

impacts

of

the North Fork acquisition and credit normalization

0%

1%

2%

3%

4%

5%

6%

7%

8%

Monthly Managed

Net Charge-off Rate

0%

1%

2%

3%

4%

5%

6%

7%

8%

Monthly Managed $30+ Day

Delinquency Rate

4.37%

4.13%

4.10%

4.14%

Quarterly

Charge-off

Rate

4.53%

2.65%

2.75%

Bankruptcy

Filing Spike

2.92%

2.99%

3.02%

8

Credit normalization and loan growth drove modest increases in

both provision and allowance

Charge-offs and Allowance for Loan Losses ($Millions)

Finance Charge & Fee Revenue Recognition ($Millions)

Q406/Q306 Change

Q406

Q306

Q405

$

%bps

Managed Net Charge-offs

$

927.5

$

806.0

$

1,066.6

$

121.5

15

%

Allowance Build/(Release)

114.1

75.0

126.6

39.1

52

%

Other

(43.5)

(13.1)

(11.4)

(30.4)

n/a

Managed Provision for Loan Losses

998.1

867.9

1,181.8

130.2

15

%

Reported Loans

$

96,512

$

63,612

$

59,848

$

32,900

52

%

Allowance for Loan Losses

2,180

1,840

1,790

340

18

%

Reported $30+  Day Delinquencies

2,648

2,060

1,879

588

29

%

Reported $30+  Delinquency Rate

2.74

%

3.24

%

3.14

%

n/a

(50)

bps

Reported Net Charge-off Rate

2.37

2.36

3.70

n/a

1

bps

Q406/Q306 Change

Q406

Q306

Q405

$

%

Amounts Billed to Customers

   but not Recognized as Revenue

$

248.3

$

226.3

$

227.9

$

22.0

10

%

9

US card continued to deliver solid loan and profit growth in 2006

5.70%

2.93%

3.29%

4.69%

3.39%

3.82%

3.44%

3.86%

3.31%

3.30%

3.53%

3.74%

0%

1%

2%

3%

4%

5%

6%

Q305

Q405

Q106

Q206

Q306

Q406

Credit Risk Metrics

(1) Based on internal allocations of consolidated results

Managed 30+

Delinquency Rate

Managed Net

Charge-off Rate

Highlights

•

2006 NIAT up $214M from 2005

–

Q406 NIAT up $100M from Q405

•

Risk metrics reflect seasonality and

post-bankruptcy spike normalization

•

Managed loans of $54B, up 8.4% from

2005

•

Purchase volume up 13% from 2005

–

Purchase volume up 7.5% from Q405

•

Revenue margin down 105bp from

Q306, and 191bp from Q405

•

Despite continued intense competition,

portfolio attrition is at historically low

levels

Net Income After Tax

(1)

($M)

$1,000.8

$1,181.2

$1,387.3

$1,609.4

$1,823.4

$0

$500

$1,000

$1,500

$2,000

2002

2003

2004

2005

2006

10

3.89%

3.70%

3.90%

3.63%

4.33%

4.09%

2.97%

2.86%

2.82%

2.90%

2.83%

2.93%

0%

1%

2%

3%

4%

5%

6%

Q305

Q405

Q106

Q206

Q306

Q406

GFS continued to deliver strong loan and profit growth in 2006

Credit Risk Metrics

(1) Based on internal allocations of consolidated results

Managed Net

Charge-off Rate

Managed 30+

Delinquency Rate

Highlights

•

Net income up $88M, or 47%, in 2006

–

Q4 net income of $2M, down $5M from Q405

•

Loan growth of $3.6B, or 15%, in 2006

•

Revenue margin down 20bp since Q306, and

down 29bp since Q405

•

Risk metrics remain relatively stable

•

North American GFS businesses continue to

drive strong loan and profit growth

•

UK business continues to face a challenging

credit environment

$64.8

$213.1

$186.0

$274.0

($8.1)

($50)

$0

$50

$100

$150

$200

$250

$300

2002

2003

2004

2005

2006

Net Income After Tax

(1)

($M)

11

2.85%

2.34%

2.54%

3.32%

1.54%

2.35%

6.35%

5.18%

4.55%

3.57%

5.71%

4.65%

0%

1%

2%

3%

4%

5%

6%

7%

Q305

Q405

Q106

Q206

Q306

Q406

Auto Finance delivered strong loan and profit growth in 2006

Credit Risk Metrics

(1) Based on internal allocations of consolidated results

Managed Net

Charge-off Rate

Managed 30+

Delinquency Rate

Highlights

•

Net income up $101M, or 76%, in 2006

–

Q4 net income $34M, in line with Q405

•

$3.1B in originations in Q406

–

$22B in managed loans at 12/31/06

•

Net interest margin down 16bp from Q306,

and down 95bp from Q405, largely driven by

prime portfolio acquisitions

•

Credit metrics reflect expected seasonal

impacts, normalization, and targeted risk

expansion in non-prime

•

While competition remains intense as the

industry consolidates, our multi-channel, full-

spectrum strategy enables us to efficiently

grow loans and profits

$10.3

$99.3

$163.8

$132.1

$233.5

$0

$50

$100

$150

$200

$250

2002

2003

2004

2005

2006

Net Income After Tax

(1)

($M)

12

$35.4

$35.3

$35.7

$35.3

$13.2

$13.2

$13.3

$12.1

$0

$10

$20

$30

$40

Q106

Q206

Q306

Q406

Banking delivered solid and stable performance in 2006

Deposit and Loan Portfolio ($B)

$43.3

$43.3

$46.2

$45.7

$0

$20

$40

$60

Q106

Q206

Q306

Q406

Net Income After Tax

(1)

($M)

(1) Based on internal allocations of consolidated results

Loans

Deposits

Highlights

•

NIAT of $45.7M in Q406; $178M in 2006

•

Loans grew modestly in the quarter, but were

offset by $1.5B of mortgage sales

•

Deposits declined in hurricane impacted

areas, and were partially offset by growth in

the rest of the branch network

•

Strong credit in hurricane impacted areas led

to a $26M allowance release

•

Opened 39 de novo branches since the

beginning of 2006

–

31 opened in 2006

–

8 opened in early 2007

•

Hibernia integration expected to be

completed

February

2007

–

On

track

to

achieve 2007 synergies

•

North Fork integration underway