#1Capital One Third Quarter 2023 Results October 26, 2023#2Forward-Looking Statements Capital One This presentation and related communications should be read in conjunction with the financial statements, notes, and other information contained in Capital One's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Please note that the following materials containing information regarding Capital One's financial performance is preliminary and based on Capital One's data available at the time of the earnings presentation. It speaks 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, and future events or otherwise. Certain statements in this presentation and other oral and written statements made by Capital One from time to time are forward-looking statements, including those that discuss, among other things: strategies, goals, outlook or other non-historical matters; projections, revenues, income, returns, expenses, assets, liabilities, capital and liquidity measures, capital allocation plans, accruals for claims in litigation and for other claims against Capital One, earnings per share, efficiency ratio, operating efficiency ratio or other financial measures for Capital One; future financial and operating results; Capital One's plans, objectives, expectations and intentions; and the assumptions that underlie these matters. To the extent that 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. Forward-looking statements often use words such as "will," "anticipate,” “target,” “expect,” “think,” “estimate,” “intend,” “plan,” “goal,” “believe,” "forecast," "outlook" or other words of similar meaning. Numerous factors could cause Capital One's actual results to differ materially from those described in such forward- looking statements, including, among other things: general economic and business conditions in Capital One's local markets, including conditions affecting employment levels, inflation, interest rates, collateral values, consumer income, creditworthiness and confidence, spending and savings that may affect consumer bankruptcies, defaults, charge-offs, deposit activity and the impacts of possible government shutdowns; increases or fluctuations in credit losses and delinquencies and the impact of inaccurate estimates or inadequate reserves; compliance with new and existing laws, regulations and regulatory expectations; limitations on Capital One's ability to receive dividends from its subsidiaries; Capital One's ability to maintain adequate capital or liquidity levels or to comply with revised capital or liquidity requirements, which could have a negative impact on its financial results and its ability to return capital to its stockholders; the extensive use, reliability, and accuracy of the models and data on which Capital One relies; increased costs, reductions in revenue, reputational damage, legal exposure and business disruptions that can result from data protection or security incidents or a cyber-attack or other similar incidents, including one that results in the theft, loss, manipulation or misuse of information, or the disabling of systems and access to information critical to business operations; developments, changes or actions relating to any litigation, governmental investigation or regulatory enforcement action or matter involving Capital One; the amount and rate of deposit growth and changes in deposit costs; Capital One's ability to execute on its strategic and operational plans; Capital One's response to competitive pressures; Capital One's business, financial condition and results of operations may be adversely affected by merchants' increasing focus on the fees charged by credit and debit card networks and by legislation and regulation impacting such fees; Capital One's success in integrating acquired businesses and loan portfolios, and its ability to realize anticipated benefits from announced transactions and strategic partnerships; Capital One's ability to develop, operate, and adapt its operational, technology and organizational infrastructure suitable for the nature of its business; the success of Capital One's marketing efforts in attracting and retaining customers; Capital One's risk management strategies; changes in the reputation of, or expectations regarding, Capital One or the financial services industry with respect to practices, products or financial condition; fluctuations in market interest rates or volatility in the capital markets; Capital One's ability to attract, retain and motivate key senior leaders and skilled employees; climate change manifesting as physical or transition risks; Capital One's assumptions or estimates in its financial statements; the soundness of other financial institutions and other third parties; Capital One's ability to invest successfully in and introduce digital and other technological developments across all its businesses; Capital One's ability to manage risks from catastrophic events; compliance with applicable laws and regulations related to privacy, data protection and data security; Capital One's ability to protect its intellectual property; and other risk factors identified from time to time in Capital One's public disclosures, including in the reports that it files with the U.S. Securities and Exchange Commission (the "SEC"). You should carefully consider the factors referred to above in evaluating these forward-looking statements. All information in these slides is based on the consolidated results of Capital One, unless otherwise noted. This presentation includes certain non-GAAP financial measures as defined by SEC rules. These non-GAAP financial measures may be useful to investors but should not be viewed in isolation from, or as a substitute for, GAAP results, nor are they necessarily comparably to non-GAAP measures that may be presented by other companies. A reconciliation of any non-GAAP financial measures included in this presentation to the comparative GAAP measure can be found in Capital One's Current Report on Form 8-K filed with the SEC on October 26, 2023, available on its website at www.capitalone.com under "Investors."#3Q3 2023 Company Highlights . Net income of $1.8 billion, or $4.45 per diluted common share • Pre-provision earnings (2) increased 7% to $4.5 billion Provision for credit losses of $2.3 billion . Efficiency ratio of 51.89% • Operating efficiency ratio of 41.51% . Capital One Common equity Tier 1 capital ratio under Basel III Standardized Approach of 13.0% at September 30, 2023 · Period-end loans held for investment increased 1% or $3.5 billion to $314.8 billion • Average loans held for investment increased 1% or $3.1 billion to $312.8 billion • Period-end total deposits increased $2.3 billion to $346.0 billion о Period-end insured deposits of $277.7 billion, 80% of total deposits • Average total deposits increased $1.3 billion to $345.0 billion (1) (2) All comparisons are for the third quarter of 2023 compared with the second quarter of 2023 unless otherwise noted. Regulatory capital metrics and capital ratios as of September 30, 2023 are preliminary and therefore subject to change. Pre-provision earnings is a non-GAAP metric calculated based on total net revenue less non-interest expense for the period. Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses. See appendix slides for the reconciliation of non-GAAP measures to our reported results.#4Allowance for Credit Losses Capital One Credit Card Consumer Banking Commercial Banking Total (Dollars in millions) Allowance for credit losses: Balance as of June 30, 2023 Charge-offs Recoveries Net charge-offs $ 10,976 $ 2,185 1,485 $ 14,646 (1,925) (596) (60) (2,581) 333 247 2 582 (1,592) (349) (58) (1,999) Provision for credit losses (1)(2) 1,953 213 155 2,321 Allowance build (release) for credit losses 361 (136) 97 322 Other changes(3 (3) (13) (13) Balance as of September 30, 2023 11,324 $ 2,049 $ 1,582 $ 14,955 Allowance coverage ratio as of September 30, 2023 7.71% 2.67% 1.74% 4.75% Third Quarter 2023 Highlights Allowance build of $322 million primarily driven by growth in Domestic Credit Card loans Allowance coverage ratio of 4.75% at September 30, 2023, compared to 4.70% at June 30, 2023 (1) Does not include $(39) million of provision (benefit) related to unfunded lending commitments that is recorded in other liabilities in Commercial Banking. (2) Does not include $2 million of provision related to available for sale securities. (3) Primarily represents foreign currency translation adjustments.#501/01/20 01/01/20 6.31% 12/31/20 Allowance Coverage Ratios by Segment Allowance for credit losses ($M) Allowance Coverage Ratio Credit Card $11,191 $11,324 $10,976 $10,410 $9,545 $8,716 $8,098 10.46% 09/30/22 7.59% 7.70% 7.71% 6.87% 6.93% 6.47% 12/31/22 $2,715 Consumer Banking $1,540 2.44% 3.94% 2.60% 12/31/20 09/30/22 12/31/22 03/31/23 06/30/23 $2,237 $2,205 $2,108 $2,185 $2,049 09/30/23 2.80% 2.82% 2.83% 2.67% 1.18% 03/31/23 06/30/23 09/30/23 01/01/20 $877 12/31/20 01/01/20 12/31/20 Domestic Card Capital One $10,650 $10,576 $10,925 $10,032 $9,165 $8,370 $7,673 10.81% 09/30/22 Branded Card 8.7% 7.66% 7.78% 7.79% 6.90% 6.97% 12/31/22 Commercial Banking 03/31/23 06/30/23 $1,658 $1,703 $1,582 $1,458 $1,485 $1,385 2.19% 1.45% 1.54% 1.82% 1.62% 1.74% 09/30/22 12/31/22 03/31/23 06/30/23 09/30/23 09/30/23#6Liquidity Capital One Average Quarterly Liquidity Coverage Ratio ("LCR") Total Liquidity Reserves ($M) (¹) Flat Q/Q ↑ 28% Y/Y $106,577 $92,800 $90,557 155% 150% 148% 143% 139% $126,697 $117,963 $118,352 3Q22 4Q22 1Q23 2Q23 3Q23 4Q19 3Q22 4Q22 1Q23 2Q23 3Q23 Liquidity coverage ratio FHLB eligible loans Investment securities Cash and cash equivalents Third Quarter 2023 Highlights Average quarterly Liquidity Coverage Ratio of 155% Total liquidity reserves of $118.4 billion as of September 30, 2023 о $44.9 billion in cash and cash equivalents Note: The 3Q23 LCR is preliminary and therefore subject to change. (1) Amount above represents unencumbered liquidity reserves. Securities pledged and eligible to secure FHLB borrowing capacity are presented within investment securities above.#7Net Interest Income and Net Interest Margin 14% Q/Q 16% Y/Y $7,423 $7,197 $7,186 $7,113 $7,003 6.80% 6.84% 6.60% 6.69% 6.48% 3Q22 4Q22 1Q23 2Q23 3Q23 Net Interest Income ($M) Net Interest Margin Capital One • Third Quarter 2023 Highlights Net interest margin increased 21 basis points quarter-over-quarter driven by higher yields and growth in our Credit Card loan portfolio and higher day count, partially offset by higher rates paid on interest-bearing deposits Net interest margin decreased 11 basis points year-over-year driven by higher rates paid on interest-bearing deposits. partially offset by higher asset yields and growth in our Credit Card loan portfolio#8Capital (Dollars in millions) Amount Ratio Common equity Tier 1 (CET1) as of June 30, 2023 $ 45,589 12.7% Q3 2023 Net income Common & Preferred Stock Dividends Share Repurchases Other quarterly activities (¹) Risk Weighted Assets changes 1,790 50 bps Capital One Common Equity Tier 1 Capital Ratio (290) (8)bps 12.2% 12.5% 12.5% 12.7% 13.0% (150) (4)bps 167 4 bps N/A (12)bps CET1 as of September 30, 2023 $ 47,106 13.0% 3Q22 4Q22 1Q23 2Q23 3Q23 . · · Third Quarter 2023 Highlights Well-capitalized with CET1 capital ratio of 13.0% as of September 30, 2023 Stress Capital Buffer of 4.8% effective October 1, 2023 Repurchased 1.4 million common shares for $150 million in the third quarter of 2023; YTD repurchases of $450 million Note: Regulatory capital metrics and capital ratios as of September 30, 2023 are preliminary and therefore subject to change. (1) Primarily represents net issuances of employee stock, after taking into account deductions for goodwill and intangibles net of deferred taxes.#9Financial Summary—Business Segment Results Capital One (Dollars in millions) Credit Card Consumer Banking Three Months Ended September 30, 2023 Commercial Banking Other Total Net interest income (loss) $ 5,114 $ 2,133 $ 621 $ (445) $ 7,423 Non-interest income (loss) Total net revenue (loss) Provision for credit losses Non-interest expense Income (loss) from continuing operations before income taxes Income tax provision (benefit) Income (loss) from continuing operations, net of tax 1,513 142 288 1,943 6,627 2,275 909 (445) 9,366 1,953 213 116 2 2,284 3,015 1,262 512 71 4,860 1,659 800 281 (518) 2,222 393 189 67 (217) 432 $ 1,266 $ 611 $ 214 $ (301) $ 1,790#10Credit Card 2023 Q3 2023 2023 2022 2023 2022 (Dollars in millions, except as noted) Q3 Q2 Q3 Q2 Q3 Earnings: Net interest income $ 5,114 $ 4,727 $ 4,313 8% 19% Non-interest income 1,513 1,499 1,454 1 4 Total net revenue 6,627 6,226 5,767 6 15 Provision for credit losses 1,953 2,084 1,261 (6) 55 Non-interest expense 3,015 3,020 3,004 Pre-tax income 1,659 1,122 1,502 48 10 Selected performance metrics: Period-end loans held for investment $146,783 $ 142,491 $ 126,913 3% 16% Average loans held for investment 144,049 138,762 123,357 4 17 Total net revenue margin 18.40% 17.95% 18.70% 45 bps (30)bps Net charge-off rate 4.42 4.41 2.25 1 217 Purchase volume $158,640 $157,937 $ 149,497 6% . Capital One Third Quarter 2023 Highlights Ending loans held for investment up $19.9 billion, or 16%, year-over-year; average loans held for investment up $20.7 billion, or 17%, year-over-year Purchase volume up 6% year-over-year Revenue up $860 million, or 15%, year- over-year • Revenue margin of 18.40% Non-interest expense substantially flat year-over-year Provision for credit losses up $692 million year-over-year Net charge-off rate of 4.42%#11Domestic Card 2023 Q3 2023 2023 2022 2023 2022 (Dollars in millions, except as noted) Q3 Q2 Q3 Q2 Q3 Earnings: Net interest income Capital One • Third Quarter 2023 Highlights Ending loans held for investment up $19.0 billion, or 16%, year-over-year; average loans held for investment up $20.0 billion, or 17%, year-over-year Purchase volume up 6% year-over-year $ 4,827 $ 4,453 $ 4,065 8% 19% Non-interest income 1,445 1,431 1,383 1 4 Total net revenue 6,272 5,884 5,448 7 15 Provision for credit losses 1,861 1,995 1,167 (7) 59 Non-interest expense 2,810 2,805 2,803 • Pre-tax income 1,601 1,084 1,478 48 8 Selected performance metrics: Period-end loans held for investment $ 140,320 $ 135,975 $ 121,279 3% 16% . Average loans held for investment 137,500 132,505 117,467 4 17 Total net revenue margin 18.24% 17.76% 18.55% 48 bps (31)bps Net charge-off rate 30+ day performing delinquency rate 4.40 4.38 2.20 2 220 4.31 3.74 2.97 57 134 Purchase volume $ 154,880 $ 154,184 $ 145,805 Revenue up $824 million, or 15%, year- • over-year Revenue margin of 18.24% Non-interest expense substantially flat year-over-year Provision for credit losses up $694 million year-over-year 6% . Net charge-off rate of 4.40%#12Consumer Banking 2023 Q3 2023 2023 2022 2023 2022 (Dollars in millions, except as noted) Q3 Q2 Q3 Q2 Q3 Earnings: Net interest income $ 2,133 $ 2,269 $ 2,311 (6)% (8)% Non-interest income 142 149 129 (5) 10 Total net revenue 2,275 2,418 2,440 (6) (7) Provision for credit losses 213 259 285 (18) (25) Non-interest expense 1,262 1,231 1,340 3 (6) • Pre-tax income 800 928 815 (14) (2) Selected performance metrics: Period-end loans held for investment $ 76,844 $ 77,280 $ 81,199 (1)% (5)% • Average loans held for investment 77,154 77,698 81,339 (1) (5) Auto loan originations 7,452 7,160 8,289 4 (10) • Period-end deposits 290,789 286,174 256,661 2 113 Average deposits 287,457 285,647 255,843 1 12 Average deposits interest rate 2.85% 2.46% 0.79% 39 bps 206 bps Net charge-off rate 1.81 1.43 1.10 38 71 Capital One Third Quarter 2023 Highlights Ending loans held for investment down $4.4 billion, or 5%, year-over-year; average loans held for investment down $4.2 billion, or 5%, year-over-year Ending deposits up $34.1 billion, or 13%, year-over-year Auto loan originations down $837 million, or 10%, year-over-year Revenue down $165 million, or 7%, year-over-year Non-interest expense down $78 million, or 6%, year-over-year Provision for credit losses down $72 million year-over-year • Net charge-off rate of 1.81%#13(1) Commercial Banking 2023 Q3 2023 2023 2022 2023 2022 (Dollars in millions, except as noted) Q3 Q2 Q3 Q2 Q3 Earnings: Net interest income Non-interest income 288 257 Total net revenue $ 621 $ 632 S 699 (2)% (11)% 319 12 (10) 909 889 1,018 2 (11) Provision for credit losses 116 146 123 (21) Non-interest expense Pre-tax income 512 482 542 6 (6) 281 261 353 8 (20) Capital One Third Quarter 2023 Highlights • • Ending loans held for substantially flat investment quarter-over-quarter; average loans held for investment down $1.6 billion, or 2%, quarter-over-quarter Ending deposits down $758 million, or 2%, quarter-over-quarter; average deposits down $681 million, or 2%, quarter-over-quarter Revenue up $20 million, or 2%, quarter- over-quarter Non-interest expense up $30 million, or 6%, quarter-over-quarter Provision for credit losses down $30 million quarter-over-quarter Net charge-off rate of 0.25% Selected performance metrics: Period-end loans held for investment $ 91,153 $ 91,552 $ 95,831 (5)% • Average loans held for investment 91,556 93,195 95,490 (2)% (4) Period-end deposits 36,035 36,793 41,058 (2) (12) • Average deposits 37,279 37,960 39,799 (2) (6) Average deposits interest rate 2.93% 2.68% 0.83% 25 bps 210 bps • Net charge-off rate 0.25 1.62 0.05 (137) Risk category as a percentage of period- end loans held for investment:(¹) Criticized performing Criticized nonperforming 20 • Criticized performing loan rate of 8.08% and criticized nonperforming loan rate of 0.90% 8.08% 6.73% 5.97% 135 bps 211 bps 0.90 0.89 0.57 1 33 Criticized exposures correspond to the "Special Mention," "Substandard” and “Doubtful" asset categories defined by bank regulatory authorities.#14Appendix#15Reconciliation of Non-GAAP Measures Capital One Nine Months Ended Insurance recoveries and legal reserve activity (Dollars in millions, except per share data and as noted) Adjusted diluted earnings per share ("EPS"): Net income available to common stockholders (GAAP) Restructuring charges 2023 Q3 2023 2023 2022 2022 Q2 Q1 Q4 Q3 September 30, 2023 2022 $ 1,705 $ 1,351 $ 887 $ 1,161 $ 1,616 $ 3,943 $ 5,883 (177) 72 Adjusted net income available to common stockholders before income tax impacts (non-GAAP) ........ 1,705 1,351 887 1,056 1,616 3,943 5,883 Income tax impacts 25 Adjusted net income available to common stockholders (non-GAAP) $ 1,705 $ 1,351 $ 887 $ 1.081 $ 1,616 $ 3,943 $ 5,883 Diluted weighted-average common shares outstanding (in millions) (GAAP) 383.3 383.7 383.8 383.7 384.6 383.6 396.4 Diluted EPS (GAAP) Impact of adjustments noted above Adjusted diluted EPS (non-GAAP) $ 4.45 $ 3.52 $ 2.31 $ 3.03 $ 4.20 $ 10.28 $ 14.84 (0.21) $ 4.45 $ 3.52 $ 2.31 $ 2.82 $ 4.20 $ 10.28 $ 14.84 Adjusted efficiency ratio: Non-interest expense (GAAP) Insurance recoveries and legal reserve activity Restructuring charges Adjusted non-interest expense (non-GAAP) Total net revenue (GAAP) Efficiency ratio (GAAP) Impact of adjustments noted above Adjusted efficiency ratio (non-GAAP) 4,860 $ 4,794 $ 4,945 $ 5,080 $ 4,949 $ 14,599 14,083 177 $ 4,860 $ 4,794 $ 4,945 $ (72) 5,185 $ 4,949 $ 14,599 $ 14,083 $ 9,366 $ 9,012 $ 8,903 $ 9,040 $ 8,805 $ 27,281 $ 25,210 51.89% 53.20% 55.54% 51.89% 53.20% 55.54% 56.19% 117bps 57.36% 56.21% 53.51% 55.86% 56.21% 53.51% 55.86% Adjusted operating efficiency ratio: Operating expense (GAAP) Legal reserve activity, including insurance recoveries Restructuring charges Adjusted operating expense (non-GAAP) 3,888 $ 3,908 $ 4,048 $ 3,962 $ 3,971 $ 11,844 $ 11,184 177 (72) $ 3,888 $ 3,908 $ 4,048 $ 4,067 $ 3,971 $ 11,844 11,184#16Reconciliation of Non-GAAP Measures (Dollars in millions) Total net revenue (GAAP) Operating efficiency ratio (GAAP) Impact of adjustments noted above Adjusted operating efficiency ratio (non-GAAP) Pre-Provision Earnings Total net revenue Non-interest expense Pre-provision earnings Capital One 2023 2023 2023 2022 2022 Nine Months Ended September 30, Q3 Q2 Q1 Q4 Q3 2023 2022 $ 9,366 $ 9,012 S 8,903 $ 9,040 $ 8,805 $ 27,281 $ 25,210 41.51% 43.36% 45.47% 43.83% 116 bps 45.10% 43.41% 44.36% 41.51% 43.36% 45.47% 44.99% 45.10% 43.41% 44.36% $ 9,366 $ (4,860) 9,012 $ (4,794) 8,903 $ 9,040 (4,945) (5,080) $ 8,805 (4,949) $ 4,506 $ 4,218 $ 3,958 $ 3,960 $ 3,856#17Commercial Office Real Estate . • Funded Balance ($M) LHFI ACL Coverage on LHFI 50.00% $4,800 $3,984 $3,955 $3,643 $3,600 $2,400 $1,200 6.15% 3.67% 40.00% $2,577 30.00% $2,425 20.00% 13.87% 13.36% 11.05% 10.00% -% Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Annualized Net charge-off rate for LHFI) % 0.37 % 1.84 % 46.38 % 3.73 % Total criticized rate for LHFI 27.8 % 35.40 % 43.30 % 32.80 % 39.70 % Nonperforming loan rate for LHFI Office Real Estate LHFI as a % of Total LHFI 2.60 % 3.00 % 5.50 % 11.30 % 9.70 % 1.3 % 1.3 % 1.2 % 0.8 % 0.8 % Third Quarter 2023 Highlights ACL Coverage % Capital One® Office Real Estate represented 2.7% of our Commercial Banking LHFI portfolio and 0.8% of total LHFI The $888M Office Real Estate loan portfolio that was moved to LHFS in Q2'23 was sold in Q3'23, with seller financing provided. This financing had a balance of $363M at 9/30/23 and is classified as REIT/REIF exposure and is therefore excluded from the balances and metrics above Note: Excludes loans in our Healthcare Real Estate business secured by Medical Office properties and loans to office real estate investment trusts (REIT) and real estate investment funds (REIF). Net charge-off rate is calculated based on annualized net charge-offs for the period divided by average loans held for investment for the period. (1)#18Deposits (1) $400 Period-end Deposits by Segment $350 $350 $344 $346 $333 $20 $21 $19 $22 $38 $300 $37 $36 $41 $250 $291 $286 $291 $271 Capital One® $20B Q4'22 Q1'23 Q2'23 Q3'23 Consumer banking Commercial banking Other Category(1) • Third Quarter 2023 Highlights Period-end insured deposits were $277.7 billion or 80% of total deposits Includes brokered deposits of $18.1 billion, $19.7 billion, $19.2 billion and $20.6 billion as of September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively.