Third Quarter 2023 Financial Results
Forward-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."View entire presentation