FOR IMMEDIATE RELEASE
October 10, 2000

Lila White
www.thedigitaldominion.com
(804) 692-3110


Hamilton Holloway
Capital One
(804) 934-5900
Jill Lawrence
VEDP
(804) 371-0049
Capital One Creates More Than 8,000 Jobs in Virginia
-Governor Gilmore announces expansions totaling $700 million-


Goochland, County - Governor Jim Gilmore today announced that Capital One will commence a $700 million expansion in Virginia. Capital One will strengthen its Richmond operations into three distinct campuses, the newest of which will be located at West Creek in Goochland County. The other campuses will be located in Henrico County, where Capital One already leases space in 27 buildings, and Chesterfield County, where Capital One will double its space with an additional building. Combined with an earlier expansion announcement in Fairfax County of 1,000 new jobs, Capital One will hire a total of more than 8,000 new associates throughout the Commonwealth by 2004, making this the largest business expansion plan announced in Virginia history. Virginia successfully competed with Florida for the Goochland investment.

"Today, we have written another chapter in the shared history of this great company and our great Commonwealth," said Governor Gilmore. "I am pleased to announce that Capital One will soon embark on the largest corporate employment expansion in Virginia history, creating more than 8,000 new jobs in the Commonwealth with an investment of $700 million. Today's good news is not just the number of jobs, but the high caliber of these new jobs in technology, the Internet, marketing and customer relationship management. In the era of 'The Digital Dominion', I am proud that Capital One continues to grow and prosper with us."

Headquartered in Falls Church, Virginia, Capital One Financial Corporation (NYSE: COF) 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 27.1 million accounts and $21.9 billion in managed loans outstanding as of June 30, 2000. Capital One is one of the major financial service providers on the Internet, with online account decisioning, real-time account numbering, and online retail deposits. 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.

"This announcement is the latest chapter of a story that began 12 years ago when Capital One first began to change financial services for consumers," said Richard Fairbank, Chairman and Chief Executive Officer of Capital One. "Virginia has been home to Capital One from the beginning and we are pleased that the Commonwealth is also the location for our expansion."

Nigel Morris, President and Chief Operating Officer of Capital One said, "Capital One's decision to consolidate and expand our local presence was based on our confidence in the company's ability to maintain a robust growth rate, the positive business environment at the state and local levels in Virginia and the availability of talented and dependable workers here in the greater Richmond area."

Governor Gilmore approved a $3 million grant from the Governor's Opportunity Fund to assist Goochland County with site preparation. The Virginia Economic Development Partnership assisted Capital One with its decision to expand in the Commonwealth. Goochland County, the Fairfax County Economic Development Authority, the Chesterfield County Department of Economic Development and the Henrico County Industrial Development Authority also assisted with each individual expansion. The Virginia Department of Business Assistance will provide workforce training services and the Virginia Department of Transportation is assisting with road improvements.

"The fact that Capital One did not stray from Virginia with an investment of this magnitude further proves that the Commonwealth fosters a business-friendly environment," said Secretary of Commerce and Trade Barry E. DuVal. "The new jobs will provide unparalleled opportunities for Virginians seeking employment."

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