Capital One’s credit card business is one of  the largest, most profitable consumer-finance  franchises in the world.  We built our franchise with innovative products that offer consumers more for their money. Capital One ® made its mark years ago by pioneering balance transfer offers for credit card customers. Today our MilesOne ® frequent flyer card is a terrific deal. It’s redeemable on any airline. There are no blackout dates. The annual fee is small, and it comes with a low fixed interest rate.  We’re growing a sizable superprime business through several products, including the “No-Hassle” SM Platinum card, which offers a low fixed rate on both cash advances and purchases plus a level of convenience and service that make Capital One the hassle-free provider of choice.  With our proprietary information-based strategy and award-winning capabilities in marketing and information technology, Capital One continually finds profitable new market niches and creates products to serve them. Our lifestyle cards are successfully targeting hundreds of microsegments, from nurses and birdwatchers to newlyweds and new parents. We’re also building relationships with small-business owners with products that increase the  flexibility and convenience of their borrowing. Capital One’s innovations have revolutionized the credit card industry. We’ve lowered consumer borrowing costs, expanded access to credit and made it possible to customize the product to the borrower. By giving  consumers a great deal and aligning each credit line and interest rate with the individual’s risk profile, we’re  successfully meeting the needs of a diverse range of borrowers and winning their loyalty. We’re also generating  profitable growth for Capital One. The U.S. credit card business, which was large and growing when Capital One went public in 1994, is now twice that size and still growing. The convenience of the credit card has made it the payment method of choice for millions of consumers around the world, and we believe Capital One is well positioned to continue gaining market share by offering cardholders more for their money and creating profitable products that meet diverse needs. 5 What do you get when you combine great value and no hassles?  About 2.5 million new accounts!