Document:

Exhibit 4.2

 Exhibit 4.2 
  

 FIRST SUPPLEMENTAL INDENTURE 
 between 
 CAPITAL ONE FINANCIAL CORPORATION 
 as Issuer 
 and 
 THE BANK OF NEW YORK 
 as Trustee 

DATED AS OF JUNE 6, 2006 
  

 Supplement to Junior Subordinated Indenture dated as of June 6, 2006 
  

 FIRST SUPPLEMENTAL INDENTURE, dated as of June 6, 2006 (this “Supplemental Indenture”),
among CAPITAL ONE FINANCIAL CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), having its principal office at 1680 Capital One Drive, McLean, Virginia 22102
and THE BANK OF NEW YORK, a corporation duly organized and existing under the laws of the State of New York, as Trustee (hereinafter called the “Trustee”). 
 RECITALS 
 WHEREAS, the Company and the Trustee have entered into that certain Junior Subordinated
Indenture, dated as of June 6, 2006 (the “Base Indenture”), providing for the issuance from time to time of Securities; 
 WHEREAS, pursuant to Section 2.1 and 3.1 of the Indenture, the Company desires to provide for the establishment of a new series of Securities under the Indenture to be known as its 7.50% Junior Subordinated Notes due 2066, the form and
substance of such Securities and the terms, provisions and conditions thereof to be set forth as provided in the Indenture and this Supplemental Indenture; 
 WHEREAS, the conditions set forth in the Indenture for the execution and delivery of this Supplemental Indenture have been satisfied; and 
 WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the Company and the Trustee, in accordance with its terms, and a valid amendment of, and supplement to, the Indenture have been
done. 
 NOW, THEREFORE, in consideration of the premises and the purchase of the Securities by the Holders thereof from time to time on or
after the date hereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all such Holders, that the Indenture is supplemented and amended, to the extent and for the purposes expressed herein, as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.1 Capitalized terms not otherwise defined herein shall have the meanings set forth in the Indenture. 
 Section 1.2 In addition, the following terms used in this Supplemental Indenture have the following respective meanings: 
 “Base Indenture” has the meaning set forth in the Recitals. 
 “Change in 1940 Act Law” means a change (including any announced proposed change) in law or regulation or a change in interpretation or
application of law or regulation by any legislative body, court, governmental agency or regulatory authority. 
 “Commercially
Reasonable Efforts” means commercially reasonable efforts of the Company to complete the sale of New Equity to third parties that are not Subsidiaries of the 

 
Company. The Company will not be considered to have used Commercially Reasonable Efforts to effect a sale of New Equity if it determines not to pursue or
complete such a sale due to pricing or dilution considerations. 
 “Company” has the meaning set forth in the Recitals.

 “Declaration of Trust” has the meaning set forth in Section 2.1(a) hereof. 
 “First Supplemental Indenture” has the meaning set forth in the Recitals. 
 “Federal Reserve” means the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of Richmond, or its successor
as the Company’s primary federal banking regulator. 
 “Indenture” has the meaning set forth in the Recitals.

 “Investment Company Event” means the receipt by the Company and the Trust of an opinion of an independent counsel
experienced in matters relating to investment companies (which opinion shall not have been rescinded), to the effect that, as a result of any Change in 1940 Act Law, there is more than an insubstantial risk that the Trust is or will be considered an
“investment company” that is required to be registered under the Investment Company Act of 1940, which Change in 1940 Act Law becomes effective on or after the date of original issuance of the Preferred Securities. 
 “Market Disruption Event” means the occurrence or existence of any of the following events or sets of circumstances: 
 (a) trading in securities generally on the principal exchange on which the securities of the Company are then listed and traded (as of the
date of this Supplemental Indenture, the New York Stock Exchange) shall have been suspended or its settlement generally shall have been materially disrupted; 
 (b) the Company would be required to obtain the consent or approval of a regulatory body (including, without limitation, any securities
exchange, but excluding the Federal Reserve) or governmental authority to issue shares of the Company’s common stock and the Company shall have failed to obtain that consent or approval notwithstanding the Company’s commercially reasonable
efforts to obtain that consent or approval; or 
 (c) an event occurs and is continuing as a result of which the offering
document for the offer and sale of shares of the Company’s common stock would, in the Company’s reasonable judgment, contain an untrue statement of a material fact or omit to state a material fact required to be stated in that offering
document or necessary to make the statements in that offering document not misleading and either (1) the disclosure of that event at the time the event occurs, in the Company’s reasonable judgment, would have a material adverse effect on
the Company’s business or (2) the disclosure relates to a previously undisclosed proposed or pending material business transaction, the disclosure of which would impede the Company’s ability to consummate that transaction, 

  

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provided that no Market Disruption Event contemplated by this paragraph (c) may exceed 90 consecutive days and multiple Market Disruption Events
contemplated by this paragraph (c) may not exceed an aggregate of 180 days in any 360-day period. 
 “MDE
Certification” means an Officer’s Certificate of the Company delivered in advance of an Interest Payment Date certifying that: 
 (a) a Market Disruption Event was existing after the immediately preceding Interest Payment Date; and 
 (b) either (1) the Market Disruption Event continued for the entire period from the Business Day immediately following the preceding Interest Payment Date to the Business Day immediately preceding the date on
which such certification is provided or (2) the Market Disruption Event continued for only part of such period but the Company was unable after Commercially Reasonable Efforts to raise a New Equity Amount during the rest of that period
sufficient to pay all accrued and unpaid interest due on the Interest Payment Date with respect to which such MDE Certification is being delivered; and 
 (c) identifying the type of Market Disruption Event that has occurred with respect to the applicable Interest Payment Date, and the date(s) on which such event occurred or existed. 
 “New Equity” means (i) shares of the Company’s common stock (including treasury shares and shares of common stock sold
pursuant to the Company’s dividend reinvestment plan and employee benefit plans), and/or (ii) shares of the Company’s Qualified Preferred Stock that the Company may sell at its sole discretion. 
 “New Equity Amount” means, for each Interest Payment Date, the net cash proceeds (after underwriters’ or placement agents’
fees, commissions or discounts and other expenses relating to the issuances) received by the Company during the 180-day period prior to such Interest Payment Date from the sale or offering of New Equity to persons that are not subsidiaries of the
Company. 
 “New Equity Settlement Period” means the period commencing immediately upon the termination of an Optional
Deferral Period consisting of 20 consecutive quarterly periods, and ending on the first Interest Payment Date on which the Company has paid all accrued and unpaid interest. 
 “Non-Acceleration Period” means the period commencing immediately upon the termination of an Optional Deferral Period consisting of 20
consecutive quarters, and ending on the earlier of (i) the Interest Payment Date relating to the 20th
consecutive quarter after the quarter during which the Non-Acceleration Period commences, (ii) the redemption of the Notes in accordance with the Indenture, and (iii) the Stated Maturity of the Notes. 
 “Notes” has the meaning set forth in Section 2.1(a) hereof. 
 “Qualified Preferred Stock” means any preferred stock of the Company (1) that is perpetual with no prepayment obligation on the
part of the Company, whether at the election of the holders or otherwise, and (2) distributions on which may be skipped by the Company for any number of distribution periods. 
  

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 “Regulatory Capital Event” means the reasonable determination by the Company that, as a
result of: (1) any amendment to, or change (including any announced prospective change) in, the laws or any applicable regulation of the United States or any political subdivision; or (2) any official or administrative pronouncement or
action or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or pronouncement or decision is announced on or after the date of original issuance of the Preferred Securities, there is more than
an insubstantial risk of impairment of the Company’s ability to treat the Preferred Securities (or any substantial portion thereof) as Tier 1 capital (or its then equivalent) for purposes of the capital guidelines of the Federal Reserve in
effect and applicable to the Company; provided, however, that the distribution of the Notes in connection with the liquidation of the Trust by the Company shall not in and of itself constitute a Regulatory Capital Event unless such liquidation shall
have occurred in connection with a Tax Event or an Investment Company Event. 
 “Special Event” means a Tax Event, a
Regulatory Capital Event or an Investment Company Event. 
 “Supervisory Event” means that, at any time during a New Equity
Settlement Period, the Company will have requested but not received the prior written concurrence or approval of the Federal Reserve both (1) to sell New Equity and (2) to apply the New Equity Amount to pay deferred interest on the Notes.

 “Supplemental Indenture” has the meaning set forth in the Recitals. 
 “Tax Event” means the receipt by the Company or the Trust of an opinion of tax counsel (which may be the Company’s counsel or
counsel of an Affiliate but not an employee and must be reasonably acceptable to the Institutional Trustee) experienced in such matters (which opinion shall not have been rescinded), to the effect that, as a result of any amendment to, or change
(including any announced prospective change) in, the laws (or any regulations thereunder) of the United States or any political subdivision or taxing authority thereof or therein; or any court, governmental agency (including in the course of an
audit) or regulatory authority interpreting or applying such laws or regulations, there is more than an insubstantial risk that (1) the Trust is, or will be within 90 days of the date of such opinion, subject to United States federal
income tax with respect to income received or accrued on the Notes; (2) interest payable by the Company on the Notes is not, or within 90 days of the date of such opinion will not be, deductible, in whole or in part, by the Company, for
United States federal income tax purposes; or (3) the Trust is, or will be within 90 days of the date of such opinion, subject to more than a de minimis amount of other taxes, duties, assessments or other governmental charges. 

“Trust” has the meaning set forth in Section 2.1(a) hereof. 
 “Trustee” has the meaning set forth in the Recitals. 
  

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 ARTICLE II 
 TERMS OF SERIES OF SECURITIES 
 Section 2.1 Pursuant to Sections 2.1 and 3.1 of the Indenture,
there is hereby established a series of Securities, the terms of which shall be as follows: 
 (a) Designation. The
Securities of this series shall be known and designated as the “7.50% Junior Subordinated Notes due 2066” of the Company (the “Notes”). The Notes initially shall be issued to Capital One Capital II, a Delaware statutory trust
(the “Trust”). The Declaration of Trust for the Trust shall be the Amended and Restated Declaration of Trust, dated as of June 6, 2006, among the Company, as Sponsor, The Bank of New York (Delaware), as Delaware Trustee, The Bank of
New York, as Institutional Trustee, and the Administrative Trustees named therein (the “Declaration of Trust”). The Guarantee will be issued pursuant to the Guarantee Agreement, dated as of June 6, 2006, between the Company and The
Bank of New York, as Guarantee Trustee. 
 (b) Aggregate Principal Amount. The maximum aggregate principal amount of
the Notes which may be authenticated and delivered under the Indenture and this Supplemental Indenture is $346,000,000 (except for Notes authenticated and delivered upon registration of transfer of, or exchange for, or in lieu of, other Notes
pursuant to Section 3.4, 3.5, 3.6, 9.6 or 11.6 of the Indenture). 
 (c) Denominations. The Notes will be issued
only in fully registered form, and the authorized minimum denomination of the Notes shall be $25 principal amount and any integral multiple thereof. 
 (d) Maturity. The principal amount of the Notes shall be payable in full on June 15, 2066, subject to and in accordance with the provisions of the Indenture and this Supplemental Indenture. 
 (e) Rate of Interest. The Notes will bear interest at the annual rate of 7.50%, payable quarterly in arrears on September 15,
December 15, March 15 and June 15 of each year (the “Interest Payment Dates,” as defined in the Indenture), commencing September 15, 2006. Interest payments not paid when due will themselves accrue additional interest
at the annual rate of 7.50% (which rate will be equal to the annual interest rate on the notes) on the amount of unpaid interest, to the extent permitted by law, compounded quarterly. The amount of interest payable for any period will be computed on
the basis of a 360-day year comprised of twelve 30-day months. The amount of interest payable for any period shorter than a full quarterly period will be computed on the basis of a 30-day month and, for periods of less than a month, the actual
number of days elapsed per 30-day month. 
 (f) To Whom Interest Payable. Interest will be payable to the person in
whose name the Notes are registered at the close of business on the Regular Record Date next preceding the Interest Payment Date, except that, interest payable on the Stated Maturity of the principal of the Notes shall be paid to the Person to whom
principal is paid. 
  

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 (g) Option to Defer Interest Payments. Interest payments on the Notes shall be
subject to deferral to the extent and in the manner provided in Section 13.1 of the Indenture for one or more Optional Deferral Periods of up to twenty (20) consecutive quarterly periods. If the Company has deferred interest payments under
this clause (g) for an Optional Deferral Period consisting of 20 consecutive quarterly periods, no interest will be due or payable on the Interest Payment Date relating to the last such quarterly period, provided, however, that
all accrued and unpaid interest (including any Additional Interest) will become due and payable on the next subsequent Interest Payment Date, subject to the possibility that interest payments may be further deferred during a New Equity Settlement
Period as described in clause (l) below. With respect to each Interest Payment Date, the Company shall deliver to the Trustee written notice of any optional deferral pursuant to this clause (g) at least ten and not more than sixty Business
Days prior to such Interest Payment Date (which notice requirement shall be in lieu of, and not in addition to, the notice requirement described in Section 13.2 of the Indenture, which shall not apply to the Notes.) 
 (h) Federal Reserve Approvals. The Company shall notify the Federal Reserve (i) upon the commencement of any Optional Deferral
Period, (ii) prior to or promptly after the commencement of a New Equity Settlement Period and shall seek the approval of the Federal Reserve at any time for (x) the issuance, offer or sale of New Equity and (y) the application of the
New Equity Amount as described in clause (j) below. A Supervisory Event will excuse the Company from its obligation to use Commercially Reasonable Efforts to sell New Equity and/or to apply the New Equity Amount to the payment of deferred
interest on the Notes. 
 (i) Payment of Current Interest. During a Non-Acceleration Period, the Company shall not pay
on any Interest Payment Date interest that has accrued on the Notes during the quarterly interest period immediately preceding such Interest Payment Date, unless the Company pays therewith all accrued and unpaid interest (including any Additional
Interest) at such time outstanding on the Notes, including without limitation interest that has been deferred pursuant to clause (g) above or clause (l) below. 
 (j) Limitation on Source of Payment of Interest During New Equity Settlement Period. On any Interest Payment Date during a New
Equity Settlement Period, the Company covenants not to pay any accrued and unpaid interest on the Notes except on an Interest Payment Date and except in an aggregate amount for each Interest Payment Date that does not exceed the New Equity Amount
with respect to such Interest Payment Date raised by the Company pursuant to clause (k) below. 
 (k) Obligation After
Five Years of Optional Deferral. With regard to each Interest Payment Date during any New Equity Settlement Period (other than the Interest Payment Date for which the Company’s failure to pay accrued and unpaid interest triggered the New
Equity Settlement Period), except any Interest Payment Date as of which a Supervisory Event has occurred or for which the Company has delivered a timely MDE Certification pursuant to clause (l) below, the Company covenants to use its
Commercially Reasonable Efforts to issue and sell New Equity in an amount that will generate a New Equity Amount sufficient to enable the Company to pay all accrued and 

  

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unpaid interest on the Notes in full on such Interest Payment Date in accordance with clause (j) above. The Company covenants to apply all New Equity
Amounts raised pursuant to this clause (k) to the payment of accrued and unpaid interest on the applicable Interest Payment Date until all accrued and unpaid interest shall have been paid in full. If, due to an MDE or for any other reason, the
Company is able to raise some, but not all of the New Equity Amount required in respect of an Interest Payment Date, it will apply any available New Equity Amount to pay accrued and unpaid interest on the applicable Interest Payment Date pro
rata; provided, however, that if the Company then has outstanding securities in addition to the Notes under which it is obliged to apply the New Equity Amount to the payment of deferred interest, then on any date and for any period the New
Equity Amount received by the Company and available for payment of deferred interest shall be applied to the Notes and those other securities on a pro rata basis, or on such other basis as the Federal Reserve may approve. 
 (l) Supervisory Events and Market Disruption Events. If at any time during a New Equity Settlement Period (i) a Supervisory
Event shall have occurred, or (ii) the Company shall have delivered to the Trustee an MDE Certification with respect to an Interest Payment Date no more than 20 Business Days and no less than 10 Business Days in advance thereof, the Company
shall be excused from its obligation to use its Commercially Reasonable Efforts to issue and sell New Equity described in clause (k) above with respect to such Interest Payment Date; provided that the Company shall not be excused from its
obligation to pay interest pursuant to this clause (l) on or after the Stated Maturity of, or Redemption Date for, the Notes, or if the Company shall have failed to pay accrued interest in full on more than forty (40) consecutive Interest
Payment Dates. The Company’s obligation to sell New Equity to pay deferred interest during a New Equity Settlement Period shall resume at such time as no Market Disruption Event or Supervisory Event exists or is continuing. 
 (m) Events of Default. An Event of Default as defined in the Indenture shall be an Event of Default with respect to the Notes,
provided that the nonpayment of interest for so long as and to the extent permitted pursuant to clauses (g) and (l) above shall not be deemed to be a default in the payment of interest for the purposes of Section 5.1(a) of the
Indenture and shall not otherwise be deemed an Event of Default with respect to the Notes, and provided further that, during any Non-Acceleration Period, the nonpayment of interest on any Interest Payment Date as of which no Supervisory Event has
occurred and for which the Company has not delivered a timely MDE Certification pursuant to clause (l) above shall be deemed not to be an Event of Default solely for purposes of Section 5.2 of the Indenture. For the avoidance of doubt, and
without prejudice to any other remedies that may be available under the Indenture to the Trustee, the Holders of the Notes or the holders of the Preferred Securities, no breach by the Company of any covenant or obligation under the Indenture or the
terms of the Notes shall be an Event of Default (including, without limitation, (i) the payment of interest at any time from a source other than the New Equity Amount in breach of the covenant of the Company under clause (j) above or
(ii) the failure to raise or apply New Equity Amounts in breach of the covenants of the Company under clause (k) above), except those that are specifically identified as an Event of Default under the Indenture. During a Non-Acceleration
Period, upon occurrence of an Event of Default described in Section 5.1(a) 

  

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of the Indenture, (i) any holder of the Preferred Securities issued by the Trust shall have the right to institute a suit directly against the Company
for enforcement of payment to such holder of interest on the Notes having a principal amount equal to the aggregate Liquidation Amount (as defined in the Declaration of Trust for the Trust) of such Preferred Securities held by such holders, and
(ii) any such holder shall not have the right to institute a suit against the Company for the payment of principal otherwise provided pursuant to Section 5.8 of the Indenture. 
 (n) Location of Payment. Payment of the principal of (and premium, if any) and interest on the Notes will be made at the corporate
trust office of the Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of
interest may be made (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Securities Register or (ii) by wire transfer in immediately available funds at such place and to such account as may
be designated by the Person entitled thereto as specified in the Securities Register. The office where the Notes may be presented or surrendered for payment and the office where the Notes may be surrendered for transfer or exchange and where notices
and demands to or upon the Company in respect of the Notes and the Indenture may be served shall be the Corporate Trust Office. The Trustee shall act as Paying Agent. 
 (o) Redemption. The Notes are redeemable at the option of the Company, subject to the terms and conditions of Article XI of
the Indenture and subject to the Company having received prior approval from the Federal Reserve if then required under applicable capital guidelines or policies of the Federal Reserve, at 100% of their principal amount plus accrued and unpaid
interest, in whole or in part (1) on one or more occasions at any time on or after June 15, 2011, or (2) at any time if a Special Event has occurred and is continuing and the Company cannot cure the Special Event by some reasonable
action, in which case the Company may redeem the Notes within 90 days following the occurrence of the Special Event. Redemption of the Notes shall be subject to a capital replacement covenant entered into by the Company as of the date hereof in
favor of holders of certain series of long-term indebtedness of the Company that ranks senior to the Notes. 
 (p) Sinking
Fund. The Notes shall not be subject to any sinking fund or analogous provisions. 
 (q) Forms. The Notes shall be
substantially in the form of Annex A attached hereto, with such modifications thereto as may be approved by the authorized officer executing the same. The Declaration of Trust shall be substantially in the form of Annex B attached hereto, with such
modifications thereto as may be approved by the authorized officer executing the same. The Guarantee Agreement shall be substantially in the form of Annex C attached hereto, with such modifications thereto as may be approved by the authorized
officer executing the same. 
 (r) Subordination. The subordination provisions of Article XIV of the Indenture
shall apply; provided, however, that for the purposes of the Notes (but not for 

  

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the purposes of any other Securities unless specifically set forth in the terms of such Securities), the definition of “Senior Indebtedness” in the
Indenture is hereby amended in its entirety to read as follows: 
 “‘Senior Indebtedness’ means: 
 (1) the principal, premium, if any, and interest in respect of (a) indebtedness for money borrowed and (b) indebtedness evidenced by securities,
notes, debentures, bonds or other similar instruments issued by the Company, including the Company’s junior subordinated debentures or guarantees issued in connection with any future traditional trust preferred securities, each of which will
rank senior to the Preferred Securities issued by the Trust; 
 (2) all of the Company’s capital lease obligations; 
 (3) all of the Company’s obligations issued or assumed as the deferred purchase price of property, all of the Company’s conditional sale
obligations and all of its obligations under any title retention agreement, but excluding trade accounts payable and other accrued liabilities arising in the ordinary course of business; 
 (4) all of the Company’s obligations, contingent or otherwise, in respect of any letters of credit, bankers’ acceptances, security purchase
facilities, repurchase agreements or similar credit transactions; 
 (5) all of the Company’s obligations in respect of interest rate
swap, cap or other agreements, interest rate future or option contracts, currency swap agreements, currency future or option contracts, hedging arrangements and other similar agreements; 
 (6) all obligations of the type referred to in clauses (1) through (5) above of other persons for the payment of which we are responsible or
liable as obligor, guarantor or otherwise; and 
 (7) all obligations of the type referred to in clauses (1) through (6) above of
other persons secured by any lien on any of our property or assets, whether or not such obligation is assumed by the Company; 
 except that
Senior Indebtedness will not include: 
 (A) any indebtedness issued under the Indenture; 
 (B) the Preferred Security Guarantee; 
 (C)
trade accounts payable and other accrued liabilities arising in the ordinary course of business; 
 (D) any indebtedness between or among the
Company and its affiliates; and 
  

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 (E) any indebtedness or guarantee that is by its terms subordinated to, or ranks equally with, the Notes
and the issuance of which, in the case of this clause (E) only, (x) has received the concurrence or approval of the staff of the Federal Reserve or (y) does not at the time of issuance prevent the Notes from qualifying for Tier 1
capital treatment (irrespective of any limits on the amount of our Tier 1 capital) under the applicable capital adequacy guidelines, regulations, policies or published interpretations of the Federal Reserve.” 
 (s) Dividend Stopper. During any Optional Deferral Period or New Equity Settlement Period the Company shall not, and shall not
permit any Subsidiary of the Company to, (i) declare or pay any dividends or distributions on or redeem, purchase, acquire or make a liquidation payment with respect to, any of the Company’s capital stock or the capital stock of its
Subsidiaries (which includes, in each case, common and preferred stock) or (ii) make any payment of principal of or interest or premium, if any, on, or repay, repurchase or redeem any debt securities of the Company that rank pari passu
with or junior in interest to the Notes or (iii) make any guarantee payments with respect to any guarantee by the Company of the debt securities of any Subsidiary of the Company if such guarantee ranks pari passu with or junior in
interest to the Notes, other than, in the case of each of clauses (i), (ii) and (iii), (A) dividends or distributions in capital stock of the Company, (B) payments under the Guarantee with respect to the Preferred Securities and the
Common Securities of the Trust, (C) any declaration or payment of a dividend in connection with the implementation of a stockholders’ rights plan, or the issuance of stock under any such plan in the future or the redemption or repurchase
of any such rights pursuant thereto, (D) repurchases, redemptions or other acquisitions of shares of capital stock of the Company in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of
employees, officers, directors or consultants and (E) solely in the case of a Subsidiary of the Company, any declaration of dividends or distributions on the capital stock of such Subsidiary to the Company or one of its Affiliates. 

ARTICLE III 
 [INTENTIONALLY OMITTED]

 ARTICLE IV 
 MISCELLANEOUS

 Section 4.1 If any provision of this Supplemental Indenture limits, qualifies or conflicts with the duties imposed by any of
Sections 310 to 317, inclusive, of the Trust Indenture Act of 1939 through operation of Section 318(c) thereof, such imposed duties shall control. 
 Section 4.2 The Article headings herein are for convenience only and shall not effect the construction hereof. 
 Section 4.3 All covenants and agreements in this Supplemental Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 
  

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 Section 4.4 In case any provision of this Supplemental Indenture shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 4.5 Nothing in this Supplemental Indenture is intended to or shall provide any rights to any parties other than those expressly contemplated by this Supplemental Indenture. 
 Section 4.6 THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 Section 4.7 The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture. The recitals and statements
herein are deemed to be those of the Company and not of the Trustee. 
 * * * * 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument. 
 [The remainder of this page left blank intentionally; the signature page
follows.] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, and
their respective corporate seals to be hereunto affixed and attested, all as of the day and year first above written. 
  

			
	CAPITAL ONE FINANCIAL CORPORATION
		
	By:	 	 /s/ Stephen Linehan

	Name:	 	Stephen Linehan
	Title:	 	Senior Vice President and Treasurer

  

			
	Attest:
		
	By:	 	 /s/ Daniel Rosen

	Name:	 	Daniel Rosen
	Title:	 	Director of Capital Markets

  

			
	THE BANK OF NEW YORK,
	as Trustee
		
	By:	 	 /s/ Van K. Brown

	Name:	 	Van K. Brown
	Title:	 	Vice President

  

			
	Attest:
		
	By:	 	 /s/ Robert A. Massimillo

	Name:	 	Robert A. Massimillo
	Title:	 	Vice President

  

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 Annex A 
 Form of Notes 
 [IF THE SECURITY IS TO BE A GLOBAL SECURITY, INSERT - This Security is a Global Security within the meaning of the
Indenture hereinafter referred to and is registered in the name of a Depositary or a nominee of a Depositary. This Security is exchangeable for Securities registered in the name of a person other than the Depositary or its nominee only in the
limited circumstances described in the Indenture, and no transfer of this Security (other than a transfer of this Security as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another
nominee of the Depositary) may be registered except in limited circumstances. 
 Unless this Security is presented by an authorized
representative of The Depository Trust Company (55 Water Street, New York, New York) to the issuer or its agent for registration of transfer, exchange or payment, and any Security issued is registered in the name of Cede & Co. or such other
name as requested by an authorized representative of The Depository Trust Company and any payment hereon is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL since the registered
owner hereof, Cede & Co., has an interest herein.] 
 CAPITAL ONE FINANCIAL CORPORATION 
 7.50% Junior Subordinated Notes due 2066 
 No.
 ̈ 
 $ 
 CUSIP No. 14041L204 
 CAPITAL ONE FINANCIAL
CORPORATION, a corporation organized and existing under the laws of the State of Delaware (hereinafter called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received,
hereby promises to pay to The Bank of New York, the Institutional Trustee of CAPITAL ONE CAPITAL II, or registered assigns, the principal sum of dollars ($ ) on June 15, 2066. The Company is authorized to direct payments to The
Bank of New York, in its capacity as paying agent under the Declaration of Trust (as defined below), or any other paying agent appointed under the terms of the Declaration of Trust. The Company further promises to pay interest on said principal sum
from June 6, 2006 or from the most recent interest payment date (each such date, an “Interest Payment Date”) on which interest has been paid or duly provided for, quarterly (subject to deferral as set forth herein) in arrears on
September 15, December 15, March 15 and June 15 of each year, commencing September 15, 2006, at the rate of 7.50% per annum, until the principal hereof shall have become due and payable. Interest payments not paid when
due will themselves accrue additional interest at the annual rate of 7.50% (which rate will 

  

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be equal to the annual interest rate on the notes) on the amount of unpaid interest, to the extent permitted by law, compounded quarterly. The amount of
interest payable for any period will be computed on the basis of a 360-day year comprised of twelve 30-day months. The amount of interest payable for any period shorter than a full quarterly period will be computed on the basis of a 30-day month
period and, for periods of less than a month, the actual number of days elapsed per 30-day month. In the event that any date on which interest is payable on this Security is not a Business Day, then a payment of the interest payable on such date
will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay). A “Business Day” shall mean any day other than a Saturday, Sunday, or any other day on which banking
institutions in New York, New York are authorized or obligated by any applicable law or executive order to close. The interest installment so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest installment, which shall be (i) the Business Day next
preceding such Interest Payment Date if this Security is issued in the form of a Global Security, or (ii) the fifteenth day (whether or not a Business Day) preceding such Interest Payment Date if this Security is not issued in the form of a
Global Security. Any such interest installment not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not fewer than ten
days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required
by such exchange, all as more fully provided in said Indenture. 
 So long as no Event of Default has occurred and is continuing, the Company
shall have the right at any time and from time to time during the term of this Security to defer payment of interest on this Security for up to twenty consecutive quarterly interest payment periods with respect to each deferral period (each an
“Optional Deferral Period”), but shall (subject to its rights to further defer interest on Interest Payment Dates during a New Equity Settlement Period as described in the Indenture) pay all interest then accrued and unpaid (together with
interest thereon to the extent permitted by applicable law, compounded quarterly at the rate specified in this Security) on the first Interest Payment Date following the termination of such Optional Deferral Period; provided, however, that no
Optional Deferral Period shall extend beyond the Stated Maturity of the principal of this Security. Upon termination of any such Optional Deferral Period and upon the payment of all accrued and unpaid interest (including any Additional Interest)
then due, the Company may elect to begin a new Optional Deferral Period, subject to the above requirements. No interest shall be due and payable during an Optional Deferral Period except on the first Interest Payment Date thereafter. 
 The Company also shall have the right, at any time and from time to time during the term of this Security, to defer payment of interest due on any
Interest Payment Date during a New Equity Settlement Period (as defined in the Indenture), subject to certain limitations described in the Indenture, if a Supervisory Event has occurred or if the Company shall have delivered to the Trustee an MDE
Certification (each as defined in the Indenture) with respect to such Interest 

  

 A-2 

 
Payment Date as described in the Indenture, provided that the Company may not so defer interest on or after the Stated Maturity of, or Redemption Date for,
this Security, or if such deferral would result in the Company having failed to pay accrued interest in full on more than forty consecutive Interest Payment Dates. On any Interest Payment Date during a New Equity Settlement Period, the Company
covenants not to pay any accrued and unpaid interest on this Security except on an Interest Payment Date and except in an aggregate amount for each Interest Payment Date that does not exceed the New Equity Amount (as defined in the Indenture) raised
by the Company as described in the Indenture. 
 During a Non-Acceleration Period (as defined in the Indenture), the Company shall not pay on
any Interest Payment Date interest that has accrued on this Security during the quarterly interest period immediately preceding such Interest Payment Date, unless the Company pays therewith all accrued and unpaid interest (including any Additional
Interest) at such time outstanding on this Security, including without limitation accrued and unpaid interest that has been deferred pursuant to the provisions described in the preceding two paragraphs. 
 Unless the Company has paid all accrued and payable interest on this Security, the Company shall not, and shall not permit any Subsidiary of the Company
to, (i) declare or pay any dividends or distributions on or redeem, purchase, acquire or make a liquidation payment with respect to, any of the Company’s capital stock or the capital stock of its Subsidiaries or (ii) make any payment
of principal of or interest or premium, if any, on, or repay, repurchase or redeem any debt securities of the Company that rank pari passu with or junior in interest to this Security or (iii) make any guarantee payments with respect to
any guarantee by the Company of the debt securities of any Subsidiary of the Company if such guarantee ranks pari passu with or junior in interest to the Security (other than, in the case of each of clauses (i), (ii) and (iii),
(a) dividends or distributions in capital stock of the Company, (b) payments under the Guarantee with respect to the Preferred Securities of the Trust, (c) any declaration of a dividend in connection with the implementation of a
stockholders’ rights plan, or the issuance of stock under any such plan in the future or the redemption or repurchase of any such rights pursuant thereto, (d) repurchases, redemptions or other acquisitions of shares of capital stock of the
Company in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of employees, officers, directors or consultants and (e) solely in the case of a Subsidiary of the Company, any declaration of
dividends or distributions on the capital stock of such Subsidiary to the Company or one of its Affiliates). 
 Payment of principal of (and
premium, if any) and interest on this Security will be made at the office or agency of the Company maintained for that purpose in the United States, in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the
Securities Register or (ii) by wire transfer in immediately available funds at such place and to such account as may be designated in writing at least 15 days before the relevant Interest Payment Date by the Person entitled thereto as
specified in the Securities Register. 
 The Securities are not deposits or savings accounts. The Securities are not insured by the Federal
Deposit Insurance Corporation or any other governmental agency or instrumentality. 
  

 A-3 

 The indebtedness evidenced by this Security is, to the extent provided in the Indenture, subordinated and
subject in right of payments to the prior payment in full of all Senior Indebtedness (as such definition is modified in the First Supplemental Indenture with respect to this Security), and this Security is issued subject to the provisions of the
Indenture with respect thereto. Each Holder of this Security, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee on his behalf to take such actions as may be necessary or
appropriate to effectuate the subordination so provided and (c) appoints the Trustee his attorney-in-fact for any and all such purposes. Each Holder hereof, by his acceptance hereof, waives all notice of the acceptance of the subordination
provisions contained herein and in the Indenture by each holder of Senior Indebtedness, whether now outstanding or hereafter incurred, and waives reliance by each such holder upon said provisions. 
 Reference is made hereby to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred
to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal. 
  

			
	CAPITAL ONE FINANCIAL CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	Attest:	 	
	
	  

	Title:	 	
		
	Dated:	 	June     , 2006

  

 A-4 

 REVERSE OF SECURITY 
 This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under a Junior Subordinated Indenture, dated as of
June 6, 2006, as supplemented by the First Supplemental Indenture, dated as of June 6, 2006 (herein together called the “Indenture”), between the Company and The Bank of New York, as Trustee (herein called the
“Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Trustee, the Company and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof,
limited in aggregate principal amount of $346,000,000, issuable on one or more occasions. 
 All terms used in this Security that are defined
in the Indenture or in the Amended and Restated Declaration of Trust, dated as of June 6, 2006 (the “Declaration of Trust”), for CAPITAL ONE CAPITAL II, among Capital One Financial Corporation, as Sponsor, and the Trustees named
therein, shall have the meanings assigned to them in the Indenture or the Declaration of Trust, as the case may be. 
 The Company may at any
time, at its option, on or after June 15, 2011, and subject to the terms and conditions of Article XI of the Indenture and Section 2.1(o) of the First Supplemental Indenture, and subject to prior approval by the Board of Governors of
the Federal Reserve System if then required, redeem this Security in whole at any time or in part from time to time, without premium or penalty, at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest
including Additional Interest, if any, to the Redemption Date. 
 Upon the occurrence and during the continuation of a Tax Event, Investment
Company Event or a Regulatory Capital Event in respect of a Trust, the Company may, at its option, at any time within 90 days of the occurrence of such Tax Event, Investment Company Event or Regulatory Capital Event redeem this Security, in
whole but not in part, subject to the provisions of Article XI of the Indenture, at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest, including Additional Interest, if any, to the Redemption
Date. In the event of redemption of this Security in part only, a new Security or Securities of this series for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
 The Indenture contains provisions for satisfaction and discharge of the entire indebtedness of this Security upon compliance by the Company with certain
conditions set forth in the Indenture. 
 The Indenture contains provisions permitting the Company and the Trustee, with the consent of the
Holders of not less than a majority in aggregate principal amount of the Securities of each series affected at the time outstanding, as defined in the Indenture, to execute supplemental indentures for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Securities; provided, however, that no 

  

 A-5 

 
such supplemental indenture shall (i) extend the fixed maturity of any Securities of any series, or reduce the principal amount thereof, or reduce the
rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof, without the consent of the Holder of each Security so affected, or (ii) reduce the aforesaid percentage of Securities, the
Holders of which are required to consent to any such supplemental indenture, without the consent of the Holders of each Security then outstanding and affected thereby. The Indenture also contains provisions permitting the Holders of a majority in
aggregate principal amount of the Securities of any series at the time outstanding affected thereby, on behalf of all of the Holders of the Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and
any past default in the performance of any of the covenants contained in the Indenture, or established pursuant to the Indenture with respect to such series, and its consequences, except a default in the payment of the principal of or premium, if
any, or interest on any of the Securities of such series. Any such consent or waiver by the registered Holder of this Security (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders
and owners of this Security and of any Security issued in exchange herefor or in place hereof (whether by registration of transfer or otherwise), irrespective of whether or not any notation of such consent or waiver is made upon this Security.

 As provided in and subject to the provisions of the Indenture, if an Event of Default with respect to the Securities of this series at the
time Outstanding occurs and is continuing, then and in every such case the Trustee or the Holders of not less that 25% in principal amount of the Outstanding Securities of this series may declare the principal amount of all the Securities of this
series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), provided that, in the case of the Securities of this series issued to a Trust, if upon an Event of Default (other
than any Event of Default due to non payment of interest on any Interest Payment Date during a Non-Acceleration Period), the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of this series fails to
declare the principal of all the Securities of this series to be immediately due and payable, the holders of at least 25% in aggregate Liquidation Amount of the Preferred Securities then outstanding shall have such right by a notice in writing to
the Company and the Trustee; and upon any such declaration the principal amount of and the accrued interest (including Additional Interest) on all the Securities of this series shall become immediately due and payable, provided that the payment of
principal and interest (including Additional Interest) on such Securities shall remain subordinated to the extent provided in Article XIV of the Indenture and Section 2.1(r) of the First Supplemental Indenture. 
 Subject to the provisions of the Indenture, if, in the absence of a Supervisory Event or an MDE Certification, the Company fails to pay all accrued and
unpaid interest on the Outstanding Securities on or by the next Interest Payment Date following an Optional Deferral Period of five years, such failure shall constitute an Event of Default under the Indenture; however, prior to the expiration of ten
consecutive years after the commencement of an Optional Deferral Period, the occurrence of such an Event of Default shall not entitle the Trustee or the Holders of the Outstanding Securities to declare the principal amount of the Outstanding
Securities immediately due and payable. Instead, the Trustee and the Holders shall, prior to the earlier of (i) the Stated Maturity of the Securities and (ii) the expiration of ten consecutive years after the commencement of such Optional
Deferral Period, only have the right to seek payment of such interest. 
  

 A-6 

 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or
impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Security at the times, places and rate, and in the coin or currency, herein prescribed (subject to the
deferral rights of the Company described in the Indenture). 
 As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Security is registrable in the Securities Register, upon surrender of this Security for registration of transfer at the office or agency of the Company maintained under Section 10.2 of the Indenture duly endorsed by,
or accompanied by written instrument of transfer in form satisfactory to the Company and the Securities Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this
series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due
presentment of this Security for registration or transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this
Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 No recourse
shall be had for the payment of the principal of or the interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, stockholder, officer or director,
past, present or future, as such, of the Company or of any predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability
being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released. 
 The Securities of
this series are issuable only in registered form without coupons in denominations of $25 and in any multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for
like aggregate principal amount of Securities of such series of a different authorized denomination, as requested by the Holder surrendering the same. 
 The Company and, by its acceptance of this Security or a beneficial interest therein, the Holder of, and any Person that acquires beneficial interest in, this Security agree that for United States federal, state and
local tax purposes it is intended that this Security constitute indebtedness. 
 THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  

 A-7 

 This is one of the Securities referred to in the mentioned Indenture. 
  

			
	THE BANK OF NEW YORK,
	as Trustee
		
	By:	 	  

		 	Authorized Signatory

 Dated: June     , 2006 
  

 A-8 

 Annex B 
 Declaration of Trust 
 [Refer to Exhibit 4.3] 
  

 B-1 

 Annex C 
 Guarantee Agreement 
 [Refer to Exhibit 4.4] 
  

 C-1Exhibit 4.3

 Exhibit 4.3 
 AMENDED AND RESTATED DECLARATION 
 OF TRUST 
 CAPITAL ONE CAPITAL II 
 Dated as of June 6, 2006 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
		
	ARTICLE I	  	
	INTERPRETATION AND DEFINITIONS	  	
			
	SECTION 1.1	  	Definitions.	  	1
	ARTICLE II	  	
	TRUST INDENTURE ACT	  	
			
	SECTION 2.1	  	Trust Indenture Act; Application.	  	7
			
	SECTION 2.2	  	Lists of Holders of Securities.	  	7
			
	SECTION 2.3	  	Reports by the Institutional Trustee.	  	7
			
	SECTION 2.4	  	Periodic Reports to Institutional Trustee.	  	7
			
	SECTION 2.5	  	Evidence of Compliance with Conditions Precedent.	  	7
			
	SECTION 2.6	  	Trust Enforcement Events; Waiver.	  	8
			
	SECTION 2.7	  	Trust Enforcement Event; Notice.	  	9
		
	ARTICLE III	  	
	ORGANIZATION	  	
			
	SECTION 3.1	  	Name.	  	9
			
	SECTION 3.2	  	Office.	  	10
			
	SECTION 3.3	  	Purpose.	  	10
			
	SECTION 3.4	  	Authority.	  	10
			
	SECTION 3.5	  	Title to Property of the Trust.	  	10
			
	SECTION 3.6	  	Powers and Duties of the Administrative Trustees.	  	10
			
	SECTION 3.7	  	Prohibition of Actions by the Trust and the Trustees.	  	12
			
	SECTION 3.8	  	Powers and Duties of the Institutional Trustee.	  	13
			
	SECTION 3.9	  	Certain Duties and Responsibilities of the Institutional Trustee.	  	15
			
	SECTION 3.10	  	Certain Rights of Institutional Trustee.	  	16
			
	SECTION 3.11	  	Delaware Trustee.	  	18
			
	SECTION 3.12	  	Execution of Documents.	  	18
			
	SECTION 3.13	  	Not Responsible for Recitals or Issuance of Securities.	  	18
			
	SECTION 3.14	  	Duration of Trust.	  	18
			
	SECTION 3.15	  	Mergers.	  	19
			
	SECTION 3.16	  	Paying Agent.	  	20

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	Page
	ARTICLE IV	  	
	SPONSOR	  	
			
	SECTION 4.1	  	Sponsor’s Purchase of Common Securities.	  	20
			
	SECTION 4.2	  	Responsibilities of the Sponsor.	  	20
		
	ARTICLE V	  	
	TRUSTEES	  	
			
	SECTION 5.1	  	Number of Trustees.	  	21
			
	SECTION 5.2	  	Delaware Trustee.	  	21
			
	SECTION 5.3	  	Institutional Trustee; Eligibility.	  	22
			
	SECTION 5.4	  	Qualifications of Administrative Trustees and Delaware Trustee Generally.	  	22
			
	SECTION 5.5	  	Initial Trustees; Additional Powers of Administrative Trustees.	  	22
			
	SECTION 5.6	  	Appointment, Removal and Resignation of Trustees.	  	23
			
	SECTION 5.7	  	Vacancies among Trustees.	  	25
			
	SECTION 5.8	  	Effect of Vacancies.	  	25
			
	SECTION 5.9	  	Meetings.	  	25
			
	SECTION 5.10	  	Delegation of Power.	  	25
			
	SECTION 5.11	  	Merger, Conversion, Consolidation or Succession to Business.	  	25
		
	ARTICLE VI	  	
	DISTRIBUTIONS	  	
			
	SECTION 6.1	  	Distributions.	  	26
		
	ARTICLE VII	  	
	ISSUANCE OF SECURITIES	  	
			
	SECTION 7.1	  	General Provisions Regarding Securities.	  	26
			
	SECTION 7.2	  	Issuance of Securities; Purchase of Notes.	  	27
		
	ARTICLE VIII	  	
	TERMINATION OF TRUST	  	
			
	SECTION 8.1	  	Termination of Trust.	  	28
		
	ARTICLE IX	  	
	TRANSFER OF INTERESTS	  	
			
	SECTION 9.1	  	Transfer of Securities.	  	28
			
	SECTION 9.2	  	Transfer of Certificates.	  	29

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	Page
	SECTION 9.3	  	Deemed Security Holders.	  	29
			
	SECTION 9.4	  	Book Entry Interests.	  	29
			
	SECTION 9.5	  	Notices to Clearing Agency.	  	30
			
	SECTION 9.6	  	Appointment of Successor Clearing Agency.	  	30
			
	SECTION 9.7	  	Definitive Capital Security Certificates.	  	30
			
	SECTION 9.8	  	Mutilated, Destroyed, Lost or Stolen Certificates.	  	31
		
	ARTICLE X	  	
	LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES, TRUSTEES OR OTHERS	  	
			
	SECTION 10.1	  	Liability.	  	31
			
	SECTION 10.2	  	Exculpation.	  	31
			
	SECTION 10.3	  	Fiduciary Duty.	  	32
			
	SECTION 10.4	  	Indemnification.	  	33
			
	SECTION 10.5	  	Outside Businesses.	  	35
		
	ARTICLE XI	  	
	ACCOUNTING	  	
			
	SECTION 11.1	  	Fiscal Year.	  	35
			
	SECTION 11.2	  	Certain Accounting Matters.	  	35
			
	SECTION 11.3	  	Banking.	  	36
			
	SECTION 11.4	  	Withholding.	  	36
		
	ARTICLE XII	  	
	AMENDMENTS AND MEETINGS	  	
			
	SECTION 12.1	  	Amendments.	  	36
			
	SECTION 12.2	  	Meetings of the Holders of Securities; Action by Written Consent.	  	38
		
	ARTICLE XIII	  	
	REPRESENTATIONS OF INSTITUTIONAL TRUSTEE AND DELAWARE TRUSTEE	  	
			
	SECTION 13.1	  	Representations and Warranties of Institutional Trustee.	  	39
			
	SECTION 13.2	  	Representations and Warranties of Delaware Trustee.	  	40
		
	ARTICLE XIV	  	
	MISCELLANEOUS	  	
			
	SECTION 14.1	  	Notices.	  	40
			
	SECTION 14.2	  	Governing Law.	  	41

  

 -iii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	Page
	SECTION 14.3	  	Intention of the Parties.	  	41
			
	SECTION 14.4	  	Headings.	  	41
			
	SECTION 14.5	  	Successors and Assigns.	  	41
			
	SECTION 14.6	  	Partial Enforceability.	  	42
			
	SECTION 14.7	  	Counterparts.	  	42

  

 -iv- 

 ANNEXES AND EXHIBITS 
  

			
	ANNEX I	 	Terms of 7.50% Capital Securities and 7.50% Common Securities
		
	EXHIBIT A-1	 	Form of Capital Security Certificate
	EXHIBIT A-2	 	Form of Common Security Certificate
	EXHIBIT B	 	Specimen of Note
	EXHIBIT C	 	Underwriting Agreement

  

 -v- 

 CROSS-REFERENCE TABLE* 
  

			
	 Section of Trust Indenture Act of 1939, as amended
	  	 Section of Declaration

	310(a)	  	5.3(a)
	310(c)	  	Inapplicable
	311(c)	  	Inapplicable
	312(a)	  	2.2(a)
	312(b)	  	2.2(b)
	313	  	2.3
	314(a)	  	2.4
	314(b)	  	Inapplicable
	314(c)	  	2.5
	314(d)	  	Inapplicable
	314(f)	  	Inapplicable
	315(a)	  	3.9(b)
	315(c)	  	3.9(a)
	315(d)	  	3.9(a)
	316(a)	  	Annex I
	316(c)	  	3.6(e)

	*	This Cross-Reference Table does not constitute part of the Declaration and shall not affect the interpretation of any of its terms or provisions. 

  

 -vi- 

 AMENDED AND RESTATED DECLARATION OF TRUST 
 OF 
 CAPITAL ONE CAPITAL II 
 June 6, 2006 
 AMENDED AND RESTATED
DECLARATION OF TRUST (“Declaration”) dated and effective as of June 6, 2006, by the Trustees (as defined herein), the Sponsor (as defined herein) and by the holders, from time to time, of undivided beneficial interests in the assets
of the Trust to be issued pursuant to this Declaration; 
 WHEREAS, the Trustees and the Sponsor established Capital One Capital II (the
“Trust”), a trust under the Statutory Trust Act (as defined herein) pursuant to a Declaration of Trust dated as of June 2, 2005 (the “Original Declaration”) and a Certificate of Trust filed with the Secretary of State of the
State of Delaware on June 2, 2005, for the sole purpose of issuing and selling certain securities representing undivided beneficial interests in the assets of the Trust and investing the proceeds thereof in certain Notes of the Notes Issuer;

 WHEREAS, as of the date hereof, no interests in the Trust have been issued; 
 WHEREAS, all of the Trustees and the Sponsor, by this Declaration, amend and restate each and every term and provision of the Original Declaration; and

 NOW, THEREFORE, it being the intention of the parties hereto to continue the Trust as a statutory trust under the Statutory Trust Act and
that this Declaration constitute the governing instrument of such statutory trust, the Trustees declare that all assets contributed to the Trust will be held in trust for the benefit of the holders, from time to time, of the securities representing
undivided beneficial interests in the assets of the Trust issued hereunder, subject to the provisions of this Declaration. 
 ARTICLE I

 INTERPRETATION AND DEFINITIONS 
 SECTION 1.1 Definitions. 
  

	 	Unless	the context otherwise requires: 

 (a) Capitalized terms
used in this Declaration but not defined in the preamble above have the respective meanings assigned to them in this Section 1.1; 
 (b)
a term defined anywhere in this Declaration has the same meaning throughout; 
 (c) all references to “the Declaration” or
“this Declaration” are to this Declaration as modified, supplemented or amended from time to time; 
 (d) all references in this
Declaration to Articles and Sections and Annexes and Exhibits are to Articles and Sections of and Annexes and Exhibits to this Declaration unless otherwise specified; 
  

 1 

 (e) a term defined in the Trust Indenture Act has the same meaning when used in this Declaration unless
otherwise defined in this Declaration or unless the context otherwise requires; and 
 (f) a reference to the singular includes the plural
and vice versa. 
 “Administrative Trustee”: has the meaning specified in Section 5.1. 
 “Affiliate”: has the same meaning as given to that term in Rule 405 of the Securities Act or any successor rule thereunder. 

“Authorized Officer”: of a Person means any Person that is authorized to bind such Person. 
 “Book Entry Interest”: means a beneficial interest in a Global Certificate, ownership and transfers of which shall be maintained and
made through book entries by a Clearing Agency as described in Section 9.4. 
 “Business Day”: means any day other than
a Saturday, Sunday or a day on which banking institutions in the City of New York, New York are permitted or required by any applicable law or executive order to close. 
 “Capital Securities Guarantee”: means the guarantee agreement dated as of June 6, 2006, of the Sponsor in respect of the Capital Securities. 
 “Capital Security”: has the meaning specified in Section 7.1. 
 “Capital Security Beneficial Owner”: means, with respect to a Book Entry Interest, a Person who is the beneficial owner of such Book
Entry Interest, as reflected on the books of the Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with
the rules of such Clearing Agency). 
 “Capital Security Certificate”: means a certificate representing a Capital Security
substantially in the form of Exhibit A-1. 
 “Certificate”: means a Common Security Certificate or a Capital Security
Certificate. 
 “Clearing Agency”: means an organization registered as a “Clearing Agency” pursuant to
Section 17A of the Exchange Act that is acting as depositary for the Capital Securities and in whose name or in the name of a nominee of that organization shall be registered a Global Certificate and which shall undertake to effect book entry
transfers and pledges of the Capital Securities. 
 “Clearing Agency Participant”: means a broker, dealer, bank, other
financial institution or other Person for whom from time to time the Clearing Agency effects book entry transfers and pledges of securities deposited with the Clearing Agency. 
 “Closing Date”: means June 6, 2006. 
 “Code”: means the Internal Revenue Code of 1986, as amended from time to time, or any successor legislation. 
 “Commission”: means the Securities and Exchange Commission. 
  

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 “Common Security”: has the meaning specified in Section 7.1. 
 “Common Security Certificate”: means a definitive certificate in fully registered form representing a Common Security substantially in
the form of Exhibit A-2. 
 “Company Indemnified Person”: means (a) any Administrative Trustee; (b) any Affiliate
of any Administrative Trustee; (c) any officers, directors, shareholders, members, partners, employees, representatives or agents of any Administrative Trustee; or (d) any officer, employee or agent of the Trust or its Affiliates.

 “Corporate Trust Office”: means the office of the Institutional Trustee at which the corporate trust business of the
Institutional Trustee shall, at any particular time, be principally administered, which office at the date of execution of this Declaration is located at The Bank of New York, 2 North LaSalle Street, Suite 1020, Chicago, Illinois 60602. 

“Coupon Rate”: has the meaning set forth in paragraph 2(a) of Annex I. 
 “Covered Person”: means: (a) any officer, director, shareholder, partner, member, representative, employee or agent of (i) the
Trust or (ii) the Trust’s Affiliates; and (b) any Holder of Securities. 
 “Definitive Capital Security
Certificates”: has the meaning set forth in Section 9.4. 
 “Delaware Trustee”: has the meaning set forth in
Section 5.1(b). 
 “Distribution”: has the meaning set forth in Section 6.1. 
 “DTC”: means The Depository Trust Company, the initial Clearing Agency. 
 “Exchange Act”: means the Securities Exchange Act of 1934, as amended from time to time, or any successor legislation. 
 “Federal Reserve Board”: means the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of Richmond, or its
successor as the Sponsor’s primary federal banking regulator. 
 “Fiduciary Indemnified Person”: has the meaning set
forth in Section 10.4(b). 
 “Fiscal Year”: has the meaning specified in Section 11.1. 
 “Global Certificate”: has the meaning set forth in Section 9.4. 
 “Holder”: means a Person in whose name a Certificate representing a Security is registered, such Person being a beneficial owner within
the meaning of the Statutory Trust Act. 
 “Indemnified Person”: means a Company Indemnified Person or a Fiduciary
Indemnified Person. 
 “Indenture”: means the Indenture dated as of June 6, 2006, between the Notes Issuer and the
Indenture Trustee, as supplemented by the First Supplemental Indenture dated as of June 6, 2006, between the Notes Issuer and the Indenture Trustee, pursuant to which the Notes are to be issued. 
 “Indenture Event of Default”: has the meaning given to the term “Event of Default” in the Indenture. 
  

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 “Indenture Trustee”: means The Bank of New York, as trustee under the Indenture until a
successor is appointed thereunder, and thereafter means such successor trustee. 
 “Institutional Trustee”: means the
Trustee meeting the eligibility requirements set forth in Section 5.3. 
 “Institutional Trustee Account”: has the
meaning set forth in Section 3.8(c). 
 “Investment Company”: means an investment company as defined in the Investment
Company Act. 
 “Investment Company Act”: means the Investment Company Act of 1940, as amended from time to time, or
any successor legislation. 
 “Investment Company Event”: has the meaning set forth in Annex I hereto. 
 “Legal Action”: has the meaning set forth in Section 3.6(g). 
 “List of Holders”: has the meaning set forth in Section 2.2(a). 
 “Majority in liquidation amount of the Securities”: means, except as provided in the terms of the Capital Securities or by the Trust
Indenture Act, Holder(s) of outstanding Securities voting together as a single class or, as the context may require, Holders of outstanding Capital Securities or Holders of outstanding Common Securities voting separately as a class, who are the
record owners of an aggregate liquidation amount representing more than 50% of the aggregate liquidation amount (including the stated amount that would be paid on redemption, liquidation or otherwise, plus accrued and unpaid Distributions to the
date upon which the voting percentages are determined) of all outstanding Securities of the relevant class. 
 “MDE
Certification”: has the meaning specified in the Indenture. 
 “Non-Acceleration Period”: has the meaning specified
in the Indenture. 
 “Notes”: means the series of Notes to be issued by the Notes Issuer under the Indenture to be held by
the Institutional Trustee hereunder, a specimen certificate for such series of Notes being attached hereto as Exhibit B. 
 “Notes
Issuer”: means Capital One Financial Corporation, a bank holding company incorporated in Delaware (or the Sponsor), in its capacity as issuer of the Notes under the Indenture. 
 “Officers’ Certificate”: means, with respect to any Person, a certificate signed by two Authorized Officers of such Person. Any
Officers’ Certificate delivered with respect to compliance with a condition or covenant provided for in this Declaration shall include: 
 (a) a statement that each officer signing the Officers’ Certificate has read the covenant or condition and the definitions relating thereto; 
 (b) a brief statement of the nature and scope of the examination or investigation undertaken by each officer in rendering the Officers’ Certificate; 
  

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 (c) a statement that each such officer has made such examination or investigation as, in such
officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether, in the opinion of each such officer, such condition or covenant has been complied with. 
 “Option Closing Date”: means the date of delivery and payment specified in the notice of exercise of the over-allotment option in accordance with the Underwriting Agreement. 
 “Optional Deferral Period”: has the meaning set forth in paragraph 2(b) of Annex I. 
 “Paying Agent”: means any paying agent or co-paying agent appointed pursuant to Section 3.16 and shall initially be The Bank of New
York. 
 “Payment Amount”: has the meaning specified in Section 6.1. 
 “Person”: means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint stock
company, limited liability company, trust, unincorporated association, or government or any agency or political subdivision thereof, or any other entity of whatever nature. 
 “Quorum”: means any one Administrative Trustee or, if there is only one Administrative Trustee, such Administrative Trustee. 

“Registrar”: has the meaning specified in Section 9.2. 
 “Regulatory Capital Event”: has the meaning set forth in Annex I hereto. 
 “Related Party”: means, with respect to the Sponsor, any direct or indirect wholly owned subsidiary of the Sponsor or any other Person
that owns, directly or indirectly, 100% of the outstanding voting securities of the Sponsor. 
 “Responsible Officer”:
means, with respect to the Institutional Trustee, any officer within the Corporate Trust Office of the Institutional Trustee with direct responsibility for the administration of this Declaration and also means, with respect to a particular corporate
trust matter, any other officer to whom such matter is referred because of that officer’s knowledge of and familiarity with the particular subject. 
 “Rule 3a-5”: means Rule 3a-5 under the Investment Company Act. 
 “Securities”: means the Common Securities and the Capital Securities. 
 “Securities Act”: means
the Securities Act of 1933, as amended from time to time, or any successor legislation. 
 “Special Event”: has the meaning
set forth in Annex I hereto. 
 “Sponsor”: means Capital One Financial Corporation, a bank holding company that is a U.S.
person incorporated in Delaware, or any successor entity in a merger, consolidation or amalgamation, in its capacity as sponsor of the Trust. 
 “Statutory Trust Act”: means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code §3801 et seq., as it may be amended from time to time, or any successor legislation. 
  

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 “Subsidiary” means, with respect to any company, a corporation more than 50% of the
outstanding voting stock of which is owned, directly or indirectly, by that company or by one or more other Subsidiaries, or by the company and one or more other Subsidiaries. For purposes of this definition, “voting stock” means stock
which ordinarily has voting power for the election of directors, whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency. 
 “Successor Delaware Trustee”: has the meaning set forth in Section 5.6. 
 “Successor Entity”: has the meaning set forth in Section 3.15(b). 
 “Successor Institutional Trustee”: has the meaning set forth in Section 5.6. 
 “Successor Securities”: has the meaning set forth in Section 3.15(b). 
 “Super Majority”: has the meaning set forth in Section 2.6(a)(ii). 
 “Tax Event”: has the meaning set forth in Annex I hereto. 
 “10% in liquidation amount of the Securities”: means, except as provided in the terms of the Capital Securities or by the Trust Indenture Act, Holder(s) of outstanding Securities voting together as a
single class or, as the context may require, Holders of outstanding Capital Securities or Holders of outstanding Common Securities voting separately as a class, who are the record owners of an aggregate liquidation amount representing 10% or more of
the aggregate liquidation amount (including the stated amount that would be paid on redemption, liquidation or otherwise, plus accrued and unpaid Distributions to the date upon which the voting percentages are determined) of all outstanding
Securities of the relevant class. 
 “Treasury Regulations”: means the income tax regulations, including temporary and
proposed regulations, promulgated under the Code by the United States Treasury, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 
 “Trustee” or “Trustees”: means each Person who has signed this Declaration as a trustee, so long as such Person shall
continue in office in accordance with the terms hereof, and all other Persons who may from time to time be duly appointed, qualified and serving as Trustees in accordance with the provisions hereof, and references herein to a Trustee or the Trustees
shall refer to such Person or Persons solely in their capacity as trustees hereunder. 
 “Trust Enforcement Event”: in
respect of the Securities means an Indenture Event of Default has occurred and is continuing in respect of the Notes. 
 “Trust
Indenture Act”: means the Trust Indenture Act of 1939, as amended from time to time, or any successor legislation. 
 “Underwriting Agreement”: means the Underwriting Agreement for the offering and sale of Capital Securities in the form of Exhibit C. 
  

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 ARTICLE II 
 TRUST INDENTURE ACT 
 SECTION 2.1 Trust Indenture Act; Application. 
 (a) This Declaration is subject to the provisions of the Trust Indenture Act that are required to be part of this Declaration and shall, to the extent
applicable, be governed by such provisions. 
 (b) The Institutional Trustee shall be the only Trustee that is a Trustee for the purposes of
the Trust Indenture Act. 
 (c) If and to the extent that any provision of this Declaration limits, qualifies or conflicts with the duties
imposed by §§ 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control. 
 (d) The application of the
Trust Indenture Act to this Declaration shall not affect the nature of the Securities as equity securities representing undivided beneficial interests in the assets of the Trust. 
 SECTION 2.2 Lists of Holders of Securities. 
 (a) Each of the Sponsor and the Administrative Trustees on behalf of the Trust shall provide the Institutional Trustee (i) within 14 days after each record date for payment of Distributions, a list, in such form as the Institutional
Trustee may reasonably require, of the names and addresses of the Holders of the Securities (“List of Holders”) as of such record date, provided, that neither the Sponsor nor the Administrative Trustees on behalf of the Trust shall be
obligated to provide such List of Holders at any time the List of Holders does not differ from the most recent List of Holders given to the Institutional Trustee by the Sponsor and the Administrative Trustees on behalf of the Trust, and (ii) at
any other time, within 30 days of receipt by the Trust of a written request for a List of Holders as of a date no more than 14 days before such List of Holders is given to the Institutional Trustee. The Institutional Trustee shall preserve, in as
current a form as is reasonably practicable, all information contained in Lists of Holders given to it or which it receives in the capacity as Paying Agent (if acting in such capacity), provided, that the Institutional Trustee may destroy any List
of Holders previously given to it on receipt of a new List of Holders. 
 (b) The Institutional Trustee shall comply with its obligations
under §§ 311(a), 311(b) and 312(b) of the Trust Indenture Act. 
 SECTION 2.3 Reports by the Institutional Trustee. Within
60 days after June 6 of each year, the Institutional Trustee shall provide to the Holders of the Capital Securities such reports as are required by § 313 of the Trust Indenture Act, if any, in the form and in the manner provided by §
313 of the Trust Indenture Act. The Institutional Trustee shall also comply with the requirements of § 313(d) of the Trust Indenture Act. 
 SECTION 2.4 Periodic Reports to Institutional Trustee. Each of the Sponsor and the Administrative Trustees on behalf of the Trust shall provide to the Institutional Trustee such documents, reports and information as required by
§ 314 of the Trust Indenture Act (if any) and the compliance certificate required by § 314 of the Trust Indenture Act in the form, in the manner and at the times required by § 314 of the Trust Indenture Act. Delivery of such reports,
information and documents to the Institutional Trustee is for informational purposes only and the Institutional Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from
information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Institutional Trustee is entitled to rely exclusively on Officers’ Certificates). 
 SECTION 2.5 Evidence of Compliance with Conditions Precedent. Each of the Sponsor and the Administrative Trustees on behalf of the Trust shall
provide to the Institutional Trustee such evidence of compliance with any conditions precedent provided for in this Declaration that relate to any 

  

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of the matters set forth in § 314(c) of the Trust Indenture Act. Any certificate or opinion required to be given by an officer pursuant to
§ 314(c)(1) of the Trust Indenture Act may be given in the form of an Officers’ Certificate. 
 SECTION 2.6 Trust
Enforcement Events; Waiver. 
 (a) The Holders of a Majority in liquidation amount of Capital Securities may, by vote, on behalf of the
Holders of all of the Capital Securities, waive any past Trust Enforcement Event in respect of the Capital Securities and its consequences, provided, that if the underlying Indenture Event of Default: 
 (i) is not waivable under the Indenture, the Trust Enforcement Event shall also not be waivable; or 
 (ii) is waivable only with the consent of holders of more than a majority in principal amount of the Notes (a “Super Majority”)
affected thereby, only the Holders of at least the proportion in aggregate liquidation amount of the Capital Securities that the relevant Super Majority represents of the aggregate principal amount of the Notes outstanding may waive such Trust
Enforcement Event in respect of the Capital Securities under the Declaration. 
 The foregoing provisions of this Section 2.6(a) shall be in lieu of
§ 316(a)(1)(B) of the Trust Indenture Act and such § 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Declaration and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such default
shall cease to exist, and any Trust Enforcement Event with respect to the Capital Securities arising therefrom shall be deemed to have been cured, for every purpose of this Declaration, but no such waiver shall extend to any subsequent or other
default or a Trust Enforcement Event with respect to the Capital Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital Securities of a Trust Enforcement Event with respect to the Capital Securities shall also be
deemed to constitute a waiver by the Holders of the Common Securities of any such Trust Enforcement Event with respect to the Common Securities for all purposes of this Declaration without any further act, vote, or consent of the Holders of the
Common Securities. 
 (b) The Holders of a Majority in liquidation amount of the Common Securities may, by vote, on behalf of the Holders of
all of the Common Securities, waive any past Trust Enforcement Event with respect to the Common Securities and its consequences, provided, that if the underlying Indenture Event of Default: 
 (i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Trust
Enforcement Event as provided in this Section 2.6(b), the Trust Enforcement Event shall also not be waivable; or 
 (ii)
is waivable only with the consent of a Super Majority, except where the Holders of the Common Securities are deemed to have waived such Trust Enforcement Event as provided in this Section 2.6(b), only the Holders of at least the proportion in
aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Notes outstanding may waive such Trust Enforcement Event in respect of the Common Securities under the
Declaration; 
 provided, further each Holder of Common Securities will be deemed to have waived any such Trust Enforcement Event and all Trust Enforcement
Events with respect to the Common Securities and its consequences until all Trust Enforcement Events with respect to the Capital Securities have been cured, waived or otherwise eliminated, and until such Trust Enforcement Events with respect to the
Capital 

  

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Securities have been so cured, waived or otherwise eliminated, the Institutional Trustee will be deemed to be acting solely on behalf of the Holders of the
Capital Securities and only the Holders of the Capital Securities will have the right to direct the Institutional Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of
§§ 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such §§ 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Declaration and the Securities, as permitted by the Trust
Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon the waiver of a Trust Enforcement Event by the Holders of a Majority in liquidation amount of the Common Securities, any such default shall cease to exist and any
Trust Enforcement Event with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Declaration, but no such waiver shall extend to any subsequent or other default or Trust Enforcement Event
with respect to the Common Securities or impair any right consequent thereon. 
 (c) A waiver of an Indenture Event of Default by the
Institutional Trustee at the direction of the Holders of the Capital Securities, constitutes a waiver of the corresponding Trust Enforcement Event. The foregoing provisions of this Section 2.6(c) shall be in lieu of § 316(a)(1)(B) of
the Trust Indenture Act and such § 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Declaration and the Securities, as permitted by the Trust Indenture Act. 
 SECTION 2.7 Trust Enforcement Event; Notice. 
 (a) The Institutional Trustee shall, within 90 days after the occurrence of a Trust Enforcement Event, transmit by mail, first class postage prepaid, to the Holders of the Securities, notices of (i) all defaults with respect to the
Securities actually known to a Responsible Officer of the Institutional Trustee, unless such defaults have been cured before the giving of such notice (the term “defaults” for the purposes of this Section 2.7(a) being hereby defined
to be an Indenture Event of Default, not including any periods of grace provided for therein and irrespective of the giving of any notice provided therein) and (ii) any notice of default received from the Indenture Trustee with respect to the
Notes, which notice from the Institutional Trustee to the Holders shall state that an Indenture Event of Default also constitutes a Trust Enforcement Event; provided that, except for a default in the payment of principal of (or premium, if any) or
interest on any of the Notes, the Institutional Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of the Institutional Trustee in good faith determines that the withholding of such notice is in the
interests of the Holders of the Securities. 
 (b) The Institutional Trustee shall not be deemed to have knowledge of any default except:

 (i) a default under Sections 5.7(b) and 5.7(c) of the Indenture; or 
 (ii) any default as to which the Institutional Trustee shall have received written notice or of which a Responsible Officer of the
Institutional Trustee charged with the administration of the Declaration shall have actual knowledge. 
 ARTICLE III 
 ORGANIZATION 
 SECTION 3.1 Name. The
Trust is named “Capital One Capital II,” as such name may be modified from time to time by the Administrative Trustees following written notice to the Institutional Trustee, the Delaware Trustee and the Holders of Securities. The
Trust’s activities may be conducted under the name of the Trust or any other name deemed advisable by the Administrative Trustees. 
  

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 SECTION 3.2 Office. The address of the principal office of the Trust is c/o Capital One Financial
Corporation, 1680 Capital One Drive, McLean, Virginia 22102. On ten Business Days written notice to the Institutional Trustee, the Delaware Trustee and the Holders of Securities, the Administrative Trustees may designate another principal office.

 SECTION 3.3 Purpose. The exclusive purposes and functions of the Trust are (a) to issue and sell Securities and use the
proceeds from such sale to acquire the Notes, and (b) except as otherwise limited herein, to engage in only those other activities necessary, or incidental thereto. The Trust shall not borrow money, issue debt or reinvest proceeds derived from
investments, pledge any of its assets, or otherwise undertake (or permit to be undertaken) any activity that would cause the Trust not to be classified for United States federal income tax purposes as a grantor trust. 
 SECTION 3.4 Authority. Subject to the limitations provided in this Declaration and to the specific duties of the Institutional Trustee and the
Sponsor, the Administrative Trustees shall have exclusive and complete authority to carry out the purposes of the Trust. An action taken by the Administrative Trustees in accordance with their powers shall constitute the act of and serve to bind the
Trust and an action taken by the Institutional Trustee on behalf of the Trust in accordance with its powers shall constitute the act of and serve to bind the Trust. In dealing with the Trustees acting on behalf of the Trust, no Person shall be
required to inquire into the authority of the Trustees to bind the Trust. Persons dealing with the Trust are entitled to rely conclusively on the power and authority of the Trustees as set forth in this Declaration. 
 SECTION 3.5 Title to Property of the Trust. Except as provided in Section 3.8 with respect to the Notes and the Institutional Trustee Account
or as otherwise provided in this Declaration, legal title to all assets of the Trust shall be vested in the Trust. The Holders shall not have legal title to any part of the assets of the Trust, but shall have an undivided beneficial interest in the
assets of the Trust. 
 SECTION 3.6 Powers and Duties of the Administrative Trustees. The Administrative Trustees shall have the
exclusive power, duty and authority to cause the Trust to engage in the following activities (and any actions taken by the Administrative Trustees in furtherance of the following prior to the date hereof are hereby ratified and confirmed in all
respects): 
 (a) to issue and sell the Capital Securities and the Common Securities in accordance with this Declaration; provided,
however, that the Trust may issue no more than one series of Capital Securities and no more than one series of Common Securities, and, provided further, that there shall be no interests in the Trust other than the Securities, and the
issuance of Securities shall be limited to a simultaneous issuance of both Capital Securities and Common Securities on the Closing Date; 
 (b) in connection with the issue and sale of the Capital Securities, at the direction of the Sponsor, to: 
 (i)
execute and file with the Commission on behalf of the Trust a registration statement on Form S-3 or on another appropriate form, or a registration statement under Rule 462(b) of the Securities Act, in each case prepared by the Sponsor, including any
pre-effective or post-effective amendments thereto, relating to the registration under the Securities Act of the Capital Securities; 
 (ii) execute and file any documents prepared by the Sponsor, or take any acts as determined by the Sponsor to be necessary in order to qualify or register all or part of the Capital Securities in any State in which the Sponsor has
determined to qualify or register such Capital Securities for sale; 
  

 10 

 (iii) execute and file an application, prepared by the Sponsor, to the New York Stock
Exchange, Inc., any other national stock exchange or the Nasdaq National Market for listing upon notice of issuance of any Capital Securities; 
 (iv) execute and file with the Commission on behalf of the Trust a registration statement on Form 8-A, prepared by the Sponsor, including any pre-effective or post-effective amendments thereto, relating to the
registration of the Capital Securities under Section 12(b) of the Exchange Act; and 
 (v) deliver the Underwriting
Agreement providing for the sale of the Capital Securities; 
 (c) to acquire the Notes with the proceeds of the sale of the Capital
Securities and the Common Securities; provided, however, that the Administrative Trustees shall cause legal title to the Notes to be held of record in the name of the Institutional Trustee for the benefit of the Holders of the Capital Securities and
the Holders of Common Securities; 
 (d) to give the Sponsor and the Institutional Trustee prompt written notice of the occurrence of a
Special Event; provided, that the Administrative Trustees shall consult with the Sponsor and the Institutional Trustee before taking or refraining from taking any ministerial action in relation to a Special Event; 
 (e) to establish a record date with respect to all actions to be taken hereunder that require a record date be established, including and with respect
to, for the purposes of §316(c) of the Trust Indenture Act, Distributions, voting rights, redemptions and exchanges, and to issue relevant notices to the Holders of Capital Securities and Holders of Common Securities as to such actions and
applicable record dates; 
 (f) to take all actions and perform such duties as may be required of the Administrative Trustees pursuant to the
terms of the Securities; 
 (g) to bring or defend, pay, collect, compromise, arbitrate, resort to legal action, or otherwise adjust claims
or demands of or against the Trust (“Legal Action”), unless pursuant to Section 3.8(e), the Institutional Trustee has the exclusive power to bring such Legal Action; 
 (h) to employ or otherwise engage employees and agents (who may be designated as officers with titles) and managers, contractors, advisors, and
consultants and pay reasonable compensation for such services; 
 (i) to cause the Trust to comply with the Trust’s obligations under
the Trust Indenture Act; 
 (j) to give the certificate required by § 314(a)(4) of the Trust Indenture Act to the Institutional
Trustee, which certificate may be executed by any Administrative Trustee; 
 (k) to incur expenses that are necessary or incidental to carry
out any of the purposes of the Trust; 
 (l) to act as, or appoint another Person to act as, registrar and transfer agent for the Securities;

  

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 (m) to give prompt written notice to the Holders of the Securities of any notice received from the Notes
Issuer of its election to defer payments of interest on the Notes by extending the interest payment period under the Indenture; 
 (n) to
give prompt written notice to the Holders of the Securities of any MDE Certification received from the Notes Issuer under the Notes as authorized by the Indenture; 
 (o) to take all action that may be necessary or appropriate for the preservation and the continuation of the Trust’s valid existence, rights, franchises and privileges as a statutory trust under the laws of the
State of Delaware and of each other jurisdiction in which such existence is necessary to protect the limited liability of the Holders of the Capital Securities or to enable the Trust to effect the purposes for which the Trust was created;

 (p) to take any action, not inconsistent with this Declaration or with applicable law, that the Administrative Trustees determine in their
discretion to be necessary or desirable in carrying out the activities of the Trust as set out in this Section 3.6, including, but not limited to: 
 (i) causing the Trust not to be deemed to be an Investment Company required to be registered under the Investment Company Act; 
 (ii) causing the Trust to be classified for United States federal income tax purposes as a grantor trust; and 
 (iii) cooperating with the Notes Issuer to ensure that the Notes will be treated as indebtedness of the Notes Issuer for United States
federal income tax purposes; 
 provided, that any such action does not adversely affect the interests of Holders; 
 (q) to take all action necessary to cause all applicable tax returns and tax information reports that are required to be filed with respect to the Trust
to be duly prepared and filed by the Administrative Trustees, on behalf of the Trust; and 
 (r) to execute all documents or instruments,
perform all duties and powers, and do all things for and on behalf of the Trust in all matters necessary or incidental to the foregoing. 
 The
Administrative Trustees must exercise the powers set forth in this Section 3.6 in a manner that is consistent with the purposes and functions of the Trust set out in Section 3.3, and the Administrative Trustees shall not take any action
that is inconsistent with the purposes and functions of the Trust set forth in Section 3.3. 
 Subject to this Section 3.6, the
Administrative Trustees shall have none of the powers or the authority of the Institutional Trustee set forth in Section 3.8. 
 Any
expenses incurred by the Administrative Trustees pursuant to this Section 3.6 shall be reimbursed by the Notes Issuer. 
 SECTION 3.7
Prohibition of Actions by the Trust and the Trustees. 
 (a) The Trust shall not, and the Trustees (including the Institutional
Trustee) shall not cause the Trust to, engage in any activity other than as required or authorized by this Declaration. In particular, the Trust shall not: 
 (i) invest any proceeds received by the Trust from holding the Notes, but shall promptly distribute all such proceeds to Holders of Securities pursuant to the terms of this Declaration and of the Securities;

  

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 (ii) acquire any assets other than as expressly provided herein; 
 (iii) possess Trust property for other than a Trust purpose; 
 (iv) make any loans or incur any indebtedness; 
 (v) possess any power or otherwise act in such a way as to vary the Trust assets 
 (vi) possess any power or otherwise act in such a way as to vary the terms of the Securities in any way whatsoever (except to the extent
expressly authorized in this Declaration or by the terms of the Securities); 
 (vii) issue any securities or other evidences
of beneficial ownership of, or beneficial interest in, the Trust other than the Securities; 
 (viii) take any action
inconsistent with the status of the Trust as a grantor trust for United States federal income tax purposes; 
 (ix) other than
as provided in this Declaration or Annex I, (A) direct the time, method and place of exercising any trust or power conferred upon the Indenture Trustee with respect to the Notes, (B) waive any past Trust Enforcement Event that is waivable
under the Indenture, (C) exercise any right to rescind or annul any declaration that the principal of all the Notes shall be due and payable or (D) consent to any amendment, modification or termination of the Indenture or the Notes where
such consent shall be required unless the Trust shall have obtained an opinion of nationally recognized independent tax counsel experienced in such matters to the effect that as a result of such action, the Trust will not fail to be classified as a
grantor trust for United States federal income tax purposes; or 
 (x) revoke any action previously authorized or approved by
a vote of the Holders of the Capital Securities. 
 SECTION 3.8 Powers and Duties of the Institutional Trustee. 
 (a) The legal title to the Notes shall be owned by and held of record in the name of the Institutional Trustee in trust for the benefit of the Holders of
the Securities. The right, title and interest of the Institutional Trustee to the Notes shall vest automatically in each Person who may hereafter be appointed as Institutional Trustee in accordance with Section 5.6. Such vesting and cessation
of title shall be effective whether or not conveyancing documents with regard to the Notes have been executed and delivered. 
 (b) The
Institutional Trustee shall not transfer its right, title and interest in the Notes to the Administrative Trustees or to the Delaware Trustee (if the Institutional Trustee does not also act as Delaware Trustee). 
  

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 (c) The Institutional Trustee shall: 
 (i) establish and maintain a segregated non-interest bearing trust account (the “Institutional Trustee Account”) in the name of
and under the exclusive control of the Institutional Trustee on behalf of the Holders of the Securities and, upon the receipt of payments of funds made in respect of the Notes held by the Institutional Trustee, deposit such funds into the
Institutional Trustee Account and make payments to the Holders of the Capital Securities and Holders of the Common Securities from the Institutional Trustee Account in accordance with Section 6.1. Funds in the Institutional Trustee Account
shall be held uninvested until disbursed in accordance with this Declaration. The Institutional Trustee Account shall be an account that is maintained with a banking institution the rating on whose long-term unsecured indebtedness assigned by a
“nationally recognized statistical rating organization,” as that term is defined for purposes of Rule 436(g)(2) under the Securities Act, is at least equal to the rating assigned to the Capital Securities by a nationally recognized
statistical rating organization; 
 (ii) engage in such ministerial activities as shall be necessary or appropriate to effect
the redemption of the Capital Securities and the Common Securities to the extent the Notes are redeemed or mature; and 
 (iii) upon written notice of distribution issued by the Administrative Trustees in accordance with the terms of the Securities, engage in such ministerial activities as shall be necessary or appropriate to effect the distribution of the
Notes to Holders of Securities upon the occurrence of certain Special Events or other specified circumstances pursuant to the terms of the Securities. 
 (d) The Institutional Trustee shall take all actions and perform such duties as may be specifically required of the Institutional Trustee pursuant to the terms of the Securities. 
 (e) Subject to Section 2.6, the Institutional Trustee shall take any Legal Action that arises out of or in connection with a Trust Enforcement Event
of which a Responsible Officer of the Institutional Trustee has actual knowledge or the Institutional Trustee’s duties and obligations under this Declaration or the Trust Indenture Act. Notwithstanding the foregoing, if a Trust Enforcement
Event has occurred and is continuing and such event is attributable to the failure of the Note Issuer to pay interest, principal or other required payments on the Notes on the date such interest, principal or other required payments are otherwise
payable (or in the case of redemption, on the redemption date), then a Holder of Capital Securities may directly institute a proceeding against the Notes Issuer for enforcement of payment to such Holder of the principal of or interest on Notes
having a principal amount equal to the aggregate liquidation amount of the Capital Securities of such Holder (a “Direct Action”) on or after the respective due date specified in the Notes; provided, however, that if a Trust Enforcement
Event results from the failure to pay interest on the Notes during any Non-Acceleration Period, then a Holder of Capital Securities may not institute a Direct Action for the payment of principal on the Notes, and the Institutional Trustee may not
take any Legal Action for the payment of principal on the Notes, during such Non-Acceleration Period. Notwithstanding anything to the contrary in this Declaration or the Indenture, the Notes Issuer shall have the right to set-off any payment it is
otherwise required to make under the Indenture in respect of any Capital Security to the extent the Notes Issuer has heretofore made, or is currently on the date of such payment making, a payment under the Capital Securities Guarantee or a Direct
Action. 
 (f) The Institutional Trustee shall continue to serve as a Trustee until either: 
 (i) the Trust has been completely liquidated and the proceeds of the liquidation distributed to the Holders of Securities pursuant to the
terms of the Securities and this Declaration (including Annex I); or 
  

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 (ii) a Successor Institutional Trustee has been appointed and has accepted that
appointment in accordance with Section 5.6. 
 (g) The Institutional Trustee shall have the legal power to exercise all of the rights,
powers and privileges of a holder of Notes under the Indenture and, if a Trust Enforcement Event actually known to a Responsible Officer of the Institutional Trustee occurs and is continuing, the Institutional Trustee shall, for the benefit of
Holders of the Securities, enforce its rights as holder of the Notes subject to the rights of the Holders pursuant to the terms of such Securities, this Declaration (including Annex I), the Statutory Trust Act and the Trust Indenture Act.

 (h) Subject to this Section 3.8, the Institutional Trustee shall have none of the duties, liabilities, powers or the authority of the
Administrative Trustees set forth in Section 3.6. 
 The Institutional Trustee must exercise the powers set forth in this Section 3.8 in a manner
that is consistent with the purposes and functions of the Trust set out in Section 3.3, and the Institutional Trustee shall have no power to and shall not take any action that is inconsistent with the purposes and functions of the Trust set out
in Section 3.3. 
 SECTION 3.9 Certain Duties and Responsibilities of the Institutional Trustee. 
 (a) The Institutional Trustee, before the occurrence of any Trust Enforcement Event and after the curing of all Trust Enforcement Events that may have
occurred, shall undertake to perform only such duties as are specifically set forth in this Declaration and no implied covenants shall be read into this Declaration against the Institutional Trustee. Subject to any voting right of the Holders under
the Securities, if the Institutional Trustee is required to decide between alternative causes of action under this Declaration, construe ambiguous provisions in this Declaration or is unsure of the application of any provision of this Declaration,
the Institutional Trustee will take such action as directed by the Sponsor and, if not so directed, shall take such action as it deems necessary. In case a Trust Enforcement Event has occurred (that has not been cured or waived pursuant to
Section 2.6) of which a Responsible Officer of the Institutional Trustee has actual knowledge, the Institutional Trustee shall exercise such of the rights and powers vested in it by this Declaration, and use the same degree of care and skill in
the exercise of such rights and powers, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 
 (b) No provision of this Declaration shall be construed to relieve the Institutional Trustee from liability for its own bad faith, its own negligent action, its own negligent failure to act, or its own willful misconduct, except that:

 (i) prior to the occurrence of a Trust Enforcement Event and after the curing or waiving of all such Trust Enforcement
Events that may have occurred: 
 (A) the duties and obligations of the Institutional Trustee shall be determined solely by
the express provisions of this Declaration and the Institutional Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Declaration, and no implied covenants or obligations shall
be read into this Declaration against the Institutional Trustee; and 
 (B) in the absence of bad faith on the part of the
Institutional Trustee, the Institutional Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Institutional Trustee and conforming
to the requirements of this Declaration; but in 

  

 15 

 
the case of any such certificates or opinions that by any provision hereof are specifically required to be furnished to the Institutional Trustee, the
Institutional Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Declaration (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated
therein, absent manifest error); 
 (ii) the Institutional Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer of the Institutional Trustee, unless it shall be proved that the Institutional Trustee was negligent in ascertaining the pertinent facts; 
 (iii) the Institutional Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in
accordance with the direction of the Holders of not less than a Majority in liquidation amount of the Securities relating to the time, method and place of conducting any proceeding for any remedy available to the Institutional Trustee, or exercising
any trust or power conferred upon the Institutional Trustee under this Declaration; 
 (iv) no provision of this Declaration
shall require the Institutional Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if it shall have reasonable grounds
for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Declaration or indemnity reasonably satisfactory to the Institutional Trustee against such risk or liability is not reasonably
assured to it; 
 (v) the Institutional Trustee’s sole duty with respect to the custody, safe keeping and physical
preservation of the Notes and the Institutional Trustee Account shall be to deal with such property in a similar manner as the Institutional Trustee deals with similar property for its own account, subject to the protections and limitations on
liability afforded to the Institutional Trustee under this Declaration and the Trust Indenture Act; 
 (vi) the Institutional
Trustee shall have no duty or liability for or with respect to the value, genuineness, existence or sufficiency of the Notes or the payment of any taxes or assessments levied thereon or in connection therewith; 
 (vii) the Institutional Trustee shall not be liable for any interest on any money received by it except as it may otherwise agree with the
Sponsor. Money held by the Institutional Trustee need not be segregated from other funds held by it except in relation to the Institutional Trustee Account maintained by the Institutional Trustee pursuant to Section 3.8(c)(i) and except to the
extent otherwise required by law; and 
 (viii) the Institutional Trustee shall not be responsible for monitoring the
compliance by the Administrative Trustees or the Sponsor with their respective duties under this Declaration, nor shall the Institutional Trustee be liable for any default or misconduct of the Administrative Trustees or the Sponsor. 
 SECTION 3.10 Certain Rights of Institutional Trustee. 
 (a) Subject to the provisions of Section 3.9: 
 (i) the Institutional Trustee may
conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document believed by it to be genuine and to have been signed, sent or presented by the proper party or parties; 
  

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 (ii) any direction or act of the Sponsor or the Administrative Trustees contemplated by
this Declaration shall be sufficiently evidenced by an Officers’ Certificate; 
 (iii) whenever in the administration of
this Declaration, the Institutional Trustee shall deem it desirable that a matter be proved or established before taking, suffering or omitting any action hereunder, the Institutional Trustee (unless other evidence is herein specifically prescribed)
may, in the absence of bad faith on its part, request and conclusively rely upon an Officers’ Certificate which, upon receipt of such request, shall be promptly delivered by the Sponsor or the Administrative Trustees; 
 (iv) the Institutional Trustee shall have no duty to see to any recording, filing or registration of any instrument (including any
financing or continuation statement or any filing under tax or securities laws) or any rerecording, refiling or registration thereof; 
 (v) the Institutional Trustee may consult with counsel or other experts and the advice or opinion of such counsel and experts with respect to legal matters or advice within the scope of such experts’ area of
expertise shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with such advice or opinion, such counsel may be counsel to the Sponsor or any of
its Affiliates, and may include any of its employees. The Institutional Trustee shall have the right at any time to seek instructions concerning the administration of this Declaration from any court of competent jurisdiction; 
 (vi) the Institutional Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Declaration at
the request or direction of any Holder, unless such Holder shall have provided to the Institutional Trustee security and indemnity, reasonably satisfactory to the Institutional Trustee, against the costs, expenses (including attorneys’ fees and
expenses and the expenses of the Institutional Trustee’s agents, nominees or custodians) and liabilities that might be incurred by it in complying with such request or direction, including such reasonable advances as may be requested by the
Institutional Trustee provided that nothing contained in this Section 3.10(a)(vi) shall be taken to relieve the Institutional Trustee, upon the occurrence of a Trust Enforcement Event, of its obligation to exercise the rights and powers vested
in it by this Declaration; 
 (vii) the Institutional Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Institutional Trustee, in
its discretion, may make such reasonable further inquiry or investigation into such facts or matters as it may see fit at the expense of the Notes Issuer and shall incur no liability of any kind by reason of such inquiry or investigation;

 (viii) the Institutional Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either
directly or by or through agents, custodians, nominees or attorneys and the Institutional Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 
 (ix) any action taken by the Institutional Trustee or its agents hereunder shall bind the Trust and the Holders of the Securities, and the
signature of the Institutional Trustee or its agents 

  

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alone shall be sufficient and effective to perform any such action and no third party shall be required to inquire as to the authority of the Institutional
Trustee to so act or as to its compliance with any of the terms and provisions of this Declaration, both of which shall be conclusively evidenced by the Institutional Trustee’s or its agent’s taking such action; 
 (x) whenever in the administration of this Declaration the Institutional Trustee shall deem it desirable to receive instructions with
respect to enforcing any remedy or right or taking any other action hereunder, the Institutional Trustee (A) may request instructions from the Holders of the Securities which instructions may only be given by the Holders of the same proportion
in liquidation amount of the Securities as would be entitled to direct the Institutional Trustee under the terms of the Securities in respect of such remedy, right or action, (B) may refrain from enforcing such remedy or right or taking such
other action until such instructions are received, and (C) shall be protected in conclusively relying on or acting in or accordance with such instructions; and 
 (xi) except as otherwise expressly provided by this Declaration, the Institutional Trustee shall not be under any obligation to take any
action that is discretionary under the provisions of this Declaration. 
 (b) No provision of this Declaration shall be deemed to impose any
duty or obligation on the Institutional Trustee to perform any act or acts or exercise any right, power, duty or obligation conferred or imposed on it, in any jurisdiction in which it shall be illegal, or in which the Institutional Trustee shall be
unqualified or incompetent in accordance with applicable law, to perform any such act or acts, or to exercise any such right, power, duty or obligation. No permissive power or authority available to the Institutional Trustee shall be construed to be
a duty. 
 SECTION 3.11 Delaware Trustee. Notwithstanding any other provision of this Declaration other than Section 5.2, the
Delaware Trustee shall not be entitled to exercise any powers, nor shall the Delaware Trustee have any of the duties and responsibilities of the Administrative Trustees or the Institutional Trustee described in this Declaration. Except as set forth
in Section 5.2, the Delaware Trustee shall be a Trustee for the sole and limited purpose of fulfilling the requirements of § 3807(a) of the Statutory Trust Act. 
 SECTION 3.12 Execution of Documents. Unless otherwise determined by the Administrative Trustees, and except as otherwise required by the Statutory
Trust Act, any Administrative Trustee is authorized to execute on behalf of the Trust any documents that the Administrative Trustees have the power and authority to execute pursuant to Section 3.6; provided, that the registration statement
referred to in Section 3.6(b)(i), including any amendments thereto, shall be signed by all of the Administrative Trustees. 
 SECTION
3.13 Not Responsible for Recitals or Issuance of Securities. The recitals contained in this Declaration and the Securities shall be taken as the statements of the Sponsor, and the Trustees do not assume any responsibility for their
correctness. The Trustees make no representations as to the value or condition of the property of the Trust or any part thereof. The Trustees make no representations as to the validity or sufficiency of this Declaration or the Securities.

 SECTION 3.14 Duration of Trust. The Trust shall exist until dissolved and terminated pursuant to the provisions of Article VIII
hereof. 
  

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 SECTION 3.15 Mergers. 
 (a) The Trust may not consolidate, amalgamate, merge with or into, or be replaced by, or convey, transfer or lease its properties and assets substantially
as an entirety to any corporation or other body, except as described in Section 3.15(b) and (c). 
 (b) The Trust may, with the consent
of the Administrative Trustees or, if there are more than two, a majority of the Administrative Trustees and without the consent of the Holders of the Securities, the Delaware Trustee or the Institutional Trustee, consolidate, amalgamate, merge with
or into, or be replaced by a trust organized as such under the laws of any State; provided, that: 
 (i) if the Trust is not
the successor, such successor entity (the “Successor Entity”) either: 
 (A) expressly assumes all of the
obligations of the Trust under the Securities; or 
 (B) substitutes for the Securities other securities having substantially
the same terms as the Capital Securities (the “Successor Securities”) so long as the Successor Securities rank the same as the Capital Securities rank with respect to Distributions and payments upon liquidation, redemption and otherwise;

 (ii) the Notes Issuer expressly acknowledges a trustee of the Successor Entity that possesses the same powers and duties as
the Institutional Trustee in its capacity as the Holder of the Notes; 
 (iii) immediately following such merger,
consolidation, amalgamation or replacement, the Capital Securities of the Successor Entity or any Successor Securities are listed, or any Successor Securities will be listed upon notification of issuance, on any national securities exchange or with
any other organization on which the Capital Securities are then listed or quoted; 
 (iv) such merger, consolidation,
amalgamation or replacement does not cause the Capital Securities (including any Successor Securities) to be downgraded by any nationally recognized statistical rating organization; 
 (v) such merger, consolidation, amalgamation or replacement does not adversely affect the rights, preferences and privileges of the
Holders of the Securities (including any Successor Securities) in any material respect (other than with respect to any dilution of such Holders’ interests in the new entity as a result of such merger, consolidation, amalgamation or
replacement); 
 (vi) such Successor Entity has a purpose identical to that of the Trust; 
 (vii) prior to such merger, consolidation, amalgamation or replacement, the Trust has received an opinion of a nationally recognized
independent counsel to the Trust experienced in such matters to the effect that: 
 (A) such merger, consolidation,
amalgamation or replacement does not adversely affect the rights, preferences and privileges of the Holders of the Securities (including any Successor Securities) in any material respect (other than with respect to any dilution of the Holders’
interest in the new entity); and 
  

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 (B) following such merger, consolidation, amalgamation or replacement, neither the Trust
nor the Successor Entity will be required to register as an Investment Company; and 
 (C) following such merger,
consolidation, amalgamation or replacement, the Trust (or the Successor Entity) will continue to be classified as a grantor trust for United States federal income tax purposes; and 
 (viii) the Sponsor or any permitted successor or assignee owns all of the Common Securities and guarantees the obligations of such
Successor Entity under the Successor Securities at least to the extent provided by the Capital Securities Guarantee and such Successor Entity expressly assumes all of the obligations of the Trust with respect to the Trustees. 
 (c) Notwithstanding Section 3.15(b), the Trust shall not, except with the consent of Holders of 100% in liquidation amount of the Securities,
consolidate, amalgamate, merge with or into, or be replaced by any other entity or permit any other entity to consolidate, amalgamate, merge with or into, or replace it, if in the opinion of a nationally recognized independent tax counsel
experienced in such matters, such consolidation, amalgamation, merger or replacement would cause the Trust or the Successor Entity to be classified as other than a grantor trust for United States federal income tax purposes. 
 SECTION 3.16 Paying Agent. The initial Paying Agent shall be The Bank of New York and any co-paying agent chosen by the Paying Agent and
acceptable to the Administrative Trustees and the Sponsor. The Paying Agent shall make Distributions and shall report the amounts of such Distributions to the Institutional Trustee and the Administrative Trustees. Any Person acting as Paying Agent
shall be permitted to resign as Paying Agent upon 30 days’ written notice to the Administrative Trustees, the Institutional Trustee and the Sponsor. In the event that The Bank of New York shall no longer be the Paying Agent or a successor
Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor that is acceptable to the Institutional Trustee and the Sponsor to act as Paying Agent (which shall be a bank or trust company). The
Administrative Trustees shall cause such successor Paying Agent or any additional Paying Agent appointed by the Administrative Trustees to execute and deliver to the Trustees an instrument in which such successor Paying Agent or additional Paying
Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such
sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Institutional Trustee and upon resignation or removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Institutional
Trustee. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 
 ARTICLE IV 
 SPONSOR 
 SECTION 4.1 Sponsor’s Purchase of Common Securities. On the Closing Date, the Sponsor will purchase all of the Common Securities issued by the Trust in an amount equal to $1,000,000 or more of the capital of the Trust, at the
same time as the Capital Securities are sold. 
 SECTION 4.2 Responsibilities of the Sponsor. In connection with the issue and sale of
the Capital Securities, the Sponsor shall have the exclusive right and responsibility to engage in the following activities (and any actions taken by the Sponsor in furtherance of the following prior to the date hereof are hereby ratified and
confirmed in all respects): 
 (a) to prepare for filing by the Trust with the Commission a registration statement on Form S-3 or on another
appropriate form, or a registration statement under Rule 462(b) of the Securities Act, including any pre-effective or post-effective amendments thereto, relating to the registration under the Securities Act of the Capital Securities; 
  

 20 

 (b) to determine the States in which to take appropriate action to qualify or register for sale all or
part of the Capital Securities and to do any and all such acts, other than actions which must be taken by the Trust, and advise the Trust of actions it must take, and prepare for execution and filing any documents to be executed and filed by the
Trust, as the Sponsor deems necessary or advisable in order to comply with the applicable laws of any such States; 
 (c) to prepare for
filing by the Trust an application to the New York Stock Exchange, any other national stock exchange or the Nasdaq National Market for listing upon notice of issuance of any Capital Securities; 
 (d) to prepare for filing by the Trust with the Commission a registration statement on Form 8-A, including any pre-effective or post-effective amendments
thereto, relating to the registration of the Capital Securities under Section 12(b) of the Exchange Act, including any amendments thereto; and 
 (e) to negotiate the terms of the Underwriting Agreement providing for the sale of the Capital Securities. 
 ARTICLE V 

TRUSTEES 
 SECTION 5.1 Number of
Trustees. The number of Trustees initially shall be four, and: 
 (a) at any time before the issuance of any Securities, the Sponsor may,
by written instrument, increase or decrease the number of Trustees; and 
 (b) after the issuance of any Securities, the number of Trustees
may be increased or decreased by vote of the Holders of a majority in liquidation amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities, 
 provided, however, that the number of Trustees shall in no event be less than two; provided further that (1) one Trustee, in the case of a natural person, shall be a person who is a resident of the
State of Delaware or that, if not a natural person, shall be an entity which has its principal place of business in the State of Delaware (the “Delaware Trustee”); (2) there shall be at least one Trustee who is an employee or officer
of, or is affiliated with the Sponsor (an “Administrative Trustee”); and (3) one Trustee shall be the Institutional Trustee for so long as this Declaration is required to qualify as an indenture under the Trust Indenture Act, and such
Trustee may also serve as Delaware Trustee if it meets the applicable requirements. 
 SECTION 5.2 Delaware Trustee. If required by
the Statutory Trust Act, the Delaware Trustee shall be: 
 (a) a natural person who is a resident of the State of Delaware; or 
 (b) if not a natural person, an entity which has its principal place of business in the State of Delaware, and otherwise meets the requirements of
applicable law, provided, that if the Institutional Trustee has its principal place of business in the State of Delaware and otherwise meets the requirements of applicable law, then the Institutional Trustee shall also be the Delaware Trustee and
Section 3.11 shall have no application. 
  

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 SECTION 5.3 Institutional Trustee; Eligibility. 
 (a) There shall at all times be one Trustee that shall act as Institutional Trustee which shall: 
 (i) not be an Affiliate of the Sponsor; 
 (ii) be a corporation organized and doing business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia, or a corporation or Person permitted by the
Commission to act as an institutional trustee under the Trust Indenture Act, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least 50 million U.S. dollars ($50,000,000), and subject to
supervision or examination by Federal, State, Territorial or District of Columbia authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authority
referred to above, then for the purposes of this Section 5.3(a)(ii), the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published;
and 
 (iii) if the Trust is excluded from the definition of an Investment Company solely by means of Rule 3a-7 and to the
extent Rule 3a-7 requires a trustee having certain qualifications to hold title to the “eligible assets” of the Trust, the Institutional Trustee shall possess those qualifications. 
 (b) If at any time the Institutional Trustee shall cease to be eligible to so act under Section 5.3(a), the Institutional Trustee shall immediately
resign in the manner and with the effect set forth in Section 5.6(c). 
 (c) If the Institutional Trustee has or shall acquire any
“conflicting interest” within the meaning of § 310(b) of the Trust Indenture Act, the Institutional Trustee and the Holders of the Common Securities (as if such Holders were the obligor referred to in § 310(b) of the Trust
Indenture Act) shall in all respects comply with the provisions of § 310(b) of the Trust Indenture Act. 
 (d) The Capital
Securities Guarantee shall be deemed to be specifically described in this Declaration for purposes of clause (i) of the first provision contained in Section 310(b) of the Trust Indenture Act. 
 (e) The initial Institutional Trustee shall be as set forth in Section 5.5 hereof. 
 SECTION 5.4 Qualifications of Administrative Trustees and Delaware Trustee Generally. Each Administrative Trustee and the Delaware Trustee (unless
the Institutional Trustee also acts as Delaware Trustee) shall be either a natural person who is at least 21 years of age or a legal entity that shall act through one or more Authorized Officers. 
 SECTION 5.5 Initial Trustees; Additional Powers of Administrative Trustees. 
 (a) The initial Administrative Trustees shall be: 
 Frank R. Borchert, III 
 Stephen Linehan 
  

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 The initial Delaware Trustee shall be: 
 The Bank of New York (Delaware) 
 White Clay Center, 
 Route 273 
 Newark, Delaware 19711 
 The initial Institutional Trustee shall be: 
 The Bank of New York 
 2 North LaSalle Street, Suite 1020 
 Chicago, Illinois 60602 
 (b) Except as expressly set forth in this Declaration and except if a meeting of
the Administrative Trustees is called with respect to any matter over which the Administrative Trustees have power to act, any power of the Administrative Trustees may be exercised by, or with the consent of, any one such Administrative Trustee.

 (c) Unless otherwise determined by the Administrative Trustees, and except as otherwise required by the Statutory Trust Act or applicable
law, any Administrative Trustee is authorized to execute on behalf of the Trust any documents which the Administrative Trustees have the power and authority to cause the Trust to execute pursuant to Section 3.6, provided, that the registration
statement referred to in Section 3.6, including any amendments thereto, shall be signed by all of the Administrative Trustees. 
 (d) An
Administrative Trustee may, by power of attorney consistent with applicable law, delegate to any other natural person over the age of 21 his or her power for the purposes of signing any documents which the Administrative Trustees have power and
authority to cause the Trust to execute pursuant to Section 3.6. 
 SECTION 5.6 Appointment, Removal and Resignation of Trustees.

 (a) Subject to Section 5.6(b), Trustees may be appointed or removed without cause at any time: 
 (i) until the issuance of any Securities, by written instrument executed by the Sponsor; and 
 (ii) in the case of the Administrative Trustees, after the issuance of any Securities, by vote of the Holders of a Majority in liquidation
amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; 
 (iii) in the case
of the Institutional Trustee and the Delaware Trustee, unless a Trust Enforcement Event shall have occurred and be continuing after the issuance of any Securities, by a vote of the Holders of a Majority in liquidation amount of the Common Securities
voting as a class at a meeting of the Holders of the Common Securities; and 
 (iv) in the case of the Institutional Trustee
and the Delaware Trustee, if a Trust Enforcement Event shall have occurred and be continuing after the issuance of the Securities, by a vote of the Holders of a Majority in liquidation amount of the Capital Securities voting as a class at a meeting
of the Holders of the Capital Securities. 
  

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 (b) (i) The Trustee that acts as Institutional Trustee shall not be removed in accordance with
Section 5.6(a) until a successor Trustee possessing the qualifications to act as Institutional Trustee under Section 5.3 (a “Successor Institutional Trustee”) has been appointed and has accepted such appointment by written
instrument executed by such Successor Institutional Trustee and delivered to the Administrative Trustees and the Sponsor; and 
 (ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 5.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 5.2 and 5.4 (a “Successor
Delaware Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor. 
 (c) A Trustee appointed to office shall hold office until his successor shall have been appointed or until his death, removal or resignation. Any Trustee
may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as
is specified therein; provided, however, that: 
 (i) No such resignation of the Trustee that acts as the Institutional
Trustee shall be effective: 
 (A) until a Successor Institutional Trustee has been appointed and has accepted such
appointment by instrument executed by such Successor Institutional Trustee and delivered to the Trust, the Sponsor and the resigning Institutional Trustee; or 
 (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities;
and 
 (ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware
Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee. 
 (d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Institutional Trustee
as the case may be if the Institutional Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 5.6. 
 (e) If no Successor Institutional Trustee or Successor Delaware Trustee shall have been appointed and accepted appointment as provided in this Section 5.6 within 60 days after delivery to the Sponsor and the
Trust of an instrument of resignation, the resigning Institutional Trustee or Delaware Trustee, as applicable, may petition at the expense of the Notes Issuer any court of competent jurisdiction for appointment of a Successor Institutional Trustee
or Successor Delaware Trustee. Such court may thereupon, after prescribing such notice, if any, as it may deem proper and prescribe, appoint a Successor Institutional Trustee or Successor Delaware Trustee, as the case may be. 
 (f) No Institutional Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Institutional Trustee or Successor
Delaware Trustee, as the case may be. 
  

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 SECTION 5.7 Vacancies among Trustees. If a Trustee ceases to hold office for any reason and the
number of Trustees is not reduced pursuant to Section 5.1, or if the number of Trustees is increased pursuant to Section 5.1, a vacancy shall occur. A resolution certifying the existence of such vacancy by the Administrative Trustees or,
if there are more than two, a majority of the Administrative Trustees shall be conclusive evidence of the existence of such vacancy. The vacancy shall be filled with a Trustee appointed in accordance with Section 5.6. 
 SECTION 5.8 Effect of Vacancies. The death, resignation, retirement, removal, bankruptcy, dissolution, liquidation, incompetence or incapacity to
perform the duties of a Trustee shall not operate to dissolve, terminate or annul the Trust. Whenever a vacancy in the number of Administrative Trustees shall occur, until such vacancy is filled by the appointment of an Administrative Trustee in
accordance with Section 5.6, the Administrative Trustees in office, regardless of their number, shall have all the powers granted to the Administrative Trustees and shall discharge all the duties imposed upon the Administrative Trustees by this
Declaration. 
 SECTION 5.9 Meetings. If there is more than one Administrative Trustee, meetings of the Administrative Trustees shall
be held from time to time upon the call of any Administrative Trustee. Regular meetings of the Administrative Trustees may be held at a time and place fixed by resolution of the Administrative Trustees. Notice of any in-person meetings of the
Administrative Trustees shall be hand delivered or otherwise delivered in writing (including by facsimile, with a hard copy by overnight courier) not less than 48 hours before such meeting. Notice of any telephonic meetings of the Administrative
Trustees or any committee thereof shall be hand delivered or otherwise delivered in writing (including by facsimile, with a hard copy by overnight courier) not less than 24 hours before a meeting. Notices shall contain a brief statement of the time,
place and anticipated purposes of the meeting. The presence (whether in person or by telephone) of an Administrative Trustee at a meeting shall constitute a waiver of notice of such meeting except where an Administrative Trustee attends a meeting
for the express purpose of objecting to the transaction of any activity on the ground that the meeting has not been lawfully called or convened. Unless provided otherwise in this Declaration, any action of the Administrative Trustees may be taken at
a meeting by vote of a majority of the Administrative Trustees present (whether in person or by telephone) and eligible to vote with respect to such matter, provided that a Quorum is present, or without a meeting by the unanimous written consent of
the Administrative Trustees. In the event there is only one Administrative Trustee, any and all action of such Administrative Trustee shall be evidenced by a written consent of such Administrative Trustee. 
 SECTION 5.10 Delegation of Power. 
 (a) Any Administrative Trustee may, by power of attorney consistent with applicable law, delegate to any other natural person over the age of 21 his or her power for the purpose of executing any documents contemplated in Section 3.6,
including any registration statement or amendment thereto filed with the Commission, or making any other governmental filing. 
 (b) The
Administrative Trustees shall have power to delegate from time to time to such of their number or to officers of the Trust the doing of such things and the execution of such instruments either in the name of the Trust or the names of the
Administrative Trustees or otherwise as the Administrative Trustees may deem expedient, to the extent such delegation is not prohibited by applicable law or contrary to the provisions of the Trust, as set forth herein. 
 SECTION 5.11 Merger, Conversion, Consolidation or Succession to Business. Any corporation into which the Institutional Trustee or the Delaware
Trustee, as the case may be, may be merged or converted or with which either may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Institutional Trustee or the Delaware Trustee, as the 

  

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case may be, shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Institutional Trustee or the
Delaware Trustee, as the case may be, shall be the successor of the Institutional Trustee or the Delaware Trustee, as the case may be, hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the
execution or filing of any paper or any further act on the part of any of the parties hereto. 
 ARTICLE VI 
 DISTRIBUTIONS 
 SECTION 6.1
Distributions. Holders shall receive Distributions (as defined herein) in accordance with the applicable terms of the relevant Holder’s Securities. Distributions shall be made on the Capital Securities and the Common Securities in
accordance with the preferences set forth in their respective terms. If and to the extent that the Notes Issuer makes a payment of interest (including Compounded Interest (as defined in the Indenture) and Additional Interest (as defined in the
Indenture)), premium and/or principal on the Notes held by the Institutional Trustee (the amount of any such payment being a “Payment Amount”), the Institutional Trustee shall and is directed to make a distribution (a
“Distribution”) of the Payment Amount to Holders. 
 ARTICLE VII 
 ISSUANCE OF SECURITIES 
 SECTION 7.1 General Provisions Regarding Securities.

 (a) The Administrative Trustees shall on behalf of the Trust issue one class of trust preferred securities representing undivided
beneficial interests in the assets of the Trust having such terms as are set forth in Annex I (the “Capital Securities”) and one class of common securities representing undivided beneficial interests in the assets of the Trust having such
terms as are set forth in Annex I (the “Common Securities”). The Trust shall issue no securities or other interests in the assets of the Trust other than the Capital Securities and the Common Securities. 
 (b) The Certificates shall be signed on behalf of the Trust by an Administrative Trustee. Such signature shall be the manual or facsimile signature of
any present or any future Administrative Trustee. In case any Administrative Trustee of the Trust who shall have signed any of the Securities shall cease to be such Administrative Trustee before the Certificates so signed shall be delivered by the
Trust, such Certificates nevertheless may be delivered as though the person who signed such Certificates had not ceased to be such Administrative Trustee; and any Certificate may be signed on behalf of the Trust by such persons who, at the actual
date of execution of such Security, shall be the Administrative Trustees of the Trust, although at the date of the execution and delivery of the Declaration any such person was not such an Administrative Trustee. Certificates shall be printed,
lithographed or engraved or may be produced in any other manner as is reasonably acceptable to the Administrative Trustees, as evidenced by their execution thereof, and may have such letters, numbers or other marks of identification or designation
and such legends or endorsements as the Administrative Trustees may deem appropriate, or as may be required to comply with any law or with any rule or regulation of any stock exchange on which Securities may be listed, or to conform to usage.

 (c) The consideration received by the Trust for the issuance of the Securities shall constitute a contribution to the capital of the Trust
and shall not constitute a loan to the Trust. 
  

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 (d) Upon issuance of the Securities as provided in this Declaration, the Securities so issued shall be
deemed to be validly issued, fully paid and non-assessable, and each Holder thereof shall be entitled to the benefits provided by this Declaration. 
 (e) Every Person, by virtue of having become a Holder or a Capital Security Beneficial Owner in accordance with the terms of this Declaration, shall be deemed to have expressly assented and agreed to the terms of, and shall be bound by,
this Declaration. 
 SECTION 7.2 Issuance of Securities; Purchase of Notes. 
 (a) The Trust shall be authorized to issue the Capital Securities and the Common Securities set forth in Section 1 of Annex I hereto. 
 (b) Contemporaneously with the execution and delivery of this Declaration, an Administrative Trustee, on behalf of the Trust, shall execute in accordance
with Section 7.1 and deliver to the underwriters named in the Underwriting Agreement Capital Security Certificates, registered in the name of the nominee of the initial Clearing Agency, in an aggregate amount of 12,000,000 Capital Securities
having an aggregate liquidation amount of $300,000,000, against receipt of an aggregate purchase price of such Capital Securities of $300,000,000, by the Institutional Trustee. In the event and to the extent the over-allotment option granted by the
Trust and the Sponsor pursuant to the Underwriting Agreement is exercised by such underwriters, on the Option Closing Date, an Administrative Trustee, on behalf of the Trust, shall execute and deliver to the underwriters named therein Capital
Security Certificates, registered in the name of the nominee of the initial Clearing Agency, representing an aggregate amount of up to 1,800,000 Capital Securities having an aggregate liquidation amount of up to $45,000,000 against receipt of the
aggregate purchase price of such Capital Securities of $45,000,000, by the Institutional Trustee. 
 (c) Contemporaneously with the execution
and delivery of this Declaration, an Administrative Trustee, on behalf of the Trust, shall execute and deliver to the Sponsor, in its capacity as the Holder of the Common Securities, Common Security Certificates registered in the name of such
Holder, evidencing 40,000 Common Securities having an aggregate liquidation amount of $1,000,000, against receipt of the aggregate purchase price of such Common Securities of $1,000,000, by the Institutional Trustee. Contemporaneously therewith and
with the issuance of Capital Securities as set forth in Section 7.2(b), an Administrative Trustee, on behalf of the Trust, shall subscribe to and purchase from the Notes Issuer Notes, registered in the name of the Institutional Trustee and
having an aggregate principal amount equal to $300,000,000, and, in satisfaction of the purchase price for such Notes, the Institutional Trustee, on behalf of the Trust, shall deliver to the Notes Issuer the sum of $300,000,000 (being the sum of the
amounts delivered to the Institutional Trustee pursuant to the first sentence of Section 7.2(b) above and the first sentence of this Section 7.2(c)). In the event and to the extent the over-allotment option granted by the Trust and the
Sponsor pursuant to the Underwriting Agreement is exercised by such underwriters, on the Option Closing Date, an Administrative Trustee, on behalf of the Trust, shall subscribe to and purchase from the Notes Issuer additional Notes, registered in
the name of the Institutional Trustee, and having an aggregate principal amount of up to $45,000,000, and, in satisfaction of the purchase price for such additional Notes, the Institutional Trustee, on behalf of the Trust, shall deliver to the
Sponsor an amount equal to the aggregate principal amount of the additional Notes being purchased. 
  

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 ARTICLE VIII 
 TERMINATION OF TRUST 
 SECTION 8.1 Termination of Trust. 
 (a) The Trust shall dissolve: 
 (i) upon the bankruptcy of any Holder of the Common Securities or the Sponsor; 
 (ii) upon the filing of a
certificate of dissolution or its equivalent with respect to any Holder of the Common Securities or the Sponsor; or the revocation of the charter of the Holder of the Common Securities or the Sponsor and the expiration of 90 days after the date of
revocation without a reinstatement thereof; 
 (iii) upon the entry of a decree of a judicial dissolution of any Holder of the
Common Securities, the Sponsor or the Trust; 
 (iv) subject to obtaining any required regulatory approval, when all of the
Securities have been called for redemption and the amounts necessary for redemption thereof have been paid to the Holders in accordance with the terms of the Securities; 
 (v) subject to obtaining any required regulatory approval, when the Trust shall have been dissolved in accordance with the terms of the
Securities upon election by the Sponsor of its right to dissolve the Trust and distribute all of the Notes to the Holders of Securities in exchange for all of the Securities, and all of the Notes shall have been distributed to the Holders of
Securities in accordance with such election; 
 (vi) before the issuance of any Securities, with the consent of all of the
Administrative Trustees and the Sponsor; or 
 (vii) upon the expiration of the term of the Trust set forth in
Section 3.14. 
 (b) As soon as is practicable after the completion of the winding up of the Trust, the Trustees shall file a
certificate of cancellation with the Secretary of State of the State of Delaware. 
 (c) The provisions of Section 3.9 and Article X
shall survive the termination of the Trust. 
 ARTICLE IX 
 TRANSFER OF INTERESTS 
 SECTION 9.1 Transfer of Securities. 
 (a) Securities may only be transferred, in whole or in part, in accordance with the terms and conditions set forth in this Declaration and in the terms of
the Securities. Any transfer or purported transfer of any Security not made in accordance with this Declaration shall, to the fullest extent permitted by law, be null and void. 
 (b) Subject to this Article IX, Capital Securities shall be freely transferable. 
  

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 (c) Subject to this Article IX, the Sponsor and any Related Party may only transfer Common Securities to
the Sponsor or a Related Party of the Sponsor; provided, that any such transfer is subject to the condition precedent that the transferor obtain the written opinion of nationally recognized independent counsel experienced in such matters that such
transfer would not cause more than an insubstantial risk that: 
 (i) the Trust would not be classified for United States
federal income tax purposes as a grantor trust; and 
 (ii) the Trust would be an Investment Company or the transferee would
become an Investment Company. 
 SECTION 9.2 Transfer of Certificates. The Administrative Trustees shall keep or cause to be kept a
register for registering the Certificates and transfers and exchanges of the Certificates, in which the Administrative Trustees or the transfer agent and registrar designated by the Administrative Trustees (the “Registrar”) shall provide
for the registration of Certificates and of transfers of Certificates, which will be effected without charge but only upon payment in respect of any tax or other government charges that may be imposed in relation to it. Upon surrender for
registration of transfer of any Certificate, the Registrar shall cause one or more new Certificates to be issued in the name of the designated transferee or transferees. Every Certificate surrendered for registration of transfer shall be accompanied
by a written instrument of transfer in form satisfactory to the Registrar duly executed by the Holder or such Holder’s attorney duly authorized in writing. Each Certificate surrendered for registration of transfer shall be canceled by the
Registrar. A transferee of a Certificate shall be entitled to the rights and subject to the obligations of a Holder hereunder upon the receipt by such transferee of a Certificate. By acceptance of a Certificate, each transferee shall be deemed to
have agreed to be bound by this Declaration. The Institutional Trustee shall be the initial Registrar. 
 SECTION 9.3 Deemed Security
Holders. The Trustees may treat the Person in whose name any Certificate shall be registered on the books and records of the Trust as the sole holder of such Certificate and of the Securities represented by such Certificate for purposes of
receiving Distributions and for all other purposes whatsoever and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such Certificate or in the Securities represented by such Certificate on the part of any
Person, whether or not the Trust shall have actual or other notice thereof. 
 SECTION 9.4 Book Entry Interests. Unless otherwise
specified in the terms of the Capital Securities, the Capital Securities Certificates, on original issuance, will be issued in the form of one or more, fully registered, global Capital Security Certificates (each a “Global Certificate”),
to be delivered to DTC, the initial Clearing Agency, by, or on behalf of, the Trust. Such Global Certificates shall initially be registered on the books and records of the Trust in the name of Cede & Co., the nominee of DTC, and no Capital
Security Beneficial Owner will receive a definitive Capital Security Certificate representing such Capital Security Beneficial Owner’s interests in such Global Certificates, except as provided in Section 9.7. Unless and until definitive,
fully registered Capital Security Certificates (the “Definitive Capital Security Certificates”) have been issued to the Capital Security Beneficial Owners pursuant to Section 9.7: 
 (a) the provisions of this Section 9.4 shall be in full force and effect; 
 (b) the Trust and the Trustees shall be entitled to deal with the Clearing Agency for all purposes of this Declaration (including the payment of
Distributions on the Global Certificates and receiving approvals, votes or consents hereunder) as the Holder of the Capital Securities and the sole holder of the Global Certificates and shall have no obligation to the Capital Security Beneficial
Owners; 
  

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 (c) to the extent that the provisions of this Section 9.4 conflict with any other provisions of this
Declaration, the provisions of this Section 9.4 shall control; and 
 (d) the rights of the Capital Security Beneficial Owners shall be
exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Capital Security Beneficial Owners and the Clearing Agency and/or the Clearing Agency Participants and receive and transmit
payments of Distributions on the Global Certificates to such Clearing Agency Participants. DTC will make book entry transfers among the Clearing Agency Participants. 
 SECTION 9.5 Notices to Clearing Agency. Whenever a notice or other communication to the Capital Security Holders is required under this Declaration, unless and until Definitive Capital Security Certificates
shall have been issued to the Capital Security Beneficial Owners pursuant to Section 9.7, the Administrative Trustees shall give all such notices and communications specified herein to be given to the Capital Security Holders to the Clearing
Agency, and shall have no notice obligations to the Capital Security Beneficial Owners. 
 SECTION 9.6 Appointment of Successor Clearing
Agency. If any Clearing Agency elects to discontinue its services as a securities depositary with respect to the Capital Securities, the Administrative Trustees may, in their sole discretion, appoint a successor Clearing Agency with respect to
such Capital Securities. 
 SECTION 9.7 Definitive Capital Security Certificates. If 
 (a) a Clearing Agency elects to discontinue its services as a securities depositary with respect to the Capital Securities and a successor Clearing Agency
is not appointed within 90 days after such discontinuance pursuant to Section 9.6; or 
 (b) the Administrative Trustees elect after
consultation with the Sponsor to terminate the book entry system through the Clearing Agency with respect to the Capital Securities, 
 then: 
 (c) Definitive Capital Security Certificates shall be prepared by the Administrative Trustees on behalf of the Trust with respect to such Capital
Securities; and 
 (d) upon surrender of the Global Certificates by the Clearing Agency, accompanied by registration instructions, the
Administrative Trustees shall cause Definitive Certificates to be delivered to Capital Security Beneficial Owners in accordance with the instructions of the Clearing Agency. Neither the Trustees nor the Trust shall be liable for any delay in
delivery of such instructions and each of them may conclusively rely on and shall be protected in relying on, said instructions of the Clearing Agency. The Definitive Capital Security Certificates shall be printed, lithographed or engraved or may be
produced in any other manner as is reasonably acceptable to the Administrative Trustees, as evidenced by their execution thereof, and may have such letters, numbers or other marks of identification or designation and such legends or endorsements as
the Administrative Trustees may deem appropriate, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange on which Capital Securities may be listed, or to
conform to usage. 
  

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 SECTION 9.8 Mutilated, Destroyed, Lost or Stolen Certificates. If: 
 (a) any mutilated Certificates should be surrendered to the Administrative Trustees, or if the Administrative Trustees shall receive evidence to their
satisfaction of the destruction, loss or theft of any Certificate; and 
 (b) there shall be delivered to the Administrative Trustees such
security or indemnity as may be required by them to keep each of them harmless. 
 then, in the absence of notice that such Certificate shall have been
acquired by a bona fide or protected purchaser, any Administrative Trustee on behalf of the Trust shall execute and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
denomination. In connection with the issuance of any new Certificate under this Section 9.8, the Administrative Trustees may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection
therewith. Any duplicate Certificate issued pursuant to this Section shall constitute conclusive evidence of an ownership interest in the relevant Securities, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be
found at any time. 
 ARTICLE X 
 LIMITATION OF LIABILITY OF HOLDERS OF 
 SECURITIES, TRUSTEES OR OTHERS 
 SECTION 10.1 Liability. 
 (a) Except as
expressly set forth in this Declaration, the Capital Securities Guarantee and the terms of the Securities, the Sponsor shall not be: 
 (i) personally liable for the return of any portion of the capital contributions (or any return thereon) of the Holders of the Securities which shall be made solely from assets of the Trust; and 
 (ii) required to pay to the Trust or to any Holder of Securities any deficit upon dissolution of the Trust or otherwise. 
 (b) The Holder of the Common Securities shall be liable for all of the debts and obligations of the Trust (other than with respect to the Securities) to
the extent not satisfied out of the Trust’s assets. 
 (c) Pursuant to § 3803(a) of the Statutory Trust Act, the Holders of the
Capital Securities shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of the State of Delaware. 
 SECTION 10.2 Exculpation. 
 (a) No
Indemnified Person shall be liable, responsible or accountable in damages or otherwise to the Trust or any Covered Person for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such Indemnified Person in good
faith on behalf of the Trust and in a manner such Indemnified Person reasonably believed to be within the scope of the authority conferred on such Indemnified Person by this Declaration or by law, except that an Indemnified Person shall be liable
for any such loss, damage or claim incurred by reason of such Indemnified Person’s gross negligence or willful misconduct with respect to such acts or omissions. 
  

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 (b) An Indemnified Person shall be fully protected in relying in good faith upon the records of the Trust
and upon such information, opinions, reports or statements presented to the Trust by any Person as to matters the Indemnified Person reasonably believes are within such other Person’s professional or expert competence and who has been selected
with reasonable care by or on behalf of the Trust, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, profits, losses, or any other facts pertinent to the existence and amount of assets from
which Distributions to Holders of Securities might properly be paid. 
 SECTION 10.3 Fiduciary Duty. 
 (a) To the extent that, at law or in equity, an Indemnified Person has duties (including fiduciary duties) and liabilities relating thereto to the Trust
or to any other Covered Person, an Indemnified Person acting under this Declaration shall not be liable to the Trust or to any other Covered Person for its good faith reliance on the provisions of this Declaration. The provisions of this
Declaration, to the extent that they restrict the duties and liabilities of an Indemnified Person otherwise existing at law or in equity (other than the duties imposed on the Institutional Trustee under the Trust Indenture Act), are agreed by the
parties hereto to replace such other duties and liabilities of such Indemnified Person. 
 (b) Unless otherwise expressly provided herein:

 (i) whenever a conflict of interest exists or arises between any Covered Persons; or 
 (ii) whenever this Declaration or any other agreement contemplated herein or therein provides that an Indemnified Person shall act in a
manner that is, or provides terms that are, fair and reasonable to the Trust or any Holder of Securities, 
 the Indemnified Person shall resolve such
conflict of interest, take such action or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to
such interests, any customary or accepted industry practices, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Indemnified Person, the resolution, action or term so made, taken or provided
by the Indemnified Person shall not constitute a breach of this Declaration or any other agreement contemplated herein or of any duty or obligation of the Indemnified Person at law or in equity or otherwise. 
 (c) Whenever in this Declaration an Indemnified Person is permitted or required to make a decision: 
 (i) in its “discretion” or under a grant of similar authority, the Indemnified Person shall be entitled to consider such
interests and factors as it desires, including its own interests, and shall have no duty or obligation to give any consideration to any interest of or factors affecting the Trust or any other Person; or 
 (ii) in its “good faith” or under another express standard, the Indemnified Person shall act under such express standard and
shall not be subject to any other or different standard imposed by this Declaration or by applicable law. 
  

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 SECTION 10.4 Indemnification. 
 (a) (i) The Notes Issuer shall indemnify, to the full extent permitted by law, any Company Indemnified Person who was or is a party or is threatened
to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Trust) by reason of the fact that he is or was a Company
Indemnified Person against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a
manner he reasonably believed to be in or not opposed to the best interests of the Trust, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or
proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the Company Indemnified Person did not act in good faith and in a manner which he
reasonably believed to be in or not opposed to the best interests of the Trust, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was unlawful. 
 (ii) The Notes Issuer shall indemnify, to the full extent permitted by law, any Company Indemnified Person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Trust to procure a judgment in its favor by reason of the fact that he is or was a Company Indemnified Person against expenses (including
attorneys’ fees) actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the
Trust and except that no such indemnification shall be made in respect of any claim, issue or matter as to which such Company Indemnified Person shall have been adjudged to be liable to the Trust unless and only to the extent that the Court of
Chancery of Delaware or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled
to indemnity for such expenses which such Court of Chancery or such other court shall deem proper. 
 (iii) To the extent that
a Company Indemnified Person shall be successful on the merits or otherwise (including dismissal of an action without prejudice or the settlement of an action without admission of liability) in defense of any action, suit or proceeding referred to
in paragraphs (i) and (ii) of this Section 10.4(a), or in defense of any claim, issue or matter therein, he shall be indemnified, to the full extent permitted by law, against expenses (including attorneys’ fees) actually and
reasonably incurred by him in connection therewith. 
 (iv) Any indemnification under paragraphs (i) and (ii) of
this Section 10.4(a) (unless ordered by a court) shall be made by the Notes Issuer only as authorized in the specific case upon a determination that indemnification of the Company Indemnified Person is proper in the circumstances because he has
met the applicable standard of conduct set forth in paragraphs (i) and (ii). Such determination shall be made (1) by the Administrative Trustees by a majority vote of a quorum consisting of such Administrative Trustees who were not parties
to such action, suit or proceeding, (2) if such a quorum is not obtainable, or, even if obtainable, if a quorum of disinterested Administrative Trustees so directs, by independent legal counsel in a written opinion, or (3) by the Common
Security Holder of the Trust. 
 (v) Expenses (including attorneys’ fees) incurred by a Company Indemnified Person in
defending a civil, criminal, administrative or investigative action, suit or proceeding referred to in paragraphs (i) and (ii) of this Section 10.4(a) shall be paid by the Notes Issuer in advance of the final disposition of such
action, suit or proceeding upon receipt of an undertaking by or on behalf 

  

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of such Company Indemnified Person to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the Notes Issuer as
authorized in this Section 10.4(a). Notwithstanding the foregoing, no advance shall be made by the Notes Issuer if a determination is reasonably and promptly made (i) by the Administrative Trustees by a majority vote of a quorum of
disinterested Administrative Trustees, (ii) if such a quorum is not obtainable, or, even if obtainable, if a quorum of disinterested Administrative Trustees so directs, by independent legal counsel in a written opinion or (iii) the Common
Security Holder of the Trust, that, based upon the facts known to the Administrative Trustees, counsel or the Common Security Holder at the time such determination is made, such Company Indemnified Person acted in bad faith or in a manner that such
person did not believe to be in or not opposed to the best interests of the Trust, or, with respect to any criminal proceeding, that such Company Indemnified Person believed or had reasonable cause to believe his conduct was unlawful. In no event
shall any advance be made in instances where the Administrative Trustees, independent legal counsel or Common Security Holder reasonably determine that such person deliberately breached his duty to the Trust or its Common or Capital Security
Holders. 
 (vi) The indemnification and advancement of expenses provided by, or granted pursuant to, the other paragraphs of
this Section 10.4(a) shall not be deemed exclusive of any other rights to which those seeking indemnification and advancement of expenses may be entitled under any agreement, vote of stockholders or disinterested directors of the Notes Issuer
or Capital Security Holders of the Trust or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office. All rights to indemnification under this Section 10.4(a) shall be deemed to be
provided by a contract between the Notes Issuer and each Company Indemnified Person who serves in such capacity at any time while this Section 10.4(a) is in effect. Any repeal or modification of this Section 10.4(a) shall not affect any
rights or obligations then existing. 
 (vii) The Notes Issuer may purchase and maintain insurance on behalf of any person who
is or was a Company Indemnified Person against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the Notes Issuer would have the power to indemnify him against such
liability under the provisions of this Section 10.4(a). 
 (viii) For purposes of this Section 10.4(a), references
to “the Trust” shall include, in addition to the resulting or surviving entity, any constituent entity (including any constituent of a constituent) absorbed in a consolidation or merger, so that any person who is or was a director,
trustee, officer or employee of such constituent entity, or is or was serving at the request of such constituent entity as a director, trustee, officer, employee or agent of another entity, shall stand in the same position under the provisions of
this Section 10.4(a) with respect to the resulting or surviving entity as he would have with respect to such constituent entity if its separate existence had continued. 
 (ix) The indemnification and advancement of expenses provided by, or granted pursuant to, this Section 10.4(a) shall, unless
otherwise provided when authorized or ratified, continue as to a person who has ceased to be a Company Indemnified Person and shall inure to the benefit of the heirs, executors and administrators of such a person. 
 (b) The Notes Issuer agrees to indemnify the (i) Institutional Trustee, (ii) the Delaware Trustee, (iii) any Affiliate of the
Institutional Trustee and the Delaware Trustee, and (iv) any officers, directors, shareholders, members, partners, employees, representatives, custodians, nominees or agents of the Institutional Trustee and the Delaware Trustee (each of the
Persons in (i) through (iv) being referred 

  

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to as a “Fiduciary Indemnified Person”) for, and to hold each Fiduciary Indemnified Person harmless against, any loss, liability, claim, damage or
expense incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration or the trust or trusts hereunder, including the costs and expenses (including reasonable legal fees and expenses) of
defending itself against or investigating any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. The obligation to indemnify as set forth in this Section 10.4(b) shall survive the
resignation or removal of the Institutional Trustee or the Delaware Trustee, as the case may be, and the satisfaction and discharge of this Declaration. 
 SECTION 10.5 Outside Businesses. Any Covered Person, the Sponsor, the Delaware Trustee and the Institutional Trustee may engage in or possess an interest in other business ventures of any nature or description,
independently or with others, similar or dissimilar to the business of the Trust, and the Trust and the Holders of Securities shall have no rights by virtue of this Declaration in and to such independent ventures or the income or profits derived
therefrom, and the pursuit of any such venture, even if competitive with the business of the Trust, shall not be deemed wrongful or improper or the breach of any duty at law, in equity or otherwise. No Covered Person, the Sponsor, the Delaware
Trustee, or the Institutional Trustee shall be obligated to present any particular investment or other opportunity to the Trust even if such opportunity is of a character that, if presented to the Trust, could be taken by the Trust, and any Covered
Person, the Sponsor, the Delaware Trustee and the Institutional Trustee shall have the right to take for its own account (individually or as a partner or fiduciary) or to recommend to others any such particular investment or other opportunity. Any
Covered Person, the Delaware Trustee and the Institutional Trustee may engage or be interested in any financial or other transaction with the Sponsor or any Affiliate of the Sponsor, or may act as depositary for, trustee or agent for, or act on any
committee or body of holders of, securities or other obligations of the Sponsor or its Affiliates. 
 ARTICLE XI 
 ACCOUNTING 
 SECTION 11.1 Fiscal Year.
The fiscal year (“Fiscal Year”) of the Trust shall be the calendar year, or such other year as is required by the Code. 
 SECTION
11.2 Certain Accounting Matters. 
 (a) At all times during the existence of the Trust, the Administrative Trustees shall keep, or
cause to be kept, full books of account, records and supporting documents, which shall reflect in reasonable detail, each transaction of the Trust. The books of account shall be maintained on the accrual method of accounting, in accordance with
generally accepted accounting principles, consistently applied. The Trust shall use the accrual method of accounting for United States federal income tax purposes. The books of account and the records of the Trust shall be examined by and reported
upon as of the end of each Fiscal Year of the Trust by a firm of independent certified public accountants selected by the Administrative Trustees. 
 (b) The Administrative Trustees shall cause to be prepared and delivered to each of the Holders of Securities, to the extent, if any, required by the Trust Indenture Act, within 90 days after the end of each Fiscal Year of the Trust, annual
financial statements of the Trust, including a balance sheet of the Trust as of the end of such Fiscal Year, and the related statements of income or loss; 
 (c) The Administrative Trustees shall cause to be duly prepared and delivered to each of the Holders of Securities, any annual United States federal income tax information statement required by the Code, containing
such information with regard to the Securities held by each Holder as is required by the 

  

 35 

 
Code and the Treasury Regulations. Notwithstanding any right under the Code to deliver any such statement at a later date, the Administrative Trustees shall
endeavor to deliver all such statements within 30 days after the end of each Fiscal Year of the Trust. 
 (d) The Administrative Trustees
shall cause to be duly prepared and filed with the appropriate taxing authority, an annual United States federal income tax return, on a Form 1041 or such other form required by United States federal income tax law, and any other annual income tax
returns required to be filed by the Administrative Trustees on behalf of the Trust with any state or local taxing authority. 
 SECTION 11.3
Banking. The Trust shall maintain one or more bank accounts in the name and for the sole benefit of the Trust; provided, however, that all payments of funds in respect of the Notes held by the Institutional Trustee shall be made directly to
the Institutional Trustee Account and no other funds of the Trust shall be deposited in the Institutional Trustee Account. The sole signatories for such accounts shall be designated by the Administrative Trustees; provided, however, that the
Institutional Trustee shall designate the signatories for the Institutional Trustee Account. 
 SECTION 11.4 Withholding. The Trust
and the Administrative Trustees shall comply with all withholding requirements under United States federal, state and local law. The Trust shall request, and the Holders shall provide to the Trust, such forms or certificates as are necessary to
establish an exemption from withholding with respect to each Holder, and any representations and forms as shall reasonably be requested by the Trust to assist it in determining the extent of, and in fulfilling, its withholding obligations. The
Administrative Trustees shall file required forms with applicable jurisdictions and, unless an exemption from withholding is properly established by a Holder, shall remit amounts withheld with respect to the Holder to applicable jurisdictions. To
the extent that the Trust is required to withhold and pay over any amounts to any authority with respect to distributions or allocations to any Holder, the amount withheld shall be deemed to be a distribution in the amount of the withholding to the
Holder. In the event of any claimed overwithholding, Holders shall be limited to an action against the applicable jurisdiction. If the amount required to be withheld was not withheld from actual Distributions made, the Trust may reduce subsequent
Distributions by the amount of such withholding. 
 ARTICLE XII 
 AMENDMENTS AND MEETINGS 
  

	SECTION	12.1 Amendments. 

 (a) Except as otherwise provided
in this Declaration or by any applicable terms of the Securities, this Declaration may only be amended by a written instrument approved and executed by: 
 (i) the Administrative Trustees (or, if there are more than two Administrative Trustees a majority of the Administrative Trustees); 
 (ii) if the amendment affects the rights, powers, duties, obligations or immunities of the Institutional Trustee, the Institutional
Trustee; and 
 (iii) if the amendment affects the rights, powers, duties, obligations or immunities of the Delaware Trustee,
the Delaware Trustee; 
  

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 (b) no amendment shall be made, and any such purported amendment shall be void and ineffective:

 (i) unless, in the case of any proposed amendment, the Institutional Trustee (and the Delaware Trustee to the extent it is
required to execute or consent to any such amendment) shall have first received an Officers’ Certificate from each of the Trust and the Sponsor that such amendment is permitted by, and conforms to, the terms of this Declaration (including the
terms of the Securities); 
 (ii) unless, in the case of any proposed amendment which affects the rights, powers, duties,
obligations or immunities of the Institutional Trustee, the Institutional Trustee shall have first received: 
 (A) an
Officers’ Certificate from each of the Trust and the Sponsor that such amendment is permitted by, and conforms to, the terms of this Declaration (including the terms of the Securities); and 
 (B) an opinion of counsel (who may be counsel to the Sponsor or the Trust) that such amendment is permitted by, and conforms to, the terms
of this Declaration (including the terms of the Securities); and 
 (iii) to the extent the result of such amendment would be
to: 
 (A) cause the Trust to fail to continue to be classified for purposes of United States federal income taxation as a
grantor trust; 
 (B) reduce or otherwise adversely affect the powers of the Institutional Trustee in contravention of the
Trust Indenture Act; or 
 (C) cause the Trust to be deemed to be an Investment Company required to be registered under the
Investment Company Act. 
 (c) at such time after the Trust has issued any Securities that remain outstanding, any amendment that would
materially and adversely affect the rights, privileges or preferences of any Holder of Securities may be effected only with such additional requirements as may be set forth in the terms of such Securities; 
 (d) Section 9.1(c) and this Section 12.1 shall not be amended without the consent of all of the Holders of the Securities; 
 (e) Article IV shall not be amended without the consent of the Holders of a Majority in liquidation amount of the Common Securities; 
 (f) the rights of the Holders of the Common Securities under Article V to increase or decrease the number of, and appoint and remove Trustees shall not
be amended without the consent of the Holders of a Majority in liquidation amount of the Common Securities; and 
  

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 (g) subject to Section 12.1(c), this Declaration may be amended without the consent of the Holders
of the Securities to: 
 (i) cure any ambiguity, correct or supplement any provisions in this Declaration that may be
defective or inconsistent with any other provision, or to make any other provisions with respect to matters or questions arising under this Declaration, which may not be inconsistent with the other provisions of this Declaration; 
 (ii) modify, eliminate or add to any provisions of this Declaration to such extent as shall be necessary to ensure that the Trust will be
classified for United States federal income tax purposes as a grantor trust at all times that any Securities are outstanding, to ensure that the Trust will not be required to register as an “investment company” under the Investment Company
Act or to ensure the treatment of the Capital Securities as Tier 1 regulatory capital of the Sponsor under prevailing Federal Reserve Board rules and regulations; 
 (iii) add to the covenants, restrictions or obligations of the Sponsor; 
 (iv) maintain the qualification of this Declaration under the Trust Indenture Act; and 
 (v) to modify, eliminate and add to any provision of the Declaration to such extent as may be reasonably necessary to effectuate any of
the foregoing or to otherwise comply with applicable law. 
 SECTION 12.2 Meetings of the Holders of Securities; Action by Written
Consent. 
 (a) Meetings of the Holders of any class of Securities may be called at any time by the Administrative Trustees (or as
provided in the terms of the Securities) to consider and act on any matter on which Holders of such class of Securities are entitled to act under the terms of this Declaration, the terms of the Securities or the rules of any stock exchange on which
the Capital Securities are listed or admitted for trading. The Administrative Trustees shall call a meeting of the Holders of such class if directed to do so by the Holders of Securities representing at least 10% in liquidation amount of such class
of Securities. Such direction shall be given by delivering to the Administrative Trustees one or more consents in a writing stating that the signing Holders of Securities wish to call a meeting and indicating the general or specific purpose for
which the meeting is to be called. Any Holders of Securities calling a meeting shall specify in writing the Security Certificates held by the Holders of Securities exercising the right to call a meeting and only those Securities specified shall be
counted for purposes of determining whether the required percentage set forth in the second sentence of this paragraph has been met. 
 (b)
Except to the extent otherwise provided in the terms of the Securities, the following provisions shall apply to meetings of Holders of Securities: 
 (i) notice of any such meeting shall be given to all the Holders of Securities having a right to vote thereat at least 7 days and not more than 60 days before the date of such meeting. Whenever a vote, consent or
approval of the Holders of Securities is permitted or required under this Declaration or the rules of any stock exchange on which the Capital Securities are listed or admitted for trading, such vote, consent or approval may be given at a meeting of
the Holders of Securities. Any action that may be taken at a meeting of the Holders of Securities may be taken without a meeting and without prior notice if a consent in writing setting forth the action so taken is signed by the Holders of
Securities owning not less than the minimum amount of Securities in liquidation amount that would be necessary to authorize or take such action at a meeting at which all Holders of Securities having a right to vote thereon were present and voting.
Prompt notice of the taking of action without a meeting shall be given to the Holders of Securities entitled to vote who have not consented in writing. The Administrative Trustees may specify that any written ballot submitted to the Security Holder
for the purpose of taking any action without a meeting shall be returned to the Trust within the time specified by the Administrative Trustees; 
  

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 (ii) each Holder of a Security may authorize any Person to act for it by proxy on all
matters in which a Holder of Securities is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. No proxy shall be valid after the expiration of 11 months from the date thereof unless otherwise
provided in the proxy. Every proxy shall be revocable at the pleasure of the Holder of Securities executing it. Except as otherwise provided herein, all matters relating to the giving, voting or validity of proxies shall be governed by the General
Corporation Law of the State of Delaware relating to proxies, and judicial interpretations thereunder, as if the Trust were a Delaware corporation and the Holders of the Securities were stockholders of a Delaware corporation; 
 (iii) each meeting of the Holders of the Securities shall be conducted by the Administrative Trustees or by such other Person that the
Administrative Trustees may designate; and 
 (iv) unless the Statutory Trust Act, this Declaration, the terms of the
Securities, the Trust Indenture Act or the listing rules of any stock exchange on which the Capital Securities are then listed or trading, otherwise provides, the Administrative Trustees, in their sole discretion, shall establish all other
provisions relating to meetings of Holders of Securities, including notice of the time, place or purpose of any meeting at which any matter is to be voted on by any Holders of Securities, waiver of any such notice, action by consent without a
meeting, the establishment of a record date, quorum requirements, voting in person or by proxy or any other matter with respect to the exercise of any such right to vote. 
 ARTICLE XIII 
 REPRESENTATIONS OF INSTITUTIONAL TRUSTEE 
 AND DELAWARE TRUSTEE 
 SECTION 13.1
Representations and Warranties of Institutional Trustee. The Trustee that acts as initial Institutional Trustee represents and warrants to the Trust and to the Sponsor at the date of this Declaration, and each Successor Institutional Trustee
represents and warrants to the Trust and the Sponsor at the time of the Successor Institutional Trustee’s acceptance of its appointment as Institutional Trustee that: 
 (a) the Institutional Trustee is a banking corporation with trust powers, duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, with trust power and authority
to execute and deliver, and to carry out and perform its obligations under the terms of, this Declaration; 
 (b) the Institutional Trustee
has a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000). 
 (c) the execution, delivery and performance by
the Institutional Trustee of the Declaration has been duly authorized by all necessary corporate action on the part of the Institutional Trustee. The Declaration has been duly executed and delivered by the Institutional Trustee, and it constitutes a
legal, valid and binding obligation of the Institutional Trustee, enforceable against it in accordance with its terms, subject to applicable bankruptcy, reorganization, moratorium, insolvency, and other similar laws affecting creditors’ rights
generally and to general principles of equity and the discretion of the court (regardless of whether the enforcement of such remedies is considered in a proceeding in equity or at law); 
  

 39 

 (d) the execution, delivery and performance of the Declaration by the Institutional Trustee does not
conflict with or constitute a breach of the Articles of Organization or By-laws of the Institutional Trustee; and 
 (e) no consent, approval
or authorization of, or registration with or notice to, any State or Federal banking authority is required for the execution, delivery or performance by the Institutional Trustee, of the Declaration. 
 SECTION 13.2 Representations and Warranties of Delaware Trustee. The Trustee that acts as initial Delaware Trustee represents and warrants to the
Trust and to the Sponsor at the date of this Declaration, and each Successor Delaware Trustee represents and warrants to the Trust and the Sponsor at the time of the Successor Delaware Trustee’s acceptance of its appointment as Delaware Trustee
that: 
 (a) The Delaware Trustee is a Delaware banking corporation with trust powers, duly organized, validly existing and in good standing
under the laws of the State of Delaware, with power and authority to execute and deliver, and to carry out and perform its obligations under the terms of, the Declaration. 
 (b) The Delaware Trustee has been authorized to perform its obligations under the Declaration. The Declaration under Delaware law constitutes a legal,
valid and binding obligation of the Delaware Trustee, enforceable against it in accordance with its terms, subject to applicable bankruptcy, reorganization, moratorium, insolvency, and other similar laws affecting creditors’ rights generally
and to general principles of equity and the discretion of the court (regardless of whether the enforcement of such remedies is considered in a proceeding in equity or at law). 
 (c) No consent, approval or authorization of, or registration with or notice to, any State or Federal banking authority is required for the execution,
delivery or performance by the Delaware Trustee, of the Declaration. 
 (d) The Delaware Trustee is an entity which maintains its principal
place of business in the State of Delaware. 
 ARTICLE XIV 
 MISCELLANEOUS 
 SECTION 14.1 Notices. All notices provided for in this Declaration shall be in
writing, duly signed by the party giving such notice, and shall be delivered, telecopied or mailed by registered or certified mail, as follows: 
 (a) if given to the Trust, in care of the Administrative Trustees at the Trust’s mailing address set forth below (or such other address as the Trust may give notice of to the Holders of the Securities): 
 Capital One Capital II 
 1680 Capital One Drive, 
 McLean, Virginia 22102 
 Attention: Administrative Trustees 
  

 40 

 (b) if given to the Delaware Trustee, at the mailing address set forth below (or such other address as
Delaware Trustee may give notice of to the Holders of the Securities): 
 The Bank of New York (Delaware) 
 White Clay Center, 
 Route 273 Newark, Delaware 19711 
 Attention: Corporate Trust Administration 
 (c) if given to the Institutional Trustee, at the mailing address set forth below (or such other address as the Institutional Trustee may give notice of
to the Holders of the Securities): 
 The Bank of New York 
 2 North LaSalle Street, Suite 1020 
 Chicago, Illinois 60602 
 Attention: Corporate Trust Administration 
 (d) if given to the Holder of the Common Securities, at the mailing address of the Sponsor set forth below (or such other address as the Holder of the
Common Securities may give notice of to the Trust): 
 Capital One Financial Corporation 
 1680 Capital One Drive, 
 McLean, Virginia 22102 
 Attention: Director of Capital Markets 
 (e) if given to any other Holder, at the address set forth on the books and records of the Trust. 
 All such notices shall be deemed to have been given when received in person, telecopied with receipt confirmed, or mailed by first class mail, postage
prepaid except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of which no notice was given, such notice or other document shall be deemed to have been delivered on the date of such refusal
or inability to deliver. 
 SECTION 14.2 Governing Law. This Declaration and the Securities and the rights of the parties hereunder
and thereunder shall be governed by and interpreted in accordance with the laws of the State of Delaware and all rights and remedies shall be governed by such laws without regard to principles of conflict of laws. 
 SECTION 14.3 Intention of the Parties. It is the intention of the parties hereto that the Trust be classified for United States federal income tax
purposes as a grantor trust. The provisions of this Declaration shall be interpreted in a manner consistent with this classification. 
 SECTION 14.4 Headings. Headings contained in this Declaration are inserted for convenience of reference only and do not affect the interpretation of this Declaration or any provision hereof. 
 SECTION 14.5 Successors and Assigns. Whenever in this Declaration any of the parties hereto is named or referred to, the successors and assigns of
such party shall be deemed to be included, and all covenants and agreements in this Declaration by the Sponsor and the Trustees shall bind and inure to the benefit of their respective successors and assigns, whether so expressed. 
  

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 SECTION 14.6 Partial Enforceability. If any provision of this Declaration, or the application of
such provision to any Person or circumstance, shall be held invalid, the remainder of this Declaration, or the application of such provision to Persons or circumstances other than those to which it is held invalid, shall not be affected thereby.

 SECTION 14.7 Counterparts. This Declaration may contain more than one counterpart of the signature page and this Declaration may be
executed by the affixing of the signature of each of the Trustees to one of such counterpart signature pages. All of such counterpart signature pages shall be read as though one, and they shall have the same force and effect as though all of the
signers had signed a single signature page. 
  

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 IN WITNESS WHEREOF, the undersigned have caused these presents to be executed as of the day and year
first above written. 
  

			
		 	 /s/ Frank R. Borchert, III

	Name:	 	Frank R. Borchert, III
	Title:	 	Administrative Trustee
		
		 	 /s/ Stephen Linehan

	Name:	 	Stephen Linehan
	Title:	 	Administrative Trustee
	
	 THE BANK OF NEW YORK (DELAWARE),
 as Delaware
Trustee

		
	By:	 	 /s/ Kristine K. Gullo

	Name:	 	Kristine K. Gullo
	Title:	 	Vice President
	
	 THE BANK OF NEW YORK,
 as Institutional
Trustee

		
	By:	 	 /s/ Van K. Brown

	Name:	 	Van K. Brown
	Title:	 	Vice President
	
	 CAPITAL ONE FINANCIAL CORPORATION,
 as
Sponsor

		
	By:	 	 /s/ Stephen Linehan

	Name:	 	Stephen Linehan
	Title:	 	Senior Vice President and Treasurer

 ANNEX I 
 TERMS OF 
 7.50 % ENHANCED TRUST PREFERRED SECURITIES 
 7.50 % COMMON SECURITIES 
 Pursuant to
Section 7.1 of the Amended and Restated Declaration of Trust, dated as of June 6, 2006 (as amended from time to time, the “Declaration”), the designation, rights, privileges, restrictions, preferences and other terms and
provisions of the Capital Securities and the Common Securities are set out below (each capitalized term used but not defined herein has the meaning set forth in the Declaration or, if not defined in such Declaration, as defined in the Prospectus
referred to below): 
 1. Designation and Number. 
 (a) Capital Securities. 12,000,000 Capital Securities of the Trust (or up to 13,800,000 Capital Securities if the over-allotment option is exercised pursuant to Section 2(b) of the Underwriting Agreement)
with an aggregate liquidation amount with respect to the assets of the Trust of three hundred million dollars ($300,000,000) (or up to three hundred forty-five million dollars ($345,000,000)) if the over-allotment option is exercised pursuant to
Section 2(b) of the Underwriting Agreement), and a liquidation amount with respect to the assets of the Trust of $25.00 per capital security, are hereby designated for the purposes of identification only as “7.50% Trust Preferred
Securities” (the “Capital Securities”). The Capital Security Certificates evidencing the Capital Securities shall be substantially in the form of Exhibit A-1 to the Declaration, with such changes and additions thereto or deletions
therefrom as may be required by ordinary usage, custom or practice or to conform to the rules of any stock exchange on which the Capital Securities are listed. 
 (b) Common Securities. 40,000 Common Securities of the Trust with an aggregate liquidation amount with respect to the assets of the Trust of one million dollars ($1,000,000), and a liquidation amount with
respect to the assets of the Trust of $25.00 per common security, are hereby designated for the purposes of identification only as “7.50% Common Securities” (the “Common Securities”). The Common Security Certificates evidencing
the Common Securities shall be substantially in the form of Exhibit A-2 to the Declaration, with such changes and additions thereto or deletions therefrom as may be required by ordinary usage, custom or practice. 
 2. Distributions. 
 (a) Distributions
payable on each Security will be fixed at a rate per annum of 7.50% (the “Coupon Rate”) of the stated liquidation amount of $25.00 per Security, such rate being the rate of interest payable on the Notes to be held by the Institutional
Trustee. Distributions in arrears beyond the first date such Distributions are payable (or would be payable, if not for any Optional Deferral Period (as defined below) or default by the Notes Issuer on the Notes) will bear interest thereon
compounded quarterly at the Coupon Rate (to the extent permitted by applicable law). The term “Distributions” as used herein includes such cash distributions and any such interest payable unless otherwise stated. A Distribution is payable
only to the extent that payments are made in respect of the Notes held by the Institutional Trustee and to the extent the Institutional Trustee has funds available therefor. The amount of Distributions payable for any period will be computed for any
full quarterly Distribution period on the basis of a 360-day year of twelve 30-day months, and for any period shorter than a full quarterly Distribution period for which Distributions are computed, Distributions will be computed on the basis of a
30-day month and, for periods of less than a month, the actual number of days elapsed per 30-day month. 
  

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 (b) Distributions on the Securities will be cumulative, will accrue from and including June 6, 2006,
and will be payable quarterly in arrears, on March 15, June 15, September 15 and December 15 of each year, commencing on September 15, 2006. When, as and if available for payment, Distributions will be made by the Paying
Agent, except as otherwise described below. The Notes Issuer has the right under the Indenture to defer payments of interest on the Notes by extending the interest payment period from time to time on the Notes for a period not exceeding 20
consecutive quarters (each an “Optional Deferral Period”), during which Optional Deferral Period no interest shall be due and payable on the Notes, provided, that no Optional Deferral Period may extend beyond the date of maturity of the
Notes. As a consequence of the Notes Issuer’s extension of the interest payment period, quarterly Distributions will also be deferred. Despite such deferral, quarterly Distributions will continue to accrue with interest thereon (to the extent
permitted by applicable law) at the Coupon Rate compounded quarterly during any such Optional Deferral Period. In the event that the Notes Issuer exercises its right to extend the interest payment period, then the Notes Issuer and its Subsidiaries
shall not (a) declare or pay any dividend on, make any distributions with respect to, or redeem, purchase, acquire or make a liquidation payment with respect to, any of its capital stock or the capital stock of its Subsidiaries, (b) make
any payment of interest on or principal of (or premium, if any, on), or repay, repurchase or redeem, any debt securities issued by the Notes Issuer that rank pari passu with or junior to the Notes, or (c) make any guarantee payments on any
guarantee by the Notes Issuer of the debt securities of any of its Subsidiaries (including under other guarantees of junior subordinated debt securities) if such guarantee ranks pari passu with or junior in interest to the Notes (other than
(i) dividends or distributions in capital stock of the Notes Issuer, (ii) payments under the guarantee with respect to the Securities, (iii) any declaration or payment of a dividend in connection with the implementation of a
stockholders’ rights plan, or the issuance of stock under any such plan in the future or the redemption or repurchase of any such rights pursuant thereto, (iv) repurchases, redemptions or other acquisitions of shares of capital stock of
the Notes Issuer in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of employees, officers, directors or consultants, and (v) solely in the case of a Subsidiary of the Notes Issuer, any
declaration of dividends or distributions on the capital stock of such Subsidiary to the Notes Issuer or one of its Affiliates). Prior to the termination of any such Optional Deferral Period, the Notes Issuer may further extend such Optional
Deferral Period; provided, that such Optional Deferral Period, together with all such previous and further extensions thereof, may not exceed 20 consecutive quarters; provided further, that no Optional Deferral Period may extend beyond the maturity
of the Notes. Payments of deferred Distributions and accrued interest thereon will be payable to Holders as they appear on the books and records of the Trust on the first record date after the end of the Optional Deferral Period. Upon the
termination of any Optional Deferral Period and the payment of all amounts then due, the Notes Issuer may commence a new Optional Deferral Period, subject to the above requirements. The Administrative Trustees will give notice to each Holder of any
Optional Deferral Period upon their receipt of notice thereof from the Notes Issuer. 
 (c) If the Notes Issuer does not pay all accrued and
unpaid interest on the Notes for a period of 20 consecutive quarterly periods, it will be obliged continuously to use its commercially reasonable efforts to sell shares of its common stock (including treasury shares and shares of common stock sold
pursuant to its dividend reinvestment plan and employee benefit plans) and/or, at its option, shares of its qualified preferred stock, which is stock that is (1) perpetual with no prepayment obligation on the part of the issuer thereof, whether
at the election of the holders or otherwise, and (2) distributions on which may be skipped by the Notes Issuer for any number of distribution periods. The Notes Issuer will notify the Board of Governors of the Federal Reserve Bank and the
Federal Reserve Bank of Richmond, or its successor as the Notes Issuer’s primary federal banking regulator (collectively, the “Federal Reserve Board”) upon (1) the commencement of any Optional Deferral Period, and (2) the
20th consecutive quarterly period of an Optional Deferral Period, and will request the prior written concurrence or
approval of the Federal Reserve Board for the sale of its common stock or qualified preferred stock and the application of the net proceeds of such sale to pay deferred interest on the Notes. The Notes Issuer will 

  

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be required to pay accrued and unpaid interest on the Notes on or prior to the next interest payment date using the net proceeds (after underwriters’ or
placement agents’ fees, commissions or discounts and other expenses relating to the issuances) of such sales received by the Notes Issuer during the 180-day period prior to that interest payment date. Corresponding Distributions will be made on
the Securities on a Pro Rata basis. If (1) at any time following an Optional Deferral Period that has extended for 20 consecutive quarterly periods the Notes Issuer has requested but not received the prior written concurrence or approval of the
Federal Reserve Board both (i) to sell shares of its common stock and/or qualified preferred stock and (ii) to apply the net proceeds of such sale to pay deferred interest on the Notes (a “Supervisory Event”) or (2) an
officer of the Notes Issuer shall have delivered a certificate (an “MDE Certification”) no more than 20 and no fewer than 10 Business Days in advance of an interest payment date stating that immediately following the preceding interest
payment date and continuing to the Business Day immediately preceding the certificate or for a period such that the Notes Issuer was unable to raise sufficient net proceeds from the sales described in this paragraph (c) to pay all accrued but
unpaid interest on the Notes, (i) trading in securities generally on the principal exchange on which the securities of the Notes Issuer are then listed and traded (as of the date of the Declaration, the New York Stock Exchange) shall have been
suspended or its settlement generally shall have been materially disrupted; (ii) the Notes Issuer would be required to obtain the consent or approval of a regulatory body (including, without limitation, any securities exchange, but excluding
the Federal Reserve Board) or governmental authority to issue shares of the Notes Issuer’s common stock and the Notes Issuer shall have failed to obtain that consent or approval notwithstanding its commercially reasonable efforts to obtain that
consent or approval; or (iii) an event occurs and is continuing as a result of which the offering document for the offer and sale of shares of the Notes Issuer’s common stock would, in the Notes Issuer’s reasonable judgment, contain
an untrue statement of a material fact or omit to state a material fact required to be stated in that offering document or necessary to make the statements in that offering document not misleading and either (A) the disclosure of that event at
the time the event occurs, in the Notes Issuer’s reasonable judgment, would have a material adverse effect on the Notes Issuer’s business or (B) the disclosure relates to a previously undisclosed proposed or pending material business
transaction, the disclosure of which would impede the Notes Issuer’s ability to consummate that transaction, provided that no event contemplated by this item (iii) may exceed 90 consecutive days and multiple events contemplated by this
item (iii) may not exceed an aggregate of 180 days in any 360-day period (any such event in items (i), (ii) and (iii) a “Market Disruption Event”); then the Notes Issuer will be excused from its obligation to use its
commercially reasonable efforts to sell its common stock and apply the net proceeds of such sale to pay accrued and unpaid interest on the Notes for up to an additional 20 consecutive quarterly periods. The obligation of the Notes Issuer to use
commercially reasonable efforts to sell its common stock and apply the net proceeds of such sale to pay accrued and unpaid interest on the Notes shall resume at such time as no Market Disruption Event or Supervisory Event exists or is continuing.

 (d) Distributions on the Securities will be payable to the Holders thereof as they appear on the books and records of the Trust at the
close of business on the relevant record dates. While the Capital Securities remain in book-entry only form, the relevant record dates shall be one Business Day prior to the relevant payment dates which payment dates shall correspond to the interest
payment dates on the Notes. Subject to any applicable laws and regulations and the provisions of the Declaration, each such payment in respect of the Capital Securities will be made as described under the heading “Description of the Enhanced
TRUPS—Payment of Distributions” in the Prospectus dated May 24, 2006 (the “Prospectus”), of the Trust included in the Registration Statement on Form S-3 of the Sponsor, the Trust and certain other statutory
trusts. The relevant record dates for the Common Securities shall be the same record date as for the Capital Securities. If the Capital Securities shall not continue to remain in book-entry only form, the relevant record dates for the Capital
Securities shall conform to the rules of any securities exchange on which the securities are listed and, if none, shall be selected by the Administrative Trustees, which dates shall be more than 14 days but less than 60 days prior to the relevant
payment 

  

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dates, which payment dates shall correspond to the interest payment dates on the Notes. Distributions payable on any Securities that are not punctually paid
on any Distribution payment date, as a result of the Notes Issuer having failed to make a payment under the Notes, will cease to be payable to the Person in whose name such Securities are registered on the relevant record date, and such defaulted
Distribution will instead be payable to the Person in whose name such Securities are registered on the special record date or other specified date determined in accordance with the Indenture. If any date on which Distributions are payable on the
Securities is not a Business Day, then payment of the Distribution payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such
Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date. 
 (e) In the event that there is any money or other property held by or for the Trust that is not accounted for hereunder, such property shall be
distributed Pro Rata (as defined herein) among the Holders of the Securities. 
 3. Liquidation Distribution Upon Dissolution.

 (a) In the event of any voluntary or involuntary dissolution of the Trust, the Holders of the Securities on the date of the dissolution
will be entitled to receive out of the assets of the Trust available for distribution to Holders of Securities after satisfaction of liabilities of creditors, distributions in an amount equal to the aggregate of the stated liquidation amount of
$25.00 per Security plus accrued and unpaid Distributions thereon to the date of payment (such amount being the “Liquidation Distribution”), unless, in connection with such dissolution, Notes in an aggregate principal amount equal to the
aggregate stated liquidation amount of, with an interest rate equal to the Coupon Rate, and bearing accrued and unpaid interest in an amount equal to the accrued and unpaid Distributions on, such Securities outstanding at such time, have been
distributed on a Pro Rata basis to the Holders of the Securities in exchange for such Securities. Prior to any such Liquidation Distribution, the Notes Issuer will obtain any required regulatory approval. 
 (b) If, upon any such dissolution, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in
full the aggregate Liquidation Distribution, then the amounts payable directly by the Trust on the Securities shall be paid on a Pro Rata basis. 
 (c) On and from the date fixed by the Administrative Trustees for any distribution of the Notes and dissolution of the Trust: (i) the Securities will no longer be deemed to be outstanding, (ii) DTC or its nominee (or any successor
Clearing Agency or its nominee), as the record Holder of the Capital Securities, will receive a registered global certificate or certificates representing the Notes to be delivered upon such distribution and (iii) any certificates representing
Securities, except for certificates representing Capital Securities held by DTC or its nominee (or any successor Clearing Agency or its nominee), will be deemed to represent beneficial interests in the Notes having an aggregate principal amount
equal to the aggregate stated liquidation amount of, with an interest rate identical to the Coupon Rate of, and accrued and unpaid interest equal to accrued and unpaid Distributions on such Securities until such certificates are presented to the
Notes Issuer or its agent for transfer or reissue. 
 (d) If the Notes are distributed to the Holders of the Securities, pursuant to the
terms of the Indenture, the Notes Issuer will use its best efforts to cause the Notes to be listed on the New York Stock Exchange or on such other exchange as the Capital Securities were listed immediately prior to the distribution of the Notes.

  

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 4. Redemption and Distribution. 
 (a) Upon the repayment of the Notes in whole or in part, whether at maturity or upon redemption (either (i) at the option of the Notes Issuer on or
after June 15, 2011 or (ii) at any time pursuant to a Special Event as described below), the proceeds from such repayment or payment shall be simultaneously applied to redeem Securities having an aggregate liquidation amount equal to the
aggregate principal amount of the Notes so repaid or redeemed at a redemption price of $25.00 per Security plus an amount equal to accrued and unpaid Distributions thereon at the date of the redemption, payable in cash (the “Redemption
Price”). Holders shall be given not less than 30 or more than 60 days’ notice of such redemption. Prior to any such redemption, the Notes Issuer will obtain any required regulatory approval. 
 (b) If fewer than all the outstanding Securities are to be so redeemed, the Securities will be redeemed Pro Rata and the Capital Securities to be
redeemed will be as described in Section 4(e)(ii) below. 
 (c) Subject to obtaining any required regulatory approval, the Notes Issuer
shall have the right to redeem the Notes, in whole or in part, for cash if, at any time, a Tax Event, an Investment Company Event or a Regulatory Capital Event (each as defined below, and each a “Special Event”) shall occur and be
continuing, upon not less than 30 nor more than 60 days’ notice, within 90 days following the occurrence of such Special Event, and, following such redemption, Securities with an aggregate liquidation amount equal to the aggregate principal
amount of the Notes so redeemed shall be redeemed by the Trust at the Redemption Price on a Pro Rata basis; provided, however, that if at the time there is available to the Notes Issuer or the Trust the opportunity to eliminate, within such 90-day
period, the Special Event by taking some ministerial action, such as filing a form or making an election or pursuing some other similar reasonable measure that will have no adverse effect on the Trust, the Notes Issuer or the holders of the
Securities, then the Notes Issuer or the Trust will pursue such measure in lieu of redemption. 
 “Tax Event” means the receipt by
the Notes Issuer or the Trust of an opinion of counsel experienced in such matters to the effect that, as a result of any amendment to or change (including any announced prospective change) in the laws or any regulations thereunder of the United
States or any political subdivision or taxing authority affecting taxation, or any interpretation or application of the laws enumerated in the preceding clause, or regulations by any court, governmental agency (including in the course of an audit)
or regulatory authority, there is more than an insubstantial risk that: (i) the Trust is, or will be within 90 days of the date of such opinion, subject to United States federal income tax with respect to income received or accrued on the
Notes; (ii) interest payable by the Notes Issuer on the Notes is not, or within 90 days of the date of such opinion, will not be, deductible by the Notes Issuer, in whole or in part, for United States federal income tax purposes; or
(iii) the Trust is, or will be within 90 days of the date of such opinion, subject to more than a de minimis amount of other taxes (including withholding taxes), duties, assessments or other governmental charges. 
 “Investment Company Event” means the receipt by the Notes Issuer and the Trust of an opinion of counsel experienced in such matters to the
effect that, as a result of a change in law or regulation or change in interpretation or application of law or regulation by any legislative body, court, governmental agency or regulatory authority, which becomes effective on or after the initial
issuance of the trust preferred securities, there is more than an insubstantial risk that the Trust is, or will be, considered an “investment company” that is required to be registered under the Investment Company Act, which change or
prospective change becomes effective on or after the date of the original issuance of the Capital Securities. 
 “Regulatory Capital
Event” means the reasonable determination by the Notes Issuer that, as a result of any amendment to, or change (including any announced prospective change) in, the laws, rules 

  

 I-5 

 
or regulations of the United States or any political subdivision thereof or therein, or as the result of any official or administrative pronouncement or
action or judicial decision interpreting or applying such laws, rules or regulations, which amendment or change is effective or which pronouncement, action or decision is announced on or after the date of original issuance of the Capital Securities,
there is more than an insubstantial risk of impairment of the Notes Issuer’s ability to treat the Capital Securities as “Tier 1 Capital” (or the then equivalent thereof) for purposes of the capital adequacy guidelines of the Federal
Reserve Board (or any successor regulatory authority with jurisdiction over bank holding companies), as then in effect and applicable to the Notes Issuer; provided, however, that the distribution of the Notes in connection with the
Liquidation of the Trust by the Notes Issuer shall not in and of itself constitute a Regulatory Capital Event unless such Liquidation shall have occurred in connection with a Tax Event or an Investment Company Event. 
 (d) The Trust may not redeem fewer than all the outstanding Securities unless all accrued and unpaid Distributions have been paid on all Securities for
all quarterly Distribution periods terminating on or before the date of redemption. 
 (e) Redemption or Distribution procedures will be as
follows: 
 (i) Notice of any redemption of, or notice of distribution of Notes in exchange for the Securities (a
“Redemption/Distribution Notice”) will be given by the Trust by mail to each Holder of the Securities to be redeemed or exchanged not fewer than 30 nor more than 60 days before the date fixed for redemption or exchange thereof which, in
the case of a redemption, will be the date fixed for redemption of the Notes. For purposes of the calculation of the date of redemption or exchange and the dates on which notices are given pursuant to this Section 4(e)(i), a Redemption/
Distribution Notice shall be deemed to be given on the day such notice is first mailed by first-class mail, postage prepaid, to the Holders of the Securities. Each Redemption/Distribution Notice shall be addressed to the Holders of the Securities at
the address of each such Holder appearing in the books and records of the Trust. No defect in the Redemption/Distribution Notice or in the mailing of either thereof with respect to any Holder shall affect the validity of the redemption or exchange
proceedings with respect to any other Holder. 
 (ii) In the event that fewer than all the outstanding Securities are to be
redeemed, the Securities to be redeemed shall be redeemed Pro Rata from each Holder of Capital Securities, it being understood that, in respect of Capital Securities registered in the name of and held of record by DTC or its nominee (or any
successor Clearing Agency or its nominee), the distribution of the proceeds of such redemption will be made to each Clearing Agency Participant (or Person on whose behalf such nominee holds such securities) in accordance with the procedures applied
by such agency or nominee. 
 (iii) If Securities are to be redeemed and the Trust gives a Redemption/Distribution Notice,
which notice may only be issued if the Notes are redeemed as set out in this Section 4 (which notice will be irrevocable), then (A) while the Capital Securities are in book-entry only form, with respect to the Capital Securities, by 12:00
noon, New York City time, on the redemption date, provided, that the Notes Issuer has paid to the Institutional Trustee a sufficient amount of cash in connection with the related redemption or maturity of the Notes, the Institutional Trustee will
deposit irrevocably with DTC or its nominee (or successor Clearing Agency or its nominee) funds sufficient to pay the applicable Redemption Price with respect to the Capital Securities and will give DTC (or any successor Clearing Agency) irrevocable
instructions and authority to pay the Redemption Price to the Holders of the Capital Securities, and (B) with respect to Capital Securities issued in definitive form and Common Securities, 

  

 I-6 

 
provided, that the Notes Issuer has paid the Institutional Trustee a sufficient amount of cash in connection with the related redemption or maturity of the
Notes, the Paying Agent will pay the relevant Redemption Price to the Holders of such Securities, upon surrender thereof, by check mailed to the address of the relevant Holder appearing on the books and records of the Trust on the redemption date.
If a Redemption/Distribution Notice shall have been given and funds deposited as required, if applicable, then immediately prior to the close of business on the date of such deposit, or on the redemption date, as applicable, distributions will cease
to accrue on the Securities so called for redemption and all rights of the Holders of such Securities so called for redemption will cease, except the right of the Holders of such Securities to receive the Redemption Price, but without interest on
such Redemption Price. Neither the Administrative Trustees nor the Trust shall be required to register or cause to be registered the transfer of any Securities that have been so called for redemption. The record date for any payment under this
Section 4 shall be determined as set forth in Section 2(c). If any date fixed for redemption of Securities is not a Business Day, then payment of the Redemption Price payable on such date will be made on the next succeeding day that is a
Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day falls in the next calendar year, such payment will be made on the immediately preceding Business Day, in each case with the same
force and effect as if made on such date fixed for redemption. If payment of the Redemption Price in respect of any Securities is improperly withheld or refused and not paid by the Paying Agent or by the Sponsor as guarantor pursuant to the relevant
Securities Guarantee, Distributions on such Securities will continue to accrue from the original redemption date to the actual date of payment, in which case the actual payment date will be considered the date fixed for redemption for purposes of
calculating the Redemption Price. 
 (iv) Redemption/Distribution Notices shall be sent by the Administrative Trustees on
behalf of the Trust to (A) in respect of the Capital Securities, DTC or its nominee (or any successor Clearing Agency or its nominee) if the Global Certificates have been issued or, if Definitive Capital Security Certificates have been issued,
to the Holder thereof and (B) in respect of the Common Securities to the Holder thereof. 
 (v) Subject to the foregoing
and applicable law (including, without limitation, United States federal securities laws), the Notes Issuer or its affiliates may at any time and from time to time purchase outstanding Capital Securities by tender, in the open market or by private
agreement. 
 5. Voting Rights - Capital Securities. 
 (a) Except as provided under Sections 5(b) and 7 and as otherwise required by law and the Declaration, the Holders of the Capital Securities will have no voting rights. 
 (b) Subject to the requirements set forth in this paragraph, the Holders of a Majority in aggregate liquidation amount of the Capital Securities, voting
separately as a class, may direct the time, method, and place of conducting any proceeding for any remedy available to the Institutional Trustee, or direct the exercise of any trust or power conferred upon the Institutional Trustee under the
Declaration, including the right to direct the Institutional Trustee, as holder of the Notes, to (i) direct the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercise any trust or
power conferred on the Indenture Trustee with respect to the Notes, (ii) waive any past Indenture Event of Default that is waivable under Section 5.6 of the Indenture, (iii) exercise any right to rescind or annul a declaration that
the principal of all the Notes shall be due and payable or (iv) consent to any amendment, modification or termination of the Indenture or the Notes where such consent shall be required; provided, however, that, where a consent or action under
the Indenture would require the 

  

 I-7 

 
consent or act of each holder of each Note affected thereby, such consent or action under the Indenture shall not be effective until each Holder of Capital
Securities shall have consented to such action or provided such consent. The Institutional Trustee shall not revoke any action previously authorized or approved by a vote of the Holders of the Capital Securities. If the Institutional Trustee fails
to enforce its rights under the Notes, any Holder of Capital Securities may directly institute a legal proceeding against the Notes Issuer to enforce the Institutional Trustee’s rights under the Notes without first instituting a legal
proceeding against the Institutional Trustee or any other Person or entity. If Trust Enforcement Event has occurred and is continuing and such event is attributable to the failure of the Notes Issuer to pay interest or principal on the Notes on the
date such interest or principal is otherwise payable (or in the case of redemption, on the redemption date), then a holder of Capital Securities may also directly institute a proceeding for enforcement of payment to such holder (a “Direct
Action”) of the principal of or interest on the Notes having a principal amount equal to the aggregate liquidation amount of the Capital Securities of such holder on or after the respective due date specified in the Notes without first
(i) directing the Institutional Trustee to enforce the terms of the Notes or (ii) instituting a legal proceeding directly against the Notes Issuer to enforce the Institutional Trustee’s rights under the Notes; provided, however, that
if a Trust Enforcement Event results from the failure to pay interest on the Notes during any Non-Acceleration Period, then a holder of Capital Securities may not institute a Direct Action for the payment of principal on the Notes, and the
Institutional Trustee may not take any Legal Action for the payment of principal on the Notes, during such Non-Acceleration Period. Except as provided in the preceding sentence, the Holders of Capital Securities will not be able to exercise directly
any other remedy available to the holders of the Notes. In connection with such Direct Action, the Notes Issuer will be subrogated to the rights of such Holder of Capital Securities under the Declaration to the extent of any payment made by the
Notes Issuer to such holder of Capital Securities in such Direct Action. 
 Any required approval or direction of Holders of Capital
Securities may be given at a separate meeting of Holders of Capital Securities convened for such purpose, at a meeting of all of the Holders of Securities in the Trust or pursuant to written consent. The Administrative Trustees will cause a notice
of any meeting at which Holders of Capital Securities are entitled to vote, to be mailed to each Holder of record of Capital Securities. Each such notice will include a statement setting forth (i) the date and time of such meeting, (ii) a
description of any resolution proposed for adoption at such meeting on which such Holders are entitled to vote and (iii) instructions for the delivery of proxies. 
 No vote or consent of the Holders of the Capital Securities will be required for the Trust to redeem and cancel Capital Securities or to distribute the Notes in accordance with this Declaration and the terms of the
Securities. 
 Notwithstanding that Holders of Capital Securities are entitled to vote or consent under any of the circumstances described
above, any of the Capital Securities that are owned by the Sponsor or any Affiliate of the Sponsor shall not be entitled to vote or consent and shall, for purposes of such vote or consent, be treated as if they were not outstanding. 
 6. Voting Rights - Common Securities. 
 (a) Except as provided under Sections 6(b), (c) and 7 as otherwise required by law and the Declaration, the Holders of the Common Securities will have no voting rights. 
 (b) The Holders of the Common Securities are entitled, in accordance with and subject to Article V of the Declaration, to vote to appoint, remove or
replace any Trustee or to increase or decrease the number of Trustees. 
  

 I-8 

 (c) Subject to Section 2.6 of the Declaration and only after the Trust Enforcement Event with
respect to the Capital Securities has been cured, waived, or otherwise eliminated and subject to the requirements of the second to last sentence of this paragraph, the Holders of a Majority in liquidation amount of the Common Securities, voting
separately as a class, may direct the time, method, and place of conducting any proceeding for any remedy available to the Institutional Trustee, or direct the exercise of any trust or power conferred upon the Institutional Trustee under the
Declaration, including (i) directing the time, method, place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred on the Indenture Trustee with respect to the Notes,
(ii) waiving any past Indenture Event of Default that is waivable under Section 5.6 of the Indenture, or (iii) exercising any right to rescind or annul a declaration that the principal of all the Notes shall be due and payable,
provided that, where a consent or action under the Indenture would require the consent or act of the Holders of greater than a majority in principal amount of Notes affected thereby (a “Super Majority”), the Institutional Trustee may only
give such consent or take such action at the written direction of the Holders of at least the proportion in liquidation amount of the Common Securities which the relevant Super Majority represents of the aggregate principal amount of the Notes
outstanding. Pursuant to this Section 6(c), the Institutional Trustee shall not revoke any action previously authorized or approved by a vote of the Holders of the Capital Securities. If the Institutional Trustee fails to enforce its rights
under the Declaration, any Holder of Common Securities may institute a legal proceeding directly against any Person to enforce the Institutional Trustee’s rights under the Declaration, without first instituting a legal proceeding against the
Institutional Trustee or any other Person. 
 Any approval or direction of Holders of Common Securities may be given at a separate meeting of
Holders of Common Securities convened for such purpose, at a meeting of all of the Holders of Securities in the Trust or pursuant to written consent. The Administrative Trustees will cause a notice of any meeting at which Holders of Common
Securities are entitled to vote, to be mailed to each Holder of record of Common Securities. Each such notice will include a statement setting forth (i) the date and time of such meeting, (ii) a description of any resolution proposed for
adoption at such meeting on which such Holders are entitled to vote and (iii) instructions for the delivery of proxies. 
 No vote or
consent of the Holders of the Common Securities will be required for the Trust to redeem and cancel Common Securities or to distribute the Notes in accordance with the Declaration and the terms of the Securities. 
 7. Amendments to Declaration and Indenture. 
 (a) In addition to any requirements under Section 12.1 of the Declaration, if any proposed amendment to the Declaration provides for, or the Administrative Trustees otherwise propose to effect, (i) any action that would adversely
affect the powers, preferences or special rights of the Securities, whether by way of amendment to the Declaration or otherwise, or (ii) the dissolution, winding-up or termination of the Trust, other than as described in Section 8.1 of the
Declaration, then the Holders of outstanding Securities voting together as a single class, will be entitled to vote on such amendment or proposal (but not on any other amendment or proposal) and such amendment or proposal shall not be effective
except with the approval of the Holders of at least a Majority in liquidation amount of the Securities, voting together as a single class; provided, however, if any amendment or proposal referred to in clause (i) above would adversely affect
only the Capital Securities or only the Common Securities, then only the Holders of the affected class will be entitled to vote on such amendment or proposal and such amendment or proposal shall not be effective except with the approval of Holders
of a Majority in liquidation amount of such class of Securities. 
 (b) In the event the consent of the Institutional Trustee as the holder
of the Notes is required under the Indenture with respect to any amendment, modification or termination on the Indenture or the 

  

 I-9 

 
Notes, the Institutional Trustee shall request the written direction of the Holders of the Securities with respect to such amendment, modification or
termination and shall vote with respect to such amendment, modification or termination as directed by a Majority in liquidation amount of the Securities voting together as a single class; provided, however, that where a consent under the Indenture
would require the consent of the holders of greater than a majority in aggregate principal amount of the Notes (a “Super Majority”), the Institutional Trustee may only give such consent at the direction of the Holders of at least the
proportion in liquidation amount of the Securities which the relevant Super Majority represents of the aggregate principal amount of the Notes outstanding; provided, further, that the Institutional Trustee shall not take any action in accordance
with the directions of the Holders of the Securities under this Section 7(b) unless the Institutional Trustee has obtained an opinion of tax counsel to the effect that for the purposes of United States federal income tax the Trust will not be
classified as other than a grantor trust on account of such action. 
 (c) Notwithstanding the foregoing, no amendment or modification may be
made to the Declaration if such amendment or modification would (i) cause the Trust to be classified for purposes of United States federal income taxation as other than a grantor trust, (ii) reduce or otherwise adversely affect the powers
of the Institutional Trustee in contravention of the Trust Indenture Act or (iii) cause the Trust to be deemed an “investment company” which is required to be registered under the Investment Company Act. 
 8. Pro Rata. 
 A reference in these
terms of the Securities to any payment, distribution or treatment as being “Pro Rata” shall mean pro rata to each Holder of Securities according to the aggregate liquidation amount of the Securities held by the relevant Holder in relation
to the aggregate liquidation amount of all Securities outstanding unless, in relation to a payment, a Trust Enforcement Event has occurred and is continuing, in which case any funds available to make such payment shall be paid first to each Holder
of the Capital Securities pro rata according to the aggregate liquidation amount of Capital Securities held by the relevant Holder relative to the aggregate liquidation amount of all Capital Securities outstanding, and only after satisfaction of all
amounts owed to the Holders of the Capital Securities, to each Holder of Common Securities pro rata according to the aggregate liquidation amount of Common Securities held by the relevant Holder relative to the aggregate liquidation amount of all
Common Securities outstanding. 
 9. Ranking. 
 The Capital Securities rank pari passu and payment thereon shall be made Pro Rata with the Common Securities except that, where an Indenture Event of Default occurs and is continuing under the Indenture in respect of
the Notes held by the Institutional Trustee, the rights of Holders of the Common Securities to payment in respect of Distributions and payments upon liquidation, redemption and otherwise are subordinated to the rights to payment of the Holders of
the Capital Securities. 
 10. Listing. 
 The Administrative Trustees shall use their best efforts to cause the Capital Securities to be listed on the New York Stock Exchange. 
 11. Acceptance of Securities Guarantee and Indenture. 
 Each Holder of Capital Securities and Common
Securities, by the acceptance thereof, agrees to the provisions of the Capital Securities Guarantee, including the subordination provisions therein and to the provisions of the Indenture. 
  

 I-10 

 12. No Preemptive Rights. 
 The Holders of the Securities shall have no preemptive rights to subscribe for any additional securities. 
 13. Miscellaneous. 
 These terms
constitute a part of the Declaration. 
 The Sponsor will provide a copy of the Declaration or the Capital Securities Guarantee, and the
Indenture to a Holder without charge on written request to the Sponsor at its principal place of business. 
  

 I-11 

 EXHIBIT A-1 
 FORM OF CAPITAL SECURITY CERTIFICATE 
 THIS CAPITAL SECURITY IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE
DECLARATION HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (THE “DEPOSITARY”) OR A NOMINEE OF THE DEPOSITARY. THIS CAPITAL SECURITY IS EXCHANGEABLE FOR CAPITAL SECURITIES REGISTERED IN THE NAME OF A
PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE DECLARATION AND NO TRANSFER OF THIS CAPITAL SECURITY (OTHER THAN A TRANSFER OF THIS CAPITAL SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. 
 UNLESS THIS CAPITAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (55 WATER STREET, NEW YORK, NEW YORK) TO THE TRUST OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CAPITAL SECURITY ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY A PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

 A1-1 

			
	Certificate Number	 	Number of Capital Securities

 CUSIP NO. 14041L204 
 Certificate Evidencing Capital Securities 
 of 
 CAPITAL ONE CAPITAL II 
 7.50% Enhanced Trust Preferred Securities 
 (Liquidation Amount $25 per Capital Security) 
 CAPITAL ONE CAPITAL II, a statutory trust formed under the laws of the State of Delaware (the “Trust”), hereby certifies that
                    (the “Holder”) is the registered owner of
             (            ) capital securities of the Trust representing undivided beneficial interests in the
assets of the Trust designated the 7.50% Enhanced Trust Preferred Securities (the “Capital Securities”). The Capital Securities are transferable on the books and records of the Trust, in person or by a duly authorized attorney, upon
surrender of this certificate duly endorsed and in proper form for transfer. The designation, rights, privileges, restrictions, preferences and other terms and provisions of the Capital Securities are set forth in, and this certificate and the
Capital Securities represented hereby are issued and shall in all respects be subject to, the provisions of the Amended and Restated Declaration of Trust of the Trust dated as of June 6, 2006, as the same may be amended from time to time
(the “Declaration”), including the designation of the terms of the Capital Securities as set forth in Annex I thereto. Capitalized terms used herein but not defined shall have the meaning given them in the Declaration. The Holder is
entitled to the benefits of the Capital Securities Guarantee to the extent provided therein. The Sponsor will provide a copy of the Declaration, the Capital Securities Guarantee and the Indenture to a Holder without charge upon written request to
the Sponsor at its principal place of business. 
 The Holder of this certificate, by accepting this certificate, is deemed to have
(i) agreed to the terms of the Indenture and the Notes, including that the Notes are subordinate and junior in right of payment to all Senior Indebtedness (as defined in the Indenture) and (ii) agreed to the terms of the Capital Securities
Guarantee, including that the Capital Securities Guarantee is subordinate and junior in right of payment to all Senior Indebtedness in the same manner and to the same extent as the Notes. 
 Upon receipt of this certificate, the Holder is bound by the Declaration and is entitled to the benefits thereunder. 
 By acceptance, the Holder agrees to treat, for United States federal income tax purposes, the Notes as indebtedness and the Capital Securities as
evidence of indirect beneficial ownership in the Notes. 
 This Certificate shall be governed by the laws of the State of Delaware.

 IN WITNESS WHEREOF, the Trust has executed this certificate this      day of
                    ,         . 
  
  

			
		 	  
  

	 Name:
	 	
	Title:	 	Administrative Trustee

  

 A1-2 

 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned assigns and transfers this Capital Security Certificate to: 
 (Insert assignee’s social security or tax
identification number) 
 (Insert address and zip code of assignee) 
 and irrevocably appoints 
 as agent to
transfer this Capital Security Certificate on the books of the Trust. The agent may substitute another to act for him or her. 
  

			
	 Date:
	 	  

		
	Signature:	 	  
  

 (Sign exactly as your name appears on the other side of this Capital Security Certificate)

  

 A1-3 

 EXHIBIT A-2 
 FORM OF COMMON SECURITY CERTIFICATE 
 TRANSFER OF THIS CERTIFICATE IS SUBJECT TO THE CONDITIONS SET FORTH IN THE
DECLARATION REFERRED TO BELOW. 
  

 A2-1 

			
	 Certificate Number
	 	Number of Common Securities

 Certificate Evidencing Common Securities 
 of 
 CAPITAL ONE CAPITAL II 
 7.50% Common Securities 
 (Liquidation Amount $25 per Common Security) 
 CAPITAL ONE CAPITAL II, a statutory trust formed under the laws of the State of Delaware (the “Trust”), hereby certifies that Capital One
Financial Corporation, a Delaware corporation (the “Holder”), is the registered owner of             
(            ) common securities of the Trust representing undivided beneficial interests in the assets of the Trust designated the 7.50% Common Securities (the “Common
Securities”). The Common Securities are transferable on the books and records of the Trust, in person or by a duly authorized attorney, upon surrender of this certificate duly endorsed and in proper form for transfer and satisfaction of the
other conditions set forth in the Declaration (as defined below), including, without limitation, Section 9.1 thereof. The designation, rights, privileges, restrictions, preferences and other terms and provisions of the Common Securities
represented hereby are issued and shall in all respects be subject to the provisions of the Amended and Restated Declaration of Trust of the Trust dated as of June 6, 2006, as the same may be amended from time to time (the
“Declaration”), including the designation of the terms of the Common Securities as set forth in Annex I thereto. Capitalized terms used herein but not defined shall have the meaning given them in the Declaration. The Sponsor will provide a
copy of the Declaration and the Indenture to a Holder without charge upon written request to the Sponsor at its principal place of business. 
 Upon receipt of this certificate, the Holder is bound by the Declaration and is entitled to the benefits thereunder. 
 The Holder
of this certificate, by accepting this certificate, is deemed to have agreed to the terms of the Indenture and the Notes, including that the Notes are subordinate and junior in right of payment to all Senior Indebtedness (as defined in the
Indenture) as and to the extent provided in the Indenture. 
 By acceptance, the Holder agrees to treat, for United States federal income tax
purposes, the Notes as indebtedness and the Common Securities as evidence of indirect beneficial ownership in the Notes. 
 This Certificate
shall be governed by the laws of the State of Delaware. 
 IN WITNESS WHEREOF, the Trust has executed this certificate this
     day of                     ,         . 
  
  

			
		 	  

	Name:	 	
	Title:	 	Administrative Trustee

  

 A2-2 

 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned assigns and transfers this Common Security Certificate to: 
 (Insert assignee’s
social security or tax identification number) 
 (Insert address and zip code of assignee) 
 and irrevocably appoints 
 as agent to
transfer this Common Security Certificate on the books of the Trust. The agent may substitute another to act for him or her. 
  

			
	 Date:
	 	  

		
	Signature:	 	  
  

 (Sign exactly as your name appears on the other side of this Common Security Certificate)

  

 A2-3 

 EXHIBIT B 
 SPECIMEN OF NOTE 
  

 B-1 

 EXHIBIT C 
 UNDERWRITING AGREEMENT

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