Document:

Exhibit 4.3

 Exhibit 4.3 
 EXECUTION VERSION 
 AMENDED AND RESTATED DECLARATION 
 OF TRUST 
 CAPITAL ONE CAPITAL IV 

Dated as of February 5, 2007 

 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.	  	8
			
	 SECTION 2.2
	  	Lists of Holders of Securities.	  	8
			
	 SECTION 2.3
	  	Reports by the Institutional Trustee.	  	9
			
	 SECTION 2.4
	  	Periodic Reports to Institutional Trustee.	  	9
			
	 SECTION 2.5
	  	Evidence of Compliance with Conditions Precedent.	  	9
			
	 SECTION 2.6
	  	Trust Enforcement Events; Waiver.	  	9
			
	 SECTION 2.7
	  	Trust Enforcement Event; Notice.	  	10
	
	 ARTICLE III

	 ORGANIZATION

			
	 SECTION 3.1
	  	Name.	  	11
			
	 SECTION 3.2
	  	Office.	  	11
			
	 SECTION 3.3
	  	Purpose.	  	11
			
	 SECTION 3.4
	  	Authority.	  	11
			
	 SECTION 3.5
	  	Title to Property of the Trust.	  	11
			
	 SECTION 3.6
	  	Powers and Duties of the Administrative Trustees.	  	11
			
	 SECTION 3.7
	  	Prohibition of Actions by the Trust and the Trustees.	  	14
			
	 SECTION 3.8
	  	Powers and Duties of the Institutional Trustee.	  	14
			
	 SECTION 3.9
	  	Certain Duties and Responsibilities of the Institutional Trustee.	  	16
			
	 SECTION 3.10
	  	Certain Rights of Institutional Trustee.	  	18
			
	 SECTION 3.11
	  	Delaware Trustee.	  	19
			
	 SECTION 3.12
	  	Execution of Documents.	  	19
			
	 SECTION 3.13
	  	Not Responsible for Recitals or Issuance of Securities.	  	20
			
	 SECTION 3.14
	  	Duration of Trust.	  	20
			
	 SECTION 3.15
	  	Mergers.	  	20
			
	 SECTION 3.16
	  	Paying Agent.	  	21

  

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 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 ARTICLE IV
 SPONSOR

			
	 SECTION 4.1
	  	Sponsor’s Purchase of Common Securities.	  	22
			
	 SECTION 4.2
	  	Responsibilities of the Sponsor.	  	22
	
	 ARTICLE V
 TRUSTEES

			
	 SECTION 5.1
	  	Number of Trustees.	  	22
			
	 SECTION 5.2
	  	Delaware Trustee.	  	22
			
	 SECTION 5.3
	  	Institutional Trustee; Eligibility.	  	23
			
	 SECTION 5.4
	  	Qualifications of Administrative Trustees and Delaware Trustee Generally.	  	23
			
	 SECTION 5.5
	  	Initial Trustees; Additional Powers of Administrative Trustees.	  	24
			
	 SECTION 5.6
	  	Appointment, Removal and Resignation of Trustees.	  	24
			
	 SECTION 5.7
	  	Vacancies among Trustees.	  	26
			
	 SECTION 5.8
	  	Effect of Vacancies.	  	26
			
	 SECTION 5.9
	  	Meetings.	  	26
			
	 SECTION 5.10
	  	Delegation of Power.	  	26
			
	 SECTION 5.11
	  	Merger, Conversion, Consolidation or Succession to Business.	  	27
	
	 ARTICLE VI
 DISTRIBUTIONS

			
	 SECTION 6.1
	  	Distributions.	  	27
	
	 ARTICLE VII
 ISSUANCE OF SECURITIES

			
	 SECTION 7.1
	  	General Provisions Regarding Securities.	  	27
			
	 SECTION 7.2
	  	Issuance of Securities; Purchase of Notes.	  	28
	
	 ARTICLE VIII
 TERMINATION OF TRUST

			
	 SECTION 8.1
	  	Termination of Trust.	  	29
	
	 ARTICLE IX
 TRANSFER OF INTERESTS

			
	 SECTION 9.1
	  	Transfer of Securities.	  	29
			
	 SECTION 9.2
	  	Transfer of Certificates.	  	30
			
	 SECTION 9.3
	  	Deemed Security Holders.	  	30

  

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 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
			
	 SECTION 9.4
	  	Book Entry Interests.	  	30
			
	 SECTION 9.5
	  	Notices to Clearing Agency.	  	31
			
	 SECTION 9.6
	  	Appointment of Successor Clearing Agency.	  	31
			
	 SECTION 9.7
	  	Definitive Capital Security Certificates.	  	31
			
	 SECTION 9.8
	  	Mutilated, Destroyed, Lost or Stolen Certificates.	  	32
	
	 ARTICLE X
 LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES, TRUSTEES OR OTHERS

			
	 SECTION 10.1
	  	Liability.	  	32
			
	 SECTION 10.2
	  	Exculpation.	  	32
			
	 SECTION 10.3
	  	Fiduciary Duty.	  	33
			
	 SECTION 10.4
	  	Indemnification.	  	34
			
	 SECTION 10.5
	  	Outside Businesses.	  	36
	
	 ARTICLE XI
 ACCOUNTING

			
	 SECTION 11.1
	  	Fiscal Year.	  	36
			
	 SECTION 11.2
	  	Certain Accounting Matters.	  	36
			
	 SECTION 11.3
	  	Banking.	  	37
			
	 SECTION 11.4
	  	Withholding.	  	37
	
	 ARTICLE XII
 AMENDMENTS AND MEETINGS

			
	 SECTION 12.1
	  	Amendments.	  	37
			
	 SECTION 12.2
	  	Meetings of the Holders of Securities; Action by Written Consent.	  	39
	
	 ARTICLE XIII
 REPRESENTATIONS OF INSTITUTIONAL TRUSTEE AND DELAWARE TRUSTEE

			
	 SECTION 13.1
	  	Representations and Warranties of Institutional Trustee.	  	40
			
	 SECTION 13.2
	  	Representations and Warranties of Delaware Trustee.	  	41
	
	 ARTICLE XIV
 MISCELLANEOUS

			
	 SECTION 14.1
	  	Notices.	  	41
			
	 SECTION 14.2
	  	Governing Law.	  	42
			
	 SECTION 14.3
	  	Intention of the Parties.	  	42

  

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 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	SECTION 14.4	  	Headings.	  	42
	SECTION 14.5	  	Successors and Assigns.	  	42
	 SECTION 14.6
	  	Partial Enforceability.	  	43
	 SECTION 14.7
	  	Counterparts.	  	43

  

 -iv- 

 ANNEXES AND EXHIBITS 
  

			
	 ANNEX I
	  	 Terms of 6.745% Capital Securities and 6.745% 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 IV 
 February 5, 2007 
 AMENDED AND RESTATED
DECLARATION OF TRUST (“Declaration”) dated and effective as of February 5, 2007, 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 IV
(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, the Administrators, 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; 
  

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 (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. 
 “Administrators”: means those individuals named as such under the Original Declaration and who are known as Administrative Trustees
under this Declaration. 
 “Affiliate”: has the same meaning as given to that term in Rule 405 of the Securities Act or any
successor rule thereunder. 
 “Alternative Payment Mechanism”: has the meaning set forth in paragraph 2(c) of Annex I.

 “APM Period”: has the meaning set forth in paragraph 2(c) of Annex I. 
 “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
(i) a Saturday, Sunday or other day on which banking institutions in The City of New York are authorized or required by law or executive order to remain closed or (ii) on or after February 17, 2032, a day that is not a day on which
dealings in deposits in U.S. dollars are transacted in the London interbank market. 
 “Capital Securities Guarantee”: means
the guarantee agreement dated as of February 5, 2007, 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. 
 “Capital Treatment Event”: has the meaning set forth in Annex I hereto. 
 “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. 
  

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 “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 February 5, 2007. 
 “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. 
 “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.

 “Compounded Interest”: has the meaning set forth in the Indenture. 
 “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. 
 “Deferral Period”: has the meaning
set forth in paragraph 2(b) of Annex I. 
 “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. 
 “Eligible Proceeds”: has the meaning set forth in paragraph 2(c) of Annex I. 
 “Exchange Act”: means the Securities Exchange Act of 1934, as amended from time to time, or any successor legislation. 
 “Federal Reserve”: means the Board of Governors of the Federal Reserve System, as from time to time constituted or, if at any time after
the execution of this Declaration the Federal Reserve is not existing and performing the duties now assigned to it, the body performing such duties at such time. 
  

 3 

 “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 Third Supplemental Indenture, dated as of February 5, 2007, between the Notes Issuer and the Indenture Trustee. 
 “Indenture Event of Default”: has the meaning given to the term “Event of Default” in the Indenture. 
 “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). 
 “Market Disruption Event”: has the meaning set forth in the Indenture. 
 “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. 
 “Non-Acceleration
Period”: means the period commencing immediately upon the first interest payment date with respect to which the Notes Issuer elects to defer all or part of any interest payment on the Notes, and ending on the earlier of (i) the
interest payment date relating to the tenth anniversary of the commencement of the Non-Acceleration Period, (ii) the redemption of the Notes, and (iii) February 5, 2082. 
  

 4 

 “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 herein 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; 
 (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. 
 “One-month LIBOR”: means, with
respect to any monthly interest period beginning on or after February 17, 2032, the rate (expressed as a percentage per annum) for deposits in U.S. dollars for a one-month period commencing on the first day of that monthly interest period that
appears on Telerate Page 3750 as of 11:00 a.m. (London time) on the LIBOR determination date for that monthly interest period. If such rate does not appear on Moneyline Telerate Page 3750, one-month LIBOR will be determined on the basis of the
rates at which deposits in U.S. dollars for a one-month period commencing on the first day of that monthly interest period and in a principal amount of not less than $1,000,000 are offered to prime banks in the London interbank market by four major
banks in the London interbank market selected by the calculation agent (after consultation with us), at approximately 11:00 a.m., London time on the LIBOR determination date for that monthly interest period. The calculation agent will request the
principal London office of each of such banks to provide a quotation of its rate. If at least two such quotations are provided, one-month LIBOR with respect to that monthly interest period will be the arithmetic mean (rounded upward if necessary to
the nearest whole multiple of 0.00001%) of such quotations. If fewer than two quotations are provided, one-month LIBOR with respect to that monthly interest period will be the arithmetic mean (rounded upward if necessary to the nearest whole
multiple of 0.00001%) of the rates quoted by three major banks in New York City selected by the calculation agent, at approximately 11:00 a.m., New York City time, on the first day of that monthly interest period for loans in U.S. dollars to leading
European banks for a one-month period commencing on the first day of that monthly interest period and in a principal amount of not less than $1,000,000. However, if fewer than three banks selected by the calculation agent to provide quotations are
quoting as described above, one-month LIBOR for that monthly interest period will be the same as one-month LIBOR as determined for the previous monthly interest period or, in the case of the monthly interest period beginning on February 17,
2032, 5.32%. The establishment of one-month LIBOR for each monthly interest period by the calculation agent shall (in the absence of manifest error) be final and binding. For purposes of this 

  

 5 

 
definition, “London banking day” means any day on which commercial banks are open for general business (including dealings in deposits in
U.S. dollars) in London, England; “LIBOR determination date” means the second London banking day immediately preceding the first day of the relevant interest period; “MoneyLine Telerate Page” means the display on
Moneyline Telerate, Inc., or any successor service, on Telerate Page 3750 or any replacement page or pages on that service; “Telerate Page 3750”‘ means the display designated on page 3750 on MoneyLine Telerate Page (or such
other page as may replace the 3750 page on the service or such other service as may be nominated by the British Bankers’ Association for the purpose of displaying London interbank offered rates for U.S. dollar deposits); and
“calculation agent” means JPMorgan Chase Bank, National Association, or any other firm appointed by the Notes Issuer, acting as calculation agent for the Notes. 
 “Parity Securities”: 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. 

“Redemption Price”: has the meaning set forth in Annex I hereto. 
 “Registrar”: has the meaning specified in Section 9.2. 
 “Regular Trustees”, as used in the Indenture, means the Administrative Trustees. 
 “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. 
 “Replacement Capital
Covenant”: means the Replacement Capital Covenant, dated as of February 5, 2007, of the Notes Issuer, as the same may be amended or supplemented from time to time in accordance with the provisions thereof. 
 “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.

 “Rule 3a-7”: means Rule 3a-7 under the Investment Company Act. 
 “Securities”: means the Common Securities and the Capital Securities. 
  

 6 

 “Securities Act”: means the Securities Act of 1933, as amended from time to time, or any
successor legislation. 
 “Special Event”: means a Tax Event, Rating Agency Event, Capital Treatment Event, or Investment
Company Event. 
 “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. 
 “Subscription Agreement” means the subscription agreement, dated as of January 29, 2007, between the Trust and the Sponsor.

 “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. 
  

 7 

 “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. 
 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. 
  

 8 

 SECTION 2.3 Reports by the Institutional Trustee. Within 60 days after February 5 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 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. 
  

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 (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; 
 and provided further that 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 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. 
  

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 (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 IV,” 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. 
 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): 
  

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 (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, 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 post-effective amendments,
prospectuses and other documents relating 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; 
 (iii) execute and deliver the Underwriting Agreement
providing for the sale of the Capital Securities; and 
 (iv) execute and deliver the Subscription Agreement. 
 (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;

  

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 (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; 
 (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 the receipt of an Officers’ Certificate from the Notes Issuer stating that a Market Disruption Event has occurred 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. 
  

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 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; 
 (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 

  

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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). 
 (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 

  

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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 
 (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: 
  

 16 

 (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 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 
  

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 (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; 
 (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, 

  

 18 

 
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 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. 
  

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 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. 
 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; 
  

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 (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 
 (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 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. 
  

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 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 $10,000 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 any necessary amendments, prospectuses or other documents relating to the Trust’s
registration statement on Form S-3 relating to the registration under the Securities Act of the Capital Securities; 
 (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; and 
 (c) 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 or written consent of the Holders
of a majority in liquidation amount of the Common Securities voting as a class; 
 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: 
  

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 (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. 
 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 fifty 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 proviso 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. 
  

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 SECTION 5.5 Initial Trustees; Additional Powers of Administrative Trustees. 
 (a) The initial Administrative Trustees shall be: 
 Frank R. Borchert, III 
 Stephen Linehan 
 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 or written consent of the Holders of a
Majority in liquidation amount of the Common Securities voting as a class; 
 (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 or written consent of the Holders of a Majority in liquidation amount of the Common Securities voting as
a class; and 
  

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 (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 or written consent of the Holders of a Majority in liquidation amount of the Capital Securities voting as a class. 
 (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. 
  

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 (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. 
 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. 
  

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 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 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 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. 
  

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 (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. 
 (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 500,000 Capital Securities having an aggregate liquidation amount of $500,000,000, against receipt of an aggregate purchase price of such Capital Securities of $499,980,000, by the Institutional Trustee. On any one or more dates
after the execution and delivery of this Declaration additional Capital Securities Certificates representing Capital Securities may be issued in accordance with Section 7.1, registered in the name of the nominee of the initial Clearing Agency,
against receipt by the Property Trustee of the purchase price that is determined by the Sponsor; provided that the total liquidation amount of Capital Securities outstanding may not exceed $600,000,000. Such additional Capital Securities may
be issued at a different offering price and accrue distributions from a different date than the Capital Securities being issued hereby. 
 (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 10 Common Securities having an aggregate liquidation amount of $10,000, against receipt of the aggregate purchase price of such Common Securities of $9,999.60, 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 $500,010,000, 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 $499,989,999.60 (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 connection with any subsequent issuance of
Capital Securities as set forth in the second sentence of Section 7.2(b), an Administrative Trustee, on behalf of the Trust, contemporaneously with any such additional issuance, 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 the aggregate liquidation amount of Capital Securities being issued by the Trust pursuant to the third sentence of Section 2.4 against payment
of a purchase price equal to the aggregate purchase prices of the Capital Securities being so issued. 
  

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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 any 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; or 
 (vi) before the issuance of any Securities, with the consent of all of the
Administrative Trustees and the Sponsor. 
 (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. 
 (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 

  

 29 

 
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. The Clearing Agency shall
receive and transmit payments of Distributions on the Global Certificates to such Clearing Agency Participants and 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 

  

 34 

 
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 

  

 36 

 
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 
 (g) subject to
Section 12.1(c), this Declaration may be amended without the consent of the Holders of the Securities to: 
  

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 (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 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 or the terms of the Securities. 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 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
such enforcement is considered in a proceeding in equity or at law); 
  

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 (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 IV 
 1680 Capital One
Drive 
 McLean, Virginia 22102 
 Attention: Administrative Trustees 
  

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 (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 or not 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. 
  

 43 

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

			
		
	By:	 	 /s/ Frank R. Borchert, III

	Name:	 	Frank R. Borchert, III
	Title:	 	Administrative Trustee
		
	By:	 	 /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:	 	Executive Vice President and Treasurer

  

 A&R Declaration of Trust 

 ANNEX I 
 TERMS OF 
 6.745% CAPITAL SECURITIES 
 6.745% COMMON SECURITIES 
 Pursuant to Section 7.1 of the Amended and Restated
Declaration of Trust, dated as of February 5, 2007 (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. 500,000 Capital Securities of the Trust with an aggregate liquidation amount with respect to the assets of the Trust of five hundred million dollars ($500,000,000), and a liquidation amount with respect to the assets of
the Trust of $1,000 per capital security, are hereby designated for the purposes of identification only as “6.745% Capital 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. 10 Common Securities of the Trust with an aggregate liquidation
amount with respect to the assets of the Trust of ten thousand dollars ($10,000), and a liquidation amount with respect to the assets of the Trust of $1,000 per common security, are hereby designated for the purposes of identification only as
“6.745% 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 calculated (i) from and including February 5, 2007 to but excluding February 17, 2032 at
the rate of 6.745% per annum, computed on the basis of a 360-day year comprised of twelve 30-day months, (ii) thereafter, at an annual rate equal to one-month LIBOR plus 1.17%, computed on the basis of a 360-day year and the actual number
of days elapsed, and (iii) if any Securities remain outstanding after February 17, 2037 (the “Scheduled Maturity Date”), at an annual rate equal to one-month LIBOR plus 2.17%, computed on the basis of a 360-day year and
the actual number of days elapsed (each, as applicable, the “Coupon Rate”), such rates being the rates 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 Deferral Period (as defined below) or default by the Notes Issuer on the Notes) will bear interest thereon compounded on each interest payment date at the applicable 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. 
 (b)
Distributions on the Securities will be payable (i) semi-annually in arrears on February 17 and August 17 of each year, commencing on August 17, 2007, through February 17, 2032 and (ii)

  

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thereafter, on the 17th day of each calendar month. In the event any payment date on or before February 17, 2032 is not a Business Day, the
Distributions payable on such date shall be paid on the following Business Day and no interest will accrue as a result of such postponement. In the event that any payment date after February 17, 2032 would otherwise fall on a day that is not a
Business Day, that payment date will be postponed to the next day that is a Business Day. However, if the postponement would cause the date to fall in the next calendar month, the payment date will instead be brought forward to the immediately
preceding Business Day. 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 one or more consecutive periods that do not exceed 10 years (each a “Deferral Period”), during which Deferral Period no interest shall be due and payable on
the Notes, provided that no Deferral Period may extend beyond the final repayment date of the Notes or earlier repayment or redemption in full of the Notes. As a consequence of the Notes Issuer’s extension of the interest payment period,
periodic Distributions will also be deferred. Despite such deferral, periodic Distributions will continue to accrue with interest thereon (to the extent permitted by applicable law) at the Coupon Rate compounded on each interest payment date during
any such Deferral Period. In the event that the Notes Issuer is in default regarding its payment of any obligations under the Guarantee or the Notes Issuer has given notice of its election to extend the interest payment period but the Deferral
Period has not yet commenced or a Deferral Period is continuing, then the Notes Issuer and its Subsidiaries shall not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect
to any of the Notes Issuer’s capital stock, (b) make any payment of principal of, or interest or premium, if any, on, or repay, repurchase or redeem any of its Parity Securities or any of its debt securities that rank 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 if such guarantee ranks equally with or junior in interest to the Notes (other than (i) payments of dividends or
distributions on any class of capital stock of the Notes Issuer payable in the same class of the parity stock of the Notes Issuer; (ii) payments under the Guarantee; (iii) any declaration of a dividend in connection with the implementation
of a shareholders’ rights plan, or the redemption or repurchase of any rights distributed pursuant to any such plan; (iv) purchases of common stock related to (x) the issuance of common stock or rights under any employee benefit plans
for directors, officers, or employees of the Notes Issuer, (y) the issuance of common stock or rights under a dividend reinvestment and stock purchase plan, or (z) the issuance of common stock, or securities convertible into common stock,
as consideration in an acquisition transaction that was entered into before the beginning of the applicable Deferral Period; (v) payments of current interest in respect of debt securities that have the same rank upon a liquidation of the Notes
Issuer as the Notes (“Parity Securities”) that are made pro rata in respect of the amounts due on such Parity Securities and the Notes, and payments of deferred interest on Parity Securities that, if not made, would cause the Notes
Issuer to breach the terms of the instrument governing such Parity Securities; provided that such payments are made in accordance with the Alternative Payment Mechanism, as described below and in the Prospectus, to the extent it applies; or
(vi) payments of principal in respect of Parity Securities having an earlier Scheduled Maturity Date than the Notes, as required under a provision of any such Parity Securities that is substantially the same as Section 2.1(d) of the Third
Supplemental Indenture, and payments in respect of Parity Securities having the same Scheduled Maturity Date as the terms of the Notes, as required by such a provision, and that are made on a pro rata basis among one or more series of such Parity
Securities and the Notes. Prior to the termination of any such Deferral Period, the Notes Issuer may further extend such Deferral Period; provided that no Deferral Period may extend beyond the final repayment date of the Notes. Payments of deferred
Distributions and accrued interest thereon will be payable to the Persons in whose names that Securities are registered at the close of business on the relevant record date with respect to the interest payment date (or such other date in accordance
with Section 2.1(r) of the Third Supplemental Indenture) at the end of such Deferral Period. Upon the termination of any Deferral Period and the payment of all amounts then due without cancellation, the Notes Issuer may commence a new Deferral
Period, subject to the above requirements. The Institutional Trustee will give notice to each Holder of any Deferral Period upon its receipt of notice thereof from the Notes Issuer. 
  

 I-2 

 (c) Subject to a Market Disruption Event, if the Notes Issuer defers interest on the Notes, it is
required, commencing no later than (i) the first interest payment date on which the Notes Issuer pays current interest or (ii) the fifth anniversary of the commencement of the Deferral Period, to issue Qualifying Warrants and Qualifying
Non-Cumulative Preferred Stock (the “Alternative Payment Mechanism”) until the Notes Issuer has raised an amount of Eligible Proceeds (as defined below) at least equal to the aggregate amount of accrued and unpaid deferred interest,
including Compounded Interest, on the Notes (such period, the “APM Period”); provided that the APM Period shall not commence until 10 Business Days following the date on which the Notes Issuer has provided notice to the Federal
Reserve of the commencement of the APM Period and during such 10 Business Day period the Federal Reserve has not notified the Notes Issuer of its disapproval of the application of the Alternative Payment Mechanism. The Notes Issuer will notify the
Federal Reserve (1) upon the commencement of any Deferral Period and (2) of the commencement of the APM Period, at least 10 Business Days prior to the commencement of such period. The Notes Issuer will 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 issuance or sale) received by the Notes
Issuer during the six month period or monthly period, as applicable, prior to that interest payment date from the issuance or sale of Qualifying Warrants up to the Share Cap (as defined below) or Qualifying Non-Cumulative Preferred Stock up to the
Preferred Stock Issuance Cap (as defined below) to Persons other than Subsidiaries of the Notes Issuer (such proceeds, “Eligible Proceeds”). Corresponding Distributions will be made on the Securities on a Pro Rata basis. Under the
Alternative Payment Mechanism, the Notes Issuer shall not be required to issue Qualifying Non-Cumulative Preferred Stock to the extent that (i) with respect to deferred interest attributable to the first five years of any Deferral Period
(including Compounded Interest thereon), the gross proceeds of any issuance of Qualifying Warrants applied during that deferral period to pay interest on the Notes pursuant to the Alternative Payment Mechanism, together with the gross proceeds of
all prior issuances of Qualifying Warrants so applied during that deferral period, would exceed an amount equal to 2% of the product of the average of the current stock market prices of the Notes Issuer’s common stock on the 10 consecutive
trading days ending on the fourth trading day immediately preceding the date of issuance multiplied by the total number of issued and outstanding shares of the Notes Issuer’s common stock as of the date of the Notes Issuer’s then most
recent publicly available consolidated financial statements (the “Warrant Issuance Cap”) or (ii) the net proceeds of any issuance of Qualifying Non-Cumulative Preferred Stock applied during any deferral period to pay interest on the
Notes pursuant to the Alternative Payment Mechanism, together with the net proceeds of all prior issuances of Qualifying Non-Cumulative Preferred stock so applied during any prior deferral period, would exceed 25% of the aggregate principal amount
of the Notes initially issued under the Indenture (the “Preferred Stock Issuance Cap”). Once the Notes Issuer reaches the amount referred to in clause (i) of the preceding sentence for a deferral period, the Notes Issuer will
not be required to issue more Qualifying Warrants under the Alternative Payment Mechanism with respect to deferred interest attributable to the first five years of that Deferral Period (including Compounded Interest thereon) even if the amount
referred to in clause (i) subsequently increases because of a subsequent increase in the current stock market price of the Notes Issuer’s common stock or the number of outstanding shares of the Notes Issuer’s common stock. The Warrant
Issuance Cap will cease to apply after the ninth anniversary of the commencement of any deferral period, at which point the Notes Issuer must pay any deferred interest, to the extent not disapproved by the Federal Reserve after notice, regardless of
the time at which it was deferred, using the Alternative Payment Mechanism, subject to any Market Disruption Event. In addition, if the Warrant Issuance Cap is reached during a deferral period and the Notes Issuer subsequently repays all deferred
interest, the Warrant Issuance Cap will cease to apply at the termination of that deferral period and will not apply again unless and until the Notes Issuer starts a new deferral period. The Share Cap, Warrant Issuance Cap and Preferred Stock
Issuance Cap are calculated without regard to any Qualifying Warrants and Qualifying Non-Cumulative Preferred Stock that may be issued with respect to any other capital securities or junior subordinated debt securities. 
  

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 The Notes Issuer may not issue Qualifying Warrants pursuant to the Alternative Payment Mechanism for
purposes of paying deferred interest on the Notes to the extent that the total number of shares of common stock of the Notes Issuer underlying those Qualifying Warrants, together with all Qualifying Warrants previously issued pursuant to the
Alternative Payment Mechanism, exceeds 50 million shares (subject to customary anti-dilution adjustments) (the “Share Cap”). The Share Cap will apply so long as the Notes remain outstanding, but the Notes Issuer must use
commercially reasonable efforts to increase the Share Cap from time to time to a number of shares that would allow the Notes Issuer to satisfy its obligations with respect to the Alternative Payment Mechanism. The Notes Issuer also must use
commercially reasonable efforts, subject to the Share Cap, to set the terms of the Qualifying Warrants so as to raise sufficient proceeds from their issuance to pay all deferred interest in accordance with the Alternative Payment Mechanism. Even if
the Notes Issuer has not reached the Warrant Issuance Cap, it may not issue Qualifying Warrants pursuant to the Alternative Payment Mechanism after the Share Cap has been reached. 
 The Alternative Payment Mechanism shall not apply with respect to any interest payment date if the Notes Issuer shall have provided to the Indenture
Trustee (and to the Institutional Trustee to the extent it is the holder of the Notes) no more than 15 and no less than 10 Business Days in advance of such interest payment date an Officers’ Certificate stating that (i) a Market Disruption
Event was existing after the immediately preceding interest payment date and (ii) either (a) 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 that certification is provided or (b) the Market Disruption Event continued for only part of this period, but the Notes Issuer was unable after commercially reasonable efforts to raise
sufficient Eligible Proceeds during the rest of that period to pay all accrued and unpaid interest. The Notes Issuer will not be obligated 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 for so long as a Market Disruption Event exists or is continuing. The Notes Issuer shall not be excused from its obligations under the Alternative Payment Mechanism if it determines not to pursue or complete
the sale of Qualifying Warrants or Qualifying Non-Cumulative Preferred Stock due to pricing, dividend rate or dilution considerations. 
 (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 Capital Securities—Distributions” in the Prospectus dated January 29, 2007 (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 be the first day of the month in which the relevant payment date occurs, 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 

  

 I-4 

 
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
$1,000 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. 
 4. Redemption and Distribution. 
 (a) Upon the repayment or redemption of the Notes in whole or in part, whether at, prior to, or after February 17, 2037 or pursuant to a Special
Event as described below, the Institutional Trustee will use the proceeds of that repayment or redemption to redeem the total amount of Securities equal to the amount of Notes redeemed or repaid. The redemption price per security at maturity will
equal the $1,000 liquidation amount, and the redemption price in the event of a redemption or repayment of Notes will equal the applicable redemption or repayment price attributed to $1,000 in principal amount of the Notes, in each case plus
accumulated but unpaid Distributions to the date of payment (each, the “Redemption Price”). Holders shall be given not less than 30 nor more than 60 days’ notice prior to the date of any redemption of Capital Securities
relating to the redemption of the Notes and not less than 10 nor more than 15 Business Days’ notice prior to the date of any redemption of Capital Securities relating to the repayment of the Notes. Prior to any such redemption, the Notes Issuer
will obtain any required regulatory approval. 
  

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 (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(f)(ii) below. 
 (c) The Notes Issuer shall have
the right at any time, including on and after the Scheduled Maturity Date, to redeem some or all of the Notes at a redemption price equal to (1) 100% of the principal amount of the Notes being redeemed or (2) in the case of any redemption
prior to February 17, 2032, if greater, the sum of the present values of the remaining scheduled payments of principal discounted from such date, and interest thereon that would have been payable to and including such date (not including any
portion of such payments of interest accrued as of the date of redemption) discounted from such date to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury
Rate plus a spread of 0.375%, in each case, plus accrued and unpaid interest to the redemption date. 
 (d) At any time within 90 days after
a Tax Event or Rating Agency Event (each as defined below), the Notes Issuer will have the right to redeem all, but not less than all, of the Notes at a redemption price equal to: (1) 100% of the principal amount of the Notes then outstanding
or (2) in the case of any redemption prior to February 17, 2032, if greater, the sum of the present values of the remaining scheduled payments of principal discounted from such date and interest thereon that would have been payable to and
including such date (not including any portion of such payments of interest accrued as of the date of redemption) discounted from such date to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at
a discount rate equal to the Treasury Rate plus a spread of 0.500%, in each case, plus accrued and unpaid interest to the redemption date. In addition, at any time within 90 days after a Capital Treatment Event or Investment Company Event (each as
defined below), the Notes Issuer will have the right to redeem all, but not less than all, of the Notes at a redemption price equal to their principal amount plus accrued and unpaid interest to the redemption date. 
 “Tax Event” means the Trust or the Notes Issuer has requested and received an opinion of counsel (which may be the Notes Issuer’s
counsel or counsel of an Affiliate but not an employee and which must be reasonably acceptable to the Institutional Trustee) experienced in tax matters to the effect that, as a result of any (i) amendment to or change in the laws or regulations
of the United States or any political subdivision or taxing authority of or in the United States that is enacted or becomes effective after the initial issuance of the Capital Securities; (ii) proposed change in those laws or regulations that
is announced after the initial issuance of the Capital Securities; (iii) official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or applying those laws or regulations that is
announced after the initial issuance of the Capital Securities; or (iv) threatened challenge asserted in connection with an audit of the Notes Issuer, the Trust or a Subsidiary of the Notes Issuer, or a threatened challenge asserted in writing
against any other taxpayer that has raised capital through the issuance of securities that are substantially similar to the Notes or the Capital Securities, there is more than an insubstantial risk that: (a) the Trust is, or will be, subject to
United States federal income tax with respect to income received or accrued on the Notes; (b) interest payable by the Notes Issuer on the Notes is not, or will not be, deductible by the Notes Issuer, in whole or in part, for United States
federal income tax purposes; or (c) the Trust is, or will be, subject to more than a de minimis amount of other taxes, duties or other governmental charges. 
 “Rating Agency Event” means a change in the methodology employed by any nationally recognized statistical rating organization within the meaning of Rule 15c3-1 under the Exchange Act, that 

  

 I-6 

 
currently publishes a rating for the Notes Issuer (for purposes of this paragraph, a “rating agency”) in assigning equity credit to securities such
as the Notes, as such methodology is in effect on the date of the Prospectus (for purposes of this paragraph, the “current criteria”), which change results in a lower equity credit being assigned by such rating agency to the Notes as of
the date of such change than the equity credit that would have been assigned to the Notes as of the date of such change by such rating agency pursuant to its current criteria. 
 “Capital Treatment Event” means the reasonable determination by the Notes Issuer that, as a result of any (i) amendment to, or
change in, the laws or regulations of the United States or any political subdivision of or in the United States that is enacted or becomes effective after the initial issuance of the Capital Securities; (ii) proposed change in those laws or
regulations that is announced after the initial issuance of the Capital Securities; or (iii) official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or applying those laws or
regulations that is announced after the initial 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 (or any substantial portion thereof) as
“Tier 1 Capital” (or its equivalent) for purposes of the capital adequacy guidelines of the Federal Reserve. 
 “Investment
Company Event” means the receipt by the Notes Issuer and the Trust of an opinion of counsel experienced in matters relating to investment companies to the effect that, as a result of any (i) change in law or regulation or
(ii) change in interpretation or application of law or regulation by any legislative body, court, governmental agency or regulatory authority, there is a more than 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 becomes effective on or after the date of the original issuance of the Capital Securities. 
 (e) 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 Distribution periods terminating on or before the date of redemption. 
 (f) 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, or not fewer than 10 nor more than 15 Business Days, as
applicable, before the date fixed for redemption, repayment or exchange thereof which, in the case of a redemption or repayment, will be the date fixed for redemption or repayment of the Notes, as applicable. For purposes of the calculation of the
date of redemption, repayment or exchange and the dates on which notices are given pursuant to this Section 4(f)(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 or repaid, the Securities to be redeemed or repaid
shall be redeemed or repaid 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

  

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nominee), the distribution of the proceeds of such redemption or repayment 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
or repaid and the Trust gives a Redemption/Distribution Notice, which notice may only be issued if the Notes are redeemed or repaid 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 or the repayment date, as applicable, provided that the Notes Issuer has paid to the Institutional Trustee a sufficient amount
of cash in connection with the related redemption, repayment 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, provided that the Notes Issuer has paid the Institutional Trustee a sufficient amount of cash in connection with the related redemption, repayment 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 or repayment
date, as applicable. 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 or the repayment
date, as applicable, distributions will cease to accrue on the Securities so called for redemption or repayment and all rights of the Holders of such Securities so called for redemption or repayment 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 or repayment. The record date for any payment under this Section 4 shall be determined as set forth in Section 2(d). 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 or repayment, as applicable. 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 or repayment
date, as applicable, to the actual date of payment, in which case the actual payment date will be considered the date fixed for redemption or repayment for purposes of calculating the Redemption Price. 
 (iv) Redemption/Distribution Notices shall be sent by the Institutional Trustee 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. 
  

 I-8 

 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 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 a 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. 
  

 I-9 

 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), 6(c) and 7 or 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. 
 (c) Subject to
Section 2.6 of the Declaration and only after any 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. 
  

 I-10 

 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 of the Indenture or the 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. 
  

 I-11 

 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. 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. 
 11. No Preemptive Rights. 
 The Holders of the Securities shall have no preemptive rights to subscribe for any additional securities. 
 12. 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-12 

 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. 140422AA4 
 Certificate Evidencing Capital Securities 
 of 
 CAPITAL ONE CAPITAL IV 
 6.745% Capital Securities 
 (Liquidation Amount $1,000 per Capital Security) 
 CAPITAL ONE CAPITAL IV, 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 6.745% Capital 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 February 5, 2007, 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.

  

 A1-2 

 IN WITNESS WHEREOF, the Trust has executed this certificate this 5th day of February, 2007. 

 

	
	
	
 Name:

	Title: Administrative Trustee

  

 A1-3 

 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)

  

 A1-4 

 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 IV 
 6.745% Common Securities 
 (Liquidation Amount $1,000 per Common Security) 
 CAPITAL ONE CAPITAL IV, 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 6.745% 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 February 5, 2007, 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. 
  

 A2-2 

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

	
	
	 
	Name:
	Title: Administrative Trustee

  

 A2-3 

 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)

  

 A2-4 

 EXHIBIT B 
 SPECIMEN OF NOTE 
  

 B-1 

 EXHIBIT C 
 UNDERWRITING AGREEMENTExhibit 4.4

 Exhibit 4.4 
 EXECUTION VERSION 
  

 GUARANTEE AGREEMENT 
 Dated as of February 5, 2007 
 By and Between 
 CAPITAL ONE
FINANCIAL CORPORATION, 
 as Guarantor 
 and 
 THE BANK OF NEW YORK, 
 as Trustee 
  

 CROSS REFERENCE TABLE1 
  

			
	 Section of Trust
 Indenture Act
of
 1939, as amended
	  	 Section of
 Guarantee
 Agreement

	 310(a)
	  	4.1(a)
	 310(b)
	  	2.8; 4.1(c)
	 310(c)
	  	Inapplicable
	 311(a)
	  	2.2(b)
	 311(b)
	  	2.2(b)
	 311(c)
	  	Inapplicable
	 312(a)
	  	2.2(a); 2.9
	 312(b)
	  	2.2(b); 2.9
	 312(c)
	  	2.9
	 313(a)
	  	2.3
	 313(b)
	  	2.3
	 313(c)
	  	2.3
	 313(d)
	  	2.3
	 314(a)
	  	2.4
	 314(b)
	  	Inapplicable
	 314(c)
	  	2.5
	 314(d)
	  	Inapplicable
	 314(e)
	  	2.5
	 314(f)
	  	Inapplicable
	 315(a)
	  	3.1(d); 3.2(a)
	 315(b)
	  	2.7(a)
	 315(c)
	  	3.1(c)
	 315(d)
	  	3.1(d)
	 316(a)
	  	2.6; 5.4(a)
	 316(b)
	  	5.3
	 316(c)
	  	Inapplicable
	 317(a)
	  	2.10
	 317(b)
	  	Inapplicable
	 318(a)
	  	2.1(b)

	 1
	 This Cross-Reference Table does not constitute part of the
Agreement and shall not have any bearing upon the interpretation of any of its terms or provisions. 

 TABLE OF CONTENTS 
 INDEX OF TERMS 
  

			
	 	  	Page
	 Affiliate
	  	2
		
	 Alternative Payment Mechanism
	  	2
		
	 Business Day
	  	2
		
	 Capital Securities
	  	2
		
	 Common Securities
	  	2
		
	 Common Stock
	  	2
		
	 Corporate Trust Office
	  	2
		
	 Declaration of Trust
	  	2
		
	 Existing Parity Obligations
	  	2
		
	 Global Security
	  	3
		
	 Guarantee
	  	1
		
	 Guarantee Event of Default
	  	3
		
	 Guarantee Payments
	  	3
		
	 Guarantee Trustee
	  	3
		
	 Guarantor
	  	1
		
	 Holder
	  	3
		
	 Indenture
	  	3
		
	 List of Holders
	  	3
		
	 Majority in Liquidation Amount
	  	3
		
	 Notes
	  	4
		
	 Officers’ Certificate
	  	4
		
	 Parity Securities
	  	4
		
	 Person
	  	4
		
	 Redemption Price
	  	4
		
	 Responsible Officer
	  	4
		
	 Second Supplemental Indenture
	  	5
		
	 Securities
	  	5
		
	 Successor Guarantee Trustee
	  	5
		
	 Trust
	  	1

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	Page
	Trust Enforcement Event	  	5
		
	Trust Indenture Act	  	5
		
	ARTICLE I
INTERPRETATION AND DEFINITIONS	  	
			
	SECTION 1.1	 	INTERPRETATION AND DEFINITIONS	  	1
		
	ARTICLE II
TRUST INDENTURE ACT	  	
			
	SECTION 2.1	 	TRUST INDENTURE ACT; APPLICATION	  	5
			
	SECTION 2.2	 	LISTS OF HOLDERS OF SECURITIES	  	5
			
	SECTION 2.3	 	REPORTS BY GUARANTEE TRUSTEE	  	5
			
	SECTION 2.4	 	PERIODIC REPORTS TO GUARANTEE TRUSTEE	  	5
			
	SECTION 2.5	 	EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT	  	6
			
	SECTION 2.6	 	GUARANTEE EVENT OF DEFAULT; WAIVER	  	6
			
	SECTION 2.7	 	GUARANTEE EVENT OF DEFAULT; NOTICE	  	6
			
	SECTION 2.8	 	CONFLICTING INTERESTS	  	6
			
	SECTION 2.9	 	DISCLOSURE OF INFORMATION	  	6
			
	SECTION 2.10	 	GUARANTEE TRUSTEE MAY FILE PROOFS OF CLAIM	  	7
		
	ARTICLE III
POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE	  	
			
	SECTION 3.1	 	POWERS AND DUTIES OF GUARANTEE TRUSTEE	  	7
			
	SECTION 3.2	 	CERTAIN RIGHTS OF GUARANTEE TRUSTEE	  	8
		
	ARTICLE IV
GUARANTEE TRUSTEE	  	
			
	SECTION 4.1	 	GUARANTEE TRUSTEE; ELIGIBILITY	  	10
			
	SECTION 4.2	 	APPOINTMENT, REMOVAL AND RESIGNATION OF GUARANTEE TRUSTEE	  	11
		
	ARTICLE V
GUARANTEE	  	
			
	SECTION 5.1	 	GUARANTEE	  	12

  

 -iii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page
	SECTION 5.2	 	WAIVER OF NOTICE AND DEMAND	  	12
			
	SECTION 5.3	 	OBLIGATIONS NOT AFFECTED	  	12
			
	SECTION 5.4	 	RIGHTS OF HOLDERS	  	13
			
	SECTION 5.5	 	GUARANTEE OF PAYMENT	  	13
			
	SECTION 5.6	 	SUBROGATION	  	14
			
	SECTION 5.7	 	INDEPENDENT OBLIGATIONS	  	14
			
		 	 ARTICLE VI
 LIMITATION OF TRANSACTIONS; SUBORDINATION
	  	
			
	SECTION 6.1	 	LIMITATION OF TRANSACTIONS	  	14
			
	SECTION 6.2	 	RANKING	  	15
			
	SECTION 6.3	 	SUBORDINATION OF COMMON SECURITIES	  	15
			
		 	 ARTICLE VII
 TERMINATION
	  	
			
	SECTION 7.1	 	TERMINATION	  	15
			
		 	 ARTICLE VIII
 INDEMNIFICATION
	  	
			
	SECTION 8.1	 	INDEMNIFICATION	  	15
			
		 	 ARTICLE IX
 MISCELLANEOUS
	  	
			
	SECTION 9.1	 	SUCCESSORS AND ASSIGNS	  	16
			
	SECTION 9.2	 	AMENDMENTS	  	16
			
	SECTION 9.3	 	NOTICES	  	16
			
	SECTION 9.4	 	BENEFIT	  	17
			
	SECTION 9.5	 	GOVERNING LAW	  	17

  

 -iv- 

 GUARANTEE AGREEMENT 
 This GUARANTEE AGREEMENT (the “Guarantee“), dated as of February 5, 2007, is executed and delivered by CAPITAL ONE FINANCIAL CORPORATION, a Delaware corporation (the “Guarantor“), and THE BANK
OF NEW YORK, a corporation duly existing under the laws of the State of New York, as trustee (the “Guarantee Trustee”), for the benefit of the Holders (as defined herein) from time to time of the Securities (as defined herein) of CAPITAL
ONE CAPITAL IV, a Delaware statutory trust (the “Trust“). 
 RECITALS 
 WHEREAS, pursuant to the Declaration of Trust (as defined herein), the Trust may issue up to $500,000,000 aggregate liquidation amount of capital
securities, having a liquidation amount of $1,000.00 per security and designated the “6.745% Trust Preferred Securities” of the Trust (together with the further capital securities that the Trust may issue pursuant to the Declaration of
Trust, the “Capital Securities”) and $10,000 aggregate liquidation amount of common securities, having a liquidation amount of $1,000.00 per security and designated the “6.745% Common Securities” of the Trust (together with the
further common securities that the Trust may issue pursuant to the Declaration of Trust, the “Common Securities” and, together with the Capital Securities, the “Securities”); 
 WHEREAS, as incentive for the Holders to purchase the Securities, the Guarantor desires irrevocably and unconditionally to agree, to the extent set forth
in this Guarantee, to pay to the Holders of the Securities the Guarantee Payments (as defined herein) and to make certain other payments on the terms and conditions set forth herein; and 
 WHEREAS, if a Trust Enforcement Event (as defined herein) has occurred and is continuing, the rights of holders of the Common Securities to receive
Guarantee Payments (as defined herein) under this Guarantee are subordinated to the rights of Holders of Capital Securities to receive Guarantee Payments under this Guarantee; 
 NOW, THEREFORE, in consideration of the purchase by each Holder of Securities, which purchase the Guarantor hereby agrees shall benefit the Guarantor,
the Guarantor executes and delivers this Guarantee for the benefit of the Holders. 
 ARTICLE I 
 INTERPRETATION AND DEFINITIONS 
 SECTION 1.1
INTERPRETATION AND DEFINITIONS. 
 In this Guarantee, unless the context otherwise requires: 
 (a) capitalized terms used in this Guarantee 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 Guarantee has the same meaning throughout; 
  

 1 

 (c) all references to “the Guarantee” or “this Guarantee” are to this Guarantee as
modified, supplemented or amended from time to time; 
 (d) all references in this Guarantee to Articles, Sections and Recitals are to
Articles, Sections and Recitals of this Guarantee, unless otherwise specified; 
 (e) unless otherwise defined in this Guarantee, a term
defined in the Trust Indenture Act has the same meaning when used in this Guarantee; 
 (f) a reference to the singular includes the plural
and vice versa and a reference to any masculine form of a term shall include the feminine form of a term, as applicable; and 
 (g) the
following terms have the following meanings: 
 “Affiliate“ has the same meaning as given to that term in Rule 405 of
the Securities Act of 1933, as amended, or any successor rule thereunder. 
 “Alternative Payment Mechanism“ has the meaning
specified in the Indenture. 
 “Business Day“ has the meaning specified in the Declaration of Trust. 
 “Capital Securities“ has the meaning specified in the Recitals hereto. 
 “Common Securities“ has the meaning specified in the Recitals hereto. 
 “Common Stock“ means the common stock, par value $0.01 per share, of the Guarantor. 
 “Corporate Trust Office“ means the principal office of the Guarantee Trustee at which at any particular time its corporate trust
business shall be administered, which office at the date of execution of this Guarantee is located at The Bank of New York, 2 North LaSalle Street, Suite 1020, Chicago, Illinois 60602. 
 “Declaration of Trust“ means the Amended and Restated Declaration of Trust, dated as of the date hereof, as amended, modified or
supplemented from time to time, among the trustees of the Trust named therein, the Guarantor, as sponsor, and the Holders, from time to time, of undivided beneficial ownership interests in the assets of the Trust. 
 “Existing Parity Obligations“ means (x) the Guarantor’s 7.50% junior subordinated debt securities due June 15, 2066
issued in connection with the June 2006 offering of 7.50% capital securities of Capital One Capital II and the Guarantor’s guarantee of these capital securities; and (y) the Guarantor’s 7.686% junior subordinated debt securities due
August 1, 2066 issued in connection with the July 2006 offering of 7.686% capital securities of Capital One Capital III and the Guarantor’s guarantee of these capital securities. 
 “Global Security“ means a fully registered, global Capital Security, as defined in the Indenture, representing the Capital Securities.

  

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 “Guarantee Event of Default“ means a default by the Guarantor on any of its payment or
other obligations under this Guarantee. 
 “Guarantee Payments“ means the following payments or distributions, without
duplication, with respect to the Securities, to the extent not paid by or on behalf of the Trust: (i) any accrued and unpaid Distributions (as defined in the Declaration of Trust) that are required to be paid on such Securities to the extent
the Trust has sufficient funds available therefor at the time, (ii) the redemption price, plus all accrued and unpaid Distributions to the date of redemption, with respect to any Securities called for redemption by the Trust, to the extent the
Trust shall have sufficient funds available therefor at the time or (iii) upon a voluntary or involuntary dissolution, winding-up or termination of the Trust (other than in connection with the distribution of Notes to the Holders in exchange
for Securities as provided in the Declaration of Trust), the lesser of (a) the aggregate of the liquidation amount and all accrued and unpaid Distributions on the Securities to the date of payment, to the extent the Trust has sufficient funds
available therefor and (b) the amount of assets of the Trust remaining available for distribution to Holders in liquidation of the Trust (in either case, the “Liquidation Distribution”). 
 “Guarantee Trustee“ means The Bank of New York, until a Successor Guarantee Trustee has been appointed and has accepted such appointment
pursuant to the terms of this Guarantee and thereafter means each such Successor Guarantee Trustee. 
 “Holder“ means any
holder of Securities, as registered on the books and records of the Trust; provided, however, that, in determining whether the Holders of the requisite percentage of Capital Securities have given any request, notice, consent or waiver
hereunder, “Holder” shall not include the Guarantor or any Affiliate of the Guarantor or any other obligor on the Capital Securities. 
 “Indenture“ means the Junior Subordinated Indenture, dated as of June 6, 2006, between Capital One Financial Corporation and The Bank of New York (the “Indenture Trustee”), as supplemented by the Third
Supplemental Indenture and as may be further amended or supplemented. 
 “List of Holders“ has the meaning assigned to it in
Section 2.2 hereof. 
 “Majority in Liquidation Amount“ 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 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. In determining whether the Holders of the requisite amount of Securities have voted, Securities which are owned by the Guarantor or any Affiliate of
the Guarantor or any other obligor on the Securities shall be disregarded for the purpose of any such determination. 
  

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 “Notes“ means the series of 6.745% Capital Efficient Notes due 2082 designated the
“6.745% Capital Efficient Notes due 2082”, held by the Institutional Trustee as defined in the Declaration of Trust. 
 “Officers’ Certificate“ means, with respect to any Person, a certificate signed on behalf of such Person by two Authorized Officers (as defined in the Declaration of Trust) of such Person. Any Officers’
Certificate delivered with respect to compliance with a condition or covenant provided for in this Guarantee shall include: 
 (i) a statement that each officer signing the Officers’ Certificate has read the covenant or condition and the definitions relating thereto; 
 (ii) a brief statement of the nature and scope of the examination or investigation undertaken by each officer on behalf of such Person in rendering the Officers’ Certificate; 
 (iii) a statement that each such officer has made such examination or investigation as, in such officer’s opinion, is necessary to
enable such officer on behalf of such Person to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (iv) a statement as to whether, in the opinion of each such officer acting on behalf of such Person, such condition or covenant has been complied with. 
 “Parity Securities“ means the Existing Parity Obligations and debt securities issued by the Company after the date hereof that have the
same rank upon liquidation of the Company as the Notes. 
 “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.

 “Redemption Price“ has the meaning specified in the Declaration of Trust. 
 “Responsible Officer“ means, with respect to the Guarantee Trustee, any officer with direct responsibility for the administration of
this Guarantee 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. 
 “Securities“ has the meaning specified in the Recitals hereto. 
 “Successor Guarantee Trustee“ means a successor Guarantee Trustee possessing the qualifications to act as Guarantee Trustee under
Section 4.1. 
 “Third Supplemental Indenture“ means the Third Supplemental Indenture, dated as of February 5,
2007, between Capital One Financial Corporation and the Indenture Trustee. 
  

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 “Trust Enforcement Event“ in respect of the Securities means an Event of Default (as
defined in the Indenture) 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. 
 ARTICLE II 
 TRUST INDENTURE ACT 
 SECTION 2.1
TRUST INDENTURE ACT; APPLICATION. 
 (a) This Guarantee is subject to the provisions of the Trust Indenture Act that are required or
deemed to be part of this Guarantee and shall, to the extent applicable, be governed by such provisions. 
 (b) If and to the extent that any
provision of this Guarantee limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control. 
 SECTION 2.2 LISTS OF HOLDERS OF SECURITIES. 
 (a) The Guarantor shall provide the Guarantee Trustee (i) except while the Capital Securities are represented by one or more Global Securities, at least two Business Days prior to the date for payment of
Distributions, a list, in such form as the Guarantee Trustee may reasonably require, of the names and addresses of the Holders of the Securities (“List of Holders”) as of the record date relating to the payment of such Distributions, and
(ii) at any other time, within 30 days of receipt by the Guarantor of a written request from the Guarantee Trustee for a List of Holders as of a date no more than 15 days before such List of Holders is given to the Guarantee Trustee;
provided that the Guarantor shall not 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 Guarantee Trustee by the Guarantor. The Guarantee Trustee
shall preserve, in as current a form as is reasonably practicable, all information contained in Lists of Holders given to it, provided that the Guarantee Trustee may destroy any List of Holders previously given to it on receipt of a new List
of Holders. 
 (b) The Guarantee Trustee shall comply with its obligations under Sections 311(a), 311(b) and 312(b) of the Trust
Indenture Act. 
 SECTION 2.3 REPORTS BY GUARANTEE TRUSTEE. 
 Within 60 days after June 6 of each year (commencing with the year of the first anniversary of the issuance of the Securities), the Guarantee
Trustee shall provide to the Holders of the Securities such reports as are required by Section 313 of the Trust Indenture Act (if any) in the form and in the manner provided by Section 313 of the Trust Indenture Act. The Guarantee Trustee
shall also comply with the requirements of Section 313(d) of the Trust Indenture Act. 
  

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 SECTION 2.4 PERIODIC REPORTS TO GUARANTEE TRUSTEE. 
 The Guarantor shall provide to the Guarantee Trustee such documents, reports and information as required by Section 314(a) (if any) of the Trust
Indenture Act and the compliance certificate required by Section 314(a) of the Trust Indenture Act in the form, in the manner and at the times required by Section 314(a) of the Trust Indenture Act, but in no event later than 120 days
after the end of each calendar year. 
 SECTION 2.5 EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT. 
 The Guarantor shall provide to the Guarantee Trustee such evidence of compliance with any conditions precedent, if any, provided for in this Guarantee
that relate to any of the matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion required to be given by an officer pursuant to Section 314(c)(1) may be given in the form of an Officers’
Certificate. 
 SECTION 2.6 GUARANTEE EVENT OF DEFAULT; WAIVER. 
 The Holders of a Majority in Liquidation Amount of the Capital Securities may, by vote or written consent, on behalf of the Holders of all of the
Securities, waive any past Guarantee Event of Default and its consequences. Upon such waiver, any such Guarantee Event of Default shall cease to exist, and any Guarantee Event of Default arising therefrom shall be deemed to have been cured, for
every purpose of this Guarantee, but no such waiver shall extend to any subsequent or other default or Guarantee Event of Default or impair any right consequent thereon. 
 SECTION 2.7 GUARANTEE EVENT OF DEFAULT; NOTICE. 
 (a) The Guarantee Trustee shall, within
90 days after the occurrence of a Guarantee Event of Default actually known to a Responsible Officer of the Guarantee Trustee, transmit by mail, first class postage prepaid, to the Holders of the Securities, notices of all such Guarantee Events
of Default, unless such defaults have been cured before the giving of such notice; provided that the Guarantee Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of the Guarantee Trustee in good
faith determines that the withholding of such notice is in the interests of the Holders of the Securities. 
 (b) The Guarantee Trustee shall
not be deemed to have knowledge of any Guarantee Event of Default unless the Guarantee Trustee shall have received written notice thereof or a Responsible Officer of the Guarantee Trustee charged with the administration of this Guarantee Agreement
shall have obtained actual knowledge thereof. 
 SECTION 2.8 CONFLICTING INTERESTS. 
 The Declaration of Trust shall be deemed to be specifically described in this Guarantee for the purposes of clause (i) of the first proviso contained
in Section 310(b) of the Trust Indenture Act. 
  

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 SECTION 2.9 DISCLOSURE OF INFORMATION. 
 The disclosure of information as to the names and addresses of the Holders of the Securities in accordance with Section 312 of the Trust Indenture
Act, regardless of the source from which such information was derived, shall not be deemed to be a violation of any existing law, or any law hereafter enacted which does not specifically refer to Section 312 of the Trust Indenture Act, nor
shall the Guarantee Trustee be held accountable by reason of mailing any material pursuant to a request made under Section 312(b) of the Trust Indenture Act. 
 SECTION 2.10 GUARANTEE TRUSTEE MAY FILE PROOFS OF CLAIM. 
 Upon the occurrence of a Guarantee
Event of Default, the Guarantee Trustee is hereby authorized to (a) recover judgment, in its own name and as trustee of an express trust, against the Guarantor for the whole amount of any Guarantee Payments remaining unpaid and (b) file
such proofs of claim and other papers or documents as may be necessary or advisable in order to have its claims and those of the Holders of the Securities allowed in any judicial proceedings relative to the Guarantor, its creditors or its property.

 ARTICLE III 
 POWERS, DUTIES
AND RIGHTS OF 
 GUARANTEE TRUSTEE 
 SECTION 3.1 POWERS AND DUTIES OF GUARANTEE TRUSTEE. 
 (a) This Guarantee shall be held by the Guarantee Trustee on
behalf of the Trust for the benefit of the Holders of the Securities, and the Guarantee Trustee shall not transfer its right, title and interest in this Guarantee to any Person except a Holder of Securities exercising his or her rights pursuant to
Section 5.4(b) or to a Successor Guarantee Trustee on acceptance by such Successor Guarantee Trustee of its appointment to act as Successor Guarantee Trustee. The right, title and interest of the Guarantee Trustee in and to this Guarantee shall
automatically vest in any Successor Guarantee Trustee, and such vesting and succession of title shall be effective whether or not conveyancing documents have been executed and delivered pursuant to the appointment of such Successor Guarantee
Trustee. 
 (b) If a Guarantee Event of Default actually known to a Responsible Officer of the Guarantee Trustee has occurred and is
continuing, the Guarantee Trustee shall enforce this Guarantee for the benefit of the Holders of the Securities. 
 (c) The Guarantee
Trustee, before the occurrence of any Guarantee Event of Default and after the curing of all Guarantee Events of Default that may have occurred, shall undertake to perform only such duties as are specifically set forth in this Guarantee, and no
implied covenants shall be read into this Guarantee against the Guarantee Trustee. In case a Guarantee Event of Default has occurred (that has not been cured or waived pursuant to Section 2.6) and is actually known to a Responsible Officer of
the Guarantee Trustee, the Guarantee Trustee shall exercise such of the rights and powers vested in it by this Guarantee, and use the same degree of care and skill in its exercise thereof, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs. 
  

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 (d) No provision of this Guarantee shall be construed to relieve the Guarantee Trustee from liability for
its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (i) prior to the
occurrence of any Guarantee Event of Default and after the curing or waiving of all such Guarantee Events of Default that may have occurred: 
 (A) the duties and obligations of the Guarantee Trustee shall be determined solely by the express provisions of this Guarantee, and the Guarantee Trustee shall not be liable except for the performance of such duties
and obligations as are specifically set forth in this Guarantee, and no implied covenants or obligations shall be read into this Guarantee against the Guarantee Trustee; and 
 (B) in the absence of bad faith on the part of the Guarantee Trustee, the Guarantee 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 Guarantee Trustee and conforming to the requirements of this Guarantee; but in the case of any such certificates or opinions that by
any provision hereof are specifically required to be furnished to the Guarantee Trustee, the Guarantee Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Guarantee (but need not
confirm or investigate the accuracy of mathematical calculation or other facts stated therein, absent manifest error); 
 (ii)
the Guarantee Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Guarantee Trustee, unless it shall be proved that the Guarantee Trustee was negligent in ascertaining the pertinent facts upon
which such judgment was made; 
 (iii) the Guarantee 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
Guarantee Trustee, or exercising any trust or power conferred upon the Guarantee Trustee under this Guarantee; and 
 (iv) no
provision of this Guarantee shall require the Guarantee 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 the
Guarantee Trustee shall have reasonable grounds for believing that the repayment of such funds or protection from liability is not reasonably assured to it under the terms of this Guarantee or if the Guarantee Trustee shall have reasonable grounds
for believing that an indemnity, reasonably satisfactory to the Guarantee Trustee, against such risk or liability is not reasonably assured to it under the terms of this Guarantee. 
  

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 SECTION 3.2 CERTAIN RIGHTS OF GUARANTEE TRUSTEE. 
 (a) Subject to the provisions of Section 3.1: 
 (i) The Guarantee 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; 
 (ii) Any direction or act of the Guarantor contemplated by this Guarantee shall be sufficiently evidenced by an Officers’
Certificate; 
 (iii) Whenever, in the administration of this Guarantee, the Guarantee Trustee shall deem it desirable that a
matter be proved or established before taking, suffering or omitting any action hereunder, the Guarantee 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 Guarantor; 
 (iv)
The Guarantee Trustee shall have no duty to see to any recording, filing or registration of any instrument (or any re-recording, re-filing or re-registration thereof); 
 (v) The Guarantee Trustee may consult with counsel, and the advice or opinion of such counsel with respect to legal matters 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 Guarantor or any of its Affiliates and may
include any of its employees. The Guarantee Trustee shall have the right at any time to seek instructions concerning the administration of this Guarantee from any court of competent jurisdiction; 
 (vi) The Guarantee Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Guarantee at the
request or direction of any Holder, unless such Holder shall have provided to the Guarantee Trustee such security and indemnity, reasonably satisfactory to the Guarantee Trustee, against the costs, expenses (including attorneys’ fees and
expenses and the expenses of the Guarantee 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
Guarantee Trustee; provided that nothing contained in this Section 3.2(a)(vi) shall be taken to relieve the Guarantee Trustee, upon the occurrence of a Guarantee Event of Default, of its obligation to exercise the rights and powers
vested in it by this Guarantee; 
 (vii) The Guarantee 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 Guarantee 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 Guarantor and shall incur no liability of any kind by reason of such inquiry or investigation; 
  

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 (viii) The Guarantee Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through agents, nominees, custodians or attorneys, and the Guarantee 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 Guarantee Trustee or its agents hereunder shall bind the Holders, and the signature
of the Guarantee Trustee or its agents alone shall be sufficient and effective to perform any such action. No third party shall be required to inquire as to the authority of the Guarantee Trustee to so act or as to its compliance with any of the
terms and provisions of this Guarantee, both of which shall be conclusively evidenced by the Guarantee Trustee’s or its agent’s taking such action; and 
 (x) Whenever in the administration of this Guarantee, the Guarantee Trustee shall deem it desirable to receive instructions with respect
to enforcing any remedy or right or taking any other action hereunder, the Guarantee Trustee (i) may request written instructions from the Holders of a Majority in Liquidation Amount of the Securities, (ii) may refrain from enforcing such
remedy or right or taking such other action until such written instructions are received and (iii) shall be protected in conclusively relying on or acting in accordance with such written instructions. 
 (b) No provision of this Guarantee shall be deemed to impose any duty or obligation on the Guarantee 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 Guarantee Trustee shall be unqualified or incompetent to act 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 Guarantee Trustee shall be construed to be a duty. 
 ARTICLE IV 
 GUARANTEE TRUSTEE 
 SECTION 4.1 GUARANTEE TRUSTEE; ELIGIBILITY. 
 (a) There shall at all times be a Guarantee Trustee
which shall: 
 (i) not be an Affiliate of the Guarantor; and 
 (ii) be a Person 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 other Person permitted by the Securities and Exchange 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 fifty 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 4.1(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. 
  

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 (b) If at any time the Guarantee Trustee shall cease to be eligible to so act under Section 4.1(a),
the Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.2(c). 
 (c) If the Guarantee
Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of
the Trust Indenture Act. 
 SECTION 4.2 APPOINTMENT, REMOVAL AND RESIGNATION OF GUARANTEE TRUSTEE. 
 (a) Subject to Section 4.2(b), unless a Guarantee Event of Default shall have occurred and be continuing, the Guarantee Trustee may be appointed or
removed with or without cause at any time by the Guarantor. 
 (b) The Guarantee Trustee shall not be removed in accordance with
Section 4.2(a) until a Successor Guarantee Trustee has been appointed and has accepted such appointment by written instrument executed by such Successor Guarantee Trustee and delivered to the Guarantor. 
 (c) The Guarantee Trustee appointed to office shall hold such office until a Successor Guarantee Trustee shall have been appointed or until its removal
or resignation. The Guarantee Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing executed by the Guarantee Trustee and delivered to the Guarantor, which resignation shall not take effect
until a Successor Guarantee Trustee has been appointed and has accepted such appointment by instrument in writing executed by such Successor Guarantee Trustee and delivered to the Guarantor and the resigning Guarantee Trustee. 
 (d) If no Successor Guarantee Trustee shall have been appointed and accepted appointment as provided in this Section 4.2 within 60 days after
delivery to the Guarantor of an instrument of removal or resignation, the removed or resigning Guarantee Trustee may petition at the expense of the Guarantor any court of competent jurisdiction for appointment of a Successor Guarantee Trustee. Such
court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Guarantee Trustee. 
 (e) No Guarantee
Trustee shall be liable for the acts or omissions to act of any Successor Guarantee Trustee. 
 (f) Upon termination of this Guarantee or
removal or resignation of the Guarantee Trustee pursuant to this Section 4.2, the Guarantor shall pay to the Guarantee Trustee all amounts owing for fees and reimbursement of expenses that have accrued to the date of such termination, removal
or resignation. 
  

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 ARTICLE V 
 GUARANTEE 
 SECTION 5.1 GUARANTEE. 
 The Guarantor irrevocably and unconditionally agrees to pay in full to the Holders the Guarantee Payments (without duplication of amounts theretofore paid
by the Trust), as and when due, regardless of any defense, right of set-off or counterclaim that the Trust may have or assert. The Guarantor’s obligation to make a Guarantee Payment may be satisfied by direct payment of the required amounts by
the Guarantor to the Holders or by causing the Trust to pay such amounts to the Holders. Notwithstanding anything to the contrary herein, the Guarantor retains all of its rights under the Indenture to defer the interest payments on the Notes
pursuant to the terms thereof and the Guarantor shall not be obligated hereunder to make any Guarantee Payments during any Deferral Period or APM Period (as defined in the Indenture) with respect to the Distributions (as defined in the Declaration
of Trust) on the Securities. 
 SECTION 5.2 WAIVER OF NOTICE AND DEMAND. 
 The Guarantor hereby waives notice of acceptance of this Guarantee and of any liability to which it applies or may apply, presentment, demand for payment,
any right to require a proceeding first against the Trust or any other Person before proceeding against the Guarantor, protest, notice of nonpayment, notice of dishonor, notice of redemption and all other notices and demands. 
 SECTION 5.3 OBLIGATIONS NOT AFFECTED. 
 The obligations, covenants, agreements and duties of the Guarantor under this Guarantee shall be absolute and unconditional and shall remain in full force and effect until the entire liquidation amount of all outstanding Securities shall
have been paid and such obligation shall in no way be affected or impaired by reason of the happening from time to time of any event, including, without limitation, the following, whether or not with notice to, or the consent of, the Guarantor:

 (a) The release or waiver, by operation of law or otherwise, of the performance or observance by the Trust of any express or implied
agreement, covenant, term or condition relating to the Securities to be performed or observed by the Trust; 
 (b) The extension of time for
the payment by the Trust of all or any portion of the Distributions, Redemption Price, Liquidation Distribution or any other sums payable under the terms of the Securities or the extension of time for the performance of any other obligation under,
arising out of, or in connection with the Securities (other than an extension of time for payment of Distributions, Redemption Price, Liquidation Distribution or other sum payable that results from the extension of any interest payment period on the
Notes); 
 (c) Any failure, omission, delay or lack of diligence on the part of the Institutional Trustee or the Holders to enforce, assert
or exercise any right, privilege, power or remedy conferred on the Institutional Trustee or the Holders pursuant to the terms of the Securities, or any action on the part of the Trust granting indulgence or extension of any kind; 
  

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 (d) The voluntary or involuntary liquidation, dissolution, sale of any collateral, receivership,
insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the Trust or any of the assets of the Trust; 
 (e) Any invalidity of, or defect or deficiency in, the Securities; 
 (f) The settlement or compromise of any obligation guaranteed hereby or hereby incurred; or 
 (g) Any other
circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a guarantor, it being the intent of this Section 5.3 that the obligations of the Guarantor hereunder shall be absolute and unconditional under
any and all circumstances. 
 There shall be no obligation of the Guarantee Trustee or the Holders to give notice to, or obtain consent of,
the Guarantor or any other Person with respect to the happening of any of the foregoing. 
 No setoff, counterclaim, reduction or diminution
of any obligation, or any defense of any kind or nature that the Guarantor has or may have against any Holder shall be available hereunder to the Guarantor against such Holder to reduce the payments to it under this Guarantee. 
 SECTION 5.4 RIGHTS OF HOLDERS. 
 (a) The Holders of at least a Majority in Liquidation Amount of the Securities have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Guarantee Trustee in respect of this Guarantee
or to direct the exercise of any trust or power conferred upon the Guarantee Trustee under this Guarantee. 
 (b) If the Guarantee Trustee
fails to enforce this Guarantee, then any Holder of Securities may, subject to the subordination provisions of Section 6.2, institute a legal proceeding directly against the Guarantor to enforce the Guarantee Trustee’s rights under this
Guarantee without first instituting a legal proceeding against the Trust, the Guarantee Trustee or any other person or entity. In addition, if the Guarantor has failed to make a Guarantee Payment, a Holder of Securities may, subject to the
subordination provisions of Section 6.2, directly institute a proceeding against the Guarantor for enforcement of the Guarantee for such payment to the Holder of the Securities of the principal of or interest on the Notes on or after the
respective due dates specified in the Notes, and the amount of the payment will be based on the Holder’s pro rata share of the amount due and owing on all of the Securities. The Guarantor hereby waives any right or remedy to require that
any action on this Guarantee be brought first against the Trust or any other person or entity before proceeding directly against the Guarantor. 
  

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 SECTION 5.5 GUARANTEE OF PAYMENT. 
 This Guarantee creates a guarantee of payment and not of collection. 
 SECTION 5.6 SUBROGATION. 
 The Guarantor shall be subrogated to all (if any) rights of the
Holders of Securities against the Trust in respect of any amounts paid to such Holders by the Guarantor under this Guarantee; provided, however, that the Guarantor shall not (except to the extent required by mandatory provisions of law) be
entitled to enforce or exercise any right that it may acquire by way of subrogation or any indemnity, reimbursement or other agreement, in all cases as a result of payment under this Guarantee, if at the time of any such payment, any amounts are due
and unpaid under this Guarantee. If any amount shall be paid to the Guarantor in violation of the preceding sentence, the Guarantor agrees to hold such amount in trust for the Holders and to pay over such amount to the Guarantee Trustee for the
benefit of the Holders. 
 SECTION 5.7 INDEPENDENT OBLIGATIONS. 
 The Guarantor acknowledges that its obligations hereunder are independent of the obligations of the Trust with respect to the Securities, and that the
Guarantor shall be liable as principal and as debtor hereunder to make Guarantee Payments pursuant to the terms of this Guarantee notwithstanding the occurrence of any event referred to in subsections 5.3(a) through 5.3(g), inclusive, hereof.

 ARTICLE VI 
 LIMITATION OF
TRANSACTIONS; SUBORDINATION 
 SECTION 6.1 LIMITATION OF TRANSACTIONS. 
 So long as any Securities remain outstanding, (i) if there shall have occurred an Event of Default (as defined in the Indenture) with respect to the
Notes, (ii) if there shall have occurred a Guarantee Event of Default or (iii) during any Deferral Period or APM Period as provided in the Indenture, then the Guarantor shall not, and shall not permit any subsidiary of the Guarantor to,
(x) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of the Guarantor’s capital stock, (y) make any payment of principal, interest or premium, if any, on
or repay, repurchase or redeem any Parity Securities or debt securities of the Guarantor that rank junior to the Notes or (z) make any guarantee payments on any guarantee by the Guarantor of the debt securities of any subsidiary of the
Guarantor if such guarantee ranks equally with or junior in interest to the Notes (other than (a) dividends or distributions on any class of the Guarantor’s capital stock payable in the same class of the Guarantor’s capital stock,
(b) payments under this Guarantee, (c) any declaration of a dividend in connection with the implementation of a shareholders’ rights plan or the redemption or repurchase of any such rights pursuant thereto, (d) purchases of
Common Stock related to (x) the issuance of Common Stock or rights under any of the Guarantor’s benefits plans for its directors, officers or employees, (y) the issuance of Common Stock or rights under a dividend reinvestment and
stock purchase plan, or (z) the issuance of Common Stock, or securities convertible into Common Stock, as consideration in an acquisition transaction that was entered into before the beginning of the deferral period, (e) payments of
current interest in respect of 

  

 14 

 
Parity Securities that are made pro rata in respect of the amounts due on such Parity Securities and the Notes, and payments of deferred interest on Parity
Securities that, if not made, would cause the Guarantor to breach the terms of the instrument governing such Parity Securities); provided that such payments are made in accordance with the Alternative Payment Mechanism, as described in the
Indenture and in the Prospectus dated January 29, 2007, to the extent it applies, and (f) payments of principal in respect of Parity Securities having an earlier Scheduled Maturity Date than the Notes, as required under a provision of any
such Parity Securities that is substantially the same as Section 2.1(d)(viii) of the Third Supplemental Indenture with respect to the payments on Parity Securities, and payments in respect of Parity Securities having the same Scheduled Maturity
Date as the Notes, as required by such a provision, and that are made on a pro rata basis among one or more series of such Parity Securities having such a provision and the Notes. 
 SECTION 6.2 RANKING. 
 This
Guarantee will constitute an unsecured obligation of the Guarantor and will rank subordinate and junior in right of payment to all Senior Indebtedness (as defined in Section 2.1(q) of the Third Supplemental Indenture) of the Guarantor in the
same manner and to the same extent as set forth in Article XIV of the Indenture. 
 SECTION 6.3 SUBORDINATION OF COMMON
SECURITIES. 
 If a Trust Enforcement Event has occurred and is continuing under the Declaration of Trust, the rights of the Holders of
the Common Securities to receive Guarantee Payments hereunder shall be subordinated to the rights of the Holders of the Capital Securities to receive Guarantee Payments under this Guarantee. 
 ARTICLE VII 
 TERMINATION 
 SECTION 7.1 TERMINATION. 
 This
Guarantee shall terminate upon (i) full payment of the Redemption Price of all Securities, (ii) distribution of the Notes to the Holders of all the Securities or (iii) full payment of the amounts payable in accordance with the
Declaration of Trust upon liquidation of the Trust. Notwithstanding the foregoing, this Guarantee will continue to be effective or will be reinstated, as the case may be, if at any time any Holder of Securities must restore payment of any sums paid
under the Securities or under this Guarantee. 
 ARTICLE VIII 
 INDEMNIFICATION 
 SECTION 8.1 INDEMNIFICATION. 
 The Guarantor agrees to indemnify each Note Issuer Indemnified Person, the Institutional Trustee and the Delaware Trustee (as each such term is defined in
the Declaration of Trust) for, 

  

 15 

 
and to hold each such Person harmless against any loss, claim, damage, liability or expense incurred without negligence or bad faith on its part, arising out
of or in connection with the acceptance or administration of the trust or trusts hereunder, including the reasonable costs 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 provisions of this Section 8.1 shall survive the termination of this Guarantee or the resignation or removal of the Guarantee Trustee. 
 ARTICLE IX 
 MISCELLANEOUS 
 SECTION 9.1 SUCCESSORS AND ASSIGNS. 
 All guarantees and agreements contained in this Guarantee shall bind the successors, assigns, receivers, trustees and representatives of the Guarantor and shall inure to the benefit of the Holders of the Securities then outstanding. Except
in connection with a consolidation, merger or sale involving the Guarantor that is permitted under Article VIII of the Indenture and pursuant to which the successor or assignee agrees in writing to perform the Guarantor’s obligations
hereunder, the Guarantor shall not assign its obligations hereunder. 
 SECTION 9.2 AMENDMENTS. 
 Except with respect to any changes that do not materially adversely affect the rights of the Holders (in which case no consent of the Holders will be
required), this Guarantee may not be amended without the prior approval of the Holders of not less than a Majority in Liquidation Amount of the Securities. The provisions of Section 12.2 of the Declaration of Trust with respect to meetings of,
and action by written consent of, the Holders of the Securities apply to the giving of such approval. 
 SECTION 9.3 NOTICES.

 All notices provided for in this Guarantee shall be in writing, duly signed by the party giving such notice, and shall be delivered by
hand, telecopied or mailed by registered or certified mail, as follows: 
 (a) If given to the Guarantee Trustee, at the Guarantee
Trustee’s mailing address set forth below (or such other address as the Guarantee Trustee may give notice of to the Guarantor and the Holders of the Securities): 
 The Bank of New York 
 2 North LaSalle Street, Suite 1020 
 Chicago, Illinois 60602 
 Facsimile No.: (312) 827-8542 
 Attention: Corporate Trust Administration 
  

 16 

 (b) If given to the Guarantor, at the Guarantor’s mailing addresses set forth below (or such other
address as the Guarantor may give notice of to the Guarantee Trustee and the Holders of the Securities): 
 Capital One
Financial Corporation 
 1680 Capital One Drive 
 McLean, Virginia 22102 
 Facsimile No.: (703) 720-2165 
 Attention: Director of Capital Markets 
 (c) If given to any Holder of Securities, 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 9.4 BENEFIT. 
 This Guarantee is solely for the benefit of the Holders of the Securities and, subject to Section 3.1(a), is not separately transferable from the Securities. 
 SECTION 9.5 GOVERNING LAW. 
 THIS
GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. 
 [The remainder of this
page left blank intentionally; the signature page follows.] 
  

 17 

 IN WITNESS WHEREOF, this Guarantee is executed as of the day and year first above written. 
  

			
	 CAPITAL ONE FINANCIAL CORPORATION,

	 as Guarantor

		
	 By:
	 	 /s/ Stephen Linehan

	 Name:
	 	 Stephen Linehan

	 Title:
	 	 Executive Vice President and Treasurer

	
	 THE BANK OF NEW YORK,
 as Guarantee Trustee

		
	 By:
	 	 /s/ Van K. Brown

	 Name:
	 	 Van K. Brown

	 Title:
	 	 Vice President

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