We present a capability format which improves upon prior capability formats by simultaneously providing four key features. First, address and bounds information are embedded directly in the capability representation. Second, a capability may point to an arbitrary word in its segment. Third, internal fragmentation due to segment/object size mismatch is less than 6%; with a simple, high-locality allocation scheme, total fragmentation is less than 12%. Fourth, objects of 32 or fewer words, e.g. most class instances in object-oriented systems, may be allocated with no fragmentation and will thus have precise hardware bounds-checking. These features make it entirely practical to use a capability-guarded segment per allocated object, thus ensuring robust inter- and intra-program memory protection. Additionally, we describe the implementation and application of increment-only pointers which enable precise hardware-only bounds-checking for Java-style objects/arrays. Finally, we also demonstrate how to generate capabilities for sub-segments from which the enclosing segment can be recovered by system routines.