ANNUAL CERTIFICATEHOLDERS' STATEMENT
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PROVIDIAN MASTER TRUST
SERIES 1999-2
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Pursuant to the Pooling and Servicing Agreement dated as of June 1, 1993
(as amended and supplemented, the "Agreement"), as supplemented by the Series
1999-2 Supplement dated as of October 1, 1999 (as amended and supplemented, the
"Series Supplement"), between Providian National Bank ("PNB"), Seller and
Servicer, and Bankers Trust Company, Trustee, PNB as Servicer is required to
prepare certain information each month regarding current distributions to Class
A Certificateholders, Class B Certificateholders, Collateral Interest Holder and
the Class D Interest Holder and the performance of the Providian Master Trust
(the "Trust") during the previous month. The information which is required to be
prepared for the Series 1999-2 Certificates with respect to the period from
October 7, 1999 to December 31, 1999, and with respect to the performance of the
Trust during 1999, is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Investor Certificate.
Certain other information is presented based on the aggregate amounts for the
Trust as a whole. Capitalized terms used in this Certificate have their
respective meanings set forth in the Agreement or Series Supplement, as
applicable.
A) Information Regarding the 1999 Distribution for the Series 1999-2 Class A
Certificates and Class B Certificates (stated on the basis of $1,000
original certificate principal amount)
(1) The total amount distributed to Class A Certificateholders per $1,000
original certificate principal amount.......................$12.466667
(2) The amount set forth in A(1) above distributed to Class A
Certificateholders with respect to interest per $1,000 original
certificate principal amount................................$12.466667
(3) The amount set forth in A(1) above distributed to Class A
Certificateholders with respect to principal per $1,000 original
certificate principal amount.................................$0.000000
(4) The total amount distributed to Class B Certificateholders per $1,000
original certificate principal amount.......................$11.547292
(5) The amount set forth in A(4) above distributed to Class B
Certificateholders with respect to interest per $1,000 original
certificate principal amount................................$11.547292
(6) The amount set forth in A(4) above distributed to Class B
Certificateholders with respect to principal per $1,000 original
certificate principal amount.................................$0.000000
B) Information Regarding the Performance of the Trust
(1) Allocation of Receivables Collections to the Series 1999-2
Certificates
(a) The aggregate amount of Finance Charge Receivables collected
during 1999.......................................$395,109,175.39
(b) The aggregate amount of Interchange collected and allocated to
the Trust for 1999.................................$13,765,815.00
(c) The aggregate amount of Principal Receivables collected during
1999............................................$1,663,113,108.21
(d) The Floating Allocation Percentage with respect to the Series
1999-2 Certificates for 1999............................8.169153%
(e) The Principal Allocation Percentage with respect to the Series
1999-2 Certificates for 1999............................8.162178%
(f) The Finance Charge Receivables and Interchange collected and
allocated to the Series 1999-2 Certificates for
1999...............................................$33,401,622.59
(g) The Principal Receivables collected and allocated to the Series
1999-2 Certificates for 1999......................$135,746,252.06
(2) Available Finance Charge Collections and Reallocated Principal
Collections for Series 1999-2 for 1999
(a) The Finance Charge Receivables and Interchange collected and
allocated to the Series 1999-2 Certificates........$33,401,622.59
(b) Collection Account and Special Funding Account investment
earnings allocated to the Series 1999-2 Certificates...$73,589.78
(c) Principal Funding Account Investment Proceeds...............$0.00
(d) Class A Reserve Draw Amount.................................$0.00
(e) Class B Reserve Draw Amount.................................$0.00
(f) Additional Finance Charges from other Series allocated to the
Series 1999-2 Certificates..................................$0.00
(g) Payments, if any, on deposit as of the Determination Date
received from any Interest Rate Protection Agreements.......$0.00
(h) Reallocated Class D Principal Collections...................$0.00
(i) Reallocated Collateral Principal Collections................$0.00
(j) Reallocated Class B Principal Collections...................$0.00
(k) Total Available Finance Charge Collections and Reallocated
Principal Collections for Series 1999-2 (total of (a), (b), (c),
(d), (e), (f), (g), (h), (i) and (j) above)........$33,475,212.37
(3) Available Principal Collections for Series 1999-2 for the Monthly
Period immediately preceding the Distribution Date
(a) The Principal Receivables collected and allocated to the Series
1999-2 Certificates...............................$135,746,252.06
(b) Shared Principal Collections from other Series allocated to the
Series 1999-2 Certificates..................................$0.00
(c) Additional amounts to be treated as Available Principal
Collections pursuant to the Series Supplement.......$9,962,667.72
(d) Reallocated Class D Principal Collections...................$0.00
(e) Reallocated Collateral Principal Collections................$0.00
(f) Reallocated Class B Principal Collections...................$0.00
(g) Available Principal Collections for Series 1999-2 (total of (a),
(b) and (c) minus (d), (e) and (f) above).........$145,708,919.78
(4) Delinquent Balances in the Trust
The aggregate outstanding balance of the Accounts which were
delinquent as of the close of business on the last day of 1999
(a) 31-60 days $107,180,627
(b) 61-90 days 65,585,821
(c) 91 or more days 116,979,923
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(d) Total Delinquencies $289,746,371
(5) Defaulted Amount
(a) The aggregate amount of Defaulted Receivables with respect to the
Trust for 1999....................................$139,067,490.13
(b) The aggregate Amount of Recoveries of Defaulted Receivables
processed during 1999..............................$17,088,807.59
(c) The Defaulted Amount for 1999 (Defaulted Receivables minus
Recoveries].......................................$121,978,682.54
(d) The Defaulted Amount for 1999 allocable to the Series 1999-2
Certificates (the "Series 1999-2 Defaulted
Amount")............................................$9,962,667.72
(e) The Class A Defaulted Amount [Series 1999-2 Defaulted Amount
multiplied by the Class A Percentage]...............$7,970,134.18
(f) The Class B Defaulted Amount [Series 1999-2 Defaulted Amount
multiplied by the Class B Percentage].................$896,640.10
6) Class A Charge-Offs
(a) The excess, if any, of the Class A Defaulted Amount over the sum
of (i) Available Finance Charge Collections applied to such Class
A Defaulted Amount, (ii) Reallocated Principal Collections
applied to such Class A Defaulted Amount, (iii) the amount by
which the Class D Invested Amount has been reduced in respect of
such Class A Defaulted Amount, (iv) the amount by which the
Collateral Invested Amount has been reduced in respect of such
Class A Defaulted Amount and (v) the amount by which the Class B
Invested Amount has been reduced in respect of such Class A
Defaulted Amount (a "Class A Charge-Off") for 1999..........$0.00
(b) The amount of the Class A Charge-Off set forth in item 6(a)
above, per $1,000 original certificate principal amount (which
will have the effect of reducing, pro rata, the amount of each
Class A Certificateholder's investment) for 1999.........$0.00000
(c) The total amount reimbursed on the last Distribution Date of 1999
in respect of Class A Charge-Offs for prior Distribution
Dates.......................................................$0.00
(d) The amount set forth in item 6(c) above per $1,000 original
certificate principal amount (which will have the effect of
increasing, pro rata, the amount of each Class A
Certificateholder's investment) for 1999.................$0.00000
(e) The amount, if any, by which the outstanding principal balance of
the Class A Certificates exceeds the Class A Invested Amount if
any, as of the last Distribution of 1999 Date, after giving
effect to all deposits, withdrawals and distributions on such
Distribution Date...........................................$0.00
(7) Class B Charge-Offs
(a) The excess, if any, of the Class B Defaulted Amount over the sum
of (i) Available Finance Charge Collections applied to such Class
B Defaulted Amount, (ii) Reallocated Class D Principal
Collections applied to such Class B Defaulted Amount, (iii)
Reallocated Collateral Principal Collections applied to such
Class B Defaulted Amount, (iv) the amount by which the Class D
Invested Amount has been reduced in respect of such Class B
Defaulted Amount and (v) the amount by which the Collateral
Invested Amount has been reduced in respect of such Class B
Defaulted Amount for 1999...................................$0.00
(b) The amount by which the Class B Invested Amount has been reduced
on the last Distribution Date of 1999 in respect of Reallocated
Class B Principal Collections...............................$0.00
(c) The amount by which the Class B Invested Amount has been reduced
on the last Distribution Date of 1999 in respect of item 6(a)
(together with item 7(a), "Class B Charge-Offs")............$0.00
(d) The total amount by which the Class B Invested Amount has been
reduced on the last Distribution Date of 1999 as set forth in
items 7(a), (b) and (c).....................................$0.00
(e) The amount set forth in item 7(d) above per $1,000 original
certificate principal amount (which will have the effect of
reducing, pro rata, the amount of each Class B
Certificateholder's investment) for 1999.................$0.00000
(f) The total amount reimbursed on the last Distribution Date of 1999
in respect of reductions in the Class B Invested Amount on prior
Distribution Dates..........................................$0.00
(g) The amount set forth in item 7(f) above per $1,000 original
certificate principal amount (which will have the effect of
increasing, pro rata, the amount of each Class B
Certificateholder's investment) for 1999.................$0.00000
(h) The amount, if any, by which the outstanding principal balance of
the Class B Certificates exceeds the Class B Invested Amount if
any, as of the last Distribution Date of 1999, after giving
effect to all deposits, withdrawals and distributions on such
Distribution Date...........................................$0.00
(8) Reductions in the Collateral Interest
(a) The excess, if any, of the Collateral Defaulted Amount over the
sum of (i) Available Finance Charge Collections applied to such
Collateral Defaulted Amount, (ii) Reallocated Class D Principal
Collections applied to such Collateral Defaulted Amount and (iii)
the amount by which the Class D Invested Amount has been reduced
in respect of such Collateral Defaulted Amount for 1999.....$0.00
(b) The amount by which the Collateral Invested Amount has been
reduced on the last Distribution Date of 1999 in respect of
Reallocated Collateral Principal Collections................$0.00
(c) The amount by which the Collateral Invested Amount has been
reduced on the last Distribution Date of 1999 in respect of items
6(a) and 7(a) above.........................................$0.00
(d) The total amount by which the Collateral Invested Amount has been
reduced on the last Distribution Date of 1999 as set forth in
items 8(a), (b) and (c).....................................$0.00
(e) The total amount reimbursed on the last Distribution Date of 1999
in respect of reductions in the Collateral Invested Amount on
prior Distribution Dates....................................$0.00
(f) The amount, if any, by which the outstanding principal balance of
the Collateral Interest exceeds the Collateral Invested Amount,
if any, as of the last Distribution Date of 1999, after giving
effect to all deposits, withdrawals and distributions on the
Distribution Date...........................................$0.00
(9) Reductions in the Class D Interest
(a) The excess, if any, of the Class D Defaulted Amount over
Available Finance Charge Collections applied to such Class D
Defaulted Amount for 1999...................................$0.00
(b) The amount by which the Class D Invested Amount has been reduced
on the last Distribution Date of 1999 in respect of Reallocated
Principal Collections.......................................$0.00
(c) The amount by which the Class D Invested Amount has been reduced
on last Distribution Date of 1999 in respect of items 6(a), 7(a)
and 8(a) above..............................................$0.00
(d) The total amount by which the Class D Invested Amount has been
reduced on the last Distribution Date of 1999 as set forth in
items 9(a), (b) and (c).....................................$0.00
(e) The total amount reimbursed on the last Distribution Date of 1999
in respect of reductions in the Class D Invested Amount on prior
Distribution Dates..........................................$0.00
(f) The amount, if any, by which the outstanding principal balance of
the Class D Interest exceeds the Class D Invested Amount, if any,
as of the last Distribution Date of 1999, after giving effect to
all deposits, withdrawals and distributions on the Distribution
Date........................................................$0.00
(10) Investor Monthly Servicing Fee
(a) The amount of the Series 1999-2 Monthly Servicing Fee paid to the
Servicer during 1999................................$2,582,465.28
(11) Class A Monthly Interest
(a) Class A Monthly Interest paid during 1999...........$8,983,333.33
(12) Class B Monthly Interest
(a) Class B Monthly Interest paid during 1999...........$1,024,730.47
(13) Principal Funding Account Amount
(a) The amount on deposit in the Principal Funding Account on the
last Distribution Date of 1999, after giving effect to all
deposits, withdrawals and distributions on such Distribution
Date........................................................$0.00
(b) Deposits to the Principal Funding Account are currently scheduled
to commence on the Distribution Date occurring in April 2002.
(The initial funding date for the Principal Funding Account may
be modified in certain circumstances in accordance with the terms
of the Series Supplement.)
(14) Deficit Controlled Accumulation Amount
The Deficit Controlled Accumulation Amount for the last Distribution
Date of 1999, after giving effect to all deposits, withdrawals and
distributions on such Distribution Date..........................$0.00
(15) Class A Reserve Account
(a) The amount on deposit in the Class A Reserve Account on the last
Distribution Date of 1999, after giving effect to all deposits,
withdrawals and distributions on such Distribution Date and the
related Transfer Date.......................................$0.00
(b) The Class A Required Reserve Account Amount.................$0.00
(16) Class B Reserve Account
(a) The amount on deposit in the Class B Reserve Account on the last
Distribution Date of 1999, after giving effect to all deposits,
withdrawals and distributions on such Distribution Date and the
related Transfer Date.......................................$0.00
(b) The Class B Required Reserve Account Amount.................$0.00
C) Class A Invested Amount
(1) The Class A Initial Invested Amount....................$500,000,000.00
(2) The Class A Invested Amount on the last Distribution Date of 1999,
after giving effect to all deposits, withdrawals and distributions on
such Distribution Date.................................$500,000,000.00
(3) The Pool Factor for the last Distribution Date of 1999 (which
represents the ratio of the Class A Invested Amount, as of such
Distribution Date, after giving effect to any adjustment in the Class
A Invested Amount on such Distribution Date, to the Class A Initial
Invested Amount). The amount of a Class A Certificateholder's pro rata
share of the Class A Invested Amount can be determined by multiplying
the original denomination of the Class A Certificateholder's
Certificate by the Pool Factor................................1.000000
D) Class B Invested Amount
(1) The Class B Initial Invested Amount.....................$56,250,000.00
(2) The Class B Invested Amount on the last Distribution Date of 1999,
after giving effect to all deposits, withdrawals and distributions on
such Distribution Date..................................$56,250,000.00
(3) The Pool Factor for the Distribution Date of 1999 (which represents
the ratio of the Class B Invested Amount, as of such Distribution
Date, after giving effect to any adjustment in the Class B Invested
Amount on such Distribution Date, to the Class B Initial Invested
Amount). The amount of a Class B Certificateholder's pro rata share of
the Class B Invested Amount can be determined by multiplying the
original denomination of the Class B Certificateholder's Certificate
by the Pool Factor............................................1.000000
E) Collateral Invested Amount
(1) The Collateral Initial Invested Amount..................$50,000,000.00
(2) The Collateral Invested Amount on the last Distribution Date of 1999,
after giving effect to all deposits, withdrawals and distributions on
such Distribution Date..................................$50,000,000.00
(3) The Collateral Invested Amount as a percentage of the Invested Amount
on such Distribution Date........................................8.00%
F) Class D Invested Amount
(1) The Class D Initial Invested Amount.....................$18,750,000.00
(2) The Class D Invested Amount on the last Distribution Date of 1999,
after giving effect to all deposits, withdrawals and distributions on
such Distribution Date..................................$18,750,000.00
(3) The Class D Invested Amount as a percentage of the Invested Amount on
such Distribution Date...........................................3.00%
G) Receivables Balances
(1) The aggregate amount of Principal Receivables in the Trust at the
close of business on the last day of 1999...............$7,890,273,538
(2) The aggregate amount of Finance Charge Receivables in the Trust at the
close of business on the last day of 1999.................$177,856,724
H) Annualized Percentages
(1) The average Gross Yield for 1999 (sum of monthly Gross Yield divided
by 3)...........................................................21.43%
(2) The average Net Loss Rate for 1999 (sum of monthly Net Loss Rates
divided by 3)....................................................6.38%
(3) The Portfolio Yield for 1999 (the average Gross Yield minus the
average Net Loss Rate for 1999).................................15.05%
(4) The average Base Rate for 1999 (sum of monthly Based Rates divided by
3)...............................................................8.94%
(5) The average Net Spread (the average Portfolio Yield minus the average
Base Rate for 1999)..............................................6.11%
(6) The average Monthly Payment Rate for 1999 (sume of monthly Payment
Rates divided by 3)..............................................8.82%
I) Series 1999-2 Information for the Last Three Distribution Dates in 1999
1) Gross Yield
a) 12/15/99 21.46%
b) 11/15/99 21.54%
c) 10/15/99 N/A
2) Net Loss Rate
a) 12/15/99 6.18%
b) 11/15/99 6.40%
c) 10/15/99 N/A
3) Net Spread (Portfolio Yield Minus Base Rate)
a) 12/15/99 6.92%
b) 11/15/99 5.39%
c) 10/15/99 N/A
Two Month Average 6.16%
4) Monthly Payment Rate
a) 12/15/99 9.27%
b) 11/15/99 8.52%
c) 10/15/99 N/A
PROVIDIAN NATIONAL BANK
Servicer
By: /s/ Daniel Sanford
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Name: Daniel Sanford
Title: Senior Vice President and Controller