ANNUAL CERTIFICATEHOLDERS' STATEMENT
_____________________________________________
PROVIDIAN MASTER TRUST
SERIES 1999-1
_____________________________________________
Pursuant to the Pooling and Servicing Agreement dated as of June 1, 1993
(as amended and supplemented, the "Agreement"), as supplemented by the Series
1999-1 Supplement dated as of June 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 year regarding 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 year. The information which is required to be
prepared for the Series 1999-1 Certificates with respect to the year ended
December 31, 2001 and with respect to the performance of the Trust during 2001
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 2001 Distribution for the Series 1999-1 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.......................$46.418025
(2) The amount set forth in A(1) above distributed to Class A
Certificateholders with respect to in interest per $1,000 original
certificate principal amount................................$46.418025
(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.......................$68.000000
(5) The amount set forth in A (4) above distributed to Class B
Certificateholder with respect to interest per $1,000 original
certificate principal amount................................$68.000000
(6) The amount set forth in A (4) above distributed to Class B
Cerfiticateholder 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 1999-1
Certificates
(a) The aggregate amount of Finance Charge Receivables collected
during 2001.....................................$1,533,223,016.22
(b) The aggregate amount of Interchange collected and allocated to
the Trust for 2001.................................$80,621,818.00
(c) The aggregate amount of Principal Receivables collected during
2001............................................$7,491,046,087.31
(d) The Floating Allocation Percentage with respect to the Series
1999-1 Certificates for 2001............................7.599828%
(e) The Principal Allocation Percentage with respect to the Series
1999-1 Certificates for 2001............................7.610703%
(f) The Finance Charge Receivables and Interchange collected and
allocated to the Series 1991 Certificates for
2001..............................................$122,649,438.90
(g) The Principal Receivables collected and allocated to the Series
1999-1 Certificates...............................$570,121,270.61
(2) Available Finance Charge Collections and Reallocated Principal
Collections for Series 1999-1 for 2001
(a) The Finance Charge Receivables and Interchange collected and
allocated to the Series 1999-1 Certificates.......$122,649,438.90
(b) Collection Account and Special Funding Account investment
earnings allocated to the Series 1999-1 Certificates..$749,427.07
(c) Principal Funding Account Investment Proceeds...............$0.00
(d) Reserve Draw Amount.........................................$0.00
(e) Additional Finance Charges from other Series allocated to the
Series 1999-1 Certificates..........................$3,134,939.97
(f) Payments, if any, on deposit as of the Determination Date
received from any Interest Rate Protection Agreements.......$0.00
(g) Reallocated Class D Principal Collections...................$0.00
(h) Reallocated Collateral Principal Collections................$0.00
(i) Reallocated Class B Principal Collections...................$0.00
(j) Total Available Finance Charge Collections and Reallocated
Principal Collections for Series 1999-1 (total of (a), (b), (c),
(d), (e), (f), (g), (h), and (i) above)...........$126,533,805.94
(3) Available Principal Collections for Series 1999-1 for 2001
(a) The Principal Receivables collected and allocated to the Series
1999-1 Certificates...............................$570,121,270.61
(b) Shared Principal Collections from other Series allocated to the
Series 1999-1 Certificates..................................$0.00
(c) Additional amounts to be treated as Available Principal
Collections pursuant to the Series Supplement......$49,064,777.67
(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 1999-1 (total of (a),
(b) and (c) minus (d), (e) and (f) above).........$619,186,048.28
(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 2001
(a) 31-60 days $141,288,232
(b) 61-90 days 101,103,969
(c) 91 or more days 194,260,566
------------
(d) Total Delinquencies $436,652,767
(5) Defaulted Amount
(a) The aggregate amount of Defaulted Receivables with respect to the
Trust for 2001....................................$741,779,072.64
(b) The aggregate Amount of Recoveries of Defaulted Receivables
processed during 2001..............................$98,120,651.82
(c) The Defaulted Amount for 2001 [Defaulted Receivables minus
Recoveries].......................................$643,658,420.82
(d) The Defaulted Amount for 2001 allocable to the Series 1999-1
Certificates (the "Series 1999-1 Defaulted
Amount")...........................................$49,064,777.67
(e) The Class A Defaulted Amount for 2001 [Series 1999-1 Defaulted
Amount multiplied by the Class A percentage].......$38,270,526.52
(f) The Class B Defaulted Amount for 2001 [Series 1999-1 Defaulted
Amount multiplied by the Class B percentage]........$5,029,129.89
(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 2001..........$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 2001............$0.00
(c) The total amount reimbursed on the last Distribution Date of 2001
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).........................$0.000000
(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 Date of 2001, 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 2001...................................$0.00
(b) The amount by which the Class B Invested Amount has been reduced
on the last Distribution Date of 2001 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 2001 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 2001 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).........................$0.000000
(f) The total amount reimbursed on the last Distribution Date of 2001
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).........................$0.000000
(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 2001, 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..............$0.00
(b) The amount by which the Collateral Invested Amount has been
reduced the last Distribution Date of 2001 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 of 2001 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 2001 as set forth in
items 8(a), (b) and (c).....................................$0.00
(e) The total amount reimbursed on the last Distribution Date of 2001
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 2001, 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............................................$0.00
(b) The amount by which the Class D Invested Amount has been reduced
on the last Distribution Date of 2001 in respect of Reallocated
Principal Collections.......................................$0.00
(c) The amount by which the Class D Invested Amount has been reduced
on the last Distribution Date of 2001 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 2001 as set forth in
items 9(a), (b) and (c).....................................$0.00
(e) The total amount reimbursed on the last Distribution Date of 2001
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 2001, 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 1999-1 Monthly Servicing Fee paid to the
Servicer for 2001..................................$11,217,948.74
(11) Class A Monthly Interest
(a) Class A Monthly Interest paid during 2001..........$23,209,012.50
(12) Class B Monthly Interest
(a) Class B Monthly Interest paid during 2001...........$4,467,940.00
(13) Principal Funding Account Amount
(a) The amount on deposit in the Principal Funding Account on the
last Distribution Date of 2001 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 October 2003
(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 2001, after giving effect to all deposits, withdrawals and
distributions on such Distribution Date..........................$0.00
(15) Reserve Account
(a) The amount on deposit in the Reserve Account on the last
Distribution Date of 2001, after giving effect to all deposits,
withdrawals and distributions on such Distribution Date and the
related Transfer Date.......................................$0.00
(b) The 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 2001,
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 2001 (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.................................1.00000
D) Class B Invested Amount
(1) The Class B Initial Invested Amount.....................$65,705,000.00
(2) The Class B Invested Amount on the last Distribution Date of 2001,
after giving effect to all deposits, withdrawals and distributions on
such Distribution Date..................................$65,705,000.00
(3) The Pool Factor for the last Distribution Date of 2001 (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..................$52,884,000.00
(2) The Collateral Invested Amount on the last Distribution Date of 2001,
after giving effect to all deposits, withdrawals and distributions on
such Date...............................................$52,884,000.00
(3) The Collateral Invested Amount as a percentage of the sum of the
Invested Amount on such Distribution Date........................8.25%
F) Class D Invested Amount
(1) The Class D Initial Invested Amount.....................$22,436,642.00
(2) The Class D Invested Amount on the Distribution Date, after giving
effect to all deposits, withdrawals and distributions on such
Distribution Date.......................................$22,436,642.00
(3) The Class D Invested Amount as a percentage of the sum of the Invested
Amount on such Distribution Date.................................3.50%
G) Receivables Balances
(1) The aggregate amount of Principal Receivables in the Trust at the
close of business on the last day of 2001...............$8,005,181,650
(2) The aggregate amount of Finance Charge Receivables in the Trust at the
close of business on the last day of 2001.................$173,045,665
H) Annualized Percentages
(1) The average Gross Yield for 2001 (sum of the monthly Gross Yield
divided by 12)..................................................19.74%
(2) The average Net Loss Rate for 2001 (sum of the monthly Net Loss Rate
divided by 12)...................................................7.66%
(3) The average Portfolio Yield for 2001 (the average Gross Yield minus
the average Net Loss Rate for the Series 1999-1 Certificates for
2001)...........................................................12.08%
(4) The average Base Rate for 2001 ( sum of the monthly Base Rate divided
by 12)...........................................................6.58%
(5) The average Net Spread for 2001 (the average Portfolio Yield minus the
average Base Rate for the Series 1999-1 Certificates for 2001)...5.50%
(6) The average Monthly Payment Rate for 2001 (sum of the Monthly Payment
Rate divided by 12)..............................................8.81%
I) Series 1999-1 Information for the Last Three Distribution Dates in 2001
1) Gross Yield
a) 12/17/01 19.65%
b) 11/15/01 20.14%
c) 10/15/01 17.91%
2) Net Loss Rate
a) 12/17/01 8.81%
b) 11/15/01 8.04%
c) 10/15/01 7.74%
3) Net Spread (Portfolio Yield Minus Base Rate)
a) 12/17/01 5.61%
b) 11/15/01 6.58%
c) 10/15/01 4.16%
Three Month Average 5.45%
4) Monthly Payment Rate
a) 12/17/01 8.56%
b) 11/15/01 8.58%
c) 10/15/01 7.98%
PROVIDIAN NATIONAL BANK
Servicer
By: /s/ Daniel Sanford
-----------------------------------
Name: Daniel Sanford
Title: Senior Vice President and
Controller