1/98 Page 1 MONTHLY STATEMENT TO CERTIFICATEHOLDERS SERIES 1996-A CHEVY CHASE MASTER CREDIT CARD TRUST II RECEIVABLES Beginning of the Month Principal Receivables: $ 2,121,117,452.26 Beginning of the Month Finance Charge Receivables: $ 74,247,260.51 Beginning of the Month Discounted Receivables: $ 0.00 Beginning of the Month Total Receivables: $ 2,195,364,712.77 Removed Principal Receivables: $ 0.00 Removed Finance Charge Receivables: $ 0.00 Removed Total Receivables: $ 0.00 Additional Principal Receivables: $ 0.00 Additional Finance Charge Receivables: $ 0.00 Additional Total Receivables: $ 0.00 Discounted Receivables Generated this Period: $ 0.00 End of the Month Principal Receivables: $ 2,077,427,520.47 End of the Month Finance Charge Receivables: $ 76,461,713.10 End of the Month Discounted Receivables: $ 0.00 End of the Month Total Receivables: $ 2,153,889,233.57 Special Funding Account Balance $ 0.00 Aggregate Invested Amount (all Master Trust Series) $ 1,915,500,000.00 End of the Month Transferor Amount $ 161,927,520.47 End of the Month Transferor Percentage 7.79% DELINQUENCIES AND LOSSES End of the Month Delinquencies: RECEIVABLES 30-59 Days Delinquent $ 51,601,952.87 60-89 Days Delinquent $ 32,391,378.04 90+ Days Delinquent $ 62,422,395.45 Total 30+ Days Delinquent $ 146,415,726.36 Delinquent Percentage 6.80% Defaulted Accounts During the Month $ 17,344,034.20 Annualized Default Percentage 9.81% Principal Collections 218,237,147.65 Principal Payment Rate 10.29% Total Payment Rate 11.61% 1/98 Page 2 INVESTED AMOUNTS Class A Initial Invested Amount $ 369,000,000.00 Class B Initial Invested Amount $ 38,250,000.00 Class C Initial Invested Amount $ 42,750,000.00 INITIAL INVESTED AMOUNT $ 450,000,000.00 Class A Invested Amount $ 369,000,000.00 Class B Invested Amount $ 38,250,000.00 Class C Invested Amount $ 42,750,000.00 INVESTED AMOUNT $ 450,000,000.00 FLOATING ALLOCATION PERCENTAGE 21.22% PRINCIPAL ALLOCATION PERCENTAGE 21.22% MONTHLY SERVICING FEE $ 750,000.00 INVESTOR DEFAULT AMOUNT $ 3,680,404.06 CLASS A AVAILABLE FUNDS-- CLASS A FLOATING PERCENTAGE 82.00% Class A Finance Charge Collections $ 6,822,800.62 Other Amounts $ 0.00 TOTAL CLASS A AVAILABLE FUNDS $ 6,822,800.62 Class A Monthly Interest $ 1,942,823.44 Class A Servicing Fee $ 615,000.00 Class A Investor Default Amount $ 3,017,931.32 TOTAL CLASS A EXCESS SPREAD $ 1,247,045.86 REQUIRED AMOUNT $ 0.00 CLASS B AVAILABLE FUNDS CLASS B FLOATING PERCENTAGE 8.50% Class B Finance Charge Collections $ 707,241.54 Other Amounts $ 0.00 TOTAL CLASS B AVAILABLE FUNDS $ 707,241.54 Class B Monthly Interest $ 209,279.30 Class B Servicing Fee $ 63,750.00 TOTAL CLASS B EXCESS SPREAD $ 434,212.24 CLASS B INVESTOR DEFAULT AMOUNT 312,834.35 CLASS B REQUIRED AMOUNT 312,834.35 1/98 Page 3 EXCESS SPREAD -- TOTAL EXCESS SPREAD $ 2,400,454.53 Excess Spread Applied to Class A Required Amount $ 0.00 Excess Spread Applied to Class A Investor Charge Offs $ 0.00 Excess Spread Applied to Class B Required Amount $ 312,834.35 Excess Spread Applied to Reductions of $ 0.00 Class B Invested Amount Excess Spread Applied to Class C Required Amount $ 608,030.97 Excess Spread Applied to Reductions of Class C Invested Amount $ 0.00 Excess Spread Applied to Monthly Cash $ 93,750.00 Collateral Fee Excess Spread Applied to Cash Collateral $ 0.00 Account Excess Spread Applied to Spread Account $ 1,385,839.21 Excess Spread Applied to Reserve Account $ 0.00 Excess Spread Applied to other amounts owed $ 0.00 Cash Collateral Depositor Excess Spread Applied to other amounts owed to Spread Account Residual Interest Holders $ 0.00 TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE FOR GROUP I $ 0.00 EXCESS FINANCE CHARGES COLLECTIONS -- GROUP I -- TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL SERIES IN GROUP I $ 0.00 SERIES 1996-A EXCESS FINANCE CHARGE COLLECTIONS -- EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO $ 0.00 SERIES 1996-A Excess Finance Charge Collections Applied to Class A Required Amount $ 0.00 1/98 Page 4 Excess Finance Charge Collections Applied to Class A Investor Charge Offs $ 0.00 Excess Finance Charge Collections Applied to Class B Required Amount $ 0.00 Excess Finance Charge Collections Applied to Reductions of Class B Invested Amount $ 0.00 Excess Finance Charge Collections Applied to Class C Required Amount $ 0.00 Excess Finance Charge Collections Applied to Reductions of Class C Invested Amount $ 0.00 Excess Finance Charge Collections Applied to Monthly Cash Collateral Fee $ 0.00 Excess Finance Charge Collections Applied to other amounts owed Cash Collateral Depositor $ 0.00 Excess Finance Charge Collections Applied to other amounts owed to Spread Account Residual Interest Holders $ 0.00 YIELD AND BASE RATE -- Base Rate (Current Month) 7.84% Base Rate (Prior Month) 8.23% Base Rate (Two Months Ago) 7.94% THREE MONTH AVERAGE BASE RATE 8.00% Portfolio Yield (Current Month) 12.37% Portfolio Yield (Prior Month) 14.10% Portfolio Yield (Two Months Ago) 9.35% THREE MONTH AVERAGE PORTFOLIO YIELD 11.94% 1/98 Page 5 PRINCIPAL COLLECTIONS -- TOTAL PRINCIPAL COLLECTIONS $ 46,309,922.73 REALLOCATED PRINCIPAL COLLECTIONS Allocable to Class C Interests $ 0.00 Allocable to Class B Certificates $ 0.00 SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER $ 0.00 SERIES CLASS A SCHEDULED AMORTIZATION -- Controlled Amortization Amount $ 0.00 Deficit Controlled Amortization Amount $ 0.00 CONTROLLED DEPOSIT AMOUNT $ 0.00 CLASS B SCHEDULED AMORTIZATION -- Controlled Accumulation Amount $ 0.00 Deficit Controlled Accumulation Amount $ 0.00 CONTROLLED DEPOSIT AMOUNT $ 0.00 EXCESS PRINCIPAL COLLECTIONS ELIGIBLE FOR PRINCIPAL $ 46,309,922.73 SHARING INVESTOR CHARGE OFFS -- CLASS A INVESTOR CHARGE OFFS $ 0.00 CLASS B INVESTOR CHARGE OFFS $ 0.00 CLASS C INVESTOR CHARGE OFFS $ 0.00 PREVIOUS CLASS A CHARGE OFFS REIMBURSED $ 0.00 PREVIOUS CLASS B CHARGE OFFS REIMBURSED $ 0.00 PREVIOUS CLASS C CHARGE OFFS REIMBURSED $ 0.00 CASH COLLATERAL ACCOUNT -- Required Cash Collateral Amount $ 13,500,000.00 Available Cash Collateral Amount $ 13,500,000.00 1/98 Page 6 TOTAL DRAW AMOUNT $ 0.00 CASH COLLATERAL ACCOUNT SURPLUS $ 0.00 CHEVY CHASE BANK, F.S.B., as Servicer By: ________________________ Jessica L. Parker Vice President and Assistant Controller