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CAPITAL ONE MASTER TRUST
TRUST EXCESS SPREAD ANALYSIS - JANUARY-98
Card Trust COMT 93-1 COMT 93-4 COMT 94-3 COMT 95-1 COMT 95-2 COMT 95-3
Deal Size $500MM $700MM $453MM $900MM (NON-US $1050MM
Expected Maturity: 10/16/02 1/16/03 6/16/03 6/16/04 TRANSACTION) 8/16/04
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Excess Spread:
Proforma Portfolio Yield 20.96% 20.96% 20.96% 20.96% N/A 20.96%
(1) TFCR 2.07% 2.07% 2.07% 2.07% N/A 2.07%
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Portfolio Yield 18.89% 18.89% 18.89% 18.89% N/A 18.89%
LES(Wt Avg) Coupon 5.22% 5.60% 5.76% 5.65% N/A 5.62%
SVC Fees 1.91% 1.91% 1.91% 1.91% N/A 1.91%
Charge-Offs 6.48% 6.48% 6.48% 6.48% N/A 6.48%
Excess Spread: Jan-02 5.28% 4.90% 4.74% 4.85% N/A 4.88%
Dec-01 2.60% 1.73% 1.56% 1.68% N/A 1.71%
Nov-01 7.25% 6.35% 6.20% 6.41% N/A 6.45%
3-Mo Avg Excess Spread 5.04% 4.33% 4.17% 4.31% N/A 4.35%
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Delinquent 30 to 59 days 2.28% 2.28% 2.28% 2.28% N/A 2.28%
60 to 89 days 1.47% 1.47% 1.47% 1.47% N/A 1.47%
90+ days 2.96% 2.96% 2.96% 2.96% N/A 2.96%
Monthly Payment Rate 10.72% 10.72% 10.72% 10.72% N/A 10.72%
Card Trust COMT 95-4 COMT 96-1 COMT 96-2 COMT 96-3 COMT 97-1 COMT 97-2
Deal Size $750MM (NON-US $750MM $500MM (NON-US (NON-US
Expected Maturity: 5/16/02 TRANSACTION) 12/16/05 1/16/08 TRANSACTION) TRANSACTION)
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Excess Spread:
Proforma Portfolio Yield 20.96% N/A 20.96% 20.96% N/A N/A
(1) TFCR 2.07% N/A 2.07% 2.07% N/A N/A
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Portfolio Yield 18.89% N/A 18.89% 18.89% N/A N/A
LES(Wt Avg) Coupon 5.41% N/A 6.16% 6.20% N/A N/A
SVC Fees 1.91% N/A 1.41% 1.41% N/A N/A
Charge-Offs 6.48% N/A 6.48% 6.48% N/A N/A
Excess Spread: Jan-02 5.09% N/A 4.84% 4.80% N/A N/A
Dec-01 2.24% N/A 1.74% 1.71% N/A N/A
Nov-01 6.65% N/A 6.48% 6.45% N/A N/A
3-Mo Avg Excess Spread 4.66% N/A 4.35% 4.32% N/A N/A
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Delinquent 30 to 59 days 2.28% N/A 2.28% 2.28% N/A N/A
60 to 89 days 1.47% N/A 1.47% 1.47% N/A N/A
90+ days 2.96% N/A 2.96% 2.96% N/A N/A
Monthly Payment Rate 10.72% N/A 10.72% 10.72% N/A N/A
COMMENTS:
(1) During the fourth quarter of 1997 Capital One Bank ("Bank") modified its
methodology as to the timing of charge-offs of credit card loans. The Bank now
charges off credit card loans at 180 days past-due versus the prior practice of
charging off loans during the next billing cycle after becoming 180 days
past-due. For the Capital One Master Trust (the "Trust"), this new methodology
will take effect in December 1997 and January 1998. In January 1998, this new
methodology resulted in a decrease of $18,249,551.72/2.07% in the amount of
Finance Charge Receivables "Transitional Finance Charge Reversals" (TFCR),
reflecting the reversal of finance charges and fees previously accrued for these
Defaulted Accounts. Excess Spread of January will also be reduced
proportionately as a result of the decrease in Finance Charge Receivables. For
December, this change in methodology resulted in an additional increase of
$40,961,451.31 in the Defaulted Amount and correspondingly an additional
increase of 4.88% in the Annualized Default Rate for the Capital One Master
Trust. This increase reflects the charge-off of principal receivables in
December under the new methodology. In addition, for each series Excess Spread
will be reduced proportionately as a result of the increased Defaulted Amount.
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