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                      MONTHLY CERTIFICATEHOLDERS STATEMENT
                            CAPITAL ONE MASTER TRUST
                                  SERIES 1998-5

       Pursuant to the Master Pooling and Servicing Agreement dated as of
September 30, 1993 (hereinafter as such agreement may have been or may be from
time to time, supplemented, amended or otherwise modified, the "Pooling and
Servicing Agreement"), between Capital One Bank, as Seller and Servicer (the
"Bank"), and the Bank of New York, as trustee (the "Trustee") and pursuant to
the Amended and Restated Series 1998-5 Supplement dated as of November 17, 1994
and amended and restated as of October 31, 1997 among the Bank, the Trustee and
Union Bank of Switzerland, New York Branch, as servicing agent, the Bank as
Servicer is required to prepare certain information each month regarding current
distributions to Certificateholders and the performance of the Capital One
Master Trust (the "Trust") during the previous month. The information which is
required to be prepared with respect to the Distribution Date of May 17, 1999,
and with respect to the performance of the Trust during the month April, 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 (a "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 Pooling and Servicing Agreement.


                                                                                                                     
1) The total amount of the distribution to Series 1998-5 Certificateholders on the                                      4.5778553022
Payment Date is                                                                                                         ------------


2) The amount of the distribution set forth in paragraph 1 above in respect of principal                                0.0000000000
on the Series 1998-5 Certificate is                                                                                     ------------


3) The amount of the distribution set forth in paragraph 1 above in respect of interest                                 4.5778553022
on the Series 1998-5 Certificates                                                                                       ------------


4) The total amount of the distribution to Collateral Indebtedness Holder on the                                        5.0804626133
Payment Date is                                                                                                         ------------


5) The amount of the distribution set forth in 4 above in respect to principal                                          0.0000000000
on the Collateral Indebtedness Interest is                                                                              ------------


6) The amount of the distribution set forth in 4 above in respect to interest                                           5.0804626133
on the Collateral Indebtedness Interest is                                                                              ------------



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