ANNUAL CERTIFICATEHOLDERS' STATEMENT
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                             PROVIDIAN MASTER TRUST
                                  SERIES 1995-1
                  ---------------------------------------------


     Pursuant to the Pooling and  Servicing  Agreement  dated as of June 1, 1993
(as amended and supplemented,  the  "Agreement"),  as supplemented by the Series
1995-1  Supplement  dated as of June 1, 1995 (as amended and  supplemented,  the
"Series Supplement"),  among Providian National Bank ("FDNB"), formerly known as
First Deposit  National  Bank,  Seller and Servicer,  and Bankers Trust Company,
Trustee,  PNB as Servicer is required to prepare certain  information  each year
regarding current distributions to Senior  Certificateholders and the Collateral
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 1995-1 Certificates with respect to the year ended 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 1995-1 Senior
     Certificates (stated on the basis of $1,000 original certificate  principal
     amount)

     (1)  The total amount distributed to Senior  Certificateholders  per $1,000
          original certificate principal amount.......................$54.233099

     (2)  The   amount   set  forth  in  A(1)   above   distributed   to  Senior
          Certificateholders  with  respect  to  interest  per  $1,000  original
          certificate principal amount................................$54.233099

     (3)  The   amount   set  forth  in  A(1)   above   distributed   to  Senior
          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   1995-1
          Certificates

          (a)  The  aggregate  amount of Finance  Charge  Receivables  collected
               during 1999.....................................$1,537,078,993.36

          (b)  The aggregate  amount of  Interchange  collected and allocated to
               the Trust during 1999..............................$43,857,558.00

          (c)  The aggregate  amount of Principal  Receivables  collected during
               1999............................................$6,114,626,315.67

          (d)  The weighted average Floating Allocation  Percentage with respect
               to the Series 1995-1 Certificates for 1999.............13.562067%

          (e)  The weighted average Principal Allocation Percentage with respect
               to the Series 1995-1 Certificates for 1999.............13.521665%

          (f)  The Finance  Charge  Receivables  and  Interchange  collected and
               allocated    to    the    Series    1995-1    Certificates    for
               1999..............................................$214,407,672.08

          (g)  The Principal  Receivables  collected and allocated to the Series
               1995-1 Certificates for 1999......................$826,799,290.70

     (2)  Available  Finance  Charge   Collections  and  Reallocated   Principal
          Collections for Series 1995-1 for 1999

          (a)  The Finance  Charge  Receivables  and  Interchange  collected and
               allocated to the Series 1995-1 Certificates.......$214,407,672.08

          (b)  Collection   Account  and  Special  Funding  Account   investment
               earnings allocated to the Series 1995-1 Certificates..$496,674.99

          (c)  Principal Funding Account Investment Proceeds...............$0.00

          (d)  Prefunding Account Investment Proceeds......................$0.00

          (e)  Reserve Account withdrawals, if applicable..................$0.00

          (f)  Additional  Finance  Charges from other  Series  allocated to the
               Series 1995-1 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 Principal Collections...........................$0.00

          (i)  Total  Available  Finance  Charge   Collections  and  Reallocated
               Principal  Collections for Series 1995-1 (total of (a), (b), (c),
               (d), (e), (f), (g) and (h) above).................$214,904,347.07

     (3)  Available Principal Collections for Series 1995-1 for 1999

          (a)  The Principal  Receivables  collected and allocated to the Series
               1995-1 Certificates...............................$826,799,920.70

          (b)  Shared  Principal  Collections from other Series allocated to the
               Series 1995-1 Certificates..................................$0.00

          (c)  Additional   amounts  to  be  treated  as   Available   Principal
               Collections pursuant to the Series Supplement......$69,110,231.01

          (d)  Reallocated Principal Collections...........................$0.00

          (e)  Available Principal  Collections for Series 1995-1 (total of (a),
               (b) and (c) minus (d) above)......................$895,909,521.71

     (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
                                                                    ------------
          (d)  Total Delinquencies                                  $289,746,371

     (5)  Defaulted Amount

          (a)  The aggregate amount of Defaulted Receivables with respect to the
               Trust for 1999....................................$573,171,598.29

          (b)  The  aggregate  amount of  Recoveries  of  Defaulted  Receivables
               processed during 1999..............................$65,576,816.83

          (c)  The  Defaulted  Amount  for  1999  [Defaulted  Receivables  minus
               Recoveries].......................................$507,594,781.46

          (d)  The  Defaulted  Amount for 1999  allocable  to the Series  1995-1
               Certificates       (the      "Series       1995-1       Defaulted
               Amount")...........................................$69,110,231.01

          (e)  The Senior Defaulted Amount for 1999...............$54,597,082.47

     (6)  Senior Charge-Offs

          (a)  The excess,  if any, of the Senior  Defaulted Amount over the sum
               of (i)  Available  Finance  Charge  Collections  applied  to such
               Senior Defaulted Amount, (ii) Reallocated  Principal  Collections
               and (iii) the amount by which the Collateral  Invested Amount has
               been  reduced  in  respect  of such  Senior  Defaulted  Amount (a
               "Senior Charge-Off")........................................$0.00

          (b)  The amount of the Senior 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  Senior
               Certificateholder's investment).........................$0.000000

          (c)  The total amount  reimbursed on the Distribution  Date in respect
               of Senior Charge-Offs for 1999..............................$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    Senior
               Certificateholder's investment).........................$0.000000

          (e)  The amount, if any, by which the outstanding principal balance of
               the Senior  Certificates  exceeds the Senior  Invested Amount and
               the Senior Initial  Percentage of the Prefunding Account Balance,
               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

     (7)  Reductions in the Collateral Interest

          (a)  The  excess,  if any,  of the  Collateral  Defaulted  Amount over
               Available Finance Charge  Collections  applied to such Collateral
               Defaulted Amount............................................$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 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 the
               unpaid Required Amount......................................$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 7(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
               and the Collateral  Percentage of the Prefunding Account Balance,
               if any, as of the last  Distribution  Date of 1997,  after giving
               effect to all deposits, withdrawals and distributions on the last
               Distribution Date of 1999...................................$0.00

     (8)  Investor Monthly Servicing Fee

          The  amount of the Series  1995-1  Monthly  Servicing  Fee paid to the
          Servicer during 1999....................................$16,625,000.00

     (9)  Prefunding Account

          (a)  The Prefunding  Account Balance on the last  Distribution Date of
               1999........................................................$0.00

          (b)  The Senior  Percentage of the Prefunding  Account  Balance on the
               last Distribution Date of 1999..............................$0.00

          (c)  The Collateral  Percentage of the Prefunding  Account  Balance on
               the last Distribution Date of 1999..........................$0.00

     (10) Senior Monthly Interest

          (a)  Senior Monthly Interest paid during 1999...........$41,717,105.60

     (11) Principal Funding Account Amount

          (a)  The  amount on deposit in the  Principal  Funding  Account on the
               Distribution   Date,   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 January,  2000
               (The initial  funding date for the Principal  Funding Account may
               be modified in certain circumstances in accordance with the terms
               of the Series Supplement)

     (12) Deficit Controlled Accumulation Amount

          The Deficit Controlled  Accumulation Amount for the Distribution Date,
          after giving effect to all deposits,  withdrawals and distributions on
          such Distribution Date...........................................$0.00

     (13) Reserve Account (if applicable)

          (a)  The amount on deposit in the Reserve Account,  if funded,  on the
               Distribution   Date,   after  giving   effect  to  all  deposits,
               withdrawals and  distributions on such  Distribution Date and the
               related Transfer Date.........................................N/A

          (b)  The Required  Reserve  Account  Amount,  if any,  selected by the
               Servicer......................................................N/A

C)   Senior Invested Amount

     (1)  The Senior Invested Amount and the Senior Percentage of the Prefunding
          Account   Balance  on  the  date  of  issuance  (the  "Senior  Initial
          Amount")...............................................$750,500,000.00

     (2)  The Senior Invested Amount and the Senior Percentage of the Prefunding
          Account Balance,  if any, on the last Distribution Date of 1999, after
          giving effect to all deposits,  withdrawals and  distributions on such
          Distribution Date......................................$750,500,000.00

     (3)  The  Pool  Factor  for the  last  Distribution  Date  of  1999  (which
          represents  the ratio of the  Senior  Invested  Amount  and the Senior
          Percentage  of the  Prefunding  Account  Balance,  if any,  as of such
          Distribution Date, after giving effect to any adjustment in the Senior
          Invested  Amount on such  Distribution  Date,  to the  Senior  Initial
          Amount). The amount of a Senior  Certificateholder's pro rate share of
          the Senior Invested Amount and the Prefunding Account Balance, if any,
          can be  determined by  multiplying  the original  denomination  of the
          Senior Certificateholder's Certificate by the Pool Factor.....1.000000

D)   Collateral Invested Amount

     (1)  The Collateral  Invested  Amount and the Collateral  Percentage of the
          Prefunding Account Balance on the date of issuance.....$199,500,000.00

     (2)  The Collateral  Invested  Amount and the Collateral  Percentage of the
          Prefunding  Account Balance,  if any, on the last Distribution Date of
          1999,   after  giving   effect  to  all  deposits,   withdrawals   and
          distributions on such Distribution Date................$199,500,000.00

     (3)  The  Collateral  Invested  Amount  as a  percentage  of the sum of the
          Collateral  Invested  Amount  and the Senior  Invested  Amount on such
          Distribution Date...............................................21.00%

E)   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

F)   Annualized Percentages

     (1)  The  average  Gross  Yield for  1999(sum  of the  monthly  Gross Yield
          divided by 12)..................................................22.62%

     (2)  The  average  Net Loss Rates for 1999 (sum of  monthly  Net Loss Rates
          divided by 12)...................................................7.28%

     (3)  The average  Portfolio  Yield for 1999 (the average  Gross Yield minus
          the average Net Loss Rate for 1999).............................15.34%

     (4)  The average Base Rate for 1999 (sum of monthly  Base Rates  divided by
          12)..............................................................7.64%

     (5)  The average Net Spread for 1999 (the average Portfolio Yield minus the
          average Base Rate for 1999)......................................7.70%

     (6)  The average  Monthly Payment Rate for 1999 (sum of the monthly Payment
          Rates divided by 12).............................................8.92%

G)   Series 1995-1 Information for the Last Three Distribution Dates in 1999

     1)   Gross Yield

          a) 12/15/99                        21.45%
          b) 11/15/99                        21.56%
          c) 10/15/99                        21.38%

     2)   Net Loss Rate

          a) 12/15/99                         6.18%
          b) 11/15/99                         6.40%
          c) 10/15/99                         6.88%

     3)   Net Spread (Portfolio Yield Minus Base Rate)

          a) 12/15/99                         7.48%
          b) 11/15/99                         7.29%
          c) 10/15/99                         6.84%

          Three Month Average                 7.20%

     4)   Monthly Payment Rate

          a) 12/15/99                         9.27%
          b) 11/15/99                         8.52%
          c) 10/15/99                         8.73%



                                    PROVIDIAN NATIONAL BANK,
                                    Servicer


                                    By:    /s/ Daniel Sanford
                                           ------------------------------------
                                    Name:  Daniel Sanford
                                    Title: Senior Vice President and Controller