Providian Financial Corporation Announces the Convertibility of Its 4%

    Business Editors

    SAN FRANCISCO--(BUSINESS WIRE)--April 1, 2005--Providian Financial Corporation (NYSE:PVN) today announced that its $287.5 million of 4% Convertible Notes due May 15, 2008 (the "Notes") issued pursuant to a supplemental indenture between the Company and Bank One Trust Company, N.A., as Trustee, dated May 27, 2003 (the "Supplemental Indenture"), will be convertible pursuant to section 2.01(a)(i) of the Supplemental Indenture. The Supplemental Indenture provides that the Notes are convertible if the closing price of the Company's common stock exceeds $14.31 per share (110% of the conversion price) for at least 20 trading days of the 30 consecutive trading day period ending on the last day of the preceding calendar quarter. Holders of the Notes may convert the Notes into shares of the Company's common stock during the next fiscal quarter (April 1, 2005 until June 30, 2005) at the conversion rate then in effect.

    About Providian

    San Francisco-based Providian Financial is a leading provider of credit cards to mainstream American customers throughout the U.S. By combining experience, analysis, technology and outstanding customer service, Providian seeks to build long-lasting relationships with its customers by providing products and services that meet their evolving financial needs.

    For more information, Investors please contact Jack Carsky at 415-278-4977. Media, please contact Alan Elias of Providian Financial Corporation at 415-278-4189.

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CONTACT: Providian Financial Corporation Jack Carsky, 415-278-4977 (Investors) Alan Elias, 415-278-4189 (Media)

KEYWORD: CALIFORNIA INDUSTRY KEYWORD: BANKING BOND/STOCK RATINGS SOURCE: Providian Financial Corporation

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