Portfolio Recovery Associates Appoints Chris Graves Vice President-Portfolio Acquistions

Portfolio Recovery Associates, Inc., a company that purchases and manages portfolios of defaulted consumer receivables and provides a broad range of accounts receivable management services, today announced the appointment of Chris Graves to the new position of Vice President-Portfolio Acquisitions, effective January 1, 2006.

Graves brings to the Company deep expertise and significant experience in the acquisition of large volumes of distressed debt. He will report to Craig Grube, Executive Vice President-Acquisitions, and help drive the Company’s efforts to develop new markets and further expand its relationships among consumer lenders.

Graves joins Portfolio Recovery Associates from Capital One, where he has been Business Development Manager, Credit Recovery Services since 1999. In that capacity, he has been part of the team responsible for sourcing bad debt purchase opportunities and developing alternative debt recovery solutions to charged-off accounts. Prior to joining Capital One, Graves worked at First Union National Bank and Signet Bank.

“We are very excited that Chris has agreed to join Portfolio Recovery Associates. Chris is well known in the distressed debt community, and his skills and experience in buying large volumes of defaulted paper will further strengthen our successful portfolio acquisition team. Chris brings new buying relationships to PRA together with his own approach to strategic business development. We look forward to Chris’ contributions as we work to further develop new markets and become even more effective in those markets where we already have a strong presence,” said Steven D. Fredrickson, Chairman, President and Chief Executive Officer.