Portfolio Recovery Associates Creates New Utility Division Head Position

Portfolio Recovery Associates, Inc. (NASDAQ: PRAA), 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 Joel Lewis to the new position of Vice President-Utility Acquisitions, effective June 14, 2006.

Lewis has been a pioneer in the sale and purchase of distressed utility debt. He will report to Craig Grube, Executive Vice President-Acquisitions, and will help ensure that the Company maximizes the growth potential in the utility segment.

Lewis was previously President of InoVision, one of the first — and largest — buyers of distressed utility accounts. Prior to helping found and run InoVision, Lewis spent over 25 years at Dominion Virginia Power, where he held a variety of management positions, including Director of Customer Relations and Credit Manager.

“We are very excited that Joel has joined the Portfolio Recovery Associates team. Joel is well-known in the distressed debt community, and his skills and experience in buying large volumes of defaulted utility paper will further strengthen our successful portfolio acquisition team. Joel brings new buying relationships to PRA, together with valuation and recovery experience. We look forward to Joel’s contributions as we work to further penetrate the utility segment,” said Steven D. Fredrickson, Chairman, President and Chief Executive Officer.